WPI 2021-22 Graduate Catalog
3>?IBLC"LKQBKQP
&O>AR>QB">Q>ILDX/>DB
&O>AR>QB/OLDO>JPX/>DB
&O>AR>QB/OLDO>JP?V#BDOBBX/>DB
&O>AR>QB>KA AS>K@BA&O>AR>QB"BOQFh@>QBPX/>DB
6/(.KIFKBX/>DB
AJFPPFLK(KCLOJ>QFLKX/>DB
MMIF@>QFLK1BNRFOBJBKQPX/>DB
%FK>K@F>I PPFPQ>K@BX/>DB
6LOH$UMB@Q>QFLKPCLO%RKABA&O>AR>QB2QRABKQPX/>DB
&O>AFKD2VPQBJ>KA @>ABJF@2Q>KA>OAPX/>DB
$KOLIIJBKQ>KA1BDFPQO>QFLKX/>DB
3RFQFLK>KA%BBPX/>DB
#BDOBB1BNRFOBJBKQPX/>DB
3EBPBP>KA#FPPBOQ>QFLKPX/>DB
2QRABKQ2BOSF@BPX/>DB
#BDOBBPX/>DB
BOLPM>@B$KDFKBBOFKDX/>DB
!FLFKCLOJ>QF@P>KA"LJMRQ>QFLK>I!FLILDVX/>DB
!FLILDV>KA!FLQB@EKLILDVX/>DB
!FLJBAF@>I$KDFKBBOFKDX/>DB
!RPFKBPP2@ELLI3EBX/>DB
"EBJF@>I$KDFKBBOFKDX/>DB
"EBJFPQOV>KA!FL@EBJFPQOVX/>DB
"FSFI>KA$KSFOLKJBKQ>I$KDFKBBOFKDX/>DB
"IFJ>QB"E>KDB A>MQ>QFLKX/>DB
"LJMRQBO2@FBK@BX/>DB
"V?BO2B@ROFQVX/>DB
#>Q>2@FBK@BX/>DB
$IB@QOF@>I>KA"LJMRQBO$KDFKBBOFKDX/>DB
%FOB/OLQB@QFLK$KDFKBBOFKDX/>DB
(KQBO>@QFSB,BAF>&>JB#BSBILMJBKQX/>DB
(KQBOAFP@FMIFK>OV/OLDO>JPX/>DB
+B>OKFKD2@FBK@BP>KA3B@EKLILDFBPX/>DB
,>KRC>@QROFKD$KDFKBBOFKDX/>DB
,>QBOF>IP2@FBK@B>KA$KDFKBBOFKDX/>DB
,>QEBJ>QF@>I2@FBK@BPX/>DB
,B@E>KF@>I$KDFKBBOFKDX/>DB
-BROLP@FBK@BX/>DB
/EVPF@PX/>DB
/EVPF@PCLO$AR@>QLOPX/>DB
1L?LQF@P$KDFKBBOFKDX/>DB
2@FBK@B>KA3B@EKLILDVCLO(KKLS>QFLKFK&IL?>I#BSBILMJBKQX/>DB
2VPQBJ#VK>JF@PX/>DB
2VPQBJ#VK>JF@P>KA(KKLS>QFLK,>K>DBJBKQX/>DB
2VPQBJP$KDFKBBOFKDX/>DB
"LROPB#BP@OFMQFLKPX/>DB
BOLPM>@B$KDFKBBOFKDX/>DB
!FLFKCLOJ>QF@P>KA"LJMRQ>QFLK>I!FLILDVX/>DB
!FLILDV>KA!FLQB@EKLILDVX/>DB
!FLJBAF@>I$KDFKBBOFKDX/>DB
!RPFKBPP2@ELLI3EBX/>DB
$KQOBMOBKBROPEFMX/>DB
%FK>K@BX/>DB
,>K>DBJBKQ(KCLOJ>QFLK2VPQBJPX/>DB
,>OHBQFKDX/>DB
.MBO>QFLKP>KA(KARPQOF>I$KDFKBBOFKDX/>DB
.OD>KFW>QFLK>I!BE>SFLO>KA"E>KDBX/>DB
"EBJF@>I$KDFKBBOFKDX/>DB
"EBJFPQOV>KA!FL@EBJFPQOVX/>DB
"FSFI>KA$KSFOLKJBKQ>I$KDFKBBOFKDX/>DB
"IFJ>QB"E>KDB A>MQ>QFLKX/>DB
"LJMRQBO2@FBK@BX/>DB
#>Q>2@FBK@BX/>DB
#BSBILMJBKQX/>DB
$IB@QOF@>I>KA"LJMRQBO$KDFKBBOFKDX/>DB
%FOB/OLQB@QFLK$KDFKBBOFKDX/>DB
&BKBO>I2L@F>I2@FBK@BX/>DB
(KQBO>@QFSB,BAF>&>JB#BSBILMJBKQX/>DB
(KQBOAFP@FMIFK>OV/OLDO>JPX/>DB
,>KRC>@QROFKD$KDFKBBOFKDX/>DB
,>QBOF>IP2@FBK@B>KA$KDFKBBOFKDX/>DB
,>QEBJ>QF@>I2@FBK@BPX/>DB
,>QEBJ>QF@PCLO$AR@>QLOPX/>DB
,B@E>KF@>I$KDFKBBOFKDX/>DB
-BROLP@FBK@BX/>DB
-R@IB>O2@FBK@B>KA$KDFKBBOFKDX/>DB
/EVPF@PX/>DB
/EVPF@PCLO$AR@>QLOPX/>DB
/PV@ELILDVX/>DB
1L?LQF@P$KDFKBBOFKDX/>DB
23$,CLO$AR@>QLOPX/>DB
2VPQBJ#VK>JF@PX/>DB
2VPQBJP$KDFKBBOFKDX/>DB
6OFQFKD61>KA1EBQLOF@1'X/>DB
6/(">Q>ILD
&O>AR>QB">Q>ILD
&O>AR>QB/OLDO>JP
BOLPM>@B$KDFKBBOFKD
] ,>PQBOLC2@FBK@BFK BOLPM>@B$KDFKBBOFKD
] /E#FK BOLPM>@B$KDFKBBOFKD
!FLFKCLOJ>QF@P>KA"LJMRQ>QFLK>I!FLILDV
] ,>PQBOLC2@FBK@BFK!FLFKCLOJ>QF@P
>KA"LJMRQ>QFLK>I!FLILDV
] /E#FK!FLFKCLOJ>QF@P>KA"LJMRQ>QFLK>I!FLILDV
!FLILDV>KA!FLQB@EKLILDV
] &O>AR>QB"BOQFh@>QB
] ,>PQBOLC2@FBK@BFK!FLILDV!FLQB@EKLILDV
] ,>PQBOLC2@FBK@BFK!FLQB@EKLILDV
] /E#FK!FLILDV>KA!FLQB@EKLILDV
!FLJBAF@>I$KDFKBBOFKD
] ,>PQBOLC$KDFKBBOFKDFK!FLJBAF@>I
] $KDFKBBOFKD
] ,>PQBOLC2@FBK@BFK!FLJBAF@>I$KDFKBBOFKD
] /E#FK!FLJBAF@>I$KDFKBBOFKD
!RPFKBPP
] &O>AR>QB"BOQFh@>QB
] ,>PQBOLC!RPFKBPP AJFKFPQO>QFLK,! 
] ,>PQBOLC2@FBK@BFK!RPFKBPP K>IVQF@P
] ,>PQBOLC2@FBK@BFK(KCLOJ>QFLK3B@EKLILDV
] ,>PQBOLC2@FBK@BFK(KKLS>QFLKTFQE4PBO$UMBOFBK@B
] ,>PQBOLC2@FBK@BFK,>K>DBJBKQ
] ,>PQBOLC2@FBK@BFK,>OHBQFKD>KA(KKLS>QFLK
] ,>PQBOLC2@FBK@BFK.MBO>QFLKP K>IVQF@P>KA
,>K>DBJBKQ
] ,>PQBOLC2@FBK@BFK2RMMIV"E>FK,>K>DBJBKQ
] /E#FK!RPFKBPP AJFKFPQO>QFLK
"EBJF@>I$KDFKBBOFKD
] ,>PQBOLC2@FBK@BFK"EBJF@>I$KDFKBBOFKD
] /OLCBPPFLK>I,>PQBOLC2@FBK@BFK"EBJF@>I
] $KDFKBBOFKD
] /E#FK"EBJF@>I$KDFKBBOFKD
"EBJFPQOV>KA!FL@EBJFPQOV
] ,>PQBOLC2@FBK@BFK!FL@EBJFPQOV
] ,>PQBOLC2@FBK@BFK"EBJFPQOV
] /E#FK!FL@EBJFPQOV
] /E#FK"EBJFPQOV
"FSFI>KA$KSFOLKJBKQ>I$KDFKBBOFKD
] &O>AR>QB"BOQFh@>QB
] ,>PQBOLC$KDFKBBOFKDFK"FSFI$KDFKBBOFKD
] ,>PQBOLC2@FBK@BFK"FSFI$KDFKBBOFKD
] ,>PQBOLC2@FBK@BFK$KSFOLKJBKQ>I$KDFKBBOFKD
] (KQBOAFP@FMIFK>OV,>PQBOLC2@FBK@BFK"LKPQOR@QFLK
/OLGB@Q,>K>DBJBKQ
] AS>K@BA"BOQFh@>QB
] /E#FK"FSFI$KDFKBBOFKD
"LJMRQBO2@FBK@B
] &O>AR>QB"BOQFh@>QB
] ,>PQBOLC2@FBK@BFK"LJMRQBO2@FBK@B
] ,>PQBOLC2@FBK@BFK"LJMRQBO2@FBK@BPMB@F>IFWFKDFK
"LJMRQBO2B@ROFQV
] AS>K@BA"BOQFh@>QB
] /E#FK"LJMRQBO2@FBK@B
#>Q>2@FBK@B
] &O>AR>QB"BOQFh@>QB
] ,>PQBOLC2@FBK@BFK#>Q>2@FBK@B
] /E#FK#>Q>2@FBK@B
$IB@QOF@>I>KA"LJMRQBO$KDFKBBOFKD
] &O>AR>QB"BOQFh@>QB
] ,>PQBOLC$KDFKBBOFKDFK$IB@QOF@>I>KA"LJMRQBO
$KDFKBBOFKD
] ,>PQBOLC$KDFKBBOFKDFK/LTBO2VPQBJP$KDFKBBOFKD
] ,>PQBOLC2@FBK@BFK$IB@QOF@>I>KA"LJMRQBO
$KDFKBBOFKD
] AS>K@BA"BOQFh@>QB
] /E#FK$IB@QOF@>I>KA"LJMRQBO$KDFKBBOFKD
%FOB/OLQB@QFLK$KDFKBBOFKD
] &O>AR>QB"BOQFh@>QB
] ,>PQBOLC2@FBK@BFK%FOB/OLQB@QFLK$KDFKBBOFKD
] AS>K@BA"BOQFh@>QB
] /E#FK%FOB/OLQB@QFLK$KDFKBBOFKD
(KQBO>@QFSB,BAF>&>JB#BSBILMJBKQ
] ,% FK(KQBO>@QFSB,BAF>>KA&>JB#BPFDK
] ,>PQBOLC2@FBK@BFK(KQBO>@QFSB,BAF>&>JB
#BSBILMJBKQ
] /E#FK"LJMRQ>QFLK>I,BAF>
(KQBOAFP@FMIFK>OV/OLDO>JP
] &O>AR>QB"BOQFh@>QBFK-R@IB>O2@FBK@B
>KA$KDFKBBOFKD
] &O>AR>QB"BOQFh@>QBFK2VPQBJ#VK>JF@P>KA
(KKLS>QFLK,>K>DBJBKQ
] ,>PQBOLC2@FBK@BFK
6/(">Q>ILD
 /LTBO2VPQBJP,>K>DBJBKQ
 2VPQBJ#VK>JF@P>KA(KKLS>QFLK,>K>DBJBKQ
 2VPQBJP$KDFKBBOFKD+B>ABOPEFM
 2VPQBJP,LABIFKD
] /E#FK(KQBOAFP@FMIFK>OV2QRAFBP
+B>OKFKD2@FBK@BP>KA3B@EKLILDFBP
] ,>PQBOLC2@FBK@BFK+B>OKFKD2@FBK@BP
>KA3B@EKLILDFBP
] /E#FK+B>OKFKD2@FBK@BP>KA3B@EKLILDFBP
,>KRC>@QROFKD$KDFKBBOFKD
] &O>AR>QB"BOQFh@>QB
] ,>PQBOLC2@FBK@BFK,>KRC>@QROFKD$KDFKBBOFKD
] /E#FK,>KRC>@QROFKD$KDFKBBOFKD
,>QBOF>IP/OL@BPP$KDFKBBOFKD
] ,>PQBOLC2@FBK@BFK,>QBOF>IP/OL@BPP$KDFKBBOFKD
,>QBOF>IP2@FBK@B>KA$KDFKBBOFKD
] ,>PQBOLC2@FBK@BFK,>QBOF>IP2@FBK@B
>KA$KDFKBBOFKD
] /E#FK,>QBOF>IP2@FBK@B>KA$KDFKBBOFKD
,>QEBJ>QF@>I2@FBK@BP
] ,>PQBOLC,>QEBJ>QF@PCLO$AR@>QLOP
] /OLCBPPFLK>I,>PQBOLC2@FBK@BFK
%FK>K@F>I,>QEBJ>QF@P
] /OLCBPPFLK>I,>PQBOLC2@FBK@BFK
(KARPQOF>I,>QEBJ>QF@P
] ,>PQBOLC2@FBK@BFK MMIFBA,>QEBJ>QF@P
] ,>PQBOLC2@FBK@BFK MMIFBA2Q>QFPQF@P
] /E#FK,>QEBJ>QF@>I2@FBK@BP
] /E#FK2Q>QFPQF@P
,B@E>KF@>I$KDFKBBOFKD
] &O>AR>QB"BOQFh@>QBFK,B@E>KF@>I$KDFKBBOFKDCLO
3B@EKF@>I+B>ABOP
] ,>PQBOLC2@FBK@BFK,B@E>KF@>I$KDFKBBOFKD
] /E#FK,B@E>KF@>I$KDFKBBOFKD
-BROLP@FBK@B
] ,>PQBOLC2@FBK@BFK-BROLP@FBK@B
/EVPF@P
] ,>PQBOLC2@FBK@BFK MMIFBA/EVPF@P
] ,>PQBOLC2@FBK@BFK/EVPF@P
] /E#FK MMIFBA/EVPF@P
] /E#FK/EVPF@P
1L?LQF@P$KDFKBBOFKD
] &O>AR>QB"BOQFh@>QB
] ,>PQBOLC2@FBK@BFK1L?LQF@P$KDFKBBOFKD
] /E#FK1L?LQF@P$KDFKBBOFKD
23$,CLO$AR@>QLOP
] ,>PQBOLC2@FBK@BFK,>QEBJ>QF@PCLO$AR@>QLOP
,,$#
] ,>PQBOLC2@FBK@BFK/EVPF@PCLO$AR@>QLOP,/$#
2VPQBJ#VK>JF@P
] &O>AR>QB"BOQFh@>QBFK2VPQBJ#VK>JF@P
] ,>PQBOLC2@FBK@BFK2VPQBJ#VK>JF@P
] /E#FK2VPQBJ#VK>JF@P
2VPQBJP$KDFKBBOFKD
] &O>AR>QB"BOQFh@>QB
] AS>K@BA"BOQFh@>QB
] ,>PQBOLC2@FBK@BFK2VPQBJP$KDFKBBOFKD
] /E#FK2VPQBJP$KDFKBBOFKD
*Fall Semester admission only
&O>AR>QB/OLDO>JP?V#BDOBB
6/(LfBOPDO>AR>QBPQRAVIB>AFKDQLQEBJ>PQBOLCP@FBK@B
J>PQBOLCBKDFKBBOFKDJ>PQBOLCJ>QEBJ>QF@PCLO
BAR@>QLOPJ>PQBOLC?RPFKBPP>AJFKFPQO>QFLK>KAQEB
AL@QLOLCMEFILPLMEVABDOBBP
3EBP@EBARIBLC@LROPBPLSBO>MBOFLALCQFJBDBKBO>IIV
>IILTP>PQRABKQQ>HFKDQEOBBLOCLRO@LROPBPMBOPBJBPQBO
QL@LJMIBQBQEB@LROPBOBNRFOBJBKQPCLOJLPQ,>PQBOP
ABDOBBMOLDO>JPFK>?LRQQTLVB>OP2QRABKQPQ>HFKDQTL
@LROPBPMBOPBJBPQBO@LJMIBQBQEB@LROPBOBNRFOBJBKQPCLO
QEBJ>PQBOLCP@FBK@BLOBKDFKBBOFKDABDOBBPLOQEBJ>PQBO
LC?RPFKBPP>AJFKFPQO>QFLKABDOBBFK>?LRQQEOBBVB>OP
#L@QLOLC/EFILPLMEV/E##BDOBBP
S>FI>?IBFKQEBCLIILTFKDMOLDO>JP
] BOLPM>@B$KDFKBBOFKD
] MMIFBA/EVPF@P
] !FL@EBJFPQOV
] !FLFKCLOJ>QF@P>KA"LJMRQ>QFLK>I!FLILDV
] !FLILDV>KA!FLQB@EKLILDV
] !FLJBAF@>I$KDFKBBOFKD
] !RPFKBPP AJFKFPQO>QFLK
] "EBJF@>I$KDFKBBOFKD
] "EBJFPQOV
6/(">Q>ILD
] "FSFI$KDFKBBOFKD
] "LJMRQ>QFLK>I,BAF>
] "LJMRQBO2@FBK@B
] #>Q>2@FBK@B
] $IB@QOF@>I>KA"LJMRQBO$KDFKBBOFKD
] %FOB/OLQB@QFLK$KDFKBBOFKD
] (KQBOAFP@FMIFK>OV2QRAFBP
] +B>OKFKD2@FBK@BP>KA3B@EKLILDFBP
] ,>KRC>@QROFKD$KDFKBBOFKD
] ,>QBOF>IP2@FBK@B>KA$KDFKBBOFKD
] ,>QEBJ>QF@>I2@FBK@BP
] ,B@E>KF@>I$KDFKBBOFKD
] /EVPF@P
] 1L?LQF@P$KDFKBBOFKD
] 2L@F>I2@FBK@B>KA/LIF@V2QRAFBP
] 2Q>QFPQF@P
] 2VPQBJP$KDFKBBOFKD
*available only on a full-time basis
,>PQBOLC2@FBK@B,2#BDOBBP
S>FI>?IBLK>CRIIQFJB>KAM>OQQFJB?>PFPFKQEB
CLIILTFKDMOLDO>JP
] BOLPM>@B$KDFKBBOFKD
] MMIFBA,>QEBJ>QF@P
] MMIFBA/EVPF@P
] MMIFBA2Q>QFPQF@P
] !FL@EBJFPQOV
] !FLFKCLOJ>QF@P>KA"LJMRQ>QFLK>I!FLILDV
] !FLILDV!FLQB@EKLILDV
] !FLJBAF@>I$KDFKBBOFKD
] !FLQB@EKLILDV
] !RPFKBPP K>IVQF@P
] "EBJF@>I$KDFKBBOFKD
] "EBJFPQOV
] "FSFI$KDFKBBOFKD
] "LJMRQBO2@FBK@B
 2MB@F>IFWFKDFK"LJMRQBO2B@ROFQV
] "LKPQOR@QFLK/OLGB@Q,>K>DBJBKQ
] #>Q>2@FBK@B
] $IB@QOF@>I>KA"LJMRQBO$KDFKBBOFKD
] $KSFOLKJBKQ>I$KDFKBBOFKD
] %FK>K@F>I,>QEBJ>QF@P
] %FOB/OLQB@QFLK$KDFKBBOFKD
] (KARPQOF>I,>QEBJ>QF@P
] (KCLOJ>QFLK3B@EKLILDV
] (KKLS>QFLKTFQE4PBO$UMBOFBK@B
] (KQBO>@QFSB,BAF>&>JB#BSBILMJBKQ
] (KQBOAFP@FMIFK>OV2QRAFBP
 /LTBO2VPQBJP,>K>DBJBKQ
 2VPQBJP,LABIFKD
] +B>OKFKD2@FBK@BP>KA3B@EKLILDFBP
] ,>K>DBJBKQ
] ,>KRC>@QROFKD$KDFKBBOFKD
] ,>QBOF>IP/OL@BPP$KDFKBBOFKD
] ,>QBOF>IP2@FBK@B>KA$KDFKBBOFKD
] ,B@E>KF@>I$KDFKBBOFKD
] -BROLP@FBK@B
] .MBO>QFLKP>KA2RMMIV"E>FK K>IVQF@P
] /EVPF@P
] 1L?LQF@P$KDFKBBOFKD
] 2VPQBJ#VK>JF@P
] 2VPQBJ#VK>JF@P>KA(KKLS>QFLK,>K>DBJBKQ
] 2VPQBJP$KDFKBBOFKD
] 2VPQBJP$KDFKBBOFKD+B>ABOPEFM
*available only on a full-time basis
,>PQBOLC$KDFKBBOFKD,$#BDOBBP
S>FI>?IBFKQEBCLIILTFKDMOLDO>JP
] !FLJBAF@>I$KDFKBBOFKD
] "FSFI$KDFKBBOFKD
 $KSFOLKJBKQ>I$KDFKBBOFKD
 ,>PQBO!RFIABO/OLDO>J
] $IB@QOF@>I>KA"LJMRQBO$KDFKBBOFKD
] /LTBO2VPQBJP$KDFKBBOFKD
] ,>PQBOLC!RPFKBPP AJFKFPQO>QFLK,! #BDOBB
!RFIAFKDLK6/(PPQOBKDQEP>P>QB@EKLILDF@>IRKFSBOPFQV
QEB6/(,! MOLSFABP23$,MOLCBPPFLK>IPTFQEQEB
?RPFKBPPPHFIIPQLAOFSB@E>KDB>KAIB>AFKKLS>QFLKTFQEFK
QB@EKLILDV?>PBALOD>KFW>QFLKP3EBABDOBBOBNRFOBJBKQP
>OBABP@OF?BAFKQEFP@>Q>ILD>KAFK>PBM>O>QB?OL@EROB
>S>FI>?IBCOLJQEB%LFPFB!RPFKBPP2@ELLI>Q
LO>Q?RPFKBPPTMFBAR
,>PQBOLC,>QEBJ>QF@PCLO$AR@>QLOP,,$
#BDOBB
6/(LfBOP>,>PQBOFK,>QEBJ>QF@PCLO$AR@>QLOP>M>OQ
QFJBMOLDO>JCLOQB>@EBOPLCJ>QEBJ>QF@P>QQEBJFAAIB
P@ELLIPB@LKA>OV>KA@LJJRKFQV@LIIBDBIBSBIP2QRABKQP
FKQEFPMOLDO>JJ>VB>OK>@LKQBKQ?>PBAABDOBB
>CQBOKLLKP>KABSBKFKDPTEFIBPQFIIQB>@EFKDCRIIQFJB
3>RDEQ?VMOLCBPPLOPLCJ>QEBJ>QF@P>Q6/(QEBMOLDO>JFP
ABPFDKBAQLMBOJFQQEBQB>@EBOPQLIB>OKCOLJMOLCBPPLOP
OBPB>O@EFKQBOBPQP>KAFK@IRABP>KRKABOPQ>KAFKDLC
@ROOBKQABSBILMJBKQPFKQEBhBIA2@ELI>OPEFM>FATEF@E
@LSBOP>MMOLUFJ>QBIVLCQEB@LPQLCQRFQFLKFP>S>FI>?IB
QLNR>IFhBAM>OQF@FM>KQP3EB,,$ABDOBBJ>V?BRPBAQL
P>QFPCVQEB,>PP>@ERPBQQP/OLCBPPFLK>I+F@BKPB
OBNRFOBJBKQPMOLSFABAQEBMBOPLKELIAP>K(KFQF>I+F@BKPB
6/(">Q>ILD
,>PQBOLC2@FBK@BFK,>QEBJ>QF@PCLO$AR@>QLOP
,,$#/OLDO>J
#BPFDKBABPMB@F>IIVCLOJFAAIBP@ELLIEFDEP@ELLI>KA
@LJJRKFQV@LIIBDBBAR@>QLOPQEB,>PQBOLC2@FBK@BFK
,>QEBJ>QF@PCLO$AR@>QLOPFP>M>OQQFJB>CQBOKLLK>KA
BSBKFKDMOLDO>JLCPQRAVQE>QMRQPBJME>PFPLKJ>QE
@LKQBKQ@LROPBPTEFIB>IPLFK@LOMLO>QFKD@LOB>PPBPPJBKQ
>KABS>IR>QFLKQEBLOV@LROPBTLOH>KA>@RIJFK>QFKD
MOLGB@QABPFDKBA?VQEBM>OQF@FM>KQ/>OQF@FM>KQP>OB
>AAFQFLK>IIV>?IBQLHBBMRMQLA>QBLKQEBI>QBPQOBPB>O@E
?VTLOHFKDTFQEMOLCBPPLOPFKQEBhBIA3EB,,$#J>V
P>QFPCV,>PP>@ERPBQQPOBNRFOBJBKQPQLJLSBCOLJ>K(KFQF>I
+F@BKPBQL>/OLCBPPFLK>I+F@BKPB
,>PQBOLC2@FBK@BFK/EVPF@PCLO$AR@>QLOP
,/$#/OLDO>J
#BPFDKBABPMB@F>IIVCLOJFAAIBP@ELLIEFDEP@ELLI>KA
@LJJRKFQV@LIIBDBBAR@>QLOPQEB,>PQBOLC2@FBK@BFK
/EVPF@PCLO$AR@>QLOPFP>M>OQQFJB>CQBOKLLK>KABSBKFKD
MOLDO>JLCPQRAVQE>QMRQPBJME>PFPLKMEVPF@P@LKQBKQ
@LROPBPTEFIB>IPLFK@LOMLO>QFKD@LOB>PPBPPJBKQ>KA
BS>IR>QFLKQEBLOV@LROPBTLOH>KA>@RIJFK>QFKDMOLGB@Q
ABPFDKBA?VQEBM>OQF@FM>KQ/>OQF@FM>KQP>OB>AAFQFLK>IIV
>?IBQLHBBMRMQLA>QBLKQEBI>QBPQOBPB>O@E?VTLOHFKD
TFQEMOLCBPPLOPFKQEBhBIA3EB,/$#J>VP>QFPCV
,>PP>@ERPBQQPOBNRFOBJBKQPQLJLSBCOLJ>K(KFQF>I
+F@BKPBQL>/OLCBPPFLK>I+F@BKPB
"LJ?FKBA!>@EBILO,>PQBOP/OLDO>J
?EC@5F4E:@?
6/(RKABODO>AR>QBP@>K?BDFKTLOHLK>DO>AR>QBABDOBB
?VBKOLIIFKDFK>@LJ?FKBA!>@EBILOP,>PQBOPMOLDO>J
3EFP>@@BIBO>QBA@LROPBLCPQRAV>IILTPPQRABKQPQLL?Q>FK
>K,2ABDOBB>CQBOLKIVhSBVB>OPLCCRIIQFJBTLOHFB
QVMF@>IIVLKBVB>O>CQBO@LJMIBQFLKLCQEB!22QRABKQP
LCQBKL?Q>FKQEB!2>KA,2FKQEBP>JBhBIALO
ABM>OQJBKQ?RQTFQE@>OBCRIMI>KKFKDPLJBPQRABKQP
@LJMIBQBQEB@LJ?FKBA!2,2MOLDO>JFKQTLAFfBOBKQ
hBIAP2QRABKQP>OBBK@LRO>DBAQLOBSFBTQEBS>OFLRP
LMQFLKP>S>FI>?IBCLOMROPRFKDQEB@LJ?FKBA!2,2
MOLDO>JTFQEFK>PMB@Fh@ABM>OQJBKQLOMOLDO>J?V
SFPFQFKDQEBOBIBS>KQPB@QFLKTFQEFKQEB&O>AR>QB">Q>ILD
3EOLRDELRQQEFPPB@QFLK[,2^TFII?BRPBAQLOBCBOQL>II
,>PQBOPIBSBIABDOBBPJLPQPQRABKQPTEL@LJMIBQBQEB
@LJ?FKBAMOLDO>JL?Q>FKQEB,2
'=2??:?80@FC'C@8C2>
!B@>RPB!2,2PQRABKQPRPBPLJB>MMOLSBA@LROPBPQL
P>QFPCVQEBOBNRFOBJBKQPLC?LQEABDOBBPPFJRIQ>KBLRPIVFQ
FP@OR@F>ICLOQEBJQLMI>KQEBFO@ROOF@RIRJB>OIVFKQEBFO
RKABODO>AR>QB@>OBBO
3EBPMB@Fh@@LROPB>KA,0/OBNRFOBJBKQPCLO>!2,2
MOLDO>J>OBABQBOJFKBAFKAFSFAR>IIVPLPQRABKQPPELRIA
@LKPRIQTFQEQEBFOLTK>ASFPLO>PTBII>PQEBDO>AR>QB
@LLOAFK>QLOFKQEBABM>OQJBKQFKTEF@EQEBVMI>KQL
MROPRBQEBFO,2ABDOBBB>OIVFKQEBFO)RKFLOVB>O3EFP
@LKPRIQ>QFLKLOPBOFBPLC@LKPRIQ>QFLKPPELRIAMOLAR@B>
PI>QBLC>MMOLSBARKABODO>AR>QB@LROPBPQE>QTFII?BRPBA
CLODO>AR>QB@OBAFQ2LJBQFJBPQEBFKPQOR@QLOPLCQEBPB
@LROPBPTFII>PH!2,2PQRABKQPQL@LJMIBQB>AAFQFLK>I
TLOHLOTFIILQEBOTFPBELIAQEBJQLEFDEBOPQ>KA>OAPLC
>@EFBSBJBKQ-LQBKLRKABODO>AR>QB@OBAFQJ>V?B
@LRKQBAQLT>OA>DO>AR>QB?RPFKBPPABDOBB
PQRABKQP>ASFPLO>KADO>AR>QB@LLOAFK>QLOTFII>IPL
ABQBOJFKBTE>QOLIBQEB,0/TFIIMI>VFKQEB!2,2
MOLDO>J2LJBQFJBPQEB,0/MOLSFABP>CLRKA>QFLKCLO>
QEBPFP(K@>PBPTEBOBQEB!2>KA,2>OBKLQ>T>OABAFK
QEBP>JBhBIAQEB,0/RPR>IIVOBI>QBPQLQEBDO>AR>QB
MOLDO>JPAFP@FMIFKB
.K@BQEBPMB@Fh@@LROPB>KA,0/OBNRFOBJBKQPE>SB?BBK
BPQ>?IFPEBAPQRABKQP@LJMIBQB>"LROPB2BIB@QFLK%LOJ
TEF@EFPPR?JFQQBAQLQEBOBIBS>KQABM>OQJBKQPCLO
>MMOLS>I3EFPTOFQQBK>DOBBJBKQ@LKPQFQRQBPQEBPBQLC
@LKAFQFLKPQE>QJRPQ?BJBQCLO>PQRABKQQL@LJMIBQBQEB
!2,2MOLDO>J3EBV>OB>MI>KCLO@LJMIBQFKDQEB
OBNRFOBJBKQPCLO?LQEABDOBBP>KAQEBVTFIIKLQPRMBOPBAB
LOLQEBOTFPBL?SF>QBABM>OQJBKQ>I>KARKFSBOPFQVTFAB
OBNRFOBJBKQPCLOBFQEBOABDOBB3EB@LJMIBQBAPFDKBA
CLOJJRPQ?BPR?JFQQBAQLQEB1BDFPQO>O?BCLOBQEBPQRABKQ
J>VJ>QOF@RI>QBFKQEB@LJ?FKBAMOLDO>J
@HE@AA=J
2QRABKQP>IJLPQ>IT>VP>MMIVCLO>AJFPPFLKQLQEB!2,2
MOLDO>JFKQEBFO)RKFLOVB>OQVMF@>IIV>CQBOQEBVE>SB
BPQ>?IFPEBAQEBFO@ROOF@RIRJ>KALQEBOMOLDO>J
OBNRFOBJBKQP>KA@LJMIBQBAQEB"LROPB2BIB@QFLK%LOJ
TFQEQEBFOC>@RIQV>ASFPLOP MMIF@>QFLKP>OBPR?JFQQBAQL
QEB.g@BLC&O>AR>QB AJFPPFLKP>KA>OBMOL@BPPBATFQE
>IILQEBODO>AR>QB>MMIF@>QFLKP.K@B>AB@FPFLKE>P?BBK
OB>@EBAQEB.g@BLC&O>AR>QB AJFPPFLKPTFIIKLQFCVQEB
PQRABKQRPR>IIVTFQEFKPFUTBBHPLCOB@BFSFKDQEB
>MMIF@>QFLK
'C@8C2>)6BF:C6>6?ED
.KIVOBDFPQBOBA6/(RKABODO>AR>QBPJ>V>MMIVCLO
>AJFPPFLKQLQEB@LJ?FKBA!2,2MOLDO>JP2QRABKQP
>OB@LKPFABOBARKABODO>AR>QBPKLJ>QQBOTE>Q@LROPBP
QEBVE>SB@LJMIBQBARKQFIQEBVE>SBJBQ>IILCQEB
OBNRFOBJBKQPCLOQEB!>@EBILOPABDOBB(KLOABOQLOB@BFSB
QEB!2>KAQEB,2>IILCQEBOBNRFOBJBKQPCLO?LQE
ABDOBBPJRPQ?B@LJMIBQBA
6/(">Q>ILD
(KJLPQABM>OQJBKQP>PQRABKQJ>VQ>HBRMQLCLROVB>OPLC
RKFKQBOORMQBAPQRAVQL@LJMIBQBQEB,>PQBOPMLOQFLKLC
QEB!2,2MOLDO>J3EBOB>OBBU@BMQFLKPELTBSBOPL
PQRABKQP>OB>ASFPBAQLAFP@RPPQEBFOQFJBQ>?IBTFQEQEB
>MMOLMOF>QB>ASFPLOLODO>AR>QB@LLOAFK>QLO2QRABKQPTEL
PQLMOBDFPQBOFKDCLO@I>PPBPCLO>KBUQBKABAIBKDQELCQFJB
J>V?B>PHBAQLMBQFQFLKQEB"LJJFQQBBCLO&O>AR>QB
2QRAFBP>KA1BPB>O@E"&21QL@LKQFKRBQEBFOMOLDO>J
C65:EBF:G2=6?462?5:DEC:3FE:@?
-LJLOBQE>KLCQEB@OBAFQELROPOBNRFOBACLOQEB
,>PQBOPABDOBB>KATEF@ELQEBOTFPBJBBQQEB
OBNRFOBJBKQPCLOB>@EABDOBBJ>V?BRPBAQLP>QFPCVQEB
OBNRFOBJBKQPCLO?LQEABDOBBP(KPLJBABM>OQJBKQP
PQRABKQPJ>VKLQALR?IB@LRKQJLOBQE>KLCQEBFO
DO>AR>QB@OBAFQP"LKPRIQQEBABM>OQJBKQBKQOFBPFKQEB
DO>AR>QB@>Q>ILDCLOQEBOBNRFOBJBKQPLCVLROMOLDO>J
#LR?IB@LRKQBA@LROPBP>OBOB@LOABALKQEBQO>KP@OFMQ
RPFKDQEB@OBAFQELROPRKFQP>KADO>ABP>MMOLMOF>QB>QQEB
DO>AR>QBLORKABODO>AR>QBIBSBIP%LOPQRABKQPFKQEB
@LJ?FKBA!2,2MOLDO>J>MMOLSBARKABODO>AR>QB
@LROPBP>OB>PPFDKBADO>AR>QB@OBAFQTFQE>@LKSBOPFLKO>QB
LC6/(RKABODO>AR>QBRKFQDO>AR>QB@OBAFQELROP
TEFIBDO>AR>QB@LROPBP>MMIFBAQLT>OAQEBRKABODO>AR>QB
ABDOBB>OB>T>OABARKABODO>AR>QBRKFQPTFQE>@LKSBOPFLK
O>QBLCDO>AR>QB@OBAFQELRORKABODO>AR>QBRKFQ
(KQBOAFP@FMIFK>OV,>PQBOP>KA#L@QLO>I
/OLDO>JP
6/(BK@LRO>DBPFKQBOAFP@FMIFK>OVOBPB>O@E2QRABKQP
FKQBOBPQBAFKPR@ELMQFLKPPELRIAALPLTFQEQEB>PPFPQ>K@B
LC6/(C>@RIQV>PQEBPBMOLDO>JPOBNRFOBFKQBOK>I
PMLKPLOPEFM
&O>AR>QB>KA AS>K@BA&O>AR>QB
"BOQFh@>QBP
*BBMFKDM>@BTFQEQB@EKLILDF@>I>AS>K@BJBKQQLA>VFP>
KBSBOBKAFKDQ>PH6/(PFKKLS>QFSBDO>AR>QB@BOQFh@>QB
MOLDO>JPEBIMQB@EKF@>I>KA?RPFKBPPMOLCBPPFLK>IPHBBM
RMQLA>QBTFQE>AS>K@BPFKQB@EKLILDFBP>KA?RPFKBPP
MO>@QF@BPTFQELRQ>@LJJFQJBKQQL>DO>AR>QBABDOBB
MOLDO>J6/(LfBOPQTL@BOQFh@>QBMOLDO>JPQEB&O>AR>QB
"BOQFh@>QB&">KAQEB AS>K@BA"BOQFh@>QB "
&O>AR>QB"BOQFh@>QB/OLDO>J
3EB&O>AR>QB"BOQFh@>QB&"MOLSFABPLMMLOQRKFQFBPCLO
PQRABKQPELIAFKDRKABODO>AR>QBABDOBBPQL@LKQFKRBQEBFO
PQRAVFK>K>AS>K@BA>OB> ?>@EBILOPABDOBBFPQEB
DBKBO>IMOBOBNRFPFQBELTBSBOPLJBABM>OQJBKQP>IPLILLH
CLOOBI>QBA?>@HDOLRKATEBKJ>HFKD>AJFPPFLKAB@FPFLKP
&"PQRABKQP>OBOBNRFOBAQL@LJMIBQBCLROQLPFU@LROPBP
QLQ>IFKDQL@OBAFQELROPFKQEBFO>OB>LCFKQBOBPQ&"
@LROPBP@>K?B>MMIFBAQL>6/(DO>AR>QBABDOBBFCQEB
PQRABKQFPPR?PBNRBKQIV>AJFQQBAQL>ABDOBBMOLDO>JFK
QEBP>JBAFP@FMIFKB
AAFQFLK>IMOLDO>JPJ>V?BABSBILMBAFK@LKPRIQ>QFLK
TFQE>K>@>ABJF@>ASFPBO
%LOQEBJLPQ@ROOBKQIFPQFKDPDLQLEQQMPTTTTMFBAR
>@>ABJF@PPQRAV
AS>K@BA"BOQFh@>QB/OLDO>J
3EB AS>K@BA"BOQFh@>QB "MOLSFABPJ>PQBOPABDOBB
ELIABOPTFQE>KLMMLOQRKFQVQL@LKQFKRBQEBFOPQRAFBPFK
>AS>K@BAQLMF@PFKQEBAFP@FMIFKBFKTEF@EQEBVELIAQEBFO
DO>AR>QBABDOBBPLOQE>QFP@ILPBIVOBI>QBAQLQEBFODO>AR>QB
hBIAP3EB "FK@IRABPCLROQLPFU@LROPBPQLQ>IFKDQL
@OBAFQPKLKBLCTEF@ETBOBFK@IRABAFKQEBPQRABKQPMOFLO
J>PQBOPMOLDO>JLOFK>KVLQEBO@BOQFh@>QBMOLDO>J
$>@EM>OQF@FM>QFKDABM>OQJBKQFABKQFhBPLKBLOJLOB
DRFABIFKBMOLDO>JPELTBSBOB>@EPQRABKQPMOLDO>JLC
PQRAVJ>V?B@RPQLJFWBATFQEQEB>@>ABJF@>ASFPLOP
>MMOLS>IQLP>QFPCVQEBPQRABKQPRKFNRBFKQBOBPQP
AAFQFLK>IPMB@F>IFW>QFLKPJ>V?BABSBILMBAFK
@LKPRIQ>QFLKTFQE>K>@>ABJF@>ASFPLO
MMIF@>QFLK/OL@BPP
MMIF@>QFLKQLQEB&">KA "OBNRFOBPPR?JFPPFLKLC>K
Lg@F>I>MMIF@>QFLKCLOJLg@F>IQO>KP@OFMQPLC>II@LIIBDB
IBSBITLOH>KA>>MMIF@>QFLKCBBT>FSBACLO6/(
>IRJKFQLQEB.g@BLC&O>AR>QB AJFPPFLKP(KAFSFAR>I
ABM>OQJBKQPJ>VOBNRFOB>AAFQFLK>IFKCLOJ>QFLK
(KQBOK>QFLK>IPQRABKQPJ>V>MMIVQL@BOQFh@>QBMOLDO>JP
'LTBSBOCLO6/(QLFPPRBQEB(CLOJCLO>PQRABKQSFP>
FKQBOK>QFLK>IPQRABKQPJRPQ?BOBDFPQBOBACLO>JFKFJRJLC
KFKB@OBAFQPLK@>JMRPAROFKDQEBFOhOPQPBJBPQBO>KA
JRPQ@LJMIBQBQEBFOMOLDO>JTFQEFKLKBVB>O2QRABKQP
>MMIVLKIFKB>QEQQMDO>ATMFBAR>MMIV
AJFPPFLK>KA,>QOF@RI>QFLK
AJFPPFLKQL>@BOQFh@>QBMOLDO>JFPDO>KQBA?VQEBC>@RIQV
LCQEBPMLKPLOFKDABM>OQJBKQQEOLRDEQEB&O>AR>QB
AJFPPFLKP.g@B PQRABKQ>@@BMQBAFKQL>J>PQBOPLO
AL@QLO>IMOLDO>JJ>V>MMIVQL>@BOQFh@>QBMOLDO>JLKIV
>CQBOQEBDO>AR>QB@LJJFQQBBLCQEBABDOBB,2LO/E#
DO>KQFKDMOLDO>JLOABM>OQJBKQ>MMOLSBP>KA>PILKD>P
>IILCQEBCLIILTFKD@LKAFQFLKP>OBJBQ
 AJFQQBAJ>PQBOPLOAL@QLO>IMOLDO>JPQRABKQPJ>V
?B>T>OABALKB@BOQFh@>QBCLOTEF@E@LROPB@OBAFQP
6/(">Q>ILD
>OBRPBAQLP>QFPCVOBNRFOBJBKQPCLO?LQEQEB
DO>AR>QBABDOBB,2LO/E#>KAQEB&O>AR>QB
"BOQFh@>QBLO>AS>K@BADO>AR>QB@BOQFh@>QB
 &O>AR>QB@LROPB@OBAFQPRPBAQLP>QFPCVQEBDO>AR>QB
@BOQFh@>QBLO>AS>K@BADO>AR>QB@BOQFh@>QB>KA
DO>AR>QBABDOBB,2LO/E#OBNRFOBJBKQP@>KKLQ
>IPL?B@LRKQBAQLT>OA>QEFOA@OBABKQF>IPR@E>P>
&O>AR>QB"BOQFh@>QB AS>K@BA&O>AR>QB"BOQFh@>QB
DO>AR>QBLORKABODO>AR>QBABDOBB
 -LJLOBQE>KLKBQEFOALC@LROPB@OBAFQ>MMIFBAQL>
&O>AR>QB"BOQFh@>QBLO>AS>K@BA&O>AR>QB"BOQFh@>QB
LODO>AR>QBABDOBB@>K?BB>OKBA?VQO>KPCBO@OBAFQ
&O>AR>QBLO AS>K@BA"BOQFh@>QBTFIIKLQ?B>T>OABA
TFQELRQ>AJFPPFLKFKQL>@BOQFh@>QBMOLDO>J
1BDFPQO>QFLK/OL@BAROBP
&">KA "PQRABKQPOBDFPQBO>QQEBP>JBQFJB>PLQEBO6/(
DO>AR>QBPQRABKQPCLIILTQEBP>JBOBDFPQO>QFLK
MOL@BAROBP>KAM>OQF@FM>QBFKQEBP>JB@I>PPBP
3RFQFLK>KA%BBP
3RFQFLK>KACBBPCLO&">KA "PQRABKQP>OBQEBP>JB>PCLO
>IILQEBO6/(DO>AR>QBPQRABKQP
/I>KLC2QRAV
%LIILTFKD>AJFPPFLK@BOQFh@>QBPQRABKQPTFII?B>PPFDKBA
>K>@>ABJF@>ASFPLO6FQEFKQEBhOPQQEOBBJLKQEPLC
>AJFPPFLK@BOQFh@>QBPQRABKQP>OBOBNRFOBAQLL?Q>FK
>MMOLS>ICLOQEBFO/I>KLC2QRAVCOLJQEBFOC>@RIQV>ASFPLO
3EBPQRABKQQEB>@>ABJF@>ASFPLO>KAQEBABM>OQJBKQTFII
J>FKQ>FK@LMFBPLCQEB/I>KLC2QRAV2QRABKQPJ>VFKFQF>QB
TOFQQBKOBNRBPQPQLQEB>ASFPLOQLJLAFCVQEBMOLDO>J3EB
PQRABKQQEB>@>ABJF@>ASFPLO>KAQEBABM>OQJBKQJRPQ
OBQ>FK@LMFBPLC>KV>MMOLSBAMOLDO>JJLAFh@>QFLKP
@>ABJF@/LIF@FBP
@>ABJF@MLIF@FBPOBD>OAFKD>@@BMQ>?IBDO>ABMLFKQ
>SBO>DBPCLO@BOQFh@>QBPQRABKQPCLIILTQEBP>JBDRFABIFKBP
>PQELPBBPQ>?IFPEBACLOABDOBBPBBHFKDDO>AR>QBPQRABKQP
TFQEQEBCLIILTFKDBU@BMQFLK(C>&"LO "PQRABKQPDO>AB
MLFKQ>SBO>DBC>IIP?BILT>CQBO@LJMIBQFKDKFKB@OBAFQP
EBPEBTFII?BTFQEAO>TKCOLJQEBMOLDO>JRKIBPPQEB
>@>ABJF@ABM>OQJBKQFKQBOSBKBP
/OLDO>J"LJMIBQFLK
2>QFPC>@QLOV@LJMIBQFLKLC>&"LO "OBNRFOBP>@RJRI>QFSB
DO>ABMLFKQ>SBO>DBLCLO?BQQBO TFQE
FKAFSFAR>I@LROPBDO>ABPLC"LO?BQQBO4MLKP>QFPC>@QLOV
@LJMIBQFLKLCQEBMOLDO>JPQRABKQPTFIIOB@BFSB>
@BOQFh@>QBLC&O>AR>QB2QRAVLO>"BOQFh@>QBLC AS>K@BA
&O>AR>QB2QRAVFKQEB@ELPBKAFP@FMIFKB2QRABKQP>OB
OBPMLKPF?IBCLOPR?JFQQFKDQEBPFDKBA@LJMIBQBA/I>KLC
2QRAVQLQEB1BDFPQO>OP.g@BQLOB@BFSBQEB@BOQFh@>QB
3O>KPCBOOFKDCOLJ>"BOQFh@>QB/OLDO>JQL>
&O>AR>QB
#BDOBB/OLDO>J
AJFPPFLKQL>@BOQFh@>QBMOLDO>JFPKLQBNRFS>IBKQQL
>AJFPPFLKQL>ABDOBBMOLDO>J'LTBSBOJ>KV@BOQFh@>QB
PQRABKQPBSBKQR>IIV@ELLPBQLMROPRB>6/(ABDOBB
MOLDO>J2QRABKQPBKOLIIBAFK>@BOQFh@>QBMOLDO>JTEL
TLRIAIFHBQLMROPRB>J>PQBOPLOAL@QLO>QBJRPQJBBQQEB
>MMIF@>QFLK>KA>AJFPPFLKOBNRFOBJBKQPCLOQEBPMB@Fh@
ABDOBBMOLDO>J>PABP@OF?BAFKQEB&O>AR>QB">Q>ILD II
&">KA "@LROPB@OBAFQPTFII>MMIVQL>6/(DO>AR>QB
ABDOBBMOLSFABAQE>QQEBPQRABKQFP>AJFQQBAQL>DO>AR>QB
ABDOBBMOLDO>J>KAQEB@LROPBP>OB>@@BMQ>?IBQLQE>Q
ABDOBBMOLDO>J
$>OKFKD>2B@LKA"BOQFh@>QB
PQRABKQ>AJFQQBAFKQL>@BOQFh@>QBMOLDO>JTELTFPEBP
QLTLOHQLT>OA>PB@LKA@BOQFh@>QBMOLDO>JJRPQ>MMIVQL
QE>QPB@LKA@BOQFh@>QBMOLDO>JCLO>AJFPPFLK3EB
>MMIF@>QFLKCBBTFII?BT>FSBACLOQEBPB@LKA>MMIF@>QFLK
"LROPBP@LRKQBAQLT>OALKB@BOQFh@>QBJ>VKLQ@LRKQ
QLT>OA>KVLQEBO@BOQFh@>QB
6/(.KIFKB
6/(.KIFKBMOLDO>JP>OBABPFDKBATFQEQEBTLOHFKD
MOLCBPPFLK>IFKJFKA-LJ>QQBOVLROIL@>QFLKLOP@EBARIB
>K>AS>K@BAABDOBBCOLJ6/(FPTFQEFKOB>@E
%LOJLOBQE>KCLOQVVB>OPTBE>SBABIFSBOBAPRMBOFLO
AFPQ>K@BBAR@>QFLKQLDO>AR>QBPQRABKQP>OLRKAQEBTLOIA
(QFPLROJFPPFLKQLJ>HBPROBB>@EPQRABKQCBBIP@LKKB@QBA
PRMMLOQBA>KAPR@@BPPCRI$>@EPQRABKQTFII?B>PPFDKBAQL
>2QRABKQ2R@@BPP,>K>DBOTELTFIIPRMMLOQVLRO
BAR@>QFLK>IGLROKBVEBIMVLRLSBO@LJBL?PQ>@IBP>KA
>KPTBO>KVNRBPQFLKPVLRJFDEQE>SB
.ROLKIFKBPQRABKQPOB@BFSBQEBP>JBTLOIA@I>PP
FKPQOR@QFLK>PLROLK@>JMRPPQRABKQPABIFSBOBA?VBUMBOQ
6/(C>@RIQV2RMMLOQPBOSF@BPQ>FILOBAQLQEBKBBAPLC
TLOHFKDMOLCBPPFLK>IP>OB>IPL>S>FI>?IBFK>AAFQFLKQLQEB
OBPLRO@BPLfBOBAQLBSBOV6/(PQRABKQ
0R>IFQV&O>AR>QB$AR@>QFLK
.RO@LKSBKFBKQLKIFKB@LROPBP>OBLMBKQL?LQELK
@>JMRP>KAAFPQ>K@BIB>OKBOP
6/(">Q>ILD
II@LROPBP>KAABDOBBPABIFSBOBALKIFKB@LKQ>FKQEBP>JB
@LKQBKQ>KAJ>QBOF>ILKBTLRIAOB@BFSBFK>QO>AFQFLK>I
@I>PPOLLJ>KAPQRABKQPB>OKQEBP>JB@BOQFh@>QBP>KA
ABDOBBP>PQEBFOLK@>JMRP@LRKQBOM>OQP(K>AAFQFLK
LKIFKBPQRABKQPE>SBQEB?BKBhQLC>@@BPPQLQEBFO
@LROPBP
/IB>PBKLQBLKIFKBPQRABKQP>OBEBIAQLQEBP>JBEFDE
PQ>KA>OA>P>II6/(PQRABKQP3EBV>OBBUMB@QBAQLHBBM
M>@BTFQE@LROPB@LKQBKQ>KABKD>DB>@QFSBIVFK>IILCQEBFO
@LROPBP>AAFKDS>IRBQLQEB@LII>?LO>QFSBIB>OKFKD
BKSFOLKJBKQ
3EFPIBSBILCM>OQF@FM>QFLKOBNRFOBPOBDRI>O>@@BPPQLEFDE
PMBBA(KQBOKBQSF>>MBOPLK>I@LJMRQBO
/OLDO>JPLC2QRAV
6/(LfBOPLKIFKBDO>AR>QBMOLDO>JPFK>TFAB>OO>VLC
QLMF@PTFQEKBTMOLDO>JP>AABAQEOLRDELRQQEB
>@>ABJF@VB>O
/IB>PBSFPFQLKIFKBTMFBARCLOQEBJLPQ@ROOBKQLKIFKB
LfBOFKDP
2QRABKQ2BOSF@BP
.KIFKBPQRABKQPE>SBRKFNRBNRBPQFLKP@LK@BOKP>KA
KBBAP6FQE6/(.KIFKBVLROBKBSBO>ILKB8LRTFII?BKBhQ
COLJQEBPBOSF@BPLROLK@>JMRPPQRABKQPOB@BFSB>KA
QEBKPLJBFK@IRAFKD
] .KIFKBLOFBKQ>QFLK
] 5FOQR>IIF?O>OV>@@BPP
] 2LCQT>OBJL?FIBPRMMLOQ
] ">OBBO@LRKPBIFKDMI>@BJBKQ
] 3RFQFLKhK>K@F>I>FAEBIM
/IRP>ABAF@>QBAQB>JMOLSFABPLROLKIFKBPQRABKQPTFQE
FKAFSFAR>IFWBAPRMMLOQBSBOVPQBMLCQEBT>VCOLJ
>MMIF@>QFLKQLDO>AR>QFLK
"LKQ>@Q>KA(KCLOJ>QFLK
6/(.KIFKBMOLSFABPLKIFKBDO>AR>QBPQRABKQPTFQE
MBOPLK>IFWBA>PPFPQ>K@B>KA>@QP>PQEBFOIF>FPLKQL>IILQEBO
RKFSBOPFQVLg@BP2QRABKQP@>KOB>@E6/(.KIFKBSF>QEB
TB?PFQB?VMELKB>KA?VBJ>FI
6/(.KIFKB
LKIFKBTMFBAR

TTTTMFBARLKIFKB
6LO@BPQBO/LIVQB@EKF@(KPQFQRQB6/(M>OQF@FM>QBPFKQEB
->QFLK>I"LRK@FI2Q>QB RQELOFW>QFLK1B@FMOL@FQV
DOBBJBKQ-"2 1 
%*)
] /BOQ>FKPQL>MMOLS>ILCAFPQ>K@BBAR@>QFLK@LROPBP
>KAMOLDO>JPLfBOBA>@OLPPPQ>QBIFKBP?V
MLPQPB@LKA>OVFKPQFQRQFLKPQE>Q>IOB>AVE>SBABDOBB
>RQELOFW>QFLKFK>QIB>PQLKBPQ>QB
] "BKQO>IFWBPQEB>RQELOFW>QFLKMOL@BPP
] (PFKQBKABAQL?B@LKPFPQBKQTFQECBABO>II>T>KA
QEBOBFPPR?GB@QQL@E>KDB?>PBALKCBABO>I
ORIBJ>HFKD
-"2 1 >IPLMOLSFABP>AAFQFLK>IOBPLRO@BPCLOPQRABKQP
TEL>OBRK>?IBQLOBPLISB@LJMI>FKQPQEOLRDEQEB
RKFSBOPFQV AAFQFLK>IFKCLOJ>QFLK@>K?BCLRKA>Q
EQQMPTTTTMFBAR>@>ABJF@PLKIFKBPRMMLOQPQ>QB
>RQELOFW>QFLK
AJFPPFLK(KCLOJ>QFLK
MMIVFKDQL6/(
/OLPMB@QFSBDO>AR>QBPQRABKQPPR?JFQQEBFO>MMIF@>QFLKPCLO
>II6/(DO>AR>QBMOLDO>JPLKIFKB>Q
TTTDO>ATMFBAR>MMIV
$>@EABM>OQJBKQOBNRFOBPAFfBOBKQ@OBABKQF>IPCLO
>AJFPPFLK Q>?IBLCB>@EABM>OQJBKQPOBNRFOBJBKQP@>K
?BCLRKALKM>DB
@LJMIBQBARKABODO>AR>QBABDOBBFP>MOBOBNRFPFQBCLO
?BDFKKFKD>IIDO>AR>QBABDOBBMOLDO>JP>Q6/( II
DO>AR>QBPQRABKQP>OBBUMB@QBAQLE>SB@LJMIBQBAQEBFO
RKABODO>AR>QBABDOBB>QQEBQFJBLCJ>QOF@RI>QFLK
6/(>AJFPPFLKOBNRFOBJBKQPFK@IRABQEBCLIILTFKD
] @LJMIBQBA MMIF@>QFLKCLO AJFPPFLKQL&O>AR>QB
2QRAV
] KLKOBCRKA>?IB>MMIF@>QFLKCBBT>FSBACLO6/(
>IRJKF>KAJ>QOF@RI>QFKD6/(PQRABKQP
] "LIIBDBQO>KP@OFMQPFK$KDIFPE>KAQEBLOFDFK>I
I>KDR>DBCOLJ>II>@@OBAFQBAABDOBBDO>KQFKD
FKPQFQRQFLKP>QQBKABA AJFQQBAPQRABKQPJRPQ
MOLSFABLg@F>IQO>KP@OFMQPTFQE>KFKAF@>QFLKQE>QQEB
?>@EBILOPABDOBBE>P?BBK>T>OABA?BCLOBQEBV
J>QOF@RI>QB
] 3EOBBIBQQBOPLCOB@LJJBKA>QFLKCOLJFKAFSFAR>IP
TEL@>K@LJJBKQLKQEB>MMIF@>KQPNR>IFh@>QFLKP
CLOMROPRFKDDO>AR>QBPQRAVFKQEB@ELPBKhBIA
MMIF@>KQP>OBOBNRFOBAQLFKSFQBQEBFOOB@LJJBKABOP
QLPR?JFQIBQQBOPQEOLRDEQEBLKIFKB>MMIF@>QFLKLKIV
6/(">Q>ILD
] 2BSBO>IMOLDO>JPOBNRFOB>PQ>QBJBKQLCMROMLPB
3EFPFP>?OFBCBPP>VAFP@RPPFKD?>@HDOLRKAFKQBOBPQP
>@>ABJF@FKQBKQ>KAQEBOB>PLKPQEB>MMIF@>KQCBBIP
PEBTLRIA?BKBhQCOLJQEBMOLDO>J3EBPQ>QBJBKQ
LCMROMLPBJRPQ?BPR?JFQQBABIB@QOLKF@>IIVTFQEQEB
LKIFKB>MMIF@>QFLK
] 3EB2@ELLILC!RPFKBPPOBNRFOBP>II>MMIF@>KQPQL
PR?JFQ>OBPRJB>KASFABLBPP>VBIB@QOLKF@>IIVTFQE
QEBLKIFKB>MMIF@>QFLK
] /OLLCLC$KDIFPEI>KDR>DBMOLh@FBK@VJRPQ?B
PR?JFQQBA?V>II>MMIF@>KQPCLOTELJ$KDIFPEFPKLQ
QEBFOhOPQI>KDR>DB MMIF@>KQPJRPQPR?JFQ>K
Lg@F>IP@LOBOBMLOQCOLJBFQEBOQEB3.$%+3BPQLC
$KDIFPE>P>%LOBFDK+>KDR>DBLO($+32(KQBOK>QFLK>I
$KDIFPE+>KDR>DB3BPQFKD2BOSF@B6/(ALBPKLQ
>@@BMQM>MBO@LMFBPLCQEBPBP@LOBPLKIVLg@F>I
P@LOBPPBKQBIB@QOLKF@>IIVCOLJQEBQBPQFKDPBOSF@BTFII
?B>@@BMQBA3EBJFKFJRJP@LOBPCLO>AJFPPFLK>OB
3.$%+FKQBOKBQ?>PBAQBPQ
($+32LSBO>II?>KAP@LOBTFQEKL
PR?P@LOBILTBOQE>K
These are the minimum scores for admission to WPI. Some
departments have higher minimums. Students being
considered for a Teaching Assistant position will have a higher
required minimum TOEFL. Please see the section on Financial
Information/Teaching Assistantships for more details.
MMIF@>KQPTELE>SB@LJMIBQBAQTLVB>OPLCCRIIQFJB
PQRAV>Q>@LIIBDBLORKFSBOPFQVFKQEB42QEB4*(OBI>KA
RPQO>IF>-BT9B>I>KALOQEB KDILMELKBOBDFLKPLC
COF@>">K>A>LOQEB">OF??B>KTFQEFKhSBVB>OPLC
J>QOF@RI>QFKD>Q6/(>OBKLQOBNRFOBAQLPR?JFQ3.$%+LO
($+32P@LOBP
6/(PFKPQFQRQFLK>I@LABCLOQEB3.$%+FP2@LOBP>OB
S>IFACLOQTLVB>OPCOLJQEBQBPQA>QB%LOJLOB
FKCLOJ>QFLKLOQLQ>HBQEB3.$%+DLQLTTTQLBiLOD%LO
JLOBFKCLOJ>QFLKLKQEB($+32LOQLQ>HBQEBBU>JDLQL
TTTFBIQPLOD
2LJBMOLDO>JPOBNRFOBQEB&1$&O>AR>QB1B@LOA
$U>JFK>QFLK"LKPRIQQEBQ>?IBLKM>DBCLOMOLDO>J
OBNRFOBJBKQP3EBOBFPKL6/(JFKFJRJ&1$LO&, 3
P@LOBCLO>AJFPPFLK6/(PFKPQFQRQFLK>I@LABCLOQEB&1$
>KA&, 3FP2@LOBP>OBS>IFACLOhSBVB>OPCOLJQEB
QBPQA>QB%LOJLOBFKCLOJ>QFLKLOQLQ>HBQEB&1$DLQL
TTTBQPLODDOBLOTTTDJ>Q@LJ
3EB.g@BLC&O>AR>QB AJFPPFLKPTFIIOBQ>FKFK@LJMIBQB
>MMIF@>QFLKP>KAQEBFO>PPL@F>QBA@OBABKQF>IPCLOLKBVB>O
>CQBOQEB>MMIF@>QFLKT>PPQ>OQBA(CQEB>MMIF@>QFLKOBJ>FKP
FK@LJMIBQBCLOLKBVB>O6/(OBPBOSBPQEBOFDEQQL@>K@BIFQ
>KAABPQOLV>II>PPL@F>QBAAL@RJBKQP>KA@OBABKQF>IP
II>MMIF@>QFLKPIBQQBOPLCOB@LJJBKA>QFLK>KA>IIPRMMLOQ
J>QBOF>I?B@LJBQEBMOLMBOQVLC6/(LK@BQEBVE>SB?BBK
OB@BFSBA?VQEB.g@BLC&O>AR>QB AJFPPFLKP
3EOBB8B>O!LILDK>/OL@BPP#BDOBBP
6/(TBI@LJBP>MMIF@>QFLKPCOLJPQRABKQPTELE>SBQEOBB
VB>O!LILDK>@LJMIF>KQRKABODO>AR>QBABDOBBPCOLJ
$ROLMB>KRKFSBOPFQFBP MMIF@>KQPTELELIAQEBPB
@OBABKQF>IPTFII?BBS>IR>QBACLO>AJFPPFLKLK>@>PB?V
@>PB?>PFP
/OFLOFQV#>QBP
2QRABKQPTELT>KQQL>MMIVCLOC>II>AJFPPFLKPELRIA
PR?JFQQEBFO>MMIF@>QFLKP?VQEBMOB@BAFKD)>KR>OVPQ>KA
@LJMIBQBQEBALPPFBO>PPLLK>PMLPPF?IB>CQBOQE>QA>QB
2QRABKQPTEL>OBPBBHFKD>AJFPPFLKQLQEBPMOFKD
PBJBPQBOPELRIAPR?JFQQEBFO>MMIF@>QFLKP?VQEB
MOB@BAFKD.@QL?BOPQ>KA@LJMIBQBQEBALPPFBO>PPLLK>P
MLPPF?IB>CQBOQE>QA>QB
2LJBABM>OQJBKQPE>SBPQOF@QAB>AIFKBPLQEBOP>AJFQ
PQRABKQPVB>OOLRKA"LKPRIQQEB6/(TB?PFQBCLOJLOB
ABQ>FIP
%RKAFKDFPAFP?ROPBA?VQEB>AJFPPFLKP@LJJFQQBBPFKB>@E
LCQEB>@>ABJF@ABM>OQJBKQP3EBPBAB@FPFLKP>OBJ>ABFK
Q>KABJTFQEQEB>AJFPPFLKPAB@FPFLKPLQEBOBFPKL
PBM>O>QB>MMIF@>QFLKCLO>PPFPQ>KQPEFMPLOCBIILTPEFMP
/OLPMB@QFSBPQRABKQPJRPQFKAF@>QBQE>QQEBVT>KQQL?B
@LKPFABOBACLOCRKAFKDTEBKQEBV>MMIVCLO>AJFPPFLK3EB
>MMIF@>QFLKPELRIA?B@LJMIBQBLKLO?BCLOB)>KR>OVPQQL
BKPROB@LKPFABO>QFLK MMIF@>QFLKPQE>Q>OB@LJMIBQBA
AROFKDQEBQTLTBBHPCLIILTFKD)>KR>OVPQTFII>IPL
OB@BFSBQEBB>OIFBPQ@LKPFABO>QFLKCLOCRKAFKD
6FQEB>@EM>PPFKDJLKQEQEB>S>FI>?FIFQVLCCRKAP
AB@OB>PBPPL>MMIF@>QFLKPPELRIA?B@LJMIBQBAFCMLPPF?IB
?BCLOBQEBBKALC)>KR>OV
AJFPPFLK
$>@EABM>OQJBKQMOLDO>JLOPMLKPLOFKDDOLRMFP
OBPMLKPF?IBCLOJ>HFKD>AJFPPFLKPAB@FPFLKP3EBFO
AB@FPFLKP>OB@LJJRKF@>QBA?VQEB.g@BLC&O>AR>QB
AJFPPFLKP(KDBKBO>ILfBOPLC>AJFPPFLK>OBDLLACLO
LKBVB>O
2LJBQFJBP>ABM>OQJBKQTFIIOB@LJJBKA>AJFPPFLKQL>
ABDOBBMOLDO>JQE>QAFfBOPCOLJQEBMOLDO>JPMB@FhBAFK
QEBPQRABKQP>MMIF@>QFLK,LPQQVMF@>IIV>ABM>OQJBKQTFII
>AJFQ>/E#>MMIF@>KQQL>,>PQBOPMOLDO>J2QRABKQPFK
 6/(">Q>ILD
PR@E>MLPFQFLKPELRIA@LKQ>@QQEBDO>AR>QB@LLOAFK>QLOFK
QEBFOMOLDO>JQLhKALRQTE>Q@OFQBOF>QEBVTFIIE>SBQL
JBBQQLD>FK>AJFPPFLKQLQEB/E#MOLDO>JFKQEBCRQROB
@ROOBKQ6/(DO>AR>QBPQRABKQTELTLRIAIFHBQL
@LJMIBQB>PB@LKADO>AR>QBABDOBBFK>KLQEBO
ABM>OQJBKQJRPQ>MMIVCLO>AJFPPFLKQLQEBPB@LKA
MOLDO>J(KDBKBO>IPQ>KA>OA>MMIF@>QFLKMOL@BAROBP>OB
CLIILTBA?RQ>@LMVLCQEBhOPQ>MMIF@>QFLK>KAFQP
PRMMLOQFKDJ>QBOF>IP@>KPLJBQFJBP?BRPBA>PQEB?>PFP
CLOQEBPB@LKA-L>MMIF@>QFLKCBBFPOBNRFOBA2QRABKQP
TELTFPEQL@E>KDBCOLJLKBABDOBBMOLDO>JQL>KLQEBO
JRPQ@LJMIBQB>PB@LKADO>AR>QB>MMIF@>QFLK
4KABOPLJB@FO@RJPQ>K@BP>PQRABKQKLQVBQ>AJFQQBAQL>
MOLDO>JJ>VB>OKDO>AR>QB@OBAFQQLT>OAPQEB
OBNRFOBJBKQPCLO>DO>AR>QBABDOBB!RQPR@EPQRABKQP
JRPQHBBMFKJFKAQE>QMBOJFPPFLKQLOBDFPQBOALBPKLQ
@LKPQFQRQB>AJFPPFLKQL>ABDOBBLO@BOQFh@>QBMOLDO>J
KLOALBPFQDR>O>KQBB>AJFPPFLK(QFP>IPLFJMLOQ>KQQL
?B>OFKJFKAQE>QQEBKRJ?BO@OBAFQPQE>Q@>K?B>MMIFBAQL
QEBABDOBBFPIFJFQBA2QRABKQP>OBQERPBK@LRO>DBAQL
>MMIVCLO>AJFPPFLKQL>MOLDO>J>QQEBB>OIFBPQMLPPF?IB
A>QB
MMIF@>KQPTELTLRIAIFHBQL?B@LKPFABOBACLOJLOBQE>K
LKBABDOBBMOLDO>JJRPQ@LJMIBQB>KAPR?JFQ>PBM>O>QB
>MMIF@>QFLKCLOJCLOB>@EMOLDO>J
"LKhOJ>QFLKLC AJFPPFLK
AJFPPFLKQL>6/(DO>AR>QBMOLDO>JFPLg@F>IIVDO>KQBA
SF>>IBQQBOCOLJQEB.g@BLC&O>AR>QB AJFPPFLKP-L
LQEBO@LJJRKF@>QFLKCOLJQEBRKFSBOPFQVBDBJ>FICOLJ
>ABM>OQJBKQ@LKCBOP>AJFPPFLKLK>K>MMIF@>KQ
3EBLg@F>I>AJFPPFLKIBQQBO>PHPPQRABKQPQLOBPMLKAQL
QEBFOLfBOLKIFKBLKQEB&O>AR>QB AJFPPFLK1BPMLKPB
%LOJ"LJJRKF@>QFLKTFQEQEBABM>OQJBKQLOMOLDO>J
AFOB@QIVALBPKLQLg@F>IIV@LKhOJQEBFKQBKQFLKQL>QQBKA
>KAJ>VKLQFKFQF>QBQEBKB@BPP>OVPQBMPCLOBKOLIIJBKQ
KLKOBCRKA>?IBABMLPFQLCTEF@ETFII?B@OBAFQBAQL
QRFQFLK>KACBBPFPOBNRFOBALCPQRABKQPFKQEBDO>AR>QB
P@FBK@B>KABKDFKBBOFKDMOLDO>JPTELMI>KQL>QQBKA
KLKOBCRKA>?IBABMLPFQLCTEF@ETFII?B@OBAFQBA
QLQRFQFLK>KACBBPFPOBNRFOBALCPQRABKQPFKQEB?RPFKBPP
P@ELLIMOLDO>JPTELMI>KQL>QQBKA
#BCBOOBA$KOLIIJBKQ
K>AJFQQBAPQRABKQTELTFPEBPQLABCBOBKOLIIJBKQJRPQ
J>HB>OBNRBPQFKTOFQFKDQLQEB.g@BLC&O>AR>QB
AJFPPFLKP2QRABKQPQVMF@>IIVOB@BFSB>LKBQFJBABCBOO>I
LCRMQLQTBISBJLKQEP%RKABAPQRABKQPDBKBO>IIV@>KKLQ
ABCBOQEBFOCRKAFKD6/(OBNRFOBP>KLKOBCRKA>?IB
ABMLPFQCLO>IIDO>AR>QBP@FBK@BDIL?>IP@ELLI>KA
BKDFKBBOFKDPQRABKQABCBOO>IP KLKOBCRKA>?IB
ABMLPFQFPOBNRFOBACLO>II?RPFKBPPP@ELLIPQRABKQABCBOO>IP
3EFPABMLPFQTFII?B@OBAFQBAQLQEBPQRABKQPQRFQFLKRMLK
>OOFS>I
AJFPPFLKP3BOJP>KA"LKAFQFLKP
/IB>PBKLQBQE>Q6/(ZPLfBOLC>AJFPPFLK>KAVLRO
PR?PBNRBKQJ>QOF@RI>QFLK>Q6/(FP@LKQFKDBKQRMLKQEB
CLIILTFKDQBOJP>KA@LKAFQFLKP,>QOF@RI>QFLKCLOQEB
MROMLPBPLCQEBPBQBOJP>KA@LKAFQFLKPFPABhKBA>PQEB
B>OIFBOLC>PQRABKQP>OOFS>ILK@>JMRPLO6/(PhOPQA>VLC
@I>PPBPCLOQEBQBOJPBJBPQBO6/(OBPBOSBPQEBOFDEQQL
OBSLHBVLROLfBOLC>AJFPPFLK>KVQFJBMOFLOQLVLRO
J>QOF@RI>QFLK>Q6/(FC
] 8LRALKLQDO>AR>QBLOALKLQOB@BFSB>AFMILJ>>Q
QEBBKALCQEB>@>ABJF@VB>O
] 8LRE>SBJFPOBMOBPBKQBA>KVM>OQLCVLRO>AJFPPFLKP
>MMIF@>QFLKFK@IRAFKD?RQKLQIFJFQBAQL>KV
?BE>SFLO>ILOAFP@FMIFK>OVFPPRBP>KA>@>ABJF@
AFPELKBPQV
] 8LRBUMBOFBK@B>AOLMFKDO>ABMBOCLOJ>K@BAROFKD
QEBOBJ>FKABOLCQEB>@>ABJF@VB>O
] (KCLOJ>QFLKQE>Q@LJBPQLQEB>QQBKQFLKLC6/(QE>QFP
ABBJBARK>@@BMQ>?IB?V6/(
MMIF@>QFLK1BNRFOBJBKQP
&O>AR>QB"BOQFh@>QBP
MMIF@>KQPQL>IIDO>AR>QB@BOQFh@>QBMOLDO>JPJRPQ
PR?JFQQEBCLIILTFKD@OBABKQF>IPCLOQEB>MMIF@>QFLKQL?B
@LJMIBQB
 .KIFKB>MMIF@>QFLKCLOJ
 3O>KP@OFMQPCOLJ>II@LIIBDBPLORKFSBOPFQFBP>QQBKABA
>KALg@F>IMOLLCLC>@LJMIBQBA!>@EBILOPABDOBB
?BCLOBJ>QOF@RI>QFKD
 /OLLCLC$KDIFPEMOLh@FBK@VCLOKLKK>QFSB$KDIFPE
PMB>HBOP
 >MMIF@>QFLKCBB
(KAFSFAR>IABM>OQJBKQPJ>VOBNRFOB>AAFQFLK>I
FKCLOJ>QFLK
,>PQBOP>KA#L@QLO>I#BDOBBP
MMIF@>KQPQL>IIDO>AR>QBABDOBBMOLDO>JPJRPQPR?JFQ
QEBCLIILTFKD@OBABKQF>IPCLOQEB>MMIF@>QFLKQL?B
@LJMIBQB
 6/(">Q>ILD
 .KIFKB>MMIF@>QFLKCLOJ
 3O>KP@OFMQPCOLJ>II@LIIBDBPLORKFSBOPFQFBP>QQBKABA
>KALg@F>IMOLLCLC>@LJMIBQBA!>@EBILOPABDOBB
?BCLOBJ>QOF@RI>QFKD
 3EOBBIBQQBOPLCOB@LJJBKA>QFLKPR?JFQQBALKIFKB
 /OLLCLC$KDIFPEMOLh@FBK@VCLOKLKK>QFSB$KDIFPE
PMB>HBOP
 $U>JP>KABPP>VP>PKLQBA
LKIFKBEQQMPTTTTMFBAR>AJFPPFLKPDO>AR>QB
ELTQL>MMIV
 >MMIF@>QFLKCBB
%FK>K@F>I PPFPQ>K@B
%FK>K@F>I>PPFPQ>K@BCOLJ6/(QLPRMMLOQDO>AR>QBPQRABKQP
FP>S>FI>?IBFKQEBCLOJLCQB>@EFKD>PPFPQ>KQPEFMPOBPB>O@E
>PPFPQ>KQPEFMPLQEBODO>AR>QB>PPFPQ>KQPEFMPCBIILTPEFMP
>KAFKQBOKPEFMP>KAIL>KP6EBKDO>AR>QBPQRABKQP>OB
>T>OABAQB>@EFKDLOOBPB>O@E>PPFPQ>KQPEFMPLOCBIILTPEFMP
QE>Q>OBMOL@BPPBAQEOLRDE6/(QEBPQRABKQTFIIOB@BFSB
Lg@F>IKLQFh@>QFLKMBOQ>FKFKDQLQEBQVMB>KAIBSBILC
hK>K@F>I>PPFPQ>K@BCOLJQEB&O>AR>QB2QRAFBP.g@B
%BIILTPEFMP>OBABhKBA>PCRIIhK>K@F>IPRMMLOQCLO
JLKQEP3EBVFK@IRAB>PQFMBKA>KACRIIQRFQFLKLC>QIB>PQ
@OBAFQPMBOPBJBPQBOAROFKDQEB>@>ABJF@VB>O(KPRJJBO
QEBOBFPQVMF@>IIVKLQRFQFLKLfBOBA?RQQEBCBIILTPEFM
OB@FMFBKQJ>FKQ>FKPQEBP>JBPQFMBKA%BIILTPEFMP@>OOVQEB
PMB@Fh@BUMB@Q>QFLKP>PABhKBAFKQEBKLQF@BLC>T>OA>KA
>OBRPBAQLPRMMLOQQEBPQRABKQQLCL@RPLKOBPB>O@EFK
QEBFO>OB>LCPQRAV
3B>@EFKD PPFPQ>KQP>OB>IJLPQ>IT>VPCLO>CRII>@>ABJF@
VB>OLCJLKQEPC>II>KAPMOFKDLOCLOPQRABKQPTEL?BDFK
FK)>KR>OVQEBVTLRIA?BCLOPMOFKD>KA>QIB>PQQEB
CLIILTFKDC>II>KAFK@IRAB?LQE>PQFMBKAQE>QJBBQPQEB
JFKFJRJIBSBI>KACRIIQRFQFLKLC>QIB>PQ@OBAFQPMBO
PBJBPQBO3EBBUMB@QBAOBPMLKPF?FIFQFBPLC3B>@EFKD
PPFPQ>KQP>OBQLPRMMLOQ@LROPBP>PABhKBA?VQEB
PRMMLOQFKDABM>OQJBKQLOMOLDO>J$U@BMQFLKP>OBJ>AB
RKABOPMB@F>I@FO@RJPQ>K@BP>KAJRPQ?B>MMOLSBA?VQEB
#B>KLC&O>AR>QB2QRAFBP2LJB>MMOLSBABU@BMQFLKP
TLRIAFK@IRABQEBPQRABKQFPDO>AR>QFKDJFAT>V
QEOLRDEQEBVB>OQEBPRMMLOQFPPMIFQ?BQTBBK1 >KA3
CLOAFfBOBKQPBJBPQBOP
1BPB>O@E PPFPQ>KQP>OBQVMF@>IIVCLOLOJLKQEP>KA
JRPQFK@IRAB>PQFMBKAQE>QJBBQPQEBJFKFJRJIBSBIP
OBNRFOBACLOQE>QQVMBLCPQRABKQ>KACRIIQRFQFLKLC>QIB>PQ
@OBAFQPMBOPBJBPQBO3EBBUMB@QBAOBPMLKPF?FIFQFBPLC
1BPB>O@E PPFPQ>KQP>OBQLPRMMLOQOBPB>O@E>@QFSFQFBP>P
ABhKBA?VQEBPRMMLOQFKDC>@RIQVJBJ?BO
(QFPMLPPF?IBQL@LJ?FKBJRIQFMIBPLRO@BPLCPRMMLOQ%LO
BU>JMIB>PQRABKQJ>V?B>3B>@EFKD PPFPQ>KQCLOQEB
JLKQE>@>ABJF@VB>O>KA>1BPB>O@E PPFPQ>KQCLOQEB
PRJJBOJLKQEP
%LO3 P>KA1 PQE>QE>SB>IOB>AV@LJMIBQBAQEBKRJ?BO
LC@OBAFQPOBNRFOBACLOQEBFOMBKAFKDDO>AR>QBABDOBBQEBV
J>V?BLfBOBAIBPPQE>K@OBAFQPLCQRFQFLK>PILKD>PQEB
>JLRKQFP@LJJBKPRO>QBTFQEQEBFOJ>FKQ>FKFKDCRIIQFJB
PQRABKQPQ>QRP
&O>AR>QB PPFPQ>KQP>OBPQRABKQPQE>Q>OBKLQLQEBOTFPB
PRMMLOQBA>PCRIIQFJB1BPB>O@ELO3B>@EFKD PPFPQ>KQPLO
%BIILTP3EBOBFPKLFJMIFBAILKDQBOJ@LJJFQJBKQ3EBPB
PQRABKQPQVMF@>IIVOB@BFSBELROIVLOhUBAPQFMBKAP>KALO
M>OQF>IQRFQFLKPRMMLOQCLO>PMB@Fh@>@QFSFQVABhKBA?V>
PMLKPLO3EBBUMB@QBAOBPMLKPF?FIFQFBPLC&O>AR>QB
PPFPQ>KQP>OBQVMF@>IIVQLPRMMLOQOBPB>O@E>@QFSFQFBP>P
ABhKBA?VQEBPMLKPLO3EFP@I>PPFh@>QFLKFPFKQBKABAQL
MOLSFAB>JB>KPCLOMOLSFAFKDPRMMLOQQLDO>AR>QB
PQRABKQPTELTLRIALQEBOTFPBKLQOB@BFSB>PPFPQ>KQPEFMP
QVMF@>IIVPBICCRKABA,>PQBOPPQRABKQP
2QRABKQ+L>KP
(KCLOJ>QFLKLKhK>K@F>I>PPFPQ>K@BFKQEBCLOJLCIL>KPFP
>S>FI>?IBQEOLRDEQEB6/(.g@BLC2QRABKQ FA%FK>K@F>I
+FQBO>@V2QRABKQPTEL>OB42@FQFWBKP42K>QFLK>IP42
MBOJ>KBKQOBPFABKQPLOhQFKQLLQEBOBIFDF?IBKLK@FQFWBK
@>QBDLOFBPPBQCLOQE?VQEB42#BM>OQJBKQLC$AR@>QFLK
J>V?BBIFDF?IBCLOCBABO>I#FOB@Q+L>KPK>JBIVQEB
4KPR?PFAFWBA+L>K>KALOQEB&O>AR>QB/+42+L>K3L
NR>IFCVPQRABKQPJRPQ?B>AJFQQBARK@LKAFQFLK>IIVFKQL>
DO>AR>QBABDOBBDO>KQFKDMOLDO>JJRPQ?BBKOLIIBALK
>K>QIB>PQ>E>ICQFJB?>PFPABhKBA>P>QIB>PQCLRO@OBAFQP
FK>DFSBKPBJBPQBOhIB>% %2 JBBQ>IILQEBOCBABO>I
PQRABKQ>FAOBNRFOBJBKQP>KAJRPQ?BJ>HFKDP>QFPC>@QLOV
>@>ABJF@MOLDOBPP2>QFPC>@QLOV>@>ABJF@MOLDOBPPCLO
#FOB@Q+L>K?LOOLTFKDFPBS>IR>QBALK>K>KKR>I?>PFP>Q
QEBBKALCQEBPMOFKDPBJBPQBO"LKAFQFLK>IIV>AJFQQBA
PQRABKQP>OBKLQBIFDF?IBCLOCBABO>I#FOB@Q+L>KP
/OFS>QBPQRABKQIL>KP>OB>IPL>S>FI>?IBQLPQRABKQPBKOLIIBA
FKDO>AR>QBMOLDO>JP@BOQFh@>QBMOLDO>JPLOQLPQRABKQP
TEL>OBKLQBKOLIIBALK>K>QIB>PQE>ICQFJB?>PFP KLK
@FQFWBKLOFKQBOK>QFLK>IPQRABKQJ>VNR>IFCVCLOMOFS>QB
IL>KPTFQE>@OBAFQTLOQEV42@FQFWBKLO42MBOJ>KBKQ
OBPFABKQ>P>@LPFDKBO
%LOJLOBFKCLOJ>QFLKLKIL>KMOLDO>JP@LKQ>@QQEB6/(
.g@BLC2QRABKQ FA%FK>K@F>I+FQBO>@V>Q
>KAOBSFBTEQQMPTTTTMFBAR
>AJFPPFLKPQRFQFLK>FA>MMIVFKDCLO>FADO>AR>QB
PQRABKQP
 6/(">Q>ILD
6LOH$UMB@Q>QFLKPCLO%RKABA
&O>AR>QB2QRABKQP
+6249:?8DD:DE2?ED9:A+ 3 MLPFQFLKFP>CRIIQFJB
ELRO@LJJFQJBKQ3 P>OBBUMB@QBAQLTLOHRMQL
ELROPMBOTBBHLKQB>@EFKD>PPFPQ>KQOBI>QBA
OBPMLKPF?FIFQFBPTFQEQEBOBJ>FKFKDELROPQL?BPMBKQLK
@LROPBTLOHMOLCBPPFLK>IABSBILMJBKQ>KAOBPB>O@E
OBPMLKPF?FIFQFBP
)6D62C49DD:DE2?ED9:A) 1 MLPFQFLKFP>CRIIQFJB
ELRO@LJJFQJBKQ1 P>OBBUMB@QBAQLTLOH>QIB>PQ
ELROPMBOTBBHLKOBPB>O@EOBI>QBAOBPMLKPF?FIFQFBPTFQE
QEBOBJ>FKFKDELROPQL?BPMBKQLK@LROPBTLOH>KA
MOLCBPPFLK>IABSBILMJBKQ>KA>KVOBJ>FKFKD?>I>K@BLC
QFJBQL?BPMBKQLKOBPB>O@EOBPMLKPF?FIFQFBP
6==@HD9:AD2?5+C2:?:?8C2?ED&O>AR>QBPQRABKQP
CRKABAQEOLRDEBUQBOK>ICBIILTPEFMPPELRIACLIILTQEB
MLIF@FBPPQFMRI>QBA?VQEBFOCRKAFKD>DBK@VLKTLOHFKD
ELROBUMB@Q>QFLKP(CKLPR@EMLIF@FBP>OBFKMI>@BQEB
%BIILTPELRIACLIILTQEBDRFA>K@BCLO1 P&O>AR>QB
2QRABKQPCRKABAQEOLRDEFKQBOK>ICBIILTPEFMPLOQO>FKFKD
DO>KQPPELRIACLIILTQEBDRFA>K@BCLO1 P
&O>AR>QBPQRABKQPQE>QCBBIQEBV>OB?BFKDOLRQFKBIV>PHBA
QLBU@BBAQEBPBTLOHBUMB@Q>QFLKPPELRIAhOPQAFP@RPPQEBFO
PFQR>QFLKTFQEQEBFOOBPB>O@E>ASFPLOLO3 @LROPBFKPQOR@QLO
(C>K>JBK>?IBPLIRQFLKFPKLQOB>@EBAQEBPQRABKQPELRIA
AFP@RPPQEBFOPFQR>QFLKTFQEQEBFO&O>AR>QB"LLOAFK>QLO
>KALO#BM>OQJBKQ'B>ALO/OLDO>J#FOB@QLO(CQEB
PFQR>QFLKFPPQFIIKLQOBPLISBAPQRABKQPPELRIAOB>@ELRQQL
&O>AR>QB2QRAFBP
&O>AFKD2VPQBJ>KA @>ABJF@
2Q>KA>OAP
&O>AFKD2VPQBJ
(KLOABOQL>PPBPPMOLDOBPPQEOLRDELRQQEBDO>AR>QB
MOLDO>JDO>ABP>OB>PPFDKBAQLQEBPQRABKQPMBOCLOJ>K@B
FK@LROPBMOLGB@Q>KAQEBPFPTLOHBU@BMQFKAL@QLO>I
AFPPBOQ>QFLKTEF@ETFII?BGRADBA>P ""$/3$#LO
1$)$"3$# @>ABJF@>@EFBSBJBKQFK>IILQEBOTLOHFP
?>PBALKQEBCLIILTFKDDO>AFKDPVPQBJ
$U@BIIBKQ
&LLA
/>PP
4K>@@BMQ>?IBCLODO>AR>QB@OBAFQ
%>FI
, RAFQ
%-L@OBAFQKLQFK@IRABAFK&/ 
'/>PPKLQFK@IRABAFK&/ 
(K@LJMIBQBQO>KPFQFLKDO>ABLKIV?B@LJBPDO>ABLC%FC
KLQ@E>KDBA?VFKPQOR@QLOTFQEFKJLKQEP
.6FQEAO>T>I
*'2>QFPC>@QLOVMOLDOBPP@LKQFKRFKDOBDFPQO>QFLKFKQEBPFP
AFPPBOQ>QFLKAFOB@QBAOBPB>O@E
)"OBAFQCLOTLOH>Q>KLQEBOFKPQFQRQFLK
,'4KP>QFPC>@QLOVMOLDOBPPQEFPDO>ABOBJ>FKPLKQEBhIB
QO>KP@OFMQ
+ QQBKABA
@>ABJF@2Q>KA>OAP
3L?B@LKPFABOBAFKDLLA>@>ABJF@PQ>KAFKDDO>AR>QB
PQRABKQPJRPQJ>FKQ>FK>@RJRI>QFSBLSBO>II&/ LC
"RJRI>QFSBLSBO>II&/ FK@IRABP>IITLOHQ>HBKPFK@B
J>QOF@RI>QFLK>KA>KV@LROPBTLOHQ>HBK?BCLOB
J>QOF@RI>QFLK>P>DO>AR>QBPQRABKQMOLSFABAFQE>PKLQ
>IOB>AV?BBK@LRKQBAQLT>OAP>KLQEBOABDOBBBU@BMQFLK
@LROPBPRPBACLO>KLQEBO6/(ABDOBBQE>Q>OBPMB@Fh@>IIV
>RQELOFWBA?VQEB>MMOLMOF>QBDO>AR>QB@LJJFQQBBQL?B
ALR?IB@LRKQBATFII?BFK@IRABAFKQEBKBTABDOBBP&/
LK@BMOL@BPPBA?VQEB1BDFPQO>O3O>KPCBO@OBAFQ>MMOLSBA
COLJLQEBOP@ELLIPFPKLQ@LRKQBAFKQEB&/ 2QRABKQP>OB
OBSFBTBA>QQEB@LK@IRPFLKLCB>@EPBJBPQBOQEBV>OB
BKOLIIBA2QRABKQPTELC>II?BILTQEBJFKFJRJPQ>KA>OA
LC@RJRI>QFSBLSBO>II&/ TFII?BMI>@BAFK @>ABJF@
6>OKFKD
(C>PQRABKQB>OKP>DO>ABILTBOQE>K"FKQEOBBLOJLOB
@LROPBPLOFCQEB@RJRI>QFSBLSBO>II&/ C>IIP>QLO?BILT
>CQBO>QQBJMQFKD>JFKFJRJLC@OBAFQPQEBPQRABKQFP
>@>ABJF@>IIVAFPJFPPBA
4256>:4.2C?:?82QRABKQPE>SBLKBPBJBPQBOLC@LROPB
TLOHQLO>FPBQEBFO@RJRI>QFSBLSBO>II&/ 2QRABKQPTEL
ALKLQFJMOLSBQEBFO&/ RMLKQEBKBUQOBSFBTTFIIJLSB
ALTKQLQEBKBUQIBSBILCPQ>KAFKD2QRABKQPTELALKLQ
E>SB>@RJRI>QFSBLSBO>II&/ LC>QIB>PQTFIIOBJ>FKFK
@>ABJF@6>OKFKD
4256>:4'C@32E:@?2QRABKQPE>SBLKBPBJBPQBOLC
@LROPBTLOHQLO>FPBQEBFO@RJRI>QFSBLSBO>II&/ 2QRABKQP
TELFJMOLSBQEBFO&/ ?RQPQFIIOBJ>FK?BILTTFII?B
JLSBARMQL @>ABJF@6>OKFKD2QRABKQPTELALKLQ
FJMOLSBQEBFO&/ RMLKQEBKBUQOBSFBTTFIIJLSBALTKQL
QEBKBUQIBSBILCPQ>KAFKD
4256>:4:D>:DD2=2QRABKQP>OB>@>ABJF@>IIV
TFQEAO>TKCOLJQEB4KFSBOPFQV2QRABKQPJ>V>MMB>I
AFPJFPP>I?VPR?JFQQFKD>MBQFQFLKQLQEB4KFSBOPFQV
1BDFPQO>O
4256>:4DE2?5:?82AA62=AC@465FC62QRABKQMBQFQFLKP
TFII?BOBSFBTBA?VQEB"LJJFQQBBLK&O>AR>QB2QRAFBP
>KA1BPB>O@E OBMOBPBKQ>QFSBCOLJQEBPQRABKQPELJB
ABM>OQJBKQTFII?BMOBPBKQAROFKDQEB>MMB>IMOL@BPP3EFP
 6/(">Q>ILD
MBQFQFLKJRPQ?BPR?JFQQBATFQE>KVPRMMLOQFKD
AL@RJBKQ>QFLKKLI>QBOQE>KQEBA>QBPMB@FhBAFKQEB
AFPJFPP>IIBQQBOQVMF@>IIVQTLTBBHP>CQBOPBJBPQBOBKA
2:=FC6E@4@>A=6E6568C66>:=6DE@?6D2DDA64:O653J
56A2CE>6?EAC@8C2>(C>PQRABKQFPFKLQEBOTFPBDLLA
PQ>KAFKD?RQC>FIPQLJBBQPMB@FhBAABDOBBJFIBPQLKBP
QEBVJ>V?BAFPJFPPBACOLJQEBMOLDO>J?VQEB
ABM>OQJBKQDO>AR>QB@LJJFQQBBPBBFKAFSFAR>IMOLDO>JP
CLOPMB@Fh@P2ELRIAQEFPE>MMBKQEB#B>KLC&O>AR>QB
2QRAFBP>KAQEB1BDFPQO>OTFII?BKLQFhBA>KAQEBPQRABKQ
TFII?B>@>ABJF@>IIVAFPJFPPBACOLJ6/(3EBPQRABKQJ>V
CLOJ>IIV>MMIVQL>KLQEBOABDOBBMOLDO>J?RQQEBVJ>V
KLQ>QQBKA6/(RKIBPPQEBVJ>QOF@RI>QBQL>KLQEBOABDOBB
MOLDO>J QQEBABM>OQJBKQPAFP@OBQFLKQEBPQRABKQJ>V
?B>IILTBAQLQ>HB>IBPPBO@OBABKQF>IBD>/E#PQRABKQ
J>V?B>IILTBAQLQ>HB>J>PQBOPABDOBBLO>J>PQBOP
PQRABKQJ>V?B>IILTBAQLQ>HB>DO>AR>QB@BOQFh@>QBFC
KLQ>IOB>AV@LKCBOOBA(KQEFP@>PBFCKB@BPP>OVQEBPQRABKQ
TFII?B>IILTBAQL@LJMIBQBQE>Q@OBABKQF>I?BCLOBIB>SFKD
6/(3EBOBFPKL>MMB>IMOL@BPPQEOLRDEQEB"LJJFQQBBLK
&O>AR>QB2QRAFBP>KA1BPB>O@ECLOPQRABKQPAFPJFPPBACLO
C>FIROBQL@LJMIBQBABDOBBJFIBPQLKBP
PQRABKQFPBUMB@QBAQLBUMBKA>QIB>PQELROPLCQLQ>I
BfLOQFK@IRAFKD@I>PPOLLJQFJBCLOB>@EDO>AR>QB@OBAFQ
3EFPJB>KPQE>Q>PQRABKQFK>DO>AR>QB@OBAFQTBBH
@LROPBFPBUMB@QBAQLBUMBKA>QIB>PQELROPLCQLQ>I
BfLOQMBOTBBH PQRABKQFK>DO>AR>QB@OBAFQTBBH
@LROPBFPBUMB@QBAQLBUMBKA>QIB>PQELROPLCQLQ>I
BfLOQMBOTBBH
&O>AB/LFKQ SBO>DB&/ 
&O>ABP>OB>PPFDKBAQEBCLIILTFKDDO>ABMLFKQP
!"#>KA%3EBDO>ABMLFKQ
>SBO>DBFP@>I@RI>QBA>PQEBPRJLCQEBMOLAR@QPLCQEB
DO>ABMLFKQP>KA@OBAFQELROPCLOB>@EOBDFPQBOBA>@QFSFQV
FK@IRAFKD@LROPBPFKABMBKABKQPQRAFBPAFOB@QBAOBPB>O@E
QEBPFPOBPB>O@E>KAAFPPBOQ>QFLKOBPB>O@EFKQEB>SBO>DB
AFSFABA?VQEBQLQ>IKRJ?BOLC@OBAFQELROPCLO>II
OBDFPQBOBA>@QFSFQFBPFKQEB>SBO>DB(C>PQRABKQQ>HBPQEB
P>JB@LROPBJLOBQE>KLK@BQEB@LROPBBKQBOPQEB&/
LKIVLK@BQEB?BPQDO>ABOB@BFSBACLOQEB@LROPB?BFKD
RPBAFKQEB>SBO>DB
PQRABKQPLSBO>II&/ FP@>I@RI>QBALKQEB?>PFPLC>II
OBDFPQBOBA>@QFSFQFBPQ>HBKTEFIBBKOLIIBA>P>DO>AR>QB
PQRABKQ>Q6/(6/(DO>AR>QB@LROPBPQ>HBK?BCLOB>
PQRABKQE>APQ>QRP>P>ABDOBBPBBHFKDDO>AR>QBPQRABKQ
>OBFK@IRABAFKQEBLSBO>II&/  PQRABKQPMOLDO>J&/ FP
@>I@RI>QBALKQEB?>PFPLCQELPB6/(@LROPBPIFPQBA?VQEB
PQRABKQLKQEBPQRABKQP MMIF@>QFLKCLO&O>AR>QFLKCLOJ
3EBQO>KP@OFMQTFIIOBMLOQQEBLSBO>II&/ 
"LROPBPQO>KPCBOOBACOLJBIPBTEBOBCLODO>AR>QB@OBAFQCLO
TEF@E>DO>ABLC"1FPOB@LOABALKQEB6/(QO>KP@OFMQ>KA
@LROPBPQ>HBKQLP>QFPCVRKABODO>AR>QBABDOBB
OBNRFOBJBKQPLOQLOBJLSBABh@FBK@FBPFKRKABODO>AR>QB
MOBM>O>QFLK>OBKLQFK@IRABAFKBFQEBO&/ 1BDFPQBOBA
>@QFSFQFBPFKTEF@EQEBPQRABKQOB@BFSBPDO>ABPLC 4-"/
(62/LO4/>OBKLQFK@IRABAFKBFQEBO&/ 
.KIVOBDFPQBOBA>@QFSFQFBPFKTEF@E>DO>ABLC !""1LO
/T>PL?Q>FKBAJ>V?BRPBAQLP>QFPCV@LROPBPLO@OBAFQ
OBNRFOBJBKQPCLO>DO>AR>QBABDOBB
&O>AB MMB>I>KA&O>AB"E>KDB/LIF@V
3EB2QRABKQ&O>AB MMB>I/OL@BAROB>gOJPQEBDBKBO>I
MOFK@FMIBQE>QDO>ABPPELRIA?B@LKPFABOBAhK>I3EB
MOFK@FMIBQE>QDO>ABPCLO@LROPBPQEBPFP@OBAFQ>KA
AFPPBOQ>QFLK@OBAFQPELRIA?B@LKPFABOBAhK>IALBPKLQ
BU@RPB>KFKPQOR@QLOCOLJQEBOBPMLKPF?FIFQVQLBUMI>FKEFP
LOEBODO>AFKDPQ>KA>OAPQLPQRABKQP>KAQL>PPFDKDO>ABP
FK>C>FO>KA>MMOLMOF>QBJ>KKBO3EB>MMB>IMOL@BAROB
>IPLMOLSFABP>KFKPQOR@QLOTFQEQEBLMMLOQRKFQVQL@E>KDB
>DO>ABCLO>@LROPBLOMOLGB@QLKEFPLOEBOLTKFKFQF>QFSB
3EB>MMB>IMOL@BAROBOB@LDKFWBPQE>QBOOLOP@>K?BJ>AB
>KAQE>Q>KFKPQOR@QLOTELAB@FABPFQTLRIA?BRKC>FOQL
>IILT>hK>IDO>ABQLPQ>KAARBQLBOOLOMOBGRAF@BLO
>O?FQO>OFKBPPJ>VOBNRBPQ>@E>KDBLCDO>ABCLO>@LROPBLO
MOLGB@QTFQELRQQEBCLOJ>QFLKLC>K>AEL@@LJJFQQBB K
FKPQOR@QLOJ>VOBNRBPQ>DO>AB@E>KDB?VPR?JFQQFKD>
@LROPBQEBPFP@OBAFQLOAFPPBOQ>QFLK@OBAFQDO>AB@E>KDB
OBNRBPQFKTOFQFKDQLQEB1BDFPQO>O>Q>KVQFJBMOFLOQL>
PQRABKQPDO>AR>QFLK
3EBMROMLPBLCQEB&O>AB MMB>I/LIF@VFPQLMOLSFABQEB
PQRABKQTFQE>P>CBDR>OA>D>FKPQOB@BFSFKD>KRKC>FOhK>I
DO>ABTEFIBOBPMB@QFKDQEB>@>ABJF@OBPMLKPF?FIFQVLCQEB
FKPQOR@QLO3ERPQEFPMOL@BAROBOB@LDKFWBPQE>Q
] $SBOVPQRABKQE>P>OFDEQQLOB@BFSB>DO>AB>PPFDKBA
RMLK>C>FO>KARKMOBGRAF@BABS>IR>QFLK?>PBALK>
JBQELAQE>QFPKBFQEBO>O?FQO>OVKLO@>MOF@FLRP>KA
] (KPQOR@QLOPE>SBQEBOFDEQQL>PPFDK>DO>AB?>PBALK
>KVJBQELAQE>QFPMOLCBPPFLK>IIV>@@BMQ>?IB
PR?JFQQBAFKTOFQFKDQL>IIPQRABKQP>KA>MMIFBA
BNR>IIV
(KPQOR@QLOPE>SBQEBOBPMLKPF?FIFQVQLMOLSFAB@>OBCRI
BS>IR>QFLK>KAQFJBIV>PPFDKJBKQLC>MMOLMOF>QBDO>ABP
"LROPB>KAMOLGB@QDO>AFKDJBQELAPPELRIA?BBUMI>FKBA
QLPQRABKQP>QQEB?BDFKKFKDLCQEBPBJBPQBO6/(
MOBPRJBPQE>QQEBGRADBJBKQLCQEBFKPQOR@QLOLCOB@LOAFP
>RQELOFQ>QFSB>KAQEBhK>IDO>ABP>PPFDKBA>OB@LOOB@Q
DO>AB>MMB>IPE>II?B@LKhKBAQL@E>ODBPLCRKC>FO>@QFLK
QLT>OA>KFKAFSFAR>IPQRABKQ>KAJ>VKLQFKSLISB>
@E>IIBKDBLC>KFKPQOR@QLOPDO>AFKDPQ>KA>OA PQRABKQE>P
 6/(">Q>ILD
>OFDEQQLBUMB@QQELRDEQCRI>KA@IB>OIVABhKBA
>MMOL>@EBPQL@LROPB>KAOBPB>O@EMOLGB@QDO>AFKD?RQFQ
JRPQ?BOB@LDKFWBAQE>QS>OFBAPQ>KA>OAP>KAFKAFSFAR>I
>MMOL>@EBPQLDO>AFKD>OBS>IFA3EBDO>AB>MMB>I
@LKPFABOPTEBQEBO>DO>ABT>PABQBOJFKBAFK>C>FO>KA
>MMOLMOF>QBJ>KKBOFQALBPKLQ>QQBJMQQLDO>ABLOOB
DO>ABFKAFSFAR>I>PPFDKJBKQPLOMOLGB@QP(QFPFK@RJ?BKQ
LKQEBPQRABKQQLPR?PQ>KQF>QBQEB@I>FJQE>QEFPLOEBOhK>I
DO>ABOBMOBPBKQPRKC>FOQOB>QJBKQ@LJM>OBAQLQEB
PQ>KA>OA>MMIFBAQLLQEBOPQRABKQP.KIVQEBhK>IDO>ABFK
>@LROPBLOMOLGB@QJ>V?B>MMB>IBA(KQEB>?PBK@BLC
@LJMBIIFKDOB>PLKPPR@E>P@IBOF@>IBOOLOMOBGRAF@BLO
@>MOF@FLRPKBPPQEBDO>AB>PPFDKBA?VQEBFKPQOR@QLOLC
OB@LOAFPQL?B@LKPFABOBAhK>I
.KIV>O?FQO>OFKBPPMOBGRAF@B>KALOBOOLOTFII?B
@LKPFABOBA>PIBDFQFJ>QBDOLRKAPCLO>DO>AB@E>KDB
>MMB>I
C3:EC2C:?6DD3EBDO>AB>T>OABAOBMOBPBKQPPR@E>
PR?PQ>KQF>IABM>OQROBCOLJ>@@BMQBA>@>ABJF@KLOJP>PQL
ABJLKPQO>QBQE>QQEBFKPQOR@QLOAFAKLQ>@QR>IIVBUBO@FPB
MOLCBPPFLK>IGRADJBKQ
'C6;F5:463EBDO>AB>T>OABAT>PJLQFS>QBA?VFIITFII>KA
FPKLQFKAF@>QFSBLCQEBPQRABKQP>@>ABJF@MBOCLOJ>K@B
CC@C3EBFKPQOR@QLOJ>AB>JFPQ>HBFKC>@Q
3EFPDO>AB>MMB>IMOL@BAROB>MMIFBPLKIVTEBK>PQRABKQ
FKFQF>QBP>DO>AB>MMB>I>KAKLQTEBKQEBFKPQOR@QLO
AB@FABPQL@E>KDB>DO>ABLKEFPLOEBOLTKFKFQF>QFSB3EFP
MOL@BAROBALBPKLQ@LSBOFKPQ>K@BPTEBOBPQRABKQPE>SB
?BBK>PPFDKBADO>ABP?>PBALK>@>ABJF@AFPELKBPQVLO
>@>ABJF@JFP@LKAR@Q @>ABJF@AFPELKBPQVLOJFP@LKAR@Q
>OB>AAOBPPBAFK6/(P @>ABJF@'LKBPQV/LIF@V IPL
BU@IRABACOLJQEFPMOL@BAROB>OBDO>AB>MMB>IP>IIBDFKD
AFP@OFJFK>QFLKE>O>PPJBKQLOOBQ>IF>QFLKFKSFLI>QFLKLC
6/(P2BUR>I'>O>PPJBKQ/LIF@VTEF@EPE>II?BOBCBOOBAQL
QEB>MMOLMOF>QBLg@B>Q6/(>POBNRFOBA?VI>T>KA?V6/(
MLIF@V
3EB&O>AB MMB>I/OL@BAROBPQOFSBPQLOBPLISB>
AFP>DOBBJBKQ?BQTBBKPQRABKQ>KAFKPQOR@QLO@LK@BOKFKD
QEB>PPFDKJBKQLC>DO>ABFK>@LIIBDF>IJ>KKBO3EBFKQBKQ
FPQLMOLSFAB>JB@E>KFPJCLOQEBFKCLOJ>IAFP@RPPFLKLC
AFfBOBK@BPLCLMFKFLK>KACLOQEBCLOJ>I>AGRAF@>QFLK?V
C>@RIQVLKIVTEBKKB@BPP>OV(K>IIFKPQ>K@BPPQRABKQPTEL
?BIFBSBQE>Q>K>MMOLMOF>QBDO>ABE>PKLQ?BBK>PPFDKBA
JRPQhOPQPBBHQLOBPLISBQEBJ>QQBOFKCLOJ>IIVTFQEQEB
FKPQOR@QLOLCOB@LOA(CQEBJ>QQBO@>KKLQ?BOBPLISBA
FKCLOJ>IIVQEBPQRABKQJRPQMOBPBKQEFPLOEBO@>PBFK>
QFJBIVC>PEFLKFKQEBMOL@BAROBLRQIFKBA?BILT4KABO
KLOJ>I@FO@RJPQ>K@BPQEBDO>AB>MMB>IMOL@BPPJRPQ?B
PQ>OQBAKB>OQEB?BDFKKFKDLCQEBKBUQOBDRI>O>@>ABJF@
PBJBPQBO>CQBOQEBAFPMRQBADO>ABFPOB@BFSBA
2QRABKQ&O>AB MMB>I/OL@BAROB
 PQRABKQTELTFPEBPQLNRBPQFLK>DO>ABJRPQhOPQ
AFP@RPPQEBJ>QQBOTFQEQEBFKPQOR@QLOLCOB@LOATFQEFK
LKBTBBH>CQBOQEBPQ>OQLCQEBKBUQOBDRI>O>@>ABJF@
PBJBPQBOC>IILOPMOFKDLOQBOJ !"LO#>CQBO
OB@BFSFKDQEBDO>AB+>QB>MMB>IPTFIILKIV?B
OBSFBTBA>QQEBAFP@OBQFLKLCQEB%>@RIQV1BSFBT
"LJJFQQBB%1"(KJLPQ@>PBPQEBAFP@RPPFLK
?BQTBBKQEBPQRABKQ>KAQEBFKPQOR@QLOPELRIA
PRg@B>KAQEBJ>QQBOTFIIKLQKBBAQL?B@>OOFBA
CROQEBO3EBPQRABKQPELRIA?B>T>OBQE>QQEBLKIV
S>IFA?>PFPCLODO>AB>MMB>I?BVLKAQEFPhOPQPQBMFPQL
BPQ>?IFPEQE>Q>KFKPQOR@QLO>PPFDKBA>DO>ABQE>QT>P
>O?FQO>OVMOBGRAF@BALOFKBOOLO
 (CQEBPQRABKQP@LK@BOKPOBJ>FKRKOBPLISBA>CQBOQEB
AFP@RPPFLKTFQEQEBFKPQOR@QLOQEBPQRABKQJ>V
PR?JFQ>TOFQQBKOBNRBPQQLJBBQTFQEQEB
>MMOLMOF>QB#BM>OQJBKQ'B>ALO/OLDO>J
"LLOAFK>QLOTFQEFKLKBTBBHLCPMB>HFKDTFQEQEB
FKPQOR@QLO3EB>MMOLMOF>QB#BM>OQJBKQ'B>ALO
/OLDO>J"LLOAFK>QLOTFIIJBBQTFQEQEBPQRABKQ
TFQEFKLKBTBBH>KAFCEBLOPEB?BIFBSBPQE>QQEB
@LJMI>FKQJ>VE>SBJBOFQTFQEQEBFKPQOR@QLO CQBO
@LKPRIQ>QFLKTFQEQEB>MMOLMOF>QB#BM>OQJBKQ'B>A
LO/OLDO>J"LLOAFK>QLOQEBFKPQOR@QLOJ>V@ELLPBQL
@E>KDBQEBDO>ABFKNRBPQFLKLOIB>SBQEBDO>AB
RK@E>KDBA3EB#BM>OQJBKQ'B>ALO/OLDO>J
"LLOAFK>QLOTFII@LJJRKF@>QBQEBOBPRIQLCQEBPB
AFP@RPPFLKPQLQEBPQRABKQ
 (CQEBJ>QQBOOBJ>FKPRKOBPLISBA>CQBOQEBPB@LKA
PQBMQEBPQRABKQPELRIAPR?JFQ>TOFQQBKOBNRBPQ
TFQEFKLKBTBBHQLQEB/OLSLPQP.g@BQLOBNRBPQ>K
>AEL@@LJJFQQBBCLO MMB>ILC>&O>AB3EB
/OLSLPQPOBMOBPBKQ>QFSBQEB#B>KLC&O>AR>QB
2QRAFBPLO>IQBOK>QBTFIIJBBQTFQEQEBPQRABKQ>KA
TFII>PHQEB%>@RIQV1BSFBT"LJJFQQBB%1"QL
>MMLFKQQEB>AEL@@LJJFQQBBCLO MMB>ILC>&O>AB
3EB"E>FOLCQEB%1"TFIIPBIB@QQEBJBJ?BOPLCQEB>A
EL@@LJJFQQBB>KAPBOSB>PFQPKLKSLQFKD@E>FO3EB
>AEL@@LJJFQQBBCLO>MMB>ILC>@LROPBQEBPFP@OBAFQ
LOAFPPBOQ>QFLK@OBAFQDO>ABTFII?B@LJMLPBALCQEOBB
C>@RIQVJBJ?BOP3EBhOPQJBJ?BOTFII?BQEB
#BM>OQJBKQ"E>FO/OLDO>J"LLOAFK>QLOLO
#BM>OQJBKQ>I&O>AR>QB"LLOAFK>QLOCOLJQEB
FKPQOR@QLOP#BM>OQJBKQ(C>IIQEOBBE>SB>@LKiF@QLC
FKQBOBPQQEB/OLSLPQPOBMOBPBKQ>QFSBTFIIPBOSBLKQEB
>AEL@@LJJFQQBB3EBOBJ>FKFKDQTLJBJ?BOPTFII
?BQTL%1"JBJ?BOPTFQEKL@LKiF@QPLCFKQBOBPQ
TFQEBFQEBOQEBPQRABKQLOQEBFKPQOR@QLO MM>OBKQ
@LKiF@QPLCFKQBOBPQTLRIAFK@IRABQEBPQRABKQPQEBPFP
 6/(">Q>ILD
LOAFPPBOQ>QFLK>ASFPLOJBJ?BOPLCQEBPQRABKQP
DO>AR>QB@LJJFQQBB>KAC>@RIQVJBJ?BOPTFQE@ILPB
OBPB>O@E@LII>?LO>QFLKLOMOLGB@Q>ASFPFKD
OBI>QFLKPEFMPTFQEQEBFKPQOR@QLO3EB"E>FOLCQEB%1"
OBNRBPQP>TOFQQBKPQ>QBJBKQCOLJQEBPQRABKQ>KA>
TOFQQBKOBPMLKPBCOLJQEBFKPQOR@QLO3EB>AEL@
@LJJFQQBBBU>JFKBPQEBTOFQQBKFKCLOJ>QFLK>KA
J>VD>QEBO>AAFQFLK>IFKCLOJ>QFLK>PFQPBBPhQ
 3EOLRDEFQPFKNRFOFBP>KAABIF?BO>QFLKPQEB>AEL@
@LJJFQQBBFP@E>ODBAQLABQBOJFKBTEBQEBOQEB
DO>ABT>P>PPFDKBAFK>C>FO>KA>MMOLMOF>QBJ>KKBO
LOTEBQEBO@IB>O>KA@LKSFK@FKDBSFABK@BLC
>O?FQO>OFKBPPMOBGRAF@B>KALOBOOLOJFDEQGRPQFCV
@E>KDFKDQEBDO>AB3EB>AEL@@LJJFQQBBTFIIJ>HB
FQPAB@FPFLKP?V>J>GLOFQVSLQB
 (CQEB>AEL@@LJJFQQBB@LK@IRABPQE>QQEBDO>ABT>P
>PPFDKBAFK>C>FO>KA>MMOLMOF>QBJ>KKBOQEB>AEL@
@LJJFQQBBTFIIOBMLOQFQP@LK@IRPFLKFKTOFQFKDQLQEB
PQRABKQ>KAQEBFKPQOR@QLO3EBAB@FPFLKLCQEB>AEL@
@LJJFQQBBFPhK>I>KAKLQPR?GB@QQL>MMB>I
 (CQEB>AEL@@LJJFQQBBABQBOJFKBPQE>Q@LJMBIIFKD
OB>PLKPBUFPQCLO@E>KDFKDQEBDO>ABFQTLRIAOBNRBPQ
QE>QQEBFKPQOR@QLOJ>HBQEB@E>KDBMOLSFAFKDQEB
FKPQOR@QLOTFQE>TOFQQBKBUMI>K>QFLKLCFQPOB>PLKP Q
QEFPMLFKQQEBFKPQOR@QLOJ>V@E>KDBQEBDO>AB(CQEB
FKPQOR@QLOAB@IFKBPQL@E>KDBQEBDO>ABEBLOPEB
JRPQMOLSFAB>TOFQQBKBUMI>K>QFLKCLOOBCRPFKD(CQEB
>AEL@@LJJFQQBB@LK@IRABPQE>QQEBFKPQOR@QLOP
TOFQQBKBUMI>K>QFLKGRPQFhBPQEBLOFDFK>IDO>ABQEB>A
EL@@LJJFQQBBTFIIOBMLOQQEFPFKTOFQFKDQLQEB
PQRABKQ>KAFKPQOR@QLO>KAQEBJ>QQBOTFII?B@ILPBA
(CQEB>AEL@@LJJFQQBB@LK@IRABPQE>QFQTLRIA?B
RKGRPQQL>IILTQEBLOFDFK>IDO>ABQLPQ>KAQEB>AEL@
@LJJFQQBBTFIIQEBKABQBOJFKBTE>QDO>ABFPQL?B
>PPFDKBA3EBKBTDO>ABJ>V?BEFDEBOQE>KQEB
P>JB>PLOILTBOQE>KQEBLOFDFK>IDO>AB'>SFKD
J>ABQEFPABQBOJFK>QFLKQEBQEOBBJBJ?BOPLCQEB
@LJJFQQBBTFIIPFDKQEBDO>AB@E>KDBCLOJ>KA
QO>KPJFQFQQLQEB1BDFPQO>O3EBFKPQOR@QLO>KAPQRABKQ
TFII?B>ASFPBALCQEBKBTDO>AB4KABOKL
@FO@RJPQ>K@BPJ>VMBOPLKPLQEBOQE>KQEBLOFDFK>I
C>@RIQVJBJ?BOLOQEB>AEL@@LJJFQQBB@E>KDB>
DO>AB3EBTOFQQBKOB@LOAPLCQEBPBMOL@BBAFKDPTFII
?BhIBAFKQEBPQRABKQPhIBFKQEB1BDFPQO>OP.g@B
/OLGB@Q3EBPFP>KA#FPPBOQ>QFLK ASFPFKD
DO>AR>QBMOLGB@QQEBPFP>KALOAFPPBOQ>QFLKJRPQFK@IRAB
>C>@RIQV>ASFPLOLCOB@LOA>QQEBQFJBLCFKFQF>IOBDFPQO>QFLK
3EBLKIVC>@RIQVJBJ?BOPTELJ>V?VSFOQRBLCQEBFO
>MMLFKQJBKQ>RQLJ>QF@>IIV?BQEBCLOJ>I>ASFPLOPLC
OB@LOACLODO>AR>QBMOLGB@QPLOFKABMBKABKQPQRAV
>@QFSFQFBP(2&PQEBPBPAFPPBOQ>QFLKPBQ@>OB
 3BKROBQBKROBQO>@HC>@RIQV
 /OLCBPPLOPLCMO>@QF@BLO
 .QEBOPTELE>SB>QIB>PQ>E>ICQFJBCRIIVB>OC>@RIQV
>MMLFKQJBKQTFQE>ASFPFKDLCFKABMBKABKQTLOH>P
M>OQLCQEBFO@LKQO>@QR>IIL>A
(KAFSFAR>IPELIAFKDLQEBOC>@RIQV>MMLFKQJBKQPPR@E>P
M>OQQFJB>AGRK@QPLOKLKFKPQOR@QFLK>IOBPB>O@EMOLCBPPLOP
J>V@L>ASFPB>KAFKABBA>OBBK@LRO>DBAQLALPLTEBOB
>MMOLMOF>QB
#BM>OQJBKQEB>APTFPEFKDQL>RQELOFWB>KVLKBTFQE
>MMLFKQJBKQPLQEBOQE>KQEBPBQEOBB@>QBDLOFBP>P>K
>ASFPLOLCOB@LOACLOMOLGB@QPQEBPBPLOFKABMBKABKQ
PQRAFBPJRPQhOPQL?Q>FK>DOBBJBKQCOLJQEB#B>KLC
&O>AR>QB2QRAFBP(KQEBFO>?PBK@BMIB>PBOBCBOQEBOBNRBPQ
QLQEB PPL@F>QB/OLSLPQCLO @>ABJF@ f>FOP
2QRABKQPJ>VPTFQ@E>ASFPLOPLCOB@LOATFQE>MMOLS>ICOLJ
QEBFOABM>OQJBKQLOMOLDO>J3EB.g@BLC&O>AR>QB
2QRAFBP@>KMOLSFABDRFA>K@B>KA>PPFPQ>K@BQLDO>AR>QB
PQRABKQP@LKPFABOFKD>PTFQ@E
/I>KLC2QRAV
CQBO@LKPRIQ>QFLKTFQE>KA>MMOLS>I?VQEB>ASFPLOB>@E
>AJFQQBAPQRABKQJRPQhIB>CLOJ>I/I>KLC2QRAVTFQEQEB
ABM>OQJBKQTFQEFKQEBhOPQPBJBPQBOFCCRIIQFJB>KATFQEFK
QEBhOPQVB>OFCM>OQQFJB/OLDO>J@E>KDBP>OB
FJMIBJBKQBA?V>ASFPLO>KAPQRABKQ"LMFBPLCQEBOBSFPBA
/I>KLC2QRAVTFII?BJ>FKQ>FKBAFKABM>OQJBKQhIBP
"LJJBK@BJBKQ/>OQF@FM>QFLK/LIF@V
,>PQBOPABDOBBDO>AR>QBPQRABKQPTEL>OBMI>KKFKDQL
@LJMIBQBQEBFOhK>I@LROPBPJ>UFJRJ@OBAFQPFKQEB
PRJJBOQBOJ>KADO>AR>QBFK2BMQBJ?BO>OBBIFDF?IBQL
M>OQF@FM>QBFKQEBMOBSFLRP,>V"LJJBK@BJBKQ@BOBJLKV
2QRABKQPTELE>SBQEBPFPOBNRFOBJBKQPOBJ>FKFKD>OBKLQ
BIFDF?IB2QRABKQPJRPQ?BOBDFPQBOBACLO>IIOBJ>FKFKD
OBNRFOBJBKQPFKQEBPRJJBOQBOJ?V MOFILCQEBVB>O
QEBVTFII?BM>OQF@FM>QFKDFKLOABOQL?B>MMOLSBA2QRABKQP
J>VLKIVM>OQF@FM>QBFKLKB@BOBJLKVMBOABDOBBIBSBI
2QRABKQP>MMOLSBAQLT>IHTFIIKLQOB@BFSBQEBFOAFMILJ>
KLOTFIIQEBABDOBB?B@LKCBOOBA>QQEB,>V@BOBJLKV
3EBVTFII>IPLKLQ?BIFPQBAFKQEB"LJJBK@BJBKQ
MOLDO>J/E#PQRABKQPJRPQ@LJMIBQB>IIOBNRFOBJBKQP
?BCLOBM>OQF@FM>QFKDFK>"LJJBK@BJBKQ@BOBJLKV>KA
>OBKLQBIFDF?IBQLM>OQF@FM>QBFK>KB>OIFBO@BOBJLKV-L
BU@BMQFLKPTFII?BJ>ABQLQEFPMLIF@V
$KOLIIJBKQ>KA1BDFPQO>QFLK
3EB?>PF@OBNRFOBJBKQCLOBKOLIIJBKQFK>DFSBK@LROPBFP>
?>@EBILOPABDOBBCOLJ>K>@@OBAFQBAFKPQFQRQFLKFK>
 6/(">Q>ILD
OBIBS>KQhBIALCP@FBK@BLOBKDFKBBOFKD IQELRDEQELPB
TFQEJ>K>DBJBKQ?>@HDOLRKAPJ>VBKOLIIFKDO>AR>QB
J>K>DBJBKQ@LROPBPKLMOFLOJ>K>DBJBKQPQRAVFP
OBNRFOBA/BOPLKPTELE>SB?BBK>AJFQQBAQLDO>AR>QB
PQRAV>Q6/(>OBDFSBKhOPQMOFLOFQVFK@LROPBOBDFPQO>QFLK
/BOPLKPKLQELIAFKD>?>@EBILOPABDOBB?RQTELJFDEQ
NR>IFCVQEOLRDEQO>FKFKDLOBUMBOFBK@BJ>V?B>IILTBAQL
BKOLIILKBFQEBO>@OBAFQLO>RAFQ?>PFPTFQEMBOJFPPFLKLC
QEBFKPQOR@QLO1BDFPQO>QFLKCLODO>AR>QB@LROPBPFPLK>
PM>@B>S>FI>?IB?>PFPCLOKLK>AJFQQBAPQRABKQP
&O>AR>QBPQRABKQP>OBBUMB@QBAQLBKOLIIFKDO>AR>QB
@LROPBPLOQEBPFP@OBAFQLKQEBOBDFPQO>QFLKA>VPABPFDK>QBA
FKQEB6/(>@>ABJF@@>IBKA>O1BDFPQO>QFLKLKA>VPKLQ
ABPFDK>QBATFIIOBPRIQFK>AAFQFLK>ICBBP
$KOLIIJBKQFK>@LROPBLO@LROPBP>KAP>QFPC>@QLOV
@LJMIBQFLKLCQELPB@LROPBPALBPKLQ@LKPQFQRQB
>@@BMQ>K@B>P>@>KAFA>QBCLO>KVDO>AR>QBABDOBBKLO
ALBPFQFKAF@>QB>AJFPPFLKQL>KVDO>AR>QBMOLDO>J%LO
PQRABKQPPBBHFKD>AS>K@BAABDOBBPLODO>AR>QB
@BOQFh@>QBPCLOJ>I>AJFPPFLKQL>DO>AR>QBMOLDO>JFP
OBNRFOBA
(KQBOK>QFLK>I2QRABKQP
(KQBOK>QFLK>IPQRABKQP>OBOBNRFOBAQLBKOLIIKLI>QBOQE>K
QEBhK>IA>VLCQEB>AAAOLMMBOFLA2QRABKQPJRPQ?B
BKOLIIBA?VQEFPQFJBFKLOABOQL?BOBDFPQBOBAFKQEB2$5(2
A>Q>?>PB>KAQLOBJ>FKFKIBD>IFJJFDO>QFLK%>FIROBQL
BKOLIIFK>QFJBIVJ>KKBO@LRIAGBLM>OAFWB>PQRABKQPIBD>I
PQ>QRP>KA>?FIFQVQLI>TCRIIVOBJ>FKFKQEB42
#BDOBB2BBHFKD2QRABKQ$KOLIIJBKQ
&O>AR>QBPQRABKQPJRPQ?BOBDFPQBOBACLOQEBPBJBPQBOFK
TEF@EABDOBBOBNRFOBJBKQP>OB@LJMIBQBA%LOJ>PQBOLC
P@FBK@BMOLDO>JPOBNRFOFKD>QEBPFP>KA>II/E#MOLDO>JP
PQRABKQPJRPQOBDFPQBOCLO>JFKFJRJLCPBJBPQBO@OBAFQ
ELRO%LOJ>PQBOLCP@FBK@BMOLDO>JPQE>QALKLQOBNRFOB>
QEBPFP>IIPQRABKQPJRPQ?BOBDFPQBOBACLO>IIOBJ>FKFKD
@OBAFQPFKQEBhK>IPBJBPQBOLCPQRAV
%RIIQFJBABDOBBPBBHFKDDO>AR>QBPQRABKQP>OBBUMB@QBA
QL?B@LKQFKRLRPIVOBDFPQBOBAAROFKDQEBFODO>AR>QBP@ELLI
@>OBBOPBU@IRAFKDQEBPRJJBOPBJBPQBO%RIIQFJBABDOBB
PBBHFKDPQRABKQPTELFKQBOORMQQEBFOPQRAFBP>KA>OBKLQLK
>K>MMOLSBAIB>SBLC>?PBK@BTFII?BJ>OHBA=FK>@QFSBFK
>KVC>IILOPMOFKDPBJBPQBOFKTEF@EQEBOBFPKLOBDFPQO>QFLK
LO@OBAFQ>@QFSFQV(K>@QFSBPQ>QRPJB>KPQE>QPQRABKQPAL
KLQE>SB>@@BPPQL6/(?RFIAFKDPPBOSF@BPLO@LROPBTLOH
(KOB@LDKFQFLKLCQEB@LJMBQFKDOBPMLKPF?FIFQFBPC>@BA?V
M>OQQFJBPQRABKQP6/(>IILTPLKBPBJBPQBOTFQELRQ@OBAFQ
>@QFSFQVQLBI>MPB?BCLOB>@QFSBPQ>QRPFPOBSLHBA/>OQQFJB
ABDOBBPBBHFKDDO>AR>QBPQRABKQPTFII?BJ>OHBAFK>@QFSB
FCLKBPBJBPQBOBI>MPBPTFQEKL@OBAFQ>@QFSFQV>KAQEB
OBDFPQO>QFLKMBOFLALCQEBPR?PBNRBKQPBJBPQBOBKAP
TFQELRQOBDFPQO>QFLKLO@OBAFQ>@QFSFQV
(K>@QFSBPQRABKQPTFIIKBBAQL@LJMIBQB>OB>AJFPPFLKCLOJ
QEOLRDEQEB1BDFPQO>OP.g@B2BB[1B>AJFPPFLKCOLJ
+B>SBLC ?PBK@B^PB@QFLK?BILT
.g@F>I6FQEAO>T>I
2QRABKQPTELTFPEQLQBOJFK>QBQEBFOABDOBBMOLDO>JP
JRPQ@LJMIBQBQEB&O>AR>QB6FQEAO>T>I%LOJ>S>FI>?IBLK
QEB1BDFPQO>OTB?PFQB>KAPR?JFQFQQLQEB1BDFPQO>OP.g@B
KVOBDFPQO>QFLKPFKPBJBPQBOPLOQBOJPQE>QE>SB?BDRK
?BCLOBQEB@BOQFhBAA>QBLCI>PQ>QQBKA>K@BTFIIOB@BFSB>
DO>ABLC6>KAQEBPQRABKQTFII?BBUBJMQBACOLJ
>@>ABJF@OBSFBT KVOBDFPQO>QFLKPFKPBJBPQBOPLOQBOJP
QE>QE>SBKLQ?BDRK?BCLOBQEB@BOQFhBAA>QBLCI>PQ
>QQBKA>K@BTFII?BAOLMMBA%LOLg@F>IPQ>OQA>QBPLC
PBJBPQBOP>KAQBOJPPBBQEB @>ABJF@">IBKA>O%LO
QRFQFLK>AGRPQJBKQFKCLOJ>QFLKPBBQEB[3RFQFLK>KA%BBP^
PB@QFLK
2QRABKQPTELE>SB>QQBKABAQEOLRDEQEBQETBBHLC>
PBJBPQBOLOQEBQETBBHLC!LO#QBOJPJ>VKLQ
TFQEAO>TCLOQE>QPBJBPQBO>KATFII?B>@>ABJF@>IIV
OBSFBTBA3EBVJ>VTFQEAO>TCLOQEBCLIILTFKDPBJBPQBO
-LQB3EFP>MMIFBPQLPQRABKQPLg@F>IIVTFQEAO>TFKDCOLJ
QEB4KFSBOPFQVCLO>KFKAFSFAR>I@LROPBTFQEAO>T>IMIB>PB
OBCBOQLQEB"LROPB"E>KDBPPB@QFLKCLOMLIF@V>KAOBCRKA
FKCLOJ>QFLK
(KPQFQRQFLK>I+B>SBLC ?PBK@B
%RIIQFJBPQRABKQPTELTFPEQLQ>HB>QBJMLO>OVIB>SBCOLJ
QEBFOABDOBBMOLDO>JP>KAM>OQQFJBPQRABKQPTELTFPEQL
Q>HBJLOBQE>KLKB@LKQFDRLRPPBJBPQBOLfJRPQ
@LJMIBQBQEB+B>SBLC ?PBK@B%LOJ>S>FI>?IBLKQEB
1BDFPQO>OTB?PFQB>KAPR?JFQFQQLQEB1BDFPQO>OP.g@B
2QRABKQPPELRIAFKCLOJQEBJPBISBP>?LRQ@LKPBNRBK@BPQL
hK>K@F>I>FASFP>PQ>QRPELRPFKD>KALQEBO@LKPFABO>QFLKP
?BCLOBQ>HFKD>KFKPQFQRQFLK>IIB>SBLC>?PBK@B KV
OBDFPQO>QFLKPFKPBJBPQBOPLOQBOJPQE>QE>SB?BDRK?BCLOB
QEB@BOQFhBAA>QBLCI>PQ>QQBKA>K@BTFIIOB@BFSB>DO>ABLC
6>KAQEBPQRABKQTFII?BBUBJMQBACOLJ>@>ABJF@OBSFBT
KVOBDFPQO>QFLKPFKPBJBPQBOPLOQBOJPQE>QE>SBKLQ
?BDRK?BCLOBQEB@BOQFhBAA>QBLCI>PQ>QQBKA>K@BTFII?B
AOLMMBA%LOLg@F>IPQ>OQA>QBPLCPBJBPQBOP>KAQBOJPPBB
QEB @>ABJF@">IBKA>O%LOQRFQFLK>AGRPQJBKQFKCLOJ>QFLK
PBBQEB[3RFQFLK>KA%BBP^PB@QFLK
2QRABKQPTELE>SB>QQBKABAQEOLRDEQEBQETBBHLC>
PBJBPQBOLOQEBQETBBHLC!LO#QBOJPJ>VKLQQ>HB>
 6/(">Q>ILD
IB>SBLC>?PBK@BCLOQE>QPBJBPQBO>KATFII?B>@>ABJF@>IIV
OBSFBTBA3EBVJ>VQ>HB>IB>SBLC>?PBK@BCLOQEB
CLIILTFKDPBJBPQBO
-LQB3EFP>MMIFBPQLPQRABKQPQ>HFKD>CRIIIB>SBCOLJQEB
4KFSBOPFQVCLO>KFKAFSFAR>I@LROPBTFQEAO>T>IMIB>PBOBCBO
QLQEB"LROPB"E>KDBPPB@QFLKCLOMLIF@V>KAOBCRKA
FKCLOJ>QFLK
1B>AJFPPFLKCOLJ+B>SBLC ?PBK@B
3LOBQROK>PQRABKQJRPQhIILRQQEB&O>AR>QB1B>AJFPPFLK
%LOJ>S>FI>?IBLKQEB1BDFPQO>OTB?PFQB>KAPR?JFQFQQL
QEB1BDFPQO>OP.g@BTFQE>IIOBNRFOBAPFDK>QROBP>QIB>PQ
A>VPMOFLOQLQEBPQ>OQLCQEBPBJBPQBOFKTEF@EQEBVMI>KQL
OBQROK
,FIFQ>OV+B>SBLC ?PBK@B
6/(DO>AR>QBPQRABKQPTEL>OB@>IIBAQL>@QFSBARQV?VQEB
4KFQBA2Q>QBPJFIFQ>OVPE>IIOB@BFSB>OBCRKACLOQEB
RK@LJMIBQBAPBJBPQBO>QQEBA>QBLCQEBKLQF@B(CPR@E
PQRABKQPE>SB>IL>KL?IFD>QFLKQL6/(QEBVTFII?BDO>KQBA
>KFKP@ELLIABCBOJBKQPQ>QRPAROFKDQEBMBOFLALC>@QFSB
ARQVPBOSF@BKLQQLBU@BBA>QLQ>ILCQEOBBVB>OP3LFKFQF>QB
QEBMOL@BPPQL?B@I>PPFhBA[LKIB>SBCLOJFIFQ>OVPBOSF@B^>
PQRABKQJRPQhIILRQ>+B>SBLC ?PBK@BCLOJ>S>FI>?IBLK
QEB1BDFPQO>OTB?PFQBFKAF@>QFKDQE>QEBPEBFPOBNRBPQFKD
P@ELLIABCBOJBKQPQ>QRPTEFIB?BFKD@>IIBAQL>@QFSBARQV
@LMVLCQEBLg@F>I@>IIQL>@QFSBARQVKLQF@BCOLJQEB
JFIFQ>OVJRPQ?BFK@IRABATFQEQEFPOBNRBPQ>KA?B
PR?JFQQBAQLQEB1BDFPQO>OP.g@B
(CQEBPQRABKQE>PM>FA>QRFQFLK?FIITFQEMOL@BBAPCOLJ
BFQEBO>PR?PFAFWBALO>KRKPR?PFAFWBA%BABO>I2Q>fLOA
+L>K>KAE>POB@BFSBA>OBCRKACLOBFQEBOLO?LQELCQEB
IL>KPQEBPQRABKQPE>II?BOBPMLKPF?IBCLO>KV
LSBOM>VJBKQLCCRKAP(QFPQEBOBCLOBKB@BPP>OVCLOQEB
PQRABKQQL@LKQ>@QQEBIBKABOPRMLKTFQEAO>T>I
"EFIA?FOQE>KA ALMQFLK @@LJJLA>QFLK
/LIF@V
(KOB@LDKFQFLKLCQEB@E>IIBKDBPLC?>I>K@FKDQEBABJ>KAP
LCDO>AR>QBPQRAV>KAM>OBKQFKD>KBT@EFIAQEB
"EFIA?FOQE ALMQFLK @@LJJLA>QFLK/LIF@V>FJPQL
FJMOLSBQEBBKSFOLKJBKQCLOPQRABKQM>OBKQP K
@@LJJLA>QFLK@>K?BQ>HBK?>PBALKQEBPQRABKQP
FKAFSFAR>I@FO@RJPQ>K@BFK@LKPRIQ>QFLKTFQEQEBFO ASFPLO
>KAQEB#B>KLC&O>AR>QB2QRAFBPB>OIV@LKPRIQ>QFLKTFII
MOLSFABQEBQFJBKB@BPP>OVQLOB>OO>KDBQB>@EFKDARQFBPCLO
QELPBPQRABKQPPRMMLOQBA?VQB>@EFKD>PPFPQ>KQPEFMPLOQL
>AGRPQOBPB>O@EI>?P@EBARIBP3EBMROMLPBLCQEFPMLIF@VFP
QLJ>HBFQMLPPF?IBCLO>PQRABKQQLJ>FKQ>FKOBDFPQBOBACRII
QFJBPQRABKQPQ>QRP>ILKDTFQE>IIQEB?BKBhQPLCPR@E
PQ>QRPTEFIBC>@FIFQ>QFKDQEBOBQROKQLCRIIM>OQF@FM>QFLKFK
@LROPBPOBPB>O@E>KAQB>@EFKD
2MB@F>IKLQBCLO3 P1 P%BIILTPEFM2QRABKQP#ROFKDQEB
"EFIA?FOQE ALMQFLK @@LJJLA>QFLKMBOFLABUMB@Q>KQ
DO>AR>QBPQRABKQPTELE>SB?BBKCRKABACLOQEBMOBSFLRP
QTBISBJLKQEPQEOLRDE6/(FKQBOK>I3 1
%BIILTPEFMP>KATELE>SBOB@BFSBA>K>T>OAIBQQBO
FKAF@>QFKD@LKQFKRFKDPRMMLOQTFII?BBIFDF?IBCLOP>I>OV
@LKQFKR>QFLK#ROFKDQEFPQFJBCO>JBARQFBPQVMF@>IIV
MBOCLOJBA?V3 P>KA1 PTFII?BPRPMBKABACLOBFDEQ
TBBHP>KAQEBPQRABKQTFIIKLQ?BBUMB@QBAQLTLOH(CQEB
PQRABKQM>OBKQFP>QB>@EFKD>PPFPQ>KQQEB.g@BLC
&O>AR>QB2QRAFBPTFIICRKA>QBJMLO>OVOBMI>@BJBKQCLO
QEB>fB@QBAMBOFLAFCKB@BPP>OV
1BNRBPQFKD+B>SB,>QOF@RI>QBA>KABKOLIIBADO>AR>QB
PQRABKQPJ>VCLOJ>IIVOBNRBPQ>"EFIA?FOQE ALMQFLK
@@LJJLA>QFLK?VBJ>FIFKDQEB.g@BLC&O>AR>QB
2QRAFBP3EBPQRABKQTFII?BMOLSFABATFQE>"EFIA?FOQE
ALMQFLK @@LJJLA>QFLK1BNRBPQCLOJ>KATFIIKBBAQL
CLIILTQEB>MMOLMOF>QBMOL@BAROBP>KAAL@RJBKQ>QFLK
OBNRFOBA3EFP @>ABJF@ @@LJJLA>QFLK/BOFLAFPKLQ>
IB>SBLC>?PBK@BCOLJ4KFSBOPFQVOBPMLKPF?FIFQFBP3EB
BUMB@Q>QFLKFPQE>QQEBTLJ>KTFII?BFKOBPFABK@B>KA
>PPRJFKDDLLAEB>IQELCQEBMOBDK>KQTLJ>KLOKBT
JLQEBO>KAQEBFKC>KQTFIIOBJ>FKBKD>DBAFK@I>PPTLOH
>KAOBPB>O@E
&O>AR>QB(KQBOKPEFM$UMBOFBK@B
&O>AR>QBFKQBOKPEFMBUMBOFBK@BP>OB>S>FI>?IB>@OLPP
PBSBO>IMOLDO>JPLCPQRAFBP>Q6/(FKLOABOQLBKE>K@BQEB
MOLCBPPFLK>IABSBILMJBKQLC,>PQBOP>KA#L@QLO>I
PQRABKQP3EBDO>AR>QBFKQBOKPEFMFP>PELOQQBOJ>KA
QBJMLO>OVTLOH>PPFDKJBKQFKOBPFABK@B>Q>@LJM>KVLO
LQEBOexternalLOD>KFW>QFLKQE>QCLOJP>@LJMIBJBKQ>OV
M>OQLC>PQRABKQPBAR@>QFLK>IMOLDO>J KFKQBOKPEFMTFII
>MMB>OLKQEBQO>KP@OFMQTFQE>JFKFJRJLC@OBAFQP>KA>
J>UFJRJLC@OBAFQP>PABQBOJFKBA?VQEBABM>OQJBKQ
MOLDO>J IIPQRABKQPOBNRFOBQEB>MMOLS>ILCQEBFOC>@RIQV
>ASFPLOLCOB@LOAQLM>OQF@FM>QBFK>KFKQBOKPEFM
%ROQEBOJLOBQEBPQRABKQ>KAQEBFOC>@RIQV>ASFPLOLC
OB@LOATFIIABhKB@LK@OBQBMBOCLOJ>K@BJBQOF@P>KA
L?GB@QFSBPQL?B>@EFBSBAAROFKDQEBFKQBOKPEFMMOFLOQLQEB
BUMBOFBK@B
3EBDO>AR>QBFKQBOKPEFMBUMBOFBK@BJRPQ>IFDKTFQEQEB
PQRABKQPMI>KLCPQRAV>KA?BOBI>QBAQLQEBPMB@Fh@
DO>AR>QBABDOBBMOLDO>J!B@>RPBQEBMROMLPBLC>K
FKQBOKPEFMFPQLMOLSFAB>PQRABKQTFQE>KBTBUMBOFBK@B
DO>AR>QBPQRABKQP>IOB>AVBJMILVBACRIIQFJBLOM>OQQFJB
J>VKLQM>OQF@FM>QB>PFKQBOKP>QQEBP>JBMI>@BLC
BJMILVJBKQTFQELRQMOLDO>J>MMOLS>I2FK@BQEB
 6/(">Q>ILD
FKQBOKPEFMJRPQ?BMBOCLOJBA>Q>KBUQBOK>IPFQB6/(
TLRIAKLQ?B@LKPFABOBA>K>@@BMQ>?IBPMLKPLOCLO>
DO>AR>QBFKQBOKPEFM3VMF@>IIV3B>@EFKD PPFPQ>KQPJ>VKLQ
?BLKFKQBOKPEFMAROFKDQEBP>JBQFJBMBOFLAAROFKDQEB
>@>ABJF@VB>O>PTEBKQEBV>OBPBOSFKD>P>3 ?RQJ>V
MROPRB>KFKQBOKPEFMLSBOQEBPRJJBOLOTFQE
ABM>OQJBKQ>IMOLDO>JMBOJFPPFLK
3EBDO>AR>QBFKQBOKPEFMFPKLQ>4KFSBOPFQVOBNRFOBJBKQ
?RQO>QEBO>KLMQFLK>S>FI>?IBQL>IIDO>AR>QBPQRABKQP
BKOLIIBAFKDO>AR>QBMOLDO>JPQE>QMBOJFQFKQBOKPEFMP
2QRABKQPJ>VMROPRBDO>AR>QBFKQBOKPEFMBUMBOFBK@BPLC
RMQL@OBAFQPMBOABDOBB>PABQBOJFKBA?VQEB
ABM>OQJBKQMOLDO>J(KQBOKPEFMBUMBOFBK@BPJ>V?B
@LJMIBQBACLO@OBAFQP>KAJRIQFMIBFKQBOKPEFM
BUMBOFBK@BP>@OLPPPBJBPQBOPJ>V?B@LJMIBQBA'LTBSBO
DO>AR>QBPQRABKQPJ>V?BBKOLIIBAFKFKQBOKPEFMPAROFKD>
J>UFJRJLCPBJBPQBOPFK@IRPFSBLCQEBPRJJBO
OBD>OAIBPPLCQEB>JLRKQLC@OBAFQ>PPFDKBAMBOFKQBOKPEFM
BUMBOFBK@B2QRABKQPJRPQCLOJ>IIVOBDFPQBOCLO>K
FKQBOKPEFMCLOB>@EPBJBPQBOQEBVTFII?BM>OQF@FM>QFKDFK>K
FKQBOKPEFMBUMBOFBK@BBSBKFCQEBFKQBOKPEFMPM>KPJRIQFMIB
PBJBPQBOP2QRABKQPBKOLIIBAFKCRIIQFJBFKQBOKPEFMP
ABhKBA>PJLOBQE>KELROPMBOTBBHTFII?BABBJBA>
CRIIQFJBPQRABKQCLOQE>QPBJBPQBO2QRABKQPBKOLIIBAFK
M>OQQFJBFKQBOKPEFMPIBPPQE>KELROPTFIIPQFIIKBBAQL
?BOBDFPQBOBACLOLOJLOB@OBAFQPFK@IRPFSBLCQEB
FKQBOKPEFMP@OBAFQPQL?B@LKPFABOBACRIIVBKOLIIBA%LO
@OBAFQFKQBOKPEFMBUMBOFBK@BP>OBLKIVCLOJ>QOF@RI>QBA
PQRABKQP&O>AR>QBFKQBOKPEFMPJ>VKLQ?B>MMIFBAQL
JRIQFMIBABDOBBPFB!2,21BPLRO@BPCLODO>AR>QB
FKQBOKPEFMP>KAGL?PB>O@EQLLIP>OBEFDEIFDEQBAFKQEB
">OBBO#BSBILMJBKQ"BKQBOPR?PB@QFLKFKQEB&O>AR>QB
">Q>ILD$KOLIIJBKQFKQEBDO>AR>QBFKQBOKPEFMBUMBOFBK@B
JRPQ>AEBOBQLBPQ>?IFPEBA>AAAOLMAB>AIFKBP%LOJLOB
FKCLOJ>QFLK>?LRQDO>AR>QBFKQBOKPEFMMLIF@FBP>KA
MOL@BAROBPFK@IRAFKDELTQLOBDFPQBOCLODO>AR>QB
FKQBOKPEFMPMIB>PBPBBEQQMPTTTTMFBAR>@>ABJF@P
DO>AR>QBFKQBOKPEFMP
For Masters Students:2QRABKQPBKOLIIBAFK>,>PQBOP
MOLDO>JJ>VM>OQF@FM>QBFKQEBDO>AR>QBFKQBOKPEFM
BUMBOFBK@B>CQBOPR@@BPPCRIIV@LJMIBQFKDQEBFOhOPQ
@OBAFQPLCDO>AR>QB@LROPBTLOH>Q6/(MOLSFABAQEBV>OBFK
DLLA>@>ABJF@PQ>KAFKD(COBQROKFKDCLO>KBTABDOBB
>CQBOQFJB>T>VCOLJQEBRKFSBOPFQVALR?IB@LRKQFKD
@OBAFQPCOLJMOBSFLRP6/(ABDOBBPTFIIKLQ@LRKQQLT>OAP
QEB@OBAFQQEOBPELIAKBBABAQL?BBIFDF?IBQLOBDFPQBOCLO
>DO>AR>QBFKQBOKPEFM6FQE>MMOLS>ILCQEBMOLDO>J
ABPFDKBB,>PQBOPPQRABKQPM>OQF@FM>QFKDFK>DO>AR>QB
FKQBOKPEFMPELRIAOBDFPQBOCLOQEBDO>AR>QBFKQBOKPEFM
@LROPBABPFDK>QBA
For PhD Students:2QRABKQPBKOLIIBAFK>/E#MOLDO>J
J>VM>OQF@FM>QBFKQEBDO>AR>QBFKQBOKPEFMBUMBOFBK@B>CQBO
PR@@BPPCRIIV@LJMIBQFKDQEBFOhOPQ@OBAFQPLCDO>AR>QB
@LROPBTLOH>Q6/(MOLSFABAQEBV>OBFKDLLA>@>ABJF@
PQ>KAFKD(COBQROKFKDCLO>KBTABDOBB>CQBOQFJB>T>V
COLJQEBRKFSBOPFQVALR?IB@LRKQFKD@OBAFQPCOLJMOBSFLRP
6/(ABDOBBPTFIIKLQ@LRKQQLT>OAPQEB@OBAFQQEOBPELIA
KBBABAQL?BBIFDF?IBQLOBDFPQBOCLO>DO>AR>QB
FKQBOKPEFM6FQE>MMOLS>ILCQEBMOLDO>JABPFDKBB/E#
PQRABKQPM>OQF@FM>QFKDFK>DO>AR>QBFKQBOKPEFMPELRIA
OBDFPQBOCLOQEBDO>AR>QBFKQBOKPEFM@LROPBABPFDK>QBA

2MB@F>I-LQBPCLO(KQBOK>QFLK>I2QRABKQP
KFKQBOK>QFLK>IDO>AR>QBPQRABKQLK>K%SFP>JRPQ
J>FKQ>FKCRIIQFJBPQ>QRPCLOQEBARO>QFLKLCQEBFODO>AR>QB
MOLDO>J(KQBOK>QFLK>IPQRABKQPTFQE%SFP>PQ>QRPJ>V
>MMIVCLOQTLQVMBPLCMO>@QF@>IQO>FKFKD
 "ROOF@RI>O/O>@QF@>I3O>FKFKD"/3"/3FPRPBACLO
DO>AR>QBIBSBIFKQBOKPEFMPTEFIBPQRABKQP>OB
MROPRFKDQEBFOABDOBBP"/3FP>RQELOFWBA?VQEB
RKFSBOPFQV>KAQEBOBNRFOBJBKQFPQE>QQEBFKQBOKPEFM
FP>KFKQBDO>IM>OQLC>KBPQ>?IFPEBA@ROOF@RIRJ
(KQBOKPEFMPPELRIA?BCLO@OBAFQ
 .MQFLK>I/O>@QF@>I3O>FKFKD./3./3FPQVMF@>IIV
RPBA?VPQRABKQPCLOLKBVB>OLCBJMILVJBKQ>CQBO
@LJMIBQFLKLCABDOBB(Q@>K>IPL?BRPBAFKM>OQCLO
PRJJBOGL?PLOM>OQQFJBBJMILVJBKQAROFKDQEB
>@>ABJF@VB>OFCBJMILVJBKQFPFKQEBPQRABKQPhBIA
LCPQRAV./3OBNRFOBP>MMOLS>I?V42"RPQLJP>KA
(JJFDO>QFLK2BOSF@BP
-LKABDOBB2QRABKQ$KOLIIJBKQ
(KAFSFAR>IPTFQEB>OKBA?>@EBILOPABDOBBPJ>VTFPEQL
BKOLIIFK>PFKDIB@LROPBLO>IFJFQBAKRJ?BOLC@LROPBP
MOFLOQL>MMIVFKDCLO>AJFPPFLK-LKABDOBBPQRABKQPJ>V
@ELLPBQL?BDO>ABA@LKSBKQFLK>IIV !"LOLK>M>PP
C>FI?>PFP/>PP%>FIDO>AFKDJRPQ?B@ELPBK>QQEBQFJBLC
OBDFPQO>QFLK>KA@LROPBPQ>HBKLKQEBM>PPC>FI?>PFP>OB
KLQQO>KPCBO>?IBQL>KVJ>PQBOPABDOBBMOLDO>J
-LKABDOBBPQRABKQPJ>VQ>HB>J>UFJRJLC@OBAFQP>KA
OB@BFSBIBQQBODO>ABPFKJLPQABM>OQJBKQP.K@B
QEFPJ>UFJRJLC@OBAFQPFPOB>@EBA>AAFQFLK>I@LROPB
OBDFPQO>QFLKPTFII?B@E>KDBAQLM>PPC>FI>KATFIIKLQ?B
RPBACLOABDOBB@OBAFQ
3EBC>@QQE>Q>PQRABKQE>P?BBK>IILTBAQLOBDFPQBOCLO
DO>AR>QB@LROPBP>KAB>OK@OBAFQALBPKLQDR>O>KQBBQE>Q
QEBPQRABKQTFII?B>AJFQQBAQLQE>QABM>OQJBKQP
@BOQFh@>QBLOABDOBBMOLDO>J>Q>I>QBOA>QB2QRABKQP>OB
QEBOBCLOBBK@LRO>DBAQL>MMIVCLO>AJFPPFLKQL>ABDOBBLO
@BOQFh@>QBMOLDO>JMOFLOQL>KV@LROPBOBDFPQO>QFLK
 6/(">Q>ILD
-LKABDOBB2QRABKQ"LROPB1BDFPQO>QFLK
-LKABDOBBPBBHFKDPQRABKQPOBDFPQBOCLO@LROPBPFKQEB
P>JBJ>KKBO>P>IILQEBOPQRABKQP'LTBSBOABDOBB
PBBHFKDPQRABKQPE>SBMOBCBOBK@BFKOBDFPQBOFKDCLO@LROPBP
TFQEIFJFQBABKOLIIJBKQP-LKABDOBBDO>AR>QBPQRABKQP
>OB@LKPFABOBA>@QFSBLKIVFKQELPBPBJBPQBOPAROFKDTEF@E
QEBVE>SB>@ROOBKQOBDFPQO>QFLK>KA@OBAFQ>@QFSFQV3EBV>OB
J>OHBA>PFK>@QFSBFKQEBPBJBPQBOCLIILTFKDQEB
@LK@IRPFLKLCQEBFO@OBAFQ>@QFSFQVFK@IRAFKDQEBPRJJBO
PBJBPQBOMOLSFABAQEBOBFPKLKBTOBDFPQO>QFLK
RAFQFKD"LROPBP
&O>AR>QBPQRABKQPMOFJ>OFIVFKQBOBPQBAFKQEB@LKQBKQLC>
M>OQF@RI>O@LROPBJ>VOBDFPQBO>P>RAFQLOP2QRABKQP>OB
@E>ODBA>OBAR@BAQRFQFLKO>QBMBOPBJBPQBOELROQL
>RAFQ>@LROPB3EBOBFPKL@OBAFQ>KAKLDO>AB>T>OABACLO
@I>PPBPQE>Q>OB>RAFQBA2QRABKQP@>KKLQ>RAFQQEBPFP>KA
MOLGB@QTLOH
RAFQOBDFPQO>KQP>OBBK@LRO>DBAQLM>OQF@FM>QBFKQEB
@LROPBP?RQQVMF@>IIVALKLQPR?JFQTOFQQBKTLOHCLO
BS>IR>QFLK.CQBKMOLCBPPLOPTFII>@@BMQTOFQQBKTLOHLC
>RAFQOBDFPQO>KQP?RQQEFPFPIBCQQLQEBAFP@OBQFLKLCQEB
FKPQOR@QLO
PQRABKQJ>V@E>KDBCOLJ@OBAFQQL>RAFQOBDFPQO>QFLK?RQ
J>VKLQ@E>KDBCOLJ>RAFQQLOBDRI>O@OBAFQOBDFPQO>QFLK3L
@E>KDBQL>RAFQOBDFPQO>QFLKCLO>KVDO>AR>QB@LROPBQEB
PQRABKQJRPQ@LJMIBQB>K>RAFQCLOJ>S>FI>?IBFKQEB
1BDFPQO>OP.g@BTFQEFKQEBhOPQQEOBBTBBHPLC@I>PP-L
QRFQFLKLOCBBPTFII?BOBQROKBAQLPQRABKQPTEL@E>KDBQL
>RAFQOBDFPQO>QFLKFBQEBCRIIQRFQFLKO>QB>MMIFBP
#BhKFQFLKLC%RII3FJB>KA/>OQ3FJB
2Q>QRP
(C>PQRABKQFPOBDFPQBOBACLOLOJLOB@OBAFQPQEBPQRABKQFP
ABBJBAQL?B>CRIIQFJBPQRABKQCLOQE>QPBJBPQBO(C>
PQRABKQKBBAPCBTBOQE>K>@>ABJF@@OBAFQPQL@LJMIBQB
ABDOBBOBNRFOBJBKQPOBDFPQO>QFLKCLOQEBKRJ?BOLC@OBAFQP
OBNRFOBACLO@LJMIBQFLKLCQEBABDOBBDFSBPQEBPQRABKQ
CRIIQFJBPQ>QRP PQRABKQMROPRFKD>J>PQBOPABDOBB
TELPB/I>KLC2QRAVPELTP@LJMIBQFLKLC>IIABDOBB
OBNRFOBJBKQPTFQEFK>PFKDIBQTLVB>OMBOFLAOBQ>FKPCRII
QFJBPQ>QRPPLILKD>PQEBPQRABKQ@LJMIFBPTFQEQE>Q/I>K
LC2QRAV PQRABKQLg@F>IIVBKOLIIBAFK>DO>AR>QB
FKQBOKPEFMMOLDO>JE>PCRIIQFJBPQ>QRPAROFKDQEB
FKQBOKPEFMMBOFLA(C>PQRABKQE>P@LJMIBQBAQEBJFKFJRJ
KRJ?BOLC@OBAFQPOBNRFOBACLO>ABDOBB>KAFP@BOQFhBA?V
QEBABM>OQJBKQLOMOLDO>JQL?BTLOHFKDCRIIQFJBQLT>OA
QEBABDOBBBKOLIIJBKQFK@OBAFQLCAFPPBOQ>QFLKOBPB>O@E
CLO>PQRABKQPBBHFKDQEBAL@QLO>QBBPQ>?IFPEBPCRIIQFJB
PQ>QRP%LOPQRABKQPPBBHFKD>J>PQBOPABDOBB@OBAFQLC
QEBPFPOBPB>O@EBPQ>?IFPEBPQEBPQRABKQPCRIIQFJBPQ>QRP
TFQEABM>OQJBKQ@BOQFh@>QFLK%LOQEBMROMLPBPLCQEFPORIB
QEBPBJBPQBOP>OBC>II>KAPMOFKD
3O>KP@OFMQP
3O>KP@OFMQPJ>V?BOBNRBPQBA>KAQEBOBFP>CBB>PPL@F>QBA
TFQEB>@EQO>KP@OFMQ%LOJLOBFKCLOJ>QFLKMIB>PBSFPFQ
TTTTMFBAROBDFPQO>O
"LROPB"E>KDBP
3EBOBFP>K>AAAOLMMBOFLA>QQEBPQ>OQLCB>@EQBOJ>KA
QEBBU>@QAB>AIFKBPABMBKALKTEBQEBOQEB@LROPBCLIILTP
>TBBHP@EBARIBLO>TBBHP@EBARIB
@CH66<4@FCD6DRKABODO>AR>QB>KADO>AR>QB>
PQRABKQ@>K>AA>@LROPBTFQELRQ>CBBQEOLRDEQEBhCQE
A>VLC@I>PPBP.KQEBPFUQEQEOLRDEQEBQBKQEA>VLC
@I>PPBPPQRABKQP@>K>AA@LROPBPTFQEFKPQOR@QLO>MMOLS>I
TFQE>I>QBCBB2QRABKQP@>KAOLM@LROPBPLKA>VP
LCB>@EQBOJTFQELRQFK@ROOFKD>I>QBCBB%LO
RKABODO>AR>QBPFKTBBH@LROPBPKL>AAPLOAOLMP>OB
>IILTBA>CQBOQEBQBKQEA>VLCQEBQBOJ%LODO>AR>QB
PQRABKQPFKTBBH@LROPBPTELAOLM>@LROPB>CQBOQEB
QBKQEA>V?RQ?BCLOBQEBBKALCQEBhCQETBBHLCQEBQBOJ
>66FQEAO>T>ITFII?B>PPFDKBA3RFQFLKTFII?B>AGRPQBA
CLOFKAFSFAR>I@LROPBTFQEAO>T>IP?>PBALKQEBP@EBARIB
MLPQBACLO+B>SBPLC ?PBK@B>KA.g@F>I6FQEAO>T>IPBB
M>DB
@CH66<4@FCD6DRKABODO>AR>QB>KADO>AR>QB
PQRABKQP@>KJ>HB@LROPB@E>KDBP>AALOAOLMTFQELRQ
MBK>IQVQEOLRDEQEBQBKQEA>VLCQEBPBJBPQBO I>QB
CBBTFII?B@E>ODBACLO@LROPB>AAP>CQBOQEBQBKQEA>VLC
QEBPBJBPQBO>KAFKPQOR@QLOMBOJFPPFLKFPOBNRFOBA-L
AOLMP>OB>IILTBA>CQBOQEBQBKQEA>VLCQEBPBJBPQBOCLO
DO>AR>QBPQRABKQP@LROPBTFQEAO>T>IP>OBMBOJFQQBA
QEOLRDEQEBQBKQETBBHLCQEBPBJBPQBO>KA>DO>ABLC6
6FQEAO>T>ITFII?B>PPFDKBA3RFQFLKTFII?B>AGRPQBACLO
FKAFSFAR>I@LROPBTFQEAO>T>IP?>PBALKQEBP@EBARIB
MLPQBACLO+B>SBPLC ?PBK@B>KA.g@F>I6FQEAO>T>IPBB
M>DB"LKPRIQQEB4KFSBOPFQV@>IBKA>OCLOPMB@Fh@A>QBP
@CH66<4@FCD6DRKABODO>AR>QB>KADO>AR>QB
PQRABKQP@>KJ>HB@LROPB@E>KDBP>AALOAOLMTFQELRQ
MBK>IQVQEOLRDEQEBQBKQEA>VLCQEBPBJBPQBO I>QB
CBBTFII?B@E>ODBACLO@LROPB>AAP>CQBOQEBQBKQEA>VLC
QEBPBJBPQBO>KAFKPQOR@QLOMBOJFPPFLKFPOBNRFOBA-L
AOLMP>OB>IILTBA>CQBOQEBQBKQEA>VLCQEBPBJBPQBOCLO
DO>AR>QBPQRABKQP@LROPBTFQEAO>T>IP>OBMBOJFQQBA
QEOLRDEQEBPBSBKQETBBHLCQEBPBJBPQBO>KA>DO>ABLC
66FQEAO>T>ITFII?B>PPFDKBA3RFQFLKTFII?B>AGRPQBA
CLOFKAFSFAR>I@LROPBTFQEAO>T>IP?>PBALKQEBP@EBARIB
MLPQBACLO+B>SBPLC ?PBK@B>KA.g@F>I6FQEAO>T>IPBB
M>DB
 6/(">Q>ILD
Note: If a degree-seeking student is dropping or withdrawing
from all registered course activity, they must either take an
institutional leave of absence or o8cially withdraw from the
University.
#FOB@QLOV(KCLOJ>QFLK>KA1BIB>PBLC
(KCLOJ>QFLK
3EBFQBJPIFPQBA?BILT>OBABPFDK>QBA>P[#FOB@QLOV
(KCLOJ>QFLK^CLOB>@EPQRABKQ@>JMRPJ>FI?LUCRIIK>JB
VB>OJ>GLO>ASFPLOBJ>FI>AAOBPPMBOJ>KBKQ>AAOBPP
IL@>I>AAOBPPIL@>IMELKBMELQLDO>MEA>QB>KAMI>@BLC
?FOQEA>QBPLC>QQBKA>K@BBKOLIIJBKQPQ>QRPABDOBBP>KA
>T>OAPOB@BFSBA>KAJLPQOB@BKQLOMOBSFLRPBAR@>QFLK>I
>DBK@VLOFKPQFQRQFLK
4KABOQEBMOLSFPFLKPLCQEB%>JFIV$AR@>QFLK>I1FDEQP>KA
/OFS>@V @QLC%$1/ QEBFKPQFQRQFLKFPMBOJFQQBAQL
OBIB>PB#FOB@QLOV(KCLOJ>QFLKTFQELRQ>PQRABKQP@LKPBKQ
PQRABKQELTBSBOE>PQEBOFDEQQLOBPQOF@QQEBAFP@ILPROB
LC>KVLO>II LCQEBFO#FOB@QLOV(KCLOJ>QFLK6OFQQBK
KLQFh@>QFLKQLTFQEELIA#FOB@QLOV(KCLOJ>QFLKJRPQ?B
OB@BFSBA?VQEB1BDFPQO>OP.g@BAROFKDQEBhOPQTBBHLC
QEBC>IIPBJBPQBO QBOJ%LOJP>OB>S>FI>?IBFKQEB
1BDFPQO>OP.g@BLOLKQEB1BDFPQO>OPTB?PFQB OBNRBPQQL
OBPQOF@QQEBAFP@ILPROBLC#FOB@QLOV(KCLOJ>QFLKALBPKLQ
OBPQOF@QFKQBOK>IRPBLCPR@E?VQEBFKPQFQRQFLK
3RFQFLK>KA%BBP
3RFQFLKCLO>II@LROPBPQ>HBK?VDO>AR>QBPQRABKQPFP?>PBA
LK>CBBMBO@OBAFQELROCLOQEB>@>ABJF@
VB>O3EB&O>AR>QB2QRABKQ.OD>KFW>QFLK%BBFPCLO
CRIIQFJBPQRABKQP>KACLOM>OQQFJBPQRABKQPB>@E
PBJBPQBO'B>IQE6BIIKBPPCBBJ>V?B@E>ODBACLOLK
@>JMRPPQRABKQP2BBEQQMPTTTTMFBARLg@BP?ROP>O
QRFQFLKCLO@ROOBKQQRFQFLK>KACBBFKCLOJ>QFLK
3RFQFLK AGRPQJBKQPCLO+B>SBP>KA
6FQEAO>T>IP
3RFQFLK>AGRPQJBKQPTFIICLIILTQEBP@EBARIB?BILT?>PBA
LKQEB@BOQFhBAI>PQA>QBLC>QQBKA>K@BCLO(KPQFQRQFLK>I
+B>SBLC ?PBK@BP>KA.g@F>I6FQEAO>T>IP KV
OBDFPQO>QFLKPFKPBJBPQBOPLOQBOJPQE>QE>SBKLQ?BDRK
?BCLOBQEB@BOQFhBAA>QBLCI>PQ>QQBKA>K@BTFII?BAOLMMBA
6BBHP>OB@LRKQBACOLJQEBLg@F>IPQ>OQA>QBLCQEB
PBJBPQBO
#2DE2E6@7EE6?52?46FC:?8+F:E:@?5;FDE>6?E
6BBH 
6BBH 
6BBH 
6BBH 
6BBH 
6BBH 
6BBH>KA>CQBO 
-LQB3EFP>MMIFBPQLPQRABKQPQ>HFKD>IB>SBLC>?PBK@BLO
Lg@F>IIVTFQEAO>TFKDCOLJQEBFKPQFQRQFLKCLO>KFKAFSFAR>I
@LROPBTFQEAO>T>IMIB>PBOBCBOQLQEB"LROPB"E>KDBP
PB@QFLKCLOMLIF@V>KAOBCRKAFKCLOJ>QFLK
RAFQ1>QB
OBAR@BAQRFQFLKO>QBMBOPBJBPQBOELROCLOQEB
>@>ABJF@VB>OFP>S>FI>?IBCLOQELPBTELTFPEQL
>RAFQ>@LROPB RAFQOBDFPQO>QFLK@>KKLQ?B@E>KDBAQL
@OBAFQLK@BQEBPBJBPQBOE>PPQ>OQBA
3RFQFLK/>VJBKQP!FIIFKD
6/(PBKAPBIB@QOLKF@?FIIPQ>QBJBKQPB!FIIQLQEB6/(BJ>FI
>AAOBPP>PPFDKBAQLB>@EPQRABKQ!FIIP>OBPBKQFKQEBC>II
>KAPMOFKDPBJBPQBOP(QFPFJMLOQ>KQQLSFBTB>@EKBTB!FII
VLROB@BFSB>P@E>KDBP@LRIAE>SBL@@ROOBAFKVLRO
>@@LRKQ
3RFQFLKJRPQ?BM>FAFKCRII?VQEBPMB@FhBAARBA>QBLK
QEBBIB@QOLKF@?FIIB!FIIPQ>QBJBKQ2QRABKQPQE>QOBDFPQBO
TFQEFKLKBTBBHMOFLOQLQEBB!FIIARBA>QB>OBOBNRFOBAQL
M>V>QQEBQFJBLCOBDFPQO>QFLK2QRABKQPOBJFQM>VJBKQ
LKIFKBTFQE>@EB@HFKD>@@LRKQKLCBBLOSF>@OBAFQ@>OA
CBB%LOFKQBOK>QFLK>I@OBAFQ@>OALOALJBPQF@>KA
FKQBOK>QFLK>ITFOBM>VJBKQPSFPFQEQQMPTTTiVTFOB@LJ
P@ELLITMF%LOFKCLOJ>QFLKLKQEBB!FIIMOL@BPPLO
M>VJBKQLMQFLKPMIB>PBSFPFQTTTTMFBAR?FII
+>QB%BBP
+>QBCBBPLCRMQLTFII?B>PPBPPBALK?>I>K@BP>KA
>@@LRKQFKDELIAPTFII?BMI>@BALK>@@LRKQP3EBhOPQI>QB
CBBFP>PPBPPBA>CQBOQEBFKFQF>IARBA>QBCLOQEB?FIIPQEB
PB@LKAFPQVMF@>IIV>PPBPPBAJFAPBJBPQBOCLOLRQPQ>KAFKD
?>I>K@BP6/(CRIIVPRMMLOQPQEB5BQBO>KP!BKBhQP>KA
3O>KPFQFLK @QLC2B@>JBKAP42@LABQLMOBSBKQ
P@ELLIPCOLJMBK>IFWFKD"ELOPQRABKQPFCTEBKQEB
5 FPI>QBJ>HFKDM>VJBKQP6/(MLIF@VPRMMLOQP>KA
>DOBBPQLQEB5 OB@LJJBKA>QFLKPLCQEBCLIILTFKDTEFIB
T>FQFKDCLO5 M>VJBKQP6/(>DOBBPQLKLQMOBSBKQ
BKOLIIJBKQ@E>ODB>I>QBMBK>IQVCBBPOBNRFOB>IQBOK>QFSB
LO>AAFQFLK>IPLRO@BPLCCRKAFKDLOABKV>@@BPPQLP@ELLI
OBPLRO@BP
 6/(">Q>ILD
,LKQEIV/>VJBKQ.MQFLK
JLKQEIVM>VJBKQMI>KFP>S>FI>?IBCLOB>@EPBJBPQBO
/>VJBKQPTFII?BAFSFABAFKQLBNR>IJLKQEIVM>VJBKQP
3EBOBFP>K>KKR>ILOPBJBPQBOBKOLIIJBKQCBBCLORPB
'LTBSBOQEBOB>OBKL>AAFQFLK>I@E>ODBPLOFKQBOBPQI>QB
CBBPLOOBQROKBAM>VJBKQCBBPJ>V>MMIV%LOJLOB
FKCLOJ>QFLK@LKQ>@QQEB!ROP>OP.g@B>Q
TTTTMFBAR?FII
'B>IQE(KPRO>K@B
IICRIIQFJBDO>AR>QBPQRABKQPJRPQ?B@LSBOBA?VEB>IQE
>KA>@@FABKQFKPRO>K@BBNRFS>IBKQQLQE>QLfBOBARKABO
QEB6/(2QRABKQ'B>IQE(KPRO>K@B/I>K2QRABKQPJRPQ
@LJMIBQB>T>FSBOCLOJLKIFKB>KKR>IIVFCQEBVTFPEQLKLQ
MRO@E>PBQEB6/(LfBOBAMI>K.MQFLK>I@LSBO>DBCLO>
PMLRPBLOABMBKABKQFP>S>FI>?IB
/IB>PB@LKQ>@QQEB!ROP>OP.g@B
TTTTMFBAR?FIICLOCROQEBOFKCLOJ>QFLK
5FPFQRP>KVQFJB>QTTTTMFBAROBDFPQO>O
#BDOBB1BNRFOBJBKQP
3EBCLIILTFKD>OB6/(PJFKFJRJOBNRFOBJBKQPCLO
>AS>K@BAABDOBBP3EBDBKBO>IOBNRFOBJBKQPCLO>II
>AS>K@BAABDOBBPJRPQ?BP>QFPhBAQLB>OK>KV>AS>K@BA
ABDOBB3EB>AAFQFLK>IOBNRFOBJBKQPCLOPMB@Fh@ABDOBBP
JRPQ?BP>QFPhBAFKLOABOQLB>OKQEBPMB@FhBAABDOBB
OBD>OAIBPPLCQEBhBIAFKTEF@EQEBABDOBBFPB>OKBA/IB>PB
OBSFBTABM>OQJBKQOBNRFOBJBKQPCLOJLOBPMB@Fh@
FKCLOJ>QFLK
&BKBO>I1BNRFOBJBKQPCLO II AS>K@BA
#BDOBBP
IIABDOBBOBNRFOBJBKQPJRPQ?BP>QFPhBA?BCLOBQEB
ABDOBBFP>T>OABA$U@BMQFLKPQLDBKBO>I>KAPMB@Fh@
ABDOBBOBNRFOBJBKQPLOQLLQEBOORIBPJ>V?BJ>AB?RQ
LKIV?VQEB"LJJFQQBBLK&O>AR>QB2QRAFBP>KA1BPB>O@E
"&21
1BNRBPQPCLOBU@BMQFLKP>OBQL?BJ>AB?VTOFQQBK
MBQFQFLKQLQE>Q@LJJFQQBB
QQEBQFJBQEBABDOBBFP>T>OABAQEBPQRABKQJRPQE>SB
?BBK>AJFQQBAQLQEBDO>AR>QBMOLDO>JLCQEBABDOBB
DO>KQFKDMOLDO>J AJFKFPQO>QFSBIV>ABDOBBDO>KQFKD
MOLDO>JJ>V?B>ABM>OQJBKQLO>MOLDO>J
JFKFJRJLCQTLQEFOAPLCQEBOBNRFOBADO>AR>QB@OBAFQ
CLO>K>AS>K@BAABDOBBJRPQ?BB>OKBA>Q6/(
IIABDOBB>KA@BOQFh@>QBMOLDO>JPOBNRFOB>JFKFJRJ
MOLDO>J&/ LC
(K>MMIVFKDCLODO>AR>QFLKQEBPQRABKQJRPQPMB@FCV?V
VB>OTEF@EDO>AR>QB@>Q>ILD@LKQ>FKPQEBORIBP?BFKD
P>QFPhBA3EBPBORIBPJ>V?BQELPBFKMI>@BLKQEBA>QBLC
QEBPQRABKQPJ>QOF@RI>QFLKQELPBFKMI>@BLKQEBA>QBLC
QEBPQRABKQP>MMIF@>QFLKCLODO>AR>QFLKLOQELPBFKMI>@B
FK>PFKDIBDO>AR>QB@>Q>ILDFKBfB@Q?BQTBBKQEBA>QBPLC
J>QOF@RI>QFLK>KADO>AR>QFLK
CQBOQEB MMIF@>QFLKCLO#BDOBBFPPR?JFQQBA>II>AS>K@BA
ABDOBBP>OBPR?GB@QQLQEBhK>I>MMOLS>ILCQEB1BDFPQO>OP
.g@BTEF@EABQBOJFKBPFCQEBPQRABKQE>PP>QFPhBAQEB
IBQQBO>KAFKQBKQLCQEBOBNRFOBJBKQPCLO>AS>K@BAABDOBBP
3EB1BDFPQO>OP.g@BPR?JFQP>@>KAFA>QBPIFPQQL"&21TEL
J>HBQEBFOOB@LJJBKA>QFLKPCLOQEB>MMOLS>ILC>AS>K@BA
ABDOBBPQLQEBC>@RIQVLCQEBFKPQFQRQBTEF@EFKQROK
OB@LJJBKAPQLQEBMOBPFABKQ>KAQORPQBBPCLOQEBFOhK>I
>MMOLS>IQEBK>JBPLCPQRABKQPTELPELRIA?B>T>OABA
>AS>K@BAABDOBBP
1BNRFOBJBKQPCLOQEB,>PQBOLC!RPFKBPP AJFKFPQO>QFLK
>KA,>PQBOLC,>QEBJ>QF@PCLO$AR@>QLOP>MMB>ORKABOQEB
ABP@OFMQFLKPLCQEB>T>OAFKDMOLDO>JP
&BKBO>I1BNRFOBJBKQPCLOQEB,>PQBOLC2@FBK@B
>KA,>PQBOLC$KDFKBBOFKD
3EBPQRABKQJRPQL?Q>FK>JFKFJRJLC@OBAFQELROPLC
>@@BMQ>?IB@LROPBQEBPFPLOMOLGB@QTLOH
(C>QEBPFPFPOBNRFOBA?VQEBPQRABKQPMOLDO>JFQJRPQ
FK@IRAB>QIB>PQ@OBAFQELROPLCOBPB>O@EAFOB@QBAQLT>OA
QEBQEBPFPFK>MOLGB@QOBPRIQFKDFKQEB@LJMIBQFLKLC>K
,2QEBPFP
PQRABKQ@LJMIBQFKD>J>PQBOPABDOBBTFQE>QEBPFP
LMQFLKFPOBNRFOBAQLJ>HB>MR?IF@MOBPBKQ>QFLKLCQEB
QEBPFP#BM>OQJBKQPJ>V>QQEBFOLMQFLKBUQBKAQEB
MOBPBKQ>QFLKQLFK@IRAB>ABCBKPBLCQEBQEBPFP
3EBPQRABKQJRPQL?Q>FK>JFKFJRJLC@OBAFQELROPLC
DO>AR>QBIBSBI@LROPBPLOQEBPFP@OBAFQELROPCLO
PQRABKQPFKQEB"LJ?FKBA!>@EBILOP,>PQBOP/OLDO>J
FK@IRAFKD>QIB>PQ@OBAFQELROPLCDO>AR>QBIBSBI@LROPBP
LOQEBPFPFKQEBJ>GLOhBIALCQEBPQRABKQ.QEBO@LROPBPQL
J>HBRMQEBJFKFJRJQLQ>ILC@OBAFQELROPJ>V
FK@IRAB>AS>K@BARKABODO>AR>QB@LROPBP>MMOLSBA?VQEB
PQRABKQPMOLDO>J2R@E@LROPBP>OBKLOJ>IIV@LKPFABOBA
QL?BQELPB>QQEBIBSBI3EBRPBLC>AS>K@BA
RKABODO>AR>QB@LROPBPCLOP>QFPC>@QFLKLCDO>AR>QBABDOBB
OBNRFOBJBKQPJRPQ?B>MMOLSBA?VQEBPQRABKQPMOLDO>J
RKFQ6/(RKABODO>AR>QB@LROPBQ>HBKCLODO>AR>QB
@OBAFQFP>PPFDKBA@OBAFQELROPLCDO>AR>QB@OBAFQ 
DO>AR>QBPQRABKQOBDFPQBOBACLODO>AR>QB@OBAFQFK>K
RKABODO>AR>QB@LROPBJ>V?B>PPFDKBA>AAFQFLK>ITLOH>Q
QEBAFP@OBQFLKLCQEBFKPQOR@QLO
 6/(">Q>ILD
&BKBO>I1BNRFOBJBKQPCLOQEB#L@QLO>QB
3EBPQRABKQJRPQABJLKPQO>QBQLQEBC>@RIQVEFDE
>@>ABJF@>QQ>FKJBKQ>KAQEB>?FIFQVQL@>OOVLKLOFDFK>I
FKABMBKABKQOBPB>O@E
3EBPQRABKQJRPQ@LJMIBQB>JFKFJRJLC@OBAFQELROP
LCDO>AR>QBTLOH?BVLKAQEB?>@EBILOPABDOBBLO>
JFKFJRJLC@OBAFQELROPLCDO>AR>QBTLOH?BVLKAQEB
J>PQBOPABDOBBFK@IRAFKDFKBFQEBO@>PB>QIB>PQ@OBAFQ
ELROPLCOBPB>O@E
3EBPQRABKQJRPQBPQ>?IFPEOBPFABK@V?V?BFKD>CRIIQFJB
DO>AR>QBPQRABKQCLO>QIB>PQLKB@LKQFKRLRP>@>ABJF@
VB>O
3EBPQRABKQJRPQ>QQ>FKPQ>QRP>P>AL@QLO>I@>KAFA>QB?V
P>QFPCVFKDPMB@Fh@ABDOBBOBNRFOBJBKQPFKQEBPQRABKQP
hBIA
3EBPQRABKQJRPQMOBM>OB>AL@QLO>IAFPPBOQ>QFLK>KA
ABCBKAFQ?BCLOB>#FPPBOQ>QFLK"LJJFQQBB>QIB>PQQTLLC
TELPBJBJ?BOPJRPQ?BCOLJQEBPQRABKQPMOLDO>J>KA
>QIB>PQLKBLCTELPBJBJ?BOPJRPQ?BCOLJLRQPFABQEB
PQRABKQPMOLDO>J CQBO>PR@@BPPCRIABCBKPBABQBOJFKBA
?V>J>GLOFQVSLQBFKQEB>gOJ>QFSB?VQEB#FPPBOQ>QFLK
"LJJFQQBBQEBAFPPBOQ>QFLKJRPQ?BBKALOPBA?VQELPB
JBJ?BOPLCQEB#FPPBOQ>QFLK"LJJFQQBBTELSLQBAQL
>MMOLSBFQ3EB@LJMIBQBAAFPPBOQ>QFLKJRPQCLIILTFK
CLOJ>QQEBFKPQOR@QFLKPMR?IFPEBA?VQEBIF?O>OVPBBM>DB
 CQBOhK>I>MMOLS>ICLOCLOJ>QLCQEBAFPPBOQ>QFLKQEB
/OLSLPQTFIIKLQFCVQEB1BDFPQO>OQE>QQEBAFPPBOQ>QFLKE>P
?BBK>MMOLSBA
.K@B>PQRABKQE>PP>QFPhBAQEBABM>OQJBKQ>I@>KAFA>@V
OBNRFOBJBKQPQEBPQRABKQTFII?BMBOJFQQBAQLBKOLIICLO
AFPPBOQ>QFLK@OBAFQP/OFLOQL@LJMIBQFLKLC@>KAFA>@V
OBNRFOBJBKQP>PQRABKQJ>VBKOLIICLOKLJLOBQE>K
@OBAFQPLCAFOB@QBAOBPB>O@E
&BKBO>I1BNRFOBJBKQPCLOQEB"LJ?FKBA
!>@EBILOP,>PQBOP#BDOBB/OLDO>J
.KIVOBDFPQBOBA6/(RKABODO>AR>QBPJ>VBKQBOQEB
"LJ?FKBA!>@EBILOP,>PQBOP/OLDO>J3LBKQBO>PQRABKQ
JRPQPR?JFQ>K>MMIF@>QFLK>KAOBNRFOBAPRMMLOQJ>QBOF>IP
QL6/(P.g@BLC&O>AR>QB AJFPPFLKPMOBCBO>?IVFKQEB
GRKFLOVB>O AJFPPFLKQLQEB@LJ?FKBAMOLDO>JFPJ>AB
?VQEBC>@RIQVLCQEBMOLDO>JQE>Q>T>OAPQEBDO>AR>QB
ABDOBB PQRABKQFKQEB@LJ?FKBAMOLDO>J@LKQFKRBPQL
?BOBDFPQBOBA>P>KRKABODO>AR>QBRKQFIQEB?>@EBILOP
ABDOBBFP>T>OABA
6EFIBFKQEB@LJ?FKBAMOLDO>J>PQRABKQJ>V@LKQFKRBQL
BKOLIIFK@LROPBPLOMOLGB@QPQLT>OAQEBRKABODO>AR>QB
ABDOBBQEBPQRABKQJ>V>IPLOBDFPQBOCLODO>AR>QB@LROPBP
MOLGB@QPAFOB@QBAOBPB>O@ELOQEBPFP@OBAFQPQLT>OAQEB
J>PQBOPABDOBB
PQRABKQFKQEB@LJ?FKBAMOLDO>JJ>VTFQEFKQEB
MOLDO>JIFJFQ>KATFQEMOFLO>MMOLS>IRPB>IFJFQBA
KRJ?BOLCQEBP>JB@LROPBPQLT>OAQEB?>@EBILOP>KA
J>PQBOPABDOBBP3EBIFJFQ>QFLKFP@LJMRQBACOLJQEB
DO>AR>QB@OBAFQELROPCLOB>@E@LROPB"LROPBPTELPB
@OBAFQELROPQLQ>IKLJLOBQE>KLCQEB@OBAFQELROP
OBNRFOBACLOQEBJ>PQBOPABDOBB>KATEF@EJBBQ>IILQEBO
OBNRFOBJBKQPCLOB>@EABDOBBJ>V?BRPBAQLP>QFPCV
OBNRFOBJBKQPCLO?LQEABDOBBP2R@E@LROPBP>OBOB@LOABA
LKQEBQO>KP@OFMQRPFKDQEB@OBAFQELROPRKFQP>KADO>ABP
>MMOLMOF>QB>QQEBDO>AR>QBLORKABODO>AR>QBIBSBIP%LO
PQRABKQPFKQEB@LJ?FKBAMOLDO>J>MMOLSBA
RKABODO>AR>QB@LROPBP>OB>PPFDKBADO>AR>QB@OBAFQTFQE>
@LKSBOPFLKO>QBLC6/(RKABODO>AR>QBRKFQ@OBAFQ
ELROP&O>AR>QB@LROPBP>MMIFBAQLT>OAQEBRKABODO>AR>QB
ABDOBB>OB>T>OABARKABODO>AR>QB@OBAFQTFQE>
@LKSBOPFLKO>QBLC@OBAFQELRORKABODO>AR>QBRKFQ
2QRABKQPFKQEB@LJ?FKBAMOLDO>JJ>VRPB>AS>K@BA
RKABODO>AR>QB@LROPBPQLP>QFPCVDO>AR>QBABDOBB
OBNRFOBJBKQP3EB>@>ABJF@ABM>OQJBKQAB@FABPTEF@E
@LROPBPJ>V?BRPBAFKQEFPT>V%>@RIQVJBJ?BOPQB>@EFKD
QEBPB>AS>K@BARKABODO>AR>QB@LROPBPJ>VFJMLPB
PMB@F>IOBNRFOBJBKQP
(CQEBMOLDO>JP>T>OAFKDQEB?>@EBILOP>KAJ>PQBOP
ABDOBBP>OBKLQQEBP>JBQEBMOLDO>J>T>OAFKDQEB
DO>AR>QBABDOBBJ>VOBNRFOBQE>QQEBPQRABKQPJ>GLO
NR>IFCVFKDMOLGB@QOBI>QBFKPLJBT>VQLQEBDO>AR>QB
MOLDO>JPAFP@FMIFKB3EBDO>AR>QBMOLDO>JJ>V>IPLJ>HB
LQEBOOBNRFOBJBKQP>PFQABBJP>MMOLMOF>QBFK>KV
FKAFSFAR>I@>PB AAFQFLK>IOBNRFOBJBKQP>MMB>OTFQEFK
B>@EABM>OQJBKQPPB@QFLKFKQEFP@>Q>ILD
3LL?Q>FK>J>PQBOPABDOBBSF>QEB@LJ?FKBAMOLDO>JQEB
PQRABKQJRPQP>QFPCV>IIOBNRFOBJBKQPCLOQE>QJ>PQBOP
ABDOBB3LL?Q>FK>?>@EBILOPABDOBBSF>QEB@LJ?FKBA
MOLDO>JQEBPQRABKQJRPQP>QFPCV>IIOBNRFOBJBKQPCLOQE>Q
?>@EBILOPABDOBB
3EBQFJBIFJFQCLO@LJMIBQFKDQEB@LJ?FKBAMOLDO>JS>OFBP
?VABM>OQJBKQCOLJLKBQLCLROVB>OP2BBABM>OQJBKQ
ABP@OFMQFLKCLOCRIIFKCLOJ>QFLK
+FJFQ>QFLKLC3FJBQL"LJMIBQB#BDOBB
2QRABKQPJRPQ@LJMIBQBABDOBBOBNRFOBJBKQPTFQEFKQEB
CLIILTFKDQFJBIFKBP
68C66 +:>6#:>:E
&O>AR>QBLO AS>K@BA"BOQFh@>QB 6FQEFKVB>OPLCJ>QOF@RI>QFLK
,>PQBOZP#BDOBB,2,$-&1,,$6FQEFKVB>OPLCJ>QOF@RI>QFLK
 6/(">Q>ILD
68C66 +:>6#:>:E
,!  6FQEFKVB>OPLCJ>QOF@RI>QFLK
/E# 6FQEFKVB>OPLCJ>QOF@RI>QFLK
MMOLSBAIB>SBPLC>?PBK@BALKLQPQLMQEB@IL@HCLOQEB
@LJMIBQFLKLCQEBABDOBB2QRABKQPTELOBNRFOBJLOBQFJB
QL@LJMIBQBQEBFOABDOBBJRPQMBQFQFLKQEB#B>KLC
&O>AR>QB2QRAFBPQL@LKQFKRB
3O>KPCBOP>KA6>FSBOP
PQRABKQJ>VMBQFQFLKQLRPBDO>AR>QB@LROPBP@LJMIBQBA
>QLQEBO>@@OBAFQBAABDOBBDO>KQFKDFKPQFQRQFLKPQLP>QFPCV
6/(DO>AR>QBABDOBBOBNRFOBJBKQP J>UFJRJLCLKB
QEFOALCQEB@OBAFQOBNRFOBJBKQPCLO>DO>AR>QBABDOBBJ>V
?BP>QFPhBA?V@LROPBPQ>HBKBIPBTEBOB>KAKLQRPBAQL
P>QFPCVABDOBBOBNRFOBJBKQP>QLQEBOFKPQFQRQFLKP
2QRABKQPPELRIAPR?JFQQEBFOMBQFQFLKPQLQEBFO>@>ABJF@
ABM>OQJBKQLOMOLDO>JLK@BQEBV>OB>MMOLSBAQEBV>OB
hIBATFQEQEB1BDFPQO>O
3LBKPROBQE>QTLOH@LJMIBQBA>QLQEBOFKPQFQRQFLKP
@LKPQFQRQBP@ROOBKQMO>@QF@BFKQEBhBIA>6/(MOLDO>JJ>V
PBQ>KBUMFO>QFLKA>QBLKQO>KPCBO@OBAFQ CQBOQEFPA>QBQEB
@LROPBJ>VKLQ?B@LRKQBAQLT>OAP>6/(ABDOBB
3O>KPCBOOBA@LROPBP>OBOB@LOABALKQEBPQRABKQP6/(
QO>KP@OFMQTFQEQEBDO>AB"1>KA>OBKLQFK@IRABAFKQEB
@>I@RI>QFLKLCDO>ABMLFKQ>SBO>DBP&O>ABPB>OKBAFK
!FLJBAF@>I"LKPLOQFRJ@LROPBPELTBSBO>OBOB@LOABALK
QEBQO>KP@OFMQ>PFCQEBVTBOBQ>HBK>Q6/(FQPBIC
PQRABKQTELTFQEAO>TPCOLJ>DO>AR>QBMOLDO>J>KAFP
I>QBOOB>AJFQQBAJ>V>MMIV@LROPBP>KALQEBO@OBAFQP
@LJMIBQBA?BCLOBQEBTFQEAO>T>IQLT>OAQEBABDOBB3EB
>AJFQQFKDMOLDO>JTFIIABQBOJFKB>QQEBQFJBLC
OB>AJFPPFLKTEF@E@LROPBPQ>HBK?VQEBPQRABKQJ>V?B
>MMIFBAQLT>OAQEBABDOBB>KAQEBI>QBPQA>QBQELPB
@LROPBPJ>V?B>MMIFBA3EBOBFPKLIFJFQLQEBOQE>KQE>Q
FJMLPBA?VQEBMOLDO>JLKQEBKRJ?BOLC@OBAFQP>
OB>AJFQQBAPQRABKQJ>VRPBCOLJMOFLO>AJFPPFLKPQLQEB
P>JBABDOBBMOLDO>J
6FQEQEB>MMOLMOF>QB?>@HDOLRKA>PQRABKQJ>V>PH
MBOJFPPFLKQLT>FSB>OBNRFOBA@LROPB>KAPR?PQFQRQB>
PMB@FhBAJLOB>AS>K@BA@LROPBFKQEBP>JBAFP@FMIFKB
1BNRBPQP>OBPR?GB@QQL>MMOLS>I?VQEBPQRABKQPMOLDO>J
>KAJRPQ?BhIBATFQEQEB1BDFPQO>OTFQEFKLKBVB>OLCQEB
A>QBLCJ>QOF@RI>QFLKFKQEBMOLDO>J MOLDO>JJ>VT>FSB
TFQEPMB@FhBAPR?PQFQRQFLKPRMQLQEOBBOBNRFOBA@LROPBP
CLO>PFKDIBPQRABKQ
@@BMQ>?FIFQVLC"OBAFQ MMIF@>?IBQL>K
AS>K@BA#BDOBB
&O>AR>QBIBSBI@OBAFQL?Q>FKBACOLJ@LROPBPQEBPFP>KA
MOLGB@QTLOHJ>VFK@IRAB
] "LROPBTLOHFK@IRABAFKQEB>MMOLSBA/I>KLC2QRAV
] "LROPBTLOH@LJMIBQBA>QQEBDO>AR>QBIBSBI>KA
PR@@BPPCRIIVQO>KPCBOOBAQL6/(COLJLQEBO>@@OBAFQBA
ABDOBBDO>KQFKDFKPQFQRQFLKPPBB3O>KPCBOP>KA
6>FSBOP
] &O>AR>QB@LROPBTLOH@LJMIBQBA>QQEB
RKABODO>AR>QBIBSBI>Q6/(>KAKLQ>MMIFBAQLT>OA
>KLQEBOABDOBB
J>UFJRJLCLKBQEFOALCQEB@OBAFQOBNRFOBJBKQPCOLJ
LKBDO>AR>QBABDOBBBFQEBO@LJMIBQBALOFKMOLDOBPP>Q
6/(J>V?BRPBAFKM>OQF>ICRIhIIJBKQLCQEBOBNRFOBJBKQP
CLO>KLQEBODO>AR>QBABDOBB>Q6/(
-L@OBAFQJ>V?BQOFMIB@LRKQBACLO>KVABDOBB>Q>KVIBSBI
LCPQRAV
 "&21`3EB"LJJFQQBBLK&O>AR>QB2QRAFBP>KA
1BPB>O@E"&21FP@LK@BOKBATFQE>IIMLPQ
?>@@>I>ROB>QBMOLDO>JPLCQEB4KFSBOPFQV>KA
OBSFBTP>KAOB@LJJBKAP@E>KDBPFK6/(MLIF@FBPLK
DL>IPPQRABKQOB@ORFQJBKQ>AJFPPFLKP>@>ABJF@
PQ>KA>OAPQB>@EFKD>KAOBPB>O@E>PPFPQ>KQPEFMP
P@ELI>OPEFMP>KACBIILTPEFMP(Q>IPLJ>HBP
OB@LJJBKA>QFLKPQLQEBC>@RIQV>KA>AJFKFPQO>QFLK
LKKBTDO>AR>QBMOLDO>JP>KA@LROPBP>KA@E>KDBP
FKMOLDO>JP>KA@LROPBP3EB@LJJFQQBB>@QPLK
>AJFPPFLKLCDO>AR>QBPQRABKQPQLABDOBB@>KAFA>@V
AFPJFPP>ICLOC>FIROBQLJBBQ>@>ABJF@PQ>KA>OAP>KA
PQRABKQMBQFQFLKPLK>@>ABJF@J>QQBOP(Q?OFKDPQL
QEBC>@RIQVCLO>@QFLKQEBK>JBPLCPQRABKQPTELJFQ
E>PABQBOJFKBA>OBBIFDF?IBCLOMLPQ?>@@>I>ROB>QB
ABDOBBP3EB@LJJFQQBBOBSFBTP>KAOB@LJJBKAP
@E>KDBPFKMLIF@VLKQEBCRKAFKDMOLJLQFLK>KA
@LKAR@QLCOBPB>O@E>Q6/(
 &/ `3EB&O>AB/LFKQ SBO>DB&/ FP@>I@RI>QBA>P
QEBPRJLCQEBMOLAR@QPLCQEBDO>ABMLFKQP>KA
@OBAFQELROPCLOB>@EOBDFPQBOBA>@QFSFQVFKQEB
>SBO>DBAFSFABA?VQEBQLQ>IKRJ?BOLC@OBAFQELROP
CLO>IIOBDFPQBOBA>@QFSFQFBPFKQEB>SBO>DB&O>AB
MLFKQP>OB>PCLIILTP !"#
>KA%
 6/(">Q>ILD
3EBPBP>KA#FPPBOQ>QFLKP
6/(FP>JBJ?BOLCQEB-BQTLOHBA#FDFQ>I+F?O>OVLC3EBPBP
>KA#FPPBOQ>QFLKP3EFPLOD>KFW>QFLKFPABAF@>QBAQL
[RKIL@HFKD>@@BPPQLDO>AR>QBBAR@>QFLK^?VJ>HFKDQEB
CRIIQBUQLCQEBPBP>KAAFPPBOQ>QFLKP>S>FI>?IBLKIFKB
2QRABKQP>OBOBNRFOBAQLPR?JFQ>KBIB@QOLKF@SBOPFLKLC
QEBFOQEBPFPLOAFPPBOQ>QFLKBKQFOBIVQEOLRDEQEBTB?
2R?JFPPFLKAB>AIFKBPQEOLRDELRQQEBVB>O>OBMR?IFPEBAFK
QEB1BDFPQO>OP@>IBKA>OEQQMPTTTTMFBARLg@BP
OBDFPQO>O@>IBKA>O2QRABKQPPELRIA@LKPRIQTFQEQEBFO
ABM>OQJBKQMOLDO>JCLO>KVABCBKPBP@EBARIFKDAB>AIFKBP
>KAMLIF@FBP?RQ>Q>JFKFJRJPELRIAMI>KQLELIAQEBFO
ABCBKPBKLI>QBOQE>KTBBHP?BCLOB>K$3#PR?JFPPFLK
AB>AIFKBQL>IILT>ABNR>QBQFJBCLO>KV$3#OBSFPFLKP
?BCLOBhK>IPR?JFPPFLK
,LPQPR?JFQQBAQEBPBP>KAAFPPBOQ>QFLKPTFII?BJ>AB
>S>FI>?IBQLQEBDBKBO>IMR?IF@SF>QEBTB??RQFKAFSFAR>I
>RQELOP>KAQEBFO>ASFPLOPJ>V@ELLPBQLQBJMLO>OFIV
OBPQOF@Q>@@BPPQLQEBFOTLOHP?>PBALKC>@QLOPQE>QFK@IRAB
@LKhABKQF>IFQV>KAFKQBIIB@QR>IMOLMBOQV2QRABKQPPELRIA
AFP@RPPQEBPBFPPRBPQELOLRDEIVTFQEQEBFO>ASFPLOP>KA
@LJJFQQBBJBJ?BOP>PB>OIVFKQEBMOL@BPP>PMLPPF?IB
3EBCLIILTFKD>OBOBNRFOBACLOMOLMBOPR?JFPPFLKLC
BIB@QOLKF@QEBPBP>KAAFPPBOQ>QFLKP$3#P
 MMOLS>I%LOJ2FDK>QROBP3EFP@>K?B>P@>KKBA
@LMVLCVLROPFDKBAQEBPFPPFDK>QROBM>DBLOFQ@>K?B
>AFDFQ>IIVPFDKBACLOJQE>QFK@IRABPVLROQEBPFPQFQIB
ABDOBBA>QB>KA@LJJFQQBBJBJ?BOP CLOJCLO
@LIIB@QFKDAFDFQ>IPFDK>QROBPFP>S>FI>?IBLKQEB$3#
PR?JFPPFLKFKCLOJ>QFLKM>DB8LRTFIIPR?JFQQEB
PFDKBA MMOLS>I%LOJQLQEB1BDFPQO>OP.g@B
QEOLRDEQEBB/OLGB@QPPR?JFPPFLKPVPQBJ>PVLR
PR?JFQVLROQEBPFP
 8LROQEBPFPLOAFPPBOQ>QFLK@LKSBOQBAQL>PFKDIB/#%
hIB>KARMIL>ABASF>B/OLGB@QP(CVLRE>SB>AAFQFLK>I
hIBPLO>MMBKAF@BPQEBPBPELRIA?B>AABA>P
PBM>O>QBPRMMIBJBKQ>OVhIBPO>QEBOQE>KPR?JFQQFKD
VLROQEBPFP>P>/#%MLOQCLIFL2QRABKQPTFIIOB@BFSB>
@LKhOJ>QFLKCOLJQEBB/OLGB@QP$3#PR?JFPPFLK
PVPQBJLK@BFQE>P?BBK>@@BMQBA3EB1BDFPQO>OP
.g@BTFII?BKLQFhBAPFJRIQ>KBLRPIVLCQEB$3#
@LKhOJ>QFLK
$UQBKPFSBFKCLOJ>QFLK>?LRQ@OB>QFKD>KAPR?JFQQFKD$3#P
FP>S>FI>?IBLKQEBTB?>QEQQMTTTTMFBARBQA
3EBPFP!FKAFKD
2QRABKQP>KAABM>OQJBKQPJ>VTFPEQLOBQ>FK>?LRKA
M>MBO@LMVLCQEBPBP>KAAFPPBOQ>QFLKP(KCLOJ>QFLKLK
QEBPFP?FKAFKD@>K?BCLRKALKIFKB
>QEQQMTTTTMFBARBQA
2QRABKQ2BOSF@BP
%>@FIFQFBP>KA2BOSF@BP
!LLHPQLOB
3EB?LLHPQLOBIL@>QBALKQEBPB@LKAiLLOLCQEB1R?FK
">JMRP"BKQBOFPLMBKAROFKDQEBhOPQA>VPLC@I>PPBPCOLJ
>JQLMJ#ROFKDQEBOBPQLCQEBP@ELLIVB>OELROP
LCLMBO>QFLK>OB>JQLMJ,LKA>VQEOLRDE3EROPA>V
>JQLMJ%OFA>V>KA>JQLMJLK2>QROA>V
3BUQ?LLHPCLOLf@>JMRP@LROPBPJ>V?BMRO@E>PBA>QQEB
hOPQJBBQFKDLCB>@E@LROPB/>VJBKQJ>V?BJ>AB?V
@>PE@EB@HLO@OBAFQ@>OA AAFQFLK>IIVQBUQ?LLHPJ>V?B
MRO@E>PBALKIFKB>QEQQMTMF?K@LIIBDB@LJ
%LOJLOBFKCLOJ>QFLKMIB>PB@>IILOBJ>FI
?HPTMF?K@LIIBDB@LJ
2QRABKQ'B>IQE"BKQBO
(K>AAFQFLKQLMRO@E>PFKDEB>IQEFKPRO>K@BDO>AR>QB
PQRABKQPJ>V>IPLJ>HBRPBLC6/(P2QRABKQ'B>IQE"BKQBO
CLO>K>KKR>ICBBLC!V@ELLPFKDQEFPLMQFLKVLR@>K
E>SB>AL@QLO>QQEB"BKQBOPBOSB>PVLROMOFJ>OV@>OB
MEVPF@F>K8LRJ>V>IPLQEBKRPBQEB@BKQBOLK>T>IHFK
?>PFPAROFKDFQPKLOJ>IELROPTBBHA>VP>JQL
MJ8LR@>KIB>OKJLOB>?LRQ6/(P2QRABKQ'B>IQE
"BKQBO>QTTTTMFBAR'B>IQE
6/(/LIF@B
/BOPLK>IP>CBQVFKCLOJ>QFLKPB@ROFQVMO>@QF@BP>Q6/(>KA
QEB4KFSBOPFQVP@OFJBPQ>QFPQF@FKCLOJ>QFLK@>K?BL?Q>FKBA
?VSFPFQFKDQEB@>JMRPMLIF@B6B?PFQB2QRABKQP@>K>IPL
L?Q>FK>@LMVLCQEB4KFSBOPFQVP[1FDEQ3L*KLT^?OL@EROB
?V@LKQ>@QFKDQEB6/(/LIF@B#BM>OQJBKQ>Q
&O>AR>QBPQRABKQP>OBBKQFQIBAQLM>OHFKDMBOJFQPCLO>K
>KKR>ICBB/>OHFKDFPLK>hOPQ@LJBhOPQPBOSBA?>PFP
/>OHFKDFP>IPL>S>FI>?IBLKQEB@FQVPQOBBQPPROOLRKAFKDQEB
@>JMRP!BPROBQLL?BVM>OHFKDPFDKP>PBKCLO@BJBKQFK
6LO@BPQBOFPPQOF@Q3EB@FQVPTFKQBOM>OHFKDOBDRI>QFLKP>OB
>S>FI>?IBLKQEB6/(MLIF@BTB?PFQB>PTBII
#B@>IPJ>V?BMRO@E>PBA>QQEB6/(/LIF@B#BM>OQJBKQ
IL@>QBA>Q%LRKABOP'>IIFKQEB+LTBO+BSBI6/(/LIF@B>IPL
 6/(">Q>ILD
E>PMOBM>OBA>?OL@EROBLKM>OHFKDOBDRI>QFLKPQE>QFP
>S>FI>?IBLKPFQBLOLKIFKB>QEQQMPTTTTMFBARLg@BP
MLIF@BM>OHFKDQO>g@
">OBBO#BSBILMJBKQ"BKQBO
3EB">OBBO#BSBILMJBKQ"BKQBO"#">Q6/(>PPFPQP
DO>AR>QBPQRABKQPFKQEBABSBILMJBKQLCIFCBILKDPHFIIP
OBI>QBAQL@>OBBOP>KAQEBGL?PB>O@EMOL@BPP3EB"#"
MOLSFABPOBPLRO@BP>KAPRMMLOQQLDO>AR>QBPQRABKQPLK
OBPRJB"5TOFQFKD@LSBOIBQQBO@OFQFNRBPFKQBOKPEFM>KA
GL?PB>O@EPQO>QBDFBPFKQBOSFBTFKDPHFIIPJL@HFKQBOSFBTP
>AS>K@BAABDOBBMROPRFQ@>OBBO>ASFPFKDGL?LfBO
BS>IR>QFLK>KAKBDLQF>QFLKPHFIIP>KAJLOB2RMMLOQQL
DO>AR>QBPQRABKQPFP>S>FI>?IBQEOLRDE>MMLFKQJBKQPTFQE
>"#"PQ>fJBJ?BOT>IHFKP>KATLOHPELMP%LOAFPQ>K@B
PQRABKQPQBIBMELKB>KA2HVMB>MMLFKQJBKQLMQFLKP>OB
>S>FI>?IB3EB"#"FP>S>FI>?IBCLOIFCBQFJBPBOSF@B>KA
PRMMLOQQL>IRJKFCOBBLC@E>ODB
$SBOVDO>AR>QBPQRABKQE>P>)L?%FKABO>@@LRKQQLPB>O@E
CLO@LJM>KFBP>KAGL?PD>FK>@@BPPQLPR?P@OFMQFLK
OBPLRO@BP">OBBO2EFCQ&LFKD&IL?>I">OBBO2B>O@E
,V/I>K>@@BPPRM@LJFKDTLOHPELMP>KA@LOMLO>QB
BSBKQP>KAJLOB II>MMLFKQJBKQP>OBP@EBARIBAQEOLRDE
)L?%FKABOSF>[1BNRBPQ>K MMLFKQJBKQ^FKQEB2ELOQ@RQP
JBKR
(KQBOKPEFM1BPLRO@BP
1BPLRO@BP>OB>S>FI>?IB>QQEB">OBBO#BSBILMJBKQ"BKQBO
"#"CLODO>AR>QBPQRABKQPPBBHFKDDO>AR>QBFKQBOKPEFM
BUMBOFBK@BPAROFKDQEBFOPQRAFBP>Q6/(3EB"#"
J>FKQ>FKP>KBUQBKPFSBA>Q>?>PBLC@LJM>KFBP>KALQEBO
BUQBOK>ILOD>KFW>QFLKPFKQBOBPQBAFKPRMMLOQFKDDO>AR>QB
PQRABKQPFKQEBFOMOLCBPPFLK>IABSBILMJBKQSF>FKQBOKPEFMP
II6/(PQRABKQPE>SB>@@BPPQLQEFPA>Q>?>PB>PTBII>PQEB
>?FIFQVQL>MMIVQLMLPQBALMMLOQRKFQFBP3LhKALRQJLOB
MIB>PB@LKQ>@QQEB"#"
3L@LKQ>@QQEB"#"@>IIBJ>FI@A@TMFBAR
LOSFPFQRP>QQEB/OLGB@Q"BKQBO+LTBO+BSBI
"I>PP">K@BII>QFLK
6EBK>II@I>PPBP>OB@>K@BIIBAPBSBOBTB>QEBOAROFKDQEB
JFAA>VMBOFLACLOB@>PQQLI>PQQEOLRDEBSBKFKD
@>K@BII>QFLKTFII?B?OL>A@>PQLKO>AFLPQ>QFLKP63 &
62126 %6%306*.7>KA6!9(KCLOJ>QFLKTFII>IPL
?BMLPQBALKQEBRKFSBOPFQVTB?PFQB>KALKQEB
@>K@BII>QFLKELQIFKB>Q
(KCLOJ>QFLK3B@EKLILDV2BOSF@BP
6/((KCLOJ>QFLK3B@EKLILDV2BOSF@BPLfBOP>TFABO>KDBLC
FKCLOJ>QFLKQB@EKLILDVOBPLRO@BPQLQEB6/(@LJJRKFQV
QLPRMMLOQQB>@EFKDIB>OKFKDOBPB>O@E>KAPQRABKQIFCB
@@BPP
3EB6/(@LJMRQBO>@@LRKQ>@QP>PQEBDO>AR>QBPQRABKQP
6/(SFOQR>IFABKQFQVTEFIBQEBPQRABKQFP>@QFSBIVOBDFPQBOBA
4P>DBFPDLSBOKBA?VQEB @@BMQ>?IB4PB/LIF@V3EB
>@@LRKQMOLSFABP>@@BPPQLJ>KVQB@EKLILDVOBPLRO@BP
FK@IRAFKD
%6EH@C<
] 6FOBA>KATFOBIBPPKBQTLOH>S>FI>?IBFK>II>@>ABJF@
?RFIAFKDPOBPFABK@BE>IIP>KAM>OQF@FM>QFKD&OBBH
ELRPBP
] 'FDEPMBBA(KQBOKBQ@LKKB@QFSFQVFK@IRAFKD
@LKKB@QFLKQL(KQBOKBQ
] 5FOQR>I/OFS>QB-BQTLOH5/-MOLSFABPPB@ROBOBJLQB
>@@BPPQL6/(LK@>JMRPFKCLOJ>QFLKQB@EKLILDV
OBPLRO@BP
] (KCLOJ>QFLK2B@ROFQVJLKFQLOPQEB6/(KBQTLOH>KA
MOLSFABPA>Q>J>IT>OBMOLQB@QFLK
,?:G6CD:EJ*JDE6>D
] 4KFSBOPFQVPBOSF@BPPR@E>PBJ>FIIB>OKFKD
J>K>DBJBKQPVPQBJB/OLGB@QPTB?PFQBPLCQT>OB
>MMIF@>QFLKPOBJLQBABPHQLMA>Q>?>PBPBQ@>OB
BK>?IBA?V2VPQBJ.MBO>QFLKP>KA6B?
#BSBILMJBKQQB>JP
] 6LOHA>V>KAOBI>QBAA>Q>PVPQBJPBK>?IB
>AJFKFPQO>QFSBABM>OQJBKQPQLORKQEB@OFQF@>I
?RPFKBPPCRK@QFLKPLCQEB4KFSBOPFQV3EBVMOLSFAB
PQRABKQP>KAC>@RIQV>@@BPPQLPQRABKQOBDFPQO>QFLK
>ASFPFKD>KAhK>K@F>IFKCLOJ>QFLK3EBV>IPLBK>?IB
PQRABKQPQLRMA>QBQEBFO?FLDO>MEF@>IFKCLOJ>QFLKPBQ
MOLUV>KA@EB@HDO>ABP
*@7EH2C6
2QRABKQP@>K>@@BPPKRJBOLRPPLCQT>OB>MMIF@>QFLKP
FK@IRAFKD>@>ABJF@@LROPBT>OB
] FKMR?IF@@LJMRQBOI>?P
] SF>OBJLQBPBOSF@BP
] SF>KBQTLOHALTKIL>ACLOPLJB>MMIF@>QFLKP
] AFP@LRKQBAMRO@E>PBSF>LKIFKBPQLOB
@>AFE6C#23D
.SBOMR?IF@@LJMRQBOP>OB>S>FI>?IB>@OLPP@>JMRPCLO
PQRABKQRPB,>KV>OBIL@>QBAFKLMBK>@@BPPI>?PTFQEFK
>@>ABJF@?RFIAFKDP>KAQEOLRDELRQQEB&LOALK+F?O>OV
/R?IF@@LJMRQBOI>?PLfBO>@LKPFPQBKQRPBOFKQBOC>@B>KA
PLCQT>OBMOLhIB2MB@F>IQVI>?PCLOPQRABKQPFK@IRAB
 6/(">Q>ILD
] ,RIQFJBAF>+>?>KA2ERPQBO#FDFQ>I2@ELI>OPEFM+>?
BK>?IFKDEFDEBKAAFDFQ>IBAFQFKDP@>KKFKD>KA&(2
>OB>S>FI>?IBFKQEB&LOALK+F?O>OV
] ,>HBOPM>@BMOLQLQVMFKD>KAOB@LOAFKDI>?P>OB
ELRPBAFKQEB%LFPFB(KKLS>QFLK2QRAFL
] #BPFDK2QRAFLLfBOPMLTBOCRITLOHPQ>QFLKPCLO" #
%$ %$,MOLGB@QP>KA@LROPBTLOHFK'FDDFKP+>?P
'C:?E:?8*6CG:46D
3EB&LOALK+F?O>OV(KCLOJ>QFLK"LJJLKP/OFKQ"BKQBOFP
>S>FI>?IBQLJBBQPQRABKQPP@>KKFKD>KAMOFKQFKDKBBAP
/OFKQBOP>OB>IPLIL@>QBAQEOLRDELRQQEB&LOALK+F?O>OV>P
TBII>PTFQEFKPLJB@LJMRQBOI>?P%LO>AAFQFLK>IMOFKQFKD
PBOSF@BPIFPQBA?BILTPBB3B@EKLILDV2RMMLOQ>KA
(KPQOR@QFLK
] +>ODBCLOJ>QMLPQBOMOFKQFKD
] 1>MFAMOLQLQVMFKD#MOFKQFKD
@==23@C2E:@?2?5#62C?:?8)6D@FC46D
"LII>?LO>QFLK>KAIB>OKFKD>OBPRMMLOQBAQEOLRDE
PMB@F>IFWBAPLCQT>OB>KA>MMIF@>QFLKPQB@EKLILDV
BKE>K@BAPM>@BP>KABNRFMJBKQIL>KP
] +B>OKFKD,>K>DBJBKQ2LCQT>OB">KS>P@LROPBTB?
PFQBP
] 3LLIP.g@BBJ>FI@>IBKA>O@LKQ>@QQ>PH
AL@RJBKQJ>K>DBJBKQ,F@OLPLCQ3B>JPCLOSFABL
>RAFL>KA@E>Q
] 6B?@LKCBOBK@FKD9LLJ>IILTPOBJLQBM>OQF@FM>KQP
QL@LKAR@QJBBQFKDPFKOB>IQFJBFK>TB??>PBA
BKSFOLKJBKQCOLJ>KVIL@>QFLKTFQE>TB?BK>?IBA
ABSF@B>KA>EFDEPMBBA(KQBOKBQ@LKKB@QFLK
] 3B@E2RFQBP3B@EKLILDVBKE>K@BAJBBQFKDPM>@BP
TFQETFOBIBPPP@OBBKPE>OFKDABPFDKBACLOPQRABKQ
MOLGB@QDOLRMRPB
] +B>OKFKD2M>@BP @QFSBIB>OKFKD@I>PPOLLJP
BIB@QOLKF@@I>PPOLLJP>KABIB@QOLKF@>IIVBK>?IBA
@LKCBOBK@BOLLJP
] $NRFMJBKQ+L>KP+>MQLMPAFDFQ>I@>JBO>P>RAFL
OB@LOABOPE>OAAOFSBPMOLGB@QLOPBQ@
+649?@=@8J*FAA@CE2?5 ?DECF4E:@?
3B@EKLILDV2BOSF@B#BPH
&LOALK+F?O>OV,>FK%ILLOFQPTMFBAR
EQQMPER?TMFBAR
] (KMBOPLKLOOBJLQBQB@EKLILDVPRMMLOQMOLSFABA
] 1BNRBPQPCLO>PPFPQ>K@B@>K?BPR?JFQQBASF>MELKB
BJ>FILOTB?
] (32BOSF@B2LCQT>OB>KA*KLTIBADB">Q>ILDMOLSFABP
>KPTBOPQL@LJJLKFPPRBP
4256>:4+649?@=@8J6?E6C
%RIIBO+>?P1LLJ>Q@TMFBAR
] (KMBOPLKQB@EKLILDVPRMMLOQLK>RAFLSFPR>I
BNRFMJBKQIL>KBALRQCLOJRIQFJBAF>MOLGB@QP>KA
@>JMRPBSBKQPPMLKPLOBA?V6/(PQRABKQ
LOD>KFW>QFLKP
] +>ODBCLOJ>QMLPQBOMOFKQFKD
4256>:42?5)6D62C49@>AFE:?8
'FDDFKP+>?PEQQMPTTTTMFBAROBPB>O@EOBPLRO@BP
PRMMLOQ>@>ABJF@OBPB>O@E@LJMRQFKD
] (KPQOR@QLOIBAP@FBKQFh@>KABKDFKBBOFKDPLCQT>OB
>MMIF@>QFLKPQO>FKFKD
] #>Q>J>K>DBJBKQ>KA>@@BPPQL@ILRA@LII>?LO>QFLK
PM>@B
] -RJBOLRPEFDEMBOCLOJ>K@B@LJMRQ>QFLK>I
OBPLRO@BP>S>FI>?IBCLOPQRABKQOBPB>O@EMOLGB@QP
] +>ODBCLOJ>QMLPQBOMOFKQFKDIL@>QBAFK'FDDFKP+>?P
] $KQBOMOFPBIBSBIO>MFAMOLQLQVMFKD#MOFKQFKD
IL@>QBAFK'FDDFKP+>?P
&LOALK+F?O>OV
3EB&BLODB"&LOALK+F?O>OVFPLMBKLSBOLKBERKAOBA
ELROPB>@ETBBHAROFKDQEB>@>ABJF@VB>O3EBIF?O>OV
MOLSFABPOBPLRO@BP>KAFKKLS>QFSBPBOSF@BPFKPRMMLOQLC
QB>@EFKDIB>OKFKD>KAP@ELI>OPEFM>Q6/(
3EBIF?O>OVP@LIIB@QFLKPPRMMLOQQEB@ROOF@RIRJ>KA
OBPB>O@EKBBAPLCQEB6/(@LJJRKFQV3EBIF?O>OVLfBOP>K
BUQBKPFSB@LIIB@QFLKLCMOFKQ>KABIB@QOLKF@GLROK>IPLSBO
JFIIFLK>@>ABJF@B?LLHP>KAPBSBO>IERKAOBAOBPB>O@E
A>Q>?>PBPTEF@EPRMMLOQ>II>OB>PLCQEB6/(@ROOF@RIRJ
3EBIF?O>OV@LIIB@QFLK>IPLFK@IRABP>IIDO>AR>QBQEBPBP>KA
AFPPBOQ>QFLKPQEOLRDETFQE>IIQELPBCOLJ
>S>FI>?IBLKIFKBQEOLRDE#FDFQ>I6/(
EQQMPAFDFQ>ITMFBAR,RPF@"#P#5#P>KALQEBOJBAF>
>KA?BPQPBIIBOP>KAKBTPM>MBOP>OB>S>FI>?IBCLO
BAR@>QFLK>I>KAOB@OB>QFLK>IMROMLPBP3EBIF?O>OVP
O@EFSBP>KA2MB@F>I"LIIB@QFLKPABM>OQJBKQFK@IRABPQEB
EFPQLOF@OB@LOAP>KA>OQFC>@QPLCQEBRKFSBOPFQVO>OB?LLHP
J>KRP@OFMQP>KA>OQTLOHFK@IRAFKDJ>GLOELIAFKDPLC
"E>OIBP#F@HBKPPIFCB>KATLOHP>KA>DOLTFKD>O@EFSBQE>Q
AL@RJBKQP6/(PEFPQLOVLCFKSBKQFLK>KAFKKLS>QFLKFK
BAR@>QFLK>KAFKARPQOV
3EBIF?O>OV@>Q>ILDBIB@QOLKF@GLROK>I>KA?LLH@LIIB@QFLKP
PMB@F>IFWBAOBPB>O@EA>Q>?>PBP@LROPBPMB@Fh@
FKCLOJ>QFLK>KAJ>KVLQEBOOBPLRO@BP>OB>S>FI>?IBCOLJ
QEBIF?O>OVPTB?PFQBEQQMIF?O>OVTMFBAR3EBTB?PFQB
CB>QROBPMLTBOCRIPB>O@ELMQFLKP>KAIFKHPQLAFDFQ>I
OBPLRO@BP>KAPBOSF@BP @@BPPQL6/(RPBOPTEL>OBLf
@>JMRPFP>S>FI>?IB?VILDDFKDFKQLOBPLRO@BPQEOLRDEQEB
 6/(">Q>ILD
6/(MOLUVPBOSF@B3EFP@>K?BALKBQEOLRDEQEBIF?O>OVP
TB?PFQBLO?VCLIILTFKDFKPQOR@QFLKP>S>FI>?IB>Q
EQQMPTTTTMFBARIF?O>OVOBPB>O@EOBPB>O@ELf
@>JMRP
3EBPQ>fLC&LOALK+F?O>OVLfBOPJ>KVPBOSF@BPQE>Q
PRMMLOQDO>AR>QBPQRABKQP+F?O>OF>KP@>KJBBQTFQE
PQRABKQPBFQEBO>PFKAFSFAR>IPLOFKDOLRMPCLOOBPB>O@E
@LKPRIQ>QFLKP,BBQFKDP@>K?BP@EBARIBASF>QEBIF?O>OVP
TB?PFQBLO?VBJ>FIFKDIF?O>OVTMFBAR>KAIF?O>OF>KP>OB
>S>FI>?IBQLJBBQTFQEOBJLQBIB>OKBOPSF>SFABL
@LKCBOBK@FKDPLCQT>OB+F?O>OF>KP>IPLPRMMLOQDO>AR>QB
PQRABKQPFKQEBFOOLIBP>PQB>@EFKD>PPFPQ>KQP?VMOLSFAFKD
IF?O>OVFKPQOR@QFLK>KALOFBKQ>QFLKPBPPFLKP
3EBPQ>fLC O@EFSBP>KA2MB@F>I"LIIB@QFLKPTLOHPTFQE
PQRABKQPQL>@@BPPEFPQLOF@>IOBPLRO@BPOBI>QFKDQL6/(>KA
QEBOBDFLK
2QRABKQP@>KOBNRBPQ>KVJ>QBOF>IPKLQEBIAFK&LOALK
+F?O>OVQEOLRDEQEBFKQBOIF?O>OVIL>KPBOSF@B1BNRBPQBA
GLROK>I>OQF@IBP@>KLCQBK?BABIFSBOBABIB@QOLKF@>IIVTFQEFK
>A>VLOIBPP6/(PQRABKQP>IPLE>SB>@@BPPQLQEB
@LIIB@QFLKPLCLQEBO>@>ABJF@IF?O>OFBPTFQEFK"BKQO>I
,>PP>@ERPBQQPTFQEQEBIF?O>OVPJBJ?BOPEFMFKQEB
@>ABJF@>KA1BPB>O@E"LII>?LO>QFSB 1"2QRABKQP@>K
L?Q>FK>K 1"@OLPP?LOOLTFKD@>OA>S>FI>?IB>QQEB
IF?O>OVPCOLKQABPHTEF@E>IILTPAFOB@Q?LOOLTFKD>QJ>KV
OBDFLK>I>@>ABJF@IF?O>OFBP
&LOALK+F?O>OVFKCLOJ>QFLKPBOSF@BPQEB @>ABJF@
3B@EKLILDV"BKQBO>KAQEB3B@EKLILDV2BOSF@B#BPH>OB
@LKSBKFBKQIV@LIL@>QBALKQEBIF?O>OVPJ>FKiLLO3EB
>AG>@BKQ"I>PPLC+F?O>OV">CdPBOSBPCLLA>KA
?BSBO>DBP>KACLIILTPQEBRKABODO>AR>QB>@>ABJF@VB>O
@>IBKA>O
3EBIF?O>OVPCLROiLLOP@LKQ>FK>TFABS>OFBQVLCFKAFSFAR>I
>KADOLRMPQRAVPM>@BP3B@E2RFQBP\@LII>?LO>QFSBTLOH
>OB>PBNRFMMBATFQERMQLA>QBP@OBBKPE>OFKDQB@EKLILDV
\@>K?BOBPBOSBACLOPQRABKQDOLRMRPB AAFQFLK>IDOLRM
PQRAVPM>@BP>OBIL@>QBAQEOLRDELRQQEB?RFIAFKD>JLKD
QEBJ2QRAFL&LOALK>K>@QFSB>KAFKCLOJ>I@LII>?LO>QFLK
PM>@BLKQEBDOLRKAiLLO3EBOB>OB>IPL@LJMRQBO
TLOHPQ>QFLKP@LKhDROBACLODOLRM>KAFKAFSFAR>IRPB
J>KVTFQEI>ODBJLKFQLOPCLO@LII>?LO>QFSBMOLGB@QTLOH
3EB,RIQFJBAF>+>?LKQEBhOPQiLLOLfBOPPMB@F>IFWBA
JRIQFJBAF>>KA&(2PLCQT>OB>KAP@>KKBOP AG>@BKQQLQEB
,RIQFJBAF>+>?>OBQEB2ERPQBO#FDFQ>I2@ELI>OPEFM+>?>KA
QEB KABOPLK+>?3EB2ERPQBO#FDFQ>I2@ELI>OPEFM+>?FP
BNRFMMBATFQEP@>KKFKDBNRFMJBKQ>AL@RJBKQ@>JBO>
@LII>?LO>QFSBTLOHQ>?IBPMOLGB@QFLKP@OBBKP>KAPFU#BII
2ROC>@B2QRAFL@LJMRQBOTLOHPQ>QFLKP3EB2ERPQBO
#FDFQ>I2@ELI>OPEFM+>?>KAQEB KABOPLK(KPQOR@QFLK+>?
@>K?BRPBA?VPQRABKQDOLRMPAROFKDBSBKFKDP>KA
TBBHBKAP>KALKTBBHA>VPTEBKKLQ?LLHBACLO6/(
QO>FKFKDLO@LROPBOBI>QBABSBKQP3EBIF?O>OVCB>QROBP?LQE
TFOBIBPP>KATFOBA@LJMRQBOKBQTLOH>@@BPP>KALSBO
MR?IF@RPB@LJMRQBOP
2MB@F>IBUEF?FQPFK@IRAFKDBUEF?FQPLCTLOH?V6/(>OQFPQP
>OBLfBOBAOBDRI>OIVFKQEBIF?O>OVPD>IIBOFBP>KA6/(
>RQELOP>OBOBDRI>OIVFKSFQBAQLQ>IH>?LRQQEBFOTLOHFKQEB
IF?O>OVP,BBQQEB RQELOPBOFBP%LOJLOBFKCLOJ>QFLK
MIB>PBSFPFQQEBIF?O>OVTB?PFQB>QEQQMIF?O>OVTMFBAR
'LRPFKD
,LPQDO>AR>QBPQRABKQPIFSBFKOLLJPLO>M>OQJBKQPFK
OBPFABKQF>I>OB>PKB>OQEB@>JMRP IFJFQBA>JLRKQLCLK
@>JMRPELRPFKDJ>V?B>S>FI>?IBCLOPFKDIBDO>AR>QB
PQRABKQP%>JFIVELRPFKDFPKLQ>S>FI>?IBLK@>JMRP
3EB.g@BLC1BPFABKQF>I2BOSF@BPMOLSFABP
FKCLOJ>QFLKOBD>OAFKD?LQELK@>JMRP>KALf@>JMRP
ELRPFKD IFPQFKDLCLf@>JMRP>@@LJJLA>QFLKPFP
>S>FI>?IB>Q
TTTTMFBAR AJFK12..f@>JMRP
(KQBOK>QFLK>I&O>AR>QB2QRABKQ2BOSF@BP
3EB.g@BLC(KQBOK>QFLK>I2QRABKQP>KA2@ELI>OPFPIL@>QBA
>Q6/(P(KQBOK>QFLK>I'LRPB>Q3OLT?OFADB1L>A3EB
Lg@BMOLSFABPFKCLOJ>QFLK>KA>PPFPQ>K@BLKFJJFDO>QFLK
>KALQEBOOBDRI>QLOVJ>QQBOPFKCLOJ>QFLKLK@RIQRO>I>KA
PL@F>IMOLDO>JP>KAPBOSF@BP>PTBII>PDBKBO>I@LRKPBIFKD
6FQEFKQBOK>QFLK>IPQRABKQPCOLJ@LRKQOFBP%>II
PBJBPQBO6/(FPQEBBJ?LAFJBKQLCQEBAFSBOPFQV
QE>Q@E>O>@QBOFWBPQEB4KFQBA2Q>QBP3EB'LRPBPBOSBP>P>
SBKRBCLO>S>OFBQVLCMOLDO>JPQEOLRDELRQQEBVB>OPR@E
>P@LfBBELROPJLSFBP,FAKFDEQ!OB>HC>PQIB@QROBP>KA
LQEBOPL@F>I>KA@RIQRO>I>@QFSFQFBP3EB'LRPBTEF@E
MOLSFABPTFOBIBPP>@@BPPQLQEBKBQTLOHE>PPBSBO>I
C>@FIFQFBP>S>FI>?IBQLPQRABKQP>KAP@ELI>OP>KAPQRABKQ
DOLRMPFKQBOBPQBAFKFKQBOK>QFLK>IFPPRBPFK@IRAFKD
] (KQBOK>QFLK>I2BJFK>O1LLJCLOAFP@RPPFLKDOLRMP
JBBQFKDP>KA$2+@I>PPBP
] (KQBOK>QFLK>I1BPLRO@BP1LLJTFQE@OLPP@RIQRO>I
J>QBOF>IQO>SBIFKCLOJ>QFLK>KA$2+J>QBOF>IP>PTBII
>P@LJMRQBO>@@BPP
] +LRKDBCLOPQRABKQP>KASFPFQLOPQLOBI>U>KABKGLV>
@RMLC@LfBBLO>D>JBLC?>@HD>JJLK
] 3TLDRBPQOLLJPCLOQBJMLO>OVELRPFKD
.g@BLC(KQBOK>QFLK>I2QRABKQP>KA2@ELI>OP
$2+#FOB@QLO
 6/(">Q>ILD
,>FI2BOSF@BP
+L@>QBAFKQEB">JMRP"BKQBOhOPQiLLO
2QRABKQ,>FI1LLJ
(K@LJFKD1B@BFSFKD
,>FI/OL@BPPFKD
] />@H>DBMF@HRM
] 2Q>JMPPLIA
] +BQQBOP>KAM>@H>DBPTBFDEBAJBQBOBA
] #FP@LRKQBA$UMOBPP,>FI
] %>UPBOSF@BP
] +FJFQBAKRJ?BOLCJ>FI?LUBP>S>FI>?IB
/OFKQFKD2BOSF@BP
+L@>QBAFK!LVKQLK'>IIILTBOIBSBI3BIBMELKB
LO
'LROP,LKA>VQEOLRDE%OFA>V
>JQLMJ
] .fPBQMOFKQFKD
] /ELQL@LMVFKDFK@IRAFKD@LILO
] !FKAFKDLCOBMLOQP
] +>JFK>QFKD
] /OFKQCOLJAFP@BIB@QOLKF@>IIVPBKQhIBPLOE>OA@LMV
2MLOQP>KA1B@OB>QFLK
3EBRKFSBOPFQVMOLSFABP>S>OFBAMOLDO>JLCPMLOQP>KA
OB@OB>QFLK&O>AR>QBPQRABKQPRPR>IIVBKQBOQB>JPFK
PBSBO>IFKQO>JRO>IPMLOQP>KAJ>VM>OQF@FM>QBFK@BOQ>FK
FKQBO@LIIBDF>QB@IR?PMLOQP>PTBII>PLK@>JMRPJRPF@>ILO
QEB>QBODOLRMP
3EB-$62MLOQP>KA1B@OB>QFLK"BKQBOMOBPBKQP>K
LMMLOQRKFQVCLOQEBTELIB6/(@LJJRKFQVQL?BJLOB
>@QFSB>KAMO>@QF@BEB>IQEFBOIFCBPQVIBP
3EB2MLOQP>KA1B@OB>QFLKC>@FIFQFBPFK@IRABP>QTLPQLOV
hQKBPP@BKQBOTFQE@>OAFLBNRFMJBKQ>KACOBBTBFDEQP>
CLRO@LROQDVJK>PFRJ>@LJMBQFQFLKMLLIA>K@BPQRAFLP
>QEOBBI>KBGLDDFKDQO>@HO>@NRBQ?>II>KAPNR>PE@LROQP
&O>AR>QBPQRABKQPCOBNRBKQIVGLFKC>@RIQVDOLRMPCLO
KLLKQFJBGLDDFKD>BOL?F@P>KA?>PHBQ?>II
TFABS>OFBQVLCBKQBOQ>FKJBKQFP?OLRDEQQLQEB@>JMRP
O>KDFKDCOLJPJ>IIFKCLOJ>IDOLRMPQLMLMRI>OBKQBOQ>FKBOP
FKQEBPB>Q'>OOFKDQLK RAFQLOFRJ PBOFBPLChIJPFP
PELTKFK/BOOB>RIQ'>II>KA@E>J?BO@LK@BOQP>OB
MOBPBKQBAFKQEB!>OLKF>I'>IILC'FDDFKP'LRPB
3EBKLOJ>IPL@F>I>@QFSFQFBPLC>JBAFRJPFWBA@FQV>OB
OB>AFIV>@@BPPF?IBJ>KVTFQEFKB>PVT>IHFKDAFPQ>K@B
.QEBO>@QFSFQFBPLCFKQBOBPQQLPQRABKQP>OBLfBOBA?VQEB
J>KV@LIIBDBPFKQEB6LO@BPQBO"LKPLOQFRJ
2QRABKQ(#">OAP
3EB6/((#FP>IPL>PQRABKQPIF?O>OV@>OA>KAFPRPBAFK
J>KVABM>OQJBKQPCLOI>?>@@BPP>PTBII
2QRABKQPJ>V>IPLABMLPFQJLKBVLKQEBFO@>OAPCLORPBFK
QEB6/(AFKFKDIL@>QFLKP>Q>AFP@LRKQ3EB(#Lg@BFP
IL@>QBAFK$>PQ'>II3EBELROP>OB,LKA>VQEOLRDE%OFA>V
>JQLMJ%LOFKCLOJ>QFLK@>II
#B>KLC&O>AR>QB2QRAFBP
3EB#B>KLC&O>AR>QB2QRAFBPFPQEBMOFK@FM>I>ASL@>QBCLO
DO>AR>QBMOLDO>JP>@OLPP>IIAFP@FMIFKBP>Q6/(&O>AR>QB
PQRABKQPKBBAFKD>PPFPQ>K@BTFQE>@>ABJF@FPPRBPPELRIA
OB>@ELRQQLQEB#B>KP.g@B3EB#B>K>KAQEB.g@BLC
&O>AR>QB2QRAFBPJ>K>DBLfBOPLCCRKAFKDCLODO>AR>QB
3B>@EFKD PPFPQ>KQP3 P1BPB>O@E PPFPQ>KQP1 P>KA
DO>AR>QBCBIILTPEFMPLSBOPBBPQEBAFPQOF?RQFLKLCDO>AR>QB
3 P@LLOAFK>QBPQEB>KKR>IDO>AR>QBPQRABKQLOFBKQ>QFLKP
>KALQEBOJ>GLOBSBKQPCLODO>AR>QBPQRABKQPQEB
&O>AR>QB1BPB>O@E(KKLS>QFLK$U@E>KDB&1($>KAQEB
3EOBB,FKRQB3EBPFP,3b"LJMBQFQFLKLOD>KFWBP
DO>AR>QBPQRABKQMOLCBPPFLK>IABSBILMJBKQMOLDO>JJFKD
FK@IRAFKDQEB2QRABKQ3O>FKFKD>KA1B>AFKBPP2BOFBP
23 12MOLSFABPPQRABKQPR@@BPPPRMMLOQQL>IIDO>AR>QB
PQRABKQP>KAPBOSBP>P>K>ASFPLOQLQEB&O>AR>QB2QRABKQ
&LSBOKJBKQ
#B>KLC2QRABKQP
3EB#B>KLC2QRABKQPLg@BPQ>fFP>S>FI>?IBQLPQRABKQP
BKOLIIBAFK>IIMOLDO>JPQL>PPFPQTFQE>KVLRQLCQEB
@I>PPOLLJ@LK@BOKPQE>QJ>V>OFPB2Q>fJBJ?BOP>OB
>S>FI>?IB?BQTBBK>J>KAMJ MMLFKQJBKQP
LRQPFABLCQEBPBELROP@>K?B>OO>KDBA?V@>IIFKD

 6/(">Q>ILD
#BDOBBP
BOLPM>@B$KDFKBBOFKD
%>@RIQV
%:<@=2@D2ED@?:D/OLCBPPLO>KA#BM>OQJBKQ'B>A
/E#,>PP>@ERPBQQP(KPQFQRQBLC3B@EKLILDV"LKQFKRRJ
>KA>QLJFPQF@@LJMRQ>QFLK>IJBQELAPCLOiRFAP>KA
MI>PJ>PABSBILMJBKQLCMI>PJ>AF>DKLPQF@P>KA
JF@OLiRFAF@ABSF@BPPM>@B@O>CQMOLMRIPFLK>KA
JF@OLMOLMRIPFLKPM>@B@O>CQBKSFOLKJBKQFKQBO>@QFLKP
!@9?!=2?5:?@ PPL@F>QB/OLCBPPLO>KA4KABODO>AR>QB
"LLOAFK>QLO/E#">IFCLOKF>(KPQFQRQBLC3B@EKLILDV%IRFA
JB@E>KF@P>KAEB>QQO>KPCBOFKJF@OLABSF@BPMI>PJ>
AF>DKLPQF@PBIB@QOF@>KA@EBJF@>IMOLMRIPFLKMOLMRIPFLK
PVPQBJABPFDKCLOMOB@FPFLKCLOJ>QFLKiVFKD
)289G6?5C2@H=28: PPL@F>QB/OLCBPPLO/E#&BLODF>
(KPQFQRQBLC3B@EKLILDV RQLKLJLRPJL?FIBSBEF@IBP
JLQFLKMI>KKFKD>KALMQFJ>I@LKQOLIEV?OFALMQFJ>I
@LKQOLITFQE>MMIF@>QFLKPFK>BOLPM>@BBKDFKBBOFKDCLOJ>I
JBQELAPCLOPVPQBJP>CBQV>KAOBIF>?FIFQV
$:4926=6>6EC:@F/OLCBPPLO>KA&O>AR>QB
"LLOAFK>QLO/E#4KFSBOPFQVLC2LRQEBOK">IFCLOKF>
"LKQOLILCFKQBIIFDBKQPVPQBJP@LKQOLILCiRFAPQOR@QROB
FKQBO>@QFLKPVPQBJPC>RIQABQB@QFLK>KA>@@LJJLA>QFLKLC
AVK>JF@>IPVPQBJP>@LRPQF@>KASF?O>QFLK@LKQOLIPJ>OQ
J>QBOF>IP>KAPQOR@QROBPPBKPLO>KA>@QR>QLOKBQTLOHPFK
AFPQOF?RQBAMOL@BPPBPPM>@B@O>CQ>QQFQRABBPQFJ>QFLK>KA
@LKQOLI
!282??2E9!2J2492?5C2? PPFPQ>KQ/OLCBPPLO/E#
4KFSBOPFQVLC2LRQEBOK">IFCLOKF>"LJ?RPQFLK>QBKDFKB
OBIBS>KQQEBOJLAVK>JF@@LKAFQFLKPFDKFQFLKMOLM>D>QFLK
>KABUQFK@QFLKLCi>JBPQO>KPFBKQMEBKLJBK>FKOB>@QFKD
iLTP>FO?OB>QEFKDMOLMRIPFLKABQ>FIBAJLABIFKDLCILT
AFJBKPFLK>IOB>@QFKDiLTPLMQF@>I>KAI>PBO?>PBA
AF>DKLPQF@P
%:<9:="2C2?;82@<2C'94KFSBOPFQVLC(IIFKLFP>Q
4O?>K>"E>JM>FDK$UMBOFJBKQ>IJB@E>KF@P>QJF@OL
K>KLP@>IBQBJMBO>QROB>KAO>QBABMBKABKQJB@E>KF@PLC
K>KLPQOR@QROBAJ>QBOF>IPAVK>JF@OBPMLKPB>KAiLTLC
DO>KRI>OJBAF>JB@E>KF@P>KAA>J>DBLC
FKELJLDBKBLRPJ>QBOF>IPLMQF@>IJB>PROBJBKQ
QB@EKFNRBP
2G:5!&=:?86C PPL@F>QB/OLCBPPLO/E#8>IB4KFSBOPFQV
%IRFAJB@E>KF@P>BOL>KAEVAOLAVK>JF@PiRFAPQOR@QROB
FKQBO>@QFLKPiRFAiLT@LKQOLIOBKBT>?IBBKBODV
$2C<.):49>2? PPL@F>QB/OLCBPPLO/E#"LOKBII
4KFSBOPFQV,B@E>KF@PLCDO>KRI>OiLTPMLTABO
@LJM>@QFLKMLTABOJBQ>IIRODV
12492CJ+2:==676C PPFPQ>KQ3B>@EFKD/OLCBPPLO/E#
6LO@BPQBO/LIVQB@EKF@(KPQFQRQB$IB@QOF@/OLMRIPFLK/I>PJ>
#F>DKLPQF@P
192?I:2?0F2? PPFPQ>KQ/OLCBPPLO/E#&BLODF>3B@E
BOLPM>@BPQOR@QROBP@LJMLPFQBPQOR@QROBPPQOR@QRO>I
AVK>JF@P
/OLDO>JPLC2QRAV
3EB BOLPM>@B$KDFKBBOFKDLfBOPQEOBBDO>AR>QBMOLDO>JP
LCPQRAVTFQEQEBCLIILTFKDABDOBBLMQFLKP
] 3EB,>PQBOLC2@FBK@B,2MOLDO>JIB>AFKDQLQEB
,2ABDOBB
] 3EB@LJ?FKBA!>@EBILOLC2@FBK@B!2,>PQBOLC
2@FBK@B/OLDO>JIB>AFKDQLQEB!2>KA,2ABDOBBP
] 3EB#L@QLOLC/EFILPLMEV/E#MOLDO>JIB>AFKDQL
QEB/E#ABDOBB
AJFPPFLK1BNRFOBJBKQP
%LOQEB,2MOLDO>J>MMIF@>KQPPELRIAE>SB>!2FK
>BOLPM>@BBKDFKBBOFKDLOFK>OBI>QBAhBIAFBLQEBO
BKDFKBBOFKDAFP@FMIFKBPMEVPF@PJ>QEBJ>QF@PBQ@3EB
OBNRFOBJBKQP>OBQEBP>JBCLO>AJFPPFLKFKQLQEBQEBPFP
>KAKLKQEBPFPLMQFLKPLCQEB,2MOLDO>J QQEBQFJBLC
>MMIF@>QFLKQLQEBJ>PQBOPMOLDO>JQEBPQRABKQJRPQ
PMB@FCVEFPEBOQEBPFPLMQFLKQEBPFPLOKLKQEBPFP
%LOQEB@LJ?FKBA!2,2MOLDO>JPQRABKQPJRPQ?B
@ROOBKQIVBKOLIIBA>P6/(RKABODO>AR>QBPFK>BOLPM>@B
BKDFKBBOFKDLOFK>OBI>QBABKDFKBBOFKDhBIA6EBK
>MMIVFKDQLQEB!2,2MOLDO>JPQRABKQPJRPQPMB@FCV
QEBFOFKQBKQFLKQLMROPRBBFQEBOQEBQEBPFPLOKLKQEBPFP,2
LMQFLK
%LOQEB/E#MOLDO>J>!2LO,2ABDOBBFK>BOLPM>@B
BKDFKBBOFKDLOFK>OBI>QBAhBIAFBLQEBOBKDFKBBOFKD
AFP@FMIFKBPMEVPF@PJ>QEBJ>QF@PBQ@FPOBNRFOBA3EB
BOLPM>@B$KDFKBBOFKD/OLDO>JOBPBOSBPFQPhK>K@F>I>FA
CLODO>AR>QBPQRABKQPFKQEB/E#MOLDO>JLOFKQEBQEBPFP
LMQFLKLCQEB,2MOLDO>J
#BDOBB1BNRFOBJBKQP
3EB $ABDOBBP>OB?>PBALK@LROPBTLOHPELTKFK3>?IB
>KAOBPB>O@E>PPELTKFK3>?IB3EBOB>OBhSB@ROOF@RI>O
>OB>PLCPQRAV%IRFA#VK>JF@P/OLMRIPFLK>KA$KBODV
%IFDEQ#VK>JF@P>KA"LKQOLIP,>QBOF>IP>KA2QOR@QROBP
&BKBO>I BOLPM>@B$KDFKBBOFKD3LMF@P
 6/(">Q>ILD
+>?LO>QLOFBP>KA%>@FIFQFBP
BOLPM>@B$KDFKBBOFKD
$('#23@C2E@CJ
#24F=EJ
3EFPPNCQC>@FIFQVPRMMLOQP,>GLO0R>IFCVFKD/OLGB@Q
TLOH>PPL@F>QBATFQE>KRJ?BOLCAFfBOBKQ>BOLPM>@B
OBI>QBAMOLGB@QP6LOH?BK@EBPMOLSFABQEBPM>@BOBNRFOBA
CLO>PPBJ?IVFKQBDO>QFLK>KAQBPQFKDLCE>OAT>OBLCQBK
TFQEJLOBQE>KLKBPQRABKQDOLRMTLOHFKDQLDBQEBOLK
@LJMIBUFKQBOOBI>QBAMOLGB@QP
BOLAVK>JF@P3BPQ%>@FIFQV
#&=:?86C
3EFPPNCQI>?LO>QLOVELRPBP>ILTPMBBA@ILPBA
OBQROKTFKAQRKKBITFQE>QBPQPB@QFLKLC__3EBQRKKBI
PMBBAFP@LKQFKRLRPIVS>OF>?IBRMQLCQP3EB
QBJMBO>QROBFKQEBQRKKBI@>K?B@LKQOLIIBASF>>@LKQOLIIBO
>KA>EB>QBU@E>KDBOFKQEBPBQQIFKD@E>J?BO3EBQRKKBIFP
BNRFMMBATFQE>QTL@LJMLKBKQAVK>JLJBQBO
BOLAVK>JF@iLTP>OBPQRAFBAFKQEFPI>?LO>QLOVTFQEQEB
>FALCQO>AFQFLK>IMOBPPROBQBJMBO>QROB>KASBIL@FQV
PBKPLOP>PTBII>P>AS>K@BALMQF@>IFKPQORJBKQ>QFLK3EB
QBPQC>@FIFQVFPRPBACLODO>AR>QBOBPB>O@E>KA
RKABODO>AR>QBMOLGB@QP
+>?LO>QLOVCLO%IRFAP>KA/I>PJ>P
##2?5
#=2?5:?@2ED@?:D
3EB+>?LO>QLOVCLO%IRFAP>KA/I>PJ>P+%/PRMMLOQP
OBPB>O@E>KABAR@>QFLK>I>@QFSFQFBPFKBIB@QOF@>KA@EBJF@>I
JF@OLMOLMRIPFLKMI>PJ>AF>DKLPQF@P>KAJF@OLiRFAF@P
3EB+%/@LSBOPPNCQ>KAELRPBP>FK@E
AF>JBQBOFK@EILKDPQ>FKIBPPPQBBIS>@RRJ@E>J?BO
3TEF@EBK>?IBPQEB@E>O>@QBOFW>QFLKLCBIB@QOF@>KA
@EBJF@>IQEORPQBO@LJMLKBKQMBOCLOJ>K@B3EBMRJMFKD
PVPQBJCLO3FK@IRABP>OLQ>OVJB@E>KF@>IMRJMMLPFQFSB
AFPMI>@BJBKQ?ILTBO@LJ?FK>QFLK@>M>?IBLCMOLSFAFKD
PR?PQ>KQF>IMRJMFKDPMBBAIFQBOPPB@>QILT
S>@RRJQLOO3EFPMRJMM>FO@>K?BRPBACLO
QBPQPOBNRFOFKDOBI>QFSBIVEFDEJ>PPiLTO>QBPPR@E>P
MIRJBJB>PROBJBKQPLKJF@OL@EBJF@>IQEORPQBOP%LO
QBPQPLCBIB@QOF@QEORPQBOPTEBOBILTBOMOBPPROBPEFDEBO
S>@RRJ>OBOBNRFOBA>FK@E@OVLMRJMFP>S>FI>?IB
TEF@E@>KMOLSFABRMQLIFQBOPPLK->QMOBPPROBP
FKQEBILTQLOOO>KDB PB@LKAJBAFRJPFWBAS>@RRJ
@E>J?BO3@LKPFPQPLC>FK@EAF>JBQBOFK@E
Q>IIPQ>FKIBPPPQBBI?BIIG>O3RPBP>+BV?LIA3RO?L5>@
QRO?LJLIB@RI>OMRJM?>@HBA?V>+BV?LIA3OFS>@#!
OLQ>OVS>KBAR>IPQ>DBJB@E>KF@>IMRJM3EBQRO?LMRJM
FPO>QBACLO>MRJMPMBBALC+PLK>FO>QMOBPPROBPFK
QEBILTQLOOO>KDB!LQE3>KA3>OBBNRFMMBATFQE
JRIQFMIBMLOQPCLOBIB@QOF@>I>KALMQF@>I>@@BPP3EB+%/FP
>IPLBNRFMMBATFQE>S>OFBQVLC>K@FII>OVFKPQORJBKQ>QFLK
FK@IRAFKDMLTBOPRMMIFBP>KALP@FIILP@LMBP>PTBII>PA>Q>
>@NRFPFQFLK>KAiLTABIFSBOVE>OAT>OB
3EB+%/FK'+@LSBOPPNCQ(QELRPBPQTL
S>@RRJ@E>J?BOP>KAPMB@F>IFWBAQBPQC>@FIFQFBPCLOQEB
FKSBPQFD>QFLKLCLK?L>OAJF@OLMOLMRIPFLKBIB@QOLPMO>V
PLRO@BPCLO?LQEMOLMRIPFLK>KAK>KLC>?OF@>QFLK
>MMIF@>QFLKPMIRJBPM>@B@O>CQFKQBO>@QFLKPJF@OLPBKPLOP
>KAJF@OLiRFAF@P3EBhOPQ@E>J?BO3FP>KFK@E
AF>JBQBOFK@EQ>IIPQ>FKIBPPPQBBI?BIIG>OBNRFMMBATFQE
>FK@EAFfRPFLKMRJM?>@HBA?V>@CJJB@E>KF@>I
MRJM3EBPVPQBJFP@>M>?IBLC>KRIQFJ>QBMOBPPROBFKQEB
ILTQLOOO>KDB3EBPB@LKAS>@RRJ@E>J?BO3FP>
FK@EAF>JBQBOFK@EQ>IIPQ>FKIBPPPQBBI?BIIG>O(QFP
BNRFMMBATFQE>FK@EAFfRPFLKMRJM?>@HBA?V>5>OF>K
#2AR>IPQ>DBOLQ>OVS>KBMRJM3EBPVPQBJFP@>M>?IB
LC>@EFBSFKD>KRIQFJ>QBMOBPPROBFKQEBQLOOO>KDB3
>IPLFK@IRABP>@LJMRQBO@LKQOLIIBAMOL?BMLPFQFLKFKD
PVPQBJ3EBPVPQBJ@LKPFPQPLCJF@LPIFKB>O53>KA
OLQ>OV#3@LJMRQBO@LKQOLIIBAPQ>DBPQL>@EFBSB
MOB@FPBQEOBBABDOBBLCCOBBALJMLPFQFLKFKD(K>AAFQFLK
3FPBNRFMMBATFQE>@BKQFJBQBO*>RfJ>K(LK2LRO@B
TFQE@LJMRQBO@LKQOLIIBAJ>PPiLTABIFSBOV%LO
JF@OLiRFAF@POBPB>O@EQEB+%/FK@IRABPBNRFMJBKQCLO
PQRAFBPLCQTLME>PBiLTPFKJF@OL@E>KKBIP(J>DFKD
BNRFMJBKQCLOQEBPBiLTPFK@IRABP>EFDEOBPLIRQFLK
JLKL@EOLJBMOLDOBPPFSBP@>K/RIKFU@>JBO>TFQE
@LJMRQBO?>PBAFJ>DB@>MQROB>KAMOL@BPPFKDPLCQT>OB
(K>AAFQFLK>MLOQ>?IBCRJBELLATLOHPM>@BFP>S>FI>?IB
CLORPBFKQBPQFKDLCAFBIB@QOLMELOBQF@iLTPTFQEEFDE
S>MLOMOBPPROBiRFAP3EB+%/FK@IRABP>S>OFBQVLC
QLLIP>KAPMB@F>IFWBAFKPQORJBKQ>QFLKFK@IRAFKD>PVOFKDB
MRJMLP@FIILP@LMBPMOB@FPFLKPLRO@BJBQBOBIB@QOLJBQBO
>KAAFDFQ>IJRIQFJBQBOP#>Q>COLJQEBPBFKPQORJBKQP@>K
?B@LIIB@QBA>KAPQLOBALK@LJMRQBORPFKD>+>?5FBT
?>PBAA>Q>>@NRFPFQFLKPVPQBJ
"LJMRQ>QFLK>I%IRFAP>KA/I>PJ>P
+>?LO>QLOV
#2ED@?:D
3EFPPNCQ@LJMRQ>QFLK>IC>@FIFQVFPRPBACLODO>AR>QB
OBPB>O@E>KABAR@>QFLK>I>@QFSFQFBPFK@LJMRQ>QFLK>I
JBQELAP>KAQEBFO>MMIF@>QFLKPQLiRFAPD>PBP>KA
MI>PJ>P"%/+MOLSFABPPQRABKQPTFQE>@@BPPQL#FOB@Q
2FJRI>QFLK,LKQB">OIL/>OQF@IBFK"BIIiRFAAVK>JF@P
>KA,'#@LABP>PTBII>PSFPR>IFW>QFLK>KAA>Q>OBAR@QFLK
PLCQT>OB
%IRFA#VK>JF@P+>?LO>QLOV
#&=:?86C
3EFPPNCQI>?LO>QLOVFPRPBACLOOBPB>O@E>KA
BAR@>QFLK>I>@QFSFQFBPFKiRFAAVK>JF@P(QELRPBP>ILT
 6/(">Q>ILD
PMBBAILTQRO?RIBK@BTFKAQRKKBIC>@FIFQVTFQE>LKBCLLQ
PNR>OBQBPQPB@QFLKTEF@EFPRPBACLOBUMBOFJBKQPLKILT
1BVKLIAPKRJ?BO>BOLAVK>JF@POBI>QBAQL?FLILDF@>IIV
FKPMFOBAiFDEQ>KAiRFAPQOR@QROBFKQBO>@QFLK3EBPB
PVPQBJP>OBLCMO>@QF@>IFJMLOQ>K@BFKJ>KV>BOL>KA
EVAOLAVK>JF@PVPQBJPPR@E>PJF@OL>FOSBEF@IBP>KAiLT
FKAR@BASF?O>QFLKLCiBUF?IB@>?IBP2Q>KA>OABNRFMJBKQ
PR@E>PSF?O>QFLKPE>HBOPELQTFOB>KBJLJBQOVPVPQBJP
PMB@QO>I>K>IVWBOPAFDFQ>ILP@FIILP@LMBP>KAA>Q>
>@NRFPFQFLKPVPQBJP>OB>IPLRPBAFKQEBI>?LO>QLOV
"LJ?RPQFLK1BPB>O@E+>?LO>QLOV
#!2J2492?5C2?
3EB"LJ?RPQFLK1BPB>O@E+>?LO>QLOV"1+FPRPBACLO
CRKA>JBKQ>IOBPB>O@E>KABAR@>QFLK>I>@QFSFQFBPFKI>JFK>O
>PTBII>PQRO?RIBKQEFDE>@QFS>QFLKBKBODVOB>@QFKDiLTP
LCOBIBS>K@BQL>BOLPM>@BMOLMRIPFLK>KAMLTBO
DBKBO>QFLK"1+FPBNRFMMBATFQEEFDEMOBPPROB
@LJ?RPQFLKC>@FIFQFBPEFDEPMBBAFJ>DFKD>KAI>PBO?>PBA
AF>DKLPQF@P
2QOR@QROBP>KA,>QBOF>IP+>?LO>QLOV
##"2C2?;82@<2C
3EBPQOR@QROBP>KAJ>QBOF>II>?LO>QLOVFPRPBACLO
RKABODO>AR>QB>KADO>AR>QBOBPB>O@EFKhBIALCJB@E>KF@P
LCKLSBIJ>QBOF>IP>KAPQOR@QROBPRPBAFK>BOLPM>@B
PVPQBJP3EBI>?LO>QLOVFPBNRFMMBATFQE-("LJM>@Q# 0
>@NRFPFQFLKPVPQBJCLO>@QR>QFLK>KAPBKPFKD>MMIF@>QFLKP
QLRKABOPQ>KAQEBJB@E>KF@PLCPQOR@QROBP>KAJ>QBOF>IP
3EBI>?LO>QLOVFK@IRABP>KLMQF@>IJF@OLP@LMVPRFQBQL
SFPR>IFWBQEBCRIIhBIAABCLOJ>QFLKLCK>KLPQOR@QROBA
J>QBOF>IPTFQEK>KLP@>IBOBPLIRQFLKRPFKD#FDFQ>I(J>DB
"LOOBI>QFLK#("3EBI>?LO>QLOV>IPLELPQP>EFDEPMBBA
FJ>DFKDPVPQBJQLFKSBPQFD>QBQEBJB@E>KF@PLCDO>KRI>O
JBAF>RKABOAVK>JF@IL>AFKD>KAQEBiLTLCDO>KRI>O
JBAF>3EBI>?LO>QLOV>IPLCL@RPPBPLKQEBAVK>JF@
OBPMLKPBLCDO>KRI>OJBAF>>KAFKELJLDBKBLRPJ>QBOF>IP
RPFKD>D>PDRK?>PBAFJM>@QQBPQFKDPBQRM3EBI>?LO>QLOV
FPBNRFMMBATFQE>+>PBO2@>KKFKD#LMMIBO5F?OLJBQBO
PVPQBJQLJB>PROBQEBSBIL@FQVLCSF?O>QFLKPFKPQOR@QROBP
IFHBM>OQF@IBA>JMBOP>KACBOOLBIB@QOF@PFKILT>KAEFDE
COBNRBK@VO>KDBP
+>?LO>QLOVCLO(KQBIIFDBKQ2VPQBJP>KA
"LKQOLI
#6>6EC:@F
3EB+>?LO>QLOVCLO(KQBIIFDBKQ2VPQBJP>KA"LKQOLIFP>
PNCQC>@FIFQVBNRFMMBACLOBUMBOFJBKQPFK@LKQOLILC
RKJ>KKBA>BOF>ISBEF@IBPTEBBIBAOL?LQPPR?JBOPF?IB
SBEF@IBPPM>@B@O>CQ>KAAVK>JF@>IPVPQBJPTFQEiBUF?IB
PQOR@QROBP6LOH?BK@EBPBNRFMMBATFQEMLTBOPRMMIFBP
>JMIFhBOPPFDK>IDBKBO>QLOPA>Q>>@NRFPFQFLKPVPQBJP>KA
LP@FIILP@LMBP>OBMOLSFABA%LOBUMBOFJBKQPFKSBEF@IB
>RQLKLJVPQ>QBLCQEB>OQJF@OL@LKQOLIIBOMI>QCLOJPPR@E
>PQEB1>PM?BOOV/F>ILKDTFQEPRKAOVBIB@QOLKF@
@LJMLKBKQP>OB>S>FI>?IBCLOO>MFAMOLQLQVMFKD>KA
FJMIBJBKQ>QFLKLCLK?L>OASBEF@IB@LKQOLIPVPQBJP 
KBQTLOHLCLfQEBPEBICO>AFL@LKQOLIIBASBEF@IBMI>QCLOJP
PR@E>PQEB(1(2NR>AOLQLOEBIF@LMQBOP>OB>S>FI>?IB 
KBQTLOHLCTFOBIBPPIV@LKQOLIIBA>RQLKLJLRPJL?FIB
OL?LQPPR@E>PQEB"IB>OM>QE'RPHV 4&5TFQE
LK?L>OA@LJMRQBO(,4>KA5BILAVKB+(# 1QEB3ROQIB!LQ
TFQE+(# 1>KAQEBF1L?LQ"OB>QBTEBBIBAOL?LQP>OB
>S>FI>?IB%LOBUMBOFJBKQPFK@LKQOLI>KALMQFJFW>QFLKLC
iBUF?IBPQOR@QROBP>K>@QFSBSF?O>QFLKFPLI>QFLKQ>?IB
SBIL@FQVPBKPLOP>@@BIBOLJBQBOPMFBWL@BO>JF@M>Q@EBPCLO
>@QR>QFLK>KAPBKPFKD>KA>A2/ "$b "$OB>IQFJB
A>Q>>@NRFPFQFLK>KA@LKQOLIM>@H>DB>OB>S>FI>?IB
RQLKLJV"LKQOLIP>KA$PQFJ>QFLK
+>?LO>QLOV
#3@H=28:
3EB RQLKLJV"LKQOLIP>KA$PQFJ>QFLK "$+>?LO>QLOV
FP>PNCQC>@FIFQVBNRFMMBACLOBUMBOFJBKQPOBI>QBAQL
JLQFLKMI>KKFKD>KA@LKQOLILC>RQLKLJLRPJL?FIB
SBEF@IBPFKRKHKLTKLORK@BOQ>FKBKSFOLKJBKQP3EBI>?FP
ELJBQL>MLOQ>?IB5F@LKJLQFLK@>MQROBPVPQBJ
@LKPFPQFKDLC5F@LK5BOL@>JBO>PTFQEEB>SVARQV
QOFMLAJLRKQP3EBJLQFLK@>MQROBPVPQBJMOLSFABP
IL@>IFW>QFLKTFQE>JJ>@@RO>@V3EBI>?>IPLMOLSFABP
LQEBOEFDEIVMLOQ>?IBIL@>IFW>QFLKPVPQBJP>/LWVUTFh
?>PBAPVPQBJ>KA>/LIEBJRPO>AFL?>PBAPVPQBJ
6LOH?BK@EBPBNRFMMBATFQEMLTBOPRMMIFBP>JMIFhBOP
PFDK>IDBKBO>QLOPA>Q>>@NRFPFQFLKPVPQBJP>KA
LP@FIILP@LMBP>OB>S>FI>?IB2BSBO>IJF@OL@LKQOLIIBO
MI>QCLOJPPR@E>PQEB-SFAF>)BQPLK>KA)BQPLK->KL>BOF>I
SBEF@IB>RQLMFILQ>KAOBJLQB@LKQOLIE>OAT>OB>KAPRKAOV
BIB@QOLKF@@LJMLKBKQP>OB>S>FI>?IBCLOO>MFAMOLQLQVMFKD
>KAFJMIBJBKQ>QFLKLCLK?L>OASBEF@IB@LKQOLIPVPQBJP 
JRIQFQRABLCLfQEBPEBICO>AFL@LKQOLIIBA>BOF>ISBEF@IB
>KATEBBIBAOL?LQF@SBEF@IBMI>QCLOJP>OB>S>FI>?IB
BOLPM>@B$KDFKBBOFKD#FP@LSBOV
"I>PPOLLJ
#24F=EJ
(KQEB#FP@LSBOV"I>PPOLLJQEBQO>AFQFLK>IIB@QROBE>IIFP
OBABhKBAQL@LJ?FKB>JRIQFJBAF>@I>PPOLLJ>KA>K
>AGLFKFKDBUMBOFJBKQ>IPNCQI>?LO>QLOV3EB
@>M>?FIFQFBPLCQEB@I>PPOLLJ>IILTRPQLRPB>KFKQBDO>QBA
>K>IVQF@>I\KRJBOF@>I\BUMBOFJBKQ>I>MMOL>@EQL
>BOLPM>@BBKDFKBBOFKDFKiRAFPMOLMRIPFLKJ>QBOF>IP>KA
PQOR@QROBP@LROPBP6BE>SBABPFDK>QBAQEB>MMOL>@ERPFKD
QEFPC>@FIFQV>PQEB#( -$MEFILPLMEV#>FIV(KQBDO>QFLKLC
K>IVQF@>I-RJBOF@>I>KA$UMBOFJBKQ>IJBQELAPFKQL
 6/(">Q>ILD
>BOLPM>@BBKDFKBBOFKD@I>PPBP(K>QVMF@>I>MMIF@>QFLK
BUMBOFJBKQ>I>MM>O>QRP>OBABJLKPQO>QBAAFOB@QIVFK@I>PP
AROFKD>KBKDFKBBOFKDIB@QROB1B>IQFJBNR>KQFQ>QFSBA>Q>
>OB>@NRFOBACOLJQEB>MM>O>QRP>KAQEBA>Q>>OB>K>IVWBA
>KA@LJM>OBAQL@LK@ROOBKQIVABSBILMBAQEBLOV?VQEB
PQRABKQPFK@I>PP3EBI>?FK@IRABP>MLOQ>?IBTFKAQRKKBI>
MLOQ>?IBT>QBOQRKKBI>?R@HIFKD>MM>O>QRP>PEB>O@BKQBO
>MM>O>QRP>KAS>OFLRPLQEBOPBQRMP
$"ROOF@RI>O OB>P>KA"LROPBP
3EB $ABDOBBP>OB?>PBALK@LROPBTLOHPELTKFK3>?IB
>KAOBPB>O@E>PPELTKFK3>?IB3EBOB>OBhSB@ROOF@RI>O
>OB>PLCPQRAV%IRFA#VK>JF@P/OLMRIPFLK>KA$KBODV
%IFDEQ#VK>JF@P>KA"LKQOLIP,>QBOF>IP>KA2QOR@QROBP
&BKBO>I BOLPM>@B$KDFKBBOFKD3LMF@P
3>?IB $"ROOF@RI>O OB>P>KA"LROPBP
%IRFA#VK>JF@P
E6> +:E=6 C65:ED
$ (K@LJMOBPPF?IB%IRFA#VK>JF@P 
$ "LJMOBPPF?IB%IRFA#VK>JF@P 
$ *FKBQF@3EBLOVLC&>PBP>KA
MMIF@>QFLKP

$ /I>PJ>#VK>JF@P 
/OLMRIPFLK>KA$KBODV
E6> +:E=6 C65:ED
$ FO!OB>QEFKD/OLMRIPFLK 
$ 2M>@B@O>CQ/OLMRIPFLK 
$ "LJ?RPQFLK 
$ 2RPQ>FK>?IB$KBODV2VPQBJP 
%IFDEQ#VK>JF@P>KA"LKQOLI
E6> +:E=6 C65:ED
$ +FKB>O"LKQOLI2VPQBJP 
$ -LKIFKB>O"LKQOLI2VPQBJP 
$ .MQFJ>I"LKQOLICLO BOLPM>@B
MMIF@>QFLKP

$ 2M>@B@O>CQ#VK>JF@P>KA"LKQOLI 
$ RQLKLJLRP BOF>I5BEF@IBP 
,>QBOF>IP>KA2QOR@QROBP
E6> +:E=6 C65:ED
$ 2LIFA,B@E>KF@PCLO BOLPM>@B
2QOR@QROBP

$ "LJMLPFQB,>QBOF>IP 
$ BOLBI>PQF@FQV 
$ "LJMRQ>QFLK>I2LIFA,B@E>KF@P 
$ %O>@QROB,B@E>KF@P 
&BKBO>I BOLPM>@B$KDFKBBOFKD3LMF@P
E6> +:E=6 C65:ED
$ MMIFBA"LJMRQ>QFLK>I,BQELAP
CLO/>OQF>I#FfBOBKQF>I$NR>QFLKP

$ BOLPM>@B$KDFKBBOFKD2BJFK>O 
3>?IB $1BPB>O@E"LROPBP
E6> +:E=6 C65:ED
$ #FOB@QBA1BPB>O@E 
$ &O>AR>QB(KQBOKPEFM$UMBOFBK@B
$ &O>AR>QB(KQBOKPEFM$UMBOFBK@B
$ /OB#FPPBOQ>QFLK1BPB>O@E 
$ #FPPBOQ>QFLK1BPB>O@E 
!2,2FK BOLPM>@B$KDFKBBOFKD
3EB@LJ?FKBA!2,2MOLDO>JFK BOLPM>@B$KDFKBBOFKD
FP>S>FI>?IBCLO@ROOBKQIVBKOLIIBA6/( BOLPM>@B
$KDFKBBOFKDJ>GLOP2QRABKQPFKQEBMOLDO>JJ>V
@LJMIBQBQEB!2>KAQEB,2ABDOBBFK BOLPM>@B
$KDFKBBOFKDFK>MMOLUFJ>QBIVhSBVB>OPLCPQRAV6EBK
>MMIVFKDQLQEB!2,2MOLDO>JPQRABKQPJRPQPMB@FCV
QEBFOFKQBKQFLKQLMROPRBBFQEBOQEBQEBPFPLOQEBKLKQEBPFP
LMQFLK!LQELMQFLKPOBNRFOBQEB@LJMIBQFLKLCDO>AR>QB
@OBAFQELROP2QRABKQPFKQEBQEBPFPLMQFLKJRPQ@LJMIBQB
@OBAFQPLCQEBPFPOBPB>O@E $TEBOB>PPQRABKQPFKQEB
KLKQEBPFPLMQFLKJ>V@LJMIBQBRMQL@OBAFQPLCAFOB@QBA
OBPB>O@E $/BQFQFLKPQLQO>KPCBOCOLJQLQEBKLK
QEBPFPQLCOLJQEBQEBPFPLMQFLKTFII?B@LKPFABOBA?VQEB
DO>AR>QB@LJJFQQBB3EB,2ABDOBBOBNRFOBPQEB
@LJMIBQFLKLCDO>AR>QB@OBAFQELROP
$*:?6C@DA246?8:?66C:?868C66H:E9+96D:D
&AE:@?
2QRABKQPFKQBOBPQBAFKOBPB>O@ETFQE>CL@RPFK>PMB@Fh@
>OB>>OBBK@LRO>DBAQLPBIB@QQEB,2 $ABDOBBTFQE
QEBPFPLMQFLKTEF@EOBNRFOBP>JFKFJRJLCDO>AR>QB
@OBAFQELROPFK $,23EBPFP2QRABKQPJRPQPBIB@Q>
QEBPFP>ASFPLOCOLJQEB $#C>@RIQVMOFLOQLOBDFPQO>QFLK
FK $3EBQEBPFP>ASFPLO>IPLPBOSBP>PQEB>@>ABJF@
>ASFPLOLCQEBPQRABKQ3EBQEBPFPPR?JFPPFLKCLIILTP6/(P
ORIBP
3EBAFPQOF?RQFLKLC@OBAFQPCLOQEB,2FK $ABDOBBTFQE
QEBQEBPFPLMQFLKFP>PCLIILTP
] DO>AR>QB@OBAFQPFK BOLPM>@B$KDFKBBOFKD
 JFKFJRJLCDO>AR>QB@OBAFQPFKB>@ELCQEB
hSB $"ROOF@RI>O OB>P%IRFA#VK>JF@P
 6/(">Q>ILD
/OLMRIPFLK>KA$KBODV%IFDEQ#VK>JF@P>KA
"LKQOLIP,>QBOF>IP>KA2QOR@QROBP&BKBO>I
BOLPM>@B$KDFKBBOFKD3LMF@P
 JFKFJRJLCDO>AR>QB@OBAFQPFK,23EBPFP
$
 DO>AR>QB@OBAFQPCLOCLROQBOJPFK BOLPM>@B
$KDFKBBOFKD2BJFK>O $
] DO>AR>QB@OBAFQPFKBIB@QFSBP
 DO>AR>QB@OBAFQPFKCOBBBIB@QFSBPFKPFABLO
LRQPFAB $
 DO>AR>QB@OBAFQPFK>MMIFBAJ>QEBJ>QF@P, 
, LO>KVLQEBO@LROPBTFQEQEBMOFLO
>MMOLS>ILCQEB $DO>AR>QB@LJJFQQBB
3.3 +"OBAFQP
$*:?6C@DA246?8:?66C:?868C66H:E9%@?+96D:D
&AE:@?
3EB,>PQBOLC2@FBK@BABDOBBOBNRFOBPQEB@LJMIBQFLKLC
DO>AR>QB@OBAFQELROP3EBAFPQOF?RQFLKLC@OBAFQPFP>P
CLIILTP
] DO>AR>QB@OBAFQPFK BOLPM>@B$KDFKBBOFKD
 JFKFJRJLCDO>AR>QB@OBAFQPFKB>@ELCQEB
hSB $"ROOF@RI>O OB>P%IRFA#VK>JF@P
/OLMRIPFLK>KA$KBODV%IFDEQ#VK>JF@P>KA
"LKQOLIP,>QBOF>IP>KA2QOR@QROBP&BKBO>I
BOLPM>@B$KDFKBBOFKD3LMF@P
 J>UFJRJLCDO>AR>QB@OBAFQPFK $
1BPB>O@ELCTEF@ERMQLJ>V?BFK&O>AR>QB
(KQBOKPEFM$UMBOFBK@B $>KAQEB
OBJ>FKFKDFK#FOB@QBA1BPB>O@E $
 DO>AR>QB@OBAFQPCLOCLROQBOJPFK BOLPM>@B
$KDFKBBOFKD2BJFK>O $
] DO>AR>QB@OBAFQPFKBIB@QFSBP
 DO>AR>QB@OBAFQPFKCOBBBIB@QFSBPFKPFABLO
LRQPFAB $
 DO>AR>QB@OBAFQPFK>MMIFBAJ>QEBJ>QF@P, 
, LO>KVLQEBO@LROPBTFQEQEBMOFLO
>MMOLS>ILC $DO>AR>QB@LJJFQQBB
3.3 +"OBAFQP
/OFLOQLOBDFPQBOFKDCLOAFOB@QBAOBPB>O@E $QEB
PQRABKQJRPQE>SB@LJMIBQBA>QIB>PQDO>AR>QB@OBAFQPFK
$@LROPBP
%LOPQRABKQP>AJFQQBAFKQEB!2,2MOLDO>J>
J>UFJRJLCDO>AR>QB@OBAFQPJ>V?BALR?IB@LRKQBA
QLT>OA?LQEQEBRKABODO>AR>QB>KADO>AR>QBABDOBBP
#LR?IB@LRKQBADO>AR>QB@OBAFQPJRPQ?BFK@LROPBP
FK@IRAFKDDO>AR>QBIBSBIFKABMBKABKQPQRAV>KAPMB@F>I
QLMF@P J>UFJRJLCCLROLRQLCQEB@OBAFQP@>K?B
ALR?IB@LRKQBAFKIBSBI@LROPBPCOLJ$KDFKBBOFKD
!>PF@2@FBK@BLO,>QEBJ>QF@P DO>ABLC!LO?BQQBO
FPOBNRFOBACLO>KV@LROPBQL?BALR?IB@LRKQBAQLT>OA
?LQEABDOBBP
@@BMQ>K@BFKQLQEB!2,2MOLDO>JPFDKFhBP>MMOLS>ILC
QEBDO>AR>QB@LROPBPIFPQBACLO@OBAFQQLT>OA?LQEQEB
RKABODO>AR>QB>KADO>AR>QBABDOBBP
+JA6!2,2
,2FK BOLPM>@B$KDFKBBOFKD
,2FK BOLPM>@B$KDFKBBOFKD#BDOBB
6EBK>MMIVFKDQLQEB,>PQBOLC2@FBK@BFK BOLPM>@B
$KDFKBBOFKDABDOBBPQRABKQPJRPQPMB@FCVQEBFOFKQBKQFLK
QLMROPRBBFQEBOQEBQEBPFPLOQEBKLKQEBPFPLMQFLK!LQE
LMQFLKPOBNRFOBQEB@LJMIBQFLKLCDO>AR>QB@OBAFQELROP
2QRABKQPFKQEBQEBPFPLMQFLKJRPQ@LJMIBQB@OBAFQP
LCQEBPFPOBPB>O@E $TEBOB>PPQRABKQPFKQEBKLK
QEBPFPLMQFLKJ>V@LJMIBQBRMQL@OBAFQPLCAFOB@QBA
OBPB>O@E $/BQFQFLKPQLQO>KPCBOCOLJQLQEBKLK
QEBPFPQLCOLJQEBQEBPFPLMQFLKTFII?B@LKPFABOBA?VQEB
DO>AR>QB@LJJFQQBB
#BDOBB1BNRFOBJBKQP
3EB $ABDOBBP>OB?>PBALK@LROPBTLOH>KA1BPB>O@E>P
PELTK?BILT3EBOB>OBhSB@ROOF@RI>O>OB>PLCPQRAV%IRFA
#VK>JF@P/OLMRIPFLK>KA$KBODV%IFDEQ#VK>JF@P>KA
"LKQOLIP,>QBOF>IP>KA2QOR@QROBP&BKBO>I$KDFKBBOFKD
3LMF@P
$*:?6C@DA246?8:?66C:?868C66H:E9+96D:D
&AE:@?
2QRABKQPFKQBOBPQBAFKOBPB>O@ETFQE>CL@RPFK>PMB@Fh@
>OB>>OBBK@LRO>DBAQLPBIB@QQEB,2 $ABDOBBTFQE
QEBPFPLMQFLKTEF@EOBNRFOBP>JFKFJRJLCDO>AR>QB
@OBAFQELROPFK $,23EBPFP2QRABKQPJRPQPBIB@Q>
QEBPFP>ASFPLOCOLJQEB $#C>@RIQVMOFLOQLOBDFPQO>QFLK
FK $3EBQEBPFP>ASFPLO>IPLPBOSBP>PQEB>@>ABJF@
>ASFPLOLCQEBPQRABKQ3EBQEBPFPPR?JFPPFLKCLIILTP6/(P
ORIBP
3EBAFPQOF?RQFLKLC@OBAFQPCLOQEB,2FK $ABDOBBTFQE
QEBQEBPFPLMQFLKFP>PCLIILTP
] DO>AR>QB@OBAFQPFK BOLPM>@B$KDFKBBOFKD
 JFKFJRJLCDO>AR>QB@OBAFQPFKB>@ELCQEB
hSB $"ROOF@RI>O OB>P%IRFA#VK>JF@P
/OLMRIPFLK>KA$KBODV%IFDEQ#VK>JF@P>KA
"LKQOLIP,>QBOF>IP>KA2QOR@QROBP&BKBO>I
BOLPM>@B$KDFKBBOFKD3LMF@P
 6/(">Q>ILD
 JFKFJRJLCDO>AR>QB@OBAFQPFK,23EBPFP
$
 DO>AR>QB@OBAFQPCLOCLROQBOJPFK BOLPM>@B
$KDFKBBOFKD2BJFK>O $
] DO>AR>QB@OBAFQPFKBIB@QFSBP
 DO>AR>QB@OBAFQPFKCOBBBIB@QFSBPFKPFABLO
LRQPFAB $
 DO>AR>QB@OBAFQPFK>MMIFBAJ>QEBJ>QF@P, 
, LO>KVLQEBO@LROPBTFQEQEBMOFLO
>MMOLS>ILCQEB $DO>AR>QB@LJJFQQBB
3.3 +"OBAFQP
$*:?6C@DA246?8:?66C:?868C66H:E9%@?+96D:D
&AE:@?
3EB,>PQBOLC2@FBK@BABDOBBOBNRFOBPQEB@LJMIBQFLKLC
DO>AR>QB@OBAFQELROP3EBAFPQOF?RQFLKLC@OBAFQPFP>P
CLIILTP
] DO>AR>QB@OBAFQPFK BOLPM>@B$KDFKBBOFKD
 JFKFJRJLCDO>AR>QB@OBAFQPFKB>@ELCQEB
hSB $"ROOF@RI>O OB>P%IRFA#VK>JF@P
/OLMRIPFLK>KA$KBODV%IFDEQ#VK>JF@P>KA
"LKQOLIP,>QBOF>IP>KA2QOR@QROBP&BKBO>I
BOLPM>@B$KDFKBBOFKD3LMF@P
 J>UFJRJLCDO>AR>QB@OBAFQPFK $
1BPB>O@ELCTEF@ERMQLJ>V?BFK&O>AR>QB
(KQBOKPEFM$UMBOFBK@B $>KAQEB
OBJ>FKFKDFK#FOB@QBA1BPB>O@E $
 DO>AR>QB@OBAFQPCLOCLROQBOJPFK BOLPM>@B
$KDFKBBOFKD2BJFK>O $
] DO>AR>QB@OBAFQPFKBIB@QFSBP
 DO>AR>QB@OBAFQPFKCOBBBIB@QFSBPFKPFABLO
LRQPFAB $
 DO>AR>QB@OBAFQPFK>MMIFBAJ>QEBJ>QF@P, 
, LO>KVLQEBO@LROPBTFQEQEBMOFLO
>MMOLS>ILC $DO>AR>QB@LJJFQQBB
3.3 +"OBAFQP
/OFLOQLOBDFPQBOFKDCLOAFOB@QBAOBPB>O@E $QEB
PQRABKQJRPQE>SB@LJMIBQBA>QIB>PQDO>AR>QB@OBAFQPFK
$@LROPBP
@>ABJF@ ASFPFKD
3EBP@EBARIBLC>@>ABJF@>ASFPFKDBKPROBPQE>QPQRABKQP
>OBTBII>ASFPBAQEOLRDELRQQEBMOLDO>J
3BJMLO>OV ASFPLORMLK>AJFPPFLKQLQEB,2MOLDO>J
B>@EPQRABKQFP>PPFDKBALOJ>VPBIB@Q>3BJMLO>OV
ASFPLO OO>KDBP>K>@>ABJF@MI>K@LSBOFKDQEBhOPQ
@OBAFQPLCMOFLOQLQEBhOPQOBDFPQO>QFLK
@>ABJF@ ASFPLOBIB@QBA?V>PQRABKQMOFLOQLOBDFPQBOFKD
CLOJLOBQE>K@OBAFQP OO>KDBP>K>@>ABJF@MI>K
@LSBOFKDQEBOBJ>FKFKD@LROPBLCPQRAV
$"ROOF@RI>O OB>P>KA"LROPBP
+JA6,>PQBOLC2@FBK@B
/E#FK BOLPM>@B$KDFKBBOFKD
2QRABKQP>AJFQQBAQLQEB/E#MOLDO>JFK BOLPM>@B
$KDFKBBOFKDJRPQOBQ>FK>CRIIQFJBPQ>QRP?VOBDFPQBOFKDCLO
>JFKFJRJLC@OBAFQPMBOPBJBPQBOLO>M>OQQFJBPQ>QRP
?VOBDFPQBOFKDCLO>JFKFJRJLC@OBAFQPMBO
PBJBPQBORKQFIQEBVOB>@EQEBJ>UFJRJKRJ?BOLC@OBAFQP
OBNRFOBA?VQEBMOLDO>J%>FIROB?V>PQRABKQQLJ>FKQ>FK
CRIIQFJBPQ>QRPLOM>OQQFJBPQ>QRPCLOLKBPBJBPQBOTFII?B
@LKPFABOBAFKPRg@FBKQMOLDOBPP>KAJ>VOBPRIQFKQEB
OBJLS>ILCQEBPQRABKQCOLJQEB/E#MOLDO>J KV
PQRABKQMROPRFKDQEB/E#JRPQBPQ>?IFPEOBPFABK@V?V
?BFKDFKCRIIQFJBPQ>QRPCLO>QIB>PQLKB@LKQFKRLRP
>@>ABJF@VB>O
3EB@LROPBLCPQRAVIB>AFKDQLQEB/E#ABDOBBFK
>BOLPM>@BBKDFKBBOFKDOBNRFOBPQEB@LJMIBQFLKLC
@OBAFQP?BVLKAQEB?>@EBILOPABDOBBLO@OBAFQP?BVLKA
QEBJ>PQBOPABDOBB
%LOPQRABKQPMOL@BBAFKDAFOB@QIVCOLJ!2ABDOBBQL/E#
ABDOBBQEB@OBAFQPPELRIA?BAFPQOF?RQBA>PCLIILTP
8C25F2E64C65:ED:?4@FCD6D
] DO>AR>QB@OBAFQPFK $@LROPBPFK@I2MB@F>I
3LMF@P(2/>KA&O>AR>QB(KQBOKPEFM$UMBOFBK@B
] DO>AR>QB@OBAFQPFK@LROPBPFKLOLRQPFABLC $
] DO>AR>QB@OBAFQPFK>MMIFBAJ>QEBJ>QF@P, 
, LO>KVLQEBO@LROPBTFQEQEB>MMOLS>ILC
$DO>AR>QB@LJJFQQBB
] DO>AR>QB@OBAFQPFK@LJMRQ>QFLK>IJBQELAP $
LO>KVLQEBO@LROPBTFQEQEB>MMOLS>ILCQEB $
DO>AR>QB@LJJFQQBB
8C25F2E64C65:ED:?:DD6CE2E:@?)6D62C49
8C25F2E64C65:ED:?
] AAFQFLK>I@LROPBTLOH
] AAFQFLK>I#FPPBOQ>QFLK1BPB>O@E $
] 2RMMIBJBKQ>I1BPB>O@E $ $
8C25F2E64C65:ED7@CE6C>:?'9
(F2=:7J:?8I2>:?2E:@?
 6/(">Q>ILD
8C25F2E64C65:ED7@C2==E6C>D5FC:?8C6D:56?4J:?
6C@DA246?8:?66C:?8@==@BF:F>
+&+#4C65:ED
%LOPQRABKQPMOL@BBAFKDCOLJ,>PQBOPQL/E#ABDOBBQEB
@OBAFQPPELRIA?BAFPQOF?RQBA>PCLIILTP
] DO>AR>QB@OBAFQPFK $@LROPBPFK@I2MB@F>I
3LMF@P(2/>KA&O>AR>QB(KQBOKPEFM$UMBOFBK@B
] DO>AR>QB@OBAFQPFK#FPPBOQ>QFLK1BPB>O@E $
] DO>AR>QB@OBAFQPFK
 @LROPBPFKLOLRQPFABLC $
 #FPPBOQ>QFLK1BPB>O@E $
 2RMMIBJBKQ>I1BPB>O@E $ $
] DO>AR>QB@OBAFQPCLOQBOJAROFKDOBPFABK@VFK $
/E#0R>IFCVFKD$U>JFK>QFLK
] DO>AR>QB@OBAFQPCLO>IIQBOJPAROFKDOBPFABK@VFK $
 BOLPM>@B$KDFKBBOFKD2BJFK>O
+&+#4C65:ED
/OFLOQL>AJFPPFLKQL">KAFA>@V>PQRABKQJ>VOB@BFSBRM
QL@OBAFQPLCMOBAFPPBOQ>QFLKOBPB>O@ERKABO $
.KIV>CQBO>AJFPPFLKQL">KAFA>@VTFQEQEBPR@@BPPCRI
M>PPFKDLC $J>V>PQRABKQOB@BFSB@OBAFQQLT>OA
#FPPBOQ>QFLK1BPB>O@ERKABO $3EBOBPRIQLCQEB
AFPPBOQ>QFLKOBPB>O@EJRPQ?B>@LJMIBQBAAL@QLO>I
AFPPBOQ>QFLK
@>ABJF@ ASFPFKD>KA2@EBARIB
3BJMLO>OV ASFPLO
4MLK>AJFPPFLKQLQEB#L@QLO>I/OLDO>JB>@EPQRABKQFP
>PPFDKBALOJ>VPBIB@Q>QBJMLO>OV>ASFPLOQL>OO>KDB>K
>@>ABJF@MI>K@LSBOFKDQEBhOPQ@OBAFQPLCPQRAV3EFP
MI>KPELRIA?B>OO>KDBA?BCLOBQEBhOPQA>VLCOBDFPQO>QFLK
#FPPBOQ>QFLK ASFPLO>KA/I>KLC2QRAV
PQRABKQPBIB@QP>K $#FPPBOQ>QFLK ASFPLOTEL>DOBBP
RMLKMOFLOQLOBDFPQBOFKDCLOJLOBQE>K@OBAFQP3EB
#FPPBOQ>QFLK ASFPLOTFII>MMOLSBQEB/I>KLC2QRAVTEF@E
FK@IRABPQEB#FPPBOQ>QFLK3LMF@
/E#0R>IFCVFKD$U>J>KA AJFPPFLKQL
">KAFA>@V
AJFPPFLKQL">KAFA>@VTFII?BDO>KQBATEBKQEBPQRABKQ
E>PP>QFPC>@QLOFIVM>PPBAQEB/E#0R>IFCVFKD$U>JFK>QFLK
 $3EB0R>IFCVFKD$U>JFK>QFLKFPFKQBKABAQL
JB>PROBB>@EPQRABKQPCRKA>JBKQ>IHKLTIBADBFKQTL
"ROOF@RI>O OB>PQL?B@ELPBK?VQEBPQRABKQCOLJ
QEBCLIILTFKD%IRFA#VK>JF@P/OLMRIPFLK>KA$KBODV
%IFDEQ#VK>JF@P>KA"LKQOLIP>KA,>QBOF>IP>KA
2QOR@QROBP3EB $/E#0R>IFCVFKD$U>JFK>QFLKFP
DO>ABARPFKD>/>PP%>FIPVPQBJ>PABQBOJFKBA?V>QEB
OBPRIQPCOLJQEBTOFQQBK">KAFA>@V3BPQFKQEB
QTL"ROOF@RI>O OB>P@ELPBK?VQEBPQRABKQ>KA?QEB
PQRABKQPMBOCLOJ>K@BFKDO>AR>QB@LROPBPQ>HBK>Q6/(FK
QEBP>JBQTL"ROOF@RI>O OB>P
3EBTOFQQBK">KAFA>@V3BPQFPQVMF@>IIVLfBOBAAROFKDQEB
hOPQTBBHLC!>KALO#QBOJ PQRABKQTFII?BQBPQBALK
J>QBOF>ICOLJQTLDO>AR>QB@LROPBPLCQEBFO@ELF@BFK
LKB $"ROOF@RI>O OB>>KALKJ>QBOF>ICOLJLKB
DO>AR>QB@LROPBLCQEBFO@ELF@BFK>PB@LKA $"ROOF@RI>O
OB>(KQEBQBOJMOB@BAFKDQEBTOFQQBK">KAFA>@V3BPQ>
PQRABKQJRPQFKCLOJQEB&O>AR>QB"LLOAFK>QLO>?LRQQEBFO
PBIB@QFLKLCQEBQTL"ROOF@RI>O OB>P>KAQEBQEOBB
@LROPBP3EBTOFQQBK">KAFA>@V3BPQFPDO>ABARPFKDQEB
2>QFPC>@QLOV-LQ2>QFPC>@QLOV/BOCLOJ>K@B2/-/DO>AFKD
PVPQBJ>KAE>PKLOBQ>HB
(C>PQRABKQC>FIPQLOBDFPQBOLOC>FIPQLB>OK>/>PPFKQEB $
/E#0R>IFCVFKD$U>JFK>QFLKMOFLOQL@LJMIBQFLKLC
@OBAFQP>CQBO>AJFPPFLKQLQEB/E#MOLDO>JQEB
PQRABKQJRPQTFQEAO>TCOLJQEB/E#MOLDO>J?VBKALC
QEB!QBOJLO#QBOJLCQEBVB>OOBDFPQBOBACLO
QEB0R>IFCVFKD$U>JFK>QFLK
#FPPBOQ>QFLK"LJJFQQBB>KA#FPPBOQ>QFLK
/OLMLP>I
%LOJBAMOFLOQLOBDFPQBOFKDCLOJLOBQE>K@OBAFQP>KA
>CQBO AJFPPFLKQL">KAFA>@V3EB#FPPBOQ>QFLK"LJJFQQBB
@LKPFPQPLCQEB#FPPBOQ>QFLK ASFPLO>QIB>PQLKB@LOB
C>@RIQVLCQEB BOLPM>@B$KDFKBBOFKD/OLDO>J>KA>QIB>PQ
LKBLRQPFABJBJ?BO
$>@E#L@QLO>I">KAFA>QBJRPQMOBM>OB>?OFBCTOFQQBK
MOLMLP>I>KAJ>HB>KLO>IMOBPBKQ>QFLKQE>QABJLKPQO>QBP
>PLRKARKABOPQ>KAFKDLCQEBAFPPBOQ>QFLKQLMF@QEB
OBIBS>KQIFQBO>QROBQEBQB@EKFNRBPQL?BBJMILVBAQEB
FPPRBPQL?B>AAOBPPBA>KAQEBTLOHALKBLKQEBQLMF@?V
QEBPQRABKQQLA>QB3EB#FPPBOQ>QFLK/OLMLP>IJRPQ?B
J>ABTFQEFK>VB>O>CQBOQEB0R>IFCVFKD$U>J>KA
>AJFPPFLKQL@>KAFA>@V!LQEQEBTOFQQBK>KALO>IM>OQPLC
QEB/OLMLP>IP>OBMOBPBKQBAQLJBJ?BOPLCQEB
#FPPBOQ>QFLK"LJJFQQBB>KA>OBMOBPBKQ>QFSBCOLJQEB $
&O>AR>QB"LJJFQQBB3EBMOBM>OBAMLOQFLKLCQEBLO>I
MOBPBKQ>QFLKPELRIAKLQBU@BBAJFKRQBP>KARMQL
JFKRQBPPELRIA?B>IILTBACLOAFP@RPPFLK(CQEBJBJ?BOP
LCQEB#FPPBOQ>QFLK"LJJFQQBB>KAQEB&O>AR>QB
"LJJFQQBBOBMOBPBKQ>QFSBE>SB@LK@BOKP>?LRQBFQEBOQEB
PR?PQ>K@BLCQEBMOLMLP>ILOQEBPQRABKQPRKABOPQ>KAFKD
LCQEBQLMF@QEBKQEBPQRABKQTFIIE>SBLKBJLKQEQL
MOBM>OB>PB@LKAMOBPBKQ>QFLKQE>QCL@RPBPLKQEB>OB>PLC
@LK@BOK3EFPMOBPBKQ>QFLKTFIII>PQJFKRQBPTFQE>K
>AAFQFLK>IJFKRQBP>IILTBACLOAFP@RPPFLK2QRABKQP@>K
@LKQFKRBQEBFOOBPB>O@ELKIVFCQEB#FPPBOQ>QFLK/OLMLP>IFP
 6/(">Q>ILD
>MMOLSBA(CQEB#FPPBOQ>QFLK/OLMLP>IFPKLQ>MMOLSBAQEB
#L@QLO>I">KAFA>QBJ>VhKA>KBT#FPPBOQ>QFLK ASFPLO
>KAMOL@BBATFQE>KBT#FPPBOQ>QFLK/OLMLP>I
#FPPBOQ>QFLK#BCBKPB
$>@E#L@QLO>I">KAFA>QBFPOBNRFOBAQLABCBKAQEB
LOFDFK>IFQVFKABMBKABK@B>KANR>IFQVLCOBPB>O@EAROFKD>K
LO>IAFPPBOQ>QFLKABCBKPBQE>QFP>AJFKFPQBOBA?V>K
BU>JFKFKD@LJJFQQBBQE>Q@LKPFPQPLCQEB#FPPBOQ>QFLK
"LJJFQQBB>KA>OBMOBPBKQ>QFSBLCQEB $&O>AR>QB
"LJJFQQBBTELFPKLQLKQEB#FPPBOQ>QFLK"LJJFQQBB3EB
ABCBKPBFPLMBKQLMR?IF@M>OQF@FM>QFLK>KA@LKPFPQPLC>
LKBELROMOBPBKQ>QFLKCLIILTBA?V>LKBELROLMBK
AFP@RPPFLK QIB>PQLKBTBBHMOFLOQLQEBABCBKPBB>@E
JBJ?BOLCQEBBU>JFKFKD@LJJFQQBBJRPQOB@BFSB>@LMV
LCQEBAFPPBOQ>QFLK QQEBP>JBQFJB>K>AAFQFLK>I@LMV
JRPQ?BJ>AB>S>FI>?IBCLOJBJ?BOPLCQEB6/(
@LJJRKFQVTFPEFKDQLOB>AQEBAFPPBOQ>QFLKMOFLOQLQEB
ABCBKPB>KAMR?IF@KLQFh@>QFLKLCQEBABCBKPBJRPQ?B
DFSBK?VQEB>BOLPM>@BBKDFKBBOFKDABM>OQJBKQ3EB
BU>JFKFKD@LJJFQQBBTFIIABQBOJFKBQEB>@@BMQ>?FIFQVLC
QEBPQRABKQPAFPPBOQ>QFLK>KALO>IMBOCLOJ>K@B3EB
AFPPBOQ>QFLK>ASFPLOTFIIABQBOJFKBQEBPQRABKQPDO>AB
+JA6/E#
!FLFKCLOJ>QF@P>KA
"LJMRQ>QFLK>I!FLILDV
%>@RIQVTFQE1BPB>O@E(KQBOBPQP
"@C<:?/OLCBPPLO"LJMRQBO2@FBK@B>KA!"!/OLDO>J
#FOB@QLO/E#4KFSBOPFQVLC-BT!ORKPTF@H">K>A>
!FLFKCLOJ>QF@PLCAFPB>PB?FDA>Q>FK?FLJBAF@FKB
@LJMRQ>QFLK>IDBKLJF@PPVPQBJP?FLILDVA>Q>JFKFKD
J>@EFKBIB>OKFKD
C?@=5,>QEBJ>QF@>I2@FBK@BP/E#">PB6BPQBOK
4KFSBOPFQV,>QEBJ>QF@>I?FLILDV!>VBPF>KFKCBOBK@B
M>O>JBQBOBPQFJ>QFLKFK?FLILDF@>IPVPQBJP
#2CC:D@? PPL@F>QB/OLCBPPLO"LJMRQBO2@FBK@B/E#
4-""E>OILQQB(KCLOJ>QFLKSFPR>IFW>QFLKSFPR>I
>K>IVQF@PERJ>K@LJMRQBOFKQBO>@QFLK
$2??:?8 PPFPQ>KQ/OLCBPPLO!FLILDV>KA
!FLQB@EKLILDV/E#&BFPBI2@ELLILC,BAF@FKB
>Q#>OQJLRQE4KFSBOPFQV">K@BO"BII!FLILDV@BII
@V@IBOBDRI>QFLKJFQLQF@MOLDOBPPFLK>KA@EOLJLPLJB
PBDOBD>QFLK@EOLJ>QFKOBDRI>QFLK>KADBKLJBPQ>?FIFQV
*&=D@?/OLCBPPLO,>QEBJ>QF@>I2@FBK@BP/E#-LOQE
">OLIFK>2Q>QB4KFSBOPFQV,>QEBJ>QF@>I?FLILDV
@EBJF@>IPFDK>IFKDJB@E>KF@P>KAEVAOLAVK>JF@P
)'2N6?C@E9/OLCBPPLO,>QEBJ>QF@>I2@FBK@BP/E#
4KFSBOPFQVLC,>OVI>KA+>ODBP@>IBA>Q>>K>IVQF@P
PQ>QFPQF@>IJ>@EFKBIB>OKFKD@LJMOBPPBAPBKPFKDKBQTLOH
>K>IVPFP
)'CFDEJ)2@/OLCBPPLO!FLILDV>KA!FLQB@EKLILDV/E#
/BKK2Q>QB4KFSBOPFQV,BAF@>I2@ELLI&BKLJF@PQRAFBP>KA
EFDEQEOLRDEMRQP@OBBKFKDQLRKABOPQ>KA>KAJ>K>DB
CRKD>IAFPB>PBPFKERJ>KP
)F:K/OLCBPPLO"LJMRQBO2@FBK@B/E#4KFSBOPFQVLC
,>OVI>KA#>Q>JFKFKDJ>@EFKBIB>OKFKD>OQFh@F>I
FKQBIIFDBK@B?FLJBAF@>IA>Q>JFKFKD
)J56C PPL@F>QB/OLCBPPLO!FLILDV>KA!FLQB@EKLILDV
>KA!"!/OLDO>J PPL@F>QB#FOB@QLO/E#'>OS>OA
4KFSBOPFQV"LJMRQ>QFLK>I?FLILDVPFJRI>QFLKLC
?FLILDF@>IPVPQBJP
*6CG2E:FD/OLCBPPLO,>QEBJ>QF@>I2@FBK@BP/E#
2VO>@RPB4KFSBOPFQV"LJ?FK>QLOF@PJ>QOLFA>KA
DO>MEQEBLOVPQOR@QRO>IQLMLILDVDBLJBQOVEFPQLOV>KA
MEFILPLMEVLCJ>QEBJ>QF@P
**96== PPL@F>QB/OLCBPPLO!FLILDV>KA!FLQB@EKLILDV
/E#4KFSBOPFQVLC">IFCLOKF>2>K#FBDL!>@QBOF>I
M>QELDBKBPFP?>@QBOF>IPQOBPPOBPMLKPBMOLH>OVLQF@DBKB
OBDRI>QFLKMOLH>OVLQF@DBKLJF@P>KAQO>KP@OFMQLJF@P
#-:52=: PPL@F>QB/OLCBPPLO!FLILDV>KA!FLQB@EKLILDV
/E#4KFSBOPFQVLC,>PP>@ERPBQQP JEBOPQ/I>KQ@BII
?FLILDV>KAJLIB@RI>ODBKBQF@PIFSB@BIIJF@OLP@LMV
JLIB@RI>OJLQLOP@VQLPHBIBQLK
$.F PPFPQ>KQ/OLCBPPLO,>QEBJ>QF@>I2@FBK@BP/E#
4KFSBOPFQVLC">IFCLOKF>(OSFKB,>QEBJ>QF@>I?FLILDV
JLABIFKDLCIFSFKDPVPQBJP
1.F/OLCBPPLOLC,>QEBJ>QF@>I2@FBK@BP/E#8>IB
!FLPQ>QFPQF@PEFDEAFJBKPFLK>IJLABIPBIB@QFLK
IFKB>O>KADBKBO>IFWBAIFKB>OJLABIFKDPQ>QFPQF@>IDBKBQF@P
?FLFKCLOJ>QF@P
$0@F?8 PPFPQ>KQ/OLCBPPLO"EBJF@>I$KDFKBBOFKD
/E#4KFSBOPFQVLC3BU>P>Q RPQFK2VKQEBQF@?FLILDV
JBQ>?LIF@M>QET>VBKDFKBBOFKDVB>PQDBKBBUMOBPPFLK
QO>KPMLOQMOLQBFKBKDFKBBOFKD
!1@F PPL@F>QB/OLCBPPLO/E#4KFSBOPFQVLC
"LKKB@QF@RQ%FK>K@F>IQFJBPBOFBPBPMB@F>IIVEFDE
COBNRBK@VhK>K@F>IA>Q>PM>QF>IPQ>QFPQF@P?FLPROSBFII>K@B
EFDEAFJBKPFLK>IPQ>QFPQF@>IFKCBOBK@B!>VBPF>KPQ>QFPQF@P
 6/(">Q>ILD
gIF>QBA%>@RIQVTFQE1BPB>O@E
(KQBOBPQP
$. DR"LJMRQBO2@FBK@B/E#4KFSBOPFQVLC
,>PP>@ERPBQQP JEBOPQ"LJMRQBODO>MEF@PJL?FIB
@LJMRQFKDTFOBIBPPKBQTLOHPRPBLCPJ>OQMELKBP>P>
MI>QCLOJQLABIFSBO?BQQBOEB>IQE@>OB
3#LJFKHL!FLILDV>KA!FLQB@EKLILDV#5,/E#
4KFSBOPFQVLC6FP@LKPFK,>AFPLK1BDBKBO>QFSB@BII?FLILDV
PQBJ@BIIPOLIBLCLUVDBK>KA%&%FKKR@IB>O
OBMOLDO>JJFKDBMFDBKBQF@POBMOLAR@QFSBABSBILMJBKQ>I
?FLILDV
)/#RfV!FLILDV>KA!FLQB@EKLILDV/E#4KFSBOPFQVLC
3BU>P2FDK>IQO>KPAR@QFLKAVK>JF@P>KAJLABIFKD
@LJMRQ>QFLK>IFABKQFh@>QFLKLCFKQO>@BIIRI>OMOLQBFKJLQFCP
,$IQ>?>HE"LJMRQBO2@FBK@B/E#/ROARB4KFSBOPFQV
#>Q>?>PBJ>K>DBJBKQPVPQBJPFKCLOJ>QFLK
J>K>DBJBKQ
,>QQPLK"EBJFPQOV>KA!FL@EBJFPQOV/E#
-LOQETBPQBOK4KFSBOPFQVAORDABPFDKJLIB@RI>OJLABIFKD
$ 1RKABKPQBFKBO"LJMRQBO2@FBK@B/E#4KFSBOPFQV
LC">IFCLOKF>(OSFKB#>Q>>KAFKCLOJ>QFLK
J>K>DBJBKQ?FDA>Q>>K>IVQF@PSFPR>IA>Q>AFP@LSBOV
PQOB>J>KAM>QQBOKJFKFKDI>ODBP@>IBA>Q>FKCO>PQOR@QROBP
$32LILSBV PPFPQ>KQ/OLCBPPLO/E#3RCQP4KFSBOPFQV
'RJ>K@LJMRQBOFKQBO>@QFLKRPBOFKQBOC>@BABPFDK
KLSBIFKQBO>@QFLKJLA>IFQFBPERJ>K>RQLKLJV
@LII>?LO>QFLKJ>@EFKBIB>OKFKD
)2OFKFS>P>K!FLILDV>KA!FLQB@EKLILDV/E#4KFSBOPFQV
LC3RB?FKDBK&BOJ>KV&BKBQF@P?BE>SFLO>IKBROLP@FBK@B
JLIB@RI>OKBROL?FLILDV@EBJF@>I?FLILDVBSLIRQFLK>OV
B@LILDV
#3>KD,>QEBJ>QF@>I2@FBK@BP/E#4KFSBOPFQVLC
6FP@LKPFK!FLiRFAP?FLPLIFAP?ILLAiLT
J>QEBJ>QF@>IJLABIFKDKRJBOF@>IJBQELAPP@FBKQFh@
@LJMRQFKDKLKIFKB>O>K>IVPFP@LJMRQ>QFLK>IiRFA
AVK>JF@P
26>I@LQQ,>QEBJ>QF@>I2@FBK@B/E#"LOKBII4KFSBOPFQV
2VPQBJP?FLILDVJLIB@RI>OJLABIFKDJ>QEBJ>QF@>I
?FLILDV
8LRPBh"LJMRQBO2@FBK@B/E#4KFSBOPFQVLC
2LRQEBOK">IFCLOKF>@LJMRQ>QFLK>IKBROLP@FBK@B
KBROLPQ>QFPQF@P
/OLDO>JPLC2QRAV
3EB!FLFKCLOJ>QF@P>KA"LJMRQ>QFLK>I!FLILDV!"!
/OLDO>JLfBOPDO>AR>QBPQRAFBPQLT>OAQEB!2,2,2
>KA/E#ABDOBBP6FQEQEB>ASBKQLCI>ODB>JLRKQPLC
?FLILDF@>IA>Q>PQBJJFKDCOLJOBPB>O@EBfLOQPPR@E>PQEB
'RJ>K&BKLJB/OLGB@QQEBOBFP>DOB>QKBBACLO
MOLCBPPFLK>IPTLOHFKD>QQEBFKQBOC>@BLC?FLILDV@LJMRQBO
P@FBK@B>KAJ>QEBJ>QF@P QORIVFKQBOAFP@FMIFK>OV
MOLDO>JQEB!"!ABDOBBOBNRFOBP>AS>K@BA@LROPBTLOHFK
>IIQEOBBLCQEBPB>OB>P.ROC>@RIQV>KAPQOLKDOBI>QFLKPEFMP
TFQEQEB4KFSBOPFQVLC,>PP>@ERPBQQP,BAF@>I2@ELLI
MOLSFABPQRABKQPTFQEQEBOBPLRO@BPQLMBOCLOJFKKLS>QFSB
P@FBKQFh@OBPB>O@E>QQEBEFDEBPQIBSBI
3EBAFSBOPBIB>OKFKDBKSFOLKJBKQQE>Q@E>O>@QBOFWBPLRO
MOLDO>JMOLJLQBPB>PVBU@E>KDBLCFAB>P>@@BPPQL>IIQEB
KB@BPP>OVOBPLRO@BP>KABK@LRO>DBP@OB>QFSBPLIRQFLKPQL
MOBPPFKDP@FBKQFh@NRBPQFLKP
AJFPPFLKP1BNRFOBJBKQP
2QRABKQP>MMIVFKDQLQEB,2LO/E##BDOBB/OLDO>JPFK
!FLFKCLOJ>QF@P>KA"LJMRQ>QFLK>I!FLILDV!"!>OB
BUMB@QBAQLE>SB>?>@EBILOPABDOBBFKBFQEBO?FLILDV
@LJMRQBOP@FBK@BJ>QEBJ>QF@PLO>OBI>QBAhBIA>KAQL
E>SBQ>HBKFKQOLAR@QLOV@LROPBPFKB>@ELCQEBQEOBB
AFP@FMIFKBP?FLILDV@LJMRQBOP@FBK@B>KAJ>QEBJ>QF@P
%LOBU>JMIB>PQRABKQTFQE>?>@EBILOPABDOBBFK?FLILDV
FPBUMB@QBAQLE>SB>IPL@LJMIBQBA@LROPBPFK
MOLDO>JJFKDA>Q>PQOR@QROBP@>I@RIRP>KAPQ>QFPQF@PMOFLO
QLPR?JFQQFKD>K>MMIF@>QFLK PQOLKD>MMIF@>KQTELFP
JFPPFKD?>@HDOLRKAFKLKBLCQEBQEOBB>OB>PJ>V?B
MOLSFPFLK>IIV>AJFQQBATFQEQEBBUMB@Q>QFLKQE>QEBLOPEB
TFIIQ>HB>KAM>PPLKBLOJLOBRKABODO>AR>QB@LROPBPFK
QEB>OB>LCABh@FBK@VBFQEBOAROFKDQEBPRJJBOMOFLOQL
>AJFPPFLKLOTFQEFKQEBhOPQPBJBPQBO>CQBO>AJFPPFLK3EB
ABQBOJFK>QFLKLCTE>Q@LROPBLO@LROPBPTFIIP>QFPCVQEFP
MOLSFPFLKTFII?BJ>AB?VQEB/OLDO>J1BSFBT"LJJFQQBB
"BOQFh@>QB1BNRFOBJBKQP
@BOQFh@>QBMOLDO>JFK!"!FPKLQLfBOBA>QMOBPBKQ
%>@FIFQFBP1BPB>O@E+>?P
1BPB>O@E"BKQBOP
3EB!"!/OLDO>JFPPRMMLOQBA?V>TFAB>PPLOQJBKQLC
OBPLRO@BPTFQEFKQEBM>OQF@FM>QFKDABM>OQJBKQP6/(
"LJMRQFKD>KA"LJJRKF@>QFLK"BKQBO""">KAQEB
OBPB>O@EI>?LO>QLOFBP>Q&>QBT>V/>OH>KA4,,2&OFA>KA
@ILRA@LJMRQFKD>ILKDTFQEEFDEPMBBAKBQTLOHFKD
MOLSFABPBU@BMQFLK>I@LJMRQ>QFLK>IFKCO>PQOR@QROB @@BPP
QLJLPQJ>GLO?FLILDF@>IA>Q>?>PBPFP>S>FI>?IBQLPQRABKQP
 6/(">Q>ILD
>KAOBPB>O@EBOP>KA>TFABO>KDBLC?FLFKCLOJ>QF@P
PLCQT>OBM>@H>DBP>OBFKPQ>IIBA>KAJ>FKQ>FKBA6BQI>?P
>Q&>QBT>V/>OH>KA4,,2>OB>S>FI>?IB?VMBOJFPPFLKLC
!"!C>@RIQVJBJ?BOP>KA>gIF>QBP
!2,2FK!FLFKCLOJ>QF@P>KA
"LJMRQ>QFLK>I!FLILDV
2QRABKQPBKOLIIBAFKQEB!2,2MOLDO>JJRPQP>QFPCV>II
QEBMOLDO>JOBNRFOBJBKQPLCQEB!2ABDOBB>KA>IIQEB
MOLDO>JOBNRFOBJBKQPLCQEB,2ABDOBB>PABP@OF?BA>Q
QEB41+?BILT3EBVJ>VALR?IB@LRKQIBSBILO
DO>AR>QB@LROPBPTELPB@OBAFQELROPQLQ>IKLJLOBQE>K
LCQEB@OBAFQELROPOBNRFOBACLOQEB,2ABDOBB
>KAQE>QJBBQ>IILQEBOOBNRFOBJBKQPCLOB>@EABDOBB
QLT>OAP?LQEQEBFORKABODO>AR>QB>KADO>AR>QBABDOBBP
2QRABKQPJRPQOBDFPQBOCLO!2,2@OBAFQMOFLOQLQ>HFKD
QEB@LROPBP>PC>@RIQVJ>V>PPFDKBUQO>TLOHCLOQELPB
Q>HFKDQEB@LROPB>PM>OQLC?LQEABDOBBP(K@LKPRIQ>QFLK
TFQEQEB>@>ABJF@>ASFPLOQEBPQRABKQJRPQMOBM>OB>/I>K
LC2QRAVLRQIFKFKDQEBPBIB@QFLKPQE>QQEBPQRABKQTFIIJ>HB
QLP>QFPCVQEB!2,2ABDOBBOBNRFOBJBKQPFK@IRAFKDQEB
@LROPBPQE>QQEBPQRABKQTFIIALR?IB@LRKQ3EFP/I>KLC
2QRAVJRPQQEBK?B>MMOLSBA?VQEB/OLDO>J1BSFBT
"LJJFQQBB2QRABKQPJRPQ@LKPRIQQEBFO>ASFPLOP>KAQEB
DO>AR>QB@>Q>ILD>PFKAFSFAR>IABM>OQJBKQPJ>VE>SB
OBPQOF@QFLKPLKTEF@ERKABODO>AR>QB@LROPBPJFDEQ?B
Q>HBKCLODO>AR>QB@OBAFQ>KALKTEF@EM>FOPLC
RKABODO>AR>QB>KADO>AR>QB@LROPBP@>KKLQ?LQE?BQ>HBK
CLO@OBAFQ
+JA6!2,2
,2FK!FLFKCLOJ>QF@P>KA"LJMRQ>QFLK>I
!FLILDV
2QRABKQPMROPRFKDQEB,2ABDOBBFK!FLFKCLOJ>QF@P>KA
"LJMRQ>QFLK>I!FLILDVJRPQ@LJMIBQB>JFKFJRJLC
@OBAFQPLCOBIBS>KQTLOH>QQEBDO>AR>QBIBSBI3EBPB
@OBAFQPJRPQP>QFPCVQEB@OBAFQ,2QEBPFPLOFKQBOKPEFM
OBNRFOBJBKQ>KAQEB@OBAFQ@LROPBTLOHOBNRFOBJBKQ
ABP@OF?BAFKABQ>FI>QQEB41+?BILT"LROPBTLOH
OBNRFOBJBKQPFK@IRAB@LJMBQBK@VFKB>@ELCQEB>OB>PLC
?FLILDV@LJMRQBOP@FBK@BJ>QEBJ>QF@P>KA
FKQBOAFP@FMIFK>OVPQRAFBPFK?FLFKCLOJ>QF@P@LJMRQ>QFLK>I
?FLILDV>PTBII>PJLOB>AS>K@BA@LROPBP>KA>KBQEF@P
@LROPB3EB,2ABDOBBOBNRFOBJBKQPE>SB?BBKABPFDKBA
QLMOLSFAB>@LJMOBEBKPFSBVBQiBUF?IBMOLDO>JQL
PQRABKQPTEL>OBMROPRFKD>K,2ABDOBBBU@IRPFSBIV
PQRABKQPTEL>OBMROPRFKD>@LJ?FKBA!2,2ABDOBB
>KAPQRABKQPTEL>OBMROPRFKD>@LJ?FKBA,2/E#
ABDOBB"LROPBP>KAOBPB>O@EMOLGB@QPQ>HBK>QKB>O?V
4KFSBOPFQVLC,>PP>@ERPBQQP,BAF@>I2@ELLI4,,2J>V
?B>MMIFBAQLQEFPABDOBB4MLK>@@BMQ>K@BQLQEB,2
MOLDO>JPQRABKQPTFII?B>PPFDKBA>K>@>ABJF@>ASFPLO(K
@LKPRIQ>QFLKTFQEQEB>@>ABJF@>ASFPLOQEBPQRABKQJRPQ
MOBM>OB>/I>KLC2QRAVLRQIFKFKDQEBPBIB@QFLKPQE>QQEB
PQRABKQTFIIJ>HBQLP>QFPCVQEB,2ABDOBBOBNRFOBJBKQP
3EFP/I>KLC2QRAVJRPQQEBK?B>MMOLSBA?VQEB/OLDO>J
1BSFBT"LJJFQQBBTEF@E@LKPFPQPLCC>@RIQVJBJ?BOP
COLJB>@ELCQEBQEOBBM>OQF@FM>QFKD6/(ABM>OQJBKQP
+JA6,>PQBOLC2@FBK@B
/E#FK!FLFKCLOJ>QF@P>KA"LJMRQ>QFLK>I
!FLILDV
2QRABKQPMROPRFKDQEBAL@QLO>IABDOBBFK!"!JRPQ
@LJMIBQB>JFKFJRJLCDO>AR>QB@OBAFQPLCOBIBS>KQ
TLOH?BVLKAQEB?>@EBILOPABDOBB@OBAFQPFCQEB
PQRABKQMLPPBPPBP>OBIBS>KQ,2ABDOBB QIB>PQ
@OBAFQPJRPQ?BFKAFPPBOQ>QFLKOBPB>O@E"LROPBTLOH
OBNRFOBJBKQP>OBPFJFI>OQLQELPBCLOQEB,2ABDOBBTFQE
>K>AAFQFLK>IOBNRFOBA@LROPBFKMOLMLP>ITOFQFKD%LO/E#
@>KAFA>QBPMOBPBKQ>QFLKLCOBPB>O@ETLOHFPOBNRFOBAB>@E
VB>O>KAQEBOBFP>QB>@EFKDJBKQLOPEFMOBNRFOBJBKQ>P
TBII2QRABKQPJ>VMROPRBRMQLDO>AR>QB@OBAFQP>P>K
FKQBOKPEFMTFQE>KBUQBOK>IPMLKPLO#BQ>FIBAOBNRFOBJBKQP
>OBCLRKA>QQEB41+?BILT4MLK>@@BMQ>K@BQLQEB
MOLDO>JPQRABKQPTFII?B>PPFDKBA>QBJMLO>OV>@>ABJF@
>ASFPLO>KAMOBM>OB>/I>KLC2QRAVPFJFI>OQLQEB
MOL@BAROBCLO,2PQRABKQP/E#PQRABKQP>OBOBNRFOBAQL
@LJMIBQBOLQ>QFLKPTFQE>QIB>PQQTLMOLDO>JC>@RIQV
JBJ?BOPFKQEBhOPQVB>OLCQEBMOLDO>J?BCLOB@ELLPFKD>
OBPB>O@E>ASFPLO@ELLPFKD@L>ASFPLOPFKAFfBOBKQ
AFP@FMIFKBPFPPQOLKDIVBK@LRO>DBA2QRABKQP>OB
BK@LRO>DBAQL@LKPFABO4,,2C>@RIQVCLOOLQ>QFLKP>KA>P
@L>ASFPLOP>KAJ>VQ>HB4,,2@LROPBPQLCRIhII@LROPB
OBNRFOBJBKQP
0R>IFCVFKD$U>J>KA#FPPBOQ>QFLK#BCBKPB
3EB0R>IFCVFKD$U>JFK>QFLKTFII?B@LJMOFPBALC
OBPB>O@EFKDTOFQFKD>KAABCBKAFKD>OBPB>O@EMOLMLP>I
3EBPQRABKQFPOBNRFOBAQLPR@@BPPCRIIV@LJMIBQBQEB
0R>IFCVFKD$U>JFK>QFLKKLI>QBOQE>KQEBhOPQPBJBPQBOLC
EFPEBOQEFOAVB>OFKQEBMOLDO>J(CQEB0R>IFCVFKD
$U>JFK>QFLKFPPR@@BPPCRIIV@LJMIBQBAQEBMOLMLPBATLOH
J>V@LKPQFQRQBQEB?>PFPLCQEBPQRABKQPAFPPBOQ>QFLK
OBPB>O@E II/E#PQRABKQPJRPQMOLAR@B>KALO>IIV
ABCBKA>AFPPBOQ>QFLK3EBOBPB>O@EJRPQ@LKPQFQRQB>
@LKQOF?RQFLKQLHKLTIBADBFKQEBhBIALC!FLFKCLOJ>QF@P
>KA"LJMRQ>QFLK>I!FLILDV>KAJRPQ?BLCMR?IF@>QFLK
NR>IFQV2QRABKQPJRPQABCBKAQEBAFPPBOQ>QFLKLO>IIVFK>
MR?IF@MOBPBKQ>QFLKCLIILTBA?V>MOFS>QBABCBKPB
 6/(">Q>ILD
+JA6/E#
!FLILDV>KA!FLQB@EKLILDV
%>@RIQV
)')2@/OLCBPPLO>KA#BM>OQJBKQ'B>A/E#/BKK
2Q>QB4KFSBOPFQV,BAF@>I2@ELLI,2#R>I#OBUBI
4KFSBOPFQVBJBODFKD(KCB@QFLRPAFPB>PBPSFORIBK@B>KA
ELPQABCBKPBJB@E>KFPJP
+@>:?<@/OLCBPPLO#5,/E#4KFSBOPFQVLC
6FP@LKPFK,>AFPLKFKSBPQFD>QFLKLCQEBJLIB@RI>O?>PFPLC
PQBJ@BIIDBKB>@QFS>QFLK>KAFKAR@BAMIROFMLQBK@V
!FNJ PPL@F>QB/OLCBPPLO/E#4KFSBOPFQVLC3BU>P
ABhKFKDPFDK>IFKDM>QET>VPQE>QMOLDO>J@BIIRI>OAFSBOPFQV
!":?8/OLCBPPLO>KA/BQBOPLK%>JFIV#B>KLC OQP>KA
2@FBK@BP/E#-BT8LOH4KFSBOPFQV,2"FQV4KFSBOPFQVLC
-BT8LOHKBROLK>IMI>PQF@FQV>PPL@F>QBATFQEKBROLILDF@>I
>KAMPV@EF>QOF@AFPLOABOPRQFIFWFKDCRK@QFLK>IJ>DKBQF@
OBPLK>K@BFJ>DFKDJLIB@RI>O?FLILDV>KA?BE>SFLO
#$2??:?8 PPFPQ>KQ/OLCBPPLO/E##>OQJLRQE
4KFSBOPFQV&BFPBI2@ELLILC,BAF@FKB@>K@BI?FLILDV@BII
@V@IBOBDRI>QFLKJFQLQF@MOLDOBPPFLK>KA@EOLJLPLJB
PBDOBD>QFLK@EOLJ>QFKOBDRI>QFLK>KADBKLJBPQ>?FIFQV
#$$2E96HD PPL@F>QB/OLCBPPLO/E#4KFSBOPFQVLC
+LRFPF>K>>NR>QF@B@LILDVMI>KQFKPB@Q@LBSLIRQFLK
ABPFDK>KA>MMIF@>QFLKLCJLIB@RI>ODBKBQF@QLLIPCLO
B@LILDF@>IOBPB>O@E@LKPBOS>QFLK?FLILDV
%649:AFC6?<@ PPFPQ>KQ/OLCBPPLO/E#">PB6BPQBOK
1BPBOSB4KFSBOPFQV2@ELLILC,BAF@FKBABSBILMJBKQ>I
KBROL?FLILDVDBKBQF@P@FIF>>PPBJ?IV>KAPFDK>IFKDFK
KBROLKP
""&2E6D/OLCBPPLO/E#3EB&BLODB6>PEFKDQLK
4KFSBOPFQV!FL@EBJFPQOVQEVJF@ELOJLKB@E>O>@QBOFW>QFLK
JLKL@ILK>I>KQF?LAVMOLAR@QFLKFJJRKLILDVLCAFPB>PB
RKABODO>AR>QB23$,BAR@>QFLK23$,$AR@>QFLKCLO
#BSBILMJBKQ
!)F=7D PPL@F>QB/OLCBPPLO/E#3RCQP4KFSBOPFQV@BII
@RIQROBJLABIPVPQBJPLCPFDK>IQO>KPAR@QFLKJBQ>?LIF@
BfB@QPLCMEVQLBPQOLDBKP@RIQROBA@BIIPFKQFPPRB
BKDFKBBOFKD
)J56C PPL@F>QB/OLCBPPLO/E#'>OS>OA4KFSBOPFQV
,2'>OS>OA2@ELLILC/R?IF@'B>IQE?FLFKCLOJ>QF@P>KA
@LJMRQ>QFLK>I>MMOL>@EBPQLRKABOPQ>KAFKD?FLILDF@>I
PVPQBJP
***96== PPFPQ>KQ/OLCBPPLO/E#4KFSBOPFQVLC
">IFCLOKF>2>K#FBDLRKABOPQ>KAFKDELTDBKBOBDRI>QFLK
@LKQOLIPPQOBPPOBPMLKPBP>KA>KQF?FLQF@PBKPFQFSFQVFK
JV@L?>@QBOF>
!*C:?:G2D2? PPL@F>QB/OLCBPPLO/E#4KFSBOPFQVLC
3RB?FKDBK&BOJ>KVKBRO>IKBQTLOHPRKABOIVFKDPL@F>I
?BE>SFLOPOLIBLCLIC>@QLOVAVPCRK@QFLKFK
KBROLABDBKBO>QFSBAFPLOABOPLMQLDBKBQF@PBKDFKBBOFKD
LCKBRO>IKBQTLOHP
#-:52=: PPL@F>QB/OLCBPPLO/E#4KFSBOPFQVLC
,>PP>@ERPBQQP JEBOPQRKABOPQ>KAFKDQEBJLIB@RI>O>KA
@BIIRI>OJB@E>KFPJPRKABOIVFKDQEBOLIBLCQEB
@VQLPHBIBQLKFKMI>KQ@BIILOD>KFW>QFLK>KADOLTQE
'!.62E96CD/OLCBPPLO/E#,F@EFD>K2Q>QB4KFSBOPFQV
FKSBPQFD>QFLKLC OQBJFPF>>KKR>>KQFJ>I>OF>I
>KQFJF@OL?F>IAORDMOLAR@QFLKFKMI>KQ>>KA
?FL>S>FI>?FIFQV>KAQEBO>MBRQF@Bg@>@VFKSFQOL>KAFKSFSL
1BPB>O@E(KQBOBPQP
$K>?IBA?V>TLOIA@I>PPOBPB>O@EFKCO>PQOR@QROBPQRABKQP
BUMILOBQEBFOM>PPFLKCLOAFP@LSBOVTEFIBAOFSFKD@RQQFKD
BADBEVMLQEBPFPAOFSBKOBPB>O@E>ILKDPFABLROAFSBOPB
>KAAVK>JF@C>@RIQV?LAV%>@RIQV>OB>PLCBUMBOQFPBFK
TEF@EPQRABKQPJ>VBKD>DBFKAFOB@QBAPQRABKQFK@IRAB
] ">K@BO@BII?FLILDV
] "LDKFQFLK>KA?BE>SFLO
] "VQLPHBIBQ>IAVK>JF@P
] #ORDOBPFPQ>K@B
] $MFDBKBQF@P>KADBKBOBDRI>QFLK
] (KCB@QFLRPAFPB>PBP
] -BROL?FLILDV
] 1BDBKBO>QFSBJBAF@FKB
] 2FDK>IQO>KPAR@QFLKJB@E>KFPJP
3EBABM>OQJBKQPQOLKDIVOB@LJJBKAPQE>QMOFLOQL
>MMIVFKDMOLPMB@QFSBPQRABKQPOBSFBTQEBFKCLOJ>QFLKLK
QEBABM>OQJBKQPTB?PFQBQLFABKQFCVMLQBKQF>IOBPB>O@E
FKQBOBPQP>KAC>@RIQV>ASFPLOP
,LIB@RI>O>KA"BIIRI>O!FLILDV>KA
!FLQB@EKLILDV
C62D@77@4FD"VQLPHBIBQ>IAVK>JF@PBMFDBKBQF@PDBKB
OBDRI>QFLK>KAPFDK>IQO>KPAR@QFLKJB@E>KFPJP
:@=@8:42=DJDE6>D"BIBD>KP#OLPLMEFI>,JRP@RIRP
 6/(">Q>ILD
/EVP@LJFQOBII>>KA">I?F@>KP2@BOBSFP>B"RIQROBA@BIIP
24F=EJ3>KG>#LJFKHL)LB#RfV JFQV,>KKFKD+>ROBK
,>QEBTP(KK>-B@EFMROBKHL1BBQ>1>L)FII1RICP+FW
1VABO2@>OIBQ2EBII)>D>K2OFKFS>P>K>KA+RFP5FA>IF
#BSBILMJBKQ-BROL?FLILDV>KA
.OD>KFPJ>I!FLILDV>KA!FLQB@EKLILDV
OB>PLCCL@RP">K@BO?FLILDVOBDBKBO>QFSBJBAF@FKB
KBROLK>IJFDO>QFLK@FO@RFQP>KAABDBKBO>QFLKM>QELDBKF@
JB@E>KFPJP>KAMI>KQ?FLILDV
,LABIPVPQBJP"BIBD>KP#OLPLMEFI>,JRP@RIRP
/EVP@LJFQOBII>>KA">I?F@>KP"RIQROBA@BIIP
%>@RIQV3>KG>#LJFKHL)LB#RfV JFQV,>KKFKD(KK>
-B@EFMROBKHL1BBQ>1>L+FW1VABO2@>OIBQ2EBII)>D>K
2OFKFS>P>K>KA+RFP5FA>IF
!BE>SFLO>I>KA$KSFOLKJBKQ>I!FLILDV
>KA!FLQB@EKLILDV
OB>PLCCL@RP KFJ>I?BE>SFLO?FLILDF@>IAFSBOPFQV?O>FK
MI>PQF@FQVMLIIFK>QLOB@LILDV>KAMI>KQ?FLILDV
,LABIPVPQBJP#>K>RPMIBUFMMRP.O@LKB@QBPPMM>KA
#OLPLMEFI>
%>@RIQV)LB#RfV+>ROBK,>QEBTP)>D>K2OFKFS>P>K>KA
/>J6B>QEBOP
/OLDO>JPLC2QRAV
6FQEQEB>ASBKQLCDBKLJF@PQEBPQ"BKQROVE>P?BBK
QBOJBA>[OBSLIRQFLK>OV^BO>FK!FLILDV>KA!FLQB@EKLILDV
3EB#BM>OQJBKQLC!FLILDV>KA!FLQB@EKLILDV!!FP
MBOCB@QIVPFQR>QBACLOQEFPQO>KPFQFLKTFQEQEB@LKPQOR@QFLK
LCQEB(KQBOAFP@FMIFK>OV+FCB2@FBK@BP>KA!FLBKDFKBBOFKD
"BKQBO>Q&>QBT>V/>OH3EFPPQ>QBLCQEB>OQ?RFIAFKD
FKQBDO>QBP+FCB2@FBK@BP>KA!FLBKDFKBBOFKD>Q6/(FK
>AAFQFLKQLELRPFKD>KRJ?BOLCQB@EKLILDV@BKQBOP>KA
?FLQB@EKLILDVPQ>OQRMP
3EB#BM>OQJBKQLfBOP>CRIIQFJBOBPB>O@ELOFBKQBA
MOLDO>JCLOFK@LJFKDDO>AR>QBPQRABKQPIB>AFKDQLBFQEBO
>AL@QLOLCMEFILPLMEV/E#FK!FLILDV>KA
!FLQB@EKLILDVLO,>PQBOP,2ABDOBBFK!FLILDV>KA
!FLQB@EKLILDV3EBPBMOLDO>JPOBNRFOBPQRABKQPQL
PR@@BPPCRIIV@LJMIBQB>PBQLCOBNRFOBA@LROPBPFKQEBhBIA
>KA>QEBPFPMOLGB@QLOAFPPBOQ>QFLKQE>Q>MMIFBPQEB?>PF@
MOFK@FMIBPLC?FLILDV>KA?FLQB@EKLILDVRPFKDEVMLQEBPFP
AOFSBKBUMBOFJBKQ>IJBQELAPQL>AAOBPP>PMB@Fh@OBPB>O@E
MOL?IBJ
(K>AAFQFLKQEBABM>OQJBKQ>IPLLfBOP>PHFIIP?>PBAKLK
QEBPFP,2ABDOBBFK!FLQB@EKLILDVABIFSBOBAFK>?IBKABA
CLOJ>Q3EBKLKQEBPFP,2MOLDO>JFPABPFDKBAQLMOLSFAB
>?OL>A?>PBFK>AS>K@BA@LROPBTLOH>KAI>?LO>QLOV
QO>FKFKDFKQB@EKFNRBPQE>Q>OB>MMIF@>?IBQLQEB
!FLQB@EKLILDVFKARPQOV
&O>AR>QBPTFIIE>SB>?OL>AHKLTIBADBLCQEBhBIALC
?FLILDV>KA?FLQB@EKLILDV>ABQ>FIBAHKLTIBADBFKQEBFO
>OB>LCPMB@F>IFW>QFLK>TLOHFKDHKLTIBADBLCJLABOK
OBPB>O@EQLLIP>PQOLKD>MMOB@F>QFLKCLOP@FBKQFh@OBPB>O@E
FKQEBLOBQF@>I>KABUMBOFJBKQ>I>OB>P>KA>CLRKA>QFLKCLO
IFCBILKDIB>OKFKD>KABUMBOFJBKQFKD?LQEFKAFSFAR>IIV>KA
>PM>OQLC>QB>J2QRABKQPTEL@LJMIBQBQEBPBMOLDO>JP
TFII?BTBIIMOBM>OBACLO@>OBBOPFKQEB>@>ABJF@P>KA
MOFS>QBPB@QLOPLOCROQEBODO>AR>QBBAR@>QFLK
MMIF@>QFLK>KA AJFPPFLK
MMIF@>QFLKPPELRIA?BJ>ABQLQEBPMB@Fh@ABDOBB
MOLDO>JP3EBABM>OQJBKQ>@@BMQP>MMIF@>QFLKPCLO
>AJFPPFLKQLQEB,2LO/E#FK?FLILDV>KA
?FLQB@EKLILDVMOLDO>JPFKQEB%>IIPBJBPQBOLKIV,2FK
!FLQB@EKLILDV>MMIF@>QFLKP>OBOBSFBTBALK>OLIIFKD?>PFP
AJFPPFLK1BNRFOBJBKQP
2BB>AJFPPFLKFKCLOJ>QFLK
1BPB>O@E%>@FIFQFBP>KA"BKQBOP
+FCB2@FBK@BP>KA!FLBKDFKBBOFKD"BKQBO
+2!"
+L@>QBAFK&>QBT>V/>OHQEBTLOIA@I>PPPNR>OB
CLLQ+2!"T>P?RFIQFK>KAPBOSBP>PQEBP@ELLIPCL@>I
MLFKQCLODO>AR>QBBAR@>QFLK>KAOBPB>O@EFKQEBIFCB
P@FBK@BP>KAOBI>QBA?FLBKDFKBBOFKDhBIAP(QP>IPLELJBQL
IFCBP@FBK@BP@LJM>KFBPPQ>QBLCQEB>OQ@LOBC>@FIFQFBP>KA
6/(P"LOMLO>QB>KA/OLCBPPFLK>I$AR@>QFLKAFSFPFLK
3EB"LOBC>@FIFQFBPFK@IRAB>K(J>DFKD@LOBMOLSFAFKD>
TFABO>KDBLCFJ>DFKD@>M>?FIFQFBPCLOIFSB>KAhUBA
P>JMIBPFK@IRAFKD"LKCL@>IJF@OLP@LMVTFQE%1$3>KA
%1 / QLJF@%LO@B,F@OLP@LMV>KAJF@OLFKGB@QFLK
J>KFMRI>QFLK>KAEFPQLILDV@>M>?FIFQFBP>K K>IVQF@>I@LOB
TFQE-,1 QLJF@>?PLOMQFLK PMB@QOLP@LMV+",2
>KA&",2@>M>?FIFQFBP>KA,LIB@RI>O"LOBPCLO#- 1- 
QFPPRBTLOH AAFQFLK>IPE>OBA@LJJLKPM>@BPFK@IRAB
@BKQO>IFWBAC>@FIFQFBPCLOT>PQBAFPMLP>IJBAF>MOBM>O>QFLK
>PTBII>PAFPET>PEFKD3EBC>@FIFQVFPM>OQLCQEB6/(
4KFSBOPFQVLC,>PP>@ERPBQQP"LKPLOQFRJTEF@E>IILTP
OBPB>O@EBOP>Q?LQEFKPQFQRQFLKPQL>@@BPPC>@FIFQFBP>KA
PBOSF@BP>QQEBLQEBOFKPQFQRQFLK>Q[FKELRPB^O>QBP
 6/(">Q>ILD
!FLMOL@BPP"BKQBO!/"
1BPB>O@EBOP>QQEB!/"ABPFDK>KAABSBILMP@>I>?IB
MOL@BPPBPCLOAORDJ>KRC>@QROFKD3EB!/"@LKQO>@QPTFQE
?FLQB@EKLILDV@LJM>KFBPQLPRMMIVAORDQ>ODBQPFK
OBPB>O@ENR>KQFQFBP>KA@LKAR@QI>?>KAMFILQP@>IB
MOL@BPPABSBILMJBKQ
!FLJ>KRC>@QROFKD$AR@>QFLK>KA
3O>FKFKD"BKQBO!$3"
6/(P!FLJ>KRC>@QROFKD$AR@>QFLK>KA3O>FKFKD"BKQBOQEB
hOPQLCFQPHFKAFKQEB-LOQEB>PQMOLSFABPFKKLS>QFSB
TLOHCLO@BABSBILMJBKQPLIRQFLKP@RPQLJFWBAQLQEB
PMB@Fh@KBBAPLC>KFKARPQOV2BOSFKDIFCBP@FBK@BP
@LJM>KFBPCOLJ>@OLPPQEBOBDFLK>KAQEBDIL?BQEB
@BKQBOOBMOBPBKQP>KFKKLS>QFSBM>OQKBOPEFMLC>@>ABJF>
>KAFKARPQOV?VLfBOFKDE>KAPLK>KA@I>PPOLLJQO>FKFKD
?VBUMBOQPFK>TFABO>KDBLCOLIBP>KAAFP@FMIFKBP
"BOQFh@>QBFK!FLJ>KRC>@QROFKD
3EB&O>AR>QB"BOQFh@>QBFK!FLJ>KRC>@QROFKDJRPQ?B
@LJMLPBALC@OBAFQPLCDO>AR>QB@LROPBTLOH@ELPBK
COLJ>IFPQMOLSFABAFKQEBDO>AR>QB@>Q>ILD>KA>MMOLSBA
?VQEB!!3DO>AR>QB@LLOAFK>QLO
+JA6"BOQFh@>QB
3EOBB2HFIIP!>PBA"LROPBP@OBAFQP
"LROPBPFK@IRAB
E6> +:E=6 C65:ED
!! %BOJBKQ>QFLK!FLILDV 
!! KFJ>I"BII"RIQROB 
!! 2@>IB4MLC!FLMOL@BPPFKD 
!! ,BQELAPLC/OLQBFK/ROFh@>QFLK
>KA#LTKPQOB>J/OL@BPPFKD

!!!"!

!FLFKCLOJ>QF@P 
.KBQEBJ>QF@>IIVOBI>QBADO>AR>QBIBSBI
@LROPB@OBAFQP
"LROPBPFK@IRAB
E6> +:E=6 C65:ED
!! 1BPB>O@E(KQBDOFQVFKQEB2@FBK@BP 
!! ">MPQLKB$UMBOFBK@BFK!FLILDV
>KA!FLQB@EKLILDV

!! ,LABI2VPQBJP$UMBOFJBKQ>I
MMOL>@EBP>KA MMIF@>QFLKP

!! "BII"V@IB1BDRI>QFLK 
!"!"2

!FLSFPR>IFW>QFLK 
"' 1BDRI>QFLKLC&BKB$UMOBPPFLK 
"'$ !FL@EBJF@>I$KDFKBBOFKD 
,2FK!FLILDV>KA!FLQB@EKLILDVQEBPFP
?>PBA
2QRABKQPMROPRFKDQEB,2ABDOBBFK!FLILDV>KA
!FLQB@EKLILDVJRPQPR@@BPPCRIIV@LJMIBQB>JFKFJRJLC
@OBAFQELROPLC@LROPB>KAQEBPFPTLOHMBOQEB
AFPQOF?RQFLKOBNRFOBJBKQ?BILT II@LROPBPJRPQ?B>QQEB
LOIBSBI>KAKLJLOBQE>K@OBAFQPJ>V?B>QQEB
IBSBI K>MMOLSBAIFPQFPMOLSFABAFKQEBABM>OQJBKQP
DO>AR>QBE>KA?LLH
2QRABKQPJRPQ>PPBJ?IB>K ASFPLOV"LJJFQQBBLCQEOBB
LOJLOBC>@RIQVJBJ?BOPLCTEF@E>J>GLOFQVJRPQ?B
!FLILDV>KA!FLQB@EKLILDVMOLDO>JC>@RIQVJBJ?BOP3EB
ASFPLOV"LJJFQQBBJRPQOBSFBT>KA>MMOLSBB>@E,2
PQRABKQPMOLDO>JLCPQRAV>KAQEBPFPOBPB>O@E2QRABKQP
JRPQPR@@BPPCRIIV@LJMIBQB>QEBPFPFK@IRAFKD>TOFQQBK
QEBPFP>KALO>IABCBKPB
+JA6,>PQBOLC2@FBK@B
"OBAFQ1BNRFOBJBKQ
E6> +:E=6 C65:ED
"LROPBTLOH>QQEBLO
IBSBI

3EBPFP1BPB>O@E 
 6/(">Q>ILD
"LROPB1BNRFOBJBKQ
E6> +:E=6 C65:ED
!! )LROK>I"IR? 
!! 1BPB>O@E(KQBDOFQVFKQEB2@FBK@BP 
!! 2BJFK>O 
!!"LROPBP 
$IB@QFSBP>MMOLSBA?V ASFPLOV
"LJJFQQBB

!! ,>PQBOZP3EBPFP 
,2FK!FLQB@EKLILDVPHFIIP?>PBA
2QRABKQPMROPRFKDPHFIIP?>PBA,2ABDOBBFK
!FLQB@EKLILDVJRPQ@LJMIBQB>JFKFJRJLC@OBAFQ
ELROP?BVLKAQEB?>@EBILOPABDOBB2QRABKQPBKOLIIBAFK
QEB,2FK!FLQB@EKLILDVMOLDO>JJRPQPR@@BPPCRIIV
@LJMIBQB@OBAFQELROPLC!!@LROPBP@OBAFQELROPLC
PHFIIP?>PBA@LROPBP@ELPBKCOLJ>K>MMOLSBAIFPQMOLSFABA
?BILT>KA@OBAFQELROPLCBIB@QFSB@LROPBP II@LROPBP
JRPQ?B>QQEBLOIBSBI>KAKLJLOBQE>K@OBAFQP
J>V?B>QQEBIBSBI K>MMOLSBAIFPQFPMOLSFABA
?BILT AAFQFLK>I@LROPBPTFIIOBNRFOB>MMOLS>ILCDO>AR>QB
@LLOAFK>QLO
+JA6,>PQBOLC2@FBK@B
"OBAFQ1BNRFOBJBKQ
E6> +:E=6 C65:ED
"LROPBTLOH>QQEBLO
IBSBI

$IB@QFSBP>MMOLSBA?V ASFPLOV
"LJJFQQBB

2HFIIP!>PBA"LROPBP
/E#FK!FLILDV>KA!FLQB@EKLILDV
(K>AAFQFLKQLQEB6/(OBNRFOBJBKQP>AFPPBOQ>QFLK
JFKFJRJLC@OBAFQELROP>KAAFPPBOQ>QFLKABCBKPBFP
OBNRFOBALC>II/E#PQRABKQP(QFPQEBFKQBKQFLKLCQEB
C>@RIQVQE>QAL@QLO>IPQRABKQPABSBILMPHFIIPKLQLKIVFK
QEBFOOBPB>O@E>OB>?RQ>IPLOB@BFSBQO>FKFKDFK
FKQBOAFP@FMIFK>OV>MMOL>@EBPQLOBPB>O@EMOBPBKQ>QFLKPHFIIP
LO>I>KATOFQQBKMBA>DLDF@>I>MMOL>@EBPBUMBOFJBKQ>I
ABPFDK>KAMOLCBPPFLK>IBQEF@PTFQEFKQEBIFCBP@FBK@BP
2MB@Fh@LMBO>QFLK>IABQ>FIPLCQEBMOLDO>JFK@IRAFKDQEB
NR>IFCVFKDBU>J>KAAFPPBOQ>QFLKABCBKPB@>K?BCLRKAFK
QEB!FLILDV>KA!FLQB@EKLILDVDO>AR>QBE>KA?LLH
/R?IF@>QFLKP
IIPR@@BPPCRI/E#PQRABKQP>OBBUMB@QBAQLE>SB>QIB>PQ
LKB>RQELOJ>KRP@OFMQMR?IFPEBALO>@@BMQBACLO
MR?IF@>QFLKFK>MBBOOBSFBTBAGLROK>I(K>AAFQFLKQEB
PQRABKQP>OBOBNRFOBAQLMOBPBKQQEBFOQEBPFPTLOH>Q>
K>QFLK>ILOFKQBOK>QFLK>I@LKCBOBK@B
0R>IFCVFKD$U>J1BMLOQP>KA#FPPBOQ>QFLK
#BCBKPB
/E#NR>IFCVFKDBU>JFPOBNRFOBA>KAPELRIA?BQ>HBK
QLT>OAPQEBBKALCQEBPB@LKAVB>OLCPQRAV J>GLOFQVLC
QEB$U>JFKFKD"LJJFQQBBJRPQ?BJBJ?BOPLCQEB!FLILDV
>KA!FLQB@EKLILDVABM>OQJBKQC>@RIQV3EB@LJJFQQBB
JRPQ>IPL>MMOLSBQEBPQRABKQPAFPPBOQ>QFLKOBPB>O@E
MOLMLP>I>KAOBSFBTPQRABKQPMOLDOBPPQEOLRDE@LJJFQQBB
JBBQFKDP">KAFA>QBPCLOQEB/E#ABDOBBJRPQDFSB
>KKR>IMOBPBKQ>QFLKPLCQEBFOOBPB>O@ETLOHQLQEB
ABM>OQJBKQ>PM>OQLCQEBDO>AR>QBPBJFK>O@LROPB 
MR?IF@ABCBKPBLCQEB@LJMIBQBAAFPPBOQ>QFLKFPOBNRFOBALC
>IIPQRABKQP>KATFII?BCLIILTBAFJJBAF>QBIV?V>ABCBKPB
?BCLOBQEB$U>JFKFKD"LJJFQQBB IIJBJ?BOPLCQEB
$U>JFKFKD"LJJFQQBBJRPQ?BMOBPBKQCLOQEBABCBKPB
+JA6/E#
!FLJBAF@>I$KDFKBBOFKD
%>@RIQV
"#:==:2C/OLCBPPLO>KA#BM>OQJBKQ'B>A/E#
4KFSBOPFQVLC/BKKPVIS>KF>!FLJB@E>KF@PLCPLCQQFPPRBP
>KA?FLJ>QBOF>IPJB@E>KL?FLILDVTLRKAEB>IFKDQFPPRB
DOLTQE>KAABSBILMJBKQCRK@QFLK>IQFPPRBBKDFKBBOFKD
OBDBKBO>QFSBJBAF@FKB
)=3C649E PPL@F>QB/OLCBPPLO/E#4KFSBOPFQVLC
">IFCLOKF>2>K#FBDL?FL,$,2JF@OLiRFAF@PNR>KQFQ>QFSB
PVPQBJP>K>IVPFP>KAJLABIFKD?FLAVK>JF@PKBRO>I
@FO@RFQP>KA?BE>SFLOLMQLDBKBQF@PEFDEQEOLRDEMRQ
@EBJF@>IDBKBQF@P@OBBKPQFPPRBBKDFKBBOFKD#@BII
JF@OLM>QQBOKFKDAFBIB@QOLMELOBPFP
!@3FC? PPFPQ>KQ/OLCBPPLO/E#)LEKP'LMHFKP
4KFSBOPFQV?FLJ>QBOF>IPP@>fLIAPQFPPRBBKDFKBBOFKD#
QFPPRBJLABIPPQBJ@BIIP@BIIJ>QOFUJ>QBOF>IFKQBO>@QFLKP
AORDABIFSBOVLK@LILDVQEBO>MBRQF@P
*!:/OLCBPPLO#2@6>PEFKDQLK4KFSBOPFQVFK2Q+LRFP
!FLJB@E>KF@P?O>FKFKGROVhKFQBBIBJBKQ>K>IVPFPJRIQF
P@>IBJLABIFKDKBROLFJ>DFKDJBAF@>IFJ>DB>K>IVPFP
PMLOQPJBAF@FKB
 6/(">Q>ILD
#2>>6CE PPFPQ>KQ/OLCBPPLO/E#4KFSBOPFQVLC
2LRQEBOK">IFCLOKF>-BROLBKDFKBBOFKD@LJMRQ>QFLK>I
JLABIFKDPFDK>IMOL@BPPFKDPBKPLOFJLQLO@LKQOLI?O>FK
EB>IQE
*$6?D29 PPFPQ>KQ/OLCBPPLO/E#-LOQEB>PQBOK
4KFSBOPFQV/RIJLK>OV5>P@RI>O1BDBKBO>QFLK3FPPRB
$KDFKBBOFKD,BAF@>I#BSF@B#BSBILMJBKQCLO&IL?>I
'B>IQE
':?D/OLCBPPLO/E#1RQDBOP4KFSBOPFQV"BII>KA
QFPPRBBKDFKBBOFKD?FLJ>QBOF>IP?FL,$,2P@>fLIAPCLO
PLCQQFPPRBOBM>FO@BIIJ>QBOF>IFKQBO>@QFLKPTLRKAEB>IFKD
@BII@RIQROBQB@EKLILDFBP
$.)@==6/OLCBPPLO/E#4KFSBOPFQVLC6>PEFKDQLK
2B>QQIB">OAFLS>P@RI>OQFPPRBBKDFKBBOFKD?FLOB>@QLO
ABPFDK@BII?>PBAQFPPRBOBM>FO@BII>KAJLIB@RI>O
BKDFKBBOFKD@BIIABOFSBABUQO>@BIIRI>OJ>QOFUP@>fLIAP
ABIFSBOV>KA@LKQOLILCBUQO>@BIIRI>OJ>QOFUDBKBP
"#+C@J/OLCBPPLO/E#4KFSBOPFQVLC(LT>LOQELMBAF@
?FLJB@E>KF@PJRIQFP@>IBJLABIFKDhKFQBBIBJBKQ
>K>IVPFPJBAF@>IFJ>DB>K>IVPFP?LKB>KAGLFKQPQOR@QROB
.9:EE:?8E@? PPFPQ>KQ/OLCBPPLO/E#/ROARB
4KFSBOPFQV"BIIBUQO>@BIIRI>OJ>QOFUFKQBO>@QFLKP
?FLJ>QBOF>IP#@RIQROBQFPPRBBKDFKBBOFKD
JB@E>KL?FLILDVAFPB>PBJLABIPQRJLO
JF@OLBKSFOLKJBKQQRJLOJBQ>PQ>PFPMEBKLQVMF@>PP>V
ABSBILMJBKQEFDEQEOLRDEMRQ>KAEFDE@LKQBKQ
P@OBBKFKD
192?8 PPFPQ>KQ/OLCBPPLO/E#)LEKP'LMHFKP
4KFSBOPFQV!FLJBAF@>IOL?LQF@P?FLJBAF@>IFJ>DFKD
RIQO>PLRKA>KAMELQL>@LRPQF@FKPQORJBKQ>QFLKCRK@QFLK>I
FJ>DFKDLC?O>FK>KA@>K@BOFJ>DBDRFABAQEBO>MV>KA
FKQBOSBKQFLK
1BPB>O@E(KQBOBPQP
!FLJBAF@>IBKDFKBBOFKD!,$C>@RIQV>KADO>AR>QB
PQRABKQPTLOHFKJRIQFAFP@FMIFK>OVQB>JP>@OLPP@>JMRP
>PTBII>PTFQEBUQBOK>I@LII>?LO>QLOPFK>@>ABJF>
JBAF@FKB>KAFKARPQOV!FLJBAF@>IBKDFKBBOFKDDO>AR>QB
PQRABKQPJ>V@LKAR@QQEBPFP>KAAFPPBOQ>QFLKOBPB>O@E>KA
MOLGB@QPRKABOQEBPRMBOSFPFLKLCMOFJ>OV!,$ABM>OQJBKQ
C>@RIQVLO@LII>?LO>QFSB!,$C>@RIQV>ASFPLOP/IB>PBOBCBOQL
QEB!FLJBAF@>I$KDFKBBOFKD#BM>OQJBKQTB?PFQBCLO>
@ROOBKQIFPQFKDLCMOFJ>OV>KA@LII>?LO>QFSBC>@RIQV
TTTTMFBAR?JB>KAQEBFOOBPB>O@EFKQBOBPQP/OFJ>OV
>OB>PLCOBPB>O@ECL@RPFK@IRAB
!FLJ>QBOF>IP>KA3FPPRB$KDFKBBOFKD
2BSBO>I!,$OBPB>O@EBOP>Q6/(CL@RPLK@OB>QFKD
?FLJ>QBOF>IP>KABKDFKBBOBAQFPPRBPCLOOBDBKBO>QFSB
JBAF@FKB>KAAORDAFP@LSBOV>MMIF@>QFLKP1BPB>O@E
MOLGB@QPFK@IRABBKDFKBBOBA?FLJ>QBOF>IPCLO@BIIABIFSBOV
>KAQFPPRBOBM>FO@>OAF>@M>Q@EBP>KAPHBIBQ>IJRP@IB
OBDBKBO>QFLKJF@OLQFPPRBJLABIPLCKLOJ>I>KAAFPB>PBA
ERJ>KQFPPRBPIFSBO@>OAFLS>P@RI>OPHBIBQ>IJRP@IB>KA
@>K@BO>AS>K@BA?FLJ>KRC>@QROFKDLC@BIIP?FLJLIB@RIBP
?FLJ>QBOF>IP>KAQFPPRB?FLC>?OF@>QFLK,LOBOB@BKQ
FKQBOAFP@FMIFK>OVTLOHCL@RPBPLKQEBRPBLCAB@BIIRI>OFWBA
MI>KQQFPPRBP>P?FLJ>QBOF>IP>KABUMILOFKDQEBMI>KQ
>KFJ>I@BIIFKQBOC>@BCLOQEBABSBILMJBKQLC>AS>K@BA
?FLJ>KRC>@QROFKD>KAQFPPRBBKDFKBBOFKDMOL@BPPBP
/OFJ>OVC>@RIQV!FIIF>O"L?ROK/FKP1LIIB6EFQQFKDQLK
"LII>?LO>QFSBC>@RIQV">JBP>KL#LJFKHL1L?BOQP
2L?LVBGL6B>QEBOP
!FLJB@E>KF@P>KA,B@E>KL?FLILDV
!FLJB@E>KF@POBPB>O@E>Q6/(CL@RPBPLKJB>PROFKDQEB
BfB@QPLCJB@E>KF@>ICLO@BPLKPHBIBQ>I>KAPLCQQFPPRB
OBJLABIFKD>KARPFKDFJ>DFKDA>Q>>KA@LJMRQ>QFLK>I
QLLIPQLRKABOPQ>KAQEBPBBfB@QPFKQEB@LKQBUQLCERJ>K
LOD>K>KAQFPPRBCRK@QFLK/OLGB@QPFK@IRABNR>KQFCVFKDQEB
BfB@QPLCBUBO@FPB>KAM>QELILDV>DFKDFKGROV>KAKLK
IL>AFKDPR@E>PFKPMFK>I@LOAFKGROVLK?LKBOBJLABIFKD
>KAJB@E>KF@PJLABIFKD@LK@RPPFLKFKGROVFKQEB?O>FK
>KA>MMIF@>QFLKPLCOL?LQF@PFKOBE>?FIFQ>QFSBJBAF@FKB>KA
FJ>DBDRFABAPRODBOV,B@E>KL?FLILDVOBPB>O@E>FJPQL
RKABOPQ>KAQEBJB@E>KF@>ICLO@BPQEOLRDETEF@E@BIIP>@Q
LK>KAOBPMLKAQLQEBFOBKSFOLKJBKQTFQEFKKLOJ>I>KA
AFPB>PBAQFPPRBPEB>OQS>ISBAFPB>PB@>OAF>@OBM>FO@>K@BO
/OFJ>OVC>@RIQV!FIIF>O)F3OLV9E>KD
"LII>?LO>QFSBC>@RIQV%FP@EBO%LC>K>/LMLSF@3>KD6BK
!FLFKPQORJBKQ>QFLK>KA2FDK>I
/OL@BPPFKD
!FLFKPQORJBKQ>QFLKOBPB>O@E>Q6/(CL@RPBPLKABSBILMFKD
PBKPLOPCLOMEVPFLILDF@>IJLKFQLOFKDMRIPBLUFJBQBOP
MOBPPROBRI@BOPBKPLOP2FDK>IMOL@BPPFKDOBPB>O@EBUQBKAP
QLQEB>MMIF@>QFLKLCNR>KQFQ>QFSBJF@OLP@LMV>KAJ>@EFKB
IB>OKFKDQLFABKQFCV@BIIMEBKLQVMBP>PPL@F>QBATFQEEB>IQE
>KAAFPB>PB@>K@BOJBQ>PQ>PFPNR>IFQV>PPBPPJBKQCLO@BII
J>KRC>@QROFKD0R>KQFQ>QFSBJF@OLP@LMV>KAFJ>DFKD
@LJ?FKBATFQEJF@OLC>?OF@>QBA,$,2ABSF@BPCLOTELIB
LOD>KFPJPQRAFBP"BIBD>KP>OB?BFKD>MMIFBAQLBK>?IB
EFDEQEOLRDEMRQ>KA?FLFKCLOJ>QF@P>K>IVPFPLC
KBROL?FLILDVKBQTLOHP>KA?BE>SFLOQLJLABIERJ>K
KBROL?FLILDVPIBBM>RQFPJ
 6/(">Q>ILD
/OFJ>OVC>@RIQV I?OB@EQ+>JJBOQ
"LII>?LO>QFSBC>@RIQV"I>K@V+FR
1BPB>O@E+>?LO>QLOFBP>KA
%>@FIFQFBP
!FLJBAF@>I$KDFKBBOFKDOBPB>O@EI>?LO>QLOFBP>OBIL@>QBAFK
QEBCLROPQLOVPNR>OBCLLQ.' #:76*4:6?462?5
:@6?8:?66C:?86?E6C#*>Q&>QBT>V/>OH
/OBP@LQQ2QOBBQ+>?LO>QLOV@>M>?FIFQFBP>KABNRFMJBKQ
FK@IRAB
:@>2E6C:2=D723C:42E:@?BIB@QOLPMFKKFKDMLIVJBO
PVKQEBPFP@EBJF@>IJLAFh@>QFLKMI>KQ>KA>KFJ>I?>PBA
?FLJ>QBOF>IMOL@BPPFKD>KAPVKQEBPFP
:@>65:42=D6?D@CD2?53:@:?DECF>6?E2E:@?ABPFDK>KA
JF@OLC>?OF@>QFLKLCOBiB@QFSBMRIPBLUFJBQOVPBKPLOP
JF@OL@LJMRQBO?>PBA?FLJBAF@>IFKPQORJBKQ>QFLKAFDFQ>I
PFDK>IMOL@BPPFKDTB>O>?IBTFOBIBPP?FLJBAF@>IPBKPLOP
>MMIF@>QFLKLCLMQF@PQL?FLJBAF@FKB>KAQBIBJBAF@FKB
6==4F=EFC6@I>PP(>KA((?FLP>CBQV@>?FKBQPFK@R?>QLOP
PRMMLOQFKDFKCO>PQOR@QROB
:DE@=@8JM>O>gKMOL@BPPFKD>KABJ?BAAFKD
BNRFMJBKQJF@OLQLJBP@OVLQLJB>KAPMB@F>IPQ>FKFKD
PQ>QFLKP
$65:42=:>28:?8NR>KQFQ>QFSB@LJMRQBAQLJLDO>MEV
OL?LQDRFABARIQO>PLRKAFJ>DFKDQLJB>PROB
JFKBO>IFW>QFLKFK?LKB
$:4C@723C:42E:@?=23O>MFAMOLQLQVMFKDJF@OLiRFAF@>KA
JF@OLBIB@QF@>IJB@E>KF@>IPVPQBJP,$,2
$:4C@D4@AJJRIQFMIBFKSBOQBA>KABMFiRLOBP@BKQ
JF@OLP@LMBP@LKCL@>IJF@OLP@LMBP>QLJF@CLO@B
JF@OLP@LMBPIFDEQPEBBQFJ>DFKDIFSBPQFII>KASFABLFJ>DB
@>MQROBLC@BIIPQFPPRBP>KALOD>KFPJPiRLOBP@BKQQO>@HFKD
>KANR>KQFQ>QFSB>K>IVPFPLCKBRO>I>KAJRP@IB@BII>@QFSFQV
$6492?:42=E6DE:?8 KQLK/>>O1EBLJBQBO>KA.MQF@P
->KLJF@OLFKABKQ>QFLK(KPQOLK$/2@RPQLJ
JB@E>KF@>IQBPQFKD>KA@LKAFQFLKFKDPVPQBJP
$@E:@?42AEFC62?54@>AFE2E:@?2=>6492?:4DEB>A
FJM>@QPBKPLOPD>FQ>K>IVPFPEFDEABKPFQVJ>MMFKDLCPLCQ
QFPPRBJB@E>KF@PFKQBDO>QFLKLCJBAF@>IFJ>DFKDA>Q>TFQE
JRIQFP@>IB>KAhKFQBBIBJBKQJLABIFKDLCJRP@RILPHBIBQ>I
>KA?O>FKFKGROV?FLJB@E>KF@P
(K>AAFQFLK?FLJBAF@>IBKDFKBBOFKDC>@RIQV>KAPQRABKQP
E>SB>@@BPPQLLQEBO6/(C>@FIFQFBP>KAOBPLRO@BP>Q
&>QBT>V/>OHFK@IRAFKD@LROPBP>KABNRFMJBKQELRPBAFK
QEB:@>2?F724EFC:?85F42E:@?2?5+C2:?:?86?E6C
!$3">KA@LROPBP>KABSBKQP>QQEB@:D:6*49@@=@7
FD:?6DD?LQEIL@>QBAKBUQALLOQL+2!">Q/OBP@LQQ
2QOBBQ)@3@E:4D'C@8C2>OBPB>O@EI>?LO>QLOFBP>OBIL@>QBA
>@OLPPQEBPQOBBQ>Q/OBP@LQQ2QOBBQ
3TLKBT6/(&>QBT>V/>OHOBPB>O@EC>@FIFQFBPLMBKBA
FK
'C24E:46'@:?EFP>KBTC>@FIFQVQE>QELRPBPMLFKQLC@>OB
PRFQBPTEBOBFKARPQOV@IFKF@F>K>@>ABJF@OBPB>O@EQB>JP
TFII@LII>?LO>QBQLABSBILM>AS>K@BAEB>IQE@>OB
QB@EKLILDFBP1BPB>O@ECL@RP>OB>PFK@IRABJBAF@>I>KA
PRODF@>IOL?LQF@PFJ>DBDRFABAOL?LQF@PRODBOV>PPFPQFSB
QB@EKLILDFBPELJBEB>IQE@>OBAFDFQ>I>KA@LKKB@QBA
EB>IQEPVPQBJP>KA>AS>K@BAMOLPQEBQF@>KAOBE>?FIFQ>QFSB
BKDFKBBOFKD
5G2?465 ?E68C2E65$2?F724EFC:?8 $'9@E@?:4D
#23FKM>OQKBOPEFMTFQE0RFKPFD>JLKA"LJJRKFQV
"LIIBDBBK>?IBPO>MFAMOLQLQVMFKDQBPQFKD>KAQO>FKFKDFK
>AS>K@BAPBKPFKDQB@EKLILDVQLPRMMLOQB@LKLJF@>KA
TLOHCLO@BABSBILMJBKQ>KAFKKLS>QFLKFKJ>KRC>@QROFKD
 $FPLKBLCQEBBFDEQK>QFLK>I$2?F724EFC:?8,*
?DE:EFE6DLCTEF@E6/(FP>JBJ?BO3EFPE>PBK>?IBA
RKFNRBLMMLOQRKFQFBPQLBKD>DBFKFKARPQOVDLSBOKJBKQ
>@>ABJF@OBPB>O@EM>OQKBOPEFMPQE>Q@OB>QBS>IRBCLO>OB>P
LCK>QFLK>IKBBAFK>AS>K@BAJ>KRC>@QROFKD/OFJ>OV>KA
@LII>?LO>QFSB!,$C>@RIQV>OB>@QFSBJBJ?BOPLCQEB
5G2?465)686?6C2E:G6$65:4:?6 ?DE:EFE6)$ 2?5
%2E:@?2= ?DE:EFE67@C ??@G2E:@?:?$2?F724EFC:?8
!LPQLK2B>MLOQ
(K)>KR>OV6/(LMBKBAQEBALLOPQL>KBTPM>@B>Q
QEBEB>OQLC!LPQLKP2B>MLOQ#FPQOF@QELJBQL>KRJ?BOLC
FKKLS>QFSBQB@EKLILDV@LJM>KFBP3EBC>@FIFQVELRPBP>
@I>PPOLLJ@LKCBOBK@BOLLJBSBKQPM>@B>KAPBSBO>I
JBBQFKDPM>@BPQE>Q@>K?BOBPBOSBA?VPQRABKQ>KA
C>@RIQVQB>JPTLOHFKDTFQE!LPQLK>KA">J?OFADB
@LJM>KFBP>@>ABJF@LO@IFKF@>IOBPB>O@EM>OQKBOP
1BDFLK>I1BPB>O@E/>OQKBOPEFMP
6/(PDBLDO>MEF@IL@>QFLKFKQEBEB>OQLC@BKQO>I
,>PP>@ERPBQQPJ>HBPFQ>@@BPPF?IBQLOBDFLK>I>@>ABJF@
>KAJBAF@>I@BKQBOPFK!LPQLK>KA">J?OFADB>KA
ERKAOBAPLCJBAF@>IABSF@B>KA?FLQB@EKLILDV@LJM>KFBP
ELPMFQ>IP>KAOBPB>O@EC>@FIFQFBPQEOLRDELRQQEBKLOQEB>PQ
,?:G6CD:EJ@7$2DD249FD6EED$65:42=*49@@=,$$*FP
IL@>QBAFK6LO@BPQBOIBPPQE>KJFIBPCOLJQEB6/(
@>JMRP!,$C>@RIQV>KAPQRABKQPBKD>DBFKJ>KV>@QFSB
 6/(">Q>ILD
@LII>?LO>QFLKPTFQEC>@RIQV>KA@IFKF@F>KP>Q4,,26FQE
DRFA>K@B>KA>MMOLS>ICOLJQEB!,$&O>AR>QB2QRAFBP
"LJJFQQBB!,$DO>AR>QBPQRABKQPJ>VQ>HB@LROPBP>KA
MROPRBOBPB>O@E>KAMOLGB@QP>ASFPBA?V!,$MOLDO>J
C>@RIQV>Q4,,2
,*C>J%2E:4<*@=5:6C*JDE6>D6?E6C%**FP
IL@>QBAFKKB>O?V->QF@H,>PP>@ERPBQQP!,$C>@RIQV>KA
PQRABKQPBKD>DBFK@LII>?LO>QFSBMOLGB@QPCL@RPBALK
J>HFKDPLIAFBOPIFSBPB>PFBOEB>IQEFBO>KAP>CBO
+F7EDF>>:?8D*49@@=@7-6E6C:?2CJ$65:4:?6FP
IL@>QBAFKKB>O?V&O>CQLK,>PP>@ERPBQQP>MMOLUFJ>QBIV
JFIBPCOLJ6/(@>JMRP!,$C>@RIQV>KAPQRABKQPBKD>DB
FKOBPB>O@E>KAABPFDKMOLGB@QPFK@LII>?LO>QFLKTFQE
SBQBOFK>OF>KP>KAOBPB>O@EC>@RIQV>Q3RCQPQLFJMOLSB
SBQBOFK>OVJBAF@FKB
/OLDO>JPLC2QRAV
3EBDL>ILCQEB?FLJBAF@>IBKDFKBBOFKD!,$DO>AR>QB
MOLDO>JPFPQL>MMIVBKDFKBBOFKDMOFK@FMIBP>KA
QB@EKLILDVQE>Q@OB>QBS>IRB>KAFKKLS>QFSB>MMOL>@EBPQL
PLISBPFDKFh@>KQ?FLJBAF@>IMOL?IBJP2QRABKQPQO>FKBAFK
QEBPBMOLDO>JPE>SBCLRKAOBT>OAFKD@>OBBOPFKJ>GLO
JBAF@>I>KA?FLJBAF@>IOBPB>O@E@BKQBOP>@>ABJF>
JBAF@>IABSF@B>KA?FLQB@EKLILDVFKARPQOFBP>KA
BKQOBMOBKBROF>IBKQBOMOFPBP
!,$DO>AR>QBMOLDO>JP>OBABPFDKBAQL?BiBUF?IB
PQRABKQ@BKQBOBA>KA@RPQLJFW>?IBQLB>@EFKAFSFAR>I
PQRABKQP>@>ABJF@?>@HDOLRKAMOLCBPPFLK>IBUMBOFBK@B
>KA@>OBBODL>IP"LROPBPJ>V?BQ>HBKLK@>JMRPLO
LKIFKB>P>S>FI>?IB#BMBKAFKDLKQEBPMB@Fh@ABDOBB
MOLDO>J@LROPBTLOHQEBPFP>KAAFPPBOQ>QFLKOBPB>O@E>KA
MOLGB@QTLOHJ>V?BFKQBDO>QBATFQEFKARPQOV@LLMP>KA
FKQBOKPEFMPCRIIQFJBBJMILVJBKQFK>OBI>QBAFKARPQOVLO
>KFKQBOK>QFLK>IOBPB>O@EBUMBOFBK@B
$>@E>AJFQQBA>KAJ>QOF@RI>QBAPQRABKQFP>PPFDKBA>!,$
%>@RIQV @>ABJF@ ASFPLOQLMOLSFABDRFA>K@BLK@LROPB
PBIB@QFLK>KAABDOBBMOLDO>JMI>KKFKD(K>AAFQFLK>II
PQRABKQPPR?JFQ>KFKAFSFAR>I/I>KLC2QRAVQLQEB!,$
&O>AR>QB2QRAFBP"LJJFQQBBCLOOBSFBTAROFKDQEBFOhOPQ
PBJBPQBO>KAMBOFLAF@>IIVQEOLRDELRQQEBFOABDOBB
MOLDO>JCLOCBBA?>@HQLBKPROBQE>QQEBV>OBLKQO>@HQL
JBBQABDOBBOBNRFOBJBKQP
II!,$DO>AR>QBABDOBBMOLDO>JP>AEBOBQL6/(PDBKBO>I
OBNRFOBJBKQPABQ>FIBAFKQEB6/(&O>AR>QB">Q>ILD
#L@QLO>I/OLDO>JP
3EBABDOBBLCAL@QLOLCMEFILPLMEVFK!FLJBAF@>I
$KDFKBBOFKDFP@LKCBOOBALK@>KAFA>QBPFKOB@LDKFQFLKLC
BU@BMQFLK>I>@>ABJF@>@EFBSBJBKQ>KAQEB>?FIFQVQL@>OOV
LKLOFDFK>IFKABMBKABKQOBPB>O@E&O>AR>QBPLCQEB
MOLDO>JTFII?BMOBM>OBAQLIB>AOBPB>O@EMOLGB@QPFK
>@>ABJF@FKPQFQRQFLKPDLSBOKJBKQ>DBK@FBPLOFKQEB
JBAF@>IABSF@B>KA?FLQB@EKLILDVFKARPQOFBP
,>PQBOP#BDOBB/OLDO>JP
3EBOB>OBQTLJ>PQBOPABDOBBLMQFLKPFK?FLJBAF@>I
BKDFKBBOFKDQEB@LROPB?>PBA,>PQBOLC$KDFKBBOFKD
,$>KAQEB,>PQBOLC2@FBK@B,2FK!FLJBAF@>I
$KDFKBBOFKD%LOQEB,2ABDOBBPQRABKQPJ>V@ELLPB>
3EBPFP!>PBALO/OLGB@Q!>PBAMOLDO>JLCPQRAV6EFIBQEB
BUMB@QBAIBSBIPLCPQRABKQ>@>ABJF@MBOCLOJ>K@B>OBQEB
P>JBCLO>IIQEOBBABDOBBLMQFLKPQEBV>OBLOFBKQBAQLT>OA
AFfBOBKQ@>OBBODL>IP3EB3EBPFP!>PBA,2FPLOFBKQBA
QLT>OAQEBPQRABKQTELT>KQPQLCL@RPLK>M>OQF@RI>O
C>@BQLC?FLJBAF@>IBKDFKBBOFKDMO>@QF@BLOOBPB>O@ELO>P
MOBM>O>QFLKCLOMROPRFKDAL@QLO>IOBPB>O@E#RBQLQEB
K>QROBLCLMBKBKABAFKABMBKABKQOBPB>O@E>QEBPFP
MOLGB@QJ>VBUQBKA?BVLKAQEBQFJBOBNRFOBAQL@LJMIBQB
QEBOBNRFOBA@LROPBPFKQEB/OLGB@Q!>PBA,2LO,$
ABDOBBMOLDO>JP3EB/OLGB@Q!>PBA,2LMQFLKFP
ABPFDKBAQLD>FKE>KAPLKQB@EKF@>IBUMBOFBK@B?V
BKD>DFKDFKABhKBABKDFKBBOFKDABPFDKMOLGB@QPOBIBS>KQ
QL@IFKF@>ILOFKARPQOVPQ>HBELIABOP3EB,$LMQFLKFP
@LROPB?>PBA>KAABPFDKBACLOQEBPQRABKQFKQBOBPQBAFK
>@NRFOFKD>AS>K@BAQB@EKF@>IABMQEFK>K>OB>LC
?FLJBAF@>IBKDFKBBOFKDPMB@F>IFW>QFLK>KAJ>V?B
@LJMIBQBALK@>JMRPLOLKIFKB3EB,2LO,$ABDOBBP
@>KPBOSB>P>QBOJFK>IABDOBBCLOPQRABKQPFKQBOBPQBAFK
>AS>K@BAQB@EKF@>IQO>FKFKDMOLCBPPFLK>IABSBILMJBKQ
>KAPMB@F>IFW>QFLKFK?FLJBAF@>IBKDFKBBOFKD
"LJ?FKBA!2,>PQBOP#BDOBB/OLDO>J
3EFPMOLDO>J>fLOAP>KLMMLOQRKFQVCLOLRQPQ>KAFKD6/(
RKABODO>AR>QBPQRABKQPQLB>OK?LQE>!2ABDOBB>KA>
J>PQBOPABDOBBFK?FLJBAF@>IBKDFKBBOFKD@LK@ROOBKQIV
>KAFKIBPPQFJBQE>KTLRIAQVMF@>IIV?BOBNRFOBAQLB>OK
B>@EABDOBBPBM>O>QBIV3EBMOFK@FM>I>AS>KQ>DBLCQEFP
MOLDO>JFPQE>QFQ>IILTPCLO@BOQ>FK@OBAFQPQL?B@LRKQBA
QLT>OAP?LQEABDOBBOBNRFOBJBKQPQEBOB?VOBAR@FKDQEB
QLQ>IKRJ?BOLC@LROPBPQ>HBKQLB>OK?LQEABDOBBP6FQE
@>OBCRIMI>KKFKD>KAJLQFS>QFLKQEB"LJ?FKBA/OLDO>J
QVMF@>IIV>IILTP>PQRABKQQL@LJMIBQBOBNRFOBJBKQPCLO
?LQEABDOBBPTFQELKIVLKB>AAFQFLK>IVB>OLCCRIIQFJB
PQRAV?BVLKAQEB!2ABDOBBhSBVB>OPQLQ>I'LTBSBO
?B@>RPB>PQRABKQJRPQPQFIIP>QFPCV>IIABDOBBOBNRFOBJBKQP
QEB>@QR>IQFJBPMBKQFKQEBMOLDO>JJ>V?BILKDBOQE>K
hSBVB>OP
 6/(">Q>ILD
2QRABKQPFKQEB"LJ?FKBA/OLDO>JJ>V@ELLPBQL
@LJMIBQB>KVLKBLCQEBJ>PQBOPABDOBBLMQFLKP>3EBPFP
!>PBALO/OLGB@Q!>PBA,>PQBOLC2@FBK@B!2,2LO>
,>PQBOLC$KDFKBBOFKD!2,$
AJFPPFLKP1BNRFOBJBKQP
!FLJBAF@>IBKDFKBBOFKDBJ?O>@BPQEB>MMIF@>QFLKLC
BKDFKBBOFKDQLQEBPQRAVLCJBAF@FKB>KA?FLILDV6EFIB
QEBP@LMBLC?FLJBAF@>IBKDFKBBOFKDFP?OL>A>MMIF@>KQP
>OBBUMB@QBAQLE>SB>KRKABODO>AR>QBABDOBBLO>PQOLKD
?>@HDOLRKAFKBKDFKBBOFKD>KAQL>@EFBSB?>PF@>KA
>AS>K@BAHKLTIBADBFKBKDFKBBOFKDIFCBP@FBK@BP>KA
?FLJBAF@>IBKDFKBBOFKD MMIF@>KQPTFQEABDOBBPFK
MEVPF@>I>KA@LJMRQ>QFLK>IP@FBK@BPFK@IRAFKDMEVPF@P
@LJMRQBOP@FBK@B>KA>MMIFBAJ>QEBJ>QF@P>OB>IPL
BK@LRO>DBAQL>MMIV
MMIF@>KQPTFQERKABODO>AR>QBABDOBBPFK?FLILDVLO
ME>OJ>@VQE>QALKLQE>SB>PQOLKD@LJMRQ>QFLK>ILO
BKDFKBBOFKDCL@RP>OBBK@LRO>DBAQLBUMILOB>AS>K@BA
ABDOBBMOLDO>JPLfBOBA?V@LII>?LO>QFKD6/(+FCB2@FBK@B
>KA!FLBKDFKBBOFKDABM>OQJBKQPPR@E>P!FLILDV>KA
!FLQB@EKLILDV!!3!FLFKCLOJ>QF@P>KA"LJMRQ>QFLK>I
!FLILDV!"!LO"EBJFPQOV>KA!FL@EBJFPQOV"!"
,>PQBOLC$KDFKBBOFKDFK!FLJBAF@>I
$KDFKBBOFKD
JFKFJRJLC@OBAFQELROPFPOBNRFOBACLOQEB,>PQBOLC
$KDFKBBOFKDABDOBB"LROPBOBNRFOBJBKQPFK@IRAB
] @OBAFQPLC?FLJBAF@>IBKDFKBBOFKD>KV!,$@LROPB
BU@BMQ!,$LO
] @OBAFQPLCIFCBP@FBK@BBD!,$
DO>AR>QBIBSBI?FLILDV@LROPBP
] @OBAFQPLC>AS>K@BAJ>QEBJ>QF@PBD, 
DO>AR>QBIBSBIJ>QE@LROPBP
] @OBAFQPLCIFCBP@FBK@BLO>AS>K@BAJ>QEBJ>QF@P
] @OBAFQPBIB@QFSBP
] (K>AAFQFLKPQRABKQP>OBOBNRFOBAQLM>PP!,$
&O>AR>QB2BJFK>OQTF@B
$IB@QFSBPJ>VFK@IRAB>KV6/(DO>AR>QBIBSBIBKDFKBBOFKD
MEVPF@PJ>QEBJ>QF@P?FLJBAF@>IBKDFKBBOFKDLO
BNRFS>IBKQ@LROPBPR?GB@QQL>MMOLS>ILCQEB!,$&O>AR>QB
2QRAFBP"LJJFQQBB2QRABKQPJ>VPR?PQFQRQBQL@OBAFQP
LCAFOB@QBAOBPB>O@ECLO@OBAFQPLC?FLJBAF@>IBKDFKBBOFKD
>KALO@OBAFQPLCBIB@QFSBP
+JA6,>PQBOLC$KDFKBBOFKD
,2FK!FLJBAF@>I$KDFKBBOFKD
JFKFJRJLC@OBAFQELROPFPOBNRFOBACLOQEB,>PQBOLC
2@FBK@BABDOBBTEF@EJ>V?BJBQ?VP>QFPCVFKDQEB
OBNRFOBJBKQPCLO>3EBPFP!>PBALO/OLGB@Q!>PBAMOLDO>J
LCPQRAV!,$@LROPBPFK@IRAB!,$IBSBILOIBSBI
@LROPBPBU@BMQ!,$,0/">MPQLKB#BPFDK
$IB@QFSBPJ>VFK@IRAB>KV6/(DO>AR>QBIBSBIBKDFKBBOFKD
MEVPF@PJ>QE?FLJBAF@>IBKDFKBBOFKDLOBNRFS>IBKQ
@LROPBLOIBSBIPR?GB@QQLQEB>MMOLS>ILCQEB
ABM>OQJBKQ&O>AR>QB2QRAFBP"LJJFQQBB J>UFJRJLC
@OBAFQPLC@LROPBTLOH>QQEBIBSBIJ>V?B>MMIFBAQL
JBBQQEBOBNRFOBJBKQPCLOQEB,>PQBOLC2@FBK@BABDOBB
+JA6,>PQBOLC2@FBK@B
,23EBPFP!>PBA"OBAFQP
E6> +:E=6 C65:ED
!,$"LROPBP 
!,$ ,>PQBOZP3EBPFP 
$IB@QFSBP@OBAFQP 
,2/OLGB@Q!>PBA@OBAFQP
E6> +:E=6 C65:ED
!,$"LROPBP 
!,$ !,$/OLCBPPFLK>I/OLGB@Q 
$IB@QFSBP@OBAFQP 
3EBPFP@OBAFQP3EBPFP!>PBA,2
3EB3EBPFP!>PBA,2MOLDO>JOBNRFOBP>JFKFJRJLC
@OBAFQPLC$$2DE6CD+96D:D>KA@LJMIBQFLKLC>K
FKABMBKABKQOBPB>O@EMOLGB@QRKABOQEBPRMBOSFPFLKLC>
!FLJBAF@>I$KDFKBBOFKD/OLDO>J%>@RIQV>ASFPLO3EFP
LMQFLKFPTBIIPRFQBACLOQEBPQRABKQPBBHFKDQLBKD>DBFK
ABBMBOLMBKBKABAFKNRFOVFKQL>OBPB>O@E>OB>FK
MOBM>O>QFLKCLO>AS>K@BAOBPB>O@EQO>FKFKDBD/E#
ABDOBBLOOBPB>O@ECL@RPBA@>OBBOLMMLOQRKFQFBPFK>
JBAF@>I>@>ABJF@DLSBOKJBKQLOFKARPQOVI>?LO>QLOV
PBQQFKD
 6/(">Q>ILD
/OLGB@Q@OBAFQP/OLGB@Q!>PBA,2
3EB/OLGB@Q!>PBA,2MOLDO>JBK>?IBPPQRABKQPQL
BKD>DBFK>CL@RPBA@OBAFQ?>PBAFKABMBKABKQMOLGB@Q
BUMBOFBK@BQE>Q?RFIAPLKQEBFOFKAFSFAR>IMOLCBPPFLK>I>KA
>@>ABJF@BUMBOFBK@B3EBMOLDO>JTFIIC>@FIFQ>QB
ABSBILMJBKQLCBUMBOFBK@BPHFIIPBQ>KAJFKAPBQQL
@LKQOF?RQB>KAIB>AFKFKARPQOV>PBKDFKBBOPFK>S>OFBQVLC
?FLJBAF@>IBKDFKBBOFKDOLIBP3EB/OLGB@Q!>PBA,2
MOLDO>JOBNRFOBP@LJMIBQFLKLC@OBAFQPLC!,$
/OLCBPPFLK>I/OLGB@Q>KA@LJMIBQFLKLC>@>MPQLKB
ABIFSBO>?IBOBMOBPBKQ>QFSBLCQEBFOFKQBDO>QBAMOLGB@Q
BUMBOFBK@BBDMLPQBOLOMI>QCLOJMOBPBKQ>QFLK
ABM>OQJBKQPBJFK>OhK>IMOBPBKQ>QFLKLKIFKBMLOQCLIFL
3EB/OLGB@QJ>VFK@IRABLKBLOJLOBFKQBDO>QBAMOLGB@Q
?>PBABUMBOFBK@BP
E6> +:E=6 C65:ED
!,$ (KQBOKPEFMLO"LLM 
!,$ ,>PQBOZP#BPFDK/OLGB@Q 
!,$ ,>PQBOZP"IFKF@>I/OB@BMQLOPEFM 
(K>AAFQFLKQEBCLIILTFKDOBNRFOBJBKQPJRPQ?BJBQCLO
?LQE,>PQBOLC2@FBK@BABDOBBMOLDO>JP
] +649?:42=6AE9)6BF:C6>6?E4C65:ED
>:?:>F>3EBJ>QF@>IIVOBI>QBA>AS>K@BA
BKDFKBBOFKD>KAP@FBK@B@LROPBTLOHFK>K>OB>LC
QB@EKF@>ICL@RPTFQEFK>!FLJBAF@>I$KDFKBBOFKD
PMB@F>IFW>QFLK-LJLOBQE>KLKBIFCBP@FBK@BPLO
OBDRI>QLOV@LROPBJ>V?B>MMIFBAQLT>OAPQEFP
OBNRFOBJBKQ>KAQEB@LROPBJRPQ?BOBIBS>KQQLQEB
ABMQE>OB>4MQL@OBAFQELROPLC>3EBPFPLO/OLGB@Q
J>V?BABPFDK>QBA>PQB@EKF@>IABMQE
] *6>:?2C)6BF:C6>6?E2QRABKQPJRPQQ>HB!,$
&O>AR>QB2BJFK>O@OBAFQP>KAM>PPFQQTF@B
] $@C6@>A6E6?4:6D(K>AAFQFLKQLJBBQFKDQEB
PMB@FhBAJFKFJRJ@OBAFQOBNRFOBJBKQPCLOQEB
ABDOBBMOLDO>J>II,>PQBOLC2@FBK@B@>KAFA>QBP
JRPQP>QFPCVhSB!,$"LOB"LJMBQBK@FBP
 $2E96>2E:4D4KABOPQ>KAFKD>KA>?FIFQVQL>MMIV
CRKA>JBKQ>IMOFK@FMIBPLCJ>QEBJ>QF@PBD
PQ>QFPQF@PKRJBOF@>IJBQELAPLO@LJMRQ>QFLK>I
JLABIFKD
 #:76D4:6?464KABOPQ>KAFKD>KA>?FIFQVQL>MMIV
CRKA>JBKQ>IMOFK@FMIBPLCIFCBP@FBK@BBD@BII>KA
JLIB@RI>O?FLILDVMEVPFLILDV
 =:?:42=?665D2?2=JD:D2?556D:8? ?FIFQVQL
@LJJRKF@>QBBfB@QFSBIVTFQE@IFKF@>IPQ>HBELIABOP
RKABOPQ>KAFKDLCEB>IQE@>OBPVPQBJPBUMLPROBQL
@IFKF@>IBKSFOLKJBKQP>KAMO>@QF@BRKABOPQ>KAFKD
@IFKF@>IKBBAP>KAOB@LDKFWFKDLMMLOQRKFQFBPQL
FJMOLSBEB>IQE@>OBABIFSBOV>KAMO>@QF@B
 )68F=2E:@?2?54@?EC@=D4KABOPQ>KAFKDLC
OBDRI>QFLKP>KAPQ>KA>OAP>MMIFBAQL?FLJBAF@>I
BKDFKBBOFKDABPFDKJ>KRC>@QROFKD>KAOBPB>O@E
BDJBAF@>IABSF@BABPFDKOBDRI>QFLKP%# 
OBDRI>QFLKPBKDFKBBOFKDPQ>KA>OAP0"0 &,/
&+/
 -2=F64C62E:@?:??@G2E:@?E649?@=@8J
4@>>6C4:2=:K2E:@?#BSBILMJBKQ>KAMO>@QF@BLC
FKKLS>QFLKJFKAPBQ>KAPHFIIPBQQL@OB>QBS>IRB>KA
OB@LDKFWBLMMLOQRKFQFBPCLOFKKLS>QFLKFKQEBABPFDK
>KAABSBILMJBKQLCJBAF@>IQB@EKLILDFBP
@LJJBO@F>I>KA@IFKF@>IQO>KPI>QFLKLCJBAF@>I
FKKLS>QFLKPQE>QFJM>@QEB>IQE@>OBABIFSBOV>KA
MO>@QF@B
"LOB"LJMBQBK@FBP
3L>FAPQRABKQPFKABSBILMFKD>/I>KLC2QRAVQEBCLIILTFKD
BU>JMIB@LROPBPQE>Q@>KCRIhIIB>@ELCQEBhSB!,$
"LOB"LJMBQBK@FBP>OBMOLSFABA3EB!,$&O>AR>QB
'>KA?LLH@LKQ>FKP>AAFQFLK>IBU>JMIBPLC@LROPBPQE>Q
J>VCRIhIIQEBPBOBNRFOBJBKQP IQBOK>QFSB@LROPBPJ>V?B
>MMIFBAQLCRIhII@LJMBQBK@VOBNRFOBJBKQP2QRABKQPKBBA
 6/(">Q>ILD
LKIVQ>HBLKB@LROPBQLCRIhII>DFSBK@LJMBQBK@V
IQBOK>QFSBIVT>FSBOPJ>V?B@LKPFABOBA?>PBALK
AL@RJBKQBATLOHBUMBOFBK@B>AS>K@BAABDOBBPJ>GLOP
LOJFKLOPQE>QABJLKPQO>QB>AS>K@BAJ>PQBOVFKQEB@LOB
@LJMBQBK@V>OB>"LROPBPR?PQFQRQFLKP>KAT>FSBOPJRPQ
?B>MMOLSBA?VQEBABM>OQJBKQ&O>AR>QB2QRAFBP
"LJJFQQBB(C>MMOLSBA>3EBPFPLO/OLGB@QJ>V?BRPBAQL
CRIhIIRMQLQTL"LJMBQBK@FBP
,>QEBJ>QF@P
E6> +:E=6 C65:ED
,  MMIFBA2Q>QFPQF@PCLO$KDFKBBOP
>KA2@FBKQFPQP

,  $KDFKBBOFKD,>QEBJ>QF@P 
+FCB2@FBK@B
E6> +:E=6 C65:ED
!,$ /EVPFLILDVCLO$KDFKBBOP 
!,$ +>?LO>QLOV KFJ>I2RODBOV 
!,$ "BII>KA,LIB@RI>O!FLILDVCLO
$KDFKBBOP

1BDRI>QFLKP>KA"LKQOLIP
E6> +:E=6 C65:ED
!,$ !FLJ>QBOF>IPFKQEB#BPFDKLC
,BAF@>I#BSF@BP

!,$ ,BAF@>I#BSF@B1BDRI>QFLK 
"IFKF@>I-BBAP K>IVPFP>KA#BPFDK
E6> +:E=6 C65:ED
!,$ 'B>IQE@>OB2VPQBJP>KA"IFKF@>I
/O>@QF@B

5>IRB"OB>QFLK(KKLS>QFLK3B@EKLILDV
"LJJBO@F>IFW>QFLK
E6> +:E=6 C65:ED
$31 $KQOBMOBKBROPEFM>KA(KKLS>QFLK 
$31 3B@EKLILDV"LJJBO@F>IFW>QFLK 
282 "LK@BMQPLC2VPQBJP$KDFKBBOFKD 
282 !RPFKBPP/O>@QF@BP 
3B@EKF@>I#BMQE2MB@F>IFW>QFLKP>KA
$U>JMIB"LROPBP
3L>FAPQRABKQPFKABSBILMFKD>/I>KLC2QRAVQE>QCRIhIIP
QEB3B@EKF@>I#BMQEOBNRFOBJBKQTBMOLSFABQEBCLIILTFKD
BU>JMIBP3EBPBIFPQP>OBKLQBUE>RPQFSB2QRABKQPJ>V
MOLMLPB>IQBOK>QFSB@LROPBP>KAPMB@F>IFW>QFLKPFK@IRAFKD
QEBJ>QF@>IIVOBI>QBA@LROPBPALR?IB@LRKQBAQLT>OA>6/(
&O>AR>QB"BOQFh@>QBQLCRIhIIQEB3B@EKF@>I#BMQE
OBNRFOBJBKQPR?GB@QQLOBSFBT>KA>MMOLS>I?VQEB
ABM>OQJBKQ&O>AR>QB2QRAFBP"LJJFQQBB
!FLJ>QBOF>IP>KA3FPPRB$KDFKBBOFKD
E6> +:E=6 C65:ED
!,$ !FLJ>QBOF>IPFKQEB#BPFDKLC
,BAF@>I#BSF@BP

,$!,$

3FPPRB$KDFKBBOFKD 
!,$,$ 3FPPRB,B@E>KF@P 
!,$ !FLJBAF@>I>KA3FPPRB
,F@OLBKDFKBBOFKD

!,$ !FLJBAF@>I,F@OLP@LMV>KA
0R>KQFQ>QFSB(J>DFKD

!,$,$ !FLJ>QBOF>IP 
!,$ !FLJ>QBOF>IP3FPPRB(KQBO>@QFLKP 
!,$ #ORD#BIFSBOV 
!,$ "BII>KA,LIB@RI>O!FLBKDFKBBOFKD
"'$ !FL@EBJF@>I$KDFKBBOFKD 
,3$ $IB@QOLK,F@OLP@LMV 
,3$ /I>PQF@P 
,3$,$

2QOR@QROB>KA/OLMBOQFBPLC
$KDFKBBOFKD,>QBOF>IP

,3$,$

/OLMBOQFBP>KA/BOCLOJ>K@BLC
$KDFKBBOFKD,>QBOF>IP

,$,3$
,%$

2ROC>@B,BQOLILDV 
/' QLJF@%LO@B,F@OLP@LMV 
 6/(">Q>ILD
!FLJB@E>KF@P>KA,BAF@>I1L?LQF@P
E6> +:E=6 C65:ED
,$!,$

3FPPRB,B@E>KF@P 
1!$ %LRKA>QFLKPLC1L?LQF@P 
,$1!$

1L?LQ#VK>JF@P 
!,$1!$

!FLJB@E>KF@P>KA1L?LQF@P 
!,$ !FLJB@E>KF@PLC.OQELM>BAF@
#BSF@BP

!,$1!$
,$
!FLJBAF@>I1L?LQF@P 
!,$,$ !FLJB@E>KF@P 
!,$,$ !FLiRFAP 
!,$ "LJMRQ>QFLK>I!FLJB@E>KF@P 
AAFQFLK>I3B@EKF@>I#BMQE"LROPBP
E6> +:E=6 C65:ED
!,$ !FLJBAF@>I(KPQORJBKQ>QFLK 
!,$ ,BAF@>I(J>DFKD2VPQBJP 
!,$ !FLJBAF@>I2FDK>I K>IVPFP 
!,$ !FLJBAF@>I(J>DFKD 
$"$ #FDFQ>I2FDK>I/OL@BPPFKD 
$"$ ,LABIFKDLC$IB@QOLJ>DKBQF@
%FBIAPFK$IB@QOF@>I!FLILDF@>I
2VPQBJP

"2!"!

!FLILDF@>I>KA!FLJBAF@>I
#>Q>?>PB,FKFKD

"2 OQFh@F>I(KQBIIFDBK@B 
"2 ,>@EFKB+B>OKFKD 
"2$"$

#FDFQ>I(J>DB/OL@BPPFKD 
/E#FK!FLJBAF@>I$KDFKBBOFKD
3EB/E#MOLDO>JE>PKLCLOJ>I@LROPBOBNRFOBJBKQP
'LTBSBO?B@>RPBOBPB>O@EFKQEBhBIALC?FLJBAF@>I
BKDFKBBOFKDOBNRFOBP>PLIFATLOHFKDHKLTIBADBLC>?OL>A
O>KDBLCPR?GB@QPFKQEBIFCBP@FBK@BPBKDFKBBOFKD>KA
J>QEBJ>QF@P@LROPB@OBAFQPJRPQ?BAFPQOF?RQBA>@OLPPQEB
CLIILTFKD@>QBDLOFBPTFQEQEBKLQBAJFKFJRJP
] @OBAFQPLC?FLJBAF@>IBKDFKBBOFKD>KV!,$@LROPB
BU@BMQ!,$LO
] @OBAFQPLCIFCBP@FBK@BBD!,$
DO>AR>QBIBSBI?FLILDV@LROPBP
] @OBAFQPLC>AS>K@BAJ>QEBJ>QF@PBD, 
DO>AR>QBIBSBIJ>QE@LROPBP
] @OBAFQPLCIFCBP@FBK@BLO>AS>K@BAJ>QEBJ>QF@P
] @OBAFQPBIB@QFSBP
] @OBAFQOBPMLKPF?IB@LKAR@QLCOBPB>O@ERPR>IIV
P>QFPhBA?VQ>HFKD!!1BPB>O@E(KQBDOFQVFKQEB
2@FBK@BP
] />PP!,$/E#0R>IFCVFKD$U>JFK>QFLK
] @OBAFQPAFPPBOQ>QFLKOBPB>O@E!,$
] (K>AAFQFLKPQRABKQP>OBOBNRFOBAQLM>PP!,$
&O>AR>QB2BJFK>OCLROQFJBP
] 3EBABM>OQJBKQOBNRFOBP>@@BMQ>K@BLC>QIB>PQLKB
CRIIIBKDQEhOPQ>RQELOMR?IF@>QFLKOBMOBPBKQFKD
LOFDFK>IOBPB>O@E>KA?>PBALKQEBPQRABKQP
AFPPBOQ>QFLKTLOHFK>MBBOOBSFBTBASBKRB>MMOLSBA
?VQEBPQRABKQP/E##FPPBOQ>QFLK$U>JFK>QFLK
"LJJFQQBB2QRABKQPE>SB>KLMMLOQRKFQVQLMBQFQFLK
QEB!,$&O>AR>QB2QRAFBP"LJJFQQBBFK@>PBPLC
BUQBKR>QFKD@FO@RJPQ>K@BP
$IB@QFSBPJ>VFK@IRAB>KV6/(DO>AR>QBIBSBIBKDFKBBOFKD
MEVPF@PJ>QEBJ>QF@P?FLJBAF@>IBKDFKBBOFKDLO
BNRFS>IBKQ@LROPBPR?GB@QQL>MMOLS>ILCQEB!,$&O>AR>QB
2QRAFBP"LJJFQQBB2QRABKQPJ>VPR?PQFQRQBQL@OBAFQP
LCAFOB@QBAOBPB>O@ECLO@OBAFQPLC?FLJBAF@>IBKDFKBBOFKD
>KALO@OBAFQPLCBIB@QFSBP
+>?LO>QLOV1LQ>QFLKP
2QRABKQPFKQEB/E#MOLDO>JJ>VM>OQF@FM>QBFKLMQFLK>I
I>?LO>QLOVOLQ>QFLKPAROFKDQEBFOhOPQVB>OFKQEBMOLDO>J
+>?LO>QLOVOLQ>QFLKP`PELOQMBOFLAPLCOBPB>O@EBUMBOFBK@B
RKABOQEBAFOB@QFLKLCMOLDO>JC>@RIQVJBJ?BOP`>OB
FKQBKABAQLC>JFIF>OFWBPQRABKQPTFQE@LK@BMQP>KA
QB@EKFNRBPFKPBSBO>IAFfBOBKQBKDFKBBOFKD>KAP@FBKQFh@
hBIAP3EBV>IILTC>@RIQVJBJ?BOPQLL?PBOSB>KABS>IR>QB
QEBOBPB>O@E>MQFQRABPLCPQRABKQP>KAMBOJFQPQRABKQPQL
BS>IR>QBQEBQVMBPLCMOLGB@QPQE>QJFDEQ?BABSBILMBA
FKQLAFPPBOQ>QFLKMOLGB@QP4MLK@LJMIBQFLKLCB>@E
OLQ>QFLKQEBPQRABKQMOBPBKQP>PBJFK>O>KATOFQQBKOBMLOQ
LKQEBOBPB>O@E>@@LJMIFPEBA$>@EOLQ>QFLKFP>LO
@OBAFQ@LROPB>KA@>KI>PQ>JFKFJRJLCPBSBKTBBHPLO
RMQL>CRIIPBJBPQBO
+JA6/E#
!RPFKBPP2@ELLI3EB
%>@RIQV
!24<D@?/OLCBPPLOLC/O>@QF@B>KA#B>K#,FK
KALSBO-BTQLK3EBLILDF@>I2@ELLIIB>ABOPEFMBg@>@V
OB>IFWBAQEOLRDEOBiB@QFSBMO>@QF@B>KATLJ>KFPQ
IB>ABOPEFMCO>JBTLOHPTLJ>KFPQQEBLILDV
 6/(">Q>ILD
*EC@?8/OLCBPPLO>KA#BM>OQJBKQ'B>A,2(3>KA
,2! /OLDO>J#FOB@QLO/E#">OKBDFB,BIILK4KFSBOPFQV
>AS>K@BAFKCLOJ>QFLKQB@EKLILDFBPPR@E>PBKQBOMOFPB
PVPQBJP>KAQEBFORPBFKLOD>KFW>QFLKP,(2NR>IFQVFPPRBP
TFQEMOFJ>OVCL@RPLKA>Q>>KAFKCLOJ>QFLKNR>IFQV
*@DDF5FPFQFKD PPFPQ>KQ/OLCBPPLOLC%FK>K@B/E#
4KFSBOPFQdAB/>OFPcSOV/>OFP2>@I>VNR>KQFQ>QFSBhK>K@B
O>ALKQO>KPCLOJ
"9:?8 PPFPQ>KQ/OLCBPPLO/E#,>PP>@ERPBQQP(KPQFQRQB
LC3B@EKLILDVBKQOBMOBKBROF>IPQO>QBDVB@LKLJF@PLC
P@FBK@B>KAFKKLS>QFLKP@FBK@B>KAFKKLS>QFLKMLIF@V
AFDFQFW>QFLKA>Q>P@FBK@B
*;2>2D3:/OLCBPPLO>KA,2(47/OLDO>J#FOB@QLO/E#
4KFSBOPFQVLC'>T>FF>Q,>KL>AB@FPFLKJ>HFKDAB@FPFLK
PRMMLOQPVPQBJPFKCLOJ>QFLKLSBOIL>AAB@FPFLKJ>HFKD
RKABO@OFPFP>fB@Q>KAAB@FPFLKJ>HFKD
$=>6D/OLCBPPLO/E#2VO>@RPB4KFSBOPFQV
TLOHMI>@BOBPFPQ>K@B>KAFABLILDF@>I@LKQOLI@OFQF@>I
MBOPMB@QFSBPLKPMFOFQR>IFQVFKQEBTLOHMI>@B
FJMIBJBKQ>QFLKLC(3FKLOD>KFW>QFLKPLOD>KFW>QFLKPFKQEB
K>QRO>IBKSFOLKJBKQK>OO>QFSB>KA>BPQEBQF@MBOPMB@QFSBP
LKLOD>KFW>QFLK>IMEBKLJBK>MPV@ELAVK>JF@PLCDOLRM
>KAFKQBODOLRM?BE>SFLO
)2C4:2!BPTF@H/OLCBPPLOLC$KQOBMOBKBROPEFM/E#
,F@EFD>K2Q>QB4KFSBOPFQVBKQOBMOBKBROPEFM>KA?BKBhQ
@LOMLO>QFLKPAFSBOPFQVFKBKQOBMOBKBROPEFMIBDFQFJ>@VLC
?BKBhQ@LOMLO>QFLKP
@?D2=G6D/OLCBPPLOLC/O>@QF@BFK,>OHBQFKD,2FK
,>K>DBJBKQ6LO@BPQBO/LIVQB@EKF@(KPQFQRQBJ>OHBQFKD
PQO>QBDVFKQBOK>QFLK>I?RPFKBPP
2=='9:==:AD PPL@F>QB/OLCBPPLO>KA4KABODO>AR>QB
/OLDO>J#FOB@QLO/E#/ROARB4KFSBOPFQV@LKPRJBO
?BE>SFLO?RPFKBPPQL?RPFKBPPJ>OHBQFKDPJ>II?RPFKBPP
@J/OLCBPPLO/E#3BU>P ,4KFSBOPFQV
BKQOBMOBKBROPEFMC>JFIV>KAPJ>II?RPFKBPPJ>K>DBJBKQ
PQO>QBDVFKQBOK>QFLK>IBKQOBMOBKBROPEFM
*!@9?D@?/OLCBPPLO>KA($/OLDO>J#FOB@QLO/E#
"LOKBII4KFSBOPFQVIB>KMOL@BPPABPFDKBKQBOMOFPB
BKDFKBBOFKDMOL@BPP>K>IVPFP>KAJLABIFKDOBSBOPB
ILDFPQF@P
)"@?C25 PPL@F>QB/OLCBPPLO>KA,2.2" /OLDO>J
#FOB@QLO/E#/ROARB4KFSBOPFQVEB>IQEPVPQBJP
BKDFKBBOFKDM>QFBKQiLTLMQFJFW>QFLKEB>IQEFKCLOJ>QF@P
FKARPQOF>IBKDFKBBOFKD
%"@C5K2569 PPFPQ>KQ/OLCBPPLO/E#4KFSBOPFQVLC
3BU>P>Q2>K KQLKFLEB>IQEFKCLOJ>QF@P>KA>K>IVQF@P
PL@F>IFKCLOJ>QF@P>KATB?FKCLOJ>QFLKMOFS>@V
>MMIF@>QFLKPLC&(2FK?RPFKBPP>KAEB>IQE@>OB
#:?8@ PPFPQ>KQ/OLCBPPLO/E#'>OS>OA4KFSBOPFQV
LOD>KFW>QFLK>IPQRAFBPIB>ABOPEFM@OB>QFSFQV
$:==6C PPL@F>QB/OLCBPPLO/E#,F@EFD>K2Q>QB
4KFSBOPFQVJ>K>DBOF>I>@@LRKQFKD>KAMBOCLOJ>K@B
J>K>DBJBKQ
)6D925: PPFPQ>KQ/OLCBPPLO/E#6BPQ5FODFKF>
4KFSBOPFQVJ>OHBQFKDPL@F>IJBAF>>KAPL@F>IFKiRBK@B
hK>K@F>I>KAEB>IQE@>OBAB@FPFLKJ>HFKD
!)J2? PPL@F>QB3B>@EFKD/OLCBPPLO/E# R?ROK
4KFSBOPFQVJ>K>DBJBKQFKCLOJ>QFLKPVPQBJPEB>IQE@>OB
(3
**236C: PPFPQ>KQ/OLCBPPLO/E#4KFSBOPFQVLC
,>PP>@ERPBQQP JEBOPQLMBO>QFLKPFKARPQOF>IBKDFKBBOFKD
PRMMIV@E>FKJ>K>DBJBKQ
!*2C<:D/OLCBPPLO/E#2Q>QB4KFSBOPFQVLC-BT8LOH>Q
!Rf>ILLMBO>QFLKPJ>K>DBJBKQDOBBKPRMMIV@E>FK
J>K>DBJBKQPRPQ>FK>?FIFQV
)*2C?:6/OLCBPPLOLC/O>@QF@B,! 2RfLIH4KFSBOPFQV
hK>K@BhK>K@F>IQB@EKLILDV
!*492F76=5 gIF>QB/OLCBPPLOLC/O>@QF@BFK
$KQOBMOBKBROPEFM,! -LOQEB>PQBOK4KFSBOPFQV
BKQOBMOBKBROPEFMQB@EKLILDV@LJJBO@F>IFW>QFLK?RPFKBPP
>@NRFPFQFLK>KAABSBILMJBKQ
'*929 PPL@F>QB/OLCBPPLO>KA,! ,2,&/OLDO>J
#FOB@QLO/E#3BU>P3B@E4KFSBOPFQVJ>OHBQFKD?O>KA
PQO>QBDVMOLAR@QAFPMLP>IPQO>QBDV
*+2J=@C/OLCBPPLO/E#!LPQLK"LIIBDBLOD>KFW>QFLK>I
>BPQEBQF@POBiB@QFSBMO>@QF@BIB>ABOPEFM
.+@H?6C PPL@F>QB3B>@EFKD/OLCBPPLO/E#6LO@BPQBO
/LIVQB@EKF@(KPQFQRQBLMBO>QFLKPJ>K>DBJBKQIB>K
J>KRC>@QROFKDPFUPFDJ>
+C2AA PPL@F>QB/OLCBPPLO/E#4KFSBOPFQVLC
/FQQP?RODEFKARPQOF>IBKDFKBBOFKD@LJ?FK>QLOF>I
LMQFJFW>QFLKPQL@E>PQF@MOLDO>JJFKDLMBO>QFLKP
OBPB>O@E
+F=F/OLCBPPLO/E#"I>OBJLKQ&O>AR>QB4KFSBOPFQV
JBAF@>IFKCLOJ>QF@P5.(/FKCLOJ>QFLKPB@ROFQV
QBIB@LJJRKF@>QFLKP>KAKBQTLOHFKDPVPQBJP>K>IVPFP>KA
ABPFDK
 6/(">Q>ILD
-.:=D@? PPL@F>QB3B>@EFKD/OLCBPPLO/E#4KFSBOPFQV
LC"LILO>ALFKCLOJ>QFLKPVPQBJP@LDKFQFSBP@FBK@B
!19F/OLCBPPLO>KA/E#/OLDO>J#FOB@QLO/E#
4KFSBOPFQVLC,>PP>@ERPBQQPFKCLOJ>QFLKQB@EKLILDV>KA
MOLAR@QFSFQVB?RPFKBPPMBOCLOJ>K@BBS>IR>QFLK>KA
?BK@EJ>OHFKD
#BM>OQJBKQ1BPB>O@E
(K>AAFQFLKQLQB>@EFKD2@ELLILC!RPFKBPPC>@RIQV>OB
FKSLISBAFK>S>OFBQVLCPMLKPLOBAOBPB>O@E>KA@LKPRIQFKD
TLOH P>JMIFKDLC@ROOBKQOBPB>O@EFK@IRABPNR>IFQV
@LKQOLIFKFKCLOJ>QFLKE>KAIFKDMOL@BPPBPPRMMIV@E>FK
J>K>DBJBKQAB@FPFLKOFPH>K>IVPFP@LKiF@QJ>K>DBJBKQ
@>M>@FQVMI>KKFKDFKQBOK>QFLK>I>@@LRKQFKDAFfBOBK@BP
PQO>QBDV>KAKBTSBKQROBQB>JPC>JFIV>KAPJ>II?RPFKBPP
J>K>DBJBKQRPBOBUMBOFBK@B>KAEB>IQEPVPQBJP
FKKLS>QFLK
/OLDO>JPLC2QRAV
3EBFKQBO>@QFLK?BQTBBK?RPFKBPP>KAQB@EKLILDVAOFSBP
BSBOV>PMB@QLCLRO&O>AR>QB!RPFKBPP/OLDO>JP6B
?BIFBSBQEBCRQROBLC?RPFKBPPIFBPFKIBSBO>DFKDQEBMLTBO
LCQB@EKLILDVQLLMQFJFWB?RPFKBPPLMMLOQRKFQFBP6/(
PQ>VP>EB>ALCQEB@ROSBDFSFKDPQRABKQPQEB>?FIFQVQL
@LJ?FKBPLRKAPQO>QBDFBPTFQE@RQQFKDBADBFKKLS>QFLK
>KAQEB@LKhABK@BQL@LKQOF?RQBJB>KFKDCRIIVTFQEFK>
DIL?>I@LJMBQFQFSBBKSFOLKJBKQ3EBPRMBOFLOOB@LOALCLRO
DO>AR>QBPPR@@BPPBPEFDEIFDEQTEV6/(BKGLVP>K>QFLK>IIV
OB@LDKFWBAOBMRQ>QFLK>PLKBLCQEBJLPQOBPMB@QBAK>JBP
FKQB@EKLILDV?>PBA?RPFKBPPBAR@>QFLK
6/(LfBOP>S>OFBQVLCDO>AR>QB?RPFKBPPMOLDO>JP
CL@RPFKDLKQEBFKQBDO>QFLKLC?RPFKBPP>KAQB@EKLILDV
3EB,>PQBOLC!RPFKBPP AJFKFPQO>QFLK,! FP>EFDEIV
FKQBDO>QBA>MMIF@>QFLKPLOFBKQBAMOLDO>JQE>QMOLSFABP
PQRABKQPTFQE?LQEQEB=?FDMF@QROBMBOPMB@QFSBOBNRFOBALC
PR@@BPPCRIRMMBOIBSBIJ>K>DBOP>KAQEBE>KAPLK
HKLTIBADBKBBABAQLJBBQQEBA>FIVABJ>KAPFKQEB
TLOHMI>@B6/(PCL@RPLKQEBJ>K>DBJBKQLCQB@EKLILDV
@LJBPCOLJQEBOB@LDKFQFLKQE>QO>MFAIV@E>KDFKD
QB@EKLILDVFPAOFSFKDQEBM>@BLC?RPFKBPP
2QRABKQPBKGLVBUQBKPFSBLMMLOQRKFQFBPQLBUM>KAQEBFO
KBQTLOHPQEOLRDE>PPL@F>QFLKPTFQEQEBFOMBBOP>KAIB>AFKD
EFDEQB@ELOD>KFW>QFLKP3EBV>IPL?BKBhQCOLJQEBI>QBPQ
>S>FI>?IBQB@EKLILDFBP>KALKBLCQEBK>QFLKPJLPQTFOBA
RKFSBOPFQFBP3EBMOLDO>JPPQOLKDBJME>PFPLK
FKQBOMBOPLK>I>KA@LJJRKF@>QFLKPPHFIIPMOBM>OBPPQRABKQP
QL?BIB>ABOPFK>KVLOD>KFW>QFLK>KAQEBDIL?>IQEOB>AP
QEOLRDELRQQEB@ROOF@RIRJBKPROBQE>QPQRABKQP
RKABOPQ>KAQEBDIL?>IFJMBO>QFSBC>@FKD>II?RPFKBPPBP
6EBQEBOAB>IFKDTFQEFKCLOJ>QFLKQB@EKLILDV
?FLQB@EKLILDVhK>K@F>IJ>OHBQPFKCLOJ>QFLKPB@ROFQV
PRMMIV@E>FKJ>K>DBJBKQJ>KRC>@QROFKDLO>ELPQLC
LQEBOQB@EKLILDVLOFBKQBAFKARPQOFBPQEBOB>ITLOIAFPM>OQ
LCQEB@I>PPOLLJ>KAPQRABKQPBUMILOBRMQLQEBJFKRQB
@E>IIBKDBPC>@BA?V>@QR>I@LJM>KFBPQEOLRDEE>KAPLK
MOLGB@QP>KAQB>JTLOH6/(MOLJLQBP>K>@QFSBIB>OKFKD
MOL@BPPABPFDKBAQLABSBILMQEBSBOV?BPQJ>K>DBOP
IB>ABOP>KABUB@RQFSBPFK>QB@EKLILDVABMBKABKQTLOIA
&O>AR>QB"BOQFh@>QBP
&O>AR>QB?RPFKBPP@BOQFh@>QBP>OBABPFDKBACLOQB@EKF@>I
>KA?RPFKBPPMOLCBPPFLK>IPPBBHFKDCL@RPBAFKABMQE
HKLTIBADBTFQEFK>PMB@Fh@>OB>LCQB@EKLILDV
J>K>DBJBKQ"BOQFh@>QBPFK@IRAB%FK>K@F>I3B@EKLILDV
'B>IQE2VPQBJP(KKLS>QFLK(KCLOJ>QFLK2B@ROFQV
,>K>DBJBKQ(KCLOJ>QFLK3B@EKLILDV(KKLS>QFLKTFQE
4PBO$UMBOFBK@B2RMMIV"E>FK K>IVQF@P>KA2RMMIV"E>FK
$PPBKQF>IP$>@E@BOQFh@>QB@LKPFPQPLC@LROPBPTEF@EJ>V
?BALR?IB@LRKQBAQLT>OA>OBI>QBAJ>PQBOPABDOBB
2QRABKQPJ>V>IPL@RPQLJFWBQEBFOLTKDO>AR>QB?RPFKBPP
@BOQFh@>QB%LOJLOBFKCLOJ>QFLKMIB>PBPBB
EQQM?RPFKBPPTMFBAR@BOQFh@>QBP
AJFPPFLK1BNRFOBJBKQP
%LOQEB,>PQBOPMOLDO>J>MMIF@>KQPPELRIAE>SBQEB
>K>IVQF@>MQFQRAB>KA>@>ABJF@MOBM>O>QFLKKB@BPP>OVQL
@LJMIBQB>QB@EKLILDVLOFBKQBA?RPFKBPPMOLDO>J3EFP
FK@IRABP>JFKFJRJLCQEOBBPBJBPQBOPLC@LIIBDBIBSBI
J>QELOQTLPBJBPQBOPLC@LIIBDBIBSBI@>I@RIRP MMIF@>KQP
QLQEB,2(3>OB>IPLOBNRFOBAQLE>SB>MOFLO@LIIBDBIBSBI
MOLDO>JJFKD@LROPB
MMIF@>KQPJRPQE>SBQEBB>OKBABNRFS>IBKQLC>CLROVB>O
42?>@EBILOPABDOBBQL?B@LKPFABOBACLO>AJFPPFLK
AJFPPFLKAB@FPFLKP>OB?>PBARMLK>IIQEBFKCLOJ>QFLK
OBNRFOBACOLJQEB>MMIF@>KQ
%LOQEB/E#>K>MMIF@>KQJRPQ?B>DO>AR>QBLC>K
>@@OBAFQBA42@LIIBDBLORKFSBOPFQVLO>K>MMOLSBACLOBFDK
BNRFS>IBKQFKPQFQRQFLK>KAE>SBB>OKBA>DO>ABMLFKQ
>SBO>DBLCLO?BQQBOFK>IIMOFLORKABODO>AR>QB>KA
DO>AR>QBPQRAFBP PQRABKQTFQE>J>PQBOPABDOBBTFII?B
BUMB@QBAQLE>SBPR@@BPPCRIIVABJLKPQO>QBADO>AR>QBIBSBI
HKLTIBADBFK>QO>AFQFLK>I?RPFKBPPAFP@FMIFKBPR@E>P
@@LRKQFKD%FK>K@B,>OHBQFKD.OD>KFW>QFLK>I!BE>SFLO
$KQOBMOBKBROPEFM(KCLOJ>QFLK3B@EKLILDVLO.MBO>QFLKP
,>K>DBJBKQLOFK>AFP@FMIFKBQE>QFPOBIBS>KQQLQEB
PQRABKQPMOLMLPBA@LK@BKQO>QFLK AAFQFLK>IIVQEB
>MMIF@>KQTFIIABJLKPQO>QBRKABODO>AR>QB@LJMBQBK@VFK
">I@RIRP2Q>QFPQF@P>KALO,F@OL,>@OL$@LKLJF@P
 6/(">Q>ILD
+L@>QFLKP
3>FILOBAQLJBBQQEB@E>IIBKDBPLCTLOHFKDMOLCBPPFLK>IP
6/(LfBOPCRII>KAM>OQQFJBDO>AR>QB?RPFKBPPPQRAV>Q
LRO@>JMRPFK6LO@BPQBO,>PP>@ERPBQQP>PTBII>PTLOIA
TFABSF>LROLKIFKB@LROPBP
!RPFKBPP2@ELLI2MB@F>IQFBP
@OBAFQPB>@E
AS>K@BA!RPFKBPP K>IVQF@P,BQELAP
#BDOBBP! ,! 
E6> +:E=6 C65:ED
,(2 !RPFKBPP MMIF@>QFLKPFK,>@EFKB
+B>OKFKD

,*3 ,>OHBQFKD1BPB>O@E 
.($ AS>K@BA/OBP@OFMQFSB K>IVQF@P
%OLJ#>Q>QL(JM>@Q

AS>K@BA.MBO>QFLKP K>IVQF@P
#BDOBBP.2" ,! 
E6> +:E=6 C65:ED
,(2LO,*3LO,*3 
.($ 1FPH,>K>DBJBKQ>KA#B@FPFLK
K>IVPFP

.($ /BOCLOJ>K@B K>IVQF@P 
.($ AS>K@BA/OBP@OFMQFSB K>IVQF@P
%OLJ#>Q>QL(JM>@Q

MMIFBA K>IVQF@P
#BDOBBP(47,! 
E6> +:E=6 C65:ED
,(2 #>Q>,>K>DBJBKQCLO K>IVQF@P 
,(2 !RPFKBPP(KQBIIFDBK@B 
,(2 !RPFKBPP MMIF@>QFLKPFK,>@EFKB
+B>OKFKD

.($ AS>K@BA/OBP@OFMQFSB K>IVQF@P
%OLJ#>Q>QL(JM>@Q

#2 (KQOLAR@QFLKQL#>Q>2@FBK@B 
#2, LO, 
!O>KAP/OLAR@QP>KA"LKPRJBOP
#BDOBBP(47,! 
E6> +:E=6 C65:ED
,*3 ,>OHBQFKD2QO>QBDV 
,*3 "LKPRJBO!BE>SFLO>KA K>IVQF@P 
,*3 ,>OHBQFKD1BPB>O@E 
,*3 #FDFQ>I,>OHBQFKD 
,*3 #>Q>,FKFKD!RPFKBPP MMIF@>QFLKP
,*3 /OLAR@Q>KA!O>KA,>K>DBJBKQ 
!RPFKBPP K>IVQF@P
#BDOBB,! 
E6> +:E=6 C65:ED
,(2 #>Q>,>K>DBJBKQCLO K>IVQF@P 
,(2 !RPFKBPP(KQBIIFDBK@B 
.($ ,LABIFKD>KA.MQFJFWFKD
/OL@BPPBP

#>Q> K>IVQF@P
#BDOBBP(3,! 
E6> +:E=6 C65:ED
,(2 !RPFKBPP MMIF@>QFLKPFK,>@EFKB
+B>OKFKD

,*3 #>Q>,FKFKD!RPFKBPP MMIF@>QFLKP
,*3LO,*3 
#FDFQ>I3O>KPCLOJ>QFLK
#BDOBBP(3,! 
E6> +:E=6 C65:ED
,(2 (KKLS>QFKDTFQE(KCLOJ>QFLK
2VPQBJP

.($LO.($LO.($ 
,(2LO.!"LO.!" 
$KQOBMOBKBROPEFM
#BDOBB,! 
E6> +:E=6 C65:ED
$31 $KQOBMOBKBROPEFM>KA(KKLS>QFLK 
3TLLC!42$31$31 
 6/(">Q>ILD
(KCLOJ>QFLK2VPQBJP#BPFDK
#BDOBBP(3,! 
E6> +:E=6 C65:ED
,(2 #>Q>?>PB MMIF@>QFLKP#BPFDK>KA
#BSBILMJBKQ

,(2 (KCLOJ>QFLK2B@ROFQV,>K>DBJBKQ
,(2 4PBO$UMBOFBK@B#BPFDK 
(3
#BDOBB,! 
E6> +:E=6 C65:ED
,(2 #>Q>,>K>DBJBKQCLO K>IVQF@P 
,(2 /LIF@V>KA2QO>QBDVCLO
(KCLOJ>QFLK3B@EKLILDV>KA
K>IVQF@P

,(2 !RPFKBPP(KQBIIFDBK@B 
(34PBO$UMBOFBK@B
#BDOBBP(3,! 
E6> +:E=6 C65:ED
,(2 4PBO$UMBOFBK@B MMIF@>QFLKP 
,(2 4PBO$UMBOFBK@B,BQELAP 
,*3 "LKPRJBO!BE>SFLO>KA K>IVQF@P 
,>OHBQFKD K>IVQF@P
#BDOBBP! ,! 
E6> +:E=6 C65:ED
,*3LO,*3 
,*3 #FDFQ>I,>OHBQFKD 
,*3 #>Q>,FKFKD!RPFKBPP MMIF@>QFLKP
.MBO>QFLK>I$U@BIIBK@B
#BDOBBP.2" ,! 
E6> +:E=6 C65:ED
.($LO.($ 
3TLLC%(-,(2.!"
.($.($

.MBO>QFLKP K>IVQF@P
#BDOBBP! ,! 
E6> +:E=6 C65:ED
.($ .MBO>QFLKP,>K>DBJBKQ 
.($ 1FPH,>K>DBJBKQ>KA#B@FPFLK
K>IVPFP

.($ 2RMMIV"E>FK K>IVPFP>KA#BPFDK 
.($ /BOCLOJ>K@B K>IVQF@P 
.($ #BPFDKFKD>KA,>K>DFKD+B>K2FU
2FDJ>/OL@BPPBP

.OD>KFWFKD>KA,>K>DFKD(KKLS>QFLK
#BDOBBP(47,! 
E6> +:E=6 C65:ED
$31 $KQOBMOBKBROPEFM>KA(KKLS>QFLK 
$31 3B@EKLILDV"LJJBO@F>IFW>QFLK 
%(- %FK>K@F>I,>K>DBJBKQ 
,(2 /OLGB@Q,>K>DBJBKQ 
.!" 3B>JFKD>KA.OD>KFWFKDCLO
(KKLS>QFLK

.!" -BDLQF>QFLKP 
.!" +B>AFKD"E>KDB 
/OLAR@Q,>K>DBJBKQ
#BDOBB,! 
E6> +:E=6 C65:ED
,*3 /OLAR@Q>KA!O>KA,>K>DBJBKQ 
3TLLC$31,(2,(2
,(2,*3.!".!"
.!"

/OLGB@Q,>K>DBJBKQ
#BDOBB,! 
E6> +:E=6 C65:ED
,(2 /OLGB@Q,>K>DBJBKQ 
3TLLC.!".!".!"
.!"

 6/(">Q>ILD
1BPB>O@E
#BDOBBP! (3(47,! .2" 
"LJ?FK>QFLKLCQEBCLIILTFKDQLQ>IFKD@OBAFQP ,>U
@OBAFQP!42
1BNRFOBPMBOJFPPFLKLC/OLDO>J#FOB@QLO
E6> +:E=6 C65:ED
!42 (KABMBKABKQ2QRAV 
!42 (KQBOKPEFM 
!42 #FOB@QBA1BPB>O@E
2RMMIV"E>FK,>K>DBJBKQ
#BDOBBP.2" ,! 
E6> +:E=6 C65:ED
.($LO.($ 
3TLLC,*3.!".($
.($.($

2VPQBJ#BPFDKCLO(47
#BDOBBP(47,! 
E6> +:E=6 C65:ED
,(2 (KKLS>QFKDTFQE(KCLOJ>QFLK
2VPQBJP

,(2 #>Q>?>PB MMIF@>QFLKP#BPFDK>KA
#BSBILMJBKQ

,(2 (KCLOJ>QFLK2B@ROFQV,>K>DBJBKQ
(,&# (,&#2QRAFL 
(,&# #BPFDKLC(KQBO>@QFSB$UMBOFBK@BP 
1!$"2

'RJ>K1L?LQ(KQBO>@QFLK 
1!$2VKBODVLC'RJ>K>KA
1L?LQ2VPQBJP
611L?LQ%RQROBP#BPFDK
$QEF@P"LJJRKF@>QFLK
"RPQLJ
#BDOBBP! (3(47,! .2" 
@OBAFQP1BNRFOBPMBOJFPPFLKLC/OLDO>J#FOB@QLO
"LJ?FKBA!2,2/OLDO>J
3EFPMOLDO>JFP>S>FI>?IBQL6/(RKABODO>AR>QBPQRABKQP
TFPEFKDQL@LJ?FKBLKBLCQEB!RPFKBPP2@ELLIZP,2
ABDOBBPTFQEQEBFO!2 PBM>O>QB>KA@LJMIBQB
>MMIF@>QFLKQLQEB,2MOLDO>JJRPQ?BPR?JFQQBA
AJFPPFLKQLQEB"LJ?FKBA/OLDO>JFPABQBOJFKBA?VQEB
2@ELLILC!RPFKBPP6FQE@>OBCRIMI>KKFKD?LQEABDOBBP
J>V?B@LJMIBQBATFQEFKQEBPQRABKQPCLROVB>OPLC
RKABODO>AR>QBPQRAV
(QFPOB@LJJBKABAQE>QQEB,2>MMIF@>QFLK?BPR?JFQQBA
>QQEBBKALCQEBPQRABKQPPLMELJLOBVB>OLC
RKABODO>AR>QBPQRAV PQRABKQFKQEB"LJ?FKBA/OLDO>J
@LKQFKRBPQL?BOBDFPQBOBA>P>KRKABODO>AR>QBRKQFIQEB
?>@EBILOPABDOBBFP>T>OABA
3LL?Q>FK>?>@EBILOPABDOBBSF>QEB"LJ?FKBA/OLDO>J
QEBPQRABKQJRPQP>QFPCV>IIOBNRFOBJBKQPCLOQEB?>@EBILOP
ABDOBBFK@IRAFKDAFPQOF?RQFLK>KAMOLGB@QOBNRFOBJBKQP3L
L?Q>FK>K,2SF>QEB"LJ?FKBA/OLDO>JQEBPQRABKQ
JRPQP>QFPCV>II,2ABDOBBOBNRFOBJBKQP-LQBKL
RKABODO>AR>QB@OBAFQJ>V?B@LRKQBAQLT>OA>DO>AR>QB
?RPFKBPPABDOBB
/IB>PBOBCBOQLQEBPB@QFLKLKQEB"LJ?FKBA/OLDO>JPLO
@LKQ>@QQEBBUB@RQFSBAFOB@QLOLC?RPFKBPPMOLDO>JPCLO
JLOBFKCLOJ>QFLK
+JA6!2,2
,2FK!RPFKBPP K>IVQF@P,2! 
3EBABJ>KACLOHKLTIBADB>?IBMOLCBPPFLK>IPTEL
RKABOPQ>KA?LQEA>Q>>K>IVQF@P>KA?RPFKBPPKBBAP
@LKQFKRBPQLFK@OB>PB3EB,2! MOLDO>JMOLSFABP>PLIFA
CLRKA>QFLKFK?RPFKBPP>K>IVQF@PTFQE>MMIF@>QFLKPFK>
S>OFBQVLC?RPFKBPP>OB>PMIRP>OB>ITLOIAQB>J?>PBA
MOLGB@QTEF@EBKPROBPQE>QPQRABKQP>OBMOBM>OBAQL?B
PR@@BPPCRIFK>A>Q>AOFSBKQB@EKLILDF@>I?RPFKBPP
BKSFOLKJBKQ
3EB,2! FP>S>FI>?IB?LQELK@>JMRP>KALKIFKB
+JA6,>PQBOLC2@FBK@B
1BNRFOBA"LOB"LROPBP
E6> +:E=6 C65:ED
,(2 #>Q>,>K>DBJBKQCLO K>IVQF@P 
,(2 !RPFKBPP(KQBIIFDBK@B 
.($ ,LABIFKD>KA.MQFJFWFKD
/OL@BPPBP

,2! PQRABKQPJRPQ@LJMIBQBQTLQEOBB@LROPB
PMB@F>IQFBPPBIB@QBACOLJQEBCLIILTFKDPMB@F>IQFBP
 6/(">Q>ILD
2MB@F>IQVFK AS>K@BA!RPFKBPP K>IVQF@P
,BQELAP
E6> +:E=6 C65:ED
,(2 !RPFKBPP MMIF@>QFLKPFK,>@EFKB
+B>OKFKD

,*3 ,>OHBQFKD1BPB>O@E 
.($ AS>K@BA/OBP@OFMQFSB K>IVQF@P
%OLJ#>Q>QL(JM>@Q

2MB@F>IQVFK,>OHBQFKD K>IVQF@P
E6> +:E=6 C65:ED
,*3LO,*3 
,*3 #FDFQ>I,>OHBQFKD 
,*3 #>Q>,FKFKD!RPFKBPP MMIF@>QFLKP
2MB@F>IQVFK.MBO>QFLKP K>IVQF@P
2BIB@QLCQEBCLIILTFKD@LROPBP.($OB@LJJBKABA
CLOPQRABKQPTFQEKLLMBO>QFLKP?>@HDOLRKA
E6> +:E=6 C65:ED
.($ .MBO>QFLKP,>K>DBJBKQ 
.($ 1FPH,>K>DBJBKQ>KA#B@FPFLK
K>IVPFP

.($ 2RMMIV"E>FK K>IVPFP>KA#BPFDK 
.($ /BOCLOJ>K@B K>IVQF@P 
.($ #BPFDKFKD>KA,>K>DFKD+B>K2FU
2FDJ>/OL@BPPBP

">MPQLKB/OLGB@Q$UMBOFBK@B
E6> +:E=6 C65:ED
.!" 3B>JFKD>KA.OD>KFWFKDCLO
(KKLS>QFLK

!42 ,>PQBOLC2@FBK@B">MPQLKB
/OLGB@Q

AAFQFLK>I1B@LJJBKA>QFLKP
.K@>JMRPFKQBOK>QFLK>IPQRABKQP>OBBK@LRO>DBAQL
@LJMIBQBRMQLQEOBB>AAFQFLK>I@OBAFQPLCFKQBOKPEFMQL
BKPROBQEBFOOB>AFKBPPCLOBJMILVJBKQFKQEB42
,2FK(KCLOJ>QFLK3B@EKLILDV,2(3
3EBABJ>KACLOHKLTIBADB>?IB(3MOLCBPPFLK>IPTEL
RKABOPQ>KA?RPFKBPPE>PKBSBO?BBKDOB>QBO3EB,2(3
MOLDO>JDR>O>KQBBP>PLIFACLRKA>QFLKFKFKCLOJ>QFLK
QB@EKLILDV>KA?RPFKBPP>K>IVQF@PTFQE>TFABO>KDBLC
@RQQFKDBADB@LK@BKQO>QFLKP>KAELTQEBPBQB@EKLILDFBP
>KA>K>IVQF@PQLLIP@>K?BPQ?BRPBAFK>S>OFBQVLC?RPFKBPP
>MMIF@>QFLKP3EBMOLDO>J@LSBOPMOFK@FMIBPLC?RPFKBPP
MBLMIB>KAQB@EKLILDVQE>Q>OB@OFQF@>IQLPR@@BPPFK
QB@EKLILDVAOFSBKBKSFOLKJBKQP
3EB,2(3FP>S>FI>?IB?LQELK@>JMRP>KALKIFKB
+JA6,>PQBOLC2@FBK@B
1BNRFOBA"LOB"LROPBP
E6> +:E=6 C65:ED
,(2 #>Q>,>K>DBJBKQCLO K>IVQF@P 
,(2 /LIF@V>KA2QO>QBDVCLO
(KCLOJ>QFLK3B@EKLILDV>KA
K>IVQF@P

,(2 !RPFKBPP(KQBIIFDBK@B 
,2(3PQRABKQPJRPQ@LJMIBQBQTLQEOBB@LROPBPMB@F>IQFBP
PBIB@QBACOLJQEBCLIILTFKDPMB@F>IQFBP
2MB@F>IQVFK(KCLOJ>QFLK2VPQBJP#BPFDK
E6> +:E=6 C65:ED
,(2 #>Q>?>PB MMIF@>QFLKP#BPFDK>KA
#BSBILMJBKQ

,(2 (KCLOJ>QFLK2B@ROFQV,>K>DBJBKQ
,(2 4PBO$UMBOFBK@B#BPFDK 
2MB@F>IQVFK#>Q> K>IVQF@P
E6> +:E=6 C65:ED
,(2 !RPFKBPP MMIF@>QFLKPFK,>@EFKB
+B>OKFKD

,*3 #>Q>,FKFKD!RPFKBPP MMIF@>QFLKP
,*3LO,*3 
2MB@F>IQVFK#FDFQ>I3O>KPCLOJ>QFLK
E6> +:E=6 C65:ED
,(2 (KKLS>QFKDTFQE(KCLOJ>QFLK
2VPQBJP

.($LO.($LO.($ 
,(2LO.!"LO.!" 
2MB@F>IQVFK(34PBO$UMBOFBK@B
E6> +:E=6 C65:ED
,*3 "LKPRJBO!BE>SFLO>KA K>IVQF@P 
,(2 4PBO$UMBOFBK@B MMIF@>QFLKP 
,(2 4PBO$UMBOFBK@B,BQELAP 
 6/(">Q>ILD
">MPQLKB/OLGB@Q$UMBOFBK@B
E6> +:E=6 C65:ED
.!" 3B>JFKD>KA.OD>KFWFKDCLO
(KKLS>QFLK

,(2 2VPQBJ#BPFDK>KA#BSBILMJBKQ 
AAFQFLK>I1B@LJJBKA>QFLKP
.K@>JMRPFKQBOK>QFLK>IPQRABKQP>OBBK@LRO>DBAQL
@LJMIBQBRMQLQEOBB>AAFQFLK>I@OBAFQPLCFKQBOKPEFMQL
BKPROBQEBFOOB>AFKBPPCLOBJMILVJBKQFKQEB42
,2FK(KKLS>QFLKTFQE4PBO$UMBOFBK@B
,2(47
1>MFA>AS>K@BPFKP@FBK@B>KABKDFKBBOFKD>IILT
@LJM>KFBPQLABSBILMFK@OB>PFKDIVPLMEFPQF@>QBA(3
MOLAR@QP PQEB(3FKARPQOVJ>QROBP@LJMBQFQFLKFP
FK@OB>PFKDIVPEFCQFKDQLT>OAMOLSFAFKDLRQPQ>KAFKDRPBO
BUMBOFBK@BP47(KKLS>QFLKTFQE47FP?B@LJFKDBPPBKQF>I
FKABSBILMFKD(3MOLAR@QP>KAPBOSF@BPQE>Q@>KJ>FKQ>FK
@LJMBQFQFSB>AS>KQ>DBFKQEBJ>OHBQMI>@B3EB!RPFKBPP
2@ELLIE>PTLOIA@I>PPBUMBOQFPB>KAOBPLRO@BPFK47>KAFP
FAB>IIVMLPFQFLKBAQLMOBM>OBPQRABKQP>P47MOLCBPPFLK>IP
>KAPBQQEBJLK>M>QEQLQ>HBLKIB>ABOPEFMPMLPFQFLKP
PR@E>P@EFBCBUMBOFBK@BLg@BOP"7.
3EB,2(47FPABIFSBOBABKQFOBIVLKIFKB2LJB@LROPBP>OB
>IPL>S>FI>?IBLK@>JMRP
+JA6,>PQBOLC2@FBK@B
1BNRFOBA"LOB"LROPBP
E6> +:E=6 C65:ED
,(2 4PBO$UMBOFBK@B MMIF@>QFLKP 
,(2 4PBO$UMBOFBK@B#BPFDK 
,(2 4PBO$UMBOFBK@B,BQELAP 
,2(47PQRABKQPJRPQ@LJMIBQBQTLQEOBB@LROPB
PMB@F>IQFBPPBIB@QBACOLJQEBCLIILTFKD
2MB@F>IQVFK!O>KAP/OLAR@QP>KA
"LKPRJBOP
E6> +:E=6 C65:ED
,*3 ,>OHBQFKD2QO>QBDV 
,*3 "LKPRJBO!BE>SFLO>KA K>IVQF@P 
,*3 /OLAR@Q>KA!O>KA,>K>DBJBKQ 
2MB@F>IQVFK2VPQBJ#BPFDK
2BIB@Q>KVQEBhOPQQEOBB>OBLKIFKBQEBLQEBOPTEF@E
>OBKLQ!RPFKBPP2@ELLI@LROPBPJ>VKLQ?B>S>FI>?IB
LKIFKB
E6> +:E=6 C65:ED
,(2 (KKLS>QFKDTFQE(KCLOJ>QFLK
2VPQBJP

,(2 #>Q>?>PB MMIF@>QFLKP#BPFDK>KA
#BSBILMJBKQ

,(2 (KCLOJ>QFLK2B@ROFQV,>K>DBJBKQ
(,&# (,&#2QRAFL 
(,&# #BPFDKLC(KQBO>@QFSB$UMBOFBK@BP 
"21!$ 'RJ>K1L?LQ(KQBO>@QFLK 
1!$2VKBODVLC'RJ>K>KA
1L?LQ2VPQBJP
611L?LQ%RQROBP#BPFDK
$QEF@P"LJJRKF@>QFLK
2MB@F>IQVFK MMIFBA K>IVQF@P
PBIB@Q>KV
E6> +:E=6 C65:ED
,(2 #>Q>,>K>DBJBKQCLO K>IVQF@P 
,(2 !RPFKBPP(KQBIIFDBK@B 
,(2 !RPFKBPP MMIF@>QFLKPFK,>@EFKB
+B>OKFKD

.($ AS>K@BA/OBP@OFMQFSB K>IVQF@P
%OLJ#>Q>QL(JM>@Q

#2 (KQOLAR@QFLKQL#>Q>2@FBK@B 
#2, LO, 
2MB@F>IQVFK.OD>KFWFKD>KA,>K>DFKD
(KKLS>QFLK
2BIB@Q>KV
E6> +:E=6 C65:ED
%(- %FK>K@F>I,>K>DBJBKQ 
$31 $KQOBMOBKBROPEFM>KA(KKLS>QFLK 
$31 3B@EKLILDV"LJJBO@F>IFW>QFLK 
,(2 /OLGB@Q,>K>DBJBKQ 
.!" -BDLQF>QFLKP 
.!" +B>AFKD"E>KDB 
">MPQLKB/OLGB@Q$UMBOFBK@B
E6> +:E=6 C65:ED
.!" 3B>JFKD>KA.OD>KFWFKDCLO
(KKLS>QFLK

,(2 2VPQBJ#BPFDK>KA#BSBILMJBKQ 
 6/(">Q>ILD
,2FK,>K>DBJBKQ,2,&
3EB,2,&LfBOPPQRABKQP>iBUF?IBVBQCL@RPBAMOLDO>J
QE>QTFIIFJMOLSB?RPFKBPPPHFIIPTEFIBBU@BIIFKDFK
QB@EKLILDV?>PBALOD>KFW>QFLKP3EB,2,&FP>KFAB>I
MOLDO>JCLO!2,2PQRABKQP>PFQMOLSFABP>PLIFA
CLRKA>QFLKFKQEBS>OFLRP?RPFKBPPAFP@FMIFKBTEFIB
>IILTFKDBIB@QFSB@LROPBTLOHCOLJLRQPFABLC3EB!RPFKBPP
2@ELLI
3EB,2,&FP>S>FI>?IB?LQELK@>JMRP>KALKIFKB
+JA6,>PQBOLC2@FBK@B
1BNRFOBA"LOB"LROPBP
E6> +:E=6 C65:ED
!42 !RPFKBPP+>T$QEF@P>KA2L@F>I
1BPMLKPF?FIFQV

$31 3B@EKLILDV"LJJBO@F>IFW>QFLK 
%(- %FK>K@F>I,>K>DBJBKQ 
,(2 !RPFKBPP(KQBIIFDBK@B 
,*3 ,>OHBQFKD2QO>QBDV 
.!" 3B>JFKD>KA.OD>KFWFKDCLO
(KKLS>QFLK

.!" +B>ABOPEFM 
.($ .MBO>QFLKP,>K>DBJBKQ 
$IB@QFSBP
,>V?BCOLJLRQPFAB3EB!RPFKBPP2@ELLI
,2FK.MBO>QFLKP>KA2RMMIV"E>FK
K>IVQF@P,2.2" 
3EB,2.2" MOBM>OBPPQRABKQPTFQEQEBIB>ABOPEFMPHFIIPQL
C>@FIFQ>QBLOD>KFW>QFLK>IFJMOLSBJBKQ2QRABKQPBUMILOB>
CRIIO>KDBLCLMBO>QFLK>IQLMF@PFK@IRAFKDOFPH
J>K>DBJBKQIB>KMOL@BPPABPFDKJLABIFKD
LMQFJFW>QFLK>KADIL?>IPQO>QBDV!VIB>OKFKDQLFABKQFCV
LMBO>QFLK>IBg@FBK@FBPLC>PRMMIV@E>FKPQRABKQPTFII?B
>?IBQL@LKAR@QABJ>KACLOB@>PQFKDBS>IR>QB
SRIKBO>?FIFQFBP>KAOFPH>KAJLOB2QRABKQPOB@BFSBQEB
PHFIIP>KAE>KAPLKMOLGB@QJ>K>DBJBKQQB@EKFNRBP
KB@BPP>OVQLABPFDK>KAJ>K>DB>KBfB@QFSBPRMMIV@E>FK
3EB,2.2" FP>S>FI>?IB?LQELK@>JMRP>KALKIFKB
+JA6,>PQBOLC2@FBK@B
1BNRFOBA"LOB"LROPBP
E6> +:E=6 C65:ED
.($ .MBO>QFLKP,>K>DBJBKQ 
.($ 2RMMIV"E>FK K>IVPFP>KA#BPFDK 
.($ ,LABIFKD>KA.MQFJFWFKD
/OL@BPPBP

,2.2" PQRABKQPJRPQ@LJMIBQBQTLQEOBB@LROPB
PMB@F>IQFBPPBIB@QBACOLJQEBCLIILTFKD
2MB@F>IQVFK2RMMIV"E>FK,>K>DBJBKQ
PBIB@QLKBLCQEBCLIILTFKD
E6> +:E=6 C65:ED
.($ 2RPQ>FK>?IB2RMMIV"E>FK>KA
.MBO>QFLKP,>K>DBJBKQ

.($ &IL?>I/RO@E>PFKD>KA+LDFPQF@P 
PBIB@QQTLLCQEBCLIILTFKD
E6> +:E=6 C65:ED
,*3 "LKPRJBO!BE>SFLO>KA K>IVQF@P 
.!" -BDLQF>QFLKP 
.($ /BOCLOJ>K@B K>IVQF@P 
.($ 2RPQ>FK>?IB2RMMIV"E>FK>KA
.MBO>QFLKP,>K>DBJBKQ

.($ &IL?>I/RO@E>PFKD>KA+LDFPQF@P 
2MB@F>IQVFK AS>K@BA.MBO>QFLKP
K>IVQF@P
PBIB@QLKBLCQEBCLIILTFKD
E6> +:E=6 C65:ED
,(2 !RPFKBPP MMIF@>QFLKPFK,>@EFKB
+B>OKFKD

,*3 ,>OHBQFKD1BPB>O@E 
,*3 #>Q>,FKFKD!RPFKBPP MMIF@>QFLKP
PBIB@QQTLLCQEBCLIILTFKD
E6> +:E=6 C65:ED
.($ 1FPH,>K>DBJBKQ>KA#B@FPFLK
K>IVPFP

.($ /BOCLOJ>K@B K>IVQF@P 
.($ AS>K@BA/OBP@OFMQFSB K>IVQF@P
%OLJ#>Q>QL(JM>@Q

2MB@F>IQVFK.MBO>QFLK>I$U@BIIBK@B
PBIB@QLKBLCQEBCLIILTFKD
E6> +:E=6 C65:ED
.($ &IL?>I.MBO>QFLKP2QO>QBDV 
.($ #BPFDKFKD>KA,>K>DFKD+B>K2FU
2FDJ>/OL@BPPBP

 6/(">Q>ILD
PBIB@QQTLLCQEBCLIILTFKD
E6> +:E=6 C65:ED
%(- %FK>K@F>I,>K>DBJBKQ 
,(2 /OLGB@Q,>K>DBJBKQ 
.!" +B>AFKD"E>KDB 
.($ &IL?>I.MBO>QFLKP2QO>QBDV 
.($ #BPFDKFKD>KA,>K>DFKD+B>K2FU
2FDJ>/OL@BPPBP

">MPQLKB/OLGB@Q$UMBOFBK@B
E6> +:E=6 C65:ED
.!" 3B>JFKD>KA.OD>KFWFKDCLO
(KKLS>QFLK

.($ .MBO>QFLKP>KA2RMMIV"E>FK
"LKPRIQFKD/OLGB@Q

AAFQFLK>I1B@LJJBKA>QFLKP
.K@>JMRPFKQBOK>QFLK>IPQRABKQP>OBBK@LRO>DBAQL
@LJMIBQBRMQLQEOBB>AAFQFLK>I@OBAFQPLCFKQBOKPEFMQL
BKPROBQEBFOOB>AFKBPPCLOBJMILVJBKQFKQEB42
,>PQBOLC!RPFKBPP AJFKFPQO>QFLK,! 
6/(P,! MOLDO>JFP>FJBA>Q23$,MOLCBPPFLK>IPPBBHFKD
QEBPHFIIPQLPQO>QBDF@>IIVIB>ALOD>KFW>QFLKP3EB@ROOF@RIRJ
CB>QROBP>@LROPB@LOB@LSBOFKDQEB?RPFKBPPAFP@FMIFKBP
FKQEB@LKQBUQLCQB@EAOFSBKBKSFOLKJBKQP>KFKQBDO>QFSB
23$,@LROPB>@LROPBQB@EJ>K>DBJBKQPMB@F>IFW>QFLK
@RPQLJFW>?IBBIB@QFSBP>KA>@>MPQLKB@LROPB
,! .MQFLKP
3EB,! FP>S>FI>?IBCRIIVLKIFKBSF>>JFULC>PVK@EOLKLRP
>KALMQFLK>IPVK@EOLKLRPABIFSBOFBP2LJB,! @LROPBP
>OB>IPL>S>FI>?IBLK@>JMRP3EBCRII,! @>KKLQ?B
@LJMIBQBABKQFOBIVLK@>JMRP
+JA6,! 
1BNRFOBA"LROPBP
E6> +:E=6 C65:ED
%(- %FK>K@F>I,>K>DBJBKQ 
,(2 !RPFKBPP(KQBIIFDBK@B 
,*3 ,>OHBQFKD2QO>QBDV 
.!" +B>ABOPEFM 
.($ .MBO>QFLKP,>K>DBJBKQ 
(KQBDO>QFSB23$,"LROPB
E6> +:E=6 C65:ED
!42 2QO>QBDF@,>K>DBJBKQ 
,! 2MB@F>IQV
$IB@QFSB"LROPBP
,RPQ?B!RPFKBPP2@ELLI@LROPBP
">MPQLKB
E6> +:E=6 C65:ED
!42 ">MPQLKB/OLGB@Q 
/E#/OLDO>J
3EB@LROPBLCPQRAVIB>AFKDQLQEB/E#ABDOBBFK!RPFKBPP
AJFKFPQO>QFLKOBNRFOBPQEB@LJMIBQFLKLC@OBAFQP
?BVLKAQEB?>@EBILOPABDOBBLO@OBAFQP?BVLKAQEB
J>PQBOPABDOBB%LOPQRABKQPMOL@BBAFKDAFOB@QIVCOLJ!2
ABDOBBQL/E#ABDOBBQEB@OBAFQPPELRIA?B
AFPQOF?RQBA>PCLIILTP
"LROPBTLOH
"LROPBPFK! 
FK@I2MB@F>I3LMF@P>KA(2/
@OBAFQP
"LROPBPFKLOLRQPFABLC!  @OBAFQP
#FPPBOQ>QFLK1BPB>O@E
!42
@OBAFQP
.QEBO
AAFQFLK>I@LROPBTLOH!42
AAFQFLK>I#FPPBOQ>QFLK1BPB>O@E
2RMMIBJBKQ>I1BPB>O@E!42
@OBAFQP
+&+#4C65:ED
%LOPQRABKQPMOL@BBAFKDCOLJJ>PQBOPQL/E#ABDOBBQEB
@OBAFQPPELRIA?BAFPQOF?RQBA>PCLIILTP
"LROPBTLOH
"LROPBPFK! 
FK@I2MB@F>I3LMF@P>KA(2/
@OBAFQP
#FPPBOQ>QFLK1BPB>O@E
!42
@OBAFQP
.QEBO
AAFQFLK>I@LROPBTLOH
AAFQFLK>I#FPPBOQ>QFLK1BPB>O@E!42
2RMMIBJBKQ>I1BPB>O@E!42
@OBAFQP
+&+#4C65:ED
(KBFQEBO@>PBQEBOBPRIQLCQEBAFPPBOQ>QFLKOBPB>O@EJRPQ
?B>@LJMIBQBAAL@QLO>IAFPPBOQ>QFLK.KIV>CQBO>AJFPPFLK
QL@>KAFA>@VJ>V>PQRABKQOB@BFSB@OBAFQQLT>OA
AFPPBOQ>QFLKOBPB>O@ERKABO!42/OFLOQL>AJFPPFLKQL
@>KAFA>@V>PQRABKQJ>VOB@BFSBRMQL@OBAFQPLCMOB
 6/(">Q>ILD
AFPPBOQ>QFLKOBPB>O@ERKABO!42 IICRIIQFJBPQRABKQP
>OBOBNRFOBAQLOBDFPQBOCLOQEBWBOL@OBAFQ!42
&O>AR>QB2BJFK>OBSBOVPBJBPQBO
2QRABKQPCLOJ>IIV>@@BMQBA>P>AL@QLO>I@>KAFA>QBJRPQ
PBIB@Q>@LK@BKQO>QFLKFKTEF@EQLMROPRBQEBFOAFPPBOQ>QFLK
OBPB>O@E3EB>S>FI>?IB@LK@BKQO>QFLKP>OBIFPQBA?BILT
$KQOBMOBKBROPEFM@LK@BKQO>QFLK
$KQOBMOBKBROPEFMBK@LJM>PPBPLMMLOQRKFQVPBBHFKD>KA
FABKQFh@>QFLKhK>K@FKDKBTBKQBOMOFPBP@LOMLO>QB
SBKQROFKD>KALQEBOOBI>QBAQLMF@P1BPB>O@EPR?GB@QP
>AAOBPPQEB@LK@BMQR>IFW>QFLKLCKBTSBKQROB?RPFKBPP
JLABIPQEOLRDEQLCLOJRI>QFKDBUFQPQO>QBDFBP2MB@F>I>OB>P
LCBJME>PFPFK@IRABFKQBIIB@QR>IMOLMBOQV
@LJJBO@F>IFW>QFLKFKQBOK>QFLK>I>KA@OLPP@RIQRO>IPQRAFBP
>KAFPPRBP>PPL@F>QBATFQEQO>KPDBKBO>QFLK>I
BKQOBMOBKBROPEFMFKC>JFIV?RPFKBPP
(KCLOJ>QFLK3B@EKLILDV@LK@BKQO>QFLK
2QRABKQPTFIIIB>OKQLRPBNR>IFQ>QFSB>KANR>KQFQ>QFSB
JBQELAPQLABSBILM>KA>MMIVQEBLOFBPOBD>OAFKDABPFDK
FJMIBJBKQ>QFLK>KARPBLC>AS>K@BAFKCLOJ>QFLKPVPQBJP
>KAQB@EKLILDFBPTFQEQEBDL>ILCABSBILMFKD>KA
MR?IFPEFKDKBT(KCLOJ>QFLK3B@EKLILDVHKLTIBADB
2QRABKQPTFIIPQRAVFKCLOJ>QFLKQB@EKLILDV>KAELTFQ
>fB@QPFKAFSFAR>IPLOD>KFW>QFLKP>KAPL@FBQV!VTLOHFKD
@ILPBIVTFQE6/(P(KCLOJ>QFLK3B@EKLILDVP@ELI>OP
PQRABKQPTFIIIB>OKQL@LKAR@QQEBLOBQF@>IIVPLRKA
(KCLOJ>QFLK3B@EKLILDVOBPB>O@EQE>Q>AAOBPPBPOB>I
?RPFKBPPMOL?IBJPQL>MMIVCLOOBPB>O@EDO>KQP>KAQL
QB>@E(KCLOJ>QFLK3B@EKLILDV@LROPBP6/(P(KCLOJ>QFLK
3B@EKLILDVP@ELI>OPTFIIFKSLISB/E#@>KAFA>QBPFKQEBFO
OBPB>O@E>@QFSFQFBPFKS>OFLRPLOD>KFW>QFLKPFKQEBOBDFLK
FK@IRAFKDQELPBFKQEBQB@EKLILDVEB>IQE@>OBhK>K@F>I
>KAMR?IF@PB@QLOP
.MBO>QFLKP,>K>DBJBKQ@LK@BKQO>QFLK
2QRABKQPTFIIMROPRBOBPB>O@EFKQEB>OB>PLCJ>K>DBJBKQ
P@FBK@BPLMBO>QFLKPOBPB>O@E?RPFKBPP>K>IVQF@PEB>IQE
@>OBJ>K>DBJBKQPRMMIV@E>FKJ>K>DBJBKQ>KA
AB@FPFLK>K>IVPFP3EBLMBO>QFLKP>OB>RKABOQ>HBPOBPB>O@E
LKAB@FPFLKJ>HFKDQEOLRDENR>KQFQ>QFSBJLABIFKDLC
LMBO>QFLKPCRK@QFLKPFK?RPFKBPPBP1BPB>O@EQLMF@P@LSBO
>IIIBSBIPLC?RPFKBPPAB@FPFLKJ>HFKDCOLJLMBO>QFLK
PVPQBJPABPFDK>KAQB@EKLILDV@ELF@BPQLA>VQLA>V
P@EBARIFKD>KAMBOCLOJ>K@BJB>PROBJBKQ3EBMOLDO>J
BJME>PFWBPOBPB>O@EQE>QCL@RPBPLKOB>I?RPFKBPP
MOL?IBJP>KAJ>FKQ>FKP>?>I>K@B?BQTBBKQEBLOV>KA
MO>@QF@B3EFP@LK@BKQO>QFLKFPABPFDKBAQLQO>FK/E#
PQRABKQPFKCRKA>JBKQ>I>KA>MMIFBA?RPFKBPPJLABIFKD
>KA>K>IVQF@>IQEFKHFKD
@>ABJF@ ASFPFKD
4MLK>AJFPPFLKQLQEB#L@QLO>I/OLDO>JB>@EPQRABKQFP
>PPFDKBALOJ>VPBIB@Q>QBJMLO>OV>ASFPLOQL>OO>KDB>K
>@>ABJF@/I>KLC2QRAV@LSBOFKDQEBhOPQ@OBAFQPLCPQRAV
3EFPMI>KPELRIA?B>OO>KDBA?BCLOBQEBhOPQA>VLC
OBDFPQO>QFLK/OFLOQLOBDFPQBOFKDCLO>KV>AAFQFLK>I@OBAFQP
QEBPQRABKQJRPQFABKQFCV>MBOJ>KBKQAFPPBOQ>QFLK>ASFPLO
TEL>PPRJBPQEBOLIBLC>@>ABJF@>ASFPLO>KATFQETELJ
>PRFQ>?IBAFPPBOQ>QFLKQLMF@>KAQEBOBJ>FKFKD/I>KLC
2QRAV>OB>OO>KDBA/OFLOQL@LJMIBQFKD@OBAFQPQEB
PQRABKQJRPQCLOJ>AFPPBOQ>QFLK@LJJFQQBBQE>Q@LKPFPQP
LCQEBAFPPBOQ>QFLK>ASFPLO>QIB>PQQTLLQEBO?RPFKBPP
>AJFKFPQO>QFLKC>@RIQVJBJ?BOP>KA>QIB>PQLKBJBJ?BO
COLJLRQPFABQEBPQRABKQP>OB>LC@LK@BKQO>QFLK3EBPB
@LJJFQQBBJBJ?BOPPELRIA?BPBIB@QBA?B@>RPBLCQEBFO
>?FIFQFBPQL>PPFPQFKQEBPQRABKQPAFPPBOQ>QFLKOBPB>O@E
3EBP@EBARIBLC>ASFPFKDFP>PCLIILTP
] 3BJMLO>OV>ASFPLO`JBBQPTFQEPQRABKQMOFLOQLhOPQ
OBDFPQO>QFLKQLMI>KhOPQ@OBAFQPLCPQRAV
] #FPPBOQ>QFLK>ASFPLO`PBIB@QBA?VPQRABKQMOFLOQL
OBDFPQBOFKDCLOJLOBQE>K@OBAFQP
] /OLDO>JLCPQRAV`>OO>KDBATFQEAFPPBOQ>QFLK
>ASFPLOMOFLOQLOBDFPQBOFKDCLOJLOBQE>K@OBAFQP
] #FPPBOQ>QFLK@LJJFQQBB`CLOJBA?VPQRABKQMOFLOQL
OBDFPQBOFKDCLOJLOBQE>K@OBAFQP"LKPFPQPLC
AFPPBOQ>QFLK>ASFPLO>QIB>PQQTL! C>@RIQV
JBJ?BOP>KA>QIB>PQLKBLRQPFABJBJ?BO
3EFPP@EBARIBBKPROBPQE>QPQRABKQP>OBTBII>ASFPBA>KA
>@QFSBIVBKD>DBAFKQEBFOOBPB>O@E>QQEBB>OIVPQ>DBPLC
QEBFOMOLDO>JP
AJFPPFLKQL">KAFA>@V
AJFPPFLKQL@>KAFA>@VTFII?BDO>KQBATEBKQEBPQRABKQ
E>PP>QFPC>@QLOFIVM>PPBA>TOFQQBKBU>JFKQBKABAQL
JB>PROBCRKA>JBKQ>I>?FIFQVFKQEB>OB>LC@LK@BKQO>QFLK
>KA>QIB>PQLKB>AAFQFLK>I?RPFKBPPAFP@FMIFKB3EBQTL
>OB>P>OBPBIB@QBA?VQEBPQRABKQ3EBBU>JFPDFSBKFK
)>KR>OV%LOPQRABKQPTELBKQBOQEBMOLDO>JTFQE>
?>@EBILOPABDOBBQEBBU>JJRPQ?BQ>HBK>CQBOQEOBB
PBJBPQBOPFCQEBV?BD>KQEBFOPQRAFBPFKQEBC>II>KA>CQBO
QTLPBJBPQBOPFCQEBV?BD>KFKQEBPMOFKD%LOPQRABKQP
TELBKQBOQEBMOLDO>JTFQE>J>PQBOPABDOBBQEBBU>J
JRPQ?BQ>HBK>CQBOLKBPBJBPQBOFCQEBV?BD>KFKQEBC>II
>KA>CQBOQTLPBJBPQBOPFCQEBV?BD>KFKQEBPMOFKD
 6/(">Q>ILD
2QRABKQPFK>6/(,2MOLDO>JTELMI>KQL>MMIVCLOC>II
>AJFPPFLKQLQEB/E#MOLDO>J>OBPQOLKDIV>ASFPBAQL
Q>HBQEB@>KAFA>@VBU>JFK)>KR>OV?BCLOBQE>QC>II3EB
ABQ>FIPLCQEBBU>JFK>QFLKMOL@BAROB@>K?BL?Q>FKBACOLJ
QEB2@ELLILC!RPFKBPP1BPB>O@E/LIF@V>KA"ROOF@RIRJ
"LJJFQQBB
#FPPBOQ>QFLK/OLMLP>I
$>@EPQRABKQJRPQMOBM>OB>?OFBCTOFQQBKMOLMLP>I>KA
J>HB>KLO>IMOBPBKQ>QFLKQE>QABJLKPQO>QBP>PLRKA
RKABOPQ>KAFKDLCQEBAFPPBOQ>QFLKQLMF@QEBOBIBS>KQ
IFQBO>QROBQEBQB@EKFNRBPQL?BBJMILVBAQEBFPPRBPQL?B
>AAOBPPBA>KAQEBTLOHALKBLKQEBQLMF@?VQEBPQRABKQ
QLA>QB3EBMOLMLP>IJRPQ?BJ>ABTFQEFK>VB>OLC
>AJFPPFLKQL@>KAFA>@V!LQEQEBTOFQQBK>KALO>I
MOLMLP>IP>OBMOBPBKQBAQLQEBAFPPBOQ>QFLK@LJJFQQBB>KA
>OBMOBPBKQ>QFSBCOLJQEB2@ELLILC!RPFKBPP1BPB>O@E
/LIF@V>KA"ROOF@RIRJ"LJJFQQBB3EBMOBM>OBAMLOQFLKLC
QEBLO>IMOBPBKQ>QFLKPELRIAKLQBU@BBAJFKRQBP>KA
RMQLJFKRQBPPELRIA?B>IILTBACLOAFP@RPPFLK(CQEB
AFPPBOQ>QFLK@LJJFQQBB>KAQEBDO>AR>QB@LJJFQQBB
OBMOBPBKQ>QFSBE>SB@LK@BOKP>?LRQBFQEBOQEBPR?PQ>K@BLC
QEBMOLMLP>ILOQEBPQRABKQPRKABOPQ>KAFKDLCQEBQLMF@
QEBPQRABKQTFIIE>SBLKBJLKQEQLMOBM>OB>PB@LKA
MOBPBKQ>QFLKQE>QCL@RPBPLKQEB>OB>PLC@LK@BOK3EFP
MOBPBKQ>QFLKTFIII>PQJFKRQBPTFQE>K>AAFQFLK>I
JFKRQBP>IILTBACLOAFP@RPPFLK2QRABKQP@>K@LKQFKRB
QEBFOOBPB>O@ELKIVFCQEBMOLMLP>IFP>MMOLSBA
#FPPBOQ>QFLK#BCBKPB
$>@EAL@QLO>I@>KAFA>QBFPOBNRFOBAQLABCBKAQEB
LOFDFK>IFQVFKABMBKABK@B>KANR>IFQVLCOBPB>O@EAROFKD>K
LO>IAFPPBOQ>QFLKABCBKPBQE>QFP>AJFKFPQBOBA?V>K
BU>JFKFKD@LJJFQQBBQE>Q@LKPFPQPLCQEBAFPPBOQ>QFLK
@LJJFQQBB>KA>OBMOBPBKQ>QFSBLCQEB2@ELLILC!RPFKBPP
1BPB>O@E/LIF@V>KA"ROOF@RIRJ"LJJFQQBBTELFPKLQLK
QEBAFPPBOQ>QFLK@LJJFQQBB3EBABCBKPBFPLMBKQLMR?IF@
M>OQF@FM>QFLK>KA@LKPFPQPLC>JFKRQBMOBPBKQ>QFLK
CLIILTBA?V>JFKRQBLMBKAFP@RPPFLK QIB>PQLKB
TBBHMOFLOQLQEBABCBKPBB>@EJBJ?BOLCQEBBU>JFKFKD
@LJJFQQBBJRPQOB@BFSB>@LMVLCQEBAFPPBOQ>QFLK QQEB
P>JBQFJB>K>AAFQFLK>I@LMVJRPQ?BJ>AB>S>FI>?IBCLO
JBJ?BOPLCQEB6/(@LJJRKFQVTFPEFKDQLOB>AQEB
AFPPBOQ>QFLKMOFLOQLQEBABCBKPB>KAMR?IF@KLQFh@>QFLKLC
QEBABCBKPBJRPQ?BDFSBK?VQEB2@ELLILC!RPFKBPP
1BPB>O@E/LIF@V>KA"ROOF@RIRJ"LJJFQQBB3EBBU>JFKFKD
@LJJFQQBBTFIIABQBOJFKBQEB>@@BMQ>?FIFQVLCQEBPQRABKQP
AFPPBOQ>QFLK>KALO>IMBOCLOJ>K@B3EBAFPPBOQ>QFLK>ASFPLO
TFIIABQBOJFKBQEBPQRABKQPDO>AB
+JA6/E#
1BPB>O@E2MB@F>IQV
+FHBLQEBO!RPFKBPP2@ELLI,2PMB@F>IQFBPQEB1BPB>O@E
2MB@F>IQVFP>@LEBOBKQPBQLCQEOBB@LROPBP?RQFQFPCL@RPBA
LKOBPB>O@E>@QFSFQFBP>KA@LKQOF?RQFLKPO>QEBOQE>K
MOLCBPPFLK>IHKLTIBADB>KAPHFIIP2BIB@QFKD>1BPB>O@E
2MB@F>IQVOBNRFOBPQEBMBOJFPPFLKLCQEB/OLDO>J#FOB@QLO
/#CLOQEB,2PMB@F>IQVMOLDO>JFKTEF@EQEBPQRABKQFP
BKOLIIBA>KA>OBPB>O@E>ASFPLO.KIVLKBLCQEB
QTLPMB@F>IQFBPFK>!RPFKBPP2@ELLI,2PMB@F>IQVMOLDO>J
@>K?B>OBPB>O@EPMB@F>IQV
3EB1BPB>O@E2MB@F>IQV@LKPFPQPLC@OBAFQELROPQ>HBK>P>
@LJ?FK>QFLKLCQEBCLIILTFKD
!42!42>KA!42J>V?BQ>HBKJRIQFMIB
QFJBPCLOS>OF>?IB@OBAFQ
II@OBAFQP>OBQ>HBKRKABOQEBAFOB@QFLKLCQEB/OLDO>J
#FOB@QLOLOLQEBO>MMOLSBAC>@RIQV!42Q>HBK>PM>OQ
LCQEB1BPB>O@E2MB@F>IQVJRPQ?BCL@RPBALKOBPB>O@E
>@QFSFQV@LKPFPQBKQTFQEQEB1BPB>O@E2MB@F>IQV@LKAR@QBA
FKM>OQKBOPEFMTFQE>PMLKPLO>KARKABOQEBAFOB@QFLKLC
QEBC>@RIQV>ASFPLOCLOQEB1BPB>O@E2MB@F>IQV3ERPFQ
AFfBOPCOLJQEBQVMF@>IPQRABKQFKQBOKPEFMPBIB@QBAPLIBIV
?V>PQRABKQ
E6> +:E=6 C65:ED
!42 (KQBOKPEFM 
!42 (KABMBKABKQ2QRAV 
!42 #FOB@QBA1BPB>O@E
2QRABKQ#BPFDKBA2MB@F>IQFBP
2MB@F>IQFBP>OB>@LEBOBKQPBQLCQEOBB@LROPBPPBIB@QBA
COLJ>ABhKBAIFPQLCQEOBBLOJLOB@LROPBPTEF@E>OB
>S>FI>?IBQLLKBLOJLOBJ>PQBOPMOLDO>J2QRABKQPJ>V
OBNRBPQ>MMOLS>ICLO>LKB@LROPBPR?PQFQRQFLKTFQEFK>K
BUFPQFKDPMB@F>IQVLOJ>V@OB>QB>KBT@RPQLJPMB@F>IQV
3EFPLMQFLKQLJ>HB@E>KDBP>MMIFBPQL>IIJ>PQBOP
MOLDO>JQE>QE>SBPMB@F>IQFBPQEB,2,&TEF@EALBPKLQ
E>SBPMB@F>IQFBPFPBU@IRABA
*F3DE:EFE:@?@7&?6@FCD6H:E9:?2?I:DE:?8*A64:2=EJ
2QRABKQPJ>VPR?PQFQRQBLKB@LROPBKLQFKQEBIFPQLC
@LROPBPCLO>PMB@F>IQVTFQEMBOJFPPFLKCOLJQEB/OLDO>J
#FOB@QLOCLOQE>QMOLDO>J3EBPMB@F>IQVPELRIA@LKQFKRBQL
?B>@LEBOBKQPBQLC@LROPBP>KAPELRIACLIILTQEBORIBPLC
QEBMOLDO>JBDQEBPMB@F>IQFBPFKQEB,! MOLDO>JJRPQ
>II?B?RPFKBPP@LROPBP
C62E:@?@72FDE@>*A64:2=EJ2QRABKQPJ>VABPFDK>
@RPQLJPMB@F>IQVFCQEBVhKAQE>QQEBBUFPQFKDPMB@F>IQFBPAL
 6/(">Q>ILD
KLQJ>Q@EQEBFOFKQBOBPQP2R@E>PMB@F>IQVJRPQ?B
>MMOLSBA?VQEB/OLDO>J#FOB@QLO>KAQEB&/""QEB
@LJJFQQBBOBPMLKPF?IBCLODO>AR>QBMOLDO>JP @RPQLJ
PMB@F>IQVJRPQ?BOBIBS>KQQLQEBABDOBBMOLDO>JFKTEF@E
QEBPQRABKQFPBKOLIIBA2QRABKQPJ>VLKIV@OB>QBLKB
@RPQLJPMB@F>IQVCLOQEBFOMOLDO>J$U>JMIBPLCTEBK>
@RPQLJPMB@F>IQVJFDEQ?B>MMOLMOF>QBFK@IRAB>PQRABKQ
TELFPFKQBOBPQBAFK>AAFKD?LQEABMQE>KA?OB>AQE?V
@OB>QFKD>PMB@F>IQV@LKPFPQFKDLC>PB@LKAIBSBI@LROPBFK
JRIQFMIB>OB>PFK@LKQO>PQQLQEBBUFPQFKDPMB@F>IQFBPTEF@E
QVMF@>ICL@RPLK>PFKDIB>OB>LOFKCL@RPFKDLK>KBT
QLMF@?VALFKDFKABMBKABKQPQRAFBPTFQE>C>@RIQVJBJ?BO
FK>KBJBODFKD>OB>TFQEFKQEBFOMOLDO>J%LOQEBPB@LKA
BU>JMIBFCQEBFOQLMF@FPOBPB>O@EOBI>QBATFQEFK>,2
MOLDO>JQEBPQRABKQJFDEQ@LKPFABO>1BPB>O@E2MB@F>IQV
FKPQB>ALC>"RPQLJ2MB@F>IQV
"EBJF@>I$KDFKBBOFKD
-.3$"LROPBPIFPQBAFKMOBSFLRP@>Q>ILDPTFQE[",^>PQEB
MOBhU>KAQEBP>JB@LROPBKRJ?BO>P?BILT>OB
@LKPFABOBAQL?BQEB2 ,$".412$
%>@RIQV
*)@36CED/OLCBPPLO>KA#BM>OQJBKQ'B>A/E#
"LOKBII4KFSBOPFQV"BIIRI>OBKDFKBBOFKDMI>KQ@BII@RIQROB
?FLQB@EKLILDVJBQ>?LIF@M>QET>VBKDFKBBOFKD
+2>6D2?@/OLCBPPLO/E#/BKKPVIS>KF>2Q>QB
4KFSBOPFQV!>@QBOF>I>AEBPFLK>KAFKQBO>@QFLKCLO@BP
?FLMLIVJBOP?>@QBOF>IK>QRO>ILOD>KF@J>QQBOFKQBO>@QFLKP
%6D<:?D PPL@F>QB/OLCBPPLO/E#/ROARB
4KFSBOPFQV$KBODVMOLAR@QFLKK>KLJ>QBOF>IPOBPB>O@E>KA
ABSBILMJBKQMLIIRQFLK@LKQOLI>KA>?>QBJBKQ@>Q>IVPFP
>KA@EBJF@>IHFKBQF@P>KA@LJMRQ>QFLK>I@EBJFPQOV
::2D:@/OLCBPPLO/E#/ROARB4KFSBOPFQV
$KDFKBBOFKDBAR@>QFLKQB>@EFKD>KAIB>OKFKD>PPBPPJBKQ
:I@?/OLCBPPLO/E#4KFSBOPFQVLC$AFK?RODE
3O>KPMLOQFK@EBJF@>IOB>@QLOP>MMIF@>QFLKPLC"%#QL
@>Q>IVPQ>KAOB>@QLOABPFDKJBJ?O>KBPBM>O>QFLK>KA
OB>@QLOP
%""2K2?EK:D/OLCBPPLO/E#4KFSBOPFQVLC,F@EFD>K
3B@EKLB@LKLJF@MBOCLOJ>K@B>K>IVPFPPRPQ>FK>?IB
ABPFDK>KA@LKQOLILC@EBJF@>IMOL@BPPBPBKBODV
MOLAR@QFLK>KABKSFOLKJBKQ>IPVPQBJPS>IR>QFLKJBQELAP
CLO@IB>KBKBODVQB@EKLILDVLMQFLKPFKQEBMOBPBK@BLC
RK@BOQ>FKQVMOL@BPPP>CBQV>KA@EBJF@>IOFPH>K>IVPFP
*!">:@E6</OLCBPPLOLC/O>@QF@B/E#6LO@BPQBO
/LIVQB@EKF@(KPQFQRQB"EBJF@>IMOL@BPPP>CBQV>FOMLIIRQFLK
@LKQOLIMLIIRQFLKMOBSBKQFLK
!*E6H2CE PPFPQ>KQ/OLCBPPLO/E#4KFSBOPFQVLC
,F@EFD>K!FLILDF@>IPLCQJ>QQBO?>@QBOF>I?FLhIJP
?FLMEVPF@PLCELPQM>QELDBKFKQBO>@QFLKP@LJMIBUiRFAP
JF@OLiRFAF@P
)+6:I6:C2 PPFPQ>KQ/OLCBPPLO/E#4KFSBOPFQVLC
,>PP>@ERPBQQP JEBOPQ1B>@QFLKBKDFKBBOFKD
EBQBOLDBKBLRP@>Q>IVPFPJF@OLiRFAF@@OVPQ>IIFW>QFLK
$++:><@ PPL@F>QB/OLCBPPLO/E#,(31BKBT>?IB
BKBODVIFNRFA>KA?FLJ>PPCRBIPOB>@QFLKBKDFKBBOFKDCRBI
OBhKFKD>KAABPRICROFW>QFLK
$0@F?8 PPFPQ>KQ/OLCBPPLO/E#4KFSBOPFQVLC3BU>P
>Q RPQFK2VKQEBQF@?FLILDVJBQ>?LIF@M>QET>V
BKDFKBBOFKDVB>PQDBKBBUMOBPPFLKQO>KPMLOQMOLQBFK
BKDFKBBOFKD
*19@F PPL@F>QB/OLCBPPLO/E#4KFSBOPFQVLC
">IFCLOKF>(OSFKB!FL>KLQB@EKLILDV?FLPBM>O>QFLKPJF@OL
>KAK>KL?FLBIB@QOLKF@P?FL,$,2JF@OLiRFAF@PMLIVJBO
QEFKhIJPPROC>@BJLAFh@>QFLKJF@OLBIB@QOLKF@>KA
MELQLKF@M>@H>DFKD
.'1FC2HD<J PPL@F>QB3B>@EFKD/OLCBPPLO/E#
4KFSBOPFQVLC(IIFKLFP,BJ?O>KBMBOJB>QFLK>KA
PBM>O>QFLKPMI>PJ>MOL@BPPFKD
$JBOFQRP
.$=2C</OLCBPPLO$JBOFQRP/E#1F@B4KFSBOPFQV
)2EE2/OLCBPPLO$JBOFQRP/E#4KFSBOPFQVLC">IFCLOKF>
2>KQ>!>O?>O>
0$2/OLCBPPLO$JBOFQRP/E#,>PP>@ERPBQQP(KPQFQRQB
LC3B@EKLILDV
.)$@D6C/OLCBPPLO$JBOFQRP/E#,>PP>@ERPBQQP
(KPQFQRQBLC3B@EKLILDV
).+9@>AD@?/OLCBPPLO$JBOFQRP/E#(LT>2Q>QB
4KFSBOPFQV
.6:DD/OLCBPPLO$JBOFQRP/E#4KFSBOPFQVLC
/BKKPVIS>KF>
1BPB>O@E(KQBOBPQP
3EB"EBJF@>I$KDFKBBOFKD#BM>OQJBKQPOBPB>O@EBfLOQP
>OB@LK@BKQO>QBAFKQEBCLIILTFKDJ>GLO>OB>P
?FLBKDFKBBOFKD>KA?FLJ>KRC>@QROFKDJ>QBOF>IP>KAPLCQ
J>QQBOBKBODV>KAQEBBKSFOLKJBKQ>KA@LJMRQ>QFLK>I
P@FBK@B>KABKDFKBBOFKD
!FLBKDFKBBOFKDOBPB>O@ECL@RPBPLK@BIIRI>OBKDFKBBOFKD
JBQ>?LIF@BKDFKBBOFKDPVKQEBQF@?FLILDV?FLJ>QBOF>IP
>KA@BIIPROC>@BFKQBO>@QFLKP,>QBOF>IP>KAPLCQJ>QQBO
OBPB>O@ECL@RPBPLK?FLMLIVJBOP>AS>K@BA@>O?LK
J>QBOF>IP?FLFKQBOC>@BP>KAK>KLPBKPLOP$KBODV>KAQEB
BKSFOLKJBKQOBPB>O@ECL@RPBPLK@>O?LK@>MQROB?FLJ>PP
@LKSBOPFLKOBPLRO@B>KABKBODVBg@FBK@V@>Q>IVPFPCRBI
@BIIPOB>@QFLKBKDFKBBOFKDPLI>OBKBODV>KAWBLIFQB
PVKQEBPFP"LJMRQ>QFLK>IP@FBK@B>KABKDFKBBOFKDOBPB>O@E
CL@RPBPLK@LJMRQ>QFLK>IiRFAAVK>JF@PDBKLJBP@>IB
JLABIFKDJLIB@RI>OJLABIFKDMOL@BPPPVPQBJP>K>IVPBP
 6/(">Q>ILD
>KAOB>@QLOABPFDK,>PQBOP>KAAL@QLO>I@>KAFA>QBP
OBPB>O@EFKB>@ELCQEBPB>OB>PFKSLISBPQEB>MMIF@>QFLKLC
CRKA>JBKQ>I>PMB@QPLC@EBJF@>IBKDFKBBOFKDQL
FKQBOAFP@FMIFK>OVPL@FBQ>IIVOBIBS>KQMOL?IBJP2QRAFBPJ>V
?BMROPRBAFKQEBCLIILTFKD>OB>P
!>@QBOF>I AEBPFLKQL
!FLJ>QBOF>IP
3EBJB@E>KFPJPDLSBOKFKD?>@QBOF>I>AEBPFLKQL
?FLJ>QBOF>IPFK@IRAFKD@>QEBQBOP>KALQEBOFJMI>KQBA
ABSF@BP>OBMLLOIVRKABOPQLLAELTBSBOFQFPHKLTKQE>Q
QEBMOBPBK@BLC>?FLhIJLK>?FLJ>QBOF>IPROC>@BTFIIIB>A
QLFKCB@QFLK>KA@>RPB>KFJMI>KQBAABSF@BQLC>FI1BPB>O@E
FP>FJBA>Q@E>O>@QBOFWFKD?>@QBOF>IFKQBO>@QFLKCLO@BP>KA
>AEBPFLKQL?FLJ>QBOF>IP>KAABSBILMFKD>KQF?>@QBOF>I
@L>QFKDPCLO?FLJ>QBOF>IP6B>OBRPFKDKLSBIQB@EKFNRBP
?>PBALK>QLJF@CLO@BJF@OLP@LMV %,QLNR>KQFCVQEB
K>KLP@>IB>AEBPFLKCLO@BP?BQTBBK?>@QBOF>>KAPROC>@BP
">Q>IVPQ>KA1B>@QFLK
$KDFKBBOFKD
1BPB>O@EFKQEFP>OB>FP@BKQBOBALKQEBMEVPF@>I>KA
@EBJF@>I?BE>SFLOLCiRFAPBPMB@F>IIVD>PBPFK@LKQ>@Q
TFQEELJLDBKBLRP>KAEBQBOLDBKBLRP@>Q>IVPQP>PTBII>P
T>VPQLFJMOLSBLOD>KF@>KAFKLOD>KF@@OVPQ>IDOLTQE
/OLGB@QPFK@IRABAFfRPFLKQEOLRDEMLOLRPPLIFAP
JRIQF@LJMLKBKQ>APLOMQFLKJB@E>KFPJPQRAFBP
JF@OLHFKBQF@POB>@QFLKKBQTLOHPPVKQEBPFP>KA
@E>O>@QBOFW>QFLKLC@>Q>IVPQP@>Q>IVQF@OBCLOJBOP
BIB@QOL@EBJF@>IPVKQEBPFPEB>Q>KAJ>PPQO>KPCBOFK
@>Q>IVQF@OB>@QLOP>KAPFJRI>QFLKLC@>Q>IVPQPROC>@BP>KA
OB>@QFLKPFQBP$UMBOFJBKQ>IQB@EKFNRBPFK@IRABPQ>KA>OA
I>?P@>IBOB>@QLOPJF@OLOB>@QLOP>KAFKPFQRPMB@QOLP@LMF@
FKPQORJBKQPQLJLKFQLO@EBJF@>IOB>@QFLKP MMIF@>QFLKP
FK@IRABM>OQF>ILUFA>QFLKOB>@QFLKPPQB>JOBCLOJFKDQL
MOLAR@BEVAOLDBKME>OJ>@BRQF@>IPPVKQEBPFP>KA
@LKSBOPFLKLC?FLOBKBT>?IBCBBAPFKQL@LJJLAFQV
@EBJF@>IP
%RBI"BII>KA!>QQBOV
3B@EKLILDV
%RBI@BIIPE>SBMLQBKQF>I>P@IB>K>KABg@FBKQMLTBO
PLRO@BPCLO>RQLJL?FIBP>KAPQ>QFLK>OV>MMIF@>QFLKP
1BPB>O@EFP?BFKD@LKAR@QBALKABSBILMFKD@E>O>@QBOFWFKD
>KAJLABIFKDLCCRBI@BIIPQE>Q>OBOL?RPQCLOQEBPB
@LKPRJBO>MMIF@>QFLKP>KAFK@IRABPABSBILMJBKQLC".
QLIBO>KQ>KLABPEFDEBOQBJMBO>QROBMOLQLKBU@E>KDB
JBJ?O>KBP>KAAFOB@QJBQE>KLICRBI@BIIP.KDLFKD
OBPB>O@E>IPLFK@IRABPOBCLOJBOP>KAJBJ?O>KBPCLO
MOLAR@QFLKLCEVAOLDBKCOLJIFNRFACRBIPiLT?>QQBOFBPCLO
DOFABKBODVPQLO>DB>KACRBI@BIIPCLOBIB@QOL@EBJF@>I
PVKQEBPFP>KAOBCLOJFKDMOL@BPPBP
2LCQ,>QQBO>KA!FLFKQBOC>@BP
2QRAFBPLKQEBPQOR@QROBMOLMBOQVCRK@QFLKOBI>QFLKPEFMP
TFQEFK?FLILDF@>IPLCQJ>QQBOPVPQBJP>IILTCLO
>AS>K@BJBKQPFKQEBRKABOPQ>KAFKDLCAFPB>PBPQ>QBP>P
TBII>PQEBABSBILMJBKQLC?FLMEVPF@>IPQO>QBDFBPQL
@LJ?>QAFPB>PB.ROMOLDO>JP>MMOL>@E@LKPFABOPQEB
MEVPF@>IFKQBO>@QFLKP?BQTBBK@BIIPPROC>@BP?FLMLIVJBOP
>KAQEBFOJF@OLBKSFOLKJBKQPQLOBPLISB@BIIRI>O?BE>SFLOP
>KAABPFDKPQO>QBDFBPCLO@LKQOLIIFKD@BIIDOLTQE.ROTLOH
FPJRIQFAFP@FMIFK>OV>KARQFIFWBPQLLIPCOLJBKDFKBBOFKDQEB
MEVPF@>IP@FBK@BP>KA?FLILDV1BPB>O@E>@QFSFQFBPFKQEB
ABM>OQJBKQ>OBM>OQF@RI>OIVCL@RPBALK?>@QBOF>IFKCB@QFLK
MOBSBKQFLK>KA@LKQOLITFQEOBPB>O@EQEORPQPFK?>@QBOF>I
PROC>@B>AEBPFLKJB@E>KFPJPLC>KQFJF@OL?F>IMBMQFAB
@VQLQLUF@FQV?>@QBOF>I?FLhIJCLOJ>QFLK>KAAFPMBOPFLK
>KAFKSFQOLJLABIPLCELPQM>QELDBKFKQBO>@QFLKP
+>?LK@EFM>KA!FL,$,2
1BPB>O@EFKQEB>OB>LCI>?LK@EFM>KA!FL,$,2FKSLISBP
ABSBILMFKD>CRKA>JBKQ>IRKABOPQ>KAFKDLCJF@OLiRFAF@P
QO>KPMLOQ>KAPROC>@BOB>@QFLKHFKBQF@PFKQEBJF@OL>KA
K>KLALJ>FKPQLABPFDK>KAC>?OF@>QB@EFM?>PBA
?FLPBM>O>QFLK>KA?FLPBKPFKDABSF@BP>KA>MMIF@>QFLKLC
?FLK>KLQB@EKLILDVCLOO>MFA>KAPBKPFQFSBJLIB@RI>O
AF>DKLPQF@P-LSBIK>KLJ>QBOF>IPCLO?FLJBAF@>I
>MMIF@>QFLKP>OB>IPLLCFKQBOBPQ
,BQ>?LIF@>KA"BIIRI>O
$KDFKBBOFKD
3EBDL>ILCQEFPOBPB>O@EFPQLBKDFKBBO>AS>K@BA[@BII
C>@QLOFBP^3L>@@LJMIFPEQEFPDL>IOBPB>O@EBOPILLHQL
@LKQOLIDBKBBUMOBPPFLKJBQ>?LIFPJ>KAMOLQBFKCRK@QFLK
?VTOFQFKDKBT#- PBNRBK@BPFKQLDBKLJBP6EBQEBOQL
RKABOPQ>KACRKA>JBKQ>INRBPQFLKP>?LRQDBKBQF@PLOQL
JLAFCV@BIIPQLMOLAR@BS>IR>?IBJBAF@FKBP>KACRBIP
BKDFKBBOFKD#- FP>KFKQBOAFP@FMIFK>OV@E>IIBKDB
3B@EKFNRBPPR@E>PKBUQDBKBO>QFLKPBNRBK@FKDJLABIFKD
JLIB@RI>O?FLILDV>KAiLT@VQLJBQOV>OBRPBA
,LIB@RI>O,LABIFKDLC
,>QBOF>IPCLO2RPQ>FK>?FIFQV
"LJMRQBOQB@EKLILDFBPE>SB>AS>K@BAQLQEBMLFKQLC
?BFKD>?IBQL>@@RO>QBIVABQBOJFKBMOLMBOQFBPLCJ>QBOF>I
 6/(">Q>ILD
>KA@EBJF@>IPVPQBJP%LOBU>JMIB@>Q>IVPQPFKSLISB>
KRJ?BOLCOB>@QFLKPQE>Q>OBAFg@RIQQLABQBOJFKBRPFKD
BUMBOFJBKQ>IQB@EKFNRBP1BPB>O@EFP?BFKD@LKAR@QBAFK
QEB>OB>PLCMELQL@>Q>IVPFPMELQLSLIQ>F@PFKARPQOF>I
@>Q>IVPFP>KABKSFOLKJBKQ>I@>Q>IVPFP>IITFQEQEBDL>ILC
MOLAR@FKDBKSFOLKJBKQ>IIVP>CBBKBODV>KA@EBJF@>IP
2>JMIBMOLGB@QPFK@IRABABQBOJFKFKD>@QFSB@>Q>IVPQPCLO
".MELQLOBAR@QFLKQLPLI>OCRBIPPFJRI>QFKD>IILVPCLO
CRBI@BIIP>KAJLABIFKD@>O?LK?>PBAJ>QBOF>IP
/I>KQ"BII!FLQB@EKLILDV
/I>KQ@BIIPPVKQEBPFWB>K>OO>VLCPLMEFPQF@>QBA[PMB@F>IFWBA
JBQ>?LIFQBP^QE>QPBOSB>S>OFBQVLCCRK@QFLKP>PERJ>K
EB>IQE>DBKQP@LILOPi>SLOFKD>KA>DOF@RIQRO>I@EBJF@>IP
/OLAR@QFLKLCQEBPB@LJMLRKAPCLO@IFKF@>ILOFKARPQOF>I
PRMMIV@>K?B@E>IIBKDFKDARBQLQEBFOILTVFBIAPFKK>QROB
RKABOABhKBAJBQ>?LIF@M>QET>VP>KAAFg@RIQDBKB
QO>KPCLOJ>QFLKQB@EKLILDFBP/I>KQ@BII@RIQROBQB@EKLILDV
@>K?BBUMILFQBAKLQLKIVQLPVKQEBPFWBQEBPBS>IR>?IB
@LJMLRKAP?RQ>IPLQLD>FKCRKA>JBKQ>IFKPFDEQPFKQL
OBDRI>QFLKLCMI>KQ@BIIJBQ>?LIFPJPLQE>QPVPQBJP@>K?B
BfB@QFSBIVBKDFKBBOBA!V@LKPFABOFKD>IIP@>IBPLC@BIIRI>O
BKDFKBBOFKD\FKQO>FKQBO>KABUQO>@RIQROBP@>K?B
ABPFDKBAQLMOLAR@BVFBIAVFBIAPLCABPFO>?IBJLIB@RIBP
1B>@QLOJLABIFKD>KA
PFJRI>QFLK
?BQQBORKABOPQ>KAFKDLCFKQBO>@QFLKP?BQTBBKOB>@QLO
QO>KPMLOQMOL@BPPBP>KA@EBJF@>IOB>@QFLKFPKBBABAQL
FJMOLSBOB>@QLOBg@FBK@VTEF@E@LKQOF?RQBPQL
PRPQ>FK>?IBBKDFKBBOFKD,RIQFP@>IB>MMOL>@EBP>OBRPBAQL
DFSBKBTFKPFDEQFKQLQEBABSBILMJBKQLC@>Q>IVPQP>KA
OB>@QLOPPR@E>P@LJMRQ>QFLK>IiRFAAVK>JF@P"%#>KA
JRIQFMEVPF@PJBQELAPCLOBU>JMIBJF@OLHFKBQF@P>KA
JRIQF@LJMLKBKQAFfRPFLKJLABIP@>K?BFKQBDO>QBAFKQL
QEB"%#PFJRI>QFLKPLChUBA?BAOB>@QLOP MMIF@>QFLKP
FK@IRABM>OQF>ILUFA>QFLKOB>@QFLKP>KAPQB>JOBCLOJFKDCLO
DBKBO>QFLKLCEVAOLDBK>KAPVKQEBPFPD>PLKBOLRQB
QLT>OAPQEBDBKBO>QFLKLC@IB>KMLTBO.QEBOOBPB>O@E
FK@IRABPPQRAVLCJBJ?O>KBJLARIBPCLOOB@LSBOVLCEFDE
MROFQVEVAOLDBKJBJ?O>KBOB>@QLOPCLOMOL@BPP
FKQBKPFh@>QFLKLCEVAOLDBKDBKBO>QFLK>KAKBT@>Q>IVQF@
J>QBOF>IPPR@E>P@BO>JF@CL>JP
2RPQ>FK>?IB%RBIP
3O>KPMLOQ>QFLK>KAPEFMMFKDOBIVLK>@@BPPQL>fLOA>?IB
>KA>?RKA>KQPRMMIFBPLCIFNRFACRBIP1BPB>O@EFP?BFKD
@LKAR@QBAQLABIFSBOQEBPBIFNRFACRBIPFKJLOBPRPQ>FK>?IB
T>VPCLOBU>JMIBRPFKDDOBBKQB@EKLILDFBPT>PQBCBBAP
>KAOBKBT>?IBCBBAP3EBMOFJ>OVOBPB>O@EQLLIPFK@IRAB
@>Q>IVPFPP@FBK@BOB>@QLOABPFDK@LJMRQ>QFLK>IJLABIFKD
>KAJBQ>?LIF@BKDFKBBOFKD!OB>HFKDALTKIFDKL@BIIRILPF@
?FLMLIVJBOPFPLKBLCQEBJ>FKQB@EKF@>I>KAB@LKLJF@
?>OOFBOPMOBSBKQFKD>fLOA>?IBMOLAR@QFLKLC?FLJ>PP
ABOFSBACRBIP-BTQB@EKFNRBP>KAQB@EKLILDFBP>OB?BFKD
ABSBILMBAQLRKABOPQ>KA>KA@LKQOLIQEBAB
MLIVJBOFW>QFLKMOL@BPPBP%BOJBKQ>QFLKLCQEBOBPRIQFKD
PFJMIBPRD>OPFP>KBfB@QFSBJBQELAQLMOLAR@B
EVAOL@>O?LKCRBIP'BOBTLOHFPLKDLFKDQLABSBILM
CBOJBKQBOQB@EKLILDFBPQE>QMOLAR@BAOLMFK?FLCRBIPPR@E
>P?RQ>KLI6FQE@LKSBKQFLK>ILFIOBPBOSBPATFKAIFKD
BKSFOLKJBKQ>IIVOBPMLKPF?IBRMDO>AFKDLCEB>SVLFIPFP
?B@LJFKDFK@OB>PFKDIVFJMLOQ>KQ1BPB>O@EFKQLDOBBK
QB@EKLILDFBPTEF@EOBAR@BQEBBKBODVCLLQMOFKQLCEB>SV
LFIRMDO>AFKD>OB?BFKDPQRAFBA6>PQBMI>PQF@POBMOBPBKQ
>KBKBODVABKPBCBBAQE>QFP@ROOBKQIVRKABORQFIFWBA6LOH
FPLKDLFKDQL@LKSBOQT>PQBMI>PQF@PFKQLEFDES>IRB
JLKLJBOP>KAIFNRFACRBIP+FHBTFPBCLLAT>PQBP>OB>
ILT@LPQ>KABKBODVABKPBCBBAPQL@H?BFKDPQRAFBACLO
MLQBKQF>IMOLAR@QFLKLCIFNRFACRBIP+>PQIVJ>KVLCQEBPB
MOL@BPPBP@LMOLAR@B>PLIFA@E>OJ>QBOF>ITEF@EOBAR@BP
QEBBKBODVVFBIALCQEBLFIMOLAR@Q2QRAFBP>OBLKDLFKDQL
S>ILOFWBQEBPB@E>OMOLAR@QP>PT>PQBT>QBOQOB>QJBKQ
PLO?BKQP>KAFKLQEBO>MMIF@>QFLKP
3B@EKLB@LKLJF@MBOCLOJ>K@B
>K>IVPFPPRPQ>FK>?IBABPFDK
@LKQOLI>KAP>CBQVLC@EBJF@>I
MOL@BPPBP>KABKBODVPVPQBJP
"ROOBKQOBPB>O@EBfLOQPIFBFKQEB?OL>ABO>OB>PLC
KLKIFKB>OMOL@BPPQB@EKLB@LKLJF@MBOCLOJ>K@B>K>IVPFP
PRPQ>FK>?IBABPFDK@LKQOLI>KAP>CBQV(KM>OQF@RI>OQEB
CLIILTFKDQEBJ>QF@>OB>PJ>V?BFABKQFhBAFKLRO@ROOBKQ
OBPB>O@EBfLOQP3B@EKLB@LKLJF@MBOCLOJ>K@B
>PPBPPJBKQ>KAQB@EKLILDVS>IR>QFLKJBQELAPFKQEB
MOBPBK@BLCRK@BOQ>FKQVPVKQEBPFPLCOL?RPQAFDFQ>I
CBBA?>@HOBDRI>QLOPCLOKLKIFKB>OMOL@BPPBPABPFDKLC
PQ>QBBPQFJ>QLOPCLOAFDFQ>IMOL@BPPMBOCLOJ>K@B
JLKFQLOFKD>KAC>RIQABQB@QFLKAF>DKLPFPMROMLPBP
@EBJF@>IOFPH>PPBPPJBKQ>KAJ>K>DBJBKQTFQE
>MMIF@>QFLKPQLMOL@BPPP>CBQVABSBILMJBKQLCQEB
>MMOLMOF>QBPLCQT>OBQLLIPCLOQEBBfB@QFSBAFDFQ>I
FJMIBJBKQ>QFLKLCQEB>?LSBMOL@BPP>K>IVPFP@LKQOLI
MBOCLOJ>K@BJLKFQLOFKD>KAOFPH>PPBPPJBKQP@EBJBP
9BLIFQB2@FBK@B>KA3B@EKLILDV
1BPB>O@EFKQEB>OB>LCWBLIFQBP@FBK@BFPAOFSBK?VQEBKBBA
QLBPQ>?IFPE>KRKABOIVFKDRKABOPQ>KAFKDLCQEB@LJMIBU
MEBKLJBK>AOFSFKDQEBPVKQEBPFP>KA>MMIF@>QFLKPLC
JLIB@RI>OPFBSBWBLIFQBP(KM>OQF@RI>ORQFIFWFKD@LOBOB>@QFLK
BKDFKBBOFKDQB@EKFNRBPQLBIR@FA>QBQEBCRKA>JBKQ>I
 6/(">Q>ILD
JB@E>KFPJPLCWBLIFQBKR@IB>QFLK>KA@OVPQ>IDOLTQEFK
EVAOLQEBOJ>IPVPQBJPFPLCFKQBOBPQ4PBPLCWBLIFQBP>P
IFNRFA>KAD>PME>PB>APLO?BKQP>KA>P@>Q>IVPQP>OB?BFKD
PQRAFBA(K@LOMLO>QFLKLCWBLIFQBPFKQLJBJ?O>KBPCLO
PBM>O>QFLKPFP?BFKDFKSBPQFD>QBAARBQLWBLIFQBPSBOV
OBDRI>OMLOBAFJBKPFLKPLKQEBJLIB@RI>OIBSBI
/OLDO>JPLC2QRAV
2QRABKQPE>SBQEBLMMLOQRKFQVQLAL@OB>QFSBTLOHLK
PQ>QBLCQEB>OQOBPB>O@EMOLGB@QP>P>M>OQLCQEBFODO>AR>QB
PQRAVFK@EBJF@>IBKDFKBBOFKD3EBMOLDO>JLfBOP
BU@BIIBKQMOBM>O>QFLKCLOOBT>OAFKD@>OBBOPFKOBPB>O@E
FKARPQOVLOBAR@>QFLK2BIB@QFLKLCDO>AR>QB@LROPBP>KA
QEBPFPMOLGB@QFPJ>ABTFQEQEB>FALC>C>@RIQV>ASFPLOTFQE
TELJQEBPQRABKQTLOHP@ILPBIV IIDO>AR>QBPQRABKQP
M>OQF@FM>QBFK>PBJFK>OAROFKDB>@EQBOJLCOBPFABK@B
3EBJ>PQBOPABDOBBMOLDO>JFK@EBJF@>IBKDFKBBOFKDFP
@LK@BOKBATFQEQEB>AS>K@BAQLMF@PLCQEBhBIA3EBOB>OB
QEOBB@ELF@BPCLOPQRABKQPTFPEFKDQLL?Q>FK>AS>K@BA
HKLTIBADBFK@EBJF@>IBKDFKBBOFKD>KAOBI>QBAhBIAP
MOLCBPPFLK>IBKDFKBBOFKDLMQFLKTFQE@LK@BKQO>QFLKQEBPFP
LMQFLK>KAKLKQEBPFPLMQFLK IIPQRABKQPJRPQ@LJMIBQB
QEOBBLCQEBCLRO@LOB@LROPBPLfBOBAFKJ>QEBJ>QF@P
QEBOJLAVK>JF@POB>@QFLKBKDFKBBOFKD>KAQO>KPMLOQ
MEBKLJBK>(K>AAFQFLKQEBV@ELLPB@LROPBPCOLJ>TFAB
O>KDBLCBIB@QFSBP>KA>S>FI>?IBMOLGB@QP
(KQEBAL@QLO>IMOLDO>J>?OL>AHKLTIBADBLC@EBJF@>I
BKDFKBBOFKDQLMF@PFPOBNRFOBACLOPR@@BPPFKQEBNR>IFCVFKD
BU>JFK>QFLK!BVLKAQEFPMLFKQJLOBFKQBKPFSB
PMB@F>IFW>QFLKFP>@EFBSBAFKQEBPQRABKQPhBIALCOBPB>O@E
QEOLRDE@LROPBTLOH>KAQEBPFPOBPB>O@E
AJFPPFLK1BNRFOBJBKQP
KRKABODO>AR>QBABDOBBFK@EBJF@>IBKDFKBBOFKDFP
MOBCBOOBACLOJ>PQBOP>KAAL@QLO>IABDOBB>MMIF@>KQP
3ELPBTFQEOBI>QBA?>@HDOLRKAPBD@EBJFPQOV
?FLJBAF@>IBKDFKBBOFKDMEVPF@P>OB>IPLBK@LRO>DBAQL
>MMIV6BTLOH@ILPBIVTFQEB>@EPQRABKQLKFKAFSFAR>I
MI>KPQL>PPROBQEBV>OB>MMOLMOF>QBIVMOBM>OBACLOQEB
J>PQBOP>KAAL@QLO>I@ROOF@RI>FK@IRAFKDM>OQF@FM>QFLKFK>
[?LLQ@>JM^@LROPB
"EBJF@>I$KDFKBBOFKD1BPB>O@E
"BKQBOP>KA+>?LO>QLOFBP
1BPB>O@EFPELRPBAFK?LQE&LAA>OA'>II>KA&>QBT>V/>OH
+FCB2@FBK@BP>KA!FLBKDFKBBOFKD"BKQBO+2!"3EB+2!"
FP>CLROPQLOVPNR>OBCLLQFKQBOAFP@FMIFK>OV
OBPB>O@E?RFIAFKDQE>QELRPBPIFCBP@FBK@BPC>@RIQVFKQEB
ABM>OQJBKQPLC!FLILDV>KA!FLQB@EKLILDV!FLJBAF@>I
$KDFKBBOFKD"EBJFPQOV>KA!FL@EBJFPQOV"EBJF@>I
$KDFKBBOFKD>KA/EVPF@P!LQE&LAA>OA'>II>KA+2!">OB
BNRFMMBATFQEPQ>QBLCQEB>OQFKPQORJBKQ>QFLK>KA@LOB
C>@FIFQFBPQLPRMMLOQ@>Q>IVPFP>KAOB>@QFLKBKDFKBBOFKD
TLOH>KA?FLBKDFKBBOFKDTLOHOBPMB@QFSBIV(K>AAFQFLK
QEB"EBJF@>I$KDFKBBOFKD#BM>OQJBKQM>OQF@FM>QBPFK>KA
LOIB>AP>KRJ?BOLCOBPB>O@E@BKQBOBfLOQPLK@>JMRP
FK@IRAFKDQEB$KBODV1BPB>O@E"BKQBO"BKQBOCLO AS>K@BA
1BPB>O@EFK#OVFKD!FLJ>KRC>@QROFKD$AR@>QFLK>KA
3O>FKFKD"BKQBO%RBI"BII"BKQBO>KA,BQ>I/OL@BPPFKD
(KPQFQRQB
!2,2FK"EBJF@>I$KDFKBBOFKD
#LR?IB"LRKQFKD!2,2PQRABKQPJ>VALR?IB@LRKQRM
QL@OBAFQPCOLJRKABODO>AR>QBLODO>AR>QB@LROPBP 
J>UFJRJLCCLRORKABODO>AR>QB@LROPBPJ>V?BALR?IB
@LRKQBA3EBRKABODO>AR>QB@LROPBP>IILTBAQLALR?IB
@LRKQ>OBIFPQBA?BILT2QRABKQPJ>V>IPLMBQFQFLKQEB
DO>AR>QB@LJJFQQBBCLOLQEBOIBSBI@LROPBPQL
ALR?IB@LRKQ JFKFJRJDO>ABLC[!^FPOBNRFOBACLOQEB
@LROPBQL?BALR?IB@LRKQBA(KLOABOCLO>@LROPBQL?B
ALR?IB@LRKQBAPQRABKQPJRPQ>IPL@LJMIBQB>KBUQO>
>PPFDKJBKQCLOB>@E@LROPBABJLKPQO>QFKDDO>AR>QBIBSBI
@LJMBQBK@B3EFPBUQO>>PPFDKJBKQJ>V?BCLOFKPQ>K@B>
MOLGB@QLO>IFQBO>QROBOBSFBT3EBFKPQOR@QLOCLOB>@E@LROPB
PELRIA>ASFPBQEBPQRABKQTE>QQEFP>PPFDKJBKQTLRIA?B
>CQBO?BFKDKLQFhBAQE>QQEBPQRABKQFPALR?IB@LRKQFKDQEB
@LROPBQLT>OAPQEB!2,2ABDOBB2QRABKQPJRPQ?B
>@@BMQBAFKQLQEB!2,2MOLDO>J?BCLOB@LROPBP>OB
>IILTBAQLALR?IB@LRKQ
IILTBA4KABODO>AR>QB"LROPBP%LRO
,>UFJRJ IILTBAQL#LR?IB"LRKQ
] "'$ MMIFBA,>QEBJ>QF@PFK"EBJF@>I
$KDFKBBOFKD
] "'$"EBJF@>I/OL@BPP#VK>JF@P>KA"LKQOLI
+>?LO>QLOV
] ,0/,>GLO0R>IFCVFKD/OLGB@QRKFQJ>UFJRJ
] K(KABMBKABKQ2QRAVFK"EBJF@>I$KDFKBBOFKD>Q
QEBIBSBIRKFQJ>UFJRJ
] .KIV.KBLCQEB%LIILTFKD,>V"LRKQ
] "'$4KFQ.MBO>QFLKPLC"EBJF@>I$KDFKBBOFKD(
] "'$4KFQ.MBO>QFLKPLC"EBJF@>I$KDFKBBOFKD((
] .KIV.KBLCQEB%LIILTFKD,>V"LRKQ
] "'$"EBJF@>I/I>KQ#BPFDK/OLGB@Q
] "'$"EBJF@>I/OL@BPP2>CBQV#BPFDK
+JA6!2,2
 6/(">Q>ILD
/OLCBPPFLK>I,>PQBOLC2@FBK@BFK"EBJF@>I
$KDFKBBOFKD
QLQ>ILC@OBAFQELROPFPOBNRFOBA QIB>PQ@LROPB
@OBAFQELROPJRPQ?BFK@EBJF@>IBKDFKBBOFKDFK@IRAFKD
@OBAFQELROPLC&O>AR>QB0R>IFCVFKD/OLGB@Q&0/@OBAFQ
ELROP@ELPBKCOLJQEB@EBJF@>IBKDFKBBOFKD@LOB
@ROOF@RIRJ@OBAFQPLC@LK@BKQO>QFLK@LROPBP>KA@OBAFQP
LC@EBJF@>IBKDFKBBOFKDBIB@QFSBP2QRABKQPPBIB@Q>
@LK@BKQO>QFLKFKBFQEBO!FLBKDFKBBOFKDLO AS>K@BA
/OL@BPP$KDFKBBOFKD!FLBKDFKBBOFKDMOBM>OBPPQRABKQPCLO
QEB?FLQB@EME>OJ>>KAJBAF@>IABSF@BFKARPQOFBPTEFIB
AS>K@BA/OL@BPP$KDFKBBOFKDCL@RPBPLK>AS>K@BAQLMF@P
FKABPFDK@LKQOLI>KALMQFJFW>QFLKQE>Q>OB>MMIF@>?IBQL>
TFABO>KDBLC@EBJF@>IMOL@BPPFKD3EB@OBAFQAFPQOF?RQFLKP
CLOQEBAFfBOBKQ@LK@BKQO>QFLKP>OBPELTKFK3>?IB
3EB&0/MOLSFABP>@>MPQLKBBUMBOFBK@BFK>MMIVFKD
@EBJF@>IBKDFKBBOFKDPHFIIPQLOB>ITLOIAMOL?IBJP&0/P
>OB@>OOFBALRQFK@LLMBO>QFLKTFQE>KFKARPQOF>IM>OQKBO
>KATFQEQEB>MMOLS>I>KALSBOPFDEQLC>C>@RIQVJBJ?BOFK
"EBJF@>I$KDFKBBOFKD
2QRABKQPJRPQQ>HBLKBOBNRFOBAQEOBB@OBAFQ
@LK@BKQO>QFLK@LROPBMIRP@OBAFQP@ELPBKCOLJ>IFPQLC
>MMOLSBA@LK@BKQO>QFLK@LROPBP
2QRABKQPFKQEB!FLBKDFKBBOFKD@LK@BKQO>QFLKJRPQQ>HB
"'$!FL@EBJF@>I$KDFKBBOFKDTEFIBPQRABKQPFKQEB
AS>K@BA/OL@BPP$KDFKBBOFKD@LK@BKQO>QFLKJRPQQ>HB
"'$ AS>K@BA/OL@BPP$KDFKBBOFKD3EBOBFPiBUF?FIFQV
FKLQEBO@LK@BKQO>QFLK@LROPB@ELF@BPPLQE>QPQRABKQP@>K
CROQEBOQ>FILOQEBFOPQRAFBPQLQEBFOFKQBOBPQP>KAKBBAP
"LROPBPCLOB>@ELCQEB@LK@BKQO>QFLKP>OBIFPQBAFK3>?IB
2QRABKQP@>K@ELLPB>AAFQFLK>I@LROPBPQLCRIhIIQEBFO
@LK@BKQO>QFLKOBNRFOBJBKQ>PKBT@LROPBP?B@LJB
>S>FI>?IB>PILKD>PQEBVOB@BFSB>MMOLS>IFK>AS>K@BCOLJ
QEB/OLCBPPFLK>I$KDFKBBOFKD/OLDO>J#FOB@QLO
3EBPFP.MQFLK
QLQ>ILC@OBAFQELROPFPOBNRFOBAFK@IRAFKD@OBAFQ
ELROPLC@LROPBTLOH>KA>QIB>PQ@OBAFQELROPLCQEBPFP
TLOH3EB@LROPBTLOHJRPQFK@IRAB@OBAFQELROPLC
DO>AR>QBIBSBI@EBJF@>IBKDFKBBOFKD@LROPBP>KALCQEBPB
JRPQ?B@ELPBKCOLJQEB@LOB@ROOF@RIRJ P>QFPC>@QLOV
LO>IPBJFK>OMOBPBKQ>QFLKJRPQ?BDFSBKBSBOVVB>OFK
OBPFABK@B
-LK3EBPFP.MQFLK
QLQ>ILC@OBAFQELROPFPOBNRFOBAFK@IRAFKD>JFKFJRJ
LC@OBAFQELROPFKDO>AR>QBIBSBI@LROPBP QIB>PQ
@LROPB@OBAFQELROPJRPQ?BFK@EBJF@>IBKDFKBBOFKD>KA
LCQEBPBJRPQ?B@ELPBKCOLJQEB@LOB@ROOF@RIRJ 
J>UFJRJLC@OBAFQELROPLCFKABMBKABKQPQRAVRKABO
QEBC>@RIQV>ASFPLOJ>V?BM>OQLCQEBMOLDO>J KV
>AS>K@BARKABODO>AR>QBIBSBI@LROPBPJRPQ?B>MMOLSBA
?VQEBABM>OQJBKQ>I&O>AR>QB"LJJFQQBB
+JA6,>PQBOLC$KDFKBBOFKD
3>?IB/OLCBPPFLK>I$KDFKBBOFKD.MQFLK
"OBAFQ#FPQOF?RQFLK
!FLBKDFKBBOFKD"LK@BKQO>QFLK
E6> +:E=6 C65:ED
"LOB"LROPBPFK"'$ 
"EBJF@>I$KDFKBBOFKD$IB@QFSBP 
"'$ !FL@EBJF@>I$KDFKBBOFKD 
"LK@BKQO>QFLK"LROPBP 
"'$ &O>AR>QB0R>IFCVFKD/OLGB@QFK
"EBJF@>I$KDFKBBOFKD

AS>K@BA/OL@BPP$KDFKBBOFKD
"LK@BKQO>QFLK
E6> +:E=6 C65:ED
"LOB"LROPBPFK"'$ 
"EBJF@>I$KDFKBBOFKD$IB@QFSBP 
"'$ AS>K@BA/OL@BPP$KDFKBBOFKD 
"LK@BKQO>QFLK"LROPBP 
"'$ &O>AR>QB0R>IFCVFKD/OLGB@QFK
"EBJF@>I$KDFKBBOFKD

3>?IB/LPPF?IB"LK@BKQO>QFLK"LROPBP
 6/(">Q>ILD
!FLBKDFKBBOFKD
E6> +:E=6 C65:ED
!"!!!

!FLFKCLOJ>QF@P 
!"!"2

!FLSFPR>IFW>QFLK 
!"!"2

!FLILDF@>I>KA!FLJBAF@>I
#>Q>?>PB,FKFKD

!"!, 

2Q>QFPQF@>I,BQELAPFK&BKBQF@P
>KA!FLFKCLOJ>QF@P

!! %BOJBKQ>QFLK!FLILDV 
!! 2@>IB4MLC!FLMOL@BPPFKD 
!! ,BQELAPLC/OLQBFK/ROFh@>QFLK
>KA#LTKPQOB>J/OL@BPPFKD

!! "BII"V@IB1BDRI>QFLK 
!,$ !FLJBAF@>I(KPQORJBKQ>QFLK 
,$!,$

3FPPRB$KDFKBBOFKD 
"' ,BAF@FK>I"EBJFPQOV 
"' 1BDRI>QFLKLC&BKB$UMOBPPFLK 
!! 5FOLILDV 
!! AS>K@BA&BKBQF@P>KA"BIIRI>O
!FLILDV

,$!,$

3FPPRB,B@E>KF@P 
"$ !FLPVPQBJPFK$KSFOLKJBKQ>I
$KDFKBBOFKD

AS>K@BA/OL@BPP$KDFKBBOFKD
"'$>KA@>K?BRPBAQLP>QFPCV@LK@BKQO>QFLK
OBNRFOBJBKQPFCKLQQ>HBK>PM>OQLCQEB@LOB
E6> +:E=6 C65:ED
"'$ ,>QEBJ>QF@>I K>IVPFPFK"EBJF@>I
$KDFKBBOFKD

"'$ 1B>@QLO#BPFDK>KA*FKBQF@P 
"'$ %RBI"BII3B@EKLILDV 
#2 (KQOLAR@QFLKQL#>Q>2@FBK@B 
%/ %FOB#VK>JF@P( 
%/ %FOB/OLQB@QFLK2VPQBJP 
%/ AS>K@BA%FOB2RMMOBPPFLK 
%/ #BQB@QFLK I>OJ>KA2JLHB
"LKQOLI

%/ (KARPQOF>I%FOB/OLQB@QFLK 
%/ $UMILPFLK/OLQB@QFLK 
,%$ "LKQOLI>KA,LKFQLOFKDLC
,>KRC>@QROFKD/OL@BPPBP

,%$,3$
,$
UFLJ>QF@#BPFDKLC
,>KRC>@QROFKD/OL@BPPBP

,$,%$,3$

%RKA>JBKQ>IPLC UFLJ>QF@
#BPFDKLC,>KRC>@QROFKD
/OL@BPPBP

,3$ /I>PQF@P 
,3$ "LOOLPFLK>KA"LOOLPFLK"LKQOLI 
,$ 'B>Q3O>KPCBO 
,$ "LKQOLILC+FKB>O#VK>JF@>I
2VPQBJP

,$ "LKQOLILC-LKIFKB>O#VK>JF@>I
2VPQBJP

2# 2VPQBJ#VK>JF@P%LRKA>QFLK
,>K>DFKD"LJMIBUFQV

2# ,LABI K>IVPFP>KA$S>IR>QFLK
3B@EKFNRBP

282 "LK@BMQPLC2VPQBJP$KDFKBBOFKD 
282 !RPFKBPP/O>@QF@BP 
282 2VPQBJP O@EFQB@QROB>KA#BPFDK 
282 1BNRFOBJBKQP$KDFKBBOFKD 
282 2VPQBJ.MQFJFW>QFLK 
282 ,LABI!>PBA2VPQBJP$KDFKBBOFKD
282 (KQOLAR@QFLKQL2VPQBJP3EFKHFKD 
3>?IB"LOB"LROPBP
"ELLPB
E6> +:E=6 C65:ED
"'$ ,>QEBJ>QF@>I K>IVPFPFK"EBJF@>I
$KDFKBBOFKD

"'$ 1B>@QLO#BPFDK>KA*FKBQF@P 
"'$ 3EBOJLAVK>JF@P 
"'$ 3O>KPMLOQ/EBKLJBK> 
 6/(">Q>ILD
"EBJFPQOV>KA!FL@EBJFPQOV
%>@RIQV
$2EED@?/OLCBPPLO>KA#BM>OQJBKQ'B>A/E#
-LOQETBPQBOK4KFSBOPFQVJBQ>ICOBB@>Q>IVPQABPFDK
JBQELALILDVABSBILMJBKQ@LJMIBUJLIB@RIBPVKQEBPFP
!$C8M6==@/OLCBPPLO/E#4KFSBOPFA>A->@FLK>IAB
1eL"R>OQL ODBKQFK>QO>KPJBJ?O>KBFLKQO>KPMLOQ
JBQ>I 3/>PBPPQOR@QROBCRK@QFLK?>@QBOF>IJBQ>I
ELJBLPQ>PFPOLIBLPJBQ>IPFK?>@QBOF>IM>QELDBKBPFP
*FC56EE6 PPL@F>QB/OLCBPPLO/E#,>PP>@ERPBQQP
(KPQFQRQBLC3B@EKLILDVPVKQEBPFPLCiRLOBP@BKQPBKPLOPCLO
FOLKMELQL>@QFSB@EBI>QLOPCLOABIFSBOVLCJBQ>IFLKPFK
@BIIP>MMIF@>QFLKPLC>WL?BKWBKBABOFS>QFSBPTFQERKRPR>I
LMQF@>IMOLMBOQFBPMLIVJBOPQLABQB@QJBQ>I@LKQ>JFK>KQP
FKQEBBKSFOLKJBKQ
)6>AD<: PPL@F>QB/OLCBPPLO/E#,>PP>@ERPBQQP
(KPQFQRQBLC3B@EKLILDVJLIB@RI>OJB@E>KFPJLCERJ>K
WFK@QO>KPMLOQBOPQOR@QROBCRK@QFLKLCIFDEQ>@QFS>QBA
@E>KKBILMQLDBKBQF@P
!':EE2>:/OLCBPPLO/E#1BKPPBI>BO/LIVQB@EKF@
(KPQFQRQBJBAF@FK>I@EBJFPQOVLOD>KF@PVKQEBPFPKBT
PVKQEBQF@JBQELAPABSBILMJBKQ
6C:4<6/OLCBPPLO#OOBOK>Q4KFSBOPFQVLC'>J?ROD
?FLMEVPF@>I@E>O>@QBOFW>QFLKLCIFMFAJBAF>QBAMOLQBFK
CRK@QFLKABSBILMJBKQLCSF?O>QFLK>IPMB@QOLP@LMF@QLLIPQL
@E>O>@QBOFWB?FLILDF@>IQFPPRB
)#C:>> PPFPQ>KQ/OLCBPPLO/E#">IFCLOKF>(KPQFQRQB
LC3B@EKLILDVDOLTQE>KA@E>O>@QBOFW>QFLK?VPROC>@B
P@FBK@B>KA?VMELQLBIB@QOL@EBJFPQOVLCKLKQO>AFQFLK>I
PBJF@LKAR@QLOJ>QBOF>IPOBI>QBAQLPLI>OBKBODV@>MQROB
@>Q>IVPFP>KA@LKSBOPFLK
"2>:?D<: PPL@F>QB/OLCBPPLO/E#8>IB4KFSBOPFQV
@LJMRQ>QFLK>IMEVPF@>I>KA?FLMEVPF@>I@EBJFPQOVCLO@B
hBIAABSBILMJBKQMOLQBFKPQOR@QROB>KA?FKAFKDELPQ
DRBPQ@LJMIBUCLOJ>QFLKPLIS>QFLKBfB@QP
!$24@?2=5 PPL@F>QB/OLCBPPLO/E#4KFSBOPFQVLC
,FKKBPLQ>MLOLRP@OVPQ>IIFKBJ>QBOF>IP@LJMLPBALC
LOD>KF@@LLOAFK>QFLK@LJMLRKAPMLIVJLOMEFPJLC
ME>OJ>@BRQF@>IAORDP@OVPQ>IIFW>QFLKLCMOLQBFKP
PROMO>JLIB@RI>O>PPBJ?IVLKPROC>@BP
'6C6K&=D6? PPFPQ>KQ/OLCBPPLO/E#4KFSBOPFQVLC
6>PEFKDQLK@E>O>@QBOFW>QFLKLCJBJ?O>KB@LJMLPFQFLK
?VJ>PPPMB@QOLJBQOVNR>KQFh@>QFLKLCIFMFAiRUTFQE
PQ>?IBFPLQLMBQO>@BOPDBKBQF@AFPPB@QFLKLCQEBOBDRI>QLOV
M>QET>VPLCJBJ?O>KBJ>FKQBK>K@B
**42C=2E2/OLCBPPLO/E#4KFSBOPFQV(IIFKLFP4O?>K>
"E>JM>FDK,B@E>KFPJPLC@BIIPFDK>IFKDRPFKD
iRLOBP@BK@BFJ>DFKD>KA@LOOBI>QFLKJBQELAPELT
JB@E>KF@>IABCLOJ>QFLK>fB@QP@>I@FRJiRUBPFK@BIIP
'192?8 PPFPQ>KQ/OLCBPPLO/E#/OFK@BQLK4KFSBOPFQV
@>Q>IVPFPJBQELALILDVABSBILMJBKQ@LJMIBUJLIB@RIB
PVKQEBPFP
1BPB>O@E(KQBOBPQP
3EBQEOBBJ>GLO>OB>PLCOBPB>O@EFKQEBABM>OQJBKQ>OB
] !FL@EBJFPQOV>KA!FLMEVPF@P6FQEFKQEFP>OB>QEBOBFP
>@QFSBOBPB>O@ELK>KRJ?BOLCQLMF@PFK@IRAFKD
EB>SVJBQ>IQO>KPMLOQ>KAJBQ>IELJBLPQ>PFPLC?LQE
MI>KQP>KA?>@QBOF>@LJMRQ>QFLK>I?FL@EBJFPQOV
?FLMEVPF@PLCJBJ?O>KBMOLQBFKPBKWVJBPQOR@QROB
>KACRK@QFLK>KA&MOLQBFK>KA@>I@FRJPFDK>IFKD
JBJ?O>KBMOLQBFKALJ>FKP>KA
JB@E>KLQO>KPAR@QFLK
] ,LIB@RI>O#BPFDK>KA2VKQEBPFP6FQEFKQEFP>OB>
QEBOBFP>@QFSBOBPB>O@ELKQLMF@PBK@LJM>PPFKD
LOD>KF@PVKQEBPFP>KAJBAF@FK>I@EBJFPQOV
PRMO>JLIB@RI>OJ>QBOF>IPJBQ>IFLKPBKPLOP>KA
@EBI>QLOPMLIVJLOMEFPJFKME>OJ>@BRQF@>IAORDP
PMB@QOLP@LMV>KAMELQLMEVPF@>IMOLMBOQFBPLC
JLIB@RIBP@>Q>IVPFPCLO"'CRK@QFLK>IFW>QFLK>KA
JLOB
] ->KLQB@EKLILDV>KA,>QBOF>IP3EFPOBPB>O@E>OB>
BK@LJM>PPBPPR@EMOLGB@QP>PMELQLKF@>KA
KLKIFKB>OLMQF@>IJ>QBOF>IPK>KLMLOLRP>KA
JF@OLMLOLRP@OVPQ>IPLCLOD>KF@>KA@LLOAFK>QFLK
@LJMLRKAPJLIB@RI>OFKQBO>@QFLKP>QPROC>@BP>KA
LQEBOP
/OLDO>JPLC2QRAV
3EB#BM>OQJBKQLC"EBJFPQOV>KA!FL@EBJFPQOVLfBOPQEB
,2>KA/E#FK?LQE"EBJFPQOV>KA!FL@EBJFPQOV3EB
J>GLO>OB>PLCOBPB>O@EFKQEBABM>OQJBKQ>OB?FL@EBJFPQOV
>KA?FLMEVPF@PJLIB@RI>OABPFDK>KAPVKQEBPFP>KA
K>KLQB@EKLILDV>KAJ>QBOF>IP
AJFPPFLK1BNRFOBJBKQP
!2ABDOBBTFQEABJLKPQO>QBAMOLh@FBK@VFK@EBJFPQOV
LO?FL@EBJFPQOVFPOBNRFOBACLOBKQO>K@BQL"EBJFPQOV>KA
!FL@EBJFPQOVDO>AR>QBMOLDO>JP
#BDOBB1BNRFOBJBKQP
$>@EPQRABKQJRPQQ>HB>QIB>PQQEOBB@LOB@LROPBPFKQEBFO
PBICFABKQFhBAELJBQO>@H?FL@EBJFPQOVFKLOD>KF@LOD>KF@
MEVPF@>I>QIB>PQQEOBBBIB@QFSB@LROPBPBFQEBOCOLJ>K
>MMOLSBAIFPQLC@I>PPBPLOMOB>MMOLSBA?VQEB"!"
DO>AR>QB@LJJFQQBB>PTBII>PPBJFK>O@LROPBP$KQBOFKD
PQRABKQPTELE>SBABh@FBK@FBPFKPMB@Fh@>OB>PFKLOD>KF@
 6/(">Q>ILD
LOD>KF@MEVPF@>ILO?FL@EBJFPQOV>POBSB>IBA?VBKQO>K@B
FKQBOSFBTPTFIIQ>HB>MMOLMOF>QB@LROPBPQL@LOOB@QQEBPB
ABh@FBK@FBP
"EBJFPQOV>KA!FL@EBJFPQOV
1BPB>O@E+>?LO>QLOFBP
3EB"EBJFPQOV>KA!FL@EBJFPQOV1BPB>O@E+>?LO>QLOFBP>OB
IL@>QBAFK&LAA>OA'>II>KA>Q&>QBT>V/>OH#BM>OQJBKQ
C>@FIFQFBP>KAFKPQORJBKQ>QFLKFKFKAFSFAR>IOBPB>O@E
I>?LO>QLOFBPFK@IRAB>KA,'W%3-,1&",2&"
'/+"@>MFII>OVBIB@QOLMELOBPFP#2"AFfBOBKQF>IP@>KKFKD
@>ILOFJBQBO3& QEBOJLDO>SLJBQOF@>K>IVPFPMLI>OFWFKD
LMQF@>IPQBOBLJF@OLP@LMB%3(1455(2>?PLOMQFLK
iRLOBP@BK@B>KAMELPMELOBP@BK@BPMB@QOLP@LMVMLTABO
>KAPFKDIB@OVPQ>IUO>VAFfO>@QLJBQBOP@V@IF@SLIQ>JJBQOV
FJMBABK@BPMB@QOLP@LMVBIIFMPLJBQBONR>OQW@OVPQ>I
JF@OL?>I>K@BDO>WFKDFK@FABK@B(1>QLJF@CLO@B
JF@OLP@LMB %,>KALQEBOPROC>@BOBI>QBAC>@FIFQFBP
AAFQFLK>IBNRFMJBKQFKQEB?FL@EBJFPQOV>OB>FK@IRAB
@BKQOFCRDRBPRIQO>@BKQOFCRDRBP/"1MELPMELFJ>DBO
P@FKQFII>QFLK@LRKQBO%/+"?>@QBOF>>KABRH>OVLQF@@BII
@RIQROB>KAMI>KQDOLTQEC>@FIFQFBP3EBABM>OQJBKQFP
BU@BMQFLK>IIVTBIIPBQRMTFQE@LJMRQBOC>@FIFQFBP>KAFP
>IPLIFKHBAQLQEB4KFSBOPFQVPKBQTLOH
!2,2FK"EBJFPQOV>KA!FL@EBJFPQOV
3EB#BM>OQJBKQLC"EBJFPQOV>KA!FL@EBJFPQOVLfBOP>
@LJ?FKBA!2,2ABDOBBLMQFLKCLORKABODO>AR>QB
PQRABKQP@ROOBKQIVBKOLIIBA>Q6/(3EBRKFSBOPFQVORIBPCLO
!2,2MOLDO>JP>OBABP@OF?BAFK2B@QFLKLCQEB
RKABODO>AR>QB@>Q>ILD>KALKM>DBLCQEBDO>AR>QB
@>Q>ILD
3EB,2ABDOBBOBNRFOBJBKQPCLOQEB!2,2MOLDO>J>OB
QEBP>JB>PQEBOBNRFOBJBKQPCLOQEB@LROPBTLOH?>PBA
,2ABDOBBQE>Q>IOB>AVBUFPQPFKQEB#BM>OQJBKQLC
"EBJFPQOV>KA!FL@EBJFPQOV !2,2ABDOBB@>K?B
@LJMIBQBAFKBFQEBOVB>OP@LROPBTLOH?>PBA,2LO
VB>OP@LROPBTLOHLOOBPB>O@E?>PBA,22QRABKQPJ>V
CLOJ>IIV>MMIVQLQEB!2,2MOLDO>JQEOLRDEQEB
DO>AR>QB>AJFPPFLKPLg@BLOSF>QEBFOTB?PFQB
+JA6!2,2
,2FK"EBJFPQOVLO!FL@EBJFPQOV
%LOQEB,>PQBOLC2@FBK@BFK"EBJFPQOVLO!FL@EBJFPQOVQEB
PQRABKQFPOBNRFOBAQL@LJMIBQB>JFKFJRJLCDO>AR>QB
@OBAFQELROP?BVLKAQEB?>@EBILOPABDOBB2QRABKQPJ>V
@ELLPB?BQTBBK>QEBPFPLOKLKQEBPFPLMQFLK(K>AAFQFLK
QLDBKBO>I@LIIBDBOBNRFOBJBKQP>II@LROPBPQ>HBKCLO
DO>AR>QB@OBAFQJRPQOBPRIQFK>&/ LCLOEFDEBO
3EBPFP.MQFLK
3EBPQRABKQJRPQ@LJMIBQB>QEBPFPTFQE>QIB>PQ
@LJ?FKBA@OBAFQP"'#FOB@QBA1BPB>O@ELO"'
,23EBPFP AAFQFLK>I@OBAFQPJ>V@LKPFPQLC>KV
@LJ?FK>QFLKLCQEBPFPLO@LROPBBIB@QFSBP"LROPBBIB@QFSB
@OBAFQPJRPQ@LKPFPQLC>AAFQFLK>I"!"LOLQEBO
LOIBSBIBKDFKBBOFKDP@FBK@BJ>K>DBJBKQLO
J>QEBJ>QF@PBIB@QFSBP II@LROPBPBIB@QFLKPJRPQ?B
>MMOLSBA?VQEBPQRABKQPOBPB>O@E>ASFPLO>KAQEB"!"
&O>AR>QB"LJJFQQBBMOFLOQLOBDFPQBOFKD$>@EPQRABKQ
PELRIAPBIB@Q>OBPB>O@E>ASFPLO?VQEBBKALCQEBhOPQ
PBJBPQBOLCPQRAV,2@>KAFA>QBPJRPQPR?JFQ>KAABCBKA
>QEBPFP?>PBALKOBPB>O@E@LKAR@QBARKABOQEBAFOB@QFLK
LC>"!"C>@RIQVJBJ?BO3EBQEBPFP@LJJFQQBB@LKPFPQPLC
>QIB>PQQEOBBJBJ?BOPQTLLCTELJJRPQ?BILKDQLQEB
"!"#BM>OQJBKQC>@RIQV
-LK3EBPFP.MQFLK
&O>AR>QB@OBAFQPJRPQ@LKPFPQLCLOIBSBI
@LROPBP"OBAFQPPELRIA?BAFPQOF?RQBA>PCLIILTP
] QIB>PQ@OBAFQPFK"!"@LROPBP
] J>UFJRJLC@OBAFQPFKBIB@QFSBPFK>OB>PLC
BKDFKBBOFKDP@FBK@BJ>K>DBJBKQLOJ>QEBJ>QF@P
] 2QRABKQP>IPLJ>VRPBRMQL@OBAFQPLC"'
#FOB@QBA1BPB>O@EQLT>OA@OBAFQELROOBNRFOBJBKQP
!FL@EBJFPQOVPQRABKQPTFII?B>ASFPBAQLQ>HBDO>AR>QB
@LROPBPFK,BJ?O>KB!FLMEVPF@P"',LIB@RI>O
,LABIFKD"',BAF@FK>I"EBJFPQOV"'>KA
2MB@QOLP@LMV"'FK>AAFQFLKQL>AS>K@BA
!FL@EBJFPQOV@LROPBP JLKDBIB@QFSBPFKLQEBO>OB>P
QEBPBJFDEQFK@IRAB@LROPBPLK>MMIFBA!FL@EBJFPQOV
!FLILDF@>IMOL@BPPBP!!!!!!>KA
!FLFKCLOJ>QF@P!"!!"!!"!"EBJFPQOV
PQRABKQPTFII?B>ASFPBAQLQ>HBDO>AR>QB@LROPBPFK3EBLOV
>KA MMIF@>QFLKPLC-,12MB@QOLP@LMV"',LIB@RI>O
,LABIFKD"',BAF@FK>I"EBJFPQOV"'>KA
2MB@QOLP@LMV"'FK>AAFQFLKQL>AS>K@BA"EBJFPQOV
@LROPBP JLKDBIB@QFSBPFKLQEBO>OB>PQEBPBJFDEQ
FK@IRAB@LROPBPLK"EBJF@>I$KDFKBBOFKD"'$"'$
"'$>MMIFBA!FL@EBJFPQOV!FLILDF@>IMOL@BPPBP
!!!!!!
+JA6,>PQBOLC2@FBK@B
 6/(">Q>ILD
/E#FK"EBJFPQOV>KA!FL@EBJFPQOV
$>@EPQRABKQPELRIAPBIB@Q>OBPB>O@E>ASFPLO?VQEBBKALC
QEBhOPQPBJBPQBOLCOBPFABK@B!VQEBBKALCQEBPB@LKA
VB>OLCOBPFABK@BQEBPQRABKQJRPQPR?JFQ>TOFQQBK>KA
>KLO>IMOLDOBPPOBMLOQFKQEBAFPPBOQ>QFLK@LJJFQQBBLC>Q
IB>PQCLROC>@RIQVJBJ?BOPFK@IRAFKDQEB1BPB>O@E ASFPLO
>QIB>PQQTLJLOBJBJ?BOPLCQEB#BM>OQJBKQ>KA>QIB>PQ
LKBMBOPLKCOLJLRQPFABQEB#BM>OQJBKQ3EB@LJJFQQBB
TFII@LKPFABOQEBPQRABKQPMOLDOBPP>KATFIIOB@LJJBKAQL
QEBABM>OQJBKQTEBQEBOQEBPQRABKQPELRIA?B>IILTBAQL
@LKQFKRBQLT>OA>/E#
2QRABKQPTELALKLQP>QFPCVQEB>@>ABJF@JFIBPQLKBP
ABP@OF?BAFKQEB#BM>OQJBKQ>I'>KA?LLHBD
J>FKQ>FKFKD>ABM>OQJBKQ>I&/ LSBOhKAFKD>JBKQLO
M>PPFKDQEBNR>IFCVFKDBU>JBQ@>PABQBOJFKBA?VQEB
ABM>OQJBKQTFII?BAFPJFPPBACOLJQEBMOLDO>J
0R>IFCVFKD$U>JFK>QFLK
!BCLOBCLOJ>I>AJFPPFLKQLQEBAL@QLO>I@>KAFA>@V/E#
PQRABKQPJRPQQ>HBQEBNR>IFCVFKDBU>JFK>QFLKFKQEBFOhBIA
LCPMB@F>IFW>QFLK3EBBU>JFK>QFLKPELRIAQ>HBMI>@B?BCLOB
QEBBKALCQEBPB@LKAVB>OLCOBPFABK@B
#FPPBOQ>QFLK
3LCRIhIIQEBhK>I/E#ABDOBBOBNRFOBJBKQQEB@>KAFA>QB
JRPQPR?JFQ>KAABCBKA>P>QFPC>@QLOVAFPPBOQ>QFLKQLQEB
AFPPBOQ>QFLK@LJJFQQBB
+JA6/E#
"FSFI>KA$KSFOLKJBKQ>I
$KDFKBBOFKD
%>@RIQV
88=6DE@?/OLCBPPLO#BM>OQJBKQ'B>A/E#
2Q>KCLOA4KFSBOPFQVK>QRO>IJ>QBOF>IP>KAELTQEBV
FKQBO>@QTFQEQEBBKSFOLKJBKQFKTEF@ETBIFSBCL@RPFKDLK
QEBCRKA>JBKQ>IMOL@BPPBPLC>APLOMQFLKAFPPLIRQFLK
DOLTQEBIB@QOLKQO>KPCBO>KA@>Q>IVPFP
#3F#2:= PPFPQ>KQ/OLCBPPLOLC3B>@EFKD/E#
6LO@BPQBO/LIVQB@EKF@(KPQFQRQB4KFQ.MBO>QFLKPLC
"EBJF@>I$KDFKBBOFKD6>QBO3OB>QJBKQ'VAO>RIF@P
$KSFOLKJBKQ>I.OD>KF@"EBJFPQOV
#=32?@ PPL@F>QB/OLCBPPLO/E#,>PP>@ERPBQQP
(KPQFQRQBLC3B@EKLILDVMBOCLOJ>K@B?>PBAABPFDKLC
?RFIAFKDPABPFDK>KA?BE>SFLOLC?RFIAFKDPQOR@QROBPFKhOB
@LKAFQFLKPFKQBDO>QFLKLCABPFDK>KA@LKPQOR@QFLK
!6C86?529= PPL@F>QB/OLCBPPLO/E#4KFSBOPFQVLC
"LKKB@QF@RQFKARPQOF>I>KAALJBPQF@T>PQBT>QBO
QOB>QJBKQM>OQF@RI>QBMOL@BPPBPFKQEBBKSFOLKJBKQ
@EBJF@>ILUFA>QFLKLC@LKQ>JFK>KQP
!F5=6 PPL@F>QB/OLCBPPLO/E#4KFSBOPFQVLC
,>PP>@ERPBQQP JEBOPQPROC>@BT>QBONR>IFQVAOFKHFKD
T>QBOQOB>QJBKQMR?IF@EB>IQE
+="@C49:/OLCBPPLO/E#4KFSBOPFQVLC-BT'>JMPEFOB
DI>PPh?BOOBFKCLO@BA@BJBKQ@LJMLPFQBPQBKPFIBQBPQFKD
QB@EKFNRBPJ>QBOF>IPARO>?FIFQV
*2CK:? PPFPQ>KQ/OLCBPPLOLC3B>@EFKD/E#4KFSBOPFQV
LC,>PP>@ERPBQQP JEBOPQ O@EFQB@QRO>I#BPFDK
2RPQ>FK>?IB!RFIAFKD3B@EKLILDFBP4O?>K,BQ>?LIFPJ-BQ
9BOL$JFPPFLK-BFDE?LOELLA!RFIAFKD$KBODV2FJRI>QFLK
OQFKPQ>II>QFLK,RPF@
*#:FDD:DE2?E'C@76DD@C/E#4KFSBOPFQVLC3BU>P>Q
RPQFKFKALLO>FONR>IFQVQEBOJ>I@LJCLOQ?RFIAFKDBKBODV
Bg@FBK@V@LJMRQ>QFLK>IiRFAAVK>JF@P
)$2==:4</OLCBPPLO>KA6EFQB"E>FO/E# R?ROK
4KFSBOPFQVKLKABPQOR@QFSBQBPQFKDEFDET>VABPFDK
M>SBJBKQJ>QBOF>I@E>O>@QBOFW>QFLK
''$2E9:D6? PPL@F>QB/OLCBPPLO/E#,>PP>@ERPBQQP
(KPQFQRQBLC3B@EKLILDVT>QBOOBPLRO@BP>KA
BKSFOLKJBKQ>IiRFAAVK>JF@P@LKQ>JFK>KQC>QB>KA
QO>KPMLOQFKDOLRKAT>QBO>KAPROC>@BT>QBOBU@E>KDBP
>@OLPPQEBPBAFJBKQT>QBOFKQBOC>@B
%)2932C PPL@F>QB/OLCBPPLO/E#/OFK@BQLK4KFSBOPFQV
>QLJFPQF@PFJRI>QFLKP?FLFKPMFOBAABPFDKLCJ>QBOF>IP
@LKQ>@QJB@E>KF@P>KA>AEBPFLK@LJMRQ>QFLK>IJ>QBOF>I
P@FBK@B
*2<F=:49 PPL@F>QB/OLCBPPLO/E##OBUBI4KFSBOPFQV
PRPQ>FK>?FIFQVLCFKCO>PQOR@QROBJ>QBOF>IP>IQBOK>QFSB
?FKABOP>KA>AS>K@BA@FSFIBKDFKBBOFKDPVPQBJP
$+2@ PPL@F>QB/OLCBPPLO/E#">PB6BPQBOK1BPBOSB
4KFSBOPFQVPLFIJB@E>KF@PDBLQB@EKF@>IM>SBJBKQ
BKDFKBBOFKDDBLJ>QBOF>I@E>O>@QBOFW>QFLK>KAJLABIFKD
*-2?6DD6= PPL@F>QB/OLCBPPLO/E#4KFSBOPFQVLC
%ILOFA>&>FKBPSFIIB>O@EFQB@QRO>IBKDFKBBOFKD?RFIAFKD
J>QBOF>IP
.2=<6C2@ET>?BO/OLCBPPLOLC$KSFOLKJBKQ>I
$KDFKBBOFKD/E#4KFSBOPFQVLC">IFCLOKF>(OSFKBT>QBO
NR>IFQVBJBODFKD@LKQ>JFK>KQPT>QBO>KAT>PQBT>QBO
QOB>QJBKQBKSFOLKJBKQ>IK>KLQB@EKLILDVJBJ?O>KB
MOL@BPPBP
/OLDO>JPLC2QRAV
3EB#BM>OQJBKQLC"FSFI>KA$KSFOLKJBKQ>I$KDFKBBOFKD
"$$LfBOPDO>AR>QBMOLDO>JPIB>AFKDQLQEBABDOBBPLC
J>PQBOLCP@FBK@BJ>PQBOLCBKDFKBBOFKD>KAAL@QLOLC
MEFILPLMEV3EBABM>OQJBKQ>IPLLfBOPDO>AR>QB>KA
>AS>K@BA@BOQFh@>QBMOLDO>JP%RII>KAM>OQQFJB
MOLDO>JPLCPQRAV>OB>S>FI>?IB
 6/(">Q>ILD
,>PQBOLC2@FBK@B>KA#L@QLOLC
/EFILPLMEV
3EBDO>AR>QBMOLDO>JPFK@FSFIBKDFKBBOFKD>KA
BKSFOLKJBKQ>IBKDFKBBOFKD>OB>OO>KDBAQLJBBQQEB
FKQBOBPQP>KAL?GB@QFSBPLCQEBFKAFSFAR>IPQRABKQ3EOLRDE
@LKPRIQ>QFLKTFQE>K>ASFPLO>KA>MMOLMOF>QBPBIB@QFLK
COLJQEB@LROPBPIFPQBAFKQEFP@>Q>ILDFKABMBKABKQ
DO>AR>QBPQRAV>KA@LK@BKQO>QBABfLOQFK>OBPB>O@ELO
MOLGB@Q>@QFSFQV>TBIIMI>KKBAMOLDO>JJ>V?B>@EFBSBA
2QRABKQPJ>VQ>HB>@@BMQ>?IB@LROPBPFKLQEBO
ABM>OQJBKQPLOQELPB>MMOLSBACLODO>AR>QB@OBAFQ3EB
@LJMIBQBMOLDO>JJRPQ?B>MMOLSBA?VQEBPQRABKQP
>ASFPLO>KAQEB&O>AR>QB/OLDO>J"LLOAFK>QLO
3EBC>@RIQVE>SB>?OL>AO>KDBLCQB>@EFKD>KAOBPB>O@E
FKQBOBPQP3EOLRDE@LROPBPMOLGB@QP>KAOBPB>O@EPQRABKQP
D>FKBU@BIIBKQMOBM>O>QFLKCLOOBT>OAFKD@>OBBOPFKJ>KV
PB@QLOPLCBKDFKBBOFKDFK@IRAFKD@LKPRIQFKDFKARPQOV
DLSBOKJBKQ>KABAR@>QFLK
&O>AR>QBMOLDO>JPJ>V?BABSBILMBAFKQEBCLIILTFKD
>OB>P
2QOR@QRO>I$KDFKBBOFKD
"LROPBPCOLJQEBPQOR@QRO>ILfBOFKDP@LJ?FKBATFQE
>MMOLMOF>QBJ>QEBJ>QF@PJB@E>KF@P>KALQEBO@LROPBP
MOLSFABLMMLOQRKFQFBPQLMROPRBMOLDO>JPO>KDFKDCOLJ
QEBLOBQF@>IJB@E>KF@P>KA>K>IVPFPQLPQOR@QRO>IABPFDK>KA
J>QBOF>IPOBPB>O@E3EBOB>OB>JMIBLMMLOQRKFQFBPCLO
OBPB>O@E>KAMOLGB@QTLOHFKJB@E>KF@PPQOR@QROBP>KA
@LKPQOR@QFLKRQFIFWFKD@>JMRPC>@FIFQFBP>KAFK@LLMBO>QFLK
TFQE>OB>@LKPRIQFKD>KA@LKQO>@QFKDhOJP3EBFKQBDO>QFLK
LCABPFDK>KA@LKPQOR@QFLKFKQL>@LEBPFSBJ>PQBO?RFIABO
MI>KLCPQRAFBPFP>S>FI>?IB
2LJB@ROOBKQ>KAOB@BKQPQOR@QRO>IBKDFKBBOFKDOBPB>O@E
QLMF@P>Q6/(FK@IRABPQOR@QRO>ISF?O>QFLK@LKQOLIPQOR@QRO>I
EB>IQEJLKFQLOFKDPVPQBJFABKQFh@>QFLKABPFDK>KA
>K>IVPFPLCPJ>OQPQOR@QROBPEFDEFJM>@QOBPMLKPB>K>IVPFP
@LKQOLI>KAJLKFQLOFKDQEOBBAFJBKPFLK>IAVK>JF@
OBPMLKPBLCQ>II?RFIAFKDPQLPQL@E>PQF@TFKAPQEBFKBI>PQF@
AVK>JF@OBPMLKPBLCQ>II?RFIAFKDPQLB>OQENR>HBP
BS>IR>QFLKLCPQOR@QRO>IMBOCLOJ>K@BAROFKDhOB@LKAFQFLKP
PQOR@QRO>IABPFDK>DBKQPCLO?RFIAFKDABPFDKhKFQBBIBJBKQ
JBQELAPCLOKLKIFKB>O>K>IVPFPhKFQBBIBJBKQ>K>IVPFPLC
PEBIIPQOR@QROBPCLOAVK>JF@>KAFKPQ>?FIFQV>K>IVPFP>KA
?LUDFOABO?OFADBP
$KSFOLKJBKQ>I$KDFKBBOFKD
3EBBKSFOLKJBKQ>IBKDFKBBOFKDMOLDO>JFPABPFDKBAQL
JBBQQEBKBBAPLCBKDFKBBOP>KAP@FBKQFPQPFKQEB
BKSFOLKJBKQ>IhBIA"LROPBTLOHMOLSFABP>PQOLKD
CLRKA>QFLKFK?LQEQEBQEBLOBQF@>I>KAMO>@QF@>I>PMB@QPLC
QEBBKSFOLKJBKQ>IBKDFKBBOFKDAFP@FMIFKBTEFIBMOLGB@Q
>KAOBPB>O@E>@QFSFQFBP>IILTCLOFKABMQEFKSBPQFD>QFLKLC
@ROOBKQ>KABJBODFKDQLMF@P"LROPBP>OBLfBOBAFKQEB
?OL>A>OB>PLCT>QBONR>IFQV>KAT>PQBQOB>QJBKQ3LMF@P
@LSBOBAFK@I>PPBPFK@IRABEVAO>RIF@P>KAEVAOLILDV
MEVPF@>I@EBJF@>I>KA?FLILDF@>IQOB>QJBKQPVPQBJPCLO
T>QBOT>PQBT>QBOE>W>OALRPT>PQB>KAFKARPQOF>IT>PQB
JLABIFKDLC@LKQ>JFK>KQQO>KPMLOQ>KAQO>KPCLOJ>QFLKP
T>QBONR>IFQV>KAT>QBOOBPLRO@BP
"ROOBKQOBPB>O@EFKQBOBPQPFKQEBBKSFOLKJBKQ>I
BKDFKBBOFKDMOLDO>JPM>K>TFABO>KDBLC>OB>P3EBPB
>OB>PFK@IRABJF@OL?F>I@LKQ>JFK>QFLKLCPLRO@BT>QBOP
@LIILFA>KAPROC>@B@EBJFPQOVMEVPFL@EBJF@>IQOB>QJBKQ
MOL@BPPBPAFPFKCB@QFLKMLIIRQFLKMOBSBKQFLKCLOFKARPQOFBP
QOB>QJBKQLCE>W>OALRP>KAFKARPQOF>IT>PQBPEVAO>RIF@
>KABKSFOLKJBKQ>IiRFAAVK>JF@P>KA@L>PQ>IMOL@BPPBP
@LKQ>JFK>KQC>QB>KAQO>KPMLOQFKDOLRKAT>QBO>KA
PROC>@BT>QBOBU@E>KDBP?BQTBBKPROC>@B>KAPR?PROC>@B
T>QBOP>KAPQLOJT>QBONR>IFQV@LKQOLI1BPB>O@EC>@FIFQFBP
FK@IRABQEB$KSFOLKJBKQ>I+>?LO>QLOV>KAPBSBO>I
@LJMRQFKDI>?LO>QLOFBP AAFQFLK>ILMMLOQRKFQFBP>OB
MOLSFABAQEOLRDE@LII>?LO>QFSBOBPB>O@EMOLGB@QPTFQE
KB>O?V IABK1BPB>O@E+>?LO>QLOV>KFKABMBKABKQ
EVAO>RIF@POBPB>O@EI>?LO>QLOVTFQEI>ODBP@>IB
BUMBOFJBKQ>IC>@FIFQFBP
&BLQB@EKF@>I$KDFKBBOFKD
"LROPBLfBOFKDPFKPLFIJB@E>KF@PDBLQB@EKF@>I>KA
DBLBKSFOLKJBKQ>IBKDFKBBOFKDJ>V?B@LJ?FKBATFQE
PQOR@QRO>IBKDFKBBOFKD>KABKDFKBBOFKDJB@E>KF@P@LROPBP
>PTBII>PLQEBO>MMOLMOF>QBRKFSBOPFQVLfBOFKDP
$KDFKBBOFKD>KA"LKPQOR@QFLK
#BPFDKBAQL>PPFPQQEBABSBILMJBKQLCMOLCBPPFLK>IP
HKLTIBADB>?IBFKQEBABPFDK@LKPQOR@QFLKBKDFKBBOFKD
MOL@BPPBPI>?LO>KAIBD>IOBI>QFLKP>KAQEBLOD>KFW>QFLK
>KARPBLC@>MFQ>I3EBMOLDO>JE>P?BBKABSBILMBACLO
QELPBPQRABKQPFKQBOBPQBAFKQEBABSBILMJBKQ>KA
@LKPQOR@QFLKLCI>ODBP@>IBC>@FIFQFBP3EBMOLDO>JFK@IRABP
CLROOBNRFOBA@LROPBP"$"$"$>KA%(-
%(-@>K?BPR?PQFQRQBA?V>KBNRFS>IBKQ@OBAFQELRO
@LROPB>MMOLSBA?VQEBABM>OQJBKQ(QJRPQ>IPLFK@IRAB
>KVQTLLCQEBCLIILTFKD@LROPBP"$"$"$
>KA"$3EBOBJ>FKFKD@LROPBPFK@IRAB>?>I>K@BA
@ELF@BCOLJLQEBO@FSFIBKDFKBBOFKD>KAJ>K>DBJBKQ
@LROPBP>P>MMOLSBA?VQEB>ASFPLO(QFPMLPPF?IBQL
FKQBDO>QB>MOLDO>JFKABPFDK>KA@LKPQOR@QFLKQLABSBILM
>@LEBPFSBJ>PQBO?RFIABOMI>KLCPQRAFBP @QFSB>OB>PLC
OBPB>O@EFK@IRABFKQBDO>QFLKLCABPFDK>KA@LKPQOR@QFLK
JLABIP>KAFKCLOJ>QFLKQB@EKLILDV@LLMBO>QFSB
>DOBBJBKQP>KAFKQBOK>QFLK>I@LKPQOR@QFLK
 6/(">Q>ILD
3O>KPMLOQ>QFLK$KDFKBBOFKD
3EBQO>KPMLOQ>QFLKBKDFKBBOFKDMOLDO>JFPQLMOLSFAB>
@BKQBOCLOBAR@>QFLK>KAOBPB>O@ECLOQEBBKDFKBBOPTEL
TFIIABPFDK?RFIA>KA@LKAR@Q@RQQFKDBADBOBPB>O@ELK
QO>KPMLOQ>QFLKFKCO>PQOR@QROB
3EBQO>KPMLOQ>QFLKBKDFKBBOFKDMOLDO>JFP>
JRIQFAFP@FMIFK>OVFKQBOABM>OQJBKQ>IMOLDO>JABPFDKBAQL
MOBM>OBPQRABKQPCLO@>OBBOPABPFDKFKDJ>FKQ>FKFKD>KA
J>K>DFKDQO>KPMLOQ>QFLKFKCO>PQOR@QROBPVPQBJP2QRABKQP
D>FKMOLh@FBK@VFKQO>KPMLOQ>QFLKBKDFKBBOFKDFKQTL
@LJMIBJBKQ>OVT>VPMOLGB@QP>KA@LROPBTLOH/OLGB@QP
CL@RPLKABSBILMFKDFJMOLSBAMO>@QF@>IJBQELAP
MOL@BAROBP>KAQB@EKFNRBP"LROPBTLOHFPCL@RPBALK
MO>@QF@>I>PMB@QPLCFKCO>PQOR@QROBQB@EKLILDVKBBABA?V
MO>@QF@FKDBKDFKBBOP
1BPB>O@EFKQEBQO>KPMLOQ>QFLKBKDFKBBOFKDMOLDO>JFP
PMLKPLOBA?V>S>OFBQVLCMOFS>QB>KADLSBOKJBKQ>I
LOD>KFW>QFLKPFK@IRAFKDQEB42%BABO>I'FDET>V
AJFKFPQO>QFLKQEB->QFLK>I"LLMBO>QFSB'FDET>V
1BPB>O@E/OLDO>JQEB,>PP>@ERPBQQP'FDET>V
#BM>OQJBKQ3EB,>FKB#BM>OQJBKQLC3O>KPMLOQ>QFLKQEB
-BT$KDI>KA3O>KPMLOQ>QFLK"LKPLOQFRJQEB->QFLK>I
2@FBK@B%LRKA>QFLK>KALQEBOP2LJBLCQEBJLOB>@QFSB
OBPB>O@E>OB>P?BFKDMROPRBAFKQEBQO>KPMLOQ>QFLK
BKDFKBBOFKDMOLDO>JFK@IRABJF@OLK>KL@E>O>@QBOFW>QFLK
>KAJF@OLK>KLJB@E>KF@PLC@LKPQOR@QFLKJ>QBOF>IP
PVKQEBPFWFKD=DOBBKBO@BJBKQFQFLRPJ>QBOF>IP
DBLMLIVJBOPCOLJFKARPQOF>IT>PQBPRKABOPQ>KAFKD
CRKA>JBKQ>I?BE>SFLOLCDO>KRI>OJ>QBOF>IPBKBODV
E>OSBPQFKDCOLJM>SBJBKQPOBAR@QFLKLCM>SBJBKQ
QBJMBO>QROBP>KARO?>KEB>QFPI>KABfB@QPEFDEOB@I>FJBA
>PME>IQM>SBJBKQ1 /OB@V@IFKDRPBLCDBLPVKQEBQF@P
ME>PB@E>KDFKDJ>QBOF>IP2RMBOM>SBQB@EKLILDV
M>SBJBKQPJLLQEKBPP>KAOFABNR>IFQVJB>PROBJBKQ
OB@V@IBA>PME>IQJ>QBOF>IP>KAFJMIBJBKQ>QFLKLC
FKKLS>QFLKFKQO>KPMLOQ>QFLKJ>K>DBJBKQ>KALQEBO
QO>KPMLOQ>QFLKOBI>QBAQLMF@P
(KQBOAFP@FMIFK>OV,2/OLDO>JFK
"LKPQOR@QFLK/OLGB@Q,>K>DBJBKQ
3EBFKQBOAFP@FMIFK>OV,2MOLDO>JFK@LKPQOR@QFLKMOLGB@Q
J>K>DBJBKQ@LJ?FKBPLfBOFKDPCOLJPBSBO>IAFP@FMIFKBP
FK@IRAFKD@FSFIBKDFKBBOFKDJ>K>DBJBKQP@FBK@B?RPFKBPP
>KAB@LKLJF@P1BNRFOBJBKQPCLOQEBABDOBB>OBPFJFI>OQL
QEBJ>PQBOLCP@FBK@BFKBKDFKBBOFKD>KA@LKPQOR@QFLK
J>K>DBJBKQMOLDO>J
,>PQBOLC$KDFKBBOFKD
3EBJ>PQBOLCBKDFKBBOFKDABDOBBFP>MOLCBPPFLK>I
MO>@QF@BLOFBKQBAABDOBB3EBABDOBBFP>S>FI>?IB?LQECLO
6/(RKABODO>AR>QBPQRABKQPTELTFPEQLOBJ>FK>QQEB
RKFSBOPFQVCLO>K>AAFQFLK>IVB>OQLL?Q>FK?LQE>?>@EBILO
LCP@FBK@B>KA>J>PQBOLCBKDFKBBOFKD>PTBII>PCLO
PQRABKQPMLPPBPPFKD>!2ABDOBBTELTFPEQLBKOLIIFK
DO>AR>QBP@ELLIQLPBBHQEFPABDOBB QMOBPBKQQEB,$
MOLDO>JFPLfBOBAFKQEBCLIILTFKDQTL>OB>PLC
@LK@BKQO>QFLK
,>PQBO!RFIABO
3EBJ>PQBO?RFIABOMOLDO>JFPABPFDKBACLOBKDFKBBOFKD
>KA@LKPQOR@QFLKMOLCBPPFLK>IPTELTFPEQL?BQQBO
RKABOPQ>KAQEBFKARPQOVP@LJMIBUAB@FPFLKJ>HFKD
BKSFOLKJBKQ>KAQL>@@BIBO>QBQEBFO@>OBBOM>QEP>P
BfB@QFSBMOLGB@QQB>JIB>ABOP
3EFPFP>MO>@QF@BLOFBKQBAMOLDO>JQE>Q?RFIAPRMLK>
MOLGB@Q?>PBA@ROOF@RIRJ>KARPBP>JRIQFAFP@FMIFK>OV
>MMOL>@EQLMOL?IBJPLISFKDCLOQEBFKQBDO>QFLKLC
MI>KKFKDABPFDK@LKPQOR@QFLK>KAC>@FIFQVJ>K>DBJBKQ(Q
BJME>PFWBPE>KAPLKBUMBOFBK@BTFQEFKCLOJ>QFLK
QB@EKLILDV>KAQB>JTLOH
$KSFOLKJBKQ>I
3EBBKSFOLKJBKQ>IJ>PQBOLCBKDFKBBOFKDMOLDO>J
@LK@BKQO>QBPLKQEB@LIIB@QFLKPQLO>DBQOB>QJBKQ>KA
AFPQOF?RQFLKLCFKARPQOF>I>KAJRKF@FM>IT>QBOOBPLRO@BP
>KALKMLIIRQFLKMOBSBKQFLK>KAQEBQOB>QJBKQ>KA
AFPMLP>ILCFKARPQOF>I>KAJRKF@FM>IT>PQBP
AJFPPFLK1BNRFOBJBKQP
%LOQEB,2
K !$3>@@OBAFQBA!2ABDOBBFK@FSFIBKDFKBBOFKDLO
>KLQEBO>@@BMQ>?IBBKDFKBBOFKDhBIAFPOBNRFOBACLO
>AJFPPFLKQLQEB,2MOLDO>JFK@FSFIBKDFKBBOFKD
MMIF@>KQP>OBBUMB@QBAQLE>SBQEBKB@BPP>OV>@>ABJF@
MOBM>O>QFLK>KA>MQFQRABQLPR@@BBAFK>@E>IIBKDFKD
DO>AR>QBMOLDO>J2QRABKQPTELALKLQE>SB>K !$3
>@@OBAFQBA!2ABDOBBJ>VTFPEQLBKOLIIFKQEB
FKABOAFP@FMIFK>OV,2MOLDO>J
%LOQEBBKSFOLKJBKQ>IBKDFKBBOFKDMOLDO>J>!2ABDOBB
FK@FSFI@EBJF@>ILOJB@E>KF@>IBKDFKBBOFKDFPKLOJ>IIV
OBNRFOBA'LTBSBOPQRABKQPTFQE>!2FKLQEBO
BKDFKBBOFKDAFP@FMIFKBP>PTBII>PMEVPF@>I>KAIFCBP@FBK@BP
>OBBIFDF?IBMOLSFABAQEBVE>SBJBQQEBRKABODO>AR>QB
J>QE>KAP@FBK@BOBNRFOBJBKQPLCQEB@FSFI>KA
BKSFOLKJBKQ>IBKDFKBBOFKDMOLDO>J @LROPBFKQEB>OB>
LCiRFAJB@E>KF@PFP>IPLOBNRFOBA PCLOQEB@FSFI
BKDFKBBOFKDABDOBBMOLDO>J>MMIF@>KQP>OBBUMB@QBAQL
E>SBQEBKB@BPP>OV?>@HDOLRKAMOBM>O>QFLK>KA>MQFQRAB
QLPR@@BBAFK>@E>IIBKDFKDDO>AR>QBMOLDO>J II
DO>AR>QBPLCQEFPLMQFLKTFIIOB@BFSB>J>PQBOLCP@FBK@BFK
BKSFOLKJBKQ>IBKDFKBBOFKD
 6/(">Q>ILD
%LOQEBFKQBOAFP@FMIFK>OV,2MOLDO>JFK@LKPQOR@QFLK
MOLGB@QJ>K>DBJBKQPQRABKQPTFQEABDOBBPFK>OB>PPR@E
>P>O@EFQB@QROBJ>K>DBJBKQBKDFKBBOFKD>KA@FSFI
BKDFKBBOFKDQB@EKLILDV>OBKLOJ>IIV>@@BMQBAQLQEFP
MOLDO>J,>K>DBJBKQBKDFKBBOFKDPQRABKQPJ>V?B
OBNRFOBAQL@LJMIBQBRMQLLKBVB>OLCRKABODO>AR>QB@FSFI
BKDFKBBOFKD@LROPBP?BCLOBTLOHFKDLKQEB,2
%LOQEB,$
!2ABDOBBFK@FSFIBKDFKBBOFKDLO>KLQEBO>@@BMQ>?IB
BKDFKBBOFKDhBIAFPOBNRFOBACLO>AJFPPFLKQLQEB,$
MOLDO>JFK@FSFIBKDFKBBOFKD
%LOQEB/E#
/E#>MMIF@>KQPJRPQE>SBB>OKBA>?>@EBILOPLOJ>PQBOP
ABDOBB MMIF@>KQPTFII?BBS>IR>QBA?>PBALKQEBFO
>@>ABJF@?>@HDOLRKAMOLCBPPFLK>IBUMBOFBK@B>KALQEBO
PRMMLOQFKD>MMIF@>QFLKJ>QBOF>I PQEBAFPPBOQ>QFLKFP>
PFDKFh@>KQM>OQLCQEB/E#>MMIF@>KQP>OBBK@LRO>DBA
MOFLOQLPR?JFQQFKD>K>MMIF@>QFLKQLJ>HB@LKQ>@QTFQE
"$$C>@RIQVMBOCLOJFKDOBPB>O@EFKQEB>OB>QEB>MMIF@>KQ
TFPEBPQLMROPRB
"FSFI>KA$KSFOLKJBKQ>I
$KDFKBBOFKD+>?LO>QLOFBP
3EBABM>OQJBKQE>PhSB@FSFI>KABKSFOLKJBKQ>I
BKDFKBBOFKDI>?LO>QLOFBP$KSFOLKJBKQ>I+>?&BLQB@EKF@>I
+>?,>QBOF>IP2QOR@QRO>I+>?2QOR@QRO>I(JM>@Q+>?>KA
/>SBJBKQ$KDFKBBOFKD+>?MIRPQEOBB@LJMRQBO
I>?LO>QLOFBPIL@>QBATFQEFK*>SBK'>II3EB"$$I>?LO>QLOFBP
>OBRPBA?V>II@FSFI>KABKSFOLKJBKQ>IBKDFKBBOFKD
PQRABKQP>KAC>@RIQV3EB@LJMRQBOI>?LO>QLOFBP>OBLMBK
QL>II6/(PQRABKQP>KAC>@RIQV4PBPCLO>III>?LO>QLOFBP
FK@IRABCLOJ>I@I>PPBPPQRABKQMOLGB@QPOBPB>O@EMOLGB@QP
>KARKPRMBOSFPBAPQRABKQ>@QFSFQFBP
"LJMRQBO+>?LO>QLOFBP
3EB"$$#BM>OQJBKQE>P>KRJ?BOLC@LJMRQBO
I>?LO>QLOFBPQE>Q>OBIL@>QBAFK*>SBK'>II>KA@LKKB@QBA
QL6/(PKBQTLOH3EB@LJMRQBOI>?LO>QLOFBP@LKQ>FKRMQL
A>QB@LJMRQBOPKBQTLOH@LKKB@QFLKP>KAMOBPBKQ>QFLK
PVPQBJP3EBV>OBRPBACLO@LROPBPDOLRMMOLGB@QTLOH>KA
OBPB>O@E
%RIIBO$KSFOLKJBKQ>I
+>?LO>QLOV
3EB%RIIBO+>?LO>QLOVFPABPFDKBACLOPQ>QBLCQEB>OQ
BKSFOLKJBKQ>I>K>IVPBPFK@IRAFKDT>QBO>KAT>PQBT>QBO
QBPQFKD>KAQOB>Q>?FIFQVPQRAFBP,>GLOBNRFMJBKQFK@IRABP
>KFKAR@QFSBIV@LRMIBAMI>PJ>J>PPPMB@QOLJBQBOQLQ>I
LOD>KF@@>O?LK>K>IVWBO455FPPMB@QOLMELQLJBQBO
M>OQF@IB@LRKQBO>KFLK@EOLJ>QLDO>ME>KAQTLD>P
@EOLJ>QLDO>MEP ILKDTFQE>K@FII>OVBNRFMJBKQPR@E>P
>@BKQOFCRDB>RQL@I>SBFK@R?>QLOP?>I>K@BPM'JBQBOP
>KAT>QBOMROFh@>QFLKPVPQBJQEBI>?LO>QLOVFPBNRFMMBA
CLO>?OL>AO>KDBLCMEVPF@>I@EBJF@>I>KA?FLILDF@>I
QBPQFKD3EBI>?LO>QLOVFPPE>OBA?VDO>AR>QBOBPB>O@E
MOLGB@QPDO>AR>QB>KARKABODO>AR>QB@LROPBPBD"$
$KSFOLKJBKQ>I$KDFKBBOFKD+>?LO>QLOV>KA
RKABODO>AR>QBMOLGB@QP
&BL6>QBO1BPLRO@BP
+>?LO>QLOV
3EBDBLT>QBOOBPLRO@BPI>?LO>QLOVFP>iBUF?IBQB>@EFKD
>KAOBPB>O@EPM>@BQE>QMOLSFABPPRMMLOQCLOOBPB>O@E
RKABODO>AR>QB>KADO>AR>QBMOLGB@QP>KA@LROPBPFKQEB
>OB>PLCDBLQB@EKF@>IBKDFKBBOFKD>KAT>QBOOBPLRO@BP3EB
I>?LO>QLOVMOLSFABP?BK@EQLMI>?LO>QLOVPM>@BCLO
@LJMIBQFKDPLFI>KAT>QBONR>IFQV>K>IVPBP>iBUF?IB>OB>
CLOTLOHFKDTFQEI>ODBOI>?@LKhDRO>QFLKPQE>Q@>KKLQ?B
MI>@BALKQEB?BK@EQLMPM>@BCLOMOBM>OFKDBNRFMJBKQ
>KAPRMMIFBPCLOhBIAFKSBPQFD>QFLKP>KA>PB@ROB>OB>CLO
QBPQFKDABSBILMFKD>KAPQLOFKD?LQEhBIA>KAI>?LO>QLOV
BNRFMJBKQ+>?LO>QLOVBNRFMJBKQFK@IRABPCRIIV
>RQLJ>QBAPQOBPPM>QE@LKQOLIQOF>UF>IQBPQFKDPVPQBJ
iBUF?IBT>IIMBOJB>JBQBO>KALQEBOABSF@BPCLO
ABQBOJFKFKD?>PF@PLFIMOLMBOQFBP>KA>K>NR>OFRJ>KA
S>OFBQVLCQ>KHPCLOABJLKPQO>QFKD>KAQBPQFKDBNRFMJBKQ
FKT>QBO%FBIABNRFMJBKQFK@IRABPiLTJBQBOPMRJMPCLO
DOLRKAT>QBOP>JMIFKDJRIQFM>O>JBQBOT>QBONR>IFQV
JLKFQLOFKD>KA>S>OFBQVLCBNRFMJBKQCLOEVAOLILDF@
JLKFQLOFKD>KAT>QBONR>IFQVQBPQFKD
,>QBOF>IP2QOR@QRO>I+>?LO>QLOV
3EB,>QBOF>IP2QOR@QRO>I+>?LO>QLOVFPPBQRMCLOJ>QBOF>IP
>KAPQOR@QROBPQBPQFKD3EBI>?LO>QLOVFPRQFIFWBACLO
RKABODO>AR>QBQB>@EFKD>KAMOLGB@QP>KADO>AR>QB
OBPB>O@E3EBI>?LO>QLOVFPBNRFMMBACLOOBPB>O@E>@QFSFQFBP
FK@IRAFKD@LKPQOR@QFLKJ>QBOF>IPMOL@BPPFKD>KAQBPQFKD
,>QBOF>IPQBPQBAFKQEFPI>?FK@IRABMLOQI>KA@BJBKQ
@LK@OBQB>PME>IQ>KAh?BO@LJMLPFQBP3EBI>?LO>QLOVE>P
PBSBO>II>ODBIL>AJB@E>KF@>IQBPQFKDJ>@EFKBP
/>SBJBKQ1BPB>O@E+>?LO>QLOV
3EBM>SBJBKQOBPB>O@EI>?LO>QLOVMOLSFABPPRMMLOQCLO
DO>AR>QBOBPB>O@E>KA@LROPBP3EBPQ>QBLCQEB>OQ>OO>VLC
BNRFMJBKQFK@IRABP@LJM>@QLOJLFPQROBPRP@BMQF?FIFQV
QBPQFKDBNRFMJBKQIL>ABATEBBIQBPQBO>KABUQO>@QFLK>KA
OB@LSBOVBNRFMJBKQ3EBI>?LO>QLOV@LKQ>FKPPLJBLCQEB
 6/(">Q>ILD
JLPQ>AS>K@BAQBPQFKDBNRFMJBKQ\JLPQKLQ>?IBLCQEBPB
>OBQEBJ>QBOF>IQBPQFKDPVPQBJQEB,LABI,L?FIB+L>A
2FJRI>QLO>KA>K>OO>VLC-LK#BPQOR@QFSB3BPQFKD
BNRFMJBKQ@LKPFPQFKDLCQEB/LOQ>?IB2BFPJF@/OLMBOQV
K>IVWBO%>IIFKD6BFDEQ#BiB@QLJBQBO>KA&OLRKA
/BKBQO>QFKD1>A>O J>GLOCL@RPLCQEBM>SBJBKQ
BKDFKBBOFKDMOLDO>JFPLKQEBFKQBDO>QFLKLC
RKABODO>AR>QB>KADO>AR>QB@ROOF@RIRJTFQEOBPB>O@E
MOLGB@QPCRKABA?VQEB,>FKB#BM>OQJBKQLC
3O>KPMLOQ>QFLK%BABO>I'FDET>V AJFKFPQO>QFLK-BT
$KDI>KA3O>KPMLOQ>QFLK"LKPLOQFRJ>KA->QFLK>I2@FBK@B
%LRKA>QFLK
2QOR@QRO>I,B@E>KF@P(JM>@Q
+>?LO>QLOV
3EB2QOR@QRO>I,B@E>KF@P(JM>@Q+>?LO>QLOVFP>QB>@EFKD
>KAOBPB>O@EI>?LO>QLOV3EBFJM>@QI>?LO>QLOVFPRPBAQL
BUMILOBQEB?BE>SFLOLCJ>QBOF>IP>KA@LJMLKBKQPFK
@LIIFPFLKP
3EB2QOR@QRO>I,B@E>KF@P(JM>@Q+>?LO>QLOV@LKPFPQPLCQEB
CLIILTFKDJ>GLOMFB@BPLCBNRFMJBKQ
] K(KPQOLK#VK>QRM,LABI
] (KPQORJBKQBA(JM>@Q3BPQ2VPQBJ
] EFDEPMBBASFABL@>JBO>PVPQBJ
] A>Q>>@NRFPFQFLKPVPQBJ
] I>ODBJ>PPAOLMQLTBO
] PM>@B@LKQOLIABPH>KA
] ->QFLK>I(KPQORJBKQ+>?5FBT
,>PQBOLC$KDFKBBOFKDFK"FSFI$KDFKBBOFKD
%LOQEB,$
3EBJ>PQBOLCBKDFKBBOFKDABDOBBOBNRFOBPQEB@LJMIBQFLK
LC>KFKQBDO>QBAMOLDO>JLCPQRAVQE>QFPCLOJRI>QBATFQE>
"$$C>@RIQV>ASFPLO>QQEBPQ>OQLCQEB@LROPBLCPQRAV3EB
MOLDO>J>KAPR?PBNRBKQJLAFh@>QFLKPQEBOBLCJRPQ?B
PR?JFQQBAQL>KA>MMOLSBA?VQEB"$$ABM>OQJBKQEB>ALO
QEB&O>AR>QB/OLDO>J"LLOAFK>QLOTEBKQEBV>OB
ABSBILMBALO@E>KDBA3EBMOLDO>JOBNRFOBPQEB
@LJMIBQFLKLCPBJBPQBOELROPLC@OBAFQ3EBCLIILTFKD
>@QFSFQFBPJRPQ?BCRIhIIBAQEOLRDE@LJMIBQFLKLCQEB
@LROPBPKLQBALO?V>MMOLMOF>QBAL@RJBKQ>QFLK?VQEB
ABM>OQJBKQEB>ALODO>AR>QBMOLDO>J@LLOAFK>QLO
BUMBOFBK@BTFQE@LJMIBUMOLGB@QJ>K>DBJBKQ"$
AS>K@BA/OLGB@Q@LJMBQBK@BFKFKQBDO>QFLKLC@LJMRQBO
>MMIF@>QFLKP>KAFKCLOJ>QFLKQB@EKLILDV"$!RFIAFKD
(KCLOJ>QFLK,LABIFKD>KAHKLTIBADBFKQEB>OB>LC
MOLCBPPFLK>I?RPFKBPPMO>@QF@BP>KABQEF@P"$
/OLCBPPFLK>I/O>@QF@B3EBMOLDO>JPE>II>IPLFK@IRAB
@LROPBTLOHFK>QIB>PQQTLPR?hBIAPLC@FSFI>KA
BKSFOLKJBKQ>IBKDFKBBOFKDQE>Q>OBOBI>QBAQLQEB,$>OB>
LCPMB@F>IFW>QFLK
3EBMOFJ>OVPR?hBIATFIIMOLSFABQEBPQRABKQTFQE
@LJMBQBK@BOBNRFOBACLOQEB>K>IVPFPLCMOL?IBJP
BK@LRKQBOBAFKMO>@QF@B>KAQEBABPFDKLCBKDFKBBOFKD
MOL@BPPBPPVPQBJP>KAC>@FIFQFBP2R?hBIAP>OB@ROOBKQIV
>S>FI>?IBFKPQOR@QRO>IBKDFKBBOFKDBKDFKBBOFKD>KA
@LKPQOR@QFLKJ>K>DBJBKQEFDET>V>KAQO>KPMLOQ>QFLK
BKDFKBBOFKDDBLQB@EKF@>IBKDFKBBOFKDJ>QBOF>IP
BKDFKBBOFKDDBLEVAOLILDVT>QBONR>IFQVJ>K>DBJBKQ
T>QBOOBPLRO@BPT>PQBJ>K>DBJBKQ>KAFJM>@Q
BKDFKBBOFKD3EBPR?hBIAOBNRFOBJBKQP>OBP>QFPhBA?V
@LJMIBQFKDQTLQEBJ>QF@>IIVOBI>QBADO>AR>QB@LROPBPQE>Q
E>SB?BBK>DOBBARMLK?V?LQEQEBPQRABKQ>KAQEB
>ASFPLO>P>MMOLMOF>QBQLQEBMOLDO>JLCPQRAV(K>AAFQFLK
QLQEBPR?hBIAPKLQBA>?LSBLQEBO>MMOLMOF>QB>OB>PJ>V
?BFABKQFhBA>PILKD>PFQFP@IB>OQE>QQEB@LROPBPOBMOBPBKQ
>AS>K@BATLOH>KA@LJMIBJBKQQEBMOLDO>J"LROPBTLOH
>KALQEBO>@>ABJF@BUMBOFBK@BPQLCRIhIIQEFPOBNRFOBJBKQ
TFII?BABhKBAFKQEBFKQBDO>QBA/I>KLC2QRAV>QQEBPQ>OQ
LCQEBMOLDO>J
+C2?D76C36EH66?$*2?5$'C@8C2>
PQRABKQJ>VQO>KPCBOCOLJQEB,$MOLDO>JQLQEB,2
MOLDO>J>Q>KVQFJB PQRABKQJ>VQO>KPCBOCOLJQEB,2
MOLDO>JQLQEB,$MOLDO>JLKIV>CQBO>KFKQBDO>QBA
MOLDO>JLCPQRAVE>P?BBK>DOBBARMLK?VQEBPQRABKQ
>KAQEB>ASFPLOFKQEB>OB>LC@LK@BKQO>QFLK>KA>MMOLSBA
?VQEB"$$ABM>OQJBKQEB>ALOQEB&O>AR>QB/OLDO>J
"LLOAFK>QLO
+JA6,>PQBOLC$KDFKBBOFKD
,2FK"FSFI$KDFKBBOFKD
%LOQEB,2
3EB@LJMIBQFLKLCPBJBPQBOELROPLC@OBAFQLCTEF@E
@OBAFQPJRPQ?BOBPB>O@ELOMOLGB@QTLOHFPOBNRFOBA 
KLKQEBPFP>IQBOK>QFSB@LKPFPQFKDLCPBJBPQBOELROPFP
>IPL>S>FI>?IB(K>AAFQFLKQL@FSFI>KABKSFOLKJBKQ>I
BKDFKBBOFKD@LROPBPPQRABKQP>IPLJ>VQ>HB@LROPBP
OBIBS>KQQLQEBFOJ>GLO>OB>COLJLQEBOABM>OQJBKQP
2QRABKQPTELALKLQE>SBQEB>MMOLMOF>QBRKABODO>AR>QB
?>@HDOLRKACLOQEBDO>AR>QB@LROPBPFKQEBFOMOLDO>JJ>V
?BOBNRFOBAQLPRMMIBJBKQQEBPBJBPQBOELROPTFQE
>AAFQFLK>IRKABODO>AR>QBPQRAFBP
+C2?D76C36EH66?$*2?5$'C@8C2>
PQRABKQJ>VQO>KPCBOCOLJQEB,$MOLDO>JQLQEB,2
MOLDO>J>Q>KVQFJB PQRABKQJ>VQO>KPCBOCOLJQEB,2
MOLDO>JQLQEB,$MOLDO>JLKIV>CQBO>KFKQBDO>QBA
 6/(">Q>ILD
MOLDO>JLCPQRAVE>P?BBK>DOBBARMLK?VQEBPQRABKQ
>KAQEB>ASFPLOFKQEB>OB>LC@LK@BKQO>QFLK>KA>MMOLSBA
?VQEB"$$ABM>OQJBKQEB>ALOQEB&O>AR>QB/OLDO>J
"LLOAFK>QLO
+JA6,>PQBOLC2@FBK@B
,2FK$KSFOLKJBKQ>I$KDFKBBOFKD
%LOQEB,2
3EB@LJMIBQFLKLCPBJBPQBOELROPLC@OBAFQLCTEF@E
@OBAFQPJRPQ?BOBPB>O@ELOMOLGB@QTLOHFPOBNRFOBA 
KLKQEBPFP>IQBOK>QFSB@LKPFPQFKDLCPBJBPQBOELROPFP
>IPL>S>FI>?IB(K>AAFQFLKQL@FSFI>KABKSFOLKJBKQ>I
BKDFKBBOFKD@LROPBPPQRABKQP>IPLJ>VQ>HB@LROPBP
OBIBS>KQQLQEBFOJ>GLO>OB>COLJLQEBOABM>OQJBKQP
2QRABKQPTELALKLQE>SBQEB>MMOLMOF>QBRKABODO>AR>QB
?>@HDOLRKACLOQEBDO>AR>QB@LROPBPFKQEBFOMOLDO>JJ>V
?BOBNRFOBAQLPRMMIBJBKQQEBPBJBPQBOELROPTFQE
>AAFQFLK>IRKABODO>AR>QBPQRAFBP
+JA6,>PQBOLC2@FBK@B
/E#FK"FSFI$KDFKBBOFKD
%LOQEB/E#
#L@QLO>IPQRABKQPJRPQP>QFPC>@QLOFIV@LJMIBQB>NR>IFCVFKD
BU>JFK>QFLK>AJFKFPQBOBATFQEFKQEBhOPQ@OBAFQPLC
>AJFPPFLKFKQLQEB/E#MOLDO>J3EBMROMLPBLCQEB
NR>IFCVFKDBU>JFK>QFLKFPQL>PPBPPQEBPQRABKQP>?FIFQVQL
PR@@BBA>QQEB/E#IBSBI>KA>IPLQLFABKQFCVPQOBKDQEP>KA
TB>HKBPPBPFKLOABOQLMI>K>K>MMOLMOF>QBPBNRBK@BLC
@LROPBP3EBBU>JFP>AJFKFPQBOBA?V>CLROJBJ?BO
@LJJFQQBB@LKPFPQFKDLCQEBJ>GLO>ASFPLO>KAQEOBBLQEBO
JBJ?BOPPBIB@QBA?VQEBJ>GLO>ASFPLO
(K>AAFQFLKQLQEBRKFSBOPFQVOBNRFOBJBKQPCLOQEB/E#
ABDOBBQEB"$$ABM>OQJBKQOBNRFOBPPQRABKQPQLBPQ>?IFPE
>JFKLO>KAQLM>PP>@LJMOBEBKPFSBBU>JFK>QFLK
2QRABKQPJRPQBPQ>?IFPE>JFKLOLRQPFABQEBFOJ>GLO>OB>
3EFPJ>V?B>@@LJMIFPEBATFQEQEOBB@LROPBPFKQEB
>MMOLSBAJFKLO>OB>.KBJBJ?BOLCQEBPQRABKQP
AFPPBOQ>QFLK@LJJFQQBBPELRIAOBMOBPBKQQEBJFKLO>OB>
3EBPQRABKQPAFPPBOQ>QFLK@LJJFQQBBE>PQEB>RQELOFQVQL
J>HBAB@FPFLKPLK>@>ABJF@J>QQBOP>PPL@F>QBATFQEQEB
/E#MOLDO>J3L?B@LJB>@>KAFA>QBCLOQEBAL@QLO>QB
QEBPQRABKQJRPQM>PP>@LJMOBEBKPFSBBU>JFK>QFLK
>AJFKFPQBOBA?VQEBPQRABKQPAFPPBOQ>QFLK@LJJFQQBB3EB
@>KAFA>QBLK@LJMIBQFLK>KAPR?JFPPFLKLCQEB
AFPPBOQ>QFLKJRPQABCBKAFQQLQEBP>QFPC>@QFLKLCQEB
AFPPBOQ>QFLK@LJJFQQBB
IICRIIQFJB/E#PQRABKQPTFII?BOBNRFOBAQL@LJMIBQBQEB
"$&O>AR>QB2BJFK>OLOBNRFS>IBKQQEOBBQFJBPTFQE>
M>PPFKDDO>AB/E#PQRABKQPTFII?BOBNRFOBAQLMOBPBKQFK
QEB&O>AR>QB2BJFK>O>QIB>PQLK@BAROFKDQEBFOMOLDO>JLC
PQRAV
+JA6/E#
"IFJ>QB"E>KDB A>MQ>QFLK
%>@RIQV
**EC2FDD#FOB@QLO>KA/OLCBPPLO/E#4KFSBOPFQVLC
/BKKPVIS>KF>BKBODVDIL?>IBKSFOLKJBKQ>I@E>KDBT>QBO
>KATB>QEBOOFPHPMBO@BMQFLKP>KAPL@FBQ>IFJM>@QP
@RIQRO>I@LK@BMQFLKPLCEB>IQE>KAFIIKBPPQO>KPK>QFLK>I
@RIQRO>IMOL@BPPBP>KAMO>@QF@BPJLRKQ>FKOBDFLKP IMP
'FJ>I>V>1L@HFBP(KAF>2TFQWBOI>KA2@LQI>KA
!F5=6"L#FOB@QLO>KA PPL@F>QB/OLCBPPLO/E#
4KFSBOPFQVLC,>PP>@ERPBQQP JEBOPQPROC>@BT>QBONR>IFQV
AOFKHFKDT>QBOQOB>QJBKQMR?IF@EB>IQE
#3F#2:= PPFPQ>KQ3B>@EFKD/OLCBPPLO/E#6LO@BPQBO
/LIVQB@EKF@(KPQFQRQBRKFQLMBO>QFLKPLC@EBJF@>I
BKDFKBBOFKDT>QBOQOB>QJBKQEVAO>RIF@PBKSFOLKJBKQ>I
LOD>KF@@EBJFPQOV
$6=K PPL@F>QB3B>@EFKD/OLCBPPLO/E#*>KP>P2Q>QB
4KFSBOPFQV@RIQRO>IDBLDO>MEV>O@EFQB@QROB>KA
ABSBILMJBKQ
!6C86?529= PPL@F>QB/OLCBPPLO/E#4KFSBOPFQVLC
"LKKB@QF@RQFKARPQOF>I>KAALJBPQF@T>PQBT>QBO
QOB>QJBKQM>OQF@RI>QBMOL@BPPBPFKQEBBKSFOLKJBKQ
@EBJF@>ILUFA>QFLKLC@LKQ>JFK>KQP
!$2G:D PPFPQ>KQ3B>@EFKD/OLCBPPLO/E#,BJLOF>I
4KFSBOPFQVLC-BTCLRKAI>KADBLDO>MEV
!@:C@? PPFPQ>KQ3B>@EFKD/OLCBPPLO/E#!LPQLK
4KFSBOPFQVEFDEBOBAR@>QFLKIB>ABOPEFMFKKLS>QFLK
88=6DE@?/OLCBPPLO#BM>OQJBKQ'B>ALC"FSFI>KA
$KSFOLKJBKQ>I$KDFKBBOFKD/E#2Q>KCLOA4KFSBOPFQV
K>QRO>IJ>QBOF>IP>KAELTQEBVFKQBO>@QTFQEQEB
BKSFOLKJBKQFKTEF@ETBIFSBCL@RPFKDLKQEB
CRKA>JBKQ>IMOL@BPPBPLC>APLOMQFLKAFPPLIRQFLKDOLTQE
BIB@QOLKQO>KPCBO>KA@>Q>IVPFP
"@@ PPFPQ>KQ3B>@EFKD/OLCBPPLO/E#"I>OH4KFSBOPFQV
RO?>KDBLDO>MEVERJ>KBKSFOLKJBKQDBLDO>MEV
I>KAP@>MB>O@EFQB@QROB
 6/(">Q>ILD
"FC=2?D<2 PPFPQ>KQ3B>@EFKD/OLCBPPLO/E#2Q>QB
4KFSBOPFQVLC-BT8LOH>Q I?>KVIFSBIFELLAPQRAFBP
@LJJRKFQVB@LKLJVPL@F>I>KAPLIFA>OFQVB@LKLJV
@LJJRKFQVABSBILMJBKQ
*#6'286(KPQOR@QLO,26LO@BPQBO/LIVQB@EKF@(KPQFQRQB
RO?>K>KABKSFOLKJBKQ>IMI>KKFKDPQLOJT>QBO
J>K>DBJBKQPRPQ>FK>?IBPLIRQFLKPQLCLLAT>QBO>KA
BKBODVJ>K>DBJBKQ
''$2E9:D6? PPL@F>QB/OLCBPPLO/E#,>PP>@ERPBQQP
(KPQFQRQBLC3B@EKLILDVT>QBOOBPLRO@BP>KA
BKSFOLKJBKQ>IiRFAAVK>JF@P@LKQ>JFK>KQC>QB>KA
QO>KPMLOQFKDOLRKAT>QBO>KAPROC>@BT>QBOBU@E>KDBP
>@OLPPQEBPBAFJBKQT>QBOFKQBOC>@B
*$42F=6J PPL@F>QB3B>@EFKD/OLCBPPLO/E#"I>OH
4KFSBOPFQVERJ>KBKSFOLKJBKQDBLDO>MEVRO?>K
DBLDO>MEV&(2
'76:76C PPL@F>QB3B>@EFKD/OLCBPPLO/E#4KFSBOPFQVLC
2LRQE%ILOFA>MEFILPLMEVPL@F>I>KAMLIFQF@>IMEFILPLMEV
DIL?>IGRPQF@B>KADIL?>IFW>QFLK
)@D3249 PPL@F>QB3B>@EFKD/OLCBPPLO/E#5FODFKF>
3B@EMI>KKFKDDLSBOK>K@B>KADIL?>IFW>QFLK
*9@4<6J PPL@F>QB3B>@EFKD/OLCBPPLO/E#!O>KABFP
4KFSBOPFQVBKSFOLKJBKQ>IPL@FLILDV@IFJ>QB@E>KDB
BQEKLDO>MEV
**E2?=:4< PPFPQ>KQ/OLCBPPLO/E#+BEFDE4KFSBOPFQV
IB>OKFKDP@FBK@BP>KAQB@EKLILDVDIL?>I@FQFWBKPEFM
#*E@552C5 PPL@F>QB3B>@EFKD/OLCBPPLO/E#"I>OH
4KFSBOPFQVERJ>KBKSFOLKJBKQDBLDO>MEV
*+F=6C PPL@F>QB/OLCBPPLO/E#"I>OH4KFSBOPFQV
BKSFOLKJBKQ>IP@FBK@B>KAMLIF@V@IFJ>QB@E>KDB
.2=<6C2@ET>?BO/OLCBPPLOLC$KSFOLKJBKQ>I
$KDFKBBOFKD/E#4KFSBOPFQVLC">IFCLOKF>(OSFKBT>QBO
NR>IFQVBJBODFKD@LKQ>JFK>KQPT>QBO>KAT>PQBT>QBO
QOB>QJBKQBKSFOLKJBKQ>IK>KLQB@EKLILDVJBJ?O>KB
MOL@BPPBP
/OLDO>JLC2QRAV
3EB"IFJ>QB"E>KDB A>MQ>QFLK"" MOLDO>JLfBOP
DO>AR>QBPQRAFBPQLT>OA>K,2ABDOBBTFQEQEBLMQFLKCLO
M>OQF@FM>QFKDFKQEB!2,2MOLDO>J3EB"" MOLDO>J
?RFIAPLK6/(PAFPQFK@QFSBFKQBOAFP@FMIFK>OVMOLGB@Q?>PBA
>MMOL>@EDFSFKDPQRABKQPQO>FKFKDQLPRMMLOQ@LJJRKFQFBP
>KALOD>KFW>QFLKP>PQEBV>A>MQQLQEBFJM>@QPLC>
@E>KDFKD@IFJ>QB>OLRKAQEBDIL?B3EBMOLDO>JRPBP>
@LELOQ?>PBAPQOR@QROBQLFKQBDO>QBPQRABKQPCOLJQB@EKF@>I
>KAPL@F>IP@FBK@B?>@HDOLRKAFKQLQO>KPAFP@FMIFK>OVQB>JP
QLD>FK@LII>?LO>QFSB>KA@LJM>O>QFSBMBOPMB@QFSBPLK
>A>MQ>QFLKPQO>QBDFBP3EBMOLDO>JFPABPFDKBAQLCLIILT>
CRIIQFJB@LELOQ?>PBAJLABI?RQIFJFQBAiBUF?FIFQVBUFPQP
QL@LSBOQEB@LROPBTLOHLSBO>MBOFLALCQFJBILKDBOQE>K
QEBMOBP@OF?BAJLKQEJLABI
AJFPPFLKP1BNRFOBJBKQP
">KAFA>QBPCLO>AJFPPFLKQLQEB,2MOLDO>JJRPQJBBQ
6/(POBNRFOBJBKQP>KA>OBBUMB@QBAQLE>SB>?>@EBILOP
ABDOBBFKPL@F>IP@FBK@BBKSFOLKJBKQ>IPQRAFBPP@FBK@B
MEVPF@>IP@FBK@BP?FLILDF@>IP@FBK@BPBKDFKBBOFKDLOLQEBO
OBIBS>KQhBIATFQE>JFKFJRJ&/ 
&IL?>I/OLGB@Q"BKQBOP
3EB6/(&IL?>I/OLGB@QP/OLDO>J>IILTP6/(PQRABKQPQL
FJJBOPBQEBJPBISBPFKKBT@RIQROBP>KAQ>@HIB
RKPQOR@QROBAMOL?IBJPFKT>VPQE>Q>OBJB>KFKDCRIQLIL@>I
@LJJRKFQFBP3EB6/(&IL?>I/OLGB@QP/OLDO>JFK@IRABP>
AFSBOPB>OO>VLCMOLGB@QIL@>QFLKPFKLSBO@LRKQOFBP
QEOLRDELRQQEBTLOIA3EBMOLGB@QIL@>QFLKPO>KDBCOLJ
I>ODBFKQBOK>QFLK>I@FQFBPQLPJ>IIJLRKQ>FKPFABSFII>DBP
>KAQEBPBPFQBPPBOSB>PELPQIL@>QFLKPCLOQEB&0/FKQEB
"" MOLDO>J
!2,2FK"IFJ>QB"E>KDB A>MQ>QFLK
2QRABKQPBKOLIIBAFKQEB!>@EBILOP,>PQBOPMOLDO>JJRPQ
P>QFPCV>IIQEBMOLDO>JOBNRFOBJBKQPLCQEBFOOBPMB@QFSB
!>@EBILOPABDOBB>KA>IILCQEBMOLDO>JOBNRFOBJBKQPLC
QEB,>PQBOPABDOBBFK"IFJ>QB"E>KDB A>MQ>QFLK 
J>UFJRJLCCLRO@LROPBPJ>V?B@LRKQBAQLT>OA?LQEQEB
RKABODO>AR>QB>KADO>AR>QBABDOBBP#LR?IB@LRKQBA
DO>AR>QB@OBAFQPJRPQ?BFK@LROPBP>KA@>KKLQ?BFK
NR>IFCVFKDMOLGB@QTLOH J>UFJRJLCPFUDO>AR>QB@OBAFQP
J>V?BALR?IB@LRKQBAFK$IB@QFSB"LROPBP>KA>
J>UFJRJLCPFUDO>AR>QB@OBAFQPJ>V?BALR?IB@LRKQBA
FK"LOB@LROPBP$IB@QFSB@LROPBPJRPQ?B>QQEBIBSBI
LO>?LSB"LJMIBQFLKLC"LOB@LROPBPJRPQ?BMOB
>MMOLSBA?VQEBMOLDO>J?B@>RPBLCQEB@LELOQK>QROBLC
QEBDO>AR>QBABDOBB DO>ABLC!LO?BQQBOFPOBNRFOBACLO
>KV@LROPBQL?B@LRKQBAQLT>OA?LQEABDOBBP
@@BMQ>K@BFKQLQEB!>@EBILOP,>PQBOPMOLDO>JJB>KP
QE>QQEB@>KAFA>QBFPNR>IFhBACLODO>AR>QBP@ELLI>KA
PFDKFhBP>MMOLS>ILCQEBDO>AR>QB@OBAFQPIFPQBACLO@OBAFQ
QLT>OA?LQEQEBRKABODO>AR>QB>KADO>AR>QBABDOBBP
+JA6!2,2
 6/(">Q>ILD
,2FK"IFJ>QB"E>KDB A>MQ>QFLK
#BDOBB1BNRFOBJBKQP
%LOQEB,2"LJJRKFQV"IFJ>QB"E>KDB A>MQ>QFLKQEB
PQRABKQFPOBNRFOBAQL@LJMIBQB>JFKFJRJLCDO>AR>QB
@OBAFQELROP3EFPFK@IRABP>OBNRFOBAKLK@OBAFQLOFBKQ>QFLK
AROFKDQEBhOPQPBJBPQBO3EB&O>AR>QB0R>IFCVFKD/OLGB@Q
&0/MOLSFABP>hBIA?>PBABUMBOFBK@BQLRKABOPQ>KA
@IFJ>QB@E>KDBFJM>@QPCLODBM>QET>VPQL>A>MQ>QFLK>KA
BK>@Q@LJJRKFQV@E>KDB&0/P>OB@>OOFBALRQFK
@LLMBO>QFLKTFQEIL@>IM>OQKBOP>KATFQEQEB>MMOLS>I>KA
LSBOPFDEQLCC>@RIQV>ASFPLOP
,>PQBOLC2@FBK@B
2QRABKQPMROPRFKD>K,2ABDOBBJRPQ@LJMIBQB>
JFKFJRJLCDO>AR>QB@OBAFQELROPLCTLOHDO>AR>QB
@OBAFQPLC"LOB@LROPBPDO>AR>QB@OBAFQPELROPLC&0/
>KADO>AR>QB@OBAFQELROPLCBIB@QFSBP
+JA6,>PQBOLC2@FBK@B
"LOB"LROPBPDO>AR>QB@OBAFQP
E6> +:E=6 C65:ED
(&2 3EBLOFWFKD/I>@B"LJJRKFQV>KA
&IL?>I$KSFOLKJBKQ>I"E>KDB

(&2 0R>IFQ>QFSB,BQELAPCLO
"LJJRKFQV$KD>DBA1BPB>O@E

"$+>KA4PB#BSBILMJBKQ
>KA"LKQOLIP

"$ "IFJ>QB>KAQEB$>OQE2VPQBJ 
(&2 'RJ>K#FJBKPFLKPLC&IL?>I
$KSFOLKJBKQ>I"E>KDB

(&2 ">MPQLKB2BJFK>O"LJM>O>QFSB
"IFJ>QB @QFLK

&O>AR>QB0R>IFCVFKD/OLGB@Q
DO>AR>QB@OBAFQP
E6> +:E=6 C65:ED
(&2 &O>AR>QB0R>IFCVFKD/OLGB@Q
1BPB>O@E
(&2 &O>AR>QB0R>IFCVFKD/OLGB@Q
"LKCBOBK@B
$IB@QFSB"LROPBPJFKFJRJDO>AR>QB
@OBAFQP
$IB@QFSB@LROPBPJ>V?B@ELPBKCOLJQEBIFPQLC@LROPBP
MOLSFABAFKQEBMOLDO>JE>KA?LLH"LROPBP>OBPBIB@QBA
?>PBALKMBOPLK>IFKQBOBPQ>KABUMBOFBK@B$IB@QFSB@LROPBP
JRPQ?B>MMOLSBA?VQEBMOLDO>J@LJJFQQBBMOFLOQL
@LJMIBQFLK
"LJMRQBO2@FBK@B
%>@RIQV
.:==D/OLCBPPLO>KA#BM>OQJBKQ'B>A/E#/ROARB
#FPQOF?RQBAPVPQBJPKBQTLOHFKDRPBOFKQBOC>@BP
&8F/OLCBPPLO/E#,>PP>@ERPBQQP"LJMRQBO
DO>MEF@PTFOBIBPPKBQTLOHFKDJL?FIB@LJMRQFKD>KA
JL?FIBEB>IQE
!64< PPL@F>QB/OLCBPPLO/E#,>PP>@ERPBQQP
,>@EFKBIB>OKFKDBAR@>QFLK>IA>Q>JFKFKDFKQBIIFDBKQ
QRQLOFKDPVPQBJPERJ>KIB>OKFKD>KAMOL?IBJPLISFKD
!@9C6C PPFPQ>KQ/OLCBPPLO/E#">OKBDFB,BIILK
3EBLOBJMOLSFKD@V?BOMEVPF@>IPVPQBJP
MOLDO>JJFKDI>KDR>DBP
C@H?/OLCBPPLO/E#.EFL2Q>QB*KLTIBADB
?>PBAABPFDKPVPQBJP>OQFh@F>IFKQBIIFDBK@B
$#=2JA@@=/OLCBPPLO/E#,FKKBPLQ>
#FPQOF?RQBAPVPQBJPKBQTLOHFKDJRIQFJBAF>>KALKIFKB
D>JBP
!F?6@(KPQOR@QLO,2&BLODF>(KPQFQRQBLC3B@EKLILDV
"LJMRQBODO>MEF@P@LJMRQFKDCLODLLAAFDFQ>I
JBAF>@LJMRQBOP>KAPM>@BBUMILO>QFLK"2BAR@>QFLK
P@FBKQFh@@LJMRQFKD
#62C=: PPFPQ>KQ/OLCBPPLO/E#4KFSBOPFQVLC
6FP@LKPFK,>AFPLK-BQTLOH2B@ROFQV6B?>KA
"ILRA2B@ROFQV3EOB>Q K>IVPFP>KA#BQB@QFLK
!@F896CEJ/OLCBPPLO/E#,>OVI>KA+LDF@FK
@LJMRQBOP@FBK@BTFQE>CL@RPLKPB@ROFQV
$0=E232<9 PPL@F>QB/OLCBPPLO/E#/ROARB
4KFSBOPFQV#>Q>?>PBJ>K>DBJBKQPVPQBJP
FKCLOJ>QFLKJ>K>DBJBKQ
$?8=:?8 PPFPQ>KQ3B>@EFKD/OLCBPPLO 2QBSBKP(KPQFQRQB
LC3B@EKLILDV "LJ?FK>QLOF@P>IDLOFQEJF@
@LJMIBUFQVCLOJ>II>KDR>DBP
+F@ PPFPQ>KQ/OLCBPPLO/E#4KFSBOPFQVLC
,>PP>@ERPBQQP JEBOPQ#FPQOF?RQBAPVPQBJP@ILRA
@LJMRQFKDA>Q>FKQBKPFSBPVPQBJP
#2CC:D@? PPL@F>QB/OLCBPPLO/E#4KFSBOPFQVLC-LOQE
">OLIFK>>Q"E>OILQQB(KCLOJ>QFLKSFPR>IFW>QFLKSFPR>I
>K>IVQF@PMBO@BMQFLK?>PBA@LJMRQ>QFLKCLOSFPR>IFW>QFLK
%+6N6C?2?3EB6FIIF>J2JFQE#B>KZP/OLCBPPLO/E#
">OKBDFB,BIILK(KQBIIFDBKQQRQLOFKD>DBKQP>OQFh@F>I
FKQBIIFDBK@B@LDKFQFSBJLABIFKDJ>@EFKBIB>OKFKD
+6:?6>2? PPL@F>QB/OLCBPPLO/E#"LIRJ?F>
"LJMLKBKQ?>PBAPLCQT>OBBKDFKBBOFKDCLOJ>I
>MMOL>@EBPQL@LJMLPFQFLK>IABPFDKABPFDKLC>IDLOFQEJP
/"@?8 PPL@F>QB/OLCBPPLO/E#4KFSBOPFQVLC(IIFKLFP
"EF@>DL(+#>Q>JFKFKDPL@F>IKBQTLOHPJ>@EFKB
IB>OKFKD?FDA>Q>>K>IVQF@P
"@C<:?/OLCBPPLO/E#4KFSBOPFQVLC-BT!ORKPTF@H
">K>A>!FLFKCLOJ>QF@PLCAFPB>PB?FDA>Q>FK
?FLJBAF@FKB@LJMRQ>QFLK>IDBKLJF@PPVPQBJP?FLILDV
 6/(">Q>ILD
A>Q>JFKFKDJ>@EFKBIB>OKFKD
"#66 PPL@F>QB/OLCBPPLO/E#3BU>P ,!FD
A>Q>>K>IVQF@P>KAJFKFKDPL@F>I@LJMRQFKD>KA
@V?BOPB@ROFQVLSBOI>ODBP@>IBKBQTLOHBAFKCLOJ>QFLK
PVPQBJPPR@E>PQEB6B?PL@F>IJBAF>>KA@OLTA?>PBA
PVPQBJP
0#: PPL@F>QB/OLCBPPLO/E#4KFSBOPFQVLC,FKKBPLQ>
!FDA>Q>COLJ@LJMIBUKBQTLOHPI>ODBP@>IBKBQTLOH
A>Q>JB>PROBJBKQLKIFKBPL@F>I?BE>SFLOJLABIFKD
PMB@QO>IDO>MEQEBLOV
/#:F PPL@F>QB/OLCBPPLO/E#2VO>@RPB->QRO>I
I>KDR>DBMOL@BPPFKDABBMIB>OKFKDFKCLOJ>QFLKOBQOFBS>I
A>Q>P@FBK@B>KA@LJMRQ>QFLK>IPL@F>IP@FBK@BP
)%62>EF PPL@F>QB/OLCBPPLOLC3B>@EFKD/E#6/(
#>Q>OBQOFBS>I>KAJ>K>DBJBKQA>Q>JFKFKD
J>@EFKBIB>OKFKD?FDA>Q>>K>IVQF@P>KASFPR>IFW>QFLK
?O>FK@LJMRQBOFKQBO>@QFLKA>Q>AOFSBKJ>QBOF>IP
P@FBK@BERJ>KOL?LQFKQBO>@QFLK
)6:49>2? PPFPQ>KQ/OLCBPPLO/E#6BFWJ>KK
(KPQFQRQB IDLOFQEJP,>@EFKB+B>OKFKD OQFh@F>I
(KQBIIFDBK@B
)@36CED PPFPQ>KQ/OLCBPPLO/E#4KFSBOPFQVLC
">IFCLOKF>>Q2>KQ>!>O?>O>(KQBO>@QFSBMOLDO>JJFKD
>RAFLSFPR>IMBOCLOJ>K@BJRPF@MOLDO>JJFKDI>KDR>DBP
ERJ>K@BKQBOBA@LJMRQFKD
)F:K/OLCBPPLO>KA PPL@F>QB#B>K/E#,>OVI>KA
#>Q>JFKFKDHKLTIBADBAFP@LSBOVFKA>Q>?>PBP
J>@EFKBIB>OKFKD
)F?56?DE6:?6C3EB6FIIF>J2JFQE#B>KZP/OLCBPPLO
/E#4KFSBOPFQVLC">IFCLOKF>(OSFKB!FDA>Q>
PVPQBJP?FDA>Q>>K>IVQF@PSFPR>I>K>IVQF@PJ>@EFKB
IB>OKFKDABBMIB>OKFKDEB>IQE>K>IVQF@P (>KAC>FOKBPP
%*2C<@KJ/OLCBPPLO/E#1RQDBOP&O>ME
QEBLOV@LJ?FK>QLOF@P>IDLOFQEJP
*9F6 PPL@F>QB/OLCBPPLO/E#(KAF>K>
"LJMRQBOKBQTLOHFKDPB@ROFQVAFPQOF?RQBAPVPQBJP
#*:5?6C1BPB>O@E/OLCBPPLO/E#,>PP>@ERPBQQP
(KPQFQRQBLC3B@EKLILDV#FP@LROPBMOL@BPPFKD
@LII>?LO>QFLKERJ>KOL?LQFKQBO>@QFLKFKQBIIFDBKQRPBO
FKQBOC>@BPK>QRO>II>KDR>DBMOL@BPPFKD>OQFh@F>I
FKQBIIFDBK@B
$*>:E9 PPL@F>QB/OLCBPPLO/E#4"2>KQ>"ORW
"LJMRQ>QFLK>I@OB>QFSFQVD>JBABPFDK@LJMRQBO
P@FBK@BBAR@>QFLK@LJMRQ>QFLK>I@O>CQ
+$*>:E9 PPFPQ>KQ3B>@EFKD/OLCBPPLO/E#4KFSBOPFQV
LC"LKKB@QF@RQ 2>CB1L?LQF@P>KA"LJMRQ>QFLKCLO
"EBJF@>I2VKQEBPFP#>Q>>@NRFPFQFLK>KA@LJJRKF@>QFLK
CLOMOB'LPMFQ>I">OB.MQFJFW>QFLKCLOABIFSBOVLCJBAF@>I
@>OBFKJRIQF>KAJ>PP@>PR>IQVBJBODBK@FBP%>FOKBPPFK
JBAF@>IAB@FPFLKPRMMLOQPVPQBJP
+*@=@G6J PPFPQ>KQ/OLCBPPLO/E#3RCQP4KFSBOPFQV
'RJ>K@LJMRQBOFKQBO>@QFLKRPBOFKQBOC>@BABPFDK
KLSBIFKQBO>@QFLKJLA>IFQFBPERJ>K>RQLKLJV
@LII>?LO>QFLKJ>@EFKBIB>OKFKD
*+2?6;2 PPFPQ>KQ3B>@EFKD/OLCBPPLO/E# R?ROK
4KFSBOPFQV#FPQOF?RQBA@LJMRQFKDEFDEMBOCLOJ>K@B
@LJMRQFKD?FDA>Q>PVPQBJP
)!.2==D PPFPQ>KQ/OLCBPPLO/E#4KFSBOPFQVLC
,>PP>@ERPBQQP JEBOPQ2VPQBJPPB@ROFQV>KA
MOFS>@VAFDFQ>ICLOBKPF@P>KALKIFKB@OFJBI>ODBP@>IB
FKQBOKBQJB>PROBJBKQ
!.6:?DE@4< PPFPQ>KQ3B>@EFKD/OLCBPPLO 3BJMIB
4KFSBOPFQV 
!).9:E69:== PPFPQ>KQ/OLCBPPLO/E#4KFSBOPFQVLC
">IFCLOKF>2>K#FBDL,>@EFKBIB>OKFKD
@OLTAPLRO@FKD>RQLJ>QBAQB>@EFKDERJ>K?BE>SFLO
OB@LDKFQFLK
..@?8 PPFPQ>KQ3B>@EFKD/OLCBPPLO/E#!BKQIBV
4KFSBOPFQV'B>IQE@>OBFKCLOJ>QFLKPVPQBJP5FOQR>I
1B>IFQV>KA RDJBKQBA1B>IFQVJBAF@>IABSF@BPPLCQT>OB
BKDFKBBOFKDJBQELALILDFBPMBA>DLDF@>IPLCQT>OB
MOLGB@QFKKLS>QFLKP@LJMRQBO>O@EFQB@QROB>KAPL@F>I
KBQTLOHP
1BPB>O@E(KQBOBPQP
3EB@ROOBKQABM>OQJBKQ>I>@QFSFQFBPFK@IRAB>JLKDLQEBO
>OB>P>K>IVPFPLC>IDLOFQEJP>MMIFBAILDF@>OQFh@F>I
FKQBIIFDBK@B?FDA>Q>@LJMRQBOSFPFLK@LJMRQBODO>MEF@P
A>Q>?>PB>KAFKCLOJ>QFLKPVPQBJPA>Q>JFKFKD
AFPQOF?RQBAPVPQBJPDO>MEQEBLOV>KA@LJMRQ>QFLK>I
@LJMIBUFQVFKQBIIFDBKQQRQLOFKDPVPQBJPJ>@EFKBIB>OKFKD
KBQTLOHMBOCLOJ>K@BBS>IR>QFLKMOLDO>JJFKDI>KDR>DBP
OL?LQF@PPB@ROFQVPLCQT>OBBKDFKBBOFKDRPBOFKQBOC>@BP
SFOQR>IOB>IFQVSFPR>IFW>QFLK>KA6B??>PBAPVPQBJP
1BPB>O@EDOLRMPJBBQTBBHIV>KACL@RPLKQLMF@POBI>QBA
QLQEB>?LSB>OB>P2QRABKQP>OBBK@LRO>DBAQLM>OQF@FM>QB
FKQEBJBBQFKDPOBI>QBAQLQEBFO>OB>PLCFKQBOBPQ1BPB>O@E
>KAABSBILMJBKQMOLGB@QP>KAQEBPBP>OB>S>FI>?IBFKQEBPB
>OB>P"LJMRQBOP@FBK@BPQRABKQPJ>V>IPLM>OQF@FM>QBFK
@LJMRQBO>MMIF@>QFLKPOBPB>O@ETLOH?BFKD@LKAR@QBAFK>
KRJ?BOLCLQEBOABM>OQJBKQPFK@IRAFKDBIB@QOF@>I>KA
@LJMRQBOBKDFKBBOFKDJB@E>KF@>IBKDFKBBOFKD
?FLJBAF@>I>KAhOBMOLQB@QFLKBKDFKBBOFKD2QRABKQP>OB
>IPLBK@LRO>DBAQLRKABOQ>HBMOLGB@QP>KAQEBPBPFK
@LLMBO>QFLKTFQEKBFDE?LOFKD@LJMRQBOJ>KRC>@QROBOPLO
@LJJBO@F>ILOD>KFW>QFLKP
/OLDO>JPLC2QRAV
&O>AR>QBMOLDO>JPFK"LJMRQBO2@FBK@BMOLSFAB
LMMLOQRKFQFBPCLO>AS>K@BA@LROPBTLOH>KAOBPB>O@ECLO
EFDEIVNR>IFhBAPQRABKQP&O>AR>QB"BOQFh@>QBP
OB@LDKFWFKD@LJMIBQFLKLC>@LEBPFSBPBQLC>AS>K@BA
@LROPBP>OBLfBOBAFKPBSBO>I>OB>PLC"LJMRQBO2@FBK@B
3EB,>PQBOLC2@FBK@BABDOBBFPJLOB@LJMOBEBKPFSBTFQE
QEBPFP>KAKLKQEBPFP@LROPBTLOHLKIVLMQFLKPFQFPQEB
ABDOBBLC@ELF@BCLOJ>KVCRIIQFJBPQRABKQP>KATLOHFKD
 6/(">Q>ILD
MOLCBPPFLK>IP3EB#L@QLOLC/EFILPLMEVABDOBBBJME>PFWBP
ABBMBOPQRAV>KAAFP@LSBOVFKMOBM>O>QFLKCLO>@>OBBOFK
OBPB>O@ELOBAR@>QFLK
&O>AR>QBMOLDO>JPJ>V?BRKABOQ>HBKLK>CRIIQFJBLO
M>OQQFJB?>PFP%LO>IIPQRABKQP@E>IIBKDFKD@LROPBP>KA
ABJ>KAFKDOBPB>O@EMOLGB@QPTFQEEFDEBUMB@Q>QFLKPLC
>@@LJMIFPEJBKQ>OBQEBPQ>KA>OA
AJFPPFLK1BNRFOBJBKQP
MMIF@>KQP>OBBUMB@QBAQLABJLKPQO>QBPRg@FBKQ
?>@HDOLRKAFK@LOB"LJMRQBO2@FBK@BCLODO>AR>QBIBSBI
TLOH!>@HDOLRKAFK?LQEQEBLOBQF@>I>KA>MMIFBA
"LJMRQBO2@FBK@BTFQEPFDKFh@>KQMOLDO>JJFKD
BUMBOFBK@B>KAPLJB@LIIBDBIBSBIJ>QEBJ>QF@PFP
OBNRFOBA ?>@EBILOPABDOBBFK"LJMRQBO2@FBK@BLO>
@ILPBIVOBI>QBAhBIAPELRIA?B>ABNR>QBMOBM>O>QFLK
2QRABKQPCOLJLQEBO?>@HDOLRKAP>OBTBI@LJBQL>MMIVFC
QEBV@>KABJLKPQO>QBQEBFOOB>AFKBPPQEOLRDELQEBO
JB>KPPR@E>PQEB"LJMRQBO2@FBK@B&1$2R?GB@QBU>J
6LOHBUMBOFBK@BTFII?B@LKPFABOBAFCFQ@LSBOP>?OL>A
PMB@QORJLC"LJMRQBO2@FBK@B>Q>QB@EKF@>ILO
J>QEBJ>QF@>IIBSBI
PQRABKQJ>V>MMIVQLQEB/E#MOLDO>JRMLK
@LJMIBQFLKLCBFQEBO>?>@EBILOPFKTEF@E@>PBQEB
J>PQBOPABDOBBJRPQhOPQ?B@LJMIBQBA>PM>OQLCQEB
/E#PQRAFBPLOJ>PQBOPABDOBBFK@LJMRQBOP@FBK@BLO
TFQE>KBNRFS>IBKQ?>@HDOLRKA
-LKJ>QOF@RI>QBAPQRABKQPJ>VBKOLIIFKRMQLQTL@LROPBP
MOFLOQL>MMIVFKDCLO>AJFPPFLKQL>"LJMRQBO2@FBK@B
&O>AR>QB/OLDO>J
"BOQFh@>QB/OLDO>JP
6/(P&O>AR>QB"BOQFh@>QB/OLDO>JMOLSFABP>K
LMMLOQRKFQVCLOPQRABKQPELIAFKDRKABODO>AR>QBABDOBBP
QL@LKQFKRBQEBFOPQRAVFK>K>AS>K@BA>OB> !2LO! 
ABDOBBFPQEBDBKBO>IOBNRFOBJBKQ"BOQFh@>QBMOLDO>JP
OBNRFOB>PQRABKQQL@LJMIBQBQEBJ>QF@>IIVOBI>QBA
@LROPBPFKQEBFO>OB>LCFKQBOBPQ$>@EPQRABKQPMOLDO>JLC
PQRAVJRPQ?B>MMOLSBA?VQEB>@>ABJF@>ASFPLO
@>ABJF@>ASFPLOP>OB>PPFDKBARMLK>AJFPPFLKQLQEB
MOLDO>J?RQJ>V?B@E>KDBAFK>@@LOA>K@BTFQE
ABM>OQJBKQ>IMLIF@FBP
#BQ>FIP>?LRQQEB@BOQFh@>QBP>S>FI>?IBFKQEB#BM>OQJBKQ
LC"LJMRQBO2@FBK@B@>K?BCLRKALKIFKB>Q
EQQMPTTTTMFBAR>@>ABJF@PPQRAV@LJMRQBOP@FBK@B
@BOQFh@>QB
%>@FIFQFBP
6/(?L>PQPBU@BIIBKQ@LJMRQFKDOBPLRO@BP>KAKBQTLOH
@LKKB@QFSFQVQEOLRDEQEBRKFSBOPFQVP"LJMRQFKD
"LJJRKF@>QFLKP"BKQBO>KAQEB"2#BM>OQJBKQPLTK
PVPQBJP TFABO>KDBLCJ>@EFKBPMOLSFABPTB?J>FIhIB
EFDEMBOCLOJ>K@B@LJMRQ>QFLK>KAPB@ROFQVPBOSF@BP K
BUQBKPFSBPLCQT>OBIF?O>OVFP>S>FI>?IBCOBBLC@E>ODBQL>II
@>JMRPRPBOP.QEBOPMB@F>IFWBAOBPLRO@BPFK@IRABJRIQFMIB
EFDEMBOCLOJ>K@B>KAM>O>IIBI@LJMRQFKD@IRPQBOP6/(FP>
JBJ?BOLCQEB(KQBOKBQ@LKPLOQFRJ>KA6/(P@>JMRP
KBQTLOH@LKPFPQPLC>&FD>?FQLK@>JMRP?>@H?LKB
TFQEJRIQFMIB@LKKB@QFLKPQLQEBDIL?>IFKQBOKBQ
.f">JMRP1BPB>O@E
.MMLOQRKFQFBP
"LJMRQBOP@FBK@BDO>AR>QBPQRABKQPE>SBLMMLOQRKFQFBP
CLOOBPB>O@E>KAABSBILMJBKQFK@LLMBO>QFLKTFQEPBSBO>I
KBFDE?LOFKDLOD>KFW>QFLKP?LQECLOQEBJ>PQBOPQEBPFP>KA
/E#AFPPBOQ>QFLK3EBPB>KALQEBOLMMLOQRKFQFBPMOLSFAB
OB>ITLOIAMOL?IBJP>KABUMBOFBK@BP@LKPFPQBKQTFQE6/(P
MLIF@VLCBUQBKAFKDIB>OKFKD?BVLKAQEB@I>PPOLLJ
!2,2FK"LJMRQBO2@FBK@B
.SBOSFBT
3EBRKFSBOPFQVORIBPCLOQEB!2,2MOLDO>J>OBABP@OF?BA
FK2B@QFLKLCQEBRKABODO>AR>QB@>Q>ILD>KALKQEFPM>DB
LCQEBDO>AR>QB@>Q>ILD
/OL@BPP
2QRABKQPJ>VCLOJ>IIV>MMIVCLO>AJFPPFLKQLQEB!2,2
MOLDO>JAROFKDLO>CQBOQ>HFKDQEBFOPB@LKAIBSBI
"LJMRQBO2@FBK@B@LROPB%LOJP>OB>S>FI>?IBQEOLRDEQEB
DO>AR>QB>AJFPPFLKPLg@BLOSF>QEBFOTB?PFQB
2QRABKQPTELE>SBBKQBOBAQEB!2,2MOLDO>JLO>OB
@LKPFABOFKDFQNR>IFCVCLO!2,2@OBAFQCLOQEB@LROPBP
IFPQBA?BILT
(KLOABOQLOB@BFSBDO>AR>QB@OBAFQPCLO>IBSBI@LROPB
QEBPQRABKQJRPQB>OK>!@LROPBDO>ABLOEFDEBO"LROPB
FKPQOR@QLOPJ>VT>FSBQEB@LROPBDO>ABOBNRFOBJBKQ>Q
QEBFOAFP@OBQFLK%>@RIQVJ>VLfBO>QQEBFOAFP@OBQFLK>K
>AAFQFLK>IRKABODO>AR>QBRKFQLOBNRFS>IBKQIV>
DO>AR>QB@OBAFQCLO@LJMIBQFKD>AAFQFLK>ITLOHFKQEB
@LROPB3LL?Q>FKQEFP@OBAFQQEBPQRABKQJRPQOBDFPQBOCLO
RKABODO>AR>QBRKFQLCFKABMBKABKQPQRAV>QQEB
IBSBILO>DO>AR>QB@OBAFQFKABMBKABKQPQRAV>QQEB
IBSBITFQEMBOJFPPFLKCOLJQEBFKPQOR@QLO
 6/(">Q>ILD
1BDRI>QFLKP
3EB"2ABM>OQJBKQ>IILTP>II"2IBSBIRKABODO>AR>QB
@LROPB@OBAFQPQL@LRKQQLT>OAPQEB!2,2%ROQEBOTFQE
QEBMBOJFPPFLKLCQEBFKPQOR@QLO>KABFQEBOQEB&O>AR>QB
"LJJFQQBBLOQEB#BM>OQJBKQ"E>FOIBSBI
4KABODO>AR>QB(KABMBKABKQ2QRAFBPJ>V>IPL?B@LRKQBA
QLT>OAPQEB!2,2
2LJBRKABODO>AR>QB>KADO>AR>QB@LROPBP@LSBOPFJFI>O
J>QBOF>I2QRABKQPJ>VOB@BFSB@OBAFQCLO?LQETEBKQEB
DO>AR>QB@LROPB@LSBOPBUQBKPFSBJ>QBOF>I?BVLKAQEB
RKABODO>AR>QB@LROPB3EBQ>?IB?BILTIFPQP@LROPBPTFQE
PFDKFh@>KQLSBOI>M PQRABKQ@>KOB@BFSB@OBAFQCLO>QJLPQ
LKBLCQEBQTL@LROPBPFK>KVOLTLCQEFPQ>?IB
4KABODO>AR>QB"LROPB&O>AR>QB
"LROPB
"2(KQOLAR@QFLKQL OQFh@F>I
(KQBIIFDBK@B
"2 OQFh@F>I(KQBIIFDBK@B
"2,>@EFKB+B>OKFKD "2,>@EFKB+B>OKFKD
"2#>Q>?>PB2VPQBJP((
"2#>Q>?>PB,>K>DBJBKQ
2VPQBJP
"2#>Q>,FKFKD>KA*KLTIBADB
#FP@LSBOVFK#>Q>?>PBP
"2*KLTIBADB#FP@LSBOV>KA
#>Q>,FKFKD
"2#FPQOF?RQBA2VPQBJP "2.MBO>QFKD2VPQBJP
"2 AS>K@BA"LJMRQBO-BQTLOHP "2"LJMRQBO-BQTLOHP
"2,L?FIB>KA4?FNRFQLRP
"LJMRQFKD
"2,L?FIB>KA4?FNRFQLRP
"LJMRQFKD
"23B@EKFNRBPLC/OLDO>JJFKD
+>KDR>DB3O>KPI>QFLK
"2"LJMFIBO"LKPQOR@QFLK
"2/OLDO>JJFKD+>KDR>DBP
"2/OLDO>JJFKD+>KDR>DB
#BPFDK
"2"LJMRQBO&O>MEF@P "2"LJMRQBO&O>MEF@P
"2!FLSFPR>IFW>QFLK "2!FLSFPR>IFW>QFLK
"2!FLILDF@>I>KA!FLJBAF@>I
#>Q>?>PB,FKFKD
"2!FLILDF@>I>KA!FLJBAF@>I
#>Q>?>PB,FKFKD
!2,2PQRABKQJ>VRPBRKFQLCRKABODO>AR>QB
@OBAFQLOFKABMBKABKQPQRAVMOLGB@QTLOHQ>HBKCLO
!2,2@OBAFQQLP>QFPCV>?FKOBNRFOBJBKQFC>KVLCQEB
CLIILTFKD@LKAFQFLKPFPJBQ3EBRKABODO>AR>QB@LROPB
@LSBOPJ>QBOF>IPFJFI>OQLQE>QLC>DO>AR>QB@LROPBQE>Q
P>QFPhBPQEB?FK3EBQ>?IB>?LSBMOLSFABPM>FOPLC
RKABODO>AR>QB>KADO>AR>QB@LROPBPQE>Q@LSBOPFJFI>O
J>QBOF>I3EBRKABODO>AR>QB@LROPBRKABO@LKPFABO>QFLK
JRPQ>MMB>OFKQEFPQ>?IB>KAQEB@LOOBPMLKAFKDDO>AR>QB
@LROPBJRPQP>QFPCVQEB?FKOBNRFOBJBKQ3EB@LROPBLO
FKABMBKABKQPQRAVMOLGB@QTLOHFPABBJBAQLP>QFPCVQEB
?FK?VQEBFKPQOR@QLO!FK"LJJFQQBB>KA&O>AR>QB
/OLDO>J"E>FO>PFKAF@>QBALKQEB&O>AR>QB!FKP/BQFQFLK
%LOJ!2,2PQRABKQPQE>QOB@BFSB!2,2@OBAFQCLO
LKBLCQEBCLIILTFKD@LROPBP@>KRPBQE>Q@LROPBQLP>QFPCV
QEB@LOOBPMLKAFKD?FK
] 3EBLOV3EBLOVLC"LJMRQ>QFLK
] IDLOFQEJP K>IVPFPLC IDLOFQEJP
] #BPFDK.. #6B?T>OB
] &O>MEF@P(J>DFKD KFJ>QFLK
] "V?BO2B@ROFQV2LCQT>OB2B@ROFQV3LLIP
>KA3B@EKFNRBP
] MMIF@>QFLKPLC"2 (CLO(,&#
+JA6!2,2
,>PQBOLC"LJMRQBO2@FBK@B
/OLDO>J&L>IP>KA.?GB@QFSBP
6FQEQEBDOLTFKDABJ>KACLOEFDEABJ>KA@LJMRQFKD
PHFIIPQEB,>PQBOLC"LJMRQBO2@FBK@B,"2MOLSFABP>K
>MMIFBACLRKA>QFLKFK@LJMRQBOP@FBK@B3EBMOLDO>J
?>I>K@BPQB@EKF@>IBUMBOQFPBTFQEFQP>MMIF@>QFLKFKFKARPQOV
3EBMOLDO>JRPBPOB>ITLOIABUMBOFBKQF>IIB>OKFKDQL
BKPROBPQRABKQP>OBMOBM>OBACLO>KBSLISFKDGL?J>OHBQ
AJFPPFLKP1BNRFOBJBKQP
MMIF@>KQP>OBBUMB@QBAQLABJLKPQO>QBPRg@FBKQ
?>@HDOLRKAFK@LJMRQFKDCLODO>AR>QBIBSBITLOH 
?>@EBILOPABDOBBFK"LJMRQBO2@FBK@B$IB@QOF@>I
$KDFKBBOFKD(KCLOJ>QFLK3B@EKLILDVLOLQEBOOBI>QBA
hBIAPPELRIA?B>ABNR>QBMOBM>O>QFLK2QRABKQPCOLJLQEBO
?>@HDOLRKAP>OBTBI@LJBQL>MMIVFCQEBV@>KABJLKPQO>QB
QEBFOOB>AFKBPPQEOLRDELQEBOJB>KPPR@E>P&1$BU>JP
MOLCBPPFLK>I@BOQFh@>QFLKPLOOBIBS>KQQB@EKF@>ITLOH
BUMBOFBK@B
MMIF@>KQPJRPQE>SBQEBB>OKBABNRFS>IBKQLC>CLROVB>O
42?>@EBILOPABDOBBQL?B@LKPFABOBACLO>AJFPPFLK
AJFPPFLKAB@FPFLKP>OB?>PBARMLK>IIQEBFKCLOJ>QFLK
OBNRFOBACOLJQEB>MMIF@>KQ3EB&1$FPKLQOBNRFOBACLO
>AJFPPFLK 2Q>QBJBKQLC/ROMLPBFPKLQOBNRFOBACLO
>AJFPPFLK
-LKJ>QOF@RI>QBAPQRABKQPJ>VBKOLIIFKRMQLQTL@LROPBP
MOFLOQL>MMIVFKDCLO>AJFPPFLKQLQEB,>PQBOLC"LJMRQBO
2@FBK@BMOLDO>J
%>@RIQV"LKQ>@QP
&BLODB'BFKBJ>K>KA"O>FD6FIIP
1BNRFOBJBKQPCLOQEB,>PQBOLC"LJMRQBO
2@FBK@B,"2
3EB,>PQBOLC"LJMRQBO2@FBK@BFP>K>MMIFBAQBOJFK>I
ABDOBBQE>QALBPKLQMOLSFABLMQFLKPOBI>QBAQL>OBPB>O@E
ABDOBB>KAALBPKLQFK@IRAB>QEBPFPLMQFLKLOOBPB>O@E
PBJFK>OP3EB,"2ABDOBBOBNRFOBP>QIB>PQ@OBAFQPELROP
LCPQRAVFBQBK@OBAFQ@LROPBP
3EB,"2ABDOBBFPABPFDKBAQL>@@LJJLA>QBPQRABKQP
TFQEPFDKFh@>KQMOFLOMOBM>O>QFLK>PTBII>PPQRABKQP
 6/(">Q>ILD
PBBHFKDQL?B@LJBMOLCBPPFLK>IPFKQEBhBIA QEOBB
@LROPBCLRKA>QFLKBKPROBPFK@LJFKDPQRABKQPE>SB
PRg@FBKQMOBM>O>QFLKCLOQEBJLOB>AS>K@BA"LJMRQBO
2@FBK@B@LROPBP OBNRFOBAABPFDK@LOBPLIFAFhBPPHFIIPFK
@LOB>OB>PLC"LJMRQBO2@FBK@B2QRABKQP@>KQ>HBQEOBB
BIB@QFSB@LROPBPDRFABA?VPBSBO>ICL@RP>OB>PTBE>SB
FABKQFhBA.?PBOSBQE>QQEBCLRKA>QFLK>KA@LOB@I>PPBP
@>K?BPMB@F>IFWBATFQEBIB@QFSBPQLCL@RPLKAFfBOBKQ
FKQBOBPQPTEFIB>IPLMOLSFAFKDPRg@FBKQQO>FKFKDCLOPHFIIBA
MLPFQFLKPFKFKARPQOV
+JA6,>PQBOLC"LJMRQBO2@FBK@B
%LRKA>QFLK@OBAFQP
,"2PQRABKQPJ>VQ>HBRMQLQTL@LROPBPLCCLRKA>QFLK>P
CLIILTP?>PBALKQEBFOFKAFSFAR>IMOBM>O>QFLK.RO
CLRKA>QFLK@LJMLKBKQ>@QP>P>?OFADBCLOPQRABKQPTFQE
IBPPMOBM>O>QFLKQLIB>OK@LOB@LK@BMQPKBBABAFK
PR?PBNRBKQ@I>PPBP2QRABKQPTFQEPFDKFh@>KQMOBM>O>QFLK
FKQEBPB>OB>P\QEOLRDERKABODO>AR>QB@I>PPBPDO>AR>QB
@I>PPBPLOMOLCBPPFLK>IBUMBOFBK@B\@>KQ>HB>AAFQFLK>I
BIB@QFSBPFKPQB>A
E6> +:E=6 C65:ED
"2 (KQOLAR@QFLKQL MMIF@>QFLKPLC
"LJMRQBO2@FBK@BTFQE#>Q>
2QOR@QROBP>KA IDLOFQEJP

"2 (KQOLAR@QFLKQL2VPQBJP>KA
-BQTLOH/OLDO>JJFKD

#BPFDK"LOB@OBAFQP
,"2PQRABKQP>OBOBNRFOBAQL@LJMIBQBCLRO@LROPBP
CL@RPBALKABPFDKQLABJLKPQO>QBJ>PQBOVLC>?OL>A
O>KDBLCABPFDKFPPRBPFK"LJMRQBO2@FBK@B>KAD>FK
BPPBKQF>IPLCQT>OBABSBILMBOPHFIIP
E6> +:E=6 C65:ED
"2 (KQOLAR@QFLKQL IDLOFQEJP
#BPFDK>KA K>IVPFP

"2 #BPFDKLC2LCQT>OB2VPQBJP 
"2 #>Q>?>PB,>K>DBJBKQ2VPQBJP 
"2LO"2 
$IB@QFSB"LROPBP@OBAFQP
,"2PQRABKQPQ>HBKFKB>AAFQFLK>IDO>AR>QB@OBAFQPQL
@LJMIBQB>QJLPQPFULCTEF@E@>K?BCOLJLRQPFABQEB"2
ABM>OQJBKQ2QRABKQPJ>VKLQ@LRKQOBPB>O@EPMB@Fh@
@LROPBPPR@E>P"2"2LO"2QLT>OAPQEB,"2
KLOJ>VQEBVMROPRB>QEBPFPTEF@EFP>S>FI>?IBFKQEB
,>PQBOZPLC2@FBK@BFK"LJMRQBO2@FBK@BMOLDO>J%ROQEBO
PQRABKQPJ>VKLQ@LRKQ"2QEB@>MPQLKBCLOQEB,2FK
"V?BO2B@ROFQVQLT>OAPQEB,"2 KVLQEBODO>AR>QBIBSBI
"2@I>PPBPKLQRPBAQLJBBQLQEBO,"2OBNRFOBJBKQPJ>V
@LRKQQLT>OAPQEB,"2BIB@QFSBP3EBCLIILTFKDCL@RP>OB>P
>OBPRDDBPQFLKP?RQPQRABKQPJ>VRPBLQEBODO>AR>QB
@LROPBP>PMOBSFLRPIVABP@OF?BAQLJBBQQEBOBNRFOBJBKQP
CE:O4:2= ?E6==:86?46$249:?6#62C?:?8@4FD
E6> +:E=6 C65:ED
"2 OQFh@F>I(KQBIIFDBK@B 
#2"2 #BBM+B>OKFKD 
"2 *KLTIBADB#FP@LSBOV>KA#>Q>
,FKFKD

J36CD64FC:EJ@4FD
E6> +:E=6 C65:ED
"2 2LCQT>OB2B@ROFQV#BPFDK>KA
K>IVPFP

"2 "LJMRQBO-BQTLOH2B@ROFQV 
:82E2$2?286>6?E@4FD
E6> +:E=6 C65:ED
"2 #>Q>5FPR>IFW>QFLK 
"2#2!FD#>Q>,>K>DBJBKQ 
"2#2!FD#>Q> K>IVQF@P 
@>AFE:?8*JDE6>D@4FD
E6> +:E=6 C65:ED
"2 .MBO>QFKD2VPQBJP 
"2 "LJMRQBO-BQTLOHP 
"2"ILRA"LJMRQFKD 
"2 AS>K@BA3LMF@PFK.MBO>QFKD
2VPQBJP

"2$"$

AS>K@BA"LJMRQBO>KA
"LJJRKF@>QFLKP-BQTLOHP

">MPQLKB$UMBOFBK@B@OBAFQP
,"2PQRABKQPJRPQ@LJMIBQB>@>MPQLKBMOLGB@Q
BUMBOFBK@B>PCLIILTP
E6> +:E=6 C65:ED
"2 "LJMRQBO2@FBK@B">MPQLKB
$UMBOFBK@B

 6/(">Q>ILD
6FQEQEBPBOBNRFOBJBKQPPQRABKQPTFQEKLMOFLO
?>@HDOLRKAJ>V@LJMIBQBCLRKA>QFLK@LROPBABPFDK
@LOB@LROPBPBIB@QFSB@LROPBP>KAQEB">MPQLKB
$UMBOFBK@BCLO>QLQ>ILC@OBAFQP2QRABKQPTFQEPQOLKD
MOFLO?>@HDOLRKAPJ>VLJFQPLJBCLRKA>QFLK@LROPBP>KA
FKPQB>A@LJMIBQB>AAFQFLK>IBIB@QFSB@LROPBP
,2FK"LJMRQBO2@FBK@B
3EB,2MOLDO>JFK"LJMRQBO2@FBK@BOBNRFOBP@OBAFQ
ELROPLCTLOH2QRABKQPJ>VPBIB@Q>KLKQEBPFPLMQFLKLO>
QEBPFPLMQFLKTEF@EOBNRFOBP>@OBAFQQEBPFP$>@EPQRABKQ
PELRIA@>OBCRIIVTBFDEQEBMOLP>KA@LKPLCQEBPB
>IQBOK>QFSBPFK@LKPRIQ>QFLKTFQEEFPLOEBO>ASFPLOMOFLOQL
PBIB@QFKD>KLMQFLKQVMF@>IIVFKQEBPB@LKAVB>OLCPQRAV
3EBABM>OQJBKQTFII>IILT>PQRABKQQL@E>KDBLMQFLKP
LKIVLK@B IIBKQBOFKDPQRABKQPJRPQPR?JFQ>MI>KLC
PQRAVFABKQFCVFKDQEB@LROPBPQL?BQ>HBK3EBMI>KLCPQRAV
JRPQ?B>MMOLSBA?VQEBPQRABKQP>ASFPLO>KAQEB"2
&O>AR>QB"LLOAFK>QLO>KAJRPQFK@IRABQEBCLIILTFKD
JFKFJRJOBNRFOBJBKQP
+JA6,>PQBOLC2@FBK@B
"LJMRQBO2@FBK@B!OB>AQE1BNRFOBJBKQ
@OBAFQP
,2PQRABKQP>OBOBNRFOBAQL>@EFBSB>M>PPFKDDO>ABFK
@LROPBPCOLJCLROAFfBOBKQ?FKPFK@IRAFKD>QIB>PQQEOBB
BPPBKQF>I?FKP3EBBIBSBK?FKP>OBIFPQBA?BILTQLDBQEBO
TFQEQEBFO@LOOBPMLKAFKD@LROPBP
$PPBKQF>I!FKP@OBAFQP
3EBLOV@OBAFQP
E6> +:E=6 C65:ED
"2 %LRKA>QFLKPLC"LJMRQBO2@FBK@B
>K(KQOLAR@QFLK

"2 %LRKA>QFLKPLC"LJMRQBO2@FBK@B
"2 +LDF@FK"LJMRQBO2@FBK@B 
"2 AS>K@BA3LMF@PFK3EBLOBQF@>I
"LJMRQBO2@FBK@B

IDLOFQEJP@OBAFQP
E6> +:E=6 C65:ED
"2 (KQOLAR@QFLKQL IDLOFQEJP
#BPFDK>KA K>IVPFP

"2 IDLOFQEJP#BPFDK>KA K>IVPFP 
"2 K>IVPFPLC"LJMRQ>QFLKP>KA
2VPQBJP

.KB@LROPBCOLJBFQEBO?FK@OBAFQP
2VPQBJP
E6> +:E=6 C65:ED
"2 .MBO>QFKD2VPQBJP 
"2$"$

,LABIFKD>KA/BOCLOJ>K@B
$S>IR>QFLKLC-BQTLOH>KA
"LJMRQBO2VPQBJP

"2 AS>K@BA3LMF@PFK.MBO>QFKD
2VPQBJP

-BQTLOHP
E6> +:E=6 C65:ED
"2 "LJMRQBO-BQTLOHP 
"2 ,L?FIB>KA4?FNRFQLRP
"LJMRQFKD

"2 ,RIQFJBAF>-BQTLOHFKD 
$"$"2

'FDE/BOCLOJ>K@B-BQTLOHP 
"2$"$

AS>K@BA"LJMRQBO>KA
"LJJRKF@>QFLKP-BQTLOHP

"2 "LJMRQBO-BQTLOH2B@ROFQV 
!OB>AQE!FKP@OBAFQP
"LROPBPTFQE>KRJ?BOBD>OB
MOBM>O>QLOV@LROPBPABPFDKBAPMB@Fh@>IIVCLOPQRABKQPTFQE
FKPRg@FBKQ?>@HDOLRKAHKLTIBADBLOPHFIIP&O>AR>QB
@OBAFQ@>K?BB>OKBACLOQEBPB@LROPB>KA,2PQRABKQP
J>VRPBQEBJQLP>QFPCV?FKOBNRFOBJBKQP'LTBSBO
PQRABKQPTFQE>PLIFARKABODO>AR>QBABDOBBFK"2>OB
PQOLKDIVBK@LRO>DBAQLQ>HBJLOB>AS>K@BA@LROPBPTFQEFK
QEB?FKP
-LQB!2,2PQRABKQPJ>VP>QFPCVQEFP?OB>AQE
OBNRFOBJBKQTFQECBTBOQE>K@OBAFQP?B@>RPBLCQEB
@OBAFQ@LKSBOPFLKO>QB
#BPFDK
E6> +:E=6 C65:ED
"2 #BPFDKLC2LCQT>OB2VPQBJP 
"2 'RJ>K"LJMRQBO(KQBO>@QFLK 
"2 AS>K@BA3LMF@PFK2LCQT>OB
$KDFKBBOFKD

"LJMFIBOP+>KDR>DBP
E6> +:E=6 C65:ED
"2 /OLDO>JJFKD+>KDR>DB#BPFDK 
"2 "LJMFIBO"LKPQOR@QFLK 
 6/(">Q>ILD
&O>MEF@P(J>DFKD
E6> +:E=6 C65:ED
"2 "LJMRQBO&O>MEF@P 
"2$"$

#FDFQ>I(J>DB/OL@BPPFKD 
1!$"2 "LJMRQBO5FPFLK 
"2
"2 #>Q>5FPR>IFW>QFLK 
(
E6> +:E=6 C65:ED
"2 OQFh@F>I(KQBIIFDBK@B 
"2 *KLTIBADB!>PBA2VPQBJP 
"2 ,>@EFKB+B>OKFKD 
"2 OQFh@F>I(KQBIIFDBK@BFK#BPFDK 
#2"2 #BBM+B>OKFKD 
#2"2 (KCLOJ>QFLK1BQOFBS>I 
"2 *KLTIBADB#FP@LSBOV>KA#>Q>
,FKFKD

"21!$ "LJMRQBO5FPFLK 
"22$,$ &O>MEF@>I,LABIPCLO1B>PLKFKD
4KABO4K@BOQ>FKQV

#>Q>?>PBP
E6> +:E=6 C65:ED
"2 #>Q>?>PB,>K>DBJBKQ2VPQBJP 
#2"2 (KCLOJ>QFLK1BQOFBS>I 
"2 AS>K@BA3LMF@PFK#>Q>?>PB
2VPQBJP

"2#2!FD#>Q>,>K>DBJBKQ 
"2#2!FD#>Q> K>IVQF@P 
"V?BOPB@ROFQV
E6> +:E=6 C65:ED
"2 2LCQT>OB2B@ROFQV#BPFDK>KA
K>IVPFP

"2 "LJMRQBO-BQTLOH2B@ROFQV 
"2 AS>K@BA3LMF@PFK"LJMRQBO
2B@ROFQV

"2 ">PB2QRAFBPFK"LJMRQBO2B@ROFQV
"2$"$

"OVMQLDO>MEV>KA#>Q>2B@ROFQV 
"2$"$

AS>K@BA"OVMQLDO>MEV 
MMIF@>QFLKPLC"2
E6> +:E=6 C65:ED
1!$"2

'RJ>K1L?LQ(KQBO>@QFLK 
2$,$"2 4PBO,LABIFKD 
2$,$"2 $JMFOF@>I,BQELAPCLO'RJ>K
"BKQBOBA"LJMRQFKD

2$,$"2 OQFh@F>I(KQBIIFDBK@BCLO A>MQFSB
$AR@>QFLK>I3B@EKLILDV

"2!"!

!FLSFPR>IFW>QFLK 
"2!"!

!FLILDF@>I>KA!FLJBAF@>I
#>Q>?>PB,FKFKD

"LJMRQBO2@FBK@B$IB@QFSBP@OBAFQP
,2PQRABKQPJRPQ@LJMIBQBPRg@FBKQ@LROPBTLOH
PBIB@QBACOLJ"2@LROPBP>QQEBIBSBILOFKABMBKABKQ
PQRAV6FQEQEBMBOJFPPFLKLCQEB>@>ABJF@>ASFPLO>
PQRABKQJ>VQ>HB>QLQ>ILC>QJLPQPFUDO>AR>QB@OBAFQP
COLJLRQPFABLC"LJMRQBO2@FBK@BQLT>OAPQEB,2ABDOBB
"LROPBPFK@LIIBDBQB>@EFKDJ>VKLQ?B@LRKQBAQLT>OAP
QEB@OBAFQPOBNRFOBACLO>"2,>PQBOPABDOBB
3EBPFP.MQFLK
QEBPFP@LKPFPQFKDLC>OBPB>O@ELOABSBILMJBKQMOLGB@Q
TLOQE>JFKFJRJLC@OBAFQELROPJRPQ?B@LJMIBQBA>KA
MOBPBKQBAQLQEBC>@RIQV QEBPFPMOLMLP>IJRPQ?B
>MMOLSBA?VQEBABM>OQJBKQ?VQEBBKALCQEBPBJBPQBOFK
TEF@E>PQRABKQE>POBDFPQBOBACLO>QEFOAQEBPFP@OBAFQ
/OLMLP>IPTFII?B@LKPFABOBALKIV>QOBDRI>OIVP@EBARIBA
ABM>OQJBKQJBBQFKDP
2QRABKQPCRKABA?V>QB>@EFKD>PPFPQ>KQPEFMOBPB>O@E
>PPFPQ>KQPEFMLOCBIILTPEFMJRPQ@LJMIBQBQEBQEBPFP
LMQFLK
-LKQEBPFP.MQFLK
QLQ>ILC>QIB>PQ@OBAFQELROPJRPQ?BP>QFPC>@QLOFIV
@LJMIBQBAFK@IRAFKDCLRO@LROPBPTEF@EP>QFPCVQEB
!OB>AQE1BNRFOBJBKQ2QRABKQPPELRIABKAB>SLOQLQ>HB
QEBPBCLRO@LROPBP>PB>OIV>PMLPPF?IBPL>PQLMOLSFABQEB
?>@HDOLRKACLOQEBOBJ>FKFKDDO>AR>QBTLOH
3EBKLKQEBPFPLMQFLKFPKLQ>MMIF@>?IBQLPQRABKQPCRKABA
?V>QB>@EFKD>PPFPQ>KQPEFMOBPB>O@E>PPFPQ>KQPEFMLO
CBIILTPEFM
 6/(">Q>ILD
,2FK"LJMRQBO2@FBK@BPMB@F>IFWFKDFK
"LJMRQBO2B@ROFQV
/OLDO>JLC2QRAV
PMB@F>IFW>QFLKFK@LJMRQBOPB@ROFQVFP>S>FI>?IBTFQEFKQEB
J>PQBOPABDOBBMOLDO>JLCQEB"LJMRQBO2@FBK@B"2
#BM>OQJBKQ
2QRABKQPBKOLIIBAFKQEFPPMB@F>IFW>QFLKTFIIOB@BFSBQEB
J>PQBOLCP@FBK@BABDOBBFK@LJMRQBOP@FBK@BTFQE>
KLQ>QFLKLKQEBFOQO>KP@OFMQ[2MB@F>IFW>QFLKFK"LJMRQBO
2B@ROFQV^3EBMOLDO>JFPCL@RPBALKMOBM>OFKDPQRABKQPCLO
?LQEFKARPQOF>IMLPFQFLKP>KA/E#PQRAVOBI>QBAQL
@LJMRQBOPB@ROFQV
6/(P@V?BOPB@ROFQVMOLDO>JPMI>@BQEBP@FBK@B>KA
BKDFKBBOFKDLCPB@ROFQVTFQEFKQEB?OL>ABOELIFPQF@
CO>JBTLOHPLCFKPQFQRQFLKP>KAPL@FBQV3EBPMB@F>IFW>QFLKFK
"LJMRQBO2@FBK@BMOBM>OBPPQRABKQPQL>MMOL>@EQB@EKF@>I
@LJMRQBOPB@ROFQVMOL?IBJPFKQEB@LKQBUQLCRPBOP>KA
LOD>KFW>QFLKP3EB,2PMB@F>IFW>QFLKFK@LJMRQBOPB@ROFQV
PQOFSBPQLMOLAR@BPQRABKQPTEL
] @>K>PPBPPTEF@EPB@ROFQVOBI>QBAQEOB>QPQL>AAOBPPFK
>@LJMRQFKDMOL?IBJ
] RKABOPQ>KAQB@EKF@>IPB@ROFQVSRIKBO>?FIFQFBP>KA
QB@EKLILDFBP>QIB>PQQTLAFfBOBKQ>?PQO>@QFLKIBSBIP
TFQEFK@LJMRQFKDPVPQBJP
] >MMOB@F>QB?BE>SFLO>I>KAERJ>KC>@QLOPFK@OB>QFKD
CB>PF?IBPB@ROFQVPVPQBJP
AJFPPFLK1BNRFOBJBKQP
3EBMOLDO>JFP@LKAR@QBA>Q>K>AS>K@BAQB@EKF@>IIBSBI
>KAOBNRFOBPFK>AAFQFLKQLQEB6/(>AJFPPFLKP
OBNRFOBJBKQP>PLIFA?>@HDOLRKAFK@LJMRQBOP@FBK@B"2
-LOJ>IIV>!2ABDOBBFK"2FPBUMB@QBAELTBSBO
>MMIF@>KQPTFQE@LJM>O>?IB?>@HDOLRKAPQLDBQEBOTFQE
BUMBOQFPBD>FKBAQEOLRDETLOHBUMBOFBK@BTFII>IPL?B
@LKPFABOBA(KQBOBPQBAPQRABKQPPELRIA>MMIVQLQEB"2
J>PQBOPABDOBBMOLDO>J AJFPPFLKAB@FPFLKP>OBJ>AB?V
QEB"2ABM>OQJBKQ
#BDOBB1BNRFOBJBKQP
4C65:ED
3EB"LJMRQBO2B@ROFQVPMB@F>IFW>QFLKE>P?LQE@LROPBTLOH
LKIV>KAQEBPFPLMQFLKP3EBMOLDO>JAFPQOF?RQFLK
OBNRFOBJBKQP>OB>PCLIILTP
] 2B@ROFQV"LOB@OBAFQP
] 2B@ROFQV$IB@QFSBP@OBAFQPCLOQEB@LROPBTLOHLMQFLK
LO@OBAFQPCLOQEBQEBPFPLMQFLK QIB>PQLKBBIB@QFSB
@LROPBJRPQBJME>PFWB!BE>SFLO>I#FJBKPFLKPLC
PB@ROFQV
] !RPFKBPP,>K>DBJBKQ@OBAFQP
] "LJMRQBO2@FBK@B!FKP@OBAFQP
] $FQEBO@OBAFQPLCDBKBO>I"2BIB@QFSBP@LROPBTLOH
LMQFLKLO@OBAFQPLC,2QEBPFPQEBPFPLMQFLK
3EBCLIILTFKD@LROPBPP>QFPCVB>@EOBNRFOBJBKQ
2B@ROFQV"LOB"LROPBP@LSBOFKDQTLLCPLCQT>OBPVPQBJP
KBQTLOHP>KATFOBIBPPFKQBOKBQIBSBIPB@ROFQV"ROOBKQ
>MMIF@>?IB@LROPBP>OB
] "22LCQT>OB2B@ROFQV#BPFDK>KA K>IVPFP
] "2-BQTLOH2B@ROFQV
] $"$66FOBIBPP>KA(KQBOKBQ2B@ROFQV
2QRABKQPTFQE!2,2@OBAFQCLO"22LCQT>OB
2B@ROFQV$KDFKBBOFKDLO"23LLIP>KA3B@EKFNRBPFK
"LJMRQBO-BQTLOH2B@ROFQVJ>V>MMIV>QJLPQLKBLC
QEBPB@LROPBPQLT>OAPQEBPB@ROFQV@LOBOBNRFOBJBKQCLO
QEB,2PMB@F>IFW>QFLK
2B@ROFQV$IB@QFSBP(K@IRABP>IIPB@ROFQVOBI>QBA@LROPBP
LfBOBAFK"LJMRQBO2@FBK@B>KA$IB@QOF@>I>KA"LJMRQBO
$KDFKBBOFKD4MQLQEOBB@OBAFQPCOLJQEBPFPTLOHLK>
PB@ROFQVOBI>QBAQLMF@J>V@LRKQQLT>OAPQEFPOBNRFOBJBKQ
TFQEQEB>MMOLS>ILCQEBPMB@F>IFW>QFLKAFOB@QLO"ROOBKQ
>MMIF@>?IB@LROPBP>OBQEBPB@ROFQV@LOB@LROPBP>PTBII>P
] "2">PB2QRAFBPFK"LJMRQBO2B@ROFQV:P>QFPhBP
!BE>SFLO>I#FJBKPFLKPOBNRFOBJBKQ;
] "2"OVMQLDO>MEV
] "2$"$ AS>K@BA"OVMQLDO>MEV
] "2 AS>K@BA3LMF@PFK"LJMRQBO2B@ROFQV
] 2MB@F>IQLMF@P@LROPBPTFQEQEB>MMOLS>ILCQEB
PMB@F>IFW>QFLKAFOB@QLO
QIB>PQLKB@LROPB@LRKQBAQLT>OAPPB@ROFQVBIB@QFSBP
JRPQMOLSFABPFDKFh@>KQ@LSBO>DBLC?BE>SFLO>I
AFJBKPFLKPLC@V?BOPB@ROFQV/BOJ>KBKQ@LROPBLfBOFKDP
QE>QP>QFPCVQEB?BE>SFLO>IAFJBKPFLKPOBNRFOBJBKQ>OB
ABPFDK>QBA>PPR@EFKQEBFO@>Q>ILDABP@OFMQFLKP3EB
FKPQOR@QLOPLCQLMF@P@LROPBP"2>KA"277>KA
FKABMBKABKQPQRAV@LROPBPJ>VABPFDK>QBM>OQF@RI>O
LfBOFKDP>PP>QFPCVFKDQEB?BE>SFLO>IOBNRFOBJBKQTFQEQEB
>MMOLS>ILCQEB2MB@F>IFW>QFLK#FOB@QLO
FD:?6DD$2?286>6?E"LROPBP@LSBOFKD?RPFKBPPLO
J>K>DBJBKQFPPRBPQE>Q?B>OLKPB@ROFQV@LK@BOKP"ROOBKQ
>MMIF@>?IB@LROPBP>OB
] ,(2(KCLOJ>QFLK2B@ROFQV,>K>DBJBKQ
] .($1FPH,>K>DBJBKQ>KA#B@FPFLK,>HFKD
"LJMRQBO2@FBK@B!FKP"LROPBP>POBNRFOBAQLP>QFPCVQEB
?OB>AQEOBNRFOBJBKQP[?FKP^CLOQEB"2,2ABDOBB
#BQ>FIP>MMB>OFKQEB"2,2ABDOBBOBNRFOBJBKQP
 6/(">Q>ILD
=64E:G6D KV@LROPBP>IILT>?IBTFQEFKQEBOBNRFOBJBKQP
CLO"2,2ABDOBBPFK@IRAFKDQEBPFP@OBAFQP
+96D:DAAC@G2=(C>PQRABKQ>MMIFBPQEBPFP@OBAFQPQLT>OAP
>ABDOBB?B>OFKDQEB@LJMRQBOPB@ROFQVPMB@F>IFW>QFLKEFP
LOEBOQEBPFPQLMF@JRPQ?B>MMOLSBA>PPB@ROFQVOBI>QBA?V
LKBLCQEB@LOBPMB@F>IFW>QFLKC>@RIQV3EBPBPKBBAKLQ?B
>ASFPBA?V@LOBPMB@F>IFW>QFLKC>@RIQVFKPR@E@>PBPQEB
OB>ABOPELRIA?BLKBLCQEB@LOBPMB@F>IFW>QFLKC>@RIQV
(JMLOQ>KQ-LQB
2FK@BQEBPB@ROFQVPMB@F>IFW>QFLKFPTFQEFKQEBJ>PQBOP
MOLDO>JPLCQEB"LJMRQBO2@FBK@B#BM>OQJBKQPQRABKQP
FKQEFPPMB@F>IFW>QFLKJRPQ>IPLP>QFPCV>IIOBNRFOBJBKQPLC
QEB@LJMRQBOP@FBK@BJ>PQBOPMOLDO>J3EBOBFP>IFJFQQL
QEBKRJ?BOLC@LROPBPLRQPFABLC"LJMRQBO2@FBK@BQE>Q
PQRABKQPJ>V>MMIVQLT>OAPQEBFO"LJMRQBO2@FBK@B
J>PQBOPABDOBB
+JA6,>PQBOLC2@FBK@B
/E#FK"LJMRQBO2@FBK@B
2QRABKQP>OB>ASFPBAQL@LKQ>@QQEBABM>OQJBKQCLO
ABQ>FIBAORIBP>PQEBOB>OBABM>OQJBKQ>IDRFABIFKBPFK
>AAFQFLKQLQEBRKFSBOPFQVPOBNRFOBJBKQPCLOQEB/E#
ABDOBB
4MLK>AJFPPFLKQEBPQRABKQFP>PPFDKBA>K>@>ABJF@
>ASFPLO>KAQLDBQEBOQEBVABPFDK>/I>KLC2QRAVAROFKD
QEBhOPQPBJBPQBOLCQEBPQRABKQP/E#MOLDO>J
3EBPQRABKQJRPQP>QFPCVQEB/E#0R>IFCVFKD1BNRFOBJBKQ
@LKPFPQFKDLCQEB!OB>AQE1BNRFOBJBKQ>KAQEB1BPB>O@E
0R>IFCVFKD1BNRFOBJBKQ3EBPBOBNRFOBJBKQP>OBABP@OF?BA
FKQEB&O>AR>QB1BDRI>QFLKPLKQEB"2ABM>OQJBKQTB?PFQB
EQQMPTB?@PTMFBAR(KQO>KBQ&O>AR>QBDRFABEQJI
4MLKPR@@BPPCRI@LJMIBQFLKLCQEB/E#NR>IFCVFKD
OBNRFOBJBKQQEBPQRABKQ?B@LJBP>@LJMRQBOP@FBK@B
/E#@>KAFA>QB3EBPQRABKQP#FPPBOQ>QFLK"LJJFQQBB
JRPQ?BCLOJBATFQEFKQEBhOPQVB>OLC@>KAFA>@V3EB
PQRABKQPBIB@QP>OBPB>O@E>ASFPLOCOLJTFQEFKQEB"2
ABM>OQJBKQ>KAQLDBQEBOQEBVPBIB@QTFQEQEB>MMOLS>ILC
QEB"2&O>AR>QB"LJJFQQBBQEOBB>AAFQFLK>IJBJ?BOP>Q
IB>PQLKBLCTELJJRPQ?BCOLJLRQPFABQEB6/("2
ABM>OQJBKQ3EB#FPPBOQ>QFLK"LJJFQQBBTFII?B
OBPMLKPF?IBCLOPRMBOSFPFKDQEB@LJMOBEBKPFSB
BU>JFK>QFLK>KA>MMOLSFKDQEBAFPPBOQ>QFLKMOLMLP>I>KA
hK>IOBMLOQ
3EB/E#ABDOBBOBNRFOBJBKQP@LKPFPQLC>@LROPBTLOH
@LJMLKBKQ>KA>OBPB>O@E@LJMLKBKQTEF@EQLDBQEBO
JRPQQLQ>I>QIB>PQ@OBAFQELROP?BVLKAQEBJ>PQBOP
ABDOBBOBNRFOBJBKQ%LOPQRABKQPTELB>OKBA>,2ABDOBB
FK"2>Q6/(AROFKDQEBMBOFLATEBKQE>Q,2ABDOBB
MOLDO>JOBNRFOBA@OBAFQPQEB@LROPBTLOH>KAOBPB>O@E
@LJMLKBKQCLOQEB/E#ABDOBBJRPQQLQ>I>QIB>PQ
@OBAFQELROP
3EB@LROPBTLOH>KAOBPB>O@E@LJMLKBKQJRPQQLQ>I>Q
IB>PQ@OBAFQELROPCLOPQRABKQPTELB>OK?LQE>J>PQBOP
ABDOBB>KA/E#ABDOBBFK"2>Q6/(3EB@LROPBTLOH
@LJMLKBKQJRPQFK@IRABQEB@LJMIBQFLKLCQEB
PQRABKQP/E#!OB>AQE1BNRFOBJBKQP>KADO>AR>QB
@OBAFQPFK"LJMRQBO2@FBK@B@LROPBPFKABMBKABKQPQRAFBP
LOAFOB@QBAOBPB>O@EQEBPB@OBAFQPJ>VFK@IRAB@OBAFQP
B>OKBA>PM>OQLC@LJMIBQFKDQEB/E#!OB>AQE
1BNRFOBJBKQP"LROPBTLOH@OBAFQPQ>HBKLRQPFAB
"LJMRQBO2@FBK@BJRPQ?B>MMOLSBA?VQEBPQRABKQP
>ASFPLO
3EBPQRABKQJ>V>IPLBKOLIICLOOBPB>O@E@OBAFQP?RQFPLKIV
>IILTBARMQLAFOB@QBAOBPB>O@E@OBAFQPMOFLOQLQEB
@LJMIBQFLKLCQEB/E#@>KAFA>@VOBNRFOBJBKQP3EB/E#
@>KAFA>@VOBNRFOBJBKQP>OBQEB@LJMIBQFLKLCQEB/E#
!OB>AQE1BNRFOBJBKQP>KAQEB/E#1BPB>O@E0R>IFhBO
6FQEQEB>MMOLS>ILCQEB#FPPBOQ>QFLK"LJJFQQBBQEB
PQRABKQ>MMIFBPCLO>KAQ>HBPQEB/E#@LJMOBEBKPFSB
BU>JFK>QFLK3EFPBU>JFK>QFLKJRPQ?BM>PPBAMOFLOQLQEB
@LJMIBQFLKLCQEBAFPPBOQ>QFLKABCBKPB>KAFPKLOJ>IIV
Q>HBK>CQBOPLJBFKFQF>IAFPPBOQ>QFLKOBPB>O@EE>P?BBK
MBOCLOJBA6FQE>MMOLS>ILCQEB#FPPBOQ>QFLK"LJJFQQBB
QEBPQRABKQ>MMIFBPCLO>KAQ>HBPQEBAFPPBOQ>QFLKMOLMLP>I
BU>JFK>QFLKRPR>IIVTFQEFKLKBVB>OLCQEB/E#
@>KAFA>@V
3EB/E#OBPB>O@E@LJMLKBKQ@LKPFPQPLC>QIB>PQ@OBAFQP
FK@IRAFKD>KVOBPB>O@E@OBAFQPB>OKBAMOFLOQLQEB
>@@BMQ>K@BLCQEBAFPPBOQ>QFLKMOLMLP>I>KABU@IRAFKD>KV
OBPB>O@E@OBAFQP>MMIFBAQLT>OA>J>PQBOPABDOBBIB>AFKD
QL>AFPPBOQ>QFLK>KA>MR?IF@ABCBKPBTEF@EJRPQ?B
>MMOLSBA?VQEBPQRABKQP#FPPBOQ>QFLK"LJJFQQBB
/E#!OB>AQE1BNRFOBJBKQP
/E#PQRABKQP>OBOBNRFOBAQL>@EFBSB>QIB>PQ>!DO>ABFK
@LROPBPCOLJPFUAFfBOBKQ?FKPIFPQBAB>OIFBOFKQEB"2
!OB>AQE1BNRFOBJBKQCLOQEB,2#BDOBB3EBPBPFU?FKP
JRPQFK@IRAB>IIQEOBBBPPBKQF>I?FKP2QRABKQPJRPQ>@EFBSB
>K DO>ABFK>QIB>PQCLROLCQEBPFU?FKPFK@IRAFKD>K 
DO>ABFK>QIB>PQLKBBPPBKQF>I?FK
"LROPBPTFQE>KRJ?BOBD>OB
[MOBM>O>QLOV@LROPBP^ABPFDKBAPMB@Fh@>IIVCLOPQRABKQP
TFQEFKPRg@FBKQ?>@HDOLRKAHKLTIBADBLOPHFIIP6EFIB
 6/(">Q>ILD
DO>AR>QB@OBAFQ@>K?BB>OKBACLOQEBPB@LROPBPQEBV
@>KKLQ?BRPBA?V/E#PQRABKQPQLP>QFPCV>?FK
OBNRFOBJBKQ
3EB/E#?OB>AQEOBNRFOBJBKQJRPQ?BP>QFPhBA?VQEB
QFJBQEBPQRABKQ>@EFBSBPQEBCLIILTFKDKRJ?BOLC
DO>AR>QB@OBAFQPCLO/E#@OBAFQP@LROPBPCLO
/E#@OBAFQP@LROPBP
2QRABKQP>AJFQQBAQLQEB"2/E#MOLDO>JTFQELKIV>
?>@EBILOPABDOBBFB/E#JRPQ@LJMIBQB>"2,2
ABDOBB>PQEBhOPQPQBMQLT>OAPQEB/E#'LTBSBOQEB
/E#?OB>AQEOBNRFOBJBKQFPJLOBABJ>KAFKDQE>KQEB,2
?OB>AQEOBNRFOBJBKQ"LKPBNRBKQIVQELPBPQRABKQPPELRIA
P>QFPCVQEB/E#?OB>AQEOBNRFOBJBKQFKPQB>ATEFIB
L?Q>FKFKDQEB,2ABDOBB IILQEBOOBNRFOBJBKQPCLOQEB
,2ABDOBBOBJ>FKQEBP>JB
+JA6/E#
"V?BO2B@ROFQV
!2,2FK"V?BO2B@ROFQV
%LOQEB)LFKQ!>@EBILOZP,>PQBOZP/OLDO>J
3EBOBNRFOBJBKQPCLOQEB,22$">OBPQOR@QROBAPLQE>Q
RKABODO>AR>QBPQRABKQPTLRIA?B>?IBQLMROPRB>
!>@EBILOZP,>PQBOZPMOLDO>JFKTEF@EQEB!>@EBILOZP
ABDOBBFP>T>OABAFK>KVJ>GLOLfBOBA>Q6/(>KAQEB
,>PQBOZPABDOBBFP>T>OABA>PQEB,22$"2QRABKQP
BKOLIIBAFKQEBGLFKQ!>@EBILOZP,>PQBOZPMOLDO>JJRPQ
P>QFPCV>IIQEBMOLDO>JOBNRFOBJBKQPLCQEBFOOBPMB@QFSB
?>@EBILOZPABDOBB>KA>IIQEBMOLDO>JOBNRFOBJBKQPLCQEB
,22$"6/(>IILTPQEBALR?IB@LRKQFKDLCRMQL@OBAFQP
CLOPQRABKQPMROPRFKD>VB>O!>@EBILOP,>PQBOPMOLDO>J
3EFPLSBOI>M@>K?B>@EFBSBAQEOLRDEQEBCLIILTFKD
JB@E>KFPJP2QRABKQPJ>VALR?IB@LRKQ@LROPBPQLT>OAP
?LQEQEBFORKABODO>AR>QB>KADO>AR>QBABDOBBPTELPB
@OBAFQELROPQLQ>IKLJLOBQE>KMBO@BKQLCQEB@OBAFQ
ELROPOBNRFOBACLOQEB,22$">KAQE>QJBBQ>IILQEBO
OBNRFOBJBKQPCLOB>@EABDOBB3EBPB@LROPBP@>KFK@IRAB
DO>AR>QB@LROPBP>PTBII>P@BOQ>FKRKABODO>AR>QB
IBSBI@LROPBP>PILKD>PQEBRKABODO>AR>QB@LROPBP
>OB>@@BMQ>?IBFKMI>@BLC>@LOOBPMLKAFKDDO>AR>QB@LROPB
QE>QP>QFPhBP>,22$"OBNRFOBJBKQ
(K@LKPRIQ>QFLKTFQEQEB>@>ABJF@>ASFPLOQEBPQRABKQ
MOBM>OBP>/I>KLC2QRAVLRQIFKFKDQEBPBIB@QFLKP@ELPBKQL
P>QFPCVQEB!>@EBILOZP,>PQBOZPMOLDO>JABDOBB
OBNRFOBJBKQPFK@IRAFKDQEB@LROPBPQE>QTFII?BALR?IB
@LRKQBA3EFP/I>KLC2QRAVJRPQQEBK?B>MMOLSBA?VQEB
"V?BO2B@ROFQVMOLDO>J P>RKFSBOPFQVTFABORIBQEB
!2,2ALR?IB@LRKQFKD@OBAFQP@>K?B>MMIFBACLOLKIV
TEFIBQEBPQRABKQFP>KRKABODO>AR>QBPQRABKQ
%LOQEBCLIILTFKDIBSBI@LROPBPQTLDO>AR>QB@OBAFQP
TFII?BB>OKBAQLT>OAPQEBGLFKQ!>@EBILOZP,>PQBOZPABDOBB
FCQEBPQRABKQ>@EFBSBPDO>AB!LOEFDEBOLOLQEBOTFPBTFQE
QEBFKPQOR@QLOP>MMOLS>I(K>AAFQFLKC>@RIQVJ>VLfBO>Q
QEBFOAFP@OBQFLK>K>AAFQFLK>IRKABODO>AR>QBRKFQLO
BNRFS>IBKQIV>DO>AR>QB@OBAFQCLO@LJMIBQFKD>AAFQFLK>I
TLOHFKQEB@LROPB3LL?Q>FKQEFP>AAFQFLK>I@OBAFQQEB
PQRABKQJRPQOBDFPQBOCLORKABODO>AR>QBRKFQLC
FKABMBKABKQPQRAV>QQEBIBSBILO>DO>AR>QB@OBAFQ
FKABMBKABKQPQRAV>QQEBIBSBITFQEMBOJFPPFLKCOLJ
QEBFKPQOR@QLO PQRABKQ@>KOB@BFSB@OBAFQCLO>QJLPQLKB
LCQEBQTL@LROPBPFK>KVOLTLCQEBCLIILTFKDQ>?IB
,?56C8C25F2E6@FCD6 C25F2E6@FCD6
"2(KQOLQL OQFh@F>I(KQBIIFDBK@B "2 OQFh@F>I(KQBIIFDBK@B
"2,>@EFKB+B>OKFKD "2,>@EFKB+B>OKFKD
"22LCQT>OB2B@ROFQV$KDFKBBOFKD
"22LCQ2B@ROFQV#BPFDK
K>IVPFP
"2#>Q>?>PB2VPQBJP
"2#>Q>?>PB,>K>DBJBKQ
2VPQBJP
"2#>Q>,FKFKD>KA*KLTIBADB
#FP@LSBOVFK#>Q>?>PBP
"2*KLTIBADB#FP@LSBOV
>KA#>Q>,FKFKD
"2#FPQOF?RQBA2VPQBJP "2.MBO>QFKD2VPQBJP
"2 AS>K@BA"LJMRQBO-BQTLOHP "2"LJMRQBO-BQTLOHP
2QRABKQPJ>V>AAFQFLK>IIVALR?IB@LRKQ"23LLIP
>KA3B@EKFNRBPFK"LJMRQBO-BQTLOH2B@ROFQVLO"2
$"$(KQOLAR@QFLKQL"OVMQLDO>MEV>KA
"LJJRKF@>QFLK2B@ROFQVQLT>OAPQEBGLFKQ!>@EBILOZP
,>PQBOZPABDOBB
.QEBOIBSBI@LROPBPKLQIFPQBA>?LSBFK@IRAFKD
IBSBIFKABMBKABKQPQRAV@LROPBPOBNRFOB>MBQFQFLK
>KA>MMOLS>ICOLJQEB"V?BO2B@ROFQV&O>AR>QB"LJJFQQBB
?BCLOBQEBV@>KALR?IB@LRKQCLOQEB!>@EBILOZP,>PQBOZP
ABDOBB
*2E:D7J:?8$**@C6C62D
2QRABKQPTFQE!>@EBILOZP,>PQBOZP@OBAFQCLO"2
2LCQT>OB2B@ROFQV$KDFKBBOFKD"23LLIP>KA
3B@EKFNRBPFK"LJMRQBO-BQTLOH2B@ROFQVLO"2$"$
(KQOLAR@QFLKQL"OVMQLDO>MEV>KA"LJJRKF@>QFLK
2B@ROFQVJ>VRPBQE>Q@LROPBQLP>QFPCVQEBQB@EKF@>IIV
CL@RPBA@LOB@LROPBOBNRFOBJBKQ IQBOK>QFSBIVQEBPQRABKQ
J>VFKPQB>A>MMIVQE>Q@LROPB@OBAFQQLT>OAPBFQEBOQEB
ABMQELOQEBBIB@QFSBOBNRFOBJBKQP%LO>KVLQEBO
RKABODO>AR>QB@LROPBLOFKABMBKABKQPQRAVMOLGB@QTLOH
PQRABKQPJ>VPR?JFQ>MBQFQFLK>ILKDTFQE>ABQ>FIBA
@LROPBABP@OFMQFLK>KAPVII>?RPQLQEB"V?BO2B@ROFQV
/OLDO>JCLOhK>IAB@FPFLKLKTEBQEBOQEB@LROPBPELRIA
@LRKQQLT>OAP@LOB>OB>OBNRFOBJBKQP
+JA6!2,2
 6/(">Q>ILD
,2FK"V?BO2B@ROFQV
/OLDO>J&L>IP>KA.?GB@QFSBP
6FQEQEBDOLTFKDABJ>KACLOBUMBOQFPBFK"V?BO2B@ROFQV
QEB,>PQBOLC2@FBK@BFK"V?BO2B@ROFQV,22$"MOLSFABP>
CLRKA>QFLKFK@LJMRQFKD>KAPB@ROFQV3EBMOLDO>J
?>I>K@BPQB@EKF@>IBUMBOQFPBTFQEFQP>MMIF@>QFLKFKFKARPQOV
>KADLSBOKJBKQPM>@BP3EBMOLDO>JRPBPOB>ITLOIA
BUMBOFBKQF>IIB>OKFKD>KAOBPB>O@ELMMLOQRKFQFBPQLBKPROB
PQRABKQP>OBMOBM>OBACLO>KBSLISFKDQEOB>QI>KAP@>MB
AJFPPFLKP1BNRFOBJBKQP
MMIF@>KQP>OBBUMB@QBAQLABJLKPQO>QBPRg@FBKQ
?>@HDOLRKAFK@LJMRQFKDCLODO>AR>QBIBSBITLOH
!>@HDOLRKAFKABSBILMFKDLORPFKDPLCQT>OBQLLIPFP
OBNRFOBA ?>@EBILOPABDOBBFK"LJMRQBO2@FBK@B
$IB@QOF@>I$KDFKBBOFKD(KCLOJ>QFLK3B@EKLILDVLOLQEBO
OBI>QBAhBIAPPELRIA?B>ABNR>QBMOBM>O>QFLK2QRABKQP
COLJLQEBO?>@HDOLRKAP>OBTBI@LJBQL>MMIVFCQEBV@>K
ABJLKPQO>QBQEBFOOB>AFKBPPQEOLRDELQEBOJB>KPPR@E>P
&1$BU>JPMOLCBPPFLK>I@BOQFh@>QFLKPLOOBIBS>KQQB@EKF@>I
TLOHBUMBOFBK@B
MMIF@>KQPJRPQE>SBB>OKBAQEBBNRFS>IBKQLC>CLROVB>O
42?>@EBILOPABDOBBQL?B@LKPFABOBACLO>AJFPPFLK
AJFPPFLKAB@FPFLKP>OB?>PBARMLK>IIQEBFKCLOJ>QFLK
OBNRFOBACOLJQEB>MMIF@>KQ3EB&1$FPKLQOBNRFOBACLO
>AJFPPFLK
-LKJ>QOF@RI>QBAPQRABKQPJ>VBKOLIIFKRMQLQTL@LROPBP
MOFLOQL>MMIVFKDCLO>AJFPPFLKQLQEB,>PQBOLC2@FBK@BFK
"V?BO2B@ROFQV
%>@RIQV"LKQ>@QP
KAOBT"I>OH+LOBKWL#B">OIF8>OHFK#LOLW#>KFBI
#LRDEBOQV%>QBJBE&>KGF6FIIF>J,>OQFK*LHP>I,RP
/>QOF@H2@E>RJLKQ"O>FD2ERB!BOH2RK>O1L?BOQ6>IIP
>KA"O>FD6FIIP
1BNRFOBJBKQPCLOQEB,>PQBOLC2@FBK@BFK"V?BO
2B@ROFQV,22$"
3EB,>PQBOLC2@FBK@BFK"V?BO2B@ROFQV>IILTPPQRABKQPQL
MROPRBOBPB>O@ELOCL@RPLK>MMIFBA@LROPBPQE>Q>AAOBPP
PB@ROFQVMOL?IBJP2QRABKQPJ>V@ELLPBQL@LJMIBQB
BFQEBO>@>MPQLKBMOLGB@QLO>,2QEBPFP3EBABDOBB
OBNRFOBP>QIB>PQ@OBAFQPELROPLCPQRAVFB>JFKFJRJ
LCQBK@OBAFQ@LROPBP
3EB,22$"FPABPFDKBAQL>@@LJJLA>QBPQRABKQPTFQE
PFDKFh@>KQMOFLOMOBM>O>QFLK>PTBII>PQELPBPBBHFKDQL
?B@LJBMOLCBPPFLK>IPFKQEBhBIA(QPRMMLOQP?LQE>
PQ>KA>OA>KA>K>AS>K@BAQO>@HLCPQRAV3EBPBQO>@HP>OB
CLO>ASFPFKDMROMLPBPLKIVPQRABKQPLKBFQEBOQO>@HB>OK
QEBP>JB@OBABKQF>I>KAQEBPBIB@QBAQO>@HFPKLQLg@F>IIV
OB@LOABA4KABOB>@EQO>@HPQRABKQP>OBBK@LRO>DBAQL
CL@RPLKBFQEBO>PLCQT>OB@BKQOF@LOE>OAT>OB@BKQOF@
@LIIB@QFLKLC@LROPBP
+JA6,>PQBOLC2@FBK@B
,22$"PQRABKQPJ>VQ>HBRMQLQEOBB
?OFADB@LROPBPCOLJ
E6> +:E=6 C65:ED
"2 (KQOLAR@QFLKQL MMIF@>QFLKPLC
"LJMRQBO2@FBK@BTFQE#>Q>
2QOR@QROBP>KA IDLOFQEJP

"2 (KQOLAR@QFLKQL2VPQBJP>KA
-BQTLOH/OLDO>JJFKD

"2 #BPFDKLC2LCQT>OB2VPQBJP 
,22$"PQRABKQPJRPQ@LJMIBQB>QEOBB
@LROPB@LOBCL@RPBALKQB@EKF@>IERJ>K
?BE>SFLO>KA?RPFKBPP
] .KBQB@EKF@>IIVCL@RPBA@LROPBCOLJ
E6> +:E=6 C65:ED
"2 2LCQT>OB2B@ROFQV#BPFDK>KA
K>IVPFP

"2 "LJMRQBO-BQTLOH2B@ROFQV 
#2$"$ ,>@EFKB+B>OKFKDFK"V?BOPB@ROFQV
$"$2"LJMRQBO2B@ROFQV
$"$" MMIFBA"OVMQLDO>MEV
>KA/EVPF@>I QQ>@HP
] .KBERJ>K?BE>SFLOCL@RPBA@LROPBCOLJ
E6> +:E=6 C65:ED
"2 ">PB2QRAFBPFK"LJMRQBO2B@ROFQV
"2#FDFQ>I%LOBKPF@P
"2"LJMRQBO"OFJB+>T
$"$!!IL@H@E>FK>KA
"OVMQL@ROOBK@FBP
] ,(2(KCLOJ>QFLK2B@ROFQV,>K>DBJBKQ
E6> +:E=6 C65:ED
,(2 (KCLOJ>QFLK2B@ROFQV,>K>DBJBKQ
 6/(">Q>ILD
,22$"PQRABKQPJRPQ@LJMIBQBQEOBB
ABMQE@LROPBPCOLJQEBCLIILTFKD
E6> +:E=6 C65:ED
"2$"$

"OVMQLDO>MEV>KA#>Q>2B@ROFQV 
"2$"$

AS>K@BA"OVMQLDO>MEV 
"2 AS>K@BA3LMF@PFK"LJMRQBO
2B@ROFQV

.($ 1FPH,>K>DBJBKQ>KA#B@FPFLK
K>IVPFP

KV@LOB@LROPBCOLJ>?LSBQE>Q
E>PKLQ?BBKRPBAQLP>QFPCVQEB
@LOBOBNRFOBJBKQ
(KQEBPQ>KA>OAQO>@HLRO?OFADB@LJMLKBKQPRMMLOQP
PQRABKQPTFQEIBPPMOBM>O>QFLKQLEBIMQEBJIB>OK@LOB
@LK@BMQPKBBABAFKPR?PBNRBKQ@I>PPBP6EFIBEFDEIV
OB@LJJBKABACLOQELPBTFQELRQMOBSFLRPQB@EKF@>I
MOBM>O>QFLKOBI>QBAQLQEBhBIAQEBPB@LROPBP>OBLMQFLK>I
MOBM>O>QFLK2QRABKQPTEL>IOB>AVE>SBPFDKFh@>KQ
MOBM>O>QFLKFKQEBPB>OB>PQEOLRDERKABODO>AR>QB@I>PPBP
DO>AR>QB@I>PPBPLOMOLCBPPFLK>IBUMBOFBK@BJ>V@ELLPB
KLQQLQ>HBLKBLOJLOB?OFADB@LROPBTFQELRQOBNRFOFKD
>ASFPLOLOMOLDO>J>MMOLS>I%LOPQRABKQPLKQEBPLCQT>OB
@BKQOF@PQ>KA>OAQO>@H"2"2>KA"2>OB
RPBCRIMOBM>O>QFLK
(KQEB>AS>K@BAQO>@HPQRABKQPJ>V@ELLPBKLQQLQ>HB>KV
LCQEB?OFADB@LROPBP>KAFKPQB>ACL@RPLKQB@EKF@>IABMQE
LOBIB@QFSBP2QRABKQPLKQEB>AS>K@BAPLCQT>OB@BKQOF@
QO>@HJ>VMOBCBOQLQ>HBBFQEBO"2LO"22QRABKQP
LKQEB>AS>K@BAE>OAT>OB@BKQOF@QO>@HJ>VMOBCBOQLQ>HB
#2$"$,>@EFKB+B>OKFKDFK"V?BOPB@ROFQVLO$"$"
MMIFBA"OVMQLDO>MEV>KA/EVPF@>I QQ>@HP
,22$"PQRABKQPTELALKLQQ>HB>IILCQEB?OFADB@LROPBP
J>VPBIB@QQLQ>HBQEBPFP@OBAFQPLO>AAFQFLK>IBIB@QFSB
@LROPBPCOLJQEBCLIILTFKDQLOB>@EQEB@OBAFQ
OBNRFOBJBKQ
E6> +:E=6 C65:ED
"2 .MBO>QFKD2VPQBJP 
"2 "LJMRQBO-BQTLOHP 
"2 OQFh@F>I(KQBIIFDBK@B 
"2 ,>@EFKB+B>OKFKD 
"2 #>Q>?>PB,>K>DBJBKQ2VPQBJP 
"2 'RJ>K"LJMRQBO(KQBO>@QFLK 
"2 *KLTIBADB#FP@LSBOV>KA#>Q>
,FKFKD

"2 #>Q>5FPR>IFW>QFLK 
$"$ (KQOLAR@QFLKQL+L@>I>KA6FAB
OB>-BQTLOHP

$"$ 6FOBIBPP @@BPP>KA+L@>IFW>QFLK 
4KABODO>AR>QB@LROPBPQEOLRDE
QEB!2,2MOLDO>JQE>QE>SB
PFDKFh@>KQJ>QBOF>ILSBOI>MTFQE
QEB>?LSBDO>AR>QB@LROPBP>P
PMB@FhBAFKQEBCLIILTFKDPB@QFLK
KV@LOBLOABMQE@LROPBCOLJ
>?LSBQE>QE>PKLQ?BBKRPBAQL
P>QFPCVBFQEBOQEB@LOBLOABMQE
OBNRFOBJBKQP
 6/(">Q>ILD
,22$"PQRABKQPJRPQ@LJMIBQB>QEOBB
@OBAFQ@>MPQLKBMOLGB@QBUMBOFBK@BLO>
KFKB@OBAFQ,23EBPFPCOLJQEBCLIILTFKD
E6> +:E=6 C65:ED
"2$"$

"V?BO2B@ROFQV">MPQLKB
$UMBOFBK@B

"2 ,>PQBOZP3EBPFP 
$"$ 3EBPFP 
(KQEB@LOBOBNRFOBJBKQPPQRABKQP>OBBUMLPBAQL>
QB@EKF@>IIVLOFBKQBA@LROPB>ERJ>K?BE>SFLO>IAFJBKPFLK
@LROPB>KA>@LROPBQE>QOBI>QBPPB@ROFQVQL?RPFKBPPKBBAP
3EFP@LJ?FK>QFLK>IILTPPQRABKQPQLMRQQB@EKF@>IJ>QBOF>I
FKQL>PL@FBQ>I@LKQBUQ
6FQEQEBPBOBNRFOBJBKQPPQRABKQPLKQEBPQ>KA>OAQO>@H
J>V@LJMIBQB?OFADB@LROPBP@LOB@LROPBPABMQE
@LROPBP>KAQEB@>MPQLKBBUMBOFBK@BCLO>QLQ>ILC
@OBAFQP2QRABKQPLKQEB>AS>K@BAQO>@HJ>VLJFQQEB
?OFADB@LROPBP>KAFKPQB>AQ>HB@LOB@LROPBPABMQE
@LROPBPBIB@QFSB@LROPBP>KAQEB@>MPQLKBBUMBOFBK@B
QLQ>IFKD@OBAFQP%LOPQRABKQPMROPRFKD>QEBPFPQEB
@>MPQLKB>KAQTLBIB@QFSB@LROPBPJ>V?BPT>MMBACLO>
@OBAFQ,2QEBPFP
#>Q>2@FBK@B
%>@RIQV
)F?56?DE6:?6C3EB6FIIF>J2JFQE#B>KZP/OLCBPPLO
"LJMRQBO2@FBK@B>KA/OLDO>J#FOB@QLO#>Q>2@FBK@B
/E#4KFSBOPFQVLC">IFCLOKF>(OSFKB!FDA>Q>
PVPQBJP?FDA>Q>>K>IVQF@PSFPR>I>K>IVQF@PJ>@EFKB
IB>OKFKDABBMIB>OKFKDEB>IQE>K>IVQF@P (>KAC>FOKBPP
$=E232<9 PPL@F>QB/OLCBPPLO"LJMRQBO2@FBK@B
#BM>OQJBKQ/E#/ROARB4KFSBOPFQV#>Q>?>PB
J>K>DBJBKQPVPQBJP>KAFKCLOJ>QFLKJ>K>DBJBKQ
NRBOVMOL@BPPFKD>KALMQFJFW>QFLKFKABUFKDQB@EKFNRBP
P@FBKQFh@A>Q>J>K>DBJBKQ>KA?FDA>Q>>K>IVQF@P
>5253B>@EFKD/OLCBPPLO#>Q>2@FBK@B/OLDO>J/E#
"LILO>AL2Q>QB4KFSBOPFQV!RPFKBPP>K>IVQF@P
@LJMRQ>QFLK>I>KA>MMIFBAJ>QEBJ>QF@P
+9@D92= PPFPQ>KQ3B>@EFKD/OLCBPPLO#>Q>2@FBK@B
/OLDO>J/E#4KFSBOPFQVLC,FPPFPPFMMF%B>QROB
$KDFKBBOFKD#BBM+B>OKFKD>KA->QRO>I+>KDR>DB
/OL@BPPFKD
#2CC:D@? PPL@F>QB/OLCBPPLO"LJMRQBO2@FBK@B
#BM>OQJBKQ/E#4KFSBOPFQVLC-LOQE">OLIFK>#>Q>
SFPR>IFW>QFLKSFPR>I>K>IVQF@PERJ>K@LJMRQBOFKQBO>@QFLK
/"@?8 PPL@F>QB/OLCBPPLO"LJMRQBO2@FBK@B
#BM>OQJBKQ/E#4KFSBOPFQVLC(IIFKLFP#>Q>JFKFKD
>KA?FDA>Q>>K>IVPFPTFQEBJME>PFPLK>AAOBPPFKDQEB
A>Q>S>OFBQVFPPRBPFK?FLJBAF@>IOBPB>O@E>KAPL@F>I
@LJMRQFKD>KAEB>IQE@>OB>K>IVQF@P
%"@C5K2569/E#4KFSBOPFQVLC3BU>P>Q2>K KQLKFL
PPFPQ>KQ/OLCBPPLOLC(KCLOJ>QFLK2VPQBJP6/(!RPFKBPP
2@ELLI.OD>KFW>QFLK>I>KAFKAFSFAR>I>ALMQFLK>KARPBLC
PL@F>IJBAF>FKEB>IQE@>OB?RPFKBPPFKQBIIFDBK@B>KA
>K>IVQF@PTFQE>KBJME>PFPLK>IDLOFQEJF@C>FOKBPP>KA
BQEF@>IAB@FPFLKJ>HFKD
"#66 PPL@F>QB/OLCBPPLO"LJMRQBO2@FBK@B#BM>OQJBKQ
/E#3BU>P ,4KFSBOPFQV!FDA>Q>>K>IVQF@P>KA
JFKFKDPL@F>I@LJMRQFKD>KA@V?BOPB@ROFQVLSBOI>ODB
P@>IBKBQTLOHBAFKCLOJ>QFLKPVPQBJPPR@E>PQEB6B?
PL@F>IJBAF>>KA@OLTA?>PBAPVPQBJP
0#: PPL@F>QB/OLCBPPLO"LJMRQBO2@FBK@B#BM>OQJBKQ
/E#4KFSBOPFQVLC,FKKBPLQ>/E#!4/3!BFGFKD
"EFK>#>Q>JFKFKD>KA>OQFh@F>IFKQBIIFDBK@BTFQE
>MMIF@>QFLKPFKRO?>K@LJMRQFKDPJ>OQQO>KPMLOQ>QFLK>KA
ERJ>KJL?FIFQV>K>IVPFP
/#:F PPL@F>QB/OLCBPPLO"LJMRQBO2@FBK@B#BM>OQJBKQ
/E#2VO>@RPB4KFSBOPFQV->QRO>II>KDR>DB
MOL@BPPFKDABBMIB>OKFKDFKCLOJ>QFLKOBQOFBS>IA>Q>
P@FBK@B>KA@LJMRQ>QFLK>IPL@F>IP@FBK@BP
&$2?8@F3: PPFPQ>KQ/OLCBPPLO,>QEBJ>QF@>I2@FBK@B
#BM>OQJBKQ/E#,>PP>@ERPBQQP(KPQFQRQBLC3B@EKLILDV
.MQFJFW>QFLK,>@EFKBIB>OKFKD2Q>QFPQF@>I
>IDLOFQEJP
%82? PPFPQ>KQ3B>@EFKD/OLCBPPLO#>Q>2@FBK@B/E#
&BLODB,>PLK4KFSBOPFQV3FJB2BOFBP K>IVPFP
#B@FPFLK&RFA>K@B>KA2RMMLOQ2VPQBJP
)'2N6?C@E9 PPL@F>QB/OLCBPPLO,>QEBJ>QF@>I
2@FBK@BP#BM>OQJBKQ/E#4KFSBOPFQVLC,>OVI>KA
+>ODBP@>IBA>Q>>K>IVQF@PPQ>QFPQF@>IJ>@EFKBIB>OKFKD
@LJMOBPPBAPBKPFKDKBQTLOH>K>IVPFP
)F:K/OLCBPPLO"LJMRQBO2@FBK@B#BM>OQJBKQ/E#
4KFSBOPFQVLC,>OVI>KA#>Q>JFKFKDJ>@EFKB
IB>OKFKD>OQFh@F>IFKQBIIFDBK@BEB>IQE@IFKF@>IJBAF@FKB
$*EC@?8/OLCBPPLO>KA#BM>OQJBKQ'B>A6/(
!RPFKBPP2@ELLI/E#">OKBDFB,BIILK4KFSBOPFQV
'B>IQE@>OB>KA?RPFKBPPA>Q>>K>IVQF@P@LJMRQFKD
>MMIF@>QFLKPFKLOD>KFW>QFLKP
+C2AA PPL@F>QB/OLCBPPLO6/(!RPFKBPP2@ELLI
/E#4KFSBOPFQVLC/FQQP?RODE,>QEBJ>QF@>I
LMQFJFW>QFLK>KA>K>IVQF@PTFQE>MMIF@>QFLKPQL?BKBhQ
PL@FBQVCL@RPFKDLKFJMOLSFKDLRQ@LJBPLCSRIKBO>?IB
MLMRI>QFLKP
)16<2G2E/OLCBPPLO/EVPF@P#BM>OQJBKQ/E#"LILO>AL
PQ>QB4KFSBOPFQV2Q>QFPQF@>I2FDK>I/OL@BPPFKD2BKPLO
#>Q> K>IVPFP>KA,>@EFKB+B>OKFKD
!1@F PPL@F>QB/OLCBPPLO,>QEBJ>QF@>I2@FBK@BP
#BM>OQJBKQ/E#4KFSBOPFQVLC"LKKB@QF@RQ
%FK>K@F>IQFJBPBOFBP>KAPM>QF>IPQ>QFPQF@PTFQE>MMIF@>QFLKP
QLBMFABJFLILDVMR?IF@EB>IQE>KA@IFJ>QB@E>KDB
 6/(">Q>ILD
gIF>QBA%>@RIQV
&8F/OLCBPPLO"LJMRQBO2@FBK@B#BM>OQJBKQ/E#
4KFSBOPFQVLC,>PP>@ERPBQQP,L?FIB>KAR?FNRFQLRP
EB>IQEJ>@EFKB>KAABBMIB>OKFKD>MMIF@>QFLKP>KA
@LJMRQBODO>MEF@P
!64< PPL@F>QB/OLCBPPLO"LJMRQBO2@FBK@B
#BM>OQJBKQ/E#4KFSBOPFQVLC,>PP>@ERPBQQP
$AR@>QFLK>IA>Q>JFKFKD
$0=2:D PPL@F>QB3B>@EFKD/OLCBPPLO>KA PPL@F>QB
#BM>OQJBKQ'B>A,>QEBJ>QF@>I2@FBK@BP/E#"LOKBII
4KFSBOPFQV+FNRFAFQVJLABIFKDLMBO>QFLKPOBPB>O@E
SLI>QFIFQVABOFS>QFSBPIBSBO>DB
C@H? /OLCBPPLO>KA#BM>OQJBKQ'B>A#BM>OQJBKQ
LC$IB@QOF@>I>KA"LJMRQBO$KDFKBBOFKD/E#"LOKBII
4KFSBOPFQV"LJJRKF@>QFLKPVPQBJP>KAKBQTLOHFKD
PFDK>IMOL@BPPFKDFKCLOJ>QFLKQEBLOV
#2A@8?2/OLCBPPLO,>QEBJ>QF@>I2@FBK@BP/E#
4KFSBOPFQVLC/ROARB/>OQF>IAFfBOBKQF>IBNR>QFLKP
@>I@RIRPLCS>OF>QFLKP>KA>K>IVQF@>PMB@QPLC
NR>PF@LKCLOJ>IJ>MMFKDPPR?1FBJ>KKF>KDBLJBQOV
JFKFJ>IPROC>@BP>KAJB>K@ROS>QROBiLT
*;2>2D3:/OLCBPPLO6/(!RPFKBPP2@ELLI/E#
4KFSBOPFQVLC'>T>FF,>K>DBJBKQFKCLOJ>QFLK
PVPQBJP
!@J=6 PPL@F>QB/OLCBPPLO2L@F>I2@FBK@B>KA/LIF@V
2QRAFBP/E#4KFSBOPFQVLC"LILO>AL!LRIABO,BKQ>I
JLABIPLC@LJMIBUPVPQBJPBKSFOLKJBKQ>I@LDKFQFLK>KA
?BE>SFLO
$=>6D/OLCBPPLO6/(!RPFKBPP2@ELLI/E#2VO>@RPB
4KFSBOPFQV(KQBOMBOPLK>I>KADOLRMAVK>JF@PFK
@LJMIBULOD>KFW>QFLKPIB>AFKD@E>KDBIB>ABOPEFMBQEF@P
236C/OLCBPPLO'RJ>KFQFBP OQP#BM>OQJBKQ/E#
$KDIFPE4KFSBOPFQVLC4Q>E.OD>KFW>QFLKP>KA
@E>KDBEB>IQE@>OBLMBO>QFLKP>KAA>Q>FKQBKPFSB
JBQELAPCLORKABOPQ>KAFKDEB>IQEPVPQBJP>KAJBAF@>I
MO>@QF@BP
#:496C2 PPFPQ>KQ/OLCBPPLO/E#4KFSBOPFQVLC&BKL>
(Q>IF>K(KPQFQRQBLC3B@EKLILDV"LKQFKRRJOL?LQF@PJBAF@>I
OL?LQF@PPRODF@>IOL?LQF@PFJ>DBDRFABAPRODBOVI>PBO
?>PBAPRODBOVJBAF@>IABSF@BP
+F@ PPFPQ>KQ/OLCBPPLO"LJMRQBO2@FBK@B/E#
4KFSBOPFQVLC,>PP>@ERPBQQP JEBOPQ#FPQOF?RQBA
PVPQBJP@ILRA@LJMRQFKDA>Q>FKQBKPFSBPVPQBJP
2=='9:==:AD PPL@F>QB/OLCBPPLO6/(!RPFKBPP2@ELLI
/E#/ROARB4KFSBOPFQV"LKPRJBO?BE>SFLO
?RPFKBPPQL?RPFKBPPJ>OHBQFKDPJ>II?RPFKBPP
%+6N6C?2?/OLCBPPLO"LJMRQBO2@FBK@B#BM>OQJBKQ
>KA"L#FOB@QLO+B>OKFKD2@FBK@BP>KA3B@EKLILDFBP/E#
">OKBDFB,BIILK4KFSBOPFQV$AR@>QFLK>IA>Q>JFKFKD
,>@EFKB+B>OKFKD>MMIFBAQLBAR@>QFLK>I@LKQBUQ !
QBPQFKD
/F2?8/OLCBPPLO#BM>OQJBKQLC$IB@QOF@>I>KA
"LJMRQBO$KDFKBBOFKD/E#5FODFKF>3B@E
1B@LKhDRO>?IB@LJMRQFKDR?FNRFQLRP@LJMRQFKD>KA
1%(#
$F>:/OLCBPPLO,>QEBJ>QF@>I2@FBK@BP/E#
6BFWJ>KK(KPQFQRQBLC2@FBK@B1BELSLQ(PO>BI
#BSBILMJBKQ>KA>MMIF@>QFLKLCJ>QEBJ>QF@>IJBQELAPQL
>QJLPMEBOF@OBPB>O@E>KAP>QBIIFQBPLO?FQP
*!@9?D@?/OLCBPPLO6/(!RPFKBPP2@ELLI/E#"LOKBII
4KFSBOPFQV'B>IQE@>OBABIFSBOVMOL@BPPBP$'1
PVPQBJPMOL@BPP>K>IVPFP>KAABJ>KA
)"@?C25 PPL@F>QB/OLCBPPLO6/(!RPFKBPP2@ELLI/E#
/ROARB4KFSBOPFQV#B@FPFLK>K>IVQF@JLABIFKD
AFP@OBQBBSBKQPQL@E>PQF@PFJRI>QFLK?>PBALMQFJFW>QFLK
"@C<:?/OLCBPPLOFK"LJMRQBO2@FBK@B>KA!"!
/OLDO>J#FOB@QLO/E#4KFSBOPFQVLC-BT!ORKPTF@H
">K>A>!FDA>Q>>K>IVQF@PFKIFCBP@FBK@BPJ>@EFKB
IB>OKFKD>KAFQP>MMIF@>QFLKPSFPR>IFW>QFLKLC@LJMIBU
?FLILDF@>IA>Q>KBQTLOHP@FBK@B?FLFKCLOJ>QF@P>KA
MBOPLK>IFWBAJBAF@FKB
$:==6C PPL@F>QB/OLCBPPLO6/(!RPFKBPP2@ELLI/E#
,F@EFD>K2Q>QB4KFSBOPFQV3EB$IF!OL>A2@ELLILC
,>K>DBJBKQ @@LRKQFKDMPV@ELILDV>KA
B@LKLJF@PFKQBO>@Q
)%62>EF PPL@F>QB3B>@EFKD/OLCBPPLO"LJMRQBO
2@FBK@B/E#6LO@BPQBO/LIVQB@EKF@(KPQFQRQB
*&=D@?/OLCBPPLO>KA#BM>OQJBKQ'B>A,>QEBJ>QF@>I
2@FBK@BP/E#-LOQE">OLIFK>2Q>QB4KFSBOPFQV
,>QEBJ>QF@>I?FLILDV@EBJF@>IPFDK>IFKDJB@E>KF@P>KA
EVAOLAVK>JF@P
$)25K:4<: PPL@F>QB/OLCBPPLO2L@F>I2@FBK@B>KA/LIF@V
2QRAFBP/E#4KFSBOPFQVLC-LQOB#>JB2VPQBJ
AVK>JF@PJLABIFKD>DBKQ?>PBAJLABIFKDMOBAF@QFSB
>K>IVQF@P
)J56C PPL@F>QB/OLCBPPLO!FLILDV>KA!FLQB@EKLILDV
/E#'>OS>OA4KFSBOPFQV#BSBILMJBKQ>I
KBROL?FLILDVDBKBQF@P?FLFKCLOJ>QF@P@LJMRQ>QFLK>I
?FLILDV
*2=6D PPFPQ>KQ/OLCBPPLO,>QEBJ>QF@>I2@FBK@BP/E#
4KFSBOPFQVLC,F@EFD>K,BQELAPCLO@>RP>IFKCBOBK@B
RPFKD>AJFKFPQO>QFSBLOEFDEAFJBKPFLK>IA>Q>BPMB@F>IIVFK
BAR@>QFLK
$*2C<:D/OLCBPPLO,>QEBJ>QF@>I2@FBK@BP/E#-BT
8LOH4KFSBOPFQV-RJBOF@>I>K>IVPFPhKFQBBIBJBKQ
JBQELAP
*2C<@KJ/OLCBPPLO"LJMRQBO2@FBK@B#BM>OQJBKQ
/E#1RQDBOP4KFSBOPFQV&O>MEQEBLOVAFP@OBQB
J>QEBJ>QF@P>KAQEBLOBQF@>I@LJMRQBOP@FBK@B
**EFC> PPL@F>QB/OLCBPPLO,>QEBJ>QF@>I2@FBK@BP
/E#3B@EKF@>I4KFSBOPFQVLC!BOIFK&BOJ>KV
%FK>K@F>IJ>QEBJ>QF@P>KABKDFKBBOFKD
*F?2C/OLCBPPLO#BM>OQJBKQLC$IB@QOF@>I>KA"LJMRQBO
$KDFKBBOFKD/E#.OBDLK2Q>QB4KFSBOPFQV
"OVMQLDO>MEVKBQTLOHPB@ROFQVEFDEMBOCLOJ>K@B
@LJMRQFKD
+2?8/OLCBPPLO,>QEBJ>QF@>I2@FBK@BP/E#4KFSBOPFQV
LC6FP@LKPFK,>AFPLK"LJMRQ>QFLK>I
?FLJ>QEBJ>QF@P?FLILDV>KA?FLBKDFKBBOFKD
 6/(">Q>ILD
*+2J=@C/OLCBPPLO6/(!RPFKBPP2@ELLI/E#!LPQLK
"LIIBDB.OD>KFW>QFLK>I>BPQEBQF@POBiB@QFSBMO>@QF@B
hOPQMBOPLKOBPB>O@E>RQEBKQF@IB>ABOPEFM
+F=F/OLCBPPLO6/(!RPFKBPP2@ELLI/E#"I>OBJLKQ
&O>AR>QB4KFSBOPFQV#BPFDK>KAABSBILMJBKQEB>IQE
FKCLOJ>QFLKQB@EKLILDFBP
-6C?6D4F/OLCBPPLO,>QEBJ>QF@>I2@FBK@BP/E#
(KPQFQRQBLC,>QEBJ>QF@P!R@E>OBPQ1LJ>KF>/>OQF>I
AFfBOBKQF>IBNR>QFLKPELJLDBKFW>QFLK@>I@RIRPLC
S>OF>QFLK
.2=<6C/OLCBPPLO$JBOFQRP,>QEBJ>QF@>I2@FBK@BP
/E#-BT8LOH4KFSBOPFQV"LJMRQ>QFLK>I
J>QEBJ>QF@PKRJBOF@>IJBQELAPCLOPVPQBJPLCIFKB>O>KA
KLKIFKB>OBNR>QFLKP
*#.66<6D/OLCBPPLO,>QEBJ>QF@>I2@FBK@BP/E#
4KFSBOPFQVLC,F@EFD>K-RJBOF@>IJBQELAP
J>QEBJ>QF@>IJLABIFKDAVK>JF@J>QBOF>IP
!).9:E69:== PPFPQ>KQ/OLCBPPLO"LJMRQBO2@FBK@B
#BM>OQJBKQ/E#4KFSBOPFQVLC">IFCLOKF>2>K#FBDL
,>@EFKBIB>OKFKD@OLTAPLRO@FKD>RQLJ>QBA
QB>@EFKDERJ>K?BE>SFLOOB@LDKFQFLK
-.:=D@? PPL@F>QB3B>@EFKD/OLCBPPLO6/(!RPFKBPP
2@ELLI/E#4KFSBOPFQVLC"LILO>AL!LRIABO$
EB>IQE@LJMRQBOJBAF>QBA@LJJRKF@>QFLKP
1.F PPL@F>QB/OLCBPPLO,>QEBJ>QF@>I2@FBK@BP/E#
8>IB4KFSBOPFQV!FDA>Q>PQ>QFPQF@>I>K>IVQF@P
?FLFKCLOJ>QF@P
1192?8 PPL@F>QB/OLCBPPLO/E#!OLTK4KFSBOPFQV
2E>KDE>F4KFSBOPFQV-RJBOF@>I>K>IVPFP
P@FBKQFh@@LJMRQFKD@LJMRQ>QFLK>I>KA>MMIFBA
J>QEBJ>QF@PRK@BOQ>FKQVNR>IFh@>QFLK
!19F/OLCBPPLO6/(!RPFKBPP2@ELLI/E#4KFSBOPFQVLC
,>PP>@ERPBQQP/BOCLOJ>K@BBS>IR>QFLK>KA
?BK@EJ>OHFKDPRPQ>FK>?IBABPFDK>KAMBOCLOJ>K@B
%>@RIQV1BPB>O@E
.ROC>@RIQVTLOHFKJ>KV>OB>POBI>QBAQL#>Q>2@FBK@B
FK@IRAFKDFK
] !FDA>Q>>KAEFDEMBOCLOJ>K@B>K>IVQF@P
] !FLFKCLOJ>QF@P>KADBKLJF@A>Q>?>PBP
] !RPFKBPPFKQBIIFDBK@B>KAMOBAF@QFSB>K>IVQF@P
] "V?BOPB@ROFQV>K>IVQF@P
] "OVMQLDO>MEV>KAA>Q>PB@ROFQV
] $AR@>QFLK>IA>Q>JFKFKD
] %FK>K@F>IAB@FPFLKJ>HFKD
] 'B>IQE@>OBA>Q>>K>IVQF@P
] (KQBOKBQ?FDA>Q>>K>IVPFP
] +>ODBP@>IBA>Q>J>K>DBJBKQ>KAFKCO>PQOR@QROBP
] ,>@EFKBIB>OKFKDA>Q>JFKFKDHKLTIBADB
AFP@LSBOV
] 2FDK>IMOL@BPPFKD>KAFKCLOJ>QFLKQEBLOV
] 2L@F>IJBAF>>K>IVQF@P
] 2Q>QFPQF@>IIB>OKFKD
] 5FPR>I>KAKRJBOF@>I>K>IVPFPLCI>ODBA>Q>PBQP
/OLDO>JLC2QRAV
3EB6/(#>Q>2@FBK@B#2MOLDO>JLfBOPDO>AR>QBPQRAFBP
QLT>OA>K,2!2,2>KA/E##BDOBB>PTBII>P>
"BOQFh@>QBFK#>Q>2@FBK@B3EFP#>Q>2@FBK@BMOLDO>J
BAR@>QBPMOLCBPPFLK>IP#>Q>2@FBKQFPQPTFQE
FKQBOAFP@FMIFK>OVPHFIIPFK>K>IVQF@P@LJMRQFKDPQ>QFPQF@P
>KA?RPFKBPPFKQBIIFDBK@B*BVPHFIIPFK@IRABQEB>?FIFQVQL
OB@LDKFWBMOL?IBJPQE>Q@>K?BPLISBATFQEA>Q>>K>IVQF@P
>MMIVQEB>MMOLMOF>QBQB@EKLILDFBPLK>DFSBKA>Q>
MOL?IBJ>KA@LJJRKF@>QBQELPBPLIRQFLKPBfB@QFSBIVQL
OBIBS>KQPQ>HBELIABOP.ROC>@RIQVQLDBQEBOTFQELRO
FKARPQOF>IM>OQKBOPMOLSFABPQRABKQPTFQEQEBOBPLRO@BP
>KALMMLOQRKFQFBPQLBKD>DBFKMO>@QF@>IMROMLPBAOFSBK
MOLGB@QPCLOJ>I@LROPBTLOH>KAJBKQLOBA
FKQBOAFP@FMIFK>OVOBPB>O@ETLOH3EFP#>Q>2@FBK@BMOLDO>J
OBNRFOBP>AS>K@BAFKABMQE@LROPBTLOHFK?RPFKBPP
FKKLS>QFLKA>Q>>K>IVQF@P@LJMRQFKD>KAPQ>QFPQF@>I
CLRKA>QFLKP3EBMOLDO>JFPABPFDKBAQLMOLSFABCL@RPBA
PQRAVFK>K>OB>LCFKQBOBPQQLQEBPQRABKQO>KDFKDCOLJ
DBKBO>IA>Q>>K>IVQF@P@LJMRQFKDJ>QEBJ>QF@>I>K>IVQF@P
>KA?RPFKBPP>K>IVQF@PQLPMB@F>IFWBA@LK@BKQO>QFLKPFK
hK>K@F>I>K>IVQF@PEB>IQE@>OB>K>IVQF@P?FLJBAF@>I
>K>IVQF@P>K>IVQF@PCLOPRPQ>FK>?FIFQV>KAIB>OKFKD
P@FBK@BP>JLKDLQEBOP#RBQLQEBFOFK@OB>PBA
FKQBOAFP@FMIFK>OVMBOPMB@QFSBLRODO>AR>QBPTFIIE>SB>
@IB>O@LJMBQFQFSB>AS>KQ>DBLSBOMOLCBPPFLK>IPTEL>OB
QO>FKBAFK>PFKDIBAFP@FMIFKBPR@E>P?RPFKBPP
>AJFKFPQO>QFLKPQ>QFPQF@PLO@LJMRQBOP@FBK@B>KATEL>OB
PBBHFKDQLTLOHFKQEBA>Q>>K>IVQF@FKARPQOV PPR@EQEBV
TFII?BMLFPBAQLPR@@BPPCRIIV?B@LJBIB>ABOPFK#>Q>
2@FBK@BEBIMFKDQLCLOJ>IFWB>KAOB>IFWBFQPSFPFLK
3EBDO>AR>QBABDOBBMOLDO>JFK#>Q>2@FBK@BFPABPFDKBA
QLMOLAR@BQEBCRQROBDBKBO>QFLKLCA>Q>P@FBKQFPQPTEL>OB
MOLh@FBKQFKQEBFO>?FIFQVQL
] PPBPPQEBPRFQ>?FIFQVLC>MMIV>KA>AS>K@BPQ>QBLC
>OQA>Q>>K>IVQF@PQLLIP>KAJBQELAPCOLJA>Q>
>K>IVPFPPQ>QFPQF@PA>Q>JFKFKDA>Q>J>K>DBJBKQ
@LJMRQ>QFLK>IQEFKHFKD?FDA>Q>>IDLOFQEJP>KA
SFPR>IFW>QFLKQL?OFKD>?LRQQO>KPCLOJ>QFSBPLIRQFLKP
QLFJMLOQ>KQOB>ITLOIAMOL?IBJP>@OLPP>KRJ?BOLC
ALJ>FKP
] !OFKDQL?B>OQEBFOFKQBDO>QFSBFKQBOAFP@FMIFK>OV
HKLTIBADB>KAPHFIIPFKQEB@LOBAFP@FMIFKBP@BKQO>IQL
#>Q>2@FBK@B"LJMRQFKD2Q>QFPQF@P>KA!RPFKBPPQL
RKABOPQ>KA>KAQEBKQLBUMI>FK>K>IVQF@POBPRIQP>KA
QEBFO>MMIF@>?FIFQV>KAS>IFAFQVQLQELPBOBPMLKPF?IBCLO
PLISFKDOB>ITLOIAMOL?IBJP
] 2BOSB>PSFPFLK>OVIB>ABOP>KAMOLGB@QJ>K>DBOPFK
A>Q>>K>IVQF@PTFQEQEBQB@EKF@>I>KAMOLCBPPFLK>I
 6/(">Q>ILD
HKLTIBADB>KAPHFIIPKBBABACLOQEB@ROOBKQ>KA
CRQROB@>OBBOABJ>KAPLCA>Q>P@FBKQFPQPTLOHFKDLK
FJM>@QCRIMOLGB@QP
AJFPPFLKP1BNRFOBJBKQP
2QRABKQP>MMIVFKDQLQEBDO>AR>QBABDOBBMOLDO>JFK#>Q>
2@FBK@B#2>OBBUMB@QBAQLE>SB>?>@EBILOPABDOBBTFQE
>PQOLKDNR>KQFQ>QFSB>KA@LJMRQ>QFLK>I?>@HDOLRKA
FK@IRAFKD@LROPBTLOHFKMOLDO>JJFKDA>Q>PQOR@QROBP
>IDLOFQEJPRKFS>OF>QB>KAJRIQFS>OF>QB@>I@RIRPIFKB>O
>IDB?O>>KAFKQOLAR@QLOVPQ>QFPQF@P2QRABKQPTFQE>
?>@EBILOPABDOBBPFK@LJMRQBOP@FBK@BJ>QEBJ>QF@P
?RPFKBPPBKDFKBBOFKD>KANR>KQFQ>QFSBP@FBK@BPTLRIA
QVMF@>IIVNR>IFCVFCQEBVJBBQQEB>?LSB?>@HDOLRKA
OBNRFOBJBKQP PQOLKD>MMIF@>KQTELFPJFPPFKDKB@BPP>OV
A>Q>P@FBK@B?>@HDOLRKAJ>V?B>AJFQQBATFQEQEB
BUMB@Q>QFLKQE>QEBLOPEBTFIIQ>HBQEB#>Q>2@FBK@B
QO>KPFQFLK@LROPBP>PKBBABATEF@EFK@IRAB"2FC
JFPPFKDMOLDO>JJFKD>KA>IDLOFQEJP?>@HDOLRKA>KA
#2FCJFPPFKDPQ>QFPQF@P?>@HDOLRKA"OBAFQPCLOQEBPB
QO>KPFQFLK@LROPBP@LRKQQLT>OAPQEB,2ABDOBB2QRABKQP
>MMIVFKDQLQEB"BOQFh@>QBFK#>Q>2@FBK@B>OBBUMB@QBAQL
JBBQQEBP>JBNR>IFh@>QFLKPABP@OF?BA>?LSB
gIF>QBA#BM>OQJBKQP>KA
/OLDO>JP
3EFPFP>GLFKQMOLDO>J>AJFKFPQBOBA?VQEB"LJMRQBO
2@FBK@B#BM>OQJBKQ,>QEBJ>QF@>I2@FBK@BP#BM>OQJBKQ
>KAQEB6/(!RPFKBPP2@ELLI"ILPBIV>gIF>QBA
ABM>OQJBKQP>IPLFK@IRAB2L@F>I2@FBK@B>KA/LIF@V2QRAFBP
#BM>OQJBKQ+B>OKFKD2@FBK@BP>KA3B@EKLILDFBP/OLDO>J
!FLFKCLOJ>QF@P>KA"LJMRQ>QFLK>I!FLILDV/OLDO>J>KA
QEB$IB@QOF@>I>KA"LJMRQBO$KDFKBBOFKD#BM>OQJBKQ#>Q>
2@FBK@BC>@RIQV>OB@LJMOFPBALCC>@RIQVFKQBOBPQBAFK#>Q>
2@FBK@BDO>AR>QBBAR@>QFLK>KAOBPB>O@E>KATELELIA
>AS>K@BAABDOBBP
(KARPQOF>I1BI>QFLKPEFMP
(K@LII>?LO>QFLKTFQE6/(P"LOMLO>QB>KA/OLCBPPFLK>I
$AR@>QFLKQEB#>Q>2@FBK@BC>@RIQVTLOHTFQEFKARPQOF>I
DLSBOKJBKQ>KA>@>ABJF@M>OQKBOPTELPBOSBLK>K
ASFPLOV!L>OAQLEBIMPE>MBQEB6/(#>Q>2@FBK@B
MOLDO>J>KAFQPLfBOFKDPQL>PPROBFQP@LKQFKRBAOBIBS>K@V
(K>AAFQFLKQEBPB ASFPLOV!L>OAJBJ?BOPMOLSFABFKMRQ
LKFKARPQOF>IEFOFKDKBBAPLfBOMOLGB@QP>KAFKQBOKPEFMPQL
#>Q>2@FBK@BPQRABKQP>KAPBOSB>PBJMILVBOPLCLRO
DO>AR>QBP
!2,2FK#>Q>2@FBK@B
3EBOBNRFOBJBKQPCLOQEBMOLMLPBA,2FK#>Q>2@FBK@B>OB
PQOR@QROBAPLQE>QRKABODO>AR>QBPQRABKQTLRIA?B>?IBQL
MROPRB>hSBVB>O!>@EBILOP,>PQBOPMOLDO>JFKTEF@E
QEB!>@EBILOPABDOBBFP>T>OABAFK>KVJ>GLOLfBOBA>Q
6/(>KAQEB,>PQBOPABDOBBFP>T>OABAFK#>Q>2@FBK@B
2QRABKQPBKOLIIBAFKQEB!2,2MOLDO>JJRPQP>QFPCV>II
QEBMOLDO>JOBNRFOBJBKQPLCQEBFOOBPMB@QFSB!2ABDOBB
>KA>IIQEBMOLDO>JOBNRFOBJBKQPLCQEB,2ABDOBBFK
#>Q>2@FBK@B%LOPQRABKQPTELTFIIB>OKQEB#>Q>2@FBK@B
!2ABDOBB>Q6/(QEB[(KQBDO>QFSB#>Q>2@FBK@B^@LOB>OB>
OBNRFOBJBKQFPT>FSBA(KPQB>AQEBPQRABKQP@>KB>OK
QEB@LOOBPMLKAFKD@OBAFQP?VQ>HFKD>KVLCQEBA>Q>
P@FBK@B@LROPBPIFPQBAFKQEBDO>AR>QB@>Q>ILDFK@IRAFKD#2

6/(>IILTPQEBALR?IB@LRKQFKDLCRMQL@OBAFQPCLO
PQRABKQPMROPRFKD>VB>O!>@EBILOP,>PQBOPMOLDO>J
3EFPLSBOI>M@>K?B>@EFBSBAQEOLRDEQEBCLIILTFKD
JB@E>KFPJP2QRABKQPJ>VALR?IB@LRKQ@LROPBPQLT>OAP
?LQEQEBFORKABODO>AR>QB>KADO>AR>QBABDOBBPTELPB
@OBAFQELROPQLQ>IKLJLOBQE>KMBO@BKQLCQEB@OBAFQ
ELROPOBNRFOBACLOQEB,2ABDOBBFK#>Q>2@FBK@B>KAQE>Q
JBBQ>IILQEBOOBNRFOBJBKQPCLOB>@EABDOBB3EBPB@LROPBP
@>KFK@IRABDO>AR>QB@LROPBP>PTBII>P@BOQ>FK
RKABODO>AR>QBIBSBI@LROPB>PILKD>PQEB
RKABODO>AR>QB@LROPBFP>@@BMQ>?IBFKMI>@BLC>
@LOOBPMLKAFKDDO>AR>QB@LROPBQE>QP>QFPhBP>#>Q>
2@FBK@B,2OBNRFOBJBKQ
(K@LKPRIQ>QFLKTFQEQEB>@>ABJF@>ASFPLOQEBPQRABKQ
MOBM>OBP>/I>KLC2QRAVLRQIFKFKDQEBPBIB@QFLKP@ELPBKQL
P>QFPCVQEB!2,2ABDOBBOBNRFOBJBKQPFK@IRAFKDQEB
@LROPBPQE>QTFII?BALR?IB@LRKQBA3EFP/I>KLC2QRAV
JRPQQEBK?B>MMOLSBA?VQEB#>Q>2@FBK@B/OLDO>J
P>RKFSBOPFQVTFABORIBQEB!2,2ALR?IB@LRKQFKD
@OBAFQP@>K?B>MMIFBACLOLKIVTEFIBQEBPQRABKQFP>K
RKABODO>AR>QBPQRABKQ
#LR?IB"LRKQFKD"OBAFQP%OLJ+BSBI
"LROPBP
%LOQEBCLIILTFKD+BSBI@LROPBPQTLDO>AR>QB@OBAFQP
TFII?BB>OKBAQLT>OAPQEB!2,2ABDOBBFCQEBPQRABKQ
>@EFBSBPDO>AB!LOEFDEBOLOLQEBOTFPBTFQEQEB
FKPQOR@QLOP>MMOLS>I(K>AAFQFLKC>@RIQVJ>VLfBO>QQEBFO
AFP@OBQFLK>K>AAFQFLK>IRKABODO>AR>QBRKFQLO
BNRFS>IBKQIV>DO>AR>QB@OBAFQCLO@LJMIBQFKD>AAFQFLK>I
TLOHFKQEB@LROPB3LL?Q>FKQEFP>AAFQFLK>I@OBAFQQEB
PQRABKQJRPQOBDFPQBOCLORKABODO>AR>QBRKFQLC
FKABMBKABKQPQRAV>QQEBIBSBILO>DO>AR>QB@OBAFQ
 6/(">Q>ILD
FKABMBKABKQPQRAV>QQEBIBSBITFQEMBOJFPPFLKCOLJ
QEBFKPQOR@QLO
@FCD6D7C@>@>AFE6C*4:6?46
"2 K>IVPFPLC IDLOFQEJP
"2(KQOLAR@QFLKQL OQFh@F>I(KQBIIFDBK@B
"2,>@EFKB+B>OKFKD
"2#>Q>?>PB2VPQBJP((
"2#>Q>,FKFKD>KA*KLTIBADB#FP@LSBOVFK#>Q>?>PBP
"2,L?FIB>KA4?FNRFQLRP"LJMRQFKD
"2!FL5FPR>IFW>QFLK
"2!FLILDF@>I>KA!FLJBAF@>I#>Q>?>PB,FKFKD
@FCD6D7C@>$2E96>2E:42=*4:6?46D
, ,>QEBJ>QF@>I.MQFJFW>QFLK
, 2Q>QFPQF@>I,BQELAPFK&BKBQF@P>KA!FLFKCLOJ>QF@P
, /OL?>?FIFQV>KA,>QEBJ>QF@>I2Q>QFPQF@P(
, /OL?>?FIFQV>KA,>QEBJ>QF@>I2Q>QFPQF@P((
#2, #>Q> K>IVQF@P>KA2Q>QFPQF@>I+B>OKFKD
.QEBOIBSBI@LROPBPKLQIFPQBA>?LSBFK@IRAFKD
IBSBIFKABMBKABKQPQRAV@LROPBPOBNRFOB>MBQFQFLK
>KA>MMOLS>ICOLJQEB#>Q>2@FBK@B&O>AR>QB"LJJFQQBB
?BCLOBQEBV@>KALR?IB@LRKQCLOQEB!2,2ABDOBB
1BPQOF@QBA4KABODO>AR>QB>KA&O>AR>QB
"LROPB/>FOP
2LJBRKABODO>AR>QB>KADO>AR>QB@LROPBPE>SB
PFDKFh@>KQLSBOI>MFKQEBFO@LKQBKQ3EBCLIILTFKDQ>?IBIFPQP
QEBPB@LROPBP
PQRABKQ@>KOB@BFSB@OBAFQQLT>OAPQEBFO,2ABDOBBCLO
>QJLPQLKBLCQEBQTL@LROPBPFK>KVOLTLCQEFPQ>?IB
"LROPBPCOLJ"LJMRQBO2@FBK@B
,?56C8C25F2E6@FCD6 C25F2E6@FCD6
"2(KQOLAR@QFLKQL OQFh@F>I
(KQBIIFDBK@B
"2 OQFh@F>I(KQBIIFDBK@B
"2,>@EFKB+B>OKFKD "2,>@EFKB+B>OKFKD
"2#>Q>?>PB2VPQBJP((
"2#>Q>?>PB,>K>DBJBKQ
2VPQBJP
"2#>Q>,FKFKD>KA*KLTIBADB
#FP@LSBOV
"2*KLTIBADB#FP@LSBOV>KA
#>Q>,FKFKD
"2,L?FIB>KA4?FNRFQLRP
"LJMRQFKD
"2,L?FIB>KA4?FNRFQLRP
"LJMRQFKD
"2!FLSFPR>IFW>QFLK "2!FLSFPR>IFW>QFLK
"2!FLILDF@>I>KA!FLJBAF@>I
#>Q>?>PB,FKFKD
"2!FLILDF@>I>KA!FLJBAF@>I
#>Q>?>PB,FKFKD
"LROPBPCOLJ,>QEBJ>QF@>I2@FBK@BP
,?56C8C25F2E6@FCD6 C25F2E6@FCD6
, /OL?>?FIFQV>KA,>QEBJ>QF@>I
2Q>QFPQF@P(
, /OL?>?FIFQV>KA
,>QEBJ>QF@>I2Q>QFPQF@P(
, /OL?>?FIFQV>KA,>QEBJ>QF@>I
2Q>QFPQF@P((
, /OL?>?FIFQV>KA
,>QEBJ>QF@>I2Q>QFPQF@P((
#2, #>Q> K>IVQF@P>KA
2Q>QFPQF@>I+B>OKFKD
, #22Q>QFPQF@>I,BQELAP
CLO#>Q>2@FBK@B
2>QFPCVFKD#>Q>2@FBK@B"LOB OB>P
!2,2PQRABKQP@>KRPBQEB!2,2@OBAFQPQLP>QFPCV>
@LOB>OB>OBNRFOBJBKQFC>KVLCQEBCLIILTFKD@LKAFQFLKPFP
JBQ3EBRKABODO>AR>QB@LROPBRKABO@LKPFABO>QFLK
BFQEBORPBAQLB>OKLODO>AR>QB@OBAFQPJRPQ>MMB>OFK
LKBLCQEBQ>?IBP>?LSB>KAQEB@LOOBPMLKAFKDDO>AR>QB
@LROPBJRPQP>QFPCVQEB@LOB>OB>OBNRFOBJBKQ3EB
RKABODO>AR>QB@LROPBLOFKABMBKABKQPQRAVMOLGB@QTLOH
FPKLQFKQEBQ>?IBPIFPQBA>?LSB?RQFQFPABBJBAQLP>QFPCV
QEB@LOB>OB>3EFPOBNRFOBPPR?JFQQFKD>MBQFQFLK>ILKD
TFQE>ABQ>FIBA@LROPBABP@OFMQFLK>KAPVII>?RPQLQEB#>Q>
2@FBK@B/OLDO>JCLOhK>IAB@FPFLK
+JA6!2,2
"BOQFh@>QBFK#>Q>2@FBK@B
3EB@BOQFh@>QBMOLDO>JFK#>Q>2@FBK@BMOBM>OBPPQRABKQP
QLE>OKBPP>K>IVWB>KAFKQBOMOBQA>Q>FKOB>ITLOIA
>MMIF@>QFLKP3EB@BOQFh@>QB@LKPFPQPLC@OBAFQPQE>QJRPQ
P>QFPCVQEBCLIILTFKD@OFQBOF>#2FPJ>KA>QLOV
QTL>AAFQFLK>I@LROPBPJRPQ?BCOLJQEB#>Q>2@FBK@B@LOB
@LROPBPIFPQBAFKQEBDO>AR>QB@>Q>ILD>KAQEB
OBJ>FKFKD@OBAFQP@>K?BB>OKBACOLJ>KV#>Q>2@FBK@B
BIB@QFSB@LROPBPIFPQBAFKQEBDO>AR>QB@>Q>ILDLO
LQEBOTFPB>MMOLSBA?VQEBMOLDO>J
3EB@BOQFh@>QB@LROPBPJ>V?BPR?PBNRBKQIV>MMIFBAQL>
ABDOBBMOLDO>J>Q6/(FK@IRAFKDQEB,2ABDOBBFK#>Q>
2@FBK@BMOLSFAFKDQEB@LROPBPJBBQQEBOBNRFOBJBKQPLC
QE>QABDOBBMOLDO>J
2QRABKQPTELE>SB@LJMIBQBALO>OB@ROOBKQIVBKOLIIBAFK>
DO>AR>QBABDOBB>Q6/(LQEBOQE>K#>Q>2@FBK@B@>K
ALR?IB@LRKQDO>AR>QB@OBAFQPCOLJQEBFODO>AR>QBABDOBB
QLJBBQRMQLLKBQEFOALCQEBDO>AR>QB@OBAFQPCLO>
PR?PBNRBKQ&O>AR>QB"BOQFh@>QBFK#>Q>2@FBK@B
+JA6"BOQFh@>QB
,2FK#>Q>2@FBK@B
2QRABKQPMROPRFKDQEB,2ABDOBBFK#>Q>2@FBK@BJRPQ
@LJMIBQB>JFKFJRJLC@OBAFQPLCOBIBS>KQTLOH>QQEB
DO>AR>QBIBSBI3EBPB@OBAFQPJRPQFK@IRABQEB@LOB
@LROPBTLOHOBNRFOBJBKQPFK#>Q>2@FBK@BPBB?BILT>KA
BFQEBO>@OBAFQ&O>AR>QB0R>IFCVFKD/OLGB@Q&0/LO>
@OBAFQ,2QEBPFP3EBPB,2ABDOBBOBNRFOBJBKQPE>SB
?BBKABPFDKBAQLMOLSFAB>@LJMOBEBKPFSBVBQiBUF?IB
MOLDO>JQLPQRABKQPTEL>OBMROPRFKD>K,2ABDOBB
BU@IRPFSBIV>KA>IPLPQRABKQPTEL>OBMROPRFKD>@LJ?FKBA
!2,2ABDOBB
 6/(">Q>ILD
4MLK>@@BMQ>K@BQLQEB,2MOLDO>JPQRABKQPTFII?B
>PPFDKBA>K>@>ABJF@>ASFPLOTELTFIITLOHTFQEQEB
PQRABKQQL@LOOB@QIVMOBM>OB>/I>KLC2QRAV3EFP/I>KLC
2QRAVJRPQQEBK?B>MMOLSBA?VQEB#>Q>2@FBK@B/OLDO>J
1BSFBT!L>OA
+JA6,>PQBOLC2@FBK@B
&0/3O>@H
&O>AR>QB0R>IFCVFKD/OLGB@Q
E6> +:E=6 C65:ED
#2 &O>AR>QB0R>IFCVFKD/OLGB@Q 
1BNRFOBA"LOB OB>P
E6> +:E=6 C65:ED
(KQBDO>QFSB#>Q>2@FBK@B 
,>QEBJ>QF@>I K>IVQF@P 
#>Q> @@BPP,>K>DBJBKQ 
#>Q> K>IVQF@P>KA,FKFKD 
!RPFKBPP(KQBIIFDBK@B">PB
2QRAFBP

"LK@BKQO>QFLK>KA$IB@QFSBP
E6> +:E=6 C65:ED
$IB@QFSBP@OBAFQP 
,23EBPFP3O>@H
E6> +:E=6 C65:ED
#2 ,>PQBOZP3EBPFPFK#>Q>2@FBK@B 
E6> +:E=6 C65:ED
(KQBDO>QFSB#>Q>2@FBK@B 
,>QEBJ>QF@>I K>IVQF@P 
#>Q> @@BPP,>K>DBJBKQ 
#>Q> K>IVQF@P>KA,FKFKD 
!RPFKBPP(KQBIIFDBK@B">PB
2QRAFBP

"LK@BKQO>QFLK>KA$IB@QFSBP
E6> +:E=6 C65:ED
$IB@QFSBP@OBAFQP 
"LOB#>Q>2@FBK@B"LROPBTLOH
1BNRFOBJBKQ@OBAFQP
2QRABKQPFKQEB,2MOLDO>JJRPQQ>HB?LQE@LROPBPFKQEB
(KQBDO>QFSB#>Q>2@FBK@B@>QBDLOV>KALKB@LROPBCOLJ
B>@ELCQEBLQEBO@LOB#>Q>2@FBK@B@>QBDLOFBPIFPQBA
?BILT
(KQBDO>QFSB#>Q>2@FBK@BOBNRFOBA
E6> +:E=6 C65:ED
#2 (KQOLAR@QFLKQL#>Q>2@FBK@B 
,>QEBJ>QF@>I K>IVQF@P2BIB@QLKB
E6> +:E=6 C65:ED
#2, 

2Q>QFPQF@>I,BQELAPCLO#>Q>
2@FBK@B

,  1BDOBPPFLK K>IVPFP 
,  MMIFBA,RIQFS>OF>QB K>IVPFP 
#>Q> @@BPP>KA,>K>DBJBKQ2BIB@Q
LKB
E6> +:E=6 C65:ED
"2 #>Q>?>PB,>K>DBJBKQ2VPQBJP 
,(2 #>Q>?>PB MMIF@>QFLKP#BPFDK>KA
#BSBILMJBKQ

"2 AS>K@BA3LMF@PFK#>Q>?>PB
2VPQBJP

"2#2!FD#>Q>,>K>DBJBKQ 
#>Q> K>IVQF@P>KA,FKFKD2BIB@QLKB
E6> +:E=6 C65:ED
"2 *KLTIBADB#FP@LSBOV>KA#>Q>
,FKFKD

"2 ,>@EFKB+B>OKFKD 
#2"2 #BBM+B>OKFKD 
"2#2!FD#>Q> K>IVQF@P 
!RPFKBPP(KQBIIFDBK@B>KA">PB2QRAFBP
2BIB@QLKB
E6> +:E=6 C65:ED
,(2 !RPFKBPP(KQBIIFDBK@B 
,(2 !RPFKBPP MMIF@>QFLKPFK,>@EFKB
+B>OKFKD

,*3 #>Q>,FKFKD!RPFKBPP MMIF@>QFLKP
 6/(">Q>ILD
(C>PQRABKQE>P@LJMIBQBA>!2ABDOBBFK#>Q>2@FBK@B>Q
6/(QEBKQEB[(KQBDO>QFSB#>Q>2@FBK@B^@LOB>OB>
OBNRFOBJBKQFPT>FSBA(KPQB>AQEBPQRABKQ@>KB>OKQEB
@LOOBPMLKAFKD@OBAFQP?VQ>HFKD>KVLCQEBA>Q>P@FBK@B
@LROPBPIFPQBAFKQEBDO>AR>QB@>Q>ILDFK@IRAFKD#2
(C>PQRABKQALBPKLQE>SBMOFLO?>@HDOLRKAFK>M>OQF@RI>O
@LOB@>QBDLOVQEBKFQFP>ASFPBAQE>QQEBPQRABKQQ>HBQEB
@LROPBTFQE>K>PQBOFPHFKQEBQFQIBTFQEFKQE>Q@>QBDLOV(C
QTLLOJLOB@LROPBPE>SB>K>PQBOFPHQEBKQEBPQRABKQ
J>VPBIB@QBFQEBOLCQEBPB@LROPBP?>PBALKQEBFOMBOPLK>I
FKQBOBPQ>KA?>@HDOLRKA2QRABKQPJRPQQ>HB>QIB>PQ
@LROPBFKB>@ELCQEBPB@LOB>OB>P?RQ>OBBK@LRO>DBAQL
Q>HBPBSBO>I AAFQFLK>I@LROPBPQ>HBKFK>@LOB@>QBDLOV
TFII@LRKQ>PBIB@QFSBP>KALO@LK@BKQO>QFLK@LROPBP>P
ABP@OF?BA?BILT
&O>AR>QB0R>IFCVFKD/OLGB@Q&0/LO,2
3EBPFP
PQRABKQFKQEB,2MOLDO>JJRPQ@LJMIBQBLKBLCQEB
CLIILTFKDQTLLMQFLKP
] 4C65:EC25F2E6(F2=:7J:?8'C@;64E#23EFP
MOLGB@QFPJLPQ@LJJLKIVALKBFKQB>JP>KATFII
MOLSFAB>@>MPQLKBBUMBOFBK@BFK>MMIVFKDA>Q>
P@FBK@BPHFIIPQL>OB>ITLOIAMOL?IBJ(QTFII?B
@>OOFBALRQFK@LLMBO>QFLKTFQE>PMLKPLOLO>K
FKARPQOF>IM>OQKBO>KAJRPQ?B>MMOLSBA>KA
LSBOPBBK?V>C>@RIQVJBJ?BO>gIF>QBATFQEQEB#>Q>
2@FBK@B/OLDO>J3EBDO>AR>QBNR>IFCVFKDMOLGB@QFP
QVMF@>IIVQ>HBKCLODO>AR>QB@OBAFQP6FQEMBOJFPPFLK
?VQEBFKPQOR@QLO>PQRABKQ@>KQ>HBQEB@LROPB>
PB@LKAQFJBCLO>AAFQFLK>I@OBAFQRMQL>QLQ>ILC
DO>AR>QB@OBAFQP3EFPJB>KPQE>QQEBPQRABKQ@LRIA
Q>HBQTLLfBOFKDPLCQEB@LROPB@LK@ROOBKQIVFKLKB
PBJBPQBOLO@LRIAOBDFPQBOCLOQEOBB@OBAFQPFKLKB
PBJBPQBO>KA>KLQEBOQEOBB@OBAFQPFK>
PR?PBNRBKQPBJBPQBO PQRABKQQE>QCLIILTP
QEFPMO>@QF@BLOFBKQBAMOLGB@QLMQFLKJRPQD>FK
PRg@FBKQ#>Q>2@FBK@BABMQE?VPBIB@QFKD>QIB>PQ
@LROPBP?BVLKAQEBOBNRFOBA#>Q>2@FBK@B@LOB
@LROPBPCOLJ>JLKDQEBBIB@QFSBP?BILTTFQEFK
QEBP>JB>OB>LC@LK@BKQO>QFLK
] 4C65:E$2DE6CD+96D:D#2 QEBPFPFKQEB
#>Q>2@FBK@B/OLDO>J@LKPFPQPLC>OBPB>O@ELO
ABSBILMJBKQMOLGB@QTLOQE>JFKFJRJLC
DO>AR>QB@OBAFQELROP2QRABKQPFKQBOBPQBA
FKOBPB>O@E>KAFKM>OQF@RI>OQELPBTEL>OB
@LKPFABOFKD>/E#FK>OBI>QBA>OB>>OBBK@LRO>DBA
QLPBIB@QQEB,2QEBPFPLMQFLK KV>gIF>QBA#2
C>@RIQVJ>VPBOSB>PQEBQEBPFP>ASFPLO(CQEB>ASFPLO
FPKLQ>QBKROBQO>@HC>@RIQV>Q6/(QEBK>#2
>gIF>QBAQBKROBQO>@HC>@RIQVJBJ?BOJRPQPBOSB>P
QEBQEBPFP@L>ASFPLO QEBPFPMOLMLP>IJRPQ
?B>MMOLSBA?V?LQEQEB#2/OLDO>J1BSFBT!L>OA
>KAQEBPQRABKQP>ASFPLO?BCLOBQEBPQRABKQ@>K
OBDFPQBOCLOJLOBQE>KQEOBBQEBPFP@OBAFQP3EB
PQRABKQJRPQQEBKP>QFPC>@QLOFIV@LJMIBQB>TOFQQBK
QEBPFP>KAMOBPBKQQEBOBPRIQPQLQEB#2C>@RIQVFK>
MR?IF@MOBPBKQ>QFLK
 6/(">Q>ILD
$IB@QFSBP>KA OB>PLC"LK@BKQO>QFLK
@OBAFQP
PQRABKQPBBHFKD>K,2FK#>Q>2@FBK@BMOLDO>JJRPQ
Q>HB@LROPBTLOHCOLJQEB/OLDO>JBIB@QFSBPIFPQBA?BILT
FKLOABOQLP>QFPCVQEBOBJ>FKABOLCQEB@OBAFQ
OBNRFOBJBKQ KBIB@QFSBJ>V?B>KVLCQEBPBDO>AR>QB
IBSBI@LROPBPTFQEQEBOBPQOF@QFLKQE>QKLJLOBQE>K
@OBAFQPLCQEB@OBAFQ#>Q>2@FBK@BABDOBBMOLDO>JJ>V
?B@LROPBPLfBOBA?VQEB2@ELLILC!RPFKBPP
6EFIBQEB@LOB>OB>PBKPROBQE>QPQRABKQPE>SB>ABNR>QB
@LSBO>DBLCBPPBKQF>I#>Q>2@FBK@BHKLTIBADB>KAPHFIIP
QEBTFABS>OFBQVLCBIB@QFSBPBK>?IBPQRABKQPQLQ>FILOQEBFO
#>Q>2@FBK@BABDOBBMOLDO>JQLALJ>FK>KAQB@EKFNRB
>OB>PLCMBOPLK>IFKQBOBPQ2QRABKQP>OBBUMB@QBAQLPBIB@Q
BIB@QFSB@LROPBTLOHQLMOLAR@B>@LKPFPQBKQMOLDO>JLC
PQRAV6EFIBQEB@LOB@LROPBTLOHOBNRFOBJBKQPMOLSFABQEB
KBBABA?OB>AQEFK#>Q>2@FBK@B@LOB@>QBDLOFBPPQRABKQP
TFIID>FKABMQEFKLKBLOPBSBO>I@LK@BKQO>QFLKP?V
@ELLPFKD>MMOLMOF>QBBIB@QFSBPCOLJQEBIFPQLCMOB
>MMOLSBA@LROPBPOBIBS>KQQLA>Q>P@FBK@B
.QEBO@LROPBP?BVLKAQEBMOB>MMOLSBA/OLDO>JBIB@QFSBP
J>V?B@ELPBK>PBIB@QFSBP?RQLKIVTFQEMOFLO>MMOLS>I?V
QEB#2/OLDO>J1BSFBT!L>OA>KAFC@LKPFPQBKQTFQEQEB
PQRABKQP/I>KLC2QRAV%LOBU>JMIBPQRABKQPJFDEQ
@ELLPBQL@LK@BKQO>QBQEBFOA>Q>P@FBK@BBUMBOQFPBLK>OB>P
LCMEVPF@PBKDFKBBOFKDLOP@FBK@BPKLQ@>MQROBAFKQEB
BIB@QFSBP?BILT(KABMBKABKQPQRAV>KAAFOB@QBAOBPB>O@E
@LROPBP>IPLOBNRFOBMOFLO>MMOLS>I?VQEB#2/OLDO>J
1BSFBT!L>OA
+FPQLC/OLDO>J$IB@QFSB"LROPBP
1BIBS>KQ!RPFKBPP&O>AR>QB"LROPBP>J>UFJRJLC
DO>AR>QB@OBAFQPLC2@ELLILC!RPFKBPP@LROPBTLOHJ>V
@LRKQQLT>OAQEB,2FK#>Q>2@FBK@B
!42!RPFKBPP+>T$QEF@P>KA2L@F>I1BPMLKPF?FIFQV
%(-%FK>K@F>I,>K>DBJBKQ
%(-%FK>K@F>I#B@FPFLK,>HFKDCLO5>IRB"OB>QFLK
,(2(KKLS>QFKDTFQE(KCLOJ>QFLK2VPQBJP
,(2#>Q>?>PB MMIF@>QFLKP#BSBILMJBKQ
,(22VPQBJP#BPFDK>KA#BSBILMJBKQ
,(2/OLGB@Q,>K>DBJBKQ
,(2/LIF@V>KA2QO>QBDVCLO(KCLOJ>QFLK3B@EKLILDV
>KA K>IVQF@P
,(24PBO$UMBOFBK@B MMIF@>QFLKP
,(2!RPFKBPP(KQBIIFDBK@B
,(24PBO$UMBOFBK@B#BPFDK
,(2!RPFKBPP MMIF@>QFLKPFK,>@EFKB+B>OKFKD
,*3#>Q>,FKFKD!RPFKBPP MMIF@>QFLKP
.!"3B>JFKD>KA.OD>KFWFKDCLO(KKLS>QFLK
.!"+B>ABOPEFM
.($.MBO>QFLKP,>K>DBJBKQ
.($1FPH,>K>DBJBKQ>KA#B@FPFLK K>IVPFP
.($2RMMIV"E>FK K>IVPFP>KA#BPFDK
.($,LABIFKD>KA.MQFJFWFKD/OL@BPPBP
.($ AS>K@BA/OBP@OFMQFSB K>IVQF@P%OLJ#>Q>QL
(JM>@Q
1BIBS>KQ"LJMRQBO2@FBK@B&O>AR>QB"LROPBP
"2(KQOLAR@QFLKQL MMIF@>QFLKPLC"LJMRQBO
2@FBK@BTFQE#>Q>2QOR@QROBP>KA IDLOFQEJP
"2(KQOLAR@QFLKQL IDLOFQEJP#BPFDK>KA K>IVPFP
"2 K>IVPFPLC"LJMRQ>QFLKP>KA2VPQBJP
"2#BPFDKLC2LCQT>OB2VPQBJP
"23LMF@PFK"LJMRQBO2@FBK@BTFQEMOFLO>MMOLS>I
LCQEB/OLDO>J1BSFBT"LJJFQQBBQLABQBOJFKBOBIBS>K@V
"2,L?FIB>KA4?FNRFQLRP"LJMRQFKD
"2 OQFh@F>I(KQBIIFDBK@B
"2/OLDO>JJFKD+>KDR>DB#BPFDK
"2,>@EFKB+B>OKFKD
"2#2#BBM+B>OKFKD
"2#>Q>?>PB,>K>DBJBKQ2VPQBJP
"2#FDFQ>I(J>DB/OL@BPPFKD
"2'RJ>K"LJMRQBO(KQBO>@QFLK
"2#2(KCLOJ>QFLK1BQOFBS>I
"2*KLTIBADB#FP@LSBOV>KA#>Q>,FKFKD
"2"LJMRQBO5FPFLK
"2 AS>K@BA3LMF@PFK#>Q>?>PB2VPQBJP
"2#>Q>5FPR>IFW>QFLK
"2 IDLOFQEJP#BPFDK>KA K>IVPFP
"2#2!FD#>Q>,>K>DBJBKQ
"2#2!FD#>Q> K>IVQF@P
-LQB2QRABKQPJ>VKLQOB@BFSB@OBAFQCLO?LQE"2>KA
"2
1BIBS>KQ,>QEBJ>QF@>I2@FBK@BP&O>AR>QB"LROPBP
,  MMIFBA2Q>QFPQF@PCLO$KDFKBBOP>KA2@FBKQFPQP
, #2,>QEBJ>QF@>I%LRKA>QFLKPCLO#>Q>
2@FBK@B
, 2QL@E>PQF@/OL@BPPBP
, /OL?>?FIFQV>KA,>QEBJ>QF@>I2Q>QFPQF@P(
, /OL?>?FIFQV>KA,>QEBJ>QF@>I2Q>QFPQF@P((
, 1BDOBPPFLK K>IVPFP
, #22Q>QFPQF@>I,BQELAPCLO#>Q>2@FBK@B
, #BPFDK>KA K>IVPFPLC$UMBOFJBKQP
, #BPFDK>KA K>IVPFPLC.?PBOS>QFLK>I>KA
2>JMIFKD2QRAFBP
,  K>IVPFPLC+FCBQFJB#>Q>
, 3FJB2BOFBP K>IVPFP
, #FPQOF?RQFLK%OBB>KA1L?RPQ2Q>QFPQF@>I,BQELAP
,  MMIFBA,RIQFS>OF>QB K>IVPFP
,  MMIFBA!>VBPF>K2Q>QFPQF@P
1BIBS>KQ+B>OKFKD2@FBK@BP>KA3B@EKLILDV/OLDO>J
&O>AR>QB"LROPBP
"24PBO,LABIFKD
"2&O>MEF@>I,LABIP%LO1B>PLKFKD4KABO
4K@BOQ>FKQV
"2$JMFOF@>I,BQELAP%LO'RJ>K"BKQBOBA
"LJMRQFKD
 6/(">Q>ILD
/28 AS>K@BA,BQELAP>KA K>IVPFPCLOQEB
+B>OKFKD>KA2L@F>I2@FBK@BP
1BIBS>KQ!FLFKCLOJ>QF@P>KA"LJMRQ>QFLK>I!FLILDV
/OLDO>J"LROPBP
!"!!FLFKCLOJ>QF@P
!"!"2!FLSFPR>IFW>QFLK
!"!"2!FLILDF@>I>KA!FLJBAF@>I#>Q>?>PB
,FKFKD
!"!, 2Q>QFPQF@>I,BQELAPFK&BKBQF@P>KA
!FLFKCLOJ>QF@P
1BIBS>KQ!FLJBAF@>I$KDFKBBOFKD"LROPBP
!,$2MB@F>I3LMF@P,>@EFKB+B>OKFKDCLO
!FLJBAF@>I(KCLOJ>QF@P
1BIBS>KQ$IB@QOF@>I>KA"LJMRQBO$KDFKBBOFKD#BM>OQJBKQ
"LROPBP
$"$ K>IVPFPLC/OL?>?FIFPQF@2FDK>IP KA2VPQBJP
$"$#FDFQ>I2FDK>I/OL@BPPFKD
$"$ K>IVPFPLC#BQBOJFKFPQF@2FDK>IP KA2VPQBJP
$"$"2"OVMQLDO>MEV>KA#>Q>2B@ROFQV
$"$ AS>K@BA3LMF@PFK2FDK>I/OL@BPPFKD
$"$"2 AS>K@BA"OVMQLDO>MEV
$"$(KCLOJ>QFLK3EBLOV>KA"LAFKD
.QEBO1BIBS>KQ&O>AR>QB"LROPBP>KA"LK@BKQO>QFLK OB>P
!BVLKA@LROPBPFKQEBQEOBB@LOBAFP@FMIFKBPLC@LJMRQBO
P@FBK@B?RPFKBPP>KAPQ>QFPQF@POBIBS>KQDO>AR>QB@LROPBP
FKLQEBOMLQBKQF>I>OB>PLC@LK@BKQO>QFLKPR@E>P%FK>K@B
,>KRC>@QROFKD'B>IQE@>OB->QFLK>I2B@ROFQV$KDFKBBOFKD
%O>RA#BQB@QFLK2@FBK@B2J>OQ&OFA,>K>DBJBKQ
2RPQ>FK>?FIFQV>KAQEBIFHBJ>V?B>AABAFKQEBCRQROBQL
QEB>?LSBIFPQLCMOB>MMOLSBA/OLDO>JBIB@QFSBP
2MB@F>IFW>QFLKPLCQEB#>Q>2@FBK@B
#BDOBB
2MB@F>IFW>QFLKPLCQEB#>Q>2@FBK@BABDOBBFKQ>ODBQBA
>OB>PLCEFDEPL@FBQ>IFJM>@QO>KDFKDCOLJ'B>IQE">OBQL
->QFLK>I2B@ROFQVJ>V?BABPFDKBAFKQEBCRQROB6BBUMB@Q
QEBPBPMB@F>IFW>QFLKPQLK>QRO>IIVhQFKQLQEBiBUF?IB
PQOR@QROBLCQEB#>Q>2@FBK@BABDOBBCO>JBTLOH
/E#FK#>Q>2@FBK@B
2QRABKQP>OB>ASFPBAQL@LKQ>@QQEBMOLDO>JCLOABQ>FIBA
ORIBP>PQEBOB>OBMOLDO>JDRFABIFKBPFK>AAFQFLKQLQEB
RKFSBOPFQVPOBNRFOBJBKQPCLOQEB/E#ABDOBB
4MLK>AJFPPFLKQEBPQRABKQFP>PPFDKBA>K>@>ABJF@
>ASFPLO>KAQLDBQEBOQEBVABPFDK>/I>KLC2QRAVAROFKD
QEBhOPQPBJBPQBOLCQEBPQRABKQP/E#MOLDO>J /E#
PQRABKQTFQELRQ>MOFLO,2ABDOBBFPOBNRFOBAQLQ>HBQEB
,2QEBPFP.MQFLKQLBKD>DBFKOBPB>O@EB>OIVLK
3EBPQRABKQJRPQP>QFPCVQEB/E#0R>IFh@>QFLK
1BNRFOBJBKQTEF@EFK@IRABQEB@LOB?OB>AQE>KA@LOB
ABMQE@LJMBQBK@VOBNRFOBJBKQP3EB"LOB?OB>AQE
@LJMBQBK@VFK@IRABP>QIB>PQLKB@LROPBFKB>@ELCQEB
@LOB#>Q>2@FBK@B>OB>PTEFIBQEBI>QQBOFJMIFBPQE>QQEB
PQRABKQJRPQQ>HB>QIB>PQQTL@LROPBPFKQTLLCQEBPB@LOB
>OB>P.KIV@LROPBPFKTEF@EQEBPQRABKQE>PL?Q>FKBA>K 
LO>!DO>AB@>K?BRPBAQLP>QFPCVQEBPBQTL@LJMBQBK@V
OBNRFOBJBKQPTFQELCQEBPB@LROPBPE>SFKDQL?B>K 
IBQQBODO>AB
(K>AAFQFLKQEB/E#0R>IFh@>QFLKOBNRFOBJBKQ>IPL
FK@IRABPQEB0R>IFCVFKD$U>JFK>QFLK3EBPBNR>IFh@>QFLK
OBNRFOBJBKQP>OBABP@OF?BAFKQEB&O>AR>QB1BDRI>QFLKPLK
QEB#>Q>2@FBK@BMOLDO>JTB?PFQBEQQMPTTTTMFBAR
>@>ABJF@PABM>OQJBKQPA>Q>P@FBK@B
4MLKPR@@BPPCRI@LJMIBQFLKLCQEB/E#NR>IFCVFKD
OBNRFOBJBKQQEBPQRABKQ?B@LJBP>#>Q>2@FBK@B/E#
@>KAFA>QB3EBPQRABKQP#FPPBOQ>QFLK"LJJFQQBBJRPQ?B
CLOJBATFQEFKQEBhOPQVB>OLC@>KAFA>@V6FQE>MMOLS>I
COLJQEB#>Q>2@FBK@B2QBBOFKD"LJJFQQBBQEBPQRABKQ
PBIB@QP>OBPB>O@E>ASFPLO IPLTFQE>MMOLS>ICOLJQEB#>Q>
2@FBK@B2QBBOFKD"LJJFQQBBQEBPQRABKQ>KAOBPB>O@E
>ASFPLOPBIB@QQEOBB>AAFQFLK>IJBJ?BOP>QIB>PQLKBLC
TELJJRPQ?BCOLJ>@LOBA>Q>P@FBK@BABM>OQJBKQ
AFfBOBKQQE>KQE>QLCQEBOBPB>O@E>ASFPLO>KA>QIB>PQLKB
JRPQ?BCOLJLRQPFABLC6/(3EB#FPPBOQ>QFLK"LJJFQQBB
TFII?BOBPMLKPF?IBCLO>MMOLSFKDQEBAFPPBOQ>QFLKMOLMLP>I
>KAQEBhK>IAFPPBOQ>QFLKJ>KRP@OFMQ
3EB/E#ABDOBBOBNRFOBJBKQP@LKPFPQLC>@LROPBTLOH
@LJMLKBKQ>KA>OBPB>O@E@LJMLKBKQTEF@EQLDBQEBO
JRPQQLQ>I>QIB>PQ@OBAFQELROP?BVLKAQEBJ>PQBOP
ABDOBB3EB@LROPBTLOH@LJMLKBKQ@LKPFPQPLC>QIB>PQ
@LROPBTLOH@OBAFQP>PPMB@FhBALKQEB#>Q>2@FBK@B
MOLDO>JTB?PFQBEQQMPTTTTMFBAR>@>ABJF@P
ABM>OQJBKQPA>Q>P@FBK@B
3EBPQRABKQJ>V>IPLBKOLIICLOOBPB>O@E@OBAFQP?RQFPLKIV
>IILTBARMQLOBPB>O@E@OBAFQPMOFLOQLQEB>@@BMQ>K@BLC
QEBTOFQQBKAFPPBOQ>QFLKMOLMLP>I?VEBO#FPPBOQ>QFLK
"LJJFQQBB6FQE>MMOLS>ILCQEB#FPPBOQ>QFLK"LJJFQQBB
QEBPQRABKQ>MMIFBPCLO>KAQ>HBPQEBAFPPBOQ>QFLKMOLMLP>I
BU>JFK>QFLKRPR>IIVTFQEFKLKBVB>OLCQEB/E#
@>KAFA>@V
3EB/E#OBPB>O@E@LJMLKBKQ@LKPFPQPLC>QIB>PQ@OBAFQP
FK@IRAFKD>KVOBPB>O@E@OBAFQPB>OKBAMOFLOQLQEB
>@@BMQ>K@BLCQEBAFPPBOQ>QFLKMOLMLP>I>KABU@IRAFKD>KV
OBPB>O@E@OBAFQP>MMIFBAQLT>OA>J>PQBOPABDOBBIB>AFKD
QL>AFPPBOQ>QFLK>KA>MR?IF@ABCBKPBTEF@EJRPQ?B
>MMOLSBA?VQEBPQRABKQP#FPPBOQ>QFLK"LJJFQQBB
+JA6/E#
 6/(">Q>ILD
$IB@QOF@>I>KA"LJMRQBO
$KDFKBBOFKD
%>@RIQV>KA1BPB>O@E(KQBOBPQP
)C@H?/OLCBPPLO>KA(KQBOFJ#BM>OQJBKQ'B>A
/E#"LOKBII4KFSBOPFQV2FDK>IMOL@BPPFKD
PVK@EOLKFW>QFLK@LKQOLIPVPQBJPFKCBOBK@B>KATFOBIBPP
KBQTLOHP
$>:DD29 PPFPQ>KQ3B>@EFKD/OLCBPPLO/E#.IA
#LJFKFLK4KFSBOPFQV1BPB>O@ECL@RP,LABI!>PBA2VPQBJP
$KDFKBBOFKD2VPQBJP O@EFQB@QROB"LJMIBUFQV2@FBK@B
*-9252 PPFPQ>KQ/OLCBPPLO/E#4KFSBOPFQVLC
I>?>J>>Q'RKQPSFIIB,LABIFKD>KA K>IVPFPLC/LIF@V
"LKQBKQ>KA2VPQBJP$KDFKBBOFKD
=2?4J/OLCBPPLO/E#,(3!FLJBAF@>IPFDK>I
MOL@BPPFKD>KAJLABIFKD?FLJBAF@>IFKPQORJBKQ>QFLK
=2C< PPFPQ>KQ/OLCBPPLO/E#4KFSBOPFQVLC
6>PEFKDQLK2B@ROFQV@LKQOLILC@V?BOMEVPF@>IPVPQBJP
0@C@K PPFPQ>KQ3B>@EFKD/OLCBPPLO/E#6LO@BPQBO
/LIVQB@EKF@(KPQFQRQB!IL@H@E>FKP>KA
@OVMQL@ROOBK@FBPMLPQNR>KQRJ@OVMQLDO>MEVCRIIV
ELJLJLOMEF@BK@OVMQFLKP@EBJBP>KA>MMIF@>QFLKP
>@@BIBO>QFKD"OVMQLDO>MEF@>MMIF@>QFLKPRPFKDE>OAT>OB
PLCQT>OB@LABPFDKP
2?;: PPFPQ>KQ/OLCBPPLO/E#3B@EKF@>I4KFSBOPFQVLC
!BOIFK&BOJ>KV2B@ROFQVJ>@EFKBIB>OKFKDE>OAT>OB
PB@ROFQVMLPQNR>KQRJ@OVMQLDO>MEV
,F=6C PPFPQ>KQ/OLCBPPLO/E#!LDLWF@F4KFSBOPFQV
3ROHBV2J>OQ'B>IQE MMIF@>QFLKP(JMI>KQ>?IBP>KA
6B>O>?IBP2BKPLO(KQBOC>@BP-BRO>I(KQBOC>@BP1%$KBODV
'>OSBPQFKD6FOBIBPP/LTBO>KA#>Q>3O>KPCBO/LTBO
,>K>DBJBKQ("!FLJBAF@>I2B@ROFQV>KA+LT/LTBO
K>ILD,FUBA2FDK>I("#BPFDK
/F2?8/OLCBPPLO/E#5FODFKF>3B@E RQLKLJLRP
SBEF@IBP@LJMRQBOSFPFLKJ>@EFKBIB>OKFKD%/& >KA
5+2(ABPFDKFKQBOKBQLCQEFKDP
)#F5H:8/OLCBPPLO>KA PPL@F>QB#BM>OQJBKQ'B>A/E
#"LILO>AL2Q>QB4KFSBOPFQV#BPFDKLC1%@LFIPCLO
J>DKBQF@OBPLK>K@BFJ>DFKD>JMIFhBOABPFDK
KLKABPQOR@QFSBJ>QBOF>IBS>IR>QFLK
*%$2<2C@G/OLCBPPLO/E##O2@F2Q/BQBOP?ROD2Q>QB
4KFSBOPFQV1RPPF>K%BABO>QFLK!FLBIB@QOLJ>DKBQF@P
$IB@QOLJ>DKBQF@QEBO>MBRQF@ABSF@BP KQBKK>P>KA
BIB@QOLJ>DKBQF@PBKPLOP'RJ>K?LAV" #JLABIP
!$4%6:==/OLCBPPLO>KA(KQBOFJ#B>KLC$KDFKBBOFKD
/E#!LPQLK4KFSBOPFQV K>ILD("ABPFDKEFDEPMBBA
FJ>DFKDJFUBAPFDK>I@FO@RFQ@E>O>@QBOFW>QFLK
$$F892= PPFPQ>KQ3B>@EFKD/OLCBPPLO/E# OH>KP>P
2Q>QB4KFSBOPFQV2@>I>?IBPVKQEBPFPLCK>KLPQOR@QROBAQEFK
hIJJ>QBOF>IPCLOPLI>O>MMIF@>QFLKPMOBAF@QFLKLCPLI>O
S>OF>?FIFQVCLO?BQQBODOFAFKQBDO>QFLK
"$FD PPFPQ>KQ3B>@EFKD/OLCBPPLO/E#,FAAIB$>PQ
3B@EKF@>I4KFSBOPFQV3ROHBV"V?BOPB@ROFQVMLPQNR>KQRJ
@OVMQLDO>MEVC>RIQ>QQ>@HP
"'29=2G2?/OLCBPPLO/E#6LO@BPQBO/LIVQB@EKF@
(KPQFQRQB6FOBIBPPKBQTLOHP
'*492F>@?E/OLCBPPLO/E#4KFSBOPFQVLC">IFCLOKF>>Q
+LP KDBIBP'>OAT>OBPB@ROFQVOBSBOPBBKDFKBBOFKD
BJ?BAABAPVPQBJPE>OAT>OBPLCQT>OB@LABPFDKAFDFQ>I("
ABPFDK
*F?2C/OLCBPPLO/E#.OBDLK2Q>QB4KFSBOPFQV
"V?BOPB@ROFQV>MMIFBA@OVMQLDO>MEVEFDEPMBBA
@LJMRQFKD
*+2;:< PPFPQ>KQ/OLCBPPLO/E#3B@EKF@>I4KFSBOPFQVLC
!BOIFK&BOJ>KV-LKFKS>PFSB>KAPBJFFKS>PFSBPFAB
@E>KKBI>K>IVPFP/EVPF@>IIV4K@ILK>?IB%RK@QFLKP/4%P
J>@EFKBIB>OKFKD%/& PB@ROFQV>KAABPFDKFKD>KQF
Q>JMBOJB@E>KFPJP>D>FKPQMEVPF@>I>QQ>@HP
,KF?@G:4 PPFPQ>KQ3B>@EFKD/OLCBPPLO/E#4KFSBOPFQV
LC6>QBOILL">K>A> 'FDESLIQ>DBAFOB@Q@ROOBKQMLTBO
QO>KPJFPPFLK>AS>K@BAMLTBOAFPQOF?RQFLKMLTBO
BIB@QOLKF@PFK@IRAFKDPJ>OQFKSBOQBOP
$.J8=:?D<:/OLCBPPLO>KA PPL@F>QB#B>KLC&O>AR>QB
2QRAFBP/E#,@&FII4KFSBOPFQV"LDKFQFSBO>AFL&&
&-BUQ&PMB@QORJPBKPFKD>KA@LBUFPQBK@BJ>@EFKB
IB>OKFKD?>PBAA>Q>QO>KPJFPPFLKQB@EKFNRBP&/2>KA
P>QBIIFQB@LJJRKF@>QFLKP@LKKB@QBA>KA>RQLKLJLRP
SBEF@IBPPLCQT>OBABhKBAO>AFLMOLQLQVMFKD>KAQBPQ?BAP
JFIIFJBQBOT>SBQO>KPJFPPFLKORO>I?OL>A?>KA>KAQEB
#FDFQ>I#FSFAB
1192?8 PPFPQ>KQ/OLCBPPLO/E#.UCLOA!OLLHBP
4KFSBOPFQV4*"LJMRQBOSFPFLK>KAJ>@EFKBIB>OKFKD
BPMB@F>IIVFKL?GB@QOB@LDKFQFLKABQB@QFLKA>Q>Bg@FBKQ
IB>OKFKD
$JBOFQRP
* "IBJBKQP#"VD>KPHF)2#BJBQOV $$J>KRBI%)
+LLCQ) .OO/"/BABOPBK
gIF>QBA%>@RIQV
$ DR"2&%FP@EBO,$)FB%R1!$"%ROILKD,$,
&BKKBOQ"28,BKABIPLK!,$61,F@E>IPLK1!$+
1>JA>P1>J,LE>K/')2RIIFS>K,$
/OLDO>JPLC2QRAV
3EB$IB@QOF@>I>KA"LJMRQBO$KDFKBBOFKD$"$
#BM>OQJBKQLfBOPMOLDO>JPIB>AFKDQL,$KD,2>KA
/E#ABDOBBPFKBIB@QOF@>I>KA@LJMRQBOBKDFKBBOFKD>K
,$KDABDOBBFKMLTBOPVPQBJPBKDFKBBOFKD/2$>PTBII
>PDO>AR>QB>KA>AS>K@BA@BOQFh@>QBP3EBCLIILTFKD
DBKBO>I>OB>PLCPMB@F>IFW>QFLK>OB>S>FI>?IBQLEBIM
 6/(">Q>ILD
PQRABKQPPQOR@QROBQEBFODO>AR>QB@LROPBP2J>OQ
"LKKB@QBA2VPQBJP(KQBDO>QBA2VPQBJ#BPFDK
"V?BOPB@ROFQV/LTBO2VPQBJP
3EB,2$"$ABDOBBFPABPFDKBAQLMOLSFAB>KFKAFSFAR>I
TFQE>AS>K@BAHKLTIBADBFKLKBLOJLOBBIB@QOF@>I>KA
@LJMRQBOBKDFKBBOFKD>OB>PSF>PR@@BPPCRI@LJMIBQFLKLC>Q
IB>PQ@OBAFQPLC6/($"$DO>AR>QB@LROPBPFK@IRAFKD,2
QEBPFP@OBAFQ@LJ?FKBATFQERMQL@OBAFQPLC@LROPBTLOH
COLJ@LJMRQBOP@FBK@BJ>QEBJ>QF@PMEVPF@P>KALQEBO
BKDFKBBOFKDAFP@FMIFKBP
3EB,$KD$"$>KA,$KD/2$ABDOBBP>OBQ>FILOBACLO
FKAFSFAR>IPPBBHFKD>KFKARPQOF>I@>OBBOM>QE2FJFI>OQLQEB
,2ABDOBBQEB,$KDABDOBBOBNRFOBPQEBPR@@BPPCRI
@LJMIBQFLKLC>QIB>PQ@OBAFQPLC6/($"$DO>AR>QB
@LROPBPPMB@Fh@@LROPBOBNRFOBJBKQPCLOQEB,2$"$>KA
,2/2$ABDOBBP>OBAFP@RPPBA?BILT(K@LKQO>PQQLQEB
,2ABDOBBQEB,$KDABDOBB>IILTPRMQL@OBAFQPLK
KLK$"$@LROPBPQL?B@ELPBK>PJ>K>DBJBKQ@LROPBP>KA
ALBPKLQFK@IRAB>QEBPFPLMQFLK
AJFPPFLK1BNRFOBJBKQP
,>PQBOP/OLDO>J
2QRABKQPTFQE>!2ABDOBBFKBIB@QOF@>IBKDFKBBOFKDLO
BIB@QOF@>I>KA@LJMRQBOBKDFKBBOFKDJ>VPR?JFQ>K
>MMIF@>QFLKCLO>AJFPPFLKQLQEB,>PQBOPMOLDO>J3EBOB
>OBQEOBBABDOBBLMQFLKPFKQEB,>PQBOPMOLDO>J K,2
FK$IB@QOF@>I>KA"LJMRQBO$KDFKBBOFKD>K,$KDFK
$IB@QOF@>I>KA"LJMRQBO$KDFKBBOFKD>KA>K,$KDFK
/LTBO2VPQBJP$KDFKBBOFKD AJFPPFLKQLQEB,>PQBOP
MOLDO>JTFII?B?>PBALK>OBSFBTLCQEB>MMIF@>QFLK>KA
>PPL@F>QBAOBCBOBK@BP
MMIF@>KQPTFQELRQ>!2ABDOBBFKBIB@QOF@>IBKDFKBBOFKD
LOBIB@QOF@>I>KA@LJMRQBOBKDFKBBOFKD?RQTELELIA>!2
ABDOBBFKJ>QEBJ>QF@P@LJMRQBOBKDFKBBOFKDMEVPF@PLO
>KLQEBOBKDFKBBOFKDAFP@FMIFKBJ>V>IPL>MMIVCLO
>AJFPPFLKQLQEB,>PQBOPMOLDO>JFKQEB$IB@QOF@>I>KA
"LJMRQBO$KDFKBBOFKD#BM>OQJBKQ(C>AJFQQBAQEB
>MMIF@>KQTFII?BMOLSFABATFQEOBNRFOBA@LROPBPKB@BPP>OV
QLOB>@E>?>@HDOLRKABNRFS>IBKQQLQEB!2ABDOBBFK
BIB@QOF@>IBKDFKBBOFKDLOBIB@QOF@>I>KA@LJMRQBO
BKDFKBBOFKDTEF@ETFIIABMBKALKQEB>MMIF@>KQPPMB@Fh@
?>@HDOLRKA
MMIF@>KQPTFQEQEB?>@EBILOLCQB@EKLILDVLOQEB?>@EBILO
LCBKDFKBBOFKDQB@EKLILDVABDOBBJRPQQVMF@>IIV@LJMIBQB
>?LRQVB>OPLCRKABODO>AR>QBPQRAVFKBIB@QOF@>I
BKDFKBBOFKD?BCLOBQEBV@>K?B>AJFQQBAQLQEBDO>AR>QB
MOLDO>J(C>AJFQQBAQEB>MMIF@>KQTFII?BMOLSFABATFQE
OBNRFOBA@LROPBPKB@BPP>OVQLOB>@E>?>@HDOLRKA
BNRFS>IBKQQLQEB!2ABDOBBFKBIB@QOF@>IBKDFKBBOFKDLO
BIB@QOF@>I>KA@LJMRQBOBKDFKBBOFKDTEF@ETFIIABMBKALK
QEB>MMIF@>KQPPMB@Fh@?>@HDOLRKA
/E#/OLDO>J
2QRABKQPTFQE>,>PQBOPABDOBBFKBIB@QOF@>I>KA@LJMRQBO
BKDFKBBOFKDJ>V>MMIVCLOQEBAL@QLO>IMOLDO>JLCPQRAV
AJFPPFLKQLQEB/E#MOLDO>JTFII?B?>PBALK>OBSFBT
LCQEB>MMIF@>QFLK>KA>PPL@F>QBAOBCBOBK@BP2QRABKQPTFQE
>!>@EBILOLC2@FBK@BABDOBBFKBIB@QOF@>I>KA@LJMRQBO
BKDFKBBOFKDJ>V>IPL>MMIVQLQEB/E#MOLDO>J2QRABKQP
TFQE>PQOLKD?>@HDOLRKAFK>OB>PLQEBOQE>K$IB@QOF@>I>KA
"LJMRQBO$KDFKBBOFKDTFII>IPL?B@LKPFABOBACLO
>AJFPPFLKFKQLQEB/E#MOLDO>J(C>AJFQQBA?>PBALK
OBSFBTLCQEB>MMIF@>QFLK>KA>PPL@F>QBAOBCBOBK@BPQEB
>MMIF@>KQJ>V?B>MMOLSBACLOAFOB@Q>AJFPPFLKQLQEB
/E#MOLDO>JLOQL>K,2/E#MOLDO>JPBNRBK@B
MMIF@>KQPMLPPBPPFKD>KA,2ABDOBBFKBIB@QOF@>I>KA
@LJMRQBOBKDFKBBOFKDCOLJ6/(QE>QE>SBKLQ?BBK
AFOB@QIV>AJFQQBAQLQEB/E#MOLDO>J>OBPQFIIOBNRFOBAQL
PR?JFQ>K>MMIF@>QFLK>KA>PPL@F>QBAOBCBOBK@BPCLO
@LKPFABO>QFLKTFQEQEBBU@BMQFLKLC&1$P@LOBP3.$%+
P@LOBP>KAQEB>MMIF@>QFLKCBB
"BOQFh@>QB1BNRFOBJBKQP
3EB$"$#BM>OQJBKQLfBOP>AS>K@BA@BOQFh@>QB>KA
DO>AR>QB@BOQFh@>QBMOLDO>JP/IB>PBSFPFQ
EQQMPTTTTMFBAR>@>ABJF@PPQRAVBIB@QOF@>I
@LJMRQBOBKDFKBBOFKD@BOQFh@>QBP
#BDOBB1BNRFOBJBKQP
3EBOB>OBQEOBBABDOBBLMQFLKPTFQEFKQEB,>PQBOP
MOLDO>JFKQEB$IB@QOF@>I>KA"LJMRQBO$KDFKBBOFKD
#BM>OQJBKQ ,>PQBOLC$KDFKBBOFKDFK$IB@QOF@>I>KA
"LJMRQBO$KDFKBBOFKD,$KD$"$>,>PQBOLC2@FBK@BFK
$IB@QOF@>I>KA"LJMRQBO$KDFKBBOFKD,2$"$>KA>
,>PQBOLC$KDFKBBOFKDFK/LTBO2VPQBJP$KDFKBBOFKD
,$KD/2$
/OLDO>JLC2QRAV
$>@EPQRABKQJRPQPR?JFQ>MOLDO>JLCPQRAVCLO>MMOLS>I
?VQEBPQRABKQP>ASFPLOQEB$"$#BM>OQJBKQ&O>AR>QB
/OLDO>J"LJJFQQBB>KAQEB$"$#BM>OQJBKQ'B>A3L
BKPROBQE>QQEB/OLDO>JLC2QRAVFP>@@BMQ>?IBPQRABKQP
PELRIAFK@LKPRIQ>QFLKTFQEQEBFO>ASFPLOPR?JFQFQQLQEB
$"$#BM>OQJBKQ&O>AR>QB2B@OBQ>OVMOFLOQLQEBBKALCQEB
PBJBPQBOCLIILTFKD>AJFPPFLKFKQLQEBDO>AR>QBMOLDO>J
2QRABKQPJRPQL?Q>FKMOFLO>MMOLS>ICOLJQEB$"$
#BM>OQJBKQ&O>AR>QB/OLDO>J"LJJFQQBBCLOQEB
PR?PQFQRQFLKLC@LROPBPFKLQEBOAFP@FMIFKBP>PM>OQLCQEBFO
>@>ABJF@MOLDO>J
 6/(">Q>ILD
IICRIIQFJBPQRABKQPFKQEB,>PQBOPABDOBBMOLDO>JTFQE
QEBBU@BMQFLKLC!2,2PQRABKQP>PKLQBA?BILT>OB
OBNRFOBAQL>QQBKA>KAM>PPQEBQTLDO>AR>QBPBJFK>O
@LROPBP$"$ C>IIPBJBPQBO>KA$"$!PMOFKD
PBJBPQBO2BB@LROPBIFPQFKDPCLOABQ>FIP
3EBPFP.MQFLK
2QRABKQPMROPRFKD>K,2$"$ABDOBBQE>Q>OBhK>K@F>IIV
PRMMLOQBA?VQEBABM>OQJBKQFKQEBCLOJLCQB>@EFKD
>PPFPQ>KQPEFMOBPB>O@E>PPFPQ>KQPEFMLOCBIILTPEFM>OB
OBNRFOBAQL@LJMIBQB>QEBPFP3EBQEBPFPLMQFLKFPKLQ
>S>FI>?IBCLOPQRABKQPMROPRFKD>K,$KD$"$LO,$KD
/2$ABDOBB,2QEBPFPOBPB>O@EFKSLISBP@OBAFQELROPLC
TLOHOBDFPQBOBARKABOQEBABPFDK>QFLK$"$KLOJ>IIV
PMOB>ALSBO>QIB>PQLKB>@>ABJF@VB>O%LOPQRABKQP
@LJMIBQFKDQEB,2QEBPFP>PM>OQLCQEBFOABDOBB
OBNRFOBJBKQP>QEBPFP@LJJFQQBBTFII?BPBQRMAROFKDQEB
hOPQPBJBPQBOLCQEBPFPTLOH3EFP@LJJFQQBBTFII?B
PBIB@QBA?VQEBPQRABKQFK@LKPRIQ>QFLKTFQEQEBJ>GLO
>ASFPLO>KATFII@LKPFPQLCQEBQEBPFP>ASFPLOTELJRPQ?B
>CRIIQFJB6/($"$C>@RIQVJBJ?BO>KA>QIB>PQQTLLQEBO
C>@RIQVJBJ?BOPTELPBBUMBOQFPBTFII>FAQEBPQRABKQP
OBPB>O@EMOLDO>J KLO>IMOBPBKQ>QFLK?BCLOBQEB3EBPFP
"LJJFQQBB>KA>DBKBO>I>RAFBK@BFPOBNRFOBA(K>AAFQFLK
>II6/(QEBPFPOBDRI>QFLKPJRPQ?BCLIILTBA
-LK3EBPFP.MQFLK
IQELRDEQEBQEBPFPFPLMQFLK>ICLO,2$"$PQRABKQPKLQ
hK>K@F>IIVPRMMLOQBA?VQEBABM>OQJBKQ>KAQEBOBFPKL
QEBPFPLMQFLK>S>FI>?IBCLO,$KD$"$LO,$KD/2$
PQRABKQP>II,$KD>KA,2PQRABKQP>OBBK@LRO>DBAQL
FK@IRAB>OBPB>O@E@LJMLKBKQFKQEBFODO>AR>QBMOLDO>J 
AFOB@QBAOBPB>O@EMOLGB@QOBDFPQBOBARKABOQEBABPFDK>QFLK
$"$FKSLISBP>JFKFJRJLC@OBAFQELROPLCTLOH
RKABOQEBPRMBOSFPFLKLC>C>@RIQVJBJ?BO3EBQ>PHFP
IFJFQBAQL>TBIIABhKBADL>I-LQBQE>QQEB&O>AR>QB
/OLDO>J@LJJFQQBBTFIIKLQ>IILT@OBAFQOB@BFSBARKABO
QEBQEBPFPABPFDK>QFLK$"$QL?B>MMIFBAQLT>OA>K
,$KD$"$ABDOBB,$KD/2$ABDOBBLOKLKQEBPFP,2
$"$ABDOBB
3O>KPCBO"OBAFQ
2QRABKQPJ>VMBQFQFLKQLQO>KPCBO>J>UFJRJLC
DO>AR>QBPBJBPQBO@OBAFQPTFQE>DO>ABLC!LO?BQQBO>CQBO
QEBVE>SBBKOLIIBAFKQEBABDOBBMOLDO>J3EFPJ>V?B
J>ABRMLC>@LJ?FK>QFLKLCRMQL@OBAFQPCOLJQEB6/(
$"$DO>AR>QB@LROPBPQ>HBKMOFLOQLCLOJ>I>AJFPPFLK>KA
RMQL@OBAFQPCOLJLQEBO>@>ABJF@FKPQFQRQFLKP3O>KPCBO
@OBAFQTFIIKLQ?B>IILTBACLORKABODO>AR>QBIBSBI@LROPBP
Q>HBK>QLQEBOFKPQFQRQFLKP(KDBKBO>IQO>KPCBO@OBAFQTFII
KLQ?B>IILTBACLO>KV6/(RKABODO>AR>QB@LROPBPRPBAQL
CRIhIIRKABODO>AR>QBABDOBBOBNRFOBJBKQPELTBSBOKLQB
QE>QQEBOB>OBBU@BMQFLKPFKQEB@>PBLCPQRABKQPBKOLIIBAFK
QEB!2,2MOLDO>J
$IB@QOF@>I>KA"LJMRQBO
$KDFKBBOFKD1BPB>O@E
+>?LO>QLOFBP"BKQBOP
K>ILD,FUBA2FDK>I,F@OLBIB@QOLKF@P
+>?LO>QLOV
'C@7$4%6:==
3EB K>ILD>KA,FUBA2FDK>I,F@OLBIB@QOLKF@P+>?LO>QLOV
CL@RPBPLKQEB@LKQFKR>QFLKLCOBPB>O@EFKPBIC@>IF?O>QFKD
>K>ILDQLAFDFQ>I@LKSBOQBO>O@EFQB@QROBP>KAILTGFQQBO
@IL@HDBKBO>QFLKCRKABA?V-2% IIBDOL,F@OLPVPQBJP
>KA K>ILD#BSF@BPTTTTMFBAR$"$
!FLBIB@QOLJ>DKBQF@P KQBKK>
+>?LO>QLOV
'C@7$2<2C@G'C@7%@6ED496C
3EB+>?LO>QLOVABSBILMPJLABIFKD>KAE>OAT>OBABPFDKLC
S>OFLRPBIB@QOLKF@PVPQBJP>KAABSF@BPCLO?FLJBAF@>I
AF>DKLPQF@>KAQEBO>MBRQF@>KATFOBIBPP>MMIF@>QFLKP
"BKQBOCLO AS>K@BA(KQBDO>QBA1>AFL->SFD>QFLK" (1-
'C@7$:492=D@?
3EB"BKQBOCLO AS>K@BA(KQBDO>QBA1>AFL->SFD>QFLK
" (1-JFPPFLKFPQEBABSBILMJBKQLCO>AFLPVPQBJPQE>Q
FKQBDO>QB@LJJRKF@>QFLKP>KAK>SFD>QFLKCRK@QFLKP!>PF@
OBPB>O@EFKQLO>AFLABPFDK>K>ILD>KAAFDFQ>ITFOBIBPP>A
EL@KBQTLOHFKD>KAMLPFQFLKFKDFPMBOCLOJBACLO?LQE
FKALLO>KALRQALLOO>AFLBKSFOLKJBKQP3EBI>?LO>QLOV
ABSBILMPABPFDKPFJMIBJBKQP>KAhBIAQBPQP>S>OFBQVLC
O>AFL>KAK>SFD>QFLKPVPQBJP'LRPBATFQEFKQEB
I>?LO>QLOVFPQEB/R?IF@2>CBQV(KQBDO>QFLK"BKQBOTEF@E
CL@RPBPLKQEBABSBILMJBKQ>KAABMILVJBKQLC
@LJJRKF@>QFLKPFKCLOJ>QFLK>KAK>SFD>QFLKQB@EKLILDFBP
CLOMR?IF@P>CBQV>MMIF@>QFLKP1BMOBPBKQ>QFSBMOLGB@QP
1>AFLPVPQBJPCLOFKALLOMLPFQFLKFKD#FDFQ>IO>AFLPCLO
MR?IF@P>CBQVPVPQBJP2FJRI>QFLKLCTFOBIBPP>AEL@
KBQTLOHPCLOMR?IF@P>CBQV>MMIF@>QFLKP
EQQMTTTTMFBAR>@>ABJF@PB@B@>FOKFKABUEQJI
"BKQBOCLO6FOBIBPP(KCLOJ>QFLK
-BQTLOHFKD2QRAFBP"6(-2
'C@7'29=2G2?
3EBJFPPFLKLCQEB"BKQBOCLO6FOBIBPP(KCLOJ>QFLK-BQTLOH
2QRAFBPFPQEB>K>IVPFPLCTFAB?>KAO>AFLMOLM>D>QFLKCLO
ABPFDK>KAMBOCLOJ>K@BBS>IR>QFLKLCTFOBIBPP>@@BPP>KA
IL@>IFW>QFLKQB@EKFNRBP3EB@ROOBKQCL@RPLCOBPB>O@EFPLK
 6/(">Q>ILD
?LAV>OB>KBQTLOHFKD>KAFKM>OQF@RI>OIL@>IFW>QFLKLC
TFOBIBPPSFABL@>MPRIBBKALP@LMBFKPFABQEBPJ>II
FKQBPQFKB3EBM>PQCL@RPLCQEB@BKQBOTBOBLKFKALLO
DBLIL@>QFLK>KA6F%FIL@>IFW>QFLKCLO>MMIF@>QFLKFKPJ>OQ
ABSF@BP>KAOL?LQP3EB@BKQBOT>PBPQ>?IFPEBAFK>P
QEBTLOIAPhOPQOBPB>O@E@BKQBOCLOQEBABPFDKLCTFOBIBPP
IL@>I>OB>KBQTLOHP,LOBABQ>FIPLKQEB@BKQBO>OB
>S>FI>?IB>QTTT@TFKPTMFBAR
"LIIB@QFSB(KQBIIFDBK@B>KA!FLKF@
1L?LQF@P"(!1+>?
'C@7F2?5'C@7#:$
"(!1I>?FP>GLFKQI>??BQTBBK$"$C>@RIQV)FB%R>KA,$
C>@RIQV9EF+FRKABOQEB1L?LQF@P$KDFKBBOFKD/OLDO>J
.ROOBPB>O@ECL@RPFPQL?OFKD>GLFKQCLO@B?BQTBBK@LKQOLI
QEBLOVJ>@EFKBIB>OKFKD>KAOL?LQF@PQL>@EFBSBQTL
J>GLOL?GB@QFSBP%FOPQ?VIBSBO>DFKDIB>OKFKD?>PBA
@LKQOLIABPFDKTB>FJQLABSBILM>IDLOFQEJPQL>@EFBSB
MOLS>?IVP>CB>A>MQFSB>KAOL?RPQMBOCLOJ>K@BFK
>RQLKLJLRPPVPQBJPFKQEBMOBPBK@BLCRK@BOQ>FK>KA
AVK>JF@>IBKSFOLKJBKQ2B@LKATB>FJQL?RFIAQEB
>IDLOFQEJF@CLRKA>QFLKCLO?FLKF@OL?LQF@PQE>QC>@FIFQ>QBP>
PB>JIBPP@LII>?LO>QFLK?BQTBBKERJ>K>KAOL?LQPTFQE
>MMIF@>QFLKPQL>AS>K@BAJ>KRC>@QROFKDEB>IQE>KA
JBAF@>IOL?LQF@P
$J?BAABA"LJMRQBO+>?LO>QLOV
'C@7F2?8
3EBJFPPFLKLCQEB$J?BAABA"LJMRQFKD+>?FPQLPLISB
FJMLOQ>KQMOL?IBJPLCBJ?BAABA@LJMRQBOPVPQBJP
FK@IRAFKDQEBLOFBP>O@EFQB@QROBP@FO@RFQP>KAPVPQBJP.RO
@ROOBKQOBPB>O@EFPCL@RPBALK 2("%/& >KA2L"ABPFDK
CLOPFDK>IMOL@BPPFKDTFOBIBPP@LJJRKF@>QFLKPBOOLO
@LOOB@QFLK@LAFKDOB@LKhDRO>?IB@LJMRQFKD>KA
@LJMRQFKD>@@BIBO>QFLK.ROOBPB>O@EDL>IFPQL@OB>QBKBT
>O@EFQB@QROBP>KA@FO@RFQABPFDKPQLC>@FIFQ>QBEFDEPMBBA
FKCLOJ>QFLKMOL@BPPFKD>QJFKFJRJMLTBO@LKPRJMQFLK
EQQM@LJMRQFKDTMFBAR
+>?LO>QLOVCLO2BKPLOV>KA/EVPFLILDF@
2FDK>I/OL@BPPFKD\+2/
'C@7=2?4J
3EBJFPPFLKLCQEB+>?LO>QLOVCLO2BKPLOV>KA/EVPFLILDF@
2FDK>I/OL@BPPFKD+2/FPQLBJMILVPFDK>IMOL@BPPFKD
J>QEBJ>QF@>IJLABIFKD>KALQEBOBIB@QOF@>I>KA@LJMRQBO
BKDFKBBOFKDPHFIIPQLPQRAV>MMIF@>QFLKPFKSLISFKD
BIB@QOLJVLDO>MEV$,&`QEBBIB@QOF@>I>@QFSFQVLCPHBIBQ>I
JRP@IB1BPB>O@EBOP>OBFJMOLSFKDQEBABQB@QFLK>KA
FKQBOMOBQ>QFLKLC$,&CLOPR@ERPBP>PQEB@LKQOLILC
MLTBOBAMOLPQEBQF@IFJ?POBPQLO>QFLKLCD>FQ>CQBOPQOLHBLO
QO>RJ>QF@?O>FKFKGROVJRP@RILPHBIBQ>IJLABIFKD>KA
@IFKF@>IP@FBKQFh@>PPBPPJBKQLCKBROLILDF@CRK@QFLK
EQQMRPBOPTMFBARYQBA
1BKBT>?IB$KBODV(KKLS>QFLKP
+>?LO>QLOV
'C@7$29>@F5
.ROI>?BJME>PFWBP>II>PMB@QPLCFKKLS>QFLKPFKOBKBT>?IB
BKBODVPVPQBJPCLOQEB@LKSBOPFLKABIFSBOV>KAFQPRPBFK
BIB@QOF@>ICLOJ.RO>FJFPQL@LKQOF?RQBFKBUM>KAFKDQEB
RQFIFW>QFLKLCOBKBT>?IBBKBODVOBPLRO@BPFKQEBTLOIA?V
>AAOBPPFKDQB@EKF@>I@E>IIBKDBPFJMBAFKDQEBFORQFIFW>QFLK
FK@IRAFKDOBAR@FKDQEBFO@LPQ>KAFJMOLSFKDQEBFOLSBO>II
Bg@FBK@VLMBO>QFLK@LKQOLIFKQBDO>QFLK>KAOBIF>?FIFQV
.ROL?GB@QFSBFP>IPLQL@LJJBO@F>IFWB>KAQO>KPCBOLRO
ABSBILMBAQB@EKLILDFBPQLJ>OHBQEQQMPTTTTMFBAR
MBLMIBJBJ?BOV>J>EJLRA
"BKQBOCLO(J>DFKD>KA2BKPFKD"(2
'C@7#F5H:8
3EBI>?E>P>@@BPPQLEFDEhBIA>KARIQO>EFDEhBIA
J>DKBQF@OBPLK>K@BFJ>DFKD,1(PVPQBJPCLORPBFK
CRK@QFLK>I>KA>K>QLJF@>IFJ>DFKD,>GLOOBPB>O@ECL@RPBP
LKSFPR>IFW>QFLKLCBI>PQF@SF?O>QFLKPFKQEBCBJ>IB?OB>PQ 
KLSBI@LFIDBLJBQOVT>PABPFDKBAQE>QMOLSBAJLOB
Bg@FBKQ>QDBKBO>QFKDQEBPBPQOLKDDO>AFBKQPTEBK
@LJM>OBATFQE@LKSBKQFLK>I@LFIQB@EKLILDV1BPB>O@EE>P
OBPRIQBAFKQEBABPFDKLCPMB@F>IMROMLPBO>AFLCOBNRBK@V
>OO>V@LFIPVPQBJPCLO?OB>PQ@>K@BOAF>DKLPFP?LKBABKPFQV
ABQBOJFK>QFLK>KAPQOLHB3EBI>?E>PPR@@BPPCRIIVQBPQBA
FQPPFKDIBQRKBA>KAAR>IQRKBAMOLQLQVMBP>QS>OFLRPPFQBP
QEOLRDELRQQEB42FK@IFKF@>I,1(PVPQBJP
TTTTMFBAR$"$
(" 2+>?
'C@7,F=6C
3EBOBPB>O@EMOLDO>JLC(" 2+>?BUMILOBPQEBABPFDKPLC
>O>KDBLC?FLJBAF@>IABSF@BPCOLJFJMI>KQ>?IBABSF@BPQL
TB>O>?IBABSF@BPQE>QBKPROBABSF@BPB@ROFQVMBOPLK>I
MOFS>@V>@@RO>QB?FLPBKPFKD>KAOBIF>?IBLMBO>QFLK>KA
MOLMLPBPMLPPF?IBAFOB@QFLKPLCPQRAVQE>QQ>@HIBQEB
CRKA>JBKQ>I@E>IIBKDBPFK@IRAFKDPRPQ>FK>?IBBKBODV
E>OSBPQFKDPVPQBJPCLO@LKQFKRLRPILKDQBOJEB>IQE
JLKFQLOFKDELTPRPQ>FK>?IBBKBODVE>OSBPQFKD>KAFQP
Bg@FBKQPQLO>DB>KARP>DB>OBMLPPF?IBCLO@LKQFKRLRP
ILKDQBOJMBOPLK>IEB>IQEJLKFQLOFKDPB@ROB?FL
FJMI>KQP>KATB>O>?IBPELTQEBPB@ROFQVLC>IIQEBPB
PBKPLOP>PPL@F>QBATFQEPJ>OQEB>IQE@>OBTFII?B>PPROBAFK
QBOJPLCJ>FKQ>FKFKDMOLMBOCRK@QFLK>IFQVLCABSF@BP>KA
MOLQB@QFKDMOFS>QBFKCLOJ>QFLK>KATFOBIBPPPBKPLO
(KQBOC>@BPCLOJBAF@>I>KADBKBO>IMROMLPB(L3PELT
 6/(">Q>ILD
>@@RO>QB>KAOBIF>?IBPBKPFKDFKQBOC>@BPTFII?B>?IBQL
OB@BFSBSBOVILT>JMIFQRABPFDK>IP@LJFKDCOLJS>OFLRP
BKSFOLKJBKQPPR@E>PFKPFABQEB?LAVEQQMPF@>PI>?LOD
2B@ROB"V?BO/EVPF@>I2VPQBJP+>?
'C@7=2C<
"V?BO/EVPF@>I2VPQBJP"/2>OB@LJMOFPBALCQFDEQIV
FKQBDO>QBA@V?BOPBKPFKD@LJJRKF@>QFLK@LJMRQ>QFLK
>KAMEVPF@>I>@QR>QFLK@LJMLKBKQPFK>MMIF@>QFLKP
FK@IRAFKDQO>KPMLOQ>QFLKJBAF@FKBBKBODV>KAELRPFKD
3EBDL>ILCLROI>?FPQLABSBILMCLRKA>QFLKPCLO"/2TFQE
MOLS>?IBDR>O>KQBBPLKP>CBQVMBOCLOJ>K@B>KAPB@ROFQV
FKQEBMOBPBK@BLCAVK>JF@BKSFOLKJBKQPO>KALJC>RIQP
>KAC>FIROBP>KAJ>IF@FLRP>QQ>@HP
2FDK>I/OL@BPPFKD>KA(KCLOJ>QFLK
-BQTLOHFKD+>?LO>QLOV2/(-+>?
'C@7C@H?
2/(-+>?T>PBPQ>?IFPEBAFKQLFKSBPQFD>QB
CRKA>JBKQ>I>KA>MMIFBAMOL?IBJPFKPFDK>IMOL@BPPFKD
@LJJRKF@>QFLKPVPQBJP>KAKBQTLOHFKD.RO@ROOBKQ
CL@RPFPLKQEBABSBILMJBKQLCKBQTLOH@>OOFBO
PVK@EOLKFW>QFLKP@EBJBPQLC>@FIFQ>QBAFPQOF?RQBA
?B>JCLOJFKD>KAPM>@BQFJB@LABA@LLMBO>QFSB
QO>KPJFPPFLK6B>OB>IPLTLOHFKDLKQB@EKFNRBPCLO
LMQFJ>IOBPLRO@B>IIL@>QFLKFKJRIQFRPBO@LJJRKF@>QFLK
PVPQBJP>KAQEB>MMIF@>QFLKLCD>JBQEBLOBQF@QLLIPQL
>K>IVWBPBIhPE?BE>SFLOFK@LLMBO>QFSB@LJJRKF@>QFLK
PVPQBJP2/(-+>?LfBOPOBPB>O@ELMMLOQRKFQFBP>Q?LQEQEB
DO>AR>QB>KARKABODO>AR>QBIBSBIP%LOJLOBABQ>FIP
MIB>PBPBBQEB2/(-+>?6B?M>DB>QEQQMPMFKI>?TMFBAR
5BOK>J+>?LO>QLOV
'C@7D2?;:*492F>@?E*F?2C+2;:<:D6?32CE9
@C@K$2CE:?$2E96>2E:4D$FD
3EBJFPPFLKLCQEB5BOK>J&OLRMFPQL>AAOBPP?LQEPELOQ
QBOJ>KAILKDQBOJPB@ROFQVMOL?IBJPPM>KKFKDPBSBO>I
AFP@FMIFKBP&OLRMJBJ?BOP>OBCL@RPBALKABSBILMFKD
KBTPB@ROFQVQB@EKLILDFBPQLBKPROBQEBP>CBQVLC>IIC>@BQP
LCQEB@LJJRKF@>QFLK>KA@LJMRQ>QFLKFKCO>PQOR@QROB
?OFADFKDQEBD>M?BQTBBK@RQQFKDBADBOBPB>O@E>KAPLIFA
BKDFKBBOFKDMO>@QF@BPQERPMOLSFAFKDQEBMBOCB@QPBQQFKD
CLOQEBBAR@>QFLKLCKBUQDBKBO>QFLKPB@ROFQVBUMBOQP
EQQMSTMFBAR
6FOBIBPP(KKLS>QFLK+>?LO>QLOV6(+>?
'C@7.J8=:?D<:3EB6FOBIBPP(KKLS>QFLK+>?LO>QLOV
6(+>?@LKAR@QPCRKA>JBKQ>I>KA>MMIFBAOBPB>O@EFK
TFOBIBPP@LJJRKF@>QFLKPVPQBJPBKDFKBBOFKD>KA
SBEF@RI>OQB@EKLILDV"LKPFPQFKDLC>MMOLUFJ>QBIV
PNCQLCMOFJBOBPB>O@EPM>@B>PTBII>PPQ>QBLCQEB>OQ
PLCQT>OBQLLI>KABUMBOFJBKQ>QFLKBNRFMJBKQQEFPC>@FIFQV
CL@RPBPLKABSFPFKDKBTOB>ITLOIAPLIRQFLKP>KAQEB
@OB>QFLKLCKBTHKLTIBADBFKQEB>OB>PLC@LDKFQFSBO>AFL
ORO>I?OL>A?>KA>KAQEB#FDFQ>I#FSFAB@LKKB@QBA>KA
>RQLKLJLRPSBEF@IBPPLCQT>OBABhKBAO>AFL&/2>KA
P>QBIIFQB@LJJRKF@>QFLKP&&&-BUQ&PMB@QORJ
PBKPFKD>KA@LBUFPQBK@BJ>@EFKBIB>OKFKD?>PBAA>Q>
QO>KPJFPPFLKQB@EKFNRBP>KAJFIIFJBQBOT>SB
QO>KPJFPPFLK6(+>?E>P?BBKBUQBKPFSBIVCRKABASF>
KRJBOLRPPMLKPLOPCOLJ?LQEDLSBOKJBKQ>KAFKARPQOV
FK@IRAFKDQEB->QFLK>I2@FBK@B%LRKA>QFLK5BOFWLK,(3
+FK@LIK+>?LO>QLOV,>QE6LOHP.g@BLC->S>I1BPB>O@E
3LVLQ>(KCL3B@EKLILDV"BKQBO42 >KAQEB,(31$
"LOMLO>QFLK%LOJLOBABQ>FIPMIB>PBPBBQEB6(+>?
TB?PFQB>QEQQMTTT6FOBIBPP6/(BAR
!2,2FK$IB@QOF@>I>KA"LJMRQBO
$KDFKBBOFKD
6/(PQRABKQ>@@BMQBAFKQLQEB!2,2MOLDO>JJ>VRPB
@OBAFQELROPLCTLOHCLO?LQEQEB!2>KA,2ABDOBBP
-LQBQE>QPQRABKQPTFIIKLQ?B>?IBQLOB@BFSB>K,$KD$"$
LO,$KD/2$ABDOBBSF>QEFPM>OQF@RI>OMOLDO>J QIB>PQ
@OBAFQELROPJRPQ?BCOLJDO>AR>QB@LROPBPFK@IRAFKD
DO>AR>QBIBSBIFKABMBKABKQPQRAV>KAPMB@F>IQLMF@P
@LROPBP>KAKLKBJ>V?BILTBOQE>KQEBIBSBI-L
BUQO>TLOHFPOBNRFOBAFKQEBIBSBI@LROPBP DO>ABLC
!LO?BQQBOFPOBNRFOBACLO>KV@LROPBQL?B@LRKQBAQLT>OA
?LQEABDOBBP PQRABKQJRPQABhKBQEB@OBAFQELROP>Q
QEBQFJBLC>MMIVFKDQLQEB!2,2MOLDO>J MMIF@>QFLKP
TFIIKLQ?B@LKPFABOBAFCQEBV>OBPR?JFQQBAMOFLOQLQEB
PB@LKAE>ICLCQEB>MMIF@>KQPGRKFLOVB>O(AB>IIV
>MMIF@>QFLKPFK@IRAFKDOB@LJJBKA>QFLKPPELRIA?B
@LJMIBQBA?VQEBB>OIVM>OQLCQEBI>PQQBOJLCQEBGRKFLO
VB>O
QQEBPQ>OQLC3BOJ FKQEBPBKFLOVB>O?RQKLI>QBOQE>K>Q
QEBQFJBLC>MMIF@>QFLKPQRABKQP>OBOBNRFOBAQLPR?JFQQL
QEBDO>AR>QB@LLOAFK>QLOLCQEB$IB@QOF@>I>KA"LJMRQBO
$KDFKBBOFKD#BM>OQJBKQ>IFPQLCMOLMLPBA@LROPBPQL?B
Q>HBK>PM>OQLCQEB,2ABDOBBMOLDO>J @LMVLCQEB
PQRABKQP>@>ABJF@QO>KP@OFMQDO>ABOBMLOQJRPQ?B
FK@IRABATFQEQEB>MMIF@>QFLK
IIPQRABKQPFKQEB!2,2MOLDO>JFK$IB@QOF@>I>KA
"LJMRQBO$KDFKBBOFKDTELE>SB@LJMIBQBAQEBFO!2
ABDOBBJRPQOBDFPQBOCLO>QIB>PQPFU@OBAFQPMBOPBJBPQBO
RKQFIQEBV@LJMIBQB@OBAFQPQLT>OAQEBFO,2ABDOBB(C
CBTBOQE>KPFU@OBAFQP>OBOBNRFOBAQL@LJMIBQBQEB,2
ABDOBBQEBKQEBPQRABKQJRPQOBDFPQBOCLO>QIB>PQQEB
KRJ?BOLC@OBAFQPOBNRFOBAQL@LJMIBQBQEBABDOBB(C>
PQRABKQALR?IB@LRKQP>CRII@OBAFQPCLO?LQEQEB,2
>KA!2ABDOBBPQEBKQEBOBJ>FKFKD@OBAFQPJRPQ?B
@LJMIBQBATFQEFKPBJBPQBOPLCDO>AR>QBTLOHVB>OP
 6/(">Q>ILD
2QRABKQPTELALR?IB@LRKQIBPPQE>K@OBAFQPCLO?LQE
QEB,2>KA!2ABDOBBTFII?B>IILTBA>K>AAFQFLK>I
PBJBPQBOVB>OPQL@LJMIBQBQEBABDOBB
II!2,2PQRABKQP>OBOBNRFOBAQL>QQBKA>KAM>PPLKBLC
QEBDO>AR>QBPBJFK>O@LROPBPBFQEBO$"$ C>II
PBJBPQBOLO$"$!PMOFKDPBJBPQBO
2QRABKQPBKOLIIBAFKQEB!2,2MOLDO>JFK$IB@QOF@>I>KA
"LJMRQBO$KDFKBBOFKDJ>VMBQFQFLKCLOMBOJFPPFLKQLRPB>
PFKDIBDO>AR>QB@LROPB@OBAFQPJ>UFJRJQ>HBK>QLQEBO
FKPQFQRQFLKPQLP>QFPCV$"$!2,2ABDOBBOBNRFOBJBKQP
3EB@LROPBJRPQ?B>QQEBDO>AR>QBIBSBI>KAQEBPQRABKQ
JRPQE>SBB>OKBA>DO>ABLC!LO?BQQBOQL?B@LKPFABOBA
CLOQO>KPCBO@OBAFQ
+JA6!2,2
"BOQFh@>QBPFK/LTBO2VPQBJP
3EBPBPMB@F>IFWBAMOLDO>JPO>FPBMOLCBPPFLK>I@LJMBQBK@V
IBSBIPLCMOLQB@QFLKMLTBOPVPQBJPBKDFKBBOP>KACL@RPLK
QLMF@PIFHBQEBMOLQB@QFLK>KA@LKQOLI>PMB@QPLCQEBMLTBO
FKARPQOV
3EBPB@BOQFh@>QBP@LKPFPQLC@OBAFQPLCDO>AR>QB
@LROPBTLOH
EQQMPTTTTMFBAR>@>ABJF@PLKIFKBPQRAVMLTBO
PVPQBJPLKIFKB@BOQFh@>QBP
+JA6"BOQFh@>QB
,>PQBOLC$KDFKBBOFKDFK$IB@QOF@>I>KA
"LJMRQBO$KDFKBBOFKD
$"$2QRABKQPMROPRFKDQEB,$KD$"$ABDOBBOBNRFOB
DO>AR>QB@OBAFQPFK@LROPBTLOHFKABMBKABKQPQRAVLO
AFOB@QBAOBPB>O@E3EBOBFPKLQEBPFPLMQFLKCLOQEB,$KD
$"$ABDOBBMOLDO>J QIB>PQLCQEB@OBAFQPJRPQ?B
DO>AR>QBIBSBI>@QFSFQVABPFDK>QBALO
IBSBIFKQEBhBIALCBIB@QOF@>I>KA@LJMRQBO
BKDFKBBOFKD@LROPBMOBhU$"$LfBOBA?V6/(3EB
OBJ>FKFKD@OBAFQPJ>V?BBFQEBO>QQEBIBSBI
J>UFJRJLCPFU@OBAFQPLO>QQEBDO>AR>QBIBSBIFK
@LJMRQBOP@FBK@B"2A>Q>P@FBK@B#2MEVPF@P/'
BKDFKBBOFKD!,$"'$"$$"$%/,%$,3$,$1!$>KA
282J>QEBJ>QF@P, >KALOCOLJQEB2@ELLILC
!RPFKBPP ""!42$31%(-,(2,*3.!">KA.($3EB
@LJMIBQBMOLDO>JJRPQ?B>MMOLSBA?VQEBPQRABKQP
>ASFPLO>KAQEB&O>AR>QB/OLDO>J"LJJFQQBB
+JA6,>PQBOLC$KDFKBBOFKD
,>PQBOLC$KDFKBBOFKDFK/LTBO2VPQBJP
$KDFKBBOFKD
3EB,$KD/2$FPMOFJ>OFIVABIFSBOBAQLFKARPQOV
MOLCBPPFLK>IP>Q>S>OFBQVLCLf@>JMRPIL@>QFLKPPQRABKQP
PELRIA@LKQ>@QQEB$"$Lg@BPQ>fOBD>OAFKD@LROPB
>S>FI>?FIFQV2QRABKQPMROPRFKDQEB,$KD/2$ABDOBB
OBNRFOBDO>AR>QB@OBAFQPFK@LROPBTLOHFKABMBKABKQ
PQRAVLOAFOB@QBAOBPB>O@E3EBOBFPKLQEBPFPLMQFLKCLOQEB
,$KD/2$ABDOBBMOLDO>J QIB>PQLCQEB@OBAFQP
JRPQ?BDO>AR>QBIBSBI>@QFSFQVFKQEBhBIALCBIB@QOF@>I>KA
@LJMRQBOBKDFKBBOFKDLfBOBA?V6/(LCQEBPB@OBAFQP
>QIB>PQJRPQ?BFKQEBhBIALCMLTBOPVPQBJ
BKDFKBBOFKD@LROPBMOBhU$"$TFQE@LROPBKRJ?BOPCOLJ
QEOLRDE3EBOBJ>FKFKD@LROPBPJ>V?BBFQEBO
>QQEBIBSBIJ>UFJRJLCPFU@OBAFQPLO>QQEB
DO>AR>QBIBSBIABPFDK>QBA>PLOIBSBIFK
@LJMRQBOP@FBK@B"2A>Q>P@FBK@B#2MEVPF@P/'
BKDFKBBOFKD!,$"'$"$$"$%/,%$,3$,$1!$>KA
282J>QEBJ>QF@P, >KALOCOLJQEB2@ELLILC
!RPFKBPP ""!42$31%(-,(2,*3.!">KA.($
+JA6,>PQBOLC$KDFKBBOFKD
,2FK$IB@QOF@>I>KA"LJMRQBO
$KDFKBBOFKD
$"$2QRABKQPMROPRFKDQEB,2$"$ABDOBBJ>VQ>HBBFQEBO
QEBKLKQEBPFPLMQFLKTEF@EOBNRFOBPDO>AR>QB@OBAFQP
FK@LROPBTLOHFKABMBKABKQPQRAVLOAFOB@QBAOBPB>O@ELO
QEBQEBPFPLMQFLKTFQE>QLQ>ILCDO>AR>QB@OBAFQP
FK@IRAFKD>@OBAFQQEBPFP(KBFQEBO@>PB>QIB>PQLCQEB
@OBAFQPJRPQ?BDO>AR>QBIBSBI>@QFSFQVABPFDK>QBA
LOIBSBIFKQEBhBIALCBIB@QOF@>I>KA@LJMRQBO
BKDFKBBOFKD@LROPBMOBhU$"$LfBOBA?V6/(3EB
OBJ>FKFKD@OBAFQPJ>V?BBFQEBO>QQEBJ>UFJRJLC
PFU@OBAFQPLOQEBIBSBIFK@LJMRQBOP@FBK@B"2A>Q>
P@FBK@B#2MEVPF@P/'BKDFKBBOFKD!,$"'$"$$"$
%/,%$,3$,$1!$>KA282>KALOJ>QEBJ>QF@P, 
3EB@LJMIBQBMOLDO>JJRPQ?B>MMOLSBA?VQEBPQRABKQP
>ASFPLO>KAQEB&O>AR>QB/OLDO>J"LJJFQQBB
+JA6,>PQBOLC2@FBK@B
 6/(">Q>ILD
/E#FK$IB@QOF@>I>KA"LJMRQBO
$KDFKBBOFKD
3EBABDOBBLCAL@QLOLCMEFILPLMEVFP@LKCBOOBALK
@>KAFA>QBPFKOB@LDKFQFLKLCEFDEP@FBKQFh@>QQ>FKJBKQP>KA
QEB>?FIFQVQL@>OOVLKLOFDFK>IOBPB>O@E3EBCLIILTFKDFP>
IFPQLCOBNRFOBJBKQPCLOPQRABKQPFKQBKAFKDQLL?Q>FK>/E#
FK$IB@QOF@>I>KA"LJMRQBO$KDFKBBOFKD
"LROPBTLOH>KA1BPFABK@V1BNRFOBJBKQP
2QRABKQPJRPQ@LJMIBQBLOJLOB@OBAFQPLCDO>AR>QB
TLOH?BVLKAQEB@OBAFQOBNRFOBACLOQEB,>PQBOLC2@FBK@B
ABDOBBFK$IB@QOF@>I>KA"LJMRQBO$KDFKBBOFKD.CQEB
@OBAFQP>QIB>PQ@OBAFQPJRPQ?BOBPB>O@EOBDFPQBOBA
RKABOQEBABPFDK>QFLK$"$3EBAL@QLO>IPQRABKQJRPQ
>IPLBPQ>?IFPEQTLJFKLOPFKhBIAPLRQPFABLCBIB@QOF@>I
BKDFKBBOFKD/EVPF@PJ>QEBJ>QF@P>KALO@LJMRQBO
P@FBK@B>OBRPR>IIVOB@LJJBKABA$>@EPQRABKQPBIB@QPQEB
JFKLOPFK@LKPRIQ>QFLKTFQEQEBFO1BPB>O@E ASFPLO QIB>PQ
@OBAFQPLCDO>AR>QBTLOHFPOBNRFOBAFKB>@EJFKLO>OB>
"LROPBPTFQE>K$"$ABPFDK>QFLKTEF@E>OB@OLPPIFPQBAFK
QEB@LROPBLfBOFKDPLC>KLQEBOABM>OQJBKQ@>KKLQ?B
RPBAQLT>OACRIhIIFKDQEBOBNRFOBJBKQPLC>JFKLO>OB>
IIAL@QLO>IPQRABKQP>OBOBNRFOBAQL>QQBKA>KAM>PPQTL
LfBOFKDPLCQEB$"$DO>AR>QBPBJFK>O@LROPBP$"$ 
C>IIPBJBPQBO>KA$"$!PMOFKDPBJBPQBO3EBPB
PQRABKQPJ>VBFQEBOBKOLIIFKQEBP>JB$"$DO>AR>QB
PBJFK>O@LROPBLfBOBAFKQTLAFfBOBKQPBJBPQBOPLOBKOLII
FKB>@ELCQEBQTLAFfBOBKQ$"$DO>AR>QBPBJFK>O@LROPBP
-LQBQE>QBKOLIIJBKQFKQEBPBQTL@LROPBPFPOBNRFOBA
OBD>OAIBPPFCQEBPQRABKQE>P>IOB>AVPR@@BPPCRIIVM>PPBA
QEBPB@LROPBP>KA@LRKQBAQEBJQLT>OAPQEBOBNRFOBJBKQP
LC>K,2ABDOBBLOBNRFS>IBKQ@OBAFQ
%RIIQFJBOBPFABK@V>Q6/(CLO>QIB>PQLKB>@>ABJF@VB>OFP
OBNRFOBATEFIBTLOHFKDQLT>OA>/E#ABDOBB
1BPB>O@E ASFPLO>KA"LJJFQQBB
2BIB@QFLK
3EBAL@QLO>IPQRABKQFPOBNRFOBAQLPBIB@Q>1BPB>O@E
ASFPLO>KAQEBFO"LJJFQQBBMOFLOQLP@EBARIFKDQEBFO
#F>DKLPQF@$U>JFK>QFLK3EFPTFIIRPR>IIVL@@ROMOFLOQLQEB
PQ>OQLCQEBPQRABKQPPB@LKAPBJBPQBOFKQEBDO>AR>QB
MOLDO>J3EB1BPB>O@E ASFPLO>KA>IIJBJ?BOPLCQEB
"LJJFQQBBJRPQELIAAL@QLO>IABDOBBP3EB1BPB>O@E
ASFPLOJRPQ?B>CRIIQFJB$"$C>@RIQVJBJ?BO3EB
"LJJFQQBBJRPQ@LKPFPQLC>QIB>PQQTLC>@RIQVJBJ?BOP>Q
IB>PQLKBLCTEF@EJRPQ?B>K$"$C>@RIQVJBJ?BO>KA>Q
IB>PQLKBLCTEF@EJRPQ?BCOLJLRQPFABQEB$"$
ABM>OQJBKQLOCOLJLRQPFAB6/(3EB"LJJFQQBBFPRPR>IIV
PBIB@QBA?VQEBPQRABKQFK@LKPRIQ>QFLKTFQEQEB1BPB>O@E
ASFPLO IIJBJ?BOPLCQEB@LJJFQQBBJRPQ?B>MMOLSBA
?VQEB1BPB>O@E ASFPLO
@LJMIBQBA1BPB>O@E ASFPLO>KA"LJJFQQBB2BIB@QFLK
CLOJJRPQ?BhIBATFQEQEB$"$ABM>OQJBKQMOFLOQLQ>HFKD
QEB#F>DKLPQF@$U>J PQRABKQJ>V@E>KDBQEBFO1BPB>O@E
ASFPLOLOJBJ?BOPLCQEBFO"LJJFQQBB?VPR?JFQQFKD>
KBT1BPB>O@E ASFPLO>KA"LJJFQQBB2BIB@QFLKCLOJQL
QEB&O>AR>QB2B@OBQ>OV"E>KDBPQLQEBPQRABKQP1BPB>O@E
ASFPLO>CQBO@LJMIBQFLKLCQEBAF>DKLPQF@BU>JFK>QFLK
JRPQ?B>MMOLSBA?VQEB$"$&O>AR>QB/OLDO>J
"LJJFQQBB"E>KDBPQLQEBPQRABKQP"LJJFQQBB>CQBO
@LJMIBQFLKLCQEB>OB>BU>JFK>QFLKJRPQ?B>MMOLSBA?V
QEB$"$&O>AR>QB/OLDO>J"LJJFQQBB
#F>DKLPQF@$U>JFK>QFLK1BNRFOBJBKQ
3EBAL@QLO>IPQRABKQFPOBNRFOBAQL@LJMIBQBQEB
AF>DKLPQF@BU>JFK>QFLKOBNRFOBJBKQAROFKDQEBhOPQVB>O
?BVLKAQEB,2ABDOBBLOBNRFS>IBKQKRJ?BOLC@OBAFQP
CLOPQRABKQP>AJFQQBAAFOB@QIVQLQEB/E#MOLDO>JTFQE>
DO>ABLC/>PP3EBAF>DKLPQF@BU>JFK>QFLKFPP@EBARIBA
TFQEQEBPQRABKQP1BPB>O@E ASFPLO>KA"LJJFQQBB/OFLO
QLP@EBARIFKDQEBAF>DKLPQF@BU>JFK>QFLK>PQRABKQJRPQ
E>SB>@LJMIBQBA1BPB>O@E ASFPLO>KA"LJJFQQBB
2BIB@QFLKCLOJLKhIBFKQEB$"$ABM>OQJBKQ
3EBAF>DKLPQF@BU>JFK>QFLKFP>AJFKFPQBOBA?VQEB
PQRABKQP1BPB>O@E ASFPLO>KA>QIB>PQLKBJBJ?BOLCQEB
"LJJFQQBB%RIIM>OQF@FM>QFLKLCQEB"LJJFQQBBFP
OB@LJJBKABA QQEBAFP@OBQFLKLCQEBOBPB>O@E>ASFPLO
>AAFQFLK>IC>@RIQVLRQPFABLCQEBPQRABKQP@LJJFQQBBJ>V
>IPLM>OQF@FM>QBFKQEBAF>DKLPQF@BU>JFK>QFLK3EB
AF>DKLPQF@BU>JFK>QFLKFPFKQBKABAQL?B>KLMMLOQRKFQVQL
BS>IR>QBQEBPQRABKQPIBSBILC>@>ABJF@MOBM>O>QFLK>KA
FABKQFCV>KVPELOQ@LJFKDPFKQEBPQRABKQP?>@HDOLRKA
RMLKBKQO>K@BQLQEB/E#MOLDO>J3EBCLOJ>Q>KA
ARO>QFLKLCQEBAF>DKLPQF@BU>JFK>QFLKFP>QQEBAFP@OBQFLK
LCQEBPQRABKQP1BPB>O@E ASFPLO>KA"LJJFQQBB3EB
BU>JFK>QFLKJ>V?BTOFQQBKLOLO>I>KAJ>VFK@IRAB
NRBPQFLKPQLQBPQQEBDBKBO>I?>@HDOLRKALCQEBPQRABKQ>P
TBII>PNRBPQFLKPPMB@Fh@QLQEBPQRABKQPFKQBKABA>OB>LC
OBPB>O@E
3EB1BPB>O@E ASFPLO>KA"LJJFQQBBABQBOJFKBQEB
LRQ@LJBLCQEBAF>DKLPQF@BU>JFK>QFLK/>PP1BMB>QLO
%>FI>KA>KVOBNRFOBAOBJBAF>QFLKFKQBKABAQL>AAOBPP
PELOQ@LJFKDPFABKQFhBAFKQEBPQRABKQP?>@HDOLRKA 
DO>ABLC%>FITFIIOBPRIQFKAFPJFPP>ICOLJQEBDO>AR>QB
MOLDO>J DO>ABLC1BMB>QOBNRFOBPQEBPQRABKQQL
OBP@EBARIB>KAOBQ>HBQEBAF>DKLPQF@BU>JFK>QFLK DO>AB
LC/>PPFPBUMB@QBAQL>IPLFK@IRAB>PRJJ>OVLC>KV
MOBP@OF?BAOBJBAF>QFLKFK@IRAFKD?RQKLQIFJFQBAQL
@LROPBTLOHOB>AFKD>PPFDKJBKQP>KALOFKABMBKABKQ
PQRAV(OOBPMB@QFSBLCLRQ@LJBLCQEBBU>JFK>QFLK>
 6/(">Q>ILD
AF>DKLPQF@BU>JFK>QFLK@LJMIBQFLKCLOJPFDKBA?VQEB
PQRABKQP1BPB>O@E ASFPLO>KA@LJJFQQBBJRPQ?BhIBA
TFQEQEB$"$ABM>OQJBKQRMLK@LJMIBQFLKLCQEB
BU>JFK>QFLK
4MLKPR@@BPPCRI@LJMIBQFLKLCQEB#F>DKLPQF@$U>JFK>QFLK
B>@EAL@QLO>IPQRABKQJRPQPR?JFQ>MOLDO>JLCPQRAVQL
QEB$"$#BM>OQJBKQ&O>AR>QB2B@OBQ>OVCLO>MMOLS>I?V
QEBPQRABKQPOBPB>O@E>ASFPLOQEB$"$#BM>OQJBKQ
&O>AR>QB/OLDO>J"LJJFQQBB>KAQEB$"$#BM>OQJBKQ
'B>A3EBMOLDO>JLCPQRAVPELRIA?B@LJMIBQBAFK
@LKPRIQ>QFLKTFQEQEBPQRABKQPOBPB>O@E>ASFPLO>KA
PELRIAFK@IRABPMB@Fh@@LROPBTLOHABPFDKBAQL>AAOBPP
>KVPELOQ@LJFKDPFABKQFhBAFKQEBPQRABKQP?>@HDOLRKA
AROFKDQEB#F>DKLPQF@$U>JFK>QFLK
OB>$U>JFK>QFLK1BNRFOBJBKQ
3EBAL@QLO>IPQRABKQFPOBNRFOBAQLM>PPQEB>OB>
BU>JFK>QFLK?BCLOBTOFQFKD>AFPPBOQ>QFLK3EB>OB>
BU>JFK>QFLKFPFKQBKABAQL?B>KLMMLOQRKFQVCLOQEB
PQRABKQP ASFPLO>KA"LJJFQQBBJBJ?BOPQLBS>IR>QBQEB
PRFQ>?FIFQVP@LMB>KAKLSBIQVLCQEBPQRABKQPMOLMLPBA
AFPPBOQ>QFLKQLMF@3EBCLOJ>QLCQEB>OB>BU>JFK>QFLKFP>Q
QEBAFP@OBQFLKLCQEBPQRABKQP ASFPLO>KA"LJJFQQBB?RQ
TFIIQVMF@>IIVFK@IRAB>MOBPBKQ>QFLK?VQEBPQRABKQ
ABP@OF?FKDQEB@ROOBKQPQ>QBLCQEBFOOBPB>O@EhBIAQEBFO
MI>KKBAOBPB>O@E>@QFSFQFBP>KAQEBBUMB@QBA@LKQOF?RQFLKP
LCQEBFOTLOH
2QRABKQP>OBBIFDF?IBQLQ>HBQEB>OB>BU>JFK>QFLK>CQBO
QEBVE>SBPR@@BPPCRIIV@LJMIBQBAQEBAF>DKLPQF@
BU>JFK>QFLK>KAE>SB@LJMIBQBA>QIB>PQQEOBBPBJBPQBOP
LC@LROPBTLOHFKQEBDO>AR>QBMOLDO>J II/E#PQRABKQP
>OBOBNRFOBAQLPR@@BPPCRIIV@LJMIBQBQEB>OB>BU>JFK>QFLK
MOFLOQLQEB@LJMIBQFLKLCQEBFOPBSBKQEPBJBPQBOFKQEB
DO>AR>QBMOLDO>J%>FIROBQLPR@@BPPCRIIV@LJMIBQBQEB
>OB>BU>JFK>QFLKMOFLOQLQEBBKALCQEBPQRABKQPPBSBKQE
PBJBPQBOTFII?B@LKPFABOBA>C>FIROBQLJ>HBP>QFPC>@QLOV
>@>ABJF@MOLDOBPP
3EB1BPB>O@E ASFPLO>KA"LJJFQQBBABQBOJFKBQEB/>PP
%>FILRQ@LJBLCQEB>OB>BU>JFK>QFLK DO>ABLC%>FITFII
OBPRIQFKAFPJFPP>ICOLJQEBDO>AR>QBMOLDO>J OB>
BU>JFK>QFLK@LJMIBQFLKCLOJPJRPQ?BPFDKBA?VQEB
PQRABKQP1BPB>O@E ASFPLO>KA"LJJFQQBB,BJ?BOP>KA
hIBATFQEQEB$"$ABM>OQJBKQRMLK@LJMIBQFLKLCQEB
BU>JFK>QFLK
#FPPBOQ>QFLK1BNRFOBJBKQ
II/E#PQRABKQPJRPQ@LJMIBQB>KALO>IIVABCBKA>
AFPPBOQ>QFLKMOBM>OBARKABOQEBDBKBO>IPRMBOSFPFLKLC
QEBFO1BPB>O@E ASFPLO3EBOBPB>O@EABP@OF?BAFKQEB
AFPPBOQ>QFLKJRPQ?BLOFDFK>I>KA@LKPQFQRQB>@LKQOF?RQFLK
QLHKLTIBADBFKQEBJ>GLOhBIALCQEB@>KAFA>QB3EB
1BPB>O@E ASFPLO>KA"LJJFQQBB@BOQFCVQEBNR>IFQV>KA
LOFDFK>IFQVLCQEBAFPPBOQ>QFLKOBPB>O@EQEBP>QFPC>@QLOV
BUB@RQFLKLCQEBAFPPBOQ>QFLK>KAQEBMOBM>OBAKBPPLCQEB
ABCBKPB
3EB&O>AR>QB2B@OBQ>OVJRPQ?BKLQFhBALC>PQRABKQP
ABCBKPB>QIB>PQPBSBKA>VPMOFLOQLQEBA>QBLCQEBABCBKPB
TFQELRQBU@BMQFLK PQRABKQJ>VKLQP@EBARIB>ABCBKPB
RKQFI>QIB>PQQEOBBJLKQEP>CQBOQEBVE>SB@LJMIBQBAQEB
>OB>BU>JFK>QFLK
+JA6/E#
%FOB/OLQB@QFLK$KDFKBBOFKD
%>@RIQV
"LOB%/$/OLDO>J%>@RIQV
*:>6@?:/OLCBPPLO>KA#BM>OQJBKQ'B>A/E#
4KFSBOPFQVLC"LOPF@>JLABIFKDPFJRI>QFLK>KA
BUMBOFJBKQPLCTFIAhOBPEB>Q>KAJ>PPQO>KPCBOhOB
hDEQFKD>KAI>KAJ>K>DBJBKQ
%6>3D6J/OLCBPPLO/E#4KFSBOPFQVLC">IFCLOKF>>Q
!BOHBIBV%FOBMOLMBOQFBPLCJ>QBOF>IP>KAMOLQB@QFSB
@ILQEFKDSF>?BK@EQLMP@>IBBUMBOFJBKQ>QFLK
@LJM>OQJBKQhOBAVK>JF@PSF>OBPFABKQF>IP@>IB
BUMBOFJBKQ>QFLKBS>IR>QFLKABSBILMJBKQ>KAS>IFA>QFLK
LC@LJM>OQJBKQhOBJLABIPMBOCLOJ>K@BhOB@LABP
BKDFKBBOFKDABPFDKQLLIP>KABKDFKBBOFKDCLOBKPF@QLLIP
"%@E2C:2??: PPL@F>QB/OLCBPPLO/E#">OKBDFB
,BIILK4KFSBOPFQV%FOBABQB@QFLK>KAPRMMOBPPFLKEFDE?>V
hOBMOLQB@QFLKhOBMLIF@V>KAOFPHRK@BOQ>FKQV
MBOCLOJ>K@B?>PBAABPFDKBKDFKBBOFKDQLLIPCLOQEBhOB
PBOSF@B
$+'F49@GD<J/OLCBPPLOLC/O>@QF@B PPL@F>QB
#BM>OQJBKQ'B>A(KARPQOV+F>FPLKABPFDK>KA>K>IVPFPLC
hOBMOLQB@QFLKPVPQBJP>MMIF@>QFLKLCOBDRI>QLOV@LABP>KA
PQ>KA>OAP>RQLJ>QF@PMOFKHIBOPVPQBJPhOBMRJMPT>QBO
PRMMIFBPT>QBO>KA@EBJF@>I?>PBAPRMMOBPPFLKABQB@QFLK
>KA>I>OJPJLHB@LKQOLIJB>KPLCBDOBPP?RFIAFKD
@LKPQOR@QFLKPQ>KA>OAFWBAMOLAR@QQBPQFKDMBOCLOJ>K@B
?>PBAABPFDKIFQFD>QFLKPRMMLOQ
)2?8H2=2/OLCBPPLO/E#4KFSBOPFQVLC">IFCLOKF>2>K
#FBDL@LJ?RPQFLKi>JBPMOB>ALKPLIFACRBIP>KA
@LJM>OQJBKQhOBJLABIFKDARPQBUMILPFLKPOFPH
>PPBPPJBKQLC+FNRBhBA->QRO>I&>P+-&QO>KPMLOQ>KA
PQLO>DBFKARPQOF>IhOBMOLQB@QFLK
!#,C32? PPFPQ>KQ/OLCBPPLO/E#4KFSBOPFQVLC
">IFCLOKF>>Q!BOHBIBV(DKFQFLK@LJ?RPQFLKi>JBPMOB>A
LSBOPLIFACRBIPTFIAI>KAhOBQEBOJ>IP@FBK@BP
 6/(">Q>ILD
@LJMRQ>QFLK>IJLABIIFKDLCCRKA>JBKQ>IhOBMEBKLJBK>
E>W>OAPLCELQTLOH>KATBIAFKDi>JBFJ>DFKD>KAiLT
SFPR>IFW>QFLK
PPL@F>QBA%/$/OLDO>J%>@RIQV
#=32?@ PPL@F>QB/OLCBPPLO/E#,>PP>@ERPBQQP
(KPQFQRQBLC3B@EKLILDV/BOCLOJ>K@BLCPQOR@QRO>I
JBJ?BOPBIBJBKQP>KAPVPQBJP>QBIBS>QBAQBJMBO>QROBP
PQOR@QRO>IABPFDKCLOhOB@LKAFQFLKPPFJMIFhBALOABPFDK
Lg@BQB@EKFNRBPCLOhOBPQOR@QROBFKQBO>@QFLKOBI>QFLKPEFM
?BQTBBK?RFIAFKD@LKPQOR@QFLKPVPQBJP>KAhOBPBOSF@B
P>CBQV
!#:2?8 PPL@F>QB/OLCBPPLO/E#!OLTK4KFSBOPFQV
->KLPQOR@QROBAJ>QBOF>IPJ>QBOF>IMOL@BPPFKDJ>QBOF>I
@E>O>@QBOFW>QFLK
AGRK@Q%/$%>@RIQV
$FC=6J AGRK@Q(KPQOR@QLO+B@QROBO"LKPRIQFKDI>ODB
RKFNRB?RFIAFKDABPFDKPJLHB@LKQOLIPVPQBJPABQB@QFLK
>KA>I>OJBDOBPPCOLJOB
."C6:? AGRK@Q PPFPQ>KQ/OLCBPPLO%FOB/OLQB@QFLK
$KDFKBBOFKD>KA2@ELLILC!RPFKBPPLOD>KFW>QFLK>I
?BE>SFLOBKQOBMOBKBROPEFM@LOMLO>QBhK>K@F>I
J>K>DBJBKQJBODBOP>KA>@NRFPFQFLKP@LKPRIQFKD
BKDFKBBOFKDB@LKLJF@PMOLGB@QJ>K>DBJBKQ
!+F33D AGRK@Q PPFPQ>KQ/OLCBPPLO"LKPRIQFKDI>ODB
RKFNRB?RFIAFKDABPFDKPJLHB@LKQOLIPVPQBJPABQB@QFLK
>KA>I>OJBDOBPPCOLJhOB
.@@5 AGRK@Q PPL@F>QB/OLCBPPLO+F@BKPBA>QQLOKBV
hOBMOLQB@QFLKBKDFKBBOFKDBUMBOQTFQKBPPQBPQFJLKVhOB
JLABIFKD>KAAVK>JF@P%FOBFKSBPQFD>QFLKC>FIROB>K>IVPFP
LChOBP>KABUMILPFLKP
%/$$JBOFQRP
).:EK86C2=5/OLCBPPLO$JBOFQRP/E#4KFSBOPFQVLC
"LKKB@QF@RQPQOR@QRO>I>PMB@QPLChOBP>CBQV?RFIAFKD
>K>IVPFP>KAABPFDKCLOhOBP>CBQVJ>OFKBhOBP>CBQV
?RFIAFKD@LABPOB>IBPQ>QBABSBILMJBKQhOBABM>OQJBKQ
LMBO>QFLKPOFPHJ>K>DBJBKQ
#F49E#FOB@QLO$JBOFQRP?RFIAFKD@LABP>KA
OBDRI>QLOVOBCLOJ?RFIAFKDhOBP>CBQV>K>IVPFP>KAABPFDK
MOLCBPPFLK>IMO>@QF@B
)12=@D9/OLCBPPLO$JBOFQRP/E#-LOQEB>PQBOK
4KFSBOPFQV%FOB>KABUMILPFLKE>W>OAP>PPL@F>QBATFQE
i>JJ>?IBD>PBPIFNRFAP>KAMLTABOP%FOBBUMILPFLK
MOLQB@QFLKJBQELAP>KAPVPQBJPABPFDKBAQLAB>ITFQE
QEBPBPMB@F>IE>W>OAP3EBLOBQF@>IBUMBOFJBKQ>I>KAOFPH
?>PBABKDFKBBOFKDQLLIPCLO>AAOBPPFKDQEBPBFPPRBP
1BPB>O@E(KQBOBPQP
6/(FP>OB@LDKFWBATLOIAIB>ABOFK>TFABO>KDBLCQLMF@P
FKhOBMOLQB@QFLKBKDFKBBOFKD>KAOBI>QBA>OB>P1BPB>O@EFP
AFOB@QBAQLT>OA?LQEQEBLOBQF@>IRKABOPQ>KAFKDP>KAQEB
ABSBILMJBKQLCMO>@QF@>IBKDFKBBOFKDJBQELAP6/(
C>@RIQV>KAQEBFOPQRABKQP@OB>QBKBTHKLTIBADBQE>Q
FKCLOJP>KAPE>MBPOBDRI>QLOVMLIF@V?RFIAFKDABPFDK
MOLAR@QJ>KRC>@QROFKD>KAMOLAR@QMBOCLOJ>K@B
PQ>KA>OAP
2MB@Fh@@>M>?FIFQFBP>KAFKQBOBPQPFK@IRABhOB>KAJ>QBOF>I
@LJ?RPQFLK>KABUMILPFLKMOLQB@QFLK@LJMRQBOJLABIFKD
hOBMBOCLOJ>K@BLCPQOR@QRO>IPVPQBJPhOBABQB@QFLK>KA
PRMMOBPPFLKhOB>KAPJLHBAVK>JF@PTFIAI>KA>KA
TFIAI>KARO?>KFKQBOC>@BhOBPOBDRI>QLOVMLIF@VOFPH>KA
BKDFKBBOFKDCO>JBTLOH>KAhOBhDEQBOP>CBQV>KAMLIF@V
/OLDO>JPLC2QRAV
3EB#BM>OQJBKQLC%FOB/OLQB@QFLK$KDFKBBOFKDPBOSBP>P>
@OLPPOL>APCLO?OFKDFKDQLDBQEBOQ>IBKQPCOLJJ>KV
AFP@FMIFKBPQLCL@RPLKhOB>KABUMILPFLKP>CBQVMOL?IBJP
3EBABM>OQJBKQCB>QROBPCLOJ>IABDOBB>KA@BOQFh@>QB
MOLDO>JPFKhOBMOLQB@QFLKBKDFKBBOFKD@LKQFKRFKD
BAR@>QFLKCLOQEBMO>@QFQFLKBO>KAOBPB>O@EQLRK@LSBOKBT
HKLTIBADB>?LRQhOB?BE>SFLO>KAhOBMOLQB@QFLK
JBQELAP
3EBhOBMOLQB@QFLKBKDFKBBOFKDMOLDO>J>Q6/(>A>MQP
MOBSFLRPBAR@>QFLK>I>KABJMILVJBKQBUMBOFBK@BPFKQL>
@LEBPFSB/I>KLC2QRAV"LKPBNRBKQIVQEBMOLDO>JFP
ABPFDKBAQL?BiBUF?IBBKLRDEQLJBBQPMB@Fh@>KA
S>OVFKDPQRABKQBAR@>QFLK>IL?GB@QFSBP2QRABKQP@>KPBIB@Q
@LJ?FK>QFLKPLCJ>GLO@LROPBPKLKJ>GLO@LROPBPQEBPFP
>KAMOLGB@QQLMF@PQE>QTFIIMOBM>OBQEBJQLMOL@BBAFKQEB
@>OBBOAFOB@QFLKPQEBVABPFOB3EB@ROOF@RIRJ@>K?B
Q>FILOBAQLBKE>K@BHKLTIBADB>KAPHFIIFKQEBDBKBO>I
MO>@QF@BLChOBMOLQB@QFLKBKDFKBBOFKDFKhOBMOLQB@QFLK
BKDFKBBOFKDPMB@F>IQFBPPR@E>PFKARPQOF>I@EBJF@>I
BKBODVABPFDKLOQBPQFKDLOFKQEBJLOBQEBLOBQF@>I>KA
OBPB>O@ELOFBKQBAPMEBOB
/O>@QF@FKDBKDFKBBOPLOLQEBOP>IOB>AVBJMILVBA>KA
TFPEFKDQL>AS>K@BQEBFOQB@EKF@>IPHFIIPJ>VBKQBOQEB
MOLDO>J>PM>OQQFJBPQRABKQPLOQ>HBLf@>JMRP@LROPBP
SF>6/(P0R>IFQV.KIFKB"LROPBPPBBM>DB3EBJ>PQBOP
ABDOBBJ>V?B@LJMIBQBALK>M>OQQFJB?>PFPFKIBPPQE>K
QTLVB>OPABMBKAFKDLKQEBKRJ?BOLC@LROPBPQ>HBKB>@E
PBJBPQBO
6/(LfBOP?LQEJ>PQBOP>KAAL@QLO>IABDOBBP>PTBII>P
QEB>AS>K@BA@BOQFh@>QB>KADO>AR>QB@BOQFh@>QBFKhOB
MOLQB@QFLKBKDFKBBOFKD
 6/(">Q>ILD
6/(LfBOP@LJ?FKBA!2,2MOLDO>JPCLOPQRABKQP
TFPEFKDQL@LJMIBQBQTLABDOBBPFK>@LKABKPBAQFJB
CO>JB
AJFPPFLK1BNRFOBJBKQP
'FDEP@ELLIDO>AR>QBP>MMIVFKDCLOQEB"LJ?FKBA
!2,>PQBOP/OLDO>JJRPQJBBQKLOJ>IRKABODO>AR>QB
>AJFPPFLK@OFQBOF> MMIF@>KQPCLOQEBJ>PQBOPLO@BOQFh@>QB
MOLDO>JPPELRIAE>SB>!2FKBKDFKBBOFKDBKDFKBBOFKD
QB@EKLILDVLOQEBMEVPF@>IP@FBK@BP MMIF@>KQPTFQEKL%/$
TLOHBUMBOFBK@BPELRIAPR?JFQ>QTLM>DBBPP>V
>OQF@RI>QFKDQEBFOFKQBOBPQFKQEBhBIA
2QRABKQPTFQEP@FBK@BABDOBBP>KADO>AR>QBPLCPLJB
BKDFKBBOFKDQB@EKLILDVAFP@FMIFKBPJ>V?BOBNRFOBAQL
Q>HBPBIB@QBARKABODO>AR>QB@LROPBPQLOLRKALRQQEBFO
?>@HDOLRKAP
&1$P@LOBP>OBOBNRFOBACLO>IIFKQBOK>QFLK>IPQRABKQP>KA>II
/E#>MMIF@>KQP
&O>AR>QB(KQBOKPEFMP
RKFNRBFKQBOKPEFMMOLDO>JFP>S>FI>?IBQLhOBMOLQB@QFLK
BKDFKBBOFKDPQRABKQP>IILTFKDQEBJQLD>FKFJMLOQ>KQ
@IFKF@>IBUMBOFBK@BPFKMO>@QF@>IBKDFKBBOFKD>KAOBPB>O@E
BKSFOLKJBKQP2QRABKQP>OB>?IBQLB>OKFK@LJBTEFIB
J>FKQ>FKFKDQEBFOPQRABKQPQ>QRP(KQBOKPEFMP>OBDBKBO>IIV
CRIIQFJBCLOLKBVB>O>KAMOLSFABQEBPQRABKQ>@E>K@BQL
QOVLRQS>OFLRP>OB>PLCMO>@QF@BDBKBO>QBFK@LJBD>FK
HKLTIBADB>KABUMBOFBK@B>KAJ>HBS>IR>?IBIFCBQFJB
@LKQ>@QP-L&O>AR>QB"OBAFQFPB>OKBAAROFKD>K
FKQBOKPEFM JFKFJRJLCDO>AR>QB@OBAFQPFK%/$JRPQ?B
B>OKBAMOFLOQLM>OQF@FM>QFLKFK>KFKQBOKPEFM II
(KQBOKPEFMPJRPQ?BOBI>QBAQL%/$
1BPB>O@E+>?LO>QLOFBP
%FOB2@FBK@B+>?LO>QLOV
3EFP?O>KAKBT>KABU@FQFKDI>?LO>QLOVC>@FIFQVPRMMLOQP
?LQECRKA>JBKQ>IPQRAFBP>KAI>ODBP@>IBBKDFKBBOFKD
PQRAFBPBUMBOFJBKQ>QFLKFKhOBAVK>JF@P@LJ?RPQFLK
BUMILPFLKMEBKLJBK>ABQB@QFLK>KAhOB>KABUMILPFLK
PRMMOBPPFLK3EB%FOB/OLM>D>QFLK MM>O>QRP@LKB
@>ILOFJBQBOFKCO>OBAFJ>DFKDPVPQBJME>PBALMMIBO
M>OQF@IB>K>IVWBO>KAOLLJ@>ILOFJBQBO>OB>IPL>S>FI>?IB
TFQE>PPL@F>QBAD>P>K>IVPFP>KAA>Q>>@NRFPFQFLKPVPQBJP
J>HFKDQEFP>QORIVRKFNRB>TBFKPMFOFKDMI>@BQL@LKAR@Q
OBPB>O@E
3EBTBQI>?>OB>PRMMLOQPT>QBO?>PBAhOBPRMMOBPPFLK
>KAABJLKPQO>QFLKMOLGB@QP
2BOSFKD>P?LQE>QB>@EFKD>KAOBPB>O@EC>@FIFQVQEBI>?
>@@LJJLA>QBPRKABODO>AR>QBMOLGB@QP>PTBII>PDO>AR>QB
PQRABKQPFKhOBMOLQB@QFLKBKDFKBBOFKDJB@E>KF@>I
BKDFKBBOFKD>KAOBI>QBAAFP@FMIFKBP
%FOB,LABIFKD+>?LO>QLOV
3EB%FOB,LABIFKD+>?LO>QLOVPMB@F>IFWBPFK@LJMRQBO
>MMIF@>QFLKPQLhOBMOLQB@QFLKBKDFKBBOFKD>KAOBPB>O@E
1BPB>O@E>@QFSFQFBPFK@IRAB@LJMRQ>QFLK>IiRFAAVK>JF@P
JLABIFKDLC?RFIAFKD>KASBEF@IBhOBPi>JBPMOB>AJLABI
ABSBILMJBKQ>KA?RFIAFKDBDOBPPJLABIFKD
"LJ?RPQFLK+>?LO>QLOV
3EB6/("LJ?RPQFLK+>?PRMMLOQPPQRAFBPLCCRKA>JBKQ>I
@LJ?RPQFLKMOLMBOQFBP>PQEBVOBI>QBQLhOBP>CBQV
$UMBOFJBKQ>IPBQRMP>OB>S>FI>?IBCLOQEBPQRAVLCPBIC
EB>QFKDLC@L>IARPQi>JJ>?IBMOLMBOQFBPLCD>PLIFKB
@LKQ>FKBOP@OLPP@LOOBI>QFLKSBIL@FJBQOV>KAQEBI>JFK>O
?ROKFKDSBIL@FQVLCi>JJ>?IBARPQP
!2,2FK%FOB/OLQB@QFLK$KDFKBBOFKD
'FDEP@ELLIPBKFLOP>KABKDFKBBOFKDPQRABKQPFKQEBFOhOPQ
QEOBBVB>OP@>K>MMIVCLOQEFPhSBVB>OMOLDO>J3EFPDFSBP
EFDEP@ELLIDO>AR>QBP>KALQEBOPQEBLMMLOQRKFQVQL
@LJMIBQBQEBRKABODO>AR>QBABDOBBFK>PBIB@QBAhBIALC
BKDFKBBOFKD>KAQEBJ>PQBOPABDOBBFKhOBMOLQB@QFLK
BKDFKBBOFKDFKhSBVB>OP'LIABOPLC?>@EBILOLCP@FBK@B
ABDOBBPFKQEBQO>AFQFLK>IBKDFKBBOFKDhBIAP>KAQEB
J>PQBOPABDOBBFKhOBMOLQB@QFLKBKDFKBBOFKDBKGLV
BUQOBJBIVDLLASBOP>QFIFQVFKQEBGL?J>OHBQ
+JA6!2,2
"BOQFh@>QBFK%FOB/OLQB@QFLK$KDFKBBOFKD
3EBDO>AR>QB@BOQFh@>QBMOLDO>JFK%FOB/OLQB@QFLK
$KDFKBBOFKDMOLSFABPNR>IFhBAPQRABKQPTFQE>K
LMMLOQRKFQVQLCROQEBOQEBFOPQRAFBPFK>K>AS>K@BAhBIA 
@LJMIBQBARKABODO>AR>QBABDOBBFKBKDFKBBOFKDLO
MEVPF@>IP@FBK@BFPQEBMOBCBOOBAMOBOBNRFPFQBCLO>AJFPPFLK
%LRO@LROPBP>OBPBIB@QBACOLJ>O>KDBLCLfBOFKDPFK
@LKPRIQ>QFLKTFQE>K>@>ABJF@>ASFPLO3>HBKQLDBQEBOQEB
@LROPBPCLOJ>@LEBPFSBQEBJB.MQFLKPFK@IRAB?RQ>OB
KLQIFJFQBAQL"LOB"LK@BMQPFK%FOB/OLQB@QFLK
$KDFKBBOFKD(KARPQOF>I MMIF@>QFLKP'>W>OA>KA1FPH
PPBPPJBKQ%>@FIFQV>KA!RFIAFKD#BPFDK AS>K@BA
/OLQB@QFLK2VPQBJP>KA%FOB/OLQB@QFLK,>K>DBJBKQ
+JA6"BOQFh@>QB
 6/(">Q>ILD
,2FK%FOB/OLQB@QFLK$KDFKBBOFKD
3EB,2MOLDO>JFP>DO>AR>QBIBSBIMOLDO>JFK%FOB
/OLQB@QFLK$KDFKBBOFKDQE>QFPPQOR@QROBAQL?BBNR>IIV
BfB@QFSBCLOCRIIQFJBLOM>OQQFJBAFPQ>K@BIB>OKFKDPQRAV
3EB,2MOLDO>JFP>EFDEIBSBIDO>AR>QBMOLDO>J
ABPFDKBAQLOBhKB@OFQF@>IQEFKHFKDPHFIIPKB@BPP>OVCLO
J>HFKDVLR>KFKARPQOVIB>ABO
#BDOBB1BNRFOBJBKQP
3EBMOLDO>JCLO>,>PQBOLC2@FBK@BFKhOBMOLQB@QFLK
BKDFKBBOFKDFPiBUF?IB>KA@>K?BQ>FILOBAQLFKAFSFAR>I
PQRABKQ@>OBBODL>IP3EBhOBMOLQB@QFLKBKDFKBBOFKD
J>PQBOPABDOBBOBNRFOBP@OBAFQP!LQE>QEBPFP>KAKLK
QEBPFPLMQFLK>OBLfBOBA @OBAFQQEBPFP@>KOBMI>@B
@OBAFQPLC@LROPBTLOH II,2PQRABKQP>OBOBNRFOBAQL
Q>HB@OBAFQPLC@LOB@I>PPBP%/%/%/>KA>Q
IB>PQLKB%FOB/OLQB@QFLK(KQBDO>QFLK@LROPB%/>KALO
%/3EBOBJ>FKFKD@OBAFQP>OB@ELPBK?VQEBPQRABKQ
>KARMQL@OBAFQP@>K?BQ>HBKLRQPFABLCQEB%FOB
/OLQB@QFLKAFP@FMIFKBTFQE>@>ABJF@>ASFPLOP>MMOLS>I
+JA6,>PQBOLC2@FBK@B
/E#FK%FOB/OLQB@QFLK$KDFKBBOFKD
3EB/E#ABDOBBFKQEBABM>OQJBKQLC%FOB/OLQB@QFLK
$KDFKBBOFKDTFIICL@RPLK>MOLDO>JQE>QMOLAR@BPP@ELI>OP
@>M>?IBLC@OB>QFKDKBTHKLTIBADBCLOQEBhBIA.RO/E#
DO>AR>QBPTFIICRK@QFLK>Q>EFDEIBSBIKLJ>QQBOTEBOB
QEBVTLOHLODLFKQEBMOLCBPPFLK
#BDOBB1BNRFOBJBKQP
3EBABDOBBLC#L@QLOLC/EFILPLMEVFP@LKCBOOBALK
@>KAFA>QBPFKOB@LDKFQFLKLCEFDEP@FBKQFh@>QQ>FKJBKQP>KA
QEB>?FIFQVQL@LKAR@QLOFDFK>IOBPB>O@E/E#PQRABKQP
JRPQ@LJMIBQB>JFKFJRJLC@OBAFQPLCDO>AR>QBTLOH
>CQBOQEB?>@EBILOPABDOBBLO@OBAFQP>CQBOQEBJ>PQBOP
3EFPFK@IRABP>QIB>PQ@OBAFQPLChOBMOLQB@QFLK
BKDFKBBOFKD@LROPB@OBAFQP>KAELROPLCAFPPBOQ>QFLK
OBPB>O@E
#L@QLO>IPQRABKQPJRPQPR@@BPPCRIIV@LJMIBQBQEBhOB
MOLQB@QFLKBKDFKBBOFKDNR>IFCVFKDBU>JFK>QFLK>OBPB>O@E
MOLMLP>I>KAMR?IF@PBJFK>O>KAQEBAFPPBOQ>QFLKABCBKPB
+JA6/E#
(KQBO>@QFSB,BAF>&>JB
#BSBILMJBKQ
%>@RIQV
&8F/OLCBPPLO/E#4KFSBOPFQVLC,>PP>@ERPBQQP
"LJMRQBODO>MEF@PTFOBIBPPKBQTLOHFKD>KAJL?FIB
@LJMRQFKD
*2CE@? PPL@F>QB/OLCBPPLO/E#4KFSBOPFQVLC5FODFKF>
'RJ>KOL?LQFKQBO>@QFLKFKJRPF@@LJMLPFQFLK>KA
MBOCLOJ>K@BABPFDKLCOL?LQF@JRPF@>IFKPQORJBKQPJRPF@
MBO@BMQFLK>KA@LDKFQFLK>RAFLMOLAR@QFLK
*9252 PPFPQ>KQ/OLCBPPLO2VPQBJP$KDFKBBOFKD/E#
4KFSBOPFQVLC I>?>J>,LABIFKD?>PBAPVPQBJP
BKDFKBBOFKD,!2$BKDFKBBOFKDBAR@>QFLK>KAQB>J
JBKQ>IJLABIP
!96CJ PPFPQ>KQ3B>@EFKD/OLCBPPLO,% %RII2>FI
4KFSBOPFQV#1FDDFKDQB@EKF@>I>OQAFDFQ>IP@RIMQFKD
CRQROFPJBUMOBPPFSBD>JBJB@E>KF@PJLQFLK@>MQROB
MELQLDO>JJBQOV
"9:?8 PPFPQ>KQ/OLCBPPLO/E#,>PP>@ERPBQQP(KPQFQRQB
LC3B@EKLILDVBKQOBMOBKBROF>IPQO>QBDVB@LKLJF@PLC
P@FBK@B>KAFKKLS>QFLKP@FBK@B>KAFKKLS>QFLKMLIF@V
AFDFQFW>QFLKA>Q>P@FBK@B
$#=2JA@@=/OLCBPPLO/E#4KFSBOPFQVLC,FKKBPLQ>
#FPQOF?RQBAPVPQBJPKBQTLOHFKDJRIQFJBAF>>KA
LKIFKBD>JBP
!56.:?E6C/OLCBPPLO/E#4KFSBOPFQVLC OFWLK>
)>M>KBPBD>JBPQRAFBPBUMBOFBK@BABPFDKSFOQR>I>KA
>RDJBKQBAOB>IFQVD>JBPCLOPL@F>IGRPQF@BMOLAR@QFLK
J>K>DBJBKQ>KABKQOBMOBKBROPEFMFKD>JBP
FE:6CC6K PPFPQ>KQ/OLCBPPLO,%  @>ABJVLC OQ
4KFSBOPFQV##>KFJ>QFLK@LK@BMQ>OQAFDFQ>I
M>FKQFKD@E>O>@QBOABPFDKPELOQhIJMOLAR@QFLK
#2CC:D@? PPFPQ>KQ/OLCBPPLO/E#4KFSBOPFQVLC-LOQE
">OLIFK>>Q"E>OILQQB(KCLOJ>QFLKSFPR>IFW>QFLKSFPR>I
>K>IVQF@PMBO@BMQFLK>KA@LDKFQFLKLCA>Q>JLABIFKD>KA
NR>KQFQ>QFSB>K>IVPFPLCERJ>K?BE>SFLOPQ>QFPQF@>IIFQBO>@V
%+6N6C?2? PPL@F>QB/OLCBPPLO/E#">OKBDFB
,BIILK4KFSBOPFQV$AR@>QFLK>IA>Q>JFKFKDIB>OKFKD
P@FBK@BP>KAQB@EKLILDV
-!$2?K@ PPL@F>QB/OLCBPPLO/E#3BJMIB4KFSBOPFQV
(KQBO>@QFSBJRPF@PVPQBJP>IDLOFQEJF@>KAQO>AFQFLK>I
@LJMLPFQFLKBIB@QOF@DRFQ>OMBOCLOJ>K@B>KAFKKLS>QFLK
JRPF@QEBLOVJRPF@BAR@>QFLK
!$@C:2CEJ/OLCBPPLOLC/O>@QF@B,$A%O>JFKDE>J
2Q>QB4KFSBOPFQV#FDFQ>ID>JBP>KA@RIQROBSFOQR>I
@LJJRKFQFBPFKQBO>@QFSBh@QFLK
$&@??6==3B>@EFKD/OLCBPPLO,% !O>KABFP
4KFSBOPFQV&>JB>KAIBSBIABPFDKK>OO>QFSBFJM>@Q
LCKBTJBAF>LKPL@FBQV?L>OAD>JBABPFDKBP@>MBOLLJ
ABPFDK
 6/(">Q>ILD
&EE>2C PPFPQ>KQ/OLCBPPLO/E#4KFSBOPFQVLC5FODFKF>
3EBLOFBPFKABSBILMJBKQ>IBAR@>QFLK>I>KA
@LDKFQFSBMPV@ELILDV>KAJ>QEBJ>QF@P>KAQB>@EBO
BAR@>QFLK
)@36CED PPFPQ>KQ/OLCBPPLO/E#4"2>KQ>!>O?>O>
"LJMRQBOJRPF@@OB>QFSB@LAFKDIFSB@LAFKDI>ODB
P@>IBSFOQR>IOB>IFQV>RAFLSFPR>I>RQELOFKD
!)@D6?DE@4< PPL@F>QB/OLCBPPLO,% 2@ELLILCQEB OQ
(KPQFQRQBLC"EF@>DL,RIQFJBAF>MBOCLOJ>K@B
FKQBO>@QFSBFKPQ>II>QFLK>OQBIB@QOLKF@FKPQORJBKQABPFDK
IFDEQ>OQ!FL OQ
$*>:E9 PPL@F>QB/OLCBPPLO/E#4"2>KQ>"ORW
"LJMRQ>QFLK>I@OB>QFSFQVD>JBP>KAPL@F>IGRPQF@B
Q>KDF?IB@LJMRQFKD@LJMRQBOP@FBK@BBAR@>QFLK
@LJMRQ>QFLK>I@O>CQMOL@BARO>IDBKBO>QFLK
)'*FEE6C2BKFLO(KPQOR@QLO+B@QROBO!2-BT
$KDI>KA(KPQFQRQBLC OQ#>KFJ>QFLKAFDFQ>I
P@RIMQFKD@E>O>@QBO@OB>QFLKD>JBP>RDJBKQBAOB>IFQV
QO>AFQFLK>I>KFJ>QFLK>KA>OQ
"1:KK2(KPQOR@QLO#FDFQ>I>RAFLD>JBABPFDK
CRIIIFPQFKD@>K?BCLRKAEBOB
EQQMPTTTTMFBAR>@>ABJF@PABM>OQJBKQPFKQBO>@QFSB
JBAF>D>JBABSBILMJBKQC>@RIQVPQ>f
KKR>I/OLDOBPP1BSFBT
,FIBPQLKB
(K>AAFQFLKQLQEBJFIBPQLKBPPMB@Fh@QLB>@EABDOBB>II
(,&#DO>AR>QBPQRABKQPJRPQM>OQF@FM>QBFK>K>KKR>I
MOLDOBPPOBSFBT@LKAR@QBA?VQEBMOLDO>J2QRABKQP
PR?JFQ>OBMLOQABP@OF?FKDQEBTLOHQEBVE>SB@LJMIBQBA
QE>QVB>O>KAOBiB@QFLKLKQEBFOMOLDOBPP C>@RIQV
@LJJFQQBBOBSFBTPB>@EOBMLOQAFP@RPPBPPQRABKQMOLDOBPP
>KAJ>HBP>AB@FPFLK>?LRQPQRABKQ@LKQFKR>QFLKFKQEB
MOLDO>J3EBOB>OBQEOBBMLQBKQF>IOB@LJJBKA>QFLK
LRQ@LJBPCOLJQEFPOBSFBTJFIBPQLKB>P>QFPC>@QLOV
MOLDOBPP?MOLDO>JT>OKFKD>KA@MOLDO>JAFPJFPP>I(C
>PQRABKQOB@BFSBP>T>OKFKDQEBKQEBVTFIIOB@BFSB
@LKPQOR@QFSBCBBA?>@HLKELTQLFJMOLSBQEBFO
MBOCLOJ>K@B(CQEB@LJJFQQBBOB@LJJBKAPQEBPQRABKQ
CLOAFPJFPP>IQEBVBKQBO6/(P>@>ABJF@AFPJFPP>IMOL@BPP
>PABP@OF?BAFKQEB[ @>ABJF@2Q>KA>OAP^PB@QFLKLCQEFP
@>Q>ILD
%>@FIFQFBP1BPB>O@E+>?P
1BPB>O@E"BKQBOP
] (,&#+>?PB>QQB>@EFKDOBPB>O@EI>?
] 9LL+>?PB>QQB>@EFKDOBPB>O@EI>?
] #FDFQ>I OQ2QRAFL6LOHPM>@BCLO?LQEAFDFQ>I>KA
QO>AFQFLK>I>OQ
] /BOCLOJ>K@B$S>IR>QFLKLC#FPQOF?RQBA2VPQBJP
/$#2+>?#BPFDK>KA>K>IVPFPLCAFPQOF?RQBA
PVPQBJPTFQE>PMB@F>ICL@RPLKQEBMBOCLOJ>K@BLK
KBQTLOHFKD
] ,FUBA1B>IFQV#BSBILMJBKQ&OLRM#BPFDK
FJMIBJBKQ>QFLK>KA>K>IVPFPLCSFOQR>I>KA
>RDJBKQBAOB>IFQVPVPQBJP
] ,RPF@/BO@BMQFLK>KA1L?LQF@P+>?,RPF@>I
@OB>QFSFQVMBO@BMQFLK>KA@LDKFQFLKBUMOBPPFSB
OL?LQF@>KAJB@E>QOLKF@PVPQBJP
,% FK(KQBO>@QFSB,BAF>>KA&>JB
#BPFDK
/OLDO>J&L>IP>KA.?GB@QFSBP
3EB,>PQBOLC%FKB OQP,% ABDOBBFP>QBOJFK>IABDOBB
QE>QCL@RPBPLKQEBABSBILMJBKQ>KABPQ>?IFPEJBKQLC>
@OB>QFSBMO>@QF@B>KASLF@B CQBO@LJMIBQFKDQEB,% FK
(KQBO>@QFSB,BAF>>KA&>JB#BPFDKPQRABKQPTFII?B>?IB
QL
 "LKQBUQR>IFWBQEBFOTLOHFKQEBEFPQLOVLCQEBFO@ELPBK
JBAFRJ>PTBII>PJLABOKMO>@QF@B
 1BPMLKAQL>KAABIFSBO@OFQFNRBBfB@QFSBIV
 +B>AMOLGB@QP>KA@LII>?LO>QBBfB@QFSBIV
 "OB>QBTLOHPQE>QBUMOBPPQEBFORKFNRBSLF@BTFQEFK
QEBFO@ELPBKJBAFRJ
 ,>FKQ>FK>MOLCBPPFLK>IMLOQCLIFLQE>QBfB@QFSBIV
PELT@>PBPQEBFOTLOH
 OQF@RI>QBQEBFOM>QECLOMOLCBPPFLK>I>KA>OQFPQF@
DOLTQE>CQBODO>AR>QFLK
"ROOF@RIRJ
3EB,% OBNRFOBP@OBAFQELROPPMOB>A>@OLPP#BPFDK
2QRAFL@OBAFQELROP"LOB"LROPBTLOH@OBAFQELROP
>MOLCBPPFLK>IFW>QFLKOBNRFOBJBKQ@OBAFQELROP>K
BIB@QFSB@OBAFQELROP>KA>QEBPFPMOLGB@Q@OBAFQ
ELROP
AJFPPFLKP1BNRFOBJBKQP
(K>AAFQFLKQLQEBDBKBO>IOBNRFOBJBKQPCLO>AJFPPFLKFKQL
>KVDO>AR>QBMOLDO>J>Q6/(EQQMPTTTTMFBAR
>AJFPPFLKPDO>AR>QBELTQL>MMIV>MMIF@>KQPJRPQ
PR?JFQQEBCLIILTFKD@OBABKQF>IPCLO>K>MMIF@>QFLKQL?B
@LJMIBQB
 2Q>QBJBKQLCMROMLPBQE>QABQ>FIP
 QEBPQRABKQPDL>IP>KA
 QEBPQRABKQPMOBSFLRPFKARPQOVLO>@>ABJF@
BUMBOFBK@BP
 K OQFPQP2Q>QBJBKQQE>QABP@OF?BPQEBPQRABKQP
>OQFPQF@FABKQFQV>KASFPFLK
 /LOQCLIFL
 6/(">Q>ILD
3EBO>KDBLCMLQBKQF>I(,&#,% MOLGB@QPFP?OL>ACOLJ
AFDFQ>ID>JBPQLFKQBO>@QFSBQEB>QBO>KA>PPR@EQEBO>KDB
LCPHFIIPOBNRFOBAQL>@EFBSBQELPBMOLGB@QPFPEFDEIV
S>OF>?IB/OLPMB@QFSBPQRABKQPTFII?BBS>IR>QBA?>PBALK
QEB>AJFPPFLK@LJJFQQBBPGRADJBKQLCQEBFOIFHBIFELLAQL
PR@@BBAFKQEBMOLDO>JDFSBKQEBFOPQ>QBADL>IP>KAMOFLO
BUMBOFBK@B
$UFQ1BNRFOBJBKQP
 ">MPQLKBMOLGB@Q
 /R?IF@MOBPBKQ>QFLKLC@>MPQLKBMOLGB@Q
 /LOQCLIFL>P>OBNRFOBJBKQLC(,&#)L?
"LIILNRFRJ
+JA6,% 
#BPFDK2QRAFL
(,&#2QRAFLFPQ>HBKBSBOVPBJBPQBOLCQEBQEOBBVB>O
MOLDO>J
E6> +:E=6 C65:ED
(,&# (,&#2QRAFL 
"LOB"LROPBP
(,&#FP>OLQ>QFKDPMB@F>IQLMF@P@LROPB2QRABKQP
JRPQQ>HBQTLAFfBOBKQSBOPFLKPLCQEFP@LROPBAROFKDQEBFO
ABDOBB
E6> +:E=6 C65:ED
(,&# (,&#%RKA>JBKQ>IP 
(,&# 3>KDF?IB>KA$J?LAFBA
(KQBO>@QFLK

(,&# 'FPQLOV>KA%RQROBLC(JJBOPFSB
>KA(KQBO>@QFSB,BAF>

(,&# #BPFDKLC(KQBO>@QFSB$UMBOFBK@BP 
(,&# /OLAR@QFLK,>K>DBJBKQCLO
(KQBO>@QFSB,BAF>

(,&# 2BOFLRP>KA MMIFBA&>JBP 
/OLCBPPFLK>IFW>QFLK
.KB(,&#"LIILNRFRJ@LROPBFPQ>HBKBSBOVVB>OLCQEB
QEOBBVB>OMOLDO>J(,&#PELRIA?BQ>HBKFKQEB
PQRABKQPhK>IVB>O
3EOBB@OBAFQPLCDO>AR>QBFKQBOKPEFM.1"LJMIBQFLKLC>
3B>@EFKD"BOQFh@>QB
E6> +:E=6 C65:ED
(,&# (,&#"LIILNRFRJ 
(,&# (,&#">OBBO"LIILNRFRJ 
$IB@QFSB"LROPBP
2QRABKQPJ>V@ELLPB>KVDO>AR>QBIBSBI(,&#@LROPB>KV
IBSBI(,&#@LROPBCLOQTL@OBAFQPLO>KBIB@QFSB
@LROPBCOLJQEB,2BIB@QFSBPIFPQ
/OLGB@Q
IIPQRABKQP>OBOBNRFOBAQL@LJMIBQB>KFKQBO>@QFSBLO
D>JBMOLGB@Q>KAPELTQEBD>JBFK>MR?IF@CLORJLMBK
CLOMR?IF@BKD>DBJBKQ>KA@OFQFNRB3EBPQRABKQP>ASFPLO
FPQEBFKPQOR@QLOLCOB@LOACLOQEBPB@OBAFQP3EBMOLGB@Q
JRPQ?B>MMOLSBA?V>@LJJFQQBBLCQEOBBC>@RIQV
@LJMOFPBALCQEBPQRABKQP>ASFPLO>KAQTL>AAFQFLK>I
JBJ?BOPAO>TKCOLJQEB(,&#C>@RIQV/OLGB@QPJRPQ?B
@LKAR@QBA?VFKAFSFAR>IPQB>J?>PBAMOLGB@QP>OBKLQ
MBOJFQQBACLOQEB,% 
,2FK(KQBO>@QFSB,BAF>&>JB
#BSBILMJBKQ
/OLDO>JLC2QRAV
3EB,>PQBOLC2@FBK@BFK(KQBO>@QFSB,BAF>&>JB
#BSBILMJBKQ(,&#FPABPFDKBACLOQELPBFKQBOBPQBAFK
QEBABPFDKLCFJJBOPFSBFKQBO>@QFSBBKSFOLKJBKQP3EB
FKQBKABA>RAFBK@BFK@IRABP@LIIBDBDO>AR>QBPILLHFKDCLO
@LKQFKRBABAR@>QFLKFKFKQBO>@QFSBJBAF>D>JBFKARPQOV
MOLCBPPFLK>IPILLHFKDQL>PPRJBIB>ABOPEFMOLIBP
MOLCBPPFLK>IPCOLJLQEBOhBIAPOBQLLIFKDCLOQEBD>JB
FKARPQOV>KAQELPBPBBHFKDP@ELI>OPEFMFKFKQBO>@QFSB
JBAF>&O>AR>QBPQRABKQPFK(,&#Q>HB@LOB@LROPBP
QE>QMOLSFAB>?>PBLCHKLTIBADBOBIBS>KQQLQEBABPFDKLC
FKQBO>@QFSBJBAF>PBIB@Q@LROPBPCOLJ3B@EKF@>I2BOFLRP
&>JBPLO,>K>DBJBKQ%L@RP>OB>PQE>QBK>?IBQ>FILOFKD
QEBABDOBBQLPRFQFKQBOBPQP>KA@>OBBODL>IP>KAABPFDK
ABSBILM>KABS>IR>QB>PR?PQ>KQF>IDOLRMMOLGB@Q>KALO
RKABOQ>HB>QEBPFPTFQEKLSBIP@ELI>OPEFM>P>@>MPQLKB
BUMBOFBK@B&O>AR>QBPTFQE>K(,&#DO>AR>QBABDOBBTFII
?BNR>IFhBAQLMROPRB>AFSBOPBO>KDBLC@>OBBOPFKQEB
FKQBO>@QFSBJBAF>@LJMRQBOD>JBPLOOBI>QBAFKARPQOFBP
?B@LJFKDMOLAR@BOPABPFDKBOP>@>ABJF@PLOMOLGB@Q
IB>ABOPFKPMB@Fh@PR?hBIAPPR@E>PQB@EKLILDV>OQLO
ABPFDK
AJFPPFLK1BNRFOBJBKQP
] 2Q>QBJBKQLCMROMLPBQE>QABQ>FIP
 QEBPQRABKQPDL>IP>KA
 QEBPQRABKQPMOBSFLRPFKARPQOVLO>@>ABJF@
BUMBOFBK@BP
] /OLLCLC>CLROVB>OABDOBB MMIF@>KQPTEL>OBKLQ
M>OQF@FM>QFKDFKQEB!2,2MOLDO>JJRPQPR?JFQ>
 6/(">Q>ILD
hK>IQO>KP@OFMQPELTFKDQE>QQEBVE>SB@LJMIBQBA>
?>@EBILOPABDOBBLOFQPBNRFS>IBKQ?BCLOBBKOLIIFKDFK
QEB,2MOLDO>J
] 3EOBBIBQQBOPLCOB@LJJBKA>QFLKCOLJFKAFSFAR>IP
TEL@>K@LJJBKQLKQEBPQRABKQPNR>IFh@>QFLKCLO
MROPRFKDDO>AR>QBPQRAVFK(,&#
] MMIF@>KQPJ>VPR?JFQLQEBOJ>QBOF>IPRMMLOQFKD
QEBFO>MMIF@>QFLKPR@E>P>MLOQCLIFLLCQEBFOTLOH
,LOBFKCLOJ>QFLKLK>AJFPPFLKP@>K?BCLRKAEBOB
EQQMPTTTTMFBAR>@>ABJF@PABM>OQJBKQPFKQBO>@QFSB
JBAF>D>JBABSBILMJBKQOBPLRO@BP>AJFPPFLKP
MLOQCLIFLDRFABIFKBP
#BDOBB1BNRFOBJBKQP
(,&#,2PQRABKQPRKABOQ>HB>&>JB#BPFDK2QRAFL
@LROPB@OBAFQELROP>@LOB@LROPBOBIBS>KQQLQEBFOCL@RP
>OB>@OBAFQELROP>KAQTLLQEBO@LOB@LROPBP@OBAFQ
ELROP@LSBOFKDS>OFLRP>PMB@QPLCABPFDKPRMMIBJBKQBA
?VQTL@LROPBP@OBAFQELROPPRMMLOQFKD>CL@RP>OB>
2BOFLRP&>JBP3B@EKF@>ILO/OLAR@QFLK,>K>DBJBKQ
>KALKBBIB@QFSB@LROPB@OBAFQELROP$>@EPQRABKQFP
OBNRFOBAQL@LJMIBQBBFQEBO>,>PQBOPQEBPFP>PVPQBJ>QF@
>MMOL>@EQL>AAOBPPFKD>KFABKQFhBAOBPB>O@ENRBPQFLK
QVMF@>IIVALKBFKAFSFAR>IIVLO>,>PQBOPMOLGB@Q>
PR?PQ>KQF>IABSBILMJBKQBfLOQQE>QCLIILTP>MOLAR@QFLK
MI>KQLFJMIBJBKQ>ABPFDKSFPFLKQVMF@>IIVALKBFKQB>JP
QL@LJMIBQBQEBABDOBBOBNRFOBJBKQP@OBAFQELROP
3EB(,&#MOLDO>J>IPLLfBOP>!2,2MOLDO>JCLO
@ROOBKQ(,&#RKABODO>AR>QBPQRABKQP2QRABKQPBKOLIIBA
FKQEFPMOLDO>JJ>V@LRKQRMQL@OBAFQELROPLCPMB@Fh@
RKABODO>AR>QB@LROPBPQLT>OAP?LQEQEBFO!2>KA,2
ABDOBBP
#BQ>FIPLKQEBABDOBBOBNRFOBJBKQPCLO?LQE,2>KA
!2,2PQRABKQP@>K?BCLRKAEBOBEQQMFJDATMFBAR
DO>AOBNRFOBJBKQPEQJI
+JA6,>PQBOLC2@FBK@B
&>JB#BPFDK2QRAFL
E6> +:E=6 C65:ED
(,&# (,&#2QRAFL 
%L@RP OB>"LOB"LROPB
E6> +:E=6 C65:ED
(,&# 3>KDF?IB>KA$J?LAFBA
(KQBO>@QFLK

(,&# 2BOFLRP>KA MMIFBA&>JBP 
(,&# /OLAR@QFLK,>K>DBJBKQCLO
(KQBO>@QFSB,BAF>

"LOB"LROPB$IB@QFSBP
E6> +:E=6 C65:ED
(,&# 3>KDF?IB>KA$J?LAFBA
(KQBO>@QFLK

(,&# 'FPQLOV>KA%RQROBLC(JJBOPFSB
>KA(KQBO>@QFSB,BAF>

(,&# #BPFDKLC(KQBO>@QFSB$UMBOFBK@BP 
(,&# /OLAR@QFLK,>K>DBJBKQCLO
(KQBO>@QFSB,BAF>

(,&# 2BOFLRP>KA MMIFBA&>JBP 
(,&# ,RIQFAFP@FMIFK>OV1BPB>O@E
,BQELAPFK"LJMRQ>QFLK>I,BAF>

%L@RP"LROPBP
] 3B@EKF@>I%L@RPLO
] 2BOFLRP&>JBP%L@RPLO
] ,>K>DBJBKQ%L@RP
PBBABQ>FIP>QEQQMPTTTTMFBAR>@>ABJF@PPQRAV
FKQBO>@QFSBJBAF>D>JBABSBILMJBKQJP
$IB@QFSB"LROPB
2BIB@QBACOLJQEB@LROPBPFKQEB"LOB>KA%L@RP>OB>PLO
E6> +:E=6 C65:ED
(,&# 2MB@F>I3LMF@PFK(,&# 
3EBPFP/OLGB@Q
/E#FK"LJMRQ>QFLK>I,BAF>
/OLDO>J&L>IP>KA.?GB@QFSBP
#L@QLOLC/EFILPLMEVFK"LJMRQ>QFLK>I,BAF>",
@>KAFA>QBP@LKAR@Q>AS>K@BAPQRAVFK>OB>PLCERJ>KFPQF@
BUMOBPPFLKSLF@BAQEOLRDE@LJMRQ>QFLK>IJB>KP3EB
MOLDO>JOB@LDKFWBPMI>V>KA>OQ>PCRKA>JBKQ>IIV
FJMLOQ>KQ>PMB@QPLCERJ>KBUMBOFBK@BQE>Q@>K?B
PE>MBAFK@LJMBIIFKDT>VPSF>QB@EKLILDF@>IQLLIP>KA
JBQELAP"LKSBOPBIV@LJMRQ>QFLK>IOBPB>O@E@>KhKAKBT
QO>GB@QLOFBPSF>QEBBUMILO>QFLKLC>OQ>KAMI>V(KAFSFAR>I
M>QEPFK@IRABQEBPQRAV>KAABPFDKLCERJ>K@LJMRQBO
FKQBOC>@BPD>JBP>KAD>JBBKDFKBPK>OO>QFSBP>OQFh@F>I
FKQBIIFDBK@B@OB>QFSFQV@LJJRKF@>QFLK>KASFPR>I>KA
PLKF@JBAF> PQEBPBGLROKBVP>OBFKEBOBKQIV
FKQBOAFP@FMIFK>OVPQRABKQPTFIIhKALMMLOQRKFQFBPQLBUMILOB
OBI>QBAhBIAPFK@IRAFKD@LJMRQBOP@FBK@BA>Q>P@FBK@B
BIB@QOF@>I>KA@LJMRQBOBKDFKBBOFKDPVPQBJPAVK>JF@P
OL?LQF@PBKDFKBBOFKD?RPFKBPP>KAMPV@ELILDV
CQBO@LJMIBQFKDQEB/E#FK"LJMRQ>QFLK>I,BAF>
PQRABKQPTFII?B>?IBQL
 6/(">Q>ILD
 "LKAR@QP@ELI>OIVOBPB>O@ELK>MOLCBPPFLK>IIBSBI?V
>OQF@RI>QFKDJLQFS>QFKDOBPB>O@ENRBPQFLKP
@LJMOBEBKPFSBIVOBSFBTFKDOBIBS>KQIFQBO>QROB>KA
FJMIBJBKQFKD>MMOLMOF>QBOBPB>O@EJBQELALILDFBP
 #BPFDK>KAABSBILM>MLOQCLIFLLC>OQFC>@QPQE>Q
BUMOBPPBP
 /OLh@FBK@VFK?LQE@OB>QFSB>KAQB@EKF@>I
MO>@QF@BP
 $UMBOQHKLTIBADBLCQEBMOFLO>OQQE>QABhKBP>
@LKQBUQ>QQEBFKQBOPB@QFLKLCERJ>K@OB>QFSFQV
>KA@LJMRQ>QFLK
 4KABOPQ>KAFKDLCQEBLMMLOQRKFQFBP>KA
OBNRFOBJBKQPCLOKLSBI@LKQOF?RQFLKQL>@>KLK
QE>QABhKBP>P@ELI>OIVhBIA
 $UMI>FKELT@LJMRQ>QFLK>IJB>KPOBiB@QFKPMFOB
>KAPE>MBERJ>K@OB>QFSFQVFKQEBDBKBO>QFLKLCKBT
JBAF>
 4KABOPQ>KAQEB?BKBhQPLCFKQBOAFP@FMIFK>OVOBPB>O@E
>KAJBQELALILDFBPCLO@LKAR@QFKDOBPB>O@EFK
FKQBOAFP@FMIFK>OVQB>JP
 #FPPBJFK>QBOBPB>O@EFKQEBSBKRBPQE>Q>OBJLPQ
OBIBS>KQ>KAFJM>@QCRI>KAFKALFKDPL@LKKB@QQL
@LJJRKFQFBPQE>QS>IRBQEBFOTLOH
"ROOF@RIRJ
3EB/E#OBNRFOBP@OBAFQELROPCLIILTFKDQEB@LJMIBQFLK
LC>J>PQBOPABDOBB3EBPB@OBAFQELROP>OBPMIFQ
?BQTBBK@LROPBTLOH@OBAFQP>KAOBPB>O@E@OBAFQP
IIPQRABKQP>OBOBNRFOBAQLQ>HB@OBAFQPFKQEB","LOB
CRIhIIFKDQEBCLIILTFKDOBNRFOBJBKQP
] (,&#(,&#2QRAFL
] (,&#,RIQFAFP@FMIFK>OV1BPB>O@E,BQELAPFK
"LJMRQ>QFLK>I,BAF>
] ,&#'FPQLOV>KA%RQROBLC(JJBOPFSB>KA
(KQBO>@QFSB,BAF>
] (,&#3>KDF?IB>KA$J?LAFBA(KQBO>@QFLK
] (,&#(,&#%RKA>JBKQ>IP
3EFPFP>OLQ>QFKDQLMF@P@LROPB2QRABKQPJRPQQ>HBLKB
SBOPFLKPLCQEFP@LROPBAROFKDQEBFOABDOBBTEF@EPELRIA
?BLK>QLMF@LRQPFABQEBFOMOFLO>@>ABJF@MOBM>O>QFLK
3EBOBJ>FKFKD@OBAFQPPELRIA?BCRIhIIBAQEOLRDELMBK
BIB@QFSBPFK>OB>POBI>QBAQL",2QRABKQPPELRIATLOHFK
@LII>?LO>QFLKTFQEQEBFO>ASFPLOQL@ELLPBQEBPBBIB@QFSBP
(K>@HKLTIBADJBKQLCQEBEFDEIVFKQBOAFP@FMIFK>OVK>QROB
LC"LJMRQ>QFLK>I,BAF>PQRABKQP>OB>ASFPBAQL@ELLPB
@LROPBPCOLJ>@OLPPQEBDO>AR>QB@>Q>ILD4KABODO>AR>QB
@LROPBP@LRKQCLODO>AR>QB@OBAFQP>KAJ>V?BQ>HBKTFQE
>MMOLS>ILCQEBPQRABKQP>ASFPLO
2QRABKQPTELBKQBOQEB/E#FK"LJMRQ>QFLK>I,BAF>SF>
QEB(,&#,2MOLDO>JJRPQCRIhII>KVOBJ>FKFKD","LOB
@LROPBPQE>QQEBVE>SBKLQ>IOB>AVQ>HBK>KAQEBKQ>HBQEB
OBJ>FKABOLCQEBFO@LROPBTLOHOBNRFOBJBKQ>PLMBK
BIB@QFSBPFK@IRAFKDFKABMBKABKQPQRAV
AAFQFLK>I#BDOBB1BNRFOBJBKQP
3EBOB>OBCLROJ>GLOOBPB>O@EJFIBPQLKBPCLO/E#PQRABKQP
PMOB>A>@OLPPQEBABDOBB
/>MBOOBNRFOBJBKQ3EBPQRABKQPELRIAPELTBSFABK@BLC
E>SFKD@LKQOF?RQBAQLMR?IFPE>?IBTLOHBDMOFJ>OV
>RQELOPEFMLK>@LKCBOBK@BM>MBOLOGLROK>I>OQF@IBFK>
OBMRQ>?IBSBKRB3EFPJFIBPQLKBPELRIA?B>@EFBSBA?V
QEBBKALCVB>OQTL>KAJRPQ?B>MMOLSBA?VQEB
PQRABKQPQEBPFP>ASFPLO>KAQEB(,&#DO>AR>QB@LJJFQQBB
/E#NR>IFCVFKDBU>J-LI>QBOQE>KQEBBKALCQEBPQRABKQP
hCQECRIIPBJBPQBOFKQEB/E#MOLDO>JQEBPQRABKQPELRIA
@LJMIBQB>NR>IFCVFKDBU>JPBQ?V>@LJJFQQBBLCQEOBB
C>@RIQVFK@IRAFKDQEBPQRABKQP>ASFPLO3EFP@LJJFQQBB
PELRIA?BQEBP>JB>PFKQBKABACLOQEBFOQEBPFPMOLMLP>I
BU@BMQCLOQEBBUQBOK>IJBJ?BO QIB>PQQTLJBJ?BOPLC
QEFP@LJJFQQBBJRPQELIA>/E#%LOQEBFONR>IFCVFKDBU>J
QEBPQRABKQABhKBPQEBFOLTKOBPB>O@E>OB>FKTEF@EQEBV
FKQBKAQL?B@LJB>KBUMBOQ>KAPBNRBKQF>IIV@LJMIBQBQEB
CLIILTFKDJFIBPQLKBPOBI>QBAQLQE>Q>OB>
 "LKAR@Q>QELOLRDEIFQBO>QROBOBSFBTFABKQFCVFKD
QEBJBP>KAJ>GLOOBPB>O@ENRBPQFLKPFKQE>Q>OB>
3EBIFQBO>QROBIFPQFPFKFQF>IIVMOLMLPBA?VQEBPQRABKQ
>KAJLAFhBAQEBK>MMOLSBA?VQEBC>@RIQV
@LJJFQQBB
 OBPMLKPBQLQEOBBNRBPQFLKPB>@EMLPBA?VQEB
C>@RIQV@LJJFQQBBQE>Q>IILTPQEBPQRABKQ>K
LMMLOQRKFQVQL>K>IVWB@OFQFNRB>KA@LKKB@QQEB
FAB>PQEBJBP>KANRBPQFLKPOBPRIQFKDCOLJQEB
IFQBO>QROBOBSFBT
 QIB>PQLKBLCQEBPBNRBPQFLKPJRPQ?B
>K>IVQF@>IFKK>QROBFKTEF@EQEBPQRABKQ
OBPMLKAP?VTOFQFKD>KBPP>VQE>QAO>TPRMLK
QEBIFQBO>QROBFKQEBFO>OB>
 QIB>PQLKBLCQEBNRBPQFLKPJRPQ?B>MOLJMQ
CLOJ>HFKD>K>OQFC>@QOBIBS>KQQLQEB
@>KAFA>QBP>OB>BD>QB@EKF@>IPVPQBJ
FJMIBJBKQ>QFLKLO>D>JBMOLQLQVMB
 2QRABKQPTFIIE>SBQTLTBBHPQL@LJMIBQBQEFP
OBNRFOBJBKQ
 &FSB>JFKRQBLO>IMOBPBKQ>QFLKQE>QQB>@EBP>?LRQ
QEB@LOB>OB>LCPQRAVQEBPQRABKQE>PFABKQFhBA
 #BPFDK>PVII>?RPCLO>DO>AR>QBIBSBIPMB@F>IQLMF@P
@LROPBQE>QQB>@EBP>?LRQQEBFABKQFhBA>OB>QL?B
>MMOLSBA?VQEBC>@RIQV@LJJFQQBB
(CQEB@LJJFQQBBhKAPQE>Q>PQRABKQAFAKLQPR@@BPPCRIIV
 6/(">Q>ILD
M>PPBFQEBO?LO@QEBPQRABKQJ>VJ>HBLKB>AAFQFLK>I
>QQBJMQQLM>PPMBOPQBM(CQEB@LJJFQQBBGRADBP>
OBMB>QBA>QQBJMQQLE>SBC>FIBAQEBPQRABKQTFII?B>PHBA
QLIB>SBQEBMOLDO>J
AS>K@BJBKQQL/E#@>KAFA>@V!VQEB?BDFKKFKDLCVB>O
CLROQEBPQRABKQPELRIAE>SB>PPBJ?IBAQEBFO/E#
@LJJFQQBB>KA@LJMIBQBQEBFO/E#MOLMLP>I3EFP
@LJJFQQBBJ>V@E>KDB?BQTBBKQEB@>KAFA>QBPNR>IFCVFKD
BU>J>KA/E#MOLMLP>IELTBSBO>CQBO>AS>K@FKDQL
@>KAFA>@V@E>KDFKD>/E#@LJJFQQBBOBNRFOBP>MMOLS>I?V
QEB(,&#DO>AR>QBPQBBOFKD@LJJFQQBB3EB/E#
@LJJFQQBBJRPQE>SBQEBCLIILTFKDDBKBO>I@LJMLPFQFLK
] QEBPQRABKQP>ASFPLO
] QTLC>@RIQVJBJ?BOPFKQBOK>IQL(,&#"2'4 
] LKBBUQBOK>I@LJJFQQBBJBJ?BOTELJ>V?BBFQEBO
>QBKROBQO>@HC>@RIQVJBJ?BO>Q6/(TELFPBUQBOK>I
QL(,&#"2'4 >C>@RIQVJBJ?BO>Q>AFfBOBKQ
RKFSBOPFQVLO>OBPB>O@EBOFKFKARPQOVTFQEBNRFS>IBKQ
NR>IFh@>QFLKPQL>QBKROBQO>@HC>@RIQVJBJ?BO>P
GRADBA?VQEB(,&#DO>AR>QB@LJJFQQBB
QIB>PQQTLJBJ?BOPLCQEBQEBPFP@LJJFQQBBJRPQELIA>
/E#
3EBQEBPFPMOLMLP>IFPABIFSBOBA>P>TOFQQBKAL@RJBKQ>KA
>IPLMOBPBKQBAFK>MR?IF@CLORJCLIILTBA?VLO>I
BU>JFK>QFLKFK>MOFS>QBPBPPFLKLMBKLKIVQLQEBPQRABKQ
>KA@LJJFQQBB3EBMLQBKQF>ILRQ@LJBPCOLJQEBQEBPFP
MOLMLP>I>OB[M>PP^[M>PPTFQEOBSFPFLKP^>KA[C>FI>KAOB
MOLMLPB^3EFPFPAB@FABA?V@LJJFQQBBSLQBCLIILTFKD
ABIF?BO>QFLKPCLOTEF@EQEBPQRABKQFPKLQMOBPBKQ(C
OBSFPFLKP>OBOBNRFOBAQEBKQEBVJRPQ?BPR?JFQQBAFK
TOFQFKDQLQEB@LJJFQQBB?RQQEBPQRABKQFPKLQOBNRFOBAQL
OBMOBPBKQQEBFOMOLMLP>I
:DD6CE2E:@?5676?D63EBPQRABKQJRPQABCBKAQEBFO
TOFQQBKAFPPBOQ>QFLKQEOLRDE>KLO>IMOBPBKQ>QFLKQE>QFP
LMBKQLQEBMR?IF@CLIILTBA?V>MOFS>QBABCBKPBTFQEQEB
@LJJFQQBBJBJ?BOP/LQBKQF>ILRQ@LJBPCOLJQEB
@LJJFQQBBSLQBLK>PQRABKQPABCBKPB>OB[M>PPTFQE
JFKLOOBSFPFLKP^[M>PPTFQEJ>GLOOBSFPFLKP^>KA[C>FI>KA
OBABCBKA^1BSFPFLKP>OB@E>KDBPQLQEBTOFQQBK
AFPPBOQ>QFLK,FKLOOBSFPFLKP@>K?B>MMOLSBA?VQEB
>ASFPLO>ILKBJ>GLOOBSFPFLKPOBNRFOBQEBCRII@LJJFQQBBQL
>MMOLSB>KA[C>FI>KAOBABCBKA^OBNRFOBPQEBPQRABKQQL
J>HBPR?PQ>KQF>IOBSFPFLKPQLQEBOBPB>O@E>KAQLMOBPBKQ
>D>FK
AJFPPFLKP1BNRFOBJBKQP
(K>AAFQFLKQLQEBDBKBO>IOBNRFOBJBKQPCLO>AJFPPFLKFKQL
>KVDO>AR>QBMOLDO>J>Q6/(EQQMPTTTTMFBAR
>AJFPPFLKPDO>AR>QBELTQL>MMIV>MMIF@>KQPJRPQ
PR?JFQQEBCLIILTFKD@OBABKQF>IPCLO>K>MMIF@>QFLKQL?B
@LJMIBQB
 2Q>QBJBKQLCMROMLPBQE>QABQ>FIP
 QEBPQRABKQPDL>IP>KA
 QEBPQRABKQPMOBSFLRPFKARPQOVLO>@>ABJF@
BUMBOFBK@BP
 /LOQCLIFLLO6LOH2>JMIB
2QRABKQPTEL>MMIVQLQEB",/E#TELALKLQVBQE>SB>
J>PQBOPABDOBBPELRIAhOPQBKQBOQEB,2FK(,&#2QRABKQP
TELPBJ>PQBOPABDOBBFPFK>K>OB>QE>QFPAFPQ>KQCOLJ
(,&#J>V?BBK@LRO>DBA?VQEBDO>AR>QB@LJJFQQBBQL
Q>HB>AAFQFLK>I@LROPBTLOH>PM>OQLCQEBFO/E#
+JA6/E#
(KQBOAFP@FMIFK>OV/OLDO>JP
-BThBIAPLCOBPB>O@E>KAPQRAVQE>Q@LJ?FKBQO>AFQFLK>I
hBIAPFKFKKLS>QFSBT>VP>OB@LKPQ>KQIVBSLISFKD(K
OBPMLKPBQLQEFP6/(BK@LRO>DBPQEBCLOJ>QFLKLC
FKQBOAFP@FMIFK>OVDO>AR>QBMOLDO>JPQLJBBQKBT
MOLCBPPFLK>IKBBAPLOQEBPMB@F>IFKQBOBPQPLCM>OQF@RI>O
PQRABKQP
(KAFSFAR>IIV#BPFDKBA/E#
#BDOBBP
2QRABKQPJ>VABPFDKQEBFOLTKFKQBOAFP@FMIFK>OV/E#
MOLDO>JFK@LKPRIQ>QFLKTFQEC>@RIQVJBJ?BOPOBIBS>KQQL
QEBMOLMLPBAMOLGB@Q
(KAFSFAR>IIVABPFDKBA/E#ABDOBBP>OBFKFQF>QBA?V>
PQRABKQTFQEQEBPRMMLOQLCDOLRMPLC>QIB>PQQEOBBCRII
QFJBC>@RIQVJBJ?BOPTELPE>OB>@LJJLKFKQBOBPQFK>
@OLPPAFP@FMIFK>OVhBIA PMLKPLOFKDDOLRMPR?JFQPQLQEB
"LJJFQQBBLK&O>AR>QB2QRAFBP>KA1BPB>O@E"&21>
MOLMLP>ICLO>KFKAFSFAR>IIVABPFDKBAFKQBOAFP@FMIFK>OV
ABDOBBQLDBQEBOTFQE>IIQEBABQ>FIPLCQEBABDOBB
OBNRFOBJBKQP>KAQEB@OBABKQF>IPLCQEBJBJ?BOPLCQEB
PMLKPLOFKDDOLRM QIB>PQLKBJBJ?BOLCQEBDOLRMJRPQ
?BCOLJ>ABM>OQJBKQLOMOLDO>J@ROOBKQIV>RQELOFWBAQL
>T>OAQEBAL@QLO>QB3VMF@>IIVQEBPQRABKQFP>PPFDKBA>
ABM>OQJBKQQE>QJ>Q@EBPQEBABM>OQJBKQLCQEBMOFJ>OV
>ASFPLO
(CQEB"&21>MMOLSBPQEBMOLMLP>IQEBPMLKPLOFKDDOLRM
PBOSBPFKMI>@BLC>ABM>OQJBKQFKQEB>AJFKFPQO>QFLKLCQEB
>MMOLSBAFKQBOAFP@FMIFK>OVMOLDO>J AJFKFPQO>QFSBARQFBP
FK@IRAB>AJFQQFKD>KA>ASFPFKDPQRABKQPMOBM>OFKD>KA
@LKAR@QFKDBU>JFK>QFLKP>KA@BOQFCVFKDQEBCRIhIIJBKQLC
ABDOBBOBNRFOBJBKQP
 6/(">Q>ILD
(K>AAFQFLKQLQEBDBKBO>IOBNRFOBJBKQPBPQ>?IFPEBA?V6/(
CLO>K(KAFSFAR>IIVABPFDKBAAL@QLO>IABDOBB>MMIF@>KQP
JRPQM>PP>NR>IFCVFKDBU>JFK>QFLK3EFPBU>JFK>QFLKTFII
QBPQQEB?>PF@HKLTIBADB>KARKABOPQ>KAFKDLCQEBPQRABKQ
FKQEBAFP@FMIFKBP@LSBOBA?VQEBOBPB>O@E>PFPKLOJ>IIV
BUMB@QBALCABDOBBELIABOPFKQEBAFP@FMIFKBP(QPELRIA?B
>AJFKFPQBOBA>CQBO@LJMIBQFLKLC@OBAFQP?RQ?BCLOB
@LJMIBQFLKLC@OBAFQPLCTLOHFKQEBFKQBOAFP@FMIFK>OV
/E#MOLDO>J3EBBU>JFK>QFLKTFII?B>AJFKFPQBOBA?V>
@LJJFQQBBLCKLIBPPQE>KQEOBBJBJ?BOP>MMOLSBA?V
"&21OBMOBPBKQFKDQEBAFP@FMIFKBP@LSBOBA?VQEBOBPB>O@E
2QRABKQP>OB>IILTBA>QJLPQQTL>QQBJMQP>QM>PPFKDQEB
BU>JFK>QFLK>KAJ>VQ>HB>J>UFJRJLC@OBAFQPMOFLO
QLM>PP>DB
(KAFSFAR>IIV#BPFDKBA,>PQBOP
#BDOBBP
(KAFSFAR>IIVABPFDKBAJ>PQBOPABDOBBPOBNRFOB>QIB>PQ
@OBAFQP?BVLKAQEB?>@EBILOPABDOBB3EBVJ>V>IPL
FK@IRAB>QEBPFPLOMOLGB@QOBNRFOBJBKQ/OLMLP>IPCLOPR@E
ABDOBBP>OBFKFQF>QBA?V>PQRABKQTFQEQEBPRMMLOQLC
DOLRMPLC>QIB>PQQTLC>@RIQVJBJ?BOPCOLJAFfBOBKQ
>@>ABJF@ABM>OQJBKQPTELPE>OB>@LJJLKFKQBOBPQFK>
@OLPPAFP@FMIFK>OVhBIA3EBPMLKPLOFKDDOLRMPR?JFQP>
MOLMLP>ICLO>KFKAFSFAR>IIVABPFDKBAFKQBOAFP@FMIFK>OV
ABDOBBQLQEB"LJJFQQBBLK&O>AR>QB2QRAFBP1BPB>O@E
"&21QE>QFK@IRABPQEBABQ>FIPLC>MOLDO>JLCPQRAV>KA
QEB@OBABKQF>IPLCQEBJBJ?BOPLCQEBDOLRM QIB>PQLKB
JBJ?BOLCQEBDOLRMJRPQ?BCOLJ>ABM>OQJBKQLO
MOLDO>J@ROOBKQIV>RQELOFWBAQL>T>OAQEBJ>PQBOP
ABDOBB-LJLOBQE>KE>ICLCQEBQLQ>I>@>ABJF@@OBAFQJ>V
?BQ>HBKFK>KVLKBABM>OQJBKQ3EB"&21J>VOBNRBPQ
>AAFQFLK>IFKMRQCOLJQEBPMLKPLOPLO>MMOLMOF>QB
ABM>OQJBKQP(CQEB"&21>MMOLSBPQEBMOLMLP>IQEB
PMLKPLOFKDDOLRMPBOSBPFKMI>@BLC>ABM>OQJBKQFK
>AJFKFPQO>QFLKLCQEB>MMOLSBAMOLDO>J3VMF@>IIVQEB
PQRABKQFP>PPFDKBA>ABM>OQJBKQQE>QJ>Q@EBPQEB
ABM>OQJBKQLCQEBMOFJ>OV>ASFPLO
(KQBOAFP@FMIFK>OVDO>AR>QB@BOQFh@>QB>KAABDOBBMOLDO>JP
QE>Q>OBBPQ>?IFPEBA>KA@ROOBKQIV>@@BMQFKDPQRABKQP>OB
BOLPM>@B$KDFKBBOFKD!FLFKCLOJ>QF@P>KA"LJMRQ>QFLK>I
!FLILDV!FLP@FBK@B,>K>DBJBKQ#>Q>2@FBK@B
(KCLOJ>QFLK2B@ROFQV,>K>DBJBKQ(KQBO>@QFSB,BAF>
&>JB#BSBILMJBKQ+B>OKFKD2@FBK@BP3B@EKLILDFBP
,>QBOF>IP2VPQBJP$KDFKBBOFKD-R@IB>O2@FBK@B
$KDFKBBOFKD/LTBO2VPQBJP$KDFKBBOFKD/LTBO2VPQBJP
,>K>DBJBKQ1L?LQF@P$KDFKBBOFKD1L?LQF@P$KDFKBBOFKD
,>K>DBJBKQ2VPQBJ#VK>JF@P2VPQBJ#VK>JF@P>KA
(KKLS>QFLK,>K>DBJBKQ2VPQBJP$KDFKBBOFKD2VPQBJP
,LABIFKD>KA2VPQBJP3EFKHFKD
!FLP@FBK@B,>K>DBJBKQ
%>@RIQV
%>@RIQVELIA>CRIIQFJBMLPFQFLKFK>6/(>@>ABJF@
ABM>OQJBKQLO>OB>AGRK@QC>@RIQVSBQQBA?V>6/(
>@>ABJF@ABM>OQJBKQEB>A
/OLDO>JLC2QRAV
6/(LfBOPDO>AR>QBIBSBIPPQRAFBPFKQEBhBIALC!FLP@FBK@B
,>K>DBJBKQIB>AFKDQLQEB,>PQBOLC2@FBK@B3EFP
MOLDO>JFPABPFDKBAQLLfBO?LQE?RPFKBPP>KAP@FBK@B
BAR@>QFLKQERPJBBQFKD>KBAR@>QFLK>IKBBAFKQEBIFCB
P@FBK@BP>KA?FLOBPB>O@EhBIAP3EFPABDOBBFP>MMIF@>?IB
CLOPQRABKQPPBBHFKDBJMILVJBKQFKME>OJ>@BRQF@>I
?FLQB@EKLILDV>KA?FLJBAF@>IABSF@B@LJM>KFBP3EFP
MOLDO>JEBIMPP@FBK@BMOLCBPPFLK>IP>AS>K@BQEBFOP@FBK@B
HKLTIBADB?>PB>KA>IPLEBIMPQEBJ?RFIAQEBKB@BPP>OV
>AJFKFPQO>QFSBFKCO>PQOR@QROBCLOQEBFOhBIA
AJFPPFLKP1BNRFOBJBKQP
AJFPPFLKCLOQEB,>PQBOPABDOBBFP@LKPFPQBKQTFQEQEB
>AJFPPFLKOBNRFOBJBKQPIFPQBAFKQEB&O>AR>QB">Q>ILDCLO>
,>PQBOLC2@FBK@BABDOBB MMOLMOF>QBRKABODO>AR>QB
?>@EBILOPABDOBBJ>GLOPFK@IRAB?RQ>OBKLQIFJFQBAQLIFCB
P@FBK@BJ>K>DBJBKQBKDFKBBOFKD>KA@LJMRQBOP@FBK@B
2QRABKQPTFQELQEBO?>@HDOLRKAPJ>V?B@LKPFABOBATFQE
QEB>MMOLS>ILCQEBMOLDO>J>AJFKFPQO>QLO2QRABKQPKBBA
>TLOHFKDHKLTIBADBLC?>PF@?FLQB@EKLILDV
?FL@EBJFPQOV@BII?FLILDV>KA@EBJFPQOV
,>KRC>@QROFKD$KDFKBBOFKD
,>K>DBJBKQ
%>@RIQV
%>@RIQVELIA>CRIIQFJBMLPFQFLKFK>6/(>@>ABJF@
ABM>OQJBKQLO>OB>AGRK@QC>@RIQVSBQQBA?V>6/(
>@>ABJF@ABM>OQJBKQEB>A
/LTBO2VPQBJP,>K>DBJBKQ
%>@RIQV
%>@RIQVELIA>CRIIQFJBMLPFQFLKFK>6/(>@>ABJF@
ABM>OQJBKQLO>OB>AGRK@QC>@RIQVSBQQBA?V>6/(
>@>ABJF@ABM>OQJBKQEB>A
/OLDO>JPLC2QRAV
] (KQBOAFP@FMIFK>OV,>PQBOLC2@FBK@BFK/LTBO2VPQBJP
,>K>DBJBKQ
] "BOQFh@>QBFK/LTBO2VPQBJP,>K>DBJBKQ
 6/(">Q>ILD
/LTBO2VPQBJP$KDFKBBOFKDBAR@>QFLKFPFKEFDEABJ>KAFK
QEB4KFQBA2Q>QBP>KAJLOBPLFKABSBILMFKDK>QFLKP6/(
E>P?OL>ABKBAFQPLfBOFKDPLC@LROPBPFKQEFP>OB>>KAKLT
LfBOP>KBTIBSBILCiBUF?FIFQVCLOPQRABKQP>KAQEBFO@ROOBKQ
LOMOLPMB@QFSBBJMILVBOP(K>AAFQFLKQEB2@ELLILC
!RPFKBPPMOLSFABP>K>QQO>@QFSBM>IBQQBLCOBIBS>KQ@LROPBP
QLBKE>K@BQEBMOLCBPPFLK>IPHFIIPLCMO>@QF@FKDBKDFKBBOP
3EFPCO>JBTLOHE>P@OB>QBAMOLDO>JPQLJBBQFKARPQOV
ABJ>KAP
AJFPPFLKP1BNRFOBJBKQP
2QRABKQPTFII?BBIFDF?IBCLO>AJFPPFLKFKQLQEBMOLDO>JFC
QEBVE>SBB>OKBA>KRKABODO>AR>QBABDOBBCOLJ>K
>@@OBAFQBARKFSBOPFQV@LKPFPQBKQTFQEQEB6/(&O>AR>QB
">Q>ILD-LOJ>IIV>KRKABODO>AR>QB?>@EBILOPABDOBBFK
BIB@QOF@>IBKDFKBBOFKD@LJMRQBOBKDFKBBOFKDLO@LJMRQBO
P@FBK@BFPBUMB@QBA2QRABKQPTFQELQEBO?>@HDOLRKAPJ>V
?B@LKPFABOBATFQEQEB>MMOLS>ILCQEBC>@RIQV&1$
BU>JFK>QFLKP>OBOBNRFOBACLO>IIFKQBOK>QFLK>I>MMIF@>KQP
2VPQBJP$KDFKBBOFKD
+B>ABOPEFM
/OLDO>JLC2QRAV
3EBMOLDO>J>IILTPPQRABKQPQLFK@OB>PBQEBFOHKLTIBADB
>KAPHFIIPFKPVPQBJPBKDFKBBOFKDTEFIBPFJRIQ>KBLRPIV
FK@OB>PFKDQEBFO?RPFKBPP>@RJBK3EFPFKQBOAFP@FMIFK>OV
MOLDO>J?IBKAPQB@EKF@>IQO>FKFKDTFQE?RPFKBPPAFP@FMIFKBP
QLMOLSFAB@OFQF@>IPHFIIP>KAHKLTIBADBCLOIB>ABOPFKEFDEIV
QB@EKF@>I>KA@LJMIBUhBIAP3EBMOBP@OF?BA@LROPBTLOH
TFII>IPLBKE>K@BQEBPQRABKQP>?FIFQVQLMOBAF@Q>KAJLABI
QEBFJM>@QLC@E>KDBFK@LJMIBUPVPQBJP&O>AR>QBPTFII
MLPPBPPQEBPHFIIPKB@BPP>OVQLELIFPQF@>IIVSFBTABPFDK>KA
J>FKQ>FK@LJMIBUPVPQBJP>KAMOLGB@QP>KAJ>HB
BfB@QFSB?RPFKBPPAB@FPFLKP>PIB>ABOPFKQEBFO
LOD>KFW>QFLKP
AJFPPFLKP1BNRFOBJBKQP
3EB,2FK2VPQBJP$KDFKBBOFKD+B>ABOPEFM>FJPQL>QQO>@Q
@>KAFA>QBPCOLJ>O>KDBLCBAR@>QFLK>I?>@HDOLRKAPQE>Q
FK@IRABPP@FBK@BBKDFKBBOFKDS>OFLRP?RPFKBPPAFP@FMIFKBP
>KAJLOB3EFPiBUF?IBMOLDO>JT>PABPFDKBAQL>QQO>@Q
@>KAFA>QBPTELMLPPBPP>QB@EKF@>I?>@HDOLRKA>KA>OB
ILLHFKDQL?RFIAQEBFOIB>ABOPEFMPHFIIP>PTBII>PQELPBTEL
J>VKLQE>SB>KBKDFKBBOFKD?>@HDOLRKA>KA>OBPBBHFKD
QB@EKF@>IHKLTIBADBQL@LKQFKRBQEBFO@>OBBODOLTQE
TFQEFKQEBFOLOD>KFW>QFLKP3EBCLIILTFKDTFII?BOBNRFOBAQL
?B@LKPFABOBACLO>AJFPPFLK
] .g@F>IQO>KP@OFMQPCLO>IIMLPQPB@LKA>OV@LIIBDBPLO
RKFSBOPFQFBPPELTFKDQE>Q>?>@EBILOPABDOBBE>P
?BBKB>OKBACOLJ>OBDFLK>IIV>@@OBAFQBAFKPQFQRQFLK
] 3EOBBIBQQBOPLCMOLCBPPFLK>IOB@LJJBKA>QFLKCOLJ
FKAFSFAR>IPTEL@>K@LJJBKQLKPQRABKQ
NR>IFh@>QFLKPCLOMROPRFKDDO>AR>QBPQRAV
] 2Q>QBJBKQLCMROMLPB
] 1dPRJd
] ]&, 3LO&1$P@LOBP`J>V?BT>FSBACLO@>KAFA>QBP
TELELIA>?>@EBILOPABDOBBCOLJ>OBDFLK>IIV
>@@OBAFQBAFKPQFQRQFLKTFQE>JFKFJRJ&/ TFQE>
@LROPBLCPQRAVQE>QFK@IRABA>QIB>PQQTL
NR>KQFQ>QFSB@LROPBPTFQE>DO>ABLCLOEFDEBO
-#TELJBBQLKBLOJLOBLCQEBCLIILTFKDQEOBB
OBNRFOBJBKQP
 3EOBBLOJLOBVB>OPLCMOLCBPPFLK>ITLOH
BUMBOFBK@B
 MOLCBPPFLK>I@BOQFh@>QFLKPR@E>P(-".2$2$/
/,(/,/"/ "% "%/LO2FU2FDJ>
 KBUFPQFKDJ>PQBOPLOB>OKBAAL@QLO>QBTFQE>
&/ LCLOEFDEBO
"BOQFh@>QBFK-R@IB>O2@FBK@B>KA
$KDFKBBOFKD
%>@RIQV
3EBC>@RIQVELIA>CRIIQFJBMLPFQFLKFK>6/(>@>ABJF@
ABM>OQJBKQLO>OB>AGRK@QC>@RIQV>MMOLSBA?V>K
>@>ABJF@ABM>OQJBKQ>KAQEB-2$MOLDO>JOBSFBT
@LJJFQQBB
/OLDO>JLC2QRAV>KA"BOQFh@>QB
1BNRFOBJBKQP
3EBDO>AR>QB@BOQFh@>QBFKKR@IB>OP@FBK@B>KABKDFKBBOFKD
TFIIOBNRFOBQEBPR@@BPPCRI@LJMIBQFLKLCDO>AR>QB
@OBAFQPTFQE>KLSBO>II&/ LC3EB@LROPBPTFII?B
PBIB@QBACOLJQEBIFPQ?BILT
AJFPPFLKP1BNRFOBJBKQP
AJFPPFLKQLQEB-R@IB>O2@FBK@B>KA$KDFKBBOFKD
DO>AR>QB@BOQFh@>QBMOLDO>JFP@LKPFPQBKQTFQEQEB
>AJFPPFLKPOBNRFOBJBKQPIFPQBAFKQEFP@>Q>ILDCLODO>AR>QB
@BOQFh@>QBP MMOLMOF>QBRKABODO>AR>QBABDOBBJ>GLOP
FK@IRAB>IIBKDFKBBOFKD>KAP@FBK@BJ>GLOP
+JA6"BOQFh@>QB
 6/(">Q>ILD
IIPQRABKQPJRPQPR@@BPPCRIIV@LJMIBQBCLROLCQEBhSB
@LROPBPIFPQBA?BILT
E6> +:E=6 C65:ED
-2$ (KQOLAR@QFLKQL-R@IB>O2@FBK@B
>KA$KDFKBBOFKD

-2$ MMIFBA-R@IB>O/EVPF@P 
-2$ 'B>IQE/EVPF@P 
-2$ -R@IB>O,>QBOF>IP 
-2$ 1B>@QLO#BPFDK.MBO>QFLKP>KA
2>CBQV

"BOQFh@>QBFK/LTBO2VPQBJP,>K>DBJBKQ
3EFP@BOQFh@>QBMOLDO>JFPMOLMLPBAQLJBBQQEBKBBAPLC>
S>OFBQVLC@LOMLO>QFLKP>KAFKAFSFAR>IPTEL>OBQ>HFKD>
hOPQPQBMQLT>OA>K,2FK/LTBO2VPQBJP,>K>DBJBKQ
3EBCO>JBTLOHMOBPBKQPJFKFJRJOBNRFOBJBKQPCLOQEB
AFPQOF?RQFLKLCMLTBOPVPQBJP>KAJ>K>DBJBKQ@LROPBP
?RQMOLSFABPiBUF?FIFQVCLOQEBPQRABKQ
3EFP@BOQFh@>QBJRPQ@LKPFPQLC>QIB>PQ@OBAFQPLC
DO>AR>QB@LROPBTLOH
%LOJLOBFKCLOJ>QFLKMIB>PB@LKPRIQQEB6/(TB?>Q
EQQMPTTTTMFBAR>@>ABJF@PABM>OQJBKQPMLTBO
PVPQBJP
+JA6"BOQFh@>QB
&O>AR>QB"BOQFh@>QBFK+FCB2@FBK@B
,>K>DBJBKQ
3EFP@BOQFh@>QBMOLDO>JFPABPFDKBAQLJBBQQEBKBBAPLC>
S>OFBQVLC@LOMLO>QFLKP>KAFKAFSFAR>IPTEL>OBFKQBOBPQBA
FKELKFKD>AS>K@BAQB@EKF@>I>KA?RPFKBPPPHFIIPBQP
KB@BPP>OVQLhIIIB>ABOPEFMOLIBPTFQEFKQEBIFCBP@FBK@B
FKARPQOV(KEBOBKQFKQEBMOLDO>JLCPQRAVFPPRg@FBKQ
@LROPBPBIB@QFLKiBUF?FIFQVCLOPQRABKQPQLFCABPFOBA>KA
>AJFQQBA?B>?IBQL@LKQFKRBQEBFODO>AR>QBPQRAFBP>KA
B>OK>K,2ABDOBBFK!FLQB@EKLILDV!FL@EBJFPQOVLO
!FLP@FBK@B,>K>DBJBKQABMBKAFKDLKPQRABKQFKQBOBPQ
>KA?>@HDOLRKA3EBMOLDO>JLCPQRAVOBNRFOBP@OBAFQP
LC@LROPBTLOH@ELPBKCOLJ>JLKDPQLROIFCBP@FBK@B>KA
J>K>DBJBKQ@LROPBLfBOFKDP
+JA6"BOQFh@>QB
QIB>PQPFU@OBAFQPJRPQ?B@ELPBKCOLJ@LROPBP
QEBJ>QF@>IIVOBI>QBAQLQEBIFCBP@FBK@BP>KAJ>VFK@IRAB
QELPBTFQE>MOBhULC!!!"!"'LOLQEBO>MMOLSBA
ABM>OQJBKQ?VQEB"!"C>@RIQV>AJFKFPQO>QLOCLOBU!,$
"'$
QIB>PQQEOBB@OBAFQPLCJ>K>DBJBKQ@LROPBTLOHQVMF@>IIV
@ELPBKCOLJ>JLKDPQQEBCLIILTFKDIFPQLC@LROPBP
E6> +:E=6 C65:ED
!42 ,>K>DFKD3B@EKLILDF@>I
(KKLS>QFLK

$31 3B@EKLILDV"LJJBO@F>IFW>QFLK 
,(2 /OLGB@Q,>K>DBJBKQ 
.!" 3B>JFKD>KA.OD>KFWFKDCLO
(KKLS>QFLK

.!" +B>ABOPEFM 
.!" -BDLQF>QFLKP 
.!" +B>AFKD"E>KDB 
.($ 1FPH,>K>DBJBKQ>KA#B@FPFLK
K>IVPFP

.($ /BOCLOJ>K@B K>IVQF@P 
.($ #BPFDKFKD>KA,>K>DFKD+B>K2FU
2FDJ>/OL@BPPBP

(KQBOAFP@FMIFK>OV,>PQBOLC2@FBK@BFK
!FLP@FBK@B,>K>DBJBKQ
AJFPPFLK
II>MMIF@>KQPCLOQEFPMOLDO>JJRPQELIA>?>@EBILOP
ABDOBBCOLJ>K>@@OBAFQBA@LIIBDBLORKFSBOPFQVOB@LDKFWBA
?V6/( @@BMQ>?IB?>@EBILOPABDOBBPFK@IRABIFCBP@FBK@B
J>K>DBJBKQBKDFKBBOFKD>KA@LJMRQBOP@FBK@B
2QRABKQPTFQELQEBO?>@HDOLRKAPJ>V?B@LKPFABOBATFQE
QEB>MMOLS>ILCQEBMOLDO>J>AJFKFPQO>QLO&1$>KA&, 3
BU>JFK>QFLKP>OBKLQOBNRFOBACLO>AJFPPFLKQLQEB
MOLDO>J
1BNRFOBJBKQP
T>OAFKDLCQEBABDOBBOBNRFOBPPR@@BPPCRI@LJMIBQFLKLC
>QIB>PQ@OBAFQELROPLCDO>AR>QB@LROPBTLOHKLQQL
BU@BBA@OBAFQELROPFK!FLJBAF@>IBKDFKBBOFKDTFQEFK
QEB!FLBKDFKBBOFKDLO"RPQLJ2@FBK@BQO>@HP>KAKLJLOB
QE>K@OBAFQELROPCOLJ>KVLQEBOAFP@FMIFKBFK@IRAFKD
OBNRFOBALOBIB@QFSB@LROPBPLOAFOB@QBAOBPB>O@E@OBAFQP
"ROOF@RIRJ
3EB,>PQBOLC2@FBK@BFK!FLP@FBK@B,>K>DBJBKQ@LKPFPQP
LCQEOBBQO>@HLMQFLKP+FCB2@FBK@B!FLBKDFKBBOFKD>KA
"RPQLJ2@FBK@B IQELRDEQEB@LROPBP>OBKLQPMB@FhBAFK
>KVLCQEBQO>@HPQEBKRJ?BOLC@OBAFQELROP@LJMIBQBA
 6/(">Q>ILD
JRPQ@LKCLOJQLQEB?OB>HALTKCLRKA3>?IB(
$>@EPQRABKQJRPQE>SB>/I>KLC2QRAV>MMOLSBA?VQEB
MOLDO>J>AJFKFPQO>QLOTFQEFKQEBFOhOPQ@OBAFQP
3O>KPCBO"OBAFQP
"LKPFPQBKQTFQE6/(MLIF@VFKJLPQDO>AR>QB>OB>PRMQL
LKBQEFOALCQEBABDOBBMOLDO>J@OBAFQELROPJ>V?B
QO>KPCBOOBACOLJ>K>@@OBAFQBA@LIIBDBLORKFSBOPFQVTFQE
>MMOLS>ILCQEBMOLDO>J>AJFKFPQO>QLO
+JA6,>PQBOLC2@FBK@B
3>?IB(3EOBBQO>@HLMQFLKPCLOQEB,>PQBO
LC2@FBK@BFK!FLP@FBK@B,>K>DBJBKQ
+FCB2@FBK@B3O>@H
"OBAFQ'LROPFK"EBJFPQOV!FL@EBJFPQOV
"OBAFQ'LROPFK,>K>DBJBKQ
"OBAFQ'LROPFK!FLILDV!FLQB@EKLILDV
"OBAFQ'LROPLCBIB@QFSBPLOAFOB@QBAOBPB>O@E
!FLBKDFKBBOFKD3O>@H
"OBAFQ'LROPFK!FLJBAF@>I$KDFKBBOFKD
"OBAFQ'LROPFK,>K>DBJBKQ
"OBAFQ'LROPFK"EBJFPQOVLO!FLILDV
"OBAFQ'LROPLCBIB@QFSBPLOAFOB@QBAOBPB>O@E
"RPQLJ2@FBK@B3O>@H
"OBAFQ'LROPPBIB@QBACOLJ!FLJBAF@>I$KDFKBBOFKD
!FLILDV!FLQB@EKLILDV"EBJFPQOV!FL@EBJFPQOV"LJMRQBO
2@FBK@B,>QEBJ>QF@>I2@FBK@B
"OBAFQ'LROPFK,>K>DBJBKQ
(KQBOAFP@FMIFK>OV,>PQBOLC2@FBK@BFK
,>KRC>@QROFKD$KDFKBBOFKD,>K>DBJBKQ
3EFPMOLDO>JFPABPFDKBAQLJBBQQEBABJ>KACOLJ
MOLCBPPFLK>IPTELQVMF@>IIVE>SB>KRKABODO>AR>QBABDOBB
FKBKDFKBBOFKDTLOHBUMBOFBK@BFKJ>KRC>@QROFKD>KA>
ABPFOBQLMROPRB>J>PQBOPABDOBB@ROOF@RIRJTFQEBNR>I
BJME>PFPFK?LQEJ>KRC>@QROFKDBKDFKBBOFKD>KA
J>KRC>@QROFKDLMBO>QFLKPJ>K>DBJBKQ3EBVMOLGB@QQEBFO
@>OBBO>P@LKQFKRFKDQLKBBA>?>I>K@BADOLTQEFK
J>KRC>@QROFKDBKDFKBBOFKD>KAJ>KRC>@QROFKD
J>K>DBJBKQ
AJFPPFLKP1BNRFOBJBKQP
2QRABKQPTFII?BBIFDF?IBCLO>AJFPPFLKFKQLQEBMOLDO>JFC
QEBVE>SBB>OKBA>KRKABODO>AR>QBABDOBBCOLJ>K
>@@OBAFQBARKFSBOPFQV@LKPFPQBKQTFQEQEB6/(&O>AR>QB
">Q>ILD2QRABKQPPELRIAE>SB>?>@EBILOPABDOBBFK
P@FBK@BLOBKDFKBBOFKD2QRABKQPTFQELQEBO?>@HDOLRKAP
TFII?B@LKPFABOBA?>PBALKQEBFOFKQBOBPQCLOJ>IBAR@>QFLK
>KABUMBOFBK@BFKJ>KRC>@QROFKD AJFPPFLKAB@FPFLKPTFII
?BJ>AB?VQEBPMLKPLOFKDC>@RIQV?>PBALK>IIC>@QLOP
MOBPBKQBAFKQEB>MMIF@>QFLKFK@IRAFKDMOFLO>@>ABJF@
MBOCLOJ>K@BNR>IFQVLCMOLCBPPFLK>IBUMBOFBK@BIBQQBOPLC
OB@LJJBKA>QFLKBQ@
#BDOBB1BNRFOBJBKQP
2QRABKQPJRPQ@LJMIBQB@OBAFQELROPLC@LROPBTLOHFK
,>KRC>@QROFKD$KDFKBBOFKD>KA,>K>DBJBKQOBI>QBA
@LROPBP>PABhKBA?VQEB@LLOAFK>QFKDC>@RIQV
+JA6,>PQBOLC2@FBK@B
!RPFKBPP
"ELLPB@OBAFQP
E6> +:E=6 C65:ED
!42 ,>K>DFKD3B@EKLILDF@>I
(KKLS>QFLK

,(2 (KKLS>QFKDTFQE(KCLOJ>QFLK
2VPQBJP

,(2 /OLGB@Q,>K>DBJBKQ 
.!" 3B>JFKD>KA.OD>KFWFKDCLO
(KKLS>QFLK

.!" +B>AFKD"E>KDB 
.($ 1FPH,>K>DBJBKQ>KA#B@FPFLK
K>IVPFP

.($ 2RMMIV"E>FK K>IVPFP>KA#BPFDK 
.($ /BOCLOJ>K@B K>IVQF@P 
$KDFKBBOFKD
@ELLPB@OBAFQP
E6> +:E=6 C65:ED
,%$ "LKQOLI>KA,LKFQLOFKDLC
,>KRC>@QROFKD/OL@BPPBP

,%$ MMIF@>QFLKLC(KARPQOF>I1L?LQF@P 
,%$,3$
,$
UFLJ>QF@#BPFDKLC
,>KRC>@QROFKD/OL@BPPBP

,%$,$

"LJMRQBO(KQBDO>QBA
,>KRC>@QROFKD

,%$,$

#BPFDKCLO,>KRC>@QRO>?FIFQV 
,%$ #FOB@QBA1BPB>O@E 
 6/(">Q>ILD
(KQBOAFP@FMIFK>OV,>PQBOLC2@FBK@BFK
/LTBO2VPQBJP,>K>DBJBKQ
QIB>PQ@OBAFQLROP@LJMLPBALC
] QIB>PQ@OBAFQP?RQKLJLOBQE>K@OBAFQPLC
DO>AR>QBIBSBI@LROPBTLOHFK/LTBO2VPQBJP
$KDFKBBOFKD@LROPBMOBhU$"$TFQE@LROPBKRJ?BOP
COLJQEOLRDE
] QIB>PQ?RQKLJLOBQE>K@OBAFQPLCDO>AR>QB
IBSBI@LROPBTLOHFK!RPFKBPPBU>JMIB@LROPBP
MOBhUBA?V!42,(2.!".($BQ@
$IB@QFSBP
4KABOQEBAFOB@QFLKLCQEB>ASFPLOPB>@EPQRABKQTFIIPBIB@Q
@OBAFQPLC@LROPBTLOH>QQEBIBSBIJ>UFJRJLCQTL
LO>QQEBDO>AR>QBIBSBIABPFDK>QBA>PLO
IBSBIFK@LJMRQBOP@FBK@B"2MEVPF@P/'
BKDFKBBOFKD!,$"'$"$$"$LKIV%/,%$,3$,$
1!$>KA282J>QEBJ>QF@P, >KALO2VPQBJP
#VK>JF@P2#QL@LJMIBQBQEB(KQBOAFP@FMIFK>OV,>PQBOLC
2@FBK@BABDOBB
3EBOBFPKLQEBPFPLMQFLKCLOQEFPABDOBB
+JA6,>PQBOLC2@FBK@B
(KQBOAFP@FMIFK>OV,>PQBOLC2@FBK@BFK
2VPQBJP$KDFKBBOFKD+B>ABOPEFM
3EFPFKQBOAFP@FMIFK>OVMOLDO>JOBNRFOBPDO>AR>QB@OBAFQ
ELROPLCDO>AR>QBIBSBITLOHAFPQOF?RQBA>PCLIILTP
+JA6,>PQBOLC2@FBK@B
"OBAFQPFK!RPFKBPP"LROPBP
"ELLPBLKBCOLJB>@E@>QBDLOV
"OBAFQPFK+B>ABOPEFM.OD>KFW>QFLK>I
!BE>SFLO>KA"E>KDB
COLJQEBCLIILTFKDIFPQ
LOLQEBO@LROPBPFKQEB>OB>TFQEMOFLO/OLDO>J1BSFBT
!L>OA>MMOLS>I
E6> +:E=6 C65:ED
.!" 3B>JFKD>KA.OD>KFWFKDCLO
(KKLS>QFLK

.!" +B>ABOPEFM 
.!" -BDLQF>QFLKP 
.!" +B>AFKD"E>KDB 
"OBAFQPFK%FK>K@B
COLJQEBCLIILTFKDIFPQ
LOLQEBO@LROPBPFKQEB>OB>TFQEMOFLO/OLDO>J1BSFBT
!L>OA>MMOLS>I
E6> +:E=6 C65:ED
%(- %FK>K@F>I#B@FPFLK,>HFKDCLO
5>IRB"OB>QFLK

"OBAFQPFK,>OHBQFKD2QO>QBDVLO
$KQOBMOBKBROPEFM
COLJQEBCLIILTFKDIFPQ
LOLQEBO@LROPBPFKQEB>OB>TFQEMOFLO/OLDO>J1BSFBT
!L>OA>MMOLS>I
E6> +:E=6 C65:ED
!42 ,>K>DFKD3B@EKLILDF@>I
(KKLS>QFLK

$31 $KQOBMOBKBROPEFM>KA(KKLS>QFLK 
$31 3B@EKLILDV"LJJBO@F>IFW>QFLK 
,*3 ,>OHBQFKD2QO>QBDV 
,*3 #>Q>,FKFKD!RPFKBPP MMIF@>QFLKP
 6/(">Q>ILD
"OBAFQPFK(KCLOJ>QFLK3B@EKLILDV
COLJQEBCLIILTFKDIFPQ
LOLQEBO@LROPBPFKQEB>OB>TFQEMOFLO/OLDO>J1BSFBT
!L>OA>MMOLS>I
E6> +:E=6 C65:ED
,(2 (KKLS>QFKDTFQE(KCLOJ>QFLK
2VPQBJP

,(2 #>Q>?>PB MMIF@>QFLKP#BPFDK>KA
#BSBILMJBKQ

,(2 2VPQBJ#BPFDK>KA#BSBILMJBKQ 
,(2 !RPFKBPP(KQBIIFDBK@B 
"OBAFQPFK2VPQBJP$KDFKBBOFKD"LROPBP
E6> +:E=6 C65:ED
282 "LK@BMQPLC2VPQBJP$KDFKBBOFKD 
282 !RPFKBPP/O>@QF@BP 
282 (KQOLAR@QFLKQL2VPQBJP3EFKHFKD 
2# 2VPQBJ#VK>JF@P%LRKA>QFLK
,>K>DFKD"LJMIBUFQV

"OBAFQPFK3B@EKF@>I$IB@QFSBP
KVLQEBODO>AR>QBIBSBI282@LROPBTFQE/OLDO>J1BSFBT
!L>OA>MMOLS>I"OBAFQP
"OBAFQ1BNRFOBA">MPQLKB/OLGB@Q
E6> +:E=6 C65:ED
(#& 2VPQBJP$KDFKBBOFKD+B>ABOPEFM
/OLGB@Q

+B>OKFKD2@FBK@BP>KA
3B@EKLILDFBP
%>@RIQV
+B>OKFKD2@FBK@BP3B@EKLILDFBP"LOB
%>@RIQV
%+6N6C?2?3EB6FIIF>J2JFQE#B>KZP/OLCBPPLOLC
"LJMRQBO2@FBK@B>KA#FOB@QLOLC+B>OKFKD2@FBK@BP>KA
3B@EKLILDFBP/E#">OKBDFB,BIILK4KFSBOPFQV(KQBIIFDBKQ
QRQLOFKD>DBKQP>OQFh@F>IFKQBIIFDBK@B@LDKFQFSBJLABIFKD
J>@EFKBIB>OKFKD
!64< PPL@F>QB/OLCBPPLO/E#4KFSBOPFQVLC
,>PP>@ERPBQQP JEBOPQBAR@>QFLK>IA>Q>JFKFKDPQRABKQ
JLABIFKD!>VBPF>K-BQTLOHPPQRABKQFKAFSFAR>I
AFfBOBK@BP
*;2>2D3:/OLCBPPLO/E#4KFSBOPFQVLC'>T>FF>Q
,>KL>4P>?FIFQVAB@FPFLKP@FBK@B
#2CC:D@? PPL@F>QB/OLCBPPLO/E#4KFSBOPFQVLC-LOQE
">OLIFK>>Q"E>OILQQB(KCLOJ>QFLKSFPR>IFW>QFLKSFPR>I
>K>IVQF@PERJ>K@LJMRQBOFKQBO>@QFLK
&EE>2C PPFPQ>KQ/OLCBPPLO/E#4KFSBOPFQVLC5FODFKF>
J>QEBJ>QF@PQB>@EFKD>KAIB>OKFKDJ>QEBJ>QF@P
ABSBILMJBKQ>KA@LDKFQFLKFKQBOSBKQFLKPFKP@ELLIP
FKPQOR@QFLK>INR>IFQVPL@F>I>KABJLQFLK>IIB>OKFKD
JLQFS>QFLK>KABKD>DBJBKQMBO@BMQR>IIB>OKFKDQB>@EBO
@EFIAFKQBO>@QFLKPL?PBOS>QFLK>IJB>PROBJBKQ
ABSBILMJBKQ
*2=6D PPFPQ>KQ/OLCBPPLO/E#4KFSBOPFQVLC
,F@EFD>K KK O?LO>K>IVPFPLCBAR@>QFLK>IA>Q>ILDA>Q>
COLJFKQBIIFDBKQQRQLOP@>RP>IFKCBOBK@B@>RP>I
JB@E>KFPJPO>KALJFWBABUMBOFJBKQPL?PBOS>QFLK>I
PQRAFBP
*+*92H PPFPQ>KQ/OLCBPPLO/E#4KFSBOPFQVLC
">IFCLOKF>+LP KDBIBPQB>@EFKD>KAIB>OKFKDFK
J>QEBJ>QF@P@OB>QFSFQVPQ>QFPQF@PBAR@>QFLKJ>QE>KUFBQV
*@>2DD6 PPL@F>QB3B>@EFKD/OLCBPPLO/E#"I>OH
4KFSBOPFQV#BSBILMJBKQB@LKLJF@P>MMIFBA
B@LKLJBQOF@PMLIF@VBS>IR>QFLKMR?IF@MLIF@V
!).9:E69:== PPFPQ>KQ/OLCBPPLO/E#4KFSBOPFQVLC
">IFCLOKF>2>K#FBDL,>@EFKBIB>OKFKD@OLTAPLRO@FKD
>RQLJ>QBAQB>@EFKDERJ>K?BE>SFLOOB@LDKFQFLK
!1@F PPL@F>QB/OLCBPPLO/E#4KFSBOPFQVLC
"LKKB@QF@RQ%FK>K@F>IQFJBPBOFBPBPMB@F>IIVEFDE
COBNRBK@VhK>K@F>IA>Q>PM>QF>IPQ>QFPQF@P?FLPROSBFII>K@B
EFDEAFJBKPFLK>IPQ>QFPQF@>IFKCBOBK@B!>VBPF>KPQ>QFPQF@P
+B>OKFKD2@FBK@BP3B@EKLILDFBP
PPL@F>QBA%>@RIQV
CC@J@ PPL@F>QB/OLCBPPLO$A#,24KFSBOPFQVLC
,>PP>@ERPBQQP JEBOPQIB>OKFKDTFQEKLSBIQB@EKLILDFBP
JRIQFJBAF>IB>OKFKDFKQBIIFDBKQQRQLOFKDPVPQBJPTB>O>?IB
IB>OKFKD>KAB3BUQFIBPIB>OKBO@E>O>@QBOFPQF@P>KAQEBFO
OBI>QFLKPEFMQLIB>OKFKD@LKKB@QFLK?BQTBBK>fB@Q>KA
IB>OKFKDBAR@>QFLK>IA>Q>JFKFKD>KAPQRABKQJLABIFKD
)2<6C PPFPQ>KQ/OLCBPPLO/E#">OKBDFB,BIILK
4KFSBOPFQVBAR@>QFLK>IA>Q>JFKFKDIB>OKBO@LJMRQBO
FKQBO>@QFLKD>JFKDQEBPVPQBJPQRABKQJLABIFKD
FKQBIIFDBKQQRQLOFKDPVPQBJPBAR@>QFLK>ID>JBP
C@H?/OLCBPPLO/E#.EFL2Q>QB4KFSBOPFQV
*KLTIBADB?>PBAABPFDKPVPQBJP>OQFh@F>IFKQBIIFDBK@B
!"@J=6 PPL@F>QB/OLCBPPLO/E#4KFSBOPFQVLC
"LILO>AL!LRIABOGRADBJBKQ>KAAB@FPFLKJ>HFKD
JBKQ>IJLABIPLCAVK>JF@PVPQBJPBS>IR>QFLKLC
FKQBOSBKQFLKP
+6:?6>2? PPL@F>QB/OLCBPPLO/E#"LIRJ?F>
4KFSBOPFQV"LJMLKBKQ?>PBAPLCQT>OBBKDFKBBOFKDCLOJ>I
>MMOL>@EBPQL@LJMLPFQFLK>IABPFDK
6:?C:496C/OLCBPPLO/E#">OKBDFB,BIILK
4KFSBOPFQV>MMIFBAMOL?>?FIFQVPQL@E>PQF@MOL@BPPBP>KA
LMQFJ>I@LKQOLIQEBLOV
 6/(">Q>ILD
)F:K/OLCBPPLO/E#4KFSBOPFQVLC,>OVI>KA#>Q>
JFKFKDHKLTIBADBAFP@LSBOVFKA>Q>?>PBPJ>@EFKB
IB>OKFKD
!#*<@C:?<@/OLCBPPLO/E#4KFSBOPFQVLC5FODFKF>PL@F>I
BKSFOLKJBKQ>I@RBPPQFDJ>P>KAPQBOBLQVMFKDMBO@BMQFLKP
LCLQEBOP
$*>:E9 PPL@F>QB/OLCBPPLO>KA#FOB@QLOLC(KQBO>@QFSB
,BAF>>KA&>JB#BSBILMJBKQ/E#4"2>KQ>"ORW
"LJMRQ>QFLK>I@OB>QFSFQVD>JBP>KAPL@F>IGRPQF@BQ>KDF?IB
@LJMRQFKD@LJMRQBOP@FBK@BBAR@>QFLK@LJMRQ>QFLK>I
@O>CQMOL@BARO>IDBKBO>QFLK
**E2?=:4< PPFPQ>KQ/OLCBPPLO>KA#FOB@QLOLCQEB&OB>Q
/OL?IBJP2BJFK>O/E#+BEFDE4KFSBOPFQVIB>OKFKD
P@FBK@BP>KAQB@EKLILDVMR?IF@FKQBOBPQQB@EKLILDVDIL?>I
@FQFWBKPEFMAFDFQ>IPL@FLILDVBQEF@PQO>KPCLOJ>QFSB
IB>OKFKD
/OLDO>JLC2QRAV
3EB+B>OKFKD2@FBK@BP>KA3B@EKLILDFBP+23MOLDO>J
LfBOPDO>AR>QBPQRAFBPQLT>OAQEB,2>KA/E#ABDOBBP
.ROPQ>QBLCQEB>OQC>@FIFQFBPC>@RIQV>KAPQOLKD
OBI>QFLKPEFMPTFQE*P@ELLIPMOLSFABPQRABKQPTFQEQEB
OBPLRO@BPQLMBOCLOJFKKLS>QFSBP@FBKQFh@OBPB>O@E>QQEB
EFDEBPQIBSBI3EBAFSBOPBIB>OKFKDBKSFOLKJBKQQE>Q
@E>O>@QBOFWBPLROMOLDO>JMOLJLQBPB>PVBU@E>KDBLC
FAB>P>@@BPPQL>IIQEBKB@BPP>OVOBPLRO@BP>KABK@LRO>DBP
@OB>QFSBPLIRQFLKPQLMOBPPFKDP@FBKQFh@NRBPQFLKP3EB+23
MOLDO>JFP?>PBALKQEOBB>gIF>QBA>OB>P\"LJMRQBO
2@FBK@B"LDKFQFSB>KA$AR@>QFLK>I/PV@ELILDV>KA
2Q>QFPQF@P\>KAMOLSFABPLMMLOQRKFQFBPCLO>AS>K@BA@LROPB
TLOH>KAOBPB>O@ECLOEFDEIVNR>IFhBAPQRABKQP
AJFPPFLKP1BNRFOBJBKQP
MMIF@>KQPJRPQ>MMIVAFOB@QIVQLQEB+23MOLDO>J(K
LOABOQL?B@>M>?IBLCMBOCLOJFKDDO>AR>QBIBSBITLOH
>MMIF@>KQPPELRIAE>SB?>@HDOLRKAFK>QIB>PQLKBLCQEB
@LOBAFP@FMIFKBPLC+23K>JBIV"LDKFQFSB$AR@>QFLK>I
/PV@ELILDV"LJMRQBO2@FBK@BLO2Q>QFPQF@P6BTFII>IPL
@LKPFABO>MMIF@>KQPTELPB>@>ABJF@?>@HDOLRKAFPFK
2@FBK@BLO,>QE
PQRABKQJ>V>MMIVQLQEB/E#MOLDO>JFK+23>CQBO
@LJMIBQFKD>?>@EBILOPABDOBBFKTEF@E@>PB>J>PQBOP
ABDOBBJRPQhOPQ?B@LJMIBQBALO>J>PQBOPABDOBBFK
LKBLCQEB>gIF>QBA>OB>P"LJMRQBO2@FBK@B"LDKFQFSBLO
$AR@>QFLK>I/PV@ELILDVLO2Q>QFPQF@PLO>@ILPBIVOBI>QBA
>OB> MMIF@>KQPTFQELQEBOABDOBBP>OBTBI@LJBQL>MMIVFC
QEBV@>KABJLKPQO>QBQEBFOOB>AFKBPPQEOLRDELQEBO
JB>KPPR@E>P&1$2R?GB@QBU>JPFK>K>gIF>QBA>OB>LO
QEOLRDE>@>ABJF@LOMOLCBPPFLK>IBUMBOFBK@B&1$P@LOBP
>OBPQOLKDIVOB@LJJBKABA?RQKLQOBNRFOBACLO>II
>MMIF@>KQP(KNRFOFBP>?LRQQEB&1$PELRIA?BJ>ABQL#O
-BFI'BfBOK>KQEB/OLDO>J#FOB@QLO
-L"LJ?FKBA!2,2#BDOBB
3EB+23MOLDO>JALBPKLQLfBO>@LJ?FKBA!2,2
ABDOBB
1BPB>O@E+>?P1BPB>O@E&OLRMP
">RP>I,LABIFKD1BPB>O@E&OLRM
'C@7*2=6D
6B?RFIA>K>IVWB>KABS>IR>QBPQ>QFPQF@>I@>RP>IJLABIP
MOFJ>OFIVCLOI>ODB@LJMIBULOJBPPVA>Q>PBQPPR@E>PILD
A>Q>COLJ$A3B@ELOPQ>QB>AJFKFPQO>QFSBA>Q>.ROOBPB>O@E
FK@IRABPABSBILMFKDKLSBIMOFK@FM>IPQO>QFh@>QFLKJLABIP
CLOFJMIBJBKQ>QFLK>KALO@LJMRQBOILDA>Q>COLJ
O>KALJFWBAQOF>IPJBQELAPCLOFK@LOMLO>QFKD>RUFIF>OVA>Q>
>KAJ>@EFKBIB>OKFKDFKQL@I>PPF@>I>K>IVPBPLC !QBPQP
1"3PLOL?PBOS>QFLK>IJ>Q@EFKDABPFDKP>KAOBDOBPPFLK
AFP@LKQFKRFQV>K>IVPFPTFQEiBUF?IB@LS>OF>K@BJLABIP
"OB>QFSFQV$AR@>QFLK fB@Q>KA
1B>PLKFKD"$# 1+>?
'C@7*92H
3EB"$# 1+>?@LKAR@QPOBPB>O@ELK@OB>QFSB>KAiBUF?IB
QEFKHFKDFKJ>QEBJ>QF@POB>PLKFKDLC@LJMIBU@LK@BMQP
>KAELTPQRABKQBUMBOFBK@BPPE>MBQEFKHFKD>KAIB>OKFKD
FK23$,BAR@>QFLK.ROI>?RPBPBUMBOFJBKQ>IJBQELAP
L?PBOS>QFLK>IA>Q>IB>OKFKD>K>IVQF@P>KANR>IFQ>QFSB
JBQELALILDFBPFK>KBfLOQQL?BQQBORKABOPQ>KAQB>@EFKD
>KAIB>OKFKDFK23$,PR?GB@QP2BBJLOB>Q@BA>OI>?LOD
$AR@>QFLK>I#>Q>,FKFKD1BPB>O@E&OLRM
'C@7D64<6N6C?2?.9:E69:==CC@J@
+>ODBA>Q>PBQPLCPQRABKQPhKBDO>FKBAFKQBO>@QFLKPBD
PQRABKQ2>KPTBOPJ>QEMOL?IBJ7TFQE>KPTBO8>QQFJB
3TFQEFKQBIIFDBKQQRQLOFKDPVPQBJPBAR@>QFLK>I
FKQBOSBKQFLKP>KAJ>PPFSBLMBKLKIFKB@LROPBP,.."P
BK>?IBQEBBUMILO>QFLK>KALMQFJFW>QFLKLCELTIB>OKBOP
IB>OK>KAELTQB>@EBOPQB>@E!VE>OKBPPFKDJBQELAPCOLJ
J>@EFKBIB>OKFKDPR@E>PMOL?>?FIFPQF@DO>MEF@>IJLABIP
,>OHLS@E>FKP>KAABBMKBRO>IKBQTLOHPTB@>K
ABSBILMJLOB>@@RO>QBMOBAF@QLOPLCTEF@E>KATEBK
PQRABKQPTFIIPR@@BBAC>FIMBOPFPQKBBAEBIMBQ@3EBPB
MOBAF@QLOP@>KFKQROKPBOSB>PQEB?>PFPCLO?LQEERJ>K
>PPFPQBA>KA>RQLJ>QBAFKQBOSBKQFLKPQLFJMOLSBPQRABKQP
IB>OKFKDLRQ@LJBP>KAQEBMBOPLK>IFW>QFLKLCIB>OKFKD
 6/(">Q>ILD
$J?LAFBA"LDKFQFLK(K,>QEBJ>QF@P
1BPB>O@E&OLRM
'C@7DCC@J@&EE>2C
3EFPOBPB>O@EDOLRM@>OOFBPLRQOBPB>O@E>?LRQKBTT>VPLC
IB>OKFKDRPFKDJLQLO>@QFLKP>PTBII>P@LDKFQFSBQELRDEQ
6BFKSBPQFD>QBELT@EFIAOBKJ>V?BQQBOIB>OKJ>QEBJ>QF@P
TEFIBBUMILOFKDQEBMEVPF@>IPM>@BDBQQFKD>AFfBOBKQ
RKABOPQ>KAFKDLCJ>QEIB>OKFKD?VDBPQROFKD>KARPFKD
QB@EKLILDVQLDRFABQEBJQEOLRDE#PM>@BP
,>@EFKB/BO@BMQFLKLC'RJ>K+B>OKFKD
&OLRM
'C@7D.9:E69:==6N6C?2?64<
3EFPDOLRMRPBPJ>@EFKBIB>OKFKD>KA@LJMRQBOSFPFLKQL
PQRAVELTIB>OKBOPIB>OK>KAELTQEBVBJLQBTEFIBQEBV
IB>OK/>OQF@RI>OFKQBOBPQPFK@IRABQEBQO>FKFKDLCABBM
KBRO>IKBQTLOHPQLOB@LDKFWBPQRABKQPC>@F>IBUMOBPPFLKP
AROFKDIB>OKFKDQ>PHP>KAQEBABSBILMJBKQLCOB>IQFJB
@V?BOIB>OKFKDPVPQBJPQE>QOBPMLKAFKPQ>KQ>KBLRPIVQL
IB>OKBOP@ROOBKQ@LDKFQFSB>fB@QFSB>KAIFKDRFPQF@KBBAP
,>QE ?PQO>@QFLK/I>V+B>OKFKD KA
$J?LAFJBKQ, /+$+>?
'C@7&EE>2C
3B>@EFKD>KAIB>OKFKDJ>QEBJ>QF@PFP>EFDEIV@LJMIBU
PL@F>IBUMILO>QLOV>KA@OB>QFSBMOL@BPP6BABPFDKKLSBI
AVK>JF@QB@EKLILDFBPQE>QJ>HB[J>QE@LJB>IFSB^
&O>PM>?IB,>QE%OLJ'BOBQL3EBOB>KARPBBVB
QO>@HFKDJLRPBDBPQROBP>KAILDhIBPQLBUMILOBQEB
@LLOAFK>QFLKLC>QQBKQFLK@LDKFQFLKDBPQROBP>KA
PQO>QBDFBPTEBKPLISFKDJ>QEBJ>QF@>IBNR>QFLKP6B>IPL
RPB>S>OFBQVLC>MMIFBAJRIQFIBSBINR>KQFQ>QFSBJBQELAP
L?PBOS>QFLK>IJB>PROBP>KA>PPBPPJBKQPQLBU>JFKBQEB
Bg@>@VLCFKPQOR@QFLK>IPL@F>I>KABJLQFLK>I@I>PPOLLJ
(KQBOSBKQFLKPQE>Q@>KFJMOLSB*J>QEQB>@EFKD
IB>OKFKD>KABKD>DBJBKQEQQMPPFQBPDLLDIB@LJPFQB
BOFKLQQJ>O
0R>KQFQ>QFSB,BQELAPFKQEB+B>OKFKD
2@FBK@BP
'C@7D*@>2DD6&EE>2C1@F6N6C?2?*2=6D
3EFPOBPB>O@EDOLRMFPCL@RPLKOFDLOLRPNR>KQFQ>QFSB
JBQELAPPR@E>PEFBO>O@EF@>IIFKB>OJLABIPTEF@EFP>
QVMF@>IJBQELAQLRPBTEBKPQRABKQP>OBKBPQBAFKPFAB
QB>@EBOP>KAQB>@EBOP>OBKBPQBAFKPFABP@ELLIP.QEBO
QLMF@PFK@IRABFPPRBPQE>Q>OBRPBA>ILQFK+B>OKFKD2@FBK@B
IFHBPQOR@QRO>INRBPQFLKJLABIFKDILKDFQRAFK>IA>Q>
>K>IVPFPMOLMBKPFQVP@LOBJ>Q@EFKDOBDOBPPFLK
AFP@LKQFKRFQVABPFDKPNR>PFBUMBOFJBKQ>IABPFDKP>KA
>AS>K@BAQLMF@PIFHBMOFK@FM>IPQO>QFh@>QFLK3EBC>@RIQVFK
QEFPDOLRMIFHBQL>MMIV>KA>A>MQPQ>QFPQF@>I
JBQELALILDFBPQLPLISBPQEBMOL?IBJPQEBV>OBTLOHFKD
LK
1RKKFKD"I>PPOLLJ$UMBOFJBKQPLKQEB
6B?
'C@7D6N6C?2?64<&EE>2CCC@J@.9:E69:==
*2=6D
6BRPB>KRJ?BOLCTB??>PBAMI>QCLOJP>KA
QB@EKLILDFBPFB 22(23JBKQP,>QE2MOFKD
&O>PM>?IB,>QEQL@LKAR@QO>KALJFWBA@LKQOLIIBAQOF>IPFK
*J>QEBJ>QF@P@I>PPOLLJP3EBPBPQRAFBPEBIMRP
RKABOPQ>KA[TE>QTLOHP^TFQEOBD>OAPQLAFfBOBKQ
MBA>DLDF@>IQB@EKFNRBP@LKQBKQCBBA?>@H>KAQ>PHP>KA
EBIMPRPABSBILM>?BQQBORKABOPQ>KAFKDLCQEB
JB@E>KFPJPDRFAFKDIB>OKFKD3LDBQEBOQEBDOLRME>PLSBO
O>KALJFWBA@LKQOLIIBAQOF>IPORKKFKDB>@EVB>O3EBOB
>OB>PBQLCJBQELALILDF@FPPRBPQE>QQEBFOOBPB>O@EDOLRM
Q>@HIBOBI>QBAQLPQRABKQIBSBIO>KALJFWBA@LKQOLIIBA
>PPFDKJBKQ
EQQMTTTKBFIEBfBOK>KKBQ
,2FK+B>OKFKD2@FBK@BP>KA
3B@EKLILDFBP
3EBPQRABKQJ>V@ELLPB?BQTBBKQTLLMQFLKPQLL?Q>FK
QEB,2ABDOBBQEBPFPLO@LROPBTLOH2QRABKQPPELRIA
@>OBCRIIVTBFDEQEBMOLP>KA@LKPLCQEBPB>IQBOK>QFSBPFK
@LKPRIQ>QFLKTFQEQEBFO+23C>@RIQV>ASFPLOMOFLOQL
PBIB@QFKD>KLMQFLK"LJMIBQFLKLCQEB,2ABDOBBOBNRFOBP
DO>AR>QB@OBAFQELROP,2+23PQRABKQPTELTFPEQL
?B@LJBAL@QLO>I@>KAFA>QBPFK+23JRPQhOPQ@LJMIBQB
QEBFO,2ABDOBBFK+23CLIILTFKDQEBQEBPFPLMQFLK
3LP>QFPCVQEBFKQBOAFP@FMIFK>OVK>QROBLCQEB+23MOLDO>J
B>@E,2PQRABKQJRPQ@LJMIBQBQEBCLIILTFKD
DO>AR>QB@OBAFQELROPQE>QCLOJQEB@LOBOBNRFOBJBKQP
] "LJMRQBO2@FBK@B1BNRFOBJBKQ:DO>AR>QB@OBAFQ
ELROP;
 3TL+23"LJMRQBO2@FBK@B@LROPBP
] "LDKFQFSB/PV@ELILDV1BNRFOBJBKQ:DO>AR>QB@OBAFQ
ELROP;
 3TL+23"LDKFQFSB/PV@ELILDV@LROPBP
] ]2Q>QFPQF@P1BNRFOBJBKQ:DO>AR>QB@OBAFQELROP;
 .KB+232Q>QFPQF@P@LROPBLO
 "2$JMFOF@>I,BQELAPCLO'RJ>K"BKQBOBA
"LJMRQFKD
-LPFKDIBDO>AR>QB@LROPB@>K?BALR?IB@LRKQBAQLP>QFPCV
QTLLCQEB>?LSBOBNRFOBJBKQP
 6/(">Q>ILD
,2FK+23\"LROPBTLOH.MQFLK
(K>AAFQFLKQLQEBDO>AR>QB@OBAFQELROP>POBNRFOBA?V
QEB,2@LOBOBNRFOBJBKQP>PQRABKQMROPRFKDQEB
@LROPBTLOHLMQFLKJRPQOBDFPQBOCLO>K>AAFQFLK>IPFU
DO>AR>QB@LROPBPQLQ>IFKDDO>AR>QB@OBAFQELROP3L
BKPROB>PRg@FBKQCL@RPLK+23QTLLCQEBPB@LROPBPCLO
>QLQ>ILCDO>AR>QB@OBAFQELROPJRPQ?BCOLJQEB+23
@LROPBIFPQ3EBOBJ>FKFKDCLRO@LROPBPCLO>QLQ>ILC
DO>AR>QB@OBAFQELROP>OBBIB@QFSBPQE>QOBI>QBQLQEB
PQRABKQPFKAFSFAR>IMOLDO>JLCPQRAV>KAJRPQ?BPBIB@QBA
FK@LKPRIQ>QFLKTFQEQEBPQRABKQP+23>ASFPLO
-LQBQE>Q,2DO>AR>QB@OBAFQP@>KKLQ?BCOLJ
FKABMBKABKQPQRAVOBPB>O@E@LROPBPBU@BMQ?V>MMOLS>ILC
QEB+23/OLDO>J#FOB@QLO
,2FK+23\3EBPFP.MQFLK
(K>AAFQFLKQLQEBDO>AR>QB@OBAFQELROP>POBNRFOBA?V
QEB,2@LOBOBNRFOBJBKQP>PQRABKQMROPRFKDQEBQEBPFP
LMQFLKJRPQP>QFPC>@QLOFIV@LJMIBQB>TOFQQBKQEBPFP KV
"LOBLO PPL@F>QBA+23C>@RIQVJ>VPBOSB>PQEBQEBPFP
>ASFPLO QEBPFP@LKPFPQFKDLC>OBPB>O@ELOABSBILMJBKQ
MOLGB@QTLOQE>JFKFJRJLCDO>AR>QB@OBAFQELROPJRPQ
?B@LJMIBQBA>KAMOBPBKQBAQLQEB+23C>@RIQV QEBPFP
MOLMLP>IJRPQ?B>MMOLSBA?VQEB"LOB+23C>@RIQV>KA
QEBPQRABKQP>ASFPLO?BCLOBQEBPQRABKQ@>KOBDFPQBOCLO
JLOBQE>KCLROQEBPFP@OBAFQP
3L@LJMIBQBQEBOBJ>FKFKDDO>AR>QB@OBAFQELROPQEB
PQRABKQJRPQOBDFPQBOCLO>K>AAFQFLK>IQEOBBDO>AR>QB
@LROPBP3LBKPROB>PRg@FBKQCL@RPLK+23QTLLCQEBPB
@LROPBPCLO>QLQ>ILCDO>AR>QB@OBAFQELROPJRPQ?B
COLJQEB+23@LROPBIFPQ3EBOBJ>FKFKD@LROPBLC
DO>AR>QB@OBAFQELROPFP>KBIB@QFSBQE>QOBI>QBPQLQEB
PQRABKQPFKAFSFAR>IMOLDO>JLCPQRAV>KAJRPQ?BPBIB@QBA
FK@LKPRIQ>QFLKTFQEQEBPQRABKQP+23>ASFPLO PCLOQEB
@LROPBTLOHLMQFLK,2DO>AR>QB@OBAFQP@>KKLQ?BCOLJ
FKABMBKABKQPQRAVOBPB>O@E@LROPBPBU@BMQ?V>MMOLS>ILC
QEB+23/OLDO>J#FOB@QLO
+JA6,>PQBOLC2@FBK@B
/E#FK+B>OKFKD2@FBK@BP>KA
3B@EKLILDFBP
2QRABKQP>OB>ASFPBAQL@LKQ>@QQEBMOLDO>JAFOB@QLOCLO
ABQ>FIBAMOLDO>JDRFABIFKBPFK>AAFQFLKQLQEBRKFSBOPFQVP
OBNRFOBJBKQPCLOQEB/E#ABDOBB2QRABKQPTELTFPEQL
MROPRB>/E#FK+23TEL@LJMIBQBAQEBFO,2>Q6/(FK
+23JRPQE>SB@ELPBKQEBQEBPFPLMQFLK
%RKA>JBKQ>IIVFQFPBUMB@QBAQE>Q>II+23/E#PQRABKQP
J>PQBOQEB?>PF@PLC+B>OKFKD2@FBK@BP>MMIVQELPB
@LK@BMQPQL@OB>QB>KFKKLS>QFSBQB@EKLILDV>KAMOLMBOIV
>K>IVWBQEBFOTLOHTFQEQEB>MMOLMOF>QBPQ>QFPQF@>I
QB@EKFNRBP/E#PQRABKQPTFIIOB@BFSBQO>FKFKDQEOLRDE>
@LJ?FK>QFLKLCBKOLIIFKDFK@LROPBPP>QFPCVFKD@LJMBQBK@V
OBNRFOBJBKQP>KA@LJMIBQFKD>AFPPBOQ>QFLK>II/E#
PQRABKQPTFII?BOBSFBTBA?VQEB"LOB+23C>@RIQV>QIB>PQ
LK@B>VB>OQLPBBQE>QQEBV>OBJ>HFKDP>QFPC>@QLOV
MOLDOBPPQLT>OAPQEBPBQEOBB@LJMLKBKQPLCQEB/E#
MOLDO>J
"LROPB1BNRFOBJBKQP
3EB/E#ABDOBBFK+23OBNRFOBP>K>AAFQFLK>I
DO>AR>QB@OBAFQELROPLCTLOH?BVLKAQEB,2ABDOBB
2QRABKQPJRPQQ>HB>JFKFJRJLCDO>AR>QB@OBAFQELROP
LC@LROPBTLOHFK@IRAFKDFKABMBKABKQPQRAV>KA
DO>AR>QB@OBAFQELROPLCOBPB>O@E
3LP>QFPCVQEBFKQBOAFP@FMIFK>OVK>QROBLCQEB+23MOLDO>J
B>@E/E#PQRABKQJRPQ@LJMIBQBQEBCLIILTFKD
DO>AR>QB@OBAFQELROP3L@LRKQQLT>OAPQEB@LROPB
OBNRFOBJBKQPPQRABKQPJRPQDBQ>JFKFJRJDO>ABLC!CLO
B>@ELCQEB@LROPBP2QRABKQPOB@BFSFKD>"LO?BILTJRPQ
OBQ>HB>@LROPBFKQEB>MMOLMOF>QB>OB>>KAOB@BFSB>!LO
EFDEBO
] "LJMRQBO2@FBK@B1BNRFOBJBKQ:DO>AR>QB@OBAFQ
ELROP;
 3EOBB+23"LJMRQBO2@FBK@B@LROPBP
] "LDKFQFSB/PV@ELILDV1BNRFOBJBKQ:DO>AR>QB@OBAFQ
ELROP;
 3EOBB+23"LDKFQFSB/PV@ELILDV@LROPBP
] 2Q>QFPQF@P1BNRFOBJBKQ:DO>AR>QB@OBAFQELROP;
 +232Q>QFPQF@P@LROPBPLO
 "2$JMFOF@>I,BQELAPCLO'RJ>K"BKQBOBA
"LJMRQFKD
IIPQRABKQP>OBOBNRFOBAQLPR?JFQ>MOLDO>JLCPQRAVQE>Q
ABP@OF?BPQEBFOMI>KKBA@LROPBTLOHQEBFO+23>ASFPLO
JRPQ>MMOLSBQEBMOLDO>J3EBPB@I>PPBP@>KFK@IRAB
DO>AR>QB@I>PPBP>Q6/(@I>PPBP>Q"I>OH4KFSBOPFQV
M>OQF@RI>OIVCOLJQEBFO/PV@ELILDV#BM>OQJBKQ>KACOLJ
FKABMBKABKQPQRAFBP'LTBSBOQLBKPROBABMQEFK+23KL
JLOBQE>K@OBAFQELROP@>K?BCOLJAFP@FMIFKBPLQEBOQE>K
"LDKFQFSB/PV@ELILDV"LJMRQBO2@FBK@B>KA2Q>QFPQF@P
BU@BMQ?VQEB>MMOLS>ILCQEB/OLDO>J#FOB@QLO
2QRABKQP@>K@LRKQMOBSFLRPIVQ>HBK+23@LROPBPQLT>OAP
QEBPBOBNRFOBJBKQP'LTBSBOPQRABKQPJRPQPQFII@LJMIBQB
DO>AR>QB@OBAFQELROPLC@LROPBTLOHCLOQEB/E#
ABDOBB%LOBU>JMIBFC>PQRABKQE>AQ>HBKQTL+23
"LJMRQBO2@FBK@B@LROPBP>PM>OQLC>K+23,2ABDOBB
LKIVLKBJLOB+23"LJMRQBO2@FBK@B@LROPBTLRIA?B
 6/(">Q>ILD
OBNRFOBA?RQQEBPQRABKQTLRIAPQFIIE>SBQL@LJMIBQB
DO>AR>QB@OBAFQELROPLC@LROPBTLOHCLOQEB/E#2FJFI>OIV
PQRABKQPTEL>OBQO>KPCBOOFKDFKTFQE>K,2ABDOBBTFII?B
BS>IR>QBACLOTEF@EOBNRFOBJBKQPQEBVE>SBCRIhIIBA?RQ
TFIIPQFII?BOBNRFOBAQLQ>HBDO>AR>QB@OBAFQELROPLC
@LROPBTLOH
3L@LJMIBQBQEBOBJ>FKFKDDO>AR>QB@OBAFQELROPQEB
/E#PQRABKQ@>KOBDFPQBOCLOLQEBODO>AR>QB@LROPBPLO
FKABMBKABKQPQRAFBPTFQE>MMOLS>ILCQEBPQRABKQP+23
>ASFPLO
"LJMBQBK@V1BNRFOBJBKQP
(K>AAFQFLKQLPR@@BPPCRI@LJMIBQFLKLCQEBFO@LROPBTLOH
/E#PQRABKQPJRPQABJLKPQO>QB@LJMBQBK@VFKQTL@LOB
>OB>P#>Q> K>IVPFP>KA"LJJRKF@>QFLKPMB@Fh@>IIV
2MB>HFKD>KA6OFQFKD1BD>OAFKD#>Q> K>IVPFPFQFP
BUMB@QBAQE>QPQRABKQPTFIIIB>OK>K>IVPFPJBQELAPOBIBS>KQ
QLQEB+B>OKFKD2@FBK@BP6BE>SBPBIB@QBAQEBPBQTL>OB>P
>PQEBV>OBCRKA>JBKQ>IQLPR@@BPP>P>KBJMFOF@>IP@FBKQFPQ
>KATFIICLOJQEB?>PFPLC+23DO>AR>QBPCRQROB@>OBBOP
"LJMBQBK@VFK?LQE#>Q> K>IVPFP>KA"LJJRKF@>QFLK
TFII?B>PPBPPBA>PCLIILTP2QRABKQPTFII?BBUMB@QBAQL
@LKAR@Q>MFILQOBPB>O@EPQRAVQLT>OAPQEBFODO>AR>QB
OBPB>O@E2QRABKQPTFIIPR?JFQ>PELOQM>MBOM>DBP
QLQEB"LOB+23C>@RIQVTELTFIITOFQB>PBQLCNRBPQFLKPQL
?B>PHBAAROFKD>MR?IF@MOBPBKQ>QFLK?VQEBDO>AR>QB
PQRABKQLCQEBMFILQOBPB>O@EMOLGB@Q/LPPF?IBSBKRBPCLO
QEFPFK@IRABQEB (1& OQFh@F>I(KQBIIFDBK@B1BPB>O@E
&OLRMLOQEB+B>OKFKD2@FBK@BP2BJFK>O2QRABKQPTFII?B
DO>ABA?V>QIB>PQQTL"LOB+23C>@RIQVLKQEBFOOBPMLKPBP
QLQEB+23NRBPQFLKPQEBFOA>Q>>K>IVPFP>KA
@LJJRKF@>QFLKPHFIIP>QE>KAIFKDPMLKQ>KBLRPNRBPQFLKP
AROFKDQEBQ>IH3EFPOBNRFOBJBKQTFII?BE>KAIBA?VQEB
"LOB+23C>@RIQV
2QRABKQPJRPQ@LJMIBQBQEFP@LJMBQBK@VOBNRFOBJBKQ
MOFLOQLABCBKAFKDQEBFO/E#MOLMLP>I%ROQEBOJLOB
@LJMBQBK@VOBNRFOBJBKQPJRPQ?B@LJMIBQBATFQEFKCLRO
PBJBPQBOP>CQBOPQRABKQP?BDFK>P/E#PQRABKQPBU@BMQ?V
MBOJFPPFLKLCQEB/OLDO>J#FOB@QLO
#FPPBOQ>QFLK1BNRFOBJBKQP
6FQEFKPFUPBJBPQBOPLC?BFKD>AJFQQBAQLQEB+23/E#
MOLDO>JB>@EPQRABKQJRPQCLOJ>AFPPBOQ>QFLK
@LJJFQQBB>KATOFQB>KAABCBKA>AFPPBOQ>QFLKMOLMLP>I
KVABSF>QFLKCOLJQEBQFJBQ>?IBCLOQEBAFPPBOQ>QFLKJRPQ
?B>MMOLSBA?VQEB/OLDO>J#FOB@QLO KV"LOBLO
PPL@F>QBA+23C>@RIQVJ>VPBOSB>P>OBPB>O@E>ASFPLO
PQRABKQPAFPPBOQ>QFLK@LJJFQQBBFP@LJMLPBALC>QIB>PQ
CLROJBJ?BOP>P>MMOLSBA?VQEB+23"LOBC>@RIQV3EB
@LJJFQQBBJRPQ@LKQ>FK>QIB>PQLKB"LOB+23C>@RIQV
JBJ?BO>KALKBC>@RIQVJBJ?BOBUQBOK>IQL6/(3L
OBFKCLO@BQEBFKQBOAFP@FMIFK>OVK>QROBLCQEBABDOBB>QIB>PQ
QTLLCQEBQEOBB@LLMBO>QFKDABM>OQJBKQP"LJMRQBO
2@FBK@B2L@F>I2@FBK@B>KA/LIF@V2QRAFBP>KA
,>QEBJ>QF@>I2@FBK@BPJRPQE>SB>C>@RIQVJBJ?BOLK
QEBAFPPBOQ>QFLK@LJJFQQBB3EBAFPPBOQ>QFLK@LJJFQQBB
TFII?BOBPMLKPF?IBCLO>MMOLSFKDQEBAFPPBOQ>QFLKMOLMLP>I
>KAhK>IOBMLOQ
2QRABKQPJRPQBKOLIIFK>QIB>PQ@OBAFQPCLOQEBFO
AFPPBOQ>QFLK!BCLOBMOBPBKQFKD>KAABCBKAFKDQEBFO
AFPPBOQ>QFLKMOLMLP>IPQRABKQPJ>VLKIVBKOLIIFK
DO>AR>QBOBPB>O@E@OBAFQELROP2QRABKQP>OBBUMB@QBAQL
ABCBKAQEBFOAFPPBOQ>QFLKTFQEFKPFUPBJBPQBOPLCQEB
>@@BMQ>K@BLCQEBFOAFPPBOQ>QFLKMOLMLP>I(K>AAFQFLKQLQEB
JFKFJRJLCDO>AR>QB@OBAFQELROPLCOBPB>O@EQEB
AFPPBOQ>QFLK@RIJFK>QBPFKQEBPQRABKQPR?JFQQFKDQEB
AL@RJBKQFQPBIC>KA>MR?IF@ABCBKPBLCQEBOBPB>O@E
+JA6/E#
,>KRC>@QROFKD$KDFKBBOFKD
%>@RIQV
$:D9C2*BKKBQE&,BOOF>J/OLCBPPLO#FOB@QLO
,>QBOF>IP,>KRC>@QROFKD$KDFKBBOFKD,BQ>I/OL@BPPFKD
(KPQFQRQB/E#4KFSBOPFQVLC,FKKBPLQ>/EVPF@L@EBJF@>I
MOL@BPPFKDLCJ>QBOF>IP"LOOLPFLKP@FBK@B>KABKDFKBBOFKD
,>QBOF>IP/OL@BPPFKD2ROC>@B$KDFKBBOFKD1BPLRO@B
1B@LSBOV1B@V@IFKD"OFQF@>IJ>QBOF>IPBUQO>@QFLK(OLK>KA
PQBBIJ>HFKD IILVABSBILMJBKQ3EFKhIJ@L>QFKDP
C@H?/OLCBPPLO#FOB@QLO2ROC>@B,BQOLILDV
+>?LO>QLOV/E#4KFSBOPFQVLC5BOJLKQ2ROC>@B
JBQOLILDVJRIQFP@>IBDBLJBQOF@>K>IVPBP>UFLJ>QF@
ABPFDKPMLOQPBKDFKBBOFKD>KAJ>KRC>@QROFKDMOL@BPP
$*@72?2 PPL@F>QB/OLCBPPLO/E#4KFSBOPFQVLC
6>QBOILL6>QBOILL">K>A>-LKIFKB>OABI>VAVK>JF@>I
PVPQBJPPQL@E>PQF@?FCRO@>QFLKPOBDBKBO>QFSB@E>QQBO
KRJBOF@>IIV@LKQOLIIBA" #" ,J>@EFKFKD
FC=@?8/OLCBPPLO/E#6LO@BPQBO/LIVQB@EKF@
(KPQFQRQB,$,2>KA,.$,2K>KLQB@EKLILDV
JB@E>QOLKF@PI>PBO>MMIF@>QFLKPELILDO>MEV@LJMRQBO
JLABIFKDLCAVK>JF@PVPQBJP
*!@9?D@?/OLCBPPLO/E#"LOKBII4KFSBOPFQV+B>K
MOL@BPPABPFDKBKQBOMOFPBBKDFKBBOFKDMOL@BPP>K>IVPFP
>KAJLABIFKDOBSBOPBILDFPQF@P
#25@D,FIQLK/OFK@B'FDDFKP((/OLCBPPLO#FOB@QLO
(KQBDO>QFSB,>QBOF>IP#BPFDK"BKQBOF,A@/E#6LO@BPQBO
/LIVQB@EKF@(KPQFQRQB%>QFDRBC>QFDRB@O>@HDOLTQE
>KACO>@QROBLCJBQ>IIF@J>QBOF>IP\IFCBMOBAF@QFLKP
@LJMRQ>QFLK>IJLABIFKD>KA(",$J>QBOF>IPMOL@BPP
ABPFDK>KALMQFJFW>QFLKCLO>BOLPM>@B>RQLJLQFSB
 6/(">Q>ILD
J>OFKB>KAJFIFQ>OV>MMIF@>QFLKP
!#:2?8/OLCBPPLO/E#!OLTK4KFSBOPFQV->KLPQOR@QROBA
J>QBOF>IPJ>QBOF>IMOL@BPPFKDJ>QBOF>I@E>O>@QBOFW>QFLK
$$$2<9=@F7/OLCBPPLO/E#6LO@BPQBO/LIVQB@EKF@
(KPQFQRQB2LIFAFh@>QFLKLC,BQ>IPQEB>MMIF@>QFLKLCEB>Q
J>PP>KAJLJBKQRJQO>KPCBOQLJLABIFKD>KAPLISFKD
BKDFKBBOFKDJ>QBOF>IPMOL?IBJP>KAMOL@BPPFKDLC@BO>JF@
J>QBOF>IP
)*:DD@?!C&BLODB%%RIIBO/OLCBPPLO#FOB@QLO
,>KRC>@QROFKD>KA,>QBOF>IP$KDFKBBOFKD/E#/ROARB
4KFSBOPFQV,>QBOF>IPMOL@BPPJLABIFKDJ>KRC>@QROFKD
BKDFKBBOFKD@LOOLPFLK>KABKSFOLKJBKQ>IBfB@QPLK
JBQ>IP>KA@BO>JF@P
*EC@?8/OLCBPPLOLC,>K>DBJBKQ>KA#BM>OQJBKQ
'B>A/E#">OKBDFB,BIILK4KFSBOPFQV#FOB@QLO
,>K>DBJBKQ(KCLOJ>QFLK2VPQBJP,(2/OLDO>J,(2>KA
TLOHiLTPA>Q>FKQBDO>QFLK>KAOLIB@E>KDBP,(2NR>IFQV
FPPRBPA>Q>>KAFKCLOJ>QFLKNR>IFQV
.+@H?6C PPL@F>QB3B>@EFKD/OLCBPPLO/E#6LO@BPQBO
/LIVQB@EKF@(KPQFQRQBLMBO>QFLKPJ>K>DBJBKQIB>K
J>KRC>@QROFKDPFUPFDJ>
+F=F PPL@F>QB/OLCBPPLOLC,>K>DBJBKQ/E#
"I>OBJLKQ&O>AR>QB4KFSBOPFQV,BAF@>IFKCLOJ>QF@P
FKCLOJ>QFLKPB@ROFQVQBIBJBAF@FKBMBOPLK>IEB>IQEOB@LOAP
PVPQBJP>K>IVPFP>KAABPFDK
0.2?8/OLCBPPLOLC,B@E>KF@>I$KDFKBBOFKD/E#
4KFSBOPFQVLC6FKAPLO">K>A>+FQEFRJFLK?>QQBOVCRBI
@BII@LOOLPFLK>KABIB@QOL@EBJFPQOViLT?>QQBOV
%>@RIQV1BPB>O@E(KQBOBPQP
"ROOBKQOBPB>O@E>OB>PFK@IRAB>AAFQFSBJ>KRC>@QROFKD
QLIBO>K@B>K>IVPFP" #" ,MOLAR@QFLKPVPQBJP>K>IVPFP
J>@EFKFKDhUQROFKDABI>VBAAVK>JF@>IPVPQBJPKLKIFKB>O
@E>QQBOPROC>@BJBQOLILDVCO>@Q>I>K>IVPFPPROC>@B
CRK@QFLK>IFQVJBQ>IPMOL@BPPFKD>KAJ>KRC>@QROFKD
J>K>DBJBKQ>UFLJ>QF@ABPFDK>KA>?O>PFSBMOL@BPPBP
BIB@QOLKF@JBAF@>IOB@LOAPIB>KFKEB>IQE@>OB>KAEB>IQE
AVK>JF@P
/OLDO>JPLC2QRAV
3EB,>KRC>@QROFKD$KDFKBBOFKD,%$/OLDO>JLfBOPQTL
DO>AR>QBABDOBBPQEBJ>PQBOLCP@FBK@B>KAQEBAL@QLOLC
MEFILPLMEV%RII>KAM>OQQFJBPQRAVFP>S>FI>?IB
3EBDO>AR>QBMOLDO>JFKJ>KRC>@QROFKDBKDFKBBOFKD
MOLSFABLMMLOQRKFQFBPCLOPQRABKQPQLPQRAV@ROOBKQ
J>KRC>@QROFKDQB@EKFNRBPTEFIB>IILTFKDB>@EPQRABKQQEB
iBUF?FIFQVQL@RPQLJFWBQEBFOBAR@>QFLK>IMOLDO>J"LROPB
J>QBOF>I>KAOBPB>O@E>@QFSFQFBPLCQBKAO>TCOLJQEB
QO>AFQFLK>IhBIAPLC@LJMRQBOP@FBK@B@LKQOLIPBKDFKBBOFKD
BIB@QOF@>I>KA@LJMRQBOBKDFKBBOFKDBKSFOLKJBKQ>I
BKDFKBBOFKDFKARPQOF>IBKDFKBBOFKDJ>QBOF>IPP@FBK@B>KA
BKDFKBBOFKDJB@E>KF@>IBKDFKBBOFKD>KAJ>K>DBJBKQ
3EBMOLDO>JPFKQBKQFLKFPQL?RFIA>PLIFA>KA?OL>A
CLRKA>QFLKFKJ>KRC>@QROFKDQEBLOFBP>KAMO>@QF@BP>KA
>IILTCLOCROQEBO@LK@BKQO>QBAPQRAVFK>PBIB@QBAPMB@F>IQV
3EB,>KRC>@QROFKD$KDFKBBOFKD/OLDO>J>IPLLfBOP>
!2,2MOLDO>JCLO@ROOBKQIVBKOLIIBA6/(
RKABODO>AR>QBP3EBOBFPKLRKABODO>AR>QB!2ABDOBB
LMQFLKFK,>KRC>@QROFKD$KDFKBBOFKDQEB!2MLOQFLKLC
QEFP@LJ?FKBAABDOBBJ>V?BFK>KVLQEBOAFP@FMIFKB
AJFPPFLK1BNRFOBJBKQP
">KAFA>QBPCLO>AJFPPFLKJRPQJBBQ6/(POBNRFOBJBKQP
>KAPELRIAE>SB>?>@EBILOPABDOBBFKP@FBK@B
BKDFKBBOFKDLOJ>K>DBJBKQMOBCBO>?IVFKPR@EhBIAP>P
@LJMRQBOP@FBK@BBKDFKBBOFKDBIB@QOF@>I@LKQOLI
BKDFKBBOFKDFKARPQOF>IBKDFKBBOFKDBKSFOLKJBKQ>I
BKDFKBBOFKDJ>KRC>@QROFKDBKDFKBBOFKDJ>QBOF>IPP@FBK@B
>KABKDFKBBOFKDJB@E>KF@>IBKDFKBBOFKDLOJ>K>DBJBKQ
2QRABKQPTFQELQEBO?>@HDOLRKAPTFII?B@LKPFABOBA?>PBA
LKQEBFOFKQBOBPQCLOJ>IBAR@>QFLK>KABUMBOFBK@BFK
J>KRC>@QROFKD
%LO>AJFPPFLKFKQL!2,2MOLDO>J2QRABKQPPELRIA>MMIV
AROFKDQEBFOGRKFLOLOPBKFLOVB>O(K>AAFQFLKQLDBKBO>I
@LIIBDBOBNRFOBJBKQP>II@LROPBPQ>HBKCLODO>AR>QB@OBAFQ
JRPQOBPRIQFK>&/ LCLOEFDEBO DO>ABLC!LO?BQQBO
FPOBNRFOBACLO>KV@LROPBQL?B@LRKQBAQLT>OA?LQE
ABDOBBP6>FSBOLC>KVLCQEBPBOBNRFOBJBKQPJRPQ?B
>MMOLSBA?VQEB,>KRC>@QROFKD$KDFKBBOFKD&O>AR>QB
"LJJFQQBBTEF@ETFIIBUBO@FPBFQPAFP@OBQFLKFKE>KAIFKD
>KVBUQBKR>QFKD@FO@RJPQ>K@BPLOMOL?IBJP
,%$2BJFK>O
2BJFK>OPMB>HBOPFK@IRAB6/(C>@RIQV>KAPQRABKQP>PTBII
>PJ>KRC>@QROFKDBUMBOQP>KAP@ELI>OPCOLJ>OLRKAQEB
TLOIA1BDFPQO>QFLKCLO>QQBKA>K@B>Q>KAM>OQF@FM>QFLKFK
QEBPBJFK>O@LROPB,%$FPOBNRFOBACLOCRIIQFJB
PQRABKQP3EBPBJFK>OPBOFBPMOLSFABP>@LJJLKCLORJCLO
>IIPQRABKQPQLAFP@RPP@ROOBKQFPPRBPFKJ>KRC>@QROFKD
BKDFKBBOFKD
1BPB>O@E%>@FIFQFBP>KA
+>?LO>QLOFBP
3EB" ,+>?LO>QLOV
3EB" ,+>?C>@FIFQ>QBPQEBRPBLCAFDFQ>IQB@EKLILDFBPQL
JLABI>K>IVWB>KA@LKQOLIQEBJ>KRC>@QROFKDMOL@BPPBP
>KAPVPQBJP!BPFABPQEB@LJMRQBOP>S>FI>?IBCLOPQRABKQP
PBSBO>I>MMIF@>QFLKPLCQT>OBM>@H>DBPE>SB?BBKRPBACLO
" #PLIFAJLABIFKDHFKBJ>QF@>K>IVPFP%$ JLABIFKD
>KAPFJRI>QFLKLCJ>@EFKFKD>KALQEBOJ>QBOF>IP
 6/(">Q>ILD
MOL@BPPFKD>PTBII>PKBT>AAFQFSBJ>KRC>@QROFKD
MOL@BPPBP3EBI>?E>P?BBKABSBILMFKDQB@EKFNRBP>KA
PVPQBJPCLOMOL@BPPJ>@EFKFKD>KAEB>QQOB>QJBKQ
JLABIFKD>KAPFJRI>QFLKMOLAR@QFLKMI>KKFKDQLIBO>K@B
>K>IVPFPhUQROBABPFDK>KAIB>KJ>KRC>@QROFKD
,>KRC>@QROFKD(KQBOMOBQFKD1L?LQF@P
K>IVPFP#BI>V#VK>JF@>I2VPQBJP
+>?LO>QLOV,(1 #
3EB,(1 #I>?LO>QLOVCL@RPBPLKABSBILMFKD@LJMRQ>QFLK
QB@EKLILDV>KABKDFKBBOFKDQL?BQQBOFJMOLSBBJBODBK@V
JBAF@>IPBOSF@BP>J?RI>K@BSBEF@IBPAF>IVPFPQOB>QJBKQ
JBAF@>I>KAMR?IF@EB>IQEPVPQBJP>FO@O>CQ?OB>HFKD
PVPQBJPPVPQBJPBKDFKBBOFKDJB@E>KF@P>KA>RQLJ>QBA
J>KRC>@QROFKDPVPQBJPABPFDK.ROFKKLS>QFSB
@LJMRQBOFWBAJLABIIFKDQB@EKFNRBPPFJRI>QFLKP
BUMBOFJBKQP>KA@LJMRQBO@LKQOLIIBAA>Q>>@NRFPFQFLKQL
RKABOPQ>KASF?O>QFLKP>KANR>KQFCVRK@BOQ>FKQVBK>?IBRP
QLBPQFJ>QBLMQFJ>IMBOCLOJ>K@BOBIF>K@BLCMOLAR@QP
MOL@BPPBP>KAPVPQBJPFKPRPQ>FKBAT>VP3EBM>OQKBOPLC
,(1 #+>?LO>QLOVFK@IRAB?RQKLQIFJFQBAQLFKARPQOV
>@>ABJF>ELPMFQ>IP$,2ABM>OQJBKQPOBPB>O@E
FKPQFQRQFLKP>KARKFSBOPFQFBP
,>KRC>@QROFKD+>?LO>QLOFBP
3EBJ>KRC>@QROFKDI>?LO>QLOFBP>OBPMOB>ALRQFKPFUJ>FK
>OB>PFKQTL?RFIAFKDP>KAELRPB6/(P'>>P3B@EKF@>I
$AR@>QFLK"BKQBO>PTBII>P6/(P1L?LQF@P1BPLRO@B
+>?LO>QLOV6/(P"LII>?I>?>KAPBSBO>IPQRABKQTLOH
PM>@BP(KQEB'FDDFKP+>?LO>QLOFBPQEBC>@FIFQFBP>OBIL@>QBA
FKOLLJP>KA(KQEB6>PE?ROK2ELMPQEB
C>@FIFQFBP>OBIL@>QBAFKOLLJP>KA3EB
C>@FIFQFBP>OBLMBO>QBA?V>KLMBO>QFLKPJ>K>DBO>KAQTL
I>?J>@EFKFPQPTEL>OB>PPFPQBA?VRMQLRKABODO>AR>QB
MBBOIB>OKFKD>PPFPQ>KQP/+ P.SBO6/(PQRABKQPRPB
QEBC>@FIFQFBPB>@EVB>O@LJMIBQFKDERKAOBAPLCFKAFSFAR>I
>KADOLRMMOLGB@QP(K>QVMF@>ITBBHQBOJTBOB@LOALSBO
FKPQ>K@BPLCRPBFKQEBC>@FIFQFBPTEF@E>OB>S>FI>?IBCLO
PQRABKQRPBELROPMBOA>VA>VPMBOVB>O
3EB'>>P3B@EKF@>I$AR@>QFLK"BKQBOT>PBPQ>?IFPEBATFQE
>>T>OACOLJQEB%IBBQ PPBQ,>K>DBJBKQ
QORPQBBLCQEB$IFW>?BQE +RCHFK3ORPQ>KA'>>P
RQLJ>QFLK.UK>OA">IFCLOKF>>KAOBMOBPBKQBAFK-BT
$KDI>KA?V3OFABKQ,>@EFKBQLLIPTELBKQORPQBA6/(TFQE
LSBO>NR>OQBOJFIIFLKALII>OPFKKBTJ>@EFKBQLLIP
PLCQT>OB>KAQO>FKFKD
3EB@BKQBOFPRPBACLO?LQERKABODO>AR>QBQB>@EFKD>KA
DO>AR>QBOBPB>O@E3EBBIBSBK"-"J>@EFKBQLLIP>OBRPBA
FK,$,$>KA$2>PTBII>PLQEBO@LROPBP
3EBJ>@EFKBQLLIPC>@FIFQ>QBQEBOB>IFW>QFLKFBC>?OF@>QFLK
LCM>OQPQE>QPQRABKQPE>SBABPFDKBALK@LJMRQBOP3EB
J>@EFKBQLLIP>OBFJMLOQ>KQCLOPRMMLOQFKD6/(PMOLGB@Q
?>PBABAR@>QFLK3EBJ>@EFKBQLLIP>OB>IPL?BRPBAFK
J>KRC>@QROFKDBKDFKBBOFKDOBPB>O@E>PTBII>PQLMOLAR@B
>MM>O>QRPQLPRMMLOQOBPB>O@EBfLOQPFKLQEBOhBIAP
'FDDFKP,>@EFKB2ELM>KA/OLGB@Q
+>?LO>QLOV
3EBJ>@EFKBPELMFKQEB'FDDFKP+>?P@LKPFPQPLCQEOBB
>AG>@BKQ>OB>PQEB,>@EFKB2ELM'+PNCQQEB
/OLGB@Q+>?LO>QLOV'+PNCQ>KAQEB2 $/OLGB@Q
+>?'+PNCQ3EB,>@EFKB2ELM@LKQ>FKP"-"
,>@EFKBQLLIP>'>>P3LLI1LLJJFK>KA>'>>P3LLI
1LLJ+>QEB>PTBII>P>PROC>@BDOFKABO#L II,FIIP>KA
>#L IIBKDFKBI>QEB>PTBII>P>AOFIIMOBPP?>KAP>TP
>KA>PPLOQBAE>KAQLLIP J>@EFKFPQJ>K>DBP>KA
PRMMLOQPQEBJ>@EFKBPELM>KAMOLGB@Q>@QFSFQFBPTFQEQEB
>PPFPQ>K@BLCRKABODO>AR>QB/+ P3EB/OLGB@Q+>?LO>QLOVFP
RPBAMOFJ>OFIVCLOQEB@LKAR@QLC@>MPQLKBABPFDKMOLGB@QP
OBNRFOFKD>I>ODBTLOH>KA>PPBJ?IV>OB>PR@E>PQEB2 $
%LOJRI>1>@B">O>KALQEBO2 $MOLGB@QP3VMF@>IIV\
PQRABKQP>OBFKSLISBATFQEQEBMOLGB@QPFKQEFPI>?LO>QLOV
QEOLRDELRQQEB>@>ABJF@VB>O
(K>AAFQFLKQLMOLSFAFKDPM>@BCLO@>MPQLKBABPFDKMOLGB@QP
QEBMOLGB@QI>?>IPLMOLSFABPPM>@BQLLKBLC6/(P42%FOPQ
1L?LQF@PQB>JP>KAPRMMLOQPQEB1L?LQF@P1BPLRO@B"BKQBO
>PTBII>P?BFKDQEBELJBLC6/(P"LII>?+>?3EB
"LII>?+>?FP>PQRABKQLOD>KFW>QFLKQE>QMOLJLQBP[J>HBO^
@RIQROB>KA@LII>?LO>QFLK>Q6/(
1L?LQF@P+>?LO>QLOV
3EB1L?LQF@P+>?LO>QLOV>PNCQC>@FIFQVFPIL@>QBALK
QEBhOPQiLLOLCQEB6>PE?ROK!RFIAFKDOLLJFP
BNRFMMBATFQE>S>OFBQVLCFKARPQOF>IOL?LQPJ>@EFKBQLLIP
>KALQEBOBNRFMJBKQ3EBFKARPQOF>IOL?LQPCLOTEF@EQEB
1L?LQF@P+>?LO>QLOVFPK>JBA>OBORKMOFJ>OFIVAROFKDQEB
I>?LO>QLOVPBPPFLKPLCQEB(KARPQOF>I1L?LQF@P@LROPB,$
>KAQL>IBPPBOBUQBKQ?VRKABODO>AR>QBMOLGB@Q
DOLRMP>KADO>AR>QBOBPB>O@EBOP3EBFKARPQOF>IOL?LQPFK
QEBI>?LO>QLOVFK@IRABLKB%>KR@+1,>QBF!>KALKB
%>KR@,F"3EB1L?LQF@PI>?ELRPBPCLROLCQEBhSB
BKQORPQBAJ>@EFKBQLLIPQE>Q>OBM>OQLC6/(P'>>P
3B@EKF@>I$AR@>QFLK"BKQBO3EB,FII#OFII"BKQBO,#"FP>
MBOJ>KBKQBKQORPQJBKQ>KAE>PARBIM>IIBQPPL>M>OQ@>K
?BIL>ABATEFIBQEBJ>@EFKBFP@RQQFKD3EFPJ>@EFKBFP
COBNRBKQIVRPBAFK@LKGRK@QFLKTFQEQEB%>KR@+1,>QB3EB
'>>P238CRIIV>RQLJ>QBA>UFPJ>@EFKFKD@BKQBOTFQE
>K>RQLJ>QF@?>OCBBABO4PBAFK@LKGRK@QFLKTFQEQEB
%>KR@>KAQEB,#"PQRABKQP@>K@OB>QB>CRIIV
>RQLJ>QBAMOLAR@QFLK@BII!LQEQEB'>>P5,>KA5%22
>IPLIL@>QBAFKQEB1L?LQF@P+>?>OBBNRFMMBATFQECRII
>UFP@LKQOLIPVPQBJP6BE>SB>'>>PhCQE>UFPhUQROFKD
PVPQBJQE>Q@>K?BJLRKQBAFKBFQEBOJ>@EFKBQLLI
 6/(">Q>ILD
"-"3B>@EFKD+>?LO>QLOV
3EB"-"QB>@EFKDI>?LO>QLOVFPIL@>QBAFKQEB6>PE?ROK
2ELMP1LLJ>KA@LSBOPPNCQ3EBJFPPFLKLCQEB
"-"I>?PFPQLPRMMLOQQEBJFPPFLKLC6/(?V@OB>QFKD
AFP@LSBOFKD>KA@LKSBVFKDHKLTIBADB>QQEBCOLKQFBOPLC
FKNRFOVFK"-"J>@EFKFKD>KABAR@>QFLK>PTBII>PIFKHFKD
QE>QKBTHKLTIBADBQL>MMIF@>QFLKPEBIMPQRABKQP>@EFBSB
PBICPRg@FBK@VFKQEBRPBLC"-"QLLIP>KAQB@EKLILDFBPPL
QEBV@>K@LK@BFSBABPFDK>KA@OB>QBQEBFOLTK"-"
J>@EFKBAM>OQPCLOQEBFOMOLGB@QP
3EBSFPFLKLCQEB"-"I>?PFPQL?BQEBMOBJFBOI>?LO>QLOV
CLO"-"BKDFKBBOFKDBAR@>QFLK>KAOBPB>O@E>MMIFBA>KA
CRKA>JBKQ>IFKQEBTLOIA
(KQEBQB>@EFKDI>?LO>QLOVTBE>SBLKB4KFSBOP>I+>PBO
2VPQBJP5+2+>PBO"RQQBOLKB,>HBO?LQ1BMIF@>QLO7
'>>P,FKF,FIIP>KA'>>P2+P?>KAP>TPQTLAOFII
MOBPPBP>PEBBQJBQ>IPEB>O>KA?BKAFKD?OB>H>PTBII>P
>PPLOQBAE>KAQLLIP QQ>@EBAQLB>@ELCQEB,FKF,FIIP>KA
2+P>OB@LJMRQBOTLOHPQ>QFLKPBNRFMMBATFQE>IILCQEB
ABPFDK>KAMOLDO>JJFKDPLCQT>OBPRMMLOQBALK@>JMRP
>KATFQELROFKPQOR@QFLK>IQLLIPQE>QE>SB?BBKABSBILMBA
QL>IILTPQRABKQPQLQO>FKB>@ELQEBO
(K>AAFQFLKQLQEB@LJMRQBOPIL@>QBA>QB>@ELCQEB"-"
J>@EFKBQLLIPFKQEB"-"QB>@EFKDI>?LO>QLOV>KAOL?LQF@P
I>?LO>QLOFBPQEBC>@FIFQVE>PQTL@LJMRQBO@I>PPOLLJ
PM>@BPLKBIL@>QBAFKTFQEQEBLQEBOFK$>@ELCQEB
@I>PPOLLJPM>@BP@>K?B@LKhDROBAQL@LKQ>FK?BQTBBK
>KA@LJMRQBOTLOHPQ>QFLKP$>@EPM>@B>IPLE>P>
@LKCBOBK@BQ>?IBTEFQB?L>OAP>KA>@BFIFKDJLRKQBA
MOLGB@QLOQE>QB>@E@LJMRQBOFKQEBPM>@B@>KPBKAFQP
PFDK>IQLTEBKQEBPM>@BP>OBRPBACLOMOLGB@QDOLRM
JBBQFKDP
2QRABKQPTLOHFKDLK>KVLCQEB@LJMRQBOTLOHPQ>QFLKPFK
QEBC>@FIFQFBPE>SB>@@BPPQLQEBABPFDKPLCQT>OBM>@H>DBP
PRMMLOQBALK@>JMRP>PTBII>PLROQO>FKFKDJ>QBOF>IP>KA
PBSBO>I"LJMRQBO FABA,>KRC>@QROFKD" ,PLCQT>OB
M>@H>DBPFK@IRAFKD$PMOFQ,>PQBO">J>KA2ROC">J
,BQ>I AAFQFSB,>KRC>@QROFKD+>?
QJBQ>I>AAFQFSBJ>KRC>@QROFKDI>?TB>AS>K@BQEBPQ>QB
LCQEB>OQFK>AAFQFSBJ>KRC>@QROFKD?VTLOHFKD>QQEB
FKQBOPB@QFLKLCJB@E>KF@>IBKDFKBBOFKDJ>QBOF>IPP@FBK@B
>KAJ>KRC>@QROFKD6BPMB@Fh@>IIVRPBI>PBOMLTABO?BA
CRPFLKBIB@QOLK?B>JMLTABO?BACRPFLK>KATFOB>O@
>AAFQFSBJ>KRC>@QROFKDMOL@BPPBPLKPQOR@QRO>IJ>QBOF>IP
PR@E>PQFQ>KFRJKF@HBI>IRJFKRJ?>PBA>IILVP>KAPQBBIP
.RODL>IFPQLABSBILM>KARQFIFWBMOL@BPPPQOR@QROB
MOLMBOQVOBI>QFLKPCLOAFfBOBKQMOL@BPPBP>KAJ>QBOF>IPQL
>@EFBSBABPFOBAJF@OLPQOR@QROB>KAMOLMBOQFBP.ROI>?E>P
>K2+,I>PBOMLTABO?BACRPFLKBNRFMJBKQQE>QFP
PRFQ>?IBCLOM>O>JBQBOABSBILMJBKQRPFKDPJ>IINR>KQFQFBP
LCMLTABOPTEF@EFPBPMB@F>IIV>AS>KQ>DBLRPCLOJ>QBOF>IP
ABSBILMJBKQ>@QFSFQFBP3EFPJ>@EFKBFP>IPLBNRFMMBATFQE
FKPFQRJLKFQLOFKD@>M>?FIFQFBPPR@E>PJBIQMLLI
JLKFQLOFKD>KAI>PBOMLTBOJLKFQLOFKD6B>IPLIBSBO>DB
@LII>?LO>QFLKPTFQELQEBORKFSBOPFQFBPK>QFLK>II>?P>KA
@LJM>KFBPCLO>@@BPPQLBNRFMJBKQ>KA@LJMIBJBKQ>OV
PHFIIPQL>@EFBSBLRODL>IP
,BQ>I/OL@BPPFKD(KPQFQRQB,/(
3EB,BQ>I/OL@BPPFKD(KPQFQRQB,/(FP>KFKARPQOV
RKFSBOPFQV>IIF>K@B(QPJFPPFLKFPQLABPFDK>KA@>OOVLRQ
OBPB>O@EMOLGB@QPFABKQFhBAFK@LII>?LO>QFLKTFQE,/(P
FKARPQOF>IM>OQKBOPFKQEBhBIALCKB>O>KAKBQPE>MB
J>KRC>@QROFKD,/(ABSBILMPHKLTIBADBQE>QTFIIEBIM
BKE>K@BQEBMOLAR@QFSFQV>KA@LJMBQFQFSBKBPPLCQEBJBQ>I
MOL@BPPFKDFKARPQOV>KAABSBILMPQEBFKARPQOVPERJ>K
OBPLRO@B?>PBQEOLRDEQEBBAR@>QFLKLC6/(PQRABKQP.SBO
@LOMLO>QBM>OQKBOPM>OQF@FM>QBFKQEB(KPQFQRQB>KAQEBFO
PRMMLOQEBIMPCRKACRKA>JBKQ>I>KA>MMIFBAOBPB>O@EQE>Q
>AAOBPPBPQB@EKLILDF@>I?>OOFBOPC>@FKDQEBFKARPQOV,/(FP
LKBLC6/(PQTL(KPQFQRQBPTFQE>IBD>@V?>PBALK3EBLOV
>KA/O>@QF@B,/(ELRPBPQEOBB@BKQBOPQEB AS>K@BA
">PQFKD1BPB>O@E"BKQBO "1"QEB"BKQBOCLO'B>Q
3OB>QFKD$U@BIIBK@B"'3$>KAQEB"BKQBOCLO1BPLRO@B
1B@LSBOV>KA1B@V@IFKD"13EBI>QQBOFP>JRIQF
RKFSBOPFQV@BKQBOTFQE"2,>KA*4+BRSBK
2ROC>@B,BQOLILDV+>?LO>QLOV
6/(P2ROC>@B,BQOLILDV+>?FPLKBLCGRPQ>CBT>@>ABJF@
I>?PFKQEBTLOIAQE>QCL@RPBPLKJB>PROBJBKQ>KA
>K>IVPFPLCPROC>@BQLMLDO>MEFBPLOOLRDEKBPP3EOLRDE
QEBDBKBOLPFQVLCQEBOBPMB@QFSB@LJM>KFBPQEBI>?E>PQEB
RPBLC>K.IVJMRP+$73.+2I>PBOP@>KKFKD@LKCL@>I
JF@OLP@LMB>2LI>OFRP2LI>O2@>KTEFQBIFDEQJF@OLP@LMB
>KA>,>EO%BABO>I,>O2ROC&#PQVIRPMOLhIBOCLO
JB>PROFKDQLMLDO>MEFBP>PTBII>P,LRKQ>FKP,>M
#FDFQ>I2ROC,LA>I%FIQBO>KA2CO>UPLCQT>OBCLO>K>IVPFP
6BPQRAVELTQLMLDO>MEFBP>OBFKiRBK@BA?VMOL@BPPFKD
>KAFKiRBK@BQEBMBOCLOJ>K@BLCPROC>@BP.KBQ>PHFQQL
hKAT>VPQLAFP@OFJFK>QBPROC>@BPQE>QTBOBMOL@BPPBA
AFfBOBKQIVLOQE>QMBOCLOJAFfBOBKQIV?>PBALK
QLMLDO>MEF@JB>PROBJBKQ>KA>K>IVPFP KLQEBOQ>PHFPQL
hKACRK@QFLK>I@LOOBI>QFLKP?BQTBBKQLMLDO>MEFBP>KA
QEBFOMOL@BPPFKDLOQEBFOMBOCLOJ>K@B3EBI>?E>P
MFLKBBOBAQEBABSBILMJBKQ>KA>MMIF@>QFLKLCPBSBO>I
HFKAPLCJRIQFP@>IB>K>IVPBPFK@IRAFKDDBLJBQOF@>KA
CO>@Q>I>K>IVPBPCLOAFP@OFJFK>QFLK>KA@LOOBI>QFLK3EBI>?
PBOSBPFKARPQOV>KA@LII>?LO>QBPTFQEBKDFKBBOP>KA
P@FBKQFPQPCOLJ>S>OFBQVLCAFP@FMIFKBP>OLRKAQEBTLOIA
 6/(">Q>ILD
,2FK,>KRC>@QROFKD$KDFKBBOFKD
%LOQEB,>PQBOLC2@FBK@BFK,>KRC>@QROFKD$KDFKBBOFKD
QEBPQRABKQFPOBNRFOBAQL@LJMIBQB>JFKFJRJLC
DO>AR>QB@OBAFQELROP3EB@LROPBOBNRFOBJBKQP>OB
MOBPBKQBA?BILT3EBPQRABKQTFII@ELLPB?BQTBBK>QEBPFP
LO-LK3EBPFPLMQFLK
3EBPFP.MQFLK
3EBPQRABKQJRPQ@LJMIBQB>QEBPFPTFQE>JFKFJRJLCPFU
DO>AR>QB@OBAFQP AAFQFLK>IQEBPFP@OBAFQPJ>VPR?PQFQRQB
CLOBIB@QFSB@LROPBP IIBIB@QFSB@LROPBPJRPQ?B>MMOLSBA
?VQEBPQRABKQP>ASFPLO>KAQEB#FOB@QLOLC,>KRC>@QROFKD
$KDFKBBOFKDLOQEB,>KRC>@QROFKD$KDFKBBOFKD&O>AR>QB
"LJJFQQBB
-LK3EBPFP.MQFLK
(K>AAFQFLKQLQEB@LROPBOBNRFOBJBKQPFKQEBCLRO@LOB
>OB>P>">MPQLKB/OLGB@QFPOBNRFOBA3EFP">MPQLKB/OLGB@Q
OBNRFOBJBKQ@>K?BJBQ?VPR@@BPPCRI@LJMIBQFLKLC,%$
">MPQLKB/OLGB@QFK,>KRC>@QROFKD$KDFKBBOFKDLOTFQE
>QEOBB@OBAFQ(KABMBKABKQ2QRAVLO#FOB@QBA1BPB>O@E
MOLGB@QFK,>KRC>@QROFKD$KDFKBBOFKD IIBIB@QFSB@LROPBP
JRPQ?B>MMOLSBA?VQEBPQRABKQP>ASFPLO>KAQEB
#FOB@QLOLC,>KRC>@QROFKD$KDFKBBOFKDLOQEB
,>KRC>@QROFKD$KDFKBBOFKD&O>AR>QB"LJJFQQBB
"LROPB1BNRFOBJBKQP
3EB,>KRC>@QROFKD/OLDO>JFPABPFDKBAQLCL@RPLKCLRO
@LOB>OB>PQEBJ>KRC>@QROFKDMOL@BPP>KAABPFDK
J>QBOF>IPMOL@BPPFKDPVPQBJPBKDFKBBOFKD>KAMOLAR@QFLK
LMBO>QFLKPJ>K>DBJBKQ3EBPBQLMF@P>OBFJMLOQ>KQQLQEB
ABPFDK>KA@LKQOLILCQEBC>@QLOFBPLCQEBCRQROB3EB,2FK
,>KRC>@QROFKD$KDFKBBOFKDOBNRFOBPDO>AR>QB@OBAFQP
3EB@LROPBOBNRFOBJBKQP>OBMOBPBKQBA?BILT
+JA6,>PQBOLC2@FBK@B
,>KRC>@QROFKD/OL@BPP>KA#BPFDK
DO>AR>QB@OBAFQP
E6> +:E=6 C65:ED
,%$ "LKQOLI>KA,LKFQLOFKDLC
,>KRC>@QROFKD/OL@BPPBP

,%$,3$
,$
UFLJ>QF@#BPFDKLC
,>KRC>@QROFKD/OL@BPPBP

,%$,$

"LJMRQBO(KQBDO>QBA
,>KRC>@QROFKD

,%$,$

#BPFDKCLO,>KRC>@QRO>?FIFQV 
,>QBOF>IP/OL@BPPFKDDO>AR>QB@OBAFQP
E6> +:E=6 C65:ED
,3$ /E>PB3O>KPCLOJ>QFLKPFK,>QBOF>IP
,3$,$

2QOR@QROB>KA/OLMBOQFBPLC
$KDFKBBOFKD,>QBOF>IP

,3$,$

/OLMBOQFBP>KA/BOCLOJ>K@BLC
$KDFKBBOFKD,>QBOF>IP

KVLQEBO,3$777@LROPBTFQE
QEB>MMOLS>ILCQEBMOLDO>J
AFOB@QLO
2VPQBJP$KDFKBBOFKDDO>AR>QB@OBAFQP
E6> +:E=6 C65:ED
282 "LK@BMQPLC2VPQBJP$KDFKBBOFKD 
282 !RPFKBPP/O>@QF@BP 
282 (KQOLAR@QFLKQL2VPQBJP3EFKHFKD 
2# 2VPQBJ#VK>JF@P%LRKA>QFLK
,>K>DFKD"LJMIBUFQV

/OLAR@QFLK.MBO>QFLKP,>K>DBJBKQ
DO>AR>QB@OBAFQP
E6> +:E=6 C65:ED
.($ .MBO>QFLKP,>K>DBJBKQ 
.($ 2RMMIV"E>FK K>IVPFP>KA#BPFDK 
.($ /BOCLOJ>K@B K>IVQF@P 
.($ &IL?>I/RO@E>PFKD>KA+LDFPQF@P 
.($ #BPFDKFKD>KA,>K>DFKD+B>K2FU
2FDJ>/OL@BPPBP

">MPQLKB/OLGB@QDO>AR>QB@OBAFQP
E6> +:E=6 C65:ED
,%$ ">MPQLKB/OLGB@QFK
,>KRC>@QROFKD$KDFKBBOFKD

$IB@QFSBPDO>AR>QB@OBAFQP
2BIB@QCOLJ>KVDO>AR>QBP@FBK@BLOBKDFKBBOFKD@LROPB
TFQE>MMOLS>ILCQEBMOLDO>JAFOB@QLO
/E#FK,>KRC>@QROFKD$KDFKBBOFKD
3EBAL@QLO>I/E#MOLDO>JFK,%$FP>OBPB>O@EABDOBB
OBNRFOFKDQEBCLIILTFKD
II@>KAFA>QBPJRPQM>PP>@LJMOBEBKPFSBTOFQQBK>KALO>I
BU>J3EBTOFQQBKBU>JJ>V?BT>FSBARMLKQEB
OB@LJJBKA>QFLKLCQEB>ASFPLO>KA>MMOLS>ILCQEB,%$
MOLDO>JAFOB@QLO II@>KAFA>QBPJRPQ@LJMIBQB>QIB>PQ
 6/(">Q>ILD
LKBVB>OFKOBPFABK@BMOBPBKQ>KAE>SB>AFPPBOQ>QFLK
MOLMLP>I>@@BMQBAQEBAFPPBOQ>QFLKJRPQ?BPR@@BPPCRIIV
MOBPBKQBA>KAABCBKABA
3EBAFPPBOQ>QFLKFP?>PBALKLOFDFK>IOBPB>O@E ?OL>A
O>KDBLCOBPB>O@EQLMF@PFPMLPPF?IBFK@IRAFKDFKSBPQFD>QFLK
FKQLQEBCRKA>JBKQ>IP@FBK@BLKTEF@EJ>KRC>@QROFKD
MOL@BPPBP>OB?>PBAJ>QBOF>IP@FBK@BJ>KRC>@QROFKD
BKDFKBBOFKDBAR@>QFLKJBQOLILDVNR>IFQVJ>@EFKBQLLI
AVK>JF@PJ>KRC>@QROFKDMOL@BPPBPABPFDKJBQELALILDV
>KAMOLAR@QFLKPVPQBJP>KAEB>IQEPVPQBJPOBPB>O@E
II6/(OBNRFOBJBKQPCLO>/E#ABDOBBJRPQ?BJBQ
+JA6/E#
,>QBOF>IP2@FBK@B>KA
$KDFKBBOFKD
%>@RIQV
$:D9C2*BKKBQE&,BOOF>J/OLCBPPLO#FOB@QLO
,>QBOF>IP,>KRC>@QROFKD$KDFKBBOFKD,BQ>I/OL@BPPFKD
(KPQFQRQB/E#4KFSBOPFQVLC,FKKBPLQ>/EVPF@L@EBJF@>I
MOL@BPPFKDLCJ>QBOF>IP"LOOLPFLKP@FBK@B>KABKDFKBBOFKD
,>QBOF>IP/OL@BPPFKD2ROC>@B$KDFKBBOFKD1BPLRO@B
1B@LSBOV1B@V@IFKD"OFQF@>IJ>QBOF>IPBUQO>@QFLK(OLK>KA
PQBBIJ>HFKD IILVABSBILMJBKQ3EFKhIJ@L>QFKDP
C@H?/OLCBPPLO#FOB@QLO2ROC>@B,BQOLILDV+>?
/E#4KFSBOPFQVLC5BOJLKQ2ROC>@BJBQOLILDVJRIQFP@>IB
DBLJBQOF@>K>IVPBP>UFLJ>QF@ABPFDKPMLOQPBKDFKBBOFKD
>KAJ>KRC>@QROFKDMOL@BPPBP
@E6 PPFPQ>KQ/OLCBPPLO#FOB@QLO"BKQBOCLO,>QBOF>IP
/OL@BPPFKD#>Q>",/#/E#6LO@BPQBO/LIVQB@EKF@
(KPQFQRQB"LJMRQ>QFLK>IQEBOJLAVK>JF@P>KAHFKBQF@P
/E>PBQO>KPCLOJ>QFLKP/LTABOJBQ>IIRODV
6>6ECJ/OLCBPPLO#FOB@QLO,LOD>K3B>@EFKD>KA
+B>OKFKD"BKQBO/E#,>PP>@ERPBQQP(KPQFQRQBLC
3B@EKLILDV,>QBOF>IPP@FBK@B>KABKDFKBBOFKDBAR@>QFLK
K>KL@OVPQ>IIFKBJ>QBOF>IP>KAK>KL@LJMLPFQBP@BO>JF@P
>KADO>FK?LRKA>OFBP>KAFKQBOC>@BPFKJ>QBOF>IP
#25@D,FIQLK/OFK@B'FDDFKP((/OLCBPPLO#FOB@QLO
(KQBDO>QFSB,>QBOF>IP#BPFDK"BKQBOF,A@/E#6LO@BPQBO
/LIVQB@EKF@(KPQFQRQB%>QFDRBC>QFDRB@O>@HDOLTQE
QEBOJLJB@E>KF@>IC>QFDRB@OBBM>KACO>@QROBLCJBQ>IIF@
J>QBOF>IP\IFCBMOBAF@QFLKP@LJMRQ>QFLK>IJLABIFKD>KA
(",$J>QBOF>IPMOL@BPPABPFDK>KALMQFJFW>QFLKCLO
>BOLPM>@B>RQLJLQFSBJ>OFKB>KAJFIFQ>OV>MMIF@>QFLKP
>AS>K@BAJ>QBOF>I@E>O>@QBOFW>QFLK>AAFQFSB
J>KRC>@QROFKDJBQ>IJ>QOFUK>KL\@LJMLPFQBPCOF@QFLKPQFO
TBIAFKD@LIAPMO>VQB@EKLILDVMLTABOJBQ>IIRODV
OBPFAR>IPQOBPPMI>PQF@FQVCO>@QROBJB@E>KF@P
!:2?JF#:2?8/OLCBPPLO/E#!OLTK4KFSBOPFQV AAFQFSB
J>KRC>@QROFKDK>KLPQOR@QROBAJ>QBOF>IPJ>QBOF>I
MOL@BPPFKDJ>QBOF>I@E>O>@QBOFW>QFLK
$$$2<9=@F7/OLCBPPLO/E#6LO@BPQBO/LIVQB@EKF@
(KPQFQRQB2LIFAFh@>QFLKLC,BQ>IPQEB>MMIF@>QFLKLCEB>Q
J>PP>KAJLJBKQRJQO>KPCBOQLJLABIFKD>KAPLISFKD
BKDFKBBOFKDJ>QBOF>IPMOL?IBJP>KAMOL@BPPFKDLC@BO>JF@
J>QBOF>IP
'@H6== PPL@F>QB/OLCBPPLO/E#,>PP>@ERPBQQP
(KPQFQRQBLC3B@EKLILDV"IB>KMOLAR@QFLKLCJ>QBOF>IP
M>OQF@RI>OIVQELPBRPBAFK@IB>KBKBODVBIB@QOL@EBJFPQOV
BUQO>@QFSBJBQ>IIRODVJRIQFP@>IBJLABIFKDLCJ>QBOF>IP
MOL@BPPCRKA>JBKQ>IPFKAR@QOF>IB@LILDV
')2@ PPL@F>QB/OLCBPPLO/E#2Q>KCLOA4KFSBOPFQV2LI>O
BKBODVJ>QBOF>IPMELQLSLIQ>F@>KAMELQLBIB@QOL@EBJF@>I
J>QBOF>IPP@>I>?IBPVKQEBPFPLCK>KLPQOR@QLOBAQEFKhIJ
J>QBOF>IP
**9:G<F>2C/OLCBPPLO/E#2QBSBKP(KPQFQRQBLC
3B@EKLILDV!FLJBAF@>IJ>QBOF>IPMI>PQF@PJ>QBOF>IP
MOL@BPPFKD
)*:DD@?)O&BLODB%%RIIBO/OLCBPPLO/E#/ROARB
4KFSBOPFQV,>QBOF>IPMOL@BPPJLABIFKD>KA@LKQOLI
J>KRC>@QROFKDBKDFKBBOFKD@LOOLPFLK>KABKSFOLKJBKQ>I
BfB@QPLKJBQ>IP>KA@BO>JF@P
.*@3@J6;@!BOK>OA,&LOALK#B>KLC$KDFKBBOFKD
/OLCBPPLOLC$KDFKBBOFKD+B>ABOPEFM/E#">J?OFADB
4KFSBOPFQVJ>QBOF>IPP@FBK@B?FLJ>QBOF>IPJ>QBOF>IPCLO
BKBODVPVPQBJP>KAJRIQFCRK@QFLK>IJ>QBOF>IPCLO
PRPQ>FK>?IBABSBILMJBKQ
0.2?86FIIF>J2JFQE%LRKA>QFLK#B>KP/OLCBPPLO/E#
4KFSBOPFQVLC6FKAPLO">K>A>+FQEFRJFLK?>QQBOVCRBI
@BII@LOOLPFLK>KABIB@QOL@EBJFPQOViLT?>QQBOV
019@?8 PPL@F>QB/OLCBPPLO/E#/BKKPVIS>KF>2Q>QB
4KFSBOPFQV"LJMRQ>QFLK>I3EBOJLAVK>JF@P(KQBDO>QBA
J>QBOF>IP>KAMOL@BPPBPABPFDK(,/#-BUQDBKBO>QFLK
>IILVP>KA@BO>JF@P
/OLDO>JLC2QRAV
,>QBOF>IP2@FBK@B>KA$KDFKBBOFKD,3$LfBOPMOLDO>JP
IB>AFKDQL>ABDOBBLCJ>PQBOLCP@FBK@B>KALOAL@QLOLC
MEFILPLMEV
3EBJ>PQBOLCP@FBK@BFKJ>QBOF>IPP@FBK@B>KABKDFKBBOFKD
MOLSFABPPQRABKQPTFQE>KLMMLOQRKFQVQLPQRAVQEB
CRKA>JBKQ>IPLCJ>QBOF>IPP@FBK@B>KAPQ>QBLCQEB>OQ
>MMIF@>QFLKPFKJ>QBOF>IPBKDFKBBOFKD>KAJ>QBOF>IP
MOL@BPPFKD3EBMOLDO>JFPABPFDKBAQL?RFIA>PQOLKD
CLRKA>QFLKFKJ>QBOF>IPP@FBK@B>ILKDTFQEFKARPQOF>I
>MMIF@>QFLKPFKBKDFKBBOFKDQB@EKLILDV>KAMOL@BPPFKD
!LQECRII>KAM>OQQFJBPQRAV>OB>S>FI>?IB
/OLDO>J>OB>PCLOQEBAL@QLOLCMEFILPLMEVBJME>PFWBQEB
MOL@BPPFKDPQOR@QROBMOLMBOQVMBOCLOJ>K@BOBI>QFLKPEFMP
 6/(">Q>ILD
FKJBQ>IP@BO>JF@PMLIVJBOP>KA@LJMLPFQBP"ROOBKQ
MOLGB@QP>OB>AAOBPPFKDQEBPBFPPRBPFKCRBI@BIIJ>QBOF>IP
?FLMLIVJBOP>IRJFKRJ>KAJ>DKBPFRJ@>PQFKDQEBEB>Q
QOB>QFKDLCPQBBIP>KA>IRJFKRJ>IILVP>KAJBQ>IJ>QOFU
@LJMLPFQBP
6BIIBNRFMMBAI>?LO>QLOFBPTFQEFK6>PE?ROK2ELMP>KA
2QLAA>OA+>?LO>QLOFBPFK@IRABPR@EC>@FIFQFBP>PP@>KKFKD
2$,>KAQO>KPJFPPFLK3$,BIB@QOLKJF@OLP@LMBP7O>V
AFfO>@QLJBQBOMOL@BPPPFJRI>QFLKBNRFMJBKQ>
JB@E>KF@>IQBPQFKDI>?LO>QLOVFK@IRAFKDQTL@LJMRQBO
@LKQOLIIBAPBOSLEVAO>RIF@JB@E>KF@>IQBPQFKDPVPQBJP
JBQ>I@>PQFKDM>OQF@RI>QBMOL@BPPFKDPBJFPLIFAMOL@BPPFKD
I>?LO>QLOFBP>PROC>@BJBQOLILDVI>?LO>QLOV>
JBQ>IILDO>MEF@I>?LO>QLOV>MLIVJBOBKDFKBBOFKD
I>?LO>QLOVTFQEAFfBOBKQF>IP@>KKFKD@>ILOFJBQBO#2">
@LOOLPFLKI>?LO>QLOVQLMLDO>MEF@>K>IVPFPI>?LO>QLOV>KA
J>@EFKFKDCLO@BAVK>JLJBQOV O>KDBLCJ>QBOF>IP
MOL@BPPFKDC>PQBKFKDGLFKFKDTBIAFKDJ>@EFKFKD@>PQFKD
>KAEB>QQOB>QFKDC>@FIFQFBPFP>IPL>S>FI>?IB
AJFPPFLK1BNRFOBJBKQP
3EBMOLDO>JFPABPFDKBACLO@LIIBDBDO>AR>QBPTFQE
BKDFKBBOFKDJ>QEBJ>QF@PLOP@FBK@BABDOBBP2LJB
RKABODO>AR>QB@LROPBPJ>V?BOBNRFOBAQLFJMOLSBQEB
PQRABKQP?>@HDOLRKAFKJ>QBOF>IPP@FBK@B>KABKDFKBBOFKD
%LOCROQEBOFKCLOJ>QFLKPBB AJFPPFLK(KCLOJ>QFLK
%LO>AJFPPFLKFKQL!2,2MOLDO>J2QRABKQPPELRIA>MMIV
AROFKDQEBFOGRKFLOLOPBKFLOVB>O(K>AAFQFLKQLDBKBO>I
@LIIBDBOBNRFOBJBKQP>II@LROPBPQ>HBKCLODO>AR>QB@OBAFQ
JRPQOBPRIQFK>&/ LCLOEFDEBO DO>ABLC!LO?BQQBO
FPOBNRFOBACLO>KV@LROPBQL?B@LRKQBAQLT>OA?LQE
ABDOBBP6>FSBOLC>KVLCQEBPBOBNRFOBJBKQPJRPQ?B
>MMOLSBA?VQEB,>QBOF>IP2@FBK@B>KA$KDFKBBOFKD
&O>AR>QB"LJJFQQBBTEF@ETFIIBUBO@FPBFQPAFP@OBQFLKFK
E>KAIFKD>KVBUQBKR>QFKD@FO@RJPQ>K@BPLOMOL?IBJP
,>QBOF>IP2@FBK@B>KA
$KDFKBBOFKD+>?LO>QLOFBP>KA
1BPB>O@E"BKQBOP
$IB@QOL@EBJF@>I$KBODV+>?LO>QLOV
3EBBIB@QOL@EBJF@>IBKBODVI>?LO>QLOVFPBNRFMMBACLO
>K>IVWFKD>S>OFBQVLCBIB@QOL@EBJF@>IOB>@QFLKP$U>JMIBP
LCQEBPBOB>@QFLKPFK@IRABBIB@QOLIVPFPLCJBQ>IP>IQPCLO
MOFJ>OVJBQ>IMOLAR@QFLKIFQEFRJFLKQO>KPMLOQFKIFQEFRJ
FLK?>QQBOFBP>KAOB>@QFLKPFKSLISBAFK@LIILFA>IiLT
?>QQBOVPRPMBKPFLKP3EBBNRFMJBKQFK@IRABPQEOBB
AFfBOBKQBIB@QOL@EBJF@>I>K>IVWBOP!FLILDF@
BIB@QOL@EBJF@>IQBPQBOTFQE@E>KKBIP-BTT>OB!>QQBOV
QBPQFKDPVPQBJ O?FK!3TFQE,FQP/OL2VPQBJ>KA
>QTLMBOPLK,!1 4-&ILSB?LU AAFQFLK>IIVPBSBO>I
CROK>@BPLSBKEFDEBKBODV?>IIJFIILSBOEB>APQFOOBOPMFK
@L>QBO>KA>EVAO>RIF@MOBPP>OB>S>FI>?IBCLOBIB@QOLAB
MOBM>O>QFLK3EBI>?>IPLFK@IRABP>2ERQQB!Rf>IL6'
E>JJBOJFIICLOOB@V@IFKDOBI>QBAMOLGB@QP
(KQBDO>QFSB,>QBOF>IP#BPFDK"BKQBO
F,A@
F,A@FP>6/(?>PBAOBPB>O@E@BKQBOABAF@>QBAQL
>AS>K@FKDQEBPQ>QBLCQEB>OQ>KAMO>@QF@BFKPRPQ>FK>?IB
J>QBOF>IPMOL@BPP@LJMLKBKQABPFDK>KAJ>KRC>@QROFKD
CLOEFDEMBOCLOJ>K@BOBIF>?FIFQV>KAOB@V@I>?FIFQVQEOLRDE
HKLTIBADB@OB>QFLK>KAAFPPBJFK>QFLK>KAQEOLRDE
BAR@>QFLK
F,A@FPCLOJBAQEOLRDE>KFKARPQOVDLSBOKJBKQRKFSBOPFQV
>IIF>K@B>KAFQPMOLDO>JFP?RFIQFKAFOB@Q@LII>?LO>QFLK>KA
TFQE>@QFSBM>OQF@FM>QFLK>KAFKPFDEQCOLJFQPFKARPQOF>I>KA
DLSBOKJBKQM>OQKBOP3EB@BKQBOFP@LKAR@QFKD
CRKA>JBKQ>IOBPB>O@ETEF@E>AAOBPPBPTBIIFABKQFhBA
FKARPQOF>I>MMIF@>QFLKPLCDBKBO>IFKQBOBPQ>KAOBIBS>K@BQL
QEBJ>KRC>@QROFKDPB@QLO
3EBLSBO>O@EFKDL?GB@QFSBLCQEBF,A@POBPB>O@EMLOQCLIFL
FPQLMOBSBKQC>FIROB>KAFK@OB>PBEFDE\MBOCLOJ>K@B>KA
OBIF>?FIFQVLCEFDEFKQBDOFQVPQOR@QROBPQEOLRDE
] $UMILOFKD>KA>AS>K@FKDQEBCRKA>JBKQ>I>KA
MO>@QF@>IRKABOPQ>KAFKDLC>TFABO>KDBLCJRIQF
P@>IBJBQ>IIF@>KA@LJMLPFQBJ>QBOF>IP>KAQEBFO
OBPMB@QFSBMOL@BPPBP
] #BSBILMFKDKBT>KALMQFJFWBAJ>QBOF>IP>KA
MOL@BPPFKDMO>@QF@BPFK@IRAFKDOB@V@IFKD>P>ABPFDK
C>@QLO
] $PQ>?IFPEFKDHKLTIBADB?>PBAJF@OLPQOR@QROB
MOLMBOQFBPMBOCLOJ>K@BOBI>QFLKPEFMP
] (KSBPQFD>QFKDQEBFJM>@QLCFK@OB>PBARQFIFW>QFLKLC
OB@V@IBAJ>QBOF>IPFKEFDEMBOCLOJ>K@BJ>QBOF>IP>KA
>MMIF@>QFLKP
] /OLSFAFKDMO>@QF@>I>KAFKQBDO>QBAABPFDK>KA
@LJMRQ>QFLK>I(",$JBQELAP>KAQLLIP
] (ABKQFCVFKD>KAMROPRFKDFJMIBJBKQ>QFLKSBKRBPCLO
QEBABSBILMBAJ>QBOF>IPMOL@BPPBP>KAABPFDK
JBQELALILDFBP
(KARPQOF>I>KADLSBOKJBKQM>OQKBOPOBSFBT>KAMOLSFAB
FKPFDEQ>KADRFA>K@BQLQEBOBPB>O@EMOLDO>JP?OFKD
FKARPQOF>IMBOPMB@QFSB>KA>PPFPQFKFABKQFCVFKDPQO>QBDFBP
CLOQEBFJMIBJBKQ>QFLKLCQEBABSBILMJBKQPFKQEB
FKARPQOV3EFPPBQQFKDMOLSFABP>MI>QCLOJCLO@OB>QFKD
HKLTIBADBFK>TBIIABhKBA@LKQBUQTEFIB?BFKD>?IBQL
AFPPBJFK>QBFQ>KATFQKBPPFQPFJMIBJBKQ>QFLK>KAFJM>@Q
FKLK>@QR>IFKARPQOF>I>MMIF@>QFLKP
 6/(">Q>ILD
,>QBOF>IP"E>O>@QBOFW>QFLK+>?LO>QLOV
3EB,>QBOF>IP"E>O>@QBOFW>QFLK+>?LO>QLOV,"+FP>K
>K>IVQF@>IRPBOC>@FIFQVTEF@EPBOSBPQEBJ>QBOF>IP
@LJJRKFQV>Q6/(LfBOFKD>O>KDBLC>K>IVQF@>I
QB@EKFNRBP>KAPRMMLOQPBOSF@BP+F@BKPBARPBOPE>SB
>@@BPPQLFKPQORJBKQPFK@IRAFKD)$.+%hBIABJFPPFLK
DRKP@>KKFKDBIB@QOLKJF@OLP@LMB)$.+"7((
QO>KPJFPPFLKBIB@QOLKJF@OLP@LMB/ ->IVQF@>I$JMVOB>KU
O>VAFfO>@QLJBQBO2MB@QOL, 7U+,72MB@QOLJBQBO
DFIBKQ->KLFKABKQBO"I>OH", 3JF@OLE>OAKBPP
FKABKQBO2EFJ>WR',5,F@OLE>OAKBPPQBPQBO!RBEIBO
,F@OLE>OAKBPPQBPQBO1L@HTBIIE>OAKBPPQBPQBOP>KAJLOB
QE>KDOFKAFKD>KAMLIFPEFKDJ>@EFKBP3EB,"+FP>IPL
LMBKQLOBPB>O@EBOPCOLJLQEBORKFSBOPFQFBP>KAIL@>I
FKARPQOFBP
,BQ>I/OL@BPPFKD(KPQFQRQB,/(
3EB,BQ>I/OL@BPPFKD(KPQFQRQB,/(FP>KFKARPQOV
RKFSBOPFQV>IIF>K@BABAF@>QBAQL>AS>K@FKD>S>FI>?IB
QB@EKLILDVQLQEBJBQ>IMOL@BPPFKD>KAJ>QBOF>IPOB@LSBOV
>KAOB@V@IFKDFKARPQOFBP2QRABKQPMOLCBPPLOP>KAJLOB
QE>KFKARPQOVM>OQKBOPTLOHQLDBQEBOLKOBPB>O@E
MOLGB@QPQE>Q>AAOBPPQB@EKLILDF@>I?>OOFBOPC>@FKDFKARPQOV
\J>HFKDJBJ?BO?RPFKBPPBPJLOB@LJMBQFQFSB>KA
MOLAR@QFSB
,/(LfBOPBAR@>QFLK>ILMMLOQRKFQFBP>KA@LOMLO>QB
OBPLRO@BPQLRKABODO>AR>QB>KADO>AR>QBPQRABKQP3EBV
FK@IRAB
] (KQBOK>QFLK>IBU@E>KDBP>KAFKQBOKPEFMPTFQEPBSBO>I
IB>AFKDRKFSBOPFQFBPFK$ROLMB>KA PF>
] &O>AR>QBFKQBOKPEFMMOLDO>JPIB>AFKDQL>J>PQBOP
LOAL@QLO>IABDOBBTEBOBQEBOBPB>O@EFP@>OOFBALRQ
>QQEBFKARPQOF>IPFQB
] ,/(POBPB>O@EMOLDO>JP>OBJ>K>DBA?VQEOBB
AFPQFK@QOBPB>O@E@BKQBOP
] AS>K@BA">PQFKD1BPB>O@E"BKQBO "1"\JLOB
FKCLOJ>QFLK?BILT
] "BKQBOCLO'B>Q3OB>QFKD$U@BIIBK@B"'3$\JLOB
FKCLOJ>QFLK?BILT
] "BKQBOCLO1BPLRO@B1B@LSBOV>KA1B@V@IFKD"1\
JLOBFKCLOJ>QFLK?BILT
%LOCROQEBOFKCLOJ>QFLKMIB>PBSFPFQQEB,/(Lg@BPLKQEB
QEFOAiLLOLC6>PE?ROK1LLJ.ROSFPFQLROTB?PFQB
EQQMTMFBARJMF
"BKQBOCLO'B>Q3OB>QFKD$U@BIIBK@B
"'3$
QQEB"BKQBOCLO'B>Q3OB>QFKD$U@BIIBK@B"'3$PQRABKQP
DBQQLTLOHTFQEFKARPQOVIB>ABOP>KA6/(C>@RIQVQLPLISB
?RPFKBPP@E>IIBKDBP>KAFJMOLSBJ>KRC>@QROFKD
MOL@BPPBPQEOLRDE>MMIFBAOBPB>O@E
2QRABKQPTFIIE>SBQEBLMMLOQRKFQVQLTLOHTFQELSBO
@LOMLO>QBJBJ?BOPCOLJS>OFLRPM>OQPLCQEBEB>QQOB>QFKD
FKARPQOV\@LJJBO@F>IEB>QQOB>QBOP@>MQFSBEB>QQOB>QBOP
PRMMIFBOP>KAJ>KRC>@QROBOP
/OLGB@QLMMLOQRKFQFBPFKARPQOF>IFKQBOKPEFMP@LLM
LMMLOQRKFQFBP>KAPRJJBOBJMILVJBKQ>OB>S>FI>?IB
QEOLRDE"'3$EQQMTMFBAR@EQB
"BKQBOCLO1BPLRO@B1B@LSBOV>KA
1B@V@IFKD"1
(KK>QROBKLQEFKDFPT>PQBA3EB"BKQBOCLO1BPLRO@B
1B@LSBOV1B@V@IFKD"1FPQEBMOBJFBOBFKARPQOV
RKFSBOPFQV@LII>?LO>QFSBQE>QTLOHPQLT>OAPQ>HFKDQEB
T>PQBCOLJLKBMOL@BPP>KARQFIFWFKDFQFK>KLQEBO
BPQ>?IFPEFKD>@ILPBAILLMPVPQBJ\GRPQ>PK>QROBTLRIA
"1PJFPPFLKFPQL?BQEBRIQFJ>QBOBPLRO@BFKJ>QBOF>I
PRPQ>FK>?FIFQV
2QRABKQPTELTLOHTFQE"1TFIITLOHTFQEFKARPQOV
IB>ABOPLKQB@EKLILDF@>I>AS>K@BJBKQPQE>QOB@LSBO>KA
OB@V@IBJ>QBOF>IPCOLJFKFQF>IMOLAR@QABPFDKQEOLRDE
J>KRC>@QROBQLBKALCIFCBAFPMLPFQFLK3EBBKAOBPRIQ
BKE>K@BABKSFOLKJBKQ>I@LKPBOS>QFLK>KAFJMOLSBA
BKBODV>KA@LPQP>SFKDP
"1FP>K(KARPQOV>KA4KFSBOPFQV"BKQBO(4"1">KAFP
PRMMLOQBA?VQEB->QFLK>I2@FBK@B%LRKA>QFLK-2%
/>OQKBORKFSBOPFQFBPFK@IRAB"LILO>AL2@ELLILC,FKBP>KA
*4+BRSBK!BIDFRJ%LOJLOBFKCLOJ>QFLK
EQQMPTMFBAR@O
,FKBO>I/OL@BPPFKD+>?LO>QLOV
3EB,FKBO>I/OL@BPPFKD+>?@LKPFPQPLCPQ>QBLCQEB>OQ
C>@FIFQFBPQL@>OOVLRQMEVPF@>IPBM>O>QFLKEVAOL>KAMVOL
JBQ>IIRODF@>ILMBO>QFLKPQLPBM>O>QB>KAOB@LSBO?>PB
JBQ>IP>KA@OFQF@>IBIBJBKQPCOLJT>PQBPQOB>JP>KA
MOFJ>OVLOBP
3EBI>?@LKPFPQPLC>K>QQOFQFLKJFIICLOMOFJ>OVPFWB
OBAR@QFLK>KADOFKAFKDLCCBBAJ>QBOF>I3EBJFIIORKPFK
?LQEAOV>KATBQJBAF>>Q1/,LCQLTFQEDOFKAFKD
JBAF>O>KDFKDCOLJ^QL^%ROQEBOJLOBQLPQRAVQEB
M>OQF@IBPFWBAFPQOF?RQFLK>CQBODOFKAFKDQEBI>?@LKPFPQPLC>
2FBSB2E>HBO17QL@I>PPFCVM>OQF@IBPO>KDFKDCOLJQL
JF@OLKP
3EB%O>KQW,>DKBQF@!>OOFBO+>?LO>QLOV2BM>O>QLO+!
PBM>O>QBPJFKBO>I@LJMLKBKQP>@@LOAFKDQLQEBFO
M>O>J>DKBQF@>KAAF>J>DKBQF@PRP@BMQF?FIFQV6FQE
LMQFJFWBALOFBKQ>QFLKLCFK@IFKBA@ERQB>KAJ>DKBQF@
PVPQBJQEBABPFOBAOBI>QFLKPEFM?BQTBBKDO>SFQ>QFLK>I>KA
J>DKBQF@CLO@BP@>K?B>@EFBSBACLOBfB@QFSBPBM>O>QFLK
 6/(">Q>ILD
3EBI>?>IPL@LKPFPQPLC>@RPQLJ?RFIQTBQAORJJ>DKBQF@
PBM>O>QLO2QBFKBOQJ>HB1LQ>QFKDJ>DKBQF@AORJP
PBM>O>QBQEBJ>DKBQF@M>OQF@IBPCOLJPIROOV>KA>OBCROQEBO
P@O>MBALfCOLJQEBAORJPROC>@B?VPBM>O>QFKDPMIFQQBOQL
L?Q>FKEFDEIV@LK@BKQO>QBAJ>DKBQF@@LK@BKQO>QB
'B>QQOB>QJBKQBUMBOFJBKQP>OBMBOCLOJBAFK>@LKQOLIIBA
>QJLPMEBOBCROK>@B">O?LIFQB&BOL'3, TFQE>
J>UFJRJQBJMBO>QROBLCa">KA+SLIRJB>KA
+I>?LO>QLOVLSBK%FPEBO?O>KACLOEB>QFKDLCP>JMIBPFK
\a"O>KDB
3EBI>ODBP@>IBIB>@EFKDPBQRM@LKPFPQPLCQTL+
PQ>FKIBPPPQBBI22Q>KH>ILKDTFQE>KLSBOEB>ABIB@QOF@
JLQLOTFQEPE>CQCLOJFUFKDLCPIROOV3EBhIQO>QFLKPVPQBJ
@LKPFPQPLC>PBQQIFKDQ>KH?>DhIQBOTFQE>@RQLfPFWBLC
JF@OLKP>KA>MOBPPROBhIQBOCLOhIQO>QFLKLCM>OQF@IBP>?LSB
JF@OLK>KA>PQ>FKIBPPPQBBIEVAOL@V@ILKBTFQEQL
JF@OLKPBM>O>QFLKBg@FBK@V&>JOV1BCBOBK@BFP
RPBAQLOB@LSBOBIBJBKQPTFQEQEBBIB@QOLTFKKFKD
>MMOL>@E>KAPQRAVBIB@QOL@EBJF@>I@LOOLPFLK>KA@EB@H
@V@IF@SLIQ>JJBQOV
->KL$KBODV+>?LO>QLOV
1BPB>O@EFKQEB->KL$KBODV+>?Q>ODBQPQEBPVKQEBPFP>KA
PQRAVLCLOABOBAK>KLJ>QBOF>IPCLOBKBODV@LKSBOPFLK
>MMIF@>QFLKPM>OQF@RI>OIVCLO@LKSBOQFKDPLI>OBKBODVQL
BIB@QOF@>ILO@EBJF@>IBKBODV3EBDL>IFPQLRPB
K>KLPQOR@QROFKD>KAP@>I>?IBB@LKLJF@>IPVKQEBPFP
JBQELAPQLAO>J>QF@>IIVFJMOLSBQEBBKBODV@LKSBOPFLK
Bg@FBK@VLCB>OQE>?RKA>KQILT@LPQJ>QBOF>IP
/OLGB@QPFKQEB->KL$KBODV+>?CL@RPLK
] %I>JBPVKQEBPFPLC@LJMIBUEFBO>O@EF@>ILOABOBA
K>KLJ>QBOF>IP
] #BPFDKPVKQEBPFP>KA@E>O>@QBOFW>QFLKLC
K>KLPQOR@QROBAJ>QBOF>IPCLOPLI>OBKBODV@LKSBOPFLK
MELQLSLIQ>F@>KAMELQLBIB@QOL@EBJF@>I
->KLJ>QBOF>IPPVKQEBPFPBNRFMJBKQFKQEB->KL$KBODVI>?
FK@IRABPS>MLOABMLPFQFLKi>Qi>JB?ROKBO>KAJRIQF
WLKBQR?BCROK>@BEVAOLQEBOJ>IPVKQEBPFPOB>@QLOP
PLIRQFLKABMLPFQFLKCRJBELLAPMFK@L>QBO>KAS>OFLRP
CROK>@BPCLO>KKB>IFKDJ>QBOF>IP+FDEQPLRO@BPFKQBDO>QFKD
PMEBOBPPMB@QOLJBQBOP>MLQBKQFLPQ>QBIB@QOL@EBJF@>I
@BIIP>KA@EBJF@>IPBKPLOP>OB>S>FI>?IBCLOQEB
@E>O>@QBOFW>QFLKLCLMQF@>IBIB@QOLKF@>KABIB@QOL@EBJF@>I
MOLMBOQFBPLCJ>QBOF>IP
3EB->KL$KBODV+>?FPIL@>QBAFK1LLJP>KA
/OBP@LQQ2Q&>QBT>V/>OH((%LOCROQEBOFKCLOJ>QFLK
MIB>PBPBBK>KLBKBODVTMFBAR
->KLJ>QBOF>IP>KA->KLJ>KRC>@QROFKD
+>?LO>QLOV
3EFPI>?LO>QLOVFPTBIIBNRFMMBACLO>AS>K@BAOBPB>O@EFK
@LKQOLIIBAK>KLC>?OF@>QFLKP>KAK>KLJ>KRC>@QROFKDLC
@>O?LKK>KLQR?BPJ>DKBQFWBAK>KLQR?BP
PBJF@LKAR@QFKDPRMBO@LKAR@QFKDJ>DKBQF@JBQ>IIF@
>OO>VPLCK>KLTFOBP>KANR>KQRJALQP->KLJ>QBOF>IP
C>?OF@>QFLK>KABKDFKBBOFKDTFII?B@>OOFBALRQFKQEFP
I>?LO>QLOV?VAFfBOBKQJB>KPPR@E>P/5#MEVPF@>IS>MLO
ABMLPFQFLK"5#@EBJF@>IS>MLOABMLPFQFLK/$"5#
MI>PJ>BKE>K@BA"5#1($OB>@QFSBFLKBQ@EFKD("/
BQ@EFKDFKAR@BA@LRMIBAMI>PJ>BQ@,>QBOF>IMOLMBOQV
@E>O>@QBOFW>QFLKPTFII?B@LKAR@QBAFK@IRAFKDLMQF@
BIB@QOLKF@>KAJ>DKBQF@MOLMBOQVJB>PROBJBKQP
->KLPQOR@QROBAABSF@BABPFDKFJMIBJBKQ>QFLK>KAQBPQ
TFII>IPL?B@>OOFBALRQFKQEFPI>?
/LIVJBO+>?LO>QLOV
3EFPI>?LO>QLOVFPRPBACLOQEBPVKQEBPFPMOL@BPPFKD>KA
QBPQFKDLCMI>PQF@P3EBBNRFMJBKQFK@IRABPQEBOJ>I
>K>IVPFPJ>@EFKBP/BOHFK$IJBO#2"#2"#3 >KA
3& PFKDIBP@OBTQ>?IBQLMBUQORABOFKGB@QFLKJLIAFKD
C>@FIFQFBPMLIVJBOPVKQEBPFP>MM>O>QRPLFI?>QECROK>@BP
EB>QQOB>QFKDLSBKP>KACL>JMOL@BPPFKD>KAQBPQFKD
ABSF@BP
2ROC>@B,BQOLILDV+>?LO>QLOV
6/(P2ROC>@B,BQOLILDV+>?FPLKBLCGRPQ>CBT>@>ABJF@
I>?PFKQEBTLOIAQE>QCL@RPBPLKJB>PROBJBKQ>KA
>K>IVPFPLCPROC>@BQLMLDO>MEFBPLOOLRDEKBPP3EOLRDE
QEBDBKBOLPFQVLCQEBOBPMB@QFSB@LJM>KFBPQEBI>?E>PQEB
RPBLC>K.IVJMRP+$73.+2I>PBOP@>KKFKD@LKCL@>I
JF@OLP@LMB>2LI>OFRP2LI>O2@>KTEFQBIFDEQJF@OLP@LMB
>KA>,>EO%BABO>I,>O2ROC&#PQVIRPMOLhIBOCLO
JB>PROFKDQLMLDO>MEFBP>PTBII>P,LRKQ>FKP,>M
#FDFQ>I2ROC,LA>I%FIQBO>KA2CO>UPLCQT>OBCLO>K>IVPFP
6BPQRAVELTQLMLDO>MEFBP>OBFKiRBK@BA?VMOL@BPPFKD
>KAFKiRBK@BQEBMBOCLOJ>K@BLCPROC>@BP.KBQ>PHFQQL
hKAT>VPQLAFP@OFJFK>QBPROC>@BPQE>QTBOBMOL@BPPBA
AFfBOBKQIVLOQE>QMBOCLOJAFfBOBKQIV?>PBALK
QLMLDO>MEF@JB>PROBJBKQ>KA>K>IVPFP KLQEBOQ>PHFPQL
hKACRK@QFLK>I@LOOBI>QFLKP?BQTBBKQLMLDO>MEFBP>KA
QEBFOMOL@BPPFKDLOQEBFOMBOCLOJ>K@B3EBI>?E>P
MFLKBBOBAQEBABSBILMJBKQ>KA>MMIF@>QFLKLCPBSBO>I
HFKAPLCJRIQFP@>IB>K>IVPBPFK@IRAFKDDBLJBQOF@>KA
CO>@Q>I>K>IVPBPCLOAFP@OFJFK>QFLK>KA@LOOBI>QFLK3EBI>?
PBOSBPFKARPQOV>KA@LII>?LO>QBPTFQEBKDFKBBOP>KA
P@FBKQFPQPCOLJ>S>OFBQVLCAFP@FMIFKBP>OLRKAQEBTLOIA
 6/(">Q>ILD
!2,2FK,>QBOF>IP2@FBK@B>KA
$KDFKBBOFKD
3EBPQRABKQFPOBNRFOBAQL@LJMIBQB>JFKFJRJLC
DO>AR>QB@OBAFQELROP>J>UFJRJLC@OBAFQELROPJ>V
?BALR?IB@LRKQBAQLT>OA?LQEQEBRKABODO>AR>QB>KA
DO>AR>QBABDOBBP1BNRFOBJBKQPFK@IRAB,3$>KA,3$
>KA>QIB>PQCLROLCQEBCLIILTFKD@LROPBP,3$
,3$,3$,3$,3$%LOQEBOBJ>FKFKD
@OBAFQPQEBPQRABKQJ>V@ELLPB>AAFQFLK>I,3$LOLQEBO
LOIBSBIBKDFKBBOFKDP@FBK@BJ>K>DBJBKQ
LOJ>QEBJ>QF@PBIB@QFSBP2>QFPC>@QLOVM>OQF@FM>QFLKFKQEB
J>QBOF>IPBKDFKBBOFKDPBJFK>O,3$FP>IPLOBNRFOBA
CLO>IICRIIQFJBPQRABKQP
3EBPQRABKQJRPQ@LJMIBQB>@>MPQLKBMOLGB@QLO
BNRFS>IBKQCLO>JFKFJRJLCQEOBB@OBAFQP>KA>J>UFJRJ
LCPFU@OBAFQP3EBMOLGB@QJRPQABJLKPQO>QBQEB>?FIFQVQL
ABPFDKFJMIBJBKQ>KA@LJMIBQB>KFKABMBKABKQ
MOLCBPPFLK>IMOLGB@Q
+JA6!2,2
,2FK,>QBOF>IP2@FBK@B>KA$KDFKBBOFKD
%LOQEBJ>PQBOLCP@FBK@BFKJ>QBOF>IPP@FBK@B>KA
BKDFKBBOFKDQEBPQRABKQFPOBNRFOBAQL@LJMIBQB>
JFKFJRJLCDO>AR>QB@OBAFQELROP1BNRFOBJBKQP
FK@IRAB,3$>KA,3$>KA>QIB>PQLCQEB
CLIILTFKD@LROPBP,3$,3$,3$,3$
,3$%LOQEBOBJ>FKFKD@OBAFQPQEBPQRABKQJ>V
@ELLPB?BQTBBK>QEBPFPLO@LROPBTLOHLMQFLK>KA
#FOB@QBA1BPB>O@E
3EBPFP.MQFLK
3EBPQRABKQJRPQ@LJMIBQB>QEBPFPTFQE>JFKFJRJLC
DO>AR>QB@OBAFQP AAFQFLK>IQEBPFP@OBAFQPJ>VPR?PQFQRQB
CLO@LROPBBIB@QFSBP3EBOBJ>FKFKDDO>AR>QB@OBAFQPJRPQ
@LKPFPQLC>AAFQFLK>I,3$LOLQEBOLOIBSBI
BKDFKBBOFKDP@FBK@BJ>K>DBJBKQLOJ>QEBJ>QF@P
BIB@QFSBP II@LROPBPJRPQ?B>MMOLSBA?VQEBPQRABKQP
>ASFPLO>KAQEB,>QBOF>IP&O>AR>QB"LJJFQQBB
-LK3EBPFP.MQFLK
3EBPQRABKQJRPQ@LJMIBQB>QEOBB@OBAFQ@>MPQLKBMOLGB@Q
LOBNRFS>IBKQQE>QABJLKPQO>QBPQEB>?FIFQVQLABPFDK
FJMIBJBKQ>KA@LJMIBQB>KFKABMBKABKQMOLCBPPFLK>I
MOLGB@Q3EBOBJ>FKFKDDO>AR>QB@OBAFQPJRPQ@LKPFPQLC
>AAFQFLK>I,3$LOLQEBOLOIBSBI
BKDFKBBOFKDP@FBK@BJ>K>DBJBKQLOJ>QEBJ>QF@P
BIB@QFSBP II@LROPBPJRPQ?B>MMOLSBA?VQEBPQRABKQP
>ASFPLO>KAQEB,>QBOF>IP&O>AR>QB"LJJFQQBB
2>QFPC>@QLOVM>OQF@FM>QFLKFKQEBJ>QBOF>IPBKDFKBBOFKD
PBJFK>O,3$FP>IPLOBNRFOBACLO>IICRIIQFJBPQRABKQP
(K>AAFQFLKQLDBKBO>I@LIIBDBOBNRFOBJBKQP>II@LROPBP
Q>HBKCLODO>AR>QB@OBAFQJRPQOBPRIQFK>&/ LCLO
EFDEBO6>FSBOLC>KVLCQEBPBOBNRFOBJBKQPJRPQ?B
>MMOLSBA?VQEB,>QBOF>IP2@FBK@B>KA$KDFKBBOFKD
&O>AR>QB"LJJFQQBBTEF@ETFIIBUBO@FPBFQPAFP@OBQFLKFK
E>KAIFKD>KVBUQBKR>QFKD@FO@RJPQ>K@BPLOMOL?IBJP
$U>JMIBPLC3VMF@>I/OLDO>J
] ,>QBOF>IPBKDFKBBOFKD@LOB@LROPBP`@OBAFQP
] $IB@QFSBP`@OBAFQP
] 3EBPFP`@OBAFQP
] 3LQ>I`@OBAFQP
+JA6,>PQBOLC2@FBK@B
/E#FK,>QBOF>IP2@FBK@B>KA$KDFKBBOFKD
3EBKRJ?BOLC@LROPB@OBAFQPOBNRFOBACLOQEBAL@QLOLC
MEFILPLMEVABDOBB>?LSBQELPBCLOQEBJ>PQBOLCP@FBK@B
FPKLQPMB@FhBAMOB@FPBIV%LOMI>KKFKDMROMLPBPQEB
PQRABKQPELRIA@LKPFABO>QLQ>ILCQL@LROPB@OBAFQP
3EBOBJ>FKABOLCQEBTLOHTFII?BFKOBPB>O@E>KA
FKABMBKABKQPQRAV3EBQLQ>I@LJ?FK>QFLKLCOBPB>O@E>KA
@LROPBTLOHOBNRFOBATFIIKLQ?BIBPPQE>K@OBAFQP
?BVLKAQEBJ>PQBOLCP@FBK@BABDOBBLOKLQIBPPQE>K
@OBAFQP?BVLKAQEB?>@EBILOPABDOBB
AJFPPFLKQL@>KAFA>@VTFII?BDO>KQBALKIV>CQBOQEB
PQRABKQE>PP>QFPC>@QLOFIVM>PPBAQEB,>QBOF>IP$KDFKBBOFKD
#L@QLO>I0R>IFCVFKD"LJMOBEBKPFSB$U>JFK>QFLK
,$#0$3EBMROMLPBLCQEFPBU>JFPQLABQBOJFKBFCQEB
PQRABKQP?OB>AQE>KAABMQELCRKABOPQ>KAFKDLCQEB
CRKA>JBKQ>I>OB>PLCJ>QBOF>IPBKDFKBBOFKDFP>ABNR>QBQL
@LKAR@QFKABMBKABKQOBPB>O@E>KAPR@@BPPCRIIV@LJMIBQB>
/E#AFPPBOQ>QFLK
3EB,$#0$@LKPFPQPLC?LQETOFQQBK>KALO>I@LJMLKBKQP
3EBTOFQQBKBU>JJRPQ?BPR@@BPPCRIIV@LJMIBQBA?BCLOB
QEBLO>IBU>J@>K?BQ>HBK3EBLO>IBU>JFPRPR>IIVDFSBK
TFQEFKQTLJLKQEPLCQEB@LJMIBQFLKLCQEBTOFQQBKBU>J
3EB,$#0$FPLfBOBA>QIB>PQLKBQFJBB>@EVB>O
JBJ?BOLCQEBJ>QBOF>IPP@FBK@B>KABKDFKBBOFKDC>@RIQV
TFII?B>MMLFKQBAQL?BQEB@E>FOMBOPLKLCQEB,$#0$
"LJJFQQBB3EFPMBOPLKPELRIAKLQ?BQEBPQRABKQP/E#
QEBPFP>ASFPLO?RQQE>Q>ASFPLOJ>V?B>JBJ?BOLCQEB
,$#0$"LJJFQQBB.QEBOPLKQEB@LJJFQQBBPELRIA?B
QEBTOFQBOPLCQEBCLROPB@QFLKPLCQEBBU>JFK>QFLKP>KA>KV
LQEBOC>@RIQVPBIB@QBA?VQEB@E>FOMBOPLK%>@RIQVCOLJ
LQEBOABM>OQJBKQP>Q6/(LOLQEBO@LIIBDBPRKFSBOPFQFBP>P
 6/(">Q>ILD
TBII>PBUMBOQPCOLJFKARPQOVJ>V?B>PHBAQLM>OQF@FM>QB
FKQEFPBU>JFK>QFLKFCQEBJ>QBOF>IPBKDFKBBOFKDC>@RIQV
ABBJPQE>QFQFP>MMOLMOF>QB
QIB>PQLKBVB>OMOFLOQL@LJMIBQFLKLCQEB/E#
AFPPBOQ>QFLKQEBPQRABKQJRPQMOBPBKQ>CLOJ>IPBJFK>OQL
QEBMR?IF@ABP@OF?FKDQEBMOLMLPBAAFPPBOQ>QFLKOBPB>O@E
MOLGB@Q3EFP/E#OBPB>O@EMOLMLP>ITFII?BMOBPBKQBA>CQBO
>AJFPPFLKQL@>KAFA>@V
+JA6/E#
,>QEBJ>QF@>I2@FBK@BP
%>@RIQV
*&=D@?/OLCBPPLO>KA'B>A/E#-LOQE">OLIFK>2Q>QB
4KFSBOPFQV,>QEBJ>QF@>I?FLILDV@LJMRQ>QFLK>I
?FLiRFAPP@FBKQFh@@LJMRQFKD
!3C292>/OLCBPPLOLC/O>@QF@B>KA @QR>OF>I
,>QEBJ>QF@P"LLOAFK>QLO%BIILT2L@FBQVLC @QR>OFBP
!24KFSBOPFQVLC(LT>
C?@=5 PPFPQ>KQ/OLCBPPLO/E#">PB6BPQBOK1BPBOSB
4KFSBOPFQV,>QEBJ>QF@>I?FLILDV!>VBPF>KFKCBOBK@B
M>O>JBQBOBPQFJ>QFLKFK?FLILDF@>IPVPQBJP
6C?2C5: PPFPQ>KQ/OLCBPPLO/E#4KFSBOPFQVLC-LOQE
">OLIFK>>Q"E>MBI'FII2J>IIP@>IBiRFAJB@E>KF@P
>KAJF@OLiRFAF@PFKM>OQF@RI>OJLABIFKDM>OQF@IBQO>KPMLOQ
>KAT>QBOhIQO>QFLKPVPQBJP
$=2:D3B>@EFKD/OLCBPPLO"LLOAFK>QLOLC/OLCBPPFLK>I
2@FBK@B,>PQBOP/OLDO>JP>KA PPL@F>QB#BM>OQJBKQ
'B>A/E#"LOKBII4KFSBOPFQV,>QEBJ>QF@>IhK>K@B
#2A@8?2/OLCBPPLO/E#/ROARB4KFSBOPFQV
/>OQF>IAFfBOBKQF>IBNR>QFLKP
!69C:3249/OLCBPPLO/E##RHB4KFSBOPFQV
/>OQF>IAFfBOBKQF>IBNR>QFLKP>KAP@FBKQFh@@LJMRQFKDCOBB
>KAJLSFKD?LRKA>OVMOL?IBJP@OVPQ>IDOLTQE
KLKBNRFIF?OFRJQEBOJLAVK>JF@P>KA>SBO>DFKDJLIQBK
@>O?LK>QBCRBI@BIIP
!@F=6E3B>@EFKD/OLCBPPLO>KA"LLOAFK>QLO,>PQBOLC
,>QEBJ>QF@PCLO$AR@>QLOP/OLDO>J/E#1BKPPBI>BO
/LIVQB@EKF@(KPQFQRQB MMIF@>QFLKPLCIFKB>O>IDB?O>
@OLPPABM>OQJBKQ>I@LROPBABSBILMJBKQMOLGB@Q
ABSBILMJBKQ*OBI>QFLKPTFQE@LIIBDBPJ>QEBJ>QF@PLC
AFDFQ>I>KA>K>ILDPLRKA>KAJRPF@
6:?C:496C/OLCBPPLO/E#">OKBDFB,BIILK
4KFSBOPFQV MMIFBAMOL?>?FIFQVPQL@E>PQF@MOL@BPPBP
>KALMQFJ>I@LKQOLIQEBLOV
$F>:/OLCBPPLO/E#6BFWJ>KK(KPQFQRQBLC2@FBK@B
,>QEBJ>QF@>IMEVPF@P>MMIFBAJ>QEBJ>QF@P>KA
JLABIFKD+FBDOLRMPAFfBOBKQF>IBNR>QFLKPKRJBOF@>I
>K>IVPFPQRO?RIBK@B>KA@E>LP
$!@9?D@?3B>@EFKD PPL@F>QB/OLCBPPLO/E#"I>OH
4KFSBOPFQV(KARPQOF>ILOD>KFW>QFLKD>JBQEBLOV
!#2CD6?/OLCBPPLO/E#">OKBDFB,BIILK4KFSBOPFQV
5>OF>QFLK>IMOL?IBJPCOLJ>MMIF@>QFLKPPR@E>P
LMQFJ>IABPFDKCO>@QROBJB@E>KF@P>KAFJ>DB
PBDJBKQ>QFLK@>I@RIRPLCS>OF>QFLKPM>OQF>IAFfBOBKQF>I
BNR>QFLKPDBLJBQOF@JB>PROBQEBLOV>K>IVPFPLCCOBB
?LRKA>OFBP>KACOBBAFP@LKQFKRFQVPBQP
)0#F:/OLCBPPLO/E#4KFSBOPFQVLC,FKKBPLQ>
,>QEBJ>QF@>I?FLILDVM>OQF>IAFfBOBKQF>IBNR>QFLKP
"#FC:6/OLCBPPLO/E##2@ %(LfB
/EVPF@>I3B@EKF@>I(KPQFQRQB @>ABJVLC2@FBK@BPLCQEB
42211RPPF>"LKQOLIQEBLOVCLOAFPQOF?RQBAM>O>JBQBO
PVPQBJPLMQFJFW>QFLK>KAKLK@LKSBUS>OF>QFLK>I@>I@RIRP
LMQFJ>IABPFDK
.!$2CE:?/OLCBPPLO/E#4KFSBOPFQVLC6>QBOILL
IDB?O>F@@LJ?FK>QLOF@P>MMIFBA@LJ?FK>QLOF@P
,$@D4@')&>V/OLCBPPLO+F?BO>#L@BKW>4KFSBOPFQVLC
1LJB/>OQF>IAFfBOBKQF>IBNR>QFLKP@LKSBU>K>IVPFP
LMQFJ>I@LKQOLIS>OF>QFLK>I@>I@RIRPCO>@Q>IP
%2?5C2>/OLCBPPLO/E#4KFSBOPFQVLC(LT>
2ROSBVP>JMIFKDQEBLOV>KAJBQELAP!>VBP>KABJMFOF@>I
!>VBPQEBLOV>KAJBQELAP@>QBDLOF@>IA>Q>>K>IVPFP
'&2E92:? PPFPQ>KQ/OLCBPPLO/E#->QFLK>I4KFSBOPFQV
LC(OBI>KA&>IT>V"LJ?FK>QLOF@P>IDB?O>>KA
@LJMOBPPBAPBKPFKD
)'2N6?C@E9 PPL@F>QB/OLCBPPLO/E#4KFSBOPFQVLC
,>OVI>KA+>ODBP@>IBA>Q>>K>IVQF@PPQ>QFPQF@>I
J>@EFKBIB>OKFKD@LJMOBPPBAPBKPFKDKBQTLOH>K>IVPFP
'6:C:D PPL@F>QB3B>@EFKD/OLCBPPLO/E#2LRQEBOK
(IIFKLFP4KFSBOPFQV">O?LKA>IB!>VBPF>K2Q>QFPQF@P
LOABOOBPQOF@QBAFKCBOBK@BJBQ>>K>IVPFP
'6?8 PPFPQ>KQ/OLCBPPLO/E#/ROARB4KFSBOPFQV
/>OQF>IAFfBOBKQF>IBNR>QFLKPTFQE>CL@RPLK>MMIF@>QFLKPQL
QEBP@FBK@BP
'@DE6CC@3B>@EFKD PPL@F>QB/OLCBPPLO,2%FK>K@F>I
,>QEBJ>QF@P6LO@BPQBO/LIVQB@EKF@(KPQFQRQB,2
MMIFBA,>QEBJ>QF@P6LO@BPQBO/LIVQB@EKF@(KPQFQRQB

*2=6D PPFPQ>KQ/OLCBPPLO/E#4KFSBOPFQVLC,F@EFD>K
,BQELAPCLO@>RP>IFKCBOBK@BRPFKD>AJFKFPQO>QFSBLO
EFDEAFJBKPFLK>IA>Q>BPMB@F>IIVFKBAR@>QFLK
$*2C<:D/OLCBPPLO/E#"LRO>KQ(KPQFQRQBLC
,>QEBJ>QF@>I2@FBK@BP#LJ>FKAB@LJMLPFQFLK
JBQELAPKRJBOF@>I>K>IVPFPM>O>IIBI@LJMRQFKD
@LJMRQ>QFLK>IiRFAAVK>JF@PMOB@LKAFQFLKBAFQBO>QFSB
JBQELAPCLOIFKB>O>KAKLKIFKB>OMOL?IBJPKRJBOF@>I
M>OQF>IAFfBOBKQF>IBNR>QFLKPJFUBA>KAKLK@LKCLOJFKD
hKFQBJBQELAPLSBOI>MMFKDKLKJ>Q@EFKDDOFAPJLOQ>O
hKFQBBIBJBKQPBFDBKS>IRBPLISBOP>BOLBI>PQF@FQVMLOLRP
JBAF>OBPBOSLFOJLABIFKD
*6CG2E:FD/OLCBPPLO/E#2VO>@RPB4KFSBOPFQV
"LJ?FK>QLOF@PJ>QOLFA>KADO>MEQEBLOVPQOR@QRO>I
QLMLILDVDBLJBQOVEFPQLOV>KAMEFILPLMEVLC
 6/(">Q>ILD
J>QEBJ>QF@P
**EFC> PPL@F>QB/OLCBPPLO/E#34!BOIFK
,>QEBJ>QF@>IhK>K@BPQL@E>PQF@SLI>QFIFQVLMQFJ>I
MLOQCLIFLMOL?IBJPPVPQBJF@OFPHPQL@E>PQF@>K>IVPFP
?>@HT>OAPQL@E>PQF@AFfBOBKQF>IBNR>QFLKPI>ODB
ABSF>QFLKP,>IIF>SFK@>I@RIRP
+2?8/OLCBPPLO/E#4KFSBOPFQVLC6FP@LKPFK
!FLiRFAP?FLPLIFAP?ILLAiLTJ>QEBJ>QF@>IJLABIFKD
KRJBOF@>IJBQELAPP@FBKQFh@@LJMRQFKDKLKIFKB>O
>K>IVPFP@LJMRQ>QFLK>IiRFAAVK>JF@P
*+:==6J/OLCBPPLO/E#-LOQETBPQBOK4KFSBOPFQV
%OBB?LRKA>OVMOL?IBJPFK@LKQFKRRJJB@E>KF@P
FKQBOC>@F>IiRFAAVK>JF@PSFP@LRPiLTPM>OQF>IAFfBOBKQF>I
BNR>QFLKPJ>QEBJ>QF@>IJLABIFKD>PVJMQLQF@JBQELAP
-6C?6D4F/OLCBPPLO/E#(KPQFQRQBLC,>QEBJ>QF@P
!R@E>OBPQ1LJ>KF>/>OQF>IAFfBOBKQF>IBNR>QFLKP
ME>PBQO>KPFQFLKP>KACOBB?LRKA>OFBPSFP@LRPiLTFK
MLOLRPJBAF>>PVJMQLQF@JBQELAP>KAELJLDBKFW>QFLK
-@=<@G/OLCBPPLO/E#1RQDBOP4KFSBOPFQV
$IB@QOLJ>DKBQF@T>SBPFKSBOPBMOL?IBJPT>SB
MOLM>D>QFLKFKT>SBDRFABP>KAFKMBOFLAF@PQOR@QROBP
BIB@QOFhBAiRFAGBQP
*.2=4@EE PPL@F>QB/OLCBPPLO/E#"LOKBII4KFSBOPFQV
,>QEBJ>QF@>I>KAMEVPF@>I?FLILDV
.2?8 PPL@F>QB/OLCBPPLO/E#4-""E>MBI'FII
3FJBPBOFBP>K>IVPFPPM>QF>IPQ>QFPQF@PPM>QF>IB@LKLJBQOF@P
hK>K@F>IB@LKLJBQOF@P>KAOFPHJ>K>DBJBKQ
.2?8 PPL@F>QB/OLCBPPLO/E#!LPQLK4KFSBOPFQV
2QL@E>PQF@@LKQOLIJ>QEBJ>QF@>IhK>K@BPQL@E>PQF@
>K>IVPFP>MMIFBAMOL?>?FIFQV
*.66<6D/OLCBPPLO/E#4KFSBOPFQVLC,F@EFD>K
-RJBOF@>I>K>IVPFP@LJMRQ>QFLK>IiRFAAVK>JF@PMLOLRP
JBAF>iLTEVMBO?LIF@@LKPBOS>QFLKI>TPPEL@H@>MQROFKD
P@EBJBP
$.F PPFPQ>KQ/OLCBPPLO/E#4KFSBOPFQVLC">IFCLOKF>
(OSFKB,>QEBJ>QF@>I?FLILDVJLABIFKDLCIFSFKD
PVPQBJP
1.F/OLCBPPLO/E#8>IB4KFSBOPFQV!FLPQ>QFPQF@P
EFDEAFJBKPFLK>IJLABIPBIB@QFLKIFKB>O>KADBKBO>IFWBA
IFKB>OJLABIFKDPQ>QFPQF@>IDBKBQF@P?FLFKCLOJ>QF@P
-02<@G=6G PPL@F>QB1BPB>O@E/OLCBPPLO/E#(KPQFQRQB
LC1>AFL$KDFKBBOFKD>KA$IB@QOLKF@P1RPPF>K @>ABJVLC
2@FBK@BP KQBKK>PCLO,6>KA,,6
@LJJRKF@>QFLKPBIB@QOLJ>DKBQF@hBIAPFKQO>KPJFPPFLK
IFKBP>KA>ILKDJBAF>FKQBOC>@BP@LKQOLI>KALMQFJFW>QFLK
LCBIB@QOLJ>DKBQF@>KAQBJMBO>QROBhBIAPFKJF@OLT>SB
QEBOJ>IMOL@BPPFKDFPPRBPFKJLABIFKDLCJF@OLT>SB
EB>QFKD@LJMRQ>QFLK>IBIB@QOLJ>DKBQF@PTFQEKBRO>I
KBQTLOHPKRJBOF@>IJBQELAP>IDLOFQEJP>KA" #QLLIP
CLO1%,6>KA,,6@LJMLKBKQP>KAPR?PVPQBJP
1192?8 PPL@F>QB/OLCBPPLO/E#!OLTK4KFSBOPFQV
2E>KDE>F4KFSBOPFQV-RJBOF@>I>K>IVPFP
P@FBKQFh@@LJMRQFKD@LJMRQ>QFLK>I>KA>MMIFBA
J>QEBJ>QF@PRK@BOQ>FKQVNR>IFh@>QFLK
!1@F PPL@F>QB/OLCBPPLO/E#4KFSBOPFQVLC
"LKKB@QF@RQ%FK>K@F>IQFJBPBOFBPBPMB@F>IIVEFDE
COBNRBK@VhK>K@F>IA>Q>PM>QF>IPQ>QFPQF@P?FLPROSBFII>K@B
EFDEAFJBKPFLK>IPQ>QFPQF@>IFKCBOBK@B!>VBPF>KPQ>QFPQF@P
$JBOFQRP
'9C:DE@A96C/OLCBPPLO
'.2G:D/OLCBPPLO
.!2C56==/OLCBPPLO
!!$2=@?6/OLCBPPLO
$4(F2CC:6/OLCBPPLO
.$:==6C/OLCBPPLO
!'6ECF46==:/OLCBPPLO
-6C>6D/OLCBPPLO
.2=<6C/OLCBPPLO
1BPB>O@E(KQBOBPQP
@QFSB>OB>PLCOBPB>O@EFKQEB,>QEBJ>QF@>I2@FBK@BP
#BM>OQJBKQFK@IRAB>MMIFBA>KA@LJMRQ>QFLK>I
J>QEBJ>QF@PFKARPQOF>IJ>QEBJ>QF@P>MMIFBAPQ>QFPQF@P
P@FBKQFh@@LJMRQFKDKRJBOF@>I>K>IVPFPLOAFK>OV>KA
M>OQF>IAFfBOBKQF>IBNR>QFLKPKLKIFKB>O>K>IVPFPBIB@QOF@
MLTBOPVPQBJP@LKQOLIQEBLOVLMQFJ>IABPFDK@LJMLPFQB
J>QBOF>IPELJLDBKFW>QFLK@LJMRQ>QFLK>IiRFAAVK>JF@P
?FLiRFAPAVK>JF@>IPVPQBJPCOBB>KAJLSFKD?LRKA>OV
MOL?IBJPMLOLRPJBAF>JLABIFKDQRO?RIBK@B>KA@E>LP
J>QEBJ>QF@>IMEVPF@PJ>QEBJ>QF@>I?FLILDVLMBO>QFLKP
OBPB>O@EIFKB>O>KAKLKIFKB>OMOLDO>JJFKDAFP@OBQB
J>QEBJ>QF@PDO>MEQEBLOVDOLRMQEBLOVIFKB>O>IDB?O>
@LJ?FK>QLOF@P>MMIFBAMOL?>?FIFQVPQL@E>PQF@MOL@BPPBP
QFJBPBOFBP>K>IVPFP!>VBPF>KPQ>QFPQF@P!>VBPF>K
@LJMRQ>QFLKPROSBVOBPB>O@EJBQELALILDV@>QBDLOF@>I
A>Q>>K>IVPFP,LKQB">OILJBQELALILDVPQ>QFPQF@>I
@LJMRQFKDPROSFS>I>K>IVPFP>KAJLABIPBIB@QFLK
/OLDO>JPLC2QRAV
3EB,>QEBJ>QF@>I2@FBK@BP#BM>OQJBKQLfBOPCLRO
MOLDO>JPIB>AFKDQLQEBABDOBBLCJ>PQBOLCP@FBK@B>
@LJ?FKBA!2,>PQBOPMOLDO>J>MOLDO>JIB>AFKDQLQEB
ABDOBBLCJ>PQBOLCJ>QEBJ>QF@PCLOBAR@>QLOP>KA>
MOLDO>JIB>AFKDQLQEBABDOBBLCAL@QLOLCMEFILPLMEV
AJFPPFLK1BNRFOBJBKQP
?>PF@HKLTIBADBLCRKABODO>AR>QB>K>IVPFPIFKB>O
>IDB?O>>KAAFfBOBKQF>IBNR>QFLKPFP>PPRJBACLO
>MMIF@>KQPQLQEBJ>PQBOPMOLDO>JPFK>MMIFBA
J>QEBJ>QF@P>KAFKARPQOF>IJ>QEBJ>QF@P PQOLKD
?>@HDOLRKAFKJ>QEBJ>QF@PTEF@EPELRIAFK@IRAB@LROPBP
FKRKABODO>AR>QB>K>IVPFP>KAIFKB>O>IDB?O>FP>PPRJBA
CLO>MMIF@>KQPQLQEBJ>PQBOPMOLDO>JFKhK>K@F>I
J>QEBJ>QF@P3VMF@>IIV>KBKQBOFKDPQRABKQFKQEBJ>PQBO
 6/(">Q>ILD
LCP@FBK@BFK>MMIFBAPQ>QFPQF@PMOLDO>JTFIIE>SB>K
RKABODO>AR>QBJ>GLOFKQEBJ>QEBJ>QF@>IP@FBK@BP
BKDFKBBOFKDLO>MEVPF@>IP@FBK@BELTBSBOFKAFSFAR>IP
TFQELQEBO?>@HDOLRKAPTFII?B@LKPFABOBA(K>KV@>PB>K
>MMIF@>KQTFIIKBBA>PQOLKD?>@HDOLRKAFKJ>QEBJ>QF@P
TEF@EPELRIAFK@IRAB@LROPBPFKRKABODO>AR>QB>K>IVPFP
>KAMOL?>?FIFQV2QRABKQPTFQEPBOFLRPABh@FBK@FBPJ>V?B
OBNRFOBAQL@LOOB@QQEBJLK>KLK@OBAFQ?>PFP MMIF@>KQP
QLQEB,>QEBJ>QF@>I2@FBK@BP/E#/OLDO>JPELRIAPR?JFQ
&1$,>QEBJ>QF@P2R?GB@Q3BPQP@LOBPFCMLPPF?IB>K
>MMIF@>KQTELhKAPFQAFg@RIQQLPR?JFQ>P@LOBFPTBI@LJB
QL@LKQ>@QQEB,>QEBJ>QF@>I2@FBK@BP#BM>OQJBKQ
&O>AR>QB AJFPPFLKP"LJJFQQBBJ>NRBPQFLKPTMFBAR
QLAFP@RPPQEB>MMIF@>KQPPFQR>QFLK
%LOQEB>MMIF@>KQPQLQEB/E#/OLDO>JFK2Q>QFPQF@PPQOLKD
?>@HDOLRKALCRKABODO>AR>QB>K>IVPFPIFKB>O>IDB?O>>KA
MOL?>?FIFQVFP>PPRJBAQEB&1$,>QEBJ>QF@P2R?GB@Q3BPQ
FPOB@LJJBKABA?RQKLQOBNRFOBA
">KAFA>QBPCLOQEBJ>PQBOLCJ>QEBJ>QF@PCLOBAR@>QLOP
ABDOBBJRPQE>SB>?>@EBILOPABDOBB>KAJRPQMLPPBPP>
?>@HDOLRKABNRFS>IBKQQL>QIB>PQ>JFKLOFKJ>QEBJ>QF@P
FK@IRAFKD@>I@RIRPIFKB>O>IDB?O>>KAPQ>QFPQF@P2QRABKQP
>OBBK@LRO>DBAQLBKOLIIFK@LROPBPLK>K>AEL@?>PFP
TFQELRQLg@F>IMOLDO>J>AJFPPFLK'LTBSBO>QJLPQCLRO
PR@E@LROPBPJ>V?BQ>HBKMOFLOQL>AJFPPFLK
,>QEBJ>QF@>I2@FBK@BP
"LJMRQBO%>@FIFQFBP
3EB,>QEBJ>QF@>I2@FBK@BP#BM>OQJBKQJ>HBPRMQLA>QB
@LJMRQFKDBNRFMJBKQ>S>FI>?IBCLORPB?VPQRABKQPFKFQP
MOLDO>JP
"ROOBKQC>@FIFQFBPFK@IRAB>JFUBABKSFOLKJBKQLC
>MMOLUFJ>QBIV6FKALTP+FKRU4KFU>KA,>@FKQLPE
TLOHPQ>QFLKPRQFIFWFKDQEBI>QBPQFKPFKDIB>KAAR>I
MOL@BPPLO>KA?FQQB@EKLILDV>PTBII>P!ILLJ?BOD
QBOJFK>IP @@BPPFP>S>FI>?IBQLLROPRMBO@LJMRQBO>
"/42&( IQFU3EB,>QEBJ>QF@>I2@FBK@BP#BM>OQJBKQ
>IPLE>PPQ>QBLCQEB>OQ@LJMRQBOI>?PLKBB>@E
ABAF@>QBAQLQEB">I@RIRP2Q>QFPQF@P>KA%FK>K@F>I
,>QEBJ>QF@PMOLDO>JP
3EBABM>OQJBKQFP@LKQFKR>IIV>AAFKDKBTOBPLRO@BPQL
DFSBLROC>@RIQV>KAPQRABKQPQEBQLLIPQEBVKBBA>PQEBV
>AS>K@BFKQEBFOOBPB>O@E>KAPQRAFBP
"BKQBOCLO(KARPQOF>I,>QEBJ>QF@P>KA
2Q>QFPQF@P"(,2
TTTTMFBAR"(,2
3EB"BKQBOCLO(KARPQOF>I,>QEBJ>QF@P>KA2Q>QFPQF@PT>P
BPQ>?IFPEBAFKQLCLPQBOM>OQKBOPEFMP?BQTBBKQEB
RKFSBOPFQV>KAFKARPQOV?RPFKBPP>KADLSBOKJBKQFK
J>QEBJ>QF@P>KAPQ>QFPQF@POBPB>O@E
3EBMOL?IBJPC>@FKD?RPFKBPP>KAFKARPQOV>OBDOLTFKD
BSBOJLOB@LJMIBU>KAQEBFOPLIRQFLKPLCQBKFKSLISB
PLMEFPQF@>QBAJ>QEBJ>QF@P3EBC>@RIQVJBJ?BOP>KA
PQRABKQP>PPL@F>QBATFQE"(,2E>SBQEBBUMBOQFPBQL
>AAOBPPQLA>VP@LJMIBUMOL?IBJP>KAMOLSFABPLIRQFLKP
QE>QRPBOBIBS>KQJ>QEBJ>QF@P>KAPQ>QFPQF@P
3EB"BKQBOLfBOPRKABODO>AR>QBP>KADO>AR>QBPQRABKQP
QEBLMMLOQRKFQVQLD>FKOB>ITLOIABUMBOFBK@BFKQEB
@LOMLO>QBTLOIAQEOLRDEMOLGB@QP>KAFKQBOKPEFMPQE>Q
J>HBQEBJJLOB@LJMBQFQFSBFKQLA>VPGL?J>OHBQ(K
>AAFQFLKFQEBIMP@LJM>KFBP>AAOBPPQEBFOKBBAPCLO
J>QEBJ>QF@>IPLIRQFLKP>KABKE>K@BPQEBFOQB@EKLILDF@>I
@LJMBQFQFSBKBPP
3EBFKARPQOF>IMOLGB@QPFKJ>QEBJ>QF@P>KAPQ>QFPQF@P
LfBOBA?V"(,2MOLSFAB>RKFNRBBAR@>QFLKCLOPR@@BPPCRI
@>OBBOPFKFKARPQOV?RPFKBPP>KAEFDEBOBAR@>QFLK
!2,2FK,>QEBJ>QF@>I2@FBK@BP
3EFPMOLDO>J>IILTP>PQRABKQQLTLOH@LK@ROOBKQIVQLT>OA
?>@EBILO>KAJ>PQBOLCP@FBK@BABDOBBPFK>MMIFBA
J>QEBJ>QF@P>MMIFBAPQ>QFPQF@PhK>K@F>IJ>QEBJ>QF@P>KA
FKARPQOF>IJ>QEBJ>QF@P
#BDOBB1BNRFOBJBKQP
"OBAFQPCOLJKLJLOBQE>KCLRO@LROPBPJ>V?B@LRKQBA
QLT>OA?LQEQEBRKABODO>AR>QB>KADO>AR>QBABDOBBP II
LCQEBPB@LROPBPJRPQ?BIBSBILO>?LSB>KA>QIB>PQ
LKBJRPQ?B>DO>AR>QB@LROPB3EOBBLCQEBJJRPQ?B
?BVLKAQEBRKFQPLCJ>QEBJ>QF@POBNRFOBACLOQEB!2
ABDOBB AAFQFLK>IIVPQRABKQP>OB>ASFPBAQE>Q>II
OBNRFOBJBKQPLC>M>OQF@RI>OJ>PQBOPMOLDO>JJRPQ?B
P>QFPhBAFKLOABOQLOB@BFSBQEBABDOBB>KAQEBPB@LROPBP
PELRIA?BPBIB@QBA>@@LOAFKDIV
@@BMQ>K@BFKQLQEBMOLDO>JJB>KPQE>QQEB@>KAFA>QBFP
NR>IFhBACLODO>AR>QBP@ELLI>KAPFDKFhBP>MMOLS>ILCQEB
CLRO@LROPBPQL?B@LRKQBACLO@OBAFQQLT>OA?LQEABDOBBP
'LTBSBOFKLOABOQLL?Q>FK?LQERKABODO>AR>QB>KA
DO>AR>QB@OBAFQCLOQEBPB@LROPBPDO>ABPLC!LO?BQQBO
E>SBQL?BL?Q>FKBA
+JA6!2,2
,>PQBOLC,>QEBJ>QF@PCLO$AR@>QLOP
,,$
3EFPFP>KBSBKFKD>KALOLKIFKBMOLDO>JABPFDKBA
MOFJ>OFIVCLOPB@LKA>OVP@ELLIJ>QEBJ>QF@PQB>@EBOP
"LROPBPLfBO>PLIFACLRKA>QFLKFK>OB>PPR@E>PDBLJBQOV
>IDB?O>JLABIFKDAFP@OBQBJ>QE>KAPQ>QFPQF@PTEFIB>IPL
 6/(">Q>ILD
FK@IRAFKDQEBPQRAVLCJLABOK>MMIF@>QFLKP AAFQFLK>IIV
PQRABKQPABSBILMJ>QBOF>IP?>PBALK@LROPBTLOHTEF@E
J>V?BRPBAFKQEBFO@I>PPBP3B@EKLILDVFPFKQOLAR@BA
TEBKMLPPF?IBQLDFSBPQRABKQPBUMLPROBCLOCRQROB
@LKPFABO>QFLK$U>JMIBPFK@IRAB&BLJBQBOP2HBQ@EM>A
,>MIBCLO>IDB?O>@>I@RIRP>KADO>MEF@P,>QI>?CLO
>K>IVPFPLCPLRKA>KAJRPF@>KAQEB3("!+CLOJLQFLK>KA
EB>Q
#BDOBB1BNRFOBJBKQP
">KAFA>QBPCLOQEB,>PQBOLC,>QEBJ>QF@PCLOBAR@>QLOP
JRPQPR@@BPPCRIIV@LJMIBQB@OBAFQELROPLCDO>AR>QB
PQRAVFK@IRAFKD>@OBAFQELROMOLGB@QPBB,,$
,,$,,$3EFPMOLGB@QTFIIQVMF@>IIV@LKPFPQLC>
@I>PPOLLJPQRAVTFQEFKQEB@LKQBUQLC>PB@LKA>OV
J>QEBJ>QF@P@LROPB>KATFII?B>ASFPBA?VC>@RIQVFKQEB
,>QEBJ>QF@>I2@FBK@BP#BM>OQJBKQ3VMF@>IIV>PQRABKQ
TFIIBKOLIIFK@OBAFQELROPMBOPBJBPQBOAROFKDQEBC>II>KA
PMOFKDTFQEQEBOBJ>FKFKD@OBAFQELROPQ>HBKFKQEB
PRJJBO
2QRABKQPJ>V@LJMIBQBQEBABDOBBFK>PIFQQIB>PPIFDEQIV
LSBOQTLVB>OP?VQ>HFKDQTL@LROPBPMBOPBJBPQBO
PBJBPQBOPMBOVB>O>KAALFKD>MOLGB@Q'LTBSBOQEB
MOLDO>J@>K>@@LJJLA>QBLQEBO@LJMIBQFLKP@EBARIBP>P
TBII3EB,,$ABDOBBJ>V?BRPBAQLP>QFPCVQEB
,>PP>@ERPBQQP/OLCBPPFLK>I+F@BKPBOBNRFOBJBKQMOLSFABA
QEBMBOPLKELIAP>K(KFQF>I+F@BKPB
+JA6,>PQBOLC,>QEBJ>QF@PCLO$AR@>QLOP,,$
,2FK MMIFBA,>QEBJ>QF@P/OLDO>J
3EFPMOLDO>JDFSBPPQRABKQP>?OL>A?>@HDOLRKAFK
J>QEBJ>QF@PMI>@FKD>KBJME>PFPLK>OB>PTFQEQEB
EFDEBPQABJ>KAFK>MMIF@>QFLKPKRJBOF@>IJBQELAP>KA
P@FBKQFh@@LJMRQ>QFLKJ>QEBJ>QF@>IJLABIFKDAFP@OBQB
J>QEBJ>QF@PJ>QEBJ>QF@>IJ>QBOF>IPP@FBK@BLMQFJFW>QFLK
>KALMBO>QFLKPOBPB>O@E(K>AAFQFLKQLQEBPB>AS>K@BA
>OB>PLCPMB@F>IFW>QFLKPQRABKQP>OBBK@LRO>DBAQL>@NRFOB
?OB>AQE?V@ELLPFKDBIB@QFSB@LROPBPFKLQEBOhBIAPQE>Q
@LJMIBJBKQQEBFOPQRAFBPFK>MMIFBAJ>QEBJ>QF@P
2QRABKQPE>SB>@ELF@BLC@LJMIBQFKDQEBFOJ>PQBOPQEBPFP
LOMOLGB@QFK@LLMBO>QFLKTFQELKBLCQEBABM>OQJBKQP
BPQ>?IFPEBAFKARPQOF>IM>OQKBOP3EBMOLDO>JMOLSFABP>
PRFQ>?IBCLRKA>QFLKCLOQEBMROPRFQLC>/E#ABDOBBFK
>MMIFBAJ>QEBJ>QF@PLO>OBI>QBAhBIALOCLO>@>OBBOFK
FKARPQOVFJJBAF>QBIV>CQBODO>AR>QFLK
#BDOBB1BNRFOBJBKQP
3EBJ>PQBOPMOLDO>JFK MMIFBA,>QEBJ>QF@POBNRFOBP>
JFKFJRJLC@OBAFQELROPLC@LROPBTLOH AAFQFLK>I
@OBAFQCOLJ@LROPBTLOHJ>V?BOBNRFOBA?VQEB
ABM>OQJBKQABMBKAFKDLKQEBPQRABKQP?>@HDOLRKA3EB
PQRABKQPMOLDO>JJRPQFK@IRAB, , >KA, 
>KA>QIB>PQCLRO>AAFQFLK>I, KRJ?BOBADO>AR>QB
@LROPBPLQEBOQE>K, , , >KA, 
(K>AAFQFLKPQRABKQP>OBOBNRFOBAQL@LJMIBQB>">MPQLKB
$UMBOFBK@BTEF@E@>K?BP>QFPhBA?VLKBLCQEBCLIILTFKD
LMQFLKP
 PFU@OBAFQJ>PQBOPQEBPFP
 QEOBBQLPFU@OBAFQJ>PQBOPMOLGB@Q
 QEOBB@OBAFQJ>PQBOPMO>@QF@RJ
 QEOBB@OBAFQOBPB>O@EOBSFBTOBMLOQLOOBPB>O@E
MOLMLP>I
 J>PQBOPBU>J
3EBJ>PQBOPQEBPFPFP>KLOFDFK>IMFB@BLCJ>QEBJ>QF@>I
OBPB>O@ETLOHTEF@ECL@RPBPLK>AS>K@FKDQEBPQ>QBLCQEB
J>QEBJ>QF@>I>OQ3EBJ>PQBOPMOLGB@Q@LKPFPQPLC>@OB>QFSB
>MMIF@>QFLKLCJ>QEBJ>QF@PQL>OB>ITLOIAMOL?IBJ(Q
CL@RPBPLKMOL?IBJABhKFQFLK>KAPLIRQFLKRPFKD
J>QEBJ>QF@>IQLLIP3EBJ>PQBOPMO>@QF@RJOBNRFOBP>
PQRABKQQLABJLKPQO>QBQEBFKQBDO>QFLKLC>AS>K@BA
J>QEBJ>QF@>I@LK@BMQP>KAJBQELAPFKQLMOLCBPPFLK>I
MO>@QF@B3EFP@LRIA?BALKBQEOLRDE>PRJJBOFKQBOKPEFM
FKFKARPQOVLO>K>MMIFBAOBPB>O@EI>?LO>QLOV
3EBOBJ>FKFKD@LROPBPJ>V?B@ELPBKCOLJQEBDO>AR>QB
@LROPBPLOFKABMBKABKQPQRAFBPLCQEB,>QEBJ>QF@>I
2@FBK@BP#BM>OQJBKQ4MQLPFU@OBAFQPLCRMMBOIBSBIFB
IBSBIRKABODO>AR>QB@LROPBPFKJ>QEBJ>QF@PLO
>KLQEBOABM>OQJBKQJ>V?BQ>HBKCLODO>AR>QB@OBAFQ
PR?GB@QQLQEB>MMOLS>ILCQEBMOLDO>J@LLOAFK>QLO
">KAFA>QBP>OBOBNRFOBAQLPR@@BPPCRIIV@LJMIBQBQEB
DO>AR>QBPBJFK>O, 
+JA6,>PQBOLC2@FBK@B
,2FK MMIFBA2Q>QFPQF@P/OLDO>J
3EFPMOLDO>JDFSBPDO>AR>QBPQEBHKLTIBADB>KA
BUMBOFBK@BQLQ>@HIBMOL?IBJPLCPQ>QFPQF@>IABPFDK>K>IVPFP
>KA@LKQOLIIFHBIVQL?BBK@LRKQBOBAFK?RPFKBPPFKARPQOV
LO>@>ABJF>3EBMOLDO>JFPABPFDKBAQL>@NR>FKQPQRABKQP
TFQEQEBQEBLOVRKABOIVFKDJLABOKPQ>QFPQF@>IJBQELAPQL
MOLSFAB?OB>AQEFKAFSBOPB>OB>PLCPQ>QFPQF@P>KAQLDFSB
PQRABKQPMO>@QF@>IBUMBOFBK@BQEOLRDEBUQBKPFSB
>MMIF@>QFLKLCPQ>QFPQF@>IQEBLOVQLOB>IMOL?IBJP
3EOLRDEQEBPBIB@QFLKLCBIB@QFSB@LROPBPQEBPQRABKQJ>V
@ELLPB>MOLDO>JTFQE>KFKARPQOF>IBJME>PFPLOLKBTFQE
>JLOBQEBLOBQF@>IBJME>PFP
 6/(">Q>ILD
#BDOBB1BNRFOBJBKQP
3EBJ>PQBOPMOLDO>JFK MMIFBA2Q>QFPQF@POBNRFOBP>
JFKFJRJLC@OBAFQELROPLC@LROPBTLOH AAFQFLK>I
@OBAFQCOLJ@LROPBTLOHJ>V?BOBNRFOBA?VQEB
ABM>OQJBKQABMBKAFKDLKQEBPQRABKQP?>@HDOLRKA
"LROPBPQ>HBKJRPQFK@IRAB, , , , 
@OBAFQPLC, >KA>QIB>PQQEOBB>AAFQFLK>I
ABM>OQJBKQ>IPQ>QFPQF@PLfBOFKDP, >KA@LROPBP
KRJ?BOBAQEOLRDE2QRABKQPTEL@>K
ABJLKPQO>QB>IBDFQFJ>QB@LKiF@QFKP@EBARIFKD, TFII
?B>PPFDKBA>K>IQBOK>QFSB>@QFSFQV?VQEBMOLDO>J
@LLOAFK>QLO(K>AAFQFLKQEBPQRABKQJRPQ@LJMIBQB>
">MPQLKB$UMBOFBK@BTEF@E@>K?BP>QFPhBA?VLKBLCQEB
CLIILTFKDLMQFLKP
 PFU@OBAFQJ>PQBOPQEBPFP
 QEOBBQLPFU@OBAFQJ>PQBOPMOLGB@Q
 QEOBB@OBAFQJ>PQBOPMO>@QF@RJ
 QEOBB@OBAFQOBPB>O@EOBSFBTOBMLOQLOOBPB>O@E
MOLMLP>I
 J>PQBOPBU>J
4MMBOIBSBIRKABODO>AR>QB@LROPBPJ>V?BQ>HBKCLO
DO>AR>QB@OBAFQPR?GB@QQLQEB>MMOLS>ILCQEB
ABM>OQJBKQ>I&O>AR>QB"LJJFQQBB
+JA6,>PQBOLC2@FBK@B
,>PQBOLC2@FBK@BFK,>QEBJ>QF@PCLO
$AR@>QLOP,,$#
3EB,>PQBOLC2@FBK@BFK,>QEBJ>QF@PCLO$AR@>QLOPFP
ABPFDKBAPMB@Fh@>IIVCLOJFAAIBP@ELLIEFDEP@ELLI>KA
GRKFLO@LIIBDBFKPBOSF@BBAR@>QLOP3EBBJME>PFPLCQEB
MOLDO>JFPMRQLKJ>QEBJ>QF@P@LKQBKQ@LROPBTLOH
@LJ?FKBATFQE@LROPBPFK>PPBPPJBKQ>KABS>IR>QFLK
QEBLOV>KA>@RIJFK>QFKDMOLGB@QABPFDKBA?VQEB
M>OQF@FM>KQ3EBJ>QEBJ>QF@P@LKQBKQ@LROPBPABPFDKBACLO
BAR@>QLOPLfBOQB>@EBOP>PLIFACLRKA>QFLKFK>OB>PPR@E>P
DBLJBQOV>IDB?O>JLABIFKDAFP@OBQBJ>QE>KAPQ>QFPQF@P
TEFIB>IPLFK@IRAFKDQEBPQRAVLCJLABOK>MMIF@>QFLKP(K
QEBPB@LROPBPM>OQF@FM>KQPE>SBQEBLMMLOQRKFQVQL
ABSBILMJ>QBOF>IP?>PBALK@LROPBTLOHTEF@EJ>V?B
RPBAFKQEBFO@I>PPBP3EOLRDELRQQEB@LROPBPQB@EKLILDVFP
FKQOLAR@BATEBKBSBOMLPPF?IBQLEBIMBAR@>QLOP?B@LJB
C>JFIF>OTFQEQEBLMQFLKP>S>FI>?IBCLORPBFKQEB@I>PPOLLJ
$U>JMIBPLCQEFPFK@IRAB&BLJBQBOP2HBQ@EM>A>KAQEB3(
"!+CLOJLQFLK>KAEB>Q3EFP@LJ?FK>QFLKLC@LKQBKQ
@LROPBP>PPBPPJBKQ>KABS>IR>QFLKQEBLOV@LROPBP>KA>
hK>IMOLGB@Q>OBMBOCB@QCLOBAR@>QLOPILLHFKDCLO>
MOLDO>JQE>QBJME>PFWBPJ>QEBJ>QF@P>KAPRMMLOQP
BAR@>QLOPFKIB>OKFKDELTQL?BQQBOBS>IR>QBQEBFO
BfB@QFSBKBPPFKQEB@I>PPOLLJ%LOFKCLOJ>QFLK>?LRQ
>AJFPPFLKP>KAOBNRFOBJBKQPPBBQEBIFPQFKDRKABO23$,
CLO$AR@>QLOP
#BDOBB1BNRFOBJBKQP
%LO>@LJMIBQBLSBOSFBTLCABDOBBOBNRFOBJBKQPMIB>PB
PBB23$,CLO$AR@>QLOP
+JA6,>PQBOLC2@FBK@B
/OLCBPPFLK>I,>PQBOLC2@FBK@BFK%FK>K@F>I
,>QEBJ>QF@P/OLDO>J
3EFPMOLDO>JLfBOP>KBg@FBKQMO>@QF@BLOFBKQBAQO>@HQL
MOBM>OBPQRABKQPCLONR>KQFQ>QFSB@>OBBOPFKQEBhK>K@F>I
FKARPQOVFK@IRAFKD?>KHPFKPRO>K@B@LJM>KFBP>KA
FKSBPQJBKQ>KAPB@ROFQFBPhOJP3EBMOLDO>JDFSBP
PQRABKQP>PLIFA?>@HDOLRKA>KAPRg@FBKQ?OB>AQEFKQEB
J>QEBJ>QF@>I>KAPQ>QFPQF@>ICLRKA>QFLKPKBBABAQL
RKABOPQ>KAQEB@RQQFKDBADBQB@EKFNRBPLCQLA>V>KAQL
HBBMRMTFQECRQROBABSBILMJBKQPFKQEFPO>MFAIVBSLISFKD
>OB>LSBOQEBPM>KLCQEBFO@>OBBOP(Q>IPLBNRFMPPQRABKQP
TFQEBUMBOQFPBFKNR>KQFQ>QFSBhK>K@F>IJLABIFKD>KAQEB
@LJMRQ>QFLK>IJBQELAP>KAPHFIIPQE>Q>OBRPBAQL
FJMIBJBKQQEBJLABIP3EBJ>QEBJ>QF@>IHKLTIBADBFP
@LJMIBJBKQBA?VPQRAFBPFKhK>K@F>IJ>K>DBJBKQ
FKCLOJ>QFLKQB@EKLILDV>KALO@LJMRQBOP@FBK@B
3EB?OFADBCOLJQEB>@>ABJF@BKSFOLKJBKQQLQEB
MOLCBPPFLK>ITLOHMI>@BFPMOLSFABA?V>MOLCBPPFLK>I
J>PQBOPMOLGB@QQE>QFKSLISBPQEBPLIRQFLKLC>@LK@OBQB
OB>ITLOIAMOL?IBJAFOB@QIVLOFDFK>QFKDFKQEBhK>K@F>I
FKARPQOV2QRABKQP>OBBK@LRO>DBAQL@LJMIBQBPRJJBO
FKQBOKPEFMP>QhK>K@F>IhOJP3EBABM>OQJBKQJ>VEBIM
PQRABKQPQLhKAPRFQ>?IBhK>K@F>IFKQBOKPEFMPQEOLRDEQEB
FKARPQOF>I@LKKB@QFLKPLCC>@RIQV>gIF>QBATFQEQEB"BKQBO
CLO(KARPQOF>I,>QEBJ>QF@P>KA2Q>QFPQF@P&O>AR>QBPLCQEB
MOLDO>J>OBBUMB@QBAQLPQ>OQLO>AS>K@BQEBFOMOLCBPPFLK>I
@>OBBOPFKPR@E>OB>P>PhK>K@F>IMOLAR@QABSBILMJBKQ>KA
MOF@FKDOFPHJ>K>DBJBKQFKSBPQJBKQAB@FPFLKPRMMLOQ
>KAMLOQCLIFLJ>K>DBJBKQ
#BDOBB1BNRFOBJBKQP
3EBJ>PQBOPMOLDO>JFK%FK>K@F>I,>QEBJ>QF@POBNRFOBP>
JFKFJRJLC@OBAFQELROPLC@LROPBTLOH AAFQFLK>I
@OBAFQCOLJ@LROPBTLOHJ>V?BOBNRFOBA?VQEB
ABM>OQJBKQABMBKAFKDLKQEBPQRABKQP?>@HDOLRKA3EB
@ROOF@RIRJ@LKPFPQPLCQEBCLIILTFKD@LJMLKBKQP
+JA6,>PQBOLC2@FBK@B
 6/(">Q>ILD
@OBAFQPCOLJOBNRFOBACLRKA>QFLK
@LROPBP
E6> +:E=6 C65:ED
, LO, 
, LO, 
@OBAFQPCOLJ@LOBhK>K@F>I
J>QEBJ>QF@P@LROPBP
E6> +:E=6 C65:ED
,  %FK>K@F>I,>QEBJ>QF@P( 
,  %FK>K@F>I,>QEBJ>QF@P(( 
,  "LJMRQ>QFLK>I,BQELAPLC
%FK>K@F>I,>QEBJ>QF@P

,  /LOQCLIFL5>IR>QFLK>KA1FPH
,>K>DBJBKQ

,  ,>OHBQ>KA"OBAFQ1FPH,LABIP>KA
,>K>DBJBKQ

@OBAFQP@ELPBKCOLJ,>QEBJ>QF@>I
2@FBK@BPDO>AR>QB@LROPBP, 
!2,2PQRABKQP@>K@LRKQRKABODO>AR>QB@LROPBP, 
1FPH3EBLOV, 2ROSFS>I,LABIP, 
,>QEBJ>QF@>I.MQFJFW>QFLK, /OL?>?FIFPQF@
,BQELAPFK.MBO>QFLKP1BPB>O@E, !LRKA>OV5>IRB
/OL?IBJP, />OQF>I#FfBOBKQF>I$NR>QFLKP, 
/OL?>?FIFQV>KA,>QEBJ>QF@>I2Q>QFPQF@P((QLT>OAPBIB@QFSBP
@OBAFQ?IL@HFKLKBLCQEBCLIILTFKD
@LJMIBJBKQ>OV>OB>PLRQPFABLCQEB
,>QEBJ>QF@>I2@FBK@BP#BM>OQJBKQ
%FK>K@F>I,>K>DBJBKQ(KCLOJ>QFLK
3B@EKLILDVLO"LJMRQBO2@FBK@B
2QRABKQPTFQE>ABDOBBLOPR?PQ>KQF>ITLOHBUMBOFBK@BFK
LKBLCQEB>?LSB@LJMIBJBKQ>OV>OB>P@>KPR?PQFQRQB
QEBJTFQELQEBO@LROPBPPR?GB@QQLMOFLO>MMOLS>I?VQEB
DO>AR>QB@LJJFQQBB
!2,2PQRABKQP@>K@LRKQPRFQ>?IBRKABODO>AR>QB
@LROPBPQLT>OAPQEB@LJMIBJBKQ>OV>OB>OBNRFOBJBKQ
>@@LOAFKDQEBKRJ?BOLC@OBAFQPLCQEB@LOOBPMLKAFKD
DO>AR>QB@LROPBP
LCQEB@LJMIBJBKQ>OV>OB>@OBAFQP@>K?BB>OKBA?V
Q>HFKD, %FK>K@F>I/OLDO>JJFKD6LOHPELM
">MPQLKB/OLGB@QTEF@EJ>V?BP>QFPhBA
?VLKBLCQEBCLIILTFKDLMQFLKP
 QEOBBQLPFU@OBAFQJ>PQBOPMOLGB@Q
 QEOBB@OBAFQJ>PQBOPMO>@QF@RJ
 QEOBB@OBAFQ@>MPQLKB@LROPBFKhK>K@F>I
J>QEBJ>QF@P
3EBJ>PQBOPMOLGB@Q@LKPFPQPLC>@OB>QFSB>MMIF@>QFLKLC
J>QEBJ>QF@PQL>OB>ITLOIAMOL?IBJLOFDFK>QFKDFKQEB
hK>K@F>IFKARPQOV(QCL@RPBPLKMOL?IBJABhKFQFLK>KA
PLIRQFLKRPFKDJ>QEBJ>QF@>IQLLIP3EBJ>PQBOPMO>@QF@RJ
OBNRFOBP>PQRABKQQLABJLKPQO>QBQEBFKQBDO>QFLKLC
>AS>K@BAJ>QEBJ>QF@>I@LK@BMQP>KAJBQELAPFKQL
MOLCBPPFLK>IMO>@QF@B3EFP@LRIA?BALKBQEOLRDE>K
>MMOLSBAPRJJBOFKQBOKPEFMFKFKARPQOVLO>K>MMIFBA
OBPB>O@EI>?LO>QLOV3EB@>MPQLKB@LROPBFKhK>K@F>I
J>QEBJ>QF@P@>K?B@ELPBKCOLJ, , , 
LO, >KATFII?B>KBKE>K@BASBOPFLKLCQEB@LROPB
TFQEBUQO>TLOH>PPFDKBA/OFLOQLQEBPQ>OQLCQEB@>MPQLKB
@LROPB>PQRABKQPBBHFKDQLRPBQEB@LROPBQLP>QFPCVQEB
OBNRFOBJBKQJRPQAB@I>OBQEFPFKQBKQFLKQLQEBMOLCBPPLOLC
QEB@LROPB
,  >KA, !/OLCBPPFLK>I
,>PQBOP2BJFK>OCLOKL@OBAFQ
/OLCBPPFLK>I,>PQBOLC2@FBK@BFK(KARPQOF>I
,>QEBJ>QF@P/OLDO>J
3EFPFP>MO>@QF@BLOFBKQBAMOLDO>JQE>QMOBM>OBPPQRABKQP
CLOPR@@BPPCRI@>OBBOPFKFKARPQOV3EBDO>AR>QBP>OB
BUMB@QBAQL?BDBKBO>IFWBAMOL?IBJPLISBOP@>M>?IBLC
JLSFKDCOLJQ>PHQLQ>PHTFQEFK>KLOD>KFW>QFLK(K
FKARPQOVJ>QEBJ>QF@F>KPKBBAKLQLKIVQEBPQ>KA>OA
J>QEBJ>QF@>I>KAPQ>QFPQF@>IJLABIFKD>KA@LJMRQ>QFLK>I
QLLIP?RQ>IPLHKLTIBADBTFQEFKLQEBO>OB>PLCP@FBK@BLO
BKDFKBBOFKD3EFPMOLDO>J>FJP>QABSBILMFKDQEB
>K>IVQF@>IJLABIFKD>KA@LJMRQ>QFLK>IPHFIIPKBBABA?V
J>QEBJ>QF@F>KPTELTLOHFKFKARPQOF>IBKSFOLKJBKQP(Q
>IPLMOLSFABPQEB?OB>AQEOBNRFOBA?VFKARPQOF>I
JRIQFAFP@FMIFK>OVQB>JBKSFOLKJBKQPQEOLRDE@LROPBPFK
LKB>OB>LCP@FBK@BLOBKDFKBBOFKDBDMEVPF@P@LJMRQBO
P@FBK@BJB@E>KF@>IBKDFKBBOFKD>KABIB@QOF@>I>KA
@LJMRQBOBKDFKBBOFKD
3EB@LKKB@QFLK?BQTBBK>@>ABJF@QO>FKFKD>KAFKARPQOF>I
BUMBOFBK@BFPMOLSFABA?V>KFKARPQOF>IMOLCBPPFLK>I
J>PQBOPMOLGB@QQE>QFKSLISBPQEBPLIRQFLKLC>@LK@OBQB
OB>ITLOIAMOL?IBJLOFDFK>QFKDFKFKARPQOV3EB
ABM>OQJBKQQEOLRDEQEBFKARPQOF>I@LKKB@QFLKPLCQEB
 6/(">Q>ILD
C>@RIQV>gIF>QBATFQEQEB"BKQBOCLO(KARPQOF>I,>QEBJ>QF@P
>KA2Q>QFPQF@PJ>VEBIMPQRABKQPFABKQFCV>KAPBIB@Q
PRFQ>?IBFKARPQOF>IFKQBOKPEFMP&O>AR>QBPLCQEBMOLDO>J
>OBBUMB@QBAQLPQ>OQLO>AS>K@BQEBFOMOLCBPPFLK>I@>OBBOP
FKFKARPQOV
#BDOBB1BNRFOBJBKQP
3EBJ>PQBOPMOLDO>JFK(KARPQOF>I,>QEBJ>QF@POBNRFOBP>
JFKFJRJLC@OBAFQELROPLC@LROPBTLOH AAFQFLK>I
@OBAFQCOLJ@LROPBTLOHJ>V?BOBNRFOBA?VQEB
ABM>OQJBKQABMBKAFKDLKQEBPQRABKQP?>@HDOLRKA
2QRABKQPJRPQ@LJMIBQBCLROCLRKA>QFLK@LROPBP, 
, >KAQTL@LROPBPLRQLC, , , 
>KA, 2QRABKQPJRPQ>IPL@LJMIBQB>@OBAFQELRO
JLARIB@LJMLPBALCQTL@LROPBPTFQEFKQEBABM>OQJBKQ
>KA>PBNRBK@BLCQTL@LROPBPCOLJLKBDO>AR>QBMOLDO>J
LRQPFABQEB,>QEBJ>QF@>I2@FBK@BP#BM>OQJBKQ3EB
ABM>OQJBKQLfBOP>TFABPBIB@QFLKLCJLARIBPQLPRFQ
PQRABKQPFKQBOBPQ>KABUMBOQFPB
(K>AAFQFLKPQRABKQP>OBOBNRFOBAQL@LJMIBQB>@OBAFQ
ELROBIB@QFSBCOLJQEB,>QEBJ>QF@>I2@FBK@BP#BM>OQJBKQ
>KA>@OBAFQELROJ>PQBOPMOLGB@QLK>MOL?IBJ
LOFDFK>QFKDCOLJFKARPQOV">KAFA>QBP>OBOBNRFOBAQL
PR@@BPPCRIIV@LJMIBQBQEB/OLCBPPFLK>I,>PQBOP2BJFK>OP
,  >KA, !3EB/I>KLC2QRAV>KAQEBMOLGB@Q
QLMF@OBNRFOBMOFLO>MMOLS>I?VQEBABM>OQJBKQ>I&O>AR>QB
"LJJFQQBB
$U>JMIBPLC,LARIBPCLOQEB,2#BDOBBFK
(KARPQOF>I,>QEBJ>QF@P
3EB@LROPBP@LJMOFPFKDQEB@OBAFQJLARIBPELRIACLOJ
>@LEBOBKQPBNRBK@BQE>QMOLSFABPBUMLPROBQL>K>OB>
LRQPFABLCJ>QEBJ>QF@P>KAPQ>QFPQF@PMOLSFAFKD>QQEB
P>JBQFJBQEBJ>QEBJ>QF@>IQLLIPOBNRFOBA?VQE>Q
M>OQF@RI>O>OB>$U>JMIBPLCQVMF@>IJLARIBP>OB
] #VK>JF@P>KA@LKQOLIJLARIB`, , ,$

] ,>QBOF>IPJLARIB`, , >KA,$
] %IRFAAVK>JF@PJLARIB`, , ,$
>KA,$
] !FLJBAF@>IBKDFKBBOFKDJLARIB`, , 
!,$,$>KA!,$,$
] ,>@EFKBIB>OKFKDJLARIB`, , "2
>KA"2
] "OVMQLDO>MEVJLARIB`, , "2>KA
$"$
+JA6,>PQBOLC2@FBK@B
/E#FK,>QEBJ>QF@>I2@FBK@BP
3EBDL>ILCQEFPMOLDO>JFPQLMOLAR@B>@QFSB>KA@OB>QFSB
MOL?IBJPLISBOP@>M>?IBLC@LKQOF?RQFKDFK>@>ABJF@>KA
FKARPQOF>IBKSFOLKJBKQP.KBAFPQFKDRFPEFKDCB>QROBLCQEFP
MOLDO>JFP>KLMQFLK>I/E#MOLGB@QQL?B@LJMIBQBA
RKABOQEBDRFA>K@BLC>KBUQBOK>IPMLKPLOBDCOLJ
FKARPQOVLO>K>QFLK>IOBPB>O@E@BKQBO3EBFKQBKQFLKLCQEFP
MOLGB@QFPQL@LKKB@QQEBLOBQF@>IHKLTIBADBTFQEOBIBS>KQ
>MMIF@>QFLKP>KAQLFJMOLSBPHFIIPFK>MMIVFKD>KA
@LJJRKF@>QFKDJ>QEBJ>QF@P
#BDOBB1BNRFOBJBKQP
3EB@LROPBLCPQRAVIB>AFKDQLQEBAL@QLOLCMEFILPLMEVFK
J>QEBJ>QF@>IP@FBK@B>KAQEBAL@QLOLCMEFILPLMEVFK
PQ>QFPQF@POBNRFOBPQEB@LJMIBQFLKLC>QIB>PQ@OBAFQELROP
?BVLKAQEB?>@EBILOPABDOBBLO>QIB>PQ@OBAFQELROP
?BVLKAQEBJ>PQBOPABDOBB>PCLIILTP
&BKBO>I"LROPBP@OBAFQBACLOPQRABKQPTFQEJ>PQBOP
ABDOBBP
@OBAFQP
)6D62C49'C6A2C2E:@?'92D6 4C65:ED
1BPB>O@E1BI>QBA"LROPBPLO(KABMBKABKQ2QRAFBP @OBAFQP
/E#/OLGB@Q @OBAFQP
$UQO>#BM>OQJBKQ>I2QRAFBP @OBAFQP
#FPPBOQ>QFLK1BPB>O@E
>QIB>PQ
@OBAFQP
?OFBCABP@OFMQFLKLCLQEBO/E#MOLDO>JOBNRFOBJBKQP
CLIILTP?BILT%LOCROQEBOABQ>FIPPQRABKQP>OB>ASFPBAQL
@LKPRIQQEBAL@RJBKQ/E#/OLDO>J1BNRFOBJBKQP>KA
AJFKFPQO>QFSB1RIBPCLOQEB#BM>OQJBKQLC,>QEBJ>QF@>I
2@FBK@BP>S>FI>?IBCOLJQEBABM>OQJBKQ>IDO>AR>QB
PB@OBQ>OV
6FQEFK>CRIIQFJBPQRABKQPhOPQPBJBPQBOLCPQRAVPB@LKA
PBJBPQBOCLOM>OQQFJBPQRABKQP>/I>KLC2QRAVIB>AFKDQL
QEB/E#ABDOBBJRPQ?BPR?JFQQBAQLQEBABM>OQJBKQ>I
&O>AR>QB"LJJFQQBBCLOOBSFBT>KA>MMOLS>I3EB/I>KLC
2QRAVJ>VPR?PBNRBKQIV?BJLAFhBATFQEOBSFBT?VQEB
ABM>OQJBKQ>I&O>AR>QB"LJJFQQBB
$UQO>#BM>OQJBKQ>I2QRAFBP1BNRFOBJBKQ
PQRABKQJRPQ@LJMIBQB>QIB>PQPFUPBJBPQBOELROPLC
@LROPBPIBSBILOEFDEBOFK6/(ABM>OQJBKQPLQEBOQE>K
QEB,>QEBJ>QF@>I2@FBK@BP#BM>OQJBKQ
&BKBO>I"LJMOBEBKPFSB$U>JFK>QFLK
PQRABKQJRPQM>PPQEBDBKBO>I@LJMOBEBKPFSB
BU>JFK>QFLK&"$FKLOABOQL?B@LJB>/E#@>KAFA>QB
3EBMROMLPBLCQEB&"$FPQLABQBOJFKBTEBQEBO>PQRABKQ
MLPPBPPBPQEBCRKA>JBKQ>IHKLTIBADB>KAPHFIIPKB@BPP>OV
CLOPQRAV>KAOBPB>O@E>QQEB/E#IBSBI(QFP>TOFQQBK
BU>JFK>QFLKLfBOBAQEOBBQFJBP>VB>OLK@BB>@EFK
 6/(">Q>ILD
)>KR>OV,>V>KA RDRPQ PQRABKQJRPQM>PP?V)>KR>OV
LCQEBFOPB@LKAVB>OFCQEBVBKQBOFKQEBC>II>KA,>VLCQEBFO
PB@LKAVB>OFCQEBVBKQBOFKQEBPMOFKD
,>QEBJ>QF@>I2@FBK@BP/E#/OLGB@Q
PQRABKQJ>V@LJMIBQB>/E#MOLGB@QFKSLISFKD>
MOL?IBJLOFDFK>QFKDTFQE>PMLKPLOBUQBOK>IQLQEB
ABM>OQJBKQ3EBMROMLPBPLCQEBMOLGB@Q>OBQL?OL>ABK
MBOPMB@QFSBPLKQEBOBIBS>K@B>KA>MMIF@>QFLKPLC
J>QEBJ>QF@P>KAQLFJMOLSBPHFIIPFK@LJJRKF@>QFKD
J>QEBJ>QF@P>KACLOJRI>QFKD>KAPLISFKDJ>QEBJ>QF@>I
MOL?IBJP2QRABKQP>OBBK@LRO>DBAQLTLOHTFQEFKARPQOF>I
PMLKPLOPLKMOL?IBJPFKSLISFKD>MMIF@>QFLKPLCQEB
J>QEBJ>QF@>IP@FBK@BP$>@E/E#MOLGB@QOBNRFOBPMOFLO
>MMOLS>I?VQEBMOLGB@Q>ASFPLOQEBBUQBOK>IPMLKPLO>KA
QEBABM>OQJBKQ>I&O>AR>QB"LJJFQQBB
/E#/OBIFJFK>OV$U>JFK>QFLK
2R@@BPPCRI@LJMIBQFLKLCQEBMOBIFJFK>OVBU>JFK>QFLKFP
OBNRFOBA?BCLOB>PQRABKQ@>KOBDFPQBOCLOAFPPBOQ>QFLK
OBPB>O@E@OBAFQP3EBMROMLPBLCQEBMOBIFJFK>OV
BU>JFK>QFLKFPQLABQBOJFKBTEBQEBO>PQRABKQP
RKABOPQ>KAFKDLC>AS>K@BA>OB>PLCJ>QEBJ>QF@PFP
>ABNR>QBQL@LKAR@QFKABMBKABKQOBPB>O@E>KA
PR@@BPPCRIIV@LJMIBQB>AFPPBOQ>QFLK3EBMOBIFJFK>OV
BU>JFK>QFLK@LKPFPQPLC?LQETOFQQBK>KALO>IM>OQP CRII
QFJBPQRABKQJRPQJ>HBQEBhOPQ>QQBJMQ?VQEBBKALCEFP
LOEBOQEFOAVB>OPFUQEVB>OCLOM>OQQFJBPQRABKQPFKQEB
/E#MOLDO>J
/E##FPPBOQ>QFLK
3EB/E#AFPPBOQ>QFLKFP>PFDKFh@>KQTLOHLCLOFDFK>I
OBPB>O@E@LKAR@QBARKABOQEBPRMBOSFPFLKLC>AFPPBOQ>QFLK
>ASFPLOTELFPKLOJ>IIV>JBJ?BOLCQEBABM>OQJBKQ>I
C>@RIQV3EBAFPPBOQ>QFLK>ASFPLO@E>FOPQEBPQRABKQP
AFPPBOQ>QFLK@LJJFQQBBTEF@E@LKPFPQPLC>QIB>PQhSB
JBJ?BOPFK@IRAFKDLKBOB@LDKFWBABUMBOQBUQBOK>IQLQEB
ABM>OQJBKQ>KATEF@EJRPQ?B>MMOLSBA?VQEB
ABM>OQJBKQ>I&O>AR>QB"LJJFQQBB QIB>PQPFUJLKQEP
MOFLOQL@LJMIBQFLKLCQEBAFPPBOQ>QFLK>PQRABKQJRPQ
PR?JFQ>TOFQQBKAFPPBOQ>QFLKMOLMLP>I>KAMOBPBKQ>MR?IF@
PBJFK>OLKQEBOBPB>O@EMI>KABP@OF?BAFKQEBMOLMLP>I
3EBMOLMLP>IJRPQ?B>MMOLSBA?VQEBAFPPBOQ>QFLK
@LJJFQQBB4MLK@LJMIBQFLKLCQEBAFPPBOQ>QFLK>KALQEBO
MOLDO>JOBNRFOBJBKQPQEBPQRABKQMOBPBKQPQEB
AFPPBOQ>QFLKQLQEBAFPPBOQ>QFLK@LJJFQQBB>KAQLQEB
DBKBO>I@LJJRKFQVFK>MR?IF@LO>IABCBKPB3EB
AFPPBOQ>QFLK@LJJFQQBBABQBOJFKBPTEBQEBOQEB
AFPPBOQ>QFLKFP>@@BMQ>?IB
4KP>QFPC>@QLOV/OLDOBPP
(CQEB>CLOBJBKQFLKBAJFIBPQLKBP>OBKLQJBQQEBKQEB
PQRABKQJRPQMBQFQFLKQEBDO>AR>QBMOLDO>J@LJJFQQBBQL
OBNRBPQBUQO>QFJBQLJBBQQEBOBNRFOBJBKQPLOQEBPQRABKQ
TFII?BKLILKDBO?BM>OQLCQEB/E#MOLDO>J>PLCQEB
CLIILTFKDPBJBPQBO
+JA6/E#
/E#FK2Q>QFPQF@P
3EBLSBO>IIL?GB@QFSBFPQL@OB>QB>EFDEIV@LJMBQFQFSB
MOLDO>JQE>QMOLAR@BPCRQROBP@ELI>OP>KAIB>ABOPFK
2Q>QFPQF@P3EBMOLDO>JTFIIMOLSFABOFDLOLRP>KA
@LJMOBEBKPFSBQO>FKFKDFKJ>QEBJ>QF@PPQ>QFPQF@P>KA
OBI>QBA>OB>P>PTBII>PFK@OFQF@>IQEFKHFKD>KAMOL?IBJ
PLISFKDCLOPQ>QFPQF@>I@E>IIBKDBPFKA>Q>OBI>QBAOBPB>O@EBP
>KA>MMIF@>QFLKP3EBDL>IFPQLMOBM>OBCRQROBIB>AFKD
PQ>QFPQF@F>KPFK>@>ABJF>FKARPQOV>KADLSBOKJBKQ
+JA6/E#
,B@E>KF@>I$KDFKBBOFKD
%>@RIQV
!028@@3:&BLODB( IABK/OLCBPPLO>KA#BM>OQJBKQ
'B>A/E#4KFSBOPFQVLC(IIFKLFP>Q"E>JM>FDK4O?>K>
$KE>K@BJBKQLCEB>QQO>KPCBOFKJ>@OLJF@OL>KA
K>KLP@>IBPIFNRFAS>MLOME>PB@E>KDB
BIB@QOLEVAOLAVK>JF@PFJMFKDFKDGBQPAOVFKD
$92E:2 PPFPQ>KQ3B>@EFKD/OLCBPPLO/E# OFWLK>
2Q>QB4KFSBOPFQV4KABOPQ>KAFKDQEBBfB@QLC##
>KA#ABCB@QPLKPQOR@QROBMOLMBOQVOBI>QFLKPEFMPFK
>AS>K@BAJ>QBOF>IPPR@E>PJ>DKBPFRJ>KAQFQ>KFRJ>IILVP
OBI>QBAQLQEB>BOLPM>@B>RQLJLQFSB>KAKR@IB>O
FKARPQOFBP>QAFfBOBKQIBKDQEP@>IBP
C@H?/OLCBPPLO#FOB@QLO2ROC>@B,BQOLILDV>KA
2MLOQP$KDFKBBOFKD+>?LO>QLOFBP/E#4KFSBOPFQVLC
5BOJLKQ2ROC>@BJBQOLILDV>UFLJ>QF@ABPFDK
PMLOQPBKDFKBBOFKD>KAJ>KRC>@QROFKD
#96?8 PPFPQ>KQ/OLCBPPLO/E#4KFSBOPFQVLC
/FQQP?RODE/EVPF@PFKCLOJBAJ>@EFKBIB>OKFKDA>Q>
AOFSBKJRIQFP@>IB>KAJRIQFMEVPF@PJLABIFKDPJ>OQ
OL?LQF@J>QBOF>IPABSBILMJBKQ>AAFQFSBJ>KRC>@QROFKD
@E6 PPFPQ>KQ/OLCBPPLO/E#6LO@BPQBO/LIVQB@EKF@
(KPQFQRQB(KQBDO>QBA@LJMRQ>QFLK>IJ>QBOF>IP
BKDFKBBOFKD(",$@LJMRQ>QFLK>IQEBOJLAVK>JF@P
HFKBQF@P>KAPLIFAFh@>QFLKPLIFAPQ>QB>AAFQFSB
J>KRC>@QROFKD@LIAPMO>VMOL@BPPFKDMLTABOJBQ>IIRODV
JF@OLPQOR@QRO>I>K>IVPFP>KAJLABIFKDQEOLRDEMOL@BPP
JLABIFKDTLJBKFK23$,LRQOB>@E
)2?:6==@ PPFPQ>KQ3B>@EFKD/OLCBPPLO/E#4KFSBOPFQV
 6/(">Q>ILD
LC,>PP>@ERPBQQP JEBOPQ$UMBOFJBKQ>IPQRAFBPLC
iRFA?BE>SFLOJF@OLiRFAF@PPRMBOEVAOLMEL?F@PROC>@BP
TBQQFKD?BE>SFLO>KAQLMLDO>MEV
6>6ECJ/OLCBPPLO/E#,>PP>@ERPBQQP(KPQFQRQBLC
3B@EKLILDV/BA>DLDF@>IOBPB>O@E>KABAR@>QFLK>I
ABSBILMJBKQJ>QBOF>IPP@FBK@B>KABKDFKBBOFKD
BAR@>QFLKBAR@>QFLK>IQB@EKLILDVLRQ@LJBPLC*
BKDFKBBOFKDLRQOB>@EJBKQLOFKDLCTLJBK>KADFOIPFK
P@FBK@B>KABKDFKBBOFKD
325: PPFPQ>KQ3B>@EFKD/OLCBPPLO/E#4KFSBOPFQVLC
-BT'>JMPEFOBBUMBOFJBKQ>I>KA>K>IVQF@>IiRFA
JB@E>KF@PQEBOJLiRFAMOL@BPPBPKLKBNRFIF?OFRJ
QRO?RIBKQiLTPQOR@QROBP@LJMRQBO>FABAABPFDK>KA
J>KRC>@QROFKD
$*@72?2 PPL@F>QB/OLCBPPLO/E#4KFSBOPFQVLC
6>QBOILL6>QBOILL">K>A>-LKIFKB>OABI>V
AVK>JF@>IPVPQBJPPQL@E>PQF@?FCRO@>QFLKPOBDBKBO>QFSB
@E>QQBOKRJBOF@>IIV@LKQOLIIBA" #" ,J>@EFKFKD
SBEF@IB>J?RI>K@BOBIF>?FIFQVABPFDK>KAQB@EKLILDV
PVPQBJPBKDFKBBOFKD>K>IVPFPOBAR@QFLKLCQOB>QJBKQ
ABI>VPFKHFAKBVAF>IVPFPJBAF@>I>KAMR?IF@EB>IQE
BKDFKBBOFKDBJBODBK@V>KAAFP>PQBOOBPMLKPBOL?LQP
FC=@?8/OLCBPPLO>KA#FOB@QLO"BKQBOCLO'LILDO>MEF@
2QRAFBP>KA+>PBOJF@OLJB@E>3OLKF@P/E#6/(
,$,2>KA,.$,2JF@OLK>KLQB@EKLILDV
C>?OF@>QFLKJB@E>QOLKF@PI>PBOJBQOLILDV>MMIF@>QFLKP
ELILDO>MEF@>KARIQO>PLKF@FJ>DFKD>KA-#3@LJMRQBO
JLABIFKDLCAVK>JF@PVPQBJP>@LRPQF@P
?2?2D<2?52? PPFPQ>KQ/OLCBPPLO/E#4KFSBOPFQVLC
,FKKBPLQ>"%#,RIQFP@>IBJLABIFKD,RIQFME>PB
iLTP">SFQ>QFLK!FLJBAF@>I @LRPQF@P'FDEMBOCLOJ>K@B
M>O>IIBI@LJMRQFKD IDLOFQEJABSBILMJBKQ
* F46C:/OLCBPPLO/E#-LOQE">OLIFK>2Q>QB
4KFSBOPFQV1>MFAC>?OF@>QFLKO>MFAMOLQLQVMFKD
I>VBOBAJ>KRC>@QROFKD>AAFQFSBJ>KRC>@QROFKDI>PBO
J>KRC>@QROFKD?FLC>?OF@>QFLK
1@F/OLCBPPLO/E#">IFCLOKF>(KPQFQRQBLC3B@EKLILDV
5F?O>QFLK>KA@LKQOLIPQOR@QRO>IAVK>JF@PPQOR@QRO>I
EB>IQEJLKFQLOFKDPJ>OQJ>QBOF>IP>KA>A>MQFSBPQOR@QROBP
PQL@E>PQF@JB@E>KF@PPLIFAJB@E>KF@PhKFQBBIBJBKQP
B>OQENR>HBBKDFKBBOFKD
#25@D,FIQLK/OFK@B'FDDFKP((#FPQFKDRFPEBA
/OLCBPPLOLC,B@E>KF@>I$KDFKBBOFKD#FOB@QLO(KQBDO>QFSB
,>QBOF>IP#BPFDK"BKQBOF,A@/E#6LO@BPQBO
/LIVQB@EKF@(KPQFQRQB%>QFDRBC>QFDRB@O>@HDOLTQE
QEBOJLJB@E>KF@>IC>QFDRB@OBBM>KACO>@QROBLCJBQ>IIF@
>KA@LJMLPFQBJ>QBOF>IP\BS>IR>QFLK>AS>K@BAJ>QBOF>I
C>FIROB@E>O>@QBOFW>QFLKIFCBMOBAF@QFLKP@LJMRQ>QFLK>I
JLABIFKD>KA(",$J>QBOF>IPMOL@BPP@LJMLKBKQABPFDK
>KALMQFJFW>QFLKCLO>BOLPM>@B>RQLJLQFSBJ>OFKB>KA
JFIFQ>OV>MMIF@>QFLKP>AS>K@BAJ>KRC>@QROFKD\>AAFQFSB
J>KRC>@QROFKDJBQ>IJ>QOFUK>KL\@LJMLPFQBPCOF@QFLKPQFO
TBIAFKD@LIAPMO>VQB@EKLILDVMLTABOJBQ>IIRODV
OBPFAR>IPQOBPPMI>PQF@FQVCO>@QROBJB@E>KF@P
#6G6J PPL@F>QB3B>@EFKD/OLCBPPLO/E#4KFSBOPFQV
LCQEB6FQT>QBOPO>KA/E>PBAF>DO>JPME>PB
QO>KPCLOJ>QFLKPPE>MBJBJLOVCBOOL>IILV@>PQFKD
!#:2?8/OLCBPPLO PPL@F>QB#FOB@QLO,>KRC>@QROFKD
>KA,>QBOF>IP$KDFKBBOFKD/E#!OLTK4KFSBOPFQV
->KLC>?OF@>QFLKQEOLRDEKLKIFQELDO>MEF@>MMOL>@EBP
>AAFQFSBJ>KRC>@QROFKDJ>QBOF>IMOL@BPPFKDOBPLRO@B
OB@V@IFKD>KAJ>QBOF>I@E>O>@QBOFW>QFLK
0#:F PPL@F>QB/OLCBPPLO/E#4KFSBOPFQVLC,>OVI>KA
%F?BOLMQF@>IQTBBWBOPPFIF@LKK>KLMELQLKF@P>KA
K>KLJB@E>KF@Ph?BOLMQF@PBKPLOPJBAF@>IOL?LQF@P@BII
JB@E>KF@P
$$$2<9=@F7/OLCBPPLO/E#6LO@BPQBO/LIVQB@EKF@
(KPQFQRQB/EVPF@>IJBQ>IIRODVPMB@Fh@>IIVABSBILMFKD
KBT>IILVPCLOFJMOLSBAMBOCLOJ>K@B,>QBOF>IP
MOL@BPPFKDM>OQF@RI>OIVPLIFAFh@>QFLKLCJBQ>IP3EB
>MMIF@>QFLKLCQEBOJLAVK>JF@PHFKBQF@P>KAQEB@LK@BMQP
LCEB>Q>KAJ>PPQO>KPCBOQLJLABIFKDMOL@BPPBPFK
J>QBOF>IPP@FBK@B>KABKDFKBBOFKD,BQ>IJ>QOFU
K>KL@LJMLPFQBP
1$2@ PPL@F>QB/OLCBPPLO/E#4KFSBOPFQVLC">IFCLOKF>
2>K#FBDL2QOR@QRO>IAVK>JF@PSF?O>QFLKPPQOR@QRO>I
EB>IQEJLKFQLOFKD>KAA>J>DBMOLDKLPFPKLKABPQOR@QFSB
BS>IR>QFLKMEVPF@PBKE>K@BAA>Q>>K>IVQF@P>KA
RK@BOQ>FKQVNR>KQFh@>QFLKKLK@LKQ>@QPBKPFKDFKQBIIFDBKQ
PVPQBJPJ>KRC>@QROFKDBKBODV>KAQO>KPMLOQ>QFLK
FKCO>PQOR@QROBP
$:D9C2*BKKBQE&,BOOF>J/OLCBPPLO#FOB@QLO,BQ>I
/OL@BPPFKD(KPQFQRQB#FOB@QLO,>KRC>@QROFKD>KA,>QBOF>IP
$KDFKBBOFKD/E#4KFSBOPFQVLC,FKKBPLQ>/EVPF@L
@EBJF@>IMOL@BPPFKDLCJ>QBOF>IP@LOOLPFLKP@FBK@B>KA
BKDFKBBOFKDOBPLRO@BOB@LSBOVOB@V@IFKD@OFQF@>I
J>QBOF>IPBUQO>@QFLKFOLK>KAPQBBIJ>HFKD>IILV
ABSBILMJBKQQEFKhIJ@L>QFKDP>KAPROC>@BBKDFKBBOFKD
'2?492A2<6D2?/OLCBPPLO/E#4KFSBOPFQVLC
,>OVI>KA->KLJ>KRC>@QROFKDIFDEQAOFSBK
>@QR>QLOPJF@OLK>KLLMQLJB@E>KF@>IPVPQBJPK>KLQR?B
IFNRFA@OVPQ>IP#K>KLJ>QBOF>IP>KAJF@OL>KA
K>KLQB@EKLILDV>MMOL>@EBPQL@>MQROB@FO@RI>QFKDQRJLO
@BIIP
'@H6== PPL@F>QB/OLCBPPLO/E#,>PP>@ERPBQQP
(KPQFQRQBLC3B@EKLILDV"IB>KMOLAR@QFLKLC
J>QBOF>IPM>OQF@RI>OIVQELPBRPBAFK@IB>K
BKBODVBIB@QOL@EBJFPQOVBUQO>@QFSBJBQ>IIRODVJRIQFP@>IB
JLABIFKDLCJ>QBOF>IPMOL@BPPCRKA>JBKQ>IPFKARPQOF>I
B@LILDV
')2592<C:D9?2? PPL@F>QB3B>@EFKD/OLCBPPLO/E#3EB
4KFSBOPFQVLC3BU>P>Q RPQFK RQLJ>QBAABPFDK>KA
J>KRC>@QROFKDBKQBOQ>FKJBKQ>KAJBAF@>IBKDFKBBOFKD
LMQFJFW>QFLKJ>@EFKBIB>OKFKD>KAPLCQT>OBABSBILMJBKQ
HFKBJ>QF@PAVK>JF@P>KAABPFDKBAR@>QFLK
'$)2@ PPL@F>QB/OLCBPPLO/E#2Q>KCLOA4KFSBOPFQV
->KLPQOR@QROBAQEFKhIJJ>QBOF>IP
MELQLBIB@QOL@EBJF@>IJ>QBOF>IPMOFKQBABIB@QOLKF@P>KA
PBKPLOP
*23F?4F PPFPQ>KQ3B>@EFKD/OLCBPPLO/E#.IA
 6/(">Q>ILD
#LJFKFLK4KFSBOPFQV3EBOJLiRFAP@FBK@B>KA
BKDFKBBOFKDTFQE>CL@RPLKJF@OLK>KLP@>IBPVPQBJP(K
>AAFQFLKBUMBOQFPBLKAFBIB@QOF@PMB@QOLP@LMVLC?FLILDF@>I
J>QBOF>IP
!*2G:=@?:D/OLCBPPLO/E#2Q>QB4KFSBOPFQVLC-BT
8LOH>Q!Rf>IL3EBOJLiRFAP?FLiRFAP>KA
?FLJB@E>KF@PBKBODV
*42CA:?@(KPQOR@QLO+B@QROBO,2@6LO@BPQBO
/LIVQB@EKF@(KPQFQRQB3B>@EFKDC>@RIQVCLO
BKDFKBBOFKDBUMBOFJBKQ>QFLK&BLQEBOJ>I'B>Q/RJMP
,BAF@>IABSF@BPCLOEB>OFKDOBPB>O@E"LJMRQ>QFLK>I
JLABIFKDLCEB>QQO>KPCBOFKQEFKhIJP
***9:G<F>2C/OLCBPPLO/E#2QBSBKP(KPQFQRQBLC
3B@EKLILDV/I>PQF@PJ>QBOF>IPP@FBK@B>KA
BKDFKBBOFKD?FLJ>QBOF>IPCLLABKDFKBBOFKD
)*:DD@?)O&BLODB%%RIIBO/OLCBPPLO/E#/ROARB
4KFSBOPFQV,>QBOF>IPMOL@BPPJLABIFKD>KA@LKQOLI
J>KRC>@QROFKDBKDFKBBOFKD@LOOLPFLKBKSFOLKJBKQ>I
BfB@QPLKJBQ>IP>KA@BO>JF@P
.*@3@J6;@/OLCBPPLO/OLSLPQ/E#">J?OFADB
4KFSBOPFQV!FLJ>QBOF>IPRPBLCK>KLM>OQF@IBPCLO
ABQB@QFLK>KAQOB>QJBKQLCAFPB>PBJB@E>KF@>IMOLMBOQFBP
LCJ>QBOF>IPRPBLCJ>QBOF>IPP@FBK@BQLMOLJLQBDIL?>I
ABSBILMJBKQ
!*E23:=6(KPQOR@QLO,2,$4KFSBOPFQVLC OFWLK>,$$$
4KFSBOPFQVLC"LILO>AL'FDEBg@FBK@VPJ>IIPMB>HBO
PVPQBJPCLOMBOPLK>I>RAFL3EFPTLRIAFK@IRABJ>DKBQF@
JLQLOABPFDKIFKB>O>KAOLQ>OV>@QR>QLOPEFDE?>KATFAQE
PQOR@QRO>IABPFDKCLO@B?>I>K@BAQO>KPAR@BOABPFDK
>@LRPQF@PQOR@QRO>IFKQBO>@QFLKJLABIFKDTFQEhKFQB
BIBJBKQ>K>IVPFP>KAMI>K>O>@LRPQF@>OO>VP#>AAFQFSB
@OB>QFLKLCMI>K>OBIB@QOLJ>DKBQF@>@QR>QLOP
!$*F==:G2?)O/OLCBPPLO PPL@F>QB#BM>OQJBKQ'B>A
#$#>OQJLRQE"LIIBDB#BSBILMJBKQLCDO>MEF@P
QLLIP>KAJBPEDBKBO>QFLKKRJBOF@>I>K>IVPFPLCM>OQF>I
AFfBOBKQF>IBNR>QFLKPJBAF@>IFJ>DBSFPR>IFW>QFLK>KA
>K>IVPFPPLCQT>OBABSBILMJBKQ
0.2?86FIIF>J2JFQE%LRKA>QFLK#B>KP/OLCBPPLO/E#
4KFSBOPFQVLC6FKAPLO!>QQBOVJ>QBOF>IPPQOR@QROB
J>KRC>@QROFKDABPFDKOB@V@IFKD>KAP>CBQV
BIB@QOL@EBJFPQOV?>PBAQB@EKLILDFBPBIB@QOLIVPFP
OB@V@IFKD>KAPRPQ>FK>?FIFQVCRKA>JBKQ>IBIB@QOL@EBJFPQOV
@LJJBO@F>IFW>QFLKLCQB@EKLILDFBP
*.@5:?*49H2CEK PPL@F>QB3B>@EFKD/OLCBPPLO/E#
4KFSBOPFQVLC">IFCLOKF>>Q!BOHBIBV,$,2PBKPLO
ABPFDK>KAC>?OF@>QFLKRKABODO>AR>QBBKDFKBBOFKD
BAR@>QFLK>@QFSBIB>OKFKD>KABUMBOFBKQF>IBAR@>QFLK
@LKQBKQABSBILMJBKQ>KAOBPB>O@EMOLAR@QABPFDK
0196?8 PPFPQ>KQ/OLCBPPLO/E#4KFSBOPFQVLC,F@EFD>K
 AS>K@BA>KA?FLJBAF@>IJ>KRC>@QROFKDJBAF@>I
ABSF@BABPFDKQFPPRBJB@E>KF@P?FLJBAF@>IJ>@EFKFKD
MOL@BPP>KAJLABIFKD@>QEBQBO?>PBAPRODF@>IABSF@BP
JBAF@>IPFJRI>QFLKS>P@RI>ORIQO>PLRKAFJ>DFKD>?O>PFSB
J>@EFKFKDMOL@BPPBPCLO?FLJBAF@>I>KA@BO>JF@J>QBOF>IP
019@?8 PPL@F>QB/OLCBPPLO/E#/BKK2Q>QB4KFSBOPFQV
(KQBDO>QBA"LJMRQ>QFLK>I,>QBOF>IP
$KDFKBBOFKD(",$@LJMRQ>QFLK>IQEBOJLAVK>JF@P>?
FKFQFLJLIB@RI>OAVK>JF@PJ>@EFKBIB>OKFKDEFDE
QEOLRDEMRQPFJRI>QFLKP>IILVP>KA@BO>JF@P
$JBOFQRP
A6=:2?/OLCBPPLO$JBOFQRP
F=E PPL@F>QB/OLCBPPLO$JBOFQRP
):656C>2?/OLCBPPLO$JBOFQRP
!$@J5/OLCBPPLO$JBOFQRP
@N>2?/OLCBPPLO$JBOFQRP
!$2J6C)O/OLCBPPLO$JBOFQRP
)#%@CE@?/OLCBPPLO$JBOFQRP
'=2?492C5(KPQOR@QLO$JBOFQRP
)!'CJAFE?:6H:4K/OLCBPPLO$JBOFQRP
OB>PLC2QRAV
3EBDO>AR>QB@ROOF@RIRJFPAFSFABAFKQLhSBAFPQFK@Q>OB>P
LCPQRAV
] %IRFAP$KDFKBBOFKD
] #VK>JF@P>KA"LKQOLIP
] 2QOR@QROBP>KA,>QBOF>IP
] #BPFDK>KA,>KRC>@QROFKD
] !FLJB@E>KF@>I$KDFKBBOFKD
3EBPB>OB>PPRMMLOQQEBOBPB>O@EFKQBOBPQPLCQEB
JB@E>KF@>IBKDFKBBOFKDC>@RIQVTEF@E>OBABP@OF?BARKABO
OB>PLC1BPB>O@E&O>AR>QB@LROPBPFKQOLAR@BPQRABKQPQL
CRKA>JBKQ>IPLCJB@E>KF@>IBKDFKBBOFKDTEFIB
PFJRIQ>KBLRPIVMOLSFAFKDQEB?>@HDOLRKAKB@BPP>OVQL
?B@LJBFKSLISBATFQEQEBLKDLFKDOBPB>O@ELCQEB
JB@E>KF@>IBKDFKBBOFKDC>@RIQV
2QRABKQP>IPLOB@BFSB@OBAFQCLOPMB@F>IQLMF@PRKABO,$
>KA,$>KAFKABMBKABKQPQRAVRKABO(2/%>@RIQV
JBJ?BOPLCQBKBUMBOFJBKQTFQEKBT@LROPBPRKABOQEB
PMB@F>IQLMF@PABPFDK>QFLK>IQELRDEKL@LROPBJ>V?B
LfBOBAJLOBQE>KQTF@BFKQEFPJ>KKBO$U@BMQCLO@BOQ>FK
IBSBI@LROPBPMBOJFQQBAFKQEB!2,>PQBOPMOLDO>J
KLRKABODO>AR>QB@LROPBPJ>V?B@LRKQBAQLT>OA
DO>AR>QB@OBAFQ
/OLDO>JPLC2QRAV
3EB,B@E>KF@>I$KDFKBBOFKD/OLDO>JLfBOPQEBCLIILTFKD
DO>AR>QBABDOBBLMQFLKP
] ,>PQBOLC2@FBK@B,2
] "LJ?FKBA!2,2
] #L@QLOLC/EFILPLMEV/E#
] &O>AR>QB"BOQFh@>QB/OLDO>J,B@E>KF@>I
$KDFKBBOFKDCLO3B@EKF@>I+B>ABOP
 6/(">Q>ILD
AJFPPFLK1BNRFOBJBKQP
%LOQEB,2MOLDO>J>MMIF@>KQPPELRIAE>SB>!2FK
JB@E>KF@>IBKDFKBBOFKDLOFK>OBI>QBAhBIAFBLQEBO
BKDFKBBOFKDAFP@FMIFKBPMEVPF@PJ>QEBJ>QF@PBQ@
3EBPQ>KA>OAP>OBQEBP>JBCLO>AJFPPFLKFKQLQEBQEBPFP
>KAKLKQEBPFPLMQFLKPLCQEB,2MOLDO>J QQEBQFJBLC
>MMIF@>QFLKQLQEBJ>PQBOPMOLDO>JQEBPQRABKQJRPQ
PMB@FCVEFPEBOLMQFLKQEBPFPLOKLKQEBPFPLC@ELF@B
%LOQEB/E#>?>@EBILOPLOJ>PQBOPABDOBBFKJB@E>KF@>I
BKDFKBBOFKDLOFK>OBI>QBAhBIAFBLQEBOBKDFKBBOFKD
AFP@FMIFKBPMEVPF@PJ>QEBJ>QF@PBQ@FPOBNRFOBA
3EB,B@E>KF@>I$KDFKBBOFKD#BM>OQJBKQOBPBOSBPFQP
hK>K@F>I>FACLODO>AR>QBPQRABKQPFKQEB/E#MOLDO>JLO
FKQEBQEBPFPLMQFLKLCQEB,2MOLDO>J
OB>PLC1BPB>O@E
3EBC>@RIQVLCQEB,B@E>KF@>I$KDFKBBOFKD#BM>OQJBKQ
@ROOBKQIVMROPRBOBPB>O@ERKABOQEBCLIILTFKD>OB>P
] !FLJB@E>KF@>I$KDFKBBOFKD>KA'B>IQE@>OB
] #VK>JF@P"LKQOLIP>KA1L?LQF@P
] $KBODV2@FBK@B>KA$KDFKBBOFKD
] ,>QBOF>IP>KA,>KRC>@QROFKD
] ,B@E>KF@P>KA#BPFDK
] ->KL>KA,F@OL$KDFKBBOFKD
/IB>PB@LKPRIQQEB,B@E>KF@>I$KDFKBBOFKD#BM>OQJBKQ
TB?PFQBCLO>@ROOBKQIFPQLCQEBC>@RIQVMROPRFKDOBPB>O@E
RKABOB>@ELCQEBPB>OB>P
,B@E>KF@>I$KDFKBBOFKD
+>?LO>QLOFBP>KA"BKQBOP
3EB,B@E>KF@>I$KDFKBBOFKD/OLDO>JMOLSFABP>
JRIQFAFP@FMIFK>OVOBPB>O@E>KABAR@>QFLKBKSFOLKJBKQ3EB
C>@FIFQFBP>OBELRPBAFK'FDDFKP+>?LO>QLOFBP>KA6>PE?ROK
2ELMP%LOQEBI>?LO>QLOFBP>KA@BKQBOPLCQEBLQEBO
MOLDO>JPTFQEFKQEB,B@E>KF@>I$KDFKBBOFKD#BM>OQJBKQ
 BOLPM>@B$KDFKBBOFKD,>KRC>@QROFKD$KDFKBBOFKD
,>QBOF>IP/OL@BPP$KDFKBBOFKD>KA,>QBOF>IP2@FBK@B>KA
$KDFKBBOFKDMIB>PBPBBQEBFO@LOOBPMLKAFKDPB@QFLKPFK
QEFP@>Q>ILD
3B>@EFKD>KA/OLGB@Q+>?LO>QLOFBP
#BPFDK2QRAFL>KA"LJMRQBO"I>PPOLLJ
3EB'FDDFKP#BPFDK2QRAFL'+>KAQEB"LJMRQBO
"I>PPOLLJ'+>OB?LQEM>OQLCQEB*B@H#BPFDK
"BKQBO>KA>OBJ>K>DBA?V6/(P(KCLOJ>QFLK3B@EKLILDV
2BOSF@BP#FSFPFLK3EBI>?P>OBRPBACLOIB@QROBP>KA
I>?LO>QLOFBPFK>S>OFBQVLCJB@E>KF@>IABPFDK>KA
J>KRC>@QROFKD@LROPBP>KA>OB>IPL>S>FI>?IBQLPQRABKQP
CLODBKBO>IMROMLPB@LJMRQ>QFLK>ITLOHLKMOLGB@QP>KA
@LROPBTLOH3EBPNCQ'FDDFKP#BPFDK2QRAFL
@LKQ>FKPQTBKQVLKBEFDEBKATLOHPQ>QFLKPORKKFKD
PLCQT>OBCLOJB@E>KF@>IABPFDKFK@IRAFKDM>O>JBQOF@PLIFA
JLABIFKD/3""OBL2LIFATLOHP-7(AB>PPQOR@QRO>I
QEBOJ>IiRFA>KAAVK>JF@>K>IVPFP -282 ?>NRP
->PQO>K/>QO>K%IRBKQ"LJPLI>KADBKBO>IMROMLPB
>MMIF@>QFLKP3B@MILQPFDJ>MILQ,>QEBJ>QF@>,>Q+>?
,>MIB RUFIF>OVBNRFMJBKQFK@IRABPQTLI>PBOMOFKQBOP
>KA$PFWB@LILOMOFKQBOMILQQBO3EBPNCQ"LJMRQBO
"I>PPOLLJ'+@LKQ>FKPJLOBQE>KCLOQV
TLOHPQ>QFLKP 5BNRFMJBKQFK@IRAFKDAR>IEFDE
OBPLIRQFLKMOLGB@QFLKPVPQBJP>KA>EFDEPMBBAI>PBO
MOFKQBO+L@>IIVFKPQ>IIBAPLCQT>OBFK@IRABP2LIFATLOHP
RQL" #,>QI>?,>MIB,>QE@>A3*2LISBO3EBOJ>I
K>IVPFPPLCQT>OB>KA5FPR>I2QRAFL-BQ3EBTLOHPQ>QFLKPFK
QEB#BPFDK2QRAFL>KA"LJMRQBO"I>PPOLLJE>SB>@@BPPQL
>IIPLCQT>OB>S>FI>?IBLKQEB6/(@>JMRPKBQTLOH>KA
>IILTCLOABPFDK@LII>?LO>QFLK>KABU@E>KDBLCABPFDK
JLABIPQLJ>KRC>@QROFKDC>@FIFQFBP"LROPBPPBOSBA$2
$2,$,$,$,$>KA
J>KVLRQLCABM>OQJBKQ@LROPBP
$UMBOFJBKQ>QFLK+>?LO>QLOV
3EB$UMBOFJBKQ>QFLK+>?LO>QLOV'+MOLSFABPQEB
,B@E>KF@>I$KDFKBBOFKD#BM>OQJBKQTFQE>JLABOK
I>?LO>QLOVCLOQEBPQ>QBLC>OQ$KDFKBBOFKD$UMBOFJBKQ>QFLK
,$@LROPBOBNRFOBACLO,$PQRABKQPQLP>QFPCVQEBFO
BUMBOFJBKQ>QFLKOBNRFOBJBKQ3EB@LROPBMOLSFABP
PQRABKQPTFQES>IR>?IBE>KAPLKHKLTIBADB>KAAFOB@QIV
>AAOBPPBP>II !$3BUMBOFJBKQ>QFLK>KAOBI>QBA
OBNRFOBJBKQP3EBPNCQI>?LO>QLOVELRPBP
TLOHPQ>QFLKP@LKQ>FKFKD+>?SFBT?>PBAA>Q>>@NRFPFQFLK
E>OAT>OB>KAPLCQT>OB$>@ETLOHPQ>QFLKFP@LKhDROBACLO
QTLPQRABKQPTLOHFKDFKM>FOP ELPQLCPQ>KA>OAPBKPLOP
>KAQO>KPAR@BOPQEBOJL@LRMIBPQEBOJFPQLOP13#PPQO>FK
D>DBPMOBPPROBQO>KPAR@BOP>@@BIBOLJBQBOPBQ@
@LJMIBJBKQB>@ETLOHPQ>QFLK?BK@E3EBI>?LO>QLOV>IPL
@LKQ>FKPPQ>KA>OAQBPQBNRFMJBKQ#5,PLIABOFKD
BNRFMJBKQE>KAQLLIP@>IFMBOP>KAJF@OLJBQBOP>PTBII
>PE>OAT>OB>MM>O>QRPPR@E>PMOBPPROBQ>KHPLOFh@BPEB>Q
BU@E>KDBOPMOBPPROFWBA>FOMLTBO>KAFKQBOKBQBQ@3EFP
I>?LO>QLOVFP>IPLRPBACLO$2$KDFKBBOFKD"LKQOLIP(
,$,LABIFKD>KA K>IVPFPLC,B@E>QOLKF@P>
DO>AR>QB@LROPBLK#VK>JF@2FDK>I K>IVPFP>KA,>GLO
0R>IFCVFKD/OLGB@QP,0/POBI>QBAQLBKDFKBBOFKD
BUMBOFJBKQ>QFLK
,>GLO0R>IFCVFKD/OLGB@QP,0/+>?LO>QLOV
3EB,0/+>?LO>QLOV'+FP>PNCQPM>@BCLO
PQRABKQPQL>PPBJ?IB>KATLOHLKQEBFO,0/P3EB
I>?LO>QLOVIFBP?BQTBBKQEB$KDFKBBOFKD$UMBOFJBKQ>QFLK
+>?LO>QLOVDFSFKD>@@BPPQLPQ>QBLC>OQBIB@QOLKF@PBKPLOP
>KAJB>PROBJBKQBNRFMJBKQ>KAQEB'FDDFKP,>@EFKB
 6/(">Q>ILD
2ELMMOLSFAFKDI>QEBPAOFIIMOBPPBPJFIIFKDJ>@EFKBP>KA
"-"BNRFMJBKQ3EB,0/I>?LO>QLOVFPBNRFMMBATFQE>FO
T>QBOAO>FKP>KAE>KAQLLIPCLOC>?OF@>QFLKTLOH
(KAFSFAR>IFWBAPQLO>DBBUFPQPCLO@>MPQLKBABPFDKTLOHPFK
MOLDOBPP
/OLGB@Q+>?LO>QLOFBP
3EBLQEBOMOLGB@QI>?LO>QLOVPM>@BPFK'FDDFKP+>?LO>QLOFBP
FK@IRAB'+>KA'+PNCQFP
RPBAMOFJ>OFIVQL@LKAR@QLC@>MPQLKBABPFDKMOLGB@QP
OBNRFOFKD>I>ODBTLOH>KA>PPBJ?IV>OB>(Q>IPLMOLSFABP
PM>@BQLLKBLC6/(P42%FOPQ1L?LQF@PQB>JP>KAPRMMLOQP
QEB1L?LQF@P1BPLRO@B"BKQBO'+>PTBII>P?BFKDQEB
ELJBLC6/(P"LII>?+>?TEF@EFP>PQRABKQLOD>KFW>QFLK
QE>QMOLJLQBP[J>HBO^@RIQROB>KA@LII>?LO>QFLK>Q6/(
3EB2 $/OLGB@Q+>?'+PNCQELRPBPQEB2 $
%LOJRI>1>@B">O>KALQEBO2 $MOLGB@QP'+>KA
B>@E>MMOLUFJ>QBIVPNCQMOLSFABCROQEBOPM>@B>KA
OBPLRO@BPCLO@LKAR@QFKD@LROPBMOLGB@QP>KA,0/
MOLGB@QP
,>KRC>@QROFKD%>@FIFQFBP
#/OFKQ+>?LO>QLOV
1>MFA/OLQLQVMFKD1/QB@EKLILDFBPFK@IRAFKD#MOFKQFKD
RPB>@LJMRQBOAOFSBK>AAFQFSBMOL@BPPQLMOFKQPLIFA
QEOBBAFJBKPFLK>IJLABIPLKBI>VBO>Q>QFJB>IJLPQ
AFOB@QIVCOLJ>@LJMRQBO>FABAABPFDK" #MOLDO>J3EB
#/OFKQ+>?LO>QLOV'+ELRPBPPBSBO>IBUB@RQFSBIBSBI
1/J>@EFKBPJ>K>DBA?V @>ABJF@1BPB>O@E
"LJMRQFKD 1""BKQBOPQ>f>S>FI>?IBCLOPQRABKQP
C>@RIQV>KAPQ>f>@OLPP@>JMRP3EB#FJBKPFLK223BP
MOFKQPBU@IRPFSBIVTFQE !2MI>PQF@>KAQEB.?GBQ
"LKKBUFP@>M>?IBLCRPFKD>S>OFBQVLCOBPFKPQE>Q@>K
MOLAR@BRMQLAFfBOBKQJ>QBOF>IMOLMBOQFBPTFQEFKLKB
M>OQTFQELSBOJ>QBOF>ILMQFLKP>S>FI>?IB2R?JFPPFLKP
QLQEBJ>@EFKBP>OB>@@BMQBACLO>KVLK@>JMRPMOLGB@QP
,0/(0/@LROPBMOLGB@QDO>AR>QBOBPB>O@EBQ@QE>QE>SB
?BBK>MMOLSBA?V>K>ASFPLOLOC>@RIQVJBJ?BOCLOQEB
MOLAR@QFLKLCM>OQPQE>Q@>KKLQ?BB>PFIVMRO@E>PBALO
@OB>QBARPFKDLQEBOLK@>JMRPOBPLRO@BP(KPQOR@QFLKPCLO
>@@BPP@>K?BCLRKA>QEQQMPTTTTMFBAROBPB>O@E
OBPLRO@BP>@>ABJF@OBPB>O@E@LJMRQFKDAMOFKQFKD>KA
QEBPQ>f@>K?B@LKQ>@QBA>QO>MFAMOLQLQVMFKDTMFBAR
"-"3B>@EFKD+>?LO>QLOV
3EB"-"QB>@EFKDI>?LO>QLOVFPIL@>QBAFKQEB6>PE?ROK
2ELMP1LLJ>KA@LSBOPPNCQ3EB"-"J>@EFKB
QLLIPELRPBATFQEFKQEFPI>?>OBRPBACLO>TFABO>KDBLC
PQRABKQMOLGB@QPFK@IRAFKD,0/P>KA>IPLFK,$,$
>KALQEBO@LROPBP3EBI>?LO>QLOVFPBNRFMMBATFQE
LKB4KFSBOP>I+>PBO2VPQBJP5+2+>PBO"RQQBOLKB
,>HBO?LQ1BMIF@>QLO7'>>P,FKF,FIIP>KA'>>P2+P
?>KAP>TPQTLAOFIIMOBPPBP>PEBBQJBQ>IPEB>O>KA
?BKAFKD?OB>H>PTBII>P>PPLOQBAE>KAQLLIP QQ>@EBAQL
B>@ELCQEB,FKF,FIIP>KA2+P>OB@LJMRQBOTLOHPQ>QFLKP
BNRFMMBAABPFDK>KAMOLDO>JJFKDPLCQT>OB(K>AAFQFLK
QLQEB@LJMRQBOPIL@>QBA>QB>@ELCQEB"-"J>@EFKBQLLIP
QEBC>@FIFQVE>PQTL@LJMRQBO@I>PPOLLJPLKBFK6>PE?ROK
>KAQEBLQEBOFK6>PE?ROKTEF@E@>K?B
@LKhDROBAQL@LKQ>FK?BQTBBK>KA@LJMRQBO
TLOHPQ>QFLKP3EBPBTLOHPQ>QFLKPE>SB>@@BPPQLQEBABPFDK
PLCQT>OBM>@H>DBPPRMMLOQBALK@>JMRP>PTBII>PLRO
QO>FKFKDJ>QBOF>IP>KAPBSBO>I"LJMRQBO FABA
,>KRC>@QROFKD" ,PLCQT>OBM>@H>DBPFK@IRAFKD$PMOFQ
,>PQBO">J>KA2ROC">J3EBC>@FIFQFBP>OBORK?V>K
LMBO>QFLKPJ>K>DBO>KAI>?J>@EFKFPQPTEL>OB>PPFPQBA
?VRKABODO>AR>QBMBBOIB>OKFKD>PPFPQ>KQP/+ P
'FDDFKP,>@EFKB2ELM
3EBPNCQJ>@EFKBPELMFK'FDDFKP+>?PFPIL@>QBAFK
'+>KA@LKQ>FKP"-",>@EFKBQLLIP>'>>P3LLI
1LLJ,FII>KA>'>>P3LLI1LLJ+>QEB>PTBII>P>PROC>@B
DOFKABO#L II,FIIP>KA>#L IIBKDFKBI>QEB>PTBII>P>
AOFIIMOBPP?>KAP>TP>KA>PPLOQBAE>KAQLLIP 
J>@EFKFPQJ>K>DBP>KAPRMMLOQPQEBJ>@EFKBPELM>KA
MOLGB@Q>@QFSFQFBPTFQEQEB>PPFPQ>K@BLCRKABODO>AR>QB
/+ P
,$,2%>?OF@>QFLK+>?LO>QLOV
3EB,$,2%>?OF@>QFLK+>?LO>QLOV'+FP>"I>PP
@IB>KOLLJC>@FIFQVTFQE>MMOLUFJ>QBIVPNR>OBCBBQLC
iLLOPM>@BFK@IRAFKDQEBDLTKFKD>OB>(QFPBNRFMMBATFQE
FKPQORJBKQ>QFLKQLPRMMLOQMELQLIFQELDO>MEVQEBOJ>I
ABMLPFQFLK>KALUFA>QFLKTBQ@EBJFPQOVJBQOLILDV>KA
T>CBO?LKAFKD,BQOLILDV@>M>?FIFQFBPCLOQEBABSF@BPQE>Q
>OBC>?OF@>QBAPR@E>PMOLhILJBQOV2$, %,>KA71#>OB
>S>FI>?IBQEOLRDELQEBO,$#BM>OQJBKQI>?LO>QLOFBP
FK@IRAFKDQEB,>QBOF>IP"E>O>@QBOFW>QFLK+>?LO>QLOVPBB
,>QBOF>IP2@FBK@B>KA$KDFKBBOFKDPB@QFLKLCQEFP@>Q>ILD
1BPB>O@E+>?LO>QLOFBP
RQLJ>QFLK>KA(KQBOSBKQFLK>I,BAF@FKB
+>?LO>QLOV
3EB RQLJ>QFLK>KA(KQBOSBKQFLK>I,BAF@FKB+>?LO>QLOV
 (,+>?FPIL@>QBA>Q/OBP@LQQ2QOBBQ&>QBT>V/>OH
3EBMOFJ>OVCL@RPLCMOLGB@QPFKQEB (,+>?FPJBAF@>I
OL?LQF@PFK@IRAFKDOL?LQF@PRODBOVFJ>DBDRFABAPRODBOV
,1(@LJM>QF?IBJB@E>QOLKF@POBE>?FIFQ>QFLKOL?LQF@P
PL@F>IIV>PPFPQFSBOL?LQF@P>KA?FLC>?OF@>QFLK3EBI>?
@LKQ>FKPPQRABKQTLOHPQ>QFLKPBNRFMJBKQCLO
JB@E>KF@>I>KABIB@QOF@>IABPFDK@LKPQOR@QFLK
@LKhDRO>QFLK>KAQBPQFKDLCOL?LQP@LKQOLIPVPQBJP>KA
>RQLJ>QBAQBPQhUQROBPFK@IRAFKDPQ>QBLCQEB>OQ
BIB@QOLKF@PQBPQFKD>KAJF@OLBIB@QOLKF@P>PPBJ?IV
BNRFMJBKQ>KAPRMMIFBP K-#(/LI>OFPLMQF@>IQO>@HBOFP
>S>FI>?IBCLOJLQFLK@>MQROB3EBI>?ELRPBP,1(OL?LQ
 6/(">Q>ILD
@LKQOLIIBOPABSBILMBAFKQEB (,I>?>KA@RPQLJ@LKQOLI
BIB@QOLKF@PCLOEFDEMOB@FPFLK@LKQOLILCMFBWLBIB@QOF@JLQLO
AOFSBT>SBCLOJP>KA@LOOBPMLKAFKDOL?LQF@PVPQBJ
QBPQ?BAP A>5FK@F1BPB>O@E*FQA51*PRODF@>IOL?LQFP
>IPL>S>FI>?IBFKQEBI>?TEF@EFK@IRABPQEB(KQRFQFSB
2RODF@>IOL?LQTFQE@RPQLJLMBK@LKQOLIPVPQBJP
AAFQFLK>I>@@BPPQL>3/EFIFMP,1(P@>KKBO>KA>gIF>QBA
MBOPLKKBIFP>S>FI>?IBQEOLRDE@LII>?LO>QFLKTFQEQEB
KB>O?V4,>PP,BAF@>I2@ELLI"LII>?LO>QFLKTFQEQEB
!OFDE>J>KA6LJBKP'LPMFQ>IMOLSFABP>PB@LKA@IFKF@>I
PFQB!6'E>PPMB@F>IIV@LKhDROBAP@>KKBOPCLOOB>IQFJB
FJ>DB>@NRFPFQFLK>KAP@>KKBO@LKQOLIOB>AFIV
FJMIBJBKQBATFQEQEBOL?LQ3EB AS>K@BA,RIQFJLA>IFQV
(J>DB&RFABA.MBO>QFKD ,(&.PRFQBMOLSFABP>KFAB>I
@IFKF@>IS>IFA>QFLKBKSFOLKJBKQ3EBOBPB>O@EFKQEB (,
+>?FPAFOB@QBA?V/OLC&%FP@EBO%ROQEBOFKCLOJ>QFLK@>K
?BCLRKA>QEQQM>FJI>?TMFBAR
,BAF@>I>KA,>KRC>@QROFKD(KKLS>QFLK
+>?LO>QLOV
3EB,BAF@>I>KA,>KRC>@QROFKD(KKLS>QFLK+>?,BA,>K
FPIL@>QBAFK'+>KALKQEBJ>FK@>JMRP>P
TBII>PQEB"LII>?LO>QFSB+>?LCQEB/O>@QF@B/LFKQ>QQEB
&>QBT>V/>OH1$2$ 1"'3EB,BA,>KDL>IFPQL>AS>K@B
BKDFKBBOFKDP@FBK@B>KAQB@EKLILDVQLBKE>K@B
EB>IQE@>OB2MB@Fh@>IIV,BA,>K>MMIFBP>AS>K@BA
OL?LQF@PJ>KRC>@QROFKD>KAABPFDKCLOP>CBQVNR>IFQV
Bg@FBK@V>KAB@LKLJVFKEB>IQE@>OBPBOSF@B>KAOBPB>O@E
,BA,>K?>I>K@BPCRKA>JBKQ>IP@FBK@B>KA@IFKF@>I
>MMIF@>QFLKPMOLAR@FKDOBPB>O@E>OQF@IBP>KAM>QBKQP
P@FBKQFPQP>KABKQOBMOBKBROP/1.)$"322LJB
OBMOBPBKQ>QFSBMOLGB@QP>OBEFDEPMBBADOFKAFKDFKPFAB
ERJ>K>OQBOFBPQL@IB>OQEB?IL@H>DB>KAQOB>Q
@>OAFLS>P@RI>OAFPB>PBPEFDEPMBBAJ>@EFKFKDLC?ILLA
@ILQFKPFABQEBERJ>K?O>FKQLQOB>QPQOLHB>QBIB
RIQO>PLRKAFJ>DFKDPVPQBJTFQEFKQRFQFSBRPBOFKQBOC>@BP
OL?LQF@@>QEBQBOFW>QFLKCLOKBROLFKQBOSBKQFLKJB@E>KF@>I
QBPQFKDLC?ILLA@ILQ>QEBOLP@IBOLQF@MI>NRB>KA?O>FK
QFPPRBPEVAOLAVK>JF@MLIFPEFKDCLO#MOFKQBAFKQBOK>I
@E>KKBIP".++ !.1 3(.-,BA,>KE>P?BBKBUQBKPFSBIV
@LII>?LO>QFKDTFQEEB>IQE@>OBLOD>KFW>QFLKP>KAJBAF@>I
P@ELLIPK>QFLKTFABFK@IRAFKD!BQE(PO>BI#B>@LKBPP
,BAF@>I"BKQBO,>VL"IFKF@5  KK O?LO'B>IQE@>OB
2VPQBJ2>FKQ5FK@BKQ'LPMFQ>I4KFSBOPFQVLC,>PP>@ERPBQQP
,BAF@>I2@ELLI4KFSBOPFQVLC,F@EFD>K,BAF@>I2@ELLI>KA
,>PP>@ERPBQQP"LIIBDBLC/E>OJ>@V>KA'B>IQE2@FBK@BP
,BA,>KE>P>IPLTLOHBATFQEJBAF@>IABSF@B@LJM>KFBP
FK@IRAFKD!LPQLK2@FBKQFh@">OAFLS>P@RI>O2VPQBJP(K@
$KALS>P@RI>O$KDFKBBOFKD>KA">I@FRJ2LIRQFLKP3EB
,BA,>K+>?FPAFOB@QBA?V/OLC89EBKD%ROQEBO
FKCLOJ>QFLK@>K?BCLRKA>QEQQMJBAJ>KTMFBAR
,BQ>I AAFQFSB,>KRC>@QROFKD+>?
QJBQ>I>AAFQFSBJ>KRC>@QROFKDI>?TB>AS>K@BQEBPQ>QB
LCQEB>OQFK>AAFQFSBJ>KRC>@QROFKD?VTLOHFKD>QQEB
FKQBOPB@QFLKLCJB@E>KF@>IBKDFKBBOFKDJ>QBOF>IPP@FBK@B
>KAJ>KRC>@QROFKD6BPMB@Fh@>IIVRPBI>PBOMLTABO?BA
CRPFLKBIB@QOLK?B>JMLTABO?BACRPFLK>KATFOB>O@
>AAFQFSBJ>KRC>@QROFKDMOL@BPPBPLKPQOR@QRO>IJ>QBOF>IP
PR@E>PQFQ>KFRJKF@HBI>IRJFKRJ?>PBA>IILVP>KAPQBBIP
.RODL>IFPQLABSBILM>KARQFIFWBMOL@BPPPQOR@QROB
MOLMBOQVOBI>QFLKPCLOAFfBOBKQMOL@BPPBP>KAJ>QBOF>IPQL
>@EFBSBABPFOBAJF@OLPQOR@QROBP>KAMOLMBOQFBP.ROI>?
E>P>K2+,I>PBOMLTABO?BACRPFLKBNRFMJBKQQE>QFP
PRFQ>?IBCLOM>O>JBQBOABSBILMJBKQRPFKDPJ>IINR>KQFQFBP
LCMLTABOPTEF@EFPBPMB@F>IIV>AS>KQ>DBLRPCLOJ>QBOF>IP
ABSBILMJBKQ>@QFSFQFBP3EFPJ>@EFKBFP>IPLBNRFMMBATFQE
FKPFQRJLKFQLOFKD@>M>?FIFQFBPPR@E>PJBIQMLLI
JLKFQLOFKD>KAI>PBOMLTBOJLKFQLOFKD6B>IPLIBSBO>DB
@LII>?LO>QFLKPTFQELQEBORKFSBOPFQFBPK>QFLK>II>?P>KA
@LJM>KFBPCLO>@@BPPQLBNRFMJBKQ>KA@LJMIBJBKQ>OV
PHFIIPQL>@EFBSBLRODL>IP3EBOBPB>O@EFKQEBJBQ>I
>AAFQFSBJ>KRC>@QROFKDI>?FPAFOB@QBA?V/OLC2/->OO>
%ROQEBOFKCLOJ>QFLK@>K?BCLRKA>Q
EQQMPPFQBPDLLDIB@LJSFBTK>OO>QB>JELJB
,RIQF2@>IB'B>Q3O>KPCBO+>?LO>QLOV
3EB,RIQF2@>IB'B>Q3O>KPCBO,'3+>?LO>QLOVFPIL@>QBA
FK'+>KAFKSBPQFD>QBPQEBBKE>K@BJBKQLCEB>Q
QO>KPCBO>KAJ>PPQO>KPMLOQFKK>KLJF@OL>KAJ>@OL
P@>IBPTFQE>KATFQELRQTLOHFKDiRFAME>PB@E>KDB
IFNRFAS>MLOFKQEBMOBPBK@B>KA>?PBK@BLCDO>SFQV
RQFIFWFKDS>OFLRPJB@E>KFPJPLCBIB@QOLEVAOLAVK>JF@P
$'#3EB,'3+>?LO>QLOV>IPLPQRAFBPQEB>RDJBKQ>QFLK
LCEB>QQO>KPCBOTFQEJF@OLP@>IBME>PB@E>KDBJ>QBOF>IP
RKABOS>OFLRPiRFAiLT@LKhDRO>QFLKP,'3+>?LO>QLOV
CB>QROBPQEBCLIILTFKDQTLME>PBiLTBUMBOFJBKQ>I
>MM>O>QRPBP$'#MRJMFKJF@OLP@>IBCLOT>QBOAOLMIBQ
>@QFS>QFLKJRIQFCRK@QFLK>IFKQR?BFKQBOK>ICLO@BA
@LKSB@QFLK@LKABKP>QFLK>KA?LFIFKDFKELOFWLKQ>I
@LKhDRO>QFLKRPFKD$'#MLI>OFW>QFLKCLO@BBUQBOK>I
@LKABKP>QFLKFKELOFWLKQ>I@LKhDRO>QFLKRPFKD$'#
FKAR@QFLKMRJMFKDBUQBOK>I@LKABKP>QFLKFKSBOQF@>I
@LKhDRO>QFLKRPFKD$'#MLI>OFW>QFLKCLO@BFK@E>KKBI
FKQBOK>ICLO@BA@LKSB@QFLK@LKABKP>QFLKFKELOFWLKQ>I
@LKhDRO>QFLKRPFKD$'#FKAR@QFLKMRJMFKDQTLME>PB
ILLMTFQE$'#FKAR@QFLKMRJMFKD>KAMLLI?LFIFKDCLO
ILT>KAEFDEMOBPPROBOBCOFDBO>KQPRPFKD$'#MLI>OFW>QFLK
CLO@B3EB,'3+>?LO>QLOV>IPLCB>QROBPPBSBO>IiBUF?IB
MRJMPFKS>OFLRP@LKhDRO>QFLKP>KAPFWBP2RMMLOQFKD
BNRFMJBKQFK@IRAB>I>ODBP@>IBQTLME>PBPVPQBJEB>Q
MFMBILLM>RKFNRBEFDESLIQ>DBQEOBBME>PBMLTBO
PRMMIVPBSBO>IEFDESLIQ>DBH5A@MLTBOPRMMIFBP>
EFDEPMBBASFABLPVPQBJJF@OLh?BOLMQF@QBJMBO>QROB
JB>PROBJBKQABSF@BEFDEOBPLIRQFLKFKCO>OBA@>JBO>
QEBOJFPQLOPEB>QiRUPBKPLOPMOBPPROBQO>KPAR@BOPiLT
 6/(">Q>ILD
JBQBOPS>@RRJMRJMPOB@FO@RI>QFKD@EFIIBOPLP@FIILP@LMB
JRIQFJBQBOP>KAABPHQLM@LJMRQBOP3EBOBPB>O@EFKQEB
,'3+>?FPAFOB@QBA?V/OLC/OLC)8>DLL?F%ROQEBO
FKCLOJ>QFLK@>K?BCLRKA>QEQQMJEQTMFBAR
->KL$KBODV+>?LO>QLOV
3EB->KL$KBODV+>?FPIL@>QBAFK1LLJP>KA
/OBP@LQQ2Q&>QBT>V/>OH((>KAQ>ODBQPQEBPVKQEBPFP>KA
PQRAVLCK>KLJ>QBOF>IPCLOBKBODV@LKSBOPFLK>MMIF@>QFLKP
M>OQF@RI>OIVCLO@LKSBOQFKDPLI>OBKBODVQLBIB@QOF@>ILO
@EBJF@>IBKBODVMELQLSLIQ>F@>KAMELQLBIB@QOL@EBJF@>I
BKBODV@LKSBOPFLK>KACLOMOFKQBABIB@QOLKF@P
>MMIF@>QFLKPFK@IRAFKDMOFKQFKDLCiBUF?IBEV?OFA
BIB@QOLKF@P>KAPBKPLOP,>QBOF>IPPVKQEBPFPBNRFMJBKQFK
QEB->KL$KBODV+>?FK@IRABPS>MLOABMLPFQFLKi>Qi>JB
?ROKBO>KAJRIQFWLKBQR?BCROK>@BEVAOLQEBOJ>I
PVKQEBPFPOB>@QLOPPLIRQFLKABMLPFQFLKCRJBELLA
PMFK@L>QBOS>OFLRPCROK>@BPCLO>KKB>IFKDJ>QBOF>IP>KA
>K>AS>K@BA1#FKHGBQMOFKQBO>KAPRMMLOQFKDBNRFMJBKQ
CLOFKHABSBILMJBKQ>KA@E>O>@QBOFW>QFLKFK@IRAFKD>
OEBLJBQBOQBKPFLJBQBODLKFLJBQBOM>OQF@IBPFWBO>KA
EFDEPMBBA@>JBO>+FDEQPLRO@BPFKQBDO>QFKDPMEBOBP
PMB@QOLJBQBOP>MLQBKQFLPQ>QBIB@QOL@EBJF@>I@BIIP>KA
@EBJF@>IPBKPLOP>OB>S>FI>?IBCLOQEB@E>O>@QBOFW>QFLKLC
LMQF@>IBIB@QOLKF@MELQLSLIQ>F@>KAMELQLBIB@QOL@EBJF@>I
MOLMBOQFBP>KA?BE>SFLOLCJ>QBOF>IP3EBOBPB>O@EFKQEB
->KL$KBODV+>?FPAFOB@QBA?V/OLC/1>L%ROQEBO
FKCLOJ>QFLK@>K?BCLRKA>QEQQMK>KLBKBODVTMFBAR
.MQLJB@E>KF@P+>?LO>QLOV
3EB6/(.MQLJB@E>KF@P+>?FPIL@>QBAFK1LLJP>KA
/OBP@LQQ2Q&>QBT>V/>OH((3EBLSBO>O@EFKDDL>I
FPQLABSBILMQLLIP?>PBALK@LRMIFKD?BQTBBKLMQF@P>KA
JB@E>KF@P>QQEBJF@OL>KAK>KLP@>IB>KA>MMIVFKDQEBPB
QLLIPQLQ>@HIB@E>IIBKDFKDMOL?IBJP>QQEBFKQBOPB@QFLKLC
S>OFLRPAFP@FMIFKBP3EBJ>FKOBPB>O@E@>OOFBALRQFK@IRABP
h?BOLMQF@>IQTBBWBOPPFIF@LKK>KLJB@E>KF@PPFIF@LK
K>KLMELQLKF@PLMQLiRFAF@P>KAh?BOLMQF@PBKPLOP3EB
OBPB>O@EFKQEB.MQLJB@E>KF@P+>?@>KhKA>MMIF@>QFLKPFK
@BIIJB@E>KF@PLK@EFMAFPB>PBAF>DKLPFPMOB@FPFLK
AFPMI>@BJBKQCLO@BJB>PROBJBKQP>KA?FLJBAF@>I
PBKPFKD3EBI>?E>PS>OFLRPC>@FIFQFBPCLOLMQF@>I>KA
JB@E>KF@>IOBPB>O@E>QQEBJF@OLK>KLP@>IBPR@E>P>
QRK>?IBAFLABI>PBOMFDQ>FIBAI>PBOAFLABP>RQLJ>QF@h?BO
CRPFLKPMIF@BOPh?BOBKAMLIFPEBO>KA>I>ODBS>OFBQVLC
MELQLABQB@QLOP>KAMLTBOJBQBOP3EBOB>OBS>OFLRP
JF@OLP@LMBP>S>FI>?IBCLOFJ>DFKD>KAJB>PROBJBKQP
FK@IRAFKDLKBOBPB>O@EDO>ABFKSBOQBAiRLOBP@BK@B
JF@OLP@LMBCLO?FLILDF@>IOBPB>O@E>KA>ILKDTLOHFKD
AFPQ>K@BJF@OLP@LMBCLOK>KLMELQLKF@>KAJF@OLiRFAF@
OBPB>O@E3EBI>?FPPMB@F>IFWBAFKELJBJ>ABh?BOLMQF@>I
QTBBWBOPVPQBJPTEF@EBK>?IBKLK@LKQ>@QK>KLM>OQF@IB
J>KFMRI>QFLK>KAMF@L-BTQLKCLO@BJB>PROBJBKQP/FBWL
PQ>DBP>KA>&'WBIB@QOLKF@PMB@QORJ>K>IVWBOBK>?IB
K>KLJBQBOAFPMI>@BJBKQ@LKQOLI>KA&'WO>KDBAVK>JF@
PFDK>IJB>PROBJBKQP3EBOBPB>O@EFKQEB.MQLJB@E>KF@P
+>?LO>QLOVFPAFOB@QBA?V/OLC8+FR%ROQEBOFKCLOJ>QFLK
@>K?BCLRKA>QEQQMLMQLJB@ETMFBAR
2J>II2VPQBJP+>?LO>QLOV
3EB2J>II2VPQBJP+>?LO>QLOV22+FPIL@>QBAFK'+
>KAFPABAF@>QBAQLQEBABSBILMJBKQLCJRIQFCRK@QFLK>I
J>QBOF>IPABSF@BP>KAPVPQBJP>QQEBJ>@OLJF@OLJBPL
>KAK>KLP@>IBP.ROTLOHPM>KPJRIQFMIB>OB>P?OFADFKD
JRIQFMIBAFP@FMIFKBP>KAJRIQFMIBIBKDQEP@>IBP%>@FIFQFBP>Q
22+FK@IRABC>?OF@>QFLK>KA@E>O>@QBOFW>QFLKRKFQPCLO
>AS>K@BAJ>QBOF>IPABSF@BMOL@BPPFKD>KAQBPQFKD>KA
?FLJ>QBOF>IP@E>O>@QBOFW>QFLK2MB@Fh@LKDLFKDOBPB>O@E
MOLGB@QP>OBFKQEB>OB>LCKLSBIK>KL@LJMLPFQBPBKBODV
Bg@FBKQJ>QBOF>IP>KAABSF@BPPQFJRIFOBPMLKPFSB
J>QBOF>IPMELQL@LKAR@QFSBABSF@BP>KA?FLJBAF@>I
K>KLQB@EKLILDV1BPB>O@EFKQEB22+FPAFOB@QBA?V/OLC!
/>K@E>M>HBP>K%ROQEBOFKCLOJ>QFLK@>K?BCLRKA>Q
EQQMPTMTMFBAR?>ILLI>?
2LCQ1L?LQF@P+>?LO>QLOV
3EB2LCQ1L?LQF@P+>?LO>QLOVFPIL@>QBAFK'+>KA
PRMMLOQPMBOPLKKBI>KABNRFMJBKQOBNRFOBACLOQEB
ABPFDKABSBILMJBKQ>KA@LKQOLILCKBUQDBKBO>QFLKPLCQ
iBUF?IB>KAPBJFOFDFAOL?LQF@PVPQBJP/OLGB@QPFKQEBI>?
FK@IRABPQRAVFKD>KAABSBILMFKDPLCQOL?LQF@PK>HBP
L@QLMRP>OJPLOFD>JFFKPMFOBAEBU>MLAPQBKQ>@IBPiVFKD
OL?LQPTB>O>?IBE>MQF@FKQBOC>@BPERJ>KOL?LQ
FKQBO>@QFLK>KAJRIQFOL?LQPVPQBJP$NRFMJBKQFKQEB2LCQ
1L?LQF@PI>?FK@IRABPABSF@BPCLOABPFDKC>?OF@>QFLK
BUMBOFJBKQ>QFLK>KA>K>IVPFPFK@IRAFKD>K$MFILD9FKD
".I>PBO@RQQBO>AR>IKLWWIB#MOFKQBO>JLQFLK@>MQROB
>OB>S>OFLRPPBJFOFDFAT>OBM>@H>DBPCLOJB@E>KF@>I>KA
BIB@QOLKF@ABPFDK>CRII@RPQLJJ>ABiBUF?IB@FO@RFQ
C>?OF@>QFLK>KA>PPBJ?IVBNRFMJBKQPRFQB>I>ODB
TLOHPM>@BLMQF@>IJF@OLP@LMB>KBI>PQLJBOF@C>?OF@>QFLK
TLOH?BK@E>KAS>OFLRPA>Q>>@NRFPFQFLK>KA>K>IVPFP
PVPQBJP3EBI>?@ROOBKQIVPRMMLOQPOBPB>O@E>@QFSFQFBPFK
BI>PQLJBOF@OL?LQF@PVPQBJPMOFKQBA@FO@RFQ>KAPBKPLO
J>KRC>@QROFKDLOFD>JFFKPMFOBACLIA>?IBPVPQBJP>PPFPQFSB
PLCQOL?LQF@JLKFQLOFKD?FLFKPMFOBAPQBOBLSFPFLK>KA
MOLPQEBQF@OL?LQF@P1BPB>O@EFKQEB2LCQ1L?LQF@P
+>?LO>QLOVFPAFOB@QBA?V/OLC".K>I%ROQEBOFKCLOJ>QFLK
@>K?BCLRKA>QEQQMPLCQOL?LQF@PTMFBAR
2ROC>@B,BQOLILDV+>?LO>QLOV
6/(P2ROC>@B,BQOLILDV+>?FPLKBLCGRPQ>CBT>@>ABJF@
I>?PFKQEBTLOIAQE>QCL@RPBPLKJB>PROBJBKQ>KA
>K>IVPFPLCPROC>@BQLMLDO>MEFBPLOOLRDEKBPP3EOLRDE
QEBDBKBOLPFQVLCQEBOBPMB@QFSB@LJM>KFBPQEBI>?E>PQEB
RPBLC>K.IVJMRP+$73.+2I>PBOP@>KKFKD@LKCL@>I
JF@OLP@LMB>2LI>OFRP2LI>O2@>KTEFQBIFDEQJF@OLP@LMB
 6/(">Q>ILD
>KA>,>EO%BABO>I,>O2ROC&#PQVIRPMOLhIBOCLO
JB>PROFKDQLMLDO>MEFBP>PTBII>P,LRKQ>FKP,>M
#FDFQ>I2ROC,LA>I%FIQBO>KA2CO>UPLCQT>OBCLO>K>IVPFP
6BPQRAVELTQLMLDO>MEFBP>OBFKiRBK@BA?VMOL@BPPFKD
>KAFKiRBK@BQEBMBOCLOJ>K@BLCPROC>@BP.KBQ>PHFQQL
hKAT>VPQLAFP@OFJFK>QBPROC>@BPQE>QTBOBMOL@BPPBA
AFfBOBKQIVLOQE>QMBOCLOJAFfBOBKQIV?>PBALK
QLMLDO>MEF@JB>PROBJBKQ>KA>K>IVPFP KLQEBOQ>PHFPQL
hKACRK@QFLK>I@LOOBI>QFLKP?BQTBBKQLMLDO>MEFBP>KA
QEBFOMOL@BPPFKDLOQEBFOMBOCLOJ>K@B3EBI>?E>P
MFLKBBOBAQEBABSBILMJBKQ>KA>MMIF@>QFLKLCPBSBO>I
HFKAPLCJRIQFP@>IB>K>IVPBPFK@IRAFKDDBLJBQOF@>KA
CO>@Q>I>K>IVPBPCLOAFP@OFJFK>QFLK>KA@LOOBI>QFLK3EBI>?
PBOSBPFKARPQOV>KA@LII>?LO>QBPTFQEBKDFKBBOP>KA
P@FBKQFPQPCOLJ>S>OFBQVLCAFP@FMIFKBP>OLRKAQEBTLOIA
3EBI>?FPAFOB@QBA?V/OLC"!OLTK
1BPB>O@E"BKQBOP
"BKQBOCLO AS>K@BA1BPB>O@EFK#OVFKD
3EB"BKQBOCLO AS>K@BA1BPB>O@EFK#OVFKD" 1#FP>
->QFLK>I2@FBK@B%LRKA>QFLK-2%(KARPQOV4KFSBOPFQV
"LLMBO>QFSB"BKQBO(4"1"ABSLQBAQLOBPB>O@EFKAOVFKD
LCJLFPQMLOLRPJ>QBOF>IPPR@E>PCLLA>KALQEBO
>DOF@RIQRO>IMOLAR@QPCLOBPQOVMOLAR@QP@EBJF@>IMOLAR@QP
QBUQFIBP>KA?FLME>OJ>@BRQF@>IP" 1#T>PCLRKABA?V
6/(>P>IB>AFKPQFQRQFLK>KAQEB4KFSBOPFQVLC(IIFKLFP>Q
4O?>K>"E>JM>FDK$U>JMIBPLCQEB@ROOBKQ" 1#
OBPB>O@E>OB>PFK@IRAB
] #OVFKD/OL@BPPBP2VPQBJP#BPFDK>KA2FJRI>QFLK
] .MQFJFWFKD/OLAR@Q0R>IFQV>KA$KBODV"LKPRJMQFLK
AROFKD#OVFKD?V2LISFKD,RIQFP@>IB3O>KPMLOQ
,LABIP
] ->KL>KA,F@OL3B@EKLILDVFK#OVFKD MMIF@>QFLKP
] (KKLS>QFSB"LK@BMQPFK#OVFKDLC,LFPQ/LOLRP
,>QBOF>IP
] ,LFPQROB,>K>DBJBKQCLO%LLA0R>IFQV2Q>?FIFQV>KA
2>CBQV
] /E>PB!BE>SFLOLC!FLMLIVJBOP>KA(JM>@QLK
/OLAR@Q0R>IFQV
] ,>@EFKB+B>OKFKD$K>?IBA2J>OQ#OVFKD
] ,B@E>KF@>I,LABIFKD>KA"LJMRQBO2LCQT>OB
3O>@HFKD
] /OLAR@Q,F@OLPQOR@QROB>KA2ROC>@B,BQOLILDV
"E>O>@QBOFW>QFLK
] -L/E>PB"E>KDB#BEVAO>QFLK2@EBJBP>KA.QEBO
-LSBI#OVFKD"LK@BMQP
] (KKLS>QFSB(JMFKDFKD)BQPTFQE>KATFQELRQ"EBJF@>I
1B>@QFLKPCLO#OVFKD'B>QFKD>KA"LLIFKD
MMIF@>QFLKP
] $KBODV RAFQFKD
] #BSBILMJBKQLC4KFNRB2BKPLOP
1BPB>O@EFK" 1#FPAFOB@QBA?V/OLC)8>DLL?F%ROQEBO
FKCLOJ>QFLK>KA>IFPQLCM>OQF@FM>QFKDC>@RIQVJBJ?BOP@>K
?BCLRKA>QEQQMTTTAOVFKDOBPB>O@ELOD
"BKQBOCLO'LILDO>MEF@2QRAFBP>KA+>PBOJF@OL
JB@E>3OLKF@P
3EBI>?LO>QLOFBPLCQEB"BKQBOCLO'LILDO>MEF@2QRAFBP>KA
+>PBOJF@OLJB@E>3OLKF@P"'2+3@LSBOLSBOPNCQ
>KAPRMMLOQ>@QFSFQFBPO>KDFKDCOLJCRKA>JBKQ>IPQRAFBPLC
I>PBOIFDEQFKQBO>@QFLKTFQEJ>QBOF>IPQLPLMEFPQF@>QBA
>MMIF@>QFLKPFKJBQOLILDV1BPB>O@E>QQEB"'2+3FP
BUQBOK>IIVCRKABAFK>OB>POBI>QFKDQLBIB@QOLKF@M>@H>DFKD
EFDEABKPFQVPBM>O>?IBBIB@QOLKF@FKQBO@LKKB@QFLKPCLOEFDE
PMBBAAFDFQ>I>MMIF@>QFLKPO>A>OQB@EKLILDV
JF@OLBIB@QOLKF@PJF@OLJB@E>KF@PPR?J>OFKBQB@EKLILDV
GBQBKDFKBQB@EKLILDV,$,2K>KLQB@EKLILDV>KA
MF@LQB@EKLILDVQLK>JB>CBT3EBI>?LO>QLOFBP>OB
CROKFPEBATFQE'B-BI>PBOP OFLKI>PBOP-A8 &I>PBOP
K>KLPB@LKAEFDEBKBODVMRIPBAI>PBO>KAAFLABI>PBOP>P
TBII>PPRMMLOQFKDFKPQORJBKQ>QFLKPVPQBJP(K>AAFQFLK
QEB->KL(KABKQ>QFLK-(-PVPQBJFP?BFKDABSBILMBACLO
PQRAFBPLCJB@E>KF@>IMOLMBOQFBPLCJ>QBOF>IPFKPR?JF@OLK
DBLJBQOFBP3EB"'2+3E>PFQPLTK@LJMRQ>QFLK>IC>@FIFQFBP
CLO%FKFQB$IBJBKQ%FKFQB#FfBOBK@B>KA!LRKA>OV$IBJBKQ
>K>IVPFPJLABIFKD>KAPFJRI>QFLK3EBJBQOLILDF@>I
>MMIF@>QFLKP>QQEB"'2+3@LK@BKQO>QBLKELILDO>MEF@
FKQBOCBOLJBQOVI>PBOPMB@HIBJBQOLILDVh?BOLMQF@PBKPLOP
>K>IVQF@>I>KA@LJMRQ>QFLK>IJLABIFKDLCPQOR@QRO>I
?BE>SFLORKABOPQ>QF@>PTBII>PAVK>JF@IL>AFKD
@LKAFQFLKP>KALQEBO>OB>PLC@ROOBKQFKQBOBPQ(KQEB>OB>
LCELILDO>MEF@FKQBOCBOLJBQOVQEB"'2+3J>FKQ>FKP
ELILDO>MEF@PVPQBJPCLOPQRAFBPLCPQ>QF@>PTBII>PAVK>JF@
MOL?IBJP3EBPBPVPQBJPO>KDBCOLJ@LKSBKQFLK>IALR?IB
BUMLPROBELILDO>MEVQLOB>IQFJB>KAQFJB>SBO>DB
ELILDO>MEVEBQBOLAVKBELILDO>MEVPQOL?LP@LMF@
EBQBOLAVKBELILDO>MEVMRIPBAI>PBOELILDO>MEV>KA
BIB@QOLLMQF@ELILDO>MEV$.'3EB$.'PVPQBJ>IILTPCLO
AFOB@QBIB@QOLKF@>@NRFPFQFLK>KAMOL@BPPFKDLC
FKQBOCBOLJBQOF@A>Q>FKOB>IQFJB>KAPBQP>KBTPQ>KA>OA
CLONR>KQFQ>QFSBELILDO>MEF@>K>IVPFP3EB"'2+3>IPL
@LKAR@QPBUMBOFJBKQ>I>KA@LJMRQ>QFLK>IOBPB>O@EFKQEB
hBIALCK>KLFKABKQ>QFLKPQRAFBPFK@LKGRK@QFLKTFQE>
I>?LO>QLOVPVPQBJTEF@EFPRKFNRBIVPRFQBAQLJB>PROB
BI>PQF@MI>PQF@@OBBM>KACO>@QROBMOLMBOQFBPLCJ>QBOF>IPFK
PR?JF@OLKDBLJBQOFBP(K>AAFQFLKQEB"'2+3FPBNRFMMBA
TFQE>@LJMIBQBI>PBOSF?OLJBQBOPVPQBJ&'WCOBNRBK@V
O>KDBPQLO>DBLP@FIILP@LMBP>PMB@QORJ>K>IVWBO>PBIC
@LKQ>FKBAKBQTLOHLCMBOPLK>I@LJMRQBOP4-(7?>PBA
TLOHPQ>QFLKP>KAFJ>DBMOL@BPPLOP>ELPQLCPRMMLOQFKD
FKPQORJBKQ>QFLK>KA>IF?O>OVLChKFQBBIBJBKQ>K>IVPFP>KA
DBKBO>IMROMLPBPLCQT>OB TBIIBNRFMMBABIB@QOF@>I
BKDFKBBOFKD>KAFKPQORJBKQABSBILMJBKQI>?LO>QLOV>
h?BOLMQF@MOBM>O>QFLKI>?LO>QLOV>KLMQF@>IJF@OLP@LMV
I>?LO>QLOV>KA>JRIQFCRK@QFLK>IA>OHOLLJ>OB>IPLM>OQP
 6/(">Q>ILD
LCQEB"'2+33EBPQOBKDQEPLCQEB"'2+3IFBFK>
@LJMOBEBKPFSBRQFIFW>QFLKLCI>PBOQB@EKLILDVLMQF@P
@LJMRQ>QFLK>IJBQELAPJB@E>KF@>IBKDFKBBOFKD
J>QBOF>IPP@FBK@B>KABKDFKBBOFKD>KA@LJMRQBOA>Q>
>@NRFPFQFLK>KAMOL@BPPFKD1BPB>O@EFK"'2+3FPAFOB@QBA
?V/OLC"%ROILKD%ROQEBOFKCLOJ>QFLK@>K?BCLRKA>Q
EQQM@EPIQTMFBAR
!2,2FK,B@E>KF@>I$KDFKBBOFKD
3EB,B@E>KF@>I$KDFKBBOFKD#BM>OQJBKQLfBOP>
!2,>PQBOPMOLDO>JCLO@ROOBKQIVBKOLIIBA6/(
RKABODO>AR>QBP2QRABKQPFKQEB!2,>PQBOPMOLDO>JJ>V
@ELLPBBFQEBOQEBQEBPFPLOKLKQEBPFP,2LMQFLK3EB
ABM>OQJBKQPORIBPCLOQEBPBMOLDO>JPS>OVPLJBTE>QCOLJ
QEB(KPQFQRQBPORIBP2QRABKQPFKQEB!2,>PQBOPMOLDO>J
>OBMBOJFQQBAQL@LRKQRKFQP@OBAFQPQLT>OAP?LQEQEBFO!2
>KA,>PQBOPABDOBBP%LOQEBMROMLPBPLCQEFPALR?IB
@LRKQFKD6/(RKABODO>AR>QBRKFQFPBNRFS>IBKQQL
DO>AR>QB@OBAFQ%LOOBDRI>O@LROPBPQEFPJB>KPQE>QQBOJ
ILKDIBSBI@LROPBPRKABODO>AR>QBRKFQ>OBTLOQE
DO>AR>QB@OBAFQPQBOJILKDDO>AR>QB@LROPBPDO>AR>QB
@OBAFQP>OBTLOQERKABODO>AR>QBRKFQ>KAPBJBPQBO
ILKDDO>AR>QB@LROPBPDO>AR>QB@OBAFQP>OBTLOQE
RKABODO>AR>QBRKFQ J>UFJRJLCRKABODO>AR>QBRKFQP
QTBISBDO>AR>QB@OBAFQPJ>V?B@LRKQBAQLT>OA?LQEQEB
RKABODO>AR>QB>KADO>AR>QBABDOBBP.CQEBPB>QJLPQ
RKABODO>AR>QBRKFQPFUDO>AR>QB@OBAFQP@>K?BCOLJ
IBSBIRKABODO>AR>QB@LROPBP>KAKLKBJ>V?BCOLJ
@LROPBPILTBOQE>KQEBIBSBI-LBUQO>TLOHFP
OBNRFOBAFKQEBIBSBI@LROPBP3EBOBJ>FKABOLCQEB
ALR?IB@LRKQBA@OBAFQPJRPQ@LJBCOLJDO>AR>QB@LROPBP
"LROPBPQE>Q@>K?BALR?IB@LRKQBAFK@IRABFKABMBKABKQ
PQRAVAFOB@QBAOBPB>O@E>KAPMB@F>IQLMF@P@LROPBP DO>AB
LC!LO?BQQBOFPOBNRFOBACLO>KV@LROPBQL?B@LRKQBA
QLT>OA?LQEABDOBBP
2QRABKQP@>K>MMIVQLQEB!2,2MOLDO>J?VPR?JFQQFKD>K
,2>MMIF@>QFLKQL6/(&O>AR>QB AJFPPFLKP>KAPBIB@QFKD
QEB!2,2LMQFLK
3EB>MMIF@>QFLKCLOQEB!2,>PQBOPMOLDO>JJRPQFK@IRAB
>IFPQLC@LROPBPQE>QQEB>MMIF@>KQMOLMLPBPQL@LRKQ
QLT>OA?LQEEFPEBORKABODO>AR>QB>KADO>AR>QBABDOBBP
(KJLPQ@>PBPQEBIFPQ@LKPFPQPLC@LROPBPQE>QQEB>MMIF@>KQ
TFIIQ>HBFKQEBPBKFLOVB>O
MMIF@>QFLKPTFIIKLQ?B@LKPFABOBAFCQEBV>OBPR?JFQQBA
MOFLOQLQEBPB@LKAE>ICLCQEB>MMIF@>KQPGRKFLOVB>O
(AB>IIV>MMIF@>QFLKPFK@IRAFKDOB@LJJBKA>QFLKPPELRIA
?B@LJMIBQBA?VQEBB>OIVM>OQLCQEBI>PQQBOJRPR>IIV#
QBOJLCQEBGRKFLOVB>O
2QRABKQPFKQEB!2,>PQBOPMOLDO>JTEL@ELLPBQEB
QEBPFP,2LMQFLK>OBBK@LRO>DBAQLMF@H>QEBPFP>OB>LC
OBPB>O@EQE>QFP@ILPBIVOBI>QBAQLQEBPR?GB@QLCQEBFOJ>GLO
NR>IFCVFKDMOLGB@Q3ELPBPQRABKQPFKQEB!2,>PQBOP
MOLDO>JTEL@LJMIBQBQEBFO!2ABDOBBPFK,>V>KA
@ELLPBQEBQEBPFPLMQFLK>OBBK@LRO>DBAQL?BDFKQEBFO
QEBPFPOBPB>O@EAROFKDQEBPRJJBOFJJBAF>QBIVCLIILTFKD
DO>AR>QFLK
ABQ>FIBATOFQQBKABP@OFMQFLKLCQEB!2,>PQBOPMOLDO>J
FKJB@E>KF@>IBKDFKBBOFKD@>K?BL?Q>FKBACOLJQEB
JB@E>KF@>IBKDFKBBOFKDDO>AR>QBPB@OBQ>OV
+JA6!2,2
&O>AR>QB"BOQFh@>QB/OLDO>J,B@E>KF@>I
$KDFKBBOFKDCLO3B@EKF@>I+B>ABOP,$3+
"LJM>KFBPOB@LDKFWBQE>QBJMILVBBPTELMROPRB
DO>AR>QBBAR@>QFLKLCQBKQFJBP?B@LJBQEBCRQROB
QB@EKF@>IIB>ABOPTFQEFKQEBFOLOD>KFW>QFLK PIB>ABOPFQFP
FJMLOQ>KQQE>QQEBVMLPPBPPKLQLKIVQEBBKDFKBBOFKDPHFIIP
QLRKABOPQ>KAQB@EKF@>IMOL?IBJPQE>QOBNRFOBKLSBI>KA
FKKLS>QFSBPLIRQFLKP?RQ>IPLQEB?RPFKBPP>KAJ>K>DBOF>I
PHFIIPQLE>OKBPPQEBOBPLRO@BPERJ>K>KA@>MFQ>IQL
FJMIBJBKQQEBPBPLIRQFLKP3EFP@BOQFh@>QB@LJ?FKBP
DO>AR>QBJB@E>KF@>IBKDFKBBOFKD@LROPBTLOHQLBKE>K@B
QEBFOQB@EKF@>IBUMBOQFPB>ILKDTFQEIB>ABOPEFM>KA
J>K>DBJBKQ@LROPBTLOHQLBJMLTBOQEBJQLIB>A
QB@EKF@>IQB>JPJ>HBPLRKA?RPFKBPPAB@FPFLKP>KA?OFKD
QEBFOMOLGB@QPQLPR@@BPPCRI@LK@IRPFLK
1BNRFOBJBKQP
@OBAFQPFKDO>AR>QBIBSBI,B@E>KF@>I$KDFKBBOFKD
@LROPBP
@OBAFQPFKDO>AR>QBIBSBI!RPFKBPP@LROPBP
-LQB2QRABKQPJ>VMBQFQFLKQEB,B@E>KF@>I$KDFKBBOFKD
&O>AR>QB"LJJFQQBBQL@LRKQRMQL@OBAFQPFK,3$
DO>AR>QB@LROPBP/BQFQFLKPJRPQ?B>MMOLSBA?BCLOB
PQRABKQPOBDFPQBOCLOQEBPB,3$@OBAFQP
-LQB2QRABKQPJ>VRPB"$ AS>K@BA/OLGB@Q
,>K>DBJBKQQLT>OAQEFPOBNRFOBJBKQ
AJFPPFLKQLQEB"BOQFh@>QB/OLDO>J
2QRABKQPTFPEFKDQLBKOLIIFKQEB,$3+"BOQFh@>QBMOLDO>J
JRPQPR?JFQ>CRII,2DO>AR>QB>MMIF@>QFLK
2R@@BPPCRI"LJMIBQFLKLCQEB,$3+
"BOQFh@>QB/OLDO>J
2R@@BPPCRI@LJMIBQFLKLCQEB,$3+@BOQFh@>QBMOLDO>J
OBNRFOBP
] @LJMIBQFLKLCQEB@OBAFQPAFPQOF?RQBA>PABP@OF?BA
>?LSB>KA
 6/(">Q>ILD
] >KLSBO>II&/ LC>QIB>PQ
2R?PBNRBKQ AJFPPFLKFKQLQEB,2
MOLDO>JFK,B@E>KF@>I$KDFKBBOFKD
2QRABKQPTFPEFKDQL@LKQFKRBQEBFOPQRAFBPFKQEB,2
MOLDO>JFK,B@E>KF@>I$KDFKBBOFKDTFII?B>AJFQQBARMLK
OBNRBPQMOLSFABAQE>QQEBVE>SB
] @LJMIBQBAQEB,$3+@BOQFh@>QBMOLDO>J>KA
] B>OKBA>&/ LC>QIB>PQTFQEFKQEB@OBAFQPLC,$
@LROPBPFK@IRAFKD>KV $>KA,3$@OBAFQPMBOJFQQBA
?VMBQFQFLK
%LO!2PQRABKQPTEL@LKQFKRBLKQLQEB,2MOLDO>JFK
,B@E>KF@>I$KDFKBBOFKD>KV,3$@OBAFQPQE>QE>SB?BBK
RPBAQLP>QFPCVQEB,$3+@BOQFh@>QBOBNRFOBJBKQPTFII?B
@LRKQBA>P,$@OBAFQPQLT>OAQEB,2ABDOBB"ROOBKQ
DO>AR>QBPQRABKQPFKQEB,$MOLDO>J>OB>IPL>IILTBAQL
L?Q>FKQEFP,$3+@BOQFh@>QB IIPQRABKQPTELTFPEQL>MMIV
QLQEB,$3+@BOQFh@>QBMOLDO>JPELRIAPR?JFQ>CLOJ>I
>MMIF@>QFLKQL6/(&O>AR>QB AJFPPFLKP
+JA6"BOQFh@>QB
,2FK,B@E>KF@>I$KDFKBBOFKD
6EBK>MMIVFKDQLQEBJ>PQBOLCP@FBK@BMOLDO>JPQRABKQP
JRPQPMB@FCVQEBFOFKQBKQFLKQLMROPRBBFQEBOQEBQEBPFPLO
KLKQEBPFP,2LMQFLK!LQEQEBQEBPFP>KAKLKQEBPFP
LMQFLKPOBNRFOBQEB@LJMIBQFLKLCDO>AR>QB@OBAFQELROP
2QRABKQPFKQEBQEBPFPLMQFLKJRPQ@LJMIBQB@OBAFQPLC
QEBPFPOBPB>O@E,$TEBOB>PPQRABKQPFKQEBKLK
QEBPFPLMQFLKJ>V@LJMIBQBRMQL@OBAFQPLCAFOB@QBA
OBPB>O@E,$3EBOBPRIQLCQEBOBPB>O@E@OBAFQP
,$FKQEBQEBPFPLMQFLKJRPQ?B>@LJMIBQBAJ>PQBOP
QEBPFP3EBKRJ?BOLCAFOB@QBAOBPB>O@E@OBAFQP,$
@LJMIBQBAFKQEBKLKQEBPFPLMQFLK@>KO>KDBCOLJQL
(KQEBQEBPFPLMQFLKQEBAFPQOF?RQFLKLC@OBAFQPFP>PCLIILTP
] ,$DO>AR>QB@OBAFQP.1DO>AR>QB@OBAFQPFK
J>QEBJ>QF@PBD, ,$ALBPKLQP>QFPCV
QEFPOBNRFOBJBKQ
] DO>AR>QB@OBAFQPFKJB@E>KF@>IBKDFKBBOFKDFC
@OBAFQ,$FPPBIB@QBA>?LSB.1DO>AR>QB
@OBAFQPFKJB@E>KF@>IBKDFKBBOFKDFCDO>AR>QB
@OBAFQPFKJ>QEBJ>QF@PFPPBIB@QBA>?LSB3EBPB
@OBAFQPALKLQFK@IRAB,$,3$,%$>KA,/$
@LROPBP>OBKLQ@LKPFABOBA@OBAFQPFKJB@E>KF@>I
BKDFKBBOFKD
] @OBAFQPLCQEBPFPOBPB>O@E,$
] DO>AR>QB@OBAFQPLCBIB@QFSBPTFQEFKLOLRQPFABLC
JB@E>KF@>IBKDFKBBOFKD
(KQEBKLKQEBPFPLMQFLKQEBAFPQOF?RQFLKLC@OBAFQPFP>P
CLIILTP
] ,$DO>AR>QB@OBAFQP.1DO>AR>QB@OBAFQPFK
J>QEBJ>QF@PBD, ,$ALBPKLQP>QFPCV
QEFPOBNRFOBJBKQ
] DO>AR>QB@OBAFQPFKJB@E>KF@>IBKDFKBBOFKDFC
@OBAFQ,$FPPBIB@QBA>?LSB.1DO>AR>QB
@OBAFQPFKJB@E>KF@>IBKDFKBBOFKDFCDO>AR>QB
@OBAFQPFKJ>QEBJ>QF@PFPPBIB@QBA>?LSB3EBPB
@OBAFQPALKLQFK@IRAB,$3EBPB@OBAFQP@>K
FK@IRABRMQL>J>UFJRJLC@OBAFQPLCAFOB@QBA
OBPB>O@E,$,3$,%$>KA,/$@LROPBP>OBKLQ
@LKPFABOBA@OBAFQPFKJB@E>KF@>IBKDFKBBOFKD
] DO>AR>QB@OBAFQPLCBIB@QFSBPTFQEFKLOLRQPFABLC
JB@E>KF@>IBKDFKBBOFKD
(KBFQEBOLMQFLK>IICRIIQFJBPQRABKQP>OBOBNRFOBAQL
OBDFPQBOCLOQEBDO>AR>QBPBJFK>O,$BSBOVPBJBPQBO
@>ABJF@ ASFPFKD
4MLK>AJFPPFLKQLQEB,2MOLDO>JB>@EPQRABKQFP
>PPFDKBALOJ>VPBIB@Q>QBJMLO>OV>ASFPLOQL>OO>KDB>K
>@>ABJF@MI>K@LSBOFKDQEBhOPQ@OBAFQPLCPQRAV3EFP
MI>KJRPQ?BJ>AB?BCLOBQEBhOPQOBDFPQO>QFLK/OFLOQL
OBDFPQBOFKDCLO>AAFQFLK>I@OBAFQPQEBPQRABKQJRPQPMB@FCV
>K>@>ABJF@>ASFPLOTFQETELJQEBOBJ>FKFKD@LROPBLC
PQRAVFP>OO>KDBA3EBMI>KJRPQ?B>MMOLSBA?VQEB
JB@E>KF@>IBKDFKBBOFKDDO>AR>QB@LJJFQQBB
%LOPQRABKQPFKQEBQEBPFPLMQFLKQEB>@>ABJF@>ASFPLOFP
QEBQEBPFP>ASFPLO/OFLOQL@LJMIBQFKDJLOBQE>K@OBAFQP
BSBOVPQRABKQFKQEBQEBPFPLMQFLKJRPQCLOJ>QEBPFP
@LJJFQQBBQE>Q@LKPFPQPLCQEBQEBPFP>ASFPLO>KA>QIB>PQ
QTLLQEBOJB@E>KF@>IBKDFKBBOFKDC>@RIQVJBJ?BOPCOLJ
6/(TFQEHKLTIBADBLCQEBQEBPFPQLMF@
3EBP@EBARIBLC>@>ABJF@>ASFPFKDFP>PCLIILTP
] 3BJMLO>OV>ASFPLO`JBBQPTFQEPQRABKQMOFLOQLhOPQ
OBDFPQO>QFLKQLMI>KQEBhOPQ@OBAFQPLCPQRAV
] @>ABJF@>ASFPLO`PBIB@QBA?VPQRABKQMOFLOQL
OBDFPQBOFKDCLOJLOBQE>K@OBAFQP%LOQEBPFPLMQFLK
PQRABKQPQEB>@>ABJF@>ASFPLOFPQEBQEBPFP>ASFPLO
] /I>KLC2QRAV`>OO>KDBATFQE>@>ABJF@>ASFPLOMOFLO
QLOBDFPQBOFKDCLOJLOBQE>K@OBAFQP
] 3EBPFP@LJJFQQBBQEBPFPLMQFLKLKIV`CLOJBAMOFLO
QLOBDFPQBOFKDCLOJLOBQE>K@OBAFQP"LKPFPQPLCQEB
QEBPFP>ASFPLO>KA>QIB>PQQTLLQEBOJB@E>KF@>I
BKDFKBBOFKDC>@RIQVJBJ?BOPCOLJ6/(
3EFPP@EBARIBBKPROBPQE>QPQRABKQP>OBTBII>ASFPBA
QEOLRDELRQQEBMOLDO>J>KAQE>QPQRABKQPFKQEBQEBPFP
LMQFLK>OB>@QFSBIVBKD>DBAFKQEBFOOBPB>O@E>QQEBB>OIV
PQ>DBPLCQEBFOMOLDO>JP
 6/(">Q>ILD
3EBPFP#BCBKPB
$>@EPQRABKQFKQEBQEBPFPLMQFLKJRPQABCBKAEFPEBO
OBPB>O@EAROFKD>KLO>IABCBKPBTEF@EFP>AJFKFPQBOBA?V
>KBU>JFKFKD@LJJFQQBBQE>Q@LKPFPQPLCQEBQEBPFP
@LJJFQQBB>KA>OBMOBPBKQ>QFSBLCQEBJB@E>KF@>I
BKDFKBBOFKDDO>AR>QB@LJJFQQBBTELFPKLQLKQEBQEBPFP
@LJJFQQBB3EBABCBKPBFPLMBKQLMR?IF@M>OQF@FM>QFLK>KA
@LKPFPQPLC>JFKRQBMOBPBKQ>QFLK?VQEBPQRABKQ
CLIILTBA?V>JFKRQBLMBKAFP@RPPFLK QIB>PQLKB
TBBHMOFLOQLQEBABCBKPBB>@EJBJ?BOLCQEBBU>JFKFKD
@LJJFQQBBJRPQOB@BFSB>@LMVLCQEBQEBPFP.KB
>AAFQFLK>I@LMVJRPQ?BJ>AB>S>FI>?IBCLOJBJ?BOPLC
QEB6/(@LJJRKFQVTFPEFKDQLOB>AQEBQEBPFPMOFLOQLQEB
ABCBKPB/R?IF@KLQFh@>QFLKLCQEBABCBKPBJRPQ?BDFSBK
?VQEBJB@E>KF@>IBKDFKBBOFKDDO>AR>QBPB@OBQ>OV3EB
BU>JFKFKD@LJJFQQBBTFIIABQBOJFKBQEB>@@BMQ>?FIFQVLC
QEBPQRABKQPQEBPFP>KALO>IMBOCLOJ>K@B3EBQEBPFP
>ASFPLOTFIIABQBOJFKBQEBPQRABKQPDO>AB
"E>KDFKD,2.MQFLKP
2QRABKQPFKQEBKLKQEBPFP,2LMQFLKJ>VPTFQ@EFKQLQEB
QEBPFPLMQFLK>Q>KVQFJB?VKLQFCVFKDQEBJB@E>KF@>I
BKDFKBBOFKDDO>AR>QB@LJJFQQBBLCQEB@E>KDBMOLSFABA
QE>QQEBVE>SBFABKQFhBA>QEBPFP>ASFPLOCLOJBA>QEBPFP
@LJJFQQBB>KAE>SBTLOHBALRQ>/I>KLC2QRAVTFQEQEBFO
QEBPFP>ASFPLO2R?GB@QQLQEBQEBPFP>ASFPLOP>MMOLS>I
AFOB@QBAOBPB>O@E@OBAFQP,$B>OKBAFKQEBKLKQEBPFP
LMQFLKJ>V?BQO>KPCBOOBAQLQEBPFPOBPB>O@E@OBAFQP,$
FKQEBQEBPFPLMQFLK
KVPQRABKQFKQEBQEBPFPLMQFLK,2MOLDO>JJ>VOBNRBPQ
>PTFQ@EFKQLQEBKLKQEBPFPLMQFLK?VPR?JFQQFKDQEB
OBNRBPQFKTOFQFKDQLQEBJB@E>KF@>IBKDFKBBOFKDDO>AR>QB
@LJJFQQBB!BCLOB>@QFKDLKPR@E>OBNRBPQQEBDO>AR>QB
@LJJFQQBBTFIIOBNRFOB>KAPBOFLRPIV@LKPFABOTOFQQBKFKMRQ
COLJQEBPQRABKQPQEBPFP>ASFPLO#BM>OQJBKQ>IhK>K@F>I
>FADFSBKQLQEBQEBPFPLMQFLKPQRABKQPTEL>OBMBOJFQQBA
QLPTFQ@EQLQEBKLKQEBPFPLMQFLKTFII>RQLJ>QF@>IIV?B
TFQEAO>TK2R?GB@QQLQEB>MMOLS>ILCQEBJB@E>KF@>I
BKDFKBBOFKDDO>AR>QB@LJJFQQBB>J>UFJRJLC@OBAFQP
LCQEBPFPOBPB>O@E,$B>OKBA?V>PQRABKQFKQEB
QEBPFPLMQFLKJ>V?BQO>KPCBOOBAQLAFOB@QBAOBPB>O@E@OBAFQ
,$FKQEBKLKQEBPFPLMQFLK
+JA6,>PQBOLC2@FBK@B
/E#FK,B@E>KF@>I$KDFKBBOFKD
3EB@LROPBLCPQRAVIB>AFKDQLQEB/E#ABDOBBFK
JB@E>KF@>IBKDFKBBOFKDOBNRFOBPQEB@LJMIBQFLKLC
DO>AR>QBIBSBI@OBAFQP?BVLKAQEB?>@EBILOPABDOBBLO
DO>AR>QBIBSBI@OBAFQP?BVLKAQEBJ>PQBOPABDOBB%LO
PQRABKQPMOL@BBAFKDAFOB@QIVCOLJ!2ABDOBBQL/E#
ABDOBBQEB@OBAFQPPELRIA?BAFPQOF?RQBA>PCLIILTP
"LROPBTLOH
"LROPBPFK,$FK@I2MB@F>I3LMF@P>KA(2/@OBAFQP
"LROPBPFKLOLRQPFABLC,$ @OBAFQP
#FPPBOQ>QFLK1BPB>O@E,$ @OBAFQP
.QEBO
AAFQFLK>I@LROPBTLOH
AAFQFLK>I#FPPBOQ>QFLK
1BPB>O@E,$ @OBAFQP
2RMMIBJBKQ>I1BPB>O@E ,$,$
3.3 + @OBAFQP

%LOPQRABKQPMOL@BBAFKDCOLJJ>PQBOPQL/E#ABDOBBQEB
@OBAFQPPELRIA?BAFPQOF?RQBA>PCLIILTP
"LROPBTLOHFK@I2MB@F>I3LMF@P>KA(2/ @OBAFQP
#FPPBOQ>QFLK1BPB>O@E,$ @OBAFQP
.QEBO
AAFQFLK>I@LROPBTLOH
AAFQFLK>I#FPPBOQ>QFLK
1BPB>O@E,$ @OBAFQP
2RMMIBJBKQ>I1BPB>O@E,$,$
3.3 + @OBAFQP
(KBFQEBO@>PBQEBOBPRIQLCQEBAFPPBOQ>QFLKOBPB>O@EJRPQ
?B>@LJMIBQBAAL@QLO>IAFPPBOQ>QFLK.KIV>CQBO>AJFPPFLK
QL@>KAFA>@VJ>V>PQRABKQOB@BFSB@OBAFQQLT>OA
AFPPBOQ>QFLKOBPB>O@ERKABO,$/OFLOQL>AJFPPFLKQL
@>KAFA>@V>PQRABKQJ>VOB@BFSBRMQL@OBAFQPLC
MOBAFPPBOQ>QFLKOBPB>O@ERKABO,$ IICRIIQFJB
PQRABKQP>OBOBNRFOBAQLOBDFPQBOCLOQEBDO>AR>QBPBJFK>O
,$BSBOVPBJBPQBO
@>ABJF@ ASFPFKD
4MLK>AJFPPFLKQLQEB#L@QLO>I/OLDO>JB>@EPQRABKQFP
>PPFDKBALOJ>VPBIB@Q>QBJMLO>OV>ASFPLOQL>OO>KDB>K
>@>ABJF@MI>K@LSBOFKDQEBhOPQ@OBAFQPLCPQRAV3EFP
MI>KPELRIA?B>OO>KDBA?BCLOBQEBhOPQA>VLCOBDFPQO>QFLK
/OFLOQLOBDFPQBOFKDCLO>KV>AAFQFLK>I@OBAFQPQEBPQRABKQ
JRPQFABKQFCV>MBOJ>KBKQAFPPBOQ>QFLK>ASFPLOTEL
>PPRJBPQEBOLIBLC>@>ABJF@>ASFPLO>KATFQETELJ>
PRFQ>?IBAFPPBOQ>QFLKQLMF@>KAQEBOBJ>FKFKD/I>KLC2QRAV
>OB>OO>KDBA/OFLOQL@LJMIBQFKD@OBAFQPQEBPQRABKQ
JRPQCLOJ>AFPPBOQ>QFLK@LJJFQQBBQE>Q@LKPFPQPLCQEB
AFPPBOQ>QFLK>ASFPLO>QIB>PQQTLLQEBOJB@E>KF@>I
BKDFKBBOFKDC>@RIQVJBJ?BOP>KA>QIB>PQLKBJBJ?BO
COLJLRQPFABQEBABM>OQJBKQ3EBPB@LJJFQQBBJBJ?BOP
PELRIA?BPBIB@QBA?B@>RPBLCQEBFO>?FIFQFBPQL>PPFPQFKQEB
PQRABKQPAFPPBOQ>QFLKOBPB>O@E
3EBP@EBARIBLC>ASFPFKDFP>PCLIILTP
 6/(">Q>ILD
] 3BJMLO>OV>ASFPLO`JBBQPTFQEPQRABKQMOFLOQLhOPQ
OBDFPQO>QFLKQLMI>KhOPQ@OBAFQPLCPQRAV
] #FPPBOQ>QFLK>ASFPLO`PBIB@QBA?VPQRABKQMOFLOQL
OBDFPQBOFKDCLOJLOBQE>K@OBAFQP
] /OLDO>JLCPQRAV`>OO>KDBATFQE#FPPBOQ>QFLK
>ASFPLOMOFLOQLOBDFPQBOFKDCLOJLOBQE>K@OBAFQP
] #FPPBOQ>QFLK@LJJFQQBB`CLOJBA?VPQRABKQMOFLOQL
OBDFPQBOFKDCLOJLOBQE>K@OBAFQP"LKPFPQPLC
AFPPBOQ>QFLK>ASFPLO>QIB>PQQTL,$C>@RIQV>KA>Q
IB>PQLKBLRQPFABJBJ?BO
3EFPP@EBARIBBKPROBPQE>QPQRABKQP>OBTBII>ASFPBA>KA
>@QFSBIVBKD>DBAFKQEBFOOBPB>O@E>QQEBB>OIVPQ>DBPLC
QEBFOMOLDO>JP
AJFPPFLKQL">KAFA>@V
AJFPPFLKQL@>KAFA>@VTFII?BDO>KQBATEBKQEBPQRABKQ
E>PP>QFPC>@QLOFIVM>PPBA>TOFQQBKBU>JFKQBKABAQL
JB>PROBCRKA>JBKQ>I>?FIFQVFKQEOBBLCQEBCLIILTFKDKFKB
>OB>PiRFAJB@E>KF@PEB>QQO>KPCBOAVK>JF@P@LKQOLIP
PQOR@QROBPJ>QBOF>IPABPFDKJ>KRC>@QROFKD>KA
?FLJB@E>KF@>IBKDFKBBOFKD3EBQEOBB>OB>P>OBPBIB@QBA?V
QEBPQRABKQTFQEQEB>MMOLS>ILCQEB/E#>ASFPLO3EB
BU>JNRBPQFLKPTFII?B>QQEBhOPQVB>ODO>AR>QBIBSBI3EB
/E#@>KAFA>@VBU>JFPDFSBKFK2BMQBJ?BO>KA)>KR>OV
%LOPQRABKQPTELBKQBOQEBMOLDO>JTFQE>J>PQBOPABDOBB
FKJB@E>KF@>IBKDFKBBOFKDQEBBU>JJRPQ?BQ>HBKCLOQEB
hOPQQFJB>CQBOLKBPBJBPQBOLCPQRAVFBFK)>KR>OVFCQEBV
?BD>KFKQEBC>II>KAFK2BMQBJ?BOFCQEBV?BD>KFKQEB
PMOFKD%LO>IILQEBOPQRABKQPQEBBU>JJRPQ?BQ>HBKCLO
QEBhOPQQFJB>CQBOQTLPBJBPQBOPLCPQRAVFBFK
2BMQBJ?BOFCQEBV?BD>KFKQEBC>II>KAFK)>KR>OVFCQEBV
?BD>KFKQEBPMOFKD KVPQRABKQTELALBPKLQM>PPQEB
BU>JFK>IIQEOBB>OB>P@ELPBKJRPQOBQ>HBQEBBU>JFKQEB
>OB>PKLQM>PPBALKBPBJBPQBOI>QBOFBFK2BMQBJ?BOFC
QEBVAFAKLQM>PPFK)>KR>OV>KAFK)>KR>OVFCQEBVAFAKLQ
M>PPFK2BMQBJ?BO2QRABKQP>OBKLQ>IILTBAQLQ>HBQEB
BU>JJLOBQE>KQTF@B3EBABQ>FIPLCQEBBU>JFK>QFLK
MOL@BAROB@>K?BL?Q>FKBACOLJQEBJB@E>KF@>I
BKDFKBBOFKDDO>AR>QB@LJJFQQBB
#FPPBOQ>QFLK/OLMLP>I
$>@EPQRABKQJRPQMOBM>OB>TOFQQBKMOLMLP>I>KAJ>HB>K
LO>IMOBPBKQ>QFLKQE>QABJLKPQO>QBP>PLRKA
RKABOPQ>KAFKDLCQEBAFPPBOQ>QFLKQLMF@QEBOBIBS>KQ
IFQBO>QROBQEBQB@EKFNRBPQL?BBJMILVBAQEBFPPRBPQL?B
>AAOBPPBA>KAQEBTLOHALKBLKQEBQLMF@?VQEBPQRABKQ
QLA>QB KFJMLOQ>KQM>OQLCQEBTOFQQBK>KALO>IMOLMLP>I
PELRIA?B>ABP@OFMQFLKLCQEBMLQBKQF>I>MMIF@>QFLKP>KA
PL@FBQ>IFJM>@QLCQEBOBPB>O@E(KM>OQF@RI>OQEBTOFQQBK
MOLMLP>IPELRIAFK@IRAB>@E>MQBOQLABhKBQEBQLMF@LCQEB
/E#OBPB>O@E>@E>MQBOQLOBSFBTQEBPQ>QBLCQEB>OQ>
@E>MQBOQLPRJJ>OFWBQEBMOLMLPBAOBPB>O@EMI>K>KAQEB
MOBIFJFK>OVA>Q>L?Q>FKBAQLA>QB>KA>KVLQEBO@E>MQBOP
KB@BPP>OVQLABP@OF?BQEBMOLMLPBA/E#OBPB>O@E3EB
TOFQQBKMOLMLP>IPELRIA?BPR?JFQQBAQLQEB@LJJFQQBB
A>VP?BCLOBQEBLO>IMOBPBKQ>QFLK3EBMOLMLP>IJRPQ?B
J>ABTFQEFKJLKQEPLC>AJFPPFLKQL@>KAFA>@V!LQE
QEBTOFQQBK>KALO>IMOLMLP>IP>OBMOBPBKQBAQLQEB
AFPPBOQ>QFLK@LJJFQQBB>KA>OBMOBPBKQ>QFSBCOLJQEB
JB@E>KF@>IBKDFKBBOFKDDO>AR>QB@LJJFQQBB3EB
MOBM>OBAMLOQFLKLCQEBLO>IMOBPBKQ>QFLKPELRIAKLQ
BU@BBAJFKRQBP>KARMQLJFKRQBPPELRIA?B
>IILTBACLOAFP@RPPFLK(CQEBAFPPBOQ>QFLK@LJJFQQBB>KA
QEBDO>AR>QB@LJJFQQBBOBMOBPBKQ>QFSBE>SB@LK@BOKP
>?LRQBFQEBOQEBPR?PQ>K@BLCQEBMOLMLP>ILOQEBPQRABKQP
RKABOPQ>KAFKDLCQEBQLMF@QEBKQEBPQRABKQTFIIE>SBLKB
JLKQEQLMOBM>OB>PB@LKAMOBPBKQ>QFLKQE>QCL@RPBPLK
QEB>OB>PLC@LK@BOK3EFPMOBPBKQ>QFLKTFIII>PQJFKRQBP
TFQE>K>AAFQFLK>IJFKRQBP>IILTBACLOAFP@RPPFLK
2QRABKQP@>K@LKQFKRBQEBFOOBPB>O@ELKIVFCQEBMOLMLP>IFP
>MMOLSBA
#FPPBOQ>QFLK#BCBKPB
$>@EAL@QLO>I@>KAFA>QBFPOBNRFOBAQLABCBKAQEB
LOFDFK>IFQVFKABMBKABK@B>KANR>IFQVLCOBPB>O@EAROFKD>K
LO>IAFPPBOQ>QFLKABCBKPBQE>QFP>AJFKFPQBOBA?V>K
BU>JFKFKD@LJJFQQBBQE>Q@LKPFPQPLCQEBAFPPBOQ>QFLK
@LJJFQQBB>KA>OBMOBPBKQ>QFSBLCQEBJB@E>KF@>I
BKDFKBBOFKDDO>AR>QB@LJJFQQBBTELFPKLQLKQEB
AFPPBOQ>QFLK@LJJFQQBB(K>AAFQFLKQLMOLSFAFKD>
PRJJ>OVLCQEBOBIBS>KQIFQBO>QROB>KA>ABP@OFMQFLKLCQEB
QB@EKFNRBPBJMILVBAQB@EKF@>IFPPRBP>AAOBPPBA>KA
OBPRIQPL?Q>FKBA?LQEQEBAFPPBOQ>QFLK>KAQEBLO>IABCBKPB
PELRIAFK@IRAB>ABP@OFMQFLKLCQEBMLQBKQF>I>MMIF@>QFLKP
>KAPL@FBQ>IFJM>@QLCQEBOBPB>O@E3EBABCBKPBFPLMBKQL
MR?IF@M>OQF@FM>QFLK>KA@LKPFPQPLC>JFKRQB
MOBPBKQ>QFLKCLIILTBA?V>JFKRQBLMBKAFP@RPPFLK Q
IB>PQLKBTBBHMOFLOQLQEBABCBKPBB>@EJBJ?BOLCQEB
BU>JFKFKD@LJJFQQBBJRPQOB@BFSB>@LMVLCQEB
AFPPBOQ>QFLK QQEBP>JBQFJB>K>AAFQFLK>I@LMVJRPQ?B
J>AB>S>FI>?IBCLOJBJ?BOPLCQEB6/(@LJJRKFQV
TFPEFKDQLOB>AQEBAFPPBOQ>QFLKMOFLOQLQEBABCBKPB>KA
MR?IF@KLQFh@>QFLKLCQEBABCBKPBJRPQ?BDFSBK?VQEB
JB@E>KF@>IBKDFKBBOFKDDO>AR>QBPB@OBQ>OV3EBBU>JFKFKD
@LJJFQQBBTFIIABQBOJFKBQEB>@@BMQ>?FIFQVLCQEBPQRABKQP
AFPPBOQ>QFLK>KALO>IMBOCLOJ>K@B3EBAFPPBOQ>QFLK>ASFPLO
TFIIABQBOJFKBQEBPQRABKQPDO>AB
+JA6/E#
 6/(">Q>ILD
-BROLP@FBK@B
gIF>QBA%>@RIQV
!*C:?:G2D2? PPL@F>QB/OLCBPPLO!FLILDV>KA
!FLQB@EKLILDV>KA/OLDO>J#FOB@QLO-BROLP@FBK@B/E#
4KFSBOPFQVLC3RB?FKDBK&BOJ>KVKBRO>IKBQTLOHP
RKABOIVFKDPL@F>I?BE>SFLOPOLIBLCLIC>@QLOVAVPCRK@QFLKFK
KBROLABDBKBO>QFSBAFPLOABOPLMQLDBKBQF@PBKDFKBBOFKD
LCKBRO>IKBQTLOHP
)=3C649E PPL@F>QB/OLCBPPLO!FLJBAF@>I
$KDFKBBOFKD/E#4KFSBOPFQVLC">IFCLOKF>2>K#FBDL
?FL,$,2JF@OLiRFAF@PNR>KQFQ>QFSBPVPQBJP>K>IVPFP>KA
JLABIFKD?FLAVK>JF@PKBRO>I@FO@RFQP>KA?BE>SFLO
LMQLDBKBQF@PEFDEQEOLRDEMRQ@EBJF@>IDBKBQF@P@OBBKP
QFPPRBBKDFKBBOFKD#@BIIJF@OLM>QQBOKFKD
AFBIB@QOLMELOBPFP
C?@=5 PPFPQ>KQ/OLCBPPLO,>QEBJ>QF@>I2@FBK@BP
/E#">PB6BPQBOK4KFSBOPFQV,>QEBJ>QF@>I?FLILDV
?>VBPF>KFKCBOBK@BM>O>JBQBOBPQFJ>QFLKFK?FLILDF@>I
PVPQBJP
*2CE@? PPL@F>QB/OLCBPPLO'RJ>KFQFBP>KA OQP/E#
4KFSBOPFQVLC5FODFKF>'RJ>KOL?LQFKQBO>@QFLKFK
JRPF@@LJMLPFQFLK>KAMBOCLOJ>K@BABPFDKLCOL?LQF@
JRPF@>IFKPQORJBKQPJRPF@MBO@BMQFLK>KA@LDKFQFLK
>RAFLMOLAR@QFLK
:2?49:/OLCBPPLO'RJ>KFQFBP OQP
"#:==:2C/OLCBPPLO>KA#BM>OQJBKQ'B>A!FLJBAF@>I
$KDFKBBOFKD/E#4KFSBOPFQVLC/BKKPVIS>KF>
!FLJB@E>KF@PLCPLCQQFPPRBP>KA?FLJ>QBOF>IP
JB@E>KL?FLILDVTLRKAEB>IFKDQFPPRBDOLTQE>KA
ABSBILMJBKQCRK@QFLK>IQFPPRBBKDFKBBOFKDOBDBKBO>QFSB
JBAF@FKB
*FC56EE6 PPL@F>QB/OLCBPPLO"EBJFPQOV>KA
!FL@EBJFPQOV/E#,>PP>@ERPBQQP(KPQFQRQBLC3B@EKLILDV
PVKQEBPFPLCiRLOBP@BKQPBKPLOPCLOFOLKMELQL>@QFSB
@EBI>QLOPCLOABIFSBOVLCJBQ>IFLKPFK@BIIP>MMIF@>QFLKPLC
>WL?BKWBKBABOFS>QFSBPTFQERKRPR>ILMQF@>IMOLMBOQFBP
MLIVJBOPQLABQB@QJBQ>I@LKQ>JFK>KQPFKQEB
BKSFOLKJBKQ
#2A@8?2/OLCBPPLO>KA#BM>OQJBKQ'B>A
,>QEBJ>QF@>I2@FBK@BP/E#/ROARB4KFSBOPFQV
/>OQF>IAFfBOBKQF>IBNR>QFLKP
)6>AD<: PPL@F>QB/OLCBPPLO"EBJFPQOV>KA
!FL@EBJFPQOV/E#,>PP>@ERPBQQP(KPQFQRQBLC3B@EKLILDV
JLIB@RI>OJB@E>KFPJLCERJ>KWFK@QO>KPMLOQBO
PQOR@QROBCRK@QFLKLCIFDEQ>@QFS>QBA@E>KKBILMQLDBKBQF@P
!@J=6 PPL@F>QB/OLCBPPLO2L@F>I2@FBK@B>KA/LIF@V
2QRAFBP/E#4KFSBOPFQVLC"LILO>AL!LRIABO,BKQ>I
JLABIPLC@LJMIBUPVPQBJPBKSFOLKJBKQ>I@LDKFQFLK>KA
?BE>SFLO
!FNJ PPL@F>QB/OLCBPPLO>KA#BM>OQJBKQ'B>A
!FLILDV>KA!FLQB@EKLILDV/E#4KFSBOPFQVLC3BU>P
ABhKFKDPFDK>IFKDM>QET>VPQE>QMOLDO>J@BIIRI>OAFSBOPFQV
$=>6D/OLCBPPLO1L?BOQ %LFPFB2@ELLILC!RPFKBPP
/E#2VO>@RPB4KFSBOPFQV(KQBOMBOPLK>I>KADOLRM
AVK>JF@PFK@LJMIBULOD>KFW>QFLKPIB>AFKD@E>KDB
IB>ABOPEFMBQEF@P
)2=4@ PPFPQ>KQ3B>@EFKD/OLCBPPLO'RJ>KFQFBP OQP
%2C?J PPFPQ>KQ/OLCBPPLO!FLILDV>KA!FLQB@EKLILDV
/E#'>OS>OA4KFSBOPFQV3O>KPI>QFLK>I@LKQOLILC
DBKBBUMOBPPFLK>KA@BIIRI>OPQOBPPOBPMLKPBFK
KBROLABDBKBO>QFSBAFPB>PB>KA>RQFPJPMB@QORJAFPLOABO
6C:4<6/OLCBPPLO>KA#BM>OQJBKQ'B>A"EBJFPQOV
>KA!FL@EBJFPQOV#OOBOK>Q4KFSBOPFQVLC'>J?ROD
?FLMEVPF@>I@E>O>@QBOFW>QFLKLCIFMFAJBAF>QBAMOLQBFK
CRK@QFLKABSBILMJBKQLCSF?O>QFLK>IPMB@QOLP@LMF@QLLIPQL
@E>O>@QBOFWB?FLILDF@>IQFPPRB
#2CC:D@? PPFPQ>KQ/OLCBPPLO"LJMRQBO2@FBK@B/E#
4-""E>OILQQB(KCLOJ>QFLKSFPR>IFW>QFLKSFPR>I
>K>IVQF@PERJ>K@LJMRQBOFKQBO>@QFLK
$F>:/OLCBPPLO,>QEBJ>QF@>I2@FBK@BP/E#
6BFWJ>KK(KPQFQRQBLC2@FBK@B,>QEBJ>QF@>IMEVPF@P
>MMIFBAJ>QEBJ>QF@P>KAJLABIFKD+FBDOLRMPAFfBOBKQF>I
BNR>QFLKPKRJBOF@>I>K>IVPFPQRO?RIBK@B>KA@E>LP
*!: PPL@F>QB/OLCBPPLO!FLJBAF@>I$KDFKBBOFKD#2@
6>PEFKDQLK4KFSBOPFQVFK2Q+LRFP!FLJB@E>KF@P?O>FK
FKGROVhKFQBBIBJBKQ>K>IVPFPJRIQFP@>IBJLABIFKD
KBROLFJ>DFKDJBAF@>IFJ>DB>K>IVPFPPMLOQPJBAF@FKB
!":?8/OLCBPPLO!FLILDV>KA!FLQB@EKLILDV>KA
/BQBOPLK%>JFIV#B>KLC OQP>KA2@FBK@BP/E#-BT8LOH
4KFSBOPFQV,2"FQV4KFSBOPFQVLC-BT8LOHKBROLK>I
MI>PQF@FQV>PPL@F>QBATFQEKBROLILDF@>I>KAMPV@EF>QOF@
AFPLOABOPRQFIFWFKDCRK@QFLK>IJ>DKBQF@OBPLK>K@BFJ>DFKD
JLIB@RI>O?FLILDV>KA?BE>SFLO
/"@?8 PPL@F>QB/OLCBPPLO"LJMRQBO2@FBK@B/E#
4KFSBOPFQVLC(IIFKLFP"EF@>DL(+#>Q>JFKFKDPL@F>I
KBQTLOHPJ>@EFKBIB>OKFKD?FDA>Q>>K>IVQF@P
"@C<:?/OLCBPPLO"LJMRQBO2@FBK@B/E#4KFSBOPFQVLC
-BT!ORKPTF@H">K>A>!FLFKCLOJ>QF@PLCAFPB>PB
?FDA>Q>FK?FLJBAF@FKB@LJMRQ>QFLK>IDBKLJF@PPVPQBJP
?FLILDVA>Q>JFKFKDJ>@EFKBIB>OKFKD
"#66 PPFPQ>KQ/OLCBPPLO!FLJBAF@>I$KDFKBBOFKD/E#
,>PP>@ERPBQQP(KPQFQRQBLC3B@EKLILDVJB@E>KL?FLILDV
@BIIJB@E>KF@P@BIIJLOMELAVK>JF@P@>K@BO@BII
JFDO>QFLKNR>KQFQ>QFSBIFSB@BIIFJ>DFKDNR>KQFQ>QFSB@BII
?FLILDV@LJMRQ>QFLK>IFJ>DB>K>IVPFPA>Q>JFKFKD
DBKLJBBKDFKBBOFKDLMQLDBKBQF@P
0$6?56=D@?/OLCBPPLO!FLJBAF@>I$KDFKBBOFKD/E#
">PB6BPQBOK1BPBOSB4KFSBOPFQV!FLJBAF@>IPBKPLOPCLO
FKS>PFSB>KAKLKFKS>PFSBMEVPFLILDF@>IJLKFQLOFKDMRIPB
LUFJBQBOPJF@OL@LJMRQBO?>PBAJBAF@>IFKPQORJBKQ>QFLK
PFDK>IMOL@BPPFKDTB>O>?IBTFOBIBPP?FLJBAF@>IPBKPLOP
>MMIF@>QFLKLCLMQF@PQL?FLJBAF@FKBQBIBJBAF@FKB
)%62>EF PPL@F>QB3B>@EFKD/OLCBPPLO"LJMRQBO
2@FBK@B/E#6LO@BPQBO/LIVQB@EKF@(KPQFQRQB
*&=D@? PPL@F>QB/OLCBPPLO,>QEBJ>QF@>I2@FBK@BP/E#
-LOQE">OLIFK>2Q>QB4KFSBOPFQV,>QEBJ>QF@>I
 6/(">Q>ILD
?FLILDV@LJMRQ>QFLK>I?FLiRFAPP@FBKQFh@@LJMRQFKD
$'@A@G:4 PPFPQ>KQ1BPB>O@E/OLCBPPLO/EVPF@P/E#
!LPQLK4KFSBOPFQV'RJ>KKBROLPBKPLOVJLQLO
LOD>KFW>QFLKPLCQOL?LQF@PTB>O>?IBOL?LQF@P>PPFPQFSB
OL?LQF@PERJ>K>RDJBKQ>QFLKPVPQBJP
)@5C:8F6K PPFPQ>KQ/OLCBPPLO2L@F>I2@FBK@B/LIF@V
2QRAFBP/E#4KFSBOPFQVLC">IFCLOKF>+LP KDBIBP
)F:K/OLCBPPLO"LJMRQBO2@FBK@B/E#,>OVI>KA
#>Q>JFKFKDHKLTIBADBAFP@LSBOVFKA>Q>?>PBP
J>@EFKBIB>OKFKD
)J56C PPL@F>QB/OLCBPPLO!FLILDV>KA
!FLQB@EKLILDV/E#'>OS>OA4KFSBOPFQV,2'>OS>OA
2@ELLILC/R?IF@'B>IQE?FLFKCLOJ>QF@P>KA@LJMRQ>QFLK>I
>MMOL>@EBPQLRKABOPQ>KAFKD?FLILDF@>IPVPQBJP
**42C=2E2/OLCBPPLO"EBJFPQOV>KA!FL@EBJFPQOV/E#
4KFSBOPFQV(IIFKLFP4O?>K>"E>JM>FDK,B@E>KFPJPLC@BII
PFDK>IFKDRPFKDiRLOBP@BK@BFJ>DFKD>KA@LOOBI>QFLK
JBQELAPELTJB@E>KF@>IABCLOJ>QFLK>fB@QP@>I@FRJ
iRUBPFK@BIIP
!#*<@C:?<@/OLCBPPLO2L@F>I2@FBK@B/LIF@V2QRAFBP
/E#4KFSBOPFQVLC5FODFKF>PL@F>IBKSFOLKJBKQ>I@RBP
PQFDJ>P>KAPQBOBLQVMFKDMBO@BMQFLKPLCLQEBOP
+*@=@G6J PPFPQ>KQ/OLCBPPLO"LJMRQBO2@FBK@B/E#
3RCQP4KFSBOPFQV'RJ>K@LJMRQBOFKQBO>@QFLKRPBO
FKQBOC>@BABPFDKKLSBIFKQBO>@QFLKJLA>IFQFBPERJ>K
>RQLKLJV@LII>?LO>QFLKJ>@EFKBIB>OKFKD
*EC@6 PPL@F>QB3B>@EFKD/OLCBPPLO/EVPF@P/E#"I>OH
4KFSBOPFQV$UMBOFJBKQ>I?FLMEVPF@PMOLQBFKPQOR@QROB
AVK>JF@>KACRK@QFLK>IFQV
+2?8/OLCBPPLO,>QEBJ>QF@>I2@FBK@BP/E#4KFSBOPFQV
LC6FP@LKPFK!FLiRFAP?FLPLIFAP?ILLAiLT
J>QEBJ>QF@>IJLABIFKDKRJBOF@>IJBQELAPP@FBKQFh@
@LJMRQFKDKLKIFKB>O>K>IVPFP@LJMRQ>QFLK>IiRFA
AVK>JF@P
#-+:E@G2 PPL@F>QB/OLCBPPLO/EVPF@P/E#4KFSBOPFQV
LC-LQOB#>JB3'WPMB@QOLP@LMVLCK>KLJ>QBOF>IPCLO
BKBODV>MMIF@>QFLKPLMQF@>IBU@FQ>QFLKP>KARIQO>C>PQ@>OOFBO
AVK>JF@PFKK>KLJ>QBOF>IP
#-:52=: PPL@F>QB/OLCBPPLO!FLILDV>KA!FLQB@EKLILDV
/E#4KFSBOPFQVLC,>PP>@ERPBQQP JEBOPQRKABOPQ>KAFKD
QEBJLIB@RI>O>KA@BIIRI>OJB@E>KFPJPRKABOIVFKDQEBOLIB
LCQEB@VQLPHBIBQLKFKMI>KQ@BIILOD>KFW>QFLK>KADOLTQE
.:==D/OLCBPPLO>KA#BM>OQJBKQ'B>A"LJMRQBO
2@FBK@B/E#/ROARB#FPQOF?RQBAPVPQBJP
KBQTLOHFKDRPBOFKQBOC>@BP
$.F5FPFQFKD PPFPQ>KQ/OLCBPPLO,>QEBJ>QF@>I2@FBK@BP
/E#4KFSBOPFQVLC">IFCLOKF>(OSFKB,>QEBJ>QF@>I
?FLILDVJLABIFKDLCIFSFKDPVPQBJP
1.F PPL@F>QB/OLCBPPLO,>QEBJ>QF@>I2@FBK@BP/E#
8>IB4KFSBOPFQV!FLPQ>QFPQF@PEFDEAFJBKPFLK>IJLABI
PBIB@QFLKIFKB>O>KADBKBO>IFWBAIFKB>OJLABIFKDPQ>QFPQF@>I
DBKBQF@P?FLFKCLOJ>QF@P
-02<@G=6G1BPB>O@E PPL@F>QB,>QEBJ>QF@>I2@FBK@BP
/E#(KPQFQRQBLC1>AFL$KDFKBBOFKD>KA$IB@QOLKF@P
1RPPF>K @>ABJVLC2@FBK@BP KQBKK>PCLO,6>KA
,,6@LJJRKF@>QFLKPBIB@QOLJ>DKBQF@hBIAPFK
QO>KPJFPPFLKIFKBP>KA>ILKDJBAF>FKQBOC>@BP@LKQOLI>KA
LMQFJFW>QFLKLCBIB@QOLJ>DKBQF@>KAQBJMBO>QROBhBIAPFK
JF@OLT>SBQEBOJ>IMOL@BPPFKDFPPRBPFKJLABIFKDLC
JF@OLT>SBEB>QFKD@LJMRQ>QFLK>IBIB@QOLJ>DKBQF@PTFQE
KBRO>IKBQTLOHPKRJBOF@>IJBQELAP>IDLOFQEJP>KA" #
QLLIPCLO1%,6>KA,,6@LJMLKBKQP>KAPR?PVPQBJP
192?8 PPFPQ>KQ/OLCBPPLO!FLJBAF@>I$KDFKBBOFKD
/E#)LEKP'LMHFKP4KFSBOPFQV!FLJBAF@>IOL?LQF@P
?FLJBAF@>IFJ>DFKDRIQO>PLRKA>KAMELQL>@LRPQF@
FKPQORJBKQ>QFLKCRK@QFLK>IFJ>DFKDLC?O>FK>KA@>K@BO
FJ>DBDRFABAQEBO>MV>KAFKQBOSBKQFLK
/OLDO>JLC2QRAV
3EB-BROLP@FBK@BMOLDO>JLfBOPDO>AR>QBPQRAFBPQLT>OA
QEB,2ABDOBB3EFPMOLDO>JFPABPFDKBAQLMOLSFAB
PQRABKQPTFQE>PQOLKDCLRKA>QFLKFKJLIB@RI>O
MPV@ELILDF@>I@LJMRQ>QFLK>INR>KQFQ>QFSB>KA
FKQBOAFP@FMIFK>OV>MMOL>@EBPQLKBROLP@FBK@B-BROLP@FBK@B
FP>@OFQF@>I>KA@E>IIBKDFKD>OB>LCERJ>KBKAB>SLO.RO
C>@RIQV>KAPQRABKQPQEOFSBCOLJQEBPVKBODVLCLROAFSBOPB
>MMOL>@EBPQLRKABOPQ>KAFKDQEB?O>FK>KAKBOSLRP
PVPQBJ3EBC>@RIQVFKSLISBAFKQEBMOLDO>JE>SB>PQOLKD
OB@LOALCBUQO>JRO>ICRKAFKD>KAMOLSFAB>KBU@BIIBKQ
OBPB>O@ELOFBKQBABKSFOLKJBKQ P>=/OLDO>JFK
-BROLP@FBK@BC>@RIQVCOLJABM>OQJBKQP>@OLPP@>JMRP
QO>FKLROPQRABKQP>KA@LII>?LO>QBLKOBPB>O@E>KA
MOLGB@QP3EBMOLDO>J@LJMOFPBPCLRO?OL>AIVABhKBA
>OB>P
] "BIIRI>O>KA,LIB@RI>O-BROLP@FBK@B3O>FKFKDFK
KBROLMEVPFLILDF@>IJBQELAPPR@E>P
BIB@QOLMEVPFLILDVLMQLDBKBQF@PJLIB@RI>O?FLILDV
DBKBQF@P?FL@EBJFPQOV>KA?FLMEVPF@P>MMOLMOF>QBQL
QLMF@PFKKBROL?FLILDV
] 2VPQBJP-BROLP@FBK@B3O>FKFKDFKPQOR@QROBCRK@QFLK
OBI>QFLKPEFMLCKBRO>IKBQTLOHPKBRO>IPR?PQO>QBPLC
IB>OKFKD>KAJBJLOVMPV@ELME>OJ>@LILDVLC
KBOSLRPPVPQBJAFPLOABOPFK@IRAFKD IWEBFJBOP
AFPB>PB
] "LJMRQ>QFLK>I-BROLP@FBK@B3O>FKFKDFKQEBRPBLC
BUMBOFJBKQ>I>KAQEBLOBQF@>IJBQELAPCLOQEB
>K>IVPFPLC?O>FKCRK@QFLK
] /PV@ELILDF@>I2@FBK@B3O>FKFKDFKELTQEB?O>FK>KA
KBOSLRPPVPQBJFKQBO>@QTFQEABSBILMJBKQJBKQ>I
EB>IQE@LDKFQFLKPL@F>IMOL@BPPBP>KA?BE>SFLO
,>PQBOLC2@FBK@BFK-BROLP@FBK@B
&L>IP
 6/(">Q>ILD
 /OBM>OBCRQROBMOLCBPPFLK>IPQRABKQP>KAFKARPQOV
IB>ABOPFKQEBhBIALCKBROLP@FBK@BPLQE>QQEBV>OB
OB>AVQLEBIMPLISBQEBTLOIAPJLPQ@E>IIBKDFKD
MOL?IBJP>fB@QFKDQEB?O>FK
 "OB>QB>@LJMOBEBKPFSBBAR@>QFLK>IFKQBOAFP@FMIFK>OV
MOLDO>JFKKBROLP@FBK@B>Q6/(QE>QAFPQFKDRFPEBP
LROMOLDO>JCOLJLQEBOPQVMF@>IIVLfBOBA>QQEB
J>PQBOPIBSBIARBQLQEBCL@RPLK?LQE?>PF@>KA
QO>KPI>QFLK>IKBROLP@FBK@B@LRMIBATFQE>PQOLKD
@LJMRQ>QFLK>I?>PB>KAIFKHPQLFKARPQOVM>OQKBOP
 #BSBILMJBKQLCOBPB>O@E>OB>PIFKHFKDKBROLP@FBK@B
QL>OB>PIFHBA>Q>P@FBK@B>KA?FLJBAF@>I
BKDFKBBOFKDFKLOABOQLQO>FKPQRABKQPFK>
JRIQFAFP@FMIFK>OV>MMOL>@E
AJFPPFLKP1BNRFOBJBKQP
2QRABKQP>MMIVFKDQLQEB,2#BDOBBMOLDO>JFK
-BROLP@FBK@B>OBBUMB@QBAQLE>SB>?>@EBILOPABDOBBFK
?FLILDV?FL@EBJFPQOV@LJMRQBOP@FBK@BJ>QEBJ>QF@P
MPV@ELILDVKBROLP@FBK@BLO>OBI>QBAhBIA>KAQLE>SB
Q>HBKFKQOLAR@QLOV@LROPBPFK>KBROLP@FBK@BOBI>QBAhBIA
PR@E>P?FLILDV?FL@EBJFPQOV@LJMRQBOP@FBK@B
J>QEBJ>QF@P>KALOMPV@ELILDV%LOBU>JMIB>PQRABKQ
TFQE>?>@EBILOPABDOBBFK?FLILDVFPBUMB@QBAQLE>SB>IPL
@LJMIBQBA@LROPBPFK@>I@RIRP>KAPQ>QFPQF@PMOFLOQL
PR?JFQQFKD>K>MMIF@>QFLK PQOLKD>MMIF@>KQTELFP
JFPPFKD?>@HDOLRKA@LROPBTLOH>PKBBABACLO@LROPB
OBNRFOBJBKQPJ>V?B>AJFQQBATFQEQEBBUMB@Q>QFLKQE>Q
EBLOPEBTFIIQ>HB>KAM>PPLKBLOJLOBRKABODO>AR>QB
@LROPBPFKQEFP>OB>LCABh@FBK@VBFQEBOAROFKDQEBPRJJBO
MOFLOQL>AJFPPFLKLOTFQEFKQEBhOPQPBJBPQBO>CQBO
>AJFPPFLK3EBPBOBJBAF>I@LROPBPTFIIKLQ@LRKQQLT>OAP
JBBQFKDQEB,2ABDOBBOBNRFOBJBKQP3EBABQBOJFK>QFLK
LCTE>Q@LROPBLO@LROPBPTFIIP>QFPCVQEFPMOLSFPFLKTFII?B
J>AB?VQEB-BROLP@FBK@B%>@RIQV2QBBOFKD"LJJFQQBB
TEF@E@LKPFPQPLCC>@RIQVJBJ?BOPCOLJQEBM>OQF@FM>QFKD
ABM>OQJBKQP>Q6/(2QRABKQPTEL>OBKLQ6/(
RKABODO>AR>QBPLODO>AR>QBPTFII?BOBNRFOBAQLPR?JFQ
&1$3.$%+P@LOBP
!2,2FK-BROLP@FBK@B
/OLDO>J#BP@OFMQFLK
2QRABKQPBKOLIIBAFKQEB!2,2MOLDO>JJRPQP>QFPCV>II
QEBMOLDO>JOBNRFOBJBKQPLCQEBFOOBPMB@QFSB!2ABDOBB
>KA>IIQEBMOLDO>JOBNRFOBJBKQPLCQEB,2ABDOBBFK
-BROLP@FBK@B6/(>IILTP!2,2PQRABKQPQLALR?IB
@LRKQ@LROPBPQLT>OAP?LQEQEBFORKABODO>AR>QB
>KADO>AR>QBABDOBBPTELPB@OBAFQELROPQLQ>IKLJLOB
QE>KMBO@BKQLCQEBDO>AR>QB@OBAFQELROPOBNRFOBA
CLOQEB,2ABDOBBFK-BROLP@FBK@BFBRMQLDO>AR>QB
@OBAFQPLOBNRFS>IBKQIVRKABODO>AR>QBRKFQP>KAQE>Q
JBBQ>IILQEBOOBNRFOBJBKQPCLOB>@EABDOBB3EBPB@LROPBP
@>KFK@IRABDO>AR>QB@LROPBP>PTBII>P@BOQ>FK
RKABODO>AR>QBIBSBI@LROPBPIFPQBA?BILTQE>Q>OB
>@@BMQ>?IBCLOP>QFPCVFKD-BROLP@FBK@B,2OBNRFOBJBKQP
(K@LKPRIQ>QFLKTFQEQEBPQRABKQPJ>GLO @>ABJF@ ASFPLO
>KAQEB-BROLP@FBK@B/OLDO>J#FOB@QLOQEBPQRABKQ
MOBM>OBP>/I>KLC2QRAVLRQIFKFKDQEBPBIB@QFLKPJ>ABQL
P>QFPCVQEB!2,2ABDOBBOBNRFOBJBKQPFK@IRAFKDQEB
@LROPBPQE>QTFII?BALR?IB@LRKQBA3EFP/I>KLC2QRAV
JRPQQEBK?B>MMOLSBA?VQEB-BROLP@FBK@B%>@RIQV
2QBBOFKD"LJJFQQBB
AJFPPFLKP1BNRFOBJBKQP
KV6/(RKABODO>AR>QBPQRABKQJ>V>MMIVQLQEB!2,2
MOLDO>JFK-BROLP@FBK@B2QRABKQP>OBBUMB@QBAQL>MMIV
CLO>AJFPPFLKQLQEB!2,2MOLDO>JAROFKDQEBFOGRKFLO
VB>OPLQE>QQEBVE>SBPRg@FBKQQFJBQLMI>KQEBFO@LROPB
PBIB@QFLKTFQEQEBFOJ>GLO @>ABJF@ ASFPLO>KA
QEB-BROLP@FBK@B/OLDO>J#FOB@QLO
IBSBI@LROPBP>KAMOLGB@QPQE>Q@>K
?BALR?IB@LRKQBA
%LOQEBIBSBI@LROPBPIFPQBA?BILTQTLDO>AR>QB
@OBAFQPTFII?BB>OKBAQLT>OAPQEB!2,2ABDOBBFCQEB
PQRABKQ>@EFBSBP>DO>ABLC!LOEFDEBO
] !FLFKCLOJ>QF@P>KA"LJMRQ>QFLK>I!FLILDV@LROPBP
 !"!!!!FLFKCLOJ>QF@P
 !"!"2!FLSFPR>IFW>QFLK
 !"!"2!FLILDF@>I>KA!FLJBAF@>I
#>Q>?>PB,FKFKD
 !"!, 2Q>QFPQF@>I,BQELAPFK
&BKBQF@P>KA!FLFKCLOJ>QF@P
] !FLILDV>KA!FLQB@EKLILDV@LROPBP
 !!"'1BDRI>QFLKLC&BKB$UMOBPPFLK
 !!2VKQEBQF@!FLILDV
 !!"'$UMBOFJBKQ>I&BKBQF@$KDFKBBOFKD
] !FLJBAF@>I$KDFKBBOFKD@LROPBP
 !,$$"$!FLJBAF@>I2FDK>I K>IVPFP
 !,$!FLJBAF@>I(J>DFKD
] "EBJFPQOV>KA!FL@EBJFPQOV@LROPBP
 "'/OLQBFK2QOR@QROB>KA%RK@QFLK
 "'+FMFAP>KA!FLJBJ?O>KB%RK@QFLKP
 "',BJ?O>KB!FLMEVPF@P
 "'!!3$UMBOFJBKQ>I&BKBQF@$KDFKBBOFKD
] "LJMRQBO2@FBK@B@LROPBP
 "2(KQOLAR@QFLKQL OQFh@F>I(KQBIIFDBK@B
 "2,>@EFKB+B>OKFKD
 "2#>Q>?>PB2VPQBJP((
 "2#>Q>,FKFKD>KA*KLTIBADB#FP@LSBOV
FK#>Q>?>PBP
 "2,L?FIB>KA4?FNRFQLRP"LJMRQFKD
 "2!"!!FLSFPR>IFW>QFLK
 6/(">Q>ILD
 "2!"!!FLILDF@>I>KA!FLJBAF@>I
#>Q>?>PB,FKFKD
] #>Q>2@FBK@B@LROPBP
 #2, #>Q> K>IVQF@P>KA2Q>QFPQF@>I
+B>OKFKD
] ,>QEBJ>QF@P@LROPBP
 , /OL?>?FIFQV>KA,>QEBJ>QF@>I
2Q>QFPQF@P(
 , /OL?>?FIFQV>KA,>QEBJ>QF@>I
2Q>QFPQF@P((
 , #2#>Q> K>IVQF@P>KA2Q>QFPQF@>I
+B>OKFKD
] /PV@ELILDV@LROPBP
 /282MB@F>I3LMF@PFK/PV@ELILDF@>I
2@FBK@B
 /28 AS>K@BA1BPB>O@EFK/PV@ELILDF@>I
2@FBK@B
] ,>GLO0R>IFCVFKD/OLGB@Q,0/4MQLDO>AR>QB
@OBAFQPBNR>IQLRKABODO>AR>QBRKFQ@>K?B
B>OKBAQLT>OAPCRIhIIJBKQLCQEB-BROLP@FBK@BQEBPFP
OBNRFOBJBKQ?VALR?IB@LRKQFKD>,>GLO0R>IFCVFKD
/OLGB@QMOLSFABAQE>Q
 QEB,0/FKSLISBPPR?PQ>KQF>IRPBLC
-BROLP@FBK@B>Q>K>AS>K@BAIBSBI
 QEBQEBPFPOBPB>O@EFP>@LKQFKR>QFLKLO
BUQBKPFLKLCQEB,0/TLOH
 QEBPQRABKQP>QFPhBPQEBQEBPFPOBNRFOBJBKQ
?V@LJMIBQFKD>QIB>PQ>AAFQFLK>I@OBAFQPLC
-$43EBPFP1BPB>O@E>KA
 QEB,2QEBPFP>ASFPLO>KAQEB-BROLP@FBK@B
%>@RIQV2QBBOFKD"LJJFQQBB>MMOLSBQEB
ALR?IB@LRKQFKD
] ,0/TLOHJ>VKLQ?BALR?IB@LRKQBAQLT>OAQEB
KLKQEBPFPLMQFLK
.QEBOIBSBI@LROPBP>KAFKABMBKABKQPQRAFBPKLQLK
QEFPIFPQ?RQQE>Q@LRIA?BRPBAQLP>QFPCV-BROLP@FBK@B,2
OBNRFOBJBKQPJ>V?BMBQFQFLKBAQLALR?IB@LRKQ2R@E
MBQFQFLKPKBBAQL?B>MMOLSBA?VQEB-BROLP@FBK@B%>@RIQV
2QBBOFKD"LJJFQQBB
&O>AR>QB@LROPBPQE>Q@>K?BALR?IB
@LRKQBA
PQRABKQFKQEB!2,2/OLDO>JFK-BROLP@FBK@B@>K
ALR?IB@LRKQ>KVLCQEBDO>AR>QB@LROPBPIFPQBA>P
BIB@QFSBPFKQEB-BROLP@FBK@B,2#BDOBBABP@OFMQFLKFK
QEB6/(&O>AR>QB">Q>ILDFCQEB@LROPB>IPLP>QFPhBP>
OBNRFOBJBKQLCQEBPQRABKQZP!2ABDOBB
1BPQOF@QBA4KABODO>AR>QB>KA&O>AR>QB
"LROPB/>FOP
2LJBRKABODO>AR>QB>KADO>AR>QB@LROPBPE>SB
PFDKFh@>KQLSBOI>MFKQEBFO@LKQBKQ3EBCLIILTFKDQ>?IBIFPQP
QEBPB@LROPBP PQRABKQ@>KOB@BFSB@OBAFQQLT>OAPQEBFO
,2ABDOBBCLO>QJLPQLKBLCQEBQTL@LROPBPFK>KVOLT
LCQEFPQ>?IB
"LROPBPFK!FLFKCLOJ>QF@P>KA"LJMRQ>QFLK>I!FLILDV
,?56C8C25F2E6@FCD6 C25F2E6@FCD6
!"!!!!FLFKCLOJ>QF@P !"!!!!FLFKCLOJ>QF@P
!"!"2!FLSFPR>IFW>QFLK !"!"2!FLSFPR>IFW>QFLK
!"!, 2Q>QFPQF@>I
,BQELAPFK&BKBQF@P>KA
!FLFKCLOJ>QF@P
!"!, 2Q>QFPQF@>I,BQELAP
FK&BKBQF@P>KA!FLFKCLOJ>QF@P
"LROPBPFK"LJMRQBO2@FBK@B
,?56C8C25F2E6@FCD6 C25F2E6@FCD6
"2(KQOLAR@QFLKQL OQFh@F>I
(KQBIIFDBK@B
"2 OQFh@F>I(KQBIIFDBK@B
"2,>@EFKB+B>OKFKD "2,>@EFKB+B>OKFKD
"2#>Q>?>PB2VPQBJP((
"2#>Q>?>PB,>K>DBJBKQ
2VPQBJP
"2,L?FIB>KA4?FNRFQLRP
"LJMRQFKD
"2,L?FIB>KA4?FNRFQLRP
"LJMRQFKD
"LROPBPFK,>QEBJ>QF@P
,?56C8C25F2E6@FCD6 C25F2E6@FCD6
, /OL?>?FIFQV>KA,>QEBJ>QF@>I
2Q>QFPQF@P(
, /OL?>?FIFQV>KA
,>QEBJ>QF@>I2Q>QFPQF@P(
, /OL?>?FIFQV>KA,>QEBJ>QF@>I
2Q>QFPQF@P((
, /OL?>?FIFQV>KA
,>QEBJ>QF@>I2Q>QFPQF@P((
#2, #>Q> K>IVQF@P>KA
2Q>QFPQF@>I+B>OKFKD
, #22Q>QFPQF@>I,BQELAP
CLO#>Q>2@FBK@B
+JA6!2,2
,2FK-BROLP@FBK@B
2QRABKQPMROPRFKDQEB,2ABDOBBFK-BROLP@FBK@BJRPQ
@LJMIBQB>JFKFJRJLC@OBAFQPLCOBIBS>KQTLOH>QQEB
DO>AR>QBIBSBI3EB,2ABDOBBOBNRFOBJBKQPE>SB?BBK
ABPFDKBAQLMOLSFAB>@LJMOBEBKPFSBVBQiBUF?IBMOLDO>J
QLPQRABKQPTEL>OBMROPRFKD>K,2ABDOBBBU@IRPFSBIV
>KAPQRABKQPTELMI>KQLMROPRB>/E#ABDOBBI>QBO
,>QOF@RI>QBAPQRABKQPTFII?B>PPFDKBA>K>@>ABJF@>ASFPLO
COLJQEBKBROLP@FBK@BMOLDO>J(K@LKPRIQ>QFLKTFQEQEB
>@>ABJF@>ASFPLOQEBPQRABKQTFIIMOBM>OB>/I>KLC2QRAV
LRQIFKFKDQEBPBIB@QFLKPQE>QTFIIP>QFPCVQEB,2ABDOBB
 6/(">Q>ILD
OBNRFOBJBKQP3EFP/I>KLC2QRAVJRPQQEBK?B>MMOLSBA?V
QEB/OLDO>JP1BSFBT"LJJFQQBBTEF@E@LKPFPQPLCC>@RIQV
JBJ?BOPCOLJB>@ELCQEBM>OQF@FM>QFKDABM>OQJBKQP
"LOB-BROLP@FBK@B"LROPBTLOH
1BNRFOBJBKQP,FKFJRJLC"OBAFQP
PQRABKQFKQEB,2MOLDO>JJRPQQ>HB@LROPBPQLP>QFPCV
B>@ELCQEBCLIILTFKDOBNRFOBJBKQP
1BNRFOBJBKQP,FKFJRJ"OBAFQP
 QIB>PQQEOBB-BROLP@FBK@B@LROPBP-LQB
 QIB>PQLKB!FLILDV@LROPBP-LQB
 QIB>PQLKB"LJMRQBO2@FBK@B@LROPB-LQB
 .KB!FLBQEF@P@LROPB-LQB
 .KB2@FBKQFh@6OFQFKDLO$UMBOFJBKQ>I#BPFDK@LROPB
-LQB
-.3$2
 "ELPBKCOLJQEBIFPQLCDO>AR>QB-$4@LROPBP
 "ELPBKCOLJQEB@LOOBPMLKAFKDIFPQPLC/OLDO>J
$IB@QFSB"LROPBP?BILT
 %LOBU>JMIB!!1BPB>O@E(KQBDOFQVFKQEB
2@FBK@BPLO(#1BPMLKPF?IB"LKAR@QLC1BPB>O@E
 %LOBU>JMIB!!$UMBOFJBKQ>I#BPFDK>KA
2Q>QFPQF@PFKQEB+FCB2@FBK@BP, #BPFDK>KA
K>IVPFPLC$UMBOFJBKQP"LROPBPPR@E>P(#
%RKA>JBKQ>IPLC2@FBKQFh@3B>@EFKD>KA/BA>DLDV>OB
@ROOBKQIVLfBOBACLOKL@OBAFQ>KATFII?B@LKPFABOBACLO
JBBQFKDQEFPOBNRFOBJBKQ>QTEF@EQFJBQEBV>OBLfBOBAQL
PQRABKQPCLO@OBAFQ
(K>AAFQFLKQLQEB@OBAFQPFKQEB"LOB-BROLP@FBK@B
"LROPBTLOH1BNRFOBJBKQ,2PQRABKQPJRPQ@LJMIBQB
BFQEBOQEB3EBPFP.MQFLKLOQEB-LKQEBPFP.MQFLK
ABP@OF?BA?BILT2QRABKQPPRMMLOQBATFQE>3B>@EFKD
PPFPQ>KQPEFM1BPB>O@E PPFPQ>KQPEFMLO%BIILTPEFMCLO
JLOBQE>KLKB>@>ABJF@VB>O>OBOBNRFOBAQLALQEB3EBPFP
.MQFLK
,23EBPFP.MQFLK
2QRABKQPFKQEB,2QEBPFPLMQFLKJRPQ@LJMIBQB>@OBAFQ
QEBPFP2QRABKQPFKQBOBPQBAFKOBPB>O@E>KAFKM>OQF@RI>O
QELPBTEL>OB@LKPFABOFKDMROPRFKD>/E#ABDOBBFK
-BROLP@FBK@BLO>OBI>QBA>OB>>OBPQOLKDIVBK@LRO>DBAQL
PBIB@QQEB,2QEBPFPLMQFLK3EBQEBPFPJRPQ?B>ASFPBALO
@L>ASFPBA?V>C>@RIQVJBJ?BO>gIF>QBATFQEQEB
-BROLP@FBK@B/OLDO>J(CQEB>ASFPLOFPKLQ>QBKROBQO>@H
C>@RIQV>Q6/(QEBK>-BROLP@FBK@B>gIF>QBAQBKROBQO>@H
C>@RIQVJRPQPBOSB>PQEBQEBPFP@L>ASFPLO QEBPFP
MOLMLP>IJRPQ?BPR?JFQQBAQL>KA>MMOLSBA?VQEB
PQRABKQP>ASFPLOP>KAQEB-BROLP@FBK@B%>@RIQV2QBBOFKD
"LJJFQQBB?BCLOBQEBPQRABKQ@>KOBDFPQBOCLOJLOBQE>K
QEOBBQEBPFP@OBAFQP4MLK>MMOLS>ILCQEBQEBPFPMOLMLP>I
QEB2QBBOFKD"LJJFQQBBTFII>MMLFKQ>QEBPFPOB>ABOTEL
PELRIA?B>C>@RIQVJBJ?BO>gIF>QBATFQEQEB
-BROLP@FBK@BMOLDO>JCOLJ>ABM>OQJBKQAFfBOBKQQLQE>Q
QELPBLCQEBQEBPFP>ASFPLOP3EBQEBPFPOB>ABOTFIIPBOSB
>P>KBU>JFKBOCLOQEBPQRABKQPQEBPFP3EBPQRABKQQEBK
JRPQP>QFPC>@QLOFIV@LJMIBQB>TOFQQBKQEBPFPQE>QFP
>MMOLSBA?VQEBQEBPFP>ASFPLOP>KAQEBQEBPFPOB>ABO>KA
MOBPBKQQEBQEBPFPOBPRIQPQLQEB-BROLP@FBK@BC>@RIQVFK>
MR?IF@MOBPBKQ>QFLK
-LK3EBPFP.MQFLK
2QRABKQPFKQEB,2KLKQEBPFPLMQFLKJRPQ@LJMIBQBQEB
OBJ>FKABOLCQEB@OBAFQPOBNRFOBACLOQEB,2ABDOBB
RPFKDLKBLO?LQELCQEBCLIILTFKD@ELF@BP
] @OBAFQOBPB>O@ELOMO>@QF@BLOFBKQBAFKQBOKPEFM
IIKLKQEBPFPPQRABKQP>OBPQOLKDIVBK@LRO>DBAQL
MROPRBQEFP@ELF@B3EBFKQBOKPEFMFPQL?B@>OOFBALRQ
FK@LLMBO>QFLKTFQE>PMLKPLOFKDLOD>KFW>QFLKLO
>gIF>QBAOBPB>O@EI>?>KAJRPQ?B>MMOLSBA>KA
LSBOPBBK?V>C>@RIQVJBJ?BO>gIF>QBATFQEQEB
-BROLP@FBK@B/OLDO>J3EBC>@RIQVJBJ?BOFP
OBPMLKPF?IBCLOPRMBOSFPFKDQEBFKQBOKPEFM>KA
BKPROFKDQE>QQEBFKQBOKPEFME>PPRg@FBKQOFDLO>KA
@LKQBKQCLODO>AR>QBIBSBIKBROLP@FBK@BTLOH
(KQBOKPEFMPTFIILCQBKCL@RPLK>MMIFBAMOLGB@QPFK>K
FKARPQOVPBQQFKD>IQELRDEFKQBOKPEFMP@LRIA>IPL?B
@LJMIBQBAFK>OBPB>O@EI>?2QRABKQPTFIIMOLAR@B>
TOFQQBKOBMLOQ>QQEB@LK@IRPFLKLCQEBFKQBOKPEFM3EB
CLOJ>QCLOQEBOBMLOQ`TEF@EFPPFDKFh@>KQIVPELOQBO
>KAIBPPCLOJ>IQE>K>QEBPFP`TFII?BABQBOJFKBA?V
QEBPQRABKQP>ASFPLO2QRABKQPTFII>IPL?B
BK@LRO>DBAQLMOBPBKQQEBFOTLOHQLQEB
-BROLP@FBK@BC>@RIQVFK>MR?IF@MOBPBKQ>QFLK
] AAFQFLK>I/OLDO>J$IB@QFSB"LROPBP$IB@QFSB@LROPBP
JRPQFK@IRABLKB-BROLP@FBK@B@LROPBFK>AAFQFLKQL
QEBQEOBB-BROLP@FBK@B@LROPBPFKQEB"LOB
-BROLP@FBK@B1BNRFOBJBKQP>KA>KV>AAFQFLK>I
DO>AR>QB@LROPBPLKQEBIFPQLC/OLDO>J$IB@QFSB
"LROPBP?BILT
/OLDO>J$IB@QFSB"LROPBP
2QRABKQPFKQEB-BROLP@FBK@B,2MOLDO>JJ>VQ>HB
MOLDO>JBIB@QFSBP>PKBBABAQLP>QFPCVQEBOBJ>FKABOLC
QEB@OBAFQABDOBBOBNRFOBJBKQ>KAQLQ>FILOQEBFO
-BROLP@FBK@BABDOBBMOLDO>JQL>OB>PLCMBOPLK>IFKQBOBPQ
KBIB@QFSB@>K?B>KVDO>AR>QB@LROPBIFPQBA?BILT
>IQELRDEPQRABKQP>OBBUMB@QBAQLPBIB@QBIB@QFSBPQL
MOLAR@B>@LKPFPQBKQMOLDO>JLCPQRAV.QEBODO>AR>QB
@LROPBPDO>AR>QBOBPB>O@E@OBAFQPLO(2&PKLQLKQEFPIFPQ
 6/(">Q>ILD
J>V?BRPBATFQEMOFLO>MMOLS>ILCQEB%>@RIQV2QBBOFKD
"LJJFQQBB>KAFC@LKPFPQBKQTFQEQEBPQRABKQP/I>KLC
2QRAV
+FPQLC$IB@QFSB"LROPBP
)6=6G2?E%6FC@D4:6?464@FCD6D
-$4-BROLP@FBK@B
-$4-BRO>I/I>PQF@FQV
-$4"LJMRQ>QFLK>I-BROLP@FBK@B
-$4 AS>K@BA/PV@ELMEVPFLILDV
-$4!O>FK"LJMRQBO(KQBO>@QFLK
)6=6G2?E:@:?7@C>2E:4D2?5@>AFE2E:@?2=:@=@8J
4@FCD6D
!"!!!3!FLFKCLOJ>QF@P
!"!"2!FLSFPR>IFW>QFLK
!"!"2!FLILDF@>I>KA!FLJBAF@>I#>Q>?>PB
,FKFKD
!"!, 2Q>QFPQF@>I,BQELAPFK&BKBQF@P>KA
!FLFKCLOJ>QF@P
!"!!FLFKCLOJ>QF@P>KA"LJMRQ>QFLK>I!FLILDV
2BJFK>O
)6=6G2?E:@=@8J2?5:@E649?@=@8J4@FCD6D
!!3,LABI2VPQBJP$UMBOFJBKQ>I MMOL>@EBP>KA
MMIF@>QFLKP
!!3!"!!FLFKCLOJ>QF@P
!!"'"BII2FDK>IFKD
)6=6G2?E:@>65:42=?8:?66C:?84@FCD6D
!,$3FPPRB$KDFKBBOFKD
!,$!FL,$,2>KA3FPPRB,F@OLBKDFKBBOFKD
!,$/EVPFLILDVCLO$KDFKBBOP
!,$!FLJBAF@>I,F@OLP@LMV>KA0R>KQFQ>QFSB(J>DFKD
)6=6G2?E96>:DECJ2?5:@496>:DECJ4@FCD6D
"',BAF@FK>I"EBJFPQOV
"',BJ?O>KB!FLMEVPF@P
"'##ORD>KA1BDRI>QFLKP
"'1#ORD2>CBQV>KA1BDRI>QLOV"LJMIF>K@B
"'/'"BII,B@E>KF@P
"'!!"BII2FDK>IFKD
)6=6G2?E@>AFE6C*4:6?464@FCD6D
"2(KQOLAR@QFLKQL MMIF@>QFLKPLC"LJMRQBO2@FBK@B
TFQE#>Q>2QOR@QROBP>KA IDLOFQEJP
"2(KQOLAR@QFLKQL IDLOFQEJP#BPFDK>KA K>IVPFP
"2,L?FIB>KA4?FNRFQLRP"LJMRQFKD
"2 OQFh@F>I(KQBIIFDBK@B
"2,>@EFKB+B>OKFKD
"2#2#BBM+B>OKFKD
"2#>Q>?>PB,>K>DBJBKQ2VPQBJP
"2'RJ>K"LJMRQBO(KQBO>@QFLK
"2*KLTIBADB#FP@LSBOV>KA#>Q>,FKFKD
"21!$"LJMRQBO5FPFLK
"22$,$4PBO,LABIFKD
"22$,$&O>MEF@>I,LABIPCLO1B>PLKFKDRKABO
4K@BOQ>FKQV
"22$,$$JMFOF@>I,BQELAPCLO'RJ>K"BKQBOBA
"LJMRQFKD
"2#>Q>5FPR>IFW>QFLK
"2 IDLOFQEJP#BPFDK>KA K>IVPFP
"2#2!FD#>Q>,>K>DBJBKQ
"2#2!FDA>Q> K>IVQF@P
)6=6G2?E2E2*4:6?464@FCD6D
#2(KQOLAR@QFLKQL#>Q>2@FBK@B
#2, 2Q>QFPQF@>I,BQELAPCLO#>Q>2@FBK@B
)6=6G2?E$2E96>2E:42=*4:6?46D4@FCD6D
, ,>QEBJ>QF@>I,LABIFKD
, #22Q>QFPQF@>I,BQELAPCLO#>Q>2@FBK@B
, "2-RJBOF@>I,BQELAP
,  MMIFBA2Q>QFPQF@PCLO$KDFKBBOFKD>KA2@FBKQFPQP
, 1BDOBPPFLK K>IVPFP
, #BPFDK>KA K>IVPFPLC$UMBOFJBKQP
, 3FJB2BOFBP K>IVPFP
,  MMIFBA!>VBPF>K2Q>QFPQF@P
+JA6,>PQBOLC2@FBK@B
/EVPF@P
%>@RIQV
+'6E<:6#BM>OQJBKQ'B>A>KA/OLCBPPLO/E#.EFL
2Q>QB4KFSBOPFQV,FIIFJBQBOT>SB>KA3BO>EBOQWPBKPFKD
PMB@QOLP@LMVBIB@QOLJ>DKBQF@P@>QQBOFKD>KAMOLM>D>QFLK
MELQLKF@PLMQF@P>KAFJ>DFKD
'"C2G:?5/OLCBPPLO/E#-LOQETBPQBOK4KFSBOPFQV
0R>KQRJFKCLOJ>QFLKQEBLOV
%FC?92>/OLCBPPLO/E#4KFSBOPFQVLC"LILO>AL
,B@E>KF@>IMOLMBOQFBPLCK>KLPQOR@QROBPFKPQORJBKQ>QFLK
CLOK>KLJB@E>KF@P
* 2??2449:@?6/OLCBPPLO/E#*BKQ2Q>QB4KFSBOPFQV
2LCQ@LKABKPBAJ>QQBOMEVPF@P@LJMIBUiRFAPIFNRFA
@OVPQ>IP@>ILOFJBQOV>KALOABOAFPLOABOMEBKLJBK>
$65:49 PPL@F>QB/OLCBPPLO/E#4KFSBOPFQVLC
,>PP>@ERPBQQP\+LTBII-R@IB>OP@FBK@B>KABKDFKBBOFKD
JBAF@>I>KAEB>IQEMEVPF@PO>AF>QFLK?FLILDV
'@==2C5 PPFPQ>KQ3B>@EFKD/OLCBPPLO/E#4KFSBOPFQVLC
"LILO>AL!LRIABO/EVPF@P$AR@>QFLK1BPB>O@ETFQE>CL@RP
LKMEVPF@PI>?LO>QLOV@LROPBP
)*(F:>3J PPL@F>QB/OLCBPPLO/E#4KFSBOPFQVLC
 6/(">Q>ILD
6FP@LKPFK\,>AFPLK.MQF@>IMOLMBOQFBPLCPLIFAPI>PBO
PMB@QOLP@LMVh?BOLMQF@P
#))2>$@92?/OLCBPPLO/E#/ROARB4KFSBOPFQV%FBIA
QEBLOVJ>KV?LAVMOL?IBJPPLIFAPQ>QBMEVPF@P>KAhKFQB
BIBJBKQJLABIFKDLCNR>KQRJPVPQBJP
*EC@6 PPL@F>QB3B>@EFKD/OLCBPPLO/E#"I>OH
4KFSBOPFQV$UMBOFJBKQ>I?FLMEVPF@PMOLQBFKPQOR@QROB
AVK>JF@>KACRK@QFLK>IFQV
#-+:E@G2 PPL@F>QB/OLCBPPLO/E#4KFSBOPFQVLC-LQOB
#>JB3'WPMB@QOLP@LMVLCK>KLJ>QBOF>IPCLOBKBODV
>MMIF@>QFLKPLMQF@>IBU@FQ>QFLKP>KARIQO>C>PQ@>OOFBO
AVK>JF@PFKK>KLJ>QBOF>IP
)+CF3<@ PPFPQ>KQ/OLCBPPLO/E#4KFSBOPFQVLC OFWLK>
0R>KQRJMEVPF@P-FQOLDBKS>@>K@V@BKQBOPFKAF>JLKA
J>DKBQF@JF@OLP@LMV>KAFJ>DFKDCLO?FLP@FBK@BP>KA
DBLP@FBK@BPJ>@EFKBIB>OKFKDLMQF@P
(.6? PPL@F>QB/OLCBPPLO/E#!OLTK4KFSBOPFQV
$UMBOFJBKQ>I?FLMEVPF@PJB@E>KF@>IMOLMBOQFBPLCQFPPRB
@BIIP>KA?FLILDF@>IJ>QBOF>IP@BII$",FKQBO>@QFLKP
".F PPFPQ>KQ/OLCBPPLO/E#-BT8LOH4KFSBOPFQV
@QFSBJ>QQBOHFKBPFKAOFSBKJF@OLQR?RIBPiRFAAVK>JF@P
BUMBOFJBKQ>IPLCQJ>QQBO>KA?FLMEVPF@P
)16<2G2E/OLCBPPLO/E#"LILO>ALPQ>QB4KFSBOPFQV
6FOBIBPP+L@>IFW>QFLK>KA"LJJRKF@>QFLKP/OLM>D>QFLK
"E>KKBI,LABIFKD2Q>QFPQF@>I2FDK>I/OL@BPPFKD2BKPLO
#>Q> K>IVPFP>KA,>@EFKB+B>OKFKD
1@KF=J2/OLCBPPLO/E#+B?BABS/EVPF@P(KPQFQRQB
-LKIFKB>OLMQF@PMELQLOBCO>@QFSBJ>QBOF>IP>QLJMFMBP
gIF>QBA%>@RIQV
FC=@?8/OLCBPPLO/E#6/(,$,2>KA,.$,2
JF@OLK>KLQB@EKLILDVC>?OF@>QFLKJB@E>QOLKF@P
I>PBOJBQOLILDV>MMIF@>QFLKPELILDO>MEF@>KARIQO>PLKF@
FJ>DFKD>KA-#3@LJMRQBOJLABIFKDLCAVK>JF@PVPQBJP
>@LRPQF@P
0#:F PPL@F>QB/OLCBPPLO/E#4KFSBOPFQVLC,>OVI>KA
%F?BOLMQF@>IQTBBWBOPPFIF@LKK>KLMELQLKF@P>KA
K>KLJB@E>KF@PLMQLiRFAF@Ph?BOLMQF@PBKPLOP@BII
JB@E>KF@P?FLJFJBQF@P
1BPB>O@E OB>P
3EBQTLJ>GLO>OB>PLCOBPB>O@EFKQEBABM>OQJBKQ>OB
!FLMEVPF@P2LCQ,>QQBO>KA->KLP@FBK@B"LKABKPBA
,>QQBO/EVPF@PFK@IRAFKDLMQF@P>KAMELQLKF@P
->KLP@FBK@B"LKABKPBA,>QQBO
@=52E@>D\!LPB$FKPQBFK"LKABKP>QFLKLC?LPLKP>KA
CBOJFLKP>QLJT>SBDRFABP>KAFKQBOCBOLJBQBOP
$28?6E:4*@=:5D\,>DKBQF@FJMROFQFBPFKPBJF@LKAR@QLOP
AFIRQBAJ>DKBQF@PBJF@LKAR@QLOP>KAQEBLKPBQLC
CBOOLJ>DKBQFPJFKPMFKQOLKF@J>QBOF>IP
%2?@>6492?:4D\,B@E>KF@>IMOLMBOQFBPLC
K>KLPQOR@QROBPFKPQORJBKQ>QFLK>KAJBQOLILDVCLO
K>KLJB@E>KF@P
'9@E@?:4D\-LKIFKB>OLMQF@Ph?BOLMQF@PLMQF@>I
MOLMBOQFBPLCOLRDEPROC>@BP>KALCQEFKJBQ>IhIJP
#BSBILMJBKQLCFKCO>OBAh?BOI>PBOP>KAJ>QBOF>IPJFA(1
>KA%(1NR>KQRJ@>P@>ABI>PBOABPFDK>KA/ELQLKF@
(KQBDO>QBA"FO@RFQP
(F2?EF> ?7@C>2E:@?\%LRKA>QFLKPLCNR>KQRJ
JB@E>KF@PNR>KQRJ>IDLOFQEJP
*6>:4@?5F4E@CD\.MQF@>IMOLMBOQFBPLCPRMBOI>QQF@BP
EBQBOLPQOR@QROBI>PBOABPFDKPMFKQOLKF@PFKAFIRQBA
J>DKBQF@PBJF@LKAR@QLOPABSF@BP
*A64EC@D4@AJ\+>PBOPMB@QOLP@LMVLCFJMROFQVFLKPFK
DI>PPBPNR>PFBI>PQF@FKBI>PQF@IFDEQP@>QQBOFKD>KA
BU@FQ>QFLKJLARI>QFLKPMB@QOLP@LMVLCPRMBOI>QQF@BPQEFK
hIJPPROC>@BMEBKLJBK>>KAD>PME>PBJLIB@RI>O
PMB@QOLP@LMV
,=EC272DE@AE:42=DA64EC@D4@AJ\3BO>EBOQWP@FBK@B>KA
QB@EKLILDVLMQF@>IMOLMBOQFBPLCK>KLJ>QBOF>IPCLOBKBODV
@LKSBOPFLK
.2G67F?4E:@??8:?66C:?8\->KLPQOR@QROBPhKFQB
BIBJBKQJLABIFKDLCNR>KQRJPVPQBJP>KATBIIPhBIA
QEBLOV
!FLMEVPF@P2LCQ,>QQBO
4E:G6>2EE6C\KLKBNRFIF?OFRJPQ>QFPQF@>IMEVPF@P
AVK>JF@PLC@LKhKBA>@QFSBiRFAPPBICLOD>KFW>QFLKLC
BKBODV@LKPRJFKDJ>QBOF>IPPBICMOLMBIIBAM>OQF@IBPPBIC
MRJMFKDiRFAP?FLMLIVJBOPJF@OLQR?RIBP>@QFKP
JLIB@RI>OJLQLOPHFKBPFKJVLPFK?FLJFJBQF@J>QBOF>IP
:@>2E6C:2=D\EVAO>QFLKBfB@QPLKMOLQBFKAVK>JF@P
QEBOJLAVK>JF@PLCMOLQBFKP>KA#- PBIC>PPBJ?IVLC
?FLJ>QBOF>IPAFBIB@QOF@OBI>U>QFLKPMB@QOLP@LMVOBI>U>QFLK
@>ILOFJBQOVOBPLK>KQRIQO>PLRKAPMB@QOLP@LMVPQRAFBPLC
QFPPRB@BIIPQEBLOV>KAPFJRI>QFLKPLC?FLMLIVJBOP>KA
JLIB@RI>OJLQLOP
:@>6492?:4D\+L@LJLQFLKLCIFSFKDLOD>KFPJP@BIIRI>O
PQOR@QROB>KAJLQFLK@LJMRQ>QFLK>I?FLMEVPF@>IiRFA
AVK>JF@P
6==F=2C3:@A9JD:4D\"BIIJB@E>KF@P>KAFKQO>@BIIRI>O
QO>KPMLOQMEVPF@PLCQEB@VQLPHBIBQLK@BIIRI>OPHBIBQLK
@>ODLQO>KPMLOQFK@BIIPPRMBOOBPLIRQFLKFJ>DFKD
@LOOBI>QFLKPMB@QOLP@LMVPFJRI>QFLKPLC@BIIRI>OMOL@BPPBP
@>A=6I=F:5D\#FfRPFLK>KAQO>KPMLOQMOLMBOQFBPLC
@LJMIBUiRFAPIFDEQP@>QQBOFKDPMB@QOLP@LMVLCIFNRFAP>KA
MLIVJBOJBIQPJBPLP@>IBPFJRI>QFLKPLCIFNRFAP@>MFII>OV
T>SBQEBLOVQEBLOV>KAPFJRI>QFLKPLCME>PBQO>KPFQFLKPFK
JRIQF@LJMLKBKQJFUQROBP>@QFSBiRFAP
=2DD6D\3EBLOV>KAPFJRI>QFLKQEBOJLAVK>JF@P>KA
OBI>U>QFLKAVK>JF@P
#:BF:5CJDE2=D\3EBOJLQOLMF@IVLQOLMF@@LIILFA>I
PVPQBJPME>PBQO>KPFQFLKP>KA@OFQF@>IMEBKLJBK>
@LLMBO>QFSB?BE>SFLO>KAPBIC>PPBJ?IVNRBK@EBAO>KALJ
AFPLOABOBfB@QP@>ILOFJBQOVFKPQORJBKQ>QFLK
 6/(">Q>ILD
'@=J>6CD\,LIB@RI>OMOLMBOQFBP>QQEBPFKDIBJLIB@RIB
IBSBIMLIVJBO>KA?FLJ>@OLJLIB@RI>OPLIRQFLKP
PROC>@Q>KQP@LIILFAP
-R@IB>O2@FBK@B>KA$KDFKBBOFKD
62=E9'9JD:4DO>AFL>@QFSBM>OQF@IBOBPRPMBKPFLKBfB@QP
LC>@QFSBALPFJBQOVLKO>AF>QFLKP>CBQVABSBILMJBKQLC
FKPQORJBKQ>QFLKCLOKBRQOLKFJ>DFKDKR@IB>OPB@ROFQV
J>QBOF>I>KA@LKQ>JFK>QB@E>O>@QBOFW>QFLKSF>-BRQOLK
@QFS>QFLK K>IVPFPABSBILMJBKQLC>@LJM>@QKBRQOLK
@LIIFJ>QLOCLOBKE>K@BAMI>K>OKBRQOLKiRU
$65:42='9JD:4DABSBILMJBKQLCRIQO>EFDEOBPLIRQFLK
MEVPFLILDF@>IFJ>DFKDTFQEKBRQOLKPFKQBKPFQVJLARI>QBA
?O>@EVQEBO>MVRPFKD8?ABSBILMJBKQLC&>C@EOLJF@
hIJALPFJBQOVCLORPBPFKEFDEDO>AFBKQ?O>@EVQEBO>MV
)25:2E:@?@D:>6ECJ#LPFJBQOF@>K>IVPFP>KA
@>I@RI>QFLKP,LKQB">OILO>AF>QFLKQO>KPMLOQ>KABKBODV
ABMLPFQFLKPFJRI>QFLKP
/OLDO>JLC2QRAV
3EB#BM>OQJBKQLC/EVPF@PLfBOPMOLDO>JPIB>AFKDQLQEB
,2>KA/E#ABDOBBPFK/EVPF@P>KAQEB,2>KA/E#
ABDOBBPFK MMIFBA/EVPF@PTFQE@LK@BKQO>QFLKPFK
!FLMEVPF@P>KA2LCQ"LKABKPBA,>QQBO,BAF@>I/EVPF@P
->KLP@FBK@B>KA3B@EKLILDV/ELQLKF@P>KA1>AFLILDF@>I
2@FBK@BP3EB#BM>OQJBKQLC/EVPF@P>IPLLfBOP>,>PQBOLC
2@FBK@BMOLDO>JFK/EVPF@PCLO$AR@>QLOP,/$#>KA>
&O>AR>QB"BOQFh@>QBFK-R@IB>O2@FBK@B>KA$KDFKBBOFKD
-2$>KA>K>@@BIBO>QBA!2,2MOLDO>J
1BPB>O@ELMMLOQRKFQFBP>OB>S>FI>?IBFKBUMBOFJBKQ>I
QEBLOBQF@>I>KA@LJMRQ>QFLK>IPQRAFBPLC?FLMEVPF@P>KA
PLCQ@LKABKPBAJ>QQBOMEVPF@PJ>QBOF>IPP@FBK@BJBAF@>I
MEVPF@PK>KLP@FBK@BLMQF@PMELQLKF@P>QLJF@MEVPF@P
>KAO>AFLILDF@>IP@FBK@BP(K>AAFQFLKQL@LROPBTLOH>KA
OBPB>O@ELMMLOQRKFQFBPMOLCBPPFLK>IABSBILMJBKQ
LMMLOQRKFQFBP>IPLBUFPQCLOPQRABKQPFKQBOBPQBAFK>@>OBBO
M>QET>VFK>@>ABJF>FKARPQOVCBABO>II>?LO>QLOFBP>KA
BAR@>QFLK3EB/EVPF@PMOLDO>JOBPBOSBPFQPhK>K@F>I>FACLO
DO>AR>QBPQRABKQPFKQEB/E#MOLDO>J
/EVPF@P/OLDO>J/E#>KA,2
6/(/EVPF@PDO>AR>QBMOLDO>JMOLSFABPPQRABKQPTFQE>
?OL>A?>@HDOLRKAFKQEB@LOB>OB>PLCCRKA>JBKQ>I
MEVPF@>IP@FBK@BP>KAMOBM>OBPPQRABKQPCLO@>OBBOPFK
OBPB>O@EFK>K>@>ABJF@FKARPQOVLOK>QFLK>II>?LO>QLOV
PBQQFKD(K>AAFQFLKQL@LOB@LROPBPPQRABKQP>OB
BK@LRO>DBAQL>@NRFOB?OB>AQE?V@ELLPFKDPMB@F>IQLMF@P
@LROPBPQL@LJMIBJBKQQEBFOPQRAFBP2QRABKQP@>OOVLRQ
OFDLOLRPOBPB>O@EFKQEBLOBQF@>I>KABUMBOFJBKQ>IMEVPF@P
>OB>PFK@IRAFKD?FLMEVPF@P@LKABKPBAJ>QQBOMEVPF@P
LMQF@PNR>KQRJMEVPF@P>QLJF@>KAKR@IB>OMEVPF@P3EB
,2MOLDO>JMOLSFABP>PRFQ>?IBCLRKA>QFLKCLOQEBMROPRFQ
LC>/E#ABDOBBFKMEVPF@PLO>OBI>QBAhBIALOCLO>@>OBBO
FKFKARPQOVFJJBAF>QBIV>CQBODO>AR>QFLK
MMIFBA/EVPF@P/OLDO>J/E#>KA,2
3EB MMIFBA/EVPF@PMOLDO>JMOLSFABP>iBUF?IBPBQLC
FKQBOAFP@FMIFK>OVPHFIIPQLMOBM>OBPQRABKQPCLO@>OBBOP>Q
K>QFLK>I>KAFKQBOK>QFLK>II>?LO>QLOFBPFKARPQOVBAR@>QFLK
>KA>@>ABJF>(Q@LJ?FKBP>@LOBMEVPF@P@ROOF@RIRJTFQE
@OLPP@RQQFKDOBPB>O@EFK>OB>P>QFKQBOC>@BLCMEVPF@P>KA
LQEBOP@FBKQFh@AFP@FMIFKBP MMIFBA/EVPF@P/E#>KA,2
PQRABKQP>OBOBNRFOBAQLPBIB@Q>OBPB>O@E@LK@BKQO>QFLK
>KA>@LOOBPMLKAFKDPBQLCQEBJ>QF@>IIVOBI>QBA@LROPBP
COLJQEBCLIILTFKDhSBLMQFLKP!FLMEVPF@P>KA2LCQ
"LKABKPBA,>QQBO/EVPF@P,BAF@>I/EVPF@P->KLP@FBK@B
>KA3B@EKLILDV/ELQLKF@P>KA1>AFLILDF@>I2@FBK@BP
,>PQBOLC2@FBK@BFK/EVPF@PCLO
$AR@>QLOP,/$#
3EB,>PQBOLC2@FBK@BFK/EVPF@PCLO$AR@>QLOPFPABPFDKBA
PMB@Fh@>IIVCLOJFAAIBP@ELLIEFDEP@ELLI>KA@LJJRKFQV
@LIIBDBFKPBOSF@BBAR@>QLOP3EBBJME>PFPLCQEBMOLDO>J
FPMRQLKMEVPF@P@LROPBPABPFDKBACLOBAR@>QLOP>KAFP
@LJ?FKBATFQE@LROPBPFK>PPBPPJBKQ>KABS>IR>QFLK
QEBLOV>KA>M>OQF@FM>KQABPFDKBAMOLGB@Q3EBMEVPF@P
@LKQBKQ@LROPBP>OBFKQBKABAQLDFSBBAR@>QLOP>ABBM?RQ
>MMIF@>?IBRKABOPQ>KAFKDLCMEVPF@PQE>QJ>HBP>AS>K@BA
MEVPF@PQLMF@PB>PFIV>@@BPPF?IBQLBAR@>QLOP>KAQEB
PQRABKQPQEBVQB>@E3LMF@P@LSBOBATFIIFK@IRABJLABOK
MEVPF@PJBQELAPFKMEVPF@P>KAMEVPF@PCLO@FQFWBKP>KA
IB>ABOP2RMMLOQCLOABDOBB@>KAFA>QBPBUQBKAP?BVLKAQEB
PMB@Fh@@LROPBTLOH>KAMOLGB@QP>PM>OQF@FM>KQPTFII
?B@LJBM>OQLC>KBQTLOHLCMEVPF@FPQPTEF@EO>KDBPCOLJ
IL@>IFKAFSFAR>IPQL>JR@E?OL>ABO@LJJRKFQV3EB
MOLDO>JJ>V?BRPBAQLEBIMJFAAIB>KAEFDEP@ELLI
BAR@>QLOPJLSBCOLJ(KFQF>IQL/OLCBPPFLK>I+F@BKPROBFK
,>PP>@ERPBQQP%LOFKCLOJ>QFLK>?LRQ>AJFPPFLKP>KA
OBNRFOBJBKQPPBBQEBIFPQFKDRKABO23$,CLO$AR@>QLOP
&O>AR>QB"BOQFh@>QBFK-R@IB>O2@FBK@B
>KA$KDFKBBOFKD-2$
3EB&O>AR>QB"BOQFh@>QBFK-R@IB>O2@FBK@B$KDFKBBOFKD
OBNRFOBPQEBPR@@BPPCRI@LJMIBQFLKLCDO>AR>QB
@OBAFQELROPTFQE>KLSBO>II&/ LC"OBAFQP>OB@ELPBK
COLJQEB-2$@LROPBIFPQFKDLO?V>MMOLS>ILCQEB
-2$/OLDO>J"LJJFQQBB"LROPBP@LSBOPR@EQLMF@P>P
KR@IB>OMLTBOO>AFL>@QFSFQV@E>FKOB>@QFLKMEVPF@PKR@IB>O
OB>@QLOP>CBQVMLTBOMI>KQABPFDK>KALMBO>QFLK>KA@>PB
PQRAFBPLCKR@IB>O>@@FABKQP3EBPB@LROPBP>OBLfBOBALK
@>JMRP>KALKIFKBQEOLRDE"LOMLO>QB>KA/OLCBPPFLK>I
$AR@>QFLK3EBC>@RIQVFKQEB@BOQFh@>QBMOLDO>JELIA>CRII
 6/(">Q>ILD
QFJBMLPFQFLKFK>6/(>@>ABJF@ABM>OQJBKQLO>OB
>gIF>QBAC>@RIQV>MMOLSBA?V>K>@>ABJF@ABM>OQJBKQ>KA
-2$MOLDO>JOBSFBT@LJJFQQBB
"LJ?FKBA!2,2/OLDO>J
3EB#BM>OQJBKQLC/EVPF@PLfBOP>@LJ?FKBA!2,2
ABDOBBLMQFLKFK/EVPF@P>KA MMIFBA/EVPF@PCLO
RKABODO>AR>QBPQRABKQP@ROOBKQIVBKOLIIBA>Q6/(3EB
RKFSBOPFQVORIBPCLO!2,2MOLDO>JP>OBABP@OF?BAFKQEB
RKABODO>AR>QB@>Q>ILD>KADO>AR>QB@>Q>ILD(QFP
OB@LJJBKABAQE>QQEB,2>MMIF@>QFLK?BPR?JFQQBA>Q
QEB?BDFKKFKDLCQEBPQRABKQPGRKFLOVB>OLC
RKABODO>AR>QBPQRAV>Q6/(
AJFPPFLK1BNRFOBJBKQP
,2>KA/E#/EVPF@P>KA MMIFBA
/EVPF@P/OLDO>JP
%LOQEB,2LO/E#FK/EVPF@PMOLDO>JP>!2FK/EVPF@P
MMIFBA/EVPF@PLOQEBBNRFS>IBKQFPOBNRFOBACLO>AJFPPFLK
3EB MMIFBA/EVPF@P,2>KA/E#MOLDO>JP>IPL>IILT
PQRABKQPQL?B>AJFQQBATFQE!2ABDOBBPCOLJLQEBO>OB>P
PR@E>PBKDFKBBOFKDJ>QBOF>IPP@FBK@BLOLQEBOK>QRO>I
P@FBK@BP">KAFA>QBPKLQJBBQFKDQEFPJFKFJRJ>@>ABJF@
OBNRFOBJBKQJ>V?BOBNRFOBAQLQ>HB>AAFQFLK>I
RKABODO>AR>QB@LROPBPTEF@EALKLQ@LRKQQLT>OAP
@LROPBTLOHQLP>QFPCVDO>AR>QBABDOBBOBNRFOBJBKQP6BII
NR>IFhBA/E#@>KAFA>QBPBKQBOFKDTFQE>K,2ABDOBBFK
/EVPF@P MMIFBA/EVPF@PLOFQPBNRFS>IBKQTFII?B@LKPFABOBA
?VQEB/EVPF@P#BM>OQJBKQ&O>AR>QB"LJJFQQBB/#&"
CLO>AJFPPFLKTFQE/E#PQ>QRP>PABP@OF?BAFK#BDOBB
1BNRFOBJBKQPPB@QFLKRKABO&BKBO>I1BNRFOBJBKQPCLOQEB
#L@QLO>QB3EB>MMIF@>QFLKQL>KVMOLDO>JJRPQFK@IRAB>
2Q>QBJBKQLC/ROMLPBABP@OF?FKDQEBJLQFS>QFLKCLO
MROPRFKD>DO>AR>QBABDOBBFK/EVPF@PLO MMIFBA/EVPF@P>Q
6/(>KAFABKQFCVFKDLKBLOJLOBC>@RIQVJBJ?BOP>P
MLQBKQF>IOBPB>O@E>ASFPLOP2QRABKQP>MMIVFKDQLQEB
MMIFBA/EVPF@PMOLDO>J>OBOBNRFOBAQLFABKQFCV>PMB@Fh@
@LK@BKQO>QFLK MMIF@>KQPPELRIA@LKQ>@QC>@RIQVAFOB@QIVQL
IB>OK>?LRQQEBFOOBPB>O@E3O>KP@OFMQPCOLJBSBOV
MOBSFLRPIV>QQBKABA@LIIBDBLORKFSBOPFQV>"5>KAQEOBB
IBQQBOPLCOBCBOBK@B>OB>IPLOBNRFOBA
,/$#>KA-2$/OLDO>JP
!2FK/EVPF@PFPMOBCBOOBA'LTBSBO>MMIF@>KQPTFQE
@LJM>O>?IB?>@HDOLRKAPTFII>IPL?B@LKPFABOBA
,2FK/EVPF@PLO MMIFBA/EVPF@P
3EB,2ABDOBBFK/EVPF@PLO MMIFBA/EVPF@POBNRFOBP
@LJMIBQFKDDO>AR>QB@OBAFQELROP>MMIF@>KQPJRPQ
PMB@FCVQEBFOFKQBKQFLKQLMROPRBBFQEBO>QEBPFPLOKLK
QEBPFPLMQFLK IICRIIQFJBPQRABKQP>OBOBNRFOBAQLOBDFPQBO
CLOQEBWBOL@OBAFQDO>AR>QBPBJFK>O/'B>@EQBOJ
3EBQEBPFPLMQFLKOBNRFOBP>JFKFJRJLC@OBAFQELROPLC
@LROPBTLOH>PABP@OF?BA?BILT>JFKFJRJLCELROPLC
QEBPFPOBPB>O@E/'>KAQEB@LJMIBQFLKMR?IF@
PBJFK>OMOBPBKQ>QFLK>KAABCBKPBLC>K,2QEBPFP3EB
QEBPFPLMQFLKTFIIOBNRFOBQE>Q>QEBPFP@LJJFQQBB?B
CLOJBALKBVB>OMOFLOQLQEBPQRABKQPBUMB@QBADO>AR>QFLK
A>QB3EFP@LJJFQQBBTFII?BCLOJBA?VQEBPQRABKQ>KA
EFPEBOOBPB>O@E>ASFPLO>KATFII@LKPFPQLCQEOBBC>@RIQV
JBJ?BOPFK@IRAFKDQEB>ASFPLOTELTFII?BOBPMLKPF?IB
CLOMOLSFAFKDJBKQLOFKDQLQEBPQRABKQ>KACLOLSBOPBBFKD
QEBMOLDOBPPLCQEBPQRABKQQLT>OAP>PR@@BPPCRI
@LJMIBQFLKLCQEBFOABDOBB3EBOBPB>O@E>ASFPLOJ>VKLQ
?BQEB@E>FOLCQEFP@LJJFQQBB
IQBOK>QFSBIVPQRABKQPJ>VMROPRB>KLKQEBPFPLMQFLK
TEF@EOBNRFOBPQEBPQRABKQQL@LJMIBQB>JFKFJRJLC
@OBAFQELROPLCDO>AR>QB@LROPBTLOHCOLJQEB@LROPBP
IFPQBA?BILT>KA>JFKFJRJLCELROPLCAFOB@QBA
OBPB>O@E/'2MB@Fh@@LROPBOBNRFOBJBKQPCLOQEB,2
FK/EVPF@PLO MMIFBA/EVPF@P>OB>PCLIILTP
] ,2FK/EVPF@P@OBAFQP>OBOBNRFOBAFK@LOB@LROPBP
/'/'/'/'>KA/'3EB
OBJ>FKFKD@OBAFQP>OBBIB@QFSBPQEBPFPOBPB>O@ELO
AFOB@QBAOBPB>O@E@LROPBPQ>HBKLRQPFABLCQEB
ABM>OQJBKQJRPQ?B>MMOLSBA?VQEB/#&"
] 3EB,2FK MMIFBA/EVPF@P
] !FLMEVPF@P2LCQ"LKABKPBA,>QQBO"LK@BKQO>QFLK
1BNRFOBA"LOB"LROPBP/'/'/'
2QRABKQP>OB>IPLOBNRFOBAQL@LJMIBQB>AAFQFLK>I
@LROPBTLOHJFKFJRJLC@OBAFQELROPCLOQEBPFP
LMQFLK>KA>JFKFJRJLC@OBAFQELROPCLOKLK
QEBPFPLMQFLKFKBIB@QFSB@LROPBP/'/'/'
/'/'/'/'!,$!,$
!,$"'$LOLQEBO@LROPBP>MMOLSBA?V
/#&"
] ,BAF@>I/EVPF@P"LK@BKQO>QFLK3TLLCQEB@LOB
MEVPF@P@LROPBP/'/'/'/'>KA
/'-2$-2$-2$-2$-2$
-2$>KRKABODO>AR>QBLODO>AR>QB K>QLJV
>KA/EVPFLILDV@LROPB
] ->KLP@FBK@B>KA3B@EKLILDV"LK@BKQO>QFLK
1BNRFOBA"LOB"LROPB/'>KA/'LO/'
2QRABKQP>OB>IPLOBNRFOBAQL@LJMIBQB>AAFQFLK>I
@LROPBTLOHJFKFJRJLC@OBAFQELROPCLOQEBPFP
LMQFLK>KA>JFKFJRJLC@OBAFQELROPCLOKLK
QEBPFPLMQFLKFKBIB@QFSB@LROPBP/'LO/'
/'/'/'/'/',3$
,3$,3$"'"'LOLQEBO@LROPBP
>MMOLSBA?VQEB/#&"
] /ELQLKF@P"LK@BKQO>QFLK1BNRFOBA"LOB"LROPBP/'
/'/'2QRABKQP>OB>IPLOBNRFOBAQL
@LJMIBQB>AAFQFLK>I@LROPBTLOHJFKFJRJLC
 6/(">Q>ILD
@OBAFQELROPCLOQEBPFPLMQFLK>KA>JFKFJRJLC
@OBAFQELROPCLOKLKQEBPFPLMQFLKFKBIB@QFSB@LROPBP
/'/'/'/'/'/'/'
,$,$!,$LOLQEBO@LROPBP
>MMOLSBA?V/#&"
] 1>AFLILDF@>I2@FBK@BP"LK@BKQO>QFLK1BNRFOBA
"LROPBP3TLLCQEB@LOBMEVPF@P@LROPBP/'/'
/'/'>KA/'-2$-2$
-2$2QRABKQPTEL>OBMROPRFKDKLKQEBPFP
LMQFLK>OBOBNRFOBAQL@LJMIBQB>JFKFJRJLC
@OBAFQELROPLC/'LO-2$DO>AR>QB@LROPBPLOLQEBO
@LROPBP>MMOLSBA?VQEB/#&"
"E>KDFKDLC,2.MQFLK
2QRABKQPJ>VMBQFQFLKQEB/#&"QLPTFQ@ECOLJ>KLK
QEBPFPQL>QEBPFPLMQFLK2R@EMBQFQFLKJRPQFK@IRAB
GRPQFh@>QFLK>KA>IBQQBOLCPRMMLOQCOLJ>MLQBKQF>I,2
QEBPFP>ASFPLO2QRABKQPJ>V>IPLMBQFQFLK/#&"CLO
PTFQ@EFKDCOLJ>QEBPFPQL>KLKQEBPFPLMQFLKPTFQ@EFKD
?BQTBBK/EVPF@P>KA MMIFBA/EVPF@PMOLDO>JP>KA
@E>KDBPFK MMIFBA/EVPF@P@LK@BKQO>QFLK/BQFQFLKPTFII?B
OBSFBTBAFK@LKPRIQ>QFLKTFQEPQRABKQP>ASFPLOTEBK
>MMOLMOF>QB
+JA6,>PQBOLC2@FBK@B
/E#FK/EVPF@PLO MMIFBA/EVPF@P
2QRABKQPFKQEB/EVPF@PLO MMIFBA/EVPF@P/E#MOLDO>J
>OBOBNRFOBAQL@LJMIBQBDO>AR>QB@OBAFQELROPLC
@LROPBTLOH>KA>JFKFJRJLC@OBAFQPLCOBPB>O@E
#FOB@QBA1BPB>O@E/'LO/E##FPPBOQ>QFLK/'
3EBPBPQRABKQP>IPLJRPQ@LJMIBQB>KAABCBKAQEBFO/E#
QEBPFP"LROPBPQ>HBKQLP>QFPCV,2ABDOBBOBNRFOBJBKQP
TFII?B@LRKQBAQLT>OAQEB/E#@OBAFQOBNRFOBJBKQP?RQ
@LJMIBQFLKLC>K,2ABDOBBFPKLQOBNRFOBA IICRIIQFJB
PQRABKQP>OBOBNRFOBAQLOBDFPQBOCLOQEBWBOL@OBAFQ
DO>AR>QBPBJFK>O/'B>@EQBOJ
2QRABKQPBKQBOFKDQEB/EVPF@PLO MMIFBA/EVPF@P/E#
MOLDO>JTEL>IOB>AVE>SB?BBKDO>KQBA>K,2ABDOBBFK
/EVPF@P MMIFBA/EVPF@PLO$KDFKBBOFKD/EVPF@PJ>V?B
MOLJLQBAQL/E#PQ>QRP/E#PQRABKQP>OBOBNRFOBA
QL@LJMIBQBDO>AR>QB@OBAFQELROPFK@IRAFKD>
JFKFJRJLC@OBAFQPLCOBPB>O@E#FOB@QBA1BPB>O@E/'
LO/E##FPPBOQ>QFLK/'"LROPBTLOH
OBNRFOBJBKQPCLOQEBPQRABKQPFK/E#PQ>QRPTFII?B
ABQBOJFKBA?VQEB/#&"RMLKOBSFBTLCPQRABKQPMOBSFLRP
DO>AR>QB@LROPBTLOH
3EB/#&"OBSFBTPB>@EPQRABKQP>@>ABJF@TLOHLK>K
>KKR>I?>PFP>KAQEB@LJJFQQBB>KAQEB>@>ABJF@LO
OBPB>O@E>ASFPLOJ>VOBNRFOB>AAFQFLK>I@LROPBTLOHQL
>AAOBPPPMB@Fh@ABh@FBK@FBPFKQEBPQRABKQP?>@HDOLRKA
2QRABKQPJRPQJ>FKQ>FK>JFKFJRJLC>&/ QL?BFK
DLLAPQ>KAFKD.KBVB>OLCOBPFABK@VFKQEBMOLDO>JFP
OBNRFOBA
ABP@OFMQFLKLCLQEBO/E#MOLDO>JOBNRFOBJBKQPCLIILTP
?BILT
"LJMOBEBKPFSB6OFQQBK$U>JFK>QFLK
2QRABKQPBKQBOFKDQEB/E#MOLDO>JFK/EVPF@PLO MMIFBA
/EVPF@P>OBOBNRFOBAOBDFPQBOCLO>KAM>PPQEB
"LJMOBEBKPFSB6OFQQBK$U>JFK>QFLK/'KLI>QBOQE>K
QEBBKALCQEBFOPB@LKAVB>O-LJLOBQE>K>QQBJMQPQL
M>PPQEFPBU>J>OB>IILTBA3EFPBU>JFPLfBOBAQTF@B>
VB>OAROFKD%>II>KA2MOFKDPBJBPQBOP3EBBU>J@LKPFPQPLC
CLRO>OB>PABMBKAFKDLKQEBABDOBBMOLDO>J>PCLIILTP
] /E#FK/EVPF@P"I>PPF@>I,B@E>KF@P0R>KQRJ
,B@E>KF@P$IB@QOLAVK>JF@P3EBOJLAVK>JF@P>KA
2Q>QFPQF@>I/EVPF@P
] /E#FK MMIFBA/EVPF@P
 !FLMEVPF@P>KA2LCQ"LKABKPBA,>QQBO
"LK@BKQO>QFLK"I>PPF@>IJB@E>KF@P2Q>QFPQF@>I
,B@E>KF@P!FLMEVPF@P>KA2LCQ"LKABKPBA
,>QQBO>KA>K>AAFQFLK>I>OB>@ELPBKFK
@LKPRIQ>QFLKTFQEQEBPQRABKQPQEBPFP
@LJJFQQBB>KA>MMOLSBA?V/#&"BU>JMIBP
,F@OLP@LMV>KA(J>DFKD"LJMRQ>QFLK>I
!FLMEVPF@P %,
 ,BAF@>I/EVPF@P"LK@BKQO>QFLK1>AF>QFLK
!FLILDV'B>IQE/EVPF@P#F>DKLPQF@,BAF@>I
/EVPF@P1>AF>QFLK3EBO>MV/EVPF@P
 ->KLP@FBK@B>KA3B@EKLILDV"LK@BKQO>QFLK
0R>KQRJ,B@E>KF@P"I>PPF@>I,B@E>KF@PLO
$IB@QOLAVK>JF@P>KAQTL>AAFQFLK>I>OB>PPR@E
>P>KLQEBO@LOB/EVPF@P>OB>2LIFA2Q>QB/EVPF@P
QLJF@%LO@B,F@OLP@LMV->KLJ>QBOF>IP
2MB@QOLP@LMVLO>K>IQBOK>QFSBQLMF@@ELPBKFK
@LKPRIQ>QFLKTFQEQEBPQRABKQPQEBPFP
@LJJFQQBB>KA>MMOLSBA?V/#&"
 /ELQLKF@P"LK@BKQO>QFLK0R>KQRJ,B@E>KF@P
$IB@QOLAVK>JF@P/ELQLKF@P>KA>AAFQFLK>I>OB>
@ELPBKFK@LKPRIQ>QFLKTFQEQEBPQRABKQPQEBPFP
@LJJFQQBB>KA>MMOLSBA?V/#&"
 1>AFLILDF@>I2@FBK@BP"LK@BKQO>QFLK-R@IB>O
(KPQORJBKQ>QFLK'B>IQE/EVPF@P1>AF>QFLK
!FLILDV>KA>@LOBMEVPF@P>OB>@ELPBKFK
@LKPRIQ>QFLKTFQEQEBPQRABKQPQEBPFP
@LJJFQQBB>KA>MMOLSBA?VQEB/#&"
/E#0R>IFCVFKD$U>JFK>QFLK
2QRABKQPBKOLIIBAFKQEB/EVPF@PLO MMIFBA/EVPF@P/E#
MOLDO>J>OBOBNRFOBAQLOBDFPQBO>KAM>PPKLI>QBOQE>KQEB
BKALCQEBQEFOAVB>O>CQBOCLOJ>I>AJFQQ>K@BQLQEB/E#
 6/(">Q>ILD
MOLDO>JQEB/E#0R>IFCVFKD$U>J/''BOBQEB
PQRABKQFPOBNRFOBAQLTOFQB>KAABCBKA>KLOFDFK>IOBPB>O@E
MOLMLP>I?BCLOB>@LJJFQQBBOBMOBPBKQ>QFSBLCQEB>OB>LC
QEBFOPMB@F>IFW>QFLK>MMOLSBA>KA>MMLFKQBA?VQEB/#&"
3EBPQRABKQP>OB>IILTBALKIVQTL>QQBJMQPQLM>PPQEFP
BU>J3EBBU>JFK>QFLKFPRPBAQLBS>IR>QBQEB>?FIFQVLCQEB
PQRABKQQLMLPBJB>KFKDCRIP@FBKQFh@NRBPQFLKPQLMOLMLPB
BUMBOFJBKQ>ILOQEBLOBQF@>IJBQELAPCLO>KPTBOFKDQELPB
NRBPQFLKP>KAQLFKQBOMOBQQEBS>IFAFQV>KAPFDKFh@>K@BLC
MOL?>?IBLRQ@LJBPLCQEBPBQEBLOBQF@>I@LKGB@QROBP
JLABIPLOBUMBOFJBKQP3EB@LJJFQQBBTFII@LKPFPQLC>
JFKFJRJLCQEOBBMEVPF@PC>@RIQVJBJ?BOPFK@IRAFKDQEB
>ASFPLO>KA>QIB>PQLKBC>@RIQVJBJ?BOCOLJLRQPFABQEB
ABM>OQJBKQ>KATFII>AJFKFPQBO>KABS>IR>QBQEBBU>J
3EBOBPB>O@E>ASFPLOJ>VKLQ?BQEB@E>FOLCQEFP
@LJJFQQBB3EBPQRABKQP>OB>IPLOBNRFOBAQLQ>HB>KAM>PP
>LKB@OBAFQP@FBKQFh@TOFQFKD@LROPB/'MOFLOQLQEBFO
hOPQ>QQBJMQ>QQ>HFKDQEB/E#0R>IFCVFKD$U>J
/E##FPPBOQ>QFLK
3LCRIhIIQEBhK>I/E#ABDOBBOBNRFOBJBKQQEB@>KAFA>QB
JRPQPR?JFQ>KAABCBKA>P>QFPC>@QLOVAFPPBOQ>QFLKQLQEB
AFPPBOQ>QFLK@LJJFQQBBCLOJBAFK@LKPRIQ>QFLKTFQEQEB
OBPB>O@E>ASFPLO>KA>MMOLSBA?VQEB/#&"3EFP
@LJJFQQBBTFII@LKPFPQLC>JFKFJRJLCQEOBBMEVPF@P
C>@RIQVJBJ?BOPFK@IRAFKDQEB>ASFPLO>KA>QIB>PQLKB
C>@RIQVJBJ?BOCOLJLRQPFABQEBABM>OQJBKQ3EBOBPB>O@E
>ASFPLOJ>VKLQ?BQEB@E>FOLCQEFP@LJJFQQBB
3O>KPCBOOFKD?BQTBBK/E#MOLDO>J
LMQFLKP
2QRABKQPJ>VMBQFQFLKQEB/#&"QLPTFQ@E?BQTBBK>
/EVPF@P>KA MMIFBA/EVPF@PMOLDO>JPLOQL@E>KDBQEB
@LK@BKQO>QFLK2R@EMBQFQFLKJRPQFK@IRABGRPQFh@>QFLK>KA
>IBQQBOLCPRMMLOQCOLJPQRABKQP>ASFPLO
+JA6/E#
/EVPF@PCLO$AR@>QLOP
,>PQBOLC2@FBK@BFK/EVPF@PCLO$AR@>QLOP
,/$#
%LO>@LJMIBQBLSBOSFBTLCABDOBBOBNRFOBJBKQPMIB>PB
PBB23$,CLO$AR@>QLOPPB@QFLK
+JA6,>PQBOLC2@FBK@B
1L?LQF@P$KDFKBBOFKD
%>@RIQV
!/:2@/OLCBPPLO>KA#BM>OQJBKQ'B>A/E#4KFSBOPFQV
LC,F@EFD>K1L?LQF@J>KFMRI>QFLK>KAJLQFLKMI>KKFKD
>OQFh@F>IFKQBIIFDBK@BE>MQF@PJRIQFJLA>IMBO@BMQFLK
$896=: PPFPQ>KQ3B>@EFKD/OLCBPPLO/E#6LO@BPQBO
/LIVQB@EKF@(KPQFQRQB6/(2LCQ1L?LQF@P+BDDBA
1L?LQF@P
%6CE@KK:2BKFLO(KPQOR@QLO,2-LOQEB>PQBOK
4KFSBOPFQV$KDFKBBOFKDABPFDKDO>MEF@P>@QFSBIB>OKFKD
iFMMBA@I>PPOLLJPMOLDO>J>KA@LROPBPQRABKQLRQ@LJBP
>PPBPPJBKQ
2==: PPFPQ>KQ/OLCBPPLO/E##BICQ4KFSBOPFQVLC
3B@EKLILDV1L?LQF@J>KFMRI>QFLKOL?LQSFPFLK
J>@EFKBIB>OKFKDABUQBOLRPJ>KFMRI>QFLKBKSFOLKJBKQ>I
OL?LQF@P
#:496C2 PPFPQ>KQ/OLCBPPLO/E#4KFSBOPFQVLC&BKL>
(Q>IF>K(KPQFQRQBLC3B@EKLILDV"LKQFKRRJOL?LQF@P
JBAF@>IOL?LQF@PPRODF@>IOL?LQF@PFJ>DBDRFABAPRODBOV
I>PBO?>PBAPRODBOVJBAF@>IABSF@BP
*:D496C/OLCBPPLO/E#)LEKP'LMHFKP4KFSBOPFQV
,BAF@>I@V?BOMEVPF@>IPVPQBJPPRODF@>IOL?LQF@PFJ>DB
DRFABAFKQBOSBKQFLKP>PPFPQFSBQB@EKLILDVOL?LQJLABIFKD
>KA@LKQOLI>RQLJ>QFLKPBKPLOP>KA>@QR>QLOP
!F PPFPQ>KQ/OLCBPPLO/E#4KFSBOPFQVLC#BI>T>OB
"LKQOLIQEBLOVCLOJ>IJBQELAPJ>@EFKBIB>OKFKD
$6??6CE/OLCBPPLO2@#,>PP>@ERPBQQP(KPQFQRQBLC
3B@EKLILDV(J>DBMOL@BPPFKDFJ>DBRKABOPQ>KAFKD
>OQFh@F>IFKQBIIFDBK@BOL?LQF@P
#6H:? PPFPQ>KQ3B>@EFKD/OLCBPPLO>KA1L?LQF@P
$KDFKBBOFKD PPL@F>QB'B>A/E#4KFSBOPFQVLC5FODFKF>
2VPQBJPFKQBDO>QFLKJL?FIBOL?LQF@PJB@E>QOLKF@P
PBKPLOP>KA@LKQOLI
1#: PPFPQ>KQ/OLCBPPLO/E#4KFSBOPFQVLC">IFCLOKF>
2>KQ>"ORW'RJ>KOL?LQFKQBO>@QFLK,LQFLK
@LLOAFK>QFLKLC@V?BOERJ>KPVPQBJ-ROPFKD>KA
1BE>?FIFQ>QFLK1L?LQP
.)$:492=D@?/OLCBPPLO/E#6LO@BPQBO/LIVQB@EKF@
(KPQFQRQB2>QBIIFQBK>SFD>QFLKOB>IQFJBBJ?BAABA
@LJMRQBOPVPQBJPAFDFQ>IJRPF@>KA>RAFLPFDK>I
MOL@BPPFKDPFJRI>QFLK>KAPVPQBJJLABIFKD
$%6>:EK PPFPQ>KQ/OLCBPPLO/E#3EB4KFSBOPFQVLC
$AFK?RODE1L?LQF@PLCQJ>QBOF>IPJ>DKBQFPJiRFAF@P
J>@EFKBIB>OKFKD
&?2= PPL@F>QB/OLCBPPLO/E#">OKBDFB,BIILK
4KFSBOPFQV2LCQOL?LQF@PMOFKQ>?IBOL?LQF@PLOFD>JF
FKPMFOBAOL?LQF@P?FLFKPMFO>QFLK@LKQOLIQEBLOVERJ>K
>RDJBKQ>QFLK
':?4:C@=: PPFPQ>KQ/OLCBPPLO/E#4KFSBOPFQd+F?OBAB
!ORUBIIBP!BIDFRJ2T>OJOL?LQF@PPLCQT>OB
BKDFKBBOFKDJRIQF>DBKQPVPQBJPERJ>KPT>OJ
 6/(">Q>ILD
FKQBO>@QFLKMOLDO>JJFKDI>KDR>DBP
$'@A@G:4 PPFPQ>KQ1BPB>O@E/OLCBPPLO/E#!LPQLK
4KFSBOPFQV'RJ>KKBROLPBKPLOVJLQLOLOD>KFW>QFLKPLCQ
OL?LQF@PTB>O>?IBOL?LQF@P>PPFPQFSBOL?LQF@PERJ>K
>RDJBKQ>QFLKPVPQBJP
/16?8 PPFPQ>KQ/OLCBPPLO/E#.EFL2Q>QB4KFSBOPFQV
"LKKB@QBA>KA>RQLJ>QBASBEF@IBPJL?FIFQV@V?BO
MEVPF@>IPVPQBJPFKQBIIFDBKQQO>KPMLOQ>QFLKPVPQBJP>KA
LMQFJ>I@LKQOLI
192?8 PPFPQ>KQ/OLCBPPLO/E#)LEKP'LMHFKP
4KFSBOPFQV!FLJBAF@>IOL?LQF@P?FLJBAF@>IFJ>DFKD
RIQO>PLRKA>KAMELQL>@LRPQF@FKPQORJBKQ>QFLKCRK@QFLK>I
FJ>DFKDLC?O>FK>KA@>K@BOFJ>DBDRFABAQEBO>MV>KA
FKQBOSBKQFLK
PPL@F>QBA%>@RIQV
&8F PPL@F>QB/OLCBPPLO/E#,>PP>@ERPBQQP
"LJMRQBODO>MEF@PTFOBIBPPKBQTLOHFKDJL?FIB
@LJMRQFKD>KAJL?FIBEB>IQE
*2CE@? PPL@F>QB/OLCBPPLO/E#4KFSBOPFQVLC5FODFKF>
'RJ>KOL?LQFKQBO>@QFLKFKJRPF@@LJMLPFQFLK>KA
MBOCLOJ>K@BABPFDKLCOL?LQF@JRPF@>IFKPQORJBKQPJRPF@
MBO@BMQFLK>KA@LDKFQFLK>RAFLMOLAR@QFLK
C@H?/OLCBPPLO/E#4KFSBOPFQVLC5BOJLKQ
2ROC>@BJBQOLILDVJ>@EFKFKDDOFKAFKDJB@E>KF@PLC
PHFFKD>UFLJ>QF@ABPFDK
FC=@?8/OLCBPPLO/E#6LO@BPQBO/LIVQB@EKF@
(KPQFQRQB,$,2>KA,.$,2JF@OLK>KLQB@EKLILDV
C>?OF@>QFLKJB@E>QOLKF@PI>PBOJBQOLILDV>MMIF@>QFLKP
ELILDO>MEF@>KARIQO>PLKF@FJ>DFKD>KA-#3@LJMRQBO
JLABIFKDLCAVK>JF@PVPQBJP>@LRPQF@P
)2F56EE66FIIF>J2JFQE#B>KP/OLCBPPLOLC!,$
/E#24-82QLKV!OLLH">OAF>@?FLJB@E>KF@PJVL@>OAF>I
OBDBKBO>QFLK?FLJ>QBOF>IP@>fLIAPQFPPRBBKDFKBBOFKD
PQBJ@BII>MMIF@>QFLKPLMQF@>IFJ>DFKDQB@EKFNRBP@BIIRI>O
>DOF@RIQROB@OLPPFKD?FLILDF@>IHFKDALJP
/F2?8/OLCBPPLO/E#5FODFKF>3B@E1B@LKhDRO>?IB
@LJMRQFKD5+2(FKQBDO>QBA@FO@RFQPKBQTLOHBABJ?BAABA
PVPQBJP
"@C<:? PPL@F>QB/OLCBPPLO/E#4KFSBOPFQVLC(IIFKLFP
"EF@>DL(+#>Q>JFKFKDPL@F>IKBQTLOHPJ>@EFKB
IB>OKFKD?FDA>Q>>K>IVQF@P
0*#:F PPFPQ>KQ/OLCBPPLO/E#4KFSBOPFQVLC,>OVI>KA
%F?BOLMQF@>IQTBBWBOPPFIF@LKK>KLMELQLKF@P>KA
K>KLJB@E>KF@PLMQLiRFAF@Ph?BOLMQF@PBKPLOP@BII
J>@E>KF@P?FLJFJBQF@P
')2592<C:D9?2? PPFPQ>KQ3B>@EFKD/OLCBPPLO/E#3EB
4KFSBOPFQVLC3BU>P>Q RPQFK RQLJ>QBAABPFDK>KA
J>KRC>@QROFKDBKQBOQ>FKJBKQ>KAJBAF@>IBKDFKBBOFKD
LMQFJFW>QFLKJ>@EFKBIB>OKFKD>KAPLCQT>OBABSBILMJBKQ
HFKBJ>QF@PAVK>JF@P>KAABPFDKBAR@>QFLK
#*:5?6C1BPB>O@E/OLCBPPLO/E#,>PP>@ERPBQQP
(KPQFQRQBLC3B@EKLILDV#FP@LROPBMOL@BPPFKD
@LII>?LO>QFLKERJ>KOL?LQFKQBO>@QFLKFKQBIIFDBKQRPBO
FKQBOC>@BPK>QRO>II>KDR>DBMOL@BPPFKD>OQFh@F>I
FKQBIIFDBK@B
!*<@C:?<@/OLCBPPLO/E#4KFSBOPFQVLC5FODFKF>
2L@F>IMPV@ELILDVAB@FPFLKJ>HFKDFKQBOMBOPLK>I
FKQBO>@QFLKP
*@=@G6J PPFPQ>KQ/OLCBPPLO/E#3RCQP4KFSBOPFQV
'RJ>K@LJMRQBOFKQBO>@QFLKRPBOFKQBOC>@BABPFDKKLSBI
FKQBO>@QFLKJLA>IFQFBPERJ>K>RQLKLJV@LII>?LO>QFLK
J>@EFKBIB>OKFKD
!*E23:=6(KPQOR@QLO,2,$4KFSBOPFQVLC OFWLK>,$$$
4KFSBOPFQVLC"LILO>AL'FDEBg@FBK@VPJ>IIPMB>HBO
PVPQBJPCLOMBOPLK>I>RAFL,LQLO>KA>@QR>QLOABPFDK
EFDE?>KATFAQEPQOR@QRO>IABPFDKTFQEhKFQBBIBJBKQ
>K>IVPFPCLO@B?>I>K@BAQO>KPAR@BOABPFDK>KAMI>K>O
>@LRPQF@>OO>VP#>AAFQFSB@OB>QFLKLCMI>K>O
BIB@QOLJ>DKBQF@>@QR>QLOP
$.J8=:?D<:/OLCBPPLO/E#,@&FII4KFSBOPFQV
6FOBIBPP@LJJRKF@>QFLKPVPQBJPBKDFKBBOFKDSBEF@RI>O
QB@EKLILDV@LDKFQFSBO>AFLPLCQT>OBABhKBAO>AFL
>RQLKLJLRPSBEF@IBPTFOBIBPPPMB@QORJSBEF@RI>OPB@ROFQV
@V?BOMEVPF@>IPVPQBJP
1192?8 PPFPQ>KQ/OLCBPPLO/E#.UCLOA!OLLHBP
4KFSBOPFQV"LJMRQBOSFPFLK>KAJ>@EFKBIB>OKFKD
L?GB@QOB@LDKFQFLKABQB@QFLKA>Q>Bg@FBKQIB>OKFKDTFQE
>MMIF@>QFLKPABBMIB>OKFKDLMQFJFW>QFLK
0196?8 PPFPQ>KQ/OLCBPPLO/E#4KFSBOPFQVLC,F@EFD>K
 AS>K@BA>KA?FLJBAF@>IJ>KRC>@QROFKDJBAF@>I
ABSF@BABPFDKQFPPRBJB@E>KF@P?FLJBAF@>IJ>@EFKFKD
MOL@BPP>KAJLABIFKD@>QEBQBO?>PBAPRODF@>IABSF@BP
JBAF@>IPFJRI>QFLKS>P@RI>ORIQO>PLRKAFJ>DFKD>?O>PFSB
J>@EFKFKDMOL@BPPBPCLO?FLJBAF@>I>KA@BO>JF@J>QBOF>IP
/OLDO>JLC2QRAV
,2/OLDO>J
3EB1L?LQF@P$KDFKBBOFKD#BM>OQJBKQLfBOPQEB,2
ABDOBBTFQEQEBPFP>KAKLKQEBPFP@LROPBTLOHLKIV
LMQFLKP3EBABM>OQJBKQPQOFSBPQLBAR@>QBJBK>KA
TLJBKQL
] '>SB>PLIFARKABOPQ>KAFKDLCQEBCRKA>JBKQ>IPLC
1L?LQF@P2@FBK@B$KDFKBBOFKD>KA2VPQBJP
] '>SB>K>T>OBKBPPLCQEBJ>K>DBJBKQ>KAPVPQBJP
@LKQBUQPTFQEFKTEF@EOL?LQF@PVPQBJP>OB
BKDFKBBOBA
] #BSBILM>AS>K@BAHKLTIBADBFKPBIB@QBA>OB>PLC
OL?LQF@P@RIJFK>QFKDFK>@>MPQLKBOBPB>O@ELOABPFDK
BUMBOFBK@B
AJFPPFLK1BNRFOBJBKQP
2QRABKQPTFII?BBIFDF?IBCLO>AJFPPFLKQLQEBMOLDO>JFC
QEBVE>SBB>OKBA>KRKABODO>AR>QBABDOBBFK"LJMRQBO
$KDFKBBOFKD"LJMRQBO2@FBK@B$IB@QOF@>I$KDFKBBOFKD
 6/(">Q>ILD
,B@E>KF@>I$KDFKBBOFKDLO>OBI>QBAhBIACOLJ>K
>@@OBAFQBARKFSBOPFQV@LKPFPQBKQTFQEQEB6/(DO>AR>QB
@>Q>ILD AJFPPFLKTFII>IPL?BLMBKQLNR>IFhBA6/(
PQRABKQPTELLMQCLO>hSBVB>O!>@EBILOP,>PQBOP
MOLDO>JTFQEQEBRKABODO>AR>QBJ>GLOFK"LJMRQBO
2@FBK@B$IB@QOF@>I"LJMRQBO$KDFKBBOFKD,B@E>KF@>I
$KDFKBBOFKD1L?LQF@P$KDFKBBOFKDLO>OBI>QBAhBIA
AJFPPFLKAB@FPFLKPTFII?BJ>AB?VQEB1L?LQF@P
$KDFKBBOFKD&O>AR>QB/OLDO>J"LJJFQQBB?>PBALK>IILC
QEBC>@QLOPMOBPBKQBAFKQEB>MMIF@>QFLK
1L?LQF@P$KDFKBBOFKD
+>?LO>QLOFBP
52AE:G62?5 ?E6==:86?E)@3@E:4D )#23
Professor Jing Xiao
3EB (1+>?FPIL@>QBA>QOAiLLOLC/OBP@LQQ
2QOBBQ1BPB>O@E>QQEB (1+>?FPCL@RPBALKOL?LQF@
PVPQBJPQE>Q@>K?BPQ>A>MQQLRKHKLTKPRK@BOQ>FKQFBP
>KA@E>KDBPFKQEBTLOHFKDBKSFOLKJBKQPQEOLRDEOB>I
QFJBMBO@BMQFLKMI>KKFKDIB>OKFKD>KABUB@RQFLKFK
PB>JIBPPPVKBODV(KQBOBPQBA>OB>PFK@IRABOL?LQF@
>PPBJ?IVJ>KFMRI>QFLK>KAK>SFD>QFLKFKERJ>K
@BKQBOBABKSFOLKJBKQPTFQEAFfBOBKQHFKAPLC
J>KFMRI>QLOPCOLJ>OQF@RI>QBAQL@LKQFKRRJPLCQOL?LQP
>KAFK>TFABO>KDBLC>MMIF@>QFLKPFK@IRAFKD>PPBJ?IV
>AAFQFSBJ>KRC>@QROFKDJ>QBOF>IE>KAIFKDJ>FKQBK>K@B
>KAOBM>FOJBAF@>I>KAEB>IQE@>OBJ>KRC>@QROFKD>KA
PBOSF@BP%ROQEBOFKCLOJ>QFLKFP>S>FI>?IB>Q
EQQMPTMTMFBAR>FOI>?ELJB
FE@>2E:@?2?5=?E6CG6?E:@?2=$65:4:?6
 $#23
Professor Gregory Fischer
3EB RQLJ>QFLK>KAIKQBOSBKQFLK>I,BAF@FKB+>?LO>QLOV
1L?LQF@P1BPB>O@E+>?LO>QLOV (,+>?FPIL@>QBA>Q
&>QBT>V/>OH3EBMOFJ>OVCL@RPLCMOLGB@QPFKQEB (,+>?
FPJBAF@>IOL?LQF@PFK@IRAFKDOL?LQF@PRODBOVFJ>DB
DRFABAPRODBOV,1(@LJM>QF?IBJB@E>QOLKF@P
OBE>?FIFQ>QFLKOL?LQF@PPL@F>IIV>PPFPQFSBOL?LQF@P>KA
?FLC>?OF@>QFLK3EBI>?@LKQ>FKPPQRABKQTLOHPQ>QFLKP
BNRFMJBKQCLOJB@E>KF@>I>KABIB@QOF@>IABPFDK
@LKPQOR@QFLK@LKhDRO>QFLK>KAQBPQFKDLCOL?LQP@LKQOLI
PVPQBJP>KA>RQLJ>QBAQBPQhUQROBPFK@IRAFKDPQ>QBLC
QEB>OQBIB@QOLKF@PQBPQFKD>KAJF@OLBIB@QOLKF@P>PPBJ?IV
BNRFMJBKQ>KAPRMMIFBP KLMQF@>IQO>@HBOFP>S>FI>?IBCLO
JLQFLK@>MQROB3EBI>?ELRPBP,1(OL?LQ@LKQOLIIBOP
ABSBILMBAFKQEB (,+>?>KA@RPQLJ@LKQOLIBIB@QOLKF@P
CLOEFDEMOB@FPFLK@LKQOLILCMFBWLBIB@QOF@JLQLOAOFSB
T>SBCLOJP>KA@LOOBPMLKAFKDOL?LQF@PVPQBJQBPQ?BAP 
A>5FK@F1BPB>O@E*FQA51*PRODF@>IOL?LQFP>IPL>S>FI>?IB
FKQEBI>?TEF@EFK@IRABPQEB(KQRFQFSB2RODF@>IOL?LQTFQE
@RPQLJLMBK@LKQOLIPVPQBJP @@BPPQLJBAF@>IFJ>DFKDFK
>@IFKF@>IPFQBFP>S>FI>?IBQEOLRDE@LII>?LO>QFLKTFQEQEB
KB>O?V4,>PP,BAF@>I2@ELLI>KATFQEQEB!OFDE>J>KA
6LJBKZP'LPMFQ>I3EBOBPB>O@EFKQEB (,+>?FPAFOB@QBA
?V/OLC&%FP@EBO%ROQEBOFKCLOJ>QFLK@>K?BCLRKA>Q
EQQM>FJI>?TMFBAR
@8?:E:G6$65:42=+649?@=@8J&$+2?5
)@3@E:4D#23@C2E@CJ
Professor Loris Fichera
1BPB>O@EFKQEB".,$3+>?LO>QLOVCL@RPBPLKQEB
ABSBILMJBKQLCPJ>OQJBAF@>IABSF@BP>KAOL?LQP2MB@Fh@
CL@RP>OB>PFK@IRAB>RQLKLJLRP>KAPBJF>RQLKLJLRP
PRODF@>IOL?LQF@P@LKQFKRRJ@LKQFKRLRPIViBUF?IB
PRODF@>IFKPQORJBKQP>KAFJ>DBDRFABAPRODBOV3EBI>?
CB>QROBPPQ>QBLCQEB>OQBUMBOFJBKQ>IBNRFMJBKQ
FK@IRAFKDQTLPRODF@>II>PBOPVPQBJP>KAKJ
>K-#( ROLO>BIB@QOLJ>DKBQF@QO>@HBO>%+(1 P@
QEBOJ>I@>JBO>>KA>%O>KH>$JFH>#L%/>KA>
J>KFMRI>QLO3EBI>?E>POBPB>O@E@LII>?LO>QFLKPTFQE
@IFKF@>IM>OQKBOP>Q!OFDE>J>KA6LJBKZP'LPMFQ>I!LPQLK
, 5>KABO?FIQ4KFSBOPFQV,BAF@>I"BKQBO->PESFIIB3-
>KAQEB"EFIAOBKZP->QFLK>I'LPMFQ>I6>PEFKDQLK#"
3EBI>?FPIL@>QBAFKOLLJ>Q/OBP@LQQ2Q>KAFP
AFOB@QBA?V/OLC+%F@EBO>%ROQEBOFKCLOJ>QFLKFP>S>FI>?IB
>QEQQMP@LJBQI>?DFQER?FL
@>AFE2E:@?2= ?E6==:86?462?5:@?:4
)@3@E:4D )
Professor Jie Fu, Professor Zhi Li, and Professor Carlo Pinciroli
"(!1I>?FP>GLFKQI>?>JLKD/OLCBPPLOP)FB%R9EF+F>KA
">OIL/FK@FOLIF.ROOBPB>O@ECL@RPFPQL?OFKD>GLFKQCLO@B
?BQTBBK@LKQOLIQEBLOVJ>@EFKBIB>OKFKD>KAOL?LQF@PQL
>@EFBSBQTLJ>GLOL?GB@QFSBP%FOPQ?VIBSBO>DFKDIB>OKFKD
?>PBA@LKQOLIABPFDKTB>FJQLABSBILM>IDLOFQEJPQL
>@EFBSBMOLS>?IVP>CB>A>MQFSB>KAOL?RPQMBOCLOJ>K@BFK
>RQLKLJLRPPVPQBJPFKQEBMOBPBK@BLCRK@BOQ>FK>KA
AVK>JF@>IBKSFOLKJBKQP2B@LKATB>FJQL?RFIAQEB
>IDLOFQEJF@CLRKA>QFLKPCLO?FLKF@OL?LQF@PQE>QC>@FIFQ>QB
PB>JIBPP@LII>?LO>QFLK?BQTBBKERJ>KP>KAOL?LQPTFQE
>MMIF@>QFLKPQL>AS>K@BAJBAF@>IPM>@B>KAJFIFQ>OV
OL?LQF@P
@?EC@=2?5 ?E6==:86?E)@3@E:4D#23@C2E@CJ
 )#
Professor Jie Fu
 6/(">Q>ILD
3EB"LKQOLI>KA(KQBIIFDBKQ1L?LQF@P+>?LO>QLOV"(1+FP
IL@>QBA>Q/OBP@LQQ2QOBBQ&>QBT>V/>OH3EBMOFJ>OV
CL@RPFPCLOABSBILMFKDQEBLOV>KA>IDLOFQEJPCLOSBOFCVFKD
>KAPVKQEBPFWFKDFKQBIIFDBKQ>KAPBJF>RQLKLJLRP
PVPQBJPQEOLRDEQEBFKQBDO>QFLKLC@LKQOLIQEBLOVJ>@EFKB
IB>OKFKDD>JBQEBLOV>KACLOJ>IJBQELAP2MB@Fh@>IIV
TB>FJQL@LKPQOR@QQORPQTLOQEV>KA>A>MQFSB PVPQBJP
TFQE@LJMIBUAB@FPFLKJ>HFKD@>M>?FIFQFBPFKAVK>JF@
RK@BOQ>FKBKSFOLKJBKQP1BPB>O@EFK"(1+I>?FPAFOB@QBA?V
/OLC)FB%R%ROQEBOFKCLOJ>QFLK@>K?BCLRKA>Q
EQQMI>?PTMFBAR@FOI
F>2?:?DA:C65)@3@E:4D )&#23
Professor Zhi Li
3EB'RJ>KFKPMFOBA1L?LQF@PI>?>FJPQL>@EFBSBQEBEFDE
IBSBIPVKBODVLCERJ>K>KAOL?LQF@PVPQBJP2MB@Fh@>IIV
TB>MMIVQEBJLQFLK@LKQOLIPQO>QBDFBPAFP@LSBOBAFK
ERJ>KJLSBJBKQP@FBK@BQLQEBABPFDKLCOL?LQ
>RQLJ>QFLK.ROOBPB>O@EMOFJ>OFIVCL@RPBPQEBTB>O>?IB
OL?LQP>KAERJ>KLFAOL?LQPQE>Q>RDJBKQ>KA@LII>?LO>QB
TFQEERJ>KTLOHBOPFKEB>IQE@>OBPM>@BT>OBELRPB
>MMIF@>QFLKP.RO@ROOBKQMOLGB@QPFK@IRABMBO@BMQFLK
>@QFLK@LLOAFK>QFLKLC@V?BOERJ>KPVPQBJ
@LJMRQ>QFLK>IJLABIFKDLCMEVPF@>IERJ>KOL?LQ
FKQBO>@QFLKEFDEIBSBIIB>OKFKD>KAMI>KKFKDLCERJ>K
OL?LQ@LII>?LO>QFLK%ROQEBOFKCLOJ>QFLKFP>S>FI>?IB>Q
EQQMI>?PTMFBAREFOL
$2?:AF=2E:@?2?5?G:C@?>6?E2=)@3@E:4D
$)#23
Professor Berk Calli
3EB,>KFMRI>QFLK>KA$KSFOLKJBKQ>I1L?LQF@P+>?
MOFJ>OFIVCL@RPBPLKBKE>K@FKDJ>KFMRI>QFLK@>M>?FIFQFBP
LCOL?LQP3EBOBPB>O@EFKQBDO>QBPSFPR>ICBBA?>@H
>AS>K@BA@LKQOLIJBQELAP>@QFSBSFPFLKCO>JBTLOH
J>@EFKBIB>OKFKD>IDLOFQEJP>KAFKQBIIFDBKQJB@E>KF@>I
ABPFDKQL>@EFBSBOL?RPQ>KAABUQBOLRPOL?LQF@PVPQBJP
2R@EPVPQBJP>OBBPPBKQF>ICLOBUB@RQFKDDO>PMFKD>KA
J>KFMRI>QFLKQ>PHPFKRKPQOR@QROBABKSFOLKJBKQP
FK@IRAFKDELJBPLg@BPJLABOKT>OBELRPBP>KA
@LII>?LO>QFSBJ>KRC>@QROFKDPQ>QFLKP.KBLCQEBJ>FK
QEBJBPLCQEBI>?FPBKSFOLKJBKQ>IOL?LQF@PFBRQFIFWFKD
OL?LQPQLPLISBBKSFOLKJBKQ>IMOL?IBJPPR@E>PT>PQB
J>K>DBJBKQFPPRBP>KAOB@V@IFKDBg@FBK@V3EBI>?FP
AFOB@QBA?V/OLC!BOH">IIF%ROQEBOFKCLOJ>QFLKFP>S>FI>?IB
>QEQQMPTMTMFBARJBOI>?
$65:42=C@?E:6C,=EC2D@F?5 >28:?82?5
)@3@E:4 ?DECF>6?E2E:@?,* &%#23
Professor Haichong (Kai) Zhang
,BAF@>I%42(.-%OLKQFBO4IQO>PLRKA(J>DFKD>KA1L?LQF@
(KPQORJBKQ>QFLK+>?CL@RPBPLKQEBFKQBOC>@BLCJBAF@>I
OL?LQF@PPBKPFKD>KAFJ>DFKD>KAQLABSBILMOL?LQF@
>PPFPQBAFJ>DFKDPVPQBJP>PTBII>PFJ>DBDRFABAOL?LQF@
FKQBOSBKQFLK>IMI>QCLOJPTEBOBRIQO>PLRKA>KA
MELQL>@LRPQF@/ FJ>DFKD>OBQTLHBVJLA>IFQFBPQL?B
FKSBPQFD>QBA>KAFKQBDO>QBATFQEOL?LQF@P3EBP@LMBLC
FKKLS>QFLKCL@RPBPLKJBAF@>IOL?LQF@PPBKPFKD>KA
FJ>DFKDCLO@LOL?LQF@FJ>DFKDTEBOB>OL?LQF@
@LJMLKBKQFPBPPBKQF>IQLOBAR@BRPBOABMBKABK@VFK
RIQO>PLRKAP@>KKFKDQL?RFIA>KFJ>DBTFQEEFDEBO
OBPLIRQFLK>KA@LKQO>PQ>KAQLJFKF>QROFWB>KAPFJMIFCV
FJ>DFKDMI>QCLOJ>KA/ ?>PBACRK@QFLK>IFJ>DB
DRFABAFKQBOSBKQFLKPQE>QDFSB>AAFQFLK>IFKCLOJ>QFLKCLO
PRODF@>IDRFA>K@BTFQEEFDEPBKPFQFSFQV>KAPMB@Fh@FQV
%ROQEBOTBTFII>IPLQ>@HIBJ>QEBJ>QF@>I>KA
>IDLOFQEJF@@E>IIBKDBP?BEFKA@LJMRQBO>PPFPQBA
FKQBOSBKQFLKPPR@E>PE>KABVB@>IF?O>QFLKQLPRMMLOQ
QEBPBABMILVJBKQP3EBABSBILMBAPVPQBJPTFII
PVKBODFPQF@>IIVFJMOLSB?LQEFJ>DBNR>IFQV>KAPRODF@>I
>@@RO>@V>KAPMB@Fh@FQVQLT>OAPAF>DKLPQF@>KA
FKQBOSBKQFLK>I>MMIF@>QFLKP
EQQMPJBAF@>ICRPFLKI>?TLOAMOBPP@LJ
%@G6=?8:?66C:?8@7*H2C>+649?@=@8:6D
%*+#23
Professor Carlo Pinciroli
3EB-LSBI$KDFKBBOFKDCLO2T>OJ3B@EKLILDFBP-$23
+>?LO>QLOVCL@RPBPLKQEBABPFDKLC>IDLOFQEJPJ>@EFKB
IB>OKFKD>IDLOFQEJP>KAPLCQT>OBQLLIPCLOPT>OJOL?LQF@P
>KAERJ>KFKQBO>@QFLKTFQE>MMIF@>QFLKPQLAFP>PQBO
OB@LSBOV>KAhOBhDEQFKD3EBI>?LfBOP>PT>OJLC
*EBMBO>(5OL?LQP>ILKDTFQEBUQBKPFLKJLARIBPPR@E>P
DOFMMBOP>KA+(# 1P>KA*FIL?LQP(K>AAFQFLKQEBI>?
E>P>ABAF@>QBABUMBOFJBKQ>QFLK>OB>BNRFMMBATFQE>
5F@LKJLQFLK@>MQROBPVPQBJ@LJMOFPFKD@>JBO>P
,BD>MFUBIOBPLIRQFLK>QCO>JBPMBOPB@LKATFQE
S>OFCL@>IIBKPBP>KA>K(1PQOL?B>ABAF@>QBA&?KBQTLOH
@LKKB@QBAQL>TLOHPQ>QFLKQEOLRDE5F@LK+L@H>KAQEB
I>QBPQSBOPFLKLC5F@LKFJ>DB>K>IVPFPPLCQT>OB5F@LK
-BURP2Q>KA>ILKB5F@LK!LAV!RFIABO3O>@HBO
2Q>KA>ILKB3EBOBPB>O@EFP@LKAR@QBAFK@LII>?LO>QFLK
TFQE J>WLK1L?LQF@P>KA,>QETLOHP3EBI>?FPIL@>QBAFK
/OBP@LQQ2QOBBQ>KAFPAFOB@QBA?V/OLC">OIL/FK@FOLIF
%ROQEBOFKCLOJ>QFLKFP>S>FI>?IB>QEQQMPTTTKBPQI>?KBQ
'C24E:46'@:?E
Professor Gregory Fischer
/O>@QF@B/LFKQFP>,>PP>@ERPBQQP3B@EKLILDV"LII>?LO>QFSB
,>PP3B@EPRMMLOQBA1#@BKQBOQE>QPBBHPQLFJMOLSB
EB>IQE@>OBQB@EKLILDFBP>KAABSBILMKBTJBAF@>I@V?BO
MEVPF@>IPVPQBJP/O>@QF@B/LFKQMOLSFABP>K>DFIB>KA
 6/(">Q>ILD
P@>I>?IB@LII>?LO>QFSBOBPB>O@EC>@FIFQVBJMLTBOFKDMR?IF@
>KAMOFS>QBRKFSBOPFQFBPOBPB>O@EFKPQFQRQFLKPFKARPQOV>KA
FKKLS>QLOPQLFK@LOMLO>QB@V?BOMEVPF@>IPVPQBJPFKQL
JBAF@>IABSF@BP>KABNRFMJBKQQE>QTFIIFJMOLSB
MBOCLOJ>K@BPB@ROFQV>@@RO>@VQFJBIFKBPP@LPQP>KA
LRQ@LJBPFKERJ>KEB>IQE@>OB/O>@QF@B/LFKQCLPQBOP
@LII>?LO>QFLKP>JLKDFQP>gIF>QBPQEOLRDEPQ>QBLCQEB>OQ
@IFKF@>I@>OBQBPQ?BAPPB@ROBAMOLGB@QMLAP@LII>?LO>QFLK
PRFQBP>KAPE>OBAQLLI?>VP3EBMLFKQLCMO>@QF@B
BKSFOLKJBKQPFK@IRAFKDJBAF@>IFJ>DFKD@LRMIBATFQE>
EV?OFALMBO>QFKDOLLJPRFQBFK@IRAFKD>K,1(P@>KKBO>
@LKQOLIIBA@>OBBKSFOLKJBKQOB@LKhDRO>?IB>P("4BU>J
OLLJ>KAOB@LSBOVOLLJOBE>?FIFQ>QFSB@>OBPRFQBP
FK@IRAFKDJLQFLK@>MQROB>KAOBE>?BNRFMJBKQ>KA>
OBPFABKQF>IPBQQFKDEFDEIVFKPQORJBKQBAJL@HELJB
BKSFOLKJBKQ3EBPBMLFKQLCMO>@QF@B@>OBPRFQBP>OB@L
IL@>QBATBTFIIE>SB>AS>K@BAJ>KRC>@QROFKDFK@IRAFKD
"-"J>@EFKFKD#MOFKQFKDI>PBO@RQQFKDBIB@QOLKF@P
>PPBJ?IV>KAQBPQBNRFMJBKQ>KA?RFIA>OB>P3EBC>@FIFQV
>IPL@LJMOFPBPLg@BPM>@BPCLOC>@RIQV>KADO>AR>QB
PQRABKQPFKAFSFAR>IOBPB>O@EDOLRMI>?PM>@BP>KA
OB@LKhDRO>?IBI>?MLAP%ROQEBOFKCLOJ>QFLK@>K?B
CLRKA>QEQQMMO>@QF@BMLFKQLOD
)@3@E:4*@7E$2EE6C)*$C@FA
Professor Markus Nemitz
3EB1L?LQF@2LCQ,>QQBO&OLRMCL@RPBPLKOL?LQFWFKDPLCQ
J>QBOF>IPQL@OB>QBMOLDO>JJ>?IBJ>QQBOQE>Q@>K@E>KDB
FQPPE>MB!V>@QFS>QFKDLQEBOTFPBM>PPFSBJ>QBOF>IPTB@>K
?RFIAOL?LQPQE>Q@>K>A>MQQLQEBFOBKSFOLKJBKQ>KAPBOSB
PBSBO>IMROMLPBP>QLK@B+L@>QBALKQEBQEFOAiLLO>Q
/OBP@LQQQEBDOLRM>AAOBPPBPQEBCRKA>JBKQ>I>KA
QB@EKF@>I@E>IIBKDBPFKQEB@OB>QFLKJ>KRC>@QROB>KA
JLABIFKDLCMOLDO>JJ>?IBPLCQJ>QQBO(KM>OQF@RI>OTB
FKSBPQFD>QBPE>MB@E>KDFKDJ>QBOF>IP>KAJB@E>KFPJP
BJ?BAABAPBKPLOPCLOPE>MBPBKPFKD>KA@LKQOLI
PQO>QBDFBPCLOPE>MB@E>KDFKD3EBI>?@LII>?LO>QBPTFQE
6/(P+>?CLO$AR@>QFLK>KA MMIF@>QFLK/OLQLQVMBP+$ /
>@@BPPFKDPNR>OBCBBQLC@IB>KOLLJ>KAI>?LO>QLOV
C>@FIFQFBPBNRFMMBATFQEPQ>QBLCQEB>OQBNRFMJBKQ
FK@IRAFKDJRIQFJ>QBOF>IMOFKQBOPFKHGBQMOFKQBOPCLOQEB
C>?OF@>QFLKLCPQOBQ@E>?IB>KAiBUF?IB@FO@RFQPPR?JF@OLK
>PPBJ?IV>KAMLPFQFLKFKDPVPQBJP>KAMI>PJ>PVPQBJP
/OLC,>OHRP-BJFQWFPQEBAFOB@QLOLCQEB1L?LQF@2LCQ
,>QQBO&OLRM.MBKMOLGB@QP>KAMLPFQFLKP@>K?BCLRKA>Q
TTTOL?LQF@PLCQJ>QQBODOLRM@LJ
)@3@E:4D$@3:=:EJ2?5J36C'9JD:42=
*JDE6>D#23@C2E@CJ
Professor Xiangrui Zeng
1L?LQF@P,L?FIFQV>KA"V?BO/EVPF@>I2VPQBJP+>?CL@RPBP
LKABSBILMFKD>KA>MMIVFKDA>Q>BKE>K@BAFKQBIIFDBKQ
@LKQOLI>IDLOFQEJPQLFJMOLSBQEBMBOCLOJ>K@BLC>S>OFBQV
LC@V?BOMEVPF@>IPVPQBJPBPMB@F>IIVQELPBFKSLISBOL?LQF@P
>KAJL?FIFQV3EBOBPB>O@E@LJ?FKBPLMQFJ>I@LKQOLI>KA
J>@EFKBIB>OKFKDTFQE>MMIF@>QFLKPFKOL?LQF@P@LKKB@QBA
>KA>RQLJ>QBASBEF@IBP>PTBII>PFKQBIIFDBKQ
QO>KPMLOQ>QFLKPVPQBJP3EBRIQFJ>QBDL>IFPQLABPFDK
@LJMOBEBKPFSBQLLIPRQFIFWFKD>II>S>FI>?IBA>Q>QL>@EFBSB
LMQFJ>IMBOCLOJ>K@BCLO@V?BOMEVPF@>IPVPQBJP
.' F>2?@:5)@3@E:4D#23@C2E@CJ.)#
Professors Mahdi Agheli, Michael Gennert
3EB6/('RJ>KLFA1L?LQF@P+>?LO>QLOVFK6>PE?ROK
@LKAR@QPOBPB>O@EFKQLERJ>KLFAIL@LJLQFLKMBO@BMQFLK
@LKQOLIMI>KKFKD>KARPBOFKQBOC>@BP6'1+CB>QROBP
6 1-$16/(ZP QI>P1L?LQCLO-LK@LKSBKQFLK>I
$JBODBK@V1BPMLKPB>KA>@RPQLJABPFDKBAERJ>KLFA
MI>QCLOJ6B>OBTLOHFKDLKJ>KVBU@FQFKDOBPB>O@E
MOLGB@QPE>KABAJ>KFMRI>QFLKE>KAFKDL?GB@QP
?BQTBBK QI>P>KA>ERJ>KDBKBOF@ERJ>KLFAPLCQT>OB
QE>Q@>KLMBO>QBLK QI>P>KA5>IHVOFBABPFDKFKD>ILT
@LPQERJ>KLFA@LJMBQFKDFKQEB - 2 2M>@B1L?LQF@P
"E>IIBKDB>KAJLOB AS>K@BAPLCQT>OBFK@IRABP&>WB?L
PFJRI>QLO15FWSFPR>IFW>QFLKPLCQT>OB,LSB(3QO>GB@QLOV
MI>KKBO3O>G.MQQO>GB@QLOVLMQFJFWBO1.2JFAAIBT>OB>KA
QEB.MBK"5>KA/LFKQ"ILRA+F?O>OVM>@H>DBP
.' '@A@G:4#23D
Professor Marko Popovic
1BPB>O@EBOPPQRAVMEVPF@P?FLJB@E>KF@P>KAOL?LQF@PTFQE
>DL>IQL>KPTBOELTIFSFKDPVPQBJPCRK@QFLK>KAQL
PVKQEBPFWBPVPQBJPQE>QE>SBOBPBJ?IFKD>O@EFQB@QROB>KA
CRK@QFLK>IFQV>KALOJ>VFJMOLSBIFCB-RJBOLRP
?FLJB@E>QOLKF@PMOLGB@QPFK@IRAB>AS>K@BAMOLPQEBQF@P
?O>@BPBULPHBIBQLKPBULJRP@RI>QROBPBULPRFQPMEVPF@>I
QEBO>MV>KA>PPFPQFSBABSF@BP1BPB>O@EBOP>IPLTLOHLK
?FLFKPMFOBAOL?LQPMEVPF@>IFKQBIIFDBK@BKBT>@QR>QLOP
QO>KPJFPPFLKJB@E>KFPJPS>ISBPFKQBIIFDBKQPQOR@QRO>I
BIBJBKQP>KAKLSBIMOLMRIPFLKJBQELAP3EOLRDE@ILPB
@LKKB@QFLKTFQEFKARPQOVM>OQKBOP>ILQLCOBPB>O@E>@QFSFQV
FPCL@RPBALKKLSBIFKARPQOF>IOL?LQF@P+>?ELRPBPS>OFLRP
BNRFMJBKQJ>KRC>@QROFKDQLLIP>PTBII>PLKBLCQEBJLPQ
>AS>K@BA#MOFKQBOPLK@>JMRP+>?FP>IPLELJBQL?FD
AR>I>OJ8>PH>T>OL?LQ+B>OKJLOB>Q
EQQMRPBOPTMFBARJMLMLSF@
.' )@3@E@>>F?:42E:@?D2?5%2G:82E:@?
#23@C2E@CJ
Professor William Michalson
3EB1L?LQ"LJJRKF@>QFLKP>KA->SFD>QFLK+>?LO>QLOV>Q
/OBP@LQQPQOBBQ@LKAR@QPOBPB>O@EFKQLQEBK>SFD>QFLK
 6/(">Q>ILD
LC>KA@LJJRKF@>QFLKPTFQE>FOI>KA>KAPB>OL?LQPFK
FKALLO>KALRQALLOIL@>QFLKP3EBI>?LO>QLOVE>PMI>QCLOJP
CLOI>KAOL?LQP>PTBII>PPBSBO>IOLQLO@O>CQ>KAP>FIFKD
MI>QCLOJP>KAE>P@LJMBQBAFKFKQBIIFDBKQDOLRKASBEF@IB
>KAPB>SBEF@IB@LJMBQFQFLKP
.' *@7E)@3@E:4D#23@C2E@CJ
Professor Cagdas Onal
3EB2LCQ1L?LQF@P+>?LO>QLOVFPIL@>QBAFK'+>KA
PRMMLOQPMBOPLKKBI>KABNRFMJBKQOBNRFOBACLOQEB
ABPFDKABSBILMJBKQ>KA@LKQOLILCKBUQDBKBO>QFLKPLCQ
iBUF?IB>KAPBJFOFDFAOL?LQF@PVPQBJP/OLGB@QPFKQEBI>?
FK@IRABPQRAVFKD>KAABSBILMFKDPLCQOL?LQF@PK>HBP
L@QLMRP>OJPLOFD>JFFKPMFOBAEBU>MLAPQBKQ>@IBPiVFKD
OL?LQPTB>O>?IBE>MQF@FKQBOC>@BPERJ>KOL?LQ
FKQBO>@QFLK>KAJRIQFOL?LQPVPQBJP
$NRFMJBKQFKQEB2LCQ1L?LQF@PI>?FK@IRABPQLLIPCLO
ABPFDKC>?OF@>QFLKBUMBOFJBKQ>QFLK>KA>K>IVPFP
FK@IRAFKD>K$MFILD9FKD".I>PBO@RQQBO>AR>IKLWWIB
#MOFKQBO>JLQFLK@>MQROB>OB>S>OFLRPPBJFOFDFAT>OB
M>@H>DBPCLOJB@E>KF@>I>KABIB@QOLKF@ABPFDK>CRII
@RPQLJJ>ABiBUF?IB@FO@RFQC>?OF@>QFLK>KA>PPBJ?IV
BNRFMJBKQPRFQB>I>ODBTLOHPM>@BLMQF@>IJF@OLP@LMB>K
BI>PQLJBOF@C>?OF@>QFLKTLOH?BK@E>KAS>OFLRPA>Q>
>@NRFPFQFLK>KA>K>IVPFPPVPQBJP3EBI>?@ROOBKQIV
PRMMLOQPOBPB>O@E>@QFSFQFBPFKBI>PQLJBOF@OL?LQF@PVPQBJP
MOFKQBA@FO@RFQ>KAPBKPLOJ>KRC>@QROFKDLOFD>JFFKPMFOBA
CLIA>?IBPVPQBJP>PPFPQFSBPLCQOL?LQF@JLKFQLOFKD?FL
FKPMFOBAPQBOBLSFPFLK>KAMOLPQEBQF@OL?LQF@P1BPB>O@EFK
QEB2LCQ1L?LQF@P+>?LO>QLOVFPAFOB@QBA?V/OLC.K>I
%ROQEBOFKCLOJ>QFLK@>K?BCLRKA>Q
EQQMPLCQOL?LQF@PTMFBAR
"BOQFh@>QBFK1L?LQF@P$KDFKBBOFKD
3EB&O>AR>QB"BOQFh@>QBFK1L?LQF@P$KDFKBBOFKDFK@IRABP
QEBCLIILTFKDOBNRFOBJBKQP
+JA6"BOQFh@>QB
"LOB@OBAFQP
E6> +:E=6 C65:ED
1!$ %LRKA>QFLKPLC1L?LQF@P 
#BMQE@OBAFQP
"LROPBPIFPQBA?BILT.1@OBAFQPLCQEBJ>QF@>IIVOBI>QBA
1!$DO>AR>QBIBSBI@LROPBTLOHTFQE1!$&O>AR>QB/OLDO>J
"LJJFQQBB>MMOLS>I
E6> +:E=6 C65:ED
,$1!$

1L?LQ#VK>JF@P 
1!$ 1L?LQ"LKQOLI 
282 "LK@BMQPLC2VPQBJP$KDFKBBOFKD 
$IB@QFSB@OBAFQP
$IB@QFSBDO>AR>QB@LROPBTLOHFK,>QE2@FBK@BLO
$KDFKBBOFKDTFQE>ASFPLO>MMOLS>I
,2FK1L?LQF@P$KDFKBBOFKD
3EB,2MOLDO>JFK1L?LQF@P$KDFKBBOFKDOBNRFOBP
@OBAFQELROPLCTLOH2QRABKQPJ>VPBIB@Q>KLKQEBPFP
LMQFLKTEF@EOBNRFOBP>@OBAFQ@>MPQLKBABPFDK
MO>@QF@RJLO>QEBPFPLMQFLKTEF@EOBNRFOBP>@OBAFQ
QEBPFP IIBKQBOFKDPQRABKQPJRPQPR?JFQ>MI>KLCPQRAV
FABKQFCVFKDQEB@LROPBPQL?BQ>HBK>KA>MOLPMB@QFSB
MOLGB@QQLMF@?BCLOBQEBBKALCQEBhOPQPBJBPQBOFKQEB
MOLDO>J3EBMI>KLCPQRAVJRPQ?B>MMOLSBA?VQEB
PQRABKQP>ASFPLO>KAQEB1!$&O>AR>QB/OLDO>J
"LJJFQQBB>KAJRPQFK@IRABQEBCLIILTFKDJFKFJRJ
OBNRFOBJBKQP
+JA6,>PQBOLC2@FBK@B
1L?LQF@P"LOB@OBAFQP
QIB>PQ@OBAFQP>OBKBBABA KV>AAFQFLK>I@OBAFQP
>@@ORBACOLJQEBPB@LROPBPTFII?B@LRKQBA>P$IB@QFSBP
2QRABKQPJ>V>MMIVQLPR?PQFQRQBQEB1!$OBNRFOBJBKQ
TFQE@OBAFQPCOLJJLOB>AS>K@BA1!$DO>AR>QB@LROPBP
LQEBOQE>K1!$1!$1!$1!$1!$
>KA1!$3EFPOBNRFOBPQ>HFKD>KBNRFS>IBKQ@LROPB
QO>FKFKDMOFLOQLPQ>OQFKDQLQEBDO>AR>QBMOLDO>J>Q6/(
>KAQEBPQRABKQP>OBOBNRFOBAQLPR?JFQ>MBQFQFLKQLQEB
1!$&O>AR>QB/OLDO>J"LJJFQQBBCLO>MMOLS>I2R@E
>MMOLS>IPJRPQ?BhIBATFQEQEB1BDFPQO>OTFQEFKLKBVB>O
LCQEBA>QBLCJ>QOF@RI>QFLKFKQEBMOLDO>J
%LRKA>QFLKP@OBAFQP
E6> +:E=6 C65:ED
1!$ %LRKA>QFLKPLC1L?LQF@P 
,$1!$

1L?LQ#VK>JF@P 
1!$ 1L?LQ"LKQOLI 
 6/(">Q>ILD
"LOB@OBAFQP
KV1!$LQEBOQE>KQEB>?LSB
$KDFKBBOFKD"LKQBUQ@OBAFQP
@OBAFQPELROPPBIB@QBACOLJQEBCLIILTFKD@LROPBP
E6> +:E=6 C65:ED
$31 $KQOBMOBKBROPEFM>KA(KKLS>QFLK 
$31 3B@EKLILDV"LJJBO@F>IFW>QFLK 
,(2 /OLGB@Q,>K>DBJBKQ 
.!" +B>ABOPEFM 
!42 ,>K>DFKD3B@EKLILDF@>I
(KKLS>QFLK

2@FBK@B>KA3B@EKLILDVCLO
(KKLS>QFLKFK&IL?>I
#BSBILMJBKQ
%>@RIQV
6/(
>>2?F6=8F"LJMRQBO2@FBK@B
#2FC66?=86CE(KQBOK>QFLK>I#BSBILMJBKQ$KSFOLKJBKQ
>KA2RPQ>FK>?FIFQV
=6??2F56EE6!FLJBAF@>I$KDFKBBOFKD
)@36CE"CF686C2L@F>I2@FBK@BP>KA/LIF@V2QRAFBP>KA
/OLDO>J#FOB@QLO
6@N'76:76C#BM>OQJBKQLC&IL?>I2QRAFBP
?:E2$2EED@?"EBJFPQOV>KA!FL@EBJFPQOV
'C2E2A)2@,B@E>KF@>I$KDFKBBOFKD
!6??:76C)F5@=A9'RJ>KFQFBP>KA OQP
=<6)F?56?DE6:?6C#>Q>2@FBK@B
2C@?*2<F=:49"FSFI>KA$KSFOLKJBKQ>I$KDFKBBOFKD
=6I*>:E9$@LKLJF@2@FBK@BP
*E6G6+2J=@C%LFPFB2@ELLILC!RPFKBPP
0F?FD+6==:6='RJ>KFQFBP>KA OQP
'2>.62E96CD!FLILDV>KA!FLQB@EKLILDV
C2:8.:==D"LJMRQBO2@FBK@B
#BKLQBPC>@RIQVP@ELLIABM>OQJBKQMOLDO>JIF>FPLK
"I>OH4KFSBOPFQV
5H2C52CC(KQBOK>QFLK>I#BSBILMJBKQ"LJJRKFQV>KA
$KSFOLKJBKQ(#"$
+:>@E9J@H?D$KSFOLKJBKQ>I2@FBK@B(#"$
06=6?2:>>6=36C86C&(2>KA1BJLQB2BKPFKD(#"$
?E9@?J633:?8E@?&O>AR>QB2@ELLILC&BLDO>MEV
6?:D6F>A9C6JD633:?8E@?(KQBOK>QFLK>I
#BSBILMJBKQ(#"$
!2>6D$FCA9J&O>AR>QB2@ELLILC&BLDO>MEV
$@C82?)F6==6(#"$
#:D:=>@C6(#"$
*925C@4<)@36CED(#"$
gIF>QBA#BM>OQJBKQP>KA
/OLDO>JP>Q6/(
!FLJBAF@>I$KDFKBBOFKD
!FLILDV>KA!FLQB@EKLILDV
"EBJFPQOV>KA!FL@EBJFPQOV
#>Q>2@FBK@B/OLDO>J
$@LKLJF@P2@FBK@B/OLDO>J
%LFPFB2@ELLILC!RPFKBPP
&IL?>I2QRAFBP
(KQBO>@QFSB,BAF>>KA&>JB#BSBILMJBKQ
'RJ>KFQFBP>KA OQP
(KQBOK>QFLK>I#BSBILMJBKQ$KSFOLKJBKQ>KA
2RPQ>FK>?FIFQV/OLDO>J
2L@F>I2@FBK@BP>KA/LIF@V2QRAFBP
/OLDO>JLC2QRAV
,>PQBOLC2@FBK@BFK2@FBK@B>KA3B@EKLILDVCLO&IL?>I
#BSBILMJBKQ
AJFPPFLKP1BNRFOBJBKQP
2QRABKQP>MMIVFKDQLQEB2@FBK@B>KA3B@EKLILDVCLO
(KKLS>QFLKFK&IL?>I#BSBILMJBKQMOLDO>J>OBBUMB@QBA
QLE>SB>KRKABODO>AR>QBABDOBB
,2FK2@FBK@B>KA3B@EKLILDVCLO
(KKLS>QFLKFK&IL?>I#BSBILMJBKQ
2QRABKQPMROPRFKDQEB,2ABDOBBFK2@FBK@B>KA
3B@EKLILDVCLO(KKLS>QFLKFK&IL?>I#BSBILMJBKQJRPQ
@LJMIBQB>JFKFJRJLC@OBAFQPLCOBIBS>KQTLOH>QQEB
DO>AR>QBIBSBI(KPLJB@>PBPPQRABKQPJ>VBKQBOQEB
MOLDO>JFCQEBVE>SB>OBI>QBADO>AR>QB@BOQFh@>QB
2QRABKQPJ>VKLQOBQ>HB@LROPBPQEBVE>SB>IOB>AVQ>HBK>Q
6/(LOBIPBTEBOB
3EBOB>OBQTLMOLGB@QLMQFLKPP>QFPC>@QFLKLCQEBABDOBB
OBNRFOBJBKQP2QRABKQPJ>VQ>HB>QEOBB@OBAFQ&O>AR>QB
0R>IFCVFKD/OLGB@Q&0/LO>PFU@OBAFQ,2QEBPFP2QRABKQP
TFIIQVMF@>IIVE>SB>hBIABUMBOFBK@BKLJ>QQBOTEF@EQO>@H
QEBV@ELLPB3EB,2ABDOBBTFQE>&0/@LK@BKQO>QFLK@>K
?B@LJMIBQBAFKQTBISBJLKQEP3EB,2ABDOBBTFQEQEB
3EBPFPLMQFLKTFIIQVMF@>IIVQ>HBLKB>KA>E>ICQLQTL
>@>ABJF@VB>OP(C>PQRABKQPBBHPQL>AA>I>KDR>DBQL
QEBFOPQRAVQEBMOLDO>JTFIIQ>HBQTLVB>OP
 6/(">Q>ILD
4MLK>@@BMQ>K@BQLQEB,2/OLDO>J>PQRABKQTFII?B
>PPFDKBAQL>QB>JLC>@>ABJF@>ASFPLOPCOLJAFfBOBKQ
AFP@FMIFKBP(K@LKPRIQ>QFLKTFQEQE>Q@LJJFQQBBQEB
PQRABKQJRPQMOBM>OB>/I>KLC2QRAVQE>QLRQIFKBPQEB
M>QET>VQEBPQRABKQTFIIQ>HBQLJBBQQEB,2ABDOBB
OBNRFOBJBKQP
+JA6,>PQBOLC2@FBK@B
"LOB"LROPBTLOH1BNRFOBJBKQ"OBAFQP
PQRABKQFKQEB2@FBK@B3B@EKLILDV>KA(KKLS>QFLKCLO
&IL?>I#BSBILMJBKQMOLDO>JJRPQQ>HBQEB#BPFDK!LLQ
">JMTEF@E?BDFKPFKJFA RDRPQB>@EVB>O
E6> +:E=6 C65:ED
#$5 2L@F>I(KKLS>QFLK>KA&IL?>I
#BSBILMJBKQ

#$5 #BPFDKCLO2L@F>I"E>KDB 
#$5 #BPFDK2QRAFL 
#$5 #BPFDK2QRAFL 
#$5 $QEF@P>KA2L@F>I)RPQF@BFK
2@FBK@B$KDFKBBOFKD>KA
#BSBILMJBKQ
#$5 1BPB>O@E,BQELAP
&O>AR>QB0R>IFCVFKD/OLGB@Q,23EBPFP
\"OBAFQP
E6> +:E=6 C65:ED
#$5 &O>AR>QB0R>IFCVFKD/OLGB@Q 
#$5 ,>PQBOP3EBPFP 
OB>PLC"LK@BKQO>QFLK"OBAFQP
PQRABKQFKQEB2@FBK@B>KA3B@EKLILDVCLO(KKLS>QFLKFK
&IL?>I#BSBILMJBKQMOLDO>JJRPQQ>HB@LROPBTLOHCOLJ
QEBMOLDO>JBIB@QFSBP?BILTQLP>QFPCVQEBOBNRFOBARKFQP
CLODO>AR>QFLK KBIB@QFSBJ>V?B>KVLCQEBPBDO>AR>QB
IBSBI@LROPBP>KARKABODO>AR>QB@LROPBP>P>MMOLSBA?V
QEB>ASFPLOV@LJJFQQBB>KA>ABM>OQJBKQIF>FPLK2QRABKQP
JRPQE>SBQEBMOBOBNRFPFQBHKLTIBADBFCOBNRFOBAQLQ>HB
@LROPBPLRQPFABQEBMOLDO>J
6EFIBABPFDKQEFKHFKDCLOP@FBK@B>KAQB@EKLILDVCLO
FKKLS>QFLKFKDIL?>IABSBILMJBKQFP>QQEB@LOBLCQEFP
ABDOBBOBNRFOBJBKQPQRABKQPJ>VQ>FILOQEBFOMOLDO>JQL
PRFQQEBFOMOLCBPPFLK>IKBBAP"LROPBPBIB@QFLKPELRIA
MOLSFAB>ILDF@>IMOLDO>JLCPQRAV6BBUMB@QQE>QQEB
BIB@QFSB@LROPBPTFII>AAABMQEFK>QIB>PQLKB
@LK@BKQO>QFLK3EBIFPQLCMOB>MMOLSBA@LROPBPCLIILTP
.QEBO@LROPBPJ>V?B>@@BMQ>?IB?RQTFIIOBNRFOB>MMOLS>I
COLJQEB>ASFPLOV@LJJFQQBB>KAQEBABM>OQJBKQIF>FPLK
TEBKKB@BPP>OV
2VPQBJ#VK>JF@P
%>@RIQV
&-'2G=@G PPL@F>QB/OLCBPPLO/E#4KFSBOPFQVLC
2LRQEBOK">IFCLOKF>$@LKLJF@PLCFKCLOJ>QFLK
PVPQBJPMLIFQF@>IB@LKLJVPVPQBJAVK>JF@P
@LJMRQ>QFLK>IB@LKLJF@P@LJMIBUB@LKLJF@AVK>JF@P
LM>SILSTMFBAR
$!)25K:4<: PPL@F>QB/OLCBPPLO/E#4KFSBOPFQVLC
-LQOB#>JB,>@OLB@LKLJF@PJLKBQ>OVQEBLOV
PVPQBJAVK>JF@PMOBAF@QFSB>K>IVQF@P>RQLJ>QBAQO>AFKD
PVPQBJPJGO>AWTMFBAR
"*2665/OLCBPPLO/E#,>PP>@ERPBQQP(KPQFQRQBLC
3B@EKLILDV2RPQ>FK>?IBB@LKLJF@ABSBILMJBKQ
PVPQBJAVK>JF@PLOD>KFW>QFLK>IABSBILMJBKQMLIFQF@>I
B@LKLJVEB>IQE@>OBABIFSBOVP>BBATMFBAR
AGRK@Q%>@RIQV
"9:492<=J/E#4KFSBOPFQVLC5BOJLKQ"L
/OBPFABKQ(2$$2VPQBJP
)36C=6:?/E#,>PP>@ERPBQQP(KPQFQRQBLC3B@EKLILDV
"L/OBPFABKQ(2$$2VPQBJP
!$@C64C@7E/E#,>PP>@ERPBQQP(KPQFQRQBLC3B@EKLILDV
2BKFLO%BIILT,>K>DBJBKQ2@FBK@B>KA.MBO>QFLKP
+LKALK!RPFKBPP2@ELLI
".2CC6?/E#+LKALK!RPFKBPP2@ELLI"E>FOJ>K
&IL?>I2QO>QBDV#VK>JF@P
/OLDO>JLC2QRAV
2VPQBJAVK>JF@PFP>AVK>JF@@LJMRQBOJLABIFKD
QB@EKFNRBQE>QFPMOFJ>OFIVRPBACLOQEOBBFKQBOOBI>QBA
MROMLPBP%FOPQQLBU>JFKBQEBFJMIF@>QFLKP@LPQP?BKBhQP
QO>ABLfPBQ@LSBOQFJBLC@LJMBQFKDPVPQBJABPFDKPQE>Q
>IQBOQEBPQOR@QROBPLC@LJMIBUPL@F>IMEVPF@>I>KALO
?FLILDF@>IPVPQBJP2B@LKAQLMOLJLQBPQO>QBDF@QEFKHFKD
>JLKDJLABIRPBOP?VC>@FIFQ>QFKD[PFKDIB>KAJRIQFMI>VBO
@LJMBQFQLO^P@BK>OFLP>KA[TE>QFC^>K>IVPBP KAQEFOAQL
EBIMJLABIRPBOPOB>@E>KFKCLOJBA@LKPBKPRPLK
MOLMLPBA@E>KDBPQLQEBPQOR@QROBPLC@LJMIBUPL@F>I
MEVPF@>I>KALO?FLILDF@>IPVPQBJP
IQELRDE@LJMRQBOPFJRI>QFLKJLABIFKDRPBAQL?B>K
BUQOBJBIVQB@EKF@>I>OB>QE>QT>PIFJFQBAQLPMB@F>IFPQP
JLABOKPLCQT>OB>KAE>OAT>OBPLIRQFLKPE>SBJ>ABFQ
JR@EJLOB>@@BPPF?IB>KAMO>@QF@>ICLO>PPFPQFKDAB@FPFLK
J>HFKD>Q>KVIBSBIFKLO?BQTBBKLOD>KFW>QFLKP PPR@E
QEBOBFP>PQOLKD>KADOLTFKDABJ>KACLODO>AR>QBIBSBI
QO>FKFKDFK@LJMIBUPVPQBJPJLABIFKD>KA[PVPQBJP
 6/(">Q>ILD
QEFKHFKD^FK?LQEQEBMR?IF@>KAMOFS>QBPB@QLOP3LJBBQ
QEFPABJ>KA6/(LfBOP>S>OFBQVLCDO>AR>QB@LROPBPFK
PVPQBJPJLABIFKD?LQELKIFKB>KALK@>JMRP
6/(PPVPQBJAVK>JF@PMOLDO>J@LKPFPQPLC>&O>AR>QB
"BOQFh@>QBFK2VPQBJ#VK>JF@P>,>PQBOLC2@FBK@BFK
2VPQBJ#VK>JF@P>KA>KFKQBOAFP@FMIFK>OV,>PQBOLC
2@FBK@BFK2VPQBJP,LABIFKD2QRABKQPJ>V>IPLRQFIFWB
6/(PFKQBOAFP@FMIFK>OV/E#CO>JBTLOHQL@OB>QB>RKFNRB
AL@QLO>IMOLDO>JQE>Q?IBKAPPVPQBJAVK>JF@PJLABIFKD
TFQE>KLQEBO>@>ABJF@AFP@FMIFKB
!2,2FK2VPQBJ#VK>JF@PLO2VPQBJ
,LABIFKD
3EBOBNRFOBJBKQPCLO6/(P,>PQBOLC2@FBK@BFK2VPQBJ
#VK>JF@P>KA,>PQBOLC2@FBK@BFK2VPQBJP,LABIFKD
ABDOBBP>OBABPFDKBAPLQE>QFQPMLPPF?IBCLO6/(
RKABODO>AR>QBPQLMROPRB>hSBVB>O!2,2MOLDO>JFK
TEF@EQEB!>@EBILOP#BDOBBFP>T>OABAFK>KVJ>GLO
LfBOBA?V6/(>KAQEB,>PQBO#BDOBBFP>T>OABAFKBFQEBO
2VPQBJ#VK>JF@PLO2VPQBJP,LABIFKD
6/(>IILTPQEBALR?IB@LRKQFKDLCRMQLQTBISB@OBAFQPCLO
PQRABKQPMROPRFKD>!2,2MOLDO>J3EFPLSBOI>M@>K?B
>@EFBSBAFKPBSBO>IT>VP
] "OBAFQPCOLJRMQLQTLDO>AR>QBPVPQBJAVK>JF@P
PVPQBJPJLABIFKD@LROPBPJ>V?B@LRKQBAQLT>OA
JBBQFKD6/(PRKABODO>AR>QBPL@F>IP@FBK@B
OBNRFOBJBKQ
] "OBAFQPCOLJRMQLCLRODO>AR>QBPVPQBJAVK>JF@P
PVPQBJPJLABIFKD@LROPBPJ>V?B@LRKQBAQLT>OA
JBBQFKD6/(PRKABODO>AR>QBJ>QEBJ>QF@P
BKDFKBBOFKDP@FBK@BBIB@QFSBOBNRFOBJBKQPR?GB@QQL
QEB>MMOLS>ILCQEBABM>OQJBKQLfBOFKDQEBPQRABKQP
J>GLO
] "OBAFQPCOLJRMQLQTLIBSBIRKABODO>AR>QB
@LROPBPQ>HBKFK>PQRABKQPJ>GLO>OB>LCPQRAVJ>V
?B@LRKQBAQLT>OA6/(P,>PQBO#BDOBBFK2VPQBJ
#VK>JF@PLO2VPQBJP,LABIFKDFCQEBV@>K?BMI>@BA
FKLKBLCQEB@>QBDLOFBPIFPQBAFKQEB#BDOBB
1BNRFOBJBKQPCLOQEB,>PQBOLC2@FBK@BFK2VPQBJ
#VK>JF@PPB@QFLKLOQEB#BDOBB1BNRFOBJBKQPCLOQEB
,>PQBOLC2@FBK@BFK2VPQBJP,LABIFKDPB@QFLK>?LSB
>KA>OB>MMOLSBA?VQEB#FOB@QLOLC6/(P&O>AR>QB
/OLDO>JFK2VPQBJ#VK>JF@P
] 4MQLQEOBBDO>AR>QB@OBAFQP@>K?BB>OKBA?VALR?IB
@LRKQFKD>6/((KQBO>@QFSB0R>IFCVFKD/OLGB@QLO6/(
,>GLO0R>IFCVFKD/OLGB@QFCFQFKSLISBPPR?PQ>KQF>IRPB
LCPVPQBJAVK>JF@P>Q>K>AS>K@BAIBSBIPR?GB@QQL
QEB>MMOLS>ILCQEB#FOB@QLOLC6/(P&O>AR>QB
/OLDO>JFK2VPQBJ#VK>JF@P
+JA6!2,2
&O>AR>QB"BOQFh@>QB/OLDO>JFK2VPQBJ
#VK>JF@P
"BOQFh@>QB1BNRFOBJBKQP
6/(P&O>AR>QB"BOQFh@>QBFK2VPQBJ#VK>JF@POBNRFOBP
hCQBBK@OBAFQELROPLCDO>AR>QBPQRAVFBhSB@LROPBP
2QRABKQPJRPQTLOHTFQE>C>@RIQV>ASFPLOQL@OB>QB>/I>K
LC2QRAVQE>Q@LKPFPQPLCQTLCLRKA>QFLK>IJLABIFKD
@LROPBP>KAQEOBBBIB@QFSB@LROPBP@LSBOFKD
JBQELALILDF@>ILO>MMIF@>QFLKQLMF@P PQRABKQP/I>KLC
2QRAVJRPQ?BPMB@FhBAKLI>QBOQE>KQEBQFJBLCQEB
@LJMIBQFLKLCEFPLOEBOPB@LKADO>AR>QBPVPQBJAVK>JF@P
@LROPB
AJFPPFLK
PQRABKQTFII?BBIFDF?IBQL>MMIVCLO>AJFPPFLKFKQL6/(P
&O>AR>QB"BOQFh@>QBFK2VPQBJ#VK>JF@PMOLDO>JFCQEBV
E>SBB>OKBA>KRKABODO>AR>QBABDOBBCOLJ>K>@@OBAFQBA
@LIIBDBLORKFSBOPFQV II>AJFPPFLKAB@FPFLKPTFII?BJ>AB
?VQEB#FOB@QLOLC6/(P&O>AR>QB/OLDO>JFK2VPQBJ
#VK>JF@P'BLOPEBTFII@LKPFABO>IIFKCLOJ>QFLK@LKQ>FKBA
FK>PQRABKQP>MMIF@>QFLKFK@IRAFKDEFPEBOMOFLO>@>ABJF@
MBOCLOJ>K@BMOLCBPPFLK>IBUMBOFBK@BIBQQBOPLC
OB@LJJBKA>QFLKBQ@
+JA6"BOQFh@>QB
,2FK2VPQBJ#VK>JF@P
3EB,>PQBOLC2@FBK@BFK2VPQBJ#VK>JF@PMOLDO>JFP
ABPFDKBAQLMOBM>OBPQRABKQPCLOQEBMOLCBPPFLK>IMO>@QF@B
LCPVPQBJAVK>JF@P@LJMRQBOPFJRI>QFLKJLABIFKD3EB
@ROOF@RIRJFPABPFDKBAQLMOLSFABPQRABKQPTFQE>K
RKABOPQ>KAFKDLCQEBPQL@HiLTCBBA?>@HILLMPQOR@QROBP
QE>Q@>RPBL?PBOSBAM>QQBOKPLC?BE>SFLOFK@LJMIBUPL@F>I
MEVPF@>I>KALO?FLILDF@>IPVPQBJP>PTBII>PHKLTIBADBLC
QEBRPBLCAVK>JF@PFJRI>QFLKJLABIFKDCLOBUMBOFJBKQ>I
>K>IVPFP>FJBA>QPLISFKD>S>OFBQVLCMOL?IBJPFKQEB
MR?IF@>KAMOFS>QBPB@QLOP3EFPQO>FKFKDBK>?IBPPQRABKQPQL
ILLH>@OLPPAFP@FMIFK>OV?LRKA>OFBPQLELIFPQF@>IIV
ABQBOJFKBQEBABPFOBA>KARKFKQBKQFLK>IFJM>@QPLCTBII
FKQBKQFLKBAMLIF@FBP>KAQB@EKLILDF@>IPLIRQFLKP>KADFSBP
QEBJFKPFDEQPFKQLQEBMLIF@VFJMIBJBKQ>QFLKMOL@BPPFK>
S>OFBQVLCLOD>KFW>QFLK>IPBQQFKDP
,>KVLOD>KFW>QFLKP>OB@ROOBKQIVPRMMLOQFKDQEBQO>FKFKDLC
QEBFOJ>K>DBOPFKPVPQBJPQEFKHFKD>KAPVPQBJAVK>JF@P
>PQEBVOBD>OAQEBPBMBOPMB@QFSBPBPPBKQF>ICLOPR@@BPPCRIIV
K>SFD>QFKDQEBJLABOKTLOIA"LJ?FKBATFQE>K
RKABODO>AR>QBABDOBBFKBKDFKBBOFKDQEBIFCBP@FBK@BP
?RPFKBPPQEBERJ>KFQFBPLOQEBPL@F>IP@FBK@BP>,>PQBO
#BDOBBFK2VPQBJ#VK>JF@PBK>?IBP>AB@FPFLKJ>HBOQL
JLOBCRIIVRKABOPQ>KA@OLPPAFP@FMIFK>OVFPPRBP>KAQERP
 6/(">Q>ILD
@LKQOF?RQBFKFKKLS>QFSBT>VPQLQEBFOLOD>KFW>QFLKP
PR@@BPP6/(P,>PQBOLC2@FBK@BFK2VPQBJ#VK>JF@PJ>V
?BMROPRBALKIFKBLOLK@>JMRP
#BDOBB1BNRFOBJBKQP
6/(P,>PQBOLC2@FBK@BFK2VPQBJ#VK>JF@POBNRFOBPQEFOQV
@OBAFQELROPLCDO>AR>QBPQRAVFBQBK@LROPBP QIB>PQ
QTBKQVLKBLCQEBPB@OBAFQPJRPQ?BB>OKBA?VQ>HFKD
@LROPBPFKPVPQBJAVK>JF@P2QRABKQPJ>VPBIB@Q@LROPBP
COLJQEOBB@>QBDLOFBP%LRKA>QFLK>I"LROPBPPFU
@OBAFQP,BQELALILDF@>I"LROPBPKFKBQLQTBISB
@OBAFQP>KA MMIF@>QFLK"LROPBPPFUQLKFKB@OBAFQP
3EBOBJ>FKFKDKFKB@OBAFQPJ>V?BB>OKBA?VQ>HFKD
>AAFQFLK>IDO>AR>QB@LROPBPFKPVPQBJAVK>JF@P
J>QEBJ>QF@PLOD>KFW>QFLK>I?BE>SFLOhK>K@BB@LKLJF@P
BQ@ IQBOK>QFSBIVRMQLPFU@OBAFQPJ>V?BB>OKBAQEOLRDE
MOLGB@QTLOHPRMBOSFPBA?V>JBJ?BOLCQEBC>@RIQV
2QRABKQPJRPQTLOHTFQE>C>@RIQV>ASFPLOQL@OB>QB>/I>K
LC2QRAVQE>QJRPQ?BPR?JFQQBAQLQEB#FOB@QLOLCQEB
&O>AR>QB/OLDO>JFK2VPQBJ#VK>JF@PAROFKDEFPLOEBO
hOPQPBJBPQBOFKQEBMOLDO>J2QRABKQPTELE>SB
MOBSFLRPIVB>OKBA>&O>AR>QB"BOQFh@>QBFK2VPQBJ
#VK>JF@P>KATFPEQL@LKQFKRBQEBFOPQRAFBPQLQEB,>PQBO
IBSBIPELRIAPR?JFQQEBFO/I>KLC2QRAVTFQEQEBFO
>MMIF@>QFLKCLO>AJFPPFLK
AJFPPFLK
PQRABKQTFII?BBIFDF?IBQL>MMIVCLO>AJFPPFLKFKQL6/(P
,>PQBOLC2@FBK@BFK2VPQBJ#VK>JF@PMOLDO>JFCQEBVE>SB
B>OKBA>KRKABODO>AR>QBABDOBBCOLJ>K>@@OBAFQBA
@LIIBDBLORKFSBOPFQV AJFPPFLKFP>IPLLMBKQL
RKABODO>AR>QBPQRABKQPTEL>OBBKOLIIBAFK6/(PhSBVB>O
!2,2MOLDO>JTFQEQEBPQRABKQPRKABODO>AR>QBJ>GLO
?BFKDABQBOJFKBA?VEFPLOEBOFKQBOBPQP II>AJFPPFLK
AB@FPFLKPTFII?BJ>AB?VQEB#FOB@QLOLC6/(P&O>AR>QB
/OLDO>JFK2VPQBJ#VK>JF@P'BLOPEBTFII@LKPFABO>II
FKCLOJ>QFLK@LKQ>FKBAFK>PQRABKQP>MMIF@>QFLKFK@IRAFKD
EFPEBOMOFLO>@>ABJF@MBOCLOJ>K@BMOLCBPPFLK>I
BUMBOFBK@BIBQQBOPLCOB@LJJBKA>QFLKBQ@
+JA6,>PQBOLC2@FBK@B
,2FK2VPQBJP,LABIFKD
3EBQBOJ[PVPQBJPJLABIFKD^FPKLQIFJFQBAPMB@Fh@>IIVQL
PVPQBJAVK>JF@PJLABIFKD(KABBALQEBOJLABIFKD
QB@EKFNRBP@>K>IPL?B@I>PPFhBARKABO>PVPQBJPEB>AFKD
3EB@ROOF@RIRJBJ?LAFBAFK6/(P,>PQBO#BDOBBFK
2VPQBJP,LABIFKD?IBKAP?LQEPVPQBJAVK>JF@P@LROPBP
>KAJLOBQO>AFQFLK>IJ>QEBJ>QF@>IJLABIFKD@LROPBPQL
@OB>QB>?OL>ABOMOLDO>JBJ?LAVFKD>PVPQBJPLO
BKQBOMOFPBMBOPMB@QFSB
6/(PPVPQBJPJLABIFKD@ROOF@RIRJFKSLISBP?LQEBU>@Q
>K>IVQF@>I>KAKRJBOF@>IFB@LJMRQBOPFJRI>QFLK?>PBA
>MMOL>@EBPQLQEB@LKPQOR@QFLKLCJ>QEBJ>QF@>IJLABIPLC
@LJMIBUAVK>JF@PL@FLB@LKLJF@MEVPF@>ILO?FLILDF@>I
PVPQBJP(Q?RFIAPLKJBQELAPK>QFSBQL>S>OFBQVLChBIAP
PR@E>PLMBO>QFLKPOBPB>O@E@LKQOLIQEBLOVKRJBOF@>I
JBQELAP>KA@LJMRQBOPFJRI>QFLKQLBPQ>?IFPE>?OL>A
RKABOPQ>KAFKDLCQEBJ>QEBJ>QF@PLCPVPQBJPJLABIFKD
TEF@EFPQEBK>MMIFBAQL>MIBQELO>LCALJ>FKPPR@E>P
J>K>DBJBKQB@LILDVB@LKLJF@P>KA?FLILDV2VPQBJP
JLABIFKDPQRABKQPPQRAVQEBCLRKA>QFLKPLCPVPQBJ
AVK>JF@P>PTBII>PFQPJBQELALILDF@>IOLLQPFKLQEBO
AFP@FMIFKBPMOBM>OFKDQEBJQLJL?FIFWBQEB@LK@BMQPQEBV
IB>OKQLPLISBOB>ITLOIAMOL?IBJP
#BDOBB1BNRFOBJBKQP
6/(P,>PQBOLC2@FBK@BFK2VPQBJP,LABIFKDOBNRFOBPQEFOQV
@OBAFQELROPLCDO>AR>QBPQRAVFBQBK@LROPBP%FCQBBK
@OBAFQELROPFBhSB@LROPBPJRPQ?BB>OKBAFKQEBhBIALC
PVPQBJAVK>JF@P>KAhCQBBK@OBAFQELROPFBhSB@LROPBP
JRPQ?BB>OKBAFKQEB>OB>LCJ>QEBJ>QF@>IJLABIFKD>KA
LO>K>MMIF@>QFLK>OB>BDFKARPQOF>IBKDFKBBOFKD
J>K>DBJBKQMLTBOPVPQBJPEB>IQE@>OBABIFSBOVBQ@4M
QLPFU@OBAFQPCOLJQEB>MMIF@>QFLK>OB>LOCOLJ
J>QEBJ>QF@>IJLABIFKD@>K?BB>OKBAQEOLRDEMOLGB@Q
TLOHPRMBOSFPBA?V>K>MMOLMOF>QBJBJ?BOLCQEBC>@RIQV
2QRABKQPJRPQTLOHTFQE>C>@RIQV>ASFPLOQL@OB>QB>/I>K
LC2QRAVQE>QJRPQ?BPR?JFQQBAQLQEB#FOB@QLOLCQEB
&O>AR>QB/OLDO>JFK2VPQBJ#VK>JF@PAROFKDEFPLOEBO
hOPQPBJBPQBOFKQEBMOLDO>J2QRABKQPTELE>SB
MOBSFLRPIVB>OKBA>&O>AR>QB"BOQFh@>QBFK2VPQBJ
#VK>JF@P>KATFPEQL@LKQFKRBQEBFOPQRAFBPQLQEB,>PQBO
IBSBIPELRIAPR?JFQQEBFO/I>KLC2QRAVTFQEQEBFO
>MMIF@>QFLKCLO>AJFPPFLK
AJFPPFLK
PQRABKQTFII?BBIFDF?IBQL>MMIVCLO>AJFPPFLKFKQL6/(P
,>PQBOLC2@FBK@BFK2VPQBJP,LABIFKDFCQEBVE>SBB>OKBA
>KRKABODO>AR>QBABDOBBCOLJ>K>@@OBAFQBA@LIIBDBLO
RKFSBOPFQV II>AJFPPFLKAB@FPFLKPTFII?BJ>AB?VQEB
#FOB@QLOLC6/(P&O>AR>QB/OLDO>JFK2VPQBJ#VK>JF@P
'BLOPEBTFII@LKPFABO>IIFKCLOJ>QFLK@LKQ>FKBAFK>
PQRABKQP>MMIF@>QFLKFK@IRAFKDEFPEBOMOFLO>@>ABJF@
MBOCLOJ>K@BMOLCBPPFLK>IBUMBOFBK@BIBQQBOPLC
OB@LJJBKA>QFLKBQ@
+JA6,>PQBOLC2@FBK@B
/E#FK2VPQBJ#VK>JF@P
6/(P#BM>OQJBKQLC2L@F>I2@FBK@B/LIF@V2QRAFBPLfBOP
>KFKQBOAFP@FMIFK>OV/E#MOLDO>JFKPVPQBJAVK>JF@PFK
 6/(">Q>ILD
TEF@EPQRABKQPTLOHTFQEC>@RIQVCOLJQEB#BM>OQJBKQLC
2L@F>I2@FBK@B/LIF@V2QRAFBP>KALQEBO6/(/E#
DO>KQFKDABM>OQJBKQPQL>MMIVQEBQLLIP>KAMBOPMB@QFSBLC
PVPQBJAVK>JF@PQL@E>IIBKDFKDMOL?IBJPFK>S>OFBQVLC
>@>ABJF@AFP@FMIFKBP6LOHFKDTFQEEFPLOEBOC>@RIQV
>ASFPLOP>PQRABKQMOBM>OBP>/I>KLC2QRAVQ>FILOBAQLEFP
LOEBOFKQBOBPQPQE>QFK@IRABPDO>AR>QB@LROPBTLOHFK
PVPQBJAVK>JF@P>PTBII>P>K>OB>LC>MMIF@>QFLK2BBM>DB
CLOABQ>FIP>?LRQFKAFSFAR>IIVABPFDKBA
FKQBOAFP@FMIFK>OV/E#ABDOBBP
#L@QLO>I"LJJFQQBB>KA/I>KLC2QRAV
$>@E/I>KLC2QRAVFK6/(P(KQBOAFP@FMIFK>OV/E#/OLDO>J
FK2VPQBJ#VK>JF@PFPQ>FILOBAQL>PQRABKQPFKQBOBPQP>P
TBII>PQLQELPBLCQEBM>OQF@FM>QFKDJBJ?BOPLCQEBC>@RIQV
3EBhOPQPQBMFK@OB>QFKD>/I>KLC2QRAVFPQL>PPBJ?IB>K
FKQBOAFP@FMIFK>OVAL@QLO>IMOLDO>J@LJJFQQBB3EFP
@LJJFQQBBJRPQ@LKPFPQLC>QIB>PQQEOBBJBJ?BOPLCQEB
C>@RIQVTFQE>QIB>PQLKBJBJ?BOLCQEB@LJJFQQBBAO>TK
COLJB>@EM>OQF@FM>QFKDABM>OQJBKQ
3EB/I>KLC2QRAVFQPBICFPABSBILMBA?VQEBPQRABKQFK
@LKPRIQ>QFLKTFQEEFPLOEBOAL@QLO>I@LJJFQQBB(QJRPQ
LRQIFKB>QIB>PQPFUQV@OBAFQELROPLCDO>AR>QBTLOH
ABPFDKBAQLBK>?IBQEBPQRABKQQLALLOFDFK>IOBPB>O@E
FKSLISFKDQEB>MMIF@>QFLKLCPVPQBJAVK>JF@PQL>
@E>IIBKDFKDMOL?IBJPFK>M>OQF@RI>OALJ>FK3EB/I>KLC
2QRAVPELRIA>AAOBPPQEBKBBAP>KAFKQBOBPQPLC?LQEQEB
PQRABKQ>KAM>OQF@FM>QFKDC>@RIQV>PTBII>PJBBQ>IIQEB
OBNRFOBJBKQPCLOQEB/E#
#BDOBB1BNRFOBJBKQP
(K>AAFQFLKQLJBBQFKD6/(PDBKBO>IOBNRFOBJBKQPCLO>
/E#PQRABKQPFKQEB(KQBOAFP@FMIFK>OV/E#/OLDO>JFK
2VPQBJ#VK>JF@PJRPQ@LJMIBQBCLROJ>GLOPQBMP
 2R?JFQ>/I>KLC2QRAV>MMOLSBA?VEFPLOEBO
AL@QLO>I@LJJFQQBBQL6/(P.g@BLCQEB1BDFPQO>O
 />PP>NR>IFCVFKDBU>JMOFLOQL@LJMIBQFKDBFDEQBBK
@OBAFQELROPFBPFU@LROPBPLCDO>AR>QBPQRAV3EB
MROMLPBLCQEFPBU>JFPQLEBIMQEBPQRABKQPAL@QLO>I
@LJJFQQBB>P@BOQ>FKTEBQEBOLOKLQEFPLOEBO
@LROPBTLOHFPLKQO>@HDFSBKQEBOBPB>O@E>DBKA>
LRQIFKBAFKEFPLOEBO/I>KLC2QRAV
 />PP>AFPPBOQ>QFLKMOLMLP>IABCBKPB3EFPBU>JFP
EBIA>CQBO>PQRABKQE>P@LJMIBQBAEFPLOEBO@LROPB
TLOH>KAMOBM>OBA>CLOJ>IAFPPBOQ>QFLKMOLMLP>I
3EBMROMLPBLCQEFPBU>JFPQTLCLIA%FOPQQLBK>?IB
QEBPQRABKQPAL@QLO>I@LJJFQQBBQLABQBOJFKB
TEBQEBOLOKLQQEBMOL?IBJPQEBPQRABKQE>P
@ELPBKCLOQEBAFPPBOQ>QFLKFP@LJMIBUBKLRDEQL
T>OO>KQ>/E#?RQKLQPL@LJMIBU>PQL?B
RKhKFPE>?IBFK>OB>PLK>?IB>JLRKQLCQFJB2B@LKA
QLBK>?IBQEBPQRABKQPAL@QLO>I@LJJFQQBBQL
ABQBOJFKBTEBQEBOLOKLQQEB>MMOL>@EQLPLISFKD
QEBMOL?IBJPQEBPQRABKQE>PMOLMLPBAFPIFHBIVQL
VFBIAKBT>KAP@FBKQFh@>IIVS>IFAOBPRIQPFCEBLOPEB
CLIILTPQEB>MMOL>@E@LOOB@QIV CQBOM>PPFKDQEFP
BU>J>PQRABKQFP@LKPFABOBAQL?B>/E#">KAFA>QB
 />PP>AFPPBOQ>QFLKABCBKPB3EFPBU>JFPEBIA>CQBO>
PQRABKQE>P@LJMIBQBAEFPLOEBOAFPPBOQ>QFLK
OBPB>O@E3EBMROMLPBLCQEBBU>JFPQLMOLSFABQEB
PQRABKQPAL@QLO>I@LJJFQQBBTFQE>@E>K@BQL
BS>IR>QBQEBhK>IMOLAR@QFKFQPBKQFOBQV>PTBII>PQL
BK>?IBQEB6/(@LJJRKFQV>QI>ODBQL?BBUMLPBAQL
QEBLOFDFK>ITLOHLC>KBTP@ELI>O
2RJJ>OVLC/LPQ,>PQBO#BDOBB"OBAFQP
 /OB0R>IFCVFKD$U>J"LROPBTLOH$FDEQBBK@OBAFQP
FBPFU@LROPBP
 /LPQ0R>IFCVFKD$U>J"LROPBTLOH JFKFJRJLCPFU
@OBAFQPFB>JFKFJRJLCQTL@LROPBP
 /LPQ0R>IFCVFKD$U>J/OB">KAFA>@V$U>J 
J>UFJRJLCBFDEQBBKAFPPBOQ>QFLK@OBAFQP
 /LPQ">KAFA>@V$U>J JFKFJRJLCQTBISB
AFPPBOQ>QFLK@OBAFQP
 AAFQFLK>I&O>AR>QB"LROPBTLOHLO#FPPBOQ>QFLK
"OBAFQP PKB@BPP>OV
-LQBQE>QFKLOABOQLDO>AR>QB>PQRABKQJRPQB>OKMLPQ
,>PQBOABDOBB>QLQ>ILC>QIB>PQQEFOQVAFPPBOQ>QFLK@OBAFQP
COLJKRJ?BOP>KA>?LSB>KA>QLQ>ILC>QIB>PQPFUQV
DO>AR>QB@OBAFQPCOLJKRJ?BOP>?LSB
AJFPPFLK
3EBDBKBO>I>AJFPPFLK@OFQBOF>CLO6/(P/E#MOLDO>JP>OB
@LKQ>FKBALKM>DBLCQEFP&O>AR>QB">Q>ILD MMIF@>KQP
QLQEB(KQBOAFP@FMIFK>OV/E#/OLDO>JFK2VPQBJ#VK>JF@P
JRPQE>SBB>OKBA?LQE>?>@EBILOABDOBB>KA>,>PQBO
ABDOBBCOLJ>K>@@OBAFQBA@LIIBDBLORKFSBOPFQV>KAQ>HB
QEB&1$3EB&1$@>K?BT>FSBAELTBSBOTFQEQEB
>MMOLS>ILC6/(P&O>AR>QB2VPQBJ#VK>JF@P"LJJFQQBB
+JA6/E#
 6/(">Q>ILD
2VPQBJ#VK>JF@P>KA
(KKLS>QFLK,>K>DBJBKQ
)LFKQ#BDOBB/OLDO>J\,2
!2,2>KA&O>AR>QB
"BOQFh@>QB
3EBMOLDO>JFPABPFDKBAQLHBBMPQRABKQP>QQEBCLOBCOLKQ
LC?RPFKBPPFKKLS>QFLKP?VIB>OKFKDQEBBPPBKQF>IMOFK@FMIBP
>KAQB@EKFNRBPLCPVPQBJAVK>JF@P>KA?V>MMIVFKDQEBJ
QL@OFQF@>IFPPRBPFKS>OFLRP?RPFKBPPBKSFOLKJBKQP3EB
MOLDO>JMOBM>OBPPQRABKQPQL?B@LJBM>OQLCQEBKBUQ
DBKBO>QFLKLC?RPFKBPPIB>ABOPTFQE@LJMBQBK@VFK
RKABOPQ>KAFKDFKQBOK>IAVK>JF@PLC@LJMIBUERJ>K
PVPQBJPPLQEBV>OBBNRFMMBATFQEQEBHKLTIBADBQLLIP
>KAPHFIIPQLPQO>QBDF@>IIVFKiRBK@BAB@FPFLKJ>HFKDFK>KV
LOD>KFW>QFLK>ILOPL@FBQ>IPBQQFKD
&O>AR>QBPLCQEFPMOLDO>JTFII?B>?IBQL
] ,LABI>@LJMIBU?RPFKBPPAB@FPFLKJ>HFKDPFQR>QFLK
QL?BQQBORKABOPQ>KAQEB?BE>SFLO>KAFABKQFCV
RKABOIVFKDFKiRBKQF>IC>@QLOPPL>PQLMOLSFAB
BfB@QFSB>KAPRPQ>FK>?IBFKKLS>QFSBFAB>P>PM>OQLC
SFQ>ICLO@BLC@E>KDB
] 2VKQEBPFWB>KAAFP@BOKQEBFJM>@QLCMLIF@FBP>KA
QB@EKLILDF@>IPLIRQFLKPFK@LJMIBUPVPQBJP>@OLPP
FKQBOAFP@FMIFK>OV?LRKA>OFBP
] #BJLKPQO>QBSFPFLK>OVIB>ABOPEFM>KAJ>K>DBJBKQ
>@RJBK?V>@NRFOFKDQEBQB@EKF@>IMOLCBPPFLK>I>KA
MBOPLK>IHKLTIBADBQLQO>KPCLOJ>KALOBKE>K@B
LOD>KFW>QFLKP
%>@RIQV
*E>IFA2>BBA2L@F>I2@FBK@B>KA/LIF@V2QRAFBP
#BM>OQJBKQ#FOB@QLOLCQEB/OLDO>J
,FHB$IJBP%LFPFB2@ELLILC!RPFKBPP"L#FOB@QLOLCQEB
/OLDO>J
IIC>@RIQVFKQEB%LFPFB2@ELLILC!RPFKBPP>KAFKQEB
2VPQBJ#VK>JF@PMOLDO>J>OB>gIF>QBAC>@RIQVCLOQEB
2#(,/OLDO>J
/OLDO>JPLC2QRAV
,2!2,2>KA&O>AR>QB"BOQFh@>QB
AJFPPFLKP1BNRFOBJBKQP
%LO,22#(,
MMIF@>KQPJRPQCLIILTQEBOBNRFOBJBKQPPBQCLOQECLO>II
6/(DO>AR>QB>MMIF@>KQPEQQMPTTTTMFBAR
>AJFPPFLKPDO>AR>QB2MB@Fh@>IIV>?>@EBILOPABDOBBFP
OBNRFOBAFK>KVAFP@FMIFKB>ILKDTFQE>K>@@BMQ>?IBP@LOB
LKBFQEBO&, 3LO&1$BU>JFK>QFLK3EB>AJFPPFLK
AB@FPFLKFPJ>AB?>PBALKQEBLSBO>IIMOLhIBLC>K
>MMIF@>KQ6EFIBQEBOBFPKLPMB@Fh@RKABODO>AR>QBJ>GLO
OBNRFOBATB?BIFBSBPQRABKQPQE>QTFIIJLPQIFHBIVPR@@BBA
FKQEBMOLDO>JTFIIE>SBE>A>@>ABJF@QO>FKFKD>KALO
TLOHBUMBOFBK@BFK23$,PL@F>IP@FBK@BB@LKLJF@PLO
LMBO>QFLKPOBPB>O@EJ>K>DBJBKQ
!2,2FK2VPQBJ#VK>JF@P>KA
(KKLS>QFLK,>K>DBJBKQ
2QRABKQP@>K>IPLMROPRB>!2,2ABDOBB@LJ?FKFKD>KV
RKABODO>AR>QBJ>GLOTFQE,2FK2#(,2QRABKQPBKOLIIBA
FKQEB!2,2MOLDO>JJRPQP>QFPCV>IIQEBMOLDO>J
OBNRFOBJBKQPLCQEBFO!2ABDOBB>PTBII>P>IIQEBMOLDO>J
OBNRFOBJBKQPLCQEB,2FK2#(,3EBVJ>VALR?IB@LRKQ
IBSBI@LROPBPCLORMQL@OBAFQPLCQEB@OBAFQ
ELROPOBNRFOBACLOQEB,2FK2#(,3EBVJ>V>IPLALR?IB
@LRKQ@OBAFQPLCQEBFODO>AR>QB@LROPB@OBAFQQLT>OAP
JBBQFKDQEBFORKABODO>AR>QBABDOBBOBNRFOBJBKQP3EB
@LKSBOPFLKO>QB?BQTBBKDO>AR>QB@OBAFQP>KA
RKABODO>AR>QB@OBAFQPFPPQ>QBAFK?LQEQEBRKABODO>AR>QB
>KADO>AR>QB@>Q>ILDRBP3ERPRKABODO>AR>QB@OBAFQP
TFIIVFBIADO>AR>QB@OBAFQP>KADO>AR>QB@OBAFQPTFII
VFBIARKABODO>AR>QB@OBAFQP,FKFJRJDO>ABB>OKBAFK
ALR?IB@LRKQBA@LROPBPJRPQ?B!2QRABKQPJRPQOBDFPQBO
CLO!2,2@OBAFQMOFLOQLQ>HFKDQEB@LROPBP>P>K
FKPQOR@QLOJ>V>PPFDKBUQO>TLOHCLOQELPBQ>HFKD>@LROPB
CLOJBBQFKDQEBOBNRFOBJBKQLC?LQEABDOBBP
(K@LKPRIQ>QFLKTFQEQEB>@>ABJF@>ASFPLOPQRABKQPJRPQ
MOBM>OB>Plan of Study LRQIFKFKDQEBPBIB@QFLKPQEBVTFII
J>HBQLP>QFPCVQEB!2,2ABDOBBOBNRFOBJBKQP
FK@IRAFKDQEB@LROPBPQE>QTFIIALR?IB@LRKQ3EFPPlan of
Study PELRIA?BPR?JFQQBACLO>MMOLS>IQLQEB2#(,
/OLDO>J1BSFBT!L>OA?VQEBBKALCPQPBJBPQBOLC
BKOLIIJBKQFKQLQEB!2,2MOLDO>J2QRABKQPJRPQ
@LKPRIQQEBFO>ASFPLOP>KAQEBDO>AR>QB@>Q>ILDCLOJ>HFKD
@LROPBPBIB@QFLKP
+JA6!2,2
 6/(">Q>ILD
"BOQFh@>QBFK2VPQBJ#VK>JF@P>KA
(KKLS>QFLK,>K>DBJBKQ
DO>AR>QB@BOQFh@>QBMOLDO>JFK2#(,FP>IPL>S>FI>?IB>KA
OBNRFOBPD:I@LROPBP@OBAFQPMBOCLIILTFKDIFPQPTEF@E
@LKQ>FKQEBPBSBK2#(,OBNRFOBA@LROPBPABP@OF?BA
>?LSBJRPQ?BQEBOBNRFOBA2VPQBJ#VK>JF@P@LROPBP
>KA>OBPBIB@QBACOLJQEBOBNRFOBA!RPFKBPP@LROPBP
4MLK@LJMIBQFLKLCQEFP@BOQFh@>QBPQRABKQPTFIIE>SB>
DLLARKABOPQ>KAFKDLCELTPVPQBJAVK>JF@P@>K?B
>MMIFBAQL>K>IVWFKDOB>ITLOIAMOL?IBJP>KAFKQBOMOBQ
QEBFJMIF@>QFLKPLKAB@FPFLKJ>HFKD>KAFKKLS>QFSB
MOL@BPPBP
+JA6"BOQFh@>QB
>2L@F>I2@FBK@B>KA/LIF@V2QRAFBP
#BM>OQJBKQ
E6> +:E=6 C65:ED
2# 2VPQBJ#VK>JF@P%LRKA>QFLK
,>K>DFKD"LJMIBUFQV

2# ,LABIFKD>KA$UMBOFJBKQ>I
K>IVPFPLC"LJMIBU/OL?IBJP

2# +>QBKQ2QOR@QROBP4KFKQBKABA
"LKPBNRBK@BP>KA/LIF@V

!RPFKBPP@LROPBPPBIB@QBACOLJQEB
CLIILTFKDIFPQ
E6> +:E=6 C65:ED
.!" 3B>JFKD>KA.OD>KFWFKDCLO
(KKLS>QFLK

.($ .MBO>QFLKP,>K>DBJBKQ 
,(2 (KKLS>QFKDTFQE(KCLOJ>QFLK
2VPQBJP

,2FK2VPQBJ#VK>JF@P>KA(KKLS>QFLK
,>K>DBJBKQ
2QRABKQPMROPRFKDQEB,22#(,MOLDO>JJRPQ@LJMIBQB>
JFKFJRJLC@OBAFQPLCOBIBS>KQTLOH>QQEBDO>AR>QB
IBSBI3EBPB@OBAFQPJRPQFK@IRABBFQEBO>@OBAFQ
&O>AR>QB0R>IFCVFKD/OLGB@QLO>@OBAFQ,2OBPB>O@E
QEBPFPABMBKAFKDLKQEBABDOBBOBNRFOBJBKQLMQFLK
PBIB@QBAFK>AAFQFLKQLQEB@LROPBTLOHOBNRFOBJBKQP
ABP@OF?BA?BILT3EBPB,2ABDOBBOBNRFOBJBKQP>OB
ABPFDKBAQLMOLSFAB>@LJMOBEBKPFSBVBQiBUF?IBMOLDO>J
QLPQRABKQPTEL>OBMROPRFKD>K,2ABDOBBBU@IRPFSBIV>P
TBII>PPQRABKQPTEL>OBMROPRFKD@LJ?FKBA!2,2
ABDOBBP
2QRABKQP>@@BMQBAFKQLQEBMOLDO>JTFII?B>PPFDKBA>K
>@>ABJF@>ASFPLO(K@LKPRIQ>QFLKTFQEQEB>@>ABJF@
>ASFPLO>PQRABKQJRPQMOBM>OB>/I>KLC2QRAVLRQIFKFKD
QEBPBIB@QFLKPQE>QQEBPQRABKQTFIIJ>HBQLP>QFPCVQEB,2
ABDOBBOBNRFOBJBKQPCOLJ>JLKDQEBLMQFLKPLfBOBA3EFP
/I>KLC2QRAVJRPQ?BPR?JFQQBAQLQEB2#(,/OLDO>J
1BSFBT!L>OACLO>MMOLS>IKLI>QBOQE>K>PQRABKQ
@LJMIBQBP@OBAFQP
+JA6,>PQBOLC2@FBK@B
(1BNRFOBA"LROPBP@OBAFQP
2QRABKQPFKQEB,22#(,MOLDO>JJRPQQ>HBOBNRFOBA
@LROPBPQEOBBCOLJQEB2L@F>I2@FBK@B/LIF@V2QRAFBP
#BM>OQJBKQ>KACLROCOLJQEB%LFPFB2@ELLILC!RPFKBPP>P
CLIILTP
>2L@F>I2@FBK@B>KA/LIF@V2QRAFBP
#BM>OQJBKQ
E6> +:E=6 C65:ED
2# 2VPQBJ#VK>JF@P%LRKA>QFLK
,>K>DFKD"LJMIBUFQV

2# ,LABIFKD>KA$UMBOFJBKQ>I
K>IVPFPLC"LJMIBU/OL?IBJP

2# +>QBKQ2QOR@QROBP4KFKQBKABA
"LKPBNRBK@BP>KA/LIF@V

?%LFPFB2@ELLILC!RPFKBPP
E6> +:E=6 C65:ED
.!" 3B>JFKD>KA.OD>KFWFKDCLO
(KKLS>QFLK

.($ .MBO>QFLKP,>K>DBJBKQ 
,(2 (KKLS>QFKDTFQE(KCLOJ>QFLK
2VPQBJP

 6/(">Q>ILD
(($IB@QFSBP@OBAFQP
2QRABKQPJRPQQ>HB@LROPBTLOHCOLJQEBBIB@QFSBPIFPQBA
?BILTFKLOABOQLP>QFPCVQEBOBJ>FKABOLCQEB@OBAFQ
MOLDO>JOBNRFOBJBKQ3ELPBLMQFKDQLMROPRBQEBOBPB>O@E
QEBPFPLMQFLKTFIIQ>HB@OBAFQPLCBIB@QFSBP3ELPBMROPRFKD
&0/LMQFLKTFIIQ>HB@OBAFQPLCBIB@QFSBP
6EFIBQEBOBNRFOBA@LROPBPBKPROBQE>QPQRABKQPE>SB
>ABNR>QB@LSBO>DBLCBPPBKQF>I2#(,HKLTIBADB>KAPHFIIP
QEBTFABS>OFBQVLCBIB@QFSBPIFPQBA?BILT>IILTPPQRABKQPQL
Q>FILOQEBFOABDOBBMOLDO>JQLALJ>FKP>KAQB@EKF@>I>OB>P
LCMBOPLK>IFKQBOBPQ2QRABKQP>OBBUMB@QBAQLPBIB@Q
BIB@QFSBPQLMOLAR@B>@LKPFPQBKQMOLDO>JLCPQRAV.QEBO
@LROPBP?BVLKAQEBMOB>MMOLSBAMOLDO>JBIB@QFSBPIFPQBA
?BILTJ>V?B@ELPBK>PBIB@QFSBPTFQEprior >MMOLS>I?V
QEB2#(,/OLDO>J1BSFBT!L>OA(KABMBKABKQPQRAV>KA
AFOB@QBAOBPB>O@E@OBAFQP>IPLOBNRFOBprior >MMOLS>I?VQEB
2#(,/OLDO>J1BSFBT!L>OA
)6=6G2?E*JDE6>J?2>:4DC25F2E6@FCD6D
E6> +:E=6 C65:ED
2# ,LABI K>IVPFP>KA$S>IR>QFLK
3B@EKFNRBP

2# 1B>I6LOIA2VPQBJ#VK>JF@P 
2# 2QO>QBDF@,LABIFKD>KA!RPFKBPP
#VK>JF@P

2# 2QO>QBDV#VK>JF@P 
2# /OLGB@Q#VK>JF@P 
2# ,>@OLB@LKLJF@#VK>JF@P 
2# 2MB@F>I3LMF@P
(((&O>AR>QB0R>IFCVFKD/OLGB@Q
@OBAFQP3EBPFP@OBAFQP
2QRABKQPFKQEB,22#(,MOLDO>JJRPQ@LJMIBQBLKBLC
QEBCLIILTFKDQTLLMQFLKP
] 4C65:EC25F2E6(F2=:7J:?8'C@;64E* $
3EFPMOLGB@Q@>K?BALKBFKQB>JPLOFKAFSFAR>IIV>KA
TFIIMOLSFAB>@>MPQLKBBUMBOFBK@BFK>MMIVFKD
PVPQBJAVK>JF@P>KAFKKLS>QFLKJ>K>DBJBKQPHFIIP
QL>OB>ITLOIAMOL?IBJ(QJ>V?B@LJMIBQBAFK
@LLMBO>QFLKTFQE>PMLKPLOFKDLOD>KFW>QFLKLO
FKARPQOF>IM>OQKBO>KAJRPQ?B>MMOLSBA>KA
LSBOPBBK?V>C>@RIQVJBJ?BO>gIF>QBATFQEQEB
2#(,/OLDO>J/OLGB@Q>ASFPLOJ>V?BAFfBOBKQCOLJ
QEB>@>ABJF@>ASFPLO
] 4C65:E+96D:D* $
3EFPLMQFLK@LKPFPQPLC>KFKAFSFAR>IQEBPFPOBPB>O@ELO
ABSBILMJBKQMOLGB@Q$U@BMQFLK>IPQRABKQPQE>QTFPE
QLMROPRB>/E#ABDOBB>OBBK@LRO>DBAQLPBIB@QQEFP
LMQFLK3EBQEBPFPTFII?BLSBOPBBK?V>@LJJFQQBBLC
>QIB>PQC>@RIQVJBJ?BOP@E>FOBA?V>JBJ?BO
>gIF>QBATFQEQEB2#(,MOLDO>J3EBQEBPFPMOLMLP>I
JRPQ?B>MMOLSBA?VQEB2#(,/OLDO>J1BSFBT
!L>OA>KAQEBPQRABKQPQEBPFP@LJJFQQBB?BCLOBQEB
PQRABKQ@>KOBDFPQBOCLOQEBOBPB>O@E@OBAFQP2QRABKQP
JRPQP>QFPC>@QLOFIV@LJMIBQB>TOFQQBKQEBPFP>KA
MR?IF@IVMOBPBKQQEBOBPRIQP
2VPQBJP$KDFKBBOFKD
%>@RIQV
%>@RIQVJBJ?BOPELIACRIIQFJBMLPFQFLKPFK>6/(>@>ABJF@
ABM>OQJBKQLO>OB>AGRK@QC>@RIQVSBQQBA?V>6/(
>@>ABJF@ABM>OQJBKQEB>A
$>:DD29 PPFPQ>KQ3B>@EFKD/OLCBPPLO/E#.IA
#LJFKFLK4KFSBOPFQV1BPB>O@ECL@RP,LABI!>PBA2VPQBJP
$KDFKBBOFKD2VPQBJP O@EFQB@QROB"LJMIBUFQV2@FBK@B
*9252 PPFPQ>KQ/OLCBPPLO2VPQBJP$KDFKBBOFKD/E#
4KFSBOPFQVLC I>?>J>,LABIFKD?>PBAPVPQBJP
BKDFKBBOFKD,!2$BKDFKBBOFKDBAR@>QFLK>KAQB>J
JBKQ>IJLABIP
+2??@?/OLCBPPLOLC/O>@QF@B/E#2QBSBKP(KPQFQRQBLC
3B@EKLILDV(KCLOJ>QFLKPVPQBJPBKDFKBBOFKDBKQBOMOFPB
PVPQBJPBKDFKBBOFKD>KAFKQBDO>QFLKC>RIQQLIBO>KQ
PVPQBJPFKCLOJ>QFLK>KAQBIB@LJJRKF@>QFLKPQB@EKLILDV
PVPQBJP>O@EFQB@QROB>KAABPFDK>KAPVPQBJPBKDFKBBOFKD
@>MPQLKBP
6=@D9#FOB@QLO2VPQBJP$KDFKBBOFKD/OLDO>JP/E#
4KFSBOPFQVLC/FQQP?RODE AS>K@FKDQEBLSBO>IIPQ>QBLC
 6/(">Q>ILD
MO>@QF@BCLOPVPQBJPBKDFKBBOFKD>KAMOLCBPPFLK>I
ABSBILMJBKQQB@EKF@>IIB>ABOPEFMABCBKPB>@NRFPFQFLK
PVPQBJP>KA@LJMBQBK@VJLABIP>KACO>JBTLOHP
!'$@?2E3B>@EFKD/OLCBPPLO/E#2Q>KCLOA4KFSBOPFQV
2VPQBJPQEFKHFKDBJBODBK@B>KAPBICLOD>KFW>QFLKPVPQBJ
LMQFJFW>QFLKOFPHJ>K>DBJBKQAB@FPFLK>K>IVPFPMOLGB@Q
J>K>DBJBKQ?RPFKBPPMO>@QF@BP
/OLDO>JPLC2QRAV
] ,>PQBOLC2@FBK@BFK2VPQBJP$KDFKBBOFKD
] ,>PQBOLC2@FBK@BFK2VPQBJP$KDFKBBOFKD
+B>ABOPEFMMOLDO>JFKCLOJ>QFLKJ>V?BCLRKAFK
QEB(KQBOAFP@FMIFK>OV/OLDO>JPPB@QFLK
] !2,2/OLDO>JFK2VPQBJP$KDFKBBOFKD
] /E#FK2VPQBJP$KDFKBBOFKD
] &O>AR>QB"BOQFh@>QBFK2VPQBJP$KDFKBBOFKD
] &O>AR>QB"BOQFh@>QBFK2VPQBJP$KDFKBBOFKD
%RKA>JBKQ>IP
] &O>AR>QB"BOQFh@>QBFK2VPQBJP3EFKHFKD
] AS>K@BA"BOQFh@>QBFK2VPQBJP$KDFKBBOFKD
6/(LfBOPDO>AR>QBIBSBIPPQRAFBPFKQEBhBIALCPVPQBJP
BKDFKBBOFKDIB>AFKDQL>,>PQBOLC2@FBK@B>PTBII>P
DO>AR>QBIBSBI@BOQFh@>QBP3EBPBMOLDO>JP>OBABPFDKBAQL
BUBJMIFCVQEB6/(QO>AFQFLKLCQEBLOV>KAMO>@QF@B>KA
FK@LOMLO>QBFKMRQCOLJBKDFKBBOP@ROOBKQIVMO>@QF@FKD
PVPQBJPBKDFKBBOFKD3EBMOLDO>JPFKQBDO>QB@LKQBKQCOLJ
BKDFKBBOFKDP@FBK@B>KAJ>K>DBJBKQ3EB,2ABDOBBFP
ABPFDKBAQLMOLSFABPQRABKQPTFQE>AS>K@BAHKLTIBADBLC
BKDFKBBOFKDPVPQBJP>KAJ>K>DBJBKQPRMMIBJBKQBATFQE
>QB@EKLILDVCL@RP3EBABDOBBLC#L@QLOLC/EFILPLMEVFP
@LKCBOOBALK@>KAFA>QBPFKOB@LDKFQFLKLCEFDEP@FBKQFh@
>QQ>FKJBKQP>KAQEB>?FIFQVQL@LKAR@QLOFDFK>IOBPB>O@E
/OLCBPPFLK>IBJMILVJBKQFK>QB@EKLILDF@>IhBIALO
FKARPQOVBKE>K@BPQEBPQRABKQP>?FIFQVQL@LJMOBEBKAQEB
P@LMB>KAJ>DKFQRABLCQEB@LJMIBUFQVLCPVPQBJP
BKDFKBBOFKD
!2,2/OLDO>J
3EB,>PQBOPABDOBBFK2VPQBJ$KDFKBBOFKD@>K?BB>OKBA
?VRKABODO>AR>QBPQRABKQPTELMROPRB>hSBVB>O
!>@EBILOP,>PQBOPABDOBBMOLDO>JFKTEF@EQEB!>@EBILOP
ABDOBBFP>T>OABAFK>KVBKDFKBBOFKDJ>GLO>Q6/(>KAQEB
,>PQBOPABDOBBFP>T>OABAFK2VPQBJP$KDFKBBOFKD
2QRABKQPTEL>OBKLQBKDFKBBOFKDJ>GLOP?RQTEL>OB
J>QELOP@FBK@BJ>GLOP>KAE>SB>JFKLOFK>KBKDFKBBOFKD
>OB>PELRIA@LKQ>@QQEB2VPQBJP$KDFKBBOFKDLg@B>KA
AFP@RPPQEBFOMI>KP>KADL>IPTFQE>C>@RIQVJBJ?BOFKQEB
2VPQBJP$KDFKBBOFKDMOLDO>J
6/(>IILTPQEBALR?IB@LRKQFKDLCRMQL@OBAFQPCLO
PQRABKQPMROPRFKD>VB>O!>@EBILOP,>PQBOP#BDOBB
MOLDO>J3EFPLSBOI>M@>K?B>@EFBSBAQEOLRDEMOLMBO
>@>ABJF@@LROPBMI>KKFKD>KATFQEQEBCLIILTFKD
OB@LJJBKA>QFLKPCLOALR?IB@LRKQFKD@LROPBP
] 2QRABKQPPELRIAMI>KQLQ>HB282FKQEBFOCLROQE
VB>OLCRKABODO>AR>QBPQRAFBP>KAALR?IB@LRKQQEB
@OBAFQQLT>OAQEB,22$MOLDO>JOBNRFOBJBKQ
@OBAFQP
] 2QRABKQPPELRIAMI>KQLQ>HB,(2FKQEBFOCLROQE
VB>OLCRKABODO>AR>QBPQRAFBP>KAALR?IB@LRKQQEB
@OBAFQQLT>OAQEB,22$MOLDO>JOBNRFOBJBKQ
@OBAFQP
] 3LP>QFPCVQEB2$#BMQE1BNRFOBJBKQPQRABKQPPELRIA
MI>KQLALR?IB@LRKQ>KV>MMOLSBA@LJ?FK>QFLKLC
LOIBSBIBKDFKBBOFKDP@FBK@BLOJ>QE
@LROPBPQE>QQLQ>IQL>QIB>PQDO>AR>QB@OBAFQP/BO
6/(MLIF@V@OBAFQP
 >@@BMQ>?IB4&@LROPBP>OB>T>OABADO>AR>QB
@OBAFQP
 >@@BMQ>?IB&@LROPBP>OB>T>OABALO
DO>AR>QB@OBAFQPABMBKAFKDLKQEB@LROPBP
PBIB@QBA
AJFQQBA2$!2,2MOLDO>JPQRABKQPJRPQP>QFPCV>IILC
QEBOBNRFOBJBKQPLCQEBFOPBIB@QBA!2ABDOBB>KA>IIQEB
MOLDO>JOBNRFOBJBKQPLCQEB2$,2ABDOBB2QRABKQP
FKQBOBPQBAFKQEB,2FK2VPQBJP$KDFKBBOFKD?VBIB@QFKD
QEB!2,2LMQFLK>OBPQOLKDIVBK@LRO>DBAQL@LKQ>@QQEB
2VPQBJP$KDFKBBOFKDLg@BCLOMOLDO>JMI>KKFKDEBIM
AJFPPFLKP1BNRFOBJBKQP
AJFPPFLKCLOQEB,>PQBOPABDOBB>KADO>AR>QB@BOQFh@>QBP
FP@LKPFPQBKQTFQEQEB>AJFPPFLKOBNRFOBJBKQPIFPQBAFKQEB
&O>AR>QB">Q>ILDCLO>,>PQBOLC2@FBK@BABDOBB
MMOLMOF>QBRKABODO>AR>QB?>@EBILOPABDOBBJ>GLOP
FK@IRAB?RQ>OBKLQIFJFQBAQL"LJMRQBO2@FBK@B$IB@QOF@>I
$KDFKBBOFKD,B@E>KF@>I$KDFKBBOFKD!FLJBAF@>I
$KDFKBBOFKDLO"LJMRQBO$KDFKBBOFKDCOLJ>K>@@OBAFQBA
RKFSBOPFQV AJFPPFLKFPABQBOJFKBA?V>OBSFBTLCQEB
>MMIF@>QFLK?VC>@RIQVCOLJ?LQEQEB$IB@QOF@>I"LJMRQBO
$KDFKBBOFKD#BM>OQJBKQ>KAQEB"LJMRQBO2@FBK@B
#BM>OQJBKQ
II2$MOLDO>J>MMIF@>KQPPELRIAE>SB>QIB>PQQEB
CLIILTFKDJ>QEBJ>QF@PPHFIIP
] KPLIFARKABOPQ>KAFKDLCPQ>QFPQF@P>KAMOL?>?FIFQV
] PQOLKD?>@HDOLRKAFKDBKBO>IBKDFKBBOFKD
J>QEBJ>QF@P>KAIFKB>O>IDB?O>
MMIF@>KQPTEL>OB>@@BMQBA>KATEL>OBGRADBAQLKLQ
E>SB>K>MMOLMOF>QBJ>QEBJ>QF@P?>@HDOLRKAJ>V?B
OBNRFOBAQLQ>HB>DO>AR>QBIBSBIOBCOBPEBO@LROPBFK
J>QEBJ>QF@P
 6/(">Q>ILD
"BOQFh@>QBFK2VPQBJP$KDFKBBOFKD
DO>AR>QB@BOQFh@>QBMOLSFABPNR>IFhBAPQRABKQPTFQE>K
LMMLOQRKFQVQLCROQEBOQEBFOPQRAFBPFK>K>AS>K@BAhBIA
"LROPBP>OBPBIB@QBACOLJ>O>KDBLCLfBOFKDP>KADFSB>
hOJCLRKA>QFLKFKQEBhBIALCPVPQBJPBKDFKBBOFKD
2VPQBJP3EFKHFKD"BOQFh@>QB
3EFP@BOQFh@>QBMOLDO>JFPABPFDKBAQLJBBQQEBKBBAPLC>
S>OFBQVLC@LOMLO>QFLKP>KAFKAFSFAR>IPTEL>OBFKQBOBPQBA
FKPVPQBJPBKDFKBBOFKDBAR@>QFLK?RQTELJ>VE>SB
RKABODO>AR>QBABDOBBPFKKLKBKDFKBBOFKDAFP@FMIFKBP
3EB/OLDO>JLC2QRAVPELTK?BILTMOBPBKQPQEB
OBNRFOBJBKQPCLOQEB@BOQFh@>QB(KEBOBKQFKQEFPMOLDO>J
LCPQRAVFPPRg@FBKQ@LROPBPBIB@QFLKiBUF?FIFQVCLOPQRABKQP
QLFCABPFOBA>KA>AJFQQBA?B>?IBQL@LKQFKRBQEBFO
DO>AR>QBPQRAFBP>KAB>OK>K,2ABDOBBFK2VPQBJP
$KDFKBBOFKDLO22/22VPQBJ#VK>JF@PABMBKAFKDLK
PQRABKQFKQBOBPQ>KA?>@HDOLRKA%LOJLOBFKCLOJ>QFLK
@LKPRIQQEB6/(TB?PFQB
/OLDO>JLC2QRAV
3EB&O>AR>QB"BOQFh@>QBFK2VPQBJP3EFKHFKDFP@LJMLPBA
LC@OBAFQPLCDO>AR>QB@LROPBTLOHPBIB@QBA>PCLIILTP
] 3EBMOLDO>JLCPQRAVJRPQFK@IRABQEBCLIILTFKDCLRO
DO>AR>QB@LROPBP
 282"LK@BMQPLC2VPQBJP$KDFKBBOFKD
 282(KQOLAR@QFLKQL2VPQBJP3EFKHFKD
 2#2VPQBJ#VK>JF@P%LRKA>QFLK
,>K>DFKD"LJMIBUFQV
 2#2QO>QBDF@,LABIFKD>KA!RPFKBPP
#VK>JF@P
] 3EBMOLDO>JLCPQRAVJRPQ>IPLFK@IRAB>QIB>PQQTL
>AAFQFLK>IDO>AR>QB@LROPBPQ>FILOBAQLQEBFKQBOBPQP
LCB>@EPQRABKQLO@LELOQ"LROPB@>K?BPBIB@QBA
COLJDO>AR>QB@LROPBPCOLJQEB2@ELLILC!RPFKBPP
"LJMRQBO2@FBK@B$KDFKBBOFKD,>QEBJ>QF@P2VPQBJ
#VK>JF@P>KA2VPQBJP$KDFKBBOFKD2RDDBPQBA
@LROPBPFK@IRABQEBCLIILTFKD
] (CABMQEFK2$FPABPFOBA
 282!RPFKBPP/O>@QF@BP
 2821BNRFOBJBKQP$KDFKBBOFKD
 282#$KDFKBBOFKD#BMBKA>?IB>KA2B@ROB
2VPQBJP
] (CABMQEFK2#FPABPFOBA
 2#,LABIFKD>KA$UMBOFJBKQ>I K>IVPFPLC
"LJMIBU/OL?IBJP
 2#/OLGB@Q#VK>JF@P
] AAFQFLK>I2RDDBPQBA"LROPBP
 ,(2(KKLS>QFKDTFQE(KCLOJ>QFLK2VPQBJP
 ],(2/OLGB@Q,>K>DBJBKQ
 .!"3B>JFKD>KA.OD>KFWFKDCLO
(KKLS>QFLK
 .!"+B>AFKD"E>KDB
] /OLDO>JPLCPQRAVJRPQ?BOBSFBTBA>KA>MMOLSBA
?V>K2$LO22/2@ROOF@RIRJ@LJJFQQBBC>@RIQV
JBJ?BO
&O>AR>QB"BOQFh@>QBFK2VPQBJP
$KDFKBBOFKD
,FKFJRJLC@OBAFQP%LOJLOBFKCLOJ>QFLKMIB>PB
@LKPRIQQEB6/(TB?
&O>AR>QB"BOQFh@>QBFK2VPQBJP
$KDFKBBOFKD%RKA>JBKQ>IP
@OBAFQP%LOJLOBFKCLOJ>QFLKMIB>PB@LKPRIQQEB6/(
TB?
AS>K@BA"BOQFh@>QBFK2VPQBJP
$KDFKBBOFKD
3EB>AS>K@BADO>AR>QB@BOQFh@>QBFK2VPQBJP$KDFKBBOFKD
@LKPFPQPLCPFU@LROPBPhSBFKPVPQBJPBKDFKBBOFKD>KALKB
BIB@QFSB%LOJLOBFKCLOJ>QFLK@LKPRIQQEB6/(TB?PFQB
+JA6"BOQFh@>QB
,2FK2VPQBJP$KDFKBBOFKD
#BDOBB1BNRFOBJBKQP
3EB,>PQBOLC2@FBK@BFK2VPQBJP$KDFKBBOFKDFP>QBK
@LROPB@OBAFQELROABDOBBTFQE>KBJME>PFPLK
PVPQBJPBKDFKBBOFKD>KAJ>K>DBJBKQPRMMIBJBKQBATFQE
>QB@EKLILDVCL@RP3>?IBIFPQPQEBMOLDO>JABDOBB
OBNRFOBJBKQP
+JA6,>PQBOLC2@FBK@B
3>?IB"OBAFQAFPQOF?RQFLKCLOQEB,2FK
2VPQBJP$KDFKBBOFKD
@>A@?6?E C65:ED
"LOB1BNRFOBJBKQ 
+B>ABOPEFM,>K>DBJBKQ1BNRFOBJBKQ
#BMQE1BNRFOBJBKQ 
$IB@QFSB"LROPBP 
">MPQLKB$UMBOFBK@B 
+@E2= 
 6/(">Q>ILD
"LOB1BNRFOBJBKQ@OBAFQP
$>@EPQRABKQJRPQ@LJMIBQBQEB@LOBLCQEB2VPQBJP
$KDFKBBOFKDABDOBBMOLDO>JTEF@E@LKPFPQPLCQEB
CLIILTFKDCLRO@OBAFQDO>AR>QBPVPQBJPBKDFKBBOFKD
@LROPBP
E6> +:E=6 C65:ED
282 "LK@BMQPLC2VPQBJP$KDFKBBOFKD 
282 2VPQBJP O@EFQB@QROB>KA#BPFDK 
282 2VPQBJP(KQBDO>QFLK5BOFh@>QFLK
>KA5>IFA>QFLK

.($ 1FPH,>K>DBJBKQ>KA#B@FPFLK
K>IVPFP

+B>ABOPEFM,>K>DBJBKQ1BNRFOBJBKQ
@OBAFQP
2VPQBJPBKDFKBBOPKBBAQL?B>T>OBLC>KAQO>FKBAFK
J>K>DBOF>IJBQELAP>KAMO>@QF@BP @@LOAFKDIVB>@E
PQRABKQJRPQ>IPL@LJMIBQBLKBLCQEBCLIILTFKD@OBAFQ
DO>AR>QB@LROPBP
KLQEBOIB>ABOPEFMJ>K>DBJBKQ@LROPBJ>V?B
PR?PQFQRQBATFQEQEB>MMOLS>ILCQEBPQRABKQP>@>ABJF@
>ASFPLO
E6> +:E=6 C65:ED
,(2 /OLGB@Q,>K>DBJBKQ 
,(2 (KCLOJ>QFLK2B@ROFQV,>K>DBJBKQ
.!" 3B>JFKD>KA.OD>KFWFKDCLO
(KKLS>QFLK

.!" +B>ABOPEFM 
.($ &IL?>I.MBO>QFLKP2QO>QBDV 
2# 2VPQBJ#VK>JF@P%LRKA>QFLK
,>K>DFKD"LJMIBUFQV

!42 ,>K>DFKD3B@EKLILDF@>I
(KKLS>QFLK

#BMQE1BNRFOBJBKQ@OBAFQPBU@IRAFKD
@>MPQLKB@LROPBOBNRFOBJBKQ
3LBKPROBPRg@FBKQ?OB>AQELCHKLTIBADBFK2VPQBJP
$KDFKBBOFKDB>@EPQRABKQJRPQ@LJMIBQB>JFKFJRJLC
2VPQBJP$KDFKBBOFKDDO>AR>QB@OBAFQP(K>AAFQFLKQLQEB
@LOBOBNRFOBA@LROPBPKLQBAFKQEB"LOB1BNRFOBJBKQ
PB@QFLKB>@EPQRABKQJRPQ@LJMIBQBQTL>AAFQFLK>I
@OBAFQ2VPQBJP$KDFKBBOFKDDO>AR>QB@LROPBPCOLJQELPB
IFPQBAFK3>?IB
+23=6FCC6?E*JDE6>D?8:?66C:?8C25F2E6@FCD6D
G2:=23=6E@F=O==6AE9)6BF:C6>6?E
E6> +:E=6 C65:ED
282 !RPFKBPP/O>@QF@BP 
282 1BNRFOBJBKQP$KDFKBBOFKD 
282 2VPQBJ.MQFJFW>QFLK 
282 ,LABI!>PBA2VPQBJP$KDFKBBOFKD
282 (KQOLAR@QFLKQL2VPQBJP3EFKHFKD 
282 2MB@F>I3LMF@P 
$IB@QFSB"LROPBP@OBAFQP
@OBAFQELROPLCBIB@QFSBDO>AR>QB@LROPBP@>K?BPBIB@QBA
QLJBBQQEBPMB@Fh@KBBAPLCPQRABKQP>KALOD>KFW>QFLKP
IIBIB@QFSB@LROPBPJRPQ?B>MMOLSBA?VQEBPQRABKQP
C>@RIQV>ASFPLO>KA@>K?BPBIB@QBACOLJ@LROPBPLfBOBA?V
QEBCLIILTFKDABM>OQJBKQP>KAMOLDO>JP"LJMRQBO
2@FBK@B"22VPQBJP#VK>JF@P2#>KV6/(BKDFKBBOFKD
ABM>OQJBKQLOMOLDO>JPR@E>P$"$!,$,$"E$$KS$
>KA1!$QEB2@ELLILC!RPFKBPP>KA,>QEBJ>QF@P, 
">MPQLKB$UMBOFBK@B@OBAFQPJFKFJRJ
3EB@>MPQLKBBUMBOFBK@BOBNRFOBJBKQJ>V?BP>QFPhBA?V
>KFKPQOR@QLOIBAPVPQBJPBKDFKBBOFKDMOLGB@Q282
2VPQBJP$KDFKBBOFKD">MPQLKB$UMBOFBK@B>KFKAFSFAR>I
AFOB@QBAOBPB>O@EMOLGB@Q282#FOB@QBA1BPB>O@ELO>
,>PQBOP3EBPFP2823EBPFP3EB@>MPQLKBBUMBOFBK@B
JRPQKLQBU@BBA>QLQ>ILC@OBAFQP2QRABKQPJ>VKLQ
QO>KPCBO@OBAFQQLP>QFPCVQEBOBNRFOBA@>MPQLKBBUMBOFBK@B
3EB@>MPQLKB@>KKLQ?BQ>HBKRKQFIQEBPQRABKQE>P
PR@@BPPCRIIV@LJMIBQBA>QIB>PQ@OBAFQPFK@IRAFKD>II
"LOB1BNRFOBJBKQP
/E#FK2VPQBJP$KDFKBBOFKD
AJFPPFLKP
(KCLOJ>QFLKOBD>OAFKD>AJFPPFLKPQLDO>AR>QBMOLDO>JPFK
DBKBO>I>KA/E#MOLDO>JPFKM>OQF@RI>OFP>S>FI>?IBFKQEB
&O>AR>QB">Q>ILD AJFPPFLK(KCLOJ>QFLK>KA MMIF@>QFLK
(KCLOJ>QFLK
 6/(">Q>ILD
3EBMOBCBOOBAMOLDO>J>MMIF@>KQTFIIE>SB>K,2FK
2VPQBJP$KDFKBBOFKD MMIF@>KQPTELE>SBB>OKBA>K
BKDFKBBOFKD,2ABDOBB?RQKLQFK2VPQBJP$KDFKBBOFKD
>KATELE>SBABJLKPQO>QBA2$TLOHBUMBOFBK@BTFII?B
@LKPFABOBACLO>AJFPPFLKFKQLQEB/E#MOLDO>J?>PBALK
>QELOLRDEOBSFBTLCQEBFO>MMIF@>QFLKJ>QBOF>I MMIF@>KQP
MLPPBPPFKD>K,2FK2VPQBJP$KDFKBBOFKDCOLJ6/(>OB
KLQOBNRFOBAQLPR?JFQ3.$%+P@LOBPLOQEB>MMIF@>QFLKCBB
3EB&O>AR>QB1B@LOA$U>J&1$FPKLQOBNRFOBACLO
>AJFPPFLK?RQ>MMIF@>KQP>OBPQOLKDIVBK@LRO>DBAQL
PR?JFQ&1$P@LOBP
@@BMQ>?FIFQVLC"OBAFQ MMIF@>?IBQLQEB2$
/E#
2BBDO>AR>QB@>Q>ILD @@BMQ>?FIFQVLC"OBAFQ
"LROPBTLOH1BNRFOBJBKQP
2QRABKQPJRPQ@LJMIBQBLOJLOB@OBAFQPLCDO>AR>QB
TLOH?BVLKAQEB@OBAFQPOBNRFOBACLOQEB,>PQBOLC2@FBK@B
ABDOBB.CQEB@OBAFQP>QIB>PQ@OBAFQPJRPQ?B
OBDFPQBOBARKABOQEBABPFDK>QFLK282
3EBAL@QLO>IPQRABKQJRPQJBBQQTLAFPQOF?RQFLK
OBNRFOBJBKQPCLO@LROPBPFK>OB>PLRQPFABLC2VPQBJP
$KDFKBBOFKD3EBPMB@Fh@@LROPBPRPBAQLJBBQQEB
AFPQOF?RQFLKOBNRFOBJBKQP>OBPBIB@QBAFK@LKPRIQ>QFLKTFQE
>PQRABKQP1BPB>O@E ASFPLO
%LOQEBhOPQ@LROPBAFPQOF?RQFLKOBNRFOBJBKQAL@QLOF>I
PQRABKQPJRPQQ>HB>JFKFJRJLC@OBAFQELROPLC
>MMOLSBAQEBJ>QF@>IIVOBI>QBADO>AR>QBIBSBI@LROPBPCOLJ
>2@FBK@BFK@IRAFKD"LJMRQBO2@FBK@B,>QEBJ>QF@PLO
$KDFKBBOFKDMOLDO>JBU@IRAFKD2VPQBJP$KDFKBBOFKD%LO
QEBPB@LKA@LROPBAFPQOF?RQFLKOBNRFOBJBKQAL@QLO>I
PQRABKQPJRPQQ>HB>JFKFJRJLC@OBAFQELROPLC
>MMOLSBAQEBJ>QF@>IIVOBI>QBADO>AR>QBIBSBI@LROPBPCOLJ
>2@FBK@BFK@IRAFKD"LJMRQBO2@FBK@B,>QEBJ>QF@PLO
$KDFKBBOFKDMOLDO>JBU@IRAFKD2VPQBJP$KDFKBBOFKD>KA
AFfBOBKQCOLJQEB>OB>PBIB@QBAQLP>QFPCVQEBhOPQ@LROPB
AFPQOF?RQFLKOBNRFOBJBKQ
"LROPBPTEF@E>OB@OLPPIFPQBA?BQTBBKQEB2VPQBJP
$KDFKBBOFKDMOLDO>J>KAQEB@LROPBLfBOFKDPLC>KLQEBO
ABM>OQJBKQLOMOLDO>J@>KKLQ?BRPBAQLCRIhIIBFQEBOLC
QEBPBAFPQOF?RQFLKOBNRFOBJBKQP
2QRABKQPTELBKQBOQEB2VPQBJP$KDFKBBOFKDMOLDO>JTFQE
>,>PQBOLC2@FBK@B#BDOBBFK>2@FBK@BFK@IRAFKD
"LJMRQBO2@FBK@B,>QEBJ>QF@PLO$KDFKBBOFKDMOLDO>J
?RQBU@IRAFKD>2VPQBJP$KDFKBBOFKD,>PQBOLC2@FBK@B
ABDOBBTFII?B@LKPFABOBAQLE>SB@LJMIBQBAQEBhOPQ
@LROPBAFPQOF?RQFLKOBNRFOBJBKQCLO@OBAFQELROPLC
>MMOLSBAQEBJ>QF@>IIVOBI>QBADO>AR>QBIBSBI@LROPBP
2QRABKQPTELJBBQQEFPBU@BMQFLKTFIIPQFII?BOBNRFOBAQL
@LJMIBQB>JFKFJRJLC@OBAFQPLCDO>AR>QBTLOH
FK@IRAFKDQEBPB@LKA@LROPBAFPQOF?RQFLKOBNRFOBJBKQ
KLQBA>?LSBCLOQEB2VPQBJP$KDFKBBOFKD/E#?BVLKAQEB
@OBAFQPOBNRFOBACLOQEB,>PQBOLC2@FBK@BABDOBB
IIAL@QLO>IPQRABKQP>OBOBNRFOBAQL>QQBKA>KAM>PPQTL
LfBOFKDPLCQEB2$DO>AR>QBPBJFK>O@LROPBP282 C>II
PBJBPQBO>KA282!PMOFKDPBJBPQBO2QRABKQPJ>V
BKOLIIFKQEBDO>AR>QBPBJFK>O@LROPBFK>KV@LJ?FK>QFLK
BDQTLAFfBOBKQPBJBPQBOPLOP>JBPBJBPQBOLSBOQTL
VB>OP$KOLIIJBKQFKQEBDO>AR>QBPBJFK>OPFPOBNRFOBA
BSBKFC>PQRABKQE>P>IOB>AVBKOLIIBA>KA@LRKQBAPBJFK>O
@OBAFQ>PM>OQLC>K,2ABDOBBMOLDO>J
/R?IF@>QFLKP
II2$/E#PQRABKQP>OBBK@LRO>DBAQLPR?JFQ>KAMOBPBKQ
QEBFOOBPB>O@EOBPRIQP>Q>MMOLMOF>QB>@>ABJF@>KALO
MOLCBPPFLK>I@LKCBOBK@BP
1BPB>O@E ASFPLO>KA#FPPBOQ>QFLK
"LJJFQQBB2BIB@QFLK
3EBAL@QLO>IPQRABKQFPOBNRFOBAQLPBIB@Q>1BPB>O@E
ASFPLOLOJRIQFMIB"L ASFPLOP(K@LKPRIQ>QFLKTFQEQEB
2VPQBJP$KDFKBBOFKD @>ABJF@/OLDO>J"E>FOQEB
1BPB>O@E ASFPLOPCLOJ>#FPPBOQ>QFLK"LJJFQQBBCLOQEB
PQRABKQMOFLOQLP@EBARIFKDQEB/E#0R>IFCVFKD
$U>JFK>QFLKABP@OF?BA?BILT3EBCLIILTFKDORIBP>MMIV
QLQEB@LJJFQQBBJBJ?BOPEFM
] 3EB@LJJFQQBBJRPQ@LKPFPQLC>QIB>PQQEOBBC>@RIQV
JBJ?BOPFCQEBOBFP>PFKDIB1BPB>O@E ASFPLOLOCLRO
C>@RIQVJBJ?BOPFCQEBOB>OBQTL1BPB>O@E"L
ASFPLOP
] QIB>PQLKBLCQEB@LJJFQQBBJBJ?BOPJRPQ?B>
CRIIQFJB6/(QBKROBAQBKROBQO>@HC>@RIQVJBJ?BO
] QIB>PQLKBLCQEB@LJJFQQBBJBJ?BOP>KAQEB
1BPB>O@E ASFPLOLOLKBLCQEB1BPB>O@E@L ASFPLOP
JRPQELIA>KB>OKBAAL@QLO>IABDOBB
] QIB>PQE>ICLCQEB@LJJFQQBBJBJ?BOPJRPQ?B
2VPQBJP$KDFKBBOFKDCRIIQFJBLO AGRK@QC>@RIQV
JBJ?BOP
] QIB>PQLKB@LJJFQQBBJBJ?BOJRPQ?B>C>@RIQV
JBJ?BOKLQ>gIF>QBATFQEQEB6/(2$/OLDO>JLO>
OB@LDKFWBAPR?GB@QJ>QQBOBUMBOQCOLJFKARPQOV
.K@BQEB#FPPBOQ>QFLK"LJJFQQBBE>P?BBKBPQ>?IFPEBA
>KV@E>KDBPQLQE>Q@LJJFQQBBJRPQ?B>MMOLSBA?VQEB
1BPB>O@E ASFPLOP"E>KDBPQLQEBPQRABKQP1BPB>O@E
ASFPLOPJRPQ?B>MMOLSBA?VQEB2VPQBJP$KDFKBBOFKD
@>ABJF@/OLDO>J"E>FO @LJMIBQBA1BPB>O@E ASFPLOP
>KA"LJJFQQBB2BIB@QFLKCLOJJRPQ?BhIBATFQEQEB
 6/(">Q>ILD
2VPQBJP$KDFKBBOFKD/OLDO>JMOFLOQLQ>HFKDQEB
0R>IFCVFKD$U>JFK>QFLK>KAB>@EQFJBQEBOBFP>@E>KDBQL
QEB1BPB>O@E ASFPLOPLO#FPPBOQ>QFLK"LJJFQQBB
/E#0R>IFCVFKD$U>JFK>QFLK
3EBAL@QLO>IPQRABKQFPOBNRFOBAQLPR@@BPPCRIIV@LJMIBQB
QEB0R>IFCVFKD$U>JFK>QFLKKLI>QBOQE>K@OBAFQP?BVLKA
QEB,2ABDOBB3EB0R>IFCVFKD$U>JFK>QFLKFP
>AJFKFPQBOBA?VQEB2$ @>ABJF@/OLDO>J"E>FO>KAQEB
PQRABKQP#FPPBOQ>QFLK"LJJFQQBB QQEBAFP@OBQFLKLCQEB
2$ @>ABJF@/OLDO>J"E>FO>AAFQFLK>IC>@RIQVLRQPFABLC
QEBPQRABKQP#FPPBOQ>QFLK"LJJFQQBBJ>V>IPL?BFKSFQBA
QLM>OQF@FM>QBFKQEBBU>JFK>QFLK
3EB0R>IFCVFKD$U>JFK>QFLKFPFKQBKABAQL?B>K
LMMLOQRKFQVQLBS>IR>QBQEBPQRABKQPIBSBILC>@>ABJF@
MOBM>O>QFLK>KAFABKQFCV>KVPELOQ@LJFKDPFKQEBPQRABKQP
?>@HDOLRKARMLKBKQO>K@BQLQEB/E#MOLDO>J3EB
CLOJ>Q>KAARO>QFLKLCQEBBU>JFK>QFLKFP>QQEBAFP@OBQFLK
LCQEB2$ @>ABJF@/OLDO>J"E>FO>KA#FPPBOQ>QFLK
"LJJFQQBB3EBBU>JFK>QFLKJ>V?BTOFQQBK>KALOLO>I
>KAJ>VFK@IRABNRBPQFLKPQLQBPQQEBDBKBO>I?>@HDOLRKA
LCQEBPQRABKQ>PTBII>PNRBPQFLKPPMB@Fh@QLQEBPQRABKQP
FKQBKABA>OB>LCOBPB>O@E.QEBOCLOJ>QPCLOQEFP
BU>JFK>QFLKTFII?B>@@BMQ>?IBFC>MMOLSBA?VQEB2$
@>ABJF@/OLDO>J"E>FOFK@LKPRIQ>QFLKTFQEQEB
#FPPBOQ>QFLK"LJJFQQBB>KAQEB1BPB>O@E ASFPLOP
3EB2$ @>ABJF@/OLDO>J"E>FO>KA#FPPBOQ>QFLK
"LJJFQQBBABQBOJFKBQEBLRQ@LJBLCQEB0R>IFCVFKD
$U>JFK>QFLK/>PP1BMB>QLO%>FI>KA>KVOBNRFOBA
OBJBAF>QFLKFKQBKABAQL>AAOBPPPELOQ@LJFKDPFABKQFhBA
FKQEBPQRABKQP?>@HDOLRKA
] DO>ABLC%>FITFIIOBPRIQFKAFPJFPP>ICOLJQEB2$
DO>AR>QBMOLDO>J
] DO>ABLC1BMB>QOBNRFOBPQEBPQRABKQQLOBQ>HBQEB
BU>JFK>QFLKTFQEFKLKBVB>OLCQEBA>QBLCQEBFKFQF>I
0R>IFCVFKD$U>JFK>QFLK
] DO>ABLC/>PPFPBUMB@QBAQL>IPLFK@IRAB>PRJJ>OV
LC>KVOBNRFOBAOBJBAF>QFLKFK@IRAFKD?RQKLQ
IFJFQBAQL@LROPBTLOHOB>AFKD>PPFDKJBKQP>KALO
FKABMBKABKQPQRAV
] 3EBLKIVMBOJFPPF?IBDO>ABPFC>PQRABKQQ>HBPQEB
0R>IFCVFKD$U>JFK>QFLK>PB@LKAQFJB>OB/>PP>KA
%>FI
(OOBPMB@QFSBLCQEBLRQ@LJBLCQEBBU>JFK>QFLK>
0R>IFCVFKD$U>JFK>QFLK"LJMIBQFLKCLOJPFDKBA?VQEB2$
@>ABJF@/OLDO>J"E>FO>KA#FPPBOQ>QFLK"LJJFQQBB
JBJ?BOPJRPQ?BhIBATFQEQEB2VPQBJP$KDFKBBOFKD
/OLDO>JRMLK@LJMIBQFLKLCQEBBU>JFK>QFLK
4MLKPR@@BPPCRI@LJMIBQFLKLCQEB0R>IFCVFKD$U>JFK>QFLK
B>@EAL@QLO>IPQRABKQJRPQPR?JFQ>/E#/OLDO>JLC
2QRAV/L2CLOJTFQEQEB2VPQBJP$KDFKBBOFKD/OLDO>J
3EBMOLDO>JLCPQRAVPELRIA?B@LJMIBQBAFK@LKPRIQ>QFLK
TFQE>KAPFDKBA?VQEBPQRABKQP1BPB>O@E ASFPLOP>KA
PELRIAFK@IRABPMB@Fh@@LROPBTLOHABPFDKBAQL>AAOBPP
>KVPELOQ@LJFKDPFABKQFhBAFKQEBPQRABKQP?>@HDOLRKA
AROFKDQEB$U>JFK>QFLK
4MLKPR@@BPPCRI@LJMIBQFLKLCQEB/E#0R>IFCVFKD
$U>JFK>QFLKQEBPQRABKQ?B@LJBP>2$/E#@>KAFA>QB
OB>$U>JFK>QFLK
3EBAL@QLO>IPQRABKQFPOBNRFOBAQLM>PP>K OB>
$U>JFK>QFLKMOFLOQLTOFQFKD>AFPPBOQ>QFLK3EB OB>
$U>JFK>QFLKFPFKQBKABAQL?B>KLMMLOQRKFQVCLOQEB
PQRABKQP1BPB>O@E ASFPLOP>KA#FPPBOQ>QFLK"LJJFQQBB
JBJ?BOPQLBS>IR>QBQEBPRFQ>?FIFQVP@LMB>KAKLSBIQVLC
QEBPQRABKQPMOLMLPBAAFPPBOQ>QFLKQLMF@3EBCLOJ>QLCQEB
OB>$U>JFK>QFLKFP>QQEBAFP@OBQFLKLCQEBPQRABKQP
#FPPBOQ>QFLK"LJJFQQBB?RQTFIIQVMF@>IIVFK@IRAB>
MOBPBKQ>QFLK?VQEBPQRABKQABP@OF?FKDQEB@ROOBKQPQ>QBLC
QEBFOOBPB>O@EhBIAQEBFOMI>KKBAOBPB>O@E>@QFSFQFBP>KA
QEBBUMB@QBA@LKQOF?RQFLKPLCQEBFOTLOH
2QRABKQP>OBBIFDF?IBQLQ>HBQEB OB>$U>JFK>QFLK>CQBO
QEBVE>SBPR@@BPPCRIIV@LJMIBQBAQEB/E#0R>IFCVFKD
$U>JFK>QFLK>KA>QIB>PQQTLPBJBPQBOPLC@LROPBTLOH
DO>AR>QB@OBAFQELROPFCM>OQQFJBFKQEBDO>AR>QB
MOLDO>J%>FIROBQLPR@@BPPCRIIV@LJMIBQBQEB OB>
$U>JFK>QFLKMOFLOQLQEBBKALCQEBPQRABKQPPBSBKQE
PBJBPQBODO>AR>QB@OBAFQELROPFCM>OQQFJB>CQBO/E#
MOLDO>JJ>QOF@RI>QFLKTFII?B@LKPFABOBA>C>FIROBQLJ>HB
P>QFPC>@QLOV>@>ABJF@MOLDOBPP>KAJ>VOBPRIQFKOBJLS>I
COLJQEBMOLDO>J
3EB1BPB>O@E ASFPLOP>KA#FPPBOQ>QFLK"LJJFQQBB
ABQBOJFKBQEB/>PP%>FILRQ@LJBLCQEB OB>$U>JFK>QFLK
DO>ABLC%>FITFIIOBPRIQFKAFPJFPP>ICOLJQEB2$/E#
DO>AR>QBMOLDO>J DO>ABLC/>PPJ>VFK@IRAB
OB@LJJBKA>QFLKPCLOPQRAVLOOBJBAF>QFLK K OB>
$U>JFK>QFLK"LJMIBQFLKCLOJJRPQ?BPFDKBA?VQEB
PQRABKQP1BPB>O@E ASFPLOP>KA#FPPBOQ>QFLK"LJJFQQBB
,BJ?BOP>KAhIBATFQEQEB2VPQBJP$KDFKBBOFKDMOLDO>J
&O>AR>QB2B@OBQ>OVRMLK@LJMIBQFLKLCQEB OB>
BU>JFK>QFLK
#FPPBOQ>QFLK>KA#BCBKPB
3EBAL@QLO>IPQRABKQJRPQ@LJMIBQB>KALO>IIVABCBKA
MR?IF@IV>AFPPBOQ>QFLKMOBM>OBARKABOQEBDBKBO>I
PRMBOSFPFLKLCQEB1BPB>O@E ASFPLOP3EBOBPB>O@E
ABP@OF?BAFKQEBAFPPBOQ>QFLKJRPQ?BLOFDFK>I>KA
@LKPQFQRQB>@LKQOF?RQFLKQLHKLTIBADBFKQEBJ>GLOhBIALC
QEB@>KAFA>QB3EB1BPB>O@E ASFPLOP>KA#FPPBOQ>QFLK
"LJJFQQBBPE>II@BOQFCVQEBNR>IFQV>KALOFDFK>IFQVLCQEB
AFPPBOQ>QFLKOBPB>O@EQEBP>QFPC>@QLOVBUB@RQFLKLCQEB
 6/(">Q>ILD
AFPPBOQ>QFLK>KAQEBMOBM>OBAKBPPLCQEBPQRABKQCLOQEB
ABCBKPBLCQEBAFPPBOQ>QFLK3EB&O>AR>QB2B@OBQ>OVJRPQ
?BKLQFhBALC>PQRABKQPABCBKPB>QIB>PQPBSBKA>VPMOFLO
QLQEBA>QBLCQEBABCBKPBTFQELRQBU@BMQFLK3EB
AFPPBOQ>QFLKABCBKPB@>K?BP@EBARIBA>KVQFJB>CQBOQEB
BKALCQEBPBJBPQBOFKTEF@EQEB OB>$U>JFK>QFLKT>P
@LJMIBQBA
1BPFABK@V1BNRFOBJBKQP
3EBPQRABKQJRPQBPQ>?IFPEOBPFABK@V?V?BFKD>CRIIQFJB
DO>AR>QBPQRABKQCLO>QIB>PQLKB@LKQFKRLRP>@>ABJF@
VB>O
+JA6/E#
 6/(">Q>ILD
"LROPB#BP@OFMQFLKP
BOLPM>@B
$KDFKBBOFKD
AA=:65@>AFE2E:@?2=
$6E9@5D7@C'2CE:2=:N6C6?E:2=
BF2E:@?D
3EB@LROPBMOLSFABP>Q>KBKQOV
DO>AR>QBIBSBIQEBQEBLOV>KA
MO>@QF@BLChKFQBAFfBOBK@B>KAhKFQB
BIBJBKQPJBQELAPCLOM>OQF>I
AFfBOBKQF>IBNR>QFLKP/#$P
BK@LRKQBOBAFKiRFAAVK>JF@P>KA
PLIFAJB@E>KF@P3LMF@P@LSBOBA
FK@IRAB@I>PPFh@>QFLKLCM>OQF>I/#$P
>KA@E>O>@QBOFPQF@PAFOB@Q>KA
FQBO>QFSBPLIRQFLKJBQELAPCLO
PLIRQFLKLC>IDB?O>F@PVPQBJPhKFQB
AFfBOBK@B>KAhKFQBBIBJBKQPM>QF>I
AFP@OBQFW>QFLKQBJMLO>I
AFP@OBQFW>QFLK@LKPFPQBK@VPQ>?FIFQV
>KABOOLO>K>IVPFPBUMIF@FQ>KA
FJMIF@FQhKFQBAFfBOBK@FKD>KAhKFQB
BIBJBKQP@EBJBPCLOIFKB>O
EVMBO?LIF@M>O>?LIF@BIIFMQF@/#$P
3EB@LROPBOBNRFOBP@LJMIBQFLKLC
PBSBO>IMOLGB@QPRPFKD, 3+ !
2QRABKQP@>KKLQOB@BFSB@OBAFQCLO
QEFP@LROPBFCQEBVE>SBQ>HBK $,$
["LJMRQ>QFLK>I%IRFA
#VK>JF@P^
,?:ED
6C@DA246?8:?66C:?8
*6>:?2C
@OBAFQP3EB2BJFK>OFP>ABDOBB
OBNRFOBJBKQCLO>IIDO>AR>QBPQRABKQP
>KAFPLfBOBAAROFKD !">KA#
QBOJ3EB2BJFK>O@LKPFPQPLC
MOBPBKQ>QFLKP?VBUMBOQPLKQB@EKF@>I
>KA?OL>ABOMOLCBPPFLK>IQLMF@P
/OBPBKQ>QFLKP>OB>IPLLfBOBA?V
DO>AR>QBPQRABKQPLKQLMF@POBI>QBA
QLQEBFOAFOB@QBAOBPB>O@E
AFPPBOQ>QFLKLOFKARPQOF>I
BUMBOFBK@BP3EB2BJFK>OFPLfBOBAFK
M>PPC>FIJLAB?>PBALK>QQBKA>K@B
,?:ED
*A64:2=+@A:4D
OO>KDBA?VFKAFSFAR>IC>@RIQVTFQE
PMB@F>IBUMBOQFPBQEBPB@LROPBP
PROSBVCRKA>JBKQ>IPFK>OB>PQE>Q>OB
KLQ@LSBOBA?VQEBOBDRI>O>BOLPM>@B
BKDFKBBOFKD@LROPBLfBOFKDP$U>@Q
@LROPBABP@OFMQFLKP>OBAFPPBJFK>QBA
?VQEB BOLPM>@B$KDFKBBOFKD
/OLDO>JFK>AS>K@BLCQEBLfBOFKD
,?:ED
'C6C6BF:D:E6D
"LKPBKQLCFKPQOR@QLO
:C64E65)6D62C49
3EBPB@LROPBP>OBLfBOBA?V
>BOLPM>@BBKDFKBBOFKDC>@RIQV>KA
@LSBOAFSBOPBQLMF@PQE>QO>KDBCOLJ
QL@OBAFQP>KAJ>V?B@LJMIBQBAFK
LKBLOJRIQFMIBQBOJP3EBPB@LROPBP
MOLSFAB,2>KA!2,2PQRABKQP
QEBLMMLOQRKFQVQLD>FKOBPB>O@E
BUMBOFBK@BLKQLMF@PLCQEBFOFKQBOBPQ
3EBOBNRFOBAABIFSBO>?IBPCLO
PR@@BPPCRI@LJMIBQFLKLC#FOB@QBA
1BPB>O@E>OBABhKBA?VQEBC>@RIQV
LfBOFKDQEB@LROPB>KAQ>HBFKQL
>@@LRKQQEB@OBAFQP>KAQLMF@
FKSLISBA
,?:ED
'C6C6BF:D:E6D
@LKPBKQLCC>@RIQVLfBOFKDQEB
#FOB@QBA1BPB>O@E
$*+96D:D
&O>AR>QBPQRABKQPBKOLIIBAFKQEB
,>PQBOLC2@FBK@BQEBPFPLMQFLK
MOLDO>JJRPQ@LJMIBQB@OBAFQP
QLQ>IFK $MOBPBKQQEBOBPRIQPFK
>MR?IF@CLORJ>MMOLSBA?VQEB
3EBPFP ASFPLO>KAPR?JFQ>,>PQBOP
QEBPFP>MMOLSBA?VQEB3EBPFP ASFPLO
>KAQEB $#&O>AR>QB"LLOAFK>QLO
'C6C6BF:D:E6D
BKOLIIBAFK,2FK BOLPM>@B
$KDFKBBOFKDTFQE3EBPFPLMQFLK
 ?4@>AC6DD:3=6=F:5
J?2>:4D
3EFP@LROPBMOBPBKQPQLMF@PFK
FK@LJMOBPPF?IBiRFAAVK>JF@P>QQEB
FKQOLAR@QLOVDO>AR>QBIBSBI3LMF@P
>OB@ELPBKCOLJ@LKQFKRRJiRFAP
HFKBJ>QF@P>KAABCLOJ>QFLKCLO
-BTQLKF>KiRFAPFKQBDO>I>KA
AFfBOBKQF>ICLOJLCQEBJ>PP
@LKPBOS>QFLKJLJBKQRJ>KA
BKBODVBNR>QFLKPMLQBKQF>IiLTP
RKFAFOB@QFLK>IPQB>AVFK@LJMOBPPF?IB
SFP@LRPiLTPRKFAFOB@QFLK>I
QO>KPFBKQFK@LJMOBPPF?IBSFP@LRP
iLTP?LRKA>OVI>VBOPSLOQF@>IiLTP
2QRABKQP@>KKLQOB@BFSB@OBAFQ
CLOQEFP@LROPBFCQEBVE>SBQ>HBK $
,$[%IRFA#VK>JF@P^LO $,$
[ MMIFBA%IRFA#VK>JF@P^
,?:ED
@>AC6DD:3=6=F:5
J?2>:4D
3EFP@LROPBMOBPBKQP>MMIF@>QFLKPLC
@LJMOBPPF?IBiRFAAVK>JF@P>Q>K
FKQOLAR@QLOVDO>AR>QBIBSBI3LMF@P
>OB@ELPBKCOLJ@LKPBOS>QFLKI>TP
MOLM>D>QFLKLCAFPQRO?>K@BP
@LJMOBPPF?IBiLTTFQECOF@QFLK
JBQELALC@E>O>@QBOFPQF@P>K>IVPFP
>KAABPFDKLCPRMBOPLKF@KLWWIBP
AFfRPBOP>KAFKIBQPQO>KPLKF@>KA
PRMBOPLKF@QEFK>FOCLFIQEBLOVQEOBB
AFJBKPFLK>I@LJMOBPPF?IBiLTP
@LJMOBPPF?IB?LRKA>OVI>VBOP
EVMBOPLKF@iLTPRKPQB>AV
@LJMOBPPF?IBiLTP2QRABKQP@>KKLQ
OB@BFSB@OBAFQCLOQEFP@LROPBFCQEBV
E>SBQ>HBK $23 MMIFBA
"LJMOBPPF?IB%IRFA#VK>JF@P
,?:ED
 6/(">Q>ILD
":?6E:4+96@CJ@72D6D
2?5AA=:42E:@?D
3EB@LROPBMOBPBKQPHFKBQF@QEBLOVLC
D>PBP>KAFQP>MMIF@>QFLKQL
BNRFIF?OFRJiLTP>KA
KLKBNRFIF?OFRJiLTP>QQEB
FKQOLAR@QLOVDO>AR>QBIBSBI
%RKA>JBKQ>IQLMF@P>OB@ELPBKCOLJ
BNRFIF?OFRJHFKBQF@QEBLOV?FK>OV
@LIIFPFLKPQEB!LIQWJ>KKBNR>QFLK
QO>KPMLOQQEBLOV>KABNR>QFLKP
MMIF@>QFLKQLMF@P>OB@ELPBKCOLJ
COBBJLIB@RI>O>BOLAVK>JF@PPEL@HP
KLKBNRFIF?OFRJiLTP2QRABKQP
@>KKLQOB@BFSB@OBAFQCLOQEFP@LROPBFC
QEBVE>SBQ>HBK $,$
[ AS>K@BA&>P#VK>JF@P^
,?:ED
'=2D>2J?2>:4D
3EB@LROPBFKQOLAR@BP@LK@BMQPLC
M>OQF>IIVFLKFWBAD>PBPMI>PJ>P>KA
QEBFOOLIBFK>TFABO>KDBLCP@FBK@B
>KABKDFKBBOFKDhBIAP%RKA>JBKQ>I
QLMF@PFK@IRABJLQFLKLC@E>ODBA
M>OQF@IBPFKBIB@QOLJ>DKBQF@hBIAP
BNRFIF?OFRJHFKBQF@QEBLOV@LIIFPFLKP
QO>KPMLOQQEBLOViRFABNR>QFLKP
J>DKBQLEVAOLAVK>JF@JLABIP
PEB>QEP MMIF@>QFLKQLMF@P>OB
@ELPBKCOLJMI>PJ>AF>DKLPQF@P
MI>PJ>AFP@E>ODBPPM>@B@O>CQ
BKSFOLKJBKQFKQBO>@QFLKP>KA
MI>PJ>>PPFPQBAJ>QBOF>IPMOL@BPPFKD
2QRABKQP@>KKLQOB@BFSB@OBAFQCLO
QEFP@LROPBFCQEBVE>SBQ>HBK $,$
[(KQOLAR@QFLKQL/I>PJ>
#VK>JF@P^
,?:ED
:CC62E9:?8'C@AF=D:@?
3EFPFP>KFKQOLAR@QLOVDO>AR>QBIBSBI
@LROPBQE>Q@LSBOPMOFK@FMIBPLC
LMBO>QFLKABPFDK>KAMBOCLOJ>K@B
>K>IVPFPLC>FO?OB>QEFKDMOLMRIPFLK
BKDFKBP3LMF@PTFII?B@ELPBKCOLJ
GBQMOLMRIPFLKQEBLOV@V@IB>K>IVPFP
LCQRO?LGBQPQRO?LC>KP>KAO>J
@LJMOBPPFLKBKDFKBPD>PAVK>JF@P
LCFKIBQ>KAKLWWIBiLTP
QEBOJL@EBJFPQOV>KA@EBJF@>I
BNRFIF?OFRJ@LJ?RPQLOJLABIFKD
EVMBOPLKF@MOLMRIPFLK>KALMBO>QFLK
LCABQLK>QFLKBKDFKBP2QRABKQP
@>KKLQOB@BFSB@OBAFQCLOQEFP@LROPBFC
QEBVE>SBQ>HBK $[ FO
!OB>QEFKD/OLMRIPFLK^
,?:ED
*A2464C27E'C@AF=D:@?
3EFP@LROPBFKQOLAR@BP@LK@BMQP
KBBABAQLBS>IR>QBQEBMBOCLOJ>K@B
LCQEBJLPQ@LJJLKIVRPBABIB@QOF@
>KA@EBJF@>IPM>@B@O>CQMOLMRIPFLK
PVPQBJP%RKA>JBKQ>IQLMF@PFK
BIB@QOF@MOLMRIPFLKFK@IRABMI>PJ>
DBKBO>QFLK>KAFLK>@@BIBO>QFLK
J>DKBQF@hBIAABPFDK>KA?B>J
KBRQO>IFW>QFLK MMIF@>QFLKPFK@IRAB
BIB@QOLPQ>QF@FLK>KA'>IIQEORPQBOP
%RKA>JBKQ>IQLMF@PFK@EBJF@>I
MOLMRIPFLKFK@IRABMOLMBII>KQ
QEBOJL@EBJFPQOV>KAFAB>I
MBOCLOJ>K@B MMIF@>QFLKPFK@IRAB
?FMOLMBII>KQ>KAJLKLMOLMBII>KQ
@EBJFPQOV@>Q>IVPQ?BA>KAKLWWIB
ABPFDK@LKPFABO>QFLKP#FP@RPPFLKLC
B>@E@I>PPLCQEORPQBOTFII?B
PRMMIBJBKQBATFQEPMB@Fh@BU>JMIBP
LCiFDEQE>OAT>OB2QRABKQP@>KKLQ
OB@BFSB@OBAFQCLOQEFP@LROPBFCQEBV
E>SBQ>HBK $,$[2M>@B@O>CQ
/OLMRIPFLK^
,?:ED
@>3FDE:@?
3EFP@LROPBFKQOLAR@BPQEBMOFK@FMIBP
QE>QDLSBOKQEB@LKSBOPFLKLC
@EBJF@>IBKBODVQLQEBOJ>IBKBODVFK
OB>@QFKDiLTPLO@LJ?RPQFLK3LMF@P
TFII?B@ELPBKCOLJ@EBJF@>I
QEBOJLAVK>JF@P@EBJF@>IHFKBQF@P
QO>KPMLOQMEBKLJBK>@LKPBOS>QFLK
BNR>QFLKPABi>DO>QFLKP
ABQLK>QFLKP>KAAFfRPFLKi>JBP
3EB@LROPBTFII>IPLFK@IRAB
AFP@RPPFLKPLKBKBODVI>KAP@>MB
@LJ?RPQFLKFKMOLMRIPFLK>KAMLTBO
DBKBO>QFLKABSF@BP>KAMLIIRQ>KQ
CLOJ>QFLK2QRABKQP@>KKLQOB@BFSB
@OBAFQCLOQEFP@LROPBFCQEBVE>SB
Q>HBK $23[/OFK@FMIBPLC
"LJ?RPQFLK^
,?:ED
*FDE2:?23=6?6C8J
*JDE6>D
3EB@LROPBMOLSFABP>KFKQOLAR@QFLK
QLPRPQ>FK>?IBBKBODVPVPQBJP
LRQIFKFKDQEB@E>IIBKDBPFKJBBQFKD
QEBBKBODVKBBAPLCERJ>KFQV>KA
BUMILOFKDMLPPF?IBPLIRQFLKP2MB@Fh@
QLMF@PFK@IRABQEB@ROOBKQBKBODV
FKCO>PQOR@QROBEFPQLOF@>IBKBODVRP>DB
>KACRQROBBKBODVKBBAPBIB@QOF@FQV
DBKBO>QFLKCOLJQEBTFKAL@B>K
BKBODVJ>OFKBEVAOLHFKBQF@BKBODV
T>SBBKBODVQBQEBOBABKBODV
PVPQBJPBKBODVCLOQO>KPMLOQ>QFLK
CRBI@BIIPPLI>OMELQLSLIQ>F@PVPQBJP
DBLQEBOJ>I>KAPLI>O
QEBOJ>IBKBODVBKBODVPQLO>DB>KA
BKDFKBBOFKDB@LKLJF@P2QRABKQP
@>KKLQOB@BFSB@OBAFQCLOQEFP@LROPBFC
QEBVE>SBQ>HBK $,$
[1BKBT>?IB$KBODV^
,?:ED
 6/(">Q>ILD
#:?62C@?EC@=*JDE6>D
3EFP@LROPB@LSBOP>K>IVPFP>KA
PVKQEBPFPLC@LKQOLII>TPCLOIFKB>O
AVK>JF@>IPVPQBJP%RKA>JBKQ>I
@LK@BMQPFK@IRAFKD@>KLKF@>I
OBMOBPBKQ>QFLKPQEBPQ>QBQO>KPFQFLK
J>QOFU>KAQEBMOLMBOQFBPLC
@LKQOLII>?FIFQV>KAL?PBOS>?FIFQVTFII
?BAFP@RPPBA3EBBUFPQBK@B>KA
PVKQEBPFPLCPQ>?FIFWFKDCBBA?>@H
@LKQOLII>TPRPFKDMLIBMI>@BJBKQ
>KAIFKB>ONR>AO>QF@LMQFJ>I@LKQOLI
TFII?BAFP@RPPBA3EBABPFDKLC
+RBK?BODBOL?PBOSBOP>KA*>IJ>K
hIQBOPTFII?BFKQOLAR@BA$U>JMIBP
MBOQ>FKFKDQL>BOLPM>@BBKDFKBBOFKD
PR@E>PPQ>?FIFQV>K>IVPFP>KA
>RDJBKQ>QFLKLCILKDFQRAFK>I>KA
I>QBO>I>FO@O>CQAVK>JF@PTFII?B
@LKPFABOBA PPFDKJBKQP>KAQBOJ
MOLGB@QFC>KVTFIICL@RPLKQEB
ABPFDK>K>IVPFP>KAFJMIBJBKQ>QFLK
LCIFKB>O@LKQOLICLO@ROOBKQ
BKDFKBBOFKDMOL?IBJP3EBRPBLC
,>QI>?b2FJRIFKHbCLO>K>IVPFP>KA
ABPFDKTFII?BBJME>PFWBA
1B@LJJBKABA?>@HDOLRKA
%>JFIF>OFQVTFQE,>QI>?b2QRABKQP
@>KKLQOB@BFSB@OBAFQCLOQEFP@LROPBFC
QEBVE>SBQ>HBK $,$["LKQOLI
LC+FKB>O#VK>JF@>I2VPQBJP^
,?:ED
%@?=:?62C@?EC@=
*JDE6>D
.SBOSFBTLCPQ>?FIFQV@LK@BMQP>KA
BU>JFK>QFLKLCS>OFLRPJBQELAPCLO
>PPBPPFKDPQ>?FIFQVPR@E>P
IFKB>OFW>QFLK>KA+V>MRKLSJBQELAP
(KQOLAR@QFLKQLS>OFLRPABPFDK
JBQELAP?>PBALKIFKB>OFW>QFLK
PIFAFKDJLABP>A>MQFSB@LKQOLI>KA
CBBA?>@HIFKB>OFW>QFLK
#BJLKPQO>QFLK>KAMBOCLOJ>K@B
>K>IVPFPLKBKDFKBBOFKDPVPQBJPPR@E
>PiBUF?IBOL?LQF@J>KFMRI>QLOP
JL?FIBOL?LQPPM>@B@O>CQ>QQFQRAB
@LKQOLI>KA>FO@O>CQ@LKQOLIPVPQBJP
3EBLOBQF@>ICLRKA>QFLKPLCJ>@EFKB
IB>OKFKDSF>>A>MQFSBCRK@QFLK>I
BPQFJ>QFLKLCAVK>JF@>IPVPQBJP
"LKQOLIPVKQEBPFP>KA>K>IVPFPFP
MBOCLOJBARPFKD,>QI>?b2FJRIFKHb
/OBOBNRFPFQBP%IRBK@VTFQEQEBQEBLOV
LCIFKB>OAVK>JF@>IPVPQBJP>KA
@LKQOLI $LOPFJFI>O%IRBK@V
TFQE,>QI>?b2QRABKQP@>KKLQ
OB@BFSB@OBAFQCLOQEFP@LROPBFCQEBV
E>SBQ>HBK $,$["LKQOLILC
-LKIFKB>O#VK>JF@>I2VPQBJP^
,?:ED
&AE:>2=@?EC@=7@C
6C@DA246AA=:42E:@?D
3EFP@LROPB@LSBOPQEBPVKQEBPFPLC
LMQFJ>I@LKQOLII>TPCLOIFKB>O>KA
KLKIFKB>OAVK>JF@>IPVPQBJPTFQE>
PQOLKDCL@RPLK>BOLPM>@B
BKDFKBBOFKD>MMIF@>QFLKP3LMF@P
@LSBOBAFK@IRABKB@BPP>OV
@LKAFQFLKPCLOLMQFJ>I@LKQOLI?>PBA
LKQEB/LKQOV>DFK,FKFJRJ/OFK@FMIB
TFII?BFKQOLAR@BA>KAFK@IRAFKD
@>PBPLChUBA>KACOBBQBOJFK>IQFJB
>KA?LRKA>OV@LKAFQFLKPTFII?B
AFP@RPPBA%BBA?>@HLMQFJ>I@LKQOLI
TFII?BAFP@RPPBA>KAQEB'>JFIQLK
)>@L?F!BIIJ>KBNR>QFLKTFII?B
FKQOLAR@BA3EBPMB@F>I@>PBLCIFKB>O
NR>AO>QF@LMQFJ>I@LKQOLI?>PF@
KRJBOF@>IQB@EKFNRBPPR@E>P
MPBRALPMB@QO>ILMQFJFW>QFLK>KA
JLABOKJ>@EFKBIB>OKFKDQB@EKFNRBP
PR@E>POBFKCLO@BJBKQIB>OKFKDTFII
?BAFP@RPPBA$U>JMIBPQEOLRDELRQ
QEB@LROPBTFII?B?>PBALK>FO>KA
PM>@BSBEF@IB>MMIF@>QFLKPPR@E>P
iFDEQQO>GB@QLOVLMQFJFW>QFLK
PPFDKJBKQP>KAQBOJMOLGB@QFC>KV
TFIIFKQOLAR@B?>PF@KRJBOF@>I
QB@EKFNRBP>KAFKQOLAR@BPLCQT>OB
M>@H>DBPCLOLMQFJ>I@LKQOLI
/OBOBNRFPFQBP%IRBK@VTFQEQEBQEBLOV
LCIFKB>OAVK>JF@>IPVPQBJP>KA
@LKQOLI $LOPFJFI>O>KATFQE
, 3+ !MOLDO>JJFKD2QRABKQP
@>KKLQOB@BFSB@OBAFQCLOQEFP@LROPBFC
QEBVE>SBQ>HBK $[.MQFJ>I
"LKQOLI^
,?:ED
 6/(">Q>ILD
*A2464C27EJ?2>:4D2?5
@?EC@=
.SBOSFBTLCPM>@B@O>CQLO?FQ>I>KA
OLQ>QFLK>IJLQFLK.SBOSFBT>KA
PFWFKDLC>@QR>QFKDABSF@BPPR@E>P
D>PGBQBIB@QOF@QEORPQBOPJLJBKQRJ
TEBBIP>KAJ>DKBQF@QLONRBOP
.SBOSFBT>KAPBIB@QFLKLCPBKPFKD
ABSF@BPPR@E>PPRKPBKPLOP
J>DKBQLJBQBOP&/2(,4P
%LOJRI>QFLKLCPM>@B@O>CQJ>KBRSBOP
>P@LKQOLIABPFDKMOL?IBJP
$PQFJ>QFLKQB@EKFNRBPCLOLO?FQ
ABQBOJFK>QFLK>KA>QQFQRAB
BPQFJ>QFLK2Q>QF@>QQFQRAB
ABQBOJFK>QFLKJBQELAP*>IJ>K
hIQBOFKDCLO>QQFQRABBPQFJ>QFLK
%RKA>JBKQ>IPLCLO?FQABQBOJFK>QFLK
QQFQRAB@LKQOLI?>PBALK+V>MRKLS
JBQELAP">PBPQRAFBPLKCBBA?>@H
>QQFQRABOBDRI>QLOP>KA>IDLOFQEJPCLO
IFKB>O>KAKLKIFKB>O>QQFQRAB
QO>@HFKD#BPFDK>KAOB>IFW>QFLKLC
>QQFQRAB>KALO?FQ>I@LKQOLIP@EBJBP
RPFKD,>QI>?b2FJRIFKHb
/OBOBNRFPFQBP%RKA>JBKQ>IPLC
PM>@B@O>CQLO?FQ>IJLQFLK>KA
>QQFQRABAVK>JF@P>QQEB
RKABODO>AR>QBIBSBI%IRBK@VTFQE
QEBQEBLOVLCIFKB>OAVK>JF@>I
PVPQBJP>KA@LKQOLI $LO
PFJFI>O>KATFQE,>QI>?b
MOLDO>JJFKD2QRABKQP@>KKLQ
OB@BFSB@OBAFQCLOQEFP@LROPBFCQEBV
E>SBQ>HBK $[2M>@B5BEF@IB
#VK>JF@P>KA"LKQOLI^
,?:ED
FE@?@>@FD6C:2=
-69:4=6D
3EFP@LROPBAFP@RPPBPQEBCLRKA>QFLKP
LC>RQLKLJVLC>BOF>ISBEF@IBP
FK@IRAFKDhUBATFKD>FO@O>CQ>KA
NR>AOLQLO>FO@O>CQ3LMF@P@LSBOBA
FK@IRABIL@>IFW>QFLKRPFKDFKBOQF>I
PBKPLOP&/2>KA@LJMRQBOSFPFLK
BUQBKABA*>IJ>KhIQBOFKDCLO
IL@>IFW>QFLKQO>GB@QLOVMI>KKFKD
CBBA?>@HDRFA>K@BCLOQO>GB@QLOV
QO>@HFKD>KAILTIBSBI>RQLMFILQ
@LKQOLIABPFDK6EBOB>PQEFP@LROPB
TFIIOBSFBT>FO@O>CQAVK>JF@P
C>JFIF>OFQVTFQEQEFPQLMF@>Q>K
RKABODO>AR>QBIBSBI
FP?BKBh@F>I2QRABKQP@>KKLQOB@BFSB
@OBAFQCLOQEFP@LROPBFCQEBVE>SB
Q>HBK $[ FO5BEF@IB#VK>JF@P
>KA"LKQOLI^
,?:ED
'C6C6BF:D:E6D
AVK>JF@P>KA@LKQOLILCIFKB>O
PVPQBJP $LOPFJFI>OiRBK@V
TFQE, 3+ !LO
/VQELKMOLDO>JJFKD
*@=:5$6492?:4D7@C
6C@DA246*ECF4EFC6D
3EFP@LROPBFP>KFKQOLAR@QLOV
DO>AR>QBIBSBI@LROPB%RKA>JBKQ>I
QLMF@PTFII?B@ELPBKCOLJQEB
CLIILTFKDQEOBBAFJBKPFLK>IPQ>QBP
LCPQOBPPJB>PROBPLCPQO>FKMI>KB
PQOBPP>KAMI>KBPQO>FK
QEBOJLBI>PQF@FQV FOVPQOBPPCRK@QFLK
>KABKBODVJBQELAP MMIFBAQLMF@P
TFII?B@ELPBKCOLJQEBCLIILTFKD
?BKAFKD>KAPEB>OPQOBPPBPLK
RKPVJJBQOF@@OLPPPB@QFLKP?BKAFKD
LC@LJMLPFQB?B>JP?BKAFKDLC
@ROSBA?B>JPQLOPFLKLCQEFKT>IIBA
KLK@FO@RI>O@OLPPPB@QFLKP>KAC>FIROB
@OFQBOF>2QRABKQP@>KKLQOB@BFSB
@OBAFQCLOQEFP@LROPBFCQEBVE>SB
Q>HBK $,$[%LRKA>QFLKPLC
$I>PQF@FQV^LO $,$[ MMIFBA
$I>PQF@FQV^
,?:ED
@>A@D:E6$2E6C:2=D
3EFP@LROPB@LSBOPQEB>KFPLQOLMF@
@LKPQFQRQFSB?BE>SFLO>KA
JF@OLJB@E>KF@PLC@LJMLPFQB
J>QBOF>IP>KAQEBJB@E>KF@PLC
@LJMLPFQBPQOR@QROBP>Q>K
FKQOLAR@QLOVDO>AR>QBIBSBI3LMF@P
@LSBOBATFII?B@ELPBKCOLJ
@I>PPFh@>QFLKLC@LJMLPFQBP
OBFKCLO@BJBKQP>KAJ>QOF@BP
>KFPLQOLMF@BI>PQF@FQV@LJMLPFQB
JF@OLJB@E>KF@PBfB@QLC
OBFKCLO@BJBKQLKQLRDEKBPP>KA
PQOBKDQELC@LJMLPFQBPI>JFK>QB
QEBLOVPQ>QF@P>KA?R@HIFKDLC
I>JFK>QBA?B>JP>KAMI>QBPPQ>QF@P
LCI>JFK>QBAPEBIIPOBPFAR>IPQOBPPBP
>KAQEBOJ>IBfB@QPFKI>JFK>QBP
2QRABKQP@>KKLQOB@BFSB@OBAFQCLO
QEFP@LROPBFCQEBVE>SBQ>HBK $
["LJMLPFQBJ>QBOF>IP^
,?:ED
6C@6=2DE:4:EJ
3EFP@LROPBMOLSFABP>DO>AR>QBIBSBI
FKQOLAR@QFLKQLPQ>QF@>KAAVK>JF@
>BOLBI>PQF@FQVCLO@LKSBKQFLK>I
>FO@O>CQ2QRABKQPTFII?BMOBPBKQBA
TFQE>K>IVQF@>I>KA@LJMRQ>QFLK>I
QB@EKFNRBPRPBAQLJLABI>KA
PFJRI>QB>BOLBI>PQF@FQV3LMF@P
@LSBOBATFII?B@ELPBKCOLJ
AFSBODBK@B>FIBOLKOBSBOP>I>FOIL>A
OBAFPQOF?RQFLKPTBBMBfB@QP
RKPQB>AV>BOLAVK>JF@P>KAiRQQBO
LCTFKDP2QRABKQP@>KKLQOB@BFSB
@OBAFQCLOQEFP@LROPBFCQEBVE>SB
Q>HBK $,$[ BOLBI>PQF@FQV^
,?:ED
'C6C6BF:D:E6D
$LOBNRFS>IBKQ@LROPB
 6/(">Q>ILD
@>AFE2E:@?2=*@=:5
$6492?:4D
3EFP@LROPBMOBPBKQPhKFQBBIBJBKQ
JBQELAPTFQE>MMIF@>QFLKPQL
PQOR@QROBP>KAPQOR@QRO>IAVK>JF@P>Q
FKQOLAR@QLOVDO>AR>QBIBSBI(Q
CL@RPBPLKIFKB>OBI>PQF@FQV>KAQLMF@P
@LSBOBATFII?B@ELPBKCOLJ
FKQOLAR@QFLKLKKRJBOF@>IJBQELAP
FKPLIFAPJB@E>KF@PS>OF>QFLK>I
JBQELAPLC>MMOLUFJ>QFLK
CLOJRI>QFLKLChKFQBBIBJBKQP>KA
FKQBOMLI>QFLKCRK@QFLKP>PPBJ?IV
>KAPLIRQFLKMOL@BPPBPFPLM>O>JBQOF@
CLOJRI>QFLKPQOBPPOB@LSBOV
MOL@BAROBPIL@HFKDMEBKLJBKLK
>KAAVK>JF@MOL?IBJP3EB@LROPB
OBNRFOBP@LJMIBQFLKLCPBSBO>I%$,
MOLGB@QP>KAHKLTIBADBLC>
@LJMRQBOMOLDO>JJFKDI>KDR>DB
,?:ED
C24EFC6$6492?:4D
3EFP@LROPBCL@RPBPLKQEB>K>IVQF@>I
QB@EKFNRBP>KA>MMIF@>QFLKPLC
CO>@QROBJB@E>KF@P>QFKQOLAR@QLOV
DO>AR>QBIBSBI(KM>OQF@RI>OQEBOBFP
>KBJME>PFPLK@O>@HPFKIFKB>O
BI>PQF@>KABI>PQLMI>PQF@J>QBOF>IP
BK@LRKQBOBAFKEFDEFKQBDOFQV
>BOLPM>@BPQOR@QRO>I>MMIF@>QFLKP
3LMF@P@LSBOBATFII?B@ELPBKCOLJ
PQOBPP@LK@BKQO>QFLK>KAPQOBPP
PFKDRI>OFQVKB>O@O>@HP@LJMRQ>QFLK
LCPQOBPPFKQBKPFQVC>@QLOP>KA
>PVJMQLQF@*hBIAPIFKB>OBI>PQF@
CO>@QROBJB@E>KF@PBKBODVJBQELAP
PQ>?FIFQVLC@O>@HMOLM>D>QFLK
@LEBPFSBCO>@QROB?>PF@PLCMI>PQF@FQV
QEBLOVMI>PQF@WLKBPJ>IIP@>IB
VFBIAFKD228'11>PVJMQLQF@hBIAP
JFUBAJLABCO>@QROB>KABI>PQL
MI>PQF@@O>@HDOLTQE
,?:ED
C25F2E6 ?E6C?D9:A
IA6C:6?46
@OBAFQP DO>AR>QBFKQBOKPEFMFP
>S>FI>?IBCLO,2PQRABKQPFK
>@@LOA>K@BQL6/(ORIBP
5G2?465*A64:2=+@A:4D
OO>KDBA?VFKAFSFAR>IC>@RIQVTFQE
PMB@F>IBUMBOQFPBQEBPB@LROPBP@LSBO
>AS>K@BAQLMF@PQE>Q>OBKLQ@LSBOBA
?VQEBOBDRI>O>BOLPM>@BBKDFKBBOFKD
@LROPBLfBOFKDP$U>@Q@LROPB
ABP@OFMQFLKP>OBAFPPBJFK>QBA?VQEB
BOLPM>@B$KDFKBBOFKD/OLDO>JFK
>AS>K@BLCQEBLfBOFKD
,?:ED
'C6C6BF:D:E6D
"LKPBKQLCFKPQOR@QLO
'C6:DD6CE2E:@?)6D62C49
%LOAL@QLO>IPQRABKQPTFPEFKDQL
L?Q>FKAFPPBOQ>QFLKOBPB>O@E@OBAFQ
MOFLOQL>AJFPPFLKQL@>KAFA>@V
,?:ED
'C6C6BF:D:E6D
"LKPBKQLCAFPPBOQ>QFLK>ASFPLO
:DD6CE2E:@?)6D62C49
%LOAL@QLO>IPQRABKQP>AJFQQBAQL
@>KAFA>@VTFPEFKDQLL?Q>FKOBPB>O@E
@OBAFQQLT>OAQEBFOAFPPBOQ>QFLKP
,?:ED
'C6C6BF:D:E6D
"LKPBKQLCAFPPBOQ>QFLK>ASFPLO
C25F2E6 ?E6C?D9:A
IA6C:6?46
@OBAFQP DO>AR>QBFKQBOKPEFMFP
>S>FI>?IBCLO/E#PQRABKQPFK
>@@LOA>K@BQL6/(ORIBP
'9(F2=:7J:?8
I2>:?2E:@?
AJFPPFLKQL">KAFA>@VTFII?B
DO>KQBATEBKQEBPQRABKQE>P
P>QFPC>@QLOFIVM>PPBAQEB
/E#0R>IFCVFKD$U>JFK>QFLK $
3EB0R>IFCVFKD$U>JFK>QFLKFP
FKQBKABAQLJB>PROBB>@EPQRABKQP
CRKA>JBKQ>IHKLTIBADBFKQTL
"ROOF@RI>O OB>PQL?B@ELPBK?VQEB
PQRABKQCOLJQEBCLIILTFKD%IRFA
#VK>JF@P/OLMRIPFLK>KA$KBODV
%IFDEQ#VK>JF@P>KA"LKQOLIP
>KA,>QBOF>IP>KA2QOR@QROBP3EB $
/E#0R>IFCVFKD$U>JFK>QFLKFP
DO>ABARPFKD>/>PP%>FIPVPQBJ>P
ABQBOJFKBA?V>QEBOBPRIQPCOLJQEB
TOFQQBK">KAFA>@V3BPQFKQEB
QTL"ROOF@RI>O OB>P@ELPBK?VQEB
PQRABKQ>KA?QEBPQRABKQP
MBOCLOJ>K@BFKDO>AR>QB
@LROPBPQ>HBK>Q6/(FKQEBP>JBQTL
"ROOF@RI>O OB>P
3EBTOFQQBK">KAFA>@V3BPQFP
QVMF@>IIVLfBOBAAROFKDQEBhOPQTBBH
LC!>KALO#QBOJ PQRABKQTFII?B
QBPQBALKJ>QBOF>ICOLJQTL
DO>AR>QB@LROPBPLCQEBFO@ELF@BFK
LKB $"ROOF@RI>O OB>>KALK
J>QBOF>ICOLJLKBDO>AR>QB
@LROPBLCQEBFO@ELF@BFK>PB@LKA
$"ROOF@RI>O OB>(KQEBQBOJ
MOB@BAFKDQEBTOFQQBK">KAFA>@V
3BPQ>PQRABKQJRPQFKCLOJ
QEB&O>AR>QB"LLOAFK>QLO>?LRQQEBFO
PBIB@QFLKLCQEBQTL"ROOF@RI>O OB>P
>KAQEBQEOBB@LROPBP3EBTOFQQBK
">KAFA>@V3BPQFPDO>ABARPFKDQEB
2>QFPC>@QLOV-LQ2>QFPC>@QLOV
/BOCLOJ>K@B2/-/DO>AFKDPVPQBJ
>KAE>PKLOBQ>HB
(C>PQRABKQC>FIPQLOBDFPQBOLOC>FIPQL
B>OK>/>PPFKQEB $/E#
0R>IFCVFKD$U>JFK>QFLKMOFLOQL
@LJMIBQFLKLC@OBAFQP>CQBO
>AJFPPFLKQLQEB/E#MOLDO>JQEB
PQRABKQJRPQTFQEAO>TCOLJQEB
/E#MOLDO>J?VBKALCQEB!QBOJ
LO#QBOJLCQEBVB>OOBDFPQBOBACLO
QEB0R>IFCVFKD$U>JFK>QFLK
,?:ED
 6/(">Q>ILD
!FLFKCLOJ>QF@P
>KA
"LJMRQ>QFLK>I
!FLILDV
:@:?7@C>2E:4D
3EFP@LROPBTFIIMOLSFAB>KLSBOSFBT
LC?FLFKCLOJ>QF@P@LSBOFKD>?OL>A
PBIB@QFLKLCQEBJLPQFJMLOQ>KQ
QB@EKFNRBPRPBAQL>K>IVWB?FLILDF@>I
PBNRBK@B>KABUMOBPPFLKA>Q>
2QRABKQPTFII>@NRFOB>TLOHFKD
HKLTIBADBLC?FLFKCLOJ>QF@P
>MMIF@>QFLKPQEOLRDEE>KAPLKRPBLC
PLCQT>OBQL>PH>KA>KPTBO?FLILDF@>I
NRBPQFLKP(K>AAFQFLKQEB@LROPBTFII
MOLSFABPQRABKQPTFQE>K
FKQOLAR@QFLKQLQEBQEBLOV?BEFKA
PLJBLCQEBJLPQFJMLOQ>KQ
>IDLOFQEJPRPBAQL>K>IVWBPBNRBK@B
A>Q>CLOBU>JMIB>IFDKJBKQ
>IDLOFQEJP>KAQEBRPBLCEFAABK
,>OHLSJLABIP3LMF@P@LSBOBATFII
FK@IRABMOLQBFK>KA#- PBNRBK@B
>IFDKJBKQPBSLIRQFLK>OV>K>IVPFP>KA
MEVILDBKBQF@QOBBPL?Q>FKFKDMOLQBFK
PB@LKA>OVPQOR@QROBCOLJPBNRBK@B
>KA>K>IVPFPLCDBKBBUMOBPPFLK
FK@IRAFKD@IRPQBOFKDJBQELAP
2QRABKQPJ>VKLQOB@BFSB@OBAFQCLO
?LQE!"!>KA!"!
,?:ED
'C6C6BF:D:E6D
HKLTIBADBLCDBKBQF@PJLIB@RI>O
?FLILDV>KAPQ>QFPQF@P>QQEB
RKABODO>AR>QBIBSBI
*:@G:DF2=:K2E:@?
3EFP@LROPBRPBPFKQBO>@QFSB
SFPR>IFW>QFLKQLBUMILOB>KA>K>IVWB
A>Q>PQOR@QROBP>KAMOL@BPPBP
3LMF@PFK@IRABQEBCRKA>JBKQ>I
MOFK@FMIBP@LK@BMQP>KAQB@EKFNRBP
LCSFPR>IFW>QFLK>KAELTSFPR>IFW>QFLK
@>K?BRPBAQL>K>IVWB>KA
@LJJRKF@>QBA>Q>FKALJ>FKPPR@E
>P?FLILDV2QRABKQPTFII?BBUMB@QBA
QLABPFDK>KAFJMIBJBKQ
SFPR>IFW>QFLKPQLBUMBOFJBKQTFQE
AFfBOBKQSFPR>IJ>MMFKDP>KAA>Q>
QVMBP>KATFII@LJMIBQB>OBPB>O@E
LOFBKQBAMOLGB@Q
,?:ED
'C6C6BF:D:E6D
BUMBOFBK@BTFQEMOLDO>JJFKD
BPMB@F>IIV)>S>2@OFMQA>Q>?>PBP
>KAA>Q>PQOR@QROBP2QRABKQPJ>V
KLQOB@BFSB@OBAFQCLO?LQE!"!
>KA!"!
*:@=@8:42=2?5
:@>65:42=2E232D6$:?:?8
3EFP@LROPBTFIIFKSBPQFD>QB
@LJMRQ>QFLK>IQB@EKFNRBPCLO
AFP@LSBOFKDM>QQBOKPFK>KA>@OLPP
@LJMIBU?FLILDF@>I>KA?FLJBAF@>I
PLRO@BPFK@IRAFKDDBKLJF@>KA
MOLQBLJF@A>Q>?>PBP@IFKF@>I
A>Q>?>PBPAFDFQ>IIF?O>OFBPLCP@FBKQFh@
>OQF@IBP>KALKQLILDFBP3B@EKFNRBP
@LSBOBATFII?BAO>TKCOLJPBSBO>I
>OB>PFK@IRAFKDPBNRBK@BJFKFKD
PQ>QFPQF@>IK>QRO>II>KDR>DB
MOL@BPPFKD>KAQBUQJFKFKD>KAA>Q>
JFKFKD
,?:ED
'C6C6BF:D:E6D
2QOLKDMOLDO>JJFKDPHFIIP>K
RKABODO>AR>QBLODO>AR>QB@LROPBFK
>IDLOFQEJP>KRKABODO>AR>QB@LROPB
FKPQ>QFPQF@P>KALKBLOJLOB
RKABODO>AR>QB?FLILDV@LROPBP
$*E2E:DE:42=
$6E9@5D:?6?6E:4D2?5
:@:?7@C>2E:4D
3EFP@LROPBMOLSFABPPQRABKQPTFQE
HKLTIBADB>KARKABOPQ>KAFKDLCQEB
>MMIF@>QFLKPLCPQ>QFPQF@PFKJLABOK
DBKBQF@P>KA?FLFKCLOJ>QF@P3EB
@LROPBDBKBO>IIV@LSBOPMLMRI>QFLK
DBKBQF@PDBKBQF@BMFABJFLILDV>KA
PQ>QFPQF@>IJLABIPFK?FLFKCLOJ>QF@P
2MB@Fh@QLMF@PFK@IRABJBFLPFP
JLABIFKDPQL@E>PQF@JLABIPCLO
OB@LJ?FK>QFLKIFKH>DB>KA
>PPL@F>QFLKPQRAFBPM>O>JBQOF@SP
KLKM>O>JBQOF@JLABIPC>JFIV?>PBA
SPMLMRI>QFLK?>PBAJLABIPCLO
J>MMFKDDBKBPLCNR>IFQ>QFSB>KA
NR>KQFQ>QFSBQO>FQPDBKBBUMOBPPFLK
A>Q>>K>IVPFP#- >KAMOLQBFK
PBNRBK@B>K>IVPFP>KAJLIB@RI>O
BSLIRQFLK2Q>QFPQF@>I>MMOL>@EBP
FK@IRABILDIFHBIFELLAO>QFLQBPQP
P@LOBQBPQPDBKBO>IFWBAIFKB>OJLABIP
$,>IDLOFQEJ,>OHLS@E>FK,LKQB
">OILEFAABK,>OHLSJLABI>KA
@I>PPFh@>QFLK>KAOBDOBPPFLKQOBBP
2QRABKQPJ>VKLQOB@BFSB@OBAFQCLO
?LQE!"!>KA!"!
,?:ED
'C6C6BF:D:E6D
HKLTIBADBLCMOL?>?FIFQV>KA
PQ>QFPQF@P>QQEBRKABODO>AR>QBIBSBI
*6>:?2C
3EFPPBJFK>OMOLSFABP>KLMMLOQRKFQV
CLOPQRABKQPFKQEB!"!MOLDO>JQL
MOBPBKQQEBFOOBPB>O@ETLOH>PTBII>P
EB>OOBPB>O@EQ>IHPCOLJDRBPQ
PMB>HBOP
,?:ED
 6/(">Q>ILD
!@FC?2==F3:?
(F2?E:E2E:G66==:@=@8J
3EFP@LROPBFPLfBOBABSBOVLQEBO
PBJBPQBOAFP@RPPFKDQLMF@PLK
NR>KQFQ>QFSB@BII?FLILDVQE>Q>AS>K@B
LRORKABOPQ>KAFKDLCQEBCRK@QFLKLC
@BIIRI>OPVPQBJP3EBCL@RPFPLK
OB>AFKDMOBPBKQFKD>KAAFP@RPPFKD
QEBJLPQOB@BKQIFQBO>QROBFKQEBhBIA
&O>AR>QBPQRABKQP>KA
>AS>K@BARKABODO>AR>QBPQRABKQP
TFQE>KFKQBOBPQFKNR>KQFQ>QFSB
?FLILDV>OBBK@LRO>DBAQL
M>OQF@FM>QB
,?:ED
*A64:2=+@A:4D:?
:@:?7@C>2E:4D2?5@>AFE2E:@?2=
:@=@8J
KLfBOFKDLCQEFP@LROPBTFII@LSBO>
QLMF@LC@ROOBKQFKQBOBPQFKABQ>FI2BB
QEB2RMMIBJBKQPB@QFLKLCQEBLKIFKB
@>Q>ILD>QTTTTMFBARDO>A@>Q
CLOABP@OFMQFLKPLC@LROPBPQL?B
LfBOBAFKQEFP>@>ABJF@VB>O
/OBOBNRFPFQBPTFIIS>OVTFQEQLMF@
,?:ED
 ?56A6?56?E*EF5J
3EFP@LROPBTFII>IILT>PQRABKQQL
PQRAV>@ELPBKQLMF@FK
!FLFKCLOJ>QF@P>KA"LJMRQ>QFLK>I
!FLILDVRKABOQEBDRFA>K@BLC>
C>@RIQVJBJ?BO>gIF>QBATFQEQEB
!FLFKCLOJ>QF@P>KA"LJMRQ>QFLK>I
!FLILDVMOLDO>J3EBPQRABKQJRPQ
MOLAR@B>TOFQQBKOBMLOQ>QQEB
@LK@IRPFLKLCQEBFKABMBKABKQPQRAV
,?:ED
:C64E65)6D62C49
#FOB@QBAOBPB>O@E@LKAR@QBARKABO
QEBDRFA>K@BLC>C>@RIQVJBJ?BO
>gIF>QBATFQEQEB!"!/OLDO>J
,?:ED
$*+96D:D)6D62C49
,>PQBOPQEBPFPFK!FLFKCLOJ>QF@P
>KA"LJMRQ>QFLK>I!FLILDV@LKPFPQP
LC>OBPB>O@E>KAABSBILMJBKQ
MOLGB@QTLOQE>JFKFJRJLC
DO>AR>QB@OBAFQELROP>ASFPBA?V>
C>@RIQVJBJ?BO>gIF>QBATFQEQEB
!"!/OLDO>J QEBPFPMOLMLP>IJRPQ
?B>MMOLSBA?VQEB!"!/OLDO>J
1BSFBT!L>OA>KAQEBPQRABKQP
>ASFPLO?BCLOBQEBPQRABKQ@>K
OBDFPQBOCLOJLOBQE>KQEOBBQEBPFP
@OBAFQP3EBPQRABKQJRPQ
P>QFPC>@QLOFIV@LJMIBQB>TOFQQBK
QEBPFPAL@RJBKQ>KAMOBPBKQQEB
OBPRIQPQLQEB!"!C>@RIQVFK>MR?IF@
MOBPBKQ>QFLK
,?:ED
'9:DD6CE2E:@?
)6D62C49
/E#QEBPFPFK!FLFKCLOJ>QF@P>KA
"LJMRQ>QFLK>I!FLILDV@LKPFPQPLC>
OBPB>O@E>KAABSBILMJBKQMOLGB@Q
TLOQE>JFKFJRJLCDO>AR>QB
@OBAFQELROP>ASFPBA?V>C>@RIQV
JBJ?BO>gIF>QBATFQEQEB!"!
/OLDO>J2QRABKQPJRPQM>PP>
NR>IFCVFKDBU>J?BCLOBQEBPQRABKQ
@>KOBDFPQBOCLO/E#QEBPFP@OBAFQP
3EBPQRABKQJRPQP>QFPC>@QLOFIV
@LJMIBQB>TOFQQBKAFPPBOQ>QFLK>KA
ABCBKAFQFK>MR?IF@MOBPBKQ>QFLK>KA
>MOFS>QBABCBKPB
,?:ED
C25F2E6 ?E6C?D9:A
DO>AR>QBFKQBOKPEFMFP@>OOFBALRQFK
@LLMBO>QFLKTFQE>PMLKPLOLO
FKARPQOF>IM>OQKBO(QJRPQ?B
LSBOPBBK?V>C>@RIQVJBJ?BO
>gIF>QBATFQEQEB!FLFKCLOJ>QF@P>KA
"LJMRQ>QFLK>I!FLILDV/OLDO>J3EB
FKQBOKPEFMTFIIFKSLISBABSBILMJBKQ
>KAMO>@QF@BLCQB@EKF@>I>KA
MOLCBPPFLK>IPHFIIP>KAHKLTIBADB
OBIBS>KQQL!FLFKCLOJ>QF@P>KA
"LJMRQ>QFLK>I!FLILDV QQEB
@LJMIBQFLKLCQEBFKQBOKPEFMQEB
PQRABKQTFIIMOLAR@B>TOFQQBKOBMLOQ
>KATFIIMOBPBKQQEBFOTLOHQL!"!
C>@RIQV>KAFKQBOKPEFMPMLKPLOP
,?:ED
!FLILDV>KA
!FLQB@EKLILDV
*6>:?2C
,?:ED
$@=64F=2C:@=@8J@7E96
6==
3EFP@LROPBTFIIC>@FIFQ>QB>PQRABKQP
CRK@QFLK>IHKLTIBADBLCIFSFKD@BIIP
COLJ>?FLILDF@>I?FL@EBJF@>I>KA
QB@EKLILDF@>IMBOPMB@QFSB3LMF@P
@LSBOBATFIIFK@IRABQEBPQOR@QROB
LOD>KFW>QFLKDOLTQEOBDRI>QFLK
JLSBJBKQP>KAFKQBO>@QFLKLC@BIIP
>PTBII>PABQ>FIPLC@BIIRI>O
JBQ>?LIFPJ>KAJLIB@RI>O?FLILDV
$JME>PFPTFII?BMI>@BALK
SFPR>IFWFKD@BIIRI>O>O@EFQB@QROB
ABP@OF?FKDQEBPQOR@QROBLC#- 
ABP@OF?FKDQEBC>QBLCS>OFLRP@BIIRI>O
1- P>OQF@RI>QFKDFKCLOJ>QFLKiLTFK
@BIIP>KAABP@OF?FKDMOLQBFK
LRQ@LJBP3EFP@LROPBFPFKQBKABAQL
>@EFBSB>ELJLDBKLRPIBSBILC
PQRABKQRKABOPQ>KAFKD>KA@>K?B
RPBA>P>CLRKA>QFLK@LROPBCLOQEB
MOLDO>J3EFP@LROPBFPABPFDKBAQL
C>JFIF>OFWBPQRABKQPTFQE?>PF@
@LK@BMQPLCJLIB@RI>O?FLILDV
FK@IRAFKDPQOR@QROBLOD>KFW>QFLK
DOLTQEOBDRI>QFLKJLSBJBKQP>KA
FKQBO>@QFLKPTFQEFK>@BII#BQ>FIPLC
JBQ>?LIFPJ>KAJLIB@RI>O?FLILDV
TFII?B@LSBOBAQEOLRDEMOLGB@QP>KA
PQRAVLCQEBMOFJ>OVIFQBO>QROBQL
>@EFBSB>ELJLDBKLRPIBSBILC
PQRABKQRKABOPQ>KAFKD>KAOFDLO
6BBHIVLKIFKB>PPBPPJBKQP>OB
ABPFDKBAQLBKPROBRKABOPQ>KAFKD
-LQB2QRABKQPJ>VKLQOB@BFSB@OBAFQ
CLO!!>KA!!
,?:ED
 6/(">Q>ILD
6C>6?E2E:@?:@=@8J
,>QBOF>IFKQEFP@LROPBCL@RPBPLK
?FLILDF@>IBPMB@F>IIVJF@OL?FLILDF@>I
PVPQBJP?VTEF@EJ>QBOF>IP>KA
BKBODV@>K?BFKQBO@LKSBOQBABD
T>PQBMOLAR@QPFKQLRPBCRI@EBJF@>IP
LOCRBIP3EBMOL@BPPBP>OBAB>IQTFQE
>QQEBMEVPFLILDF@>I>KAQEBPVPQBJ
IBSBITFQEBJME>PFPLKQEBJB>KP?V
TEF@ERPBCRI@LKSBOPFLKP@>K?B
E>OKBPPBAFK>?FLILDF@>IIVFKQBIIFDBKQ
T>V3EBI>?LO>QLOVCL@RPBPLK
JB>PROBJBKQPLCJF@OL?F>I
MEVPFLILDV>KALK?BK@EP@>IB
MOL@BPPABPFDK
,?:ED
?:>2=6==F=EFC6
KFJ>I@BII@RIQROBQB@EKLILDVFP
>?LRQJ>FKQ>FKFKD@BIIPFKSFQOLRKABO
@LKQOLIIBA@LKAFQFLKP(KOB@BKQ
AB@>ABPQEFPQB@EKLILDVE>P
>AS>K@BAPFDKFh@>KQIV>KA>KFJ>I
@BIIP>OBRPBAFKS>OFBQVLC>MMIF@>QFLK
?LQEFKOBPB>O@E>KAMOLAR@Q
ABSBILMJBKQ3EBPQRABKQPFKQEFP
@LROPBTFII?BBUMLPBAQLQEB
AFfBOBKQJBQELALILDFBPRQFIFWBAQL
DOLT@BIIP>KAELTQEFPQB@EKLILDVFP
?B@LJFKD@OFQF@>IFKMOLAR@QFLKLC
J>KVLCQEBEB>IQE@>OBMOLAR@QP
RPBAQL@LKQOLIERJ>KAFPB>PBP3EB
@LROPBFP@LSBOPCLRODBKBO>IPHFIIP
!>PF@QB@EKFNRBPCLO@RIQROFKD>KA
PR?@RIQROFKD>KFJ>I@BIIP>KA
DOLTQEM>O>JBQBOP0R>IFQV
@LKQOLILC>@BII@RIQROBI>?LO>QLOV
'LTQL@LKQOLI@LKQ>JFK>QFLK
/OFJ>OV@BII@RIQROB>KAABSBILMJBKQ
LC@BIIIFKBP>KA2@>IBRMLC@BII
@RIQROBCOLJ>3%I>PHQL>?FLOB>@QLO
-LQB2QRABKQPJ>VKLQOB@BFSB@OBAFQ
CLO!!>KA!!
,?:ED
*42=6,A@7:@AC@46DD:?8
2QO>QBDFBPCLOLMQFJFW>QFLKLC
?FLMOL@BPPBPCLOP@>IBRM
>MMIF@>QFLKPTFII?BBUMILOBA(K
>AAFQFLKQLQEBQEBLOVLCP@>IFKDRM
RKFQLMBO>QFLKPFK?FLMOL@BPPFKD
PQRABKQPTFIIP@>IBRM>?BK@EP@>IB
?FLMOL@BPPIFQBOPFK@IRAFKD
CBOJBKQ>QFLK>KAALTKPQOB>J
MOL@BPPFKDQLIFQBOP2MB@Fh@QLMF@P
FK@IRABQEBBfB@QPLCP@>IFKDRMLK
J>PPQO>KPCBO>KA?FLOB>@QLOABPFDK
E>OSBPQFKDQB@EKFNRBPFK@IRAFKD
Q>KDBKQF>IiLThIQO>QFLK>KA
@BKQOFCRD>QFLK>KA@EOLJ>QLDO>MEV
LMBK@LIRJK>KA'/+"
,?:ED
?G:C@?>6?E2=92?86
'C@3=6>D2?5AAC@2496D
3EFPPBJFK>O@LROPBTFIIBU>JFKB
TE>QFPHKLTK>?LRQB@LILDF@>I
OBPMLKPBPQL?LQEK>QRO>I>KA
ERJ>KJBAF>QBABKSFOLKJBKQ>I
@E>KDBP>KABUMILOB>MMOL>@EBPCLO
PLISFKDB@LILDF@>IMOL?IBJP>KA
FK@OB>PFKDBKSFOLKJBKQ>I
PRPQ>FK>?FIFQV OB>PLCCL@RPJ>V
FK@IRAB>KA>OBKLQIFJFQBAQL
@LKPBOS>QFLKDBKBQF@PB@LILDF@>I
OBPMLKPBPQLDIL?>I@IFJ>QB@E>KDB
PRPQ>FK>?IBRPBLCIFSFKDK>QRO>I
OBPLRO@BP>KAQEBBKSFOLKJBKQ>I
FJM>@QPLC>DOF@RIQRO>I
?FLQB@EKLILDV
,?:ED
)6D62C49 ?E68C:EJ:?E96
*4:6?46D
2QRABKQP>OBBUMLPBAQLS>OFLRP
FPPRBPOBI>QBAQLFKQBDOFQVFKALFKD
OBPB>O@EQLBK>?IBABSBILMJBKQLC
>K>MMOLMOF>QBIVOB>PLK>?IB@LROPB
LC>@QFLKFKLOABOQLJ>FKQ>FK
FKQBDOFQVLK>S>OFBQVLCOBPB>O@E
OBI>QBAMBOCLOJ>K@B>KAOBMLOQFKD
>@QFSFQFBP3EBPB>@QFSFQFBPFK@IRAB?RQ
>OBKLQIFJFQBAQLA>Q>C>?OF@>QFLK
>RQELOPEFM@LMVOFDEQMI>DF>OFPJ
RKFKQBKABAAR>IRPBLCQB@EKLILDV
>KAOBPMLKPF?FIFQFBPQLT>OAPMBBOP
TELJ>VOBNRBPQVLRO@LKhABKQF>I
OBSFBTLOCBBA?>@H3EB@LROPBTFII
RPB@I>PPAFP@RPPFLK@>PBPQRAFBP>KA
BUBO@FPBPQLC>@FIFQ>QB>K
RKABOPQ>KAFKDLCQEBOBPMLKPF?FIFQFBP
LCP@FBKQFPQPQLQEBFOMOLCBPPFLK
2QRABKQPJ>VOB@BFSB@OBAFQCLOBFQEBO
!!LO>!!@LROPBBKQFQIBA
1BPB>O@E(KQBDOFQVFKQEB2@FBK@BP?RQ
KLQ?LQE
,?:ED
*4:6?E:O4.C:E:?82?5
'C@A@D2=6G6=@A>6?E
3EFP@LROPBTFII@LSBOHBVBIBJBKQPQL
TOFQFKDPR@@BPPCRIDO>KQMOLMLP>IP
>KAJ>KRP@OFMQP3EFPFK@IRABP
MOLGB@QABSBILMJBKQFABKQFh@>QFLK
LCCRKAFKD>DBK@FBPLOGLROK>IP
MOLMLP>I>KAJ>KRP@OFMQTOFQFKD>KA
BAFQFKD>PTBII>P>PMB@QPLCQEB
PR?JFPPFLK>KAOBSFBTMOL@BPP
2QRABKQPTFII?BBUMB@QBAQLABSBILM
>-('-2%PQVIBMLPQAL@QLO>I
MOLMLP>ILRQPFABQEBFOAFPPBOQ>QFLK
hBIA>KAM>OQF@FM>QBFK>JL@H
MOLMLP>IOBSFBTM>KBI2QRABKQP>OB
BUMB@QBAQL@LJMIBQBQEFP@LROPB
MOFLOQLQEBFO0R>IFCVFKD$U>J
2QRABKQPJ>VOB@BFSB@OBAFQCLOBFQEBO
!!LO>!!@LROPBBKQFQIBA
2@FBKQFh@6OFQFKD>KA/OLMLP>I
#BSBILMJBKQ?RQKLQ?LQE
,?:ED
 6/(">Q>ILD
IA6C:>6?E2=6D:8?2?5
*E2E:DE:4D:?E96#:76*4:6?46D
3EFP>MMIFBA@LROPBFKQOLAR@BP
PQRABKQPQLQEB?>PF@PLC
BUMBOFJBKQ>IABPFDK>KAA>Q>
>K>IVPFP$JME>PFPTFII?BMI>@BALK
ABPFDKFKD?FLILDF@>IBUMBOFJBKQP
QE>Q>OBPRFQ>?IBCLOPQ>QFPQF@>I
>K>IVPFP@ELLPFKD>MMOLMOF>QB
PQ>QFPQF@>IQBPQPQLMBOCLOJ>KA
FKQBOMOBQFKDQEBOBPRIQPLCPQ>QFPQF@>I
QBPQP6BTFII@LSBOPQ>QFPQF@>I
JBQELAP@LJJLKIVRPBA?V
?FLILDFPQPQL>K>IVWBBUMBOFJBKQ>I
A>Q>FK@IRAFKDQBPQFKDQEBhQLCA>Q>
QLQEBLOBQF@>IAFPQOF?RQFLKP
@LJM>OFPLKPLCDOLRMP>KA
OBDOBPPFLK>K>IVPFP!LQEM>O>JBQOF@
>KAKLKM>O>JBQOF@QBPQPTFII?B
AFP@RPPBA2QRABKQPTFIIRPB
@LJMRQBOM>@H>DBPQL>K>IVWBQEBFO
LTKBUMBOFJBKQ>IA>Q>2QRABKQP
J>VOB@BFSB@OBAFQCLOBFQEBO!!LO
>!!@LROPBBKQFQIBA$UMBOFJBKQ>I
#BPFDK>KA2Q>QFPQF@PFKQEB+FCB
2@FBK@BP?RQKLQ?LQE
,?:ED
!@FC?2==F3
3EFP@LROPBFPLfBOBABSBOVPBJBPQBO
@LSBOFKDAFfBOBKQQLMF@P?LQE?>PF@
>KA>MMIFBAFK!FLILDV>KA
!FLQB@EKLILDV>KAOLQ>QBP>JLKD
QEBC>@RIQV2QRABKQPOB>A>KAAFP@RPP
QEBIFQBO>QROBFKOBIBS>KQQLMF@P
,?:ED
$6?E@C65+6249:?8
IA6C:6?46
3EFP@LROPBFP>OO>KDBATFQE>K
FKAFSFAR>IC>@RIQVJBJ?BOTFQEFKQEB
PQRABKQPAFP@FMIFKB3EBDO>AR>QB
PQRABKQFPFKSLISBAFKQEB
ABSBILMJBKQLC@LROPBJ>QBOF>IP
PR@E>P>PVII>?RPMOLGB@QPLO
NRFWWBP>KA@LROPBABIFSBOVPR@E>P
IB@QROFKDLOC>@FIFQ>QFKD>@LKCBOBK@B
PBPPFLKABIFSBOVIFJFQ(K
>AAFQFLKQL@LSBOFKD@LROPB
MBA>DLDVQEBC>@RIQVJBJ?BO
>OO>KDBPCLOQEBPQRABKQQB>@EBOQL
?BBS>IR>QBA?VPQRABKQPBKOLIIBAFK
QEB@LROPB>KAOBSFBTPQEBPQRABKQ
OBMLOQPTFQEQEBPQRABKQQB>@EBO
,?:ED
$6E9@5D@7'C@E6:?
'FC:O42E:@?2?5@H?DEC62>
'C@46DD:?8
3EFP@LROPBMOLSFABP>ABQ>FIBA
E>KAPLKPROSBVLCPQ>QBLCQEB>OQ
JBQELAPBJMILVBA?VQEB
?FLQB@EKLILDVFKARPQOVCLOQEB
MROFh@>QFLKLCMOLAR@QPMOLQBFKPFK
M>OQF@RI>OCOLJCBOJBKQ>QFLK
MOL@BPPBP%L@RPFPLKJBQELAPQE>Q
LfBOQEB?BPQMLQBKQF>ICLOP@>IBRM
(K@IRABAFPQEBQEBLOVLCQEBABPFDK
>PTBII>PQEBLMBO>QFLKLCQEBPB
JBQELAP?LQE>QQEBI>?LO>QLOVP@>IB
>KAP@>IBARM(QFPFKQBKABACLO
?FLILDV?FLQB@EKLILDV@EBJF@>I
BKDFKBBOFKD>KA?FL@EBJFPQOV
PQRABKQP
,?:ED
'C6C6BF:D:E6D
HKLTIBADBLC?>PF@?FL@EBJFPQOVFP
>PPRJBA
$@56=*JDE6>D
IA6C:>6?E2=AAC@2496D2?5
AA=:42E:@?D
3EB@LROPBFPFKQBKABAQLFKQOLAR@B
PQRABKQPQLQEBRPBLCJLABI
BUMBOFJBKQ>IPVPQBJPFKJLABOK
?FLILDF@>IOBPB>O@E3EB@LROPB@LSBOP
MOLH>OVLQF@>KABRH>OVLQF@PVPQBJP
FK@IRAFKDJF@OL?F>I$P@EBOF@EF>@LIF
>KAPFKDIB@BIIPBRH>OVLQBPCRKDF
FKSBOQB?O>QB">BKLOE>?AFQFPBIBD>KP
#OLPLMEFI>JBI>KLD>PQBO>KA
SBOQB?O>QBJF@BWB?O>hPEPVPQBJP
>KAMI>KQPJLPP>ID>B>KA
O>EFALMPFPQE>IF>K>4PBLCQEBPB
PVPQBJPFK?>PF@>KA>MMIFBAOBPB>O@E
TFII?BBU>JFKBA2QRABKQPJ>V
OB@BFSB@OBAFQCLOBFQEBO!!LO>
!!@LROPBBKQFQIBA,LABI
2VPQBJP$UMBOFJBKQ>I MMOL>@EBP
>KA MMIF@>QFLKP?RQKLQ?LQE
,?:ED
6==J4=6)68F=2E:@?
3EFP@LROPBCL@RPBPLKJLIB@RI>O
BSBKQPQE>QOBDRI>QB@BII@V@IB
QO>KPFQFLKP>KAQEBFOOBIBS>K@BQL
J>JJ>IF>KAFfBOBKQF>QBA>KA
RKAFfBOBKQF>QBA@BIIP3LMF@PFK@IRAB
@LKQOLILCQEB&I2>KA&,
QO>KPFQFLKPOBI>QFLKPEFMP?BQTBBK
QRJLOPRMMOBPPLODBKBPPR@E>PMF
1?MLOLK@LDBKBPPR@E>P@V@IFK
#@A@ ,#,LO@JV@>KA@BII
@V@IB@LKQOLI6EBOB>MMOLMOF>QBQEB
CL@RPFPLKRKABOPQ>KAFKDOBDRI>QFLK
LC@BII@V@IB@LKQOLIQEOLRDE
QO>KP@OFMQFLK>IFKAR@QFLKLCDBKB
BUMOBPPFLKMOLQBFK>PPL@F>QFLKP
MLPQQO>KPI>QFLK>IJLAFh@>QFLKPIFHB
MELPMELOVI>QFLKLOOBDRI>QFLKLC
MOLQBFKPQ>?FIFQVIFHBR?FNRFQFK
ABDO>A>QFLK2QRABKQPJ>VOB@BFSB
@OBAFQCLOBFQEBO!!LO>!!
@LROPBBKQFQIBA"BII"V@IB1BDRI>QFLK
?RQKLQ?LQE
,?:ED
-:C@=@8J
3EFP>AS>K@BAIBSBI@LROPBRPBP>
PBJFK>OCLOJ>Q?>PBALKOBPB>O@E
>OQF@IBPQLAFP@RPP@ROOBKQQLMF@P
OBI>QBAQLQEBJLIB@RI>O@BII?FLILDV
LCSFO>IPQOR@QROBCRK@QFLK>KA
BSLIRQFLK/>OQF@RI>OBJME>PFPFP
MI>@BALKM>QELILDF@>IJB@E>KFPJP
LCS>OFLRPERJ>KAFPLOABOP
BPMB@F>IIVBJBODFKDAFPB>PB>KAQEB
RPBLCSFORPBPFKOBPB>O@E
,?:ED
*A64:2=+@A:4D
2MB@F>IQVPR?GB@Q@LROPBP>OBLfBOBA
?>PBALKQEBBUMBOQFPBLCQEB
ABM>OQJBKQC>@RIQVPR@E>P2QBJ"BII
!FLILDV
,?:ED
 6/(">Q>ILD
5G2?4656?6E:4D2?5
6==F=2C:@=@8J
3LMF@PFKQEFP@LROPBCL@RPLKQEB
?>PF@?RFIAFKD?IL@HPLCIFCB
JLIB@RIBPDBKBP>KA@BIIP3EB
@LROPBTFII>AAOBPP>OB>PLCQEB
LOD>KFW>QFLKPQOR@QROBCRK@QFLK>KA
>K>IVPFPLCQEBDBKLJB>KALC@BIIP
,?:ED
'C6C6BF:D:E6D
C>JFIF>OFQVTFQECRKA>JBKQ>IPLC
OB@LJ?FK>KQ#- >KAJLIB@RI>O
?FLILDF@>IQB@EKFNRBP>PTBII>P@BII
?FLILDV
:@:?7@C>2E:4D
3EFP@LROPBTFIIMOLSFAB>KLSBOSFBT
LC?FLFKCLOJ>QF@P@LSBOFKD>?OL>A
PBIB@QFLKLCQEBJLPQFJMLOQ>KQ
QB@EKFNRBPRPBAQL>K>IVWB?FLILDF@>I
PBNRBK@B>KABUMOBPPFLKA>Q>
2QRABKQPTFII>@NRFOB>TLOHFKD
HKLTIBADBLC?FLFKCLOJ>QF@P
>MMIF@>QFLKPQEOLRDEE>KAPLKRPBLC
PLCQT>OBQL>PH>KA>KPTBO?FLILDF@>I
NRBPQFLKP(K>AAFQFLKQEB@LROPBTFII
MOLSFABPQRABKQPTFQE>K
FKQOLAR@QFLKQLQEBQEBLOV?BEFKA
PLJBLCQEBJLPQFJMLOQ>KQ
>IDLOFQEJPRPBAQL>K>IVWBPBNRBK@B
A>Q>CLOBU>JMIB>IFDKJBKQ
>IDLOFQEJP>KAQEBRPBLCEFAABK
,>OHLSJLABIP3LMF@P@LSBOBATFII
FK@IRABMOLQBFK>KA#- PBNRBK@B
>IFDKJBKQPBSLIRQFLK>OV>K>IVPFP>KA
MEVILDBKBQF@QOBBPL?Q>FKFKDMOLQBFK
PB@LKA>OVPQOR@QROBCOLJPBNRBK@B
>KA>K>IVPFPLCDBKBBUMOBPPFLK
FK@IRAFKD@IRPQBOFKDJBQELAP
2QRABKQPJ>VKLQOB@BFSB@OBAFQCLO
?LQE!!>KA!!
,?:ED
'C6C6BF:D:E6D
HKLTIBADBLCDBKBQF@PJLIB@RI>O
?FLILDV>KAPQ>QFPQF@P>QQEB
RKABODO>AR>QBIBSBI
2ADE@?6IA6C:6?46:?
:@=@8J2?5:@E649?@=@8J
3EBPB@I>PPBPTFIIPBOSB>PFKQBDO>QFSB
BUMBOFBK@BPCLODO>AR>QBPQRABKQP
TEL>OBB>OIVFKQEBFOAL@QLO>I
QO>FKFKD3EB@LROPBTFIIEBIM
PQRABKQPFKQBDO>QB@LK@BMQPCOLJ
LQEBO@LROPBPFKQEB@ROOF@RIRJ
MO>@QF@BPHFIIPLC@OFQF@>I>K>IVPFP>KA
BS>IR>QB>KA@LJJRKF@>QBP@FBKQFh@
FKCLOJ>QFLKBfB@QFSBIV3EBPMB@Fh@
QEBJBLCB>@ELfBOFKDTFII@BKQBO
>OLRKA>@ROOBKQQLMF@LC?FLILDF@>I
FKQBOBPQ>KAJ>VFK@IRABPR@E>OB>P
>PDBKLJF@P@>K@BOBKSFOLKJBKQ>I
MOL?IBJP>KAPVKQEBQF@?FLILDV
3LMF@PTFII?B>KKLRK@BAMOFLOQL
OBDFPQO>QFLKFKQEBVB>OMOB@BAFKDQEB
@LROPBLfBOFKD-.3$2QRABKQPJ>V
KLQB>OK@OBAFQCLO?LQE!!>KA
!!QE>Q?B>OQEBP>JBPB@QFLK
KRJ?BO>KA@LROPBABP@OFMQFLK
,?:ED
:C64E65)6D62C49
#FOB@QBAOBPB>O@E@LKAR@QBARKABO
QEBDRFA>K@BLC>C>@RIQVJBJ?BOFK
QEB!!/OLDO>J
,?:ED
$2DE6CLD+96D:D
,>PQBOPQEBPFPFK!FLILDV>KA
!FLQB@EKLILDV@LKPFPQPLC>OBPB>O@E
>KAABSBILMJBKQMOLGB@QTLOQE>
JFKFJRJLCDO>AR>QB@OBAFQELROP
>ASFPBA?V>C>@RIQVJBJ?BOFKQEB
!!/OLDO>J3EBPQRABKQJRPQ
P>QFPC>@QLOFIV@LJMIBQB>TOFQQBK
AFPPBOQ>QFLKMR?IF@MOBPBKQ>QFLK>KA
MOFS>QBABCBKPBTFQEQEBPFP
@LJJFQQBB
,?:ED
'9:DD6CE2E:@?
/E#QEBPFPFK!FLILDV>KA
!FLQB@EKLILDV@LKPFPQPLC>OBPB>O@E
>KAABSBILMJBKQMOLGB@QTLOQE>
JFKFJRJLCDO>AR>QB@OBAFQELROP
>ASFPBA?V>C>@RIQVJBJ?BO
>gIF>QBATFQEQEB!!/OLDO>J
2QRABKQPJRPQM>PP>NR>IFCVFKDBU>J
?BCLOBQEBPQRABKQ@>KOBDFPQBOCLO
/E#QEBPFP@OBAFQP3EBPQRABKQJRPQ
P>QFPC>@QLOFIV@LJMIBQB>TOFQQBK
AFPPBOQ>QFLKABCBKAFK>MR?IF@
MOBPBKQ>QFLK>KAMOFS>QBABCBKPB
TFQEQEBPFP@LJJFQQBB
,?:ED
:@:?7@C>2E:4D
3EFP@LROPBTFIIMOLSFAB>KLSBOSFBT
LC?FLFKCLOJ>QF@P@LSBOFKD>?OL>A
PBIB@QFLKLCQEBJLPQFJMLOQ>KQ
QB@EKFNRBPRPBAQL>K>IVWB?FLILDF@>I
PBNRBK@B>KABUMOBPPFLKA>Q>
2QRABKQPTFII>@NRFOB>TLOHFKD
HKLTIBADBLC?FLFKCLOJ>QF@P
>MMIF@>QFLKPQEOLRDEE>KAPLKRPBLC
PLCQT>OBQL>PH>KA>KPTBO?FLILDF@>I
NRBPQFLKP(K>AAFQFLKQEB@LROPBTFII
MOLSFABPQRABKQPTFQE>K
FKQOLAR@QFLKQLQEBQEBLOV?BEFKA
PLJBLCQEBJLPQFJMLOQ>KQ
>IDLOFQEJPRPBAQL>K>IVWBPBNRBK@B
A>Q>CLOBU>JMIB>IFDKJBKQ
>IDLOFQEJP>KAQEBRPBLCEFAABK
,>OHLSJLABIP3LMF@P@LSBOBATFII
FK@IRABMOLQBFK>KA#- PBNRBK@B
>IFDKJBKQPBSLIRQFLK>OV>K>IVPFP>KA
MEVILDBKBQF@QOBBPL?Q>FKFKDMOLQBFK
PB@LKA>OVPQOR@QROBCOLJPBNRBK@B
>KA>K>IVPFPLCDBKBBUMOBPPFLK
FK@IRAFKD@IRPQBOFKDJBQELAP
2QRABKQPJ>VKLQOB@BFSB@OBAFQCLO
?LQE!"!>KA!"!
,?:ED
'C6C6BF:D:E6D
HKLTIBADBLCDBKBQF@PJLIB@RI>O
?FLILDV>KAPQ>QFPQF@P>QQEB
RKABODO>AR>QBIBSBI
 6/(">Q>ILD
!FLJBAF@>I
$KDFKBBOFKD
$$+:DDF6?8:?66C:?8
3EFP?FLJ>QBOF>IP@LROPBCL@RPBPLK
QEBPBIB@QFLKMOL@BPPFKDQBPQFKD>KA
MBOCLOJ>K@BLCJ>QBOF>IPRPBAFK
?FLJBAF@>I>MMIF@>QFLKPTFQEPMB@F>I
BJME>PFPRMLKQFPPRBBKDFKBBOFKD
3LMF@PFK@IRABJ>QBOF>IPBIB@QFLK>KA
MOL@BPPFKDJB@E>KFPJP>KAHFKBQF@P
LCJ>QBOF>IABDO>A>QFLK@BIIJ>QBOF>I
FKQBO>@QFLKP>KAFKQBOC>@BPBfB@QLC
@LKPQOR@Q>O@EFQB@QROBLKQFPPRB
DOLTQE>KAQO>KPMLOQQEOLRDE
BKDFKBBOBAQFPPRBP$U>JMIBPLC
BKDFKBBOFKDQFPPRBPCLOOBMI>@FKD
@>OQFI>DB?LKBQBKALKPIFD>JBKQP
PHFK>KAIFSBOTFII?BMOBPBKQBA
,?:ED
'C6C6BF:D:E6D
hOPQ@LROPBFK?FLJ>QBOF>IP
BNRFS>IBKQQL!,$,$>KA>
?>PF@RKABOPQ>KAFKDLC@BII?FLILDV
>KAMEVPFLILDV AJFPPFLKLC
RKABODO>AR>QBPQRABKQPOBNRFOBPQEB
MBOJFPPFLKLCQEBFKPQOR@QLO
$$+:DDF6$6492?:4D
3EFP?FLJB@E>KF@P@LROPBCL@RPBPLK
>AS>K@BAQB@EKFNRBPCLOQEB
@E>O>@QBOFW>QFLKLCQEBPQOR@QROB>KA
CRK@QFLKLCE>OA>KAPLCQQFPPRBP>KA
QEBFOOBI>QFLKPEFMQLMEVPFLILDF@>I
MOL@BPPBP MMIF@>QFLKPFK@IRABQFPPRB
FKGROVTLRKAEB>IFKDQEBBfB@QLC
M>QELILDF@>I@LKAFQFLKPRMLKQFPPRB
MOLMBOQFBP>KAABPFDKLCJBAF@>I
ABSF@BP>KAMOLPQEBPBP
,?:ED
'C6C6BF:D:E6D
KRKABOPQ>KAFKDLC?>PF@
@LKQFKRRJJB@E>KF@P
$$:@>6492?:4D
,?:ED
$$:@PF:5D
,?:ED
$$:@>2E6C:2=D
,?:ED
$):@>6492?:4D
2?5)@3@E:4D
3EFP@LROPBFKQOLAR@BP!FLJB@E>KF@P
>KA1L?LQF@P>P>RKFhBAPR?GB@Q
>AAOBPPFKDIFSFKD>KAJ>KJ>AB
[LOD>KFPJP^(QAO>TPABBM
@LKKB@QFLKP?BQTBBKQEBK>QRO>I>KA
QEBPVKQEBQF@PELTFKDELTQEBP>JB
MOFK@FMIBP>MMIVQL?LQEPQ>OQFKD
COLJPBKPFKDQEOLRDE@LKQOLIQL
>@QR>QFLK3ELPBMOFK@FMIBP>OB
FIIRPQO>QBAFKPBSBO>IALJ>FKP
FK@IRAFKDIL@LJLQFLKMOLPQEBQF@P
>KAJBAF@FKB3EBCLIILTFKDQLMF@P
>OB>AAOBPPBA!FLILDF@>I>KA
OQFh@F>IPBKPLOP>@QR>QLOP>KA
@LKQOLI.OQELQF@P!FLJB@E>KF@P>KA
1L?LQF@P/OLPQEBQF@!FLJB@E>KF@P
>KA1L?LQF@P OQFh@F>I.OD>KP>KA
+FJ?P1BE>?FIFQ>QFLK1L?LQF@P>KA
!FLJB@E>KF@P3EBO>MV PPFPQ>K@B
>KA"IFKF@>I$S>IR>QFLK'RJ>K
1L?LQ(KQBO>@QFLK>KA1L?LQ FABA
+FSFKDCLO'B>IQEFBO3LJLOOLT
2MLOQP$UBO@FPB>KA&>JBP
!FLJB@E>KF@P>KA1L?LQF@P1L?LQ
>FABA2RODBOV!FLILDF@>IIV(KPMFOBA
1L?LQF@P>KA,F@OL?FLOL?LQF@P
-BT3B@EKLILDFBP>KA
,BQELALILDFBPFK,BAF@>I1L?LQF@P
>KA!FLJB@E>KF@P-BRO>I"LKQOLILC
,LSBJBKQ>KA1L?LQF@P
MMIF@>QFLKP MMIFBA
,RP@RILPHBIBQ>I,LABIP>KA'RJ>K
,LSBJBKQ K>IVPFP3EFP@LROPB
JBPEBPMEVPF@P?FLILDVJBAF@FKB
>KABKDFKBBOFKD>KAFKQOLAR@B
PQRABKQPQLPR?GB@QQE>QELIAP>
MOLJFPBQL?BLKBLCQEBJLPQ
FKiRBKQF>IFKKLS>QFSBOBPB>O@E
AFOB@QFLKPABhKFKDQEBPQ@BKQROV
,?:ED
)64@>>6?56524<8C@F?5
CLRKA>QFLKLCMEVPF@PIFKB>O>IDB?O>
>KAAFfBOBKQF>IBNR>QFLKP?>PF@
MOLDO>JJFKDPHFIIPBDRPFKD
, 3+ !RKABODO>AR>QBIBSBI
?FLJB@E>KF@POL?LQF@P
$:@>65:42=
?DECF>6?E2E:@?
.OFDFKP>KA@E>O>@QBOFPQF@PLC
?FLBIB@QOF@PFDK>IPOB@LOAFKD
BIB@QOLABP?FLMLQBKQF>I>JMIFhBOP
?>PF@PBKPLOP@EBJF@>IMOBPPROB
PLRKA>KAiLTQO>KPAR@BOP
KLKFKS>PFSBJLKFQLOFKDQB@EKFNRBP
>KABIB@QOF@>IP>CBQV
,?:ED
'C6C6BF:D:E6D
"FO@RFQP>KABIB@QOLKF@P@LKQOLI
BKDFKBBOFKDLOBNRFS>IBKQ
 6/(">Q>ILD
$$$+
:@>65:42=$2E6C:2=D
3EFP@LROPBFPFKQBKABAQLPBOSB>P>
DBKBO>IFKQOLAR@QFLKQLS>OFLRP
>PMB@QPMBOQ>FKFKDQLQEB>MMIF@>QFLK
LCPVKQEBQF@>KAK>QRO>IJ>QBOF>IPFK
JBAF@FKB>KAEB>IQE@>OB3EFP@LROPB
TFIIMOLSFABQEBPQRABKQTFQE>
DBKBO>IRKABOPQ>KAFKDLCQEB
MOLMBOQFBPLC>TFABO>KDBLC
J>QBOF>IPRPBAFK@IFKF@>IMO>@QF@B3EB
MEVPF@>I>KAJB@E>KF@>IMOLMBOQV
OBNRFOBJBKQPCLOQEBILKDQBOJ
Bg@>@VLC?FLJ>QBOF>IPFKQEB
>RDJBKQ>QFLKOBM>FOOBMI>@BJBKQLO
OBDBKBO>QFLKLCQFPPRBPTFII?B
ABP@OF?BA3EBMEVPF@L@EBJF@>I
FKQBO>@QFLKP?BQTBBKQEB?FLJ>QBOF>I
>KAQEBMEVPFLILDF@>IBKSFOLKJBKQ
TFII?BEFDEIFDEQBA3EB@LROPBTFII
MOLSFAB>DBKBO>IRKABOPQ>KAFKDLC
QEB>MMIF@>QFLKLC>@LJ?FK>QFLKLC
PVKQEBQF@>KA?FLILDF@>IJLFBQFBPQL
BIF@FQ>PMB@Fh@MEVPFLILDF@>I
OBPMLKPB$U>JMIBPLCQEBRPBLC
?FLJ>QBOF>IPFKAORDABIFSBOV
QEBO>KLPQF@LOQELMBAF@ABKQ>I
@>OAFLS>P@RI>OL@RI>OTLRKA@ILPROB
>KAQEBJLOBOB@BKQI>?LK@EFM
>MMIF@>QFLKPTFII?BLRQIFKBA3EFP
@LROPBTFIIEFDEIFDEQQEB?>PF@
QBOJFKLILDVRPBAFKQEFPhBIA>KA
MOLSFABQEB?>@HDOLRKAQLBK>?IB
QEBPQRABKQQLOBSFBTQEBI>QBPQ
OBPB>O@EFKP@FBKQFh@GLROK>IP3EFP
@LROPBTFIIABJLKPQO>QBQEB
FKQBOAFP@FMIFK>OVFPPRBPFKSLISBAFK
?FLJ>QBOF>IPABPFDKPVKQEBPFP
BS>IR>QFLK>KA>K>IVPFPPLQE>Q
PQRABKQPJ>VPBBH>GL?FKQEB
JBAF@>IABSF@BFKARPQOVLOMROPRB
OBPB>O@EFKQEFPO>MFAIVBUM>KAFKD
hBIA2QRABKQP@>KKLQOB@BFSB@OBAFQ
CLOQEFP@LROPBFCQEBVE>SBOB@BFSBA
@OBAFQCLOQEB2MB@F>I3LMF@P,$
,3$SBOPFLKLCQEBP>JB@LROPB
LOCLO,$!,$!FLJBAF@>I
,>QBOF>IP
,?:ED
$:@>2E6C:2=D:?E96
6D:8?@7$65:42=6G:46D
!FLJ>QBOF>IP>OB>KFKQBDO>IM>OQLC
JBAF@>IABSF@BPFJMI>KQP@LKQOLIIBA
AORDABIFSBOVPVPQBJP>KAQFPPRB
BKDFKBBOBA@LKPQOR@QP$UQBKPFSB
OBPB>O@EBfLOQPE>SB?BBKBUMBKABA
LKRKABOPQ>KAFKDELT?FLILDF@
PVPQBJPFKQBO>@QTFQE?FLJ>QBOF>IP
,B>KTEFIB@LKQOLSBOPVE>POBSLISBA
>OLRKA?FLJ>QBOF>IP>KAQEBFO
>S>FI>?FIFQV>P>OBPRIQLCQEB?>@HI>PE
QLQEBERDBIF>?FIFQVOBPRIQFKDCOLJ
@LKQOLSBOPFBPOBI>QBAQLJ>QBOF>I>KA
MOL@BPPFKDPELOQ@LJFKDPLCJBAF@>I
ABSF@BP3EFP@LROPBPMB@Fh@>IIV
>AAOBPPBPQEBRKFNRBOLIBLC
?FLJ>QBOF>IPFKJBAF@>IABSF@BABPFDK
>KAQEBRPBLCBJBODFKD?FLJ>QBOF>IP
QB@EKLILDVFKJBAF@>IABSF@BP3EB
KBBAQLRKABOPQ>KAABPFDK
OBNRFOBJBKQPLCJBAF@>IABSF@BP
?>PBALKP>CBQV>KABg@>@VTFII?B
>AAOBPPBA4KBUMB@QBAABSF@BC>FIROB
@>KL@@ROFCQBPQFKDC>FIPQL>@@LRKQ
CLOPVKBODFPQF@FKQBO>@QFLKPCOLJ
@EOLKF@IL>AFKD>NRBLRP
BKSFOLKJBKQP>KA?FLILDF@
FKQBO>@QFLKP3BPQFKDJBQELALILDFBP
>OBOB>AFIV>S>FI>?IBQL>PPBPP
>@@BIBO>QBABfB@QPLCIL>AFKDFK
MEVPFLILDF@IFHBBKSFOLKJBKQP3EFP
@LJ?FKBATFQEPR?@EOLKF@BfB@QPLC
>KFJ>IFJMI>KQPFP>MLQBKQF>IQLLIFK
>PPBPPFKDARO>?FIFQV(QFPAFg@RIQQL
MOBAF@QQEB@EOLKF@BfB@QPLCQEBQLQ>I
?FLILDF@BKSFOLKJBKQ3EBRIQFJ>QB
ABQBOJFK>QFLKLCP>CBQV@LJBPKLQ
LKIVCOLJCLIILTFKDQEBABQ>FIPLC
OBDRI>QFLKP?RQTFQE>K
RKABOPQ>KAFKDLCMLQBKQF>IC>FIROB
JLABP>KAABPFDKPQE>QILTBOPQEB
OFPHLCQEBPBC>FIROBP3EFP@LROPBTFII
BS>IR>QB?FLJ>QBOF>IP>KAQEBFO
MOLMBOQFBP>POBI>QBAQLQEBABPFDK
>KAOBIF>?FIFQVLCJBAF@>IABSF@BP
,?:ED
$$65:42=6G:46
)68F=2E:@?
3EFP@LROPBMOLSFABP>KLSBOSFBTLC
OBDRI>QFLKPQE>QDRFABQEBJBAF@>I
ABSF@BPFKARPQOV/OFJ>OVCL@RPFPLK
QEB%LLA#ORD>KA"LPJBQF@ @Q
%#" @Q>KAFQP>PPL@F>QBA
OBDRI>QFLKP3EB@LROPB@LSBOPQEB
%#" @QFK@IRAFKDABhKFQFLKP
MOLEF?FQBA>@QPMBK>IQFBP>KA
DBKBO>I>RQELOFQV3EB@LROPB>IPL
@LSBOPOBDRI>QFLKPFK@IRAFKD
BPQ>?IFPEJBKQOBDFPQO>QFLKMOBJ>OHBQ
>MMOLS>I/, >KA@ROOBKQDLLA
J>KRC>@QROFKDMO>@QF@BP
1BNRFOBJBKQPLCLQEBOCBABO>I
>DBK@FBP-1"%""$/ TFII>IPL?B
AFP@RPPBA
,?:ED
$$$65:42=6G:46
??@G2E:@?2?56G6=@A>6?E
3EBDL>ILCQEFP@LROPBFPQLFKQOLAR@B
JBAF@>IABSF@BFKKLS>QFLKPQO>QBDFBP
ABPFDK>KAABSBILMJBKQMOL@BPPBP
>KAMOLSFABPQRABKQPTFQE>K
RKABOPQ>KAFKDLCELTJBAF@>I
ABSF@BFKKLS>QFLKP>OB?OLRDEQCOLJ
@LK@BMQQL@IFKF@>I>ALMQFLK
2QRABKQPTFIIE>SBLMMLOQRKFQFBP
QLMO>@QF@BJBAF@>IABSF@BFKKLS>QFLK
QEOLRDE>QB>J?>PBA@LROPBMOLGB@Q
2MB@Fh@IB>OKFKDLRQ@LJBPFK@IRAB
ABP@OF?FKD>KA>MMIVFKDJBAF@>I
ABSF@BABPFDK>KAABSBILMJBKQ
@LK@BMQPPR@E>PS>IRBMOLMLPFQFLK
FQBO>QFSBABPFDK@LK@ROOBKQABPFDK
>KAJ>KRC>@QROFKDFKQBIIB@QR>I
MOLMBOQV>KA%# OBDRI>QFLK
ABJLKPQO>QFKD>KRKABOPQ>KAFKDLC
BJBODFKDQEBJBPQE>Q>OB
PE>MFKDJBAF@>IABSF@BFKKLS>QFLK
ABJLKPQO>QFKDC>JFIF>OFQVTFQE
FKKLS>QFLK>KA
BKQOBMOBKBROPEFMPHFIIPFK@IRAFKD
@RPQLJBOAFP@LSBOVJ>OHBQ>K>IVPFP
ABSBILMJBKQMI>KKFKD
>KA@LJJRKF@>QFKDFKKLS>QFLK>KA
D>FKFKD@>M>?FIFQV>KA@LKhABK@B>P
FKKLS>QLOPMOL?IBJPLISBOP>KA
@LJJRKF@>QLOPM>OQF@RI>OIVFKQEB
JBAF@>IABSF@BFKARPQOV?RQ
QO>KPCBO>?IBQL>KV@>OBBOM>QE
,?:ED
 6/(">Q>ILD
$$65:42=6G:466D:8?
@?EC@=D
KFKQOLAR@QFLKQLQEBCRKA>JBKQ>IP
LCJBAF@>IABSF@BABPFDK@LKQOLIP
COLJ@LK@BMQDBKBO>QFLKQL
J>KRC>@QROFKD2QRABKQPTLOHFK
QB>JPQLK>SFD>QBQEOLRDEQEB
JBAF@>IABSF@BABPFDK>KA
ABSBILMJBKQIFCB@V@IBLKS>OFLRP
ABSF@BQVMBPCRIhIIFKDABPFDK@LKQOLI
OBNRFOBJBKQPTEFIBIB>OKFKDTE>QFP
OBNRFOBAQL?OFKD>@LK@BMQQLIFCBFK
FKARPQOV2QRABKQPJ>VKLQOB@BFSB
@OBAFQFCQEBVMOBSFLRPIV@LJMIBQBA
QEFP@LROPB>P!,$2MB@F>I
3LMF@P#LBPKLQCRIhIQB@EKF@>I
ABMQEOBNRFOBJBKQ
,?:ED
$:@>6492?:4D@7
&CE9@A265:46G:46D
3EFP@LROPBTFIIPROSBVAFfBOBKQQVMBP
LCLOQELM>BAF@FJMI>KQP>KAABSF@BP
MOFJ>OFIVCL@RPFKDLKGLFKQ
>OQEOLMI>PQV>KACO>@QROBhU>QFLK
JBQELAP3LMF@PPR@E>PABSF@B
ABPFDK>KACRK@QFLKJB@E>KF@P
J>QBOF>IPS>IFA>QFLK>KAQBPQFKD
C>FIROBRPB@>PBP>KAOBDRI>QLOV
OBNRFOBJBKQPTFII?BAFP@RPPBA"I>PP
MOLGB@QP>KAAFP@RPPFLKPTFII@LSBO
@LKQBJMLO>OVQLMF@POBI>QBAQLQEB
ABPFDKJ>KRC>@QROB>KAMLPQ
FJMI>KQ>QFLKJB>PROBJBKQ>KA
MBOCLOJ>K@BBS>IR>QFLKLC
LOQELM>BAF@ABSF@BP2QRABKQPJ>V
KLQOB@BFSB@OBAFQFCQEBVMOBSFLRPIV
@LJMIBQBAQEFP@LROPB>P!,$
2MB@F>I3LMF@P
,?:ED
$:@>65:42=2?5+:DDF6
$:4C@6?8:?66C:?8
3EFP@LROPB@LSBOPJF@OLP@>IB
?FLILDF@>I>KAMEVPF@>IMEBKLJBK>
>KAPQ>QBLCQEB>OQQB@EKFNRBPQL
JB>PROB>KAJ>KFMRI>QBQEBPB
MOL@BPPBP3LMF@PFK@IRABP@>IFKD
I>TPJF@OLC>?OF@>QFLKJ>@EFKFKD
QEOBBAFJBKPFLK>IJF@OLPQOR@QROBP
M>QQBOKFKD?FLJLIB@RIBP>KA
ABPFDKFKD>KA?RFIAFKDJF@OLiRFAF@
ABSF@BP6BTFII@LSBOS>OFLRP
?FLJBAF@>IMOL?IBJPQE>Q@>K?B
>AAOBPPBATFQEJF@OLC>?OF@>QFLK
QB@EKLILDV>KAQEBFO>PPL@F>QBA
BKDFKBBOFKD@E>IIBKDBPTFQEPMB@F>I
BJME>PFPLK>MMIF@>QFLKPOBI>QBAQL
NR>KQFQ>QFSB?FLILDVQFPPRB
JF@OLBKDFKBBOFKD@LKQOLIIFKDQEB
@BIIRI>OJF@OLBKSFOLKJBKQ>KA
@IFKF@>IAF>DKLPQF@I>?LK>@EFM
ABSF@BP
,?:ED
$'9JD:@=@8J7@C?8:?66CD
KFKQOLAR@QFLKQLCRKA>JBKQ>I
MOFK@FMIBPFK@BII?FLILDV>KA
MEVPFLILDVABPFDKBAQLMOLSFABQEB
KB@BPP>OV?>@HDOLRKACLO>AS>K@BA
TLOHFK?FLJBAF@>IBKDFKBBOFKD
0R>KQFQ>QFSBJBQELAPLCBKDFKBBOFKD
>KAQEBMEVPF@>IP@FBK@BP>OB
PQOBPPBA3LMF@PFK@IRAB@BII?FLILDV
#- QB@EKLILDV>KAQEBMEVPFLILDV
LCJ>GLOLOD>KPVPQBJP-.3$3EFP
@LROPB@>K?BRPBAQLP>QFPCV>IFCB
P@FBK@BOBNRFOBJBKQFKQEB
?FLJBAF@>IBKDFKBBOFKDMOLDO>J(Q
@>KKLQ?BRPBAQLP>QFPCV>
?FLJBAF@>IBKDFKBBOFKD@LROPB
OBNRFOBJBKQ
,?:ED
$#23@C2E@CJ?:>2=
*FC86CJ
PQRAVLC>KBPQEBPF>PRODF@>I
QB@EKFNRBP>KAMLPQLMBO>QFSB@>OBFK
PJ>III>?LO>QLOV>KFJ>IP K>QLJV
>KAMEVPFLILDVLCPMB@FBPRPBA
FK@IRABA>PKBBABA"I>PPIFJFQBAQL
PQRABKQP MMOLUFJ>QBIV
PRODF@>IBUBO@FPBP>OBMBOCLOJBA?V
B>@EPQRABKQ-.3$3EFP@LROPB@>K
?BRPBAQLP>QFPCV>IFCBP@FBK@B
OBNRFOBJBKQFKQEB?FLJBAF@>I
BKDFKBBOFKDMOLDO>J(Q@>KKLQ?B
RPBAQLP>QFPCV>?FLJBAF@>I
BKDFKBBOFKD@LROPBOBNRFOBJBKQ
,?:ED
'C6C6BF:D:E6D
&O>AR>QBPQ>KAFKD AJFPPFLKLC
RKABODO>AR>QBPQRABKQPOBNRFOBPQEB
MBOJFPPFLKLCQEBABM>OQJBKQEB>A
>KAQEBFKPQOR@QLO
$6==2?5$@=64F=2C
:@=@8J7@C?8:?66CD
K>AS>K@BA@LROPBFK@BII>KA
JLIB@RI>O?FLILDVCLOBKDFKBBOFKD
DO>AR>QBPQRABKQPTFQE>KBJME>PFP
LKJLIB@RI>O>MMOL>@EBPQL
JB>PROFKD>KAJ>KFMRI>QFKD@BII
OBPMLKPBPCLO?FLJBAF@>I
BKDFKBBOFKD>MMIF@>QFLKP"LROPB
QLMF@PTFIIFK@IRABFKABMQE
BUMILO>QFLKLCQEBJLIB@RI>O?>PFPLC
@BIIRI>OCRK@QFLKFK@IRAFKDMOLQBFK
?FL@EBJFPQOVPFDK>IQO>KPAR@QFLK
@BIIBUQO>@BIIRI>OJ>QOFUFKQBO>@QFLKP
>KAOBDRI>QFLKLCDBKBBUMOBPPFLK
3LLIP>KAQB@EKFNRBPRPBAFKJLABOK
@BII>KAJLIB@RI>O?FLILDVTFII?B
AFP@RPPBAFKQEB@LKQBUQLC@ROOBKQ
OBPB>O@EIFQBO>QROB-.3$3EFP@LROPB
@>K?BRPBAQLP>QFPCV>IFCBP@FBK@B
OBNRFOBJBKQFKQEBDO>AR>QB
?FLJBAF@>IBKDFKBBOFKDMOLDO>J(Q
@>KKLQ?BRPBAQLP>QFPCV>
?FLJBAF@>IBKDFKBBOFKD@LROPB
OBNRFOBJBKQRKABODO>AR>QBLO
DO>AR>QB
,?:ED
 6/(">Q>ILD
$)$
:@>65:42=)@3@E:4D
3EFP@LROPBTFIIMOLSFAB>KLSBOSFBT
LC>JRIQFQRABLC?FLJBAF@>I
>MMIF@>QFLKPLCOL?LQF@P MMIF@>QFLKP
@LSBOBAFK@IRABFJ>DBDRFABA
PRODBOVMBO@RQ>KBLRPQEBO>MV
IL@>IFW>QFLKOL?LQ>PPFPQBAPRODBOV
PFJRI>QFLK>KA>RDJBKQBAOB>IFQV
I>?LO>QLOV>KALMBO>QFKDOLLJ
>RQLJ>QFLKOL?LQF@OBE>?FIFQ>QFLK
>KAPL@F>IIV>PPFPQFSBOL?LQP2MB@Fh@
PR?GB@QJ>QQBOFK@IRABPJBAF@>I
FJ>DFKD@LLOAFK>QBPVPQBJP>KA
OBMOBPBKQ>QFLKPFK#PM>@BOL?LQ
HFKBJ>QF@P>KA@LKQOLIS>IFA>QFLK
E>MQF@PQBIBLMBO>QFLKOBDFPQO>QFLK
@>IF?O>QFLKFJ>DBMOL@BPPFKD
QO>@HFKD>KAERJ>KOL?LQ
FKQBO>@QFLK3LMF@PTFII?BAFP@RPPBAFK
IB@QROBCLOJ>QCLIILTBA?VFKQBO>@QFSB
AFP@RPPFLKLCOBI>QBAIFQBO>QROB3EB
@LROPBTFII@RIJFK>QBFK>QB>J
MOLGB@Q@LSBOFKDLKBLOJLOBLCQEB
MOFJ>OV@LROPBCL@RP>OB>P2QRABKQP
@>KKLQOB@BFSB@OBAFQCLOQEFP@LROPBFC
QEBVE>SBQ>HBKQEB2MB@F>I3LMF@P
,$4SBOPFLKLCQEBP>JB
@LROPB
,?:ED
'C6C6BF:D:E6D
+FKB>O>IDB?O>,$1!$LO
BNRFS>IBKQ
$$65:42= >28:?8*JDE6>D
.SBOSFBTLCQEBMEVPF@PLCJBAF@>I
FJ>DB>K>IVPFP3LMF@P@LSBOBA
FK@IRAB71>VQR?BPiRLOLP@LMF@
P@OBBKPFJ>DBFKQBKPFhBOPKR@IB>O
JBAF@FKBRIQO>PLRKA@LJMRQBO
QLJLDO>MEVKR@IB>OJ>DKBQF@
OBPLK>K@BFJ>DFKD(J>DBNR>IFQVLC
B>@EJLA>IFQVFPABP@OF?BA
J>QEBJ>QF@>IIVRPFKDIFKB>OPVPQBJP
QEBLOV%LROFBOQO>KPCLOJP
@LKSLIRQFLKP
,?:ED
'C6C6BF:D:E6D
2FDK>I>K>IVPFP@LROPB!,$$"$
LOBNRFS>IBKQ
$:@>65:42=$:4C@D4@AJ
2?5(F2?E:E2E:G6 >28:?8
3EFP@LROPBFKQOLAR@BPCRKA>JBKQ>I
MOFK@FMIBPLC?FLJBAF@>IFJ>DFKD
CL@RPBALKNR>KQFQ>QFSBJF@OLP@LMV
3LMF@PFK@IRABMEVPF@>I?>PFPLCIFDEQ
JF@OLP@LMViRLOBP@BK@BJF@OLP@LMV
IFSB@BIIFJ>DFKD>KA@LJMRQBOSFPFLK
>IDLOFQEJP AS>K@BAQLMF@PFK@IRAB
#FJ>DFKD@LKCL@>IIFDEQPEBBQ
MELQLKPRMBOOBPLIRQFLKP>JMIB
MOBM>O>QFLK>KABNRFMJBKQ
@LKPFABO>QFLKP2BIB@QBAQLMF@PFK
JBAF@>IFJ>DFKD"3,1(
RIQO>PLRKAJ>V?BFK@IRABATFQE
E>KAPLKFKPQOR@QFLKLK@LJJBO@F>I
>KAPQRABKQ?RFIQPVPQBJP-.3$
2QRABKQPTELOB@BFSBA@OBAFQCLO!,$
FK2MOFKDJ>VKLQ>IPL
OB@BFSB@OBAFQCLO!,$
,?:ED
$C25F2E6*6>:?2C
3LMF@PFK?FLJBAF@>IBKDFKBBOFKD>OB
MOBPBKQBA?LQE?V>RQELOFQFBPFKQEB
hBIA>KADO>AR>QBPQRABKQPFKQEB
MOLDO>J/OLSFABP>CLORJCLOQEB
@LJJRKF@>QFLKLC@ROOBKQOBPB>O@E
>KA>KLMMLOQRKFQVCLODO>AR>QB
PQRABKQPQLMOBM>OB>KAABIFSBOLO>I
MOBPBKQ>QFLKP2QRABKQPJ>VJBBQ
QEB>QQBKA>K@BOBNRFOBJBKQCLOQEFP
@LROPBFKPBSBO>IT>VPFK@IRAFKD
>QQBKA>K@B>QTBBHIV?FLJBAF@>I
BKDFKBBOFKDPBJFK>OPLKQEB6/(
@>JMRP>QQBKA>K@B>QPFJFI>O
PBJFK>O@LROPBP>QLQEBORKFSBOPFQFBP
LO?FLQB@EhOJP>QQBKA>K@B>Q
>MMOLMOF>QB@LKCBOBK@BPJBBQFKDPLO
PVJMLPF>LOFK>KVLQEBOT>V
ABBJBA>MMOLMOF>QB?VQEB@LROPB
FKPQOR@QLO
,?:ED
$62=E942C6*JDE6>D2?5
=:?:42='C24E:46
3EFP@LROPBCRIhIIPQEB"IFKF@>I
"LJMBQBK@VOBNRFOBJBKQFK
!FLJBAF@>I$KDFKBBOFKD3EB@LROPB
TFIICLIILT>PBJFK>OCLOJ>QTFQE
EB>IQE@>OBMOLCBPPFLK>IPC>@RIQV>KA
JBAF@>IABSF@BFKARPQOVBUMBOQP
PBOSFKD>PFKSFQBAIB@QROBOP>KA@>PB
PQRAVMOBPBKQBOP3EB@LROPBFP
ABPFDKBAQLFKQOLAR@B!,$DO>AR>QB
PQRABKQPQL@IFKF@>IBKSFOLKJBKQP>KA
MO>@QF@BEB>IQE@>OBABIFSBOVPVPQBJP
>KA@LJJRKF@>QFLKTFQE@IFKF@>I
PQ>HBELIABOP
,?:ED
$*4:6?E:O4@>>F?:42E:@?
"IB>OLO>ITOFQQBK>KADO>MEF@>I
@LJJRKF@>QFLKLCP@FBKQFh@JBQELAP
>KAA>Q>FP>KBPPBKQF>IPHFIICLO
PR@@BPP?LQEFKOBPB>O@E>KAFK
FKARPQOV3EFP@LROPBTFII@LSBO
>PMB@QPLCP@FBKQFh@@LJJRKF@>QFLK
FK@IRAFKDP@FBKQFh@J>KRP@OFMQ
MOBM>O>QFLK>KAQEBMBBOOBSFBT
MOL@BPPQB@EKF@>IOBMLOQ
LOD>KFW>QFLKDO>MEF@>IMOBPBKQ>QFLK
LCNR>KQFQ>QFSBA>Q>>KALO>I
MOBPBKQ>QFLKLCP@FBKQFh@FKCLOJ>QFLK
.OD>KFW>QFLK>KA@I>OFQVTFII?B
BJME>PFWBAFK@LJJRKF@>QFKD
P@FBKQFh@JBQELAPOBPRIQP>KA
FKQBOMOBQ>QFLK2QRABKQPTFII
@LJMIBQBOBDRI>OTOFQFKD>KA
MOBPBKQ>QFLK>PPFDKJBKQP>KA
M>OQF@FM>QBFKMBBO@OFQFNRBPBPPFLKP
2QRABKQPTFII@LJMIBQB>KLOFDFK>I
OBPB>O@E>OQF@IBOBSFBT>OQF@IBLO
QB@EKF@>IOBMLOQ>P>hK>IMOLGB@Q
2QRABKQPJ>VKLQOB@BFSB@OBAFQFC
QEBVMOBSFLRPIV@LJMIBQBAQEFP
@LROPB>P!,$2MB@F>I3LMF@P
#LBPKLQCRIhIQB@EKF@>IABMQE
OBNRFOBJBKQ
,?:ED
 6/(">Q>ILD
$:@>65:42=?8:?66C:?8
!@FC?2==F3
3EFP@LROPBTFII@LSBOAFfBOBKQQLMF@P
FK?FLJBAF@>IBKDFKBBOFKDOBPB>O@E
?LQE?>PF@>KAQO>KPI>QFLK>I$KOLIIBA
PQRABKQPOB>A>KAAFP@RPPQEB
IFQBO>QROBFKOBIBS>KQQLMF@PTEF@E
J>VFK@IRAB?FLJ>QBOF>IPAORD
ABIFSBOVQFPPRBBKDFKBBOFKD
@>OAFLS>P@RI>OBKDFKBBOFKD
JB@E>KL?FLILDVNR>KQFQ>QFSB
FJ>DFKDFKPQORJBKQ>QFLK
@LJMRQ>QFLK>I?FLJB@E>KF@PFKGROV
>KAOBE>?FIFQ>QFSB?FLJB@E>KF@PLO
>KVCL@RPBAQLMF@OBI>QBAQL
?FLJBAF@>IBKDFKBBOFKD3EB
L?GB@QFSBPLCQEB@LROPB>OBCLO
PQRABKQPQLIB>OK>?LRQ@ROOBKQ
QLMF@PTFQEFK>CL@RPBA>OB>LC
?FLJBAF@>IBKDFKBBOFKDQLFJMOLSB
QEBFO>?FIFQVQL@OFQF@>IIVOBSFBT
IFQBO>QROB>KAABSBILMQEBFOQB@EKF@>I
MOBPBKQ>QFLKPHFIIP,RIQFMIBPB@QFLKP
LC?FLJBAF@>IBKDFKBBOFKDGLROK>I
@IR?CL@RPBALKAFfBOBKQOBPB>O@E
QLMF@PJ>V?BLfBOBAB>@EPBJBPQBO
!FLJBAF@>IBKDFKBBOFKDDO>AR>QB
PQRABKQPJ>VQ>HBRMQL@OBAFQPLC
!,$QLP>QFPCV!FLJBAF@>I
$KDFKBBOFKDLO$IB@QFSB@LROPB@OBAFQ
QLJBBQDO>AR>QBMOLDO>J
AFPQOF?RQFLKOBNRFOBJBKQP-.3$3EFP
@LROPB@>KKLQ?BRPBAQLP>QFPCV
!FLJBAF@>I$KDFKBBOFKDLO
$KDFKBBOFKDBIB@QFSB@OBAFQQLJBBQ
RKABODO>AR>QBMOLDO>JAFPQOF?RQFLK
OBNRFOBJBKQP
,?:ED
'C6C6BF:D:E6D
,>PQBOPLO/E#PQRABKQFK
?FLJBAF@>IBKDFKBBOFKDLO>OBI>QBA
AFP@FMIFKB
$*A64:2=+@A:4D:?
:@>65:42=?8:?66C:?8
3LMF@PFK?FLJBAF@>IBKDFKBBOFKD
/OBPBKQ>QFLKP>KAAFP@RPPFLKPLCQEB
@ROOBKQIFQBO>QROBFK>K>OB>LC
?FLJBAF@>IBKDFKBBOFKD
,?:ED
$)6D62C49*6>:?2C
/OBPBKQ>QFLKPLK@ROOBKQ?FLJBAF@>I
BKDFKBBOFKDOBPB>O@E
,?:ED
$$'C@76DD:@?2='C@;64E
3EFP@LROPBCRIhIIPQEBOBNRFOBJBKQ
CLO>/OLGB@Q?>PBA,>PQBOPLC
2@FBK@BABDOBBFK!FLJBAF@>I
$KDFKBBOFKD3EB/OLCBPPFLK>I/OLGB@Q
FP@>OOFBALRQFK@LJ?FK>QFLKTFQE>K
FKARPQOVBUMBOFBK@B@IFKF@>I
MOB@BMQLOPEFMLOABPFDKMOLGB@QTFQE
LSBOPFDEQ>KAFKMRQCOLJ>6/(@LOB
C>@RIQVJBJ?BO&L>IP>KAL?GB@QFSBP
CLOQEBMOLGB@QJRPQ?BAL@RJBKQBA
>KA>MMOLSBA?VQEB@LOBC>@RIQV
JBJ?BOFK@LKPRIQ>QFLKTFQEQEB
PMLKPLO3L@LJMIBQBQEBMOLGB@Q>
@>MPQLKBABIFSBO>?IBOBMOBPBKQ>QFSB
LCQEBBUMBOFBK@BFPOBNRFOBA
$U>JMIBPLCABIFSBO>?IBPFK@IRAB>
ABSF@BMOLQLQVMBMR?IF@
MOBPBKQ>QFLKLKIFKBMLOQCLIFLLO
>KLQEBOCLOJ>Q>MMOLMOF>QBCLOQEB
PMB@Fh@MOLGB@Q2QRABKQPPELRIA
OBDFPQBOCLO>QLQ>ILC@OBAFQPLCQEFP
@LROPBFK@LJ?FK>QFLKTFQE@OBAFQP
LC!,$,>PQBOP&O>AR>QB
(KQBOKPEFM$UMBOFBK@B!,$
,>PQBOP#BPFDK/OLGB@QLO!,$
,>PQBOP"IFKF@>I/OB@BMQLOPEFM
,?:ED
$:C64E65)6D62C49
2QRABKQPJ>VOBDFPQBOCLO#FOB@QBA
1BPB>O@EQLCRIhIIDO>AR>QBOBPB>O@E
OLQ>QFLKBD,>PQBOPPQRABKQP
PBBHFKD>QEBPFPI>?LOFKABMBKABKQ
JBKQLOBADO>AR>QBOBPB>O@E>KA
MOLGB@QP!,$DO>AR>QBPQRABKQPJ>V
>MMIVRMQL@OBAFQPLC!,$>P
!,$@LROPB@OBAFQ>KA>K>AAFQFLK>I
@OBAFQPLC!,$@OBAFQQLCRIhII
BIB@QFSBI>?LO>QLOVOLQ>QFLKLO
FKABMBKABKQMOLGB@Q@OBAFQ!,$
@OBAFQRPBACLOI>?LO>QLOVOLQ>QFLKP
J>V?B@LKSBOQBAQL!,$LO!,$
@OBAFQCLONR>IFhBADO>AR>QB
PQRABKQPTELOBJ>FKFKQEBOLQ>QFLK
I>?LO>QLOVCLOQEBFOQEBPFPLO
AFPPBOQ>QFLKOBPB>O@E
,?:ED
'C6C6BF:D:E6D
,>PQBOPLO/E#PQRABKQFK
?FLJBAF@>IBKDFKBBOFKD
$$2DE6CLD+96D:D
&O>AR>QBPQRABKQPBKOLIIBAFKQEB
QEBPFP?>PBA,>PQBOLC2@FBK@B,2
MOLDO>JJRPQ@LJMIBQB@OBAFQP
QLQ>I>KAPR@@BPPCRIIVABCBKA>KA
PR?JFQ>,>PQBOPQEBPFP?VQEB
MLPQBAAB>AIFKBP
,?:ED
'C6C6BF:D:E6D
,>PQBOPQEBPFPPQRABKQFK?FLJBAF@>I
BKDFKBBOFKD
$#23@C2E@CJ)@E2E:@?:?
:@>65:42=?8:?66C:?8
.fBOBAC>IIPMOFKD>KAPRJJBOCLO
PQRABKQPALFKDI>?LO>QLOVOLQ>QFLKP
LKQEB6/(@>JMRP S>FI>?IBCLOLO
@OBAFQP
,?:ED
'C6C6BF:D:E6D
/E#PQRABKQFK?FLJBAF@>I
BKDFKBBOFKD
$'9:DD6CE2E:@?
II/E#PQRABKQPJRPQ@LJMIBQB
@OBAFQPLCAFPPBOQ>QFLKOBPB>O@EQL
CRIhII/E#ABDOBBOBNRFOBJBKQP
,?:ED
'C6C6BF:D:E6D
2QRABKQE>PM>PPBAQEB!FLJBAF@>I
$KDFKBBOFKD/E#0R>IFCVFKD
$U>JFK>QFLK
$:@>65:42=*:8?2=
?2=JD:D
,?:ED
$:@>65:42= >28:?8
,?:ED
$@>AFE2E:@?2=
:@>6492?:4D
,?:ED
$6==2?5$@=64F=2C
:@6?8:?66C:?8
,?:ED
$:@>2E6C:2=D+:DDF6
?E6C24E:@?D
,?:ED
$CF86=:G6CJ
,?:ED
 6/(">Q>ILD
$ ?E6C?D9:A@C@@A
2QRABKQPJ>V>MMIVCLO>KFKARPQOV
?>PBA@LLMLOFKQBOKPEFM>KAB>OK
>@>ABJF@@OBAFQTEFIBRPFKDBIBJBKQP
LCQEB@LLMLOFKQBOKPEFM>PQEB?>PFP
CLOP>QFPCVFKDQEBMOLGB@Q
OBNRFOBJBKQ
,?:ED
$$2DE6CLD6D:8?'C@;64E
,>PQBOP#BPFDK/OLGB@QBUMBOFBK@B
FPABPFDKBAQLBKE>K@BQEB
MOLCBPPFLK>IABSBILMJBKQLCQEB
DO>AR>QBPQRABKQTELTFPEBPQL
CL@RPLKABPFDK,>PQBOP#BPFDK
/OLGB@QPJ>V?BMROPRBATFQEFK>KV
I>?LO>QLOVLOLQEBOLOD>KFW>QFLK
TFQEFKLOBUQBOK>IQL6/(3EBMOLGB@Q
ABIFSBO>?IBJRPQ?BQEBABPFDKLO
MOLQLQVMBLC>ABSF@B3EFP@LROPBFP
PR?GB@QQL>MMOLS>I?VQEB
ABM>OQJBKQ>IABPFDKBB>KAPMLKPLO
,?:ED
$$2DE6CLD=:?:42=
'C646AE@CD9:A
,>PQBOP"IFKF@>I/OB@BMQLOPEFM
BUMBOFBK@BFPABPFDKBAQLBKE>K@B
QEBMOLCBPPFLK>IABSBILMJBKQLCQEB
DO>AR>QBPQRABKQTELTFPEBPQL
CL@RPLK@IFKF@>I>MMIF@>QFLKPLC!,$
"IFKF@>I/OB@BMQLOPEFMPJ>V?B
MROPRBA>Q>KVLOD>KFW>QFLK
MOLSFAFKD@IFKF@>I@>OBPR@E>P
ELPMFQ>IPMEVPF@F>KLg@BPABKQFPQP
>KASBQBOFK>OV@IFKF@P3EFP@LROPBFP
PR?GB@QQL>MMOLS>I?VQEB
ABM>OQJBKQ>IABPFDKBB>KABUQBOK>I
LOD>KFW>QFLK
,?:ED
$'9(F2=:7J:?8
I2>:?2E:@?
3EFPBU>JFK>QFLKFP>ABCBKPBLC>K
LOFDFK>IOBPB>O@EMOLMLP>IJ>AB
?BCLOB>NR>IFCVFKDBU>JFK>QFLK
@LJJFQQBB0$"OBMOBPBKQ>QFSBLC
QEB>OB>PLCPMB@F>IFW>QFLK3EB
BU>JFK>QFLKFPRPBAQLBS>IR>QBQEB
>?FIFQVLCQEBPQRABKQQLMLPB
JB>KFKDCRIBKDFKBBOFKD>KA
P@FBKQFh@NRBPQFLKPQLMOLMLPB
BUMBOFJBKQ>IJBQELAPCLO>KPTBOFKD
QELPBNRBPQFLKP>KAQLFKQBOMOBQQEB
S>IFAFQV>KAPFDKFh@>K@BLCMOL?>?IV
LRQ@LJBPLCQEBPBBUMBOFJBKQP(QFP
>IPLRPBAQLQBPQ>PQRABKQP
@LJMOBEBKPFLK>KARKABOPQ>KAFKD
LCQEBFOCLOJ>I@LROPBTLOHFKIFCB
P@FBK@BP?FLJBAF@>IBKDFKBBOFKD>KA
J>QEBJ>QF@P/LPPF?IBLRQ@LJBPLC
QEBNR>IFCVFKDBU>JFK>QFLK>OB
4K@LKAFQFLK>I/>PP3EB@>KAFA>QB
P>QFPhBA>J>GLOFQVLCQEB0$"
>@@LOAFKDQL>II@OFQBOF>
"LKAFQFLK>I/>PPTFQEPMB@Fh@
@LROPBTLOHQL>AAOBPP>PMB@Fh@
ABh@FBK@V3EB@>KAFA>QBP>QFPhBA>
J>GLOFQVLCQEB0$"TFQEQEB
BU@BMQFLKLC>M>OQF@RI>OTB>HKBPPFK
LKBLCQEB>OB>PLCPMB@F>IFW>QFLK3EB
0$"FP@LKhABKQQE>QQEBTB>HKBPP
@>K?B@LOOB@QBA?VQEB@>KAFA>QB
Q>HFKD>M>OQF@RI>O@LROPBPMB@Fh@QL
QEB>OB>LCTB>HKBPP4MLK
@LJMIBQFLKLCQEBABPFDK>QBA@LROPB
TFQE>[!^DO>ABLOEFDEBOQEB
PQRABKQ>AS>K@BPQL/E#@>KAFA>@V
%>FITFQE>KLMMLOQRKFQVQLOBQ>HB
TFQEFKJLKQEP`3EB0$"
ABQBOJFKBAQE>QQEB@>KAFA>QBE>A
PBSBO>ITB>HKBPPBP'LTBSBOQEB
J>GLOFQVLCQEB0$"ABQBOJFKBAQE>Q
QEBPQRABKQE>PQEBMLQBKQF>IQL?B>
PR@@BPPCRI/E#@>KAFA>QB>KA@LRIA
>AAOBPPQEBTB>HKBPPBP(KQEFP@>PB
QEBPQRABKQTFIIE>SB>KLMMLOQRKFQV
QLOBMB>QQEBBU>JTEF@EJRPQ?B
>@@LJMIFPEBATFQEJLKQEPLCQEB
LOFDFK>IBU>J3EBPB@LKABU>JLKIV
E>PQTLMLPPF?IBLRQ@LJBP
RK@LKAFQFLK>IM>PPLOC>FITFQELRQ
LMMLOQRKFQVQLOBQ>HBQEBBU>J
2QRABKQP>OBOBNRFOBAQLQ>HBQEB
/E#NR>IFCVFKDBU>JFK>QFLKKLI>QBO
QE>KQEBhCQEPBJBPQBO>CQBOCLOJ>I
>AJFQQ>K@BQLQEB/E#MOLDO>J
AJFPPFLKQL/E#@>KAFA>@VFP
Lg@F>IIV@LKCBOOBARMLKPQRABKQP
TELE>SB@LJMIBQBAQEBFO@LROPB
@OBAFQOBNRFOBJBKQPBU@IRPFSBLC
AFPPBOQ>QFLKOBPB>O@E@OBAFQ>KA
M>PPBAQEB/E#NR>IFCVFKD
BU>JFK>QFLK
,?:ED
!RPFKBPP
2@ELLI3EB
,*FD:?6DD#2HE9:4D2?5
*@4:2=)6DA@?D:3:=:EJ
3EFP@LROPB@LJ?FKBP>K>IVPFPLCQEB
PQOR@QROBCRK@QFLK>KAABSBILMJBKQ
LCQEBI>TJLPQFJMLOQ>KQQLQEB
@LKAR@QLC?RPFKBPPTFQE>K
BU>JFK>QFLKLCQEBBQEF@>I>KAPL@F>I
@LKQBUQFKTEF@EJ>K>DBOPJ>HB
AB@FPFLKP$JME>PFWFKDQEBPL@F>I
OBPMLKPF?FIFQV@LKPFABO>QFLKPLC>II
?RPFKBPPPQ>HBELIABOPQEB@LROPB
CL@RPBPLKMO>@QF@>I>MMIF@>QFLKPSF>
BUQBKPFSBRPBLC@>PBPQRAFBP
2QRABKQPTFIID>FK>PLRKA
RKABOPQ>KAFKDLCQEB?>PF@>OB>PLC
42>KAFKQBOK>QFLK>II>TFK@IRAFKD
FKQBIIB@QR>IMOLMBOQVI>T?RPFKBPP
CLOJ>QFLK>KALOD>KFW>QFLK
FKQBOK>QFLK>I?RPFKBPPI>TPB@ROFQFBP
OBDRI>QFLK@V?BOI>T>KAB
@LJJBO@B>KQFQORPQI>T
BJMILVJBKQI>T>KABKSFOLKJBKQ>I
I>T
,?:ED
 6/(">Q>ILD
,*=@32=FD:?6DD
IA6C:6?46
!RPFKBPPFPFK@OB>PFKDIVDIL?>I3L?B
PR@@BPPCRILKBJRPQRKABOPQ>KAQEB
@RPQLJP>KAQO>AFQFLKPLCQEBOBDFLKP
FKTEF@EQEBV>OBLMBO>QFKD3EFP
@LROPBMOLSFABPPQRABKQPTFQEFKPFDEQ
FKQLAFfBOBKQ@LRKQOFBP>KA?RPFKBPP
BKSFOLKJBKQP>KAFK@IRABP>K
FKQBOK>QFLK>IQOFMTEBOBPQRABKQPTFII
PMBKA>TBBHQLA>VPLKQEB
DOLRKAFKQEBCB>QROBAOBDFLK
JBBQFKDTFQE?RPFKBPPDLSBOKJBKQ
>KALO>@>ABJF@IB>ABOPQLROFKD
@LJM>KVPFQBP>KAIB>OKFKD>?LRQ
QEBOBDFLK/OFLOQLQEBQOFMPQRABKQP
TFIIPQRAV?RPFKBPPEFPQLOV@RIQROB
>KA@ROOBKQQLMF@POBI>QBAQLQEB
CB>QROBAOBDFLK&RBPQPMB>HBOPTFII
LCQBK?BFK@LOMLO>QBA%LIILTFKDQEB
QOFMPQRABKQPTFIIQVMF@>IIVTOFQB
OBiB@QFSBM>MBOP>KAABIFSBO
MOBPBKQ>QFLKP
,?:ED
,* ?EC@5F4E:@?E@62=E9
*JDE6>D
3EFP@LROPBFKQOLAR@BPPQRABKQPQL
QEBPQOR@QROBLCEB>IQEPVPQBJP
PRMMIFBOPMOLSFABOP>KAM>VBOP
BUMILOFKDMOL@BPPBPPQOR@QROB>KA
FKCO>PQOR@QROBBIBJBKQP3LMF@P
FK@IRAB>KLSBOSFBTLC@>OBJLABIP
>KAMOL@BPPBPEB>IQEFKCLOJ>QFLK
QB@EKLILDFBPMOFS>@V>KALQEBO
OBDRI>QFLKP>KAM>VJBKQ
JB@E>KFPJP3EB@LROPB>IPL
BUMILOBPCRQROBSFPFLKPLCEB>IQE
PVPQBJPCL@RPBA>OLRKATBIIKBPP
M>QFBKQ@BKQBOBAKBPP>KAS>IRB
PRMMLOQBA?VKBTQB@EKLILDFBP>KA
@>OBJLABIP
,?:ED
,*$2?28:?8+649?@=@8:42=
??@G2E:@?
3EFP@LROPBPQRAFBPPR@@BPPCRI
FKKLS>QFLKP>KAELThOJPJRPQ
BKE>K@BQEBFO>?FIFQVQLABSBILM>KA
FKQOLAR@BKBTMOLAR@QP>KA
MOL@BPPBP3EB@LROPBTFIIAFP@RPP>
MO>@QF@>IJLABILCQEBAVK>JF@PLC
FKARPQOF>IFKKLS>QFLK">PBP>KA
BU>JMIBPTFII?BAFP@RPPBACLO
MOLAR@QPFKTEF@E@LPQ>KAMOLAR@Q
MBOCLOJ>K@B>OB@LJJ>KAFKD
C>@QLOP3EBFJMLOQ>KQFKQBOC>@B
>JLKD1#J>KRC>@QROFKD
J>OHBQFKDFPAFP@RPPBA(KQBOK>QFLK>I
QB@EKLILDVQO>KPCBO>KAGLFKQSBKQROB
FPPRBP>OB>IPL@LKPFABOBA
,?:ED
,*?6C8J$2?286>6?E
3EFP@LROPB@LSBOP>?OL>APMB@QORJ
LCBKBODV>RAFQFKDJBQELAPBKBODV
J>K>DBJBKQMI>KKFKD>KABKBODV
J>K>DBJBKQQLMF@PFJMLOQ>KQQL
CRQROBBKBODVMOLCBPPFLK>IP?RPFKBPP
J>K>DBOP>KAIB>ABOP3EB@LROPB
FK@IRABP>MOLGB@QQE>Q>MMIFBPBKBODV
J>K>DBJBKQ@LK@BMQPQL>K>@QR>I
BKBODV>RAFQ3EB>RAFQMOLGB@Q>IPL
FK@IRABPQEBABSBILMJBKQLC>K
BKBODVJ>K>DBJBKQMI>KCLO>
PBIB@QBA?RFIAFKDJ>HFKD@LPQ
BfB@QFSBOB@LJJBKA>QFLKPQL
FJMOLSBBg@FBK@V AAFQFLK>IQLMF@P
FK@IRABBKBODVJ>K>DBJBKQ
PQO>QBDFBPCLO?RPFKBPPDLSBOKJBKQ>I
OBDRI>QFLKPFK@BKQFSBP>KAOBPLRO@BP
$ROLMB>K4KFLKBKBODVMLIF@FBP>KA
MOLDO>JPFK@IRAFKD@>O?LK@OBAFQP
>KAOBI>QBAJ>OHBQP$KBODV
Bg@FBK@VMO>@QF@BP>PQEBVOBI>QBQL
(2.$KBODV,>K>DBJBKQ
2VPQBJPQEB42&OBBK!RFIAFKD
"LRK@FI42&!">KA+B>ABOPEFMFK
$KBODV$KSFOLKJBKQ>I#BPFDK
+$$#EFDEMBOCLOJ>K@B?RFIAFKDP
A>Q>@BKQBOPOBKBT>?IBBKBODV
PLRO@BP>KAPJ>OQDOFA>OB>IPL
PQRAFBA2MB@F>ICL@RPTFII?BLK
BKBODVJ>K>DBJBKQCLOhK>K@F>I>KA
BKSFOLKJBKQ>IPRPQ>FK>?FIFQV?BKBhQP
COLJQEBMBOPMB@QFSBLC"$.P"%.P
"..P>KA"2.P
,?:ED
,**EC2E68:4$2?286>6?E
3EFPFKQBDO>QFSB>KAFKQBOAFP@FMIFK>OV
@LROPBMOLSFABP>?OL>ALSBOSFBTLC
PQO>QBDF@J>K>DBJBKQTFQE>CL@RP
LKQB@EKLILDVAOFSBKLOD>KFW>QFLKP
ALMQFKD>DBKBO>IJ>K>DBJBKQ
MBOPMB@QFSBPQRABKQPTFIIIB>OKELT
QLABSBILM>KABUB@RQB>ELIFPQF@
@LOMLO>QBPQO>QBDVQE>QFKQBDO>QBPHBV
CRK@QFLK>I>KA?RPFKBPPRKFQIBSBI
PQO>QBDFBP3LMF@PFK@IRABA>Q>AOFSBK
PQO>QBDVCLOJRI>QFLK
FJMIBJBKQ>QFLK>KABS>IR>QFLK3EFP
@LROPBFKQBDO>QBPQEB,! @LOB
@LROPBP>KAQEBOBCLOBPELRIA?B
Q>HBK>CQBO@LJMIBQFKD>II@LOB
@LROPBP(Q>IPLPBOSBP>P>
MOBOBNRFPFQBCLOQEB@>MPQLKBMOLGB@Q
PLFQJRPQ?BQ>HBK?BCLOBQEBhK>I
@>MPQLKB@LROPB!42
,?:ED
'C6C6BF:D:E6D
%(-,(2,*3.!"
>KA.($LOBNRFS>IBKQ@LKQBKQLO
FKPQOR@QLO@LKPBKQ
 6/(">Q>ILD
,*$2DE6C@7*4:6?46
2ADE@?6'C@;64E
3EFP@LROPBFPQEB@>MPQLKB@LROPBCLO
QEB23$,?>PBAPMB@F>IQV,2
MOLDO>JPFKQEB%LFPFB2@ELLILC
!RPFKBPP3EFP@LROPBPBOSBP>P>
MO>@QF@>IFKQBDO>QFLKLCQEB23$,
?>PBAQLLIPQB@EKFNRBP>KAPHFIIP
>KAQEBOBI>QBA?RPFKBPPQEBLOFBP>KA
MO>@QF@BPQE>QPQRABKQPIB>OKBAFK
QEBFO,2MOLDO>J3EBJBAFRJFP>
J>GLOQB>J?>PBAMOLGB@QFKQEBCLOJ
LC>K>@QR>I@LOMLO>QB23$,?>PBA
?RPFKBPPKBBACLOTEF@EPQRABKQPTFII
ABSBILMPLIRQFLKP2QRABKQPTFII
MOLAR@B>TOFQQBKOBMLOQQE>Q
AL@RJBKQP>KAMOLSFABPQEB
hK>K@F>ILOD>KFW>QFLK>I>KA
QB@EKF@>IO>QFLK>IBCLOQEBPLIRQFLKP
3EBVTFII>IPLCLOJ>IIVMOBPBKQQEBFO
OBPRIQPQLQEBMOLGB@QPMLKPLOP
2QRABKQP>OBBUMB@QBAQLE>SB
@LJMIBQBALO>OB@ROOBKQIV
@LJMIBQFKD>IIQEB@LROPBP
OBNRFOBJBKQPCLOQEBFO,2MOLDO>J
MOFLOQLQ>HFKDQEB@>MPQLKBMOLGB@Q
6EFIBQEB@>MPQLKBOBNRFOBJBKQP>OB
QEBP>JBCLO>II23$,?>PBA
PMB@F>IQV,2MOLDO>JPFKQEB%LFPFB
2@ELLILC!RPFKBPPQEB>@QR>I@LKQBKQ
LCQEBMOLGB@QTFIIAFfBO?VPMLKPLO
>KA?V,2MOLDO>J2QRABKQPJRPQ
Q>HBQEB>MMOLMOF>QBPB@QFLKLC!42
CLOB>@E,2MOLDO>JQEBV
@LJMIBQB
,?:ED
'C6C6BF:D:E6D
,(2,(2.!".($LO
BNRFS>IBKQ@LKQBKQLOFKPQOR@QLO
@LKPBKQ
,* ?56A6?56?E*EF5J
3EBPQRABKQPELRIAE>SB>TBII
ABSBILMBAMOLMLP>I?BCLOB
>MMOL>@EFKD>C>@RIQVJBJ?BO>?LRQ
>KFKABMBKABKQPQRAV
,?:ED
,*2ADE@?6'C@;64E
3EFP@>MPQLKB@LROPBFKQBDO>QBP
J>K>DBJBKQQEBLOV>KAMO>@QF@B
>KAFK@LOMLO>QBP>KRJ?BOLCPHFIIP
>KAQLLIP>@NRFOBAFKQEB,! 
@ROOF@RIRJ3EBJBAFRJFP>J>GLO
QB>J?>PBAMOLGB@QFKQEBCLOJLC>
@LOMLO>QBSBKQROBLODOBBKhBIA
SBKQROB(K>AAFQFLKQL>TOFQQBK
OBMLOQQEBMOLGB@QFPCLOJ>IIV
MOBPBKQBAQL>M>KBILCLRQPFAB
BUMBOQPFK@IRAFKDPBOF>I
BKQOBMOBKBROP>KAFKSBPQLOP
2QRABKQP@>KKLQDBQ@OBAFQCLO!42
>KA!42
,?:ED
'C6C6BF:D:E6D
!42%(-,(2,*3
.!">KA.($LOBNRFS>IBKQ
@LKQBKQLOFKPQOR@QLO@LKPBKQ
,*C25F2E6*6>:?2C
2BJFK>OPLK@ROOBKQFPPRBPOBI>QBAQL
BKQOBMOBKBROPEFMFKCLOJ>QFLK
QB@EKLILDV>KALMBO>QFLKP
J>K>DBJBKQ>OBMOBPBKQBA?V
>RQELOFQFBPFKQEBFOhBIAP IICRIIQFJB
/E#PQRABKQPFK!RPFKBPP
AJFKFPQO>QFLK>OBOBNRFOBAQL
OBDFPQBO>KA>QQBKA
,?:ED
,* ?56A6?56?E*EF5J
%LO/E#PQRABKQPTFPEFKDQL
@LKAR@QFKABMBKABKQPQRAVLK
PMB@F>IQLMF@POBI>QBAQLQEBFO
@LK@BKQO>QFLK
,?:ED
'C6C6BF:D:E6D
"LKPBKQLCOBPB>O@E>ASFPLO
,*:C64E65)6D62C49
"OBAFQP3!#
%LO/E#PQRABKQPTFPEFKDQLD>FK
OBPB>O@EBUMBOFBK@BMBOFMEBO>IQL
QEBFOQEBPFPQLMF@
'C6C6BF:D:E6D
"LKPBKQLCOBPB>O@E>ASFPLO
,*:DD6CE2E:@?)6D62C49
(KQBKABACLO/E#PQRABKQP>AJFQQBA
QL@>KAFA>@VTFPEFKDQLL?Q>FK
OBPB>O@E@OBAFQQLT>OAQEBFO
AFPPBOQ>QFLKP
,?:ED
'C6C6BF:D:E6D
"LKPBKQLCOBPB>O@E>ASFPLO
,* ?E6C?D9:A
3EBFKQBOKPEFMFP>KBIB@QFSB@OBAFQ
LMQFLKABPFDKBAQLMOLSFAB>K
LMMLOQRKFQVQLMRQFKQLMO>@QF@BQEB
MOFK@FMIBPQE>QE>SB?BBKPQRAFBAFK
MOBSFLRP@LROPBP(KQBOKPEFMPTFII?B
Q>FILOBAQLQEBPMB@Fh@FKQBOBPQPLCQEB
PQRABKQ$>@EFKQBOKPEFMJRPQ?B
@>OOFBALRQFK@LLMBO>QFLKTFQE>
PMLKPLOFKDLOD>KFW>QFLKDBKBO>IIV
COLJLf@>JMRP>KAJRPQ?B
>MMOLSBA>KA>ASFPBA?V>6/(
C>@RIQVJBJ?BOFKQEB2@ELLILC
!RPFKBPP(KQBOKPEFMPJ>V?B
MOLMLPBA?VQEBPQRABKQLO?V>KLf
@>JMRPPMLKPLO3EBFKQBOKPEFMJRPQ
FK@IRABMOLMLP>IABPFDK>KA
AL@RJBKQ>QFLKME>PBP%LIILTFKD
QEBFKQBOKPEFMQEBPQRABKQTFIIOBMLOQ
LKEFPLOEBOFKQBOKPEFM>@QFSFQFBPFK>
JLABLRQIFKBA?VQEBPRMBOSFPFKD
C>@RIQVJBJ?BO2QRABKQP>OBIFJFQBA
QL@LRKQFKD>J>UFJRJLC
FKQBOKPEFM@OBAFQPQLT>OAQEBFO
ABDOBBOBNRFOBJBKQP2QRABKQPJRPQ
?BJ>HFKDP>QFPC>@QLOV>@>ABJF@
MOLDOBPP>PABhKBAFKQEB6/(
DO>AR>QB@>Q>ILDRBQL?BBIFDF?IBQL
OBDFPQBOCLOFKQBOKPEFM@OBAFQ
(KQBOK>QFLK>IPQRABKQPTEL>OB
TLOHFKDLK>PB@LKA42J>PQBOP
ABDOBB>KATELE>SB>IOB>AVRPBA
QEBFOJ>PQBOPIBSBI.MQFLK>I/O>@QF@>I
3O>FKFKD./3J>VMBQFQFLKQEB
2@ELLILC!RPFKBPP&O>AR>QB/LIF@V
>KA"ROOF@RIRJ"LJJFQQBBQLAL
>AAFQFLK>I"ROOF@RI>O/O>@QF@>I
3O>FKFKD"/3?BVLKA@OBAFQPLK>
KLK@OBAFQ?>PFP/>OQQFJBPQRABKQP
@>KKLQAL>KFKQBOKPEFM>QQEBFOMI>@B
LCBJMILVJBKQ
,?:ED
,* ?E6C?D9:A7@C'9
*EF56?ED
,?:ED
 6/(">Q>ILD
$KQOBMOBKBROPEFM
+)?EC6AC6?6FCD9:A2?5
??@G2E:@?
$KQOBMOBKBROPEFMFKSLISBPJ>KV
>@QFSFQFBPFK@IRAFKDFABKQFCVFKD>KA
BUMILFQFKDLMMLOQRKFQFBP@OB>QFKD
>KAI>RK@EFKDKBTSBKQROBP
FKQOLAR@FKDKBTMOLAR@QP>KAKBT
PBOSF@BPQLKBTJ>OHBQP(QFP?>PBA
LKFJMIBJBKQFKDFKKLS>QFLKPTFQEFK
BUFPQFKDLOD>KFW>QFLKP>KA@OB>QFKD
KBTLMMLOQRKFQFBP3EFP@LROPBFP
FKQBKABAQLFKQOLAR@BPQRABKQPQL
BKQOBMOBKBROF>IQEFKHFKD>KA
JBQELAPLCBUB@RQFKDQEBFOFAB>P
3LMF@PFK@IRABOB@LDKFWFKD>KA
BS>IR>QFKDLMMLOQRKFQFBPCLOJFKD
KBTSBKQROBQB>JPMOBM>OFKD
?RPFKBPP>KAQB@EKLILDV
@LJJBO@F>IFW>QFLKMI>KPL?Q>FKFKD
OBPLRO@BPFABKQFCVFKDBUB@RQFLK
>@QFLKP@BK>OFLP>KAABSBILMFKDBUFQ
PQO>QBDFBP
,?:ED
+)+649?@=@8J
@>>6C4:2=:K2E:@?
(KQEBJLABOKTLOIALCDIL?>I
@LJMBQFQFLKQEB>?FIFQVQLRQFIFWB
QB@EKLILDF@>IFKKLS>QFLKFP
FK@OB>PFKDIVFJMLOQ>KQ3EFP@LROPB
TFIIBU>JFKBQEBPLRO@BPLCKBT
QB@EKLILDVQEBQLLIPQLBS>IR>QBKBT
QB@EKLILDFBPQEBMOL@BPPLC
FKQBIIB@QR>IMOLMBOQVQO>KPCBO>KAQEB
BSBKQR>IMLPFQFLKFKDLCQEBOBPRIQ>KQ
MOLAR@QP>KAPBOSF@BPFKQEB
@LJJBO@F>IJ>OHBQ(QPMROMLPBFPQL
FJMOLSBQEBMOL?>?FIFQVLCPR@@BPPLC
QEFPAFP@FMIFKBFK?LQEBUFPQFKD
LOD>KFW>QFLK>IJLABIP>KAB>OIV
PQ>DBSBKQROBP2MB@Fh@@>PBPPQRAFBP
LCPR@@BPPCRIQB@EKLILDV
@LJJBO@F>IFW>QFLKMOL@BPPBPTFII?B
RPBAQLPRMMIBJBKQQEB@LROPB
J>QBOF>IP
,?:ED
+)*6==:?82?5*2=6D
2BIIFKDFP>J>GLOM>OQLCLRO?RPFKBPP
>KAMOLCBPPFLK>IIFSBP3EFPFP
BPMB@F>IIVFJMLOQ>KQCLOQELPBTEL
>OBI>RK@EFKDKBTSBKQROBP!RPFKBPP
MOLMLPFQFLKPKBBAQL?BMOBPBKQBAQL
>KAKBBAQL?BPLIAQLMLQBKQF>I
FKSBPQLOPBJMILVBBP@LIIB>DRBP>KA
@BOQ>FKIVMLQBKQF>IBJMILVBOP+>QBO
QEBOBFP>KBBAQLPBIIMOLAR@QPLO
PBOSF@BPQL@RPQLJBOP"LJJLKQL>II
FP>P>IBPMOL@BPP>KALOD>KFW>QFLK
JLABIQE>Q@>K?BABSBILMBAQE>QFP
CL@RPBALKJBBQFKD@RPQLJBO>KA
LQEBOPQ>HBELIABOKBBAPQEOLRDE
BfB@QFSBPBIIFKDAFP@FMIFKBP
,?:ED
%FK>K@B
 %:?2?4:2=$2?286>6?E
3EFP@LROPBABSBILMPPQRABKQP
hK>K@F>IBUMBOQFPB3EB@LROPB
CL@RPBPLKhK>K@F>IJ>K>DBJBKQ
>KA@LOMLO>QBhK>K@B2QRABKQPIB>OK
>@@LRKQFKD>KAhK>K@F>I@LK@BMQP
MOFK@FMIBP>KAJBQELAPCLO
MOBM>OFKD>K>IVWFKD>KABS>IR>QFKD
hK>K@F>IFKCLOJ>QFLKCLOQEBMROMLPB
LCJ>K>DFKDhK>K@F>IOBPLRO@BPLC>
?RPFKBPPBKQBOMOFPB>KAJ>HFKD
FKSBPQJBKQAB@FPFLKP2QRABKQP>OB
>IPLFKQOLAR@BAQLQEBMOFK@FMIBP>KA
JBQELAPLCS>IR>QFLK2QRABKQP
MO>@QF@BTFQEQEBhK>K@F>IOBMLOQFKD
PVPQBJTEF@EBK>?IBPA>Q>>K>IVPQP
QL?RFIANRBOFBPCLOhK>K@F>I>K>IVPBP
>KAQLCLOB@>PQMLPPF?IBhK>K@F>I
P@BK>OFLP%FK>IIVQEFP@LROPBCL@RPBP
LKhK>K@F>IPQO>QBDV>KAMI>KKFKDQL
BK>?IBFKQBOK>IJ>K>DBOF>IAB@FPFLKP
2QRABKQPTFIIIB>OK>KA>MMIV
?RADBQFKDQB@EKFNRBP>KAJ>K>DB
TLOHFKD@>MFQ>I
,?:ED
 %:?2?4:2=64:D:@?$2<:?8
7@C-2=F6C62E:@?
3EFP@LROPBABSBILMP>KABKE>K@BP
QEBPQRABKQP>?FIFQVQLFJMIBJBKQ
>KA@IB>OIV@LJJRKF@>QB>hOJP
hK>K@F>IAB@FPFLKPOBI>QBAQLS>IRB
@OB>QFLK3EB@LROPB@LSBOP@>MFQ>I
PQOR@QROBLMQFJFW>QFLK@LPQLC
@>MFQ>I@>MFQ>I>IIL@>QFLK>KA
FKSBPQJBKQPQO>QBDFBPBKQBOMOFPBOFPH
MOLGB@Q>KAhOJS>IR>QFLK>KA
FKQBOK>QFLK>IhK>K@F>IJ>K>DBJBKQ
3EB@LROPB>ALMQP>AB@FPFLKJ>HBOP
MBOPMB@QFSB?VBJME>PFWFKDQEB
OBI>QFLKPEFMP>JLKD>hOJPPQO>QBDF@
L?GB@QFSBPhK>K@F>I>@@LRKQFKD>KA
hK>K@F>IPQ>QBJBKQA>Q>B@LKLJF@
BSBKQPOBPMLKPBP?VJ>OHBQ
M>OQF@FM>KQP>KALQEBOFJM>@QBA
@LKPQFQRBK@FBP>KA@LOMLO>QBhK>K@B
QEBLOV3EB@LROPB>IPL?RFIAPLK
QEBPBMO>@QF@>IhK>K@BPHFIIP?V
FK@LOMLO>QFKDQB>J?>PBA
>PPFDKJBKQPOB>ITLOIAPFJRI>QFLKP
>KA>S>OFBQVLChK>K@F>IJLABIFKD
QLLIP2QRABKQP@>KKLQDBQ@OBAFQCLO
%(->KA%(-
,?:ED
 6/(">Q>ILD
 %:?2?4:2=$2?286>6?E:?
2=@32=?G:C@?>6?E
3EFP@LROPB?RFIAPCOLJ%FK>K@F>I
(KCLOJ>QFLK>KA,>K>DBJBKQ>KA
BUQBKAP@ILPBAB@LKLJVhK>K@F>I
J>K>DBJBKQQLQEBFKQBOK>QFLK>I
J>OHBQBKSFOLKJBKQ#O>TFKDCOLJ
QEBLOFBP?>PBALK@RIQROB@LOMLO>QB
hK>K@B>KAFKSBPQLOMOLQB@QFLKI>TP
QEFP@LROPBBU>JFKBPAFfBOBK@BPFK
@LOMLO>QBDLSBOK>K@BhK>K@F>I
FKCLOJ>QFLK>KAhK>K@F>IJ>OHBQPFK
DIL?>IPBQQFKDP3EBhOPQCL@RPFPLK
>@@LRKQ>?FIFQVLChK>K@F>IOBPLRO@BP
QEBFJMIF@>QFLKPLCDIL?>IFW>QFLKLK
hOJPhK>K@F>IOBMLOQFKD>KA
AB@FPFLKJ>HFKD3EBPB@LKACL@RPFP
LKFKQBOK>QFLK>IJ>OHBQP>KA
FKPQFQRQFLKPELTQEB>@@BPP>KA
BUMLPROBQLAFfBOBKQJ>OHBQ
BKSFOLKJBKQP@>K>fB@QQEBhOJP
hK>K@F>I>KAFKSBPQJBKQAB@FPFLKP
,>GLOQLMF@PFK@IRABQEBOBI>QFLKPEFM
?BQTBBKCLOBFDKBU@E>KDB>KALQEBO
hK>K@F>IS>OF>?IBPJB>PROBJBKQ>KA
J>K>DBJBKQLCQEBBU@E>KDBOFPH
BUMLPROBLCQEBhOJFKQBOK>QFLK>I
FKSBPQJBKQAB@FPFLKP?VhOJP>KA
FKSBPQLOP>KAhK>K@FKDQEBDIL?>I
LMBO>QFLKPLChOJP
,?:ED
 %:?2?4:2= ?DE:EFE:@?D
$2C<6ED+649?@=@8J
3EFP@LROPBTFIIBU>JFKBhK>K@F>I
FKPQFQRQFLKP>KAQEBOBI>QFLKPEFM
?BQTBBK42@>MFQ>IJ>OHBQP>KA
DIL?>IJ>OHBQP3EB@I>PPFPFKQBKABA
QLEBIMPQRABKQPRKABOPQ>KAQEB
FJM>@QLChK>K@F>IFKQBOJBAF>OFBPLK
QEBDIL?>IB@LKLJV?RPFKBPPBP>KA
@LKPRJBOP3EB@LROPBTFII
FKSBPQFD>QBQEBLOD>KFW>QFLK
PQOR@QROB>KAMBOCLOJ>K@BLCJLKBV
>KA@>MFQ>IJ>OHBQP>KAFKPQFQRQFLKP
3EB@I>PPTFIIBU>JFKBQEBJ>GLO
hK>K@F>IJ>K>DBJBKQFPPRBP
@LKCOLKQFKDhK>K@F>IPBOSF@BhOJP
ABMLPFQLOVFKPQFQRQFLKPFKPRO>K@B
@LJM>KFBPFKSBPQJBKQ?>KHP
JRQR>ICRKAPEBADBCRKAP>KA
MBKPFLKCRKAP>KAFQTFII>AAOBPP
QEBIBD>IOBDRI>QLOVhK>K@F>IOBCLOJ
>KAOFPHJ>K>DBJBKQFPPRBPC>@FKD
QEBPBhK>K@F>IFKPQFQRQFLKP>KA
J>OHBQP%FK>IIVQEB@LROPBTFII
>AAOBPPQEBO>MFABSLIRQFLKLCQEB
hK>K@F>IPB@QLO>P>OBPRIQLC
QB@EKLILDV6BTFII@LKPFABOELT
hK>K@F>IQB@EKLILDV[%FK3B@E^FP
?BFKDABSBILMBA?VPQ>OQRM
QB@EKLILDVhOJP>KABUFPQFKD
hK>K@F>IFKPQFQRQFLKPJ>VAFPORMQQEB
hK>K@F>IPB@QLOQEOLRDEFKKLS>QFLKFK
AFDFQ>I>KABIB@QOLKF@@ROOBK@FBP
LKIFKBhK>K@B>KAFKSBPQJBKQ
MI>QCLOJP?FDA>Q>>KAAFDFQ>I
M>VJBKQPVPQBJP>JLKDLQEBO
QLMF@P
,?:ED
 %*A64:2=+@A:4D
,?:ED
,>K>DBJBKQ
(KCLOJ>QFLK
2VPQBJP
$ * ??@G2E:?8H:E9
?7@C>2E:@?*JDE6>D
3EFP@LROPBCL@RPBPLKFKCLOJ>QFLK
QB@EKLILDV>KAFKKLS>QFLK3LMF@P
@LSBOBA>OBFKCLOJ>QFLKQB@EKLILDV
>KALOD>KFW>QFLKPFKCLOJ>QFLK
QB@EKLILDV>KAFKAFSFAR>IPMOFS>@V
BQEF@PGL?PB@ROFQVGL?@E>KDBP
FKCLOJ>QFLKQB@EKLILDV>KA
FKCLOJ>QFLKPB@ROFQVFKCLOJ>QFLK
QB@EKLILDVTFQEFKQEBLOD>KFW>QFLK
QB@EKLILDVFKQOLAR@QFLK>KA
FJMIBJBKQ>QFLK>KAA>Q>>K>IVQF@P
CLO@LJMBQFQFSB>K>IVPFP?RPFKBPP
MOL@BPPBKDFKBBOFKD>KAFKCLOJ>QFLK
QB@EKLILDV?BQTBBKLOD>KFW>QFLKP
BIB@QOLKF@A>Q>FKQBO@E>KDB>KA
BIB@QOLKF@@LJJBO@B3EFP@LROPB
MOLSFABPQEBHKLTIBADB>KAPHFIIPQL
RQFIFWBBUFPQFKD>KABJBODFKD
FKCLOJ>QFLKQB@EKLILDVFKKLS>QFSBIV
QL@OB>QB?RPFKBPPLMMLOQRKFQFBP
,?:ED
$ *2E2$2?286>6?E7@C
?2=JE:4D
3EFP@LROPBABSBILMPQEBPHFIIP
?RPFKBPPPQRABKQPKBBACLOE>KAIFKD
A>Q>(QCL@RPBPLKPQRABKQPHFIIPFK
@IB>KFKD>KAMOBM>OFKDA>Q>CLO
>K>IVPFPTOFQFKD20+NRBOFBPQL
>@@BPP>KAJ>KFMRI>QBA>Q>>KA
BQEF@>IRPBPLCA>Q>>KAA>Q>MOFS>@V
FPPRBP(Q>IPL@LSBOPQEBQVMBPLCA>Q>
QVMF@>IIVCLRKAFKLOD>KFW>QFLKPBD
BJMILVBB@RPQLJBOMOLAR@Q
J>OHBQFKDLMBO>QFLKP>KAhK>K@F>I
A>Q>
,?:ED
 6/(">Q>ILD
$ *2E232D6AA=:42E:@?D
6D:8?2?56G6=@A>6?E
3EFP@LROPBFKQOLAR@BPPQRABKQPQL
QEBQEBLOV>KAMO>@QF@BLC@LJMRQBO
?>PBAA>Q>J>K>DBJBKQFK@IRAFKD
QEBABIFSBOVLCEFDENR>IFQVA>Q>FK
FKCLOJ>QFLKMOL@BPPFKD>KA>K>IVPFP
3EB@LROPBCL@RPBPLKQEBABPFDKLC
A>Q>?>PBPVPQBJPQLJBBQ>K
LOD>KFW>QFLKPKBBAPCLOA>Q>
>K>IVQF@P3EB@LROPB>IPL@LSBOPA>Q>
PB@ROFQVA>Q>FKQBDOFQVA>Q>NR>IFQV
>PTBII>P?>@HRM>KAOB@LSBOV
MOL@BAROBP2QRABKQPTFII?BBUMLPBA
QL@LJJBO@F>IIV>S>FI>?IBA>Q>?>PB
J>K>DBJBKQPVPQBJPPR@E>P
,F@OLPLCQ @@BPP>KA.O>@IB P>
MOLGB@QAROFKDQEB@LROPBPQRABKQP
TFIIABPFDK>KAFJMIBJBKQ>PJ>II
A>Q>?>PB>MMIF@>QFLKQE>QJBBQPQEB
A>Q>KBBAPLCPLJBOB>ITLOIA
?RPFKBPPLMMLOQRKFQV3EBMOLGB@Q
OBMLOQTFIIFK@IRABOB@LJJBKA>QFLKP
CLOBKPROFKDA>Q>PB@ROFQVA>Q>
FKQBDOFQV>KAA>Q>NR>IFQV
,?:ED
$ **JDE6>6D:8?2?5
6G6=@A>6?E
3EFP@LROPBFKQOLAR@BPPQRABKQPQL
QEB@LK@BMQP>KAMOFK@FMIBPLC
PVPQBJP>K>IVPFP>KAABPFDK(Q@LSBOP
>II>PMB@QPLCQEBPVPQBJP
ABSBILMJBKQIFCB@V@IBCOLJMOLGB@Q
FABKQFh@>QFLKQEOLRDEMOLGB@Q
MI>KKFKD>KAJ>K>DBJBKQ
OBNRFOBJBKQPFABKQFh@>QFLK>KA
PMB@Fh@>QFLKMOL@BPP>KAA>Q>
JLABIFKDPVPQBJ>O@EFQB@QROB>KA
PB@ROFQVFKQBOC>@BABPFDK>KA
FJMIBJBKQ>QFLK>KA@E>KDB
J>K>DBJBKQ.?GB@QLOFBKQBA
>K>IVPFPQB@EKFNRBP>OBFKQOLAR@BA
2QRABKQPTFIIIB>OKQLRPB>KRMMBO
IBSBI" 2$@LJMRQBO>FABAPLCQT>OB
BKDFKBBOFKDQLLITEF@ETFII?B
BJMILVBAFK@LJMIBQFKD>OB>ITLOIA
PVPQBJP>K>IVPFP>KAABPFDKMOLGB@Q
,?:ED
$ *'C@;64E$2?286>6?E
3EFP@LROPBMOBPBKQPQEBPMB@Fh@
@LK@BMQPQB@EKFNRBP>KAQLLIPCLO
J>K>DFKDMOLGB@QPBfB@QFSBIV3EB
OLIBLCQEBMOLGB@QJ>K>DBO>PQB>J
IB>ABOFPBU>JFKBAQLDBQEBOTFQE
FJMLOQ>KQQB@EKFNRBPCLO@LKQOLIIFKD
@LPQP@EBARIBP>KAMBOCLOJ>K@B
M>O>JBQBOP+B@QROBP@>PBPQRAFBP
>KAMOLGB@QP>OB@LJ?FKBAQL
ABSBILMPHFIIPKBBABA?VMOLGB@Q
J>K>DBOPFKQLA>VPBKSFOLKJBKQ
,?:ED
$ *'@=:4J2?5*EC2E68J7@C
?7@C>2E:@?+649?@=@8J2?5
?2=JE:4D
3EFP@LROPBCL@RPBPLKQEB@LOB(2
@>M>?FIFQFBPQE>Q(2J>K>DBOPJRPQ
@LKPFABOTEBKJ>K>DFKDQB@EKLILDV
TFQEFK>KLOD>KFW>QFLKPR@E>P(3
PQO>QBDVMLIF@VABSBILMJBKQ
J>K>DBJBKQ>KA(3POLIBFKA>Q>
>K>IVQF@P%>PQM>@BA@E>KDBPFK
QB@EKLILDVOBNRFOB(3J>K>DBOPQL
NRF@HIVRKABOPQ>KA>A>MQ>KA>MMIV
QB@EKLILDV2R@@BPPCRI@LJM>KFBP
>OBQELPBQE>Q@>KOB>@QNRF@HIV?V
FKQOLAR@FKDFKKLS>QFSBQB@EKLILDFBP
>KAOBPMLKAQLJ>OHBQABJ>KAP
RPFKDA>Q>AOFSBKPLIRQFLKP2QRABKQP
TFIIIB>OKELT(3J>K>DBOPBKD>DB
A>Q>QLABSBILM>KABKE>K@BQEBFO
ABM>OQJBKQPPQO>QBDFBP
,?:ED
$ * ?7@C>2E:@?*64FC:EJ
$2?286>6?E
3EFP@LROPBFKQOLAR@BPPQRABKQPQL
QEBCRKA>JBKQ>IPLC(KCLOJ>QFLK
2B@ROFQV,>K>DBJBKQ(QFPABPFDKBA
QLABSBILMFKPQRABKQP>K
RKABOPQ>KAFKDLC>KA>MMOB@F>QFLK
CLOQEBFJMLOQ>K@BLCFKCLOJ>QFLK
PB@ROFQVQL>IIBKQBOMOFPBP>KAQL
BK>?IB@ROOBKQ>KACRQROBJ>K>DBOP
QLRKABOPQ>KAQEBFJMLOQ>KQOLIBQE>Q
QEBVJRPQMI>VFKPB@ROFKDQEB
BKQBOMOFPB3EFP@LROPBFP>MMOLMOF>QB
CLO>KVPQRABKQFKQBOBPQBAFKD>FKFKD
>J>K>DBOF>IIBSBIRKABOPQ>KAFKDLC
FKCLOJ>QFLKPB@ROFQV @LJ?FK>QFLK
LCOB>AFKDPIB@QROBP@>PBPQRAFBP
DRBPQPMB>HBOP>KAAFP@RPPFLKLCOB>I
TLOIABSBKQPTFII?BRPBAQL?OFADB
QEBD>M?BQTBBKQEBLOV>KAMO>@QF@B
3EB@LROPBTFIIMOFJ>OFIVBUMILOBQEB
"LJJLK!LAVLC*KLTIBADB"!*
LCFKCLOJ>QFLKPB@ROFQV>ILKDTFQE
LQEBOOBI>QBAQLMF@P(QTFII>IPL
BUMILOBQEBFKQBO>@QFLK?BQTBBK
/BLMIB/OL@BPP>KA3B@EKLILDV>P
QEB@LOKBOPQLKBLC>KVBfB@QFSB
FKCLOJ>QFLKPB@ROFQVMOLDO>J4MLK
@LJMIBQFLKLCQEFP@LROPBQEB
PQRABKQTFIIE>SB>KFKABMQE
RKABOPQ>KAFKDLCQEBBPPBKQF>I
@LJMLKBKQPLC>@LJMOBEBKPFSB
FKCLOJ>QFLKPB@ROFQVMOLDO>J>PTBII
>P>KRKABOPQ>KAFKDLCQEB
QB@EKLILDV>QTLOH?BEFKAQEB
P@BKBP
,?:ED
 6/(">Q>ILD
$ *,D6CIA6C:6?46
AA=:42E:@?D
3EB47 MMIF@>QFLKP@LROPBMOLSFABP
>KFKQOLAR@QFLKQLRPFKD47JBQELAP
QLPQRAVRPBOBUMBOFBK@B3EB@LROPB
QB>@EBPPQRABKQPELTQLRPBQEB
KBTBPQOBPB>O@EQLLIPFK@IRAFKDBVB
QO>@HFKD>KABJLQFLKABQB@QFLKQL
PQRAVRPBOBUMBOFBK@BPLC
QB@EKLILDF@>IMOLAR@QP>KAPBOSF@BP
2QRABKQPTFIIIB>OKELT?RPFKBPPBP
@>K?BKBhQCOLJQEBPBQB@EKFNRBP
!LQEQEBLOBQF@>I@LK@BMQP>KA
MO>@QF@>IPHFIIPTFII?B>AAOBPPBA
TFQEFKQEBP@LMBLCQEB@I>PPQEOLRDE
E>KAPLKMOLGB@QP@I>PPBUBO@FPBP
>KA>PPFDKJBKQP
,?:ED
$ *FD:?6DD ?E6==:86?46
3EFP@LROPBMOLSFABPPQRABKQPTFQE
QEBHKLTIBADB>KAPHFIIPQLABPFDK
ABSBILM>KARPB?RPFKBPP
A>PE?L>OAPCLOJLKFQLOFKD
LOD>KFW>QFLK>IMBOCLOJ>K@B>KA
J>HFKDA>Q>AOFSBKAB@FPFLKP.KQEB
QB@EKF@>IPFABPQRABKQPTFIIIB>OK>KA
>MMIV?RPFKBPPFKQBIIFDBK@BPLCQT>OB
QLLOD>KFWBOBMOBPBKQ>KA>K>IVWB
A>Q>>?LRQ@RPQLJBOPMOLAR@QP
P>IBPJ>OHBQFKDLMBO>QFLKP>KA
hK>K@F>IP3EBVTFIIIB>OKQL@OB>QB
PQO>QBDF@LMBO>QFLK>I>KA>K>IVQF@>I
A>PE?L>OAPAFPMI>VFKDHBV
MBOCLOJ>K@BFKAF@>QLOP*/(PCLO
J>K>DBOF>IAB@FPFLKJ>HFKD.KQEB
?RPFKBPPPFABPQRABKQPTFIIIB>OKQEB
@LKKB@QFLKP?BQTBBK?RPFKBPP
PQO>QBDV>KAMI>KPQEB*/(PQE>Q
JB>PROBMBOCLOJ>K@B@LJM>OBAQL
QELPBMI>KP>KAELTQLRPB
A>PE?L>OAPQLJ>K>DB
LOD>KFW>QFLK>IMBOCLOJ>K@B
2QRABKQPTFII>IPLIB>OKQEBQB@EKF@>I
>KAJ>K>DBOF>I@E>IIBKDBPLC
@OB>QFKD>KAABMILVFKDQEBPB
?RPFKBPPFKQBIIFDBK@B?BPQMO>@QF@BP
PLQE>QLOD>KFW>QFLKPD>FKS>IRBCOLJ
QEBFOA>Q>3EB@LROPBFK@IRABP
?RPFKBPP@>PBP>KAE>KAPLK
>K>IVPBPLC?RPFKBPPA>Q>(QFP
ABPFDKBACLO>KVPQRABKQFKQBOBPQBA
FKIB>OKFKD>?LRQA>Q>AOFSBK
?RPFKBPPMBOCLOJ>K@BJ>K>DBJBKQ
FK@IRAFKDPQRABKQPTELPBMOFJ>OV
CL@RPFP!RPFKBPP,>K>DBJBKQ#>Q>
2@FBK@B(3,>OHBQFKDLO.MBO>QFLKP
,?:ED
$ *,D6CIA6C:6?466D:8?
#BPFDKFKDMLPFQFSBRPBOBUMBOFBK@BP
FP?B@LJFKDFK@OB>PFKDIVFJMLOQ>KQ
FKPQ>VFKD@LJMBQFQFSBFKQEB
J>OHBQMI>@B3EFP47#BPFDK@LROPB
LfBOPPQRABKQPE>KAPLK
BUMBOFBK@BPQEOLRDEQEBRPBLCOB>I
TLOIAMOLGB@QPQE>QMOLSFABQEBJ
TFQE>PQOLKDMLOQCLIFLLCTLOHQE>Q
PELT@>PBPQEBFOPHFIIPFK474(SFPR>I
PBOSF@BBUMBOFBK@B>KAMOLAR@Q
ABPFDK3EOLRDELRQQEFP@LROPB
PQRABKQPTFII@OB>QBFKKLS>QFSB
BUMBOFBK@BPQE>QBKOF@EQEBFO
QB@EKF@>IiRBK@VFK?LQETB?>KA
FKQBO>@QFSBABSBILMJBKQ3EB@LROPB
MOLSFABP>CLRKA>QFLKFK>OQ>KA
ABPFDKFKLOABOQLEBIMPQRABKQP
>OQF@RI>QBQEBFOTLOHQLPQ>HBELIABOP
>KAQO>KPI>QBLRQ@LJBP>P?RPFKBPP
S>IRB
,?:ED
$ *,D6CIA6C:6?46$6E9@5D
(KQLA>VPAFDFQ>IB@LKLJV
RKABOPQ>KAFKDELTMBLMIBRPB>KA
BUMBOFBK@BQB@EKLILDVFP@OR@F>IQL
ABPFDKFKDPR@@BPPCRIQB@EKLILDF@>I
MOLAR@QP>KAPBOSF@BP3EFP@LROPB
@LSBOPQEBJBQELALILDFBP>KAQLLIP
CLO@LKAR@QFKDOBPB>O@EFKQEB4PBO
$UMBOFBK@B47hBIA3EB@LROPB
@LSBOP?LQENR>IFQ>QFSB>KA
NR>KQFQ>QFSBJBQELAPCLO@LKAR@QFKD
47OBPB>O@EFK>@>ABJF>>KA
FKARPQOVFK@IRAFKDPROSBVPMBOPLK>
ABSBILMJBKQ@RPQLJBOGLROKBV
J>MP>KALQEBOFKARPQOVPQ>KA>OA
QLLIPCLOPQRAVFKDRPBOBUMBOFBK@B
!LQE@RQQFKDBADBQEBLOBQF@>I
@LK@BMQP>KAMOLSBKMO>@QF@>IPHFIIP
TFII?B>AAOBPPBATFQEFKQEBP@LMBLC
QEB@I>PPQEOLRDEE>KAPLKMOLGB@QP
@I>PPBUBO@FPBP>KA>PPFDKJBKQP
,?:ED
 6/(">Q>ILD
$ *FD:?6DDAA=:42E:@?D:?
$249:?6#62C?:?8
3EFP@LROPBBUMILOBPELT,>@EFKB
+B>OKFKD,+>KA OQFh@F>I
(KQBIIFDBK@B (FP>MMIFBAQLPLISB
?RPFKBPPMOL?IBJPQLP>QFPCVPMB@Fh@
?RPFKBPPKBBAPLOQLAFP@LSBOKBT
LMMLOQRKFQFBPCLO?RPFKBPPBP
MMIF@>QFLKPLC,+>KA (>OB
@LKPQ>KQIVBSLISFKD>@OLPPJ>KV
FKARPQOFBP3EFP@LROPBRQFIFWBP
BUFPQFKD RQL,+PLIRQFLKPQL>AAOBPP
FPPRBPFABKQFhBAFK?RPFKBPP@>PB
PQRAFBPBDMOBAF@QFKDELPMFQ>I
OB>AJFPPFLKPIL>KPIFHBIVQLABC>RIQ
@RPQLJBO@EROK3EB@LROPB@LSBOP
QEBJ>@EFKBIB>OKFKDMOLGB@QIFCB
@V@IBPQ>OQFKDTFQEABhKFKD,+
MOLGB@QL?GB@QFSBP>@NRFOFKD>KA
BUMILOFKDA>Q>JLABIFKDRPFKD
RQL,+QLLIPFKQBOMOBQ>QFLKLC
JLABIP>KA@LJJRKF@>QFLKLC
LRQ@LJBP>KAFJMIBJBKQ>QFLK>KA
ABMILVJBKQLCMOBAF@QFSBJLABIPFK
LOD>KFW>QFLKP
,?:ED
,>OHBQFKD
$"+$2C<6E:?8*EC2E68J
3EFP@LROPBBK>?IBPPQRABKQPQLAO>T
FKPFDEQPCOLJA>Q>QLCLOJRI>QB
BfB@QFSBJ>OHBQFKDPQO>QBDFBPQE>Q
?BKBhQQEBLOD>KFW>QFLK>KAFQP
PQ>HBELIABOP2QRABKQPTFIIIB>OKQL
FABKQFCV>KARKABOPQ>KA
@LKPRJBOPS>IRBKBBAPJ>OHBQFKD
OBPB>O@E>KA@LKPRJBO?BE>SFLO
@OB>QB>K>QQO>@QFSBS>IRBMOLMLPFQFLK
MOLAR@Q>KAMOF@FKDPQO>QBDFBP>KA
Q>@QF@P>KA@LJJRKF@>QB>KA
ABIFSBOQEFPS>IRBMOLMLPFQFLK
MOLJLQFLK>KAAFPQOF?RQFLK
PQO>QBDFBP>KAQ>@QF@P4MLK
PR@@BPPCRI@LJMIBQFLKLCQEFP@LROPB
PQRABKQPTFII?B>?IBQLABSBILM>KA
BUB@RQB>KBfB@QFSBA>Q>AOFSBK
J>OHBQFKDMI>KQL>@EFBSB>K
LOD>KFW>QFLKPhK>K@F>I>KA
J>OHBQFKDDL>IP$UMBOFBKQF>I
IB>OKFKDQB@EKFNRBPTFII?BRPBAQL
FJM>OQQEFPHKLTIBADB>KAABSBILM
QEBPBPHFIIP
,?:ED
$"+@?DF>6C692G:@C2?5
?2=JE:4D
6B>OBIFSFKDFK>A>Q>AOFSBKTLOIA
$SBOVQEFKDTBALCOLJDBQQFKDLRO
KBTPFKQEBJLOKFKDQL?RVFKD
DLLAP>KAPB>O@EFKDCLOFKCLOJ>QFLK
IB>SBPQO>FIPLCA>Q>>@OLPPQEB
(KQBOKBQ"LKPRJBOPE>SB@E>KDBA
>KA@LJM>KFBPKBBAQLhKAKBT
T>VPQLBKD>DBTFQE@LKPRJBOPFK
LOABOQLPQ>VMOLhQ>?IB>KAOBIBS>KQ
P>TLOHFKDMOLCBPPFLK>IVLRTFII?B
Q>PHBAQLRPBA>Q>QLJ>HB?RPFKBPP
AB@FPFLKP>KAABSBILMPQO>QBDVQE>Q
@OB>QBS>IRBCLO@LKPRJBOP>KAVLRO
LOD>KFW>QFLK3EFP@LROPBTFII
FKQOLAR@BQO>AFQFLK>IQEBLOFBPLC
@LKPRJBO?BE>SFLO>KAQEBKQ>HB
VLRLK>?BDFKKFKDGLROKBVQEOLRDE
QEBAVK>JF@MO>@QF@BPLCELTQLRPB
@LKPRJBOA>Q>>KA>K>IVQF@PFKQEB
AFDFQ>I>DB3LMF@P@LSBOBAFK@IRAB
@LKPRJBO?BE>SFLOQEBLOV>K
BU>JFK>QFLKLC>QQFQRABCLOJ>QFLK
>KAS>IRB@OB>QFLKQEB@E>IIBKDBPLC
@LKPRJBOMOLQB@QFLKJ>OHBQ
OBPB>O@E>KAQEBFKiRBK@BLC
QB@EKLILDVLK@LKPRJBOAB@FPFLK
J>HFKD
,?:ED
$"+$2C<6E:?8)6D62C49
3EFP@LROPBFPABPFDKBAQLBNRFM
PQRABKQPTFQEOBPB>O@EJBQELAP>KA
QLLIPQE>Q>OBRPBACLOJ>OHBQFKD
AB@FPFLKJ>HFKD2QRABKQPTFIIIB>OK
QL@LKAR@QRPB>MMIVFKQBOMOBQ>KA
MOBPBKQJ>OHBQFKDOBPB>O@EFKLOABO
QL?B@LJBBfB@QFSBAB@FPFLKJ>HBOP
3EBQLMF@P@LSBOBAFKQEFP@LROPB
FK@IRABMOL?IBJCLOJRI>QFLK
OBPB>O@EABPFDKA>Q>@LIIB@QFLK
JBQELAPA>Q>>K>IVPFP>KAhK>IIV
MOBPBKQ>QFLKLC>OBPB>O@EMI>K3EFP
@LROPBTFII?B>K>@QFSFQV?>PBA
@LROPBFKSLISFKDABPFDK
FJMIBJBKQ>QFLK>KAMOBPBKQ>QFLKLC
>J>OHBQFKDOBPB>O@EMI>K!>PF@
HKLTIBADBLCJ>OHBQFKD>KA
PQ>QFPQF@>I@LK@BMQPFP>PPRJBA
,?:ED
 6/(">Q>ILD
$"+=@32=+649?@=@8J
$2C<6E:?8
$UQBKAFKDQB@EKLILDVQLDIL?>I
J>OHBQPOBNRFOBP>KRKABOPQ>KAFKDLC
@LKPRJBO?BE>SFLOFKAFfBOBKQ
@RIQROBP>KABfB@QFSBJ>K>DBJBKQ
LCOFPH>KALSBOPB>PFKCO>PQOR@QROBP
3EFP@LROPB>AAOBPPBPQEBFPPRBP
>PPL@F>QBATFQEQB@EKLILDV
>MMIF@>QFLKFKKBTJ>OHBQP>KA
FK@IRABPQEBCLIILTFKDQLMF@P
@LKPRJBO?BE>SFLOAFfBOBK@BPFK
FKQBOK>QFLK>IJ>OHBQP>KAQEB
FJMIF@>QFLKPCLOQEBJ>OHBQFKDJFU
@RIQRO>IAFfBOBK@BPQE>Q>fB@Q
?RPFKBPPMO>@QF@BPFKKBTJ>OHBQP
J>K>DFKDBU@E>KDBO>QBiR@QR>QFLK
C>@QLOPQE>Q>fB@QJ>KRC>@QROFKD>KA
OBPB>O@EIL@>QFLKQEBFJM>@QLCIL@>I
DLSBOKJBKQLKJ>OHBQFKDAB@FPFLK
J>HFKD>KAQEBRPBLCPQO>QBDF@
>IIF>K@BPQL>@NRFOBBUMBOQFPB>KA
J>K>DBOFPHFKDIL?>IJ>OHBQ
ABSBILMJBKQ*KLTIBADBLC
J>OHBQFKDJ>K>DBJBKQFP>PPRJBA
,?:ED
$"+:8:E2=$2C<6E:?8
3EBO>MFABSLIRQFLKLCQB@EKLILDV
E>PIBAQLFK@OB>PFKDIVTBIIFKCLOJBA
?RVBOPTEL>OB@LKKB@QBA
@LJJRKF@>QFSB>KAJLOBFK@LKQOLI
QE>KBSBO3EFP@LROPBAFP@RPPBPQEB
QEBLOV>KAMO>@QF@BLCAFDFQ>I
J>OHBQFKD>KAFQPOLIBFK?RFIAFKD
OBI>QFLKPEFMP>KARIQFJ>QBIVAOFSFKD
P>IBP(QBU>JFKBPAFDFQ>IQB@EKLILDFBP
>KAQEBFOFJM>@QLK?RPFKBPPJLABIP
QEBJ>OHBQFKDJFU?O>KAFKD
@LJJRKF@>QFLKPQO>QBDFBP>KA
AFPQOF?RQFLK@E>KKBIP$JME>PFPFP
MI>@BALK@LKQBJMLO>OVQLMF@PQE>Q
C>@BQLA>VPJ>OHBQFKDJ>K>DBOP`
FK@IRAFKDLKIFKBIB>ADBKBO>QFLK
PB>O@EPL@F>IKBQTLOHFKD>KA
B@LJJBO@B>KAQEBFO>MMIF@>QFLK
TFQEFK>@LJMOBEBKPFSBFKQBDO>QBA
AFDFQ>IJ>OHBQFKDPQO>QBDV3EB@LROPB
@LKPFABOPQEBLMMLOQRKFQFBP>KA
@E>IIBKDBPC>@BAFK?RPFKBPPQL
@LKPRJBO>KA?RPFKBPPQL?RPFKBPP
J>OHBQP(Q@LSBOPI>QBPQOBPB>O@E
@ROOBKQMO>@QF@BP>KAE>KAPLK
MOLGB@QTLOH
,?:ED
$"+ ?E68C2E65$2C<6E:?8
@>>F?:42E:@?D
3EFP@LROPBMOLSFABPPQRABKQPTFQE>K
RKABOPQ>KAFKDLCQEBOLIBLC
FKQBDO>QBAJ>OHBQFKD
@LJJRKF@>QFLKPFKQEBLSBO>II
J>OHBQFKDMOLDO>J>KAFQP
@LKQOF?RQFLKQLJ>OHBQFKDPQO>QBDV
3EBQLLIPLCJ>OHBQFKD
@LJJRKF@>QFLKPFK@IRAB>ASBOQFPFKD
P>IBPMOLJLQFLKMR?IF@FQVMBOPLK>I
PBIIFKDMR?IF@OBI>QFLKPQO>ABPELTP
AFOB@Q>KALKIFKBJ>OHBQFKD
4KABOPQ>KAFKDQEB@LK@BMQP>KA
MOL@BPPBPQE>QLOD>KFW>QFLKPRPBFK
ABSBILMFKDBfB@QFSB>KAPVKBODFPQF@
J>OHBQFKD@LJJRKF@>QFLKPFPRPBCRI
CLOJ>K>DBOP>@OLPPCRK@QFLK>I
AFP@FMIFKBP3EFP@LROPBTFII>IPL
@LKPFABOBQEF@>IFPPRBPLC(,"
,?:ED
$"+2E2$:?:?8FD:?6DD
AA=:42E:@?D
3EFP@LROPBMOLSFABPPQRABKQPTFQE
QEBHBV@LK@BMQP>KAQLLIPQLQROK
O>TA>Q>FKQLRPBCRI?RPFKBPP
FKQBIIFDBK@B ?OL>APMB@QORJLC
?RPFKBPPPFQR>QFLKPTFII?B@LKPFABOBA
CLOTEF@EQEBQLLIPLC@I>PPF@>I
PQ>QFPQF@P>KAJLABOKA>Q>JFKFKD
E>SBMOLSBKQEBFORPBCRIKBPP
/OL?IBJP@LKPFABOBATFIIFK@IRAB
PR@EPQ>KA>OAJ>OHBQFKDOBPB>O@E
>@QFSFQFBP>P@RPQLJBOPBDJBKQ>QFLK
>KA@RPQLJBOMOBCBOBK@B>PTBII>P
JLOBOB@BKQFPPRBPFK@OBAFQP@LOFKD
@EROKJ>K>DBJBKQ>KACO>RA
ABQB@QFLK1LRDEIVE>ICQEB@I>PPQFJB
TFII?BABSLQBAQLAFP@RPPFLKPLK
?RPFKBPPPFQR>QFLKPA>Q>JFKFKD
QB@EKFNRBPQEBFO>MMIF@>QFLK>KA
QEBFORP>DB3EBOBJ>FKFKDQFJBTFII
@LJMOFPB>K>MMIF@>QFLKPI>?LO>QLOV
FKTEF@EQEBPB@LK@BMQP>KA
QB@EKFNRBP>OBRPBA>KAFKQBOMOBQBA
QLPLISBOB>IFPQF@?RPFKBPPMOL?IBJP
2LJBHKLTIBADBLC?>PF@J>OHBQFKD
MOFK@FMIBP>KA?>PF@A>Q>>K>IVPFPFP
>PPRJBA
,?:ED
$"+'C@5F4E2?5C2?5
$2?286>6?E
3EB@LKSBOPFLKLCQB@EKLILDVFKQL
KBTMOLAR@QPOBNRFOBP>K
RKABOPQ>KAFKDLCELTQLABSBILM>
JB>KFKDCRIS>IRBMOLMLPFQFLK>KA
FKQBDO>QBQEBABSBILMJBKQLC>
MOLAR@QTFQE>J>OHBQFKDPQO>QBDV
QE>Q@OB>QBP?O>KABNRFQV3EFP@LROPB
TFIICL@RPLKQEBJ>K>DBJBKQLC
MOLAR@QPQEBFJMIF@>QFLKPLCLQEBO
J>OHBQFKDAB@FPFLKPLKMOLAR@Q>KA
?O>KAJ>K>DBJBKQQEB
J>K>DBJBKQLCMOLAR@QIFKBPTFQEFK
QEBLOD>KFW>QFLKFK@IRAFKD
FKQOLAR@QFLKDOLTQE>KAJ>OHBQ
BUFQ
,?:ED
$"+*A64:2=+@A:4D
,?:ED
.MBO>QFLKP>KA
(KARPQOF>I
$KDFKBBOFKD
& &A6C2E:@?D$2?286>6?E
3EFP@LROPBCL@RPBPLKQEBA>Q>
AOFSBKAB@FPFLKJ>HFKDQE>QJ>Q@EBP
PRMMIVQLABJ>KAFK>KLOD>KFW>QFLK
>KAFQPPRMMIV@E>FKBJME>PFWFKDQEB
PQO>QBDF@FJM>@QLCLMBO>QFLKPLK
@LJMBQFQFSBKBPP>KAPRPQ>FK>?FIFQV
$JBODBKQQB@EKLILDFBP>OBBUMILOBA
>PLMMLOQRKFQFBPCLOFKKLS>QFLK
#BP@OFMQFSBMOBAF@QFSB>KA
MOBP@OFMQFSB>K>IVQF@>IQB@EKFNRBP>OB
FKQOLAR@BAQLPQOR@QROB>KABS>IR>QB
HBVLMBO>QFLK>IAB@FPFLKP2HFIIP
OBNRFOBAQLJLABI>PVPQBJP
LMBO>QFLKPQL>AAOBPPRK@BOQ>FKQV
>KAJFQFD>QBOFPHQLBfB@QFSBIV
BS>IR>QBOBPLRO@BKBBAPQLFKQBDO>QB
@LJMLKBKQPFKQL>@LLOAFK>QBA
PVPQBJ>KAQLBg@FBKQIVABSBILM
>KAJ>K>DB@>M>@FQV>KAFKSBKQLOV
>OBELKBAAROFKDQEB@LROPB
,?:ED
 6/(">Q>ILD
& ):D<$2?286>6?E2?5
64:D:@??2=JD:D
1FPHJ>K>DBJBKQAB>IPTFQEAB@FPFLK
J>HFKDRKABORK@BOQ>FKQV(QFP
FKQBOAFP@FMIFK>OVAO>TFKDRMLK
J>K>DBJBKQP@FBK@B>KAJ>K>DBOF>I
AB@FPFLKJ>HFKD>ILKDTFQEJ>QBOF>I
COLJKBDLQF>QFLK>KA@LDKFQFSB
MPV@ELILDV"I>PPF@JBQELAPCOLJ
AB@FPFLK>K>IVPFP>OBhOPQ@LSBOBA>KA
QEBK>MMIFBACOLJQEBMBOPMB@QFSBLC
?RPFKBPPMOL@BPPFJMOLSBJBKQQL>
?OL>APBQLC>MMIF@>QFLKPFK
LMBO>QFLKPOFPHJ>K>DBJBKQ>KA
ABPFDKFK@IRAFKDNR>IFQV>PPRO>K@B
PRMMIV@E>FKPFKCLOJ>QFLKPB@ROFQV
hOBMOLQB@QFLKBKDFKBBOFKD
BKSFOLKJBKQ>IJ>K>DBJBKQ
MOLGB@QP>KAKBTMOLAR@QP @LROPB
MOLGB@QFPOBNRFOBA>KA@ELPBK?V
QEBPQRABKQ>@@LOAFKDQLEFPEBO
FKQBOBPQQLABSBILMPHFIIPFK
FKQBDO>QFKDPR?GB@QFSB>KAL?GB@QFSB
FKCLOJ>QFLKFKJLABIFKD>KA
BS>IR>QFKDOFPH2QRABKQP@>KKLQDBQ
@OBAFQCLO?LQE.($>KA.($
,?:ED
& *FAA=J92:??2=JD:D2?5
6D:8?
3EFP@LROPBPQRAFBPQEBAB@FPFLKP
PQO>QBDFBP>KA>K>IVQF@>IJBQELAPFK
ABPFDKFKD>K>IVWFKDBS>IR>QFKD>KA
J>K>DFKDPRMMIV@E>FKP"LK@BMQP
QB@EKFNRBP>KACO>JBTLOHPCLO
?BQQBOPRMMIV@E>FKMBOCLOJ>K@B>OB
AFP@RPPBA>KAELTAFDFQ>I
QB@EKLILDFBPBK>?IB@LJM>KFBPQL?B
JLOBBg@FBKQ>KAiBUF?IBFKQEBFO
FKQBOK>I>KABUQBOK>ILMBO>QFLKP>OB
BUMILOBA3EBJ>GLO@LKQBKQLCQEB
@LROPBFPAFSFABAFKQLQEOBBJLARIBP
PRMMIV@E>FKFKQBDO>QFLKPRMMIV
@E>FKAB@FPFLKP>KAPRMMIV@E>FK
J>K>DBJBKQ>KA@LKQOLIQLLIP
2QRABKQPTFIIIB>OKELTQL>MMIV
PLJBLCQEBQB@EKFNRBPFK.MBO>QFLKP
1BPB>O@EPR@E>PIFKB>O
MOLDO>JJFKDAVK>JF@
MOLDO>JJFKD>KAAB@FPFLKQOBBQL
>FAAB@FPFLKJ>HFKD S>OFBQVLC
FKPQOR@QFLK>IQLLIPFK@IRAFKDIB@QROBP
@>PBAFP@RPPFLKPDRBPQPMB>HBOP
D>JBPSFABLP>KADOLRMMOLGB@QP
>KAMOBPBKQ>QFLKP>OBBJMILVBA
,?:ED
& '6C7@C>2?46?2=JE:4D
/OLAR@QFSFQVJ>K>DBJBKQ>KA
MBOCLOJ>K@B>K>IVPFPQB@EKFNRBP>KA
>MMIF@>QFLKP>OB@LSBOBACOLJ
BKDFKBBOFKD>KAJ>K>DBJBKQ
MBOPMB@QFSBP3LMF@PFK@IRAB
?BK@EJ>OHFKDMOLAR@QFLKCRK@QFLKP
>KAQEB@LK@BMQLCOBI>QFSBBg@FBK@V
>KAFQPJB>PROBJBKQ?VA>Q>
BKSBILMJBKQ>K>IVPFP MMIF@>QFLK
BU>JMIBPFK@IRABBg@FBK@V
BS>IR>QFLKPLC?>KH?O>K@EBPP>IBP
LRQIBQPELPMFQ>IPP@ELLIP>KALQEBOP
,?:ED
& *FDE2:?23=6*FAA=J92:?
2?5&A6C2E:@?D$2?286>6?E
3EBBKSFOLKJBKQ>IFJMIF@>QFLKP>KA
OBPMLKPF?FIFQFBPLCLOD>KFW>QFLKP
?BDFK>Q>KLOD>KFW>QFLKP?LRKA>OFBP
TFQEJ>K>DBJBKQLCQEBFO
LMBO>QFLKP?RQ>IPLBUQBKAQL
FK@LOMLO>QBFKQBOLOD>KFW>QFLK>I
OBI>QFLKPEFMP>KAKBQTLOHPQEB
PRMMIV@E>FK6BTFIIFKSBPQFD>QBQEB
MO>@QF@B>KAQEBLOVLCPRPQ>FK>?IB
PRMMIV@E>FKP>KALMBO>QFLKP
J>K>DBJBKQFKLOD>KFW>QFLKP
QEOLRDELRQQEBTLOIA3EFP@LROPBFP
FKQBKABAQLMOLSFABPQRABKQPTFQE
RKABOPQ>KAFKDQEBFKQO>>KA
FKQBOLOD>KFW>QFLK>IFJMIF@>QFLKPLC
BKSFOLKJBKQ>IPRPQ>FK>?FIFQV
MO>@QF@BP>KAMLIF@FBP3EBOLIBLC
LOD>KFW>QFLK>IPRMMIV@E>FK
J>K>DBJBKQCRK@QFLKP>@QFSFQFBP
QLLIP>KAJBQELAP>KAQEBFO
OBI>QFLKPEFMQLQEBK>QRO>I
BKSFOLKJBKQTFII?BFKQOLAR@BA>KA
AFP@RPPBA3EBDL>IP>OBCLOPQRABKQP
QLDO>PMQEBP@LMBLCDBKBO>IPRMMIV
@E>FKLMBO>QFLKPJ>K>DBJBKQ>KA
BKSFOLKJBKQ>IPRPQ>FK>?FIFQV>PQEBV
OBI>QBQLQEBhOJQL?B>?IBQLOBI>QB
QLQEBJ>KKBOPFKTEF@E
J>K>DBJBKQJ>VOBPMLKA>KA
@LII>?LO>QBFKQBOK>IIV>KATFQE
PRMMIFBOP@RPQLJBOP>KAS>OFLRP
LQEBOPQ>HBELIABOPFKiRBK@FKD>KA
FKiRBK@BA?VLMBO>QFLK>I>KAPRMMIV
@E>FK>@QFSFQFBPCOLJMO>@QF@>I>KA
QEBLOBQF@>I@>PBPQRAFBP>?IBQL
BS>IR>QBS>OFLRPC>@QLOP>KA
RKABOPQ>KAQO>ABLfPFKJ>K>DBJBKQ
AB@FPFLKP>PQEBVMBOQ>FKQL
BKSFOLKJBKQ>IPRMMIV@E>FK
J>K>DBJBKQ
,?:ED
 6/(">Q>ILD
& $@56=:?82?5&AE:>:K:?8
'C@46DD6D
3EFP@LROPBFPABPFDKBAQLMOLSFAB
PQRABKQPTFQE>S>OFBQVLC
NR>KQFQ>QFSBQLLIP>KAQB@EKFNRBP
RPBCRIFKJLABIFKDBS>IR>QFKD>KA
LMQFJFWFKDLMBO>QFLKMOL@BPPBP
2QRABKQP>OBLOFBKQBAQLT>OAQEB
@OB>QFLK>KARPBLCPMOB>APEBBQ
JLABIPQLPRMMLOQAB@FPFLKJ>HFKD
FKFKARPQOV>KA?RPFKBPP
,?:ED
& =@32='FC492D:?82?5
#@8:DE:4D
3EFP@LROPB>FJPQLABSBILM>KFK
ABMQERKABOPQ>KAFKDLCQEBAB@FPFLKP
>KA@E>IIBKDBPOBI>QBAQLQEBABPFDK
>KAFJMIBJBKQ>QFLKLC>hOJP
MRO@E>PFKDPQO>QBDVTFQEFK>@LKQBUQ
LC>KFKQBDO>QBADIL?>IPRMMIV@E>FK
3LMF@P@BKQBOFKDLKLMBO>QFLK>I
MRO@E>PFKDPQO>QBDF@PLRO@FKD>KA
PQO>QBDF@@LPQJ>K>DBJBKQTFII?B
@LSBOBA3EBDIL?>IILDFPQF@PPVPQBJP
QE>QPRMMLOQQEBMRO@E>PFKDMOL@BPP
TFII?B>K>IVWBA>KAQEB@LJJLKIV
RPBAQB@EKFNRBPCLOABPFDKFKD>KA
BS>IR>QFKD>KBfB@QFSBILDFPQF@P
KBQTLOHTFII?BPQRAFBA
,?:ED
& =@32=&A6C2E:@?D
*EC2E68J
3EFP@LROPBCL@RPBPLKLMBO>QFLKP
PQO>QBDVCOLJ>DIL?>IMBOPMB@QFSB
3LMF@PPR@E>PPQO>QBDVLCILDFPQF@P
>KAAB@FPFLKPQLLRQPLRO@B>OB
BU>JFKBA P>KBU>JMIBQEB
PQO>QBDF@FPPRBP@LK@BOKBATFQEhOJP
QE>Q>OBALFKD1#FKQEB4KFQBA
2Q>QBP@FO@RFQ?L>OA>PPBJ?IVFK
(OBI>KA>KAhK>I>PPBJ?IVFK
2FKD>MLOB">PBPQBUQ?LLHP>KA
OB@BKQ>OQF@IBPOBI>QFKDQLQEBQLMF@
>OB>IIRPBA3BOJM>MBO?>PBALK
>@QR>I@>PBPFPOBNRFOBA
,?:ED
& 62=E9*JDE6>D$@56=:?8
2?5 >AC@G6>6?E
3EFP@LROPBFPLOD>KFWBA>OLRKA
MOL?IBJPLISFKDCO>JBTLOHPCLO
ABPFDKFKD>KAFJMOLSFKDEB>IQE
PVPQBJPBUMILOFKDPMB@Fh@
JBQELALILDFBP>KAQEBFOOLIBFK
LOD>KFW>QFLK>I@E>KDB3LLIP>KA
QB@EKFNRBPCOLJLMBO>QFLKP
J>K>DBJBKQFKARPQOF>IBKDFKBBOFKD
PQ>QFPQF@P>KAJ>K>DBJBKQP@FBK@BP
>OBRPBAQLBUMILOB@LJJLKEB>IQE
PVPQBJPABPFDK>KAJ>K>DBJBKQ
FPPRBPCL@RPFKDLKA>Q>OBNRFOBJBKQP
>KAAB@FPFLKJ>HFKD(PPRBPQE>QJ>V
?BBUMILOBAFK@IRABABJ>KA
CLOB@>PQFKDMOL@BPPABPFDKMOLAR@Q
ABPFDK>KAPQ>gKD>KAP@EBARIFKD
,?:ED
& *6CG:46&A6C2E:@?D
$2?286>6?E
2R@@BPPCRIJ>K>DBJBKQLCPBOSF@B
LOD>KFW>QFLKPLCQBKAFfBOPCOLJQE>Q
LCJ>KRC>@QROFKDLOD>KFW>QFLKP
2BOSF@B?RPFKBPPBg@FBK@VFP
PLJBQFJBPAFg@RIQQLBS>IR>QB
?B@>RPBFQFPLCQBKE>OAQLABQBOJFKB
QEBBg@FBKQ>JLRKQLCOBPLRO@BP
OBNRFOBAQLMOLAR@BPBOSF@BLRQMRQP
3EFP@LROPBFKQOLAR@BPPQRABKQPQL
QEB>S>FI>?IBQB@EKFNRBPRPBAQL
BS>IR>QBLMBO>QFKDBg@FBK@V>KA
BfB@QFSBKBPPFKQEBPBOSF@BPB@QLO
3EB@LROPB@LSBOPHBVPBOSF@B
?RPFKBPPMOFK@FMIBP2QRABKQPD>FK>K
RKABOPQ>KAFKDLCELTQLPR@@BPPCRIIV
J>K>DBPBOSF@BLMBO>QFLKPQEOLRDE>
PBOFBPLC@>PBPQRAFBPLKS>OFLRP
PBOSF@BFKARPQOFBP>KA@LSBOFKD
>MMIF@>QFLKPFKVFBIAJ>K>DBJBKQ
FKSBKQLOV@LKQOLIT>FQFKDQFJB
J>K>DBJBKQMOLGB@QJ>K>DBJBKQ
PFQBPBIB@QFLKMBOCLOJ>K@B
BS>IR>QFLK>KAP@LOFKDPVPQBJP3EB
@LROPB>PPRJBPPLJBC>JFIF>OFQVTFQE
?>PF@MOL?>?FIFQV>KAPQ>QFPQF@P
QEOLRDEOBDOBPPFLK
,?:ED
& 6D:8?:?82?5$2?28:?8
#62?*:I*:8>2'C@46DD6D
(KQEFP@LROPB+B>K2FU2FDJ>FP
MOBPBKQBA>P>KLOD>KFW>QFLK>I
FJMOLSBJBKQPVPQBJ>KA>PBQLC
MOL@BPP>K>IVPFP>KAPQ>QFPQF@>IQLLIP
QE>QE>SBEBIMBAQEBTLOIAPIB>AFKD
LOD>KFW>QFLKP>@EFBSBLMBO>QFLK>I
BU@BIIBK@BP>SFKDJFIIFLKPLCALII>OP
>KAFJMOLSFKD@RPQLJBOP>QFPC>@QFLK
3EFP@LROPBFPLOD>KFWBAFKQEOBB
M>OQPM>OQLKB@LSBOPQEBBPPBKQF>IP
LC+B>K2FU2FDJ>FK@IRAFKD
CRKA>JBKQ>I@LK@BMQP>KAMOL?IBJ
PLISFKDJBQELAPM>OQQTLLCQEB
@LROPB@LSBOP+B>K2FU2FDJ>QLLIP
FK@IRAFKDQLMF@PPR@E>PS>IRBPQOB>J
J>MMFKDMOL@BPP@>M>?FIFQV>KA
BUMBOFJBKQ>IABPFDKM>OQQEOBB
ABP@OF?BPQEBJ>GLO>@QFSFQFBPFK>
+B>K2FU2FDJ>OL>AJ>MCOLJ
FABKQFCVFKD@LOBMOL@BPPBPQL
BUB@RQFKDFJMOLSBJBKQMOLGB@QPQL
PRPQ>FKFKD+B>K2FU2FDJ>D>FKP
,?:ED
 6/(">Q>ILD
& 5G2?465'C6D4C:AE:G6
?2=JE:4DC@>2E2E@ >A24E
3EFP@LROPBMOLSFABP>KFKABMQE
CL@RPLKMOBP@OFMQFSB>K>IVQF@PTEF@E
FKSLISBPQEBRPBLCA>Q>>PPRJMQFLKP
>KAJ>QEBJ>QF@>IJLABIFKDLCOB>I
TLOIAAB@FPFLKMOL?IBJPQL>P@BOQ>FK
>KAOB@LJJBKALMQFJ>I@LROPBPLC
>@QFLK2Q>OQFKDCOLJ
@LK@BMQR>IFW>QFLKLCQEBMOL?IBJQL
RPFKDQEBLOVCLOQO>KPI>QFLK>I
JLABIFKD>KAQB@EKFNRBPQL
@LJMRQ>QFLK>IPLISFKD>KA
hK>IIVFKQBOMOBQ>QFLK\IFHBIVFK>K
FQBO>QFSBJ>KKBO\PQRABKQPTFIID>FK
HKLTIBADBLCQLLIP>KAMO>@QF@>I
PHFIIPFKQO>KPCLOJFKDOB>ITLOIA
AB@FPFLKMOL?IBJPFKQL>@QFLK>?IB
FKPFDEQP AS>K@BAQLMF@PFKQEB
MOBP@OFMQFSB>K>IVQF@PALJ>FKTFII?B
@LSBOBAPR@E>PQEBRPBLCFKQBDBO
S>OF>?IBPQLOBMOBPBKQFJMLOQ>KQ
ILDF@>I@LKPQOR@QPRPFKDKLKIFKB>O
CRK@QFLKPQLOBMOBPBKQOB>ITLOIA
AB@FPFLK>PMB@QPQEBFK@LOMLO>QFLKLC
PQL@E>PQF@FQV>KARK@BOQ>FKQV>KA
@LOOBPMLKAFKDPLIRQFLK
JBQELAP1B>ITLOIAMOL?IBJPTFII
?BPBIB@QBACOLJ>S>OFBQVLC@LKQBUQP
QE>QJ>VFK@IRAB
@>M>@FQVJ>K>DBJBKQA>Q>P@FBK@B
hK>K@BEB>IQE@>OBERJ>KFQ>OF>K
LMBO>QFLKPFKSBKQLOV
J>K>DBJBKQMOLAR@QFLKMI>KKFKD
OLRQFKDPQ>gKD>KAPRMMIV@E>FK
2QRABKQPTFII@LJMIBQB>K
FKAFSFAR>IMOLGB@QQE>QFK@IRABP>
OBMLOQFKQEBPQVIBLC>QB@EKF@>I
OBMLOQLOOBPB>O@EM>MBO>PTBII>P>K
LO>IMOBPBKQ>QFLK2QRABKQPJ>VKLQ
OB@BFSB@OBAFQCLO?LQE.($>KA
.($
,?:ED
'C6C6BF:D:E6D
.($BNRFS>IBKQHKLTIBADB>?LRQ
LMQFJFW>QFLK>KA
IFKB>OMOLDO>JJFKDLO@LKPBKQLC
QEBFKPQOR@QLO
& &A6C2E:@?D2?5*FAA=J
92:?@?DF=E:?8'C@;64E
3EFP@>MPQLKB@LROPBPBOSBP>P>
MO>@QF@>IFKQBDO>QFLKLCQEB
LMBO>QFLKP>KAPRMMIV@E>FK
QEBLOFBPMO>@QF@BPQLLIP>KA
QB@EKFNRBPQE>QPQRABKQPIB>OKBAFK
QEBFO,2MOLDO>J3EBJBAFRJFP>
J>GLOQB>J?>PBAMOLGB@QPMLKPLOBA
?V>KBUQBOK>ILOD>KFW>QFLK3EB
@LROPBDL>IP>OBQL
BKOF@EPQRABKQPBUMBOFBKQF>IIB>OKFKD
>KAPRMMLOQQEB>@NRFPFQFLKLCQEB
PHFIIP>KA@>M>?FIFQFBPQLQ>@HIBOB>I
TLOIAMOL?IBJP>KAQLBKE>K@B
PQRABKQPQB>JTLOHFKQBOMBOPLK>I
>KA@LKPRIQFKDPHFIIP2QRABKQPTFII
MOLAR@B>TOFQQBKOBMLOQ
AL@RJBKQFKDQEBFOPLIRQFLKP>KA
MOLSFAFKDQEB
hK>K@F>ILOD>KFW>QFLK>I>KA
QB@EKF@>IO>QFLK>IBCLOQEBFO>MMOL>@E
3EBVTFII>IPLCLOJ>IIVMOBPBKQ
QEBFOOBPRIQPQLQEBMOLGB@QPMLKPLOP
2QRABKQP>OBBUMB@QBAQLE>SB
@LJMIBQBALO?B
@ROOBKQIV@LJMIBQFKD>IIQEB@LROPB
OBNRFOBJBKQPCLOQEBFO,2FK
.MBO>QFLKP>KA2RMMIV"E>FK
K>IVQF@PMOFLOQLQ>HFKDQEB@>MPQLKB
MOLGB@Q
,?:ED
'C6C6BF:D:E6D
.($.($.($.!"LO
BNRFS>IBKQ@LKQBKQLOFKPQOR@QLO
@LKPBKQ
& *A64:2=+@A:4D
,?:ED
& *FAA=J92:?)6D62C49
3EFPOBPB>O@EPQRAVFP>QQEBJ>PQBOP
IBSBI3EB@LROPBMOLSFABP>OBPB>O@E
BUMBOFBK@BCLOPQRABKQPFKQBOBPQBAFK
PQRAVFKD>MOBPPFKDPRMMIV@E>FK
J>K>DBJBKQMOL?IBJLO@E>IIBKDB
2QRABKQPJRPQP>QFPC>@QLOFIV@LJMIBQB
>TOFQQBKM>MBO>KA>OBBK@LRO>DBA
QLMR?IF@>IIVMOBPBKQQEBOBPRIQP
,?:ED
.OD>KFW>QFLK>I
!BE>SFLO>KA
"E>KDB
&+62>:?82?5&C82?:K:?8
7@C ??@G2E:@?
'LTALTBK>SFD>QB@LJMIBUERJ>K
PVPQBJPFKLOD>KFW>QFLKP'LTALTB
CLPQBOFKKLS>QFLKTFQEFK
LOD>KFW>QFLKP(KQEFP@LROPBTB
BUMILOBQEBM>O>ALUBPLMMLOQRKFQFBP
>KAEFAABKPVPQBJF@@E>IIBKDBPQE>Q
>OFPBLKQB>JP>KAMOLGB@QP>KAFK
TLOHFKD>@OLPPKBQTLOHP>KATFQEFK
FKKLS>QFSBLOD>KFW>QFLKP2QRABKQP
TFIIIB>OKQLJLOBABCQIVJ>K>DBQEB
FKEBOBKQ@E>IIBKDBP>KA
LMMLOQRKFQFBPLC@OLPP@RIQRO>I>KA
JRIQFAFP@FMIFK>OVQB>JPTLOH
QEOLRDELO>SLFAAVPCRK@QFLK>IQB>J
>KALOD>KFW>QFLK>I@LKiF@QPTOBPQIB
TFQE>J?FDRFQV>KARK@BOQ>FKQV
KBDLQF>QB@E>KDB?VIB>OKFKDQLTLOH
TFQEKBQTLOHPLCMLTBO>KA
FKiRBK@B>KA>K>IVWBQEBFKAFSFAR>I
DOLRMLOD>KFW>QFLK>I>KA@LKQBUQR>I
AVK>JF@PQE>QBK>?IB>KA@LKPQO>FK
MOLAR@QFSB>KAFKKLS>QFSBTLOHFK
LOD>KFW>QFLKP2QRABKQP@>KKLQDBQ
@OBAFQCLO.!">KA.!"
,?:ED
 6/(">Q>ILD
&#6256CD9:A
'LTALTBJL?FIFWBLROLTK>KA
LQEBOPBKBODVQLT>OAABSBILMFKD
PRPQ>FK>?IBLRQ@LJBP>KA
JB>KFKDCRI@E>KDB`TEBKQEBM>QE
>EB>AFPRK@IB>OTEBKLRO?RPFKBPP
BKSFOLKJBKQFPO>MFAIV@E>KDFKD
TEBKTBALKLQE>SBCRII>RQELOFQV
LSBOQELPBFKSLISBA3EFP@LROPB
BJ?O>@BP>ERJ>K@BKQBOBAABPFDK
>MMOL>@EQLIB>AFKDLQEBOPTFQE
FKQBDOFQVBJM>QEV>KA
@ROFLPFQV`TFQE>PMB@Fh@CL@RPLK
QEBRKFNRB@E>IIBKDBP>KA
LMMLOQRKFQFBPLCTLOHFKDTFQEFK
MOLGB@Q?>PBAKBQTLOHP>KA(KARPQOV
23$,@LKQBUQP2QRABKQPTFII
?RFIAQEBFO@>M>@FQVQLK>SFD>QB
@LJMIBUERJ>K>KAQB@EKF@>I
PVPQBJP>PQEBVTLOHFKQB>JPQL
ABSBILM>KAMFILQ>PLIRQFLKQL>OB>I
IFCBLOD>KFW>QFLK>ILOPL@F>IMOL?IBJ
,?:ED
&%68@E:2E:@?D
3EFP@LROPBCL@RPBPLKFJMOLSFKDQEB
PQRABKQPRKABOPQ>KAFKDLCQEB
KBDLQF>QFLKMOL@BPP>KA
BfB@QFSBKBPP>P>KBDLQF>QLO
$JME>PFWBPFPPRBPOBI>QBAQL
KBDLQF>QFKDTFQEFK>KALK?BE>ICLC
LOD>KFW>QFLKPQEBOLIBLCQEFOA
M>OQFBPQEBPLRO@BPLCMLTBOTFQEFK
KBDLQF>QFLK>KAQEBFJM>@QLC
DBKABO@RIQROB>KALQEBOAFfBOBK@BP
"LKAR@QBAFKTLOHPELMCLOJ>Q
@LJ?FKFKDQEBLOV>KAMO>@QF@B
,?:ED
&$2?28:?8C62E:G:EJ:?
"?@H=6586 ?E6?D:G6
&C82?:K2E:@?D
3EFP@LROPB@LKPFABOP@OB>QFSFQVFKFQP
?OL>ABPQPBKPBCOLJABPFDKFKDKBT
MOLAR@QP>KAMOL@BPPBPQL@OB>QFKD
LROLTKOLIB>KAFABKQFQV>P
J>K>DBOP>KAIB>ABOPFKHKLTIBADB
FKQBKPFSBLOD>KFW>QFLKP(KQEFP@LROPB
TBTFIIILLH>@QFSBIV>QLROLTK
@OB>QFSBMOL@BPP>KAELTTBJFDEQ
JLOBCRIIVOB>IFWBLRO@OB>QFSB
MLQBKQF>I QQEBP>JBQFJBTBTFII
?RFIA>@LK@BMQR>IRKABOPQ>KAFKDLC
@OB>QFKD@OB>QFSFQV>KAHKLTIBADB
?>PBAFKQEBMEFILPLMEF@>@>ABJF@
>KAMO>@QFQFLKBOIFQBO>QROBP6BTFII
@OFQF@>IIV>MMIVQEFP@LK@BMQR>I
RKABOPQ>KAFKDQLLOD>KFW>QFLK>I
BU>JMIBPLCJ>K>DFKD@OB>QFSFQVFK
PRMMLOQLCMO>@QF@>I>@QFLK
,?:ED
&&C82?:K2E:@?2=6D:8?
HBVOLIBCLOLOD>KFW>QFLK>IIB>ABOP
FPQLABPFDKQEBFOLOD>KFW>QFLKQL
>@EFBSBQEBFOABPFOBAOBPRIQP3EFP
@LROPB>MMIFBPABPFDKQEFKHFKD>KA
JBQELAPQLQEBMO>@QF@>IMOL?IBJPLC
ABPFDKFKDS>OFLRPPFWBALOD>KFW>QFLKP
CLOLMQFJ>IOBPRIQPFK>@LJMIBU
BKSFOLKJBKQ3EFPFP?>PBALK>
CLRKA>QFLKLCLOD>KFW>QFLK>IQEBLOV
ABPFDKJBQELALILDV>KA
LOD>KFW>QFLK>IPQO>QBDV
,?:ED
&#625:?892?86
3EFP@LROPBCL@RPBPLKQEBOLIBLC
IB>ABOPEFMFKQEBABPFDK>KA
FJMIBJBKQ>QFLKLCLOD>KFW>QFLK>I
@E>KDB3LMF@PFK@IRABSFPFLKFKD
@LJJRKF@>QFLKPL@F>IFKiRBK@B
MLTBOOBPFIFBK@V>KAOBPFPQ>K@BQL
@E>KDB3B>@EFKDJBQELAPFK@IRAB
@I>PPOLLJAFP@RPPFLKLCOB>AFKDP>KA
@>PBPPFJRI>QFLKP>KABUMBOFBKQF>I
BUBO@FPBP
,?:ED
&6G6=@A:?8$2?286C:2=
+2=6?E
PPBPPFKD>KAABSBILMFKD
J>K>DBOF>IQ>IBKQFKVLROPBIC>KA
LQEBOPFP>HBVQLMOLCBPPFLK>IPR@@BPP
>KA@>K?B>PLRO@BLCLOD>KFW>QFLK>I
@LJMBQFQFSB>AS>KQ>DB3EFP@LROPB
>AAOBPPBPQEB&IL?>IFWFKD6LOIA>KA
8LR>KAMOLSFABPPQRABKQP>@@BPPQL
QEBCO>JBTLOHPQLLIP>KAMO>@QF@B
KB@BPP>OVQLBKD>DBFKQELRDEQCRI
PBIC>PPBPPJBKQ@LKPQOR@QFSB
CBBA?>@H>@NRFPFQFLK>KA
FKQBOMOBQ>QFLK>KAPQO>QBDF@
ABSBILMJBKQMI>KKFKDCLO
QEBJPBISBP>PTBII>PCLOLQEBOPLK
QEBFOQB>JP>KAFKQEBFO
LOD>KFW>QFLKP3EBDL>IPLCQEFP
@LROPB>OB>QLEBIMPQRABKQP>PPBPP
QEBFOLTKJ>K>DBOF>I>?FIFQFBP?QL
ABSBILMMI>KPCLOPB@ROFKDKBT
HKLTIBADBPHFIIP>KA>?FIFQFBPQE>Q
TFIIEBIMQEBJFKQEBFO@>OBBOP@QL
PBQDL>IP>KA>DBKA>PCLOQEBFOLTK
ABSBILMJBKQ>KAAQL@LKPFABOT>VP
QLQO>KPI>QBQEFPABSBILMJBKQMOL@BPP
QLLQEBOP
,?:ED
 6/(">Q>ILD
"EBJF@>I
$KDFKBBOFKD
$@=64F=2C
$@56=:?8
3EFP@LROPBQO>FKPPQRABKQPFKQEB>OB>
LCJLIB@RI>OJLABIFKDRPFKD>
S>OFBQVLCNR>KQRJJB@E>KF@>I>KA
CLO@BhBIAJBQELAP3EB>MMOL>@E
TFII?BQLT>OAMO>@QF@>I>MMIF@>QFLKP
CLOOBPB>O@EBOPTELT>KQQL>KPTBO
PMB@Fh@NRBPQFLKP>?LRQJLIB@RI>O
DBLJBQOVQO>KPFQFLKPQ>QBPOB>@QFLK
M>QEP>KAMELQLBU@FQBAPQ>QBP-L
BUMBOFBK@BFKMOLDO>JJFKDFP
KB@BPP>OVELTBSBO>?>@HDOLRKA>Q
QEBFKQOLAR@QLOVIBSBIFKNR>KQRJ
JB@E>KF@PFPEFDEIVABPFO>?IB
,BQELAPQL?BBUMILOBAFK@IRAB
ABKPFQVCRK@QFLK>IQEBLOV>?FKFQFL
JBQELAPPBJFBJMFOF@>IJLIB@RI>O
LO?FQ>IQEBLOV>KASFPR>IFW>QFLK
PLCQT>OBCLOQEBDO>MEF@>IAFPMI>VLC
JLIB@RIBP
,?:ED
*6>:?2C
1BMLOQPLK@ROOBKQ>AS>K@BPFKQEB
S>OFLRP?O>K@EBPLC@EBJF@>I
BKDFKBBOFKDLOLKDO>AR>QBOBPB>O@E
FKMOLDOBPP,RPQ?BQ>HBKAROFKD
BSBOVPBJBPQBOFKOBPFABK@B
,?:ED
@==@BF:F>
/OBPBKQ>QFLKPLKP@FBKQFh@>AS>K@BP
?VOB@LDKFWBABUMBOQPFKS>OFLRP
hBIAPLC@EBJF@>IBKDFKBBOFKD>KA
OBI>QBAAFP@FMIFKBP3EB@LROPBTFII?B
DO>ABALK>/>PP%>FI?>PFP
,?:ED
$2E96>2E:42=?2=JD:D:?
96>:42=?8:?66C:?8
KBPPBKQF>IPHFIILC>KBKDFKBBOFPQL
MOLSFAB>K>IVQF@>I>KAKRJBOF@>I
PLIRQFLKPQLOBIBS>KQMOL?IBJP3EFP
@LROPBTFIIMOLSFABPQRABKQPTFQE>
PLIFAJ>QEBJ>QF@>I?>@HDOLRKA
OBNRFOBAQLPLISB@EBJF@>I
BKDFKBBOFKDMOL?IBJPFKhBIAPPR@E
>PiRFAJB@E>KF@POB>@QLOABPFDK
QEBOJLAVK>JF@P>KAMOL@BPP
ABPFDK,BQELAPLCJ>QEBJ>QF@>I
>K>IVPFPOBIBS>KQQLBKDFKBBOFKDTFII
?BPBIB@QBACOLJPR@EQLMF@P>P
SB@QLO>K>IVPFPJ>QOF@BPBFDBKS>IRB
MOL?IBJP%LROFBO>K>IVPFP%LROFBO
QO>KPCLOJP+>MI>@BQO>KPCLOJ>QFLK
PLIRQFLKLCLOAFK>OV>KAM>OQF>I
AFfBOBKQF>IBNR>QFLKPFKQBDO>I
BNR>QFLKP@>I@RIRPLCS>OF>QFLK
LMQFJFW>QFLKJBQELAP>KAKRJBOF@>I
JBQELAP2QRABKQPPELRIAE>SB>
?>@HDOLRKAFKRKABODO>AR>QB
@>I@RIRP>KAAFfBOBKQF>IBNR>QFLKP
"LOB@EBJF@>IBKDFKBBOFKD@LROPBP
,?:ED
)624E@C6D:8?2?5
":?6E:4D
3EFP@LROPBFK@IRABP>OBSFBTLC
MOLQLQVMF@>I@EBJF@>IOB>@QLOP
FK@IRAFKDABPFDKLC?>Q@EPQFOOBA
Q>KH>KAQR?RI>OOB>@QLOP3EBLOFBP
LCOB>@QFLKHFKBQF@P>KA@>Q>IVPFPCLO
PFJMIB>KA@LJMIBUOB>@QFLKP>OB
>AAOBPPBA1B>@QLOABPFDKFP
AFP@RPPBATFQEFKQEB@LKQBUQLC
@LJMIBUQO>KPMLOQMEBKLJBK>>KA
OB>@QFLKHFKBQF@PFK@IRAFKDBfB@QPLC
?RIH>KAMLOBAFfRPFLK>KA
JRIQFME>PBOB>@QFLKPOB>@QLOP
3B@EKFNRBPCLOBUMBOFJBKQ>QFLK
OB>@QFLKA>Q>QOB>QJBKQ@>Q>IVPQ
MOBM>O>QFLK>KA@E>O>@QBOFW>QFLK>KA
@LJMRQ>QFLK>IQLLIP>OB>IPL
FK@IRABA2QRABKQP@>KKLQOB@BFSB
@OBAFQCLOQEFP@LROPB>KA"'$LO
"'$TEF@EQEFP@I>PPOBMI>@BP
"LOB@EBJF@>IBKDFKBBOFKD@LROPBP
,?:ED
J?2>:4D@7'2CE:4F=2E6
*JDE6>D
K>IVWBPAFP@OBQBM>OQF@IBPTEF@E
DOLTFKPFWBLOFKPLJBLQEBO
@E>O>@QBOFPQF@S>OF>?IBBD>DB
JLIB@RI>OTBFDEQ1B>@QFLK
BKDFKBBOFKD>KAMLMRI>QFLK?>I>K@B
>K>IVPBPCLO?>Q@E>KA@LKQFKRLRP
PVPQBJP2QB>AVPQ>QB>KAQO>KPFBKQ
PVPQBJAVK>JF@P3LMF@PJ>VFK@IRAB
@OVPQ>IIFW>QFLKI>QBUPVKQEBPFP
MLIVJBOJLIB@RI>OTBFDEQ
AFPQOF?RQFLKCBOJBKQ>QFLKB@LILDF@>I
PVPQBJP>KAD>PPLIFAPVPQBJP
,?:ED
)6D62C49?2=JD:D2?5
6D:8?
$fB@QFSBOBPB>O@EOBNRFOBP
RKABOPQ>KAFKDJBQELAPLCA>Q>
@LIIB@QFLK>KA>K>IVPFP2QRABKQPTFII
IB>OKQL>MMIVPQ>QFPQF@>IJBQELAPQL
>K>IVWFKDA>Q>ABSBILM
J>QEBJ>QF@>IJLABIPCOLJA>Q>
SFPR>IIVMOBPBKQFKCLOJ>QFLK>KA
ABPFDKBUMBOFJBKQPQLJ>UFJFWBQEB
D>FKLCRPBCRIFKCLOJ>QFLK$JME>PFP
TFII>IPL?BLKMBOCLOJFKDOBPB>O@E
BQEF@>IIV>KA>@@LOAFKDQL>@@BMQBA
MO>@QF@BP.QEBOQLMF@PQE>QJ>V?B
@LSBOBAFK@IRABBg@FBKQRPBLCQEB
IFQBO>QROB@OB>QFKD>KAQBPQFKD>
EVMLQEBPFPJ>HFKDPLRKA
>ODRJBKQP>KAMOBM>OFKDOBPRIQPCLO
MR?IF@>QFLK2QRABKQPPELRIAE>SB>
?>@HDOLRKAFK@>I@RIRP2QRABKQP
J>VKLQOB@BFSB@OBAFQFCQEBV
MOBSFLRPIV@LJMIBQBAQEFP@LROPB>P
"'$2MB@F>I3LMF@P
,?:ED
 6/(">Q>ILD
:@496>:42=?8:?66C:?8
+FD>KA?FKAFKD>KAJBJ?O>KB
QO>KPMLOQMOL@BPPBPDOLTQEHFKBQF@P
LC>KFJ>I@BIIP>KAJF@OLLOD>KFPJP
HFKBQF@PLCFKQBO>@QFKDJRIQFMIB
MLMRI>QFLKP?FLILDF@>IOB>@QLO
ABPFDK>KA>K>IVPFPPLIR?IB
FJJL?FIFWBABKWVJBHFKBQF@P
LMQFJFW>QFLK>KA@LKQOLILC
CBOJBKQ>QFLK?FLMLIVJBOPQOR@QROB
>KACRK@QFLKMOLMBOQFBPLC?FLILDF@>I
JLIB@RIBP?FLILDF@>IPBM>O>QFLK
MOL@BPPBPP@>IBRMLC?FLMOL@BPPBP
I>?LO>QLOVTLOHJ>V?BFK@IRABA
TEBKMLPPF?IB
,?:ED
F6=6==+649?@=@8J
3EB@LROPBMOLSFABP>KLSBOSFBTLC
QEBS>OFLRPQVMBPLCCRBI@BIIP
CLIILTBA?V>ABQ>FIBAAFP@RPPFLKLC
QEBMOLQLKBU@E>KDBJBJ?O>KB
/$,CRBI@BIICRKA>JBKQ>IP
QEBOJLAVK>JF@POBI>QFLKPFK@IRAFKD
@BIIBNRFIF?OFRJPQ>KA>OAMLQBKQF>IP
>KA-BOKPQBNR>QFLKQO>KPMLOQ>KA
>APLOMQFLKFKMOLQLKBU@E>KDB
JBJ?O>KBP>KAPRMMLOQBAIFNRFA
BIB@QOLIVQBPQO>KPMLOQFKD>P
AFfRPFLKBIB@QOLABPHFKBQF@P>KA
@>Q>IVPFPLCBIB@QOL@>Q>IVQF@OB>@QFLKP
FK@IRAFKDHFKBQF@PLCBIBJBKQ>OV
OB>@QFLKPQEB!RQIBO5LIJBO
BNR>QFLKOB>@QFLKOLRQBP>KA
JB@E>KFPJPHFKBQF@PLCLSBO>II
>KLAB>KA@>QELABOB>@QFLKPCLO
EVAOLDBK>KAAFOB@QJBQE>KLICRBI
@BIIP>KALSBO>IIABPFDK>KA
MBOCLOJ>K@B@E>O>@QBOFPQF@PLC/$,
CRBI@BIIP
,?:ED
+96C>@5J?2>:4D
3EBOJLAVK>JF@PFP>QQEBEB>OQLC
J>KVPVPQBJPLCFKQBOBPQQL@EBJF@>I
BKDFKBBOPCOLJQEBBg@FBK@VLC
PFJMIBJB@E>KF@>IMOL@BPPBPQLQEB
BNRFIF?OF>LC@LJMIBUOB>@QFLKP3EFP
@LROPBFP>OFDLOLRPQOB>QJBKQLC
@I>PPF@>IQEBOJLAVK>JF@PTFQE
OBCBOBK@BQLQEBhBIALCPQ>QFPQF@>I
QEBOJLAVK>JF@P*BVJLARIBP
FK@IRAB%FOPQ>KA2B@LKA+>T
>K>IVPFP?BE>SFLO>KA
FKQBOOBI>QFLKPEFMPLCQEBOJLAVK>JF@
MOLMBOQFBP>KAiRFAME>PB>KA
@EBJF@>IBNRFIF?OF>$U>JMIBQLMF@P
J>VFK@IRAB>K>IVPFPLCLMBK>KA
AVK>JF@PVPQBJPCRKA>JBKQ>I
OBI>QFLKPEFMP+BDBKAOBQO>KPCLOJP
>KADBKBO>IFWBAMLQBKQF>IP,>UTBII
OBI>QFLKPEFMPPQ>?FIFQVQEBLOV
QEBOJLAVK>JF@PLCJFUQROBP
CRD>@FQV>@QFSFQV>KA@EBJF@>I
MLQBKQF>IME>PBBNRFIF?OF>LCPVPQBJP
@LKQ>FKFKDQTLLOJLOB@LJMLKBKQP
>KADBKBO>IFWBAQOB>QJBKQLC
@EBJF@>IBNRFIF?OF>"LOB@EBJF@>I
BKDFKBBOFKD@LROPBP
,?:ED
5G2?465'C@46DD
?8:?66C:?8
AS>K@BAQLMF@PFKMOL@BPPPVKQEBPFP
LMQFJFW>QFLK>KAMOL@BPP@LKQOLI>OB
BU>JFKBA.MQFJFW>QFLKQLMF@P
FK@IRABL?GB@QFSBCRK@QFLKP
JRIQFS>OF>?IBLMQFJFW>QFLK
@LKPQO>FKBALMQFJFW>QFLKJFUBA
FKQBDBOIFKB>OMOLDO>JJFKD>KA
>MMIF@>QFLKPLCLMQFJFW>QFLKQL
MOL@BPPFKARPQOFBP"LKQOLIQLMF@P
FK@IRABJLABIMOBAF@QFSB@LKQOLI
>A>MQFSB@LKQOLI?>Q@EMOL@BPP
@LKQOLI>KAMI>KQTFAB@LKQOLI
,?:ED
)64@>>6?56524<8C@F?5
4KABODO>AR>QBABDOBBFK"EBJF@>I
$KDFKBBOFKD
+C2?DA@CE'96?@>6?2
3O>KPMLOQO>QBPLCJ>PPBKBODV>KA
JLJBKQRJ>OBHBVQLQEBABPFDKLC
J>KV@EBJF@>IQB@EKLILDFBP3EFP
@I>PP>ALMQP>RKFhBA>MMOL>@EQL
QO>KPMLOQMEBKLJBK>MOLSFAFKDQEB
CRKA>JBKQ>I?>@HDOLRKAOBNRFOBA
CLO>K>IVPFPLC@LJMIBUMOL?IBJP
2QRABKQPTFIIRPBJ>QEBJ>QF@>I
QB@EKFNRBPCLO>K>IVQF@>KA
>MMOLUFJ>QBPLIRQFLKPPR@E>P
PBM>O>QFLKLCS>OF>?IBPPFJFI>OFQV
PLIRQFLKPMBOQRO?>QFLKQEBLOV>KA
+>MI>@B>KA%LROFBOQO>KPCLOJ
JBQELAP,BQELAPFKSLISFKDKLK
AFJBKPFLK>IFW>QFLK>KAP@>IFKDTFII
?BBJME>PFWBA2MB@F>IMOL?IBJPQL
?B@LSBOBAJ>VFK@IRABQEB
IR?OF@>QFLK>MMOLUFJ>QFLK@OBBMFKD
iLT>KAMLQBKQF>I>KAI>JFK>O
?LRKA>OVI>VBOiLTP>PTBII>PEB>Q
>KAJ>PPQO>KPMLOQFKJRIQF
@LJMLKBKQPVPQBJP2QRABKQP>OB
BUMB@QBAQLE>SBQ>HBKMOBSFLRP
@LROPBPLKQO>KPMLOQMOL@BPPBP>KA
E>SBJ>QEBJ>QF@>I?>@HDOLRKAQE>Q
FK@IRABPPLIRQFLKLCAFfBOBKQF>I
BNR>QFLKP"LOB@EBJF@>I
BKDFKBBOFKD@LROPBP
,?:ED
*A64:2=+@A:4D
3EFP@LROPBTFIICL@RPLKS>OFLRP
QLMF@PLC@ROOBKQFKQBOBPQOBI>QBAQL
C>@RIQVOBPB>O@EBUMBOFBK@B
,?:ED
 6/(">Q>ILD
C25F2E6(F2=:7J:?8
'C@;64E:?96>:42=?8:?66C:?8
3EBPB@LROPBPMOLSFAB>@>MPQLKB
BUMBOFBK@BFK>MMIVFKD@EBJF@>I
BKDFKBBOFKDPHFIIPQLOB>ITLOIA
MOL?IBJP3EB&O>AR>QB0R>IFCVFKD
/OLGB@Q&0/FP@>OOFBALRQTFQE>K
FKARPQOF>IM>OQKBOLOPMLKPLOFKD
>DBK@V>KATFQEQEB>MMOLS>I>KA
LSBOPFDEQLC>C>@RIQVJBJ?BOFK
@EBJF@>IBKDFKBBOFKD TOFQQBK
OBMLOQ>KA>MOBPBKQ>QFLKQL
JBJ?BOPLCQEBABM>OQJBKQ>KA
FKARPQOF>IM>OQKBOP>OBOBNRFOBA
,?:ED
'C6C6BF:D:E6D
"LJMIBQFLKLC@LOBOBNRFOBJBKQP>Q
IB>PQLKB@LK@BKQO>QFLK@LROPB>KA
@LKPBKQLCQEBMOLDO>JAFOB@QLO
)64@>>6?56524<8C@F?5
4KABODO>AR>QBABDOBBFK"EBJF@>I
$KDFKBBOFKD@LJMIBQFLKLCQEB@LOB
OBNRFOBJBKQP>KA>QIB>PQLKB
@LK@BKQO>QFLK@LROPB
$AA=:65:?:E6
=6>6?E$6E9@5D:??8:?66C:?8
3EFP@LROPBFPABSLQBAQLQEB
KRJBOF@>IPLIRQFLKLCM>OQF>I
AFfBOBKQF>IBNR>QFLKPBK@LRKQBOBAFK
BKDFKBBOFKDP@FBK@BP%FKFQBBIBJBKQ
JBQELAP>OBFKQOLAR@BA>KA
ABSBILMBAFK>ILDF@>IMOLDOBPPFLKLC
@LJMIBUFQV3LMF@P@LSBOBAFK@IRAB
J>QOFUPQOR@QRO>I>K>IVPFPS>OF>QFLK
CLOJLCAFfBOBKQF>IBNR>QFLKP1FQW
>KATBFDEQBAOBPFAR>I
>MMOLUFJ>QFLKP>KAABSBILMJBKQLC
QEBAFP@OBQFWBAALJ>FKPLIRQFLK
3B@EKFNRBP>OBABSBILMBAFKABQ>FI
CLOQEBLKB>KAQTLAFJBKPFLK>I
BNRFIF?OFRJ>KAQO>KPFBKQMOL?IBJP
3EBPBKRJBOF@>IPQO>QBDFBP>OBRPBA
QLPLISB>@QR>IMOL?IBJPFKEB>QiLT
AFfRPFLKT>SBMOLM>D>QFLK
SF?O>QFLKPiRFAJB@E>KF@P
EVAOLILDV>KAPLIFAJB@E>KF@P
6BBHIV@LJMRQBOBUBO@FPBP>OB
OBNRFOBAQLFIIRPQO>QBQEB@LK@BMQP
AFP@RPPBAFK@I>PP2QRABKQP@>KKLQ
OB@BFSB@OBAFQCLOQEFP@LROPBFCQEBV
E>SBQ>HBKQEB2MB@F>I3LMF@P,$
$SBOPFLKLCQEBP>JB@LROPBLO
,$LO"$
,?:ED
"EBJFPQOV>KA
!FL@EBJFPQOV
96>:42=*A64EC@D4@AJ
3EBBJME>PFPFPLKRPFKD>S>OFBQVLC
PMB@QOLP@LMF@A>Q>QL>OOFSB>Q
JLIB@RI>OPQOR@QROBPM>OQF@RI>OIVLC
LOD>KF@JLIB@RIBP,>GLOBJME>PFPFP
LKFKI>KA"-,1(1>KA,23EBOBFP
OBI>QFSBIVIFQQIBBJME>PFPLKQEBLOVLO
LKP>JMIFKDE>KAIFKDQB@EKFNRBP
,?:ED
6==*:8?2=:?8
"BIIPFDK>IFKDABhKBPQEBT>V@BIIP
OBPMLKAQL@E>KDBPFKQEBFO
BKSFOLKJBKQFK@IRAFKD
EB>QKRQOFBKQPAORDPELOJLKBP>KA
LQEBOC>@QLOP3EBPBBUQBOK>IC>@QLOP
>IILT@BIIPQLDOLTAFSFABJFDO>QB
>KAMOLIFCBO>QBABMBKAFKDLKQEB
PQFJRIRP>KAFK>MMOLMOF>QB
OBPMLKPBPIB>AQL@>K@BO>KALQEBO
AFPB>PBP3EFP@LROPBFPAFOB@QBACLO
>AS>K@BARKABODO>AR>QBP>KA
DO>AR>QBIBSBI@LROPBQE>QFP>
@LJ?FK>QFLKLCLKIFKBIB@QROBP
AFP@RPPFLKP>KAOBSFBTLCOB@BKQ
IFQBO>QROB2QRABKQPTELMOBSFLRPIV
QLLHQEB"'SBOPFLKLCQEFP@LROPB
@>KKLQQ>HB"'CLO@OBAFQ
,?:ED
+96@CJ2?5AA=:42E:@?D@7
%$)*A64EC@D4@AJ
3EFP@LROPBBJME>PFWBPQEB
CRKA>JBKQ>I>PMB@QPLC#>KA#
KR@IB>OJ>DKBQF@OBPLK>K@B
PMB@QOLP@LMV-,13EBQEBLOVLC
MRIPBA%LROFBOQO>KPCLOJ-,1FP
MOBPBKQBAQEOLRDEQEBRPBLCSB@QLO
AF>DO>JP @LK@BMQR>I
KLKJ>QEBJ>QF@>I>MMOL>@EFP
BJMILVBAFKAFP@RPPFLKLC-,1
QEBLOV3EB@LROPBFPDB>OBAQLT>OA
>K>RAFBK@BTEF@EPBBHP>K
RKABOPQ>KAFKDLC-,1QEBLOV>KA>K
>MMOB@F>QFLKLCQEBMO>@QF@>I
>MMIF@>QFLKPLC-,1FK@EBJF@>I
>K>IVPFP2QRABKQP>OBBUMLPBAQL
E>KAPLK-,1LMBO>QFLK#BQ>FIBA
FKPQOR@QFLKP>OBMOLSFABA>KAB>@E
PQRABKQFPBUMB@QBAQL@>OOVLRQEFPLO
EBOLTK-,1BUMBOFJBKQPLK>
!ORHBO 5 -"$,'W-,1
PMB@QOLJBQBO
,?:ED
$65:4:?2=96>:DECJ
3EFP@LROPBTFIICL@RPLKQEB
JBAF@FK>I@EBJFPQOV>PMB@QPLCAORD
AFP@LSBOVCOLJ>KFKARPQOF>I
ME>OJ>@BRQF@>IOBPB>O@E>KA
ABSBILMJBKQMBOPMB@QFSB3LMF@PTFII
FK@IRAB@EBJLQEBO>MBRQF@>DBKQP
PR@E>P>KQF?>@QBOF>I>KQFSFO>I>KA
>KQFQRJLO>DBKQP>KA
ME>OJ>@LAVK>JF@>DBKQPPR@E>P
>KQFEVMBOQBKPFSB>KQF>IIBODF@
>KQFRI@BO>KA"-2>DBKQP
,?:ED
'C6C6BF:D:E6D
DLLACLRKA>QFLKFKLOD>KF@
@EBJFPQOVBD"'.OD>KF@
"EBJFPQOV(>KA"'.OD>KF@
"EBJFPQOV((
 6/(">Q>ILD
)68F=2E:@?@76?6
IAC6DD:@?
3EFP@LROPB@LSBOPQEB?FL@EBJF@>I
JB@E>KFPJPFKSLISBAFKOBDRI>QFLKLC
DBKBBUMOBPPFLKJLAFh@>QFLKPLC
#- PQOR@QROBPQE>QFKiRBK@B
QO>KP@OFMQFLKO>QBPQO>KP@OFMQFLK>I
OBDRI>QFLKMLPQQO>KP@OFMQFLK>I
MOL@BPPFKDLC1- FK@IRAFKDPMIF@FKD
>KABAFQFKDKR@IB>O@VQLMI>PJF@
QO>KPMLOQOBDRI>QFLKLCQO>KPI>QFLK
>KAC>@QLOPQE>Q@LKQOLIQEBE>ICIFSBP
LC?LQEJ1- >KAMOLQBFK#ROFKD
QEB@LROPB@LJJLKBUMBOFJBKQ>I
JBQELAP>OBBUMILOBAFK@IRAFKD>
AFP@RPPFLKLCQEBFKCLOJ>QFLK
>S>FI>?IBCOLJB>@EJBQELA
,?:ED
$6>3C2?6:@A9JD:4D
3EFP@LROPBTFIICL@RPLKAFfBOBKQ
>OB>PLC?FLMEVPF@PTFQEPMB@F>I
BJME>PFPLKJBJ?O>KBMEBKLJBK>
3EB?FLJBAF@>I?FLILDF@>I
FJMLOQ>K@BLC?FLMEVPF@>I
MEBKLJBK>TFII?BPQOBPPBA3EB
@LROPBTFII?BDFKTFQE>K
FKQOLAR@QFLKQLQEBJLIB@RI>OCLO@BP
OBIBS>KQFK?FLILDF@>IJBAF>>KA
PR?PBNRBKQIVABSBILMQEBCLIILTFKD
QLMF@PJBJ?O>KBPQOR@QROB>KA
CRK@QFLK@E>KKBIP@>OOFBOP>KA
MRJMPKBOSBBU@FQ>QFLK>KAOBI>QBA
QLMF@P>KAJLIB@RI>O?FLMEVPF@PLC
JLQFIFQV3LMF@PTFII?BABSBILMBA
>PPRJFKD>DLLARKABOPQ>KAFKDLC
MOLQBFK>KAIFMFA@EBJFPQOVBKWVJB
HFKBQF@P@BII?FLILDV>KABIB@QOF@FQV
,?:ED
CF8D:?E96C2:?
3EFP@I>PPTFIIFKQOLAR@BQEB@LK@BMQP
LC?>PF@KBROLME>OJ>@LILDV>KAQEB
>@QFLKLCJ>GLOKBROLQO>KPJFQQBO
C>JFIFBPFKQEB?O>FK3EBJB@E>KFPJP
LC>@QFLKLCQEBJ>GLOMPV@EL>@QFSB
AORDPC>JFIFBPFK@IRAFKD@>KK>?FP
LMFLFAP>KAMPV@EBABIF@PTFII?B
@LSBOBA3EBBfB@QPLC
ME>OJ>@BRQF@>IQOB>QJBKQPCLO
>KUFBQV>KAABMOBPPFLKLK?O>FK
@EBJFPQOVTFII?BAFP@RPPBA>PTBII
3EFP@LROPBTFII?BLfBOBAFK
>KA>IQBOK>QFKDVB>OP
QEBOB>CQBO
,?:ED
)64@>>6?56524<8C@F?5
%RKA>JBKQ>IRKABOPQ>KAFKDLC
FKQOLAR@QLOV?FL@EBJFPQOV"'
"'>KALO"'
&C82?@>6E2==:496>:DECJ
2?52E2=JD:D
.OD>KLJBQ>IIF@@EBJFPQOV>KA
@>Q>IVQF@OB>@QFLKPE>SB
CRKA>JBKQ>IIV@E>KDBAQEBT>V
AORDP>KAMLIVJBOF@J>QBOF>IP>OB
J>ABQLA>V%ROQEBOJLOBQEBVE>SB
BK>?IBAQEBPVKQEBPFP>KA
>MMIF@>QFLKLCKBTBIB@QOLKF@
J>QBOF>IPBDFK.+$#P>KA
JLIB@RI>OTFOBP>KAJ>QBOF>IP
JFJF@HFKDK>QRO>IMOL@BPPBPBD
PBICEB>IFKD>KA>KQF?>@QBOF>I
@L>QFKDP3EFP@LROPBTFIIBPQ>?IFPE
MOFK@FMIBPQLRKABOPQ>KAQEB
OB>@QFSFQVLCLOD>KLJBQ>IIF@
@LJMLRKAPLCQO>KPFQFLK>KAJ>FK
DOLRMPJBQ>IP%ROQEBOJLOBJBQ>I
COBB@>Q>IVPFPTFII?BFKQOLAR@BA
/RIIFKDLKFKiRBK@BPCOLJ?LQE
FKLOD>KF@>KALOD>KF@@EBJFPQOVQEB
@I>PPTFIIMOLSFABFKPFDEQFKQL@>Q>IVPFP
>MMOL>@EBPQE>QE>SBOBSLIRQFLKFWBA
PVKQEBQF@@EBJFPQOVBK>?IFKDEFDEIV
Bg@FBKQPRPQ>FK>?IBMOLAR@QFLKLC
@LJMLRKAPQE>Q>OBRPBAFKPR@E
AFfBOBKQ>OB>P>PAORDAFP@LSBOV
MOLQBFK>K>IVPFP>KAMBOCLOJ>K@B
MI>PQF@P">PBPQRAFBPTFII?BAO>TK
COLJQEB@ROOBKQIFQBO>QROB>KA
>MMIF@>QFLKPQE>Q>OBTFABIVRPBAFK
FKARPQOF>I>KA>@>ABJF@PBQQFKDP>KA
TFIIFK@IRABTLOHQE>QE>PIBAQL
OB@BKQ-L?BIMOFWBPFKQEB>OB>
1B@LJJBKABAMOBM>O>QFLKFK@IRABP
QEBLOD>KF@@EBJFPQOVPBNRBK@B
"'"'>KA"'>KA
"'3EB@LROPBFPOB@LJJBKABA
CLO?LQEDO>AR>QB>KA>AS>K@BA
RKABODO>AR>QBPQRABKQP3EFP@LROPB
TFII?BLfBOBAFK>KA
>IQBOK>QBVB>OPQEBOB>CQBO
,?:ED
 6/(">Q>ILD
=F4:52E:@?@7&C82?:4
)624E:@?$6492?:D>D
(KQEFP>AS>K@BA@LROPBPQRABKQPTFII
ABSBILMPHFIIPBQPQLFKABMBKABKQIV
RKABOPQ>KABUMI>FK>KAMOBAF@Q
OB>@QFLKPLCLOD>KF@JLIB@RIBP
/OFK@FMIBPLCJLABOKMEVPF@>ILOD>KF@
@EBJFPQOVPR@E>P?LKAFKD
EV?OFAFW>QFLKJLIB@RI>OLO?FQ>I
QEBLOVKLK@LS>IBKQFKQBO>@QFLKP
PQBOBL@EBJFPQOV>KA@LKCLOJ>QFLK>I
>K>IVPFPTFII?BFKQOLAR@BA>ILKDPFAB
BUMBOFJBKQ>IQB@EKFNRBPOBI>QBAQL
QEBOJLAVK>JF@P>KAHFKBQF@PQL
MOLSFABP@FBKQFPQPTFQEQLLIPQL
RKABOPQ>KABUFPQFKDOB>@QFLK
M>QET>VP>KAPQRAVKBTOB>@QFLKP
3EBFKQBOMI>V?BQTBBKJB@E>KFPQF@
EVMLQEBPBP>KABUMBOFJBKQ>I
L?PBOS>QFLKPTFII?BABJLKPQO>QBA
RPFKD@>PBPQRAFBPCOLJQEBMOFJ>OV
IFQBO>QROB1B@LJJBKABACLO
DO>AR>QBPQRABKQP>KA
RKABODO>AR>QBPTELE>SB@LJMIBQBA
QEBPBNRBK@BFKLOD>KF@@EBJFPQOV
"'"'>KA"'3EFP
@LROPBTFII?BLfBOBAFK
>KA>IQBOK>QFKDVB>OPQEBOB>CQBO
,?:ED
'=2?E%2EFC2='C@5F4ED
3EFP@I>PPTFII@LSBOQEB@EBJFPQOVLC>
KRJ?BOLCC>JFIFBPLCMI>KQABOFSBA
K>QRO>IMOLAR@QPFK@IRAFKD
QBOMBKLFAPMEBKLIF@@LJMLRKAP
>KA>IH>ILFAP3EB@LSBO>DBLC
>PMB@QPLCQEB@EBJFPQOVFKSLISFKD
QEBPBK>QRO>IMOLAR@QPJ>VFK@IRAB
?FLPVKQEBPFP@EBJF@>IPVKQEBPFP>KA
JBAF@FK>I@EBJFPQOV>MMIF@>QFLKP3EB
EFPQLOF@>I>KA@ROOBKQOLIBPLCPBIB@Q
K>QRO>IMOLAR@QPPR@E>P
QBQO>EVAOL@>KK>?FKLIQ>ULIEBOLFK
>KANRFKFKBFKPL@FBQVJ>V>IPL?B
AFP@RPPBA3EFP@I>PPTFII?BLfBOBAFK
>KA>IQBOK>QFKDVB>OP
QEBOB>CQBO
,?:ED
)64@>>6?56524<8C@F?5
CRKA>JBKQ>IRKABOPQ>KAFKDLC
LOD>KF@@EBJFPQOVPR@E>PQE>Q
L?Q>FKBAFK>KFKQOLAR@QLOVLOD>KF@
@EBJFPQOVPBNRBK@B"'
"'>KA"'
%2EFC2='C@5F4E D@=2E:@?
2?5?2=JD:D
(KQEFPI>?LO>QLOV@I>PPPQRABKQPTFII
IB>OKPQO>QBDFBPQLFPLI>QB>KA
@E>O>@QBOFWBK>QRO>IMOLAR@QP
3B@EKFNRBPRPBAAROFKDQEFP@LROPB
J>VFK@IRABPLISBKQBUQO>@QFLK
PRMBO@OFQF@>IiRFABUQO>@QFLK-,1
PMB@QOLP@LMV(1PMB@QOLP@LMVJ>PP
PMB@QOLJBQOVD>P@EOLJ>QLDO>MEV
>KAIFNRFA@EOLJ>QLDO>MEV3EFP@I>PP
TFII?BLfBOBAFK>KA
>IQBOK>QFKDVB>OPQEBOB>CQBO
,?:ED
)64@>>6?56524<8C@F?5
(KQOLAR@QLOV@EBJFPQOVI>?LO>QLOV
BUMBOFBK@B
$@=64F=2C
$@56=:?8
3EFP@LROPBQO>FKPPQRABKQPFKQEB>OB>
LCJLIB@RI>OJLABIFKDRPFKD>
S>OFBQVLCNR>KQRJJB@E>KF@>I>KA
CLO@BhBIAJBQELAP3EB>MMOL>@E
TFII?BQLT>OAMO>@QF@>I>MMIF@>QFLKP
CLOOBPB>O@EBOPTELT>KQQL>KPTBO
PMB@Fh@NRBPQFLKP>?LRQJLIB@RI>O
DBLJBQOVQO>KPFQFLKPQ>QBPOB>@QFLK
M>QEP>KAMELQLBU@FQBAPQ>QBP-L
BUMBOFBK@BFKMOLDO>JJFKDFP
KB@BPP>OVELTBSBO>?>@HDOLRKA>Q
QEBFKQOLAR@QLOVIBSBIFKNR>KQRJ
JB@E>KF@PFPEFDEIVABPFO>?IB
,BQELAPQL?BBUMILOBAFK@IRAB
ABKPFQVCRK@QFLK>IQEBLOV>?FKFQFL
JBQELAPPBJFBJMFOF@>IJLIB@RI>O
LO?FQ>IQEBLOV>KASFPR>IFW>QFLK
PLCQT>OBCLOQEBDO>MEF@>IAFPMI>VLC
JLIB@RIBP
,?:ED
5G2?465+@A:4D
@LROPBLC>AS>K@BAPQRAVFK
PBIB@QBA>OB>PTELPB@LKQBKQ>KA
CLOJ>QS>OFBPQLPRFQQEBFKQBOBPQ>KA
KBBAPLCC>@RIQV>KAPQRABKQP3EFP
@LROPBJ>V?BOBMB>QBACLOAFfBOBKQ
QLMF@P@LSBOBA
,?:ED
FCC6?E+@A:4D:?
:@496>:DECJ
(KQEFPPBJFK>O@LROPB>AFfBOBKQ
QLMF@FPPBIB@QBAB>@EPBJBPQBO
"ROOBKQ>OQF@IBP>OBOB>A>KA
>K>IVWBA
,?:ED
F?4E:@?2=6?@>:4D
(KQEFPPBJFK>O@LROPBPQRABKQPTFII
MOBPBKQ>KA@OFQF@>IIV>K>IVWB
PBIB@QBAOB@BKQMR?IF@>QFLKPFK
CRK@QFLK>IDBKLJF@P3EB@LROPBTFII
@LK@IRABTFQE>TOFQQBKMOLGB@Q
BFQEBO>JFKFDO>KQMOLMLP>ILO>K
>K>IVPFPLCMR?IF@IV>S>FI>?IBA>Q>FK>
OBPB>O@EJ>KRP@OFMQCLOJ>Q3EB
@LROPBTFII?BLfBOBAFK>IQBOK>QB
VB>OPFKIFBRLC"'J>V?B
OBMB>QBA>PJ>KVQFJBP>PLfBOBA
>KAP>QFPhBPQEBABM>OQJBKQP
OBNRFOBJBKQCLO>DO>AR>QBPBJFK>O
FK?FL@EBJFPQOV3EFP@LROPBFPLfBOBA
?VPMB@F>I>OO>KDBJBKQLKIV?>PBA
LKBUMOBPPBAPQRABKQFKQBOBPQ
,?:ED
*6>:?2C
1BMLOQPLK@ROOBKQ>AS>K@BPFKQEB
S>OFLRP?O>K@EBPLC@EBJFPQOV
,?:ED
:C64E65)6D62C49
,?:ED
$*+96D:D
,?:ED
'9:DD6CE2E:@?
,?:ED
:@496>:DECJ 
3EBMOFK@FMIBPLCMOLQB>KPQOR@QROB
>OBMOBPBKQBA,B@E>KFPJPLC
BKWVJ>QF@@>Q>IVPFPFK@IRAFKDQELPB
OBNRFOFKD@LBKWVJBP>OBLRQIFKBAFK
ABQ>FI3EBPQOR@QROBP>KA
?FL@EBJF@>IMOLMBOQFBPLC
@>O?LEVAO>QBP>OBOBSFBTBA
!FLBKBODBQF@PQEBOLIBLC 3/>KAFQP
MOLAR@QFLKQEOLRDEDIV@LIVPFP>KA
QEB3" @V@IB>OBCRIIV@LKPFABOBA
,?:ED
 6/(">Q>ILD
:@496>:DECJ 
.OFBKQBA>OLRKA?FLILDF@>I
JBJ?O>KBPQEFPQBOJ?BDFKPTFQE>
AFP@RPPFLKLCBIB@QOLKQO>KPMLOQ>KA
QEB>BOL?F@MOLAR@QFLKLC 3/
CLIILTBA?V>PQRAVLC
MELQLPVKQEBPFP3EBPQRAVLCQEB
?FLPVKQEBPFPLCIFMFAP>KAPQBOLFAP
IB>APQL>AFP@RPPFLKLCQEBPQOR@QROB
>KACRK@QFLKLC?FLILDF@>I
JBJ?O>KBP%FK>IIVQEBJBJ?O>KB
MOL@BPPBPFKKBROLQO>KPJFPPFLK>OB
AFP@RPPBA
,?:ED
)64@>>6?56524<8C@F?5
"'
:@496>:DECJ 
3EFP@LROPBMOBPBKQP>QELOLRDE
>K>IVPFPLCQEB?FLPVKQEBPFPLC#- 
OBMIF@>QFLK1- QO>KP@OFMQFLK>KA
MOLQBFKPQO>KPI>QFLK>KALCQEBFO
?FL@EBJF@>IMOB@ROPLOP/OLQBFKP>KA
1- PE>SBAFPQFK@QIFCBQFJBPTFQEFK
QEBIFSFKD@BIIQERPQEBABPQOR@QFLKLC
QEBPBJLIB@RIBPFP>KFJMLOQ>KQ
?FL@EBJF@>IMOL@BPPQE>QFP>IPL
AFP@RPPBA(K>AAFQFLKQLJB@E>KFPQF@
PQRAFBPOBDRI>QFLKLCQEBPBMOL@BPPBP
FP@LSBOBA
,?:ED
&C82?:4*J?E96D:D
,LABOKPVKQEBQF@JBQELAP>P
>MMIFBAQLQEB@LKPQOR@QFLKLC
PL@FBQ>IIVOBIBS>KQQ>ODBQJLIB@RIBP
TFII?BQEBCL@RPLCQEFP@LROPB
#FP@RPPFLKPJ>VBJME>PFWBQEBILDF@
>KAPQO>QBDVFKPVKQEBQF@>MMOL>@EBP
QLT>OA>@QFSBME>OJ>@BRQF@>I
FKDOBAFBKQP>DOL@EBJF@>IPhKB
@EBJF@>IPJ>QBOF>IP>KALQEBO
Q>ODBQPLCFKQBOBPQ3EB>K>IVPFPLC
@ROOBKQBU>JMIBPCOLJQEBMOFJ>OV
IFQBO>QROBTFIIAO>T>QQBKQFLKQLQEB
JLPQPQ>QBLCQEB>OQPVKQEBQF@
Q>@QF@P1B@LJJBKABACLODO>AR>QB
PQRABKQP>KARKABODO>AR>QBPTEL
E>SB>?>PF@RKABOPQ>KAFKDLCQEB
MOFK@FMIBPDLSBOKFKDLOD>KF@
OB>@QFLKPPR@E>PQELPB@LSBOBAFK
"'"'>KA"'3EFP
@LROPBTFII?BLfBOBAFK>KA
>IQBOK>QBVB>OPQEBOB>CQBO
,?:ED
 ?@C82?:496>:DECJ 
"LJMIBUBPLCQEBQO>KPFQFLKJBQ>IP
>OBAFP@RPPBA"LSBOBA>OBQEB
BIB@QOLKF@PQOR@QROBPLCQO>KPFQFLK
JBQ>I>QLJP>KAFLKP>KAQEB
QLMLILDF@>I>KABIB@QOLKF@PQOR@QROBP
LCQEBFO@LJMIBUBP2VJJBQOV
@LK@BMQP>OBABSBILMBAB>OIVFKQEB
@LROPB>KARPBAQEOLRDELRQQL
PFJMIFCVQOB>QJBKQPLCBIB@QOLKF@
PQOR@QROB3EBJLIB@RI>OLO?FQ>I
>MMOL>@EQL?LKAFKDFPBJME>PFWBA
3EBMFSLQ>I>OB>LCLOD>KLQO>KPFQFLK
JBQ>I@EBJFPQOVFPFKQOLAR@BATFQE
CL@RPLK@LJMIBUBPLC@>O?LK
JLKLUFABJBQ>IJBQ>IFKQBO>@QFLKP
FK@IRPQBOP>KA@>QIVPFP?VJBQ>I
@LJMIBUBP3EFP@LROPBTFII?BLfBOBA
FK>KAFK>IQBOK>QBVB>OP
QEBOB>CQBO
,?:ED
)64@>>6?56524<8C@F?5
"'>KA"'LOBNRFS>IBKQ
96>:42=*E2E:DE:42=
$6492?:4D
3EFP@LROPBAB>IPTFQEELTQEB
BIB@QOLKF@QO>KPI>QFLK>IOLQ>QFLK>I
>KASF?O>QFLK>IBKBODVIBSBIPLC
FKAFSFAR>IJLIB@RIBPLOLC
J>@OLJLIB@RI>OPVPQBJP>OB
PQ>QFPQF@>IIVOBI>QBAQLQEBBKBODV
BKQOLMV>KACOBBBKBODVLC
J>@OLP@LMF@PVPQBJPQ>HFKDFKQL
>@@LRKQQEBNR>KQRJJB@E>KF@>I
MOLMBOQFBPLCQEB@LJMLKBKQ
M>OQF@IBP$KPBJ?IBPM>OQFQFLK
CRK@QFLKP>KA!LIQWJ>KK%BOJF
#FO>@>KA!LPB$FKPQBFKPQ>QFPQF@P>OB
RPBA TB>IQELCMEVPF@>I@EBJF@>I
MEBKLJBK>FK@IRAFKDJ>QBOF>I
OBI>QBAQLPLIFAPIFNRFAPD>PBP
PMB@QOLP@LMV>KA@EBJF@>IOB>@QFLKP
>OBJ>ABRKABOPQ>KA>?IB?VQEB
@LK@BMQPIB>OKBAFKQEFP@LROPB3EFP
@LROPBTFII?BLfBOBAFK>KA
FK>IQBOK>QBVB>OPQEBOB>CQBO
,?:ED
"FSFI>KA
$KSFOLKJBKQ>I
$KDFKBBOFKD
$AA=:65:?:E6
=6>6?E$6E9@5D:??8:?66C:?8
3EFP@LROPBFPABSLQBAQLQEB
KRJBOF@>IPLIRQFLKLCM>OQF>I
AFfBOBKQF>IBNR>QFLKPBK@LRKQBOBAFK
BKDFKBBOFKDP@FBK@BP%FKFQBBIBJBKQ
JBQELAP>OBFKQOLAR@BA>KA
ABSBILMBAFK>ILDF@>IMOLDOBPPFLKLC
@LJMIBUFQV3LMF@P@LSBOBAFK@IRAB
J>QOFUPQOR@QRO>I>K>IVPFPS>OF>QFLK
CLOJLCAFfBOBKQF>IBNR>QFLKP1FQW
>KATBFDEQBAOBPFAR>I
>MMOLUFJ>QFLKP>KAABSBILMJBKQLC
QEBAFP@OBQFWBAALJ>FKPLIRQFLK
3B@EKFNRBP>OBABSBILMBAFKABQ>FI
CLOQEBLKB>KAQTLAFJBKPFLK>I
BNRFIF?OFRJ>KAQO>KPFBKQMOL?IBJP
3EBPBKRJBOF@>IPQO>QBDFBP>OBRPBA
QLPLISB>@QR>IMOL?IBJPFKEB>QiLT
AFfRPFLKT>SBMOLM>D>QFLK
SF?O>QFLKPiRFAJB@E>KF@P
EVAOLILDV>KAPLIFAJB@E>KF@P
6BBHIV@LJMRQBOBUBO@FPBP>OB
OBNRFOBAQLFIIRPQO>QBQEB@LK@BMQP
AFP@RPPBAFK@I>PP2QRABKQP@>KKLQ
OB@BFSB@OBAFQCLOQEFP@LROPBFCQEBV
E>SBQ>HBKQEB2MB@F>I3LMF@P,$
$SBOPFLKLCQEBP>JB@LROPBLO
,$LO"$
,?:ED
'C@76DD:@?2='C24E:46
/OLCBPPFLK>IMO>@QF@BPFKBKDFKBBOFKD
+BD>IFPPRBPLC?RPFKBPP
LOD>KFW>QFLKP@LKQO>@QP>KAIF>?FIFQV
?RPFKBPPMO>@QF@BLCPQ>gKDCBB
PQOR@QROBP>@@LRKQPOB@BFS>?IB
KBDLQF>QFLK>KAAFPMRQBOBPLIRQFLK
>KAILPPMOBSBKQFLKJ>OHBQFKD>KA
MOLMLP>IABSBILMJBKQMOLGB@Q
J>K>DBJBKQFKSLISFKDLOD>KFWFKD
>KAPQ>gKD?RADBQFKDP@EBARIFKD
MBOCLOJ>K@B>KAJLKFQLOFKD>KA
MOBPBKQ>QFLKLCABIFSBO>?IBP
MOLCBPPFLK>IFPJBQEF@P>KA
OBPMLKPF?FIFQFBP
,?:ED
 6/(">Q>ILD
*ECF4EFC2=$6492?:4D
K>IVPFPLCPQOR@QRO>I@LJMLKBKQP
RKFCLOJ>KAKLKRKFCLOJQLOPFLKLC
PQOR@QRO>IPE>MBP>K>IVPFPLC
ABQBOJFK>QB>KAFKABQBOJFK>QB
?B>JPFK@IRAFKDBI>PQF@CLRKA>QFLK
@LKAFQFLKP?V@I>PPF@>IJBQELAP
hKFQBAFfBOBK@BBNR>QFLKPKRJBOF@>I
FKQBDO>QFLKPPBOFBP>MMOLUFJ>QFLK
BI>PQF@PQ>?FIFQVLC?B>JP>KACO>JBP
I>QBO>IPQ>?FIFQVLC?B>JP?B>JP
@LIRJKP>K>IVPFPLCCO>JBPFK@IRAFKD
QEBBfB@QLC>UF>I@LJMOBPPFLK
,?:ED
*ECF4EFC2=J?2>:4D
K>IVPFP>KAABPFDKLC?B>JP>KA
CO>JBPRKABOAVK>JF@IL>AP
AVK>JF@PLC@LKQFKRLRP?B>JP
JRIQFPQLOV?RFIAFKDCO>JBPiLLO
PVPQBJP>KA?OFADBPAVK>JF@
>K>IVPFP>KAABPFDKLCPQOR@QROBP
PR?GB@QBAQLTFKA>KAB>OQENR>HB
IL>AP>MMOLUFJ>QBJBQELAPLC
>K>IVPFP>KAMO>@QF@>IABPFDK
>MMIF@>QFLKP
,?:ED
$@?E:?FF>
$6492?:4D
3EFP@LROPB@LSBOPQEBCRKA>JBKQ>IP
LC@LKQFKRRJJB@E>KF@P>Q>K
FKQOLAR@QLOVDO>AR>QBIBSBI3LMF@P
@LSBOBAFK@IRAB(KQOLAR@QFLK
BPPBKQF>IJ>QEBJ>QF@PP@>I>OP
SB@QLOPQBKPLOP>KAFKAF@F>I
KLQ>QFLK!>PF@PQEOBBAFJBKPFLK>I
PQ>QBPLCPQOBPPhKFQB>KA
FKhKFQBPFJ>IJB>PROBPPQO>FK>KA
MOFK@FM>I>UBP"LKPBOS>QFLKPI>TP
J>PPIFKB>OJLJBKQRJ>KDRI>O
JLJBKQRJ>KABKBODV
"LKPQFQRQFSBBNR>QFLKPFAB>I
J>QBOF>IP-BTQLKF>KiRFAPFPLQOLMV
>KA>KFPLQOLMVBI>PQF@FQV>KA
QEBOJLBI>PQF@FQVMI>PQF@FQV>KA
SFP@LBI>PQF@FQV MMIF@>QFLKPQL
@I>PPF@>IMOL?IBJP>KABJBODFKD
QLMF@PFKPLIFA>KAiRFAJB@E>KF@P
,?:ED
)64@>>6?56524<8C@F?5
RKABODO>AR>QBHKLTIBADBLC
PQOBKDQELCJ>QBOF>IPiRFA
JB@E>KF@P>KAIFKB>O>IDB?O>
5G2?465*ECF4EFC2=
?2=JD:D
$KBODVJBQELAPFKPQOR@QRO>I
>K>IVPFP@LK@BMQPLCCLO@BJBQELA
>KAAFPMI>@BJBKQJBQELAPJBQELAP
LCOBI>U>QFLK>KAKRJBOF@>I
QB@EKFNRBPCLOQEBPLIRQFLKLC
MOL?IBJPFK?RFIAFKDP>KAILKDPM>K
PQOR@QROBP>KA>FO@O>CQPQOR@QRO>I
PVPQBJP$fB@QPLCPB@LKA>OVPQOBPPFK
PQOR@QROBP"LROPBJ>V?BLfBOBA?V
PMB@F>I>OO>KDBJBKQ
,?:ED
'C6C6BF:D:E6D
2QOR@QRO>IJB@E>KF@P>KA
RKABODO>AR>QB@LROPBPFKPQOR@QRO>I
>K>IVPFPAFfBOBKQF>IBNR>QFLKP
:?:E6=6>6?E$6E9@52?5
AA=:42E:@?D
3EFP@LROPBPBOSBP>P>KFKQOLAR@QFLK
QLQEB?>PF@QEBLOVLCQEBhKFQB
BIBJBKQJBQELA3LMF@P@LSBOBA
FK@IRABJ>QOFUPQOR@QRO>I>K>IVPFP
S>OF>QFLKCLOJLCAFfBOBKQF>I
BNR>QFLKP1FQW>KATBFDEQBAOBPFAR>I
>MMOLUFJ>QFLKP>KAABSBILMJBKQLC
QEBAFP@OBQFWBAALJ>FKPLIRQFLK
3B@EKFNRBP>OBABSBILMBAFKABQ>FI
CLOQEBLKB>KAQTLAFJBKPFLK>I
BNRFIF?OFRJMOL?IBJ$U>JMIBPCL@RP
LKBI>PQF@FQV>KAEB>QiLTTFQE
OBCBOBK@BQL?OL>ABO>MMIF@>QFLKP
2QRABKQP>OBPRMMIFBA
JF@OL@LJMRQBOMOLDO>JP>KAD>FK
BUMBOFBK@BFKPLISFKDOB>IMOL?IBJP
-LQB2QRABKQP@>KKLQOB@BFSB@OBAFQ
CLO?LQEQEFP@LROPB>KA"$,$
MMIFBA%FKFQB$IBJBKQ,BQELAP
,?:ED
'C6C6BF:D:E6D
$IBJBKQ>OVAFfBOBKQF>IBNR>QFLKP
PLIFAJB@E>KF@P>KAEB>QiLT
5G2?4656D:8?@7*E66=
*ECF4EFC6D
AS>K@BAABPFDKLCPQBBIJBJ?BOP
>KA@LKKB@QFLKPRIQFJ>QBPQOBKDQE
ABPFDKFKPQOR@QRO>IPQBBI@LABP>KA
PMB@Fh@>QFLKPIL>AP>KATLOHFKD
PQOBPPBPB@LKLJF@MOLMLOQFLKP>KA
?R@HIFKDLCPIBKABOBIBJBKQP>KA
?RFIQRMPB@QFLKPQLOPFLKI>QBO>I
QLOPFLK>I?R@HIFKD?B>J@LIRJKP
ABPFDKCLOI>QBO>ICLO@BP>KA
@LKKB@QFLKPCLO?RFIAFKDCO>JBP
,?:ED
5G2?4656D:8?@7
)6:?7@C465@?4C6E6*ECF4EFC6D
AS>K@BAABPFDKLCOBFKCLO@BA
@LK@OBQBJBJ?BOP>KAPQOR@QRO>I
PVPQBJPBfB@QLC@LKQFKRFQV@LABP
>KAPMB@Fh@>QFLKPRIQFJ>QBPQOBKDQE
QEBLOVLCABPFDKB@LKLJF@
MOLMLOQFLKP>KA@LKPQOR@QF?FIFQV
@LKPFABO>QFLKP>KAABBM?B>JP
QLOPFLK?B>J@LIRJKPQTLT>V
PI>?PABPFDKCLOI>QBO>ICLO@BP>KA
?B>JQL@LIRJKGLFKQP
,?:ED
*ECF4EFC2=6D:8?7@C:C6
@?5:E:@?D
3EBABSBILMJBKQLCPQOR@QRO>I
>K>IVPFP>KAABPFDKJBQELAPCLOPQBBI
>KAOBFKCLO@BA@LK@OBQBJBJ?BOP
PR?GB@QBAQLBIBS>QBAQBJMBO>QROBP
@>RPBA?V?RFIAFKDhOBP!B>JP
@LIRJKP>KAOFDFACO>JBPTFII?B
@LSBOBA3EB@LROPBFP?>PBALK
OBPB>O@E@LKAR@QBAAROFKDQEBM>PQ
QEOBBAB@>ABPFK$ROLMB">K>A>>KA
QEB4KFQBA2Q>QBP"LROPBJ>V?B
LfBOBA?VPMB@F>I>OO>KDBJBKQ
,?:ED
'C6C6BF:D:E6D
*KLTIBADBLCPQ>QF@>IIV
FKABQBOJFK>QBPQOR@QRO>I>K>IVPFP
PQOR@QRO>IPQBBIABPFDK>KAOBFKCLO@BA
@LK@OBQBABPFDK
 6/(">Q>ILD
 ?E68C2E:@?@76D:8?2?5
@?DECF4E:@?
P>KFKQBO>@QFSB@>PBPQRAVLCQEB
MOLGB@QABSBILMJBKQMOL@BPP
PQRABKQDOLRMPABPFDK>C>@FIFQV>KA
MOBM>OB>@LKPQOR@QFLKMI>K
FK@IRAFKD@LPQ>KAP@EBARIBQL?RFIA
QEBMOLGB@Q3EBPQRABKQPMOBPBKQ
QEBFOABPFDK?RFIAMOLMLP>IQL
M>OQF@FM>QFKDFKARPQOF>I@IFBKQP
$JME>PFPFPLKABSBILMFKDPHFIIPQL
DBKBO>QBBS>IR>QB>KAPBIB@QABPFDK
>IQBOK>QFSBPQE>QP>QFPCVQEBKBBAPLC
QEBLTKBO>KAQEB@LKPQO>FKQP
FJMLPBA?V@LABP>KAOBDRI>QFLKP>P
TBII>P?VQEB>S>FI>?FIFQVLC
@LKPQOR@QFLKOBPLRO@BP$JME>PFPFP
>IPLFKABSBILMFKDQB>J?RFIAFKD
PHFIIP>KABg@FBKQ@LJJRKF@>QFLK
"LJMRQBO?>PBAJBQELAPCLOABPFDK
@LKPQOR@QFLK@LPQBPQFJ>QFKD>KA
P@EBARIFKD>KAMBOPLK>I
@LJJRKF@>QFLKP>OBBUQBKPFSBIV
RPBA3EBFKQBO>@QFSB@>PBPQRAVFP
PMB@Fh@>IIV@ELPBKQL?>I>K@BQEB
@LKQBKQ?BQTBBKABPFDK
@LKPQOR@QFLKBKDFKBBOFKD>KA
J>K>DBJBKQ2QRABKQPQ>HFKDQEFP
@LROPB>OBBUMB@QBAQLE>SB>
?>@HDOLRKAFK>QIB>PQQTLLCQEBPB
AFP@FMIFKBP
,?:ED
@?DECF4E:@?2:=FC6D
?2=JD:D2?5#6DD@?D
3EFP@LROPBABSBILMP>K
RKABOPQ>KAFKDLCQEBFKQBDO>QFLK
MOL@BPPLCQB@EKF@>IERJ>K@>MFQ>I
PL@F>I>KAFKPQFQRQFLK>I>PMB@QPQE>Q
AOFSBQEBIFCB@V@IBLC>@LKPQOR@QFLK
MOLGB@Q3EBPQRAVLCC>FIROBPMOLSFABP
>KBU@BIIBKQSBEF@IBQLhKAT>VPCLO
QEBFJMOLSBJBKQLCMI>KKFKDABPFDK
>KA@LKPQOR@QFLKLCC>@FIFQFBP2QRABKQ
DOLRMP>OBOBNRFOBAQL@LJMIBQB>
QBOJMOLGB@QLKQEBFKSBPQFD>QFLKLC>
C>FIROB>KAMOBPBKQQEBFOhKAFKDP>KA
OB@LJJBKA>QFLKP3EFPFKSBPQFD>QFLK
FK@IRABPKLQLKIVQEBQB@EKF@>I
>K>IVPFPLCQEBC>FIROB?RQ>IPL
OBNRFOBP>@LJMOBEBKPFSB>K>IVPFPLC
QEBLOD>KFW>QFLK>I@LKQO>@QR>I>KA
OBDRI>QLOV>PMB@QPLCQEBMOL@BPPQE>Q
IB>AQLQEBC>FIROB3EB@LROPBRPBP
@>PBPQRAFBPQLFIIRPQO>QBAFfBOBKQ
QVMBPLCC>FIROBFKQEBMI>KKFKD
ABPFDK@LKPQOR@QFLK>KALMBO>QFLKLC
@LKPQOR@QBAC>@FIFQFBP2QRABKQPQ>HFKD
QEFP@LROPB>OBBUMB@QBAQLE>SB>
PLRKA>@>ABJF@LOMO>@QF@>I
?>@HDOLRKAFKQEBAFP@FMIFKBP
JBKQFLKBA>?LSB
,?:ED
'2G6>6?E?2=JD:D2?5
6D:8?7@C:89H2JD2?5:CA@CED
3EFP@LROPBFPABPFDKBACLO@FSFI
BKDFKBBOP>KAMOLSFABP>ABQ>FIBA
PROSBVLC>K>IVPFP>KAABPFDK
@LK@BMQPCLOiBUF?IB>KAOFDFA
M>SBJBKQPCLOEFDET>VP>KA>FOMLOQP
3EBJ>QBOF>I@LSBOPBI>PQF@>KA
FKBI>PQF@QEBLOFBPLCPQOBPPM>SBJBKQ
@LJMLKBKQP>KA@ROOBKQIVRPBA
ABPFDKJBQELAPFB"LOMPLC
$KDFKBBOP 2'3.BQ@3EBRPBLC
hKFQBBIBJBKQJBQELAPCLOM>SBJBKQ
PQOBPP>KAABCLOJ>QFLK>K>IVPFP>OB
MOBPBKQBA OBSFBTLCM>SBJBKQ
OBE>?FIFQ>QFLKJBQELAP>KAMOL@BPPBP
FPMOBPBKQBA
,?:ED
'C6C6BF:D:E6D
AFfBOBKQF>IBNR>QFLKP@LKPQOR@QFLK
J>QBOF>IPPLFIJB@E>KF@P@LJMRQBO
IFQBO>@V
6@9J5C@=@8J
3EFP@LROPB>AAOBPPBPBKDFKBBOFKD
MOL?IBJP>PPL@F>QBATFQEQEB
JFDO>QFLK>KARPBLCPR?PROC>@B
T>QBO KBJME>PFPFPMI>@BALKQEB
DBLILDVLCT>QBO?B>OFKDCLOJ>QFLKP
FK@IRAFKDQEBPQRAVLCMBOQFKBKQ
MEVPF@>I>KA@EBJF@>I@E>O>@QBOFPQF@P
LCPLFI>KAOL@H>NRFCBOP3LMF@P
FK@IRABMOFK@FMIBPLCDOLRKAT>QBO
JLSBJBKQDBLILDVLCDOLRKAT>QBO
L@@ROOBK@BOBDFLK>IDOLRKAT>QBO
iLTPR?PROC>@B@E>O>@QBOFW>QFLK
T>QBOTBIIQB@EKLILDFBP
DOLRKAT>QBO@EBJFPQOV>KA
RKP>QRO>QBAiLT
,?:ED
5G2?465'C:?4:A=6D@7
.2E6C+C62E>6?E
3EBLOV>KAMO>@QF@BLCAOFKHFKDT>QBO
QOB>QJBKQ6>QBONR>IFQV>KA
OBDRI>QFLKPMEVPF@>I>KA@EBJF@>I
RKFQMOL@BPPBPFK@IRAFKDAFPFKCB@QFLK
@L>DRI>QFLK@I>OFh@>QFLKhIQO>QFLK
JBJ?O>KBP>FOPQOFMMFKD>APLOMQFLK
PLCQBKFKD@LOOLPFLK@LKQOLI>KA
LQEBO>AS>K@BAMOL@BPPBP
,?:ED
5G2?465'C:?4:A=6D@7
.2DE6H2E6C+C62E>6?E
3EBLOV>KAMO>@QF@BLCT>PQBT>QBO
QOB>QJBKQ->QRO>IMROFh@>QFLKLC
PQOB>JPP@OBBKFKDPBAFJBKQ>QFLK
iLQ>QFLKQEF@HBKFKD>BOL?F@
QOB>QJBKQJBQELAPQEBLOVLC
>BO>QFLK>K>BOL?F@AFDBPQFLK
AFPMLP>IJBQELAPLCPIRADBFK@IRAFKD
S>@RRJhIQO>QFLK@BKQOFCRD>QFLK>KA
AOVFKD?BAPTBQLUFA>QFLKOBJLS>I
LCMELPME>QB>KAKFQOLDBK
@LJMLRKAP>KAQBOQF>OVQOB>QJBKQ
JBQELAP
,?:ED
 6/(">Q>ILD
:@DJDE6>D:?
?G:C@?>6?E2=?8:?66C:?8
MMIF@>QFLKLCJF@OL?F>I>KA
?FL@EBJF@>IRKABOPQ>KAFKDQLOFSBO
>KAI>HBMLIIRQFLKK>QRO>I
MROFh@>QFLKMOL@BPPBP?FLILDF@>I
@LKSBOPFLKLCFJMLOQ>KQBIBJBKQP
PR@E>P"-2.>KA/?FLILDF@>I
>PMB@QPLCT>PQBT>QBOQOB>QJBKQ
AFPB>PBMOLAR@FKDLOD>KFPJPTFQE
BJME>PFPLKT>QBO?LOKBAFPB>PBP
>KANR>KQFQ>QFSBJBQELAPRPBAFK
FKAF@>QLOLOD>KFPJ@LRKQP>KA
AFPFKCB@QFLK
,?:ED
 ?5FDEC:2=.2DE6+C62E>6?E
+BDFPI>QFLKQEBJ>DKFQRABLC
FKARPQOF>IT>PQBPBfB@QPLKPQOB>JP
PBTBOP>KAQOB>QJBKQRKFQPMEVPF@>I
@EBJF@>I>KA?FLILDF@>I
@E>O>@QBOFPQF@PMOBQOB>QJBKQ
JBQELAPMEVPF@>IQOB>QJBKQ
JBQELAP@EBJF@>IQOB>QJBKQ
JBQELAP?FLILDF@>IQOB>QJBKQ
JBQELAP>KAT>PQBPCOLJPMB@Fh@
FKARPQOFBP+>?FK@IRABP
@E>O>@QBOFW>QFLK>KAQOB>QJBKQLC
QVMF@>IFKARPQOF>IT>PQBP
,?:ED
*FC7246.2E6C(F2=:EJ
$@56=:?8
3EFP@LROPBMOLSFABP>NR>KQFQ>QFSB
>K>IVPFPLCQEBC>QB>KAQO>KPMLOQLC
@LKQ>JFK>KQPFKPROC>@BT>QBO
PVPQBJP6>QBONR>IFQVJLABIP>OB
ABSBILMBARPFKD>J>PP?>I>K@B
>MMOL>@EQLABP@OF?BQEBQO>KPMLOQ
AFPMBOP>I>KA@EBJF@>I?FLILDF@>I
OB>@QFLKPLCPR?PQ>K@BPFKQOLAR@BA
FKQLOFSBO>KAI>HBPVPQBJP3LMF@P
@LSBOBAFK@IRABT>QBONR>IFQV
PQ>KA>OAPJLABICLOJRI>QFLK>KA
>MMIF@>QFLKT>PQBIL>A>IIL@>QFLK
>KAT>QBONR>IFQVM>O>JBQBOPPR@E>P
?FL@EBJF@>ILUVDBKABJ>KA
AFPPLISBALUVDBKKRQOFBKQP>KAQLUF@
@EBJF@>IP
,?:ED
C@F?5H2E6C=@H2?5
'@==FE:@?
3EFP@LROPBMOLSFABP>OBSFBTLCQEB
?>PF@MOFK@FMIBPDLSBOKFKDDOLRKA
T>QBOiLT>KAPLIRQBQO>KPMLOQ>KA
BU>JFKBPQEBJLABIP>S>FI>?IBCLO
MOBAF@QFLK>KA>K>IVPFPFK@IRAFKD
@LJMRQBOJLABIP3LMF@P@LSBOBA
FK@IRABJB@E>KF@PLCiLTFKMLOLRP
JBAF>ABSBILMJBKQLCQEBBNR>QFLKP
LCJLQFLK>KALC@LKPBOS>QFLKLC
PLIRQBJ>PP>K>IVQF@>IPLIRQFLKP>KA
@LJMRQBO?>PBAKRJBOF@>I
>MMOL>@EBP>KA>MMIF@>QFLKQL
PBBM>DBTBII>K>IVPFP>OQFh@F>I
OB@E>ODBDOLRKAT>QBOMLIIRQFLK
P>IFKFQVFKQORPFLK>KAOBDFLK>I
DOLRKAT>QBO>K>IVPBP
,?:ED
2K2C5@FD.2DE6
@?E2:?>6?E+C62E>6?E2?5
'C6G6?E:@?
3EFP@LROPBMOLSFABP>PROSBVLCQEB
>OB>P>PPL@F>QBATFQEE>W>OALRP
T>PQBJ>K>DBJBKQ3EB@LROPB
J>QBOF>IPAB>ITFQEFABKQFh@>QFLKLC
E>W>OALRPT>PQBIBDFPI>QFLK
@LKQ>FKJBKQPQLO>DBQO>KPMLOQ
QOB>QJBKQ>KALQEBOE>W>OALRP
T>PQBPJ>K>DBJBKQFPPRBP3LMF@P
FK@IRABE>W>OALRPJLSBJBKQ>KA
@LKQ>FKJBKQPQO>QBDFBP?>OOFBO
ABPFDK@LKPFABO>QFLKPE>W>OALRP
T>PQBOFPH>PPBPPJBKQPMFIIOBPMLKPB
>KA@IB>KRMQB@EKLILDFBP
@BKQO>IFWBAQOB>QJBKQC>@FIFQFBPLKPFQB
QOB>QJBKQFKPFQRQOB>QJBKQ>KA
FKARPQOF>IJ>K>DBJBKQ>KA@LKQOLI
JB>PROBP#BPFDKLCPBIB@QBA
@LKQ>FKJBKQ>KAQOB>QJBKQPVPQBJP
>KA>KRJ?BOLCFKARPQOF>I@>PB
PQRAFBP>OB>IPL@LSBOBA3EFP@LROPB
FPLfBOBAQLPQRABKQPTFQES>OVFKD
?>@HDOLRKAP2QRABKQPFKQBOBPQBAFK
Q>HFKDQEFP@LROPBJRPQFABKQFCV>
PMB@Fh@MOL?IBJQE>QAB>IPTFQE
BFQEBOOBDRI>QFLK@LKQ>FKJBKQLC
E>W>OALRPT>PQBQOB>QJBKQLC
E>W>OALRPT>PQBLOFKARPQOF>IPLRO@B
OBAR@QFLKLCE>W>OALRPT>PQB3EFP
MOL?IBJ?B@LJBPQEBCL@>IMLFKQCLO
FKABMQEPQRAV3EB>OO>KDBJBKQLC
QLMF@P?BQTBBKQEBPQRABKQP>KAQEB
FKPQOR@QLOJRPQ?BBPQ>?IFPEBA?VQEB
QEFOATBBH HKLTIBADBLC?>PF@
@EBJFPQOVFP>PPRJBA
,?:ED
 6/(">Q>ILD
@?E2>:?2?E2E62?5
+C2?DA@CE
3EFP@LROPBFKQOLAR@BPQEB@LK@BMQP
LC@LKQ>JFK>KQC>QB>KAQO>KPMLOQ
MOL@BPPBPFKQEBBKSFOLKJBKQTFQE
@LKPFABO>QFLKQLBU@E>KDBP>@OLPP
ME>PB?LRKA>OFBP>KAQEBBfB@QPLC
OB>@QFLKPLKBKSFOLKJBKQ>I
QO>KPMLOQ3LMF@PFK@IRABBNRFIF?OFRJ
@LKAFQFLKP>QBKSFOLKJBKQ>I
FKQBOC>@BPM>OQFQFLKFKD>KA
AFPQOF?RQFLKLC@LKQ>JFK>KQPFKQEB
BKSFOLKJBKQQO>KPMLOQ>KA
BU@E>KDBMOL@BPPBPFKPROC>@BT>QBO
AFPMBOPFLKPLOMQFLK>KAQEB
JLSBJBKQLCKLK>NRBLRPME>PB
IFNRFAPFKDOLRKAT>QBO>KAIL@>I
RO?>K>KAOBDFLK>IP@>IBQO>KPMLOQ
MOL@BPPBPFKQEB>QJLPMEBOB
,?:ED
.2E6C96>:DECJ
3EFP@LROPB@LSBOPQEBQLMF@PLC
@EBJF@>IBNRFIF?OFRJ>@FA?>PB
@EBJFPQOVQEB@>O?LK>QBPVPQBJ
PLIR?FIFQVLCJBQ>IP@LJMIBU>QFLK
>KALUFA>QFLKOBAR@QFLKOB>@QFLKP
3EBPBMOFK@FMIBPTFII?B>MMIFBAQL
RKABOPQ>KAFKDLCQEB@EBJFPQOVLC
PROC>@BT>QBOP>KADOLRKAT>QBOP
>KAQLRKABOPQ>KAFKDQEB?BE>SFLOLC
@EBJF@>IMOL@BPPBPRPBAFKT>QBO>KA
T>PQBT>QBOQOB>QJBKQ
,?:ED
'9JD:42=2?596>:42=
+C62E>6?E'C@46DD6D
3EFP@LROPBMOBPBKQPQEBMEVPF@>I>KA
@EBJF@>IMOFK@FMIBPCLOQEBQOB>QJBKQ
LCAFPPLISBA>KAM>OQF@RI>QB
@LKQ>JFK>KQPFKT>QBO>KA
T>PQBT>QBO3EBPB@LK@BMQPTFII
MOLSFAB>KRKABOPQ>KAFKDLCQEB
ABPFDKLC@LJJLKIVRPBARKFQ
LMBO>QFLKPFKQOB>QJBKQPVPQBJP
MMIF@>QFLKPTFII?BAFP@RPPBA>PTBII
3LMF@P@LSBOBAFK@IRABT>QBO
@E>O>@QBOFPQF@POB>@QLOAVK>JF@P
hIQO>QFLK@L>DRI>QFLKiL@@RI>QFLK
PBAFJBKQ>QFLK>APLOMQFLKD>P
PQOFMMFKDAFPFKCB@QFLK>KA@EBJF@>I
LUFA>QFLK
,?:ED
+C62E>6?E*JDE6>
J5C2F=:4D
'VAO>RIF@MOFK@FMIBPLCT>QBO
ALJBPQF@T>PQBT>QBO>KAFKARPQOF>I
T>PQBT>QBOPVPQBJP'VAO>RIF@
>K>IVPFP>KAABPFDKLC@LIIB@QFLK
AFPQOF?RQFLK>KAQOB>QJBKQPVPQBJP
>KABNRFMJBKQ3LMF@P@LSBOBA
FK@IRABMFMB>KA@E>KKBIiLTMRJM
@E>O>@QBOFPQF@P>KAPBIB@QFLKCOF@QFLK
ILPP@LOOLPFLK>KAJ>QBOF>IPBIB@QFLK
,?:ED
.2E6C)6D@FC46D
$2?286>6?E
3EFP@LROPBMOLSFABP>KFKQOLAR@QFLK
QLT>QBOOBPLRO@BPBKDFKBBOFKD>KA
J>K>DBJBKQTFQE>KBJME>PFPLK
T>QBOOBPLRO@BPMOLQB@QFLK>KAT>QBO
PRMMIV"LROPB@LKQBKQ>AAOBPPBP
QB@EKF@>I>PMB@QP>PTBII>PQEBIBD>I
OBDRI>QLOV>KAMLIF@V>PMB@QPLC
T>QBOOBPLRO@BPJ>K>DBJBKQ3LMF@P
FK@IRABPROC>@BT>QBOEVAOLILDV>KA
T>QBOPEBAMOLQB@QFLKABSBILMJBKQ
LCT>QBOPRMMIFBP@LKGRK@QFSBRPBLC
DOLRKAT>QBO>KAPROC>@BT>QBO
J>K>DBJBKQLCOBPBOSLFOP>KAOFSBOP
QEBOLIBLCMOL?>?FIFQV>KAPQ>QFPQF@P
PVPQBJP>K>IVPFPQB@EKFNRBP>KA
MI>KKFKDLCT>QBOOBPLRO@BPMOLGB@QP
,?:ED
=:>2E62?5E962CE9
*JDE6>
3EFP@LROPBAB>IPTFQEQEB$>OQEP
LMBO>QFLK>P>PVPQBJ@LSBOFKDFQP
BKBODV?RADBQ>ILKDTFQEFQP
FKQBO>@QFKD>QJLPMEBOBL@B>K
?FLPMEBOB>KADBLILDF@PVPQBJP!V
PELTFKDELT>IIPVPQBJPTLOH
QLDBQEBOQLCLOJCBBA?>@HILLMPQE>Q
@>K>JMIFCVLO@LRKQBO>@QFKMRQ
MBOQRO?>QFLKP>KACLO@FKDPLCQEB
LSBO>IIPVPQBJQEB@LROPBFIIRPQO>QBP
ELTQEBPBPVPQBJPJLARI>QB>KA
@LKQOLILROMI>KBQP@IFJ>QBPVPQBJ
3EOLRDELRQ>K KQEOLML@BKBMLFKQ
LCSFBTFPQ>HBKQLPQRAVKLQLKIV
[K>QRO>I^PVPQBJP?RQ>IPLQEBT>VPFK
TEF@EERJ>KPL@FBQFBPFKQBO>@QTFQE
>KA>OB>KFKQBDO>IM>OQLCQEB$>OQE
PVPQBJ3EB@LROPBFKQBDO>QBP
MEVPF@>I@EBJF@>I>KA?FLILDF@>I
?>PF@PQL>OOFSB>Q>KRKABOPQ>KAFKD
LC@LJMIBUK>QRO>I>KAERJ>K
PVPQBJP
,?:ED
5G2?465'C@;64E
$2?286>6?E
3EFP@LROPBABSBILMP>K
RKABOPQ>KAFKDLCQEBJ>K>DBOF>I
MOFK@FMIBP>KAQB@EKFNRBPRPBA
QEOLRDELRQ>@LKPQOR@QFLKMOLGB@Q>P
QEBV>OB>MMIFBAQLFQPMI>KKFKD
MOB@LKPQOR@QFLK>KA@LKPQOR@QFLK
ME>PBP3EB@LROPBBJME>PFWBPQEB
FKQBDO>QFSB@E>IIBKDBPLCQEBERJ>K
MEVPF@>I>KA@>MFQ>IOBPLRO@BP>P
BUMBOFBK@BACOLJQEBLTKBOPMLFKQ
LCSFBTFKQEBMOB@LKPQOR@QFLKME>PB
LC>MOLGB@Q3EOLRDE>PPFDKJBKQP
>KA@>PBPQRAFBPQEB@LROPBOBSFBTP
QEB@LJMIBUBKSFOLKJBKQLCQEB
@LKPQOR@QFLKFKARPQOV>KAMOL@BPPBP
MOLGB@Q@LPQFKD>KAB@LKLJF@
BS>IR>QFLKMOLGB@QLOD>KFW>QFLK
S>IRBBKDFKBBOFKDQFJBP@EBARIFKD
@LKQO>@QFKD>KAOFPH>IIL@>QFLK
>IQBOK>QFSBP@LKQO>@Q>AJFKFPQO>QFLK
>KA@LPQ>KAQFJB@LKQOLIQB@EKFNRBP
,?:ED
'C6C6BF:D:E6D
"$"$LOBNRFS>IBKQ
 6/(">Q>ILD
?8:?66C:?82?5
@?DECF4E:@? ?7@C>2E:@?*JDE6>D
3EFP@LROPBMOLSFABP>K
RKABOPQ>KAFKDLCQEBS>OFLRP
PR?GB@QPFKSLISBAFKQEBRPBABPFDK
ABSBILMJBKQFJMIBJBKQ>QFLK>KA
J>FKQBK>K@BLC@LJMRQBO?>PBA
FKCLOJ>QFLKPVPQBJPFKQEB
@LKPQOR@QFLKFKARPQOV3EBLOBQF@>I
>KAE>KAPLKOBSFBTLC?>PF@
?RFIAFKD?IL@HPLCFKCLOJ>QFLK>KA
AB@FPFLKPRMMLOQPVPQBJPFK@IRAFKD
RPBOFKQBOC>@BPA>Q>?>PB
J>K>DBJBKQPVPQBJPL?GB@Q
LOFBKQBA>MMOL>@EBP>KAJRIQFJBAF>
MMIF@>QFLKPFK@IRABMOLGB@Q
P@EBARIFKD>KA@LPQ@LKQOLI
?RADBQFKDMOLGB@QOFPH>K>IVPFP
@LKPQOR@QFLK>@@LRKQFKDJ>QBOF>IP
J>K>DBJBKQ>KAMOL@ROBJBKQ
PVPQBJPMOLGB@QAL@RJBKQQO>@HFKD
>KAOBPLRO@BJ>K>DBJBKQ
"LJJBO@F>IPLCQT>OB`PR@E>P
/1(, 5$1 /OLGB@Q/I>KKBO
3(,!$1+(-$>KAPMOB>APEBBQP>KA
A>Q>?>PBP`FPBUQBKPFSBIVRPBA
2QRABKQP>OBOBNRFOBAQL@LJMIBQB>
QBOJMOLGB@QOBSFBTFKD>KBUFPQFKD
FKCLOJ>QFLKPVPQBJ>KAMOBPBKQFKD
OB@LJJBKA>QFLKPCLOFJMOLSBJBKQ
"LROPBJ>V?BLfBOBA?VPMB@F>I
>OO>KDBJBKQ
,?:ED
'C6C6BF:D:E6D
HKLTIBADBLCQEBJ>QBOF>I@LSBOBA
FK"$>KA"$FPBUMB@QBA
@?EC24ED2?5#2H7@C:G:=
?8:?66CD
KFKQOLAR@QFLKQLQEBIBD>I>PMB@QP
LC@LKPQOR@QFLKMOLGB@QJ>K>DBJBKQ
BJME>PFPLKIBD>IMOL?IBJPAFOB@QIV
>MMIFBAQLQEBMO>@QF@BLCMOLGB@Q
J>K>DBJBKQ@LKQO>@QP>KA
PMB@Fh@>QFLKPAL@RJBKQP@LABP>KA
WLKFKDI>TP>KAI>?LOI>TP
,?:ED
5G2?465@DEDE:>2E:?8
'C@465FC6D
3EFP@LROPBBU>JFKBP@LPQBPQFJ>QFKD
>P>HBVMOL@BPPFKMI>KKFKD
ABPFDKFKD>KA@LKPQOR@QFKD
?RFIAFKDP3LMF@PFK@IRABQEB>K>IVPFP
LCQEBBIBJBKQPLC@LPQBPQFJ>QFKD
A>Q>?>PBABSBILMJBKQ>KA
J>K>DBJBKQMOLAR@QFSFQVRKFQ
@LPQPNR>KQFQVPROSBVP>KAMOF@FKD
>KAQEB>MMIF@>QFLKLCQEBPBQLLIPFK
?RPFKBPPPFQR>QFLKPJ>OHBQFKDP>IBP
?FAAFKDKBDLQF>QFKDS>IRB
BKDFKBBOFKD@LPQ@LKQOLI@I>FJP
J>K>DBJBKQ>KA@LPQEFPQLOV
"LJMRQBOFW>QFLKFPBS>IR>QBA>P>K
BKE>K@BJBKQQLQEBMOL@BPP
,?:ED
F:=5:?8*JDE6>D
3EFP@LROPBFKQOLAR@BPABPFDK
@LK@BMQP@LJMLKBKQPJ>QBOF>IP>KA
MOL@BPPBPCLOJ>GLO?RFIAFKDMOLGB@QP
3EBQLMF@P>K>IVWBQEB@ELF@BLC
CLRKA>QFLKPPQOR@QROBP?RFIAFKD
BK@ILPROBP>KALQEBOJ>GLO?RFIAFKD
PR?PVPQBJP>P>fB@QBA?V
BKSFOLKJBKQ>I>KAIBD>I@LKAFQFLKP
>KAJ>OHBQ>KAMOLGB@Q@LKPQO>FKQP
"LKPFABO>QFLKFPDFSBKQLQEB
CRK@QFLK>I>KAMEVPF@>IFKQBOC>@BP
>JLKD?RFIAFKDPR?PVPQBJP
$JME>PFPFPDFSBKQLQEBMOL@BPPBP
QEOLRDETEF@EABPFDKAB@FPFLKP>OB
J>ABFKQEBBSLIRQFLKLC>?RFIAFKD
MOLGB@Q
,?:ED
F:=5:?8 ?7@C>2E:@?
$@56=:?8 $
3EFP@LROPBFKQOLAR@BPQEB@LK@BMQLC
!RFIAFKD(KCLOJ>QFLK,LABIFKD!(,
TEF@EFP>OBI>QFSBIVKBT>MMOL>@EFK
MI>KKFKDABPFDK@LKPQOR@QFLK>KA
LMBO>QFLKLC@LKPQOR@QBAC>@FIFQFBPFK>
QB@EKLILDF@>IIVBK>?IBA>KA
@LII>?LO>QFSBC>PEFLK3EB@LROPB
OBSFBTPCRKA>JBKQ>I@LK@BMQPCLO
@LII>?LO>QFLK>KAFKQBDO>QFLKFQ>IPL
OBSFBTPQB@EKLILDFBPQE>QPRMMLOQ
QEB!(,>MMOL>@E>KAMOLSFABP
AFP@FMIFKBPMB@Fh@>PTBII>PDIL?>I
MBOPMB@QFSBPLK!(,3EB@LROPB
CLOJ>QFK@IRABPCLOJ>IIB@QROBP
@LJMRQBOI>?LO>QLOVPBPPFLKP
PQRABKQMOBPBKQ>QFLKP?>PBALK
>PPFDKBAOB>AFKDP>KA>MOLGB@Q
ABSBILMBA@LII>?LO>QFSBIV?VQEB
PQRABKQPQEOLRDELRQQEB@LROPB
&RBPQPMB>HBOPJ>V?BFKSFQBA?>PBA
LKQEBQLMF@P@LSBOBA>KAAFP@RPPBA
FK@I>PP2QRABKQP>OBKLQMBOJFQQBA
QLOB@BFSB@OBAFQCLO"$FCQEBV
E>SBMOBSFLRPIVOB@BFSBA@OBAFQCLO"$
LO"$ !(,
,?:ED
'C6C6BF:D:E6D
!>PF@HKLTIBADBLC@LJMRQBOP
$UMLPROBQLMOLCBPPFLK>IMO>@QF@BFK
>KV>OB>LCQEB O@EFQB@QROB
$KDFKBBOFKD"LKPQOR@QFLK%>@FIFQFBP
,>K>DBJBKQ $"%,FKARPQOVFP
ABPFO>?IB
*A64:2='C@3=6>D
(KAFSFAR>IFKSBPQFD>QFLKPLOPQRAFBPLC
>KVME>PBLC@FSFIBKDFKBBOFKD>PJ>V
?BPBIB@QBA?VQEBPQRABKQ>KA
>MMOLSBA?VQEBC>@RIQVJBJ?BO
TELPRMBOSFPBPQEBTLOH
,?:ED
?G:C@?>6?E2=?8:?66C:?8
*6>:?2C
/>OQF@FM>QFLKLCPQRABKQPFK
AFP@RPPFKDQLMF@PLCFKQBOBPQQL
BKSFOLKJBKQ>IBKDFKBBOP
,?:ED
 6/(">Q>ILD
@?DECF4E6524:=:E:6D
*6>:?2C
/>OQF@FM>QFLKLCPQRABKQPC>@RIQV>KA
OB@LDKFWBABUMBOQPLRQPFABLC6/(FK
ABSBILMFKDJLABOK>KA>AS>K@BA
QLMF@PLCFKQBOBPQFKQEB@LKPQOR@QBA
C>@FIFQFBP>OB>
,?:ED
5G2?465'C@;64E
3EFP@>MPQLKBMOLGB@QFPFKQBKABACLO
PQRABKQP@LJMIBQFKDQEB,$ABDOBB
3EBPQRABKQFPBUMB@QBAQLFABKQFCV>II
>PMB@QPLCQEB,$@ROOF@RIRJ>KA>K
FKQBDO>QFSBABP@OFMQFSBPVPQBJP
>MMOL>@E3EBMOLGB@Q>@QFSFQV
OBNRFOBPQEBPQRABKQQLABP@OF?BQEB
ABSBILMJBKQABPFDK@LKPQOR@QFLK
J>FKQBK>K@B>KALMBO>QFLKMOL@BPP
CLO>K>@QR>IC>@FIFQVQLBS>IR>QBQEB
MBOCLOJ>K@BLCQEBC>@FIFQVTFQE
OBPMB@QQLCRK@QFLK>I>KALMBO>QFLK>I
L?GB@QFSBP>KAQLBU>JFKB
>IQBOK>QFSBPLIRQFLKP2MB@Fh@>OB>PLC
PQRAV>OBPBIB@QBA?VQEBPQRABKQ>KA
>MMOLSBA?VQEBC>@RIQVJBJ?BO3EB
TLOHJ>V?B>@@LJMIFPEBA?V
FKAFSFAR>IPLOPJ>IIDOLRMPLC
PQRABKQPTLOHFKDLKQEBP>JB
MOLGB@Q
,?:ED
'C6C6BF:D:E6D
@LKPBKQLCFKPQOR@QLO
C25F2E6*6>:?2C
2BJFK>OPLK@ROOBKQFPPRBP>KAPQ>QB
LCQEB>OQOBPB>O@EFK@FSFI>KA
BKSFOLKJBKQ>IBKDFKBBOFKDDFSBK?V
DRBPQPMB>HBOPC>@RIQV>KAPQRABKQP
,?:ED
$*+96D:D
1BPB>O@EPQRAV>QQEB,2IBSBI
,?:ED
'9+96D:D
1BPB>O@EPQRAV>QQEB/E#IBSBI
,?:ED
&A6?92??6=J5C2F=:4D
3EFP@LROPB?BDFKPTFQE
CRKA>JBKQ>IPLCCOBBPROC>@BiLT
>KAFK@IRABPBKDFKBBOFKD>KA
BKSFOLKJBKQ>I>MMIF@>QFLKP
#BSBILMJBKQLC?>PF@MOFK@FMIBP
FK@IRAFKDPMB@Fh@BKBODV
JLJBKQRJ>KA@OFQF@>IiLT1>MFAIV
S>OFBARKFCLOJ>KADO>AR>IIVS>OFBA
PQB>AViLTMEBKLJBK>>KA>K>IVPFP
#BKPFQVPQO>QFhBAiLT2FJFIFQRAB
@LKPFABO>QFLKPCLOEVAO>RIF@JLABIP
.MQFLK>IQLMF@PAFPMBOPFLK>KAEB>Q
QO>KPCBOQL>QJLPMEBOB"LROPBJ>V
?BLfBOBA?VPMB@F>I>OO>KDBJBKQ
,?:ED
"IFJ>QB
"E>KDB
A>MQ>QFLK
*+96@C:K:?8'=246
@>>F?:EJ2?5=@32=
?G:C@?>6?E2=92?86
3EFPMOLPBJFK>OBUMILOBPQEB
OBI>QFLKPEFM?BQTBBKDIL?>I>KAIL@>I
@LKQBUQP>QAFfBOBKQP@>IBPTFQE>
CL@RPLKELT@LJJRKFQFBP@>K
@E>KDB>KAQEOFSBRKABO@LKAFQFLKP
LCDIL?>IBKSFOLKJBKQ>I@E>KDB6B
BUMILOBQEBQEBLOBQF@>I>KAMO>@QF@>I
RKABOPQ>KAFKDPLC>KAPQO>QBDFBPCLO
@RIQRO>I>KAQB@EKLILDF@>I@E>KDB>P
BK>@QBAFKPMB@Fh@MI>@BP?VMBLMIB
TELPBFABKQFQFBPMO>@QF@BP>KA
S>IRBPS>OVTFABIV>KATEL>OB
FJM>@QBAAFfBOBKQF>IIV?VQEB
EFPQLOF@>IPQOR@QRO>I>KA
BKSFOLKJBKQ>I@LKAFQFLKPQE>QQEBV
?LQE@OB>QB>KABK@LRKQBO2QRABKQP
TFII@LJMIBQB>KFKAFSFAR>IABMQE
>PPFDKJBKQQE>Q@LRIA?B>
PR?PQ>KQFSBOBPB>O@EM>MBOMOLGB@Q
MOLMLP>ILO@LJJRKFQVPBOSF@B
>@QFSFQVCLOQEBABDOBBMLOQCLIFL3EBV
TFII>IPLM>OQF@FM>QBFKQEB#(&2
&IL?>I2@ELLI2MB>HBO2BOFBP>KATFII
RPBQE>Q@LKQBKQQLBKD>DBTFQE
@LROPBOB>AFKDP>PTBII>PQEBFOLTK
MOLGB@QP1B@LJJBKABA?>@HDOLRKA
AJFPPFLKQLQEB"" MOLDO>J,2LO
!2,2QO>@H
,?:ED
 6/(">Q>ILD
*(F2=:E2E:G6$6E9@5D7@C
@>>F?:EJ?82865)6D62C49
3EFP@LROPB>AS>K@BPPQRABKQ
HKLTIBADBLCOBPB>O@EABPFDK>KA
JBQELAPBJME>PFWFKDCO>JBTLOHP
PQO>QBDFBP>KANR>IFQ>QFSBJBQELAP
CLO@LJJRKFQVBKD>DBAPQRAFBP(K
QEFP@LROPBPQRABKQPBKD>DBTFQE
>IQBOK>QFSBCO>JBTLOHPFK@IRAFKD
@LJJRKFQV?>PBAM>OQF@FM>QLOV
OBPB>O@E>KA@FQFWBKP@FBK@BQL?RFIA
RKABOPQ>KAFKDP>?LRQQEB@LKQFKRRJ
LCQEBOBPB>O@EMOL@BPP/OL@BPP
BIBJBKQPFK@IRABMI>KKFKD>KA
ABPFDKFJMIBJBKQ>QFLKBS>IR>QFLK
AFPPBJFK>QFLK>KA>PPBPPFKDMLIF@V
FJMIF@>QFLKP>PQEBV>OB>MMIFBAFK
ABBMIV@LII>?LO>QFSB>@QFLKOBPB>O@E
PBQQFKDP3EFP@LROPBBUMILOBP
PQOBKDQEPTB>HKBPPBP>KA
@E>IIBKDBPLCAFfBOBKQA>Q>D>QEBOFKD
>KA>K>IVQF@JBQELAPQEOLRDE
BUMILO>QFLKLCMOFLOPQRAFBP>KA
@LKPFABOPELTQEBPBOBPB>O@E
>MMOL>@EBPFKQBOPB@QTFQEPL@F>I
@RIQRO>I>KAFKPQFQRQFLK>IMO>@QF@BP
>KABQEF@>IPQ>KA>OAP2QRABKQPTLOH
FKQB>JPQLABSBILMMOLMLP>IPCLO>
&O>AR>QB0R>IFCVFKD/OLGB@QQE>Q
>AAOBPPBPQEBKBBAPLC>KLRQPFAB
MOLGB@QM>OQKBO1B@LJJBKABA
?>@HDOLRKA AJFPPFLKQLQEB"" 
,2MOLDO>J@LJMIBQFLKLCPL@F>I
P@FBK@BOBPB>O@EJBQELAP@LROPB
BD(#LOBNRFS>IBKQLO
MBOJFPPFLKLCFKPQOR@QLO
,?:ED
*F>2?:>6?D:@?D@7
=@32=?G:C@?>6?E2=92?86
3EFP@LROPBMOLSFABPQEBDOLRKATLOH
CLORKABOPQ>KAFKDQEBEFPQLOF@>I
PL@FL@RIQRO>I>KAMLIFQF@>IB@LKLJF@
FJM>@QPLC@IFJ>QB@E>KDBFKQEB
KQEOLML@BKB!RFIAFKDRMLK>?>PF@
RKABOPQ>KAFKDLC@IFJ>QBP@FBK@B
QEFP@LROPB>AAOBPPBPELTDIL?>I
BKSFOLKJBKQ>I@E>KDBFPJBAF>QBA
?VPL@F>IMLIFQF@>IB@LKLJF@>KA
@RIQRO>IPVPQBJP">PBPQRAFBP>OB
RPBAQLP@ORQFKFWBELTBfLOQPQL
JFQFD>QB>KA>A>MQQLFJM>@QP@>K
LSBO@LJBLOBU>@BO?>QBBUFPQFKD
FKBNRFQFBP3EOLRDE>CL@RPLKELT
OBPMLKPBPBJBODBFKPMB@Fh@MI>@BP
>KAQFJBPPQRABKQPBUMILOBELTQEBV
@>KMI>V>OLIBFKBfLOQP?V
@LJJRKFQFBP>OLRKAQEBTLOIA>P
QEBPB@LJJRKFQFBP>A>MQQLBUFPQFKD
>KAABSBILMFKDBKSFOLKJBKQ>I
@E>KDBPC>@BAB@FPFLKP>?LRQOBQOB>Q
>KAMI>KCLOQEB
CRQROB1B@LJJBKABA?>@HDOLRKA
AJFPPFLKQLQEB"" ,2LO!2,2
MOLDO>J>PTBII>P"$LO
>KLQEBO@LROPBFK@IFJ>QBP@FBK@BLO
MBOJFPPFLKLCFKPQOR@QLO
,?:ED
*=:>2E692?86
-F=?6C23:=:EJ2?5$:E:82E:@?
3>HFKD@IFJ>QB@E>KDB>P>PQ>OQFKD
MLFKQQEFP@LROPBFKQOLAR@BPPQRABKQP
QL>TFABO>KDBLC@IFJ>QB@E>KDB
@LKAFQFLKPERJ>KOBPMLKPBPQL
QELPB@LKAFQFLKP>KAMLFKQPQLT>OA
QEBKBBACLOABBMBORKABOPQ>KAFKD
LCERJ>KBKSFOLKJBKQOBI>QFLKPEFMP
3EB@LROPBTFIIAO>TCOLJ
&BLDO>MEV$@LKLJF@P&IL?>I
$KSFOLKJBKQ>I"E>KDB>KALQEBO
@OLPP@RQQFKDAFP@FMIFKBPCLOQEBLOV
>KA@>PBPQRAFBP$U>JMIBPLC@IFJ>QB
@E>KDBOFPHP>KAJFQFD>QFLKBfLOQP
TFII@LJBCOLJQEBABSBILMBA>KA
ABSBILMFKDTLOIA>KATFIIFK@IRAB
?LQERO?>K>KAORO>IBU>JMIBP
PPBPPJBKQQB@EKFNRBPFK@IRABPJ>II
DOLRMMOLGB@QP@>PB?>PBAQBPQFKD
>KAFK@I>PP>KALKIFKB
AFP@RPPFLKP1B@LJJBKABA
?>@HDOLRKA(&2>KA"$LO
MBOJFPPFLKLCFKPQOR@QLO
,?:ED
 6/(">Q>ILD
*2ADE@?6*6>:?2C
@>A2C2E:G6=:>2E64E:@?
3EFPPBJFK>O>K>IVWBP@LOBQEBJBPLC
QEB"LJJRKFQV"IFJ>QB A>MQ>QFLK
/OLDO>JAROFKDQEBPQRABKQPQEFOA
>KAhK>IPBJBPQBO!OFADFKDQEB
AFP@FMIFKBPLCDBLDO>MEV
>KQEOLMLILDV>KA@FSFI
BKSFOLKJBKQ>IBKDFKBBOFKDTBAO>T
QLDBQEBOQEBFKPFDEQP>KA
BUMBOFBK@BPIB>OKBA?VQB@EKF@>I>KA
PL@F>IP@FBK@BPQRABKQPAROFKDQEB
hOPQQTLPBJBPQBOPLCQEBMOLDO>J
3EOLRDE>@LJ?FK>QFLKLCOB>AFKDP
@>PBPQRAFBP>KA>KFKAFSFAR>IABMQE
MOLGB@QQEB@LROPBMOLSFABP>K
LMMLOQRKFQVCLOPQRABKQPQLOBSFPFQ
QEBLOBQF@>ICO>JBTLOHPCLO@IFJ>QB
>A>MQ>QFLKPQO>QBDFBPFK>T>VQE>QFP
FKCLOJBA?VQEBFOMI>@B?>PBA
>MMIFBAOBPB>O@EFKAFSBOPBMI>@BP
FKQBOK>QFLK>IIV6BBUMILOB
PFJFI>OFQFBP>KAAFfBOBK@BPL?PBOSBA
FKAFfBOBKQIL@>IFQFBP>@OLPPP@>IBPFK
LOABOQLPQOBKDQEBK>KBJMFOF@>IIV
DOLRKABA@LJM>O>QFSB>KAELIFPQF@
>K>IVPFPLC@LJJRKFQV@IFJ>QB
>A>MQ>QFLK(KALFKDPLTB
FKSBPQFD>QB?LQEMLPFQFSBOBPLK>K@BP
?BQTBBKQEBLOBQF@>ICO>JBTLOHP>KA
ABJLKPQO>QBALRQ@LJBPFKAFP@OBQB
MI>@BPTEFIBTB>IPL@OFQF@>IIVMOL?B
>KVD>MPQBKPFLKP>KAPROMOFPBPQE>Q
J>VBJBODBCOLJQEB&0/hBIATLOH
/>OQF@FM>QFLKFKQEB#(&2&2PMB>HBO
PBOFBPFPOBNRFOBACLOQEFP@LROPB>P
QEBQLMF@P>KADRBPQPTFIIMOLSFAB
>AAFQFLK>I@LKQBKQCLO
@LKPFABO>QFLK1B@LJJBKABA
?>@HDOLRKA"LJMIBQFLKLC
@OBAFQPFK"LOB"" @LROPBP>KA
@OBAFQPLC&0/
,?:ED
*C25F2E6(F2=:7J:?8
'C@;64E)6D62C49
QL"OBAFQP3EBBFDEQ@OBAFQ
DO>AR>QBNR>IFCVFKDMOLGB@Q&0/
QVMF@>IIVALKBFKQB>JPFPQL?B
@>OOFBALRQFK@LLMBO>QFLKTFQE>K
BUQBOK>IM>OQKBO>KAFQFPLSBOPBBK?V
QTLC>@RIQVJBJ?BOPOBMOBPBKQFKD
?LQEQEB#BM>OQJBKQLC(KQBDO>QBA
>KA&IL?>I2QRAFBP>KA"FSFI
$KSFOLKJBKQ>I$KDFKBBOFKD2QRABKQ
QB>JPPBBHQL>KPTBO>@IFJ>QB
>A>MQ>QFLKNRBPQFLKFABKQFhBA>KA
BUMI>FKBA?VQEBBUQBOK>IM>OQKBO
3EBPQRABKQQB>JP@LKAR@Q>MMIFBA
OBPB>O@ERPFKDDL>IPL?GB@QFSBP>KA
JBQELAPABSBILMBAFKQEB@LOB
,BQELAP@LROPBPCLOQEB"" 
MOLDO>J?>PBALKQEFPAOFSFKD
NRBPQFLK>KARKABOQEBGLFKQ
DRFA>K@BLCQTL6/(C>@RIQV>ASFPLOP
>KAQEBBUQBOK>IM>OQKBO3EB@LROPB
FPCRIIQFJB>KAPQOR@QROBA?VQTL
TBBHIVJBBQFKDPTFQEQEBC>@RIQV
>ASFPLOP>KABUQBOK>IM>OQKBO
/OLCBPPFLK>IABSBILMJBKQPHFIIPPR@E
>PLO>I>KATOFQQBK@LJJRKF@>QFLK
QB>JTLOHIB>ABOPEFM>KA
@LII>?LO>QFSBMOL?IBJPLISFKDTFII?B
MO>@QF@BA>PQEBOBPB>O@EFP
@LJMIBQBA>@OLPP>CRII
PBJBPQBO1B@LJJBKABA
?>@HDOLRKA"LJMIBQFLKLC"" @LOB
@I>PPBPBU@BMQ(&2>KA(&2
>KAMBOJFPPFLKLCFKPQOR@QLO
*C25F2E6(F2=:7J:?8
'C@;64E@?76C6?46
QL"OBAFQP3EBDO>AR>QB
NR>IFCVFKDMOLGB@Q&0/QVMF@>IIV
ALKBFKQB>JPFPQL?B@>OOFBALRQFK
@LLMBO>QFLKTFQE>PMLKPLOLO
BUQBOK>IM>OQKBO>KAFQFPLSBOPBBK?V
QTLC>@RIQVJBJ?BOPOBMOBPBKQFKD
?LQEQEB#BM>OQJBKQLC(KQBDO>QBA
>KA&IL?>I2QRAFBP>KA"FSFI
$KSFOLKJBKQ>I$KDFKBBOFKD3EFP
QEOBB@OBAFQ"LKCBOBK@B@LROPB
FKQBDO>QBPQEBLOV>KAMO>@QF@BLC
@LJJRKFQV@IFJ>QB>A>MQ>QFLK
PQO>QBDFBP>KAFQPELRIA>AAOBPP>KA
?RFIARMLKQEBCO>JBTLOHP>KAQLLIP
>@NRFOBAFKQEBOBPB>O@EME>PBLCQEB
MOLDO>J#BIFSBO>?IBPCLOQEFP@LROPB
@LKPFPQLC>TOFQQBKOBMLOQ>KAMR?IF@
MOBPBKQ>QFLKQLQEB6/(@LJJRKFQV
>KABUQBOK>IM>OQKBO
'C6C6BF:D:E6D
(&2&O>AR>QB0R>IFCVFKD/OLGB@Q
1BPB>O@E
"LJMRQBO
2@FBK@B
*:@G:DF2=:K2E:@?
3EFP@LROPBRPBPFKQBO>@QFSB
SFPR>IFW>QFLKQLBUMILOB>KA>K>IVWB
A>Q>PQOR@QROBP>KAMOL@BPPBP
3LMF@PFK@IRABQEBCRKA>JBKQ>I
MOFK@FMIBP@LK@BMQP>KAQB@EKFNRBP
LCSFPR>IFW>QFLK>KAELTSFPR>IFW>QFLK
@>K?BRPBAQL>K>IVWB>KA
@LJJRKF@>QBA>Q>FKALJ>FKPPR@E
>P?FLILDV2QRABKQPTFII?BBUMB@QBA
QLABPFDK>KAFJMIBJBKQ
SFPR>IFW>QFLKPQLBUMBOFJBKQTFQE
AFfBOBKQSFPR>IJ>MMFKDP>KAA>Q>
QVMBP>KATFII@LJMIBQB>OBPB>O@E
LOFBKQBAMOLGB@Q
,?:ED
'C6C6BF:D:E6D
BUMBOFBK@BTFQEMOLDO>JJFKD
BPMB@F>IIV)>S>2@OFMQA>Q>?>PBP
>KAA>Q>PQOR@QROBP2QRABKQPJ>V
KLQOB@BFSB@OBAFQCLO?LQE!"!
>KA!"!
 6/(">Q>ILD
*:@=@8:42=2?5
:@>65:42=2E232D6$:?:?8
3EFP@LROPBTFIIFKSBPQFD>QB
@LJMRQ>QFLK>IQB@EKFNRBPCLO
AFP@LSBOFKDM>QQBOKPFK>KA>@OLPP
@LJMIBU?FLILDF@>I>KA?FLJBAF@>I
PLRO@BPFK@IRAFKDDBKLJF@>KA
MOLQBLJF@A>Q>?>PBP@IFKF@>I
A>Q>?>PBPAFDFQ>IIF?O>OFBPLCP@FBKQFh@
>OQF@IBP>KALKQLILDFBP3B@EKFNRBP
@LSBOBATFII?BAO>TKCOLJPBSBO>I
>OB>PFK@IRAFKDPBNRBK@BJFKFKD
PQ>QFPQF@>IK>QRO>II>KDR>DB
MOL@BPPFKD>KAQBUQJFKFKD>KAA>Q>
JFKFKD
,?:ED
'C6C6BF:D:E6D
2QOLKDMOLDO>JJFKDPHFIIP>K
RKABODO>AR>QBLODO>AR>QB@LROPBFK
>IDLOFQEJP>KRKABODO>AR>QB@LROPB
FKPQ>QFPQF@P>KALKBLOJLOB
RKABODO>AR>QB?FLILDV@LROPBP
**66A#62C?:?8
3EFP@LROPBTFIILfBO>J>QEBJ>QF@>I
>KAMO>@QF@>IMBOPMB@QFSBLK>OQFh@F>I
KBRO>IKBQTLOHPCLOJ>@EFKB
IB>OKFKD2QRABKQPTFIIIB>OK>?LRQ
QEBJLPQMOLJFKBKQKBQTLOH
>O@EFQB@QROBPFK@IRAFKDJRIQFI>VBO
CBBACLOT>OAKBRO>IKBQTLOHP
@LKSLIRQFLK>IKBRO>IKBQTLOHP
"--P>RQLBK@LABOPOB@ROOBKQ
KBRO>IKBQTLOHP1--P>KA
DBKBO>QFSB>ASBOP>OF>IKBQTLOHP
& -P3EFP@LROPBTFII>IPLQB>@E
PQRABKQPLMQFJFW>QFLK>KA
OBDRI>OFW>QFLKQB@EKFNRBPRPBAQL
QO>FKQEBJ`PR@E>P?>@H
MOLM>D>QFLKPQL@E>PQF@DO>AFBKQ
ABP@BKQAOLMLRQMLLIFKD>KA?>Q@E
KLOJ>IFW>QFLK"LKKB@QFLKPQLOBI>QBA
J>@EFKBIB>OKFKDQB@EKFNRBP>KA
>IDLOFQEJPPR@E>PMOL?>?FIFPQF@
DO>MEF@>IJLABIPTFII?BBUMILOBA(K
>AAFQFLKQLRKABOPQ>KAFKDQEB
J>QEBJ>QF@P?BEFKAABBMIB>OKFKD
PQRABKQPTFII>IPLBKD>DBFKE>KAP
LK@LROPBMOLGB@QP2QRABKQPTFIIE>SB
QEBLMMLOQRKFQVQLQO>FKKBRO>I
KBQTLOHPCLO>TFABO>KDBLC
>MMIF@>QFLKPPR@E>PL?GB@Q
ABQB@QFLKC>@F>IBUMOBPPFLK
OB@LDKFQFLKE>KATOFQFKD>K>IVPFP
>KAK>QRO>II>KDR>DBMOL@BPPFKD
,?:ED
'C6C6BF:D:E6D
,>@EFKB+B>OKFKD"2>KA
HKLTIBADBLC+FKB>O IDB?O>PR@E>P
, >KA IDLOFQEJPPR@E>P"2

** ?7@C>2E:@?)6EC:6G2=
3EFP@LROPBFKQOLAR@BPQEBQEBLOV
ABPFDK>KAFJMIBJBKQ>QFLKLCQBUQ
?>PBA>KA6B??>PBAFKCLOJ>QFLK
OBQOFBS>IPVPQBJP2QRABKQPIB>OKQEB
HBV@LK@BMQP>KAJLABIPOBIBS>KQQL
FKCLOJ>QFLKOBQOFBS>I>KAK>QRO>I
I>KDR>DBMOL@BPPFKDLKI>ODBP@>IB
@LOMRPPR@E>PQEB6B?>KAPL@F>I
PVPQBJP3LMF@PFK@IRABSB@QLOPM>@B
JLABI@O>TIFKDFKABUFKDTB?
PB>O@EO>KHFKDOB@LJJBKABO
PVPQBJPBJ?BAAFKD>KAI>KDR>DB
JLABI
,?:ED
'C6C6BF:D:E6D
PQ>QFPQF@>IIB>OKFKD>QQEBIBSBILC#2
, >KAMOLDO>JJFKDPHFIIP
>QQEBIBSBILC"2
*)F>2?)@3@E
?E6C24E:@?
3EFP@LROPBCL@RPBPLKERJ>KOL?LQ
FKQBO>@QFLK>KAPL@F>IOL?LQIB>OKFKD
BUMILOFKDQEBIB>AFKDOBPB>O@E
ABPFDKMOFK@FMIBP>KAQB@EKF@>I
@E>IIBKDBPTBC>@BFKABSBILMFKD
OL?LQP@>M>?IBLCLMBO>QFKDFKOB>I
TLOIAERJ>KBKSFOLKJBKQP3EB
@LROPBTFII@LSBO>O>KDBLC
JRIQFAFP@FMIFK>OVQLMF@PFK@IRAFKD
MEVPF@>IBJ?LAFJBKQJFUBA
FKFQF>QFSBFKQBO>@QFLKJRIQFJLA>I
FKQBOC>@BPERJ>KOL?LQQB>JTLOH
IB>OKFKD>IDLOFQEJP>PMB@QPLCPL@F>I
@LDKFQFLK>KAILKDQBOJFKQBO>@QFLK
3EBPBQLMF@PTFII?BMROPRBAQEOLRDE
FKABMBKABKQOB>AFKD@I>PP
AFP@RPPFLK>KA>hK>IMOLGB@Q
,?:ED
'C6C6BF:D:E6D
,>QROBMOLDO>JJFKDPHFIIP>KA>Q
IB>PQRKABODO>AR>QBIBSBIHKLTIBADB
LC OQFh@F>I(KQBIIFDBK@BPR@E>P"2
-LE>OAT>OBBUMBOFBK@BFP
OBNRFOBA
 6/(">Q>ILD
*)@>AFE6C-:D:@?
3EFP@LROPBBU>JFKBP@ROOBKQFPPRBP
FKQEB@LJMRQBOFJMIBJBKQ>QFLKLC
SFPR>IMBO@BMQFLK3LMF@PFK@IRAB
FJ>DBCLOJ>QFLKBADBABQB@QFLK
PBDJBKQ>QFLKPE>MBCOLJPE>AFKD
JLQFLKPQBOBLQBUQROB>K>IVPFP
M>QQBOK@I>PPFh@>QFLK>KAL?GB@Q
OB@LDKFQFLK6BTFIIAFP@RPPS>OFLRP
OBMOBPBKQ>QFLKPCLOSFPR>I
FKCLOJ>QFLKFK@IRAFKDPHBQ@EBP>KA
FKQOFKPF@FJ>DBP
,?:ED
'C6C6BF:D:E6D
"2"2"2LOQEB
BNRFS>IBKQLCLKBLCQEBPB@LROPBP
**$,D6C$@56=:?8
4PBOJLABIFKDFP>@OLPPAFP@FMIFK>OV
OBPB>O@EhBIAQE>Q>QQBJMQPQL
@LKPQOR@QJLABIPLCERJ>K?BE>SFLO
TFQEFK>PMB@Fh@@LJMRQBO
BKSFOLKJBKQ"LKQO>OVQLQO>AFQFLK>I
>OQFh@F>IFKQBIIFDBK@BOBPB>O@EQEB
DL>IFPKLQQLFJFQ>QBERJ>K?BE>SFLO
>PPR@E?RQQLJ>HBQEBJ>@EFKB
>?IBQLRKABOPQ>KAQEBBUMB@Q>QFLKP
DL>IPHKLTIBADBFKCLOJ>QFLKKBBAP
>KAABPFOBPLC>RPBOFKQBOJPLC>
PMB@Fh@@LJMRQFKDBKSFOLKJBKQ3EB
@LJMRQBOOBMOBPBKQ>QFLKLCQEFP
FKCLOJ>QFLK>?LRQ>RPBOFP@>IIBA>
RPBOJLABI>KAPVPQBJPQE>Q
@LKPQOR@Q>KARQFIFWBPR@EJLABIP>OB
@>IIBARPBOJLABIFKDPVPQBJP 
PFJMIBBU>JMIBLC>RPBOJLABI
TLRIA?B>KB@LJJBO@BPFQBTEF@E
J>HBPRPBLCQEBRPBOP>KAPFJFI>O
RPBOPMRO@E>PFKD>KA?OLTPFKD
?BE>SFLOFKLOABOQL?BQQBO
RKABOPQ>KAQEBRPBOPMOBCBOBK@BP(K
QEFP@I>PPQEBCL@RPFPLKL?Q>FKFKD>
DBKBO>IRKABOPQ>KAFKDLCRPBO
JLABIFKD>KA>KRKABOPQ>KAFKDLC
ELTQL>MMIVRPBOJLABIFKD
QB@EKFNRBP2QRABKQPTFIIOB>A
PBJFK>IM>MBOPFKQEBRPBOJLABIFKD
IFQBO>QROB>PTBII>P@LJMIBQB>
@LROPBMOLGB@QTEBOBPQRABKQP?RFIA>
PVPQBJQE>QBUMIF@FQIVJLABIPQEB
RPBO
,?:ED
'C6C6BF:D:E6D
*KLTIBADBLCMOL?>?FIFQV
**$C2A9:42=$@56=D7@C
)62D@?:?8,?56C,?46CE2:?EJ
3EFP@LROPBTFIIFKQOLAR@BPQRABKQPQL
DO>MEF@>IJLABIPPR@E>P!>VBPF>K
KBQTLOHP'FAABK,>OHLS,LABIP
*>IJ>KhIQBOPM>OQF@IBhIQBOP>KA
PQOR@QRO>IBNR>QFLKJLABIP&O>MEF@>I
JLABIP>OB>MMIF@>?IBFK>TFAB
S>OFBQVLCTLOHFK@LJMRQBOP@FBK@B
CLOOB>PLKFKDRKABORK@BOQ>FKQVPR@E
>PRPBOJLABIFKDPMBB@E
OB@LDKFQFLK@LJMRQBOSFPFLKL?GB@Q
QO>@HFKD>KAABQBOJFKFKD>OL?LQP
IL@>QFLK3EFP@LROPBTFII@LSBO
RPFKDA>Q>QLBPQFJ>QBQEB
M>O>JBQBOP>KAPQOR@QROBLC>JLABI
RPFKDQB@EKFNRBPPR@E>PBUMB@Q>QFLK
J>UFJFW>QFLKRKABOPQ>KAFKD
QB@EKFNRBPCLOMBOCLOJFKDBg@FBKQ
FKCBOBK@BLKKBTL?PBOS>QFLKPPR@E
>PGRK@QFLKQOBBP>KAP>JMIFKD>KA
IB>OKFKD>?LRQBS>IR>QFLK
QB@EKFNRBPQLABQBOJFKBTEBQEBO>
M>OQF@RI>OJLABIFP>DLLALKB
,?:ED
'C6C6BF:D:E6D
"2 OQFh@F>I(KQBIIFDBK@BLO
MBOJFPPFLKLCQEBFKPQOR@QLO
**$>A:C:42=$6E9@5D
7@CF>2?6?E6C65@>AFE:?8
3EFP@LROPBFKQOLAR@BPPQRABKQPQL
QB@EKFNRBPCLOMBOCLOJFKDOFDLOLRP
BJMFOF@>IOBPB>O@EFK@LJMRQBO
P@FBK@B2FK@BDLLABJMFOF@>ITLOH
ABMBKAPLK>PHFKDDLLAOBPB>O@E
NRBPQFLKPQEFP@LROPBTFIIBJME>PFWB
@OB>QFKD@LK@BMQR>ICO>JBTLOHP>KA
RPFKDQEBJQLAOFSBOBPB>O@E(K
>AAFQFLKQLEBIMFKDPQRABKQP
RKABOPQ>KATE>QJ>HBP>DLLA
OBPB>O@ENRBPQFLK>KATEVPLJB
BIBJBKQ>OVPQ>QFPQF@PTFII?B@LSBOBA
%ROQEBOJLOBPQRABKQPTFIIRPB>KA
FJMIBJBKQ@LJMRQ>QFLK>IIVFKQBKPFSB
QB@EKFNRBPPR@E>PO>KALJFW>QFLK
?LLQPQO>MMFKD>KAMBOJRQ>QFLK
QBPQP3EB@LROPB>IPL@LSBOP
BUMBOFJBKQPFKSLISFKDERJ>K
PR?GB@QP>KAPLJBLCQEBPQ>QFPQF@>I
>KAKLKPQ>QFPQF@>IAFg@RIQFBP
OBPB>O@EBOPLCQBKBK@LRKQBOTEFIB
MBOCLOJFKDPR@ETLOHBD(1!
(KPQFQRQFLK>I1BSFBT!L>OA
@LOOBI>QBAQOF>IP>KAPJ>IIP>JMIB
PFWBP6EFIBQEFP@LROPBFPABPFDKBA
CLOPQRABKQPFK'RJ>K"LJMRQBO
(KQBO>@QFLK(KQBO>@QFSB,BAF>
&>JB#BSBILMJBKQ>KA+B>OKFKD
2@FBK@BP>KA3B@EKLILDFBPFQFP
>MMOLMOF>QBCLO>KVPQRABKQTFQE
MOLDO>JJFKDBUMBOFBK@BTELFP
ALFKDBJMFOF@>IOBPB>O@E
,?:ED
'C6C6BF:D:E6D
,  MMIFBA2Q>QFPQF@PCLO
$KDFKBBOP>KA2@FBKQFPQPLO
MBOJFPPFLKLCFKPQOR@QLO
 6/(">Q>ILD
**$CE:O4:2= ?E6==:86?46
7@C52AE:G65F42E:@?2=
+649?@=@8J
2QRABKQPTFIIIB>OKELTQLBK>?IB
BAR@>QFLK>IQB@EKLILDVQL>A>MQQL
QEBRPBO>KA>?LRQQVMF@>I
>O@EFQB@QROBPRPBA?VBUFPQFKD
FKQBIIFDBKQQRQLOFKDPVPQBJPCLO
>A>MQFKDQLRPBOP2QRABKQPTFIIPBB
>MMIF@>QFLKPLCAB@FPFLKQEBLOBQF@
PVPQBJPOBFKCLO@BJBKQIB>OKFKD
,>OHLSJLABIPCLO>@QFLKPBIB@QFLK
>KA OQFh@F>I(KQBIIFDBK@B (
MI>KKFKD2QRABKQPTFIIOB>AM>MBOP
QE>Q>MMIV (QB@EKFNRBPCLOQEB
MROMLPBLC>A>MQFKDQLRPBOP
2QRABKQPTFII@LJMIBQB>MOLGB@QQE>Q
>MMIFBPQEBPBQB@EKFNRBPQL?RFIA>K
>A>MQFSBBAR@>QFLK>IPVPQBJ
,?:ED
'C6C6BF:D:E6D
"2 OQFh@F>I(KQBIIFDBK@BLO
MBOJFPPFLKLCQEBFKPQOR@QLO
*&A6C2E:?8*JDE6>D
3EBABPFDK>KAQEBLOVLC
JRIQFMOLDO>JJBALMBO>QFKD
PVPQBJP@LK@ROOBKQMOL@BPPBP
MOL@BPP@LJJRKF@>QFLKFKMRQ
LRQMRQPRMBOSFPLOPJBJLOV
J>K>DBJBKQOBPLRO@B>IIL@>QFLK
>KAP@EBARIFKD>OBPQRAFBA
,?:ED
'C6C6BF:D:E6D
HKLTIBADBLC@LJMRQBOLOD>KFW>QFLK
>KABIBJBKQ>OVA>Q>PQOR@QROBP>KA
>PQOLKDMOLDO>JJFKD?>@HDOLRKA
*@F?52E:@?D@7@>AFE6C
*4:6?46
3EFPFPQEBPQRAVLCJ>QEBJ>QF@>I
CLRKA>QFLKPLC@LJMRQFKD3LMF@P
FK@IRABhKFQB>RQLJ>Q>>KAOBDRI>O
I>KDR>DBPMRPEALTK>RQLJ>Q>>KA
@LKQBUQCOBBI>KDR>DBP3ROFKD
J>@EFKBP>KAAB@FA>?FIFQV>KA>K
FKQOLAR@QFLKQL@LJMRQ>QFLK>I
@LJMIBUFQV
,?:ED
'C6C6BF:D:E6D
*KLTIBADBLCAFP@OBQBJ>QEBJ>QF@P
>KA>IDLOFQEJP>QQEBRKABODO>AR>QB
IBSBI>KAPLJBC>@FIFQVTFQEOB>AFKD
>KATOFQFKDJ>QEBJ>QF@>IMOLLCP
*?2=JD:D@7@>AFE2E:@?D
2?5*JDE6>D
3EBCLIILTFKDQLLIPCLOQEB>K>IVPFPLC
@LJMRQBOMOLDO>JP>KAPVPQBJP>OB
PQRAFBAMOL?>?FIFQV@LJ?FK>QLOF@P
QEBPLIRQFLKLCOB@ROOBK@BOBI>QFLKP
>KAQEBBPQ>?IFPEJBKQLC>PVJMQLQF@
?LRKAP KRJ?BOLC>IDLOFQEJP>KA
>AS>K@BAA>Q>PQOR@QROBP>OB
AFP@RPPBA>PTBII>PM>O>AFDJPCLO
>IDLOFQEJABPFDK
,?:ED
'C6C6BF:D:E6D
"2LOBNRFS>IBKQ
*6D:8?@7*@7EH2C6
*JDE6>D
3EFP@LROPBFKQOLAR@BPPQRABKQPQL>
JBQELALILDV>KAPMB@Fh@ABPFDK
QB@EKFNRBPCLOQB>J?>PBA
ABSBILMJBKQLC>PLCQT>OBPVPQBJ
D>FKPQQEB?>@HAOLMLCQEBPLCQT>OB
BKDFKBBOFKDIFCB@V@IBQEFP@LROPB
CL@RPBPLKQEBL?GB@QLOFBKQBA
M>O>AFDJ>KAFQPPRMMLOQFKD
MOL@BPPBP>KAQLLIP2QRABKQPTFII?B
BUMLPBAQLFKARPQOF>I>@@BMQBA
PQ>KA>OAP>KAQLLIPPR@E>P
OBNRFOBJBKQPBIF@FQ>QFLK
PMB@Fh@>QFLKJLABIFKDKLQ>QFLKP
ABPFDKM>QQBOKPPLCQT>OB
>O@EFQB@QROBFKQBDO>QBAABSBILMJBKQ
BKSFOLKJBKQP>KAQBPQFKD
CO>JBTLOHP2QRABKQPTFII?B
BUMB@QBAQLTLOHQLDBQEBOFKQB>JP
FKQEB@LJMIBQBPMB@Fh@>QFLK
FJMIBJBKQ>QFLK>KAQBPQFKDLC>
PLCQT>OB>MMIF@>QFLK
,?:ED
'C6C6BF:D:E6D
HKLTIBADBLC>OB@ROPFSBEFDEIBSBI
I>KDR>DB>KAA>Q>PQOR@QROBP K
RKABODO>AR>QB@LROPBFKPLCQT>OB
BKDFKBBOFKDFPABPFO>?IB
*@>AFE6C%6EH@C<D
3EFP@LROPBMOLSFABP>KFKQOLAR@QFLK
QLQEBQEBLOV>KAMO>@QF@BLCQEB
ABPFDKLC@LJMRQBO>KA
@LJJRKF@>QFLKPKBQTLOHPFK@IRAFKD
QEB(2.PBSBKI>VBOOBCBOBK@BJLABI
K>IVPFPLCKBQTLOHQLMLILDFBP>KA
MOLQL@LIPFK@IRAFKDMBOCLOJ>K@B
>K>IVPFPFPQOB>QBA"ROOBKQKBQTLOH
QVMBPFK@IRAFKDIL@>I>OB>>KATFAB
>OB>KBQTLOHP>OBFKQOLAR@BA>P>OB
BSLISFKDKBQTLOHQB@EKLILDFBP3EB
QEBLOVABPFDK>KAMBOCLOJ>K@BLC
IL@>I>OB>KBQTLOHP>OBBJME>PFWBA
3EB@LROPBFK@IRABP>KFKQOLAR@QFLK
QLNRBRBFKD>K>IVPFP>KAKBQTLOH
MOLDO>JJFKD
,?:ED
'C6C6BF:D:E6D
HKLTIBADBLCQEB"MOLDO>JJFKD
I>KDR>DBFP>PPRJBA"2LO
BNRFS>IBKQ?>@HDOLRKAFK"2LO
"2
*5G2?465*JDE6>D
C49:E64EFC6
2BB$"$@LROPBABP@OFMQFLKLK
M>DB
,?:ED
*#@8:4:?@>AFE6C*4:6?46
3EFP@LROPBFP>KFKQOLAR@QFLKQL
J>QEBJ>QF@>IILDF@COLJ>@LJMRQBO
P@FBK@BMBOPMB@QFSB3LMF@P@LSBOBA
FK@IRABQEBBUMILO>QFLKLCJLABI
QEBLOVMOLLCQEBLOV>KAAB@FA>?FIFQV
CLOMOLMLPFQFLK>I>KAhOPQLOABO
@I>PPF@>IILDF@P>PTBII>PS>OFLRPKLK
@I>PPF@>IILDF@PQE>QMOLSFABFPBCRI
QLLIPCLO@LJMRQBOP@FBK@BPR@E>P
QBJMLO>I>KAFKQRFQFLKFPQF@ILDF@P
3EB@LROPBPQOBPPBPQEB>MMIF@>QFLKLC
ILDF@QLS>OFLRP>OB>PLC@LJMRQBO
P@FBK@BPR@E>P@LJMRQ>?FIFQV
QEBLOBJMOLSFKDMOLDO>JJFKD
I>KDR>DBPPMB@Fh@>QFLK>KA
SBOFh@>QFLK3EBPMB@Fh@>MMIF@>QFLKP
FK@IRABATFIIS>OV?VFKPQOR@QLO
,?:ED
'C6C6BF:D:E6D
"2LOBNRFS>IBKQ?>@HDOLRKAFK
?>PF@JLABIPLC@LJMRQ>QFLK
 6/(">Q>ILD
*$%F>6C:42=
$6E9@5D
2BB, @LROPBABP@OFMQFLK
,?:ED
*+@A:4D:?@>AFE6C*4:6?46
QLMF@LC@ROOBKQFKQBOBPQFP@LSBOBA
FKABQ>FI/IB>PB@LKPRIQQEB
ABM>OQJBKQCLO>@ROOBKQIFPQFKDLC
PBIB@QBAQLMF@PFKQEFP>OB>
,?:ED
'C6C6BF:D:E6D
S>OVTFQEQLMF@
*$@3:=62?5,3:BF:E@FD
@>AFE:?8
3EFP@LROPB>@NR>FKQPM>OQF@FM>KQP
TFQEQEBCRKA>JBKQ>I@LK@BMQP>KA
PQ>QBLCQEB>OQ@LJMRQBOP@FBK@B
OBPB>O@EFKJL?FIB>KAR?FNRFQLRP
@LJMRQFKD3LMF@P@LSBOBAFK@IRAB
JL?FIBPVPQBJPFPPRBPERJ>K
>@QFSFQV>KABJLQFLKPBKPFKD
IL@>QFLKPBKPFKDJL?FIB'"(JL?FIB
PL@F>IKBQTLOHFKDJL?FIBEB>IQE
MLTBOP>SFKDQB@EKFNRBPBKBODV>KA
JL?FIBMBOCLOJ>K@BJB>PROBJBKQ
PQRAFBP>KAJL?FIBPB@ROFQV3EB
@LROPB@LKPFPQPLCTBBHIV
MOBPBKQ>QFLKPLK@ROOBKQ>AS>K@BA
IFQBO>QROBAFP@RPPFLKP>KA>QBOJ
MOLGB@Q3EBQBOJMOLGB@QFKSLISBP
FJMIBJBKQFKDOBPB>O@EFAB>PLK>
JL?FIBABSF@BPR@E>P>PJ>OQMELKB
,?:ED
'C6C6BF:D:E6D
"2LO>KBNRFS>IBKQDO>AR>QB
IBSBI@LROPBFK.MBO>QFKD2VPQBJP
>KA"2LO>KBNRFS>IBKQDO>AR>QB
IBSBI@LROPBFK"LJMRQBO-BQTLOHP
>KAMOLh@FBK@VFK>EFDEIBSBI
MOLDO>JJFKDI>KDR>DB
*$F=E:>65:2%6EH@C<:?8
3EFP@LROPB@LSBOP?>PF@>KA
>AS>K@BAQLMF@POBI>QBAQLRPFKD
@LJMRQBOPQLPRMMLOQ>RAFL>KA
SFABLLSBO>KBQTLOH3LMF@POBI>QBA
QLJRIQFJBAF>TFII?BPBIB@QBACOLJ
>OB>PPR@E>P@LJMOBPPFLKKBQTLOH
MOLQL@LIPOLRQFKDLMBO>QFKDPVPQBJP
>KAERJ>K@LJMRQBOFKQBO>@QFLK
2QRABKQPTFII?BBUMB@QBAQLOB>A
>PPFDKBAOBPB>O@EM>MBOP>KA
@LJMIBQBPBSBO>IMOLDO>JJFKD
FKQBKPFSBMOLGB@QPQE>QFIIRPQO>QB
AFfBOBKQ>PMB@QPLCJRIQFJBAF>
@LJMRQFKD
,?:ED
'C6C6BF:D:E6D
"2>KA"2LOQEBBNRFS>IBKQ
>KAPQOLKDMOLDO>JJFKDPHFIIP
*$@56=:?82?5
'6C7@C>2?46G2=F2E:@?@7
%6EH@C<2?5@>AFE6C*JDE6>D
,BQELAP>KA@LK@BMQPLC@LJMRQBO
>KA@LJJRKF@>QFLKKBQTLOH
JLABIFKD>KAPVPQBJMBOCLOJ>K@B
`BS>IR>QFLK2QL@E>PQF@MOL@BPPBP
JB>PROBJBKQQB@EKFNRBPJLKFQLO
QLLIPPQ>QFPQF@>I>K>IVPFPLC
MBOCLOJ>K@BBUMBOFJBKQPPFJRI>QFLK
JLABIP>K>IVQF@JLABIFKD>KA
NRBRBFKDQEBLOV,,$OI>KD&,
,&?>Q@E>OOFS>I?RIHPBOSF@B>KA
MOFLOFQVPVPQBJPTLOHIL>A
@E>O>@QBOFW>QFLKMBOCLOJ>K@B
BS>IR>QFLKMOL?IBJP
,?:ED
'C6C6BF:D:E6D
"2LO"2LOBNRFS>IBKQ
?>@HDOLRKAFKMOL?>?FIFQV>KAPLJB
?>@HDOLRKAFKPQ>QFPQF@P
*CE:O4:2= ?E6==:86?46
3EFP@LROPBDFSBP>?OL>APROSBVLC
>OQFh@F>IFKQBIIFDBK@B3EB@LROPBTFII
@LSBOJBQELAPCOLJPB>O@E
MOL?>?FIFPQF@OB>PLKFKD>KAIB>OKFKD
>JLKDLQEBOQLMF@P2BIB@QBAQLMF@P
FKSLISFKDQEB>MMIF@>QFLKPLCQEBPB
QLLIP>OBFKSBPQFD>QBA2R@EQLMF@P
JFDEQFK@IRABK>QRO>II>KDR>DB
RKABOPQ>KAFKDP@BKBRKABOPQ>KAFKD
D>JBMI>VFKD>KAMI>KKFKD
,?:ED
'C6C6BF:D:E6D
C>JFIF>OFQVTFQEA>Q>PQOR@QROBP>KA>
EFDEIBSBIMOLDO>JJFKDI>KDR>DB
*5G2?465+@A:4D:?
&A6C2E:?8*JDE6>D
3EFP@LROPBAFP@RPPBP>AS>K@BA
QLMF@PFKQEBQEBLOVABPFDK>KA
FJMIBJBKQ>QFLKLCLMBO>QFKD
PVPQBJP3LMF@PTFII?BPBIB@QBACOLJ
PR@E>OB>P>PMBOCLOJ>K@BLC
LMBO>QFKDPVPQBJPAFPQOF?RQBA
LMBO>QFKDPVPQBJPLMBO>QFKDPVPQBJP
CLOJRIQFMOL@BPPLOPVPQBJP>KA
LMBO>QFKDPVPQBJPOBPB>O@E
,?:ED
'C6C6BF:D:E6D
"2>KABFQEBO"2"2"2
LOBNRFS>IBKQ?>@HDOLRKAFK
MOL?>?FIFQV
 6/(">Q>ILD
*'C@8C2>>:?8#2?8F286
6D:8?
3EFP@LROPBAFP@RPPBPQEB
CRKA>JBKQ>I@LK@BMQP>KADBKBO>I
MOFK@FMIBPRKABOIVFKD@ROOBKQ
MOLDO>JJFKDI>KDR>DBP>KAJLABIP
3LMF@PFK@IRAB@LKQOLI>KAA>Q>
>?PQO>@QFLKPI>KDR>DBMOL@BPPFKD
>KA?FKAFKDFKABQBOJFK>@V>KA
ABI>VBABS>IR>QFLK>KAI>KDR>DBP
>KAJLABIPCLOM>O>IIBI>KA
AFPQOF?RQBAMOL@BPPFKD S>OFBQVLC
@LJMRQ>QFLK>IM>O>AFDJP>OB
AFP@RPPBACRK@QFLK>IMOLDO>JJFKD
ILDF@MOLDO>JJFKDL?GB@QLOFBKQBA
MOLDO>JJFKD>KAA>Q>iLT
MOLDO>JJFKD
,?:ED
'C6C6BF:D:E6D
PQRABKQFPBUMB@QBAQLHKLT>
OB@ROPFSBMOLDO>JJFKDI>KDR>DB
>KAQLE>SB>KRKABODO>AR>QB@LROPB
FKA>Q>PQOR@QROBP
*"?@H=65862D65*JDE6>D
3EB@LROPBTFIIOBSFBTHKLTIBADB
?>PBAMOL?IBJPLISFKDPVPQBJP(QTFII
@LK@BKQO>QBLK>K>K>IVPFPLCQEBFO
>O@EFQB@QROBHKLTIBADB>KA
MOL?IBJPLISFKDPQVIBFKLOABOQL
@I>PPFCV>KA@LJM>OBQEBJ K
>QQBJMQTFII?BJ>ABQLBS>IR>QBQEB
@LKQOF?RQFLKQLLRORKABOPQ>KAFKDLC
MOL?IBJPQE>QPR@EPVPQBJP@>K
Q>@HIB
,?:ED
'C6C6BF:D:E6D
"2LOBNRFS>IBKQLOMBOJFPPFLKLC
QEBFKPQOR@QLO
*$249:?6#62C?:?8
3EBCL@RPLCQEFP@LROPBFPJ>@EFKB
IB>OKFKDCLOHKLTIBADB?>PBA
PVPQBJP(QTFIIFK@IRABOBSFBTPLC
TLOHLKPFJFI>OFQV?>PBAIB>OKFKD
FKAR@QFLKBUMI>K>QFLK?>PBA
IB>OKFKD>K>ILDF@>I>KA@>PB?>PBA
OB>PLKFKD>KAIB>OKFKD>KA
HKLTIBADB@LJMFI>QFLK(QTFII>IPL
@LKPFABOLQEBO>MMOL>@EBPQL
>RQLJ>QBAHKLTIBADB>@NRFPFQFLK>P
TBII>P@LKKB@QFLKFPQIB>OKFKD
,?:ED
'C6C6BF:D:E6D
"2LOBNRFS>IBKQLOMBOJFPPFLK
LCQEBFKPQOR@QLO
*CE:O4:2= ?E6==:86?46:?
6D:8?
3EBJ>FKDL>ILCQEFP@LROPBFPQL
L?Q>FK>ABBMBORKABOPQ>KAFKDLC
TE>Q[ABPFDK^FP>KAELT (JFDEQ?B
RPBAQLPRMMLOQ>KAPQRAVFQ
2QRABKQPTFIIBU>JFKBPLJBLCQEB
OB@BKQ I?>PBATLOHLKABPFDK
MOL?IBJPLISFKD3EB@LROPBTFII?B
ORKFKPBJFK>OPQVIBTFQEOB>AFKDP
COLJQEB@ROOBKQIFQBO>QROB>KATFQE
PQRABKQMOBPBKQ>QFLKP3EBALJ>FKP
TFIIFK@IRABBIB@QOF@>IBKDFKBBOFKD
ABPFDKJB@E>KF@>IBKDFKBBOFKD
ABPFDK@FSFIBKDFKBBOFKDABPFDK>KA
PLCQT>OBABPFDKFB>RQLJ>QF@
MOLDO>JJFKD3EFP@LROPBTFII?BLC
FKQBOBPQQLQELPBT>KQFKDQLMOBM>OB
CLOOBPB>O@EFKABPFDKLOQELPB
TFPEFKDQLFK@OB>PBQEBFO
RKABOPQ>KAFKDLCBUMBOQPVPQBJP
&O>AR>QBPQRABKQPCOLJABM>OQJBKQP
LQEBOQE>K@LJMRQBOP@FBK@B>OB
TBI@LJB
,?:ED
'C6C6BF:D:E6D
HKLTIBADBLC>OQFh@F>IFKQBIIFDBK@BFP
OBNRFOBA3EFP@>KLKIV?BT>FSBA
TFQEMBOJFPPFLKLCQEBFKPQOR@QLO
*2E232D6$2?286>6?E
*JDE6>D
KFKQOLAR@QFLKQLQEBQEBLOV>KA
ABPFDKLCA>Q>?>PBJ>K>DBJBKQ
PVPQBJP3LMF@P@LSBOBAFK@IRAB
FKQBOK>IPLCA>Q>?>PBJ>K>DBJBKQ
PVPQBJPCRKA>JBKQ>I@LK@BMQPFK
A>Q>?>PBQEBLOV>KAA>Q>?>PB
>MMIF@>QFLKABPFDK>KAABSBILMJBKQ
(KM>OQF@RI>OILDF@>IABPFDK>KA
@LK@BMQR>IJLABIFKDMEVPF@>I
A>Q>?>PBABPFDKPQO>QBDFBPOBI>QFLK>I
A>Q>JLABI>KANRBOVI>KDR>DBP
NRBOVLMQFJFW>QFLKQO>KP>@QFLK
J>K>DBJBKQ>KAAFPQOF?RQBA
A>Q>?>PBP3VMF@>IIVQEBOB>OBE>KAP
LK>PPFDKJBKQP>KALO>@LROPB
MOLGB@Q2BIB@QBAQLMF@PCOLJQEB
@ROOBKQA>Q>?>PBOBPB>O@EIFQBO>QROB
J>V?BQLR@EBARMLK>PTBII
,?:ED
'C6C6BF:D:E6D
"2TLRIA?BEBIMCRI
*@>AFE6CC2A9:4D
3EFP@LROPBBU>JFKBPQVMF@>IDO>MEF@P
PVPQBJP?LQEE>OAT>OB>KA
PLCQT>OBABPFDKLCILTIBSBI
PLCQT>OBPRMMLOQCLOO>PQBOAFPMI>VP
#PROC>@B>KAPLIFAPJLABIFKD
EFAABKIFKB>KAEFAABKPROC>@B
>IDLOFQEJP>KAOB>IFPQF@FJ>DB
OBKABOFKDFK@IRAFKDPE>AFKD
PE>ALTFKDOBiB@QFLKOBCO>@QFLK>KA
PROC>@BQBUQROFKD
,?:ED
'C6C6BF:D:E6D
C>JFIF>OFQVTFQEA>Q>PQOR@QROBP>
OB@ROPFSBEFDEIBSBII>KDR>DB>KA
IFKB>O>IDB?O>"2TLRIA?B
EBIMCRI
 6/(">Q>ILD
*@>A:=6C@?DECF4E:@?
DBKBO>I>MMOL>@EQLQEBABPFDKLC
I>KDR>DBMOL@BPPLOPFPMOBPBKQBA
TFQELRQOBD>OACLOBFQEBOQEBPLRO@B
I>KDR>DBLOQ>ODBQJ>@EFKB II
ME>PBPLC@LJMFI>QFLK>KA
FKQBOMOBQ>QFLK>OBFKSBPQFD>QBAFK
LOABOQLDFSBQEBPQRABKQ>K
>MMOB@F>QFLKCLOQEBLSBO>II
@LKPQOR@QFLKLC>@LJMFIBO3VMF@>I
MOLGB@QPJ>VFK@IRABFJMIBJBKQ>QFLK
LC>PJ>II@LJMFIBOCLO>OB@ROPFSBLO
PMB@F>IMROMLPBI>KDR>DB
,?:ED
'C6C6BF:D:E6D
HKLTIBADBLCPBSBO>IEFDEBOIBSBI
I>KDR>DBP>KA>QIB>PQLKB>PPBJ?IV
I>KDR>DB3EBJ>QBOF>IFK"2FP
EBIMCRI
*:8:E2= >286
'C@46DD:?8
3EFP@LROPBMOBPBKQPCRKA>JBKQ>I
@LK@BMQPLCAFDFQ>IFJ>DBMOL@BPPFKD
>KA>KFKQOLAR@QFLKQLJ>@EFKB
SFPFLK(J>DBMOL@BPPFKDQLMF@PTFII
FK@IRABSFPR>IMBO@BMQFLKFJ>DB
CLOJ>QFLKFJ>DFKDDBLJBQOFBP
FJ>DBQO>KPCLOJQEBLOV>KA
>MMIF@>QFLKPBKE>K@BJBKQ
OBPQLO>QFLKBK@LAFKD>KA
@LJMOBPPFLK,>@EFKBSFPFLKQLMF@P
TFIIFK@IRABCB>QROBBUQO>@QFLK>KA
OBMOBPBKQ>QFLKPQBOBLSFPFLKJLABI
?>PBAOB@LDKFQFLKJLQFLK>KAFJ>DB
iLT>KAM>QQBOKOB@LDKFQFLK
2QRABKQPTFII?BOBNRFOBAQL@LJMIBQB
MOLDO>JJFKD>PPFDKJBKQPFK>EFDE
IBSBII>KDR>DB
,?:ED
'C6C6BF:D:E6D
TLOHFKDHKLTIBADBLC
RKABODO>AR>QBIBSBIPFDK>I>K>IVPFP
>KAIFKB>O>IDB?O>C>JFIF>OFQVTFQE
MOL?>?FIFQVQEBLOVFPEBIMCRI?RQKLQ
KB@BPP>OV
*F>2?@>AFE6C
?E6C24E:@?
3EFP@LROPBMOBM>OBPDO>AR>QB
PQRABKQPCLOOBPB>O@EFKERJ>K
@LJMRQBOFKQBO>@QFLK3LMF@PFK@IRAB
QEBABPFDK>KABS>IR>QFLKLC
FKQBO>@QFSB@LJMRQBOPVPQBJP?>PF@
MPV@ELILDF@>I@LKPFABO>QFLKPLC
FKQBO>@QFLKFKQBO>@QFSBI>KDR>DB
ABPFDKFKQBO>@QFSBE>OAT>OBABPFDK
>KAPMB@F>IFKMRQLRQMRQQB@EKFNRBP
2QRABKQP>OBBUMB@QBAQLMOBPBKQ>KA
OBSFBTOB@BKQOBPB>O@EOBPRIQPCOLJ
QEBIFQBO>QROB>KAQL@LJMIBQB
PBSBO>IMOLGB@QP
,?:ED
'C6C6BF:D:E6D
PQRABKQP>OBBUMB@QBAQLE>SB
J>QROBMOLDO>JJFKDPHFIIP
*KLTIBADBLCPLCQT>OBBKDFKBBOFKD
TLRIA?B>K>AS>KQ>DB
*"?@H=6586:D4@G6CJ2?5
2E2$:?:?8
3EFP@LROPBMOBPBKQP@ROOBKQOBPB>O@E
FK*KLTIBADB#FP@LSBOVFK#>Q>?>PBP
*##AB>IFKDTFQEA>Q>FKQBDO>QFLK
JFKFKD>KAFKQBOMOBQ>QFLKLC
M>QQBOKPFKI>ODB@LIIB@QFLKPLCA>Q>
3LMF@PFK@IRABA>Q>T>OBELRPFKD>KA
A>Q>MOBMOL@BPPFKDQB@EKFNRBPA>Q>
JFKFKDQB@EKFNRBPCLO@I>PPFh@>QFLK
OBDOBPPFLK@IRPQBOFKDABSF>QFLK
ABQB@QFLK>KA>PPL@F>QFLK>K>IVPFP
>KABS>IR>QFLKLCM>QQBOKPJFKABA
COLJA>Q>(KARPQOF>I>KAP@FBKQFh@
>MMIF@>QFLKP>OBAFP@RPPBA
,?:ED
)64@>>6?56524<8C@F?5
!>@HDOLRKAFK>OQFh@F>IFKQBIIFDBK@B
A>Q>?>PBP>KAPQ>QFPQF@P>QQEB
RKABODO>AR>QBIBSBILOMBOJFPPFLKLC
QEBFKPQOR@QLO/OLh@FBK@VFK>EFDE
IBSBIMOLDO>JJFKDI>KDR>DB
**@7EH2C6*64FC:EJ6D:8?
2?5?2=JD:D
2LCQT>OBFPOBPMLKPF?IBCLOBKCLO@FKD
J>KV@BKQO>IPB@ROFQVDL>IPFK
@LJMRQBOPVPQBJP3EBPBDL>IP
FK@IRAB>RQEBKQF@>QFKDRPBOP>KA
LQEBOBUQBOK>IMOFK@FM>IP>RQELOFWFKD
QEBFO>@QFLKP>KABKPROFKDQEB
FKQBDOFQV>KA@LKhABKQF>IFQVLCQEBFO
A>Q>3EFP@LROPBPQRAFBPELTQL
ABPFDKFJMIBJBKQ>KA>K>IVWB
JB@E>KFPJPQLBKCLO@BQEBPBDL>IPFK
?LQETB?PVPQBJP>KAMOLDO>JPFK
QO>AFQFLK>II>KDR>DBP3LMF@PFK@IRAB
FABKQFCVFKDMOLDO>JJFKD@ELF@BP
QE>QIB>AQLOBIF>?IBLOi>TBAPB@ROFQV
LRQ@LJBPPR@@BPPCRI>KA
RKPR@@BPPCRIPQO>QBDFBPCLO
FK@LOMLO>QFKD@OVMQLDO>MEVFKQL
PLCQT>OB>KA>K>IVPFPQB@EKFNRBP
QE>QFABKQFCVPB@ROFQVSRIKBO>?FIFQFBP
3EB@LROPBTFII@LSBO?LQEMO>@QF@>I
>KAQEBLOBQF@>I>PMB@QPLCPB@ROB
PLCQT>OB>KATFIIFK@IRAB>
PR?PQ>KQF>IPB@ROBPLCQT>OBABPFDK
MOLGB@Q
,?:ED
'C6C6BF:D:E6D
/OLDO>JJFKD>KAPLCQT>OB
BKDFKBBOFKDBUMBOFBK@B
@LJJBKPRO>QBTFQE>K
RKABODO>AR>QB"LJMRQBO2@FBK@B
J>GLO>KA?>@HDOLRKAFK
CLRKA>QFLK>IJLABIPLC@LJMRQFKD
PVPQBJPLKM>OTFQE"2LO"2

 6/(">Q>ILD
*@>AFE6C%6EH@C<
*64FC:EJ
3EFP@LROPB@LSBOP@LOBPB@ROFQV
QEOB>QP>KAJFQFD>QFLKP>QQEB
KBQTLOHIBSBI3LMF@PFK@IRABABKF>I
LCPBOSF@BKBQTLOH@>M>?FIFQFBP
FKQORPFLKABQB@QFLK>KAMOBSBKQFLK
PVPQBJPTLOJP?LQKBQP6B?
>QQ>@HP>KLKVJFQVELKBVMLQP
@V?BO@OFJBPR@E>PMEFPEFKD>KA
IBD>IFQV>KABQEF@P3EB@LROPB
MOBM>OBPPQRABKQPQLQEFKH?OL>AIV
>KA@LK@OBQBIV>?LRQKBQTLOH
PB@ROFQVFQFPKLQABPFDKBAQLQB>@E
PQRABKQPILTIBSBIQLLIPCLO
JLKFQLOFKDLOJ>FKQ>FKFKDPVPQBJ
PB@ROFQV PPFDKJBKQP>KAMOLGB@QP
TFII>PPBPPB>@EPQRABKQP>?FIFQVQL
QEFKH?LQE@LK@BMQR>IIV>KA
MO>@QF@>IIV>?LRQKBQTLOHPB@ROFQV
,?:ED
'C6C6BF:D:E6D
>PQOLKD?>@HDOLRKAFK@LJMRQBO
KBQTLOHFKD>KAPVPQBJPBFQEBO>QQEB
RKABODO>AR>QBLODO>AR>QBIBSBI>KA
JLABO>QBMOLDO>JJFKDBUMBOFBK@B
*5G2?465+@A:4D:?
+96@C6E:42=@>AFE6C*4:6?46
3EFP@LROPBE>P>KFKPQOR@QLO
ABMBKABKQPVII>?RP
,?:ED
*5G2?465+@A:4D:?
2E232D6*JDE6>D
3EFP@LROPB@LSBOPJLABOKA>Q>?>PB
>KAFKCLOJ>QFLKPVPQBJP>PTBII>P
OBPB>O@EFPPRBPFKQEBhBIA3LMF@P>KA
PVPQBJP@LSBOBAJ>VFK@IRABL?GB@Q
LOFBKQBATLOHiLT>@QFSBABAR@QFSB
PM>QF>IQBJMLO>I>KAJRIQFJBAF>
A>Q>?>PBP IPLAFP@RPPBATFII?B
OB@BKQ>AS>K@BPFKA>Q>?>PBPVPQBJP
PR@E>PA>Q>JFKFKDLKIFKB>K>IVQF@>I
MOL@BPPFKDA>Q>T>OBELRPFKD
AB@I>O>QFSB>KASFPR>INRBOV
I>KDR>DBPJRIQFJBAF>A>Q>?>PB
QLLIPTB?>KARKPQOR@QROBAA>Q>
PLRO@BP>KA@IFBKQPBOSBO>KA
EBQBOLDBKBLRPPVPQBJP3EBPMB@Fh@
PR?PBQLCQLMF@PCLO>DFSBK@LROPB
LfBOFKDFPPBIB@QBA?VQEBFKPQOR@QLO
1BPB>O@EM>MBOPCOLJOB@BKQGLROK>IP
>KA@LKCBOBK@BP>OBRPBA&OLRM
MOLGB@QOBNRFOBA
,?:ED
'C6C6BF:D:E6D
"2LOBNRFS>IBKQ$UMB@QBA
?>@HDOLRKAFK@IRABP>HKLTIBADBLC
OBI>QFLK>IA>Q>?>PBPVPQBJP
*5G2?465+@A:4D:?
*@7EH2C6?8:?66C:?8
3EFP@LROPBCL@RPBPLKQEBKLKABPFDK
>PMB@QPLCPLCQT>OBBKDFKBBOFKD
3LMF@PJ>VFK@IRABOBNRFOBJBKQP
PMB@Fh@>QFLKPLCQT>OBNR>IFQV
>PPRO>K@BPLCQT>OBMOLGB@Q
J>K>DBJBKQ>KAPLCQT>OB
J>FKQBK>K@B
,?:ED
'C6C6BF:D:E6D
"2
*
*5G2?465+@A:4D:?
@>AFE6C*64FC:EJ
3EFP@LROPBBU>JFKBPLKBLOJLOB
PBIB@QBA@ROOBKQFPPRBPFKQEB>OB>LC
@LJMRQBOPB@ROFQV2MB@Fh@QLMF@P
@LSBOBA>OBABMBKABKQLKQEB
FKPQOR@QLO/LQBKQF>IQLMF@PFK@IRAB
JLABIFKD>KA>K>IVWFKDPB@ROFQV
MOLQL@LIP>@@BPP@LKQOLIKBQTLOH
PB@ROFQV>KAERJ>K@BKQBOBA
PB@ROFQV
,?:ED
'C6C6BF:D:E6D
>DO>AR>QBIBSBIPB@ROFQV@LROPBLO
BNRFS>IBKQBUMBOFBK@B
*2D6*EF5:6D:?@>AFE6C
*64FC:EJ
3EFP@LROPBBU>JFKBPPB@ROFQV
@E>IIBKDBP>KAC>FIROBPELIFPQF@>IIV
Q>HFKDFKQL>@@LRKQQB@EKF@>I
@LK@BOKPERJ>K?BE>SFLO>KA
?RPFKBPPAB@FPFLKP4PFKD>PBOFBPLC
ABQ>FIBA@>PBPQRAFBPPQRABKQPTFII
BUMILOBQEBFKQBOMI>V>JLKDQEBPB
AFJBKPFLKPFK@OB>QFKDPB@ROB
@LJMRQFKDPVPQBJP>KA
FKCO>PQOR@QROB2QRABKQPTFII>IPL
>MMIVIBPPLKPCOLJQEB@>PBPQRAFBPQL
BJBODFKDPB@ROBPVPQBJPABPFDK
MOL?IBJP3EB@LROPBOBNRFOBP>@QFSB
M>OQF@FM>QFLKFK@I>PPAFP@RPPFLKP
MOBPBKQ>QFLKP>KATOFQFKD
>PPFDKJBKQP(QALBPKLQFKSLISB
MOLDO>JJFKD?RQ>PPRJBPQE>Q
PQRABKQPE>SBPR?PQ>KQF>IMOFLO
BUMBOFBK@BTFQEPB@ROFQVMOLQL@LIP
>QQ>@HP>KAJFQFD>QFLKP>QQEB
FJMIBJBKQ>QFLKIBSBI3EFP@LROPB
P>QFPhBPQEB?BE>SFLO>I@LJMLKBKQLC
QEB,2PMB@F>IFW>QFLKFK@LJMRQBO
PB@ROFQV
,?:ED
'C6C6BF:D:E6D
MOFLO@LROPBLOBNRFS>IBKQ
BUMBOFBK@BFKQB@EKF@>I>PMB@QPLC
@LJMRQBOPB@ROFQV>QBFQEBOQEB
PLCQT>OBLOPVPQBJPIBSBI
 6/(">Q>ILD
*2E2-:DF2=:K2E:@?
3EFP@LROPBBUMLPBPPQRABKQPQLQEB
hBIALCA>Q>SFPR>IFW>QFLKFBQEB
DO>MEF@>I@LJJRKF@>QFLKLCA>Q>>KA
FKCLOJ>QFLKCLOQEBMROMLPBPLC
MOBPBKQ>QFLK@LKhOJ>QFLK>KA
BUMILO>QFLK3EB@LROPBFKQOLAR@BP
QEBPQ>DBPLCQEBSFPR>IFW>QFLK
MFMBIFKB3EFPFK@IRABPA>Q>JLABIFKD
J>MMFKDA>Q>>QQOF?RQBPQLDO>MEF@>I
>QQOF?RQBPSFPR>IAFPMI>VQB@EKFNRBP
QLLIPM>O>AFDJP>KAMBO@BMQR>I
FPPRBP2QRABKQPIB>OKQLBS>IR>QBQEB
BfB@QFSBKBPPLCSFPR>IFW>QFLKPCLO
PMB@Fh@A>Q>Q>PH>KARPBOQVMBP
2QRABKQPFJMIBJBKQSFPR>IFW>QFLK
>IDLOFQEJP>KARKABOQ>HBMOLGB@QP
FKSLISFKDQEBRPBLC@LJJBO@F>I>KA
MR?IF@ALJ>FKSFPR>IFW>QFLKQLLIP
2QRABKQP>IPLOB>AM>MBOPCOLJQEB
@ROOBKQSFPR>IFW>QFLKIFQBO>QROB>KAAL
@I>PPOLLJMOBPBKQ>QFLKP
,?:ED
'C6C6BF:D:E6D
>DO>AR>QBLORKABODO>AR>QB@LROPB
FK@LJMRQBODO>MEF@P
*5G2?465
@>AFE6C2?5@>>F?:42E:@?D
%6EH@C<D
3EFP@LROPB@LSBOP>AS>K@BAQLMF@PFK
QEBQEBLOVABPFDK>KAMBOCLOJ>K@B
LC@LJMRQBO>KA@LJJRKF@>QFLKP
KBQTLOHP3LMF@PTFII?BPBIB@QBA
COLJPR@E>OB>P>PIL@>I>OB>
KBQTLOHPJBQOLMLIFQ>K>OB>
KBQTLOHPTFAB>OB>KBQTLOHP
NRBRBFKDJLABIPLCKBQTLOHP
OLRQFKDiLT@LKQOLIKBT
QB@EKLILDFBP>KAMOLQL@LIPQ>KA>OAP
3EB@ROOBKQIFQBO>QROBTFII?BRPBAQL
PQRAVKBTKBQTLOHP@LK@BMQP>KA
BJBODFKDQB@EKLILDFBP
,?:ED
'C6C6BF:D:E6D
"2$"$>KABFQEBO"2LO
$"$
*CJAE@8C2A9J2?5
2E2*64FC:EJ
2BB$"$@LROPBABP@OFMQFLK
,?:ED
*:@G:DF2=:K2E:@?
3EFP@LROPBRPBPFKQBO>@QFSB
SFPR>IFW>QFLKQLBUMILOB>KA>K>IVWB
A>Q>PQOR@QROBP>KAMOL@BPPBP3LMF@P
FK@IRABQEBCRKA>JBKQ>IMOFK@FMIBP
@LK@BMQP>KAQB@EKFNRBPLC
SFPR>IFW>QFLK>KAELTSFPR>IFW>QFLK
@>K?BRPBAQL>K>IVWB>KA
@LJJRKF@>QBA>Q>FKALJ>FKPPR@E
>P?FLILDV2QRABKQPTFII?BBUMB@QBA
QLABPFDK>KAFJMIBJBKQ
SFPR>IFW>QFLKPQLBUMBOFJBKQTFQE
AFfBOBKQSFPR>IJ>MMFKDP>KAA>Q>
QVMBP>KATFII@LJMIBQB>OBPB>O@E
LOFBKQBAMOLGB@Q
,?:ED
'C6C6BF:D:E6D
BUMBOFBK@BTFQEMOLDO>JJFKD
BPMB@F>IIV)>S>2@OFMQA>Q>?>PBP
>KAA>Q>PQOR@QROBP2QRABKQPJ>V
KLQOB@BFSB@OBAFQCLO?LQE"2>KA
"2
*:@=@8:42=2?5
:@>65:42=2E232D6$:?:?8
3EFP@LROPBTFIIFKSBPQFD>QB
@LJMRQ>QFLK>IQB@EKFNRBPCLO
AFP@LSBOFKDM>QQBOKPFK>KA>@OLPP
@LJMIBU?FLILDF@>I>KA?FLJBAF@>I
PLRO@BPFK@IRAFKDDBKLJF@>KA
MOLQBLJF@A>Q>?>PBP@IFKF@>I
A>Q>?>PBPAFDFQ>IIF?O>OFBPLCP@FBKQFh@
>OQF@IBP>KALKQLILDFBP3B@EKFNRBP
@LSBOBATFII?BAO>TKCOLJPBSBO>I
>OB>PFK@IRAFKDPBNRBK@BJFKFKD
PQ>QFPQF@>IK>QRO>II>KDR>DB
MOL@BPPFKD>KAQBUQJFKFKD>KAA>Q>
JFKFKD
,?:ED
'C6C6BF:D:E6D
PQOLKDMOLDO>JJFKDPHFIIP>K
RKABODO>AR>QBLODO>AR>QB@LROPBFK
>IDLOFQEJP>KRKABODO>AR>QB@LROPB
FKPQ>QFPQF@P>KALKBLOJLOB
RKABODO>AR>QB?FLILDV@LROPBP
2QRABKQPJ>VKLQOB@BFSB@OBAFQCLO
?LQE"2>KA"2
*=8@C:E9>D6D:8?2?5
?2=JD:D
3EFP@LSBOPQEBP>JBJ>QBOF>I>P
"2QELRDE>Q>JLOB>AS>K@BA
IBSBI P?>@HDOLRKAPQRABKQP
PELRIAE>SBBUMBOFBK@BTOFQFKD
MOLDO>JPFK>OB@ROPFSBEFDEIBSBI
I>KDR>DB>KAPELRIAE>SBQEB
?>@HDOLRKAFKJ>QEBJ>QF@PQE>Q
@LRIA?BBUMB@QBACOLJ>!2FK
"LJMRQBO2@FBK@B
,?:ED
**:82E2
$2?286>6?E
!FD#>Q>,>K>DBJBKQAB>IPTFQE
BJBODFKD>MMIF@>QFLKPFKP@FBK@B>KA
BKDFKBBOFKDAFP@FMIFKBPQE>QDBKBO>QB
>KA@LIIB@QA>Q>>QRKMOB@BABKQBA
PMBBAP@>IB>KA@LJMIBUFQVQE>Q
KBBAQL?BJ>K>DBA>KA>K>IVWBA
Bg@FBKQIV3EFP@LROPBFKQOLAR@BPQEB
I>QBPQQB@EKFNRBP>KAFKCO>PQOR@QROBP
ABSBILMBACLO?FDA>Q>J>K>DBJBKQ
FK@IRAFKDM>O>IIBI>KAAFPQOF?RQBA
A>Q>?>PBPVPQBJPJ>MOBAR@B
FKCO>PQOR@QROBPP@>I>?IBMI>QCLOJPCLO
@LJMIBUA>Q>QVMBPPQOB>J
MOL@BPPFKDPVPQBJP>KA@ILRA?>PBA
@LJMRQFKD0RBOVMOL@BPPFKD
LMQFJFW>QFLK>@@BPPJBQELAP
PQLO>DBI>VLRQP>KABKBODV
J>K>DBJBKQQB@EKFNRBPABSBILMBA
LKQEBPBFKCO>PQOR@QROBPTFII?B
@LSBOBA2QRABKQP>OBBUMB@QBAQL
BKD>DBFKE>KAPLKMOLGB@QPRPFKD
LKBLOJLOBLCQEBPBQB@EKLILDFBP
,?:ED
'C6C6BF:D:E6D
?BDFKKFKD@LROPBFKA>Q>?>PBP>Q
QEBIBSBILC"2LOBNRFS>IBKQ
HKLTIBADB>KAMOLDO>JJFKD
BUMBOFBK@B
 6/(">Q>ILD
**:82E2?2=JE:4D
!FD#>Q> K>IVQF@P>AAOBPPBPQEB
L?PQ>@IBQE>QFKKLS>QFLK>KA
AFP@LSBOFBP>OBKLILKDBOEFKABOBA?V
QEB>?FIFQVQL@LIIB@QA>Q>?RQ?VQEB
>?FIFQVQLPRJJ>OFWB>K>IVWB>KA
AFP@LSBOHKLTIBADBCOLJQEB
@LIIB@QBAA>Q>FK>P@>I>?IBC>PEFLK
3EFP@LROPB@LSBOP@LJMRQ>QFLK>I
QB@EKFNRBP>KA>IDLOFQEJPCLO
>K>IVWFKD>KAJFKFKDM>QQBOKPFK
I>ODBP@>IBA>Q>PBQP3B@EKFNRBP
PQRAFBA>AAOBPPA>Q>>K>IVPFPFPPRBP
OBI>QBAQLA>Q>SLIRJBP@>I>?IB>KA
AFPQOF?RQBA>K>IVPFPA>Q>SBIL@FQV
EFDEPMBBAA>Q>PQOB>JPA>Q>
S>OFBQV@LJMIBUEBQBOLDBKBLRPLO
RKPQOR@QROBAA>Q>>KAA>Q>SBO>@FQV
A>Q>RK@BOQ>FKQV3B@EKFNRBP
FK@IRABJFKFKD>KAJ>@EFKBIB>OKFKD
QB@EKFNRBPCLO@LJMIBUA>Q>QVMBP
>KAP@>IBRM>KAP@>IBLRQPQO>QBDFBP
QE>QIBSBO>DB?FDA>Q>FKCO>PQOR@QROBP
1B>ITLOIA>MMIF@>QFLKPRPFKDQEBPB
QB@EKFNRBPCLOFKPQ>K@BPL@F>IJBAF>
>K>IVPFP>KAP@FBKQFh@A>Q>JFKFKD
>OBPBIB@QFSBIVAFP@RPPBA2QRABKQP
>OBBUMB@QBAQLBKD>DBFKE>KAPLK
MOLGB@QPRPFKDLKBLOJLOBLCQEBPB
QB@EKLILDFBP
,?:ED
'C6C6BF:D:E6D
?BDFKKFKD@LROPBFKA>Q>?>PBP>KA
>?BDFKKFKD@LROPBFKA>Q>JFKFKDLO
BNRFS>IBKQHKLTIBADB>KA
MOLDO>JJFKDBUMBOFBK@B
*J36C*64FC:EJ
2ADE@?6IA6C:6?46
3LOBAR@B@V?BOPB@ROFQVQEBLOVQL
MO>@QF@BQEB@>MPQLKBMOLGB@QE>P
PQRABKQP>MMIVPB@ROFQV@LK@BMQPQL
OB>ITLOIAMOL?IBJP3EB@>MPQLKB
OBMOBPBKQP>PR?PQ>KQF>IBS>IR>QFLKLC
QEBPQRABKQP@V?BOPB@ROFQV
BUMBOFBK@B2QRABKQP>OBBK@LRO>DBA
QLPBIB@QMOLGB@QPTFQEMO>@QF@>I
BUMBOFBK@BOBIBS>KQQLQEBFO@>OBBO
DL>IP>KAMBOPLK>IABSBILMJBKQ(K
QEB@>MPQLKBPQRABKQPTFIIMOLMLPB>
MOLGB@QFAB>FKTOFQFKDTFQE@LK@OBQB
JFIBPQLKBPOB@BFSBCBBA?>@H>KA
MROPRBQEBMOLMLP>IL?GB@QFSBP2FK@B
@V?BOPB@ROFQVFP>@LII>?LO>QFSB
AFP@FMIFKBPQRABKQP>OBBK@LRO>DBA
QLTLOHFKQB>JP
3EFP@LROPBFP>ABDOBBOBNRFOBJBKQ
CLOQEB/OLCBPPFLK>I,>PQBOPFK"V?BO
2B@ROFQV/,2$">KAJ>VKLQ?B
Q>HBK?BCLOB@LJMIBQFLKLC@OBAFQP
FKQEBMOLDO>J&FSBKFQPM>OQF@RI>O
OLIBQEFP@LROPBJ>VKLQ?BRPBAQL
P>QFPCVABDOBBOBNRFOBJBKQPCLO>!2
,2LO/E#ABDOBBFK"LJMRQBO
2@FBK@BLO>JFKLOFK"LJMRQBO
2@FBK@B2QRABKQPLRQPFABQEB/,2$"
MOLDO>JJRPQDBQQEBFKPQOR@QLOP
>MMOLS>I?BCLOBQ>HFKDQEFP@LROPBCLO
@OBAFQ
,?:ED
*@>AFE6C*4:6?46
2ADE@?6IA6C:6?46
3EB@>MPQLKBOBMOBPBKQP>PR?PQ>KQF>I
BS>IR>QFLKLCQEBPQRABKQP@LJMRQBO
P@FBK@BBUMBOFBK@B2QRABKQP>OB
BK@LRO>DBAQLPBIB@QMOLGB@QPTFQE
MO>@QF@>IBUMBOFBK@BOBIBS>KQQLQEBFO
@>OBBODL>IP>KAMBOPLK>I
ABSBILMJBKQ(KQEB@>MPQLKB
PQRABKQPTFIIMOLMLPB>MOLGB@QFAB>
FKTOFQFKDTFQE@LK@OBQBJFIBPQLKBP
OB@BFSBCBBA?>@H>KAMROPRBQEB
MOLMLP>IL?GB@QFSBP2QRABKQP>OB
BK@LRO>DBAQLTLOHFKQB>JP
3EFP@LROPBFP>ABDOBBOBNRFOBJBKQ
CLOQEB,>PQBOLC"LJMRQBO2@FBK@B
,"2>KAJ>VKLQ?BQ>HBK?BCLOB
@LJMIBQFLKLC@OBAFQPFKQEB
MOLDO>J&FSBKFQPM>OQF@RI>OOLIBQEFP
@LROPBJ>VKLQ?BRPBAQLP>QFPCV
ABDOBBOBNRFOBJBKQPCLO>!2,2LO
/E#ABDOBBFK"LJMRQBO2@FBK@BLO>
JFKLOFK"LJMRQBO2@FBK@B(QJ>V
KLQ?BQ>HBK?VPQRABKQPFKLQEBO
ABDOBBMOLDO>JP
,?:ED
*:C64E65)6D62C49
,?:ED
*$2DE6CLD+96D:D
,?:ED
 6/(">Q>ILD
*5G2?465
CJAE@8C2A9J
3EFP@LROPBMOLSFABPABBMBOFKPFDEQ
FKQL>OB>PLC@OVMQLDO>MEVTEF@E>OB
LCDOB>QMO>@QF@>I>KAQEBLOBQF@>I
FJMLOQ>K@B3EBQEOBB>OB>PQOB>QBA
>OBABQ>FIBA>K>IVPFP>KAQEB
FJMIBJBKQ>QFLKLC@OVMQL>IDLOFQEJP
>AS>K@BAMOLQL@LIP>KAJLABOK
>QQ>@HP>D>FKPQ@OVMQLDO>MEF@
P@EBJBP3EBhOPQM>OQLCQEBIB@QROB
CL@RPBPLKMR?IF@HBV>IDLOFQEJPFK
M>OQF@RI>O$I&>J>IBIIFMQF@@ROSBP>KA
#FgB'BIIJ>KHBVBU@E>KDB3EB
RKABOIVFKDQEBLOVLC&>ILFPhBIAPTFII
?BFKQOLAR@BA(JMIBJBKQ>QFLKLC
MBOCLOJ>K@BPB@ROFQV>PMB@QPLCQEB
>IDLOFQEJPTFII?BILLHBA>Q3EB
PB@LKAM>OQLCQEB@LROPBAB>IPTFQE
>AS>K@BAMOLQL@LIP-BTP@EBJBP
CLO>RQEBKQF@>QFLKFABKQFh@>QFLK>KA
WBOLHKLTIBADBMOLLCTFII?B
FKQOLAR@BA2LJB@LJMIBUMOLQL@LIP
CLOOB>ITLOIA>MMIF@>QFLK`PR@E>P
HBVAFPQOF?RQFLKFKKBQTLOHP>KACLO
PJ>OQ@>OAP`TFII?BFKQOLAR@BA>KA
>K>IVWBA3EBQEFOAM>OQTFIIILLHFKQL
PQ>QBLCQEB>OQ@OVMQL>K>IVPFPFB
T>VPQL?OB>H@OVMQLPVPQBJP!ORQB
CLO@B>QQ>@HP?>PBALKPMB@F>I
MROMLPBJ>@EFKBPQEB?>?VPQBM
DF>KQPQBM>KAQEB/LEIFD'BIIJ>K
>IDLOFQEJPTFII?BAFP@RPPBA
,?:ED
'C6C6BF:D:E6D
"2$"$LOBNRFS>IBKQ
?>@HDOLRKA
*'9:DD6CE2E:@?
,?:ED
*@F?52E:@?D@7@>AFE6C
*4:6?462? ?EC@5F4E:@?
3EFPFPQEBPQRAVLCJ>QEBJ>QF@>I
CLRKA>QFLKPLC@LJMRQFKD>Q>
PILTBOM>@BQE>KQE>QLC"2>KA
TFQE@LOOBPMLKAFKDIVCBTBO
?>@HDOLRKA>PPRJMQFLKP3LMF@P
FK@IRABhKFQB>RQLJ>Q>>KAOBDRI>O
I>KDR>DBPMRPEALTK>RQLJ>Q>>KA
@LKQBUQCOBBI>KDR>DBP3ROFKD
J>@EFKBP>KAAB@FA>?FIFQV>KA>K
FKQOLAR@QFLKQL@LJMRQ>QFLK>I
@LJMIBUFQV
,?:ED
'C6C6BF:D:E6D
>KRKABODO>AR>QB@LROPBFKAFP@OBQB
J>QEBJ>QF@P
* ?EC@5F4E:@?E@
AA=:42E:@?D@7@>AFE6C*4:6?46
H:E92E2*ECF4EFC6D2?5
=8@C:E9>D
3EFPFP>KFKQOLAR@QLOVDO>AR>QB
@LROPBQB>@EFKD@LOB@LJMRQBO
P@FBK@BQLMF@PQVMF@>IIVCLRKAFK>K
RKABODO>AR>QB"LJMRQBO2@FBK@B
@ROOF@RIRJ?RQ>Q>DO>AR>QBIBSBI
M>@B(QFPMOFJ>OFIVFKQBKABACLO
PQRABKQPTFQEIFQQIBCLOJ>I
MOBM>O>QFLKFK"LJMRQBO2@FBK@BQL
D>FKBUMBOFBK@BTFQECRKA>JBKQ>I
"LJMRQBO2@FBK@BQLMF@P CQBO>
OBSFBTLCMOLDO>JJFKD@LK@BMQPQEB
CL@RPLCQEB@LROPBTFII?BLKA>Q>
PQOR@QROBPCOLJQEBMLFKQLCSFBTLC
QEBLMBO>QFLKPMBOCLOJBARMLKQEB
A>Q>>KAQL>MMIV>K>IVPFP>KAABPFDK
QB@EKFNRBPQLKLKKRJBOF@
>IDLOFQEJPQE>Q>@QLKA>Q>
PQOR@QROBP3EBA>Q>PQOR@QROBP
@LSBOBAFK@IRABIFPQPPQ>@HPNRBRBP
QOBBP>KADO>MEP/OLGB@QPTFIICL@RP
LKQEBTOFQFKDLCMOLDO>JPQL
>MMOLMOF>QBIVFKQBDO>QBA>Q>
PQOR@QROBP>KA>IDLOFQEJPCLO>
S>OFBQVLC>MMIF@>QFLKP3EFP@LROPB
J>VKLQ?BRPBAQLP>QFPCVABDOBB
OBNRFOBJBKQPCLO>!2,2LO/E#
ABDOBBFK"LJMRQBO2@FBK@BLO>
JFKLOFK"LJMRQBO2@FBK@B(QJ>V
P>QFPCVQEBOBNRFOBJBKQPCLOLQEBO
ABDOBBMOLDO>JP>QQEBAFP@OBQFLKLC
QEBMOLDO>JOBSFBT@LJJFQQBBCLO
QEBM>OQF@RI>OABDOBB
,?:ED
'C6C6BF:D:E6D
$UMBOFBK@BTFQE>QIB>PQLKBEFDE
IBSBIMOLDO>JJFKDI>KDR>DBPR@E>P
L?Q>FKBAFK>KRKABODO>AR>QB
MOLDO>JJFKD@LROPB
 6/(">Q>ILD
* ?EC@5F4E:@?E@*JDE6>D
2?5%6EH@C<'C@8C2>>:?8
3EFP@LROPBFPCL@RPBALKPFDKFh@>KQ
MOLDO>JJFKDMOLGB@QP>KAMOLSFABP
>KLSBOSFBTLCQEBMOFK@FMIBPLC
@LJMRQBOKBQTLOHP>KA>DBKBO>I
MROMLPBLMBO>QFKDPVPQBJ3EB
@LROPBMOLSFABPQEBPQRABKQTFQE>K
RKABOPQ>KAFKDLCQEB?>PF@
@LJMLKBKQPLC>KLMBO>QFKDPVPQBJ
FK@IRAFKDMOL@BPPBPPVK@EOLKFW>QFLK
>KAJBJLOVJ>K>DBJBKQ3EB
@LROPBBUMLPBPPQRABKQPQLQEB
(KQBOKBQMOLQL@LIPRFQBKBQTLOHFKD
I>VBOPTEFIBMOLSFAFKD>K
FKQOLAR@QFLKFKQLQLMF@PPR@E>P
TFOBIBPPKBQTLOHFKD>KA(KQBOKBQ
QO>g@@LKPFABO>QFLKP3EBL?GB@QFSBFP
QLCL@RPLK>KRKABOPQ>KAFKDLC
CRKA>JBKQ>I@LK@BMQPLCLMBO>QFKD
PVPQBJP>KA@LJMRQBOKBQTLOH
>O@EFQB@QROBCOLJ>ABPFDK>KA
MBOCLOJ>K@BMBOPMB@QFSB
2QRABKQPTFII?BBUMB@QBAQLABPFDK
>KAFJMIBJBKQ>S>OFBQVLC
MOLDO>JJFKDMOLGB@QPQLD>FK>K
>MMOB@F>QFLKLCQEBABPFDKLC
LMBO>QFKDPVPQBJP>KAKBQTLOH
QB@EKLILDFBP3EFP@LROPBJ>VKLQ?B
RPBAQLP>QFPCVABDOBBOBNRFOBJBKQP
CLO>!2,2LO/E#ABDOBBFK
"LJMRQBO2@FBK@BLO>JFKLOFK
"LJMRQBO2@FBK@B(QJ>VP>QFPCVQEB
OBNRFOBJBKQPCLOLQEBOABDOBB
MOLDO>JP>QQEBAFP@OBQFLKLCQEB
MOLDO>JOBSFBT@LJJFQQBBCLOQEB
M>OQF@RI>OABDOBB
,?:ED
'C6C6BF:D:E6D
$UMBOFBK@BTFQE>QIB>PQLKBEFDE
IBSBIMOLDO>JJFKDI>KDR>DBPR@E>P
L?Q>FKBAFK"2
* ?EC@5F4E:@?E@
=8@C:E9>D6D:8?2?5?2=JD:D
3EFP@LROPBFP>KFKQOLAR@QFLKQLQEB
ABPFDK>K>IVPFP>KAMOLLCPLC
@LOOB@QKBPPLC>IDLOFQEJP$U>JMIBP
>OBAO>TKCOLJ>IDLOFQEJPCLOJ>KV
>OB>P K>IVPFPQB@EKFNRBPFK@IRAB
>PVJMQLQF@TLOPQ@>PB>KA>SBO>DB
@>PB>PTBII>P>JLOQFWBA>K>IVPFP
SBO>DB@>PB>K>IVPFPFK@IRABPQEB
ABSBILMJBKQLC>MOL?>?FIFQVJLABI
3B@EKFNRBPCLOMOLSFKDILTBO?LRKAP
LK@LJMIBUFQV>OBAFP@RPPBA>ILKD
TFQE-/@LJMIBQBKBPP-LQB
PQRABKQPTFQE>PQOLKD?>@HDOLRKAFK
ABPFDK>KA>K>IVPFPLC@LJMRQBO
PVPQBJP>QQEBIBSBIBNR>IQL>!2FK
@LJMRQBOP@FBK@BPELRIAKLQQ>HB"2
>KAPELRIA@LKPFABOQ>HFKD"2
LO"2
,?:ED
'C6C6BF:D:E6D
>KRKABODO>AR>QBHKLTIBADBLC
AFP@OBQBJ>QEBJ>QF@P>KAA>Q>
PQOR@QROBP
**66A#62C?:?8
3EFP@LROPBTFIILfBO>J>QEBJ>QF@>I
>KAMO>@QF@>IMBOPMB@QFSBLK>OQFh@F>I
KBRO>IKBQTLOHPCLOJ>@EFKB
IB>OKFKD2QRABKQPTFIIIB>OK>?LRQ
QEBJLPQMOLJFKBKQKBQTLOH
>O@EFQB@QROBPFK@IRAFKDJRIQFI>VBO
CBBACLOT>OAKBRO>IKBQTLOHP
@LKSLIRQFLK>IKBRO>IKBQTLOHP
"--P>RQLBK@LABOPOB@ROOBKQ
KBRO>IKBQTLOHP1--P>KA
DBKBO>QFSB>ASBOP>OF>IKBQTLOHP
& -P3EFP@LROPBTFII>IPLQB>@E
PQRABKQPLMQFJFW>QFLK>KA
OBDRI>OFW>QFLKQB@EKFNRBPRPBAQL
QO>FKQEBJ`PR@E>P?>@H
MOLM>D>QFLKPQL@E>PQF@DO>AFBKQ
ABP@BKQAOLMLRQMLLIFKD>KA?>Q@E
KLOJ>IFW>QFLK"LKKB@QFLKPQLOBI>QBA
J>@EFKBIB>OKFKDQB@EKFNRBP>KA
>IDLOFQEJPPR@E>PMOL?>?FIFPQF@
DO>MEF@>IJLABIPTFII?BBUMILOBA(K
>AAFQFLKQLRKABOPQ>KAFKDQEB
J>QEBJ>QF@P?BEFKAABBMIB>OKFKD
PQRABKQPTFII>IPLBKD>DBFKE>KAP
LK@LROPBMOLGB@QP2QRABKQPTFIIE>SB
QEBLMMLOQRKFQVQLQO>FKKBRO>I
KBQTLOHPCLO>TFABO>KDBLC
>MMIF@>QFLKPPR@E>PL?GB@Q
ABQB@QFLKC>@F>IBUMOBPPFLK
OB@LDKFQFLKE>KATOFQFKD>K>IVPFP
>KAK>QRO>II>KDR>DBMOL@BPPFKD
,?:ED
'C6C6BF:D:E6D
,>@EFKB+B>OKFKD"2>KA
HKLTIBADBLC+FKB>O IDB?O>PR@E>P
, >KA IDLOFQEJPPR@E>P"2

 6/(">Q>ILD
** ?7@C>2E:@?)6EC:6G2=
3EFP@LROPBFKQOLAR@BPQEBQEBLOV
ABPFDK>KAFJMIBJBKQ>QFLKLCQBUQ
?>PBA>KA6B??>PBAFKCLOJ>QFLK
OBQOFBS>IPVPQBJP2QRABKQPIB>OKQEB
HBV@LK@BMQP>KAJLABIPOBIBS>KQQL
FKCLOJ>QFLKOBQOFBS>I>KAK>QRO>I
I>KDR>DBMOL@BPPFKDLKI>ODBP@>IB
@LOMRPPR@E>PQEB6B?>KAPL@F>I
PVPQBJP3LMF@PFK@IRABSB@QLOPM>@B
JLABI@O>TIFKDFKABUFKDTB?
PB>O@EO>KHFKDOB@LJJBKABO
PVPQBJPBJ?BAAFKD>KAI>KDR>DB
JLABI
,?:ED
'C6C6BF:D:E6D
PQ>QFPQF@>IIB>OKFKD>QQEBIBSBILC#2
, >KAMOLDO>JJFKDPHFIIP
>QQEBIBSBILC"2
*:89'6C7@C>2?46
%6EH@C<D
3EFP@LROPBFP>KFKABMQEPQRAVLC
QEBQEBLOVABPFDK>KAMBOCLOJ>K@B
LCEFDEPMBBAKBQTLOHP3LMF@P
FK@IRABPMB@Fh@EFDEMBOCLOJ>K@B
KBQTLOH>O@EFQB@QROBP>KAMOLQL@LIP
>KABJBODFKDQB@EKLILDFBPFK@IRAFKD
JRIQFJBAF>KBQTLOHP>KANR>IFQVLC
PBOSF@BFPPRBP3LMF@P>PPL@F>QBATFQE
FKQBO@LKKB@QFKDKBQTLOHPPR@E>P
?OFADBP>KAOLRQBOPTFII>IPL?B
AFP@RPPBA/BOCLOJ>K@B>K>IVPFPLC
KBQTLOHPTFIIFK@IRAB?>PF@NRBRBFKD
JLABIP
,?:ED
'C6C6BF:D:E6D
$"$"2
*J36C*64FC:EJ
2ADE@?6IA6C:6?46
3LOBAR@B@V?BOPB@ROFQVQEBLOVQL
MO>@QF@BQEB@>MPQLKBMOLGB@QE>P
PQRABKQP>MMIVPB@ROFQV@LK@BMQPQL
OB>ITLOIAMOL?IBJP3EB@>MPQLKB
OBMOBPBKQP>PR?PQ>KQF>IBS>IR>QFLKLC
QEBPQRABKQP@V?BOPB@ROFQV
BUMBOFBK@B2QRABKQP>OBBK@LRO>DBA
QLPBIB@QMOLGB@QPTFQEMO>@QF@>I
BUMBOFBK@BOBIBS>KQQLQEBFO@>OBBO
DL>IP>KAMBOPLK>IABSBILMJBKQ(K
QEB@>MPQLKBPQRABKQPTFIIMOLMLPB>
MOLGB@QFAB>FKTOFQFKDTFQE@LK@OBQB
JFIBPQLKBPOB@BFSBCBBA?>@H>KA
MROPRBQEBMOLMLP>IL?GB@QFSBP2FK@B
@V?BOPB@ROFQVFP>@LII>?LO>QFSB
AFP@FMIFKBPQRABKQP>OBBK@LRO>DBA
QLTLOHFKQB>JP
3EFP@LROPBFP>ABDOBBOBNRFOBJBKQ
CLOQEB/OLCBPPFLK>I,>PQBOPFK"V?BO
2B@ROFQV/,2$">KAJ>VKLQ?B
Q>HBK?BCLOB@LJMIBQFLKLC@OBAFQP
FKQEBMOLDO>J&FSBKFQPM>OQF@RI>O
OLIBQEFP@LROPBJ>VKLQ?BRPBAQL
P>QFPCVABDOBBOBNRFOBJBKQPCLO>!2
,2LO/E#ABDOBBFK"LJMRQBO
2@FBK@BLO>JFKLOFK"LJMRQBO
2@FBK@B2QRABKQPLRQPFABQEB/,2$"
MOLDO>JJRPQDBQQEBFKPQOR@QLOP
>MMOLS>I?BCLOBQ>HFKDQEFP@LROPBCLO
@OBAFQ
,?:ED
)*@>AFE6C-:D:@?
3EFP@LROPBBU>JFKBP@ROOBKQFPPRBP
FKQEB@LJMRQBOFJMIBJBKQ>QFLKLC
SFPR>IMBO@BMQFLK3LMF@PFK@IRAB
FJ>DBCLOJ>QFLKBADBABQB@QFLK
PBDJBKQ>QFLKPE>MBCOLJPE>AFKD
JLQFLKPQBOBLQBUQROB>K>IVPFP
M>QQBOK@I>PPFh@>QFLK>KAL?GB@Q
OB@LDKFQFLK6BTFIIAFP@RPPS>OFLRP
OBMOBPBKQ>QFLKPCLOSFPR>I
FKCLOJ>QFLKFK@IRAFKDPHBQ@EBP>KA
FKQOFKPF@FJ>DBP
,?:ED
'C6C6BF:D:E6D
"2"2"2LOQEB
BNRFS>IBKQLCLKBLCQEBPB@LROPBP
*$*,D6C$@56=:?8
4PBOJLABIFKDFP>@OLPPAFP@FMIFK>OV
OBPB>O@EhBIAQE>Q>QQBJMQPQL
@LKPQOR@QJLABIPLCERJ>K?BE>SFLO
TFQEFK>PMB@Fh@@LJMRQBO
BKSFOLKJBKQ"LKQO>OVQLQO>AFQFLK>I
>OQFh@F>IFKQBIIFDBK@BOBPB>O@EQEB
DL>IFPKLQQLFJFQ>QBERJ>K?BE>SFLO
>PPR@E?RQQLJ>HBQEBJ>@EFKB
>?IBQLRKABOPQ>KAQEBBUMB@Q>QFLKP
DL>IPHKLTIBADBFKCLOJ>QFLKKBBAP
>KAABPFOBPLC>RPBOFKQBOJPLC>
PMB@Fh@@LJMRQFKDBKSFOLKJBKQ3EB
@LJMRQBOOBMOBPBKQ>QFLKLCQEFP
FKCLOJ>QFLK>?LRQ>RPBOFP@>IIBA>
RPBOJLABI>KAPVPQBJPQE>Q
@LKPQOR@Q>KARQFIFWBPR@EJLABIP>OB
@>IIBARPBOJLABIFKDPVPQBJP 
PFJMIBBU>JMIBLC>RPBOJLABI
TLRIA?B>KB@LJJBO@BPFQBTEF@E
J>HBPRPBLCQEBRPBOP>KAPFJFI>O
RPBOPMRO@E>PFKD>KA?OLTPFKD
?BE>SFLOFKLOABOQL?BQQBO
RKABOPQ>KAQEBRPBOPMOBCBOBK@BP(K
QEFP@I>PPQEBCL@RPFPLKL?Q>FKFKD>
DBKBO>IRKABOPQ>KAFKDLCRPBO
JLABIFKD>KA>KRKABOPQ>KAFKDLC
ELTQL>MMIVRPBOJLABIFKD
QB@EKFNRBP2QRABKQPTFIIOB>A
PBJFK>IM>MBOPFKQEBRPBOJLABIFKD
IFQBO>QROB>PTBII>P@LJMIBQB>
@LROPBMOLGB@QTEBOBPQRABKQP?RFIA>
PVPQBJQE>QBUMIF@FQIVJLABIPQEB
RPBO
,?:ED
'C6C6BF:D:E6D
*KLTIBADBLCMOL?>?FIFQV
 6/(">Q>ILD
*$*C2A9:42=$@56=D7@C
)62D@?:?8,?56C,?46CE2:?EJ
3EFP@LROPBTFIIFKQOLAR@BPQRABKQPQL
DO>MEF@>IJLABIPPR@E>P!>VBPF>K
KBQTLOHP'FAABK,>OHLS,LABIP
*>IJ>KhIQBOPM>OQF@IBhIQBOP>KA
PQOR@QRO>IBNR>QFLKJLABIP&O>MEF@>I
JLABIP>OB>MMIF@>?IBFK>TFAB
S>OFBQVLCTLOHFK@LJMRQBOP@FBK@B
CLOOB>PLKFKDRKABORK@BOQ>FKQVPR@E
>PRPBOJLABIFKDPMBB@E
OB@LDKFQFLK@LJMRQBOSFPFLKL?GB@Q
QO>@HFKD>KAABQBOJFKFKD>OL?LQP
IL@>QFLK3EFP@LROPBTFII@LSBO
RPFKDA>Q>QLBPQFJ>QBQEB
M>O>JBQBOP>KAPQOR@QROBLC>JLABI
RPFKDQB@EKFNRBPPR@E>PBUMB@Q>QFLK
J>UFJFW>QFLKRKABOPQ>KAFKD
QB@EKFNRBPCLOMBOCLOJFKDBg@FBKQ
FKCBOBK@BLKKBTL?PBOS>QFLKPPR@E
>PGRK@QFLKQOBBP>KAP>JMIFKD>KA
IB>OKFKD>?LRQBS>IR>QFLK
QB@EKFNRBPQLABQBOJFKBTEBQEBO>
M>OQF@RI>OJLABIFP>DLLALKB
,?:ED
'C6C6BF:D:E6D
"2 OQFh@F>I(KQBIIFDBK@BLO
MBOJFPPFLKLCQEBFKPQOR@QLO
*$*>A:C:42=$6E9@5D
7@CF>2?6?E6C65@>AFE:?8
3EFP@LROPBFKQOLAR@BPPQRABKQPQL
QB@EKFNRBPCLOMBOCLOJFKDOFDLOLRP
BJMFOF@>IOBPB>O@EFK@LJMRQBO
P@FBK@B2FK@BDLLABJMFOF@>ITLOH
ABMBKAPLK>PHFKDDLLAOBPB>O@E
NRBPQFLKPQEFP@LROPBTFIIBJME>PFWB
@OB>QFKD@LK@BMQR>ICO>JBTLOHP>KA
RPFKDQEBJQLAOFSBOBPB>O@E(K
>AAFQFLKQLEBIMFKDPQRABKQP
RKABOPQ>KATE>QJ>HBP>DLLA
OBPB>O@ENRBPQFLK>KATEVPLJB
BIBJBKQ>OVPQ>QFPQF@PTFII?B@LSBOBA
%ROQEBOJLOBPQRABKQPTFIIRPB>KA
FJMIBJBKQ@LJMRQ>QFLK>IIVFKQBKPFSB
QB@EKFNRBPPR@E>PO>KALJFW>QFLK
?LLQPQO>MMFKD>KAMBOJRQ>QFLK
QBPQP3EB@LROPB>IPL@LSBOP
BUMBOFJBKQPFKSLISFKDERJ>K
PR?GB@QP>KAPLJBLCQEBPQ>QFPQF@>I
>KAKLKPQ>QFPQF@>IAFg@RIQFBP
OBPB>O@EBOPLCQBKBK@LRKQBOTEFIB
MBOCLOJFKDPR@ETLOHBD(1!
(KPQFQRQFLK>I1BSFBT!L>OA
@LOOBI>QBAQOF>IP>KAPJ>IIP>JMIB
PFWBP6EFIBQEFP@LROPBFPABPFDKBA
CLOPQRABKQPFK'RJ>K"LJMRQBO
(KQBO>@QFLK(KQBO>@QFSB,BAF>
&>JB#BSBILMJBKQ>KA+B>OKFKD
2@FBK@BP>KA3B@EKLILDFBPFQFP
>MMOLMOF>QBCLO>KVPQRABKQTFQE
MOLDO>JJFKDBUMBOFBK@BTELFP
ALFKDBJMFOF@>IOBPB>O@E
,?:ED
'C6C6BF:D:E6D
,  MMIFBA2Q>QFPQF@PCLO
$KDFKBBOP>KA2@FBKQFPQPLO
MBOJFPPFLKLCFKPQOR@QLO
*$*CE:O4:2= ?E6==:86?46
7@C52AE:G65F42E:@?2=
+649?@=@8J
2QRABKQPTFIIIB>OKELTQLBK>?IB
BAR@>QFLK>IQB@EKLILDVQL>A>MQQL
QEBRPBO>KA>?LRQQVMF@>I
>O@EFQB@QROBPRPBA?VBUFPQFKD
FKQBIIFDBKQQRQLOFKDPVPQBJPCLO
>A>MQFKDQLRPBOP2QRABKQPTFIIPBB
>MMIF@>QFLKPLCAB@FPFLKQEBLOBQF@
PVPQBJPOBFKCLO@BJBKQIB>OKFKD
,>OHLSJLABIPCLO>@QFLKPBIB@QFLK
>KA OQFh@F>I(KQBIIFDBK@B (
MI>KKFKD2QRABKQPTFIIOB>AM>MBOP
QE>Q>MMIV (QB@EKFNRBPCLOQEB
MROMLPBLC>A>MQFKDQLRPBOP
2QRABKQPTFII@LJMIBQB>MOLGB@QQE>Q
>MMIFBPQEBPBQB@EKFNRBPQL?RFIA>K
>A>MQFSBBAR@>QFLK>IPVPQBJ
,?:ED
'C6C6BF:D:E6D
"2 OQFh@F>I(KQBIIFDBK@BLO
MBOJFPPFLKLCQEBFKPQOR@QLO
 6/(">Q>ILD
#>Q>2@FBK@B
**66A#62C?:?8
3EFP@LROPBTFIILfBO>J>QEBJ>QF@>I
>KAMO>@QF@>IMBOPMB@QFSBLK>OQFh@F>I
KBRO>IKBQTLOHPCLOJ>@EFKB
IB>OKFKD2QRABKQPTFIIIB>OK>?LRQ
QEBJLPQMOLJFKBKQKBQTLOH
>O@EFQB@QROBPFK@IRAFKDJRIQFI>VBO
CBBACLOT>OAKBRO>IKBQTLOHP
@LKSLIRQFLK>IKBRO>IKBQTLOHP
"--P>RQLBK@LABOPOB@ROOBKQ
KBRO>IKBQTLOHP1--P>KA
DBKBO>QFSB>ASBOP>OF>IKBQTLOHP
& -P3EFP@LROPBTFII>IPLQB>@E
PQRABKQPLMQFJFW>QFLK>KA
OBDRI>OFW>QFLKQB@EKFNRBPRPBAQL
QO>FKQEBJ`PR@E>P?>@H
MOLM>D>QFLKPQL@E>PQF@DO>AFBKQ
ABP@BKQAOLMLRQMLLIFKD>KA?>Q@E
KLOJ>IFW>QFLK"LKKB@QFLKPQLOBI>QBA
J>@EFKBIB>OKFKDQB@EKFNRBP>KA
>IDLOFQEJPPR@E>PMOL?>?FIFPQF@
DO>MEF@>IJLABIPTFII?BBUMILOBA(K
>AAFQFLKQLRKABOPQ>KAFKDQEB
J>QEBJ>QF@P?BEFKAABBMIB>OKFKD
PQRABKQPTFII>IPLBKD>DBFKE>KAP
LK@LROPBMOLGB@QP2QRABKQPTFIIE>SB
QEBLMMLOQRKFQVQLQO>FKKBRO>I
KBQTLOHPCLO>TFABO>KDBLC
>MMIF@>QFLKPPR@E>PL?GB@Q
ABQB@QFLKC>@F>IBUMOBPPFLK
OB@LDKFQFLKE>KATOFQFKD>K>IVPFP
>KAK>QRO>II>KDR>DBMOL@BPPFKD
,?:ED
'C6C6BF:D:E6D
,>@EFKB+B>OKFKD"2>KA
HKLTIBADBLC+FKB>O IDB?O>PR@E>P
, >KA IDLOFQEJPPR@E>P"2

** ?7@C>2E:@?)6EC:6G2=
3EFP@LROPBFKQOLAR@BPQEBQEBLOV
ABPFDK>KAFJMIBJBKQ>QFLKLCQBUQ
?>PBA>KA6B??>PBAFKCLOJ>QFLK
OBQOFBS>IPVPQBJP2QRABKQPIB>OKQEB
HBV@LK@BMQP>KAJLABIPOBIBS>KQQL
FKCLOJ>QFLKOBQOFBS>I>KAK>QRO>I
I>KDR>DBMOL@BPPFKDLKI>ODBP@>IB
@LOMRPPR@E>PQEB6B?>KAPL@F>I
PVPQBJP3LMF@PFK@IRABSB@QLOPM>@B
JLABI@O>TIFKDFKABUFKDTB?
PB>O@EO>KHFKDOB@LJJBKABO
PVPQBJPBJ?BAAFKD>KAI>KDR>DB
JLABI
,?:ED
'C6C6BF:D:E6D
PQ>QFPQF@>IIB>OKFKD>QQEBIBSBILC#2
, >KAMOLDO>JJFKDPHFIIP
>QQEBIBSBILC"2
**66A#62C?:?8
3EFP@LROPBTFIILfBO>J>QEBJ>QF@>I
>KAMO>@QF@>IMBOPMB@QFSBLK>OQFh@F>I
KBRO>IKBQTLOHPCLOJ>@EFKB
IB>OKFKD2QRABKQPTFIIIB>OK>?LRQ
QEBJLPQMOLJFKBKQKBQTLOH
>O@EFQB@QROBPFK@IRAFKDJRIQFI>VBO
CBBACLOT>OAKBRO>IKBQTLOHP
@LKSLIRQFLK>IKBRO>IKBQTLOHP
"--P>RQLBK@LABOPOB@ROOBKQ
KBRO>IKBQTLOHP1--P>KA
DBKBO>QFSB>ASBOP>OF>IKBQTLOHP
& -P3EFP@LROPBTFII>IPLQB>@E
PQRABKQPLMQFJFW>QFLK>KA
OBDRI>OFW>QFLKQB@EKFNRBPRPBAQL
QO>FKQEBJ`PR@E>P?>@H
MOLM>D>QFLKPQL@E>PQF@DO>AFBKQ
ABP@BKQAOLMLRQMLLIFKD>KA?>Q@E
KLOJ>IFW>QFLK"LKKB@QFLKPQLOBI>QBA
J>@EFKBIB>OKFKDQB@EKFNRBP>KA
>IDLOFQEJPPR@E>PMOL?>?FIFPQF@
DO>MEF@>IJLABIPTFII?BBUMILOBA(K
>AAFQFLKQLRKABOPQ>KAFKDQEB
J>QEBJ>QF@P?BEFKAABBMIB>OKFKD
PQRABKQPTFII>IPLBKD>DBFKE>KAP
LK@LROPBMOLGB@QP2QRABKQPTFIIE>SB
QEBLMMLOQRKFQVQLQO>FKKBRO>I
KBQTLOHPCLO>TFABO>KDBLC
>MMIF@>QFLKPPR@E>PL?GB@Q
ABQB@QFLKC>@F>IBUMOBPPFLK
OB@LDKFQFLKE>KATOFQFKD>K>IVPFP
>KAK>QRO>II>KDR>DBMOL@BPPFKD
,?:ED
'C6C6BF:D:E6D
,>@EFKB+B>OKFKD"2>KA
HKLTIBADBLC+FKB>O IDB?O>PR@E>P
, >KA IDLOFQEJPPR@E>P"2

 6/(">Q>ILD
** ?7@C>2E:@?)6EC:6G2=
3EFP@LROPBFKQOLAR@BPQEBQEBLOV
ABPFDK>KAFJMIBJBKQ>QFLKLCQBUQ
?>PBA>KA6B??>PBAFKCLOJ>QFLK
OBQOFBS>IPVPQBJP2QRABKQPIB>OKQEB
HBV@LK@BMQP>KAJLABIPOBIBS>KQQL
FKCLOJ>QFLKOBQOFBS>I>KAK>QRO>I
I>KDR>DBMOL@BPPFKDLKI>ODBP@>IB
@LOMRPPR@E>PQEB6B?>KAPL@F>I
PVPQBJP3LMF@PFK@IRABSB@QLOPM>@B
JLABI@O>TIFKDFKABUFKDTB?
PB>O@EO>KHFKDOB@LJJBKABO
PVPQBJPBJ?BAAFKD>KAI>KDR>DB
JLABI
,?:ED
'C6C6BF:D:E6D
PQ>QFPQF@>IIB>OKFKD>QQEBIBSBILC#2
, >KAMOLDO>JJFKDPHFIIP
>QQEBIBSBILC"2
*$249:?6#62C?:?8:?
J36CD64FC:EJ
,>@EFKB+B>OKFKDE>PMOLSBK
FJJBKPBIVBfB@QFSBFK>AFSBOPBPBQ
LC>MMIF@>QFLKP3EFPQOBKAE>P
OB>@EBA>KBTEFDETFQEQEB
>MMIF@>QFLKLC#BBM+B>OKFKDSFOQR>IIV
FK>KV>MMIF@>QFLKALJ>FK3EFP
@LROPBPQRAFBPQEB>MMIF@>QFLKPLC
,>@EFKB+B>OKFKDFKQEBPR?ALJ>FK
LC"V?BOPB@ROFQV?VFKQOLAR@FKD>
MIBQELO>LC@>PBPQRAFBPFK@IRAFKD
>KLJ>IVABQB@QFLKFKKBQTLOHP>KA
@LJMRQFKDPFAB@E>KKBI>K>IVPFP
RPBO>RQEBKQF@>QFLK>KA?FLJBQOF@P
BQ@3EBPB@>PBPQRAFBP>OBAFP@RPPBA
FKABQ>FIFK@I>PP>KACROQEBO
BU>JMIBPLCMLQBKQF>I>MMIF@>QFLKPLC
,>@EFKB+B>OKFKDQB@EKFNRBP
FK@IRAFKD#BBM+B>OKFKD>OB
LRQIFKBA3EB@LROPBE>P>PQOLKD
E>KAPLK@LJMLKBKQFBPQRABKQP
>OBDFSBKA>Q>PBQPLCPMB@Fh@PB@ROFQV
>MMIF@>QFLKP>KA>OBOBNRFOBAQL
MBOCLOJPFJRI>QFLKP
,?:ED
*$$2E96>2E:42=
@F?52E:@?D7@C2E2*4:6?46
3EBCL@FLCQEFP@I>PP>OBQEBBPPBKQF>I
PQ>QFPQF@P>KAIFKB>O>IDB?O>PHFIIP
OBNRFOBACLO#>Q>2@FBK@BPQRABKQP
3EB@I>PP?RFIAPQEBCLRKA>QFLKCLO
QEBLOBQF@>I>KA@LJMRQ>QFLK>I
>?FIFQFBPLCQEBPQRABKQPQL>K>IVWB
EFDEAFJBKPFLK>IA>Q>PBQP3LMF@P
@LSBOBAFK@IRAB!>VBPQEBLOBJQEB
@BKQO>IIFJFQQEBLOBJEVMLQEBPFP
QBPQFKDIFKB>OBNR>QFLKPIFKB>O
QO>KPCLOJ>QFLKPJ>QOFU>IDB?O>
BFDBKS>IRBP>KABFDBKSB@QLOP>KA
P>JMIFKDQB@EKFNRBPFK@IRAFKD
!LLQPQO>M>KA,>OHLS@E>FK,LKQB
">OIL2QRABKQPTFIIRPBQEBPB
QB@EKFNRBPTEFIBBKD>DFKDFKE>KAP
LKMOLGB@QPTFQEOB>IA>Q>
,?:ED
'C6C6BF:D:E6D
2LJBHKLTIBADBLCFKQBDO>I>KA
AFfBOBKQF>I@>I@RIRPFPOB@LJJBKABA
* ?EC@5F4E:@?E@2E2
*4:6?46
(KQOLAR@QFLKQL#>Q>2@FBK@B
MOLSFABP>KLSBOSFBTLC#>Q>2@FBK@B
@LSBOFKD>?OL>APBIB@QFLKLCHBV
@E>IIBKDBPFK>KAJBQELALILDFBPCLO
TLOHFKDTFQE?FDA>Q>3LMF@PQL?B
@LSBOBAFK@IRABA>Q>@LIIB@QFLK
FKQBDO>QFLKJ>K>DBJBKQJLABIFKD
>K>IVPFPSFPR>IFW>QFLKMOBAF@QFLK>KA
FKCLOJBAAB@FPFLKJ>HFKD>PTBII>P
A>Q>PB@ROFQV>KAA>Q>MOFS>@V3EFP
FKQOLAR@QLOV@LROPBFPFKQBDO>QFSB
>@OLPPQEB@LOBAFP@FMIFKBPLC#>Q>
2@FBK@BFK@IRAFKDA>Q>?>PBPA>Q>
T>OBELRPFKDPQ>QFPQF@PA>Q>JFKFKD
A>Q>SFPR>IFW>QFLKEFDEMBOCLOJ>K@B
@LJMRQFKD@ILRA@LJMRQFKD>KA
?RPFKBPPFKQBIIFDBK@B/OLCBPPFLK>I
PHFIIPPR@E>P@LJJRKF@>QFLK
MOBPBKQ>QFLK>KAPQLOVQBIIFKDTFQE
A>Q>TFII?BCLPQBOBA2QRABKQPTFII
>@NRFOB>TLOHFKDHKLTIBADBLCA>Q>
P@FBK@BQEOLRDEE>KAPLKMOLGB@QP
>KA@>PBPQRAFBPFK>S>OFBQVLC
?RPFKBPPBKDFKBBOFKDPL@F>I
P@FBK@BPLOIFCBP@FBK@BPALJ>FKP
(PPRBPLCBQEF@PIB>ABOPEFM>KA
QB>JTLOH>OBEFDEIFDEQBA
,?:ED
'C6C6BF:D:E6D
-LKB?BVLKAJBBQFKDQEB#>Q>
2@FBK@B>AJFPPFLK@OFQBOF>
*$*E2E:DE:42=
$6E9@5D7@C2E2*4:6?46
2Q>QFPQF@>I,BQELAPCLO#>Q>2@FBK@B
PROSBVPQEBPQ>QFPQF@>IJBQELAPJLPQ
RPBCRIFKA>Q>P@FBK@B>MMIF@>QFLKP
3LMF@P@LSBOBAFK@IRABMOBAF@QFSB
JLABIFKDJBQELAPFK@IRAFKD
JRIQFMIBIFKB>OOBDOBPPFLK>KAQFJB
PBOFBPA>Q>AFJBKPFLKOBAR@QFLK
AFP@OFJFK>QFLK>KA@I>PPFh@>QFLK
JBQELAP@IRPQBOFKDJBQELAP>KA
@LJJFQQBBJBQELAP2QRABKQPTFII
FJMIBJBKQQEBPBJBQELAPRPFKD
PQ>QFPQF@>IPLCQT>OB
,?:ED
'C6C6BF:D:E6D
#2, 2Q>QFPQF@P>QQEBIBSBI
LC, >KA, >KAIFKB>O
>IDB?O>>QQEBIBSBILC, 
 6/(">Q>ILD
**:82E2
$2?286>6?E
!FD#>Q>,>K>DBJBKQAB>IPTFQE
BJBODFKD>MMIF@>QFLKPFKP@FBK@B>KA
BKDFKBBOFKDAFP@FMIFKBPQE>QDBKBO>QB
>KA@LIIB@QA>Q>>QRKMOB@BABKQBA
PMBBAP@>IB>KA@LJMIBUFQVQE>Q
KBBAQL?BJ>K>DBA>KA>K>IVWBA
Bg@FBKQIV3EFP@LROPBFKQOLAR@BPQEB
I>QBPQQB@EKFNRBP>KAFKCO>PQOR@QROBP
ABSBILMBACLO?FDA>Q>J>K>DBJBKQ
FK@IRAFKDM>O>IIBI>KAAFPQOF?RQBA
A>Q>?>PBPVPQBJPJ>MOBAR@B
FKCO>PQOR@QROBPP@>I>?IBMI>QCLOJPCLO
@LJMIBUA>Q>QVMBPPQOB>J
MOL@BPPFKDPVPQBJP>KA@ILRA?>PBA
@LJMRQFKD0RBOVMOL@BPPFKD
LMQFJFW>QFLK>@@BPPJBQELAP
PQLO>DBI>VLRQP>KABKBODV
J>K>DBJBKQQB@EKFNRBPABSBILMBA
LKQEBPBFKCO>PQOR@QROBPTFII?B
@LSBOBA2QRABKQP>OBBUMB@QBAQL
BKD>DBFKE>KAPLKMOLGB@QPRPFKD
LKBLOJLOBLCQEBPBQB@EKLILDFBP
,?:ED
'C6C6BF:D:E6D
?BDFKKFKD@LROPBFKA>Q>?>PBP>Q
QEBIBSBILC"2LOBNRFS>IBKQ
HKLTIBADB>KAMOLDO>JJFKD
BUMBOFBK@B
**:82E2?2=JE:4D
!FD#>Q> K>IVQF@P>AAOBPPBPQEB
L?PQ>@IBQE>QFKKLS>QFLK>KA
AFP@LSBOFBP>OBKLILKDBOEFKABOBA?V
QEB>?FIFQVQL@LIIB@QA>Q>?RQ?VQEB
>?FIFQVQLPRJJ>OFWB>K>IVWB>KA
AFP@LSBOHKLTIBADBCOLJQEB
@LIIB@QBAA>Q>FK>P@>I>?IBC>PEFLK
3EFP@LROPB@LSBOP@LJMRQ>QFLK>I
QB@EKFNRBP>KA>IDLOFQEJPCLO
>K>IVWFKD>KAJFKFKDM>QQBOKPFK
I>ODBP@>IBA>Q>PBQP3B@EKFNRBP
PQRAFBA>AAOBPPA>Q>>K>IVPFPFPPRBP
OBI>QBAQLA>Q>SLIRJBP@>I>?IB>KA
AFPQOF?RQBA>K>IVPFPA>Q>SBIL@FQV
EFDEPMBBAA>Q>PQOB>JPA>Q>
S>OFBQV@LJMIBUEBQBOLDBKBLRPLO
RKPQOR@QROBAA>Q>>KAA>Q>SBO>@FQV
A>Q>RK@BOQ>FKQV3B@EKFNRBP
FK@IRABJFKFKD>KAJ>@EFKBIB>OKFKD
QB@EKFNRBPCLO@LJMIBUA>Q>QVMBP
>KAP@>IBRM>KAP@>IBLRQPQO>QBDFBP
QE>QIBSBO>DB?FDA>Q>FKCO>PQOR@QROBP
1B>ITLOIA>MMIF@>QFLKPRPFKDQEBPB
QB@EKFNRBPCLOFKPQ>K@BPL@F>IJBAF>
>K>IVPFP>KAP@FBKQFh@A>Q>JFKFKD
>OBPBIB@QFSBIVAFP@RPPBA2QRABKQP
>OBBUMB@QBAQLBKD>DBFKE>KAPLK
MOLGB@QPRPFKDLKBLOJLOBLCQEBPB
QB@EKLILDFBP
,?:ED
'C6C6BF:D:E6D
?BDFKKFKD@LROPBFKA>Q>?>PBP>KA
>?BDFKKFKD@LROPBFKA>Q>JFKFKDLO
BNRFS>IBKQHKLTIBADB>KA
MOLDO>JJFKDBUMBOFBK@B
**A64:2=+@A:4D:?2E2
*4:6?46
2MB@F>I3LMF@PFK#>Q>2@FBK@BFP
@LROPBLfBOFKDQE>QTFII@LSBO>QLMF@
LC@ROOBKQFKQBOBPQFKABQ>FI3EFP
PBOSBP>P>iBUF?IBSBEF@IBQLMOLSFAB
>LKBQFJBLfBOFKDLCQLMF@PLC
@ROOBKQFKQBOBPQ>PTBII>PQLLfBO
KBTQLMF@P?BCLOBQEBV>OBJ>ABFKQL
>MBOJ>KBKQ@LROPB
,?:ED
'C6C6BF:D:E6D
TFIIS>OVTFQEQLMF@
* ?56A6?56?E*EF5J
(KABMBKABKQ2QRAV>PQEBK>JB
PRDDBPQPFP>@LROPBQE>Q>IILTP>
PQRABKQQLPQRAV>@ELPBKQLMF@FK
#>Q>2@FBK@BRKABOQEBDRFA>K@BLC>
C>@RIQVJBJ?BO>gIF>QBATFQEQEB
#>Q>2@FBK@BMOLDO>J3EBPQRABKQ
JRPQMOLAR@B>TOFQQBKOBMLOQQL
P>QFPCVQEB@LROPBOBNRFOBJBKQ
,?:ED
*:C64E65)6D62C49
#FOB@QBA1BPB>O@EPQRAV@LKAR@QBA
RKABOQEBDRFA>K@BLC>C>@RIQV
JBJ?BO>gIF>QBATFQEQEB#>Q>
2@FBK@B/OLDO>JFKSBPQFD>QBPQEB
@E>IIBKDBP>KAQB@EKFNRBP@BKQO>IQL
A>Q>P@FBK@B>KA>FJPQLABSBILM
KLSBI>MMOL>@EBP>KAQB@EKFNRBP
QLT>OAPPLISFKDQEBPB@E>IIBKDBP
3EBPQRABKQTEL@ELLPBPQEFP@LROPB
JRPQMOLAR@B>TOFQQBKOBMLOQQL
CRIhIQEB@LROPBOBNRFOBJBKQ
,?:ED
 6/(">Q>ILD
*C25F2E6(F2=:7J:?8
'C@;64E
3EFP@OBAFQDO>AR>QBNR>IFCVFKD
MOLGB@QALKBFKQB>JP@>K?BQ>HBK
>PB@LKAQFJBCLO@OBAFQTFQE
MBOJFPPFLK?VQEBFKPQOR@QLORMQL>
QLQ>ILC@OBAFQP3EBMOLGB@QFPQL?B
@>OOFBALRQFK@LLMBO>QFLKTFQE>
PMLKPLOLOFKARPQOF>IM>OQKBO(QJRPQ
?BLSBOPBBK?V>C>@RIQVJBJ?BO
>gIF>QBATFQEQEB#>Q>2@FBK@B
/OLDO>J3EFPLfBOFKDFKQBDO>QBP
QEBLOV>KAMO>@QF@BLC#>Q>2@FBK@B
>KAFK@IRABPQEBRQFIFW>QFLKLCQLLIP
>KAQB@EKFNRBP>@NRFOBAFKQEB#>Q>
2@FBK@B/OLDO>J(K>AAFQFLKQL>
TOFQQBKOBMLOQQEFPMOLGB@QJRPQ?B
MOBPBKQBAFK>CLOJ>IMOBPBKQ>QFLKQL
C>@RIQVLCQEB#>Q>2@FBK@BMOLDO>J
>KAPMLKPLOP/OLCBPPFLK>I
ABSBILMJBKQPHFIIPPR@E>P
@LJJRKF@>QFLKQB>JTLOH
IB>ABOPEFM>KA@LII>?LO>QFLK>ILKD
TFQEPQLOVQBIIFKDTFII?BMO>@QF@BA
,?:ED
'C6C6BF:D:E6D
#2PQRABKQPPELRIAE>SB@LJMIBQBA
>QIB>PQ@OBAFQPLCQEB#2,2
ABDOBBLO@LKPBKQLCQEBFKPQOR@QLO
?BCLOBPQ>OQFKDQEB&0/MOLGB@Q@I>PP
#2PQRABKQPPBBHFKDQLQ>HBQEFP
@LROPB>PB@LKAQFJBCLO@OBAFQPRM
QL>QLQ>ILC@OBAFQPJRPQDBQQEB
FKPQOR@QLOP>MMOLS>I-LK#2
PQRABKQPJRPQDBQQEBFKPQOR@QLOP
>MMOLS>I?BCLOBQ>HFKDQEFP@LROPBCLO
>KVKRJ?BOLC@OBAFQP
*$2DE6CLD+96D:D:?2E2
*4:6?46
3EB,>PQBOP3EBPFPFK#>Q>2@FBK@B
@LKPFPQPLC>OBPB>O@E>KA
ABSBILMJBKQMOLGB@QTLOQE>
JFKFJRJLCDO>AR>QB@OBAFQELROP
>KAFP>ASFPBA?V>C>@RIQVJBJ?BO
>gIF>QBATFQEQEB#>Q>2@FBK@B
/OLDO>J QEBPFPMOLMLP>IJRPQ?B
>MMOLSBA?VQEB#2/OLDO>J1BSFBT
!L>OA>KAQEBPQRABKQP>ASFPLO
?BCLOBQEBPQRABKQ@>KOBDFPQBOCLO
JLOBQE>KQEOBBQEBPFP@OBAFQP3EB
PQRABKQJRPQP>QFPC>@QLOFIV@LJMIBQB
>TOFQQBKQEBPFPAL@RJBKQ>KA
MOBPBKQQEBOBPRIQPQLQEB#2C>@RIQV
FK>MR?IF@MOBPBKQ>QFLK
,?:ED
*:DD6CE2E:@?)6D62C49
(KQBKABACLOAL@QLO>IPQRABKQP
>AJFQQBAQL@>KAFA>@VTFPEFKDQL
L?Q>FKOBPB>O@E@OBAFQQLT>OAQEBFO
AFPPBOQ>QFLKP
,?:ED
'C6C6BF:D:E6D
"LKPBKQLC#FPPBOQ>QFLK ASFPLO
*2E2*4:6?46 ?E6C?D9:A
3EBFKQBOKPEFMFP>KBIB@QFSB@OBAFQ
LMQFLKABPFDKBAQLMOLSFAB>K
LMMLOQRKFQVQLMRQFKQLMO>@QF@BQEB
MOFK@FMIBPPQRAFBAFKMOBSFLRP#>Q>
2@FBK@B@LROPBP(KQBOKPEFMPTFII?B
Q>FILOBAQLQEBPMB@Fh@FKQBOBPQPLCQEB
PQRABKQ$>@EFKQBOKPEFMJRPQ?B
@>OOFBALRQFK@LLMBO>QFLKTFQE>
PMLKPLOFKDLOD>KFW>QFLKDBKBO>IIV
COLJLf@>JMRP>KAJRPQ?B
>MMOLSBA>KA>ASFPBA?V>@LOB
C>@RIQVJBJ?BOFKQEB#>Q>2@FBK@B
MOLDO>J3EBFKQBOKPEFMJRPQFK@IRAB
MOLMLP>IABPFDK>KAAL@RJBKQ>QFLK
ME>PBP%LIILTFKDQEBFKQBOKPEFMQEB
PQRABKQTFIIOBMLOQLKEFPLOEBO
FKQBOKPEFM>@QFSFQFBPFK>JLAB
LRQIFKBA?VQEBPRMBOSFPFKDC>@RIQV
JBJ?BO2QRABKQP>OBIFJFQBAQL
@LRKQFKD>J>UFJRJLCFKQBOKPEFM
@OBAFQPQLT>OAPQEBFOABDOBB
OBNRFOBJBKQPCLOQEB,2ABDOBBFK
#>Q>2@FBK@B6BBUMB@Q>CRIIQFJB
DO>AR>QBPQRABKQQLQ>HBLKLKIV
M>OQQFJBELROPLOIBPPLC
FKQBOKPEFMTLOHAROFKDQEBOBDRI>O
>@>ABJF@PBJBPQBOTEFIB>CRIIQFJB
FKQBOKPEFMLCELROPMBOTBBHFP
>MMOLMOF>QBAROFKDQEBPRJJBO
PBJBPQBO>PILKD>PQEBPQRABKQALBP
KLQQ>HB>CRII@I>PPIL>A>QQEBP>JB
QFJB(KQBOKPEFM@OBAFQ@>KKLQ?B
RPBAQLT>OAP>@BOQFh@>QBABDOBBFK
#>Q>2@FBK@B3EBFKQBOKPEFMJ>VKLQ
?B@LJMIBQBA>QQEBPQRABKQP@ROOBKQ
MI>@BLCBJMILVJBKQ
,?:ED
'C6C6BF:D:E6D
1BDFPQO>QFLKCLOFKQBOKPEFM@OBAFQ
OBNRFOBPMOFLO>MMOLS>I>KAPFDK>QROB
?VQEB>@>ABJF@>ASFPLO
 6/(">Q>ILD
*$249:?6#62C?:?8:?
J36CD64FC:EJ
,>@EFKB+B>OKFKDE>PMOLSBK
FJJBKPBIVBfB@QFSBFK>AFSBOPBPBQ
LC>MMIF@>QFLKP3EFPQOBKAE>P
OB>@EBA>KBTEFDETFQEQEB
>MMIF@>QFLKLC#BBM+B>OKFKDSFOQR>IIV
FK>KV>MMIF@>QFLKALJ>FK3EFP
@LROPBPQRAFBPQEB>MMIF@>QFLKPLC
,>@EFKB+B>OKFKDFKQEBPR?ALJ>FK
LC"V?BOPB@ROFQV?VFKQOLAR@FKD>
MIBQELO>LC@>PBPQRAFBPFK@IRAFKD
>KLJ>IVABQB@QFLKFKKBQTLOHP>KA
@LJMRQFKDPFAB@E>KKBI>K>IVPFP
RPBO>RQEBKQF@>QFLK>KA?FLJBQOF@P
BQ@3EBPB@>PBPQRAFBP>OBAFP@RPPBA
FKABQ>FIFK@I>PP>KACROQEBO
BU>JMIBPLCMLQBKQF>I>MMIF@>QFLKPLC
,>@EFKB+B>OKFKDQB@EKFNRBP
FK@IRAFKD#BBM+B>OKFKD>OB
LRQIFKBA3EB@LROPBE>P>PQOLKD
E>KAPLK@LJMLKBKQFBPQRABKQP
>OBDFSBKA>Q>PBQPLCPMB@Fh@PB@ROFQV
>MMIF@>QFLKP>KA>OBOBNRFOBAQL
MBOCLOJPFJRI>QFLKP
,?:ED
$*$2E96>2E:42=
@F?52E:@?D7@C2E2*4:6?46
3EBCL@FLCQEFP@I>PP>OBQEBBPPBKQF>I
PQ>QFPQF@P>KAIFKB>O>IDB?O>PHFIIP
OBNRFOBACLO#>Q>2@FBK@BPQRABKQP
3EB@I>PP?RFIAPQEBCLRKA>QFLKCLO
QEBLOBQF@>I>KA@LJMRQ>QFLK>I
>?FIFQFBPLCQEBPQRABKQPQL>K>IVWB
EFDEAFJBKPFLK>IA>Q>PBQP3LMF@P
@LSBOBAFK@IRAB!>VBPQEBLOBJQEB
@BKQO>IIFJFQQEBLOBJEVMLQEBPFP
QBPQFKDIFKB>OBNR>QFLKPIFKB>O
QO>KPCLOJ>QFLKPJ>QOFU>IDB?O>
BFDBKS>IRBP>KABFDBKSB@QLOP>KA
P>JMIFKDQB@EKFNRBPFK@IRAFKD
!LLQPQO>M>KA,>OHLS@E>FK,LKQB
">OIL2QRABKQPTFIIRPBQEBPB
QB@EKFNRBPTEFIBBKD>DFKDFKE>KAP
LKMOLGB@QPTFQEOB>IA>Q>
,?:ED
'C6C6BF:D:E6D
2LJBHKLTIBADBLCFKQBDO>I>KA
AFfBOBKQF>I@>I@RIRPFPOB@LJJBKABA
#BSBILMJBKQ
-*@4:2= ??@G2E:@?2?5
=@32=6G6=@A>6?E
2L@F>I(KKLS>QFLK>KA&IL?>I
#BSBILMJBKQMOLSFABP>?OL>A
LSBOSFBTLCQEBMOLDO>J6BTFII
QLR@ELKJ>KVLCQEBQEBJBPQE>Q
TFII?BBUMILOBAFKABMQEFKQEB@LOB
@LROPBP3EBPBQEBJBPFK@IRAB?RQ
>OBKLQIFJFQBAQLABPFDKQEFKHFKD
@OLPP@RIQRO>IABPFDKBQEF@PFKABPFDK
>KASFPR>IBUMOBPPFLK6BTFII>IPL
BJMILVQB>J?RFIAFKDBUBO@FPBP?OFKD
QEB@LELOQQLDBQEBO>P>@LEBPFSB
DOLRM3EBJLOKFKDPTFII?BPMBKQFK
FKQBO>@QFSB@I>PPOLLJBUMBOFBK@BP
TEBOBPQRABKQPTFIIBKD>DBFK
PBJFK>OAFP@RPPFLKPPJ>IIDOLRM
>@QFSFQFBP>KACBBA?>@HPBPPFLKP3EFP
@LROPBTFIIQ>HBMI>@BFKQEBQTL
TBBHPIB>AFKDRMQLQEBPQRABKQPhOPQ
PBJBPQBOFKQEBMOLDO>J3EB@LROPB
TFIIORKQTLTBBHPCLO>MMOLUFJ>QBIV
PFUELROPMBOA>V,LKA>VQEOLRDE
%OFA>V
,?:ED
-6D:8?7@C*@4:2=92?86
$SBOVLKBFPBKQFQIBAQLDLLAABPFDK
TFQELRQAFPQFK@QFLKLC>KVHFKA1>@B
@LILOPBUI>KDR>DBOBIFDFLKMLIFQF@>I
LOLQEBOLMFKFLKPK>QFLK>ILOPL@F>I
LOFDFKPMOLMBOQV?FOQELOLQEBOPQ>QRP
PELRIAE>SBBfB@QFSBSFPR>I
@LJJRKF@>QFLK2L@F>I(JM>@Q
#BPFDK"LROPBFP>MI>@BTEBOB
PQRABKQABPFDKBOPIB>OKQL@OB>QB
[DLLAABPFDK^CLOQEB[DLLALC
LQEBOP^"LJJRKFQVBKD>DBJBKQ
QEOLRDE@LJJRKFQV?>PBAABPFDK
MOLGB@QPFPGRPQLKB>PMB@QLCQEB
@LROPB2QRABKQPTFIIIB>OK>AAFQFLK>I
MO>@QF@BPHFIIPFKABPFDKQEFKHFKD>KA
@>RPB?O>KAFKD3EFP@LROPBBUMILOBP
S>OFLRP@LJJRKFQV>KAMOLCBPPFLK>I
MO>@QF@BPTEBKABPFDKFKDCLOPL@F>I
@E>KDB3EOLRDE@LJJRKFQV?>PBA
MOLGB@QPTFQEKLKMOLhQ
LOD>KFW>QFLKPPQRABKQPBUMILOBQEB
J>KVOLIBP@OB>QFSBMOLCBPPFLK>IP@>K
MI>VTEBKBUB@RQFKDPL@F>IIVJFKABA
TLOH2QRABKQPTFII?B@E>IIBKDBAQL
BUM>KAQEBFO@LJMOBEBKPFLKLC
ABPFDKMOL?IBJPLISFKDCLOKBT
>RAFBK@BP#BPFDKQB>JPTFIIABSBILM
PHFIIPFKABPFDKJBQELALILDVCLO
SFPR>I@LJJRKF@>QFLKFABKQFCVFKD
MOL?IBJPABPFDKOBPB>O@EFAB>QFLK
>KAFJMIBJBKQ>QFLK
,?:ED
-6D:8?*EF5:@
3EFPPQRAFL@LROPBFKQOLAR@BP
PQRABKQPQL>S>OFBQVLCABPFDK@>PB
PQRAFBPCOLJABSBILMFKDTLOIA
FKCO>PQOR@QROBMOLGB@QPQLERJ>K
@LJMRQBOFKQBO>@QFLK>RQLKLJLRP
SBEF@IBP>KALQEBOPQLDFSBPQRABKQP
>KLMMLOQRKFQVQLBUMILOB>KA
@OFQFNRBABPFDKMOL@BPPBP>KAQL
ABSBILM>PBKPBLCQEBFOLTK
>MMOL>@ETFQEPLJBABMQE
,?:ED
 6/(">Q>ILD
-6D:8?*EF5:@
3EFPPQRAFL@LROPBFPQ>HBKFK$I
QBOJ'BOBPQRABKQPTFII?BDFKQL
ABSBILMQEBFOLTK&0/LOQEBPFP
MOLGB@QP3EBVTFIIPE>OBQEBFOTLOH
TFQEQEBFOMBBOPFKTBBHIVCBBA?>@H
PBPPFLKP%>@RIQVTFII>@Q>PJBKQLOP
TELMRPEQEBPQRABKQPQLT>OA
MOLGB@Q>KAMOL@BPP@I>OFQV%LO
PQRABKQPQO>SBIFKD>?OL>AQEBPQRAFL
TFIIMOLSFAB>KLMMLOQRKFQVQLO>FPB
>KABUMILOBFJMLOQ>KQ@RIQRO>I
@LKPFABO>QFLKP
,?:ED
-E9:4D2?5*@4:2=!FDE:46
:?*4:6?46?8:?66C:?82?5
6G6=@A>6?E
-)6D62C49$6E9@5D
-*A64:2=+@A:4D:?6D:8?
7@C*4:6?46+649?@=@8J2?5
??@G2E:@?
3EFP@LROPBTFII>IILTiBUF?FIFQVCLO
C>@RIQVQLLfBO@LROPBPLKQLMF@PLC
@ROOBKQFKQBOBPQ
,?:ED
'C6C6BF:D:E6D
TFIIS>OVLK@LROPB@LKQBKQ
- ?56A6?56?E*EF5J
3EFP@LROPBTFII>IILT>PQRABKQPQL
PQRAV>@BOQ>FKQLMF@RKABOQEB
DRFA>K@BLC>K>gIF>QBAC>@RIQV
JBJ?BO3EBPQRABKQJRPQMOLAR@B
>K>MMOLMOF>QBM>MBOBD
@LK@BMQR>ILOBJMFOF@>ICOLJQEFP
BUMBOFBK@B
,?:ED
-:C64E65)6D62C49
#FOB@QBAOBPB>O@E>IILTPPQRABKQPQEB
LMMLOQRKFQVQLBKD>DBFK>OBPB>O@E
MOLGB@QQE>QFPOBI>QBAQL>JBJ?BOLC
C>@RIQVPMLOQCLIFL3EBPQRABKQJRPQ
MOLAR@B>K>MMOLMOF>QBM>MBOBD
@LK@BMQR>ILOBJMFOF@>ICOLJQEFP
BUMBOFBK@B
,?:ED
-C25F2E6(F2=:7J:?8
'C@;64E
3EFPQEOBB@OBAFQDO>AR>QBNR>IFCVFKD
MOLGB@QQVMF@>IIVALKBFKQB>JPFPQL
?B@>OOFBALRQFK@LLMBO>QFLKTFQE>
PMLKPLOLOBUQBOK>IM>OQKBO(QJRPQ
?BLSBOPBBK?V>C>@RIQVJBJ?BO
>gIF>QBATFQEQEB2@FBK@B
3B@EKLILDV(KKLS>QFLK>KA&IL?>I
#BSBILMJBKQ3EFPLfBOFKD
FKQBDO>QBPQEBLOV>KAMO>@QF@BLC
ABPFDKCLOP@FBK@BBKDFKBBOFKD>KA
FKKLS>QFLK>KAPELRIAFK@IRABQEB
RQFIFW>QFLKLCQLLIP>KAQB@EKFNRBP
>@NRFOBAFKQEBMOLDO>J(K>AAFQFLK
QL>TOFQQBKOBMLOQQEFPMOLGB@QJRPQ
?BMOBPBKQBAFK>CLOJ>IMOBPBKQ>QFLK
QLQEB6/(@LJJRKFQV/OLCBPPFLK>I
ABSBILMJBKQPHFIIPPR@E>P
@LJJRKF@>QFLKQB>JTLOH
IB>ABOPEFM>KA@LII>?LO>QFLK>ILKD
TFQEPQLOVQBIIFKDTFII?BMO>@QF@BA
,?:ED
'C6C6BF:D:E6D
#$5@LJMIBQFLKLC>QIB>PQ
@OBAFQPLCQEBABDOBBLO@LKPBKQLC
QEBFKPQOR@QLO
-$2DE6CD+96D:D
QEBPFP@LKPFPQPLC>OBPB>O@E>KA
ABSBILMJBKQMOLGB@QTLOQE>
JFKFJRJLCKFKBDO>AR>QB@OBAFQ
ELROP>ASFPBA?V>C>@RIQVJBJ?BO
>gIF>QBATFQEQEB/OLDO>J QEBPFP
MOLMLP>IJRPQ?B>MMOLSBA?VQEB
2@FBK@B3B@EKLILDV(KKLS>QFLK>KA
&IL?>I#BSBILMJBKQ1BSFBT!L>OA
>KAQEBPQRABKQP>ASFPLOP?BCLOBQEB
PQRABKQ@>KOBDFPQBOCLOJLOBQE>K
QEOBBQEBPFP@OBAFQP3EBPQRABKQJRPQ
P>QFPC>@QLOFIV@LJMIBQB>TOFQQBK
QEBPFPAL@RJBKQ>KAMOBPBKQQEB
OBPRIQPQLQEB6/(@LJJRKFQV
,?:ED
$IB@QOF@>I>KA
"LJMRQBO
$KDFKBBOFKD
*J36C*64FC:EJ
2ADE@?6IA6C:6?46
3LOBAR@B@V?BOPB@ROFQVQEBLOVQL
MO>@QF@BQEB@>MPQLKBMOLGB@QE>P
PQRABKQP>MMIVPB@ROFQV@LK@BMQPQL
OB>ITLOIAMOL?IBJP3EB@>MPQLKB
OBMOBPBKQP>PR?PQ>KQF>IBS>IR>QFLKLC
QEBPQRABKQP@V?BOPB@ROFQV
BUMBOFBK@B2QRABKQP>OBBK@LRO>DBA
QLPBIB@QMOLGB@QPTFQEMO>@QF@>I
BUMBOFBK@BOBIBS>KQQLQEBFO@>OBBO
DL>IP>KAMBOPLK>IABSBILMJBKQ(K
QEB@>MPQLKBPQRABKQPTFIIMOLMLPB>
MOLGB@QFAB>FKTOFQFKDTFQE@LK@OBQB
JFIBPQLKBPOB@BFSBCBBA?>@H>KA
MROPRBQEBMOLMLP>IL?GB@QFSBP2FK@B
@V?BOPB@ROFQVFP>@LII>?LO>QFSB
AFP@FMIFKBPQRABKQP>OBBK@LRO>DBA
QLTLOHFKQB>JP
3EFP@LROPBFP>ABDOBBOBNRFOBJBKQ
CLOQEB/OLCBPPFLK>I,>PQBOPFK"V?BO
2B@ROFQV/,2$">KAJ>VKLQ?B
Q>HBK?BCLOB@LJMIBQFLKLC@OBAFQP
FKQEBMOLDO>J&FSBKFQPM>OQF@RI>O
OLIBQEFP@LROPBJ>VKLQ?BRPBAQL
P>QFPCVABDOBBOBNRFOBJBKQPCLO>!2
,2LO/E#ABDOBBFK"LJMRQBO
2@FBK@BLO>JFKLOFK"LJMRQBO
2@FBK@B2QRABKQPLRQPFABQEB/,2$"
MOLDO>JJRPQDBQQEBFKPQOR@QLOP
>MMOLS>I?BCLOBQ>HFKDQEFP@LROPBCLO
@OBAFQ
,?:ED
 6/(">Q>ILD
*5G2?465
CJAE@8C2A9J
3EFP@LROPBMOLSFABPABBMBOFKPFDEQ
FKQL>OB>PLC@OVMQLDO>MEVTEF@E>OB
LCDOB>QMO>@QF@>I>KAQEBLOBQF@>I
FJMLOQ>K@B3EBQEOBB>OB>PQOB>QBA
>OBABQ>FIBA>K>IVPFP>KAQEB
FJMIBJBKQ>QFLKLC@OVMQL>IDLOFQEJP
>AS>K@BAMOLQL@LIP>KAJLABOK
>QQ>@HP>D>FKPQ@OVMQLDO>MEF@
P@EBJBP3EBhOPQM>OQLCQEBIB@QROB
CL@RPBPLKMR?IF@HBV>IDLOFQEJPFK
M>OQF@RI>O$I&>J>IBIIFMQF@@ROSBP>KA
#FgB'BIIJ>KHBVBU@E>KDB3EB
RKABOIVFKDQEBLOVLC&>ILFPhBIAPTFII
?BFKQOLAR@BA(JMIBJBKQ>QFLKLC
MBOCLOJ>K@BPB@ROFQV>PMB@QPLCQEB
>IDLOFQEJPTFII?BILLHBA>Q3EB
PB@LKAM>OQLCQEB@LROPBAB>IPTFQE
>AS>K@BAMOLQL@LIP-BTP@EBJBP
CLO>RQEBKQF@>QFLKFABKQFh@>QFLK>KA
WBOLHKLTIBADBMOLLCTFII?B
FKQOLAR@BA2LJB@LJMIBUMOLQL@LIP
CLOOB>ITLOIA>MMIF@>QFLK`PR@E>P
HBVAFPQOF?RQFLKFKKBQTLOHP>KACLO
PJ>OQ@>OAP`TFII?BFKQOLAR@BA>KA
>K>IVWBA3EBQEFOAM>OQTFIIILLHFKQL
PQ>QBLCQEB>OQ@OVMQL>K>IVPFPFB
T>VPQL?OB>H@OVMQLPVPQBJP!ORQB
CLO@B>QQ>@HP?>PBALKPMB@F>I
MROMLPBJ>@EFKBPQEB?>?VPQBM
DF>KQPQBM>KAQEB/LEIFD'BIIJ>K
>IDLOFQEJPTFII?BAFP@RPPBA
,?:ED
'C6C6BF:D:E6D
"2$"$LOBNRFS>IBKQ
?>@HDOLRKA
*$249:?6#62C?:?8:?
J36CD64FC:EJ
,>@EFKB+B>OKFKDE>PMOLSBK
FJJBKPBIVBfB@QFSBFK>AFSBOPBPBQ
LC>MMIF@>QFLKP3EFPQOBKAE>P
OB>@EBA>KBTEFDETFQEQEB
>MMIF@>QFLKLC#BBM+B>OKFKDSFOQR>IIV
FK>KV>MMIF@>QFLKALJ>FK3EFP
@LROPBPQRAFBPQEB>MMIF@>QFLKPLC
,>@EFKB+B>OKFKDFKQEBPR?ALJ>FK
LC"V?BOPB@ROFQV?VFKQOLAR@FKD>
MIBQELO>LC@>PBPQRAFBPFK@IRAFKD
>KLJ>IVABQB@QFLKFKKBQTLOHP>KA
@LJMRQFKDPFAB@E>KKBI>K>IVPFP
RPBO>RQEBKQF@>QFLK>KA?FLJBQOF@P
BQ@3EBPB@>PBPQRAFBP>OBAFP@RPPBA
FKABQ>FIFK@I>PP>KACROQEBO
BU>JMIBPLCMLQBKQF>I>MMIF@>QFLKPLC
,>@EFKB+B>OKFKDQB@EKFNRBP
FK@IRAFKD#BBM+B>OKFKD>OB
LRQIFKBA3EB@LROPBE>P>PQOLKD
E>KAPLK@LJMLKBKQFBPQRABKQP
>OBDFSBKA>Q>PBQPLCPMB@Fh@PB@ROFQV
>MMIF@>QFLKP>KA>OBOBNRFOBAQL
MBOCLOJPFJRI>QFLKP
,?:ED
*$249:?6#62C?:?8:?
J36CD64FC:EJ
,>@EFKB+B>OKFKDE>PMOLSBK
FJJBKPBIVBfB@QFSBFK>AFSBOPBPBQ
LC>MMIF@>QFLKP3EFPQOBKAE>P
OB>@EBA>KBTEFDETFQEQEB
>MMIF@>QFLKLC#BBM+B>OKFKDSFOQR>IIV
FK>KV>MMIF@>QFLKALJ>FK3EFP
@LROPBPQRAFBPQEB>MMIF@>QFLKPLC
,>@EFKB+B>OKFKDFKQEBPR?ALJ>FK
LC"V?BOPB@ROFQV?VFKQOLAR@FKD>
MIBQELO>LC@>PBPQRAFBPFK@IRAFKD
>KLJ>IVABQB@QFLKFKKBQTLOHP>KA
@LJMRQFKDPFAB@E>KKBI>K>IVPFP
RPBO>RQEBKQF@>QFLK>KA?FLJBQOF@P
BQ@3EBPB@>PBPQRAFBP>OBAFP@RPPBA
FKABQ>FIFK@I>PP>KACROQEBO
BU>JMIBPLCMLQBKQF>I>MMIF@>QFLKPLC
,>@EFKB+B>OKFKDQB@EKFNRBP
FK@IRAFKD#BBM+B>OKFKD>OB
LRQIFKBA3EB@LROPBE>P>PQOLKD
E>KAPLK@LJMLKBKQFBPQRABKQP
>OBDFSBKA>Q>PBQPLCPMB@Fh@PB@ROFQV
>MMIF@>QFLKP>KA>OBOBNRFOBAQL
MBOCLOJPFJRI>QFLKP
,?:ED
?2=JD:D@7'C@323:=:DE:4
*:8?2=D2?5*JDE6>D
MMIF@>QFLKPLCMOL?>?FIFQVQEBLOV
>KAFQPBKDFKBBOFKD>MMIF@>QFLKP
1>KALJS>OF>?IBPAFPQOF?RQFLK>KA
ABKPFQVCRK@QFLKP%RK@QFLKPLC
O>KALJS>OF>?IBPJLJBKQP>KA
@E>O>@QBOFPQF@CRK@QFLKP2BNRBK@BPLC
O>KALJS>OF>?IBPPQL@E>PQF@
@LKSBODBK@B>KAQEB@BKQO>IIFJFQ
QEBLOBJ"LK@BMQLC>PQL@E>PQF@
MOL@BPPPQ>QFLK>OVMOL@BPPBP>KA
BODLAF@FQV"LOOBI>QFLKCRK@QFLKP
PMB@QO>I>K>IVPFP>KAQEBFO>MMIF@>QFLK
QLIFKB>OPVPQBJP,B>KPNR>OB
BPQFJ>QFLK
,?:ED
'C6C6BF:D:E6D
4KABODO>AR>QB@LROPBFKPFDK>IP>KA
PVPQBJP
:8:E2=*:8?2='C@46DD:?8
#FP@OBQBQFJBPFDK>IP>KAPVPQBJP
COBNRBK@V>K>IVPFPP>JMIFKDLC
@LKQFKRLRPQFJBPFDK>IPQEBW
QO>KPCLOJFJMIBJBKQ>QFLKLC
AFP@OBQBQFJBPVPQBJPQEBAFP@OBQB
%LROFBOQO>KPCLOJC>PQ%LROFBO
QO>KPCLOJ>IDLOFQEJPhIQBOABPFDK
QB@EKFNRBP
,?:ED
'C6C6BF:D:E6D
"LROPBPFK@LJMIBUS>OF>?IBP?>PF@
PFDK>IP>KAPVPQBJP
?2=JD:D@76E6C>:?:DE:4
*:8?2=D2?5*JDE6>D
1BSFBTLC%LROFBOPBOFBP>KAIFKB>O
>IDB?O>%LROFBOQO>KPCLOJP+>MI>@B
QO>KPCLOJP9QO>KPCLOJP>KAQEBFO
FKQBOOBI>QFLKPEFM2Q>QBPM>@B
JLABIFKDLC@LKQFKRLRPQFJB>KA
AFP@OBQBQFJBPVPQBJP">KLKF@>I
CLOJPPLIRQFLKLCPQ>QBBNR>QFLKP
@LKQOLII>?FIFQVL?PBOS>?FIFQV>KA
PQ>?FIFQVLCIFKB>OPVPQBJP/LIB
MI>@BJBKQSF>PQ>QBCBBA?>@H
L?PBOSBOABPFDK+V>MRKLSPQ>?FIFQV
>K>IVPFP
,?:ED
'C6C6BF:D:E6D
4KABODO>AR>QB@LROPBFKPFDK>IP>KA
PVPQBJP
 6/(">Q>ILD
@>AFE6CC49:E64EFC6
3EFP@LROPBFKQOLAR@BPQEB
CRKA>JBKQ>IPLC@LJMRQBOPVPQBJ
>O@EFQB@QROB>KALOD>KFW>QFLK3LMF@P
FK@IRAB"/4PQOR@QROB>KACRK@QFLK
>AAOBPPFKDJLABPFKPQOR@QFLK
CLOJ>QPJBJLOVPVPQBJ
LOD>KFW>QFLKJBJLOVJ>MMFKD>KA
EFBO>O@EFBP@LK@BMQPLC@>@EB>KA
SFOQR>IJBJLOFBPPQLO>DBPVPQBJP
PQ>KA>OAIL@>I?RPBPEFDE
MBOCLOJ>K@B(.@LJMRQBO
@LJJRKF@>QFLK?>PF@MOFK@FMIBPLC
LMBO>QFKDPVPQBJP
JRIQFMOLDO>JJFKDJRIQFMOL@BPPFKD
MFMBIFKFKD>KAJBJLOV
J>K>DBJBKQ3EB>O@EFQB@QROB
MOFK@FMIBPRKABOIVFKD1(2">KA"(2"
MOL@BPPLOP>OBMOBPBKQBAFKABQ>FI
3EB@LROPB>IPLFK@IRABP>KRJ?BOLC
ABPFDKMOLGB@QPFK@IRAFKDPFJRI>QFKD
>Q>ODBQJ>@EFKB>O@EFQB@QROBRPFKD>
EFDEIBSBII>KDR>DB'++
,?:ED
'C6C6BF:D:E6D
4KABODO>AR>QB@LROPBFKILDF@
@FO@RFQP>KAJF@OLMOL@BPPLOPVPQBJ
ABPFDK>PTBII>PMOLh@FBK@VFK
>PPBJ?IVI>KDR>DB>KA>PQOR@QROBA
EFDEIBSBII>KDR>DBPR@E>P"LO
/>P@>I
 ?EC@5F4E:@?E@#@42=2?5
.:56C62%6EH@C<D
3EFP@LROPBMOLSFABP>KFKQOLAR@QFLK
QLQEBQEBLOV>KAMO>@QF@BLCQEB
ABPFDKLC@LJMRQBO@LJJRKF@>QFLKP
KBQTLOHP>@@LOAFKDQL($$$
PQ>KA>OAJLABICLOILTBOI>VBOP>KA
($3%PQ>KA>OACLO3"/(/EFDEBOI>VBOP
K>IVPFPLCKBQTLOHQLMLILDFBP>KA
MOLQL@LIPFK@IRAFKDMBOCLOJ>K@B
>K>IVPFPFPQOB>QBA"ROOBKQKBQTLOH
QVMBPFK@IRAFKDIL@>I>OB>>KATFAB
>OB>KBQTLOHP>OBFKQOLAR@BA>P>OB
BSLISFKDKBQTLOHQB@EKLILDFBP3EB
QEBLOVABPFDK>KAMBOCLOJ>K@BLC
IL@>I>OB>KBQTLOHP>OBBJME>PFWBA
3EB@LROPBFK@IRABP>MMIF@>QFLKLC
NRBRBFKD>K>IVPFPQLMBOCLOJ>K@B
>K>IVPFPLCJBAFRJ>@@BPP@LKQOLI
, ">KA>MMIF@>QFLKLC
@LJJRKF@>QFLKQEBLOVFKABPFDKLC
MEVPF@>II>VBO/'8
,?:ED
'C6C6BF:D:E6D
C>JFIF>OFQVQL, 3+ !MOLDO>JJFKD
FP>PPRJBA!>@HDOLRKAFK
RKABODO>AR>QBIBSBI@LROPBPFK
KBQTLOHFKDMOL?>?FIFQVPQ>QFPQF@>KA
PFDK>IMOL@BPPFKD
F?52>6?E2=D@7)2?5
$.?8:?66C:?8
3EFPFKQOLAR@QLOV@LROPBABSBILMP>
@LJMOBEBKPFSBRKABOPQ>KAFKDLC
,>UTBIIPhBIAQEBLOV>P>MMIFBAQL
EFDECOBNRBK@VO>AF>QFLK
MOLM>D>QFLK>KA@FO@RFQMEBKLJBK>
3LMF@PFK@IRABO>AFLCOBNRBK@V1%
>KAJF@OLT>SB,6MOLM>D>QFLK
JLABPQO>KPJFPPFLKIFKB>PMB@QP
2JFQE"E>OQP@>QQBOFKDM>O>JBQBO
>K>IVPFPJF@OLT>SBhIQBOPJ>Q@EFKD
KBQTLOHPMLTBOiLTOBI>QFLKP
RKFI>QBO>I>KA?FI>QBO>I>JMIFhBO
ABPFDKPPQ>?FIFQV>K>IVPFPLP@FII>QLOP
@FO@RFQPJFUBOP>KAJF@OLT>SB
>KQBKK>PCLOTFOBIBPP@LJJRKF@>QFLK
PVPQBJP
,?:ED
'C6C6BF:D:E6D
$"$LOBNRFS>IBKQ
RKABODO>AR>QB@LROPBFK
BIB@QOLJ>DKBQF@hBIA>K>IVPFP
'@H6C=64EC@?:4D
3EB>MMIF@>QFLKLCBIB@QOLKF@PQL
BKBODV@LKSBOPFLK>KA@LKQOLI
$IB@QOF@>I>KAQEBOJ>I@E>O>@QBOFPQF@P
LCMLTBOPBJF@LKAR@QLOABSF@BP`
AFLABP?FMLI>OQO>KPFPQLOP>KA
QEVOFPQLOP,>DKBQF@@LJMLKBKQP
2Q>QBPM>@B>SBO>DFKD>KAP>JMIBA
A>Q>JLABIP$JME>PFPFPMI>@BALK
@FO@RFQQB@EKFNRBP MMIF@>QFLK
BU>JMIBPFK@IRABA@A@@LKSBOPFLK
@LKQOLIIBAOB@QFhBOPEFDECOBNRBK@V
FKSBOQBOPOBPLK>KQ@LKSBOQBOP>KA
BU@FQ>QFLKLCBIB@QOF@J>@EFKBP
,?:ED
'C6C6BF:D:E6D
$"$>KARKABODO>AR>QB@LROPBP
FKJLABOKPFDK>IQEBLOV>KA@LKQOLI
QEBLOV$"$FPOB@LJJBKABA
 6/(">Q>ILD
5G2?465?2=@8
?E68C2E65:C4F:E6D:8?
3EFP@LROPBFP>K>AS>K@BA
FKQOLAR@QFLKQLQEBABPFDKLC>K>ILD
>KAJFUBA>K>ILDAFDFQ>IFKQBDO>QBA
@FO@RFQPCLO@LJJRKF@>QFLK>KA
FKPQORJBKQ>QFLK>MMIF@>QFLKP K
LSBOSFBTLC?FMLI>O>KA",.2
C>?OF@>QFLKMOL@BPPBPPELTPQEB
AFfBOBK@BP?BQTBBKAFP@OBQB>KA
FKQBDO>QBA@FO@RFQABPFDK3EB?FMLI>O
>KA,.2QO>KPFPQLOP>OBOBSFBTBA
TFQE?>PF@ABSF@BMEVPF@P>KAQEB
ABSBILMJBKQLC@FO@RFQJLABIPFK
S>OFLRPLMBO>QFKDOBDFLKP3EBRPBLC
2/("$PFJRI>QFLKFKQEBABPFDK
MOL@BPPTFII?B@LSBOBA(KQBDO>QBA
>JMIFhBO@FO@RFQP>OBABSBILMBATFQE
>KBJME>PFPLKRKABOPQ>KAFKD
MBOCLOJ>K@B>AS>KQ>DBP>KA
IFJFQ>QFLKFKPR@E>OB>P>PPMBBA
KLFPB>KAMLTBOAFPPFM>QFLK2FJMIB
@FO@RFQP>OB@LJ?FKBAQLCLOJQEB
?>PF@CRK@QFLK>I?RFIAFKD?IL@HPPR@E
>PQEBLM>JM@LJM>O>QLOSLIQ>DB
OBCBOBK@BBQ@3EBPB@FO@RFQMOFK@FMIBP
TFII?BBUMILOBAFK>K("ABPFDK
MOLGB@QTEF@EJ>V?BC>?OF@>QBAFK>
@LJJBO@F>I>K>ILDMOL@BPP
$U>JMIBPLCMLPPF?IBQLMF@PFK@IRAB
P>JMIB>KAELIA2'>JMIFhBO
>K>ILDQLAFDFQ>I #>KAAFDFQ>IQL
>K>ILD# @LKSBOQBOPME>PB
IL@HBAILLM/++SLIQ>DB@LKQOLIIBA
LP@FII>QLOME>PBABQB@QLOPTFQ@EBA
@>M>@FQLO>KA@LKQFKRLRPQFJBhIQBOP
>KAP>JMIBA@ROOBKQQB@EKFNRBP
,?:ED
'C6C6BF:D:E6D
!>@HDOLRKAFK>K>ILD@FO@RFQP?LQE>Q
QEBQO>KPFPQLO>KACRK@QFLK>I?IL@H
:LM>JM@LJM>O>QLOBQ@;IBSBI IPL
C>JFIF>OFQVTFQEQB@EKFNRBPPR@E>P
PJ>IIPFDK>IJLABIFKD>KA>K>IVPFPFK
QEBPMI>KBRPFKD+>MI>@BQO>KPCLOJP
4KABODO>AR>QB@LROPBBNRFS>IBKQ
?>@HDOLRKA$"$$"$
EBIMCRI?RQKLQBPPBKQF>I
*6=64E65+@A:4D:?
=64EC@?:4*JDE6>6D:8?
"LROPBPFKQEFPDOLRM>OBABSLQBAQL
QEBPQRAVLC>AS>K@BAQLMF@PFK
BIB@QOLKF@PVPQBJABPFDK
,?:ED
*:89'6C7@C>2?46
%6EH@C<D
3EFP@LROPBFP>KFKABMQEPQRAVLC
QEBQEBLOVABPFDK>KAMBOCLOJ>K@B
LCEFDEPMBBAKBQTLOHP3LMF@P
FK@IRABPMB@Fh@EFDEMBOCLOJ>K@B
KBQTLOH>O@EFQB@QROBP>KAMOLQL@LIP
>KABJBODFKDQB@EKLILDFBPFK@IRAFKD
JRIQFJBAF>KBQTLOHP>KANR>IFQVLC
PBOSF@BFPPRBP3LMF@P>PPL@F>QBATFQE
FKQBO@LKKB@QFKDKBQTLOHPPR@E>P
?OFADBP>KAOLRQBOPTFII>IPL?B
AFP@RPPBA/BOCLOJ>K@B>K>IVPFPLC
KBQTLOHPTFIIFK@IRAB?>PF@NRBRBFKD
JLABIP
,?:ED
'C6C6BF:D:E6D
$"$"2
'C:?4:A=6D@76E64E:@?
2?5DE:>2E:@?+96@CJ
#BQB@QFLKLCPFDK>IPFKKLFPB
LMQFJRJOB@BFSBOMOFK@FMIBP,>OV
ABQB@QFLKJ>Q@EBAhIQBOP
LOQELDLK>IPFDK>IP>KA
OBMOBPBKQ>QFLKPLCO>KALJMOL@BPPBP
, />KAJ>UFJRJIFHBIFELLA
BPQFJ>QFLK6FBKBOhIQBOFKD>KA
*>IJ>KhIQBOFKD"E>KKBI
@LKPFABO>QFLKPMOBTEFQBKFKDC>AFKD
>KAAFSBOPFQV@LJ?FKFKD
,?:ED
'C6C6BF:D:E6D
$"$>KA$"$LOBNRFS>IBKQ
*5G2?465
@>AFE6C2?5@>>F?:42E:@?D
%6EH@C<D
3EFP@LROPB@LSBOP>AS>K@BAQLMF@PFK
QEBQEBLOVABPFDK>KAMBOCLOJ>K@B
LC@LJMRQBO>KA@LJJRKF@>QFLK
KBQTLOHP3LMF@PTFII?BPBIB@QBA
COLJPR@E>OB>P>PIL@>I>OB>
KBQTLOHPJBQOLMLIFQ>K>OB>
KBQTLOHPTFAB>OB>KBQTLOHP
NRBRFKDJLABIPLCKBQTLOHPOLRQFKD
iLT@LKQOLIKBTQB@EKLILDFBP>KA
MOLQL@LIPQ>KA>OAP3EB@ROOBKQ
IFQBO>QROBTFII?BRPBAQLPQRAVKBT
KBQTLOHP@LK@BMQP>KABJBODFKD
QB@EKLILDFBP
,?:ED
'C6C6BF:D:E6D
$"$"2>KA$"$"2
.:C6=6DD+649?@=@8:6D2?5
AA=:42E:@?D
MOBSFBTLCBSLIRQFLKLCTFOBIBPP
FKCLOJ>QFLKKBQTLOHFKDPQ>KA>OAP
>KAQB@EKLILDFBPCLOMBOPLK>IIL@>I
>KAPFUDBKBO>QFLKPLC@BIIRI>O
KBQTLOHP>KAQEBAFPQFK@QOLIBLC6F
%FFKQEFPBSLIRQFLK1>AFL%OBNRBK@V
1%@ILRACOLJTFOBIBPPABSF@BP>KA
BJ?BAABA?FDA>Q>FKQEBJ,LABIP
CLOQEB?BE>SFLOLCCB>QROBPLC1%
PFDK>IPCOLJTFOBIBPPABSF@BPQEB
1B@BFSBA2FDK>I2QOBKDQE1223FJB
LC OOFS>I3. #FOB@QFLKLC OOFS>I
#. "E>KKBI(JMRIPB1BPMLKPB
"(1>KA"E>KKBI2Q>QB(KCLOJ>QFLK
"2( MMIF@>QFLKLCJLABIPCLO
CB>QROBPLC1%PFDK>ICLOABPFDK>KA
MBOCLOJ>K@BBS>IR>QFLKLC
J>FKPQOB>JTFOBIBPP@LJJRKF@>QFLK
QB@EKLILDFBP2MOB>A2MB@QORJ
.OQELDLK>I%OBNRBK@V#FSFPFLK
,RIQFMIBUFKD.%#,,RIQFMIB(KMRQ
,RIQFMIB.RQMRQ,(,.>KQBKK>
PVPQBJP4IQO>6FAB?>KA46!>KA
JFIIFJBQBOT>SBJJ6>SB
QB@EKLILDFBP122>KA3. CB>QROBP
LC1%hKDBOMOFKQPLCTFOBIBPPABSF@BP
CLOLMMLOQRKFPQF@MLPFQFLKFKD>KA
QO>@HFKDRPFKD6F%F>KA@BIIRI>O
PFDK>IP MMIF@>QFLKLC OQFh@F>I
(KQBIIFDBKQ (>IDLOFQEJP>KA122
"(1>KA"2(hKDBOMOFKQPLCTFOBIBPP
ABSF@BPQLJLQFLK>KADBPQROB
ABQB@QFLK>PTBII>P>RQEBKQF@>QFLK
>KAPB@ROFQV3EB@LROPBFP
@LJMIBJBKQBATFQEMO>@QF@>I
, 3+ !LOFBKQBA>PPFDKJBKQP>KA
JRIQFJBAF>PRMMIBJBKQP2QRABKQP
TFIIMOBM>OB>QBOJM>MBOQEOLRDELRQ
QEB@LROPBLK>QLMF@KBDLQF>QBATFQE
QEBFKPQOR@QLO
,?:ED
*6=64E65+@A:4D:?
@>>F?:42E:@?+96@CJ2?5*:8?2=
'C@46DD:?8
"LROPBPFKQEFPDOLRM>OBABSLQBAQL
QEBPQRAVLC>AS>K@BAQLMF@PFKFK
"LJJRKF@>QFLK3EBLOV>KA2FDK>I
/OL@BPPFKD
,?:ED
 6/(">Q>ILD
*:8:E2= >286
'C@46DD:?8
2BB"2@LROPBABP@OFMQFLK
,?:ED
*6=64E65+@A:4D:?@?EC@=
"LROPBPFKQEFPDOLRM>OBABSLQBAQL
QEBPQRAVLC>AS>K@BAQLMF@PFKQEB
CLOJRI>QFLK>KAPLIRQFLKLC
QEBLOBQF@>ILOMO>@QF@>IMOL?IBJPFK
JLABOK@LKQOLI
,?:ED
*6=64E65+@A:4D:??6C8J
*JDE6>D
"LROPBPFKQEFPDOLRM>OBABSLQBAQL
QEBPQRAVLC>AS>K@BAQLMF@PFK
BKBODVPVPQBJP3VMF@>IQLMF@P
FK@IRABLMQFJ>IMLTBOiLT
MOL?>?FIFQVJBQELAPFKMLTBO
PVPQBJP>K>IVPFPPRODBMEBKLJBK>
ABPFDKLCBIB@QOF@>I>MM>O>QRP
QO>KPFBKQ?BE>SFLOLCBIB@QOF@
J>@EFKBP>KA>AS>K@BA
BIB@QOLJB@E>KF@>IBKBODV
@LKSBOPFLK
,?:ED
-#* 6D:8?
5+2(#BPFDKFKQOLAR@BP@LJMRQBO
BKDFKBBOP>KA@LJMRQBOP@FBKQFPQPQL
QEBQB@EKFNRBPJBQELALILDFBP>KA
FPPRBPFKSLISBAFK@LK@BMQR>I>KA
MEVPF@>IABPFDKLC@LJMIBUAFDFQ>I
FKQBDO>QBA@FO@RFQP3EB@LROPB
MOBPRMMLPBPHKLTIBADBLC@LJMRQBO
PVPQBJP>KAE>OAT>OBABPFDKPR@E>P
CLRKAFK$"$?RQALBPKLQ
>PPRJBABQ>FIBAHKLTIBADBLC
QO>KPFPQLO@FO@RFQP>KAMEVPF@>I
BIB@QOLKF@P
,?:ED
'C6C6BF:D:E6D
$"$LOBNRFS>IBKQ
*6=64E65+@A:4D:?*@=:5
*E2E6
"LROPBPFKQEFPDOLRM>OBABSLQBAQL
QEBPQRAVLC>AS>K@BAQLMF@PFKPLIFA
PQ>QBCLOBU>JMIBABDBKBO>QB
PBJF@LKAR@QLOPJ>KV?LAVQEBLOV
BI>PQF@BfB@QP>KAMELKLK
@LKAR@QFLK>KAPLI>O@BIIP3LOBiB@Q
@E>KDBPFKC>@RIQVOBPB>O@EFKQBOBPQP
QEBPB@LROPBPJ>V?BJLAFhBALO
KBT@LROPBPJ>V?B>AABA
,?:ED
*5G2?465*JDE6>D
C49:E64EFC6
3EFP@LROPB@LSBOPQB@EKFNRBPPR@E>P
@>@EFKDEFBO>O@EF@>IJBJLOV
MFMBIFKFKD>KAM>O>IIBIFPJQE>Q>OB
RPBAQLBKE>K@BQEBMBOCLOJ>K@BLC
@LJMRQBOPVPQBJP(Q@LJM>OBP>KA
@LKQO>PQPAFfBOBKQ>MMOL>@EBPQL
>@EFBSFKDEFDEMBOCLOJ>K@BFK
J>@EFKBPO>KDFKDCOLJ>AS>K@BA
JF@OLMOL@BPPLOPQLSB@QLO
PRMBO@LJMRQBOP"1 8"8!$1(Q>IPL
FIIRPQO>QBPELTQEBPBQB@EKFNRBP>OB
>MMIFBAFKJ>PPFSBIVM>O>IIBI2(,#
J>@EFKBP# /"LKKB@QFLK
,>@EFKB(KB>@E@>PBQEBCL@RPFPLK
QEB@LJ?FKBAE>OAT>OBPLCQT>OB
MBOCLOJ>K@B>@EFBSBA>KAQEB
FKQBO>@QFLK?BQTBBK>MMIF@>QFLK
ABJ>KAP>KAE>OAT>OBPLCQT>OB
@>M>?FIFQFBP
,?:ED
'C6C6BF:D:E6D
3EFP@LROPB>PPRJBPQEBJ>QBOF>I
@LSBOBAFK$"$3EBPQRABKQ
PELRIA>IPLE>SB>?>@HDOLRKAFK
@LJMRQBOMOLDO>JJFKD>KA
LMBO>QFKDPVPQBJP"2
%>JFIF>OFQVTFQE?>PF@MOL?>?FIFQV>KA
PQ>QFPQF@PPR@E>P$"$LO, FP
OB@LJJBKABA
$@56=:?82?5*J?E96D:D
@7:8:E2=*JDE6>D,D:?8-6C:=@8
2?5-95=
3EFPFP>KFKQOLAR@QLOV@LROPBLK
5BOFILD>KA5'#+QTLPQ>KA>OA
E>OAT>OBABP@OFMQFLKI>KDR>DBP
'#+PCLOPQRABKQPTFQEKL
?>@HDOLRKALOMOFLOBUMBOFBK@BTFQE
'#+P(KQEFP@LROPBTBTFIIBU>JFKB
PLJBLCQEBFJMLOQ>KQCB>QROBPLC
5BOFILD>KA5'#+3EB@LROPBTFII
BK>?IBPQRABKQPQLABPFDKPFJRI>QB
JLABI>KAPVKQEBPFWBAFDFQ>IABPFDKP
3EBA>Q>iLTPQOR@QRO>I>KA
?BE>SFLO>IJLABIFKDQB@EKFNRBPTFII
?BAFP@RPPBA>KAOBI>QBAQLELTQEBV
>OBRPBAQLABPFDK@LJ?FK>QFLK>I
>KAPBNRBKQF>I@FO@RFQP3EBRPBLC
QBPQ?BK@EBPQLBUBO@FPB>KASBOFCV
QEB@LOOB@QKBPPLCE>OAT>OBJLABIP
TFII>IPL?BABP@OF?BA"LROPB
/OLGB@QP"LROPBMOLGB@QPTFIIFKSLISB
QEBJLABIFKD>KAPVPKQBPFP>KA
QBPQFKDLCPVPQBJPRPFKD7FIFKUQLLIP
6BTFII?BQ>ODBQFKD7FIFKU%/& >KA
"/+#P2QRABKQPTFIIKBBAQL
MRO@E>PB>%/& LO"/+#
ABSBILMJBKQ?L>OACLOMOLGB@Q
>PPFDKJBKQP.QEBO5'#+QLLIPJ>V
?BRPBAFCQEBPB>OB>S>FI>?IBQLQEB
PQRABKQ>QQEBFOMI>@BLC
BJMILVJBKQ2QRABKQPTFIIE>SBQEB
@ELF@BLC@LJMIBQFKD>PPFDKJBKQPFK
BFQEBO5BOFILDLO5'#+2QRABKQP
@>KKLQOB@BFSB@OBAFQCLO?LQE$"$
>KA$"$
,?:ED
'C6C6BF:D:E6D
+LDF@"FO@RFQP>KABUMBOFBK@BTFQE
MOLDO>JJFKDFK>EFDEIBSBI
I>KDR>DBPR@E>P"LO/>P@>I>KA>
@LJMRQBO>O@EFQB@QROB@LROPBPR@E>P
$"$
 6/(">Q>ILD
*CJAE@8C2A9J2?5
2E2*64FC:EJ
3EFP@LROPBDFSBP>@LJMOBEBKPFSB
FKQOLAR@QFLKQLQEBhBIALC
@OVMQLDO>MEV>KAA>Q>PB@ROFQV3EB
@LROPB?BDFKPTFQEQEBFKQOLAR@QFLK
LCQEB@LK@BMQPLCA>Q>PB@ROFQV
TEBOB@I>PPF@>I>IDLOFQEJPPBOSB>P>K
BU>JMIB#FfBOBKQ>QQ>@HPLK
@OVMQLDO>MEF@PVPQBJP>OB@I>PPFhBA
2LJBMPBRALO>KALJDBKBO>QLOP>OB
FKQOLAR@BA3EB@LK@BMQPLCMR?IF@
>KAMOFS>QBHBV@OVMQLDO>MEV>OB
ABSBILMBA PFJMLOQ>KQ
OBMOBPBKQ>QFSBPCLOPB@OBQHBV
P@EBJBP#$2>KA(#$ >OB
ABP@OF?BA3EBMR?IF@HBVP@EBJBP
12 >KA$I&>J>I>KAPVPQBJP?>PBA
LKBIIFMQF@@ROSBP>OBQEBKABSBILMBA
2FDK>QROB>IDLOFQEJPE>PECRK@QFLKP
HBVAFPQOF?RQFLK>KAFABKQFh@>QFLK
P@EBJBP>OBQOB>QBA>P>AS>K@BA
QLMF@P2LJB>AS>K@BAJ>QEBJ>QF@>I
>IDLOFQEJPCLO>QQ>@HFKD
@OVMQLDO>MEF@P@EBJBP>OBAFP@RPPBA
MMIF@>QFLKBU>JMIBPTFIIFK@IRAB>
MOLQL@LICLOPB@ROFQVFK>+ ->KA>
PB@ROBPJ>OQ@>OAPVPQBJCLO
BIB@QOLKF@?>KHFKD2MB@F>I
@LKPFABO>QFLKTFII?BDFSBKQL
P@EBJBPTEF@E>OBOBIBS>KQCLO
KBQTLOHBKSFOLKJBKQP%LO>II
P@EBJBPFJMIBJBKQ>QFLK>PMB@QP
>KARMQLA>QBPB@ROFQVBPQFJ>QFLKP
TFII?BAFP@RPPBA
,?:ED
'C6C6BF:D:E6D
6LOHFKDHKLTIBADBLC">KFKQBOBPQ
FKAFP@OBQBJ>QEBJ>QF@P>KA
>IDLOFQEJPFPEFDEIVABPFO>?IB
2QRABKQPFKQBOBPQBAFK>CROQEBOPQRAV
LCQEBRKABOIVFKDJ>QEBJ>QF@PJ>V
OBDFPQBOCLO, :!QBOJ;TEBOB
QLMF@PFKJLABOK>IDB?O>OBIBS>KQQL
@OVMQLDO>MEVTFII?BQOB>QBA
*6=64E65+@A:4D:?
@>AFE6C?8:?66C:?8
"LROPBPFKQEFPDOLRM>OBABSLQBAQL
QEBPQRAVLC>AS>K@BAQLMF@PFK
@LJMRQBOBKDFKBBOFKDPR@E>POB>I
QFJBFKQBIIFDBKQPVPQBJP5+2(ABPFDK
>KAEFDEIBSBII>KDR>DBP
,?:ED
*$@56=:?82?5
'6C7@C>2?46G2=F2E:@?@7
%6EH@C<2?5@>AFE6C*JDE6>D
,BQELAP>KA@LK@BMQPLC@LJMRQBO
>KA@LJJRKF@>QFLKKBQTLOH
JLABIFKD>KAPVPQBJMBOCLOJ>K@B
BS>IR>QFLK2QL@E>PQF@MOL@BPPBP
JB>PROBJBKQQB@EKFNRBPJLKFQLO
QLLIPPQ>QFPQF@>I>K>IVPFPLC
MBOCLOJ>K@BBUMBOFJBKQPPFJRI>QFLK
JLABIP>K>IVQF@JLABIFKD>KA
NRBRBFKDQEBLOV,,$OI>KD&,
,&?>Q@E>OOFS>I?RIHPBOSF@B>KA
MOFLOFQVPVPQBJPTLOHIL>A
@E>O>@QBOFW>QFLKMBOCLOJ>K@B
BS>IR>QFLKMOL?IBJP
,?:ED
'C6C6BF:D:E6D
"2LO$"$LOBNRFS>IBKQ
?>@HDOLRKAFKMOL?>?FIFQV
*J36C*64FC:EJ
2ADE@?6IA6C:6?46
3LOBAR@B@V?BOPB@ROFQVQEBLOVQL
MO>@QF@BQEB@>MPQLKBMOLGB@QE>P
PQRABKQP>MMIVPB@ROFQV@LK@BMQPQL
OB>ITLOIAMOL?IBJP3EB@>MPQLKB
OBMOBPBKQP>PR?PQ>KQF>IBS>IR>QFLKLC
QEBPQRABKQP@V?BOPB@ROFQV
BUMBOFBK@B2QRABKQP>OBBK@LRO>DBA
QLPBIB@QMOLGB@QPTFQEMO>@QF@>I
BUMBOFBK@BOBIBS>KQQLQEBFO@>OBBO
DL>IP>KAMBOPLK>IABSBILMJBKQ(K
QEB@>MPQLKBPQRABKQPTFIIMOLMLPB>
MOLGB@QFAB>FKTOFQFKDTFQE@LK@OBQB
JFIBPQLKBPOB@BFSBCBBA?>@H>KA
MROPRBQEBMOLMLP>IL?GB@QFSBP2FK@B
@V?BOPB@ROFQVFP>@LII>?LO>QFSB
AFP@FMIFKBPQRABKQP>OBBK@LRO>DBA
QLTLOHFKQB>JP
3EFP@LROPBFP>ABDOBBOBNRFOBJBKQ
CLOQEB/OLCBPPFLK>I,>PQBOPFK"V?BO
2B@ROFQV/,2$">KAJ>VKLQ?B
Q>HBK?BCLOB@LJMIBQFLKLC@OBAFQP
FKQEBMOLDO>J&FSBKFQPM>OQF@RI>O
OLIBQEFP@LROPBJ>VKLQ?BRPBAQL
P>QFPCVABDOBBOBNRFOBJBKQPCLO>!2
,2LO/E#ABDOBBFK"LJMRQBO
2@FBK@BLO>JFKLOFK"LJMRQBO
2@FBK@B2QRABKQPLRQPFABQEB/,2$"
MOLDO>JJRPQDBQQEBFKPQOR@QLOP
>MMOLS>I?BCLOBQ>HFKDQEFP@LROPBCLO
@OBAFQ
,?:ED
2?5C25F2E6
*6>:?2CD
3EBMOBPBKQ>QFLKPFKQEBDO>AR>QB
PBJFK>OPBOFBPTFII?BLCQRQLOF>I
K>QROB>KATFII?BMOBPBKQBA?V
OB@LDKFWBABUMBOQPFKS>OFLRPhBIAPLC
BIB@QOF@>I>KA@LJMRQBOBKDFKBBOFKD
IICRIIQFJBDO>AR>QBPQRABKQPTFII?B
OBNRFOBAQLQ>HB?LQEPBJFK>O
@LROPBP$"$ >KA$"$!
LK@BAROFKDQEBFODO>AR>QBPQRAFBPFK
QEB$IB@QOF@>I>KA"LJMRQBO
$KDFKBBOFKD#BM>OQJBKQ3EB@LROPB
TFII?BDFSBK/>PP%>FI
,?:ED
'C6C6BF:D:E6D
&O>AR>QBPQ>KAFKD
 ?56A6?56?E*EF5J
MMOLSBAPQRAVLC>PMB@F>IPR?GB@Q
LOQLMF@PPBIB@QBA?VQEBPQRABKQQL
JBBQEFPLOEBOM>OQF@RI>O
OBNRFOBJBKQPLOFKQBOBPQP">K?B
QB@EKF@>IFKK>QROBLO>OBSFBTLC
BIB@QOF@>I>KA@LJMRQBOBKDFKBBOFKD
EFPQLOV>KAIFQBO>QROBLCFJMLOQ>K@B
>KAMBOJ>KBKQS>IRB
,?:ED
'C6C6BF:D:E6D
!2FK$"$LOBNRFS>IBKQ
:C64E65)6D62C49
$>@EPQRABKQTFIITLOHRKABOQEB
AFOB@QPRMBOSFPFLKLC>JBJ?BOLCQEB
ABM>OQJBKQPQ>fLK>KBUMBOFJBKQ>I
LOQEBLOBQF@>IMOL?IBJTEF@EJ>V
FKSLISB>KBUQBKPFSBIFQBO>QROBPB>O@E
BUMBOFJBKQ>IMOL@BAROBP>KA
>K>IVPFP @LJMOBEBKPFSBOBMLOQFK
QEBPQVIBLC>QB@EKF@>IOBMLOQLO
M>MBO>KA>KLO>IMOBPBKQ>QFLK>OB
OBNRFOBA J>UFJRJLCQTL
OBDFPQO>QFLKPFK$"$FPMBOJFQQBA
,?:ED
'C6C6BF:D:E6D
&O>AR>QBPQ>KAFKD
+96D:D
,?:ED
 6/(">Q>ILD
5G2?465+@A:4D:?*:8?2=
'C@46DD:?8
3EB@LROPBTFII@LSBO>PBQLC
FJMLOQ>KQQLMF@PFKPFDK>I>KAFJ>DB
>K>IVPFPLOQELDLK>IPFDK>I
AB@LJMLPFQFLKT>SBIBQQO>KPCLOJP
>K>IVQF@PFDK>IPQFJBCOBNRBK@V
BPQFJ>QFLK#%3'>KHBIQO>KPCLOJ
>KAQLJLDO>MEF@OB@LKPQOR@QFLK(K
>AAFQFLKQEB@LROPBTFIIB>@EVB>O
E>SBPBIB@QBA@ROOBKQQLMF@PFKPFDK>I
MOL@BPPFKDBD>J?FDRFQVCRK@QFLKP
FK1 # 1>KA2.- 1@LABA
T>SBCLOJP%LROFBO?>PBA
?B>JCLOJFKDCLO#>OO>VP>KAPFKDIB
S>IRBAB@LJMLPFQFLK(KMI>@BLC>
hK>IBU>JQEBOBTFII?B>PQRABKQ
MOLGB@Q3EB@LROPBFPFKQBKABACLO
PQRABKQPTLOHFKDFK>OB>PPR@E>P
FJ>DB>K>IVPFP-#$RIQO>PLRKA
>RAFLPMBB@E1 # 12.- 1>KA
A>QB@LJMOBPPFLK2FDK>IFJ>DB
QEBLOV>KA>MMIF@>QFLKPTFII?B
BJME>PFWBALSBO@LAFKDELTBSBO
,>QI>??>PBAJLARIBPCLOPBICM>@BA
PFDK>IFJ>DBSFPR>IFW>QFLK>KA
J>KFMRI>QFLKTFII?BM>OQLCQEB
@LROPB
,?:ED
'C6C6BF:D:E6D
$"$ K>IVPFPLC#BQBOJFKFPQF@
2FDK>IP>KA2VPQBJPRKABODO>AR>QB
@LROPBFKIFKB>OPVPQBJPQEBLOV>KA
SB@QLO@>I@RIRP
'9:DD6CE2E:@?
,?:ED
 ?EC@5F4E:@?E@?E6??2
6D:8?
3EFP@LROPBFPFKQBKABACLODO>AR>QB
>KAPBKFLOIBSBIRKABODO>AR>QB
PQRABKQP3EB@LROPBMOLSFABP>K
FKQOLAR@QFLKQLJ>GLO>KQBKK>P>KA
>KQBKK>QVMBPCLOTFOBIBPP
@LJJRKF@>QFLKP!>PF@>KQBKK>
@E>O>@QBOFPQF@P>OBPQRAFBA!LQE
K>OOLT?>KA>KA?OL>A?>KA
>KQBKK>P>PTBII>P>KQBKK>>OO>VP
>OB@LKPFABOBA.KBBJME>PFPFP
J>ABLKIB>OKFKD>KQBKK>JLABIFKD
PLCQT>OB -282'%22>KA KQBKK>
3LLI?LULC, 3+ ! KLQEBO
BJME>PFPFPJ>ABLKQEB?>PF@
JB>PROBJBKQE>OAT>OB3EB@LROPB
PQOR@QROBFPAFOB@QBAQLT>OA
RKABOPQ>KAFKD>KQBKK>LMBO>QFLKP
>KA?>PF@>KQBKK>ABPFDK>KA
BK>?IBPPQRABKQPTFQE>?OL>A
?>@HDOLRKAQLQ>HBQEFP@LROPB
"LROPBQLMF@PFKM>OQF@RI>OFK@IRAB
QO>KPJFQQBOOB@BFSBO>KQBKK>@FO@RFQ
JLABIP>KQBKK>O>AF>QFLK>KA
O>AF>QFLKM>O>JBQBOPAFMLIB>KQBKK>
C>JFIVM>Q@E>KQBKK>C>JFIVILLM
>KQBKK>C>JFIVOBiB@QLO>KQBKK>P
PJ>II>KQBKK>P>KQBKK>J>Q@EFKD
>KAQRKFKD>KQBKK>>OO>VPLK?LAV
>KAFK?LAV>KQBKK>P>KQBKK>
JB>PROBJBKQP>KAJLABIFKD
,?:ED
'C6C6BF:D:E6D
RKABODO>AR>QB>K>ILDBIB@QOLKF@P
@LIIBDB, 3+ !>KA?>PF@
FKQOLAR@QLOVHKLTIBADBLC
BIB@QOLJ>DKBQF@QEBLOV$"$
>KA$"$
$@56=:?8@7
=64EC@>28?6E:4:6=5D:?=64EC:42=
:@=@8:42=*JDE6>D
3EFP@LROPBFPFKQBKABACLODO>AR>QB
>KAPBKFLOIBSBIRKABODO>AR>QB
PQRABKQP,LABOKKRJBOF@>IJBQELAP
>KAJ>GLOPLCQT>OBM>@H>DBP>OB
OBSFBTBAFK>MMIF@>QFLKQLJLABIFKD
BIB@QOF@>I>KA?FLJBAF@>IPBKPLOP
?FLBIB@QOLJ>DKBQF@PTFOBIBPP
@LJJRKF@>QFLKPFK@IRAFKDTFOBIBPP
?LAV>OB>KBQTLOHP>KAMLTBO
BIB@QOLKF@P3EB@LROPB?BDFKPTFQE
>KFKQOLAR@QFLKQL@LJMRQ>QFLK>I
JBPEDBKBO>QFLK3OF>KDRI>OPROC>@B
JBPEBPSLIRJBQOF@QBQO>EBAO>I
JBPEBPSLUBIJBPEBP>KA
@LJMRQ>QFLK>IERJ>KME>KQLJP>OB
PQRAFBA3EB?LRKA>OVBIBJBKQ
JBQELALOQEBJBQELALCJLJBKQP
FPFKQOLAR@BA>KAABQ>FIBACLIILTBA
?V>OBSFBTLCQEBhKFQBBIBJBKQ
JBQELACLOBIB@QOLJ>DKBQF@
MOL?IBJP3EBhKFQBAFfBOBK@BQFJB
ALJ>FKJBQELAFP>KLQEBOJ>GLO
QLMF@LCQEB@LROPB3EB@LROPB>IPL
@LSBOPO>VQO>@FKD>IDLOFQEJPFK
>MMIF@>QFLKQLTFOBIBPPKBQTLOHP
,?:ED
'C6C6BF:D:E6D
@LIIBDB, 3+ !AFfBOBKQF>I>KA
FKQBDO>I@>I@RIRP
 6/(">Q>ILD
?2=@8:C4F:ED2?5
?EF:E:@?
3EB>?FIFQVQLPBBQEBPFJMIF@FQVFK>
@LJMIBUABPFDKMOL?IBJFP>PHFIIQE>Q
FPKLQRPR>IIVQ>RDEQFKBKDFKBBOFKD
@I>PPBP2LJBBKDFKBBOPTEBKC>@BA
TFQEABPFDKMOL?IBJPFJJBAF>QBIV
hIIRMM>DBP>KAM>DBPLC
@>I@RI>QFLKPLOAL@LJMIBU@FO@RFQ
PFJRI>QFLKPLOhKFQBBIBJBKQ
>K>IVPBP.KBMOL?IBJTFQEQEFP
>MMOL>@EFPQE>QFCVLRDBQ>K>KPTBO
VLRALKLQHKLTFCFQFP@LOOB@QRKIBPP
VLRE>SB>KFKQRFQFSB[CBBI^CLOTE>Q
QEB>KPTBOPELRIA?B3EB
>MMIF@>QFLKLCPLJBPFJMIBORIBPLC
QERJ?>KAABPFDKQB@EKFNRBPFP>
MLPPF?IBhOPQPQBMQLABSBILMFKD
FKQRFQFLKFKQLQEB?BE>SFLOLC
@LJMIBUBIB@QOF@>IPVPQBJP3EFP
@LROPBLRQIFKBPPLJBT>VPLC
QEFKHFKD>?LRQ>K>ILD@FO@RFQP>KA
PVPQBJPQE>Q>OBFKQBKABATFIIEBIMQL
ABSBILMFKQRFQFLK>KADRFABABPFDK
3EBIB@QROBP>OB>JFUQROBLC
FKPQOR@QFLK>IPBPPFLKP@LSBOFKDKBT
?>@HDOLRKAJ>QBOF>I>KAABPFDK
@>PBPQRAFBP
,?:ED
'C6C6BF:D:E6D
4KABODO>AR>QB?>@HDOLRKAFKABSF@B
MEVPF@PJF@OLBIB@QOLKF@P@LKQOLI
PVPQBJPBIB@QOLJ>DKBQFPJ
.:C6=6DD446DD2?5
#@42=:K2E:@?
3EFP@LROPB@LSBOPQEBCRKA>JBKQ>IP
LCQEBBSLISFKDTFOBIBPPIL@>IFW>QFLK
QB@EKFNRBP>KAQEBFOOBI>QFLKTFQEQEB
TFOBIBPP>@@BPPFKCO>PQOR@QROBPCLO
$IB@QOF@>I>KA"LJMRQBO$KDFKBBOFKD
"LJMRQBO2@FBK@BLOLQEBODO>AR>QB
PQRABKQPFKQBOBPQBAFKQEFPhBIA3EB
@LROPB?BDFKPTFQE>KBUMI>K>QFLKLC
QEB@LJJLKDOLRKA>JLKDTFOBIBPP
>@@BPP>KAIL@>IFW>QFLKQB@EKFNRBP
TEF@E>OBMOFK@FMIBPLCT>SBCLOJ
QO>KPJFPPFLKFKJRIQFM>QEOF@ERO?>K
>KAFKALLO>OB>P>KAQEB
ABMILVJBKQLCQEBFKCO>PQOR@QROBCLO
TFOBIBPPKBQTLOHP3EFPFPCLIILTBA?V
QEBCRKA>JBKQ>IPLCOB@BFSBAPFDK>I
PQOBKDQE122>KA3FJB>KA KDIB
LC>OOFS>I3.  . ?>PBA
IL@>IFW>QFLKQB@EKFNRBP>AAOBPPFKD
>MMIF@>QFLKPPVPQBJPBfB@QPLC
BKSFOLKJBKQMBOCLOJ>K@B?LRKAP
>KA>IDLOFQEJP3EB@LROPBABP@OF?BP
ELTTFOBIBPP>@@BPPJBQELAPRPBAFK
TFABIL@>I>KAMBOPLK>I>OB>
KBQTLOHP>OBOBI>QBAQLIL@>IFW>QFLK
QB@EKFNRBPRPFKD@BIIRI>O46!6F%F
>KALQEBOPFDK>IPLCLMMLOQRKFQV>P
TBII>PJB@E>KF@>IPBKPLOPRPBAFK
AFfBOBKQPJ>OQMELKB>KA1L?LQF@
MI>QCLOJP3EBBJME>PFPLKQEB
BfB@QPLCBKSFOLKJBKQFPLKQEB
>K>IVPFPLCQEBBfB@QPLCJRIQFM>QELK
MOB@FPFLKLCQEBIL@>IFW>QFLK
QB@EKFNRBP3EBBJME>PFPLK
MBOCLOJ>K@BBS>IR>QFLKFPLKQEB
ABOFS>QFLKLC"O>JBO1>L+LTBO
!LRKA"1+!%LO>IDLOFQEJPQEB
@LROPBABP@OF?BPhKDBOMOFKQFKD
>IDLOFQEJPRPBACLO122?>PBA
IL@>IFW>QFLK>KAPRMBOOBPLIRQFLK
@LLMBO>QFSBIL@>IFW>QFLKIL@>IFW>QFLK
RPFKDJRIQF@>OOFBOQO>KPJFPPFLK>KA
IL@>IFW>QFLKRPFKDJRIQFM>QEAFSBOPFQV
>PTBII>P*>IJ>K>KA/>OQF@IB
hIQBOFKDQB@EKFNRBPRPBACLOJLABI
?>PBAIL@>IFW>QFLK$U>JMIBPLC
BJBODFKDQB@EKLILDFBPFK!LAV OB>
-BQTLOHFKD>KA1L?LQF@P
>MMIF@>QFLKP>OBMOLSFABA
,?:ED
'C6C6BF:D:E6D
$"$"2LOBNRFS>IBKQ
C>JFIF>OFQVTFQEIL@>I>KATFAB>OB>
KBQTLOHP
 ?7@C>2E:@?+96@CJ2?5
@5:?8
3EFP@LROPBFKQOLAR@BPQEB
CRKA>JBKQ>IPLCFKCLOJ>QFLKQEBLOV
>KAAFP@RPPBP>MMIF@>QFLKPFK
@LJMOBPPFLK>KAQO>KPJFPPFLKLC
A>Q>,B>PROBPLCFKCLOJ>QFLK
FK@IRAFKDBKQOLMV>KAQEBFO
MOLMBOQFBP>OBABOFSBA3EBIFJFQPLC
ILPPIBPPA>Q>@LJMOBPPFLK>OBABOFSBA
>KAMO>@QF@>I@LAFKDP@EBJBP
>MMOL>@EFKDQEBQEBLOBQF@>IIFJFQP>OB
MOBPBKQBA+LPPVA>Q>@LJMOBPPFLK
QO>ABLfP>OBAFP@RPPBAFKQBOJPLC
QEBO>QBAFPQLOQFLKCO>JBTLOH3EB
@LK@BMQLCOBIF>?IB@LJJRKF@>QFLK
QEOLRDEKLFPV@E>KKBIP@E>KKBI
@>M>@FQVFPABSBILMBA3B@EKFNRBP
CLOMO>@QF@>I@E>KKBI@LAFKD
FK@IRAFKD?IL@H>KA@LKSLIRQFLK>I
@LABP>OB>IPL@LSBOBA
,?:ED
'C6C6BF:D:E6D
?>@HDOLRKAFKMOL?>?FIFQV>KA
O>KALJMOL@BPPBPPR@E>PFK$"$
LOBNRFS>IBKQ
 6/(">Q>ILD
$@56C?:8:E2=
@>>F?:42E:@?D
3EFP@LROPBFKQOLAR@BP>OFDLOLRP
>K>IVQF@>IQOB>QJBKQLCJLABOK
AFDFQ>I@LJJRKF@>QFLKPVPQBJP
FK@IRAFKDAFDFQ>IJLARI>QFLK
ABJLARI>QFLK>KALMQFJ>IOB@BFSBO
ABPFDK$OOLOMBOCLOJ>K@B>K>IVPFPLC
QEBPB@LJJRKF@>QFLKPVPQBJPTEBK
LMBO>QFKDLSBOBFQEBOKLFPVLO?>KA
IFJFQBA@E>KKBIPTFII?B@LKAR@QBA
AS>K@BAQLMF@PQL?B@LSBOBA
FK@IRAB>PR?PBQLCQEBCLIILTFKD
,(,.C>AFKD@E>KKBIPJRIQFRPBO
@LJJRKF@>QFLKPPMOB>APMB@QORJ
PVPQBJP>KALOJRIQF@>OOFBO
QO>KPJFPPFLK
,?:ED
'C6C6BF:D:E6D
KRKABOPQ>KAFKDLCMOL?>?FIFQV>KA
O>KALJMOL@BPPBPQEBLOV$"$LO
BNRFS>IBKQ>KRKABOPQ>KAFKDLC
S>OFLRP>K>ILD>KAAFDFQ>IAB
JLARI>QFLKQB@EKFNRBP$"$LO
BNRFS>IBKQC>JFIF>OFQVTFQE, 3+ !
MOLDO>JJFKD
AA=:65$65:42=*:8?2=
?2=JD:D
3EFP@LROPBMOLSFABP>?OL>A
FKQOLAR@QFLKQLJBAF@>IPFDK>I
>K>IVPFPM>OQF@RI>OIVQ>FILOBAQL
PQRABKQPTELE>SBKLMOFLO
?>@HDOLRKAFKMEVPFLILDVLO
JBAF@FKB3EB@LROPBTFII@LK@BKQO>QB
LKPFDK>I>K>IVPFPLCQEBBIB@QOF@>I
>@QFSFQVLCQEBERJ>K?LAVMOLSFAFKD
PRg@FBKQMEVPFLILDF@?>@HDOLRKACLO
PQRAVLCQEBOBIBS>KQLOD>KPVPQBJP
2VPQBJIBSBIBKDFKBBOFKDJLABIPLC
QEBBIB@QOF@>I>@QFSFQVLCQEBEB>OQ
PHBIBQ>IJRP@IBP>KA?O>FKTFII?B
MOBPBKQBA>KA>@QR>IMEVPFLILDF@
PFDK>IPTFII?B>K>IVWBA#FDFQ>IPFDK>I
MOL@BPPFKD>IDLOFQEJPCLO>K>IVPFPLC
QEBPBPFDK>IPTFII?BPQRAFBA
BUQBKPFSBIVRPFKD, 3+ !2MB@Fh@
PFDK>IMOL@BPPFKDQLMF@PJ>VFK@IRAB
RPBLCJRP@IBBIB@QOF@>I>@QFSFQVQL
@LJJ>KAMLTBOBAMOLPQEBPBP>KA
LODRFABOBE>?FIFQ>QFLKQEBO>MV
ABPFDKLChIQBOPQLOBGB@QJLQFLK
>OQFC>@QKLFPB>KAFKQBOCBOBK@B
JLKFQLOFKDBDABQB@QFLK>KA
@I>PPFh@>QFLKLCEB>OQ?O>FK>KA
JRP@IBBIB@QOF@>IFJMRIPBP>KAKLK
FKS>PFSBBPQFJ>QFLKLCJRP@IB
>@QFS>QFLKIBSBI2QRABKQPJ>VKLQ
OB@BFSB@OBAFQCLO$"$>KABFQEBO
$"$7LO$"$#
,?:ED
'C6C6BF:D:E6D
4KABODO>AR>QBLODO>AR>QB@LROPB
FKAFDFQ>IPFDK>IMOL@BPPFKD
BUMBOFBK@BTFQE, 3+ !>KA>
@LROPBFKMOL?>?FIFQV
'@H6C*JDE6>?2=JD:D
3EFPDO>AR>QBIBSBI@LROPBBU>JFKBP
QEBMOFK@FMIBPLC/LTBO2VPQBJ
K>IVPFP(QTFII?BDFKTFQE>OBSFBTLC
"@FO@RFQ>K>IVPFP3EB@LROPBTFII
QEBK@LSBOQEBQLMF@PLCQO>KPJFPPFLK
IFKBM>O>JBQBO@>I@RI>QFLK
PVJJBQOF@>I@LJMLKBKQ>K>IVPFP
QO>KPCLOJBO>KAIL>AJLABIFKD
PVJJBQOF@>I>KARKPVJJBQOF@>IC>RIQ
>K>IVPFPMLTBOiLT>KAMLTBO
PVPQBJPPQ>?FIFQV
,?:ED
'C6C6BF:D:E6D
*KLTIBADBLC@FO@RFQ>K>IVPFP?>PF@
@>I@RIRP>KAAFfBOBKQF>IBNR>QFLKP
BIBJBKQ>OVJ>QOFU>K>IVPFP>KA?>PF@
@LJMRQBOMOLDO>JJFKD
'@H6C(F2=:EJ
3EFPDO>AR>QBIBSBI@LROPBMOLSFABP
ABQ>FIBABUMI>K>QFLKPLCQEBMEVPF@>I
JB@E>KFPJPQE>Q@LKQOLIMEBKLJBK>
OBI>QBAQL/LTBO0R>IFQV(Q>AAOBPPBP
@LK@BMQPQE>QRKABOIFBE>OJLKF@
DBKBO>QFLK>KAE>OJLKF@iLT>KA
QEBJLABIFKDLCSLIQ>DBP>DP>KA
PTBIIP3EBBfB@QPLCPR@E
AFPQRO?>K@BPLKBNRFMJBKQ
QO>KPCLOJBOPOLQ>QFKDJ>@EFKBP
I>JMPOBI>VP>KA@LKSBOQBOP
MBOCLOJ>K@B>OBPQRAFBA?VJB>KPLC
>@QR>IhBIA@>PBP%OBNRBK@V
OBPMLKPBLCQEBDOFAOBPLK>K@BP>KA
CBOOLOBPLK>K@BP>PTBII>P
BIB@QOLJ>DKBQF@FKQBOCBOBK@B>OB
PQRAFBA,FQFD>QFLKJBQELAPRPFKD
>AS>K@BAQO>KPCLOJBOP@LKKB@QFLKP
PQ>QF@EV?OFA>KA>@QFSBhIQBOP>OB
JLABIBARPFKDOB>IIFCBBU>JMIBP
.QEBOPQLMF@P@LSBOBA>OB/LTBO
0R>IFQVJB>PROBJBKQPFKQEBBO>LC
PJ>OQDOFA/LTBO0R>IFQVMOL?IBJP
@>RPBA?V1BKBT>?IB&BKBO>QLOP
>KA$KDFKBBOFKD$@LKLJF@PFPPRBP
OBI>QBAQL/LTBO0R>IFQV
,?:ED
'C6C6BF:D:E6D
$"$/LTBO2VPQBJ K>IVPFP
IPLQEFP@LROPBMOBPRJBPQE>QQEB
PQRABKQE>P>KRKABOPQ>KAFKDLC
?>PF@BIB@QOLKF@P
 6/(">Q>ILD
+C2?D:6?ED:?'@H6C
*JDE6>D
3EFPDO>AR>QBIBSBI@LROPBFKQOLAR@BP
QEBPQRABKQQLQEBBfB@QPLC
BIB@QOLJ>DKBQF@QO>KPFBKQPFK
AFPQOF?RQFLKPVPQBJP3LMF@PFK@IRAB
QO>KPFBKQ>K>IVPFPIFDEQKFKD>KA
PTFQ@EFKDPRODBPJB@E>KFPJPLC
QO>KPFBKQDBKBO>QFLKFKPRI>QFLK
@LLOAFK>QFLKDOLRKAFKDPRODB
MOLQB@QFLKABSF@BP>KAPEFBIAFKD
,?:ED
'C6C6BF:D:E6D
$"$/LTBO2VPQBJ K>IVPFP
=64EC@>6492?:42=
?6C8J@?G6CD:@?
3EFPDO>AR>QBIBSBI@LROPBTFIICROQEBO
BUMILOB>IQBOK>QFKD@ROOBKQ@FO@RFQP
QEOBBME>PB@FO@RFQP?>PF@PLC
BIB@QOLJ>DKBQF@hBIAQEBLOV
J>DKBQF@@FO@RFQPFKAR@Q>K@B>KA
BIB@QOLJB@E>KF@>IBKBODV
@LKSBOPFLK3LMF@P>IPLFK@IRABFAB>I
QO>KPCLOJBOFOLK@LOBQO>KPCLOJBO
SLIQ>DBOBDRI>QFLKBg@FBK@V
BNRFS>IBKQ@FO@RFQ>KAQEOBBME>PB
QO>KPCLOJBOP(KAR@QFLKJ>@EFKB
@LKPQOR@QFLKBNRFS>IBKQ@FO@RFQ
QLONRBPMBBA@E>O>@QBOFPQF@P>KA
PFKDIBME>PBJLQLOPPVK@EOLKLRP
J>@EFKB@LKPQOR@QFLKBNRFS>IBKQ
@FO@RFQMLTBOOBI>QFLKPEFMPME>PLO
AF>DO>JP>KAPVK@EOLKLRPJLQLOP
TFII?B@LSBOBA#FOB@Q@ROOBKQ
J>@EFKB@LKPQOR@QFLKQVMBP
Bg@FBK@VMLTBOiLTAF>DO>J>KA
BUQBOK>I@E>O>@QBOFPQF@PTFII?B
AFP@RPPBA
,?:ED
'@H6C*JDE6>'C@E64E:@?
2?5@?EC@=
3EFPDO>AR>QBIBSBI@LROPBPBBHPQL
MOLSFAB>KRKABOPQ>KAFKDLCELT
FKQBO@LKKB@QBAMLTBOPVPQBJP>KA
QEBFO@LJMLKBKQP>OBMOLQB@QBACOLJ
>?KLOJ>IBSBKQPPR@E>PC>RIQPPELOQ
@FO@RFQPLSBOSLIQ>DBPLfKLJFK>I
COBNRBK@V>KARK?>I>K@BAME>PB
@LKAFQFLKP3EFPPR?GB@QFPMOBPBKQBA
COLJ>QEBLOBQF@>ISFBTMLFKQ
ELTBSBOJ>KVMO>@QF@>IBU>JMIBP
>KA>MMIF@>QFLKP>OBFK@IRABAQE>Q
BJME>PFWBQEBIFJFQ>QFLKPLCBUFPQFKD
MOLQB@QFSBBNRFMJBKQ"LROPB
@LKQBKQFPKLQPMB@Fh@QL>KV
M>OQF@RI>OJ>KRC>@QROBOPBNRFMJBKQ
3EB@LROPB?BDFKPTFQE>?OFBCOBSFBT
LCMLTBOPVPQBJLMBO>QFLKQEOBB
ME>PBPVPQBJ@>I@RI>QFLKP>KAQEB
OBMOBPBKQ>QFLKJLABIFKDLCMLTBO
PVPQBJBIBJBKQP3EBJLABIFKDLC
@ROOBKQQO>KPCLOJBOPRKABOPQB>AV
PQ>QB>KAQO>KPFBKQ@LKAFQFLKPFP
MOBPBKQBATFQEBJME>PFPLKQEB
FJM>@QLKMOLQB@QFSBABSF@BP RKFQ
LKPVPQBJDOLRKAFKD>KAFQPFJM>@Q
LKMOLQB@QFSBABSF@BLMBO>QFLK>OB
FK@IRABA"LROPBBJME>PFPQEBK
PEFCQPQLMOLQB@QFSBABSF@BP>KAQEBFO
MOFK@FMIBPLCLMBO>QFLK!LQE
BIB@QOLJB@E>KF@>I>KAKRJBOF@OBI>V
ABPFDKP>OB@LSBOBA3EBhK>I@LROPB
PBDJBKQP@LSBOPMB@Fh@>MMIF@>QFLKP
PR@E>PMFILQMOLQB@QFLKLC
QO>KPJFPPFLKIFKBPDBKBO>QLO
MOLQB@QFLK>KAQO>KPCLOJBO
MOLQB@QFLK
,?:ED
'C6C6BF:D:E6D
$"$/LTBO2VPQBJ K>IVPFP
'C@E64E:G6)6=2J:?8
3EFPDO>AR>QBIBSBI@LROPBFPQEBhOPQ
LC>QTL@LROPBPBNRBK@BQE>Q@LSBOP
?LQEQEBMOFK@FMIBP>KAMO>@QF@BPLC
MLTBOPVPQBJMOLQB@QFSBOBI>VFKD
3EB@LROPBPBBHPQLMOLSFAB>K
RKABOPQ>KAFKDLCELT
FKQBO@LKKB@QBAMLTBOPVPQBJP>KA
QEBFO@LJMLKBKQP>OBMOLQB@QBACOLJ
>?KLOJ>IBSBKQPPR@E>PC>RIQPPELOQ
@FO@RFQPLSBOSLIQ>DBPLfKLJFK>I
COBNRBK@V>KARK?>I>K@BAME>PB
@LKAFQFLKP3EFPPR?GB@QFPMOBPBKQBA
COLJ>QEBLOBQF@>ISFBTMLFKQ
ELTBSBOJ>KVMO>@QF@>IBU>JMIBP
>OBFK@IRABAQE>QBJME>PFWBQEB
IFJFQ>QFLKPLCBUFPQFKDMOLQB@QFSB
BNRFMJBKQ"LROPB@LKQBKQFPKLQ
PMB@Fh@QL>KVM>OQF@RI>O
J>KRC>@QROBOPBNRFMJBKQ3EB
@LROPB?BDFKPTFQE>?OFBCOBSFBTLC
QEBK>QROBLCMLTBOPVPQBJ
LMBO>QFLKMLTBOPVPQBJC>RIQP>KA
LQEBO>?KLOJ>I@LKAFQFLKP3EB
K>QROB>KAL?GB@QFSBPLCMOLQB@QFSB
OBI>VFKD>OB@LSBOBAKBUQTFQE
BJME>PFPLKELTQEBMLTBOPVPQBJ
@>K?BJLKFQLOBAQLABQB@Q>?KLOJ>I
@LKAFQFLKP3EB@LJMRQ>QFLK>IQLLIP
KBBABAQL>K>IVWBPVPQBJLMBO>QFLK
>KA>MMIVMOLQB@QFSBOBI>VFKD>OB
@LSBOBAKBUQFK@IRAFKDQEBMBORKFQ
PVPQBJME>PLOP>KAPVJJBQOF@>I
@LJMLKBKQP3EBJLABIFKDLC
@ROOBKQQO>KPCLOJBOPRKABOPQB>AV
PQ>QB>KAQO>KPFBKQ@LKAFQFLKPFP
MOBPBKQBATFQEBJME>PFPLKQEB
FJM>@QLKMOLQB@QFSBABSF@BP RKFQ
LKPVPQBJDOLRKAFKD>KAFQPFJM>@Q
LKMOLQB@QFSBABSF@BLMBO>QFLKFP
FK@IRABA"LROPBBJME>PFPQEBK
PEFCQPQLMOLQB@QFSBABSF@BP>KAQEBFO
MOFK@FMIBPLCLMBO>QFLK!LQE
BIB@QOLJB@E>KF@>I>KAKRJBOF@OBI>V
ABPFDKP>OB@LSBOBA-LQB"OBAFQ
@>KKLQ?B>T>OABACLOQEFP@LROPBFC
@OBAFQE>P>IOB>AV?BBKOB@BFSBACLO
$"$/LTBO2VPQBJ/OLQB@QFLK
>KA"LKQOLI
,?:ED
'C6C6BF:D:E6D
$"$/LTBO2VPQBJ K>IVPFPLO
BNRFS>IBKQ?>@HDOLRKABUMBOFBK@BFP
PRDDBPQBA%>JFIF>OFQVTFQEME>PLOP
ABOFS>QFSBPQO>KPCBOCRK@QFLKPMLIBP
 6/(">Q>ILD
>KAWBOLP?IL@HAF>DO>J>KAQEB
KLQFLKLCCBBA?>@HTFQE?>PF@
RKABOPQ>KAFKDMLTBOPVPQBJ>K>IVPFP
LOPFJFI>O?>@HDOLRKAFP
OB@LJJBKABA
5G2?465AA=:42E:@?D
:?'C@E64E:G6)6=2J:?8
3EFPDO>AR>QBIBSBI@LROPB@LSBOP
>AS>K@BAQLMF@PFKQEBMOFK@FMIBP>KA
MO>@QF@BPLCMLTBOPVPQBJMOLQB@QFSB
OBI>VFKD3EB@LROPBPBBHPQLMOLSFAB
>KRKABOPQ>KAFKDLCELTMOLQB@QFSB
OBI>VP>OB>MMIFBAQLMOLQB@QMLTBO
PVPQBJ@LJMLKBKQP6EFIBQEB
PR?GB@QFPMOBPBKQBACOLJ>
QEBLOBQF@>ISFBTMLFKQJ>KVMO>@QF@>I
BU>JMIBP>OBFK@IRABA$U>JMIBP
PMB@Fh@QL?LQEKBTFKPQ>II>QFLKP>KA
BUFPQFKDLIABOC>@FIFQFBPTFII?B
FK@IRABA"LROPB@LKQBKQFPKLQ
PMB@Fh@QL>KVM>OQF@RI>O
J>KRC>@QROBOPBNRFMJBKQ3EB
@LROPB?BDFKPTFQE>MMIF@>QFLKPLC
MOLQB@QFSBABSF@BPQLDBKBO>QLOP3EFP
TFIIFK@IRABAFPQOF?RQBADBKBO>QFLK>P
TBII>PTFKAQRO?FKB>KAFKSBOQBO
@LKKB@QBAPLRO@BP3O>KPCLOJBO
MOLQB@QFLKFP@LSBOBAKBUQFK@IRAFKD
>MMIF@>QFLKMOL@BAROBPCLOLIABO
BIB@QOLJB@E>KF@>IOBI>VP>PTBII>P
JLABOKKRJBOF@OBI>VABPFDKP RKFQ
LK?RPMOLQB@QFLKFP@LSBOBAKBUQ
FK@IRAFKD>IIQVMF@>IEFDEPMBBA>KA
QFJB?>@HRM?RPMOLQB@QFLKP@EBJBP
3O>KPJFPPFLKIFKB>KAAFPQOF?RQFLK
CBBABOMOLQB@QFLKFP@LSBOBAFKABQ>FI
FK@IRAFKD?LQE@LKSBKQFLK>I>KA
@LJJRKF@>QFLKP>PPFPQBAP@EBJBP
3EB@LROPBBKAPTFQE>RKFQLKLQEBO
MOLQB@QFLK>MMIF@>QFLKPPR@E>PRKABO
COBNRBK@VIL>APEBAAFKDOB@ILPFKD
>KALRQLCPQBMOBI>VFKD-LQB"OBAFQ
@>KKLQ?B>T>OABACLOQEFP@LROPBFC
@OBAFQE>P>IOB>AV?BBKOB@BFSBACLO
$"$/LTBO2VPQBJ/OLQB@QFLK
>KA"LKQOLI
,?:ED
'C6C6BF:D:E6D
$"$/OLQB@QFSB1BI>VFKD
'@H6C*JDE6>J?2>:4D
3EFPDO>AR>QBIBSBI@LROPBFP
@LK@BOKBATFQEJLABIFKD>K>IVWFKD
>KAJFQFD>QFKDMLTBOPVPQBJPQ>?FIFQV
>KA@LKQOLIMOL?IBJP3EB@LROPB
PBBHPQLMOLSFAB>KRKABOPQ>KAFKDLC
QEBBIB@QOLJB@E>KF@>IAVK>JF@PLC
QEBFKQBO@LKKB@QBABIB@QOF@MLTBO
DOFA3EFPPR?GB@QFPMOBPBKQBACOLJ>
QEBLOBQF@>ISFBTMLFKQELTBSBOJ>KV
MO>@QF@>IBU>JMIBP>OBFK@IRABA3EB
@LROPB?BDFKPTFQE>ABP@OFMQFLKLC
QEBMEVPF@PLCQEBMLTBOPVPQBJ
COBNRBK@VOBDRI>QFLKAROFKD[PQB>AV
PQ>QB^LMBO>QFLKAVK>JF@
@E>O>@QBOFPQF@PLCJLABOKMLTBO
PVPQBJP>OBSFBTLCCBBA?>@H@LKQOLI
PVPQBJPMLTBOPVPQBJCOBNRBK@V
OBDRI>QFLK>KA>OBSFBTLCMOLQB@QFSB
OBI>VFKD3EFPFPCLIILTBA?VJ>QBOF>I
LKPVK@EOLKLRPJ>@EFKBQEBLOV>KA
JLABIFKD2FJRI>QFLKLCMLTBO
PVPQBJAVK>JF@OBPMLKPBPJ>II
PFDK>IPQ>?FIFQVQO>KPFBKQPQ>?FIFQV
>K>IVPFPRPFKD2(,4+(-*>KABfB@QP
LCKLKQO>AFQFLK>IMLTBOPLRO@BPLK
PVPQBJPAVK>JF@PTFII>IPL?B
@LSBOBA/LTBOPVPQBJPQ>?FIFWBOP
IL>AJLABIFKD>KARKABOCOBNRBK@V
IL>APEBAAFKD>OB@LSBOBAFKQEBhK>I
IB@QROBP
,?:ED
'C6C6BF:D:E6D
$"$/LTBO2VPQBJ K>IVPFP>KA
$"$3O>KPFBKQPFK/LTBO2VPQBJP
LOBNRFS>IBKQ?>@HDOLRKABUMBOFBK@B
FPPRDDBPQBA%>JFIF>OFQVTFQEQEB
?>PF@PLC+>MI>@B3O>KPCLOJP
ABOFS>QFSBPQO>KPCBOCRK@QFLKPMLIBP
>KAWBOLP?IL@HAF>DO>J>KAQEB
KLQFLKLCCBBA?>@HTFQE?>PF@
RKABOPQ>KAFKDMLTBOPVPQBJ>K>IVPFP
QLMF@POB@LJJBKABA
'@H6C:DEC:3FE:@?
3EFPDO>AR>QBIBSBI@LROPBFKQOLAR@BP
QEBCRKA>JBKQ>IPLCMLTBO
AFPQOF?RQFLKPVPQBJP>MM>O>QRP>KA
MO>@QF@BPPRFQBAQLKBT>KA
BUMBOFBK@BARQFIFQVAFPQOF?RQFLK
BKDFKBBOP3LMF@PFK@IRABAFPQOF?RQFLK
PVPQBJABPFDKPQO>KPCLOJBOP>KA
@LKKB@QFLKPMO>@QF@>I>PMB@QPLC
>MM>O>QRP>KAMOLQB@QFLKMOFK@FMIBP
LCABSF@B@LLOAFK>QFLKDOLRKAFKD
SLIQ>DB@LKQOLI>KAMLTBONR>IFQV
,?:ED
'C6C6BF:D:E6D
/OFLO@LROPBPFKJ>DKBQFPJ>KA
QEOBBME>PB@FO@RFQP KBIB@QOF@
J>@EFKBP@LROPBTLRIA?B
OB@LJJBKABA
'@H6C*JDE6>&A6C2E:@?
2?5'=2??:?8
3EFPDO>AR>QBIBSBI@LROPBAB>IPTFQE
JLABOKLMBO>QFLK@LKQOLI>KA
MI>KKFKDCLOMLTBOPVPQBJP3LMF@P
FK@IRAB"E>O>@QBOFPQF@PLCDBKBO>QFKD
RKFQP$@LKLJF@#FPM>Q@E4KFQ
"LJJFQJBKQ$fB@QPLCQEB
QO>KPJFPPFLKPVPQBJLKMLTBO
ABIFSBOV.MQFJ>I/LTBO%ILT>KA
+L@>QFLK,>ODFK>I/OF@FKD/LTBO
2VPQBJ2B@ROFQV2Q>QB$PQFJ>QFLKCLO
/LTBO2VPQBJP/LTBO2VPQBJ
1BIF>?FIFQV$S>IR>QFLK2LCQT>OBQLLIP
PR@E>P, 3+ !>KAMLTBOPVPQBJ
PFJRI>QLOPLCQT>OBTFII?BRPBA?LQE
FKQEB@I>PPOLLJ>KAFKPLJB
ELJBTLOH>PPFDKJBKQP
,?:ED
 6/(">Q>ILD
:DEC:3FE652?5
)6?6H23=6'@H6C6?6C2E:@?
3EFP@LROPBFKQOLAR@BPQEB
@E>O>@QBOFPQF@P>KA@E>IIBKDBPLC
FKQBO@LKKB@QFKDFK@OB>PFKDKRJ?BOP
LC#FPQOF?RQBA$KBODV1BPLRO@BP
#$1PQLQEB$IB@QOF@/LTBO2VPQBJ
$/23LMF@PFK@IRAB@E>IIBKDBPQL
AFPQOF?RQFLK>KAQO>KPJFPPFLKPVPQBJ
MOLQB@QFLKIL@>ISLIQ>DB@LKQOLIOFAB
QEOLRDELMQFJ>IFKQBO@LKKB@QFLK
QO>KPCLOJBO@LKhDRO>QFLKP>KA
MO>@QF@>IBKDFKBBOFKD>MMOL>@EBPQL
J>FKQ>FKPVPQBJOBIF>?FIFQV>KA
MOLQB@QFLK3EB@ROOBKQ>KABSLISFKD
FKQBO@LKKB@QFLKPQ>KA>OA($$$
FPFK@IRABA
,?:ED
'C6C6BF:D:E6D
2FK@BQEB@LROPBJ>QBOF>I?RFIAPLK
MLTBOPVPQBJ>K>IVPFP@>M>?FIFQFBP
FK@IRAFKDPVPQBJMOLQB@QFLK>KA
@LKQOLIP$"$/LTBO2VPQBJ
K>IVPFP>KABFQEBO$"$/LTBO
2VPQBJ/OLQB@QFLK"LKQOLILO$"$
/OLQB@QFSB1BI>VFKD>OB
OBNRFOBA IPLFQFPOB@LJJBKABA
QE>QPQRABKQPQ>HBQEFP@LROPB>CQBO
@LJMIBQFKD$"$/LTBO
#FPQOF?RQFLK
'@H6C+C2?D>:DD:@?
3EFPDO>AR>QBIBSBI@LROPBCL@RPBPLK
QEBQEBLOV>KA@ROOBKQMOLCBPPFLK>I
MO>@QF@BFKMOL?IBJPLCBIB@QOF@
MLTBOQO>KPJFPPFLK(Q?BDFKPTFQE>
OBSFBTLCQEBQEBLOVLC "BIB@QOF@
MLTBOQO>KPJFPPFLKKBQTLOHP>KA
>AAOBPPBP>O>KDBLC@E>IIBKDBP
OBI>QBAQLOB>@QFSBMLTBO>KASLIQ>DB
@LKQOLI>PTBII>PPQB>AVPQ>QB>KA
QO>KPFBKQPPQ>?FIFQV2QRABKQPTFIIIB>OK
FKABQ>FIQEBMOFK@FMIBPLCQO>AFQFLK>I
OB>@QFSBMLTBO@LJMBKP>QFLKPERKQ
OB>@QLOP>KA@>M>@FQLOPPBOFBP
@LJMBKP>QFLK>KAJLABOKPQ>QF@
OB>@QFSB@LJMBKP>QFLKIFHB25"
23 3".,>KALQEBO%IBUF?IB "
3O>KPJFPPFLK2VPQBJP% "32
ABSF@BP3EBBfB@QPLCB>@ELCQEBPB
QVMBPLC@LJMBKP>QFLKLKPQ>QF@>KA
AVK>JF@SLIQ>DB@LKQOLIOB>@QFSB
MLTBOOBNRFOBJBKQ>KAPQB>AVPQ>QB
>KAQO>KPFBKQPQ>?FIFQVMOL?IBJP>OB
@LSBOBACOLJQEBLOBQF@>I>PTBII>P
MO>@QF@>I>PMB@QP/>OQF@RI>O>QQBKQFLK
FPDFSBKQLQEBJ>QEBJ>QF@>IJLABIP
>KAMOFK@FMIBPLCLMBO>QFLKLCJ>KV
QVMBPLC@LJMBKP>QFLKPVPQBJP!>PF@
MOFK@FMIBPLCLMBO>QFLK>KA@LKQOLILC
'FDE5LIQ>DB#"'5#"PVPQBJP>KA
QEBFOFJM>@QLKPQB>AVPQ>QB>KA
AVK>JF@PLCMLTBOPVPQBJTFII?B
@LSBOBA>PTBII
,?:ED
'C6C6BF:D:E6D
$"$/LTBO2VPQBJ K>IVPFP
2ADE@?6'C@;64E
IA6C:6?46:?'@H6C*JDE6>D
3EFPMOLGB@Q?>PBA@LROPBFKQBDO>QBP
MLTBOPVPQBJPBKDFKBBOFKDQEBLOV
>KAMO>@QF@B>KAMOLSFABPQEB
LMMLOQRKFQVQL>MMIVQEBPHFIIP>KA
HKLTIBADB>@NRFOBAFKQEB/LTBO
2VPQBJP@ROOF@RIRJ3EBMOLGB@QFP
KLOJ>IIV@LKAR@QBAFKQB>JPLCQTL
QLCLROPQRABKQP2QRABKQP>OB
BK@LRO>DBAQLPBIB@QMOLGB@QPTFQE
MO>@QF@>IPFDKFh@>K@BQLQEBFO@ROOBKQ
>KACRQROBMOLCBPPFLK>I
OBPMLKPF?FIFQFBP3EBMOLGB@QP>OB
>AJFKFPQBOBA>ASFPBA>KABS>IR>QBA
?V6/(C>@RIQV>PM>OQLCQEBIB>OKFKD
BUMBOFBK@B?RQPQRABKQP>OB>IPL
BK@LRO>DBAQLPBBHJBKQLOPEFMCOLJ
BUMBOFBK@BA@LIIB>DRBPFKQEB/LTBO
2VPQBJPMOLCBPPFLK
,?:ED
'C6C6BF:D:E6D
2FK@BQEB">MPQLKB/OLGB@QTFIIAO>T
LKHKLTIBADBL?Q>FKBAQEOLRDELRQ
QEBABDOBBMOLDO>JFQFPBUMB@QBA
QE>QQEBPQRABKQTFIIE>SB@LJMIBQBA
JLPQLO>IILCQEB@LROPBTLOHTFQEFK
QEBFOMI>KLCPQRAV?BCLOB
RKABOQ>HFKDQEB@>MPQLKBMOLGB@Q
 6/(">Q>ILD
)64@?O8FC23=6
@>AFE:?8
3EFP@LROPBCL@RPBALKQEBMOFK@FMIBP
>KA>MMIF@>QFLKPLCRPFKD%/& PCLO
OB@LKhDRO>?IB@LJMRQFKD3EBHBV
CB>QROBLCOB@LKhDRO>?IB@LJMRQFKD
FPFQP>?FIFQVQLMBOCLOJ@LJMRQ>QFLKP
FK@RPQLJFWBAE>OAT>OBTEFIB
OBQ>FKFKDJR@ELCQEBiBUF?FIFQVLC>
PLCQT>OBPLIRQFLK3EFP@LROPB
MOLSFABP>KLSBOSFBTLChBIA
MOLDO>JJ>?IBD>QB>OO>V%/& 
>O@EFQB@QROB>KAQB@EKLILDV(Q
FKQOLAR@BP@LJMRQBO>FABAABPFDK
QLLIPCLO%/& PFK@IRAFKDPVKQEBPFP
QFJFKDMI>@BJBKQ>KAOLRQFKD3EB
@LROPBBJME>PFWBPLKQEBQB@EKFNRBP
QL>K>IVWB>IDLOFQEJP>KAQL
FJMIBJBKQQEBJLKQEB%/& P(Q
ABJLKPQO>QBPOB>IQFJBPFDK>I>KA
A>Q>MOL@BPPFKDFK@RPQLJFWBA
E>OAT>OB@FO@RFQP3EFP@LROPB>IPL
@LSBOPPVPQBJLK@EFMABPFDKRPFKD
QEBBJ?BAABAMOL@BPPLOPFKPFABQEB
%/& P/>OQF>IIVOB@LKhDRO>QFLK>KA
ORKQFJBOB@LKhDRO>QFLKABPFDKiLT
>OB>IPLFK@IRABA
,?:ED
$@56=:?82?5*J?E96D:D
@7:8:E2=*JDE6>D,D:?8-6C:=@8
RQLJ>QF@ABPFDKPVKQEBPFP
SBOFh@>QFLK>KAJLABIFKDLC
@LJMIBUAFDFQ>IPVPQBJPTFQE5BOFILD
>OBQEBJ>FK@LROPBL?GB@QFSBP
5BOFILDCLOJLABIFKDBUFPQFKD@FO@RFQP
>PTBII>P5BOFILDCLOABPFDK>KA
>RQLJ>QF@PVKQEBPFPFPAFP@RPPBA
4PFKD5BOFILDCLO>ABPFDKQE>Q
@LKPFPQPLC>EFBO>O@EVLC@LJMLKBKQP
QE>QFK@IRAB@LKQOLIIBOPPBNRBKQF>I
>KA@LJ?FK>QFLK>IM>OQPFPCL@RPBA
#BPFDKABP@OFMQFLKCOLJQO>KPFPQLO
IBSBIQLPLCQT>OBFKQBOC>@BTFII?B
AFP@RPPBA2QRABKQPTFIIIB>OKABQ>FIP
LCE>OAT>OBLCMOL@BPPLO
>O@EFQB@QROBP>KAQEBFOMBOFMEBO>IP
3EB@LROPBAFP@RPPBPJLARIBABI>V
>AGRPQJBKQPRPFKD5BOFILDM>QEABI>V
>KAAFPQOF?RQBAABI>VJB@E>KFPJP
3BPQ?BK@EABSBILMJBKQ>KA
>PPBOQFLKSBOFh@>QFLKPTFII?B
AFP@RPPBA2QRABKQPTFIIIB>OKQL
PFJRI>QBSBOFCVPVKQEBPFWB>KA
MOLDO>JQEBFOABPFDKPLK>K IQBO>
ABSBILMJBKQ?L>OARPFKD>AS>K@BA
IQBO>%/& P
,?:ED
'C6C6BF:D:E6D
4KABODO>AR>QBHKLTIBADBLC?>PF@
ILDF@ABPFDK@LK@BMQP$"$J>V
?BPR?PQFQRQBACLO$"$2QRABKQP
J>VKLQOB@BFSB@OBAFQCLO?LQE$"$
>KA$"$%LOPQRABKQPKLQ
E>SFKDQEBKB@BPP>OV?>@HDOLRKA
LKIFKBSFABLPTFII?BJ>AB>S>FI>?IB
QL@LSBOQEBMOBOBNRFPFQBP
>365565@C6
C49:E64EFC6D2?5@C62D65
6D:8?
3EFP@LROPBFKQOLAR@BPQEB@LK@BMQLC
ABPFDKTFQEBJ?BAABA@LJMLKBKQP
$J?BAABAMOL@BPPLOP(/@LOBP>KA
?RPPQOR@QROBP>OBAFP@RPPBAEBOB
$J?BAABAMOL@BPPLO>O@EFQB@QROBP
>O@EFQB@QROBPCLO>OFQEJBQF@
MOL@BPPLOP(.FKQBOC>@FKDJLARIBP
JBJLOVFKQBOC>@FKD>KA
>O@EFQB@QROBPOBI>QBAQL?RPPBP>KA
PTFQ@EC>?OF@PCLOMRQQFKD>@LJMIBQB
BJ?BAABAPVPQBJ>OBAFP@RPPBA
EBOB3LMF@PFK@IRAB13IBSBIABPFDK
>OFQEJBQF@MOL@BPPLOP(2 "/4
PQOR@QROB>KACRK@QFLK>AAOBPPFKD
JLABPFKPQOR@QFLKCLOJ>QPJBJLOV
PVPQBJLOD>KFW>QFLKJBJLOV
J>MMFKD>KAEFBO>O@EFBP@LK@BMQPLC
@>@EBPQ>KA>OAIL@>I?RPBP(.
ABSF@BPMFMBIFKFKDJBJLOV
J>K>DBJBKQBJ?BAABAMOL@BPPLOP
BJ?BAABABKSFOLKJBKQP?RP>KA
PTFQ@EC>?OF@P>KABJ?BAABAPVPQBJ
FJMIBJBKQ>QFLK KBU>JMIB
BJ?BAABAABPFDKBKSFOLKJBKQ
FK@IRAFKDFQP@LKhDRO>?IB@LOBP>KA
MOL@BPPLOP>KAFQP?RPPQOR@QROBTFII
?BMOBPBKQBAFKABQ>FIP3EB@LROPB
>IPLFK@IRABP>KRJ?BOLCABPFDK
MOLGB@QPFK@IRAFKDABPFDK>KA
PFJRI>QFLKLC>KBJ?BAABA
MOL@BPPLOABPFDKLC>K>OFQEJBQF@
@LOB>KAABPFDKLC>@LJMIBQB
BJ?BAABAPVPQBJ
,?:ED
'C6C6BF:D:E6D
%>JFIF>OFQVTFQE"MOLDO>JJFKD
4KABODO>AR>QBHKLTIBADBLC?>PF@
ILDF@ABPFDK@LK@BMQPC>JFIF>OFQVTFQE
>E>OAT>OBABP@OFMQFLKI>KDR>DB
-LQB%LOPQRABKQPKLQE>SFKDQEB
KB@BPP>OV?>@HDOLRKALKIFKBSFABLP
TFII?BJ>AB>S>FI>?IBQL@LSBOQEB
MOBOBNRFPFQBP
 6/(">Q>ILD
$6E9@5@=@8:6D7@C
*JDE6>#6G6=6D:8?2?5$@56=:?8
3EFP@LROPBAFP@RPPBPMOFK@FMIBP
JBQELALILDFBP>KAQLLIPRPBACLO>
JLABOKE>OAT>OBABPFDKMOL@BPP
#BPFDKiLTP>KAE>OAT>OB
I>KDR>DBPKBBABACLOB>@EPQ>DBLC
QEBABPFDKMOL@BPP>OBAFP@RPPBA3EB
RPBLCQO>KP>@QFLKIBSBIJLABIFKD
3+,CLOAB>IFKDTFQEQLA>VP
@LJMIBUABPFDKPFPBJME>PFWBA3EB
@LROPBPQ>OQPTFQE>AFP@RPPFLKLCQEB
BSLIRQFLKLCE>OAT>OBABPFDK
JBQELALILDFBP>KAQEBKAFP@RPPBP
QEBRPBLC"CLO>K>IDLOFQEJF@
ABP@OFMQFLKLCE>OAT>OB2VPQBJ"
>KAFQP3+,ABOFS>QFSB>KAQEBOLIBLC
2VPQBJ"FKEFDEIBSBIABPFDKTFII?B
AFP@RPPBA(K>AAFQFLK13IBSBI
FKQBOC>@BP>KAQEBRPBLC2VPQBJ"CLO
QEFPIBSBILCABPFDKTFII?B@LSBOBA
3FJBARKQFJBA>KA>MMOLUFJ>QBIV
QFJBA3+,JLABIP>KAJLABIFKD
P@EBJBPTFII?BMOBPBKQBA4PBLC
3+,CLOC>PQABPFDKPFJRI>QFLK
ABPFDKPM>@BBUMILO>QFLK>KAEFDE
IBSBIPVKQEBPFPTFII?BAFP@RPPBA3+,
QBPQFKDJBQELAP>KAQBPQFKDLC3+,
?>PBA-L"PTFII?BAFP@RPPBA3EB
@LROPBPQ>OQPTFQE>@LJMIBQBABPFDK
MOLGB@Q>KABUBO@FPBPS>OFLRPM>OQPLC
QEFPABPFDK>PJBQELALILDFBP
@LK@BMQP>KAI>KDR>DBP>OB
AFP@RPPBA2MB@Fh@QLMF@P@LSBOBA>OB
>PCLIILTP+BSBIPLC>?PQO>@QFLK"
CLOAFDFQ>IABPFDK2VPQBJ"13IBSBI
>KA>?LSB3+,JBQELALILDV3+,
QFJFKD>PMB@QP3+,@E>KKBIP3+,
@E>KKBIP,FUBAIBSBIABPFDK-L"3+,
JLABIFKD2VPQBJQBPQFKD
,?:ED
:8:E2=*JDE6>D+6DE:?8
2?5+6DE23=66D:8?
3EFP@LROPBAFP@RPPBPC>RIQP>KAC>RIQ
JLABIFKDQBPQBNRFMJBKQQBPQ
DBKBO>QFLKCLO@LJ?FK>QFLK>I>KA
PBNRBKQF>I@FO@RFQPC>RIQPFJRI>QFLK
JBJLOVQBPQFKDABPFDKCLO
QBPQ>?FIFQV?RFIQFKPBICQBPQ
QB@EKFNRBP?LRKA>OVP@>K($$$
>KA?L>OA>KA2L"QBPQ
PQ>KA>OAP5>OFLRPC>RIQPFJRI>QFLK
>KA 3/&JBQELAPFK@IRAFKD
@LK@ROOBKQC>RIQPFJRI>QFLK#
>IDLOFQEJ>KA/.#$,>OBAFP@RPPBA
"LKQOLII>?FIFQV>KAL?PBOS>?FIFQV
JBQELAPPR@E>P2". /CLO
QBPQ>?FIFQV>K>IVPFP>OBAFP@RPPBA
5>OFLRPCRIIP@>K>KAM>OQF>IP@>K
JBQELAP>OBABP@OF?BA>KAJLABIBA
FK5BOFILD>KAQBPQBATFQE5BOFILD
QBPQ?BK@EBP!(23>O@EFQB@QROBPCLO
MOL@BPPLOQBPQFKDJBJLOVQBPQFKD
>KADBKBO>I13IBSBIE>OAT>OBQBPQFKD
>OBABP@OF?BAJLABIBAFK5BOFILD
>KAPFJRI>QBA>KABS>IR>QBACLOC>RIQ
@LSBO>DB3EB@LROPBRPBP5BOFILD
QBPQ?BK@EBPCLOPFJRI>QFKDDLIABK
JLABIPABSBILMFKD>KABS>IR>QFKD
QBPQPBQP>KACLOJFJF@HFKDQBPQBOP
,?:ED
'C6C6BF:D:E6D
4KABOPQ>KAFKDAFDFQ>IPVPQBJP>KA
ABPFDKLC@LJ?FK>QFLK>I>KA
PBNRBKQF>I@FO@RFQP4KABOPQ>KAFKD>
E>OAT>OBABP@OFMQFLKI>KDR>DB
5'#+LO5BOFILD>KAQEBRPBLC
QEBPBI>KDR>DBPCLOPFJRI>QFLK>KA
PVKQEBPFP
5G2?465:A@=2C*@=:5
*E2E66G:46D
3EBLMBO>QFLKLCQEB?FMLI>OGRK@QFLK
QO>KPFPQLO!)3TFII?BBUMILOBAFK
ABQ>FIOBPRIQFKDFKQELOLRDE
RKABOPQ>KAFKDLCL?PBOSBA
MEBKLJBK>FK@IRAFKDPB@LKALOABO
BfB@QPQE>QIFJFQABSF@BMBOCLOJ>K@B
FKMO>@QF@>IFKQBDO>QBA@FO@RFQ
>MMIF@>QFLKP3EB@LROPB?BDFKPTFQE
>OBSFBTLCPBJF@LKAR@QLO
CRKA>JBKQ>IP>KAMKGRK@QFLK
?BE>SFLOCLIILTBA?VBUQBKPFLKQL
QEB!)3TFQE>KBJME>PFPLKBfB@QP
PR@E>PQBJMBO>QROBABMBKABK@BLC
LMBO>QFLKM>O>JBQBOPABSF>QFLKP
COLJFAB>I?BE>SFLO>QEFDE>KAILT
SLIQ>DBP>KA@ROOBKQP>KAC>FIROB
JLABPPR@E>PWBKBO>KA>S>I>K@EB
?OB>HALTK!)3?BE>SFLOTFII?B
JLABIBACLOI>ODB>KAPJ>IIPFDK>IP
RKABO#" ">KAQO>KPFBKQ
@LKAFQFLKP1BPRIQPCOLJQEBLOBQF@>I
E>KA>K>IVPFPBNR>QFLKPTFII?B
@LOOBI>QBATFQEJLABIM>O>JBQBOPFK
PLCQT>OBQLLIPPR@E>P2/("$
(JMIF@>QFLKPLCC>?OF@>QFLK
QB@EKLILDVFK@IRAFKDABSF@BP@>IFKD
FKPR?JF@OLKMOL@BPPBPTFII?B
@LKPFABOBA3EFP@LROPBFPFKQBKABA
CLOPQRABKQPMROPRFKDPQRAVFKBFQEBO
FKQBDO>QBA@FO@RFQABPFDKLOABSF@B
MEVPF@P
,?:ED
'C6C6BF:D:E6D
RKABODO>AR>QB>K>ILDBIB@QOLKF@P
 6/(">Q>ILD
%FOB/OLQB@QFLK
$KDFKBBOFKD
':C6$@56=:?8
,LABIFKDLC@LJM>OQJBKQhOB
?BE>SFLOFPPQRAFBAQEOLRDEQEBRPB
>KA>MMIF@>QFLKLCQTLQVMBPLC
JLABIPWLKB>KAhBIA3EBWLKB
JLABIPQRAFBAFP>PQRABKQABSBILMBA
JLABI3EBhBIAJLABIPQRAFBAFP
%#2%L@RPLKFKABMQE
RKABOPQ>KAFKDLCB>@ELCQEBPB
JLABIPFPQEBMOFJ>OVL?GB@QFSBFK
QBOJPLCKBBABAFKMRQBNR>QFLKP
PLISBAFKQBOMOBQ>QFLKLCLRQMRQ>KA
IFJFQ>QFLKP TLOHFKDPQRABKQJLABI
FPOBNRFOBACLOPR@@BPPCRI@LJMIBQFLK
LCQEB@LROPB!>PF@@LJMRQ>QFLK>I
>?FIFQVFP>PPRJBA!>PF@KRJBOF@>I
JBQELAP>OBRPBA>KA@>K?BIB>OKBA
AROFKDQEB@LROPBSF>FKABMBKABKQ
PQRAV
,?:ED
'C6C6BF:D:E6D
%/LOMBOJFPPFLKLCQEBFKPQOR@QLO
':C6J?2>:4D 
3EFP@LROPBFKQOLAR@BPPQRABKQPQL
CRKA>JBKQ>IPLChOB>KA@LJ?RPQFLK
>KAFPFKQBKABAQLPBOSB>PQEBhOPQ
BUMLPROBQLhOBAVK>JF@P
MEBKLJBK>3EB@LROPBFK@IRABP
CRKA>JBKQ>IQLMF@PFKhOB>KA
@LJ?RPQFLKPR@E>PQEBOJLAVK>JF@P
LC@LJ?RPQFLKhOB@EBJFPQOV
MOBJFUBA>KAAFfRPFLKi>JBPPLIFA
?ROKFKDFDKFQFLKMIRJBPEB>Q
OBIB>PBO>QB@ROSBP>KAi>JBPMOB>A
3EBPBQLMF@P>OBQEBKRPBAQL
ABSBILMQEB?>PFPCLOFKQOLAR@FKD
@LJM>OQJBKQhOB?BE>SFLOMOB>KA
MLPQi>PELSBO@LKAFQFLKP>KAWLKB
JLABIFKD!>PF@@LJMRQ>QFLK>I>?FIFQV
FP>PPRJBA!>PF@KRJBOF@>IJBQELAP
>OBRPBA>KA@>K?BIB>OKBAAROFKD
QEB@LROPBSF>FKABMBKABKQPQRAV
,?:ED
'C6C6BF:D:E6D
4KABODO>AR>QB@EBJFPQOV
QEBOJLAVK>JF@PLOMEVPF@>I
@EBJFPQOViRFAJB@E>KF@P>KAEB>Q
QO>KPCBO
':C6'C@E64E:@?*JDE6>D
3EFP@LROPBMOLSFABP>KFKQOLAR@QFLK
QL>RQLJ>QF@>IIV>@QFS>QBAhOB
PRMMOBPPFLK>KAABQB@QFLKPVPQBJP 
DBKBO>ILSBOSFBTFPMOBPBKQBALC
OBIBS>KQMEVPF@>I>KA@EBJF@>I
MEBKLJBK>>KA@LJJLKIVRPBA
E>OAT>OBFK>RQLJ>QF@PMOFKHIBO
D>PBLRP>DBKQCL>J>KAAOV
@EBJF@>IPVPQBJP3VMF@>I
@LKQBJMLO>OVFKPQ>II>QFLKP>KA
@ROOBKQFKPQ>II>QFLK>KA>MMOLS>I
PQ>KA>OAP>OBOBSFBTBA
,?:ED
'C6C6BF:D:E6D
4KABODO>AR>QB@LROPBPFK@EBJFPQOV
iRFAJB@E>KF@P>KABFQEBO
QEBOJLAVK>JF@PLOMEVPF@>I
@EBJFPQOV
'5G2?465:C6*FAAC6DD:@?
AS>K@BAQLMF@PFKPRMMOBPPFLK
PVPQBJP>K>IVPFP>KAABPFDK>OB
AFP@RPPBATFQE>K>FJQLT>OA
ABSBILMFKD>MBOCLOJ>K@B?>PBA
RKABOPQ>KAFKDLCPRMMOBPPFLK
QB@EKLILDV RQLJ>QF@PMOFKHIBO
PVPQBJP>OB@LSBOBACOLJQEB
PQ>KAMLFKQLCMOBAF@QFKD>@QR>QFLK
QFJBPOBSFBTFKDKRJBOF@>IJBQELAP
CLOEVAO>RIF@>K>IVPBPLCMFMBiLT
KBQTLOHP>KARKABOPQ>KAFKDQEB
MEBKLJBKLILDVFKSLISBAFKT>QBO
PMO>VPRMMOBPPFLK2MB@F>I
PRMMOBPPFLKPVPQBJP>OB@LSBOBA
COLJQEBPQ>KAMLFKQLCQTLME>PB
>KAKLK-BTQLKF>KMFMBiLT>KA
PFJRI>QFLKPLCPRMMOBPPFLK>DBKQ
AFP@E>ODB>KAJFUFKDFK>KBK@ILPROB
,?:ED
'6E64E:@?=2C>2?5
*>@<6@?EC@=
/OFK@FMIBPLChOBABQB@QFLKRPFKD
i>JBEB>Q>KAPJLHBABQB@QLO
QB@EKLILDV>OBABP@OF?BA%FOB>I>OJ
QB@EKLILDV>KAQEBBIB@QOF@>I
FKQBOC>@BTFQEhOBPJLHBABQB@QLOP
>OBOBSFBTBAFKQEB@LKQBUQLC
@LKQBJMLO>OVBNRFMJBKQ>KA
FKPQ>II>QFLKPQ>KA>OAP2JLHB@LKQOLI
PVPQBJP?>PBALK?RLV>K@V>KA
'5 "MOFK@FMIBP>OBPQRAFBAFKQEB
@LKQBUQLC?RFIAFKDPJLHB@LKQOLICLO
PROSFS>?FIFQV>KAP>CBBDOBPP
,?:ED
'F:=5:?8:C6*276EJ 
3EFP@LROPBCL@RPBPLKQEB
MOBPBKQ>QFLKLCNR>IFQ>QFSB>KA
NR>KQFQ>QFSBJB>KPCLOhOBP>CBQV
>K>IVPFPFK?RFIAFKDP%FOBQBPQ
JBQELAPhOB>KA?RFIAFKD@LABP>KA
PQ>KA>OAPLCMO>@QF@B>OBOBSFBTBAFK
QEB@LKQBUQLC>PVPQBJ>QF@OBSFBTLC
hOBP>CBQVFKMOLMLPBA>KABUFPQFKD
PQOR@QROBP
,?:ED
''6C7@C>2?462D656D:8?
3EFP@LROPB@LSBOPMO>@QF@>I
>MMIF@>QFLKPLChOBMOLQB@QFLK
BKDFKBBOFKDMOFK@FMIBPQLQEBABPFDK
LC?RFIAFKDP!LQE@LJM>OQJBKQBA
>KAKLK@LJM>OQJBKQBA?RFIAFKDP
TFII?BABPFDKBACLO@OFQBOF>LCIFCB
P>CBQVMOLMBOQVMOLQB@QFLK
@LKQFKRFQVLCLMBO>QFLKPLMBO>QFLK>I
J>K>DBJBKQ>KA@LPQ,LABOK
>K>IVQF@>IQLLIP>PTBII>PQO>AFQFLK>I
@LABP>KAPQ>KA>OAP>OBRQFIFWBA
(KQBO>@QFLKTFQE>O@EFQB@QP>KA@LAB
Lg@F>IP>KA>K>T>OBKBPPLCLQEBO
C>@QLOPFKQEB?RFIAFKDABPFDKMOL@BPP
>OBFK@LOMLO>QBAQEOLRDEABPFDK
BUBO@FPBP>KA>ABPFDKPQRAFL
,?:ED
'C6C6BF:D:E6D
%/%/>KA%/LOPMB@F>I
MBOJFPPFLKLCQEBFKPQOR@QLO
 6/(">Q>ILD
'2:=FC6?2=JD:D
#BSBILMJBKQLChOBFKSBPQFD>QFLK
>KAOB@LKPQOR@QFLK>P>?>PFPCLO
BS>IR>QFKD>KAFJMOLSFKDhOBP>CBQV
ABPFDK @@FABKQFKSBPQFD>QFLKQEBLOV
>KAC>FIROB>K>IVPFPQB@EKFNRBPPR@E
>PC>RIQQOBBP>KABSBKQPBNRBK@BP
>OBMOBPBKQBA%FOBAVK>JF@P>KA
@LJMRQBOJLABIFKD>OB>MMIFBAQL
>PPBPPMLPPF?IBhOBP@BK>OFLP>KAQEB
BfB@QFSBKBPPLChOBMOLQB@QFLK
JB>PROBP3EBMOLAR@QIF>?FIFQV
>PMB@QPLCC>FIROB>K>IVPFP>OB
MOBPBKQBA3LMF@PFK@IRABMOLAR@QP
IF>?FIFQVI>TRPBLCPQ>KA>OAQBPQ
JBQELAPT>OKFKDP>KAP>CBMOLAR@Q
ABPFDK MMIF@>QFLKLC@LROPB
J>QBOF>IPFPABSBILMBAQEOLRDE
MOLGB@QPFKSLISFKD>@QR>I@>PBPQRAFBP
,?:ED
' ?5FDEC:2=:C6'C@E64E:@?
/OFK@FMIBPLChOBAVK>JF@PEB>Q
QO>KPCBO>KAQEBOJLAVK>JF@P>OB
@LJ?FKBATFQE>DBKBO>IHKLTIBADB
LC>RQLJ>QF@ABQB@QFLK>KA
PRMMOBPPFLKPVPQBJPQL>K>IVWBhOB
MOLQB@QFLKOBNRFOBJBKQPCLODBKBOF@
FKARPQOF>IE>W>OAP3LMF@P@LSBOBA
FK@IRABP>CBPBM>O>QFLKAFPQ>K@BP
MI>KQI>VLRQE>W>OAFPLI>QFLKPJLHB
@LKQOLIT>OBELRPBPQLO>DB>KA
i>JJ>?IBIFNRFAMOL@BPPFKD>KA
PQLO>DB'FPQLOF@FKARPQOF>IhOBP
FKiRBK@FKD@ROOBKQMO>@QF@BLKQEBPB
QLMF@P>OB>IPLAFP@RPPBA
,?:ED
'C6C6BF:D:E6D
%/%/LOPMB@F>IMBOJFPPFLK
LCQEBFKPQOR@QLO
'IA=@D:@?'C@E64E:@?
/OFK@FMIBPLC@LJ?RPQFLKBUMILPFLKP
>OBQ>RDEQ>ILKDTFQEBUMILPFLK
E>W>OA>KAMOLQB@QFLK>MMIF@>QFLKP
3LMF@PFK@IRAB>OBSFBTLC
i>JJ>?FIFQVIFJFQ@LK@BKQO>QFLKPCLO
i>JJ>?IBD>PBP>KAARPQP
QEBOJL@EBJF@>IBNRFIF?OFRJ
@>I@RI>QFLKPLC>AF>?>QF@@ILPBA
SBPPBIABi>DO>QFLKMOBPPROBP>KA
ABQLK>QFLKMOBPPROBP>KASBIL@FQFBP
MOBPPROBABSBILMJBKQ>P>CRK@QFLK
LCQFJBCLO@ILPBASBPPBIP>KASBKQBA
BK@ILPROBPQEB@ROOBKQPQ>QRPLC
BUMILPFLKPRMMOBPPFLKQB@EKLILDV
>KAS>MLO@ILRABUMILPFLKE>W>OAP
,?:ED
'*A64:2='C@3=6>D
(KAFSFAR>ILODOLRMPQRAFBPLK>KV
QLMF@OBI>QFKDQLhOBMOLQB@QFLKJ>V
?BPBIB@QBA?VQEBPQRABKQ>KA
>MMOLSBA?VQEBC>@RIQVJBJ?BO
TELPRMBOSFPBPQEBTLOH$U>JMIBP
FK@IRAB]!RPFKBPP/O>@QF@BP]
"LJ?RPQFLK]/BLMIBFK%FOBP]%FOB
#VK>JF@P((]%FOB>KA,>QBOF>IP]
%LOBKPF@3B@EKFNRBP]"LJMIBU
#B@FPFLK,>HFKD
,?:ED
'+96D:D
1BPB>O@EPQRAV>QQEB,2IBSBI
,?:ED
''9:DD6CE2E:@?
,?:ED
&BKBO>I2L@F>I
2@FBK@B
***A64:2=+@A:4D:?*@4:2=
*4:6?462?5'@=:4J*EF5:6D
(KAFSFAR>ILODOLRMPQRAFBPLK>KV
QLMF@OBI>QFKDQLPL@F>IP@FBK@B>KA
MLIF@VPQRAFBPPBIB@QBA?VQEBPQRABKQ
>KA>MMOLSBA?VQEBC>@RIQVJBJ?BO
TELPRMBOSFPBPQEBTLOH
,?:ED
'C6C6BF:D:E6D
MBOJFPPFLKLCQEBFKPQOR@QLO
(KQBO>@QFSB
,BAF>&>JB
#BSBILMJBKQ
$'95:DD6CE2E:@?
">K?BQ>HBK>KVQFJB>CQBOM>PPFKD
QEBNR>IFCVFKDBU>J>KAFPOBNRFOBA
FKQEBI>PQPBJBPQBOCLOTOFQFKD>KA
ABCBKAFKDQEB/E#AFPPBOQ>QFLK
,?:ED
'C6C6BF:D:E6D
"LKPBKQLC>ASFPLO
$'9(F2=:7J:?8
I2>:?2E:@?
2QRABKQP>OBOBNRFOBAQL@LJMIBQB>
NR>IFCVFKDBU>JFK>QFLKMOL@BPP
?BCLOBTLOH@>K?BDFKLK/E#QEBPFP
OBPB>O@E3EFPBU>JFK>QFLKJRPQ?B
>MMOLSBA?V>@LJJFQQBBLCC>@RIQV
,?:ED
$ $*EF5:@
3EFPFP>[PQRAFL^@LROPBFKTEF@EQEB
FKPQOR@QLOTFIIDRFAB>KAJBKQLOQEB
PQRABKQPLKFKAFSFAR>I>KALOGLFKQ
MOLGB@QP3EBCL@RPLCQEB@LROPBTFII
?BLKQEBABPFDKLCFKQBO>@QFSBJBAF>
>KAD>JBPTFQEQEBPQRABKQP
ABPFDKFKD>KALMQFLK>IIV
FJMIBJBKQFKDLKBLOJLOBD>JBPLO
FKQBO>@QFSBBUMBOFBK@BP3EBOBTFII
>IPL?BOB>AFKDP>KAAFP@RPPFLKLC
ABPFDKQEBLOV>PFQOBI>QBPQLPQRABKQ
MOLGB@QP3EFP@LROPB@>K?BQ>HBKCLO
,2@OBAFQQTF@BFCABPFOBA
,?:ED
 6/(">Q>ILD
$ $F?52>6?E2=D
(KQEFP@LROPBPQRABKQPIB>OK
CLRKA>QFLK>IQEBLOFBP>KAD>FK
CLRKA>QFLK>IPHFIIPFKFKQBO>@QFSB
JBAF>D>JBABSBILMJBKQ>KA
@LJMRQ>QFLK>IJBAF>Q>ODBQBA>QQEB
DO>AR>QBIBSBICLOPQRABKQPTFQE>
MOFLORKABODO>AR>QB?>@HDOLRKAFK
OBI>QBAhBIAP2QRABKQPTFIIOB>A
>?LRQ@LKQBJMLO>OV@E>IIBKDBPFK
>MMIF@>QFLKLCQEBPBCRKA>JBKQ>IPQL
(,&#OBI>QBAMOLGB@QP>KA?RFIA
AFP@FMIFK>OVHKLTIBADB>KAMO>@QF@BP
KB@BPP>OVCLOQEB@OB>QFLKLC
FKQBO>@QFSBJBAF>>KALOD>JBP
3LMF@P@LSBOBAFKQEFP@LROPB
>IQBOK>QBB>@EVB>O?>PBALK
FKPQOR@QLO#FfBOBKQFKPQ>KQF>QFLKPLC
QEB@LROPB@LSBOQLMF@PFK
MOLDO>JJFKD>KA@LJMRQFKDFK
JBAF>@LKQBUQP@LJMRQ>QFLKPQRAFL
>OQ>PPBQ@LK@BMQR>IFW>QFLK@OB>QFLK
>KAFQBO>QFLKSFPR>I>OQPPQRAFL
>RAFLOBJFUFKD>KA@LJMLPFQFLK
JBQELAP>RAFLI>?>KAK>OO>QFSBFK
FKQBO>@QFSB@LKQBUQPK>OO>QFSBABPFDK
I>?3EFP@LROPBTFII?BLfBOBAB>@E
VB>OTFQEQLMF@ABhKBA?VQEBC>@RIQV
JBJ?BOQB>@EFKDFQ
,?:ED
$*A64:2=+@A:4D:? $
,?:ED
$+2?8:3=62?5
>3@5:65 ?E6C24E:@?
3>KDF?IB>KABJ?LAFBAFKQBO>@QFLK
PBBPERJ>KP>QQEB@BKQBOLCQEB
ABPFDKBABUMBOFBK@B KRJ?BOLC
PVPQBJP@LKQFKRBQLBJBODBQL
FJJBOPBQEB?LAVFKQL>PVPQBJPR@E
>PSFOQR>IOB>IFQV>RDJBKQBAOB>IFQV
JFUBAOB>IFQV>IQBOK>QFSB@LKQOLIPFK
QEBCLOJPLCDRFQ>OPLO@L@HMFQP
PBTFKDJ>@EFKBPJL?FIBMELKBP>KA
QB@EKLILDFBP>KABSBKJLOB
3EOLRDE>@LJ?FK>QFLKLCQO>AFQFLK>I
IB@QROBIFQBO>QROBOBSFBT>KAE>KAP
LKTLOHPQRABKQPTFIIIB>OKQL
@OFQF@>IIVBS>IR>QBAFfBOBKQ
>IQBOK>QFSBP?RFIAMOLQLQVMBPVPQBJP
>KAABPFDK@LJM>O>QFSBBS>IR>QFLKP
QLQBPQQEBBfB@QFSBKBPPLCS>OFLRP
QB@EKFNRBP2QRABKQPTFII?B
BUMB@QBAQLFJMIBJBKQPBSBO>I
QB@EKFNRBP>PM>OQLCQEFP@LROPB
,?:ED
$:DE@CJ2?5FEFC6@7
>>6CD:G62?5 ?E6C24E:G6$65:2
3EFP@LROPBTFIIC>JFIF>OFWBPQRABKQP
TFQEQEBEFPQLOVLCQEBABSBILMJBKQ
ABMILVJBKQ@LJJBO@F>IFW>QFLK>KA
BSLIRQFLKLCFJJBOPFSB>KA>@QFSB
JBAF>3EBIBPPLKMI>KTFII@LSBO>
?OL>AO>KDBLCBK>?IFKD
QB@EKLILDFBPPR@E>PDBLJBQOF@
MBOPMB@QFSBAO>TFKDMOBQE
@BKQROVM>KLO>JF@AFPMI>VP
MELQLDO>MEV>KAQEBPQBOBLP@LMB
PLRKAOB@LOAFKD>KAOBMOLAR@QFLK
JLQFLKMF@QROBPO>AFL>KAQBIBSFPFLK
QEBMI>KBQ>OFRJFJJBOPFSB>KA
AFJBKPFLK>I@FKBJ>>KAPMB@F>I
>QQO>@QFLKSBKRBPTFQE>M>OQF@RI>O
CL@RPLKAFDFQ>ID>JBP"ROOBKQ
QOBKAP>KACRQROBAFOB@QFLKPTFII>IPL
?B@LKPFABOBA2QRABKQPTFII>QQBKA
PBJFK>OP>KAIB@QROBPOB>A>KA
AFP@RPPQBUQPLKJBAF>EFPQLOV>KA
>BPQEBQF@P>KATOFQB>KLOFDFK>I
OBPB>O@EM>MBO,FAQBOJ>KAhK>I
BU>JPQBPQPQRABKQPHKLTIBADB>KA
RKABOPQ>KAFKDLCFJMLOQ>KQBSBKQP
>KAABSBILMJBKQP PQRABKQJ>V
KLQOB@BFSB@OBAFQCLO?LQE(,&#
>KA(,&#
,?:ED
'C6C6BF:D:E6D
KRKABOPQ>KAFKDLCALJFK>KQ
QEBJBP>KADBKOBPFKSFABLD>JBP
 6/(">Q>ILD
$6D:8?@7 ?E6C24E:G6
IA6C:6?46D
3EFP@LROPBTFIIFKQOLAR@BPQRABKQPQL
QEBQEBLOFBPLCABPFDKQEBMROMLPBLC
TEF@EFPQLDRFABPQRABKQPFK
>OQF@RI>QFKD>ABPFDKSFPFLKQE>Q@>K
QEBK?BFJMIBJBKQBAFK>K
FKQBO>@QFSBBUMBOFBK@BPR@E>P>
@LJMRQBOD>JBLO>K>OQFKPQ>II>QFLK
3EBABPFDKBIBJBKQP>AAOBPPBAFK
QEFP@LROPB>OB>PCLIILTPK>OO>QFSB
SFPR>IPLRKAPM>QF>I@E>IIBKDBP>KA
L?GB@QFSBP>KA@E>O>@QBOP3EFP
@LROPB>IPLBJME>PFWBPQEB
@LJJRKF@>QFSBPQO>QBDFBPKBBABAQL
PBIILQEBOMBLMIBLK>ABPFDKFKLOABO
QLBKQBOMOLAR@QFLK@LKSFK@B
FKSBPQLOP>KABKD>DBRPBOP2QRABKQP
TFII?BOBNRFOBAQLABPFDK>K
BKSFOLKJBKQQE>QFPMLMRI>QBAFK>
JB>KFKDCRIT>VQE>QFPABMBKA>KQLK
QEBMROMLPBLCQEBFOSFPFLKP3EBVTFII
MOLSFABJL@HRMPLCQEFP
BKSFOLKJBKQQE>QQEBVJRPQMOBPBKQ
QLQEBFOPQ>HBELIABOPQEBMOLCBPPLO
>KAMBBOP>KAhK>IIV@OB>QB
MOLQLQVMBPQE>QEBIMQEBJPBIIQEBFO
ABPFDKFAB>3EOLRDELRQQEB@I>PP
PQRABKQPTFII?BTOFQFKDQEBFOABPFDKP
FKMOLCBPPFLK>IDBKOBPMOBPBKQFKD
QEBFOABPFDKPQLQEB@I>PPLCQBK@>IIBA
>MFQ@E>KAAFP@RPPQEBQEBLOFBP>KA
MO>@QF@BPLCABPFDKAROFKDFK@I>PP
JBBQFKDP
,?:ED
'C6C6BF:D:E6D
@LROPBLKD>JBABPFDKLO
BNRFS>IBKQTLOHBUMBOFBK@B
$'C@5F4E:@?
$2?286>6?E7@C ?E6C24E:G6$65:2
3EFP@LROPBCL@RPBPLKQEBMOL@BPPLC
@OB>QFKD>PBQLCAL@RJBKQP
BK@LJM>PPFKDQEBABPFDK>KASFPFLK
LC>MFB@BLCFKQBO>@QFSBJBAF>
JBQELAPCLOPQOR@QROFKDQEB
FJMIBJBKQ>QFLKLCQEBABPFDK>KA
QLLIPCLOPR@@BPPCRIIVJ>K>DFKDQEB
MOLGB@Q2QRABKQPTFII>K>IVWB
AFfBOBKQQVMBPLCABPFDKAL@RJBKQP
CL@RPFKDLKCLOJ>KAMROMLPBTEFIB
>IPL@LKPFABOFKD>RAFBK@B>KA
MR?IF@>QFLKJBAFRJ2QRABKQPTFII
TOFQBABPFDKAL@RJBKQPDFSBMBBO
CBBA?>@H>KAOBSFPBQEBFOLTK
AL@RJBKQP?>PBALKCBBA?>@H
OB@BFSBA(KLOABOQLPBBQEBFOABPFDK
QO>KPCLOJCOLJAL@RJBKQQLMOLAR@Q
PQRABKQPTFIIPQRAVAFfBOBKQMOLGB@Q
J>K>DBJBKQJBQELAP>KABJMILV
QEBJABhKFKDFKABQ>FIAFP@OBQB
@LJMLKBKQPQFJBIFKBPJFIBPQLKBP
MI>VBOP>KAQEBFOOBPMLKPF?FIFQFBP>KA
PQ>QRPOBMLOQPQLPQ>HBELIABOP3LLIP
@LJJLKQLJ>K>DFKDFKQBO>@QFSB
JBAF>MOLGB@QPBDPLRO@B@LAB
OBSFPFLK@LKQOLI>PPBQJ>K>DBJBKQ
P@EBARIFKDTFII?BRPBAQEOLRDELRQ
QEBMOL@BPP
,?:ED
'C6C6BF:D:E6D
$UMBOFBK@BTLOHFKDLKABSBILMJBKQ
MOLGB@QP
$*6C:@FD2?5AA=:65
2>6D
3EFP@LROPB@LSBOPJBQELAP>KA
>K>IVPFPCLOABPFDKFKDFJMIBJBKQFKD
>KA>PPBPPFKDD>JBPFKPBOFLRP
>MMIFBA@LKQBUQP.CQBK@>IIBA
[PBOFLRPD>JBP^LO[>MMIFBAD>JBP^
QEBPB>OBD>JB?>PBAJBAF>QE>Q
QB>@EBKD>DBTFQEPL@F>IFPPRBP>FJ
QLFK@OB>PBBJM>QEVLO>fB@Q
?BE>SFLO>I@E>KDB2QRABKQPTFIIOB>A
@LKQBJMLO>OVIFQBO>QROBFKQEBhBIALC
PBOFLRP>KA>MMIFBAD>JBPABPFDK
>KAFJMIBJBKQQEBFOLTKD>JBP>KA
JB>PROBQEBBfB@QFSBKBPPLCQELPB
D>JBPFK>@EFBSFKDBAR@>QFLK>ILO
JLQFS>QFLK>IDL>IP
,?:ED
$$F=E:5:D4:A=:?2CJ
)6D62C49$6E9@5D:?
@>AFE2E:@?2=$65:2
3EFP@LROPB@LSBOPOBPB>O@EJBQELAP
RPBAFK@LJMRQ>QFLK>I>KA
FKQBO>@QFSBJBAF> P>K
FKQBOAFP@FMIFK>OVhBIA@LJMRQ>QFLK>I
JBAF>OBIFBPLKJRIQFMIBOBPB>O@E
JBQELAPPR@E>PNR>IFQ>QFSB
NR>KQFQ>QFSBABPFDK?>PBAOBPB>O@E
FQBO>QFSBABPFDKJBQELALILDVMI>VBO
>KARPBOQBPQFKDEFPQLOF@>I>KA
@RIQRO>IOBPB>O@EJBQELAP
@LJMRQ>QFLK>IOB>PLKFKDA>Q>
>K>IVPFP>KASFPR>I>K>IVPFP2QRABKQP
TFIIOB>A?OL>AIVFKOBPB>O@E
JBQELALILDFBP>KAAFP@RPP
>MMIF@>?FIFQV>KA>A>MQ>?FIFQVCLO
M>OQF@RI>OMOL@BPPBP>KAOBPB>O@E
NRBPQFLKP
,?:ED
$ $@==@BF:F>
3EFP@LROPBFKQOLAR@BPPQRABKQPQL
QEBPQ>QBLCQEBhBIA>KA@ROOBKQ
OBPB>O@EFKQEBMOLDO>J!LQEC>@RIQV
>KABUQBOK>ISFPFQLOPQL(,&#TFII
PMB>H>QQEB@LIILNRF>LK
@LKQBJMLO>OV>KABJBODBKQQLMF@P
FKFKQBO>@QFSBJBAF>>KAD>JB
ABPFDK3EFP@LROPBFPQ>HBKTFQE>
M>PPC>FIDO>AFKDLMQFLK
,?:ED
$ $2C66C
@==@BF:F>
3EFP@LROPBJBBQPTBBHIVQL
MOLCBPPFLK>IFWBPQRABKQPMOBM>OFKD
CLOQEB>@>ABJF@LO>OQFPQF@GL?
J>OHBQP3LMF@PTFIIFK@IRABDL>I
PBQQFKD>MMIF@>QFLKJ>QBOF>IP
MO>@QF@BFKQBOSFBTPMO>@QF@BQB>@EFKD
ABJLKPQO>QFLKPMLOQCLIFL
ABSBILMJBKQ>KALQEBOJ>QBOF>IP>P
KBBABA3EFP@LROPBFPQ>HBKTFQE>
M>PPC>FIDO>AFKDLMQFLK
,?:ED
 6/(">Q>ILD
(KQBOAFP@FMIFK>OV
/OLDO>JP
)6DA@?D:3=6@?5F4E@7
)6D62C49
3EBMROMLPBLCQEFPWBOL@OBAFQ@LROPB
FPQLC>JFIF>OFWBMOBAL@QLO>I>KA
MLPQAL@QLO>IQO>FKBBPTFQE?>PF@
BQEF@>IFPPRBPFKOBPB>O@E@LKCOLKQFKD
P@FBKQFPQP>KABKDFKBBOP3EB@LROPB
FK@IRABPIB@QROBP>KAPQRABKQIBA
AFP@RPPFLKPBPPFLKPLKQLMF@PPR@E>P
BUMBOFJBKQ>IABPFDK?BPQMO>@QF@BP
OBPB>O@EFKSLISFKD>KFJ>IPR?GB@QP
>RQELOPEFM>KAOBPB>O@EJFP@LKAR@Q
2QRABKQIB>OKFKDTFII?B>PPBPPBA
QEOLRDEFK@I>PPCLOJ>QFSB
>PPBPPJBKQP>PTBII>PPJ>IIDOLRM
MOBPBKQ>QFLKPAROFKDQEBAFP@RPPFLK
PBPPFLKP3EB@LROPBFPOB@LJJBKABA
CLO>IIDO>AR>QBPQRABKQP>KA
MLPQAL@PTEL>OBBKD>DBAFK
OBPB>O@E>KAFPLfBOBA>KKR>IIVFK"
QBOJ
,?:ED
F?52>6?E2=D@7*4:6?E:O4
+6249:?82?5'6528@8J
3EBMROMLPBLCQEFPWBOL@OBAFQ@LROPB
FPQL?LIPQBOQB>@EFKDMOLh@FBK@VCLO
MOBAL@QLO>I>KAMLPQAL@QLO>I
QO>FKBBPQEOLRDEFKABMQE>KA
FKQBO>@QFSBPBPPFLKPLKQEBP@FBK@B
?BEFKAPQRABKQIB>OKFKDP@FBKQFh@
QB>@EFKD>PPBPPJBKQP>KAOR?OF@P
>@QFSBIB>OKFKDMOLGB@Q?>PBA
IB>OKFKDFK@IRPFSBIB>OKFKD
BKSFOLKJBKQPQB>@EFKDMEFILPLMEFBP
QB@EKLILDVFKQEB@I>PPOLLJ>KA
@LROPBABPFDK/>OQF@FM>KQPTFIIIB>OK
QEOLRDE?LQEIB@QROB>KAMO>@QF@RJ
PBPPFLKPB>@ETBBH>KATFIITLOHFK
PJ>IIDOLRMPQLABSBILM>PELOQ
QB>@E>?IBRKFQFK@LOMLO>QFKDQEB
QB@EKFNRBPIB>OKBAQEOLRDELRQQEB
@LROPBTEF@EQEBVTFIIRIQFJ>QBIV
MOBPBKQ>QQEB@LK@IRPFLKLCQEB
PBOFBP2QRABKQPTFII>IPLABSBILM>
PQ>QBJBKQLCQB>@EFKDMEFILPLMEV
AROFKDQEB@LROPB>KAOB@BFSB
CBBA?>@HLKQEBPQ>QBJBKQ3EB
@LROPBFPOB@LJJBKABACLO>II
DO>AR>QBPQRABKQP>KAMLPQAL@PTEL
>OBMROPRFKD@>OBBOPQE>QTFIIBKQ>FI
QB>@EFKDFKEFDEBOBAR@>QFLK>PTBII
>PQELPBFKQBOBPQBAFKIB>OKFKDQEB
CRKA>JBKQ>IPLCMBA>DLDV>KA
BfB@QFSBQB>@EFKDPQO>QBDFBP3EB
@LROPBFPLfBOBA>KKR>IIVB>@E%>II
,?:ED
*JDE6>D?8:?66C:?8
#6256CD9:A'C@;64E
3EFPMOLGB@Q?>PBA@LROPBFP>K
FKQBOAFP@FMIFK>OVBUBO@FPBQE>Q
FKQBDO>QBPQEBQB@EKF@>I>PMB@QPLC
PVPQBJPBKDFKBBOFKDTFQEQEB
@E>IIBKDBPLCJBBQFKD?RPFKBPPDL>IP
TFQEFKQEBCO>JBTLOHLCQEB
LOD>KFW>QFLK>IPQOR@QROB(Q>IILTP
PQRABKQPQL>MMIVQEBPHFIIP>KA
HKLTIBADB>@NRFOBAQEOLRDELRQQEB
2VPQBJP$KDFKBBOFKD+B>ABOPEFM
@ROOF@RIRJ2QRABKQP>OBBK@LRO>DBA
QLPBIB@QMOLGB@QPTFQEMO>@QF@>I
PFDKFh@>K@BQLQEBFO@ROOBKQ>KA
CRQROBMOLCBPPFLK>IOBPMLKPF?FIFQFBP
$>@EMOLGB@QFPKLOJ>IIV@LKAR@QBAFK
QB>JPLCQTLQLCLROPQRABKQP3EBV
>OB>AJFKFPQBOBA>ASFPBA>KA
BS>IR>QBA?V6/(C>@RIQV>PM>OQLC
QEBIB>OKFKDBUMBOFBK@B?RQPQRABKQP
>OB>IPLBK@LRO>DBAQLPBBH
JBKQLOPEFMCOLJBUMBOFBK@BA
PVPQBJPBKDFKBBOP
,?:ED
'C6C6BF:D:E6D
2FK@BQEB">MPQLKB/OLGB@QTFIIAO>T
LKHKLTIBADBL?Q>FKBAQEOLRDELRQ
QEBABDOBBMOLDO>JFQFPBUMB@QBA
QE>QQEBPQRABKQTFIIE>SB@LJMIBQBA
JLPQLO>IILCQEB@LROPBTLOHTFQEFK
QEBFOMI>KLCPQRAV?BCLOB
RKABOQ>HFKDQEBBKDFKBBOFKD
IB>ABOPEFMMOLGB@Q
 6/(">Q>ILD
2ADE@?6'C@;64E
IA6C:6?46:?'@H6C*JDE6>D
$2?286>6?E
3EFPMOLGB@Q?>PBA@LROPBFP>K
FKQBOAFP@FMIFK>OVBUBO@FPBQE>Q
FKQBDO>QBPQEBQB@EKF@>I>PMB@QPLC
MLTBOPVPQBJPBKDFKBBOFKDTFQE
@E>IIBKDBPLCJBBQFKD?RPFKBPPDL>IP
TFQEFKQEBCO>JBTLOHLCQEB
@LOMLO>QBLOD>KFW>QFLK>IPQOR@QROB(Q
>IILTPQEBPQRABKQPQL>MMIVQEBPHFIIP
>KAHKLTIBADB>@NRFOBAQEOLRDELRQ
QEB/LTBO2VPQBJP,>K>DBJBKQ
@ROOF@RIRJ2QRABKQP>OBBK@LRO>DBA
QLPBIB@QMOLGB@QPTFQEMO>@QF@>I
PFDKFh@>K@BQLQEBFO@ROOBKQ>KA
CRQROBMOLCBPPFLK>IOBPMLKPF?FIFQFBP
$>@EMOLGB@QFPKLOJ>IIV@LKAR@QBAFK
QB>JPLCQTLQLCLROPQRABKQP3EBV
>OB>AJFKFPQBOBA>ASFPBA>KA
BS>IR>QBA?V6/(C>@RIQV>PM>OQLC
QEBIB>OKFKDBUMBOFBK@B?RQPQRABKQP
>OB>IPLBK@LRO>DBAQLPBBH
JBKQLOPEFMCOLJBUMBOFBK@BA
@LIIB>DRBPFKQEB/LTBO2VPQBJP
MOLCBPPFLK
,?:ED
'C6C6BF:D:E6D
2FK@BQEB">MPQLKB/OLGB@QTFIIAO>T
LKHKLTIBADBL?Q>FKBAQEOLRDELRQ
QEBABDOBBMOLDO>JFQFPBUMB@QBA
QE>QQEBPQRABKQTFIIE>SB@LJMIBQBA
JLPQLO>IILCQEB@LROPBTLOHTFQEFK
QEBFOMI>KLCPQRAV?BCLOB
RKABOQ>HFKDQEB@>MPQLKBMOLGB@Q
,>KRC>@QROFKD
$KDFKBBOFKD
$$$+F?52>6?E2=D
@7I:@>2E:46D:8?@7
$2?F724EFC:?8'C@46DD6D
3EB@LROPBPQ>OQPTFQE>KFKABMQE
PQRAVLC>UFLJ>QF@ABPFDK
MMIF@>QFLKPLC>UFLJ>QF@ABPFDK>OB
@LKPFABOBAMOFJ>OFIV>IQELRDEKLQ
BU@IRPFSBIVCLOQEBABPFDKLC
J>KRC>@QROFKDMOL@BPPBP>KAQLLIP
UFLJ>QF@ABPFDKFP>ABPFDK
JBQELALILDV?>PBALKQEBMOBJFPB
QE>QQEBOB>OBQTL>UFLJPQE>Q>MMIV
QL>IIDLLAABPFDKP3EBPB>UFLJP
C>@FIFQ>QBQEBQB>@EFKD>KAMO>@QF@BLC
BKDFKBBOFKDABPFDK>P>P@FBKQFh@
AFP@FMIFKB,>KRC>@QROFKDMOL@BPP
>K>IVPFPFP@LKPFABOBACOLJQEB
MBOPMB@QFSBLCPRMMLOQFKDABPFDK
,BQELAPLC>K>IVPFPLC
J>KRC>@QROFKDMOL@BPPBPTFQE?OL>A
>MMIF@>?FIFQV>OBPLRDEQ2MB@F>I
>QQBKQFLKFPDFSBKQLBU>JMIBPFK
J>@EFKFKDQO>AFQFLK>IKLKQO>AFQFLK>I
>KADOFKAFKD>AAFQFSB
J>KRC>@QROFKD>KAQLQEB
MOLAR@QFLKLCPROC>@BP3EB>?FIFQVQL
hKA@LJJLK>IFQFBP>@OLPP
>MMIF@>QFLKP>KADBKBO>IFWBFP
BJME>PFWBAQLC>@FIFQ>QBCROQEBO
ABSBILMJBKQLCMOFK@FMIBPTFQE
?OL>A>MMIF@>?FIFQV3EB@LKQBKQFP
ABIFSBOBAFKSFABLIB@QROBP>KAFK
OB>AFKDPCOLJQEBQB@EKF@>IIFQBO>QROB
'LJBTLOH>KANRFWWBP>OBDFSBK>KA
ABIFSBOBALKIFKB3EBOBFP>MOLGB@QQL
ABPFDK>J>KRC>@QROFKDMOL@BPP3EB
QLMF@P@>K?BCOLJTLOHLO
AFPPBOQ>QFLKPQE>Q@>K?BFKQBOMOBQBA
>PJ>KRC>@QROFKDMOL@BPPBP>KA
QLLIP"OBAFQ@>KKLQ?BDFSBKCLOQEFP
@LROPB>KA>KVLCQEBPFJFI>OFK@I>PP
SBOPFLKPCLO@OBAFQP,%$,3$
>KA,$
,?:ED
$$+$
*FC7246$6EC@=@8J
3EFP@LROPBBJME>PFWBPOBPB>O@E
>MMIF@>QFLKPLC>AS>K@BAPROC>@B
JBQOLILDVFK@IRAFKDQEB
JB>PROBJBKQ>KA>K>IVPFPLCPROC>@B
OLRDEKBPP2ROC>@BJBQOLILDV@>K?B
FJMLOQ>KQFK>TFABS>OFBQVLC
PFQR>QFLKPFK@IRAFKD>AEBPFLK
COF@QFLK@>Q>IVPFPEB>QQO>KPCBOJ>PP
QO>KPCBOP@>QQBOFKD?FLILDF@>IDOLTQE
TB>O>KATBQQFKD3EBPBPFQR>QFLKP
FJM>@QMO>@QF@>IIV>IIQEBBKDFKBBOFKD
AFP@FMIFKBP>KAP@FBK@BP3EB@LROPB
?BDFKP?V@LKPFABOFKD?>PF@
MOFK@FMIBP>KA@LKSBKQFLK>I>K>IVPBP
>KAJBQELAP,B>PROBJBKQ>KA
>K>IVPFPJBQELAP>OB@OFQF@>IIV
OBSFBTBACLORQFIFQV2QRABKQPIB>OK
>AS>K@BAJBQELAPCLOAFfBOBKQF>QFKD
PROC>@BQBUQROBPQE>Q>OBPRPMB@QBALC
?BFKDAFfBOBKQ?B@>RPBLCQEBFO
MBOCLOJ>K@BLOJ>KRC>@QROB
2QRABKQPTFII>IPLIB>OKJBQELAPCLO
J>HFKD@LOOBI>QFLKP?BQTBBKPROC>@B
QBUQROBP>KA?BE>SFLO>I>KA
J>KRC>@QROFKDM>O>JBQBOP3EB
OBPRIQPLC>MMIVFKDQEBPBJBQELAP
@>K?BRPBAQLPRMMLOQQEBABPFDK
>KAJ>KRC>@QROBLCPROC>@BQBUQROBP
>KAQL>AAOBPPFPPRBPFKNR>IFQV
>PPRO>K@B$U>JMIBPLCOBPB>O@ECOLJ
>?OL>AO>KDBLC>MMIF@>QFLKP>OB
MOBPBKQBAFK@IRAFKDCLLAP@FBK@B
M>SBJBKQPCOF@QFLK>AEBPFLK
J>@EFKFKD>KADOFKAFKD2QRABKQPAL
>J>GLOMOLGB@QLCQEBFO@ELLPFKD
TEF@E@>KFKSLISBBFQEBO>KFKABMQE
IFQBO>QROBOBSFBTLOPROC>@B
JB>PROBJBKQ>KA>K>IVPFP3EB
C>@FIFQFBPLC6/(P2ROC>@B,BQOLILDV
+>?LO>QLOV>OB>S>FI>?IBCLOJ>HFKD
JB>PROBJBKQPCLOPBIB@QBAMOLGB@QP
2LCQT>OBCLO>AS>K@BA>K>IVPFP
JBQELAPFP>IPL>S>FI>?IBCLORPBFK
QEB@LROPB-LMOBSFLRPHKLTIBADB
LCPROC>@BJBQOLILDVFPOBNRFOBA
2QRABKQPPELRIAE>SBPLJB
?>@HDOLRKAFKBKDFKBBOFKDJ>QELO
P@FBK@B2QRABKQP@>KKLQOB@BFSB
@OBAFQCLOQEFP@LROPBFCQEBVE>SB
OB@BFSBA@OBAFQCLO,$,3$
,%$%RKA>JBKQ>IPLC
2ROC>@B,BQOLILDVLOQEB2MB@F>I
 6/(">Q>ILD
3LMF@P,$,3$,%$
SBOPFLKLC%RKA>JBKQ>IPLC2ROC>@B
,BQOLILDV
,?:ED
$$$+
F?52>6?E2=D@7*FC7246
$6EC@=@8J
2ROC>@B,BQOLILDVFP>?LRQ
JB>PROFKD@E>O>@QBOFWFKD>KA
>K>IVWFKDPROC>@BQLMLDO>MEFBPLO
QBUQROBP3EFP@LROPB@LSBOP
@LKSBKQFLK>I>KAABSBILMFKD
JB>PROBJBKQ>KA@E>O>@QBOFW>QFLKLC
OLRDEKBPP(QBJME>PFWBPOBPB>O@E
>KA@LSBOP>TFABS>OFBQVLC
>MMIF@>QFLKPFK@IRAFKD>AEBPFLK
COF@QFLKC>QFDRBIFCBJ>PPQO>KPCBO
P@>QQBOFKDTB>OJ>KRC>@QROFKDCLLA
P@FBK@BTBQQFKDMEVPF@>I
>KQEOLMLILDV>KA>O@EBLILDV
2ROC>@BJBQOLILDVE>P>MMIF@>QFLKPFK
MO>@QF@>IIV>IIBKDFKBBOFKDAFP@FMIFKBP
>KAP@FBK@BP1BPB>O@EMOFK@FMIBP>OB
>MMIFBAQL@OFQF@>IBS>IR>QFLKPLC
OBPB>O@EJBQELAP2QRABKQPIB>OK
JRIQFP@>IBJBQELAPCLOAFP@LSBOFKD
@LOOBI>QFLKP?BQTBBKMOL@BPPFKD
QBUQROBP>KA?BE>SFLO>KACLO
AFP@OFJFK>QFKDPROC>@BQBUQROBP
PRMMLPBAQL?BAFfBOBKQ?B@>RPBLC
QEBFOMBOCLOJ>K@BLOJ>KRC>@QROB
1BPRIQPPRMMLOQMOLAR@Q>KAMOL@BPP
ABPFDK>KANR>IFQV>PPRO>K@B
2QRABKQP@OB>QBABQ>FIBAMOLGB@Q
MOLMLP>IPLKQLMF@PLCQEBFO@ELLPFKD
FK@IRAFKDIFQBO>QROBOBSFBTP
MOBM>O>QFLK>KAQBPQFKDLCPROC>@BP
JB>PROBJBKQP@E>O>@QBOFW>QFLKP
>KA>K>IVPBP2QRABKQP@>KKLQ
OB@BFSB@OBAFQCLOQEFP@LROPBFCQEBV
E>SBOB@BFSBA@OBAFQCLOQEB2MB@F>I
3LMF@P,$,3$,%$
SBOPFLKLCQEFP@LROPBLOCLO,$
,3$,%$2ROC>@B
,BQOLILDV
,?:ED
$$$+
$6E2=55:E:G6$2?F724EFC:?8
AAFQFSB,>KRC>@QROFKD ,
MLMRI>OIVHKLTK>P#MOFKQFKDFP>
QB@EKFNRBFKTEF@EM>OQP>OB
C>?OF@>QBAFK>I>VBO?VI>VBOC>PEFLK
3EBCL@RPLCQEFP@LROPBFPLKAFOB@Q
JBQ>I ,MOL@BPPBPQE>Q>OBRPBAFK
>BOLPM>@B>RQLJL?FIBJBAF@>I>KA
BKBODVFKARPQOFBP3EBL?GB@QFSBLC
QEB@LROPBFPQLBK>?IBPQRABKQPQL
RKABOPQ>KAQEBTLOHFKDMOFK@FMIBPLC
S>OFLRP>AAFQFSBJ>KRC>@QROFKD
MOL@BPPBP>PPBPPQEBPRFQ>?FIFQVLC
JBQ>I ,MOL@BPPBPCLOAFfBOBKQ
ABPFDKP>KA>MMIF@>QFLKP>MMIV
MOL@BPPABPFDK@LK@BMQPQLJBQ>I ,
MOL@BPPBPSF>>K>IVQF@>I>KAhKFQB
BIBJBKQJLABIFKD>MMOL>@EBP>KA
E>SB>KFKQOLAR@QLOVIBSBI
RKABOPQ>KAFKDLCABPFDKCLO ,
3EOLRDEQEB@LROPBMOLGB@QPQRABKQP
TFIIE>SBQEBLMMLOQRKFQVQL
BUMBOFBK@BE>KAPLKABPFDK
J>KRC>@QROFKD>KA@E>O>@QBOFW>QFLK
LC>AAFQFSBIVJ>KRC>@QROBAJ>QBOF>IP
>KATFIITLOHFK>KFKQBOAFP@FMIFK>OV
QB>JLCJB@E>KF@>IJ>QBOF>IP>KA
J>KRC>@QROFKDBKDFKBBOP3EB
B@LKLJF@PLCQEBJ>KRC>@QROFKD
MOL@BPPTFII>IPL?B>AAOBPPBATFQE
>KBJME>PFPLKABQBOJFKFKDQEB
J>GLO@LPQAOFSBOP>KAAFP@RPPFKD@LPQ
JFKFJFW>QFLKPQO>QBDFBP2QRABKQP
@>KKLQOB@BFSB@OBAFQCLOQEFP@LROPBFC
QEBVE>SBOB@BFSBA@OBAFQCLOQEB
2MB@F>I3LMF@P,$,3$
SBOPFLKLCQEBP>JB@LROPB
,?:ED
$$+F?52>6?E2=D@7
I:@>2E:46D:8?@7
$2?F724EFC:?8'C@46DD6D
3EB@LROPBPQ>OQPTFQE>KFKABMQE
PQRAVLC>UFLJ>QF@ABPFDK
MMIF@>QFLKPLC>UFLJ>QF@ABPFDK>OB
@LKPFABOBAMOFJ>OFIV>IQELRDEKLQ
BU@IRPFSBIVCLOQEBABPFDKLC
J>KRC>@QROFKDMOL@BPPBP>KAQLLIP
UFLJ>QF@ABPFDKFP>ABPFDK
JBQELALILDV?>PBALKQEBMOBJFPB
QE>QQEBOB>OBQTL>UFLJPQE>Q>MMIV
QL>IIDLLAABPFDKP3EBPB>UFLJP
C>@FIFQ>QBQEBQB>@EFKD>KAMO>@QF@BLC
BKDFKBBOFKDABPFDK>P>P@FBKQFh@
AFP@FMIFKB,>KRC>@QROFKDMOL@BPP
>K>IVPFPFP@LKPFABOBACOLJQEB
MBOPMB@QFSBLCPRMMLOQFKDABPFDK
,BQELAPLC>K>IVPFPLC
J>KRC>@QROFKDMOL@BPPBPTFQE?OL>A
>MMIF@>?FIFQV>OBPLRDEQ2MB@F>I
>QQBKQFLKFPDFSBKQLBU>JMIBPFK
J>@EFKFKDQO>AFQFLK>IKLKQO>AFQFLK>I
>KADOFKAFKD>AAFQFSB
J>KRC>@QROFKD>KAQLQEB
MOLAR@QFLKLCPROC>@BP3EB>?FIFQVQL
hKA@LJJLK>IFQFBP>@OLPP
>MMIF@>QFLKP>KADBKBO>IFWBFP
BJME>PFWBAQLC>@FIFQ>QBCROQEBO
ABSBILMJBKQLCMOFK@FMIBPTFQE
?OL>A>MMIF@>?FIFQV3EB@LKQBKQFP
ABIFSBOBAFKSFABLIB@QROBP>KAFK
OB>AFKDPCOLJQEBQB@EKF@>IIFQBO>QROB
'LJBTLOH>KANRFWWBP>OBDFSBK>KA
ABIFSBOBALKIFKB3EBOBFP>MOLGB@QQL
ABPFDK>J>KRC>@QROFKDMOL@BPP3EB
QLMF@P@>K?BCOLJTLOHLO
AFPPBOQ>QFLKPQE>Q@>K?BFKQBOMOBQBA
>PJ>KRC>@QROFKDMOL@BPPBP>KA
QLLIP"OBAFQ@>KKLQ?BDFSBKCLOQEFP
@LROPB>KA>KVLCQEBPFJFI>OFK@I>PP
SBOPFLKPCLO@OBAFQP,%$,3$
>KA,$
,?:ED
 6/(">Q>ILD
$FCC6?E+@A:4D:?
$2?F724EFC:?8*6>:?2C
3EFPPBJFK>OFABKQFhBPQEBQVMF@>I
MOL?IBJPFKSLISBAFK>S>OFBQVLC
J>KRC>@QROFKDLMBO>QFLKP>KA
DBKBOF@>MMOL>@EBPCLO>MMIVFKD
>AS>K@BAQB@EKLILDFBPQLFJMIBJBKQ
LMBO>QFLKP3LMF@>I>OB>PLC
>MMIF@>QFLK>KAABSBILMJBKQPR@E>P
FKQBIIFDBKQJ>QBOF>IPMOL@BPPFKD
>RQLJ>QBA>PPBJ?IV,1/>KA)(3
P@EBARIFKDSFPFLKOB@LDKFQFLK
PVPQBJPEFDEPMBBA@LJMRQBO
KBQTLOHPAFPQOF?RQBA@LJMRQBO
@LKQOLILCJ>KRC>@QROFKDMOL@BPPBP
>KAiBUF?IBJ>KRC>@QROFKDPVPQBJP
J>V?B@LSBOBA3EFPPBJFK>OFP
@LLOAFK>QBATFQEQEBRKABODO>AR>QB
MOLDO>JFKJ>KRC>@QROFKD
BKDFKBBOFKD1BNRFOBACLO>IICRIIQFJB
PQRABKQP
,?:ED
$@?EC@=2?5$@?:E@C:?8
@7$2?F724EFC:?8'C@46DD6D
"LSBOP>?OL>AO>KDBLCQLMF@P
@BKQBOBALK@LKQOLI>KAJLKFQLOFKD
CRK@QFLKPCLOJ>KRC>@QROFKD
FK@IRAFKDMOL@BPP@LKQOLICBBA?>@H
PVPQBJPA>Q>@LIIB@QFLK>KA>K>IVPFP
P@EBARIFKDJ>@EFKB@LJMRQBO
FKQBOC>@FKD>KAAFPQOF?RQBA@LKQOLI
3VMF@>I>MMIF@>QFLKP>OB@LKPFABOBA
TFQEI>?TLOH
,?:ED
$AA=:42E:@?@7 ?5FDEC:2=
)@3@E:4D
"LK@ROOBKQTFQE,$3EFP
@LROPBFKQOLAR@BPQEBPQRABKQQLQEB
hBIALCFKARPQOF>I>RQLJ>QFLK3LMF@P
@LSBOBAFK@IRABOL?LQPMB@Fh@>QFLK
>KAPBIB@QFLK@LKQOLI>KAAOFSB
JBQELAPM>OQMOBPBKQ>QFLK
B@LKLJF@GRPQFh@>QFLKP>CBQV
FJMIBJBKQ>QFLKMOLAR@QABPFDK>KA
MOLDO>JJFKDI>KDR>DBP3EB@LROPB
@LJ?FKBPQEBRPBLCIB@QROBMOLGB@Q
TLOH>KAI>?LO>QLOFBPQE>QRQFIFWB
FKARPQOF>IOL?LQP3EBLOV>KA
>MMIF@>QFLKLCOL?LQF@PVPQBJPTFII?B
BJME>PFWBA
,?:ED
$$+$
I:@>2E:46D:8?@7
$2?F724EFC:?8'C@46DD6D
3EFP@LROPB?BDFKPTFQEBIBJBKQP
>UFLJ>QF@ABPFDKQEBQEBLOV>KA
MO>@QF@B#BPFDK>MMIF@>QFLKP>OB
@LKPFABOBAMOFJ>OFIV>IQELRDEKLQ
BU@IRPFSBIVCLOQEBABPFDKLC
J>KRC>@QROFKDMOL@BPPBP>KAQLLIP
UFLJ>QF@ABPFDKFP?>PBALKQEB
MOBJFPBQE>QQEBOB>OB@LJJLK
>PMB@QPQL>IIDLLAABPFDKP3EBPB
@LJJLKP>PMB@QPPQ>QBAFKQEB
FKABMBKABK@B>KAFKCLOJ>QFLK
>UFLJPC>@FIFQ>QBQEBQB>@EFKD>KA
MO>@QF@BLCBKDFKBBOFKDABPFDK>P>
P@FBKQFh@AFP@FMIFKB K>IVPFPLC
MOL@BPPBP>KAMOLAR@QPFP@LKPFABOBA
COLJQEBMBOPMB@QFSBLCPRMMLOQFKD
MOLAR@Q>KAMOL@BPPABPFDK
%RKA>JBKQ>IJBQELAPLC
BKDFKBBOFKD>K>IVPFPLC
J>KRC>@QROFKDMOL@BPPBPTFQE?OL>A
>MMIF@>?FIFQV>OBABSBILMBA QQBKQFLK
FPDFSBKQLBU>JMIBPCOLJLKBLO
JLOBLCQEBCLIILTFKDJ>@EFKFKD
QO>AFQFLK>IKLKQO>AFQFLK>I>KA
DOFKAFKD>AAFQFSBJ>KRC>@QROFKD
>KAQLQEBMOLAR@QFLKLCPROC>@B
QLMLDO>MEFBP3EB>?FIFQVQL
DBKBO>IFWBCOLJABQ>FIBABU>JMIBPFP
BJME>PFWBAFKLOABOQLC>@FIFQ>QBQEB
PQRABKQP>?FIFQVQLABSBILMJBKQ
>K>IVPBP>KAABPFDKJBQELAPTFQE
?OL>ABO>MMIF@>?FIFQV3EFP@LROPBFP
LfBOBAIFSBFK@I>PPLKIVQL?B
@LJMIBQBAFKLKBPBJBPQBOCLOQEOBB
@OBAFQP"OBAFQ@>KKLQ?BDFSBKCLO
QEFP@LROPB>KA>KVLCQEBPFJFI>O
LKIFKBSBOPFLKPLCQEFPJ>QBOF>ICLO
@OBAFQP,%$,3$
,?:ED
$$@>AFE6C
?E68C2E65$2?F724EFC:?8
KLSBOSFBTLC@LJMRQBOFKQBDO>QBA
J>KRC>@QROFKD"(, PQEB"(,
@LK@BMQ>QQBJMQPQLFKQBDO>QB>IILC
QEB?RPFKBPP>KABKDFKBBOFKD
CRK@QFLKPLC>hOJQEFP@LROPB?RFIAP
LKQEBHKLTIBADBLC@LJMRQBO>FABA
ABPFDK@LJMRQBO>FABA
J>KRC>@QROFKD@LK@ROOBKQ
BKDFKBBOFKDJ>K>DBJBKQLC
FKCLOJ>QFLKPVPQBJP>KALMBO>QFLKP
J>K>DBJBKQQLABJLKPQO>QBQEB
PQO>QBDF@FJMLOQ>K@BLCFKQBDO>QFLK
$JME>PFPFPMI>@BALK" #" ,
FKQBDO>QFLK3LMF@PFK@IRABM>OQ
ABPFDKPMB@Fh@>QFLK>KA
J>KRC>@QROFKDNR>IFQVQLLIFKD>KA
hUQROBABPFDK>KAJ>KRC>@QROFKD
FKCLOJ>QFLKPVPQBJP3EFP@LROPB
FK@IRABP>DOLRMQBOJMOLGB@Q-LQB
2QRABKQP@>KKLQOB@BFSB@OBAFQCLO
QEFP@LROPBFCQEBVE>SBQ>HBKQEB
2MB@F>I3LMF@PSBOPFLKLCQEBP>JB
@LROPB,%$#,%$#
,?:ED
'C6C6BF:D:E6D
!>@HDOLRKAFKJ>KRC>@QROFKD>KA
" #" ,BD,$$2,$

 6/(">Q>ILD
$$6D:8?7@C
$2?F724EFC23:=:EJ
3EBMOL?IBJPLC@LPQABQBOJFK>QFLK
>KABS>IR>QFLKLCMOL@BPPFKD
>IQBOK>QFSBPFKQEB
ABPFDKJ>KRC>@QROFKDFKQBOC>@B>OB
AFP@RPPBA MMOL>@EBPCLO
FKQOLAR@FKDJ>KRC>@QROFKD@>M>?FIFQV
HKLTIBADBFKQLQEBMOLAR@QABPFDK
MOL@BPP>OB@LSBOBA KBJME>PFPFP
MI>@BALKM>OQ>KAMOL@BPP
PFJMIFh@>QFLK>KA>K>IVPFPLC
>IQBOK>QFSBJ>KRC>@QROFKDJBQELAP
?>PBALKPR@EM>O>JBQBOP>P
>KQF@FM>QBASLIRJBMOLAR@QIFCB
@V@IBIB>AQFJB@RPQLJBO
OBNRFOBJBKQP>KANR>IFQVVFBIA+B>K
J>KRC>@QROFKD>KA2FU2FDJ>
@LK@BMQP>KAQEBFOFKiRBK@BLK
ABPFDKNR>IFQV>OBFK@IRABA>PTBII
-LQB2QRABKQP@>KKLQOB@BFSB@OBAFQ
CLOQEFP@LROPBFCQEBVE>SBQ>HBKQEB
2MB@F>I3LMF@PSBOPFLKLCQEBP>JB
@LROPB,%$,
,?:ED
$2ADE@?6'C@;64E:?
$2?F724EFC:?8?8:?66C:?8
3EBKBT@>MPQLKB@LROPB,%$
TFIIMOLSFAB>MO>@QF@>IBUMBOFBK@BCLO
QEBPQRABKQPFKQEB,2,%$/OLDO>J
QLPVKQEBPFWBQEBFOIB>OKFKD>KAQL
>MMIVHKLTIBADBQLPLISFKDOB>I
TLOIAJ>KRC>@QROFKDMOL?IBJP3EB
MOLGB@QPTFII?BPMLKPLOBA?VBFQEBO
FKQBOK>IRKFQPLK@>JMRPLOBUQBOK>I
LOD>KFW>QFLKP(K>AAFQFLKQL>TOFQQBK
OBMLOQQEBMOLGB@QOBPRIQPTFII?B
CLOJ>IIVMOBPBKQBAQLQEB@I>PP
LRQPFABPMLKPLOP>KALQEBO
FKQBOBPQBAM>OQFBP
,?:ED
$*A64:2=+@A:4D
3EBLOBQF@>I>KABUMBOFJBKQ>IPQRAFBP
FKPR?GB@QPLCFKQBOBPQQLDO>AR>QB
PQRABKQPFKJ>KRC>@QROFKD
BKDFKBBOFKD
,?:ED
'C6C6BF:D:E6D
"LKPBKQLCFKPQOR@QLO3EB
ABP@OFMQFLKLCB>@E2MB@F>I3LMF@P
@LROPBFP>QQ>@EBAQLQEB@LROPB
KRJ?BO>PPBBKLKQEB@LROPB
P@EBARIBMLPQBALKQEB1BDFPQO>OP
TB?PFQB
$:C64E65)6D62C49
,?:ED
$+96D:D)6D62C49
,?:ED
$+$F?52>6?E2=D@7
I:@>2E:46D:8?@7
$2?F724EFC:?8'C@46DD6D
3EB@LROPBPQ>OQPTFQE>KFKABMQE
PQRAVLC>UFLJ>QF@ABPFDK
MMIF@>QFLKPLC>UFLJ>QF@ABPFDK>OB
@LKPFABOBAMOFJ>OFIV>IQELRDEKLQ
BU@IRPFSBIVCLOQEBABPFDKLC
J>KRC>@QROFKDMOL@BPPBP>KAQLLIP
UFLJ>QF@ABPFDKFP>ABPFDK
JBQELALILDV?>PBALKQEBMOBJFPB
QE>QQEBOB>OBQTL>UFLJPQE>Q>MMIV
QL>IIDLLAABPFDKP3EBPB>UFLJP
C>@FIFQ>QBQEBQB>@EFKD>KAMO>@QF@BLC
BKDFKBBOFKDABPFDK>P>P@FBKQFh@
AFP@FMIFKB,>KRC>@QROFKDMOL@BPP
>K>IVPFPFP@LKPFABOBACOLJQEB
MBOPMB@QFSBLCPRMMLOQFKDABPFDK
,BQELAPLC>K>IVPFPLC
J>KRC>@QROFKDMOL@BPPBPTFQE?OL>A
>MMIF@>?FIFQV>OBPLRDEQ2MB@F>I
>QQBKQFLKFPDFSBKQLBU>JMIBPFK
J>@EFKFKDQO>AFQFLK>IKLKQO>AFQFLK>I
>KADOFKAFKD>AAFQFSB
J>KRC>@QROFKD>KAQLQEB
MOLAR@QFLKLCPROC>@BP3EB>?FIFQVQL
hKA@LJJLK>IFQFBP>@OLPP
>MMIF@>QFLKP>KADBKBO>IFWBFP
BJME>PFWBAQLC>@FIFQ>QBCROQEBO
ABSBILMJBKQLCMOFK@FMIBPTFQE
?OL>A>MMIF@>?FIFQV3EB@LKQBKQFP
ABIFSBOBAFKSFABLIB@QROBP>KAFK
OB>AFKDPCOLJQEBQB@EKF@>IIFQBO>QROB
'LJBTLOH>KANRFWWBP>OBDFSBK>KA
ABIFSBOBALKIFKB3EBOBFP>MOLGB@QQL
ABPFDK>J>KRC>@QROFKDMOL@BPP3EB
QLMF@P@>K?BCOLJTLOHLO
AFPPBOQ>QFLKPQE>Q@>K?BFKQBOMOBQBA
>PJ>KRC>@QROFKDMOL@BPPBP>KA
QLLIP"OBAFQ@>KKLQ?BDFSBKCLOQEFP
@LROPB>KA>KVLCQEBPFJFI>OFK@I>PP
SBOPFLKPCLO@OBAFQP,%$,3$
>KA,$
,?:ED
 6/(">Q>ILD
$+$$
I:@>2E:46D:8?@7
$2?F724EFC:?8'C@46DD6D
3EFP@LROPB?BDFKPTFQEBIBJBKQP
>UFLJ>QF@ABPFDKQEBQEBLOV>KA
MO>@QF@B#BPFDK>MMIF@>QFLKP>OB
@LKPFABOBAMOFJ>OFIV>IQELRDEKLQ
BU@IRPFSBIVCLOQEBABPFDKLC
J>KRC>@QROFKDMOL@BPPBP>KAQLLIP
UFLJ>QF@ABPFDKFP?>PBALKQEB
MOBJFPBQE>QQEBOB>OB@LJJLK
>PMB@QPQL>IIDLLAABPFDKP3EBPB
@LJJLKP>PMB@QPPQ>QBAFKQEB
FKABMBKABK@B>KAFKCLOJ>QFLK
>UFLJPC>@FIFQ>QBQEBQB>@EFKD>KA
MO>@QF@BLCBKDFKBBOFKDABPFDK>P>
P@FBKQFh@AFP@FMIFKB K>IVPFPLC
MOL@BPPBP>KAMOLAR@QPFP@LKPFABOBA
COLJQEBMBOPMB@QFSBLCPRMMLOQFKD
MOLAR@Q>KAMOL@BPPABPFDK
%RKA>JBKQ>IJBQELAPLC
BKDFKBBOFKD>K>IVPFPLC
J>KRC>@QROFKDMOL@BPPBPTFQE?OL>A
>MMIF@>?FIFQV>OBABSBILMBA QQBKQFLK
FPDFSBKQLBU>JMIBPCOLJLKBLO
JLOBLCQEBCLIILTFKDJ>@EFKFKD
QO>AFQFLK>IKLKQO>AFQFLK>I>KA
DOFKAFKD>AAFQFSBJ>KRC>@QROFKD
>KAQLQEBMOLAR@QFLKLCPROC>@B
QLMLDO>MEFBP3EB>?FIFQVQL
DBKBO>IFWBCOLJABQ>FIBABU>JMIBPFP
BJME>PFWBAFKLOABOQLC>@FIFQ>QBQEB
PQRABKQP>?FIFQVQLABSBILMJBKQ
>K>IVPBP>KAABPFDKJBQELAPTFQE
?OL>ABO>MMIF@>?FIFQV3EFP@LROPBFP
LfBOBAIFSBFK@I>PPLKIVQL?B
@LJMIBQBAFKLKBPBJBPQBOCLOQEOBB
@OBAFQP"OBAFQ@>KKLQ?BDFSBKCLO
QEFP@LROPB>KA>KVLCQEBPFJFI>O
LKIFKBSBOPFLKPLCQEFPJ>QBOF>ICLO
@OBAFQP,%$,3$
,?:ED
,>QBOF>IP
2@FBK@B>KA
$KDFKBBOFKD
$$$+
:@>65:42=$2E6C:2=D
3EFP@LROPBFPFKQBKABAQLPBOSB>P>
DBKBO>IFKQOLAR@QFLKQLS>OFLRP
>PMB@QPMBOQ>FKFKDQLQEB>MMIF@>QFLK
LCPVKQEBQF@>KAK>QRO>IJ>QBOF>IPFK
JBAF@FKB>KAEB>IQE@>OB3EFP@LROPB
TFIIMOLSFABQEBPQRABKQTFQE>
DBKBO>IRKABOPQ>KAFKDLCQEB
MOLMBOQFBPLC>TFABO>KDBLC
J>QBOF>IPRPBAFK@IFKF@>IMO>@QF@B3EB
MEVPF@>I>KAJB@E>KF@>IMOLMBOQV
OBNRFOBJBKQPCLOQEBILKDQBOJ
Bg@>@VLC?FLJ>QBOF>IPFKQEB
>RDJBKQ>QFLKOBM>FOOBMI>@BJBKQLO
OBDBKBO>QFLKLCQFPPRBPTFII?B
ABP@OF?BA3EBMEVPF@L@EBJF@>I
FKQBO>@QFLKP?BQTBBKQEB?FLJ>QBOF>I
>KAQEBMEVPFLILDF@>IBKSFOLKJBKQ
TFII?BEFDEIFDEQBA3EB@LROPBTFII
MOLSFAB>DBKBO>IRKABOPQ>KAFKDLC
QEB>MMIF@>QFLKLC>@LJ?FK>QFLKLC
PVKQEBQF@>KA?FLILDF@>IJLFBQFBPQL
BIF@FQ>PMB@Fh@MEVPFLILDF@>I
OBPMLKPB$U>JMIBPLCQEBRPBLC
?FLJ>QBOF>IPFKAORDABIFSBOV
QEBO>KLPQF@LOQELMBAF@ABKQ>I
@>OAFLS>P@RI>OL@RI>OTLRKA@ILPROB
>KAQEBJLOBOB@BKQI>?LK@EFM
>MMIF@>QFLKPTFII?BLRQIFKBA3EFP
@LROPBTFIIEFDEIFDEQQEB?>PF@
QBOJFKLILDVRPBAFKQEFPhBIA>KA
MOLSFABQEB?>@HDOLRKAQLBK>?IB
QEBPQRABKQQLOBSFBTQEBI>QBPQ
OBPB>O@EFKP@FBKQFh@GLROK>IP3EFP
@LROPBTFIIABJLKPQO>QBQEB
FKQBOAFP@FMIFK>OVFPPRBPFKSLISBAFK
?FLJ>QBOF>IPABPFDKPVKQEBPFP
BS>IR>QFLK>KA>K>IVPFPPLQE>Q
PQRABKQPJ>VPBBH>GL?FKQEB
JBAF@>IABSF@BFKARPQOVLOMROPRB
OBPB>O@EFKQEFPO>MFAIVBUM>KAFKD
hBIA2QRABKQP@>KKLQOB@BFSB@OBAFQ
CLOQEFP@LROPBFCQEBVE>SBOB@BFSBA
@OBAFQCLOQEB2MB@F>I3LMF@P,$
,3$SBOPFLKLCQEBP>JB@LROPB
LOCLO,$!,$!FLJBAF@>I
,>QBOF>IP
,?:ED
 6/(">Q>ILD
$$$+F?52>6?E2=D
@7I:@>2E:46D:8?@7
$2?F724EFC:?8'C@46DD6D
3EB@LROPBPQ>OQPTFQE>KFKABMQE
PQRAVLC>UFLJ>QF@ABPFDK
MMIF@>QFLKPLC>UFLJ>QF@ABPFDK>OB
@LKPFABOBAMOFJ>OFIV>IQELRDEKLQ
BU@IRPFSBIVCLOQEBABPFDKLC
J>KRC>@QROFKDMOL@BPPBP>KAQLLIP
UFLJ>QF@ABPFDKFP>ABPFDK
JBQELALILDV?>PBALKQEBMOBJFPB
QE>QQEBOB>OBQTL>UFLJPQE>Q>MMIV
QL>IIDLLAABPFDKP3EBPB>UFLJP
C>@FIFQ>QBQEBQB>@EFKD>KAMO>@QF@BLC
BKDFKBBOFKDABPFDK>P>P@FBKQFh@
AFP@FMIFKB,>KRC>@QROFKDMOL@BPP
>K>IVPFPFP@LKPFABOBACOLJQEB
MBOPMB@QFSBLCPRMMLOQFKDABPFDK
,BQELAPLC>K>IVPFPLC
J>KRC>@QROFKDMOL@BPPBPTFQE?OL>A
>MMIF@>?FIFQV>OBPLRDEQ2MB@F>I
>QQBKQFLKFPDFSBKQLBU>JMIBPFK
J>@EFKFKDQO>AFQFLK>IKLKQO>AFQFLK>I
>KADOFKAFKD>AAFQFSB
J>KRC>@QROFKD>KAQLQEB
MOLAR@QFLKLCPROC>@BP3EB>?FIFQVQL
hKA@LJJLK>IFQFBP>@OLPP
>MMIF@>QFLKP>KADBKBO>IFWBFP
BJME>PFWBAQLC>@FIFQ>QBCROQEBO
ABSBILMJBKQLCMOFK@FMIBPTFQE
?OL>A>MMIF@>?FIFQV3EB@LKQBKQFP
ABIFSBOBAFKSFABLIB@QROBP>KAFK
OB>AFKDPCOLJQEBQB@EKF@>IIFQBO>QROB
'LJBTLOH>KANRFWWBP>OBDFSBK>KA
ABIFSBOBALKIFKB3EBOBFP>MOLGB@QQL
ABPFDK>J>KRC>@QROFKDMOL@BPP3EB
QLMF@P@>K?BCOLJTLOHLO
AFPPBOQ>QFLKPQE>Q@>K?BFKQBOMOBQBA
>PJ>KRC>@QROFKDMOL@BPPBP>KA
QLLIP"OBAFQ@>KKLQ?BDFSBKCLOQEFP
@LROPB>KA>KVLCQEBPFJFI>OFK@I>PP
SBOPFLKPCLO@OBAFQP,%$,3$
>KA,$
,?:ED
$$+$
*FC7246$6EC@=@8J
3EFP@LROPBBJME>PFWBPOBPB>O@E
>MMIF@>QFLKPLC>AS>K@BAPROC>@B
JBQOLILDVFK@IRAFKDQEB
JB>PROBJBKQ>KA>K>IVPFPLCPROC>@B
OLRDEKBPP2ROC>@BJBQOLILDV@>K?B
FJMLOQ>KQFK>TFABS>OFBQVLC
PFQR>QFLKPFK@IRAFKD>AEBPFLK
COF@QFLK@>Q>IVPFPEB>QQO>KPCBOJ>PP
QO>KPCBOP@>QQBOFKD?FLILDF@>IDOLTQE
TB>O>KATBQQFKD3EBPBPFQR>QFLKP
FJM>@QMO>@QF@>IIV>IIQEBBKDFKBBOFKD
AFP@FMIFKBP>KAP@FBK@BP3EB@LROPB
?BDFKP?V@LKPFABOFKD?>PF@
MOFK@FMIBP>KA@LKSBKQFLK>I>K>IVPBP
>KAJBQELAP,B>PROBJBKQ>KA
>K>IVPFPJBQELAP>OB@OFQF@>IIV
OBSFBTBACLORQFIFQV2QRABKQPIB>OK
>AS>K@BAJBQELAPCLOAFfBOBKQF>QFKD
PROC>@BQBUQROBPQE>Q>OBPRPMB@QBALC
?BFKDAFfBOBKQ?B@>RPBLCQEBFO
MBOCLOJ>K@BLOJ>KRC>@QROB
2QRABKQPTFII>IPLIB>OKJBQELAPCLO
J>HFKD@LOOBI>QFLKP?BQTBBKPROC>@B
QBUQROBP>KA?BE>SFLO>I>KA
J>KRC>@QROFKDM>O>JBQBOP3EB
OBPRIQPLC>MMIVFKDQEBPBJBQELAP
@>K?BRPBAQLPRMMLOQQEBABPFDK
>KAJ>KRC>@QROBLCPROC>@BQBUQROBP
>KAQL>AAOBPPFPPRBPFKNR>IFQV
>PPRO>K@B$U>JMIBPLCOBPB>O@ECOLJ
>?OL>AO>KDBLC>MMIF@>QFLKP>OB
MOBPBKQBAFK@IRAFKDCLLAP@FBK@B
M>SBJBKQPCOF@QFLK>AEBPFLK
J>@EFKFKD>KADOFKAFKD2QRABKQPAL
>J>GLOMOLGB@QLCQEBFO@ELLPFKD
TEF@E@>KFKSLISBBFQEBO>KFKABMQE
IFQBO>QROBOBSFBTLOPROC>@B
JB>PROBJBKQ>KA>K>IVPFP3EB
C>@FIFQFBPLC6/(P2ROC>@B,BQOLILDV
+>?LO>QLOV>OB>S>FI>?IBCLOJ>HFKD
JB>PROBJBKQPCLOPBIB@QBAMOLGB@QP
2LCQT>OBCLO>AS>K@BA>K>IVPFP
JBQELAPFP>IPL>S>FI>?IBCLORPBFK
QEB@LROPB-LMOBSFLRPHKLTIBADB
LCPROC>@BJBQOLILDVFPOBNRFOBA
2QRABKQPPELRIAE>SBPLJB
?>@HDOLRKAFKBKDFKBBOFKDJ>QELO
P@FBK@B2QRABKQP@>KKLQOB@BFSB
@OBAFQCLOQEFP@LROPBFCQEBVE>SB
OB@BFSBA@OBAFQCLO,$,3$
,%$%RKA>JBKQ>IPLC
2ROC>@B,BQOLILDVLOQEB2MB@F>I
3LMF@P,$,3$,%$
SBOPFLKLC%RKA>JBKQ>IPLC2ROC>@B
,BQOLILDV
,?:ED
$$$+
F?52>6?E2=D@7*FC7246
$6EC@=@8J
2ROC>@B,BQOLILDVFP>?LRQ
JB>PROFKD@E>O>@QBOFWFKD>KA
>K>IVWFKDPROC>@BQLMLDO>MEFBPLO
QBUQROBP3EFP@LROPB@LSBOP
@LKSBKQFLK>I>KAABSBILMFKD
JB>PROBJBKQ>KA@E>O>@QBOFW>QFLKLC
OLRDEKBPP(QBJME>PFWBPOBPB>O@E
>KA@LSBOP>TFABS>OFBQVLC
>MMIF@>QFLKPFK@IRAFKD>AEBPFLK
COF@QFLKC>QFDRBIFCBJ>PPQO>KPCBO
P@>QQBOFKDTB>OJ>KRC>@QROFKDCLLA
P@FBK@BTBQQFKDMEVPF@>I
>KQEOLMLILDV>KA>O@EBLILDV
2ROC>@BJBQOLILDVE>P>MMIF@>QFLKPFK
MO>@QF@>IIV>IIBKDFKBBOFKDAFP@FMIFKBP
>KAP@FBK@BP1BPB>O@EMOFK@FMIBP>OB
>MMIFBAQL@OFQF@>IBS>IR>QFLKPLC
OBPB>O@EJBQELAP2QRABKQPIB>OK
JRIQFP@>IBJBQELAPCLOAFP@LSBOFKD
@LOOBI>QFLKP?BQTBBKMOL@BPPFKD
QBUQROBP>KA?BE>SFLO>KACLO
AFP@OFJFK>QFKDPROC>@BQBUQROBP
PRMMLPBAQL?BAFfBOBKQ?B@>RPBLC
QEBFOMBOCLOJ>K@BLOJ>KRC>@QROB
1BPRIQPPRMMLOQMOLAR@Q>KAMOL@BPP
ABPFDK>KANR>IFQV>PPRO>K@B
2QRABKQP@OB>QBABQ>FIBAMOLGB@Q
MOLMLP>IPLKQLMF@PLCQEBFO@ELLPFKD
FK@IRAFKDIFQBO>QROBOBSFBTP
MOBM>O>QFLK>KAQBPQFKDLCPROC>@BP
JB>PROBJBKQP@E>O>@QBOFW>QFLKP
>KA>K>IVPBP2QRABKQP@>KKLQ
OB@BFSB@OBAFQCLOQEFP@LROPBFCQEBV
E>SBOB@BFSBA@OBAFQCLOQEB2MB@F>I
3LMF@P,$,3$,%$
SBOPFLKLCQEFP@LROPBLOCLO,$
,3$,%$2ROC>@B
,BQOLILDV
,?:ED
 6/(">Q>ILD
$$$+
$6E2=55:E:G6$2?F724EFC:?8
AAFQFSB,>KRC>@QROFKD ,
MLMRI>OIVHKLTK>P#MOFKQFKDFP>
QB@EKFNRBFKTEF@EM>OQP>OB
C>?OF@>QBAFK>I>VBO?VI>VBOC>PEFLK
3EBCL@RPLCQEFP@LROPBFPLKAFOB@Q
JBQ>I ,MOL@BPPBPQE>Q>OBRPBAFK
>BOLPM>@B>RQLJL?FIBJBAF@>I>KA
BKBODVFKARPQOFBP3EBL?GB@QFSBLC
QEB@LROPBFPQLBK>?IBPQRABKQPQL
RKABOPQ>KAQEBTLOHFKDMOFK@FMIBPLC
S>OFLRP>AAFQFSBJ>KRC>@QROFKD
MOL@BPPBP>PPBPPQEBPRFQ>?FIFQVLC
JBQ>I ,MOL@BPPBPCLOAFfBOBKQ
ABPFDKP>KA>MMIF@>QFLKP>MMIV
MOL@BPPABPFDK@LK@BMQPQLJBQ>I ,
MOL@BPPBPSF>>K>IVQF@>I>KAhKFQB
BIBJBKQJLABIFKD>MMOL>@EBP>KA
E>SB>KFKQOLAR@QLOVIBSBI
RKABOPQ>KAFKDLCABPFDKCLO ,
3EOLRDEQEB@LROPBMOLGB@QPQRABKQP
TFIIE>SBQEBLMMLOQRKFQVQL
BUMBOFBK@BE>KAPLKABPFDK
J>KRC>@QROFKD>KA@E>O>@QBOFW>QFLK
LC>AAFQFSBIVJ>KRC>@QROBAJ>QBOF>IP
>KATFIITLOHFK>KFKQBOAFP@FMIFK>OV
QB>JLCJB@E>KF@>IJ>QBOF>IP>KA
J>KRC>@QROFKDBKDFKBBOP3EB
B@LKLJF@PLCQEBJ>KRC>@QROFKD
MOL@BPPTFII>IPL?B>AAOBPPBATFQE
>KBJME>PFPLKABQBOJFKFKDQEB
J>GLO@LPQAOFSBOP>KAAFP@RPPFKD@LPQ
JFKFJFW>QFLKPQO>QBDFBP2QRABKQP
@>KKLQOB@BFSB@OBAFQCLOQEFP@LROPBFC
QEBVE>SBOB@BFSBA@OBAFQCLOQEB
2MB@F>I3LMF@P,$,3$
SBOPFLKLCQEBP>JB@LROPB
,?:ED
$$+*@=2C6==D
3EBL?GB@QFSBLCQEFP@LROPBFPQL
MOLSFABPQRABKQPTFQE>K
RKABOPQ>KAFKDLCQEBTLOHFKD
MOFK@FMIBPABPFDKC>?OF@>QFLK>KA
@E>O>@QBOFW>QFLKLCBPQ>?IFPEBA>KA
BJBODFKDPLI>O@BIIQB@EKLILDFBP
2QRABKQPTFII?BBUMLPBAQLQEB
BIB@QOLKF@MOLMBOQFBPLC
PBJF@LKAR@QLOJ>QBOF>IPTEF@E>OB
QEB?RFIAFKD?IL@HPLCPLI>O@BIIP>KA
QEB>K>IVPFPLCMELQLDBKBO>QFLK>KA
BUQO>@QFLKLC@E>ODBPFKQEBPB
J>QBOF>IP3EB@LROPBTFIIBJME>PFWB
QEBFKiRBK@BLCQEB>QLJF@K>KL
>KAJF@OLP@>IBPQOR@QROBLCQEB
J>QBOF>IPLKQEBPLI>O@BII
MBOCLOJ>K@B(K>AAFQFLKQEB
@E>IIBKDBPLCB@LKLJF@P>KA
P@>I>?FIFQVQE>QJRPQ?B>AAOBPPBAQL
FK@OB>PBQEBABMILVJBKQLCPLI>O@BIIP
TFII?BAFP@RPPBA2QRABKQP@>KKLQ
OB@BFSB@OBAFQCLOQEFP@LROPBFCQEBV
E>SBOB@BFSBA@OBAFQCLOQEB2MB@F>I
3LMF@P,$,3$SBOPFLKLC
QEBP>JB@LROPB
,?:ED
$$+F?52>6?E2=D@7
I:@>2E:46D:8?@7
$2?F724EFC:?8'C@46DD6D
3EB@LROPBPQ>OQPTFQE>KFKABMQE
PQRAVLC>UFLJ>QF@ABPFDK
MMIF@>QFLKPLC>UFLJ>QF@ABPFDK>OB
@LKPFABOBAMOFJ>OFIV>IQELRDEKLQ
BU@IRPFSBIVCLOQEBABPFDKLC
J>KRC>@QROFKDMOL@BPPBP>KAQLLIP
UFLJ>QF@ABPFDKFP>ABPFDK
JBQELALILDV?>PBALKQEBMOBJFPB
QE>QQEBOB>OBQTL>UFLJPQE>Q>MMIV
QL>IIDLLAABPFDKP3EBPB>UFLJP
C>@FIFQ>QBQEBQB>@EFKD>KAMO>@QF@BLC
BKDFKBBOFKDABPFDK>P>P@FBKQFh@
AFP@FMIFKB,>KRC>@QROFKDMOL@BPP
>K>IVPFPFP@LKPFABOBACOLJQEB
MBOPMB@QFSBLCPRMMLOQFKDABPFDK
,BQELAPLC>K>IVPFPLC
J>KRC>@QROFKDMOL@BPPBPTFQE?OL>A
>MMIF@>?FIFQV>OBPLRDEQ2MB@F>I
>QQBKQFLKFPDFSBKQLBU>JMIBPFK
J>@EFKFKDQO>AFQFLK>IKLKQO>AFQFLK>I
>KADOFKAFKD>AAFQFSB
J>KRC>@QROFKD>KAQLQEB
MOLAR@QFLKLCPROC>@BP3EB>?FIFQVQL
hKA@LJJLK>IFQFBP>@OLPP
>MMIF@>QFLKP>KADBKBO>IFWBFP
BJME>PFWBAQLC>@FIFQ>QBCROQEBO
ABSBILMJBKQLCMOFK@FMIBPTFQE
?OL>A>MMIF@>?FIFQV3EB@LKQBKQFP
ABIFSBOBAFKSFABLIB@QROBP>KAFK
OB>AFKDPCOLJQEBQB@EKF@>IIFQBO>QROB
'LJBTLOH>KANRFWWBP>OBDFSBK>KA
ABIFSBOBALKIFKB3EBOBFP>MOLGB@QQL
ABPFDK>J>KRC>@QROFKDMOL@BPP3EB
QLMF@P@>K?BCOLJTLOHLO
AFPPBOQ>QFLKPQE>Q@>K?BFKQBOMOBQBA
>PJ>KRC>@QROFKDMOL@BPPBP>KA
QLLIP"OBAFQ@>KKLQ?BDFSBKCLOQEFP
@LROPB>KA>KVLCQEBPFJFI>OFK@I>PP
SBOPFLKPCLO@OBAFQP,%$,3$
>KA,$
,?:ED
 6/(">Q>ILD
$$+$
I:@>2E:46D:8?@7
$2?F724EFC:?8'C@46DD6D
3EFP@LROPB?BDFKPTFQEBIBJBKQP
>UFLJ>QF@ABPFDKQEBQEBLOV>KA
MO>@QF@B#BPFDK>MMIF@>QFLKP>OB
@LKPFABOBAMOFJ>OFIV>IQELRDEKLQ
BU@IRPFSBIVCLOQEBABPFDKLC
J>KRC>@QROFKDMOL@BPPBP>KAQLLIP
UFLJ>QF@ABPFDKFP?>PBALKQEB
MOBJFPBQE>QQEBOB>OB@LJJLK
>PMB@QPQL>IIDLLAABPFDKP3EBPB
@LJJLKP>PMB@QPPQ>QBAFKQEB
FKABMBKABK@B>KAFKCLOJ>QFLK
>UFLJPC>@FIFQ>QBQEBQB>@EFKD>KA
MO>@QF@BLCBKDFKBBOFKDABPFDK>P>
P@FBKQFh@AFP@FMIFKB K>IVPFPLC
MOL@BPPBP>KAMOLAR@QPFP@LKPFABOBA
COLJQEBMBOPMB@QFSBLCPRMMLOQFKD
MOLAR@Q>KAMOL@BPPABPFDK
%RKA>JBKQ>IJBQELAPLC
BKDFKBBOFKD>K>IVPFPLC
J>KRC>@QROFKDMOL@BPPBPTFQE?OL>A
>MMIF@>?FIFQV>OBABSBILMBA QQBKQFLK
FPDFSBKQLBU>JMIBPCOLJLKBLO
JLOBLCQEBCLIILTFKDJ>@EFKFKD
QO>AFQFLK>IKLKQO>AFQFLK>I>KA
DOFKAFKD>AAFQFSBJ>KRC>@QROFKD
>KAQLQEBMOLAR@QFLKLCPROC>@B
QLMLDO>MEFBP3EB>?FIFQVQL
DBKBO>IFWBCOLJABQ>FIBABU>JMIBPFP
BJME>PFWBAFKLOABOQLC>@FIFQ>QBQEB
PQRABKQP>?FIFQVQLABSBILMJBKQ
>K>IVPBP>KAABPFDKJBQELAPTFQE
?OL>ABO>MMIF@>?FIFQV3EFP@LROPBFP
LfBOBAIFSBFK@I>PPLKIVQL?B
@LJMIBQBAFKLKBPBJBPQBOCLOQEOBB
@OBAFQP"OBAFQ@>KKLQ?BDFSBKCLO
QEFP@LROPB>KA>KVLCQEBPFJFI>O
LKIFKBSBOPFLKPLCQEFPJ>QBOF>ICLO
@OBAFQP,%$,3$
,?:ED
$+$$2E6C:2=D7@C
=64EC@496>:42=?6C8J*JDE6>D
KFKQOLAR@QLOV@LROPBLK
BIB@QOL@EBJF@>IBKDFKBBOFKDCRBI
@BIIP>KA?>QQBOFBP6FQEBP@>I>QFKDLFI
MOF@BP>KAFK@OB>PFKDBKSFOLKJBKQ>I
@LK@BOKPFK@OB>PFKD>QQBKQFLKFP
?BFKDM>FAQLQEBABSBILMJBKQLC
BIB@QOL@EBJF@>IABSF@BPQLOBMI>@B
QO>AFQFLK>IBKBODV'BOBPBSBO>IQVMBP
LC?>QQBOFBP>KACRBI@BIIPTFII?B
AFP@RPPBA3LMF@P@LSBOBAFK@IRAB
?>PF@BIB@QOL@EBJFPQOVIFQEFRJFLK
?>QQBOVMOLQLKBU@E>KDBJBJ?O>KB
CRBI@BIIPLIFALUFABCRBI@BII
BIB@QOL@EBJF@>IJBQELA-LQB
2QRABKQP@>KKLQOB@BFSB@OBAFQCLO
QEFP@LROPBFCQEBVE>SBQ>HBKQEB
2MB@F>I3LMF@PSBOPFLKLCQEBP>JB
@LROPB
,?:ED
)64@>>6?56524<8C@F?5
$2LOBNRFS>IBKQ
$+$F?52>6?E2=D@7
I:@>2E:46D:8?@7
$2?F724EFC:?8'C@46DD6D
3EB@LROPBPQ>OQPTFQE>KFKABMQE
PQRAVLC>UFLJ>QF@ABPFDK
MMIF@>QFLKPLC>UFLJ>QF@ABPFDK>OB
@LKPFABOBAMOFJ>OFIV>IQELRDEKLQ
BU@IRPFSBIVCLOQEBABPFDKLC
J>KRC>@QROFKDMOL@BPPBP>KAQLLIP
UFLJ>QF@ABPFDKFP>ABPFDK
JBQELALILDV?>PBALKQEBMOBJFPB
QE>QQEBOB>OBQTL>UFLJPQE>Q>MMIV
QL>IIDLLAABPFDKP3EBPB>UFLJP
C>@FIFQ>QBQEBQB>@EFKD>KAMO>@QF@BLC
BKDFKBBOFKDABPFDK>P>P@FBKQFh@
AFP@FMIFKB,>KRC>@QROFKDMOL@BPP
>K>IVPFPFP@LKPFABOBACOLJQEB
MBOPMB@QFSBLCPRMMLOQFKDABPFDK
,BQELAPLC>K>IVPFPLC
J>KRC>@QROFKDMOL@BPPBPTFQE?OL>A
>MMIF@>?FIFQV>OBPLRDEQ2MB@F>I
>QQBKQFLKFPDFSBKQLBU>JMIBPFK
J>@EFKFKDQO>AFQFLK>IKLKQO>AFQFLK>I
>KADOFKAFKD>AAFQFSB
J>KRC>@QROFKD>KAQLQEB
MOLAR@QFLKLCPROC>@BP3EB>?FIFQVQL
hKA@LJJLK>IFQFBP>@OLPP
>MMIF@>QFLKP>KADBKBO>IFWBFP
BJME>PFWBAQLC>@FIFQ>QBCROQEBO
ABSBILMJBKQLCMOFK@FMIBPTFQE
?OL>A>MMIF@>?FIFQV3EB@LKQBKQFP
ABIFSBOBAFKSFABLIB@QROBP>KAFK
OB>AFKDPCOLJQEBQB@EKF@>IIFQBO>QROB
'LJBTLOH>KANRFWWBP>OBDFSBK>KA
ABIFSBOBALKIFKB3EBOBFP>MOLGB@QQL
ABPFDK>J>KRC>@QROFKDMOL@BPP3EB
QLMF@P@>K?BCOLJTLOHLO
AFPPBOQ>QFLKPQE>Q@>K?BFKQBOMOBQBA
>PJ>KRC>@QROFKDMOL@BPPBP>KA
QLLIP"OBAFQ@>KKLQ?BDFSBKCLOQEFP
@LROPB>KA>KVLCQEBPFJFI>OFK@I>PP
SBOPFLKPCLO@OBAFQP,%$,3$
>KA,$
,?:ED
 6/(">Q>ILD
$+=64EC@?$:4C@D4@AJ
3EFP@LROPBFKQOLAR@BPPQRABKQPQL
QEBQEBLOVCRKA>JBKQ>ILMBO>QFKD
MOFK@FMIBP>KAPMB@FJBKMOBM>O>QFLK
QB@EKFNRBPLCP@>KKFKDBIB@QOLK
JF@OLP@LMV2$,QO>KPJFPPFLK
BIB@QOLKJF@OLP@LMV3$,>KA
BKBODVAFPMBOPFSBUO>VPMB@QOLP@LMV
$#23EBMOFJ>OVBJME>PFPFP
MI>@BALKMO>@QF@>I2$,3$,>KAU
O>VJF@OL>K>IVPFPLCJ>QBOF>IP3LMF@P
QL?B@LSBOBAFK@IRAB?>PF@MOFK@FMIBP
LCQEBBIB@QOLKJF@OLP@LMV2$,
FKPQORJBKQ>QFLKFJ>DBCLOJ>QFLK
>KAFKQBOMOBQ>QFLKNR>IFQ>QFSB>KA
NR>KQFQ>QFSBUO>VJF@OL>K>IVPFPFK
2$,BIB@QOLKAFfO>@QFLK>KA
AFfO>@QFLK@LKQO>PQFJ>DFKDFK3$,
5>OFLRP>MMIF@>QFLKBU>JMIBPLC2$,
>KA3$,FKJ>QBOF>IPOBPB>O@ETFII?B
AFP@RPPBA+>?TLOHTFII?BFK@IRABA
3EB@LROPBFP>S>FI>?IBQLDO>AR>QB
PQRABKQP
,?:ED
)64@>>6?56524<8C@F?5
"'/'>KA$2LO
BNRFS>IBKQ-LQB2QRABKQP@>KKLQ
OB@BFSB@OBAFQCLOQEFP@LROPBFCQEBV
E>SBQ>HBKQEB2MB@F>I3LMF@PSBOPFLK
LCQEBP>JB@LROPB
$+$*ECF4EFC62?5
'C@A6CE:6D@7?8:?66C:?8
$2E6C:2=D
3EFP@LROPB>ILKDTFQEFQP
@LJM>KFLK@LROPB,3$
/OLMBOQFBP>KA/BOCLOJ>K@BLC
$KDFKBBOFKD,>QBOF>IPFPABPFDKBAQL
MOLSFAB>@LJMOBEBKPFSBOBSFBTLC
QEBCRKA>JBKQ>IMOFK@FMIBPLC
,>QBOF>IP2@FBK@B>KA$KDFKBBOFKDCLO
FK@LJFKDDO>AR>QBPQRABKQP(KQEB
hOPQM>OQLCQEFP@LROPBPBNRBK@B
QEBPQOR@QROBFKJ>QBOF>IPO>KDFKD
COLJQEBPR?>QLJF@QLQEB
J>@OLP@LMF@FK@IRAFKDK>KLJF@OL
>KAJ>@OLJLIB@RI>OPQOR@QROBPTFII
?BAFP@RPPBAQLEFDEIFDEQ?LKAFKD
JB@E>KFPJP@OVPQ>IIFKFQV>KAABCB@Q
M>QQBOKP1BMOBPBKQ>QFSB
QEBOJLAVK>JF@>KAHFKBQF@>PMB@QP
PR@E>PAFfRPFLKME>PBAF>DO>JP
KR@IB>QFLK>KADOLTQE>KA333
AF>DO>JPTFII?BAFP@RPPBA,>GLO
PQOR@QRO>IM>O>JBQBOPQE>QBfB@QLC
MBOCLOJ>K@BFKJ>QBOF>IPFK@IRAFKD
MI>PQF@PJBQ>IIF@>IILVP@BO>JF@P>KA
DI>PPBPTFII?BBJME>PFWBA3EB
MOFK@FM>IMOL@BPPFKDQB@EKFNRBPQL
PE>MBJ>QBOF>IP>KAQEBBfB@QPLC
MOL@BPPFKDLKPQOR@QROBTFII?B
EFDEIFDEQBA-LQB2QRABKQP@>KKLQ
OB@BFSB@OBAFQCLOQEFP@LROPBFCQEBV
E>SBQ>HBKQEB2MB@F>I3LMF@PSBOPFLK
LCQEBP>JB@LROPB,3$2
,?:ED
'C6C6BF:D:E6D
PBKFLOLODO>AR>QBPQ>KAFKDLO
@LKPBKQLCQEBFKPQOR@QLO
$+$'C@A6CE:6D2?5
'6C7@C>2?46@7?8:?66C:?8
$2E6C:2=D
3EBQTLFKQOLAR@QLOV@I>PPBPLK
J>QBOF>IPP@FBK@B,3$>KA,3$
ABP@OF?BQEBPQOR@QROBMOLMBOQV
OBI>QFLKPEFMPFKJ>QBOF>IP3EB
MROMLPBLCQEFP@I>PPFPQLMOLSFAB>
?>PF@HKLTIBADBLCQEBMOFK@FMIBP
MBOQ>FKFKDQLQEBMEVPF@>I
JB@E>KF@>I>KA@EBJF@>IMOLMBOQFBP
LCJ>QBOF>IP3EBMOFJ>OVCL@RPLCQEFP
@I>PPTFII?BLKJB@E>KF@>I
MOLMBOQFBP3EBQEBOJ>IQBKPFIB
@LJMOBPPFSBiBURO>I>KAPEB>O
MOLMBOQFBPLCJBQ>IIF@>IILVP@BO>JF@P
>KADI>PPBP>KAMI>PQF@PTFII?B
AFP@RPPBA%RKA>JBKQ>I>PMB@QPLC
CO>@QROBJB@E>KF@P>KA
SFP@LBI>PQF@FQVTFII?BMOBPBKQBA K
LSBOSFBTLCAVK>JF@MOLMBOQFBPPR@E
>PC>QFDRBFJM>@Q>KA@OBBMTFII?B
MOLSFABA3EBOBI>QFLKPEFM?BQTBBK
QEBPQOR@QRO>IM>O>JBQBOP>KAQEB
MOB@BAFKDJB@E>KF@>IMOLMBOQFBPTFII
?BABP@OF?BA!>PF@@LJMLPFQB
QEBLOFBPTFII?BMOBPBKQBAQLABP@OF?B
h?BOOBFKCLO@BA@LJMLPFQBP>KA
K>KL@LJMLPFQBP5>OFLRPC>@QLOP
>PPL@F>QBATFQEJ>QBOF>IABDO>A>QFLK
AROFKDRPBTFII?BAFP@RPPBA2LJB
FKQOLAR@QLOVABhKFQFLKPLCBIB@QOF@>I
>KALMQF@>IMOLMBOQFBPTFII?B
LRQIFKBA-LQB2QRABKQP@>KKLQ
OB@BFSB@OBAFQCLOQEFP@LROPBFCQEBV
E>SBQ>HBKQEB2MB@F>I3LMF@PSBOPFLK
LCQEBP>JB@LROPB,3$/
,?:ED
'C6C6BF:D:E6D
,3$>KAPBKFLOLODO>AR>QB
PQ>KAFKDLO@LKPBKQLCQEBFKPQOR@QLO
 6/(">Q>ILD
$+$$
I:@>2E:46D:8?@7
$2?F724EFC:?8'C@46DD6D
3EFP@LROPB?BDFKPTFQEBIBJBKQP
>UFLJ>QF@ABPFDKQEBQEBLOV>KA
MO>@QF@B#BPFDK>MMIF@>QFLKP>OB
@LKPFABOBAMOFJ>OFIV>IQELRDEKLQ
BU@IRPFSBIVCLOQEBABPFDKLC
J>KRC>@QROFKDMOL@BPPBP>KAQLLIP
UFLJ>QF@ABPFDKFP?>PBALKQEB
MOBJFPBQE>QQEBOB>OB@LJJLK
>PMB@QPQL>IIDLLAABPFDKP3EBPB
@LJJLKP>PMB@QPPQ>QBAFKQEB
FKABMBKABK@B>KAFKCLOJ>QFLK
>UFLJPC>@FIFQ>QBQEBQB>@EFKD>KA
MO>@QF@BLCBKDFKBBOFKDABPFDK>P>
P@FBKQFh@AFP@FMIFKB K>IVPFPLC
MOL@BPPBP>KAMOLAR@QPFP@LKPFABOBA
COLJQEBMBOPMB@QFSBLCPRMMLOQFKD
MOLAR@Q>KAMOL@BPPABPFDK
%RKA>JBKQ>IJBQELAPLC
BKDFKBBOFKD>K>IVPFPLC
J>KRC>@QROFKDMOL@BPPBPTFQE?OL>A
>MMIF@>?FIFQV>OBABSBILMBA QQBKQFLK
FPDFSBKQLBU>JMIBPCOLJLKBLO
JLOBLCQEBCLIILTFKDJ>@EFKFKD
QO>AFQFLK>IKLKQO>AFQFLK>I>KA
DOFKAFKD>AAFQFSBJ>KRC>@QROFKD
>KAQLQEBMOLAR@QFLKLCPROC>@B
QLMLDO>MEFBP3EB>?FIFQVQL
DBKBO>IFWBCOLJABQ>FIBABU>JMIBPFP
BJME>PFWBAFKLOABOQLC>@FIFQ>QBQEB
PQRABKQP>?FIFQVQLABSBILMJBKQ
>K>IVPBP>KAABPFDKJBQELAPTFQE
?OL>ABO>MMIF@>?FIFQV3EFP@LROPBFP
LfBOBAIFSBFK@I>PPLKIVQL?B
@LJMIBQBAFKLKBPBJBPQBOCLOQEOBB
@OBAFQP"OBAFQ@>KKLQ?BDFSBKCLO
QEFP@LROPB>KA>KVLCQEBPFJFI>O
LKIFKBSBOPFLKPLCQEFPJ>QBOF>ICLO
@OBAFQP,%$,3$
,?:ED
$+5G2?465
+96C>@5J?2>:4D
3EBOJLAVK>JF@PLC
PLIRQFLKP`ME>PBBNRFIF?OF>`
$IIFKDE>JAF>DO>JP?FK>OV>KA
QBOK>OVME>PBAF>DO>JPOB>@QFLKP
?BQTBBKD>PPBP>KA@LKABKPBA
ME>PBPOB>@QFLKPTFQEFK@LKABKPBA
ME>PBPQEBOJLAVK>JF@PLCPROC>@BP
ABCB@QP>KABIB@QOL@EBJFPQOV
MMIF@>QFLKPQLJ>QBOF>IPMOL@BPPFKD
>KAABDO>A>QFLKTFII?BMOBPBKQBA
>KAAFP@RPPBA-LQB2QRABKQP@>KKLQ
OB@BFSB@OBAFQCLOQEFP@LROPBFCQEBV
E>SBQ>HBKQEB2MB@F>I3LMF@PSBOPFLK
LCQEBP>JB@LROPB,3$3
,?:ED
'C6C6BF:D:E6D
$2$2
$+@>AFE2E:@?2=
+96C>@5J?2>:4D
3EBL?GB@QFSBLCQEFP@LROPBFPQL
FKQOLAR@BQEB?>PF@MOFK@FMIBPLC
@LJMRQ>QFLK>IQEBOJLAVK>JF@P
" +/' #2QRABKQPTFII?BBUMLPBA
QLQEB?>PF@QEBOJLAVK>JF@
PFJRI>QFLKFKPFKDIB@LJMLKBKQ
?FK>OVQBOK>OV>KAEFDEBOLOABO
PVPQBJPCLOS>OFLRP>IILVP>KA
@BO>JF@PPVPQBJP3EB@LROPBTFII
BJME>PFWBQEBIFKH>DBLC
@LJMRQ>QFLK>IQEBOJLAVK>JF@PTFQE
QEBOB>IFKARPQOV@E>IIBKDBPC>@BAFK
QEBKBUQDBKBO>QFLKJ>QBOF>IPABPFDK
(K>AAFQFLKQEBCRKA>JBKQ>I
@LK@BMQPLCJRIQFP@>IBJLABIFKD
FK@IRAFKDQEB>QLJF@P@>IBJBPLP@>IB
>KAJ>@OLP@>IBJLABIFKDTFII>IPL
?BFKQOLAR@BAQL
PQRABKQP1B@LJJBKABA
!>@HDOLRKA DO>AR>QBJ>GLOFK
BKDFKBBOFKDLOP@FBK@BFP
OB@LJJBKABA?RQKLQOBNRFOBA(QFP
MOBCBOOBAQE>QPQRABKQPE>SBQ>HBK
,3$,$ AS>K@BA
3EBOJLAVK>JF@PLOBNRFS>IBKQ
@LROPBP
,?:ED
$+/)2J:NC24E:@?2?5
CJDE2==@8C2A9J
3EFP@LROPBAFP@RPPBPQEB
CRKA>JBKQ>IPLC@OVPQ>IILDO>MEV>KA
7O>VAFfO>@QFLK71#LCJBQ>IP
@BO>JF@P>KAMLIVJBOP(QFKQOLAR@BP
DO>AR>QBPQRABKQPQLQEBJ>FKFPPRBP
>KAQB@EKFNRBPLCAFfO>@QFLK>K>IVPFP
>PQEBVOBI>QBQLJ>QBOF>IP3EB
QB@EKFNRBPCLOQEBBUMBOFJBKQ>I
ME>PBFABKQFh@>QFLK>KA
ABQBOJFK>QFLKLCME>PBCO>@QFLKSF>
71#TFII?BOBSFBTBA3LMF@P@LSBOBA
FK@IRAB?>PF@7O>VMEVPF@P?>PF@
@OVPQ>IILDO>MEVCRKA>JBKQ>IPLC
71#71#FKPQORJBKQ>QFLK>KA
>K>IVPFPQB@EKFNRBP-LQB2QRABKQP
@>KKLQOB@BFSB@OBAFQCLOQEFP@LROPBFC
QEBVE>SBQ>HBKQEB2MB@F>I3LMF@P
SBOPFLKLCQEBP>JB@LROPB,3$
"
,?:ED
'C6C6BF:D:E6D
$2LOBNRFS>IBKQ>KAPBKFLOLO
DO>AR>QBPQ>KAFKDFKBKDFKBBOFKDLO
P@FBK@B
$+?2=JE:42=$6E9@5D:?
$2E6C:2=D?8:?66C:?8
'B>QQO>KPCBO>KAAFfRPFLKHFKBQF@P
>OB>MMIFBAQLQEBPLIRQFLKLC
J>QBOF>IPBKDFKBBOFKDMOL?IBJP
,>QEBJ>QF@>I>KAKRJBOF@>I
JBQELAPCLOQEBPLIRQFLKPQL%LROFBOP
>KA/F@HPI>TPCLO>S>OFBQVLC
?LRKA>OV@LKAFQFLKPTFII?B
MOBPBKQBA>KAAFP@RPPBA3EB
MOFJ>OVBJME>PFPFPDFSBKEB>Q
QOB>QJBKQ>KAPROC>@BJLAFh@>QFLK
MOL@BPPBP3LMF@PQL?B@LSBOBA
FK@IRABPLIRQFLKFWFKDNRBK@EFKD>KA
@>O?ROFW>QFLKEB>QQOB>QJBKQ
,?:ED
'C6C6BF:D:E6D
,$LO,3$>KA,3$LO
BNRFS>IBKQ
 6/(">Q>ILD
$+'92D6+C2?D7@C>2E:@?D:?
$2E6C:2=D
3EFP@LROPBFPFKQBKABAQLMOLSFAB>
CRKA>JBKQ>IRKABOPQ>KAFKDLC
QEBOJLAVK>JF@>KAHFKBQF@
MOFK@FMIBP>PPL@F>QBATFQEME>PB
QO>KPCLOJ>QFLKP3EBJB@E>KFPJPLC
ME>PBQO>KPCLOJ>QFLKPTFII?B
AFP@RPPBAFKQBOJPLCAOFSFKDCLO@BPQL
BPQ>?IFPE>QEBLOBQF@>I?>@HDOLRKA
CLOS>OFLRPMEVPF@>IMEBKLJBK>3EB
MOFK@FMIBPLCKR@IB>QFLK>KADOLTQE
>KAPMFKLA>IQO>KPCLOJ>QFLKPTFII?B
ABP@OF?BA3EBQEBLOBQF@>I>K>IVPFPLC
AFfRPFLK@LKQOLIIBA>KAFKQBOC>@B
@LKQOLIIBADOLTQETFII?BMOBPBKQBA
3EB?>PF@@LK@BMQPLCJ>OQBKPFQF@
QO>KPCLOJ>QFLKPTFII?BEFDEIFDEQBA
2MB@Fh@BU>JMIBPTFIIFK@IRAB
PLIFAFh@>QFLK@OVPQ>IIFW>QFLK
MOB@FMFQ>QFLKPFKQBOFKDME>PB
PBM>O>QFLK>KAQO>KPCLOJ>QFLK
QLRDEBKFKD
,?:ED
'C6C6BF:D:E6D
,3$>KA,3$,$LO
BNRFS>IBKQ
$+$*>2CE$2E6C:2=D
J>QBOF>ITELPBMOLMBOQFBP@>K
OBPMLKAQL>KBUQBOK>IPQFJRIRPFK>
@LKQOLIIBAC>PEFLKFPOBCBOOBAQL>P>
PJ>OQLOFKQBIIFDBKQJ>QBOF>I3EBPB
J>QBOF>IP@>K?BJ>ABQLRKABODL
@E>KDBPJLARIRPPE>MBMLOLPFQV
BIB@QOF@>I@LKAR@QFSFQVMEVPF@>ICLOJ
LM>@FQV>KAJ>DKBQF@MOLMBOQFBP
?>PBALK>KBUQBOK>IPQFJRIRP3EB
PQFJRIF@>KFK@IRABQBJMBO>QROBM'
PMB@Fh@JLIB@RIBPIFDEQJ>DKBQF@
hBIASLIQ>DB>KAPQOBPP3EBPB
PQFJRIFPBKPFQFSBJ>QBOF>IP@>K?B
RQFIFWBA>PPBKPLOP>KA>PSBEF@IBPCLO
QEB@LKQOLIIBAABIFSBOVLCAORDP>KA
LQEBO?FLJLIB@RIBPFKJBAF@>I
>MMIF@>QFLKP2J>OQJ>QBOF>IP>OB>IPL
?B@LJFKDFJMLOQ>KQFKLQEBO
?FLILDF@>I>OB>PPR@E>P?FL
PBM>O>QFLK?FLPBKPLOABPFDKQFPPRB
BKDFKBBOFKDMOLQBFKCLIAFKD>KA
JF@OLiRFAF@P3EBRPBLCPQFJRIF
PBKPFQFSBJ>QBOF>IPFPOB@BFSFKD
FK@OB>PFKD>QQBKQFLKFKQEB
ABSBILMJBKQLCA>J>DBQLIBO>KQ
PJ>OQPQOR@QROBPFK>BOLPM>@B
J>OFKB>RQLJLQFSB>KAB>OQENR>HB
OBPFPQ>KQ?RFIAFKDP3EBRPBLCPJ>OQ
J>QBOF>IPFP?BFKDBUMILOBACLO>
O>KDBLC>MMIF@>QFLKPFK@IRAFKD
MOLQB@QFSB@L>QFKDP@LOOLPFLK
?>OOFBOPFKQBIIFDBKQ?>QQBOFBPC>?OF@P
>KACLLAM>@H>DFKD3EBMROMLPBLC
QEFP@LROPBFPQLMOLSFAB>K
FKQOLAR@QFLKQLQEBS>OFLRPQVMBPLC
PJ>OQJ>QBOF>IPFK@IRAFKDMLIVJBOP
@BO>JF@JBQ>IIF@>IILVP>KA
@LJMLPFQBP%RKA>JBKQ>IMOFK@FMIBP
>PPL@F>QBATFQEQEBLKPBQLC[PJ>OQ^
MOLMBOQVTFII?BEFDEIFDEQBA3EB
MOFK@FMIBPLCPBICEB>I>?IBJ>QBOF>IP
?>PBALKPJ>OQJ>QBOF>IPTFII?B
AFP@RPPBA3EB>MMIF@>QFLKLCPJ>OQ
J>QBOF>IPFKS>OFLRPhBIAPFK@IRAFKD
PBKPLOP>@QR>QLOPAF>DKLPQF@P
QEBO>MBRQF@PM>@H>DFKD>KALQEBO
>AS>K@BA>MMIF@>QFLKPTFII?B
MOBPBKQBA-LQB2QRABKQP@>KKLQ
OB@BFSB@OBAFQCLOQEFP@LROPBFCQEBV
E>SBQ>HBKQEB2MB@F>I3LMF@PSBOPFLK
LCQEBP>JB@LROPB,3$
,?:ED
$+'=2DE:4D
3EFP@LROPBTFIIMOLSFAB>KFKQBDO>QBA
LSBOSFBTLCQEBABPFDKPBIB@QFLK>KA
RPBLCPVKQEBQF@MI>PQF@P3EB?>PF@
@EBJFPQOV>PPL@F>QBATFQE
MLIVJBOFW>QFLK>KAQEBPQOR@QROBLC
@LJJBO@F>IMI>PQF@PTFII?BABP@OF?BA
5>OFLRP>PMB@QPLCMLIVJBO
@OVPQ>IIFW>QFLK>KADI>PPQO>KPFQFLK
TFII?BLRQIFKBA2>IFBKQ>PMB@QPLC
iRFAiLT>KAEB>QQO>KPCBOAROFKD
QEBMOL@BPPFKDLCMI>PQF@PTFII?B
EFDEIFDEQBA%RKA>JBKQ>IPLCQEB
AFSBOPBMOL@BPPFKDLMBO>QFLKPRPBA
QLPE>MBMI>PQF@P>KAQEBOBPRIQFKD
PQOR@QROBPQE>QABSBILM>CQBO
MOL@BPPFKDTFII?BAFP@RPPBA3EB
JB@E>KF@>I?BE>SFLOLCMI>PQF@P
FK@IRAFKDBI>PQF@ABCLOJ>QFLKOR??BO
BI>PQF@FQVVFBIAFKDSFP@LBI>PQF@FQV
CO>@QROB>KA@OBBMTFII?BAFP@RPPBA
/I>PQF@ABDO>A>QFLK>KA
BKSFOLKJBKQ>IFPPRBP>PPL@F>QBATFQE
OB@V@IFKD>KAAFPMLP>ILCMI>PQF@PTFII
?BBU>JFKBA3VMF@>IQB@EKFNRBP
RPBAFKQEB>K>IVPFP>KAQBPQFKDLC
MI>PQF@PTFII?BABP@OF?BA>KA>
TLOHFKDHKLTIBADBLCS>OFLRP
QBOJFKLILDFBPRPBAFK@LJJBO@F>I
MO>@QF@BTFII?BMOLSFABA-LQB
2QRABKQP@>KKLQOB@BFSB@OBAFQCLO
QEFP@LROPBFCQEBVE>SBQ>HBKQEB
2MB@F>I3LMF@PSBOPFLKLCQEBP>JB
@LROPB,3$ 
,?:ED
 6/(">Q>ILD
$+$$6492?:42=
692G:@C2?5C24EFC6@7$2E6C:2=D
3EBC>FIROB>KATB>OLRQJB@E>KFPJP
CLO>S>OFBQVLCJ>QBOF>IPJBQ>IP
@BO>JF@PMLIVJBOP@LJMLPFQBP>KA
JF@OLBIB@QOLKF@P>KA>MMIF@>QFLKP
TFII?BMOBPBKQBA>KAAFP@RPPBA
,RIQF>UF>IC>FIROBQEBLOFBP>KA
CO>@QROBJB@E>KF@PTFII?BAFP@RPPBA
3EBJBQELALILDV>KAQB@EKFNRBPCLO
OBIF>?FIFQV>K>IVPFPTFII>IPL?B
MOBPBKQBA>KAAFP@RPPBA J>QBOF>IP
PVPQBJP>MMOL>@ETFII?BRPBA-LQB
2QRABKQP@>KKLQOB@BFSB@OBAFQCLO
QEFP@LROPBFCQEBVE>SBQ>HBKQEB
2MB@F>I3LMF@PSBOPFLKLCQEBP>JB
@LROPB,3$",3$"
,?:ED
'C6C6BF:D:E6D
$2>KA,$LOBNRFS>IBKQ
>KAPBKFLOLODO>AR>QBPQ>KAFKDFK
BKDFKBBOFKDLOP@FBK@B
$+$ ?EC@5F4E:@?E@
%2?@>2E6C:2=D2?5
%2?@E649?@=@8J
3EFP@LROPBFKQOLAR@BPPQRABKQPQL
@ROOBKQABSBILMJBKQPFKK>KLP@>IB
P@FBK@B>KAQB@EKLILDV3EB@ROOBKQ
>AS>K@BLCJ>QBOF>IP>KAABSF@BP
@LKPQFQRQFKDLC?RFIAFKD?IL@HPLC
JBQ>IPPBJF@LKAR@QLOP@BO>JF@PLO
MLIVJBOPQE>Q>OBK>KLJBQBOPFWB
KJ>OBOBSFBTBA3EB
MOLCLRKAFJMIF@>QFLKPCLOQB@EKLILDV
>KAP@FBK@BLCQEFPOBPB>O@EhBIA>OB
AFP@RPPBA3EBAFfBOBK@BPLCQEB
MOLMBOQFBPLCJ>QQBOLKQEB
K>KLJBQBOP@>IBCOLJQELPBLKQEB
J>@OLP@LMF@P@>IBARBQLQEBPFWB
@LKhKBJBKQMOBALJFK>K@BLC
FKQBOC>@F>IMEBKLJBK>>KANR>KQRJ
JB@E>KF@P>OBPQRAFBA3EBJ>FK
FPPRBP>KAQB@EKFNRBPOBIBS>KQQL
P@FBK@B>KAQB@EKLILDFBPLKQEB
K>KLJBQBOP@>IB>OB@LKPFABOBA-BT
ABSBILMJBKQPFKQEFPhBIA>KACRQROB
MBOPMB@QFSBP>OBMOBPBKQBA3LMF@P
@LSBOBAFK@IRABC>?OF@>QFLKLC
K>KLP@>IBPQOR@QROBP
@E>O>@QBOFW>QFLK>QK>KLP@>IB
JLIB@RI>OBIB@QOLKF@PK>KLP@>IB
JB@E>KF@PKBT>O@EFQB@QROBK>KL
LMQF@P>KAPL@FBQ>IFJM>@QP
,?:ED
)64@>>6?56524<8C@F?5
$2(KQOLAR@QFLKQL,>QBOF>IPLO
BNRFS>IBKQ
$+$2E6C:2=D*4:6?462?5
?8:?66C:?8*6>:?2C
1BMLOQPLKQEBPQ>QBLCQEB>OQFK
S>OFLRP>OB>PLCOBPB>O@E>KA
ABSBILMJBKQFKJ>QBOF>IPP@FBK@B
>KABKDFKBBOFKDTFII?BMOBPBKQBA?V
QEBC>@RIQV>KALRQPFABBUMBOQP
1BMLOQPLKDO>AR>QBPQRABKQ
OBPB>O@EFKMOLDOBPPTFII>IPL?B
OBNRFOBA
,?:ED
$+*A64:2=+@A:4D
3EBLOBQF@>ILOBUMBOFJBKQ>IPQRAFBPFK
PR?GB@QPLCFKQBOBPQQLDO>AR>QB
PQRABKQPFKJ>QBOF>IPP@FBK@B>KA
BKDFKBBOFKD
,?:ED
$+$*@=2C6==D
3EBL?GB@QFSBLCQEFP@LROPBFPQL
MOLSFABPQRABKQPTFQE>K
RKABOPQ>KAFKDLCQEBTLOHFKD
MOFK@FMIBPABPFDKC>?OF@>QFLK>KA
@E>O>@QBOFW>QFLKLCBPQ>?IFPEBA>KA
BJBODFKDPLI>O@BIIQB@EKLILDFBP
2QRABKQPTFII?BBUMLPBAQLQEB
BIB@QOLKF@MOLMBOQFBPLC
PBJF@LKAR@QLOJ>QBOF>IPTEF@E>OB
QEB?RFIAFKD?IL@HPLCPLI>O@BIIP>KA
QEB>K>IVPFPLCMELQLDBKBO>QFLK>KA
BUQO>@QFLKLC@E>ODBPFKQEBPB
J>QBOF>IP3EB@LROPBTFIIBJME>PFWB
QEBFKiRBK@BLCQEB>QLJF@K>KL
>KAJF@OLP@>IBPQOR@QROBLCQEB
J>QBOF>IPLKQEBPLI>O@BII
MBOCLOJ>K@B(K>AAFQFLKQEB
@E>IIBKDBPLCB@LKLJF@P>KA
P@>I>?FIFQVQE>QJRPQ?B>AAOBPPBAQL
FK@OB>PBQEBABMILVJBKQLCPLI>O@BIIP
TFII?BAFP@RPPBA2QRABKQP@>KKLQ
OB@BFSB@OBAFQCLOQEFP@LROPBFCQEBV
E>SBOB@BFSBA@OBAFQCLOQEB2MB@F>I
3LMF@P,$,3$SBOPFLKLC
QEBP>JB@LROPB
,?:ED
$+6C2>:4D2?5=2DD6D
7@C?8:?66C:?8AA=:42E:@?D
3EFP@LROPBABSBILMP>K
RKABOPQ>KAFKDLCQEBMOL@BPPFKD
PQOR@QROBMOLMBOQVMBOCLOJ>K@B
OBI>QFLKPEFMPFK@OVPQ>IIFKB>KA
SFQOBLRP@BO>JF@P3EBQLMF@P@LSBOBA
FK@IRAB@OVPQ>IPQOR@QROBDI>PPV
PQOR@QROBME>PBAF>DO>JP
JF@OLPQOR@QROBPJB@E>KF@>I
MOLMBOQFBPLMQF@>IMOLMBOQFBP
QEBOJ>IMOLMBOQFBP>KAJ>QBOF>IP
PBIB@QFLKCLO@BO>JF@J>QBOF>IP(K
>AAFQFLKQEBJBQELAPCLOMOL@BPPFKD
@BO>JF@PCLO>S>OFBQVLCMOLAR@QPTFII
?BFK@IRABA-LQB2QRABKQP@>KKLQ
OB@BFSB@OBAFQCLOQEFP@LROPBFCQEBV
E>SBQ>HBKQEB2MB@F>I3LMF@PSBOPFLK
LCQEBP>JB@LROPB
,?:ED
)64@>>6?56524<8C@F?5
$2LOBNRFS>IBKQ
 6/(">Q>ILD
$+@CC@D:@?2?5@CC@D:@?
@?EC@=
KFKQOLAR@QLOV@LROPBLK@LOOLPFLK
>NRBLRP@LOOLPFLKPQOBPP@LOOLPFLK
@O>@HFKD>KAEVAOLDBKBfB@QPFK
JBQ>IPTFII?BMOBPBKQBA'FDE
QBJMBO>QROBLUFA>QFLK@>O?ROFW>QFLK
>KAPRIhA>QFLKTFII?BAFP@RPPBA
#FP@RPPFLKPCL@RPLK@ROOBKQ
@LOOLPFSBBKDFKBBOFKDMOL?IBJP>KA
OBPB>O@E-LQB2QRABKQP@>KKLQ
OB@BFSB@OBAFQCLOQEFP@LROPBFCQEBV
E>SBQ>HBKQEB2MB@F>I3LMF@PSBOPFLK
LCQEBP>JB@LROPB
,?:ED
'C6C6BF:D:E6D
,3$>KA,3$LO@LKPBKQLC
QEBFKPQOR@QLO
,>QEBJ>QF@>I
2@FBK@BP
$*E2E:DE:42=
$6E9@5D:?6?6E:4D2?5
:@:?7@C>2E:4D
3EFP@LROPBMOLSFABPPQRABKQPTFQE
HKLTIBADB>KARKABOPQ>KAFKDLCQEB
>MMIF@>QFLKPLCPQ>QFPQF@PFKJLABOK
DBKBQF@P>KA?FLFKCLOJ>QF@P3EB
@LROPBDBKBO>IIV@LSBOPMLMRI>QFLK
DBKBQF@PDBKBQF@BMFABJFLILDV>KA
PQ>QFPQF@>IJLABIPFK?FLFKCLOJ>QF@P
2MB@Fh@QLMF@PFK@IRABJBFLPFP
JLABIFKDPQL@E>PQF@JLABIPCLO
OB@LJ?FK>QFLKIFKH>DB>KA
>PPL@F>QFLKPQRAFBPM>O>JBQOF@SP
KLKM>O>JBQOF@JLABIPC>JFIV?>PBA
SPMLMRI>QFLK?>PBAJLABIPCLO
J>MMFKDDBKBPLCNR>IFQ>QFSB>KA
NR>KQFQ>QFSBQO>FQPDBKBBUMOBPPFLK
A>Q>>K>IVPFP#- >KAMOLQBFK
PBNRBK@B>K>IVPFP>KAJLIB@RI>O
BSLIRQFLK2Q>QFPQF@>I>MMOL>@EBP
FK@IRABILDIFHBIFELLAO>QFLQBPQP
P@LOBQBPQPDBKBO>IFWBAIFKB>OJLABIP
$,>IDLOFQEJ,>OHLS@E>FK,LKQB
">OILEFAABK,>OHLSJLABI>KA
@I>PPFh@>QFLK>KAOBDOBPPFLKQOBBP
2QRABKQPJ>VKLQOB@BFSB@OBAFQCLO
?LQE!"!>KA!"!
,?:ED
'C6C6BF:D:E6D
HKLTIBADBLCMOL?>?FIFQV>KA
PQ>QFPQF@P>QQEBRKABODO>AR>QBIBSBI
*$$2E96>2E:42=
@F?52E:@?D7@C2E2*4:6?46
3EBCL@FLCQEFP@I>PP>OBQEBBPPBKQF>I
PQ>QFPQF@P>KAIFKB>O>IDB?O>PHFIIP
OBNRFOBACLO#>Q>2@FBK@BPQRABKQP
3EB@I>PP?RFIAPQEBCLRKA>QFLKCLO
QEBLOBQF@>I>KA@LJMRQ>QFLK>I
>?FIFQFBPLCQEBPQRABKQPQL>K>IVWB
EFDEAFJBKPFLK>IA>Q>PBQP3LMF@P
@LSBOBAFK@IRAB!>VBPQEBLOBJQEB
@BKQO>IIFJFQQEBLOBJEVMLQEBPFP
QBPQFKDIFKB>OBNR>QFLKPIFKB>O
QO>KPCLOJ>QFLKPJ>QOFU>IDB?O>
BFDBKS>IRBP>KABFDBKSB@QLOP>KA
P>JMIFKDQB@EKFNRBPFK@IRAFKD
!LLQPQO>M>KA,>OHLS@E>FK,LKQB
">OIL2QRABKQPTFIIRPBQEBPB
QB@EKFNRBPTEFIBBKD>DFKDFKE>KAP
LKMOLGB@QPTFQEOB>IA>Q>
,?:ED
'C6C6BF:D:E6D
2LJBHKLTIBADBLCFKQBDO>I>KA
AFfBOBKQF>I@>I@RIRPFPOB@LJJBKABA
$*$2E96>2E:42=
@F?52E:@?D7@C2E2*4:6?46
3EBCL@FLCQEFP@I>PP>OBQEBBPPBKQF>I
PQ>QFPQF@P>KAIFKB>O>IDB?O>PHFIIP
OBNRFOBACLO#>Q>2@FBK@BPQRABKQP
3EB@I>PP?RFIAPQEBCLRKA>QFLKCLO
QEBLOBQF@>I>KA@LJMRQ>QFLK>I
>?FIFQFBPLCQEBPQRABKQPQL>K>IVWB
EFDEAFJBKPFLK>IA>Q>PBQP3LMF@P
@LSBOBAFK@IRAB!>VBPQEBLOBJQEB
@BKQO>IIFJFQQEBLOBJEVMLQEBPFP
QBPQFKDIFKB>OBNR>QFLKPIFKB>O
QO>KPCLOJ>QFLKPJ>QOFU>IDB?O>
BFDBKS>IRBP>KABFDBKSB@QLOP>KA
P>JMIFKDQB@EKFNRBPFK@IRAFKD
!LLQPQO>M>KA,>OHLS@E>FK,LKQB
">OIL2QRABKQPTFIIRPBQEBPB
QB@EKFNRBPTEFIBBKD>DFKDFKE>KAP
LKMOLGB@QPTFQEOB>IA>Q>
,?:ED
'C6C6BF:D:E6D
2LJBHKLTIBADBLCFKQBDO>I>KA
AFfBOBKQF>I@>I@RIRPFPOB@LJJBKABA
 6/(">Q>ILD
$2D:4)62=?2=JD:D
3EFP@LROPB@LSBOP?>PF@PBQQEBLOV
QLMLILDVLC1K@LKQFKRLRPCRK@QFLKP
RKFCLOJ@LKSBODBK@B@LJM>@QKBPP
FKhKFQBPBOFBPQEBLOVLC
AFfBOBKQF>QFLK>KAFKQBDO>QFLK.QEBO
QLMF@P@LSBOBAJ>VFK@IRABQEB
FKSBOPB>KAFJMIF@FQCRK@QFLK
QEBLOBJP>KA1FBJ>KK2QFBIQGBP
FKQBDO>QFLK2QRABKQPJ>VKLQ@LRKQ
?LQE, >KA, QLT>OA
QEBFORKABODO>AR>QBABDOBB
OBNRFOBJBKQP
,?:ED
$?8:?66C:?8$2E96>2E:4D
3EFP@LROPBABSBILMPJ>QEBJ>QF@>I
QB@EKFNRBPRPBAFKQEBBKDFKBBOFKD
AFP@FMIFKBP/OBIFJFK>OV@LK@BMQPTFII
?BOBSFBTBA>PKB@BPP>OVFK@IRAFKD
SB@QLOPM>@BPJ>QOF@BP>KA
BFDBKS>IRBP3EBMOFK@FM>IQLMF@P
@LSBOBATFIIFK@IRABSB@QLO@>I@RIRP
%LROFBOQO>KPCLOJPC>PQ%LROFBO
QO>KPCLOJP>KA+>MI>@B
QO>KPCLOJ>QFLKP MMIF@>QFLKPLC
QEBPBQB@EKFNRBPCLOQEBPLIRQFLKLC
?LRKA>OVS>IRB>KAFKFQF>IS>IRB
MOL?IBJPTFII?BDFSBK3EBMOL?IBJP
QOB>QBA>KAPLISBAFKQEFP@LROPB>OB
QVMF@>ILCQELPBPBBKFK>MMIF@>QFLKP
>KAFK@IRABMOL?IBJPLCEB>Q
@LKAR@QFLKJB@E>KF@>ISF?O>QFLKP
>KAT>SBMOLM>D>QFLK
,?:ED
'C6C6BF:D:E6D
HKLTIBADBLCLOAFK>OVAFfBOBKQF>I
BNR>QFLKPIFKB>O>IDB?O>>KA
JRIQFS>OF>?IB@>I@RIRPFP>PPRJBA
$#:?62C=863C2
3EFP@LROPBMOLSFABP>KFKQOLAR@QFLK
QLQEBQEBLOV>KAJBQELAPLC
>MMIF@>?IBIFKB>O>IDB?O>3EBDL>IFP
QL?OFKDLRQQEBCRKA>JBKQ>I
@LK@BMQP>KAQB@EKFNRBPQE>Q
RKABOIFB>KARKFCVQEBJ>KVT>VPFK
TEF@EIFKB>O>IDB?O>FPRPBAFK
>MMIF@>QFLKP3EB@LROPBFPPRFQ>?IB
CLOPQRABKQPFKJ>QEBJ>QF@P>KA
LQEBOAFP@FMIFKBPTELTFPEQLL?Q>FK
ABBMBOFKPFDEQPFKQLQEFPSBOV
FJMLOQ>KQPR?GB@QQE>K>OBKLOJ>IIV
LfBOBAFKRKABODO>AR>QB@LROPBP(QFP
>IPLFKQBKABAQLMOLSFAB>
CLRKA>QFLKCLOCROQEBOPQRAVFK
PR?GB@QPPR@E>PKRJBOF@>IIFKB>O
>IDB?O>>KACRK@QFLK>I>K>IVPFP
,?:ED
$#636D8F6$62DFC62?5
?E68C2E:@?
3EFP@LROPB?BDFKPTFQE>OBSFBTLC
QLMF@PKLOJ>IIV@LSBOBAFK
RKABODO>AR>QB>K>IVPFP@LROPBP
LMBK@ILPBA>KA@LJM>@QPBQPIFJFKC
>KAIFJPRM@LKQFKRFQV>KARKFCLOJ
@LKSBODBK@B-BUQQEB@LROPB@LSBOP
+B?BPDRBJB>PROBFK1KFK@IRAFKD
QEB">KQLOPBQQEB@LK@BMQLC>
PFDJ>>IDB?O>QEB@LKPQOR@QFLKLC>
KLKJB>PRO>?IBPBQJB>PRO>?IB
CRK@QFLKPPBJF@LKQFKRFQV$DLOLSP
>KA+RPFKPQEBLOBJP>KA
@LKSBODBK@BFKJB>PROB-BUQTB
@LSBO+B?BPDRBFKQBDO>QFLKFKQBDO>I
@LKSBODBK@BQEBLOBJPJLKLQLKB
>KAALJFK>QBA3@EB?VPEBSP
FKBNR>IFQV>KA3LKBIIFP>KA%R?FKFP
QEBLOBJP%FK>IIV+MPM>@BP>OB
FKQOLAR@BATFQEBJME>PFPLK+>P>
'FI?BOQPM>@B.QEBOOBI>QBAQLMF@P
TFII?B@LSBOBA>QQEBFKPQOR@QLOP
AFP@OBQFLK
,?:ED
'C6C6BF:D:E6D
!>PF@HKLTIBADBLCRKABODO>AR>QB
>K>IVPFPFP>PPRJBA
$F?4E:@?2=?2=JD:D
3EFP@LROPBTFIIDFSB>@LJMOBEBKPFSB
MOBPBKQ>QFLKLCCRKA>JBKQ>I
@LK@BMQP>KAQEBLOBJPFK!>K>@E
>KA'FI?BOQPM>@BP6EBKBSBO
MLPPF?IBQEBQEBLOVTFII?BFIIRPQO>QBA
?VBU>JMIBPFK+B?BPDRBPM>@BP
3LMF@PFK@IRAB3EB'>EK!>K>@E
QEBLOBJPQEB4KFCLOJ!LRKABAKBPP
MOFK@FMIB!>K>@E2QBFKE>RP
3EBLOBJQEB.MBK,>MMFKD>KA
"ILPBA&O>MEQEBLOBJP>KATB>H
QLMLILDFBP>KA@LKSBODBK@B
AAFQFLK>IQLMF@PTFII?B@LSBOBA>Q
QEBFKPQOR@QLOPAFP@OBQFLK
,?:ED
'C6C6BF:D:E6D
, LOBNRFS>IBKQ
$@>A=6I?2=JD:D
3EFP@LROPBTFIIMOLSFAB>OFDLOLRP
>KAQELOLRDEQOB>QJBKQLCQEB
QEBLOVLCCRK@QFLKPLCLKB@LJMIBU
S>OF>?IB3EBQLMF@PQL?B@LSBOBA
FK@IRAB@LJMIBUKRJ?BOP@LJMIBU
AFfBOBKQF>QFLKQEB">R@EV1FBJ>KK
BNR>QFLKP>K>IVQF@CRK@QFLKP
">R@EVPQEBLOBJ@LJMIBU
FKQBDO>QFLKQEB">R@EVFKQBDO>I
CLOJRI>+FLRSFIIBPQEBLOBJQEB
&>RPPJB>KS>IRBQEBLOBJQEB
J>UFJRJJLARIRPQEBLOBJ
1LR@EBPQEBLOBJQEB/LFPPLK
FKQBDO>ICLOJRI>3>VILO+>ROBKQ
BUM>KPFLKPPFKDRI>OFQVQEBLOV
@LKCLOJ>IJ>MMFKDTFQE
>MMIF@>QFLKP>K>IVQF@@LKQFKR>QFLK
2@ET>OWPOBiB@QFLKMOFK@FMIB>KA
BIIFMQF@CRK@QFLKP
,?:ED
'C6C6BF:D:E6D
HKLTIBADBLCRKABODO>AR>QB>K>IVPFP
 6/(">Q>ILD
$$2E96>2E:42=$@56=:?8
3EFP@LROPBFKQOLAR@BPJ>QEBJ>QF@>I
JLABI?RFIAFKDRPFKDAFJBKPFLK>I
>K>IVPFPMBOQRO?>QFLKQEBLOV>KA
S>OF>QFLK>IMOFK@FMIBP,LABIP>OB
PBIB@QBACOLJQEBK>QRO>I>KAPL@F>I
P@FBK@BP>@@LOAFKDQLQEBFKQBOBPQPLC
QEBFKPQOR@QLO>KAPQRABKQP$U>JMIBP
>OBMI>KBQ>OVLO?FQPPMOFKDJ>PP
PVPQBJPiRFAiLTFPLJBOPFKLOD>KF@
@EBJFPQOV?FLILDF@>I@LJMBQFQFLK
?FL@EBJF@>IHFKBQF@P>KA
MEVPFLILDF@>IiLT"LJMRQBO
PFJRI>QFLKLCQEBPBJLABIPTFII>IPL
?B@LKPFABOBA
,?:ED
'C6C6BF:D:E6D
HKLTIBADBLCLOAFK>OVAFfBOBKQF>I
BNR>QFLKP>KALC>K>IVPFP>QQEBIBSBI
LC, FP>PPRJBA
$*E@492DE:4$@56=:?8
3EFP@LROPBDFSBPPQRABKQP>
?>@HDOLRKAFKQEBQEBLOV>KA
JBQELAPLCMOL?>?FIFQVPQL@E>PQF@
MOL@BPPBP>KAPQ>QFPQF@PCLO
>MMIF@>QFLKP3EB@LROPB?BDFKPTFQE
>?OFBCOBSFBTLC?>PF@MOL?>?FIFQV
AFP@OBQB>KA@LKQFKRLRPO>KALJ
S>OF>?IBPBUMB@Q>QFLKP@LKAFQFLK>I
MOL?>?FIFQV>KA?>PF@PQ>QFPQF@>I
FKCBOBK@B3LMF@P@LSBOBAFKDOB>QBO
ABMQEFK@IRABDBKBO>QFKDCRK@QFLKP
IFJFQQEBLOBJP?>PF@PQL@E>PQF@
MOL@BPPBPAFP@OBQB>KA@LKQFKRLRP
QFJB,>OHLS@E>FKP>KA?>PF@
NRBRFKDQEBLOVFK@IRAFKD,,>KA
,&INRBRBP3EFP@LROPBFPLfBOBA
?VPMB@F>I>OO>KDBJBKQLKIV?>PBA
LKBUMOBPPBAPQRABKQFKQBOBPQ
,?:ED
'C6C6BF:D:E6D
HKLTIBADBLC?>PF@MOL?>?FIFQV>QQEB
IBSBILC, >KAPQ>QFPQF@P>QQEB
IBSBILC, FP>PPRJBA
$*%F>6C:42=
$6E9@5D
3EFP@LROPBMOLSFABP>KFKQOLAR@QFLK
QL>?OL>AO>KDBLCJLABOK
KRJBOF@>IQB@EKFNRBPQE>Q>OBTFABIV
RPBAFK@LJMRQ>QFLK>IJ>QEBJ>QF@P
P@FBK@B>KABKDFKBBOFKD(QFP
PRFQ>?IBCLO?LQEJ>QEBJ>QF@PJ>GLOP
>KAPQRABKQPCOLJLQEBO
ABM>OQJBKQP(Q@LSBOPFKQOLAR@QLOV
IBSBIJ>QBOF>ICLOPR?GB@QPQOB>QBAFK
DOB>QBOABMQEFK, >KA, 
>KA>IPLQLMF@PKLQ>AAOBPPBAFK
BFQEBOLCQELPB@LROPBP2R?GB@Q>OB>P
FK@IRABKRJBOF@>IJBQELAPCLO
PVPQBJPLCIFKB>O>KAKLKIFKB>O
BNR>QFLKPFKQBOMLI>QFLK>KA
>MMOLUFJ>QFLKAFfBOBKQF>QFLK>KA
FKQBDO>QFLK>KAAFfBOBKQF>I
BNR>QFLKP2MB@Fh@QLMF@PFK@IRAB
?>PF@AFOB@Q>KAFQBO>QFSBJBQELAPCLO
IFKB>OPVPQBJP@I>PPF@>IOLLQhKAFKD
JBQELAP-BTQLKPJBQELA>KA
OBI>QBAJBQELAPCLOKLKIFKB>O
PVPQBJPhUBAMLFKQFQBO>QFLK
MLIVKLJF>IMFB@BTFPBMLIVKLJF>I
>KAPMIFKBFKQBOMLI>QFLKJBQELAP
IB>PQPNR>OBP>MMOLUFJ>QFLK
LOQELDLK>ICRK@QFLKP>KA
>MMOLUFJ>QFLK?>PF@QB@EKFNRBPCLO
KRJBOF@>IAFfBOBKQF>QFLKKRJBOF@>I
FKQBDO>QFLKFK@IRAFKD>A>MQFSB
NR>AO>QROB>KAJBQELAPCLOFKFQF>I
S>IRBMOL?IBJPCLOLOAFK>OV
AFfBOBKQF>IBNR>QFLKP AAFQFLK>I
QLMF@PJ>V?BFK@IRABA>QQEB
FKPQOR@QLOPAFP@OBQFLK>PQFJB
MBOJFQP!LQEQEBLOV>KAMO>@QF@B>OB
BU>JFKBA$OOLOBPQFJ>QBPO>QBPLC
@LKSBODBK@B>KAQEB@LKPBNRBK@BP
LChKFQBMOB@FPFLK>OFQEJBQF@>OB>IPL
AFP@RPPBA3LMF@PCOLJIFKB>O>IDB?O>
>KABIBJBKQ>OVCRK@QFLK>I>K>IVPFP
TFII?BFKQOLAR@BA>PKBBABA3EBPB
J>VFK@IRABKLOJP>KAFKKBO
MOLAR@QPLOQELDLK>IFQV>KA
LOQELDLK>IFW>QFLKLMBO>QLOP>KA
MOLGB@QFLKP>KAQEB@LK@BMQLC>
CRK@QFLKPM>@B
,?:ED
'C6C6BF:D:E6D
HKLTIBADBLCRKABODO>AR>QBIFKB>O
>IDB?O>>KAAFfBOBKQF>IBNR>QFLKPFP
>PPRJBA>PFPC>JFIF>OFQVTFQE
, 3+ !LO>EFDEBOIBSBI
MOLDO>JJFKDI>KDR>DB
$AA=:65*E2E:DE:4D7@C
?8:?66CD2?5*4:6?E:DED
3EFP@LROPBFP>KFKQOLAR@QFLKQL
PQ>QFPQF@PCLODO>AR>QBPQRABKQPFK
BKDFKBBOFKD>KAQEBP@FBK@BP3LMF@P
@LSBOBAFK@IRAB?>PF@A>Q>>K>IVPFP
FPPRBPFKQEBABPFDKLCPQRAFBP>K
FKQOLAR@QFLKQLMOL?>?FIFQVMLFKQ>KA
FKQBOS>IBPQFJ>QFLK>KAEVMLQEBPFP
QBPQFKDCLOJB>KP>KAMOLMLOQFLKP
COLJLKB>KAQTLP>JMIBPPFJMIB
>KAJRIQFMIBOBDOBPPFLK>K>IVPFPLC
LKB>KAQTLT>VQ>?IBPLKBT>V
>K>IVPFPLCS>OF>K@B PQFJBMBOJFQP
>AAFQFLK>IQLMF@PPR@E>P
AFPQOF?RQFLKCOBBJBQELAP>KAQEB
ABPFDK>KA>K>IVPFPLCC>@QLOF>I
PQRAFBPTFII?B@LKPFABOBA
,?:ED
'C6C6BF:D:E6D
(KQBDO>I>KAAFfBOBKQF>I@>I@RIRP
 6/(">Q>ILD
$%F>6C:42=:N6C6?E:2=
BF2E:@?D
3EFP@LROPB?BDFKPTEBOB, 
BKAPFKQEBPQRAVLCQEBQEBLOV>KA
MO>@QF@BLCQEBKRJBOF@>IPLIRQFLKLC
AFfBOBKQF>IBNR>QFLKP"BKQO>IQLMF@P
FK@IRAB>OBSFBTLCFKFQF>IS>IRB
MOL?IBJPFK@IRAFKD$RIBOPJBQELA
1RKDB*RQQ>JBQELAPJRIQFPQBM
JBQELAPFJMIF@FQJBQELAP>KA
MOBAF@QLO@LOOB@QLOJBQELAPQEB
PLIRQFLKLCQTLMLFKQ?LRKA>OVS>IRB
MOL?IBJP?VPELLQFKDJBQELAP>KA
?VQEBAFP@OBQFW>QFLKLCQEBLOFDFK>I
MOL?IBJQLCLOJPVPQBJPLCKLKIFKB>O
BNR>QFLKPKRJBOF@>IPQ>?FIFQV
BUFPQBK@B>KARKFNRBKBPPLC
PLIRQFLKP>KA>KFKQOLAR@QFLKQLQEB
PLIRQFLKLCM>OQF>IAFfBOBKQF>I
BNR>QFLKP?VhKFQBAFfBOBK@BP.QEBO
QLMF@PJFDEQFK@IRABhKFQBBIBJBKQLO
?LRKA>OVBIBJBKQJBQELAP&>IBOHFK
JBQELAP@LIIL@>QFLKLOS>OF>QFLK>I
JBQELAP
,?:ED
'C6C6BF:D:E6D
DO>AR>QBLORKABODO>AR>QB
KRJBOF@>I>K>IVPFP*KLTIBADBLC>
EFDEBOIBSBIMOLDO>JJFKDI>KDR>DB
FP>PPRJBA
$%F>6C:42=#:?62C=863C2
3EFP@LROPBMOLSFABPPQRABKQPTFQE
QEBPHFIIPKB@BPP>OVQLABSBILM
>K>IVWB>KAFJMIBJBKQ
@LJMRQ>QFLK>IJBQELAPFKIFKB>O
>IDB?O>3EB@BKQO>IQLMF@PFK@IRAB
SB@QLO>KAJ>QOFU>IDB?O>SB@QLO>KA
J>QOFUKLOJPQEBPFKDRI>OS>IRB
AB@LJMLPFQFLKQEB+4>KA01
AB@LJMLPFQFLKP'LRPBELIABO
QO>KPCLOJ>QFLKP>KA&FSBKPOLQ>QFLKP
>KAFQBO>QFSBJBQELAPCLOPLISFKD
IFKB>OPVPQBJPFK@IRAFKD)>@L?F
&>RPP2BFABI2.1>KA@LKGRD>QB
DO>AFBKQJBQELAP>KABFDBKS>IRB
MOL?IBJP MMIF@>QFLKPQLPR@E
MOL?IBJ>OB>P>PIB>PQPNR>OBP>KA
LMQFJFW>QFLKTFII?BAFP@RPPBA.QEBO
QLMF@PJFDEQFK@IRABPMB@F>IIFKB>O
PVPQBJPPR@E>PPVJJBQOF@MLPFQFSB
ABhKFQB?>KABALOPM>OPBPVPQBJP
MOB@LKAFQFLKFKDQEB"ELIBPHV
AB@LJMLPFQFLKPM>OPBQ>?IB>R>KA
LQEBOIB>PQPNR>OBJBQELAPLO
>IDLOFQEJPCLOM>O>IIBI>O@EFQB@QROBP
,?:ED
'C6C6BF:D:E6D
?>PF@HKLTIBADBLCIFKB>O>IDB?O>LO
BNRFS>IBKQ?>@HDOLRKA*KLTIBADB
LC>EFDEBOIBSBIMOLDO>JJFKD
I>KDR>DBFP>PPRJBA
$@FC:6C+C2?D7@C>D2?5
:DEC:3FE:@?D
3EB@LROPBTFII@LSBO+++aa>KA
?>PF@C>@QPCOLJ'FI?BOQPM>@BQEBLOV
'FI?BOQ?>PFPMOLGB@QFLKQEBLOBJP
1FBPWQEBLOV3EBhOPQM>OQLCQEB
@LROPBTFIIFKQOLAR@B%LROFBOPBOFBP
QEB+QEBLOVQEB"aaQEBLOVO>QBLC
@LKSBODBK@B%LROFBOPBOFBPLCOB>I
>K>IVQF@CRK@QFLKP>MMIF@>QFLKQLQEB
QO>MBWLFA>IORIB%LROFBOQO>KPCLOJPFK
+%LROFBOFKQBDO>IPLC&>RPPF>KPQEB
2@ET>OQW@I>PP2%LROFBOQO>KPCLOJP
>KAABOFS>QFSBPQO>KPI>QFLKP
@LKSLIRQFLK%LROFBOQO>KPCLOJPFK+
>KA@E>O>@QBOFPQF@CRK@QFLKPLC
MOL?>?FIFQVAFPQOF?RQFLKCRK@QFLKP
3EBPB@LKAM>OQLCQEB@LROPBTFII
@LSBOQBJMBOBAAFPQOF?RQFLKP>KA
>MMIF@>QFLKPQLM>OQF>IAFfBOBKQF>I
BNR>QFLKP.QEBOOBI>QBAQLMF@PTFII
?B@LSBOBA>QQEBFKPQOR@QLOP
AFP@OBQFLK
,?:ED
'C6C6BF:D:E6D
, 
$'2CE:2=:N6C6?E:2=
BF2E:@?D
3EFP@LROPB@LKPFABOP>S>OFBQVLC
J>QBOF>IFKM>OQF>IAFfBOBKQF>I
BNR>QFLKP/#$3LMF@P@LSBOBATFII
?B@ELPBKCOLJQEBCLIILTFKD
@I>PPF@>IIFKB>OBIIFMQF@M>O>?LIF@>KA
EVMBO?LIF@BNR>QFLKP>KAPVPQBJP
@E>O>@QBOFPQF@PCRKA>JBKQ>I&OBBKP
PLIRQFLKPMLQBKQF>IQEBLOVQEB
%OBAELIJ>IQBOK>QFSBJ>UFJRJ
MOFK@FMIBP">R@EVMOL?IBJP
#FOF@EIBQ-BRJ>KK1L?FKMOL?IBJP
TB>HPLIRQFLKP>KAS>OF>QFLK>I
JBQELAPSFP@LPFQVPLIRQFLKP
KLKIFKB>OBNR>QFLKP>KAPVPQBJP
T>SBMOLM>D>QFLKCOBB>KAJLSFKD
?LRKA>OVMOL?IBJP
ELJLDBKFW>QFLK.QEBOQLMF@PJ>V
>IPL?B@LSBOBA
,?:ED
'C6C6BF:D:E6D
, LOBNRFS>IBKQ
 6/(">Q>ILD
$:=36CE*A246D2?5
AA=:42E:@?DE@'
3EB@LROPB@LSBOP'FI?BOQPM>@B
QEBLOVTFQEPMB@F>IBJME>PFPLK
>MMIF@>QFLKPQLIFKB>O.#P>KA/#$P
3LMF@PFK@IRABPMB@QO>IQEBLOVCLO
IFKB>OLMBO>QLOPFKKAFJBKPFLK>I>KA
FKhKFQBAFJBKPFLK>I'FI?BOQPM>@BP
PMB@QO>IQEBLOVCLOPVJJBQOF@
@LJM>@QLMBO>QLPIFKB>O>KA?FIFKB>O
CLOJP1FBPW>KA+>U,FIDO>J
QEBLOBJPTB>HABOFS>QFSBP2L?LIBS
PM>@BP''1BIIF@E@LJM>@QKBPP
QEBLOBJTB>H>KA@I>PPF@>IPLIRQFLKP
CLO#FOF@EIBQ>KA-BRJ>KKMOL?IBJP
FKLKBS>OF>?IB>KAFK1K#FOF@EIBQ
S>OF>QFLK>IMOFK@FMIBBFDBKS>IRBP>KA
BFDBKSB@QLOP.QEBOOBI>QBAQLMF@P
TFII?B@LSBOBA>QQEBFKPQOR@QLOP
AFP@OBQFLK
,?:ED
'C6C6BF:D:E6D
, 
$@?G6I?2=JD:D2?5
&AE:>:K2E:@?
3EFP@LROPB@LSBOPQLMF@PFK
CRK@QFLK>I>K>IVPFPQE>Q>OB@OFQF@>IQL
QEBPQRAVLC@LKSBULMQFJFW>QFLK
MOL?IBJP3EBhOPQM>OQLCQEB@LROPB
TFIIFK@IRABQEBJFKFJFW>QFLKQEBLOV
CLONR>AO>QF@>KA@LKSBUCRK@QFLK>IP
LK@LKSBUPBQP>KA@LKBPQEB
+BDBKAOB%BK@EBIAR>IFQVS>OF>QFLK>I
FKBNR>IFQFBP>KA@LJMIBJBKQ>OFQV
PVPQBJP3EBPB@LKAM>OQTFIIFK@IRAB
LMQFJ>IPQLMMFKDQFJBMOL?IBJPFK
ABQBOJFKFPQF@@LKQOLIS>IRBCRK@QFLKP
>KA'>JFIQLK)>@L?FFKBNR>IFQFBP>KA
IFKB>O>KANR>AO>QF@MOLDO>JJFKD
AR>IFQV>KA*REK3R@HBOJRIQFMIFBOP
.QEBOOBI>QBAQLMF@PTFII?B@LSBOBA
>QQEBFKPQOR@QLOPAFP@OBQFLK
,?:ED
'C6C6BF:D:E6D
, 
$&AE:>2=@?EC@=2?5
6D:8?H:E9@>A@D:E6$2E6C:2=D 
,LABOKQB@EKLILDVFKSLISBP>TFAB
>MMIF@>QFLKLCJ>QBOF>IPTFQEFKQBOK>I
PQOR@QROB>A>MQBAQLBKSFOLKJBKQ>I
ABJ>KAP3EFPQEBhOPQ@LROPBFK>
QTLPBJBPQBOPBNRBK@BTFII
BPQ>?IFPE>QEBLOBQF@>I?>PFPCLO
FABKQFCVFKDPQOR@QROBPQE>QMOLSFAB
LMQFJ>IOBPMLKPBQLMOBP@OF?BA
BUQBOK>IC>@QLOP,>QBOF>I@LSBOBATFII
FK@IRAB?>PF@PLCQEB@>I@RIRPLC
S>OF>QFLKP$RIBOBNR>QFLKP
QO>KPSBOP>IFQV@LKAFQFLKP6BFBOPQO>PP
$OAJ>KK@LKAFQFLKPCLO@LOKBO
MLFKQP+BDBKAOB)>@L?F>KA
6BFBOPQO>PP@LKAFQFLKP'>JFIQLKF>K
CLOJLCQEBKB@BPP>OV@LKAFQFLKP>KA
-LBQEBOPQEBLOBJ/LKQOV>DFKP
J>UFJRJMOFK@FMIBFKFQPLOFDFK>I
IRJMBAM>O>JBQBOCLOJTFII?BMRQ
CLOQE>PTBII>PFQPAFPQOF?RQBA
M>O>JBQBOBUQBKPFLK"E>QQBOFKD
OBDFJBPLC@LKQOLI>KAOBI>U>QFLK
QEOLRDE@LJMLPFQBPTFII?B
FKQOLAR@BA>QQEFPMLFKQ,>V?B
LfBOBA?VPMB@F>I>OO>KDBJBKQ
,?:ED
$&AE:>2=@?EC@=2?5
6D:8?H:E9@>A@D:E6$2E6C:2=D 
3LMF@PMOBPBKQBATFIIFK@IRAB?>PF@P
LCELJLDBKFW>QFLKQEBLOV!LRKAP
LKQEBBfB@QFSBMOLMBOQFBPLC
@LJMLPFQBPTFII?BBPQ>?IFPEBARPFKD
QEBQO>KPI>QFLKJBQELA>KA'>PEFK
2EQOFHJ>KS>OF>QFLK>IMOFK@FMIBP3EB
@LROPB@LK@IRABPTFQE>KRJ?BOLC
BU>JMIBPABJLKPQO>QFKDQEBRPBLC
QEBQEBLOVFKMOLAR@FKDLMQFJ>I
PQOR@QRO>IABPFDKP3EBJBQELALILDV
DFSBKFKQEFP@LROPBQROKPQEB
MOL?IBJLCLMQFJ>IABPFDKFKQL>
MOL?IBJLCOFDLOLRPJ>QEBJ>QF@P
3EFP@LROPB@>K?BQ>HBK
FKABMBKABKQIVLO>PQEBPBNRBIQL, 

,?:ED
$$62DFC6+96@C6E:4
'C@323:=:EJ+96@CJ
3EFP@LROPBFPABPFDKBAQLDFSB
DO>AR>QBPQRABKQPFKQBOBPQBAFK
hK>K@F>IJ>QEBJ>QF@P>KAPQL@E>PQF@
>K>IVPFPQEBKB@BPP>OV?>@HDOLRKAFK
JB>PROBQEBLOBQF@MOL?>?FIFQV>KA
MOLSFAB>QEBLOBQF@>ICLRKA>QFLKCLO
/E#PQRABKQPTFQEOBPB>O@EFKQBOBPQP
FK>K>IVPFP>KAJ>QEBJ>QF@>I
PQ>QFPQF@P!BPFABP@I>PPF@>IQLMF@PPR@E
>PQEB>UFLJ>QF@CLRKA>QFLKPLC
MOL?>?FIFQV@LKAFQFLK>IMOL?>?FCFQFBP
>KAFKABMBKABK@BO>KALJS>OF>?IBP
>KAQEBFOAFPQOF?RQFLKP>KAIFJFQ
QEBLOBJPQEFP@LROPBCL@RPBPLK
@LK@BMQP@OR@F>ICLOQEB
RKABOPQ>KAFKDLCPQL@E>PQF@
MOL@BPPBP>KANR>KQFQ>QFSBhK>K@B
@LKAFQFLK>IBUMB@Q>QFLKPhIQO>QFLKP
>KAJ>OQFKD>IBP>PTBII>P@E>KDBLC
JB>PROBQB@EKFNRBP>KAQEB1>ALK
-FHLAVJQEBLOBJ TFABO>KDBLC
FIIRPQO>QFSBBU>JMIBPCOLJ>QLMF@
@ELPBK?VQEBFKPQOR@QLOPAFP@OBQFLK
BDhK>K@F>IJ>QEBJ>QF@PPFDK>I
MOL@BPPFKD>@QR>OF>IJ>QEBJ>QF@P
TFII?BMOBPBKQBA
,?:ED
'C6C6BF:D:E6D
, !>PF@1B>I K>IVPFPLO
BNRFS>IBKQ
 6/(">Q>ILD
$*E@492DE:4'C@46DD6D
3EFP@LROPBFPABPFDKBAQLFKQOLAR@B
PQRABKQPQL@LKQFKRLRPQFJB
PQL@E>PQF@MOL@BPPBP2QL@E>PQF@
MOL@BPPBPMI>V>@BKQO>IOLIBFK>TFAB
O>KDBLC>MMIF@>QFLKPCOLJPFDK>I
MOL@BPPFKDQLhK>K@B>KA>IPLLfBO
>K>IQBOK>QFSBKLSBISFBTMLFKQQL
PBSBO>I>OB>PLCJ>QEBJ>QF@>I
>K>IVPFPPR@E>PM>OQF>IAFfBOBKQF>I
BNR>QFLKP>KAMLQBKQF>IQEBLOV3EB
J>FKQLMF@PCLOQEFP@LROPB>OB
J>OQFKD>IBPJ>UFJ>IFKBNR>IFQFBP
>KA>MMIF@>QFLKPLMQFJ>IPQLMMFKD
>KAJ>OQFKD>IB@LKSBODBK@B
QEBLOBJPQEBPQOLKD,>OHLS
MOLMBOQVPQL@E>PQF@FKQBDO>QFLK(QLP
CLOJRI>>KA>MMIF@>QFLKPJ>OQFKD>IB
OBMOBPBKQ>QFLKQEBLOBJP&FOP>KLSP
QEBLOBJ>KA>MMIF@>QFLKP>KA>K
FKQOLAR@QFLKQLPQL@E>PQF@AFfBOBKQF>I
BNR>QFLKPQEB%BVKJ>K*>@CLOJRI>
>KA@LKKB@QFLKPQLM>OQF>IAFfBOBKQF>I
BNR>QFLKP.MQFLK>IQLMF@P>QQEB
FKPQOR@QLOPAFP@OBQFLKFK@IRAB
,>OHLSMOL@BPPBP>KA/LFPPLK>KA
GRJMMOL@BPPBP
,?:ED
'C6C6BF:D:E6D
, ,B>PROB3EBLOBQF@
/OL?>?FIFQV3EBLOVTEF@E@>K?B
Q>HBK@LK@ROOBKQIVLOTFQEPMB@F>I
MBOJFPPFLK?VQEBFKPQOR@QLO, 
$:D4C6E6$2E96>2E:4D
3EFP@LROPBMOLSFABPQEBPQRABKQLC
J>QEBJ>QF@PLO@LJMRQBOP@FBK@B
TFQE>KLSBOSFBTLCAFP@OBQB
PQOR@QROBP>KAQEBFO>MMIF@>QFLKP>P
TBII>PQEB?>PF@JBQELAP>KAMOLLC
QB@EKFNRBPFK@LJ?FK>QLOF@P3LMF@P
@LSBOBAFK@IRABPBQPOBI>QFLKP
MLPBQPBKRJBO>QFLKDO>MEP
AFDO>MEPJLKLFAPDOLRMPAFP@OBQB
MOL?>?FIFQVQEBLOV>KAMOLMLPFQFLK>I
@>I@RIRP
,?:ED
'C6C6BF:D:E6D
@LIIBDBJ>QE>QIB>PQQEOLRDE
@>I@RIRP$UMBOFBK@BTFQEOB@ROPFSB
MOLDO>JJFKDFPEBIMCRI?RQKLQ
OBNRFOBA
$:D4C6E6$2E96>2E:4D 
3EFP@LROPBFPABPFDKBAQLMOLSFAB>K
FKABMQEPQRAVLCPLJBQLMF@PFK
@LJ?FK>QLOF>IJ>QEBJ>QF@P>KA
AFP@OBQBLMQFJFW>QFLK3LMF@PJ>V
S>OVCOLJVB>OQLVB>O3LMF@P@LSBOBA
FK@IRAB>PQFJBMBOJFQPM>OQF>IIV
LOABOBAPBQPI>QQF@BPJ>QOLFAP
J>Q@EFKDQEBLOV1>JPBVQEBLOV
AFP@OBQBMOLDO>JJFKDMOL?IBJP
@LJMRQ>QFLK>I@LJMIBUFQVLC
>IDLOFQEJP?O>K@E>KA?LRKA
JBQELAP
,?:ED
$=863C2
%RKA>JBKQ>IPLCDOLRMQEBLOV
ELJLJLOMEFPJP>KAQEB
FPLJLOMEFPJQEBLOBJPhKFQBDOLRMP
PQOR@QROBLChKFQBIVDBKBO>QBA
?BIF>KDOLRMP2QOR@QROBLCOFKDP
ELJLJLOMEFPJPFAB>IPC>@QLOOFKDP
>KAQEBFPLJLOMEFPJQEBLOBJP
FKQBDO>IALJ>FKPC>@QLOFW>QFLK%FBIA
QEBLOVBUQBKPFLKhBIAPhKFQBhBIAP
QEBLOVLCBNR>QFLKP2BIB@QBAQLMF@P
COLJ&>ILFPQEBLOV2VILTQEBLOV
)LOA>K'LIABOQEBLOV/LIV>QEBLOV
DOLRMMOBPBKQ>QFLKP?>PF@
OBMOBPBKQ>QFLKQEBLOV>KADOLRM
@E>O>@QBOPJLARIBP MMIF@>QFLKP
@ELPBKCOLJJ>QEBJ>QF@>IMEVPF@P
&OL?KBO?>PBPPVJJBQOV
@OVMQLDO>MEVBOOLO@LOOB@QFKD@LABP
KRJ?BOQEBLOV
,?:ED
$'C@323:=:EJ2?5
$2E96>2E:42=*E2E:DE:4D 
(KQBKABACLO>AS>K@BA
RKABODO>AR>QBP>KA?BDFKKFKD
DO>AR>QBPQRABKQPFKQEB
J>QEBJ>QF@>IP@FBK@BP>KACLOLQEBOP
FKQBKAFKDQLMROPRBQEB
J>QEBJ>QF@>IPQRAVLCMOL?>?FIFQV
>KAPQ>QFPQF@P3LMF@P@LSBOBAFK@IRAB
>UFLJ>QF@CLRKA>QFLKPQEB@>I@RIRP
LCMOL?>?FIFQV@LKAFQFLK>IMOL?>?FIFQV
>KAFKABMBKABK@B!>VBP3EBLOBJ
O>KALJS>OF>?IBPAFP@OBQB>KA
@LKQFKRLRPAFPQOF?RQFLKPGLFKQ
J>ODFK>I>KA@LKAFQFLK>I
AFPQOF?RQFLKP@LS>OF>K@B>KA
@LOOBI>QFLKBUMB@Q>QFLKDBKBO>QFKD
CRK@QFLKPBUMLKBKQF>IC>JFIFBP
QO>KPCLOJ>QFLKPLCO>KALJS>OF>?IBP
QVMBPLC@LKSBODBK@BI>TPLCI>ODB
KRJ?BOPQEB"BKQO>I+FJFQ3EBLOBJ
3>VILOPBOFBPBUM>KPFLKQEBABIQ>
JBQELA
,?:ED
'C6C6BF:D:E6D
HKLTIBADBLC?>PF@MOL?>?FIFQV>QQEB
IBSBILC, >KALC>AS>K@BA
@>I@RIRP>QQEBIBSBILC, 
FP>PPRJBA
$'C@323:=:EJ2?5
$2E96>2E:42=*E2E:DE:4D 
3EFP@LROPBFPABPFDKBAQLMOLSFAB
?>@HDOLRKAFKMOFK@FMIBPLCPQ>QFPQF@P
3LMF@P@LSBOBAFK@IRABBPQFJ>QFLK
@OFQBOF>JBQELALCJLJBKQP
J>UFJRJIFHBIFELLAIB>PQPNR>OBP
!>VBPMLFKQ>KAFKQBOS>IBPQFJ>QFLK
%FPEBOPFKCLOJ>QFLK"O>JBO1>L
ILTBO?LRKAPRg@FBK@V
RK?F>PBAKBPP>KA@LJMIBQBKBPP
1>L!I>@HTBII3EBLOBJBg@FBK@V
@LKPFPQBK@VFKQBOS>IBPQFJ>QFLK
MFSLQ>INR>KQFQFBP-BVJ>K/BOPLK
+BJJ>RKFCLOJIVJLPQMLTBOCRI
QBPQPRK?F>PBAFKS>OF>KQ>KAPFJFI>O
QBPQPIFHBIFELLAO>QFLQBPQP@LKSBU
ILPPCRK@QFLKPOFPHCRK@QFLKP
>AJFPPF?FIFQV>KAJFKFJ>UFQV!>VBP
AB@FPFLKORIBP
,?:ED
'C6C6BF:D:E6D
HKLTIBADBLCQEBJ>QBOF>IFK, 
FP>PPRJBA
 6/(">Q>ILD
$)68C6DD:@??2=JD:D
1BDOBPPFLK>K>IVPFPFP>PQ>QFPQF@>IQLLI
QE>QRQFIFWBPQEBOBI>QFLK?BQTBBK>
OBPMLKPBS>OF>?IB>KALKBLOJLOB
MOBAF@QLOS>OF>?IBPCLOQEBMROMLPBP
LCABP@OFMQFLKMOBAF@QFLK>KALO
@LKQOLI2R@@BPPCRIRPBLCOBDOBPPFLK
>K>IVPFPOBNRFOBP>K>MMOB@F>QFLKLC
?LQEQEBQEBLOV>KAQEBMO>@QF@>I
MOL?IBJPQE>QLCQBK>OFPBTEBKQEB
QB@EKFNRBFPBJMILVBATFQEOB>I
TLOIAA>Q>3LMF@P@LSBOBAFK@IRAB
QEBQEBLOV>KA>MMIF@>QFLKLCQEB
DBKBO>IIFKB>OOBDOBPPFLKJLABI
JLABIhQQFKDBPQFJ>QFLK>KA
MOBAF@QFLKEVMLQEBPFPQBPQFKDQEB
>K>IVPFPLCS>OF>K@B>KAOBI>QBA
AFPQOF?RQFLKQEBLOVJLABI
AF>DKLPQF@P>KAOBJBAF>IJB>PROBP
JLABI?RFIAFKD>KAS>IFA>QFLK>KA
DBKBO>IFW>QFLKPPR@E>PILDFPQF@
OBPMLKPBJLABIP>KA/LFPPLK
OBDOBPPFLK AAFQFLK>IQLMF@PJ>V?B
@LSBOBA>PQFJBMBOJFQP MMIF@>QFLK
LCQEBLOVQLOB>ITLOIAMOL?IBJPTFII
?BBJME>PFWBARPFKDPQ>QFPQF@>I
@LJMRQBOM>@H>DBP
,?:ED
'C6C6BF:D:E6D
HKLTIBADBLCMOL?>?FIFQV>KA
PQ>QFPQF@P>QQEBIBSBILC, >KALC
J>QOFU>IDB?O>FP>PPRJBA
$**E2E:DE:42=
$6E9@5D7@C2E2*4:6?46
2Q>QFPQF@>I,BQELAPCLO#>Q>2@FBK@B
PROSBVPQEBPQ>QFPQF@>IJBQELAPJLPQ
RPBCRIFKA>Q>P@FBK@B>MMIF@>QFLKP
3LMF@P@LSBOBAFK@IRABMOBAF@QFSB
JLABIFKDJBQELAPFK@IRAFKD
JRIQFMIBIFKB>OOBDOBPPFLK>KAQFJB
PBOFBPA>Q>AFJBKPFLKOBAR@QFLK
AFP@OFJFK>QFLK>KA@I>PPFh@>QFLK
JBQELAP@IRPQBOFKDJBQELAP>KA
@LJJFQQBBJBQELAP2QRABKQPTFII
FJMIBJBKQQEBPBJBQELAPRPFKD
PQ>QFPQF@>IPLCQT>OB
,?:ED
'C6C6BF:D:E6D
2Q>QFPQF@P>QQEBIBSBILC, >KA
, >KAIFKB>O>IDB?O>>QQEB
IBSBILC, 
$6D:8?2?5?2=JD:D@7
IA6C:>6?ED
"LKQOLIIBABUMBOFJBKQP`PQRAFBPFK
TEF@EQOB>QJBKQP>OB>PPFDKBAQL
L?PBOS>QFLK>IRKFQP`>OBQEBDLIA
PQ>KA>OALCP@FBKQFh@FKSBPQFD>QFLK
3EBDL>ILCQEBPQ>QFPQF@>IABPFDK>KA
>K>IVPFPLCBUMBOFJBKQPFPQL
FABKQFCVQEBC>@QLOPTEF@EJLPQ>fB@Q
>DFSBKMOL@BPPLOMEBKLJBKLK
FABKQFCVQEBT>VPFKTEF@EQEBPB
C>@QLOP>fB@QQEBMOL@BPPLO
MEBKLJBKLK?LQEFKAFSFAR>IIV>KA
FK@LJ?FK>QFLK>@@LJMIFPEDL>IP
>KATFQEJFKFJRJ@LPQ>KA
J>UFJRJBg@FBK@VTEFIB
J>FKQ>FKFKDQEBS>IFAFQVLCQEBOBPRIQP
3LMF@P@LSBOBAFKQEFP@LROPBFK@IRAB
QEBABPFDKFJMIBJBKQ>QFLK>KA
>K>IVPFPLC@LJMIBQBIVO>KALJFWBA
@LJMIBQB?IL@HKBPQBAPMIFQMILQ
+>QFKPNR>OB>KAOBMB>QBAJB>PROBP
ABPFDKP$JME>PFPTFII?BLKQEB
>MMIF@>QFLKLCQEBQEBLOVQLOB>IA>Q>
RPFKDPQ>QFPQF@>I@LJMRQBOM>@H>DBP
,?:ED
'C6C6BF:D:E6D
HKLTIBADBLC?>PF@MOL?>?FIFQV>KA
PQ>QFPQF@P>QQEBIBSBILC, FP
>PPRJBA
$6D:8?2?5?2=JD:D@7
&3D6CG2E:@?2=2?5*2>A=:?8
*EF5:6D
+FHB@LKQOLIIBABUMBOFJBKQP
L?PBOS>QFLK>IPQRAFBPPBBHQL
BPQ>?IFPE@>RPBBfB@QOBI>QFLKPEFMP
?RQRKIFHB@LKQOLIIBABUMBOFJBKQP
QEBVI>@HQEB>?FIFQVQL>PPFDK
QOB>QJBKQPQLL?PBOS>QFLK>IRKFQP
2>JMIFKDPQRAFBPPR@E>PP>JMIB
PROSBVPPBBHQL@E>O>@QBOFWB>PMB@QP
LCMLMRI>QFLKP?VL?Q>FKFKD>KA
>K>IVWFKDP>JMIBPCOLJQELPB
MLMRI>QFLKP3LMF@PCOLJ
L?PBOS>QFLK>IPQRAFBPFK@IRAB
MOLPMB@QFSB>KAOBQOLPMB@QFSB
PQRAFBPLSBOQ>KAEFAABK?F>P
>AGRPQJBKQP?VPQO>QFh@>QFLK>KA
J>Q@EFKD3LMF@PCOLJP>JMIFKD
PQRAFBPFK@IRABPFJMIBO>KALJ
P>JMIFKD>KA>PPL@F>QBABPQFJ>QBP
CLOJB>KPQLQ>IP>KAMOLMLOQFLKP
BPQFJ>QBPCLOPR?MLMRI>QFLKP
RKBNR>IMOL?>?FIFQVP>JMIFKDO>QFL
>KAOBDOBPPFLKBPQFJ>QFLKPQO>QFhBA
@IRPQBOPVPQBJ>QF@JRIQFPQ>DB
ALR?IBP>JMIFKDABPFDKP>KAQFJB
MBOJFQQFKDQLMF@PPR@E>PJLABI
?>PBAP>JMIFKDPM>QF>I>KA>A>MQFSB
P>JMIFKD
,?:ED
'C6C6BF:D:E6D
HKLTIBADBLC?>PF@MOL?>?FIFQV>KA
PQ>QFPQF@P>QQEBIBSBILC, FP
>PPRJBA
 6/(">Q>ILD
$(F2=:EJ@?EC@=
3EFP@LROPBMOLSFABPQEBPQRABKQTFQE
QEB?>PF@PQ>QFPQF@>IQLLIPKBBABAQL
BS>IR>QBQEBNR>IFQVLCMOLAR@QP>KA
MOL@BPPBP3LMF@P@LSBOBAFK@IRABQEB
MEFILPLMEV>KAFJMIBJBKQ>QFLKLC
@LKQFKRLRPNR>IFQVFJMOLSBJBKQ
JBQELAP2EBTE>OQ@LKQOLI@E>OQPCLO
S>OF>?IBP>KA>QQOF?RQBP$6, >KA
"RPRJ@LKQOLI@E>OQPMOL@BPP
@>M>?FIFQV>K>IVPFPC>@QLOF>I>KA
CO>@QFLK>IC>@QLOF>IBUMBOFJBKQPCLO
MOL@BPPABPFDK>KAFJMOLSBJBKQ
>KAOBPMLKPBPROC>@BJBQELAPCLO
MOL@BPPLMQFJFW>QFLK AAFQFLK>I
QLMF@PTFII?B@LSBOBA>PQFJB
MBOJFQP2MB@F>IBJME>PFPTFII?B
MI>@BALKOB>IFPQF@>MMIF@>QFLKPLCQEB
QEBLOVRPFKDPQ>QFPQF@>I@LJMRQBO
M>@H>DBP
,?:ED
'C6C6BF:D:E6D
HKLTIBADBLC?>PF@MOL?>?FIFQV>KA
PQ>QFPQF@>QQEBIBSBILC, FP
>PPRJBA
$?2=JD:D@7#:76E:>62E2
+FCBQFJBA>Q>L@@ROPCOBNRBKQIVFK
BKDFKBBOFKDTEBOBFQFPHKLTK>P
OBIF>?FIFQVLOC>FIROBQFJBA>Q>>KAFK
QEB?FLJBAF@>IP@FBK@BPTEBOBFQFP
HKLTK>PPROSFS>IA>Q>3EFP@LROPB
@LSBOPQEB?>PF@JBQELAPCLO
>K>IVWFKDPR@EA>Q>3LMF@PFK@IRAB
MOL?>?FIFQVJLABIPCLOIFCBQFJBA>Q>
@BKPLOFKDDO>MEF@>IJBQELAPLC
JLABIPBIB@QFLK>KA>K>IVPFP
M>O>JBQOF@>KAAFPQOF?RQFLKCOBB
FKCBOBK@BM>O>JBQOF@>KA
AFPQOF?RQFLKCOBBOBDOBPPFLKJBQELAP
PQFJBMBOJFQP>AAFQFLK>IQLMF@P
PR@E>PCO>FIQVJLABIP>KA
>@@BIBO>QBAIFCBJLABIPTFII?B
@LKPFABOBA2MB@F>IBJME>PFPTFII?B
MI>@BALKOB>IFPQF@>MMIF@>QFLKPLCQEB
QEBLOVRPFKDPQ>QFPQF@>I@LJMRQBO
M>@H>DBP
,?:ED
'C6C6BF:D:E6D
HKLTIBADBLC?>PF@MOL?>?FIFQV>KA
PQ>QFPQF@P>QQEBIBSBILC, FP
>PPRJBA
$+:>6*6C:6D?2=JD:D
3FJBPBOFBP>OB@LIIB@QFLKPLC
L?PBOS>QFLKPJ>ABPBNRBKQF>IIVFK
QFJB$U>JMIBPLCQEFPQVMBLCA>Q>
>?LRKAFKJ>KVhBIAPO>KDFKDCOLJ
hK>K@BQLBKDFKBBOFKD2MB@F>I
QB@EKFNRBP>OB@>IIBACLOFKLOABOQL
>K>IVWB>KAJLABIQEBPBA>Q>3EFP
@LROPBFKQOLAR@BPQEBPQRABKQQLQFJB
>KACOBNRBK@VALJ>FKQB@EKFNRBP
FK@IRAFKDQLMF@PPR@E>P
>RQL@LOOBI>QFLKPMB@QO>I>K>IVPFP>KA
1, >KA 1(, JLABIP!LU
)BKHFKPJBQELALILDVhQQFKD
CLOB@>PQFKD>KAPB>PLK>I
>AGRPQJBKQP3FJBMBOJFQQFKD
>AAFQFLK>IQLMF@PTFII?B@ELPBKCOLJ
*>IJ>KhIQBOPJLLQEFKDQB@EKFNRBP
'LIQ6FKQBOPMOL@BAROBP% 1(, >KA
& 1"'JLABIP>KAGLFKQQFJB
COBNRBK@VJBQELAPPR@E>PT>SBIBQP
3EBBJME>PFPTFII?BFK>MMIF@>QFLKQL
OB>IA>Q>PFQR>QFLKPRPFKDPQ>QFPQF@>I
@LJMRQBOM>@H>DBP
,?:ED
'C6C6BF:D:E6D
HKLTIBADBLC, FP>PPRJBA
*KLTIBADBLC, FP>IPL
>PPRJBA?RQJ>V?BQ>HBK
@LK@ROOBKQIV
$@>AFE2E:@?2=*E2E:DE:4D
"LJMRQ>QFLK>IPQ>QFPQF@PFP>K
BPPBKQF>I@LJMLKBKQLCJLABOK
PQ>QFPQF@PQE>QLCQBKOBNRFOBPBg@FBKQ
>IDLOFQEJP>KAMOLDO>JFKD
PQO>QBDFBPCLOPQ>QFPQF@>IIB>OKFKD>KA
A>Q>>K>IVPFP3EFP@LROPBTFII
FKQOLAR@BMOFK@FMIBP>KAQB@EKFNRBP
LCPQ>QFPQF@>I@LJMRQFKD>KAA>Q>
J>K>DBJBKQKB@BPP>OVCLO
@LJMRQ>QFLK>IIVFKQBKPFSBPQ>QFPQF@>I
>K>IVPFPBPMB@F>IIVCLO?FDA>Q>
3LMF@P@LSBOBAFK@IRABJ>K>DBJBKQ
LCI>ODBA>Q>A>Q>PQOR@QROBA>Q>
NRBOVM>O>IIBIFWBAA>Q>
>K>IVPBPPQL@E>PQF@PFJRI>QFLKP
,LKQB">OILJBQELAPMBOJRQ>QFLK
?>PBAFKCBOBK@B
KRJBOF@>ILMQFJFW>QFLKFKPQ>QFPQF@>I
FKCBOBK@BABQBOJFKFPQF@>KA
PQL@E>PQF@@LKSBU>K>IVPFP$,
>IDLOFQEJBQ@O>KALJFW>QFLK
JBQELAP?LLQPQO>MJBQELAPBQ@
2QRABKQPTFIIRPBQEBPBQB@EKFNRBP
TEFIBBKD>DFKDFKE>KAPLKMOLGB@QP
TFQEOB>IA>Q>2QRABKQPTELE>SB
Q>HBKQEB, SBOPFLKLCQEFP
@LROPB@>KKLQ>IPLB>OK@OBAFQCLO,

'C6C6BF:D:E6D
-LMOBSFLRPMOLDO>JJFKD
HKLTIBADBBUMBOFBK@BFP>PPRJBA
2LJBHKLTIBADBLCMOL?>?FIFQV>KA
PQ>QFPQF@PLO, BNRFS>IBKQFP
OB@LJJBKABA
 6/(">Q>ILD
$:DEC:3FE:@?C662?5
)@3FDE*E2E:DE:42=$6E9@5D
#FPQOF?RQFLKCOBBPQ>QFPQF@>IJBQELAP
OBI>UQEBRPR>IAFPQOF?RQFLK>I
JLABIFKD>PPRJMQFLKPLC@I>PPF@>I
PQ>QFPQF@>IJBQELAP1L?RPQJBQELAP
>OBPQ>QFPQF@>IMOL@BAROBPQE>Q>OB
OBI>QFSBIVFKPBKPFQFSBQLABM>OQROBP
COLJQVMF@>I>PPRJMQFLKPTEFIB
OBQ>FKFKDQEBBUMB@QBA?BE>SFLO
TEBK>PPRJMQFLKP>OBP>QFPhBA
3LMF@P@LSBOBAFK@IRABQFJB
MBOJFQQFKDLOABOPQ>QFPQF@P>KAO>KHP
@I>PPF@>IAFPQOF?RQFLKCOBBQBPQPPR@E
>PQEBPFDK6FI@LULKPFDKBAO>KH
>KA6FI@LULKO>KHPRJQBPQP>KA
>PPL@F>QBAMLFKQBPQFJ>QLOP>KA
@LKhABK@BFKQBOS>IPQBPQPMBOQ>FKFKD
QLLKB>KAQTLT>VI>VLRQPQEB
*LIJLDLOLS2JFOKLSQBPQ
MBOJRQ>QFLKJBQELAP?LLQPQO>M>KA
,LKQB">OILJBQELAP,+>KA1
BPQFJ>QLOPOBDOBPPFLKHBOKBIABKPFQV
BPQFJ>QFLK>KALQEBOPJLLQEFKD
JBQELAP"LJM>OFPLKPTFII?BJ>AB
QLPQ>KA>OAM>O>JBQOF@JBQELAP
,?:ED
'C6C6BF:D:E6D
HKLTIBADBLC, FP>PPRJBA
?RQJ>V?BQ>HBK@LK@ROOBKQIV
$AA=:65$F=E:G2C:2E6
?2=JD:D
3EFP@LROPBFP>KFKQOLAR@QFLKQL
PQ>QFPQF@>IJBQELAPCLO>K>IVWFKD
JRIQFS>OF>QBA>Q>3LMF@P@LSBOBA>OB
JRIQFS>OF>QBP>JMIFKDAFPQOF?RQFLKP
QBPQP>KABPQFJ>QFLKLCJRIQFS>OF>QB
KLOJ>IM>O>JBQBOPJRIQFS>OF>QB
-.5 OBDOBPPFLKAFP@OFJFK>KQ
>K>IVPFP@IRPQBO>K>IVPFPC>@QLO
>K>IVPFP>KAMOFK@FM>I@LJMLKBKQP
AAFQFLK>IQLMF@PTFII?B@LSBOBA>P
QFJBMBOJFQP2QRABKQPTFII?B
OBNRFOBAQL>K>IVWBOB>IA>Q>RPFKD
LKBLCQEBPQ>KA>OAM>@H>DBP
>S>FI>?IB
,?:ED
'C6C6BF:D:E6D
HKLTIBADBLC, FP>PPRJBA
?RQJ>V?BQ>HBK@LK@ROOBKQIV
*KLTIBADBLCJ>QOFU>IDB?O>FP
>PPRJBA
$AA=:652J6D:2?
*E2E:DE:4D
!>VBPF>KPQ>QFPQF@PJ>HBPRPBLC>K
FKCBOBKQF>IMOL@BPPQE>QJLABIPA>Q>
PRJJ>OFWFKDQEBOBPRIQPFKQBOJPLC
MOL?>?FIFQVAFPQOF?RQFLKPCLOQEB
JLABIM>O>JBQBOP HBVCB>QROBFP
QE>QFKQEB!>VBPF>K>MMOL>@EM>PQ
FKCLOJ>QFLK@>K?BRMA>QBATFQE
KBTA>Q>FK>KBIBD>KQT>VFKLOABO
QL>FAFKAB@FPFLKJ>HFKD3LMF@P
FK@IRABAFKQEB@LROPBPPQ>QFPQF@>I
AB@FPFLKQEBLOVQEB!>VBPF>K
FKCBOBKQF>ICO>JBTLOHJLABI
PMB@Fh@>QFLKJLABIhQQFKD>KA
JLABI@EB@HFKD@LJMRQ>QFLK>I
JBQELAPCLOMLPQBOFLOPFJRI>QFLK
FKQBDO>QFLKOBDOBPPFLKJLABIP
EFBO>O@EF@>IJLABIP>KA -.5 
QFJBMBOJFQQFKD>AAFQFLK>IQLMF@PTFII
FK@IRABDBKBO>IFWBAIFKB>OJLABIP
JRIQFS>OF>QBJLABIPJFPPFKDA>Q>
MOL?IBJP>KAQFJBPBOFBP>K>IVPFP
,?:ED
'C6C6BF:D:E6D
HKLTIBADBLC, FP>PPRJBA
$C25F2E6*6>:?2C:?
AA=:65$2E96>2E:4D
3EFPPBJFK>OFKQOLAR@BPPQRABKQPQL
JLABOKFPPRBPFK MMIFBA
,>QEBJ>QF@P(KQEB
PBJFK>OPQRABKQP>KAC>@RIQVTFII
OB>A>KAAFP@RPPPROSBV>KAOBPB>O@E
M>MBOPJ>HB>KA
>QQBKAMOBPBKQ>QFLKP>KAM>OQF@FM>QB
FK?O>FKPQLOJFKDPBPPFLKPQLT>OAQEB
PLIRQFLKLC>AS>K@BAJ>QEBJ>QF@>I
MOL?IBJP
,?:ED
$*E2E:DE:4DC25F2E6
*6>:?2C
3EFPPBJFK>OFKQOLAR@BPPQRABKQPQL
FPPRBP>KAQOBKAPFKJLABOK
PQ>QFPQF@P(KQEBPBJFK>OPQRABKQP
>KAC>@RIQVTFIIOB>A>KAAFP@RPP
PROSBV>KAOBPB>O@EM>MBOPJ>HB
>KA>QQBKAMOBPBKQ>QFLKP>KA
M>OQF@FM>QBFK?O>FKPQLOJFKDPBPPFLKP
QLT>OAQEBPLIRQFLKLC>AS>K@BA
PQ>QFPQF@>IMOL?IBJP
,?:ED
$C25F2E6*6>:?2C
#BPFDKBAQLFKQOLAR@BDO>AR>QB
PQRABKQPQLPQRAVLCLOFDFK>IM>MBOP
>KA>fLOAQEBJLMMLOQRKFQVQLDFSB
>@@LRKQLCQEBFOTLOH?VQ>IHPFKQEB
PBJFK>O
,?:ED
$2?5'C@76DD:@?2=
$2DE6CLD*6>:?2C
3EFPPBJFK>OTFIIFKQOLAR@B
MOLCBPPFLK>IJ>PQBOPPQRABKQPQL
QLMF@POBI>QBAQLDBKBO>ITOFQFKD
MOBPBKQ>QFLKDOLRM@LJJRKF@>QFLK
>KAFKQBOSFBTFKDPHFIIP>KATFII
MOLSFABQEBCLRKA>QFLKPQLPR@@BPPCRI
@LLMBO>QFLKTFQEFKFKQBOAFP@FMIFK>OV
QB>JBKSFOLKJBKQP IICRIIQFJB
PQRABKQPTFII?BOBNRFOBAQLQ>HB?LQE
@LJMLKBKQP >KA!LCQEBPBJFK>O
AROFKDQEBFOMOLCBPPFLK>IJ>PQBOP
PQRAFBP
,?:ED
$:?2?4:2=$2E96>2E:4D 
3EFP@LROPBMOLSFABP>KFKQOLAR@QFLK
QLJ>KVLCQEB@BKQO>I@LK@BMQPFK
J>QEBJ>QF@>IhK>K@B3EBCL@RPLC
QEB@LROPBFPLK>O?FQO>DB?>PBA
MOF@FKDLCABOFS>QFSBPB@ROFQFBP3LMF@P
FK@IRABPQL@E>PQF@@>I@RIRPPB@ROFQFBP
J>OHBQP>O?FQO>DB?>PBAMOF@FKDLC
LMQFLKP>KAQEBFORPBPCLOEBADFKD
>KAOFPHJ>K>DBJBKQCLOT>OA>KA
CRQROBP@LKQO>@QP$ROLMB>KLMQFLKP
JBOF@>KLMQFLKPBULQF@LMQFLKP
?FKLJF>IPQL@HMOF@BJLABIPQEB
!I>@H2@ELIBP,BOQLKM>OQF>I
AFfBOBKQF>IBNR>QFLKOFPHKBRQO>I
LMQFLKMOF@FKDQEBCRKA>JBKQ>I
QEBLOBJPLC>PPBQMOF@FKDPBKPFQFSFQV
JB>PROBP[&OBBHP^>KA,BOQLKP
@OBAFQOFPHJLABI
,?:ED
'C6C6BF:D:E6D
, TEF@E@>K?BQ>HBK
@LK@ROOBKQIV
 6/(">Q>ILD
$:?2?4:2=$2E96>2E:4D 
3EB@LROPBFPABSLQBAQLQEB
J>QEBJ>QF@PLChUBAFK@LJB
PB@ROFQFBP>KAQLQEBhK>K@F>I
FKPQORJBKQP>KAJBQELAPRPBAQL
J>K>DBFKQBOBPQO>QBOFPH3EBhOPQ
QLMF@P@LSBOBA>OBQEBQBOJPQOR@QROB
LCFKQBOBPQO>QBP?LKAPCRQROBP
FKQBOBPQO>QBPT>MP>KAQEBFORPBP>P
FKSBPQJBKQLOEBADFKDQLLIP>KAFK
>PPBQIF>?FIFQVJ>K>DBJBKQ3EB
PB@LKAM>OQLCQEB@LROPBFPABSLQBA
QLAVK>JF@QBOJPQOR@QROBJLABIP
FK@IRAFKDOFPHKBRQO>IFKQBOBPQO>QB
QOBBPQEB'B>QE)>OOLT,LOQLK
JLABI+F?LOJ>OHBQJLABIP>KA
CLOT>OAJB>PROBP MMIF@>QFLKPLC
QEBPBJLABIP>OB>IPL@LSBOBA
FK@IRAFKDQEBMOF@FKDLCKLKIFKB>O
FKQBOBPQO>QBABOFS>QFSBPPR@E>P@>MP
iLLOP@LII>OPPT>MQFLKP>KAQEB
AVK>JF@EBADFKDLCFKQBOBPQO>QBOFPH
3EB@LROPB@LK@IRABPTFQEQEB
@LSBO>DBLCJLOQD>DB?>@HBA>KA
>PPBQ?>@HBAPB@ROFQFBP
,?:ED
'C6C6BF:D:E6D
, 
$@>AFE2E:@?2=$6E9@5D
@7:?2?4:2=$2E96>2E:4D
,LPQOB>IFPQF@NR>KQFQ>QFSBhK>K@B
JLABIP>OBQLL@LJMIBUQL>IILT
BUMIF@FQ>K>IVQF@PLIRQFLKP>KA>OB
PLISBA?VKRJBOF@>I@LJMRQ>QFLK>I
JBQELAP3EBhOPQM>OQLCQEB@LROPB
@LSBOPQEB>MMIF@>QFLKLChKFQB
AFfBOBK@BJBQELAPQLQEBM>OQF>I
AFfBOBKQF>IBNR>QFLKP>KAFKQBOBPQ
O>QBJLABIP>OFPFKDFKhK>K@B3LMF@P
FK@IRABA>OBBUMIF@FQFJMIF@FQ>KA
"O>KH-F@ELIPLKhKFQBAFfBOBK@B
P@EBJBPCLOhUBA>KACOBB?LRKA>OV
S>IRBMOL?IBJPQEBFO@LKSBODBK@B
>KAPQ>?FIFQV3EBPB@LKAM>OQLCQEB
@LROPB@LSBOP,LKQB">OILPFJRI>QFLK
JBQELAPFK@IRAFKDO>KALJKRJ?BO
DBKBO>QFLKS>OF>K@BOBAR@QFLK
QB@EKFNRBP>KAQEBRPBLCILT
AFP@OBM>K@VPBNRBK@BP
,?:ED
'C6C6BF:D:E6D
, >KAMOLDO>JJFKDPHFIIP>Q
QEBIBSBILC, TEF@E@>K?B
Q>HBK@LK@ROOBKQIV
$'@CE7@=:@-2=F2E:@?2?5
):D<$2?286>6?E
!>I>K@FKDhK>K@F>IOFPHPSPOBQROKP?V
QEBRPBLC>PPBQAFSBOPFh@>QFLKFPLKB
LCQEBCRKA>JBKQ>IQ>PHPLC
NR>KQFQ>QFSBhK>K@F>IJ>K>DBJBKQ
3EFP@LROPBFPABSLQBAQLQEBRPBLC
J>QEBJ>QF@>ILMQFJFW>QFLK>KA
PQ>QFPQF@PQL>IIL@>QB>PPBQPQL
@LKPQOR@Q>KAJ>K>DBMLOQCLIFLP>KA
QLJB>PROB>KAJ>K>DBQEBOBPRIQFKD
OFPHP3EBhPQM>OQLCQEB@LROPB
@LSBOP,>OHLTFQWPJB>KS>OF>K@B
LMQFJFW>QFLK>KABg@FBKQCOLKQFBOP
2E>OMBPPFKDIBFKABU>KA@>MFQ>I
>PPBQMOF@FKDJLABIP>O?FQO>DB
MOF@FKDQEBLOVPQOR@QRO>I>KA
PQ>QFPQF@>IJRIQFC>@QLOJLABIPOFPH
>IIL@>QFLK>KAOFPH?RADBQFKD3EB
PB@LKAM>OQLCQEB@LROPBFPABSLQBA
QLQEBFKQBOQTFKFKDLCLMQFJFW>QFLK
>KAPQ>QFPQF@>IJBQELALILDFBPFK
JLABOKMLOQCLIFLJ>K>DBJBKQ
FK@IRAFKDOBP>JMIBABg@FBK@V
OL?RPQ>KA!>VBPF>KPQ>QFPQF@>I
JBQELAPQEB!I>@H+FQQBOJ>KJLABI
>KAOL?RPQMLOQCLIFLLMQFJFW>QFLK
,?:ED
$$2C<6E2?5C65:E):D<
$@56=D2?5$2?286>6?E
3EBL?GB@QFSBLCQEB@LROPBFPQL
C>JFIF>OFWBPQRABKQPTFQEQEBJLPQ
FJMLOQ>KQNR>KQFQ>QFSBJLABIP>KA
JBQELAPRPBAQLJB>PROB>KA
J>K>DBhK>K@F>IOFPHTFQEPMB@F>I
BJME>PFPLKJ>OHBQ>KA@OBAFQOFPH
3EB@LROPBPQ>OQPTFQEQEB
FKQOLAR@QFLKLCJBQOF@PLCOFPHPR@E>P
SLI>QFIFQVS>IRB>QOFPH>KABUMB@QBA
PELOQC>II>KATFQEQEBCRKA>JBKQ>I
NR>KQFQ>QFSBQB@EKFNRBPRPBAFK
hK>K@F>IOFPHBS>IR>QFLK>KA
J>K>DBJBKQ3EBKBUQPB@QFLKFP
ABSLQBAQLJ>OHBQOFPHFK@IRAFKD
SLI>QFIFQVJLABIFKDQFJBPBOFBPKLK
KLOJ>IEB>SVQ>FIBAMEBKLJBK>>KA
JRIQFS>OF>QBKLQFLKPLC
@LABMBKABK@BPR@E>P@LMRI>P
@LOOBI>QFLKP>KAQ>FIABMBKABK@B
3EBhK>IPB@QFLK@LK@BKQO>QBPLK
@OBAFQOFPHFK@IRAFKDPQOR@QRO>I>KA
AVK>JF@JLABIP>KAABC>RIQ
@LKQ>DFLK>KA>MMIFBPQEB
J>QEBJ>QF@>IQLLIPQLQEBS>IR>QFLK
LCABC>RIQ@LKQFKDBKQ@I>FJP
FK@IRAFKD@OBAFQABC>RIQPT>MP
PQOR@QROBA@OBAFQMLOQCLIFLP>KA
@LII>QBO>IFWBAAB?QL?IFD>QFLKP
,?:ED
'C6C6BF:D:E6D
HKLTIBADBLC, >PPRJBA?RQ
@>K?BQ>HBK@LK@ROOBKQIV
 6/(">Q>ILD
$:?2?4:2='C@8C2>>:?8
.@C<D9@A
3EBL?GB@QFSBFPQLBIBS>QBQEB
PQRABKQP@LJMRQBOMOLDO>JJFKD
PHFIIPQLQEBPBJFMOLCBPPFLK>IIBSBI
OBNRFOBAFKNR>KQFQ>QFSBhK>K@B
/>OQF@FM>KQPIB>OKQEOLRDEE>KAPLK
BUMBOFBK@B?VTLOHFKDLK>
PQOR@QROBAPBQLCJFKFMOLGB@QPCOLJ
@LJMRQ>QFLK>IhK>K@BRKABOQEB
DRFA>K@BLC>KBUMBOFBK@BAQO>FKBO
>KAQEBC>@RIQVFK@E>ODB3EB
MOLDO>JJFKDI>KDR>DBRPBAJ>V?B
", 3+ !125!LO>KLQEBO
I>KDR>DBTFABIVRPBAFKNR>KQFQ>QFSB
hK>K@B>KAJ>V>IQBOK>QBCOLJVB>O
QLVB>O
,?:ED
'C6C6BF:D:E6D
(KQBOJBAF>QBP@FBKQFh@MOLDO>JJFKD
PHFIIP
$*E2E:DE:42=
$6E9@5D:?6?6E:4D2?5
:@:?7@C>2E:4D
3EFP@LROPBMOLSFABPPQRABKQPTFQE
HKLTIBADB>KARKABOPQ>KAFKDLCQEB
>MMIF@>QFLKPLCPQ>QFPQF@PFKJLABOK
DBKBQF@P>KA?FLFKCLOJ>QF@P3EB
@LROPBDBKBO>IIV@LSBOPMLMRI>QFLK
DBKBQF@PDBKBQF@BMFABJFLILDV>KA
PQ>QFPQF@>IJLABIPFK?FLFKCLOJ>QF@P
2MB@Fh@QLMF@PFK@IRABJBFLPFP
JLABIFKDPQL@E>PQF@JLABIPCLO
OB@LJ?FK>QFLKIFKH>DB>KA
>PPL@F>QFLKPQRAFBPM>O>JBQOF@SP
KLKM>O>JBQOF@JLABIPC>JFIV?>PBA
SPMLMRI>QFLK?>PBAJLABIPCLO
J>MMFKDDBKBPLCNR>IFQ>QFSB>KA
NR>KQFQ>QFSBQO>FQPDBKBBUMOBPPFLK
A>Q>>K>IVPFP#- >KAMOLQBFK
PBNRBK@B>K>IVPFP>KAJLIB@RI>O
BSLIRQFLK2Q>QFPQF@>I>MMOL>@EBP
FK@IRABILDIFHBIFELLAO>QFLQBPQP
P@LOBQBPQPDBKBO>IFWBAIFKB>OJLABIP
$,>IDLOFQEJ,>OHLS@E>FK,LKQB
">OILEFAABK,>OHLSJLABI>KA
@I>PPFh@>QFLK>KAOBDOBPPFLKQOBBP
2QRABKQPJ>VKLQOB@BFSB@OBAFQCLO
?LQE, >KA, 
,?:ED
'C6C6BF:D:E6D
HKLTIBADBLCMOL?>?FIFQV>KA
PQ>QFPQF@P>QQEBRKABODO>AR>QBIBSBI
$*A64:2=+@A:4D
"LROPBPLKPMB@F>IQLMF@P>OBLfBOBA
RKABOQEFPKRJ?BO"LKQ>@QQEB
,>QEBJ>QF@>I2@FBK@BP#BM>OQJBKQ
CLO@ROOBKQLfBOFKDP
,?:ED
$ ?56A6?56?E*EF5J
2RMBOSFPBAFKABMBKABKQPQRAVLC>
QLMF@LCJRQR>IFKQBOBPQQLQEB
FKPQOR@QLO>KAQEBPQRABKQ
,?:ED
$$2DE6CLD2ADE@?6
3EB,>PQBOP">MPQLKBFPABPFDKBAQL
FKQBDO>QB@I>PPOLLJIB>OKFKDTFQE
OB>ITLOIAMO>@QF@B(Q@>K@LKPFPQLC>
MOLGB@Q>MO>@QF@RJ>OBPB>O@E
OBSFBTOBMLOQLO>OBPB>O@EMOLMLP>I
TOFQQBKOBMLOQ>KA>MOBPBKQ>QFLK
>OBOBNRFOBA
,?:ED
$'C@76DD:@?2=$2DE6CLD
'C@;64E
3EFPMOLGB@QTFIIMOLSFABQEB
LMMLOQRKFQVQL>MMIV>KABUQBKAQEB
J>QBOF>IPQRAFBAFKQEB@LROPBTLOHQL
QEBPQRAVLC>OB>ITLOIAMOL?IBJ
LOFDFK>QFKDFKQEBFKARPQOV3EB
MOLGB@QTFII?B>@>MPQLKBFKQBDO>QFKD
FKARPQOF>IBUMBOFBK@BTFQEQEB
MOBSFLRPIV>@NRFOBA>@>ABJF@
HKLTIBADB>KAPHFIIP3EBQLMF@LCQEB
MOLGB@QTFII@LJBCOLJ>MOL?IBJ
DBKBO>QBAFKFKARPQOV>KA@LRIA
LOFDFK>QBCOLJMOFLOFKQBOKPEFMLO
FKARPQOVBUMBOFBK@BLCQEBPQRABKQ
3EBPQRABKQTFIIMOBM>OB>TOFQQBK
MOLGB@QOBMLOQ>KAJ>HB>
MOBPBKQ>QFLK?BCLOB>@LJJFQQBB
FK@IRAFKDQEBC>@RIQV>ASFPLO>QIB>PQ
LKB>AAFQFLK>I6/(C>@RIQVJBJ?BO
>KAOBMOBPBKQ>QFSBPLC>MLPPF?IB
FKARPQOF>IPMLKPLO3EB>ASFPLOLC
OB@LOAJRPQ?B>C>@RIQVJBJ?BOLC
QEB6/(,>QEBJ>QF@>I2@FBK@BP
#BM>OQJBKQ3EBPQRABKQJRPQ
PR?JFQ>TOFQQBKMOLGB@QMOLMLP>ICLO
>MMOLS>I?VQEB&O>AR>QB"LJJFQQBB
MOFLOQLOBDFPQBOFKDCLOQEBMOLGB@Q
,?:ED
$+96D:D
1BPB>O@EPQRAV>QQEBJ>PQBOPIBSBI
,?:ED
$'9'C@;64E
/E#MOLGB@QTLOH
,?:ED
$:DD6CE2E:@?
1BPB>O@EPQRAV>QQEB/E#IBSBI
,?:ED
 6/(">Q>ILD
,>QEBJ>QF@P
CLO$AR@>QLOP
$$*$'C@323:=:EJ
*E2E:DE:4D2?52E2?2=JD:D  
3EFP@LROPBFKQOLAR@BPPQRABKQPQL
MOL?>?FIFQVQEBJ>QEBJ>QF@>I
ABP@OFMQFLKLCO>KALJMEBKLJBK>
>KAQLPQ>QFPQF@PQEBP@FBK@BLCA>Q>
2QRABKQPFKQEFP@LROPBTFII>@NRFOB
QEBCLIILTFKDHKLTIBADB>KAPHFIIP]
/OL?>?FIFQVJLABIPJ>QEBJ>QF@>I
JLABIPRPBAQLABP@OF?B>KAMOBAF@Q
O>KALJMEBKLJBK>2QRABKQPTFII
IB>OKPBSBO>I?>PF@MOL?>?FIFQVJLABIP
>KAQEBFORPBP>KATFIIL?Q>FK
BUMBOFBK@BFKJLABIFKDO>KALJ
MEBKLJBK>]#>Q>>K>IVPFPQEB>OQ
P@FBK@BLChKAFKDM>QQBOKPFKA>Q>
>KARPFKDQELPBM>QQBOKPQLBUMI>FK
QEBMOL@BPPTEF@EMOLAR@BAQEBA>Q>
2QRABKQPTFII?B>?IBQLBUMILOB>KA
AO>T@LK@IRPFLKP>?LRQA>Q>RPFKD
@LJMRQ>QFLK>I>KADO>MEF@>I
JBQELAP3EBFQBO>QFSBK>QROBLC
PQ>QFPQF@>IBUMILO>QFLKTFII?B
BJME>PFWBA]2Q>QFPQF@>IFKCBOBK@B
>KAJLABIFKDQEBRPBLCA>Q>
P>JMIBACOLJ>MOL@BPP>KAQEB
MOL?>?FIFQVJLABILCQE>QMOL@BPPQL
AO>T@LK@IRPFLKP>?LRQQEBMOL@BPP
2QRABKQPTFII>QQ>FKMOLh@FBK@VFK
PBIB@QFKDhQQFKD>KA@OFQF@FWFKD
JLABIP>KAFKAO>TFKDFKCBOBK@B
COLJA>Q>]#BPFDKLCBUMBOFJBKQP
>KAP>JMIFKDPQRAFBPQEBMOLMBO
T>VQLABPFDKBUMBOFJBKQP>KA
P>JMIFKDPQRAFBPPLQE>QPQ>QFPQF@>IIV
S>IFAFKCBOBK@BP@>K?BAO>TK
2MB@F>I>QQBKQFLKTFII?BDFSBKQLQEB
OLIBLCBUMBOFJBKQP>KAP>JMIFKD
PQRAFBPFKP@FBKQFh@FKSBPQFD>QFLK
3EOLRDEI>?>KAMOLGB@QTLOH
PQRABKQPTFIIL?Q>FKMO>@QF@>IPHFIIPFK
ABPFDKFKD>KA>K>IVWFKDPQRAFBP>KA
BUMBOFJBKQP"LROPBQLMF@PTFII?B
JLQFS>QBATEBKBSBOMLPPF?IB?V
>MMIF@>QFLKP>KAOBFKCLO@BA?V
BUMBOFJBKQ>I>KA@LJMRQBOI>?
BUMBOFBK@BP.KBFKABMQEMOLGB@Q
MBOPBJBPQBOFKSLISFKDABPFDKA>Q>
@LIIB@QFLK>KAPQ>QFPQF@>ILO
MOL?>?FIFPQF@>K>IVPFPTFIIPBOSBQL
FKQBDO>QB>KA@LKPLIFA>QBPQRABKQ
PHFIIP>KARKABOPQ>KAFKD2QRABKQP
TFII?BBUMB@QBAQLIB>OK>KARPB>
PQ>QFPQF@>I@LJMRQBOM>@H>DBPR@E>P
,(-(3 !
,?:ED
$$6@>6EC:42=@?46AED
3EFP@LROPBCL@RPBPMOFJ>OFIVLKQEB
CLRKA>QFLKP>KA>MMIF@>QFLKPLC
$R@IFAB>K>KAKLK$R@IFAB>K
DBLJBQOFBP3EBOF@E>KAAFSBOPB
K>QROBLCQEBPR?GB@Q>IPLFJMIFBPQEB
KBBAQLBUMILOBLQEBOQLMF@PCLO
BU>JMIB@E>LP>KACO>@Q>IP3EB
@LROPBFK@LOMLO>QBP@LII>?LO>QFSB
IB>OKFKD>KAQEBFKSBPQFD>QFLKLC
FAB>PQEOLRDEDOLRMMOLGB@QP
/LPPF?IBQLMF@PFK@IRABDBLJBQOF@>I
PLCQT>OB>KA@LJMRQBODO>MEF@P
QFIFKD>KAQBPPBII>QFLKPQTL>KA
QEOBBAFJBKPFLK>IDBLJBQOV
FKSBOPFSBDBLJBQOVDO>MEF@>I
OBMOBPBKQ>QFLKPLCCRK@QFLKPJLABI
@LKPQOR@QFLKCRKA>JBKQ>I
OBI>QFLKPEFM?BQTBBK>IDB?O>>KA
DBLJBQOV>MMIF@>QFLKPLCDBLJBQOV
DBLJBQOVQO>KPCLOJ>QFLKP>KA
MOLGB@QFSBDBLJBQOV>KA@LKSBUFQV
,?:ED
 6/(">Q>ILD
$$AA=:42E:@?D@72=4F=FD
3EBOB>OBQEOBBJ>GLODL>IPCLOQEFP
@LROPBQLBPQ>?IFPEQEBRKABOIVFKD
MOFK@FMIBPLC@>I@RIRPQLOBFKCLO@B
PQRABKQP@>I@RIRPPHFIIPQEOLRDE
FKSBPQFD>QFLKLC>MMIF@>QFLKP
FKSLISFKDQELPBPHFIIP>KAQLDFSB
PQRABKQPQEBLMMLOQRKFQVQLABSBILM
MOLGB@QP>KAI>?LO>QLOV>PPFDKJBKQP
CLORPB?VhOPQVB>O@>I@RIRPPQRABKQP
3EB@LROPBTFIICL@RPEB>SFIVLKQEB
RPBLCQB@EKLILDVQLPLISBMOL?IBJP
FKSLISFKD>MMIF@>QFLKPLC@>I@RIRP
@LK@BMQP(K>AAFQFLK,,$PQRABKQP
TFII?BBUMB@QBAQLJ>PQBOQEB
J>QEBJ>QF@>IOFDLOLCQEBPB@>I@RIRP
@LK@BMQPPLQE>QQEBVTFII?B?BQQBO
MOBM>OBAQLABSBILMQEBFOLTK
MOLGB@QP>KAI>?LO>QLOV>PPFDKJBKQP
%LOBU>JMIBFC>K,,$PQRABKQ
@ELPBQLABSBILM>I>?LK
@LKSBODBK@BLCPBNRBK@BEBPEB
TLRIA?BBUMB@QBAQLRKABOPQ>KA
QEBOFDLOLRPABhKFQFLKLC
@LKSBODBK@B>KAELTQL>MMIVFQQL
D>FKPRg@FBKQ>KALOKB@BPP>OV
@LKAFQFLKPCLO@LKSBODBK@B3EB
MOL@BPPLCABSBILMFKDQEBPBhOPQVB>O
@>I@RIRP>PPFDKJBKQPTFIIBK>?IBQEB
,,$PQRABKQPQLFK@OB>PBQEBFOLTK
J>QEBJ>QF@>IRKABOPQ>KAFKDLC
@LK@BMQPTEFIBIB>OKFKDQLE>KAIB
J>QEBJ>QF@>I>KA@LJMRQBOFPPRBP
TEF@ETFII?BBK@LRKQBOBA?VQEBFO
LTK@>I@RIRPPQRABKQP3EBFO
RKABOPQ>KAFKDLCQEB@LK@BMQP>KA
>MMIF@>QFLKPLC@>I@RIRPTFII?B
CROQEBOOBFKCLO@BAQEOLRDE@LJMRQBO
I>?LO>QLOV>PPFDKJBKQP>KADOLRM
MOLGB@QP MMIF@>QFLKPJFDEQFK@IRAB
BUMLKBKQF>IAB@>VLCAORDPFKQEB
?LAVLMQFJ>I@O>KHPE>CQABPFDK
MLMRI>QFLKDOLTQELOABSBILMJBKQ
LC@ORFPB@LKQOLIPVPQBJP
,?:ED
'C6C6BF:D:E6D
,,$
$$?2=JD:DH:E9
AA=:42E:@?D
3EFP@LROPBFKQOLAR@BPPQRABKQPQL
J>QEBJ>QF@>I>K>IVPFP>KAFQPRPBFK
JLABIFKD(QTFIIBJME>PFWBQLMF@PLC
@>I@RIRPFK@IRAFKDJRIQFAFJBKPFLK>I
FK>OFDLOLRPT>V3EBPBQLMF@PTFII?B
JLQFS>QBA?VQEBFORPBCRIKBPPCLO
RKABOPQ>KAFKD@LK@BMQPLCQEB
@>I@RIRP>KACLOC>@FIFQ>QFKDQEB
PLIRQFLKPLCBKDFKBBOFKD>KAP@FBK@B
MOL?IBJP/OLGB@QPFKSLISFKD
>MMIF@>QFLKP>KA>MMOLMOF>QBRPBLC
QB@EKLILDVTFII?B>KBPPBKQF>IM>OQ
LCQEB@LROPB3LMF@P@LSBOBAJ>V
FK@IRABAVK>JF@>IPVPQBJP>KA
AFfBOBKQF>IBNR>QFLKPDOLTQE>KA
AB@>VBNRFIF?OFRJMOL?>?FIFPQF@
AVK>JF@PLMQFJ>IAB@FPFLKP>KA
OBT>OA>MMIVFKD?RFIAFKD>KA
S>IFA>QFKDJLABIPCRK@QFLKPLKK
SB@QLOPMOLMBOQFBPLCCRK@QFLKP
M>O>JBQOF@BNR>QFLKPPBOFBP
>MMIF@>QFLKPPR@E>PMBKARIRJ
MOL?IBJPBIB@QOLJ>DKBQFPJ
SF?O>QFLKPBIB@QOLKF@P
QO>KPMLOQ>QFLKDO>SFQ>QFLK>IhBIAP
>KAEB>QILPP
,?:ED
'C6C6BF:D:E6D
,,$
$$#:?62C$@56=D  
3EFPQTL@LROPBPBNRBK@BFJM>OQP
@LJMRQ>QFLK>IPHFIIPM>OQF@RI>OIV
QELPBFKSLISFKDJ>QOF@BPQLABBMBK
RKABOPQ>KAFKDLCJ>QEBJ>QF@>I
PQOR@QROB>KAJBQELAPLCMOLLCFQ
>IPLFK@IRABPAFP@RPPFLKLK>S>OFBQV
LC>MMIF@>QFLKPLCQEBJ>QBOF>I
ABSBILMBAFK@IRAFKDIFKB>O
LMQFJFW>QFLK3LMF@PFKQEFPPBNRBK@B
J>VFK@IRABPVPQBJPLCIFKB>O
BNR>QFLKPSB@QLOPM>@BPIFKB>O
FKABMBKABK@B?>PBPIFKB>O
QO>KPCLOJ>QFLKPABQBOJFK>KQP
BFDBKS>IRBP>KABFDBKSB@QLOP
PVPQBJPLCIFKB>OFKBNR>IFQFBPIFKB>O
MOLDO>JJFKDMOL?IBJP?>PF@
PLIRQFLKPAR>IFQV>KAD>JBQEBLOV
MMIF@>QFLKPJ>VFK@IRABB@LKLJF@
JLABIP@LJMRQBODO>MEF@PIB>PQ
PNR>OBP>MMOLUFJ>QFLKPVPQBJPLC
AFfBOBKQF>IBNR>QFLKPDO>MEP>KA
KBQTLOHP>KA,>OHLSMOL@BPPBP
,?:ED
'C6C6BF:D:E6D
,,$
$$$2E96>2E:42=$@56=:?8
2?5'C@3=6>*@=G:?8
3EFP@LROPBFKQOLAR@BPPQRABKQPQL
QEBMOL@BPPLCABSBILMFKD
J>QEBJ>QF@>IJLABIP>P>JB>KPCLO
PLISFKDOB>IMOL?IBJP3EB@LROPBTFII
BK@LJM>PPPBSBO>IAFfBOBKQ
JLABIFKDPFQR>QFLKPQE>QRQFIFWB>
S>OFBQVLCJ>QEBJ>QF@>IQLMF@P3EB
J>QEBJ>QF@>ICRKA>JBKQ>IPLCQEBPB
QLMF@PTFII?BAFP@RPPBA?RQTFQE
@LKQFKRBAOBCBOBK@BQLQEBFORPBFK
hKAFKDQEBPLIRQFLKPQLMOL?IBJP
/OL?IBJPQL?B@LSBOBAFK@IRAB
?>I>K@BFKPJ>IIDOLRM?BE>SFLO
QO>g@iLT>FOMLIIRQFLKiLTDOLRM
AB@FPFLKJ>HFKDQO>KPMLOQ>QFLK
>PPFDKJBKQMOLGB@QMI>KKFKD>KAQEB
@OFQF@>IM>QEJBQELADBKBQF@P
FKSBKQLOV@LKQOLI>KANRBRBFKD
,?:ED
'C6C6BF:D:E6D
,,$
 6/(">Q>ILD
$$%F>36CD'@=J?@>:2=D
2?5=863C2:4*ECF4EFC6D
3EFP@LROPBBK>?IBPPB@LKA>OV
J>QEBJ>QF@PQB>@EBOPQLPBBELT
@LJJLKIVQ>RDEQQLMF@PPR@E>P
KRJ?BOPVPQBJP>KAMLIVKLJF>IPhQ
FKQLQEB?OL>ABO@LKQBUQLC>IDB?O>
3EB@LROPBTFII?BDFKTFQEQOB>QJBKQ
LC>OFQEJBQF@TLOHFKDQEOLRDE
$R@IFAP>IDLOFQEJ>KAFQP
>MMIF@>QFLKPQEBCRKA>JBKQ>I
QEBLOBJLC>OFQEJBQF@>KAFQP
>MMIF@>QFLKPJRIQFMIF@>QFSBCRK@QFLKP
QEB"EFKBPBOBJ>FKABOQEBLOBJ>KA
QEB>OFQEJBQF@LC9K3EFP
FKCLOJ>QFLKTFII?B@>OOFBALSBOQL
MLIVKLJF>IPFKLKBS>OF>?IBLSBOQEB
O>QFLK>I>KAOB>IKRJ?BOP
@RIJFK>QFKDFKQEB@LKPQOR@QFLKLC
OLLQhBIAPCLOMLIVKLJF>IPSF>
NRLQFBKQPLCMLIVKLJF>IOFKDP
OFQEJBQF@FKQEB&>RPPF>KFKQBDBOP
>KAQEBFKQBDBOPFKS>OFLRPLQEBO
NR>AO>QF@hBIAPBPMB@F>IIVQEBhBIALC
@R?BOLLQPLCRKFQVTFII?BBUMILOBA
QEOLRDE>MMIF@>QFLKPPR@E>PQEB
DBKBO>QFLKLC/VQE>DLOB>KQOFMIBP
>KAPLIRQFLKPQLLQEBO#FLME>KQFKB
BNR>QFLKPIFHBhKAFKDFKQBDBOPFABA
QOF>KDIBPTFQE>ABDOBB>KDIB3EB
@LROPBTFIIQEBKBUMILOB@V@ILQLJV
>KAQEB>OFQEJBQF@FKOFKDPLC
@V@ILQLJF@FKQBDBOP3EFPTFII
@RIJFK>QBFK&>RPPP@LKPQOR@QFLKLC
QEBOBDRI>ODLK>KADLK>KA
QEBFJMLPPF?FIFQVLC@LKPQOR@QFKD>
DLKLOQOFPB@QFKD>ABDOBB>KDIB
%FK>IIVPLIRQFLKPLC@R?F@P>KA
NR>OQF@P?VO>AF@>IPTFII?BPQRAFBA
IIQLMF@PTFII?B?>PBALKQEB
>K>IVPFPLCBUMIF@FQ@>I@RI>QFLKPTFQE
DBKBO>IFWBAKRJ?BOP3EBMOLMLPBA
@ROOF@RIRJ@LSBOPQLMF@PQE>Q>OBM>OQ
LCQEBCLIHILOBCLOEFDEP@ELLI
J>QEBJ>QF@PQEBFJMLPPF?FIFQVLC
@BOQ>FKORIBO>KA@LJM>PP
@LKPQOR@QFLKP?RQQE>QJ>KV
QB>@EBOPHKLTLKIV>PC>@QP3EBOB>OB
>IPLJ>KV>MMIF@>QFLKPLCQEBFAB>P
QE>QTFII>IILTQEBQB>@EBOPQLRPB
OBPRIQP>KAFAB>PCOLJ>?PQO>@Q
>IDB?O>QL@LKPQOR@QCLOQEBFO
PQRABKQPMOL?IBJPQE>QE>SB
J>K>DB>?IBPLIRQFLKP
,?:ED
$$:D4C6E6$2E96>2E:4D
3EFP@LROPBAB>IPTFQE@LK@BMQP>KA
JBQELAPTEF@EBJME>PFWBQEB
AFP@OBQBK>QROBFKJ>KVMOL?IBJP
>KAPQOR@QROBP3EBO>MFADOLTQELC
QEFP?O>K@ELCJ>QEBJ>QF@PE>P?BBK
FKPMFOBA?VFQPTFABO>KDBLC
>MMIF@>?FIFQVQLAFSBOPBhBIAPPR@E>P
@LJMRQBOP@FBK@BJ>K>DBJBKQ>KA
?FLILDV3EBBPPBKQF>IFKDOBAFBKQPLC
QEB@LROPB>OB"LJ?FK>QLOF@P3EB
OQLC"LRKQFKD3LMF@PFK@IRAB?>PF@
@LRKQFKDMOFK@FMIBP>KAJBQELAP
PR@E>POB@ROOBK@BOBI>QFLKP
DBKBO>QFKDCRK@QFLKPQEBFK@IRPFLK
BU@IRPFLKMOFK@FMIB>KAQEB
MFDBLKELIBMOFK@FMIB MMIF@>QFLKP
J>VFK@IRAB?IL@HABPFDKPI>QFK
PNR>OBPhKFQBMOLGB@QFSBMI>KBP
@LAFKDQEBLOVLMQFJFW>QFLK>KA
>IDLOFQEJF@>K>IVPFP&O>ME3EBLOV
3EFPFK@IRABPAFOB@QDO>MEP>KA
KBQTLOHP JLKDQEBM>O>JBQBOPQL
?BBU>JFKBA>OBQO>SBOPF?FIFQV
@LKKB@QFSFQVMI>K>OFQVAR>IFQV>KA
@LILO>?FIFQV
,?:ED
$$:N6C6?E:2=BF2E:@?D
3EFP@LROPBTLRIAE>SB@LK@BMQP>KA
QB@EKFNRBPCLO?LQE.OAFK>OV>KA
/>OQF>I#FfBOBKQF>I$NR>QFLKP3LMF@P
COLJLOAFK>OVAFfBOBKQF>IBNR>QFLKP
FK@IRABBUFPQBK@B>KARKFNRBKBPPCLO
hOPQLOABOPFKDIBS>OF>?IBMOL?IBJP>P
TBII>PPBM>O>QFLKLCS>OF>?IBP>KA
IFKB>OJBQELAPCLOhOPQLOABO
MOL?IBJP2B@LKALOABOIFKB>O
BNR>QFLKPTLRIA?BPLISBACLO?LQE
QEBELJLDBKBLRP>KAKLK
ELJLDBKBLRP@>PBP3EB
MEBKLJBK>LC?B>QP>KAOBPLK>K@B
TLRIA?B>K>IVWBA3EB+>MI>@B
3O>KPCLOJTLRIA?BFKQOLAR@BACLO
>MMOLMOF>QBPB@LKALOABO
KLKELJLDBKBLRPMOL?IBJP/>OQF>I
#FfBOBKQF>I$NR>QFLKPTLRIACL@RPLK
?LRKA>OVS>IRBMOL?IBJP>OFPFKD
COLJQEB'B>Q>KA6>SBBNR>QFLKPFK
LKBS>OF>?IB%LROFBO2BOFBP
BUM>KPFLKPTLRIA?BRPBAQLP>QFPCV
FKFQF>I@LKAFQFLKP>KAQEB@LK@BMQPLC
LOQELDLK>IFQV>KA@LKSBODBK@B
>AAOBPPBA
,?:ED
$$*$'C@;64E
'C6A2C2E:@?'2CE@72@FCD6
*6BF6?46H:E9$>62?5$>6

2QRABKQPTFIIOBPB>O@E>KAABSBILM>
J>QEBJ>QF@>IQLMF@LOMBA>DLDF@>I
QB@EKFNRB3EBMOLGB@QTFIIQVMF@>IIV
IB>AQL@I>PPOLLJFJMIBJBKQ>QFLK
ELTBSBO>MOLGB@QFKSLISFKD
J>QEBJ>QF@>IOBPB>O@E>Q>K
>MMOLMOF>QBIBSBILCOFDLOTFII>IPL?B
>@@BMQ>?IB/OBM>O>QFLKTFII?B
@LJMIBQBAFK@LKGRK@QFLKTFQE>Q
IB>PQLKBC>@RIQVJBJ?BOCOLJQEB
,>QEBJ>QF@>I2@FBK@BP#BM>OQJBKQ
>KATFIIFK@IRABBUE>RPQFSBOBPB>O@E
LKQEBMOLMLPBAQLMF@3EB@LROPB
TFIIOBPRIQFK>ABQ>FIBAMOLMLP>IQE>Q
TFII?BMOBPBKQBAQLQEB,,$/OLGB@Q
"LJJFQQBBCLO>MMOLS>I
@LKQFKR>QFLKTFQEQEBMOLGB@QFP
@LKQFKDBKQRMLKQEFP>MMOLS>I
,?:ED
$$*$'C@;64E
>A=6>6?E2E:@?
2QRABKQPTFIIFJMIBJBKQ>KA@>OOV
LRQQEBMOLGB@QABSBILMBAAROFKDQEB
MOLGB@QMOBM>O>QFLK@LROPB/BOFLAF@
@LKQ>@Q>KALOL?PBOS>QFLKPTFII?B
J>AB?VQEBMOLGB@Q>ASFPLOPBB
,,$/OLGB@Q/OBM>O>QFLKFK
LOABOQLMOLSFABCBBA?>@H>KAQL
BKPROB@LJMIBQFLKLCQEBMOLMLPBA
Q>PH#>Q>CLOQEBMROMLPBLC
BS>IR>QFLKTFII?B@LIIB@QBA?VQEB
PQRABKQPQEOLRDELRQQEBQBOJTEBK
>MMOLMOF>QB(CQEBMOLGB@QFK@IRABP
@I>PPOLLJFJMIBJBKQ>QFLKQEB
BUMBOFJBKQTFIII>PQCLOQEBARO>QFLK
LC>PBJBPQBO
,?:ED
 6/(">Q>ILD
$$*$'C@;64E
?2=JD:D2?5)6A@CE
2QRABKQPTFII@LJMIBQB>ABQ>FIBA
PQ>QFPQF@>I>K>IVPFPLC>KVA>Q>
@LIIB@QBAAROFKDQEBMOLGB@Q
FJMIBJBKQ>QFLKRPFKDQB@EKFNRBP
COLJ,,$/OL?>?FIFQV
2Q>QFPQF@P>KA#>Q> K>IVPFP3EBhK>I
OBMLOQTFII?B>@LJMOBEBKPFSB
OBSFBTLCQEBOBIBS>KQIFQBO>QROB
MOLGB@QABP@OFMQFLKMOLGB@Q
FJMIBJBKQ>QFLK>KVPQ>QFPQF@>I
OBPRIQP>KA@LK@IRPFLKP/OLGB@Q
OBMLOQPTFII?BPR?GB@QQL>MMOLS>I?V
QEB,,$/OLGB@Q@LJJFQQBB>KA>II
PQRABKQPTFII?BOBNRFOBAQLMOBPBKQ
QEBFOMOLGB@QQLQEBJ>QEBJ>QF@>I
P@FBK@BPC>@RIQV"LROPB@LJMIBQFLKFP
@LKQFKDBKQRMLK>MMOLS>ILCQEB
OBMLOQ>KAP>QFPC>@QLOV@LJMIBQFLKLC
QEBMOBPBKQ>QFLK
,?:ED
*$$$'C@323:=:EJ
*E2E:DE:4D2?52E2?2=JD:D  
3EFP@LROPBFKQOLAR@BPPQRABKQPQL
MOL?>?FIFQVQEBJ>QEBJ>QF@>I
ABP@OFMQFLKLCO>KALJMEBKLJBK>
>KAQLPQ>QFPQF@PQEBP@FBK@BLCA>Q>
2QRABKQPFKQEFP@LROPBTFII>@NRFOB
QEBCLIILTFKDHKLTIBADB>KAPHFIIP]
/OL?>?FIFQVJLABIPJ>QEBJ>QF@>I
JLABIPRPBAQLABP@OF?B>KAMOBAF@Q
O>KALJMEBKLJBK>2QRABKQPTFII
IB>OKPBSBO>I?>PF@MOL?>?FIFQVJLABIP
>KAQEBFORPBP>KATFIIL?Q>FK
BUMBOFBK@BFKJLABIFKDO>KALJ
MEBKLJBK>]#>Q>>K>IVPFPQEB>OQ
P@FBK@BLChKAFKDM>QQBOKPFKA>Q>
>KARPFKDQELPBM>QQBOKPQLBUMI>FK
QEBMOL@BPPTEF@EMOLAR@BAQEBA>Q>
2QRABKQPTFII?B>?IBQLBUMILOB>KA
AO>T@LK@IRPFLKP>?LRQA>Q>RPFKD
@LJMRQ>QFLK>I>KADO>MEF@>I
JBQELAP3EBFQBO>QFSBK>QROBLC
PQ>QFPQF@>IBUMILO>QFLKTFII?B
BJME>PFWBA]2Q>QFPQF@>IFKCBOBK@B
>KAJLABIFKDQEBRPBLCA>Q>
P>JMIBACOLJ>MOL@BPP>KAQEB
MOL?>?FIFQVJLABILCQE>QMOL@BPPQL
AO>T@LK@IRPFLKP>?LRQQEBMOL@BPP
2QRABKQPTFII>QQ>FKMOLh@FBK@VFK
PBIB@QFKDhQQFKD>KA@OFQF@FWFKD
JLABIP>KAFKAO>TFKDFKCBOBK@B
COLJA>Q>]#BPFDKLCBUMBOFJBKQP
>KAP>JMIFKDPQRAFBP`QEBMOLMBO
T>VQLABPFDKBUMBOFJBKQP>KA
P>JMIFKDPQRAFBPPLQE>QPQ>QFPQF@>IIV
S>IFAFKCBOBK@BP@>K?BAO>TK
2MB@F>I>QQBKQFLKTFII?BDFSBKQLQEB
OLIBLCBUMBOFJBKQP>KAP>JMIFKD
PQRAFBPFKP@FBKQFh@FKSBPQFD>QFLK
3EOLRDEI>?>KAMOLGB@QTLOH
PQRABKQPTFIIL?Q>FKMO>@QF@>IPHFIIPFK
ABPFDKFKD>KA>K>IVWFKDPQRAFBP>KA
BUMBOFJBKQP"LROPBQLMF@PTFII?B
JLQFS>QBATEBKBSBOMLPPF?IB?V
>MMIF@>QFLKP>KAOBFKCLO@BA?V
BUMBOFJBKQ>I>KA@LJMRQBOI>?
BUMBOFBK@BP.KBFKABMQEMOLGB@Q
MBOPBJBPQBOFKSLISFKDABPFDKA>Q>
@LIIB@QFLK>KAPQ>QFPQF@>ILO
MOL?>?FIFPQF@>K>IVPFPTFIIPBOSBQL
FKQBDO>QB>KA@LKPLIFA>QBPQRABKQ
PHFIIP>KARKABOPQ>KAFKD2QRABKQP
TFII?BBUMB@QBAQLIB>OK>KARPB>
PQ>QFPQF@>I@LJMRQBOM>@H>DBPR@E>P
,(-(3 !
,?:ED
,B@E>KF@>I
$KDFKBBOFKD
$$+:DDF6?8:?66C:?8
3EFP?FLJ>QBOF>IP@LROPBCL@RPBPLK
QEBPBIB@QFLKMOL@BPPFKDQBPQFKD>KA
MBOCLOJ>K@BLCJ>QBOF>IPRPBAFK
?FLJBAF@>I>MMIF@>QFLKPTFQEPMB@F>I
BJME>PFPRMLKQFPPRBBKDFKBBOFKD
3LMF@PFK@IRABJ>QBOF>IPBIB@QFLK>KA
MOL@BPPFKDJB@E>KFPJP>KAHFKBQF@P
LCJ>QBOF>IABDO>A>QFLK@BIIJ>QBOF>I
FKQBO>@QFLKP>KAFKQBOC>@BPBfB@QLC
@LKPQOR@Q>O@EFQB@QROBLKQFPPRB
DOLTQE>KAQO>KPMLOQQEOLRDE
BKDFKBBOBAQFPPRBP$U>JMIBPLC
BKDFKBBOFKDQFPPRBPCLOOBMI>@FKD
@>OQFI>DB?LKBQBKALKPIFD>JBKQP
PHFK>KAIFSBOTFII?BMOBPBKQBA
,?:ED
'C6C6BF:D:E6D
hOPQ@LROPBFK?FLJ>QBOF>IP
BNRFS>IBKQQL!,$,$>KA>
?>PF@RKABOPQ>KAFKDLC@BII?FLILDV
>KAMEVPFLILDV AJFPPFLKLC
RKABODO>AR>QBPQRABKQPOBNRFOBPQEB
MBOJFPPFLKLCQEBFKPQOR@QLO
$$+:DDF6$6492?:4D
3EFP?FLJB@E>KF@P@LROPBCL@RPBPLK
>AS>K@BAQB@EKFNRBPCLOQEB
@E>O>@QBOFW>QFLKLCQEBPQOR@QROB>KA
CRK@QFLKLCE>OA>KAPLCQQFPPRBP>KA
QEBFOOBI>QFLKPEFMQLMEVPFLILDF@>I
MOL@BPPBP MMIF@>QFLKPFK@IRABQFPPRB
FKGROVTLRKAEB>IFKDQEBBfB@QLC
M>QELILDF@>I@LKAFQFLKPRMLKQFPPRB
MOLMBOQFBP>KAABPFDKLCJBAF@>I
ABSF@BP>KAMOLPQEBPBP
,?:ED
'C6C6BF:D:E6D
KRKABOPQ>KAFKDLC?>PF@
@LKQFKRRJJB@E>KF@P
 6/(">Q>ILD
$$$+
:@>65:42=$2E6C:2=D
3EFP@LROPBFPFKQBKABAQLPBOSB>P>
DBKBO>IFKQOLAR@QFLKQLS>OFLRP
>PMB@QPMBOQ>FKFKDQLQEB>MMIF@>QFLK
LCPVKQEBQF@>KAK>QRO>IJ>QBOF>IPFK
JBAF@FKB>KAEB>IQE@>OB3EFP@LROPB
TFIIMOLSFABQEBPQRABKQTFQE>
DBKBO>IRKABOPQ>KAFKDLCQEB
MOLMBOQFBPLC>TFABO>KDBLC
J>QBOF>IPRPBAFK@IFKF@>IMO>@QF@B3EB
MEVPF@>I>KAJB@E>KF@>IMOLMBOQV
OBNRFOBJBKQPCLOQEBILKDQBOJ
Bg@>@VLC?FLJ>QBOF>IPFKQEB
>RDJBKQ>QFLKOBM>FOOBMI>@BJBKQLO
OBDBKBO>QFLKLCQFPPRBPTFII?B
ABP@OF?BA3EBMEVPF@L@EBJF@>I
FKQBO>@QFLKP?BQTBBKQEB?FLJ>QBOF>I
>KAQEBMEVPFLILDF@>IBKSFOLKJBKQ
TFII?BEFDEIFDEQBA3EB@LROPBTFII
MOLSFAB>DBKBO>IRKABOPQ>KAFKDLC
QEB>MMIF@>QFLKLC>@LJ?FK>QFLKLC
PVKQEBQF@>KA?FLILDF@>IJLFBQFBPQL
BIF@FQ>PMB@Fh@MEVPFLILDF@>I
OBPMLKPB$U>JMIBPLCQEBRPBLC
?FLJ>QBOF>IPFKAORDABIFSBOV
QEBO>KLPQF@LOQELMBAF@ABKQ>I
@>OAFLS>P@RI>OL@RI>OTLRKA@ILPROB
>KAQEBJLOBOB@BKQI>?LK@EFM
>MMIF@>QFLKPTFII?BLRQIFKBA3EFP
@LROPBTFIIEFDEIFDEQQEB?>PF@
QBOJFKLILDVRPBAFKQEFPhBIA>KA
MOLSFABQEB?>@HDOLRKAQLBK>?IB
QEBPQRABKQQLOBSFBTQEBI>QBPQ
OBPB>O@EFKP@FBKQFh@GLROK>IP3EFP
@LROPBTFIIABJLKPQO>QBQEB
FKQBOAFP@FMIFK>OVFPPRBPFKSLISBAFK
?FLJ>QBOF>IPABPFDKPVKQEBPFP
BS>IR>QFLK>KA>K>IVPFPPLQE>Q
PQRABKQPJ>VPBBH>GL?FKQEB
JBAF@>IABSF@BFKARPQOVLOMROPRB
OBPB>O@EFKQEFPO>MFAIVBUM>KAFKD
hBIA2QRABKQP@>KKLQOB@BFSB@OBAFQ
CLOQEFP@LROPBFCQEBVE>SBOB@BFSBA
@OBAFQCLOQEB2MB@F>I3LMF@P,$
,3$SBOPFLKLCQEBP>JB@LROPB
LOCLO,$!,$!FLJBAF@>I
,>QBOF>IP
,?:ED
$$$65:42=6G:46
??@G2E:@?2?56G6=@A>6?E
3EBDL>ILCQEFP@LROPBFPQLFKQOLAR@B
JBAF@>IABSF@BFKKLS>QFLKPQO>QBDFBP
ABPFDK>KAABSBILMJBKQMOL@BPPBP
>KAMOLSFABPQRABKQPTFQE>K
RKABOPQ>KAFKDLCELTJBAF@>I
ABSF@BFKKLS>QFLKP>OB?OLRDEQCOLJ
@LK@BMQQL@IFKF@>I>ALMQFLK
2QRABKQPTFIIE>SBLMMLOQRKFQFBP
QLMO>@QF@BJBAF@>IABSF@BFKKLS>QFLK
QEOLRDE>QB>J?>PBA@LROPBMOLGB@Q
2MB@Fh@IB>OKFKDLRQ@LJBPFK@IRAB
ABP@OF?FKD>KA>MMIVFKDJBAF@>I
ABSF@BABPFDK>KAABSBILMJBKQ
@LK@BMQPPR@E>PS>IRBMOLMLPFQFLK
FQBO>QFSBABPFDK@LK@ROOBKQABPFDK
>KAJ>KRC>@QROFKDFKQBIIB@QR>I
MOLMBOQV>KA%# OBDRI>QFLK
ABJLKPQO>QFKD>KRKABOPQ>KAFKDLC
BJBODFKDQEBJBPQE>Q>OB
PE>MFKDJBAF@>IABSF@BFKKLS>QFLK
ABJLKPQO>QFKDC>JFIF>OFQVTFQE
FKKLS>QFLK>KA
BKQOBMOBKBROPEFMPHFIIPFK@IRAFKD
@RPQLJBOAFP@LSBOVJ>OHBQ>K>IVPFP
ABSBILMJBKQMI>KKFKD
>KA@LJJRKF@>QFKDFKKLS>QFLK>KA
D>FKFKD@>M>?FIFQV>KA@LKhABK@B>P
FKKLS>QLOPMOL?IBJPLISBOP>KA
@LJJRKF@>QLOPM>OQF@RI>OIVFKQEB
JBAF@>IABSF@BFKARPQOV?RQ
QO>KPCBO>?IBQL>KV@>OBBOM>QE
,?:ED
$)$
:@>65:42=)@3@E:4D
3EFP@LROPBTFIIMOLSFAB>KLSBOSFBT
LC>JRIQFQRABLC?FLJBAF@>I
>MMIF@>QFLKPLCOL?LQF@P MMIF@>QFLKP
@LSBOBAFK@IRABFJ>DBDRFABA
PRODBOVMBO@RQ>KBLRPQEBO>MV
IL@>IFW>QFLKOL?LQ>PPFPQBAPRODBOV
PFJRI>QFLK>KA>RDJBKQBAOB>IFQV
I>?LO>QLOV>KALMBO>QFKDOLLJ
>RQLJ>QFLKOL?LQF@OBE>?FIFQ>QFLK
>KAPL@F>IIV>PPFPQFSBOL?LQP2MB@Fh@
PR?GB@QJ>QQBOFK@IRABPJBAF@>I
FJ>DFKD@LLOAFK>QBPVPQBJP>KA
OBMOBPBKQ>QFLKPFK#PM>@BOL?LQ
HFKBJ>QF@P>KA@LKQOLIS>IFA>QFLK
E>MQF@PQBIBLMBO>QFLKOBDFPQO>QFLK
@>IF?O>QFLKFJ>DBMOL@BPPFKD
QO>@HFKD>KAERJ>KOL?LQ
FKQBO>@QFLK3LMF@PTFII?BAFP@RPPBAFK
IB@QROBCLOJ>QCLIILTBA?VFKQBO>@QFSB
AFP@RPPFLKLCOBI>QBAIFQBO>QROB3EB
@LROPBTFII@RIJFK>QBFK>QB>J
MOLGB@Q@LSBOFKDLKBLOJLOBLCQEB
MOFJ>OV@LROPBCL@RP>OB>P2QRABKQP
@>KKLQOB@BFSB@OBAFQCLOQEFP@LROPBFC
QEBVE>SBQ>HBKQEB2MB@F>I3LMF@P
,$4SBOPFLKLCQEBP>JB
@LROPB
,?:ED
'C6C6BF:D:E6D
+FKB>O>IDB?O>,$1!$LO
BNRFS>IBKQ
 6/(">Q>ILD
$AA=:65:?:E6
=6>6?E$6E9@5D:??8:?66C:?8
3EFP@LROPBFPABSLQBAQLQEB
KRJBOF@>IPLIRQFLKLCM>OQF>I
AFfBOBKQF>IBNR>QFLKPBK@LRKQBOBAFK
BKDFKBBOFKDP@FBK@BP%FKFQBBIBJBKQ
JBQELAP>OBFKQOLAR@BA>KA
ABSBILMBAFK>ILDF@>IMOLDOBPPFLKLC
@LJMIBUFQV3LMF@P@LSBOBAFK@IRAB
J>QOFUPQOR@QRO>I>K>IVPFPS>OF>QFLK
CLOJLCAFfBOBKQF>IBNR>QFLKP1FQW
>KATBFDEQBAOBPFAR>I
>MMOLUFJ>QFLKP>KAABSBILMJBKQLC
QEBAFP@OBQFWBAALJ>FKPLIRQFLK
3B@EKFNRBP>OBABSBILMBAFKABQ>FI
CLOQEBLKB>KAQTLAFJBKPFLK>I
BNRFIF?OFRJ>KAQO>KPFBKQMOL?IBJP
3EBPBKRJBOF@>IPQO>QBDFBP>OBRPBA
QLPLISB>@QR>IMOL?IBJPFKEB>QiLT
AFfRPFLKT>SBMOLM>D>QFLK
SF?O>QFLKPiRFAJB@E>KF@P
EVAOLILDV>KAPLIFAJB@E>KF@P
6BBHIV@LJMRQBOBUBO@FPBP>OB
OBNRFOBAQLFIIRPQO>QBQEB@LK@BMQP
AFP@RPPBAFK@I>PP2QRABKQP@>KKLQ
OB@BFSB@OBAFQCLOQEFP@LROPBFCQEBV
E>SBQ>HBKQEB2MB@F>I3LMF@P,$
$SBOPFLKLCQEBP>JB@LROPBLO
,$LO"$
,?:ED
$AA=:65:?:E6
=6>6?E$6E9@5D:??8:?66C:?8
3EFP@LROPBFPABSLQBAQLQEB
KRJBOF@>IPLIRQFLKLCM>OQF>I
AFfBOBKQF>IBNR>QFLKPBK@LRKQBOBAFK
BKDFKBBOFKDP@FBK@BP%FKFQBBIBJBKQ
JBQELAP>OBFKQOLAR@BA>KA
ABSBILMBAFK>ILDF@>IMOLDOBPPFLKLC
@LJMIBUFQV3LMF@P@LSBOBAFK@IRAB
J>QOFUPQOR@QRO>I>K>IVPFPS>OF>QFLK
CLOJLCAFfBOBKQF>IBNR>QFLKP1FQW
>KATBFDEQBAOBPFAR>I
>MMOLUFJ>QFLKP>KAABSBILMJBKQLC
QEBAFP@OBQFWBAALJ>FKPLIRQFLK
3B@EKFNRBP>OBABSBILMBAFKABQ>FI
CLOQEBLKB>KAQTLAFJBKPFLK>I
BNRFIF?OFRJ>KAQO>KPFBKQMOL?IBJP
3EBPBKRJBOF@>IPQO>QBDFBP>OBRPBA
QLPLISB>@QR>IMOL?IBJPFKEB>QiLT
AFfRPFLKT>SBMOLM>D>QFLK
SF?O>QFLKPiRFAJB@E>KF@P
EVAOLILDV>KAPLIFAJB@E>KF@P
6BBHIV@LJMRQBOBUBO@FPBP>OB
OBNRFOBAQLFIIRPQO>QBQEB@LK@BMQP
AFP@RPPBAFK@I>PP2QRABKQP@>KKLQ
OB@BFSB@OBAFQCLOQEFP@LROPBFCQEBV
E>SBQ>HBKQEB2MB@F>I3LMF@P,$
$SBOPFLKLCQEBP>JB@LROPBLO
,$LO"$
,?:ED
$$$+F?52>6?E2=D
@7I:@>2E:46D:8?@7
$2?F724EFC:?8'C@46DD6D
3EB@LROPBPQ>OQPTFQE>KFKABMQE
PQRAVLC>UFLJ>QF@ABPFDK
MMIF@>QFLKPLC>UFLJ>QF@ABPFDK>OB
@LKPFABOBAMOFJ>OFIV>IQELRDEKLQ
BU@IRPFSBIVCLOQEBABPFDKLC
J>KRC>@QROFKDMOL@BPPBP>KAQLLIP
UFLJ>QF@ABPFDKFP>ABPFDK
JBQELALILDV?>PBALKQEBMOBJFPB
QE>QQEBOB>OBQTL>UFLJPQE>Q>MMIV
QL>IIDLLAABPFDKP3EBPB>UFLJP
C>@FIFQ>QBQEBQB>@EFKD>KAMO>@QF@BLC
BKDFKBBOFKDABPFDK>P>P@FBKQFh@
AFP@FMIFKB,>KRC>@QROFKDMOL@BPP
>K>IVPFPFP@LKPFABOBACOLJQEB
MBOPMB@QFSBLCPRMMLOQFKDABPFDK
,BQELAPLC>K>IVPFPLC
J>KRC>@QROFKDMOL@BPPBPTFQE?OL>A
>MMIF@>?FIFQV>OBPLRDEQ2MB@F>I
>QQBKQFLKFPDFSBKQLBU>JMIBPFK
J>@EFKFKDQO>AFQFLK>IKLKQO>AFQFLK>I
>KADOFKAFKD>AAFQFSB
J>KRC>@QROFKD>KAQLQEB
MOLAR@QFLKLCPROC>@BP3EB>?FIFQVQL
hKA@LJJLK>IFQFBP>@OLPP
>MMIF@>QFLKP>KADBKBO>IFWBFP
BJME>PFWBAQLC>@FIFQ>QBCROQEBO
ABSBILMJBKQLCMOFK@FMIBPTFQE
?OL>A>MMIF@>?FIFQV3EB@LKQBKQFP
ABIFSBOBAFKSFABLIB@QROBP>KAFK
OB>AFKDPCOLJQEBQB@EKF@>IIFQBO>QROB
'LJBTLOH>KANRFWWBP>OBDFSBK>KA
ABIFSBOBALKIFKB3EBOBFP>MOLGB@QQL
ABPFDK>J>KRC>@QROFKDMOL@BPP3EB
QLMF@P@>K?BCOLJTLOHLO
AFPPBOQ>QFLKPQE>Q@>K?BFKQBOMOBQBA
>PJ>KRC>@QROFKDMOL@BPPBP>KA
QLLIP"OBAFQ@>KKLQ?BDFSBKCLOQEFP
@LROPB>KA>KVLCQEBPFJFI>OFK@I>PP
SBOPFLKPCLO@OBAFQP,%$,3$
>KA,$
,?:ED
 6/(">Q>ILD
$)#68865)@3@E:4D
%LRKA>QFLKP>KAMOFK@FMIBPLCM>O>IIBI
J>KFMRI>QLOP>KAIBDDBAOL?LQP
3LMF@PFK@IRAB>AS>K@BAPM>QF>I#
HFKBJ>QF@P>KAAVK>JF@PLCM>O>IIBI
J>KFMRI>QLOP>KAIBDDBAOL?LQP
FK@IRAFKDTLOHPM>@B>K>IVPFPFKSBOPB
>KACLOT>OAHFKBJ>QF@P>KA
AVK>JF@PJLQFLK>K>IVPFP>KA
@LKQOLI>KAD>FQ>KAPQ>?FIFQV
?>I>K@B>K>IVPFPLCIBDDBAOL?LQP
3EB@LROPBTFII?BRPBCRICLOPLISFKD
MOL?IBJPAB>IFKDTFQEM>O>IIBI
J>KFMRI>QLOP>PTBII>PJRIQFIBDDBA
OL?LQPFK@IRAFKD?RQKLQIFJFQBAQL
NR>AORMBAOL?LQPEBU>MLAOL?LQP
>KA>KVLQEBOQVMBPLCJRIQFIBDDBA
OL?LQP hK>IQBOJMOLGB@Q>IILTP
PQRABKQPQLPELTJ>PQBOVLCQEB
PR?GB@Q?VABPFDKFKD>K>IVWFKD>KA
PFJRI>QFKDM>O>IIBI>KALOIBDDBA
OL?LQPLCQEBFO@ELF@B
,?:ED
)64@>>6?56524<8C@F?5
1!$1!$
$)*@7E)@3@E:4D
2LCQOL?LQF@PPQRAFBP[FKQBIIFDBKQ^
J>@EFKBP>KAABSF@BPQE>Q
FK@LOMLO>QBPLJBCLOJLC@LJMIF>K@B
FKQEBFOJB@E>KF@P$I>PQF@FQVFPKLQ>
?VMOLAR@Q?RQ>KFKQBDO>IM>OQLC
QEBPBPVPQBJPOBPMLKPF?IBCLO
FKEBOBKQP>CBQV>A>MQ>QFLK>KAM>OQ
LCQEB@LJMRQ>QFLKFKQEFP@I>PPLC
OL?LQP3EFP@LROPBTFII@LSBO>
KRJ?BOLCJ>GLOQLMF@PLCPLCQ
OL?LQF@PFK@IRAFKD?RQKLQIFJFQBAQL
ABPFDK>KAC>?OF@>QFLKLCPLCQ
PVPQBJPBI>PQF@>@QR>QFLKBJ?BAABA
FKQBIIFDBK@BPLCQOL?LQF@JLABIFKD
>KA@LKQOLI>KAiRFAF@MLTBO
2QRABKQPTFIIFJMIBJBKQKBTABPFDK
>KAC>?OF@>QFLKJBQELALILDFBPLC
PLCQOL?LQPOB>AOB@BKQIFQBO>QROBFK
QEBhBIA>KA@LJMIBQB>MOLGB@QQL
PRMMIBJBKQQEB@LROPBJ>QBOF>I
$UFPQFKDPLCQOL?LQF@MI>QCLOJPTFII?B
>S>FI>?IBCLOBUMBOFJBKQ>ITLOH
,?:ED
'C6C6BF:D:E6D
#FfBOBKQF>IBNR>QFLKPIFKB>O>IDB?O>
PQOBPP>K>IVPFPHFKBJ>QF@P
BJ?BAABAMOLDO>JJFKD
$))@3@EJ?2>:4D
%LRKA>QFLKP>KAMOFK@FMIBPLCOL?LQ
AVK>JF@P3LMF@PFK@IRABPVPQBJ
JLABIFKDFK@IRAFKDAVK>JF@>I
JLABIFKDLCPBOF>I>OJOL?LQPRPFKD
-BTQLK>KA+>DO>KDBPQB@EKFNRBP
AVK>JF@>IJLABIFKDLCJL?FIB
OL?LQPFKQOLAR@QFLKQLAVK>JF@P
?>PBAOL?LQ@LKQOLI>PTBII>P
>AS>K@BAQB@EKFNRBPCLOPBOF>I>OJ
CLOT>OAHFKBJ>QF@PQO>GB@QLOV
MI>KKFKDPFKDRI>OFQV>KA
J>KFMRI>?FIFQV>KASFPFLK?>PBA
@LKQOLI(K>AAFQFLKAVK>JF@
PFJRI>QFLKQB@EKFNRBPTFII?B
@LSBOBAQL>MMIVQEB@LK@BMQP
IB>OKBARPFKDOB>IFPQF@PFJRI>QLOP K
BKALCQBOJQB>JMOLGB@QTLRIA
>IILTPQRABKQPQL>MMIVJ>PQBOVLC
QEBPR?GB@QQLOB>ITLOIAOL?LQF@
MI>QCLOJP
,?:ED
'C6C6BF:D:E6D
1!$LOBNRFS>IBKQ
$+96C>@5J?2>:4D
1BSFBTLCQEBWBOLQEhOPQ>KAPB@LKA
I>TPLCQEBOJLAVK>JF@P>KAPVPQBJP
@LKQOLISLIRJB MMIF@>QFLKPLCQEB
I>TPQLEB>QBKDFKBP>KAQEBFO
FJMIF@>QFLKPOBD>OAFKDQEBMOLMBOQFBP
LCJ>QBOF>IP$NR>QFLKPLCPQ>QB>KA
FKQOLAR@QFLKQL@EBJF@>I
QEBOJLAVK>JF@P
,?:ED
$=F:5J?2>:4D
3EFP@LROPBFP>KFKQOLAR@QFLKQL
DO>AR>QBIBSBIiRFAAVK>JF@P
2MB@Fh@IB>OKFKDLRQ@LJBPFK@IRAB
ABOFSFKD>KARKABOPQ>KAFKDQEB
DLSBOKFKDBNR>QFLKPLCiRFA
JB@E>KF@P>MMIVFKD?>PF@BNR>QFLKP
LCiRFAJLQFLKQLRKABOPQ>KAFKSFP@FA
iRFAP-BTQLKF>KiRFAP>KA
FK@LJMOBPPF?IBiRFAP>K>IVWFKD
MLQBKQF>IiLTPRPFKDPQOB>J
CRK@QFLKP>KAMLQBKQF>ICRK@QFLKP
ABOFSFKDBU>@QPLIRQFLKPLCiRFA
BNR>QFLKPCLOPMB@F>IiLT@>PBP>KA
FKQOLAR@FKDQEB@LK@BMQLC?LRKA>OV
I>VBOP>KAABOFSFKDPFJFI>OFQV
PLIRQFLKPCLO?LRKA>OVI>VBO
BNR>QFLKP2QRABKQP@>KKLQOB@BFSB
@OBAFQCLOQEFP@LROPBFCQEBVE>SB
OB@BFSBA@OBAFQCLO $,$LO $
,$
,?:ED
'C6C6BF:D:E6D
RKABODO>AR>QBIBSBIiRFAAVK>JF@P
$62E+C2?D76C
1BSFBTLCDLSBOKFKDAFfBOBKQF>I
BNR>QFLKP>KA?LRKA>OV@LKAFQFLKP
CLOEB>QQO>KPCBO>K>IVPFP
,RIQFAFJBKPFLK>I>KARKPQB>AV
@LKAR@QFLKFK@IRAFKDBfB@QPLC
S>OF>?IBJ>QBOF>IMOLMBOQFBP
K>IVQF@>I>KAKRJBOF@>IPLIRQFLK
JBQELAP%LO@BA>KACOBB@LKSB@QFLK
TFQEI>JFK>O>KAQRO?RIBKQiLTFK
FKQBOK>I>KABUQBOK>IiLTP
"E>O>@QBOFPQF@PLCO>AF>KQBKBODV
PMB@QO>>KAO>AF>QFSBMOLMBOQFBPLC
PROC>@BP1>AF>QFSBEB>QQO>KPCBOFK
>?PLO?FKD>KABJFQQFKDJBAF>
2VPQBJPTFQE@LJ?FKBA@LKAR@QFLK
@LKSB@QFLK>KAO>AF>QFLK
"LKABKP>QFLKBS>MLO>QFLK>KA
?LFIFKDMEBKLJBK>
,?:ED
'C6C6BF:D:E6D
!>@HDOLRKAFKQEBOJLAVK>JF@PiRFA
AVK>JF@PLOAFK>OV>KAM>OQF>I
AFfBOBKQF>IBNR>QFLKP>KA?>PF@
RKABODO>AR>QBMEVPF@P
 6/(">Q>ILD
$$$+
I:@>2E:46D:8?@7
$2?F724EFC:?8'C@46DD6D
3EFP@LROPB?BDFKPTFQEBIBJBKQP
>UFLJ>QF@ABPFDKQEBQEBLOV>KA
MO>@QF@B#BPFDK>MMIF@>QFLKP>OB
@LKPFABOBAMOFJ>OFIV>IQELRDEKLQ
BU@IRPFSBIVCLOQEBABPFDKLC
J>KRC>@QROFKDMOL@BPPBP>KAQLLIP
UFLJ>QF@ABPFDKFP?>PBALKQEB
MOBJFPBQE>QQEBOB>OB@LJJLK
>PMB@QPQL>IIDLLAABPFDKP3EBPB
@LJJLKP>PMB@QPPQ>QBAFKQEB
FKABMBKABK@B>KAFKCLOJ>QFLK
>UFLJPC>@FIFQ>QBQEBQB>@EFKD>KA
MO>@QF@BLCBKDFKBBOFKDABPFDK>P>
P@FBKQFh@AFP@FMIFKB K>IVPFPLC
MOL@BPPBP>KAMOLAR@QPFP@LKPFABOBA
COLJQEBMBOPMB@QFSBLCPRMMLOQFKD
MOLAR@Q>KAMOL@BPPABPFDK
%RKA>JBKQ>IJBQELAPLC
BKDFKBBOFKD>K>IVPFPLC
J>KRC>@QROFKDMOL@BPPBPTFQE?OL>A
>MMIF@>?FIFQV>OBABSBILMBA QQBKQFLK
FPDFSBKQLBU>JMIBPCOLJLKBLO
JLOBLCQEBCLIILTFKDJ>@EFKFKD
QO>AFQFLK>IKLKQO>AFQFLK>I>KA
DOFKAFKD>AAFQFSBJ>KRC>@QROFKD
>KAQLQEBMOLAR@QFLKLCPROC>@B
QLMLDO>MEFBP3EB>?FIFQVQL
DBKBO>IFWBCOLJABQ>FIBABU>JMIBPFP
BJME>PFWBAFKLOABOQLC>@FIFQ>QBQEB
PQRABKQP>?FIFQVQLABSBILMJBKQ
>K>IVPBP>KAABPFDKJBQELAPTFQE
?OL>ABO>MMIF@>?FIFQV3EFP@LROPBFP
LfBOBAIFSBFK@I>PPLKIVQL?B
@LJMIBQBAFKLKBPBJBPQBOCLOQEOBB
@OBAFQP"OBAFQ@>KKLQ?BDFSBKCLO
QEFP@LROPB>KA>KVLCQEBPFJFI>O
LKIFKBSBOPFLKPLCQEFPJ>QBOF>ICLO
@OBAFQP,%$,3$>KA,$
,?:ED
$$+:DDF6
?8:?66C:?8
3EFP?FLJ>QBOF>IP@LROPBCL@RPBPLK
QEBPBIB@QFLKMOL@BPPFKDQBPQFKD>KA
MBOCLOJ>K@BLCJ>QBOF>IPRPBAFK
?FLJBAF@>I>MMIF@>QFLKPTFQEPMB@F>I
BJME>PFPRMLKQFPPRBBKDFKBBOFKD
3LMF@PFK@IRABJ>QBOF>IPBIB@QFLK>KA
MOL@BPPFKDJB@E>KFPJP>KAHFKBQF@P
LCJ>QBOF>IABDO>A>QFLK@BIIJ>QBOF>I
FKQBO>@QFLKP>KAFKQBOC>@BPBfB@QLC
@LKPQOR@Q>O@EFQB@QROBLKQFPPRB
DOLTQE>KAQO>KPMLOQQEOLRDE
BKDFKBBOBAQFPPRBP$U>JMIBPLC
BKDFKBBOFKDQFPPRBPCLOOBMI>@FKD
@>OQFI>DB?LKBQBKALKPIFD>JBKQP
PHFK>KAIFSBOTFII?BMOBPBKQBA
,?:ED
)64@>>6?56524<8C@F?5
hOPQ@LROPBFK?FLJ>QBOF>IP
BNRFS>IBKQQL,$!,$>KA>
?>PF@RKABOPQ>KAFKDLCMEVPFLILDV
>KA@BII?FLILDV
$$+:DDF6$6492?:4D
3EFP?FLJB@E>KF@P@LROPBCL@RPBPLK
>AS>K@BAQB@EKFNRBPCLOQEB
@E>O>@QBOFW>QFLKLCQEBPQOR@QROB>KA
CRK@QFLKLCE>OA>KAPLCQQFPPRBP>KA
QEBFOOBI>QFLKPEFMQLMEVPFLILDF@>I
MOL@BPPBP MMIF@>QFLKPFK@IRABQFPPRB
FKGROVTLRKAEB>IFKDQEBBfB@QLC
M>QELILDF@>I@LKAFQFLKPRMLKQFPPRB
MOLMBOQFBP>KAABPFDKLCJBAF@>I
ABSF@BP>KAMOLPQEBPBP
,?:ED
)64@>>6?56524<8C@F?5
hOPQ@LROPBFK?FLJB@E>KF@P
BNRFS>IBKQQL,$!,$
$C25F2E6*6>:?2C
2BJFK>OPLK@ROOBKQFPPRBPOBI>QBAQL
S>OFLRP>OB>PLCJB@E>KF@>I
BKDFKBBOFKD>OBMOBPBKQBA?V
>RQELOFQFBPFKQEBFOhBIAP IICRIIQFJB
JB@E>KF@>IBKDFKBBOFKDPQRABKQP>OB
OBNRFOBAQLOBDFPQBO>KA>QQBKA
,?:ED
$*A64:2=+@A:4D
OO>KDBA?VFKAFSFAR>IC>@RIQVTFQE
PMB@F>IBUMBOQFPBQEBPB@LROPBP
PROSBVCRKA>JBKQ>IPFK>OB>PQE>Q>OB
KLQ@LSBOBA?VQEBOBDRI>O
JB@E>KF@>IBKDFKBBOFKD@LROPB
LfBOFKDP$U>@Q@LROPBABP@OFMQFLKP
>OBAFPPBJFK>QBA?VQEB,B@E>KF@>I
$KDFKBBOFKD#BM>OQJBKQTBIIFK
>AS>K@BLCQEBLfBOFKD
,?:ED
'C6C6BF:D:E6D
"LKPBKQLCFKPQOR@QLO
$:C64E65)6D62C49
%LO,2PQRABKQPTFPEFKDQLD>FK
OBPB>O@EBUMBOFBK@BMBOFMEBO>IQL
QEBFOQEBPFPQLMF@LOCLO/E#
PQRABKQPTFPEFKDQLD>FKOBPB>O@E
BUMBOFBK@BMBOFMEBO>IQLQEBFO
AFPPBOQ>QFLKQLMF@
,?:ED
$+96D:D)6D62C49
%LOJ>PQBOPPQRABKQPTFPEFKDQL
L?Q>FKOBPB>O@E@OBAFQQLT>OAQEBFO
QEBPFP
,?:ED
'C6C6BF:D:E6D
"LKPBKQLC3EBPFP ASFPLO
$J?2>:4D2?5*:8?2=
?2=JD:D
I>?LO>QLOV?>PBA@LROPBTEF@E
>MMIFBP%LROFBO>KA@BMPQO>IPFDK>I
>K>IVPFPQB@EKFNRBPQLJB@E>KF@>I
BKDFKBBOFKDMOL?IBJP3EBQEBLOV
>KA>MMIF@>QFLKLCQEB%LROFBOPBOFBP
%>PQ%LROFBO3O>KPCLOJ%%3>KAQEB
@BMPQORJQLQEB>K>IVPFPLC
JB@E>KF@>I>KA>@LRPQF@>IPVPQBJPFP
MOBPBKQBA#FDFQ>IP>JMIFKDQEBLOV
TFKALTFKD>IF>PFKDhIQBOFKDKLFPB
>SBO>DFKD>KAAB@LKSLIRQFLK>OB
AFP@RPPBA+FJFQ>QFLKPLC>KABOOLOPFK
FJMIBJBKQ>QFLKLCQEBPBQB@EKFNRBP
>OBABJLKPQO>QBA2QRABKQPTFII
MBOCLOJTBBHIVBUMBOFJBKQPFKQEB
2QOR@QRO>I#VK>JF@P>KA5F?O>QFLK
+>?LO>QLOVTEF@EOBFKCLO@BQEB
QEBLOFBPMOBPBKQBAFKIB@QROBP
MMIF@>QFLKTFIIFK@IRABPQOR@QROBP
>@LRPQF@POLQ>QFKDJ>@EFKBOV>KA
@>JP
,?:ED
 6/(">Q>ILD
$@=@8C2A9:4%F>6C:42=
?2=JD:D
1B@BKQ>AS>K@BPFKELILDO>MEF@
>K>IVPFPLC?LAVABCLOJ>QFLKP>OB
AFP@RPPBA(K@IRABAFKQEB@LROPB>OB
QLMF@P@LSBOFKDP>KATF@E
ELILDO>MEVLMQLBIB@QOLKF@COFKDB
FKQBOMLI>QFLKQB@EKFNRBQEBLOVLC
COFKDBIL@>IFW>QFLKRPBLCMOLGB@QFLK
J>QOF@BP>KAQEBCOFKDBQBKPLOQEBLOV
LCELILDO>MEF@PQO>FK>K>IVPFP3EB
>MMIF@>QFLKLCFKQBO>@QFSB@LJMRQBO
MOLDO>JPCLOELILDO>MEF@>K>IVPFPLC
BKDFKBBOFKD>KA?FLILDF@>IPVPQBJP
TFII?BLRQIFKBA+B@QROBP>OB
PRMMIBJBKQBA?VI>?LO>QLOV
ABJLKPQO>QFLKP>KABUMBOFJBKQP
,?:ED
'C6C6BF:D:E6D
,>QOFU>IDB?O>SB@QLO@>I@RIRP>KA
@LKPBKQLCFKPQOR@QLO
$5G2?465*A64:2=+@A:4D
OO>KDBA?VFKAFSFAR>IC>@RIQVTFQE
PMB@F>IBUMBOQFPBQEBPB@LROPBP@LSBO
>AS>K@BAQLMF@PQE>Q>OBKLQ@LSBOBA
?VQEBOBDRI>OJB@E>KF@>I
BKDFKBBOFKD@LROPBLfBOFKDP$U>@Q
@LROPBABP@OFMQFLKP>OBAFPPBJFK>QBA
?VQEB,B@E>KF@>I$KDFKBBOFKD
#BM>OQJBKQTBIIFK>AS>K@BLCQEB
LfBOFKD
,?:ED
'C6C6BF:D:E6D
"LKPBKQLCFKPQOR@QLO
$'C6:DD6CE2E:@?)6D62C49
(KQBKABACLOAL@QLO>IPQRABKQP
TFPEFKDQLL?Q>FKAFPPBOQ>QFLK
OBPB>O@E@OBAFQMOFLOQL>AJFPPFLKQL
@>KAFA>@V
,?:ED
'C6C6BF:D:E6D
"LKPBKQLC#FPPBOQ>QFLK ASFPLO
$:DD6CE2E:@?)6D62C49
(KQBKABACLOAL@QLO>IPQRABKQP
>AJFQQBAQL@>KAFA>@VTFPEFKDQL
L?Q>FKOBPB>O@E@OBAFQQLT>OAQEBFO
AFPPBOQ>QFLKP
,?:ED
'C6C6BF:D:E6D
"LKPBKQLC#FPPBOQ>QFLK ASFPLO
$AA=:65?2=JE:42=
$6E9@5D:??8:?66C:?8
3EBBJME>PFPLCQEFP@LROPBFPLKQEB
JLABIFKDLCMEVPF@>IMEBKLJBK>
BK@LRKQBOBAFKQVMF@>IBKDFKBBOFKD
MOL?IBJP>KALKFKQBOMOBQFKD
PLIRQFLKPFKQBOJPLCQEBDLSBOKFKD
MEVPF@P(KQEFPJ>KKBOQEB@LROPB
TFIIBUMLPBPQRABKQPQL>O>KDBLC
QB@EKFNRBPQE>Q>OBRPBCRIQL
MO>@QF@FKDBKDFKBBOP>KAOBPB>O@EBOP
/EVPF@>IBU>JMIBPTFII?BAO>TKCOLJ
iRFAJB@E>KF@PAVK>JF@PPQ>?FIFQV
MOL?IBJP>KAPQOR@QRO>IJB@E>KF@P
3EB@LROPBTFIIFKQOLAR@B>K>IVQF@>I
QB@EKFNRBP>PQEBV>OBOBNRFOBAQL
PQRAVPR@EMEBKLJBK>#BMBKAFKD
LKQEBBU>JMIBP@ELPBKQEB
QB@EKFNRBP@LSBOBAJ>VFK@IRAB
M>OQF>IAFfBOBKQF>IBNR>QFLKPMLTBO
PBOFBP%LROFBOPBOFBP%LROFBOFKQBDO>IP
FK@IRAFKD@>PBPLCPRPQ>FKBA
KLKMBOFLAF@MOL@BPPBPTEF@EOBNRFOB
FK@LOMLO>QFKDMOL?>?FIFPQF@>MMOL>@E
FKQLAVK>JF@P&OBBKP%RK@QFLKP
2QROJ+FLRSFIIBQEBLOV>KAIFKB>O
>IDB?O>2QRABKQP@>KKLQOB@BFSB
@OBAFQCLOQEFP@LROPBFCQEBVE>SB
Q>HBKBFQEBOQEB2MB@F>I3LMF@P,$
 SBOPFLKLCQEBP>JB@LROPBLO
,$
,?:ED
'C6C6BF:D:E6D
AFfBOBKQF>IBNR>QFLKP>QQEB
RKABODO>AR>QBIBSBI
$AA=:65%F>6C:42=
$6E9@5D:??8:?66C:?8
PQRAVLCFJMLOQ>KQKRJBOF@>I>KA
@LJMRQ>QFLK>IJBQELAPCLOPLISFKD
BKDFKBBOFKDP@FBK@BMOL?IBJP3EB
@LROPBTFIIFK@IRABJBQELAPCLO
PLISFKDIFKB>O>KAKLKIFKB>O
BNR>QFLKPFKQBOMLI>QFLKPQO>QBDFBP
BS>IR>QFKDFKQBDO>IP>KAPLISFKD
LOAFK>OV>KAM>OQF>IAFfBOBKQF>I
BNR>QFLKP%FKFQBAFfBOBK@BJBQELAP
TFII?BABSBILMBAFKCRIICLOQEB
PLIRQFLKLCM>OQF>IAFfBOBKQF>I
BNR>QFLKP3EB@LROPBJ>QBOF>IP
BJME>PFWBQEBPVPQBJ>QF@DBKBO>QFLK
LCKRJBOF@>IJBQELAPCLOBIIFMQF@
M>O>?LIF@>KAEVMBO?LIF@MOL?IBJP
>KAQEB>K>IVPFPLCQEBFOPQ>?FIFQV
>@@RO>@V>KA@LKSBODBK@B
MOLMBOQFBP3EBPQRABKQTFII?B
OBNRFOBAQLTOFQB>KAORK@LJMRQBO
MOLDO>JP2QRABKQP@>KKLQOB@BFSB
@OBAFQCLOQEFP@LROPBFCQEBVE>SB
Q>HBKQEB2MB@F>I3LMF@P,$,
SBOPFLKLCQEBP>JB@LROPBLO,$
,?:ED
$+FC3@>249:?6CJ
3EFP@LROPBFP>KFKQOLAR@QFLKQLQEB
iRFAJB@E>KF@P>KAQEBOJLAVK>JF@P
LCQRO?LJ>@EFKBOVCLOMOLMRIPFLK
>KAMLTBODBKBO>QFLK>MMIF@>QFLKP
UF>I>KA@BKQOFCRD>I@LJMOBPPLOP
TFII?BAFP@RPPBA>PTBII>P>UF>I>KA
O>AF>IiLTQRO?FKBP K>IVPFPLCQEB
JB>KIFKBiLTFK@LJMOBPPLO>KA
QRO?FKB?I>ABOLTP>KAPQ>DBPTFII?B
AFP@RPPBA3EB?I>ABQL?I>ABiLT
JLABITFII?BMOBPBKQBA>KA
>UFPVJJBQOF@iLTQEBLOVFKQOLAR@BA
3EOBBAFJBKPFLK>IiLTFB
PB@LKA>OViLTPTFII>IPL?B
AFP@RPPBA2QRABKQP@>KKLQOB@BFSB
@OBAFQCLOQEFP@LROPBFCQEBVE>SB
Q>HBKQEB2MB@F>I3LMF@P,$'
SBOPFLKLCQEBP>JB@LROPB
,?:ED
 6/(">Q>ILD
$)6?6H23=6?6C8J
3EB@LROPBMOLSFABP>KFKQOLAR@QFLK
QLOBKBT>?IBBKBODVLRQIFKFKDQEB
@E>IIBKDBPFKJBBQFKDQEBBKBODV
KBBAPLCERJ>KFQV>KABUMILOFKD
MLPPF?IBPLIRQFLKPFKPLJBABQ>FI
2MB@Fh@QLMF@PFK@IRABRPBLCBKBODV
>KAQEB@LOOBI>QFLKLCBKBODVRPB
TFQEQEBMOLPMBOFQVLCK>QFLKP
EFPQLOF@>IBKBODVRP>DB>KACRQROB
BKBODVKBBAPBKDFKBBOFKD
B@LKLJF@PBIB@QOF@FQVDBKBO>QFLK
COLJQEBTFKAT>SBL@B>KBKBODV
DBLQEBOJ>I>KAPLI>OQEBOJ>I
BKBODVLSBOSFBTLCCRBI@BIIP
?FLCRBIPKR@IB>OBKBODV>KAPLI>O
MELQLSLIQ>F@PVPQBJP>KAQEBFOOLIB
>KAMOLPMB@QPAFPQOF?RQFLKLCBKBODV
>KAQEBBKBODVFKCO>PQOR@QROBBKBODV
CLOQO>KPMLOQ>QFLKBKBODVPQLO>DB
,?:ED
'C6C6BF:D:E6D
$2$2LOBNRFS>IBKQP
$ ?EC@5F4E:@?E@
@>AFE2E:@?2==F:5J?2>:4D
3EB@LROPBMOLSFABPQEBQEBLOV>KA
MO>@QF@BLC@LJMRQ>QFLK>IiRFA
AVK>JF@P>Q>KBKQOVDO>AR>QBIBSBI
3LMF@P@LSBOBAFK@IRAB@I>PPFh@>QFLK
LCM>OQF>IAFfBOBKQF>IBNR>QFLKP
/#$PFKiRFAAVK>JF@P>KA
@E>O>@QBOFPQF@PhKFQBAFfBOBK@B
P@EBJBPLKPQOR@QROBADOFAP
QBJMLO>IAFP@OBQFW>QFLKP@EBJBP
@LKPFPQBK@VPQ>?FIFQV>KABOOLO
>K>IVPFPLChKFQBAFfBOBK@BP@EBJBP
BUMIF@FQ>KAFJMIF@FQhKFQB
AFfBOBK@FKDP@EBJBPCLO#>KA#
IFKB>OEVMBO?LIF@M>O>?LIF@BIIFMQF@
>KAKLKIFKB>O/#$PFKiRFA
AVK>JF@PAFOB@Q>KAFQBO>QFSB
PLIRQFLKJBQELAPCLO>IDB?O>F@
PVPQBJP3EB@LROPBOBNRFOBP
@LJMIBQFLKLCPBSBO>IMOLGB@QPRPFKD
, 3+ !
,?:ED
$$6492?:42=-:3C2E:@?D
3EB@LROPBMOLSFABPCRKA>JBKQ>IP
CLOSF?O>QFLK>K>IVPFPLCIFKB>OAFP@OBQB
>KA@LKQFKRLRPAVK>JF@PVPQBJP 
SF?O>QFKDPVPQBJFPhOPQJLABIBA
J>QEBJ>QF@>IIV>P>KFKFQF>IS>IRB
MOL?IBJ(5/LO>?LRKA>OVFKFQF>I
S>IRBMOL?IBJ!(5/?VQEB-BTQLK
# IBJ?BOQJBQELA>KALOQEB
+>DO>KDBBKBODV>MMOL>@E>KAQEBK
PLISBACLOS>OFLRPQVMBPLCPVPQBJ
$UMIF@FQPLIRQFLKPCLOAVK>JF@
OBPMLKPBLC>IFKB>OPFKDIBABDOBBLC
COBBALJ2#.%PVPQBJ?LQE
A>JMBA>KARKA>JMBAFPABOFSBA
CLOCOBBSF?O>QFLK@>RPBA?VQEBFKFQF>I
@LKAFQFLKP>KACLO@BASF?O>QFLK
@>RPBA?VAFfBOBKQBU@FQ>QFLKP
,LA>I>K>IVPFPFPMOBPBKQBAQLPLISB
CLOSF?O>QFLKOBPMLKPBLC?LQEJRIQF
ABDOBBLCCOBBALJ,#.%PVPQBJP
>KA@LKQFKRLRPPVPQBJPTFQE
AFPQOF?RQBAM>O>JBQBOP PQEB?>PFP
LCJLA>I>K>IVPFPQEBK>QRO>I
COBNRBK@FBP>KASF?O>QFLKJLABPLC>
IFKB>OAVK>JF@PVPQBJ>OBL?Q>FKBA
FK>AS>K@B?VPLISFKD>K>PPL@F>QBA
DBKBO>IFWBABFDBKS>IRBMOL?IBJ>KA
QEBLOQELDLK>IMOLMBOQFBPLCQEB
SF?O>QFLKJLABPTFQEOBPMB@QQLQEB
PQFfKBPP>KAJ>PPJ>QOF@BP>OB
PQOF@QIVMOLSBA"LJMRQ>QFLK>I
JBQELAPCLOSF?O>QFLK>K>IVPFP>OB
FKQOLAR@BA MMIF@>QFLKPFK@IRAB?RQ
>OBKLQIFJFQBAQL@RPEFLKABPFDKLC
C>IIFKDM>@H>DBPSBEF@IBPQO>SBIFKDLK
>OLRDEPROC>@BJRIQFPQLOV?RFIAFKD
PR?GB@QBAQLPBFPJF@>KATFKA
IL>AFKD>KASF?O>QFLK>K>IVPFPLC
?OFADBPPR?GB@QBAQLQO>g@IL>AFKD
2QRABKQP@>KKLQOB@BFSB@OBAFQCLO
QEFP@LROPBFCQEBVE>SBQ>HBKQEB
2MB@F>I3LMF@P,$5SBOPFLKLC
QEBP>JB@LROPBLO,$
,?:ED
$5G2?465J?2>:4D
!>PF@@LK@BMQP>KADBKBO>IMOFK@FMIBP
LC@I>PPF@>IHFKBJ>QF@P>KAAVK>JF@P
LCM>OQF@IBPPVPQBJPLCM>OQF@IBP>KA
OFDFA?LAFBP>OBMOBPBKQBATFQE
>MMIF@>QFLKQLBKDFKBBOFKDMOL?IBJP
TFQE@LJMIF@>QBAQEOBBAFJBKPFLK>I
HFKBJ>QF@P>KAAVK>JF@P#BOFS>QFLK
LCQEBDLSBOKFKDBNR>QFLKPLCJLQFLK
RPFKD/OFK@FMIBLC5FOQR>I6LOH>KA
+>DO>KDBBNR>QFLKPFPABP@OF?BA
QLDBQEBOTFQEQEBAFOB@Q-BTQLK
>MMOL>@E MMIF@>QFLKPFK@IRAB
PTFKDPBfB@Q>KAFQPRPBFK
BKDFKBBOFKDFIIRPQO>QFKDFKM>OQF@RI>O
IFJFQ@V@IBP>KAQEBFOPQ>?FIFQV>KA
OBSBOPBAPTFKDP@LKQOLILCSF?O>QFLKP
LCMBKARIRJS>OFLRPBU>JMIBPLC
DVOLP@LMF@BfB@QP>KABPMB@F>IIV
FKQOLAR@QLOVOLQLOAVK>JF@PFK@IRAFKD
QO>KPSBOPBSF?O>QFLKPTEFOIFKD>KA
MLQBKQF>IFKPQ>?FIFQVLCOLQ>QFKDPE>CQP
2QRABKQP@>KKLQOB@BFSB@OBAFQCLO
QEFP@LROPBFCQEBVE>SBQ>HBKQEB
2MB@F>I3LMF@P,$#SBOPFLKLC
QEBP>JB@LROPBLO,$
,?:ED
 6/(">Q>ILD
$)$F=E:)@3@E
*JDE6>D
3EFP@LROPB@LSBOPQEBCLRKA>QFLK
>KAMOFK@FMIBPLCJRIQFOL?LQPVPQBJP
3EB@LROPBTFII@LSBOQEB
ABSBILMJBKQLCQEBhBIA>KAMOLSFAB
>KLSBOSFBTLKAFfBOBKQ@LKQOLI
>O@EFQB@QROBPABIF?BO>QFSBOB>@QFSB
?BE>SFLO?>PBA>KAEV?OFA@LKQOLI
@LKQOLIQLMLILDFBP>KAPVPQBJ
@LKhDRO>QFLKP@BIIRI>O>RQLJ>Q>
JLARI>OOL?LQF@PVPQBJPJL?FIB
PBKPLOKBQTLOHPPT>OJP
EBQBOLDBKBLRPPVPQBJP3LMF@PJ>V
FK@IRAB?RQ>OBKLQIFJFQBAQLJRIQF
OL?LQ@LKQOLI>KA@LKKB@QFSFQVM>QE
MI>KKFKD>KAIL@>IFW>QFLKPBKPLO
CRPFLK>KAOL?LQFKCLOJ>QF@PQ>PH
IBSBI@LKQOLI>KAOL?LQPLCQT>OB
PVPQBJABPFDK>KAFJMIBJBKQ>QFLK
3EBPBQLMF@PTFII?BMROPRBAQEOLRDE
FKABMBKABKQOB>AFKD@I>PP
AFP@RPPFLK>KA>@LROPBMOLGB@Q3EB
@LROPBTFII@RIJFK>QBFK>DOLRM
MOLGB@QCL@RPFKDLK>@LII>?LO>QFSB
@LLMBO>QFSBJRIQFOL?LQPVPQBJ3EB
MOLGB@QJ>V?B@LJMIBQBAQEOLRDE
PFJRI>QFLKLOE>KAPLKBUMBOFBK@B
TFQE>S>FI>?IBOL?LQF@MI>QCLOJP
&OLRMPTFIIMOBPBKQQEBFOTLOH>KA
@LJMIBQBQTLMOLCBPPFLK>INR>IFQV
M>MBOPFK($$$CLOJ>Q2QRABKQP
@>KKLQOB@BFSB@OBAFQCLOQEFP@LROPBFC
QEBVE>SBQ>HBKQEB2MB@F>I3LMF@P
,$2SBOPFLKLCQEBP>JB@LROPB
,?:ED
'C6C6BF:D:E6D
+FKB>O>IDB?O>AFfBOBKQF>IBNR>QFLKP
IFKB>OPVPQBJP@LKQOLIP>KAJ>QROB
MOLDO>JJFKDPHFIIPLO@LKPBKQLCQEB
FKPQOR@QLO
$):@>65:42=
)@3@E:4D
3EFP@LROPBTFIIMOLSFAB>KLSBOSFBT
LC>JRIQFQRABLC?FLJBAF@>I
>MMIF@>QFLKPLCOL?LQF@P MMIF@>QFLKP
@LSBOBAFK@IRABFJ>DBDRFABA
PRODBOVMBO@RQ>KBLRPQEBO>MV
IL@>IFW>QFLKOL?LQ>PPFPQBAPRODBOV
PFJRI>QFLK>KA>RDJBKQBAOB>IFQV
I>?LO>QLOV>KALMBO>QFKDOLLJ
>RQLJ>QFLKOL?LQF@OBE>?FIFQ>QFLK
>KAPL@F>IIV>PPFPQFSBOL?LQP2MB@Fh@
PR?GB@QJ>QQBOFK@IRABPJBAF@>I
FJ>DFKD@LLOAFK>QBPVPQBJP>KA
OBMOBPBKQ>QFLKPFK#PM>@BOL?LQ
HFKBJ>QF@P>KA@LKQOLIS>IFA>QFLK
E>MQF@PQBIBLMBO>QFLKOBDFPQO>QFLK
@>IF?O>QFLKFJ>DBMOL@BPPFKD
QO>@HFKD>KAERJ>KOL?LQ
FKQBO>@QFLK3LMF@PTFII?BAFP@RPPBAFK
IB@QROBCLOJ>QCLIILTBA?VFKQBO>@QFSB
AFP@RPPFLKLCOBI>QBAIFQBO>QROB3EB
@LROPBTFII@RIJFK>QBFK>QB>J
MOLGB@Q@LSBOFKDLKBLOJLOBLCQEB
MOFJ>OV@LROPBCL@RP>OB>P
,?:ED
)64@>>6?56524<8C@F?5
+FKB>O>IDB?O>,$1!$LO
BNRFS>IBKQ2QRABKQP@>KKLQOB@BFSB
@OBAFQCLOQEFP@LROPBFCQEBVE>SB
Q>HBKQEB2MB@F>I3LMF@P,$4
SBOPFLKLCQEBP>JB@LROPB
$@?EC@=@7#:?62C
J?2>:42=*JDE6>D
3EFP@LROPB@LSBOP>K>IVPFP>KA
PVKQEBPFPLC@LKQOLII>TPCLOIFKB>O
AVK>JF@>IPVPQBJP%RKA>JBKQ>I
@LK@BMQPFK@IRAFKD@>KLKF@>I
OBMOBPBKQ>QFLKPQEBPQ>QBQO>KPFQFLK
J>QOFU>KAQEBMOLMBOQFBPLC
@LKQOLII>?FIFQV>KAL?PBOS>?FIFQVTFII
?BAFP@RPPBA3EBBUFPQBK@B>KA
PVKQEBPFPLCPQ>?FIFWFKDCBBA?>@H
@LKQOLII>TPRPFKDMLIBMI>@BJBKQ
>KAIFKB>ONR>AO>QF@LMQFJ>I@LKQOLI
TFII?BAFP@RPPBA3EBABPFDKLC
+RBK?BODBOL?PBOSBOP>KA*>IJ>K
hIQBOPTFII?BFKQOLAR@BA$U>JMIBP
MBOQ>FKFKDQL>BOLPM>@BBKDFKBBOFKD
PR@E>PPQ>?FIFQV>K>IVPFP>KA
>RDJBKQ>QFLKLCILKDFQRAFK>I>KA
I>QBO>I>FO@O>CQAVK>JF@PTFII?B
@LKPFABOBA PPFDKJBKQP>KAQBOJ
MOLGB@QFC>KVTFIICL@RPLKQEB
ABPFDK>K>IVPFP>KAFJMIBJBKQ>QFLK
LCIFKB>O@LKQOLICLO@ROOBKQ
BKDFKBBOFKDMOL?IBJP3EBRPBLC
,>QI>?b2FJRIFKHbCLO>K>IVPFP>KA
ABPFDKTFII?BBJME>PFWBA
,?:ED
)64@>>6?56524<8C@F?5
%>JFIF>OFQVTFQELOAFK>OVAFfBOBKQF>I
BNR>QFLKPFKQOLAR@QLOV@LKQOLI
QEBLOVCRKA>JBKQ>IPLCIFKB>O
>IDB?O>>KAQEB>K>IVPFPLCPFDK>IP
>KAPVPQBJPFPOB@LJJBKABA
%>JFIF>OFQVTFQE,>QI>?bFPPQOLKDIV
OB@LJJBKABA
 6/(">Q>ILD
$@?EC@=@7%@?=:?62C
J?2>:42=*JDE6>D
.SBOSFBTLCPQ>?FIFQV@LK@BMQP>KA
BU>JFK>QFLKLCS>OFLRPJBQELAPCLO
>PPBPPFKDPQ>?FIFQVPR@E>P
IFKB>OFW>QFLK>KA+V>MRKLSJBQELAP
(KQOLAR@QFLKQLS>OFLRPABPFDK
JBQELAP?>PBALKIFKB>OFW>QFLK
PIFAFKDJLABP>A>MQFSB@LKQOLI>KA
CBBA?>@HIFKB>OFW>QFLK
#BJLKPQO>QFLK>KAMBOCLOJ>K@B
>K>IVPFPLKBKDFKBBOFKDPVPQBJPPR@E
>PiBUF?IBOL?LQF@J>KFMRI>QLOP
JL?FIBOL?LQPPM>@B@O>CQ>QQFQRAB
@LKQOLI>KA>FO@O>CQ@LKQOLIPVPQBJP
"LKQOLIPVKQEBPFP>KA>K>IVPFPFP
MBOCLOJBARPFKD,>QI>?b2FJRIFKHb
,?:ED
'C6C6BF:D:E6D
%>JFIF>OFQVTFQELOAFK>OVAFfBOBKQF>I
BNR>QFLKPFKQOLAR@QLOV@LKQOLI
QEBLOV>QQEBRKABODO>AR>QBIBSBI
CRKA>JBKQ>IPLCIFKB>O>IDB?O>
%>JFIF>OFQVTFQE,>QI>?bFPPQOLKDIV
OB@LJJBKABA
$:36C&AE:42=*6?D@CD
3EFP@LROPBFPABPFDKBAQLFKQOLAR@B
PQRABKQPQLQEBhBIALCh?BOLMQF@P
TFQE>KBJME>PFPLKABPFDK>KA
TLOHFKDMOFK@FMIBPLCh?BOLMQF@>I
PBKPLOPCLOJB@E>KF@>I?FLILDF@>I
>KA@EBJF@>IJB>PROBJBKQP
2QRABKQPTFII?B>?IBQLIB>OKQEB
?>PF@HKLTIBADB>KATLOHFKD
MOFK@FMIBPLCLMQF@>Ih?BOP>KAh?BO
LMQF@>I@LJMLKBKQP>PTBII>P
MO>@QF@>IABPFDKDRFABIFKBP>KA
>MMIF@>QFLKPLCh?BOLMQF@>IPBKPFKD
PVPQBJP3EBhOPQE>ICLCQEB@LROPB
TFIIFKQOLAR@BQEBCRKA>JBKQ>IPLC
h?BOLMQF@PFK@IRAFKDTLOHFKD
MOFK@FMIBPLCLMQF@>Ih?BOPPFKDIB
JLAB>KAJRIQFJLABh?BOP
MOLMBOQFBPLCLMQF@>Ih?BOPM>PPFSB
h?BOLMQF@>IABSF@BPIFDEQPLRO@BP
>KALMQF@>IABQB@QLOP3EBPB@LKA
E>ICTFIICL@RPLKMO>@QF@>Ih?BO
LMQF@>IPBKPLOP>KAPBKPFKDPVPQBJP
FK@IRAFKDTLOHFKDMOFK@FMIBPLCh?BO
LMQF@>IPBKPLOPFKQBKPFQV?>PBA>KA
FKQBOCBOLJBQBO?>PBAh?BOLMQF@>I
PBKPLOPh?BO!O>DDDO>QFKDP>KA
ILT@LEBOBK@Bh?BOLMQF@>I
FKQBOCBOLJBQBOP2MB@Fh@>IIVABPFDK
>KAFJMIBJBKQ>QFLKLCh?BOLMQF@>I
PBKPLOP>KAPBKPFKDPVPQBJPCLO
PQO>FK>KAMOBPPROBJB>PROBJBKQP
TFII?BAFP@RPPBAFKABQ>FI
,B>PROBJBKQ@E>O>@QBOFPQF@P>KA
PFDK>IMOL@BPPFKDLCh?BOLMQF@>I
PBKPFKDPVPQBJPCLOAFfBOBKQ
>MMIF@>QFLKPTFII?BFKQOLAR@BA
,?:ED
)64@>>6?56524<8C@F?5
4KABODO>AR>QBIBSBIPQOBPP>K>IVPFP
>KAT>SBCRKA>JBKQ>IPPR@E>P$2
/'*KLTIBADBLC
SF?O>QFLKPPR@E>P,$FP
MOBCBOOBA?RQKLQOBNRFOBA
$#2D6C$6EC@=@8J2?5
%@?56DECF4E:G6+6DE:?8
#BJ>KAPCLOFK@OB>PBAMBOCLOJ>K@B
>KABg@FBK@VLC@LJMLKBKQPFKQEB
K>KLJF@OLJBPL>KAJ>@OL
P@>IBPFJMLPB@E>IIBKDBPQLQEBFO
BKDFKBBOFKDABPFDKPQRAV>KA
LMQFJFW>QFLK3EBPB@E>IIBKDBP>OB
@LJMLRKABA?VJRIQFAFP@FMIFK>OV
>MMIF@>QFLKPQL?BABSBILMBA
FKBUMBKPFSBIVFKPELOQQFJBTEFIB
P>QFPCVFKDPQOFKDBKQABPFDKL?GB@QFSBP
P>@LKPBNRBK@BBfB@QFSB
NR>KQFQ>QFSBBKDFKBBOFKD
JBQELALILDFBPPR@E>PLMQF@>I
QB@EKFNRBP>OBCOBNRBKQIVRPBAFKQEB
PQRAV>KALMQFJFW>QFLKLC>AS>K@BA
@LJMLKBKQP>KAPVPQBJP(KQEFP
@LROPBJLABOKI>PBOJBQOLILDV
QB@EKFNRBP>OBAFP@RPPBA>KAQEBFO
MO>@QF@>I>MMIF@>QFLKPQLPLISB
MOL?IBJPTFQEBJME>PFPLK
KLKABPQOR@QFSBQBPQFKD-#3>OB
FIIRPQO>QBATFQEI>?LO>QLOV
ABJLKPQO>QFLKP3LMF@P@LSBOBA
FK@IRABT>SB>KA%LROFBOLMQF@P
@I>PPF@>KAELILDO>MEF@
FKQBOCBOLJBQOVPMB@HIBQB@EKFNRBP
PLIFAPQ>QBI>PBOPh?BOLMQF@P""#
@>JBO>P@LJMRQBOSFPFLK@>JBO>
@>IF?O>QFLKJBQELAP>KAFJ>DB
MOL@BPPFKD>KAA>Q>OBAR@QFLK
>IDLOFQEJP>POBNRFOBAFKNR>KQFQ>QFSB
COFKDB>K>IVPFP#BQ>FIBU>JMIBPLC
KLKABPQOR@QFSBQBPQFKD>KA@LEBOBKQ
LMQF@>IJBQOLILDVFKPLIFAJB@E>KF@P
SF?O>QFLKPEB>QQO>KPCBO
BIB@QOLJ>DKBQF@P>KAOBSBOPB
BKDFKBBOFKD>OBDFSBK2QRABKQP>OB
OBNRFOBAQLTLOHLKMOLGB@QP
ABMBKAFKDLKQEBFO?>@HDOLRKA>KA
FKQBOBPQP2QRABKQP@>KKLQOB@BFSB
@OBAFQCLOQEFP@LROPBFCQEBVE>SB
Q>HBKQEB2MB@F>I3LMF@P,$)
SBOPFLKLCQEBP>JB@LROPBLO,$
,?:ED
)64@>>6?56524<8C@F?5
JB@E>KF@PJ>QBOF>IPMEVPF@P
HKLTIBADBLC>EFDEIBSBI@LJMRQBO
MOLDO>JJFKDI>KDR>DB
 6/(">Q>ILD
$$+*ECF4EFC62?5
'C@A6CE:6D@7?8:?66C:?8
$2E6C:2=D
3EFP@LROPB>ILKDTFQEFQP
@LJM>KFLK@LROPB,3$
/OLMBOQFBP>KA/BOCLOJ>K@BLC
$KDFKBBOFKD,>QBOF>IPFPABPFDKBAQL
MOLSFAB>@LJMOBEBKPFSBOBSFBTLC
QEBCRKA>JBKQ>IMOFK@FMIBPLC
,>QBOF>IP2@FBK@B>KA$KDFKBBOFKDCLO
FK@LJFKDDO>AR>QBPQRABKQP(KQEB
hOPQM>OQLCQEFP@LROPBPBNRBK@B
QEBPQOR@QROBFKJ>QBOF>IPO>KDFKD
COLJQEBPR?>QLJF@QLQEB
J>@OLP@LMF@FK@IRAFKDK>KLJF@OL
>KAJ>@OLJLIB@RI>OPQOR@QROBPTFII
?BAFP@RPPBAQLEFDEIFDEQ?LKAFKD
JB@E>KFPJP@OVPQ>IIFKFQV>KAABCB@Q
M>QQBOKP1BMOBPBKQ>QFSB
QEBOJLAVK>JF@>KAHFKBQF@>PMB@QP
PR@E>PAFfRPFLKME>PBAF>DO>JP
KR@IB>QFLK>KADOLTQE>KA333
AF>DO>JPTFII?BAFP@RPPBA,>GLO
PQOR@QRO>IM>O>JBQBOPQE>QBfB@QLC
MBOCLOJ>K@BFKJ>QBOF>IPFK@IRAFKD
MI>PQF@PJBQ>IIF@>IILVP@BO>JF@P>KA
DI>PPBPTFII?BBJME>PFWBA3EB
MOFK@FM>IMOL@BPPFKDQB@EKFNRBPQL
PE>MBJ>QBOF>IP>KAQEBBfB@QPLC
MOL@BPPFKDLKPQOR@QROBTFII?B
EFDEIFDEQBA-LQB2QRABKQP@>KKLQ
OB@BFSB@OBAFQCLOQEFP@LROPBFCQEBV
E>SBQ>HBKQEB2MB@F>I3LMF@PSBOPFLK
LCQEBP>JB@LROPB,3$2
,?:ED
'C6C6BF:D:E6D
PBKFLOLODO>AR>QBPQ>KAFKDLO
@LKPBKQLCQEBFKPQOR@QLO
$$+'C@A6CE:6D2?5
'6C7@C>2?46@7?8:?66C:?8
$2E6C:2=D
3EBQTLFKQOLAR@QLOV@I>PPBPLK
J>QBOF>IPP@FBK@B,3$>KA,3$
ABP@OF?BQEBPQOR@QROBMOLMBOQV
OBI>QFLKPEFMPFKJ>QBOF>IP3EB
MROMLPBLCQEFP@I>PPFPQLMOLSFAB>
?>PF@HKLTIBADBLCQEBMOFK@FMIBP
MBOQ>FKFKDQLQEBMEVPF@>I
JB@E>KF@>I>KA@EBJF@>IMOLMBOQFBP
LCJ>QBOF>IP3EBMOFJ>OVCL@RPLCQEFP
@I>PPTFII?BLKJB@E>KF@>I
MOLMBOQFBP3EBQEBOJ>IQBKPFIB
@LJMOBPPFSBiBURO>I>KAPEB>O
MOLMBOQFBPLCJBQ>IIF@>IILVP@BO>JF@P
>KADI>PPBP>KAMI>PQF@PTFII?B
AFP@RPPBA%RKA>JBKQ>I>PMB@QPLC
CO>@QROBJB@E>KF@P>KA
SFP@LBI>PQF@FQVTFII?BMOBPBKQBA K
LSBOSFBTLCAVK>JF@MOLMBOQFBPPR@E
>PC>QFDRBFJM>@Q>KA@OBBMTFII?B
MOLSFABA3EBOBI>QFLKPEFM?BQTBBK
QEBPQOR@QRO>IM>O>JBQBOP>KAQEB
MOB@BAFKDJB@E>KF@>IMOLMBOQFBPTFII
?BABP@OF?BA!>PF@@LJMLPFQB
QEBLOFBPTFII?BMOBPBKQBAQLABP@OF?B
h?BOOBFKCLO@BA@LJMLPFQBP>KA
K>KL@LJMLPFQBP5>OFLRPC>@QLOP
>PPL@F>QBATFQEJ>QBOF>IABDO>A>QFLK
AROFKDRPBTFII?BAFP@RPPBA2LJB
FKQOLAR@QLOVABhKFQFLKPLCBIB@QOF@>I
>KALMQF@>IMOLMBOQFBPTFII?B
LRQIFKBA-LQB2QRABKQP@>KKLQ
OB@BFSB@OBAFQCLOQEFP@LROPBFCQEBV
E>SBQ>HBKQEB2MB@F>I3LMF@PSBOPFLK
LCQEBP>JB@LROPB,3$/
,?:ED
'C6C6BF:D:E6D
PBKFLOLODO>AR>QBPQ>KAFKDLO
@LKPBKQLCQEBFKPQOR@QLO
$ ?EC@5F4E:@?E@
%2?@>6492?:4D
3EFP@LROPBFKQOLAR@BPPQRABKQPQL
K>KLJB@E>KF@P3LMF@P@LSBOBA
FK@IRAB>KFKQOLAR@QFLKQL
JB@E>KF@>IPVPQBJPCLO@BP>QQEB
K>KLQL>QLJF@P@>IBP@>KQFIBSBO
QEBLOVJB@E>KF@PLC#(#>KA#
K>KLJ>QBOF>IPMLIVJBO@E>FK
K>KLJB@E>KF@PJLIB@RI>O
OB@LDKFQFLKTB>OCOF@QFLK>KA
>AEBPFLK>QQEBK>KLP@>IBP@>IB
ABMBKABK@BLCCOF@QFLK>IOBPFPQ>K@B
K>KLFKABKQ>QFLKPROC>@BBI>PQF@FQV
>KASFP@LBI>PQF@FQVJ>MMFKD
IR?OF@>QFLKMOFK@FMIBP>QQEB
K>KLP@>IBFKQBOC>@F>ICLO@BPFK
@LKhKBAiRFAPJB@E>KF@PLC
BIB@QOLOEBLILDF@>I>KAJ>DKBQF@
iRFAP
,?:ED
)64@>>6?56524<8C@F?5
,$LO@LKPBKQLC(KPQOR@QLO
$$:4C@DJDE6>D
+649?@=@8J
3EFP@LROPBTFII?RFIALKQEB
CRKA>JBKQ>IPLCPBJF@LKAR@QLO
J>KRC>@QROFKD>KAFQP>MMIF@>QFLKPFK
JF@OLJB@E>KF@>IPVPQBJP
,F@OLPVPQBJPQB@EKLILDVBUMILOBP
QEBP@FBK@BLCJFKF>QROFW>QFLKQEB
P@FBK@BLCJ>HFKDPJ>IIQEFKDP3EB
@LROPBTFIIAFP@RPPQLMALTK>KA
?LQQLJRMJ>KRC>@QROFKD
QB@EKFNRBPIFQELDO>MEVM>QQBOK
QO>KPCBORPFKD>AAFQFSB>KA
PR?QO>@QFSBQB@EKFNRBPTBQ?RIH
JF@OLJ>@EFKFKDPROC>@B
JF@OLJ>@EFKFKD+(& >KA
JF@OLJLIAFKDP@>IFKDI>TP>KA
>MMIF@>QFLKPLCJFKF>QROFWBAABSF@BP
2LJBBU>JMIBPLCJF@OLABSF@BP
PR@E>P>@@BIBOLJBQBOPMOBPPROB
PBKPLOP@EBJF@>IPBKPLOP>KA
?FLJBAF@>IPBKPLOPTFII?BAFP@RPPBA
,?:ED
 6/(">Q>ILD
$$+*>2CE$2E6C:2=D
J>QBOF>ITELPBMOLMBOQFBP@>K
OBPMLKAQL>KBUQBOK>IPQFJRIRPFK>
@LKQOLIIBAC>PEFLKFPOBCBOOBAQL>P>
PJ>OQLOFKQBIIFDBKQJ>QBOF>I3EBPB
J>QBOF>IP@>K?BJ>ABQLRKABODL
@E>KDBPJLARIRPPE>MBMLOLPFQV
BIB@QOF@>I@LKAR@QFSFQVMEVPF@>ICLOJ
LM>@FQV>KAJ>DKBQF@MOLMBOQFBP
?>PBALK>KBUQBOK>IPQFJRIRP3EB
PQFJRIF@>KFK@IRABQBJMBO>QROBM'
PMB@Fh@JLIB@RIBPIFDEQJ>DKBQF@
hBIASLIQ>DB>KAPQOBPP3EBPB
PQFJRIFPBKPFQFSBJ>QBOF>IP@>K?B
RQFIFWBA>PPBKPLOP>KA>PSBEF@IBPCLO
QEB@LKQOLIIBAABIFSBOVLCAORDP>KA
LQEBO?FLJLIB@RIBPFKJBAF@>I
>MMIF@>QFLKP2J>OQJ>QBOF>IP>OB>IPL
?B@LJFKDFJMLOQ>KQFKLQEBO
?FLILDF@>I>OB>PPR@E>P?FL
PBM>O>QFLK?FLPBKPLOABPFDKQFPPRB
BKDFKBBOFKDMOLQBFKCLIAFKD>KA
JF@OLiRFAF@P3EBRPBLCPQFJRIF
PBKPFQFSBJ>QBOF>IPFPOB@BFSFKD
FK@OB>PFKD>QQBKQFLKFKQEB
ABSBILMJBKQLCA>J>DBQLIBO>KQ
PJ>OQPQOR@QROBPFK>BOLPM>@B
J>OFKB>RQLJLQFSB>KAB>OQENR>HB
OBPFPQ>KQ?RFIAFKDP3EBRPBLCPJ>OQ
J>QBOF>IPFP?BFKDBUMILOBACLO>
O>KDBLC>MMIF@>QFLKPFK@IRAFKD
MOLQB@QFSB@L>QFKDP@LOOLPFLK
?>OOFBOPFKQBIIFDBKQ?>QQBOFBPC>?OF@P
>KACLLAM>@H>DFKD3EBMROMLPBLC
QEFP@LROPBFPQLMOLSFAB>K
FKQOLAR@QFLKQLQEBS>OFLRPQVMBPLC
PJ>OQJ>QBOF>IPFK@IRAFKDMLIVJBOP
@BO>JF@JBQ>IIF@>IILVP>KA
@LJMLPFQBP%RKA>JBKQ>IMOFK@FMIBP
>PPL@F>QBATFQEQEBLKPBQLC[PJ>OQ^
MOLMBOQVTFII?BEFDEIFDEQBA3EB
MOFK@FMIBPLCPBICEB>I>?IBJ>QBOF>IP
?>PBALKPJ>OQJ>QBOF>IPTFII?B
AFP@RPPBA3EB>MMIF@>QFLKLCPJ>OQ
J>QBOF>IPFKS>OFLRPhBIAPFK@IRAFKD
PBKPLOP>@QR>QLOPAF>DKLPQF@P
QEBO>MBRQF@PM>@H>DFKD>KALQEBO
>AS>K@BA>MMIF@>QFLKPTFII?B
MOBPBKQBA-LQB2QRABKQP@>KKLQ
OB@BFSB@OBAFQCLOQEFP@LROPBFCQEBV
E>SBQ>HBKQEB2MB@F>I3LMF@PSBOPFLK
LCQEBP>JB@LROPB,3$7
,?:ED
$$+'=2DE:4D
3EFP@LROPBTFIIMOLSFAB>KFKQBDO>QBA
LSBOSFBTLCQEBABPFDKPBIB@QFLK>KA
RPBLCPVKQEBQF@MI>PQF@P3EB?>PF@
@EBJFPQOV>PPL@F>QBATFQE
MLIVJBOFW>QFLK>KAQEBPQOR@QROBLC
@LJJBO@F>IMI>PQF@PTFII?BABP@OF?BA
5>OFLRP>PMB@QPLCMLIVJBO
@OVPQ>IIFW>QFLK>KADI>PPQO>KPFQFLK
TFII?BLRQIFKBA2>IFBKQ>PMB@QPLC
iRFAiLT>KAEB>QQO>KPCBOAROFKD
QEBMOL@BPPFKDLCMI>PQF@PTFII?B
EFDEIFDEQBA%RKA>JBKQ>IPLCQEB
AFSBOPBMOL@BPPFKDLMBO>QFLKPRPBA
QLPE>MBMI>PQF@P>KAQEBOBPRIQFKD
PQOR@QROBPQE>QABSBILM>CQBO
MOL@BPPFKDTFII?BAFP@RPPBA3EB
JB@E>KF@>I?BE>SFLOLCMI>PQF@P
FK@IRAFKDBI>PQF@ABCLOJ>QFLKOR??BO
BI>PQF@FQVVFBIAFKDSFP@LBI>PQF@FQV
CO>@QROB>KA@OBBMTFII?BAFP@RPPBA
/I>PQF@ABDO>A>QFLK>KA
BKSFOLKJBKQ>IFPPRBP>PPL@F>QBATFQE
OB@V@IFKD>KAAFPMLP>ILCMI>PQF@PTFII
?BBU>JFKBA3VMF@>IQB@EKFNRBP
RPBAFKQEB>K>IVPFP>KAQBPQFKDLC
MI>PQF@PTFII?BABP@OF?BA>KA>
TLOHFKDHKLTIBADBLCS>OFLRP
QBOJFKLILDFBPRPBAFK@LJJBO@F>I
MO>@QF@BTFII?BMOLSFABA-LQB
2QRABKQP@>KKLQOB@BFSB@OBAFQCLO
QEFP@LROPBFCQEBVE>SBQ>HBKQEB
2MB@F>I3LMF@PSBOPFLKLCQEBP>JB
@LROPB,3$ 
,?:ED
$$+$6492?:42=
692G:@C2?5C24EFC6@7$2E6C:2=D
3EBC>FIROB>KATB>OLRQJB@E>KFPJP
CLO>S>OFBQVLCJ>QBOF>IPJBQ>IP
@BO>JF@PMLIVJBOP@LJMLPFQBP>KA
JF@OLBIB@QOLKF@P>KA>MMIF@>QFLKP
TFII?BMOBPBKQBA>KAAFP@RPPBA
,RIQF>UF>IC>FIROBQEBLOFBP>KA
CO>@QROBJB@E>KF@PTFII?BAFP@RPPBA
3EBJBQELALILDV>KAQB@EKFNRBPCLO
OBIF>?FIFQV>K>IVPFPTFII>IPL?B
MOBPBKQBA>KAAFP@RPPBA J>QBOF>IP
PVPQBJP>MMOL>@ETFII?BRPBA-LQB
2QRABKQP@>KKLQOB@BFSB@OBAFQCLO
QEFP@LROPBFCQEBVE>SBQ>HBKQEB
2MB@F>I3LMF@PSBOPFLKLCQEBP>JB
@LROPB,3$",3$"
,?:ED
'C6C6BF:D:E6D
$2>KA,$LOBNRFS>IBKQ
>KAPBKFLOLODO>AR>QBPQ>KAFKDFK
BKDFKBBOFKDLOP@FBK@B
 6/(">Q>ILD
$$+$
*FC7246$6EC@=@8J
3EFP@LROPBBJME>PFWBPOBPB>O@E
>MMIF@>QFLKPLC>AS>K@BAPROC>@B
JBQOLILDVFK@IRAFKDQEB
JB>PROBJBKQ>KA>K>IVPFPLCPROC>@B
OLRDEKBPP2ROC>@BJBQOLILDV@>K?B
FJMLOQ>KQFK>TFABS>OFBQVLC
PFQR>QFLKPFK@IRAFKD>AEBPFLK
COF@QFLK@>Q>IVPFPEB>QQO>KPCBOJ>PP
QO>KPCBOP@>QQBOFKD?FLILDF@>IDOLTQE
TB>O>KATBQQFKD3EBPBPFQR>QFLKP
FJM>@QMO>@QF@>IIV>IIQEBBKDFKBBOFKD
AFP@FMIFKBP>KAP@FBK@BP3EB@LROPB
?BDFKP?V@LKPFABOFKD?>PF@
MOFK@FMIBP>KA@LKSBKQFLK>I>K>IVPBP
>KAJBQELAP,B>PROBJBKQ>KA
>K>IVPFPJBQELAP>OB@OFQF@>IIV
OBSFBTBACLORQFIFQV2QRABKQPIB>OK
>AS>K@BAJBQELAPCLOAFfBOBKQF>QFKD
PROC>@BQBUQROBPQE>Q>OBPRPMB@QBALC
?BFKDAFfBOBKQ?B@>RPBLCQEBFO
MBOCLOJ>K@BLOJ>KRC>@QROB
2QRABKQPTFII>IPLIB>OKJBQELAPCLO
J>HFKD@LOOBI>QFLKP?BQTBBKPROC>@B
QBUQROBP>KA?BE>SFLO>I>KA
J>KRC>@QROFKDM>O>JBQBOP3EB
OBPRIQPLC>MMIVFKDQEBPBJBQELAP
@>K?BRPBAQLPRMMLOQQEBABPFDK
>KAJ>KRC>@QROBLCPROC>@BQBUQROBP
>KAQL>AAOBPPFPPRBPFKNR>IFQV
>PPRO>K@B$U>JMIBPLCOBPB>O@ECOLJ
>?OL>AO>KDBLC>MMIF@>QFLKP>OB
MOBPBKQBAFK@IRAFKDCLLAP@FBK@B
M>SBJBKQPCOF@QFLK>AEBPFLK
J>@EFKFKD>KADOFKAFKD2QRABKQPAL
>J>GLOMOLGB@QLCQEBFO@ELLPFKD
TEF@E@>KFKSLISBBFQEBO>KFKABMQE
IFQBO>QROBOBSFBTLOPROC>@B
JB>PROBJBKQ>KA>K>IVPFP3EB
C>@FIFQFBPLC6/(P2ROC>@B,BQOLILDV
+>?LO>QLOV>OB>S>FI>?IBCLOJ>HFKD
JB>PROBJBKQPCLOPBIB@QBAMOLGB@QP
2LCQT>OBCLO>AS>K@BA>K>IVPFP
JBQELAPFP>IPL>S>FI>?IBCLORPBFK
QEB@LROPB-LMOBSFLRPHKLTIBADB
LCPROC>@BJBQOLILDVFPOBNRFOBA
2QRABKQPPELRIAE>SBPLJB
?>@HDOLRKAFKBKDFKBBOFKDJ>QELO
P@FBK@B2QRABKQP@>KKLQOB@BFSB
@OBAFQCLOQEFP@LROPBFCQEBVE>SB
OB@BFSBA@OBAFQCLO,$,3$
,%$%RKA>JBKQ>IPLC
2ROC>@B,BQOLILDVLOQEB2MB@F>I
3LMF@P,$,3$,%$
SBOPFLKLC%RKA>JBKQ>IPLC2ROC>@B
,BQOLILDV
,?:ED
$$$+
F?52>6?E2=D@7*FC7246
$6EC@=@8J
2ROC>@B,BQOLILDVFP>?LRQ
JB>PROFKD@E>O>@QBOFWFKD>KA
>K>IVWFKDPROC>@BQLMLDO>MEFBPLO
QBUQROBP3EFP@LROPB@LSBOP
@LKSBKQFLK>I>KAABSBILMFKD
JB>PROBJBKQ>KA@E>O>@QBOFW>QFLKLC
OLRDEKBPP(QBJME>PFWBPOBPB>O@E
>KA@LSBOP>TFABS>OFBQVLC
>MMIF@>QFLKPFK@IRAFKD>AEBPFLK
COF@QFLKC>QFDRBIFCBJ>PPQO>KPCBO
P@>QQBOFKDTB>OJ>KRC>@QROFKDCLLA
P@FBK@BTBQQFKDMEVPF@>I
>KQEOLMLILDV>KA>O@EBLILDV
2ROC>@BJBQOLILDVE>P>MMIF@>QFLKPFK
MO>@QF@>IIV>IIBKDFKBBOFKDAFP@FMIFKBP
>KAP@FBK@BP1BPB>O@EMOFK@FMIBP>OB
>MMIFBAQL@OFQF@>IBS>IR>QFLKPLC
OBPB>O@EJBQELAP2QRABKQPIB>OK
JRIQFP@>IBJBQELAPCLOAFP@LSBOFKD
@LOOBI>QFLKP?BQTBBKMOL@BPPFKD
QBUQROBP>KA?BE>SFLO>KACLO
AFP@OFJFK>QFKDPROC>@BQBUQROBP
PRMMLPBAQL?BAFfBOBKQ?B@>RPBLC
QEBFOMBOCLOJ>K@BLOJ>KRC>@QROB
1BPRIQPPRMMLOQMOLAR@Q>KAMOL@BPP
ABPFDK>KANR>IFQV>PPRO>K@B
2QRABKQP@OB>QBABQ>FIBAMOLGB@Q
MOLMLP>IPLKQLMF@PLCQEBFO@ELLPFKD
FK@IRAFKDIFQBO>QROBOBSFBTP
MOBM>O>QFLK>KAQBPQFKDLCPROC>@BP
JB>PROBJBKQP@E>O>@QBOFW>QFLKP
>KA>K>IVPBP2QRABKQP@>KKLQ
OB@BFSB@OBAFQCLOQEFP@LROPBFCQEBV
E>SBOB@BFSBA@OBAFQCLOQEB2MB@F>I
3LMF@P,$,3$,%$
SBOPFLKLCQEFP@LROPBLOCLO,$
,3$,%$2ROC>@B
,BQOLILDV
,?:ED
$@F?52E:@?D@7=2DE:4:EJ
3EFP@LROPBFPPRFQ>?IB>P>K
FKQOLAR@QLOVDO>AR>QBIBSBI@LROPB
3LMF@PTFII?B@ELPBKCOLJQEB
CLIILTFKDQEOBBAFJBKPFLK>IPQ>QBP
LCPQOBPPJB>PROBPLCPQO>FKQEF@H
T>IIBA@VIFKABOPAFPHP>KAPMEBOBP
MI>KBPQOBPP>KAMI>KBPQO>FK
QEBOJLBI>PQF@FQV FOVPQOBPPCRK@QFLK
BKBODVJBQELAP>KABU>@QQEBLOVCLO
QLOPFLKLCKLK@FO@RI>O@OLPPPB@QFLKP
3EFP@LROPBJ>V?BQ>HBK
FKABMBKABKQLC,$
,?:ED
$AA=:65=2DE:4:EJ
3EFP@LROPBFPPRFQ>?IB>P>K
FKQOLAR@QLOVDO>AR>QBIBSBI@LROPB
3LMF@P@LSBOBATFII?B@ELPBKCOLJ
QEBCLIILTFKD?BKAFKD>KAPEB>O
PQOBPPBPFKRKPVJJBQOF@?B>JP
?BKAFKDLC@LJMLPFQB?B>JP
?BKAFKDLC@ROSBA?B>JPQLOPFLKLC
QEFKT>IIBAKLK@FO@RI>O@OLPP
PB@QFLKP?B>JPLKBI>PQF@
CLRKA>QFLKPPQOBPP@LK@BKQO>QFLKP
C>FIROB@OFQBOF>PQ>?FIFQVLC@LIRJKP
>KA?BKAFKDLCMI>QBP3EFP@LROPB
J>V?BQ>HBKFKABMBKABKQLC,$

,?:ED
 6/(">Q>ILD
$@?E:?FF>
$6492?:4D
3EFP@LROPB@LSBOPQEBCRKA>JBKQ>IP
LC@LKQFKRRJJB@E>KF@P>Q>K
FKQOLAR@QLOVDO>AR>QBIBSBI3LMF@P
@LSBOBAFK@IRAB(KQOLAR@QFLK
BPPBKQF>IJ>QEBJ>QF@PP@>I>OP
SB@QLOPQBKPLOP>KAFKAF@F>I
KLQ>QFLK!>PF@PQEOBBAFJBKPFLK>I
PQ>QBPLCPQOBPPhKFQB>KA
FKhKFQBPFJ>IJB>PROBPPQO>FK>KA
MOFK@FM>I>UBP"LKPBOS>QFLKPI>TP
J>PPIFKB>OJLJBKQRJ>KDRI>O
JLJBKQRJ>KABKBODV
"LKPQFQRQFSBBNR>QFLKPFAB>I
J>QBOF>IP-BTQLKF>KiRFAPFPLQOLMV
>KA>KFPLQOLMVBI>PQF@FQV>KA
QEBOJLBI>PQF@FQVMI>PQF@FQV>KA
SFP@LBI>PQF@FQV MMIF@>QFLKPQL
@I>PPF@>IMOL?IBJP>KABJBODFKD
QLMF@PFKPLIFA>KAiRFAJB@E>KF@P
,?:ED
)64@>>6?56524<8C@F?5
RKABODO>AR>QBHKLTIBADBLC
PQOBKDQELCJ>QBOF>IPiRFA
JB@E>KF@P>KAIFKB>O>IDB?O>
$$$+
$6E2=55:E:G6$2?F724EFC:?8
AAFQFSB,>KRC>@QROFKD ,
MLMRI>OIVHKLTK>P#MOFKQFKDFP>
QB@EKFNRBFKTEF@EM>OQP>OB
C>?OF@>QBAFK>I>VBO?VI>VBOC>PEFLK
3EBCL@RPLCQEFP@LROPBFPLKAFOB@Q
JBQ>I ,MOL@BPPBPQE>Q>OBRPBAFK
>BOLPM>@B>RQLJL?FIBJBAF@>I>KA
BKBODVFKARPQOFBP3EBL?GB@QFSBLC
QEB@LROPBFPQLBK>?IBPQRABKQPQL
RKABOPQ>KAQEBTLOHFKDMOFK@FMIBPLC
S>OFLRP>AAFQFSBJ>KRC>@QROFKD
MOL@BPPBP>PPBPPQEBPRFQ>?FIFQVLC
JBQ>I ,MOL@BPPBPCLOAFfBOBKQ
ABPFDKP>KA>MMIF@>QFLKP>MMIV
MOL@BPPABPFDK@LK@BMQPQLJBQ>I ,
MOL@BPPBPSF>>K>IVQF@>I>KAhKFQB
BIBJBKQJLABIFKD>MMOL>@EBP>KA
E>SB>KFKQOLAR@QLOVIBSBI
RKABOPQ>KAFKDLCABPFDKCLO ,
3EOLRDEQEB@LROPBMOLGB@QPQRABKQP
TFIIE>SBQEBLMMLOQRKFQVQL
BUMBOFBK@BE>KAPLKABPFDK
J>KRC>@QROFKD>KA@E>O>@QBOFW>QFLK
LC>AAFQFSBIVJ>KRC>@QROBAJ>QBOF>IP
>KATFIITLOHFK>KFKQBOAFP@FMIFK>OV
QB>JLCJB@E>KF@>IJ>QBOF>IP>KA
J>KRC>@QROFKDBKDFKBBOP3EB
B@LKLJF@PLCQEBJ>KRC>@QROFKD
MOL@BPPTFII>IPL?B>AAOBPPBATFQE
>KBJME>PFPLKABQBOJFKFKDQEB
J>GLO@LPQAOFSBOP>KAAFP@RPPFKD@LPQ
JFKFJFW>QFLKPQO>QBDFBP2QRABKQP
@>KKLQOB@BFSB@OBAFQCLOQEFP@LROPBFC
QEBVE>SBOB@BFSBA@OBAFQCLOQEB
2MB@F>I3LMF@P,$,3$
SBOPFLKLCQEBP>JB@LROPB
,?:ED
$$+*@=2C6==D
3EBL?GB@QFSBLCQEFP@LROPBFPQL
MOLSFABPQRABKQPTFQE>K
RKABOPQ>KAFKDLCQEBTLOHFKD
MOFK@FMIBPABPFDKC>?OF@>QFLK>KA
@E>O>@QBOFW>QFLKLCBPQ>?IFPEBA>KA
BJBODFKDPLI>O@BIIQB@EKLILDFBP
2QRABKQPTFII?BBUMLPBAQLQEB
BIB@QOLKF@MOLMBOQFBPLC
PBJF@LKAR@QLOJ>QBOF>IPTEF@E>OB
QEB?RFIAFKD?IL@HPLCPLI>O@BIIP>KA
QEB>K>IVPFPLCMELQLDBKBO>QFLK>KA
BUQO>@QFLKLC@E>ODBPFKQEBPB
J>QBOF>IP3EB@LROPBTFIIBJME>PFWB
QEBFKiRBK@BLCQEB>QLJF@K>KL
>KAJF@OLP@>IBPQOR@QROBLCQEB
J>QBOF>IPLKQEBPLI>O@BII
MBOCLOJ>K@B(K>AAFQFLKQEB
@E>IIBKDBPLCB@LKLJF@P>KA
P@>I>?FIFQVQE>QJRPQ?B>AAOBPPBAQL
FK@OB>PBQEBABMILVJBKQLCPLI>O@BIIP
TFII?BAFP@RPPBA2QRABKQP@>KKLQ
OB@BFSB@OBAFQCLOQEFP@LROPBFCQEBV
E>SBOB@BFSBA@OBAFQCLOQEB2MB@F>I
3LMF@P,$,3$SBOPFLKLC
QEBP>JB@LROPB
,?:ED
 6/(">Q>ILD
$@>AFE6C:5656D:8?
2?56@>6EC:4$@56=:?8
3EFP@LROPB@LSBOPQLMF@PFK
@LJMRQBO>FABADBLJBQOF@ABPFDK
>KA>MMIF@>QFLKPFKJB@E>KF@>I
BKDFKBBOFKD3EBL?GB@QFSBPLCQEB
@LROPB>OBQLC>JFIF>OFWBQEBPQRABKQP
TFQE@LJMIBUDBLJBQOF@JLABIFKD
>KA>K>IVQF@>IQB@EKFNRBPRPBAFK
@LKQBJMLO>OV@LJMRQBO>FABA
ABPFDKPVPQBJP3LMF@PQL?B@LSBOBA
J>VFK@IRAB@LJMIBU@ROSB>KA
PROC>@BDBKBO>QFLKPLIFAJLABIFKD
>PPBJ?IV>KAJB@E>KFPJJLABIFKD
QO>KPCLOJ>QFLKP>K>IVQF@DBLJBQOV
LfPBQP>KAFKQBOPB@QFLKPLC@LJMIBU
PE>MBPDO>MEF@PPQ>KA>OAP>KAA>Q>
QO>KPCBOOBKABOFKDQB@EKFNRBP
M>O>JBQOF@ABPFDK>KADBLJBQOF@
LMQFJFW>QFLKKRJBOF@>IJBQELAPCLO
DBLJBQOF@>K>IVPFP>KADO>MEF@P
ABPFDKMOLDO>JJFKD
,?:ED
'C6C6BF:D:E6D
@>I@RIRPIFKB>O>IDB?O>FKQOLAR@QLOV
@LJMRQBOMOLDO>JJFKD>KA>?FIFQV
QLRQFIFWB>PLIFAJLABIFKD" #
PVPQBJ2QRABKQP@>KKLQOB@BFSB
@OBAFQCLOQEFP@LROPBFCQEBVE>SB
Q>HBKQEB2MB@F>I3LMF@P,$"
SBOPFLKLCQEBP>JB@LROPBLO,$
$$@>AFE6C:565
$2?F724EFC:?8
KLSBOSFBTLC@LJMRQBOFKQBDO>QBA
J>KRC>@QROFKD"(, PQEB"(,
@LK@BMQ>QQBJMQPQLFKQBDO>QB>IILC
QEB?RPFKBPP>KABKDFKBBOFKD
CRK@QFLKPLC>hOJQEFP@LROPB?RFIAP
LKQEBHKLTIBADBLC@LJMRQBO>FABA
ABPFDK@LJMRQBO>FABA
J>KRC>@QROFKD@LK@ROOBKQ
BKDFKBBOFKDJ>K>DBJBKQLC
FKCLOJ>QFLKPVPQBJP>KALMBO>QFLKP
J>K>DBJBKQQLABJLKPQO>QBQEB
PQO>QBDF@FJMLOQ>K@BLCFKQBDO>QFLK
$JME>PFPFPMI>@BALK" #" ,
FKQBDO>QFLK3LMF@PFK@IRABM>OQ
ABPFDKPMB@Fh@>QFLK>KA
J>KRC>@QROFKDNR>IFQVQLLIFKD>KA
hUQROBABPFDK>KAJ>KRC>@QROFKD
FKCLOJ>QFLKPVPQBJP3EFP@LROPB
FK@IRABP>DOLRMQBOJMOLGB@Q-LQB
2QRABKQP@>KKLQOB@BFSB@OBAFQCLO
QEFP@LROPBFCQEBVE>SBQ>HBKQEB
2MB@F>I3LMF@PSBOPFLKLCQEBP>JB
@LROPB,$#,%$#
,?:ED
'C6C6BF:D:E6D
!>@HDOLRKAFKJ>KRC>@QROFKD>KA
" #" ,BD,$$2,$

$$6D:8?7@C
$2?F724EFC23:=:EJ
3EBMOL?IBJPLC@LPQABQBOJFK>QFLK
>KABS>IR>QFLKLCMOL@BPPFKD
>IQBOK>QFSBPFKQEB
ABPFDKJ>KRC>@QROFKDFKQBOC>@B>OB
AFP@RPPBA MMOL>@EBPCLO
FKQOLAR@FKDJ>KRC>@QROFKD@>M>?FIFQV
HKLTIBADBFKQLQEBMOLAR@QABPFDK
MOL@BPP>OB@LSBOBA KBJME>PFPFP
MI>@BALKM>OQ>KAMOL@BPP
PFJMIFh@>QFLK>KA>K>IVPFPLC
>IQBOK>QFSBJ>KRC>@QROFKDJBQELAP
?>PBALKPR@EM>O>JBQBOP>P
>KQF@FM>QBASLIRJBMOLAR@QIFCB
@V@IBIB>AQFJB@RPQLJBO
OBNRFOBJBKQP>KANR>IFQVVFBIA+B>K
J>KRC>@QROFKD>KA2FU2FDJ>
@LK@BMQP>KAQEBFOFKiRBK@BLK
ABPFDKNR>IFQV>OBFK@IRABA>PTBII
-LQB2QRABKQP@>KKLQOB@BFSB@OBAFQ
CLOQEFP@LROPBFCQEBVE>SBQ>HBKQEB
2MB@F>I3LMF@PSBOPFLKLCQEBP>JB
@LROPB,%$,
,?:ED
$ ?E6C>65:2E6
@>AFE2E:@?2==F:5J?2>:4D
3EB@LROPBMOBPBKQP@LJMRQ>QFLK>I
JBQELAPCLOFK@LJMOBPPF?IB>KA
@LJMOBPPF?IBSFP@LRPiLTP>Q>K
FKQBOJBAF>QBIBSBI3LMF@P>OB@ELPBK
COLJDOFADBKBO>QFLKQB@EKFNRBP
hKFQBSLIRJBP@EBJBPPQ>?FIFQV
>K>IVPFP>OQFh@F>ISFP@LPFQVBUMIF@FQ
>KAFJMIF@FQP@EBJBPiRUSB@QLO
PMIFQQFKDJLKLQLKF@>ASB@QFLK
P@EBJBPJRIQFDOFAJBQELAP
M>OQF@IB?>PBAPFJRI>QFLKJBQELAP
2QRABKQPTELE>SBOB@BFSBA@OBAFQ
CLO $,$TFIIKLQOB@BFSB@OBAFQ
CLO $,$
,?:ED
'C6C6BF:D:E6D
iRFAAVK>JF@P>KFKQOLAR@QLOV
@LROPBFKKRJBOF@>IJBQELAPCLO
M>OQF>IAFfBOBKQF>IBNR>QFLKP
MOLDO>JJFKDI>KDR>DBBUMBOFBK@B
 6/(">Q>ILD
$5G2?465+@A:4D:?
-:3C2E:@?
3EB@LROPBMOBPBKQP>AS>K@BAQLMF@P
FKSF?O>QFLKPLCJ>@EFKBP>KA
PQOR@QROBPAVK>JF@PQ>?FIFQV>K>IVPFP
CLOIFKB>OKLK@LKPBOS>QFSBPVPQBJP
TFQE>MMIF@>QFLKPQL>BOLBI>PQF@FQV
>KAOLQLOAVK>JF@PPR@E>PTEFOIFKD
LCPE>CQPTFQEFKQBOK>IBKBODV
AFPPFM>QFLKFKQOLAR@QFLKFKQLQEBLOV
LCKLKIFKB>O>KAM>O>JBQOF@
SF?O>QFLKPFKJ>@EFKBP>KA
PQOR@QROBPMOL?>?FIFPQF@>MMOL>@EFK
AVK>JF@P>K>IVPFPLCO>KALJ
SF?O>QFLKPTFQE>MMIF@>QFLKPQL
OBIF>?FIFQVBS>IR>QFLKFKB>OQENR>HB
BKDFKBBOFKDLfPELOBBKDFKBBOFKD
BQ@4PBLCO>KALJSF?O>QFLK>K>IVPBP
FPFIIRPQO>QBACLOLKIFKB@LKAFQFLK
JLKFQLOFKDCLOJ>@EFKBP>KA
PQOR@QROBPJB@E>KF@>IPFDK>QROB
>K>IVPFPPR@E>PABQB@QFKDFKPQ>?FIFQV
>KABS>IR>QFKDPQ>?FIFQVJ>ODFKCLO>
KLK@LKPBOS>QFSBPVPQBJCOLJFQP
LKIFKBJB>PROBAPFDK>I(KQOLAR@QFLK
FKQLDBKBO>ISF?O>QFLKQEBLOVJ>HBP
QEB@LROPBPBIC@LKQ>FKBA
?>@HDOLRKAFK,$MOBCBO>?IB
?RQKLQKB@BPP>OV2QRABKQP@>KKLQ
OB@BFSB@OBAFQCLOQEFP@LROPBFCQEBV
E>SBQ>HBKQEB2MB@F>I3LMF@P,$
!SBOPFLKLCQEBP>JB@LROPB
,?:ED
$$+$
I:@>2E:46D:8?@7
$2?F724EFC:?8'C@46DD6D
3EFP@LROPB?BDFKPTFQEBIBJBKQP
>UFLJ>QF@ABPFDKQEBQEBLOV>KA
MO>@QF@B#BPFDK>MMIF@>QFLKP>OB
@LKPFABOBAMOFJ>OFIV>IQELRDEKLQ
BU@IRPFSBIVCLOQEBABPFDKLC
J>KRC>@QROFKDMOL@BPPBP>KAQLLIP
UFLJ>QF@ABPFDKFP?>PBALKQEB
MOBJFPBQE>QQEBOB>OB@LJJLK
>PMB@QPQL>IIDLLAABPFDKP3EBPB
@LJJLKP>PMB@QPPQ>QBAFKQEB
FKABMBKABK@B>KAFKCLOJ>QFLK
>UFLJPC>@FIFQ>QBQEBQB>@EFKD>KA
MO>@QF@BLCBKDFKBBOFKDABPFDK>P>
P@FBKQFh@AFP@FMIFKB K>IVPFPLC
MOL@BPPBP>KAMOLAR@QPFP@LKPFABOBA
COLJQEBMBOPMB@QFSBLCPRMMLOQFKD
MOLAR@Q>KAMOL@BPPABPFDK
%RKA>JBKQ>IJBQELAPLC
BKDFKBBOFKD>K>IVPFPLC
J>KRC>@QROFKDMOL@BPPBPTFQE?OL>A
>MMIF@>?FIFQV>OBABSBILMBA QQBKQFLK
FPDFSBKQLBU>JMIBPCOLJLKBLO
JLOBLCQEBCLIILTFKDJ>@EFKFKD
QO>AFQFLK>IKLKQO>AFQFLK>I>KA
DOFKAFKD>AAFQFSBJ>KRC>@QROFKD
>KAQLQEBMOLAR@QFLKLCPROC>@B
QLMLDO>MEFBP3EB>?FIFQVQL
DBKBO>IFWBCOLJABQ>FIBABU>JMIBPFP
BJME>PFWBAFKLOABOQLC>@FIFQ>QBQEB
PQRABKQP>?FIFQVQLABSBILMJBKQ
>K>IVPBP>KAABPFDKJBQELAPTFQE
?OL>ABO>MMIF@>?FIFQV3EFP@LROPBFP
LfBOBAIFSBFK@I>PPLKIVQL?B
@LJMIBQBAFKLKBPBJBPQBOCLOQEOBB
@OBAFQP"OBAFQ@>KKLQ?BDFSBKCLO
QEFP@LROPB>KA>KVLCQEBPFJFI>O
LKIFKBSBOPFLKPLCQEFPJ>QBOF>ICLO
@OBAFQP,%$,3$
,?:ED
$$@>AFE6C
?E68C2E65$2?F724EFC:?8
KLSBOSFBTLC@LJMRQBOFKQBDO>QBA
J>KRC>@QROFKD"(, PQEB"(,
@LK@BMQ>QQBJMQPQLFKQBDO>QB>IILC
QEB?RPFKBPP>KABKDFKBBOFKD
CRK@QFLKPLC>hOJQEFP@LROPB?RFIAP
LKQEBHKLTIBADBLC@LJMRQBO>FABA
ABPFDK@LJMRQBO>FABA
J>KRC>@QROFKD@LK@ROOBKQ
BKDFKBBOFKDJ>K>DBJBKQLC
FKCLOJ>QFLKPVPQBJP>KALMBO>QFLKP
J>K>DBJBKQQLABJLKPQO>QBQEB
PQO>QBDF@FJMLOQ>K@BLCFKQBDO>QFLK
$JME>PFPFPMI>@BALK" #" ,
FKQBDO>QFLK3LMF@PFK@IRABM>OQ
ABPFDKPMB@Fh@>QFLK>KA
J>KRC>@QROFKDNR>IFQVQLLIFKD>KA
hUQROBABPFDK>KAJ>KRC>@QROFKD
FKCLOJ>QFLKPVPQBJP3EFP@LROPB
FK@IRABP>DOLRMQBOJMOLGB@Q-LQB
2QRABKQP@>KKLQOB@BFSB@OBAFQCLO
QEFP@LROPBFCQEBVE>SBQ>HBKQEB
2MB@F>I3LMF@PSBOPFLKLCQEBP>JB
@LROPB,%$#,%$#
,?:ED
'C6C6BF:D:E6D
!>@HDOLRKAFKJ>KRC>@QROFKD>KA
" #" ,BD,$$2,$

 6/(">Q>ILD
$$6D:8?7@C
$2?F724EFC23:=:EJ
3EBMOL?IBJPLC@LPQABQBOJFK>QFLK
>KABS>IR>QFLKLCMOL@BPPFKD
>IQBOK>QFSBPFKQEB
ABPFDKJ>KRC>@QROFKDFKQBOC>@B>OB
AFP@RPPBA MMOL>@EBPCLO
FKQOLAR@FKDJ>KRC>@QROFKD@>M>?FIFQV
HKLTIBADBFKQLQEBMOLAR@QABPFDK
MOL@BPP>OB@LSBOBA KBJME>PFPFP
MI>@BALKM>OQ>KAMOL@BPP
PFJMIFh@>QFLK>KA>K>IVPFPLC
>IQBOK>QFSBJ>KRC>@QROFKDJBQELAP
?>PBALKPR@EM>O>JBQBOP>P
>KQF@FM>QBASLIRJBMOLAR@QIFCB
@V@IBIB>AQFJB@RPQLJBO
OBNRFOBJBKQP>KANR>IFQVVFBIA+B>K
J>KRC>@QROFKD>KA2FU2FDJ>
@LK@BMQP>KAQEBFOFKiRBK@BLK
ABPFDKNR>IFQV>OBFK@IRABA>PTBII
-LQB2QRABKQP@>KKLQOB@BFSB@OBAFQ
CLOQEFP@LROPBFCQEBVE>SBQ>HBKQEB
2MB@F>I3LMF@PSBOPFLKLCQEBP>JB
@LROPB,%$,
,?:ED
$+$$2E6C:2=D7@C
=64EC@496>:42=?6C8J*JDE6>D
KFKQOLAR@QLOV@LROPBLK
BIB@QOL@EBJF@>IBKDFKBBOFKDCRBI
@BIIP>KA?>QQBOFBP6FQEBP@>I>QFKDLFI
MOF@BP>KAFK@OB>PFKDBKSFOLKJBKQ>I
@LK@BOKPFK@OB>PFKD>QQBKQFLKFP
?BFKDM>FAQLQEBABSBILMJBKQLC
BIB@QOL@EBJF@>IABSF@BPQLOBMI>@B
QO>AFQFLK>IBKBODV'BOBPBSBO>IQVMBP
LC?>QQBOFBP>KACRBI@BIIPTFII?B
AFP@RPPBA3LMF@P@LSBOBAFK@IRAB
?>PF@BIB@QOL@EBJFPQOVIFQEFRJFLK
?>QQBOVMOLQLKBU@E>KDBJBJ?O>KB
CRBI@BIIPLIFALUFABCRBI@BII
BIB@QOL@EBJF@>IJBQELA-LQB
2QRABKQP@>KKLQOB@BFSB@OBAFQCLO
QEFP@LROPBFCQEBVE>SBQ>HBKQEB
2MB@F>I3LMF@PSBOPFLKLCQEBP>JB
@LROPB
,?:ED
)64@>>6?56524<8C@F?5
$2LOBNRFS>IBKQ
$+$*ECF4EFC62?5
'C@A6CE:6D@7?8:?66C:?8
$2E6C:2=D
3EFP@LROPB>ILKDTFQEFQP
@LJM>KFLK@LROPB,3$
/OLMBOQFBP>KA/BOCLOJ>K@BLC
$KDFKBBOFKD,>QBOF>IPFPABPFDKBAQL
MOLSFAB>@LJMOBEBKPFSBOBSFBTLC
QEBCRKA>JBKQ>IMOFK@FMIBPLC
,>QBOF>IP2@FBK@B>KA$KDFKBBOFKDCLO
FK@LJFKDDO>AR>QBPQRABKQP(KQEB
hOPQM>OQLCQEFP@LROPBPBNRBK@B
QEBPQOR@QROBFKJ>QBOF>IPO>KDFKD
COLJQEBPR?>QLJF@QLQEB
J>@OLP@LMF@FK@IRAFKDK>KLJF@OL
>KAJ>@OLJLIB@RI>OPQOR@QROBPTFII
?BAFP@RPPBAQLEFDEIFDEQ?LKAFKD
JB@E>KFPJP@OVPQ>IIFKFQV>KAABCB@Q
M>QQBOKP1BMOBPBKQ>QFSB
QEBOJLAVK>JF@>KAHFKBQF@>PMB@QP
PR@E>PAFfRPFLKME>PBAF>DO>JP
KR@IB>QFLK>KADOLTQE>KA333
AF>DO>JPTFII?BAFP@RPPBA,>GLO
PQOR@QRO>IM>O>JBQBOPQE>QBfB@QLC
MBOCLOJ>K@BFKJ>QBOF>IPFK@IRAFKD
MI>PQF@PJBQ>IIF@>IILVP@BO>JF@P>KA
DI>PPBPTFII?BBJME>PFWBA3EB
MOFK@FM>IMOL@BPPFKDQB@EKFNRBPQL
PE>MBJ>QBOF>IP>KAQEBBfB@QPLC
MOL@BPPFKDLKPQOR@QROBTFII?B
EFDEIFDEQBA-LQB2QRABKQP@>KKLQ
OB@BFSB@OBAFQCLOQEFP@LROPBFCQEBV
E>SBQ>HBKQEB2MB@F>I3LMF@PSBOPFLK
LCQEBP>JB@LROPB,3$2
,?:ED
'C6C6BF:D:E6D
PBKFLOLODO>AR>QBPQ>KAFKDLO
@LKPBKQLCQEBFKPQOR@QLO
$+$'C@A6CE:6D2?5
'6C7@C>2?46@7?8:?66C:?8
$2E6C:2=D
3EBQTLFKQOLAR@QLOV@I>PPBPLK
J>QBOF>IPP@FBK@B,3$>KA,3$
ABP@OF?BQEBPQOR@QROBMOLMBOQV
OBI>QFLKPEFMPFKJ>QBOF>IP3EB
MROMLPBLCQEFP@I>PPFPQLMOLSFAB>
?>PF@HKLTIBADBLCQEBMOFK@FMIBP
MBOQ>FKFKDQLQEBMEVPF@>I
JB@E>KF@>I>KA@EBJF@>IMOLMBOQFBP
LCJ>QBOF>IP3EBMOFJ>OVCL@RPLCQEFP
@I>PPTFII?BLKJB@E>KF@>I
MOLMBOQFBP3EBQEBOJ>IQBKPFIB
@LJMOBPPFSBiBURO>I>KAPEB>O
MOLMBOQFBPLCJBQ>IIF@>IILVP@BO>JF@P
>KADI>PPBP>KAMI>PQF@PTFII?B
AFP@RPPBA%RKA>JBKQ>I>PMB@QPLC
CO>@QROBJB@E>KF@P>KA
SFP@LBI>PQF@FQVTFII?BMOBPBKQBA K
LSBOSFBTLCAVK>JF@MOLMBOQFBPPR@E
>PC>QFDRBFJM>@Q>KA@OBBMTFII?B
MOLSFABA3EBOBI>QFLKPEFM?BQTBBK
QEBPQOR@QRO>IM>O>JBQBOP>KAQEB
MOB@BAFKDJB@E>KF@>IMOLMBOQFBPTFII
?BABP@OF?BA!>PF@@LJMLPFQB
QEBLOFBPTFII?BMOBPBKQBAQLABP@OF?B
h?BOOBFKCLO@BA@LJMLPFQBP>KA
K>KL@LJMLPFQBP5>OFLRPC>@QLOP
>PPL@F>QBATFQEJ>QBOF>IABDO>A>QFLK
AROFKDRPBTFII?BAFP@RPPBA2LJB
FKQOLAR@QLOVABhKFQFLKPLCBIB@QOF@>I
>KALMQF@>IMOLMBOQFBPTFII?B
LRQIFKBA-LQB2QRABKQP@>KKLQ
OB@BFSB@OBAFQCLOQEFP@LROPBFCQEBV
E>SBQ>HBKQEB2MB@F>I3LMF@PSBOPFLK
LCQEBP>JB@LROPB,3$/
,?:ED
'C6C6BF:D:E6D
,3$>KAPBKFLOLODO>AR>QB
PQ>KAFKDLO@LKPBKQLCQEBFKPQOR@QLO
 6/(">Q>ILD
$+$$
I:@>2E:46D:8?@7
$2?F724EFC:?8'C@46DD6D
3EFP@LROPB?BDFKPTFQEBIBJBKQP
>UFLJ>QF@ABPFDKQEBQEBLOV>KA
MO>@QF@B#BPFDK>MMIF@>QFLKP>OB
@LKPFABOBAMOFJ>OFIV>IQELRDEKLQ
BU@IRPFSBIVCLOQEBABPFDKLC
J>KRC>@QROFKDMOL@BPPBP>KAQLLIP
UFLJ>QF@ABPFDKFP?>PBALKQEB
MOBJFPBQE>QQEBOB>OB@LJJLK
>PMB@QPQL>IIDLLAABPFDKP3EBPB
@LJJLKP>PMB@QPPQ>QBAFKQEB
FKABMBKABK@B>KAFKCLOJ>QFLK
>UFLJPC>@FIFQ>QBQEBQB>@EFKD>KA
MO>@QF@BLCBKDFKBBOFKDABPFDK>P>
P@FBKQFh@AFP@FMIFKB K>IVPFPLC
MOL@BPPBP>KAMOLAR@QPFP@LKPFABOBA
COLJQEBMBOPMB@QFSBLCPRMMLOQFKD
MOLAR@Q>KAMOL@BPPABPFDK
%RKA>JBKQ>IJBQELAPLC
BKDFKBBOFKD>K>IVPFPLC
J>KRC>@QROFKDMOL@BPPBPTFQE?OL>A
>MMIF@>?FIFQV>OBABSBILMBA QQBKQFLK
FPDFSBKQLBU>JMIBPCOLJLKBLO
JLOBLCQEBCLIILTFKDJ>@EFKFKD
QO>AFQFLK>IKLKQO>AFQFLK>I>KA
DOFKAFKD>AAFQFSBJ>KRC>@QROFKD
>KAQLQEBMOLAR@QFLKLCPROC>@B
QLMLDO>MEFBP3EB>?FIFQVQL
DBKBO>IFWBCOLJABQ>FIBABU>JMIBPFP
BJME>PFWBAFKLOABOQLC>@FIFQ>QBQEB
PQRABKQP>?FIFQVQLABSBILMJBKQ
>K>IVPBP>KAABPFDKJBQELAPTFQE
?OL>ABO>MMIF@>?FIFQV3EFP@LROPBFP
LfBOBAIFSBFK@I>PPLKIVQL?B
@LJMIBQBAFKLKBPBJBPQBOCLOQEOBB
@OBAFQP"OBAFQ@>KKLQ?BDFSBKCLO
QEFP@LROPB>KA>KVLCQEBPFJFI>O
LKIFKBSBOPFLKPLCQEFPJ>QBOF>ICLO
@OBAFQP,%$,3$
,?:ED
$+$*>2CE$2E6C:2=D
J>QBOF>ITELPBMOLMBOQFBP@>K
OBPMLKAQL>KBUQBOK>IPQFJRIRPFK>
@LKQOLIIBAC>PEFLKFPOBCBOOBAQL>P>
PJ>OQLOFKQBIIFDBKQJ>QBOF>I3EBPB
J>QBOF>IP@>K?BJ>ABQLRKABODL
@E>KDBPJLARIRPPE>MBMLOLPFQV
BIB@QOF@>I@LKAR@QFSFQVMEVPF@>ICLOJ
LM>@FQV>KAJ>DKBQF@MOLMBOQFBP
?>PBALK>KBUQBOK>IPQFJRIRP3EB
PQFJRIF@>KFK@IRABQBJMBO>QROBM'
PMB@Fh@JLIB@RIBPIFDEQJ>DKBQF@
hBIASLIQ>DB>KAPQOBPP3EBPB
PQFJRIFPBKPFQFSBJ>QBOF>IP@>K?B
RQFIFWBA>PPBKPLOP>KA>PSBEF@IBPCLO
QEB@LKQOLIIBAABIFSBOVLCAORDP>KA
LQEBO?FLJLIB@RIBPFKJBAF@>I
>MMIF@>QFLKP2J>OQJ>QBOF>IP>OB>IPL
?B@LJFKDFJMLOQ>KQFKLQEBO
?FLILDF@>I>OB>PPR@E>P?FL
PBM>O>QFLK?FLPBKPLOABPFDKQFPPRB
BKDFKBBOFKDMOLQBFKCLIAFKD>KA
JF@OLiRFAF@P3EBRPBLCPQFJRIF
PBKPFQFSBJ>QBOF>IPFPOB@BFSFKD
FK@OB>PFKD>QQBKQFLKFKQEB
ABSBILMJBKQLCA>J>DBQLIBO>KQ
PJ>OQPQOR@QROBPFK>BOLPM>@B
J>OFKB>RQLJLQFSB>KAB>OQENR>HB
OBPFPQ>KQ?RFIAFKDP3EBRPBLCPJ>OQ
J>QBOF>IPFP?BFKDBUMILOBACLO>
O>KDBLC>MMIF@>QFLKPFK@IRAFKD
MOLQB@QFSB@L>QFKDP@LOOLPFLK
?>OOFBOPFKQBIIFDBKQ?>QQBOFBPC>?OF@P
>KACLLAM>@H>DFKD3EBMROMLPBLC
QEFP@LROPBFPQLMOLSFAB>K
FKQOLAR@QFLKQLQEBS>OFLRPQVMBPLC
PJ>OQJ>QBOF>IPFK@IRAFKDMLIVJBOP
@BO>JF@JBQ>IIF@>IILVP>KA
@LJMLPFQBP%RKA>JBKQ>IMOFK@FMIBP
>PPL@F>QBATFQEQEBLKPBQLC[PJ>OQ^
MOLMBOQVTFII?BEFDEIFDEQBA3EB
MOFK@FMIBPLCPBICEB>I>?IBJ>QBOF>IP
?>PBALKPJ>OQJ>QBOF>IPTFII?B
AFP@RPPBA3EB>MMIF@>QFLKLCPJ>OQ
J>QBOF>IPFKS>OFLRPhBIAPFK@IRAFKD
PBKPLOP>@QR>QLOPAF>DKLPQF@P
QEBO>MBRQF@PM>@H>DFKD>KALQEBO
>AS>K@BA>MMIF@>QFLKPTFII?B
MOBPBKQBA-LQB2QRABKQP@>KKLQ
OB@BFSB@OBAFQCLOQEFP@LROPBFCQEBV
E>SBQ>HBKQEB2MB@F>I3LMF@PSBOPFLK
LCQEBP>JB@LROPB,3$
,?:ED
$+$$6492?:42=
692G:@C2?5C24EFC6@7$2E6C:2=D
3EBC>FIROB>KATB>OLRQJB@E>KFPJP
CLO>S>OFBQVLCJ>QBOF>IPJBQ>IP
@BO>JF@PMLIVJBOP@LJMLPFQBP>KA
JF@OLBIB@QOLKF@P>KA>MMIF@>QFLKP
TFII?BMOBPBKQBA>KAAFP@RPPBA
,RIQF>UF>IC>FIROBQEBLOFBP>KA
CO>@QROBJB@E>KF@PTFII?BAFP@RPPBA
3EBJBQELALILDV>KAQB@EKFNRBPCLO
OBIF>?FIFQV>K>IVPFPTFII>IPL?B
MOBPBKQBA>KAAFP@RPPBA J>QBOF>IP
PVPQBJP>MMOL>@ETFII?BRPBA-LQB
2QRABKQP@>KKLQOB@BFSB@OBAFQCLO
QEFP@LROPBFCQEBVE>SBQ>HBKQEB
2MB@F>I3LMF@PSBOPFLKLCQEBP>JB
@LROPB,3$",3$"
,?:ED
'C6C6BF:D:E6D
$2>KA,$LOBNRFS>IBKQ
>KAPBKFLOLODO>AR>QBPQ>KAFKDFK
BKDFKBBOFKDLOP@FBK@B
 6/(">Q>ILD
$+$ ?EC@5F4E:@?E@
%2?@>2E6C:2=D2?5
%2?@E649?@=@8J
3EFP@LROPBFKQOLAR@BPPQRABKQPQL
@ROOBKQABSBILMJBKQPFKK>KLP@>IB
P@FBK@B>KAQB@EKLILDV3EB@ROOBKQ
>AS>K@BLCJ>QBOF>IP>KAABSF@BP
@LKPQFQRQFKDLC?RFIAFKD?IL@HPLC
JBQ>IPPBJF@LKAR@QLOP@BO>JF@PLO
MLIVJBOPQE>Q>OBK>KLJBQBOPFWB
KJ>OBOBSFBTBA3EB
MOLCLRKAFJMIF@>QFLKPCLOQB@EKLILDV
>KAP@FBK@BLCQEFPOBPB>O@EhBIA>OB
AFP@RPPBA3EBAFfBOBK@BPLCQEB
MOLMBOQFBPLCJ>QQBOLKQEB
K>KLJBQBOP@>IBCOLJQELPBLKQEB
J>@OLP@LMF@P@>IBARBQLQEBPFWB
@LKhKBJBKQMOBALJFK>K@BLC
FKQBOC>@F>IMEBKLJBK>>KANR>KQRJ
JB@E>KF@P>OBPQRAFBA3EBJ>FK
FPPRBP>KAQB@EKFNRBPOBIBS>KQQL
P@FBK@B>KAQB@EKLILDFBPLKQEB
K>KLJBQBOP@>IB>OB@LKPFABOBA-BT
ABSBILMJBKQPFKQEFPhBIA>KACRQROB
MBOPMB@QFSBP>OBMOBPBKQBA3LMF@P
@LSBOBAFK@IRABC>?OF@>QFLKLC
K>KLP@>IBPQOR@QROBP
@E>O>@QBOFW>QFLK>QK>KLP@>IB
JLIB@RI>OBIB@QOLKF@PK>KLP@>IB
JB@E>KF@PKBT>O@EFQB@QROBK>KL
LMQF@P>KAPL@FBQ>IFJM>@QP
,?:ED
)64@>>6?56524<8C@F?5
$2(KQOLAR@QFLKQL,>QBOF>IPLO
BNRFS>IBKQ
$+$*@=2C6==D
3EBL?GB@QFSBLCQEFP@LROPBFPQL
MOLSFABPQRABKQPTFQE>K
RKABOPQ>KAFKDLCQEBTLOHFKD
MOFK@FMIBPABPFDKC>?OF@>QFLK>KA
@E>O>@QBOFW>QFLKLCBPQ>?IFPEBA>KA
BJBODFKDPLI>O@BIIQB@EKLILDFBP
2QRABKQPTFII?BBUMLPBAQLQEB
BIB@QOLKF@MOLMBOQFBPLC
PBJF@LKAR@QLOJ>QBOF>IPTEF@E>OB
QEB?RFIAFKD?IL@HPLCPLI>O@BIIP>KA
QEB>K>IVPFPLCMELQLDBKBO>QFLK>KA
BUQO>@QFLKLC@E>ODBPFKQEBPB
J>QBOF>IP3EB@LROPBTFIIBJME>PFWB
QEBFKiRBK@BLCQEB>QLJF@K>KL
>KAJF@OLP@>IBPQOR@QROBLCQEB
J>QBOF>IPLKQEBPLI>O@BII
MBOCLOJ>K@B(K>AAFQFLKQEB
@E>IIBKDBPLCB@LKLJF@P>KA
P@>I>?FIFQVQE>QJRPQ?B>AAOBPPBAQL
FK@OB>PBQEBABMILVJBKQLCPLI>O@BIIP
TFII?BAFP@RPPBA2QRABKQP@>KKLQ
OB@BFSB@OBAFQCLOQEFP@LROPBFCQEBV
E>SBOB@BFSBA@OBAFQCLOQEB2MB@F>I
3LMF@P,$,3$SBOPFLKLC
QEBP>JB@LROPB
,?:ED
)$#68865)@3@E:4D
%LRKA>QFLKP>KAMOFK@FMIBPLCM>O>IIBI
J>KFMRI>QLOP>KAIBDDBAOL?LQP
3LMF@PFK@IRAB>AS>K@BAPM>QF>I#
HFKBJ>QF@P>KAAVK>JF@PLCM>O>IIBI
J>KFMRI>QLOP>KAIBDDBAOL?LQP
FK@IRAFKDTLOHPM>@B>K>IVPFPFKSBOPB
>KACLOT>OAHFKBJ>QF@P>KA
AVK>JF@PJLQFLK>K>IVPFP>KA
@LKQOLI>KAD>FQ>KAPQ>?FIFQV
?>I>K@B>K>IVPFPLCIBDDBAOL?LQP
3EB@LROPBTFII?BRPBCRICLOPLISFKD
MOL?IBJPAB>IFKDTFQEM>O>IIBI
J>KFMRI>QLOP>PTBII>PJRIQFIBDDBA
OL?LQPFK@IRAFKD?RQKLQIFJFQBAQL
NR>AORMBAOL?LQPEBU>MLAOL?LQP
>KA>KVLQEBOQVMBPLCJRIQFIBDDBA
OL?LQP hK>IQBOJMOLGB@Q>IILTP
PQRABKQPQLPELTJ>PQBOVLCQEB
PR?GB@Q?VABPFDKFKD>K>IVWFKD>KA
PFJRI>QFKDM>O>IIBI>KALOIBDDBA
OL?LQPLCQEBFO@ELF@B
,?:ED
)64@>>6?56524<8C@F?5
1!$1!$
)$*@7E)@3@E:4D
2LCQOL?LQF@PPQRAFBP[FKQBIIFDBKQ^
J>@EFKBP>KAABSF@BPQE>Q
FK@LOMLO>QBPLJBCLOJLC@LJMIF>K@B
FKQEBFOJB@E>KF@P$I>PQF@FQVFPKLQ>
?VMOLAR@Q?RQ>KFKQBDO>IM>OQLC
QEBPBPVPQBJPOBPMLKPF?IBCLO
FKEBOBKQP>CBQV>A>MQ>QFLK>KAM>OQ
LCQEB@LJMRQ>QFLKFKQEFP@I>PPLC
OL?LQP3EFP@LROPBTFII@LSBO>
KRJ?BOLCJ>GLOQLMF@PLCPLCQ
OL?LQF@PFK@IRAFKD?RQKLQIFJFQBAQL
ABPFDK>KAC>?OF@>QFLKLCPLCQ
PVPQBJPBI>PQF@>@QR>QFLKBJ?BAABA
FKQBIIFDBK@BPLCQOL?LQF@JLABIFKD
>KA@LKQOLI>KAiRFAF@MLTBO
2QRABKQPTFIIFJMIBJBKQKBTABPFDK
>KAC>?OF@>QFLKJBQELALILDFBPLC
PLCQOL?LQPOB>AOB@BKQIFQBO>QROBFK
QEBhBIA>KA@LJMIBQB>MOLGB@QQL
PRMMIBJBKQQEB@LROPBJ>QBOF>I
$UFPQFKDPLCQOL?LQF@MI>QCLOJPTFII?B
>S>FI>?IBCLOBUMBOFJBKQ>ITLOH
,?:ED
'C6C6BF:D:E6D
#FfBOBKQF>IBNR>QFLKPIFKB>O>IDB?O>
PQOBPP>K>IVPFPHFKBJ>QF@P
BJ?BAABAMOLDO>JJFKD
)$)@3@EJ?2>:4D
%LRKA>QFLKP>KAMOFK@FMIBPLCOL?LQ
AVK>JF@P3LMF@PFK@IRABPVPQBJ
JLABIFKDFK@IRAFKDAVK>JF@>I
JLABIFKDLCPBOF>I>OJOL?LQPRPFKD
-BTQLK>KA+>DO>KDBPQB@EKFNRBP
AVK>JF@>IJLABIFKDLCJL?FIB
OL?LQPFKQOLAR@QFLKQLAVK>JF@P
?>PBAOL?LQ@LKQOLI>PTBII>P
>AS>K@BAQB@EKFNRBPCLOPBOF>I>OJ
CLOT>OAHFKBJ>QF@PQO>GB@QLOV
MI>KKFKDPFKDRI>OFQV>KA
J>KFMRI>?FIFQV>KASFPFLK?>PBA
@LKQOLI(K>AAFQFLKAVK>JF@
PFJRI>QFLKQB@EKFNRBPTFII?B
@LSBOBAQL>MMIVQEB@LK@BMQP
IB>OKBARPFKDOB>IFPQF@PFJRI>QLOP K
BKALCQBOJQB>JMOLGB@QTLRIA
>IILTPQRABKQPQL>MMIVJ>PQBOVLC
QEBPR?GB@QQLOB>ITLOIAOL?LQF@
MI>QCLOJP
,?:ED
'C6C6BF:D:E6D
1!$LOBNRFS>IBKQ
 6/(">Q>ILD
-BROLP@FBK@B
%,%6FC@D4:6?46
(KQEFP@LROPBPQRABKQPTFIIABSBILM
>KRKABOPQ>KAFKDLCKBROL?FLILDV>Q
PBSBO>IIBSBIPCOLJQEBMEVPFLILDVLC
FKAFSFAR>IKBROLKPQEOLRDEQEB
CRK@QFLKFKDLCKBRO>I@FO@RFQP>KA
hK>IIVQLQEB?BE>SFLOLCKBRO>I
PVPQBJPPR@E>PSFPFLKJLQFLK>KA
JBJLOV3LMF@P@LSBOBAFK@IRAB
PM>QF>ILOFBKQ>QFLK>KAPBKPLOV
DRFA>K@BKBROLK>I@LKQOLILCJLQLO
LRQMRQKBROLK>IMOL@BPPFKDLC
PBKPLOVFKCLOJ>QFLKPBKPLOFJLQLO
FKQBDO>QFLKKBROLJLARI>QFLK
@FO@>AF>KOEVQEJP>KA@BIIRI>O
JB@E>KFPJPLCIB>OKFKD>KAJBJLOV
%ROQEBOJLOBPQRABKQPTFIIIB>OK
>?LRQ>OQFh@F>IFKQBIIFDBK@B>KA
J>@EFKBIB>OKFKD>MMOL>@EBPQL
@OB>QFKD@LJMRQ>QFLK>IJLABIPLC
QEB?O>FKRPFKD>OQFh@F>IKBRO>I
KBQTLOHP>KAABBMIB>OKFKD3EB
@I>PPTFII?B?>PBALKIB@QROBP
>@@LJM>KFBA?VFK@I>PP>@QFSFQFBP
>KATFIIFK@IRABTBBHIVAFP@RPPFLKLC
M>MBOPCOLJQEBP@FBKQFh@IFQBO>QROB
3EB@I>PPTFIICL@RPLK>DRFAFKD
QEBJBPR@E>PKBROLQO>KPJFQQBO
PVPQBJPTFQEBJME>PFPLKOBPB>O@E
LCERJ>KKBROLILDF@>IMOL?IBJP
PR@E>PP@EFWLMEOBKF>>AAF@QFLK>KA
KBROLABDBKBO>QFSBAFPLOABOP
,?:ED
%,%6FC2='=2DE:4:EJ
-BROLK>I@LKKB@QFLKPPQOBKDQEBK
>KATB>HBKTFQEIB>OKFKDJBJLOV
LOLQEBOBSBKQP>MEBKLJBKLK
@>IIBAPVK>MQF@MI>PQF@FQV(KQEFP
@LROPBTBBUMILOBQEBRKABOIVFKD
?FLILDF@>I?FLMEVPF@>I>KA
?FL@EBJF@>I@E>KDBPOBPMLKPF?IBCLO
MI>PQF@FQV3EFP@LROPB@LSBOPQEB
PQOR@QROB>KALOD>KFW>QFLKLC
KBROLK>I@LKKB@QFLKPQEB
KBROLQO>KPJFQQBOOB@BMQLOPQE>QIFKB
QEBPBPQOR@QROBPQEBPFDK>IFKD
M>QET>VPQE>Q>OBJBAF>QBAFK
PVK>MPBPQEBJB@E>KF@>IMOL@BPPBP
QE>QRKABOIFBMOLQO>@QFLK>KA
OBQO>@QFLK>KAQEBME>OJ>@LILDF@>I
>DBKQPQE>QPQFJRI>QBLO?IL@HQEBPB
@E>KDBP2QRABKQP>OBOBNRFOBAQL
E>SBE>A>KRKABODO>AR>QBIBSBI
@LROPBFK?FLILDV>KA?FL@EBJFPQOV
,?:ED
%,@>AFE2E:@?2=
%6FC@D4:6?46
"LJMRQ>QFLK>IKBROLP@FBK@B
BUMILOBPQEB?O>FK>QJ>KVAFfBOBKQ
IBSBIPCOLJPFKDIB@BII>@QFSFQVQL
PJ>IIIL@>IKBQTLOH@LJMRQ>QFLKQL
QEBAVK>JF@PLCI>ODBKBROLK>I
MLMRI>QFLKP>@OLPPQEB?O>FK3EFP
@LROPBTFIIFKQOLAR@BPQRABKQPQL>
JRIQFC>@BQBA>OO>VLC>MMOL>@EBPQE>Q
PM>K?FLILDVMEVPF@PJ>QEBJ>QF@P
>KA@LJMRQBOP@FBK@B>PTBII>P
C>@FIFQ>QBQEBFKQBDO>QFLKLCJLABIFKD
LK?LQEQEBPFKDIBJLIB@RIB>KA
KBROLKIBSBI>KANR>KQFQ>QFSB
QB@EKFNRBPQLFKSBPQFD>QBKBRO>I
>@QFSFQV>QQEBPBAFfBOBKQIBSBIP
6EBOBMLPPF?IBQEFP@LROPBE>P>
QOFM>OQFQBLOD>KFW>QFLK%FOPQQEB
QEBLOVFPMOBPBKQBACOLJ>QBUQLO
GLROK>I>OQF@IB2B@LKAPQRABKQPOB>A
>KA@OFQFNRB>M>MBOQE>QRPBPQEB
QB@EKFNRB%FK>IIVPFJRI>QFLKP>KALO
MOL?IBJPBQP>OB>PPFDKBAQLhUQEB
HKLTIBADBIB>OKBAFKQEB@LROPB
/BOQFKBKQBU>JMIBPTFII?BAO>TK
COLJOBPB>O@EALKB?V6/(PQRABKQP
>KAC>@RIQV
,?:ED
%,5G2?465
'DJ49@A9JD:@=@8J
3EFP@LROPBTFIIMOLSFAB>KFKABMQE
RKABOPQ>KAFKDLCTE>Q
MPV@ELMEVPFLILDVFP>KAQEB
@LJJLKJBQELAPRPBAQL
RKABOPQ>KAMPV@ELMEVPFLILDF@>I
OBPMLKPBP"LJJLK
MPV@ELMEVPFLILDF@>IJBQELAPTFII?B
AFP@RPPBAFKABMQEPR@E>P
PVJM>QEBQF@>KAM>O>PVJM>QEBQF@
KBOSLRPPVPQBJC>@F>I
BIB@QOLJVLDO>MEV
BIB@QOLBK@BME>ILDO>MEV$$&
OBPMFO>QFLK?ILLAMOBPPROBMRIPB
O>QBPHFKQBJMBO>QROBBIB@QOLABOJ>I
OBPMLKPBP@LOQFPLI>KALQEBO
KBROLBKAL@OFKBJLKFQLOFKD
JBQELAP3EBPL@F>I@LDKFQFSB
BJLQFLK>I>KAJLQFS>QFLK>I
OBPMLKPBPQLAFfBOBKQMPV@ELILDF@>I
BSBKQPTFII?BBUMILOBAFKABQ>FI
"LJMRQ>QFLK>IJBQELAPTFII?B
ABP@OF?BACOLJQEBhBIAPLC>OQFh@F>I
FKQBIIFDBK@BJ>@EFKBIB>OKFKD>KA
JL?FIB@LJMRQFKDCLO@>MQROFKD
MOL@BPPFKD>KAAFP@LSBOFKDM>QQBOKP
FKMEVPFLILDF@>I>KA?BE>SFLO>IA>Q>
(K>AAFQFLKQEB@LROPBTFIIBU>JFKB
ELT?FLCBBA?>@HTLOHPFK
BAR@>QFLK>I@IFKF@>I>KA
BUMBOFJBKQ>IPBQQFKDP2QRABKQPJ>V
KLQOB@BFSB@OBAFQCLO?LQE/28
>KA-$4
,?:ED
 6/(">Q>ILD
%,C2:?@>AFE6C
?E6C24E:@?
3EFP@LROPBTFIIBUMILOBQEB@ROOBKQ
PQ>QBLC?O>FKPBKPFKD>KAFQP
>MMIF@>QFLKQLERJ>K@LJMRQBO
FKQBO>@QFLKOBPB>O@E3EFP@LROPB
@LSBOP?O>FKCRK@QFLKPBKPFKD
QB@EKLILDVJ>@EFKBIB>OKFKD
JBQELAP>KA>MMIF@>QFLKPLC?O>FK
@LJMRQBOFKQBOC>@BPFKS>OFLRP
ALJ>FKP3EFP@LROPB>FJPCLO
PQRABKQPQLL?Q>FKQEB
?>@HDOLRKAQL@LKAR@QOBPB>O@EFK
?O>FK@LJMRQBOFKQBO>@QFLK>KA
ERJ>K@LJMRQBOFKQBO>@QFLK
RKABOPQ>KAQEBIFQBO>QROBFKQEBhBIA
LC?O>FKPBKPFKDCLOERJ>K@LJMRQBO
FKQBO>@QFLKOBPB>O@ERKABOPQ>KA
QEBS>OFLRPQLLIPRPBAFK?O>FK
PBKPFKDTFQE>CL@RPLKCRK@QFLK>I
KB>OFKCO>OBAPMB@QOLP@LMVC-(12
OBPB>O@ERKABOPQ>KAQEBPQBMP
OBNRFOBAQLRPBOB>IQFJB?O>FK
PBKPFKDA>Q>>PFKMRQQL>K
FKQBO>@QFSBPVPQBJRKABOPQ>KAQEB
ALJ>FKP>KA@LKQBUQPFKTEF@E?O>FK
@LJMRQBOFKQBOC>@BPJ>V?BBfB@QFSB
RKABOPQ>KAQEBLMBKNRBPQFLKP
>KA@E>IIBKDBPFK?O>FK@LJMRQBO
FKQBO>@QFLKOBPB>O@EQLA>V
,?:ED
%,%6FC@D4:6?46*6>:?2C
@OBAFQPM>PPC>FIDO>AFKD3EFP
PBJFK>OMOLSFABP>KLMMLOQRKFQVCLO
PQRABKQPFKQEB-BROLP@FBK@B
MOLDO>JQLMOBPBKQQEBFOOBPB>O@E
TLOH>PTBII>PEB>OOBPB>O@E
MOBPBKQ>QFLKP>KAQ>IHPCOLJDRBPQ
PMB>HBOP 
,?:ED
%,*A64:2=+@A:4D:?
%6FC@D4:6?46
3EFP@LROPBFPFKQBKABAQLMOLSFABQEB
PQRABKQPLCQEBMOLDO>J>AFSBOPB
PBIB@QFLKLC@ROOBKQOBIBS>KQQLMF@PFK
KBROLP@FBK@B/OBOBNRFPFQBPTFIIS>OV
TFQEQLMF@
,?:ED
%, ?56A6?56?E*EF5J:?
%6FC@D4:6?46
3EFP@LROPBTFII>IILT>PQRABKQQL
PQRAV>@ELPBKQLMF@FK-BROLP@FBK@B
RKABOQEBDRFA>K@BLC>C>@RIQV
JBJ?BO>gIF>QBATFQEQEB
-BROLP@FBK@B,>PQBOPMOLDO>J3EB
PQRABKQJRPQMOLAR@B>TOFQQBK
OBMLOQ>QQEB@LK@IRPFLKLCQEB
FKABMBKABKQPQRAV
,?:ED
%,:C64E65)6D62C49:?
%6FC@D4:6?46
#FOB@QBAOBPB>O@E@LKAR@QBARKABO
QEBDRFA>K@BLC>C>@RIQVJBJ?BO
>gIF>QBATFQEQEB-BROLP@FBK@B
/OLDO>J
,?:ED
%,$*+96D:D)6D62C49:?
%6FC@D4:6?46
,>PQBOPQEBPFPFK-BROLP@FBK@B
@LKPFPQPLC>OBPB>O@E>KA
ABSBILMJBKQMOLGB@QTLOQE>
JFKFJRJLCDO>AR>QB@OBAFQELROP
>ASFPBA?V>C>@RIQVJBJ?BO
>gIF>QBATFQEQEB-BROLP@FBK@B
/OLDO>J QEBPFPMOLMLP>IJRPQ?B
>MMOLSBA?VQEB-BROLP@FBK@B
/OLDO>J1BSFBT!L>OA>KAQEB
PQRABKQP>ASFPLO?BCLOBQEBPQRABKQ
@>KOBDFPQBOCLOJLOBQE>KQEOBB
QEBPFP@OBAFQP3EBPQRABKQJRPQ
P>QFPC>@QLOFIV@LJMIBQB>TOFQQBK
QEBPFPAL@RJBKQ>KAMOBPBKQQEB
OBPRIQPQLQEB-BROLP@FBK@BC>@RIQVFK
>MR?IF@MOBPBKQ>QFLK
,?:ED
%,C25F2E6 ?E6C?D9:A:?
%6FC@D4:6?46
&O>AR>QBFKQBOKPEFMFP@>OOFBALRQFK
@LLMBO>QFLKTFQE>PMLKPLOLO
FKARPQOF>IM>OQKBO(QJRPQ?B
LSBOPBBK?V>C>@RIQVJBJ?BO
>gIF>QBATFQEQEB-BROLP@FBK@B
/OLDO>J3EBFKQBOKPEFMTFIIFKSLISB
ABSBILMJBKQ>KAMO>@QF@BLC
QB@EKF@>I>KAMOLCBPPFLK>IPHFIIP>KA
HKLTIBADBOBIBS>KQQLAFfBOBKQ>OB>P
LC-BROLP@FBK@B QQEB@LJMIBQFLK
LCQEBFKQBOKPEFMQEBPQRABKQTFII
MOLAR@B>TOFQQBKOBMLOQ>KATFII
MOBPBKQQEBFOTLOHQL@LOB>KA
>gIF>QBA-BROLP@FBK@BC>@RIQV>KA
FKQBOKPEFMPMLKPLOP
,?:ED
-R@IB>O
2@FBK@B>KA
$KDFKBBOFKD
%* ?EC@5F4E:@?E@%F4=62C
*4:6?462?5?8:?66C:?8
3EFPFKQOLAR@QLOV@LROPBMOLSFABP>K
LSBOSFBTLCQEBhBIALCKR@IB>O
P@FBK@B>KABKDFKBBOFKD>PFQOBI>QBP
QLKR@IB>OMLTBO>KAKR@IB>O
QB@EKLILDFBP%RKA>JBKQ>I@LK@BMQP
OBIBS>KQQLKR@IB>OPVPQBJP>OB
FKQOLAR@BAFK@IRAFKDO>AFL>@QFSFQV
O>AF>QFLKFKQBO>@QFLKMEBKLJBK>
@E>FKOB>@QFLKMEVPF@P>KAQO>KPMLOQ
FKBKDFKBBOFKDJ>QBOF>IP-R@IB>O
OB>@QLOMEVPF@P>KAABPFDK@LK@BMQP
>OBFKQOLAR@BATFQECL@RPLKIFDEQ
T>QBOhPPFLKOB>@QLOP PROSBVLC
>AS>K@BAKR@IB>OQB@EKLILDFBP>KA
>MMIF@>QFLKPFPMOLSFABA
,?:ED
'C6C6BF:D:E6D
DO>AR>QBLOPBKFLOPQ>KAFKDLO
@LKPBKQLCQEBFKPQOR@QLO
 6/(">Q>ILD
%*)25:2E:@?:@=@8J
3EFP@LROPBTFIIFKQOLAR@BQEBPQRABKQ
QLCRKA>JBKQ>I@LK@BMQPFKO>AF>QFLK
?FLILDV(KFQF>IIVQEBLOFBPTFII?B
ABSBILMBA@LK@BOKFKDQEBBfB@QPLC
O>AF>QFLKBUMLPROBLK?>PF@
?FLILDF@>IPVPQBJPPR@E>P>SFORPLO
>@BII3EBPBQEBLOFBPTFII?B?>PBALK
LROHKLTIBADBLCO>AF>QFLK
FKQBO>@QFLKJB@E>KFPJP>QQEB
>QLJF@JLIB@RI>OIBSBI@LRMIBATFQE
LROHKLTIBADBLC@BII?FLILDV.K@B
ABSBILMBAQEBPBQEBLOFBPTFII?B
@LJM>OBA>D>FKPQBUMBOFJBKQ>I
L?PBOS>QFLKP>KABUM>KABAQL
FK@IRAB@BIIRI>OHFKBQF@OBPMLKPBPQL
O>AF>QFLK%L@RPTFIIQEBKPEFCQCOLJ
QEBPFJMIB@BIIQLJLOB@LJMIBU
?FLILDF@>ILOD>KFPJP4IQFJ>QBIVQEB
PQRABKQTFII?BBUMB@QBAQL
>MMOB@F>QBQEBMO>@QF@>I>PMB@QP>KA
@LKPBNRBK@BPLCERJ>KO>AF>QFLK
BUMLPROB>KAQLMOLMBOIV>MMIVQEFP
FKCLOJ>QFLKFK>O>AF>QFLKP>CBQVLO
JBAF@>IMEVPF@PBKSFOLKJBKQ
,?:ED
%*AA=:65%F4=62C'9JD:4D
3EFP@LROPBFKQOLAR@BPBKDFKBBOFKD
>KAP@FBK@BPQRABKQPQLQEB
CRKA>JBKQ>IQLMF@PLCKR@IB>O
MEVPF@PCLO>MMIF@>QFLKP?>PF@
MOLMBOQFBPLCQEBKR@IBRPKR@IB>O
O>AF>QFLKP>KAO>AF>QFLKFKQBO>@QFLKP
TFQEJ>QQBO3EB@LROPBFPAFSFABA
FKQLCLROJ>FKPB@QFLKP
FKQOLAR@QFLKQLBIBJBKQ>OVNR>KQRJ
JB@E>KF@PKR@IB>O>KA>QLJF@
PQOR@QROBKR@IB>OAB@>VP>KA
O>AF>QFLK>KAKR@IB>OJ>QQBO
FKQBO>@QFLKP>KAKR@IB>OOB>@QFLKP
,?:ED
'C6C6BF:D:E6D
/EVPF@PLCJB@E>KF@P>KA
BIB@QOLAVK>JF@P/'>KA/'
>KAJ>QEBJ>QF@>I
QB@EKFNRBPRMQL>KAFK@IRAFKD
LOAFK>OVAFfBOBKQF>IBNR>QFLKP,

%*62=E9'9JD:4D
3EFP@LROPB?RFIAPLKCRKA>JBKQ>I
@LK@BMQPFKQOLAR@BAFK-2$>KA
>MMIFBPQEBJQLHBVQLMF@PFKEB>IQE
MEVPF@P>KAO>AF>QFLKMOLQB@QFLK
'B>IQEMEVPF@PQLMF@PFK@IRABJ>K
J>AB>KAK>QRO>IPLRO@BPLC
O>AF>QFLKALPBO>AF>QFLK?FLILDV
O>AF>QFLKJB>PROBJBKQ>KA
O>AF>QFLKP>CBDR>OAP1>AF>QFLK
MOLQB@QFLK@LK@BMQP>OBBUMILOBA>P
QEBV>MMIVQLBUFPQFKD>KA>AS>K@BA
KR@IB>OMLTBODBKBO>QLOPFK@IRAFKD
OB>@QLOP>CBQVKR@IB>OT>PQB>KA
?VMOLAR@QPOBDRI>QLOV@LKPQO>FKQP
>KA>@@FABKQ@>PBPQRAFBP
,?:ED
'C6C6BF:D:E6D
DO>AR>QBPQ>KAFKDLO@LKPBKQLCQEB
FKPQOR@QLO
%*%F4=62C$2E6C:2=D
3EFP@LROPB>MMIFBPCRKA>JBKQ>I
J>QBOF>IPP@FBK@B@LK@BMQPQLBfB@QP
LKJ>QBOF>IPFKE>OPEKR@IB>O
BKSFOLKJBKQP KLSBOSFBTFP
MOLSFABALKBKSFOLKJBKQPPMB@F>I
KR@IB>OJ>QBOF>IP>KA@LKPQO>FKQPFK
J>QBOF>IPPBIB@QFLK1BI>QFLKPEFMP>OB
ABSBILMBA?BQTBBKKR@IB>OBfB@QP
LK@OVPQ>IPQOR@QROBJF@OLPQOR@QROB
ABDO>ABAJ>QBOF>IMBOCLOJ>K@B>KA
?RIHMOLMBOQFBPLCBKDFKBBOFKD>KA
BIB@QOLKF@J>QBOF>IP">PBPQRAFBP
MOLSFABBU>JMIBPLCBKE>K@BJBKQP
FKAR@BAJVJRIQFMIBE>OPE
BKSFOLKJBKQP>KAJFQFD>QFLK
QEOLRDEJ>QBOF>IABPFDKE>OABKFKD
,?:ED
'C6C6BF:D:E6D
$2LOBNRFS>IBKQ
%*)624E@C6D:8?
&A6C2E:@?D2?5*276EJ
3EFP@LROPBMOLSFABP>PVPQBJP
BKDFKBBOFKDSFBTLC@LJJBO@F>I
KR@IB>OMLTBOMI>KQQB@EKLILDV
/LTBOMI>KQABPFDKP>KAQEBFO
BSLIRQFLKP>OBPQRAFBAO>KDFKDCOLJ
B>OIVQLJLABOKDBKBO>QFLKIFDEQ
T>QBOOB>@QLOP>PTBII>P>AS>K@BA
ABPFDKPC>JFIFBPPR@E>IQBOK>QB
JLABO>QLO>KA?OBBABOOB>@QLOP
"OFQF@>I>PMB@QPLC@LKSBKQFLK>I
MLTBOOB>@QLOABPFDKP>OBBUMILOBAFK
ABQ>FIFK@IRAFKDPQB>JPRMMIV
OB>@QLO@LOB@LKQOLI>KAMOLQB@QFLK
PVPQBJP/I>KQLMBO>QFLK>I
@E>O>@QBOFPQF@P>OBPQRAFBAFK@IRAFKD
OB>@QLOAVK>JF@P@LKQOLICBBA?>@H
>KACRBI@V@IBJ>K>DBJBKQ"OFQF@>I
MLTBOMI>KQP>CBQV>PMB@QPLCQEB
ABPFDK>KALMBO>QFLKP>OBBUMILOBA
>KAOBFKCLO@BATFQEIBPPLKPIB>OKBA
COLJJ>GLOMLTBODBKBO>QLO
>@@FABKQPP@BK>OFLPFK@IRAFKD3EOBB
,FIB(PI>KA"EBOKL?VI>KA
%RHRPEFJ>#>FF@EF
,?:ED
'C6C6BF:D:E6D
DO>AR>QBPQ>KAFKDLO@LKPBKQLCQEB
FKPQOR@QLO
%*%F4=62C ?DECF>6?E2E:@?
2QRABKQPTFII?BFKQOLAR@BAQLQEB
QEBLOV>KALMBO>QFLKLCDBKBO>I
KR@IB>OFKPQORJBKQ>QFLKPR@E>PUO>V
MOLAR@QFLK>KAABQB@QFLKD>JJ>
O>VABQB@QFLK&BFDBO@LRKQBOP
P@FKQFII>QLOPMELQLJRIQFMIFBO
ABQB@QLOP>KAKR@IB>OJ>DKBQF@
OBPLK>K@B'>KAPLK>@QFSFQFBP>KA
QO>FKFKD>OBBJME>PFWBA
,?:ED
 6/(">Q>ILD
%*:28?@DE:4$65:42=
'9JD:4D
2QRABKQPTFII?BFKQOLAR@BAQLQEB
hBIAPLCAF>DKLPQF@JBAF@>IFJ>DFKD
TFQE>CL@RPLKQEBCRKA>JBKQ>I
FJ>DFKDMEVPF@P!>PF@@LK@BMQP
FK@IRAFKDJ>QQBO>KABKBODVUO>V
MOLAR@QFLK>KAMELQLKFKQBO>@QFLKP
TFIIIB>AQLQLMF@PFKUO>VDBKBO>QFLK
KR@IB>OJ>DKBQF@OBPLK>K@B>KA
PLRKAT>SBMOLM>D>QFLK3EB@LROPB
TFIIQEBKCL@RPLKQEBAFfBOBKQ
AF>DKLPQF@FJ>DFKDJLA>IFQFBP
FK@IRAFKD7O>VO>AFLDO>MEV
"LJMRQBA3LJLDO>MEV-R@IB>O
,>DKBQF@1BPLK>K@B&>JJ>
2@FKQFII>QFLK>KARIQO>PLRKAFJ>DFKD
,?:ED
%*)25:2E:@?+96C2AJ
'9JD:4D
2QRABKQPTFIIIB>OKQEBQEBLOV
MO>@QF@B>KA>MMIF@>QFLKLCO>AF>QFLK
LK@LILDV>KAQEBO>MV4PFKDQEB
?>PF@@LK@BMQPLCJ>QQBO>KABKBODV
QEBMOLAR@QFLKLCUO>VP>KAMELQLK
FKQBO>@QFLKPFKQFPPRBQEBPQRABKQTFII
?BFKQOLAR@BAQLIFKB>O>@@BIBO>QLO
+(- "MEVPF@PO>AF>QFLKQOB>QJBKQ
MI>KKFKD>KAMELQLK>KABIB@QOLK
ALPFJBQOV(K>AAFQFLKQEFP@LROPB
TFII@LSBOQLMF@PLC@ROOBKQFKQBOBPQFK
O>AF>QFLKQEBO>MVPR@E>PFKQBKPFQV
JLARI>QBAO>AF>QFLKQEBO>MV
@>IF?O>QFLKLCBIB@QOLK>KAMELQLK
?B>JP?O>@EVQEBO>MVEVMBO
CO>@QFLK>QFLKQEBO>MV>KA@E>ODBA
M>OQF@IBQEBO>MV
,?:ED
%*$65:42=E9:4D2?5
)6DA@?D:3=6@?5F4E
3EFPJ>QBOF>IFPFKQBKABAQL@LSBO
BQEF@>IFPPRBPFK@IFKF@>IJBAF@FKB
P@FBKQFh@OBPB>O@E>KAFKQEB
MOLCBPPFLK>I@LKAR@QLCQEBJBAF@>I
MEVPF@FPQ3EBQBOJ[BQEF@P^FPRPBA
EBOBFKQEBPBKPBLC>MBOJFPPF?IB
PQ>KA>OALC@LKAR@QCLOJBJ?BOPLC
>MOLCBPPFLK
,?:ED
%**A64:2=+@A:4D
OO>KDBA?VC>@RIQV>gIF>QBQLQEB
-R@IB>O2@FBK@B>KA$KDFKBBOFKD
MOLDO>JCLOFKAFSFAR>ILODOLRMPLC
PQRABKQPQEBPB@LROPBPPROSBV>OB>P
QE>Q>OBKLQ@LSBOBA?VQEBOBDRI>O
-2$@LROPBLfBOFKDP
,?:ED
'C6C6BF:D:E6D
"LKPBKQLCFKPQOR@QLO
/EVPF@P
' ?56A6?56?E*EF5J
5>OFLRPPMB@F>IFWBAQLMF@P>KALO
OBPB>O@E>OB>PCOLJLKBQLQTL
DO>AR>QBPQRABKQP OO>KDBA
FKAFSFAR>IIVTFQEQEBC>@RIQV
,?:ED
'=2DD:42=$6492?:4D 
+>DO>KDF>KCLOJRI>QFLK*FKBJ>QF@P
>KAAVK>JF@PLCOFDFA?LAFBP2J>II
LP@FII>QFLKP,LQFLKFKKLKFKBOQF>I
CO>JBP'>JFIQLKF>KJB@E>KF@P
">KLKF@>IQO>KPCLOJ>QFLKP'>JFIQLK
)>@L?FQEBLOV
,?:ED
'(F2?EF>$6492?:4D 
2@EOLAFKDBOBNR>QFLKMLQBKQF>ITBIIP
>KA?>OOFBOP'FI?BOQPM>@B
CLOJRI>QFLKLCNR>KQRJJB@E>KF@P
>KA>MMIF@>QFLKP"BKQO>IMLQBKQF>IP
EVAOLDBK>QLJFPLQOLMF@LP@FII>QLO
>KDRI>OJLJBKQRJ>KAPMFK
,?:ED
'(F2?EF>$6492?:4D 
3FJBFKABMBKABKQMBOQRO?>QFLK
QEBLOVS>OF>QFLK>IJBQELA>KA6*!
JBQELAQFJBABMBKABKQ
MBOQRO?>QFLKQEBLOVM>OQF>IT>SB
QEBLOVLCP@>QQBOFKDFKQBDO>I
>MMOL>@EQLP@>QQBOFKDQEBLOV>KA
!LOK>MMOLUFJ>QFLK
,?:ED
'+96C>@5J?2>:4D2?5
*E2E:DE:42=$6492?:4D
3EBI>TPLCQEBOJLAVK>JF@P
$IBJBKQPLCHFKBQF@QEBLOV$KPBJ?IB
QEBLOV@>KLKF@>IJF@OL@>KLKF@>I
>KADO>KA@>KLKF@>IBKPBJ?IBP
0R>KQRJPQ>QFPQF@>IJB@E>KF@P!LPB
$FKPQBFK>KA%BOJF#FO>@PQ>QFPQF@P
2MB@F>IQLMF@PFKPQ>QFPQF@>IJB@E>KF@P
,?:ED
'5G2?465=64EC@>28?6E:4
+96@CJ
"I>PPF@>IBIB@QOLAVK>JF@PFK@IRAFKD
?LRKA>OVS>IRBMOL?IBJPRPFKD
&OBBKPCRK@QFLKP,>UTBIIP
BNR>QFLKPBIB@QOLJ>DKBQF@
MOLMBOQFBPLCJ>QQBOT>SB
MOLM>D>QFLK>KAO>AF>QFLKQEBLOV
,?:ED
'$2E96>2E:42=$6E9@5D:?
'9JD:4D
3EBBJME>PFPLCQEB@LROPBFPLK
J>QEBJ>QF@>IQB@EKFNRBPKBBABA?V
MEVPF@FPQP3EB@LROPB@LSBOP
CRK@QFLKPLC@LJMIBUS>OF>?IBPMB@F>I
CRK@QFLKP%LROFBO>KA+>MI>@B
QO>KPCLOJPIFKB>O>IDB?O>>KAQBKPLO
>K>IVPFP
,?:ED
'F?52>6?E2=D@7
'9@E@?:4D
6>SBLMQF@P&>RPPF>K?B>JPMELQLK
LMQF@PDRFABAT>SBLMQF@P
PBJF@LKAR@QLOLMQF@PPLRO@BP>KA
ABQB@QLOPFKQBO>@QFLKLCMELQLKP
TFQE>QLJP
,?:ED
 6/(">Q>ILD
'F?52>6?E2=D@7*6?D@CD
3EB@LROPBLfBOP>KLSBOSFBTLC
?>PF@PBKPLOMEVPF@P>KA
QB@EKLILDFBPQLMOLSFABMO>@QF@>I
TLOHFKDHKLTIBADBLCPBKPLOP3EB
@LROPBTFIIFK@IRAB?>PF@PBKPLO
LMBO>QFKDMOFK@FMIBPQEBMEVPF@PLC
PBKPLOPBIB@QOF@>IFKQBOC>@FKDQL
PBKPLOPJB>PROBJBKQMOFK@FMIBP>KA
>MMIF@>QFLKP TFABO>KDBLCPBKPLOP
@LRIA?B@LSBOBAPR@E>P
QBJMBO>QROBMELQLKF@>@LRPQF@
@EBJF@>I?FLILDF@>IBIB@QOLJ>DKBQF@
MOBPPROBMLPFQFLK>KAJLQFLK
PBKPLOP3EBOBTFII>IPL?B>
I>?LO>QLOV@LJMLKBKQQLQEB@LROPB
,?:ED
'*@=:5*E2E6'9JD:4D
/ELKLKP>KAPMB@Fh@EB>QLCPLIFAP
BIB@QOLKF@@LKAR@QFSFQV>KA?>KA
QEBLOVLCPLIFAP%BOJF>KA!LPB
D>PBP.MQF@>IMOLMBOQFBPLCJ>QBOF>IP
,>DKBQF@FKQBO>@QFLKP
,?:ED
'E@>:4@C46$:4C@D4@AJ
QLJF@CLO@BJF@OLP@LMBP %,P>OB
FKPQORJBKQPQE>Q>IILTQEOBB
AFJBKPFLK>IFJ>DFKDLCPROC>@BPTFQE
K>KLJBQBOOBPLIRQFLK>KA>OB
FJMLOQ>KQBK>?IFKDQLLIPCLO
K>KLP@FBK@B>KAQB@EKLILDV3EB
PQRABKQTELPR@@BPPCRIIV@LJMIBQBP
QEFP@LROPBTFIIRKABOPQ>KAQEB
CRK@QFLK>IMOFK@FMIBPLC %,P?B>?IB
QLORKLKB>KAFKQBOMOBQQEBA>Q>
QE>Q>OB@LIIB@QBA3EBOB@LJJBKABA
?>@HDOLRKACLOQEFP@LROPBFP>
?>@EBILOPABDOBBFKP@FBK@BLO
BKDFKBBOFKD2QRABKQPTELE>SB
PR@@BPPCRIIV@LJMIBQBA/'QEB
RKABODO>AR>QBSBOPFLKLCQEFP@LROPB
J>VKLQB>OK@OBAFQCLO/'
,?:ED
'F?52>6?E2=D@7
:@=@8:42='9JD:4D
3EB@LROPBTFII@LSBOQEB
CRKA>JBKQ>I@LK@BMQPLC?FLILDF@>I
MEVPF@P3EBJ>FKL?GB@QFSBFPQLIB>OK
ELTQL>MMIVQEBMOFK@FMIBPLC
MEVPF@PJBQELAPLCJ>QEBJ>QF@>I
>K>IVPFP>KA@LJMRQ>QFLK>IJLABIFKD
QL@LJMIBU?FLILDF@>IPVPQBJP>KA
ABSBILM>?BQQBORKABOPQ>KAFKD3EB
>MMOL>@ETFII?BQORIV
FKQBOAFP@FMIFK>OV?OFKDFKD@LK@BMQP
COLJPQ>QFPQF@>IMEVPF@P@I>PPF@>I
JB@E>KF@P@BII?FLILDV@EBJFPQOV
>KA?FL@EBJFPQOV3LMF@P@LSBOBA
FK@IRAB?FLILDV?VQEBKRJ?BOP
QFJB>KAIBKDQEP@>IBPJB@E>KF@>I
>KA@EBJF@>IBNRFIF?OFRJFKQEB
IFSFKD@BIIBKQOLMVFK?FLILDVQTL
PQ>QBPVPQBJP>KA@LLMBO>QFSB
?FKAFKDO>KALJT>IHP>KAQEB
PQOR@QROBLCJ>@OLJLIB@RIBP
>O@EFQB@QROBLCQEB@VQLPHBIBQLK
?FLILDF@>IJBJ?O>KBPJLABIFKDLC
iRFAPPQ>QFPQF@>ISFBTLC?FLILDF@>I
AVK>JF@PIFCBFK@OLTABA
BKSFOLKJBKQPO>QBBNR>QFLKP>KA
AVK>JF@PFKQEB@BIIAVK>JF@PLC
JLIB@RI>OJLQLOP
,?:ED
' ?EC@5F4E:@?E@
IA6C:>6?E2=$6E9@5D:?
:@A9JD:4D
3EB@LROPBTFIILSBOSFBTQEB
?FLMEVPF@>IBUMBOFJBKQ>IQB@EKFNRBP
TEF@E>OBRPBAFKQEBPQRAVLCQEB
PQOR@QROB>KACRK@QFLKLC?FLILDF@>I
PVPQBJP>QQEB@BIIRI>O>KAJLIB@RI>O
IBSBI3EBJ>FKL?GB@QFSBP>OBQL
RKABOPQ>KAQEBMOFK@FMIBPLCJLPQ
@LJJLK?FLMEVPF@>IQB@EKF@P>KAQL
IB>OKBPPBKQF>IPHFIIPQLMBOCLOJI>?
OBPB>O@EFK?FLMEVPF@P3LMF@P
@LSBOBAFK@IRABIFDEQJF@OLP@LMV
PRMBOOBPLIRQFLKJF@OLP@LMVFJ>DB
MOL@BPPFKDBIB@QOLKJF@OLP@LMVU
O>VAFfO>@QFLK>KAMOLQBFKPQOR@QROB
ABQBOJFK>QFLK-,1PMB@QOLP@LMV
@>I@FRJJB>PROBJBKQPOBPLK>K@B
BKBODVQO>KPCBOM>Q@E@I>JMLMQF@>I
QTBBWBOPOEBLILDF@>I
@E>O>@QBOFW>QFLKLCPLCQJ>QBOF>IP
JLIB@RI>OCLO@BJB>PROBJBKQP
MOLMLOQFLK>IFKQBDO>IABOFS>QFSB
>RQLJ>QFLKMOLQBFKBUMOBPPFLK>KA
ABPFDKLC#- MI>PJFA2QRABKQPTFII
D>FKE>KAPLKBUMBOFBK@BLK@RQQFKD
BADB?FLMEVPF@>IQB@EKFNRBP>KATFII
OB@BFSBQO>FKFKDLKA>Q>@LIIB@QFLK
A>Q>>K>IVW>QFLK>KAP@FBKQFh@OBMLOQ
TOFQFKD
,?:ED
':@A9JD:4D*@7E
@?56?D65$2EE6C!@FC?2==F3
2QRABKQPFKQBOBPQBAFK!FLMEVPF@P
2LCQ"LKABKPBA,>QQBOOB>AGLROK>I
>OQF@IBPMOBM>OBMOBPBKQ>QFLKP>KA
DFSBPELOQQ>IHPBKD>DBFK@OFQF@>I
AFP@RPPFLK>KAMOLSFABCBBA?>@HQL
CBIILTPQRABKQP3EBL?GB@QFSBPLCQEB
@LROPB>OBCLOPQRABKQPQLIB>OK>?LRQ
@ROOBKQQLMF@PFKQEB?OL>A>OB>
!FLMEVPF@P2LCQ"LKABKPBA,>QQBO
>KA?FLQB@EKLILDV>KAQLFJMOLSB
QEBFOMOLCBPPFLK>IPHFIIP
,?:ED
)64@>>6?56524<8C@F?5
?>@EBILOPABDOBBFKP@FBK@B
QB@EKLILDVBKDFKBBOFKDLO
J>QEBJ>QF@P
 6/(">Q>ILD
'%2?@D4:6?46!@FC?2==F3
2QRABKQPFKQBOBPQBAFKK>KLP@FBK@B
OB>AGLROK>I>OQF@IBPTOFQB>?PQO>@QP
DFSBPELOQQ>IHPBKD>DBFK@OFQF@>I
AFP@RPPFLK>KAMOLSFABCBBA?>@HQL
CBIILTPQRABKQP3EBL?GB@QFSBPLCQEB
@LROPB>OBCLOPQRABKQPQLIB>OK>?LRQ
@ROOBKQQLMF@PFKK>KLP@FBK@B>KA
K>KLQB@EKLILDV>KAQLFJMOLSBQEBFO
MOLCBPPFLK>IPHFIIP
,?:ED
'C25F2E6*6>:?2C
2QRABKQP>QQBKA/EVPF@P"LIILNRF>?V
6/(C>@RIQV>KAFKSFQBAP@FBKQFPQPLK
@ROOBKQOBPB>O@EQLMF@PFKAFfBOBKQ
>OB>PLCMEVPF@P3EBVAFP@RPPOBPRIQP
>KAFAB>PMOBPBKQBAFKQELPBQ>IHP(K
>AAFQFLKPQRABKQPDFSBMOBPBKQ>QFLKP
LKQEBFOOBPB>O@ELOLKMOL?IBJPLC
@ROOBKQFKQBOBPQQLMEVPF@P
@LJJRKFQV3EB@LROPBQEBOBCLOBTFII
MOLSFABLMMLOQRKFQFBPCLOPQRABKQPQL
ABSBILMQEBFOMOBPBKQ>QFLKPHFIIP
?OL>ABKQEBFOMBOPMB@QFSBP>KA
MOLSFABKBQTLOHFKDLMMLOQRKFQFBP II
CRIIQFJBMEVPF@PDO>AR>QBPQRABKQP
>OBOBNRFOBAQLOBDFPQBO>KA>QQBKA
,?:ED
'*4:6?E:O4.C:E:?82?5
'C@A@D2=6G6=@A>6?E
3EFP@LROPBTFII@LSBOHBVBIBJBKQPLC
TOFQFKDPR@@BPPCRIDO>KQLOCBIILTPEFM
MOLMLP>IP>PTBII>PJ>KRP@OFMQP3EB
QLMF@PQE>QTFII?B@LSBOBATFII
FK@IRABMOLGB@QABSBILMJBKQ
FABKQFh@>QFLKLCCRKAFKD>DBK@FBPLO
GLROK>IPMOLMLP>I>KAJ>KRP@OFMQ
TOFQFKD>KABAFQFKD>PTBII>P>PMB@QP
LCQEBPR?JFPPFLK>KAOBSFBT
MOL@BPP2QRABKQPTFII?BBUMB@QBAQL
ABSBILM>MOLMLP>I>KAM>OQF@FM>QB
FKOBSFBTP2QRABKQP>OBBUMB@QBAQL
@LJMIBQBQEFP@LROPBMOFLOQLQ>HFKD
QEB/E#0R>IFCVFKD$U>JFK/EVPF@P
,?:ED
)64@>>6?56524<8C@F?5
?>@EBILOPABDOBBFKP@FBK@B
QB@EKLILDVBKDFKBBOFKDLO
J>QEBJ>QF@P
'*A64:2=+@A:4D
OO>KDBA?VMEVPF@PC>@RIQVCLO
FKAFSFAR>ILODOLRMPLCPQRABKQP
QEBPBLfBOFKDP@LSBOQLMF@PQE>Q>OB
KLQ@LSBOBA?VQEBOBDRI>O/EVPF@P
@LROPBLfBOFKDP$U>@Q@LROPB
ABP@OFMQFLKP>OBMLPQBA?VQEBC>@RIQV
FK>AS>K@BLCQEBLfBOFKD
,?:ED
':C64E65)6D62C49
AFOB@QBA>KA@LEBOBKQMOLDO>JLC
OBPB>O@EQE>QFKJLPQ@>PBPTFII
BSBKQR>IIVIB>AQLQEBPFPLO
AFPPBOQ>QFLKOBPB>O@E3EFPFP>IPLRPBA
CLO#FOB@QBA1BPB>O@E1LQ>QFLKCLO
@OBAFQELROPCLOhOPQVB>OPQRABKQP
TELE>SBKLQVBQQ>HBKQEB
0R>IFCVFKD$U>JFK>QFLKFKLOABOQL
BUMILOBQEB>S>FI>?IBOBPB>O@E
LMMLOQRKFQFBP
,?:ED
'$*+96D:D)6D62C49
$>@EPQRABKQTFIITLOHRKABOQEB
PRMBOSFPFLKLC>JBJ?BOLCQEB
ABM>OQJBKQLKQEBQEBPFPOBPB>O@ECLO
QEBFO,>PQBOLC2@FBK@BFK/EVPF@P
ABDOBB
,?:ED
'C6C6BF:D:E6D
"LKPBKQLC>ASFPLO
''9:DD6CE2E:@?
">K?BQ>HBK>KVQFJB>CQBOM>PPFKD
QEB/EVPF@P0R>IFCVFKD$U>JFK>QFLK
?RQOBNRFOBAFKQEBI>PQPBJBPQBOCLO
QEBTOFQFKD>KAABCBKAFKDLCQEB
/E#AFPPBOQ>QFLK
,?:ED
'C6C6BF:D:E6D
"LKPBKQLC>ASFPLO
'@>AC696?D:G6.C:EE6?
I2>:?2E:@?
"LJMOBEBKPFSB6OFQQBK$U>JFK>QFLK
MOBM>OBA>AJFKFPQBOBA>KA
BS>IR>QBA?VQEB/EVPF@P#BM>OQJBKQ
&O>AR>QB"LJJFQQBB/#&"
,?:ED
)64@>>6?56524<8C@F?5
2QRABKQPELRIA?BBKOLIIBAFKQEB
/EVPF@PLO MMIFBA/EVPF@P/E#
MOLDO>J
''9(F2=:7J:?8
I2>:?2E:@?
2QRABKQP>OBOBNRFOBAQLTOFQB>KA
ABCBKA>KLOFDFK>IOBPB>O@EMOLMLP>I
?BCLOB>@LJJFQQBBOBMOBPBKQ>QFSBLC
QEB>OB>LCQEBFOPMB@F>IFW>QFLK
>MMOLSBA>KA>MMLFKQBA?VQEB
/EVPF@P#BM>OQJBKQ&O>AR>QB
"LJJFQQBB/#&"
,?:ED
)64@>>6?56524<8C@F?5
2QRABKQPELRIA?BBKOLIIBAFKQEB
/EVPF@P&O>AR>QBMOLDO>JPBBHFKD>
/E#ABDOBB
/EVPF@PCLO
$AR@>QLOP
$'=2DD:42=$6492?:4D
!OL>A@LSBO>DBBJME>PFWFKD
FKQBO@LKKB@QFLKPLC>JB@E>KF@>I
ABP@OFMQFLKLCQEBRKFSBOPBRQFIFWFKD
?LQE>IDB?O>F@>KA@>I@RIRPI>KDR>DB
>Q>IBSBI>MMOLMOF>QBCLOPB@LKA>OV
P@ELLIBAR@>QLOP3LMF@PFK@IRAB
SB@QLOP>KASB@QLOJ>KFMRI>QFLKQL
ABP@OF?BJLQFLK-BTQLKPI>TPLC
JLQFLKTLOH>KABKBODV@LK@BMQP
BKBODV>KAJLJBKQRJ@LKPBOS>QFLK
I>TPJLABIPLCCLO@BP>KA
FKQBO>@QFLKPDBKBO>IFWBA@LLOAFK>QBP
>KAJLJBKQRJLSBOSFBTLC
+>DO>KDF>K>KA'>JFIQLKF>K
CLOJRI>QFLKP
,?:ED
$'=64EC@5J?2>:4D
!OL>A@LSBO>DB>QQEB>MMOLMOF>QB
IBSBIBJME>PFWFKDFKQBO@LKKB@QFLKP
LCQEBBIB@QOLJ>DKBQF@FKQBO>@QFLKPFK
QEBRKFSBOPBRQFIFWFKD?LQE>IDB?O>F@
>KA@>I@RIRPI>KDR>DB>Q>IBSBI
>MMOLMOF>QBCLOPB@LKA>OVP@ELLI
BAR@>QLOP3LMF@PFK@IRABBIB@QOL>KA
J>DKBQLPQ>QF@P>KAAVK>JF@P
?LRKA>OVS>IRBMOL?IBJP,>UTBIIP
BNR>QFLKPLSBOSFBTLC
BIB@QOLJ>DKBQF@MOLMBOQFBPLCJ>QQBO
>KAT>SBMOLM>D>QFLKO>AF>QFLK
,?:ED
 6/(">Q>ILD
$'$@56C?'9JD:4D
!OL>A@LSBO>DBLCQEBQEOBB@BKQO>I
>OB>PLCJLABOKMEVPF@PQE>Q
BJME>PFWBQEBTLKABO>KA
FKQBO@LKKB@QFLKP>QQEB@LK@BMQR>I
IBSBI>MMOLMOF>QBCLOPB@LKA>OV
P@ELLIBAR@>QLOP3LMF@PFK@IRAB
0R>KQRJ/EVPF@PMLPQRI>QBP
2@EOLAFKDBO>KA#FO>@CLOJ>IFPJP
FJMIF@>QFLKP>KAFKQBOMOBQ>QFLKP
2MB@F>I>KA(KQOLAR@QFLKQL&BKBO>I
1BI>QFSFQVQEBCLROSB@QLOPM>@B
QFJBFKS>OF>KQPQFJBAFI>QFLK>KA
IBKDQE@LKQO>@QFLK>KA3EBOJL
2Q>QFPQF@>I/EVPF@PJ>@OLP@LMF@
S>OF>?IBPBNR>QFLKLCPQ>QBPQ>QB
CRK@QFLKPOBPMLKPBCRK@QFLKP
JF@OLP@LMF@S>OF>?IBPPQ>QFPQF@>I
>MMOL>@EBKPBJ?IBPQEBM>OQFQFLK
CRK@QFLK
,?:ED
$':N6C6?E:2=BF2E:@?D:?
%2EFC6
$JME>PFWBP@LKKB@QFLKP>KA
FKQBO@LKKB@QFLKPTFQEQEB
JB@E>KF@>IBIB@QOLJ>DKBQF@>KA
JLABOK>OB>P>PTBII>P
J>QEBJ>QF@>I>OB>PLCLP@FII>QFLKP
T>SBP>KALMQF@PRQFIFWFKDAFfBOBKQF>I
BNR>QFLKP>Q>IBSBI>MMOLMOF>QBCLO
PB@LKA>OVP@ELLIBAR@>QLOP3LMF@P
FK@IRAB%OBBA>JMBA>KAAOFSBK
A>JMBALP@FII>QFLKPT>SBP#LMMIBO
$fB@QLMQF@PFKQBOCBOBK@B>KA
AFfO>@QFLK$U>JMIBP>OBAO>TKCOLJ
>TFABO>KDBLCMEVPF@>IMEBKLJBK>
QLFIIRPQO>QBB>@E@LK@BMQ3LABSBILM
QEFP@LKQBKQELJLDBKBLRP>KAKLK
ELJLDBKBLRPAFfBOBKQF>IBNR>QFLKP
LCQEBhOPQ>KAPB@LKALOABOTFII?B
BJMILVBA3EF@H@LKQBUQR>IJB>KFKD
TFII?BAO>TKQLPRMMLOQ
J>QEBJ>QF@>ICLRKA>QFLK>KASF@B
SBOP>QL>IILTCLOABBMBO[>RQEBKQF@^
IB>OKFKD
,?:ED
$'@>AFE2E:@?2=$6E9@5D
:?'9JD:4D
3LMF@P>OB@ELPBKQLFIIRPQO>QBS>OFLRP
KRJBOF@>IQB@EKFNRBPRPBCRICLO
BAR@>QLOP>KAPQRABKQPQLFIIRPQO>QB
MEVPF@P@LK@BMQP>KAABSBILM>
PBKPBLCMEVPF@>IFKQRFQFLKQEOLRDE
PFJRI>QFLKP>KAJLABIFKD(QFPKLQ
FKQBKABAQL?B>@LROPBLKKRJBOF@>I
JBQELAPO>QEBOFQTFII?B>FJBA>Q
QEB>MMIF@>QFLKLCKRJBOF@>IJBQELAP
QLMEVPF@>IJLABIP5>OFLRP
MOLDO>JJFKDI>KDR>DBPMI>QCLOJP
>OBRQFIFWBAFKB>@EBU>JMIBQL
EFDEIFDEQQEBDBKBO>IK>QROB>KAQL
MOLSFAB@ELF@BPJ>Q@EFKDPQRABKQP
MOLDO>JJFKD?>@HDOLRKAP
,?:ED
$'IA6C:>6?E2=$6E9@5D:?
'9JD:4D
'>KAPLKJBQELAPLCMEVPF@>IIV
QBPQFKD@LK@BMQP>KAJLABIPLCQEB
RKFSBOPB3B@EKLILDVFPRQFIFWBA?RQ
DBKBO>IJBQELAP>@@BPPF?IBQL?>OBIV
LRQhQQBAI>?BKSFOLKJBKQP>OB
PQOBPPBA3LMF@P@LSBOBA>OBFK>
PBOFBPLCPR?GB@QRKFQPQEBMEVPF@>I
MOFK@FMIBPRKABOIVFKDQEB
MEBKLJBK>QL?BL?PBOSBA>KAQEB
?>PFPCLOQEBJB>PROBJBKQ
QB@EKFNRBPBJMILVBAFPOBSFBTBA
/OFK@FMIBP>KARPBPLCPQ>KA>OA
I>?LO>QLOVFKPQORJBKQP
LP@FIILP@LMBPJBQBOPCLOCOBNRBK@V
QFJBBIB@QOF@>I>KALQEBONR>KQFQFBP
IL@HFK>JMIFhBOPBQ@>OBPQOBPPBA(K
>AAFQFLKQLPVPQBJ>QF@JB>PROBJBKQ
MOL@BAROBP>KAA>Q>OB@LOAFKD
PQOLKDBJME>PFPFPMI>@BALK
MOL@BPPFKDLCQEBA>Q>MOBM>O>QFLK
>KAFKQBOMOBQ>QFLKLCDO>MEF@>I
MOBPBKQ>QFLKP>KA>K>IVPFPLC
MOB@FPFLK>KA>@@RO>@VFK@IRAFKD
ABQBOJFK>QFLK>KAFKQBOMOBQ>QFLKLC
?BPQS>IRBJB>PROBPLCBOOLO>KA
RK@BOQ>FKQVIFKB>O?BPQhQQLA>Q>
>KAFABKQFh@>QFLKLCPVPQBJ>QF@>KA
O>KALJBOOLOP/OBM>O>QFLKLCEFDE
NR>IFQVBUMBOFJBKQOBMLOQPFP>IPL
BJME>PFWBA1BMOBPBKQ>QFSB
BUMBOFJBKQPR?GB@QP>OBJB@E>KF@>I
JLQFLKP>KASF?O>QFLKPCOBB>KA
AOFSBKBIB@QOF@>ILP@FII>QFLKPBIB@QOF@
hBIAP>KAMLQBKQF>IJ>DKBQF@
J>QBOF>IP>KAhBIAPBIB@QOLK?B>J
AVK>JF@PLMQF@PAFfO>@QFLKDO>QFKD
PMB@QOLP@LMVO>AFL>@QFSBAB@>V>KA
KR@IB>OBKBODVJB>PROBJBKQP
,?:ED
 6/(">Q>ILD
$''9JD:4D)6D62C49
IA6C:6?467@C+62496CD
/OLSFABPBAR@>QLOPTFQEE>KAPLK
OBPB>O@EBUMBOFBK@BBFQEBOFKQEB
OBPB>O@EMOLDO>JPFK/EVPF@P>Q6/(
LOLQEBOSBKRBP?RQRKABOQEB
LSBOPFDEQLCQEBMEVPF@PC>@RIQV3EB
DL>IFPQLPRMMLOQQEB>@QFSB
FKSLISBJBKQLCBAR@>QLOPFKOBPB>O@E
FKLOABOQLQO>KPI>QBQEBFOOBPB>O@E
BUMBOFBK@BFKQLKBT@I>PPOLLJ
>@QFSFQFBP>KA?RFIAILKDQBOJ
@LII>?LO>QFSBOBI>QFLKPEFMP?BQTBBK
QEBOBPB>O@EBOPBAR@>QLOP>KA
MLQBKQF>IIVQEBBAR@>QLOPPQRABKQP
1BPB>O@E>@QFSFQFBP@>KO>KDBCOLJ
BUMBOFJBKQ>IQLQEBLOBQF@>IQL
@LJMRQ>QFLK>I>KA@>KFKSLISB
JRIQFMIBBAR@>QLOP>KALOQEBFO
PQRABKQPTFQEPLJBBUMB@Q>QFLKQE>Q
QEB>@QFSFQVJ>VIB>AQL>MR?IF@>QFLK
,?:ED
$''9JD:4D7@C:E:K6?D2?5
#6256CD
$JME>PFWBPMEVPF@P@LK@BMQP>KA
@LKKB@QFLKPQLPL@FBQV$AR@>QLOPTFII
BUMILOB>KARKABOPQ>KAQEB
FJMLOQ>KQ@LKKB@QFLKP?BQTBBK
PL@FBQV>KAQEBOBIBS>KQMEVPF@P
@LK@BMQP>KAQEBFO@LKQBUQ3EBDL>I
FPCLOQEBBAR@>QLOQL?B>?IBQL>MMIV
@OFQF@>IQEFKHFKDLCQEB>MMIF@>QFLKLC
MEVPF@PQLFJMLOQ>KQPL@FBQ>IFPPRBP
3LMF@P@>KO>KDBCOLJBKBODV
LMQFLKP@IFJ>QB@E>KDBQB@EKLILDV
>PPBPPJBKQ>KAOFPHBQEF@>IRPBLC
P@FBK@B
,?:ED
$''9JD:4D:?'@AF=2C
F=EFC6
"LSBOPJVQEP>KAJFP@LK@BMQFLKPLC
MEVPF@PFKMLMRI>O@RIQROBFB
JLSFBP?LLHP35TB?BQ@3EB
DL>ILCQEFPFKABMBKABKQPQRAVFPCLO
QEBBAR@>QLOQL?B>?IBQLFABKQFCV
ELTQEBOBMOBPBKQ>QFLKLCMEVPF@PFK
MLMRI>OJBAF>MBOMBQR>QBP
FJMLOQ>KQJVQEP>KAJFP@LK@BMQFLKP
QE>QFJM>@QOB>PLKFKD>KA@OFQF@>I
QEFKHFKDPLJBQFJBPFK>MOLCLRKAIV
KBD>QFSBT>V$JME>PFPFPMI>@BALK
RQFIFWFKDQEBPBOBMOBPBKQ>QFLKP>P
QB>@EFKDIB>OKFKDJLJBKQPCLOQEB
PMB@Fh@OBIBS>KQMEVPF@>I@LK@BMQP
,?:ED
/PV@ELILDV
'*0*$@F?52E:@?D@7E96
#62C?:?8*4:6?46D
3EFP@LROPB@LSBOPOB>AFKDPQE>Q
OBMOBPBKQQEBCLRKA>QFLKLCQEB
IB>OKFKDP@FBK@BPFK@IRAFKD
%LRKA>QFLKP"LKPQOR@QFSFPJ
"LDKFQFSB MMOBKQF@BPEFM2FQR>QBA
+B>OKFKD MMOL>@EBP/OLGB@Q?>PBA
+B>OKFKD,LABI?>PBAOB>PLKFKD
"LDKFQFSB3RQLOP>KA2@>IFKDRM
BAR@>QFLK>IFKQBOSBKQFLKP3EBDL>I
LCQEFP@LROPBFPCLOPQRABKQPQL
ABSBILM>KRKABOPQ>KAFKDLCQEB
CLRKA>QFLKP>KA>MMOL>@EBPQLQEB
+B>OKFKD2@FBK@BPPLQE>QQEBV@>K
?LQE@OFQF@>IIVOB>A@ROOBKQIFQBO>QROB
>PTBII>P?RFIALKFQFKQEBFOLTK
OBPB>O@E
,?:ED
'C6C6BF:D:E6D
-LKB
'*0*$#62C?:?8
?G:C@?>6?ED:?5F42E:@?
(KQEFP@I>PPPQRABKQPTFIIOB>A>KA
OBSFBT?LQE@I>PPF@>KA@OFQF@>I
@ROOBKQGLROK>I>OQF@IBP>?LRQ
IB>OKFKDQB@EKLILDFBPABSBILMBAFK
QEB+B>OKFKD2@FBK@BP3EFP@LROPBFP
ABPFDKBAQLBAR@>QBPQRABKQPLK
@ROOBKQQB@EKLILDF@>I>MMOL>@EBPQL
@ROOF@RI>OABPFDKFJMIBJBKQ>QFLK
>KAOBPB>O@EFKQEB+B>OKFKD
2@FBK@BP
,?:ED
'C6C6BF:D:E6D
-LKB
'*0*$)6D62C49$6E9@5D
7@CE96#62C?:?8*4:6?46D
3EFP@LROPB@LSBOPOBPB>O@EJBQELAP
RPBAFKQEB+B>OKFKD2@FBK@BP
2QRABKQPTFIID>FKBUMBOQFPB>KA
RKABOPQ>KAFKDLCQEFKH>ILRAPQRAFBP
@LDKFQFSBQ>PH>K>IVPFPNR>KQFQ>QFSB
>KANR>IFQ>QFSBhBIAL?PBOS>QFLKPILD
hIB>K>IVPFPMPV@ELJBQOF@@LDKFQFSB
>KAJ>@EFKBIB>OKFKD?>PBA
JLABIFKDQEB>RQLJ>QBA
>AJFKFPQO>QFLKLCJB>PROBP?V
@LJMRQBO>KAFPPRBPLCS>IFAFQV
OBIF>?FIFQV>KAPQ>QFPQF@>IFKCBOBK@B
PMB@Fh@QLQEBPBJBQELAP2QRABKQP
TFIIIB>OKELT>KATEBKQL>MMIV>
S>OFBQVLCJBQELAPOBIBS>KQQL
CLOJ>QFSBMBOCLOJ>K@B>KA
PRJJ>QFSB>PPBPPJBKQFK?LQE
I>?LO>QLOV>KAhBIAPBQQFKDP
1B>AFKDPTFII?BAO>TKMOFJ>OFIV
COLJLOFDFK>IPLRO@BJ>QBOF>IPBD
GLROK>I>OQF@IBP>KA>@>ABJF@?LLH
@E>MQBOPFK@LJ?FK>QFLKTFQE
OBIBS>KQQBUQ?LLH@E>MQBOP
,?:ED
'C6C6BF:D:E6D
22,BQELAP,LABIFKD>KA
K>IVPFPFK2L@F>I2@FBK@B
@LJM>O>?IB@LROPBLOFKPQOR@QLO
AFP@OBQFLK
 6/(">Q>ILD
'*0*$$6E2@8?:E:@?
$@E:G2E:@?2?5N64E
3EFP@LROPB@LSBOPQEOBBHBVQVMBPLC
@LKPQOR@QPQE>QPFDKFh@>KQIVFJM>@Q
IB>OKFKD>KAMBOCLOJ>K@BFKOB>I
TLOIAPBQQFKDPFK@IRAFKD?RQKLQ
IFJFQBAQLBAR@>QFLK>IPBQQFKDP
2QRABKQPTFIID>FKRKABOPQ>KAFKDLC
QEBJ>FKQEBLOBQF@>ICO>JBTLOHP>KA
J>GLOBJMFOF@>IOBPRIQPQE>QOBI>QB
FKAFSFAR>IPJBQ>@LDKFQFLK
JLQFS>QFLK>KA>fB@QQLOB>ITLOIA
LRQ@LJBP?LQEFKBAR@>QFLK>I
PBQQFKDP>KALQEBO>OB>PLCIFCB
2QRABKQPTFIIIB>OKELTQEBLOFBP>KA
hKAFKDPFKQEBPBALJ>FKP@>K?B
@LK@OBQBIVRPBAQLFJMOLSB
FKPQOR@QFLK>KAMBOCLOJ>K@B>KA
@LJMIBQBhK>IMOLGB@QPQE>QOBNRFOB
>MMIVFKDOBPB>O@EFKQEBPB>OB>PQL
OB>ITLOIAMOL?IBJP2QRABKQPTFIIAL
@OFQF@>IOB>AFKDPLKOBPB>O@ELKQEFP
QLMF@
,?:ED
'C6C6BF:D:E6D
-LKB
'*05G2?465$6E9@5D2?5
?2=JD:D7@CE96#62C?:?82?5
*@4:2=*4:6?46D
3EFP@LROPB@LSBOP>AS>K@BA
JBQELAP>KA>K>IVPFPCLOQEBIB>OKFKD
>KAPL@F>IP@FBK@BPCL@RPFKDLK
@LKQBJMLO>OVJLABIFKD>KA
FKCBOBK@BJBQELAPCLOQEBQVMBPLC
A>Q>DBKBO>QBAFKQEBPBCLOJPLC
OBPB>O@E3EFP@LROPBTFIIBK>?IB
PQRABKQPQL@ELLPBRQFIFWB>KAJ>HB
FKCBOBK@BPCOLJ>K>IVQF@>IJBQOF@P
QE>Q>OB>MMOLMOF>QB>KALO
@E>O>@QBOFPQF@QLQEBPBALJ>FKP
MOLMBOIV>@@LRKQFKDCLOQEB
@E>O>@QBOFPQF@CLOJPLCPQOR@QROB
CLRKAFKA>Q>QVMF@>IIV@LIIB@QBACLO
OBPB>O@EFKQEBIB>OKFKD>KAPL@F>I
P@FBK@BP2LJBLCQEBQLMF@P@LSBOBA
TFIIFK@IRAB1.">K>IVPFP>KAQEBRPB
LC CLO>PPBPPFKDPQRABKQJLABIP
IB>OKFKD@ROSB>KAIB>OKFKDC>@QLO
>K>IVPFPPL@F>IKBQTLOH>KAAV>A
>K>IVPFP>KA>MMOLMOF>QBJBQELAP
CLOQO>@HFKDPQRABKQIB>OKFKD>KA
?BE>SFLOFKILKDFQRAFK>IA>Q>
1B>AFKDPTFII?BAO>TKCOLJLOFDFK>I
PLRO@BJ>QBOF>IPBDGLROK>I>OQF@IBP
>KA>@>ABJF@?LLH@E>MQBOP
,?:ED
'C6C6BF:D:E6D
/281BPB>O@E,BQELAPCLOQEB
+B>OKFKD2@FBK@BP@LJM>O>?IB
@LROPBLOFKPQOR@QLOAFP@OBQFLK
'*0#62C?:?82?5C62E:G:EJ
3EFP@LROPBTFII@LSBOPBIB@QBAQLMF@P
OBI>QBAQLIB>OKFKD>KA@OB>QFSFQV`
FK@IRAFKDJB>PROBJBKQJBJLOV
PBJ>KQF@KBQTLOHPPIBBM>K>ILDFBP
MOL?IBJPLISFKDAFSBODBKQQEFKHFKD
>KAFKPFDEQJLJBKQP2QRABKQPTFII
@OFQF@>IIVOBSFBTGLROK>I>OQF@IBP>KA
LQEBOCLOJPLCJBAF>QLD>FK>?BQQBO
RKABOPQ>KAFKDLCQEBMOL@BPPBP
FKSLISBAFKIB>OKFKD>KA@OB>QFSB
@LDKFQFLK2QRABKQPTFII>IPLIB>OK
>?LRQMOLJFKBKQQEBLOFBPLCIB>OKFKD
>KA@OB>QFSFQV>KAFABKQFCVT>VPQL
RQFIFWBQEBPBCO>JBTLOHPQLFJMOLSB
BAR@>QFLK>KAPQRABKQBUMBOFBK@BPFK
QEB@I>PPOLLJ
,?:ED
'*0AA=:65$F=E:#6G6=
$@56=:?8
3EBMROMLPBLCQEFP@LROPBFPQL
BU>JFKB@ROOBKQFPPRBPFKIB>OKFKD
P@FBK@BP>KABAR@>QFLK>KA
FKQOLAR@BPQRABKQPQLQEB>K>IVPFPLC
KBPQBAA>Q>PQOR@QROBPBDPQRABKQP
TFQEFK@I>PPOLLJP+LKDFQRAFK>ILO
OBMB>QBAJB>PROBPA>Q>@>K>IPL?B
QELRDEQLC>P@IRPQBOBAA>Q>TFQE
JB>PROBJBKQL@@>PFLKPKBPQBA
TFQEFKPR?GB@QP3EFP@LROPBTFIICL@RP
LKRKABOPQ>KAFKDQEBEFBO>O@EF@>I
DBKBO>IFWBAIFKB>OJLABIP>KAQEBFO
>PPRJMQFLKP>PTBII>PMO>@QF@>I
>PMB@QPLCABSBILMFKDJLABIPQL
>AAOBPPOBPB>O@ENRBPQFLKP>KA
FKQBOMOBQFKDQEBhKAFKDP3EFP@LROPB
BJME>PFWBPMO>@QF@>IE>KAPLK
ABSBILMJBKQ>K>IVPFP>KA
FKQBOMOBQ>QFLKLCEFBO>O@EF@>IIFKB>O
JLABIP1B>AFKDPTFII?BAO>TKCOLJ
?LLH@E>MQBOPLKJRIQFIBSBI
JLABIFKD>KAGLROK>I>OQF@IBPQE>Q
RQFIFWBK>QFLK>IILKDFQRAFK>IA>Q>PBQP
QL>KPTBONRBPQFLKP>?LRQPQRABKQ
IB>OKFKD3EBI>?MLOQFLKLCQEFP
@LROPBTFIIMOLSFABPQRABKQPTFQE
LMMLOQRKFQFBPQLIB>OK>KA>MMIV
EFBO>O@EF@>IIFKB>OJLABIFKD
JBAF>QFLK>KAJLABO>QFLKQL
ILKDFQRAFK>IA>Q>RPFKDQTL
@LJMRQBOMOLDO>JP'+,>KA2/22
2QRABKQPTELOB@BFSBA@OBAFQCLO22
 MMIFBA,RIQF+BSBI,LABIFKDFK
LO@>KKLQ>IPLQ>HB/28
CLO@OBAFQ
,?:ED
'*0*A64:2=+@A:4D:?
'DJ49@=@8:42=*4:6?46
@OBAFQP3EFP@LROPBMOLSFABP>K
LMMLOQRKFQVCLODO>AR>QBPQRABKQPQL
IB>OK>?LRQ>PMB@F>IQLMF@TFQEFK
/PV@ELILDF@>I2@FBK@B3EFP@LROPB
J>V?BOBMB>QBACLOAFfBOBKQQLMF@P
 6/(">Q>ILD
*$'*0@F?52E:@?D@7E96
#62C?:?8*4:6?46D
3EFP@LROPB@LSBOPOB>AFKDPQE>Q
OBMOBPBKQQEBCLRKA>QFLKLCQEB
IB>OKFKDP@FBK@BPFK@IRAFKD
%LRKA>QFLKP"LKPQOR@QFSFPJ
"LDKFQFSB MMOBKQF@BPEFM2FQR>QBA
+B>OKFKD MMOL>@EBP/OLGB@Q?>PBA
+B>OKFKD,LABI?>PBAOB>PLKFKD
"LDKFQFSB3RQLOP>KA2@>IFKDRM
BAR@>QFLK>IFKQBOSBKQFLKP3EBDL>I
LCQEFP@LROPBFPCLOPQRABKQPQL
ABSBILM>KRKABOPQ>KAFKDLCQEB
CLRKA>QFLKP>KA>MMOL>@EBPQLQEB
+B>OKFKD2@FBK@BPPLQE>QQEBV@>K
?LQE@OFQF@>IIVOB>A@ROOBKQIFQBO>QROB
>PTBII>P?RFIALKFQFKQEBFOLTK
OBPB>O@E
,?:ED
'C6C6BF:D:E6D
-LKB
*$'*05F42E:@?2=
#62C?:?8?G:C@?>6?ED
(KQEFP@I>PPPQRABKQPTFIIOB>A>KA
OBSFBT?LQE@I>PPF@>KA@OFQF@>I
@ROOBKQGLROK>I>OQF@IBP>?LRQ
IB>OKFKDQB@EKLILDFBPABSBILMBAFK
QEB+B>OKFKD2@FBK@BP3EFP@LROPBFP
ABPFDKBAQLBAR@>QBPQRABKQPLK
@ROOBKQQB@EKLILDF@>I>MMOL>@EBPQL
@ROOF@RI>OABPFDKFJMIBJBKQ>QFLK
>KAOBPB>O@EFKQEB+B>OKFKD
2@FBK@BP
,?:ED
'C6C6BF:D:E6D
-LKB
*$'*0)6D62C49$6E9@5D
7@CE96#62C?:?8*4:6?46D
3EFP@LROPB@LSBOPOBPB>O@EJBQELAP
RPBAFKQEB+B>OKFKD2@FBK@BP
2QRABKQPTFIID>FKBUMBOQFPB>KA
RKABOPQ>KAFKDLCQEFKH>ILRAPQRAFBP
@LDKFQFSBQ>PH>K>IVPFPNR>KQFQ>QFSB
>KANR>IFQ>QFSBhBIAL?PBOS>QFLKPILD
hIB>K>IVPFPMPV@ELJBQOF@@LDKFQFSB
>KAJ>@EFKBIB>OKFKD?>PBA
JLABIFKDQEB>RQLJ>QBA
>AJFKFPQO>QFLKLCJB>PROBP?V
@LJMRQBO>KAFPPRBPLCS>IFAFQV
OBIF>?FIFQV>KAPQ>QFPQF@>IFKCBOBK@B
PMB@Fh@QLQEBPBJBQELAP2QRABKQP
TFIIIB>OKELT>KATEBKQL>MMIV>
S>OFBQVLCJBQELAPOBIBS>KQQL
CLOJ>QFSBMBOCLOJ>K@B>KA
PRJJ>QFSB>PPBPPJBKQFK?LQE
I>?LO>QLOV>KAhBIAPBQQFKDP
1B>AFKDPTFII?BAO>TKMOFJ>OFIV
COLJLOFDFK>IPLRO@BJ>QBOF>IPBD
GLROK>I>OQF@IBP>KA>@>ABJF@?LLH
@E>MQBOPFK@LJ?FK>QFLKTFQE
OBIBS>KQQBUQ?LLH@E>MQBOP
,?:ED
'C6C6BF:D:E6D
22,BQELAP,LABIFKD>KA
K>IVPFPFK2L@F>I2@FBK@B
@LJM>O>?IB@LROPBLOFKPQOR@QLO
AFP@OBQFLK
*$'*0$6E2@8?:E:@?
$@E:G2E:@?2?5N64E
3EFP@LROPB@LSBOPQEOBBHBVQVMBPLC
@LKPQOR@QPQE>QPFDKFh@>KQIVFJM>@Q
IB>OKFKD>KAMBOCLOJ>K@BFKOB>I
TLOIAPBQQFKDPFK@IRAFKD?RQKLQ
IFJFQBAQLBAR@>QFLK>IPBQQFKDP
2QRABKQPTFIID>FKRKABOPQ>KAFKDLC
QEBJ>FKQEBLOBQF@>ICO>JBTLOHP>KA
J>GLOBJMFOF@>IOBPRIQPQE>QOBI>QB
FKAFSFAR>IPJBQ>@LDKFQFLK
JLQFS>QFLK>KA>fB@QQLOB>ITLOIA
LRQ@LJBP?LQEFKBAR@>QFLK>I
PBQQFKDP>KALQEBO>OB>PLCIFCB
2QRABKQPTFIIIB>OKELTQEBLOFBP>KA
hKAFKDPFKQEBPBALJ>FKP@>K?B
@LK@OBQBIVRPBAQLFJMOLSB
FKPQOR@QFLK>KAMBOCLOJ>K@B>KA
@LJMIBQBhK>IMOLGB@QPQE>QOBNRFOB
>MMIVFKDOBPB>O@EFKQEBPB>OB>PQL
OB>ITLOIAMOL?IBJP2QRABKQPTFIIAL
@OFQF@>IOB>AFKDPLKOBPB>O@ELKQEFP
QLMF@
,?:ED
'C6C6BF:D:E6D
-LKB
 6/(">Q>ILD
1L?LQF@P
$KDFKBBOFKD
$):@>6492?:4D
2?5)@3@E:4D
3EFP@LROPBFKQOLAR@BP!FLJB@E>KF@P
>KA1L?LQF@P>P>RKFhBAPR?GB@Q
>AAOBPPFKDIFSFKD>KAJ>KJ>AB
[LOD>KFPJP^(QAO>TPABBM
@LKKB@QFLKP?BQTBBKQEBK>QRO>I>KA
QEBPVKQEBQF@PELTFKDELTQEBP>JB
MOFK@FMIBP>MMIVQL?LQEPQ>OQFKD
COLJPBKPFKDQEOLRDE@LKQOLIQL
>@QR>QFLK3ELPBMOFK@FMIBP>OB
FIIRPQO>QBAFKPBSBO>IALJ>FKP
FK@IRAFKDIL@LJLQFLKMOLPQEBQF@P
>KAJBAF@FKB3EBCLIILTFKDQLMF@P
>OB>AAOBPPBA!FLILDF@>I>KA
OQFh@F>IPBKPLOP>@QR>QLOP>KA
@LKQOLI.OQELQF@P!FLJB@E>KF@P>KA
1L?LQF@P/OLPQEBQF@!FLJB@E>KF@P
>KA1L?LQF@P OQFh@F>I.OD>KP>KA
+FJ?P1BE>?FIFQ>QFLK1L?LQF@P>KA
!FLJB@E>KF@P3EBO>MV PPFPQ>K@B
>KA"IFKF@>I$S>IR>QFLK'RJ>K
1L?LQ(KQBO>@QFLK>KA1L?LQ FABA
+FSFKDCLO'B>IQEFBO3LJLOOLT
2MLOQP$UBO@FPB>KA&>JBP
!FLJB@E>KF@P>KA1L?LQF@P1L?LQ
>FABA2RODBOV!FLILDF@>IIV(KPMFOBA
1L?LQF@P>KA,F@OL?FLOL?LQF@P
-BT3B@EKLILDFBP>KA
,BQELALILDFBPFK,BAF@>I1L?LQF@P
>KA!FLJB@E>KF@P-BRO>I"LKQOLILC
,LSBJBKQ>KA1L?LQF@P
MMIF@>QFLKP MMIFBA
,RP@RILPHBIBQ>I,LABIP>KA'RJ>K
,LSBJBKQ K>IVPFP3EFP@LROPB
JBPEBPMEVPF@P?FLILDVJBAF@FKB
>KABKDFKBBOFKD>KAFKQOLAR@B
PQRABKQPQLPR?GB@QQE>QELIAP>
MOLJFPBQL?BLKBLCQEBJLPQ
FKiRBKQF>IFKKLS>QFSBOBPB>O@E
AFOB@QFLKPABhKFKDQEBPQ@BKQROV
,?:ED
)64@>>6?56524<8C@F?5
CLRKA>QFLKLCMEVPF@PIFKB>O>IDB?O>
>KAAFfBOBKQF>IBNR>QFLKP?>PF@
MOLDO>JJFKDPHFIIPBDRPFKD
, 3+ !RKABODO>AR>QBIBSBI
?FLJB@E>KF@POL?LQF@P
$)$
:@>65:42=)@3@E:4D
3EFP@LROPBTFIIMOLSFAB>KLSBOSFBT
LC>JRIQFQRABLC?FLJBAF@>I
>MMIF@>QFLKPLCOL?LQF@P MMIF@>QFLKP
@LSBOBAFK@IRABFJ>DBDRFABA
PRODBOVMBO@RQ>KBLRPQEBO>MV
IL@>IFW>QFLKOL?LQ>PPFPQBAPRODBOV
PFJRI>QFLK>KA>RDJBKQBAOB>IFQV
I>?LO>QLOV>KALMBO>QFKDOLLJ
>RQLJ>QFLKOL?LQF@OBE>?FIFQ>QFLK
>KAPL@F>IIV>PPFPQFSBOL?LQP2MB@Fh@
PR?GB@QJ>QQBOFK@IRABPJBAF@>I
FJ>DFKD@LLOAFK>QBPVPQBJP>KA
OBMOBPBKQ>QFLKPFK#PM>@BOL?LQ
HFKBJ>QF@P>KA@LKQOLIS>IFA>QFLK
E>MQF@PQBIBLMBO>QFLKOBDFPQO>QFLK
@>IF?O>QFLKFJ>DBMOL@BPPFKD
QO>@HFKD>KAERJ>KOL?LQ
FKQBO>@QFLK3LMF@PTFII?BAFP@RPPBAFK
IB@QROBCLOJ>QCLIILTBA?VFKQBO>@QFSB
AFP@RPPFLKLCOBI>QBAIFQBO>QROB3EB
@LROPBTFII@RIJFK>QBFK>QB>J
MOLGB@Q@LSBOFKDLKBLOJLOBLCQEB
MOFJ>OV@LROPBCL@RP>OB>P2QRABKQP
@>KKLQOB@BFSB@OBAFQCLOQEFP@LROPBFC
QEBVE>SBQ>HBKQEB2MB@F>I3LMF@P
,$4SBOPFLKLCQEBP>JB
@LROPB
,?:ED
'C6C6BF:D:E6D
+FKB>O>IDB?O>,$1!$LO
BNRFS>IBKQ
*)F>2?)@3@E
?E6C24E:@?
3EFP@LROPBCL@RPBPLKERJ>KOL?LQ
FKQBO>@QFLK>KAPL@F>IOL?LQIB>OKFKD
BUMILOFKDQEBIB>AFKDOBPB>O@E
ABPFDKMOFK@FMIBP>KAQB@EKF@>I
@E>IIBKDBPTBC>@BFKABSBILMFKD
OL?LQP@>M>?IBLCLMBO>QFKDFKOB>I
TLOIAERJ>KBKSFOLKJBKQP3EB
@LROPBTFII@LSBO>O>KDBLC
JRIQFAFP@FMIFK>OVQLMF@PFK@IRAFKD
MEVPF@>IBJ?LAFJBKQJFUBA
FKFQF>QFSBFKQBO>@QFLKJRIQFJLA>I
FKQBOC>@BPERJ>KOL?LQQB>JTLOH
IB>OKFKD>IDLOFQEJP>PMB@QPLCPL@F>I
@LDKFQFLK>KAILKDQBOJFKQBO>@QFLK
3EBPBQLMF@PTFII?BMROPRBAQEOLRDE
FKABMBKABKQOB>AFKD@I>PP
AFP@RPPFLK>KA>hK>IMOLGB@Q
,?:ED
'C6C6BF:D:E6D
,>QROBMOLDO>JJFKDPHFIIP>KA>Q
IB>PQRKABODO>AR>QBIBSBIHKLTIBADB
LC OQFh@F>I(KQBIIFDBK@BPR@E>P"2
-LE>OAT>OBBUMBOFBK@BFP
OBNRFOBA
*)@>AFE6C-:D:@?
3EFP@LROPBBU>JFKBP@ROOBKQFPPRBP
FKQEB@LJMRQBOFJMIBJBKQ>QFLKLC
SFPR>IMBO@BMQFLK3LMF@PFK@IRAB
FJ>DBCLOJ>QFLKBADBABQB@QFLK
PBDJBKQ>QFLKPE>MBCOLJPE>AFKD
JLQFLKPQBOBLQBUQROB>K>IVPFP
M>QQBOK@I>PPFh@>QFLK>KAL?GB@Q
OB@LDKFQFLK6BTFIIAFP@RPPS>OFLRP
OBMOBPBKQ>QFLKPCLOSFPR>I
FKCLOJ>QFLKFK@IRAFKDPHBQ@EBP>KA
FKQOFKPF@FJ>DBP
,?:ED
'C6C6BF:D:E6D
"2"2"2LOQEB
BNRFS>IBKQLCLKBLCQEBPB@LROPBP
 6/(">Q>ILD
$)#68865)@3@E:4D
%LRKA>QFLKP>KAMOFK@FMIBPLCM>O>IIBI
J>KFMRI>QLOP>KAIBDDBAOL?LQP
3LMF@PFK@IRAB>AS>K@BAPM>QF>I#
HFKBJ>QF@P>KAAVK>JF@PLCM>O>IIBI
J>KFMRI>QLOP>KAIBDDBAOL?LQP
FK@IRAFKDTLOHPM>@B>K>IVPFPFKSBOPB
>KACLOT>OAHFKBJ>QF@P>KA
AVK>JF@PJLQFLK>K>IVPFP>KA
@LKQOLI>KAD>FQ>KAPQ>?FIFQV
?>I>K@B>K>IVPFPLCIBDDBAOL?LQP
3EB@LROPBTFII?BRPBCRICLOPLISFKD
MOL?IBJPAB>IFKDTFQEM>O>IIBI
J>KFMRI>QLOP>PTBII>PJRIQFIBDDBA
OL?LQPFK@IRAFKD?RQKLQIFJFQBAQL
NR>AORMBAOL?LQPEBU>MLAOL?LQP
>KA>KVLQEBOQVMBPLCJRIQFIBDDBA
OL?LQP hK>IQBOJMOLGB@Q>IILTP
PQRABKQPQLPELTJ>PQBOVLCQEB
PR?GB@Q?VABPFDKFKD>K>IVWFKD>KA
PFJRI>QFKDM>O>IIBI>KALOIBDDBA
OL?LQPLCQEBFO@ELF@B
,?:ED
)64@>>6?56524<8C@F?5
1!$1!$
$)*@7E)@3@E:4D
2LCQOL?LQF@PPQRAFBP[FKQBIIFDBKQ^
J>@EFKBP>KAABSF@BPQE>Q
FK@LOMLO>QBPLJBCLOJLC@LJMIF>K@B
FKQEBFOJB@E>KF@P$I>PQF@FQVFPKLQ>
?VMOLAR@Q?RQ>KFKQBDO>IM>OQLC
QEBPBPVPQBJPOBPMLKPF?IBCLO
FKEBOBKQP>CBQV>A>MQ>QFLK>KAM>OQ
LCQEB@LJMRQ>QFLKFKQEFP@I>PPLC
OL?LQP3EFP@LROPBTFII@LSBO>
KRJ?BOLCJ>GLOQLMF@PLCPLCQ
OL?LQF@PFK@IRAFKD?RQKLQIFJFQBAQL
ABPFDK>KAC>?OF@>QFLKLCPLCQ
PVPQBJPBI>PQF@>@QR>QFLKBJ?BAABA
FKQBIIFDBK@BPLCQOL?LQF@JLABIFKD
>KA@LKQOLI>KAiRFAF@MLTBO
2QRABKQPTFIIFJMIBJBKQKBTABPFDK
>KAC>?OF@>QFLKJBQELALILDFBPLC
PLCQOL?LQPOB>AOB@BKQIFQBO>QROBFK
QEBhBIA>KA@LJMIBQB>MOLGB@QQL
PRMMIBJBKQQEB@LROPBJ>QBOF>I
$UFPQFKDPLCQOL?LQF@MI>QCLOJPTFII?B
>S>FI>?IBCLOBUMBOFJBKQ>ITLOH
,?:ED
'C6C6BF:D:E6D
#FfBOBKQF>IBNR>QFLKPIFKB>O>IDB?O>
PQOBPP>K>IVPFPHFKBJ>QF@P
BJ?BAABAMOLDO>JJFKD
$))@3@EJ?2>:4D
%LRKA>QFLKP>KAMOFK@FMIBPLCOL?LQ
AVK>JF@P3LMF@PFK@IRABPVPQBJ
JLABIFKDFK@IRAFKDAVK>JF@>I
JLABIFKDLCPBOF>I>OJOL?LQPRPFKD
-BTQLK>KA+>DO>KDBPQB@EKFNRBP
AVK>JF@>IJLABIFKDLCJL?FIB
OL?LQPFKQOLAR@QFLKQLAVK>JF@P
?>PBAOL?LQ@LKQOLI>PTBII>P
>AS>K@BAQB@EKFNRBPCLOPBOF>I>OJ
CLOT>OAHFKBJ>QF@PQO>GB@QLOV
MI>KKFKDPFKDRI>OFQV>KA
J>KFMRI>?FIFQV>KASFPFLK?>PBA
@LKQOLI(K>AAFQFLKAVK>JF@
PFJRI>QFLKQB@EKFNRBPTFII?B
@LSBOBAQL>MMIVQEB@LK@BMQP
IB>OKBARPFKDOB>IFPQF@PFJRI>QLOP K
BKALCQBOJQB>JMOLGB@QTLRIA
>IILTPQRABKQPQL>MMIVJ>PQBOVLC
QEBPR?GB@QQLOB>ITLOIAOL?LQF@
MI>QCLOJP
,?:ED
'C6C6BF:D:E6D
1!$LOBNRFS>IBKQ
)*@>AFE6C-:D:@?
3EFP@LROPBBU>JFKBP@ROOBKQFPPRBP
FKQEB@LJMRQBOFJMIBJBKQ>QFLKLC
SFPR>IMBO@BMQFLK3LMF@PFK@IRAB
FJ>DBCLOJ>QFLKBADBABQB@QFLK
PBDJBKQ>QFLKPE>MBCOLJPE>AFKD
JLQFLKPQBOBLQBUQROB>K>IVPFP
M>QQBOK@I>PPFh@>QFLK>KAL?GB@Q
OB@LDKFQFLK6BTFIIAFP@RPPS>OFLRP
OBMOBPBKQ>QFLKPCLOSFPR>I
FKCLOJ>QFLKFK@IRAFKDPHBQ@EBP>KA
FKQOFKPF@FJ>DBP
,?:ED
'C6C6BF:D:E6D
"2"2"2LOQEB
BNRFS>IBKQLCLKBLCQEBPB@LROPBP
)$#68865)@3@E:4D
%LRKA>QFLKP>KAMOFK@FMIBPLCM>O>IIBI
J>KFMRI>QLOP>KAIBDDBAOL?LQP
3LMF@PFK@IRAB>AS>K@BAPM>QF>I#
HFKBJ>QF@P>KAAVK>JF@PLCM>O>IIBI
J>KFMRI>QLOP>KAIBDDBAOL?LQP
FK@IRAFKDTLOHPM>@B>K>IVPFPFKSBOPB
>KACLOT>OAHFKBJ>QF@P>KA
AVK>JF@PJLQFLK>K>IVPFP>KA
@LKQOLI>KAD>FQ>KAPQ>?FIFQV
?>I>K@B>K>IVPFPLCIBDDBAOL?LQP
3EB@LROPBTFII?BRPBCRICLOPLISFKD
MOL?IBJPAB>IFKDTFQEM>O>IIBI
J>KFMRI>QLOP>PTBII>PJRIQFIBDDBA
OL?LQPFK@IRAFKD?RQKLQIFJFQBAQL
NR>AORMBAOL?LQPEBU>MLAOL?LQP
>KA>KVLQEBOQVMBPLCJRIQFIBDDBA
OL?LQP hK>IQBOJMOLGB@Q>IILTP
PQRABKQPQLPELTJ>PQBOVLCQEB
PR?GB@Q?VABPFDKFKD>K>IVWFKD>KA
PFJRI>QFKDM>O>IIBI>KALOIBDDBA
OL?LQPLCQEBFO@ELF@B
,?:ED
)64@>>6?56524<8C@F?5
1!$1!$
)$*@7E)@3@E:4D
2LCQOL?LQF@PPQRAFBP[FKQBIIFDBKQ^
J>@EFKBP>KAABSF@BPQE>Q
FK@LOMLO>QBPLJBCLOJLC@LJMIF>K@B
FKQEBFOJB@E>KF@P$I>PQF@FQVFPKLQ>
?VMOLAR@Q?RQ>KFKQBDO>IM>OQLC
QEBPBPVPQBJPOBPMLKPF?IBCLO
FKEBOBKQP>CBQV>A>MQ>QFLK>KAM>OQ
LCQEB@LJMRQ>QFLKFKQEFP@I>PPLC
OL?LQP3EFP@LROPBTFII@LSBO>
KRJ?BOLCJ>GLOQLMF@PLCPLCQ
OL?LQF@PFK@IRAFKD?RQKLQIFJFQBAQL
ABPFDK>KAC>?OF@>QFLKLCPLCQ
PVPQBJPBI>PQF@>@QR>QFLKBJ?BAABA
FKQBIIFDBK@BPLCQOL?LQF@JLABIFKD
>KA@LKQOLI>KAiRFAF@MLTBO
2QRABKQPTFIIFJMIBJBKQKBTABPFDK
>KAC>?OF@>QFLKJBQELALILDFBPLC
PLCQOL?LQPOB>AOB@BKQIFQBO>QROBFK
QEBhBIA>KA@LJMIBQB>MOLGB@QQL
PRMMIBJBKQQEB@LROPBJ>QBOF>I
$UFPQFKDPLCQOL?LQF@MI>QCLOJPTFII?B
>S>FI>?IBCLOBUMBOFJBKQ>ITLOH
,?:ED
'C6C6BF:D:E6D
#FfBOBKQF>IBNR>QFLKPIFKB>O>IDB?O>
PQOBPP>K>IVPFPHFKBJ>QF@P
BJ?BAABAMOLDO>JJFKD
 6/(">Q>ILD
)@F?52E:@?D@7)@3@E:4D
%RKA>JBKQ>IPLCOL?LQF@P
BKDFKBBOFKD3LMF@PFK@IRABCLOT>OA
>KAFKSBOPBHFKBJ>QF@PSBIL@FQV
HFKBJ>QF@PFKQOLAR@QFLKQLAVK>JF@P
>KA@LKQOLIQEBLOVPBKPLOP
>@QR>QLOP?>PF@MOL?>?FIFPQF@OL?LQF@P
@LK@BMQPCRKA>JBKQ>IPLC@LJMRQBO
SFPFLK>KAOL?LQBQEF@P(K>AAFQFLK
JLARI>OOL?LQMOLDO>JJFKDTFII?B
@LSBOBA>KAQEB@LK@BMQPIB>OKBA
TFII?B>MMIFBARPFKDOB>IFPQF@
PFJRI>QLOP
,?:ED
'C6C6BF:D:E6D
#FfBOBKQF>I$NR>QFLKP, LO
BNRFS>IBKQ+FKB>O IDB?O>, 
LOBNRFS>IBKQ>KAQEB>?FIFQVQL
MOLDO>JFK>EFDEIBSBII>KDR>DB
)$)@3@EJ?2>:4D
%LRKA>QFLKP>KAMOFK@FMIBPLCOL?LQ
AVK>JF@P3LMF@PFK@IRABPVPQBJ
JLABIFKDFK@IRAFKDAVK>JF@>I
JLABIFKDLCPBOF>I>OJOL?LQPRPFKD
-BTQLK>KA+>DO>KDBPQB@EKFNRBP
AVK>JF@>IJLABIFKDLCJL?FIB
OL?LQPFKQOLAR@QFLKQLAVK>JF@P
?>PBAOL?LQ@LKQOLI>PTBII>P
>AS>K@BAQB@EKFNRBPCLOPBOF>I>OJ
CLOT>OAHFKBJ>QF@PQO>GB@QLOV
MI>KKFKDPFKDRI>OFQV>KA
J>KFMRI>?FIFQV>KASFPFLK?>PBA
@LKQOLI(K>AAFQFLKAVK>JF@
PFJRI>QFLKQB@EKFNRBPTFII?B
@LSBOBAQL>MMIVQEB@LK@BMQP
IB>OKBARPFKDOB>IFPQF@PFJRI>QLOP K
BKALCQBOJQB>JMOLGB@QTLRIA
>IILTPQRABKQPQL>MMIVJ>PQBOVLC
QEBPR?GB@QQLOB>ITLOIAOL?LQF@
MI>QCLOJP
,?:ED
'C6C6BF:D:E6D
1!$LOBNRFS>IBKQ
))@3@E@?EC@=
3EFP@LROPBABJLKPQO>QBPQEB
PVKBODV?BQTBBKQEB@LKQOLIQEBLOV
>KAOL?LQF@PQEOLRDE>MMIF@>QFLKP
>KAMOLSFABP>KFKABMQE@LSBO>DBLC
@LKQOLILCJ>KFMRI>QLOP>KAJL?FIB
OL?LQP3LMF@PFK@IRABIFKB>OFW>QFLK
PQ>QBPM>@BJLABIFKD>KA@LKQOLILC
IFKB>O>KAKLKIFKB>OPVPQBJP
CBBA?>@H@LKQOLI+V>MRKLSPQ>?FIFQV
>K>IVPFPLCKLKIFKB>O@LKQOLIPVPQBJP
PBQMLFKQ@LKQOLIQO>GB@QLOV>KA
JLQFLK@LKQOLI@LJMIF>K@B>KACLO@B
@LKQOLIFJMBA>K@B@LKQOLI>A>MQFSB
OL?LQ@LKQOLIOL?RPQ@LKQOLI>KA
LQEBO>AS>K@BA@LKQOLIQLMF@P
"LROPBMOLGB@QPTFIIBJME>PFWB
PFJRI>QFLK>KAMO>@QF@>I
FJMIBJBKQ>QFLKLC@LKQOLIPVPQBJP
CLOOL?LQF@>MMIF@>QFLKP
,?:ED
'C6C6BF:D:E6D
1!$LOBNRFS>IBKQ+FKB>O>IDB?O>
#FfBOBKQF>IBNR>QFLKP+FKB>O
PVPQBJP>KA@LKQOLIQEBLOV>PFK$"$
LO@LKPBKQLCQEBFKPQOR@QLO
)$$F=E:)@3@E
*JDE6>D
3EFP@LROPB@LSBOPQEBCLRKA>QFLK
>KAMOFK@FMIBPLCJRIQFOL?LQPVPQBJP
3EB@LROPBTFII@LSBOQEB
ABSBILMJBKQLCQEBhBIA>KAMOLSFAB
>KLSBOSFBTLKAFfBOBKQ@LKQOLI
>O@EFQB@QROBPABIF?BO>QFSBOB>@QFSB
?BE>SFLO?>PBA>KAEV?OFA@LKQOLI
@LKQOLIQLMLILDFBP>KAPVPQBJ
@LKhDRO>QFLKP@BIIRI>O>RQLJ>Q>
JLARI>OOL?LQF@PVPQBJPJL?FIB
PBKPLOKBQTLOHPPT>OJP
EBQBOLDBKBLRPPVPQBJP3LMF@PJ>V
FK@IRAB?RQ>OBKLQIFJFQBAQLJRIQF
OL?LQ@LKQOLI>KA@LKKB@QFSFQVM>QE
MI>KKFKD>KAIL@>IFW>QFLKPBKPLO
CRPFLK>KAOL?LQFKCLOJ>QF@PQ>PH
IBSBI@LKQOLI>KAOL?LQPLCQT>OB
PVPQBJABPFDK>KAFJMIBJBKQ>QFLK
3EBPBQLMF@PTFII?BMROPRBAQEOLRDE
FKABMBKABKQOB>AFKD@I>PP
AFP@RPPFLK>KA>@LROPBMOLGB@Q3EB
@LROPBTFII@RIJFK>QBFK>DOLRM
MOLGB@QCL@RPFKDLK>@LII>?LO>QFSB
@LLMBO>QFSBJRIQFOL?LQPVPQBJ3EB
MOLGB@QJ>V?B@LJMIBQBAQEOLRDE
PFJRI>QFLKLOE>KAPLKBUMBOFBK@B
TFQE>S>FI>?IBOL?LQF@MI>QCLOJP
&OLRMPTFIIMOBPBKQQEBFOTLOH>KA
@LJMIBQBQTLMOLCBPPFLK>INR>IFQV
M>MBOPFK($$$CLOJ>Q
,?:ED
'C6C6BF:D:E6D
+FKB>O>IDB?O>AFfBOBKQF>IBNR>QFLKP
IFKB>OPVPQBJP@LKQOLIP>KAJ>QROB
MOLDO>JJFKDPHFIIPLO@LKPBKQLCQEB
FKPQOR@QLO2QRABKQP@>KKLQOB@BFSB
@OBAFQCLOQEFP@LROPBFCQEBVE>SB
Q>HBKQEB2MB@F>I3LMF@P,$2
SBOPFLKLCQEBP>JB@LROPB
 6/(">Q>ILD
)*F>2?)@3@E
?E6C24E:@?
3EFP@LROPBCL@RPBPLKERJ>KOL?LQ
FKQBO>@QFLK>KAPL@F>IOL?LQIB>OKFKD
BUMILOFKDQEBIB>AFKDOBPB>O@E
ABPFDKMOFK@FMIBP>KAQB@EKF@>I
@E>IIBKDBPTBC>@BFKABSBILMFKD
OL?LQP@>M>?IBLCLMBO>QFKDFKOB>I
TLOIAERJ>KBKSFOLKJBKQP3EB
@LROPBTFII@LSBO>O>KDBLC
JRIQFAFP@FMIFK>OVQLMF@PFK@IRAFKD
MEVPF@>IBJ?LAFJBKQJFUBA
FKFQF>QFSBFKQBO>@QFLKJRIQFJLA>I
FKQBOC>@BPERJ>KOL?LQQB>JTLOH
IB>OKFKD>IDLOFQEJP>PMB@QPLCPL@F>I
@LDKFQFLK>KAILKDQBOJFKQBO>@QFLK
3EBPBQLMF@PTFII?BMROPRBAQEOLRDE
FKABMBKABKQOB>AFKD@I>PP
AFP@RPPFLK>KA>hK>IMOLGB@Q
,?:ED
'C6C6BF:D:E6D
,>QROBMOLDO>JJFKDPHFIIP>KA>Q
IB>PQRKABODO>AR>QBIBSBIHKLTIBADB
LC OQFh@F>I(KQBIIFDBK@BPR@E>P"2
-LE>OAT>OBBUMBOFBK@BFP
OBNRFOBA1!$2VKBODVLC
'RJ>K1L?LQ>KAQEB1!$"2
'RJ>K1L?LQ(KQBO>@QFLK@LROPBP
>OBBNRFS>IBKQ PQRABKQ@>KKLQQ>HB
>KADBQ@OBAFQCLO?LQE@LROPBP
)*>2CE$2E6C:2=D
4EF2E:@?
3EFPE>KAPLK@LROPB@LSBOPPJ>OQ
J>QBOF>IP>KA>@QR>QFLKTFQE>K
BJME>PFPLKBIB@QOL>@QFSBMLIVJBO
$ /?>PBAJ>QBOF>IP>KA>@QR>QLOP
PR@E>P@LKQO>@QFIB$ /PAFBIB@QOF@
BI>PQLJBOP#$ P>KAFLKMLIVJBO
JBQ>I@LJMLPFQBP(/,"P
/FBWLBIB@QOF@J>QBOF>IP>KAPE>MB
JBJLOV>IILVP2, P>OBFK@IRABAFK
QEB@LROPB>PTBII>PMKBRJ>QF@
>@QR>QFLK!B@>RPBPJ>OQJ>QBOF>IP
>KABIB@QOL>@QFSFQV>OBOBI>QFSBIVKBT
hBIAPQEB@LROPBFKSLISBPIFQBO>QROB
OBSFBTP$>@EQB>JMOLGB@QTFII
FKSLISBQTLAFfBOBKQQVMBPLCPJ>OQ
J>QBOF>IPTEBOB>QIB>PQLKBPJ>OQ
J>QBOF>IFPBIB@QOL>@QFSB%LOQEBQB>J
MOLGB@QPQEB@I>PPTFII?BLOD>KFWBA
FKQLDOLRMPBKPROFKDQE>QB>@E
DOLRME>A>JFUQROBLCAFfBOBKQ
AFP@FMIFKBPQLMOLJLQBIFSBIV
AFP@RPPFLK3TLM>MBOPTFII?B
OBNRFOBALKB>P>IFQBO>QROBOBSFBT
>KALKB>?LRQ>PMB@QPLCQEBQB>J
MOLGB@Q,R@ELCQEBQEBLOV>KA
>MMIFBAOBPB>O@EFPVBQQL?BALKB
TFQEPJ>OQJ>QBOF>IPPLQEFPFP>SBOV
@OB>QFSB@LROPBQE>QFJMIBJBKQP
ABPFDKFKQLQEBMOLGB@QPTEF@E@>K
FK@IRAB?FLJFJF@OV
,?:ED
)$@E:@?'=2??:?8
,LQFLKMI>KKFKDFPQEBPQRAVLC
>IDLOFQEJPQE>QOB>PLK>?LRQQEB
JLSBJBKQLCMEVPF@>ILOSFOQR>I
BKQFQFBP3EBPB>IDLOFQEJP@>K?B
RPBAQLDBKBO>QBPBNRBK@BPLC
JLQFLKPCLOJ>KVHFKAPLCOL?LQP
OL?LQQB>JP>KFJ>QBA@E>O>@QBOP
>KABSBKJLIB@RIBP3EFP@LROPBTFII
@LSBOQEBJ>GLOQLMF@PLCJLQFLK
MI>KKFKDFK@IRAFKD?RQKLQIFJFQBA
QLMI>KKFKDCLOJ>KFMRI>QFLKTFQE
OL?LQ>OJP>KAE>KAPJL?FIBOL?LQ
M>QEMI>KKFKDTFQEKLKELILKLJF@
@LKPQO>FKQPJRIQFOL?LQM>QE
MI>KKFKDEFDEAFJBKPFLK>I
P>JMIFKD?>PBAMI>KKFKD>KA
MI>KKFKDLK@LKPQO>FKQJ>KFCLIAP
2QRABKQPTFIIFJMIBJBKQJLQFLK
MI>KKFKD>IDLOFQEJPFKLMBKPLRO@B
CO>JBTLOHPOB>AOB@BKQIFQBO>QROBFK
QEBhBIA>KA@LJMIBQB>MOLGB@QQE>Q
AO>TPLKQEB@LROPBJ>QBOF>I3EB
/1OL?LQTFII?B>S>FI>?IB>P>
MI>QCLOJCLO@I>PPMOLGB@QP/EVPF@>I
OL?LQMI>QCLOJPTFII?B>S>FI>?IBCLO
@I>PPMOLGB@QP
,?:ED
'C6C6BF:D:E6D
4KABODO>AR>QB+FKB>O IDB?O>
BUMBOFBK@BTFQE#DBLJBQOV>KA
PFDKFh@>KQMOLDO>JJFKDBUMBOFBK@B
 6/(">Q>ILD
)2ADE@?6'C@;64E
IA6C:6?46:?)@3@E:4D
?8:?66C:?8
3EFPMOLGB@Q?>PBA@LROPBFKQBDO>QBP
OL?LQF@PBKDFKBBOFKDQEBLOV>KA
MO>@QF@B>KAMOLSFABPQEB
LMMLOQRKFQVQL>MMIVQEBPHFIIP>KA
HKLTIBADB>@NRFOBAFKQEB1L?LQF@P
$KDFKBBOFKD@ROOF@RIRJ3EBMOLGB@Q
FPKLOJ>IIV@LKAR@QBAFKQB>JPLC
QTLQLCLROPQRABKQP2QRABKQP>OB
BK@LRO>DBAQLPBIB@QMOLGB@QPTFQE
MO>@QF@>IPFDKFh@>K@BQLQEBFO@ROOBKQ
>KACRQROBMOLCBPPFLK>I
OBPMLKPF?FIFQFBP3EBMOLGB@QP>OB
>AJFKFPQBOBA>ASFPBA>KABS>IR>QBA
?V6/(C>@RIQV>PM>OQLCQEBIB>OKFKD
BUMBOFBK@B?RQPQRABKQP>OB>IPL
BK@LRO>DBAQLPBBHJBKQLOPEFMCOLJ
BUMBOFBK@BA@LIIB>DRBPFKQEB
1L?LQF@P$KDFKBBOFKDMOLCBPPFLK3EB
MOLGB@QTFIIFK@IRABPR?PQ>KQF>I
>K>IVPFP>KALOABPFDK>KA@LK@IRAB
TFQE>TOFQQBKOBMLOQ>KA>MR?IF@
MOBPBKQ>QFLK
,?:ED
'C6C6BF:D:E6D
2FK@BQEB">MPQLKB/OLGB@QTFIIAO>T
LKHKLTIBADBL?Q>FKBAQEOLRDELRQ
QEBABDOBBMOLDO>JFQFPBUMB@QBA
QE>QPQRABKQPTFIIE>SB@LJMIBQBA
JLPQLO>IILCQEB@LROPBTLOHTFQEFK
QEBFOMI>KLCPQRAV?BCLOB
RKABOQ>HFKDQEB@>MPQLKBMOLGB@Q
)*A64:2=+@A:4D
OO>KDBA?VFKAFSFAR>IC>@RIQVTFQE
PMB@F>IBUMBOQFPBQEBPB@LROPBP
PROSBVCRKA>JBKQ>IPFK>OB>PQE>Q>OB
KLQ@LSBOBA?VQEBOBDRI>O1L?LQF@P
$KDFKBBOFKD@LROPBLfBOFKDP$U>@Q
@LROPBABP@OFMQFLKP>OBAFPPBJFK>QBA
?VQEB1L?LQF@P$KDFKBBOFKD/OLDO>J
TBIIFK>AS>K@BLCQEBLfBOFKD
,?:ED
'C6C6BF:D:E6D
"LKPBKQLCFKPQOR@QLO
))@3@E:4D?8:?66C:?8
'C24E:4F>
3EFPMO>@QF@RJMOLSFABP>K
LMMLOQRKFQVQLMRQFKQLMO>@QF@BQEB
MOFK@FMIBPPQRAFBAFKMOBSFLRP
@LROPBP(QTFIIDBKBO>IIV?B
@LKAR@QBALf@>JMRP>KATFII
FKSLISBOB>ITLOIAOL?LQF@P
BKDFKBBOFKD.SBO>II@LKAR@QLCQEB
MO>@QF@RJTFII?BPRMBOSFPBA?V>
6/(1!$C>@RIQVJBJ?BO>KLKPFQB
IF>FPLKTFIIAFOB@QA>VQLA>V>@QFSFQV
%LO>PQRABKQCOLJFKARPQOV>K
FKQBOKPEFMJ>V?BPMLKPLOBA?VEFP
LOEBOBJMILVBO3EBMOLGB@QJRPQ
FK@IRABPR?PQ>KQF>I>K>IVPFP>KALO
ABPFDKOBI>QBAQL1L?LQF@P
$KDFKBBOFKD>KATFII@LK@IRABTFQE>
PR?PQ>KQF>ITOFQQBKOBMLOQ MR?IF@
LO>IMOBPBKQ>QFLKJRPQ>IPL?BJ>AB
QL?LQEQEBELPQLOD>KFW>QFLK>KA>
@LJJFQQBB@LKPFPQFKDLCQEB
PRMBOSFPFKDC>@RIQVJBJ?BOQEBLK
PFQBIF>FPLK>KALKB>AAFQFLK>I6/(
C>@RIQVJBJ?BO3EFP@LJJFQQBBTFII
SBOFCVPR@@BPPCRI@LJMIBQFLKLCQEB
FKQBOKPEFM
,?:ED
'C6C6BF:D:E6D
"LKPBKQLCMO>@QF@RJC>@RIQV>ASFPLO
) ?56A6?56?E*EF5J
MMOLSBAPQRAVLC>PMB@F>IPR?GB@Q
LOQLMF@PPBIB@QBA?VQEBPQRABKQQL
JBBQEFPLOEBOM>OQF@RI>O
OBNRFOBJBKQPLOFKQBOBPQP
,?:ED
'C6C6BF:D:E6D
!2FK"2$"$,$1!$LOBNRFS>IBKQ
>KA@LKPBKQLC>ASFPLO
):C64E65)6D62C49
%LO,2LO/E#PQRABKQPTFPEFKDQL
D>FKOBPB>O@EBUMBOFBK@BMBOFMEBO>I
QLQEBFOQEBPFPQLMF@,2PQRABKQP
RKABOQ>HFKD>@>MPQLKBABPFDK
MOLGB@QLOAL@QLO>IPQRABKQPTFPEFKD
QLL?Q>FKOBPB>O@E@OBAFQMOFLOQL
>AJFPPFLKQL@>KAFA>@V%LO#FOB@QBA
1BPB>O@EQL@LRKQ>PQEB,>PQBOP
@>MPQLKBOBNRFOBJBKQVLRJRPQQ>HB
@OBAFQP>KAFK@IRABPR?PQ>KQF>I
>K>IVPFP>KALOABPFDK>KA@LK@IRAB
TFQE>TOFQQBKOBMLOQ>KA>MR?IF@
MOBPBKQ>QFLK
,?:ED
'C6C6BF:D:E6D
"LKPBKQLC>K1!$>gIF>QBAOBPB>O@E
>ASFPLO
)+96D:D)6D62C49
%LOJ>PQBOPPQRABKQPTFPEFKDQL
L?Q>FKOBPB>O@E@OBAFQQLT>OAQEB
QEBPFP
,?:ED
'C6C6BF:D:E6D
"LKPBKQLCQEBPFP>ASFPLO
):DD6CE2E:@?)6D62C49
%LO/E#PQRABKQPTFPEFKDQLL?Q>FK
>OBPB>O@E@OBAFQQLT>OAPQEB
AFPPBOQ>QFLK
,?:ED
'C6C6BF:D:E6D
"LKPBKQLCOBPB>O@E>ASFPLO
 6/(">Q>ILD
23$,CLO
$AR@>QLOP
**$,D6C$@56=:?8
4PBOJLABIFKDFP>@OLPPAFP@FMIFK>OV
OBPB>O@EhBIAQE>Q>QQBJMQPQL
@LKPQOR@QJLABIPLCERJ>K?BE>SFLO
TFQEFK>PMB@Fh@@LJMRQBO
BKSFOLKJBKQ"LKQO>OVQLQO>AFQFLK>I
>OQFh@F>IFKQBIIFDBK@BOBPB>O@EQEB
DL>IFPKLQQLFJFQ>QBERJ>K?BE>SFLO
>PPR@E?RQQLJ>HBQEBJ>@EFKB
>?IBQLRKABOPQ>KAQEBBUMB@Q>QFLKP
DL>IPHKLTIBADBFKCLOJ>QFLKKBBAP
>KAABPFOBPLC>RPBOFKQBOJPLC>
PMB@Fh@@LJMRQFKDBKSFOLKJBKQ3EB
@LJMRQBOOBMOBPBKQ>QFLKLCQEFP
FKCLOJ>QFLK>?LRQ>RPBOFP@>IIBA>
RPBOJLABI>KAPVPQBJPQE>Q
@LKPQOR@Q>KARQFIFWBPR@EJLABIP>OB
@>IIBARPBOJLABIFKDPVPQBJP 
PFJMIBBU>JMIBLC>RPBOJLABI
TLRIA?B>KB@LJJBO@BPFQBTEF@E
J>HBPRPBLCQEBRPBOP>KAPFJFI>O
RPBOPMRO@E>PFKD>KA?OLTPFKD
?BE>SFLOFKLOABOQL?BQQBO
RKABOPQ>KAQEBRPBOPMOBCBOBK@BP(K
QEFP@I>PPQEBCL@RPFPLKL?Q>FKFKD>
DBKBO>IRKABOPQ>KAFKDLCRPBO
JLABIFKD>KA>KRKABOPQ>KAFKDLC
ELTQL>MMIVRPBOJLABIFKD
QB@EKFNRBP2QRABKQPTFIIOB>A
PBJFK>IM>MBOPFKQEBRPBOJLABIFKD
IFQBO>QROB>PTBII>P@LJMIBQB>
@LROPBMOLGB@QTEBOBPQRABKQP?RFIA>
PVPQBJQE>QBUMIF@FQIVJLABIPQEB
RPBO
,?:ED
'C6C6BF:D:E6D
*KLTIBADBLCMOL?>?FIFQV
**$C2A9:42=$@56=D7@C
)62D@?:?8,?56C,?46CE2:?EJ
3EFP@LROPBTFIIFKQOLAR@BPQRABKQPQL
DO>MEF@>IJLABIPPR@E>P!>VBPF>K
KBQTLOHP'FAABK,>OHLS,LABIP
*>IJ>KhIQBOPM>OQF@IBhIQBOP>KA
PQOR@QRO>IBNR>QFLKJLABIP&O>MEF@>I
JLABIP>OB>MMIF@>?IBFK>TFAB
S>OFBQVLCTLOHFK@LJMRQBOP@FBK@B
CLOOB>PLKFKDRKABORK@BOQ>FKQVPR@E
>PRPBOJLABIFKDPMBB@E
OB@LDKFQFLK@LJMRQBOSFPFLKL?GB@Q
QO>@HFKD>KAABQBOJFKFKD>OL?LQP
IL@>QFLK3EFP@LROPBTFII@LSBO
RPFKDA>Q>QLBPQFJ>QBQEB
M>O>JBQBOP>KAPQOR@QROBLC>JLABI
RPFKDQB@EKFNRBPPR@E>PBUMB@Q>QFLK
J>UFJFW>QFLKRKABOPQ>KAFKD
QB@EKFNRBPCLOMBOCLOJFKDBg@FBKQ
FKCBOBK@BLKKBTL?PBOS>QFLKPPR@E
>PGRK@QFLKQOBBP>KAP>JMIFKD>KA
IB>OKFKD>?LRQBS>IR>QFLK
QB@EKFNRBPQLABQBOJFKBTEBQEBO>
M>OQF@RI>OJLABIFP>DLLALKB
,?:ED
'C6C6BF:D:E6D
"2 OQFh@F>I(KQBIIFDBK@BLO
MBOJFPPFLKLCQEBFKPQOR@QLO
**$>A:C:42=$6E9@5D
7@CF>2?6?E6C65@>AFE:?8
3EFP@LROPBFKQOLAR@BPPQRABKQPQL
QB@EKFNRBPCLOMBOCLOJFKDOFDLOLRP
BJMFOF@>IOBPB>O@EFK@LJMRQBO
P@FBK@B2FK@BDLLABJMFOF@>ITLOH
ABMBKAPLK>PHFKDDLLAOBPB>O@E
NRBPQFLKPQEFP@LROPBTFIIBJME>PFWB
@OB>QFKD@LK@BMQR>ICO>JBTLOHP>KA
RPFKDQEBJQLAOFSBOBPB>O@E(K
>AAFQFLKQLEBIMFKDPQRABKQP
RKABOPQ>KATE>QJ>HBP>DLLA
OBPB>O@ENRBPQFLK>KATEVPLJB
BIBJBKQ>OVPQ>QFPQF@PTFII?B@LSBOBA
%ROQEBOJLOBPQRABKQPTFIIRPB>KA
FJMIBJBKQ@LJMRQ>QFLK>IIVFKQBKPFSB
QB@EKFNRBPPR@E>PO>KALJFW>QFLK
?LLQPQO>MMFKD>KAMBOJRQ>QFLK
QBPQP3EB@LROPB>IPL@LSBOP
BUMBOFJBKQPFKSLISFKDERJ>K
PR?GB@QP>KAPLJBLCQEBPQ>QFPQF@>I
>KAKLKPQ>QFPQF@>IAFg@RIQFBP
OBPB>O@EBOPLCQBKBK@LRKQBOTEFIB
MBOCLOJFKDPR@ETLOHBD(1!
(KPQFQRQFLK>I1BSFBT!L>OA
@LOOBI>QBAQOF>IP>KAPJ>IIP>JMIB
PFWBP6EFIBQEFP@LROPBFPABPFDKBA
CLOPQRABKQPFK'RJ>K"LJMRQBO
(KQBO>@QFLK(KQBO>@QFSB,BAF>
&>JB#BSBILMJBKQ>KA+B>OKFKD
2@FBK@BP>KA3B@EKLILDFBPFQFP
>MMOLMOF>QBCLO>KVPQRABKQTFQE
MOLDO>JJFKDBUMBOFBK@BTELFP
ALFKDBJMFOF@>IOBPB>O@E
,?:ED
'C6C6BF:D:E6D
,  MMIFBA2Q>QFPQF@PCLO
$KDFKBBOP>KA2@FBKQFPQPLO
MBOJFPPFLKLCFKPQOR@QLO
 6/(">Q>ILD
**$CE:O4:2= ?E6==:86?46
7@C52AE:G65F42E:@?2=
+649?@=@8J
2QRABKQPTFIIIB>OKELTQLBK>?IB
BAR@>QFLK>IQB@EKLILDVQL>A>MQQL
QEBRPBO>KA>?LRQQVMF@>I
>O@EFQB@QROBPRPBA?VBUFPQFKD
FKQBIIFDBKQQRQLOFKDPVPQBJPCLO
>A>MQFKDQLRPBOP2QRABKQPTFIIPBB
>MMIF@>QFLKPLCAB@FPFLKQEBLOBQF@
PVPQBJPOBFKCLO@BJBKQIB>OKFKD
,>OHLSJLABIPCLO>@QFLKPBIB@QFLK
>KA OQFh@F>I(KQBIIFDBK@B (
MI>KKFKD2QRABKQPTFIIOB>AM>MBOP
QE>Q>MMIV (QB@EKFNRBPCLOQEB
MROMLPBLC>A>MQFKDQLRPBOP
2QRABKQPTFII@LJMIBQB>MOLGB@QQE>Q
>MMIFBPQEBPBQB@EKFNRBPQL?RFIA>K
>A>MQFSBBAR@>QFLK>IPVPQBJ
,?:ED
'C6C6BF:D:E6D
"2 OQFh@F>I(KQBIIFDBK@BLO
MBOJFPPFLKLCQEBFKPQOR@QLO
$$*$'C@323:=:EJ
*E2E:DE:4D2?52E2?2=JD:D  
3EFP@LROPBFKQOLAR@BPPQRABKQPQL
MOL?>?FIFQVQEBJ>QEBJ>QF@>I
ABP@OFMQFLKLCO>KALJMEBKLJBK>
>KAQLPQ>QFPQF@PQEBP@FBK@BLCA>Q>
2QRABKQPFKQEFP@LROPBTFII>@NRFOB
QEBCLIILTFKDHKLTIBADB>KAPHFIIP]
/OL?>?FIFQVJLABIPJ>QEBJ>QF@>I
JLABIPRPBAQLABP@OF?B>KAMOBAF@Q
O>KALJMEBKLJBK>2QRABKQPTFII
IB>OKPBSBO>I?>PF@MOL?>?FIFQVJLABIP
>KAQEBFORPBP>KATFIIL?Q>FK
BUMBOFBK@BFKJLABIFKDO>KALJ
MEBKLJBK>]#>Q>>K>IVPFPQEB>OQ
P@FBK@BLChKAFKDM>QQBOKPFKA>Q>
>KARPFKDQELPBM>QQBOKPQLBUMI>FK
QEBMOL@BPPTEF@EMOLAR@BAQEBA>Q>
2QRABKQPTFII?B>?IBQLBUMILOB>KA
AO>T@LK@IRPFLKP>?LRQA>Q>RPFKD
@LJMRQ>QFLK>I>KADO>MEF@>I
JBQELAP3EBFQBO>QFSBK>QROBLC
PQ>QFPQF@>IBUMILO>QFLKTFII?B
BJME>PFWBA]2Q>QFPQF@>IFKCBOBK@B
>KAJLABIFKDQEBRPBLCA>Q>
P>JMIBACOLJ>MOL@BPP>KAQEB
MOL?>?FIFQVJLABILCQE>QMOL@BPPQL
AO>T@LK@IRPFLKP>?LRQQEBMOL@BPP
2QRABKQPTFII>QQ>FKMOLh@FBK@VFK
PBIB@QFKDhQQFKD>KA@OFQF@FWFKD
JLABIP>KAFKAO>TFKDFKCBOBK@B
COLJA>Q>]#BPFDKLCBUMBOFJBKQP
>KAP>JMIFKDPQRAFBPQEBMOLMBO
T>VQLABPFDKBUMBOFJBKQP>KA
P>JMIFKDPQRAFBPPLQE>QPQ>QFPQF@>IIV
S>IFAFKCBOBK@BP@>K?BAO>TK
2MB@F>I>QQBKQFLKTFII?BDFSBKQLQEB
OLIBLCBUMBOFJBKQP>KAP>JMIFKD
PQRAFBPFKP@FBKQFh@FKSBPQFD>QFLK
3EOLRDEI>?>KAMOLGB@QTLOH
PQRABKQPTFIIL?Q>FKMO>@QF@>IPHFIIPFK
ABPFDKFKD>KA>K>IVWFKDPQRAFBP>KA
BUMBOFJBKQP"LROPBQLMF@PTFII?B
JLQFS>QBATEBKBSBOMLPPF?IB?V
>MMIF@>QFLKP>KAOBFKCLO@BA?V
BUMBOFJBKQ>I>KA@LJMRQBOI>?
BUMBOFBK@BP.KBFKABMQEMOLGB@Q
MBOPBJBPQBOFKSLISFKDABPFDKA>Q>
@LIIB@QFLK>KAPQ>QFPQF@>ILO
MOL?>?FIFPQF@>K>IVPFPTFIIPBOSBQL
FKQBDO>QB>KA@LKPLIFA>QBPQRABKQ
PHFIIP>KARKABOPQ>KAFKD2QRABKQP
TFII?BBUMB@QBAQLIB>OK>KARPB>
PQ>QFPQF@>I@LJMRQBOM>@H>DBPR@E>P
,(-(3 !
,?:ED
$$*$'C@;64E
'C6A2C2E:@?'2CE@72@FCD6
*6BF6?46H:E9$>62?5$>6

2QRABKQPTFIIOBPB>O@E>KAABSBILM>
J>QEBJ>QF@>IQLMF@LOMBA>DLDF@>I
QB@EKFNRB3EBMOLGB@QTFIIQVMF@>IIV
IB>AQL@I>PPOLLJFJMIBJBKQ>QFLK
ELTBSBO>MOLGB@QFKSLISFKD
J>QEBJ>QF@>IOBPB>O@E>Q>K
>MMOLMOF>QBIBSBILCOFDLOTFII>IPL?B
>@@BMQ>?IB/OBM>O>QFLKTFII?B
@LJMIBQBAFK@LKGRK@QFLKTFQE>Q
IB>PQLKBC>@RIQVJBJ?BOCOLJQEB
,>QEBJ>QF@>I2@FBK@BP#BM>OQJBKQ
>KATFIIFK@IRABBUE>RPQFSBOBPB>O@E
LKQEBMOLMLPBAQLMF@3EB@LROPB
TFIIOBPRIQFK>ABQ>FIBAMOLMLP>IQE>Q
TFII?BMOBPBKQBAQLQEB,,$/OLGB@Q
"LJJFQQBBCLO>MMOLS>I
@LKQFKR>QFLKTFQEQEBMOLGB@QFP
@LKQFKDBKQRMLKQEFP>MMOLS>I
,?:ED
$$*$'C@;64E
>A=6>6?E2E:@?
2QRABKQPTFIIFJMIBJBKQ>KA@>OOV
LRQQEBMOLGB@QABSBILMBAAROFKDQEB
MOLGB@QMOBM>O>QFLK@LROPB/BOFLAF@
@LKQ>@Q>KALOL?PBOS>QFLKPTFII?B
J>AB?VQEBMOLGB@Q>ASFPLOPBB
,,$/OLGB@Q/OBM>O>QFLKFK
LOABOQLMOLSFABCBBA?>@H>KAQL
BKPROB@LJMIBQFLKLCQEBMOLMLPBA
Q>PH#>Q>CLOQEBMROMLPBLC
BS>IR>QFLKTFII?B@LIIB@QBA?VQEB
PQRABKQPQEOLRDELRQQEBQBOJTEBK
>MMOLMOF>QB(CQEBMOLGB@QFK@IRABP
@I>PPOLLJFJMIBJBKQ>QFLKQEB
BUMBOFJBKQTFIII>PQCLOQEBARO>QFLK
LC>PBJBPQBO
,?:ED
 6/(">Q>ILD
$$*$'C@;64E
?2=JD:D2?5)6A@CE
2QRABKQPTFII@LJMIBQB>ABQ>FIBA
PQ>QFPQF@>I>K>IVPFPLC>KVA>Q>
@LIIB@QBAAROFKDQEBMOLGB@Q
FJMIBJBKQ>QFLKRPFKDQB@EKFNRBP
COLJ,,$/OL?>?FIFQV
2Q>QFPQF@P>KA#>Q> K>IVPFP3EBhK>I
OBMLOQTFII?B>@LJMOBEBKPFSB
OBSFBTLCQEBOBIBS>KQIFQBO>QROB
MOLGB@QABP@OFMQFLKMOLGB@Q
FJMIBJBKQ>QFLK>KVPQ>QFPQF@>I
OBPRIQP>KA@LK@IRPFLKP/OLGB@Q
OBMLOQPTFII?BPR?GB@QQL>MMOLS>I?V
QEB,,$/OLGB@Q@LJJFQQBB>KA>II
PQRABKQPTFII?BOBNRFOBAQLMOBPBKQ
QEBFOMOLGB@QQLQEBJ>QEBJ>QF@>I
P@FBK@BPC>@RIQV"LROPB@LJMIBQFLKFP
@LKQFKDBKQRMLK>MMOLS>ILCQEB
OBMLOQ>KAP>QFPC>@QLOV@LJMIBQFLKLC
QEBMOBPBKQ>QFLK
,?:ED
'*0*$@F?52E:@?D@7E96
#62C?:?8*4:6?46D
3EFP@LROPB@LSBOPOB>AFKDPQE>Q
OBMOBPBKQQEBCLRKA>QFLKLCQEB
IB>OKFKDP@FBK@BPFK@IRAFKD
%LRKA>QFLKP"LKPQOR@QFSFPJ
"LDKFQFSB MMOBKQF@BPEFM2FQR>QBA
+B>OKFKD MMOL>@EBP/OLGB@Q?>PBA
+B>OKFKD,LABI?>PBAOB>PLKFKD
"LDKFQFSB3RQLOP>KA2@>IFKDRM
BAR@>QFLK>IFKQBOSBKQFLKP3EBDL>I
LCQEFP@LROPBFPCLOPQRABKQPQL
ABSBILM>KRKABOPQ>KAFKDLCQEB
CLRKA>QFLKP>KA>MMOL>@EBPQLQEB
+B>OKFKD2@FBK@BPPLQE>QQEBV@>K
?LQE@OFQF@>IIVOB>A@ROOBKQIFQBO>QROB
>PTBII>P?RFIALKFQFKQEBFOLTK
OBPB>O@E
,?:ED
'C6C6BF:D:E6D
-LKB
'*0*$#62C?:?8
?G:C@?>6?ED:?5F42E:@?
(KQEFP@I>PPPQRABKQPTFIIOB>A>KA
OBSFBT?LQE@I>PPF@>KA@OFQF@>I
@ROOBKQGLROK>I>OQF@IBP>?LRQ
IB>OKFKDQB@EKLILDFBPABSBILMBAFK
QEB+B>OKFKD2@FBK@BP3EFP@LROPBFP
ABPFDKBAQLBAR@>QBPQRABKQPLK
@ROOBKQQB@EKLILDF@>I>MMOL>@EBPQL
@ROOF@RI>OABPFDKFJMIBJBKQ>QFLK
>KAOBPB>O@EFKQEB+B>OKFKD
2@FBK@BP
,?:ED
'C6C6BF:D:E6D
-LKB
'*0*$)6D62C49$6E9@5D
7@CE96#62C?:?8*4:6?46D
3EFP@LROPB@LSBOPOBPB>O@EJBQELAP
RPBAFKQEB+B>OKFKD2@FBK@BP
2QRABKQPTFIID>FKBUMBOQFPB>KA
RKABOPQ>KAFKDLCQEFKH>ILRAPQRAFBP
@LDKFQFSBQ>PH>K>IVPFPNR>KQFQ>QFSB
>KANR>IFQ>QFSBhBIAL?PBOS>QFLKPILD
hIB>K>IVPFPMPV@ELJBQOF@@LDKFQFSB
>KAJ>@EFKBIB>OKFKD?>PBA
JLABIFKDQEB>RQLJ>QBA
>AJFKFPQO>QFLKLCJB>PROBP?V
@LJMRQBO>KAFPPRBPLCS>IFAFQV
OBIF>?FIFQV>KAPQ>QFPQF@>IFKCBOBK@B
PMB@Fh@QLQEBPBJBQELAP2QRABKQP
TFIIIB>OKELT>KATEBKQL>MMIV>
S>OFBQVLCJBQELAPOBIBS>KQQL
CLOJ>QFSBMBOCLOJ>K@B>KA
PRJJ>QFSB>PPBPPJBKQFK?LQE
I>?LO>QLOV>KAhBIAPBQQFKDP
1B>AFKDPTFII?BAO>TKMOFJ>OFIV
COLJLOFDFK>IPLRO@BJ>QBOF>IPBD
GLROK>I>OQF@IBP>KA>@>ABJF@?LLH
@E>MQBOPFK@LJ?FK>QFLKTFQE
OBIBS>KQQBUQ?LLH@E>MQBOP
,?:ED
'C6C6BF:D:E6D
22,BQELAP,LABIFKD>KA
K>IVPFPFK2L@F>I2@FBK@B
@LJM>O>?IB@LROPBLOFKPQOR@QLO
AFP@OBQFLK
'*0*$$6E2@8?:E:@?
$@E:G2E:@?2?5N64E
3EFP@LROPB@LSBOPQEOBBHBVQVMBPLC
@LKPQOR@QPQE>QPFDKFh@>KQIVFJM>@Q
IB>OKFKD>KAMBOCLOJ>K@BFKOB>I
TLOIAPBQQFKDPFK@IRAFKD?RQKLQ
IFJFQBAQLBAR@>QFLK>IPBQQFKDP
2QRABKQPTFIID>FKRKABOPQ>KAFKDLC
QEBJ>FKQEBLOBQF@>ICO>JBTLOHP>KA
J>GLOBJMFOF@>IOBPRIQPQE>QOBI>QB
FKAFSFAR>IPJBQ>@LDKFQFLK
JLQFS>QFLK>KA>fB@QQLOB>ITLOIA
LRQ@LJBP?LQEFKBAR@>QFLK>I
PBQQFKDP>KALQEBO>OB>PLCIFCB
2QRABKQPTFIIIB>OKELTQEBLOFBP>KA
hKAFKDPFKQEBPBALJ>FKP@>K?B
@LK@OBQBIVRPBAQLFJMOLSB
FKPQOR@QFLK>KAMBOCLOJ>K@B>KA
@LJMIBQBhK>IMOLGB@QPQE>QOBNRFOB
>MMIVFKDOBPB>O@EFKQEBPB>OB>PQL
OB>ITLOIAMOL?IBJP2QRABKQPTFIIAL
@OFQF@>IOB>AFKDPLKOBPB>O@ELKQEFP
QLMF@
,?:ED
'C6C6BF:D:E6D
-LKB
 6/(">Q>ILD
*$*,D6C$@56=:?8
4PBOJLABIFKDFP>@OLPPAFP@FMIFK>OV
OBPB>O@EhBIAQE>Q>QQBJMQPQL
@LKPQOR@QJLABIPLCERJ>K?BE>SFLO
TFQEFK>PMB@Fh@@LJMRQBO
BKSFOLKJBKQ"LKQO>OVQLQO>AFQFLK>I
>OQFh@F>IFKQBIIFDBK@BOBPB>O@EQEB
DL>IFPKLQQLFJFQ>QBERJ>K?BE>SFLO
>PPR@E?RQQLJ>HBQEBJ>@EFKB
>?IBQLRKABOPQ>KAQEBBUMB@Q>QFLKP
DL>IPHKLTIBADBFKCLOJ>QFLKKBBAP
>KAABPFOBPLC>RPBOFKQBOJPLC>
PMB@Fh@@LJMRQFKDBKSFOLKJBKQ3EB
@LJMRQBOOBMOBPBKQ>QFLKLCQEFP
FKCLOJ>QFLK>?LRQ>RPBOFP@>IIBA>
RPBOJLABI>KAPVPQBJPQE>Q
@LKPQOR@Q>KARQFIFWBPR@EJLABIP>OB
@>IIBARPBOJLABIFKDPVPQBJP 
PFJMIBBU>JMIBLC>RPBOJLABI
TLRIA?B>KB@LJJBO@BPFQBTEF@E
J>HBPRPBLCQEBRPBOP>KAPFJFI>O
RPBOPMRO@E>PFKD>KA?OLTPFKD
?BE>SFLOFKLOABOQL?BQQBO
RKABOPQ>KAQEBRPBOPMOBCBOBK@BP(K
QEFP@I>PPQEBCL@RPFPLKL?Q>FKFKD>
DBKBO>IRKABOPQ>KAFKDLCRPBO
JLABIFKD>KA>KRKABOPQ>KAFKDLC
ELTQL>MMIVRPBOJLABIFKD
QB@EKFNRBP2QRABKQPTFIIOB>A
PBJFK>IM>MBOPFKQEBRPBOJLABIFKD
IFQBO>QROB>PTBII>P@LJMIBQB>
@LROPBMOLGB@QTEBOBPQRABKQP?RFIA>
PVPQBJQE>QBUMIF@FQIVJLABIPQEB
RPBO
,?:ED
'C6C6BF:D:E6D
*KLTIBADBLCMOL?>?FIFQV
*$*C2A9:42=$@56=D7@C
)62D@?:?8,?56C,?46CE2:?EJ
3EFP@LROPBTFIIFKQOLAR@BPQRABKQPQL
DO>MEF@>IJLABIPPR@E>P!>VBPF>K
KBQTLOHP'FAABK,>OHLS,LABIP
*>IJ>KhIQBOPM>OQF@IBhIQBOP>KA
PQOR@QRO>IBNR>QFLKJLABIP&O>MEF@>I
JLABIP>OB>MMIF@>?IBFK>TFAB
S>OFBQVLCTLOHFK@LJMRQBOP@FBK@B
CLOOB>PLKFKDRKABORK@BOQ>FKQVPR@E
>PRPBOJLABIFKDPMBB@E
OB@LDKFQFLK@LJMRQBOSFPFLKL?GB@Q
QO>@HFKD>KAABQBOJFKFKD>OL?LQP
IL@>QFLK3EFP@LROPBTFII@LSBO
RPFKDA>Q>QLBPQFJ>QBQEB
M>O>JBQBOP>KAPQOR@QROBLC>JLABI
RPFKDQB@EKFNRBPPR@E>PBUMB@Q>QFLK
J>UFJFW>QFLKRKABOPQ>KAFKD
QB@EKFNRBPCLOMBOCLOJFKDBg@FBKQ
FKCBOBK@BLKKBTL?PBOS>QFLKPPR@E
>PGRK@QFLKQOBBP>KAP>JMIFKD>KA
IB>OKFKD>?LRQBS>IR>QFLK
QB@EKFNRBPQLABQBOJFKBTEBQEBO>
M>OQF@RI>OJLABIFP>DLLALKB
,?:ED
'C6C6BF:D:E6D
"2 OQFh@F>I(KQBIIFDBK@BLO
MBOJFPPFLKLCQEBFKPQOR@QLO
*$*>A:C:42=$6E9@5D
7@CF>2?6?E6C65@>AFE:?8
3EFP@LROPBFKQOLAR@BPPQRABKQPQL
QB@EKFNRBPCLOMBOCLOJFKDOFDLOLRP
BJMFOF@>IOBPB>O@EFK@LJMRQBO
P@FBK@B2FK@BDLLABJMFOF@>ITLOH
ABMBKAPLK>PHFKDDLLAOBPB>O@E
NRBPQFLKPQEFP@LROPBTFIIBJME>PFWB
@OB>QFKD@LK@BMQR>ICO>JBTLOHP>KA
RPFKDQEBJQLAOFSBOBPB>O@E(K
>AAFQFLKQLEBIMFKDPQRABKQP
RKABOPQ>KATE>QJ>HBP>DLLA
OBPB>O@ENRBPQFLK>KATEVPLJB
BIBJBKQ>OVPQ>QFPQF@PTFII?B@LSBOBA
%ROQEBOJLOBPQRABKQPTFIIRPB>KA
FJMIBJBKQ@LJMRQ>QFLK>IIVFKQBKPFSB
QB@EKFNRBPPR@E>PO>KALJFW>QFLK
?LLQPQO>MMFKD>KAMBOJRQ>QFLK
QBPQP3EB@LROPB>IPL@LSBOP
BUMBOFJBKQPFKSLISFKDERJ>K
PR?GB@QP>KAPLJBLCQEBPQ>QFPQF@>I
>KAKLKPQ>QFPQF@>IAFg@RIQFBP
OBPB>O@EBOPLCQBKBK@LRKQBOTEFIB
MBOCLOJFKDPR@ETLOHBD(1!
(KPQFQRQFLK>I1BSFBT!L>OA
@LOOBI>QBAQOF>IP>KAPJ>IIP>JMIB
PFWBP6EFIBQEFP@LROPBFPABPFDKBA
CLOPQRABKQPFK'RJ>K"LJMRQBO
(KQBO>@QFLK(KQBO>@QFSB,BAF>
&>JB#BSBILMJBKQ>KA+B>OKFKD
2@FBK@BP>KA3B@EKLILDFBPFQFP
>MMOLMOF>QBCLO>KVPQRABKQTFQE
MOLDO>JJFKDBUMBOFBK@BTELFP
ALFKDBJMFOF@>IOBPB>O@E
,?:ED
'C6C6BF:D:E6D
,  MMIFBA2Q>QFPQF@PCLO
$KDFKBBOP>KA2@FBKQFPQPLO
MBOJFPPFLKLCFKPQOR@QLO
 6/(">Q>ILD
*$*CE:O4:2= ?E6==:86?46
7@C52AE:G65F42E:@?2=
+649?@=@8J
2QRABKQPTFIIIB>OKELTQLBK>?IB
BAR@>QFLK>IQB@EKLILDVQL>A>MQQL
QEBRPBO>KA>?LRQQVMF@>I
>O@EFQB@QROBPRPBA?VBUFPQFKD
FKQBIIFDBKQQRQLOFKDPVPQBJPCLO
>A>MQFKDQLRPBOP2QRABKQPTFIIPBB
>MMIF@>QFLKPLCAB@FPFLKQEBLOBQF@
PVPQBJPOBFKCLO@BJBKQIB>OKFKD
,>OHLSJLABIPCLO>@QFLKPBIB@QFLK
>KA OQFh@F>I(KQBIIFDBK@B (
MI>KKFKD2QRABKQPTFIIOB>AM>MBOP
QE>Q>MMIV (QB@EKFNRBPCLOQEB
MROMLPBLC>A>MQFKDQLRPBOP
2QRABKQPTFII@LJMIBQB>MOLGB@QQE>Q
>MMIFBPQEBPBQB@EKFNRBPQL?RFIA>K
>A>MQFSBBAR@>QFLK>IPVPQBJ
,?:ED
'C6C6BF:D:E6D
"2 OQFh@F>I(KQBIIFDBK@BLO
MBOJFPPFLKLCQEBFKPQOR@QLO
*$$$'C@323:=:EJ
*E2E:DE:4D2?52E2?2=JD:D  
3EFP@LROPBFKQOLAR@BPPQRABKQPQL
MOL?>?FIFQVQEBJ>QEBJ>QF@>I
ABP@OFMQFLKLCO>KALJMEBKLJBK>
>KAQLPQ>QFPQF@PQEBP@FBK@BLCA>Q>
2QRABKQPFKQEFP@LROPBTFII>@NRFOB
QEBCLIILTFKDHKLTIBADB>KAPHFIIP]
/OL?>?FIFQVJLABIPJ>QEBJ>QF@>I
JLABIPRPBAQLABP@OF?B>KAMOBAF@Q
O>KALJMEBKLJBK>2QRABKQPTFII
IB>OKPBSBO>I?>PF@MOL?>?FIFQVJLABIP
>KAQEBFORPBP>KATFIIL?Q>FK
BUMBOFBK@BFKJLABIFKDO>KALJ
MEBKLJBK>]#>Q>>K>IVPFPQEB>OQ
P@FBK@BLChKAFKDM>QQBOKPFKA>Q>
>KARPFKDQELPBM>QQBOKPQLBUMI>FK
QEBMOL@BPPTEF@EMOLAR@BAQEBA>Q>
2QRABKQPTFII?B>?IBQLBUMILOB>KA
AO>T@LK@IRPFLKP>?LRQA>Q>RPFKD
@LJMRQ>QFLK>I>KADO>MEF@>I
JBQELAP3EBFQBO>QFSBK>QROBLC
PQ>QFPQF@>IBUMILO>QFLKTFII?B
BJME>PFWBA]2Q>QFPQF@>IFKCBOBK@B
>KAJLABIFKDQEBRPBLCA>Q>
P>JMIBACOLJ>MOL@BPP>KAQEB
MOL?>?FIFQVJLABILCQE>QMOL@BPPQL
AO>T@LK@IRPFLKP>?LRQQEBMOL@BPP
2QRABKQPTFII>QQ>FKMOLh@FBK@VFK
PBIB@QFKDhQQFKD>KA@OFQF@FWFKD
JLABIP>KAFKAO>TFKDFKCBOBK@B
COLJA>Q>]#BPFDKLCBUMBOFJBKQP
>KAP>JMIFKDPQRAFBP`QEBMOLMBO
T>VQLABPFDKBUMBOFJBKQP>KA
P>JMIFKDPQRAFBPPLQE>QPQ>QFPQF@>IIV
S>IFAFKCBOBK@BP@>K?BAO>TK
2MB@F>I>QQBKQFLKTFII?BDFSBKQLQEB
OLIBLCBUMBOFJBKQP>KAP>JMIFKD
PQRAFBPFKP@FBKQFh@FKSBPQFD>QFLK
3EOLRDEI>?>KAMOLGB@QTLOH
PQRABKQPTFIIL?Q>FKMO>@QF@>IPHFIIPFK
ABPFDKFKD>KA>K>IVWFKDPQRAFBP>KA
BUMBOFJBKQP"LROPBQLMF@PTFII?B
JLQFS>QBATEBKBSBOMLPPF?IB?V
>MMIF@>QFLKP>KAOBFKCLO@BA?V
BUMBOFJBKQ>I>KA@LJMRQBOI>?
BUMBOFBK@BP.KBFKABMQEMOLGB@Q
MBOPBJBPQBOFKSLISFKDABPFDKA>Q>
@LIIB@QFLK>KAPQ>QFPQF@>ILO
MOL?>?FIFPQF@>K>IVPFPTFIIPBOSBQL
FKQBDO>QB>KA@LKPLIFA>QBPQRABKQ
PHFIIP>KARKABOPQ>KAFKD2QRABKQP
TFII?BBUMB@QBAQLIB>OK>KARPB>
PQ>QFPQF@>I@LJMRQBOM>@H>DBPR@E>P
,(-(3 !
,?:ED
*$'*0@F?52E:@?D@7E96
#62C?:?8*4:6?46D
3EFP@LROPB@LSBOPOB>AFKDPQE>Q
OBMOBPBKQQEBCLRKA>QFLKLCQEB
IB>OKFKDP@FBK@BPFK@IRAFKD
%LRKA>QFLKP"LKPQOR@QFSFPJ
"LDKFQFSB MMOBKQF@BPEFM2FQR>QBA
+B>OKFKD MMOL>@EBP/OLGB@Q?>PBA
+B>OKFKD,LABI?>PBAOB>PLKFKD
"LDKFQFSB3RQLOP>KA2@>IFKDRM
BAR@>QFLK>IFKQBOSBKQFLKP3EBDL>I
LCQEFP@LROPBFPCLOPQRABKQPQL
ABSBILM>KRKABOPQ>KAFKDLCQEB
CLRKA>QFLKP>KA>MMOL>@EBPQLQEB
+B>OKFKD2@FBK@BPPLQE>QQEBV@>K
?LQE@OFQF@>IIVOB>A@ROOBKQIFQBO>QROB
>PTBII>P?RFIALKFQFKQEBFOLTK
OBPB>O@E
,?:ED
'C6C6BF:D:E6D
-LKB
*$'*05F42E:@?2=
#62C?:?8?G:C@?>6?ED
(KQEFP@I>PPPQRABKQPTFIIOB>A>KA
OBSFBT?LQE@I>PPF@>KA@OFQF@>I
@ROOBKQGLROK>I>OQF@IBP>?LRQ
IB>OKFKDQB@EKLILDFBPABSBILMBAFK
QEB+B>OKFKD2@FBK@BP3EFP@LROPBFP
ABPFDKBAQLBAR@>QBPQRABKQPLK
@ROOBKQQB@EKLILDF@>I>MMOL>@EBPQL
@ROOF@RI>OABPFDKFJMIBJBKQ>QFLK
>KAOBPB>O@EFKQEB+B>OKFKD
2@FBK@BP
,?:ED
'C6C6BF:D:E6D
-LKB
 6/(">Q>ILD
*$'*0)6D62C49$6E9@5D
7@CE96#62C?:?8*4:6?46D
3EFP@LROPB@LSBOPOBPB>O@EJBQELAP
RPBAFKQEB+B>OKFKD2@FBK@BP
2QRABKQPTFIID>FKBUMBOQFPB>KA
RKABOPQ>KAFKDLCQEFKH>ILRAPQRAFBP
@LDKFQFSBQ>PH>K>IVPFPNR>KQFQ>QFSB
>KANR>IFQ>QFSBhBIAL?PBOS>QFLKPILD
hIB>K>IVPFPMPV@ELJBQOF@@LDKFQFSB
>KAJ>@EFKBIB>OKFKD?>PBA
JLABIFKDQEB>RQLJ>QBA
>AJFKFPQO>QFLKLCJB>PROBP?V
@LJMRQBO>KAFPPRBPLCS>IFAFQV
OBIF>?FIFQV>KAPQ>QFPQF@>IFKCBOBK@B
PMB@Fh@QLQEBPBJBQELAP2QRABKQP
TFIIIB>OKELT>KATEBKQL>MMIV>
S>OFBQVLCJBQELAPOBIBS>KQQL
CLOJ>QFSBMBOCLOJ>K@B>KA
PRJJ>QFSB>PPBPPJBKQFK?LQE
I>?LO>QLOV>KAhBIAPBQQFKDP
1B>AFKDPTFII?BAO>TKMOFJ>OFIV
COLJLOFDFK>IPLRO@BJ>QBOF>IPBD
GLROK>I>OQF@IBP>KA>@>ABJF@?LLH
@E>MQBOPFK@LJ?FK>QFLKTFQE
OBIBS>KQQBUQ?LLH@E>MQBOP
,?:ED
'C6C6BF:D:E6D
22,BQELAP,LABIFKD>KA
K>IVPFPFK2L@F>I2@FBK@B
@LJM>O>?IB@LROPBLOFKPQOR@QLO
AFP@OBQFLK
*$'*0$6E2@8?:E:@?
$@E:G2E:@?2?5N64E
3EFP@LROPB@LSBOPQEOBBHBVQVMBPLC
@LKPQOR@QPQE>QPFDKFh@>KQIVFJM>@Q
IB>OKFKD>KAMBOCLOJ>K@BFKOB>I
TLOIAPBQQFKDPFK@IRAFKD?RQKLQ
IFJFQBAQLBAR@>QFLK>IPBQQFKDP
2QRABKQPTFIID>FKRKABOPQ>KAFKDLC
QEBJ>FKQEBLOBQF@>ICO>JBTLOHP>KA
J>GLOBJMFOF@>IOBPRIQPQE>QOBI>QB
FKAFSFAR>IPJBQ>@LDKFQFLK
JLQFS>QFLK>KA>fB@QQLOB>ITLOIA
LRQ@LJBP?LQEFKBAR@>QFLK>I
PBQQFKDP>KALQEBO>OB>PLCIFCB
2QRABKQPTFIIIB>OKELTQEBLOFBP>KA
hKAFKDPFKQEBPBALJ>FKP@>K?B
@LK@OBQBIVRPBAQLFJMOLSB
FKPQOR@QFLK>KAMBOCLOJ>K@B>KA
@LJMIBQBhK>IMOLGB@QPQE>QOBNRFOB
>MMIVFKDOBPB>O@EFKQEBPB>OB>PQL
OB>ITLOIAMOL?IBJP2QRABKQPTFIIAL
@OFQF@>IOB>AFKDPLKOBPB>O@ELKQEFP
QLMF@
,?:ED
'C6C6BF:D:E6D
-LKB
*$ DDF6D:?5F42E:@?
3EFP@LROPBFP>?LRQQEBQEBLOV>KA
QEBMO>@QF@BLCCLOJ>QFSB>PPBPPJBKQ
3EBMO>@QF@BTFIIFKSLISB?OFKDFKD
QELPBQEBLOFBPQLIFCBFKQEB
@I>PPOLLJ/>OQF@FM>KQPTFII?B
OBNRFOBAQL>@QFSBIVFJMIBJBKQQEB
CLOJ>QFSB>PPBPPJBKQ@V@IBFKQEBFO
LTKQB>@EFKD.KIFKBQLLIPQE>Q
C>@FIFQ>QBQEBCLOJ>QFSB>PPBPPJBKQ
MOL@BPPTFII?BRPBA?VQEBQB>@EBOP
.KBPR@EQLLIQE>QTFII?BOBNRFOBAFP
22(23JBKQP/>OQF@FM>KQPTFIIAB@FAB
TE>QA>Q>QL@LIIB@QBS>IR>QB>KA
>K>IVWB3EBVTFII>K>IVWBQEBA>Q>FK
QEFP@I>PP>KATFQEQEBFOPQRABKQP
3EBVTFIIBU>JFKBQEBFOLTK
FKPQOR@QFLK?VSFABLQ>MFKD
QEBJPBISBP>KAPE>OFKDQEBFO
BUMBOFBK@BPTFQEQEBDOLRM
/>OQF@FM>KQPTFIIDLQEOLRDEQEBPB
PQBMPOBMB>QBAIVAROFKDQEB@LROPB
/>OQF@FM>KQPTFII?BOBNRFOBAQL
PVKQEBPFWB>KA@OFQFNRB@LROPB
J>QBOF>IPQEOLRDETOFQQBKAL@RJBKQP
>KACLOJ>I>KAFKCLOJ>I
MOBPBKQ>QFLKP
,?:ED
2VPQBJ
#VK>JF@P
**JDE6>J?2>:4D
@F?52E:@?$2?28:?8@>A=6I:EJ
6EVALPLJB?RPFKBPPBPDOLTTEFIB
LQEBOPPQ>DK>QBLOAB@IFKB6E>Q
@>RPBPLP@FII>QFLK>KA>JMIFh@>QFLK
QEBPL@>IIBA[?RIITEFM^FKPRMMIV
@E>FKP6EVALI>ODBP@>IBMOLGB@QP
PL@LJJLKIVLSBOLSBOORKQEBFO
?RADBQP>KAP@EBARIBP3EFP@LROPB
BUMILOBPQEB@LRKQBOFKQRFQFSB
AVK>JF@PLC@LJMIBULOD>KFW>QFLKP
>KAELTJ>K>DBOP@>KJ>HBQEB
AFfBOBK@B?BQTBBKPR@@BPP>KA
C>FIROB2QRABKQPIB>OKELTBSBK
PJ>II@E>KDBPFKLOD>KFW>QFLK>I
PQOR@QROB@>KMOLAR@BAO>J>QF@
@E>KDBPFKLOD>KFW>QFLK>I?BE>SFLO
1B>I@>PBP>KA@LJMRQBOPFJRI>QFLK
JLABIFKD@LJ?FKBCLO>KFKABMQE
BU>JFK>QFLKLCQEBCBBA?>@H@LK@BMQ
FK@LJMIBUPVPQBJP3LMF@PFK@IRAB
PRMMIV@E>FKAVK>JF@PMOLGB@Q
AVK>JF@P@LJJLAFQV@V@IBPKBT
MOLAR@QAFfRPFLK>KA?RPFKBPP
DOLTQE>KAAB@IFKB3EBBJME>PFP
QEOLRDELRQFPLKQEBRKFCVFKD
@LK@BMQPLCPVPQBJAVK>JF@P
,?:ED
 6/(">Q>ILD
*$@56=:?82?5
IA6C:>6?E2=?2=JD:D@7@>A=6I
'C@3=6>D
3EFP@LROPBAB>IPTFQEQEBE>KAPLK
ABQ>FIOBI>QBAQL>K>IVPFPLC@LJMIBU
MOL?IBJP>KAABPFDKLCMLIF@VCLO
@E>KDBQEOLRDE?RFIAFKDJLABIP>KA
BUMBOFJBKQFKDTFQEQEBJ3LMF@P
@LSBOBAFK@IRABPIF@FKD@LJMIBU
MOL?IBJP>KA@LKPQOR@QFKDOBCBOBK@B
JLABPDLFKDCOLJ>AVK>JF@
EVMLQEBPFPQL>CLOJ>IJLABI>KA
LOD>KFW>QFLKLC@LJMIBUJLABIP
PMB@Fh@>QFLKLCM>O>JBQBOP>KA
DO>MEF@>ICRK@QFLKP
BUMBOFJBKQ>QFLKPCLOJLABI
RKABOPQ>KAFKD@LKhABK@B?RFIAFKD
MLIF@VABPFDK>KAMLIF@V
FJMIBJBKQ>QFLK,LABIFKDBU>JMIBP
TFIIAO>TI>ODBIVCOLJMR?IF@MLIF@V
>DBKA>P
,?:ED
'C6C6BF:D:E6D
2#2VPQBJ#VK>JF@P%LRKA>QFLK
,>K>DFKD"LJMIBUFQV
**JDE6>J?2>:4D7@C
?D:89E
3EBL?GB@QFSBLCQEFP@LROPBFPQLEBIM
PQRABKQP>MMOB@F>QB>KAJ>PQBO
PVPQBJAVK>JF@PRKFNRBT>VLC
RPFKDLC@LJMRQBOPFJRI>QFLK
JLABIP3EB@LROPBMOLSFABPQLLIP
>KA>MMOL>@EBPCLO?RFIAFKD>KA
IB>OKFKDCOLJJLABIP3EB@LROPB
@LSBOPQEBRPBLCJLIB@RIBPLCPVPQBJ
AVK>JF@PPQOR@QROBQLFK@OB>PBJLABI
?RFIAFKDPMBBA>KAOBIF>?FIFQV(K
>AAFQFLKQEB@LROPB@LSBOPOB@BKQIV
ABSBILMBABFDBKS>IRB?>PBA
QB@EKFNRBPCLO>K>IVWFKDJLABIP>P
TBII>PJLOBQO>AFQFLK>I>MMOL>@EBP
,?:ED
'C6C6BF:D:E6D
2#2VPQBJ#VK>JF@P%LRKA>QFLK
,>K>DFKD"LJMIBUFQV>KA2#
,LABIFKD>KA$UMBOFJBKQ>I K>IVPFP
LC"LJMIBU/OL?IBJP
*$@56=?2=JD:D2?5
G2=F2E:@?+649?:BF6D
3EFP@LROPBCL@RPBPLK>K>IVPFPLC
JLABIPO>QEBOQE>K@LK@BMQR>IFW>QFLK
>KAJLABIABSBILMJBKQ(QMOLSFABP
QB@EKFNRBPCLOBUBO@FPFKDJLABIP
FJMOLSFKDQEBFONR>IFQV>KAD>FKFKD
>AABAFKPFDEQPFKQLTE>QJLABIP
E>SBQLP>V>?LRQ>MOL?IBJ%FSB
J>GLOQLMF@P>OB@LSBOBARPBLC
PR?P@OFMQP>@EFBSFKD>KAQBPQFKDCLO
OL?RPQKBPPRPBLCKRJBOF@>IA>Q>
PBKPFQFSFQV>K>IVPFP>KALMQFJFW>QFLK
@>IF?O>QFLKLCJLABIP3EBPR?P@OFMQP
AFP@RPPFLKMOLSFABPQB@EKFNRBPCLO
AB>IFKDTFQEABQ>FI@LJMIBUFQV?V
@E>KDFKDJLABIBNR>QFLKP?RQKLQ
>AAFKD>AAFQFLK>ICBBA?>@HPQOR@QROB
1L?RPQJLABIP>OB>@EFBSBA?VRPFKD
DLLAFKAFSFAR>IBNR>QFLK
CLOJRI>QFLKP>KAJ>HFKDPROBQE>Q
QEBVTLOHQLDBQEBOTBIIQELRDE
>RQLJ>QBA?BE>SFLO>IBUMBOFJBKQP
#>Q>BPMB@F>IIVQFJBPBOFBPA>Q>>OB
CRKA>JBKQ>IQLhKAFKD>KAhUFKD
PELOQ@LJFKDPFKJLABICLOJRI>QFLKP
2BKPFQFSFQVPFJRI>QFLKPBUMLPBQEBCRII
O>KDBLC?BE>SFLOQE>Q>JLABI@>K
BUEF?FQ%FK>IIVQEB?FDDBPQPB@QFLK
AB>IFKDTFQELMQFJFW>QFLK>KA
@>IF?O>QFLKLCJLABIPABSBILMP
QB@EKFNRBPCLO?LQEQBPQFKDJLABIP
>D>FKPQA>Q>>KAABSBILMFKDMLIF@FBP
QL>@EFBSBPMB@FhBADL>IP3ELRDE>
KRJ?BOLCPQ>QFPQF@>IFPPRBP>OB
QLR@EBARMLKAROFKDQEB@LROPB
LKIV>?>PF@HKLTIBADBLCPQ>QFPQF@P
>KAPQ>QFPQF@>IEVMLQEBPFPQBPQFKDFP
OBNRFOBA
,?:ED
'C6C6BF:D:E6D
2#2VPQBJ#VK>JF@P%LRKA>QFLK
,>K>DFKD"LJMIBUFQV>KA2#
,LABIFKD>KA$UMBOFJBKQ>I K>IVPFP
LC"LJMIBU/OL?IBJPLOMBOJFPPFLK
LCQEBFKPQOR@QLO
*)62=.@C=5*JDE6>
J?2>:4D
(KQEFP@LROPBPQRABKQPQ>@HIBOB>I
TLOIAFPPRBPTLOHFKDTFQEOB>I
J>K>DBOPLKQEBFOJLPQMOBPPFKD
@LK@BOKP,>KVPQRABKQP@ELLPBQL
TLOHLKFPPRBPFKQEBFOLTK
LOD>KFW>QFLKP.QEBOPQRABKQPE>SB
PBIB@QCOLJ>KRJ?BOLCMOLMLP>IP
MRQCLOT>OA?VJ>K>DBOPCOLJ>
S>OFBQVLC@LJM>KFBPPBBHFKD>
PVPQBJAVK>JF@P>MMOL>@EQL
FJMLOQ>KQFPPRBP2QRABKQP
BUMBOFBK@BQEBGLVP>KACORPQO>QFLKP
LCEBIMFKDMBLMIBhDROBLRQELTQL
?BQQBOJ>K>DBQEBFOLOD>KFW>QFLKPSF>
PVPQBJAVK>JF@P @@LOAFKDIVQEB
@LROPB@LSBOPQTLFJMLOQ>KQ>OB>P
@LKPRIQFKDFBEBIMFKDJ>K>DBOP
>KAQEBPVPQBJAVK>JF@PPQ>KA>OA
JBQELA>PBNRBK@BLCPQBMPIB>AFKD
COLJ>CRWWV[FPPRB>OB>^QEOLRDE
FK@OB>PFKD@I>OFQV>KARIQFJ>QBIVQL
PLIRQFLKOB@LJJBKA>QFLKP3EB
@LROPBMOLSFABP@IB>OMOLGB@QM>@FKD
>KAILQPLCPRMMLOQCOLJQEB
FKPQOR@QLOP>KACBIILTPQRABKQP(QFP
OB@LJJBKAQE>QPQRABKQPQ>HB2#
1B>I6LOIA2VPQBJ#VK>JF@P
QLT>OAQEBBKALCQEBFOPVPQBJ
AVK>JF@P@LROPBTLOH>PFQMOLSFABP>
K>QRO>IQO>KPFQFLKCOLJ@LROPBTLOHQL
PVPQBJAVK>JF@PMO>@QF@B
,?:ED
'C6C6BF:D:E6D
2#2VPQBJ#VK>JF@P%LRKA>QFLK
,>K>DFKD"LJMIBUFQV>KA2#
,LABIFKD>KA$UMBOFJBKQ>I K>IVPFP
LC"LJMIBU/OL?IBJP
 6/(">Q>ILD
**EC2E68:4$@56=:?82?5
FD:?6DDJ?2>:4D
3EBMBOCLOJ>K@BLChOJP>KA
FKARPQOFBPLSBOQFJBO>OBIVRKCLIAPFK
QEBT>VJ>K>DBJBKQQB>JPBUMB@Q
LOFKQBKA3EBMROMLPBLCPQO>QBDF@
JLABIFKD>KA?RPFKBPPAVK>JF@PFP
QLFKSBPQFD>QBAVK>JF@@LJMIBUFQV?V
?BQQBORKABOPQ>KAFKDELTQEBM>OQP
LC>KBKQBOMOFPBLMBO>QBhQQLDBQEBO
>KAFKQBO>@Q!VJLABIFKD>KA
PFJRI>QFKDQEBOBI>QFLKPEFMP>JLKD
QEBM>OQPTB@>K>KQF@FM>QBMLQBKQF>I
MOL?IBJP>SLFAPQO>QBDF@MFQC>IIP>KA
Q>HBPQBMPQLFJMOLSBMBOCLOJ>K@B
6BPQRAV>S>OFBQVLC?RPFKBPP
>MMIF@>QFLKP@LSBOFKDQLMF@PPR@E>P
@V@IF@>IFQVFKJ>KRC>@QROFKDJ>OHBQ
DOLTQE>KA@>MFQ>IFKSBPQJBKQ3EB
JLABIP>OBABIF?BO>QBIVPJ>II>KA
@LK@FPBPLQEBFOPQOR@QROB>KA
CLOJRI>QFLKP@>K?BMOBPBKQBAFKCRII
>KARPBAQLFIIRPQO>QBMOFK@FMIBPLC
JLABI@LK@BMQR>IFW>QFLKBNR>QFLK
CLOJRI>QFLK>KAPFJRI>QFLK>K>IVPFP
6B>IPLOBSFBTPLJBI>ODBOJLABIP
QE>Q>OLPBCOLJOB>ITLOIA
>MMIF@>QFLKPFK@IRAFKD>FOIFKBPQEBLFI
FKARPQOVQEB@EBJF@>IPFKARPQOV>KA
C>PQJLSFKD@LKPRJBODLLAP
2QRABKQPTLOHTFQEPBIB@QBA?RPFKBPP
MLIF@VMOL?IBJP?>PBALKDBKBOF@
PQOR@QROBPAFP@RPPBAFKQEBIBPPLKP
,?:ED
'C6C6BF:D:E6D
2#2VPQBJ#VK>JF@P%LRKA>QFLK
,>K>DFKD"LJMIBUFQV
*#2E6?E*ECF4EFC6D
,?:?E6?565@?D6BF6?46D2?5
'@=:4J
3EFP@LROPB>AAOBPPBPMLIF@V
OBPFIFBK@B>KARKFKQBKABA
@LKPBNRBK@BP>OFPFKDLRQLC>@QFLKP
QE>Q>OBKLQ@LDKFW>KQLCQEBI>QBKQ
PQOR@QROB@>RPFKDQEBMOL?IBJ K
>QQBJMQFPJ>ABQLFABKQFCVQEB
DBKBOF@PVPQBJPABP@OF?FKDPR@E
I>QBKQPQOR@QROBP3EBI>QBKQ
PQOR@QROBPAFP@RPPBAFK@IRAB>
PBIB@QFLKCOLJ@>M>@FQV@LKPQO>FKFKD
>KA@>M>@FQVBK>?IFKDPVPQBJP
OBPLRO@B>IIL@>QFLK>KAB@LKLJF@
@V@IBPLCS>OFLRPMBOFLAF@FQFBP
/OL?IBJPAFP@RPPBAFKIBPPLKP
FK@IRABMBPQPD>KDSFLIBK@B
QBOOLOFPJMLIFQF@>IFKPQ>?FIFQV
MOLCBPPFLK>I@LJMBQBK@BFK
LOD>KFW>QFLKPRO?>KAB@>V>KA
B@LKLJF@DOLTQE>KAOB@BPPFLKP
2QRABKQPTLOHTFQEPBIB@QBAMR?IF@
MLIF@VMOL?IBJPOBIBS>KQQLQEB
DBKBOF@I>QBKQPQOR@QROBPAFP@RPPBAFK
QEB@LROPB
,?:ED
'C6C6BF:D:E6D
2#2VPQBJ#VK>JF@P%LRKA>QFLK
,>K>DFKD"LJMIBUFQV2#
,LABIFKD>KA$UMBOFJBKQ>I K>IVPFP
LC"LJMIBU/OL?IBJP
* ?EC@5F4E:@?E@86?E
2D65$@56=:?8
3EBMROMLPBLCQEFP@LROPBFPQL
MOLSFABPQRABKQPTFQE>K
FKQOLAR@QFLKQLQEBhBIALC>DBKQ
?>PBA@LJMRQBOPFJRI>QFLKJLABIFKD
FKQEBPL@F>IP@FBK@BP3EB@LROPB
?BDFKPTFQE>KLRQIFKBLCQEBEFPQLOV
LCQEBhBIA>PTBII>PLCQEB
PFJFI>OFQFBP>KAAFfBOBK@BP?BQTBBK
>DBKQ?>PBA@LJMRQBOPFJRI>QFLK
JLABIFKD>KAPVPQBJAVK>JF@P
@LJMRQBOPFJRI>QFLKJLABIFKD K
FJMLOQ>KQDL>ILCQEB@LROPBFPQL
MOLSFABPQRABKQPTFQEDRFABIFKBPCLO
AB@FAFKDTEBKFQFPMOBCBO>?IBQL
>MMIV>DBKQ?>PBAJLABIFKD>KA
TEBKFQFPMOBCBO>?IBQL>MMIVPVPQBJ
AVK>JF@PJLABIFKDQL>M>OQF@RI>O
MOL?IBJ3EOLRDE>PBOFBPLCBU>JMIB
JLABIP>KAELJBTLOHBUBO@FPBP
PQRABKQP>OBFKQOLAR@BAQLQEB
PLCQT>OBQE>QFPRPBAFKQEB@LROPB
&BKBO>IIVPMB>HFKD>PQEB@LROPB
MOLDOBPPBPPQRABKQPTFII?B
FKQOLAR@BAQLFK@OB>PFKDIV
@LJMIF@>QBA>DBKQ?>PBAJLABIP
>KABUBO@FPBPPLQE>QQEBFOJLABIFKD
PHFIIPTFIIDOLT3EBDL>IFPQLFK@OB>PB
PQRABKQPJLABIFKDPHFIIPPLQE>QQEBV
TFIIBSBKQR>IIV?B>?IBQL@OB>QBQEBFO
LTK>DBKQ?>PBAJLABIPCOLJ
P@O>Q@E3EBOBJ>FKABOLCQEB@LROPB
FPABSLQBAQLBU>JFKFKDJLABIPLC
PL@FLB@LKLJF@MEBKLJBK>QE>Q
OBPFABTFQEFKQTL?OL>A@>QBDLOFBPLC
>DBKQ?>PBAJLABIP@BIIRI>O
>RQLJ>Q>JLABIP>KAJRIQF>DBKQ
JLABIP ILKDQEBT>VQEB@OLPP
@>QBDLOV@OLPPAFP@FMIFK>OV
MOFK@FMIBPLC>DBKQ?>PBAJLABIFKD
JF@OLIBSBI>DBKQPCLIILTFKDPFJMIB
ORIBPIB>AFKDQLJ>@OLIBSBI
@LJMIBUFQV>A>MQ>QFLKBSLISFKD
PQOR@QROBBJBODBK@BKLK
BODLAF@FQV>OBBJME>PFWBA
,?:ED
 6/(">Q>ILD
**EC2E68JJ?2>:4D
3EFP@LROPBMOLSFABP>OFDLOLRPPBQLC
CO>JBTLOHPCLOABPFDKFKD>MO>@QF@>I
M>QEQLFJMOLSBMBOCLOJ>K@B?LQE
FK?RPFKBPP>KAKLK@LJJBO@F>I
LOD>KFW>QFLKP3EBJBQELA?RFIAPLK
BUFPQFKDPQO>QBDV@LK@BMQP?RQJLSBP
PR?PQ>KQF>IIV?BVLKAQEBJ?VRPFKD
QEBPVPQBJAVK>JF@PJBQELAQL
RKABOPQ>KA>KAAFOB@QMBOCLOJ>K@B
QEOLRDEQFJB3LMF@P@LSBOBAFK@IRAB
PQO>QBDVMBOCLOJ>K@B>KAOBPLRO@BP
OBPLRO@BP>KA>@@RJRI>QFLKQEB
=2QO>QBDF@ O@EFQB@QROBOBPLRO@B
ABSBILMJBKQOFS>IOV>KAQEB
AVK>JF@PLC@LJMBQFQFLKPQO>QBDV
MLIF@V>KAFKCLOJ>QFLKCBBA?>@H
OBPLRO@B>QQOF?RQBPFKQ>KDF?IB
OBPLRO@BPPQO>QBDV@>M>?FIFQFBP>KA
LOD>KFW>QFLKFKARPQOVAVK>JF@P>KA
P@BK>OFLP">PBPQRAFBP>KAJLABIP
>OB>PPFDKBAQLPQRABKQPCLO>K>IVPFP
,?:ED
*?6C8J2?5?G:C@?>6?E2=
J?2>:4D
3EFP@LROPBEBIMPPQRABKQPABSBILM
RKABOPQ>KAFKD>KAMOLh@FBK@VFK
PVPQBJAVK>JF@PPFJRI>QFLKLC
BKBODV>KABKSFOLKJBKQ>IMOL?IBJP
3EBJ>GLOFQVLCQEB@LKQBKQFP
ABSLQBAQL@>PBPQRAFBPQE>QCL@RPLK
BKBODVT>QBO>KABKSFOLKJBKQ>I
MOL?IBJP,>GLO?RPFKBPP
>MMIF@>QFLKPAB>ITFQE?LLJ>KA
?RPQFKMLTBOMI>KQ@LKPQOR@QFLK>KA
>PFJFI>OM>QQBOKLC?LLJ>KA?RPQFK
OB>IBPQ>QB@LKPQOR@QFLK3EBQBUQ
RPBAFP%LOA KAOBT
,LABIFKDQEB$KSFOLKJBKQKA
$AFQFLK(PI>KA/OBPP3EB?LLHP
TB?PFQBEQQMTTT
TPRBAR<CLOA> KAEQJI
MOLSFABPJLABIhIBP?>@HDOLRKALK
QEB@>PBPQRAFBP>KA>TFABS>OFBQVLC
BUQO>BUBO@FPBP%LOBU>JMIB
2QRABKQPFKQBOBPQBAFKT>QBOOBPLRO@B
J>K>DBJBKQ@>KPFJRI>QBQEB
@LJMIBUQO>ABLfPFKQEB
J>K>DBJBKQLCI>ODBOFSBO?>PFKP
PQRABKQPFKQBOBPQBAFKT>QBONR>IFQV
@>KBUMBOFJBKQTFQEJLABIPLC
>@@BIBO>QBABRQOLMEF@>QFLKLCCOBPE
T>QBOI>HBP EFDEIFDEQLC2#FP>
@I>PPMOLGB@Q.KBLMQFLKFPQLPBIB@Q
LKBLCQEBJLOB@E>IIBKDFKDPBQPLC
BUBO@FPBPCOLJQEB?LLHLOQEB
?LLHPTB?PFQB2R@E>MOLGB@QFP
LCQBKQEB?BPQT>VQL@LK@IRAB
2#CLOPQRABKQPTEL>OBKBTQL
PVPQBJAVK>JF@P3EBLQEBOLMQFLKFP
QLFJMOLSBLKBLCQEBJLABIPCOLJ
QEB?LLHLOQEBTB?PFQB3EFPLMQFLK
FPRPR>IIV?BPQCLOPQRABKQPTFQE
MOBSFLRP@LROPBTLOHFKPVPQBJ
AVK>JF@P3EBFOMOLGB@QOBMLOQTFII
BUMI>FKTEVQEBFOPFJRI>QFLKP>OB>K
FJMOLSBJBKQLKQEBMR?IFPEBA
PFJRI>QFLKP KAQEBVTFIIBUMI>FK
TEBQEBOQEB@LK@IRPFLKPCOLJQEBFO
JLABIFKDOBFKCLO@BLO@LKQO>AF@QQEB
@LK@IRPFLKPCOLJQEB?LLH
,?:ED
'C6C6BF:D:E6D
2#LOMBOJFPPFLKLCQEB
FKPQOR@QLO
*'C@;64EJ?2>:4D
3EFP@LROPBTFIIFKQOLAR@BPQRABKQPQL
QEBCRKA>JBKQ>IAVK>JF@PQE>QAOFSB
MOLGB@QMBOCLOJ>K@BFK@IRAFKDQEB
OBTLOH@V@IBCBBA?>@HBfB@QP>KA
FKQBOME>PB[HKL@HLK^BfB@QP3LMF@P
@LSBOBAFK@IRABAVK>JF@MOLGB@Q
MOL?IBJP>KAQEBFO@>RPBPQEB
OBTLOH@V@IB>KACBBA?>@HBfB@QP
HKL@HLKBfB@QP?BQTBBKMOLGB@Q
ME>PBPJLABIFKDQEBAVK>JF@P
CBBA?>@HBfB@QPP@EBARIBMOBPPROB
>KAPQ>gKDP@EBARIB@E>KDBPFKQBO
ME>PBABMBKABK@FBP>KA
MOB@BABK@BPQO>QBDF@MOLGB@Q
J>K>DBJBKQMOLGB@QMI>KKFKD
MOLGB@QMOBM>O>QFLKOFPH
J>K>DBJBKQMOLGB@Q>A>MQ>QFLK>KA
BUB@RQFLK@OLPPMOLGB@QIB>OKFKD
JRIQFMOLGB@QFPPRBP PFJMIBMOLGB@Q
JLABITFII?B@OB>QBA>KARPBAFK
>PPFDKJBKQPQLFIIRPQO>QBQEB
MOFK@FMIBPLC[PQO>QBDF@MOLGB@Q
J>K>DBJBKQ^">PBBU>JMIBPLC
AFfBOBKQ>MMIF@>QFLKPTFII?B
AFP@RPPBA
,?:ED
'C6C6BF:D:E6D
2#2VPQBJ#VK>JF@P%LRKA>QFLK
,>K>DFKD"LJMIBUFQV
 6/(">Q>ILD
*$24C@64@?@>:4J?2>:4D
3EBOB>OBQEOBBM>OQPQLQEFP@LROPB
3EBhOPQ>@NR>FKQP>PQRABKQTFQE
AVK>JF@J>@OLB@LKLJF@A>Q>>KA
QEBPQVIFWBAC>@QPPBBKFKJLPQ
J>@OLB@LKLJF@PVPQBJP
"E>O>@QBOFPQF@PLCQEBA>Q>OBI>QBAQL
B@LKLJF@DOLTQEB@LKLJF@@V@IBP
>KAQEBFKQBO>@QFLKP?BQTBBK
B@LKLJF@DOLTQE>KAB@LKLJF@
@V@IBPQE>Q>OBPBBK>PM>OQF@RI>OIV
FJMLOQ>KQTEBKSFBTBAQEOLRDEQEB
IBKPLCPVPQBJAVK>JF@PTFII?B
BJME>PFWBA3EBPB@LKA>@NR>FKQP>
PQRABKQTFQEQEB?>PF@PLC
J>@OLB@LKLJF@DOLTQE>KA?RPFKBPP
@V@IBQEBLOV3EFPFP>@@LJMIFPEBA?V
MOBPBKQFKDTBIIHKLTKJLABIPLC
B@LKLJF@DOLTQE>KAFKPQ>?FIFQV
COLJ?LQEQEBLOQELALU>KA
EBQBOLALUMBOPMB@QFSBPSF>PVPQBJ
AVK>JF@P3EBQEFOAM>OQ>QQBJMQPQL
BKE>K@B>PQRABKQP>?FIFQVQL?RFIA
>KA@OFQFNRBAVK>JF@
J>@OLB@LKLJF@JLABIP?V
>AAOBPPFKDPR@EQLMF@P>PQEB
QO>KPI>QFLKLCAFfBOBK@B>KA
AFfBOBKQF>IBNR>QFLKJLABIPFKQL
QEBFOBNRFS>IBKQPVPQBJAVK>JF@P
OBMOBPBKQ>QFLKhQQFKDPVPQBJ
AVK>JF@PJLABIPQLJ>@OLB@LKLJF@
A>Q>>KABS>IR>QFKDCLOJ>IIV>KA
FKCLOJ>IIV>JLABIPS>IFAFQVCLOQEB
MROMLPBLCQEBLOVPBIB@QFLK
,?:ED
'C6C6BF:D:E6D
2#2VPQBJ#VK>JF@P%LRKA>QFLK
,>K>DFKD"LJMIBUFQV
**A64:2=+@A:4D
2VPQBJP
$KDFKBBOFKD
*0*@?46AED@7*JDE6>D
?8:?66C:?8
2VPQBJP$KDFKBBOFKDFP>
JRIQFC>@BQBAAFP@FMIFKBFKSLISFKD
ERJ>KLOD>KFW>QFLK>I>KAS>OFLRP
QB@EKF@>IS>OF>?IBPQE>QTLOH
QLDBQEBOQL@OB>QB@LJMIBUPVPQBJP
3EFP@LROPBFP>KFKQOLAR@QFLK>KA
LSBOSFBTLCQEBJBQELAP>KA
AFP@FMIFKBPQE>QPVPQBJPBKDFKBBOP
RPBQLABhKBABSBILM>KAABMILV
PVPQBJP(QFK@IRABPPMB@Fh@
FKQBDO>QBABU>JMIBPMOLGB@QP>KA
QB>J?RFIAFKDBUBO@FPBPQL>FAFK
RKABOPQ>KAFKD>KA>MMOB@F>QFKD
CRKA>JBKQ>IMOFK@FMIBP3LMF@P
@LSBOBAFK@IRAB(KQOLAR@QFLKQL
2VPQBJP$KDFKBBOFKD1BNRFOBJBKQP
#BSBILMJBKQ%RK@QFLK>I K>IVPFP
>KA1BNRFOBJBKQP IIL@>QFLK2VPQBJ
O@EFQB@QROB>KA2VPQBJ#BPFDK
(KQBDO>QFLK5BOFh@>QFLK>KA
5>IFA>QFLK3O>AB2QRAFBP2VPQBJP
K>IVPFP,LABIFKD>KA2FJRI>QFLK
2MB@F>IQV$KDFKBBOFKD1FPH
,>K>DBJBKQ>KA3B@EKF@>I/I>KKFKD
>KA,>K>DBJBKQ
,?:ED
'C6C6BF:D:E6D
>KRKABODO>AR>QBABDOBBFK
BKDFKBBOFKDLOP@FBK@BLOMBOJFPPFLK
LCQEBFKPQOR@QLO
*0*FD:?6DD'C24E:46D
3EFP@LROPBFKQOLAR@BPPQRABKQPQL
QEB?RPFKBPP>PMB@QPLC2VPQBJP
$KDFKBBOFKD2$>KAFPABPFDKBAQL
EBIM2$MOLCBPPFLK>IPFKQBDO>QB
2VPQBJP$KDFKBBOFKD@LK@BMQPFKQL>
MOLCBPPFLK>I?RPFKBPPMO>@QF@B
BKSFOLKJBKQ>KAQLFJMOLSBPVPQBJP
BKDFKBBOPRKABOPQ>KAFKD
CRKA>JBKQ>I?RPFKBPPMO>@QF@BP>KA
QEBFOOBI>QFLKPEFMQLPVPQBJP
BKDFKBBOFKD3EFP@LROPBTFII@LSBO
ELTQLMOBM>OB>KABS>IR>QB
MOLCBPPFLK>INR>IFQV?RPFKBPPMI>KP
MOLGB@Q?RADBQPhK>K@F>IMOLMLP>IP
QFJBIFKBP>KAQB@EKF@>ILRQIFKBP3EFP
@LROPBTFII>IPL@LSBOQLMF@PPR@E>P
TLOHFKDTFQEPQ>HBELIABOP
RKABOPQ>KAFKD@LJMBQFQFSB
>AS>KQ>DB>KAMBO@BFSBAS>IRBLC
PVPQBJPBKDFKBBOFKDS>OFLRPOLIBPLC
PVPQBJPBKDFKBBOPCOLJ>?RPFKBPP
MO>@QF@BPMBOPMB@QFSB@LKQO>@QFKDCLO
PVPQBJPBKDFKBBOFKDPBOSF@BPELT
PVPQBJPBKDFKBBOPFJM>@Q>KA>OB
FJM>@QBA?VQEBS>OFLRP@LOMLO>QB
LMBO>QFKDAFSFPFLKP>KAELTQL
BKPROBNR>IFQV@LKQOLI3EB@LROPBTFII
@LKPFPQLCIB@QROBP@>PBPQRAFBP@I>PP
MOLGB@QP>KAPQRABKQMOBPBKQ>QFLKP
,?:ED
 6/(">Q>ILD
*0**JDE6>DC49:E64EFC62?5
6D:8?
3EFP@LROPBTFIIPQRAV>KA@LKQO>PQ
S>OFLRPFJMLOQ>KQ>O@EFQB@QRO>I
CO>JBTLOHPOBMOBPBKQ>QFLKPQLLIP
>KAJBQELALILDFBPFKLOABOQL
MOLSFABP@>I>?IB>KAiBUF?IB
>MMOL>@EBPCLOBKQBOMOFPBPLMBO>QFKD
FKAVK>JF@>KA@LJMIBU
BKSFOLKJBKQP$KQBOMOFPBIBSBI
PVPQBJ>O@EFQB@QFKDQLLIPTFII?B
AFP@RPPBA>KAABJLKPQO>QBA Q>
JFKFJRJQEB#L# %%$ %
9>@EJ>K>KA3.& %>O@EFQB@QRO>I
CO>JBTLOHPTFII?BAFP@RPPBAFK
ABMQE.QEBOQLMF@PTFIIFK@IRAB
>K>IVPFPLC>O@EFQB@QRO>I>IQBOK>QFSBP
QLJBBQMEVPF@>I>KAILDF@>I
L?GB@QFSBP>KAMOLSFAFKDFKCLOJ>QFLK
>KAPVPQBJP>PPRO>K@BFK>K
BKSFOLKJBKQQE>QQ>HBPMBLMIB
MOL@BPPBP>KAQB@EKLILDVFKQL
>@@LRKQ,LABIFKDQLLIPPR@E>P
4,+2VP,+>KAQEBRPBLCJLABI
AOFSBK>O@EFQB@QROBPTFII?B
MOBPBKQBA5>IFA>QFLKLCQEB
>O@EFQB@QROBTFQEPQ>HBELIABOPTFII?B
AFP@RPPBA,BQELAPLCFABKQFCVFKD
OFPHP>KALMMLOQRKFQFBP>PPL@F>QBA
TFQEQEB>O@EFQB@QRO>I@ELF@BTFII?B
BUMILOBA/O>@QF@>IBU>JMIBPTFII?B
FK@IRABACLOFIIRPQO>QFLK
,?:ED
'C6C6BF:D:E6D
282"LK@BMQPLC2VPQBJP
$KDFKBBOFKDLO>KLQEBOFKQOLAR@QLOV
@LROPBFK2VPQBJP$KDFKBBOFKD
*0**JDE6>D ?E68C2E:@?
-6C:O42E:@?2?5-2=:52E:@?
3EFP@LROPBBU>JFKBPQEBRPBLC
2VPQBJP$KDFKBBOFKDMOFK@FMIBP>KA
?BPQMO>@QF@BPTFQEOBPMB@QQL
PVPQBJP>KAPVPQBJPLCPVPQBJP
SBOFh@>QFLK>KAS>IFA>QFLK5555
MOL@BPPBP>@QFSFQFBP>KAJBQELAP>P
QEBV>MMIV>@OLPPQEBMOLAR@Q
IFCB@V@IBTFII?BBU>JFKBA">PB
PQRAFBPM>MBOP>KABUBO@FPBPTFII?B
RPBAQLBU>JFKBQEBPR@@BPP>KA
C>FIROBLCSBOFh@>QFLKS>IFA>QFLK>KA
QBPQMOL@BPPBP"LROPBQLMF@PFK@IRAB
'LTB>OIVPVPQBJPBKDFKBBOFKD
>@QFSFQFBP>KAPLIRQFLKPBQP>fB@Q
FKQBDO>QFLKSBOFh@>QFLKS>IFA>QFLK
>KAQBPQ55>@QFSFQFBPOBI>QFSBQL
MOLAR@QABSBILMJBKQME>PBP
,LABIFKDNR>IFQV@LPQQFJB>KAOFPH
3BPQFKD>KAKLKQBPQFKDJBQELAP
55MI>KKFKDBUB@RQFLK>KA
OBMLOQFKD2VPQBJPFKQBDO>QFLK>KA
55LC@OFQF@>I>KA@LJMIBU
PVPQBJP
,?:ED
'C6C6BF:D:E6D
282"LK@BMQPLC2VPQBJP
$KDFKBBOFKD
*0*)6BF:C6>6?ED
?8:?66C:?8
1BNRFOBJBKQPAOFSBPVPQBJABhKFQFLK
>KAABSBILMJBKQ/OLMBOIVJ>K>DBA
OBNRFOBJBKQP@LKQOF?RQBQLMOLGB@Q
PR@@BPPTEFIBMLLOIVABhKBA>KA
MLLOIVJ>K>DBAOBNRFOBJBKQPLCQBK
IB>AQLMOLGB@QC>FIROB,LABOK
PVPQBJP>OBABJ>KAFKDBSBKJLOB
>QQBKQFLKQLMOLMBOOBNRFOBJBKQP
ABhKFQFLK>KAJ>K>DBJBKQ3EFP
@LROPBMOLSFABPMOL@BPPBP
QB@EKFNRBP>KA?BPQMO>@QF@BP
KB@BPP>OVQLABSBILM>KAJ>K>DB
OBNRFOBJBKQPFKQLA>VP@LJMIBU
BKSFOLKJBKQP
,?:ED
'C6C6BF:D:E6D
282"LK@BMQPLC2VPQBJP
$KDFKBBOFKD%LOJBOIV2821
*0**JDE6>&AE:>:K2E:@?
3EFP@LROPB@LSBOP?LQEQEBMOFK@FMIBP
>KAMO>@QF@BPLCPVPQBJLMQFJFW>QFLK
3EB@LROPBFK@IRABP?LQEQO>AFQFLK>I
J>QEBJ>QF@>IQOB>QJBKQPLC
LMQFJFW>QFLKFK@IRAFKDIFKB>O
MOLDO>JJFKDKLKIFKB>O
MOLDO>JJFKDFKQBDBOMOLDO>JJFKD
PQL@E>PQF@JBQELAPPR@E>P,LKQB
">OILJBQELAPJRIQFL?GB@QFSB
PVPQBJLMQFJFW>QFLKA>Q>BKSBILMB
>K>IVPFP>KAMO>@QF@>IE>KAPLK
>MMIF@>QFLKTFQEJ>KVOB>ITLOIA
BU>JMIBP>KAPQRABKQMOLGB@QP
BUBO@FPBP0R>IFQ>QFSB>PTBII>P
NR>KQFQ>QFSB>MMOL>@EBPTFII?B
AFP@RPPBA3EB@LROPB?BDFKPTFQE>K
FKQOLAR@QFLK>KAABhKFQFLKPLC
PVPQBJLMQFJFW>QFLK>KAPVPQBJ
LMQFJFW>QFLK(QQEBKMOL@BBAPQL
BUMI>FKQEBQO>AFQFLK>IJ>QEBJ>QF@>I
QLLIP>KAJLABIPRPBAFKPVPQBJ
LMQFJFW>QFLKFK@IRAFKDIL@>QFLK
>IIL@>QFLKP@EBARIFKD>KA?IBKAFKD
JLABIP>PTBII>PPBKPFQFSFQV>K>IVPFP
>KAKBQTLOHJLABIP.MQFJFWBA
ABPFDKFP@LSBOBAKBUQ3EB@LROPB
TFII@LK@IRABTFQEPBSBO>IJRIQF
L?GB@QFSBLMQFJFW>QFLKMOL?IBJP
2QRABKQMOLGB@QP>KAOB>ITLOIA
BU>JMIBPTFII?BEB>SFIVBJME>PFWBA
QB@EKF@>IRKABODO>AR>QBABDOBB
! LO!2LOBNRFS>IBKQFP>
MOBOBNRFPFQBCLOQEFP@LROPB
,?:ED
'C6C6BF:D:E6D
282
 6/(">Q>ILD
*0*$@56=2D65*JDE6>D
?8:?66C:?8
,LABI?>PBAPVPQBJPBKDFKBBOFKD
,!2$CLOJ>IFWBPQEBMO>@QF@BLC
PVPQBJPBKDFKBBOFKDQEOLRDEQEBRPB
LCJLABIP3EFP@LROPBFPFKQBKABAQL
>KPTBOQEBTEVTE>Q>KAELTLC
,!2$>KAMOLSFABP?>@HDOLRKA>KA
JLQFS>QFLKCLOQO>KPFQFLKFKDCOLJ>
AL@RJBKQ@BKQOF@>MMOL>@EQL>
JLABI?>PBA>MMOL>@EQLPVPQBJP
BKDFKBBOFKD3EB@LROPBMOLSFABP>
CLRKA>QFLKCLO,!2$?VFKQOLAR@FKD
2VP,+>P>ABP@OFMQFSBI>KDR>DBCLO
JLABIFKDPVPQBJP>KA>JBQELACLO
>MMIVFKD2VP,+QLPRMMLOQQEB
PMB@Fh@>QFLK>O@EFQB@QROBABPFDK
>KA>K>IVPFPLC@LJMIBUPVPQBJP3EB
@LROPB>IPLFKQOLAR@BPLQEBO
FJMLOQ>KQ>PMB@QPLCFJMIBJBKQFKD
,!2$FK@IRAFKDLOD>KFW>QFLK>I>KA
MOLGB@QMI>KKFKD@LKPFABO>QFLKP3EB
@LROPBFK@IRABP>@LJ?FK>QFLKLC
PIFABMOBPBKQ>QFLKPQLFKQOLAR@BQEB
CRKA>JBKQ>IP@LRMIBATFQE@I>PP
BUBO@FPBP>KA>@I>PPMOLGB@QQLEBIM
QEBPQRABKQDO>PMQEBCRKA>JBKQ>IP
JLABIFKDQLLIFPBUMB@QBAQL?B
RPBACLOQEB@I>PPMOLGB@Q
,?:ED
'C6C6BF:D:E6D
282"LK@BMQPLC2VPQBJP
$KDFKBBOFKD
*0* ?EC@5F4E:@?E@*JDE6>D
+9:?<:?8
2VPQBJP3EFKHFKDMOLSFABP>K>OPBK>I
LCQLLIPQE>QBK>?IBMOLDO>J
J>K>DBOP>KAPVPQBJPBKDFKBBOPQL
?BQQBOFABKQFCVRKABOPQ>KA>KA
@LKQOLIPVPQBJP>KAQLFJMOLSBQEBFO
MBOCLOJ>K@B(KQEFP@LROPBTBTFII
PQRAVPVPQBJFABKQFh@>QFLK>KA
ABIFKB>QFLK@>RP>IILLMP>KA
CBBA?>@HPVPQBJIBSBO>DBMLFKQP
ABI>VP>KALP@FII>QFLKPJBKQ>I
JLABIP>KARKFKQBKABA
@LKPBNRBK@BPBJBODBKQMOLMBOQFBP
M>QQBOKPBSBKQP>KAPBIC
LOD>KFW>QFLK>KARPBQEBPBQLLIPQL
FJMOLSBQEBMBOCLOJ>K@BLC
BKDFKBBOFKD?FLILDF@>I?RPFKBPP>KA
@LJMIBUPL@F>IPVPQBJP6BTFII
BUMILOBDOB>QPVPQBJC>FIROBPELT
QEBVJFDEQE>SB?BBK>SLFABA>KA
ELTTB@>KIB>OKCOLJQEBJFK
ABSBILMFKD>KAM>OQF@FM>QFKDFK
@ROOBKQPVPQBJP%FK>IIVTBTFIIIB>OK
ELTPVPQBJPQEFKHFKDBUMI>FKPQEB
@LKiF@QFKD?BE>SFLOLCFKAFSFAR>IP
ABM>OQJBKQP?RPFKBPPBP>KA
@LRKQOFBP
,?:ED
*0**A64:2=+@A:4D
,?:ED
*0**JDE6>D?8:?66C:?8
2ADE@?6IA6C:6?46
.KBLCQEB@BKQO>IMOFLOFQFBPFK6/(P
BAR@>QFLK>IMEFILPLMEVFPQEB
>MMIF@>QFLKLC>@>ABJF@PHFIIP>KA
HKLTIBADBQLOB>ITLOIAMOL?IBJP
3EB@>MPQLKBMOLGB@QOBMOBPBKQP>
PR?PQ>KQFSBBS>IR>QFLK>KA
>MMIF@>QFLKLC@LROPBTLOH@LSBOBAFK
QEBMOLDO>J2QRABKQP>OB
BK@LRO>DBAQLPBIB@QMOLGB@QPTFQE
MO>@QF@>IPFDKFh@>K@BCLOQEB
>AS>K@BJBKQLCQEBFO@LJM>KVP
@LJMBQFQFSBMLPFQFLK>PTBII>PQEBFO
LTKMBOPLK>IABSBILMJBKQ3EB
MOLGB@QFP>AJFKFPQBOBA>ASFPBA>KA
BS>IR>QBA?V6/(>PM>OQLCQEB
IB>OKFKDBUMBOFBK@B?RQPQRABKQP>OB
BK@LRO>DBAQLPBBHJBKQLOPEFMCOLJ
BUMBOFBK@BA@LIIB>DRBPFKQEB
2VPQBJP$KDFKBBOFKDMOLCBPPFLK3EB
MOBPBK@BLCLOABDOBBLC
M>OQF@FM>QFLKCOLJ>JBKQLOFPJ>AB
>QQEBAFP@OBQFLKLCQEBPQRABKQLOQEB
LOD>KFW>QFLKPMLKPLOFKDQEB
MOLDO>J
,?:ED
'C6C6BF:D:E6D
282"LK@BMQPLC2VPQBJP
$KDFKBBOFKD
*0*2?5*0*C25F2E6
*6>:?2CD
3EBDO>AR>QBPBJFK>OPBOFBPTFII?B
MOBPBKQBA?VOB@LDKFWBABUMBOQPFK
S>OFLRPhBIAPLC2VPQBJP$KDFKBBOFKD
>KAOBI>QBAAFP@FMIFKBP II2$/E#
PQRABKQP>OBOBNRFOBAQLQ>HBQTL
LfBOFKDPLCQEB2$PBJFK>O@LROPB
$>@ELfBOFKDTFII?BDO>ABA/>PP%>FI
,?:ED
*0* ?56A6?56?E*EF5J
MMOLSBAPQRAVLC>PMB@F>IPR?GB@Q
LOQLMF@PPBIB@QBA?VQEBPQRABKQQL
JBBQEFPLOEBOM>OQF@RI>O
OBNRFOBJBKQPLOFKQBOBPQP
(KABMBKABKQPQRAVPQRABKQPTFII
TLOHRKABOQEBAFOB@QPRMBOSFPFLKLC
>6/($"$,$LO"2C>@RIQVJBJ?BO
,?:ED
 6/(">Q>ILD
*0*:C64E65)6D62C49
#FOB@QBAOBPB>O@EPQRABKQPTFIITLOH
RKABOQEBAFOB@QPRMBOSFPFLKLC>6/(
$"$,$LO"2C>@RIQVJBJ?BOLK>K
BUMBOFJBKQ>ILOQEBLOBQF@>IMOL?IBJ
TEF@EJ>VFKSLISB>KBUQBKPFSB
IFQBO>QROBPB>O@EBUMBOFJBKQ>I
MOL@BAROBP>KA>K>IVPFP 
@LJMOBEBKPFSBOBMLOQFKQEBPQVIBLC
>QB@EKF@>IOBMLOQLOM>MBO>KA>K
LO>IMOBPBKQ>QFLK>OBOBNRFOBA
,?:ED
*0*+96D:D
,?:ED
'C6C6BF:D:E6D
@@BMQBAQL2VPQBJP$KDFKBBOFKD
,2ABDOBBMOLDO>J
*0*'9:DD6CE2E:@?
1BPBOSBACLO/E#@>KAFA>QB
OBPB>O@E MMOLS>ILCQEB/E#
OBPB>O@E>ASFPLOFPOBNRFOBA
,?:ED
6OFQFKD61
>KA1EBQLOF@
1'
.)*A64:2=+@A:4D:?.C:E:?8
2?5@>>F?:42E:@?
3EBMROMLPBLCQEFP@LROPBFPQLLfBO
LMMLOQRKFQFBPQLDO>AR>QBPQRABKQP
QLBUMILOB>KAABSBILMQEBFOPHFIIPFK
TOFQFKD>KA@LJJRKF@>QFLK3EB
@LROPB@LKQBKQ>KACLOJ>QS>OVQL
PRFQQEBFKQBOBPQP>KAKBBAPLCQEB
C>@RIQV>KAPQRABKQP3LMF@PJ>V
FK@IRABQB@EKF@>ITOFQFKDP@FBK@B
TOFQFKDEB>IQE@LJJRKF@>QFLK
MR?IF@RKABOPQ>KAFKDLCP@FBK@B
ABPFDKLC@LJJRKF@>QFLK>KA
@LJJRKF@>QFKDOFPH>KABQEF@PFK
QB@EKLILDVABPFDK"LKQ>@QQEB
'RJ>KFQFBP>KA OQP#BM>OQJBKQLO
QEB/OLCBPPFLK>I6OFQFKD/OLDO>JCLO
@ROOBKQQLMF@LfBOFKDP
,?:ED
 6/(">Q>ILD