Thermador | CEM365FS | Use&Care Manual | Thermador CEM365FS Use&Care Manual

., ' +
&'.%
BE ?86GE<6 BB>GBCF
&B78?
&,
& ,
.F8 4A7 4E8 &4AH4?
H<78 7HG<?<F4G<BA 8G 78AGE8G<8A
&4AH4? 78 HFB L 6H<747B
# )
h h h h #)
h h h h h 6@
*12<5 ?6 ?>D5>DC
)165DI
=@?BD1>D )165DI >CDBE3D9?>C
4HF8F B9 74@4:8
_5DD9>7 CD1BD54
5DD9>7 61=9<91B G9D8 D85 E>9D
BAGEB? )4A8?
_%@5B1D9?>
)5DD9>7 D85 3??;D?@
,8GG<A: 8?8@8AG
-45?8
_<51>9>7 1>4 #19>D5>1>35
<51>9>7
4<?L ?84A<A:
?84A<A: :H<7?<A8F
#19>D5>1>35
_)5BF935
ECD?=5B C5BF935
)**#$* % "#* &(%+* -(($*/
)165DI
=@?BD1>D )165DI >CDBE3D9?>C
+ ' ,/ -!, "',-+.-"(',
>CD1<<1D9?>
-($$ l0;8A CEBC8E?L 64E87 9BE LBHE A8J 4CC?<4A68 ;4F 588A
78F<:A87 GB 58 F498 4A7 E8?<45?8 +847 4?? <AFGEH6G<BAF 64E89H??L 589BE8 HF8
-;8F8 CE864HG<BAF J<?? E87H68 G;8 E<F> B9 5HEAF 8?86GE<6 F;B6> 9<E8 4A7
<A=HEL GB C8EFBAF 0;8A HF<A: ><G6;8A 4CC?<4A68F 54F<6 F498GL CE864HG<BAF
@HFG 58 9B??BJ87 <A6?H7<A: G;BF8 <A G;8 9B??BJ<A: C4:8F
-;<F 4CC?<4A68 @HFG 58 CEBC8E?L <AFG4??87 4A7 :EBHA787 5L 4 DH4?<9<87 G86;A<6<4A
BAA86G BA?L GB CEBC8E?L :EBHA787 BHG?8G
!4I8 G;8 <AFG4??8E F;BJ LBH G;8 ?B64G<BA B9 G;8 6<E6H<G 5E84>8E BE 9HF8 &4E> <G 9BE
84FL E898E8A68 +898E GB "AFG4??4G<BA "AFGEH6G<BAF 9BE 78G4<?
>D5>454 +C5
-;<F 4CC?<4A68 <F <AG8A787 9BE ABE@4? ;BHF8;B?7 HF8 BA?L "G <F ABG 4CCEBI87 9BE
BHG7BBE HF8 ,88 G;8 04EE4AGL "9 LBH ;4I8 4AL DH8FG<BAF 6BAG46G G;8
@4AH946GHE8E
89<4 )165DI
-($$ l.F8 G;<F 4CC?<4A68 BA?L 9BE <GF <AG8A787 HF8 4F 78F6E<587 <A
G;<F @4AH4? '8I8E HF8 G;<F 4CC?<4A68 4F 4 FC468 ;84G8E GB ;84G BE J4E@
G;8 EBB@ B<A: FB @4L E8FH?G <A BI8E;84G<A: G;8 4CC?<4A68 '8I8E HF8 G;8
4CC?<4A68 9BE FGBE4:8
B ABG 4??BJ 6;<?7E8A GB HF8 G;<F 4CC?<4A68 HA?8FF 6?BF8?L FHC8EI<F87 5L 4A 47H?G
;<?7E8A 4A7 C8GF F;BH?7 ABG 58 ?89G 4?BA8 BE HA4GG8A787 <A G;8 4E84 J;8E8 G;8
4CC?<4A68 <F <A HF8 -;8L F;BH?7 A8I8E 58 4??BJ87 GB C?4L <A <GF I<6<A<GL J;8G;8E BE
ABG G;8 4CC?<4A68 <F <A HF8
0;8A 6;<?7E8A 586B@8 B?7 8ABH:; GB HF8 G;8 4CC?<4A68 <G <F G;8 ?8:4? E8FCBAF<5<?<GL
B9 G;8 C4E8AGF BE ?8:4? :H4E7<4AF GB 8AFHE8 G;4G G;8L 4E8 <AFGEH6G87 <A F498 CE46G<68F
5L DH4?<9<87 C8EFBAF
B ABG 4??BJ 4ALBA8 GB 6?<@5 FG4A7 ?84A F<G BE ;4A: BA 4AL C4EG B9 4A 4CC?<4A68
-;<F 64A 74@4:8 G;8 4CC?<4A68 CBG8AG<4??L 64HF<A: F8I8E8 <A=HEL
??;9>7 )165DI
+*%$ l"G8@F B9 <AG8E8FG GB 6;<?7E8A F;BH?7 ABG 58 FGBE87 <A 4A
4CC?<4A68 <A 645<A8GF 45BI8 4A 4CC?<4A68 BE <A G;8 546>FC?4F; ;<?7E8A
6?<@5<A: BA 4A 4CC?<4A68 GB E846; <G8@F 6BH?7 58 F8E<BHF?L <A=HE87
B ABG 4??BJ 4?H@<A<H@ 9B<? C?4FG<6 C4C8E BE 6?BG; GB 6B@8 <A 6BAG46G J<G; 4 ;BG
FHE9468 8?8@8AG B ABG 4??BJ C4AF GB 5B<? 7EL
,86HE8 4?? :4E@8AGF 8G6 589BE8 58:<AA<A: -<8 ?BA: ;4<E FB G;4G <G 7B8F ABG ;4A:
?BBF8 4A7 7B ABG J84E ?BBF8 9<GG<A: 6?BG;<A: BE ;4A:<A: :4E@8AGF FH6; 4F G<8F
F64EI8F =8J8?EL BE 74A:?<A: F?88I8F
=@?BD1>D )165DI >CDBE3D9?>C
+ ' ,/ -!, "',-+.-"(',
( '(- -(.! ,.+ .'"-, (+ +, '+ .'"-, ,HE9468 HA<GF @4L 58
;BG 8I8A G;BH:; G;8L 4E8 74E> <A 6B?BE E84F A84E FHE9468 HA<GF @4L 586B@8 ;BG
8ABH:; GB 64HF8 5HEAF HE<A: 4A7 49G8E HF8 7B ABG GBH6; BE ?8G 6?BG;<A:
CBG;B?78EF BE BG;8E 9?4@@45?8 @4G8E<4?F 6BAG46G FHE9468 HA<GF BE 4E84F A84E HA<GF
HAG<? G;8L ;4I8 ;47 FH99<68AG G<@8 GB 6BB? @BA: G;8F8 4E84F 4E8 G;8 6BB>GBC 4A7
4E84F 946<A: G;8 6BB>GBC
?J4LF HF8 7EL CBG;B?78EF &B<FG BE 74@C CBG;B?78EF BA ;BG FHE9468F @4L E8FH?G <A
5HEAF 9EB@ FG84@ B ABG ?8G CBG;B?78E GBH6; ;BG ;84G<A: 8?8@8AGF B ABG HF8 4
GBJ8? BE BG;8E 5H?>L 6?BG;
'8I8E @BI8 4 C4A B9 ;BG B<? 8FC86<4??L 4 788C 94G 9EL8E 04<G HAG<? <G <F 6BB?
'8I8E ?84I8 G;8 6BB>GBC HA4GG8A787 J;8A <A HF8 B<?BI8EF 64HF8 F@B><A: 4A7
:E84FL FC<??BI8EF @4L <:A<G8
B ABG ;84G BE J4E@ HABC8A87 9BB7 6BAG4<A8EF H<?7mHC B9 CE8FFHE8 @4L 64HF8
G;8 6BAG4<A8E GB 5HEFG 4A7 64HF8 <A=HEL
?J4LF >88C G;8 6BB>GBC 4A7 54F8F B9 CBGF 7EL %<DH<7 58GJ88A G;8 CBG 54F8 4A7
G;8 6BB>GBC @4L 5H<?7 HC FG84@ CE8FFHE8 64HF<A: G;8 CBG GB =H@C FH778A?L 4A7
64HF<A: <A=HEL
'8I8E BC8E4G8 G;8 6BB>GBC J<G; FC<??BI8E BE ?<DH<7 4EBHA7 G;8 6BAGEB? 4E84 ?J4LF
FJ<G6; B99 G;8 6BB>GBC 4A7 7EL G;8 6BAGEB? 4E84
.F8 ;<:; ;84G F8GG<A:F BA G;8 6BB>GBC BA?L J;8A A868FF4EL -B 4IB<7 5H55?<A: 4A7
FC?4GG8E<A: ;84G B<? F?BJ?L BA AB @BE8 G;4A 4 ?BJ @87<H@ F8GG<A: !BG B<? <F 64C45?8
B9 64HF<A: 8KGE8@8 5HEAF 4A7 <A=HEL
??;G1B5 )165DI
.F8 CEBC8E C4A F<M8 -;8 HF8 B9 HA78EF<M87 6BB>J4E8 J<?? 8KCBF8 4 CBEG<BA B9 G;8
;84G<A: 8?8@8AG GB 7<E86G 6BAG46G 4A7 @4L E8FH?G <A <:A<G<BA B9 6?BG;<A: ,8?86G
6BB>J4E8 ;4I<A: 9?4G 5BGGB@F ?4E:8 8ABH:; GB 6BI8E G;8 FHE9468 ;84G<A: HA<G -;<F
4CC?<4A68 <F 8DH<CC87 J<G; BA8 BE @BE8 FHE9468 HA<GF B9 7<998E8AG F<M8 )EBC8E
E8?4G<BAF;<C B9 6BB>J4E8 GB ;84G<A: 8?8@8AG J<?? 4?FB <@CEBI8 899<6<8A6L
BB>J4E8 ABG 4CCEBI87 9BE HF8 J<G; 68E4@<6 6BB>GBCF @4L 5E84> J<G; FH778A
G8@C8E4GHE8 6;4A:8F .F8 BA?L C4AF G;4G 4E8 4CCEBCE<4G8 9BE 68E4@<6 6BB>GBCF
BA?L 68EG4<A GLC8F B9 :?4FF ;84GCEBB9 :?4FF 68E4@<6 84EG;8AJ4E8 BE BG;8E :?4M87
HG8AF<?F 4E8 FH<G45?8
!B?7 G;8 ;4A7?8 B9 G;8 C4A J;8A FG<EE<A: BE GHEA<A: 9BB7 -;<F ;8?CF CE8I8AG FC<??F
4A7 @BI8@8AG B9 G;8 C4A
?J4LF CBF<G<BA ;4A7?8F B9 HG8AF<?F <AJ4E7 FB G;8L 7B ABG 8KG8A7 BI8E 47=468AG JBE>
4E84F BE G;8 87:8 B9 G;8 6BB>GBC -;<F E87H68F G;8 E<F> B9 9<E8F FC<??F 4A7 5HEAF
<51>9>7 )165DI
B ABG 6?84A G;8 4CC?<4A68 J;<?8 <G <F FG<?? ;BG ,B@8 6?84A8EF CEB7H68 ABK<BHF
9H@8F J;8A 4CC?<87 GB 4 ;BG FHE9468 08G 6?BG;8F 4A7 FCBA:8F 64A 64HF8 5HEAF
9EB@ FG84@
B ABG HF8 FG84@ 6?84A8EF GB 6?84A G;8 6BB>GBC
=@?BD1>D )165DI >CDBE3D9?>C
+ ' ,/ -!, "',-+.-"(',
?>49D9?> ?6 +>9D
-($$ lB ABG 6BB> BA 4 5EB>8A 6BB>GBC ?84A<A: FB?HG<BAF 4A7
FC<??BI8EF @4L 6E84G8 4 E<F> B9 8?86GE<6 F;B6> ,J<G6; B99 G;8 6<E6H<G 5E84>8E
<A G;8 9HF8 5BK <9 G;8 68E4@<6 ;4F 9E46GHE8F 9?4JF BE 6E46>F 4?? 4A
4HG;BE<M87 F8EI<68E
"9 G;8 7<FC?4L <F ABG JBE><A: J;<?8 4A 8?8@8AG <F ;84G<A: HC FJ<G6; B99 G;8 6<E6H<G
5E84>8E <A G;8 9HF8 5BK 4?? 4A 4HG;BE<M87 F8EI<68E
"9 G;8 6BB>GBC FJ<G6;8F <GF8?9 B99 4A7 64A AB ?BA:8E 58 HF87 <G @4L HA8KC86G87?L
FJ<G6; <GF8?9 BA ?4G8E "A BE78E GB CE8I8AG G;<F FJ<G6; B99 G;8 6<E6H<G 5E84>8E <A G;8 9HF8
5BK 4?? 4A 4HG;BE<M87 F8EI<68E
B ABG BC8E4G8 G;<F 4CC?<4A68 <9 <G <F ABG JBE><A: CEBC8E?L BE <9 <G ;4F 588A 74@4:87
BAG46G 4A 4HG;BE<M87 F8EI<68E
-?B; )@135 >F9B?>=5>D
?J4LF ;4I8 4 JBE><A: F@B>8 78G86GBE A84E G;8 ><G6;8A
!4I8 4A 4CCEBCE<4G8 9<E8 8KG<A:H<F;8E 4I4<?45?8 A84E5L ;<:;?L I<F<5?8 4A7 84F<?L
4668FF<5?8 A84E G;8 4CC?<4A68
B ABG FGBE8 BE HF8 6BEEBF<I8 6;8@<64?F I4CBEF 9?4@@45?8F BE ABA9BB7 CEB7H6GF
BA BE <A G;8 A84E B9 G;8 4CC?<4A68 "G <F FC86<9<64??L 78F<:A87 9BE HF8 J;8A ;84G<A: BE
6BB><A: 9BB7 -;8 HF8 B9 6BEEBF<I8 6;8@<64?F <A ;84G<A: BE 6?84A<A: J<?? 74@4:8 G;8
4CC?<4A68 4A7 6BH?7 E8FH?G <A <A=HEL
)5BF935 1>4 (5@19B )165DI
B ABG E8C4<E BE E8C?468 4AL C4EG B9 G;8 4CC?<4A68 HA?8FF FC86<9<64??L E86B@@8A787
<A G;<F @4AH4? +898E 4?? F8EI<6<A: GB 4 946GBEL 4HG;BE<M87 F8EI<68 68AG8E
-B 4IB<7 8?86GE<64? F;B6> ;4M4E7 589BE8 F8EI<6<A: G;8 4CC?<4A68 FJ<G6; B99 G;8
6<E6H<G 5E84>8E <A G;8 9HF8 5BK
<1==12<5 #1D5B91<C
B ABG FGBE8 BE HF8 :4FB?<A8 BE BG;8E 9?4@@45?8 I4CBEF ?<DH<7F BE @4G8E<4?F <A G;8
I<6<A<GL B9 G;<F BE 4AL BG;8E 4CC?<4A68
"9 G;8 6BB>GBC <F A84E 4 J<A7BJ 9BE687 4<E I8AG BE 94A 58 68EG4<A G;4G 9?4@@45?8
@4G8E<4?F FH6; 4F J<A7BJ 6BI8E<A:F 7B ABG 5?BJ BI8E BE A84E G;8 8?8@8AGF -;8L
6BH?7 64G6; BA 9<E8
> 1C5 ?6 9B5
"A G;8 8I8AG G;4G C8EFBA4? 6?BG;<A: 64G6;8F 9<E8 7EBC 4A7 EB?? <@@87<4G8?L GB
8KG<A:H<F; 9?4@8F
,@BG;8E 9?4@8F 9EB@ 9BB7 9<E8F BG;8E G;4A :E84F8 9<E8F J<G; 54><A: FB74 '8I8E HF8
J4G8E BA 6BB><A: 9<E8F
-($$ l-( +. -! +",$ ( +, "+
1 '8I8E ?84I8 FHE9468 HA<GF HA4GG8A787 4G ;<:; F8GG<A:F B<?BI8EF 64HF8
F@B><A: 4A7 :E84FL FC<??BI8EF G;4G @4L <:A<G8 !84G B<?F F?BJ?L BA ?BJ BE
@87<H@ F8GG<A:F
2 ?J4LF GHEA ;BB7 (' J;8A 6BB><A: 4G ;<:; ;84G BE J;8A 9?4@5`<A: 9BB7
< 8 E8C8F ,HM8GG8 ;8EE<8F #H5<?88 )8CC8E6BEA 889 9?4@58
3 ?84A I8AG<?4G<A: 94AF 9E8DH8AG?L
466H@H?4G8 BA 94A BE 9<?G8E
E84F8 F;BH?7 ABG 58 4??BJ87 GB
=@?BD1>D )165DI >CDBE3D9?>C
+ ' ,/ -!, "',-+.-"(',
4 .F8 CEBC8E C4A F<M8 ?J4LF HF8 6BB>J4E8 4CCEBCE<4G8 9BE G;8 F<M8 B9
G;8 FHE9468 8?8@8AG
-($$ l-( +. -! +",$ ( "'#.+2 -( )+,(', "' -!
/'- ( +, "+ (,+/ -! (%%(0"' 1 ,&(-!+ %&, J<G; 4 6?BF8 9<GG<A: ?<7 6BB><8 F;88G BE @8G4? GE4L
G;8A GHEA ( G;8 4CC?<4A68 +.% -( )+/'- .+', "9 G;8
9?4@8F 7B ABG :B BHG <@@87<4G8?L /.- ' %% -! "+
)+-&'2 '/+ )"$ .) %&"'
)' 2BH @4L 58 5HEA87
3 ( '(- ., 0-+ <A6?H7<A: J8G 7<F;6?BG;F BE GBJ8?F I<B?8AG
FG84@ 8KC?BF<BA J<?? E8FH?G
4 .F8 4A 8KG<A:H<F;8E BA?L <9
2BH >ABJ LBH ;4I8 ?4FF 8KG<A:H<F;8E 4A7 LBH 4?E847L >ABJ
;BJ GB BC8E4G8 <G
-;8 9<E8 <F F@4?? 4A7 6BAG4<A87 <A G;8 4E84 J;8E8 <G FG4EG87
-;8 9<E8 78C4EG@8AG <F 58<A: 64??87
2BH 64A 9<:;G G;8 9<E8 J<G; LBHE 546> GB 4A 8K<G
1EC5C ?6 41=175
?DD?=C ?6 @?DC 1>4 @1>C
+BH:; CBG 4A7 C4A 5BGGB@F J<?? F6E4G6; G;8 :?4FF 68E4@<6
'8I8E 4??BJ 4?? G;8 ?<DH<7 GB 5B<? 4J4L 9EB@ CBGF -;<F 64A 74@4:8 G;8 HA<G
"9 LBH 4E8 HF<A: FC86<4? CBGF 4A7 C4AF C?84F8 9B??BJ<A: G;8 @4AH946GHE8EF
<AFGEH6G<BAF
?D @?DC 1>4 @1>C
'8I8E C?468 ;BG CBGF 4A7 C4AF BA G;8 6BAGEB? C4A8? 4E84 G;8 7<FC?4L 4E84 BE G;8
9E4@8 -;<F 64A 74@4:8 G;8 HA<G
)1<D CE71B 1>4 C1>4
,4?G FH:4E 4A7 F4A7 64HF8 F6E4G6;8F BA G;8 :?4FF 68E4@<6 '8I8E HF8 G;8 6BB>GBC
4F 4 JBE> BE FGBE4:8 FHE9468
1B4 1>4 C81B@ ?2:53DC
4@4:8 64A B66HE <9 ;4E7 BE F;4EC B5=86GF 94?? BA G;8 6BB>GBC
?9<54`?F5B 6??4
,H:4E 4A7 9BB7F J<G; ;<:; FH:4E 6BAG8AGF J<?? 74@4:8 G;8 6BB>GBC .F8 4 :?4FF
F6E4C8E GB E8@BI8 5B<?87mBI8E 9BB7 <@@87<4G8?L
+>CE9D12<5 3<51>9>7 @B?4E3DC
,;<AL @8G4??<6 7<F6B?BE4G<BAF 64A 4CC84E <9 HAFH<G45?8 6?84A<A: CEB7H6GF 4E8 HF87
4A7 <9 CBGF 4E8 F6E4C87 46EBFF G;8 6BB>GBC
?9<C 1>4 @<1CD93C
?H@<AH@ 9B<? 4A7 C?4FG<6 6BAG4<A8EF J<?? @8?G BAGB ;BG ;84G<A: 8?8@8AGF (I8A
CEBG86G<BA 9B<? <F ABG FH<G45?8 9BE HF<A: BA LBHE 6BB>GBC
_5DD9>7 CD1BD54
5DD9>7 61=9<91B G9D8 D85 E>9D
"A G;<F F86G<BA J8 78F6E<58 G;8 6BAGEB? C4A8? ;84G<A: 8?8@8AGF 4A7 7<FC?4LF
-;8F8 <AFGEH6G<BAF 4CC?L GB I4E<BHF 6BB>GBCF
)4:8 6BAG4<AF 4 ?<FG B9 @B78?F 4A7 7<@8AF<BAF
?>DB?< &1>5<
&" !"'
( !"'
$#*%,#"
#' &(%
$?D5
?J4LF >88C G;8 6BAGEB? >AB5F 6?84A 4A7 7EL &B<FGHE8 4A7 7<EG >88C G;8@ 9EB@
JBE><A: BCG<@4??L
E1< 5<5=5>D
(A G;8F8 8?8@8AGF G;8 F<M8 64A 58 6;4A:87
"AA8E 4A7 BHG8E E<A:
-HEA G;8 >AB5 GB G;8 E<:;G
"AA8E E<A: BA?L
-HEA G;8 >AB5 GB G;8 ?89G
_%@5B1D9?>
)5DD9>7 D85 3??;D?@
-;<F F86G<BA 8KC?4<AF ;BJ GB F8G G;8 8?8@8AGF "A G;8 G45?8 LBH 64A 9<A7 G8@C8E4GHE8
F8GG<A:F 9BE I4E<BHF 9BB7F
)5DD9>7 5<5=5>D
7=HFG G;8 ;84G F8GG<A: B9 G;8 8?8@8AGF HF<A: G;8 >AB5
&EC8 9> 1>4 DEB> G;8 >AB5 GB G;8 78F<E87 G8@C8E4GHE8
!84G F8GG<A: "% ?BJ8FG ?8I8?
!84G F8GG<A: ;<:;8FG ?8I8?
0;8A G;8 8?8@8AG GHEAF BA G;8 CBJ8EmBA <A7<64GBE ?<:;GF HC
*EB>9>7 ?66 D85 5<5=5>D
-HEA G;8 >AB5 GB %
$?D5
-;8 ;84G <F FJ<G6;87 BA 4A7 B99 GB E8:H?4G8 G;8 G8@C8E4GHE8 B9 G;8 8?8@8AG G;<F
@84AF G;4G G;8 E87 :?BJ 58?BJ G;8 8?8@8AG <F ABG 4?J4LF I<F<5?8 0;8A LBH F8?86G 4
?BJ ;84G F8GG<A: G;8 8?8@8AG GHEAF B99 @BE8 9E8DH8AG?L J;<?8 4G 4 ;<:;8E F8GG<A: <G
BA?L GHEAF B99 B664F<BA4??L I8A 4G G;8 ;<:;8FG ?8I8? G;8 8?8@8AG GHEAF B99 4A7 BA
*12<5
-;8 9B??BJ<A: G45?8 CEBI<78F 4 98J 8K4@C?8F
51D C5DD9>7
#5<D9>7
6;B6B?4G8
5HGG8E
%(
%(
51D9>7
9EBM8A I8:8G45?8F 8: FC<A46;
5EBG;
G;<6> FBHC
@<?>
%( GB &87 %(
&87 GB &87 !"
%(
%(
)9==5B9>7
78?<64G8 F4H68 8 : `6;4@8? F4H68
FC4:;8GG< F4H68
CBG EB4FG
9<F;
&87 %( GB &87
%( GB &87 %(
&87 %( GB &87
&87 %( GB &87
??;9>7
E<68 J<G; 7BH5?8 4@BHAG B9 J4G8E
CBG4GB8F 5B<?87 <A G;8<E F><AF J<G; m 6HCF B9 J4G8E
5B<?87 CBG4GB8F J<G; m 6HCF B9 J4G8E
9E8F; I8:8G45?8F J<G; m 6HCF B9 J4G8E
9EBM8A I8:8G45?8F J<G; m 6HCF B9 J4G8E
C4FG4 m DG J4G8E
CH77<A:
68E84?F
&87 %(
&87 %( GB &87
&87 %( GB &87
&87 %( GB &87
&87 %( GB &87
&87 GB &87 !"
%(
&87 %(
BI9>7
CBE> 6;BC
6;<6>8A 5E84FG
546BA
8::F
9<F;
C4A64>8F
&87
&87 %( GB &87
&87
&87 %( GB &87
&87 %( GB &87
&87
55@ 61D 6BI9>7 <A m DG B<?
788C9EBM8A 9BB7F 8 : 6;<6>8A AH::8GF ?5 C8E F8EI<A:
BG;8E 8 : 7BH:;AHGF ?5 C8E F8EI<A:
&87 !" GB !"
&87
(A:B<A: 6BB><A: J<G;BHG ?<7
J<G;BHG ?<7
_<51>9>7 1>4 #19>D5>1>35
<51>9>7
19<I <51>9>7
$?D5
<1CC 35B1=93 3??;D?@
+86B@@8A787 6?84A8EF <A7<64G8 4 GLC8 B9 6?84A8E 4A7 7B ABG 6BAFG<GHG8 4A
8A7BEF8@8AG
+*%$ lB ABG HF8 4AL ><A7 B9 6?84A8E BA G;8 :?4FF J;<?8 G;8 FHE9468 <F
;BG HF8 BA?L G;8 5?478 F6E4C8E -;8 E8FH?G<A: 9H@8F 64A 58 ;4M4E7BHF GB
LBHE ;84?G; !84G<A: G;8 6?84A8E 64A 6;8@<64??L 4GG46> 4A7 74@4:8 G;8
FHE9468
?84A G;8 FHE9468 J;8A <G <F 6B@C?8G8?L 6BB? J<G; G;8 9B??BJ<A: 8K68CG<BA E8@BI8
7EL FH:4E FH:4E FLEHC GB@4GB CEB7H6GF 4A7 @<?> <@@87<4G8?L J<G; G;8 E4MBE 5?478
F6E4C8E ,88 FC86<4? 6?84A<A: 6;4EG
0<C8 B99 FC4GG8EF J<G; 4 6?84A 74@C FCBA:8 BE 4 C4C8E GBJ8? +<AF8 4A7 7EL .F8
J;<G8 I<A8:4E <9 F@H7:8 E8@4<AF E<AF8
CC?L 4 F@4?? 4@BHAG B9 G;8 :?4FF 68E4@<6 6BB>GBC 6?84A8E 0;8A 7EL 5H99 FHE9468
J<G; 4 6?84A C4C8E GBJ8? BE 6?BG;
)D19><5CC CD55< DB9=
0<C8 J<G; G;8 :E4<A J;8A 6?84A<A: BE @B78E4G8 ;84IL FB<? HF8 BA@< BE ,B9G
,6EH5 AB 5?846;
0<C8 HF<A: 4 74@C FCBA:8 BE 6?BG; E<AF8 4A7 7EL
<51>9>7 7E94<9>5C
0;8A HF<A: 4 6?84A8E HF8 BA?L 4 F@4?? 4@BHAG 4CC?L GB 4 6?84A C4C8E GBJ8? BE
6?BG; 0<C8 BA G;8 FHE9468 4A7 5H99 J<G; 4 6?84A 7EL GBJ8?
BE 58FG E8FH?GF HF8 6?84A8EF FH6; 4F 6BB>GBC 6?84A<A: 6E_@8 BA@i ,B9G
,6EH5 J<G;BHG 5?846; 4A7 J;<G8 I<A8:4E
F?94 D85C5 3<51>5BC
?4FF 6?84A8EF J;<6; 6BAG4<A 4@@BA<4 BE 6;?BE<A8 5?846; -;8F8 <A:E87<8AGF @4L
C8E@4A8AG?L 8G6; BE FG4<A G;8 6BB>GBC.
4HFG<6 6?84A8EF
6?84A8EF FH6; 4F 4FL (99 @4L 8G6; G;8 6BB>GBC FHE9468
5E4F<I8 6?84A8EF
&8G4? F6BHE<A: C47F 4A7 F6EH5 FCBA:8F FH6; 4F ,6BG6; E<G8 64A F6E4G6; 4A7
BE ?84I8 @8G4? @4E>F
,B4C 9<??87 F6BHE<A: C47F FH6; 4F ,(, 64A F6E4G6; G;8 FHE9468
)BJ78EL 6?84A8EF 6BAG4<A<A: 6;?BE<A8 5?846; 64A C8E@4A8AG?L FG4<A 6BB>GBC
?4@@45?8 6?84A8EF FH6; 4F ?<:;G8E 9?H<7 BE 0 <51>9>7 381BDC
*I@5 ?6 )?9<
&?CC92<5 )?<ED9?>
BI CE71B CE71B CIBE@ =9<; ?B
D?=1D? C@9<<C #5<D54 @<1CD93 69<= ?B
6?9< << D85C5 9D5=C ('+(
##* (#%," 19<EB5 D?
B5=?F5 D85C5 9==5491D5<I 31>
@5B=1>5>D<I 41=175 D85 CEB6135
+8@BI8 G;8F8 GLC8F B9 FC<??F J;<?8 G;8
FHE9468 <F ;BG HF<A: G;8 E4MBE 5?478
F6E4C8E .F8 4 A8J F;4EC E4MBE <A G;8
F6E4C8E
+8@BI8 C4A 4A7 GHEA B99 G;8 8?8@8AG
084E<A: 4A BI8A @<GG ;B?7 F6E4C8E 4G B
4A:?8 HF<A: 64E8 ABG GB :BH:8 BE F6E4G6;
G;8 :?4FF )HF; FB<? B99 G;8 ;84G87 4E84
9G8E G;8 FHE9468 ;4F 6BB?87 E8@BI8 G;8
E8F<7H8 4A7 4CC?L G;8 :?4FF 68E4@<6
6BB>GBC 6?84A8E
B51CI C@1DD5BC
.F8 4 FB4CL FCBA:8 BE 6?BG; GB E8@BI8
:E84F8 E<AF8 G;BEBH:;?L 4A7 7EL CC?L
:?4FF 68E4@<6 6BB>GBC 6?84A8E
#5D1< =1B;C B945C35>D CD19>
)4AF J<G; 4?H@<AH@ 6BCC8E BE FG4<A?8FF
FG88? 54F8F @4L ?84I8 @4E>F -E84G
<@@87<4G8?L 49G8E FHE9468 ;4F 6BB?87 J<G;
:?4FF 68E4@<6 6BB>GBC 6?84A8E "9 G;<F
7B8F ABG E8@BI8 G;8 @4E>F GEL 4 @<?7
45E4F<I8 BA @< ,B9G ,6EH5 J<G;BHG
5?846; J<G; 4 74@C C4C8E GBJ8? +<AF8
4A7 E84CC?L 6E_@8 4<?HE8 GB E8@BI8
@8G4? @4E>F 589BE8 G;8 A8KG ;84G<A:
@4>8F E8@BI4? I8EL 7<99<6H?G
1B4 -1D5B )@?DC
!BG 6BB><A: ?<DH<7F 7E<CC87 BA FHE9468
&<A8E4?F <A FB@8 J4G8E 64A 58 GE4AF98EE87
BAGB G;8 FHE9468 4A7 64HF8 FG4<AF .F8
HA7<?HG87 J;<G8 I<A8:4E E<AF8 4A7 7EL
+86BA7<G<BA J<G; :?4FF 68E4@<6 6BB>GBC
6?84A8E +8@BI8 5B<?BI8EF 4A7 FG4<AF
589BE8 HF<A: G;8 6BB>GBC 4:4<A
)EB6135 C3B1D385C
,@4?? F6E4G6;8F 4E8 6B@@BA 4A7 7B
ABG 49986G 6BB><A: -;8L 586B@8
F@BBG;8E 4A7 ?8FF ABG<6845?8 J<G; 74<?L
HF8 B9 G;8 :?4FF 68E4@<6 6BB>GBC
6?84A8E
CC?L :?4FF 68E4@<6 6BB>GBC 6?84A8E
589BE8 HF<A: GB E8@BI8 F4A7 ?<>8 :E4<AF
4A7 :E<G FH6; 4F F4?G 4A7 F84FBA<A:
4A 58 E87H687 5L HF<A: C4AF J<G; 54F8F
G;4G 4E8 F@BBG; 6?84A 4A7 7EL 589BE8
HF8
.F8 E86B@@8A787 :?4FF 68E4@<6
6BB>GBC 6?84A8E 74<?L
5 1B56E< 91=?>4 B9>7C G9<< C3B1D38
D85 CEB6135
#19>D5>1>35
-;<F 4CC?<4A68 E8DH<E8F AB @4<AG8A4A68 BG;8E G;4A 74<?L 6?84A<A: BE 58FG E8FH?GF
4CC?L 6BB>GBC 6?84A<A: 6E_@8 74<?L.
_)5BF935
ECD?=5B C5BF935
BAG46G BHE HFGB@8E ,8EI<68 78C4EG@8AG <9 LBHE 4CC?<4A68 A887F E8C4<E (HE
68AGE4? HFGB@8E ,8EI<68 8AG8E F88 58?BJ J<?? 4?FB 58 ;4CCL GB FHCC?L LBH J<G;
78G4<?F BA 4 68AG8E 6?BF8 GB LBH
#?45< >E=25B 1>4 >E=25B
0;8A LBH 6BAG46G BHE 6HFGB@8E F8EI<68 C?84F8 ;4I8 G;8 &B78? AH@58E 4A7 G;8
AH@58E 9BE LBHE 4CC?<4A68 4I4<?45?8
2BH 64A 9<A7 G;8 <78AG<9<64G<BA C?4G8 J<G; G;8F8 AH@58EF BA G;8 HA78EF<78 B9 G;8
4CC?<4A68 4A7 <A G;8 4CC?<4A68 5BB>?8G
*H8FG<BAF )?84F8 6BAG46G HF 08 ?BB> 9BEJ4E7 GB ;84E<A: 9EB@ LBH
***'%!#%#!
" )
("'"'#" )**#$* % "#* &(%+*
-(($*/
-81D D89C -1BB1>DI ?F5BC -8?
9D @@<95C D?
-;8 ?<@<G87 J4EE4AGL CEBI<787 5L ,! !B@8 CC?<4A68F -;8E@47BE <A G;<F
,G4G8@8AG B9 %<@<G87 )EB7H6G 04EE4AGL 4CC?<8F BA?L GB G;8 -;8E@47BE & ,
&, - , -, , , ,, ,,
)EB7H6G FB?7 GB LBH G;8 9<EFG HF<A: CHE6;4F8E CEBI<787 G;4G G;8 )EB7H6G J4F
CHE6;4F87
BE LBHE ABE@4? ;BHF8;B?7 ABAm6B@@8E6<4? HF8 4A7 ;4F <A 946G 4G 4?? G<@8F
BA?L 588A HF87 9BE ABE@4? ;BHF8;B?7 CHECBF8F
'8J 4G E8G4<? ABG 4 7<FC?4L N4F <F BE CE8I<BHF?L E8GHEA87 @B78? 4A7 ABG 9BE
E8F4?8 BE 6B@@8E6<4? HF8
0<G;<A G;8 .A<G87 ,G4G8F BE 4A474 4A7 ;4F 4G 4?? G<@8F E8@4<A87 J<G;<A G;8
6BHAGEL B9 BE<:<A4? CHE6;4F8
-;8 J4EE4AG<8F FG4G87 ;8E8<A 4CC?L BA?L GB G;8 9<EFG CHE6;4F8E B9 G;8 )EB7H6G 4A7 4E8
ABG GE4AF98E45?8
)?84F8 @4>8 FHE8 GB E8GHEA LBHE E8:<FGE4G<BA 64E7 J;<?8 ABG A868FF4EL GB 89986GH4G8
J4EE4AGL 6BI8E4:8 <G <F G;8 58FG J4L 9BE -;8E@47BE GB ABG<9L LBH <A G;8 HA?<>8?L 8I8AG
B9 4 F498GL ABG<68 BE CEB7H6G E864??
?G "?>7 D85 -1BB1>DI "1CDC
-;8E@47BE J4EE4AGF G;4G G;8 )EB7H6G <F 9E88 9EB@ 78986GF <A @4G8E<4?F 4A7
JBE>@4AF;<C 9BE 4 C8E<B7 B9 G;E88 ;HA7E87 F<KGLm9<I8 74LF 9EB@ G;8 74G8 B9
CHE6;4F8 -;8 9BE8:B<A: G<@8?<A8 58:<AF GB EHA HCBA G;8 74G8 B9 CHE6;4F8 4A7
F;4?? ABG 58 FG4??87 GB??87 8KG8A787 BE FHFC8A787 9BE 4AL E84FBA J;4GFB8I8E
(5@19B (5@<135 1C /?EB H3<EC9F5
(5=54I
HE<A: G;<F J4EE4AGL C8E<B7 -;8E@47BE BE BA8 B9 <GF 4HG;BE<M87 F8EI<68 CEBI<78EF J<??
E8C4<E LBHE )EB7H6G J<G;BHG 6;4E:8 GB LBH FH5=86G GB 68EG4<A ?<@<G4G<BAF FG4G87
;8E8<A <9 LBHE )EB7H6G CEBI8F GB ;4I8 588A @4AH946GHE87 J<G; 4 78986G <A @4G8E<4?F
BE JBE>@4AF;<C "9 E84FBA45?8 4GG8@CGF GB E8C4<E G;8 )EB7H6G ;4I8 588A @478
J<G;BHG FH668FF G;8A -;8E@47BE J<?? E8C?468 LBHE )EB7H6G HC:E4787 @B78?F @4L
58 4I4<?45?8 GB LBH <A -;8E@47BEF FB?8 7<F6E8G<BA 9BE 4A 477<G<BA4? 6;4E:8 ??
E8@BI87 C4EGF 4A7 6B@CBA8AGF F;4?? 586B@8 G;8 CEBC8EGL B9 -;8E@47BE 4G <GF FB?8
BCG<BA ?? E8C?4687 4A7 BE E8C4<E87 C4EGF F;4?? 4FFH@8 G;8 <78AG<GL B9 G;8 BE<:<A4?
C4EG 9BE CHECBF8F B9 G;<F J4EE4AGL 4A7 G;<F J4EE4AGL F;4?? ABG 58 8KG8A787 J<G;
E8FC86G GB FH6; C4EGF -;8E@47BEF FB?8 ?<45<?<GL 4A7 E8FCBAF<5<?<GL ;8E8HA78E <F GB
E8C4<E @4AH946GHE8Em78986G<I8 )EB7H6G BA?L HF<A: 4 -;8E@47BEm4HG;BE<M87 F8EI<68
CEBI<78E 7HE<A: ABE@4? 5HF<A8FF ;BHEF BE F498GL 4A7 CEBC8EGL 74@4:8 6BA68EAF
-;8E@47BE ;<:;?L E86B@@8A7F G;4G LBH 7B ABG 4GG8@CG GB E8C4<E G;8 )EB7H6G
LBHEF8?9 BE HF8 4A HAm4HG;BE<M87 F8EI<68E -;8E@47BE J<?? ;4I8 AB E8FCBAF<5<?<GL BE
?<45<?<GL 9BE E8C4<EF BE JBE> C8E9BE@87 5L 4 ABAm4HG;BE<M87 F8EI<68E "9 LBH 6;BBF8 GB
;4I8 FB@8BA8 BG;8E G;4A 4A 4HG;BE<M87 F8EI<68 CEBI<78E JBE> BA LBHE )EB7H6G
-!", 0++'-2 0"%% .-(&-"%%2 (& '.%% ' /("
HG;BE<M87 F8EI<68 CEBI<78EF 4E8 G;BF8 C8EFBAF BE 6B@C4A<8F G;4G ;4I8 588A
FC86<4??L GE4<A87 BA -;8E@47BE CEB7H6GF 4A7 J;B CBFF8FF <A -;8E@47BEF
BC<A<BA 4 FHC8E<BE E8CHG4G<BA 9BE 6HFGB@8E F8EI<68 4A7 G86;A<64? 45<?<GL ABG8 G;4G
G;8L 4E8 <A78C8A78AG 8AG<G<8F 4A7 4E8 4:8AGF C4EGA8EF 499<?<4G8F BE
E8CE8F8AG4G<I8F B9 -;8E@47BE 'BGJ<G;FG4A7<A: G;8 9BE8:B<A: -;8E@47BE J<?? ABG
<A6HE 4AL ?<45<?<GL BE ;4I8 E8FCBAF<5<?<GL 9BE G;8 )EB7H6G <9 <G <F ?B64G87 <A 4 E8@BG8
4E84 @BE8 G;4A
@<?8F 9EB@ 4A 4HG;BE<M87 F8EI<68 CEBI<78E BE <F E84FBA45?L
<A4668FF<5?8 ;4M4E7BHF G;E84G8A<A: BE GE846;8EBHF ?B64?8 FHEEBHA7<A:F BE
8AI<EBA@8AG <A 4AL FH6; 8I8AG <9 LBH E8DH8FG -;8E@47BE JBH?7 FG<?? C4L 9BE ?45BE
4A7 C4EGF 4A7 F;<C G;8 C4EGF GB G;8 A84E8FG 4HG;BE<M87 F8EI<68 CEBI<78E 5HG LBH
JBH?7 FG<?? 58 9H??L ?<45?8 4A7 E8FCBAF<5?8 9BE 4AL GE4I8? G<@8 BE BG;8E FC86<4? 6;4E:8F
5L G;8 F8EI<68 6B@C4AL 4FFH@<A: G;8L 4:E88 GB @4>8 G;8 F8EI<68 64??
%ED ?6 -1BB1>DI &B?4E3D
-;8E@47BE <F HA78E AB B5?<:4G<BA 4G ?4J BE BG;8EJ<F8 GB CEBI<78 LBH J<G; 4AL
6BA68FF<BAF <A6?H7<A: E8C4<EF CEBmE4G8F BE )EB7H6G E8C?468@8AG BA68 G;<F
J4EE4AGL ;4F 8KC<E87
-1BB1>DI H3<EC9?>C
-;8 J4EE4AGL 6BI8E4:8 78F6E<587 ;8E8<A 8K6?H78F 4?? 78986GF BE 74@4:8 G;4G 4E8 ABG
G;8 7<E86G 94H?G B9 -;8E@47BE <A6?H7<A: J<G;BHG ?<@<G4G<BA BA8 BE @BE8 B9 G;8
9B??BJ<A:
.F8 B9 G;8 )EB7H6G <A 4ALG;<A: BG;8E G;4A <GF ABE@4? 6HFGB@4EL 4A7 <AG8A787
@4AA8E <A6?H7<A: J<G;BHG ?<@<G4G<BA 4AL 9BE@ B9 6B@@8E6<4? HF8 HF8 BE FGBE4:8
B9 4A <A7BBE CEB7H6G BHG7BBEF HF8 B9 G;8 )EB7H6G <A 6BA=HA6G<BA J<G; 4<E BE
J4G8Em:B<A: I8FF8?F
AL C4EGLF J<??9H? @<F6BA7H6G A8:?<:8A68 @<FHF8 45HF8 466<78AGF A8:?86G
<@CEBC8E BC8E4G<BA 94<?HE8 GB @4<AG4<A <@CEBC8E BE A8:?<:8AG <AFG4??4G<BA
G4@C8E<A: 94<?HE8 GB 9B??BJ BC8E4G<A: <AFGEH6G<BAF @<F;4A7?<A: HA4HG;BE<M87
F8EI<68 <A6?H7<A: F8?9mC8E9BE@87 N9<K<A: BE 8KC?BE4G<BA B9 G;8 4CC?<4A68F <AG8EA4?
JBE><A:F
7=HFG@8AG 4?G8E4G<BA BE @B7<9<64G<BA B9 4AL ><A7
94<?HE8 GB 6B@C?L J<G; 4AL 4CC?<645?8 FG4G8 ?B64? 6<GL BE 6BHAGL 8?86GE<64?
C?H@5<A: 4A7 BE 5H<?7<A: 6B78F E8:H?4G<BAF BE ?4JF <A6?H7<A: 94<?HE8 GB <AFG4??
G;8 CEB7H6G <A FGE<6G 6BA9BE@<GL J<G; ?B64? 9<E8 4A7 5H<?7<A: 6B78F 4A7 E8:H?4G<BAF
(E7<A4EL J84E 4A7 G84E FC<??F B9 9BB7 ?<DH<7 :E84F8 466H@H?4G<BAF BE BG;8E
FH5FG4A68F G;4G 466H@H?4G8 BA <A BE 4EBHA7 G;8 )EB7H6G
AL 8KG8EA4? 8?8@8AG4? 4A7 BE 8AI<EBA@8AG4? 9BE68F 4A7 946GBEF <A6?H7<A:
J<G;BHG ?<@<G4G<BA E4<A J<A7 F4A7 9?BB7F 9<E8F @H7 F?<78F 9E88M<A:
G8@C8E4GHE8F 8K68FF<I8 @B<FGHE8 BE 8KG8A787 8KCBFHE8 GB ;H@<7<GL ?<:;GA<A:
CBJ8E FHE:8F FGEH6GHE4? 94<?HE8F FHEEBHA7<A: G;8 4CC?<4A68 4A7 46GF B9 B7
"A AB 8I8AG F;4?? -;8E@47BE ;4I8 4AL ?<45<?<GL BE E8FCBAF<5<?<GL J;4GFB8I8E 9BE
74@4:8 GB FHEEBHA7<A: CEBC8EGL <A6?H7<A: 645<A8GEL 9?BBEF 68<?<A:F 4A7 BG;8E
FGEH6GHE8F BE B5=86GF 4EBHA7 G;8 )EB7H6G ?FB 8K6?H787 9EB@ G;<F J4EE4AGL 4E8
F6E4G6;8F A<6>F @<ABE 78AGF 4A7 6BF@8G<6 74@4:8F BA 8KG8EA4? FHE9468F 4A7
8KCBF87 C4EGF )EB7H6GF BA J;<6; G;8 F8E<4? AH@58EF ;4I8 588A 4?G8E87 7894687
BE E8@BI87 F8EI<68 I<F<GF GB G846; LBH ;BJ GB HF8 G;8 )EB7H6G BE I<F<GF J;8E8 G;8E8
<F ABG;<A: JEBA: J<G; G;8 )EB7H6G 6BEE86G<BA B9 <AFG4??4G<BA CEB5?8@F LBH 4E8 FB?8?L
E8FCBAF<5?8 9BE 4AL FGEH6GHE8 4A7 F8GG<A: 9BE G;8 )EB7H6G <A6?H7<A: 4?? 8?86GE<64?
C?H@5<A: BE BG;8E 6BAA86G<A: 946<?<G<8F 9BE CEBC8E 9BHA74G<BA 9?BBE<A: 4A7 9BE 4AL
4?G8E4G<BAF <A6?H7<A: J<G;BHG ?<@<G4G<BA 645<A8GEL J4??F 9?BBEF F;8?I<A: 8G6 4A7
E8F8GG<A: B9 5E84>8EF BE 9HF8F
*% * .*$* ""%- / "- *) -(($*/ )*) %+* /%+(
."+), (#) -* ()&* *% &(%+* -*( *
"# ()) $ %$*(* %( *%(* $"+$ )*(* ""*/ %(
$"$ %( %*(-) *) -(($*/ ) $ "+ % ""
%*( -(($*) -*( .&()) %( #&" $/ -(($*/
#&" / "- -*( %( #($*"*/ %( *$)) %( &(*+"( &+(&%) %( %*(-) )"" *, %$"/
%( * &(% ** *) .&()) "#* -(($*/ )
*, $ $% ,$* -"" * #$+*+(( "" %(
%$)'+$*" )&" $$*" $(* K+)$)) "%))
$ %( &+$*, #) "%))) %( .&$)) $"+$
-*%+* "#**%$ *# -/ (%# -%(! %*") $ %(
()*+($* #") (#%""$ .&$)) $ .)) % (*
#) - ( $*,"/ +) ."+),"/ /
*(#%( %( %*(-) )%# )**) % $%* ""%- *
."+)%$ %( "#**%$ % $$*" %( %$)'+$*"
#) $ )%# )**) % $%* ""%- "#**%$) %$ %"%$ $ #&" -(($*/ ")*) )% * %, "#**%$) #/
$%* &&"/ *% /%+ *) -(($*/ ,) /%+ )& ""
(*) $ /%+ #/ ")% , %*( (*) - ,(/ (%#
)** *% )**
'B 4GG8@CG GB 4?G8E @B7<9L BE 4@8A7 G;<F J4EE4AGL F;4?? 58 89986G<I8 HA?8FF
4HG;BE<M87 <A JE<G<A: 5L 4A B99<68E B9 ,!
?G D? ?2D19> G1BB1>DI C5BF935
-B B5G4<A J4EE4AGL F8EI<68 9BE LBHE )EB7H6G LBH F;BH?7 6BAG46G G;8 A84E8FG
-;8E@47BE 4HG;BE<M87 F8EI<68 68AG8E
,! !B@8 CCC?<4A68F
&64778A I8 !HAG<A:GBA 846; *12<5 45 #1D9XB5C
)Y3EB9DY
>CDBE3D9?>C 45 CY3EB9DY 9=@?BD1>D5C
4HF8F 78 7B@@4:8F
_#9C5 5> B?ED5
19B5 3?>>19CC1>35 1F53 <1@@1B59<
)4AA84H 78 6B@@4A78
_?>3D9?>>5=5>D
<<E=175 45 <1 D12<5 45 3E9CC?>
-45?84H
_$5DD?I175 5D 5>DB5D95>
$5DD?I175
'8GGBL4:8 DHBG<7<8A
%<:A8F 7<E86GE<68F CBHE ?8 A8GGBL4:8
>DB5D95>
_>DB5D95>
+`:?4:8 78 ?4 G8@C`E4GHE8 78F `?`@8AGF
)5BF935 V <1 3<95>DX<5
P$%$P ($* "#*P ) &(%+*)
)Y3EB9DY
45 CY3EB9DY
>CDBE3D9?>C
9=@?BD1>D5C
%",3 -
+3 , "',-+.-"(',
>CD1<<1D9?>
,(*))#$* l/BGE8 ABHI8? 4CC4E8<? 4 `G` 6BA^H CBHE HA
9BA6G<BAA8@8AG FkE 8G 9<45?8 F< IBHF 8A CE8A8M 5<8A FB<A %<E8 4GG8AG<I8@8AG
GBHG8F ?8F 6BAF<:A8F 4I4AG ?8@C?B< 8F CE`64HG<BAF E`7H<EBAG ?8F E<FDH8F
78 5Ek?HE8F 78 6;B6 `?86GE<DH8 7<A68A7<8 8G 78 ?`F<BAF 6BECBE8??8F %BEF
78 ?HG<?<F4G<BA 7HA 4CC4E8<? `?86GEB@`A4:8E DH8?DH8F CE`64HG<BAF 78
F`6HE<G` `?`@8AG4<E8F 7B<I8AG aGE8 B5F8EI`8F L 6B@CE<F 68??8F DH< 9<:HE8AG
4HK C4:8F FH<I4AG8F
8G 4CC4E8<? 7B<G aGE8 47`DH4G8@8AG <AFG4??` 8G @<F [ ?4 G8EE8 C4E HA G86;A<6<8A
4:E`` E4A6;8M ?4CC4E8<? HA<DH8@8AG 74AF HA8 CE<F8 6BEE86G8@8AG E8?<`8 [ ?4 G8EE8
8@4A78M [ ?<AFG4??4G8HE 78 IBHF @BAGE8E Bi F8 GEBHI8 ?8 7<F=BA6G8HE BH ?8 9HF<5?8
"78AG<9<8E F4 CBF<G<BA CBHE CBHIB<E ?8 E8GEBHI8E 946<?8@8AG )BHE C?HF 78
E8AF8<:A8@8AGF F8 E8CBEG8E [ ?4 'BG<68 7<AFG4??4G<BA
+D9<9C1D9?> @BYFE5
8G 4CC4E8<? 8FG 78FG<A` HA<DH8@8AG [ HA8 HG<?<F4G<BA 7B@8FG<DH8 ABE@4?8 "? A8FG
C4F ;B@B?B:H` CBHE HA HF4:8 8A 8KG`E<8HE /BL8M ?4 :4E4AG<8 ,< IBHF 4I8M 78F
DH8FG<BAF 6B@@HA<DH8M 4I86 ?8 945E<64AG
)Y3EB9DY 45C 5>61>DC
,(*))#$* l.G<?<F8E 68G 4CC4E8<? HA<DH8@8AG 74AF ?8 647E8 78
?HG<?<F4G<BA CE`IH8 G8? DH8 7`6E<G 74AF 68 @4AH8? '8 =4@4<F HG<?<F8E CBHE
6;4H998E BH E`6;4H998E HA8 C<_68 86< CBHEE4<G 94<E8 FHE6;4H998E ?4CC4E8<?
%4CC4E8<? A8 7B<G =4@4<F F8EI<E [ 8AGE8CBF8E DHB< DH8 68 FB<G
'8 C4F C8E@8GGE8 4HK 8A94AGF 7HG<?<F8E 68G 4CC4E8<? F4H9 FBHF ?4 FHEI8<??4A68
4GG8AG<I8 7HA 47H?G8 '8 C4F ?4<FF8E ?8F 8A94AGF 8G ?8F 4A<@4HK F8H?F BH F4AF
FHEI8<??4A68 ?BEFDH8 ?4CC4E8<? 8FG 8A F8EI<68 '8 =4@4<F ?8F ?4<FF8E =BH8E 4HK
4?8AGBHEF 78 ?4CC4E8<? DH8 68 78EA<8E FB<G 8A F8EI<68 BH ABA
%BEFDH8 ?8F 8A94AGF FBAG 4FF8M ]:`F CBHE HG<?<F8E ?4CC4E8<? <? <A6B@58 4HKC4E8AGF
BH GHG8HEF ?`:4HK 78 I8<??8E [ 68 DH<?F FB<8AG 9BE@`F 4HK CE4G<DH8F F`6HE<G4<E8F C4E
78F C8EFBAA8F DH4?<9<`8F
'8 ?4<FF8E C8EFBAA8 :E<@C8E F8 G8A<E 785BHG F4CCHL8E F4FF8B<E BH F8 C8A7E8 [
GBHG8 C4EG<8 78 ?4CC4E8<? 86< C8HG 8A7B@@4:8E ?4CC4E8<? 8G CEBIBDH8E
CBG8AG<8??8@8AG 78F 5?8FFHE8F :E4I8F
I79X>5 45 3E9CC?>
**$*%$ l%8F 4EG<6?8F 7<AG`EaG CBHE ?8F 8A94AGF A8 7B<I8AG C4F
aGE8E4A:`F 74AF HA 4CC4E8<? `?86GEB@`A4:8E 74AF ?8F 4E@B<E8F 4Hm78FFHF
78 ?4CC4E8<? BH FHE ?8 7BFF8E8G %8F 8A94AGF C8HI8AG :E<@C8E FHE ?4CC4E8<?
CBHE 4GG8<A7E8 68F B5=8GF 8G F8 5?8FF8E F`E<8HF8@8AG
)4C<8E 4?H@<A<H@ C?4FG<DH8 C4C<8E BH 6;<99BA A8 7B<I8AG C4F 8AGE8E 8A 6BAG46G 4I86
HA `?`@8AG 78 FHE9468 6;4H7 '8 ?4<FF8M C4F ?8F CBa?8F F`6;8E 4H 98H
45 CY3EB9DY
>CDBE3D9?>C
9=@?BD1>D5C
%",3 -
+3 , "',-+.-"(',
GG46;8E ?8F IaG8@8AGF ?]6;8F 8G6 4I4AG 78 6B@@8A68E GG46;8E ?8F 6;8I8HK
?BA:F 78 94^BA [ 68 DH<?F A8 C8A78AG C4F 8G A8 C4F CBEG8E 78 IaG8@8AGF ?]6;8F BH
7;45<GF BH B5=8GF DH< C8A7<??8AG G8?F DH8 6E4I4G8F 9BH?4E7F 5<=BHK BH @4A6;8F
' ), -(.!+ .1 W%W&'-, ,.+ '" .1 3(', )+V, ,
W%W&'-, %8F HA<G`F 78 FHE9468 C8HI8AG aGE8 6;4H78F @a@8 ?BEFDH8??8F FBAG 78
6BH?8HE 9BA6`8 %8F MBA8F CE_F 78F HA<G`F 78 FHE9468 C8HI8AG 78I8A<E
FH99<F4@@8AG 6;4H78F CBHE 64HF8E 78F 5Ek?HE8F )8A74AG 8G 4CE_F ?HG<?<F4G<BA A8
C4F GBH6;8E A< ?4<FF8E IaG8@8AGF CB<:A`8F <FB?4AG8F BH 4HGE8F @4G`E<4HK
<A9?4@@45?8F 8AGE8E 8A 6BAG46G 4I86 ?8F `?`@8AGF 78 FHE9468 A< 4HK MBA8F CE_F 78F
`?`@8AGF G4AG DH<?F ABAG C4F E89EB<7< <GBAF ABG4@@8AG ?4 G45?8 78 6H<FFBA 8G ?8F
FHE9468F F<GH`8F CE_F 78 68??8m6<
-BH=BHEF HG<?<F8E 78F CB<:A`8F <FB?4AG8F F_6;8F 8F CB<:A`8F @BH<??`8F BH
;H@<78F 8AGE4AG 8A 6BAG46G 4I86 ?8F FHE9468F6;4H78F C8HI8AG CEBIBDH8E 78F
5?8FFHE8F C4E 7`:4:8@8AG 78 I4C8HE '8 ?4<FF8M C4F ?8F CB<:A`8F GBH6;8E ?8F
`?`@8AGF 6;4H994AGF 6;4H7F '8 C4F HG<?<F8E 78 F8EI<8GG8 A< 78 6;<99BA IB?H@<A8HK
'8 7`C?468M =4@4<F HA8 CBa?8 6BAG8A4AG 78 ?;H<?8 6;4H78 8A C4EG<6H?<8E HA8
54FF<A8 [ 9E<GHE8 GG8A78M DH8??8 F8 FB<G E89EB<7<8
'8 ?4<FF8M =4@4<F ?4 G45?8 78 6H<FFBA F4AF FHEI8<??4A68 ?BEFDH8??8 8FG 8A HG<?<F4G<BA
8F 7`5BE78@8AGF 64HF4AG 78 ?4 9H@`8 8G 78F 7`I8EF8@8AGF :E4<FF8HK C8HI8AG
CE8A7E8 98H
'8 C4F 6;4H998E BH E`6;4H998E 78F 6BAG8A4AGF 74?<@8AGF ABA BHI8EGF
%466H@H?4G<BA 78 CE8FF<BA C8HG 94<E8 8KC?BF8E ?8 6BAG8A4AG 8G CEBIBDH8E
78F5?8FFHE8F
-8A<E GBH=BHEF F86 ?4 G45?8 78 6H<FFBA 8G ?8 78FFBHF 78F 64FF8EB?8F %4 CE`F8A68 78
?<DH<78 8AGE8 ?8 78FFBHF 7HA8 64FF8EB?8 8G ?4 G45?8 78 6H<FFBA 6E`8E HA8 CE8FF<BA
78 I4C8HE CEBIBDH4AG HA F4HG FBH74<A 78 ?4 64FF8EB?8 8G 8AGE4cA4AG 78F 5?8FFHE8F
'8 =4@4<F 94<E8 9BA6G<BAA8E ?4 G45?8 78 6H<FFBA ?BEFDH<? L 4 7H ?<DH<78 BH 78F
7`I8EF8@8AGF CE_F 78 ?4 MBA8 78 6B@@4A78 -BH=BHEF `G8<A7E8 ?4 G45?8 78 6H<FFBA
8G F`6;8E ?4 MBA8 78 6B@@4A78
.G<?<F8E ?8F E`:?4:8F `?8I`F F8H?8@8AG ?BEFDH8 A`68FF4<E8 )BHE `I<G8E 5H??8F 8G
`6?45BHFFHE8F 6;4H998E ?;H<?8 ?8AG8@8AG [ E`:?4:8 94<5?8 BH @BL8A %;H<?8 6;4H78
C8HG 64HF8E 78F 5Ek?HE8F 8G 5?8FFHE8F 8KGEa@8@8AG :E4I8F
)Y3EB9DY @?EB <1 21DD5B95 45 3E9C9>5
.G<?<F8E 78F 64FF8EB?8F 78 G4<??8 47`DH4G8 %HG<?<F4G<BA 78 64FF8EB?8F 78 7<@8AF<BAF
GEBC C8G<G8F 8KCBF8 HA8 C4EG<8 78 ?`?`@8AG 6;4H994AG [ HA 6BAG46G 7<E86G 8G C8HG
8AGE4cA8E ?<A9?4@@4G<BA 78F IaG8@8AGF ,`?86G<BAA8E 78F HFG8AF<?8F [ 9BA7 C?4G
FH99<F4@@8AG ?4E:8F CBHE 6BHIE<E ?`?`@8AG 6;4H994AG 8G 4CC4E8<? 8FG 7BG` 78
FHE9468F 78 7<99`E8AGF 9BE@4GF .A E4CCBEG 64FF8EB?8m`?`@8AG 6;4H994AG 47`DH4G
E8;4HFF8 4HFF< ?89646<G` BHC8E ?4?<@8AG4G<BA 4H 5BcG<8E 78 7<F=BA6G8HEF F< ?4
6`E4@<DH8 CE`F8AG8 78F 9<FFHE8F 9E46GHE8F BH 7`94HGF B@@HA<DH8E 4I86 HA
E`C4E4G8HE 4HGBE<F`
%8F HFG8AF<?8F 78 6H<FFBA ABA 4CCEBHI`F CBHE ?HG<?<F4G<BA 4I86 ?8F G45?8F 78
6H<FFBA 8A 6`E4@<DH8 C8HI8AG F8 5E<F8E ?BEF 7HA 6;4A:8@8AG FBH74<A 78
G8@C`E4GHE8 .G<?<F8E HA<DH8@8AG 78F 64FF8EB?8F DH< FBAG 4CCEBHI`F CBHE
?HG<?<F4G<BA 4I86 ?8F G45?8F 78 6H<FFBA 8A 6`E4@<DH8 F8H?F 68EG4<AF GLC8F 78 I8EE8 ?4
6`E4@<DH8 I<GE<`8 [ ?`CE8HI8 78 ?4 6;4?8HE 8G ?4 94d8A68 C8HI8AG aGE8 HG<?<F`F
45 CY3EB9DY
>CDBE3D9?>C
9=@?BD1>D5C
%",3 -
+3 , "',-+.-"(',
-8A<E ?4 CB<:A`8 78 ?4 64FF8EB?8 8A 5E4FF4AG BH GBHEA4AG ?8F 4?<@8AGF 86<
?8@Ca6;8 78 5BH:8E 8G `I<G8 ?8F 7`I8EF8@8AGF
-BHEA8E GBH=BHEF ?8F CB<:A`8F 4A DH8??8F A8 C4FF8AG C4F 4Hm78FFHF 78F MBA8F
47=468AG8F 78 6H<FFBA BH 7H 5BE7 78 ?4CC4E8<? 86< 4<78 [ 7<@<AH8E ?8 E<FDH8 7
<:A<G<BA 78 @4G`E<4HK <A4@@45?8F 78 7`I8EF8@8AGF 8G 78 5Ek?HE8F
?>C97>5C 5> =1D9XB5 45 >5DD?I175
'8 A8GGBL8M C4F ?4CC4E8<? C8A74AG DH<? 8FG 8A6BE8 6;4H7 8EG4<AF CEB7H<GF
A8GGBL4AGF CEB7H<F8AG 78F I4C8HEF AB6<I8F ?BEFDH<?F FBAG 4CC?<DH`F FHE HA8 FHE9468
6;4H78 ;<99BAF BH `CBA:8F ;H@<78F C8HI8AG 64HF8E 78F 5Ek?HE8F C4E
7`:4:8@8AG 78 I4C8HE
'8 C4F HG<?<F8E 78 A8GGBL8HE [ I4C8HE CBHE A8GGBL8E ?4 G45?8 78 6H<FFBA
PD1D 45 <E>9DY
,(*))#$* l'8 6H<F<A8M C4F FHE HA8 G45?8 78 6H<FFBA 5E<F`8 %8F
FB?HG<BAF 78 A8GGBL4:8 8G ?8F 7`I8EF8@8AGF C8HI8AG 6E`8E 78F E<FDH8F 78
6;B6 `?86GE<DH8 BHC8E ?4?<@8AG4G<BA 4H 5BcG<8E 78 7<F=BA6G8HEF F< ?4
6`E4@<DH8 CE`F8AG8 78F 9<FFHE8F 9E46GHE8F BH 7`94HGF B@@HA<DH8E 4I86
HA E`C4E4G8HE 4HGBE<F`
,< ?499<6;4:8 A8 9BA6G<BAA8 C4F ?BEFDHHA `?`@8AG 8FG 8A GE4<A 78 6;4H998E 6BHC8E
?4?<@8AG4G<BA 4H 5BcG<8E 78 7<F=BA6G8HEF B@@HA<DH8E 4I86 HA E`C4E4G8HE 4HGBE<F`
,< ?4 G45?8 78 6H<FFBA F`G8<AG 78??8m@a@8 8G A8 C8HG aGE8 HG<?<F`8 <? F8 C8HG DH8??8
F8 E8@8GG8 8A @4E6;8 H?G`E<8HE8@8AG 78 94^BA <A4GG8A7H8 )BHE `I<G8E 68GG8
`I8AGH4?<G` 6BHC8E ?4?<@8AG4G<BA 4H 5BcG<8E 78 7<F=BA6G8HEF B@@HA<DH8E 4I86 HA
E`C4E4G8HE 4HGBE<F`
'8 C4F F8 F8EI<E 78 68G 4CC4E8<? F<? A8 9BA6G<BAA8 C4F 6BEE86G8@8AG BH F<? 8FG
8A7B@@4:` B@@HA<DH8E 4I86 HA E`C4E4G8HE 4HGBE<F`
C@135 45 DB1F19< >F9B?>>5=5>D
-BH=BHEF 4IB<E HA 7`G86G8HE 78 9H@`8 8A `G4G 78 @4E6;8 CE_F 78 ?4 6H<F<A8
/8<??8M [ 4IB<E [ CBEG`8 78 @4<A HA 8KG<A6G8HE 7<A68A7<8 8A 5BA `G4G 78 @4E6;8
C?46` I<F<5?8@8AG CE_F 78 ?4CC4E8<? 8G 946<?8 7466_F
'8 C4F 8AGE8CBF8E A< HG<?<F8E 78 CEB7H<GF 6;<@<DH8F 6BEEBF<9F I4C8HEF FH5FG4A68F
<A9?4@@45?8F BH CEB7H<GF ABA 4?<@8AG4<E8F [ ?<AG`E<8HE BH [ CEBK<@<G` 78 ?4CC4E8<? "?
4 `G` FC`6<4?8@8AG 6BA^H CBHE aGE8 HG<?<F` C8A74AG ?8 6;4H994:8 8G ?4 6H<FFBA 78F
4?<@8AGF %8@C?B< 78 CEB7H<GF 6;<@<DH8F 6BEEBF<9F CBHE 6;4H998E BH A8GGBL8E
?4CC4E8<? 8A7B@@4:8E4 68 78EA<8E 8G C8HG CEBIBDH8E 78F 5?8FFHE8F
)Y3EB9DY 5> =1D9XB5 45>DB5D95> 5D 45
BY@1B1D9?>
'8 C4F E`C4E8E A< E8@C?468E GBHG8 C<_68 78 ?4CC4E8<? [ @B<AF DH8 68?4 A8 FB<G
FC`6<9<DH8@8AG E86B@@4A7` C4E 68 @4AH8? -BHG8 E`C4E4G<BA 7B<G aGE8 89986GH`8
C4E HA 68AGE8 78 E`C4E4G<BA 4HGBE<F` C4E ?HF<A8
I4AG 78 E`C4E8E ?4 G45?8 78 6H<FFBA CBHE `I<G8E GBHG E<FDH8 78 6;B6 `?86GE<DH8
6BHC8E ?4?<@8AG4G<BA 4H 5BcG<8E 78 7<F=BA6G8HEF
#1DYB91EH 9>6<1==12<5C
'8 C4F 8AGE8CBF8E A< HG<?<F8E 78 ?8FF8A68 BH 78F @4G`E<4HK BH 4HGE8F ?<DH<78F BH
I4C8HEF <A9?4@@45?8F CE_F 78 68G 4CC4E8<? BH 78 GBHG 4HGE8 4CC4E8<?
45 CY3EB9DY
>CDBE3D9?>C
9=@?BD1>D5C
%",3 -
+3 , "',-+.-"(',
,< ?4 G45?8 78 6H<FFBA 8FG F<GH`8 CE_F 7HA8 98AaGE8 7HA8 FBEG<8 78 I8AG<?4G<BA 9BE6`8
8G 7HA I8AG<?4G8HE F4FFHE8E DH8 78F @4G`E<4HK <A9?4@@45?8F G8?F DH8 E<784H A8
FBAG C4F 7`C?46`F C4E 78F 6BHE4AGF 74<E 4Hm78FFHF 78F `?`@8AGF "?F E<FDH8E4<8AG
78 F8A9?4@@8E
> 31C 45 65E
,< 78F IaG8@8AGF F8A9?4@@8AG EBH?8E C4E G8EE8 <@@`7<4G8@8AG CBHE `G8<A7E8 ?8F
9?4@@8F
WGBH998M ?8F 9?4@@8F 7HA 98H 74?<@8AGF 4HGE8 DHHA 98H 78 :E4<FF8 [ ?4<78 78
5<64E5BA4G8 78 FBH78 '8 =4@4<F HG<?<F8E 784H FHE ?8F 98HK 78 6H<FFBA
,(*))#$* l)(.+ +W."+ %, +",*., .1 +",, 1 '8 =4@4<F 94<E8 9BA6G<BAA8E ?8F HA<G`F 78 FHE9468 [ 78F G8@C`E4GHE8F
`?8I`8F F4AF FHEI8<??4A68 8F 7`5BE78@8AGF 64HF4AG 78 ?4 9H@`8 8G
78F 7`I8EF8@8AGF :E4<FF8HK C8HI8AG CE8A7E8 98H ;4H998E ?;H<?8
?8AG8@8AG [ E`:?4:8 94<5?8 BH @BL8A
2 &8GGE8 GBH=BHEF ?4 ;BGG8 ' &+! C8A74AG ?4 6H<FFBA [ G8@C`E4GHE8
`?8I`8 8G 4H @B@8AG 78 9?4@58E 78F 4?<@8AGF C 8K 6EaC8F ,HM8GG8
68E<F8F =H5<?`8 FG84> 4H CB<IE8 9?4@5`
3 '8GGBL8E FBHI8AG ?8F I8AG<?4G8HEF 74`E4G<BA "? A8 94HG C4F DH8 ?4 :E4<FF8
F466H@H?8 FHE ?8 I8AG<?4G8HE BH FHE ?8 9<?GE8
4 .G<?<F8E 78F 64FF8EB?8F 78 G4<??8 47`DH4G8 .G<?<F8E GBH=BHEF 78F
64FF8EB?8F 7BAG ?8F 7<@8AF<BAF 6BAI<8AA8AG [ ?4 G4<??8 78 ?`?`@8AG
,(*))#$* l)(.+ +W."+ % +",*. %W,"(',
(+)(+%%, ', %W/'-.%"-W .' . +",,
(,+/+ %, ('," ', ,."/'-, 1 W-(.+ %, %&&, [ ?4<78 7HA 6BHI8E6?8 5<8A ;8E@`G<DH8
7HA8 Gg?8 [ 5<F6H<GF BH 7HA C?4G84H 8A @`G4? CH<F `G8<A7E8 ?4CC4E8<?
"+ --'-"(' T ' ), , +Z%+ ,< ?8F 9?4@@8F A8
F`G8<:A8AG C4F <@@`7<4G8@8AG W/.+ %, %".1 - "+ ))%
. ,+/" "''"
2 ' #&", ,","+ .' +W")"'- *." +Z% /BHF CBHEE<8M IBHF
5Ek?8E
3 ' ), .-"%",+ . L 6B@CE<F ?8F 6;<99BAF BH F8EI<8GG8F @BH<??`8F
.A8 I<B?8AG8 8KC?BF<BA 78 I4C8HE E<FDH8 78 F8 CEB7H<E8
4 .G<?<F8E HA 8KG<A6G8HE HA<DH8@8AG F< /BHF F4I8M DH8 IBHF CBFF`78M HA 8KG<A6G8HE 78 %,, 8G
IBHF 8A 6BAA4<FF8M 7`=[ ?8 @4A<8@8AG
%<A68A7<8 8FG 78 C8G<G8 4@C?8HE8G 6BAG8AH 74AF ?4 MBA8 Bi <? F8FG
7`6?4E`
%8 F8EI<68 7<A68A7<8 8FG 4CC8?`
(A C8HG 6B@54GGE8 ?<A68A7<8 ?8 7BF GBHEA` I8EF ?4 FBEG<8
1EC5C 45 4?==175C
?>4C 45C ECD5>C9<5C 45 3E9CC?>
%8F HFG8AF<?8F 78 6H<FFBA [ 9BA7F EH:H8HK CBHEEBAG E4L8E ?4 FHE9468 8A
I<GEB6`E4@<DH8
'8 =4@4<F 94<E8 5BH<??<E 8AG<_E8@8AG ?8 ?<DH<78 78F HFG8AF<?8F 78 6H<FFBA /BHF E<FDH8M
78A7B@@4:8E ?4CC4E8<?
,< IBHF HG<?<F8M 78F HFG8AF<?8F 78 6H<FFBA FC`6<4HK I8H<??8M FH<IE8 ?8F
E86B@@4A74G<BAF 7H 945E<64AG
+CD5>C9<5C 45 3E9CC?> 381E4C
'8 =4@4<F CBF8E ?8F HFG8AF<?8F 78 6H<FFBA 6;4H7F FHE ?4 MBA8 7H C4AA84H 78
6B@@4A78 ?4 MBA8 7499<6;4:8 BH ?8A647E8@8AG /BHF E<FDH8M 78A7B@@4:8E
?4CC4E8<?
)5< CE3B5 5D C12<5
%8 F8? ?8 FH6E8 8G ?8 F45?8 C8HI8AG E4L8E ?4 FHE9468 8A I<GEB6`E4@<DH8 '8 =4@4<F
HG<?<F8E ?4 G45?8 78 6H<FFBA 6B@@8 HA8 FHE9468 78 GE4I4<? BH 78 E4A:8@8AG
%2:5DC 4EBC 5D 13YBYC
%8F B5=8GF 7HEF BH 46`E`F CBHI4AG GB@58E FHE ?4 G45?8 78 6H<FFBA C8HI8AG
8A7B@@4:8E 68??8m6<
<9=5>DC 1I1>D 4Y2?B4Y
%8 FH6E8 8G ?8F 4?<@8AGF 4L4AG HA 6BAG8AH 8A FH6E8 `?8I` C8HI8AG 8A7B@@4:8E ?4
G45?8 78 6H<FFBA .G<?<F8M HA :E4GGB<E FC`6<4? I8EE8 CBHE A8GGBL8E <@@`7<4G8@8AG ?8F
4?<@8AGF 4L4AG 7`5BE7`
75>DC >5DD?I1>DC 9=@B?@B5C
8F 7`6B?BE4G<BAF @`G4??<DH8F 5E<??4AG8F C8HI8AG 4CC4E4cGE8 F< IBHF HG<?<F8M 78F
A8GGBL4AGF <@CEBCE8F 8G F< IBHF E4L8M ?4 FHE9468 78 ?4 G45?8 78 6H<FFBA 4I86 ?8F
64FF8EB?8F
&1@95B 41<E=9>9E= 5D =1>9XB5
@<1CD9AE5
%8 C4C<8E 74?H@<A<H@ 8G ?8F 6BAG8A4AGF 8A @4G<_E8 C?4FG<DH8 F8 9BA7EBAG F<?F
8AGE8AG 8A 6BAG46G 4I86 ?8F `?`@8AGF 6;4H99`F %8 C4C<8E 74?H@<A<H@ HG<?<F` CBHE
CEBG`:8E ?8F 9BHEF A8 FBAG C4F 474CG`F [ ?HG<?<F4G<BA 4I86 IBGE8 G45?8 78 6H<FFBA
_#9C5 5> B?ED5
19B5 3?>>19CC1>35 1F53 <1@@1B59<
8GG8 F86G<BA 7`6E<G ?8 C4AA84H 78F GBH6;8F ?8F `?`@8AGF 6;4H994AGF 8G ?8F
499<6;4:8F
8F <AFGEH6G<BAF F4CC?<DH8AG [ 7<I8EF8F G45?8F 78 6H<FFBA
/B<E ?4 C4:8 CBHE HA8 ?<FG8 78F @B7_?8F 8G ?8HEF 7<@8AF<BAF
&1>>51E 45 3?==1>45
+ +!"' &!$ + +!"' #( % $$%
(% (
(5=1BAE5
4E78E GBH=BHEF ?8F 5BHGBAF 78 6BAGEg?8 CEBCE8F 8G F_6;8F %;H@<7<G` 8G ?4 F4?8G`
AH<F8AG 4 ?8HEF C8E9BE@4A68F
P<Y=5>D 4?E2<5
%4 MBA8 78 6;4H994:8 78 68F `?`@8AGF C8HG aGE8 @B7<9<`8
+H54AF <AG`E<8HE 8G 8KG`E<8HE -BHEA8E ?4 @B?8GG8 [ 7EB<G8
+H54A <AG`E<8HE F8H?8@8AG -BHEA8E ?4 @B?8GG8 [ :4H6;8
_?>3D9?>>5=5>D
<<E=175 45 <1 D12<5 45 3E9CC?>
8 6;4C<GE8 8KC?<DH8 6B@@8AG CEB6`78E 4H E`:?4:8 78F `?`@8AGF 6;4H994AGF %8
G45?84H 6<m4CE_F E`C8EGBE<8 ?8F E`:?4:8F 78 6;4?8HE CBHE 7<99`E8AGF 4?<@8AGF
(Y7<175 45 <1
D5=@YB1DEB5 45C
Y<Y=5>DC
+`:?8E ?4 G8@C`E4GHE8 78F `?`@8AGF 4I86 ?4 @B?8GG8 >6?>35B 5D D?EB>5B ?8 5BHGBA CBHE E`:?8E ?4 G8@C`E4GHE8 FBH;4<G`8
+`:?4:8 78 6;4?8HE "% A<I84H @<A<@4?
+`:?4:8 78 6;4?8HE A<I84H @4K<@4?
%BEFDH8 ?`?`@8AG F4??H@8 ?<A7<64G8HE 78 @4E6;8 F4??H@8 4HFF<
#9C5 5> 1BBZD 45 <Y<Y=5>D 381E661>D
-BHEA8E ?4 @B?8GG8 [ ?4 CBF<G<BA %
(5=1BAE5
%4 6;4?8HE 8FG 46G<I`8 8G 7`F46G<I`8 CBHE E`:?8E ?4 G8@C`E4GHE8 78 ?`?`@8AG 68?4
F<:A<9<8 DH8 ?4 ?H@<_E8 EBH:8 FBHF ?`?`@8AG A8FG C4F GBH=BHEF I<F<5?8 %BEFDH8 IBHF
F`?86G<BAA8M HA E`:?4:8 78 6;4H994:8 54F ?`?`@8AG F`G8<AG C?HF 9E`DH8@@8AG
G4A7<F DHHA E`:?4:8 C?HF `?8I` F`G8<AG [ ?B664F<BA &a@8 [ A<I84H `?8I`
?`?`@8AG F4??H@8 8G F`G8<AG
*12<51E
%8 G45?84H FH<I4AG 9BHEA<G DH8?DH8F 8K8@C?8F
(Y7<175 45
381<5EB
?>4B5
6;B6B?4G
58HEE8
%(
%(
81E665B
?`:H@8F 6BA:8?`F `C<A4E7F C 8K 5BH<??BA
FBHC8 `C4<FF8
?4<G
%( GB &87 %(
&87 GB &87 !"
%(
%(
#9:?D5B
F4H68 7`?<64G8 F4H68 `6;4@8? C 8K F4H68 [ FC4:;8GG<
5nH9 5E4<F`
CB<FFBA
&87 %( GB &87
%( GB &87 %(
&87 %( GB &87
&87 %( GB &87
E9B5
E<M 4I86 78HK 9B<F FBA IB?H@8 784H
CB@@8F 78 G8EE8 4I86 ?4 C84H 74AF [ G4FF8F 784H
CB@@8F 78 G8EE8 5BH<??<8F 74AF [ G4FF8F 784H
?`:H@8F 9E4<F 74AF [ G4FF8F 784H
?`:H@8F 6BA:8?`F 74AF [ G4FF8F 784H
C]G8F [ ? 784H
CH77<A:
6`E`4?8F
&87 %(
&87 %( GB &87
&87 %( GB &87
&87 %( GB &87
&87 %( GB &87
&87 GB &87 !"
%(
&87 %(
B9B5
6gG8?8GG8F 78 CBE6
CB<GE<A8 78 CBH?8G
546BA
nH9F
CB<FFBA
6EaC8F C4A64>8F
&87
&87 %( GB &87
&87
&87 %( GB &87
&87 %( GB &87
&87
B9B5 41>C E> 219> 48E9<5 74AF [ ? 7;H<?8
4?<@8AGF FHE:8?`F G8?F DH8 ?8F C`C<G8F 78 CBH?8G
: C4E CBEG<BA
4HGE8F 4?<@8AGF G8?F DH8 ?8F 58<:A8GF : C4E CBEG<BA
H<FFBA CEB:E8FF<I8 F4AF 6BHI8E6?8
F4AF 6BHI8E6?8
&87 !" GB !"
&87
_$5DD?I175 5D 5>DB5D95>
$5DD?I175
$5DD?I175 AE?D9495>
(5=1BAE5
*12<5 5> F9DB?3YB1=9AE5
%8F A8GGBL4AGF E86B@@4A7`F <A7<DH8AG HA GLC8 78 A8GGBL4:8 8G A8 6BAFG<GH8AG C4F
HA8 E86B@@4A74G<BA CBHE HA8 @4EDH8 78 CEB7H<G
**$*%$ l'HG<?<F8E 4H6HA CEB7H<G 78AGE8G<8A FHE ?8 I8EE8 ?BEFDH8 ?4
FHE9468 8FG 6;4H78 .G<?<F8E HA<DH8@8AG ?8 :E4GGB<E [ ?4@8 %8F I4C8HEF DH<
8A E`FH?G8AG C8HI8AG aGE8 74A:8E8HF8F CBHE ?4 F4AG` %8 6;4H994:8 7H
A8GGBL4AG C8HG 4GG4DH8E 6;<@<DH8@8AG ?4 FHE9468 8G ?8A7B@@4:8E
'8GGBL8M ?4 FHE9468 ?BEFDH8 68??8m6< 8FG 6B@C?_G8@8AG E89EB<7<8 F4H9 74AF ?8 64F
FH<I4AG E8G<E8E <@@`7<4G8@8AG ?8 FH6E8 F86 ?8 F<EBC 78 FH6E8 ?8F CEB7H<GF [ 54F8
78 GB@4G8 8G ?8 ?4<G [ ?4<78 7H :E4GGB<E @HA< 78 ?4 ?4@8 78 E4FB<E /B<E ?8 G45?84H 78
A8GGBL4:8 FC`6<4?
FFHL8M ?8F `6?45BHFFHE8F 4I86 HA8 `CBA:8 CEBCE8 8G ;H@<78 BH HA8 F8EI<8GG8 78
C4C<8E +<A68M 8G F`6;8M .G<?<F8E 7H I<A4<:E8 5?4A6 CBHE `?<@<A8E ?8F GE468F E858??8F E<A68M
CC?<DH8M HA8 C8G<G8 DH4AG<G` 78 A8GGBL4AG CBHE G45?8 8A I<GEB6`E4@<DH8 %BEFDH8 ?4
FHE9468 8FG F_6;8 8FFHL8M 5<8A ?4 FHE9468 4I86 HA8 F8EI<8GG8 78 C4C<8E BH HA
6;<99BA CEBCE8
1B>9DEB5 <1DYB1<5 5> 1395B 9>?H
FFHL8M 74AF ?8 F8AF 7H :E4<A ?BEF 7H A8GGBL4:8 )BHE 78F G46;8F
@B7`E`8F G8A468F HG<?<F8M BA@< BH ,B9G ,6EH5 F4AF =4I8??<F4AG
FFHL8M [ ?4<78 7HA8 `CBA:8 BH 7HA 6;<99BA ;H@<78 E<A68M 8G F`6;8M
"97>5C 49B53DB935C @?EB
<5 >5DD?I175
%BEFDH8 IBHF HG<?<F8M HA A8GGBL4AG HG<?<F8Mm8A F8H?8@8AG HA8 C8G<G8 DH4AG<G`
4CC?<DH8M FHE HA8 F8EI<8GG8 78 C4C<8E BH HA 6;<99BA CEBCE8 FFHL8M ?4 FHE9468 8G
F`6;8M 5<8A 4I86 HA8 F8EI<8GG8 F_6;8 8G CEBCE8
)BHE 78 @8<??8HEF E`FH?G4GF HG<?<F8M 78F A8GGBL4AGF 6B@@8 ?4 6E_@8 78 A8GGBL4:8
CBHE G45?8 78 6H<FFBA BA@i ,B9G ,6EH5 F4AF =4I8??<F4AG 8G 7H I<A4<:E8 5?4A6
PF9D5J <5C >5DD?I1>DC CE9F1>DC '8GGBL4AGF CBHE I8EE8 DH< 6BAG<8AA8AG 78 ?4@@BA<46 BH 7H =4I8??<F4AG [ 54F8 78
6;?BE8 8F <A:E`7<8AGF C8HI8AG F<@CE`:A8E 78 @4A<_E8 <EE`I8EF<5?8 FHE ?4 G45?8 78
6H<FFBA BH ?4 G46;8E
'8GGBL4AGF 6BEEBF<9F A8GGBL4AGF G8?F DH4FL (99 CBHI4AG 4GG4DH8E 6;<@<DH8@8AG
?4 FHE9468 78 ?4 G45?8 78 6H<FFBA
'8GGBL4AGF 45E4F<9F
8F G4@CBAF [ E`6HE8E @`G4??<DH8F BH 78F `CBA:8F [ E`6HE8E G8?F DH8 ,6BG6;
E<G8 C8HI8AG E4L8E 8G BH ?4<FF8E 78F @4EDH8F @`G4??<DH8F
8F G4@CBAF [ E`6HE8E F4IBAA8HK G8?F DH8 ,(, C8HI8AG E4L8E ?4 FHE9468
8F A8GGBL4AGF [ CBH7E8 6BAG8A4AG 7H =4I8??<F4AG [ 54F8 78 6;?BE8 C8HI8AG G46;8E
78 @4A<_E8 <EE`I8EF<5?8 ?4 G45?8 78 6H<FFBA
8F A8GGBL4AGF <A9?4@@45?8F 6B@@8 7H ?<DH<78 CBHE 4??H@8m6<:4E8GG8 BH 0m
*12<51EH 45 >5DD?I175
*I@5 45 C1<5DY
)?<ED9?> @?CC92<5
)E3B5 C9B?@ 45 CE3B5 <19D ?E D?=1D5
C53C &1@95B 5> @<1CD9AE5 ?E @1@95B
41<E=9>9E= 6?>4E *?EC 35C
Y<Y=5>DC .$* +$ (*(*
##P* C9>?> 9<C @5EF5>D
5>4?==175B 45 =1>9XB5 9BBYF5BC92<5
<1 CEB6135
+8G<E8M 68F GLC8F 78 7`I8EF8@8AGF
C8A74AG DH8 ?4 FHE9468 8FG 6;4H78 [
?4<78 7H :E4GGB<E [ ?4@8 .G<?<F8M HA8
ABHI8??8 ?4@8 74AF ?8 :E4GGB<E
A?8I8M ?4 CBa?8 8G `G8<:A8M ?`?`@8AG
A CBEG4AG HA :4AG 78 6H<F<A8 G8A8M ?8
:E4GGB<E [ HA 4A:?8 78 Q 94<G8F 4GG8AG<BA
78 A8 C4F C8E68E BH E4L8E ?8 I8EE8
)BHFF8M ?8F E`F<7HF [ ?8KG`E<8HE 78 ?4
MBA8 6;4H78
CE_F DH8 ?4 FHE9468 F8 FB<G E89EB<7<8
E8G<E8M ?8F E`F<7HF 8G 4CC?<DH8M 7H
A8GGBL4AG CBHE I<GEB6`E4@<DH8
P3<12?ECCEB5C 45 7B19CC5
.G<?<F8M HA8 `CBA:8 BH HA 6;<99BA
F4IBAA8HK CBHE 8A?8I8E ?4 :E4<FF8 E<A68M
[ 9BA7 8G F`6;8M CC?<DH8M 7H A8GGBL4AG
CBHE I<GEB6`E4@<DH8
#1BAE5C =YD1<<9AE5C *1385
9B945C35>D5
%8F CBa?8F [ 9BA7 74?H@<A<H@ 78 6H<IE8
BH 746<8E <ABKL745?8 C8HI8AG ?4<FF8E 78F
@4EDH8F -E4<G8M <@@`7<4G8@8AG 4CE_F
DH8 ?4 FHE9468 8FG E89EB<7<8 4I86 HA
A8GGBL4AG CBHE I<GEB6`E4@<DH8 ,< ?8F
@4EDH8F C8EF<FG8AG 8FF4L8M HA A8GGBL4AG
45E4F<9 7BHK BA @< ,B9G ,6EH5 F4AF
=4I8??<F4AG 4I86 HA8 F8EI<8GG8 78 C4C<8E
;H@<78 +<A68M 8G E`4CC?<DH8M ?4 6E_@8
,< ?8F @4EDH8F @`G4??<DH8F A8 FBAG C4F
8A?8I`F 4I4AG ?4 CEB6;4<A8 6H<FFBA ?8HE
`?<@<A4G<BA F8E4 GE_F 7<99<6<?8
*I@5 45 C1<5DY
)?<ED9?> @?CC92<5
*1385C 451E 4EB5
%<DH<78F 78 6H<FFBA 6;4H99`F DH< F8
7`I8EF8AG FHE ?4 FHE9468
%8F @<A`E4HK 78 68EG4<A8F 84HK C8HI8AG
aGE8 GE4AF9`E`F FHE ?4 FHE9468 8G 64HF8E
78F G46;8F .G<?<F8M 7H I<A4<:E8 5?4A6 ABA
7<?H` E<A68M 8G F`6;8M +86BA7<G<BAA8M
4I86 7H A8GGBL4AG CBHE I<GEB6`E4@<DH8
+8G<E8M ?8F 7`5BE78@8AGF 8G ?8F G46;8F
4I4AG 7HG<?<F8E ?4 G45?8 78 6H<FFBA 78
ABHI84H
(1IEB5C 45 CEB6135
%8F C8G<G8F E4LHE8F FBAG 6BHE4AG8F 8G
A49986G8AG 8A E<8A ?4 6H<FFBA ??8F
C8HI8AG 78I8A<E C?HF ?<FF8F 8G @B<AF
@4EDH4AG8F 4I86 ?HF4:8 DHBG<7<8A 7HA
A8GGBL4AG CBHE I<GEB6`E4@<DH8
CC?<DH8M 7H A8GGBL4AG CBHE
I<GEB6`E4@<DH8 4I4AG 78A?8I8E 78F
G46;8F :E4AH?8HF8F G8??8F DH8 ?8 F8? BH ?8F
4FF4<FBAA8@8AGF
)8HI8AG aGE8 E`7H<G8F 8A HG<?<F4AG 78F
CBa?8F [ 9BA7 ?<FF8 CEBCE8F 8G F_6;8F
4I4AG ?HG<?<F4G<BA
.G<?<F8M HA A8GGBL4AG CBHE I<GEB6`E4@<DH8
DHBG<7<8AA8@8AG
(54?E2<5J 45 F979<1>35 "5C 217E5C V
491=1>DC B1I5B?>D <1 CEB6135
>DB5D95>
%4CC4E8<? A8 A`68FF<G8 4H6HA 8AGE8G<8A F4H9 HA A8GGBL4:8 DHBG<7<8A )BHE 78
@8<??8HEF E`FH?G4GF 4CC?<DH8M DHBG<7<8AA8@8AG 78 ?4 6E_@8 78 A8GGBL4:8
_>DB5D95>
)5BF935 V <1 3<95>DX<5
B@@HA<DH8M 4I86 ABGE8 7`C4EG8@8AG 7H F8EI<68 [ ?4 6?<8AG_?8 F< IBGE8 4CC4E8<? 4
58FB<A 7aGE8 E`C4E` 'BGE8 8AGE8 78 F8EI<68 [ ?4 6?<8AG_?8 68AGE4? IB<E 6<m4CE_F F8
98E4 HA C?4<F<E 78 IBHF 7BAA8E 78F E8AF8<:A8@8AGF 7`G4<??`F FHE ?8 68AGE8 78
E`C4E4G<BA ?8 C?HF CEB6;8
$E=YB? 45 =?4X<5 5D >E=YB? %BEFDH8 IBHF CE8A8M 6BAG46G 4I86 ABGE8 F8EI<68 6?<8AG I8H<??8M 4IB<E ?8F AH@`EBF
@B7_?8 8G 78 IBGE8 4CC4E8<? [ CBEG`8 78 @4<A
/BHF CBHI8M GEBHI8E ?4 C?4DH8 F<:A4?`G<DH8 6B@CBEG4AG 68F 6;<99E8F FBHF ?8 78FFBHF
78 ?4CC4E8<? 8G 74AF ?8 ?<IE8G 78 ?4CC4E8<?
*H8FG<BAF /8H<??8M ABHF 6BAG46G8E 'BHF 4IBAF ;]G8 74IB<E 78 IBF ABHI8??8F
***'%!#%#!
" )
("'"'#" P$%$P ($* "#*P )
&(%+*)
5 AE5 3?EFB5 35DD5 71B1>D95 5D V
AE9 5<<5 C1@@<9AE5
%4 :4E4AG<8 ?<@<G`8 9BHEA<8 C4E ,! !B@8 CC?<4A68F -;8E@47BE ?4 P ,B6<`G` R
74AF ?8 CE`F8AG `ABA6` 78 :4E4AG<8 ?<@<G`8 78F CEB7H<GF F4CC?<DH8 HA<DH8@8AG
[ 4HK -;8E@47BE & , &, - , -, , ,
,, ,, ?8 P )EB7H<G R DH< IBHF 8FG I8A7H FB<G ?8 CE8@<8E 46;8G8HE [
?HG<?<F8E [ ?4 6BA7<G<BA DH8 ?8 )EB7H<G 4<G `G` 46;8G`
)BHE IBGE8 HF4:8 7B@8FG<DH8 ABE@4? ABA 6B@@8E6<4? 8G DH<? 4<G 89986G<I8@8AG
8A GBHG G8@CF `G` HG<?<F` HA<DH8@8AG [ 78F 9<AF 7B@8FG<DH8F ABE@4?8F
T ?`G4G A8H9 4H 7`G4<? 8G ABA 6B@@8 HA @B7_?8 78KCBF<G<BA PG8? DH8?R BH
4L4AG 7`=[ `G` E8GBHEA` 8G ABA [ 78F 9<AF 78 E8I8AG8 BH 7HG<?<F4G<BA
6B@@8E6<4?8
HK WG4GFm.A<F BH 4H 4A474 8G DH<? FB<G 8A GBHG G8@CF 78@8HE` 74AF ?8 C4LF
78 ?46;4G <A<G<4?
%8F :4E4AG<8F `ABA6`8F 74AF ?8F CE`F8AG8F F4CC?<DH8AG HA<DH8@8AG [ ?46;8G8HE
<A<G<4? 7H )EB7H<G 8G A8 FBAG C4F 68FF<5?8F
FFHE8MmIBHF 78 E8GBHEA8E IBGE8 64EG8 78AE8:<FGE8@8AG 5<8A DH8 68 A8 FB<G C4F
A`68FF4<E8 78 ?8 94<E8 CBHE DH8 ?4 :4E4AG<8 FB<G I4?<78 68FG ?4 @8<??8HE8 94^BA 78
C8E@8GGE8 [ ?4 ,B6<`G` 78 IBHF <A9BE@8E 74AF ?`I8AGH4?<G` <@CEB545?8 7HA 4I<F 78
F`6HE<G` BH 7HA E4CC8? 78 )EB7H<G
EBY5 45 <1 71B1>D95
%4 ,B6<`G` :4E4AG<G DH8 ?8 )EB7H<G 8FG 8K8@CG 78 I<68 78 6BA68CG<BA 8G 78
945E<64G<BA C8A74AG HA8 C`E<B78 78 GEB<F 68AG FB<K4AG8 6<AD =BHEF [ 6B@CG8E 78
?4 74G8 78 ?46;4G 8GG8 7HE`8 6B@@8A68 [ 6BHE<E [ ?4 74G8 78 ?46;4G 8G A8 7B<G C4F
CBHE DH8?DH8 E4<FBA DH8 68 FB<G aGE8 7<99`E`8 94<E8 ?B5=8G 78 7EB<GF aGE8 CEB?BA:`8
BH <AG8EEB@CH8
,?DB5 B53?EBC 5H3<EC96 C5 <9=9D5 V
<1 BY@1B1D9?> ?E 1E B5=@<135=5>D
)8A74AG ?4 C`E<B78 78 ?4 CE`F8AG8 :4E4AG<8 ?4 ,B6<`G` BH ?HA 78 F8F 9BHEA<FF8HEF 78
F8EI<68 4CE_FmI8AG8 4:E``F E`C4E8E4 IBGE8 )EB7H<G F4AF 9E4<F FBHF E`F8EI8 78
68EG4<A8F E8FGE<6G<BAF CE`6<F`8F 74AF ?8F CE`F8AG8F F<? 8FG 7`@BAGE` DH8 ?4
945E<64G<BA 78 IBGE8 )EB7H<G CE`F8AG8 HA I<68 78 6BA68CG<BA BH 78 945E<64G<BA ,< 78F
G8AG4G<I8F E4<FBAA45?8F 78 E`C4E4G<BA 7H )EB7H<G BAG `G` 94<G8F F4AF FH66_F 4?BEF ?4
,B6<`G` E8@C?468E4 IBGE8 )EB7H<G 78F @B7_?8F 4@`?<BE`F C8HI8AG IBHF aGE8 B998EGF
4H :E` 45FB?H 78 ?4 ,B6<`G` @BL8AA4AG 78F 9E4<F FHCC?`@8AG4<E8F -BHG8F ?8F
C<_68F 8G GBHF ?8F 6B@CBF4AGF 8A?8I`F 78I<8AA8AG ?4 CEBCE<`G` 78 ?4 ,B6<`G` [ FBA
:E` 45FB?H -BHG8F ?8F C<_68F E8@C?46`8F 8G BH E`C4E`8F FBAG 4FF<@<?45?8F [ ?4
C<_68 7BE<:<A8 4HK 9<AF 78 ?4 CE`F8AG8 :4E4AG<8 68GG8 78EA<_E8 A`G4AG C4F
CEB?BA:`8 8A 68 DH< 6BA68EA8 78 G8??8F C<_68F %HA<DH8 E8FCBAF45<?<G` 78 ?4
,B6<`G` CE`IH8 4HK CE`F8AG8F 6BAF<FG8 [ E`C4E8E HA )EB7H<G 6B@CBEG4AG HA I<68 78
6BA68CG<BA BH 78 945E<64G<BA HA<DH8@8AG 8A 4L4AG E86BHEF [ HA 9BHEA<FF8HE 78
F8EI<68 4CE_FmI8AG8 4:E`` 78 ?4 ,B6<`G` C8A74AG ?8F ;8HE8F ABE@4?8F 7BHI8EGHE8
)BHE 78F DH8FG<BAF 78 F`6HE<G` 8G CBHE `I<G8E GBHG 7B@@4:8 @4G`E<8? ?4 ,B6<`G`
IBHF E86B@@4A78 9BEG8@8AG 78 A8 C4F G8AG8E 78 E`C4E8E IBHFm@a@8 ?8 )EB7H<G BH
74IB<E E86BHEF [ HA E`C4E4G8HE ABA 4:E`` ?4 ,B6<`G` A8 F8E4 C4F E8FCBAF45?8 78F
E`C4E4G<BAF BH 7H GE4I4<? 89986GH`F C4E HA 9BHEA<FF8HE 78 F8EI<68 ABA 4:E`` ,< IBHF
6;B<F<FF8M 78 78@4A78E [ HA8 C8EFBAA8 DH< A8FG C4F HA 9BHEA<FF8HE 78 F8EI<68
4CE_FmI8AG8 4:E`` 78 GE4I4<??8E FHE IBGE8 )EB7H<G % )+W,'- +'-"
/"'+ .-(&-"*.&'- '.%% - ,', %8F 9BHEA<FF8HEF 78 F8EI<68 4CE_FmI8AG8 4:E``F FBAG 78F C8EFBAA8F BH 78F FB6<`G`F
4L4AG E8^H HA8 9BE@4G<BA FC`6<4?8 CBHE ?8F CEB7H<GF 78 ?4 ,B6<`G` 8G DH< =BH<FF8AG
78 ?4I<F 78 ?4 ,B6<`G` 7HA8 E`CHG4G<BA FHC`E<8HE8 8A @4G<_E8 78 F8EI<68 [ ?4
6?<8AG_?8 8G 78 6B@C`G8A68F G86;A<DH8F I8H<??8M ABG8E DH<? F4:<G 78AG<G`F
<A7`C8A74AG8F 8G 78 @4A74G4<E8F 74FFB6<`F 78 @8@5E8F 7H :EBHC8 BH 78
E8CE`F8AG4AGF 78 ?4 ,B6<`G` &4?:E` 68 DH< CE`6_78 ?4 ,B6<`G` A4FFH@8E4 4H6HA8
E8FCBAF45<?<G` [ ?`:4E7 7H )EB7H<G F<? F8 GEBHI8 74AF HA8 E`:<BA `?B<:A`8 [ C?HF 78
@<??8F 7HA 9BHEA<FF8HE 78 F8EI<68 4CE_FmI8AG8 4:E`` BH F<? 8FG
E4<FBAA45?8@8AG <A4668FF<5?8 F<? F8 GEBHI8 74AF HA ?<8H HA @<?<8H BH HA
8AI<EBAA8@8AG 74A:8E8HK BH GE4cGE8 4HDH8? 64F F< IBHF ?8 78@4A78M ?4 ,B6<`G`
C4<8E4 DH4A7 @a@8 ?4 @4<Am7nHIE8 8G ?8F C<_68F 8G 8KC`7<8E4 ?8F C<_68F 4H
9BHEA<FF8HE 78 F8EI<68 4CE_FmI8AG8 4:E`` ?8 C?HF CEB6;8 @4<F IBHF 78@8HE8E8M
DH4A7 @a@8 8AG<_E8@8AG E8FCBAF45?8 78F 9E4<F 78 7`C?468@8AG BH 4HGE8F 9E4<F
FC`6<4HK 78@4A7`F C4E ?4 ,B6<`G` DH< 9BHEA<G ?8 F8EI<68 4CE_FmI8AG8 74AF
?;LCBG;_F8 Bi 8??8 4668CG8 78 94<E8 HA 7`C?468@8AG CBHE 89986GH8E ?4 E`C4E4G<BA
&B?4E9D AE9 >5CD @<EC 3?EF5BD @1B
<1 71B1>D95
%4 ,B6<`G` A8FG C4F G8AH8 8A 7EB<G BH 4HGE8@8AG 78 IBHF 6BAF8AG<E DHB< DH8 68
FB<G L 6B@CE<F 78F E`C4E4G<BAF 78F G4E<9F CEBCBEG<BAA8?F BH HA E8@C?468@8AG 78
)EB7H<G 4CE_F ?8KC<E4G<BA 78 ?4 CE`F8AG8 :4E4AG<8
H3<EC9?>C 45 <1 71B1>D95
%4 :4E4AG<8 7`6E<G8 4HK CE`F8AG8F 8K6?HG GBHF ?8F 7`94HGF BH 7B@@4:8F DH< A8
E`FH?G8AG C4F 78 ?4 94HG8 7<E86G8 78 ?4 ,B6<`G` L 6B@CE<F ABG4@@8AG HA BH
C?HF<8HEF 78F `?`@8AGF FH<I4AGF
%HG<?<F4G<BA 7H )EB7H<G [ GBHG8 4HGE8 9<A DH8 FBA HF4:8 ABE@4? ;45<GH8? 8G CE`IH
L 6B@CE<F ABG4@@8AG GBHG8 9BE@8 7HF4:8 6B@@8E6<4? ?HF4:8 BH
?8AGE8CBF4:8 [ ?8KG`E<8HE 78 )EB7H<G 78I4AG aGE8 HG<?<F`F [ ?<AG`E<8HE ?HG<?<F4G<BA
7H )EB7H<G 6BA=B<AG8@8AG 4I86 78F 4`EBA89F BH 78F 54G84HK
%<A6BA7H<G8 IB?BAG4<E8 ?4 A`:?<:8A68 ?4 @4HI4<F8 HG<?<F4G<BA ?HG<?<F4G<BA 45HF<I8
?8F 466<78AGF ?4 A`:?<:8A68 ?8 9BA6G<BAA8@8AG <A4CCEBCE<` ?8 7`94HG
78AGE8G8A<E ?<AFG4??4G<BA <A4CCEBCE<`8 BH A`:?<:8AG8 ?4?G`E4G<BA ?8 7`94HG 78
FH<IE8 ?8F 7<E86G<I8F 7HG<?<F4G<BA ?4 @4A<CH?4G<BA F4AF CE`64HG<BA ?8 F8EI<68 ABA
4HGBE<F` L 6B@CE<F ?4 E`C4E4G<BA 89986GH`8 FB<m@a@8 BH ?8KC?BE4G<BA 78F
@`64A<F@8F <AG8EA8F 78 ?4CC4E8<? 78 ?4 C4EG 78 GBHG8 C4EG<8
%4=HFG8@8AG BH ?4 @B7<9<64G<BA 78 GBHG8 FBEG8
%8 ABAmE8FC86G 78F 6B78F E_:?8@8AGF BH ?B<F CEBI<A6<4?8F `G4G<DH8F ?B64HK
@HA<6<C4HK BH 78 6B@G` E`:<FF4AG ?`?86GE<6<G` ?4 C?B@58E<8 8G BH ?8 5]G<@8AG L
6B@CE<F ?8 7`94HG 7<AFG4??8E ?8 )EB7H<G 74AF ?8 E8FC86G ?8 C?HF FGE<6G 78F 6B78F 8G
E_:?8@8AGF 8A @4G<_E8 7<A68A7<8 8G 78 5]G<@8AG
%HFHE8 ABE@4?8 ?8 E8AI8EF8@8AG 74?<@8AGF 78 ?<DH<78F ?8F 466H@H?4G<BAF 78
:E4<FF8 BH ?8F 4HGE8F FH5FG4A68F DH< F466H@H?8AG FHE ?8 )EB7H<G [ ?<AG`E<8HE BH
4HGBHE 78 68?H<m6<
%8F 9BE68F 8G 946G8HEF 8KG8EA8F 78F `?`@8AGF 8G BH 78 ?8AI<EBAA8@8AG L
6B@CE<F ABG4@@8AG ?4 C?H<8 ?8 I8AG ?8 F45?8 ?<ABA74G<BA ?<A68A7<8 ?8F
:?<FF8@8AGF 78 G8EE4<A ?8F G8@C`E4GHE8F 4Hm78FFBHF 7H CB<AG 78 6BA:`?4G<BA
?;H@<7<G` 8K68FF<I8 BH ?8KCBF<G<BA CEB?BA:`8 [ ?;H@<7<G` ?4 9BH7E8 ?4
FHEG8AF<BA `?86GE<DH8 ?8F 7`94HGF 78F FGEH6GHE8F DH< 8AGBHE8AG ?4CC4E8<? 8G ?8F
64F 78 9BE68 @4=8HE8
%4 ,B6<`G` A8 F8E4 8A 4H6HA 64F E8FCBAF45?8 78 DH8?DH8 @4A<_E8 DH8 68 FB<G 78F
7B@@4:8F B664F<BAA`F 4HK 5<8AF 8AI<EBAA4AGF L 6B@CE<F ?8F 4E@B<E8F 78
E4A:8@8AG ?8F C?4A6;8EF ?8F C?49BA7F 8G ?8F 4HGE8F FGEH6GHE8F BH B5=8GF DH< F8
GEBHI8AG 4HGBHE 7H )EB7H<G ,BAG `:4?8@8AG 8K6?HF 78 ?4 CE`F8AG8 :4E4AG<8 ?8F
`:E4G<:AHE8F ?8F 8A6B6;8F ?8F 5BFF8?HE8F 8G ?8F 7B@@4:8F GBH6;4AG ?4CC4E8A68
78F FHE9468F 8KG8EA8F 8G 78F C<_68F 8KCBF`8F ?8F CEB7H<GF 7BAG ?8F AH@`EBF 78
F`E<8 BAG `G` @B7<9<`F E8A7HF <??<F<5?8F BH 8A?8I`F ?8F 7`C?468@8AGF 7H C8EFBAA8?
78 F8EI<68 4CE_F I8AG8 CBHE IBHF 8AF8<:A8E 6B@@8AG HG<?<F8E ?8 )EB7H<G BH ?8F
7`C?468@8AGF ?BEFDH8 ?8 )EB7H<G A8 CE`F8AG8 4H6HA CEB5?_@8 ?4 6BEE86G<BA 78
CEB5?_@8F 7<AFG4??4G<BA IBHF aG8F F8H? E8FCBAF45?8 78 GBHG8 FGEH6GHE8 8G 78 ?4 @<F8
8A C?468 7H )EB7H<G L 6B@CE<F ?8F <AFG4??4G<BAF `?86GE<DH8F 78 C?B@58E<8 BH 4HGE8F
<AFG4??4G<BAF 78 E466BE78@8AG 78 ?4 @<F8 8A C?468 78 9BA74G<BAF BH 7HA C4EDH8G
4CCEBCE<`F 8G 78 GBHG8 @B7<9<64G<BA 78I4AG ABG4@@8AG aGE8 4CCBEG`8 4HK 4E@B<E8F
78 E4A:8@8AG @HEF C?4A6;8EF E4LBAA4:8F 8G6 4<AF< DH8 ?8 E`:?4:8 78F
7<F=BA6G8HEF BH 78F 9HF<5?8F
$) " #)+( %T " "% "+*%() " &(P)$* ($*
$'+ ,%) (%+() ."+)) $ '+ %$($ " &(%+*
&+ #&%(* ) " (P"#*%$ )* $*+( %$*(*+"" %+
P"*+"" / %#&() " ()&%$)"*P )%"+ %+ "
$P"$ %+ +*( " &(P)$* ($* (#&" *%+*)
") +*() ($*) .&())) %+ #&"*) *%+* ($*
#&"* $ ,(*+ " "% '+ )%* N ) $) '+"*P
#($ %+ &**%$ N +$ +* &(*+"( %+
+*(#$* )* $ ,++( +$'+#$* &$$* " &P(% +
%+() "'+"" " &(P)$* ($* "#*P .&()) )*
$ ,++( " ($* $ )( $ ++$ ) ()&%$)"
) %##) &(*) %+ () %$)P+*) &(*+"()
))%() $(*) * %+ &+$*) ) L&(*)
%##(")M / %#&() $%*##$* " *#&) )$ +
*(," "P(#$* * %+ ") (&) + ()*+($* ")
() (#%" $ .P$* ) %##) (*) '+
)%$* +)P) P$*,#$* * ."+),#$* &( " )%P*P
%+ +*(#$* (*$) P**) $ &(#**$* &) "."+)%$
%+ " "#**%$ ) %##) ))%() %+ %$)P+*) *
(*$) +(*%$) $ &(#**$* &) '+ ) "#*) )%$*
#&%)P) N " +(P +$ ($* #&"* )%(* '+ ")
"#**%$) $'+P) &"+) +*) &+,$* $ &) )&&"'+( N
,%+) " &(P)$* ($* ,%+) %$$ ) (%*) +('+)
&(*+"() * ,%+) &%+,0 +)) ,%( +*() (%*) '+
,($* +$ P** N "+*(
'BAB5FG4AG GBHG8 7<FCBF<G<BA 6BAGE4<E8 74AF ?4 CE`F8AG8 :4E4AG<8 ?4 E8FCBAF45<?<G`
GBG4?8 78 ?4 ,B6<`G` C8H <@CBEG8 ?4 9BE@8 746G<BA F8E4 ?<@<G`8 4H CE<K 78 )EB7H<G
DH8 IBHF 4I8M 46;8G` H6HA8 G8AG4G<I8 78 @B7<9<8E ?4 CE`F8AG8 :4E4AG<8 A4 78998G
[ @B<AF 7aGE8 4HGBE<F`8 C4E `6E<G C4E HA 7<E<:84AG 78 ?4 ,B6<`G` %4 ,B6<`G` CBHEE4
6`78E GBHG BH C4EG< 78 F8F 7EB<GF 8G B5?<:4G<BAF 4H G<GE8 78 ?4 CE`F8AG8 :4E4AG<8 F4AF
IBGE8 6BAF8AG8@8AG
?==5>D ?2D5>9B E> C5BF935 1E
D9DB5 45 <1 71B1>D95
)BHE B5G8A<E HA F8EI<68 4H G<GE8 78 ?4 :4E4AG<8 CBHE IBGE8 )EB7H<G IBHF 78IE<8M
6B@@HA<DH8E 4I86 ?8 68AGE8 78 F8EI<68 4CE_FmI8AG8 4:E`` ?8 C?HF CEB6;8 78 ?4
,B6<`G`
,! !B@8 CCC?<4A68F
&64778A I8 !HAG<A:GBA 846; ?>D5>94?
)57EB9414
>CDBE339?>5C 45 C57EB9414 9=@?BD1>D5C
4HF4F 78 74eBF
_]=? 3?=5>J1B
&1B1 61=9<91B9J1BC5 3?> <1 E>9414
)4A8? 78 6BAGEB?
_%@5B139]>
&1B1 5>35>45B <1 @<131
)4E4 CEB:E4@4E 8? 8?8@8AGB
-45?4
_"9=@95J1 I =1>D5>9=95>D?
"9=@95J1
%<@C<8M4 7<4E<4
"AFGEH66<BA8F 78 ?<@C<8M4
#1>D5>9=95>D?
_)5BF939? DY3>93?
)5BF939? 1< <95>D5
"(S$ ($*Q "#* " &(%+*%
)57EB9414
45 C57EB9414
>CDBE339?>5C
9=@?BD1>D5C
% 2
.+ ,-, "',-+."(',
>CD1<139]>
,)% l,H AH8IB 8?86GEB7B@`FG<6B ;4 F<7B 7<F8e47B C4E4 F8E F8:HEB L
6BA9<45?8 F< E86<58 8? 6H<747B 4786H47B %84 4G8AG4@8AG8 GB74F ?4F
<AFGEH66<BA8F 4AG8F 78 HF4E?B FG4F CE864H6<BA8F E87H6<E\A 8? E<8F:B 78
DH8@47HE4F 78F64E:4 8?`6GE<64 <A68A7<B L ?8F<BA8F 4 C8EFBA4F ? HG<?<M4E
8?86GEB7B@`FG<6BF 78 6B6<A4 F8 7858A GB@4E CE864H6<BA8F 78 F8:HE<747
5\F<64F <A6?H<74F ?4F DH8 F8 8A6H8AGE4A 8A ?4F C\:<A4F F<:H<8AG8F
FG8 8?86GEB7B@`FG<6B 7858 F8E 6BEE86G4@8AG8 <AFG4?47B L 6BA86G47B 4 G<8EE4 CBE
HA G`6A<6B 64?<9<647B BA`6G8?B Ff?B 4 HA4 GB@4 78 6BEE<8AG8 8?`6GE<64
6BEE86G4@8AG8 6BA86G474 4 G<8EE4
)b74?8 4? <AFG4?47BE DH8 ?8 @H8FGE8 ?4 H5<646<fA 78? 7<FLHAGBE B 8? 9HF<5?8 &\EDH8?4
C4E4 E86BE74E?4 @\F 9\6<?@8AG8 )4E4 B5G8A8E @\F <A9BE@46<fA 6BAFH?G8 ?4F
"AFGEH66<BA8F 78 <AFG4?46<fA
+C? @B5F9CD?
FG8 8?86GEB7B@`FG<6B ;4 F<7B 7<F8e47B C4E4 HFB 7B@`FG<6B ABE@4? jA<64@8AG8
'B 8FG\ 4CEB547B C4E4 HFB 8A 8KG8E<BE8F BAFH?G8 ?4 :4E4AGb4 ,< G<8A8 4?:HA4
CE8:HAG4 6B@HAbDH8F8 6BA 8? 945E<64AG8
)57EB9414 45 <?C >9\?C
,)% l.G<?<68 8FG8 8?86GEB7B@`FG<6B jA<64@8AG8 C4E4 8? 9<A C4E4 8? 6H4?
9H8 7<F8e47B F8:jA F8 78F6E<58 8A 8FG8 @4AH4? 'HA64 HG<?<68 8FG8
8?86GEB7B@`FG<6B 6B@B 8FGH94 C4E4 64?8AG4E B 64?89466<BA4E ?4 ;45<G46<fA
FGB CH878 ;468E DH8 8? 8?86GEB7B@`FG<6B F8 64?<8AG8 8A 8K68FB 'HA64
HG<?<68 8? 8?86GEB7B@`FG<6B C4E4 4?@468A4E B5=8GBF
'B C8E@<G4 DH8 A<eBF HG<?<68A 8FG8 8?86GEB7B@`FG<6B 4 @8ABF DH8 F84A
FHC8EI<F47BF 78 68E64 CBE HA 47H?GB %BF A<eBF L ?4F @4F6BG4F AB 7858A DH874E
FB?BF B F<A I<:<?4A6<4 8A 8? \E84 7BA78 F8 HG<?<68 8? 8?86GEB7B@`FG<6B 'HA64 F8 ?8F
7858 C8E@<G<E =H:4E 68E64 78? 8?86GEB7B@`FG<6B <A78C8A7<8AG8@8AG8 78 DH8 8FG`
8A 9HA6<BA4@<8AGB B AB
H4A7B ?BF A<eBF G<8A8A ?4 8747 4786H474 C4E4 HG<?<M4E 8? 8?86GEB7B@`FG<6B 8F
E8FCBAF45<?<747 ?8:4? 78 ?BF C47E8F B GHGBE8F ?8:4?8F 4F8:HE4EF8 78 DH8 E86<54A ?4F
<AFGEH66<BA8F FB5E8 CE\6G<64F F8:HE4F CBE C4EG8 78 C8EFBA4F 64?<9<6474F
'B C8E@<G4 DH8 A47<8 F8 FH54 C4E8 <A6?<A8 F<8AG8 B 6H8?:H8 78 A<A:HA4 C4EG8 78
HA 8?86GEB7B@`FG<6B FGB CH878 74e4E 8? 8?86GEB7B@`FG<6B L CBF<5?8@8AG8
64HF4E ?8F<BA8F :E4I8F
**$%$ l %BF B5=8GBF 78 <AG8E`F C4E4 A<eBF AB 7858A 4?@468A4EF8
8A HA 8?86GEB7B@`FG<6B 8A :45<A8G8F FB5E8 HA 8?86GEB7B@`FG<6B A< 8A ?4
C?464 4AG<F4?C<647HE4F ,< ?BF A<eBF F8 FH58A 4 HA 8?86GEB7B@`FG<6B C4E4
4?64AM4E 8FGBF B5=8GBF CB7Eb4A FH9E<E ?8F<BA8F :E4I8F
45 C57EB9414
>CDBE339?>5C
9=@?BD1>D5C
% 2
.+ ,-, "',-+."(',
)57EB9414 1< 3?39>1B
'B 78=8 DH8 C4C8? 78 4?H@<A<B C?\FG<6B C4C8? B G8?4 8AGE8A 8A 6BAG46GB 6BA HA
8?8@8AGB 78 ?4 FHC8E9<6<8 64?<8AG8 'B 78=8 B??4F ;<EI<8A7B F<A ?bDH<7B
,H=`G8F8 GB74F ?4F CE8A74F 8G6 4AG8F 78 6B@8AM4E ,H=`G8F8 8? 6458??B ?4E:B 78
@4A8E4 DH8 AB DH878 FH8?GB L AB HF8 CE8A74F ;B?:474F B FH8?G4F 6B@B 6BE54G4F
5H94A74F =BL4F B @4A:4F 4@C?<4F
'( -(*. %, .'", %, ,.)+"", '" %, U+, +', %, .'", %4F HA<7478F 78 ?4 FHC8E9<6<8 CH878A 8FG4E 64?<8AG8F 4HADH8 FH
6B?BE F84 BF6HEB %4F \E84F 68E64A4F 4 ?4F HA<7478F 78 ?4 FHC8E9<6<8 CH878A
64?8AG4EF8 ?B FH9<6<8AG8 6B@B C4E4 B64F<BA4E DH8@47HE4F HE4AG8 8? HFB L 6BA
CBFG8E<BE<747 AB GBDH8 ?4F HA<7478F 78 ?4 FHC8E9<6<8 B \E84F 68E64A4F 4 ?4F
HA<7478F A< 78=8 DH8 FH EBC4 4:4EE47BE8F A< BGEBF @4G8E<4?8F <A9?4@45?8F 8AGE8A 8A
6BAG46GB 6BA 8FGBF ;4FG4 DH8 ;4L4 GE4AF6HEE<7B 8? G<8@CB FH9<6<8AG8 C4E4 DH8 F8
8A9Eb8A AGE8 8FG4F \E84F F8 8A6H8AGE4A ?4 C?464 L ?4F \E84F DH8 @<E4A ;46<4 ?4
C?464
,<8@CE8 HF8 4:4EE47BE8F F86BF %BF 4:4EE47BE8F ;j@87BF B @B=47BF FB5E8 ?4F
FHC8E9<6<8F 64?<8AG8F CH878A B64F<BA4E DH8@47HE4F CBE I4CBE 'B 78=8 DH8 ?BF
4:4EE47BE8F GBDH8A ?BF 8?8@8AGBF 78 64?8AG4@<8AGB DH8 8FG`A 64?<8AG8F 'B HF8
GB4??4F A< BGEBF C4eBF :EH8FBF
'HA64 @H8I4 HA E86<C<8AG8 6BA 468<G8 64?<8AG8 8FC86<4?@8AG8 HA4 9E8<7BE4 FC8E8
;4FG4 DH8 F8 ;4L4 8A9E<47B
'HA64 78=8 ?4 C?464 F<A I<:<?4A6<4 6H4A7B 8FG` 8A HFB %BF 78EE4@8F CBE ;8EIBE
64HF4A ;H@B L ?4F F4?C<647HE4F :E4FBF4F CH878A CE8A78EF8 9H8:B
'B 64?<8AG8 E86<C<8AG8F 78 4?<@8AGBF F<A 45E<E %4 46H@H?46<fA 78 CE8F<fA CH878
;468E 8KC?BG4E 8? E86<C<8AG8 L 64HF4E ?8F<BA8F
,<8@CE8 @4AG8A:4 ?4 C?464 L ?4F 54F8F 78 ?4F 6468EB?4F F864F ? ?bDH<7B DH8 F8
8A6H8AGE4 8AGE8 ?4 54F8 78 ?4 6468EB?4 L ?4 C?464 CH878 46H@H?4E CE8F<fA 78 I4CBE
DH8 CH878 ;468E DH8 ?4 6468EB?4 F4?G8 E8C8AG<A4@8AG8 L CEBIBDH8 ?8F<BA8F
'HA64 BC8E8 ?4 C?464 6BA F4?C<647HE4F B ?bDH<7B 4?E8787BE 78? \E84 78 6BAGEB?
,<8@CE8 4C4:H8 ?4 C?464 L F8DH8 8? \E84 78 6BAGEB?
.F8 I4?BE8F 78 64?BE 4?GBF 8A ?4 C?464 Ff?B 6H4A7B F84 A868F4E<B )4E4 8I<G4E
5HE5H=4F L F4?C<647HE4F 64?<8AG8 8? 468<G8 78FC46<B 4 HA I4?BE 54=Bm@87<4AB 6B@B
@\K<@B ? 468<G8 64?<8AG8 CH878 CEBIB64E DH8@47HE4F L ?8F<BA8F 78 8KGE8@4
:E4I8747
)57EB9414 5> <?C ED5>C9<9?C 45 3?39>1 .F8 8? G4@4eB 78 B??4 4786H47B ? HFB 78 HG8AF<?<BF 78 6B6<A4 @\F C8DH8eBF 78=4
8KCH8FG4 4? 6BAG46GB 7<E86GB HA4 C4EG8 78? 8?8@8AGB 78 64?8AG4@<8AGB L CH878
B64F<BA4E ?4 <:A<6<fA 78 ?4 EBC4 ,8?866<BA8 HG8AF<?<BF 78 6B6<A4 6BA 54F8F C?4A4F L
?B FH9<6<8AG8@8AG8 :E4A78F C4E4 DH8 6H5E4A ?4 HA<747 78 64?8AG4@<8AGB 78 ?4
FHC8E9<6<8 FG8 8?86GEB7B@`FG<6B 8FG\ 8DH<C47B 6BA HA4 B @\F HA<7478F 78 ?4
FHC8E9<6<8 78 7<98E8AG8 G4@4eB %4 CEBCBE6<fA 6BEE86G4 78? HG8AF<?<B 78 6B6<A4 6BA
E8FC86GB 4? 8?8@8AGB 78 64?8AG4@<8AGB G4@5<`A 4H@8AG4 ?4 89<6<8A6<4
%BF HG8AF<?<BF 78 6B6<A4 AB 4CEB547BF C4E4 HFB 6BA C?464F 78 68E\@<64 CH878A
EB@C8EF8 6BA ?BF 64@5<BF 5EHF6BF 78 G8@C8E4GHE4 .F8 Ff?B B??4F DH8 F84A
4CEBC<474F C4E4 C?464F 78 68E\@<64 jA<64@8AG8 78G8E@<A47BF G<CBF 78 I<7E<B
I<7E<B E8F<FG8AG8 4? 64?BE 68E\@<64 ?BM4 H BGEBF HG8AF<?<BF I<7E<47BF DH8 F84A 4CGBF
45 C57EB9414
>CDBE339?>5C
9=@?BD1>D5C
% 2
.+ ,-, "',-+."(',
,BFG8A:4 8? @4A:B 78 ?4 B??4 6H4A7B E8IH8?I4 B 7` IH8?G4 ?BF 4?<@8AGBF FGB 4LH74
4 8I<G4E F4?C<647HE4F L 4 CE8I8A<E 8? @BI<@<8AGB 78 ?4 B??4
,<8@CE8 6B?BDH8 ?BF @4A:BF 78 ?BF HG8AF<?<BF ;46<4 478AGEB 78 @4A8E4 DH8 AB F8
8KG<8A74A FB5E8 ?4F \E84F 78 GE454=B 47L468AG8F A< FB5E8 8? 5BE78 78 ?4 C?464 FGB
E87H68 8? E<8F:B 78 <A68A7<BF 78EE4@8F L DH8@47HE4F
)57EB9414 5> <1 <9=@95J1
'B ?<@C<8 8? 8?86GEB7B@`FG<6B 6H4A7B 8FG` 64?<8AG8 ?:HABF ?<@C<47BE8F CEB7H68A
8@4A46<BA8F GfK<64F 6H4A7B F8 4C?<64A 8A HA4 FHC8E9<6<8 64?<8AG8 %4F 8FCBA=4F L
?BF C4eBF @B=47BF CH878A B64F<BA4E DH8@47HE4F CBE I4CBE
'B HF8 ?<@C<47BE8F 4 I4CBE C4E4 ?<@C<4E ?4 C?464
?>4939]> 45 <1 E>9414
,)% l'B 6B6<A8 8A HA4 C?464 EBG4 %4F FB?H6<BA8F 78 ?<@C<8M4 L ?BF
78EE4@8F CH878A 6E84E HA E<8F:B 78 78F64E:4 8?`6GE<64 C4:H8 8?
7<FLHAGBE 78 ?4 64=4 78 9HF<5?8F F< ?4 68E\@<64 G<8A8 9E46GHE4F 78986GBF B
E4=47HE4F %?4@8 4 HA 68AGEB 78 F8EI<6<B G`6A<6B 4HGBE<M47B
,< ?4 C4AG4??4 AB 9HA6<BA4 6H4A7B F8 64?<8AG4 HA 8?8@8AGB 4C4:H8 8? 7<FLHAGBE 78 ?4
64=4 78 9HF<5?8F %?4@8 4 HA 68AGEB 78 F8EI<6<B G`6A<6B 4HGBE<M47B
,< ?4 C?464 F8 4C4:4 FB?4 L L4 AB CH878 IB?I8E 4 HF4EF8 8F CEB545?8 DH8 F8
8A6<8A74 <A8FC8E474@8AG8 @\F 478?4AG8 )4E4 8I<G4E 8FGB 4C4:H8 8? 7<FLHAGBE 78
?4 64=4 78 9HF<5?8F %?4@8 4 HA 68AGEB 78 F8EI<6<B G`6A<6B 4HGBE<M47B
'B HG<?<68 8FG8 8?86GEB7B@`FG<6B F< AB 9HA6<BA4 6BEE86G4@8AG8 B F< ;4 F<7B 74e47B
B@HAbDH8F8 6BA HA 68AGEB 78 F8EI<6<B G`6A<6B 4HGBE<M47B
C@139? 1=295>D5 45 DB121:?
,<8@CE8 G8A:4 HA 78G86GBE 78 ;H@B 8A 9HA6<BA4@<8AGB 68E64 78 ?4 6B6<A4
-8A:4 HA 8KG<A:H<7BE 78 <A68A7<B 7<FCBA<5?8 68E64 8A HA \E84 9\6<?@8AG8 I<F<5?8 L
4668F<5?8 68E64 78? 8?86GEB7B@`FG<6B
'B 4?@468A8 A< HG<?<68 CEB7H6GBF DHb@<6BF 6BEEBF<IBF I4CBE8F @4G8E<4?8F
<A9?4@45?8F A< CEB7H6GBF AB 4?<@8AG<6<BF 78AGEB 78 8FG8 8?86GEB7B@`FG<6B A< 68E64
78 `? FG\ 8FC86b9<64@8AG8 7<F8e47B C4E4 64?8AG4E B 6B6<A4E 4?<@8AGBF ? HFB 78
CEB7H6GBF DHb@<6BF 6BEEBF<IBF 4? 64?8AG4E B ?<@C<4E 74e4E\ 8? 8?86GEB7B@`FG<6B L
CB7Eb4 64HF4E ?8F<BA8F
)57EB9414 5> 5< C5BF939? DY3>93? I
B5@1B139?>5C
'B E8C4E8 A< 64@5<8 A<A:HA4 C4EG8 78? 8?86GEB7B@`FG<6B 4 @8ABF DH8 F8
E86B@<8A78 8FC86b9<64@8AG8 8A 8FG8 @4AH4? +8@<G4 GB74F ?4F E8C4E46<BA8F 4 HA
68AGEB 78 F8EI<6<B G`6A<6B 4HGBE<M47B CBE ?4 9\5E<64
)4E4 8I<G4E 8? C8?<:EB 78 78F64E:4 8?`6GE<64 4AG8F 78 E8C4E4E 8? 8?86GEB7B@`FG<6B
4C4:H8 8? 7<FLHAGBE 78 ?4 64=4 78 9HF<5?8F
#1D5B91<5C 9>6<1=12<5C
'B 4?@468A8 A< HG<?<68 :4FB?<A4 H BGEBF I4CBE8F ?bDH<7BF B @4G8E<4?8F <A9?4@45?8F 8A
?4 68E64Ab4 78 8FG8 B 78 6H4?DH<8E BGEB 8?86GEB7B@`FG<6B
,< ?4 C?464 8FG\ 68E64 78 HA4 I8AG4A4 HA4 I8AG<?46<fA B HA I8AG<?47BE 78 4<E8
9BEM47B 4F8:jE8F8 78 DH8 ?BF @4G8E<4?8F <A9?4@45?8F 6B@B ?BF 8?8@8AGBF
HG<?<M47BF C4E4 6H5E<E HA4 I8AG4A4 AB F8 4CEBK<@8A 4 ?BF 8?8@8AGBF A< F8 8KG<8A74A
FB5E8 8FGBF L4 DH8 CB7Eb4A CE8A78EF8 9H8:B
45 C57EB9414
>CDBE339?>5C
9=@?BD1>D5C
% 2
.+ ,-, "',-+."(',
> 31C? 45 9>35>49?
A 8? 64FB 78 DH8 FH EBC4 F8 CE8A74 9H8:B 4EEf=8F8 4? C<FB L EH878 78 <A@87<4GB
C4E4 8KG<A:H<E ?4F ??4@4F
,B9BDH8 ?4F ??4@4F CEBIB6474F CBE 4?<@8AGBF DH8 F8 CE8A78A 9H8:B DH8 AB F84A
<A68A7<BF B64F<BA47BF CBE :E4F4 6BA 5<64E5BA4GB 78 FB7<B 'HA64 HF8 4:H4 8A
<A68A7<BF B64F<BA47BF 4? 6B6<A4E
,)% l)+ +."+ % +", ( "''"( (,"('( )(+
+,
1 'HA64 78=8 ?4F HA<7478F 78 ?4 FHC8E9<6<8 F<A I<:<?4A6<4 4 I4?BE8F 4?GBF
%BF 78EE4@8F CBE ;8EIBE 64HF4A ;H@B L F4?C<647HE4F :E4FBF4F DH8
CH878A CE8A78EF8 9H8:B 4?<8AG8 ?BF 468<G8F 78FC46<B 4 I4?BE8F 54=BF
B @87<4ABF
2 ,<8@CE8 8A6<8A74 ?4 64@C4A4 4? 6B6<A4E 4 HA I4?BE 78 64?BE 4?GB B 4?
9?4@584E 4?<@8AGBF C 8= E8C4F ,HM8GG8 68E8M4F #H5<?88 64EA8
9?4@58474 6BA :E4ABF 78 C<@<8AG4
3 %<@C<8 ?BF I8AG<?47BE8F 8KGE46GBE8F 6BA 9E86H8A6<4 'B F8 7858 C8E@<G<E
?4 46H@H?46<fA 78 :E4F4 8A ?BF I8AG<?47BE8F A< 8A ?BF 9<?GEBF
4 .F8 8? G4@4eB 4786H47B 78 B??4 ,<8@CE8 HF8 HG8AF<?<BF 78 6B6<A4
4CEBC<47BF C4E4 8? G4@4eB 78? 8?8@8AGB 78 ?4 FHC8E9<6<8
,)% l)+ +."+ % +", ( %,"(', )+,(', '
,( "''"( (,"('( )(+ +, ," ,-,
"'""(',
1 ,((*. %, %%&, 6BA HA4 G4C4 DH8 4=HFG8 6BEE86G4@8AG8 HA4
C?464 C4E4 :4??8G4F H BGE4 54A78=4 78 @8G4? ?H8:B 4C4:H8 8?
8?86GEB7B@`FG<6B , Y+, )+/'"+ %, *.&.+, ,<
?4F ??4@4F AB F8 4C4:4A 78 <A@87<4GB /. % U+ 2 %%& %
)+-&'-( (&+(,
2 '.' %/'- .' (%% ' %%&, )H878 DH8@4EF8
3 '( ., . A< E8C4F47BE8F B GB4??4F ;j@87BF )H878 B64F<BA4E
HA4 I<B?8AG4 8KC?BF<fA CBE I4CBE
4 .F8 HA 8KG<A:H<7BE Ff?B F<
,458 DH8 G<8A8 HA 8KG<A:H<7BE %, L L4 F458 6f@B HF4E?B
? <A68A7<B 8F C8DH8eB L F8 ?<@<G4 4? \E84 7BA78 F8 BE<:<Af
?:H<8A ??4@f 4? 78C4EG4@8AGB 78 5B@58EBF
)H878 6B@54G<E 8? <A68A7<B 78 8FC4?74F 4 HA4 F4?<74
1EC1C 45 41\?C
1C5C 45 3135B?<1C I ?<<1C
%4F 54F8F \FC8E4F 78 ?4F 6468EB?4F L B??4F E4L4A ?4 I<GEB68E\@<64
'HA64 78=8 DH8 F8 8I4CBE8 GB7B 8? ?bDH<7B 78 ?4F 6468EB?4F FGB CH878 74e4E ?4
HA<747
,< HF4 6468EB?4F L B??4F 8FC86<4?8F F<:4 ?4F <AFGEH66<BA8F 78? 945E<64AG8
135B?<1C I ?<<1C 31<95>D5C
'HA64 6B?BDH8 6468EB?4F A< B??4F 64?<8AG8F 8A 8? \E84 78? C4A8? 78 6BAGEB? 8? \E84
78 ?4 C4AG4??4 A< 8? @4E6B FGB CH878 74e4E ?4 HA<747
)1< 1J^31B I 1B5>1
%4 F4? 8? 4Mj64E L ?4 4E8A4 E4L4A ?4 I<GEB68E\@<64 'B HF8 ?4 C?464 6B@B FHC8E9<6<8
78 GE454=B B 4?@468A4@<8AGB
%2:5D?C 4EB?C I @E>J1>D5C
%BF B5=8GBF 7HEBF B CHAM4AG8F CH878A 74e4E ?4 C?464 F< 648A FB5E8 8FG4
<9=5>D?C 45BB1=14?C @?B 85BF?B
? 4Mj64E L ?BF 4?<@8AGBF 6BA HA 4?GB 6BAG8A<7B 78 4Mj64E 74e4A ?4 C?464 .F8 HA
E4FC47BE 78 I<7E<B C4E4 8?<@<A4E 78 <A@87<4GB ?BF 4?<@8AGBF 78EE4@47BF CBE ;8EIBE
&B?4E3D?C 45 <9=@95J1 >? 1453E14?C F CBF<5?8 DH8 F8 CEB7HM64A 786B?BE46<BA8F 78 ?4 FHC8E9<6<8 @8G\?<64 5E<??4AG8 F< F8
HF4A CEB7H6GBF 78 ?<@C<8M4 AB 4786H47BF L F< ?4F 6468EB?4F E4FC4A ?4 FHC8E9<6<8 78
?4 C?464
&1@5< 45 1<E=9>9? I @<WCD93?C
? C4C8? 78 4?H@<A<B L ?BF E86<C<8AG8F 78 C?\FG<6B F8 78EE<G8A FB5E8 ?BF 8?8@8AGBF 78
64?8AG4@<8AGB 64?<8AG8F ? C4C8? 78 4?H@<A<B 78 CEBG866<fA C4E4 ;BEAB AB 8F 4CGB
C4E4 HFB 8A ?4 C?464
_]=? 3?=5>J1B
&1B1 61=9<91B9J1BC5 3?> <1 E>9414
A 8FG4 F866<fA F8 78F6E<58A 8? C4A8? 78 6BAGEB? ?BF 8?8@8AGBF 78 64?8AG4@<8AGB L
?4F C4AG4??4F
FG4F <AFGEH66<BA8F F8 4C?<64A 4 I4E<4F C?464F
%4 C\:<A4 6BAG<8A8 HA4 ?<FG4 78 @B78?BF L 7<@8AF<BA8F
&1>5< 45 3?>DB?<
!"'# ")(
!"'# # ""#
&($% "'
$?D1
,<8@CE8 @4AG8A:4 ?4F C8E<??4F 78 6BAGEB? ?<@C<4F L F864F %4 ;H@8747 L ?4
FH6<8747 <@C<78A DH8 9HA6<BA8A 8A 9BE@4 fCG<@4
<5=5>D? 4?2<5
A 8FGBF 8?8@8AGBF F8 CH878 64@5<4E 8? G4@4eB
A<??B <AG8EAB L 8KG8EAB
<E8 ?4 C8E<??4 4 ?4 78E86;4
A<??B <AG8EAB FB?4@8AG8
<E8 ?4 C8E<??4 4 ?4 <MDH<8E74
_%@5B139]>
&1B1 5>35>45B <1 @<131
A 8FG8 64CbGH?B 4CE8A78E\ 6f@B 4=HFG4E ?BF 8?8@8AGBF 78 64?8AG4@<8AGB %4 G45?4
6BAG<8A8 ?BF I4?BE8F 78 64?BE C4E4 7<I8EFBF 4?<@8AGBF
&1B1 @B?7B1=1B 5<
5<5=5>D?
+8:H?8 8? I4?BE 78 64?BE 78 ?BF 8?8@8AGBF 6BA ?4 C8E<??4
=@E:5 I 79B5 ?4 C8E<??4 4 ?4 G8@C8E4GHE4 78F8474
/4?BE 78 64?BE "% A<I8? @\F 54=B
/4?BE 78 64?BE A<I8? @\F 4?GB
H4A7B F8 8A6<8A78 8? 8?8@8AGB F8 <?H@<A4 8? <A7<647BE 78 8A68A7<7B
&1B1 1@171B 5< 5<5=5>D?
$?D1
<E8 ?4 C8E<??4 4 ?4 CBF<6<fA % ) (
,8 8A6<8A78 L 4C4:4 8? FH@<A<FGEB 78 64?BE C4E4 E8:H?4E ?4 G8@C8E4GHE4 78?
8?8@8AGB 8FGB F<:A<9<64 DH8 8? 5E<??B EB=B 7854=B 78? 8?8@8AGB AB F<8@CE8 8F I<F<5?8
H4A7B F8?866<BA4 HA I4?BE 78 64?BE 54=B 8? 8?8@8AGB F8 4C4:4 6BA @4LBE
9E86H8A6<4 @<8AGE4F DH8 6BA HA I4?BE @\F 4?GB Ff?B F8 4C4:4 B64F<BA4?@8AG8
"A6?HFB 4? A<I8? @\F 4?GB 8? 8?8@8AGB F8 4C4:4 L F8 8A6<8A78
*12<1
%4 F<:H<8AG8 G45?4 <A6?HL8 4?:HABF 8=8@C?BF
,1<?B 45
D5=@5B1DEB1
&1B1 45BB5D9B
6;B6B?4G8
@4AG8DH<??4
%(
%(
&1B1 31<5>D1B
I8E7HE4F 6BA:8?474F C 8= 8FC<A464
64?7B
FBC4 8FC8F4
?86;8
%( GB &87 %(
&87 GB &87 !"
%(
%(
&1B1 85BF9B
F4?F4 78?<6474 C 8= F4?F4 `6;4@8?
F4?F4 C4E4 FC4:;8GG<
8FGB947B
C8F647B
&87 %( GB &87
%( GB &87 %(
&87 %( GB &87
&87 %( GB &87
&1B1 3?39>1B
4EEBM 6BA 7B5?8 64AG<747 78 4:H4
C4C4F ;8EI<74F 6BA C<8? 6BA 4 G4M4F 78 4:H4
C4C4F ;8EI<74F 6BA 4 G4M4F 78 4:H4
I8E7HE4F 9E8F64F 6BA 4 G4M4F 78 4:H4
I8E7HE4F 6BA:8?474F 6BA 4 G4M4F 78 4:H4
C4FG4F 4 6H4EGBF 78 4:H4
CH7bA
68E84?8F
&87 %(
&87 %( GB &87
&87 %( GB &87
&87 %( GB &87
&87 %( GB &87
&87 GB &87 !"
%(
&87 %(
&1B1 6B5[B
6;H?8G4 78 68E7B
C86;H:4 78 CB??B
GB6<AB
;H8IBF
C8F647B
C4A64>8F
&87
&87 %( GB &87
&87
&87 %( GB &87
&87 %( GB &87
&87
&1B1 6B5[B 5> 1359D5 12E>41>D5 8A 4 6H4EGBF 78 468<G8
4?<@8AGBF 6BA:8?47BF C 8= AH::8GF 78 CB??B
?5 CBE CBE6<fA
BGEBF C 8= 7BA4F ?5 CBE CBE6<fA
B66<fA 6BAG<AH4 F<A G4C4
F<A G4C4
&87 !" GB !"
&87
_"9=@95J1 I =1>D5>9=95>D?
"9=@95J1
"9=@95J1 491B91
$?D1
&<131 F9DB?35BW=931
%BF ?<@C<47BE8F E86B@8A747BF <A7<64A HA G<CB 78 ?<@C<47BE AB <@C?<64A 8? 4I4? 78?
CEB7H6GB
**$%$ l'B HF8 A<A:jA G<CB 78 ?<@C<47BE 8A 8? I<7E<B 6H4A7B ?4
FHC8E9<6<8 8FG\ 64?<8AG8 HF8 Ff?B 8? E4FC47BE 6BA 6H6;<??4 %4F
8@4A46<BA8F CEB7H6<74F CH878A F8E C8?<:EBF4F C4E4 FH F4?H7 4?8AG4E 8?
?<@C<47BE CH878 64HF4E HA4 E8466<fA DHb@<64 L 74e4E ?4 FHC8E9<6<8
%<@C<8 ?4 FHC8E9<6<8 6H4A7B F8 ;4L4 8A9E<47B 6B@C?8G4@8AG8 6BA ?4 F<:H<8AG8
8K68C6<fA E8@H8I4 78 <A@87<4GB 8? 4Mj64E F864 4?@b54E CEB7H6GBF 6BA GB@4G8 L
?86;8 6BA 8? E4FC47BE 6BA 6H6;<??4 78 E4FHE4E BAFH?G8 8? 6H47EB 78 ?<@C<8M4
8FC86<4?
%<@C<8 ?4F F4?C<647HE4F 6BA HA4 8FCBA=4 ;j@874 L ?<@C<4 B HA4 GB4??4 78 C4C8?
A=H4:H8 L F8DH8 .F8 I<A4:E8 5?4A6B F< DH874A @4E64F 8A=H4:H8
B?BDH8 HA4 C8DH8e4 64AG<747 78? ?<@C<47BE C4E4 C?464F I<GEB68E\@<64F H4A7B
F8 ;4L4 F8647B CH?4 ?4 FHC8E9<6<8 6BA HA4 GB4??4 78 C4C8? B HA C4eB ?<@C<BF
?B45 <1D5B1< 45 135B? 9>?H9412<5
%<@C<8 8A ?4 @<F@4 7<E866<fA 78 ?4F I8G4F 78? @4G8E<4? )4E4 @4A6;4F
@B78E474F 7<9b6<?8F HF8 BA@< B ,B9G ,6EH5 F<A 5?4ADH847BE
%<@C<8 6BA HA4 8FCBA=4 B C4eB ;j@87BF 8A=H4:H8 L F8DH8
>CDBE339?>5C 45
<9=@95J1
? HF4E HA ?<@C<47BE HF8 Ff?B HA4 C8DH8e4 64AG<747 8A HA4 GB4??4 78 C4C8? B C4eB
?<@C<BF %<@C<8 ?4 FHC8E9<6<8 L CH?4 6BA HA4 GB4??4 ?<@C<4 F864
F9D5 EC1B 5CD?C <9=@914?B5C
%<@C<47BE8F 78 I<7E<B DH8 6BAG<8A8A 4@BAb46B B 5?4ADH847BE 6BA 6?BEB FGBF
<A:E87<8AG8F CH878A @4E64E B @4A6;4E ?4 C?464 8A 9BE@4 C8E@4A8AG8.
)4E4 B5G8A8E @8=BE8F E8FH?G47BF HF8 ?<@C<47BE8F G4?8F 6B@B ?<@C<47BE 78 C?464F
8A 6E8@4 BA@i ,B9G ,6EH5 F<A 5?4ADH847BE L I<A4:E8 5?4A6B
%<@C<47BE8F 6\HFG<6BF ?<@C<47BE8F 6B@B 4FL (99 CH878A @4E64E ?4 FHC8E9<6<8
78 ?4 C?464
%<@C<47BE8F 45E4F<IBF
%4F 8FCBA=<??4F 78 @8G4? L ?4F 8FCBA=4F C4E4 9E8:4E 6B@B ,6BG6; E<G8 CH878A
E4L4E L B 78=4E @4E64F 78 @8G4?
%4F 8FCBA=<??4F 6BA =45fA 6B@B ,(, CH878A E4L4E ?4 FHC8E9<6<8
%BF ?<@C<47BE8F 8A CB?IB DH8 6BAG<8A8A 5?4ADH847BE 6BA 6?BEB CH878A @4A6;4E ?4
C?464 8A 9BE@4 C8E@4A8AG8
%BF ?<@C<47BE8F <A9?4@45?8F 6B@B ?bDH<7B C4E4 8A68A787BE B 0m
E14B?C 45 <9=@95J1
*9@? 45 B5C94E?C
&?C92<5 C?<E39]>
5BB1=5C 45 1J^31B C531 1<=[21B
<5385 ? D?=1D5 &5<[3E<1 45 @<WCD93? ?
@1@5< 45 1<E=9>9? 45BB5D94?C *?4?C
5CD?C B5C94E?C $ )(
(#%,%) $#*% )9 >?
C5 B5=E5F5> 45 9>=5491D? <?C
41\?C 1 <1 CE@5B69395 @E545> C5B
@5B=1>5>D5C
+8@H8I4 ?BF 78EE4@8F 78 8FG8 G<CB
6H4A7B ?4 FHC8E9<6<8 8FG\ 64?<8AG8 6BA HA
E4FC47BE 6BA 6H6;<??4 78 E4FHE4E .F8 HA4
6H6;<??4 9<?BF4 AH8I4 8A 8? E4FC47BE
+8G<E8 ?4 B??4 L 4C4:H8 8? 8?8@8AGB
BA HA :H4AG8 C4E4 ;BEAB FBFG8A:4 8?
E4FC47BE 4 HA \A:H?B 78 Q G8A<8A7B
FH@B 6H<747B 78 AB 64HF4E ;8A7<7HE4F
A< E4L4E 8? I<7E<B @CH=8 ?BF E8F<7HBF 78?
\E84 64?8AG474 ;4FG4 8?<@<A4E?BF
H4A7B ?4 FHC8E9<6<8 F8 ;4L4 8A9E<47B
E8@H8I4 ?BF E8F<7HBF L 6B?BDH8 ?<@C<47BE
C4E4 C?464F I<GEB68E\@<64F
)1<@9314EB1C 7B1C?C1C
.F8 HA4 8FCBA=4 B HA C4eB 6BA =45fA
C4E4 E8@BI8E ?4 :E4F4 8A=H4:H8 5<8A L
F8DH8 B?BDH8 ?<@C<47BE C4E4 C?464F
I<GEB68E\@<64F
#1B31C 45 =5D1< #1>381 9B949C35>D5
%4F B??4F 6BA 54F8F 78 4?H@<A<B 6B5E8 B
468EB <ABK<745?8 CH878A 78=4E @4E64F
-E4G8 ?4F @4A6;4F 6BA ?<@C<47BE C4E4
C?464F I<GEB68E\@<64F 78 <A@87<4GB HA4
I8M DH8 F8 ;4L4 8A9E<47B ?4 FHC8E9<6<8 ,<
4jA 4Fb AB F8 E8@H8I8A ?4F @4E64F
CEH858 6BA HA ?<@C<47BE 45E4F<IB FH4I8
BA @< ,B9G ,6EH5 F<A 5?4ADH847BE
6BA HA4 GB4??4 78 C4C8? ;j@874
A=H4:H8 L IH8?I4 4 4C?<64E 8? ?<@C<47BE 8A
6E8@4 'B E8@BI8E ?4F @4E64F 78 @8G4?
4AG8F 78 IB?I8E 4 64?8AG4E 7<9<6H?G4E\ 4jA
@\F ?4 E8@B6<fA
#1B31C 45 17E1 4EB1
BG8B 78 ?bDH<7BF 78 6B66<fA 64?<8AG8F
FB5E8 ?4 FHC8E9<6<8
%BF @<A8E4?8F 78 4?:HA4F 4:H4F F8
CH878A GE4AF98E<E 4 ?4 FHC8E9<6<8 L 64HF4E
@4A6;4F .F8 I<A4:E8 5?4A6B AB 7<?H<7B
8A=H4:H8 L F8DH8 +846BA7<6<BA8 6BA
?<@C<47BE C4E4 C?464F I<GEB68E\@<64F
+8@H8I4 ?BF 78EE4@8F CBE ;8EIBE L ?4F
@4A6;4F 4AG8F 78 IB?I8E 4 HF4E ?4 C?464
(1I1C 5> <1 CE@5B69395
%4F E4L4F C8DH8e4F FBA 6B@HA8F L AB
4986G4A ?4 6B66<fA BA 8? HFB 7<4E<B 78
HA ?<@C<47BE C4E4 C?464F
I<GEB68E\@<64F F8 IH8?I8A @\F FH4I8F
L @8ABF I<F<5?8F
B?BDH8 ?<@C<47BE C4E4 C?464F
I<GEB68E\@<64F 4AG8F 78 6B@8AM4E 4
E8@BI8E ?BF :E4ABF 78 G8KGHE4 4E8ABF4 L
8? CB?IB 6B@B F4? L 6BA7<@8AGBF
FG8 CEB5?8@4 F8 CH878 8I<G4E HF4A7B
B??4F 6BA 54F8F ?<F4F DH8 8FG`A ?<@C<4F L
F864F 4AG8F 78 HF4E?4F
.F8 4 7<4E<B HAB 78 ?BF ?<@C<47BE8F C4E4
C?464F I<GEB68E\@<64F E86B@8A747BF
*5>71 3E9414? "?C 1>9<<?C 45
491=1>D5C @E545> B1I1B <1 CE@5B69395
#1>D5>9=95>D?
FG8 8?86GEB7B@`FG<6B AB E8DH<8E8 BGEB @4AG8A<@<8AGB @\F DH8 ?4 ?<@C<8M4 7<4E<4
)4E4 B5G8A8E @8=BE8F E8FH?G47BF HF8 4 7<4E<B HA ?<@C<47BE C4E4 C?464F 8A 6E8@4.
_)5BF939? DY3>93?
)5BF939? 1< <95>D5
,< A868F<G4 E8C4E4E 8? 8?86GEB7B@`FG<6B ??4@8 4 AH8FGEB 78C4EG4@8AGB 78 ,8EI<6<B
4? ?<8AG8 'H8FGEB 8AGEB 78 ,8EI<6<B 4? ?<8AG8 CE<A6<C4? I8E 4 6BAG<AH46<fA
G4@5<`A F8 6B@C?468E\ 8A 5E<A74E?8 ?4 <A9BE@46<fA FB5E8 HA 68AGEB 68E64AB 4 FH
7B@<6<?<B
$^=5B? =?45<? I >^=5B? H4A7B ??4@8 4 AH8FGEB F8EI<6<B 4? 6?<8AG8 G8A:4 4 ?4 @4AB 8? Aj@8EB @B78?B L 8?
Aj@8EB 78 FH 8?86GEB7B@`FG<6B
)H878 8A6BAGE4E ?4 C?464 78 <78AG<9<646<fA 6BA 8FGBF Aj@8EBF 8A ?4 C4EG8 <A98E<BE 78?
8?86GEB7B@`FG<6B L 8A 8? @4AH4? 78? 8?86GEB7B@`FG<6B
S)E8:HAG4F B@HAbDH8F8 6BA ABFBGEBF OFC8E4@BF G8A8E ABG<6<4F FHL4F CEBAGB
***'%!#%#!
" )
("'"'#" "(S$ ($*Q
"#* " &(%+*%
?25BDEB1 45 5CD1 71B1>D[1 I 1
AE9Y>5C C5 1@<931
%4 :4E4AGb4 ?<@<G474 BGBE:474 CBE ,! !B@8 CC?<4A68F -;8E@47BE 8A 8FG4
86?4E46<fA 78 4E4AGb4 %<@<G474 78? )EB7H6GB F8 4C?<64 jA<64@8AG8 4?
8?86GEB7B@`FG<6B -;8E@47BE I8A7<7B 4 HFG87 8? CE<@8E 6B@CE47BE HFH4E<B
F<8@CE8 DH8 8? )EB7H6GB ;4L4 F<7B 6B@CE47B
)4E4 HFB 7B@`FG<6B AB 6B@8E6<4? ABE@4? L ;4L4 F<7B HG<?<M47B 8A GB7B
@B@8AGB jA<64@8AG8 C4E4 9<A8F 7B@`FG<6BF ABE@4?8F
'H8IB 8A HA4 G<8A74 @<ABE<FG4 DH8 AB F84 HA CEB7H6GB 78 8K;<5<6<fA A< HA
CEB7H6GB I8A7<7B 8A ?4F 6BA7<6<BA8F 8A DH8 F8 8A6H8AGE4 A< HA @B78?B
78IH8?GB 4AG8E<BE@8AG8 L AB 8FG` 78FG<A47B C4E4 E8I8AG4 A< HFB 6B@8E6<4?
8AGEB 78 ?BF FG47BF .A<7BF B 4A47\ L C8E@4A8M64 8A GB7B @B@8AGB
78AGEB 78? C4bF 78 6B@CE4 BE<:<A4?
%4F :4E4AGb4F <A6?H<74F 8A 8? CE8F8AG8 F8 4C?<64A jA<64@8AG8 4? CE<@8E 6B@CE47BE
78? )EB7H6GB L AB FBA GE4AF98E<5?8F
F8:jE8F8 78 78IB?I8E FH G4E=8G4 78 E8:<FGEB F< 5<8A AB 8F A868F4E<B C4E4 ;468E
8986G<I4 ?4 6B58EGHE4 78 ?4 :4E4AGb4 8F ?4 @8=BE @4A8E4 C4E4 DH8 -;8E@47BE ?8
ABG<9<DH8 8A 8? 64FB CB6B CEB545?8 78 DH8 F8 8@<G4 HA 4I<FB 78 F8:HE<747 B F8
E8G<E8 78? @8E647B HA CEB7H6GB
EB139]> 45 <1 71B1>D[1
-;8E@47BE :4E4AG<M4 DH8 8? )EB7H6GB 8FG4E\ ?<5E8 78 78986GBF 8A ?BF @4G8E<4?8F L 8A
?4 @4AB 78 B5E4 CBE HA C8EbB7B 78 GE8F6<8AGBF F8F8AG4 L 6<ADB 7<4F 4 C4EG<E 78
?4 986;4 78 6B@CE4 ? C8EbB7B CE86878AG8 6B@<8AM4 4 E8:<E 4 C4EG<E 78 ?4 986;4 78
6B@CE4 L AB F8 <AG8EEH@C<E\ 78=4E\ F<A 8986GB 8KG8A78E\ A< FHFC8A78E\ CBE A<A:jA
@BG<IB
(5@1B139]> B55=@<1J? 3?=?
^>93? B53EBC?
HE4AG8 8? C8EbB7B 78 8FG4 :4E4AGb4 -;8E@47BE B HAB 78 FHF CEBI887BE8F 78
F8EI<6<B G`6A<6B 4HGBE<M47BF E8C4E4E\ FH )EB7H6GB F<A 64E:B C4E4 HFG87 6BA
FH=86<fA 4 78G8E@<A474F ?<@<G46<BA8F 8FC86<9<6474F 8A 8? CE8F8AG8 F< F8 CEH854 DH8
FH )EB7H6GB ;4 F<7B 945E<647B 6BA HA 78986GB 8A ?BF @4G8E<4?8F B 8A ?4 @4AB 78
B5E4 ,< F8 ;4 <AG8AG47B 78 @4A8E4 E4MBA45?8 E8C4E4E 8? )EB7H6GB F<A `K<GB
-;8E@47BE E88@C?4M4E\ FH )EB7H6GB 8F CBF<5?8 DH8 HFG87 G8A:4 7<FCBA<5?8F
@B78?BF @8=BE47BF 4 8AG8E4 7<F6E86<fA 78 -;8E@47BE CBE HA 64E:B 47<6<BA4?
-B74F ?4F C<8M4F L ?BF 6B@CBA8AG8F 8KGE4b7BF F8E\A CEBC<8747 78 -;8E@47BE 4 FH
8AG8E4 7<F6E86<fA -B74F ?4F C<8M4F E88@C?4M474F L B E8C4E474F F8 6BAF<78E4E\A
6B@B ?4 C<8M4 BE<:<A4? 4 ?BF 9<A8F 78 8FG4 :4E4AGb4 L 8FG4 :4E4AGb4 AB F8 8KG8A78E\
6BA E8FC86GB 4 7<6;4F C<8M4F A I<EGH7 78? CE8F8AG8 ?4 jA<64 L 8K6?HF<I4
E8FCBAF45<?<747 L B5?<:46<fA 78 -;8E@47BE 8F jA<64@8AG8 E8C4E4E 8? )EB7H6GB
78986GHBFB 78 9\5E<64 4 GE4I`F 78 HA CEBI887BE 78 F8EI<6<B G`6A<6B 4HGBE<M47B CBE
-;8E@47BE 7HE4AG8 8? ;BE4E<B ABE@4? 78 B9<6<A4 )BE 6H8FG<BA8F 78 F8:HE<747 L
74eBF @4G8E<4?8F -;8E@47BE E86B@<8A74 64G8:fE<64@8AG8 DH8 AB <AG8AG8 E8C4E4E
8? )EB7H6GB HFG87 @<F@B A< HF8 HA 68AGEB 78 F8EI<6<B G`6A<6B AB 4HGBE<M47B
-;8E@47BE AB G8A7E\ E8FCBAF45<?<747 A< B5?<:46<fA 4?:HA4 CBE ?4F E8C4E46<BA8F B
GE454=BF E84?<M47BF CBE HA 68AGEB 78 F8EI<6<B G`6A<6B AB 4HGBE<M47B ,< HFG87 CE89<8E8
DH8 HA4 C8EFBA4 DH8 AB 8F HA CEBI887BE 78 F8EI<6<B G`6A<6B 4HGBE<M47B GE454=8 8A
FH )EB7H6GB ,- +'-X , '.%+U .-(&U-"&'-
%BF CEBI887BE8F 78 F8EI<6<B G`6A<6B 4HGBE<M47BF FBA 4DH8??4F C8EFBA4F B
6B@C4eb4F DH8 ;4A F<7B 8FC86<4?@8AG8 64C46<G474F C4E4 @4A8=4E ?BF CEB7H6GBF 78
-;8E@47BE L DH8 G<8A8A F8:jA 8? 6E<G8E<B 78 -;8E@47BE HA4 E8CHG46<fA FHC8E<BE 78
F8EI<6<B 4? 6?<8AG8 L 64C46<747 G`6A<64 7858 G8A8E 8A 6H8AG4 DH8 FBA 8AG<7478F
<A78C8A7<8AG8F L AB FBA 4:8AG8F FB6<BF 49<?<47BF A< E8CE8F8AG4AG8F 78
-;8E@47BE ,<A C8E=H<6<B 78 ?B DH8 4AG86878 -;8E@47BE AB G8A7E\ E8FCBAF45<?<747
A< B5?<:46<fA 4?:HA4 CBE 8? )EB7H6GB DH8 F8 8A6H8AGE8 8A HA \E84 E8@BG4 4 @\F 78
@<??4F 78 HA CEBI887BE 78 F8EI<6<B G`6A<6B 4HGBE<M47B B 8A HA ?H:4E \E84
6<E6HA74AG8 B 8AGBEAB DH8 AB F84 4668F<5?8 CBE @87<BF E4MBA45?8F B DH8 F84
C8?<:EBFB ;BFG<? B 4EE<8F:47B 8A 6H4?DH<8E 64FB 4 FH FB?<6<GH7 -;8E@47BE 78 GB74F
@4A8E4F C4:4E\ CBE ?4 @4AB 78 B5E4 L ?4F C<8M4F L 8AI<4E\ ?4F C<8M4F 4? CEBI887BE
78 F8EI<6<B G`6A<6B 4HGBE<M47B @\F 68E64AB C8EB HFG87 F8:H<E\ F<8A7B GBG4?@8AG8
E8FCBAF45?8 CBE 8? G<8@CB 78 I<4=8 L 78@\F 64E:BF 8FC86<4?8F 78 ?4 6B@C4eb4 78
F8EI<6<B G`6A<6B FHCBA<8A7B DH8 468CG8 ;468E ?4 I<F<G4 78 F8EI<6<B G`6A<6B
&B?4E3D? 6E5B1 45 71B1>D[1
-;8E@47BE AB G<8A8 B5?<:46<fA 4?:HA4 8A I<EGH7 78 ?4 ?8L B CBE BGEB @BG<IB 78
BGBE:4E?8 A<A:HA4 6BA68F<fA <A6?H<7BF E8C4E46<BA8F CEBEE4G8BF B E88@C?4MB 78?
)EB7H6GB 6BA CBFG8E<BE<747 4? I8A6<@<8AGB 78 ?4 :4E4AGb4
H3<EC9?>5C 45 <1 71B1>D[1
%4 6B58EGHE4 78 :4E4AGb4 78F6E<G4 8A 8? CE8F8AG8 8K6?HL8 GB7BF ?BF 78986GBF B 74eBF
DH8 AB 9H8EBA CEBIB647BF 7<E86G4@8AG8 CBE -;8E@47BE <A6?H<7BF 8AGE8 BGEBF
4?:HAB 78 ?BF F<:H<8AG8F
.FB 78? )EB7H6GB 78 @4A8E4F 7<FG<AG4F 78? HFB ABE@4? ;45<GH4? L CE8I<FGB
<A6?H<7BF 8AGE8 BGEBF 6H4?DH<8E 9BE@4 78 HFB 6B@8E6<4? HFB B 4?@468A4@<8AGB
8A 8KG8E<BE8F 78 HA CEB7H6GB 7<F8e47B C4E4 <AG8E<BE8F HFB 78? )EB7H6GB 8A
48EBA4I8F B 8@54E646<BA8F
BA7H6G4 <A785<74 A8:?<:8A6<4 HFB <A785<7B 45HFB 466<78AG8F 78F6H<7B
BC8E46<fA <A4786H474 B@<F<fA 78 @4AG8A8E <AFG4?46<fA <A4786H474 B
A8:?<:8AG8 47H?G8E46<fA B@<F<fA 78 F8:H<E ?4F <AFGEH66<BA8F 78 BC8E46<fA
@4A<CH?46<fA <A4786H474 F8EI<6<B G`6A<6B AB 4HGBE<M47B <A6?H<7BF 4EE8:?BF B
8KC?BE46<fA 78 ?BF @864A<F@BF <AG8EABF 78? 8?86GEB7B@`FG<6B E84?<M47BF CBE HAB
@<F@B CBE C4EG8 78 6H4?DH<8E C8EFBA4
=HFG8 4?G8E46<fA B @B7<9<646<fA 78 6H4?DH<8E G<CB
"A6H@C?<@<8AGB 78 ?BF 6f7<:BF E8:?4@8AG46<BA8F B ?8L8F 78 8?86GE<6<747
C?B@8Eb4 L B 6BAFGEH66<fA ?B64?8F @HA<6<C4?8F B 78 6BA747B <A6?H<74 ?4 B@<F<fA
78 <AFG4?4E 8? CEB7H6GB 6H@C?<8A7B 8FGE<6G4@8AG8 6BA ?BF 6f7<:BF L
E8:?4@8AG46<BA8F ?B64?8F 78 6BAFGEH66<fA L CEBG866<fA 6BAGE4 <A68A7<BF
8F:4FG8 ;45<GH4? 78EE4@8F 78 4?<@8AGBF ?bDH<7BF 46H@H?46<BA8F 78 :E4F4 H
BGE4F FHFG4A6<4F DH8 F8 46H@H?8A FB5E8 78AGEB B 4?E8787BE 78? )EB7H6GB
2 6H4?DH<8E 9H8EM4 L 946GBE 8KG8EAB 8?8@8AG4? L B 4@5<8AG4? <A6?H<7BF 8AGE8
BGEBF ??HI<4 I<8AGB 4E8A4 <AHA746<BA8F <A68A7<BF 4?H78F 78 ?B7B
G8@C8E4GHE4F 54=4F 8KGE8@4F ;H@8747 8K68F<I4 B 8KCBF<6<fA CEB?BA:474 4 ?4
;H@8747 E4LBF FB5E864E:4F 8?`6GE<64F 94??4F 8FGEH6GHE4?8F 4?E8787BE 78?
8?86GEB7B@`FG<6B L 64FB 9BEGH<GB
A A<A:jA 64FB -;8E@47BE G8A7E\ E8FCBAF45<?<747 A< B5?<:46<fA 4?:HA4 CBE ?BF
74eBF B64F<BA47BF 4 ?BF 5<8A8F 6<E6HA74AG8F <A6?H<7BF ?BF :45<A8G8F C<FBF
G86;BF L 78@\F 8FGEH6GHE4F H B5=8GBF DH8 F8 8A6H8AGE8A 4?E8787BE 78? CEB7H6GB
-4@5<`A F8 8K6?HL8A 78 8FG4 :4E4AGb4 ?4F E4L4F ;8A7<7HE4F 45B??47HE4F @8ABE8F L
74eBF 8FG`G<6BF 8A FHC8E9<6<8F 8KG8EA4F L C<8M4F 8KCH8FG4F CEB7H6GBF 8A ?BF
6H4?8F ?BF Aj@8EBF 78 F8E<8 ;4L4A F<7B 4?G8E47BF @B7<9<647BF B 8?<@<A47BF I<F<G4F
78? F8EI<6<B G`6A<6B C4E4 8AF8e4E?8 4 HF4E 8? )EB7H6GB B I<F<G4F 8A ?4F DH8 F8
78G8E@<A8 DH8 AB ;4L A<A:jA CEB5?8@4 6BA 8? )EB7H6GB 6BEE866<fA 78 ?BF
CEB5?8@4F 78 <AFG4?46<fA HFG87 8F 8? jA<6B E8FCBAF45?8 78 6H4?DH<8E 8FGEH6GHE4 L
FBCBEG8 78? )EB7H6GB <A6?H<74F ?4F <AFG4?46<BA8F 78 8?86GE<6<747 L C?B@8Eb4 B 78@\F
<AFG4?46<BA8F 78 6BA8K<fA 78 ?4 6BEE86G4 <AFG4?46<fA 8A 54F8F C<FBF L 78 6H4?DH<8E
4?G8E46<fA <A6?H<7BF 8AGE8 BGEBF :45<A8G8F C4E878F C<FBF E8C<F4F 8G6 L 8?
E8FG45?86<@<8AGB 78 7<FLHAGBE8F B 9HF<5?8F
$ " # &(#* &%( " "/ )* ($*Q )*" )+)
(+()%) ."+),%) %$ ()&*% " &(%+*%
$&$$*#$* '+ " ("#S$ ) %$*(*+" %
.*(%$*(*+" $"+ " ()&%$)" % *, % "
$"$ % +"'+( %*(% #%% )* ($*Q
(#&"0 *%) ") #O) ($*Q) .&()) % #&"Q*)
") ($*Q) #&"Q*) &%( "/ / ) %#(" %
&**+ &( +$ $ )&Q% % +"'+( %*(% *&%
*$(O$ ,$ U$#$* &%( " &(Q%% ,$ "
&()$* ($*Q "#* .&() $ $$U$ )% "
($* )(O ()&%$)" &%( "%) R%) %$)+$*)
)&") $$*") $(*%) &%( &P()
%#(") / % R%) &+$*,%) &P() % )*%)
$"+%) $*( %*(%) *#&% +( " *( % %*") / %
%#) $ ()*+($*) )*%) (#%"S$ '+
)+&($ "%) R%) (*%) '+ $*,#$* /$ )%
+)%) #$( ."+), &%( *(#%( % %*(%
#%% "+$%) )*%) $% &(#*$ " ."+)S$ % "#*S$
R%) $$*") % %$)+$*) / "+$%) )*%) $%
&(#*$ "#*%$) %$ ()&*% " &"0% ,$ +$ ($*Q #&"Q* &%( "% *$*% ) &%)" '+ ")
"#*%$) &($*) $% ) &"'+$ )* ($*Q "
%*%( (%) "") )&Q%) / *#P$ &+$
%(()&%$(" %*(%) (%) '+ &+$ ,(( )U$ "
)*%
'<A:jA <AG8AGB 78 4?G8E4E @B7<9<64E B 8A@8A74E ?4 CE8F8AG8 :4E4AGb4 8AGE4E\ 8A
I<:8A6<4 4 @8ABF DH8 9H8E4 4HGBE<M47B CBE 8F6E<GB CBE HA 8=86HG<IB 78 ,!
]=? ?2D5>5B 5< C5BF939? DY3>93? 45
<1 71B1>D[1
)4E4 B5G8A8E 8? F8EI<6<B G`6A<6B 78 ?4 :4E4AGb4 78 FH )EB7H6GB 7858 6B@HA<64EF8
6BA 8? 68AGEB 78 F8EI<6<B 4HGBE<M47B 78 BF6; @\F 68E64AB
,! !B@8 CCC?<4A68F
&64778A I8 !HAG<A:GBA 846; -
&64778A I8 !HAG<A:GBA 846; m mm JJJ G;8E@47BE 6B@
,! !B@8 CC?<4A68F BECBE4G<BA 
Download PDF

advertising