Professional Documents
Culture Documents
/&"+!0,#,++" 1& 21
*"/& +/*)+!/201
"+1"/#,/+1"$/1"!"0&$+
,++" 1& 21"-/1*"+1,#
,+,*& +!,**2+&15"3"),-*"+1
,++" 1& 21"-/1*"+1,#
+3&/,+*"+1)/,1" 1&,+
,++" 1& 21,20&+$&++ " 21%,/&15
,++" 1& 21&+1/""1"+1"/
,*"2&)!"/0 00, &1&,+,#,++" 1& 21
,++" 1& 21
/1+"/0%&-#,/1/,+$,**2+&1&"0
"$&,+))+ 00, &1&,+
,4+,#
),,*8")!,++" 1& 21
,4+,#+ %"01"/,++" 1& 21
,4+,#,21%&+!0,/,++" 1& 21
,4+,#,))+!,++" 1& 21
,++" 1& 21#8 ",#,)& 5+!+$"*"+1
" #!!!%
'% "!& !#!
4:3)*).31*&)89-*3&9.43A8*3;.7432*39&18(.*3(*7*8*&7(-*):(&9.43&3)&88*882*39*++4798!-*2.88.434+9-*
3;.7432*39&1749*(9.43,*3(>.8945749*(9-:2&3-*&19-&3)9-**3;.7432*39A8 2&7974<9-74,7&2-*158(422:3.9.*8
.2574;*9-*.7)*;*1452*3957&(9.(*8'><470.3,<.9-14(&189&9*&3)3&9.43&1*=5*79894).8(4;*7&3)*3(4:7&,*8:((*88+:1
*3;.7432*39&11>8*38.9.;*)*;*1452*39897&9*,.*8
47247*.3+472&9.43!!###" !#!
!"#!
!-*&5.941*,.434:3(.14+4;*732*398.89-*1&7,*894+433*(9.(:9A87*,.43&151&33.3,47,&3.?&9.438
<&8*89&'1.8-*):3)*79-*433*(9.(:9*3*7&1 9&9:9*8.3&8&;41:39&7>&884(.&9.434+2:3.(.5&1,4;*732*3988*7;.3,9-*.9>
4+&79+47)&3) 8:774:3).3,8:':7'&3&3)7:7&1(422:3.9.*8.8,4;*73*)'>9-*(-.*+*1*(9*)4+B(.&184+9-* 2*974
&79+47)2:3.(.5&1.9.*8!-*7*,.43.8
86:&7*2.1*8.38.?*&3)-4:8*8&5574=.2&9*1>
7*8.)*398.8)*).(&9*)94
*=5&3).3,9-*(43(*594+;41:39&7>(445*7&9.43&243,.982*2'*72:3.(.5&1.9.*8&89-*2*&38948:((*88+:11>7*8543)942&3>4+9-*
7*,.43A857*88.3,,4;*732*39&1&3)5:'1.((-&11*3,*82*2'*787*(4,3.?*9-&99-*+:9:7*4+.3).;.):&12:3.(.5&1.9.*8.89.*)94
9-*+:9:7*4+9-*7*,.43&8&<-41*&3)-&;*(411&'47&9*)+47247*9-&3
>*&7843&<.)*7&3,*4+574/*(98
47247*.3+472&9.43!!###$!
47247*.3+472&9.43!!####!
"'%#('#"
)%)*
) #$!"'
&"
(
"&
#&""#!
&#(%&
!!% "" "
!"!"
!!""
%#
%" ""
!"!""
"
$ "%!"!" #"# "
""""
#""!"" #"
"$ "
%!!!"#""!
" &
"""# $ "
"!"!% " "
# !
$ " "&
#)'$*)$#
22>A38=6C>C74*(4=BDBDA40D?>?D;0C8>= B4E4A0; 2A8C820; >??>ACD=8C84B 5>A 2><<D=8C84B
8= C74 *=8C43 (C0C4B 8B ?A>942C43 C> 6A>F 5A>< A468>=B 0=3 BC0C4B C> 6A>F B<0AC4A 8=E4BC 8=
<8;;8>= 8=
??
055>A301;4 7>DB8=6 >?C8>=B 5>A ?4>?;4 >5 0;; 2>=CA81DC4BC>C74B4A43D2C8>=B(4E4A0;BCA0C4684B
8=2><4B 0=3 064B 0=3 BD??>AC CA0=B?>AC0C8>= C> 02784E4 4=4A6H B0E8=6B 0=3 6A44=7>DB4
>?C8>=BBD270BF0;:8=6 18:8=6 0=3?D1;82CA0=B8C 60B 4<8BB8>=B A43D2C8>=B 0A4 ?A>?>B43 8= C78B
A424=CBCD3HBD664BCBC70C8=2A40B8=6=D<14AB ?D1;820C8>=
>5<4A820=B0A4B44:8=6C>;8E48=;>20C8>=BC70C
>554AF0;:018;8CH<>A4CA0=B?>AC0C8>=27>824B0=3 (*()#!%%'$)$
0 <8G >5 7>DB8=6 A4C08; 9>1B 0=3 =48671>A7>>3 $*(##+!$%"#)
B4AE824B
A44= 1D8;38=6 BCA0C4684B 2A40C4 <>A4 4=4A6H
=E4BC8=6 8= 4G8BC8=6 1D8;38=6B =48671>A7>>3B 45P284=C 7><4B F7827 38A42C;H CA0=B;0C4B 8=C>
0=3 8=5A0BCAD2CDA4 C70C BD??>ACB F0;:01;4 B86=8P20=C B0E8=6B 8= 7>DB8=6 2>BCB >F4E4A 0
2><<D=8C84B 2>==42C43 C> CA0=B8C 20= 8=2A40B4 2><?A474=B8E4 ?;0==8=6 0=3 ?>;82H 0??A>027
42>=><82 2><?4C8C8E4=4BB 5>A 2><<D=8C84B 0=3 C70C 834=C8P4B B<0AC ;>20C8>=B 5>A 34E4;>?<4=C
A468>=BBF4?;0=5>AC745DCDA4>52><<D=8C84B 34B86= >5 <8G43DB4 F0;:01;4 =48671>A7>>3B
C74 42>=><82B >5 34E4;>?<4=C F8;; =443 C> 0=3 6A44= 1D8;38=6 BCA0C4684B F8;; 70E4 C74
2>=B834AC74502CC70C<0=H<4A820=B2DAA4=C;H 1A>034BC8<?02C>=2A40C8=642>=><820;;HE801;4
20==>C055>A3C>;8E4=40AF74A4C74HF>A: 0=3 0=3 BDBC08=01;4 34E4;>?<4=C ?0CC4A=B 8= >DA
0A4 B?4=38=6 4G24BB8E4 0<>D=CB >5 C8<4 0=3 2>D=CAH 22>A38=6 C> C74 *( 4?0AC<4=C >5
C748A;8<8C438=2><4B>=CA0=B?>AC0C8>=?A8<0A8;H >DB8=6 0=3 *A10= 4E4;>?<4=C * MC74
>F=8=60=33A8E8=620AB =0338C8>= 7><4BC70C 0E4A064 <4A820= 7>DB47>;3 =>F B?4=3B
0A4 =>C 4=4A6H >A F0C4A 45P284=C 0;B> CA0=B;0C4 ?4A24=C >5 C748A 0==D0; 8=2><4 >= 7>DB8=6 0=3
C><>A4<>=4HB?4=C>=78674=4A6H0=3F0C4A ?4A24=C >= CA0=B?>AC0C8>= K C74 2><18=43
18;;B 2><?A474=B8E4 ?;0==8=6 0??A>027 C70C C>C0;>5?4A24=C>5C748A1D364CB8BFA0??43
8=C46A0C4B C74 ;>20C8>= >5 34E4;>?<4=C F8C7 D? 8= C74B4 CF> ;0A64BC 4G?4=B4BN ,78;4 C78B
=48671>A7>>3 0=3 1D8;38=6 34B86= C> 2A40C4 2>D=CAH70B4G?4A84=243;>F4A7>DB8=62>BCB8=
F0;:01;4CA0=B8CB4AE43=48671>A7>>3BF8;;<40= BD1DA10=0=3ADA0;;>20C8>=BCA0=B?>AC0C8>=2>BCB
C70C 7>DB47>;3B F8C7 E0AH8=6 8=2><4 ;4E4;B F8;; 0A478674AM0=3C742><18=0C8>=>57>DB8=60=3
70E40224BBC><>A49>1B8=C74A468>=1420DB4 CA0=B?>AC0C8>= 0E4A064B ?4A24=C 5>A F>A:8=6
C74H3>=>C=443020A 0=31DB8=4BB4BF8;;70E4 50<8;84B8=C74<4CA>?>;8C0=0A40N)74BCD3H28C43
0224BBC><>A4F>A:4AB 1H*0;B>5>D=3C70CM7>DB47>;3B8=024=CA0;;H
;>20C43=48671>A7>>3F8C70224BBC><0BBCA0=B8C
(<0AC6A>FC70=36A44=1D8;38=60A40;B>2A8C820; >=;HB?4=C
?4A24=C>5C748A8=2><4>=C74B0<4
85C78B2>D=CAH8B2><<8CC43C>A43D28=68CB8<?02C 2>BCBN,8C7=40A;H
?4A24=C>5?4>?;4;8E8=68=
>= 6;>10; 2;8<0C4 270=64 ><18=43 1D8;38=6B ADA0; ?;024B F8C78= C74 1>D=3B >5 <4CA>?>;8C0=
0=3 CA0=B?>AC0C8>= 2DAA4=C;H <0:4 D? 01>DC BC0C8BC820; 0A40B 0= 8=C46A0C43 ?;0==8=6 0??A>027
?4A24=C >5 C74 2>D=CAHOB 6A44=7>DB4 60B C70CB?024B9DA8B382C8>=0;1>D=30A84B8B=44343
4<8BB8>=B
H8=E4BC8=68=>DA2><<D=8C84B0=3
A468>=BF8C77><4BC70C0A42;>B4AC>9>1B A4C08; (D224BB5D;;H 033A4BB8=6 C74 270;;4=64B 0=3
28E8224=C4AB 0=3=48671>A7>>3B4AE824B 0=31H >??>ACD=8C84B >5 6A>F8=6 B<0AC4A 0=3 1D8;38=6
2A40C8=6F0;:01;4=48671>A7>>3B F4F8;;74;?C> 6A44=4AF8;;A4@D8A4C70C2><<D=8C84B2>;;01>A0C4
A43D24C740<>D=C>53A8E8=60=3C746A44=7>DB4 F8C7 4027 >C74A 0B F4;; 0B F8C7 A468>=0; BC0C4
60B 4<8BB8>=B C70C A4BD;C "0:8=6 >DA 1D8;38=6B 0=3 5434A0; 064=284B 0=3 >A60=8I0C8>=B )74
0=3 8=5A0BCAD2CDA4 <>A4 4=4A6H 45P284=C 5DAC74A )7455>A3018;8CH=34G#4F)>>;5>A"40BDA8=6C74)AD4
M
A>FC70=3)A0=B?>AC0C8>=(DAE4HN#0C8>=0;BB>280C8>= 55>A3018;8CH>50>DB8=67>824
>5'40;C>AB0=3(<0ACA>FC7<4A820
2;8<0C4270=64 4<8BB8>=B DB8=E4=C>AHA4?>AC7C<; 7CC? FFF24=BDB6>E ?A>3
?D1B 7
?35
%+)&,+ &%
8=5A0BCAD2CDA4 0=3 42>=><82 BC018;8CH >5 >DA 78A43 0 C40< >5 4G?4ACB F7827 8=2;D343 DA10=
2><<D=8C84B 0A4 C843 C> F70C 70??4=B 0C C74 34B86=4AB5A><,0;;024'>14ACB)>330=3A40;
A468>=0; 0=3 BC0C4 ;4E4;B 0=3 E824 E4AB0 >A 4BC0C4?;0==8=60=334E4;>?<4=C03E8B>AB5A><
4G0<?;4 ?A>E838=6 0 A468>=0; ?D1;82 CA0=B8C >=0C70='>B4><?0=84B)746D834;8=4B8=C78B
BHBC4< 8B 0 2A8C820; 4;4<4=C >5 C74 A468>=0; 3>2D<4=C0A40A4BD;C>5C70C2>;;01>A0C8>=0=3
8=5A0BCAD2CDA4 BHBC4< C70C A4@D8A4B 2>>A38=0C8>= F8;; 74;? 6D834 34E4;>?<4=C 8= C74 DA10=
14CF44=;>20;<D=828?0;8C84B A468>=0;0DC7>A8C84B BD1DA10= 0=3 ADA0; <D=828?0;8C84B C70C <0:4 D?
0=3BC0C40=35434A0;064=284B "0:8=6BDA4C70C C74>==42C82DC0?8C>;'468>=
C74B4 3428B8>=B H84;3 14=4PCB 5>A 7>DB47>;3BL
8= C74 5>A< >5 6A40C4A 27>824 ;>F4A 2><18=43 )74B46D834;8=4BF4A434E4;>?435>A2><<D=8C84B
7>DB8=6 0=3 CA0=B?>AC0C8>= 2>BCB 0=3 740;C784A 8=>==42C82DC0=30A>D=3C742>D=CAHBCA8E8=6C>
2><<D=8C84BL0;B>BCA4=6C74=B;>20;42>=><84B 64C 34E4;>?<4=C 0=3 5DCDA4 6A>FC7 C70C A4BD;C
)>022><?;8B7C74B4<D;C8?;4>DC2><4B064=284B 8= BCA>=64A =48671>A7>>3B ?A>C42C43 >?4=
<DBC2>;;01>A0C4C>45P284=C;HB70A48=5>A<0C8>= B?024 0=3 F0C4AB743B 0=3 740;C784A 0=3 <>A4
0=3 A4B>DA24B 0=3 C> 0??A>?A80C4;H C0A64C 055>A301;47><4B)746D834;8=4B0A40;B>0??;843
?A>6A0<B?>;8284B0=3A4B>DA24B C> B8C4;4E4; 2>=24?CD0; ?;0=B 5>A 34E4;>?<4=C
C70C 0A4 540CDA43 8= 0 2><?0=8>= A4?>AC
= >==42C82DC C74 0?8C>; '468>= >D=28; >5 )>64C74A,4 0= A>F 4CC4A (<0AC A>FC7
>E4A=<4=CB '$ ?0AC=4A43 F8C7 C74 5>A 0 (DBC08=01;4 '468>= )70C A4?>AC 0=0;HI4B
*( =E8A>=<4=C0; %A>C42C8>=64=2H % C> 5>DACH?4B>534E4;>?<4=CC70CA4?A4B4=C<0=H
033A4BB C74B4 270;;4=64BL<0=H >5 F7827 0A4 >5 C74 270;;4=64B 0=3 >??>ACD=8C84B 50243 1H
B70A43 1H 2><<D=8C84B 0=3 A468>=B 0A>D=3 C74 2><<D=8C84B
2>D=CAH '$2>;;01>A0C43F8C7%OB(<0AC
A>FC7%A>6A0<C>834=C85HC>>;B0=3BCA0C4684B J=P;; A434E4;>?<4=C 8= 0= 4G8BC8=6 A4B834=C80;
5>A 8<?;4<4=C8=6 0 BC0C4 055>A301;4 7>DB8=6 =48671>A7>>3
?A>6A0< $">==42C82DC C> 6A>F B<0AC4A JA4HP4;3 A434E4;>?<4=C >5 0 3403 B7>??8=6
4=BDA4 740;C7H 0=3 055>A301;4 7>DB8=6 0=3 24=C4A8=0A4C08;2>AA83>A
BD??>AC;>=6C4A<42>=><822><?4C8C8E4=4BB0C J=P;;34E4;>?<4=C8=05D=2C8>=8=61DCD=34ADB43
C74;>20;0=3A468>=0;;4E4;B)74%0=3'$ B7>??8=624=C4A0=3
J4E4;>?<4=C8=0ADA0;2>=C4GC039024=CC>0
E8;;06424=C4A
DC7>A8I438=
C74$">==42C82DC?A>6A0<%D1;82
2C
2A40C4B8=24=C8E4B5>A<D=828?0;8C84BC>4BC01;8B7;0=3
DB4A46D;0C8>=BC70C0;;>F78674A34=B8CHA4B834=C80;34E4;>?<4=C
F8C7055>A301;47>DB8=6A4@D8A4<4=CB)74;468B;0C8>=0DC7>A8I43
<8;;8>=5>AC427=820;0BB8BC0=240=3?;0==8=66A0=CBC>
C>F=B=>=?A>PC34E4;>?4AB7>DB8=60BB8BC0=24>A60=8I0C8>=B
0=3A468>=0;?;0==8=6064=284B0=35>AI>=8=60=31D8;38=6
?4A<8C8=24=C8E4?0H<4=CB
%+)&,+ &%
$"#%'+3
* '$%%" $0 + '$0 '(& (&&-'$,1
'. * (%(*(
$+'+,
%*'%$($)*!#($' C74B4 ;>20; 3428B8>=<0:4AB 6D834 34E4;>?<4=C
(*()#!(#+!$%"#) ?A4B4AE4 >?4= B?024 ?A>E834 7>DB8=6 C70C
8B 055>A301;4 0=3 4=4A6H 45P284=C 0=3 2A40C4
)74B46D834;8=4B20=74;?8=38E83D0;B>A60=8I0C8>=B =48671>A7>>3BC70C0A44=9>H01;40=3F0;:01;4
0=3 064=284B 8=E>;E43 8= C74 ?;0==8=6 34B86=
0=3 34E4;>?<4=C >5 7><4B =48671>A7>>3B )74B46D834;8=4B0A40;B>0A4B>DA245>AA468>=0;
0=3 2><<D=8C84B )74H 0A4 8=C4=343 <08=;H 0=3BC0C4>5P280;BA4B?>=B81;45>AC740;;>20C8>=>5
5>A ;>20; 6>E4A=<4=C >5P280;B F7> 0A4 0C C74 BC0C40=35434A0;A4B>DA24B D=38=65>AA468>=0;
5>A45A>=C >5 <0:8=6 3428B8>=B >= ;0=3 DB4 B8C4 8=5A0BCAD2CDA4LA>03B CA0=B8C B4F4AB F0C4A
0=3=48671>A7>>334B86=7>DB8=66A44=1D8;38=6 4C2L8B DBD0;;H 0;;>20C43 0C C74 BC0C4 ;4E4; 1DC
34E4;>?<4=C 06A44<4=CB 0=3 ?D1;82?A8E0C4 70B 0 B86=8P20=C 8<?02C >= C74 F0H A468>=B 0=3
?0AC=4AB78?B "D=828?0; ?;0==4AB 4=68=44AB 2><<D=8C84B6A>F)74B46D834;8=4B34<>=BCA0C4
2><<8BB8>=4AB 2>D=28; <4<14AB 0=3 >C74AB C74 2>==42C8>=B 14CF44= 8=5A0BCAD2CDA4
<DBC6A0??;4F8C7<0:8=6C74A867C3428B8>=B>= 8=E4BC<4=CB 0=3 ;0=3 DB4 0=3 34E4;>?<4=C
?A>942CB >5 0;; B8I4B 0B C74H BCA8E4 C> <0:4 C748A 3428B8>=B0=320=74;?834=C85H?A>942CB 540CDA4B
2><<D=8C84B<>A4;8E01;40=3BDBC08=01;4)74B4 >5?A>942CB >A1A>034A0A40BC70CF0AA0=C<>A4
6D834;8=4B 20= ?A>E834 0 5A0<4F>A: C> 74;? C0A64C43BC0C48=E4BC<4=C
)746D834;8=4B0A40;B>5>A34B86=4AB 34E4;>?4AB >DC2><4B)74H 70E4 0;B> 74;?43 C> ?>?D;0A8I4
03E>20C4B0=31D8;34AB>50CCA02C8E41D8;38=6B0=3 6A44= 1D8;38=6 0=3 34B86= =>C >=;H 8= C74 A40;
=48671>A7>>3B0BF4;;0BC7>B4F7>0A48=C4A4BC43 4BC0C40=334E4;>?<4=C8=3DBCA84B 1DC0;B>F8C7
8= 34E4;>?8=6 7><4B 0=3 =48671>A7>>3B C70C A4B834=CB ?A>?4ACH>F=4AB0=31DB8=4BBC4=0=CB
A4B?>=3 C> 270=68=6 34<>6A0?782B 0=3 <0A:4C ,78;4B><4?A>6A0<B5>2DB>=6A44=7><4B>A
34<0=3B )74H >554A 8<?>AC0=C 2>=B834A0C8>=B 34E4;>?<4=CBBD270B#'.()' *(
>=7>FC>64=4A0C4;>=6;0BC8=6E0;D45A><;0=3 !><4B 0=3 C74 #0C8>=0; BB>280C8>= >5
DB40=334E4;>?<4=C3428B8>=B8=2;D38=6;>20C8>= ><4 D8;34AB A44= D8;38=6 %A>6A0< >C74A
>A84=C0C8>=0=3;0H>DC2><?>B8C8>=0=3270A02C4A ?A>6A0<B BD27 0B A44= ><<D=8C84B 0=3
0=36A44=1D8;38=6<0C4A80;B0=334B86= *( !#48671>A7>>3 4E4;>?<4=C
4<?70B8I4C742A40C8>=>56A44==48671>A7>>3B
8=0;;H C74B4 6D834;8=4B 0A4 8=C4=343 C> 74;? (44 '4B>DA24B K 4AC8P20C8>= %A>6A0<B 5>A
A4B834=CBF7>F0=CC><>A445542C8E4;H?0AC828?0C4 0224BBC>5DAC74A8=5>A<0C8>=
8=C7434E4;>?<4=C>5C748A=48671>A7>>3B0=3
C>F=B )78B 3>2D<4=C ?A>E834B 0 5A0<4F>A: )74 F0HB 8= F7827 2><<D=8C84B DB4 C74B4
5>A C74< C> 4=6064 F8C7 C74 ;>20; 6>E4A=<4=C ?A>6A0<B E0AH F834;H (><4 ;>20; 0=3 BC0C4
0=3 34E4;>?4AB 8= B8C8=6 ?;0==8=6 34B86=8=6 0=3 6>E4A=<4=CB70E4146D=C>A4@D8A4C70C?A>942CB
34E4;>?8=67867@D0;8CH?A>942CBC70C2A40C46A40C <44C 6A44= 24AC8P20C8>= C7A4B7>;3B 0B ?0AC
?;024B >5 0 ?>;82H BCA0C46H C> A43D24 6A44=7>DB4 60B
4<8BB8>=B $C74A 9DA8B382C8>=B70E48=2>A?>A0C43
4;4<4=CB>5C74B46A44=?A>6A0<B8=C>C748A;0=3
*!#(+'(*(')' DB4>A38=0=24B0=31D8;38=62>34B)746D834;8=4B
8= C78B 3>2D<4=C ?A>E834 0 5A0<4F>A: 5>A C74
)746D834;8=4BF4A434E4;>?43F8C7C74B?428P2 10B82 2>=B834A0C8>=B 5>A <8G438=2><4 <8G43
8=C4=C>5?A>E838=6BCA0C4684B5>A3428B8>=<0:4AB DB4 BDBC08=01;4 34E4;>?<4=C )78B ?D1;820C8>=
0=3 ?A02C8C8>=4AB 8=E>;E43 8= ?>;82H<0:8=6 0;B>8=2;D34B0;8BC>5A4B>DA24BC70C8;;DBCA0C47>F
?;0==8=6 0=3 34E4;>?<4=C >5 >DA 1D8;38=6B C7434B86=6D834;8=4B2>D;3148=2>A?>A0C438=C>
=48671>A7>>3B 0=3 2><<D=8C84B )74H 0A4 =>C <D=828?0;;0=3DB4A46D;0C8>=B
8=C4=343 C> 14 ?A4B2A8?C8E4 >A C> >554A D=85>A<
A8683<4CA82B>A14=27<0A:B1DCA0C74AC>?A>E834
02><?A474=B8E4>E4AE84F>57>FC>0??A>027 $,)$*()*!#(
4@D8C01;4BDBC08=01;4=48671>A7>>31D8;38=6
)74 6D834;8=4B >554A BCA0C4684B C70C 0A4
)74B4 6D834;8=4B 38554A 5A>< 1DC 2><?;4<4=C 0??A>?A80C4 5>A 4027 B20;4 >5 34E4;>?<4=CL
>C74A 24AC8P20C8>= ?A>6A0<B C70C 2>=C08= A468>= =48671>A7>>3 0=3 1D8;38=6 '468>=0;
2><?A474=B8E4 2A8C4A80 C> 02784E4 0 24AC08= BCA0C4684B4BC01;8B7C745>D=30C8>=5>A34C4A<8=8=6
BC0=30A3 >5 BDBC08=018;8CH 4AC8P20C8>= ?A>6A0<B 78674BC 0=3 14BC ;0=3 DB4 ?0CC4A=B C70C 02784E4
BD27 0B C74 =C4A?A8B4 A44= ><<D=8C84B C74 14CC4A 4=E8A>=<4=C0; 0=3 42>=><82 14=4PCB
*( 4?0AC<4=C >5 =4A6H 0=3 %OB #'. #48671>A7>>3 BCA0C4684B ;0H C74 6A>D=3F>A:
()'0=3C74*(A44=D8;38=6>D=28;OB! 5>A;8E018;8CH4@D8CH6>>334B86=0=3<0A:4C018;8CH
24AC8P20C8>= BHBC4<B *( ! 8=2;D34 D8;38=6BCA0C4684B4=BDA4C70CBCAD2CDA4B8=2;D34
B?428P2 A4@D8A4<4=CB C70C C74 34E4;>?4A >A 6A44= 4=4A6H45P284=C34B86=C70CA43D24B2>BCB
7><41D8;34A <DBC <44C 8= >A34A C> @D0;85H 5>A 0=3 8<?A>E4B C74 @D0;8CH 0=3 3DA018;8CH >5 C74
24AC8P20C8>= )74B4 ?A>6A0<B ?A>E834 BC0=30A3B 1D8;C4=E8A>=<4=C
C70C 064=284B 8=38E83D0;B 0=3 >A60=8I0C8>=B
20= DB4 C> 4BC01;8B7 14=27<0A:B 0=3 <40BDA4
&-)- .
*:E6 #@42E:@? )74 B8C4 ;>20C8>= 2A8C4A80 20= 14 BHBC4<B <?;4<4=C0C8>= >5 C74 BCA0C4684B F8;;
DB430B02742:;8BC5>A?A>B?42C8E434E4;>?<4=C E0AH 34?4=38=6 >= B8C4 2>=38C8>=B 0E08;018;8CH >5
B8C4B )74H ?A>E834 5>2DB43 6D830=24 5>A C74 <0C4A80;B20?028CH>5;>20;34B86=4AB0=31D8;34AB
<>BC 2A8C820; 3428B8>=B C70C ?;0==4AB 0=3 ?>;82H 0=3 >C74A A40B>=B >F4E4A 0;; C74 BCA0C4684B
<0:4AB 20= <0:4 C> 74;? A43D24 C74 8<?02CB B7>D;3142>=B834A430B0<4=D>5>??>ACD=8C84B
>5 34E4;>?<4=C ?0CC4A=B >= 2;8<0C4 270=64 C> 2A40C4 7867?4A5>A<0=24 1D8;38=6B 8= F4;;
=0CDA0;A4B>DA24B0=342>;>6820;BHBC4<B A43D24 34B86=43=48671>A7>>3B8=B<0AC;>20C8>=B
7>DB47>;3 2>BCB 0=3 ;8E8=6 4G?4=B4B 0=3 <>A4
45P284=C;H DB4 ;8<8C43 ?D1;82 A4B>DA24B C> 1D8;3 ><<D=8CH?0AC828?0C8>=8=C74B48BBD4B8B2A8C820;
A468>=0;8=5A0BCAD2CDA4 0=3B7>D;3148=C46A0C435A><C74BC0AC8=C>0;;
34E4;>?<4=C 0=3 ;0=3 DB4 ?;0==8=6 0=3 ?>;82H
%6:893@C9@@5'=2?)74=48671>A7>>3?;0==8=6 02C8E8C84B 0C C74 A468>=0; 0=3 ;>20; ;4E4;B )74B4
6D834;8=4B0A4<>A434C08;43 <0C278=6C74B20;4 6D834;8=4B F8;; ?A>E834 A4B834=CB F8C7 C>>;B C>
>53428B8>=BC70C20= 14<034 0CC741;>2:0=3 834=C85H0=303E>20C45>AB<0AC6A>FC7?A>942CB
=48671>A7>>3 B20;4 C> 2A40C4 ;8E01;4 4@D8C01;4 8= C748A A468>= C>F= >A 28CH B> C74H 20= <>A4
0=3 38E4AB4 2><<D=8C84B)74 6D834;8=4B 8=2;D34 45542C8E4;H?0AC828?0C48=C74?;0==8=6?A>24BB
0 ;8BC >5 BCA0C4684B C70C 2>D;3 14 2>=B834A43 5>A
4027?A>942C)74H<0H=>C0;;0??;H1DCC74HF8;; )74 42>=><82 0=3 @D0;8CH >5 ;854 03E0=C064B
033140DCH0=3<0A:4CE0;D4C>?A>942CB 0BF4;; 2><<D=8C84B 608= 5A>< DB8=6 B<0AC 6A>FC7 0=3
0B4=70=240=3?A4B4AE44=E8A>=<4=C0;540CDA4B 6A44=1D8;38=6BCA0C4684B0A48=2A40B8=6;H4E834=C
C70C2A40C40B4=B4>5?;024 BC74<0A:4C34<0=35>A4=4A6H45P284=C7><4B
0=3 <>A4 055>A301;4 BDBC08=01;4 =48671>A7>>3B
6D:8? 2?5 @?DECF4E:@? )74 34B86= 0=3 8=2A40B4BC7420?028CH>5;>20;1D8;34AB34B86=4AB
2>=BCAD2C8>= 6D834;8=4B 0A4 C74 <>BC 34C08;43 0=3 BD??;84AB F8;; 6A>F C> <44C C70C 34<0=3
)74H5>2DB>=C741D8;38=60=3B8C48=5A0BCAD2CDA4 )74A4BD;CF8;;14F4;;34B86=432><<D=8C84BC70C
B20;434B86=3428B8>=B0=3BCA0C4684BC70C20=74;? 2>=CA81DC4C>0BCA>=64A;>20;42>=><H740;C784A
A43D244=4A6H0=3F0C4A2>=BD<?C8>= 8<?A>E4 A4B834=CB 0=3 0 <>A4 4=E8A>=<4=C0;;H B>D=3
08A @D0;8CH 0=3 2A40C4 6A44= 8=5A0BCAD2CDA4 0??A>027C>6A>FC7
&-)- .
0&)% "$('%*'+$,%''$'"'%1+$+
%'$(%'$*(
("')'$,)!$)$#(
%;0==8=6 0C C74 A468>=0; B20;4 8B C74 PABC 2A8C820; 7867;867CB =4F F0HB C> 8=2A40B4 0224BB818;8CH C>
BC4? 8= 2A40C8=6 ;8E01;4 2><<D=8C84B !>20C8=6 4<?;>H<4=C24=C4ABA43D24C74C8<40=34=4A6H
34E4;>?<4=C >= D=34ADB43 E020=C 010=3>=43 A4B834=CBB?4=32><<DC8=6 0=38<?A>E408A0=3
>A2>=C0<8=0C43;0=38=4G8BC8=6C>F=B0=328C84B F0C4A @D0;8CH ><?;4<4=C0AH ;0=3 ?A4B4AE0C8>=
A43D24B34E4;>?<4=C?A4BBDA4>=ADA0;>A?A8<4 0=3 2>=B4AE0C8>= BCA0C4684B 0C C74 A468>=0; B20;4
06A82D;CDA0; ;0=3B)74B4 B8C4B CH?820;;H 8=P;; B8C4B 834=C85H ED;=4A01;4 ;0=3B 0=3 74;? ?A>C42C C74<
>A?0A24;B039024=CC>4G8BC8=634E4;>?<4=C 0A4 5A>< 34E4;>?<4=C F7827 5>2DB4B ;>20; 0=3
>5C4=C742>A=4ABC>=4B20C0;HI8=65DAC74A?A8E0C4 A468>=0;<0A:4C5>A24B>=4G8BC8=6=48671>A7>>3B
8=E4BC<4=C8=>C74AD=34ADB43?A>?4AC84B=40A1H ><18=8=6 A4E8C0;8I0C8>= BCA0C4684B F8C7 ;0=3
?A4B4AE0C8>=?>;8284BF>A:C>64C74AC>BCA4=6C74=
)7414=4PCB>5C78B0??A>0270A4<0=H>A4G0<?;4 C74 E8C0;8CH 0=3 42>=><82 E8018;8CH >5 <8G43DB4
A4E8C0;8I8=6=48671>A7>>3B0=33>F=C>F=38BCA82CB C>F=24=C4AB0=3=48671>A7>>3B
BCA4=6C74=B C74 <D=828?0; C0G 10B4 0=3 ?A>3B
2><<D=8C84B C> 8<?A>E4 4G8BC8=6 8=5A0BCAD2CDA4 !>20; 6>E4A=<4=CB ?;0==4AB 34E4;>?4AB 0=3
A468>=0;0=0;HB8B>534E4;>?<4=C>??>ACD=8C84B >C74ABF7>0A48=E>;E438=B4;42C8=60=30??A>E8=6
J#0CDA0;'4B>DA24B%A4B4AE0C8>=
J=E8A>=<4=C0;;H(4=B8C8E4A40B%A>C42C8>=
JG8BC8=64E4;>?<4=C0=3=5A0BCAD2CDA4
>==42C8>=B
J)A0=B?>AC0C8>=0=3)A0=B8C(HBC4<B224BB
J><<D=8CH$A84=C43(4AE824B%A>G8<8CH
+C2?DA@CE2E:@?244@F?ED7@C
@7&
6>:DD:@?D:?E96
,?:E65*E2E6D +C2?DA@CE2E:@?C6=2E65&
C65F4E:@?
677@CED42?36F?56CDE@@52D2E9C66=68865DE@@= +96
MCDE=68:D7F6=67M4:6?4JE96D64@?5=68:D56G6=@A:?8
4=62?6C=@H6C42C3@?7F6=D2?5E96E9:C5=68:DE96
C65F4E:@?@7G69:4=6>:=6DEC2G6=65-$+
+@52E6>@DEA@=:4J2EE6?E:@?92D366?A2:5E@E96
MCDEEH@=68D@7E96DE@@=E9682:?D@7H9:4992G6366?
42?46=65@FE3JE96255:E:@?2=-$+8C@HE92EEC:3FE65E@
@?8@:?84@?G6?E:@?2=56G6=@A>6?EA2EE6C?D 74FCC6?E
56G6=@A>6?EA2EE6C?D5@?@E492?86-$+:?E96,?:E65
*E2E6DH:==6IA6C:6?462C:D6@73J
2?5
3J
J4C62E:?8H2=<23=64@>A24E4@>>F?:E:6D
4@??64E65E@=@42=2?5C68:@?2=EC2?D:E*>2CEC@HE9
56G6=@A>6?E42?67764E:G6=JD=@HE968C@HE9:?-$+3J
D:8?:M42?E=JC65F4:?8E96?665E@5C:G6
MA>F8=6>>;4A )74E834=24>=*A10=4E4;>?<4=C0=3;8<0C4
70=64N*!,0B78=6C>=
')&*')&,**$)+)&.+#&+ &%*
&!+ -* , # %*
#)*'!'($*'(%'('+)$#
'C6D6CG62?5AC@E64E72C>=2?5 #@42E6E9656G6=@A>6?E@?2D:E6E92E5@6D?@E92G6
?2EFC2=C6D@FC46D2?5923:E2E .6E=2?5DH2E6C3@5:6D@C=2?5H:E9:?766E@7E96D62C62D
'C:>628C:4F=EFC2=D@:=D
,?:BF6@CAC:>67@C6DED@:=D
+9C62E6?65@C6?52?86C65DA64:6D923:E2E
BF:76CC6492C862C62D
#+'$#"#)!!.(#()+'(%'$))$#
'C@E64E6?G:C@?>6?E2==J #@42E6E9656G6=@A>6?E@?=2?5E92E5@6D?@E92G6
D6?D:E:G62C62D *E66AD=@A6D8C62E6CE92?
J62CN@@5A=2:?D
:89=J6C@5:3=6D@:=D
?92?462?5AC@E64EE96 DE23=:D92>2?52E@CJ?@56G6=@A>6?E3F776C2EH6E=2?5D
64@=@8J@7?2EFC2=DJDE6>D N@@5A=2:?D=2<6DC:G6CD2?56DEF2C:6D
-()#+!$%"#)#'()'*)*'$##)$#(
2A:E2=:K6@? #@42E6E9656G6=@A>6?E@?2D:E6E92E92D2446DDE@6I:DE:?8
6I:DE:?8:?7C2DECF4EFC6 C@25DH2E6CD6H6CD2?5@E96C:?7C2DECF4EFC62?5:DH:E9:?@C
4@?E:8F@FDE@6I:DE:?856G6=@A>6?E
)656G6=@A2?5C6DE@C6G2=F6@7 +@E968C62E6DE6IE6?EA@DD:3=6=@42E6E96AC@;64E@?28C6JM6=5
4@?E2>:?2E65@CF?56CFE:=:K65 F?56CFD65@C232?5@?65D:E63C@H?M6=5F?56CFD65
=2?5 @C232?5@?65D:E6H:E9C62=@CA6C46:G656?G:C@?>6?E2=
4@?E2>:?2E:@?@C@E96C252AE:G6C6FD6
:?M==D:E6
$:?:>:K6C6=:2?46@?AC:G2E6 :D4@FC28656G6=@A>6?E@?D:E6DH96C6AC:G2E6D6AE:4
D6AE:4DJDE6>D DJDE6>DH:==36C6BF:C653@E93642FD6@7E964@ED@7
>2:?E6?2?462?5EJA:42=DJDE6>72:=FC6D2?53642FD6@7E96
=2C86=@ED:K6C6BF:C65E@D6CG:46E96DJDE6>D
)'#(%$'))$##)'#()(.()"(((
?4@FC286EC2?D:E2?5@E96C #@42E6E9656G6=@A>6?E@?2D:E6E92E:DD6CG653J@C
2=E6C?2E:G6DE@D:?8=6 H:E9:?H2=<:?85:DE2?46@7AF3=:4EC2?D:E@C@E96C2=E6C?2E:G6
@44FA2?4J42CDC65F46 EC2?DA@CE2E:@?DF492D
E@E2=4@?86DE:@?G69:4=6 FD
>:=6DEC2G6=659@FD69@=5 +C2:?=:89EC2:=962GJC2:=EC2>
EC2?DA@CE2E:@?4@DED2?5 6CCJ
8C66?9@FD682D6>:DD:@?D :<6=2?6D2?556D:8?2E653:<6C@FE6D
2CD92C6
#$'$$%!#
%!" #
4B8A01;4=48671>A7>>3BC70C>554A06>>3@D0;8CH )74B4 =48671>A7>>3B20;4 6D834;8=4B 2>=CA81DC4
>5 ;854 0=3 <08=C08= ;0BC8=6 E0;D4 5>A A4B834=CB 0A4 C> 2A40C8=6 F0;:01;4 =48671>A7>>3B ?434BCA80=
=>C>=;H;>20C438=2>=E4=84=C0A40BB44?A4E8>DB 5A84=3;H BCA44CB 0=3 C7A8E8=6 38E4AB4 740;C7H
B42C8>= 1DC 0;B> 8=2;D34 F4;;34B86=43 1D8;38=6B 2><<D=8C84B )74A4 0A4 4G28C8=6 >??>ACD=8C84B
BCA44CB 0=3 8=5A0BCAD2CDA4 >>3 =48671>A7>>3B F8C78= C74B4 6D834;8=4B C> 14 2A40C8E4 A44=
0A4 BDBC08=01;4 0=3 <08=C08= 4=3DA8=6 E0;D4 5>A 34B86=0=334E4;>?<4=CBCA0C4684B BD270BC7>B4
C748A8=7018C0=CB)74H?A>E8346>>3@D0;8CH7>DB8=6 ;8BC43 8= C78B 3>2D<4=C 20= 14 DB43 C> 2A40C4
>??>ACD=8C84B5>A?4>?;40C0;;BC064B>5;854 5A>< =48671>A7>>3B C70C 0A4 4=E8A>=<4=C0;;H B4=B8C8E4
H>D=6C>>;30=3F8C738554A4=C8=2><4;4E4;B>>3 0=3 E81A0=C 0CCA02C8E4 ?;024B >A 4G0<?;4 CA44B
=48671>A7>>3B 0A4 <4<>A01;4 0=3 70E4 2;40A 0;>=6 BCA44CB 0A4 04BC74C820;;H ?;40B8=6 ?A>C42C
834=C8P01;41>D=30A84B2>==42C8>=BC>BDAA>D=38=6 0=3 B7034 ?434BCA80=B 2>>; C74 0<184=C 08A
?;024B?0A:B0=328E82B?024B038E4AB8CH>5DB4B0=3 C4<?4A0CDA40=3B;>F0=3A4C08=F0C4A0B?0AC>5
7>DB8=6CH?4B0=32A40C402>74B8E4B4=B4>5?;024 0BC>A<F0C4A<0=064<4=CBHBC4<
J#48671>A7>>301A820=3><?>B8C8>=
J><<D=8CH(CA44CB
J#0CDA40=3$?4=(?024
J@D8CH8E4AB8CH0=355>A3018;8CH
7@C>6C?6:893@C9@@5@7:?5FDEC:2==2?5D2?5AF3=:4
9@FD:?8D:E6D:?.6DE6C?$2CJ=2?5E9:D?6:893@C9@@5
C6G:E2=:K2E:@?677@CE4C62E65A=2463JC6:?E6CAC6E:?8
9:DE@C:4H@C<7@C469@FD:?8E92EDFAA@CE65E96C2:=C@25
:?5FDECJ2EE96EFC?@7E96
E946?EFCJ D6C:6D@7
?6:893@C9@@5A2C<D2?54@>>F?:EJ46?E6CDH6C62==
A=2465H:E9:?
>:=6H2=<:?8C25:FD
+96>:I65:?4@>6C656G6=@A>6?E:D56D:8?65E@
:?E68C2E6H6==:?E@2?6I:DE:?89:DE@C:4?6:893@C9@@5
H9:=6AC@G:5:?86?6C8J67M4:6?E9@>6DE92E2C6#
7@C@>6BF2=:M65 F6E@E96C@4<JD@:=4@?5:E:@?D:?
E9:D4@>>F?:EJ2=@?8E967@@E9:==D@7E96AA2=249:2?
$@F?E2:?DE96D:E656G6=@A>6?E32=2?46556?D:EJH:E9
=2C862C62DC6D6CG657@CDE@C>H2E6C:?M=EC2E:@?:?7C@?E
J2C5D2?5:?E96A2C<D
,0;;024'>14ACB)>33!!
% &)&&'#%'#$" %
&!+ -* , # %*
#$'$$'#$"%$()$#
?4@FC286H2=<:?82?5C65F46 ?4@CA@C2E625:G6CD6>:I@7FD6DH:E9:?E9656G6=@A>6?E@C
G69:4=6>:=6DEC2G6=653J>:I:?8 =@42E69@FD:?8H:E9:?2>:?FE6H2=<@74@>>6C4:2=2?5
FD6D2?556?D:E:6D C6E2:=5:DEC:4EDH:E9:?5:G6CD64@>>F?:EJ@C:6?E65D6CG:46D
$2I:>:K656?D:EJ=6G6=DE@ I46656I:DE:?856?D:EJA2EE6C?D@CC6BF:C6>6?ED7@C2
4C62E6@AE:>2=?@56D@724E:G:EJ C6D:56?E:2=2?5>:I65FD656G6=@A>6?E *F886DE65>:?:>F>
56?D:E:6D7@C?6HC6D:56?E:2=4@?DECF4E:@?
*:IF?:EDA6C24C67@C56E24965
D6>:56E249659@FD6D
+6?F?:EDA6C24C67@CE@H?9@>6D
+H6?EJ
F?:EDA6C24C67@C2A2CE>6?ED
$:?:>:K6E96?682E:G6:>A24E 6D:8?42CA2C<:?82C62DD@E92EE96J2C6?@EE96AC:>2CJ
@742CA2C<:?82?56?4@FC286 G:DF2=4@>A@?6?ED@7E96?6:893@C9@@5492C24E6C3J
962=E9J>@56D@7EC2?DA@CE2E:@? 'C@G:5:?8@AA@CEF?:E:6D7@CD92C65A2C<:?836EH66?
DECF4EFC6D
)65F4:?8A2C<:?8C2E:@C6BF:C6>6?ED:?2C62DD6CG653J
AF3=:4EC2?D:E
'C@G:5:?8AC676CC65@C5:D4@F?E65A2C<:?87@C42CA@@=D
G2?A@@=D2?5=@H6>:EE:?87F6=67M4:6?EG69:4=6D
'C@G:5:?856D:8?2E65DEC66EA2C<:?87@C42CD92C:?8D6CG:46
#:>:E:?82?5D4C66?:?8A2C<:?82?5=@25:?82C62DE@E96D:56
2?5
@CC62C@73F:=5:?8D
'C@G:5:?83:<6C24<D2?5H2=<:?82>6?:E:6DH2E6C7@F?E2:?D
36?496D6E4?62C6?EC2?46D2EA@:?ED@756DE:?2E:@?
$2I:>:K6@AA@CEF?:E:6D7@C @C?6HDEC66E3=@4<D@C3F:=5:?8DE2<625G2?E286@7?2EFC2=
A2DD:G6D@=2C962E:?82?54@@=:?8 D@=2C962E:?82?54@@=:?83J@C:6?E:?8E96=@?86CD:56@7E96
DEC66E8C:52?5
@C3F:=5:?8D2=@?8E9662DEH6DE2I:D
$""*#).()')(
2=>EC27M42?54C62E656D:C23=6 6D:8?D276A656DEC:2?7C:6?5=JDEC66ED3J:?4=F5:?86=6>6?ED
A656DEC:2?7C:6?5=JD276DEC66ED DF492D
.:56D:56H2=<D@?3@E9D:56D@7E96DEC66E766E
>:?:>F>H:5E9@?C6D:56?E:2=3=@4<D766E>:?:>F>H:5E9
@??@?C6D:56?E:2=@C>:I65FD63=@4<D
*EC66E7FC?:EFC66 8 36?496DDEC66E=2>AD
+C66D2?5@E96C=2?5D42A:?8
*EC66E4FC33F=3@FED
56BF2E6DA2467@CEC2?D:EDE@AD
D96=E6CD
DEC66EDE92E8:G6=682=AC:@C:EJE@A656DEC:2?D
2?54J4=:DED
%2CC@H6CDEC66EDE@C65F46DA665D2?5:>A6CG:@FDDFC7246D
$2I:>:K6?6:893@C9@@5 @??64E?6HDEC66EDD:56H2=<D2?53:<6=2?6DE@E966I:DE:?8
4@??64E:G:EJ DEC66E8C:52?5DFCC@F?5:?8?6:893@C9@@5D5:DEC:4ED2?5
EC2?DA@CE2E:@??6EH@C<
?=:G6?DEC66E7C@?E286D *FAA@CE2A656DEC:2?7C:6?5=JDEC66EA2EE6C?3J
&C:6?E:?83F:=5:?8DE@H2C5E96DEC66E2?5D:56H2=<H:E9
7C@?E724256D2?56?EC2?46D724:?82AF3=:4DA2463FE?@E2
A2C<:?82C62
#@42E:?87C@?E3F:=5:?8724256D?62CE967C@?EAC@A6CEJ=:?6
0@?:?87@CA656DEC:2?@C:6?E65FD6D2EE968C@F?5=6G6=
6 8 C6E2:=4@>>F?:EJD6CG:46DDF492D=:3C2C:6D2?5
4@>>F?:EJ46?E6CD6E4
62FE:7JDEC66EDH:E9EC66D2?5 ?4@FC286E96FD6@78C66?:?7C2DECF4EFC6AC24E:46D2D
8C66?:?7C2DECF4EFC6AC24E:46D DE2?52C5AC24E:467@CC@25D2?5AF3=:4C:89ED@7H2J @C
6I2>A=6AC@G:56DEC66EEC66D@?3@E9D:56D@7DEC66ED
36EH66?E96DEC66E2?5D:56H2=< ,D62AAC@AC:2E65C@F89E
E@=6C2?EEC66DA64:6D2?56?DFC6E96EC66D92G6E964@CC64E
D@:=D2?5C@@E2?58C@HE9DA246E@E9C:G6
#)*'#$%#(%
C62E6@C6?92?468C66?@A6? 6D:8?8C66?@A6?DA246D@E92E:E:D4@??64E65E@6I:DE:?8
DA246?6EH@C<D 8C66?@A6?DA246?6EH@C<DH:E9:?@C25;246?EE@D:E6
3@F?52C:6D
@?D6CG6?2EFC2=C6D@FC46D 'C6D6CG62?5C6DE@C6?2EFC2=C6D@FC46DE9C@F894@>A24E
4@?D6CG2E:@?56D:8?
$2I:>:K62446DDE@A2C<D2?5 ?4=F562?5
@CAC@G:565:C64E2446DDE@A2C<D2?5
C64C62E:@?2=2C62D C64C62E:@?2=2C62D
$2I:>:K62446DDE@=@42=7@@5 'C@G:562446DDE@=@42=7@@52?5@AA@CEF?:E:6D7@C7@@5
D@FC46D AC@5F4E:@?3J
0@?:?8@C)D4@G6?2?ED4@?5:E:@?D2?5C6DEC:4E:@?D
E92E2==@H7@C8C@H:?8AC@5F46@?C6D:56?E:2=AC@A6CEJ
65:42E:?8@A6?DA2467@C24@>>F?:EJ82C56?:?E96
56G6=@A>6?E
#@42E:?8E96AC@;64E?62C272C>6CDL>2C<6E
'=2?E:?865:3=6=2?5D42A6D2DA2CE@7=2?5D42A:?8A=2?D
E6?FC62?5:?4@>65:G6CD:EJ @CDE2E6AC@8C2>D2?5
?4=F562>:I@79@FD:?8EJA6DE6?FC6D:?4@>6E2C86E:?8
2?556?D:EJA2EE6C?D
DE23=:D9K@?:?8C68F=2E:@?DE92E2==@H2446DD@CJF?:ED
C62E66?G:C@?>6?EDFD23=63J +@E968C62E6DE6IE6?EA@DD:3=6:?4@CA@C2E6E967@==@H:?8
2==A6@A=6E@E968C62E6DE6IE6?E F?:G6CD2=56D:8?DEC2E68:6D
A@DD:3=6H:E9@FEE96?6657@C &?6K6C@DE6A6?EC2?462EE967C@?E324<@CD:56@7E96
252AE2E:@?@CDA64:2=:K2E:@? 9@FD6
E=62DE
:?496D@74=62CA2DD286DA2467@C2==>2:?N@@C
5@@CD:?4=F5:?832E9C@@>D
E=62DE292=732E9AC676C23=J27F==32E9@?E96>2:?N@@C
?4@CA@C2E6F?:G6CD2=56D:8?DEC2E68:6D:?E9656D:8?@7E96
C6D:56?E:2=F?:ED,?:G6CD2=6D:8?)6D@FC46D
4=C4A5>A=2;DB8E44B86=0=3=E8A>=<4=C0;224BB7CC? FFF0?1D550;>43D
8340 ><4 8=34G0B?
4=C4A5>A#48671>A7>>3)427=>;>6H>DB8=60=3)A0=B?>AC0C8>=55>A3018;8CH
=34G7CC? FFF2=C>A6 C23 7C
'#*!#
#'()'*)*'
A44= 1D8;38=6 C427=8@D4B <0:4 =4F 0=3 )74B4 C427=8@D4B 0A4 F8C78= C74 A4027 >5 1>C7
4G8BC8=6 1D8;38=6B 740;C784A <>A4 3DA01;4 0=3 4G?4A84=2436A44=1D8;34AB0=3C7>B4C70C0A49DBC
<>A4 4=4A6H 0=3 F0C4A 45P284=C D8;38=6B 0A4 1468==8=6 C> 8=2>A?>A0C4 BDBC08=018;8CH 4=4A6H
740;C784A F74= C74H 0A4 34B86=43 C> 8<?A>E4 45P284=2H 0=3 2><?02C 34B86= 8=C> C748A
C748=3>>A08A@D0;8CHC74A41HA43D28=68=2834=24 2>=BCAD2C8>= ?A02C824 0=3 1DB8=4BB <>34; = C74
>5 0BC7<0 0=3 >C74A A4B?8A0C>AH 38B40B4B;B> 6D834;8=4B 14;>F 4G?4A84=243 1D8;34AB <0H
<>A4 3DA01;4 1D8;38=6B 2>=B834A C74 ;8542H2;4 A42>6=8I4 B8<8;0A8C84B F8C7 >C74A 6A44= 1D8;38=6
>5 <0C4A80;B B4;42C8=6 45P284=C A42H2;43 >A 24AC8P20C8>=?A>6A0<BBD270BC74=C4A?A8B4A44=
A42H2;01;42>=BCAD2C8>=0=3P=8B7<0C4A80;B0=3 ><<D=8C84B %A>6A0< C74 *( A44= D8;38=6
DB8=6 2>=BCAD2C8>= <4C7>3B C70C 4GC4=3 C748A >D=28;!?A>6A0<B0=3%OB#'.()'
5D=2C8>=0; ;854 A43D24 2>BC 0=3 A43D24 F0BC4 A0C8=6B5>A7><4B0??;80=24B0=3PGCDA4B
)74B4 <0C4A80;B 0??;80=24B 0=3 C427=8@D4B
=>C >=;H 2>=B4AE4 A4B>DA24B C74H 0;B> A43D24 = B><4 <D=828?0;8C84B 34E4;>?4AB 0=3 1D8;34AB
7>DB47>;34=4A6H0=3F0C4A2>BCB <0H70E4E0AH8=6;4E4;B>520?028CH>A:=>F;4364
8= 6A44= 2>=BCAD2C8>= 0=3 34B86= >A <0H 14
C62E69:89A6C7@C>2?46 ,D6+649?:42=)6D@FC46DF:56=:?6D7@C%)/*+)
C6D:56?E:2=AC@;64EDE@ (F2=:M65%6H@>6D
C65F469@FD69@=56?6C8J 56?E:7J%)/*+)A2CE?6CDE@56D:8?2?53F:=5E96
4@?DF>AE:@?6?6C8JFE:=:EJ 9@>6D
4@DED2?58C66?9@FD682D 56?E:7J@>6?6C8J)2E6CE@G6C:7J%)/*+)
6>:DD:@?D 4964<=:DED
6D:8?H2E6C67M4:6?E ,D656>2?5AF>A:?8>2?:7@=5@C4@C6=2J@FE9@EH2E6C
A=F>3:?8DJDE6> 5:DEC:3FE:@?DJDE6>
C62E69:89A6C7@C>2?46 6D:8?3F:=5:?8DFD:?8E96*)5G2?465?6C8J6D:8?
4@>>6C4:2=
>:I65FD6 F:56D
AC@;64EDE@C65F469@FD69@=5
H2E6C4@?DF>AE:@?H2E6C
FE:=:EJ4@DED2?5AC@E64E
?2EFC2=H2E6CDFAA=J
(44'4B>DA24BB42C8>=D=34AM4AC8P20C8>=%A>6A0<BN
(44'4B>DA24BB42C8>=D=34AM4AC8P20C8>=%A>6A0<BN
$:E:82E6962E:D=2?5:>A24ED ,D6%)/*+)BF2=:M65@C@E96C9:89=JC6N64E:G6C@@7
AC@5F4ED
,D6A2G:?8>2E6C:2=DH:E99:89D@=2CC6N64E2?46
*6=64E2?5:?DE2==DEC66EEC66D2?5
@CAC6D6CG66I:DE:?8
EC66DE@D9256D:56H2=<D2?592C5DFC72462C62D
'#$#()'*)$#()%')(
@?EC@=D@:=6C@D:@?2?5 >A=6>6?E=@42=@CDE2E66C@D:@?2?5D65:>6?E2E:@?
D65:>6?E2E:@? 4@?EC@=D5FC:?84@?DECF4E:@?FD:?8'LD*E@C>H2E6C6DE
$2?286>6?E'C24E:46D
)656G6=@A3C@H?M6=5D:E6D @?5F4E2?6?G:C@?>6?E2=2DD6DD>6?EE92E>66EDE96
FD:?864@=@8:42==J:??@G2E:G6 C6BF:C6>6?ED@7E96=@42=@CDE2E66?G:C@?>6?E2=
2?5C6DA@?D:3=66?G:C@?>6?E2= AC@E64E:@?286?4J 72AA=:423=66>A=@J'LDC66?
C6>65:2E:@?2?5232E6>6?E )6>65:2E:@?6DE$2?286>6?E'C24E:46D
AC24E:46D ,D6'*E6ADE@#625*276)6?@G2E:@?)6A2:C2?5
'2:?E:?8
)65F466I46DD4@?DECF4E:@? .96?6G6CA@DD:3=6FD63F:=5:?8E649?@=@8:6D>2E6C:2=D2?5
H2DE62?5>2<6C64J4=:?862DJ M?:D96DE92E>:?:>:K6M?:D9:?8@?D:E6
'=246C64J4=:?83:?D@?4@?DECF4E:@?D:E67@CC64J4=23=6
C6FD23=6H2DE6>2E6C:2=DE92E42?365:G6CE657C@>=2?5M==D
(44'4B>DA24BB42C8>=D=34AM4AC8P20C8>=%A>6A0<BN
?92?46@?D:E66?6C8J 'FC492D69@FD69@=56?6C8J7C@>C6?6H23=6C6D@FC46DE92E
AC@5F4E:@?H:E9@77D:E6 >2J362G2:=23=67C@>E96=@42=FE:=:EJ
6?6C8JAC@G:56C
C6?6H23=66?6C8JD@FC46D
'#$%')$#("#)##
?DFC6E92E@?8@:?8@A6C2E:@?D F:=5:?8>2:?E6?2?46>2?F2=
2?5>2:?E6?2?46AC24E:46D @>6@H?6C
)6?E6C8C66?8F:56
AC@>@E68C66?2?5962=E9J @>6@H?6C
)6?E6C8C66?@C:6?E2E:@?
=:G:?83J56G6=@A:?8@A6C2E:@?D
2?5@C:6?E2E:@?>2?F2=D
(44'4B>DA24BB42C8>=D=34AMA44=4E4;>?<4=C#48671>A7>>30=3D8;38=6
'4B>DA24BN
'($*'(
)78BB42C8>=?A>E834B0A454A4=24;8BC>524AC8P20C8>= 8= ?A>942CB C70C ?A><>C4 B<0AC 6A>FC7 0=3
?A>6A0<B 0=3 A4B>DA24B 5>A A4034AB F7> 0A4 4=4A6H45P284=C34E4;>?<4=C0=334B86='46D;0A
8=C4A4BC43 8= >1C08=8=6 0338C8>=0; 8=5>A<0C8>= A4B40A27>=:4HF41B8C4B74;?B?A>E8340224BBC>
>= ?;0==8=6 >A 24AC85H8=6 =48671>A7>>3B 0=3 =4F A4B>DA24B 5D=38=6 =>C8P20C8>=B 0=3 ?>;82H
1D8;38=6BC70C0A4740;C7HF0;:01;438E4AB48=DB4B 8=8C80C8E4B 0C C74 5434A0; ;4E4; >A 4G0<?;4 0B
0=38=2><4B 0=34=E8A>=<4=C0;;HA4B?>=B81;4 = 0=4GC4=B8>=>58CBF>A:BD??>AC8=62><<D=8CH
0338C8>=C>24AC8P20C8>=?A>6A0<B C74A48B0;B>0 34E4;>?<4=C 0=3 055>A301;4 7>DB8=6 *
;8BC>5;4038=64=C8C84B8=C74P4;3B>5B<0AC6A>FC7 9>8=43F8C7%0=3$)8=C74%0AC=4AB78?5>A
=48671>A7>>334B86=0=36A44=1D8;38=6 (DBC08=01;4 ><<D=8C84B C> 5028;8C0C4 8=C46A0C43
?;0==8=6 C> 74;? <4A820= 50<8;84B 608= 14CC4A
("')'$,)%!### 0224BBC>055>A301;47>DB8=6<>A4CA0=B?>AC0C8>=
+!$%"#)#(#'($*'( >?C8>=B0=3;>F4ACA0=B?>AC0C8>=2>BCB
$5P24>53<8=8BCA0C>A$5P24>5%>;82H2>=><82B *( 4?0AC<4=C >5)A0=B?>AC0C8>= $) K
0=3==>E0C8>=(<0ACA>FC7%A>6A0< 434A0;)A0=B8C3<8=8BCA0C8>=)A0=B8C$A84=C43
HHH 6A2 8@G
D>2CE8C@HE9 4E4;>?<4=C
9EEA
*(4?0AC<4=C>56A82D;CDA4*(
$5P24>5=E8A>=<4=C0;DBC824 HHH FD52 8@G
HHH 6A2 8@G
4@>A=:2?46
6?G:C@?>6?E2=
;FDE:46
:?56I 9E>= *( 4?0AC<4=C >5 6A82D;CDA4 K (DBC08=01;4
4E4;>?<4=C
$5P24>5(>;83,0BC40=3<4A64=2H'4B?>=B4 9EEA
$5P24>5,0C4A 4=C4AB5>A8B40B4>=CA>;0=3%A4E4=C8>=
HHH 6A2 8@G
&.
HHH 454 8@G
5>A(DBC08=01;44E4;>?<4=C
HHH D>2CE4@>>F?:E:6D ?42E @C8
"$('%*"'$2,$('+
"4CA>?>;8C0= %;0==8=6 $A60=8I0C8>=B "%$
*(4?0AC<4=C>5>DB8=60=3*A10= 0=3'468>=0;>D=28;>5>E4A=<4=CBC70C?;0=
4E4;>?<4=C* A4B40A27 0=3 BD??>AC B<0AC 6A>FC7 0=3 6A44=
HHH 9F5 8@G 34E4;>?<4=C ?0CC4A=B 0A4 >5C4= B>DA24B >5
8=5>A<0C8>= )74A45>A4 8C 8B 8<?>AC0=C C> ;40A=
*( 4?0AC<4=C >5 >DB8=6 0=3 *A10= 01>DC H>DA ;>20; A468>=0; ?;0==8=6 >A60=8I0C8>=B
4E4;>?<4=C*K><<D=8CH%;0==8=60=3 )74H 0A4 5A4@D4=C;H <4<14AB >5 C74 #0C8>=0;
4E4;>?<4=CA44=><4B0=3><<D=8C84B BB>280C8>= >5 '468>=0; >D=28;B 0=3 >A C74
9EEA
)*&,)*
*(! ++$('%++($,$('+ #0C8>=0; >E4A=>ABBB>280C8>= K =E8A>=<4=C
%A>54BB8>=0;0BB>280C8>=B0A44G24;;4=CA4B>DA24B =4A6H#0CDA0;'4B>DA24B4BC%A02C824B
5>A 834=C85H8=6 4G?4A84=243 ?A>942C C40<B 0=3 9EEA
#0C8>=0;BB>280C8>=>5>D=C84B#> 9EEA
)*&,)*
*(=E8A>=<4=C0;%A>C42C8>=64=2H% B<0AC 6A>FC7 6A44= 1D8;38=6 0=3 BDBC08=01;4
HHH 6A2 8@G 34E4;>?<4=C ;B> =>C43 8= C78B ;8BC 0A4 B?4280;
?A>6A0< 0A40B C70C C74B4 >A60=8I0C8>=B 70E4
%=3>>A08A%!*( 34E4;>?43
HHH 6A2 8@G
:?5@@C2:CA=FD
%(C4?BC>!403(054'4=>E0C8>='4?08A0=3 4=C4A5>A#48671>A7>>3)427=>;>6H
%08=C8=6 HHH 4?E @C8
HHH 6A2 8@G
=625
AF3D
C6?@G2E:@? 9E> %#%!%#(&""%"&$#%''#"#% ',
"+
%,0C4A(4=B4 HHH 4?E @C8
E45
9E
HHH 6A2 8@G
.2E6C*6?D6
4=C4A5>A*=8E4AB0;4B86=
%(<0ACA>FC7>34D38C8=6 9EEA
>=6A4BB5>AC74#4F*A10=8B<
=C4A?A8B4A44=><<D=8C84B)4<?;0C4B HHH 4?F @C8
HHH 8C66?4@>>F?:E:6D@?=:?6 @C8
E@@=D
%#%!%)"(&'" ',%#!( "
C6D@FC46D
:?56I 2DAE '##"
HHH 4?F @C8
?EC@1E@1?6H1FC32?:D>
#( =C4A=0C8>=0; (DBC08=01;4 D8;38=6 %A>3D2C
(C0=30A3B ;>10;A44=*(
9EEA
:5
E6>:5
* '
. %()& ',
$"#(*#(('-$%$'" +(-* + !8=2>;=!0=3=BC8CDC4>5!0=3%>;82H
)74B4 A4B>DA24B ?A>E834 C>>;B C> 2A40C4 HHH =:?4@=?:?DE 65F
34E4;>?<4=C ?;0=B 0=3 ?>;8284B C70C 1D8;3 F4;; %#%!%&( -""&',
34B86=43 6A44= 2><<D=8C84B )74 5>;;>F8=6 HHH =:?4@=?:?DE 65F
DF346?E6CD
G:DF2=:K:?8
;8BC 8=2;D34B :4H >A60=8I0C8>=B 8=E>;E43 8= 56?D:EJ
)*&,)*
#0C8>=0;><?;4C4(CA44CB>0;8C8>= (<0ACA>FC7#4CF>A:
HHH 4@>A=6E6DEC66ED @C8 HHH D>2CE8C@HE9 @C8
D8?
5672F=E 2DA
%#%!%#!$ ''%'
("!"' &
HHH 4@>A=6E6DEC66ED @C8
4@>A=6E6DEC66ED (<0ACA>FC7$=;8=4K(4AE824>5C74(<0AC
7F?52>6?E2=D
A>FC7#4CF>A:
HHH D>2CE8C@HE9 @C8
#0CDA0;'4B>DA24B454=B4>D=28;
HHH ?C54 @C8 (DBC08=01;4 ><<D=8C84B #4CF>A: K !8=:8=6
%#%!%!%'%#*' 8C84BC>'4B>DA24B0=3C>$=4=>C74A
HHH ?C54 @C8
D>2CE8C@HE9
5672F=E 2DA HHH DFDE2:?23=6 @C8
(DBC08=01;4(8C4B=8C80C8E4K(DBC08=01;4!0=3B20?4B
%;0H1>>:5>AA44=D8;38=6B0=3#48671>A7>>3B HHH DFDE2:?23=6D:E6D @C8
K(CA0C4682!>20;;8<0C4(>;DC8>=B
HHH 8C66?A=2J3@@< @C8 *A10=3E0=C064K=E8B8>=8=6*A10=8B<
HHH FC32?25G2?E286 4@>
%A>942C5>A%D1;82(?024B
HHH AAD @C8 )74*A10=!0=3=BC8CDC4
HHH F=: @C8
'42>==42C8=6 <4A820 K 4=C4A 5>A )A0=B8C %#%! % !%' %#*' "
"#%!'#"
$A84=C434E4;>?<4=C '*#%
HHH C64@??64E:?82>6C:42 @C8 HHH F=: @C8
@>>F?:EJF:=5:?8
*>2CE
C@HE9
==:2?46D 2DAI
(84AA0;D1*( %#%!%#" %&$"##$%'#"
HHH D:6CC24=F3 @C8 .!%'%#*'
%#%!%## '& HHH F=: @C8
@>>F?:EJF:=5:?8
HHH 4@@=4:E:6D FD
)68:@?2=#6256CD9:A2?5@@A6C2E:@?
*>2CE
%#%!% " "%,# ('#"& C@HE9 2DAI
HHH D:6CC24=F3 @C8
6?6C8J
,0;:(2>A4K8=30,0;:01;4%;024C>!8E4
(<0ACA>FC7<4A820 HHH H2=<D4@C6 @C8
HHH D>2CE8C@HE92>6C:42 @C8
(<0ACA>FC7!4034AB78?=BC8CDC4K%A>942C>5
(<0ACA>FC7<4A820
HHH D8=: @C8
)*&,)*
$5P24>5%>;82H2>=><82B0=3==>E0C8>=
)
%
#>E4<14A