-0080-0-8-088-00-080-00-880-8-0-0800-/⛋∣🟗∣𖢌∣🟗∣⛋/✢⦻⛋⦻✢/𖡛∣⊞⛋𖢌⛋⯏∣🝊∣⯏⛋𖢌⛋⊞∣𖡛/∣🮻∣⊞✻⊞∣🮻∣/🮻ꖅ🝊ꖅ⧲᪥ⵙ∣❁∣⧮∣✧✢⊞∣⊞✢✧∣⧮∣❁∣ⵙ᪥⧲ꖅ🝊ꖅ🮻𖢄Ȋ̮∣❁∣𖢌ꖅ✢∣❁∣𐋅∣❁∣✢ꖅ𖢌∣❁∣Ȋ̮𖢄🮻ꖅ🝊ꖅ⧲᪥ⵙ∣❁∣⧮∣✧✢⊞∣⊞✢✧∣⧮∣❁∣ⵙ᪥⧲ꖅ🝊ꖅ🮻/✢ꕤꖅ✢ꖅꕤ✢/TXT.⠀⠀⠀⠀◯⠀НІᑐᑕᗩߦᗱᗴ✻⠀◯⠀⠀⠀⠀ⵙ⠀⠀⠀⠀◯⠀✻ᗱᗴߦᗩᑐᑕІН⠀◯⠀⠀⠀⠀.TXT

<EFBFBD><EFBFBD> !
 !
 ' 
740B5;LA:0O 3@C??0
<00>!,<04>
!0=:B-5B5@1C@3
2004 
 53.59
49
>;520O . .
49 5@>A8=. >2>5 A;>2> 2 ;5G5=88 1>;57=59.  
!1.:  <00>!,<04>, 2004.   96 A.   (!5@8O: ;04>2K5 ?@8@>4K).
ISBN 5-9573-0415-8
!CI5AB2CNB @07=K5 <=5=8O =0AG5B B>3>, >1;0405B ;8 :5@>A8= F5;51=K<8 A2>9AB20<8. 4=8 A 2>AB>@3>< @0AA:07K20NB, :0: ?>1548;8 A ?><>ILN MB>3> 25I5AB20 A<5@B5;L=CN 1>;57=L. @C385 ?@57@8B5;L=> 2KA<5820NB ;N1K5 ?>?KB:8 ?@840BL :5@>A8=C AB0BCA ;5:0@AB25==>3> A@54AB20 8 ?@82>4OB C65
A2>8 ?@8<5@K, 4>:07K20NI85, GB> M:A?5@8<5=B0B>@K 2 >1;0AB8 =5B@048F8>==>9 <548F8=K @8A:CNB
=0=5AB8 A515 8 @>4=K< =5?>?@028<K9 2@54. B> 65
?@02 2 MB>< A?>@5?  :=835 ?@82>4OBAO 0@3C<5=BK,
8A?>;L7C5<K5 B>9 8 4@C3>9 AB>@>=>9.
0H5<C 2=8<0=8N B0:65 ?@54AB02;5=K ?@0:B8G5A:85 A>25BK 8 @5F5?BK 8A?>;L7>20=8O :5@>A8=0
?@8 ;5G5=88 =0@C6=KE 8 2=CB@5==8E 1>;57=59.
;O 2A5E, 8=B5@5ACNI8EAO 40==>9 B5<>9
0==>5 8740=85 >B@0605B ;8G=>5 <=5=85 02B>@0.
0==>5 8740=85 =5 O2;O5BAO CG51=8:>< ?> <548F8=5. A5 @5:><5=40F88 2
8740=88 4>;6=K 1KBL A>3;0A>20=K A ;5G0I8< 2@0G><.
<00> . . 8A>2A:89, 2004.
ISBN 5-9573-0415-8 <00>  <00>!,<04>, 2004. 
3;02;5=8 5
2545=8 5 7
;02 0 1. 5G5=85 >G8I5=85< 8 :5@>A8=:
<>40 8;8 =5>1E>48<>ABL? 10
 GC45A0E 8 B@572>AB8 <KA;8 10
@30=87<   =5 <5AB> 4;O >BE>4>2! 8;8
<00>$8;>A>D8O<04> =>2KE ?>4E>4>2 : ;5G5=8N . 14
;02 0 2. >43>B>2:0 : :5@>A8=>;5G5=8N ... . 20
'B> B0:>5 :5@>A8=? 20
G8I5=85 :5@>A8=0 21
;02 0 3. 5@>A8= :0: ;5:0@AB2>:
<8D 8;8 @50;L=>ABL? 25
0=0F5O >B A<5@B5;L=KE 1>;57=59 26
<00>5@>A8=-H>C<04> 27
!B0:0= :5@>A8=0, 8 2A5 2 ?>@O4:5? 29
;02 0 4. 5G8<AO :5@>A8=><! 35
>:070=8O : ?@8<5=5=8N 35
%@>=8G5A:85 B>=78;;8BK, 0=38=K 8 4@C385
1>;57=8 3>@;0 37
0A<>@: 39
!CE>9 :0H5;L 39
%@>=8G5A:89 1@>=E8B 39
09<>@8B 40
"C15@:C;57 ;53:8E 40
>AAB0=>2;5=85 ?>A;5 8=AC;LB>2 8 >AB@>3>
8=D0@:B0 <8>:0@40 41
83@5=L 8 4@C385 284K 3>;>2=KE 1>;59 .. . 42
 048:C;8B 42
 52<0B87< 43
H80A 43
N<10;38O 8 ?>A;54AB28O B@02< ?>72>=>G=8:0 44
5 
3;02;5=85
01>;520=8O I8B>284=>9 65;57K (B>;L:>
2 A;CG0OE 48DDC7=>3> 7>10, 157 ?>4>7@5=89 =0 >7;>:0G5AB2;5=85) 44
>;57=8 65;C4>G=>-:8H5G=>3> B@0:B0
(:>;8B, M=B5@8B, 70?>@K) 45
5;G=>:0<5==0O 1>;57=L 46
/720 65;C4:0 8 425=04F0B8?5@AB=>9 :8H:8 . 46
01>;520=8O A;878AB>9 >1>;>G:8 ?8I52>40
(M7>D038B), 65;C4:0 (30AB@8B) 47
>G5:0<5==0O 1>;57=L 47
%@>=8G5A:85 701>;520=8O ?>G5: 8 <>G52K2>4OI8E ?CB59 48
5<>@@>9 48
=>9=K5 =5706820NI85 @0=K 49
$C@C=:C;57 50
0?8;;><K 50
A>@807 50
K?045=85 2>;>A 51
C4, ?5@E>BL (68@=0O A51>@5O) 51
8H09 52
>7>;8 52
@81:>2K5 701>;520=8O :>68 =>3 52
@B@8B (2>A?0;5=85 ACAB02>2) 53
>A;54AB28O ?5@5;><>2 :>AB59 53
#H81K, @0ABO65=8O, 2K28E8 53
01>;520=8O :@>28 (0=5<8O) 53
;O >74>@>2;5=8O =5@2=>9, 2K45;8B5;L=>9
8 :@>25=>A=>9 A8AB5< 8 >1I53> ><>;>65=8O 8 >74>@>2;5=8O >@30=87<0 ... . 54
;02 0 5. <00>5@>A8=>2>5 GC4><04> 56
<00>2574=0O<04> AC4L10 :5@>A8=0 56
CBL <00>B>48:0<?0<04> 58
(03 2?5@54 70
<00>5=O 2K;5G8; :5@>A8=!<00> 72
@0240 >1 >@5E>2>-:5@>A8=>2K5 ?@5?0@0B0E 80
0:;NG5=8 5 8 3 
 2 5 4 5 = 8 5
A5 =0G0;>AL A ?@8ABC?0 <83@5=8. >;>2=0O 1>;L 1K;0
=5AB5@?8<>9. / ?@><CG8;0AL F5;K9 45=L, =5 8<5O 2>7<>6=>AB8 C9B8 A @01>BK. "01;5B:8 =5 ?><>30;8, 8, ?@84O 4><>9, O, >15AA8;5==0O, =5 A<>3;0 ?@84C<0BL =8G53>
;CGH5, :0: ?@>AB> ;5GL 2 ?>AB5;L 8 ?>?KB0BLAO A?@028BLAO A 1>;LN, =0E>4OAL 2 ?>;=59H59 =5?>4286=>AB8.
=570?=> @0740;AO 72>=>: 2 425@L. -B> 1K;0 =B>=8=0
$54>@>2=0   <8;0O AB0@CH:0, 682CI0O ?> A>A54AB2C.
  0 =0 B515 ;8F0 =5B!   2>A:;8:=C;0 >=0, 5420
C28452 <5=O.
  5 >1@0I09B5 2=8<0=8O, A> <=>9 MB> G0AB> A;CG05BAO. 83@5=L,   A;01> >B25B8;0 O.
>O 7=0:><0O MB><C A>25BC =5 ?>A;54>20;0: >=0 A
5I5 1>;LH8< 2=8<0=85< ?>A<>B@5;0 =0 <5=O, ?>B><
24@C3 :82=C;0, A;>2=> 2 G5<-B> A>3;0H0OAL A A0<>9 A>1>9, 8 2KH;0, CA?52 A:070BL <=5: <00>25@L =5 70:@K209,
848 ;>68AL 2 ?>AB5;L<04>. / ?>:>@=> >B?@028;0AL >1@0B=> 2 :@>20BL.
=B>=8=0 $54>@>2=0 25@=C;0AL G5@57 45AOBL <8=CB
8 ?@8=5A;0 A A>1>9 :0:85-B> 25I8, =0 :>B>@K5 O 5420
273;O=C;0: >B 1>;8 3;070 ?;>E> >B:@K20;8AL.
  !59G0A ;5G8BL B51O 1C45<,   ;0A:>2> ?@>87=5A;0 AB0@CH:0.
 B>B <><5=B O 1K;0 3>B>20 =0 2A5, B>;L:> 1K >A;018BL 65AB>:85 B8A:8, A68<0NI85 <>N 3>;>2C. =0
=0G0;0 G5<-B> HC@H0BL, @0740;AO 72C:, ?>E>689 =0
AB@C9:C 2>4K. 5>6840==> 70?0E;> G5<-B> @57:8<,
=0?><=82H8< <=5... / =8:0: =5 <>3;0 ?>=OBL, GB> 8<5==>
MB> 1K;>. 5@>A8=?!
/ >B:@K;0 3;070 8, =5 25@O A2>8< 3;070<, A?@>A8;0:
  'B> MB> 2K A>18@05B5AL A> <=>9 45;0BL?
7 
2545=85
   2>B A59G0A :><?@5AA8: ?>AB028< A :5@>A8=G8:><, : 28A>G:0< ?@8;>68< 8 70 CH:8,   =52>7<CB8<>
3>2>@8;0 AB0@CH:0, 2 B>G=>AB8 ?@>45;K20O 2A5 MB8 459AB28O.    B5?5@L @>B8:-B> >B:@>9, 40209, <8;0O, 2K?59 MB>.
<00>-B8<<04> >:070;0AL 684:>ABL >G5=L AB@0==>3> F25B0
A <0A;O=8ABK<8 @072>40<8 =0 ?>25@E=>AB8.
  0AB>9:0 =0 :5@>A8=5. "@02:8 B0< :>5-:0:85.
!0<0 45;0;0, ?> @5F5?BC <0<K <>59,   ?>4104@820;0
<5=O =B>=8=0 $54>@>2=0.
/ B>340 @5H8;0, GB> =8G53> EC65 MB>9 3>;>2=>9 1>;8
C65 ?@84C<0BL =5;L7O, ?>MB><C: :5@>A8= B0: :5@>A8=!
B206=> ?@>3;>B82 =5A><=5==> O4>28BCN, ?> <>5<C
<=5=8N, 684:>ABL, O ?@83>B>28;0AL : A0<><C EC4H5<C.
  >;568 B0: <8=CB 4204F0BL, <8;0O, 0 O ?>94C,  
1@>A8;0 <5=O =0 ?@>872>; AC4L1K <00>:>20@=0O<04> A>A54:0.   A;8 1C45B 65GL :>6C-B>, A<06L 2075;8=G8:><.
@8E>48 :> <=5 ?>B><, G09 A 20@5=L5< ?8BL 1C45<.
 G5@57 G0A <K 459AB28B5;L=> A845;8 2 CNB=>9 :CE=5
<>59 =5>6840==>9 A?0A8B5;L=8FK. B <83@5=8 >AB0;0AL ;8HL >1I0O A;01>ABL 2> 2A5< B5;5, 8 O =0A;0640;0AL MB8< A>AB>O=85<. ! C4>2>;LAB285< ?>3@C60O ;>6:C
2 207>G:C A :;C1=8G=K< 20@5=L5<, O, B5< 2@5<5=5<,
C<8@0;0 >B ;N1>?KBAB20: =5C65;8 <=5 459AB28B5;L=>
?><>3 :5@>A8=? >65B, =B>=8=0 $54>@>2=0 ?>HCB8;0 =04> <=>9? "0: 254L =5B, O A>25@H5==> O2AB25==>
>ICI0;0 MB>B BO65;K9 70?0E!
  >60;C9AB0, >B:@>9B5 B09=C 20H53> 70304>G=>3>
A@54AB20, 4>@>30O A>A54:0!   ?>?@>A8;0 O.
  0 GB> 2 =5< 70304>G=>3>? 1KG=K9 :5@>A8=,
>G8I5==K9, ?@0240, >A>1K< >1@07><, ?@>F565==K9, 40
=0 B@020E =0AB>O==K9... 0: >= B51O =0 =>38-B> 1KAB@>
?>AB028;!   E8B@> ?>A<5820;0AL AB0@CH:0...
>;3> ?@>A845;8 <K 2 B>B 25G5@, @073>20@820O. / A
=54>25@85< A;CH0;0 55 @0AA:07K > GC4>459AB25==><
:5@>A8=5. '5AB=> 3>2>@O, E>BL 8 >ICB8;0 B>340 =0 A515
53> 2>7459AB285, >B=5A;0AL :> 2A5<C MB><C A> A:5?A8A><. >8 2>?@>AK : =B>=8=5 $54>@>2=5 1K;8 ?@>8 
2545=85
48:B>20=K A:>@55 ;N1>?KBAB2><, G5< 65;0=85< =5<54;5==> >?@>1>20BL =0 A515 MB> 1>;55 G5< AB@0==>5 A@54AB2>. > CH;0 O >B A>A54:8 A 45AOB:>< 70?8A0==KE A 55
A;>2 @5F5?B>2 8 A>25B>2. 0 2AO:89 A;CG09...
N1>?KBAB2>   :0G5AB2> G@572KG09=> ?>;57=>5. =>,
?>@>9, >B:@K205B =0< 25I8 A>2A5< A 4@C3>9 AB>@>=K,
A:@KB>9 >B =0A, => B0OI59 <=>65AB2> ?@8<5G0B5;L=KE
A2>9AB2. "0: 8 <>9 682>9 8=B5@5A : F5;51=><C :5@>A8=C ?@825; : B><C, GB> O AB0;0 F5;5=0?@02;5==> G8B0BL
AB0BL8, 1@>HN@K, ?8AL<0 2 3075B0E 8 6C@=0;0E   2A5,
GB> 1K;> A2O70=> A MB>9 B5<>9. #7=0;0 <=>3> =>2>3>, :
?@8<5@C, B>, GB> :5@>A8= <>65B 8A?>;L7>20BLAO =5 B>;L:> :0: =0@C6=>5, => 8 :0: 2=CB@5==55 A@54AB2>   2
?@>3@0<<0E ?> >G8I5=8N >@30=87<0!
 07C<55BAO, O =5 <>3;0 ?@>AB> ?@8=OBL =0 25@C GC6>9 >?KB ?@8<5=5=8O :5@>A8=0 4;O ;5G5=8O. =5 1K;>
206=> C7=0BL, :0:85 A2>9AB20 MB>3> 25I5AB20, 1>;LH59
G0ABLN =0A5;5=8O AG8B0NI53>AO >4=8< 87 284>2 B>?;820, <>3CB >:07K20BL 1;03>B2>@=>5 2;8O=85 =0 >@30=87< G5;>25:0. , A0<>5 3;02=>5, GB> ?> MB><C ?>2>4C
4C<0NB A?5F80;8ABK.
"0: @>48;0AL MB0 :=830.  =59 O ?>AB0@0;0AL >1>1I8BL 2A5, GB> C7=0;0 > B0:>< =0?@02;5=88 2 =5B@048F8>==>9, =0@>4=>9, <548F8=5, :0: :5@>A8=>;5G5=85.  ?@5645, G5< G8B0B5;L ?5@5;8AB=5B AB@0=8FC, O E>B5;0 1K >1@0B8BLAO : =5<C A >4=>9 ?@>AL1>9. 0:>9 1K C1548B5;L=>9 =8 1K;0 8=D>@<0F8O > :5@>A8=5 :0: ;5:0@AB25, =5
B>@>?8B5AL =5<54;5==> 8A?KBK20BL =0 A515 2A5 53> ?>;57=K5 A2>9AB20. ><=8B5, GB> >@30=87< :064>3> G5;>25:0 8=48284C0;5=, 53> @50:F88 =0 =5:>B>@K5 25I5AB20
?>@>9 =5?@54A:07C5<K. =8<0B5;L=> >B=5A8B5AL :> 2A5<
?@>B82>?>:070=8O<, ?@54C?@5645=8O<, 4>78@>2:0<, >?8A0==K< 2 ?@54;0305<KE @5F5?B0E. !;CH09B5, 2 ?5@2CN
>G5@54L, A51O, 4>25@O9B5 A2>8< >ICI5=8O< 8 8=BC8F88.
/ 65 8A:@5==5 =045NAL, GB> MB0 :=830 ?><>65B 20<
2 ;5G5=88 <=>38E 701>;520=89. 
 '#!%  " !" +!
59AB28B5;L=> ;8 :5@>A8= O2;O5BAO A2>53> @>40
?0=0F559 >B 1>;LH8=AB20 1>;57=59? 0: <>65B MB>
25I5AB2>, A;C60I55, 2>>1I5-B>, B>?;82>< 2 ?@><KH;5==KE >B@0A;OE, CG0AB2>20BL 2 >G8AB8B5;L=KE
?@>3@0<<0E?
">, A G53> O =0G=C =0H @073>2>@, 2>7<>6=>,
?>:065BAO :><C-B> G5@5AGC@ ?5AA8<8AB8G=K<, =>
2 ?>A;54=55 2@5<O 2A5 @565 8 @565 2AB@5G0NBAO
74>@>2K5 ;N48. A5 <>8 @>4=K5, 7=0:><K5, :>;;538 ?> @01>B5 >1AC640NB >4=C =0ACI=CN ?@>1;5<C: 1>;57=8, 8E ?@>D8;0:B8:0 8 ;5G5=85. 0I8B=K5 DC=:F88 >@30=87<0 =5 A?@02;ONBAO A A>2@5<5==K< @8B<>< 687=8 8 ?;>E>9 M:>;>3859 :0: C
<>;>4KE, B0: 8 C 7@5;KE ?@54AB028B5;59 G5;>25G5A:>3> @>40.
10 
' ')   !...
48= <>9 402=8H=89 ?@8OB5;L, <8;59H89 G5;>25:, :>B>@><C A>2A5< =5402=> 8A?>;=8;>AL 45 ;5B,
@07>B:@>25==8G02H8AL =0 10=:5B5, CAB@>5==>< :0:
@07 ?> ?>2>4C N18;5O, A:070; 1C:20;L=> A;54CNI55: <00>=05HL, :><87< 8 B@03548O <>53> 2>7@0AB0
70:;NG0NBAO 2 B><, GB> =0 @01>BC 74>@>2LO 5I5
:0:-B> E20B05B, => =0 @072;5G5=8O C65 =5 >AB05BAO.  MB> >G5=L >184=>, ?>B><C GB> ?>A;5 A>@>:0
68BL E>G5BAO 1>;LH5, G5< ?>A;5 4204F0B8. "5< 1>;55 GB> 8 ?>72>;8BL A515 <>6=> 1K;> 1K 2A5 8;8
?>GB8 2A5, 5A;8 1K =5 E2>@8<04>.
"0: 2>B, GB> :0A05BAO =5?>A@54AB25==> E2>@59,
B>, ?> =01;N45=8O< A?5F80;8AB>2, C ?0F85=B>2
2>7@0AB=>9 3@C??K >B 30 4> 50 ;5B >B<5G0NBAO:
"  =0@CH5=85 @01>BK :8H5G=8:0   C 80-90%;
"  =0@CH5=85 @01>BK ?5G5=8 8 65;G=>3> ?C7K@O  C 40-50%;
"  =0@CH5=85 @01>BK ?>G5:   C 25-30%;
"  =0@CH5=85 @01>BK A>AC48AB>9 A8AB5<K  
?@81;878B5;L=> C :064>3> 2B>@>3>;
"  =0@CH5=85 @01>BK ACAB02>2   C 30 35%;
"  >B;>65=85 A>;59   C 50-60%;
"  ?0B>;>38G5A:85 87<5=5=8O A>548=8B5;L=>9
B:0=8   C 40-45%.
">;L:> 24C<09B5AL 2 MB8 F8D@K! >7<>6=> ;8
?@8 B0:>9 AB0B8AB8:5 1KBL 74>@>2K<, 8 5A;8 2>7<>6=>, B> :0:? 1A>;NB=> C25@5=0, GB> 74>@>2K<
G5;>25: =5 B>;L:> <>65B, => 8 4>;65= 1KBL. ;O
MB>3> C =53> 5ABL <=>65AB2> A?>A>1>2, ?@54;0305<KE :0: >D8F80;L=>9 <548F8=>9, B0: 8 =0@>4=>9,
B0: =07K205<>9 =5B@048F8>==>9.
 ?>A;54=55 2@5<O =525@>OB=> ?>?C;O@=K<8
AB0;8 @07;8G=K5 ?@>3@0<<K >G8I5=8O >@30=87<0
11 
 ; 0 2 0 1
?@8 ?><>I8 2>4K, B@02, >2>I59, 18>4>102>: 8 B. 4.
!@07C A:06C, GB>1K @0725OBL 2>7<>6=K5 A><=5=8O
2 ?>78F88 02B>@0, 25@>OB=>, 2>7=8:H85 C G8B0B5;59: O 25@N 2 MDD5:B82=>ABL MB8E =5B@048F8>==KE
<5B>48:. > =5 2A5E 8 =5 2A5340. 5 ?@87=0N 157>3;O4=CN ?>3>=N 70 <>4>9 8, ?>@>9, 157@0AAC4=CN
3>B>2=>ABL ?>425@3=CBL A2>9 >@30=87< 8A?KB0=8N
=>2>3> A@54AB20. / 4>?CA:0N ACI5AB2>20=85 GC40.
>, :>340 @5GL 845B > 74>@>2L5, <00>2>;H51AB2><04>
4>;6=> 8<5BL :0:CN-B> @0F8>=0;L=CN >A=>2C.
>MB><C O 2A5340 2=8<0B5;L=> ?@8A;CH820NAL :
<=5=8O< 2@0G59 8 18>;>3>2, 2KA:07K20NI8E A2>N
B>G:C 7@5=8O =0 B>B 8=>9 ?@5?0@0B.
5A><=5==>, GB> >4=>1>:89 ?>4E>4 : G8AB:0<
8 =5B@048F8>==K< A@54AB20< A=8605B 8E MDD5:B82=>ABL 8 F5==>ABL :0: <5B>40 >74>@>2;5=8O.
!;54>20;> 1K @07 8 =02A5340 COA=8BL ?@>ABCN 8
AB0@CN, :0: <8@, 8AB8=C: 2A5 <K >G5=L @07=K5. ">,
GB> ?><>305B >4=><C, =5 2A5340 ?><>65B 4@C3><C,
0 B@5BL5<C ?@>AB> =02@548B. >MB><C ?5@54 8A?KB0=85< B>9 8;8 8=>9 >74>@>28B5;L=>9 <5B>48:8
=C6=> >1O70B5;L=> 2KOA=8BL, 2 :0:8E A;CG0OE 55
<>6=> ?@8<5=OBL, 0 2 :0:8E =5B. 5 1>NAL ?>2B>@8BLAO, => 2A5 F5;8B5;L=K5 A@54AB20, :0: 8 0?B5G=K5 B>20@K, 4>;6=K 8<5BL 8 =07=0G5=8O, 8 ?@>B82>?>:070=8O, >A>15==> 5A;8 45;> :0A05BAO B0:8E,
?@O<> A:065<, =5?@82KG=KE ;5:0@AB2, :0: :5@>A8=.  254L 8<5==> > =5< <K A53>4=O 3>2>@8<.
@54AB02;O5B5, :0:85 A;>6=59H85 18>E8<8G5A:85 8 D878>;>38G5A:85 2>7459AB28O :0: =0 1>;L=>9 >@30= 2 >B45;L=>AB8, B0: 8 =0 25AL >@30=87< 2
F5;>< <>65B >:070BL B> 8;8 8=>5 A@54AB2>?  ?@8@>45 =5 ACI5AB2C5B ;5:0@AB2, :>B>@K5 1K;8 1K
12 
' ')   !...
157@07;8G=K G5;>25G5A:><C >@30=87<C. @8 MB><
8E F5;51=><C 459AB28N G0AB> A>?CBAB2C5B ?>1>G=>5. >MB><C ;N18B5;O< A0<>;5G5=8O, A ;53:>ABLN ?@8=8<0NI8< ?@5?0@0BK, >1 <00>C4828B5;L=KE<04>
A2>9AB20E :>B>@KE >=8 =0A;KH0=K, A;54C5B ?><=8BL >1 8A:;NG8B5;L=>9 GC2AB28B5;L=>AB8 =0H8E
2=CB@5==8E 8 2=5H=8E >@30=>2 : @07;8G=K< <548:0<5=B0<.
# 2A5E =0A ACI5AB2CNB @07=K5 ?@54AB02;5=8O >
B><, :0: 1>@>BLAO A E2>@LN   D878G5A:>9 8;8
4CH52=>9. B>-B> <>65B 871028BLAO >B =54><>30=8O, >B?@0282H8AL =0 @K10;:C, 4@C3>9 ?@54?>G8B05B ?@>25AB8 45=L, =0 4820=5 A E>@>H59 :=86:>9
8 G0H:>9 3>@OG53> H>:>;040, B@5B89 70=8<05BAO
9>3>9, 0 4;O :>3>-B> A?0A5=85< O2;O5BAO =0AB>9:0
87 B@02, >B =0720=89 :>B>@KE C65 255B :0:8<-B>
C<8@>B2>@5=85< 8 B5?;><.
>A;54=55 45AOB8;5B85 G@572KG09=> <00>C@>609=><04> 2 >B=>H5=88 F5;8B5;LA:>9 ;8B5@0BC@K. A5
A<5H0;>AL: ?>445;:8 8 E>@>H85 8745;8O. > @54:> :>340 <>6=> C2845BL 3;02=>5   >A=>2=>9 ?@8=F8?, :>B>@K< 4>;65= @C:>2>4AB2>20BLAO 8 2@0G, 8
:>AB>?@02, 8 101CH:0-254C=LO: <00>5 =02@548<04>.
"0:65 =5>1E>48<> CG8BK20BL A?5F8D8:C DC=:F8>=8@>20=8O 2=CB@5==8E >@30=>2, 8=48284C0;L=K5 >A>15==>AB8 1@;L=KE A @07=>9 :>=AB8BCF859,
A @07=K<8 B8?0<8 :8A;>B=>-I5;>G=>3> @02=>25A8O, 0 B0:65 2>7@0AB=K5 87<5=5=8O. -B8 ?>:070B5;8 2A5340 <>6=> 2KOA=8BL, 5A;8 70 C2;5G5=85< =0@>4=K<8 A@54AB20<8 2K =5 701C45B5 ?@> 4>AB865=8O A>2@5<5==>9 <548F8=K.
!53>4=O ?@54;0305BAO 1>;LH>9 2K1>@ =5B@048F8>==KE <5B>4>2 ;5G5=8O. 040G0 G5;>25:0   >F513 
;020 1
=8BL ACI5AB2CNI85 ?@>3@0<<K 8 <5B>48:8, ?>A>25B>202H8AL A :><?5B5=B=K<8 ;N4L<8, 8 ?@028;L=>
?>4>1@0BL B>B :C@A, :>B>@K9 ?>4E>48B 8<5==> 5<C.
5@>A8=   >4=> 87 B5E A@54AB2, :>B>@>5 2A5
G0I5 2 =0H5 2@5<O =07K205BAO =5 8=0G5 :0: <00>GC4><04>.
"5, :B> 8A?@>1>20; 53> A2>9AB20 =0 A515, A 2>AB>@3>< @0AA:07K20NB > A2>5< >?KB5 8 A @04>ABLN 3>B>2K ?>45;8BLAO =52840==K<8 @5F5?B0<8. >?@>1C5< @07>1@0BLAO, 459AB28B5;L=> ;8 <>6=> ?@8<5=OBL MB> 25I5AB2> 2 <548F8=A:8E F5;OE, :0: 8
?@8 :0:8E CA;>28OE MB> AB>8B 45;0BL.
> E>GC =5A:>;L:> ?@8>AB0=>28BL B5E, :B> C65
?@83>B>28;AO =5<54;5==> ?@8=8<0BL : 459AB28N
8=D>@<0F8N > :5@>A8=>;5G5=88 (40 =5 >1848BAO
=0 <5=O G8B0B5;L). 5A<>B@O =0 <>9 A>1AB25==K9
>?KB ?5@2>3> 7=0:><AB20 A MB8< A@54AB2><, AG8B0N, GB> ?5@54 @073>2>@>< > :5@>A8=5 =C6=0 =51>;LH0O ?>43>B>2:0   :0: B5>@5B8G5A:>3>, B0: 8
?A8E>;>38G5A:>3> E0@0:B5@0. =5 E>B5;>AL 1K,
GB>1K C 20A A;>68;>AL ?@54AB02;5=85 > B><, GB>
B0:>5 >G8I5=85 8 ;5G5=85 >@30=87<0 =5B@048F8>==K<8 <5B>40<8, 0 B0:65 :0:>5 7=0G5=85 8 <5AB>
2 MB>< :@C3C 2>?@>A>2 8<55B :5@>A8=. -B> 1C45B
>A>15==> ?>;57=> B5<, :B> 4> A8E ?>@ =8:>340 =5
AB0;:820;AO A 40==K< =0?@02;5=85< 2 A0<>;5G5=88.
     !" / "%!
 <00>$!$/<04> +% %
 '.
>340 <K 70<5G05<, GB> =0H0 @01>B>A?>A>1=>ABL
A=8605BAO 8 24>102>: ?>O2;O5BAO F5;K9 1C:5B
14 
' ')   !...
1>;57=59, MB> >7=0G05B, GB> >@30=87< <00>703@O7=5=<04>.
51;03>?@8OB=0O M:>;>38G5A:0O >1AB0=>2:0, 2 :>B>@>9 <K 6825<, =0?@O65==K9 >1@07 687=8, =5@53C;O@=>5 8 =5:0G5AB25==>5 ?8B0=85 2;8ONB =0 A>AB>O=85 74>@>2LO.  >@30=87<5 A:0?;820NBAO 2A52>7<>6=K5 B>:A8=K 8 H;0:8. 0: A MB8< 1>@>BLAO?
 A>60;5=8N, 2 A2>5 2@5<O 1>;LH8=AB2> 87 =0A
=5 =0CG8;8 B><C, :0: ?@028;L=> 8 @53C;O@=> ?@>2>48BL >G8I5=85 >@30=87<0.  ?>A:>;L:C 2 =0H5<
>1@07>20=88 4>?CI5= ?@>15;, B>, :0: ?@028;>, :
20-30 3>40< ?@0:B8G5A:8 ;N1>9 G5;>25: C65 =C6405BAO 2 :><?;5:A5 >G8AB8B5;L=KE ?@>F54C@.  40-
50 3>40< A8BC0F8O CAC3C1;O5BAO =0AB>;L:>, GB>
>@30=87< G5;>25:0 C65 =5 2 A>AB>O=88 A0<>AB>OB5;L=> ?>445@6820BL 2A5 ?0@0<5B@K D878G5A:>3>
74>@>2LO 2 >?B8<0;L=>< A>AB>O=88.
 :=830E, 6C@=0;0E, 2 @07=>>1@07=KE >1JO2;5=8OE ?@54;030NBAO A0<K5 @07;8G=K5 <5B>4K >G8I5=8O. >6=> 2AB@5B8BL >?8A0=85 A?5F80;L=KE
?@>F54C@ <00>G8AB>:<04>, ACBL :>B>@KE 70:;NG05BAO ?@8<5@=> 2 A;54CNI5<: 2 B5G5=85 >?@545;5==>3> ?5@8>40 2@5<5=8 2K 2K?>;=O5B5 :><?;5:A ?@>F54C@,
:C40 <>3CB 2E>48BL :;87<K, C?>B@51;5=85 =0AB>52, A>:>2, @0AB8B5;L=KE <0A5;, >B20@>2. 0?@02;5=K MB8 ?@>F54C@K =0 >G8I5=85 A8AB5< 8 >@30=>2
B5;0: :8H5G=8:0, ?5G5=8, ?>G5:, ACAB02>2, :>68. !CI5AB2CNB B0:65 G8AB:8 ;53:8E, :@>28 8 ;8<DK,
309<>@>2>9 >1;0AB8, A;878ABKE >1>;>G5:. G8I5=85 >@30=87<0 O2;O5BAO F5;LN ?>GB8 2A5E <5B>4>2
A0<>>74>@>2;5=8O; 4;O MB>3> 65 8A?>;L7CNBAO
485BK 8 3>;>40=85.
/ =5 1C4C A59G0A ?>4@>1=> >1 MB>< @0AA:07K20BL, ?>B><C GB> <K A 20<8 2545< @073>2>@ > 4@C15 
;020 1
3><. 0 A;CG09, 5A;8 :B>-B> 87 G8B0B5;59 708=B5@5AC5BAO, :=86=K9 @K=>: ?@54;0305B 1>;LH>9 2K1>@ 8740=89 ?> MB><C 2>?@>AC.  B><C 65, O C25@5=0, 1>;LH8=AB2> ;N459 2 B>9 8;8 8=>9 AB5?5=8
C65 7=0:><K A @07;8G=K<8 ?@>3@0<<0<8 >G8I5=8O. >MB><C O 70B@>=C ;8HL A0<K5 >A=>2=K5 8
8=B5@5A=K5 0A?5:BK.
!8AB5<K >G8I5=8O >@30=87<0 8<5NB ?@54H5AB25==8:>2 2 B@048F8OE <=>38E =0@>4>2 <8@0.
  >AA88 2A5340 ACI5AB2>20;8 >?@545;5==K5 A?>A>1K >G8I5=8O: MB>, 2 ?5@2CN >G5@54L, 2A5< 8725AB=K5 ?>ABK, ?@54?8AK20NI85 >A>1CN A8AB5<C ?8B0=8O, 8A:;NG0NICN <OA> 8 4@C385 ?@>4C:BK 682>B=>3> ?@>8AE>645=8O. @><5 B>3>, 2 @CAA:>9
B@048F88 1K;8 8 0=0;>38 B0: =07K205<KE G8AB>:.
@5645 2A53>, MB> 10=O, 2 :>B>@>9 1>;57=L 8;8
CAB0;>ABL <00>2K1820;0AL<04> 87 >@30=87<0. >>1I5 10=O
=0  CA8 2A5340 1K;0 G5<-B> 2@>45 A>2@5<5==>3>
F5=B@0 <0AA060, >G8I5=8O :>68, 2>7459AB28O =0
>@30=87< A<5=K B5<?5@0BC@. "0:8< >1@07><, =525@=>, GB> G8AB:8, AB02H85 2 ?>A;54=55 2@5<O <>4=K<8,   87>1@5B5=85 :>=F0 4204F0B>3> 25:0.
 07C<55BAO, <=>385 :C@AK >G8I5=8O >@30=87<0
=5 8<5NB 0=0;>3>2 2 8AB>@88. -B> 8 ?>=OB=>. 54L
M:>;>38G5A:0O A8BC0F8O 2 A>2@5<5==>< 3>@>45,
<O3:> 3>2>@O, =C =8:0: =5 =0?><8=05B A>AB>O=85
>:@C60NI59 A@54K @CAA:>9 45@52=8 :>=F0 ?@>H;>3>
25:0.  :0:>5 :>;8G5AB2> B>:A8=>2 8 =5>@30=8G5A:8E 25I5AB2 8A:CAAB25==>3> ?@>8AE>645=8O ?>;CG05B A>2@5<5==K9 G5;>25: A 2>74CE><, 2>4>9 8 ?8I59? >4C<02 >1 MB><, 2K ?>9<5B5, GB> =8G53>
AB@0==>3> 2 1C<5 =0 87>1@5B5=85 >G8AB8B5;L=KE
?@>3@0<< 8 ?>8A:5 =>2KE A@54AB2 ;5G5=8O =5B.
16 
' ')   !...
0: <>3 70<5B8BL 2=8<0B5;L=K9 G8B0B5;L, O
>G5=L ?>4@>1=> >AB0=02;820NAL =0 B0: =07K205<KE <8@>2>77@5=G5A:8E ?@>1;5<0E. <00>5C65;8 2>?@>A >1 8A?>;L7>20=88 :5@>A8=0 2 ;5G5=88 =C6405BAO 2 B0:>3> @>40 @0AAC645=8OE?<00>   ?@54C304K20N O 2>7<>6=K9 2>?@>A. !>3;0A=0, :5@>A8= A0<
?> A515 A D8;>A>D859 =8:0: =5 A2O70=. > 254L <K
3>2>@8< =5 ?@>AB> > :5@>A8=5, 25I5AB25, :>B>@>5
<=>385 AG8B0NB ?5@5@01>B0==K< 87 =5DBO=KE ?@>4C:B>2 B>?;82><.  5GL > ;5:0@AB25! 5>1KG=><, A?5F8D8G5A:><, =5 87CG5==>< 4> :>=F0, => 2A5 65  
<548:0<5=B5.  ?@5645 G5< =0G0BL >?8AK20BL 53>
C=8:0;L=K5 A2>9AB20 8 ?@8<5=OBL 8E =0 ?@0:B8:5,
=5>1E>48<> ?>=OBL: G53> <K 645< >B =53>, GB>
=>2>5 E>B8< >B:@KBL 8, A0<>5 3;02=>5, 4;O G53>?
5;05< A ?><>ILN =53> ?>1548BL 1>;57=L?
!B@5<;5=85 2?>;=5 5AB5AB25==>5. > :>@5=L ?@>1;5<K :@>5BAO =5A:>;L:> 2 4@C3><.
G5=L 206=> 8<5BL ?@028;L=CN B>G:C 7@5=8O
=0 1>;57=L. 54L MB>   =5 GB>-B> 8=>@>4=>5, ?@8H54H55 <00>>B:C40 =5 2>7L<8AL<04>, :0: 4C<0NB =5:>B>@K5. -B> 8 =5 ?@>1;5<0 4@C38E ;N459, 2 G0AB=>AB8,
2@0G59. N1>5 701>;520=85   2 ?5@2CN >G5@54L
701>B0 B>3>, :B> >B =53> AB@0405B. 54C3 2 ;N1>9
AB0488 53> @0728B8O   MB> A83=0; > =5?@028;L=><
>B=>H5=88 : A>1AB25==><C B5;C.  5A;8 1>;57=L
=0A =5 >AB02;O5B, 7=0G8B, <K =8G53> =5 87<5=8;8 2
>B=>H5=88 : A515.  5AC@AK G5;>25G5A:>3> >@30=87<0 1>30BK, => =5 1573@0=8G=K.  G5;>25G5A:0O 15A?5G=>ABL, ?><=>65==0O =0 ;5=L 8 ?>B2>@AB2> 4C@=K< ?@82KG:0<, >:07K20NBAO A8;L=55. CBL : 74>@>2LN 2A5340 >B:@KB. > >B25BAB25==>ABL 70 =53>
:064K9 4>;65= 27OBL =0 A51O.
17 
;020 1
/ 8=>340 704C<K20NAL: ;N1K5 =>2K5 <00>>74>@>28B5;L=K5<04> ?@>F54C@K   MB>, A B>G:8 7@5=8O A0<8E <00>8A?KB0B5;59<04>, >1@O4 8;8 ?@>AB> >1@07 687=8? >?@>1C5< @07>1@0BLAO.
K =5 E>B8< 7=0BL, :0:8< 2>74CE>< <K 4KH8<;
=5 2A5340 C45;O5< 4>AB0B>G=> 2=8<0=8O B><C, :0:
<K ?8B05<AO. >B><C GB> AB@0H=>20B>, 40 8 ?@>AB> =5:>340. >340 C =0A 2>7=8:05B <8=CB:0 A2>1>4=>3> 2@5<5=8, <K :8405<AO G8B0BL AB0BL8 >1
>G8I5=88, ?@>A<0B@8205< @5:;0<=K5 ?@>A?5:BK
A0;>=>2 :@0A>BK. <00>G8I5=85 >@30=87<0 70 =545;N<04>   :0: MB> ?@82;5:0B5;L=>!
!?>A>1>2 >G8I5=8O ?@54;0305BAO 25;8:>5 <=>65AB2>: <5B0;;0<8, =0AB>9:>9 <CE><>@0, 3;8=>9,
<54><, >@5E0<8, 3>;>4>< 8, :AB0B8, :5@>A8=><.
5:>B>@K5 ?@8=F8?K MB8E <5B>48: C65 27OBK =0
2>>@C65=85 >D8F80;L=>9 <548F8=>9, => 40;5:> =5
2A5, 0 ?>B><C :@8B8G5A:>5 >B=>H5=85 : =8< =8:>340 =5 ?><5H05B.
!0<>5 3;02=>5: =5 =C6=> 2K4020BL A>1AB25==K5
65;0=8O 70 65;0=8O A2>53> >@30=87<0. #G8B5AL
?@8A;CH820BLAO : =5<C 8 4>25@OBL 8=BC8F88, A2>5<C 2=CB@5==5<C, 5A;8 E>B8B5, 3>;>AC. A;8 2K, :
?@8<5@C, A 25;8G09H8< AB@0E>< 4C<05B5 > B><, GB>
=0 ?@>BO65=88 <5AOF0 20< =C6=> 1C45B 2K?820BL
?> >4=>9 G09=>9 ;>6:5 =0AB>9:8 =0 :5@>A8=5, B>
?@8G8=5==K9 2@54   >B AB@5AA0, :>B>@K9 ?5@56825B 20H >@30=87<,   1C45B 1>;LH8<, G5< >68405<0O ?>;L70. A;8 65 2K GC2AB2C5B5 2=CB@5==NN
?>B@51=>ABL >48= 45=L 2 =545;N ?@8=8<0BL A:8?840@=K5 20==K, 7=0G8B, MB>3> E>G5B 20H >@30=87<.
>=OB85 <00>>G8I5=85 >@30=87<0<04> =0<=>3> H8@5
8 A;>6=55, G5< 425 =545;8 03@5AA82=>3> 2>7459AB18 
' ') 8  !...
28O =0 >@30=87<. -B> >1@07 687=8: ?@028;L=>5
?8B0=85, ?>B@51;5=85 684:>AB8 2 1>;LH8E :>;8G5AB20E, B@02O=K5 G08, ?@>3C;:8 =0 A2565< 2>74CE5. <00>5 AB>8B 2>7;030BL =04564K =0 >4=>:@0B=>5,
?CABL 8 8=B5=A82=>5 >G8I5=85 >@30=87<0. 25-B@8
=545;8 >G8AB8B5;L=KE ?@>F54C@ 420 @070 2 3>4 =0
D>=5 =5?@028;L=>3> >1@070 687=8 =5 1C4CB ?>445@6820BL 74>@>2L5. 5>1E>48<0 5654=52=0O @01>B0,  
3>2>@8B :0=4840B <548F8=A:8E =0C: 0;5=B8=0 8:8B8G=0 0BCH52A:0O, 4>2>;L=> 8725AB=K9 2@0G-30AB@>M=B5@>;>3  ?8B0=8O  .   54L =0H5
68;8I5 <K C18@05< =5 >48= @07 2 3>4, <K ?>445@68205< 2 =5< ?>@O4>: :064K9 45=L<04>.  A;>20<
. . 0BCH52A:>9 AB>8B ?@8A;CH0BLAO :0: : A>25BC A?5F80;8AB0 2 >1;0AB8 ?0B>;>389 ?8B0=8O (>=0
C65 <=>3> ;5B 70=8<05BAO B0:8<8 ?@>1;5<0<8, :0:
>68@5=85, A0E0@=K9 48015B, 701>;520=8O 65;C4>G=>-:8H5G=>3> B@0:B0, 8 2>73;02;O5B 2  ?8B0=8O   >B45;5=85 30AB@>M=B5@>;>388).
0?><8=0N B0:65: <=>385 87 ?@54;0305<KE
?@>F54C@ ?> >G8I5=8N >@30=87<0 B@51CNB ?@5420@8B5;L=>9 :>=AC;LB0F88 A 2@0G>< 8 >1A;54>20=8O. G8I5=85 8 ;5G5=85 :5@>A8=>< 2 40==>< A;CG05   =5 8A:;NG5=85!
B0:, GB> 65 B0:>5 :5@>A8=, 8 :0:85 CA;>28O
=C6=> A>1;NAB8 4;O B>3>, GB>1K >= AB0; ;5:0@AB25==K< A@54AB2><? 
'" "  !?
'B>1K C G8B0B5;O =5 2>7=8:;> 8;;N789 ?> ?>2>4C
01A>;NB=>9 1572@54=>AB8 MB>3> 25I5AB20, =5<=>3> ?>3>2>@8< > B><, GB> >= 87 A51O ?@54AB02;O5B.
5@>A8= (>B 0=3;. kerosene, >B 3@5G. kerys  
2>A:)   MB> ?@>4C:B 48AB8;;OF88 BO65;KE =5DB5?@>4C:B>2, A<5AL C3;52>4>@>4>2; 2 1KB>2KE F5;OE
>1KG=> 8A?>;L7C5BAO :0: ?5G=>5 8 <>B>@=>5 B>?;82>. -B> 25I5AB2> ;53G5 2>4K, GB> >1JOA=O5B <0A;O=8ABK5 ?OB=0 =0 ?>25@E=>AB8 @07;8G=KE 684:>AB59, 2 A>AB02 :>B>@KE >= 2E>48B.
 7028A8<>AB8 >B =07=0G5=8O 2K?CA:0NB :5@>A8=, 8<5NI89 @07;8G=K9 A>AB02 8 A2>9AB20. A25B8B5;L=K9 :5@>A8= 1K205B 42CE >A=>2=KE A>@B>2:
;53:89 8 BO65;K9 (?8@>=0DB). 53:89 A 402=8E
2@5<5= ?@8<5=O5BAO 4;O 70?@02:8 1KB>2KE ?@81>20 
"   !'.
@>2: :5@>A8=>2KE ;0<?, ?@8<CA>2 8 =03@520B5;L=KE ?@8A?>A>1;5=89. "O65;K9 :5@>A8= <5=55 >?0A5= 2 ?>60@=>< >B=>H5=88 8, :0: ?@028;>, ?@8<5=O5BAO 4;O >A25I5=8O :>B5;L=KE, H0EB, A:;04>2,
<5;:8E AC4>2, <0O:>2 8 B. ?.  XX 25:5 C :5@>A8=0
?>O28;>AL 5I5 >4=> ?@54=07=0G5=85: 53> AB0;8 8A?>;L7>20BL :0: B>?;82> 4;O @0:5B=KE 42830B5;59.
!3>@0O 2<5AB5 A :8A;>@>4><, :5@>A8= 4020; 4>AB0B>G=> <>I=CN A8;C BO38. "0:, ?5@2K5 A>25BA:85
:>A<8G5A:85 :>@01;8 1K;8 70?@02;5=K <00>A25@EA5:@5B=K<<04> B>?;82><   :5@>A8=><.
4=0:> :5@>A8= 8<55B =5 B>;L:> A2>9AB20 MDD5:B82=>3> 3>@NG53> 25I5AB20. :07K205BAO, 5I5
2 :>=F5 %I%-=0G0;5 XX AB>;5B8O 2 =0@>45 ?>H;8
A;CE8 > =5>1K:=>25==KE ;5G51=KE A2>9AB20E MB>9
684:>AB8.
B0:, 5A;8 2K 2A5 5I5 E>B8B5 70=OBLAO :5@>A8=>B5@0?859, 2 ?5@2CN >G5@54L =C6=> 1C45B 53>
>G8AB8BL. 0: MB> A45;0BL?
')  !
 <548F8=A:8E F5;OE :5@>A8= <>65B 8A?>;L7>20BLAO :0: =0@C6=>5 A@54AB2>, 8 2 MB>< A;CG05 >1@010BK20BL 53> >A>1K< >1@07><, :0: ?@028;>, =5 >1O70B5;L=>. A;8 65 A@54AB2> ?@54=07=0G05BAO 4;O
2=CB@5==53> ?@8<5=5=8O, 15@5BAO 8A:;NG8B5;L=>
>G8I5==K9 :5@>A8=.  A;CG05, 5A;8 MB> ?@028;>
=0@CH05BAO, 8<55BAO >A>1>5 C:070=85 2 @5F5?BC@5.
!CI5AB2C5B =5A:>;L:> A?>A>1>2 >G8AB:8 >1KG=>3> :5@>A8=0 (2 B>< G8A;5, 8 0280F8>==>3>) 2 4><0H=8E CA;>28OE.
21 
;020 2
!! ! 1
0@80=B 1
 B@5E;8B@>2CN 10=:C =0;8BL 1 ; :5@>A8=0 8
1 ; :8?OB:0. 0=:C 70:@KBL ?>;8MB8;5=>2>9 :@KH:>9. 0452 =0 @C:8 ?5@G0B:8, GB>1K =5 >165GL @C:8,
271>;B0BL 8 40BL >BAB>OBLAO =5A:>;L:> <8=CB. 0B5< H;0=3>< >B:0G0BL 2>4C.  @0745;8B5;L=>< A;>5
684:>AB8 A:0?;8205BAO 3@O7L. 0:;>=82 10=:C, MBC
684:>ABL 2<5AB5 A G0ABLN :5@>A8=0 A;8BL 2 >B45;L=CN ?>AC4C 4;O ?>A;54CNI59 >G8AB:8.
0@80=B 2
71>;B0BL 1 ; :5@>A8=0 A 1 ; 3>@OG59 2>4K (60-
70 <00>!) =0 ?@>BO65=88 2-3 <8=CB, ?5@8>48G5A:8 >B:@K20O :@KH:C 4;O CAB@0=5=8O 871KB>G=>3> 402;5=8O. >A;5 @0AA;0820=8O 684:>AB8 A;8BL 25@E=89, :5@>A8=>2K9, A;>9, =5 70E20BK20O E;>?LO =0
3@0=8F5 @0745;0 D07.
!! ! 2
7OBL 0,5 ; >1KG=>3> (157 ?@8<5A59) :5@>A8=0.
 G8ABCN AB5:;O==CN 10=:C 2AK?0BL 3 AB>;>2K5
;>6:8 ?>20@5==>9 A>;8 A0<>3> 2KA>:>3> :0G5AB20
(<00>-:AB@0<04>). 0B5< 2 3>@;KH:> 10=:8 ?><5AB8BL
AB5:;O==CN 8;8 ?;0AB8:>2CN (=> =5 65;57=CN)
2>@>=:C.  2>@>=:C ?>;>68BL BC3> A:0B0==K9 :><>: 20BK 8;8 <0@;52K9 D8;LB@, A>AB>OI89 87 6 8
A;>52 <0@;8. 5@>A8= BI0B5;L=> ?@>F548BL. 0;55
=5>1E>48<> A>>@C48BL 2>4O=CN 10=N: ?>;>68BL 2
3;C1>:CN :0AB@N;N :0:CN-=81C4L ?>4AB02:C 8 70?>;=8BL 55 E>;>4=>9 2>4>9, AB5:;O==CN 10=:C,
=0?>;=5==CN :5@>A8=><, ?><5AB8BL 2 :0AB@N;N =0
22 
"   !'.
?>4AB02:C. AN :>=AB@C:F8N CAB0=>28BL =0 <54;5==K9 >3>=L. #@>25=L 2>4K 2 :0AB@N;5 4>;65=
1KBL =5<=>3> 2KH5, G5< C@>25=L :5@>A8=0 2 10=:5.
>@;KH:> 10=:8 >AB028BL >B:@KBK<. 54;5==>
4>25AB8 2>4C 4> :8?5=8O 8 70<5B8BL 2@5<O: :5@>A8= =5>1E>48<> 2K45@60BL =0 :8?OI59 2>4O=>9
10=5 1,5 G0A0.
1@0B8B5 2=8<0=85 =0 B>, GB> ?@83>B>2;O5<K9
B0:8< >1@07>< :5@>A8= 87405B 4>2>;L=> @57:89 8
=5?@8OB=K9 70?0E. >MB><C >G8I0BL 53> 65;0B5;L=> =0 >B:@KB>< 2>74CE5 8;8, 2 :@09=5< A;CG05,
?@8 4>AB0B>G=> 8=B5=A82=>9 25=B8;OF88.
>G5<C 8<5==> ?>20@5==0O A>;L? 5;> 2 B><,
GB> >=0 2?8BK205B 2@54=K5 25I5AB20, A>45@60I85AO 2 B5E=8G5A:>< :5@>A8=5. > MB>9 A0<>9 ?@8G8=5 =8 2 :>5< A;CG05 =5;L7O ?5@5<5H820BL A>;L!
> 8AB5G5=88 2@5<5=8 =0AB0820=8O 10=:C =C6=> 2K=CBL 87 2>4K. !45;0BL MB> =5>1E>48<> A ?@545;L=>9 >AB>@>6=>ABLN, GB>1K =5 271>;B0BL ?>20@5==CN A>;L, >A52HCN =0 4=5. "0: 65 >AB>@>6=> ?5@5;8BL ?>;CG5==CN 684:>ABL 2 5<:>ABL (8;8
=5A:>;L:> 5<:>AB59) 87 B5<=>3> AB5:;0.
@8 A>1;N45=88 2A5E @5:><5=40F89 87 0,5 ;
>1KG=>3> :5@>A8=0 ?>;CG05BAO >:>;> 0,4 ; >G8I5==>3> A@54AB20. %@0=8BL 684:>ABL ;CGH5 2 B5<=>< ?@>E;04=>< <5AB5, =54>ABC?=>< 4;O 45B59.
!@>: E@0=5=8O >G8I5==>3> :5@>A8=0 A>AB02;O5B
8-12 <5AOF52.
!! ! 3
02O70BL 3>@;>28=C G8AB>9 AB5:;O==>9 10=:8
<0@;59, ?>;>68BL =0 =55 :CA>: G5@=>3> E;510 8
23 
;020 2
B>;ABK< A;>5< =0AK?0BL =0 =53> ?>@>H>: 15@57>2>3> 4@525A=>3> C3;O. 5@>A8= =03@5BL =0 >3=5,
70B5< ?5@5;8BL 53> 2 10=:C, ?@>?CA:0O G5@57 E;51
A C3;5<. $8;LB@0F8N ?>2B>@8BL 4 @070.
> CB25@645=8N A?5F80;8AB>2-E8<8:>2, G8ABK9
0280F8>==K9 :5@>A8= 15;>3> F25B0 8<55B 4>AB0B>G=CN G8AB>BC 4;O ?@83>B>2;5=8O @07;8G=KE =0@C6=KE :><?@5AA>2 8 @0AB8@0=89. G8I0BL 8<55B
A<KA; B>;L:> 1KB>2>9 :5@>A8= 65;B>3> F25B0.
08;CGH8< <5B>4>< O2;O5BAO ?5@53>=:0, :>B>@CN,
2?@>G5<, =5 @5:><5=4C5BAO ?@>872>48BL 157 A?5F80;L=KE CAB@>9AB2 2> 871560=85 ?>60@0 8 27@K20.
=8<0=85!
1. -DD5:B82=>ABL >G8AB:8 B@5BL8< A?>A>1><
AG8B05BAO 4>AB0B>G=> A><=8B5;L=>9.
2. 54>?CAB8<> 70<5=OBL :5@>A8= 15=78=>< 8770 3>@074> 1>;55 A8;L=>9 B>:A8G=>AB8 ?>A;54=53>, >A>15==> MB8;8@>20==>3>.
3. 5@54 ;5G5=85< >1O70B5;L=> =C6=> ?@>25@8BL
@50:F8N >@30=87<0 =0 :5@>A8=. ;O MB>3> =5>1E>48<> =0B5@5BL :>6C 70 CE>< =51>;LH8<
:>;8G5AB2>< ?@5?0@0B0. A;8 =5 1C45B ?>:@0A=5=8O 8;8 <5;:>9 AK?8, <>65B5 1KBL C25@5==K<: 0;;5@388 =0 MB> 25I5AB2> =5B.
4. 5@>A8=>B5@0?8O =54>?CAB8<0 ?@8 701>;520=8OE ?5G5=8.
5. >A;5 ?@85<0 :5@>A8=0 <>65B =01;N40BLAO
;53:>5 665=85 2 682>B5, >B@K6:0, 8=>340
?>4B0H=820=85. >MB><C C?>B@51;OBL :5@>A8= ;CGH5 =0B>I0:. >A;5 MB>3> A;54C5B 1,5-
2 G0A0 =5 ?@8=8<0BL =8:0:>9 ?8I8 8 ;CGH5
?>;560BL. 
!CI5AB2CNB @07=K5 <=5=8O =0AG5B B>3>, >1;0405B
;8 :5@>A8= F5;51=K<8 A2>9AB20<8. 4=8 A 2>AB>@3>< @0AA:07K20NB, :0: ?>1548;8 A ?><>ILN MB>3>
25I5AB20 A<5@B5;L=CN 1>;57=L. @C385 ?@57@8B5;L=> 2KA<5820NB ;N1K5 ?>?KB:8 ?@840BL :5@>A8=C
AB0BCA ;5:0@AB25==>3> A@54AB20 8 ?@82>4OB C65
A2>8 ?@8<5@K, 4>:07K20NI85, GB>, 8A?>;L7CO MB>
25I5AB2>, M:A?5@8<5=B0B>@K 2 >1;0AB8 =5B@048F8>==>9 <548F8=K @8A:CNB =0=5AB8 A515 8 @>4=K<
=5?>?@028<K9 2@54.
B> 65 ?@02 2 MB>< A?>@5? / ?@8254C 0@3C<5=BK, 8A?>;L7C5<K5 B>9 8 4@C3>9 AB>@>=>9. 0:85
87 =8E 2K3;O4OB 1>;55 C1548B5;L=K<8   >AB02;ON
?@02> @5H0BL 20< A0<8<.
25 
;020 3
&/ " ! ",+% 
$0@<0:>;>38G5A:85 A2>9AB20 :5@>A8=0 ?@8 ;5G5=88 @0:0, >A>15==> @0:0 :@>28, 1K;8 4>:070=K
02AB@89A:>9 <54A5AB@>9 0C;>9 5@=5@, :>B>@>9
C40;>AL 2K;5G8BL >B @0:0 :8H5G=8:0 A51O, 0 B0:65
=5A:>;L:> 45AOB:>2 4@C38E 1>;L=KE. @54;>65==>5 5N A@54AB2> 1K;> 70?0B5=B>20=> 2> <=>38E
AB@0=0E 2@>?K.
 G5< A>AB>O; 55 <5B>4?  5F5?B 4>2>;L=> ?@>AB:
=0 ?@>BO65=88 :0:>3>-B> 2@5<5=8 (A@>:8 >?@545;ONBAO 8=48284C0;L=>) A;54C5B ?@8=8<0BL :5@>A8= ?> 15 :0?5;L =0 :CA>G:5 A0E0@0. >;>68B5;L=>5 2>7459AB285 MB>3> A@54AB20 >1CA;>2;5=> B5<,
GB> :5@>A8=, ?> <=5=8N 5@=5@, 2>71C6405B ;8<D>A>AC4K 8 >74>@02;8205B :@>2L. <00>5@>A8= =8:><C =5 2@545=, 5A;8 ?@8<5=OBL 53> 2 >G8I5==>< 2845
8 AB@>3> A>1;N40BL C:070==CN 4>78@>2:C<04>,   CB25@6405B 0C;0. AB0B8, 2 >;LH5 MB>B <5B>4 ?>;CG8; 3>AC40@AB25==CN ;8F5=78N.
!0<0 <54A5AB@0 =0E>48;0AL =0 >4=>9 87 ?>A;54=8E AB0489 @0:0, :>340 @5H8;0 8A?KB0BL 459AB285
>G8I5==>3> :5@>A8=0. 0 B>B <><5=B C65 2A5 2@0G8 AG8B0;8 55 =5 ?>4;560I59 ;5G5=8N. 0C;0 A=0G0;0 2K?8;0 >4=C AB>;>2CN ;>6:C. '5@57 =5A:>;L:> G0A>2 55 A0<>GC2AB285 C;CGH8;>AL: ?0@0;8G >BABC?8;, 1>;8 CB8E;8. '5@57 B@8 4=O >=0 A<>3;0
2AB0BL A ?>AB5;8. '5@57 ?OBL 4=59 2?5@2K5 70 4>;3>5 2@5<O ?>5;0 157 @2>BK. 0 H5AB>9 =545;5 ?>O28;AO 0??5B8B =0 >2>I8, D@C:BK, 8 A B5E ?>@ >=0
?5@5AB0;0 1>OBLAO A2>59 1>;57=8.
>;>68B5;L=K9 MDD5:B ?@8 ?@>2545=88 :5@>A8=>B5@0?88 1K; ?>4B25@645= 8 2 A;CG05 70@06526 
 !    !": $   ,!",?
=8O :@>28. 5G5=85 :5@>A8=>< ?>72>;8;> G5@57 ?OBL
4=59 C;CGH8BL A>AB>O=85 1>;L=>3>, 0 G5@57 <5AOF
>= 1K; A>25@H5==> 74>@>2.
I5 =5A:>;L:> A;CG052 8AF5;5=8O A ?><>ILN
:5@>A8=0.
# 1>;L=>9 @0:>< <>;>G=>9 65;57K ?@>25;8
<0ABM:B><8N (C40;5=85) 3@C48. ?5@0F8O =5 ?><>3;0: ?>O28;8AL <5B0AB07K, ?5@5AB0; DC=:F8>=8@>20BL <>G52>9 ?C7K@L. @85< =0B>I0: >G8I5==>3> :5@>A8=0 ?> 1 G09=>9 ;>6:5 A G05< ?@825; :
C;CGH5=8N A>AB>O=8O 1>;L=>9.
<00> !-(#<04>
<00>!5=A0F8O 25:0!<00>   B0:>2 1K; 0=>=A 2KABC?;5=8O
=0B>;8O C:>20, 72574K F8@:>2>9 B@C??K, 30AB@>;8 :>B>@>3> ?@>E>48;8 2 45AA5. ><5@ <00>'5;>25:->3>=L<04> 2?>;=5 >B25G0; MB><C 3@><:><C =0720=8N. "0:>3> 8A:CH5==0O >45AA:0O ?C1;8:0 5I5 =5
2845;0: >1=065==K9 ?> ?>OA 0B;5B8G5A:>3> A;>65=8O G5;>25: >B206=> 3;>B0; >3>=L (?@8 MB><
1K;> 284=> ?;0<O 2> @BC 0@B8AB0) 8 8725@30; 87
A51O <>I=K5 ?>B>:8 2>4K. > A5@4F5 C ;N459 =0G8=0;> 70<8@0BL GCBL @0=LH5, :>340, =0E>4OAL 2
<00>H?030B5<04>, =0B>;89 2K?820; B@8 1>;LH8E ?82=KE :@C6:8 A <0A;O=8AB>9 684:>ABLN 8 45;0;
?>A;5 MB>3> <00>AB>9:C<04>. '5B25@BCN :@C6:C 0AA8AB5=B:0 ?@54;030;0 ?>=NE0BL 7@8B5;O<, GB>1K 65;0NI85 A<>3;8 C1548BLAO: 2 =59   A0<K9 =0AB>OI89 :5@>A8=!
<00>>3<04> 8 <00>D0:8@<04> (B0: ?@54AB02;O; C:>20 8=A?5:B>@ <0=560), :0: ?@8<CA, ?>3;>I0; 3>@NGCN
27 
;020 3
684:>ABL 8, >1E>4O <0=56, =5A:>;L:> @07 ?>4=>A8; :> @BC >3>=L. 0: 87 >3=54KH0I53> 4@0:>=0
8;8 >3=5<5B0 87 G@520 0@B8AB0 2K@K20;>AL ?;0<O.
0@ >ICI0;8 =5 B>;L:> =0 1;86=8E @O40E.  ?>B>< C:>2 ?>46830; A51O. >;C1K5 O7KG:8 3C;O;8
?> 2KBO=CBK< @C:0< 8 3@C48...
  >G5<C 20A 8<5=CNB 9>3><?   A?@>A8; >48=
87 6C@=0;8AB>2 0@B8AB0, B>;L:> GB> ?@>H54H53>
:C@A >G8I5=8O >@30=87<0 >B :5@>A8=0.   0:-B>
=5 0AA>F88@C5BAO A <00>70ACH5==K<8<04> 8=489F0<8 20H0
<>I=0O D83C@0.
  > B@048F88, @048 7@8B5;59,   25A5;> >B25G05B <00>;N18B5;L :5@>A8=0<04>,   => 2>>1I5 C @>AA8O= 87402=0 ACI5AB2C5B A2>O A8AB5<0 9>38, =8GCBL
=5 CABC?0NI0O 2>AB>G=>9.  GB> =0AG5B A;>65=8O,
B0: MB> @57C;LB0B 4>;38E ;5B @01>BK 0:@>10B><...
=0B>;8N C:>2C >:>;> 50 ;5B.  F8@:5 >=
@01>B05B G5BK@5 45AOB8;5B8O. KABC?0; 2 @07=KE
=><5@0E, A @07;8G=K<8 0@B8AB0<8, 2 B>< G8A;5 8 A
;53>< >?>2K<. ! 1956 3>40 AB0; M:A?5@8<5=B8@>20BL.  ?@8<5@C, 3;>B0; @K1>: 8 ;O3CH5:.
  ;>B0BL =5 B@C4=>,   >E>B=> 45;8BAO >?KB>< 0@B8AB,   3;02=>5 A>AB>8B 2 B><, GB>1K AC<5BL 2K?CAB8BL 8E 87 A51O 682K<8.
> :0: 5<C C405BAO, ?@0:B8G5A:8 5654=52=>
?>3;>I0O B0:>5 1>;LH>5 :>;8G5AB2> :5@>A8=0 (2 2KE>4=K5 4=8 C =53> ?> 420 A?5:B0:;O), =5 >B@02;OBL
>@30=87< 8 =5 >16830BL 2=CB@5==>AB8?
  / =0AB@0820N >@30=87<,   ?>OA=O5B =0B>;89.   >=B@>;8@CN, GB>1K :5@>A8= =5 ?>H5; 40;LH5 65;C4:0, >G8I0NAL ?> >A>1>9 <5B>48:5. 5@>A8= AB0@0NAL 2K4C20BL 87 A51O ?>;=>ABLN, 0 >3>=L
A?>A>15= =5 >ICI0BL. >3C @53C;8@>20BL @01>BC
28 
 !    !": $   ,!",?
A5@4F0, 53> @8B<. >;030N, C <5=O 5ABL :0:>9-B>
>A>1K9 40@.
> <=5=8N @568AA5@0 ?@>3@0<<K 8B0;8O
@030=0, C =><5@0 <00>'5;>25:->3>=L<04> =0 =0AB>OI89
<><5=B 0=0;>3>2 2 <8@>2>9 ?@0:B8:5 =5 ACI5AB2C5B...
!"  !,  !   /?
0: 2848B5, @0AA:07>2 > <00>GC4>-:5@>A8=5<04> <=>3>.
> =5 :065BAO ;8 20< AB@0==K<, GB>, 2 B> 2@5<O
:0: 18>;>38, E8<8:8 8 <548:8 2A53> <8@0 87>1@5B0NB 2 A2>8E ;01>@0B>@8OE ;5:0@AB2> >B @0:0 8
4@C38E A<5@B5;L=KE 1>;57=59, :0:0O-B> 3@C??0
;N459 =0H;0 >B25BK =0 2A5 2>?@>AK?  345   2
:5@>A8=5?
5 ?@0240 ;8, B0:>3> @>40 2KA:07K20=8O 70AB02;ONB, ?> <5=LH59 <5@5, 704C<0BLAO > B><, 459AB28B5;L=> ;8 ?@02K ?@825@65=FK :5@>A8=>B5@0?88? 54L, ?> ACB8, >=8 >15I0NB A;54CNI55: 4>AB0B>G=> 2K?8BL AB0:0= :5@>A8=0 (>G8I5==>3>,
:>=5G=>, A<5H0==>3> A B@02O=>9 =0AB>9:>9 8 B. ?.),
8 ;N1CN =0?0ABL :0: @C:>9 A=8<5B! 'B> 65 :0A05BAO :20;8D8F8@>20==>3> 0=0;870 A2>9AB2 MB>3>
25I5AB20, >?8A0=8O @50:F89 >@30=87<0 8. 2>7<>6=KE ?>A;54AB289 ?@8<5=5=8O :5@>A8=0,   >1> 2A5<
MB>< 02B>@K 8AB>@89 G0I5 2A53> C<0;G820NB. 5<C4@5=>, GB> ?@>D5AA8>=0;L=K5 <548:8 A 8@>=859
8 =54>25@85< >B=>AOBAO : ?>4>1=K< A2845B5;LAB20<. 4=0:> =5:>B>@K5 15@CBAO 70 =0CG=>5 8AA;54>20=85 =0@>4=KE <5B>48: ;5G5=8O. 0:85-B> D0:BK ?>4B25@640NBAO, 4@C385   @0725=G820NBAO.
29 
;020 3
ABL 2  >AB>25 >48= 4>2>;L=> 8725AB=K9 2@0GM=4>:@8=>;>3, :0=4840B <548F8=A:8E =0C:, 8:B>@ 07L<8=. >;55 40 ;5B A>18@0; >= =0@>4=K5
@5F5?BK. !59G0A 2 53> :>;;5:F88 8E C65 =5A:>;L:>
BKAOG.  A2>59 2@0G51=>9 45OB5;L=>AB8 . 07L<8=
2AN 687=L @C:>2>4AB2>20;AO ?@8=F8?>< 8??>:@0B0: 540 4>;6=0 1KBL ;5:0@AB2><, 0 ;5:0@AB2>   54>9.
#2;5:AO =0@>4=>9 <548F8=>9 >= 5I5 =0 0<G0B:5,
:C40 ?>?0; ?>A;5 8=AB8BCB0 ?> @0A?@545;5=8N. !B0;
87CG0BL 701>;520=8O I8B>284=>9 65;57K, 70B5< 53>
8=B5@5AK @0A?@>AB@0=8;8AL 8 =0 4@C385 =54C38.
<5==> B>340 2@0G =0G0; >B:@K20BL 4;O A51O 8
4@C38E 2>7<>6=>AB8 =0@>4=>9 <548F8=K. !59G0A,
1C4CG8 C20605<K< 2@0G><, 8:B>@ 07L<8= A>25BC5B 8A?>;L7>20BL =0@>4=K5 A@54AB20, :>B>@K5, ?>
53> <=5=8N, =0<=>3> ?>;57=55 <548:0<5=B>2.
5402=> >= =0?8A0; :=83C <00>G8I5=85 8 ;5G5=85 :5@>A8=><<04>, 345 ?>AB0@0;AO >1J5:B82=> >F5=8BL 2A5 ?>;>68B5;L=K5 8 >B@8F0B5;L=K5 AB>@>=K
MB>3> =0?@02;5=8O =5B@048F8>==>9 <548F8=K.  =5:>B>@KE A;CG0OE >= B0: 8 =5 A<>3 =09B8 @0F8>=0;L=KE >1JOA=5=89 @O4C D0:B>2.
<00>=>385 A?5F80;8ABK ?> :5@>A8=>B5@0?88 AE>4OBAO 2> <=5=88, GB> :5@>A8= >:07K205B ;5G51=K9
MDD5:B ?@8 =>G=>< =545@60=88 <>G8. !B>8B ?>AB028BL >B:@KBCN 5<:>ABL A :5@>A8=>< ?>4 :@>20BL, 8
<>65B5 A?0BL A?>:>9=>: =5?@>872>;L=>3> <>G58A?CA:0=8O =5 ?@>8AE>48B. >G5<C B0:>5 A;CG05BAO, =0C:0 ?>:0 =5 CAB0=>28;0<04>,   ?8H5B . 07L<8=.
= 65 ?@82>48B 5I5 8 B0:>9 A;CG09 87 A2>59
2@0G51=>9 ?@0:B8:8.
>;L=>9 . 2 B5G5=85 3>40 2K?8; 254@> :5@>A8=0, ?@8=8<0O ?> >4=>9 G09=>9 ;>6:5 G5BK@5 @070
30 
 !   !": $   ,!",?
2 45=L. >A;5 >?5@0F88 ?@>H;> 1>;LH5 3>40, 0
?@87=0:8 @5F84820 >=:>701>;520=8O >BACBAB2>20;8. <00>4=0:> A;54C5B A:070BL, GB> >?CE>;L, ?> ?>2>4C :>B>@>9 1K; ?@>>?5@8@>20= ., 1K;0 4>1@>:0G5AB25==>9 8 =8:0: =5 <>3;0 2K720BL =8 @5F8482>2, =8 <5B0AB07>2,   CB>G=O5B 02B>@.    >AB0B>:
A2>59 :>@>B:>9 687=8 . ?>B@0B8; =0 ;5G5=85 F8@@>70 ?5G5=8, 701>;520=89 ?>465;C4>G=>9 65;57K 8
?>G5:, 2K720==KE C?>B@51;5=85< :5@>A8=0<04>.
. 07L<8= 8<55B A2>5 <=5=85 B0:65 8 =0AG5B
8A?>;L7>20=8O :5@>A8=0 ?@8 @0:5.
<00>5@>A8=>B5@0?8O ?@8<5=O5BAO ?@8 ;5G5=88
>=:>;>38G5A:8E 701>;520=89 A0<KE @07;8G=KE ;>:0;870F89, 8 =5157CA?5H=>,   ?8H5B :0=4840B
<548F8=A:8E =0C:.   0: ?>:070;0 ?@0:B8:0, >A>15==> MDD5:B82=K< <>6=> AG8B0BL A>G5B0=85 :5@>A8=0 A 15@57>2K< 3@81>< (G03>9). > A;CG0;>AL
8 B0:,   ?@>4>;605B A?5F80;8AB,   GB> ?>A;5 :@0B:>2@5<5==>3> C;CGH5=8O A0<>GC2AB28O G5@57 2 3
=545;8 =0ABC?0;> @57:>5 CEC4H5=85 A>AB>O=8O
1>;L=>3> <00>.
!CI5AB2C5B >48= A?>A>1 ;5G5=8O ?@>AB0B8B0,
G0AB> @5:><5=4C5<K9 ?>:;>==8:0<8 :5@>A8=>B5@0?88: <00>@8<>G:8 A >G8I5==K< :5@>A8=>< =0:;04K20NBAO =0 >1;0ABL ?@><56=>AB8 <564C <>H>=:>9
8 704=5?@>E>4=K< >B25@AB85< =0 20-30 <8=CB<04>.
2B>@ :=838 <00>G8I5=85 8 ;5G5=85 :5@>A8=><<04>
:><<5=B8@C5B MB> A;54CNI8< >1@07><: <00>B ?@><56=>AB8 4> ?@54AB0B5;L=>9 65;57K, :0: 8725AB=>, 4-5 A0=B8<5B@>2. "0: GB>, 4065 5A;8 1K :5@>A8= >1;040; ;5G51=K< 459AB285<, =0 ?@>AB0BC >=
?>2;8OBL =5 <>65B.  50:F8O =0 =53> >@30=87<0 2
40==>< A;CG05 1C45B >B@8F0B5;L=>9, B0: :0: :5@>31 
;020 3
A8= ?>?045B 2 :@>2L 8 >:065B B>:A8G5A:>5 459AB285 =0 ?5G5=L<04>.
 45@52=OE ;N48 874@52;5 ;5G8;8AL B>;L:> =0@>4=K<8 A@54AB20<8. >, :0: CB25@640NB A?5F80;8ABK, 25: 8E 1K; =54>;>3   2A53> 30 40 ;5B. !@54=OO ?@>4>;68B5;L=>ABL 687=8 C25;8G8;0AL ;8HL
2 ?>A;54=55 AB>;5B85 8, :0: <>6=> 4>3040BLAO, =5
B>;L:> 1;03>40@O A>E@0=5=8N AB0@KE B@048F89
F5;8B5;LAB20. 4=0:> 8 2 M?>EC 2KA>:8E <548F8=A:8E B5E=>;>389 ;N48 ?@>4>;60NB 703>20@820BL
3@K6C, ?@8:;04K20BL :0?CABC : 7;>:0G5AB25==K<
>?CE>;O< 8 AB028BL 4803=>7K ?> D>@<5 =>3B59.
0@>4=K5 <5B>4K 1>@L1K A @07;8G=K<8 1>;57=O<8, :>=5G=>, 15A?>;57=K<8 =5 =07>25HL. A>15==> :>340 >=> >A=>20=> =0 7=0=88 D878>;>388
G5;>25:0, A2>9AB2 8A?>;L7C5<KE @0AB5=89 8 684:>AB59. > ?>@>9 83@0 2 4>:B>@0 ?@82>48B : ?5G0;L=K< ?>A;54AB28O<. N48 G0AB> 701K20NB 8
>AB02;ONB 157 2=8<0=8O B0:85 206=K5 <><5=BK,
:0: 4>78@>2:0, A>AB02 ;5:0@AB20 8 ?@>B82>?>:070=8O. "0:, =0?@8<5@, <=>385, ?@>A;KH02 > :5@>A8=>B5@0?88, A?5H0B 2KOA=8BL: <>6=> ;8 @07 8 =02A5340 871028BLAO >B 0=38=K, ?@>?>;>A:02 3>@;>
:5@>A8=><?
59AB28B5;L=>, A ?><>ILN >4=>3> :5@>A8=0
<>6=> 2A53> 70 >48= @07 871028BLAO >B 3>@;0 :0:
B0:>2>3>! >A;54AB28O <>3CB 1KBL 25AL<0 ?;0G52=K: A8;L=K9 >6>3 A;878AB>9 ?8I52>40, B@0E58,
2?;>BL 4> C3=5B5=8O 4KE0B5;L=>3> F5=B@0 8, 2 =5:>B>@KE A;CG0OE, ?0@0;8G0. "0:85 20@80=BK <548F8=5 B>65 4>AB>25@=> 8725AB=K.
5@>A8= 8A?>;L7>20;AO @0=LH5 2 45@52=OE: 8<
A<07K20;8 3>@;> C 1>;L=KE 48DB5@859, GB>1K @0A32 740B5;LAB2> <00>!,<04>   0G5AB25==K5 :=838 > 74>@>2L5 
 !    !": $ 8;8  ,!",?
B2>@8BL ?;5=:8, 8=0G5 G5;>25: <>3 704>E=CBLAO. -B>
A@54AB2> ?@8<5=O5BAO 8 ?> A59 45=L, 254L ?@8 C<5;>< 8A?>;L7>20=88 (: ?@8<5@C, A<07K20=88, 0 =5
?>;>A:0=88 3>@;0) 8 A?5F80;L=>9 >G8AB:5 (A;54C5B ?><=8BL, GB> :5@>A8=, :0: =8:0:,   3>@NG55 8
?@>4C:B =5DB5?5@53>=:8) >= BN<>305B ?@8 B>=78;;8B5. @0240, A 4@C3>9 AB>@>=K, :0: CB25@640NB <548:8, 2 =0H5 2@5<O MB> ?@8@02=8205BAO : B><C,
:0: 5A;8 1K B5<?5@0BC@C A=860;8 :@>2>?CA:0=85<.
5A<>B@O =0 :@8B8:C, =5;L7O >B@8F0BL, GB> :5@>A8= >1;0405B =5:>B>@K<8 F5;51=K<8 A2>9AB20<8. 5>1E>48<> B>;L:> 7=0BL, :>340 8 ?@8 :0:8E
CA;>28OE. 0?@8<5@, A<5AL M:AB@0:B0 :5@>A8=0 A
75;5=K< 3@5F:8< >@5E>< =5A:>;L:> ;5B =0704 AB0;0 =0AB>OI8< >B:@KB85< 2 <548F8=5. #A?5H=>5
?@8<5=5=85 MB>3> A@54AB20 1K;> 70<5G5=> A;CG09=>. 548:0<8 1K;8 70A2845B5;LAB2>20=K E>@>H85
@57C;LB0BK 8A?>;L7>20=8O MB>3> A>AB020 ?@8 @048:C;8B5, E@>=8G5A:8E 8=D8;LB@0B0E, :>B>@K5 @0AA0AK20;8AL 2 O3>48F0E, :>340 :><?@5AAK AB028;8
=0 ?>OA=8FC. @><5 B>3>, 1K;> 70<5G5=>, GB> ?>?CB=> 2>7<>6=> 8AG57=>25=85 <=>38E A>?CBAB2CNI8E 1>;57=59, 2 B>< G8A;5: ?@>ABC4, 30AB@8B>2,
O72 65;C4:0, ?@>AB0B8B0, 0@B@8B0, 0@B@>70, ?85;>=5D@8B0, 38?5@B>=88, A:;5@>70, B@><1>D;518B0,
8H5<88, >B45;L=KE 284>2 15A?;>48O 8... @0:0 (!), 2
B>< G8A;5 <>730, <0B:8, 3@C48...
D8F80;L=0O <548F8=0 A=0G0;0 :@09=5 =5A5@L57=> >B=5A;0AL : 87>1@5B5=8N. 59AB28B5;L=>, 2
7028A8<>AB8 >B CA;>289 <5AB0 4>1KG8 8 B5E=>;>388 53> ?>;CG5=8O :5@>A8= 1K205B @07=K9. 5@=>
8 B>, GB> 2 1>;LH8E 4>70E >= B>:A8G5=. > MB> =8
2 :>5< A;CG05 =5 <>65B A;C68BL >A=>20=85< 4;O
2 5@>A8= 33 
;020 3
>B:070 >B 8458 2 F5;><. A?><=8<, =0?@8<5@, AC4L1C
B5?5@L 2A5< 8725AB=>3> <C<85: A 1>;LH8< B@C4><,
=> ?@5?0@0B ?@>18; A515 4>@>3C...
"0:8< >1@07><, 20< @5H0BL, AB>8B ;8 8A?>;L7>20BL :5@>A8= 2 ;5G5=88 B5E 8;8 8=KE 701>;520=89.
 MB>9 3;025 <K >1AC48;8 2A5 <00>70<04> 8 <00>?@>B82<04>.
0:0O G0H0 25A>2, =0 20H 273;O4, ?5@525H8205B?.. 
/   .
045NAL, G8B0B5;L C65 A<>3 AD>@<8@>20BL A2>5
>B=>H5=85 : ;5:0@AB25==K< A2>9AB20< MB>3> 25I5AB20. >MB><C =0ABC?8;> 2@5<O ?@0:B8G5A:8E
A>25B>2 8 >?8A0=89 :>=:@5B=KE @5F5?B>2. E, :0:
2K A<>65B5 C1548BLAO, 2 :5@>A8=>B5@0?88 70 2@5<O 55 ACI5AB2>20=8O =0:>?8;>AL 4>2>;L=> <=>3>.
>;55 B>3>   <>6=> C65 3>2>@8BL > =5:>9 AD>@<8@>202H59AO B@048F88 ;5G5=8O :5@>A8=><.
B0:, :5@>A8= <>65B 8A?>;L7>20BLAO 4;O ;5G5=8O :0: =0@C6=KE 1>;57=59, B0: 8 2=CB@5==8E. >B
?5@5G5=L 701>;520=89, 87;5G5=85 >B :>B>@KE 2>7<>6=> A ?><>ILN A@54AB2, 2 A>AB02 :>B>@KE 2E>48B :5@>A8=.
"  >;57=8 65;C4>G=>-:8H5G=>3> B@0:B0 8 >@30=>2 ?8I520@5=8O.
35 
;020 4
"  01>;520=8O ?>G5: 8 <>G52K2>4OI8E ?CB59.
"  5<>@@>9.
"  >;57=8 ;53:8E (1@>=E80;L=0O 0AB<0, E@>=8G5A:89 1@>=E8B, BC15@:C;57 ;53:8E).
"  0@CH5=8O @01>BK A5@45G=>-A>AC48AB>9 A8AB5<K, 2 B>< G8A;5, 0B5@>A:;5@>7 8 ?>A;54AB28O ?5@5=5A5==>3> 8=D0@:B0 <8>:0@40.
"  >;>2=K5 1>;8.
"  01>;520=8O I8B>284=>9 65;57K (7>1).
"   048:C;8B, ;N<10;38O, 8H80A.
"  @>ABC4=K5 701>;520=8O, 0=38=K.
"  1AF5AAK, 4;8B5;L=> =5 706820NI85 @0=K,
DC@C=:C;57, B@>D8G5A:85 O72K.
!>3;0A=> CB25@645=8O< A?5F80;8AB>2 2 >1;0AB8 =5B@048F8>==>9 <548F8=K, 5A;8 AB@>3> ?@845@6820BLAO @5F5?BC@K ?@83>B>2;5=8O ;5:0@AB25==KE
A@54AB2, :5@>A8= =5 2K7K205B ?>1>G=KE MDD5:B>2
8 >B@02;5=89.
=8<0=85!
1. A?>;L7>20=85 ?@5?0@0B>2, 2 A>AB02 :>B>@KE
2E>48B :5@>A8=, =54>?CAB8<> 2 ;5G5=88 45B59.
2. >A;5 2A5E ?@>F54C@ A 8A?>;L7>20=85< :5@>A8=0 @5:><5=4C5BAO A<07K20BL 2075;8=><
8;8 45BA:8< :@5<>< <5AB0, :>B>@K5 A>?@8:0A0;8AL A 40==K< A@54AB2><. -B> 45;05BAO
87 ?@54>AB>@>6=>AB8, GB>1K :>60 =5 <00>A;570;0<04> 8 =5 H5;CH8;0AL.
;O C4>1AB20 2AO 8=D>@<0F8O > :5@>A8=>;5G5=88 ?@54AB02;5=0 2 @5F5?B0E, @5:><5=4C5<KE 4;O
>B45;L=KE 701>;520=89.
36 
'!/  !!
% '! ""+, +
  #   
 &" 1
>@OGCN 2>4C (3 G0AB8) @071028BL >G8I5==K< 8
?@>D8;LB@>20==K< G5@57 ?@><>:0B5;L=CN 1C<03C
8;8 20BC :5@>A8=>< (1 G0ABL). >;CG5==CN A<5AL
BI0B5;L=> 271>;B0BL 8 ?@8<5=OBL 4;O ?>;>A:0=8O
3>@;0 CB@>< 8 25G5@><.
 &" 2
>6=> 8A?>;L7>20BL :0: >G8I5==K9, B0: 8
>1KG=K9 :5@>A8=.
>A?0;5==K5 CG0AB:8 <8=40;8=, =51=KE 4C65:
A<07K20NB :5@>A8=>< 2 3 2 45=L 70 G0A 4> 54K.
0: ?>:07K205B ?@0:B8:0, G5@57 5 7 4=59 1>;L=>9
2K74>@02;8205B. A;8 2@0G>< =07=0G5=K 0=B818>B8:8, B> 4>?CAB8<> :><18=8@>20=85 :5@>A8=0 A 2=CB@5==8< ?@85<>< <548:0<5=B>2 8;8 8=J5:F8O<8.
 &" 3
 B@5E;8B@>2CN 10=:C C;>68BL 70 100 75;5=KE
3@5F:8E >@5E>2 8 70;8BL >G8I5==K< :5@>A8=>< 4>
C@>2=O =0 G5BK@5 ?0;LF0 =865 3>@;KH:0. 5@<5B8G5A:8 70:@KBL (70:0B0BL <5B0;;8G5A:>9 :@KH:>9),
?><5AB8BL 10=:C 2 ;N1>5 E>;>4=>5 ?><5I5=85 (A?5F80;8ABK A>25BCNB 70:0?K20BL 2 75<;N =0 3;C18=C 70 A<, ?>;>682 =0 :@KH:C 3@C7 10 12 :3) 8 E@0=8BL 55 B0< 3 <5AOF0.
@8<5=OBL ;5:0@AB2> A;54C5B B0:. 0@;52K9
B0<?>=, A;>65==K9 2G5B25@> 8 ?@>?8B0==K9 >437 
;020 4
=>9 G09=>9 ;>6:>9 A@54AB20, =0:;04K205BAO =0
1>;L=>5 <5AB>. !25@EC ?@8:;04K205BAO ?>;8MB8;5=>20O ?;5=:0 8;8 ?5@30<5=B=0O 1C<030, A;>9 20BK.
A5 MB> 70:@5?;O5BAO =0 4-5 G0A>2. >A;5 A=OB8O
:><?@5AA0 2> 871560=85 >6>30 CG0AB>: B5;0 >1@010BK205BAO ?@>B82>>6>3>2K< 0M@>7>;5<. ><?@5AA ?>2B>@ONB G5@57 3-4 4=O, :>340 8AG57=5B ?>:@0A=5=85 :>68. C@A ;5G5=8O A>AB>8B 87 4-6 :><?@5AA>2.
@8 @0:5 :>68 :><?@5AAK =5 @5:><5=4CNBAO.
 MB>< A;CG05 ?@54?8AK20NBAO A;54CNI85 459AB28O: =0 ;04>=L =0;8BL G09=CN ;>6:C ;5:0@AB20 8
@0AB5@5BL 1>;L=>5 <5AB>. @>F54C@C ?>2B>@OBL
G5@57 2 3 G0A0.
5:0@AB2> 8A?>;L7C5BAO 8 4;O ?@>D8;0:B8:8
?>A;54CNI8E >A;>6=5=89. 0G02 ;5G5=85 0=38=K,
=5 ?@5@K209B5 53>, ?>B><C GB> 2A5340 5ABL C3@>70
2>7=8:=>25=8O 1>;57=8 A =>2>9 A8;>9.
5;L7O ?@8:;04K20BL : 3>@;C ;54 2> 2@5<O
:5@>A8=>B5@0?88, :0: 8=>340 A>25BCNB.
 &" 4
!>25BCNB ?>;>A:0=85 @0AB2>@>< >G8I5==>3>
:5@>A8=0. ;O MB>3> 2 1 AB0:0=5 B5?;>9 2>4K @0AB2>@ONB 1 G09=CN ;>6:C A>4K, 70B5< 4>102;ONB
1 AB>;>2CN ;>6:C :5@>A8=0. 5@>A8= >1@07C5B =0
?>25@E=>AB8 2>4K ?;5=:C, :>B>@CN =5>1E>48<>
?5@8>48G5A:8 @07<5H820BL, ?>;>A:0O 3>@;>. 0
A;878AB>9 >1>;>G:5 3>@B0=8 ?>A;5 ?>;>A:0=8O
>1@07C5BAO B>=G09H0O ?;5=:0 :5@>A8=0, :>B>@0O 8
>:07K205B ?@>B82>2>A?0;8B5;L=K9 8 >15770@06820NI89 MDD5:B. '0AB>B0 ?>;>A:0=89 <>65B 1KBL
38 
'!/  !!
@07=>9: >B 4-6 4> 10-12 @07 2 ACB:8. C@A ;5G5=8O
A>AB02;O5B 2 A@54=5< 1 =545;N.
! 
0 =>GL =0<070BL ABC?=8 :5@>A8=>< 8 ?@8;>68BL
: =8< A<>G5==CN 2 :5@>A8=5 B>=:CN B@O?>G:C.
045BL H5@ABO=K5 =>A:8, B5?;> C:CB0BLAO.  CB@C
=0A<>@: ?@>945B.
!#% (,
 0725AB8 =5<=>3> <540 2 1/2 AB0:0=0 ?>@B259=0 8
E>@>H> @07<5H0BL. G8AB8BL 8 @0AB>;>GL 3>;>2:C
G5A=>:0. @83>B>28BL 40-50 <; :5@>A8=0. 5@54
A=>< BI0B5;L=> @0AB5@5BL ABC?=8 G5A=>G=>9 :0H8F59, 0 3@C4L   :5@>A8=><, ?>A;5 G53> =045BL
H5@ABO=K5 =>A:8, B5?;>5 =86=55 15;L5, 2K?8BL
AB0:0= ?>@B259=0 A <54>< 8 ;5GL 2 ?>AB5;L. @>F54C@C ?>2B>@OBL 5654=52=> 4> ?>;=>3> 87;5G5=8O.
% '!  %"
0@;52CN A0;D5B:C A<>G8BL 2 >G8I5==>< :5@>A8=5. >A;5 MB>3> =0;>68BL :><?@5AA =0 3@C4=CN
:;5B:C. 5>1E>48<> A;548BL 70 B5<, GB>1K >1;0ABL
A5@4F0 >AB020;0AL =5 70B@>=CB>9. @>F54C@C ?@>2>48BL G5@57 45=L 2 B5G5=85 42CE =545;L. ;8B5;L=>ABL, 2 7028A8<>AB8 >B 8=48284C0;L=>9 ?5@5=>A8<>AB8 :5@>A8=0, <>65B A>AB02;OBL >B 1 4> 4 G0A>2.
A;8 GC2AB28B5;L=>ABL : :5@>A8=C C 1>;L=>3>
?>2KH5==0O, B> ?5@54 =0;>65=85< ?5@2>3> A;>O
39 
;020 4
:><?@5AA0 (A0;D5B:8, ?@>?8B0==>9 684:>ABLN)
=C6=> =0;>68BL =0 :>6C 70I8B=K9 A;>9 2>I5=>9
1C<038.
A?>;L7>20=85 :><?@5AA>2 ?@8 E@>=8G5A:><
1@>=E8B5 <>65B 8<5BL 8 ?>445@6820NI5-?@>D8;0:B8G5A:89 E0@0:B5@.
 "
@83>B>28BL <07L, 2 A>AB02 :>B>@>9 2E>48B >G8I5==K9 :5@>A8= 8 A28=>9 =CB@O=>9 68@ 2 A>>B=>H5=88 1:4. !@54AB2> @53C;O@=> 2B8@0BL 2 :>6C
=04 ?5@5=>A8F59 8 1@>2O<8, 0 B0:65 A?@020 8 A;520 >B =>A0. 4=>2@5<5==> A 2B8@0=85< <>6=> 22>48BL 2 =>A>2K5 E>4K B>=:> A:@CG5==K5 B0<?>=K 87
20BK 8;8 <0@;8, =0 :>B>@K5 =0=5A5=> 40==>5 A@54AB2>. 5G5=85 ?@>4>;605BAO 4> 2K74>@>2;5=8O.
"# # %
 5:><5=4C5BAO 8A?>;L7>20BL A<5AL, A>AB>OICN 87
A;54CNI8E :><?>=5=B>2:
<54 ?G5;8=K9
(65;0B5;L=> ;8?>2K9)   1 AB0:0=;
A>: 0;>M 4@52>284=>3>   1 AB0:0=;
>;82:>2>5 <0A;>   1 AB0:0=;
F25B:8 ;8?K A5@4F5;8AB=>9   1/2 AB0:0=0;
?>G:8 15@57K ?>28A;>9   1/2 AB0:0=0.
;O ?@83>B>2;5=8O ;5:0@AB25==>3> A>AB020 F25B:8 ;8?K 8 15@57>2K5 ?>G:8 A<5H820NB, 70;820NB
40 
'!/  !!
2 AB0:0=0<8 :8?OI59 2>4K, 70B5< =03@520NB =0
2>4O=>9 10=5 2 B5G5=85 15 <8=CB, =0AB0820NB 1 G0A,
?@>F56820NB, 0 >AB0B:8 @0AB8B5;L=>3> AK@LO >B68<0NB. >A;5 MB>3> 2 ?>;CG5==K9 >E;0645==K9
=0AB>9 4>102;ONB ?G5;8=K9 <54 8 A>: 0;>M. >;CG5==CN A<5AL A=>20 =03@520NB =0 2>4O=>9 10=5 2
B5G5=85 5-7 <8=CB, >E;0640NB 8 4>102;ONB :5@>A8=. !@54AB2> 2K;820NB 2 ?@83>B>2;5==CN 4;O E@0=5=8O A=04>1LO 5<:>ABL 8 4>102;ONB 2 =53> >;82:>2>5 <0A;>.
%@0=8BL =0AB>9 <>6=> =0 =86=59 ?>;:5 E>;>48;L=8:0. >A;5 42CE=545;L=>3> =0AB0820=8O A<5AL
3>B>20 : C?>B@51;5=8N. 5 ?@8=8<0NB ?> 1 2 AB>;>2K5 ;>6:8 3 @070 2 45=L ?>A;5 54K, :064K9 @07
BI0B5;L=> 2710;BK20O ?5@54 C?>B@51;5=85<. C@A
;5G5=8O 4;8BAO 4> ?>;=>3> @0AE>4>20=8O A@54AB20. >A;5 ?5@5@K20 =0 1 2 =545;8 ;5G5=85 BC15@:C;570 <>6=> ?@>4>;68BL.
!!" ! !#,"
 !"  $ "  
 5:><5=4C5BAO ?@8=8<0BL >G8I5==K9 :5@>A8= A;54CNI8< >1@07><: 2 1/2 AB0:0=0 B5?;>9 :8?OG5=>9
2>4K @0AB2>@8BL 3 :0?;8 >G8I5==>3> :5@>A8=0.
@8=8<0BL ?> 1/2 AB0:0=0 @0AB2>@0 2-3 @070 2 45=L
G5@57 2 G0A0 ?>A;5 702B@0:0 8 >1540. C@A 2>AAB0=>28B5;L=>3> ;5G5=8O A>AB02;O5B 2 =545;8. @8
=5>1E>48<>AB8 53> <>6=> ?>2B>@8BL ?>A;5 <5AOG=>3> ?5@5@K20.
41 
;020 4
 ,   # + +% 
 &" 1
@8;>68BL 20B=K5 H0@8:8, A<>G5==K5 2 >G8I5==>< :5@>A8=5, : 28A:0< 8 >:>;>CH=K< 2?048=0<.
;8B5;L=>ABL ?@>F54C@K A>AB02;O5B 30-40 <8=CB.
 &" 2
@8=8<0BL A25689 A>: >4C20=G8:0, A<5H0==>3> A >G8I5==K< :5@>A8=>< 8 @07102;5==>3> 2>4>9.  1/4 AB0:0=0 B5?;>9 :8?OG5=>9 2>4K 4>1028BL 20 :0?5;L A>:0 8 10 :0?5;L >G8I5==>3> :5@>A8=0. 8BL ?> 1/4 AB0:0=0 A@54AB20 3-4 @070 2 45=L
?5@54 54>9. C@A ;5G5=8O ?@>4>;605BAO 14 4=59.
 &" 3
 A;CG05 3>;>2=>9 1>;8, A2O70==>9 A ?@54<5=AB@C0;L=K< A8=4@><><, @5:><5=4C5BAO ?@8:;04K20BL =51>;LH85 <0@;52K5 B0<?>=K 8;8 20B=K5 H0@8:8, A<>G5==K5 2 >1KG=>< :5@>A8=5, : 28A:0< 8
?>25@E=>AB8 :>68 >:>;>?C?>G=>9 >1;0AB8. ;8B5;L=>ABL ?@>F54C@K A>AB02;O5B 20-30 <8=CB. AB02;OBL A@54AB2> =0 :>65 <>6=> 8 =0 1>;55 ?@>4>;68B5;L=>5 2@5<O (40 60 <8=CB).
 #"
 &" 1
>43>B>28BL @60=>5 B5AB> =0 4@>660E 8;8
>?0@5, 2K;>68BL =0 ?5@30<5=B 8 ?@8:@KBL <0@;59.
B5@5BL 2 >1;0ABL ?>OA=8FK >G8I5==K9 :5@>A8=
42 
'!/  !!
(1 G09=CN ;>6:C) 4> ?>:@0A=5=8O :>68. @8;>68BL :><?@5AA =0 >A=>25 B5AB0   <0@;59 : B5;C.
5@30<5=B =0:@KBL A;>5< 20BK (8;8 B5?;K< B>;ABK< H0@D><). ;8B5;L=>ABL 8 ?5@8>48G=>ABL ?@>F54C@K   40 <8=CB, G5@57 45=L. 1KG=> 2K74>@>2;5=85 ?@>8AE>48B ?>A;5 3-5 ?@>F54C@.
 &" 2
 1CBK;:C 87-?>4 H0<?0=A:>3> A E>@>H59 ?@>1:>9 =0;8BL 170 <; ?@>20=A:>3> <0A;0. ><5AB8BL BC40
>B 10 4> 20 AB@CG:>2 :@0A=>3> ?5@F0, 2 7028A8<>AB8
>B 65;05<>9 :@5?>AB8, 8 70;8BL 250 <; E>@>H> >G8I5==>3> :5@>A8=0. %>@>H> 271>;B0BL 8 >AB028BL =0
9 4=59, 5654=52=> 2710;BK20O. -B>9 A<5ALN 45;0BL
2B8@0=85 =0 =>GL. #B@>< A;54C5B =04520BL B5?;>5
H5@ABO=>5 =86=55 15;L5 8 H5@ABO=K5 GC;:8.
 "
7OBL 200 3 A>;8 8 50 3 ACE>9 3>@G8FK. >1028BL :
=8< AB>;L:> :5@>A8=0 (:5@>A8= 4>;65= 1KBL E>@>H59 >G8AB:8), GB>1K ?>;CG8;0AL A<5AL 2@>45
A<5B0=K. >ACE0 2B5@5BL A@54AB2> 2 >1;0ABL ?>@065==KE ACAB02>2.
-B> 65 A@54AB2> ;CGH5 2AO:>3> 3;8F5@8=0 8
:@5<>2 ?><>305B ?@8 ACE>AB8 :>68 @C:.
(!
 1>;57=5==K5 CG0AB:8 2B8@0BL >1KG=K9 :5@>A8=.
@><5 MB>3>, @5:><5=4C5BAO =0:;04K20BL :5@>A843 
;02 0 4
=>2CN ?@8<>G:C =0 >1;0ABL :@5ABF0. ;8B5;L=>ABL
?@>F54C@K A>AB02;O5B 15 20 <8=CB.
./
 !!"/ "  '
0;>68BL :5@>A8=>2K5 ?@8<>G:8 24>;L ?>72>=>G=>3> AB>;10   >B ?>470BK;>G=>9 O<:8 4> >1;0AB8
:@5ABF0. ":0=L ?@8 MB>< 4>;6=0 1KBL A25@=CB0 2
63CB; ?>25@E 55 =0:;04K20NB CB5?;5=85 87 B>=:>9
2>I5=>9 1C<038 8;8 ?>;8MB8;5=0. ;8B5;L=>ABL
?@>F54C@K A>AB02;O5B 25-30 <8=CB. @8 2K@065==>< 1>;52>< A8=4@><5 ?@>F54C@C <>6=> ?@>2>48BL 2 3 @070 2 45=L.
/ (" +
(",  !#'/% $$# ,
    '!")
 &" 1
%>@>H89 MDD5:B >:07K20NB :@0B:>2@5<5==K5
(15 20 <8=CB) :><?@5AAK 87 >G8I5==>3> :5@>A8=0, A<5H0==>3> A >;82:>2K< <0A;><, =0 ?5@54=NN
>1;0ABL H58.
;O ?@83>B>2;5=8O :><?@5AA0 =5>1E>48<> A;>68BL <0@;N 2 G5BK@5 A;>O, ?@>?8B0BL 55 ;5G51=>9
A<5ALN. 0;55 A;54C5B ?@8;>68BL A<>G5==CN <0@;N : ?5@54=59 G0AB8 H58, =0;>68BL 87>;8@CNI89
A;>9 ?>;8MB8;5=0, 0 ?>25@E =53>   CB5?;ONI89
A;>9 (:><?@5AA=0O 20B0). ><?@5AA D8:A8@CNB A
?><>ILN 18=B0. @>F54C@K <>6=> ?@>2>48BL
44 
'!/  !!
5654=52=> 8;8 G5@57 45=L 2 B5G5=85 4;8B5;L=>3>
2@5<5=8.
A;8 1>;L=>9 E>@>H> ?5@5=>A8B 2=5H=55 ?@8<5=5=85 :5@>A8=0, B> :><?@5AAK <>6=> >AB02;OBL
=5 =0 15-20, 0 =0 30-40 <8=CB. > 2A5E A;CG0OE =0
:>65 =5 4>;6=> >AB020BLAO >6>30.
 &" 2
=0G0;5 ?@83>B>28BL <0A;O=CN =0AB>9:C: 4 AB>;>2K5 ;>6:8 F25B:>2 1>O@KH=8:0 :>;NG53> 70;8BL
1 AB0:0=>< @0AB8B5;L=>3> (=5@0D8=8@>20==>3>)
<0A;0 8 =0AB>OBL 2 B5G5=85 4 =545;L 2 B5<=>< ?@>E;04=>< <5AB5 2 5<:>AB8 87 B5<=>3> AB5:;0. 0B5<
2 =0AB>9:C 4>1028BL 2 AB>;>2K5 ;>6:8 >G8I5==>3> :5@>A8=0 8 =0AB>OBL A<5AL 5I5 1 =545;N 2 B5E
65 CA;>28OE. >A;5 MB>3> 684:>ABL ?@>F548BL 8
A;8BL 2 5<:>ABL 87 B5<=>3> AB5:;0.
@8=8<0BL A@54AB2> ?> 1 G09=>9 ;>6:5 3 @070
2 45=L 4> 54K. C@A ;5G5=8O ?@>4>;605BAO 4-6
=545;L. >A;5 ?5@2KE B@5E =545;L ?@85<0 <>6=>
A45;0BL =545;L=CN ?0C7C.
 #'-(' " "
(", -" ",  +)
 5:><5=4C5BAO ?@8=8<0BL >G8I5==K9 :5@>A8= ?>
10 :0?5;L =0 1 AB0:0= B5?;>9 :8?OG5=>9 2>4K 1 2
@070 2 45=L 70 30-40 <8=CB 4> 54K. @85< A@54AB20
?@>4>;605BAO 2 B5G5=85 3 4 =545;L 8 1>;55. 0:
?@028;>, A>AB>O=85 1>;L=KE C;CGH05BAO C65 G5@57 1 2 =545;8 ?@85<0 >G8I5==>3> :5@>A8=0.
45 
;020 4
'/ ,
@8=8<0BL @0AB2>@ ;8<>==>3> A>:0 A 4>102;5=85< >G8I5==>3> :5@>A8=0. -B>B @5F5?B ?>4E>48B 8A:;NG8B5;L=> B5< 1>;L=K<, :>B>@K5 =5 AB@040NB
?>2KH5==>9 :8A;>B=>ABLN 65;C4>G=>3> A>:0.
"@8 AB>;>2K5 ;>6:8 A25653> ;8<>==>3> A>:0
@0AB2>@8BL 2 1/3 AB0:0=0 B5?;>9 :8?OG5=>9 2>4K,
4>1028BL 3 :0?;8 >G8I5==>3> :5@>A8=0. #?>B@51;OBL 70 1 G0A 4> :064>3> ?@85<0 ?8I8 2 B5G5=85
2 =545;L.
/ #
 &" !" (
@8=8<0BL >G8I5==K9 :5@>A8= ?> 1/2 G09=>9 ;>6:8 1 @07 2 45=L, =0B>I0:. C@A ;5G5=8O A>AB02;O5B
4 =545;8. 0B5< =5>1E>48<> A45;0BL 8-=545;L=K9
?5@5@K2 8 ?@>25AB8 5I5 >48= :C@A ;5G5=8O >G8I5==K< :5@>A8=>< ?> A;54CNI59 AE5<5:
1-O =545;O   ?> 1/2 G09=>9 ;>6:8 1 @07 2 45=L
=0B>I0:;
2-O =545;O   ?> 1 G09=>9 ;>6:5 1 @07 2 45=L
=0B>I0:;
3-O =545;O   ?> 2 G09=K5 ;>6:8 1 @07 2 45=L
=0B>I0:;
4-O =545;O   ?> 1 G09=>9 ;>6:5 1 @07 2 45=L
=0B>I0:;
5-O =545;O   ?> 1/2 G09=>9 ;>6:8 1 @07 2 45=L
=0B>I0:.
46 
'!/  !!
/ !!" '
( (-$"), # (!" ")
 5:><5=4C5BAO CB@>< =0B>I0: ?@8=OBL 1 G09=CN
;>6:C >G8I5==>3> :5@>A8=0. 5?>A@54AB25==>
?>A;5 MB>3> 2K?8BL 1 G09=CN ;>6:C >1;5?8E>2>3>
<0A;0 8;8 1 AB>;>2CN ;>6:C >;82:>2>3> (?>4A>;=5G=>3>) <0A;0.
'/ ,
 &" 1
 5:><5=4C5BAO ?@8:;04K20BL : ?>OA=8F5 ?>;>A:C H5@ABO=>9 B:0=8, ?@>?8B0==CN >1KG=K< :5@>A8=><, CB5?;82 55 A;>5< ?>;8MB8;5=0. ;8B5;L=>ABL ?@>F54C@K, 2 7028A8<>AB8 >B 8=48284C0;L=>9 ?5@5=>A8<>AB8, <>65B :>;510BLAO >B 20-30
<8=CB 4> 1-2 G0A>2. @>F54C@C ?@>2>4OB 5654=52=>, 1 @07 2 45=L, =0 ?@>BO65=88 12-14 4=59.
@8 A>G5B0=88 :5@>A8=>2KE ?@8<>G5: 8 <>G53>==KE A1>@>2 ;5:0@AB25==KE @0AB5=89, :0: ?@028;>, C405BAO 4>AB8GL >BE>645=8O :0<=59. 5>1E>48<> 70@0=55 7=0BL D>@<C ?>G5G=KE :0<=59 (MB8
A2545=8O <>6=> ?>;CG8BL ?@8 C;LB@072C:>2>< 8AA;54>20=88), B0: :0: ?@8 2KE>45 :0<=O A >AB@K<8
:@0O<8 ACI5AB2C5B >?0A=>ABL B@02<8@>20=8O ?>G5G=>9 ;>E0=:8 8 <>G5B>G=8:0.
 &" 2
@8 ?>G5G=KE :>;8:0E, 2K720==KE =0;8G85<
:0<=59 2 ;>E0=:5 ?>G:8, @5:><5=4CNBAO 3>@OG85
47 
;020 4
20==K A 4>102;5=85< =51>;LH>3> :>;8G5AB20 >G8I5==>3> :5@>A8=0. 0==C A;54C5B ?@8=8<0BL A84O,
B0:, GB>1K >1;0ABL A5@4F0 =0E>48;0AL 2KH5 C@>2=O 2>4K, 4=>2@5<5==> A 3>@OG59 20==>9 <>6=>
?@8=OBL :0:>5-;81> A?07<>;8B8G5A:>5 A@54AB2>,
=0?@8<5@ =>-H?C.  A;CG05, 5A;8 :>;8:0 ?@>B5:05B
>A>15==> >AB@> 8 BO65;>, B@51C5BAO =5>B;>6=0O
<548F8=A:0O ?><>IL.
% '! / '
 '+/(% #"
 5:><5=4C5BAO ?@8=8<0BL 2=CB@L >G8I5==K9 :5@>A8= 2 A>G5B0=88 A =0AB>5< B@02K 25@5A:0 >1K:=>25==>3>. 20 3 B@02K MB>3> @0AB5=8O 70;820NB
1 AB0:0=>< :@CB>3> :8?OB:0 8 =0AB0820NB 2 2,5 G0A0
2 B5@<>A5, ?>A;5 G53> ?@>F56820NB. 0B5< : ?>;CG5==><C =0AB>N 4>102;ONB 2 AB>;>2K5 ;>6:8 >G8I5==>3> :5@>A8=0 8 =03@520NB A<5AL =0 A;01><
>3=5 2 B5G5=85 15-20 <8=CB. >2B>@=> ?@>F56820NB G5@57 <=>3>A;>9=K9 <0@;52K9 D8;LB@. >;CG5==>5 A@54AB2> ?@8=8<0NB ?> 1 AB>;>2>9 ;>6:5
3-4 @070 2 45=L ?5@54 54>9 2 B5G5=85 2-3 =545;L.
C@A ;5G5=8O <>6=> ?>2B>@8BL ?>A;5 ?5@5@K20 =0
6 8 =545;L.
  
03@5BL =51>;LH>9 A5@K9 :0<5=L 4> :@0A=>3> A25G5=8O 8 >?CAB8BL =0 4=> 254@0. 0B5< =0 ?>25@E=>ABL @07>3@5B>3> :0<=O ?>;>68BL 87<5;LG5==K9
48 
'!/  !!
7C1>: G5A=>:0 8 2;8BL 1 G09=CN ;>6:C :5@>A8=0.
>340 ?>945B ?0@, A25@EC =0 254@> CAB0=>28BL A?5F80;L=CN 45@52O==CN :@KH:C A >B25@AB85< ?>A5@548=5, =0 :>B>@CN 4>;65= A5ABL 1>;L=>9. @>4>;68B5;L=>ABL >4=>9 ?@>F54C@K   15 <8=CB. 5G5=85 ?@>2>48BAO 5654=52=> 2 B5G5=85 42CE =545;L.
+ .)  +
 &" 1
 A;CG05 ?>4>1=KE 701>;520=89 7=0E0@8 A@54=59 ?>;>AK  >AA88 @5:><5=4CNB A;54CNI89 8=B5@5A=K9 8 4>ABC?=K9 <5B>4. 7OBL 1 ; ?>4A>;=5G=>3> <0A;0, 30 <; A25652K60B>3> A>:0 >4=>3> F5;>3>
AB51;O G8AB>B5;0 8 100 <; >G8I5==>3> :5@>A8=0.
><?>=5=BK BI0B5;L=> ?5@5<5H0BL, =0AB>OBL 2
B5G5=85 7 ACB>: 2 B5<=>< ?@>E;04=>< <5AB5. >;CG5==>9 A<5ALN ?@>?8B0BL A0;D5B:C 8 =0;>68BL =0 ?>@065==>5 <5AB>. >2O7:C <5=ONB 2 @070
2 ACB:8 =0 ?@>BO65=88 2 =545;L. 5@54 :064K<
8A?>;L7>20=85< A<5AL =5>1E>48<> BI0B5;L=>
2AB@OE820BL.
 &" 2
ABL 8 4@C3>9 <5B>4 ;5G5=8O 2O;>706820NI8E
@0= 8 B@>D8G5A:8E O72. 7OBL 300 <; 70%-3> MB8;>2>3> A?8@B0, 4>1028BL 20 <; A25653> A>:0 G8AB>B5;0, =0AB>OBL 3 4 ACB>: 2 B5<=>< ?@>E;04=><
<5AB5. 0B5< 2 A<5AL 2;8BL 50 <; >G8I5==>3> :5@>A8=0. >;CG5==>5 A@54AB2> =0:;04K20BL =0 CG0AB:8 ?>@065=8O 2 2845 <0@;52>9 ?>2O7:8 1 @07 2 45=L.
49 
;020 4
@0O @0=K @5:><5=4C5BAO ?@8 :064>< =0;>65=88
?>2O7:8 A<07K20BL >G8I5==K< :5@>A8=><. 5G5=85 ?@>4>;60BL 4> C;CGH5=8O A>AB>O=8O @0=K.
$# ##
>@065==K5 CG0AB:8 :>68 A<07K20BL >G8I5==K< :5@>A8=>< 1 @07 2 45=L. -B>B A?>A>1 =570<5=8< ?@8 ;5G5=88 DC@C=:C;570 =0 ;8F5, => 5A;8 ?@8
;5G5=88 >B<5G05BAO @074@065=85 =0 :>65, >B :5@>A8=0 ;CGH5 >B:070BLAO.
+
!<07K20BL B@02<8@>20==K5 <5AB0 >@5E>2>-:5@>A8=>2K< M:AB@0:B>< (> B><, :0: 53> <>6=> ?@83>B>28BL, 1C45B ?>4@>1=> @0AA:070=> 2 A;54CNI59 3;025) 1 2 @070 2 45=L.
! 
 &" 1
@83>B>28BL B0: =07K205<CN 1>;BCH:C, 2 A>AB02 :>B>@>9 2E>48B >@5E>2>-:5@>A8=>2K9 M:AB@0:B, 453>BL 15@57>2K9 8 @K189 68@ 2 A>>B=>H5=88 1:3:2. ><?>=5=BK BI0B5;L=> ?5@5<5H0BL.
!<5AL =0=>A8BL =0 ?>@065==K5 CG0AB:8 :>68 1 @07
2 45=L =0 ?@>BO65=88 2 =545;L.
 &" 2
 5:><5=4C5BAO ?@8=8<0BL >@5E>2>-:5@>A8=>2K9
M:AB@0:B =0 >2>I=KE A>:0E. @83>B>28BL :0:>950 
'!/  !!
;81> A25689 >2>I=>9 A>: (87 A25:;K, :0@B>D5;O,
<>@:>28 8;8 :0?CABK) 2 >1J5<5 1/2 AB0:0=0. 0
20-30 <8=CB 4> 54K ?@8=OBL 10 :0?5;L >@5E>2>:5@>A8=>2>3> M:AB@0:B0 =0 :CA>G:5 A0E0@0-@0D8=040 (=5 1KAB@>@0AB2>@8<>3>) 8 2K?8BL ?>A;5 MB>3> >2>I=>9 A>:.
"0:>9 ?@85< ?>2B>@ONB 3 @070 2 45=L =0 ?@>BO65=88 4 =545;L. >A;5 2-=545;L=>3> ?5@5@K20 :C@A
;5G5=8O <>6=> ?>2B>@8BL. 4=>2@5<5==> A 2=CB@5==8< ?@8<5=5=85< @5:><5=4C5BAO ?@>4>;60BL
=07=0G5==>5 2@0G><-45@<0B>;>3>< 2=5H=55 ;5G5=85.
+ !
7OBL >;82:>2>5 <0A;> 8 @07<5H0BL 2 =5< >G8I5==K9 :5@>A8= 2 A>>B=>H5=88 1:1 8;8 2 :1 . >;CG5==CN <0AAC 2B8@0BL 2 :>@=8 2>;>A 1 @07 2 =545;N =0 2-3 G0A0 4> <KBLO. ;O CA8;5=8O MDD5:B0
>;82:>2>5 <0A;> @5:><5=4C5BAO ?@5420@8B5;L=> 2
B5G5=85 =545;8 =0AB>OBL =0 :>@=OE ;>?CE0 87 @0AG5B0 2 AB>;>2K5 ;>6:8 @0AB8B5;L=>3> AK@LO =0
1 AB0:0= <0A;0.
#,  %", ( / ! /)
 4><0H=8E CA;>28OE <>6=> ;53:> ?@83>B>28BL
;5G51=K9 A>AB02, :>B>@K9 2B8@05BAO 2 :>6C 3>;>2K 70 3-5 G0A>2 4> <KBLO 2>;>A. !@54AB2> A>45@68B :5@>A8=, :0AB>@>2>5 <0A;> 8 MB8;>2K9 A?8@B
2 A>>B=>H5=88 1: 2 :10.
51 
;020 4
(
'09=CN ;>6:C :5@>A8=0 A<5H0BL A 3 G09=K<8 ;>6:0<8 @K1L53> 68@0. @83>B>2;5==CN A<5AL =0=5AB8 =0 G8ABCN B@O?>G:C 8 ?@8;>68BL : 1>;L=><C
<5ABC.

0 <>7>;L =0;>68BL 8 70:@5?8BL ?>2O7:C A <07LN,
?@83>B>2;5==>9 87 :5@>A8=0, A0E0@=>3> ?5A:0 8
A5;8B@K, 27OBKE 2 @02=KE G0ABOE.
 + /  
7OBL 100 3 >G8I5==>3> :5@>A8=0, 4>1028BL : =5<C
50 3 7>;K G8AB>B5;0 1>;LH>3> 8 =0AB>OBL 2 B5G5=85
10 ACB>: 2 B5<=>< ?@>E;04=>< <5AB5. >;CG5==K9
=0AB>9 2K;8BL 2 M<0;8@>20==CN 5<:>ABL 8 =03@5BL
=0 2>4O=>9 10=5 2 B5G5=85 30 <8=CB. E;0645==>5
A@54AB2> BI0B5;L=> ?@>F548BL G5@57 <0@;52K9
D8;LB@ 8 E@0=8BL 2 5<:>AB8 87 B5<=>3> AB5:;0 ?@8
:><=0B=>9 B5<?5@0BC@5. !<07K20BL MB8< A@54AB2>< >G038 ?>@065=8O 1-2 @070 2 45=L. >;55 MDD5:B82=>5 459AB285 ?@83>B>2;5==0O A<5AL >:07K205B ?>A;5 ?@5420@8B5;L=> ?@8=OB>9 B5?;>9 20==K 4;O ABC?=59. C@A ;5G5=8O ?@>4>;605BAO, :0:
?@028;>, 2 3 =545;8.
1@0B8B5 2=8<0=85, GB> 3>B>28BL 40==>5 A@54AB2> 65;0B5;L=> =0 2>74CE5 8;8 2 ?><5I5=88, 345
<>6=> >15A?5G8BL 4>AB0B>G=> 8=B5=A82=CN 25=B8;OF8N.
52 
'!/  !!
 " " (! !#!")
 5:><5=4C5BAO 8A?>;L7>20BL >1KG=K9 :5@>A8= A
4>102;5=85< ?8EB>2>3> <0A;0 2 ?@>?>@F88 1:1.
!<5AL =0=>A8BL =0 1>;57=5==K9 CG0AB>: 8 :@C3>2K<8 42865=8O<8 2B8@0BL 2 >1;0ABL ACAB020. ;8B5;L=>ABL 2B8@0=8O A>AB02;O5B 10-15 <8=CB. @>F54C@C ?@>2>4OB 5654=52=>, =0 =>GL.
!!"/   !"
 5:><5=4C5BAO 2B8@0BL >@5E>2>-:5@>A8=>2CN =0AB>9:C 2 B> <5AB> :>6=>9 ?>25@E=>AB8, 345 1K;8 ?5@5;><K :>AB59. @>F54C@C ?@>2>4OB A 8=B5@20;>< 2 3
4=O. >A;5 ?@8<5=5=8O 1>;L=>3> A;54C5B C:CB0BL 2
H5@ABO=>5 >45O;> =0 1,5 2 G0A0.
#(+,  !"//, +%
%>@>H89 MDD5:B >:07K205B =0AB>9 87 O45@ 01@8:>A>2 =0 >1KG=>< :5@>A8=5. /4@0 01@8:>A>2 87<5;LG8BL 8 70;8BL :5@>A8=><: 2 AB>;>2K5 ;>6:8
AK@LO =0 200 <; :5@>A8=0. 0AB>OBL A@54AB2> 2
B5<=>< ?@>E;04=>< <5AB5 2 B5G5=85 14 4=59, ?5@8>48G5A:8 2AB@OE820O 5<:>ABL. A?>;L7C5BAO :0:
=0@C6=>5 A@54AB2> 4;O A<07K20=8O ?>2@5645==KE
CG0AB:>2 B5;0.
/   (/)
%>@>H89 MDD5:B 405B ?@85< >G8I5==>3> :5@>A8=0 8 >A>1>3> A1>@0 ;5:0@AB25==KE @0AB5=89. 0==K9 A1>@ 3>B>2OB A;54CNI8< >1@07><.
53 
;020 4
=0G0;5 15@CB @0AB5=8O 2 >?@545;5==>< A>>B=>H5=88:
?;>4K H8?>2=8:0 :>@8G=>3>   2 G0AB8;
:>@=528I5 8 :>@5=L :>?55G=8:0   1 G0ABL;
:>@=528I5 8 :>@5=L
@>48>;K @>7>2>9 (7>;>B>9 :>@5=L)   1 G0ABL.
!B>;>2CN ;>6:C 87<5;LG5==>3> A1>@0 70;820NB 1 AB0:0=>< :8?OG5=>9 2>4K 8 =0AB0820NB 2 B5G5=85 1 G0A0 2 ?;>B=> C:CB0==>9 5<:>AB8. 0B5<
=0AB>9 ?@>F56820NB, 0 >AB0B:8 AK@LO >B68<0NB.
#B@>< =0B>I0: ?@8=8<0NB ?> 1/2 G09=>9 ;>6:8 >G8I5==>3> :5@>A8=0, 70?820O 53> 1 AB0:0=><
?>;CG5==>3> =0AB>O. C@A ;5G5=8O ?@>4>;605BAO
3 =545;8. >A;5 ?5@5@K20 =0 2-3 =545;8 53> <>6=> ?>2B>@8BL.
/  /  ,
+",   ! !!"
 ) /
  /  
 1/2 ; A25653> O1;>G=>3> A>:0 4>1028BL 3 AB>;>2K5 ;>6:8 >G8I5==>3> :5@>A8=0. !@54AB2> ?@8=8<0BL ?> 1 G09=>9 ;>6:5 =0 1 AB0:0= :8?OG5=>9
2>4K 1-2 @070 2 45=L. 5?>A@54AB25==> ?5@54 C?>B@51;5=85< 5<:>ABL A> A<5ALN =5>1E>48<> BI0B5;L=> 271>;B0BL. @>D8;0:B8G5A:89 :C@A ?@>4>;605BAO 6 8 =545;L. -B> A@54AB2> <>6=> ?@8=8<0BL 8 1>;55 4;8B5;L=>5 2@5<O.
=8<0B5;L=K9 G8B0B5;L, =025@=>5, >1@0B8; 2=8<0=85 =0 C?><8=0=85 2 @O45 @5F5?B>2 >@5E>2>-:554 
'!/  !!
@>A8=>2>3> M:AB@0:B0. -B> A@54AB2> >1;0405B ?>8AB8=5 C=8:0;L=K< 459AB285<. ABL 4>AB>25@=K5
A2845B5;LAB20, GB> A ?><>ILN MB>3> C4828B5;L=>3> ?@5?0@0B0 87;5G820;8AL 30AB@8B, ?@>AB0B8B 2
E@>=8G5A:>9 D>@<5, 0@B@8BK @07=>3> ?@>8AE>645=8O, 8H5<8G5A:0O 1>;57=L A5@4F0, F8@@>7 ?5G5=8, 65=A:>5 15A?;>485 8, A0<>5 3;02=>5, >4=0 87
A0<KE AB@0H=KE 1>;57=59   @0:.  4>?>;=5=85
=C6=> A:070BL, GB> >@5E>2>-:5@>A8=>2K9 M:AB@0:B
>1;0405B 5I5 8 8A:;NG8B5;L=K<8 @0=>70682;ONI8<8 A2>9AB20<8.
!5@L57=K5 8A?KB0=8O ?@5?0@0B0 A 01A>;NB=>9
4>AB>25@=>ABLN 4>:070;8, GB> ?@8 C?>B@51;5=88
MB>3> A@54AB2> @57:> ?>2KH05BAO CAB>9G82>ABL
>@30=87<0 : 2>7459AB28O<, 2K7K20NI8< >?CE>;52K9 ?@>F5AA. 0==K9 M:AB@0:B =5 2K7K205B 0;;5@388, =5 >1;0405B B>:A8G5A:8< 459AB285<.  =0AB>OI55 2@5<O ACI5AB2C5B =5A:>;L:> ;5:0@AB25==KE
?@5?0@0B>2, 873>B>2;5==KE =0 >A=>25 >@5E>2>-:5@>A8=>2>9 =0AB>9:8. >;LH8=AB2> A?5F80;8AB>2
AG8B0NB, GB> 0=0;>3>2 MB8< <548:0<5=B0< =5B.
"0: GB> 65 MB> 70 GC45A=K9 M:AB@0:B, :0:85
?>:070=8O >= 8<55B 8 <>6=> ;8 ?@83>B>28BL 53> 2
4><0H=8E CA;>28OE? 1> 2A5< MB><, :0: 8 1K;>
@0=55 >15I0=>, <K ?>3>2>@8< 2 A;54CNI59 3;025. 
<00>/<04> !#,  !
:07K205BAO, > ?>;57=KE A2>9AB20E 3@5F:>3> >@5E0
7=0;8 5I5 2 @52=5<  8<5. <00>25740 .?8B5@0<04>  
B0: 53> 8<5=>20;8 2 B5 2@5<5=0. B>@>5 <00>@>645=85<04> >@5E0 ?@>87>H;> <=>3> ?>765, C65 =5 2 AB>;L
40;5:CN >B =0A M?>EC, :0: @07 :>340 ?>O28;AO :5@>A8=. 1=0@C68;>AL, GB> MB> 3>@NG55 25I5AB2> 2
=5A:>;L:> @07 CA8;8205B F5;51=K5 A2>9AB20 <00>72574K<04>, B0: :0: >1;0405B A?>A>1=>ABLN 3;C1>:> ?@>=8:0BL 2 53> B:0=8. "0: 8 ?>O28;0AL =0AB>9:0 3@5F:>3> >@5E0 =0 :5@>A8=5   A=04>1L5 >B <=>38E 1>;57=59.
-:AB@0:B 75;5=>3> 3@5F:>3> >@5E0, =0AB>O==>3> =0 :5@>A8=5, 2 ?5@2>5 2@5<O ?@8<5=O;8 B>;L:>
=0@C6=> 8 A?0A0;8AL 8< >B ACAB02=KE 1>;59. ! ?>O2;5=85< 48AB8;;8@>20==>3> (0280F8>==>3>) :5@>56 
<00> ! '#<04>
A8=0 AB0;8 3>B>28BL M:AB@0:B, ?@83>4=K9 8 4;O
2=CB@5==53> ?@8<5=5=8O. 4=>9 87 ?5@2KE @5:><5=40F89, ?@54?8AK20NI8E 8A?>;L7>20=85 MB>3>
M:AB@0:B0, 1K;0 A;54CNI0O.
@8=8<0BL >@5E>2>-:5@>A8=>2K9 M:AB@0:B ?>
15 :0?5;L =0 :CA>: A0E0@ (8;8 2 A;04:89 G09).
>:070=> 4;O 2>71C645=8O ;8<D>A>AC4>2 8 >74>@>2;5=8O :@>28. 0@0;;5;L=> 4;O >G8I5=8O 8 C:@5?;5=8O >@30=87<0 =C6=> 3 @070 2 45=L 70 20-
30 <8=CB 4> 54K 2K?820BL ?> 0,5 AB0:0=0 A2568E
>2>I=KE A>:>2 (87 <>@:>28, A25:;K, :0@B>D5;O,
:0?CABK, G5@=>9 @54L:8).
;O ?@>D8;0:B8:8 701>;520=89 8 >1I53> C:@5?;5=8O >@30=87<0 ;5:0@AB2> ?@8=8<0NB ?> 2 3
:0?;8 A :8?OG5=>9 2>4>9 2 3 @070 2 45=L (<>6=> A
?8I59). C@A ;5G5=8O ?@>4>;605BAO 6 =545;L, ?>A;5 G53> =5>1E>48<> A45;0BL 0=0;87 :@>28.
"5E=>;>38O ?@83>B>2;5=8O MB>3> GC4>-A@54AB20
=5 B@51C5B 1>;LH8E CA8;89. K 2?>;=5 <>65B5 A45;0BL MB> A0<>AB>OB5;L=>, A;54CO A;54CNI59 AE5<5.
 "  %- !
-!" "  (% #!/%
5;5=K5 3@5F:85 >@5E8 <>;>G=>9 A?5;>AB8 @07@570BL =0 4>;L:8, =0?>;=8BL 8<8 AB5:;O==CN 10=:C 4>25@EC (<>6=> =0 2/3 ;8B@>2>9 5<:>AB8) 8
70;8BL 48AB8;;8@>20==K< :5@>A8=><. 5:>B>@K5
?@54?>G8B0NB ?@>?CA:0BL >@5E8 G5@57 <OA>@C1:C.
0;55 A;54C5B ?>AB028BL 10=:C A A>45@68<K< 2
B5<=>5 <5AB> =0 21 45=L, ?;>B=> 70:@K2 55 ?>;8MB8;5=>2>9 :@KH:>9.
57 
;020 5
>A;5 =0AB0820=8O 684:>ABL ?@>F56820NB G5@57 G5BK@5 A;>O <0@;8, 0 >AB0B:8 @0AB8B5;L=>3>
AK@LO BI0B5;L=> >B68<0NB G5@57 <0@;N. >B>2>5
A@54AB2> A;820NB 2 5<:>ABL 87 B5<=>3> AB5:;0 8
B0:65 E@0=OB 2 B5<=>< ?@>E;04=>< <5AB5. AB0B:8 AK@LO 2K1@0AK20BL =5 =C6=>. E A:;04K20NB 2
AB5:;O==CN 10=:C 8 E@0=OB 2 B5<=>< ?@>E;04=><
<5AB5. -B8 <00>2K68<:8<04> =570<5=8<K 2 :0G5AB25 =0@C6=>3> A@54AB20: 8E 8A?>;L7CNB 2> 2A5E A;CG0OE,
:>340 =5>1E>48<> C<5=LH8BL >B5: 8 A=OBL 1>;L.
!@>: E@0=5=8O ?@5?0@0B0   >48= 3>4.
0: CB25@640NB A?5F80;8ABK, MB0 =0AB>9:0
?><>305B ?@8 >=:>;>38G5A:8E 701>;520=8OE, ;5G8B
45BA:89 ?0@0;8G, ;8:2848@C5B 0=5<8N, 87102;O5B
>B ?@>ABC4=KE 701>;520=89, ?@8<5=O5BAO ?@8 A0E0@=>< 48015B5.
<5==> =0 >A=>25 A<5A8 >@5E0 8 :5@>A8=0 2
 >AA88 1K;> A>740=> 7=0<5=8B>5 ;5:0@AB2>, 8<5=C5<>5 <00>">48:0<?><<04>.
#", <00>"<04>
<00>BF><<04> MB>3> C=8:0;L=>3> A@54AB20, 402H53> 5<C
687=L 8 8<O, O2;O5BAO 8E08; 5B@>28G ">48:0,
4>F5=B >;402A:>3> 3>AC40@AB25==>3> C=825@A8B5B0... 35>3@0D8G5A:>3> D0:C;LB5B0. 0, 40, >H81:8 745AL =8:0:>9 =5B! ">48:0 459AB28B5;L=> 1K;
?> >1@07>20=8N 35>3@0D><, 0 ?> ?@8720=8N 8 8=B5@5A0<   <548:><.
=4@59 5>@38528G 0;5=:>2, ?@>D5AA>@-18>;>3, 8A?KB0B5;L =>2KE D0@<0:>;>38G5A:8E A@54AB2,
AG8B05B ">48:C 25;8:8< CG5=K<. 564C B5<, 858 
<00> ! '#<04>
E08; 5B@>28G, A>1AB25==> 3>2>@O,   ?@>AB>9 7=0E0@L. #G5=0O AB5?5=L :0=4840B0 =0C: C =53> 5ABL,
=> : <548F8=5 >=0 =5 8<55B =8:0:>3> >B=>H5=8O.
-B>B F5;8B5;L-?@>28=F80; =0 ?@>BO65=88 4204F0B8 ;5B, ?@5=51@530O 70?@5B0<8 >@30=>2 74@02>>E@0=5=8O, ;5G8; ;N459 25AL<0 AB@0==K< ?@5?0@0B>< A>1AB25==>3> 87>1@5B5=8O. A5 MB8 3>4K ">48:0 AG8B0;AO 2 <548F8=A:8E :@C30E, ?> <5=LH59
<5@5, >?0A=K< GC40:><. ! :064K< =>2K< 2K;5G5==K< ?0F85=B>< 8E08; 5B@>28G 2KAB02;O;
A51O, 157>@C6=>3>, ?>4 ?5@5:@5AB=K9 >3>=L 48?;><8@>20==KE G8=>2=8:>2, 157C?@5G=KE 7=0B>:>2
8 15A?@>83@KH=KE @52=8B5;59 38??>:@0B>2>9 70?>2548. 0: ?8A0;8 2> <=>38E 6C@=0;0E B>3> 2@5<5=8: <00>">48:0 ?@5ABC?0; 70:>=, ?CA:0OAL 8AF5;OBL
157 2@0G51=>3> 48?;><0 =0 @C:0E<04>.  MB> 1K;> 459AB28B5;L=> B0:.
!B@0AB8 2>:@C3 ?@5?0@0B0 ">48:8 :8?5;8 =5HCB>G=K5. "> A>N7=K9 8=74@02 4>1820;AO G5@57
?@>:C@0BC@C 70?@5I5=8O 45OB5;L=>AB8 7=0E0@O, B>
?@>:C@0BC@0 2 >G5@54=>9 @07 =0:;04K20;0 25B> =0
@0A?@>AB@0=5=85 ?@5?0@0B0.  B>340 2<5H820;>AL
C?@02;5=85 45;0<8 & :><?0@B88 >;40288: ?@>4>;609, <>;, ;5G8BL, 0 B> 60;>10< 1>;L=KE =5B
:>=F0...  B0:   4204F0BL ;5B: ?5@5<5==0O >1;0G=>ABL A ;53:8<8 ?@>OA=5=8O<8. >AE>4OI85 8 =8AE>4OI85 ?>B>:8 =0G0;LAB25==>9 2>;8 =5 4020;8
?>:>O 15AAB@0H=><C M:A?5@8<5=B0B>@C.  B> 2@5<O :0: 4><0H=OO :0@B>B5:0 ">48:8 ?>?>;=O;0AL
=>2K<8 8AB>@8O<8 GC4>< A?0AH8EAO, 2KA>:85 2@0B0 15;>E0;0B=>3> 254><AB20 >AB020;8AL AB>;L 65
-=5?@8ABC?=K. => 8 ?>=OB=>: E>BL 25AL <8@ 8AF5;8, E>BL ?>:>=G8 =02A5340 A >=:>;>38G5A:8<8 =559 
;020 5
4C30<8, 0 4;O 8=74@020 15748?;><=K9 ;5:0@L
2A5340 1C45B =5 1>;55 G5< H0@;0B0=><.
8E08; 5B@>28G, :0: 8 AC645=> 2A5< ?@>@>:0<, =5 4>68; 4> B>@65AB20 A2>59 8458. >, 1C4CG8 7=0:>< A =4@55< 5>@38528G5< 0;5=:>2K<,
2A5340 2>7;030; =0 =53> 1>;LH85 =04564K. @>D5AA>@ =5 >1<0=C; >6840=8O <00>7=0E0@O<04>.  01>B0O
2 ?>4<>A:>2=><  8=<54?@><0, >=-B0:8 4>18;AO ?@54>AB02;5=8O 8=AB8BCBA:>9 B@81C=K :8H8=52A:><C A0<>CG:5. 0:;NG5=85 02B>@8B5B=>9
:><8AA88 1K;> ?>;>68B5;L=K<! ?5@2K5 70 4204F0BL ;5B.
0 <5AOF 4> A<5@B8 8E08; 5B@>28G 45@60; 2
A2>8E @C:0E ?>4?8A0==>5 0;5=:>2K< ?>4B25@645=85 ?>;>68B5;L=>3> MDD5:B0 >B ?@8<5=5=8O
M:AB@0:B0. = A 2>AB>@3>< @0AA:07K20; 2A5< 6C@=0;8AB0<, 65;0NI8< ;8G=> 27OBL 8=B5@2LN C 35=80;L=>3> ">48:8, :0: >B:@KB85 0;5=:>20 <00>7028A8<>AB8 <564C CAB>9G82>ABLN >@30=87<0 : >1@07>20=8N >?CE>;59 8 A8;>9 AF5?;5=8O :;5B>: 53>
B:0=59<04> A>2?0405B A 53> A>1AB25==>9 38?>B57>9,
>1JOA=ONI59 GC4>459AB25==>ABL ?@5?0@0B0!
>A;5 A<5@B8 3>=8<>3> <00>48;5B0=B0<04> @C:>2>48B5;L >@30=870F88 8=D>@<M;5:B@> 8E08;
<8B@8528G 0;59 27O;AO 70 D8=0=A8@>20=85 GC4>?@5?0@0B0. 5GB0 2A59 687=8 ">48:8 AB0;0 @50;L=>ABLN.
>2>@O >1 MB>< ?@5?0@0B5, 4065 :0:-B> A:CG=>
2 >G5@54=>9 @07 4>:07K20BL, GB> 2A5 35=80;L=>5
?@>AB>.  =0G0;>AL 2A5 A B>3>, GB> 45-;5B=53> 8E08;0 5B@>28G0 ">48:C :@5?:> ?@8E20B8; @048:C;8B. 7=C@5==K9 04A:>9 1>;LN 8 15A?><>I=>ABLN <548F8=K, 8E08; 5B@>28G 4065 ?>4C<K60 
<00> ! '#<04>
20; > A0<>C189AB25. > AB0@K9 A>;40B 27O; A51O 2
@C:8 8 @5H8;: 5A;8 =8:B> ?><>GL =5 <>65B, =C6=>
8A:0BL 2KE>4 A0<><C. >38:0 @07<KH;5=89 =5 >B;8G0;0AL 70<KA;>20B>ABLN.
0:>9 A0<K9 <>I=K9 8AB>G=8: D8B>=F84>2?
>60;C9, 3@5F:89 >@5E (7=0B>:C 8 ;N18B5;N 8AB>@88, 8E08;C 5B@>28GC 1K;> E>@>H> 8725AB=>
> 4@52=5@8<A:>9 <00>725745 .?8B5@0<04>).  :0:>5 A@54AB2> 8<55B A2>9AB2> 3;C1>:> ?@>=8:0BL 2 B:0=8 >@30=87<0? 5=78=, :5@>A8=. 7@K2>>?0A=K9 15=78=
">48:0 A@07C >B<5;, 0 =0 :5@>A8=5 >AB0=>28;AO.
-:AB@0:B :5@>A8=0 A 75;5=K< 3@5F:8< >@5E><  
MB> 1K;> 87>1@5B5=85, ?@84C<0==>5 1C:20;L=> =0
;5BC. !45;0;, ?@>25@8;, ?@8;>68; :><?@5AA : ?>OA=8F5, 8... 1>;L >BABC?8;0! B>@>9, B@5B89, 45AOBK9... >;L =5 25@=C;0AL!
 ?>?CB=> ?@>87>H;> 5I5 >4=> GC4>. !> 2@5<5=
=0G0;0 2>9=K, 1>;LH5 G5B25@B8 25:0 2 O3>48F0E >AB020;8AL 8=D8;LB@0BK >B 15AG8A;5==KE C:>;>2 2
2>5==>< 3>A?8B0;5. =8 @0AA>A0;8AL, E>BO :><?@5AAK AB028;8AL =0 ?>OA=8FC. =0G8B, M:AB@0:B ?>156405B >?CE>;8? @><5 B>3>, ">48:0 24@C3 70<5B8;,
GB> :C40-B> ?>4520;8AL ?@>ABC4K. @5645 D0B0;L=> @53C;O@=K5, :0: A<5=0 2@5<5= 3>40 (?>A;54AB28O
1942 3>40, :>340 70<5@70; 4> ?>;CA<5@B8 2 AB5?8
<564C >;3>9 8 >=><), >=8 CH;8 =0A>2A5<.
-DD5:B82=>ABL 8=4C:B82=>3> <5B>40 1K;0 =0;8F>! !;CG052 87;5G5=8O 4@C38E ;N459 1K;> ?@54>AB0B>G=>   70 @048:C;8B>< 8 ?@>ABC4>9 ?>A;54>20;8 30AB@8BK, ?@>AB0B8BK, 0@B@8BK, ?85;>=5D@8BK, 38?5@B>=8O, A:;5@>7, B@><1>D;518BK, 8H5<8O, H87>D@5=8O, F8@@>7, >B45;L=K5 284K 15A?;>48O, 0 B0:65 <00>G5@=K9 45<>=<04> 2A5E =54C3>2   @0:.
61 
;020 5
!?8A>: 1>;57=59   2?>;=5 4>AB0B>G=K9, GB>1K
;81> :045<8N <548F8=A:8E =0C: ?5@5?@>D8;8@>20BL =0 :5@>A8=, ;81> >B?@028BL ">48:C : ?A8E>B5@0?52BC.  07C<55BAO, >ACI5AB28;>AL 2B>@>5,
254L 2 ?@8@>45 2A5340 ?@>8AE>48B B>, GB> B@51C5B
<8=8<C<0 M=5@3>70B@0B.
>:0 4@C7LO 8 A>A;C682FK ">48:8 B8E> 87102;O;8AL >B @048:C;8B>2 8 ?@>AB0B8B>2, <548F8=A:85 254><AB20 >A>1> =5 2>;=>20;8AL. > ?5@2K9 65 8AF5;82H89AO >B @0:0 AB0; A83=0;>< : 0B0:5 =0 7=0E0@O.
 :0@B>B5:5 4><>@>I5==>3> <548:0 AB0;8 A:0?;820BLAO 1;03>40@AB25==K5 ?8AL<0 >B @0=55 >1@5G5==KE 8 ?> ACI5AB2C 2>A:@5AH8E. 8E08; 5B@>28G @04>20;AO 8 =8 > G5< 1>;LH5 =5 ?><KH;O;.
"5< 2@5<5=5< >B7K2K 87 8=74@020 AB0=>28;8AL
2A5 @57G5. 0: MB> B0:: 4020BL ;N4O< :5@>A8=, 40
5I5 2=CB@L? 54L MB> 65 :0=F5@>35=!
  > 254L G5;>25: 682, E>BO 4>;65= 1K; C<5@5BL!   A?>@8; ">48:0.
  A5 @02=> =5;L7O: :5@>A8= 2@545=,   =5?@5:;>==> >B25G0;8 ;N48 2 15;KE E0;0B0E.
  %>@>H>,   3>2>@8; ;5:0@L-A0<>CG:0,   4>?CAB8<. > 254L 8 E;>@ 2@545=.  2>B =0B@89-E;>@
C65 =5B, MB>   >1KG=0O ?>20@5==0O A>;L. "0: 8
:5@>A8=>2K9 M:AB@0:B >@5E0 A>2A5< =5 B> 65 A0<>5, GB> :5@>A8=...
> 4>;3>5 2@5<O : 0@3C<5=B0< ">48:8 <0;> :B>
?@8A;CH820;AO.
"0: C6 ?>25;>AL, GB> 42830B5;5< =0C:8 O2;ONBAO, A:>@55, =5 D0:BK, 0 02B>@8B5BK. A>7=02 MB>,
8E08; 5B@>28G 2 ?>;5<8:5 A 8=74@02>< >?5@8@>20; =5 AB>;L:> :0@B>B5:>9, 8 C6 B5< 1>;55 =5
38?>B57>9 > 2>AAB0=>2;5=88 A2O759 <564C =59@>62 
<00> ! '#<04>
=0<8, => 1>;LH5 02B>3@0D0<8 :>A<>=02B0 >?>28G0 8 ?52F0 >17>=0, 1;03>40@AB25==K<8 ?8AL<0<8 0:045<8:0 0@GC:0 8 ?>MB0 H0=8=0, E>40B09AB20<8 87 8=>3>@>4=8E >=:>48A?0=A5@>2 8 ?@87=0=8O<8 87;5G82H8EAO 4>:B>@>2.
">48:0 459AB2>20; ?@028;L=>. = <>3 157 CAB0;8 2 <8=8AB5@A:8E :018=5B0E AAK;0BLAO =0 ?5@5AB02H53> 708:0BLAO 8725AB=>3> ?>MB0 (8 =0 MB> A?>A>15= >@5E A :5@>A8=><!), 0 :>340 >??>=5=BK 4>A04;82> >B<0E820;8AL, 4>AB020; 87 ?>@BD5;O A2845B5;LAB2> <>A:>2A:>3> =59@>E8@C@30 ><0@>20,
:>B>@K9, ?@>>?5@8@>202 452>G:C 87 "8@0A?>;O =0
?@54<5B >?CE>;8 <>730, >1=0@C68; ;8HL 3=>9=K5
B@C1:8, 70?>;=82H85 ?>;>AB8 1K2H8E <5B0AB07,  
@57C;LB0B 459AB28O ?@5?0@0B0 ">48:8.
@>D5AA>@ 0;5=:>2, 548=><KH;5==8: 8 ?>A;54>20B5;L <>;402A:>3> 7=0E0@O, =07K205B 020=BN@87< F5;8B5;O ?>4283><, =>, A>60;5O > =5?@87=0==>AB8 2 H8@>:8E :@C30E ;5:0@AB20, ?@87=05B,
GB> ?>-4@C3><C 8 1KBL =5 <>3;>. <00>45O   >4=>, 0
:5@>A8=   4@C3>5,   B@572> @0AAC6405B =4@59
5>@38528G.   4>1@OO 845N, =5;L7O ?@8=OBL 55
:>=:@5B=>5 2>?;>I5=85. B 35=80;L=>3> ?@>7@5=8O 8E08;0 5B@>28G0 4> AB0=40@B87>20==>3>
0?@>18@>20==>3> ?@5?0@0B0   >3@><=K9 ?CBL<04>.
?KBK =0 >157LO=0E ?>:070;8, GB> =>2K9 ?@5?0@0B =5 >:07K205B =530B82=>3> 2;8O=8O =0 74>@>2L5 8 C:@5?;O5B 8<<C=8B5B >@30=87<0.  >?KBK =0
<KH0E, :@KA0E, :@>;8:0E 8 <>@A:8E A28=:0E ?@8OB=> C4828;8: <00>B>48:0<?<04> 2 H5ABL @07 A=878; A;CG08 3815;8 M<1@8>=>2 8 2@>645==KE C@>4AB2.
45O ">48:8 A>E@0=8;0AL, => ?@5?0@0B, 2 8B>35, 1K; A>740= =>2K9, AB0=40@B878@>20==K9, =5
63 
;020 5
B>:A8G=K9 8 A>E@0=82H89 2A5 :0G5AB20 ?5@2>=0G0;L=>3> 20@80=B0 M:AB@0:B0. KO28;8AL 8 @0=55
=58725AB=K5 4>AB>8=AB20. <00>">48:0<?<04> (?><=O >
70A;C30E ;5:0@O, ?@5?0@0B =0720;8 8<5==> B0:)
>:070;AO A0<K< ;CGH8< @0=>70682;ONI8< A@54AB2><, >= ?@527>H5; 2A5 8725AB=K5 <548:0<5=BK.
!@54AB2> AB018;878@C5B B:0=52K5 A8AB5<K, B> 5ABL
?>2KH05B CAB>9G82>ABL B:0=59 : 2>7459AB28O<,
2K7K20NI8< >?CE>;8.  MB> 7=0G8B, GB> 2 1;8609H59 ?5@A?5:B825 <00>B>48:0<?<04>   459AB25==>5
?@>D8;0:B8G5A:>5 A@54AB2> >B AB@0H=>9 1>;57=8.
<00>>=>?>;8O 8=74@020 8 8=<54?@><0 >1KG=>
48:BC5B CE>4 >B A;>6=KE, =58725AB=KE ?@5?0@0B>2,
:>B>@K5 <>3CB A>AB028BL :>=:C@5=F8N 2A5< =K=5
ACI5AB2CNI8<,   3>2>@8B ?@>D5AA>@ 0;5=:>2.  
 =0H5< 65 A;CG05 =5 1K;> 3;02=>3>   =8:0:>9
?@5427OB>AB8. / C25@5=, GB> >4=0 87 ?@8G8= =587;5G8<>AB8 @0:0   C25@5==>ABL ;N459 2 MB><<04>.
B0:, A>740=> =>2>5 ;5:0@AB2>, >15I0NI55 87102;5=85 >B <=>38E E@>=8G5A:8E 8 B@C4=> 87;5G8<KE 1>;57=59. > =5 B>;L:>. <00>">48:0<?<04> 70<5G0B5;5= 5I5 8 B5<, GB> >= ?>72>;O5B =045OBLAO =0
=5?@O<>9 ?>4E>4 : >=:>;>388. = 1>@5BAO =5 A
>?CE>;LN :0: B0:>2>9, 0 A ?@8G8=0<8, 55 2K7K20NI8<8. >;CG5=0 =5 ?0=0F5O >B @0:0, 0 >A=>20 B>3>
A5<59AB20 ?@5?0@0B>2, A ?><>ILN :>B>@KE <>6=>
C:@5?;OBL 70I8B=K5 A8;K >@30=87<0 1>;L=>3>.
  <00>"<04>
0AB>9:0 ?@54AB02;O5B A>1>9 A25B;CN A 70?0E>< :5@>A8=0 684:>ABL A @KE;K< >A04:>< (:>B>@K9 >1@07C5B >@5E). 5@>A8= :0: @0AB2>@8B5;L A>64 740B5;LAB2> <00>!,<04>   0G5AB25==K5 :=838 > 74>@>2L5 
<00> ! '# <00>
E@0=O5B 3>@NG5ABL, B5:CG5ABL 8 ?@>=8F05<>ABL, =>
=0 2:CA =5 ?@>O2;O5B A2>N >AB@>BC 8 @074@060NI85 4;O 682>9 B:0=8 A2>9AB20. >B>2>5 A@54AB2>
?@54AB02;O5B A>1>9 A;53:0 <0A;O=8ABCN, @0AB5:0NICNAO 684:>ABL, :>B>@0O E>@>H> 2?8BK205BAO
?@8 2B8@0=88 2 :>6C. @8<5=O5BAO ;5:0@AB2> =0@C6=>, 2=CB@L 8 2 @07;8G=KE :><18=0F8OE A 4@C38<8 <548:0<5=B0<8, 2 7028A8<>AB8 >B 701>;520=8O. @8 ?@>2545=88 ?@>F54C@ A 8A?>;L7>20=85<
<00>B>48:0<?0<04> A;54C5B CG8BK20BL A;54CNI85 @5:><5=40F88 8 ?>:070=8O.
0@C6=>5 ?@8<5=5=85
(?@8<>G:8, 2B8@0=8O, :><?@5AAK)
"  ><?@5AA A=8<05BAO A@07C ?>A;5 >16830NI53> >ICI5=8O 2> 871560=85 >6>30 :>68. B8@0=85 <>6=> ?@>2>48BL 2-3 @070 2 45=L, 45;0O ACB>G=K5 ?5@5@K2K.
"  @8<>G:0 ?@8:;04K205BAO =5?>A@54AB25==>
=0 @0=K, O72K, >?CE>;8, :@>2>?>4B5:8 8 ?>@065==K5 CG0AB:8 :>68.
"  1KG=> A0;D5B:C A ;5:0@AB2>< =5 A=8<0NB A
@0=K, 0 2@5<O >B 2@5<5=8 ?>4<0G820NB, GB>1K =5
?>2@548BL =>2CN B:0=L ?@8 70682;5=88.
"  B8@0=85 ?@5?0@0B0 2 :>6C 3>;>2K ;53:8<8
3 <0AA8@CNI8<8 42865=8O<8 @5:><5=4C5BAO ?@8 2K?045=88 2>;>A. @>F54C@C =04> ?>2B>@OBL G5@57
45=L.
"  @8 A<07K20=88 8;8 70:0?K20=88 ;5:0@AB20
2 =>A ?> 2 @070 2 45=L 2 B5G5=85 42CE ACB>: 8AG570NB =0A<>@: 8 ?>;8?K.
"  09<>@8BK 8 D@>=B8BK ?@>E>4OB ?@8 2 3-:@0B=>< A<07K20=88 A:C; 8 ;10 2 B5G5=85 3-5 4=59.
6 5 
;020 5
"  >60 ;8F0 >G8I05BAO >B C3@59, ?@KI59, ?>@57>2, :@>2>?>4B5:>2, A8=O:>2 ?@8 B@5E@07>2><
5654=52=>< 2B8@0=88 ;5:0@AB20 70 2 3 4=O.
"  KH5G=K5 1>;8 A AC4>@>30<8, :>6=K5 2KAK?0=8O 8 7C4, ?>B;82>ABL, 3@81:>2K5 ?>@065=8O
:>=5G=>AB59 8 4@C385 =54C38 8AF5;ONBAO A ?5@2>3> @070 (8;8 ?>AB5?5==>) ?CB5< 2B8@0=8O, ?@8:;04K20=8O ?@8<>G5: 8;8 :@0B:>2@5<5==KE :><?@5AA>2.
=CB@5==55 ?@8<5=5=85
"  "5<, :B> =5 2>A?@8=8<05B 70?0E :5@>A8=0 8;8
8<55B 0;;5@38N =0 >@5E, ?@>B82>?>:070=> ?@8=8<0BL =0AB>9:C 2=CB@L.
"  0AB>9:0 ?@8<5=O5BAO 2 :0?;OE 8;8 G09=K<8 ;>6:0<8 ?5@54 54>9 70 ?>;G0A0.
"  @85< A;54C5B =0G8=0BL A 5 6 :0?5;L CB@><
8 25G5@>< 4> 54K, 4>102;OO 5654=52=> ?> :0?;5,
4>254O >1J5< 4> 15 :0?5;L (GB> ?@8@02=8205BAO :
1 G09=>9 ;>6:5) 2 ?5@2CN =545;N.  B5G5=85 2B>@>9 =545;8 (0 ?@8 =5>1E>48<>AB8   B@5BLN 8 G5B25@BCN) <>6=> ?@8=8<0BL ?> 15 :0?5;L. @8 7025@H5=88 :C@A0 =C6=> ?>AB5?5==> C<5=LH0BL 4>78@>2:C ?> :0?;5 2 45=L, 4>254O ?>B@51;O5<K9 >1J5< A@54AB20 4> 5 :0?5;L.  >A>1KE A;CG0OE <>6=>
?@>4>;60BL ;5G5=85 8 1>;55 4;8B5;L=>5 2@5<O A
B@5E@07>2K< ?@85<>< ?> 15 :0?5;L A =545;L=K<8
?5@5@K20<8 G5@57 :064K9 <5AOF.
"  0AB>9:0 >:07K205B A8;L=>5 ?@>B82>2>A?0;8B5;L=>5 459AB285. > =C6=> 1KBL >AB>@>6=K<:
B>;L:> :@0B:>2@5<5==>5 A>?@8:>A=>25=85 A;878AB>9 ?>;>AB8 @B0 A F5;51=>9 684:>ABLN (?>;>A:0=85, >1;87K20=85 O7K:>< A ?>A;54CNI8< 3;>B066 
<00> ! '#<04>
=85< ?>@F88 ;5:0@AB20) ?><>305B ?@8 2>A?0;5=88
3C1, 45A5=, O7K:0, 3;>B:8 8 3>@B0=8.
"  >A;54AB28O >6>3>2 ?>;>AB8 @B0, O7K:0, 3;>B:8, 3>@B0=8, ?8I52>40 8 65;C4:0 3>@OG59 ?8I59 8
4@C38<8 A8;L=K<8 @074@068B5;O<8 ?@8 8A?>;L7>20=88 <00>B>48:0<?0<04> ?@>E>4OB 1KAB@55, <O3G5 8 ;53G5
1;03>40@O <0A;O=8AB>AB8 8 @0=>70682;ONI8<
A2>9AB20< ?@5?0@0B0.
"  0<5G5=>, GB> E@8?K 2 3>;>A5 C ?52F>2 8 A;8H:>< 0:B82=KE >@0B>@>2 ?@8 ?@>ABC45 8;8 ?5@53@C7:5 3>;>A>2KE A2O7>: 8 <5<1@0= ?@>E>4OB ?>A;5 2-3 ?>;>A:0=89 ;5:0@AB2>< 3>@;0 8 3>@B0=8.
"  >;>68B5;L=>5 459AB285 ;5:0@AB20 >B<5G5=>
C 1>;L=KE A >AB@K<8 8 E@>=8G5A:8<8 2>A?0;8B5;L=K<8 ?@>F5AA0<8 2 65;C4:5 8 :8H5G=8:5. >A;5
=5:>B>@>9 @073@C7:8 (2>745@60=85 >B 3@C1>9 8
>18;L=>9 ?8I8) ?@85< ;5:0@AB20 ?> 1 G09=>9 ;>6:5 CB@>< 8 25G5@>< 4> 54K CAB@0=O5B =0@CH5=8O
?8I520@5=8O, =0;068205B ?5@8AB0;LB8:C, 87102;O5B >B 70?>@>2 8 >1;53G05B 2K2545=85 307>2.
"  0G0;L=K5 ?@87=0:8 35<>@@>O A :@>2>B5G5=85<, B@5I8=K 704=53> ?@>E>40, ?>;8?>2K5 8 :8AB52K5 >1@07>20=8O 8AG570NB ?@8 @53C;O@=>< ?@85<5
;5:0@AB20 2 B5G5=85 10-15 4=59.
"  5G51=K5 A2>9AB20 <00>B>48:0<?0<04> ?@82;5:0NB
2=8<0=85 1>;L=KE A A>AC48ABK<8 ?>@065=8O<8
=86=8E :>=5G=>AB59. 0 =0G0;L=KE AB048OE 701>;520=89 A>AC4>2 (1>;8, AC4>@>38, ?5@2K5 ?@87=0:8 20@8:>70) ?@8<5=5=85 MB>3> ?@5?0@0B0 >A>15==> MDD5:B82=>. 654=52=K5 2B8@0=8O ?> 2-3 @070
2 ?>@065==K5 <5AB0, ?@8<>G:8 8 ?>:>9 2 B5G5=85
3-5 4=59 CAB@0=ONB ?5@2K5 A8<?B><K, 2>AAB0=02-
| ;820O 74>@>2L5. #65 >D>@<82H85AO 20@8:>7K =5
67 
;020 5
8AG570NB, => A ?><>ILN <00>B>48:0<?0<04> <>6=> ?@54>B2@0B8BL >1@07>20=85 B@><1>D;518B>2. 654=52=K5 2B8@0=8O CB@>< 8 25G5@><, ?@8<>G:8 8 ?>:>9
?@82>4OB : A?04C >B5G=>AB8, C<5=LH5=8N =0?@O65=8O :>68 8 70682;5=8N B@5I8= 8 O72.
=8<0=85!
A5 A:070==>5 >B=>A8BAO 8<5==> : <00>B>48:0<?C<04>   ?@5?0@0BC, 873>B>2;5==><C 2 A>>B25BAB288 A ?0B5=B><, 0 =5 : A0<>45;L=K< =0AB>9:0<
3@5F:8E >@5E>2 =0 :5@>A8=5! 54L 2 <00>B>48:0<?5<04> 8A?>;L7C5BAO =5 :5@>A8=, 0 A?5F80;L=K9 @0AB2>@8B5;L, B>==C :>B>@>3> ?CB5< ?OB8:@0B=>9
?5@53>=:8 ?>;CG0NB 87 20 B :5@>A8=0. @8 MB><
C405BAO 871028BLAO >B B>:A8G=KE 4;O ?5G5=8 ?>;8F8:;8G5A:8E C3;52>4>@>4>2. @><5 B>3>, 2
<00>B>48:0<?5 <00>, 1;03>40@O A?5F80;L=>9 MDD5:B82=>9 B5E=>;>388, C405BAO 4>AB8GL 7=0G8B5;L=>
1>;55 2KA>:>9 :>=F5=B@0F88 0:B82=>3> =0G0;0, 872;5:05<>3> 87 3@5F:8E >@5E>2, G5< ?@8
<00>4><0H=59 <00> ?@>F54C@5.
B7K2>2 >1 C4828B5;L=KE A2>9AB20E <00>B>48:0<?0<04>, @0AA:07>2 >1 >?KB5 53> 8A?>;L7>20=8O >G5=L
<=>3>. >;LHCN G0ABL 8E A>AB02;ONB 2>AB>@65==K5 8 ?>78B82=K5. >, :0: 2K ?><=8B5, 2 =0G0;5
:=838 <K 4>3>2>@8;8AL :> 2A5<C ?>4E>48BL >1J5:B82=> 8 =5 ?>;030BLAO A;5?> =0 G59-B> >?KB. >MB><C =5;8H=8< 1C45B >B<5B8BL @54:85, => 2A5 65
D0:BK A><=5=8O ;N459, 8<52H8E >?KB ?@8<5=5=8O GC4>-A@54AB20.
0 >4=>< 87 D>@C<>2, ACI5AB2CNI8E =0 <=>38E <548F8=A:8E A09B0E 2 =B5@=5B5, <=5 :0:-B>
?>?0;>AL >4=> ?8AL<>. 3> 02B>@ 8A?@>1>20; MB>B
68 
<00> ! '#<04>
?@5?0@0B =0 A515 8, 2 ?@8=F8?5, =5 >B@8F05B 53>
?>;57=KE A2>9AB2. > 2 B> 65 2@5<O 53> >15A?>:>8;0 >4=0 25IL, :>B>@>9 >= 8 @5H8; ?>45;8BLAO A
4@C38<8 ;N4L<8: <00>/ 70<5B8;, GB> 2 10=:0E, 345
E@0=8;AO  B>48:0<?", ?@8 4;8B5;L=>< 53> E@0=5=88
2 B5?;5 =0 ?;>40E 75;5=>3> 3@5F:>3> >@5E0 <>65B
@072820BLAO :0:>9-B> ?;5A5=5>1@07=K9 3@81>:. BAN40 O A45;0; 2K2>4, GB> ?@5?0@0B =5 O2;O5BAO 8450;L=K< D8B>=F84><, B> 5ABL O4><, ?> :@09=59 <5@5,
4;O =5:>B>@KE 3@81>2.  2>B =0AB>9:8 >@5E>2 =0
2>4:5 ?>4>1=>3> @>AB0 3@81:0 =5 >1@07CNB...<00>
><<5=B0@852 : MB><C 2KA:07K20=8N A?5F80;8ABK =5 40NB. > :>340 @5GL 845B > 74>@>2L5,
=C6=> CG8BK20BL 01A>;NB=> 2A5 D0:BK.
=8<0=85!
"  <00>">48:0<?<04> =5;L7O A>2<5I0BL A ?A8E>B@>?=K<8 A@54AB20<8. @5?0@0B A0< ?> A515 O2;O5BAO A8;L=K< >1571>;820NI8<, CA?>:0820NI8< =5@2=CN A8AB5<C (>BAN40   A>=;82>ABL 2> 2@5<O :C@A0 ;5G5=8O).
"  !;54C5B 871530BL >4=>2@5<5==>3> ?@85<0
<00>B>48:0<?0<04> 8 <548:0<5=B>2, ?>=860NI8E
402;5=85: <>65B ?@>87>9B8 A;8H:>< @57:89
<00>A:0G>:<04> 2=87. -B> =5 A<5@B5;L=>, => >?0A=> 4;O ;N459 A> A;01K< A5@4F5<.
"  @5?0@0B =5A>2<5AB8< A 0;:>3>;5<.
"  5G5=85 <00>B>48:0<?><<04> =5A>2<5AB8<> A ?@51K20=85< =0 A>;=F5, ?5@5CB><;5=85<, AB@5AA0<8.
"  > 2@5<O ?@>E>645=8O :C@A0 ;5G5=8O 40==K< A@54AB2>< 8 2 B5G5=85 ?@81;878B5;L=>
1 2 ;5B ?>A;5 MB>3> =5;L7O =0E>48BLAO ?>4
?@O<K<8 ;CG0<8 A>;=F0.
69 
;020 5
(  
'5;>25:, :0: 8725AB=>, @54:> C4>2;5B2>@O5BAO B5<,
GB> 8<55B. > 2 @O45 A;CG052 MB> ?@8=>A8B A2>8
?;>4K. "0: A;CG8;>AL 8 A :5@>A8=><. &5;51=K5
A2>9AB20 MB>3> 25I5AB20 ?@8>1@5;8 5I5 1>;LHCN
A8;C, :>340 >48= ;5:0@L-A0<>CG:0 4>3040;AO A>548=8BL 53> A M:AB@0:B>< 3@5F:>3> >@5E0. !>AB02
70B5< 1K; CA>25@H5=AB2>20= ?@8 A>740=88 8725AB=>3> <548:0<5=B0, > :>B>@>< <K <=>3> 3>2>@8;8 =0 AB@0=8F0E MB>9 :=838. > 8 =0 MB>< <00>72574=0O<04> :0@L5@0 4CMB0 :5@>A8=0 8 >@5E0 =5 70:>=G8;0AL. 5A:>;L:> ;5B =0704 >=0 ?5@568;0 =>2K9
27;5B: ?>O28;8AL 5I5 420 ?@5?0@0B0, A>45@60I85
>@5E>2>-:5@>A8=>2K9 M:AB@0:B,   <00>D8B>48:<04> 8
<00>B>48:;0@:<04>.
45O 8E A>740=8O 1K;0, :0: 8 2A5 ?@54K4CI85,
?@>AB0, => A@07C 65 ?@8>1@5;0 <0AAC ?>:;>==8:>2.
 =5A?@>AB0: MDD5:B82=>ABL 8A?>;L7>20=8O =>2KE
?@5?0@0B>2 1K;0 ?>4B25@645=0 <><5=B0;L=>.
B0:, GB> 65 A>1>9 ?@54AB02;ONB MB8 ;5:0@AB20?
<00>$8B>48:<04>
A=>2>9 ?@5?0@0B0 O2;O5BAO 2A5 B0 65 >@5E>2>:5@>A8=>20O =0AB>9:0, => 2 =55 4>102;5=K ?>;K=L,
?>G:8 B>?>;O 8;8 15@57K, G5A=>:, <8@B, ;02@>28H=O 8 M2:0;8?B. &5;51=0O A<5AL G@572KG09=> E>@>H0
4;O ?@83>B>2;5=8O @07;8G=KE <0759 A ?><>ILN 3;8=K, B0;L:0, 45BA:>9 ?@8AK?:8 8;8 :@0E<0;0.
5>1E>48<> @07<5H0BL 100 3 <00>D8B>48:0<04> A @076865==>9 2>4>9 8 <0752>9 >A=>2>9 4> A>AB>O=8O
A<5B0=K. ;O =0@C6=>9 0??;8:0F88 8A?>;L7>20BL
1-2 G09=K5 ;>6:8 A@54AB20 1 2 @070 2 45=L.
70 
<00> ! '#<04>
07L B0:65 <>6=> ?@8<5=OBL ?@8 2=CB@5==8E,
=53;C1>:> @0A?>;>65==KE >?CE>;OE (D81@>:8AB>7=KE <0AB>?0B8OE, >AB5><=KE A0@:><0E, 0 B0:65 ?@8
A0@:><0B>75 ;53:8E), =0=>AO ?@5?0@0B =04 @0A?>;>65==>9 2 3;C18=5 >?CE>;LN.
<00>" <04>
-B> ;5:0@AB2> O2;O5BAO ?@0:B8G5A:8 B>G=K<
0=0;>3>< <00>B>48:0<?0<04>, => 5A;8 2 ?>A;54=5< 8A?>;L7C5BAO 75;5=K9 3@5F:89 >@5E, B> 2 =>2>< ?@5?0@0B5 =0H5; ?@8<5=5=85 G5@=K9   <00>0<5@8:0=A:89 @>4AB25==8:<04> 3@5F:>3>. 5:>B>@K5 ?>:;>==8:8 :5@>A8=>B5@0?88 AG8B0NB, GB> =0AB>9:C 87
:5@>A8=0 ;CGH5 45;0BL A MB8< 284>< >@5E0.
>?C;O@=>ABL G5@=><C >@5EC 2 >1;0AB8 >=:>;>388 8 <548F8=K 2 F5;>< ?@8=5A;8 8AA;54>20=8O
0<5@8:0=A:>3> 2@0G0 X. ;0@:. =0 ?@54;>68;0
=0AB>9:C G5@=>3> >@5E0 =0 2>4:5. #G8BK20O 8458
">48:0 8 ;0@:, 0 B0:65 ?@>254O ?>2B>@=K5 0=0;87K ACI5AB2CNI8E 2 :5@>A8=>B5@0?88 <5B>48:, 3@C??0 @>AA89A:8E <548:>2 A>740;0 =>2>5 ;5:0@AB2>.
 =5< A>548=8;8AL ?@58<CI5AB20 2A5E ?@54K4CI8E
?@5?0@0B>2 =0 >A=>25 :5@>A8=0 8 >@5E0. 0AB>9:0
G5@=>3> >@5E0 =0 :5@>A8=5, ?@>872545==0O ?> >A>1K< B5E=>;>38O<, ?>;CG8;0 =0720=85 <00>B>48:;0@:<04>.
@0:B8:0 ?>:07K205B, GB> <00>B>48:;0@:<04> 7=0G8B5;L=> A8;L=55 8 ;CGH5, G5< <00>B>48:0<?<04>. !?5F80;8ABK @5:><5=4CNB ?@8<5=OBL 2<5AB5 A MB8< A@54AB2>< ?>@>H>: 87 B@02 ?>;K=8, 32>748:8 8 ?86<K
?> 1/3 8;8 1/2 G09=>9 ;>6:8. "@02K <>6=> ?8BL 4>
8;8 ?>A;5 C?>B@51;5=8O <00>B>48:;0@:0<04>.  A;CG05 5A;8
?>@>H>: ?>;K=8 8;8 4@C38E B@02 ?;>E> 2>A?@8=8<05BAO, 8E <>6=> 70:0BK20BL 2 <O:8H 87 E;510.
71 
;020 5
@8=8<0NB <00>B>48:;0@:<04> G0I5 2A53> ?> 30 :0?5;L 3 @070 2 45=L 4> 54K. C@A   <5AOF, ?>A;5
G53> 45;0NB ?5@5@K2 =0 1 <5AOF.  3>4 ?@>2>4OB
>:>;> 3 :C@A>2. @8 >=:>;>38G5A:8E 701>;520=8OE 4>7C <>6=> ?>2KH0BL 4> 1 G09=>9 ;>6:8 3 @070
2 45=L.
<00>/ +'  !!<00>
>A5I5=85 D>@C<>2 =0 <548F8=A:8E =B5@=5BA09B0E <>65B 1KBL >G5=L ?>;57=K<, B0: :0: ;N48
=0 =8E G0AB> 45;OBAO A2>8< >?KB>< 1>@L1K A B5<
8;8 8=K< =54C3><. @82545==K9 =865 @0AA:07
?@54AB02;O5B A>1>9 8AB>@8N 1>;57=8, > :>B>@>9
1K;> ?>2540=> =0 >4=>< 87 B0:8E A09B>2.
# 65=I8=K >1=0@C68;8 @0: ?>465;C4>G=>9
65;57K. @8 MB>< >=0 AB@040;0 >B 70?>@>2 8 O72K
425=04F0B8?5@AB=>9 :8H:8. B >?5@0F88 1>;L=0O
>B:070;0AL. '5@57 7=0:><KE 2KH;0 =0 CG5=>3> 8
2@0G0 . . 0;5=:>20 (B>3> A0<>3>, :>B>@K9 CA>25@H5=AB2>20; 87>1@5B5=85 ">48:0) 8 =0G0;0 ;5G8BLAO >@5E>2>-:5@>A8=>2>9 =0AB>9:>9.  57C;LB0B
?@527>H5; 2A5 >6840=8O, 8 65=I8=0 ?>B>< 45;8;0AL A> 2A5<8 7=0:><K<8 <5B>48:>9, :>B>@CN 8A?KB0;0 =0 A515. A=>2=0O AE5<0 459AB289 70:;NG0;0AL 2 5654=52=>< ?@8=OB88 >?@545;5==>3> :>;8G5AB20 :0?5;L A@54AB20 CB@><, 4=5< 8 25G5@>< 70
20 <8=CB 4> 54K, =8G5< =5 70?820O 53>.
5@2K9 :C@A:
1-O =545;O   ?> 20 :0?5;L;
2-O =545;O   ?> 30 :0?5;L;
3-O 8 4-O =545;O   ?> 40 :0?5;L.
72 
<00> ! '#<04>
B>@>9 :C@A:
1-O =545;O   ?> 1 G09=>9 ;>6:5;
2, 3, 4-O =545;8   ?> 1 45A5@B=>9 ;>6:5.
<00>0 2B>@>9 =545;5 ;5G5=8O AB0;> ?;>E>,   @0AA:07K205B 65=I8=0.   0G0;AO ?>=>A A> A;87LN,
:@>2LN, :0:8<8-B> 15;K<8 =8BO<8<04>. ( 5GL, 2848<>, H;0 > 48A10:B5@8>7=>< :0=484>75, AC4O ?>
:><<5=B0@8N MB>9 8AB>@88 :0=4840B0 <548F8=A:8E
=0C: . . 0@1C7>20.)
<00>>;8 1K;8 AB@0H=K5, ?@8ABC?K 15A:>=5G=K5.
/ ?>B5@O;0 25@C 2 ;5G5=85, => ?@>4>;68;0 ?@85<
?@5?0@0B0 8 ?>H;0 =0 B@5B89 :C@A<04>.
"@5B89 :C@A:
1-O =545;O   ?> 20 :0?5;L;
2-O =545;O   ?> 30 :0?5;L;
3-O =545;O   ?> 40 :0?5;L;
4-O =545;O   ?> 1 G09=>9 ;>6:5.
<00> :>=F5 B@5BL53> :C@A0 O 24@C3 >ICB8;0 C;CGH5=85,   2A?><8=05B 65=I8=0,   70B5< >A>7=0;0, GB> =0G0;0 2K74>@02;820BL<04>.
5G5=85 >@5E>2>-:5@>A8=>2>9 =0AB>9:>9 8AF5;82H0OAO ?>2B>@8;0 G5@57 ?>;3>40, 0 70B5< 5I5
@07   G5@57 3>4, 4;O ?@>D8;0:B8:8. A5 <548F8=A:85 0=0;87K ?>:070;8 >BACBAB285 >?CE>;8.
0: ?>B>< 70<5B8; . . 0@1C7>2, 0=0;878@CNI89 @0AA:07 >=:>;>38G5A:>9 1>;L=>9, C:070==K9
5N ?5@5@K2 2 B5G5=85 ?>;C3>40 1K; G@57<5@=K<.
<00>">;L:> ?>A;5 B@5E:@0B=KE <5AOG=KE :C@A>2 <>6=>
A45;0BL ?5@5@K2 =0 ?>;3>40,   AG8B05B <548:.  
/ 1K ?>@5:><5=4>20; 40==K9 ?@5?0@0B G5@54>20BL
A =0AB>9:>9 G5@=>3> >@5E0 =0 2>4:5<04>.
73 
;020 5
@8254C 5I5 >48= A;CG09 ?@8<5=5=8O >@5E>2>:5@>A8=>2>9 =0AB>9:8. ?8A0==K9 =865 <5B>4
O2;O5BAO 1>;55 <O3:8< 8 A;01K<, 8 ?>MB><C 1>;55
?@85<;5<K<, =0?@8<5@, 4;O ;N459 A 1>;L=>9 ?5G5=LN.
#A;>28O ?@8=OB8O: 3 @070 2 45=L 70 ?>;G0A0 4>
54K. 8G5< =5 70?820BL! 5@5@K2   >48= <5AOF.
545;O >;8G5AB2> :0?5;L
1-O 10
2-O 15
3-O 20
4-O 25
5-O 20
6-O 15
7-O 10
5:>B>@K5 A>25BCNB ?@8=8<0BL >@5E>2>-:5@>A8=>2CN =0AB>9:C (8;8 <00>B>48:0<?<04>) A G8AB>B5;><.
<00>K=C48;8 <5=O : MB><C ?@>1;5<K A 045=><>9
?@54AB0B5;L=>9 65;57K,   45;8BAO >?KB>< 5I5
>48= 1>;L=>9.   0G0; A =51>;LH8E 4>7, ?>AB5?5==> 8E ?>2KH0;<04>.
;O 708=B5@5A>202H8EAO 40==K< <5B>4>< ?@8254C 2 :0G5AB25 4>?>;=5=8O <=5=85 @O40 A?5F80;8AB>2: A>1;N45=85 AB@>3>9 4>78@>2:8 :0A05BAO B>;L:> 2=CB@5==53> ?@85<0, B0: :0: 4;O =0@C6=>3>
?@8<5=5=8O 4>102:0 G8AB>B5;0 2>7<>6=0 2 ;N1>9
?@>?>@F88.
=8<0=85!
N48, 8<52H85 >?KB ;5G5=8O <00>B>48:0<?><<04> 8
=0AB>9:>9, ?@83>B>2;5==>9 2 4><0H=8E CA;>74 
<00> ! '#<04>
28OE, ?@54C?@5640NB, GB> ?@>F54C@K <>3CB A>?@>2>640BLAO 3>;>2=>9 1>;LN, 876>3>9, ?>=>A0<8, >B@K6:>9, B>H=>B>9, A;01>ABLN. >4>1=KE A8<?B><>2 ?C30BLAO =5 A;54C5B. ABL <=>65AB2> A2845B5;LAB2 B>3>, :0: 2 :0:>9-B> <><5=B 1>;L=K<, ?@>E>482H8< :C@A ;5G5=8O 40==K< ?@5?0@0B><, @57:> AB0=>28;>AL EC65. -B>
O2;5=85 <>6=> @0AF5=820BL :0: A83=0; ?>;>68B5;L=>9 @50:F88 1>;L=>3> >@30=0 =0 F5;51=>5 A@54AB2>. >;57=5B2>@=K5 <8:@>1K, ?>3810O, 2K7K20NB B0:85 O2;5=8O.
%>@>H> ?><>305B 40==K9 ?@5?0@0B 8 ?@8 38=5:>;>38G5A:8E 701>;520=8OE, 2 B>< G8A;5 8 48A?;0788 M?8B5;8O H59:8 <0B:8.  5:><5=4C5BAO A;54CNI0O ?@>F54C@0: A<>G8BL B0<?>= 2 ;5G51=>9 684:>AB8, 2AB028BL 2> 2;030;8I5 =0 1 <8=CBC 8 A@07C
2KB0I8BL. @>F54C@C 4>AB0B>G=> 45;0BL 1-2 @070
2 45=L. #B@>< A;54C5B A?@8=F520BLAO A>;52K<
@0AB2>@><.
 0AA:07K205B 1>;L=0O .: <00># <5=O 1K;0 M@>78O
H59:8 <0B:8, 0 B0:65 A8;L=K5 1>;8 2 >1;0AB8
2;030;8I0 8 B07>2KE :>AB59. 3=5< 3>@5; =87 682>B0. >AB028;0 B0<?>=, A<>G5==K9  B>48:0<?><",
2> 2;030;8I5 8 =0;>68;0 :><?@5AAK =0 >1;0ABL
<0B:8 8 :@5ABF>2>3> >B45;0 ?>72>=>G=8:0. "0<?>= 872;5:;0 G5@57 =5A:>;L:> <8=CB: >G5=L A8;L=>
63;>. / 8A?C30;0AL, ?>4C<02, GB> A45;0;0 5I5 EC65.
> =0 CB@> A C482;5=85< 70<5B8;0: 1>;8 8AG57;8,
2K45;5=89 AB0;> <5=LH5. @5645 G5< AE>48;0 =0
?@85< : A2>5<C ;5G0I5<C 2@0GC, O ?@>45;0;0 ?@>F54C@C 5I5 42064K. 1A;54>20=8O ?>:070;8, GB>
A>AB>O=85 <0B:8 70<5B=> C;CGH8;>AL<04>.
75 
;020 5
AB0B8, ?@8 <8><5 <0B:8 @5:><5=4CNB 5I5
8A?>;L7>20BL 3;8=O=K5 B0<?>=K, A<>G5==K5 2 >@5E>2>-:5@>A8=>2>9 =0AB>9:5. >6=> 27OBL A0<CN
?@>ABCN 3;8=C, A45;0BL 87 =55 B0<?>=K, >15@=CBL
8E <0@;59 2 >48= A;>9. !25@EC :0?=CBL 1-2 :0?;8.
"0:>9 B0<?>= 2AB02;ONB 2=CB@L :0: <>6=> 1;865 :
H59:5 <0B:8 8 45@60B 53> B0< 2-3 G0A0. C@A 4;8BAO >48= <5AOF, ?>B>< A;54C5B A45;0BL ?5@5@K2 8 2A5
?>2B>@8BL.  1>;LH8=AB25 A;CG052 ?>A;5 ?>4>1=KE
?@>F54C@ =5>1E>48<>ABL 2 >?5@0F88 >B?0405B.
0: 2848B5, ?>:070=89 4;O 8A?>;L7>20=8O >@5E>2>-:5@>A8=>2>9 =0AB>9:8 (8 <00>B>48:0<?0<04>) ACI5AB2C5B 4>AB0B>G=> <=>3>, GB>1K =0G0BL >B=>A8BLAO : =5<C :0: : =570<5=8<><C ;5:0@AB2C, :>B>@>5
4>;6=> 1KBL 2 :064>< 4><5. >60;C9, MB>B ?@5?0@0B   A0<K9 MDD5:B82=K9, 0, 3;02=>5, =0456=K9 87 2A5E ACI5AB2CNI8E A@54AB2 2 :5@>A8=>B5@0?88.
0:-B> @07 O ?@>A<0B@820;0 <548F8=A:85 A09BK 2 =B5@=5B5 8 >1=0@C68;0 >4=> ?8AL<>. 8A0;0 65=I8=0, 1>;L=0O, GB> =07K205BAO, A <=>3>;5B=59 ?@0:B8:>9. >A;5 53> ?@>GB5=8O O A0<0 1K;0
?>4 2?5G0B;5=85<. >MB><C ?@82>6C 53> 745AL
?@0:B8G5A:8 ?>;=>ABLN. >7<>6=>, 4;O :>3>-B> 55
>?KB AB0=5B =04564>9 =0 A?0A5=85.
<00>4@02AB2C9B5, C20605<K5 @01>B=8:8 6C@=0;0!
<5BL =04564C   MB> B0: =5>1E>48<> 2 =0H5 2@5<O. >3 =5 =03@048; <5=O 74>@>2L5<. ! 45BAB20 O
<5=O;0 >4=8 1>;L=8G=K5 AB5=K =0 4@C385. !:>;L:> A51O ?><=N, 2A5340 G8B0;0 <548F8=A:85 :=838,
2K8A:820;0 E>@>H85 @5F5?BK 8 <5B>48:8 ;5G5=8O.
'5;>25: O C2;5G5==K9, 8 2A5, GB> <5=O 708=B5@5A>76 
<00> ! '#<04>
2K205B, AB0@0NAL >?@>1>20BL =0 A515. >MB><C <>3C
A G5ABLN A:070BL: 70 <=>385 3>4K =01@0;0AL >?KB0.
;O =0G0;0 @0AA:06C =5<=>3> > A515.
>O28;0AL O =0 A25B A 2@>645==>9 B@02<>9 3>;>2K 8 >?CE>;LN <>730. > ACB8, =5 68;5F! >
@>48B5;8 8 2@0G8 @5H8;8 70 <5=O 1>@>BLAO.  <;045=G5AB25 ?5@5=5A;0 8 >?5@0F89. !?0A81> E8@C@30<: B>340 >=8 A>B2>@8;8 GC4>. > ?>A;54AB28O
AB@0H=>3> =54C30 =5 4020;8 > A515 701K20BL. !59G0A <=5 42 3>40, 2AN 687=L 1>@NAL A =54C30<8.
 ?@>F5AA5 1>@L1K O @07@01>B0;0 A2>N >74>@>28B5;L=CN ?@>3@0<<C. !B0@0NAL ?;>4>B2>@=> 68BL
4;O A51O 8 4;O 4@C38E.
=5 E>B5;>AL 1K ?>45;8BLAO A ;N4L<8 A2>8<
>?KB>< ;5G5=8O.  5GL ?>945B >1 >@5E>2>-:5@>A8=>2>9 =0AB>9:5.  GC45A=>< 459AB288 MB>3> A@54AB20 =0?8A0=> <=>3>, 8 O =8:>3> =5 C482;N, 5A;8
A:06C, GB> AG8B0N 40==K9 ?@5?0@0B 35=80;L=K<
87>1@5B5=85<. !0<0 C1548;0AL, =0A:>;L:> >= A8;5= 2 ;5G5=88 ;N1>3> 701>;520=8O, 1C:20;L=>  >B
3>;>2K 4> ?OB>:". > 5ABL B>=:>AB8, > :>B>@KE
AB>8B C?><O=CBL.
"0: :0: MB0 A<5AL ?> A2>5<C 2;8O=8N =0 >@30=87< 2> <=>3> @07 ?@52>AE>48B >1KG=K9 >G8I5==K9 :5@>A8=, C?>B@51;OBL 55 =C6=> 2 <0;KE 4>70E. 1O70B5;L=> ?@845@68209B5AL >?@545;5==>9
AE5<K. 0G8=09B5 >B 5 :0?5;L 3 @070 2 45=L 70 20 <8=CB 4> 54K, 70B5< 5654=52=> ?@8102;O9B5 ?> >4=>9 :0?;5; 4>254O 4>7C 4> 15 :0?5;L 3 @070 2 45=L,
C<5=LH09B5 55 B0: 65 ?>AB5?5==> 4> 5 :0?5;L. "0:0O <5B>48:0 =5 B@02<8@C5B, 8 B0: >A;01;5==K9
>@30=87< H03 70 H03>< 0:B82878@C5B 53> 70I8B=K5 A8;K. @54;>65==0O AE5<0 C?>B@51;5=8O F577 
;020 5
;51=>9 =0AB>9:8 ?>4E>48B :0: 4;O ?@>D8;0:B8:8
1>;57=59, B0: 8 4;O =0G0;0 :C@A0 ;5G5=8O.
C4LB5 3>B>2K : B><C, GB> =0 :0:><-B> MB0?5
20H5 A>AB>O=85 <>65B @57:> CEC4H8BLAO. 5 ?C309B5AL: B0:8< >1@07>< 873>=O5BAO 4065 B0 1>;OG:0, > :>B>@>9 <K =5 7=0;8 8;8 701K;8, 0 59 >E :0:
=5 E>G5BAO ?>:840BL =0A865==>3> <5AB0. @8 40;L=59H5< ?@85<5 MB8 O2;5=8O ?@>E>4OB. "0: :0: >@5E>2>-:5@>A8=>20O =0AB>9:0 O2;O5BAO A8;L=59H8<
>G8AB8B5;5< 8 2K3>=O5B 87 >@30=87<0 <=>3> B>:A8=>2 8 H;0:>2, B> =5 701K209B5 ?0@0;;5;L=> ?@8<5=OBL 2A5 4>ABC?=K5 A@54AB20 >G8AB:8 >@30=87<0, GB>1K ?><>GL 5<C 1KAB@55 A MB8< A?@028BLAO.
A?>;L7C9B5 :;87<K, <5B>4K >G8AB:8 ?5G5=8 8 ?>G5:, <0AA068, :><?@5AAK A>;52K5 8 C@8=>2K5, 3;8=O=K5 8;8 B@02O=K5, 4KE0B5;L=K5 C?@06=5=8O, 485BK, 3>;>40=85. !?>A>1>2 <=>3>, 2K18@09B5 =0 A2>9
2:CA.  B>340  GC4>" =0ABC?8B =0<=>3> 1KAB@55.
7 A2>53> >?KB0 E>GC A:070BL, GB> 871560BL
=03@C7:8 =0 >@30=87< ?><>30NB B0:85 B@02K, :0:
?>;K=L, ?86<0, A5<5=0 32>748:8. 0G8=0BL ?@8=8<0BL 8E A;54C5B 2 ?5@2K9 45=L :C@A0 ;5G5=8O >@5E>2>-:5@>A8=>2K< M:AB@0:B><. !E5<0 A;54CNI0O:
3 @070 ?> 10 4=59 A 45AOB84=52=K< ?5@5@K2><. !0<0
O 3>B>28;0 B0:CN A<5AL: 1/2 G09=>9 ;>6:8 F25B>2
?>;K=8 8;8 ?86<K (<>6=> 2A5 2<5AB5), 87<5;LG5==K5 2 :>D5<>;:5, 1/2 G09=>9 ;>6:8 87<5;LG5==>9 32>748:8. @8=8<0BL B@02K =C6=> 2 ACE><
2845 (?>@>H:><), 70?820O E>;>4=>9 2>4>9 ?5@54
:064K< ?@85<>< :5@>A8==>3> ?@5?0@0B0. > 1C4LB5
>AB>@>6=K: =5 :064><C ?>4 A8;C ?@8=OBL ACE>9
?>@>H>: ?>;K=8. >7<>6=>, :><C-B> ?@>I5 1C45B ?@>3;>B8BL 75@=0.
78 
<00> ! '#<04>
K;> 2@5<O, :>340 C <5=O A>25@H5==> =5 1K;>
0??5B8B0. @8 >4=>< B>;L:> 273;O45 =0 54C <5=O
=0G8=0;> B>H=8BL. 0: ?@028;>, MB> A;CG0;>AL 2
?>A;5>?5@0F8>==K5 ?5@8>4K. @8 MB>< O 7=0;0,
GB> ?@85< ;N1KE <548:0<5=B>2, 0 B5< 1>;55 >@5E>2>-:5@>A8=>2>9 =0AB>9:8, >1O70B5;L=> 4>;65=
A>?@>2>640BLAO @53C;O@=K< ?@85<>< ?8I8. #25@5=0, =5 C <5=O >4=>9 2>7=8:0;0 B0:0O ?@>1;5<0.
>3C ?>45;8BLAO A>1AB25==K< >?KB><: 54C 2 B0:8E A;CG0OE <=5 70<5=O;0 ;>6:0 <540 8;8 A>:0.
'5@57 7-10 4=59 :> <=5 2>72@0I0;AO 74>@>2K9
0??5B8B, 8 O A>25@H5==> 701K20;0, GB> B0:>5 B>H=>B0 8 @2>B0.
> 2@5<O ?@>E>645=8O :C@A0 ;5G5=8O O, 8A?KBK20O =0 A515 1;03>B2>@=>5 2;8O=85 :5@>A8=>2>9
A<5A8, 2@5<O >B 2@5<5=8 704C<K20;0AL: :0: >=>,
MB> A@54AB2>, @01>B05B? =0NI85 ;N48 @07JOA=8;8 <=5. &5;51=0O 684:>ABL ?5@5=>A8BAO :@>2LN 2
:064CN :;5B>G:C 8, ?>?040O 2 >@30=87<, >AB05BAO
2 =5< =04>;3>. -B8 53> A2>9AB20    4>;3>A@>G=>ABL" 8  25745ACI=>ABL"   40NB 2>7<>6=>ABL 1>@>BLAO A 1>;57=O<8 2 A0<>< =0G0;5 8E 70@>645=8O
2 A0<KE  >B40;5==KE" C3>;:0E 2=CB@5==8E >@30=>2. @5E>2>-:5@>A8=>20O =0AB>9:0 >1;0405B A8;L=K< M=5@35B8G5A:8< A2>9AB2>< 8<5==> 70 AG5B ?@8ACBAB28O 2 =59 :5@>A8=0. @8 ?>?040=88 A@54AB20
2 :@>2L =0G8=05BAO B0:0O 8=B5=A82=0O E8<8G5A:0O
@50:F8O, GB> ?>4C<0BL AB@0H=>! @30=87< ?@>AB>
=0G8=05B  3>@5BL"   74>@>2K< ?;0<5=5<, @07C<55BAO. 45AL 5ABL >4=0 >?0A=>ABL: 5A;8 1>;L=>9 A;01,
B> 2A5 <>65B 70:>=G8BLAO @57:>9 >AB0=>2:>9 A5@4F0. !0<>9 =5A:>;L:> @07 ?@8H;>AL C1548BLAO 2
MB><. ?KB =5 87 ?@8OB=KE, <O3:> 3>2>@O...
79 
;020 5
I5 E>GC ?@54>AB5@5GL 1>;L=KE, 70=8<0NI8EAO A0<>;5G5=85< A >A>15==K< @25=85<, ?>@>9, 4065
87;8H=8<. 8 2 :>5< A;CG05 =5 ?@52KH09B5 @5:><5=4C5<CN 4>7C A@54AB20, A45;0==>3> =0 >A=>25
:5@>A8=0!  ?@8<5@C, :><?@5AAK =C6=> AB028BL =5
1>;55 G5< =0 20-30 <8=CB 8 45;0BL MB> G5@57 45=L.
-B>3> 2@5<5=8 2?>;=5 4>AB0B>G=> 4;O ;5G5=8O. ><=8B5, GB>  4>;3>A@>G=>ABL" 2A5E :5@>A8=>2KE =0AB>5: >ICB8<0 4;O >@30=87<0 8 2 =51>;LH8E 4>70E.
G5=L E>G5BAO, GB>1K ;N48 MB> 7=0;8. 54L 8<5==>
87-70 B0:8E 4>A04=KE >H81>: B5@O5BAO 25@0 2 C=8:0;L=>5 A=04>1L5, 8 ;N48 >B:07K20NBAO >B =53>,
;8H0O A51O B5< A0<K< =04564K =0 A?0A5=85...<00>
    %- !+%
  "%
! =4@55< 5>@38528G5< 0;5=:>2K<, G5;>25:><, :>B>@K9, CA>25@H5=AB2>202 845N 8E08;0
5B@>28G0 ">48:0, A>740; ;5:0@AB2> A =0720=85<
<00>B>48:0<?<04>, 1K;> 2 A2>5 2@5<O ?@>2545=> 8=B5@2LN. "5:AB MB>9 15A54K O B0:65 >4=064K >1=0@C68;0 2 =B5@=5B5 8 A@07C 65 708=B5@5A>20;0AL 8<:
2 MB>< @073>2>@5 1K;8 70B@>=CBK =5:>B>@K5, 4>
B5E ?>@ =5 ?@>OA=5==K5 25I8. #25@5=0, G8B0B5;O,
4>1@02H53>AO 4> MB8E AB@0=8F =0AB>OI53> 8740=8O, >=> 708=B5@5AC5B, ?>MB><C ?@8254C >B45;L=K5 <><5=BK 87 ?@>H54H53> @073>2>@0.
  =4@59 5>@38528G, ?>G5<C ">48:0 >1@0B8;AO
70 ?><>ILN 2 2>?@>A5 ?@>42865=8O ?@5?0@0B0 :
>D8F80;L=><C ?@87=0=8N 8<5==> : 20<? 54L
80 
<00> ! '#<04>
=0AB>9:C 75;5=KE 3@5F:8E >@5E>2 =0 :5@>A8=5  
=0@>4=K9, A>1AB25==>, @5F5?B   >= 3>B>28; A0<.
0A:>;L:> <=5 8725AB=>, >= A CA?5E>< ;5G8; ;N459, 87102;O; >B @048:C;8B>2, 309<>@8B>2, 0@B@8B>2 25AL<0 2KA>:>?>AB02;5==KE G8=>2=8:>2.
  K ?@54AB02;O5B5, =0A:>;L:> A;>6=> A45;0BL
B>B 8;8 8=>9 ?@5?0@0B >D8F80;L=> ?@87=0==K<,
GB>1K 8< ?>;L7>20;>AL =0A5;5=85?  :0:><-B> =0@>4=>< A@54AB25 8 3>2>@8BL C65 =5G53>.  > =0AB>9:5 3@5F:>3> >@5E0 =0 :5@>A8=5   B5< 1>;55.
  > G5< 65 8 :><C MB0 =0AB>9:0 =5 C3>48;0
8;8 <5H0;0?
  '5<? 5@>A8=! 0: B>;L:> ?@54AB028B5;8 >D8F80;L=>9 <548F8=K A;KH0B > :5@>A8=5, 40 5I5 >
?@85<5 53> 2=CB@L, 2A5 @073>2>@K =0 B5<C 2=54@5=8O 70:0=G820NBAO.
  > <=5 4>?>4;8==> 8725AB=>, GB> ;N48 ?LNB
:5@>A8=, ?@8=8<0NB 2=CB@L >?@545;5==>3> A>@B0 =5DBL, 6CNB =0DB0;8=...
   <=5 MB> 8725AB=>. > O B0:65 7=0N 8 B>,
GB> B>B 65 :5@>A8= A>45@68B, : ?@8<5@C, ?>;8F8:;8G5A:85 C3;52>4>@>4K, GLO B>:A8G=>ABL >G5=L
2@54=0 4;O ?5G5=8. > >B25GC =0 20H ?5@2K9 2>?@>A. K 1K;8 7=0:><K A ">48:><, O : B><C 2@5<5=8 C65 2?;>B=CN 70=8<0;AO >=:>;>3859, @0AAG8BK20; ">48:0 8 =0 <>8 A2O78 2 =0CG=>< <8@5...
  >@>G5, :0: O ?>=8<0N, 2K ?>;CG8;8 A@54AB20, ;01>@0B>@8N?
  0, 8 ?>;CG8; <00>B>48:0<?<04>: 3@5F:89 >@5E <>;>G=>-2>A:>2>9 A?5;>AB8, =0AB>O==K9 =0 AC1AB0=F88, :>B>@CN 4065 B@C4=> =0720BL :5@>A8=><, =0AB>;L:> >= >G8I5= >B 2A53> 2@54=>3>, GB>
2 =5< A>45@68BAO.
81 
;020 5
  , B5< =5 <5=55, 4065 2K =5 A<>3;8 4>18BLAO
>D8F80;L=>3> ?@87=0=8O! 54L <00>B>48:0<?<04> 4> A8E
?>@ >AB05BAO M40:8< ?>4?>;L=K< ?@5?0@0B><?
  "CB 2K >H8105B5AL. @5?0@0B @07@5H5= 8 H8@>:> 8A?>;L7C5BAO 2 070EAB0=5, 2 "0468:8AB0=5. 'B> :0A05BAO  >AA88, B> C65 ?@>2545=K :;8=8G5A:85 8A?KB0=8O <00>B>48:0<?0 <00>, 0 MB> A5@L57=K9 H03 : @07@5H5=8N A8BC0F88.
  / A;KH0;, 2K >B:@K205B5 &5=B@, 345 <00>B>48:0<?<04> 1C45B 8A?>;L7>20BLAO 2 ;5G5=88 >=:>;>38G5A:8E 1>;L=KE. AB0B8, 459AB28B5;L=> ;8 A
?><>ILN <00>B>48:0<?0<04> <>6=> ?>1548BL @0:?
  >6=>. > O =5 AB>@>==8: 2K1>@0 2 1>@L15 A
@0:>< :0:>3>-B> >4=>3> A@54AB20. / AG8B0N, GB>
0B0:C =0 1>;57=L, 3>2>@O =0 O7K:5 2>5==KE, =C6=> 25AB8 <0AA8@>20==>, A ?@8<5=5=85< =5A:>;L:8E ?@5?0@0B>2. K 2 &5=B@5 8A?>;L7C5<, :0:
<8=8<C<, G5BK@5.
  <00>">48:0<?<04>...  40;LH5?
 40;LH5 <K ?>:0 703;O4K20BL =5 1C45<. AB0=>28<AO =0 MB>< 8 A45;05< =51>;LH>9 2K2>4. K
2A5 MB> 2@5<O 3>2>@8;8 > :5@>A8=5 8 8A?>;L7>20=88 53> F5;51=KE A2>9AB2 2 <548F8=5. <00>">48:0<?<04>
8 ?>4>1=K5 5<C ?@5?0@0BK A;C60B ;8HL ?>4B25@645=85< B>3>, GB> MB> 25I5AB2> 459AB28B5;L=> >1;0405B F5;51=K<8 :0G5AB20<8. A5, :B> >B=>A8;AO
8 ?@>4>;605B >B=>A8BLAO : :5@>A8=>B5@0?88 A:5?B8G5A:8, 4>;6=K ?@8=OBL MB> 2> 2=8<0=85. 
0:;NG5=8 5
@>H;> =5A:>;L:> <5AOF52 ?>A;5 A;CG0O, >?8A0==>3>
<=>N 2 A0<>< =0G0;5 :=838. / 2>72@0I0;0AL 4><>9 ?>A;5
@01>BK, ?@542:CH0O 2:CA=K9 C68= 8 2AB@5GC A 4><0H=8<8. B:@K2 425@L, O A@07C ?>GCO;0 =5;04=>5. 5@2>5: 2 :20@B8@5 AB>O; C60A=K9 @57:89 70?0E. B>@>5:
=0 ?>@>35 O =5 2AB@5B8;0 =8 >4=>9 4CH8, 0 MB> 1K;>
AB@0==>, 254L 2 B0:>9 G0A C65 2A5 4>;6=K 1KBL 4><0 8
@04>20BLAO <>5<C ?@8E>4C!
@8G8=C 70?0E0 O 2KO28;0 ?>GB8 <3=>25==> (1K;
C65 =0 B>B <><5=B :>5-:0:>9 >?KB). AB020;>AL C7=0BL, ?>G5<C >= 2>7=8: 2 <>5 >BACBAB285. / =0?@028;0AL ?@O<8:>< 2 :CE=N 8 C2845;0 B0< @0AB5@O==>5 ;8F>
AB0@H59 4>G5@8. =CH8B5;L=KE @07<5@>2 :0AB@N;O AB>O;0 =0 @0A:0;5==>9 ?;8B5, 87 =55 20;8; ?0@.
  K =0H;8 C B51O =0 AB>;5 B0:>9 AB@0==K9 @5F5?B!   A>>1I8;0 <=5 4>GL.   B:C40 MB> C B51O? "K
GB>, @5H8;0 70=OBLAO ;5G5=85< :5@>A8=><?   ?5@5H;0
>=0 2 =0ABC?;5=85.
  C, 4>?CAB8<,   >AB>@>6=> =0G0;0 O.   >,
?>72>;L B515 70<5B8BL, 2>>1I5-B> 8<5==> BK A59G0A
70=8<05HLAO 873>B>2;5=85< :0:>3>-B> :5@>A8==>3>
A=04>1LO. 54L MB> 8< B0: ?0E=5B?
  0,   A<CI5==> >B25B8;0 >=0.   @>AB> G0A
=0704 ?>72>=8;0 =B>=8=0 $54>@>2=0 8 ?>?@>A8;0
A@>G=> ?@8=5AB8 59 :0:CN-B> 1CBK;>G:C A =0AB>9:>9,
:>B>@0O AB>8B C B51O =0 AB>;5. CBK;>G:C O =5 =0H;0,
0 2>B =0 @5F5?B A@07C =0B:=C;0AL. C 8 @5H8;0...
  0=OBLAO >G8I5=85< :5@>A8=0?   ?@>4>;68;0
70 =55 O 8 A@07C 4>3040;0AL: 2<5AB> 1CBK;>G:8 4>GL
>BKA:0;0 =51>;LHCN :0=8AB@C A :5@>A8=><, A?@OB0==CN <=>N 70 H:0D><, 8 @5H8;0 =5<54;5==> 70=OBLAO
F5;8B5;LAB2>< =0 4><C.   >>1I5-B>, 5A;8 1K BK 2=8-.
83 
0:;NG5=85
<0B5;L=55 ?@>G8B0;0 @5:><5=40F8N, BK 1K 7=0;0, GB>
?>4>1=K5 >?KBK ?@>2>4OB =0 >B:@KB>< 2>74CE5!  
?@>2>@G0;0 O, => =0 A0<>< 45;5 A>2A5< =5 7;8;0AL.
  !59G0A 2A5 C15@C,   <8@>;N182> ?@54;>68;0 4>GL.
@54>AB0282 ?@02> @5H0BL 1KB>2K5 ?@>1;5<K 4@C38<, O >B?@028;0AL 2 :><=0BC 70 B>9 A0<>9 1CBK;>G:>9, > :>B>@>9 3>2>@8;0 =B>=8=0 $54>@>2=0. 5<=>3> 15A?>:>8;0AL: 2848<>, >?OBL @048:C;8B ?@8E20B8;
<>N ?>68;CN A>A54:C, @07 >=0 ?@>A8;0 70=5AB8 59 A=04>1L5...
 45;> 2A5 2 B><, GB> <>9 8=B5@5A : :5@>A8=>B5@0?88 ?>AB5?5==> ?@825; : B><C, GB> O A0<0 AB0;0 >A20820BL =5E8B@K5 B5E=>;>388 MB>3> =5B@048F8>==>3> <5B>40 ;5G5=8O. >4 @C:>2>4AB2>< =B>=8=K $54>@>2=K, :>=5G=>.  >G8I5=85 :5@>A8=0 O C65 >A2>8;0 <5AOF =0704, :>340 5748;0 =0 40GC 2 2KE>4=K5 4=8. >8
4><0H=85 B>340 =5 70E>B5;8 A>AB028BL <=5 :><?0=8N
(:><C 65 E>G5BAO B@0B8BL A2>5 A2>1>4=>5 2@5<O =0 >3>@>4?), ?>MB><C <>5 M:7>B8G5A:>5 4;O 3>@>4A:>3> 68B5;O C2;5G5=85 >AB0;>AL 4;O =8E =570<5G5==K<.  A <8;>9 AB0@CH:>9 <K 8 ?> 40G=K< CG0AB:0<   A>A548, B0:
GB> 1K;> A :5< ?>A>25B>20BLAO.
CBK;>G:0 87 B5<=>3> AB5:;0   MB> <>9 ?5@2K9
CA?5E 2 >1;0AB8 :5@>A8=>;5G5=8O. ">, GB> 2 =59 =0E>48BAO, A45;0;0 O A0<0.  4065 >48= @07 C65 8A?>;L7>20;0 ?> =07=0G5=8N   <83@5=L <CG05B <5=O 4>2>;L=>
G0AB>. -DD5:B ?>@04>20; 8 C4828; <5=O 2 =5 <5=LH59
AB5?5=8, G5< 2 ?@>H;K9 @07, :>340 =0 ?><>IL <=5 ?@8H;0 A>A54:0.  A59G0A O @040 1K;0 25@=CBL <00>4>;3<04> <>59
A?0A8B5;L=8F5 8 A>25BG8F5...
!>1@02 2 AB>?:C @071@>A0==K5 ;8AB:8 A @5F5?B0<8,
AG8B0BL :>B>@K5 O C65 402=> ?5@5AB0;0, 8 27O2 A ?>;:8
7025B=CN 1CBK;>G:C, O ?>A?5H8;0 : 706402H59AO <5=O
=B>=8=5 $54>@>2=5. 5@>A8=>20O =0AB>9:0 2=>2L 1K;0
3>B>20 A>A;C68BL 4>1@CN A;C61C. 
>;520O 0@8O ;5:A0=4@>2=0
 !
>2>5 A;>2> 2 ;5G5=88 1>;57=59
>4?8A0=> 2 ?5G0BL A 3>B>2KE 480?>78B82>2 29.09.2004.
$>@<0B 84 E 108'/ 3 2 . 1J5< 3 ?5G. ;. >?. B8@06 10 000 M:7. 0:07 !541 .
0;>3>20O ;L3>B0   >1I5@>AA89A:89 :;0AA8D8:0B>@ ?@>4C:F88 -005-93,
B>< 2; 953710   ;8B5@0BC@0 ?> 74@02>>E@0=5=8N, <548F8=A:8< =0C:0<.
740B5;LA:0O 3@C??0 <00>!,<04>
197101, !0=:B-5B5@1C@3, C;. 8@0, 4. 6.
"5;.: (812) 325-29-99.
E-mail: info@vesbook.ru
>A5B8B5 =0H A09B: http://www.vesbook.ru
> 2>?@>A0< >?B>2KE 70:C?>:
>1@0I09B5AL 2 B45; ?@>406.
"5;.: (812) 325 2999 (<=>3>:0=0;L=K9)
E-mail: vessales@westcall.net
> 2>?@>A0< @07<5I5=8O @5:;0<K
2 :=830E 740B5;LA:>9 3@C??K <00>5AL<04>
>1@0I09B5AL 2 B45; @5:;0<K.
"5;.: (812) 325 2999 (<=>3>:0=0;L=K9)
E-mail: ad@idves.spb.ru
>A:>2A:>5 ?@54AB028B5;LAB2>:
 <00>B15@398<00>.
"5;./D0:A: (095) 105-5139.
E-mail: atberg@aha.ru
http://www.atberg.aha.ru
K <>65B5 70:070BL =0H8 :=838:
2  >AA88 ( <00>=830   ?>GB>9<04>)
?> 04@5AC 8740B5;LAB20:
197101, !0=:B-5B5@1C@3, C;. 8@0, 4. 6,  <00>5AL<04>,
8;8 =0 A09B5 www.vesbook.ru
2 5@<0=88:
+49(0)721-183 1212
+49(0)721-183 12 13
atlant.book@t-online.de
www.atlant-shop.com
=0 #:@08=5:
(044) 230 2734
(044) 230 2732
epl@svitonline.com
2 5;>@CAA88:
+ 10(37517) 242 0752
+10 (37517) 238 3852
B?5G0B0=> A 3>B>2KE 480?>78B82>2 2 $#   <00>5=8740B<04>
$545@0;L=>3> 035=BAB20 ?> ?5G0B8 8 <0AA>2K< :><<C=8:0F8O<
8=8AB5@AB20 :C;LBC@K 8 <0AA>2KE :><<C=8:0F89  $.
191023, !0=:B-5B5@1C@3, =01. @. $>=B0=:8, 59.