20= !5@35528G "C@35=52. 87=L 8 B2>@G5AB2>
20= !5@35528G "C@35=52 ?@>8AE>48; 87 42>@O=A:>9 A@54K. "0:0O 18>3@0D8G5A:0O :>=AB0B0F8O 4;O =0A ?@82KG=0: 87
MB>9 A@54K 2KH;> 1>;LH8=AB2> :@C?=59H8E @CAA:8E ?8A0B5;59 XIX AB>;5B8O. , <>65B 1KBL, ?@82KG:0-B> :0: @07 8 <5H05B =0<
2845BL ?0@04>:A0;L=>ABL A0<>3> MB>3> D0:B0.
!5B>@>9 >= @>48;AO 8 2K@>A, <>3;0 1K A;C68BL 2K@078B5;L=59H8< ?@8<5@>< B>3>, :0: :@5?>AB=8G5AB2> C@>4C5B
E0@0:B5@K A0<8E 3>A?>4. 3> <0BL. 0@20@0 5B@>2=0, - 3>2>@8BL =C6=> A=0G0;0 8 ?@58 > =59, ?>B> >=0 1K;0
D0:B8G5A:8 3;02>9 4><0, ?@>8AE>48;0 87 1>30B>9 ?@>28=F80;L=>9 ?><5I8GL59 A528=>2KE. !C4L10 :0: 1C4B>
=0@>G=> ?>701>B8;0AL > B><, GB>1K MB0 65=I8=0 A 45BA:8E ;5B 8 4> A0<>3> 70AB8 8 2A5
>184K, :0:85 B>;L:> <>3;8 1KBL 87>1@5B5=K 2 >1AB0=>2:5 ?><5I8GL53> 2A52;0AB8O 8 157>B25BAB25==>AB8.
;O <0B5@8, 2KH54H59 703>, 55 4>GL >B ?5@2>3> 1@0:0 >:070;0AL ?><5E>9, 0 >BG8< 874520;AO =04 ?04G5@8F59,
?>-2848<>AB> ?>B> 70 =55 70ABC?8BLAO 1K;> =5:>=F5 :>=F>2, 452CH:0 4>;6=0 1K;0 1560BL 87 4>2
>=0 =0H;0 C @>4=>3> 4O48 - 20=0 20=>28G0 CB>28=>20. > 8 B0< 55 >6840;> B> 65 - 8 =04@C30B5;LAB20. >=G8;>AL B5<, GB>
AB0@8: 45A?>B ?@>3=0; ?;5=0 4>;6=0 1K;0 8A:0BL ?@8AB0=8I0 C GC68E ;N459. > 2A:>@5 4O4O C<5@ 2 >4=>G0AL5, 8
>=0 >:070;0AL =0A;54=8F59 2A53> 53> 1>;LH>3> A>AB>O=8O, 2:;NG02H53> 2 A51O 8 B> A0<>5 !?0AA:>5, :>B>@>5 8725AB=> B5?5@L 2
2A5< <8@5.
>74=59 >A5=LN 1815 3>40 2 !?0AA:>5 ?@85760; <>;>4>9, =5>1KG09=> :@0A82K9 >B?CA:=>9 :020;5@30@4 !5@359
8:>;0528G "C@35=52. 0 0@20@C 5B@>2=C >= ?@>8725; A8;L=>5 2?5G0B;5=85, 8 >=0 A@07C 65 ?@8=O;0 <5@K. 0: 2A?><8=05B
1;87:0O 8 A>GC2AB2CNI0O 59 A>2@5<5==8F0, >=0 G5@57 A2>8E 7=0:>;0528GC, GB>1 >= A<5;>
?@8ABC?8; : D>@<0;L=>65=8N, ?>B> >B:070 =5 ?>;CG8B . %0@0:B5@=0O G5@B0 =@02>2: A G53> 1K, :065BAO !5@35N
8:>;0528GC 70@>15BL? @8=04;560; >= : AB0@8==>9 42>@O=A:>9 D0<8;88, 254CI59 A2>N @>4>A;>2=CN A> 2@5<5= 0A8;8O
"5<=>3>; CG0AB2>20; 2 B5G5AB25==>9 2>9=5 8 70 E@01@>ABL, ?@>O2;5==CN 2 >@>48=A:>9 18B25, 1K; =03@0645= 5>@3852A:8<
:@5AB><, 0 B5?5@L A;C68; 2 >4=>< 87 ?@828;538@>20==KE 320@459A:8E ?>;:>2. > 0@20@0 5B@>2=0 E>@>H> 7=0;0, GB> 45;0;0:
>=0 =5 A;K;0 :@0A028F59 8 1K;0 =0 <=>3> ;5B AB0@H5 !5@35O 8:>;0528G0, => 70B> >=0 1K;0 1>30B>9 =525AB>9, 0 >= =8I89 :
C 53> >BF0?@8 1>;LH>9, A5AB=KE 4CH 1K;> 2A53> GB>-B> >:>;> 140.
B=>H5=8O 2 MB>9 A5?@545;O;8AL 4>2>;L=> AB@>3>. ;;N789 =5 1K;>, !5@359 8:>;0528G, 4>;6=> 1KBL, 4065 8 =5
?KB0;AO ?>AO30BL =0 ?@5@>30B82K 0@20@K 5B@>2=K :0: ?>;=>2;0AB=>9 8 A0<>2;0AB=>9 E>7O9:8 2A53> A5<59=>3> A>AB>O=8O.
4><5 F0@8;0 0B<>AD5@0 >BGC645==>AB8 8 5;5 A45@68205<>3> 2708<=>3> @074@065=8O. !C?@C38 AE>48;8AL, ?>60;C9, B>;L:> 2
>4=>< - 2 AB@5<;5=88 40BL A2>8< 45BO< =08;CGH55 >1@07>20=85. 0 MB> =5 60;5;8 =8 45=53, =8 A>1AB25==KE CA8;89. =8
2=8<0B5;L=> A;548;8 70 8E ?@8;560=85<, 2E>48;8 2> 2A5 ?>4@>1=>AB8 8E 5654=52=KE 70=OB89 8 B.?. #65 2 @0==5< 45BAB25
1C4CI89 ?8A0B5;L E>@>H> 3>2>@8; 8 ?8A0; ?>-D@0=FC7A:8, ?>-=5<5F:8 8 ?>-0=3;89A:8; >A>1>5 2=8<0=85 2 A5
>1@0I0;8 =0 >2;045=85 @>4=K< O7K:><: AC4O ?> 53> ?8AL<0<, 425=04F0B8;5B=89 20= "C@35=52 4>AB0B>G=> A2>1>4=> 8
=5?@8=C645==> 4;O A2>8E ;5B C<5; 2K@078BL 8 =5?>445;L=CN A5@45G=>ABL, 8 =5 ?> 3>40< @0728BCN =01;N40B5;L=>ABL, 8 A2>9
2@>645==K9 N<>@.
> :>340 @5GL 70E>48;0 > 53> 45BAB25, "C@35=52 G0I5 2A53> 2A?><8=0; > B><, 2 G5< >A>15==> @57:> A:07K20;8AL
:@5?>AB=8G5A:85 ?>@O4:8 8 >1KG08 8E A52=0 AG8B0;0 B5;5A=K5 =0:070=8O C=825@A0;L=>9 <5@>9 2=CH5=8O;
A0<> A>1>9 ?>=OB=>, GB> ?@54=07=0G5=0 >=0 1K;0, ?@5645 2A53> 4;O :@5?>AB=KE, => ?@8<5=O;0 >=0 55 8 : 45BO<. E A5:;8 70 2A5:
70 =5 2KCG5==K9 C@>:, 70 =5 ?>=OBCN 27@>A;K<8 HCB:C 8;8 70 =528==CN, ?CABOG=CN H0;>ABL, A5:;8 ?> ?>4>7@5=8N 8 GCBL ;8 =5
=0 2AO:89 A;CG09.
1827 3>4C "C@35=52K 2A59 A5A:2C - 3;02=K< >1@07>< A B>9 F5;LN, GB>1K ?@>4>;68BL >1@07>20=85
45B59. B5 3>4K A>AB>OB5;L=K5 42>@O=5 ?@54?>G8B0;8 >1CG0BL A2>8E 45B59 =5 2 :075==KE CG51=KE 702545=8OE, 0 2 G0AB=KE. "0:
?>ABC?8;8 8 "C@35=52K: 2A:>@5 ?>A;5 ?@85740 2 >A:2C 20= 1K; >?@545;5= A=0G0;0 2 ?0=A8>= @3> 8=AB8BCB0, 0 G5@57
=5A:>;L:> <5AOF52 2 ?0=A8>= 5945=30<<5@0. 4=0:> =5 ?@>H;> 8 42CE ;5B, :0: 53> 27O;8 8 >BBC40, 8 2 40;L=59H5< =8:0:8E
?>?KB>: ?><5AB8BL "C@35=520 2 :0:>9-=81C4L ?0=A8>= 8;8 38<=078N C65 =5 ?@54?@8=8<0;>AL. >43>B>2:C : ?>ABC?;5=8N 2
C=825@A8B5B >= ?@>4>;60; 8 7025@H8; ?>4 @C:>2>4AB2>< 4><0H=8E CG8B5;59.
"C@35=52 CG8;AO 2 >A:>2A:>< C=825@A8B5B5 2A53> B>;L:> >48= 3>4; 2 1834 3>4C >= 2<5AB5 A >BF>< 8 AB0@H8< 1@0B><,
?>ABC?82H8< 2 5B5@1C@3A:>5 0@B8;;5@89A:>5 CG8;8I5, ?5@55E0; 2 5B5@1C@3 8 AB0; ABC45=B>< B0<>H=53> C=825@A8B5B0,
:>B>@K9 G5@57 420 3>40 8 >:>=G8;. 4=0:> 2?>A;54AB288 >= 3>2>@8; > >A:>2A:>< C=825@A8B5B5 5420 ;8 =5 G0I5, G5< >
5B5@1C@3A:><, 2A5340 >B4020O ?@54?>GB5=85 ?5@2>@K<.
5B5@1C@3A:89 C=825@A8B5B A A0<>3> A2>53> >A=>20=8O 1K; ?>AB>O==> ?>4 =5?>A@54AB25==K< =5CAK?=K< =047>@><
?@028B5;LAB20, GB>, @07C<55BAO, A:07K20;>AL =0 2A5E AD5@0E C=825@A8B5BA:>9 687=8. >A:>2A:>< C=825@A8B5B5 E>BO 1K ?>
>4=>9 B>;L:> 40;L=>AB8 @0AAB>O=8O B@C4=55 1K;> 2>42>@8BL AB>;L 2>645;5==CN 4;O =8:>;052A:>9 04<8=8AB@0F88 :075==CN
1;03>?@8AB>9=>ABL. >A?8B0==8:8 >A:>2A:>3> C=825@A8B5B0 >A>15==> 4>@>68;8 B@048F8O<8 2>;L=>;N182>9 ABC45=G5A:>9
>1I5AB25==>AB8.
# 5B5@1C@3A:>3> C=825@A8B5B0 1K;8 8 A2>8 ?@58A>15==>AB8 4;O B5E, :B> CG8;AO =0 A;>25A=>< D0:C;LB5B5.
= =0E>48;AO 2 F5=B@5 B>340H=53> ;8B5@0BC@=>3> 42865=8O: CH:8=, @K;>2, C:>2A:89, >3>;L 2A5 >=8 68;8 2
5B5@1C@35. -B> =5 <>3;> =5 A:07K20BLAO 8 =0 C=825@A8B5BA:>9 687=8. >;LH8< 2;8O=85< 2 C=825@A8B5B5 8 =0 A;>25A=><
D0:C;LB5B5 ?>;L7>20;AO ?@>D5AA>@ . . ;5B=52, ?>MB 8 :@8B8:, >48= 87 1;8609H8E 4@C759 CH:8=0, B>B A0
:>B>@>MB ?>A2OB8; A2>53> 235=8O 0=538=0 .
8A0; >= B>340 <=>3> 8 A<>B@5; =0 A2>N ;8B5@0BC@=CN @01>BC, ?>-2848<>;=5 A5@L57=>. #1548B5;L=K<
?>4B25@645=85< 8 B>3> 8 4@C3>3> O2;O5BAO 53> ?8AL<> ?@>D5AA>@C . . 8:8B5=:> >B 26 <0@B0 1837 3>40: / :>;510;AO, 4>;65=
;8 O 1K; ?>A;0BL 4@0<=>N 16 ;5B, <>5 ?5@2>5 ?@>872545=85, - O AB>;L:> 286C 2 =59 =54>AB0B:>2, 8 2>>1I5 25AL
?;0= 55 <=5 B5?5@L B0: =5 =@028BAO, GB> 5A;8 1 O =5 =045O;AO =0 0HC A=8AE>48B5;L=>ABL, 0 3;02=>5, 5A;8 1 O =5 4C<0;, GB> ?>
?5@2><>6=> ?> :@09=59 <5@5 ?@54C7=0BL 1C4CI55, O 1K =8:>340 =5 @5H8;AO 1K 0< 55 ?>A;0BL...
"C@35=52 =5 ;N18; 2A?><8=0BL > A2>8E ABC45=G5A:8E ;8B5@0BC@=KE >?KB0E; A0<>5 =0G0;> A2>53> ?8A0B5;LAB20 >=
>B>42830; ?>GB8 =0 45AOBL ;5B C65 2 A>@>:>2K5 3>4K. G5284=>, 3;02=K< >1@07>< ?>MB>;LH0O G0ABL =0?8A0==>3> 8< 2
C=825@A8B5BA:85 3>4K 8 =5 4>H;0 4> =0A. ! B>G:8 7@5=8O 7@5;>3>, 27KA:0B5;L=>3> EC4>6=8:0, "C@35=52 1K; ?@02:
A>E@0=82H85AO >1@07FK 53> ?8A0=89 =5 ?>4=8<0NBAO =04 C@>2=5< ;8B5@0BC@=>3> CG5=8G5AB20. > 4;O 8AB>@8:0 ;8B5@0BC@K 8
4;O 2AO:>3>, :B> E>G5B ?>=OBL, :0: ?@>1820;8AL ?5@2K5 @>AB:8 BC@35=52A:>3> 40@>20=8O, >=8 8<5NB =5>F5=8<>5 7=0G5=85.
= =0G8=0; A2>N ?8A0B5;LA:CN 45OB5;L=>ABL 2 ?5@5E>4=>5 4;O @CAA:>9 ;8B5@0BC@K: 2@5 1K;8 3>4K ?>A;5-
45:01@LA:>9 @50:F88. "0 G0ABL 42>@O=AB20, 87 A@54K :>B>@>9 2KH;8 45:01@8ABK, 1K;0 45<>@0;87>20=0. N4L<8 >2;045;>
3;C1>:>5 >BG0O=85 8 2A5>1I55 C=K=85. KAH55 >1I5AB2> A ?>4;K< 8 =87:8< @25=85< A?5H8;> >B@5GLAO >B 2A5E G5;>25G5A:8E
GC2AB2, >B 2A5E 3C<0==KE ?>GB8 =8 >4=>9 0@8AB>:@0B8G5A:>9 A5B>@0O =5 8<5;0 1K 1;87:8E
@>4AB25==8:>2 2 G8A;5 A>A;0==KE, 8 ?>GB8 =8 >4=0 =5 >A<5;8;0AL =045BL B@0C@ 8;8 2K:070BL A2>N A:>@1L .
#2;5G5=85 <>;>4>3> "C@35=520 AB8E0<8 5=548:B>20 B0:65 1K;> ?@54>?@545;5=>, ?@5645 2A53>, CA;>28O<8 2@5<5=8. 0
D>=5 B>9 C=K;>AB8, :>B>@0O F0@8;0 2 AB8E0E 70?>740;KE ?>4@060B5;59 C:>2A:>3>, AB8E8 5=548:B>20 2K45;O;8AL 1>4@>ABLN
B>=0, @07<0H8AB>9 M=5@3859 @5G8. 4=0:> MB8 A2>9AB20 <>3;8 ?@54>?@545;8BL ;8HL ?5@2>5 2?5G0B;5=85. @8 1;8609H5<
@0AA<>B@5=88 AB8E8 5=548:B>20 >1=0@C6820;8 70:>@5=5;CN 8, B0: A:070BL, AB8E89=CN :>=A5@20B82=>ABL 8E 02B>@0.
5=548:B>2 3>B>2 1K; C:@0A8BL AB8E>2K<8 C7>@0<8 A0B2@0B8B5;L=K5 O2;5=8O =8:>;052A:>9 459AB28B5;L=>AB8.
070@<5==K5 =@02K >= 2>A?520; :0: 2>?;>I5=85 @KF0@AB20; A ?@O<>;8=59=>ABLN ;0:5O, 4>?CI5==>3> 2 3>AB8=CN, >= ?@8E>48;
2 2>AB>@3 >B 0@><0B=>9 AD5@K 10;>2 8 B.?. = ?@>AB>4CH=> ?@87=020;AO, GB> 1>;LH5 2A53> 53> 24>E=>2;O;8 >G8 >3=52K5, 40
:C4@8 B5<=K5, 40 ?5@A8 =0;82=K5 . 07C<55BAO, MB8 ?@54<5BK B@51>20;8 A>>B25BAB2CNI8E A@54AB2 2K@065=8O. 5=548:B>2
4>25; >4=> 87 A2>9AB2 @><0=B8G5A:>3> AB8;O A;>6=CN <5B0D>@8G=>ABL 4> :@09=59 AB5?5=8 =0?@O65==>AB8 8 2KGC@=>AB8.
#@>:, 70>G=> ?>;CG5==K9 >B 5;8=A:>3>, 1K; >4=8< 87 206=59H8E <><5=B>2 2> 2A59 ?8A0B5;LA:>9 AC4L15 "C@35=520.
54L 45;> A>AB>O;> =5 B>;L:> 2 8A?@02;5=88 >H81>: =5>?KB=>3> 2:CA0, E>BO 8 MB> A0<> ?> A515 =5 B0: C6 <0;>. !>3;0A85 A
5;8=A:8< ?@54?>;030;> 87<5=5=85 273;O4>2 =5 B>;L:> =0 8A:CAAB2>, => 8 =0 A0 1KBL, =0 >B=>H5=85 8A:CAAB20
: 687=8: >B ?>8A:>2 =51K20;>3>,, 25;8:>3> (=540@>< 7@5;K9 "C@35=52 =07>25B H:>;C @><0=B8:>2 30-E 3>4>2 ;>6=>-
25;8G02>9 H:>;>9) =5>1E>48<> 1K;> ?5@5E>48BL : 87CG5=8N @50;L=>9 459AB28B5;L=>AB8 - 2> 2A5E 55 8?>AB0AOE; =0ABC?0;0
?>@0 =01;N45=89 8 0=0;870. "5?5@L =0@O4C A ;8B5@0BC@=K<8 70=OB8O<8 "C@35=52 <=>3> 2@5<5=8 ?>A2OI0; 87CG5=8N
D8;>A>D88. =B5@5A : D8;>A>D88 1K; =0AB>;L:> A5@L575=, GB> "C@35=52 =0<5@520;AO ?>A2OB8BL A51O ?@>D5AA>@A:>9
45OB5;L=>AB88<5==> ?> :0D54@5 D8;>A>D88. 5;0=85 CA>25@H5=AB2>20BLAO 3;02=K< >1@07>< 2 MB>9 >1;0AB8 7=0=89 8
?@825;> "C@35=520 2 5@;8=A:89 C=825@A8B5B.
MB><, C65 B@5BL5<, C=825@A8B5B5 "C@35=52 A 1>;LH8<8 ?5@5@K20<8 ?@>25; >:>;> 42CE ;5B. = CA5@4=> 87CG0; B0<
535;O ?>4 @C:>2>4AB2>< 53> >@B>4>:A0;L=KE CG5=8:>2 8 2<5AB5 A B5< 2=8<0B5;L=> A;548; 70 2KABC?;5=8O<8 ;52KE
3535;LO=F52, 2> <=>3>< A =8<8 A>3;0H0OAL; =>, ?>-2848<>< <><5=B>< 53> B>340H=8E D8;>A>DA:8E
HBC489 1K;> 7=0:> A A>G8=5=8O<8 . $595@10E0; ?>74=55 "C@35=52 A:065B, GB> 87 2A5E D8;>A>D>2 5@<0=88
$595@10E548=AB25==K9 G5;>25:, 548=AB25==K9 E0@0:B5@ 8 548=AB25==K9 B0;0=B "C@35=52 87CG0; B>340 =5 B>;L:>
D8;>A>D8N, => 8 ;8B5@0BC@C=5<5F:CN, D@0=FC7A:CN, 0=3;89A:CN, 8B0;LO=A:CN, 8 8A:CAAB2> ?>GB8 2> 2A5E 53> AD5@0E.
2A5, GB> >= 7=0;, >= 7=0; >A=>20B5;L=>, =5 87 B@5BL8E @C:. =5< <>6=> A:070BL, GB> >= 1K; M@C48B>< 2 A0<>< B>G=>< 8 2KA>:><
A3> A;>20. > :=838 =5 1K;8 548=AB25==K< 8AB>G=8:>< 7=0=89; ABC45=B>< >= <=>3> ?CB5H5AB2>20; ?> 2@>?5;
<0AB5@A:85 EC4>6=8:>2, B50B@K 2845; >= <=>3>, 8 <=>3> C45@60;0 53> 15A?@8<5@=> >1H8@=0O ?0 >= =5 1K;
?>E>6 =0 BC@8AB0, >701>G5==>3> B>;L:> B5<, GB>1K =5 ?@>?CAB8BL :0:>9-=81C4L 4>AB>?@8<5G0B5;L=>AB8. =5< A<>;>4C
>1=0@C68;0AL A:;>==>ABL ;N1>2=> 2A<0B@820BLAO 2 =0@>4=CN 687=L, 345 1K AC4L10 =8 A25;0 53> A =59. CB5H5AB2CO 2 B5 3>4K
?> AB@0=0< 0?04=>9 2@>?K, >= =01;N40;, A@02=820; 8 @5H0;...
D52@0;5 1843. 3>40 A>AB>O;>AL ;8G=>5 7=0:> "C@35=520 A 5;8=A:8<. 5;8=A:89 1K; AB0@H5 "C@35=520 =0 A5
;5B, => =8 B>B, =8 4@C3>9 =5 70<5G0;8 MB>9 @07=8FK. A2>5< >B=>H5=88 : <>;>4K< ;8B5@0B>@0< 5;8=A:89 <5=LH5 2A53>
=0?><8=0; A=8AE>48B5;L=>3> 8AB8=K, ;8HL 54=>
8AB8==> B>@K5 3>B>2K CG8BLAO, C 2AO:>3>, :B> 2;0455B ?>;57=K<8 A2545=8O<8. >2K9 7=0:><5F 2 MB>< A
1K; 4;O =53> >A>15==> 8=B5@5A5=.
"C@35=52 =5 ?@8=04;560; C. G8A;C B5E ?8A0B5;59, : :>:>5. ?@87=0=85 ?@8E>48B A:>@> 8;8 4065 A@07C, :0:,
=0?@8<5@, : >AB>52A:>B>@K9 ?>A;5 >?C1;8:>20=8O ?5@2>3> 65 53> @><0=0 54=K5 ;N48 AB0; 7=0<5=8B>ABLN; 2 MB><
A=G0@>2, . . @83>@>28G=0 ?5@2KE ?>@0E 1K;8 3>@074> AG0AB;8255 53>.
18381842 3>40E >= ?8A0; <0;> 8 B>;L:> ;8@8:C. > =8 >4=> 87 =5<=>38E >?C1;8:>20==KE 8< AB8E>B2>@5=89 =5 ?@82;5:;>
2=8<0=8O =8 G8B0B5;59, =8 :@8B8:8. BG0AB8, <>65B 1KBL, ?> MB>9 ?@8G8=5 >= 2A5 1>;LH59 1>;LH5 2=8<0=8O C45;O; ?>M<5 (A
?@58< M?8G5A:>3> =0G0;0 2 =59) 8 4@0<5. 0 MB>< ?CB8 53> 8 >6840; ?5@2K9 CA?5E: 2 0?@5;5 1843 3>40 2KH;0 2 A25B 53>
?>M<0 0@0H0 , 0 2 =0G0;5 <0O MB>3> 3>40 ?>O28;AO >G5@54=>9 =><5@ B5G5AB25==KE 70?8A>: , 2 :>B>@>< 1K;0 =0?5G0B0=0
1>;LH0O 157>3>2>@>G=> E20;51=0O @5F5=78O =0, =55 5;8=A:>3>.
!@548 ?@>872545=89 70@>6402H59AO B>340 =0BC@0;L=>9 H:>;K 0@0H0 =5 2K45;O;0AL :0:>9-B> >A>1>9
>@838=0;L=>ABLN; =570C@O4=K< O2;5=85< 2 ;8B5@0BC@5 >=0 AB0;0 3;02=K< >1@07>< 1;03>40@O @5F5=788 5;8=A:>3>, E>BO >= 254
@5GL, ?> ACI5AB2C, =5 AB>;L:> > A0<>9 ?>M<5, A:>;L:> > A2>9AB20E B0;0=B0 "C@35=520 2 F5;><. "CB 5I5 @07 2> 2A59 A2>59 A8;5
>1=0@C68;0AL =5?>2B>@8<0O A?>A>1=>ABL 5;8=A:>3> 2845BL 2 ?5@2KE, 5I5 40;5:8E >B A>25@H5=AB20 ?@>872545=8OE B>3> 8;8
8=>3> ?8A0B5;O A0@5==K5 A2>9AB20 53> B0;0=B0.
>B :0: 2 MB>9 @5F5=788 >?@545;5=K >A=>2=K5 A2>9AB20 B0;0=B0 "C@35=520: ... 25@=0O =01;N40B5;L=>ABL, 3;C1>:0O
9 687=8, 87OI=0O 8 B>=:0O 8@>=8O, ?>4 :>B>@>N A:@K205BAO AB>;L:> GC2AB20, - 2A5 MB>
?>:07K205B 2 02B>@5, :@><5 40@0 B2>@G5AB20, AK=0 =0H53> 2@5<5=8, =>AOI53> 2 3@C48 A2>59 2A5 A:>@18 8 2>?@>AK 53> ^ -B8
AB@>:8 ?>E>68 =0 ?@>@>G5AB2> 704=8< G8A;><, :065BAO, GB> B0:85 70:;NG5=8O <>3 A45;0BL B>;L:> G5;>25:, E>@>H> 87CG82H89
2A5 ?>A;54CNI55 B2>@G5AB2> "C@35=520.
8B5@0BC@=KE 8 68B59A:8E 2>A?><8=0=8OE "C@35=52 ?@87=0;AO, GB> :>340 >= ?@>G8B0; MBC AB0BLN, B> >B 3>@OG8E
?>E20; :@8B8:0 ?>GC2AB2>20; 1>;LH5 A< @04>AB8 '. -B> ?@87=0=85 =C6405BAO 2 ?>?@02:5 =0 2@5@ 0?8A>:
>E>B=8:0 , 2>@O=A:>3> 3=5740 , BF>2 8 45B59 , =025@=>, C65 =5 <>3 4C<0BL > A2>59 @0==59 ?>M<5 157 A=8AE>48B5;L=>9
C;K1:8. 4=0:> A :>B>@>< >= 3>2>@8B, 2?>;=5 25@>OB=>: - "C@35=52 8 2 =0G0;5 1840-E 3>4>2 =5 ?5@5AB020;
A><=520BLAO 2 A2>5< EC4>6=8G5A:>< ?@8720=88, 8 AB0BLO CG8B5;O =5 B>;L:> >1>4@O;0 <>;>4>3> ?8A0B5;O, => 8 >1O7K20;0 53>,
4020;0 :@8B5@89 B@51>20=89 : A0<><5@C >B25BAB25==>AB8 ?5@54 A>1AB25==K< B0;0=B><, ?5@54 ;8B5@0BC@>9, ?5@54
>1I5AB2><.
"C@35=52 =0?8A0; =51>;LHCN, 3>@OGCN AB0BLN =0 A<5@BL >3>;O, :>B>@CN ?@54A540B5;L ?5B5@1C@3A:>3> F5=7C@=>3>
:><8B5B0 70?@5B8; =0 B>< >A=>20=88, GB> >3>;L ;0:59A:89 ?8A0B5;L . ">340 "C@35=52 ?5@5A;0; AB0BLN 2 >A:2C, 8 B0< >=0
AB0@0=8O<8 53> 4@C759 >B:8=0 8 $5>:B8AB>20 1K;0 =0?5G0B0=0. 5<54;5==> 1K;> =07=0G5=> @0AA;54>20=85; 40==K5,
?>;CG5==K5 ?@8 ?5@;NAB@0F88 BC@35=52A:8E ?8A5<, 8 @57C;LB0BK =01;N45=89 >A254><8B5;59 1K;8 A@>G=> >1@01>B0=K, 8
C15;LB ?@54AB028; =0G0;L=8:C "@5BL53> >B45;5=8O @;>2C ?@>5:B 2A5?>440==59H53> 4>:;040, 2 8B>3>2>9 G0AB8 :>B>@>3>
1K;> A:070=>: ... 0E>4O, A >4=>9 AB>@>=K, GB> 2 =K=5H=55 2@5@K O2;ONBAO 459AB2CNI8<8 ;8F0<8 2> 2A5E
154AB25==KE 4;O 3>AC40@AB20 A1E>48<> >1@0I0BL AB@>3>5 2=8<0=85, 0A 4@C3>9 AB>@>=K, - GB> "C@35=52
4>;65= 1KBL G5;>25: ?K;:89 8 ?@54?@88;030; 1K ?@83;0A8BL "C@35=520 2 3-5 >B45;5=85 A>1. 5. 8. 2. :0=F5;O@88, 0
>B:8=0 8 $5>:B8AB>20 : <>A:>2A:>@C, A45;0BL 8< AB@>609H55 2=CH5=85, ?@54C?@548BL 8E, GB>
?@028B5;LAB2> >1@0B8;> =0 =8E >A>15==> 148B5;L=>5 2=8<0=85, 8 CG@548BL 70 =8<8 =047>@ ?>;8F88 . >:>=G0B5;L=>< B5:AB5
MB>3> 4>:C<5=B0 @;>2 ?> :0:8<-B> =58725AB=K< ?@8G8=0< =5A:>;L:> A= >128=5=89 8 A0<5@C ?@5A5G5=8O:
2<5AB>. 3;0A=>3> ?>;8F59A:>3> =047>@0 >= ?@54;>68; A5:@5B=>5 =01;N45=85, B> 5ABL B>, GB> C65 1K;> 8 4> MB>3>. &0@N =5
?>=@028;0AL MB0 A=8AE>48B5;L=>ABL . A2>59 @57>;NF88 (>=0 ?@82>48BAO A> 2A5<8 :@0A>B0<8 AB8;O 8 2>;L=>ABO<8
>@D>3@0D88) =0?8A0; A;54CNI55: >;030N MB>3> <0;>, 0 70 O2=>5 >A;CH0=85 ?>A048BL 53> =0 <5AOF ?>4 0@5AB 8 2KA;0BL =0
68B5;LAB2> =0 @>48=C ?>4 ?@8A<>B@, 0 A 4@C38<8 ?@54>AB028BL 3. 0:@52A:>@O48BLAO ?> <5@5 8E 28=K . > 8A?>;=5=85
F0@A:>9 2>;8 28 0?@5;O 1852 3>40 "C@35=52 1K; 2>42>@5= =0 AJ576CN 2-9 04<8@0;B59A:>9 G0AB8. 065 ?> B5< 2@5<5=0< :0@0
>:070;0AL A;8H:>< 65AB>:>9; A0<> A>1>9 =0?@0H820;>AL ?@54?>;>65=85, GB> 70<5B:0 > >3>;5 1K;0 =5 548=AB25==>9 28=>9
?8A0B5;O. "0: ?>=8<0; MB>9 A0< "C@35=52. >B GB> >= ?8A0; A2>8< 4@C7LO< 2> $@0=F8N: / =0E>6CAL ?>4 0@5AB>< 2
?>;8F59A:>9 G0AB8 ?> 2KA>G09H525;5=8N, 70 B>, GB> =0 ?5G0B0; 2 >4=>9 <>A:>2A:>9 3075B5 AB0BLN 2 =5A:>;L:> AB@>: >
>3>;5. -B> B>;L:> ?>A;C68;> ?@54;>3>< AB0BLO A0<0 ?> A515 A>25@H5==> =57=0G8B5;L=0. > =0 <5=O C65 402=> A<>B@OB :>A>.
>B>8 0@5AB, 25@>OB=>, A45;05B =52>7<>6=K< ?5G0B0=85 <>59 :=838 2
>A:25 (8AL<0, II, 395396) . AG0ABLN, ?>A;54=55 ?@54?>;>65=85 =5 >?@0240;>AL: 0?8A:8 >E>B=8:0 ?>A;5 =5:>B>@>9
7045@6:8 2KH;8 2 A25B 2 023CAB5 1852 3>40.
>A;5 >A2>1>645=8O 87-?>4 0@5AB0 "C@35=52 4>;65= 1K 157 ?@><54;5=8O 8 7045@65: >B?@028BLAO : <5ABC A2>59 AAK;:8 -
2 @>4>2>5 A5;> !?0AA:>5-CB>28=>2>. >;B>@0 3>4 ?@>4>;60;>AL MB> C548=5=85. ?5@2K5 <5AOFK 53> =5 C2;5:0;0 4065 >E>B0;
B2>@G5A:0O @01>B0 ?>GB8 >AB0=>28;0AL. ">340H=85 53> ?8AL<0 =0?>;=5=K 60;>10<8 =0 >48=>G5AB2>, =0AB>9G82K<8 ?@>AL10<8
?>A5B8BL 53> 8 A;>20 <8 A0<>9 8A:@5==59 8 3>@OG59 1;03>40@=>AB8 B5<, :B> E>BL =5=04>;3> ?@85760; : =55. 0:
;8B5@0B>@, >= 2A5340 8A?KBK20; >AB@CN ?>B@51=>ABL 2 >1I5=88 A> A2>8<8 A>1@0BLO<8 ?> @5<5A;C, A ;N4L<8, ;N1OI8<8
7=0NI8<8 8A:CAAB2>. "5?5@L 2AB@5G8 8 15A54K A ;N4L<8 ;8B5@0BC@=K<8 <=5=8O<8 :>B>@KE >= 4>@>68;, 1K;8 4;O =53>
>A>15==> =5>1E>48
BFK 8 45B8 2K7K20;8, ?>-2848<>65AB>G5==CN ?>;5<8:C 2> 2A59 8AB>@88 @CAA:>9 ;8B5@0BC@K XIX
AB>;5B8O. >;=>ABLN ?@8=O; 070@>20 8 ?@>2>73;0A8; 53> ?>;=K< 2>?;>I5=85< :0G5AB2 @52>;NF8>==>3> ?>:>;5=8O 60-E 3>4>2
>48= . . 8A0@52. =B>=>28G =0720; "C@35=520 @50:F8>=5@><. "C@35=52 2 ?K;C @074@065=8O @57:> >B7K20;AO =5 B>;L:> >1
=B>=>28G5, => 8 > 5:@0A>25 8 > '5@=KH52A:><.
>;5<8:0 2>:@C3 BF>2 8 45B59 =0?C30;0 53>. !=0G0;0 5AL, GB> >= C6 1>;LH5 =8:>340 =5 4>1L5BAO
2708<>?>=8<0=8O A B5< G8B0B5;5<, <=5=85< :>B>@>3> >= 4>@>68; 1>;LH5 2A53>, 2708<>?>=8<0=8O A <>;>4K< G8B0B5;5<
A2>53> 2@5<5=8. A2O78 A MB8< 2 !>7=0=88 "C@35=520 2>7=8:;0 B5<0 B@038G5A:>9 AC4L1K EC4>6=8:0; >= A=>20 ?5@568; ?>;>AC
A><=5=89 2 A>1AB25==>< EC4>6=8G5A:>< ?@8720=88. @O< MB8E =0AB@>5=89 1K;0 ?>25ABL @87@0:8 , 2
:>B>@>9 "C@35=52 @0728205B B><, GB> EC4>6=8G5A:0O 6=8G5A:0O D0=B078O, 2 ACI=>AB8, 15AA8;L=K ?5@54
3;C1>:8<8 B09=0<8 687=8 8 ?5@54 B09=0<8 =0@>4=>3> A>7=0=8O. MB8 65 3>4K >=, ?>4>1=> CH:8=C, 2 53> 7=0<5=8B><
AB8E>B2>@5=88 !5OB5;L , CA><=O5BAO 4065 2 ?;>4>B2>@=>AB8 45OB5;L=>AB8 G5;>25:0 =0 1;03> >1I5AB20. <5==> >1 MB>< 8 845B
@5GL 2 53> ?>25AB8 >2>;L=> . "5<, GB> >1K:=>25==0 =07K20NB CA?5E>< C ?C1;8:8, >=, ?>-2848<>@>68; 8 2A5
=0AB>9G8255 4C<0; > ?@5:@0I5=88 A2>59 ;8B5@0BC@=>9 45OB5;L=>AB8... > :>340 @5GL 845B > "C@35=525, MB8 A;>20 CA?5E C
?C1;8:8B@51CNB >A>1>3> ?>OA=5=8O. A:@5==5 ?@87=0NAL, GB> O 2>A?8B0=0 2 AB@0E5 ?>GB5==59H59 ?C1;8:5 8 GB> =5 286C
=8:0:>3> ABK40 C3>640BL 59 8 A;54>20BL 4CEC 2@5<5=8 '. -B8 AB@>:8 =0?8A0; CH:8=. = 7=0;, GB> 4CE 2@5<5=8 =5 2A5340 8 =5
?>;=> 2>?;>I05BAO 2 <=5=88 ?C1;8:8; >= 7=0;, :0: >=0 <=>3>;8:0 8 =5?>AB>O==0, :0: ?>425@65=0 2;8O=8O< <>4K. =, A0<
8A?KB02H89 25;8:CN 1;03>A:;>==>ABL ?C1;8:8, 2845;, GB> >=0 2A5 B0 65 ?>GB5==59H0O ?C1;8:0 , =0@0AE20B ?>:C?05B
15740@=K5 ;0:59A:8-CA;C6;82K5 @><0=K C;30@8=0. 4=0:> 6 >= E>@>H> ?>=8<0; 8 4@C3>5: 8AB8==K9 ?>MB <>65B >1@0B8BLAO
B>;L:> : B>9 ?C1;8:5, :>B>@0O 40=0 59; 8 >= >1O70= 4>;3>< G5;>25G=>AB8 ?@>1C640BL 2 =59 GC2AB20 4>1@K5 .
"C@35=52 8 2 MB>< AE>6 =0 CH:8=0. 0 A2>N 4>;3CN 8 =5 >G5=L-B> ;53:CN 687=L 8 ;8B5@0BC@5 >= 2845;
2AO:>5: 1K;8 3>4K, :>340 >= 1K; ;N18= =0E>48; 2 A515 4>AB0B>G=> 3> B0:B0, GB>1K =5
45;0BL 284, 1C4B> MB> A>GC2AB285 53> =8A:>;L:> =5 @04C5B. >74=55, =0 ?@>BO65=88 F5;>3> @O40 ;5B, >= 1K; ?@54<5B><
>65AB>G5==KE =0?045=85 8 A?@020 8 A;520; >= A5@48;AO =0 ?C1;8:C 70 55 E>;>4=>ABL, >B1820;AO, 2?040; 2 C=K=85, 60;>20;AO,
3@>78;AO ?>;>68BL ?5@> 8... =8 =0 <8=CBC =5 ?5@5AB020; B5@?5;82> A;548BL 70 B5<, GB> 2>;=>20;> ?C1;8:C, =0 G5<
A>A@54>B>G8;8AL 55 8=B5@5AK. 3> =587<5==>5, 2=8<0=85 : 687=8 >1I5AB20, =5>BABC?=K5 4C AC4L10E @>4=>9, AB@0=K
?><>3;8 5B @07. = ?@8H5; : B0 >AB@>B0 >1I5AB25==>9 1>@L1K 2 AB@0=5, :>B>@0O 1K;0 B0: E0@0:B5@=0 4;O
60-E 3>4>2, =5 2K@0605B 2A59 3;C18=K >1I5AB25==KE ?@>F5AA>2. AL B>340, GB> >AA8O =5A:>;L:> 45AOB:>2 ;5B <>65B
@072820BLAO A?>:>9=> 3;02=>5 ?@5?OBAB285 =0 ?CB8 55 ?@>3@5AA0 :@5?>AB=>5 ?@02> 1K;> >B<5=5=>. >MB>@L10
?@>B82 @5D>@<0F8>==>9 ?>;8B8:8 ?@028B5;LAB20 59. <5==> MB0 A=>25 53> @><0=0 K<
.. " 8:>340 5I5 A8;0 BC@35=52A:>3> >B@8F0=8O =5 2KABC?0;0 B0: >B:@KB> 8 ?@O<>. "C@35=52 3;02=K5 A2>8 C40@K =0?@028;
?@>B82 :@5?>AB=8G5A:>9 @50:F88. 5=5@0;LA:0O :>
18@0NI0OAO 2>:@C3 0B<8@>20 - MB> ;N48 GC64K5 =5 B>;L:>
=0@>4C, => 8 >AA88. 5 A;CG09=> "C@35=52 70AB02;O5B 8E 459AB2>20BL 70 3@0=8F59: B0< >=8 GC2AB2CNB A51O =5?@8=C645==55,
G5< 4><0; 2 >AA88 >=8 A;C60B, ?>4G8=ONBAO 8;8 @0A?>@O60NBAO, 8=B@83CNB 8 B>;L:> 745AL 682CB, =0A;0640NBAO 687=LN. =8
2@06451=K, 2A52> E>BO 1K :>A25==> A2O70=> A 84559 A2>1>4K. 45AL "C@35=52, :0: 8 2 3>4K A>740=8O
0?8A>: >E>B=8:0 , 5I5 @07 2>72@0I05BAO : A2>59 B><, GB> 42>@O=A:0O A@540, >B>@20==0O >B =0@>40 8
?@>B82>?>AB0282H0O A51O =0@>4C, 2@06451=0 G5;>25G=>AB8, 2@06451=0 8A:@5==525G5A:>B5.
:@8B8:5, 8 A>2@5<5==>9 "C@35=52C 8 ?>74=59H59, <=>3> A?>@>2 2K7K205B 2>?@>A > ?>;>68B5;L=>9 ?@>3@0<<5
"C@35=520, :0: >=0 2K@065=0 2 MB>< @><0=5. !>2@5<5==8:0< :070;>AL, GB> >BC38= O2;O5BAO 2K@078B5;5< <=5=89 A0<>3>
"C@35=520. 0 ?5@2K9 273;O4 MB> :0: 1C4B> 1K B0: 8 5ABL. KA;L > B><, GB> >AA88 =C6=0 F828;870F8O, GB> 55 =C6=> ;5G8BL
3><5>?0B8G5A:8<8 A@54AB20<8 , B> 5ABL C;CGH0BL >1I5AB25==K9 1KB ?>AB5?5==>, B5@?5;82> 2=54@OO M;5<5=BK 52@>?59A:>9
:C;LBC@K, - MB> 402=OO 87;N1;5==0O
8B5@0BC@=0O 45OB5;L=>ABL "C@35=520, ?8A0; !0;BK:>2-)54@8= 2 =5:@>;>38G5A:>9 AB0BL5 > "C@35=525, - 8<5;0 4;O
=0H53> >1I5AB20 @C:>2>4OI55 7=0G5=85, =0@02=5 A 45OB5;L=>ABLN 5:@0A>20, 5;8=A:>3> 8 >1@>;N1>20. :0: =8 70<5G0B5;5=
A0< ?> A515 EC4>65AB25==K9 B0;0=B 53>, => =5 2 =5< 70:;NG05BAO B09=0 B>9 3;C1>:>9 A8
AB59,
:>B>@K5 >= AC<5; ?@>1C48BL : A515 2> 2A5E <, GB> 2>A?@>872545==K5 8< 687=5==K5 >1@07K
1K;8 ?>;=K 3;C1>:8E ?>CG5=89.
"C@35=52 1K; G5;>25: 2KA>:>@0728BK9, C15645==K9 8 =8:>340 =5 ?>:8402H89 ?>G2K >1I5G5;>25G5A:8E 8450;>2.
450;K MB8 >= ?@>2>48; 2 @CAA:CN 687=L A B5< A>7=0B5;L=K< ?>AB>O=AB2><, :>B>@>5 8 A>AB02;O5B 53> 3;02=CN 8 =5>F5=5==CN
70A;C3C ?5@54 @CAA:8< >1I5AB2><. MB>< A= O2;O5BAO ?@O4>;60B5;5< CH:8=C 8 4@C38E A>?5@=8:>2 2 @CAA:>9
;8B5@0BC@5 =5 7=05B .
@8=OB> 3>2>@8BL, GB> 8A:CAAB2> ?@>25@O5BAO 2@5<5=5<. -B> ?@0240. > 254L A0<>-B> 2@5;L:> =5>1KG=>
4;8==0O , => 8 A;>6=0O. "5?5@L-B> <, A:>;L:> >B=>A8B5;L=>AB8 2 MB>< ?>=OB88 8 :0: ?>-@07=><8
MB0 @50;L=>ABL 2@53;>I5==K5 =0H8<8 5654=52=K<8 45;0<8:@C?=K<8 8 <5;:8<8, 1K:=>25==> =5 70<5G05<
53>, => 1K205B 8 B0: ?@0240, 25AL<0 @54:>, GB> >=> 24@C3 ?@54AB0=5B ?5@54 =0<8 2A5 F5;8:>B M?>E8
AB@>8B5;LAB20 4@52=5538?5BA:8E >@>A8B5;L=KE A8AB5< 4> A>1KB89 A53>4=OH=53> CB@0. G0I5 2A53> MB> ?@>8AE>48B ?>4
2>7459AB285< ?>4;8==>3> 8A:CAAB20.
>AA8O, :0:>9 >=0 1K;0 AB> A ;8H=8< ;5B B>9 7=0; 55 "C@35=52, 87<5=8;0AL B0:, :0: >=0 =5 87<5=8;0AL,
<>65B 1KBL, 70 F5;CN BKAOGC ;5B 4> =53>. ACI=>AB8, 2A5, GB> < =0 ?5@2>< ?;0=5 53> ?@>872545=89, 1572>72@0B=>
CH;> 2 ?@>H;>5. @5 C65 @07@CH8;> ?>A;54=85 >AB0B:8 ?>402;ONI53> 1>;LH8=AB20 B5E 10@A:8E CA0451, :>B>@K5 B0:
G0AB> 2AB@5G0;8AL =0 4>@>30E MB>3> ?8A0B5;O; A0<0 =54>1@0O ?0 ?><5I8:0E 8 > 42>@O=AB25 2 53> F5;>< 2 =0H5 2@5G5=L
70<5B=> ?>B5@O;0 2 A2>59 A>F80;L=>9 >AB@>B5. @CAA:0O 45@52=O C65 =5 B0.
>, >:07K205BAO, AC4L1K 53> 35@>52, B0:8E 40;5:8E >B =0H59 687=8, 2>71C640NB 2 =0A A0A@54AB25==K9 8=B5@5A;
>:07K205BAO, 2A5, GB> =5=02845; "C@35=52, 2 :>=F5 :>=F>2 =5=028AB=> 8 =0<; GB> >= AG8B0; E>@>H8<, G0I5 2A53> O2;O5BAO
B0:>2K< 8 A =0H59 B>G:8 7@5=8O. >=5G=>, 2> <=>3>< < =5 <>65< A>3;0A8BLAO, => B>;L:> C A0<>4>2>;L=KE (>=8
65, ?> C15645=8N "C@35=520, 8 A03@0=8G5==K5) ;N459 <>65B ?>O28BLAO ?@8 MB>< GC2AB2> ?@52>AE>4AB20: @8< A
=8<, :0: A =0H8< A>2@5<5==8:><< 8 4>1@K<. %C4>6=8: ?>1548; 2@5
8>3@0D8O "C@35=52 .!.
