La reforma liberal y la construcción de la figura de Francisco

'7+,472'1/(+7'1=1')43897:))/I3*+1'
,/-:7'*+7'3)/8)447'>B3)424
/2'-/3'7/4*+1'3')/I3
,/%#) #/1,*4
G;=FL=<="AKLGJA9<=D9/("
3974*:))/I3
M= <MJ9FL= =D HJG;=KG <= D9 ,=>GJE9 &A:=J9D AFA;A9<9
HGJ'9J;GMJ=DAG-GLGQKMHJAEG,9EgF,GK9IM=K=J=>GJR9JGF
DGK;AEA=FLGK<=D9;GFKLJM;;AgF<=DKL9<GF9;AgF=F"GF<MJ9K
D
G:B=LANG >MF<9E=FL9D <= <A;@9K ,=>GJE9K &A:=J9D=K =J9 D9
EG<=JFAR9;AgF<=D9K=KLJM;LMJ9K=;GFgEA;9KQKG;A9D=K;GFNAKL9K9
>9;ADAL9J=D<=K9JJGDDG<=D9K=;GFGEc9K<==PHGJL9;AgF9LJ9Q=F<GDGK
;9HAL9D=K =PLJ9FB=JGK Q 9K=?MJ9F<G MF9 ;A=JL9 =KL9:ADA<9< HGDcLA;9 =
AFKLALM;AGF9D
*=JG L9E:AbF DGK J=>GJEAKL9K ;9D;MD9:9F IM= ;GF D9K
LJ9FK>GJE9;AGF=KAFLJG<M;A<9KK=HG<Jc9HGJ>AF;GFKGDA<9J=DKL9<G
F9;AgF @GF<MJ=eG
KL=EG<=KLG9JLc;MDGAFL=FL9J\=PHGF=J;M\D=K>M=JGF9D?MFGK<=DGK
9D;9F;=K<=<A;@9,=>GJE9=FD9;GFKLJM;;AgF<=;A=JLGKAE9?AF9JAGK
<=F9;AgFQ=F=KH=;A9DAFL=FL9J\<=K;JA:AJ;gEGDGKJ=>GJE9<GJ=K
K=<A=JGF9D9L9J=9;GFKLJMAJMFF9;AGF9DAKEG:9K9<G=FD9;J=9;AgF
<=Do*9FL=gF<=DGK"bJG=K(9;AGF9D=Kp=P9DL9F<GHJ=>=J=FL=E=FL=
9 J9F;AK;G 'GJ9R\F ;GEG =D HJAF;AH9D HJg;=J J=AF9FL= <= =K=
48D7'3)/8)447'>B3!:+8'*'F9;Ag=F.=?M;A?9DH9=FQEMJAg>MKAD9<G=F-9F$GKb<=GKL9,A;9=F
M=MF?=FA9DEADAL9J=F=D;9EHG<=:9L9DD9DGIM=D=DD=Ng9G;MH9JD9HJ=KA<=F;A9<=D9,=Hh:DA;9 =<=J9D<=
=FLJG9EbJA;9=FLJ=Q
FL=K@9:c9KA<G$=>=<=KL9<G<="GF<MJ9K=F
#FKLJMA<G=FD9A<=GDG?c9
DA:=J9DHGJKMH9JA=FL=AGFAKAG<="=JJ=J9AEHMDKg;GEGHJ=KA<=FL=>=<=J9DMF9K=JA=<=J=>GJE9K;GF<M;=FL=K9
AFKL9MJ9JMFKL9<GDA:=J9DK=?hF=DEG<=DG9HDA;9<GHGJDGKJ=NGDM;AGF9JAGK>J9F;=K=KQ=KH=;A9DE=FL=HGJDGK
=KL9<GMFA<=FK=K
/F9N=R<AKM=DL9D9,=Hh:DA;9 =<=J9DK9DAgJME:G9*9F9E\Q*=JhNGDNAg9=FLJG9EbJA;9=F
9K=FL\F<GK==FGKL9,A;9<GF<=>M==D=;LG$=>=<=KL9<GLJ9KD9J=FMF;A9<=J9MDAG9JJADDGKAF=E:9J?GMF9
J=:=DAgF<=K=KL9:ADARgKMJb?AE=F
9HLMJ9<GLJ9KMF9LJ9A;AgF<=9D?MFGK9DD=?9<GK>M=>MKAD9<GKAFHJ=NAGBMA;AG
AJgFA;9E=FL==D<=K=HLA=E:J=<=
M=9MLGJ<= BG@F7EB3D3>3(7HA>G5;Y@67>E\K;GFG;A<G;GEG
#7?AD;3E9Kc;GEG<=E9FA>A=KLGKHJG;D9E9K;GEMFA;9;AGF=K9J=F?9KQ<=;J=LGKIM=J=N=D9F9D=KL9<AKL9Q9D
=K;JALGJADMKLJ9<G
GFDGK9eGKK=;GFNAJLAg=FD9E\PAE9>A?MJ9@AKLgJA;9<==FLJG9EbJA;9=KH=;c>A;9E=FL=9H9JLAJ<=
D9K,=>GJE9K&A:=J9D=KIM=;=D=:J9JGFKM?=KL9MFAGFAKL9Q<=K9JJGDD9JGFMF9o=KL9LM9JA9p9DJ=<=<GJ<=KMH=JKGF9DA<9<
&9E\PAE9;GF<=;GJ9;AgFIM=GLGJ?9=DKL9<G<="GF<MJ9K>M=;J=9<9=D<=E9JRG<==F=D?G:A=JFG<=
! $
o*9FL=gFK9?J9<Gp
= =KL= EG<G 9F9DAR9J=EGK =F H9JL= D9 >GJE9;AgF <= D9 F9;AgF =F
"GF<MJ9KQD9AFN=F;AgF<=LJ9<A;AGF=K9H9JLAJ<=D9K9;J9DAR9;AgF<=
D9>A?MJ9<=D!=F=J9D J9F;AK;G'GJ9R\F
FH9JLA;MD9JFGKAFL=J=K9
;GFG;=J;gEGK=;GFKLJMQg=F=DAE9?AF9JAG;GD=;LANGMF9LJ9<A;AgF
@AKLgJA;9;GEhF;gEGK=oAFN=FLgpMFAE9?AF9JAGF9;AGF9DQ;gEG
K=;J=gQoK9;J9DARgp=DH9FL=gF<=DGK@bJG=KF9;AGF9D=K9H9JLAJ<=D9
>A?MJ9<='GJ9R\F
GF;=HLM9DE=FL==F=KL=;9KGJ=;MJJAEGK9DLbJEAFG >'+3#+!'=+"#
1/"'!',+#0? =F D9 9;=H;AgF IM= D= GLGJ?9JGF JA; "G:K:9OE Q
.=J=F;=,9F?=JH9J9IMA=F=KD9oAFN=F;AgF<=LJ9<A;AGF=KpKMHGF=
LJ=KLAHGK:\KA;GK<=HJG;=KGKDGKIM=KAE:GDAR9F;G@=KAgFKG;A9DG
H=JL=F=F;A99?JMHGKJ=9D=KG9JLA>A;A9D=KDGKIM=D=?ALAE9FAFKLALM;AGF=K
G J=D9;AGF=K <= 9MLGJA<9< Q DGK IM= HJAGJAR9F D9 KG;A9DAR9;AgF D9
=FK=e9FR9<=;J==F;A9KQKAKL=E9K<=N9DGJ=K
F=D;9KG<="GF<MJ9K;GFD9oAFN=F;AgF<=D9LJ9<A;AgFp<=D;MDLG9D
o*9FL=gF<=DGK@bJG=KpQD9=P9DL9;AgF<=D9>A?MJ9<='GJ9R\F:9K9<9
=FKM?=KL9@=JGA;9<=D9,=Hh:DA;9 =<=J9DQKMKNA;LGJA9K=FD9K:9L9DD9K
;GFLJ9DGK;GFK=JN9<GJ=KK=<A>MF<A=JGFHGJL9FLGFM=NGKKAKL=E9K
<= N9DGJ=K <=J=;@GK Q G:DA?9;AGF=K =FLJ= DGK @GF<MJ=eGK <=D KA?DG
2#2 ;GEG >M=JGF =D H9LJAGLAKEG Q D9 D=9DL9< 9 D9 F9;AgF
<=E\K
'GJ9R\FQGLJGKAE9?AF9JAGKF9;AGF9D=K>M=JGFMK9<GKHGJD9KbDAL=K
DA:=J9D=K<=D9bHG;9H9J9;GFKLJMAJMF9LJ9<A;AgFIM=H=JEALA=J9<9J
MFK=FLA<G<=MFA<9<F9;AGF9DQF9;AGF9DAKEG
7/3)/5'1+82+*/*'8+31')43897:))/I3*+189'*43')/I3
*:7'39+1'"+,472'
F E9L=JA9 HGDcLA;9 =D ?G:A=JFG <= -GLG =F HJAF;AHAG 9K=?MJg MF
H=JAG<G <= =KL9:ADA<9< HGDcLA;9 IM= H=J<MJg HGJ DG E=FGK @9KL9
;GEA=FRGK<=DKA?DG22
*9J9=DDGK=N9DAg>MF<9E=FL9DE=FL=<=D9
GJ?9FAR9;AgFHGJHJAE=J9N=R=FD9@AKLGJA9<=DH9cK<=MF=BbJ;ALG
J=D9LAN9E=FL=HJG>=KAGF9D
&99F9JIMc9IM=@9:c9J=AF9<G=F"GF<M
J9K=FLJ=D9<AKGDM;AgF<=D9 =<=J9;AgFQ=D9<N=FAEA=FLG<=D9,=>GJE9
.A:MJ;AG9Jc9K=F@GE=F9B=9D!=F=J9D'GJ9R\F<=FGEAF9<9o)J<=F<=D9!J9FJMR<=)JG J9F;AK;G'GJ9R\Fp
>J
o"GF<MJ9K)J<=JG> J9F;AK;G'GJ9R\FpFOOO
E=<9DK7GJ?MC@GF<MJ9KAE9?=K@GF<MJ9K7BH?
@LEH
0b9K=>J
"G:K:9OEJA;Q,9F?=J.=J=F;= *:7 @H7@F;A@A8*D36;F;A@9E:JA<?=/FAN=JKALQ*J=KKH
!/$,- !'/!,-$#$9' .-$/7((
+!"(+&%$!+%0%(',-+.$9' !%"$#.+ !
+'$,((+12'(&($&#$'+$( !%'$9'
>M=H=J;A:A<9HGJDGKDA:=J9D=K;GEGMF9<=D9KHJAF;AH9D=K;9MK9K<=D
9LJ9KGE9L=JA9D<=D9F9;AgFHGJ=DDGK=GJ?9FARgMF=BbJ;ALGHJG>=KAGF9D
9DK=JNA;AG<=DKL9<G
-==KL9:D=;Ag=DK=JNA;AGEADAL9JG:DA?9LGJAG=F
QQ9H9J9K=;9D;MD9:9=F;=J;9<=EADA;A9FGK
!J9F
H9JL=<=DbPALG=FD9;GFKLALM;AgF<=MF=BbJ;ALGF9;AGF9DK=<=:Ag9D9
;GFLJ9L9;AgF <= DGK ?=F=J9D=K Q @bJG=K ;M:9FGK '\PAEG !gE=R Q
FLGFAG '9;=G
F=DHD9FGAFKLALM;AGF9DQBMJc<A;GMFH9KG>MF<9E=FL9D=FD9J=>GJE9
>M=D99HJG:9;AgF<=D9GFKLALM;AgF<=<=;D9JGKA?FGDA:=J9D
9Kc;GEGD9J=FGN9;AgF<=LG<9D99FLA?M9D=?AKD9;AgFIM=>M=HD9FL=9<9
;GEGMF9L9J=9HJAGJAL9JA9
&9D=?AKD9;AgFNA?=FL==F=DH9cKH9J9=K=
LA=EHG =F KM E9QGJ H9JL= =KL9:9 ;GEHM=KL9 HGJ 9FLA;M9<9K D=Q=K
=KH9eGD9KHJGN=FA=FL=K<=D9GDGFA9D9K;M9D=K=J9FAF;GEH9LA:D=K
;GFD9KJ=>GJE9KKM?=JA<9KHGJ-GLGQ,GK9
==K9>GJE9=D!G:A=JFG
<=-GLG<A;LgDGK;g<A?GKANAD*=F9D<=GE=J;AG<='AF=Jc9<=
*JG;=<AEA=FLGK <= <M9F9K Q MF9 D=Q <= .JA:MF9D=K LG<GK <=
AFKHAJ9;AgF DA:=J9D
GF D9 J==KLJM;LMJ9;AgF =>=;LAN9 <= D9K D=Q=K
G:KGD=L9K =PAKL=FL=K H9J9 =K= =FLGF;=K DGK J=>GJE9<GJ=K DA:=J9D=K
;J=9JGF=DE9J;GBMJc<A;GL=F<=FL=9EG<=JFAR9JD99J;9A;9=KLJM;LMJ9
=KL9L9D<="GF<MJ9K
GFJ=KH=;LG9D9oAE9?AF9;AgF<=D9F9;AgFp=DHJAF;AH9DA<=gDG?G
<=D Jb?AE=F ,9EgF ,GK9 =KL9:9 ;GFN=F;A<G IM= ;9<9 MFG <= DGK
KL9<GK;=FLJG9E=JA;9FGK;GFKLALMc9F;9<9;M9DMF9F9;AgFH=JGbD
=J9 H9JLA<9JAG<= J=KLALMAJ 9 E=<A9FGG D9J?G HD9RG 9D9 o,=Hh:DA;9
=<=J9D<==FLJG9EbJA;9p
FLJ=L9FLGK=L=Fc9FIM=AFKLALM;AGF9DAR9J
MF9 K=JA= <= KcE:GDGK Q J=HJ=K=FL9;AGF=K <= D9 F9;AgF IM= >M=J9F
AFL=JF9DAR9<9KHGJ=DHM=:DG<=E9F=J9;GD=;LAN9H9J9IM=;G9<QMN9J9F
9>GJL9D=;=JD9A<=FLA<9<F9;AGF9D
/F9<=D9KHJAE=J9KL9J=9K<=DGKJ=>GJEAKL9K>M=D9<==F;GE=F<9JD9
J=<9;;AgF <=MF DA:JG <= L=PLG<= >'01,/' "# ,+"2/0? HM=K =D
H9cK;9J=;c9<=MF9o@AKLGJA9F9;AGF9Dp;GFDG;M9D=J9<A>c;ADIM==D
HM=:DG K= KAFLA=J9 A<=FLA>A;9<G ;GF oKM H9K9<Gp
= =KL= EG<G =D
HJ=K:cL=JG,9EgFFLGFAG09DD=BG9H=LA;AgF<=D?G:A=JFG<=-GLG
*GK9K'9JAGQ=DA<,9>9=D "35A@EFDG55;Y@67>E75FADBZ4>;5AK67>EF36A@35;A@3>7@A@6GD3E-9F$GKb<=GKL9
,A;9<ALGJA9D/FAN=JKAL9JA9=FLJG9E=JA;9F9/H
mFKF<Jb'9J;=D A@6GD3E;8U5;>7?7D97@5;367G@3@35;Y@67G@EF36A.=?M;A?9DH9&ALG?J9>c9&gH=RU
=<A;AgFH
! $
=K;JA:AgQHM:DA;gKM>9EGK9G:J9 ;EFAD;3EA5;3>KBA>UF;5367A@6G
D3E=F;GFDGIM==DH9cKHM<G<AKHGF=JHGJHJAE=J9N=R<=MF9
@AKLGJA9F9;AGF9D
=@=;@G=DEAKEG,9EgF,GK9>M==D9MLGJ<=D9HJ=K=FL9;AgF<=D9
G:J9 Q =F D9K H\?AF9K AFLJG<M;LGJA9K <=D DA:JG <= 09DD=BG 9FGLg D9
LJ9K;=F<=F;A9<=D9HM:DA;9;AgF<=DHJAE=JDA:JG<=@AKLGJA9@GF<MJ=e9
9<NAJLA=F<GIM==DKA?FA>A;9<G<=DEAKEG;GFKLALMc9MF9=KH=;A=<=
J9<AG?J9>c9GJ=LJ9LGEGJ9D<=D9F9;AgF
*GJN=RHJAE=J9K==K;JA:=MF9G:J9=FIM=K=J=D9L9FQ9HJ=;A9F
DGK 9;GFL=;AEA=FLGK IM= <=K<= DGK LA=EHGK ;=J;9FGK \ D9
AF<=H=F<=F;A9Q@9KL9FM=KLJGK<c9K>GJE9F=DN9KLG;GFBMFLG
IM=;GFKLALMQ=D9@AKLGJA9KG;A9DQHGDcLA;9<="GF<MJ9K
b:=K=
=FG:J9AEHGJL9FL=\D9AFA;A9LAN9<=D?G:A=JFG<=D9,=Hh:DA;9
IM=9;GJ<gKMJ=<9;;AgFQ<b:=K==D<=K=EH=eG<=LJ9:9BGL9F
cEHJG:G 9D -=eGJ *J=K:cL=JG &A;=F;A9<G GF ,9EgF FLGFAG
09DD=BGIMA=FKMH=J9F<G<A>A;MDL9<=KKAFFhE=JG@9J=MFA<GQ
GJ<=F9<GDGKE9L=JA9D=K<AKH=JKGK<=D9"AKLGJA9<="GF<MJ9KQ
K=@99HJGN=;@9<G<==DDGKH9J9@9;=J=FD9G:J9IM=@GQN=D9
DMRHh:DA;9MF9=PHGKA;AgF@AKLgJA;9HGJGJ<=F;JGFGDg?A;G<=
DGK KM;=KGK HJgKH=JGK g 9<N=JKGK IM= =F DG KG;A9D Q HGDcLA;G
E9J;9F HGJ 9Kc <=;AJDG D9 >AKGFGEc9 EGJ9D <= D9 F9;AgF
@GF<MJ=e9
DbPALG<=D9HM:DA;9;AgF<=D9G:J9<=09DD=BGJ9<A;gL9E:AbF=FD9
>=DAR<=;AKAgF<=D?G:A=JFG<=-GLG<=;J=9J=D M7)./;4=1'/(1/49+)'
')/43'1NE=<A9FL==;J=LG<=D<=E9JRG<=FGE:J\F<GK=
=F D9 <AJ=;;AgF 9D EAKEG 09DD=BG
KL= @=;@G E9J;g =D AFA;AG <= D9
AFN=KLA?9;AgF@AKLgJA;9=F=DH9cK9<=E\K<=D99HJGHA9;AgFHGJH9JL=
<=DKL9<G<=D9J=KHGFK9:ADA<9<<=J=K;9L9JGJ?9FAR9JQ;GFK=JN9J=D
D=?9<G<G;ME=FL9DIM=9L=KGJ9D9@AKLGJA9<=D9F9;AgF
,9EgF,GK9BMKLA>A;g9J<GJGK9E=FL=D9;J=9;AgF<=DJ;@ANG(9;AGF9D
HM=K9<M;c9IM=D9>9DL9<=D;GFG;AEA=FLG@AKLgJA;G=F=DH9cK;GFLJA:Mc9
>J
09DD=BG,9EgFFLGFAGGEH=F<AG<=D9@AKLGJA9KG;A9DQHGDcLA;9<="GF<MJ9K.=?M;A?9DH9.AHG?J9>c9(9;AGF9D
('
#:c<
H
-G:J=D9>MF<9;AgF<=DoJ;@ANGQA:DAGL=;9(9;AGF9D<="GF<MJ9KpHM=<=;GFKMDL9JK=HGJ=B=EHDG,AN9K =JF\F<=R
$GKb=JF9Do&9;J=9;AgF<=DJ;@ANG(9;AGF9D=FD9>GJE9;AgF<=D9A<=FLA<9<F9;AGF9DDGK;9KGK<="GF<MJ9KQGKL9
,A;9pFFJcIM=R-GD9FG J9F;AK;GGEHAD9<GJ ;@67E;9>A. .7;67@F;636@35;A@3>7@#TJ;5AK7@FDA3?TD;53
D9BM=D9'MK=G"AKLgJA;GMDLMJ9D$M9F-9FL9E9Jc9HH
!/$,- !'/!,-$#$9' .-$/7((
+!"(+&%$!+%0%(',-+.$9' !%"$#.+ !
+'$,((+12'(&($&#$'+$( !%'$9'
9 D9 AFKM>A;A=F;A9 <= A<=FLA<9< =F D9 HG:D9;AgF 9J?ME=FL9F<G IM=
_12G@BG74>AE;@3D5:;HAE;@:;EFAD;3E;@FD36;5;A@7E@ABG767F7@7DG@
53DQ5F7D CG7 >A 6;EF;@93 CG7 >A :393 D7BD7E7@F3D G@ B3B7> :A@DAEA 7@ >3E
?39@U8;53E 7HA>G5;A@7E 67> BDA9D7EA @A E7 7JFD3W7 CG7 7EF7 B3UE :3K3
7EF36A 3 BG@FA 67 B7D67D :3EF3 7> Z>F;?A D3E9A 67 EG 53DQ5F7D @35;A@3>
BG7E @A :3 F7@;6A :;EFAD;3`
D@AKLGJA9<GJ-L=N=F*9DE=JK=e9D9IM=D9>MF<9;AgF<=DGKJ;@ANGK
(9;AGF9D=K;=FLJG9E=JA;9FGK=FD9KHGKLJAE=Jc9K<=DKA?DG2#2>M=MF
J=;MJKG MLADAR9<G _BAD >AE ;@F7>75FG3>7E K BA>UF;5AE >;47D3>7E B3D3 6;E
BA@7D 67 >3E 8G7@F7E @757E3D;3E B3D3 D7BD7E7@F3D G@3 3@F;9G3 5A?G@;636
BA>UF;53@35;A@3>`IM==PL=F<c9=DH9K9<G;GEH9JLA<G@9KL9D9bHG;9
<= JAKLg:9D GDgF Q DGK ;GFIMAKL9<GJ=K =KH9eGD=K
KL= <9LG =K
KM?=KLANGHGJIM=D9LJ9<A;AgF@AKLGJAG?J\>A;9;=FLJG9E=JA;9F9F9;A<9
9>AF=K<=DKA?DG2#2J=;J=g=DEALG<=IM=D9o"AKLGJA9p<=DGKH9cK=K
<=D9J=?AgF@9:c99JJ9F;9<G=F;GFD9DD=?9<9<=DGK=KH9eGD=K9
EbJA;9G:NA9F<G<==K9E9F=J9=D=KHD=F<GJGKGH9K9<G@AKLgJA;G
<=DGKAF<c?=F9K=KH=;A9DE=FL==DJ=>=JA<G9DGK'9Q9K9Kc;GEGD9
H9JLA;AH9;AgF <= DGK F=?JGK =F DGK 9F9D=K @AKLgJA;GK <=D AKLEG
GF
=DDG K= =EH=Rg 9 >J9?M9J MF9 o"AKLGJA9p HJGL9?GFAR9<9 HGJ bDAL=K
:D9F;9K G E=KLAR9K D9K IM= L=Fc9F D9 oG:DA?9;AgFp <= o;ANADAR9Jp =
oAF;GJHGJ9Jp9D9F9;AgF@GEG?bF=99DGK?JMHGKIM=;GFKA<=J9:9F
oAF;MDLGK=AF;ANADAR9<GKp=K<=;AJ9DGKAF<c?=F9KQF=?JGK
==K=
EG<G K= AFA;Ag MF9 D9J?9 LJ9<A;AgF IM= KM:GJ<AFg =D H9K9<G
HJ=@AKH\FA;G9DD=?9<G@AKLgJA;G;GDGFA9D
FLG<G;9KGDG;A=JLG=KIM=D9;J=9;AgF<=DGKJ;@ANGK(9;AGF9D=K
GLJ9<=D9K@=J=F;A9K;MDLMJ9D=K<=D9,=NGDM;AgF J9F;=K9LMNA=JGF
MF9=PL=F<A<9<A>MKAgF=FMJGH9QEbJA;9<MJ9FL==DKA?DG2#2Q
>M= ;GFKA<=J9<G ;GEG MF AFKLJME=FLG <= ;GF>GJE9;AgF F9;AGF9D
&9A<=FLA<9<;GEH9JLA<9KME=J?A<9=F=DH9K9<GK=HG<c9=KLM<A9J9
LJ9NbK<=DGK<G;ME=FLGKQ=DDGKJ=KA<c9F;GEGFG=FDGK9J;@ANGK
<==K9>GJE9D9KN=JKAGF=K<=D9@AKLGJA9IM=;GE=FR9JGF99H9J=;=J
;GFDGK9J;@ANGK;GFLJA:MQ=JGF9IM=DGK;AM<9<9FGKAFL=JAGJAR9J9F
=DH9K9<GQ;GF=DDG=D;GF;=HLG<=F9;AgF
>J
,GK9,9EgF %DA67A@6GD3E.AHG?J9>c9(9;AGF9D.=?M;A?9DH9HH
*9DE=J-L=N=Fo-G;A=<9<9FgFAE9;MDLMJ9G>A;A9DAFN=FL9F<GD9F9;AgF=FGKL9,A;9
pF'GDAF9
$AEbF=R#N\FQ*9DE=J-L=N=F<ALGJ=K TDA7E3>9GEFAK>;4DAE67?A63E)A5;7636K53?4;A5G>FGD3>7@AEF3(;53
-9F$GKb<=GKL9,A;9<ALGJA9D*GJN=FAJH
,AN9K =JF\F<=R$GKb=JF9Do&9;J=9;AgF<=DJ;@ANG(9;AGF9Dp
)H
;AL
HH
! $
GF D9 ,=>GJE9 =F =D HD9FG =<M;9LANG L9E:AbF K= DG?J9JGF
KA?FA>A;9LANGK9N9F;=KIMAR\KDGKE\KJ=D=N9FL=K<MJ9FL=LG<G=DKA?DG
2#2
=K<=MFHJAF;AHAG=DFM=NG?G:A=JFGK=9:G;g9D9L9J=9<=
HJGEGN=JD9=<M;9;AgF
AN=JK9KAKHGKA;AGF=KQ,=?D9E=FLGK>M=JGF
<9F<G=KLJM;LMJ99DFM=NGKAKL=E9=<M;9LANG@9KL9IM==FLGEg
>GJE9;GF;J=L99LJ9NbK<=Dog<A?G<=#FKLJM;;AgF*h:DA;9p
FbDK=
AFKLALMQg<=E9F=J9;G@=J=FL=D9=FK=e9FR9*JAE9JA9-=;MF<9JA9Q
/FAN=JKAL9JA9
FDGKLJ=KFAN=D=KD9=FK=e9FR9K=HJG;D9Eg;GEGD9A;9
Q H9J9 =D HJAE=JG K=Jc9 G:DA?9LGJA9 Q ?J9LMAL9
= =KL9 >GJE9 D9
K=H9J9;AgF =FLJ=#?D=KA9 QKL9<G =KLAHMD9<9=F D9GFKLALM;AgF <=
IM=<g =KL9:D=;A<9 Q <=K<= =FLGF;=K =D KL9<G 9KMEAg D9
J=KHGFK9:ADA<9< <= AEH9JLAJ ;GFG;AEA=FLGK
KLG =K >MF<9E=FL9D
HM=KLGIM=9H9JLAJ<==K=EGE=FLGK=>M=JGF>GJE9F<GMF9K=JA=
<=AFL=D=;LM9D=KIM=>M=JGFD9?=F=J9;AgFIM=K==F;9J?g<=;GFLAFM9J
9HJAF;AHAGK<=DKA?DG22D9D=FL9QLGJLMGK9;GF>GJE9;AgF<=D9F9;AgF
=F"GF<MJ9K
,\HA<9E=FL=K==EH=R9JGF9E9L=JA9DAR9J9D?MFGKDG?JGK<=KL9;9<GK
=F =D ;9EHG =<M;9LANG
F >M=JGF 9:A=JLGK HD9FL=D=K IM=
9L=F<A=JGF9FAeGKQFAe9K
/F9eGE\KL9J<=K=;GFL9:ADAR9:9F
=K;M=D9K =F LG<G =D H9cK ;GF 9DMEFGK
KAEAKEG K=
DD=?9JGF 9 ;GFKLALMAJ =K;M=D9K H9J9 FAe9K IM= 9L=F<A=JGF 9 9DMEF9K
&GKJ=KMDL9<GK>M=JGF@9KL9;A=JLGHMFLG9D=FL9<GJ=KH=JG
<9<9 D9 E9?FALM< <= D9K F=;=KA<9<=K =K;GD9J=K =D =K>M=JRG
?M:=JF9E=FL9D LG<9Nc9 =J9 AFKM>A;A=FL= HGJ =B=EHDG =F K=
=>=;LMg=DHJAE=Jo=FKG(9;AGF9Dp=D;M9D9JJGBgMF9;A>J9<=
@9:AL9FL=KK=?hF=DH9<JgF;=J;9<=D9EAL9<<=DGK@9:AL9FL=K=J9
E=FGJ<=9eGK=K<=;AJIM=D9HG:D9;AgF=F=<9<=K;GD9JJGF<9:9
D9KH=JKGF9KQ;GEGK=NAG9JJA:9D9G>=JL9=<M;9LAN99H=F9K
GK;AD9:9=FMFGK9DMEFGK;GFDG;M9D@9:c9F;=J;9<=
FAeGKIM=IM=<9:9F=P;DMA<GK<=D9=FK=e9FR9
=LG<9KE9F=J9KDG
;A=JLG=KIM=;GFD9,=>GJE9K=K=FL9JGFD9K:9K=K<=DKAKL=E9=<M;9LANG
EG<=JFG =F "GF<MJ9K
*GJ KM H9JL= DGK =KLM<AGK K=;MF<9JAGK IM= HJ\;LA;9E=FL= 9H=F9K
=PAKLc9F9FL=K<=D9,=>GJE9Q9IM==FD9E9QGJc9<=DGK;9KGK:9BG
=K=FGE:J=K=AEH9JLc9FKGDGFG;AGF=K<=>ADGKG>c9=K;GD\KLA;9Q;A=JLGK
;GFG;AEA=FLGK <= E9L=E\LA;9K >M= LJ9FK>GJE9<9 ;GEHD=L9E=FL=
39FC=D=NA;@*9:DG A@6GD3E'bPA;G DA9FR9'=PA;9F9#FKLALMLG<=#FN=KLA?9;AGF=K$GKb'9Jc9&MAK'GJ9
/FAN=JKA<9<<=!M9<9D9B9J9H
!/$,- !'/!,-$#$9' .-$/7((
+!"(+&%$!+%0%(',-+.$9' !%"$#.+ !
+'$,((+12'(&($&#$'+$( !%'$9'
;M9F<GK=>MF<g=F.=?M;A?9DH9oDGD=?AG(9;AGF9D<=FK=e9FR9
-=;MF<9JA9p=F
GFD9AF;GJHGJ9;AgF<=9KA?F9LMJ9KEG<=JF9K
;GEG?J9E\LA;9=KH9eGD9?=G?J9>c9@AKLGJA9DAL=J9LMJ9;A=F;A9KF9LM
J9D=K >cKA;9 E9L=E\LA;9K = A<AGE9K K= =KH=J9:9 <9J MF9 KgDA<9
>GJE9;AgF9DGKBgN=F=KKG:J=LG<G<=;9J99KMAF?J=KG9D9MFAN=JKA<9<
-AF=E:9J?G=F=DHD9FG=<M;9LANGD9HJ=L=FKAgFE\K9E:A;AGK9>M=
AEHMDK9JQEG<=JFAR9JD9=<M;9;AgFMFAN=JKAL9JA9
F=KL=K=FLA<G=D
DG?JGE\KKGF9<G<=D9,=>GJE9>M=D9J=9H=JLMJ9<=D9o/FAN=JKA<9<
=FLJ9Dp=F=FD9IM=K==EH=Rg9;MDLAN9J=DKAKL=E9HGKALANAKL9
=D;M9DL=Fc9bF>9KAK=FD9>GJE9;AgF<=;M9<JGKLb;FA;GKQ;A=FLc>A;GK
&9J=;LGJc9<=D9MFAN=JKA<9<>M==F;GE=F<9<99DJ
<GD>G4hFA?9
MF ;=J;9FG ;GD9:GJ9<GJ <=D Jb?AE=F Q MFG <= DGK DA:=J9D=K E\K
J=;GFG;A<GKQ=E:D=E\LA;GK<=>AF=K<=DKA?DG2#2
/F9N=RFGE:J9<G
4hFA?9=FD9E\PAE9;9K9<==KLM<AGKD9/FAN=JKA<9<K=<ANA<Ag=F
>9;MDL9<=K >GJE\F<GK= D9K <= $MJAKHJM<=F;A9 A=F;A9K *GDcLA;9K
'=<A;AF9 Q AJM?c9 Q D9 <= A=F;A9K
&9 FM=N9 GJ?9FAR9;AgF
MFAN=JKAL9JA9=KL9:D=;AgIM=9DLbJEAFG<=DGK=KLM<AGKK=GLGJ?9Jc9F
DGK LcLMDGK <= DA;=F;A9<G Q L9E:AbF IM=<g J=?D9E=FL9<G =D KAKL=E9
H9J9D9G:L=F;AgF<=<G;LGJ9<GK
!J9FH9JL=<=DbPALGIM=LMNGD9,=>GJE9=F=D;9EHG=<M;9LANGK=
<=:Ag 9D 9HGQG IM= GLGJ?9JGF N9JAGK AFL=D=;LM9D=K @GF<MJ=eGK Q
=PLJ9FB=JGK 9D HJGQ=;LG J=>GJEAKL9
FLJ= =KGK AFL=D=;LM9D=K N9D= D9
H=F9 9e9<AJ 9 DGK Q9 ;GFG;A<GK FGE:J=K <= ,9EgF ,GK9 ,9EgF
FLGFAG09DD=BGQ<GD>G4hFA?999JDGKD:=JLG/;DbK
F;M9FLG
9DGKAFL=D=;LM9D=K=PLJ9FB=JGK=D!G:A=JFG<=-GLGKGDA;ALgDGKK=JNA;AGK
<=D>9EGKGHG=L9;M:9FG$GKb$G9IMcF*9DE9Q<=E9F=J9AF<AJ=;L9
=DL9E:AbF;M:9FG$GKb'9JLc9HGQgD9D9:GJ<=D9,=>GJE9&A:=J9D
=K;JA:A=F<G9JLc;MDGK=F=DH=JAg<A;GF9;AGF9Do&9,=Hh:DA;9p
)LJGK;9E:AGKIM=>9NGJ=;A=JGF=D9>A9FR9EA=FLG<=DKL9<GF9;AgF
<MJ9FL=D9,=>GJE9&A:=J9D>M=JGFD9;J=9;AgF<=D M477+4')/43'1N
=F=D;M9DK=FGE:Jg;GEG<AJ=;LGJ9D;M:9FG.GE\KKLJ9<9*9DE9
9 D9 HGKLJ= HJAE=J HJ=KA<=FL= <= M:9 =KL= @=;@G >M= EMQ
LJ9K;=F<=FL9D HM=K ;GF =DDG K= AFL=?Jg 9D H9cK 9 D9 J=< EMF<A9D <=
;GEMFA;9;AGF=K K= =EALA=JGF D9KHJAE=J9K =KL9EHADD9K Q "GF<MJ9K
K=9<@AJAg9<=E\K9D9/FAgF*GKL9D#FL=JF9;AGF9D/*#
#?M9DE=FL=
K=>GJEgD9 M/7+))/I3+3+7'1*+89'*E89/)'8NGJ?9FAR9<9=F
#:c<
*\?
! $
H9J9KMKLALMAJ9DGKJ=?AKLJGKH9JJGIMA9D=KbKL9<AJ=;;AgF>M=HM=KL9=F
E9FGK <=DQ9 ;AL9<G ,9EgFFLGFAG 09DD=BG IMA=F =<ALg=D HJAE=J
+2/', 01"901'!, "# ,+"2/0 KG:J= D9 :9K= <=D HJAE=J =FKG
(9;AGF9DJ=9DAR9<G=F
&9J=9DAR9;AgF<=D=FKG<=>M=<=NAL9DAEHGJL9F;A9=F=DHJG;=KG
<= oAE9?AF9;AgF <= D9 F9;AgFp DD=N9<G 9 ;9:G HGJ DGK J=>GJEAKL9K
@GF<MJ=eGK
-A :A=F =K ;A=JLG IM= Q9 <=K<= =D H=JAG<G ;GDGFA9D K=
@9:c9FD=N9FL9<G;=FKGK=F"GF<MJ9K=D<=K==B=;ML9;GFDGK
>MF<9E=FLGK <=D HGKALANAKEG
F =KL= ;9KG ;GEG 9HMFL9 =F=<A;L
F<=JKGF9;=J;9<=D9AEHGJL9F;A9<=DGK;=FKGKbKLGK9HGJL9F9<=E\K
<=D9KAEHD=;M9FLA>A;9;AgF<=D9HG:D9;AgFMF9=FME=J9;AgF<=D9K
HG:D9;AGF=KIM=K=<GEAF9FH=JGL9E:AbF=DHG<=J<=L=;L9JD9KDAKL9K
<=9IM=DDGK9DGKIM=K=D=KHG<c9F>AB9JAEHM=KLGKQD9;GFK;JAH;AgF
EADAL9J=K<=;AJDGK=FKGK9>AF<=;M=FL9K=KL9:D=;c9FD9KDAKL9K<=D
>AK;G Q <=D J=;DML9EA=FLG L9F AEHGJL9FL= H9J9 E9FL=F=J =D GJ<=F
AFL=JFGQD9<=>=FK9<=D9KG:=J9Fc9
KAEAKEG=D=FKG<=IM=9JJGBgMF;gEHMLGLGL9D<=
H=JKGF9K AFL=FL9:9 ;GFL9J EAFM;AGK9E=FL= DGK G:B=LGK <= KM
AE9?AF9;AgF F9;AGF9D Q ?MA9<G HGJ KM E9H9 AE9?AF9JAG KAJNAg <=
:9K=H9J9J=GJ?9FAR9JD9KFM=N9K:MJG;J9;A9K=<M;9LAN9KBMJc<A;9K<=
K9DM:JA<9<<=HGDA;c9Q<=AFEA?J9;AgFIM=Q9H9J9=FLGF;=K=J9MF
L=E9 ;=FLJ9D <=FLJG <= DGK AFL=FLGK J=>GJEAKL9K HGJ AEHMDK9J =D
HJG?J=KGQ=D<=K9JJGDDG
<A;AGF9DE=FL= K= J=GJ?9FARg D9 M$/54-7',E' ')/43'1N H9J9 DG
;M9D K= ;GFLJ9Lg 9D AEHJ=KGJ <= GJA?=F =KH9eGD ,9EAJG =JF\F<=R
,G:D=K IMA=F <=KHD=?g 9<=E\K MF9 D9:GJ <= ;9H9;AL9;AgF ;GF
=KLM<A9FL=KAFL=J=K9<GK=F=DG>A;AGK=D=;;AGF9<GKHGJ=DKL9<G9KcK=
HJG<MBG LG<9 MF9 ?=F=J9;AgF <= AEHJ=KGJ=K @GF<MJ=eGK
D9 N=R
=EH=Rg9LGE9JAEHMDKGD9HM:DA;9;AgF<=DA:JGK>GDD=LGKJ=NAKL9KQ
H=JAg<A;GK=FMF?J9<GIM=9FL=JAGJE=FL=FG@9:c9;GFG;A<G=DH9cK
M=<=@=;@G=F=KL=H=JAG<G;M9F<GK=>MF<g=DHJAE=JH=JAg<A;G<=
"GF<MJ9K>M=J9<=DoA9JAG)>A;A9D&9!9;=L9p<=FGEAF9<G<A9JAG
>J
mFKF<Jb'9J;=D A@6GD3E;8U5;>7?7D97@5;367G@3@35;Y@)H
;AL
HH
Q09DD=BG,9EgF
FLGFAG &D;?7D@G3D;AEF36UEF;5A.=?M;A?9DH9.AHG?J9>c9(9;AGF9D
F<=JKGF=F=<A;L A?G@;6367E;?39;@363E(78>7J;A@7EEA4D77>AD;97@K6;8GE;Y@67>AE@35;A@3>;E?AE'bPA;G
GF<G<=MDLMJ9;GFgEA;9 H
!/$,- !'/!,-$#$9' .-$/7((
+!"(+&%$!+%0%(',-+.$9' !%"$#.+ !
+'$,((+12'(&($&#$'+$( !%'$9'
o&9*9RpHM:DA;9<GHGJ=D?JMHGDA:=J9D<=-GLGQ,GK9
'M3;+3)/I3*+1'97'*/)/I3N*+1):194'1M '39+I3*+148
.D74+8 3')/43'1+8N 2+*/'39+ 1' +89'9:'7/' )E;/)' 1'
+<'19')/I3 *+ 1' ,/-:7' *+ 47'>B3 = 148 /2'-/3'7/48 *+
3')/I3247'>B3/)/48
39 ;GF J=D9;AgF 9D HJG;=KG <= ;J=9;AgF <=D AE9?AF9JAG <= 'GJ9R\F
;GEG MFG <= DGK HJAF;AH9D=K KcE:GDGK <= D9 A<=FLA<9< F9;AGF9D =F
"GF<MJ9K@9QIM=K=e9D9JIM=MFG<=DGK=KH9;AGK=FDGKIM=LMNG
E9QGJ;GFIMAKL9D9,=>GJE9&A:=J9D=FKMHJG;=KG<=;GF>GJE9;AgF
F9;AGF9D>M==F=D;9EHG<=D9o=KL9LM9JA9;cNA;9p
F =>=;LG =F =D LJ\FKALG <=D KA?DG 2#2 9D 22 D9 =KL9LM9JA9 ;cNA;9 K=
;GFNAJLAg=F=DEMF<GG;;A<=FL9D=FMFE=<AGA<gF=GH9J9J=HJ=K=FL9J
Q=NG;9JD9E=EGJA99JIM=LcHA;9<=DGK@bJG=KF9;AGF9D=K
*GJKMH9JL=$9;IM=K&=!G>>=FKM=KLM<AG >AD67@67>3?7?AD;3>
F;7?BA5A?A;?39;@3D;AKM?A=J=IM=D9K=KL9LM9K<=DGK@bJG=KIM=K=
AFKL9D9JGF=F DGK*9JIM=K QHD9R9K<= D9K;AM<9<=K oNAKM9DAR9FpD9K
?DGJA9KF9;AGF9D=K
&9=KL9LM9JA9=AE9?AF=Jc9;cNA;9;GF;=HLM9<9;GEG
oE9L=JA9D <= D9 E=EGJA9p E9FA>A=KL9 <= =K9 >GJE9 MF ;9J\;L=J
H=<9?g?A;G Q KAE:gDA;G IM= =FD9R9 =D H9K9<G ;GF =D HJ=K=FL= Q DG
HJGQ=;L9@9;A9=D>MLMJG
KAEAKEG &= !G>> 9e9<= IM= DGK EGFME=FLGK =F D9LcF
?A@G?7@FG? KGF G:J9K <= ;9J\;L=J Hh:DA;G IM= K= ;GFNA=JL=F =F
HMFLGK<=oJ=>=J=F;A9DA<9<p=KH9;A9D Q<==EG;AGF=K=E:D=E\LA;9K
9FL=DGK=KH=;L9<GJ=K
F>AF=DEGFME=FLGG=KL9LM9=KLG<GDGIM=HM=<=@9;=JNGDN=J9D
H9K9<G H=JH=LM9J =D J=;M=J<G N9D= <=;AJ DGK 9;GFL=;AEA=FLGK
;GFE=EGJ9LANGK
*bJ=RJA?FGDA"b;LGJQ9J<GKGAJG 7@FDA3?TD;53K>375A@A?U3%55;67@F3>-9F$GKb<=GKL9,A;9<ALGJA9D
<=D9/FAN=JKA<9<<=GKL9,A;9*
>J
J=F=K.=F;AG!MADD=JEGo&9=KL9LM9JA9;cNA;9=D;9KG<=GKL9,A;9KA?DGK2#2Q22pF (7H;EF3;7@5;3E
)A5;3>7E-9F$GKb<=GKL9,A;90GD
0##(hE=JG$MFAG<=DHH
&=!G>>$9;IM=K >AD67@67>3?7?AD;3>F;7?BA5A?A;?39;@3D;A9J;=DGF9<ALGJA9D*9A<gKH
! $
*9J9=D@AKLGJA9<GJ.@GE9K=FB9EcFDGKEGFME=FLGK
-GF <AK=e9<GK ;GF =D >AF <= ;J=9J MF =KH9;AG H9J9
J=HJ=K=FL9;AGF=K JALM9D=K H9J9 >A=KL9K ;GFE=EGJ9LAN9K Q
;=D=:J9;AGF=KqDEGFME=FLG=D=K;=F9JAGD9J=HJ=K=FL9;AgFQ
=D<c9H9JLA;MD9JK=;GE:AF9FH9J9=NG;9JMF9HJGE=K9KAE:gDA;9
IM==DKL9<G=DJb?AE=FG=D?G:=JF9FL==Ko>A=D9DGKH9<J=K
>MF<9<GJ=KpQ<=IM==K99MLGJA<9<HGJL9FLG=KD=?cLAE9
GEG
=K;=F9JAGK <= J=HJ=K=FL9;AGF=K ;GFE=EGJ9LAN9K DGK
EGFME=FLGK @9;=F IM= D9 ?=FL= FG KgDG J=;M=J<= KAFG IM=
J=;M=J<= BMFLG 9 GLJ9K H=JKGF9K HGJ DG IM= K= J=9>AJE9 D9
KGDA<9JA<9<<=D?JMHGQD9MFA<9<
*GJKMH9JL=GF9D<)DK=F@9J=N=D9<GIM=DGKEGFME=FLGK=KL\F
<AK=e9<GK H9J9 HJGQ=;L9J L=EGJ G 9<EAJ9;AgF 9D G:K=JN9<GJ H9J9
J=;GJ<9JD=KD99FLA?i=<9<<=D9K<AF9KLc9KD9JAIM=R9<=D9;GEMFA<9<
D9N=J<9<<=D9A<=GDG?c9IM=HJGQ=;L9FD9KNA;LGJA9KEADAL9J=KGDGK
LJAMF>GK<=D9KJ=NGDM;AGF=K
*GJ=KGD9K=KL9LM9KJ=HJ=K=FL9FD9JAIM=R9
QKG:J=LG<G=DHG<=J
F =D ;9KG <= =FLJG9EbJA;9 *9LJA;A9 ME=JG @9 =KLM<A9<G D9
JALM9DAR9;AgF <= D9 =KL9LM9 <=D ;GKL9JJA;=FK= $M9F -9FL9E9Jc9 =F =D
HJG;=KG<=;GFKLJM;;AgF<=D9F9;AgF=F=K=H9cKQ9<NA=JL=IM=o5
6
>3 7EF3FG3D;3 5UH;53 E7 FD3@E8AD?3 7@ G@ D787D7@F7 7EB35;3> K 67> BA67D 3>
4D;@63D G@3 E7D;7 67 H3>AD7E CG7 B7D?;F7@ >3 5A@E39D35;Y@ 67> BA67D CG7
>AE 9DGBAE 6A?;@3@F7E 67E73@ BDAK75F3D` GFJ=D9;AgF9"GF<MJ9KQEbJA;9&9LAF9=F?=F=J9D<MJ9FL=D9=J9
DA:=J9D <= >AF9D=K <=D KA?DG 2#2 DGK KL9<GK K= <A=JGF 9 D9 L9J=9 <=
9;GE=L=JD9AFKL9D9;AgF=FKMKHJAF;AH9D=K=KH9;AGKHh:DA;GK<=LG<9
MF9=KL9LM9JA9;cNA;9FGKGD9E=FL=H9J9=D9EM=:D9EA=FLGMJ:9FGQ
=KLbLA;GKAFG;GF<GK>AF=K
*JAE=JG E=<A9FL= <AKLAFL9K E9FA>=KL9;AGF=K =K;MDLgJA;9K
=KL9LM9K :MKLGK K= ;GFKLJMQg =F =D AE9?AF9JAG MF NcF;MDG
=FB9EcF.@GE9Ko&9,=NGDM;AgF@=;@9EGFME=FLGpF (7H;EF3;EFAD;3KD38U3'bPA;G (XH
)DK=FGF9D< *:7;FK3E3-AD=A8DF"A@6A@&3D;E,;7@@339D=/FAN=JKALQ*J=KKH
ME=JG*9LJA;A9o&9;=D=:J9;AgF<=D-9FLG<=D9*9LJA9&9<=N=DAR9;AgF<=D9=KL9LM99D@bJG=F9;AGF9D;GKL9JJA;=FK=
$M9F-9FL9E9Jc9=D<=K=HLA=E:J=<=pFFJcIM=R-GD9FG J9F;AK;GGEHAD9<GJ AF<=KA?DG2#2=
A<=FLA<9<F9;AGF9D=F'bPA;GQ=FLJG9EbJA;9D9BM=D9'MK=G"AKLgJA;GMDLMJ9D$M9F-9FL9E9Jc9HH
!/$,- !'/!,-$#$9' .-$/7((
+!"(+&%$!+%0%(',-+.$9' !%"$#.+ !
+'$,((+12'(&($&#$'+$( !%'$9'
9KG;A9<G 9 o"GE:J=K ADMKLJ=Kp "bJG=K HJg;=J=K Q
=F=EbJALGK;GFDGKN9DGJ=KQ9KHAJ9;AGF=K;GD=;LAN9K<=D9
F9;AgF
-=?MF<G =FLJ= DGK ;AM<9<9FGK Q D9K NAJLM<=K ;cNA;9K
J=HJ=K=FL9<9KD9J=HJ=K=FL9;AgFK=;GFNAJLAg=FMF9E\IMAF9
<=>9:JA;9JJ=KH=LGQKMEAKAgF
AF9DE=FL=;GEGK=e9D9J=F=K.=F;AG=DAFL=JbKHGJE9FL=F=JNAN9
D9AE9?=F<=H=JKGF9B=KJMLAD9FL=KE=<A9FL==KL9LM9KQEGFME=FLGK
;GFE=EGJ9LANGK ;MEHDAg <AN=JKGK HJGHgKALGK
*GJ MF D9<G
;GFLJA:MQg 9D =E:=DD=;AEA=FLG <=D <=;GJ9<G MJ:9FG Q =F K=?MF<G
DM?9JD9=KL9LM9JA9;cNA;9K=;GFNAJLAg=FMFAFKLJME=FLGH=<9?g?A;G
DDGHGJIM=D9K=KL9LM9K=JA?A<9K9D9NAKL9<=DHh:DA;GH=JEALA=JGF9
D9K;AM<9<9FGKK=FLAJK=H9JLc;AH=K<=MF9@AKLGJA9EGFME=FL9DN=JLA<9
<=DDAFGLAHG9D:JGF;=G9D?J9FALG
-A=F<GE=FGK<AK;MJKANGKIM=MF
L=PLGGD9H9D9:J9D9K=KL9LM9KG:MKLGKHGK==FKMHJGHA9J=D=N9F;A9
@9;=J IM= MF J=;M=J<G @AKLgJA;G =KLb AF<=>AFA<9E=FL= HJ=K=FL=
AEHGF=JDGAF;DMKG9D9?=FL=;GEhFH9KAN9=AF<A>=J=FL=
F=D;9KG<="GF<MJ9KHM=K=K=F=KL9bHG;9<=D9,=>GJE9&A:=J9D
=FIM=K=AFKLALM;AGF9DARg=Do*9FL=gF<=DGK@bJG=KF9;AGF9D=Kp
&GK
J=>GJE9<GJ=KLGE9JGF;GEG9JIM=LAHG<=o@bJG=pD9>A?MJ9<=D!=
F=J9D J9F;AK;G 'GJ9R\F
= @=;@G =DDGK =J9F ;GFK;A=FL=K
=KH=;A9DE=FL=,9EgF,GK9<=IM=D9,=>GJE9=J9MF9=EHJ=K9IM=
=F;9JF9:9D9;GFLAFMA<9<<=DHJGQ=;LG>=<=J9DAKL99Kc;GF;=:c9FIM=
D9 =HGH=Q9 EGJ9R\FA;9 AFL=JJMEHA<9 ;GF =D LJAMF>G <= DGK
;GFK=JN9<GJ=K=FJ=F9;c9;GFD9KJ=NGDM;AGF=KDA:=J9D=K9;9=;A<9K
9H9JLAJ<=DhDLAEG;M9JLG<=DKA?DG2#2=FGLJ9KH9D9:J9KoAE9?AF9:9Fp
IM==DHJGQ=;LGAF9;9:9<G<=D9 =<=J9;AgF=K<=;AJD9;GFKGDA<9;AgF
<=D9F9;AgFK=Jc9;GFKME9<GE=<A9FL=D9D9:GJLJ9FK>GJE9<GJ9<=
D9K,=>GJE9K&A:=J9D=K
FL=F<=EGKHGJ M '39+I3*+148.D74+83')/43'1+8ND9;GFKLJM;;AgF
KAE:gDA;9IM=K==JA?=KG:J=D9K@9R9e9K=>=;LM9<9KHGJH=JKGF9B=K
@AKLgJA;GK=P;=H;AGF9D=K9D?MF9KN=;=K<=A>A;9<GKQIM=D9E=FL9DA<9<
;GD=;LAN9@9=K;G?A<GH9J9;=D=:J9JKMK9;;AGF=KE=<A9FL=<A>=J=FL=K
9;LANA<9<=KK=9F=DD9KE9L=JA9D=KGAFE9L=JA9D=K
J=F=K.=F;AG!MADD=JEGo&9=KL9LM9JA9;cNA;9pq)H
AL
H
(9N9JJ=L= =<=JA;GQ)DANA=J!MAD@=EGGJ<AF9<GJ=K >:TDA77@FD77>?;FAK>3;EFAD;3'bPA;G /FAN=JKA<9<
(9;AGF9DMLgFGE9<='bPA;G/('
! $
&GK@bJG=KHJg;=J=KQHJG@GE:J=KFGK=J\FKGDGDG9<GK=F=D<AK;MJKG
;cNA;GKAFGL9E:AbF=FKcE:GDGKQ>A?MJ9K9D=?gJA;9K
=L9D>GJE9D9
F9;AgF Q KMK @bJG=K E=J=;=F JALGK Q >=JNGJ =KH=;A9D=K =F D9
;GFE=EGJ9;AgF ;cNA;9 H9LJAgLA;9 J=HM:DA;9F9 Q F9;AGF9DAKL9 =F
HJANAD=?A9<GKoDM?9J=K<=D9E=EGJA9p
F=D;9KG<="GF<MJ9K<=K<=D9,=>GJE9&A:=J9D<==DKL9<G
<=K=EH=eG MF H9H=D >MF<9E=FL9D =F =D HJG;=KG <= o@=JGAR9;AgFp
IM=9D9N=RK=AFK=JL9:9<=FLJG<=DHJGQ=;LG<=AFN=FL9JD9F9;AgF
= =K9 >GJE9 =D Jb?AE=F <= -GLG E9F<g >9:JA;9J =F MJGH9 MF9
K=JA= <= =KL9LM9K <= DGK @bJG=K Q HJg;=J=K <=KL9;9<GK <= D9 =L9H9
AF<=H=F<=FLAKL9 9Kc ;GEG <= GLJGK H=JKGF9B=K KG:J=K9DA=FL=K =F =D
\E:ALG;MDLMJ9D=AFL=D=;LM9D<=DGKHJAE=JGK9eGK<=D9;GF>A?MJ9;AgF
<=DKL9<GF9;AgF@GF<MJ=eG
&9=D9:GJ9;AgF<=D9K=KL9LM9KIM=<g
9HJG:9<9K=?hFMF=;J=LG<=D<=9?GKLG<=
L9D=>=;LGK=
KMK;JA:AgMF9;GFLJ9L9=FLJ=,9EgF,GK9J=HJ=K=FL9FL=<=D?G:A=JFG
Q=DAF?=FA=JG<=GJA?=FAL9DA9FG J9F;AK;GMJAFA=D<=BMDAG<=D
EAKEG9eG
&9=KL9LM9=F;GE=F<9<9E\KAEHGJL9FL=>M=<=K<=DM=?G
D9<= J9F;AK;G'GJ9R\FIM=>M=9DR9<9=F;=J=EGFA9=KH=;A9D=D<c9
<=FGNA=E:J=<==F=DKALAGIM=9FL=JAGJE=FL=K=<=FGEAF9:9
;GEGo*D9R9<=JE9Kp=F=DE=JG;GJ9RgF<=.=?M;A?9DH9D9FM=N9
;9HAL9D
GFD9=J=;;AgF<=DEGFME=FLG9D@bJG=MFAGFAKL9=DH9JIM=
K= ;GFG;Ag <=K<= =FLGF;=K ;GEG o*D9R9 'GJ9R\Fp @9KL9 E=<A9<GK
<=DKA?DG22LA=EHG<=K<==D;M9DK==EH=Rg9DD9E9JKAEHD=E=FL=
;GEG o*9JIM= =FLJ9Dp
MJAGK9E=FL= <MJ9FL= =D KA?DG 22 9H9J=;Ag MF9 D=Q=F<9 K=?hF D9
;M9D<A;@9=KL9LM9FG=J9D9<='GJ9R\FKAFG<=9;M=J<G99D?MFGK
<=LJ9;LGJ=K D9 <=D '9JAK;9D >J9F;bK (=Q <= @=;@G =D ;GDGE:A9FG
!9:JA=D !9J;c9 '\JIM=R =F KM <AK;MJKG <= 9;=HL9;AgF <=D *J=EAG
(G:=D =F K=e9Dg @9;AbF<GK= =;G <= D9 D=Q=F<9 IM= o5
6 7>
?A@G?7@FA 3> 97@7D3> D3@5;E5A #AD3LQ@ 7D;9;6A 7@ >3 B>3L3 ?3KAD 67
*79G5;93>B3 7E 7@ D73>;636 G@3 7EF3FG3 67> ?3D;E53> $7K 5A?BD363 7@
&3DUE 7@ G@ 67BYE;FA 67 7E5G>FGD3E GE363E` =D EAKEG EG<G =D
*9J9E\KAF>GJE9;AgFKG:J=D9;GFLJ9L9=EALA<9HGJ=D?G:A=JFG<='9J;GMJ=DAG-GLGH9J9;GFKLJMAJD9K=KL9LM9K<=
'GJ9R\FQ09DD=9Kc;GEGDGK:MKLGK<=9:9e9KQ=D*9<J=,=Q=KHM=<=N=JK=oA9JAG)>A;A9D&9!9;=L9p A@FD3F3
57>74D363BAD7>)GBD7?AA4;7D@AB3D3CG7E75A>ACG7@7@7EF353B;F3>>3E7EF3FG3E67D3@5;E5A#AD3LQ@K67!AET
75;>;A67>,3>>7K>AE4GEFAE67!AET*D;@;636343W3EK67!AET*D;@;636(7K7E.=?M;A?9DH9-MHD=E=FLG9D(hE=JG
<=9?GKLG<=
("
GF>=J=F;A9<=!9:JA=D!9J;c9'\JIM=R9DJ=;A:AJ=FKLG;GDEG=D*J=EAG(G:=D<=&AL=J9LMJ9=F
!/$,- !'/!,-$#$9' .-$/7((
+!"(+&%$!+%0%(',-+.$9' !%"$#.+ !
+'$,((+12'(&($&#$'+$( !%'$9'
MJM?M9QG<M9J<G!9D=9FG=FKMQ9EcLA;GDA:JG&9KN=F9K9:A=JL9K
<=EbJA;9&9LAF9LGE9F<G;GEG>M=FL=9!9J;c9'\JIM=RJ=HAL=
D9EAKE9@AKLGJA9<=D9KMHM=KL9>9DK9A<=FLA<9<<=D9=KL9LM99D@bJG=
MFAGFAKL9
GLG?J9>c9 <= <= D9
=KL9LM9<= J9F;AK;G'GJ9R\F
J=;AbF AFKL9D9<9 =F =K=
=FLGF;=K =F D9 o*D9R9
'GJ9R\Fp @GQ *9JIM= =F
LJ9D GLG GJA?AF9D <=D
>GLg?J9>G ;M:9FG .
?MAJJ=
J;@ANG $GJ?= E9Q9
&G;A=JLG=KIM=D9=KL9LM9J=>=JA<9Kc=KD9<=D?=F=J9D'GJ9R\F;GEG
<=EGKLJg =F MF <G;ME=FL9<G =KLM<AG =D <AHDGE\LA;G @GF<MJ=eG
,9>9=D&=AN90AN9KbD=F;GFLJg=F*9JcK<G;ME=FL9;AgFIM=9;J=<AL9:9
D99ML=FLA;A<9<<=D9=KL9LM9J=D9L9F<GIM==D;GFLJ9LAKL9 J9F;AK;G
MJAFA9KMN=R@9:c9=F;9J?9<GD9=D9:GJ9;AgF<=D9=KL9LM99D=K;MDLGJ
>J9F;bK &=GHGD< 'GJA;= =D ;M9D >MF<Ag D9 HA=R9 =F DGK L9DD=J=K <=
o.@A=:9ML JbJ=Kp
&9 >9:JA;9;AgF IM=<g J=?AKLJ9<9 =F =D J;@ANG
(9;AGF9D <= *9JcK K=?hF =D <G;ME=FLG =F D9 K=;;AgF _EF3FG3E
<75GF363E B3D3 7> JFD3@<7DA` ;GF D9 KA?F9LMJ9 =K<==FLGF;=K'GJ9R\FK=;GFNAJLAg=F=DHJg;=J@GF<MJ=eGE\K
oJALM9DAR9<Gp=FDGK=KH9;AGKHh:DA;GK<=D9KHJAF;AH9D=K;AM<9<=K<=D
H9cK HM=K =PAKL=F =KL9LM9K G :MKLGK KMQGK =F GLJ9K ;AM<9<=K ;GEG
-9F*=<JG-MD9&9=A:9E9H9D9@GDML=;9-9FL9\J:9J9-9FL9
,GK9<=GH\FQ.JMBADDG=FLJ=GLJ9KK=HG<Jc9<=;AJ9D9N=RIM==K=D
;=FLJG9E=JA;9FG IM= GKL=FL9 E9QGJ ;9FLA<9< <= =>A?A=K 9DJ=<=<GJ
<=DEMF<GQ9IM==PAKL=FA;GFG?J9>c9K<=bD=FLG<9KD9K;9HAL9D=K<=
=FLJG9EbJA;99Kc;GEG=FGLJ9K;AM<9<=K<=DJ=KLG<=DEMF<G;GEG
(M=N9 )JD=\FK &AE9 9J9;9K -9FLA9?G <= @AD= 'bPA;G Q
'9<JA<
!9D=9FG<M9J<G "3EH7@3E34;7DF3E67?TD;53"3F;@3'9<JA<-A?DG22#<ALGJ=KU=<A;AgFH
0b9K=&=AN90AN9K,9>9=D /+!'0!,,/56+4020/#)!',+#0!,+/+!'.=?M;A?9DH9<ALGJA9D/FAN=JKAL9JA9
GD=;;AgF"GE=F9B=K(XU=<A;AgFHH
;=J;9<=D9J=HJ=K=FL9;AgF<='GJ9R\F=F=KL9LM9KQGLJGKE=<AGK;GFKhDL=K=$=J=RDN9J9<G,9>9=D ,+2*#+1,0
4#),%',0)#+#/),/56+.=?M;A?9DH9-(H
! $
)LJG=D=E=FLGIM=;GFLJA:MQg9>GJB9J=DAE9?AF9JAG<='GJ9R\F;GEG
HJAF;AH9D>M=FL=<=A<=FLA<9<=F"GF<MJ9K>M=D9J=;GFKLJM;;AgF<=
KMNA<9;GEGN=@c;MDG<=AEAL9;AgF;AM<9<9F99LJ9NbK<=D9J=<9;;AgF
Q<A>MKAgF<=KMK"AKLGJA9QKM:AG?J9>c9
=@=;@G=DEAKEG,9EgF
,GK9=K;JA:AgMF9 G:J9HJG:9:D=E=FL=D9HJAE=J9 :AG?J9>c9=K;JAL9
=F =D H9cK KG:J= D9 NA<9 <=D @bJG= LALMD9<9 ;EFAD;3 67> 7@7?TD;FA
7@7D3> A@ D3@5;E5A #AD3LQ@ =K<==FLGF;=K@AKLGJA9<GJ=KHG=L9KF9JJ9<GJ=KL=9LJAKL9KHAFLGJ=K
Q;9KALG<GKDGKAFL=D=;LM9D=K<=DH9cK@9F=K;JALGGHM:DA;9<GG:J9K
9DMKAN9K 9 D9 @AKLGJA9 <=D !=F=J9D 'GJ9R\F
F =KL= K=FLA<G
HGKA:D=E=FL='GJ9R\FK=9=DH=JKGF9B=<=D9"AKLGJA9@GF<MJ=e9E\K
=KLM<A9<G=F=DH9cK
#?M9DE=FL= <=K<= D9 ,=>GJE9 &A:=J9D 'GJ9R\F IM=<g >AJE=E=FL=
NAF;MD9<G;GFD9HJAF;AH9Do A=KL9;cNA;9p=F=D;9D=F<9JAG<==>=EbJA<=K
@GF<MJ=e9 o&9 =D=:J9;AgF <= D9 #F<=H=F<=F;A9 <=D <=
-=HLA=E:J=pHM=K=FLJ=>AF9D=K<=DKA?DG2#2Q@9KL9D9<b;9<9<=DGK
9eGK <=D KA?DG 22 DGK <=K>AD=K <=D o <= -=HLA=E:J=p KGDc9F
;MDEAF9J=FD9JGLGF<9<=D9=KL9LM9<=D!=F=J9D=F=D*9JIM==FLJ9D
=K<= =KL= EGE=FLG <= D9 ,=>GJE9 &A:=J9D
K==EH=R9JGF9 AFKLALM;AGF9DAR9JD9Ko A=KL9K
;cNA;9Kp ;GEG =D c9 <= D9 #F<=H=F<=F;A9
IM=;MDEAF9:9;GF=D<=K>AD=9DJ=<=<GJ<=D9
=KL9LM9 <= 'GJ9R\F
GLG 9J;@ANG <= $GJ?=
E9Q9
GJGF9;AgF<=D9=KL9LM9<=D!=F=J9D'GJ9R\F
HGJ H9JL= <=D <A;L9<GJ .A:MJ;AG 9Jc9K =F
G;9KAgF <= D9 ;=D=:J9;AgF <=D ;=FL=F9JAG <=
D9 EM=JL= <=D HJg;=J =F GLG 9J;@ANG
<= $GJ?= E9Q9
,GK9,9EgF '01,/'"#)#+#*8/'1,#+#/),+/+!'0!,,/56+.=?M;A?9DH9
-G:J==KL=HMFLGN9D=J=NAK9J/E9e9"=D=F ,/56+#+))'1#/12/&,+"2/#;-9F*=<JG-MD9=FLJG
<ALGJA9D
!/$,- !'/!,-$#$9' .-$/7((
+!"(+&%$!+%0%(',-+.$9' !%"$#.+ !
+'$,((+12'(&($&#$'+$( !%'$9'
AF9DE=FL= 'GJ9R\F @9 KA<G MF HG<=JGKG AFKLJME=FLG <=
A<=FLA>A;9;AgFF9;AGF9D<=EG<GIM=KMFGE:J=K=@9AFL=JF9DAR9<G
=F D9 ;GF;A=F;A9 ;GD=;LAN9 ;GF =D >AF <= FGE:J9J =KH9;AGK DM?9J=K
AFKLALM;AGF=KF=?G;AGK:9JJAGK=K;M=D9KQ@9KL9AFKL9F;A9K<=D9NA<9
;GLA<A9F9;GEG=KL9<AGK;9>=L=Jc9K@GL=D=KQ;9FLAF9K9Kc=PAKL=F=F
LG<9"GF<MJ9K=KH9;AGK;GFKMKFGE:J=KoKL9<AG'GJ9R\Fp=F-9F
*=<JG -MD9 o,=HJ=K9 J9F;AK;G 'GJ9R\Fp =F D 9BgF oMD=N9J
'GJ9R\Fp =F .=?M;A?9DH9 o9JJAG 'GJ9R\Fp =F .=?M;A?9DH9
o/FAN=JKA<9<*=<9?g?A;9(9;AGF9D J9F;AK;G'GJ9R\F/*( 'p=F
D9 EAKE9 ;9HAL9D MF9 9;9<=EA9 <= HGDA;c9 D9 o;9<=EA9 J9F;AK;G
'GJ9R\Fp =F EGF=<9K <= @=;@G =F -9F $GKb <= GKL9 ,A;9 @9Q
L9E:AbFMF9o9FLAF9'GJ9R\Fp
*9J99?J=?9J9=KL9H9J9>=JF9DA9D9
E\PAE9 HJ=K=9 IM= GLGJ?9 =D KL9<G <= "GF<MJ9K K= <=FGEAF9
o)J<=F<= J9F;AK;G'GJ9R\Fp
-=HG<Jc9<=;AJIM==F=D;9KG<=D9
;MDLMJ9=A<=FLA<9<@GF<MJ=e9@9@9:A<GHGJL9FLGMF>M=JL=HJG;=KG
<= M247'>'3/>')/I3N <= KM A<=FLA<9<
=9D?MF9E9F=J9D9;GFK=;M=F;A9<==KL=HJG;=KG<=o@=JGAR9;AgFp
Q o<=A>A;9;AgFp <= D9 >A?MJ9 <= 'GJ9R\F ;GFLJA:MQg 9 >GJB9J MF9
@AKLGJAG?J9>c9 <= ;GJL= DA:=J9D
&9 @AKLGJAG?J9>c9 <= D9 LJAMF>9FL=
,=>GJE9 &A:=J9D M:A;g =D GJA?=F <= D9 o"AKLGJA9 *9LJA9p =F D9
#F<=H=F<=F;A9 ;GFLJ9 KH9e9 <= Q 'GJ9R\F K= ;GFNAJLAg =F
MF9=KH=;A=<= _&3F7D&3FD;37`Q=F=DAFE9;MD9<G?=KLGJ<=DGKA<=9D=K
DA:=J9D=KQJ=>GJE9<GJ=K
F;GFLJ9HGKA;AgF=KL9@AKLGJAG?J9>c9DA:=
J9D K9L9FARg 9 DGK H=JKGF9B=K @AKLgJA;GK GHGKALGJ=K G =F=EA?GK <=
'GJ9R\F DA?9<GK 9D ;GFK=JN9<MJAKEG ;GEG HGJ =B=EHDG J9F;AK;G
=JJ=J9$GKb-9FLGK!M9J<AGD9G$GKb'9Jc9'=<AF9IMA=F=K>M=JGF
<A>9E9<GKQ<=KHJ=KLA?A9<GK=FDGKDA:JGK<=L=PLG<=@AKLGJA9G=F=D
E9QGJ<=DGK;9KGK;GF<=F9<GK9MFDAE:G@AKLgJA;G
KL9NAKAgF@AKLGJAG?J\>A;9DA:=J9DIM==P9DLg9'GJ9R\FQ=FKGE:J=;Ag
9DGK;GFK=JN9<GJ=K;GF<MBG9D9<A>MKAgF<=<AK;MJKGKF9;AGF9DAKL9K
DA:=J9D=K QHGJ =F<=9 D9 ;GFKLALM;AgF<= MF9o"AKLGJA9 E9FAIM=9p
=FLJ=:M=FGKDGKDA:=J9D=KQE9DGKDGK;GFK=JN9<GJ=K
=K<= =KL9 NAKAgF @AKLgJA;9 >M= L9E:AbF D9 IM= K= =EH=Rg 9
<=KHD=?9J =F D9K =K;M=D9K ;GD=?AGK Q MFAN=JKA<9<=K <=D H9cK
;GFNAJLAbF<GK= =FLGF;=K =F D9 IM= =K <=FGEAF9<9 HGJ 9D?MFGK
@AKLGJA9<GJ=K ;GEG o"AKLGJA9 <A<\;LA;9p FGE:J9<9 L9E:AbF HGJ =D
@AKLGJA9<GJ E=PA;9FG &McK !GFR\D=R ;GEG o"AKLGJA9 <= :JGF;=p G
! $
o"AKLGJA9J=N=J=F;A9Dp
KL9 >GJE9 <= @9;=J @AKLGJA9 9hF <ANA<= 9 DGK 9;LGJ=K KG;A9D=K IM=
>GJE9F H9JL= =F DGK @=;@GK @AKLgJA;GK =FLJ= :M=FGK Q E9DGK
GF
AFMKAL9<9 >J=;M=F;A9 =F MF =PLJ=EG 9H9J=;=J\F DGK @bJG=K KAF
E=F;AGF9J KMK =JJGJ=K Q =F =D GLJG K= M:A;9J\F DGK LJ9A<GJ=K DGK
N=F<=H9LJA9KKAFIM=K=D=KJ=;GFGR;9;M9DA<9<9D?MF9
KL9@AKLGJA9
=KD9HJ=>=JA<9HGJD9KAFKLALM;AGF=K?M:=JF9E=FL9D=KHM=K;GF>A?MJ9
9 DGK o?J9F<=K @GE:J=Kp ;GEG H=JKGF9B=K ;GF IMA=F=K =K >\;AD
A<=FLA>A;9JK= <=:A<G 9 KM HJ=K=FL9;AgF ;GEG K=J=K ;9KA hFA;G
=PLJ9GJ<AF9JAGK
FKME9;J==EGKIM=D9>A?MJ9<='GJ9R\F@9KA<GMFAFKLJME=FLG
<AK;MJKANG<=A<=FLA<9<F9;AGF9DHGJ9FLGFGE9KA9=F"GF<MJ9K
K
HGKA:D=IM=;GFDGK:JML9D=K9;GFL=;AEA=FLGK?=F=J9<GK9H9JLAJ<=D
!GDH=<=KL9<G<=BMFAG<=DQD9LGE9<=;GF;A=F;A9F9;AGF9DAKL9
=FLJ=D9 ;@F7>>;97@FE;3HJG?J=KAKL9Q<=ARIMA=J<9D9NAKAgF<='GJ9R\F
LA=F<99K=JJ=NAKAL9<9<=K<=MF=F>GIM=IM=J=K;9L=9MF'GJ9R\F
E\KJ=NGDM;AGF9JAGQ=D=N9<G9MF9=KL9LMJ9;GFLAF=FL9D=FD9DcF=9<=
-AEgF GDcN9J
-AF<M<99H=K9J<==K9H=JKH=;LAN9E9FAIM=9=K<A>c;ADF=?9JIM=
'GJ9R\FK=9IMAR\K=DH=JKGF9B=<=D9"AKLGJA9@GF<MJ=e9;GFE9QGJ
<AE=FKAgF;GFLAF=FL9D=AF;DMKGMFAN=JK9D
AF9DE=FL==KAEHGJL9FL==PHGF=JIM=D9>A?MJ9<='GJ9R\F@9KA<G
L9FHG<=JGK9=FD9;GFKLJM;;AgF<=AE9?AF9JAGK<=A<=FLA<9<F9;AGF9D
IM=AF;DMKG@9KA<GLGE9<G;GEG:9F<=J9<=DM;@9HGJA<=GDG?c9K=
AFKLALM;AGF=K L9F <AKcEAD=K ;GEG DGK EADAL9J=K <= =PLJ=E9 <=J=;@9
>9K;AKL9HGJ=D*9JLA<G&A:=J9DHGJ?JMHGK?M=JJADD=JGK<=ARIMA=J<9
=FDGK9eGK;GEG=DD=?=F<9JAG J=FL='GJ9R9FAKL9<=&A:=J9;AgF
(9;AGF9D '&(Q@GQ=F<c9HGJ=D J=FL=(9;AGF9D<=,=KAKL=F;A9
*GHMD9J (,*
*GJ GLJG D9<G L9E:AbF =D ?G:A=JFG <= D9 ,=>GJE9 &A:=J9D GJ<=Fg
=K;MDHAJ MF9 =KL9LM9 <= $GKb =;ADAG <=D 09DD= E=<A9FL= =D EAKEG
=;J=LG<=D<=9?GKLG<=D9;M9D>M=KALM9<9KGD=EF=E=FL=
=FD9o*D9R9<=-9F J9F;AK;Gp=F=DH9JIM=IM=@GQDD=N9KMFGE:J=
=F =D ;=FLJG <= .=?M;A?9DH9
D A?M9D IM= 'GJ9R\F 09DD= IM=<g
0b9K=!GFR\D=R&McK ,;3<7BAD>3;EFAD;367#TJ;5A'bPA;G )(/&.
!/$,- !'/!,-$#$9' .-$/7((
+!"(+&%$!+%0%(',-+.$9' !%"$#.+ !
+'$,((+12'(&($&#$'+$( !%'$9'
AFEGJL9DAR9<G=F=D;9D=F<9JAG;cNA;G@GF<MJ=eG=KL9:D=;A<G<MJ9FL=
D9 ,=>GJE9 &A:=J9D
"GQ =F <c9 =D *9D9;AG *J=KA<=F;A9D MF9
/FAN=JKA<9<QMFKAF>cF<==K;M=D9KQ;GD=?AGK9DGD9J?GQ9F;@G<=D
H9cKDD=N9F=DFGE:J=<=DK9:AG09DD=Q9<=E\K=D<c9<=FGNA=E:J=
>=;@9<=KMF9L9DA;AG=K<c9<=>A=KL9F9;AGF9D=FD9IM=K==FLJ=?9FDGK
*J=EAGK(9;AGF9D=K<=A=F;A9o$GKb=;ADAG<=D09DD=p
*GJGLJ9H9JL=L9E:AbFK=;GEAKAGFgD9;GF>=;;AgF<=GLJ9K=KL9LM9K
;GEGD9<=AGFAKAG<="=JJ=J9=DHJAE=J$=>=<=KL9<G<="GF<M
J9K E=FLGJ <= 'GJ9R\F Q :9DM9JL= <= D9 HJAE=J9
?=F=J9;AgFDA:=J9D@GF<MJ=e9=D:MKLG>M=AFKL9D9<G=F=D*9JIM=IM=
@GQ DD=N9 KM FGE:J= >J=FL= 9D .=9LJG (9;AGF9D <= .=?M;A?9DH9
KAEAKEG K= =K;MDHA=JGF DGK :MKLGK =F E\JEGD <= 9JJ9J9 <=D
HJ=KA<=FL=$GKb.JAFA<9<9:9e9KQ<=DHJ=K:cL=JG$GKb.JAFA<9<,=Q=K
>MF<9<GJ <= D9 /FAN=JKA<9< @GF<MJ=e9
E:GK :MKLGK >M=JGF
;GDG;9<GK=FD9o*D9R9<=D9'=J;=<p
DHA=<=D9=>A?A=<=9:9e9KK=
D==MF9AFK;JAH;AgFIM=J=R9 _>:7DA;5AEA>636A67>3G@;Y@677@FDA
?TD;53 > 9G7DD7DA ?A67>A 67 H3>AD 5A@EF3@5;3 67 :A@D367L K 67
>73>F36`BADEGB3DF77@7>B767EF3>67>B36D7(7K7ED7E3>F3@6AE>7K7@63E
CG7 6;57@ _> ?QE ;>GEFD7 ;@;5;36AD 67 >3 >GEFD35;Y@ BZ4>;53` _>
BDA8G@6A 8;>YEA8A 67 >3 @3FGD3>7L3 > E357D6AF7 CG7 7<7D5;Y G@ 3>FA
?;@;EF7D;A67B3L?3@E76G?4D7K53D;636`.G<9Nc9<=KHMbK=F=D9eG
<==D<=E9QG;GF=DHJGHgKALG<==P9DL9J9DGK@GF<MJ=eGK
Q @GF<MJ=e9K IM= <=<A;9:9F KM NA<9 9D =KLM<AG =D KL9<G 9;GJ<g
;=D=:J9J=D<=BMFAGF9L9DA;AG<=D*9<J=,=Q=K;GEGoc9<= A=K
L9(9;AGF9DH9J9DGK=K;GD9J=Kp;GFDGIM=IM=<gAFKLALM;AGF9DAR9<G=D
<=BMFAG;GEGoc9<=DKLM<A9FL=p
$48D/43/8/4*+1'$7/3/*'*+77+7'E'>*+1&'11+F9;Ag=F$=J=R<=D9@GDML=;9*JGNAF;A9<="GF<MJ9K=D
<=G;LM:J=<=
-MKH9<J=K>M=JGF<GF$M9F$9;AFLG"=JJ=J9Q<Ge9*9MD9c9R<=D09DD=#R9?MAJJ=J9E9HGJD9;M9D
=J9HJAEG;GF$GKb=;ADAG<=D09DD=
M=:9MLAR9<GHGJ>J9Q$GKb!AFbK<='9QGJ?9=D<=G;LM:J=<=
=
H=IM=eGK=LJ9KD9<g;GFKM>9EADA99.=?M;A?9DH9QDM=?GK=?J9<Mg<=9:G?9<G=FD9/FAN=JKA<9<-9F9JDGK<=
GJJGE=G<=!M9L=E9D9
GFLJ9BGE9LJAEGFAG=F;GF<Ge9'A;9=D9+M=K9<9GJB9K@=JE9F9<=D9E9<J=<=D
?=F=J9D'GJ9R\FHGJDGL9FLGK=;GFNAJLAg=FLcGHGDcLA;G<=bKL=
-A=F<GKAEH9LAR9FL=<=D9,=NGDM;AgF J9F;=K9QH9JLA<9JAG<=D9AF<=H=F<=F;A9;=FLJG9E=JA;9F99;LMg;GEG
HJGL9?GFAKL9<=<A;@G=N=FLG
DhDLAEG9D;9D<==KH9eGD<=.=?M;A?9DH9<GF(9J;AKG'9DDGDDGFGE:Jg-=;J=L9JAG<=D
QMFL9EA=FLG=D<=9?GKLG<=
/F9N=RHJG;D9E9<9D9AF<=H=F<=F;A9=D<=K=HLA=E:J=<=K=9<@AJAg
9D9EAKE9;M9F<G=D<=DEAKEGE=K>=;@9=FIM=DD=?9JGF9.=?M;A?9DH9DGKHDA=?GK<=D9AF<=H=F<=F;A9J=<9;Lg
MF9;L9;GEHD=E=FL9JA99;=HL9F<GQJ9LA>A;9F<GD9DA:=J9;AgF
#FKL9MJ9<9D9,=Hh:DA;9 =<=J9D<==FLJG9EbJA;9=F
K=;GFNAJLAg=F=DHJAE=J$=>=<=KL9<G<="GF<MJ9K=FLJ=K=HLA=E:J=<==K=9eGQE9QG<=
! $
KL9LM9 <= $GKb =;ADAG <=D 09DD= =F =D oH9JIM= 09DD=p <= .=?M;A?9DH9
*GJ E=<AG <= D9 =KL9LM9JA9 DGK J=>GJE9<GJ=K ;GFNAJLA=JGF 9 'GJ9R\F 09DD= "=JJ=J9 Q GLJGK
HJg;=J=K Q H=JKGF9B=K =F DGK E\PAEGK @bJG= <= D9 F9;AgF Q 9 H9JLAJ <= =K= EGE=FLG K=
;GFKLALMQ=JGF=FMFoAE9?AF9JAGpIM=H9Kg9G;MH9JDGKHJAF;AH9D=K=KH9;AGKHh:DA;GK<=D9K
;AM<9<=K Q HM=:DGK @GF<MJ=eGK Q9 IM= 9<=E\K <= D9K =KL9LM9K =PAKL=F :GMD=N9J=K ;9DD=K
=K;M=D9K MFAN=JKA<9<=K ;=FLJGK ;MDLMJ9D=K Q GLJGK KALAGK IM= DD=N9F KMK FGE:J=K
!/$,- !'/!,-$#$9' .-$/7((
+!"(+&%$!+%0%(',-+.$9' !%"$#.+ !
+'$,((+12'(&($&#$'+$( !%'$9'
+ '77/(' .')/' '('04 <A>=J=FL=K AFKL9F;A9K <= J=HJ=K=FL9;AgF <= 'GJ9R\F DA?9<G ;GF DGK
AE9?AF9JAGK<=F9;AgF=F"GF<MJ9K
*JAE=JGMF9BGN=Fo*9DADDGF9pGo*GEHGF=J9p@GF<MJ=e9
=FMF<=K>AD=<=D9Ko A=KL9cNA;9p<=D9#F<=H=F<=F;A9<=D<=-=HLA=E:J==FDGK9eGK
DM=?GMF=K;GD9J@GF<MJ=eG<=;D9E9F<G=FMF9K;M=D9<=!J9;A9K&=EHAJ9=FDGK9eGK
=F MF 9;LG ;cNA;G =F @GE=F9B= 9 'GJ9R\F <=KHMbK MF ?J9:9<G <= 'GJ9R\F <= DGK IM= K=
9;GKLME:J9=KL9EH9J=FD9K9MD9K<=D9K=K;M=D9K@GF<MJ=e9KDM=?GD9HGJL9<9<=MFDA:JG<=
L=PLGIM=J=;G?=D9:AG?J9>c9<='GJ9R\FQHGJhDLAEGMF:ADD=L=<=D=EHAJ9K;GFD9=>A?A=
<= 'GJ9R\F
GLGK 9J;@ANG <= $GJ?= E9Q9
! $
)LJ9K o=F;9JF9;AGF=Kp G oJ=HJ=K=FL9;AGF=Kp <=
'GJ9R\F =F D9 A<=FLA<9< ;GD=;LAN9 @GF<MJ=e9 <=
9JJA:9@9;A99:9BGoKL9<AG'GJ9R\Fp<=-9F*=<JG
-MD9 o/FAN=JKA<9< *=<9?g?A;9 (9;AGF9D J9F;AK;G
'GJ9R\F /*( 'p =F .=?M;A?9DH9 o,=HJ=K9
"A<JG=Db;LJA;9!=F=J9D J9F;AK;G'GJ9R\Fp=F-9FL9
JMR <= 3GBG9 oMD=N9J 'GJ9R\Fp =F .=?M;A?9DH9
Q o9JJAG 'GJ9R\Fp =F .=?M;A?9DH9
!/$,- !'/!,-$#$9' .-$/7((
+!"(+&%$!+%0%(',-+.$9' !%"$#.+ !
+'$,((+12'(&($&#$'+$( !%'$9'
GK E9FA>=KL9;AGF=K HGDcLA;9K<=D J=FL= (9;AGF9D <= ,=KAKL=F;A9 *GHMD9J=F =D *9JIM= =F
LJ9D<=.=?M;A?9DH9=FD9KIM=K=E9FA>A=KL9IM=DGKK=?MA<GJ=K<=D9,=KAKL=F;A9K=9HG<=J9F
oKAE:gDA;9E=FL=p <= D9 HD9R9 Q <= D9 KL9LM9 ;GFNAJLAbF<GDGK =F o=KH9;AG <= E=EGJA9p
GJA=FL9<99D9J=:=DAgF
.G<9=KL9H9J9>=JF9DA9KMKL=FL9<9=FD9HJGDA>=J9;AgF<=D9=KL9LM9JA9
J=KHGF<c99D=K>M=JRG;=FLJ9DAR9<GJIM==DJb?AE=F<=-GLG:MK;9:9
HJGHGJ;AGF9J9DKL9<GF9;AgF@GF<MJ=eG
FLG<G;9KGDG;A=JLG=K
IM=D9,=>GJE99HGJLgD9K:9K=K<=DH9FL=gF<=DGK@bJG=KF9;AGF9D=K
=F;9:=R9<GHGJ J9F;AK;G'GJ9R\FAGFAKAG<="=JJ=J9$GKb.JAFA<9<
9:9e9KQ$GKb=;ADAG<=D09DD=
.G<GK=KGKKcE:GDGK@9FLJ9K;=F<A<G
@9KL9FM=KLJGK<c9KLJ9FKEALA<GK<=?=F=J9;AgF=F?=F=J9;AgF9LJ9NbK
<=D KAKL=E9 =<M;9LANG Q E\K J=;A=FL=E=FL= E=<A9FL= DGK E=<AGK
E9KANGK <= ;GEMFA;9;AgF
.9E:AbF =D ;9J\;L=J bHA;G G D=?=F<9JAG
IM=<gKA?F9<GHGJD9oJALM9DAR9;AgFp=KH=;c>A;9IM=K=@ARG<=;9<9
MF9<==K9KoAE\?=F=Kp9KcHGJ=B=EHDG'GJ9R\F"=JJ=J9Q9:9e9K
IM=<9JGFHJG;D9E9<GK;GEGDGKo@bJG=KpMFAGFAKL9K<=>=FKGJ=K<=
D9,=Hh:DA;9 =<=J9D09DD=;GEG=DAFL=D=;LM9DADMKLJ9<G=DoK9:AGp
E\K?DGJAGKGIM=@9H9JA<G"GF<MJ9KQ9D*9<J=,=Q=KK=D=@GFJg
;GEG=DoHJGL=;LGJp<=D9;MDLMJ9F9;AGF9DQ<=D9=<M;9;AgF F J=KME=F &9 ,=>GJE9 &A:=J9D @GF<MJ=e9 ;GFKLALMQg MF
9;GFL=;AEA=FLG<=LJ9K;=F<=FL9DAEHGJL9F;A9=FD9@AKLGJA9<=DH9cKQ
K=FLg D9K :9K=K H9J9 MF9 EG<A>A;9;AgF KMKL9F;A9D <= D9K NA=B9K
=KLJM;LMJ9K @=J=<9<9K <=D H=JcG<G ;GDGFA9D 9KAEAKEG =B=J;Ag MF9
-G:J==KL=9KMFLGHM=<=;GFKMDL9JK==FLJ=GLJGK9J9@GF9'9JNAF HA>G5;Y@:;EFYD;5367>3;67@F;636@35;A@3>
.=?M;A?9DH9<ALGJA9D!M9QEMJ9KGD=;;AgFg<A;=K<=A=F;A9K-G;A9D=KHH
Q
! $
AF>DM=F;A9HJG>MF<9=F=DMDL=JAGJ<=K9JJGDDG<=D9@AKLGJA9F9;AGF9D
GF=DD9K=;AE=FL9JGFDGK>MF<9E=FLGKIM=<A=JGF>GJE9E\K=KL9:D=
Q ;=FLJ9DAR9<9 9D KL9<GF9;AgF @GF<MJ=eG AFN=FL9F<G ?J9F H9JL=
<= DGK KcE:GDGK Q =D=E=FLGK A<=FLAL9JAGK IM= ;GF>A?MJ9F DGK
AE9?AF9JAGK <= F9;AgF =F "GF<MJ9K L9J=9 IM= >M= ;GFLAFM9<9
9>9FGK9E=FL= HGJ D9K ?=F=J9;AGF=K HGDcLA;9K = AFL=D=;LM9D=K
KM:KA?MA=FL=KKG:J=LG<GD9K<=D9HJAE=J9EAL9<<=DKA?DG22LA=EHG
<MJ9FL= =D ;M9D LG<9Nc9 K= HJGK=?Mc9 D9 D9:GJ <= J=HJG<M;AJ GLJ9K
oAE\?=F=Kp=FD9K;M9D=KK=>M=J9A<=FLA>A;9F<G9DHM=:DG;GFD9F9;AgF
!/$,- !'/!,-$#$9' .-$/7((