Anda di halaman 1dari 40

! &  .

2 # 0 

!LILO+>K>DBJBKQ
TOFQQBK?V(BCC+LQQIB
QB@EKF@>IOBSFBT?V.FBOOB $BIFU OBQLK

'KQOLAR@QFLK
5E>Q'P!LILO+>K>DBJBKQ
1FJMIV MRQ  @LILO J>K>DBJBKQ FP QEB @LKQOLIIBA MOL@BPP LC @LKSBOQFKD @LILO ?BQTBBK AFCCBOBKQ
ABSF@BPTFQEQEBBKADL>ILCL?Q>FKFKDOBMB>Q>?IB>KA>P@ILPBIVJ>Q@EBA@LILOOBMOLAR@QFLKP>P
MLPPF?IBLKB>@ELCQEBS>OFLRPABSF@BP'KLQEBOTLOAP TBT>KQQLPBQRM>MOL@BPPTEBOB>IILCLRO
ABSF@BP PMB>H QEB P>JB I>KDR>DB >KA FKQBOMOBQ @LILO QEB P>JB T>V .O>@QF@>I BU>JMIBP FK@IRAB
MOFKQFKD>KFKHGBQLRQMRQQE>Q@ILPBIVJ>Q@EBPVLROAFPMI>V LOP@>KKFKD>MEVPF@>IJ>QBOF>IPT>Q@E
QE>QILLHPQEBP>JBLKP@OBBK>PFQALBPFKOB>IIFCBIQELRDEQEFPFP@BOQ>FKIVKLQ>KBUE>RPQFSBIFPQLC
>MMIF@>QFLKPCLO@LILOJ>K>DBJBKQ QEFPPELRIADFSBVLR>DBKBO>IFAB>LCQEBPR?GB@QJ>QQBOLCQEFP
@E>MQBO'PRPMB@QJ>KVLCVLROB>AFKDQEFP@E>MQBOE>SBPMBKQ>DOB>QAB>IJLOBQFJBQE>KVLRJFDEQ
IFHBQL>AJFQQOVFKDQLDBQVLROMOFKQLRQPILLHFKD>PVLRBUMB@QBALOM>PPFKDCFIBP>ILKDQL@IFBKQPTFQE
QEBELMBPQEBVPBBQEB@LILOPVLRP>TLKVLROLTKAFPMI>V
!LILOJ>K>DBJBKQFP>PR?GB@QQE>QFPCO>RDEQTFQEJR@E@LKCRPFLK>KAJFP@LK@BMQFLKP>KA FK
J>KV@>PBP FPKLQRPBA>Q>II'KC>@Q FQFP>PR?GB@QQE>QFPTFABIVJFPRKABOPQLLATFQEFKJ>KVDO>ME
F@P CFBIAP FK@IRAFKD MOFKQFKD  MELQLDO>MEV  >KA DO>MEF@ >OQP *BPP QE>K E>IC LC QEB >O@EFQB@QRO>I
SFPR>IFW>QFLKFKARPQOV@ROOBKQIVRPBP>@LILOJ>K>DBATLOHCILTLK>A>FIV?>PFP?>PBALKS>OFLRP
FKARPQOVPROSBVP@LKAR@QBA?V!%>O@EFQB@Q@LJ !LKPFABOFKDQEBFJMLOQ>K@BLC>@EFBSFKD>@@RO>QB
>KAOBMB>Q>?IB@LILOFKLROTLOH FQPQ>KAPQLOB>PLKQE>QJLOBFJMLOQ>K@BPELRIA?BMI>@BALK
>ALMQFKD>@LILOJ>K>DBATLOHCILT&LTBSBO JLPQALKLQRPB@LILOJ>K>DBJBKQ2EBOB>PLKPCLO
QEFP>OBKRJBOLRP ?RQ'QEFKHQEBKRJ?BOLKBMOL?IBJIFBPFKQEB@LJMIBUFQVLCQEBPR?GB@Q>KAQEB
S>DRBAL@RJBKQ>QFLKQE>Q>@@LJM>KFBPJ>KVLCQEB>MMIF@>QFLKP>KAABSF@BPTB>IIRPBFKMOLAR@
QFLK!LILOJ>K>DBJBKQAB>IPTFQEELTTB>PERJ>KPPBB@LILO>KAELTQE>QRKABOPQ>KAFKD@>K?B
QROKBAFKQLJ>QEBJ>QF@>IBNR>QFLKPQE>Q@>K?BRKABOPQLLA?V@LJMRQBOP>KAABSF@BP2EFPPLRKAP
>?FQA>RKQFKD ?RQQEBDLLAKBTPFPFQALBPKbQOBNRFOB>ABDOBBFK>AS>K@BA>MMIFBAJ>QEBJ>QF@PQL


! L I L O + > K > D B J B K Q  

$FDROB 2EB@LILOJ>K>DBJBKQTLOHCILT

!LILO+>K>DBJBKQ2EBLOV
&LT5B1BB!LILO
2EFPKBUQPB@QFLKLCQEB@E>MQBOFPDLFKDQLPBBJIFHB>OBSFBTLCEFDEP@ELLIMEVPF@P ?RQ?B>OTFQE
JB>P'AL>NRF@HOBCOBPEBOLKPLJBLCQEB@LOB@LK@BMQPFKSLISFKDELTIFDEQTLOHP>KAELTTB
MBO@BFSB@LILO2EB@LOBLCJ>KV>PMB@QPLC@LILOJ>K>DBJBKQ>KA@LILOP@FBK@B>OBABPFDKBA
>OLRKAELTTBMBO@BFSBIFDEQ>KA@LILOEBK@B FQFPFJMLOQ>KQQLE>SB>QIB>PQ>@ROPLOVHKLTIBADBLC
QEB?>PF@MOFK@FMIBP
2EOBBC>@QLOP>CCB@QELTTBMBO@BFSB@LILO QEBIFDEQPLRO@B QEBL?GB@Q >KAQEBL?PBOSBO

2EB*FDEQ1LRO@B
*FDEQFPJLPQ@LJJLKIVOBCBOOBAQL>P>KBIB@QOLJ>DKBQF@T>SBQE>QFPABP@OF?BA?VFQPIBKDQE RPR
>IIVFKK>KLJBQBOPKJ *FDEQFPQEBSFPF?IBM>OQLCQEBBIB@QOLJ>DKBQF@PMB@QORJ$FDROB  2EBCRII
PMB@QORJLCT>SBPFK@IRABPO>AFL>KAJF@OLT>SBP>QQEBI>ODBOBKALCQEBPMB@QORJQLU O>VP>KA
D>JJ>O>VP>QQEBPJ>IIBPQBKA4FPF?IBIFDEQC>IIPPLJBTEBOBFKQEBJFAAIBTEBOBQEBT>SBbPJB>
PROBFP?BQTBBK>KAKJ2EBPB>OBQEBLKIVT>SBPTB>OBFKQBOBPQBAFK>PQEFPFPQEB
DBKBO>IIV>@@BMQBAO>KDBLCT>SBPTB@>KMBO@BFSB5EBKT>SBPLCIFDEQ>OBFKQEB KJ
O>KDB TBMBO@BFSBQEB@LILO>P?BFKD?IRB5EBKQEBV>OBFKQEB KJO>KDB TBMBO@BFSB
QEBJ>P?BFKDDOBBK>KA CFK>IIV TEBKQEBV>OBFKQEB KJO>KDB TBMBO@BFSBQEBJ>P?BFKD
OBA2EBBKQFOBPMB@QORJLCSFPF?IBIFDEQFPJ>ABRMLCIFDEQ@LKPFPQFKDLCOBA LO>KDB VBIILT DOBBK 
?IRB FKAFDL >KASFLIBQ5EBKLROBVBPOB@BFSB>JLRKQPLC@LILOPCOLJQEBBKQFOBPMB@QORJ TBPBB
QEB@LILOTEFQB >KA TEBKQEBOB>OBKLT>SBPLCIFDEQ TBPBB?I>@H

$FDROB #IB@QOLJ>DKBQF@PMB@QORJ

*FDEQPLRO@BP@LJBFKJ>KVCLOJP>KA@>KFK@IRABQEBPRK>KA>OQFCF@F>IPLRO@BPIFHBCIRLOBP@BKQ
IFDEQFKD FK@>KABP@BKQIFDEQ?RI?P QRKDPQBK?RI?P >KA@>KAIBP>PTBII>PLQEBOP5EBKQEBPMB@QO>I
@ROSB LC > IFDEQ PLRO@B FP SFBTBA  VLR TFII PBB QE>Q FQ FP @LJMOFPBA LC > JFUQROB LC T>SBIBKDQEP
$FDROB  +LPQIFDEQFP>JFUQROBLCJ>KVT>SBIBKDQEPTFQEQEBBU@BMQFLKLCMROBIFDEQ>PBJFQQBA
COLJ I>PBOP 2EB MBO@BFSBA @LILO LC >KV M>OQF@RI>O IFDEQ PLRO@B ABMBKAP LK QEB MOBALJFK>KQ
! &  . 2 # 0 

!LJMLPFQFLK
TOFQQBK?V#OKBPQ ROABK
QB@EKF@>IOBSFBT?V+F@EBIB LRPNRBQ

 0!&'2#!230*  0#,"#0',%1  -$2#,  $**  1-+#5&#0#  FK ?BQTBBK FKCLOJ>QFLK>I OBMLOQFKD >KA PR?GB@QFSB
FKPQORJBKQP CLO P>IBP Q FQP PFJMIBPQ  > OBKABOFKD @>K ?B > SFPR>IFWFKD AL@RJBKQ QL EBIM MBLMIB
RKABOPQ>KA>K>O@EFQB@QRO>IMOLMLP>I'Q@>K?BNRFQB>@@RO>QBFKP@>IB J>QBOF>I >KAIFDEQFKD'Q@>K?B
FKCLOJ>QFSB>KA@I>OFCVFKD BSBKBU@FQFKD>KAMBOPR>PFSB'Q@>K?B?B>RQFCRI'Q@>K>IPL?BJRAAIBA 
@LKCRPFKD >KARKFKPMFOFKD2EBAFCCBOBK@B@LJBPCOLJQEB>OQFPQE>SFKD>KRKABOPQ>KAFKDLCQEBMOLG
B@Q>KAQEB?BPQT>VPQLMOBPBKQFQ2EB>OQFPQJRPQOB@LDKFWBQEBS>OFLRP>PMB@QPLCQEBTLOH>P
SFPR>IQLLIPEBLOPEBBJMILVPQLABP@OF?B PFJMIFCV >KA BPMB@F>IIV @I>OFCVQEBPR?GB@Q!LJMLPFQFLKFP
QEB>OQLC>OO>KDFKDQEBP@BKBLOFJ>DBQLDFSBQEB?BPQSFPR>IMOBPBKQ>QFLKMLPPF?IBCLOQEBKBBABA
MROMLPB
OBKABOFKDFPKLQQEBOB>I?RFIAFKD LC@LROPB'QFP>QO>KPI>QFLK >KFKQBOMOBQ>QFLKOBKABOFKD
QO>KPCLOJP>TLOHLC>O@EFQB@QROBg>QEOBB AFJBKPFLK>IL?GB@QgFKQL>CI>QFIIRPQO>QFLK >JBAFRJQE>Q
E>P>IT>VP?BBK>?LRQQBIIFKD>PQLOV2EB?BPQTLOHP@>Q@EQEBSFBTBObP>QQBKQFLK>KAAO>TQEBJFK
RQTE>Q>OBQEBQLLIP>KAQB@EKFNRBP>O@EFQB@QRO>I>OQFPQP@>KBJMILVQLALQE>Q2E>QFPQEBBPPBK@B
LCDLLA@LJMLPFQFLK >KATE>QQEFP@E>MQBOFP>?LRQ

.LFKQ LC 4FBT
4FPR>IFW>QFLKFPKLQKBTPM>MBOOBMLOQFKDALKLQ?B>CO>FAQL?B?F>PBA&>SB>MLFKQLCSFBT2EBOB
>OBJ>KVT>VPQLMOBPBKQ>MOLGB@Q2EFKH>?LRQQEBQEFKDPVLRKBBAQLP>V QLTELJVLRKBBAQL
@LKKB@Q >KATE>Q@ELF@BPTFIIMOBPBKQQEBMOLGB@Q?BPQ5E>QALBPVLRO@IFBKQKBBAVLRQLMLOQO>V
0BKABOFKDP>KA>KFJ>QFLKPQE>QQOVQL?Bc>IIQEFKDPQL>IIMBLMIBdTFIIIFHBIV?BARII'KM>OQKBOPEFMTFQE
VLRO@IFBKQ FQFPVLROOBPMLKPF?FIFQVQLABPFDK>SFPR>I@LJJRKF@>QFLKQE>Q@>MQROBPQEB>QQBKQFLKLC
VLROQ>ODBQ>RAFBK@B>KALMBKPFQQLQEBMOLGB@QFK>MLPFQFSBT>V2>HBKCROQEBO QEB>OQFPQPELRIA
J>HBQEBMOLGB@QBU@FQFKD>KATBI@LJFKD&BPELRIAPQOFSBQLQBII>PQLOVCB>QROFKDQEBPR?GB@Q


!LJMLPFQFLK  

$FDROB K>KDIBASFBTLCQEBPTFJJFKDMLLIIB>SBP>JMIBPM>@BLKQEBOFDEQCLO
T>KABOFKD
'J>DB?VIIBK .EFIMO@EFQB@QP'KQBOFLOP 042!RPQLJ!LKQBKQ>Q0BSFQ+>OHBQ 
2RO?L1NRFA@LJ1@BKB@OB>QBAFK0BSFQ

'KDO>MEF@QBOJP QEBOB>OB@LJJLKIVEBIAFAB>P>?LRQMI>@BJBKQLCCL@>IMLFKQPTFQEFK>MF@
QROB2EBJLPQ@LJJLKLKBFPQEBORIBLCQEFOAP1FJMIVMRQ AO>T>DOFALSBOVLROFJ>DBAFSFAFKDFQ
FKQLQEFOAP ELOFWLKQ>IIV>KASBOQF@>IIV2EBDOFA@OB>QBPCLROFKQBOPB@QFKDMLFKQPQE>Q>OBDLLAIL@>
QFLKPCLO>OB>PLCFKQBOBPQ EFDEBO@LKQO>PQ LOFJMLOQ>KQBIBJBKQP2EBIFKBP>OBRPBAQLMI>@BQEB
?LRKA>OFBP?BQTBBKI>ODBPE>MBPKBU>JMIBLCQE>QTLRIA?BQEBELOFWLK2EBORIBLCQEFOAPP>VP
MI>@BFQBFQEBORMCOLJQEB@BKQBOLO?BILTFQ>Q>?LRQQEBLKB QEFOAIBSBI2EBP>JBELIAPQORBCLO
SBOQF@>IQEFKDPg>OLRKAQEBLKB QEFOAIFKB IBCQLOOFDEQ2EFPMOLAR@BP>MF@QLOF>ICLOJQE>QBUMOBPPBP
>KLQEBO J>GLOJFKLO OBI>QFLKPEFM 2EB MOLMLOQFLKP @OB>QBA JFJF@ QEB %LIABK 1B@QFLK  LO %LIABK
0B@Q>KDIB TEF@EFP>K>K@FBKQVBQPQFIITFABIVRPBAABSF@BCLOMOLMLOQFLKFKDTLOHPLC>OQ>KA>O@EFQB@
QROB2EBOBFPKLOB>PLKQL>IT>VPCLIILTQEBPBMOLMLOQFLKP ?RQQEBFORPB@>KEBIMVLRHBBMVLRO
FJ>DBPFKQBOBPQFKD>KAAVK>JF@
2O>FKFKDVLROPBICQLQEFKHLCVLROSFPR>I>OQFKQBOJPLCFQPQTL AFJBKPFLK>I CO>JBACLOJPQ>HBP
QFJB?RQFPTLOQEQEBBCCLOQ.OLAR@FKDMFB@BPFP>QO>KPCLOJ>QFSBMOL@BPPCOLJFAB>QLQEBQ>KDF?IB
MOLAR@Q&>SFKD>CBBIFKDCLOQEBBKAPQ>QBTFIIDRFABVLRQEOLRDEQE>QMOL@BPP5LOHFKDFK>SFOQR>I
BKSFOLKJBKQPBM>O>QBPRPCOLJQEBTLOIATB>OBQOVFKDQLABMF@Q.O>@QF@BAO>TFKDQLPQ>V@LKKB@QBA
QLQEBMEVPF@>IOBPRIQ%LLRQPFAB>KAL?PBOSB>P@BKB J>HFKDKLQBPQLVLROPBIC>?LRQFQ TE>QFQFP
IFHB>KAELTVLRCBBITEBKVLR>OBQEBOB2EBKQ>HB>MELQLLCQE>QP@BKB!LJM>OBQEBMELQLTFQE
VLROJBJLOFBP>KAFJMOBPPFLKPLCQEBPR?GB@Q>KAILLHCLOTE>QFPAFCCBOBKQ?BQTBBKQEBJ"LBPQEB
MELQL@>MQROBQEBCBBIFKDVLROBJBJ?BO'ABKQFCVTE>QFPJFPPFKDCOLJQEBMELQLQE>QVLR@LRIA>AA
QLEBIMFQJ>Q@EVLROJBJLOV>IPLILLHCLO>PMB@QPLCQEBMELQLQE>QBKE>K@BVLRORKABOPQ>KAFKD
QEOLRDEABQ>FILO>AFCCBOBKQPBKPBLCP@LMB
7LRE>SBMOL?>?IVPBBKQEB@IF@E¶AABMF@QFLKLC>JLSFBAFOB@QLOELIAFKDRMEFPE>KAPQLCO>JB
>P@BKB&BJ>HBP>Kc*dTFQEB>@EQERJ?>KACFOPQCFKDBO QROKFKDEFPE>KAPQLCLOJ>OB@Q>KDIBTFQE
QEBMLPBACFKDBOP&BRPBPQE>QLMBKFKDQLCO>JBEFPSFBT2OVFQVLROPBICFQTLOHP2E>QPFJMIB>@QLC
CO>JFKD>IILTPVLRQLPBBTE>QFP?BCLOBVLRAFCCBOBKQIV QLPBBFQ>P>"MOLGB@QFLKTFQEFK>CO>JB
3KABOPQ>KAFKDELTFJ>DBOVFPMBO@BFSBAABMBKAFKDLKELTFQFPMOBPBKQBAFP>HBVQLMOLAR@FKD
BCCB@QFSBFJ>DBOV
! &  . 2 # 0 

AS>K@BAJBKQ>IO>V1E>ABOP
TOFQQBK?V(LBMS>KABO1QBBK
QB@EKF@>IOBSFBT?V(BCC.>QQLK

!LMVOFDEQwww.belly.be

 "1 + 6 &1  &'12-07 LCHBBMFKDLIACB>QROBPFKCRQROBOBIB>PBPPLQE>QCB>QROBPRPBAFKLIABOP@BKBP


@LKQFKRBQLTLOHMOLMBOIVFKQEBKBTBOOBIB>PBPLCQEBMOLDO>J2EFPFPDLLA?RQ>IPL>?FQ@LKCRPFKD 
BPMB@F>IIV TEBK QEB LIA CRK@QFLK>IFQV FP PQFII QEBOB ?RQ E>P >@QR>IIV ?BBK LSBOQ>HBK ?V KBT >KA
FJMOLSBACB>QROBP$LOBU>JMIB QEBKBTBPQLMQFJFWFKDJLAFCFBOFP.OL-MQFJFWBO ?RQVLR@>KPQFIICFKA
QEB-MQFJFWBJLAFCFBOFKQEBJLAFCFBOIFPQ>PTBII
KBTRPBOJFDEQPQORDDIBQLCFDROBLRQTEF@ELKBQLRPBPFK@BPLJBAL?>PF@>IIVQEBP>JB
QEFKDP+LPQLCQEBQFJBQEBKBTBPQSBOPFLKLC>CB>QROBFPMOBCBOOBA?VSBQBO>KRPBOP>PFQRPBPQEB
I>QBPQ>IDLOFQEJP>KAQB@EKLILDV>KAALBP>KLSBO>II?BQQBOGL?QE>KQEBLIABOLKBP'KLQEBOTLOAP 
FQbPEBIMCRIQLHKLTPLJBLCQEBCB>QROBEFPQLOVLCAP+>UFKLOABOQLHKLTTE>Q,-2QLRPB>KV
JLOB?B@>RPBFQE>P?B@LJBO>QEBOOBARKA>KQ
+BKQ>IO>VE>P?BBK>S>FI>?IB>P>K>QFSBOBKABOBKDFKBPFK@BAP+>U ?RQ>QQE>QQFJBFQT>P
PLJBTE>Q@LKCRPFKDQLRPBOP?B@>RPBQEBT>VQEBJ>QBOF>IP>KAJ>MMFKDTLOHBAT>P@LJMIBQBIV
AFCCBOBKQQE>KTE>QRPBOPTBOBRPBAQL,LTTB>OB>QAP+>U>KA LC@LROPB JBKQ>IO>VE>P
DLKBQEOLRDEPLJBBKLOJLRP@E>KDBP>KAFJMOLSBJBKQP
'KQEFP@E>MQBO '?BDFK?VMLFKQFKDLRQPLJBLCQEBLIABOJ>QBOF>I>KADFSFKDVLR>ASF@BLKTE>Q
KLQQLRPB>KVJLOBCLO?LQEJ>QBOF>IP>KAPE>ABOP2EFPTFIIEBIMVLRRKABOPQ>KATE>QVLRPELRIA?B
CL@RPFKDLKCQBOQEFPPELOQFKQOLAR@QFLK 'TFIIMOLSFAB>KRJ?BOLCBUBO@FPBPQE>Q>OB?>PBALKOB>I
TLOIAPRMMLOQNRBPQFLKP'OB@BFSBALSBOQEBVB>OPCOLJRPBOPLC>IIPHFIIIBSBIP
)BBMFKJFKAQE>QJBKQ>IO>VFPPQFIIJ>HFKD?FDPQBMPCLOT>OATFQEBSBOVOBIB>PB>POBKABOFKD
QB@EKLILDVFPSBOVJR@E>AVK>JF@QB@EKLILDV.IB>PBALKbQ>PPRJBVLRHKLTFQ>IICOLJMOBSFLRP
OBIB>PBPQEBOBJFDEQ?BCRKA>JBKQ>IAFCCBOBK@BPFKELT>KATE>QQLRPB>PJBKQ>IO>VJLSBPQLQEB
KBUQOBIB>PBFKAP+>U2EFKDPPR@E>PJLABIFKDQLOB>IIFCBP@>IB MEVPF@>IIV@LOOB@QIFDEQP >KA
J>QBOF>IP>OBPQFIIFJMLOQ>KQ ?RQBIBJBKQPPR@E>P#UMLPROB!LKQOLI>KA%>JJ>E>SBD>FKBAFK
FJMLOQ>K@B>PQEBOBKABOFKDQB@EKLILDVRPBA?VJBKQ>IO>VE>PBSLISBA5LOHFKDTFQEJBKQ>IO>VFP
>KLKDLFKDIB>OKFKDMOL@BPP >KAQE>QFPTE>QJ>HBPFQ@E>IIBKDFKD>KACRK


 A S > K @ B A J B K Q > I O > V 1 E > A B O P  

AP+>UPEFMPTFQEQTLKBTJ>MPPE>ABOPQE>Q@>K?BNRFQBRPBCRI +RIQF1R? +>M>KA


-?GB@Q!LILO,BFQEBOLCQEBPBPE>ABOPFPQLL@LJMIF@>QBA2EB+RIQF1R? +>MPE>ABOFPBPMB@F>IIV
RPBCRI2EBCLIILTFKDBUBO@FPBABJLKPQO>QBPELTQEB+RIQF1R? +>M@>K?BRPBAFK>KBCCF@FBKQT>V
TEBKRPFKD FQJ>MP

3PFKDQEB+RIQF1R? +>M>KA0% +RIQFMIVPE>ABOP


  -MBKQEBCFIB@E J>U2EFPFP>PFJMIBFKQBOFLOP@BKB@LKPFPQFKDLC>?>PF@IFSFKDOLLJTFQE
>KLOAFK>OVQFIBACILLO5BT>KQQL>MMIVPLJB@LILOQLQEBCILLO?RQDFSBFQPLJB@LILOS>OF>
QFLK>PTBII2EFPFPBU>@QIVTE>QQEFPKBTPE>ABO>IILTPVLRQLAL>PPFDKLKBJ>QBOF>IQL
JRIQFMIBL?GB@QP>KAFKQOLAR@B@LILOS>OF>QFLKTFQEFKQEBL?GB@QPQE>QOB@BFSBQEFPJ>QBOF>I

  -MBKQEB+>QBOF>I#AFQLO>KATFQEFKQEB!LILO@E>KKBILCQEB$ILLOJ>QBOF>I >MMIVQEB+RIQF


1R? +>M
  1BQQEB1TFQ@E!LILO+>M?>PBALKPBQQFKDQL0>KALJ >PTBT>KQQL>MMIVO>KALJ@LILOPQLLRO
DBLJBQOV
! &  . 2 # 0 

AS>K@BA3KTO>MMFKD
TOFQQBK?V*RH>P"R?BA>
QB@EKF@>IOBSFBT?V2>VILO*B>@E

345 +..',%  '1  -,#  0# LC"@LKQBKQ@OB>QFLKQE>Q>OQFPQPQBKAQLBKGLVQEBIB>PQ2EFPFPRKABO


PQ>KA>?IB?B@>RPB34J>MMFKD@>KDBQBUQOBJBIVQFJB @LKPRJFKD'QFPJLPQIVRK>SLFA>?IB O>QEBO
QB@EKF@>I >KAPQOBPPBPQEBMLLOFKAFSFAR>ITELE>PQLMBOCLOJQEBRKTO>MMFKDQ>PH'KQEFP@E>MQBO '
TFIIQOVQL@LSBOQB@EKFNRBPQE>QPELRIAP>SBVLRQFJB>KABCCLOQTEBKRKTO>MMFKDVLROJBPEBP 
TEBQEBOFKLOD>KF@PROC>@BPLOLOD>KF@ CIRFACLOJP$ROQEBOLK 'TFIIAFP@RPPJLOB>AS>K@BA@LK@BMQP
LC345J>MMFKD>KAQOVQLBUMI>FKTE>QQELPB@LLOAFK>QBPOB>IIV>OB ELTQEBV>OBPBBK?VQEB"
PLCQT>OB >KAELTVLRPELRIA>MMOL>@EQEBJCLO?BPQOBPRIQP5BTFII>IPLQ>HB>ILLH>QPLJB>OB>P
QE>Q>OBFKAFOB@QIVOBI>QBAQL34J>MMFKD PR@E>P,LOJ>IJ>MMFKD>KAQB@EKFNRBP@LKKB@QBATFQE
QEBJQQEBBKALCQEFP@E>MQBO 'TFIIAFP@RPPQEFOA M>OQVQLLIP>KAMIRDFKPQE>QTBOBABPFDKBA>KA
ABSBILMBAQLP>SBQFJB BCCLOQ >KADBKBO>IIVFJMOLSBVLROA>FIVTLOHCILT>PQEBVOBI>QBQL34J>MMFKD

$FDROB 345J>MMFKDMOLGB@QFLKSFPR>IABJLKPQO>QFLK


    A S > K @ B A 3 K T O > M M F K D

  2EBJLPQAFCCF@RIQM>OQFPALKBË2E>QFPQEB?B>RQVLC.BIQ+>MMFKDIIVLRE>SBQLALKLTFPQL
LOD>KFWBQEB34@ERKHPLQE>QFQCFQPTFQEFKQEB 34PM>@B>KA LC@LROPB CFKFPE.BIQ+>M
MFKDQEBOBPQLCQEBJLABITEF@EFPBPPBKQF>IIVQEBP>JBMOL@BAROB>PTBE>SBGRPQALKB
  2EBCLIILTFKDFIIRPQO>QFLKPELTP>CFKFPEBA34J>MMFKDCLOQEBBKQFOBJLABI >II@LJMIBQBA
KF@BIV>KA@IB>KIVFK>CBTJFKRQBP
! &  . 2 # 0 

2BUQROB.>FKQFKD
TOFQQBK?V*BFDES>KABO VI
QB@EKF@>IOBSFBT?V*>PWIL+LIK>O

$ -0 +,7 2#6230# .',2',% '1 >PLJBTE>Q@LKCRPFKD>KA@LJMIBUMOL@BPP?BPQAB>IQTFQE>PPFJMIV


>KANRF@HIV>PMLPPF?IB1>AIV PQF@HFKD>@LRMIBLCO>KALJQBUQROBPT>Q@EBPQE>QVLRALTKIL>ABALCC
QEBFKQBOKBQALBPKbQDBKBO>IIVPRCCF@BCLOTLOHFKQBKABA>PEFDENR>IFQVMOLCBPPFLK>IFJ>DBOV3PFKD
.ELQLPELM>PQEBMOFJ>OVQB@EKF@>IQLLI QEFP@E>MQBO@LSBOPS>OFLRPCRKA>JBKQ>IPQLBNRFM>OQFPQP
TFQEQEBKB@BPP>OVQEBLOV>KAMO>@QF@>IQFMPQLTLOHBCCF@FBKQIV>KA@LKCFABKQIVTFQEQEBFOQBUQROFKD
OBNRFOBJBKQP
2BUQROFKDFP>@LJ?FK>QFLKLC?LQE>MMIFBAQEBLOV >PTBII>P>OQFPQF@PHFII'CVLROM>FKQFKDPHFIIP>OB
>Q>AI>@HFKD ALKbQTLOOV>PQEBVbOBIFHBIVQLABSBILMNRF@HIVTFQEMO>@QF@B5EFIB.ELQLPELM@>K
PBBJNRFQB>KFKQFJFA>QFKD>KAERDB?B>PQQLQ>JB QEFP@E>MQBOPE>OBP>KRJ?BOLCQFMPCLOFJMOLS
FKDVLRO.ELQLPELMTLOHCILT>KAQB@EKFNRB
2EBQBUQROBMOL@BPPTLOHPE>KA FK E>KATFQEQEBPE>AFKD>KAIFDEQFKDMOL@BPPBP'K>MOLAR@
QFLKBKSFOLKJBKQ FQbPFJMLOQ>KQCLOQBUQROB>OQFPQPQLTLOH@ILPBIVTFQEcILLH ABSBILMJBKQd>OQFPQP
TELPBQRMQEBPE>ABOP>PTBII>PQEBIFDEQBOPQLABSFPB>K>MMOLMOF>QBQBUQROFKDPQO>QBDV?>PBALK
QEBOBNRFOBJBKQPLCQEBP@BKB
3IQFJ>QBIV  QBUQROFKD @>K ?B >K BUQOBJBIV BKGLV>?IB >KA OBT>OAFKD @OB>QFSB MOL@BPP -K@B
VLRbSBJ>PQBOBAQEBCRKA>JBKQ>IQEBLOVQE>QAOFSBPFQ VLRbOBCOBBQLABSFPBVLROLTKM>FKQFKD>KA
BAFQFKDQB@EKFNRBP>KAQOF@HPQL?RFIARMVLROQBUQROBP TEF@EFPTEBOBQEBCRKOB>IIVPQ>OQP2BUQROFKD
FP>II>?LRQ?OFKDFKD@LILO>KAIFCBQLLQEBOTFPBMI>FK DO>VPROC>@BP DFSFKDVLR>@E>K@BQLQORIV
FKARIDBVLRO>OQFPQF@PFAB>KA?OFKDLRQQEBJLPQFKVLRO!%JLABIP

%BQQFKD1Q>OQBAf3KABOPQ>KAFKD0B>I5LOIA
1ROC>@BP
P>QBUQROB>OQFPQ FQFPSFQ>IQLL?PBOSBVLROBKSFOLKJBKQFK>T>VQE>QBK>?IBPVLRQLRKABOPQ>KA
BU>@QIVTE>QVLRKBBAQL@OB>QBTFQEFKQEB@LJMRQBODBKBO>QBABKSFOLKJBKQFKTEF@EVLRTLOH
+BOBIVL?PBOSFKDQEBTLOIALK>PRMBOCF@F>IIBSBIFPKLQPRCCF@FBKQ

2B U Q R O B . > F K Q F K D  

$FDROB ?>PF@OBCIB@QFLKJ>M LKQEBOFDEQ @OB>QBPQEBFIIRPFLKLC>TBQCILLOFKQEFPOBKABO

RJM>KA"FPMI>@BJBKQ
.OL?>?IVQEBJLPQ@LJJLKIVRPBAJ>QBOF>I@E>KKBI>ILKDTFQEQEB@LILOJ>MFPQEB?RJMJ>M
RJMJ>MMFKDFP>JBQELATEBOB?VVLR@OB>QBQEBFIIRPFLKLCFOOBDRI>OFQFBP QLMF@>I>?O>PFLKP LO
A>J>DB PR@E>PP@O>Q@EBP ABKQP LO>KVHFKALCQBUQRO>IDO>FKQL>PROC>@B TFQELRQ>AAFKDQLLO
>IQBOFKDQEBDBLJBQOVLCQEBJLABIFK>KVT>V
B@>RPBKLPROC>@BFKQEFPTLOIAFPMBOCB@QIVPJLLQE KLJ>QQBOELTPJLLQEFQJ>V>MMB>OQL
QEBK>HBABVB >IIPROC>@BPVLR@OB>QBOBNRFOBPLJBHFKALC?RJMJ>MMFKDFKLOABOQL@OB>QB>PBKPB
LC>@QR>IQ>KDF?IBQBUQROBLOOLRDEKBPPQLQEBL?GB@Q!IBSBORPBLC?RJMJ>MMFKD@LKSBVP>KFAB>LC
TE>QQEBPROC>@BTLRIACBBIIFHBQLQEBQLR@E
'QFPFJMLOQ>KQQLOBFQBO>QB ELTBSBO QE>Q?RJMJ>MMFKDALBPKLQ>CCB@QQEB>@QR>IDBLJBQOVLC
QEBL?GB@QFQPBIC>PFQFPPLIBIV>KFIIRPFLK2EFPFIIRPFLKFPRPR>IIV?BQO>VBA?VQEBBADBPLC>KL?GB@Q
TEBK OBKABOBA  >MMB>OFKD PJLLQE BSBK FC > SBOV OLRDE ?RJM J>M FP >MMIFBA QL FQ >P PELTK FK
$FDROB 

$FDROB 2EBFIIRPFLKLC>?RJMJ>MFP?BQO>VBA?VQEBI>@HLCABQ>FI>ILKDQEB
BADBPLCQEBL?GB@Q
! &  . 2 # 0 

.EVPF@>IIV >PBA+>QBOF>IP
TOFQQBK?V.FBOOB $BIFU OBQLK
QB@EKF@>IOBSFBT?V8>MKABOPBK

0 #.0#1#,2',% +2#0'*1 ," !-*-01 !!302#*7 FK@LJMRQBODO>MEF@PE>P>IT>VP?BBK>@E>IIBKDBCLO


>KVLKBTELABPFOBPQLOBMOBPBKQ>O@EFQB@QRO>ICFKFPEBP>@@RO>QBIV2EFP@E>MQBOALBPKLQFKPQOR@QVLR
>?LRQTE>Q?RQQLKQLMOBPPFK4 0>VLOJBKQ>IO>VQL@OB>QBKF@BIVILLHFKDTLLALO@LK@OBQB ?RQ
O>QEBOCL@RPBPLKPQO>QBDFBPLCELTQLBPQFJ>QB@E>O>@QBOFPQF@PLCJ>QBOF>IP>JMIBPTFQE>CCLOA>?IB
E>OAT>OB PR@E>PAFDFQ>I@>JBO>P>KAIFDEQJBQBOFKDQLLIP7LRTFIIIB>OKELTQL@LOOBI>QBQEBJQL
RPBOFKQBOC>@BM>O>JBQBOPLC@LJJLKIVRPBA MEVPF@>IIV?>PBAOBKABOBOP

2EB2VMF@>I.OL?IBJ
5E>QFPQEB@LOOB@Q0% @LILOQLRPBCLO>DFSBKJ>QBOF>IP>JMIB
P>">OQFPQ VLRJLPQIFHBIVC>@BPFQR>QFLKPTEBOB@IFBKQP>PHVLRQLFIIRPQO>QB>MOLGB@Q?V
RPFKD>PMB@FCF@?OF@H M>FKQ@LILO LO@>OMBQP>JMIB$FDROB  IQELRDEVLR@>KP@>KLOMELQLDO>ME
QEBP>JMIBPVLRE>SBFKE>KA FQFPMLPPF?IBQE>QVLR>OBRK@IB>O>?LRQELT@ILPBIVQEBVTFIIBKARM
ILLHFKDFKQEBCFKFPEBAOBKABOFKD2L>@EFBSBQEFPTFQEPR@@BPP VLRPELRIAQEFKH>?LRQ@LILOJ>K>DB
JBKQ>KA@LILOJB>PROBJBKQ


  . E V P F @ > I I V  > P B A + > Q B O F > I P

$FDROB A>OHCILLOSP>M>IBCILLORKABOFABKQF@>IIFDEQFKD@LKAFQFLKP KLQEFKDBIPBE>P@E>KDBAQEB


>JLRKQLCOBCIB@QBAIFDEQOBCIB@Q>K@B E>P>AFOB@QOBI>QFLKTFQEQEBJ>QBOF>I@LILO>KASF@BSBOP> 

7LRE>SBKLTPBBKELT>J>QBOF>I@LILO@LOOBI>QBPQLFQPOBCIB@Q>K@B ?RQQEBOBFPJLOB BCLOB


TBDLCROQEBO FQFPFJMLOQ>KQQLRKABOPQ>KA?>PF@MEVPF@>IMOFK@FMIBP>P>MMIFBAQLJ>QBOF>IP3KABO
PQ>KAFKD QEBPB ORIBP TFII ?B BPPBKQF>I TEBK FQ @LJBP QFJB QL JB>PROB LMQF@>I @E>O>@QBOFPQF@P LC
J>QBOF>IP

"FCCRPB0BCIB@Q>K@BSP1MB@RI>O0BCIB@Q>K@B
2EB#KBODV!LKPBOS>QFLKORIBPQ>QBPQE>QQEBQLQ>IPRJLCLRQDLFKDO>VPKBSBOBU@BBAPQEBPRJLC
FK@LJFKDO>VP
'KLQEBOTLOAP >J>QBOF>I@>KKLQOBCIB@QLCAFCCRPBIFDEQTEFIBOBCIB@QFKDLCPMB@RI>O
IFDEQ'QTLRIAOBPRIQFK@OB>QFKDBKBODVQE>QFPMEVPF@>IIVFK@LOOB@Q'KAP+>U QEFP@>KQO>KPI>QB
OLRDEIV>PQEBCLIILTFKDAFCCRPBIFDEQFKD PMB@RI>OEFDEIFDEQP OBCIB@QFLKPƒ$FDROB  

$FDROB 2EBBKBODV@LKPBOS>QFLKORIBPQ>QBPQE>QQEBPRJLCLRQDLFKDO>VP@>KKLQBU@BBAQEBPRJLC
FK@LJFKDO>VP
! &  . 2 # 0 

#UMLPROB*FDEQFKDK>IVPFP2LLIP
TOFQQBK?V2LA1QBMEBKP
QB@EKF@>IOBSFBT?V1QBSB1>KABOPLK

3 ,'/3# 2-  "1 + 6 " #1'%, #UMLPROB*FDEQFKDK>IVPFPQLLIP@>K?BRPBACLOPFJRI>QFKD>KA>K>IVWFKD


MEVPF@>IIV?>PBA1RK 1HV >KA>OQFCF@F>IIFDEQFKDFK>"P@BKB'AB>ICLOO@EFQB@QRO>IMOLGB@QP QEBPB
QLLIP@>KEBIMBS>IR>QBIFDEQFKQBKPFQVFKVLROABPFDKP2EB*FDEQFKDK>IVPFPQLLIP@>KEBIMC>@FIFQ>QB
QEBBS>IR>QFLKLCFKALLOIFDEQFKDNR>IFQVCLO*##"!BOQFCF@>QFLK BPFABPRPFKDQEB#UMLPROB*FDEQFKD
K>IVPFPQLLIFQPBIC ABPFDKBOP@>KRPBQEB*FDEQ+BQBOEBIMBOL?GB@QQLSBOFCVIFDEQFKDABPFDKP>KAQL
NRF@HIVSFBT>IQBOK>QFSBIFDEQFKDP@EBJBP
2EFP@E>MQBOTFIIAFP@RPPQEBOBNRFOBJBKQPLCQEBAP+>U"BPFDK#UMLPROB*FDEQFKDK>IVPFP
QLLIP$LO>@@RO>QBIFDEQFKDPFJRI>QFLKPFKAP+>U"BPFDK FQFPBPPBKQF>IQE>QQEBJLABIDBLJBQOV?B
@IB>K >FOQFDEQ >KAE>SB>DOLRKAMI>KBLOPFQBQLMLDO>MEV2EBJBKQ>IO>VOBKABOFKDBKDFKBTFQE$FK>I
%>QEBOJRPQ?BRPBAPMB@FCF@PBQQFKDPTFII?BAFP@RPPBAI>QBOFKQEFP@E>MQBO#UMLPROB@LKQOLIPBQ
QFKDPTFII?BAFP@RPPBAFKABQ>FI5EBKRPFKD>">VIFDEQ1VPQBJCLOIFDEQFKD>K>IVPFP PMB@FCF@PBQQFKDP
>OBOBNRFOBAQL>@EFBSBMEVPF@>IIV>@@RO>QBIFDEQIBSBIP >KA>MOLMBO1HV+LABI>KA5B>QEBO">Q>CFIB
JRPQ?BRPBAQLAOFSBQEBPVPQBJ*FDEQFKDK>IVPFPOBNRFOBPQEBRPBLCMEVPF@>IIV>@@RO>QBJ>QBOF>IP
PR@E>PAP+>U.OL+>QBOF>IPLOO@E"BPFDKJ>QBOF>IPAAFQFLK>IIV >II>OQFCF@F>IIFDEQFKDJRPQ?BMEL
QLJBQOF@-K@BMEVPF@>IIV>@@RO>QBJ>QBOF>IP MELQLJBQOF@IFDEQFKD >KAJBKQ>IO>VPBQQFKDP>OBFK
MI>@B >*FDEQ+BQBO&BIMBOL?GB@Q@>K?BMI>@BA>Q>KVIL@>QFLKFKVLROJLABITEBOBQEBIFDEQIBSBIP>OB
OBNRFOBAQL?BJB>PROBA2LAFPMI>VQEBIFDEQFKQBKPFQVS>IRBP@>I@RI>QBA?VQEB*FDEQFKDK>IVPFPQLLI
FKQEBCFK>IOBKABOBAFJ>DBLC>P@BKB >K'J>DB-SBOI>V0BKABO#CCB@QFPOBNRFOBA
2EB *FDEQFKD K>IVPFP PPFPQ>KQ FP > QLLI FK AP +>U "BPFDK QE>Q DFSBP > PFJMIB  PQBM ?V PQBM
>MMOL>@EQLPBQQFKDRM>IIQEBOBNRFOBJBKQPCLOIFDEQFKD>K>IVPFP2EFP@E>MQBOTFIIAFP@RPPB>@EPQBMLC
QEBMOL@BPP>KADFSBPRDDBPQFLKPCLOPBQQFKDP>KAMOL@BAROBPQE>QTFIIPFJMIFCVQEBRPBLCQEBPPFP
Q>KQJLABI>KA>IIKB@BPP>OVCFIBP>OBFK@IRABALKQEB?LLHbPTB?PFQB >IILTFKDVLRQLTLOHQEOLRDE
QEBBKQFOBMOL@BPP


   # U M L P R O B * F D E Q F K D  K > I V P F P 2L L I P

  2LAFPMI>VQEBIFDEQFKDRKFQPFKCLLQ @>KAIBP J>HBPROBQEB*FDEQFKD3KFQPPBQQFKDFKQEBCFIBFPPBQ


QLJBOF@>K%LQL!RPQLJFWB¢3KFQP1BQRMQLSBOFCVQEBPBQQFKD
  -KQEB*FDEQFKDK>IVPFPPPFPQ>KQAF>ILD @IF@HLKQEB!>I@RI>QB>II*FDEQ+BQBOP,LT?RQQLKPELTK
FK QEB KBUQ FIIRPQO>QFLK  >KA QEB @LILO @LABA IFDEQFKD IBSBI S>IRBP FK C@  TFII AFPMI>V FK QEB
>@QFSBSFBTMLOQ!IF@HLKQEB >Q@E#UMLOQ*FDEQ+BQBO">Q>QL$FIB?RQQLKQLP>SBQEBA>Q>QL>K
!14CFIB2EBABC>RIQIL@>QFLKCLOQEFPCFIBFPVLROAP+>U"BPFDKMOLGB@QCLIABO7LR@>K>IPL
PBIB@QQEB*FDEQ+BQBO>KA@IF@HLKQEB#UMLOQQL!14$FIB?RQQLKRKABOQEB+LAFCV.>KBIQLP>SB
QEBA>Q>

  %L?>@HQLQEB%BKBO>IQ>?LCQEB*FDEQFKDK>IVPFPPPFPQ>KQ >KA@E>KDBQEB+>US>IRBLCQEB


K>IVPFP4>IRB!LILO!LAFKDQLC@2EFPTFIIOBPRIQFK>PRFQ>?IB@LILO@LABAFPQOF?RQFLKLKQEB
*FDEQ+BQBOFKQEBSFBTMLOQP >PPELTKFKQEBKBUQFIIRPQO>QFLK

  2EFPTLRIA?B>DLLAQFJBQLMBOCLOJ>QBPQOBKABO7LRE>SBKLQPBQRMQEB*FDEQFKDK>IVPFP
'J>DB-SBOI>VVBQ PLQEFPTFII?B>OBKABOLCQEBP@BKBQE>QALBPKLQPELT>KVIFDEQFKDS>IRBP
7LR@>KLMBKQEBAP+>U1@BKBCFIB@E J>UQLTLOHTFQEQEBCFIBTFQE>IIQEBPBQQFKDPRM
QLQEFPMLFKQ$LOQEFPQBPQOBKABO PBQ$FK>I%>QEBO"FCCRPB LRK@BPQL >PPELTKFKQEBCFOPQLC
QEBKBUQPBOFBPLCFIIRPQO>QFLKP >KA FKQEBJO.ELQLDO>MEF@#UMLPROB!LKQOLIPBQQFKDP RPB>K
#UMLPROB4>IRBLC >PPELTKFKQEBOFDEQFJ>DBLCQEBCLIILTFKDFIIRPQO>QFLK0BKABOQFJBCLO
QEBUMFUBIOBKABOFKD PELTKFKQEBKBUQFIIRPQO>QFLKRPFKD>/R>A @LOBMOL@BPPLO 
T>PJFKRQBP
! &  . 2 # 0 

0BKABOQL2BUQROB
TOFQQBK?V*LRFP+>O@LRU
QB@EKF@>IOBSFBT?V+FHB+@!>OQEV

' $ 7-3 &4# 5-0)#" ', AP+>UTFQELKIVOBKABOFKDFKJFKA VLRE>SBMOL?>?IVPMBKQJ>KVELROPT>FQ


FKDCLOVLROOBKABOFKDPQLE>MMBK7LRE>SBQOFBAJ>KVQOF@HPQLP>SBLKOBKABOFKDQFJB?RQO>OBIV
E>SBVLR?BBK>?IBQLDLRKABO>CBTJFKRQBPMBOOBKABOFKD BPMB@F>IIVTEBK>IIAFOB@Q>KAFKAFOB@Q
FIIRJFK>QFLKPBQQFKDP>OBQROKBALK7LRE>SBL?Q>FKBA>J>WFKDOBPRIQP>QQEB@LPQLCOBKABOQFJB
2E>QFPQEBOB>IFQVLCMOLAR@FKDMOBQQVMF@QROBP
2EBKLKBA>VVLRDLQPLJBCOBBQFJBTEFIBOBKABOFKDJ>V?BË >KAVLRP>QALTKFKCOLKQLCVLRO
C>SLOFQBD>JB@LKPLIBQLE>SBPLJBCRKQQEFPJLJBKQ VLRKLQF@BAELTJ>KVCO>JBPMBOPB@LKA
TBOBOBKABOBALKP@OBBK>PVLRMI>VBA2LDFSBVLRCRIIFKQBO>@QFSFQVTFQEQEBD>JB >D>JBBKDFKB
KBBAPQLMOLAR@BJLOBQE>KOBKABOFKDPMBOPB@LKAIIQEBPBOBKABOBACO>JBPMBOPB@LKAE>SB
?B>RQFCRIIFDEQFKD>KA>J>WFKD>J?F>K@BTFQEPLCQPE>AFKD>KA@LJMIBUIFDEQ@>PQFKD'KQBO>@QFSFQV>KA
MOBQQVMF@QROBP>OBQEBHBVQLDFSBQEBD>JBOP>DOB>QBUMBOFBK@B>PQEBV>OBJLSFKDFKPFABQEB
TLOIALC>D>JB
%>JB ABSBILMBOP E>SB ?BBK RPFKD QOF@HP QL MOLAR@B EFDE NR>IFQVFJ>DBP TEFIB OBAR@FKD QEB
>JLRKQLCOBKABOFKDQFJBQL>CO>@QFLKLC>PB@LKAMBOCO>JB2E>QFPQORBCLO>KVFKARPQOVQE>Q
KBBABAQLABSBILMOB>IQFJBOBKABOFKD@LKQBKQPR@E>PJFIFQ>OVPFJRI>QFLKPLOSFOQR>IOB>IFQV
-KBLCQEBJ>FKQB@EKFNRBPRPBAQLOBAR@BOBKABOFKD@>I@RI>QFLKQFJBFPQLOBJLSB>IIIFDEQ@>I
@RI>QFLKPCOLJ>P@BKB'KOB>IQFJB" FQFPALKB?VMOB MOL@BPPFKD>IIIFDEQFKDPLIRQFLKPMOFLOQL
IL>AFKDQEB"@LKQBKQFKQEBFKQBO>@QFSBD>JBBKDFKBIIQEBPBIFDEQ@>I@RI>QFLKP @LJMIBULOKLQ >OB
MRQAFOB@QIVFKQLQEBQBUQROBJ>MPLCQEBJLABIP2EFPT>VQEBJ>FKQBUQROBLC>JLABIFK@IRABPKLQ
LKIVQEB@LILOLC>PROC>@B?RQ>IPLQEBPE>AFKDLC>IIIFDEQPFKQEBP@BKBLKQE>QPROC>@B2EFPMOL@BPP
FP@>IIBAOBKABOQLQBUQROBLOQBUQROB?>HFKD
2EBJ>FKFAB>?BEFKAOBKABOFKDQLQBUQROBFPQLQ>HBBUFPQFKDJ>QBOF>IPLK>JLABI @>I@RI>QB>II
IFDEQFKDFK>P@BKB >KA?>HBFQLKQLMLCQEBLOFDFK>IJ>QBOF>I2EFPT>VQEBKBTJ>QBOF>I@LKQ>FKPIFDEQ
PE>AFKD>KALQEBOBCCB@QPFKQEBP@BKB1FK@BVLR@>K?>HB>DOB>QAB>ILCFKCLOJ>QFLKCOLJ>P@BKB
FKPFAB>J>QBOF>I VLRTFII>IPLPBBQE>QQEBP>JBQB@EKFNRB@>K?BRPBAQLQ>HBEFDEMLIVDLK@LRKQ


   0 B K A B O Q L 2B U Q R O B

$FDROB *FDEQJ>MP@>K?BPBM>O>QBAFKQLAFOB@QIFDEQPE>ALTP>KAFKAFOB@QIFDEQQEBK
OB @LJ?FKBAQLDBQEBO'Q>IILTPJR@EJLOBCIBUF?FIFQVTEBK@LJ?FKFKDQEBJ?>@H

2EB1E>ALTJ>MFP>OBMOBPBKQ>QFLKLCQEBPE>ALTPLK>KL?GB@Q2EB1E>ALTJ>MFP@OB>QBA
COLJPE>ABPLCDO>V2EBJ>MFPMROBTEFQBTEBOBQEBOBFPKLPE>ALT>KAA>OHBOTEBOBQEBOB>OB
PE>ALTP'Q@>K?BRPBA>P>J>PHI>QBOCLO>AAFKDPE>ALTPQL>IFDEQJ>M'CVLR>OBRPFKD>*FDEQFKD
J>M>PLMMLPBAQL>1E>ALTJ>MQL@>MQROBPE>ALTP VLRTFII@>MQROBQEB@LILOLCQEBPE>ALTP
2EBOBCLOB FC>IFDEQLC>@BOQ>FK@LILOCFIIPQEBPE>ALTLC>KLQEBO@LILOBAIFDEQ QEB*FDEQJ>MTFIIOBK
ABOQELPB@LILOP2EB1E>ALTJ>MDFSBPLKIVQEBFKQBKPFQVLCQEBPE>ALTP

$FDROB 1E>ALTJ>MP>OBJ>PHPRPBAQLABCFKBTEBOBQEBPE>ALTP
>OBLKQEBL?GB@Q

KLQEBOJ>MQE>QFPNRFQBFJMLOQ>KQFPQEBJ?FBKQL@@IRPFLKJ>MJ?FBKQL@@IRPFLKFP>PMB@F>I
BCCB@Q?>PBALKQEBIBSBILCBUMLPROBLC>PROC>@BQLQEBBKSFOLKJBKQ2EFPIBSBILCBUMLPROBFP
?>PBALKQEB>KDIBLCSFBTLCQEBBKSFOLKJBKQ2EBI>ODBOQEFP>KDIBQEB?OFDEQBOQEBPROC>@B
! &  . 2 # 0 

AS>K@BAJBKQ>IO>V*FDEQFKD
TOFQQBK?V">OOBK OLLHBO
QB@EKF@>IOBSFBT?V(>PLKAAV

5 &7 +#,2* 07 1 '6 7#01 >DL JBKQ>IFJ>DBP QEB@OB>QLOPLCJBKQ>IO>V TLK>K@>ABJVT>OA
CLO2B@EKF@>I@EFBSBJBKQ OB@LDKFWFKDQEB@LKQOF?RQFLKFQP>AS>K@BAOBKABOBOE>AJ>ABQLJLQFLK
MF@QROBP"BPMFQBQEFPC>@Q KLQPLJ>KVOBIB>PBP>DL QEB>KPTBOQLQEBNRBPQFLKcTEVJBKQ>IO>Vd
T>PKLQ>KB>PVLKB1BSBO>ILCQEBQEFOA M>OQVOBKABOBOPCLOAP+>ULCCBOBACRK@QFLK>IFQVQE>QFK
J>KV>OB>PT>PBFQEBOJLOB>AS>K@BAQE>KJBKQ>IO>VLOT>PB>PFBOQLRPBAAQLQEFPQE>QFQP
AL@RJBKQ>QFLKT>PMLLO FQPIF@BKPFKDOBPQOF@QFSB >KAFQPTLOHCILTJR@EIBPPTBIIFKQBDO>QBA >KAVLR
@>KPBBTEVOBKABOBOPIFHB4 0>VTLK>DLLAJ>OHBQPE>OB>KA>ILV>IRPBO?>PBQL?LLQ
&LTBSBO >AB@>ABPFK@BFQT>PCFOPQFKQBDO>QBATFQEAP+>U JBKQ>IO>VFPKLTPLQFDEQIVFKQB
DO>QBAFKQLAP+>UQE>QFQE>POBMI>@BAQEBP@>KIFKB>PQEBABC>RIQOBKABOBOTFQEFKQEBM>@H>DBbP
ABPFDKSFPR>IFW>QFLKCI>SLO>KAFPC>PQ?B@LJFKDQEBPQ>KA>OAOBKABOFKDMI>QCLOJ>@OLPPQEBBKQFOB
RQLABPHMLOQCLIFL'QE>P?BBKPQB>AFIVPQB>IFKD>J>O@ELKFQPOFS>IPCLO>KRJ?BOLCVB>OPKLT >KA 
FC>KV>KPTBOT>POBNRFOBAQLA>VQLQEBNRBPQFLKcTEVJBKQ>IO>VdQEBKPROBIVQEB4FPR>I
#CCB@QP-P@>OCLOQEBFK@OBAF?IBTLOHLK2EB!ROFLRP!>PBLC BKG>JFK RQQLK MOLSFABAFQ KB>QIV?LLH
BKAFKDQEB2B@EKF@>I@EFBSBJBKQOB@LDKFWBA?VJBKQ>IFJ>DBPbLTK@>ABJVT>OA


 A S > K @ B A J B K Q > I O > V * F D E Q F K D   

  $FK>IIV VLRPELRIAPBQVLROLRQMRQOBPLIRQFLK?>@HQLU>KAMOBPPQEB0BKABO?RQQLK


2EFPTFIIOBQROK>KFJ>DBTFQEVLROPMEBOF@>IFJ>DBFKQEB?>@HDOLRKA>KA>?I>@HQ>?IBPRO
C>@BOLRDEIVJ>Q@EFKDQEBQ>?IBFKVLRO?>@HMI>QB'CVLREFQQEB"FPMI>VIME>!E>KKBI?RQQLK
QLBU>JFKBQEB>IME>@E>KKBI VLR@>KPBBQE>QQEB>IME>LKIVFK@IRABPQEBCLOBDOLRKAL?GB@QP
>KAQEBFOFKQBO>@QFLKTFQEQEBQ>?IBPROC>@BQEB?>@HDOLRKAFPGRPQ>@QFKD>P>OBCBOBK@B7LR
JFDEQ KLQB QE>Q QEFP ?>@HDOLRKA >OB> LC QEB FJ>DB FP KLQ LC DOB>Q NR>IFQV  >KA VLR @LRIA
FJMOLSBFQ?V@E>KDFKDQEB$FIQBOFKDCOLJ.VO>JFA>IQL1RJJBAOB>FKQEB FQJ>M.>O>JBQBOP
OLIILRQFKQEB+>QBOF>I#AFQLO

  5EBKP>SBA FQFPKB@BPP>OVQLP>SBQEFPFJ>DBFK>CLOJ>QQE>QTFIIP>SBFQP>IME>@E>KKBI IFHB


QFC OLRDEQFKQL.ELQLPELM>KA@LMFBAFKQL>KBTI>VBO>PVLROCFK>IFJ>DBCOLJQEBI>PQ
QRQLOF>Ig@E DGMDgTFQEQEB>IME>@E>KKBI@LMFBAFKQL>J>PHCLOQEFPI>VBO VLR@>KPBB
QE>Q QEBPB CLOBDOLRKA BIBJBKQP PFQ @LJCLOQ>?IV TFQEFK VLRO ?>@HMI>QB  >KA QEBFO IFDEQFKD
J>Q@EBPQEBLOFDFK>IP@BKBBIBJBKQP
! &  . 2 # 0  

OB>@QLO
TOFQQBK?V+FO4>AFJ
QB@EKF@>IOBSFBT?V OF>K)FQQP

0#!2-0 '1 , ',2#0!2'4# .&71'!1 BKDFKBCOLJ&>SLHQE>QT>PFKQBDO>QBAFKQLAP+>U>KAE>PPFK@B


?B@LJB>OL?RPQ>KABCCF@FBKQT>VCLO@OB>QFKD>IIHFKAPLCAVK>JF@PFJRI>QFLKPFKAP+>U2E>KHPQL
OB>@QLO  J>KV >KFJ>QLOP >KA SFPR>I $6 >OQFPQP COLJ >II LSBO QEB TLOIA TBOB CFK>IIV >?IB QL @OB>QB
?BIFBS>?IB>KAOB>IFPQF@AVK>JF@>KFJ>QFLKPFK>KBUQOBJBIVPELOQ>JLRKQLCQFJB1FK@BFQP@OB>QFLK 
OB>@QLOE>P?BBKTFABIVRPBACLOCFIJBCCB@QP @LJJBO@F>IP !%'QO>FIBOP >KAD>JBP2ELRDEFQPRPBFK
QEBSFPR>IFW>QFLKFKARPQOVE>PKLQ?BBKPLR?FNRFQLRP J>KV>AS>K@BARPBOPE>SB@LJBQLABMBKALK
FQCLOQEBFOJLPQPLMEFPQF@>QBA>KFJ>QFLKP
OB>@QLO>IILTPRPQL@OB>QBAVK>JF@PFJRI>QFLKPTFQE?LQEOFDFA>KAPLCQ?LAFBP >PTBII>P?LQE
@ILQE>KAOLMB'QPRMMLOQPAFCCBOBKQCLO@BP IFHBDO>SFQV T>QBOPROC>@B >KATFKA >KA@LKPQO>FKQPIFHB
JLQLO @>OTEBBI A>PEMLQ PMOFKD QLV@>O EFKDB >KABSBKO>DALII@LKPQO>FKQ1FK@BOB>@QLOFP>
MOBQQV?FD>KA@LJMIBUQLLIPBQ LKBPJ>II@E>MQBOFPKLQBKLRDEQL@LSBO>IIOB>@QLObP@>M>?FIFQFBP
&LTBSBO >CQBOOB>AFKDQEFP@E>MQBO VLRPELRIAE>SBQEB?>PF@PHFIIPKBBABAQLALJ>KVLCQEBQEFKDP
SBQBO>KOB>@QLORPBOPALFKQEBFOJLPQPLMEFPQF@>QBA>KFJ>QFLKP$ROQEBOJLOB VLRPELRIA?BJR@E
?BQQBOBNRFMMBAQLBUMBOFJBKQTFQE>AAFQFLK>IOB>@QLOCB>QROBPFK>KBCCF@FBKQJ>KKBO

-SBOSFBTLCQEBOB>@QLO'KQBOC>@BP
OB>@QLObPRPBOFKQBOC>@BFPSBOVTBIIFKQBDO>QBAFKQLAP+>U7LR@>KNRF@HIVPBQRMPFJRI>QFLKFKAFC
CBOBKQT>VPRPFKDQLLI?>OP JBKRP CIL>QBOP >KANR>AJBKRP1LJBLCQEBJARMIF@>QBB>@ELQEBO PL
VLR@>K>IT>VP@ELLPBTEF@ET>VPVLRIFHBQLRPBJLPQFKVLROTLOHCILT2EFPPB@QFLKFIIRPQO>QBPQEB
JLPQTFABIVRPBAFKQBOC>@BPCLOPFJRI>QFLKPBQRM

3QFIFQFBP.>KBI
2L?BDFKRPFKDOB>@QLO DLQLQEB3QFIFQFBPM>KBI>KA@IF@HLKQEBOB>@QLO?RQQLK5EBKVLRAL PBSBO>I
OLIILRQP?B@LJB>S>FI>?IB >PPELTKFK$FDROB &BOBVLR@>KPBQQEBJLPQFJMLOQ>KQPFJRI>QFLK


  OB>@QLO

  2ROKLCCRQL)BVJLAB
  5B>IPLKBBAQLAB@OB>PBQEBPQOBKDQELCQEB?>IIbP?LRK@B PLPBQFQP#I>PQF@FQVQLRPFKD
QEB-MBK.OLMBOQV#AFQLOF@LK 
  !IF@HLKQEB.OBSFBTKFJ>QFLKF@LK>KAPQ>OQPFJRI>QFLK MRPEFKDQEB.HBV
  ,LT FCVLRAFABSBOVQEFKDBU>@QIV>PABP@OF?BA QEB?>IIPELRIA?LRK@BLCCQEBDOLRKA>KAEFQ
QEBAFPE+LPQLCQEBCORFQPELRIAC>IIFKQLQEBT>QBO
  !ILPB0B>I 2FJB.OBSFBTTFKALT
  !IF@HLKQEB!OB>QBKFJ>QFLKF@LKFKQEBOB>@QLOQLLI?>OQL@OB>QBQEBCFK>IAVK>JF@PFJRI>QFLK
>KA?>HB>IIQEBL?GB@QPb>KFJ>QFLKFKHBVP
  !IF@H-)QL@LKQFKRB

!LKDO>QRI>QFLKPË5BGRPQ@OB>QBA>?>PF@OFDFA?LAVPFJRI>QFLK5BRPBA>K>KFJ>QBA?>IIQE>Q
EFQPQEBDOLRKA ?LRK@BPRM EFQP>AFPETFQE>PPLOQBACORFQQE>QC>IIPFKQLQEBMLLI>KACIL>QPLSBOQEB
T>QBObPPROC>@B

1RJJ>OV
&LMBCRIIV FQT>PKLQ>PAFCCF@RIQ>PVLRJFDEQE>SBCFOPQQELRDEQQL@OB>QB>AVK>JF@PFJRI>QFLKRPFKD
OB>@QLO1QBM?VPQBMVLRIB>OKBAQEBOB>@QLORPBOFKQBOC>@B>PTBII>PQEBJLPQFJMLOQ>KQPFJRI>QFLK
MOLMBOQFBP7LRMOBM>OBADBLJBQOV PBQRMPFJRI>QFLK>KAMEVPF@>IMOLMBOQFBP >K>IVWBAQEBTLOIA 
QBPQBA>KAFKQBO>@QBATFQE>PFJRI>QFLKRPFKD0B>I 2FJB.OBSFBTJLAB >KA CFK>IIV ?>HBAQEB>KFJ>
QFLKTFQEHBVP3PFKDQEBPBP>JBMOL@BAROBP VLR@>K@OB>QBAVK>JF@PFJRI>QFLKP>P@LJMIBU>PVLR
T>KQ(RPQ?BM>QFBKQ>KAQ>HB@>OBFKMOBM>OFKDVLROPFJRI>QFLK
! &  . 2 # 0  

.>OQF@IB1VPQBJP
TOFQQBK?V.BQB"O>MBO
QB@EKF@>IOBSFBT?V">SFA"R?BOJ>K

' , 2&'1 !&.2#0 5# 5'** @LSBOQEB?>PF@PLC.>OQF@IB$ILT>KAFQP>PPL@F>QBAPM>@BT>OMPQE>Q>OBOBI


BS>KQQLQEBPVPQBJ5BTFII?OB>HALTKQEB?>PBCRKA>JBKQ>IPLCELTQEBPQ>KA>OA PVPQBJTLOHP
>KAELTQLFK@LOMLO>QBQEB>CLOBJBKQFLKBAPM>@BT>OMPFKQLQEBM>OQF@IBPVPQBJ?BCLOBQ>HFKDPQBMP
QLQEBKBUQIBSBI?V?RFIAFKDQEOBBJ>FKPVPQBJPLKBQL@OB>QB>QOBBMI>KQFKDPVPQBJ LKBQL@OB>QB
> QFJBA CLRKQ>FK ?V >KFJ>QFKD J>QBOF>IP  >KA LKB QL @OB>QB > CIL@H LC >KFJ>QBA ?FOAP TFQE ?>PF@
?BE>SFLO>I@E>O>@QBOFPQF@P

K'KQOLAR@QFLKQL.>OQF@IB$ILT>KA1M>@B5>OMP
.>OQF@IB$ILTFP>KLAB ?>PBA BSBKQ AOFSBKM>OQF@IBPVPQBJQE>Q>IILTPSFOQR>IIVRKIFJFQBA@LJ?FK>
QFLKPLCLMBO>QLOP QBPQP >KAP@OFMQPQLMOBQQVJR@E @OB>QB>KVQVMBLCM>OQF@IBPVPQBJVLRABPFOB
2EBPVPQBJFP@LKPQOR@QBA?V>AAFKDFKM>OQF@IBAFPMI>V>KALO?BE>SFLOMOLMBOQFBPFKQEBCLOJLC
LMBO>QLOPTFQEFK>J>FK@LII>QBABSBKQ7LR@>K>IPLMBOCLOJQBPQPQLPBBFCQEBBKA@LKAFQFLKOBPRIQP
>OBQORBLOC>IPB>KAM>PPQEBM>OQF@IBQLQEBKBUQBSBKQTFQEQEBP>JBLOAFCCBOBKQ?BE>SFLO>KALO
PE>MBMOLMBOQFBPPTFQE>KVQEFKD QEBOB>OBPLJBIFJFQ>QFLKP>PQLTE>QVLR@>KMOLAR@BTFQEQEB
?>PBHFQ ?RQ >II FK >II FQFPLKBLCQEBJLPQ>AS>K@BAPVPQBJP>S>FI>?IB&LTBSBO QLDBQQEBJLPQ
COLJFQ VLROB>IIVKBBAQLRKABOPQ>KAFQPPQOR@QROB>KAcCILTdLCA>Q>7LRTFII@LJBQLQE>QPELOQIV
TEBKVLRPQ>OQ>K>IVWFKDQEBPQOR@QROBLCQEBJ>FK.>OQF@IB4FBT#SBKQ"FPMI>V@>KS>P
3KIFHBQEBcIBD>@VdPVPQBJPPR@E>P.OO>V>KA1MO>V .>OQF@IB$ILTFPKLQIFJFQBAQL>PBQKRJ
?BOLCMOLMBOQFBPgVLR@>K>AA>KA?RFIARMQEBPVPQBJ>PABPFOBA @OB>QFKDBSBKQILLMP PM>TKBA
M>OQF@IBP AFCCBOBKQM>OQF@IBPE>MBP P@BKBDBLJBQOVOBCBOBK@FKD >KFJ>QFLKOBQFJFKD >KAPLLK >II
TFQEFKLKBPFKDIBPVPQBJ2EB?B>RQVLCFQOB>IIV@LJBPTEBKVLRCBBA>PVPQBJFKQLLKBVLRE>SB
>IOB>AV@LKPQOR@QBA FKBPPBK@BPE>OFKDM>OQF@IBMOLMBOQFBP>KAP>SFKDS>IR>?IBQFJB&LTBSBO >CQBO
>IILCQEFPc?FDDFKDRMdLCQEBPVPQBJ FQFPKLQTFQELRQFQPNRFOHP KLQ@LSBOBAFKQEBPQ>KA>OAJ>KR>I
QE>QPEFMPTFQEQEBMOLAR@Q TEF@EVLRPELRIA?B>T>OBLCFKLOABOQE>QVLRALKLQC>IICLRIQLQEBMBO
FIP>KAMFQC>IIPQE>QPLJBLCRPBK@LRKQBOBATEBKTBCFOPQPQ>OQBARPFKDQEBPVPQBJPPFDKFKDCLO@BP


. > O Q F @ I B 1 V P Q B J P    



'KQEB1MBBALMBO>QLO PBQQEB1MBBAS>IRBQLTFQE>4>OF>QFLKLC'KQEB"FOB@QFLKDOLRM 
BK>?IB0BSBOPBQLDBQQEBM>OQF@IBPQLQO>SBIFKQEBLMMLPFQBAFOB@QFLK>KAPBQQEB"FSBODBK@BQLQL
@OB>QB>PIFDEQPMOB>A1@OR?QEOLRDEQEB>KFJ>QFLKQLPBBQEBM>OQF@IBPBJFQQFKD>PABPFOBA >KFJ>Q
FKD>@OLPPQEBIBKDQELCQEB@VIFKABOP >KAQO>SBIIFKDSBOQF@>IIVRMT>OAPTFQE>PIFDEQPMOB>A 
2LDBQQEBM>OQF@IBPQLPMFK OFDEQ@IF@HLKQEB0LQ>QFLKLMBO>QLO>KAK>SFD>QBQLMMBKA¢-MBO>QLO
¢1MFK >KAQEBKOBMLPFQFLKQEB>AABA1MFKLMBO>QLO?BKB>QEQEB0LQ>QFLKLMBO>QLO1BQFQP4>OF>QFLK
S>IRBQLQL?OB>HRMQEBPMFK>KFJ>QFLKPLQEBV>OBKLQ>IIPMFKKFKD>QQEBP>JBO>QB
1BIB@QQEB1E>MBLMBO>QLO1BQQEB1E>MBQL1MEBOB>KAPBQQEB1FWBQL7LR@ROOBKQIV@>KKLQPBB
QEBPFWBLCQEBM>OQF@IBPFKQEBSFBTMLOQ>PQEB"FPMI>VLMBO>QLOFPPBQQL2F@HPPBIB@QQEB"FPMI>V
LMBO>QLO>KAPBQFQP2VMBQL%BLJBQOV5EFIBVLR>OBEBOB @E>KDBQEB@LILOPT>Q@EQL>IFDEQ?IRB CLO
BU>JMIB0%   'AB>IIV VLRPELRIA>PPFDK>J>QBOF>IQLQEBM>OQF@IBPVPQBJ?VRPFKD>+>QB
OF>I1Q>QF@LO+>QBOF>I"VK>JF@LMBO>QLO ?RQQEFP@LILOTFIIALFKQEFPBU>JMIB


! &  . 2 # 0  

0FDDFKD
TOFQQBK?V+F@EBIB LRPNRBQ
QB@EKF@>IOBSFBT?V B>R.BOP@E>II

 0'%  '1    !-+ ',2'-, LCQLLIP>KAL?GB@QPCLO>KFJ>QFKD>GLFKQBAJLABI PR@E>P>OL?LQ>OJLO>


@E>O>@QBOPHBIBQLK2EBQBOJ@LJBPCOLJQEBCFIJFKARPQOV TEBOB>PMB@F>IBCCB@QP>OQFPQJ>HBP
>JB@E>KF@>IE>KALO?LAV>cOFDd >KALMBO>QBPFQTFQEBIB@QOLKF@LOJB@E>KF@>I@LKQOLIPO>QEBOQE>K
JLSFKDB>@EMFB@B?VE>KA
'K" >OFDFPABPFDKBAQLJLSBLOOLQ>QBPBSBO>IL?GB@QP>QLK@BQLPFJRI>QBOB>I IFCBJLSBJBKQ
II>KFJ>QFLKHBVCO>JBP>OBEBIA?VOFD@LKQOLIPO>QEBOQE>KFKAFSFAR>IMFB@BPLCQEBOFD OBAR@FKDQEB
KRJ?BOLCHBVCO>JBPLSBO>II>KAJ>HFKDFQJR@EB>PFBOQL@LKQOLI>KABAFQQEB>KFJ>QFLK

$FDROB KBU>JMIBLC>KL?GB@QPRFQ>?IBCLOOFDDFKD

0FDDFKD  

  *FKH')!E>FKQL"RJJV
  *FKH"RJJVQLQEBCFOPQ?LKB,LTTEBKVLRJLSBQEBCFOPQ')@E>FK>OLRKA QEBBKQFOB>PPBJ
?IVTLOHP>PBUMB@QBA

  !OB>QB>"RJJV>KA>IFDKFQQLQEB@OLPPE>FOPLC')!E>FK
  *FKHQEB')!E>FKQLQEB"RJJV
  +LSBQEB?LKBP ')@E>FKP >KAARJJVL?GB@QPPLQE>QQEBVCFQFKPFABQEB>OJP>KAAFDDBO
  *FKHB>@E>OJQLFQP@LOOBPMLKAFKD?LKB>KAIFKHQEBAFDDBOQLFQP?LKB,LTVLR@>K@LKQOLI
QEB>PPBJ?IVGRPQ?VJLSFKDQEBRMMBOARJJVL?GB@Q7LR@>KCFKAQEFP@LJMIBQBAOFDFKQEB
CFIB@E J>U

  2EFP@LK@IRABPQEBBUBO@FPB

+B@E>KF@>I0FDFK.O>@QF@B
2LRPBQEFPOFDFKMO>@QF@B VLRIIKBBAQL>QQ>@E IFKH LODOLRML?GB@QPFKQEBP@BKBQLTLOH@LOOB@QIV
QLDBQEBO7LRJFDEQ>IPLKBBA>AAFQFLK>I?LKBPBNRBK@BP>KA')@E>FKP$LOBU>JMIB QEB?RIIALWBO
PELTKFK$FDROB >KA E>P>AAFQFLK>IMFB@BP>QQ>@EBAQLFQP>OJP >KAQEB>OJPKBBA>QQ>@E
FKDQLQEBQOR@H?LAVFKPR@E>T>VQE>QQEBOFDPQFII@LKQFKRBPQLTLOH7LR@>KCFKAQEFP?RIIALWBOFK
QEBCFIB@E J>U
! &  . 2 # 0  

0BSFQ'KQBDO>QFLK
TOFQQBK?V1@LQQ0LPBK?ILLJ
QB@EKF@>IOBSFBT?V2LA1QBMEBKP

1 *-5*7  32 130#*7 0 #4'2  0!&'2#!230# FP?B@LJFKDQEBPQ>KA>OACLO>O@EFQB@QRO>IABPFDKJ>GLOAFCCBO


BK@B?BQTBBKPLCQT>OBIFHB0BSFQHKLTK>P '+LO RFIAFKD'KCLOJ>QFLK+LABIFKD >KARQL!"FPQE>Q
FKQO>AFQFLK>I!"VLRAO>TTFQEIFKBP >O@P >KA@FO@IBP TEBOB>PFK '+ VLR@OB>QBL?GB@QPPR@E>P
T>IIP ALLOP >KATFKALTP5FQEQEBOBIB>PBLC0BSFQO@EFQB@QROB QEBOBKABOFKDBKDFKBJBKQ>I
O>VT>PFKQOLAR@BAIQELRDEVLR@>K>@EFBSBMELQLOB>IFPQF@OBPRIQPRPFKDFQFK0BSFQ AP+>UMOL
SFABP>AAFQFLK>I>AS>K@BAQLLIPCLOJLABIFKD OBKABOFKD J>QBOF>IP IFDEQFKD BQ@'KMOBSFLRPSBOPFLKP
LC0BSFQ QEBLKIVT>VQL?OFKDA>Q>FKQLAP+>UT>PQLBUMLOQFQ>P>"5%>KAQEBKRPBQEB$FIB*FKH
+>K>DBOQEB$FIB¢'JMLOQ@LJJ>KA@LRIA>IPL?BRPBA?RQTLRIA@>RPB>ILPPLC0BSFQ ?>PBA"
A>Q> 2EBOBTBOBFKEBOBKQMOL?IBJPRPFKDQEFPJBQELA FK@IRAFKDQEBFK>?FIFQVQL?OFKDLSBOJ>QBOF>I
FJ>DBJ>MPTFQE>@@RO>QBJ>MMFKDRQLABPHE>PFKQOLAR@BAQEB$ 6CFIBCLOJ>Q>P>DL ?BQTBBKCLO
FQP JRIQFMIB " ABPFDK MOLAR@QP 2EB CFIB CLOJ>Q @LKQ>FKP JR@E JLOB A>Q> QE>K QEB "5% CLOJ>Q 
FK@IRAFKDQEBKBT.OL+>QBOF>IP A>VIFDEQPVPQBJP MELQLJBQOF@IFDEQFKD >KAA>VIFDEQMLOQ>IP
'KQEFP@E>MQBO TBTFIICFOPQQ>HB>ILLH>QTE>Q0BSFQFP>KATEVFQFPHKLTK>P '+LO RFIAFKD
'KCLOJ>QFLK+LABIFKD,BUQ TBTFIIDBQFKQLQEBEB>OQLCQEFP@E>MQBO 0BSFQFKQBDO>QFLKTFQEAP+>U
5BTFII?BDFK?VPQBMMFKD?>@HT>OA?VDLFKDQEOLRDEQEB"5%JBQELALCTLOHFKD?BQTBBKQEBQTL
MFB@BPLCPLCQT>OB2EBOB>OBPQFIIPBSBO>ICB>QROBPLCQEB$ 6CFIBCLOJ>QQE>QKBBACROQEBOOBPB>O@E
QEBOBCLOB FQFPTLOQEHKLTFKDELTQEBLOFDFK>IJBQELATLOHP,BUQ TBTFIIQ>IH>?LRQQEBJ>FKMLFKQ
LCQEFP@E>MQBOQEB$ 6+BQELA5BTFIICFOPQ@OB>QB>ELRPBFK0BSFQ>KAFK@IRABTFQEFKFQJ>QBOF>IP
>KAIFDEQFKD2EBKTBTFII?OFKDFQFKQLAP+>URPFKDQEB$ 6CFIBCLOJ>QQQEFPQFJB TBTFIIPQBM
>PFAB>KAQ>HB>ILLH>QQEBCFIBPQE>QTBOB@OB>QBA>QQEBJLJBKQLCFJMLOQ5FQEFKAP+>U TBTFII
BUMILOBELTQEBFJMLOQBAL?GB@QP>OBLOD>KFWBA>KAELTQLJLAFCVQEBFOPE>MB>KAJ>QBOF>IP,BUQ 
TBTFIIDLQEOLRDEQEB?>PF@PLCMOBM>OFKD>KAOBKABOFKDQEB?RFIAFKDP'JBKQFLKBAB>OIFBO PBSBO>I
CB>QROBPPQFIIBUFPQQE>QQEB$ 6JBQELAI>@HPQE>QELMBCRIIVTFII?BFK@IRABAFKCRQROBSBOPFLKP-KBLC
QEBPBCB>QROBPFPQEB>?FIFQVQLIFKHQEBFJMLOQBA$ 6CFIB?>@HQL0BSFQ>PVLR@>KTFQEQEB"5%CLO
J>Q 5BTFIIDLQEOLRDE>TLOH >OLRKAQE>QTFII>IILTVLRQLRPBQEFPIFKHFKDCB>QROBTFQEQEB$ 6CFIB
CLOJ>Q*B>OKFKDELTQLTLOH?BQTBBK0BSFQ>KAAP+>UTFIIBUM>KAVLROQLLIPBQ DFSFKDVLR>JLOB
OL?RPQABPFDKMOL@BPP

    0 B S F Q ' K Q B D O > Q F L K

'JMLOQBA0BSFQ-?GB@Q-OD>KFW>QFLK
*BQbPQ>HB>ILLH>QTE>QT>P>@QR>IIV?OLRDEQFKCOLJ0BSFQ?V@IF@HFKDQEB2LLIPMRII ALTKJBKR>KA
@ELLPFKD,BT1@BKB#UMILOBO$FDROB  &BOBVLRTFIIPBBELTQEBL?GB@QPE>SB?BBKK>JBA>KA
LOD>KFWBA,LQF@BQE>QQEBK>JBLC>KL?GB@QFPBU>@QIV>PFQT>PFK0BSFQAAFQFLK>IIV >QQEBBKALC
QEBK>JB VLRPBB>KRJ?BOFK?O>@HBQP2EFPFPQEB'"KRJ?BO>KATFII?B@LJBFJMLOQ>KQI>QBOLK
TEBKTBRMA>QBQEBABPFDKFK0BSFQ2EB1@BKB#UMILOBO>IPL@LKQ>FKPPBSBO>ILQEBO0BSFQ OBI>QBA
@LIRJKPQE>QDFSBFKCLOJ>QFLK>?LRQQEBFJMLOQBAL?GB@QP FK@IRAFKDQEB0BSFQ!>QBDLOVT>II TFKALTP 
BQ@ QEB0BSFQ$>JFIV >PF@5>II 1FKDIB CIRPEfOBCBOOFKDQL>TFKALT "LR?IB DI>PPfOBCBOOFKDQL>
ALLO BQ@ QEBIBSBIQEBL?GB@QBUFPQPLKFK0BSFQ >KAQEBPMB@FCF@0BSFQ2VMB%BKBOF@fd5LLA d
UdfOBCBOOFKDQL>TFKALT BQ@ IPL KLQF@B>QQEBSBOVQLMLCQEBIFPQ QEBOBFP>KL?GB@Q@>IIBA"
4FBTX"Z2EFPFPQEBK>JBLCQEBSFBTQE>QVLRBUMLOQBACOLJ0BSFQ>KAE>P?BBK@LKSBOQBAFKQL>
@>JBO>FKAP+>UQQEB?LQQLJLCQEBIFPQ VLRbIIPBB>KL?GB@Q@>IIBA!LJM>PP'CVLR@IF@HQEB
PVJ?LIQLQEBIBCQ VLRbIIPBB>KLQEBOL?GB@Q?BILTFQ@>IIBA1RK>KA1HV 2EB>KDIB QFJBLCA>V 
>KADBLDO>MEF@IL@>QFLKLCFQT>PABQBOJFKBA?V>AGRPQFKDQEBPBQQFKDPFKQEB1RK>KA1E>ALT1BQQFKDP
AF>ILD?LUFK0BSFQ'K0BSFQ 1BQQFKDP¢1RK>KA1E>ALT1BQQFKDP 

$FDROB 1@BKB#UMILOBOIFPQFKDFJMLOQBA0BSFQL?GB@QP

'JMLOQFKDQEB'KQBOFLO+LABI$ 6$FIBFKQLAP+>U
,LTTBTFIICLIILTQEBP>JBMOL@BPPQLFJMLOQLROFKQBOFLOJLABIFKQLAP+>U

  !IF@HQEBAP+>UPVJ?LI>QQEBQLM IBCQ >KA@IF@H0BPBQ'CVLR>OB>PHBA P>SBQEBCFIB>KAQEBK


@IF@H7BPTEBK>PHBAFCVLROB>IIVT>KQQLOBPBQ
  -K@B>D>FK @IF@HQEBAP+>UPVJ?LI>QQEBQLMIBCQ>KA@IF@H'JMLOQ
  -MBKQEBCFIB@>IIBA"4FBT $ 6#UMLOQf'KQBOFLOC?U
  5EBKQEB$ 6'JMLOQAF>ILD?LU>MMB>OP KLQF@BQE>QQEBMOBPBQFP>IOB>AVPBQQLRQLABPHO@EF
QB@QRO>I0BSFQ 1FJMIV@IF@HQEB-)?RQQLK
  5EBKQEBT>OKFKDJBPP>DB>MMB>OP @IF@H-),LTVLRTFIICFKAQE>QLKIVQEBL?GB@QPQE>QTBOB
@OLMMBAFKQEBSFBTFK0BSFQ>MMB>OFKAP+>U
! &  . 2 # 0  

AS>K@BA.LIV +LABIFKD
TOFQQBK?V2LAA">KFBIB
QB@EKF@>IOBSFBT?V(LEK1QBQWBO

2 &# +-"#*',% -$ !-+.*#6 - (#!21 FPPLJBQEFKDQE>QBSBOV"MOLCBPPFLK>IFP?LRKAQL?BOBNRFOBAQL


AL>QLKBQFJBLO>KLQEBO5EFIBJ>KVLCQEBJLABIBABIBJBKQPBK@LRKQBOBAFK>O@EFQB@QRO>ISFPR>I
FW>QFLK>OBPQOR@QRO>ICLOJPQE>Q>OBLCQBKPNR>OB>KAIFKB>O QEBOB>OBQFJBPTEBK?RFIAFKDP T>IIP 
CROKFQROB MOLMP >KA>O@EFQB@QRO>IABQ>FIPTFIIOBNRFOBBFQEBO>?FQJLOBABQ>FI LOQE>QQEBV>OBKLK 
IFKB>O ?V K>QROB 'K J>KV @>PBP  QEB T>V QL @OB>QB QEFP ABQ>FI FP QEOLRDE QEB RPB LC PR?AFSFPFLK
JLABIFKD RFIAFKD>ILTMLIVDLK?>PBJBPEQE>QTFIII>QBO?BPR?AFSFABAQEOLRDEQEBRPBLCQEB
2RO?L1JLLQELO+BPE1JLLQE>IDLOFQEJPFP>MLTBOCRIT>VQL@OB>QB@LJMIBUJLABIPTFQEEFDEIBSBIPLC
ABQ>FI>KAPJLLQE CILTFKDPROC>@BP'>JPROBBSBOVLKBOB>AFKDQEFPE>PJLABIBA>KARPBA2RO?L
1JLLQEJ>KVQFJBP'>J>IPL@LKCFABKQQE>QQEBOBE>SB?BBKJ>KVL@@>PFLKPTEBKVLROJLABIE>P
QROKBAFKQLPLJBQEFKD@LJMIBQBIVRKBUMB@QBATEBK>AAFKDQEB2RO?L1JLLQEJLAFCFBO2EB>?FIFQVQL
@OB>QBFKQOF@>QBJLABIPQE>QTFIIPR?AFSFABMOLMBOIV>KA@OB>QB@LKPFPQBKQ>KAMOBAF@Q>?IBOBPRIQPFP
TE>QJ>HBP>JLABIBOPPHFIIIBSBI>AS>K@BA5FQEQEFPFKJFKA '>JDLFKDQLLRQIFKBPLJBLCQEBHBV
C>@QLOPQE>QJ>HBMLIV JLABIFKD>KAPR?AFSFPFLKPROC>@BPJLOBMOBAF@Q>?IB TEFIB>IPLFJMOLSFKDQEB
NR>IFQV>KAPMBBA?VTEF@EVLRMOLAR@BVLROJLABIP

.LIV JLABIFKD2EBLOV
2EBNR>AMLIVDLKFPQEB?>PF@?RFIAFKD?IL@HCLO>KVTBII ?RFIQJLABIQE>QFPDLFKDQL?BPR?AFSFABA
NR>AMLIVDLKALBPKLQKB@BPP>OFIVKBBAQL?BPNR>OBFKPE>MB >IQELRDE>J>GLOFQVLCQEBQFJBFQTFII
?B1FJMIV@OB>QFKD> PFABAMLIVDLKTEBK?RFIAFKD>JLABIFPKLQDLFKDQLDR>O>KQBBQE>QVLRO
JLABITFIIILLH@IB>KTEBK2RO?L1JLLQEFP>AABA2EBOB>OBLQEBOC>@QLOPQE>QKBBAQL?B@LKPFA
BOBAMLIVDLKPFWB PM>@FKD >KAMLIVDLKCILT>IIFJM>@QQEBILLHLCQEBCFK>IMOLAR@QTEBKPR?AFSFABA
&>SFKDILKDNR>AMLIVDLKPKBUQQLPELOQNR>AMLIVDLKP@>KNRF@HIVQROK>JLABIFKQLPLJBQEFKDQE>Q
ALBPKQOB>@Q>PBUMB@QBATEBKPR?AFSFABAKBSBKNR>AMLIVDLKPFWB>KAPM>@FKDFPKLQLKIV
FJMLOQ>KQPQOR@QRO>IIV?RQ>IPLTFIIJ>HBQEBMOL@BPPLCQBUQROFKDVLROJLABI>JR@EJLOBMOBAF@Q
>?IBMOL@BPPP>DBKBO>IORIB RPFKD>IINR>APCLOPR?AFSFABAJLABIPFP>DLLAE>?FQQLDBQFKQL


     A S > K @ B A . L I V + L A B I F K D

+LABIFKD>K-OK>QB5OFQFKD"BPH

$FDROB 0BCBOBK@BMELQLCLOABPHJLABIFKDBUBO@FPB

'QbPQFJBQLFJMIBJBKQPLJBLCTE>Q'E>SBPELTKVLRRMQLQEFPMLFKQFK>MO>@QF@>IBUBO@FPB'>J
DLFKDQLQ>HBVLRQEOLRDEQEBMOL@BPPLCJLABIFKD>TOFQFKDABPH5E>QJ>HBPQEFP>DLLABU>JMIB
FPQE>QQEBIBDP>KAE>OAT>OB>OBKLQPFJMIBIFKB>OPE>MBP2EBIBDE>P@LJMLRKA@ROSBP>KA>@RQ
>T>VABQ>FIQE>QJ>HBFQ>DOB>Q@>KAFA>QBCLORPFKDPLJBLCQEBQB@EKFNRBP@LSBOBAFK@LKGRK@QFLK
TFQE2RO?L1JLLQE2EBE>KAIBP>KAE>OAT>OBE>SBFKQOF@>QBABQ>FIPQE>Q>OB>IPLNRFQB@E>IIBKDFKDQL
JLABI5EBKVLR>OBCFKFPEBA VLRTFIIE>SB>TLOHFKDHKLTIBADBLCQB@EKFNRBPQE>Q@>K?B>MMIFBAQL
>KVEFDEIVABQ>FIBABIBJBKQ5EFIBQEBBU>JMIBVLR>OBJLABIFKDFP>ABPH QEBQB@EKFNRBP@LRIA
B>PFIV?B>MMIFBAQL@>OSBATLLA>KAPQLKBBIBJBKQP>PTBII>PFKQBOFLO>KABUQBOFLOJLIAFKDP

+LABIFKDQEB"BPH*BD
  0BPBQAP+>U
  'KQEB2LMSFBTMLOQ @OB>QB> LUMOFJFQFSBTFQE>IBKDQE>KATFAQELCÌ>KA>EBFDEQLCÌ%FSB
FQIBKDQE>KATFAQEPBDJBKQP>KAEBFDEQPBDJBKQP2EBKBUQFIIRPQO>QFLKIBCQ PELTPQEB
?LUMOFJFQFSBFKQEBMBOPMB@QFSBSFBTMLOQ
  !LKSBOQQEB?LUQL>KBAFQ>?IBMLIVL?GB@Q
! &  . 2 # 0  

+>K>DFKD*>ODB 1@>IB
.OLGB@QP
TOFQQBK?V1MFKB"
QB@EKF@>IOBSFBT?V,FIP,LODOBK

+ ,%',% *0%# 1!*# .0-(#!21 g5&2 BU>@QIVALBPQEFPJB>K*>ODB P@>IBMOLGB@QPQVMF@>IIVOBNRFOB


PFDKFCF@>KQFKSLISBJBKQCOLJPQ>HBELIABOP BKDOLPPI>ODB?RADBQP >KALOQEBTLOHIL>AFPQLLLSBO
TEBIJFKDCLOLKBMBOPLKLOPJ>IIDOLRMQLE>KAIBLKQEBFOLTK.BOPLK>IIV 'E>SBAB>IQTFQEQTL
AFCCBOBKQP@BK>OFLP-KBT>PTLOHFKDLK>MOLGB@QTFQEJRIQFMIBME>PBPLC>I>ODBABSBILMJBKQ@LK
@ROOBKQIV?BFKDABPFDKBA BD .OLGB@Q!FQV!BKQBO+%+ PELTKFKQEBFJ>DB>?LSB >KAQEBLQEBOT>P
TLOHFKDLK.FBO!FQVWBK >K>SBO>DB PFWBAMOLGB@QTFQEJ>KVABIFSBO>?IBPARBFK>KBUQOBJBIV
PELOQQFJBCO>JB
2EBCFOPQP@BK>OFL .OLGB@Q!FQV!BKQBOFKSLISBAMOLAR@FKDJFKRQBPLC&">KFJ>QFLK>KAPQFII
OBKABOFKDPFK>MMOLUFJ>QBIVA>VPCLO>ABPFDKQE>QFKSLISBAEFDE OFPBQLTBOPFK@IRAFKDLRQALLO
>JBKFQFBP >JBD>OBQ>FI@BKQBO FKQBOJLA>IQO>KPMLOQ>QFLKER?P >KA>@>PFKL >IICOLJAFCCBOBKQTLOIA
OBKLTKBA >O@EFQB@QP  QE>Q FK@IRABA >AAFQFLK>I JLABIFKD LC QEB *>P 4BD>P PQOFM COLJ OBCBOBK@B
J>QBOF>IPMOLGB@QIFHBQEFPTLRIA?B@LKPFABOBAI>ODB P@>IB?B@>RPBLCQEBPEBBOJ>DKFQRABLC"
JLABIFKDOBNRFOBA>KA>IIQEB@LLOAFK>QFLKFKSLISBAFKD>QEBOFKDCFIBP @LJJBKQP >KA>MMOLS>IPCOLJ
QEBAFCCBOBKQM>OQFBPFKSLISBA
2EBLQEBOP@BK>OFL .FBO$FDROB  @LKPFPQBALCLKBIRUROVOBPLOQ@LKALQLTBOTFQE>JBKF
QFBP >KAQEBP@LMBFK@IRABAJFKRQBPLC&">KFJ>QFLK>KAPQFIIOBKABOFKDPQL?B@LJMIBQBAFK
A>VPPVLR@>KPBB BSBKQELRDEQEBMOLGB@QFQPBICFPKLQI>ODB QEBBUMB@QBAABIFSBO>?IBP>KAQEB
@LJMOBPPBAQFJBIFKBJ>ABFQ>J>K>DFKDKFDEQJ>OBQE>QTLRIAOBNRFOBA>PJR@E FCKLQJLOB >QQBK
QFLK>KAMBOPLKKBIQE>KQEBCFOPQ@>PB,LJ>QQBOELTI>ODBLOPJ>IIQEBMOLGB@Q ?>PF@DRFABIFKBP>OB
QL?BCLIILTBAQLMOLMBOIVBUB@RQB>KVMOLGB@QOBD>OAIBPPLCPFWBLOQFJB@LKPQO>FKQP'KQEFP@E>MQBO 
TBTFIIDLFKQLABQ>FITFQEMOL@BAROBPQE>QE>SB?BBKQOFBA>KAQBPQBAMBOPLK>IIV>KATFQEJVMOLAR@
QFLKQB>JLKJ>KVMOLGB@QPPR@@BPPCRIIV@LJMIBQBA


+ > K > D F K D * > O D B 1 @ > I B . O L G B @ Q P    

?BKB@BPP>OVQL E>SBAFCCBOBKQ$2.PFQBP CLO AFCCBOBKQ PQ>HBELIABOP  BPMB@F>IIV FC QEBV >OB


@LJMBQFKD>D>FKPQB>@ELQEBOCLOCRQROB@LJMLKBKQPLCQEBGL?2EFPJBQELAFPJR@EC>PQBO
>KAJLOBBCCB@QFSBQE>KOBNRBPQFKDCFIBPSF>>PEFMMFKD@>OOFBO

'KQBOK>I!LJJRKF@>QFLK
2EBMOLGB@QJ>K>DBOFPQEBMBOPLKTELTFII@LJJRKF@>QB>IILCQEB@IFBKQbPOBNRBPQP @LK@BOKP >KA
FAB>PAFOB@QIVQLQEBMOLAR@QFLKQB>J FK>T>V?B@LJFKDQEB@IFBKQbPOBMOBPBKQ>QFSBCLOVLROMOLAR@
QFLKQB>J5FQEQEFPOBPMLKPF?FIFQV FQFPFJMLOQ>KQQE>QQEB.+FPHKLTIBADB>?IBFK>II>PMB@QPLCQEB
MOLGB@Q5BBHIVRMA>QBJBBQFKDPPELRIA?B>PQ>KA>OAMO>@QF@BPLQE>QQEB.+@>KHBBM>@ILPBBVB
LKQEBAFCCBOBKQ>PMB@QPLCQEBMOLGB@Q>PTBII>PCLIILTQEBMOLDOBPPFLKLCQEBQFJBIFKBP-CQBK>OQFPQP
>OBKLQQEB?BPQGRADBPLCQFJB >KAQORPQFKDVLROQB>JQLCLIILT>P@EBARIBTFQELRQ.+PRMBOSFPFLK
@>K?B>@LPQIVJFPQ>HB2EB.+bPOLIBFPQOF@HV?B@>RPBEBE>PQLGRDDIBQEB?BPQFKQBOBPQPLCQEB
@IFBKQ>KAVLRO@LJM>KV >KAFQFPIFHBIVQE>QVLROQB>JTFIIPLJBQFJBPPBBEFJFK>KBD>QFSBT>V
TEBKEB>@QPLKQEB@IFBKQbP?BE>IC7LR@>KKLQIBQQEFP>CCB@QVLR?B@>RPB>QQEBBKALCQEBA>VJ>H
FKDPROBQEBMOLGB@QPMOLDOBPPPJLLQEIVFP>IPLFKQEB?BPQFKQBOBPQLCQEB@LJM>KV>KAFPLKIV
>@EFBSBAFCQEB@IFBKQFPE>MMV1LJBQFJBP>OQFPQPALKLQOB>IFWBQEFP >KAFQPELRIA?B@LJJRKF@>QBA
>PAFMILJ>QF@>IIV>PMLPPF?IB
!LJJRKF@>QFKD@IFBKQ@LJJBKQP>KAOBNRBPQPQLLQEBOQB>JJBJ?BOP"ROFKDQEB@LROPBLC>MOLGB@Q 
>@IFBKQ>KAEFPQB>JLC@LKPRIQ>KQPTFII@LKPQ>KQIVCBBAFKCLOJ>QFLKQLQEB.+PJBKQFLKBAB>OIFBO 
FQTFII?BQEB.+bPOBPMLKPF?FIFQVQLLOD>KFWB>KAQLAFPQOF?RQBQEFPFKCLOJ>QFLKQLQEB>MMOLMOF>QB
ABM>OQJBKQP
KLQEBOOBPMLKPF?FIFQVCLOQEB.+FPQLQO>KPCBOQEB@IFBKQbPOBNRBPQPFK>CLOJ>QQE>QTFII?BB>P
FBOQLRKABOPQ>KACLOQEBMOLAR@QFLKQB>J5EBK>OBNRBPQFPPR?JFQQBA QEB.+TFII@LLOAFK>QBQL
TELJQLCLOT>OAFQ>KA>IPLQEB?BPQT>VLC@LJJRKF@>QFKDQEFPOBNRBPQ
2VMF@>IIV QEB.+TFIIDBKBO>QB>KcBAFQdLO>SFPR>IJ>OH RMLC>OBNRBPQQLCLOT>OAQL>QB>JLC
>OQFPQP QERPPQOB>JIFKFKDQEBMOL@BPP>KAIB>SFKDKLOLLJCLOBOOLO$FDROB 

$FDROB 0BKABOFKDJ>OH RM
! &  . 2 # 0  

+61@OFMQ
TOFQQBK?V+>OHRP LLP
QB@EKF@>IOBSFBT?V*RH>P"R?BA>

c"L'OB>IIVKBBAQLIB>OKQLMOLDO>JTFQE+61@OFMQd

2 &'1 '1  /3#12'-, +,7 ">OQFPQP>PHQEBJPBISBPTEBKQEBVEB>OMBLMIBPFKDFKDQEBMO>FPBPLCAP


+>UbPFKQBOK>IP@OFMQFKDI>KDR>DB+61@OFMQ2LA>VbPPLCQT>OBE>P?B@LJBJR@EJLOB>OQFPQ COFBKAIV
QE>KFQT>PGRPQ>CBTAB@>ABP>DL >KAPLJB@LKPFABOQEBKBBACLOMOLDO>JJFKDIFHBQ>HFKD>PQBM
?>@HFKQFJB&LTBSBO >PPLCQT>OB?B@LJBPJLOB@LJMIBU>KAQEB"FKARPQOV?B@LJBPJLOB
@LJMBQFQFSB QEBKBBAQLPQOB>JIFKBTLOHCILT>KAJ>UFJFWBBCCF@FBK@VE>PKBSBO?BBKDOB>QBO
*>ODBOPELMPJFDEQE>SB>QB@EKF@>IAFOB@QLOLO0"QB>J>S>FI>?IBQLTOFQBPMB@F>IQLLIP>KA
BUQBKALCC QEB PEBICPLCQT>OBTFQEQEBCRK@QFLK>IFQVKBBABAQLCFKFPE>MOLGB@QFKQFJB>KALK?RADBQ
$LOJLPQLCRP QELRDE FQFPRMQLFKAFSFAR>I>OQFPQPQLOBPB>O@ET>VPLCPLISFKDMOL?IBJP>KA@LJFKD
RMTFQE>MMOLMOF>QBPLIRQFLKP
/RFQBLCQBK AP+>UbPFKQBOK>IP@OFMQFKDI>KDR>DB +61@OFMQ @>KEBIMVLROB>@EVLRO>FJPFK
>KBIBD>KQT>V'KQEBPFJMIBPQ@>PB VLR@>KcOBJLQB@LKQOLIdQEB>MMIF@>QFLK?VCBBAFKDFQTOFQQBK
@LJJ>KAPLOMI>VFKD?>@H>MOL@BAROBQE>QVLROB@LOABARPFKDQEBJLRPB?BCLOBE>KAEBK@B QEB
K>JBcP@OFMQFKDdI>KDR>DB 'KJLOB>AS>K@BA@>PBP +61@OFMQDFSBPVLRQEB>?FIFQVQL@OB>QB>KV
QEFKDCOLJPJ>IIEBIMBOMOLDO>JPQE>QPLISB>PFKDIBMOL?IBJQL@LJMIBQBIV@RPQLJFWBAQLLIPBQPQE>Q
>OBPMB@FCF@>IIV>A>MQBAQLVLROTLOHCILTLOMFMBIFKB2EBPBQLLIP@>KQEBK?B@LJBFKQBDO>IM>OQPFK
BKPROFKD>PJLLQEMOLAR@QFLK>KA@>KDFSBVLRQEB>?FIFQVQLOB>@QNRF@HIVQL@IFBKQ@E>KDBPLOLQEBO
RKCLOBPBBKS>OF>?IBP#PMB@F>IIVFKI>ODB P@>IBMOLGB@QP E>SFKDP@OFMQFKDHKLTIBADB@>K?B>ERDB
MIRP
2EBCLIILTFKDPB@QFLKPTFIIABJLKPQO>QBQE>Q+61@OFMQMOLDO>JJFKD TFQEFQPOBI>QFSBIVPQO>FDEQ
CLOT>OAABPFDK FPB>PVQL@LJMOBEBKAf BSBKCLOMBLMIBTFQE>KLK QB@EKF@>I?>@HDOLRKAf >KAQE>Q
FQFPRKGRPQFCFBAQLQEFKHLCFQ>P>cQEOBB EB>ABAJLKHBVdQE>QFPAFCCF@RIQQLQ>JB'TFIIFKQOLAR@BVLRQL
+61@OFMQ?VABP@OF?FKDTE>QFQ@>KALCLOVLR >CQBOTEF@EVLRTFIIPQ>OQTOFQFKDVLROCFOPQIFKBPFKQEB
@LKQBUQLCPFJMIBMO>@QF@>IBU>JMIBP,BUQ 'TFIIBUMI>FKQEBJLPQ@LJJLKIVRPBAI>KDR>DBCB>QROBP
CQBOQE>Q VLRTFII@OB>QBVLROLTKIFQQIBQLLIPBQQL>RQLJ>QBQEBPBQRMLC>J?FBKQL@@IRPFLK>KA


+61@OFMQ  

2EFPTFIIMOLSFABVLRTFQE>KBTL?GB@QQE>QVLR@>KQO>KPCLOJQLQEBABPFOBAMLPFQFLK>KALOFBK
Q>QFLK!OB>QBLKBLOQTL@>OPFKB>@EI>KB>KA>CBTMBLMIBLKQEBPFABT>IHP>PPELTKFKQEB
FIIRPQO>QFLK

LKRPPPFDKB>@E@>O>O>KALJ @LILOBAPQ>KA>OAJ>QBOF>I2EFPQFJB RPBQEBcopy@LJJ>KA


QL>PPFDKQEBJ>QBOF>IQLQEBS>OF>?IBmQEBOBTFII?BJLOB>?LRQS>OF>?IBPFKQEBKBUQ@E>MQBO 2EBK
>PPFDKQEB@LMFBAJ>QBOF>IQLQEBKBT@>O

m = copy $Car_01.material
$Car_02.material = m

1FK@BQEB@>O?LAVbPJ>QBOF>IFPQEBCFOPQFKPFAB>+RIQF1R? L?GB@QJ>QBOF>I VLRKBBAQL>@@BPP


FQ>PCLIILTP

$Car_02.material.material1.diffuse = ...

1BQFQPAFCCRPB@LILOMOLMBOQVRPFKD0% @LILOS>IRBP1>SBVLROP@BKBTEBKVLR>OBALKB7LR
TFII@LKQFKRBTLOHFKDLKFQFKQEBKBUQ>PPFDKJBKQ

KFJ>QFKD-?GB@QP
,LTIBQRP@OB>QBPLJB>KFJ>QFLKTFQE+61@OFMQËDLLAT>VQLCFDROBLRQQEBT>VPLJBQEFKDFP
ALKBFK+61@OFMQFPQLIFPQQEBPQBMPVLRTLRIAQ>HBQLALQEBQ>PHFKQEB3' QEBKQO>KPI>QBB>@EPQBM
QL+61@OFMQ@LJJ>KAP2EBJLPQPQO>FDEQCLOT>OAT>VQL>KFJ>QBFPQLALQEBCLIILTFKD

QROKLKRQL)BVJLAB
JLSBQEBQFJBPIFABOQL>@BOQ>FKCO>JB
@E>KDBQEBABPFOBAMOLMBOQVLOQO>KPCLOJ>QFLK
QROKLCCRQL)BVJLAB 

7LRHKLTELTQLALM>OQFK+61@OFMQQERP VLRKBBALKIVQLOBPB>O@EM>OQP  >KA7LR


TFIIALQEFPRPFKD>CB>QROB@>IIBAQEB+>@OL0B@LOABO5EBKQEB+>@OL0B@LOABOFPLK FQOB@LOAPB>@E
PQBMVLRALTFQEVLROJLRPBLOHBV?L>OA>P+61@OFMQ@LJJ>KAPFKQEBRMMBOM>OQLCQEBIFPQBKBO
$LOPFJMIBLMBO>QFLKP FQ@>K?B>@LJCLOQ>?IB>IQBOK>QFSBQLPB>O@EFKDQEB+61@OFMQOBCBOBK@B
! &  . 2 # 0  

!>JBO>+>Q@EFKD
TOFQQBK?V+FHB+BOOLK
QB@EKF@>IOBSFBT?V(LK&BV

!LMVOFDEQ3KFCLOJ

! +#0 +2!&',% '1 2&# .0-!#11 LC>@@RO>QBIVOB@OB>QFKD>OB>ITLOIA@>JBO>TFQEFK>"MOLDO>JQL


J>Q@E>PLRO@BMELQLDO>MELOJLSFKDFJ>DBPBNRBK@B'QFP>SFQ>IPQBMFKQEBMOL@BPPLC@OB>QFKD
MELQLJLKQ>DBP
.ELQLJLKQ>DBP>OB>@LJ?FK>QFLKLC>OBKABOBAFJ>DBBFQEBOAO>TK?VQO>AFQFLK>IJBQELAPLO
@OB>QBARPFKD@LJMRQBOP >KA>MELQLDO>MEF@?>@HDOLRKA2EBV>OB>KFJMLOQ>KQM>OQLCJ>OHBQFKD
>KAMI>KKFKD>PQEBVPELT>MOLAR@QLO?RFIAFKDTFQEOB>ITLOIA@LKQBUQ!>JBO>J>Q@EFKDFPRPBA
BUQBKPFSBIVFKJ>KV>OB>PLCSFPR>I@LJJRKF@>QFLK KLQGRPQ>O@EFQB@QRO>ISFPR>IFW>QFLK
!>JBO>J>Q@EFKDE>P?B@LJB>KFJMLOQ>KQM>OQLC>O@EFQB@QRO>ISFPR>IFW>QFLKCLO>KRJ?BOLC
OB>PLKP BD FKCLOJFKDQEBMR?IF@LCTE>Q>KBTP@EBJBTFIIILLHIFHB'Q>FAPQEB>O@EFQB@QTFQEQEB
ABPFDKMOL@BPP>KA>IPLBK>?IBP@FQVMI>KKBOPQLAB@FABFCKBTP@EBJBPTFII?B>MMOLSBA
PQEBPBEVMBO OB>IFPQF@FJ>DBP>OB?BFKDRPBAJLOB>KAJLOB FQFPKLTBPPBKQF>IQE>QQEBV>OB
MLOQO>VBA>P>@@RO>QBIV>PMLPPF?IB2EFPFPBPMB@F>IIVQORBTEBKVLR>OBTLOHFKDLKFJ>DBPQE>QTFII
?BRPBAFKMI>KKFKDMOLMLP>IP2EBJBQELALILDVFKQEFP@E>MQBOFP?VKLJB>KPQEBLKIVT>VQL
>@EFBSB>@@RO>QBOBPRIQPPKBTQB@EKLILDFBP?B@LJB>S>FI>?IB QEFPMOL@BPPTFIIIFHBIV?BJLOB
>RQLJ>QBA>KA>J>WFKDIV>@@RO>QB


! > J B O > + > Q @ E F K D    

'K QEB CLIILTFKD FIIRPQO>QFLK  QEB EFDEIFDEQBA CB>QROB FP QO>@HFKD QEB FKQBOPB@QFLK TEBOB > CLOB
DOLRKA?RFIAFKDJBBQP?>@HDOLRKA?RFIAFKD>KA >PQEB@>JBO>JLSBPQEOLRDEQEBPM>@B QEBM>O>II>U
?BQTBBKQEB?RFIAFKDPFPL?SFLRPQLRP ?RQCLOQEBQO>@HBOQEBCB>QROBFP>KF@B PLIFAQO>@H2EBMOL?
IBJFPFQFPKQ>@QR>IIV>ABCFK>?IBMLFKQFKPM>@B >KAQEFPMLFKQFP@LKPQ>KQIVJLSFKD*FHBQEB?RP
CB>QROB FQKBBAPQL?BJ>KR>IIVABIBQBA

'QFP>IPLMLPPF?IBQL>AARPBO ABCFKBACB>QROBPQL>FAQEB@>JBO>PLISFKDELTBSBO CLO>PQO>FDEQ


CLOT>OAQO>@HIFHBQEFP TBTFII>@EFBSBDLLAOBPRIQPTFQEQEB>RQLCB>QROBP

,LTQE>QQEB$B>QROBQO>@HFKDFP@LJMIBQBA QEBKBUQFIIRPQO>QFLKDFSBP>OB>IIVDLLAFKAF@>QFLKLC
ELTQEB@>JBO>FPJLSFKDQEOLRDEQEBPELQBSBKQELRDEQEFPFPLKIV>"MOL@BPPPLC>O5B@>K
>IOB>AVFKCBOQEBJLQFLK
,LTTB>OBOB>AVQLPLISBQEB@>JBO>JLQFLK2EBPLISBOTFII>QQBJMQQLBPQFJ>QBQEBM>QELC
QEB @>JBO> QEOLRDE QEB P@BKB >P TBII >P BPQFJ>QFKD QEB " MLPFQFLK LC >RQL >KA RPBO CB>QROBP
.$2O>@HTFII@>I@RI>QB>KVJFPPFKDABQ>FIP PR@E>PQEBCL@>IIBKDQE QE>QTBOBKLQ>AABAQLQEB@>J
BO>M>O>JBQBOPMLFKQ ?>PBAABMF@QFLKLCQEBP@BKBTFII?B@LKPQOR@QBA>KA@>K?BPBBK?BILTFK
QEB"SFBTBO5B@>K>IPLPBBQEB@>JBO>M>QEQE>QE>P?BBKDBKBO>QBA
! &  . 2 # 0  

%OBBK1@OBBKFKD
TOFQQBK?V1JLLQEB
QB@EKF@>IOBSFBT?VIBU+BKBKABW

% 0##, 1!0##, '1  2#0+ RPBAQLABP@OF?BQEBJFUFKDLCQTLFJ>DBPLOCO>JBPQLCLOJLKB@LJMIBQB


FJ>DB2EBJLPQ@LJJLKP@BK>OFLFPQEB@LJ?FKFKDLC>CLOBDOLRKABIBJBKQTFQE>?>@HDOLRKA
FJ>DB PR@E>P"21@L CLRKABO OF>K8>G>@@LKAR@QFKD>MOBPBKQ>QFLKFK>SFOQR>IBKSFOLKJBKQ 
J>ABMLPPF?IB?V?BFKDCFIJBA?BEFKA>@LILOBAABPH>KAFKCOLKQLC>@LILOBAP@OBBK2EB@LILOBA
BKSFOLKJBKQFPQEBKOBJLSBA FPLI>QFKDQEBMOBPBKQBOTELFPQEBK@LJMLPFQBATFQE>SFOQR>IPQRAFL
@OB>QBATFQEAP+>UKRJ?BOLCLQEBOQBOJP>OBRPBAQLABP@OF?BQEFPQB@EKFNRB FK@IRAFKD?IRB
P@OBBK HBVFKD >KAQEB@LILOAFCCBOBK@BPVPQBJ ?RQ>KLQEBOQBOJRPBAJLOB@LJJLKIVQEOLRDELRQQEB
!%FKARPQOV >KALKBTBTFIICL@RPLKFKQEFP@E>MQBO FPQEBQBOJ!EOLJ>)BV

$FDROB QVMF@>I@EOLJ>HBV>MMIF@>QFLK"21@L CLRKABO OF>K8>G>@@LKAR@QFKD>MOBPBKQ>QFLKFK>


SFOQR>IBKSFOLKJBKQ

#SBKQELRDEQEB@EOLJ>HBVQB@EKFNRBFPOBI>QFSBIVNRF@H>KAPFJMIBQLBUB@RQB QEBOB>OB>
KRJ?BOLCDRFABIFKBPQE>QVLRPELRIA?B>OFKJFKATEBKMOLAR@FKDQEFPQVMBLCTLOH5BE>SBHKLTK


% O B B K 1 @ O B B K F K D    

$FDROB 'KFQF>I@LJMCOLJMRIIBAHBV

2EBMOFJ>QQBHBVBOFP>PIFDEQIVAFCCBOBKQHBVBO>KAFP>JR@EJLOB@LJMIF@>QBALMBO>QFLK2EB
CIFMPFABLCQEB@LJMIF@>QFLKQELRDEFPQE>QFQFP>IPL>J>OSBIQL?BELIAKBKQFOB?LLH@LRIA>KAMOL?
>?IVE>P?BBKTOFQQBKLKQEBJLOB@LJMIBUHBVBOP>ILKB'K>PB@QFLKLCLKB@E>MQBO '@>KDFSBVLR
LKIV>MO>@QF@>ILSBOSFBT-K@BQEB@LILOE>P?BBK@ELPBK QEBFJ>DBTFIIILLH>PFCQEBJ>GLOFQVLCQEB
CLOBDOLRKAE>P?BBKHBVBALRQ$B>OKLQQEB?B>RQVTFQEMOFJ>QQBFPVLR@>KP>JMIB>PB@QFLKQLCFII
?>@HFK IFHB>KBD>QFSBLCLROLOFDFK>IMF@H VRPFKDQEB@IB>KCLOBDOLRKAKLFPB?RQQLKFKQEBMOFJ>QQB
Q>?VLRAO>DVLRO@ROPLOTFQEQEBJLRPB?RQQLK>MMIFBALSBOQEB>OB>PVLRT>KQQLOBJ>FKFKVLRO
CLOBDOLRKA2EFP@>K?BALKB>PJ>KVQFJBP>PVLRT>KQQLCFIIFKQEFP>OB>'RPR>IIVALQEFPTEFIB
ILLHFKD>QQEB>IME>@E>KKBIQLDFSBJLOBLC>KFAB>LCTE>Q>OB>P>OBPQFIIJFPPFKD'CVLRDBQ>IFQQIB
QLLHBBKLKQEFP>KAMF@HPLJBDOBBK >IIVLRKBBAQLALFPRPBQEB@IB>K?>@HDOLRKAKLFPB?RQQLKQL
OB MF@HQEB@EOLJ>P@OBBK2EBLQEBOLMBO>QFLKPLKQEFPQ>?>KAQEBLQEBOM>OQPQLMRIIFKDVLROHBVFK
MOFJ>QQB>OB>PCLIILTP2EBPMFIIPMLKDBJB>KPQEB?>@HDOLRKA@LILO@LJMLKBKQFKQEBP>JMIBA
MFUBIPLOPMFII TFQEFKQEBFJ>DBTFKALTFPHBVBALRQ>KAOBJLSBACLOQEB@LILOOBDFLKPBIB@QBA>IPL 
QEB J>QQB PMLKDB J>HBP QEB @LILO P>JMIB MF@HBA  MBO@BKQ CLOBDOLRKA 2EFP QLLI FP RPR>IIV
BJMILVBAQLNRF@HIVOBJLSBPQO>VQO>KPM>OBKQMFUBIPQE>QE>SB>MMB>OBAAROFKDQEB@EOLJ>HBVFKD
MOL@BAROB'QFP>NRF@H>KAB>PVT>VQLJ>HBCFK>I>AGRPQJBKQPQL>@LJMLPFQB"BQ>FIOBPQLOBJ>HBP
QEB@LJMIBQBIVQO>KPM>OBKQ?>@HDOLRKABIBJBKQP>JMIBAQO>KPIR@BKQQEFPFPBCCB@QFSBCLOOBPQLOFKD
CFKBABQ>FI PR@E>PE>FO2EBPMFII J>QQB >KAABQ>FI  ?RQQLKP>OBC>FOIVPBIC BUMI>K>QLOV>PQEBVDBK
QIV>AALOOBJLSBQEBMF@HQLLOCOLJVLROLOFDFK>IMF@HPFKQEBPBPB@QFLKP2EBFJMOBPPFSBQEFKD>?LRQ
QEBJLOB>AS>K@BAHBVBOPFPQEBOBPRIQFK>II>PMB@QPf J>QQB PMFII ABQ>FI>KAPR@E TFQEPLJBP>J
MIFKDLCQEB@LOOB@Q>OB>PLCQEBFJ>DB2EFP@OB>QBP>?OFIIF>KQOBPRIQQE>QKBBAPIFQQIBQLKLOBCFKFKD
! &  . 2 # 0  

"FDFQ>I!LJMLPFQFKD
TOFQQBK?V%>OV+">SFP
QB@EKF@>IOBSFBT?V%IBK5EBIABK

" '%'2* !-+.-1'2',% '1 2&# !0#2'-, LC>KFJ>DB?VJ>KFMRI>QFKD>KALO@LJ?FKFKDLKBLOJLOBPLRO@BP


RPFKD FJ>DB MOL@BPPFKD PLCQT>OB 5FQEFK JLPQ AFDFQ>I @LJMLPFQFKD >MMIF@>QFLKP  QEBPB A FJ>DB
J>KFMRI>QFLKMOL@BPPBP CFIQBOP >KABCCB@QP@>K?BNRF@HIV>KAB>PFIV>@@LJMIFPEBALK>PFKDIBCO>JB
>KA MBOE>MPJLOBFJMLOQ>KQIV GRPQ>PB>PFIVLKJLSFKDFJ>DBPBNRBK@BPLCSFABLLO>KFJ>QFLK
?>Q@EMOL@BPPFKD $LLQ>DBQVMBP@>KFK@IRABQELPB@>MQROBACOLJ>OB>I TLOIA@>JBO> OBKABOBA
@LJMRQBODO>MEF@P LO>KV@LJ?FK>QFLKLCQEBQTL1L TE>QFPQEB>AS>KQ>DBLC>AAFKDAFDFQ>I@LJ
MLPFQFKDQLVLROAP+>UMOLAR@QFLKMFMBIFKB
PFQOBI>QBPQLABPFDKSFPR>IFW>QFLK QEBDL>ITFQEAFDFQ>I@LJMLPFQFKDFPLCQBKQL@LJ?FKBOB>I
TLOIAMELQLDO>MEVLOJLSFKDSFABLTFQEOBKABOBA!%?RFIAFKDP SBEF@IBP ?OFADBP >KAPLCLOQE'KQEFP
P@BK>OFL QEB>OQFPQT>KQPQLJ>HBFQ>MMB>O>PFCQEBCFK>IOBPRIQT>P>MELQLDO>MELOSFABLQ>HBKTFQE
>PFKDIB@>JBO>IQBOK>QFSBIV QEBOB>OBQFJBPTEBK@LJMLPFQFKDTFIICL@RPPLIBIVLK!%OBKABOBA
CO>JBP2E>QFP KLOB>I TLOIAMELQLDO>MEF@MI>QBP>OBRQFIFWBAFKQEB@OB>QFLKLCQEBCFK>IMFB@B >KA
BSBOVMFUBIFP@LJMRQBODBKBO>QBA2EBPBFJ>DBPbQVMBP@>KO>KDBCOLJPQVIFWBAOB>IFPJ QB@EKF@>I
FIIRPQO>QFLK QLMELQLOB>IFPJ
5EBQEBOVLRT>KQQL>AA!%L?GB@QPQLOB>I TLOIAMELQLDO>MEV LOVLR>OB@OB>QFKDPVK
QEBQF@ FJ>DBP  QEBOB >OB OBL@@ROOFKD >AS>KQ>DBP QL RPFKD AFDFQ>I @LJMLPFQFKD FK QEB MOLAR@QFLK
MFMBIFKB1FK@B@LJMLPFQFKDQLLIP>OBBPPBKQF>IIV>PBOFBPLCBCCB@QP>KACFIQBOP>MMIFBAQLAO>PQBO
FJ>DBCO>JBP>IOB>AVOBKABOBALRQLCAP+>U QEBBCCB@QP@>K?B@LKPFABOBAALMBO>QFLKP>KA
>OB QEBOBCLOB BUMLKBKQF>IIVC>PQBOCLOQEB!.3QLMOL@BPP>KA@>I@RI>QB"BMBKAFKDLKVLROE>OA
T>OB>KAPLCQT>OB@LKCFDRO>QFLK VLR@>KLCQBKJ>HB@E>KDBPFK@LJMLPFQFKD>MMIF@>QFLKP>KAPBB
QEBOBPRIQPFKOB>I QFJBTFQEKLOBKABOFKDI>D2EFPJB>KPVLR@>KE>SBJ>KVSBOPFLKP>KAS>OF>QFLKP
LC>CFK>IABIFSBO>?IB TFQEB>@ELCQEBJLOFDFK>QFKDCOLJ>PFKDIB cQORBdAOBKABOLRQLCAP+>U
5EBKFQ@LJBPOFDEQALTKQLFQ @LJMLPFQFKD@>KP>SBVLRPFDKFCF@>KQMOLAR@QFLKQFJBJLKBV >PTBII
>PSFPR>IIVQ>HBVLROTLOHQLQEBKBUQIBSBIFK>J>QQBOLCJFKRQBP


    " F D F Q > I ! L J M L P F Q F K D

$FDROB !LJJLKCFIBLRQMRQQVMBP

IME>!E>KKBIP
2EBFJMLOQ>K@BLC>K>IME>@E>KKBICLO@LJMLPFQFKDMROMLPBPPELRIA?B@IB>O?VKLT2EBPB>OB
BPPBKQF>IQL>@LJMLPFQFKDQLLIPBQ >KA>OB>S>FI>?IB>P>KLMQFLKCLOJ>KVAFCCBOBKQCFIBCLOJ>QPRMLK
LRQMRQCOLJAP+>UCBTKLQ>?IBBU@BMQFLKP>OB(.%  +. &"0 !', >KA".6 VQEBFOSBOV
K>QROB QEBV>OBKLQ>?IBQL@LKQ>FK>K>IME>@E>KKBI>KA QEBOBCLOB >OBQVMF@>IIVKLQQEBFAB>ICLOJ>Q
QLP>SBQLTEBKOBKABOFKDCOLJAP+>U
2EBOBFPLKB@LKPFABO>QFLKQLJ>HBTEBKLRQMRQQFKD>K>IME>@E>KKBITEBQEBOLOKLQQLRPB
TE>QFP@>IIBAMOBJRIQFMIFBA>IME>@E>KKBIPMOBJRIQFMIFBA>IME>PFJMIVJB>KPQE>QTEBK>OBKABO
M>PPFP@OB>QBAFKAP+>U QEBL?GB@QbPBADBP >KA>OB>PLCQO>KPM>OBK@VQE>QFKQBOPB@QQEBAP+>U
?>@HDOLRKABKSFOLKJBKQ TFII?B@>I@RI>QBA>KA>KQF>IF>PBAQLQEB@LILOPLCQEBBKSFOLKJBKQ?>@H
DOLRKALCVLROP@BKB
#60>KA2%>OBQTLCFIBCLOJ>QPTEBOBMOBJRIQFMIFBA>IME>@E>KKBIP>OB>KLMQFLK1LJBCFIB
CLOJ>QPPRMMLOQQEFPLMQFLK>KALQEBOPALKLQ.,%CFIBPCOLJAP+>U CLOBU>JMIB >OB>IT>VPMOB
JRIQFMIFBA>D>FKPQQEB?>@HDOLRKABKSFOLKJBKQ@LILO >KAQEBOBFPKLLMQFLKQLBK>?IBLOAFP>?IBQEFP
TFQEFKQEBCFIBCLOJ>QP>SBAF>ILD3IQFJ>QBIV QEBOBFPKLcOFDEQLOTOLKDdTEBKAB@FAFKDTEBQEBOLO
KLQQLMOBJRIQFMIV >PILKD>PVLRHKLTQEBJB>KPLCTLOHCILTVLR>OBRPFKD>KARKABOPQ>KAELTQL
FABKQFCVQEFPTLOHCILT>QQEBO>T>PPBQCLLQ>DBIBSBITFQEFKVLRO@LJMLPFQFKD>MMIF@>QFLK.BOCLOJFKD
PBSBO>IQBPQPTFQEMOFJFQFSBPTFIIEBIMVLRRKABOPQ>KA>KABPQ>?IFPEVLROMOBCBOOBATLOHCILT
! &  . 2 # 0  

4FABL#AFQFKD
TOFQQBK?V)FJ*BB
QB@EKF@>IOBSFBT?VI>K1HFKKBO

5 &#, +-12 .#-.*# 2&',) -$ SFABLLOCFIJBAFQFKD QEBVMF@QROBPLJBLKBPFQQFKD>Q>@LJMRQBO>QQEBBKA


LCQEBMOLGB@QMRQQFKD>IIQEBCLLQ>DB PLRKA >KAQFQIBPQLDBQEBOTEFIBQEBAFOB@QLO>KAMOLAR@BOP
ILRKDB>?LRQ?BEFKAQEBJLKPLC>P JRK@EFKDLKPK>@HPLOMI>VFKDSFABLD>JBP-@@>PFLK>IIV QEB
BAFQLOTFIIQROKQLQEBAFOB@QLOQLAFP@RPP>PBNRBK@B>KAMBOE>MPT>Q@E>MLOQFLKLCQEBMOLGB@Q
?BCLOBOBQROKFKDQL@IF@HFKD>T>VTFQEQEBJLRPB#SBKQR>IIV TEBKBSBOVQEFKDFP@LJMIBQB QEBV>IIDL
ELJBQLMOBM>OBCLOQEBOBA@>OMBQRKSBFIFKDLCQEBFOJ>PQBOMFB@B>KAQEBFKBSFQ>?IBPR@@BPPQL
CLIILT

$FDROB QVMF@>ISFABLBAFQFKDTLOHPQ>QFLK
'J>DB@LRQBPVLC%LIA!OBPQ.LPQ 


    4 F A B L # A F Q F K D

-CCIFKB!-"#!1
5EBK'OBCBOQLLCCIFKB@LAB@P 'QVMF@>IIVJB>K@LAB@PRPBACLOSFABLCFIBPLC>KFJ>QF@P>KAOLRDE
@RQP>PTBII>PLQEBO>MMIF@>QFLKPPR@E>PFKQBOKBQ>KABJ>FIABIFSBOV2EFPPELOQIFPQFPFKQBKABA>P>
DRFABCLOQELPBRKC>JFIF>OTFQEQEBS>OFLRP@LAB@P>KA ?VKLJB>KPOBMOBPBKQPQEBLKIV@LAB@PQE>Q
@>K?BRPBACLOLCCIFKB>MMIF@>QFLKP

e &f2EFPFP@ROOBKQIVLKBLCQEBJLPQMLMRI>O@LAB@PFKRPBQLA>V?B@>RPBLCFQPEFDE
NR>IFQV>KAPJ>IICFIBPFWB'QFPBNRFS>IBKQQL+.#% 4!>KA+.#% .>OQ
e 1LOBKPLKf2EFPFP>S>OF>KQLC&@LJJLKIVRPBACLOFQPEFDENR>IFQV>KAPJ>IICFIBPFWB
>KAQVMF@>IIVRPBAFK/RF@HQFJBCFIBP
e .ELQL(MBDf2EFP@LAB@FPDLLACLODBQQFKDFJ>DBNR>IFQV>MMOLS>IPTEBKQEB>?FIFQVQLPQBM
QEOLRDECO>JB?VCO>JBFPABPFOBA?RQKLQFAB>ICLOPJLLQEMI>V?>@H
e +.#%f2EFP@LAB@FP>MLMRI>OLKBCLOFQPEFDENR>IFQV>KAPJ>IICFIBPFWB+.#% FPQEBPQ>K
A>OABK@LAFKDCLO"4"+.#% FP>JLOBBCCF@FBKQSBOPFLKQE>QFPTFABIVRPBAQLA>V

-KIFKB!-"#!1
-KIFKB@LAB@P@>K?B@LKPFABOBA>KV@LAB@QE>QFP@>M>?IBLCSFPR>IIVILPPIBPPNR>IFQV2EBCLIILTFKD
FPKLQ>KBUE>RPQFSBIFPQLC>IIMLPPF?IBLKIFKB@LAB@P?RQ>P>JMIBLCPLJBMLMRI>OLKBPFKRPB
QLA>V

e KFJ>QFLK 2EFP@LAB@RPBAFK/RF@HQFJBOBPRIQPFKEFDENR>IFQVFJ>DB>QQEBBUMBKPBLCI>ODB
CFIBPFWBP?RQ@>K?BMRQQLDLLARPBBPMB@F>IIVTEBKJLSFKDCLLQ>DB?>@H>KACLOQE?BQTBBK
>MMIF@>QFLKP>KA?BQTBBK.!>KA+>@MI>QCLOJP"BMBKAFKDLKQEBCLLQ>DB FQ@>K?B>DLLA
>IQBOK>QFSBQLRPFKD>KRK@LJMOBPPBA@LAB@
e 3K@LJMOBPPBAf!IB>OIV QEBEFDEBPQNR>IFQVFJ>DB@>K?B>@EFBSBATFQEQEFP@LAB@>QQEB
BUMBKPBLCMLQBKQF>IIVERDBCFIBPFWBP
e MMIB.OL0BP>KA.OL0BP&/ 2EFPFPMMIBbPKBTBPQMOLMOFBQ>OV@LAB@CLOJ>QQE>QFP KLQPRO
MOFPFKDIV  +>@ @BKQOF@ ?RQ @>K OBPRIQ FK EFDE NR>IFQV CLLQ>DB TFQELRQ QEB ?ROABK LC
RK@LJMOBPPBACFIBPFWBP2EB&/&FDE/R>IFQV S>OF>KQBK@LABPSFABL>Q ?FQ>PLMMLPBAQL
 ?FQ
e "4!.0- !OB>QBA?V.>K>PLKF@ QEFP@LAB@FPTFABIVRPBACLOBIB@QOLKF@KBTPD>QEBOFKD
#,% >MMIF@>QFLKP>KARPBP>SFABL?FQO>QBLC+?FQPTFQE>@EOLJ>PR?P>JMIFKD
.F@QROBNR>IFQVFP@LJM>O>?IBQLQE>QLC"FDF?BQ>
e "4!.0-&" IPL@OB>QBA?V.>K>PLKF@ QEFP@LAB@RPBP>SFABL?FQO>QBLC+?FQPTFQE>
 @EOLJ> PR?P>JMIFKD B >T>OB QE>Q FQ ELOFWLKQ>IIV @LJMOBPPBP QEB &" FJ>DB COLJ
UQLUFKQEB@>PBLCM>KACOLJUQLUFKQEB@>PBLC
F$LOF FQ@LJMOBPPBPQEBFJ>DBQLU1FK@BFQRPBPKLK PNR>OB
MFUBIP FQJ>V>CCB@QVLROTLOHCILTCLOCLLQ>DBQE>QOBNRFOBP4$6QL?B>AABA >P@LSBOBAI>QBO
FKQEBc#UMLOQFKDCLO4$6dPB@QFLKLCQEFP@E>MQBO
e &"!+f"BSBILMBA?V1-,7 FQRPBP ?FQ@LJMOBPPFLK>KA@LJMOBPPBP>FFJ>DB
QLURPFKDKLK PNR>OBMFUBIP
e &"!+10fIPLABSBILMBA?V1-,7 FQRPBP ?FQLO@LJMOBPPFLKPTFQE>SFABL
?FQO>QBLC+?FQP
e 6"!+f2EFPFP>KLQEBOPBOFBPLC1-,7 ABSBILMBA@LAB@P?>PBALK+.#% @LJMOBPPFLK
2EBOB>OBJRIQFMIBS>OF>KQPFK@IRAFKD6"!+&" 6"!+#6 >KA6"!+&"

Anda mungkin juga menyukai