Date post: | 26-Jan-2015 |
Category: |
Business |
Upload: | gotomeeting |
View: | 108 times |
Download: | 2 times |
! ! ! ! ! !
"!#!$%&''!(&)*+!,-./0!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!"#$%&'&(#$)*$+)(,$
-&./0.12$*)($!)3)(()45$
6#7"89.12$'"#$+)(,9/8:#$!)08;5$
! ! ! ! ! !
1!#!$%&''!(&)*+!,-./0!
!
$
<=#:&'.>#$?&338(;$!!2.)+34'!5/'*6&''!7&+)&-'!8+9&!:%&!9%+77&6;&!.8!9-&+:*6;!:%&!8/:/-&!<.-=07+9&>!
?&9+/'&!.8!:%&!+)@&6:!.8!6&<!:&9%6.7.;*&'!+'!<&77!+'!:%&!&A&-;&69&!.8!:%&!
(*77&66*+7'!+'!+!A+B.-!0&-9&6:+;&!.8!:%&!<.-=8.-9&C!:%&!8/:/-&!<.-=07+9&!<*77!
7..=!@+':73!)*88&-&6:!:%+6!:%&!.6&!<&!+-&!/'&)!:.>!D:!:%&!'+A&!:*A&C!+!9/7:/-&!
.8!'%+-*6;!+6)!:-+6'0+-&693!*'!&6:&-*6;!:%&!5/'*6&''!<.-7)C!+'!:&9%6.7.;3!
5+--*&-'!7.<&->!2%*'!9%+6;&!*'!5&*6;!)-*@&6!53!:%&!9.6'/A&-*E+:*.6!.8!F2C!<%*9%!
9+6!5&!)&'9-*5&)!+'!:%&!*6:-.)/9:*.6!.8!:%&!0.0/7+-!9.6'/A&-G;-+)&!
:&9%6.7.;*&'!+6)!)&@*9&'!:%+:!+-&!'0-&+)*6;!*6:.!:%&!<.-=07+9&!8.-!5/'*6&''!
/'&>!
!
2%-&&!*A0&-+:*@&'!.8!:%&!8/:/-&!<.-=07+9&!<&-&!*)&6:*8*&)!*6!./-!'/-@&3H!
&6:&-0-*'&!'.9*+7!+6)!9.77+5.-+:*.6!:..7'I!5-*6;G3./-G.<6G)&@*9&!J?KLMN!
0.7*9*&'I!+6)!87&O*57&!<.-=!+--+6;&A&6:'>!2%&'&!*:&A'!%+@&!A+)&!:%&*-!<+3!
*6:.!:%&!5/'*6&''!<.-7)!+6)!%+@&!0-.A.:&)!6&<!<+3'!.8!<.-=*6;!<%*9%!+-&!
*69-&+'*6;!*6!0.0/7+-*:3!+6)!+99&7&-+:*6;!+:!+!0+9&!:%+:!<*77!5&!)*88*9/7:!8.-!
.-;+6*E+:*.6'!J+6)!:%&!5/'*6&''!7&+)&-'!:%+:!;/*)&!:%&AN!:.!*;6.-&!.-!)&7+3!
+9:*6;!.6!8.-!A/9%!7.6;&->!P.-!:%.'&!:%+:!).!)&7+3C!:%&3!A+3!5&!7&8:!5&%*6)!*6!
+!9.A0&:*:*@&!;7.5+7!&9.6.A3!:%+:!<*77!*6':&+)!-&<+-)!5/'*6&''&'!<%*9%!9+6!
%+-6&''!:%&!9.77&9:*@&!*6:&77*;&69&!.8!:%&*-!<.-=8.-9&>!2%*'!*'!+!A.)&-6C!
0&.07&G)-*@&6!<.-=8.-9&!:%+:!*'!-&Q/*-*6;!<.-=R7*8&!5+7+69&!+6)!:%+:!*'C!:.!+6!
*69-&+'*6;!&O:&6:C!;&.;-+0%*9+773!)*'0&-'&)!+6)!A.5*7&>!!
!
2%&!8+9:!:%+:!.@&-!%+78!.8!:%.'&!<%.!-&'0.6)&)!:.!./-!'/-@&3!<.-=!8.-!A/7:*G
6+:*.6+7!9.A0+6*&'!)&A.6':-+:&'!:%+:!:%*'!*'6S:!B/':!+6!*''/&!8.-!'A+77&-!
.-;+6*E+:*.6'!.-!:%.'&!<*:%!B/':!+!8&<!.88*9&'>!T.A&!.8!:%&!<.-7)S'!7+-;&':!+6)!
A.':!0-.A*6&6:!.-;+6*E+:*.6'!-&9.;6*E&!:%+:!+6!&@.7/:*.6!.8!:%&!<.-=07+9&!
6&&)'!:.!%+00&6C!+6)!:%&3!+-&!5&;*66*6;!:.!A+=&!:%&!6&9&''+-3!*6@&':A&6:'>!
2%&3!-&9.;6*E&!:%+:!:%&3!6&&)!:.!+)+0:!:.!:%&!6&<!<+3'!.8!<.-=*6;!+6)!+).0:!
:%&!9.77+5.-+:*.6!+6)!A.5*7*:3!:&9%6.7.;*&'!6&9&''+-3!:.!+::-+9:C!-&:+*6C!+6)!
*6'0*-&!:%&!5&':!<.-=&-'!./:!:%&-&>!!
!
2%&!<.-=07+9&!.8!:%&!8/:/-&!<*77!5&!5/*7:!/0.6!&6:&-0-*'&!'.9*+7!+6)!
9.77+5.-+:*.6!:&9%6.7.;3!:..7'C!?KLM!0.7*9*&'C!+6)!87&O*57&C!7*8&':37&G.-*&6:&)!
<.-=!+--+6;&A&6:'U<%*9%!*697/)&!'%.-:&-!<.-=!<&&='C!87&O*57&!':+-:R&6)!
<.-=!%./-'C!+6)!:%&!.0:*.6!8.-!&A07.3&&'!:.!<.-=!+<+3!8-.A!:%&!:-+)*:*.6+7!
9.A0+63!.88*9&>!L-;+6*E+:*.6'!A/':!-&'%+0&!:%&*-!5/'*6&''!0-.9&''&'!+6)!
0.7*9*&'!:.!+)+0:!:.!:%*'!'%*8:>!!
!!
2.!5&::&-!/6)&-':+6)!:%&!'9.0&!+6)!6+:/-&!.8!:%*'!'%*8:C!$%&''!(&)*+!,-./0!
9.6)/9:&)!+!;7.5+7!-&'&+-9%!':/)3!*6!(+3!1V"WC!'/-@&3*6;!XVY!&A07.3&&'!<%.!
9/--&6:73!/'&!'.9*+7!+6)!9.77+5.-+:*.6!:&9%6.7.;3!:..7'C!+6)!%.<!:%&'&!:..7'!
+88&9:!:%&*-!+5*7*:3!:.!<.-=!&88*9*&6:73!+6)!87&O*573>!2%&!8.77.<*6;!-&0.-:!.88&-'!+!
7..=!+:!:%&!8*6)*6;'C!+'!<&77!+'!0-.@*)&'!'/00.-:*6;!)+:+!+6)!$%&''!(&)*+!
,-./0S'!0.*6:!.8!@*&<!.6!:%&!-&'/7:'>!!
!
(&)*+!T0.6'.-'!
! ! ! ! ! !
W!#!$%&''!(&)*+!,-./0!
$
@#;$A.2"/.2"'7$!!2%&!=&3!%*;%7*;%:'!.8!:%*'!-&0.-:!9.68*-A!:%+:!A+63!.-;+6*E+:*.6'!+-&!
-&9.;6*E*6;!+6)!+9=6.<7&);*6;!:%&!'%*8:!*6!%.<!5/'*6&''!*'!:+=*6;!07+9&C!+6)!
+-&!+)+0:*6;!:.!:%&!:-&6)'!*6!%.<!0&.07&!<+6:!:.!<.-=>!D7:%./;%!:%&!-&0.-:!
3*&7)&)!A/9%!*6'*;%:!+-./6)!:%&!P/:/-&!.8!Z.-=C!:%&-&!+-&!:%-&&!=&3!*6'*;%:'!
<%*9%!':+6)!./:!+6)!'%./7)!5&!;*@&6!'0&9*+7!+::&6:*.6!53!5/'*6&''!7&+)&-'!
'&&=*6;!:.!&@.7@&!:%&*-!.-;+6*E+:*.6'>!2%&'&!:%-&&!*6'*;%:'!+-&H!
!
B)//8C)(8'.)1$.7$9()3)'.12$7'()12#($2()4'"$810$:(#8'.12$
3)(#$#**#:'.>#$4)(,#(75$$!
L-;+6*E+:*.6'!+-&!&A5-+9*6;!6&<!<+3'!.8!<.-=*6;C!<*:%!:%&!@*-:/+7!&O0+6'*.6!
.8!:%&!<.-=07+9&!+6)!A&:%.)'!.8!9.AA/6*9+:*.6!5&*6;!+:!:%&!9.-&!.8!:%&!
9%+6;&>!$/--&6:73C!;&6&-+7!9.AA/6*9+:*.6!J[X\NC!0&&-G:.G0&&-!9.77+5.-+:*.6!
JX]\NC!+6)!^:.!+'=!+6)!+6'<&-!Q/&':*.6'_!JX`\N!+-&!:%&!:.0!:%-&&!-&+'.6'!
<.-=&-'!/'&!'.9*+7!+6)!9.77+5.-+:*.6!:&9%6.7.;*&'>!L/-!)+:+!'%.<'!:%+:!&A+*7!
*'!6.!7.6;&-!:%&!5&':!6.-!:%&!.673!<+3!:.!9.77+5.-+:&!+6)!9.AA/6*9+:&!+9-.''!
+!)*':-*5/:&)!<.-=8.-9&>!!
!
F6!1V""C!+!$%&''!(&)*+!,-./0!'/-@&3!8./6)!:%+:!A+63!.-;+6*E+:*.6'!<&-&!B/':!
;&::*6;!':+-:&)!.6!:%&*-!9.77+5.-+:*.6!*6*:*+:*@&'>!a.<&@&-C!8*6)*6;'!:<.!3&+-'!
7+:&-!'%.<!:%+:!X`\!.8!<.-=&-'!':+:&!:%+:!:%&*-!.-;+6*E+:*.6'!%+@&!5&&6!
A+=*6;!*6@&':A&6:'!*6!9.77+5.-+:*.6!8.-!.@&-!.6&G+6)G+G%+78!3&+-'C!+6)!A+63!
8.-!:%-&&!3&+-'!.-!A.-&!JWX\N>!D7:%./;%!A+63!9.A0+6*&'!+-&!B/':!5&;*66*6;!:.!
&O07.-&!&6:&-0-*'&!9.77+5.-+:*.6!:.)+3!.-!%+@&!5&&6!'7.<!*6!*6:-.)/9*6;!6&<!
:&9%6.7.;*&'!+6)!0.7*9*&'C!+).0:*.6!.8!9.77+5.-+:*.6!*'!%&+)&)!*6!:%&!-*;%:!
)*-&9:*.6>!2%*'!*'!+!0.'*:*@&!A.@&A&6:C!;*@&6!:%+:!:%&!A+B.-*:3!.8!<.-=&-'!
JbX\N!'+*)!:%+:!/'*6;!'.9*+7!+6)!9.77+5.-+:*@&!:..7'!+77.<'!:%&A!:.!<.-=!A.-&!
&88&9:*@&73!:%+6!*8!:%&3!)*)6S:!%+@&!+99&''!:.!:%&A>!
!
-(.12DE)&(DF41DG#>.:#$.7$"#(#$')$7'8;5$$!
2%&!A+B.-*:3!.8!.-;+6*E+:*.6'!.88&-!?KLM!0.7*9*&'!JY`\N>!L8!:%.'&!<%.!
-&0.-:&)!:%+:!:%&*-!.-;+6*E+:*.6!).&'!6.:!.88&-!+!?KLM!0.7*93!JW]\NC!:%&!
A+B.-*:3!JY1\N!<./7)!7*=&!:.!5&!.88&-&)!.6&!J:%./;%C!*6:&-&':*6;73C!1Y\!'+*)!
:%&3!!"#$"%#&'$%!:%&*-!.-;+6*E+:*.6!:.!.88&-!+!?KLM!0.7*93N>!?KLM!9+6!5&!+!0.<&-8/7!A.:*@+:.-!8.-!&A07.3&&'!:.!/'&!:%&!'.9*+7!+6)!9.77+5.-+:*@&!:..7'!
:%+:!+6!.-;+6*E+:*.6!)&07.3'>!Z&77!.@&-!%+78!JY[\N!.8!<.-=&-'!5&7*&@&!:%+:!
?KLM!A.:*@+:&'!&A07.3&&'!:.!/'&!'.9*+7!+6)!9.77+5.-+:*@&!:..7'C!:%/'!
*A0-.@*6;!&A07.3&&!+).0:*.6!-+:&'>!
!
%/#=.C/#$4)(,$8((812#3#1'7$8(#$1)$/)12#($#39/);##$
9#(,7$C&'$8$C&7.1#77$7'(8'#2;5$$!
D!'*;6*8*9+6:!6/A5&-!.8!.-;+6*E+:*.6'!.88&-!87&O*57&!<.-=!+--+6;&A&6:'!Jb"\N!
+6)!<*:%*6!:%.'&!.-;+6*E+:*.6'C!:%&!@+':!A+B.-*:3!.8!<.-=&-'!Jb[\N!0+-:*9*0+:&!
*6!'/9%!+--+6;&A&6:'>!P7&O07+9&!J:&7&9.AA/:*6;NC!<%*9%!&6+57&'!<.-=&-'!:.!
<.-=!./:'*)&!:%&!.88*9&C!<+'!:%&!A.':!9.AA.6!.0:*.6>!c.:!'/-0-*'*6;73C!:%&!
A+B.-*:3!.8!<.-=&-'!-&0.-:&)!*A0-.@&)!<.-=!0-.)/9:*@*:3!JbY\NC!*A0-.@&)!
5+7+69&!.8!<.-=!+6)!8+A*73!7*8&!JbV\NC!*A0-.@&)!B.5!'+:*'8+9:*.6!J[[\NC!;-&+:&-!
0&-'.6+7!%+00*6&''!JXb\NC!+6)!-&)/9&)!':-&''!+6)!5/-6./:!JY]\N!+'!:%&!:.0!
8*@&!&O0&9:&)!.-!0&-9&*@&)!5&6&8*:'!.8!87&O*57&!<.-=!+--+6;&A&6:'>!
^TA+-:!+6)!0-.;-&''*@&!.-;+6*E+:*.6'!+-./6)!:%&!<.-7)!%+@&!+7-&+)3!5&;/6!A+=*6;!:%&!6&9&''+-3!*6@&':A&6:'!:.!+)+0:!:.!:%&!&@.7/:*.6!.8!:%&!<.-=07+9&>_!
! ! ! ! ! !
`!#!$%&''!(&)*+!,-./0!
$
B)//8C)(8'.)1$!!2%&!9.6'/A&-*E+:*.6!.8!F2!+6)!:%&!*69.-0.-+:*.6!.8!'.9*+7!+6)!9.77+5.-+:*.6!
:&9%6.7.;*&'!*6!.-;+6*E+:*.6'!+-&!-&'%+0*6;!:%&!)36+A*9'!.8!<.-=>!a.<!<&!
9.AA/6*9+:&C!9.77+5.-+:&C!&6;+;&C!+6)!9-&+:&!.-;+6*E+:*.6+7!@+7/&!*'!
9%+6;*6;C!+6)!<.-=&-'!+-&!+:!:%&!8.-&8-.6:!.8!:%&!A.@&A&6:>!$.77+5.-+:*.6!
%+'!A.@&)!5&3.6)!:%&!%30&!+6)!%+'!5&9.A&!+!0.<&-8/7!<+3!:.!)-*@&!
5/'*6&''&'!8.-<+-)>!D8:&-!+77C!<.-=&-'!<+6:!+!<+3!:.!Q/*9=73!9.66&9:!<*:%!:%&!
0&.07&C!9.6:&6:C!+6)!-&'./-9&'!:%&3!6&&)!:.!;&:!:%&*-!<.-=!).6&>!2%&3!<+6:!
:.!9.AA/6*9+:&!+9-.''!*6:&-6+7!)&0+-:A&6:'C!.88*9&'C!+6)!;&.;-+0%*&'C!+'!<&77!
+'!<*:%!&O:&-6+7!0+-:6&-'!+6)!'/007*&-'C!<%&:%&-!:%&3!+-&!)&+7*6;!<*:%!+!'A+77!
:&+A!.8!:%-&&C!.-!+!7+-;&!:&+A!.8!).E&6'>!P.-:/6+:&73!8.-!A+63!<.-=&-'C!:%&*-!
5/'*6&''!7&+)&-'!+-&!+::/6&)!:.!:%&*-!6&&)'!+6)!+-&!6.:!.673!'+69:*.6*6;!5/:!
+7'.!0+-:*9*0+:*6;!*6!&6:&-0-*'&!9.77+5.-+:*.6!*6!+6!&88.-:!:.!)-*@&!5/'*6&''!
@+7/&!8.-<+-)>!F6!8+9:C!F?(S'!;7.5+7!$dL!':/)3C!()'!*$+#,-."/+-#0"$$)1%*"$2!J1V"1NC!-+6=&)!9.77+5.-+:*.6!+'!:%&!6/A5&-G.6&!:-+*:!:%+:!$dL'!+-&!'&&=*6;!*6!
6&<!&A07.3&&'>!F:!<&6:!.6!:.!'+3C!eZ&!6&&)!:.!A.5*7*E&!./-!;7.5+7!5-+*6!
0.<&-!8.-!*66.@+:*.6>e!2%&'&!+-&!'/00.-:*@&!+6)!A.:*@+:*6;!<.-)'!8.-!+!
<.-=8.-9&!:%+:!9./7)!6.:!+;-&&!A.-&>
!
+)(,#(7$8(#$"899./;$&7.12$7):.8/$810$:)//8C)(8'.)1$'))/7$810$"8>#$C##1$*)($7)3#$'.3#5!L@&-!:<.G:%*-)'!.8!<.-=&-'!
-&0.-:&)!/'*6;!'.A&!8.-A!.8!&6:&-0-*'&!9.77+5.-+:*.6!:&9%6.7.;3C!<*:%!WX\!%+@*6;!/'&)!:%&A!8.-!;-&+:&-!:%+6!:%-&&!
3&+-'>!D7A.':!W"\!-&0.-:&)!/'*6;!:%&A!8.-!.6&!+6)!+!%+78!3&+-'!:.!:%-&&!3&+-'>!D77!*6!+77C!X`\!.8!<.-=&-'!%+@&!5&&6!
/'*6;!9.77+5.-+:*.6!:&9%6.7.;*&'!8.-!+:!7&+':!.6&!+6)!+!%+78!3&+-'>!D!-&9&6:!-&0.-:!53!FM$!&':*A+:&'!:%+:!&6:&-0-*'&!
'.9*+7!'.8:<+-&!<*77!;-.<!8-.A!fbVV!A*77*.6!*6!1V""!:.!f`>Y!5*77*.6!53!1V"X>!,*@&6!:%*'!./:7..=C!.-;+6*E+:*.6'!:%+:!+-&!
6.:!3&:!.88&-*6;!:%&*-!<.-=&-'!:%&!:..7'!+6)!:&9%6.7.;*&'!:.!<.-=!A.-&!&88*9*&6:73!'%./7)!=6.<!:%+:!:%&*-!9.A0&:*:.-'!
%+@&!+7-&+)3!5&;/6!:.!&A5-+9&!07+:8.-A'!.8!9.77+5.-+:*.6>!2%*'!*'!&'0&9*+773!-&7&@+6:!9.6'*)&-*6;!:%+:C!53!1V1VC!%+78!
.8!:%&!<.-=8.-9&!*6!:%&!g>T>!<*77!5&!9.A0-*'&)!.8!(*77&66*+7'C!:%&!;&6&-+:*.6!+7'.!=6.<6!+'!,&6!KC!+6)!<*77!5&!A+)&!/0!
.8!)*;*:+7!6+:*@&'!<%.!/'&!:&9%6.7.;3!+'!+!6+:/-+7!0+-:!.8!:%&*-!9.AA/6*9+:*.6C!+6)!:.!9.66&9:!<*:%!.:%&-'>!
!!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
^$.77+5.-+:*.6!%+'!A.@&)!5&3.6)!:%&!%30&!+6)!%+'!5&9.A&!+!0.<&-8/7!<+3!:.!)-*@&!5/'*6&''!8.-<+-)>_!
! ! ! ! ! !
Y!#!$%&''!(&)*+!,-./0!
!
$
$
$
$
+)(,#(7$8(#$/#>#(82.12$)1/;$'"#$3)7'$C87.:$:898C./.'.#7$)*$#1'#(9(.7#D(#80;$
:)//8C)(8'.)1$'))/75!2%&!:.0!8*@&!/'&'!:%+:!<&-&!'&7&9:&)!53!<.-=&-'!A.-&!
:%+6!YV\!.8!:%&!:*A&!<&-&!;&6&-+7!9.AA/6*9+:*.6C!0&&-G:.G0&&-!
9.77+5.-+:*.6C!:.!+'=R+6'<&-!Q/&':*.6'C!'%+-&!+6)!-&:-*&@&!8*7&'C!+6)!*)&+!
;&6&-+:*.6!+6)!*66.@+:*.6>!2%*'!*'!6.:!'/-0-*'*6;C!;*@&6!:%+:!0&.07&!+-&!
+99/':.A&)!:.!/'*6;!9.6'/A&-!;-+)&!'.9*+7!:..7'!7*=&!P+9&5..=!+6)!2<*::&-C!
:<.!:&9%6.7.;*&'!<%.'&!0-*A+-3!9+0+5*7*:*&'!+-&!/0)+:&'C!"`V!<.-)!0.':'C!
'%+-*6;!0%.:.'!+6)!7*6='U07+:8.-A'!8.-!'*A07&!+6)!&88*9*&6:!9.AA/6*9+:*.6>!
?&9+/'&!:%*'!0-&9&)&6:!*'!+7-&+)3!*6!07+9&C!A.':!<.-=&-'!+-&!&+;&-!:.!&O0+6)!
:%&*-!=6.<7&);&!+6)!/'&!.8!9.77+5.-+:*.6!:..7'!
!
B)//8C)(8'.)1$9/8'*)(37$3&7'$C#$.1'#2(8'#0$4.'"$:)(#$7)*'48(#$899/.:8'.)17$
'"8'$4)(,#(7$&7#$.1$'"#.($08./;$4)(,5!$.6@&6*&69&!+6)!/:*7*:3!+-&!0+-+A./6:!
:.!*69-&+'*6;!/'&-!+).0:*.6>!D8:&-!5&*6;!+57&!:.!9.A07&:&!<.-=!A.-&!
&88*9*&6:73!+6)!0-.)/9:*@&73!JbV\NC!:%&!6&O:!;-&+:&':!A.:*@+:.-!.8!/'*6;!
9.77+5.-+:*.6!:&9%6.7.;*&'!*'!%+@*6;!+!'*6;7&G'*;6G.6!:.!+99&''!07+:8.-A'!
JY`\N>!$.6'.7*)+:*6;!:%&!+/:%&6:*9+:*.6!0-.9&''!.8!A/7:*07&!'&-@*9&'!*6:.!.6&!
':&0!'+@&'!:*A&!+6)!&88.-:C!-&)/9&'!F2!'/00.-:!9.':'!)/&!:.!8&<&-!9+77'!+5./:!
0+''<.-)'C!+6)!0-.@*)&'!9&6:-+7*E&)!-&0.-:*6;!8.-!9.A07*+69&!+)%&-&69&>!
!!
+)(,#(7$481'$')$,1)4$'"8'$'"#;$"8>#$8$0.(#:'$/.1,$')$'"#.($#=#:&'.>#$'#83$
810$7#1.)($38182#(7H$810$:81$:)33&1.:8'#$810$:)//8C)(8'#$4.'"$'"#35!
D8:&-!9.A07&:*6;!<.-=!A.-&!&88*9*&6:73!+6)!0-.)/9:*@&73!JbV\N!+6)!%+@*6;!+!
'*6;7&!'*;6G.6!:.!+99&''!07+:8.-A'C!:%&!6&O:!;-&+:&':!A.:*@+:.-'!<&-&!=6.<*6;!
:%+:!3./-!&O&9/:*@&!:&+A!7..='!+:!:%&!9.6:&6:!3./!'%+-&!+6)!*6:&-+9:'!<*:%!
3./!+5./:!*:!J`]\NC!+6)!'&&*6;!3./-!A+6+;&-'!/'&!:%&A!J`b\N>!2%&'&!+-&!
'*A07&!5/:!&88&9:*@&!<+3'!:.!A.:*@+:&!<.-=&-'!:.!/'&!'.9*+7!+6)!9.77+5.-+:*.6!
:&9%6.7.;*&'>!
!
?):.8/$810$:)//8C)(8'.)1$'))/7$&1#I&.>):8//;$.1:(#87#$'"#$#**#:'.>#1#77$)*$
")4$&7#(7$4)(,5!D6!.@&-<%&7A*6;!A+B.-*:3!.8!<.-=&-'!JbX\N!5&7*&@&!:%+:!
:%&3!<./7)!5&!7&''!&88&9:*@&!+:!<.-=!*8!:%&3!)*)!6.:!%+@&!+99&''!:.!'.9*+7!+6)!
9.77+5.-+:*.6!:&9%6.7.;*&'>!2%*'!*'!%+-)73!'/-0-*'*6;!;*@&6!:%&!9+0+5*7*:*&'!:%+:!
+7A.':!+77!'.8:<+-&!@&6).-'!+-&!.88&-*6;>!2%&'&!0-.;-+A'!+-&!)&'*;6&)!:.!
A+=&!*:!&+'3!:.!7.9+:&!0&.07&!+6)!9.6@&-'+:*.6'!*6'*)&!:%&!.-;+6*E+:*.6C!
-&)/9&!:%&!:*A&!-&Q/*-&)!:.!'&+-9%!8.-!*68.-A+:*.6!+6)!'/5B&9:GA+::&-!
&O0&-:*'&C!+6)!5-*6;!:.;&:%&-!+77!:%&!0&.07&C!9.6:&6:!+6)!.:%&-!*68.-A+:*.6!
6&&)&)!:.!;&:!:%&!B.5!).6&>!?/:!:%&!=&3!0.*6:!%&-&!*'!:%+:!*:4'!*A0.-:+6:!:.!
-&9.;6*E&!:%+:!5&7*&@*6;!:%+:!9.77+5.-+:*.6!:..7'!*69-&+'&'!0-.)/9:*@*:3!J+6)!
:%/'!:+=*6;!':&0'!:.!*6:&;-+:&!:%&A!<*:%[email protected]+7!'%.<!.8!'/00.-:N!*'!+!=&3!
9.A0.6&6:!*6!:..7!+).0:*.6!+6)!+!'*;6*8*9+6:!0-.0.6&6:!.8!9.A0+63G<*)&!
+).0:*.6>!
!
+)(,7")97H$>.0#)7$)1$0#3810H$810$J/&1:"$810$/#8(1J$7#3.18(7$8(#$'"#$3)7'$
9)9&/8($#0&:8'.)1$810$'(8.1.12$9()2(8375!Z*:%!+77!:%&!)*88&-&6:!<+3'!:%+:!
<.-=&-'!9+6!9.66&9:!:.!9.G<.-=&-'C!:%&!:%-&&!A&:%.)'!:%&3!<./7)!A.':!7*=&73!
0+-:*9*0+:&!*6!:.!7&+-6!+5./:!'.9*+7!+6)!9.77+5.-+:*.6!:..7'!+6)!%.<!:.!/'&!
:%&A!+-&H!<.-='%.0'!JX"\NC!@*)&.'!+6)!9.6:&6:!.6G)&A+6)!JYX\NC!+6)!7/69%!
+6)!7&+-6'!J`[\N>!!M&7*@&-*6;!7&+-6*6;!0-.;-+A'!@*+!A&:%.)'!:%+:!+00&+7!:.!
3./-!+/)*&69&!<*77!5&!A.-&!&88&9:*@&!*6!*68.-A*6;C!*6'0*-*6;C!+6)!9-&+:*6;!+!
<.-=07+9&!.8!9.AA/6*9+:*.6!+6)!9.77+5.-+:*.6>!
! ! ! ! ! !
X!#!$%&''!(&)*+!,-./0!
$
-(.12DE)&(DF41DG#>.:#$$$!!2%&!^5-*6;!3./-!.<6!)&@*9&_!J?KLMN!-&@.7/:*.6C!+!:-&6)!<%&-&!<.-=&-'!+-&!
*69-&+'*6;73!/'*6;!0&-'.6+7!)&@*9&'!:.!:-+6'8&-!)+:+!*6:.!+6)!./:!.8!:%&!
9.-0.-+:&!*68-+':-/9:/-&C!%+'!8./6)!*:'!<+3!*6:.!:%&!<.-=07+9&!<%&:%&-!
.-;+6*E+:*.6'!7*=&!*:!.-!6.:>!?KLM!*'!:%-*@*6;C!<.-=*6;!*6!:+6)&A!<*:%!
9.77+5.-+:*.6!:&9%6.7.;*&'!:.!'/00.-:!+!;-.<*6;!6/A5&-!.8!<.-=07+9&!
87&O*5*7*:3!+--+6;&A&6:'!8.-!A.5*7&!<.-=&-'>!F:S'!:*A&!8.-!5/'*6&''!7&+)&-'!:.!
7..=!+:!%.<!:%&3!9+6!<.-=!&88&9:*@&73!<*:%!:%*'!-&@.7/:*.6!+6)!0-.@*)&!<.-=&-'!
<*:%!+!9.A0-&%&6'*@&!9.A0+63G<*)&!?KLM!0.7*93!+6)!:-+*6*6;!0-.;-+A!:.!
A*:*;+:&!0/::*6;!9/':.A&-!+6)!9.A0+63!)+:+!+:!-*'=>!F:!A+3!9-&+:&!+))*:*.6+7!
<.-=!+6)!0-&''/-&!8.-!:%&!F2!)&0+-:A&6:!+:!:%&!./:'&:!.8!:%&!*6*:*+:*@&C!53!
%+@*6;!:.!A+6+;&!+6)!'/00.-:!A/7:*07&!)&@*9&'!+6)!'&9/-&!:%.'&!)&@*9&'!+6)!
:%&!.-;+6*E+:*.64'!)+:+C!5/:!*6!:%&!7.6;!-/6!*:!<*77!+9:/+773!+77&@*+:&!0-&''/-&!.6!
F2!+'!<.-=&-'!9.66&9:!:%&*-!.<6!A.5*7&!)&@*9&'!:.!:%&!6&:<.-=!<*:%./:!
+''*':+69&!8-.A!F2C!+6)!.5:+*6!0&&-G:.G0&&-!:&9%!'/00.-:>!Z*:%!7&''!:*A&!'0&6:!
.6!+)A*6*':-+:*.6!+6)!-&'0.6)*6;!:.!:-+)*:*.6+7!F2!'&-@*9&!+6)!'/00.-:!*''/&'C!
F2!<*77!%+@&!A.-&!:*A&!+6)!8*6+69*+7!-&'./-9&'!:.!8.9/'!.6!.:%&-!+-&+'C!'/9%!+'!
*A0-.@*6;!5/'*6&''!0&-8.-A+69&!+6)!'/00.-:*6;!+!;-.<*6;!6/A5&-!.8!A.5*7&!
<.-=&-'>!
!!
2%&!T+;&!T(?!3/.4)5#"$#6"7*8)#9)4*1)2!'%.<&)!:%+:C!*6!`]V!9.A0+6*&'!
'/-@&3&)C!:%&!)&@*9&!/'&)!*6!-&A.:&G+99&''!'*:/+:*.6'!<&-&H!'A+-:0%.6&'!
Jb"\NC!7+0:.0'!JbV\NC!+6)!:+57&:'!JY[\N>!L-;+6*E+:*.6'!+6)!:%&*-!F2!
)&0+-:A&6:'!'%./7)!%&&)!:%*'!8*6)*6;!+6)!&A5-+9&!:%*'!:-&6)>!2%&3!9+6!5&;*6!
0-&0+-*6;!8.-!+6!+;*7&!<.-=8.-9&!53!&6+57*6;!:%&A!:.!<.-=!/'*6;!+63!6/A5&-!
.8!0&-'.6+7!)&@*9&'>!2%*'!A/':C!.8!9./-'&C!5&!'/00.-:&)!53!0.7*9*&'!:%+:!0-.:&9:!
6.:!.673!9.A0+63!)+:+C!5/:!+7'.!<.-=&-!+6)!9/':.A&-!)+:+>!D'!':+:&)!+5.@&C!
:+=*6;!+!':-/9:/-&)!+00-.+9%!<*77!-&'/7:!*6!5*;!0-.)/9:*@*:3!;+*6'!+9-.''!:%&!
5.+-)!<%*7&!3*&7)*6;!&88*9*&69*&'!*6!F2!-&'./-9&!/:*7*E+:*.6!+6)!:*A&!
A+6+;&A&6:>!
!
!!
^?&;*6!0-&0+-*6;!8.-!+6!+;*7&!<.-=8.-9&!53!&6+57*6;!:%&A!:.!<.-=!/'*6;!+63!6/A5&-!.8!0&-'.6+7!)&@*9&'>_!
! ! ! ! ! !
[!#!$%&''!(&)*+!,-./0!
$
$
$
$
$
$
K5$-EFG$.7$"#(#H$810$.'J7$"#(#$')$7'8;5!g'*6;!0&-'.6+7!)&@*9&'!'/9%!+'!
'A+-:0%.6&'C!:+57&:'C!+6)!6.:&5..='!8.-!<.-=!*'!*69-&+'*6;73!5&9.A*6;!
9.AA.607+9&C!<*:%!.@&-!%+78!JY`\N!.8!<.-=&-'!-&0.-:*6;!:%+:!:%&*-!
.-;+6*E+:*.6!.88&-'!+!?KLM!0.7*93>!D'!A.5*7*:3!+6)!1`G%./-!+99&''*5*7*:3!
5&9.A&!*69-&+'*6;73!*A0.-:+6:!*6!5/'*6&''C!<.-=&-'!-&;/7+-73!/'&!:%&*-!.<6!
)&@*9&'!:.!9.66&9:!:.!:%&!9.-0.-+:&!6&:<.-=>!2%*'!^+7<+3'!.6C!+7<+3'!
9.66&9:&)_!':37&!.8!<.-=!*'!5&9.A*6;!+!':+6)+-)!<.-=07+9&!.88&-*6;!:%+:!
0-.;-&''*@&!9.A0+6*&'!+-&!*69-&+'*6;73!+).0:*6;C!+6)!?KLM!*'!+!0+-:!.8!:%+:>!
!!
L5$-EFG$.7$81$#18C/#($)*$4)(,9/8:#$:)//8C)(8'.)15!Z%&6!+'=&)C!<.-=&-'!
':+:&)!:%+:!+!?KLM!0.7*93!<./7)!A.:*@+:&!:%&A!JY[\N!:.!/'&!'.9*+7!+6)!
9.77+5.-+:*@&!:..7'>!2%*'!A+=&'!0&-8&9:!'&6'&!'*69&!<&!+-&!6&@&-!8+-!8-.A!./-!
0&-'.6+7!)&@*9&'!'/9%!+'!'A+-:0%.6&'!.-!:+57&:'>!Z*:%!'*A07&!9.68*;/-+:*.6'C!
&A07.3&&'!9+6!<.-=!@*-:/+773!+63<%&-&!+6)!.6G:%&G;.!<*:%!:%&*-!A.5*7&!
)&@*9&'C!+6)!-&'0.6)!:.!9.G<.-=&-'!<*:%!&+'&!+6)!9.6@&6*&69&>!
!
M5$-EFG$4.//$C#$8$,#;$0.**#(#1'.8')($')$8''(8:'$'"#$C#7'$)*$'"#$'8/#1'$9))/5$
Z%&6!07+66*6;!8.-!:%&!P/:/-&!.8!Z.-=C!.-;+6*E+:*.6'!'%./7)!+99&0:!:%+:!:%&!
(*77&66*+7!;&6&-+:*.6!&6:&-*6;!:.)+3S'!<.-=8.-9&!&O0&9:'!:.!/'&!:%&!)&@*9&'!
:%&3!8&&7!9.A8.-:+57&!<*:%!+6)!<%*9%!<*77!A+=&!:%&A!:%&!A.':!&88&9:*@&!+:!
<.-=>!TA+-:!.-;+6*E+:*.6'!:%+:!<+6:!:.!+::-+9:!+6)!-&:+*6!:%&!5&':!:+7&6:!
'%./7)!9.6'*)&-!:%*'>!F:!*'!.6&!<+3!+6!.-;+6*E+:*.6!9+6!A+=&!:%&*-!<.-=07+9&!
A.-&!+::-+9:*@&!*6!+6!*69-&+'*6;73!9.A0&:*:*@&!<+-!8.-!:+7&6:>!
! ! ! ! ! !
b!#!$%&''!(&)*+!,-./0!
$
%/#=.C/#$+)(,$N((812#3#1'7$!!F6!;&6&-+7C!:%&!)&8*6*:*.6!.8!:%&!<.-=07+9&!*'!9%+6;*6;!+6)!87&O*57&!<.-=!
+--+6;&A&6:!.0:*.6'!+-&!5&9.A*6;!A.-&!9.AA.607+9&C!<*:%!97&+-!5&6&8*:'>!
P.-!.-;+6*E+:*.6'C!87&O*57&!<.-=!9+6!%&70!:.!-&:+*6!<.-=&-'!+6)!+::-+9:!:%&!5&':!
:+7&6:!8-.A!+!<*)&-!:+7&6:!0..7I!<%*7&!<.-=&-'!9+6!5&::&-!5+7+69&!:%&*-!<.-=!
+6)!8+A*73!7*@&'>!P+A*73!+6)!7*8&':37&!)&A+6)'!%+@&!0-&9*0*:+:&)!:%&!6&&)!8.-!
<.-=&-'!:.!%+@&!:%&!+5*7*:3!:.!<.-=!)*88&-&6:!)+3'C!)*88&-&6:!%./-'!&+9%!)+3C!.-!
./:'*)&!.8!:%&!.88*9&>!2%&!*6:-.)/9:*.6!.8!9.77+5.-+:*.6!:..7'!+6)!:%&!;-.<*6;!
0.0/7+-*:3!.8!?KLM!%+'!&6+57&)!<.-=&-'!:.!*A0-.@&!:%&*-!7*@&'!53!0-.@*)*6;!+!
5&::&-!5+7+69&!5&:<&&6!<.-=!+6)!%.A&C!<*:%./:!9.A0-.A*'*6;!:%&*-!<.-=!
Q/+7*:3!.-!&88*9*&693>!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!!
$
$
$
$
$
%/#=.C/#$4)(,$8((812#3#1'7$8(#$1)$/)12#($'"#$#=:#9'.)1$C&'$'"#$(&/#5$P7&O*57&!
<.-=07+9&!0-+9:*9&'!+-&!<*)&'0-&+)!*6!.-;+6*E+:*.6'!+6)!+6!.@&-<%&7A*6;!
6/A5&-!.8!<.-=&-'!+-&!%+00*73!:+=*6;!+)@+6:+;&!.8!:%&A>!D'!)*'9/''&)!+5.@&C!
:%&!)&8*6*:*.6!.8!:%&!<.-=07+9&!*'!9%+6;*6;C!<*:%!b"\!.8!<.-=&-'!<.-=*6;!*6!
.-;+6*E+:*.6'!<%&-&!87&O*57&!<.-=!+--+6;&A&6:'!+-&!+@+*7+57&!:.!&A07.3&&'C!
+6)!b[\!.8!:%&'&!<.-=&-'!/'*6;!:%&!+--+6;&A&6:'>!2%&!A.':!9.AA.6!:30&!.8!
87&OG<.-=!+--+6;&A&6:!/'&)!*'!87&O07+9&!J[[\NC!<%*9%!&6+57&'!<.-=&-'!:.!<.-=!
./:'*)&!:%&!.88*9&C!+:!+6.:%&-!9.A0+63!.88*9&C!.-!+!%.A&!.88*9&>!P7&O07+9&!*'!
8.77.<&)!97.'&73!53!87&O:*A&!JX`\NC!<%*9%!+77.<'!<.-=&-'!:.!'%*8:!:%&!':+6)+-)!
<.-=)+3!:.!5&;*6!+6)!&6)!+:!:*A&'!:%+:!:%&!&A07.3&&!+6)!A+6+;&A&6:!8*6)!
+99&0:+57&>!D!@+-*+:*.6!.6!:%&!':+6)+-)!<.-=!<&&=!<%*9%!+77.<'!&A07.3&&'!:.!
9.A0-&''!<.-=!*6:.!8&<&-!5/:!7.6;&-!)+3'!J.-!':-&:9%*6;!<.-=!+9-.''!A.-&!5/:!
'%.-:&-!)+3'N!<+'!:%&!:%*-)!A.':!9.AA.673!/'&)!+--+6;&A&6:!J1`\N>!!!
!
! ! ! ! ! !
]!#!$%&''!(&)*+!,-./0!
$
$
$
$
$
F(281.O8'.)17$7")&/0$38(,#'$'"#.($4)(,9/8:#$8((812#3#1'7$')$8''(8:'$1#4$
'8/#1'5$D7A.':!+77!<.-=&-'!J]V\N!5&7*&@&!:%+:!+6!.-;+6*E+:*.6!:%+:!.88&-'!
87&O*57&!<.-=!+--+6;&A&6:'!*'!A.-&!+::-+9:*@&!:.!0-.'0&9:*@&!%*-&'!:%+6!+6!
.-;+6*E+:*.6!:%+:!).&'!6.:C!'.!*:!*'!97&+-!:%+:!87&O*57&!<.-=!+--+6;&A&6:'!9+6!
5&!+!9.A0&:*:*@&!+)@+6:+;&!8.-!-&9-/*:*6;!.-;+6*E+:*.6'>!Z.-=&-'!<*77!8*-':!
0/-'/&!&A07.3A&6:!.00.-:/6*:*&'!<*:%!.-;+6*E+:*.6'!:%+:!<*77!+77.<!:%&A!:.!
+9%*&@&!+!5+7+69&!5&:<&&6!<.-=!+6)!0&-'.6+7!0/-'/*:'C!5&8.-&!:%.'&!
.-;+6*E+:*.6'!:%+:!).!6.:!.88&-!:%&!'+A&!87&O*5*7*:3>!D6)!+'!A.-&!+6)!A.-&!
5/'*6&''&'!'&&=!:.!A&&:!:%&'&!)&A+6)'C!*:!<*77!5&!+6!*69-&+'*6;73!9.AA.6!
'*:/+:*.6!:%+:!:%&!5/'*6&''!<%*9%!5&::&-!A&&:'!:%&A!<*6'!./:!*6!:%&!'&+-9%!8.-!
:+7&6:>$
$$
!"#$4)(,9/8:#$"87$1)4$C#:)3#$8$>#".:/#$*)($1)'$)1/;$9()*#77.)18/$7&::#77$
C&'$9#(7)18/$2(8'.*.:8'.)15$Z.-=&-'C!5.:%!A+7&!+6)!8&A+7&C!%+@&!:-+)*:*.6+773!
'+9-*8*9&)!:%&*-!0&-'.6+7!7*@&'!:.!-&+9%!;.+7'!*6!:%&*-!0-.8&''*.6+7!7*@&'>!2%+:!*'!
9%+6;*6;C!+6)!<.-=&-'!6.<!5&7*&@&!:%+:!:%&3!9+6!+9%*&@&!5.:%!0-.8&''*.6+7!
'/99&''!+6)!0&-'.6+7!%+00*6&''!%-."/+-!:%&*-!<.-=>!?&3.6)!*A0-.@&)!<.-=!
0-.)/9:*@*:3!+6)!&88*9*&693C!:%&!+@+*7+5*7*:3!.8!87&O*57&!<.-=!+--+6;&A&6:'!
&6+57&'!.-;+6*E+:*.6'!:.!+9%*&@&!+!5+7+69&!.8!<.-=!+6)!%.A&!7*8&C!*6!:%&!
0-.9&''!-&)/9*6;!':-&''!+6)!)&&0&6*6;!:%&!<.-=&-S'!9.AA*:A&6:!:.!:%&*-!B.5>!
(+6+;&A&6:!9+6!.88&-!:%&*-!&A07.3&&'!:%&!87&O*5*7*:3!:.!9%..'&!<%&-&!+6)!
<%&6!:%&3!<.-=!<*:%./:!9.A0-.A*'*6;!:%&!5/'*6&''!6&&)'!.8!:%&!
.-;+6*E+:*.6>!2%&!-&'/7:'!*697/)&!*69-&+'&)!<.-=&-!0-.)/9:*@*:3!+6)!&88*9*&693C!
*69-&+'&)!<.-=&-!%+00*6&''C!+6)!*A0-.@&)!.-;+6*E+:*.6+7!9/7:/-&!+6)!A.-+7&>$
! ! ! ! ! !
"V!#!$%&''!(&)*+!,-./0!
$
F&($@#;$6#:)33#108'.)17$!!2%&!9.6'/A&-*E+:*.6!.8!F2!+6)!:%&!;-.<*6;!A.@&A&6:!.8!87&O*57&!<.-=!+--+6;&A&6:'!%+@&!5&;/6!:.!).A*6+:&!:%&!
5/'*6&''!<.-7)!+6)!9%+6;&!:%&!<+3!0&.07&!).!5/'*6&''>!L-;+6*E+:*.6'!:%+:!%+@&!$"%!5&;/6!:%&!0-.9&''!.8!9-&+:*6;!87&O*5*7*:3!*6!%.<C!<%&6C!+6)!<%&-&!&A07.3&&'!<.-=!6&&)!:.!)&+7!<*:%!:%&!*''/&C!*6!.-)&-!:.!&6'/-&!:%+:!:%&3!9.6:*6/&!
:.!+::-+9:C!-&:+*6C!+6)!*6'0*-&!:%&!5&':!<.-=&-'>!M&7*@&-*6;!87&O*57&!<.-=!+--+6;&A&6:'!'/00.-:&)!53!9.77+5.-+:*.6!
:&9%6.7.;*&'!+6)!?KLM!0.7*9*&'!<*77!9-&+:&!:%&!8./6)+:*.6!8.-!:%&!P/:/-&!.8!Z.-=!+6)!+77.<!+!9.A0+63!:.!-&A+*6!
9.A0&:*:*@&>!!
!!
2%&-&!+-&!8&<!'*A07&!:%*6;'!:%+:!5/'*6&''!7&+)&-'!+6)!)&9*'*.6!A+=&-'!9+6!).!:.!0-&0+-&!:%&*-!.-;+6*E+:*.6'!8.-!:%&!
P/:/-&!.8!Z.-=H!
!
B)//8C)(8'.)1$P1.'.8'.>#7$
!!K5$!"#$#=#:&'.>#$'#83$3&7'$8:'$87$()/#$3)0#/75$h.7&!A.)&7*6;!.8!+77!)&'*-+57&!5&%+@*.-'!53!7&+)&-'!*'!+!;..)!:%*6;>!
dO&A07*83*6;!:%&!5&%+@*.-'!:%&3!<+6:!<.-=&-'!:.!%+@&!<*77!&69./-+;&!<.-=&-'!:.!&A/7+:&!:%&'&!5&%+@*.-'>!(.-&!
*A0.-:+6:73C!:%&!&O&9/:*@&!:&+A!<*77!9-&+:&!+6)!5/*7)!:-/':!+A.6;':!<.-=&-'C!'.!*:4'!&''&6:*+7!:.!5&!9.A8.-:+57&!<*:%!
:%&!9%+6;&'!*6!%+5*:'!:%+:!<*77!5&!-&Q/*-&)>!
!!
L5$!8,#$8$:)39(#"#17.>#$>.#4$)*$")4$9#)9/#$4)(,$810$C&./0$8$0##9$&10#(7'810.12$)*$'"#.($:)//8C)(8'.)1$7)*'48(#$
(#I&.(#3#1'75$2.!8/-:%&-!&6+57&!<.-=&-'!:.!9.6)/9:!:%&*-!<.-=!<*:%!+'!A/9%!&+'&!+'!0.''*57&C!.-;+6*E+:*.6'!'%./7)!
7..=!:.!&6'/-&!:%+:!&6:&-0-*'&!'.8:<+-&!9.77+5.-+:*.6!*'!*6:&;-+:&)!:%-./;%./:!@+-*./'!+007*9+:*.6'C!:%&-&53!)-*@*6;!
<.-=&-!+).0:*.6!+6)!5/'*6&''!@+7/&>!
!!
M5$Q&(7&#$7.12/#$7.21D)1$:898C./.'.#75$i&-A*::*6;!+!/'&-!:.!7.;!*6!.69&!+6)!;+*6!+99&''!:.!:%&!-&'./-9&'!.8!A/7:*07&!
'.8:<+-&!+007*9+:*.6'C!<*:%./:!5&*6;!0-.A0:&)!:.!7.;!*6!+;+*6C!%+'!A+63!5&6&8*:'>!?&6&8*:'!*697/)&!-&)/9*6;!0+''<.-)!
8+:*;/&!8-.A!)*88&-&6:!/'&-!6+A&!+6)!0+''<.-)!9.A5*6+:*.6'C!-&)/9&)!:*A&!'0&6:!-&G&6:&-*6;!0+''<.-)'!8.-!:%&!
'+A&!*)&6:*:3C!+77.<*6;!/'&-'!:.!A.@&!5&:<&&6!'&-@*9&'!Q/*9=73!+6)!'&9/-&73C!+6)!-&)/9&)!F2!'/00.-:!9.':'!)/&!:.!
8&<&-!%&70!)&'=!9+77'!:.!-&:-*&@&!0+''<.-)'>!!L-;+6*E+:*.6'!'%./7)!+7'.!0&-A*:!'*6;7&!'*;6G.88!9+0+5*7*:*&'C!<%&-&53!+!
'*6;7&!+9:*.6!.8!'*;6*6;!./:!:&-A*6+:&'!;-./0!+99&''!:.!:%&!'+A&!'.8:<+-&!+007*9+:*.6'C!:%&-&53!-&)/9*6;!:%&!
.-;+6*E+:*.64'!-*'=!.8!'&9/-*:3!5-&+9%&'!<%&6!<.-=&-'!).!6.:!'+8&73!7.;!.88!+007*9+:*.6'>!!
!!
-EFG$P1.'.8'.>#7$
!!K5$-#$:/#8($)1$4".:"$0#>.:#7$:81$C#$&7#05$2%*'!A&+6'!9-&+:*6;!+!7*':!.8!+/:%.-*E&)!)&@*9&'!+6)!7&::*6;!3./-!<.-=&-'!
=6.<!<%*9%!)&@*9&'!3./-!.-;+6*E+:*.6!<*77!'/00.-:>!L6&!;..)!<+3!.8!).*6;!:%*'!*'!:.!.88&-!<.-=&-'!:%&!+5*7*:3!:.!
9%..'&!8-.A!+!A&6/!.8!)&@*9&'!:%+:!+-&!+/:%.-*E&)!+6)!'/00.-:&)!53!:%&!.-;+6*E+:*.6>!2%*'!<*77!&6+57&!:%&A!:.!'&7&9:!
.6&'!:%&3!+-&!A.':!9.A8.-:+57&!<*:%!/'*6;!<%*7&!':*77!+77.<*6;!F2!)&0+-:A&6:'!:.!0-.@*)&!:%&!A.':!'/00.-:>!2%*'!
'&9/-&'!+6)!A+6+;&'!9.-0.-+:&!)+:+!8/69:*.6'!.6!0&-'.6+7!)&@*9&'!+6)!<*77!-&'/7:!*6!;-&+:&-!<.-=&-!+).0:*.6!+6)!
;-&+:&-!9.':!'+@*6;'!8.-!:%&!.-;+6*E+:*.6>!
$$
L5$B)//8C)(8'.>#/;$:(#8'#$8$-EFG$9)/.:;5$D!?KLM!0.7*93!*'!:%&!9.-6&-':.6&!.8!+!'/99&''8/7!?KLM!0-.;-+A>!F:!97&+-73!
7+3'!./:!:%&!.-;+6*E+:*.6S'!+00-.@+7!8.-!/'*6;!0&-'.6+7!)&@*9&'!+:!<.-=C!'&9/-*6;!&6:&-0-*'&!9.66&9:*@*:3!<%*7&!
0-.@*)*6;!<.-=&-'!<*:%!:%&!'/00.-:!:%&3!6&&)!+6)!:%&!8-&&).A!:%&3!<+6:!:.!/'&!:%&'&!)&@*9&'>!D!'/99&''8/7!0.7*93!
<*77!6.:!-&73!'.7&73!.6!:%&!F2!)&0+-:A&6:!:.!9-&+:&!*:C!5/:!<*77!*697/)&!9.77+5.-+:*.6!+A.6;':!A+63!*6:&-6+7!
)&0+-:A&6:'C!'/9%!+'!:%&!&O&9/:*@&!:&+AC!ahC!7&;+7C!+6)!8*6+69&>!2.;&:%&-C!:%&'&!;-./0'!9+6!0-&0+-&!8.-!0.:&6:*+7!
-*'='C!5/);&:!8.-!+63!6&9&''+-3!+))*:*.6+7!'&9/-*:3!A&+'/-&'C!+6)!A+6+;&!:%&!0-.;-+A!)+3G:.G)+3>!
$$
!
! ! ! ! ! !
""!#!$%&''!(&)*+!,-./0!
!
$
$
$
M5$B)33&1.:8'#$810$#1*)(:#$;)&($-EFG$9)/.:;5$?KLM!<.-='!5&':!<%&6!<.-=&-'!+-&!=&0:!*68.-A&)!.8!:%&!
.-;+6*E+:*.6S'!&O0&9:+:*.6'!8.-!0+-:*9*0+:*.6!+6)!+99&0:+57&!/'&'>!F:S'!9-*:*9+7!:%+:!+77!<.-=&-'!<%.!0+-:*9*0+:&!*6!+!
?KLM!0-.;-+A!'*;6!+6!+;-&&A&6:!:.!8.77.<!:%&!?KLM!0.7*93!+6)!97&+-73!/6)&-':+6)!:%&!9.6'&Q/&69&'!.8!A*'/'&!.-!
@*.7+:*.6>!Z.-=&-'!'%./7)!+7'.!5&!&)/9+:&)!+6)!:-+*6&)!.6!%.<!:.!0-.0&-73!/'&!:%&*-!0&-'.6+7!)&@*9&'!8.-!<.-=C!+6)!
*68.-A&)!+5./:!:%&!-*'='!.8!7.'*6;!@+7/+57&!9.A0+63!)+:+>!j&&0*6;!<.-=&-'!*68.-A&)!.6!<%+:!:%&!0.7*9*&'!+6)!
0-.;-+A'!+-&!+6)!<%3!:%&3!+-&!6&9&''+-3!*'!*6':-/A&6:+7!8.-!+!?KLM!0.7*93!:.!'/99&&)>!
!
%/#=.C/#$+)(,$N((812#3#1'7$
!!K5$Q()>.0#$4)(,#(7H$:&((#1'$810$*&'&(#H$4.'"$'"#$*/#=.C./.';$')$0)$'"#.($R)C7$'"#$C#7'$48;7$'"#;$:815$2%*'!A&+6'!;*@*6;!
:%&A!:%&!8-&&).A!:.!<.-=!%.<C!<%&6C!+6)!<%&-&!:%&3!6&&)!:.>!,*@*6;!+!<.-=&-!*69-&+'&)!9.6:-.7!.@&-!%.<!:%&3!;&:!
:%&*-!<.-=!).6&!J+6)!:-/':*6;!:%+:!:%*'!<*77!5&6&8*:!:%&!.-;+6*E+:*.6N!<*77!%&70!-&:+*6!@+7/&)!<.-=&-'!<%.!%+@&!.:%&-!
7*8&!9.AA*:A&6:'!+6)!-&'0.6'*5*7*:*&'C!A+=&!A.-&!&88*9*&6:!/'&!.8!9.A0+63!8+9*7*:*&'!+6)!&Q/*0A&6:C!-&)/9&!
+5'&6:&&*'A!.-!7+:&6&''!)/&!:.!9.AA/:*6;!:.!+6)!8-.A!<.-=C!+6)!*A0-.@&!+!<.-=&-S'!.@&-+77!5+7+69&!5&:<&&6!%.A&!
+6)!<.-=U<%*9%!+7'.!*69-&+'&'!0-.)/9:*@*:3C!&88&9:*@&6&''C!+6)!.@&-+77!<.-=&-!%+00*6&''>!
$$
L5$Q()>.0#$4)(,#(7H$:&((#1'$810$*&'&(#H$4.'"$'"#$:)//8C)(8'.)1$'))/7$810$'#:"1)/)2.#7$'"#;$1##0$')$:)10&:'$'"#.($
4)(,H$81;4"#(#H$81;'.3#H$810$*()3$81;$0#>.:#5$Z.-=&-'!8+9&!*69-&+'*6;73!)&A+6)*6;!%.A&!7*@&'C!<*:%!/6)&-G+;&)!
9%*7)-&6!+6)!+;*6;!0+-&6:'!<%.!-&Q/*-&!9+-&>!?&9+/'&!.8!:%*'C!<.-=&-'!6&&)!A.-&!'/00.-:!:%+6!&@&-C!+6)!A+63!<*77!
%+@&!+!)&'*-&!:.!<.-=!6.6G:-+)*:*.6+7!<.-=!%./-'>!D77.<*6;!:%&A!:.!%+@&!+!@*-:/+7!0-&'&69&!<*77!*A0-.@&!:%&*-!5+7+69&!
.8!<.-=!+6)!7*8&C!*A0-.@&!:%&*-!B.5!'+:*'8+9:*.6C!+6)!9-&+:&!;-&+:&-!0&-'.6+7!%+00*6&''>!D'!+!-&'/7:C!9.A0+6*&'!<*77!'&&!
*A0-.@&)!<.-=!0-.)/9:*@*:3!+6)!&88*9*&693>!
$$
M5$Q&'$9)/.:.#7$.1$9/8:#$')$8//)4$'"#$&7#$)*$*/#=.C/#$4)(,$8((812#3#1'7$4"./#$38182.12$810$38.1'8.1.12$'"#$*/)4$)*$
C&7.1#775$2.!+9%*&@&!:%*'C!.-;+6*E+:*.6'!6&&)!:.!)&@&7.0!97&+-!+6)!&88&9:*@&!a/A+6!h&'./-9&'!0.7*9*&'C!*697/)*6;!:%&!
0&-A*::&)!%./-'!.8!<.-=>!2%*'!*697/)&'!-&Q/*-*6;!<.-=&-'!:.!=&&0!:-+9=!.8!%./-'!<.-=&)!+6)!5&*6;!97&+-!.6!%.<!
<.-=&-'!'%./7)!:-+9=!:%&*-!%./-'>!!Z.-=&-'!+6)!:%&*-!A+6+;&-'!A/':!&6'/-&!.0&-+:*.6+7!-&Q/*-&A&6:'!+-&!A&:!+6)!
:%+:!0-.)/9:*@*:3!+6)!&88*9*&693!+-&!6.:!6&;+:*@&73!*A0+9:&)>!!
!
!!
!
! ! ! ! ! !
"1!#!$%&''!(&)*+!,-./0!
$
A)4$F&($6#7#8(:"$+87$B)10&:'#0$!!2%*'!;7.5+7!.67*6&!'/-@&3!<+'!9.6)/9:&)!53!$%&''!(&)*+!,-./0C!+!
A+6+;&A&6:!+)@*'.-3C!9.6'/7:*6;C!+6)!+6+73':!8*-A>!F:!'/-@&3&)!XVY!<.-=&-'!
<%.!/'&!&6:&-0-*'&!9.77+5.-+:*.6!:&9%6.7.;*&'!*6!:%&!<.-=07+9&>!2%&!8*&7)<.-=!
<+'!9.6)/9:&)!5&:<&&6!D0-*7!1]!+6)!(+3!W"C!1V"W>!
S#='$?'#97$810$%&('"#($6#7#8(:"$!!2.!%&70!.-;+6*E+:*.6'!7&@&-+;&!:%*'!-&'&+-9%C!8.-:%9.A*6;!<%*:&!0+0&-'C!
<&5*6+-'C!+6)!'0&+=*6;!&6;+;&A&6:'!<*77!0-.@*)&!+!)&:+*7&)!7..=!+:!:%&!P/:/-&!
.8!Z.-=!+'!*:!-&7+:&'!:.!9.77+5.-+:*.6!:&9%6.7.;*&'C!?KLMC!+6)!87&O*57&!<.-=!
+--+6;&A&6:'>!2%&!*6:&6:!*'!:.!0-.@*)&!8/-:%&-!)*-&9:*.6!.6!%.<!.-;+6*E+:*.6'!
;7.5+773!9+6!7&@&-+;&!:%&!P/:/-&!.8!Z.-=!:-&6)'!:.!+9%*&@&!A&+'/-&+57&!
5&6&8*:'>!!
N&'")(7$!B"#77$T#0.8$U()&9!*'!+!A+6+;&A&6:!9.6'/7:*6;!+6)!':-+:&;*9!+)@*'.-3!8*-A!
0-.@*)*6;!5/'*6&''!':-+:&;3C!0-.;-+A!)&'*;6C!+6)!*A07&A&6:+:*.6!'&-@*9&'!:.!
.-;+6*E+:*.6'!.6!&A07.3&&!+6)!0+-:6&-!9.77+5.-+:*.6C!+6)!:%&!P/:/-&!.8!Z.-=>!
!
B)11.#$B"81!*'!:%&!0-*69*0+7!+6)!9.G8./6)&-!.8!$%&''!(&)*+!,-./0>!T%&!7&+)'!
:%&!5/'*6&''!.0&-+:*.6'!.@&-'&&*6;!+77!':-+:&;*9!*6*:*+:*@&'!8-.A!&6)G:.G&6)>!
a&-!)+3G:.G)+3!-.7&!*[email protected]@&'!+)@*'*6;!97*&6:'!.6!&6:&-0-*'&!9.77+5.-+:*.6!+6)!
P/:/-&!.8!Z.-=C!+6)!%.<!:.!+)+0:!:.!9%+6;&'!*6!5&%+@*.-'!+6)!:&9%6.7.;3>!
P*6)!$.66*&!.6!2<*::&-H!k9.66*&9%+6b!
!
V8:)C$T)(281!*'!:%&!0-*69*0+7!+6)!9.G8./6)&-!.8!$%&''!(&)*+!,-./0!+6)!
+/:%.-!.8!:%&!DA+E.6!5&':G'&77*6;!5..=C!,-)#0"88'7".'%*4)#:.+'$*;'%*"$C!:%&!8*-':!9.A0-&%&6'*@&!':-+:&;3!;/*)&!.6!&A&-;&6:!9.77+5.-+:*.6C!+6)!:%&!P/:/-&!
.8!Z.-=>!a&!57.;'!+:!<<<>'.9*+75/'*6&''+)@*'.->9.A!+6)!%+'!+!-&;/7+-!P.-5&'!
9.7/A6!<%&-&!%&!<-*:&'!+5./:!:%&!P/:/-&!.8!Z.-=>!!P*6)!l+9.5!.6!2<*::&-H!
kl+9.5(!!
B)1'(.C&')(7$!!V)"811#7$Q*#.**#(!*'!+!;-+)/+:&!':/)&6:!*6!9.-0.-+:&!A+6+;&A&6:!+6)!
&9.6.A*9'!+:!:%&!m&00&7*6!g6*@&-'*:3!*6!,&-A+63!<*:%!+!5+9=;-./6)!*6!
9-&+:*@&!*6)/':-*&'>!a&!8.77.<'!+!A/7:*G)*'9*07*6+-3!+00-.+9%!.8!5-*);*6;!
&9.6.A*9'C!9/7:/-&C!+6)!0.7*:*9'>!a*'!-&'&+-9%!+6)!<.-=!8.9/'&'!.6!:%&!'.9*+7!
5/'*6&''!9%+77&6;&'!8+9*6;!.-;+6*E+:*.6'>!P*6)!l.%+66&'!.6!2<*::&-H!
kB.n08&*88&-!!!
! ! ! ! ! !
"W!#!$%&''!(&)*+!,-./0!
!
$
T#0.8$?9)17)(7$!
$
$
$
$
$
!
BT?+.(#5:)3!*'!+!0.0/7+-!<&5!A+;+E*6&!0/57*'%&)!53!T*A07&-!(&)*+!,-./0C!
F69>!P./6)&)!*6!1VVWC!*:!0/57*'%&'!)+*73!6&<'C!+6+73'*'C!*6:&-@*&<'!+6)!5&':!
0-+9:*9&'!8.9/'&)!.6!$/':.A&-!dO0&-*&69&!(+6+;&A&6:C!M*;*:+7!(+-=&:*6;C!
T.9*+7!?/'*6&''!+6)!d6:&-0-*'&!F68.-A+:*.6!(+6+;&A&6:>!
!
<<<>9A'<*-&>9.A!
!
!
$
$
$
$
!
B&7')3#(!".1,!*'!+!;7.5+7!.67*6&!9.AA/6*:3!.8!5/'*6&''!7&+)&-'!':-*@*6;!:.!
9-&+:&!0-.8*:+57&!9/':.A&-G9&6:-*9!&6:&-0-*'&'>!d+9%!A.6:%C!:%&!'*:&!-&+9%&'!
.@&-!1VVCVVV!'/5'9-*5&-'!+6)!@*'*:.-'!8-.A!1VV!9./6:-*&'!@*+!&A+*7C!hTTC!
o*6=&)F6!+6)!2<*::&->!$/':.A&-2%*6=!9/--&6:73!'&-@&'!.@&-!bVCVVV!@*'*:.-'!0&-!
A.6:%>!L/-!A+*6!+-&+'!.8!9.@&-+;&!+-&!$/':.A&-!h&7+:*.6'%*0!(+6+;&A&6:C!
$/':.A&-!dO0&-*&69&!(+6+;&A&6:!+6)!T.9*+7!?/'*6&''>!2%*'!*'!:%&!07+9&!:.!
7&+-6!+5./:!&@&-3!8+9&:!.8!9/':.A&-G9&6:-*9!5/'*6&''!A+6+;&A&6:!*6!+-:*97&'C!
57.;'C!*6:&-@*&<'C!+6)!6&<'>!
!
<<<>9/':.A&-:%*6=>9.A!
!
!
!
Content Creation, Collaboration and Knowledge Sharing for TeamsThe modern business environment is chaos.
Working with many people on different teams in many different places is just plain
hard. Teams need a single source of truth to follow the plot and create, share, and
Confluence connects teams with the content, knowledge, and co-workers they need to get work done, faster. Crowdsource meeting notes, share files, define product requirements, and make decisions – all in one place.
Confluence highlights:
• Team spaces • Rich content editing • File sharing • Threaded discussions • Task management • Hundreds of add-ons Learn more about Confluence:
atlassian.com/confluence
@confluence
Underwritten in part by
From the makers of