)+( &)&&" (+),,&$(%$("
-.$ ,)(-+ -' (-')&$-2!)+
*+)"+ ,,$/ )+( & -,$
E;I<8J1?FIJIL;
!<G8IKD<EKF=,G?K?8CDFCF>P,JCF2E@M<IJ@KP%FJG@K8C
8E;
#8:LCKPF=*<;@:@E<2E@M<IJ@KPF=,JCF
-?!K?<J@J
©$QGUHDV7KRUVUXG, 2019
Series of dissertations submitted to the Faculty of Medicine, University of Oslo
ISBN 978-82-8377-
All rights reserved. No part of this publication may be
reproduced or transmitted, in any form or by any means, without permission.
Cover: Hanne Baadsgaard Utigard.
Print production: Reprosentralen, University of Oslo.
(' +
)' -
*' .
3
3
3
3
+' #!$# /
)#& ! -
)#'!"" &(
)#( &)
)#)"" &+
)#*$ &,
)#+ '%
0)2)- ' %&! .-
0)2)."! .0
)#, "! '+
0)3)- +# .2
0)3).!+#(! % .2
)#- ',
,' "##"" )/
-' #!#" )0
+#&$ (%
+#' (%
.' $!&!"$#" *)
/.
//
/0
/1
/' "$"" *-
-#& (+
-#' )%
4).)-"* 0,
4).). *! 0.
4).)/ " ! " # %$%%
%! 0/
4).)0 ! " # %$%%
%!$ ! 02
4).)1 % 1,
0'$"$#$! !" #%" ,)
.#& *'
.#' *(
$ #" ,-
!" ,0
92
1?<NFIB@EK?@JK?<J@JN8J:8II@<;FLK8KK?<!<G8IKD<EKF=,G?K?8CDFCF>P8E;K?<
<EKI<=FI"P</<J<8I:?8K,JCF2E@M<IJ@KP%FJG@K8C@EK?<P<8IJY&?8M<
9<<E=@E8E:@8CCPJLGGFIK<;9P,JCF2E@M<IJ@KP%FJG@K8CK?<2E@M<IJ@KPF=,JCF8E;9P
&E><I%FCDJ*@EE<=FE;
&?8M<9<<E=FIKLE8K<KF?8M<-IF=<JJFI)@M!IFCJLD8JDPGI@D8IPJLG<IM@JFI4@K?
?<IN@;<I8E>@E>BEFNC<;><8E;>I<8K:FDD@KD<EKKFI<J<8I:?J?<?8J<E:FLI8><;D<
KFG<I=FIDJ:@<EK@=@:NFIB0?<?8J8CN8PJ9<C@<M<;K?8KDPHL<JK@FEJ89FLK;@==<I<EK 8JG<:KJ F= 5) N<I< @EK<I<JK@E> =FI FK?<IJ 1F :FEKI@9LK< KF BEFNC<;>< J?8I@E> 9P J:@<EK@=@:GL9C@:8K@FEJ?8J9<<EM<IPD<8E@E>=LC)@M\J<E:FLI8>@E>8KK@KL;<?<CG<;D<
K?FIFL>? K?< CFE> GIF:<JJ =IFD ;<=@E@E> K?< ?PGFK?<J<J ;<J@>E@E> 8E; I<8C@Q@E> K?<
JKL;@<J8E;FEN8I;KFK?<GL9C@:8K@FEGIF:<JJ0?<?8J8CN8PJ9<<E8M8@C89C<KF8EJN<I HL<JK@FEJ8E;F==<I>FF;8;M@:<&8DI<8CCPK?8EB=LC=FI?<IG8K@<E:<8E;JLGGFIK8E;
=FI>@M@E>D<K?<FGGFIKLE@KP8E;I<JGFEJ@9@C@KPKF:FE;L:KK?@JGIFA<:K
&NFLC;8CJFC@B<KFK?8EBDP:FJLG<IM@JFIJ'FE(CFBB0C<KK<;8C8CJF8>FF;:FCC<8>L<
?8JGIFM@;<;?<CG=LC=<<;98:B8E;M8CL89C<JLG<IM@J@FE&E><I@;4<LD9I8?8DJ<E N?F@J8CJFDPN@=<?8J9<<ECFFB@E>8KK?<GIFA<:K=IFDFLKJ@;<K?<FG?K?8CDFCF>@:
<EM@IFED<EK8E;?8JGIFM@;<;LJ<=LC=<<;98:B0?<?8J9<<E<JG<:@8CCP?<CG=LC@EK?<
NI@K@E>GIF:<JJ8E;JLGGFIK@M<;LI@E>DPG<I@F;JF=JKIL>>C<
&8DM<IP>I8K<=LCKFDP:F8LK?FIJAXIE+@:FC8@JJ<E$LE?@C;#8CC<K?08E;M@BEE<
*8I@<%8><D8E;*8I@8EE</S<E1?<GIF:<JJN?<I<K?<D8ELJ:I@GKK8B<J=FID98J<;
FEFLI;@J:LJJ@FEJ8E;8CCPFLIJL>><JK@FEJ=IFDPFL?8JKILCP@DGIFM<;K?<I<JLCK JG<:@8CK?8EBJKFAXIE=FI8E<EK?LJ@8JK@:@EKIF;L:K@FEKFC89FI8KFIPI<J<8I:?
#LIK?<IDFI<&N@J?KFK?8EB"JG<E8BB<=FI@EKIF;L:@E>D<;KF:FIE<8C:IFJJC@EB@E>
8E; "C@ $LCC@BJ<E 8E; (I@JK@8E< %8L> =FI <O:<CC<EK K<:?E@:8C C89FI8KFIP JLGGFIK /<J<8I:?FGKFD<KI@JKJ)FKK<$LI@F>=A<CCDF0K<E1FE<<8K<I<M@B8E;"C@J<!<<J
(I<BC@E>?8M<GIFM@;<;<O:<CC<EKK<:?E@:8CJLGGFIK@EK?<=FCCFNLGF=K?<G8K@<EKJ@E K?< :C@E@:8C JKL;@<J )<@M 08E;M@B 8E; 8K?I@E< ILE9FI> ?8M< GIFM@;<; @EM8CL89C<
JK8K@JK@:8CJLGGFIK&8D8CJF>I8K<=LCKF'8D<J"@;<*8:G?<IJFE8E;,C8M(I@JK@8EJCLE;
=FII<8;@E>;@==<I<EKD8ELJ:I@GKJ8E;GIFM@;@E>M<IPLJ<=LC:FDD<EKJ&K?8J9<<E8 GC<8JLI<NFIB@E>N@K?PFL8CC#LIK?<IDFI<&NFLC;C@B<KF>@M<DP8:BEFNC<;><D<EK KF8CCF=K?<JKL;PG8K@<EKJN?FG8IK@:@G8K<;@EK?@JI<J<8I:?
&?8M<9<<E>@M<E>I<8KGFJJ@9@C@K@<J@E8GIF=<JJ@FE8C<EM@IFED<EK8E;&N8EKKF<OGI<JJ DPJ@E:<I<>I8K@KL;<KF(<K@C,"I@BJ<E8E;-IF=<JJFI*FIK<E *F<N?@:??8J9<<E K?<%<8;F=K?<!<G8IKD<EK;LI@E>K?@JG<I@F;1?<FGGFIKLE@K@<JKF:FD9@E<I<J<8I:?
8E;:C@E@:8CNFIB8E;KFGI<J<EKDPNFIB8K@EK<IE8K@FE8CI<J<8I:?:FE=<I<E:<J?8M<
9<<E<JJ<EK@8CKFD8@EK8@E@E>DPDFK@M8K@FE8K8?@>?C<M<C;LI@E>K?@JCFE>G<I@F;
#@E8CCP&NFLC;C@B<KFK?8EBDPG8I<EKJ$I<K<8E;1<IA<DP=8D@CPDP=8D@CP@EC8N 8E; DP =I@<E;J N?F ?8M< 8CN8PJ 9<<E ?<CG=LC 8E; JLGGFIK@M< JG<:@8C K?8EBJ KF
&E><I@; 8E; DP :?@C;I<E #IXP8 RJDLE; 8E; 0@>LI; =FI @EJG@I@E> D< 8E; 9<@E> 8E
<E;C<JJJFLI:<F=CFM<8E;AFP
:2
1 :<EKI8C:FIE<8CK?@:BE<JJ
!3 :FII<:K<;;@JK8E:<M@JL8C8:L@KP
5) :FIE<8C:FCC8><E:IFJJC@EB@E>
! ;@FGK<IJ
" ! <E;FK?<C@8C:<CC;<EJ@KP
& @EKI8:C8JJ:FII<C8K@FE:F<==@:@<EK
&3 * @EM@MF:FE=F:8CD@:IFJ:FGP
(D8O D8O@D8CB<I8KFD<KIP=IFD-<EK8:8D%/,:LCLJ4<KQC8I$<ID8EP
)0&( C8J<I@EJ@KLB<I8KFD@C<LJ@J
, 1 FGK@:8C:F?<I<E:<KFDF>I8G?P
-*! G<CCL:@;D8I>@E8C;<><E<I8K@FE
0! JK8E;8I;;<M@8K@FE
2!3 LE:FII<:K<;;@JK8E:<M@JL8C8:L@KP
C8
&'
1?FIJIL;+@:FC8@JJ<E8E;)!IFCJLD )+( &)&&" (+),,&$(%$("$(/$-+)
(#$$- + " ( +-$)()!#.'(&$'& *$-# &$& &&,!- ++$)!&/$(
.&-+/$)& - 1*),.+
',)&$'+)+&))+!-*,)).
&'
1?FIJIL;$#08E;M@B*%8><D8E;)!IFCJLD
,.+$("-# *-#)!+),,&$(%$(" '+-$)(&$( $(/$/) )'*+$,)()!' -#),( /$ ,
',)&$'+)+&))+!-*,)).
&'
*%8><D1?FIJIL;$#08E;M@B*/8<E8E;)!IFCJLD
)&&" (+),,&$(%$("0$-#)(/ (-$)(&( & +- .&-+/$)& -$++$-$)(
.,$("+$)!&/$(0$-##2+)12*+)*2&' -#2& &&.&),
',)&$'+)+&))+!-*,)).
&'
1?FIJIL;*%8><D$#08E;M@B8E;)!IFCJLD
.* +$)+).-)' )!)+( &)&&" (+),,&$(%$(".,$("+$)!&/$(0$-#
' -#2& &&.&), -#(+$)!&/$(0$-# 1-+(,-# '$(,.**& ' (- +'( + $%'$'!(, '()!&+
1?<G8G<IJ8I<I<GI@EK<;@EK?@JK?<J@JN@K?G<ID@JJ@FE=IFD"CJ<M@<I&&&8E;&&&8E;
:K8,G?K?8CDFCF>@:8&3
<2 $)'%*)%$
<29+'+,%%'$")(
1?<:FIE<8@JF=K<E:8CC<;K?<ZN@E;FN[F=K?<<P<8E;8JN<CC8J?8M@E>8GIFK<:K@M<
IFC<@K@JI<JGFEJ@9C<=FI89FLKF=K?<<P<UJFGK@:8CGFN<I&K@J=I<<F=9CFF;M<JJ<CJ +LKI@<EKJ 8I< JLGGC@<; 8E; D<K89FC@: GIF;L:KJ 8I< I<DFM<; D8@ECP M@8 K?< K<8IJ 8EK<I@FICP8E;K?<8HL<FLJ?LDFIGFJK<I@FICP
FIE<8C<:K8J@8FIB<I8KF<:K8J@88I<8>IFLGF=GIF>I<JJ@M<:FIE<8C;@J<8J<J@E:CL;@E>
B<I8KF:FELJ B<I8KF>CF9LJ G<CCL:@; D8I>@E8C ;<><E<I8K@FE -*! 8E; <:K8J@8 8=K<I B<I8KFI<=I8:K@M<JLI><IP&E:FIE<8C<:K8J@8K?<:FIE<8@JGIFKIL;@E>=FIN8I;8E;@JF=K<E
@II<>LC8I8E;8JPDD<KI@:@EJ?8G<
1?<:FIE<8C@II<>LC8I@K@<JI<JLCK@EM@JL8C;@JKLI98E:<JJL:?8JDFEF:LC8I;@GCFG@8>C8I<
8E;C@>?KJ<EJ@K@M@KP8E;8I<8CJFBEFNE8J?@>?<IFI;<I89<II8K@FEJF=K?<:FIE<81?<
DFJKGIFD@E<EK?@>?<IFI;<I89<II8K@FE@E<:K8J@8@JF=K<E:FD8N?@:?F=K<E:8EG8IKCP 9<:FII<:K<;N@K?8:PC@E;<I@EK?<I<=I8:K@FE4?<EK?<:FD8@J:FII<:K<;9P8:PC@E;<I
@K@JF=K<E:8CC<;8GJ<L;F8JK@>D8K@JD&E8;M8E:<;:8J<J:FIE<8C<:K8J@8:8E8CJFI<JLCK
@E8DPFG@8GI@D8I@CP;L<KF8E@E:I<8J<;I<=I8:K@M<GFN<IF=K?<:FIE<8
(<I8KF<:K8J@8@J8>IFLGF=GIF>I<JJ@M<;@J<8J<J0G<:K8:C<JFIJF=K:FEK8:KC<EJ<J8I<@E DFJK:8J<JJL==@:@<EKKF8:?@<M<J8K@J=8:KFIPM@J@FE@E<8ICP=FIDJ&EDFI<8;M8E:<;
:8J<JI@>@;>8JG<ID<89C<:FEK8:KC<EJ<JD8PI<JLCK@E89<KK<IHL8C@KPF=M@J@FE1?@J@J 9<:8LJ<JL:?C<EJ<JGIFM@;<8DFI<I<>LC8IF:LC8IJLI=8:<8E;K?<I<9PI<;L:<K?<@DG8:K F=K?<?@>?<IFI;<I89<II8K@FEJF=K?<:FIE<8
&EJ<M<I<<:K8J@8J:8II@E>8E;J@>E@=@:8EKK?@EE@E>8I<:FDDFE=@E;@E>J&EK?<J<:8J<J
=@KK@E>F=:FEK8:KC<EJ<J@JDFI<;@==@:LCK8E;8:FIE<8CKI8EJGC8EKD8P9<9<E<=@:@8CJ N@CC9<GI<J<EK<;@EK?<:LII<EKK?<J@J:FIE<8C:FCC8><E:IFJJC@EB@E> 5)?8J9<<E
<JK89C@J?<;;LI@E>K?<C8JKP<8IJ8J8KI<8KD<EKDF;8C@KP=FIJK89@C@Q@E>GIF>I<JJ@M<
B<I8KF<:K8J@8
')%%$*(
(<I8KF:FELJ @J K?< DFJK :FDDFE =FID F= :FIE<8C <:K8J@8 KPG@:8C =@E;@E> @J 8 G8I8:<EKI8C @E=<I@FI :FE< F= K?< :FIE<8 N?@:? I<JLCKJ @E 8E @II<>LC8I 8JK@>D8K@JD (<I8KF:FELJ N8J =@IJK ;<J:I@9<; DFI< K?8E P<8IJ 8>F @E ;<K8@C 9P !I 'F?E +FKK@E>?8D8E;=LIK?<I:C8JJ@=@:8K@FEJN<I<D8;<9P0@I4@CC@8DFND8ELJ@E>K?<
FG?K?8CDFJ:FG<@EM<EK<;@EK?<J@JF='F?8EE%FIE<I:8CC<;Z1I<8KD<EK F=B<I8KF:FELJ[=@IJK@EKIF;L:<;K?<K<IDZB<I8KF:FELJ[8E;K?<8::<GK8E:<F=K?@JE8D<
@J8J:I@9<;KFC9I<:?KMFE$I8<=<
1?< G<I@F; F= JPDGKFDJ ;<9LK @J KPG@:8CCP =IFD 8;FC<J:<E:< KF K?< KN<EK@<J 1?<
:FE;@K@FEF=K<EGI<J<EKJ@EG<I@F;JF=8CK<I<;?FIDFE<C<M<CJ<JG<:@8CCPJ<O?FIDFE<J 8J@EK<<E8><IJ8E;@EGI<>E8E:PE<OGC8E8K@FE=FIK?@JD8P9<K?8K9FK?D8C<8E;
=<D8C<J<O?FIDFE<I<:<GKFIJ?8M<9<<E=FLE;@EK?<?LD8E:FIE<8(<I8KF:FELJ@J8 9@C8K<I8C ;@J<8J< 9LK F=K<E GI<J<EKJ 8JPDD<KI@:8CCP <:8LJ< K?< 9<JK <P< F=K<E :FDG<EJ8K<J=FIK?<M@J@FECFJJ@EK?<DFI<8==<:K<;<P<K?<;@8>EFJ@J@J@ED8EP:8J<J
=@IJKD8;<N?<EK?<M@J@FE@JI<;L:<;8CJF@EK?<9<KK<I<P< FEJ<HL<EKCPK?<I<D8P9<
8;<C8P@EK?<;@8>EFJ@J1?@J;<C8PD8P8CJF9<9<:8LJ<JFD<G8K@<EKJI<:<@M<>C8JJ<J 8E;:FEK8:KC<EJ<J@EK?<<8ICPJK8><J9<=FI<K?<P8I<I<=<II<;KF8EFG?K?8CDFCF>@JK
%FN<M<IK?<I<J<<DJKF9<8KI<E;KFN8I;<8IC@<II<=<II8C8=K<I 5)N8J@EKIF;L:<;
1?@J@JGIF989CP9<:8LJ<K?<I<N8JEFKI<8KD<EKFGK@FEKFJKFGK?<GIF>I<JJ@FEF=K?<
;@J<8J<9<=FI< 5)N8J8M8@C89C<
&E 8 E8K@FEN@;< I<>@JKI8K@FE JKL;P @E K?< +<K?<IC8E;J =IFD K?< D<8E 8>< F=
B<I8KF:FELJ ;@8>EFJ@J N8J P<8IJ 1?< I<GFIK<; @E:@;<E:< F= E<NCP ;@8>EFJ<;
B<I8KF:FELJ N8J @E K?< 8>< >IFLG 9<KN<<E KF P<8IJ 1?< <JK@D8K<;
GI<M8C<E:< @E K?< ><E<I8C GFGLC8K@FE N8J 1?@J @J KF =FC; ?@>?<I K?8E @E GI<M@FLJI<GFIKJ1?<8LK?FIJ<OGC8@EK?@J?@>?<I=I<HL<E:P9P8E@E:I<8J<@EK?<
8M8@C89@C@KP F= :FIE<8C @D8>@E> K<:?E@HL<J <:8LJ< JL9:C@E@:8C B<I8KF:FELJ J<C;FD
>@M<J JPDGKFDJ 8E; @J FECP I<M<8C<; 9P KFDF>I8G?P <> N?<E GC8EE@E> I<=I8:K@M<
JLI><IPK?<:FE;@K@FE@JGIF989CPF=K<ED@JJ<;@EI<GFIKJF=K?<B<I8KF:FELJ=I<HL<E:P 1?LJ K?< @E:@;<E:< 8E; GI<M8C<E:< D8P 9< <M<E ?@>?<I K?8E K?< I<GFIK =IFD K?<
+<K?<IC8E;JJL>><JKJ1?<I<8I<8CJF@E;@:8K@FEJF=8?@>?<IGI<M8C<E:<F=B<I8KF:FELJ
@EJFD<<K?E@:@K@<J<JG<:@8CCP&E;@8EJ-8B@JK8E@J*@;;C<"8JK<IE<IJ8E;-FCPE<J@8EJ :FDG8I<;N@K? 8L:8J@8EJ
&EJFD<JKL;@<J<>@E-8G<I&3@EK?@JK?<J@J>I8;@E>F=K?<:FE;@K@FE@JLJ<;JL:?8J K?<DJC<IY(ILD<@:?:C8JJ@=@:8K@FEJPJK<D189C<E<N<I:C8JJ@=@:8K@FEJPJK<D
?8J 8CJF 9<<E GIFGFJ<; K?< ! $I8;@E> 0PJK<D N?@:? 8CJF K8B<J @EKF 8::FLEK KFDF>I8G?@: G8I8D<K<IJ 8E; M@JL8C 8:L@KP #LIK?<IDFI< 8E FGK@:8C :F?<I<E:<
KFDF>I8G?P, 198J<;JK8>@E>?8J9<<EGIFGFJ<;&E8:C@E@:8CJ<KK@E>8JL9A<:K@M<
>I8;@E> F= =FID< =ILJK< D@C; DF;<I8K< 8E; J<M<I< :FIE<8C <:K8J@8 @E 8;;@K@FE KF D8O@D8C B<I8KFD<KIP (D8O 8E; K?@EE<JK G8:?PD<KIP D<8JLI<D<EKJ =IFD :FIE<8C KFDF>I8G?P@JF=K<EJL==@:@<EK
')%"%*(
(<I8KF>CF9LJ N8J =@IJK ;<J:I@9<; 9P 3<II<P @E &K N8J @E@K@8CCP :FEJ@;<I<; 8 :FE><E@K8C ;@JFI;<I 9LK C8K<I 8CJF 8:HL@I<; =FIDJ F= B<I8KF>CF9LJ ?8M< 8CJF 9<<E
;<J:I@9<;&K@J8I8I<<:K8J@8@EN?@:?8GIF>I<JJ@M<><E<I8C@Q<;K?@EE@E>8E;>CF9LC8I
& ' ( )
!
-*.+
! -+.&%
! .*
.*( -*( -**
.)+
#
/)%%0
'%%" )%%
0
.'%%0
,
GIFKILJ@FEF=K?<:FIE<88I<=FLE;"G@;<D@FCF>PF=B<I8KF>CF9LJ@JGFFICP;<J:I@9<;
@EK?<C@K<I8KLI<
""*#'$"$')%$
&E0:?8C8<GG@=@IJK;<J:I@9<;-*!8DFI<G<I@G?<I8C:FIE<8C<:K8J@8@E:FEKI8JK KF B<I8KF:FELJ 1?@J :FE;@K@FE F=K<E ;<M<CFGJ C8K<I @E C@=< K?8E B<I8KF:FELJ 8E; @J :?8I8:K<I@Q<;9P8G<I@G?<I8CK?@EE@E>98E;F=K?<@E=<I@FI:FIE<81?<<:K8J@8F=K?<
:FIE<8@JCF:8C@Q<;@E8E;8;A8:<EKKFK?<K?@EE<;8I<81?<<G@;<D@FCF>PF=-*!@JEFK M<IP N<CC ;<J:I@9<; @E K?< C@K<I8KLI< 9LK 8 I<:<EK JKL;P =IFD '8G8E =FLE; 8 D8C<
GI<;FD@E8E:<8D<8EFEJ<K8K8><8E;LE@C8K<I8C@EMFCM<D<EK@EJJF:@8K<;
8CC<I>@:;@J<8J<JN<I<=FLE;@E
)()'!')%'')+(*''.
":K8J@8 8=K<I B<I8KFI<=I8:K@M< JLI><IP @J 8 =<8I<; :FDGC@:8K@FE =FCCFN@E> :FIE<8C I<=I8:K@M<GIF:<;LI<J&KN8J=@IJK;<J:I@9<;@E=FII<G<8K<;B<I8KFKFDP@E
=FIC8J<I@EJ@KLB<I8KFD@C<LJ@J)0&(8E;@E=FIGI@D8IPI8;@8CB<I8KFKFDP
"G@;<D@FCF>PF=<:K8J@88=K<IB<I8KFI<=I8:K@M<JLI><IP@J8CJFGFFICP;<J:I@9<;@EK?<
C@K<I8KLI<1?<@E:@;<E:<=FIGFJK)0&(<:K8J@8?FN<M<I@JGIF989CPI<;L:<;=IFDK?<
JN@K?;<M<CFGD<EKF=DF;<IE:FIE<8CKFDF>I8G?P8E;@E:I<8J<;BEFNC<;><89FLK I@JB=8:KFIJ&E8E8JJ<JJD<EKF=I@JB=8:KFIJ=FI;<M<CFG@E><:K8J@88=K<I<O:@D<IC8J<I :FIE<8C I<=I8:K@M< JLI><IP K?<J< N<I< =IFD DFJK KF C<8JK =I<HL<EKCP @E K?< =FCCFN@E>
FI;<I 89EFID8C KFGF>I8G?P I<J@;L8C JKIFD8C 9<; K?@:BE<JJ 8>< 8E; GI<FG<I8K@M<
:FIE<8CK?@:BE<JJ
'$($(#"')(%)%'$")((
1?< G8K?F><E<J@J F= K?< :FIE<8C <:K8J@8J @J :FEJ@;<I<; DLCK@=8:KFI@8C 8E; G8IKCP LEBEFNE1?<I<@J8EFM<IC8G@EK?<;@8>EFJK@::I@K<I@8=FIK?<;@==<I<EK<:K8J@8J<O:<GK K?<<:K8J@88=K<IB<I8KFI<=I8:K@M<JLI><IPN?@:?I<HL@I<J8?@JKFIPF=:FIE<8CI<=I8:K@M<
JLI><IP1?<I<?8M<9<<EI<GFIKJF=B<I8KF:FELJ8E;B<I8KF>CF9LJ8JN<CC8J-*!@E
K?< J8D< G8K@<EK FM<I K@D< &E 8;;@K@FE K?< GI<FG<I8K@M< ;@8>EFJ<; =FID< =ILJK<
B<I8KF:FELJ?8J9<<EJ?FNEKFGIF>I<JJ8=K<IB<I8KFI<=I8:K@M<JLI><IP9FK?8=K<I)0&(
8E;8CJF8=K<IJD8CC@E:@J@FEC<EK@:LC<<OKI8:K@FE0*&)"#@>LI<@CCLJKI8K<JK?@J FM<IC8G9<KN<<EK?<;@==<I<EK:FIE<8C<:K8J@8;@8>EFJ<J
*'91&&/-.,.#)() ."#!()-.#)0,&*.1(),(&.-#-8#!/,7-&) (#0,-#.3 )-*#.&8
')#$)")'$)+(%')$)'%*)%$%
<=FI< 5)N8J@EKIF;L:<;K?<I<N8JEF8M8@C89C<KI<8KD<EKKFJKFGK?<GIF>I<JJ@FEF=
:FIE<8C <:K8J@8 =K<I GIF>I<JJ@FE KF 8;M8E:<; <:K8J@8 :FIE<8C KI8EJGC8EK8K@FE @J K?<
DFJK:FDDFEKI<8KD<EKFGK@FE&E8C8I><B<I8KF:FELJ:F?FIKJKL;PK?< FCC89FI8K@M<
)FE>@KL;@E8C "M8CL8K@FE F= (<I8KF:FELJ )"( 0KL;P F= K?< G8K@<EKJ ?8; 8 :FIE<8CKI8EJGC8EK8K@FE@E<@K?<IFE<<P<FI9FK?<P<J<:8LJ<:FIE<8C
<:K8J@8 F=K<E @J F=K<E <M@;<EK 8K 8 PFLE> 8>< 8E; 8 :FIE<8C KI8EJGC8EK ?8J 8 C@D@K<;
;LI89@C@KP 8 PFLE> G8K@<EK D8P E<<; KNF FI DFI< KI8EJGC8EK8K@FEJ ;LI@E> ?@J FI ?<I C@=<K@D<1?@J:FD<JN@K?8E@E:I<8J<;I@JBF=:FDGC@:8K@FEJJL:?8JI<A<:K@FE=FI<8:?
I<KI8EJGC8EK8K@FE1?<I<=FI<@K@J:IL:@8CKFGI<M<EKK?<GIF>I<JJ@FEF=:FIE<8C<:K8J@8 8J<8ICP8JGFJJ@9C<
<2: , $() $ &)%&.(%"%. $ $)( %
!')%%$*('")$)%
1?<><E<K@:<K@FCF>PF=B<I8KF:FELJ@J:FDGC<O9LKK?<@E:I<8J<;I@JBF=B<I8KF:FELJ@E
=@IJK;<>I<<I<C8K@M<J@E;@:8K<J8><E<K@::FDGFE<EK&E8I<M@<N8IK@:C<89FLK><E<K@:J
@E B<I8KF:FELJ K?< 8LK?FIJ GI<J<EK ><E<J 8JJF:@8K<; N@K? B<I8KF:FELJ 1?<P :FE:CL;<K?8KB<I8KF:FELJGIF989CP:8EI<JLCK=IFD89EFID8C@K@<J@EJ<M<I8C9@F:?<D@:8C G8K?N8PJ9LKK?<@EK<I8:K@FEJ?8M<EFKP<K9<<E;<=@E<;
1?<I<?8M<9<<EJFD<@EK<I<JK@E>><E<K@:=@E;@E>J:FE:<IE@E>K?<G8K?FG?PJ@FCF>PF=
B<I8KF:FELJ@EI<C8K@FEKF 5)&E8$<EFD<4@;<JJF:@8K@FE0KL;PF=G8K@<EKJ N@K? 8E; N@K?FLK B<I8KF:FELJ N8J :FE;L:K<; 9P PB?FMJB8P8 <K 8C "M@;<E:< N8J GIFM@;<;=FIM8I@8EKJF=K?<<EQPD<CPJPCFO@;8J<),5:8LJ@E>8GI<;@JGFJ@K@FE=FI B<I8KF:FELJ D<K88E8CPJ@J F= =FLI JKL;@<J <O8D@E@E> K?< 8JJF:@8K@FE F= ><E<K@:
M8I@8EKJ@E),5@E:CL;@E>K?<JKL;P9PPB?FMJB8P8:@K<;89FM<=FLE;<M@;<E:<=FI KNF J@E>C< EL:C<FK@;< GFCPDFIG?@JDJ 0+-J 8JJF:@8K<; N@K? B<I8KF:FELJ 1?<J<
0+-J8I<IJ8E;IJ9FK?CF:8K<;@E@EKIFEF=K?<><E<:F;@E>=FI ),5
&E :FCC8><E ),5 :8LJ<J 8C;<?P;< DF;@=@:8K@FEJ K?8K :8E JGFEK8E<FLJCP :8LJ<
=FID8K@FEF=:FM8C<EK:IFJJC@EBJ8E;K?<E=@9I@CJK89@C@Q8K@FE
1?<I<8I<8CJF@E;@:8K@FEJF=;@==<I<E:<J@E:IFJJC@EBJ;<I@M<;9P),59<KN<<EEFID8C 8E;B<I8KF:FELJ:FIE<8J8E;@EB<I8KF:FELJ:FIE<8JF=;@==<I<EK8><J&E8JKL;P=IFD :FIE<8JN<I<:FCC<:K<;8=K<IKI8EJGC8EK8K@FE=FIB<I8KF:FELJ8E;:FDG8I<;KF<P<
98EB:FEKIFC:FIE<8J)<M<CJF=),5;<I@M<;:IFJJC@EBJN<I<<O8D@E<;1?<;FD@E8EK :IFJJC@EBN8JK?<),5;<I@M<;:IFJJC@EBCPJ@EFEFIC<L:@E<)+)!<:I<8J<;C<M<CJF=
)+)N<I<=FLE;@EK?<B<I8KF:FELJ:FIE<8J:FDG8I<;KFK?<:FEKIFCJCJFKNF>IFLGJ F= B<I8KF:FELJ :FIE<8J ( Y ( P<8IJ 8E; ( Y N<I< :FDG8I<; N@K?
:FEKIFCJF=K?<J8D<8></<;L:<;C<M<CJF=)+)N<I<=FLE;@E( P<8IJ9LKEFK
@E( 1?@JD8P<OGC8@EN?PB<I8KF:FELJGIF>I<JJ@FE@JI8I<8=K<IK?<8><F=
&E8JKL;P9P0?<KKP<K8C><E<<OGI<JJ@FE=IFDB<I8KF:FELJ:FIE<8JD8K:?<;KF:FEKIFCJ J?FN<;8DFE>FK?<IK?@E>J8I<;L:K@FEF=),5KI8EJ:I@GKJ@E;<9I@;<;<G@K?<C@LD@E B<I8KF:FELJCJF),58:K@M@KP@EK<8IJ:FII<C8K<;N@K?K?<J<M<I@KPF=B<I8KF:FELJ@E K?@JJKL;P*FI<FM<IN?<E8E8CPQ@E>><E<<OGI<JJ@FE@EK?<<G@K?<C@LD=IFDK?<:FE<
8E;G<I@G?<IP9<=FI< 5)@EB<I8KF:FELJ:FIE<8J@E:I<8J<;),5<OGI<JJ@FE=IFDK?<
:FE<N8J=FLE;KF9<:FII<C8K<;KF8E@E:I<8J<;=C8KK<E@E><==<:K
<2;%$&)$#$(#%
E 8E<:;FK< >F@E> K?< IFLE;J @J K?8K GIF=<JJFI 1?<F 0<@C<I 8K K?< 2E@M<IJ@KP F=
1<:?EFCF>PF=!I<J;<E8JB<;?@J;<EK@JKN?8K?<N8J89FLKKF;FLJ@E>823;<M@:<
@E?@JDFLK?8=K<IG<I=FID@E>8KFFK?=@CC@E>%<N8JKFC;K?8KK?<23C@>?KG<I=FID<;
:IFJJC@EB@E>F=K?<KFFK?=@CC@E>JKF?8I;<EK?<D1?@J@EJG@I<;0<@C<I8E;?<:FE:<@M<;
K?< @;<8 F= 8IK@=@:@8CCP :IFJJC@EB@E> 8E <:K8K@: :FIE<8 KF ?8I;<E @K 8E; K?<I<9P @E?@9@K
=LIK?<IGIF>I<JJ@FE IFJJC@EB@E>@JK?<=FID8K@FEF=9FE;JK?8K:FEE<:KFE<GFCPD<I :?8@EKF8EFK?<IGFCPD<I:8E<@K?<I9<JPEK?<K@:FI89@FCF>@:DFC<:LC<=FI<O8DGC<
8 GIFK<@E =K<I :IFJJC@EB@E> F= GFCPD<IJ K?< G?PJ@:8C GIFG<IK@<J 8I< 8CK<I<; 0F :IFJJC@EB@E>@JLJ<;@E@E;LJKIP8E;@J8CJF8GIF:<JJF::LII@E>@E9@FCF>P
&EM@KIF 5)<OG<I@D<EKJN<I<G<I=FID<;8E;@E8E@E:I<8J<;JK@==E<JJF=K?<
:FIE<8 N8J J?FNE 9P 0GF<IC <K 8C 1?@J :FDGI<?<EJ@9C< 8IK@:C< 8CJF <OGC8@EJ K?<
G8K?FG?PJ@FCF>P F= B<I8KF:FELJ 8E; K?< D<:?8E@JD F= 5) KI<8KD<EK 1?< 98J@J F=
5)@JK?<@E:I<8J<;<C8JK@:@KP=FE;@EB<I8KF<:K8K@::FIE<8JGIF989CP;L<KF8I<;L:K@FE F=:FCC8><E:IFJJC@EBJ8I<;L:K@FEF=DFC<:LC8I9FE;J9<KN<<EGIFK<F>CP:8EJ8E;C8:B F=JKI<JJ9<8I@E>C8D<CC8<@EK?<8EK<I@FIJKIFD8 FEJ<HL<EKCPD<K?F;JKF@E;L:<
:FCC8><E :IFJJC@EBJ N<I< @EM<JK@>8K<; 9P ;@==<I<EK D<:?8E@JDJ DFE> K?<J< N<I<
:IFJJC@EB@E> N@K? 9FK? ;@==<I<EK :?<D@:8C 8><EKJ 8E; @II8;@8K@FEJ N@K? FI N@K?FLK 8 G?FKFJ<EJ@K@Q<I 1?< :FD9@E8K@FE F= I@9F=C8M@E 8E; 23 N8J =FLE; KF @E;L:< E<N :FM8C<EK9FE;J9<KN<<E:FCC8><E=@9I@CJ8E;I@9F=C8M@E23N8J:FEJ@;<I<;K?<DFJK
=<8J@9C<D<K?F;KFJKI<E>K?<EK?<:FIE<8@EM@MF
=K<I@EM@KIF8E;8E@D8CJKL;@<J 5)LJ@E>I@9F=C8M@E23N8JK<JK<;:C@E@:8CCP8E;
N8JJ?FNEKFJKFGK?<GIF>I<JJ@FEF=B<I8KF:FELJ9P4FCC<EJ8B<K8C1?<
8LK?FIJ:FE:CL;<;ZK?<E<<;=FIG<E<KI8K@E>B<I8KFGC8JKPD@>?KK?<E9<J@>E@=@:8EKCP I<;L:<;@EB<I8KF:FELJ[
/@9F=C8M@E?8J8CJF9<<ELJ<;8J8G?FKFJ<EJ@K@Q<I@E:FD9@E8K@FEN@K?M@J@9C<C@>?K@E JKL;@<J FE G?FKF@E;L:<; M@KI<FLJ C@HL<=8:K@FE 1?@J :FD9@E8K@FE ><E<I8K<J ;@==<I<EK FOP><EDFC<:LC<JJLG<IFO@;<8E@FE,?P;IF><EG<IFO@;<%,?P;IFOPCI8;@:8C
⋅,%FIJ@E>C<KFOP><EC,&KN8J=FLE;KF@E;L:<:IFJJC@EBJ@EM@KI<FLJ:FCC8><E8E;
?8J 9<<E GIFGFJ<; 8J FE< D<:?8E@JD F= 8><I<C8K<; M@KI<FLJ C@HL<=8:K@FE 1?<
;@==<I<EK FOP><E DFC<:LC<J @E K?@J GIF:<JJ D8P <OGC8@E N?P 5) ?8J J?FNE KF 9<
FOP><E;<G<E;<EK
&E'8EL8IP 5)N8J@EKIF;L:<;8K,JCF2E@M<IJ@KP%FJG@K8C&EN<N<I<
K?<=@IJKKFJ?FNK?8KK?<@EKIF;L:K@FEF= 5)?8;I<;L:<;K?<=I<HL<E:PF=B<I8KFGC8JKP
=FI B<I8KF:FELJ @E 8 I<>@FE )8K<I K?@J N8J 8CJF J?FNE @E 8 I<>@JK<I JKL;P @E K?<
+<K?<IC8E;J 1F><K?<I K?<J< I<JLCKJ 8I< 8J:I@9<; KF K?< JK89@C@Q@E> <==<:K F= 5)
?8CK@E>K?<<:K8J@8@E8C<JJJ<M<I<JK8><N@K?EFE<<;=FI8:FIE<8CKI8EJGC8EK8K@FE1?LJ
@K :FE=@ID<; K?< JK8K<D<EK F= 4FCC<EJ8B <K 8C =IFD CJF =8MFI89C< :FJK
<==<:K@M<E<JJ?8JI<:<EKCP9<<EJ?FNE=FI 5)KI<8KD<EKF=GIF>I<JJ@M<B<I8KF:FELJ
=LIK?<IJLGGFIK@E>K?<I8K@FE8C<9<?@E;K?<KI<8KD<EK
4?<I<8JB<I8KF:FELJ@EDFJK:8J<JJKFGJGIF>I<JJ@E>9<KN<<EK?<8><JF=8E;
9FK?-*!8E;<:K8J@88=K<IB<I8KFI<=I8:K@M<JLI><IPF=K<EGIF>I<JJ8K?@>?<I8><J#FI 8CC <:K8J@8J GIF>I<JJ@FE @J K?< D8@E @E;@:8K@FE =FI 5) KI<8KD<EK #@>LI< J?FNJ KFDF>I8G?P F= 8 B<I8KF:FELJ G8K@<EK N@K? 8 KPG@:8C GIF>I<JJ@FE %FN<M<I @E K?@E :FIE<8JN?<EI<:<EKGIF>I<JJ@FE@JJLJG<:K<;FIK?<I<@J8?@>?I@JBF=GIF>I<JJ@FEN<
:FEJ@;<I G<I=FID@E> 5) KI<8KD<EK @E :C@E@:8C GI8:K@:< 1?@J @E:CL;<J :?@C;I<E 8E;
K<<E8><IJ 9<:8LJ< CFN 8>< @J 8 I@JB =8:KFI =FI GIF>I<JJ@FE CJF NFD<E GC8EE@E>
GI<>E8E:P8I<:FEJ@;<I<;=FI 5);L<KF8I@JB=FIGIF>I<JJ@FE;LI@E>GI<>E8E:P
*':1.3*#&2'*&) *,)!,--#)() %,.))(/-7(#(,-#('2 ,)' DD8F.)DF8A#)*.,-/,#(!E')(."-#((AH93,9)&'&8" #,-.2'#(.#)(#-
#(."'#&6."-)(.)."& .(,#!".#-."# ,('*8"(/',-)(
."'*-,#)*.,-:(.' 6/&/-6.4&,6,'(3;'!7-&) (#0,-#.3 )-*#.&8:'2L'2#'&%,.)'.,3;
<2<""*"'$ *'..)')#$)
5) :PKFKFO@:@KP ?8J 9<<E J?FNE @E M@KIF 9FK? =FI I899@K 8E; GFI:@E< :FIE<8C
<E;FK?<C@LD 8E; I899@K B<I8KF:PK<J =K<I I@9F=C8M@E 8E; 23 @II8;@8K@FE 8GFGKFJ@JN8J=FLE;@E<E;FK?<C@8C:<CCJ8=K<I 823@II8;@8K@FEF=≥D4:D
%<E:< 8 :FIE<8C K?@:BE<JJ F= 8K C<8JK bD KF <EJLI< 89JFIGK@FE F= 23 9<=FI<
I<8:?@E> K?< <E;FK?<C@LD N8J 8;MF:8K<; CJF ;FJ<;<G<E;<EK B<I8KF:PK< ;8D8><
:8E9<<OG<:K<;@E?LD8E:FIE<8J;FNEKF8;<GK?F=bDLJ@E>8JK8E;8I;JLI=8:<
23;FJ<F=D4:D=FID@ELK<J':D8E;I@9F=C8M@EN@K?;<OKI8E
;<OKI8EI@9F=C8M@EJ<<8CJF189C<#FIK?<8;A8:<EKC@D98C<G@K?<C@8C:<CCJK?8KD8P 9<<OGFJ<;;LI@E>K?< 5)GIF:<;LI<K?<I<N<I<EF;8K8N?@:?N8JK?<98:B>IFLE;
=FI-8G<I&@EK?@JK?<J@J
<2=&)3#(*'$#)%(
1F<M8CL8K<K?<J8=<KP8E;<==@:8:PF= 5)KI<8KD<EKGI<:@J<D<8JLI<D<EKJF=K?<;<GK?
F=K?< 5)KI<8KD<EK8I<<JJ<EK@8C!@==<I<EKD<K?F;J=FI@EM@MF<O8D@E8K@FEJ?8M<
9<<EGIFGFJ<;0<@C<I8E;%8=<Q@;<J:I@9<;8;<D8I:8K@FEC@E<J<<E@EK?<JC@KC8DG ,K?<IJ ?8M< J?FNE 8 ;<D8I:8K@FE C@E< LJ@E> , 1 @E M@MF :FE=F:8C D@:IFJ:FGP
&3 *8E;0:?<@DG=CL>@D8>@E>"O8DGC<JF=@D8><J=IFD<8:?D<K?F;
8I<J?FNE@E#@>LI<
FK?0:?<@DG=CL>8E;, 1D<8JLI<D<EKJ8I<I8G@;8E;I<C8K@M<CP<8JPKFG<I=FID8E;
:8E9<LJ<;@E8N@;<8I<8F=K?<:FIE<8&3 *D<8JLI<D<EKJ8I<DFI<K@D<:FEJLD@E>
8E;K<:?E@:8CCP;@==@:LCKKFG<I=FID8E;K?<8E8CPJ<J8I<8CJFDFI<C89FI@FLJ%FN<M<I
=FIK?<JD8CC:<EKI8C8I<8KF9<<O8D@E<;K?<PGIFM@;<DFI<;<K8@C<;@E=FID8K@FE
*';2*.#&)",(.)')!,*"3:#%9C@@@6#%)86'!),#6*(;
#'!) ),()(')(." .,1#."&,&30#-#&',.#)(&#(: ,)' ),( #( *, ;8 '!7 -&) (#0,-#.3 )-*#.&8 : L ),(& )&&!(
,)--&#(%#(!;8
*'<2"#'* &/!#'!:(.' 6/&/-6.4&,6,'(3;) ),()(
')(." .,1#.".".3*#&#(,-#(.(-#.3#(."(.,#),"& ) ."-.,)'8
"#-#(.(-#.3&0&#-&-)-")1()(."!,*".).",#!".: ,)'),(#(*,;8 '!7-&)(#0,-#.3 )-*#.&8:L),(&)&&!(,)--&#(%#(!;8
*'=12'*&-) )( )&#'!- ),( .,8
(.(-#.3&0&-) )( )&#'!-.",)/!"."),( ),(A')(." .,#(
."-'),(6.%(#(." ,)(.&*&()/.0,3EM'."),)/!"."(.#, ),(8"#'!-(#(.(-#.3&0&-,+/&#(."/(.,.()."&#&:;(
* -.,)'& :; &3,-8 "3 # , #( ." (.,#), -.,)' :; 1", () &&- (
"3*,, &.#0(-,-(8/9)1'((,0-,-( ),:A;/.(). ., :B;8"*#."&#/'#-,*#&3,!(,.(-")1-."-'**,()."
),( .,:;8"92#--")1-."(/',) *#./,-.".,)(.#(/)/-&3
*./, ,)' ." % .) ." ,)(. ) ." ),(8 " 92#- -")1- ,#.,,3 ,#!".(--&0&/(#.- ,)'.")( )&'#,)-)*38"9(92#-(/',-, ,)'."0#--) .1,) .")( )&'#,)-)*3:)( )(D6#%"()&)!#- ,&;8'!-7-&)(#0,-#.3 )-*#.&8:L),(&)&&!(,)--&#(%#(!;8
! !
!
%! $
"
&! #
"
!
<2>&'%)%%"(
#FCCFN@E> K?< =@IJK :C@E@:8C JKL;P FE 5) GL9C@J?<; @E !I<J;<E K?< K<ID Z!I<J;<E GIFKF:FC[ ?8J 9<<E LJ<; &E K?@J GIFKF:FC K?< :FIE<8 @J ;<<G@K?<C@Q<; 8E; ;<OKI8E I@9F=C8M@E@J8GGC@<;9<=FI<8E;;LI@E>K?<23@II8;@8K@FED@ELK<JD4:D
%FN<M<I@ED8EPGL9C@:8K@FEJI<=<II@E>KFK?<LJ<F=K?<!I<J;<EGIFKF:FCK?<I<8I<
;@==<I<EK;LI8K@FEJF=K?<I@9F=C8M@EJF8B@E>&EK?<FI@>@E8CJKL;P8I@9F=C8M@EJF8B@E>
K@D<F=FECP=@M<D@ELK<J9<=FI<K?<23@II8;@8K@FEN8JLJ<;&EC8K<IGL9C@:8K@FEJ 8CFE><IJF8B@E>K@D<F=K<ED@ELK<J?8J9<<ELJ<;@ED8EP:8J<J9LKE<M<IK?<C<JJ
@K@JJK@CC:8CC<;K?<Z!I<J;<EGIFKF:FC[1?<F=K<ELJ<;I<=<I<E:<KFZ!I<J;<EGIFKF:FC[
@J K?<I<=FI< @E8::LI8K< :FE:<IE@E> K?< G<I@F; F= I@9F=C8M@E JF8B@E> 9<=FI< 23
@II8;@8K@FE8E;K?@J:FDGC@:8K<J:FDG8I@JFEF= 5)JKL;@<J
1?@IKPD@ELK<JF=I@9F=C8M@EJF8B@E>=FCCFN<;9PD@ELK<JF=23@II8;@8K@FE@J8 K@D<:FEJLD@E>KI<8KD<EKCJFK?@EE@E>F=K?<:FIE<8LJ@E>K?<KI8;@K@FE8C;<OKI8E I@9F=C8M@EJFCLK@FEN8J8J8=<KP:FE:<IEN?@:?C<;KFK?<LJ<F=8?PGFKFE@:I@9F=C8M@E JFCLK@FEKFJN<CCK?<:FIE<81?<C8KK<I=LIK?<IGIFCFE>JK?< 5)GIF:<;LI<8E;8CJF
@E:I<8J<JK?<D8K<I@8C:FJKJ0FGIF989CP9FK?J8=<KP8E;:FJK9<E<=@K:FEJ@;<I8K@FEJC<8;
KFK?<@EKIF;L:K@FEF=8::<C<I8K<; 5)GIFKF:FCJ8JN<CC8JE<NI@9F=C8M@EJFCLK@FEJ
#@>LI<J?FNJM8I@FLJ 5)GIFKF:FCJ@CCLJKI8K@E>;@==<I<EK;LI8K@FEJF=K?<GIF:<;LI<J
1?<JK8E;8I;<G@K?<C@8CF== 5)K<:?E@HL<?8J8CJF9<<E:?8CC<E><;9PKI8EJ<G@K?<C@8C KI<8KD<EK GIFKF:FCJ 8CJF :8CC<; <G@K?<C@8CFE 5) N@K? FI N@K?FLK K?< LJ< F=
@FEKFG?FI<J@J&FEKFG?FI<J@J@J8GIF:<JJF=KI8EJ=<IF=@FE@:8CCP:?8I><;DFC<:LC<J
@EKFK?<K@JJL<JKF9<KI<8K<;9P8CFN@EK<EJ@KP<C<:KI@:=@<C;&FEKFG?FI<J@J 5)N8J
@EKIF;L:<; KF =8:@C@K8K< I@9F=C8M@E G<E<KI8K@FE @EKF K?< :FIE<8C JKIFD8 CJF =FI K?@E :FIE<8J8:FEK8:KC<EJ8JJ@JK<; 5)GIFKF:FCK<:?E@HL<?8J9<<E;<M<CFG<;
0F @E 5) KI<8KD<EK K?<I< N8J 8 =8JK KI8EJ@K@FE =IFD K?< :FEM<EK@FE8C FI Z!I<J;<E GIFKF:FC[KFE<N<IGIFKF:FCJ2E=FIKLE8K<CPK?@J:?8E><?8JEFK9<<E=FCCFN<;9PK?<
J8D<<OK<EJ@M<98J@:I<J<8I:?8JN8JK?<:8J<N@K?K?<Z!I<J;<EGIFKF:FC[1?<I<=FI<
N< =FLE; 8 E<<; KF JKL;P 8JG<:KJ F= <==@:8:P 8E; J8=<KP LJ@E> ;@==<I<EK KI<8KD<EK GIFKF:FCJN?@:?=FID<;K?<98:B>IFLE;=FIK?<:C@E@:8CJKL;@<J@EK?@JK?<J@J-8G<IJ&&
&&&8E;&3
*'>1&&/-.,.#)() *,).))&--")1#(!# ,(.*,)/,/,.#)(-83&&)1L ,#) &0#(9*"-6 &/ L 9*"-6 #) &0#( L '."3&&&/&)-9,#) &0#(
<#),)--6/), 6,'(3=;8#!/,7-&)(#0,-#.3 )-*#.&
<2>29'')%$0$)$()./"*$$#&'%"
1?<I< 8I< K?I<< @DGFIK8EK G8I8D<K<IJ LJ<; KF ;<J:I@9< K?< 23 @II8;@8K@FE @E 5)
@EK<EJ@KPD4:D=CL<E:<':D8E;9<8DGIF=@C<&EK?<JKL;@<J@EK?@JK?<J@JKNF
;@==<I<EK 23 @II8;@8KFIJ N<I< 8GGC@<; 189C< JLDD8I@Q<J K?< ;@==<I<E:< F= K?<J<
@II8;@8KFIJ
((((((((( (((((((((
%$ !" $
"$
!" $
"$!" $
&$ %
'!" $ &$
%
# "$"# $
1?<9<8DJ=IFDK?<;@==<I<EK23@II8;@8KFIJ8I<EFK<HL8CK?<P?8M<;@==<I<EK9<8D GIF=@C<JN@K?;@JK@E:K@M<@EK<EJ@KP@EK?<:<EK<I8E;G<I@G?<IP(<I8KF<:K8J@8@JLJL8CCP CF:8K<;@EK?<G8I8:<EKI8C8I<8F=K?<:FIE<8B<I8KF:FELJ@JF=K<EDD<::<EKI@:=IFD K?<8G<O8E;-*!@J<M<EDFI<G<I@G?<I8C(FCC<I<K8C=FLE;F=K?<:<EKI8C;<GK?
F=K?<, 1;<D8I:8K@FEC@E<8=K<I 5)D<8JLI<;DDG<I@G?<I8C=IFDK?<:<EK<IF=
K?<:FIE<8&EK?@JJKL;PK?<:FEM<EK@FE8C 5)KI<8KD<EKN@K?K?<235@II8;@8KFI
=IFD &/, N8J LJ<; &EJK@KLK< =FI /<=I8:K@M< 8E; ,G?K?8CD@: 0LI><IP 7LI@:?
0N@KQ<IC8E; 1?<P :FE:CL;<; K?8K K?<I< N8J 8 E<<; =FI 8E @DGIFM<; 23 9<8D GIF=@C<N@K?8;<:<EK<I<;;@JKI@9LK@FEF=K?<23@II8;@8K@FEE<O8DGC<F=8J?8CCFN<I , 1;<D8I:8K@FEC@E<@EK?<G<I@G?<IPK?8E@EK?<:<EK<ILJ@E>235@JJ?FNE@E
#@>LI<
"
!
!
&%%% '%%%
("%#' +"%#'
(% &%
&
)
*
!
!!!
*'?1*.#&)",(.)')!,*"3:#-(.6,&#--#.6(6,'(3;
-")1#(!."',.#)(&#( ,)'."-'*.#(. ,)'*,'-/,#(!BECM' B''(-&&3 ,)'."(.,:.)*;6BHAM'#(."(.,:'#&;(BCEM'B'' .'*),&&3:)..)';8'!7-&)(#0,-#.3 )-*#.&8
4?<EK?<E<OK235@II8;@8KFI=IFD&/, K?<235N8J@EKIF;L:<;K?<9<8D GIF=@C<N8J:?8E><;KF@E;L:<8?@>?<I<==<:K@EK?<G<I@G?<IP@E8;;@K@FEKF8E@E:I<8J<;
@EK<EJ@KP 8E; J?FIK<I @II8;@8K@FE K@D< 1?< =CL<E:< N8J B<GK 8K K?< J8D< C<M<C F=
':D
,9M@FLJCPN?<EDFI<K?8EFE<G8I8D<K<I@J8CK<I<;K?<:?8E><JN<F9J<IM<:8EEFK9<
:C<8ICP8KKI@9LK<;KFFE<JG<:@=@:M8I@89C<&E8JKL;P:FDG8I@E>K?<KNF235;<M@:<J +><K8C=FLE;8J?8CCFN<I, 1;<D8I:8K@FEC@E<D<8JLI<;@EK?<:FIE<8:<EK<ILJ@E>
K?< 235 K?8E N@K? K?< 235 1?@J ;@==<I<E:< ?FN<M<I :8E 9FK? 9<
<OGC8@E<; <@K?<I 9P C<JJ :<EKI8C @II8;@8K@FE ;<C@M<I<; 9P K?< 235 FI 9P K?<
;@==<I<E:< @E @EK<EJ@KP 8E; KI<8KD<EK K@D< 9<KN<<E K?< KNF @II8;@8KFIJ ;;@K@FE8C D<8JLI<D<EKJ F= K?< G8I8:<EKI8C ;<D8I:8K@FE C@E< 8I< K?<I<=FI< N8II8EK<; N?<E :FDG8I@E>K?<J<KNF;@==<I<EK@II8;@8K@FEGIF=@C<J
,K?<I23@II8;@8KFIJ8I<EFN8M8@C89C<FEK?<D8IB<K8E;FE<F=K?<D@J8E@II8;@8KFI K?8K :8E :LJKFD@Q< K?< 23 @EK<EJ@K@<J @E K?< ;@==<I<EK G8IKJ F= K?< :FIE<8 N@K? K?<
GLIGFJ< F= @DGIFM@E> I<>LC8I@Q8K@FE K?@J @J :8CC<; G?FKFI<=I8:K@M< @EKI8JKIFD8C :IFJJC@EB@E>
<2>2:%"+$(%"*)%$(
1?<;<OKI8EI@9F=C8M@EJFCLK@FE=IFDK?<!I<J;<EGIFKF:FCN8J@E@K@8CCP:FDGFJ<;KF GI<M<EK<O:<JJ@M<JN<CC@E>F=K?<:FIE<8&E=8:KK?<FGGFJ@K<<==<:KK?@EE@E>F=K?<
:FIE<8 N8J =FLE; @E :C@E@:8C LJ< 1?<I<=FI< 8 ?PGFKFE@: I@9F=C8M@E JFCLK@FE N8J :FDGFJ<;KFJN<CCK?<:FIE<89<=FI<K?<23@II8;@8K@FE%FN<M<I8JN<GI<J<EK<;
@E8G@CFKJKL;P@EK?@JJN<CC@E><==<:KN8JKI8EJ@<EK0LGGC<D<EK<E8M<EK0;/
<K8C FIE<8CG8:?PD<KI@:M8I@8K@FEJ;LI@E>:FIE<8C:FCC8><E:IFJJC@EB@E>KI<8KD<EK=FI :FIE<8C<:K8J@8CJFK?<LJ<F=?PGFKFE@:I@9F=C8M@E8;;<;9FK?K@D<8E;:FJKJKFK?<
5)KI<8KD<EK1?<E@EFLII@9F=C8M@EGIFM@;<I*<;@F:IFJJ+<L;FI=$<ID8EP
@EKIF;L:<; 8 E<N JK8E;8I; I@9F=C8M@E JFCLK@FE FGK@D@Q<; KF GI<M<EK K?@EE@E> 8E; KF JK89@C@Q<K?<:FIE<8CK?@:BE<JJ;LI@E> 5)1?@JN8J8I@9F=C8M@EJFCLK@FEN@K?K?<
D8@EJLGGC<D<EK9<@E>D<K?PC:<CCLCFJ<D<K?PC:<CCLCFJ<I@9F=C8M@EJ<<8CJF189C<
N?@:??8JJ<IM<;8JK?<JK8E;8I;I@9F=C8M@EJFCLK@FE@EFLI;<G8IKD<EKJ@E:<K?<E&EK?<
:C@E@:8C JKL;@<J @E K?@J K?<J@J -8G<I && &&& 8E; &3 N< JLGGC@<; 8;;@K@FE8C ?PGFKFE@:
I@9F=C8M@E*<;@F:IFJJ%+<L;FI=$<ID8EPJ<<8CJF189C<@=J@>E@=@:8EKK?@EE@E>
F=K?<:FIE<88GG<8I<;;LI@E>K?< 5)KI<8KD<EK
&
'"
(
!&
'"
(
! '"
( +*&.&
+*,*2 & &.**
4+*"++*
! !!&
!"
! , /"
! ,/"
3+*&.&
+!, ,*
+!, ,*%+*')(
!!#
!.
'+!, (
'+!, (
')( !&!,*
+* ,*+,,*+-$
<2?.("",(*($*$'()$$))
<2?29#')4'",
1?<)8D9<IKY<<IC8NI<C8K<JK?<I<;L:K@FEF=C@>?KKFK?<GIFG<IK@<JF=K?<D8K<I@8C K?IFL>? N?@:? K?< C@>?K @J KI8M<C@E> 1?< )8D9<IKY<<I C8N I<HL@I<J K?8K K?<
:FE:<EKI8K@FE F= K?< 89JFI9@E> D<;@LD @J ?FDF><EFLJ %FN<M<I 8 ?FDF><EFLJ :FE:<EKI8K@FEF=I@9F=C8M@E@EK?<:FIE<8@J;<G<E;<EKFEGIFG<IK@<JF=K?<I@9F=C8M@E JFCLK@FE8E;@JEFKE<:<JJ8IPGIFM@;<;8JJ?FNE@EJ<M<I8CJKL;@<J1?@J@J;@J:LJJ<;
@EDFI<;<K8@C@E-8G<I&3
<2?2:*$($4%(%",1'*"%'&'%).
1?<LEJ<EY/FJ:F<C8NJK8K<JK?8KK?<I<@J8;@I<:KCPGIFGFIK@FE8CG?FKF:?<D@:8C<==<:K KFK?<KFK8C<E<I>P;FJ<@II<JG<:K@M<F=K?<K@D<I<HL@I<;KF;<C@M<IK?<;FJ<1?@JC8N N8JK?<98J@JN?<E8::<C<I8K<; 5)GIFKF:FCJN<I<@EKIF;L:<;
::FI;@E> KF K?< LEJ<EY/FJ:F< C8N K?< KNF GIFKF:FCJ LJ<; @E K?< JKL;@<J @E K?<
GI<J<EKK?<J@JJ?FLC;>@M<K?<J8D<<==<:KD4:DD@ELK<JD4:D J<: ':D =FI K?< :FEM<EK@FE8C GIFKF:FC 8E; K?< 8::<C<I8K<; GIFKF:FC >@M<J
:FII<JGFE;@E>CPD4:DD@ELK<JD4:DJ<:':D
# ' +-3 +&0GI<;@:KJK?<89JFI98E:<F=C@>?K@E8D<;@LD ,45
9J89JFI98E:<`DFC8I89JFIGK@FE:F<==@:@<EKaG8K?C<E>K?
8E;:K?<:FE:<EKI8K@FEF=K?<JFCLK@FE
# .(, (3),) &0
&EK<EJ@KP;LI8K@FEKFK8C<E<I>P:FEJK8EKG?FKF:?<D@:8C<==<:K
@E;<G<E;<EKF=K?<@EK<EJ@KP
<2@((%')('('&'% )
4?<E@EKIF;L:@E> 5)8KFLI;<G8IKD<EK@EN<N<I<NFII@<;89FLKK?<K?@EE@E>
F=K?<:FIE<8;LI@E>K?< 5)GIF:<;LI<&E:C@E@:8CGI8:K@:<K?<I<:FDD<E;<;:<EKI8C :FIE<8CK?@:BE<JJ 1F=WDN8JEFK8CN8PJI<8:?<;9<=FI<K?<23@II8;@8K@FE 4<K?<I<=FI<8;FGK<;?PGFKFE@:I@9F=C8M@E@EKFFLIJK8E;8I; 5)GIFKF:FCKFJN<CCK?<
:FIE<8 +<M<IK?<C<JJ K?@J JN<CC@E> <==<:K N8J KI8EJ@<EK 0LGGC<D<EK *FI<FM<I J8=<KPJKL;@<J?8;J?FNEK?<:PKFKFO@:<==<:KF= 5)KF;@==<I<EK:FIE<8C:<CCJ8E;N<
;@;EFK=@E;8EPGI<M@FLJI<GFIKJF=K?< 5)<==<:KFEK?<8;A8:<EKC@D98C:<CCJ
1?<I<=FI<K?<J<KNFJ8=<KP@JJL<JN<I<K?<98J@J=FIG8IKJF=K?@JI<J<8I:?GIFA<:KJ K?< 5) GIF:<;LI< ?8J 9<<E <MFCM@E> N@K? E<N I@9F=C8M@E JFCLK@FEJ 8E; 23
@II8;@8KFIJ K?< :C@E@:8C JKL;@<J @E K?@J K?<J@J N<I< 8;8GK<; KF K?< :LII<EKCP LJ<;
GIF:<;LI<J4<K?<I<=FI<=FLE;@K@DGFIK8EKKFG<I=FID:C@E@:8CJKL;@<JLJ@E>8CK<I<;
5)GIFKF:FCJ1?@JN8J9<:8LJ<K?<FI@>@E8C!I<J;<EGIFKF:FCN8J=@IJK@EKIF;L:<;KF :C@E@:8C LJ< 8=K<I :FDGI<?<EJ@M< M@KIF 8E; 8E@D8C JKL;@<J N?@C< K?< E<N<I GIFKF:FCJ
?8M<9<<E@EKIF;L:<;N@K?FLKK?<J8D<K?FIFL>?@EM<JK@>8K@FE8E;8CJFN@K?8J?FIK8><
F=:C@E@:8CJKL;@<J1?<8@DJJK8K<;?<I<LE;<IN@CCJG<:@=PK?<GLIGFJ<F=K?@JK?<J@J
=2 #(%))((
1?<><E<I8C8@DF=K?@JK?<J@JN8JKF<O8D@E<<==@:8:P8E;J8=<KP8=K<I 5)=FI:FIE<8C
<:K8J@81?<DFI<JG<:@=@:8@DJN<I<KF
• "O8D@E<K?< 5)<==<:KFEK?<:FIE<8CC@D9LJ@EM@KIF*FI<<O8:KCPN<N8EK<;
KFJ<<@=K?<I<N8J8EPC@D98C:<CC:PKFKFO@:@KP8E;@=K?< 5)KI<8KD<EK8==<:KJ K?<I<><E<I8K@M<:8G8:@KPF=K?<C@D98C<G@K?<C@LD
• 0KL;PK?<@EK<II<C8K@FEJ?@GF=;@==<I<EKD<K?F;JF=D<8JLI@E>K?<;<D8I:8K@FE C@E<;<GK?8=K<I 5)@EM@MF
• 0KL;P 8E; :FDG8I< :FIE<8C JKIL:KLI8C :?8E><J 8E; J8=<KP 8=K<I 5) N@K?
:FEM<EK@FE8C8E;8::<C<I8K<;23@II8;@8K@FELJ@E>D<K?PC:<CCLCFJ<I@9F=C8M@E
• FDG8I< K?< :C@E@:8C FLK:FD< 8E; :FIE<8C :?8E><J 8=K<I 5) LJ@E>
I@9F=C8M@EN@K?<@K?<I;<OKI8EFID<K?PC:<CCLCFJ<8JK?<D8@EJLGGC<D<EK
>2 )'"$#)%(
CCJKL;@<JN<I<G<I=FID<;@E8::FI;8E:<N@K?K?<!<:C8I8K@FEF=%<CJ@EB@8E;N@K?
8GGIFM8C=IFDK?</<>@FE8C FDD@KK<<=FI*<;@:8C8E;%<8CK?/<J<8I:?"K?@:J1?<
D8K<I@8C8E;D<K?F;JLJ<;@E<8:?G8G<I8I<J?FNE@E189C<
#!)
!
!
"
! !
#-
"!#!,
% "
"!
!
!
##)
!
#
$!
#!
!
"!#!,
!
" #
$!&%&&
!&"
!&
"! !$&
! "
#$!!
%!
!&" ! "!
56
!!
! !!
31!! .31
& / $!
#
!"
51!! .51
& / $!
#
!"
51!! .51& /
$! #
!"
4$ 2! 2& 3&
# 2111
#(
2111
#.
!/(
21113111
# .!/(
2111 %! !"& !#
!#
'
!#
#8%!,#(#8!&" ,#(#8&!
#(211184*1+341"! (311187*1+321"! *
>29&)3#(*'$#)%(
!<D8I:8K@FEC@E<J8=K<I 5)?8M<9<<E=FLE;8E;LJ<;=FI;<GK?D<8JLI<D<EKJLJ@E>
, 18E;0:?<@DG=CL>KFDF>I8G?PCJF:FE=F:8CD@:IFJ:FGPJ?FNJ8CK<I8K@FEJ
@EK?<:FIE<88=K<I 5)-8G<I&&:FDG8I<J=@M<;@==<I<EK 5);<D8I:8K@FEC@E<
;<GK?D<8JLI@E> D<K?F;J LJ@E> <O8D@E8K@FEJ FE< DFEK? 8=K<I 5) N@K? &3 * FE=F0:8E +@;<B 1<:?EFCF>@<J 0IC , 1 3@J8EK< 8IC 7<@JJ *<;@K<: 8E;
0:?<@DG=CL>@D8>@E>-<EK8:8D%/,:LCLJ4<KQC8I$<ID8EP
4<;@J:FM<I<;8J@>E@=@:8EKG8KK<IEF=@EK<EJ@KP@E:I<8J<@EK?<8EK<I@FI&3 *@D8><J :8GKLI<;@EK?<=IFEK8CGC8E<F=K?<:FIE<8FE<DFEK?8=K<I 5)#@>LI<&EK?<@D8><J N@K? @E:I<8J<; @EK<EJ@KP N< 8CJF =FLE; ?PG<II<=C<:K@M< 98E;J N@K? 8E 89J<E:< F=
B<I8KF:PK<J1?<I<=FI<N<@EKIF;L:<;8E<N;<GK?D<8JLI@E>D<K?F;!&+&*!+.
!&)*&EK?@JD<K?F;K?<;<D8I:8K@FEC@E<;<GK?N8J;<=@E<;8J8E@E:I<8J<9P=@M<
9I@>?KE<JJ LE@KJ 8I9@KI8IP LE@KJ FI DFI< 8=K<I KNF J<HL<EK@8C @D8><J @E K?< :FIE<8C JKIFD8LJ@E>K?<+8M@JJF=KN8I<F=FLI&3 * FE=F0:8E+@;<B1<:?EFCF>@<J0IC 4<8CJFLJ<;8;@==<I<EK&3 *D<K?F;K?<#)+'.+!*(()&;<=@E<;
8JK?<;<GK?8KN?@:?K?<B<I8KF:PK<JN<I<GFFICP;<=@E<;
/<?ED8E<K8CGIFGFJ<;K?<LJ<F=0:?<@DG=CL>@D8>@E>KF<M8CL8K< 5);<GK?4<
LJ<; 8 J@D@C8I D<K?F;'"+!- !&+&*!+. & KF @EM<JK@>8K< N?<K?<I K?@J ;<GK?
:FII<C8K<; N@K? K?< FK?<I D<K?F;J 4< 8CJF @EKIF;L:<; 8 E<N D<K?F; %&,$
!%($, N?<I< N< LJ<; K?< 0:?<@DG=CL> @D8><J KF D<8JLI< K?< ;<GK? F= K?<
KI8EJ@K@FE QFE< =IFD K?< 8EK<I@FI ?PG<II<=C<:K@M< 8I<8 KF K?< GFJK<I@FI EFID8C :FIE<8
#@>LI<
>2:'$)&'%)%%"(*($)()((
&E-8G<IJ&8E;&&K?<:FEM<EK@FE8C 5)GIFKF:FCLJ@E>;<OKI8EI@9F=C8M@E8E;23
@II8;@8K@FE D4:D=FI D@ELK<J 235 N8J LJ<; &E -8G<I &&& K?< E<N D<K?PC:<CCLCFJ<I@9F=C8M@EN8JLJ<;N@K?<@K?<IK?<8::<C<I8K<; 5);<M@:<235
D4:D=FID@ELK<JFIK?<:FEM<EK@FE8C235@EKNFI8E;FD@Q<;JKL;P
>IFLGJ#@E8CCP@E-8G<I&3;<OKI8EI@9F=C8M@EFID<K?PC:<CCLCFJ<I@9F=C8M@EN8JLJ<;
N@K?K?<:FEM<EK@FE8C23@II8;@8K@FE@E8:FDG8I8K@M<:8J<J<I@<J
189C<8E;JLDD8I@Q<JK?<;@==<I<EKGIFG<IK@<JF=K?<23@II8;@8KFIJ8E;I@9F=C8M@E JFCLK@FEJ#@>LI<J?FNJK?<K?I<<;@==<I<EK 5)GIFKF:FCJLJ<;@EK?@JK?<J@JN?<I<
<@K?<IK?<23@II8;@8KFI-8G<I&&&FIK?<I@9F=C8M@EKPG<-8G<I&3@J:FDG8I<;
*'>1".",# ,(.*,).))&-/-#(."#-."-#-8 :3&&)1 L ,#) &0#(9
*"-6 &/ L 9*"-8 " (/',- ,*,-(. '#(/.-8 #) &0#( L @6AK '."3&&&/&)-9,#) &0#(6 #) &0#( 2 L @6AK 2.,(9,#) &0#(; #!/,7 -&) (#0,-#.3 )-*#.&8
?2 *##'.%'(*")(
&'
1?<GLIGFJ<F=K?@JJKL;PN8JKF@EM<JK@>8K<8GFJJ@9C<KFO@:<==<:KF=I@9F=C8M@E23 KI<8KD<EK FE K?< ?LD8E C@D98C <G@K?<C@8C :<CCJ @E M@KIF 0@E:< 9FK? <E;FK?<C@8C 8E;
B<I8KF:PK<:PKFKFO@:@KP8=K<I 5)?8;9<<EJ?FNEGI<M@FLJCPN<N8EK<;KF@EM<JK@>8K<
K?<<==<:KFEK?<8;A8:<EKC@D98C<G@K?<C@8C:<CCJN?@:?:8ELE@EK<EK@FE8CCP9<<OGFJ<;
;LI@E> 5) KI<8KD<EK )@D98C 9@FGJ@<J N<I< :FCC<:K<; 8=K<I :FIE<8C KI8EJGC8EK8K@FEJ 8E; ;@M@;<; @EKF =FLI ;@==<I<EK >IFLGJ FEKIFC >IFLG /23 LCKI8M@FC<K FECP /23 I@9F=C8M@E FECP / 23 8E; I@9F=C8M@ELCKI8M@FC<K / 23
=K<IK?I<<N<<BJF=:LCK@M8K@FEK?<8I<8F=<OG8EJ@FEN8JJ@>E@=@:8EKCPJD8CC<I@EK?<
/ 23 >IFLG K?8E @E K?< FK?<I >IFLGJ G 9LK EF J@>E@=@:8EK ;@==<I<E:<J 9<KN<<EK?</23/23 8E;K?</ 23>IFLGJN<I<=FLE;G1?<
ELD9<I F= :<CC C8P<IJ N8J J@>E@=@:8EK CFN<I @E K?< / 23 >IFLG 1?< <OGC8EK<;
9@FGJ@<JN<I<8E8CPQ<;=FI8GFGKFJ@JLJ@E>K?<K<ID@E8C;<FOPEL:C<FK@;PCKI8EJ=<I8J<
;<FOP21-E@:B <E; C89<C@E> 12+") 8JJ8P 8E; =FI GIFC@=<I8K@FE
@DDLEF?@JKF:?<D@JKIPD8IB<I(@12+")GFJ@K@M<:<CCJ@E;@:8K@E>8GFGKFJ@JN<I<
=FLE; FECP @E K?< / 23 >IFLG N?@C< JFD< :<CCJ @E 8CC >IFLGJ N<I< @E;@:8K@E>
GIFC@=<I8K@FEN@K?GFJ@K@M<(@
,M<I8CCK?<J<=@E;@E>JC<;KFK?<:FE:CLJ@FEK?8KI@9F=C8M@E23@E;L:<J8GFGKFJ@JF=
?LD8E C@D98C <G@K?<C@8C :<CCJ 8E; I<;L:<J I<><E<I8K@M< 89@C@KP 4< K?<I<=FI<
I<:FDD<E;<;8MF@;@E>I@9F=C8M@E23FEK?<C@D9LJ;LI@E>K?< 5)GIF:<;LI<
&'
&EK?@JGIFJG<:K@M<:8J<J<I@<JN<<M8CL8K<;;@==<I<EKD<K?F;JF= 5);<D8I:8K@FEC@E<
;<GK? D<8JLI<D<EK 1N<EKP <P<J F= G8K@<EKJ N@K? GIF>I<JJ@M< B<I8KF:FELJ N<I<
<O8D@E<;FE<DFEK?8=K<I 5)1?<@EK<II<C8K@FEJ?@GF=D<K?F;JLJ@E>&3 *, 1 8E;0:?<@DG=CL>@D8>@E>;<GK?N<I<8JJ<JJ<;
4<8GGC@<;KNF;@==<I<EKD<K?F;JF=D<8JLI@E>;<D8I:8K@FEC@E<;<GK?LJ@E>&3 *
#@IJKN<8JJ<JJ<;K?<&3 *B<I8KF:PK<;@J8GG<8I8E:<N?@:?N<;<=@E<;8JK?<;<GK?
N?<I<K?<B<I8KF:PK<JN<I<GFFICP;<=@E<;1?<EN<;<M<CFG<;K?<&3 *@EK<EJ@KP
@E:I<8J< D<K?F; N?<I< K?< ;<D8I:8K@FE C@E< ;<GK? N8J ;<=@E<; 8J 8E @E:I<8J< @E
@EK<EJ@KPD<8JLI<D<EKJF=K?<:FE=F:8C@D8><J
2J@E>0:?<@DG=CL>@D8><IPN<8CJFG<I=FID<;;<GK?D<8JLI<D<EKJN@K?KNF;@==<I<EK D<K?F;J9LKE<@K?<IF=K?<DJ?FN<;>FF;:FII<C8K@FEN@K?K?<D<K?F;J=IFDK?<FK?<I
;<M@:<J
1?< ;<GK? D<8JLI<D<EKJ N<I< :FDG8I<; G8@IN@J< LJ@E> @EKI8:C8JJ :FII<C8K@FE :F<==@:@<EK& G8@I<;J8DGC<JKK<JKJ8E;C8E;YCKD8EGCFKJ
::<GK89C< :FII<C8K@FEJ 8E; C<M<CJ F= 8>I<<D<EK N<I< =FLE; 9<KN<<E , 1Y&3 * B<I8KF:PK<;@J8GG<8I8E:< & , 1Y&3 * @EK<EJ@KP@E:I<8J< &
8E;&3 *@EK<EJ@KP@E:I<8J<Y&3 *B<I8KF:PK<;@J8GG<8I8E:<&
-8@IN@J<:FDG8I@JFEJ?FN<;D<8JLI<;;<GK?J@EK?<J8D<C<M<CFECP9PK?<, 18E;
&3 * @EK<EJ@KP@E:I<8J< D<K?F;J G &3 * B<I8KF:PK<;@J8GG<8I8E:< >8M<
DFI< J?8CCFN ;<GK? D<8JLI<D<EKJ K?8E 9FK? , 1 8E; K?< &3 * @EK<EJ@KP@E:I<8J<
D<K?F;
1?<D<8JLI<D<EKJJ?FN<;;<GK?JF=V0!WDN@K?, 1F=VWDN@K?
K?< &3 * B<I8KF:PK<;@J8GG<8I8E:< D<K?F; 8E; F= V WD N@K? K?< &3 *
@EK<EJ@KP@E:I<8J<D<K?F;
1?LJ9FK?&3 *D<K?F;J8E;, 1@D8><JJ?FN<;>FF;:FII<C8K@FE%FN<M<IFECP
;<GK? D<8JLI<D<EKJ N@K? , 1 8E; K?< &3 * @EK<EJ@KP@E:I<8J< D<K?F;J J?FN<; 8 J@D@C8IC<M<CF=;<D8I:8K@FEC@E<;<GK?
&'
&EK?@JI8E;FD@Q<;:FEKIFCC<;KI@8CK?<E<N8::<C<I8K<; 5)GIFKF:FC=FIGIF>I<JJ@M<
B<I8KF:FELJN@K?D4:D_=FID@ELK<J8::<C<I8K<; 5)N8J:FDG8I<;KFK?<
:FEM<EK@FE8CD4:D_=FID@ELK<J:FEM<EK@FE8C 5)&E8:?8E><=IFD-8G<IJ&
8E;&&K?<I@9F=C8M@EJFCLK@FEN8J8CK<I<;N@K?D<K?PC:<CCLCFJ<9<@E>:?FJ<E8JK?<D8@E JLGGC<D<EK@EJK<8;F=;<OKI8E1?<I<8JFE=FIK?@J:?8E><N8JKF8MF@;@EKI8FG<I8K@M<
K?@EE@E>F=K?<:FIE<88JN8JK?<:8J<N@K?K?<KI8;@K@FE8C;<OKI8EI@9F=C8M@EJFCLK@FE 1?< D8@E 8@D F= K?< JKL;P N8J KF @EM<JK@>8K< J8=<KP N@K? 8E <DG?8J@J F= ;<GK?
D<8JLI<D<EKJ8E;<E;FK?<C@8C:<CC;<EJ@KP" !
,ECPK?<&3 *B<I8KF:PK<;@J8GG<8I8E:<;<D8I:8K@FEC@E<D<K?F;;<J:I@9<;@E-8G<I
&:FLC;9<LJ<;=FI;<GK?D<8JLI<D<EKJ8E;N8JVWDI8E><KFDD
@E K?< :FEM<EK@FE8C 5) >IFLG 8E; V WD I8E>< KF DD @E K?<
8::<C<I8K<; 5) >IFLG G :FDGC<K< CFJJ F= B<I8KF:PK<J K?IFL>?FLK K?<
:<EKI8C:FIE<8CJKIFD8N8J=FLE;@EF=K?<:FEM<EK@FE8C 5)>IFLG8E;F=
K?< 8::<C<I8K<; 5) >IFLG G " ! D<8JLI<D<EKJ J?FN<; EF JK8K@JK@:8CCP J@>E@=@:8EK:?8E><8=K<IDFEK?J@E8EPF=K?<>IFLGJ&E#@>LI<@EK?@JG8G<IJFD<
F= K?< ?<@>?KJ F= K?< 98IJ J?FN@E> K?< G<I:<EK8>< F= <P<J N@K? 8 KFK8C 89J<E:< F=
B<I8KF:PK<JFE&3 *@D8><J8I<EFK:FII<:K1?<G<I:<EK8><J;<J:I@9<;@EK?<89JKI8:K
?FN<M<I8I<:FII<:KE<N:FII<:K<;=@>LI<N@CC9<J<EKKFK?<AFLIE8C0LGGC<D<EK
4<=FLE;EFJK8K@JK@:8CCPJ@>E@=@:8EK;@==<I<E:<J@EK?<:?8E><F=M@JL8C8:L@KPFI(D8O 9<KN<<EK?<>IFLGJ8=K<IDFEK?J1?<;<<G:?8E><J@EK?<:FIE<8CJKIFD8FE&3 * N<I<LE<OG<:K<;?FN<M<IK?@J=@E;@E>GIF989CP<OGC8@EJN?PK?<, 1;<D8I:8K@FE C@E<N8JEFKM@J@9C<
&'
&EJG@I<;9PFLIJLIGI@J@E>=@E;@E>JF=8;<<G 5);<D8I:8K@FEC@E<@E-8G<I&&&N<
N8EK<; KF :FDG8I< K?< 5) <==<:K LJ@E> I@9F=C8M@E N@K? <@K?<I ;<OKI8E FI D<K?PC:<CCLCFJ<8JK?<D8@EJLGGC<D<EK FIE<8C:?8E><J8=K<IFE<DFEK?8E;:C@E@:8C FLK:FD<8=K<IKNFP<8IJN<I<K?<D8@EFLK:FD<J
1N8JJ@>E@=@:8EKCP?@>?<I@EK?<D<K?PC:<CCLCFJ<I@9F=C8M@E>IFLG8=K<II@9F=C8M@E JF8B@E> 8E; ;LI@E> K?< 23 G?8J< F= K?< 5) GIF:<;LI< 3@J@9@C@KP F= K?< , 1
;<D8I:8K@FE C@E< N8J J@>E@=@:8EKCP CFN<I @E K?< D<K?PC:<CCLCFJ<I@9F=C8M@E >IFLG K?<I<=FI<K?@J;<GK?G8I8D<K<I:FLC;EFK9<LJ<;=FI:FDG8I@JFE1?<&3 *B<I8KF:PK<
;@J8GG<8I8E:<;<D8I:8K@FEC@E<;<GK?N8JVWD@EK?<;<OKI8EI@9F=C8M@E>IFLG 8E; V WD @E K?< D<K?PC:<CCLCFJ<I@9F=C8M@E >IFLG G CK?FL>? 8 :FDGC<K< 89J<E:< F= B<I8KF:PK<J N8J =FLE; @E F= K?< :FIE<8J KI<8K<; N@K?
D<K?PC:<CCLCFJ<I@9F=C8M@EEF:?8E><F=" !N8J=FLE;8=K<IKNFP<8IJ" !N8J8CJF JK89C<@EK?<;<OKI8EI@9F=C8M@E>IFLG
(D8O 8E; :FII<:K<; ;@JK8E:< M@JL8C 8:L@KP !3 N<I< @DGIFM<; @E K?<
D<K?PC:<CCLCFJ<I@9F=C8M@E>IFLG8E;JK89C<@EK?<;<OKI8EI@9F=C8M@E>IFLG8=K<IKNF P<8IJN?<I<8J8J@>E@=@:8EK;@==<I<E:<@E:?8E><9<KN<<EK?<>IFLGJ=IFD98J<C@E<N8J FECP =FLE; =FI (D8O 1?@J @E;@:8K<J 8 DFI< =C8KK<E@E> <==<:K N?<E LJ@E>
D<K?PC:<CCLCFJ<I@9F=C8M@E
4<?PGFK?<J@Q<K?8KK?<;<<G<IJKIFD8C 5)<==<:K<OGC8@EJDFI<:FIE<8C=C8KK<E@E>@E K?< D<K?PC:<CCLCFJ<I@9F=C8M@E >IFLG CJF I<:<EK =@E;@E>J F= ;@==<I<EK ;@==LJ@FE GIFG<IK@<JF=K?<KNFI@9F=C8M@EJFCLK@FEJ@J;@J:LJJ<;8E;GIFGFJ<;KF<OGC8@EN?P8
;<<G<I;<D8I:8K@FEC@E<@J=FLE;N?<ED<K?PC:<CCLCFJ<I@9F=C8M@E@JLJ<;
@2 (*((%$
@29)%%"%"%$(')%$(
$+)'%()*(%)"#*()'
-8G<I&;@==<IJ=IFDK?<FK?<IG8G<IJ9<@E>8E@EM@KIFJKL;P1?<JKI<E>K?JF=K?@JJKL;P 8I<K?8KN<8GGC@<;?LD8EK@JJL<8E;K?<J8D<I@9F=C8M@E8E;23@II8;@8KFI8J@JLJ<;
@EM@MF4<8CJF?8;K?I<<:FEKIFC>IFLGJ8E;9P<C@D@E8K@E><@K?<II@9F=C8M@EFI23 FI9FK?K?<I<JLCKJ:8EI<M<8CK?<@IDLKL8C@DG8:K1?<C@D@KJ8I<F=:FLIJ<K?8KI<JLCKJ
=IFD@EM@KIFJKL;@<J;FEFKE<:<JJ8I@CP?8M<<OK<IE8CM8C@;@KPK?8K<OK<E;JKF:C@E@:8C J<KK@E>J#FI<O8DGC<K?<:LCKLI<D<;@LDD8P=8:@C@K8K<C@D98C<G@K?<C@8C:<CC>IFNK?
8=K<I 5);@==<I<EKCP=IFDN?8K@JK?<:8J<@EM@MF
&)3#(*'$#)%(%)#')%$"$
&E -8G<I && K?< D8@E @JJL< N8J KF <OGCFI< ;@==<I<EK D<K?F;J F= D<8JLI@E> K?<
;<D8I:8K@FE C@E< FE< DFEK? 8=K<I 5) -<I=FID@E> =@M< ;@==<I<EK ;<GK?D<8JLI@E>
D<K?F;J LJ@E> K?I<< ;@==<I<EK ;<M@:<J FE <8:? <P< GIFM@;<; 8 >FF; FGGFIKLE@KP KF
<O8D@E< K?< JKI<E>K?J 8E; C@D@K8K@FEJ F= <8:? D<K?F; &EKI8:C8JJ :FII<C8K@FE @J 8E 8;<HL8K<D<K?F;KF8JJ<JJ:FII<C8K@FEF=;<GK?D<8JLI<;FEK?<J8D<G8K@<EK9PKNF
;@==<I<EK D<K?F;J C8E;YCKD8E GCFKJ N<I< LJ<; KF J<< @= K?< ;@==<I<E:<J @E D<8JLI<D<EKJN<I<8;<HL8K<CP@E;<G<E;<EKF=K?<;<GK?F=K?<D<8JLI<D<EKJ4<8CJF LJ<;G8@I<;KK<JKKFJ<<@=K?<D<8JLI<;;<GK?JN<I<8KK?<J8D<C<M<CJ1F><K?<IK?<
@EKI8:C8JJ :FII<C8K@FEJ K?< C8E;YCKD8E GCFKJ 8E; K?< G8@I<; KK<JKJ >8M< I<JLCKJ :FEKI@9LK@E> KF 8 :FDGI<?<EJ@M< LE;<IJK8E;@E> F= K?< @EK<II<C8K@FEJ?@G 9<KN<<E K?<
;@==<I<EK;<GK?D<8JLI@E>D<K?F;JC@D@K8K@FEF=K?@JJKL;PN8JK?<LJ<F=8DF;@=@<;
5)GIFKF:FCN?@:?:FDGC@:8K<;K?<:FDG8I@JFEF=FLI;<GK?D<8JLI<D<EKJN@K?K?FJ<
@EFK?<IJKL;@<J
"')+(2%$+$)%$"&'%)%%"(*($#)."""*"%(3'%"+$
I<M@<NJKL;P?8JJ?FNE8J?8CCFN<I;<D8I:8K@FEC@E<8E;8K<E;<E:PKF8C<JJ:FIE<8C
=C8KK<E@E>C@E<LJ@E>8::<C<I8K<;GIFKF:FCJK?8EK?<:FEM<EK@FE8CGIFKF:FC%FN<M<I
@E <M<IP JKL;P I<=<II<; KF @E K?@J G8G<I ;<OKI8EI@9F=C8M@E N8J LJ<; @E 8CC K?<
:FEM<EK@FE8C 5)GIFKF:FCJ@E:FEKI8JKKF-8G<I&&&N?<I<N<LJ<;D<K?PC:<CCLCFJ<
I@9F=C8M@E1?LJK?<E<NCP@EKIF;L:<;8::<C<I8K<; 5)GIFKF:FCN8J:FDG8I<;N@K?
K?<:FEM<EK@FE8CGIFKF:FC@E-8G<I&&&LJ@E>K?<E<ND<K?PC:<CCLCFJ<I@9F=C8M@E@E9FK?
>IFLGJ4<:FEJ@;<IK?@J8JKI<E>K?F=K?<JKL;P
GIFJG<:K@M<I8E;FD@Q<;J@E>C<:<EK<IJKL;P;<J@>EN8J:?FJ<E4?<EGC8EE@E>K?<
JKL;PK?<I<N8JEF:C<8I@E;@:8K@FEK?8KFE<F=K?<:FDG8I<;KI<8KD<EKGIFKF:FCJN8J JLG<I@FIKFK?<FK?<I&KN8JK?<I<=FI<:FEJ@;<I<;<K?@:8CKFI8E;FD@Q<G8K@<EKJKFKNF
@EK<IM<EK@FE>IFLGJ
4<?8;DFI<K?8EFE<FLK:FD<M8I@89C<8E;8I8E;FD@Q8K@FEGC8EN@K?K?I<<9CF:BJ K?8K @J <HL8C >IFLGJ 8=K<I K?< @E:CLJ@FE F= 8E; G8K@<EKJ &EK<I@D 8E8CPJ@J J?FN<;;@==<I<E:<J@EI<C<M8EKG8I8D<K<IJ8=K<I@E:CL;<;G8K@<EKJ8E;K?<I<=FI<N<
JKFGG<;@E:CLJ@FE8=K<IKNF9CF:BJI8E;FD@Q<;:C@E@:8CKI@8C@J:FEJ@;<I<;K?<>FC;
JK8E;8I; =FI :FDG8I@JFE F= KI<8KD<EK FLK:FD<J %FN<M<I K?<I< @J 8 I@JB F= LE<HL8C
>IFLGJ8=K<II8E;FD@Q8K@FE@=K?<>IFLGJ8I<KFFJD8CC1?<I<=FI<K?<@E:CLJ@FE:I@K<I@8 N<I< :8I<=LCCP :?FJ<E KF <O:CL;< =FI <O8DGC< :FIE<8J N@K? J:8IJ N?@:? 8I< HL@K<
:FDDFE@EB<I8KF:FELJK?8KD8P;@JKLI9K?<D<8JLI<D<EKJCJFK?<>IFLGJ?8;EF J@>E@=@:8EK ;@==<I<E:<J @E K<IDJ F= @DGFIK8EK 98J<C@E< :?8I8:K<I@JK@:J JL:? 8J M@JL8C 8:L@KP 1 8E; (D8O <:8LJ< F= K?< CFN<I M@J@9@C@KP FI 89J<E:< F= 8E , 1
;<D8I:8K@FE C@E< N< :FLC; EFK G<I=FID , 1 ;<GK? D<8JLI<D<EKJ CJF ;L< KF 8
;@==<I<EK G8KK<IE @E K?< &3 * D<8JLI<D<EKJ K?8E @E -8G<I && K?< &3 * @EK<EJ@KP
@E:I<8J<D<K?F;:FLC;EFK9<LJ<;<@K?<I1?<C<M<CF=89J<E:<F=B<I8KF:PK<J@EK?<
&3 *@D8><JN8JK?<I<=FI<K?<FECP8M8@C89C<D<K?F;=FI;<GK?<M8CL8K@FE@E-8G<I
&&&
;@C<DD8;<J@>E@E>K?<JKL;PGIFKF:FC@E-8G<I&&&N8JN?<K?<IKFLJ<K?<KI8;@K@FE8C
;<OKI8EI@9F=C8M@E 8J @E -8G<I && FI K?< E<N D<K?PC:<CCLCFJ<I@9F=C8M@E <@E>