;R
",)6-668&0-77)(-1*8/*-/0)172*
7,)5)48-5)0)176*257,)()+5))2*
!"
,A
%'8/7<2*576%1((8'%7-21 )3%570)172*(8'%7-21%1(!3257!'-)1')
1GBO>KLBMRH?/M:O:G@>K
*+/M:O:G@>K
*+.35 PPPNBLGH
\$>B=B!EBL:;>MA*:@
%/*
%//*
,A 0A>LBL1B/*H
---
"#* !"'&
0A>PHKDIK>L>GM>=BGMABLMA>LBLP:LI>K?HKF>=:M"K:F;N.>LHNK<>
>GMK> ?HK .:K> BLHK=>KL :G= >GMK> ?HK (>:KGBG@ !GOBKHGF>GM 1GBO>KLBMR H? /M:O:G@>K "BG:G<B:E ?NG=BG@ P:L IKHOB=>= ;R "K:F;N .>LHNK<>>GMK>?HK.:K> BLHK=>KL ;R*>O/HF*HKP>@B:G>GMK>H?
!QI>KMBL>?HK*>NKH=>O>EHIF>GM:E BLHK=>KL:G=$RI>KLHFGB:L :G=;R MA>*HKP>@B:G*:MBHG:E=OBLHKR1GBMHG.:K> BL>:L>L
K 0>KC> *`KE:G= P:L FR F:BG LNI>KOBLHK :G= <H:NMAHK BG :EE MA>
:KMB<E>L%:F@K:M>?NE?HKRHNKLNIIHKM:G=>Q<>EE>GM@NB=:G<>MAKHN@AHNM MA>K>L>:K<AIKH<>LL5HNK=BK><M:G=<HGLMKN<MBO><HFF>GMLF:=>MABL
<HHI>K:MBHG>:LR
K'E:K:_O>KE:G=A:L;>>GFRL><HG=:=OBLHK:G=P:L<H:NMAHKH?
MPHH?MA>:KMB<E>L5HNBGMKH=N<>=F>MH-F>MAH=HEH@R ?HKPAB<A%
:F O>KR @K:M>?NE 5HNK LNIIHKM BG G:OB@:MBG@ MA> NGBO>KLBMR A:L ;>>G IKB<>E>LL%:F@K:M>?NE?HK:EEH?RHNKA>EI:G=LNIIHKMMAKHN@AHNMMA>
PKBMBG@IKH<>LL
K )>MM> )aEE>K $:G=KNI :M MA> >GMK> ?HK .:K> BL>:L>L :KANL 1GBO>KLBMR$HLIBM:E >GF:KD:G=,KH?>LLHKGG*HK=@K>G:G= KKBMM ):KB>G=>KEB=:MMA>':KHEBGLD:>GM>K?HK.:K> BL>:L>L ':KHEBGLD:
1GBO>KLBMR $HLIBM:E /P>=>G P>K> K>LIHGLB;E> ?HK :IIKHO:E ?KHF MA>
>MAB<:E<HFFBMM>>LBG/P>=>G:G= >GF:KD,KH?>LLHK*HK=@K>G:G= K G=>KEB=:ELH<HEE><M>=LHF>H?MA>=:M:BG/P>=>G:G=<H:NMAHK>=HG>
H?MA>:KMB<E>L%:F@K:M>?NE?HKRHNK<HGMKB;NMBHGL
0H>O>KR;H=R:M"K:F;N %H??>K:P:KFMA:GDRHN0HMA>?HKF>K:G=
IK>L>GME>:=>KL MA:GDRHN?HK?:<BEBM:MBHG LNIIHKM:G=>G<HNK:@>F>GM MAKHN@AHNM MA> IKHC><M % :ELH MA:GD :EE H? FR ?HKF>K :G= IK>L>GM
<HEE>:@N>LPAHA:O>;>>G>QMK>F>ERLNIIHKMBG@:G=A:O><A>>K>=F>
-9
HG/I><B:EMA:GDL@HMH':C:#BEMO>=M G=K>:L0AH/:G=?HLL>G _BOBG=
':G:OBG 'KBLMB:G!'KBLMH??>KL>G MA>"+1@KHNI:G= E:LM;NMGHME>:LM (BL>$HQF:KD PAH:ELH<H:NMAHK>=HG>H?MA>:KMB<E>L%:F:ELH
@K:M>?NEMHFR?HKF>KE>:=>K 3>G<D>!,>=>KL>G :G=?HKF>K=BK><MHK :M"K:F;N'C>MBE_K;><D PBMAHNMPAHF%PHNE=G>O>KA:O>;>>G:;E>MH LM:KMMABLIKHC><M
"BG:EER MA:GDLMH:EEH?FR?KB>G=L:G=?:FBERPAHA:O>;>>GLNIIHKMBO>
:G=<NKBHNLMAKHN@AHNMMA>IKHC><M :EMAHN@ABMBL?:KHNMLB=>RHNKHPG
?B>E=/I><B:EMA:GDL@HMH0HK:G=):RKBMM?HK@BOBG@F>:IE:<>MH LM:R BG /M:O:G@>K PA>G G>>=>= G= :@:BG E:LM ;NM GHM E>:LM : ANFHG@HNL MA:GDL MH /O>BGNG@ ?HK I:MB>G<> LNIIHKM :G=
>G<HNK:@>F>GMMAKHN@AHNMMA>L>R>:KL
9
(!!%,
A:EE>G@BG@;>A:OBHNKL<HGLMBMNM>:<HFIE>Q<HG<>IM :G=MA>M>KFBL NL>=MH=>L<KB;>L>O>K:EMRI>LH?;>A:OBHNKL BGDBG=>K@:KM>GL BGL<AHHEL :MAHF> :G=BGLH<B>MRBG@>G>K:EA:EE>G@BG@;>A:OBHNKLH?M>GA:O>:
G>@:MBO> BFI:<M HG MA> I>KLHGeL E>:KGBG@ I>K?HKF:G<> ;NM MA>R :ELH IKHO><A:EE>G@BG@?HKMA>E>:KGBG@>GOBKHGF>GM,>KLHGLPBMABGM>EE><MN:E
=BL:;BEBMB>L:G=HMA>K=>O>EHIF>GM:E=BL:;BEBMB>L:K>:M>E>O:M>=KBLD?HK
=>O>EHIBG@<A:EE>G@BG@;>A:OBHNKLNMBLF/I><MKNF BLHK=>KL/
BLK>?>KK>=MHBGMA> B:@GHLMB<:G=/M:MBLMB<:E):GN:E2:L:=R:=H?
BFI:BKF>GML BG<EN=BG@ =B??B<NEMB>L BG LH<B:E BGM>K:<MBHGL :G= LH<B:E
<HFFNGB<:MBHGL :G=K>LMKB<M>=:G=K>I>MBMBO>;>A:OBHNKL BGM>K>LML :G=
:<MBOBMB>L%GM>K>LMBGLMN=RBG@/ BG@>G>MB<=BLHK=>KLA:LBG<K>:L>=
:G= K>L>:K<A A:L LAHPG : AB@A>K IK>O:E>G<> H? / BG LHF> @>G>MB<
=BLHK=>KLMA:GBGMA>@>G>K:EIHINE:MBHG0A>?H<NLLH?:KA:L;>>GHGMA>
IK>O:E>G<>H?:G=IA>GHF>GHEH@RBG=B??>K>GMLRG=KHF>L :G=?NKMA>K LMN=B>L :K> K>JNBK>= MH M>EE NL FHK> :;HNM MA> =B??>K>G<>L BG / IA>GHF>GHEH@R ;>MP>>G / BG @>G>MB< LRG=KHF>L :G= B=BHI:MAB<
:NMBLF /FBMA):@>GBL LRG=KHF> /)/ BL : K:K> <HFIE>Q @>G>MB<
LRG=KHF><:NL>=;R:GBGM>KLMBMB:E=>E>MBHGH?<AKHFHLHF>IHK:
FNM:MBHG HG MA> K>MBGHB< :<B= BG=N<>= .% @>G> 0A> =BLHK=>K BL
<A:K:<M>KBL>= ;R BGM>EE><MN:E =BL:;BEBMR FNEMBIE> <HG@>GBM:E :GHF:EB>L H;>LBMR G>NKH;>A:OBHNK:E:;GHKF:EBMB>L :G=:=BLKNIM>=<BK<:=B:GLE>>I P:D> I:MM>KG ABE=K>G :G= :=NEML PBMA /)/ :II>:K MH A:O> : NGBJN>
IA>GHMRI> MA:M BL >LI><B:EER <A:EE>G@BG@ ?HK ;HMA I:K>GML :G=
IKH?>LLBHG:EL0A>L>IA>GHMRIB<:E<A:K:<M>KBLMB<LHKMK:BMLBG<EN=>LE>>I
=BLMNK;:G<>L L>E?BGCNKBHNL :G= F:E:=:IMBO> ;>A:OBHNKL LM>K>HMRIB>L :G= L>GLHKR BGM>@K:MBHG =BLHK=>KL 0ABL LMN=R L>>DL MH ;KBG@ G>P DGHPE>=@>K>@:K=BG@MA>;>A:OBHNKL=BLIE:R>=;RI>KLHGLPBMA/)/ BG
;HMA MA>BK >=N<:MBHG:E >GOBKHGF>GML :G= MA>BK AHF>L ;R :==K>LLBG@
M>:<A>K:G=I:K>GM:EI>K<>IMBHGL;>EB>?L;:L>=HGMA>BK>QI>KB>G<>LPBMA MA>L> <ABE=K>G 0A> :BF H? MABL IKHC><M BL MH >QIEHK> <A:EE>G@BG@
9-
;>A:OBHNKLBG:K:K>=BLHK=>KMHNG=>KLM:G=AHP:G=PARMA>;>A:OBHNKL H<<NK;KH:=>KNG=>KLM:G=BG@H?<A:EE>G@BG@;>A:OBHNKLBLG><>LL:KR MH;>:;E>MHF:G:@>HK<A:G@>MA>;>A:OBHNKL
0H:GLP>KMA>K>L>:K<AJN>LMBHGL>QIEHKBG@<A:EE>G@BG@;>A:OBHNKLBG:
K:K> =BLHK=>K : <HF;BG:MBHG H? :IIKH:<A>L <A:K:<M>KBL>= :L : FNEMBF>MAH= =>LB@G P:L NL>= 0ABL ,A MA>LBL BG<EN=>L JN:EBM:MBO>
JN:GMBM:MBO> :G= - F>MAH=HEH@B>L %G MABL IKHC><M MA> I:K>GML H?
I>KLHGLPBMA/)/:@>=;>MP>>G:G=R>:KLHE=I:KMB<BI:M>=
MHM:EH?P>K>?KHF*HKP:R <:F>?KHF/P>=>G :G=P>K>?KHF >GF:KD
0A>?BKLM:BFH?MABL,A MA>LBLP:LMH>QIEHK>MA><A:K:<M>KBLMB<LH?/)/
BGMA>/<:G=BG:OB:GIHINE:MBHG :G=MA>K>E:MBHGL;>MP>>GMA>=B??>K>GM LI><B?B<<A:K:<M>KBLMB<LKMB<E>%:G=%%%?HNG=BFIHKM:GMBG?HKF:MBHG O:EN:;E>MHMA>LM:??K>LIHGLB;E>?HKMA>:=:IM:MBHG?HKI>KLHGLPBMA/)/
BGL<AHHEL%GKMB<E>% %?HNG=MA:MFHK>MA:GL<HK>=:;HO>MA>
<NMH?? HG MA> /H<B:E HFFNGB<:MBHG -N>LMBHGG:BK> /- :G=
L<HK>= BG MA> FBE=FH=>K:M> MH L>O>K> K:G@> HG MA> /H<B:E .>LIHGLBO>G>LL/<:E>/./AB@AE>O>EH?:NMBLFLI><MKNFLRFIMHFL BL BFIHKM:GM MH ;> :P:K> H? PA>G IE:GGBG@ E>:KGBG@ ?HK I>KLHGL PBMA /)/ 0A> MPH FHLM BGM>K>LMBG@ ?BG=BG@L BG MA>L> MPH :KMB<E>L :K> MA>
K>O>KL>=@>G=>KK:MBHH?:NMBLFLI><MKNF=BLHK=>KBG/)/KMB<E>%:G=
MA>=><K>:L>BG;>A:OBHNK:E:G=>FHMBHG:EIKH;E>FLPBMA:@>KMB<E>%%
0ABL=><K>:L>FB@AM:ELHBG=B<:M>MA:MMA>PHKDMA:ML<AHHEL:K>=HBG@
K>E:M>=MH<A:EE>G@BG@;>A:OBHNKLBLPHKDBG@MHP:K=L=><K>:LBG@MA>L>
;>A:OBHNKLGHMA>K?BG=BG@BGKMB<E>%%BL:G>@:MBO>K>E:MBHG;>MP>>G MA> 2BG>E:G= =:IMBO> >A:OBHK /<:E>L 2/ <MBOBMB>L H? :BER (BOBG@ ( LN;L<:E> :G= <A:EE>G@BG@ ;>A:OBHNKL BG=B<:MBG@ MA:M MAHL>PBMAMA>FHLM<A:EE>G@BG@;>A:OBHNKLA:=MA>IHHK>LM (LDBEEL
0A>L><HG=:BFP:LMHBGO>LMB@:M>MA>>QI>KB>G<>LH?:G=AHPL<AHHE LM:??F:G:@>=:G=A:G=E>=MA><A:EE>G@BG@;>A:OBHNKLH?I>KLHGLPBMA /)/ KMB<E> %2 0PH =BLMBG<M OB>PIHBGML P>K> ?HNG= F:G:@BG@
9--
<A:EE>G@BG@:@@K>LLBO>:G=L>E?BGCNKBHNL;>A:OBHNKLBGL<AHHEL:G=
LMKN@@EBG@PBMABGM>GL> GHGIARLB<:E<A:EE>G@BG@;>A:OBHNKLBGL<AHHEL 0A> L<AHHE LM:?? BG OB>PIHBGM >QI>KB>G<>L : K:G@> H? <A:EE>G@BG@
;>A:OBHNKL ;HMA:@@K>LLBO>;>A:OBHNKL:G=:<MBG@HNM;>A:OBHNKL0A>
LM:??A:G=E>LMA>L>;>A:OBHNKL:G=A:L:IHLBMBO>:MMBMN=>MHP:K=L;HMA BMLPHKD:G=MA>LMN=>GML/M:??A:L>QI>KB>G<>=MA:MMA>LMN=>GML;><HF>
:G@KR:ML<AHHE :G=MA>RABM L<K>:F DB<D:G=>G@:@>BGL>E?BGCNKBHNL
;>A:OBHNKL ;NM MA> L<AHHE LM:?? LMBEE >QI>KB>G<>L BM :L IHLBMBO> :G=
<A:EE>G@BG@BG:@HH=P:RMHPHKDPBMAMA>L>LMN=>GML/<AHHELM:??BG OB>PIHBGM>QI>KB>G<>LMA:MMA>LMN=>GML:K><A:EE>G@BG@MHPHKDPBMA
>LI><B:EER;><:NL>H?MA>BGM>GLBMRH?MA>BK;>A:OBHNKL ;NMMA>LM:??BL IHLBMBO> MHP:K=L BML PHKD :G= MA> LMN=>GML $HP>O>K MA> LM:??
>QI>KB>G<>L=>F:G=BG@LBMN:MBHGL >LI><B:EERB?:EHG>PBMAMA>LMN=>GML 0A>OB>PH?LM:??EH:=BG@HGMABLOB>PIHBGMP:LMA:MMA>R>QI>KB>G<>=
MA:MMA>L>LMN=>GMLA:O>FHK>GHGIARLB<:E;>A:OBHNK:EIKH;E>FL LN<A :L ;>BG@ O>KR BGM>GL> <K:OBG@ :MM>GMBHG :G= INLABG@ ;NMMHGL 0A>
K:MBHG:E> H? MABL :BF P:L MH BGO>LMB@:M> MA> L<AHHE LM:??eL ;>EB>?L K>@:K=BG@ <A:EE>G@BG@ ;>A:OBHNKL :G= MA> MRI>L H? <A:EE>G@BG@
;>A:OBHNKLMA:MLMN=>GMLPBMA/)/=BLIE:RBGL<AHHEL
.>@:K=BG@MABL:BF %:ELH?H<NL>=HGAHPMA>L<AHHE>GOBKHGF>GM<:G :=:IM MH F>>M MA> LMN=>GMLe G>>=L KMB<E> 2 0A> ?HEEHPBG@ ?HNK OB>PIHBGML P>K> K>O>:E>= K>@:K=BG@ PA:M MA> L<AHHE LM:?? G>>=>= BG LNIIHKMMHF:G:@><A:EE>G@BG@;>A:OBHNKLBG<HGMKHE LMKN@@EBG@
LMKN@@E>KL K>ERBG@ HG I:K>GML :G= LNIIHKM =>I>G=>GM %G MA> ?BKLM OB>PIHBGM MA>L<AHHELM:??K><>BO>=@NB=:G<>:G=BG?HKF:MBHGK>@:K=BG@
/)/:G=BLA:G=EBG@BMLPHKDP>EE0A>LM:??F>F;>KL>GCHRMA>BKPHKD :G=?>>EL:?> :EMAHN@AMA>LMN=>GML=BLIE:R<A:EE>G@BG@;>A:OBHNKL%G MA>L><HG=OB>PIHBGM MA>L<AHHELM:??>QI>KB>G<>L:K>MA:MBMBL=B??B<NEM MHPHKDPBMALMN=>GMLPBMA/)/;><:NL>H?MA><A:EE>G@BG@;>A:OBHNKL :G=MA>LM:??LMKN@@E>L;><:NL>BMFNLM=HMABG@LLEB@AMER=B??>K>GMERMA:G PBMAHMA>KLMN=>GML0A>LM:??F>F;>KL:ELH;>EB>O>MA:MBMBL=B??B<NEMMH
9---
BG?HKF I:K>GML H? <A:EE>G@BG@ ;>A:OBHNKL ;><:NL> H? MA> I:K>GMLe
?>>EBG@L ;NMMA>R:K>PHKDBG@P>EEPBMAMA>I:K>GML%GMABL@KHNI MA>R :ELH E:<D LNIIHKM ?KHF MA> E>:=>KLABI :M MA> L<AHHEL :G= ?KHF HMA>K
<HEE>:@N>L%GMA>MABK=OB>PIHBGM MA>L<AHHELM:??K><>BO>LBG?HKF:MBHG :G= @NB=:G<> ?KHF MA> I:K>GML :G= GHM :L FN<A ?KHF MA> L<AHHE E>:=>KLABI :G= @NB=:G<> ?KHF HMA>K MA:G MA> I:K>GML I>=:@H@B<:E
<>GMK>L ?HK>Q:FIE>%GMA>?HNKMA:G=E:LMOB>PIHBGM MA>L<AHHELM:??
K><>BO>L@NB=:G<>:G=MK:BGBG@K>@:K=BG@/)/:G=A:LLNIIHKM?KHFMA>
L<AHHEE>:=>KLABI:G=<HEE>:@N>L0A>LM:??F>F;>KLA:O>GHMK><>BO>=
FN<ABG?HKF:MBHGK>@:K=BG@MA>=BLHK=>K?KHFMA>I:K>GML:G=:K>GHM PHKDBG@FN<APBMAMA>I:K>GML
0A>E:LM:BFH?MABLMA>LBL<HG<>KG>=MA>I:K>GMLe>QI>KB>G<>LH?A:OBG@
:<ABE=PBMA/)/ PBMA:?H<NLHGMA><A:EE>G@BG@;>A:OBHNKLKMB<E>
%%% "HNK MA>F>L >F>K@>= BG MABL LMN=R ;>A:OBHNK:E <A:EE>G@>L
=BLIE:R>= I:K>GMLeLMK:M>@B>L?HKF:G:@BG@MA><A:EE>G@BG@;>A:OBHNKL I:K>GMLe>QI>KB>G<>LH?MA>BKHPG<HFI>M>G<>:G=I:K>GMLe>QI>KB>G<>L H?IKH?>LLBHG:ELe<HFI>M>G<>:G=NG=>KLM:G=BG@K>@:K=BG@<ABE=K>GPBMA /)/:G=MA>BK;>A:OBHNK:E<A:EE>G@>L%?HNG=MA:MI:K>GMLH?<ABE=K>G PBMA/)/>QI>KB>G<>;>BG@>QIHL>=MHL>O>K><A:EE>G@BG@;>A:OBHNKL
?KHF MA>BK <ABE=K>G 0A> I:K>GML ;>EB>O> MA:M MA>R >QI>KB>G<> FHK>
FBLNG=>KLM:G=BG@L PBMA IKH?>LLBHG:EL :G= MA:M MA> <A:EE>G@BG@
;>A:OBHNKL BG<K>:L> ;><:NL> MA>K> :K> LHF> LI><B?B< <A:K:<M>KBLMB<L H?
/)/ MA:M IKH?>LLBHG:EL :K> GHM :P:K> H? HK =H GHM <HGLB=>K BG MA>BK LNIIHKML>KOB<>L
0A> NL> H? : FNEMBF>MAH= =>LB@G :G= =:M: ?KHF =B??>K>GM LHNK<>L A:L IKHOB=>=MA>HIIHKMNGBMRMH>QIEHK><A:EE>G@BG@;>A:OBHNKLBG/)/?KHF
=B??>K>GMI>KLI><MBO>L%MA:L;>>GNL>?NE :G=G>PDGHPE>=@>A:L;>>G
?HNG= ;R >QIEHKBG@ MA> L:F> MHIB< PBMA L>O>K:E F>MAH=L :G= :<KHLL
=B??>K>GMBG?HKF:GMLL<AHHELM:??:G=I:K>GML:G=L>MMBG@LAHF>:G=
L<AHHE
-;
;
'.12:/)(+)0)176---
!800%5<9
";-9
1752(8'7-21
(!++%-')-'"%(!4).301 32)1,1/%#203,$)1.0$%0!-$'%-$%0$)&&%0%-#%1
,)2(!'%-)117-$0.,%
%&)-)2).-.&#.-#%/21
%1%!0#(!),1
"*7*&6(-59*78.327
)12.&!02)#+%1
68.(0*
68.(0*
68.(0*
68.(0*%
68.(0*%
203#230%.&2(%(2(%1)1 217);78%/5%0):25.%1(",)25)7-'%/5%0):25.
.-2%623!+&0!,%5.0*
#4*(.&0*)9(&8.327.89&8.32.236;&=
&;7&2)6*,90&8.326*,&6).2,(-&00*2,.2,'*-&:.3967.27(-3307 -&00*2,.2, '*-&:.3967 .2 4*67327 ;.8- &2) ;.8-398 .28*00*(89&0
).7&'.0.8=
(%.0%2)#!+&0!,%5.0*
*:*0341*28&047=(-303,=
632+*2'6*22*6>7'.3*(303,.(&08-*36=
$-*86&27&(8.32&013)*0+36)*:*0341*28
#86*77&2)(34.2,
63&(8.:*&2)6*&(8.:*&,,6*77.32
5)9-286 )6)%5',
"*7*&6(-6*,&6).2,(-&00*2,.2,'*-&:.3967.27(-3307&2)/.2)*6,&68*2
"*7*&6(-6*,&6).2,##
;-
)7,2(2/2+<
3!-2)2!2)4%,%2(.$1
*&796*1*287
&8&&2&0=7.7 3!+)2!2)4%,%2(.$1
&8&(300*(8.32
&8&&2&0=7.7
,%2(.$.+.'7
*+.2.8.323+(32(3967*
*:*034.2,8-*!7*8
&68.(.4&287 7*8
!7368.2,
&8&&2&0=7.7&2).28*646*8&8.32
23$7/./3+!2).-&.0!++2(0%%,%2(.$1
03125.02()-%11
2()#!+!1/%#21 "*7*&6(-*6>746*(32(*48.327
"*7*&6(-.2:30:.2,71&0043490&8.327
"*7*&6(-.2:30:.2,:902*6&'0*,63947
!800%5<2*5)68/76
02)#+%
02)#+%
02)#+%
02)#+%
02)#+%
-6'866-21
(!++%-')-'"%(!4).301)-)-1#(..+1
#(-330778&++7>*<4*6.*2(.2,8-*(-&00*2,.2,'*-&:.39673+789)*287;.8-
##
3; 7(-330 78&++ -&2)0* 8-* (-&00*2,.2, '*-&:.3967 .2 789)*287 ;.8-
##
314&6.732'*8;**28-*8;37(-33078&++789).*768.(0*7%&2)%
3(9732&(&)*1.(;36/+36789)*287;.8-##
(!++%-')-'"%(!4).301)-
#.2##
-&00*2,.2,'*-&:.3967&2)6*0&8.3278338-*67=148317
;--
-&00*2,.2,'*-&:.3967.2##.27(-330&2)&(63777.89&8.327
-&00*2,.2,'*-&:.3967.2##&(6377&,*
*2)*6).++*6*2(*7.2##
),)2!2).-1!-$120%-'2(1
.-#+3$)-'#.,,%-21
0!#2)#!+),/+)#!2).-1!-$&3230%#(!++%-'%1
)*)5)1')6
"
57-'/)$
33)1(-;
-+85) ",)5)/%7-216%021+7,)*-9)%57-'/)6-17,-6,7,)6-6 -+85) ",))'2/2+-'%/7,)25<2*,80%1()9)/230)17",-6*-+85)-//8675%7)6 7,) 6)'21( 5)9-6-21 72 )'2/2+-'%/ 7,)25< 521*)1&5)11)5 -+85)",)&-2)'2/2+-'%/7,)25<2*,80%1()9)/230)17",)"2()/
-+85)2:7,))'2/2+-'%/02()/'28/(%33)%5*25%3)5621:-7,!!
-+85)"5%16%'7-21%/02()/!%0)52**
-+85)19-5217<3)3,)127<3)%1(+)127<3)17)5%'7-21-1%1-1(-9-(8%/6
()9)/230)17
-+85) ",)352')662*%678(<
-+85)!',22/67%**3)5*250-1+%6257 -+85)",)+5-(86)(-1&27,678(-)657-'/)6$%1($
-+85)",)3%57-'-3%176:5-7-1+(2:17,)180&)562*7,)67%7)0)176-17,) '255)'73/%')-17,)+5-(
-+85)-675-&87-21%'5266%+)6 -+85)9)59-):2*3%57-'-3%176-17,5))2*7,)%57-'/)6
;---
"%&/) -6,)56&%/%1')(&/2'.()6-+1678(<
"%&/)-6,)56&%/%1')(&/2'.()6-+1678(<
"%&/)$-):32-176(-9-()(213%5)1766833257%1(/)%()56,-36833257
"%&/)203%5-6212**%'7256217,)7:2678(-)6
;-9
"'%#('#"
!$$& "& !-"',)*
A:EE>G@BG@;>A:OBHNKL<HGLMBMNM>:<HFIE>Q<HG<>IM :G=MA>M>KFBL NL>=MH=>L<KB;>L>O>K:EMRI>LH?;>A:OBHNKL BGDBG=>K@:KM>GL BGL<AHHEL :M AHF> :G= BG LH<B>MR BG @>G>K:E 0A>K> :K> =B??>K>GM =>?BGBMBHGL H?
<A:EE>G@BG@ ;>A:OBHNKL ;NM FHLM H? MA>F A:O> BG <HFFHG MA:M MA>R
=>L<KB;>;>A:OBHNKLMA:M;K>:DHK@H:@:BGLMLH<B:EGHKFL:G=MA>KNE>L H?LH<B>MR+@=>G +G>H?MA>;>LMDGHPG=>?BGBMBHGLH?
<A:EE>G@BG@ ;>A:OBHNKL <HF>L ?KHF !F>KLHG I cNEMNK:EER :;GHKF:E;>A:OBHNKLH?LN<A:GBGM>GLBMR ?K>JN>G<RHK=NK:MBHGMA:M MA>IARLB<:EL:?>MRH?MA>I>KLHGHKHMA>KLBLEBD>ERMH;>IE:<>=BGL>KBHNL C>HI:K=R HK;>A:OBHNKLPAB<ABLEBD>ERMHL>KBHNLEREBFBMNL>H? HKK>LNEM BG MA> I>KLHG ;>BG@ =>GB>= :<<>LL MH HK=BG:KR <HFFNGBMR ?:<BEBMB>Ld A:EE>G@BG@ ;>A:OBHNKL :K> H?M>G <:M>@HKBL>= :EHG@ =B??>K>GM
=BF>GLBHGL LN<A :L MHIH@K:IAR ?K>JN>G<R :G= BGM>GLBMR (EHR=
'>GG>=R GHMA>KP:RMH<:M>@HKBL><A:EE>G@BG@;>A:OBHNKLBGBL
;R<:NL> ?NG<MBHGHKFHMBO:MBHG;RMA><HGL>JN>G<>LA:KFMHL>E?HK HMA>KL HK F:M>KB:E =:F:@> HK MA> P:R HMA>K K>:<M MH MA> <A:EE>G@BG@
;>A:OBHNKLOHG0>MS<AG>K
0A>K>L>>FMH;>MPH=B??>K>GM?B>E=LPBMABGMA>K>L>:K<A:G=IK:<MBL>
K>@:K=BG@ <A:EE>G@BG@ ;>A:OBHNKL HG> ?B>E= <HG<>KGL <A:EE>G@BG@
;>A:OBHNKLBGI>KLHGLPBMAHNMBGM>EE><MN:E=BL:;BEBMB>L% :G=MA>HMA>K
?B>E= <HG<>KGL <A:EE>G@BG@ ;>A:OBHNKL BG I>KLHGL PBMA % 0A>
=B??>K>G<>L BG =>L<KB;BG@ <A:EE>G@BG@ ;>A:OBHNKL BG I>KLHGL PBMA HK PBMAHNM % :K> ?NKMA>K IK>L>GM>= BG A:IM>K PBMABG MA> <HGM>QMN:E
?K:F>PHKD
A:EE>G@BG@ ;>A:OBHNKL H?M>G A:O> : G>@:MBO> BFI:<M HG : I>KLHGeL E>:KGBG@I>K?HKF:G<> ;NMMA>R:ELHIKHO>:<A:EE>G@>?HKMA>E>:KGBG@
>GOBKHGF>GM.HE:G= _O>KE:G= RKDC>=:E/aK;R A:EE>G@BG@
;>A:OBHNKL<:G;><:M>@HKBL>=?KHFFBE=MHIKH?HNG=HKBGMH=B??>K>GM ILR<AB:MKB<=BLHK=>KL LN<A:L<HG=N<M=BLHK=>KHKHIIHLBMBHG:E=>?B:GM
=BLHK=>K +@=>G >A:OBHNKL H?M>G BG<EN=>= PA>G =>L<KB;BG@
<A:EE>G@BG@ ;>A:OBHNKL :K> L>E?BGCNKBHNL ;>A:OBHNKL :@@K>LLBHG LM>K>HMRI>=;>A:OBHNKL :G==>LMKN<MBHGH?IKHI>KMR)<EBGMH<D $:EE +EBO>K ,>KLHGLPBMA% :G=HMA>K=>O>EHIF>GM:E=BL:;BEBMB>L A:O>:GBG<K>:L>=KBLDH?=>O>EHIBG@<A:EE>G@BG@;>A:OBHNKL)<%GMRK>
A:EE>G@BG@;>A:OBHNKLBG?EN>G<>:I>KLHGeLJN:EBMRH?EB?>:G=
<:GE>:=MHBLHE:MBHG :G=EBMME>BGOHEO>F>GMBGMA><HFFNGBMReLLH<B:E EB?> (N<RLARG $HKG>K NGE:I E;BG >G A:EE>G@BG@
;>A:OBHNKLBGL<AHHELIE:<>@K>:M=>F:G=LHGMA>LM:??eL<:I:<BMB>L LN<A :L MA>BK <HFI>M>G<R FHMBO:MBHG :G= O:EN>L .HE:G= >M :E 3HKDBG@PBMA<A:EE>G@BG@;>A:OBHNKLBGL<AHHEL=>F:G=LLI><B:ELDBEEL BGMA>M>:F :G=MA>K>:II>:KLMH;>:@>G>K:EE:<DH?K>LHNK<>LBG<:L>L K>@:K=BG@LMN=>GMLPBMA<A:EE>G@BG@;>A:OBHNKL.HE:G=>M:E
,+"*%*(+),%"*'))& &)
")&*
/ BLK>?>KK>=MHBGMA> B:@GHLMB<:G=/M:MBLMB<:E):GN:E2 /)2 :L:=R:=H?BFI:BKF>GML BG<EN=BG@=B??B<NEMB>LBGLH<B:EBGM>K:<MBHGL:G=
LH<B:E <HFFNGB<:MBHGL :G= K>LMKB<M>= :G= K>I>MBMBO> ;>A:OBHNKL BGM>K>LML :G=:<MBOBMB>LF>KB<:G,LR<AB:MKB<LLH<B:MBHG (:M>ER BGM>K>LMBGLMN=RBG@/ BG@>G>MB<=BLHK=>KLA:LBG<K>:L>= :G=
K>L>:K<A A:L LAHPG : AB@A>K IK>O:E>G<> H? / BG LHF> @>G>MB<
=BLHK=>KLMA:GBGMA>@>G>K:EIHINE:MBHG.B<A:K=L &HG>L #KHO>L )HLL +EBO>K 0A> ?H<NL LH ?:K A:L ;>>G HG MA> IK>O:E>G<> :G=
IA>GHF>GHEH@RBG=B??>K>GMLRG=KHF>L :G=?NKMA>KLMN=B>L:K>K>JNBK>=
MHM>EENLFHK>:;HNMMA>=B??>K>G<>LBG/ IA>GHF>GHEH@R;>MP>>G / BG@>G>MB<LRG=KHF>L:G=B=BHI:MAB<:NMBLF
LN;LM:GMB:E:FHNGMH?K>L>:K<AA:LLAHPG:AB@A>KK:M>H?:NMBLMB<MRI>
IKH;E>FLBGF:E>L <HFI:K>=MH?>F:E>L0A>F:E>MH?>F:E>K:MBHBL HG> H? MA> FHLM <HGLBLM>GM ?BG=BG@L BG / K>L>:K<A $:EE:=:R >M :E 'BKDHOLDB !GMB<HMM "BMS@>K:E= (:B (HF;:K=H :KHG HA>G :G=:@>G=>K=B??>K>G<>A:L;>>GI:KMH?MA>=>L<KBIMBHG H?/ LBG<>MA>?BKLM<A:K:<M>KBL:MBHGH?MA>=BLHK=>K
)HLMH?MA><NKK>GM=:M:LN@@>LMMA:MMA>F:E>;B:LBLFHK>EBD>ERMH;>
=N>MH?>F:E>IKHM><MBO>?:<MHKLK:MA>KMA:GF:E>LI><B?B<KBLD?:<MHKL ;NM
<HFIK>A>GLBO> FHE><NE:K >QIE:G:MBHGL :K> E:<DBG@ ?HK ;HMA (:B (HF;:K=H NR>NG@ ABLF:=>O :KHGHA>G 3>KEBG@
,:KBDLA:D #>L<APBG= #>G=>K K:MBHL BG / =B??>K LN;LM:GMB:EER ?KHF LMN=R MH LMN=R FHG@ BG=BOB=N:EL PBMA / :G=
GHKF:E <H@GBMBO> ?NG<MBHGBG@ @>G=>K =B??>K>G<>L :L AB@A :L A:O>
;>>G K>IHKM>= KN@A: >M :E G>P>K LRLM>F:MB< K>OB>P :G=
F>M::G:ERLBL?KHF(HHF>L>M:E(HHF>L $NEE ):G=R ?HNG=
:F:E>MH?>F:E>K:MBH<EHL>KMHMA:G<<HK=BG@MH(HHF>L>M:E (HHF>L>M:E MA>F:BGK>:LHGL?HKMABL<A:G@>P>K>;HMAAHP / P:L=B:@GHL>=:G=MA>IHINE:MBHGMA:MP:LNL>=MHBGO>LMB@:M>MA>
F:E>MH?>F:E>K:MBHBG/ BG=B??>K>GMLMN=B>L0A>R(HHF>L>M:E
?HNG=MA:MLMN=B>LL<K>>GBG@MA>@>G>K:EIHINE:MBHG?HK/ A:=:
EHP>KF:E>MH?>F:E>K:MBHMA:GLMN=B>LBGO>LMB@:MBG@IHINE:MBHGLPBMA IK>>QBLMBG@ =B:@GHL>L %G <HAHKML PBMA / BG <HF;BG:MBHG PBMA BGM>EE><MN:E=BL:;BEBMB>L MA>K:MBHO:KB>L;>MP>>G:G=&:<JN>FHGM
>M:E (:B (HF;:K=H :KHGHA>G (HHF>L>M:E :ELH ?HNG= : EHP>K F:E>MH?>F:E> K:MBH BG MA>BK F>M::G:ERLBL BG MA>
LN;@KHNI H? LMN=B>L BG<EN=BG@ I:KMB<BI:GML PBMA EHP>K %-L
!IB=>FBHEH@B<:E LMN=B>L A:O> =>L<KB;>= MA> =>@K>> H? BGM>EE><MN:E
=BL:;BEBMR:G=MA>:L<>KM:BGF>GM:IIKH:<A:LF:CHK>QIE:G:MBHGL?HKMA>
O:KRBG@K:MBHLMA:MP>K>K>IHKM>="HF;HGG>
#>G=>K =B??>K>G<>L BG IKH?BE>L H? :NMBLMB< LRFIMHFL A:O> : EBFBM>=
K>L>:K<A;:LBL$:KME>R/BDHK: />O>K:ELMN=B>L:KM>K>M:E
$:KME>R/BDHK: (:B>M:E A:O>?HNG=MA:MF:E>L A:O> FHK> K>LMKB<M>= :G= K>I>MBMBO> ;>A:OBHNKL MA:G ?>F:E>L /HF>
LMN=B>L A:O> ?HNG= MA:M ?>F:E>L A:O> FHK> BFI:BKF>GM BG LH<B:E K><BIKH<BMR:G=<HFFNGB<:MBHGMA:GF:E>L ;NMMA>L>?BG=BG@LA:O>GHM
;>>G<HGLBLM>GM(:B>M:E HMA>KLMN=B>LA:O>?HNG=MA:M?>F:E>L PBMA / A:O> ;>MM>K LH<B:;BEBMR LDBEEL MA:G F:E>L PBMA / $>:=
)<#BEEBOK:R /MHD>L
%"+! &"**0&)'%
/FBMA):@>GBLLRG=KHF>/)/BL:K:K> <HFIE>Q@>G>MB<LRG=KHF>
<:NL>=;R:GBGM>KLMBMB:E=>E>MBHGH?<AKHFHLHF>I /FBMA
>M:E HK:FNM:MBHGHGMA>K>MBGHB<:<B=BG=N<>=.%@>G>
/E:@>K *>PMHG 2E:G@HL "BGN<:G> !EL>: 0A> =BLHK=>K BL
<A:K:<M>KBL>= ;R BGM>EE><MN:E =BL:;BEBMR FNEMBIE> <HG@>GBM:E :GHF:EB>L H;>LBMR G>NKH;>A:OBHNK:E:;GHKF:EBMB>L :G=:=BLKNIM>=<BK<:=B:GLE>>I P:D>I:MM>KG3BEEB:FL 6B>L )NEE>@:F: #KHM>PB>E !EL>:
/D>E>M:E ?BG=BG@L BG<EN=> LAHKM LM:MNK> :G= L<HEBHLBL ):==NKB >M :E 0A> BG<B=>G<> H? /)/ BL >LMBF:M>= MH ;> ;BKMAL
#K>>G;>K@>M:E >E:R>==B:@GHLBLBL<HFFHG :EMAHN@A@K>:M>K K><H@GBMBHGH?MA>LRG=KHF>HO>KMA>E:LM=><:=>:G=:<AB>O>F>GMLBG
@>G>MB<M><AGHEH@RA:O>E>=MH>:KEB>K=B:@GHLBL#KHIF:G NG<:G /FBMA ,K>L<HMM
ABE=K>G:G=:=NEMLPBMA/)/:II>:KMHA:O>NGBJN>IA>GHMRI>LMA:M:K>
>LI><B:EER <A:EE>G@BG@ ?HK ;HMA I:K>GML :G= IKH?>LLBHG:EL 0A>L>
IA>GHMRIB<:E <A:K:<M>KBLMB<L HK MK:BML BG<EN=> LE>>I =BLMNK;:G<>L L>E?
BGCNKBHNL :G= F:E:=:IMBO> ;>A:OBHNKL LM>K>HMRIB>L :G= L>GLHKR BGM>@K:MBHG=BLHK=>KL >(>>KLGR=>K>M:E #KHIF:G>M:E
):==NKB >M :E ):KMBG 3HEM>KL /FBMA A:EE>G@BG@
;>A:OBHNKL:K>;>EB>O>=MHBG<K>:L>PBMA:@>:G=BGM>EE><MN:EE>O>E*>BK:
"K>LG>=: ,HMH<DB /E>>I =BLMNK;:G<>L :K> IK>L>GM BG H?
/)/ I:MB>GML <A:K:<M>KBL>= ;R =B??B<NEMR ?:EEBG@ :LE>>I ?K>JN>GM GH<MNKG:E:P:D>GBG@L >:KERLE>>IH??L>M:G==:RMBF>LE>>IBG>LLPBMA:
G>>=?HK=:RMBF>G:IL0A>LE>>I=BLMNK;:G<>LA:O>;>>G:LLH<B:M>=PBMA :GNGNLN:E BGO>KM>=<BK<:=B:GF>E:MHGBGKARMAF >(>>KLGR=>K>M:E
#KHIF:G>M:E #KHIF:G !EL>: NG<:G /FBMA /FBMA RD>GL #K>>G;>K@ ;0A><A:EE>G@BG@;>A:OBHNKL :K> :LLNF>= MH ;> <HKK>E:M>= PBMA LE>>I =BLMNK;:G<>L BG /)/ *>BK:
"K>LG>=: ,HMH<DB !:KER >QIK>LLBO> LI>><A =>E:RL PBMA :G=
PBMAHNM A>:KBG@ EHLL :G= FBE= MH L>O>K> <H@GBMBO> =>?B<BML A:O> ;>>G H;L>KO>=):==NKB>M:E ):KMBG>M:E 1=PBG 3>;;>K
$HKG NMBLF LI><MKNF =BLHK=>KL A:O> :ELH ;>>G B=>GMB?B>= BG :EFHLMH?MA>BGO>LMB@:M>=IHINE:MBHGLPBMA/)/(:C>>M:E ):KMBG>M:E 0A>IA>GHMRI>BL<EHL>EREBGD>=MHMA>@>GHMRI>BG /)/ ;NM@>G>LHMA>KMA:G.%FB@AM:<<HNGM?HKMA>O:KB:;E>?>:MNK>L BG/)/#BKBK:C:G>M:E
0A>IKH@GHLBLH?MA>/)/I:MB>GMBL<EHL>EREBGD>=MHMA>;>A:OBHNK:E F:GB?>LM:MBHGL ,HBLLHG >M :E :G= K>L>:K<A >Q:FBGBG@ MA>
K>E:MBHGL;>MP>>G;>A:OBHNK:EF:GB?>LM:MBHGL:G=HMA>K<A:K:<M>KBLMB<LBL G>>=>=
0ABL LMN=R L>>DL MH ;KBG@ G>P DGHPE>=@> K>@:K=BG@ MA> ;>A:OBHNKL
=BLIE:R>=;RI>KLHGLPBMA/)/ ;HMABGMA>BK>=N<:MBHG:E>GOBKHGF>GML :G=MA>BKAHF>L ;R:==K>LLBG@M>:<A>K:G=I:K>GM:EI>K<>IMBHGL;>EB>?L
;:L>= HG MA>BK >QI>KB>G<>L PBMA MA>L> <ABE=K>G <<HK=BG@ MH *>BK:
"K>LG>=: ;HMA >=N<:MBHG:E :G= ;>A:OBHNK:E BGM>KO>GMBHGL ?HK LMN=>GMLPBMA/)/:K>>QMK>F>ER<A:EE>G@BG@@HH=M>:<A>KLMN=>GM F:M<AA:L;>>GK>IHKM>=MH;>H?BFIHKM:G<>$::L#BOE>K"BGN<:G>
0ABL,A MA>LBLBLK>E:M>=MHAHPMA>L>;>A:OBHNK:E<A:EE>G@>L<:G;>
F:G:@>=BGMA>I>=:@H@B<:ELRLM>F BG<EN=BG@AHPLNIIHKMLM:??K>E:M>L MHI:K>GML/)/BL:K>E:MBO>G>PER=>L<KB;>==BLHK=>K :G=K>L>:K<AA:L FHLMER ;>>G <HG<>KG>= PBMA LRFIMHFL :G= @>G>MB<L !=>EF:G >M :E
!EL>:#BKBK:C:G #KHIF:G>M:E 0H=>M>KFBG>AHP MH F:G:@> MA>L> ;>A:OBHNK:E <A:EE>G@>L % A:O> BGO>LMB@:M>= AHP F>=B<:E ILR<AB:MKB< :G= HMA>K LRFIMHFL K>E:M> MH ;>A:OBHNK:E
<A:EE>G@>LBGL<AHHEL:G=AHP;HMAI:K>GML:G=L<AHHELM:??A:G=E>MA>L>
<A:EE>G@>L0A>K>BL:E:<DH?@NB=>EBG>LK>@:K=BG@AHPMHF:G:@>:G=
MK>:M MA> <A:EE>G@BG@ ;>A:OBHNKL BG /)/ :G= MA>L> ;>A:OBHNKL H?M>G :II>:KBGL<AHHE K>LNEMBG@BGIHHKL<AHHEI>K?HKF:G<>,HBLLHG>M:E
"&"+"'&''&(+*
<B3::31BC/:27A/07:7BGBL:<HG<>IMNL>=BGMABLMA>LBL0A>F>=B<:E EBM>K:MNK>BGI:KMB<NE:KLMBEENL>LMA>M>KFcF>GM:EK>M:K=:MBHGd ;NMBGMA>
>=N<:MBHG:E?B>E= MA>M>KFcBGM>EE><MN:E=BL:;BEBMRdBLIK>?>KK>=0A>M>KF K>?>KLMH:A>M>KH@>G>HNL@KHNIH?I>HIE>PAHFNLMF>>MMAK>><KBM>KB:
?HKMA>=B:@GHLBLH?% =>?B<BMBGBGM>EE><MN:E?NG<MBHGBG@ :ME>:LMMPH LM:G=:K==>OB:MBHGL;>EHPMA>F>:GHG%-M>LML =>?B<BMBG:=:IMBO>
?NG<MBHGBG@ :G= MA> =>?B<BM BG ?NG<MBHG A:OBG@ LM:KM>= =NKBG@ MA>
=>O>EHIF>GM:EI>KBH= ;>?HK>MNKGBG@R>:KLHE= RD>GL % BL H?M>G =BOB=>= BGMH ?HNK @KHNIL =>I>G=BG@ HG MA> E>O>E H? BGM>EE><MN:E
?NG<MBHGBG@FBE=% PBMA%-?KHFMH FH=>K:M>% PBMA%-?KHF MH L>O>K>% PBMA%-?KHFMH :G=IKH?HNG=% PBMA%-E>LL MA:G!DG>L % %GM>KG:MBHG:EE:LLB?B<:MBHGH? BL>:L>L
?HK)HKM:EBMR:G=)HK;B=BMR/M:MBLMB<L
6/::3<57<5036/D7=C@ABL:<HG<>IMNL>=BGMABLMA>LBL0A>M>KFBLNL>=
MH =>L<KB;>L :EE MRI>L H? <A:EE>G@BG@ ;>A:OBHNKL BG<EN=BG@ ;NM GHM K>LMKB<M>=MH IKH;E>F;>A:OBHNKL >FHMBHG:E:G=;>A:OBHNK:EIKH;E>FL
<HG=N<M =BLHK=>KL HIIHLBMBHG:E =>?B:GM =BLHK=>KL :@@K>LLBHG :G= L>E?
BGCNKR LF>KOBD +@=>G .R@OHE= KN %=La> _O>KE:G=
!F>KLHG $HE=>G 3>:K>*BG=
2/>B7D3036/D7=C@BGMABLMA>LBLK>?>KMHMA>AHPMA><HG<>IMBL=>?BG>=
BG 2BG>E:G= =:IMBO> >A:OBHNK /<:E>L 2/ /I:KKHP :EE:
B<<A>MMB 0A> :NMAHKL H? 2/ =>?BG> MA> <HG<>IM :L cMA>
I>K?HKF:G<> H? =:BER :<MBOBMB>L ?HK I>KLHG:E :G= LH<B:E LN??B<B>G<Rd /I:KKHP >M :E I 0A> L<:E>L :K> ;NBE=BG@ BML =>?BGBMBHG H?
:=:IMBO>;>A:OBHNKHGMA>F>KB<:GLLH<B:MBHGH?)>GM:E >?B<B>G<ReL ) :G=MA>%G=BOB=N:ELPBMA BL:;BEBMB>L!=N<:MBHG:E%FIKHO>F>GM
<MeL% !=>L<KBIMBHGL0A>L>=>L<KBIMBHGLB=>GMB?B>LMAK>>=HF:BGL
<HG<>IMN:E E:G@N:@> K>:=BG@ PKBMBG@ :G= FHG>R IK:<MB<:E =:BER EBOBG@:G=H<<NI:MBHG:ELDBEEL:G=LH<B:EBGM>KI>KLHG:E H;>RBG@E:PL
>M</I:KKHP>M:E
=;;C<71/B7=<BGMABLMA>LBLK>?>KMH:;KH:=:G=@>G>K:E=>?BGBMBHGH?
MA> :;BEBMR :G= IHLLB;BEBMR >QIK>LL G>>=L :G= P:GML :G= >Q<A:G@>
BG?HKF:MBHG(B@AM)<*:N@AMHG 0A><HG<>IM<HFFNGB<:MBHG BL FHLMER NL>= BG K>?>K>G<> MH MA> =B??>K>GM LN;L<:E>L H? MA>
JN>LMBHGG:BK>L NL>= BG MABL MA>LBL BG MAHL> <:L>L <HFFNGB<:MBHG BL
=>?BG>= :<<HK=BG@ MH MA> JN>LMBHGG:BK>L :G= >QIE:BG>= >BMA>K BG MA>
=>L<KBIMBHGH?MA>JN>LMBHGG:BK>HKPA>G=BL<NLL>=
%3@A=<E7B6("(BGMABLMA>LBLK>?>KLMHI>KLHGLPBMA/)/H?:EE:@>L:G=
BLNL>=?HKMA>FHLMI:KMBGMABLMA>LBL%GMA>L><MBHGLPA>K>%K>?>KMH I:K>GML MA> M>KF167:2HK167:2@3< BL NL>= LBG<> I:K>GML K>?>K MH MA>BK
<ABE=K>G:L<ABE=K>GK>@:K=E>LLH?:@>%GMA>L><MBHGLPA>K>%K>?>KMH L<AHHELM:?? MA>M>KFABC23<BBLNL>=0ABLM>KFK>?>KLMHI>KLHGLPBMA
/)/H?L<AHHE:@> ?KHF:IIKHQBF:M>ERR>:KLHE=MH:IIKHQBF:M>ER R>:KLHE=>G=H?AB@AL<AHHE
%/@3<BK>?>KLMH:EEMRI>LH?IKBF:KR<:K>M:D>KLLN<A:L?HLM>KI:K>GML:G=
LM>II:K>GML
*)!"%*
0A> :BF H? MABL IKHC><M BL MH >QIEHK> <A:EE>G@BG@ ;>A:OBHNKL BG : K:K>
=BLHK=>K MH NG=>KLM:G= FHK> K>@:K=BG@ MA> ;>A:OBHNKL ;KH:=>K NG=>KLM:G=BG@ H? <A:EE>G@BG@ ;>A:OBHNKL BL G><>LL:KR MH ;> :;E> MH F:G:@>HK<A:G@>MA>;>A:OBHNKL%GMABLIKHC><M %L>:K<A?HKK>E:MBHGL
;>MP>>G<HFFNGB<:MBHG <A:EE>G@BG@;>A:OBHNKL :G=:NMBLFLI><MKNF
=BLHK=>KLBG:/<:G=BG:OB:GIHINE:MBHGPBMA/FBMA):@>GBLLRG=KHF>
0A>L>K>E:MBHGL<HNE=;>M:K@>M>=?HKLI><B?B<BGM>KO>GMBHGL:MAHF>:G=
BG L<AHHEL :M : E:M>K IHBGM % NL> =:M: ?KHF I:K>GML :G= MA> L<AHHEL MH
>QIEHK> MA> <A:EE>G@BG@ ;>A:OBHNKL 0A> BG?HKF:MBHG :G= K>LNEML PBEE AHI>?NEER IKHOB=> L<AHHE LM:?? :G= HMA>K IKH?>LLBHG:EL PBMA : ;>MM>K NG=>KLM:G=BG@H?AHPMH:=:IMMA>>GOBKHGF>GMLMA:MI>KLHGLPBMA/)/
>G<HNGM>K:G=AHPMH<HHI>K:M>PBMAMA>L>?:FBEB>L
- ,#+/ -.$)(-
$HP=H>L<HFFNGB<:MBHG <A:EE>G@BG@;>A:OBHNKL :G=:NMBLF LI><MKNF=BLHK=>KLO:KRPBMABG:/<:G=BG:OB:GL:FIE>H?/)/
KMB<E>L%:G=%%
• %L MA>K> : K>E:MBHGLABI ;>MP>>G MA> LI><B?B<
<A:K:<M>KBLMB<L
• K> MA>K> :GR :@> HK @>G=>K =B??>K>G<>L BG MA> LI><B?B<
<A:K:<M>KBLMB<L
3A:M>QI>KB>G<>L=HMA>L<AHHELM:??H?:I>KLHGPBMA/)/A:O>
PBMA M:GMKNF :@@K>LLBHG ;>A:OBHNK IKH;E>FL M>:<ABG@<E:LL E>:=>KLABI ;NEERBG@ >M<KMB<E>L%2:G=2
• $HP =H>L MA> LM:?? F:G:@> MABL PHKD >LI><B:EER MA>
<A:EE>G@BG@;>A:OBHNKL
• 3A:M=H>LMA>L<AHHELM:??G>>=MHA:G=E>MA>BKCH;
• $HP =H>L L<AHHE LM:?? <HHI>K:M> PBMA MA> I:K>GML H? : LMN=>GMPBMA/)/
3A:M >QI>KB>G<>L =H MA> I:K>GML H? : I>KLHG PBMA /)/ A:O>
>LI><B:EERPBMA<A:EE>G@BG@;>A:OBHNKLKMB<E>%%%
• $HP =H MA> I:K>GML H? : I>KLHG PBMA /)/ OB>P MA>BK
<HFI>M>G<B>L :G= LDBEEL <HGLB=>KBG@ MA> ;>A:OBHNK:E IKH;E>FL:LLH<B:M>=PBMAMABLLRG=KHF>
• 3A:M :K> MA> I:K>GML9 >QI>KB>G<>L PBMA BGM>KO>GMBHG :MM>FIML
"*+')+"$*
0ABL,A MA>LBLBG<EN=>L?BO>:KMB<E>L0A>?BKLMMPHBGO>LMB@:M>LLI><B?B<
LHF:MB< :G= ;>A:OBHNK:E <A:K:<M>KBLMB<L BG : /<:G=BG:OB:G L:FIE> H?
/)/ :G= >QIEHK> <HO:KB:MBHG ;>MP>>G MA>F "BG=BG@L ?KHF MA>L> MPH :KMB<E>LP>K>NL>=MH?HKFMA>;:LBLH?MA>E:LMMAK>>:KMB<E>L0A>MABK=
:KMB<E>BL:;HNMAHPMA>I:K>GML>QI>KB>G<>=MA><A:EE>G@BG@;>A:OBHNKL H?MA>BK<ABE=K>GPBMA/)/:G=AHPMA>RI>K<>BO>=MA>PHKD;RL<AHHE LM:??:G=HMA>KIKH?>LLBHG:ELPHKDBG@PBMAMA>BK<ABE=K>G0A>E:LMMPH :KMB<E>L<HG<>KGAHPMA>L<AHHELM:??>QI>KB>G<>=PHKDBG@BGMA>L<AHHEL PBMA:LMN=>GMPBMA/)/ BG<EN=BG@<HHI>K:MBHGPBMAI:K>GML"B@NK>
BEENLMK:M>LAHPMA>:KMB<E>LK>E:M>MH>:<AHMA>K
.,96* $-*6*0&8.327&132,8-*+.:*&68.(0*7.28-.7 -8-*7.7
,.$&
*:@ $ ! *HK=@K>G G=>KEB= ) *:>KE:G= 0 .>O>KL>= @>G=>K K:MBH H? :NMBLF LI><MKNF =BLHK=>K BG /FBMA):@>GBL LRG=KHF>)HENMBLF =HBL
,.$&
*:@ $! *`KE:G= 0@>K>E:M>=<A:G@>LBG;>A:OBHNK:E :G=>FHMBHG:EIKH;E>FLBG/FBMAb):@>GBLLRG=KHF>F>:LNK>=PBMA MA> >O>EHIF>GM:E>A:OBHKA><DEBLM&HNKG:EH?%GM>EE><MN:E BL:;BEBMB>L=HB
,.$&
*:@ $! $HQF:KD ( *`KE:G= 0,:K>GM:E>QI>KB>G<>L PBMA ;>A:OBHNK:E IKH;E>FL BG /FBMA):@>GBL LRG=KHF> MA> G>>= ?HK LRG=KHF>LI><B?B<<HFI>M>G<>&HNKG:EH?%GM>EE><MN:E BL:;BEBMB>L
,.$&
*:@ $ ! _O>KE:G= ' *`KE:G= 0 <<>IM>= BG %GM>KG:MBHG:E
&HNKG:E H? BL:;BEBMR >O>EHIF>GM :G= !=N<:MBHG /<AHHE LM:??eL
>QI>KB>G<>L:G=<HIBG@K>E:M>=MHMA><A:EE>G@BG@;>A:OBHNKLH?<ABE=K>G PBMA/FBMA):@>GBL/RG=KHF>BGL<AHHEL-F>MAH=HEH@B<:ELMN=R
,.$&
*:@ $ ! _O>KE:G= ' *`KE:G= 0 %G IKH<>LL /<AHHE /M:??eL
!QI>KB>G<>LPBMA/FBMA):@>GBLLRG=KHF>BG/<AHHELb3A:M H0A>R
*>>=:G=$HP H0A>R$:G=E>MA>>A:OBHNKL-F>MAH=HEH@B<:E LMN=R
+),+,)'+!!+!*"*
0ABL MA>LBL A:L MPH F:BG I:KML 0A> ?BKLM I:KM BG<EN=>L LBQ <A:IM>KL A:IM>KIK>L>GMLMA>MHIB<H?MA>,A IKHC><M<A:EE>G@BG@;>A:OBHNKL :NMBLF LI><MKNF =BLHK=>KL :G= /FBMA):@>GBL LRG=KHF> :G= MA>
K>L>:K<A :BFL A:IM>K IK>L>GML MA> <HGM>QMN:E ?K:F>PHKD :G=
MA>HK>MB<:E ?K:F>PHKD A:IM>K H??>KL :G HO>KOB>P H? MA> K>L>:K<A F>MAH=L NMBEBL>= BG MABL IKHC><M -N:EBM:MBO> JN:GMBM:MBO> :G= - F>MAH=HEH@B>L:K>IK>L>GM>=BGMABL<A:IM>K%GMABL<A:IM>K :K>OB>PH?
>MAB<:E <HGLB=>K:MBHG BL :ELH IK>L>GM>= A:IM>K IK>L>GML MA> F:BG K>LNEMLH?MA>?BO>:KMB<E>LBGMABL,A IKHC><M%GA:IM>KMA>K>LNEMLH?
MA>?BO>:KMB<E>L:K>=BL<NLL>=BGK>E:MBHGMH>:<AHMA>K,:KMBG<EN=>L MA>?BO>:KMB<E>LBG<EN=>=BGMABL,A MA>LBL:G=MA>:II>G=B<>L
#"'+'( %!*#%"#%'
%!*#%
'&+/+,$)%.')#
0A>LMN=B>LBGMABL,A MA>LBLP>K><HG=N<M>=BG*HKP:R /P>=>G:G=
>GF:KD 0A> MAK>> <HNGMKB>L A:O> : LBFBE:K >=N<:MBHG:E LRLM>F BG<EN=BG@DBG=>K@:KM>GL0A>R:EEA:O>:?K>>IN;EB<L<AHHELRLM>F:G=
:EE MAK>> A:O> :<<>LL MH IKBO:M> L<AHHEL EE MAK>> <HNGMKB>L A:O>
BG=BOB=N:EKB@AML?HKLI><B:E>=N<:MBHG :EMAHN@AMA>LI><B:E>=N<:MBHG:E LRLM>FL :K> LEB@AMER =B??>K>GM :FHG@ MA> MAK>> <HNGMKB>L %G :EE MAK>>
<HNGMKB>L LMN=>GML PBMA MA> G>>= ?HK LI><B:E >=N<:MBHG LNIIHKM A:O>
:<<>LL MH F:BGLMK>:F <E:LLKHHFL LNIIHKM BG F:BGLMK>:F <E:LLKHHFL LI><B:E>=N<:MBHG<E:LLKHHFL:G=LI><B:E>=N<:MBHGL<AHHEL!=N<:MBHG 0A> LMN=B>L K>@:K=BG@ MA> L<AHHE LM:?? BG MABL MA>LBL P>K> ;HMA I>K?HKF>=BG*HKP:RMA>K>?HK> %IK>L>GMMA>LI><B:E>=N<:MBHGLBMN:MBHG BG*HKP:RFHK>MAHKHN@AER
* $& /.$)(-$./.$)($(),13
*HKP:RA:L:<HFIK>A>GLBO>LI><B:E>=N<:MBHG:ELRLM>FPBMABG=BOB=N:E KB@AML0A>!=N<:MBHG<M 0ABL:<M:ELHBG<EN=>LI><B:E>=N<:MBHG
?HK:=NEML0A>!=N<:MBHG<M =NEMLPBMAG>>=LMH=>O>EHIHK F:BGM:BG;:LB<LDBEELA:O>MA>KB@AMMHLN<AMK:BGBG@0A>!=N<:MBHG<M [0A>+F;N=LI>KLHG?HKABE=K>G=>EBO>K>=:K>IHKMBG K>@:K=BG@MA>LI><B:E>=N<:MBHGLRLM>FBG*HKP:R :G=MA><HG<ENLBHG P:LMA:MF:GRLMN=>GMLBGLI><B:E>=N<:MBHG=HGHMK><>BO>:K>:LHG:;E>
>=N<:MBHGEBD>MA>RA:O>MA>KB@AMMH(:<DH?>QI><M:MBHGL ;:=JN:EBMR H?MA>>=N<:MBHG:G=M>:<A>KLE:<DBG@G><>LL:KR<HFI>M>G<>P>K>LHF>
H? MA> ?BG=BG@L H? MABL K>IHKM :KG>HF;N=>M %G <:F>
:GHMA>KK>IHKMK>@:K=BG@LI><B:E>=N<:MBHGBGDBG=>K@:KM>GL:G=L<AHHEL BG*HKP:R+G>H?MA><HG<ENLBHGLP:LMA:MMA>LM:??IKHOB=BG@LI><B:E
>=N<:MBHG L>KOB<>L E:<D I>=:@H@B<:E HK >=N<:MBHG:E <HFI>M>G<>
IIKHQBF:M>ER A:E? H? MA> IHINE:MBHG K><>BOBG@ LI><B:E >=N<:MBHG BG L<AHHEL K><>BO> BM ?KHF :G :LLBLM:GM GHM : M>:<A>K ABE=K>G BG DBG=>K@:KM>GLH?M>GK><>BO>LI><B:E>=N<:MBHG?KHF:=NEMLPBMA:E:<DH?
?HKF:ELI><B:E>=N<:MBHG:E<HFI>M>G<>MMA>L:F>MBF> P>=HDGHP MA:M MA> <HFI>M>G<> H? M>:<A>KL BL <KN<B:E ?HK <ABE=K>GeL E>:KGBG@ :G=
=>O>EHIF>GM*HK=:AE>M:E %GMA>?:EEH? MA>K>BL:IE:G
?HK:G>PK>IHKMMHMA>/MHKMBG@ BG<EN=BG@LHF>LN@@>LMBHGL?HKE:K@>
<A:G@>LBGMA>LI><B:E>=N<:MBHG:ELRLM>F0ABLK>IHKMPBEE?H<NLHG>:KER BGM>KO>GMBHG:G=BG<ENLBHG*+1
1-(, "/&.$)(, ",$("#&& ("$("
#0$)/,-$(-#))&-
0A> !=N<:MBHG <M BG *HKP:R 0A> !=N<:MBHG <M LM:M>L MA:M c>=N<:MBHGLA:EE;>:=:IM>=MHMA>:;BEBMB>L:G=:IMBMN=>LH?MA>BG=BOB=N:E LMN=>GM :IIK>GMB<> :G= MK:BGBG@ <:G=B=:M>d [ [ : LM:M>L cEE LMN=>GML:MM>G=BG@IKBF:KR:G=L><HG=:KRL<AHHEL:K>>GMBME>=MH:@HH=
IARLB<:E:G=ILR<AHLH<B:E>GOBKHGF>GM<HG=N<BO>MHA>:EMA P>EE;>BG@
:G=E>:KGBG@d0A>!=N<:MBHG<M 0A>KB@AMMHLI><B:E>=N<:MBHG BLLM:M>=BG[c/MN=>GMLPAH>BMA>K=HGHMHK:K>NG:;E>MH;>G>?BM L:MBL?:<MHKBER?KHFHK=BG:KRM>:<ABG@A:O>MA>KB@AMMHLI><B:E>=N<:MBHGd 0A>!=N<:MBHG<M *HG>H?MA>L>L><MBHGLHK:GRHMA>KLBGMA>
!=N<:MBHG <M K>?>K MH <A:EE>G@BG@ ;>A:OBHNKL BG L<AHHEL /MN=>GML BG
*HKP:R:ELHA:O>MA>KB@AMMH:MM>G=MA>G>:K>LMHKG>B@A;HNKAHH=L<AHHE 0A>!=N<:MBHG<M [ :EMAHN@AMA>K>>QBLMLI><B:E>=N<:MBHG
<E:LLKHHFL :G= LI><B:E >=N<:MBHG L<AHHEL 0A> (>:KGBG@ ,HLM>K BG MA>
-N:EBMR"K:F>PHKDH?*HKP>@B:GL<AHHEL:ELH>FIA:LBL>LMABLIHBGM;R LM:MBG@MA:MMA>L<AHHELLA:EEc@BO>:EELMN=>GML:G=:IIK>GMB<>LMK:BG>>L
>JN:EHIIHKMNGBMB>LMH=>O>EHIMA>BK:;BEBMB>L:G=M:E>GMLBG=BOB=N:EER:G=
BG <HHI>K:MBHG PBMA HMA>KLd :G= c>GLNK>7L8 MA:M MA> IARLB<:E :G=
ILR<AHLH<B:EPHKDBG@:G=E>:KGBG@>GOBKHGF>GMLIKHFHM>A>:EMA P>EE
;>BG@:G=E>:KGBG@d'NGGLD:IL=>I:KM>F>GM>M I0A>NL>H?
K>LMKB<MBO> IK:<MBL>L K>@:K=BG@ I>KLHGL PBMA BGM>EE><MN:E =BL:;BEBMB>L BG
*HKP:R:K>LMKB<MERK>@NE:M>=$>EL>H@HFLHK@LMC>G>LM>EHO>G 0ABLE:P=H>LGHMK>@NE:M>:<MBOBMB>LBGL<AHHEL1M=:GGBG@L=BK>DMHK:M>M .>LMKB<MBO>IK:<MBL>L:K>HGER:EEHP>=BGL<AHHELBGL>E?=>?>G<>
F>:GBG@ MH IK>O>GM =:G@>K MH HG>eL L>E? HK HMA>KL :G= IK>O>GMBHG H?
L>O>K> =:F:@> "*L :KG>DHGO>GLCHG /MK:??>EHO>G +MA>KPBL> MA>NL>H?K>LMKB<MBO>IK:<MBL>LBLGHM:EEHP>=BG*HKP>@B:G L<AHHEL >O>GMAHN@AMA>K>A:L;>>G=><BLBHGMHNL>K>LMKB<MBO>IK:<MBL>L
?HK LMN=>GML HNMLB=> H? L<AHHEL LN<A :L K>LIBM> <:K> 0A>K> BL HG>
>Q<>IMBHGMHMABL=><BLBHG B?MA>K>BL:=><BLBHG:;HNMMA>NL>H?K>LMKB<MBO>
IK:<MBL>LHNMLB=>MA>L<AHHE MA>L:F>K>LMKB<MBO>IK:<MBL>L<:G;>NL>=BG MA> L<AHHE B? I>K?HKF>= ;R A>:EMA I>KLHGG>E :G= GHM L<AHHE I>KLHGG>E 1M=:GGBG@L=BK>DMHK:M>M K>IHKM ?KHF BG=B<:M>= :G BG<K>:L> BG OBHE>G<> ?KHF LMN=>GML MHP:K=L L<AHHE LM:?? :G= HMA>K LMN=>GMLBGL<AHHELBG+LEH1M=:GGBG@L>M:M>G+LEHDHFFNG>
:G= MA>K> :K> >LI><B:EER AB@A E>O>EL H? OBHE>G<> ;R LMN=>GML BG LI><B:E
>=N<:MBHG:EL>MMBG@L1M=:GGBG@L>M:M>G+LEHDHFFNG> :GBLA LMN=R ?HNG= BG MA:M LI><B:E >=N<:MBHG M>:<A>KL :G= <ABE= <:K>
PHKD>KL :K> :FHG@ MA> MHI IKH?>LLBHGL K>IHKMBG@ ;>BG@ >QIHL>= MH PHKDK>E:M>= MAK>:ML :G= OBHE>G<> HK@ 0A>K> :K> GH K>JNBK>F>GML MH I>K?HKF :GR ;>A:OBHNK:E :LL>LLF>GML HK =>O>EHI
;>A:OBHNK:EBGM>KO>GMBHGIE:GLBG*HKP>@B:GL<AHHEL
GHMA>KBFIHKM:GM>E>F>GMK>@:K=BG@<A:EE>G@BG@;>A:OBHNKLBGL<AHHEL BLMA>L<AHHELM:??eL=NMRMH:<MBO>ER:MM>FIMMH>GLNK>MA:M:EELMN=>GML A:O>L:?>:G=@HH=ILR<AHLH<B:E>GOBKHGF>GML:ML<AHHE0A>!=N<:MBHG
<M [:0ABLK>JNBK>F>GM:ELHBG<EN=>L:=NMRMH>O:EN:M>:GR BGM>KO>GMBHGLMA:MMA>L<AHHELINMBGIE:<>0A>!=N<:MBHG<M [ :
#&& ("$(" #0$)/,-$(* ,-)(-1$.#(
1$.#)/.$(. && ./&$-$&$.3
/HF>AHP MA> ?B>E= H? <A:EE>G@BG@ ;>A:OBHNKL >LI><B:EER BG L<AHHEL L>>FLMH;>=BOB=>=BGMHMPH?B>E=LHG>?B>E=<HG<>KGBG@LMN=>GMLPBMA
% :G=MA>HMA>K<HG<>KGBG@LMN=>GMLPBMAHNM% 0A>=B??>K>G<>BGMA>
MPH ?B>E=L EBD>ER <HF>L ?KHF MA> LM:KM H? MA> >=N<:MBHG H? LI><B:E
>=N<:MBHGM>:<A>KL:MMA>;>@BGGBG@H?MA>L":LMBG@ 0A>G MA>>=N<:MBHGH?LI><B:E>=N<:MBHGM>:<A>KLP:LIKHOB=>=:MLI><B:EBL>=
L<AHHEL =>OHM>= MH LMN=>GML PBMA =B??>K>GM =BL:;BEBMB>L %G *HKP:R L<AHHEL?HK?BO>=B??>K>GM=BL:;BEBMB>L>QBLM>=OBLN:EBFI:BKF>GML A>:KBG@
BFI:BKF>GML LI>><A IKH;E>FL BGM>EE><MN:E =BL:;BEBMB>L :G= ;>A:OBHNK IKH;E>FL%GLMBMNMM?HK/I>LB:EI>=:@H@BDD0A>L>?BO>?B>E=LH?LMN=R:K>
LMBEEMA>?BO>?B>E=L?KHFPAB<AHG><:G<AHHL>:MMA>F:LM>KeLE>O>E:MMA>
1GBO>KLBMRH?+LEH >I:KMF>GMH?/I><B:E*>>=L!=N<:MBHG%GLMBMNMM?HK /I>LB:EI>=:@H@BDD0A>?B>E=H?BGM>EE><MN:E=BL:;BEBMB>L:G=MA>?B>E=H?
<A:EE>G@BG@;>A:OBHNKL:K>MPH=BLMBG<M?B>E=L%GMA>?B>E=H?<A:EE>G@BG@
;>A:OBHNKL I>KLHGLPBMA% :K>:EFHLMGHMF>GMBHG>=:M:EE >LI><B:EER GHM I>KLHGL PBMA FH=>K:M> HK IKH?HNG= % KN >M :E )HK>
BGM>K>LMBG@BLMA:MI>KLHGLPBMA% :K>GHM>O>G=>?BG>=HNMH?MA>?B>E=
MA>R:K>LBFIERGHMF>GMBHG>=%G=>L<KB;BG@MA>?B>E=H?% <A:EE>G@BG@
;>A:OBHNKL:K>:EFHLMG>O>KF>GMBHG>=LF>KOBD>M:E >?KBG@
0:G@>G .R@OHE= +@=>G BM L>>FL :L MAHN@A
<A:EE>G@BG@;>A:OBHNKLBGI>KLHGLPBMA% <HGLMBMNM>:LN;?B>E=PBMABG MA> ?B>E= H? % !F>KLHG $HE=>G +EBO>K >K@ )HLL KKHG NK;B=@> %MBLGHMG><>LL:KBER>:LRMH=>M>KFBG>PA>MA>K I>KLHGLPBMA% :K>=>?BG>=BGHKHNMLB=>H?;HHDLHK:KMB<E>LLF>KOBD
>M:E >?KBG@0:G@>G .HE:G=>M:E .R@OHE=
+@=>G 0MH?B ":KKBG@MHG 3>:K> *BG=
>A:OBHNK:E :G= >FHMBHG:E =BLHK=>KL :K> :FHG@ MA> FHLM <HFFHG ILR<AB:MKB<=BLHK=>KLBG<ABE=K>G)aK<A .>L>:K<AA:L:ELH?HNG=
MA:MI>KLHGLPBMA% A:O>:AB@A>KIK>O:E>G<>H?ILR<AB:MKB<=BLHK=>KL MA:G MA> @>G>K:E IHINE:MBHG !BG?>E= !EEBL !F>KLHG
*>O>KMA>E>LL <A:EE>G@BG@;>A:OBHNKLBGI>KLHGLPBMA% PBEEH?M>G;>
K>@:K=>= :L : I:KM H? MA> =BLHK=>K :G= GHM :L :G :==BMBHG:E<HFHK;B=
ILR<AB:MKB<=BLHK=>K!DG>L
!')+"$)%.')#
>A:OBHNKL<A:EE>G@>I>HIE>BG:EE=B??>K>GM:K>G:LBGO:KBHNLP:RL0A>
;>A:OBHNKL :K> :ELH BG?EN>G<>= ;R AHP =B??>K>GM I>HIE> :<M :G= K>:<M 0>MS<G>K $HPL<AHHELM:??MABGD:;HNMMA><:NL>HK?NG<MBHGH?
MA>;>A:OBHNKLBG?EN>G<>LBMLHPG>FHMBHG:ENG=>KLM:G=BG@:G=AHPBM :<ML:G=K>:<ML#KB>O> !QIEHKBG@<A:EE>G@BG@;>A:OBHNKLBLMA>
F:BGMHIB<H?MABLMA>LBL BG<EN=BG@>QIEHKBG@;HMAI:K>GMLe:G=L<AHHE LM:??eL >QI>KB>G<>L PBMA MA>L> ;>A:OBHNKL %G MA> ?HEEHPBG@ L><MBHG KHG?>G;K>GG>KeL ;BH><HEH@B<:E MA>HKR KHG?>G;K>GG>K :G=/:F>KH??eLMK:GL:<MBHG:EFH=>EH?=>O>EHIF>GM/:F>KH??
:K> IK>L>GM>= LBG<> MA>R <HG<>KGL AHP =>O>EHIF>GM :G=
>GOBKHGF>GMBG?EN>G<>>:<AHMA>K0A>G (:S:KNLeFH=>E(:S:KNL (:S:KNL"HEDF:G H?LMK>LL:G=<HIBG@BLIK>L>GM>=LBG<>BM<:G
>GEB@AM>GAHPMA>L<AHHELM:?? I:K>GML:G=I>KLHGLPBMA/)/F:G:@>
MA><A:EE>G@BG@;>A:OBHNKLMA:MH<<NKFHLMH?M>GPBMA/)/"BG:EER : MA>HKRK>@:K=BG@IKH:<MBO>:G=K>:<MBO>:@@K>LLBHGBLIK>L>GM>=:K=
(BMME>
0 &)*' (.&*-3#)&)"3
'GHPE>=@> :;HNM K>@NE:K =>O>EHIF>GM:E IKBG<BIE>L BL BFIHKM:GM PA>G LMN=RBG@=>O>EHIF>GMMA:M=BO>KML?KHFK>@NE:K=>O>EHIF>GM0>MS<AG>K cG B=>:E <HFIE>M> ?HKF:E L<B>GMB?B< MA>HKR BL : L>M H?
BGM>K<HGG><M>=LM:M>F>GML=>?BGBMBHGL :QBHFL IHLMNE:M>L ARIHMA>MB<:E
<HGLMKN<ML BGM>KO>GBG@O:KB:;E>L E:PL ARIHMA>LBL:G=LHHGd)BEE>K I %G ILR<AHEH@R ?>P MA>HKB>L ;><HF> ?HKF:E MA>HKB>L :G=
GHG> BG =>O>EHIF>GM:E ILR<AHEH@R A:O> LH ?:K )BEE>K 0A>
<KBMB<:EI:KMH?=>O>EHIF>GM:EMA>HKRBLMA>?H<NLHG<A:G@>HO>KMBF>
)BEE>K >O>EHIF>GM:E ILR<AHEH@R K>OHEO>L :KHNG= AHP BG=BOB=N:EL<A:G@>LH<B:EER F>GM:EER:G=;>A:OBHNK:EER MA>IKH<>LL>L NG=>KERBG@MA><A:G@>:G=MA><HG=BMBHGLMA:MA:O>BFIEB<:MBHGL?HKMA>
<A:G@>L0>MS<AG>K =>O>EHIF>GM:EMA>HKRA>EILNLMHHK@:GBL>
BG?HKF:MBHG :G= @BO>L F>:GBG@ MH MA> ?:<ML H? =>O>EHIF>GM )BEE>K 0A>M:LDLH?=>O>EHIF>GM:EMA>HKB>L:K>MH=>L<KB;>MA><A:G@>L BG;>A:OBHNKLHO>KMBF>MH=>L<KB;>MA><A:G@>LBGK>E:MBHGL:FHG@
=B??>K>GM;>A:OBHNKL:G=MH>QIE:BGMA>=>O>EHIF>GMMA:MA:L;>>G
=>L<KB;>= )BEE>K 0A>K> :K> F:GR =B??>K>GM MA>HKB>L ;NM MPH
<HFFHG<HFIEBF>GM:KRI>KLI><MBO>L:K>NLN:EERI:KMH?MA>F:EE)HLM
=>O>EHIF>GM:EMA>HKB>LL>>DMA><HG=BMBHGLMA:ME>:=MHMA><A:K:<M>KBLMB<L MA:M:K><HFFHGMH:EEANF:G;>BG@L0A>L><HG=I>KLI><MBO>BLHGMA>
<HG=BMBHGL MA:M F:D> ANF:G ;>BG@L NGBJN> BG=BOB=N:EL 0>MS<AG>K /HF><A:K:<M>KBLMB<L:K><HFFHG?HK:EFHLM:EEANF:G;>BG@L LN<A:LM:EDBG@:G=P:EDBG@/HF><A:K:<M>KBLMB<L:K>FHK>=B??>K>GMB:M>=
;>MP>>G ANF:G ;>BG@L LN<A :L M>FI>K:F>GM :G= BGM>EEB@>G<>
0>MS<AG>K BH><HEH@B<:EMA>HKR:G=MA>MK:GL:<MBHG:EMA>HKRH?
=>O>EHIF>GM :K> ?NKMA>K >QIEHK>= BG MABL MA>LBL PBMA :G >FIA:LBL HG KHG?>G;K>GG>KeL ;BH><HEH@B<:E MA>HKR >O>EHIF>GM:E MA>HKB>L :K>
NLN:EER <HGLMKN<M>= ;R K>E:MBG@ MA>HKR :G= =:M: BG ?HNK ;:LB< P:RL FH=>EL =>=N<MBO> MA>HKB>L ?NG<MBHG:E MA>HKB>L :G= BG=N<MBO> MA>HKB>L )BEE>K ">P =>O>EHIF>GM:E MA>HKBLML A:O> >FIA:LBL>= AHP
<ABE=K>G <:G BG?EN>G<> MA>BK >GOBKHGF>GML MA>R A:O> FHLMER ;>>G
<HG<>KG>= PBMA AHP MA> >GOBKHGF>GM BG?EN>G<>L =>O>EHIF>GM )BEE>K KHG?>G;K>GG>K BG<EN=>= ;HMA LH<BHABLMHKB<:E <A:G@>L :G= MA>
IARLB<:E:G=LH<B:E>GOBKHGF>GMBGABLMA>HKRKHG?>G;K>GG>K /:F>KH??eLMK:GL:<MBHG:EFH=>EH?=>O>EHIF>GMBG<HKIHK:M>=AHPG:MNK>
:G=GNKMNK>BGM>K:<MBG=>O>EHIF>GM/:F>KH??
,)(! (, (( ,4-$) )&)"$&.# ),3
KHG?>G;K>GG>K IKHIHL>= : FH=>E H? AHP <ABE=K>GeL =>O>EHIF>GM BL BG?EN>G<>=;R=B??>K>GM>GOBKHGF>GML?KHFMA>FB<KHMHF:<KHE>O>EL
PBMAPAB<AMA>BG=BOB=N:E<HF>LBG<HGM:<M >BMA>K=BK><MERHKBG=BK><MER KHG?>G;K>GG>K 0A>KHE>H?MA>MA>HKRBLMH<K>:M>:<HGG><MBHG :G=<HFFNGB<:MBHG;>MP>>GMA>=B??>K>GME>O>ELE:R>KLBGMA>FH=>E:G=
MH =>O>EHI :G NG=>KLM:G=BG@ :<KHLL E>O>EL EMAHN@A MA> MA>HKReL K><BIKH<:E <:NL> :G= >??><M >QIE:G:MBHGL F:D> BM =B??B<NEM MH B=>GMB?R
=>I>G=>GM:G=BG=>I>G=>GMLO:KB:;E>L KHG?>G;K>GG>KeL;BH><HEH@B<:E MA>HKR<:M<A>LMA><HFIE>QBMRH?<HHI>K:MBHG:G=IKHOB=>L:AB>K:MB<:E NG=>KLM:G=BG@H?=>O>EHIF>GM'E>?;><D+@=>G %M<HGLB=>KL MA:M MAKHN@A >O>KR=:R :<MBOBMB>L :G= BGM>K:<MBHGL MA> BG=BOB=N:E BL FNMN:EER BG?EN>G<>= ;R ABL HK A>K HPG <A:K:<M>KBLMB<L :G= MA> =BO>KL>
<HGM>QML >GOBKHGF>GML MA:M MA>R >G<HNGM>K .HL> 0N=@>
KHG?>G;K>GG>K =>L<KB;>= BG HG> H? ABL ?BKLM FH=>EL ?HNK =B??>K>GM E:R>KLHK>GOBKHGF>GM:ELMKN<MNK>LMA:MBG?EN>G<>MA>=>O>EHIF>GMH?MA>
BG=BOB=N:E 0A> FH=>E <HGLBLML H? <HG<>GMKB< <BK<E>L LNKKHNG=BG@ MA>
BG=BOB=N:EL>>"B@NK>0A>?BKLM<BK<E>BLMA>FB<KHLRLM>F PAB<ABL MA> BG=BOB=N:EeL IKBF:KR >GOBKHGF>GM :G= MA> :K>G:L BG PAB<A MA>
BG=BOB=N:E I:KMB<BI:M>L LN<A :L MA> ?:FBER DBG=>K@:KM>G :G= L<AHHE (:M>K KHG?>G;K>GG>K:ELHBG<EN=>=MA>BFIHKM:G<>H?LB@GB?B<:GMHMA>KL BG MA> FB<KHLRLM>F PBMA MA>BK =BLMBG<MBO> <A:K:<M>KBLMB<L KHG?>G;K>GG>K 0A> FB<KHLRLM>F <HGLBLML H? MAK>> >E>F>GML :<MBOBMB>L KHE>L:G=K>E:MBHGLKHG?>G;K>GG>K 0A>L><HG=<BK<E>
BL MA> F>LHLRLM>F 0ABL <BK<E> K>IK>L>GML MA> K>E:MBHGL :G=
<HFFNGB<:MBHG;>MP>>GMA>=B??>K>GML>MMBG@LBGMA>FB<KHLRLM>F0ABL
<BK<E> BG<EN=>L <HFFNGB<:MBHG :G= <HHI>K:MBHG ;>MP>>G AHF> :G=
L<AHHEDBG=>K@:KM>G AHF>:G=K>LIBM><:K>:G=L<AHHEDBG=>K@:KM>G:G=
K>LIBM><:K>:FHG@HMA>KL<KN<B:EI:KMH?MA>F>LHLRLM>F<HGLBLMLH?
><HEH@B<:EMK:GLBMBHGL LN<A:LMA>MK:GLBMBHG?KHFAHF>MHDBG=>K@:KM>G
?KHFDBG=>K@:KM>GMHL<AHHE :G=LHHG0A>MABK=<BK<E>BLMA>>QHLRLM>F 0ABL <BK<E> <HG<>KGL BL MA> LH<B:E BGLMBMNMBHGL BG MA> LH<B>MR /H<B:E BGLMBMNMBHGL<HNE=;>I>=:@H@B<:E<>GMK>L A:;BEBM:MBHG<>GMK>L MA><HNGMR :G= LH HG 0A> ?HNKMA :G= E:LM <BK<E> BL MA> F:<KHLRLM>F 0ABL <BK<E>
BG<EN=>LMA>LH<B>MR <NEMNK>:G=O:EN>LRLM>FKHG?>G;K>GG>K (:PL :G= K>@NE:MBHGL :K> I:KM H? MA> F:<KHLRLM>F 0A> FH=>E P:L
>E:;HK:M>= MH : FH=>E H? @>G>>GOBKHGF>GM BGM>K:<MBHGL BG ANF:G
=>O>EHIF>GM MHINM:@K>:M>K>FIA:LBLHGMA>BG=BOB=N:EeL=>O>EHIF>GM BG:LH<B:E<HGM>QMKHG?>G;K>GG>K><B 0A>FH=>E<HGLB=>KL MA>O:KB:G<>H?K>:EBMR:G=MA><HGG><MBHGLMA:M>QBLM?KHFMA>FB<KHMH F:<KHE>O>EL'E>?;><D+@=>G KHG?>G;K>GG>K:ELH:==>=:
?B?MA<BK<E>MA><AKHGHLRLM>F0A><AKHGHLRLM>FBG<EN=>L>QI>KB>G<>LBG EB?> ;HMA >GOBKHGF>GM:E BG?EN>G<>L :G= MK:GLBMBHGL KHG?>G;K>GG>K KHG?>G;K>GG>K><B
.,96* $-* *(303,.(&0 8-*36= 3+ -91&2 )*:*0341*28 $-.7 +.,96* .009786&8*7 8-* 7*(32) 6*:.7.3283*(303,.(&08-*36=632+*2'6*22*6
KHG?>G;K>GG>K<HGMBGNHNLER=>O>EHI>=ABLMA>HKRNGMBEA>=B>=BG 0N=@> )HDKHO: $:M?B>E= ':KGBD +G>H?MA>=>O>EHIF>GML BG MA> MA>HKR BG<EN=>= MA> ,,0 <HG<>IML ,,0 LM:G=L ?HK ,KH<>LL ,>KLHG HGM>QM :G= 0BF> 0N=@> >M :E %@=13AAK>?>KL MH MA>
BGM>K:<MBHG ;>MP>>G MA> BG=BOB=N:E :G= MA> >GOBKHGF>GM HO>K MBF>
KHG?>G;K>GG>K)HKKBL %3@A=<K>?>KLMH;HMAMA>@>G>MB<:G=
;BHEH@B<:E :LI><ML H? MA> BG=BOB=N:E :L P>EE :L MA> I>KLHG:E
<A:K:<M>KBLMB<LMA:M:I>KLHG;KBG@LMHMA>LH<B:ELBMN:MBHGM:E:M>KIHBGM H? =>O>EHIBG@ ABL MA>HKR KHG?>G;K>GG>K :ELH >FIA:LBL>= MA>
BG=BOB=N:EeLKHE>BG<A:G@BG@ABLHKA>K<HGM>QM ;HMABG:I:LLBO>:G=:
FHK>:<MBO>P:RKHG?>G;K>GG>K)HKKBL 0A>1=<B3FBBGOHEO>L MA> ?HNK ?BO> LRLM>FL =>L<KB;>= >:KEB>K KHG?>G;K>GG>K )HKKBL )7;3 BL :ELH : <KN<B:E <HG<>IM BG KHG?>G;K>GG>KeL MA>HKR G BG=BOB=N:EeL=>O>EHIF>GMH<<NKLHO>KMBF> :G=MA><HGM>QML:ELH<A:G@>
HO>KMBF>KHG?>G;K>GG>K)HKKBL "HK:OBLN:EIK>L>GM:MBHGH?
MA>,,0FH=>E L>>"B@NK>
.,96*$-*'.3*(303,.(&08-*36=3+-91&2)*:*0341*28$-* $3)*0
+G> <KN<B:E I:KM H? ;BH><HEH@B<:E MA>HKR <HGLBLML H? LH<B:E G>MPHKDL
&HA:GG>LL>G 'HDD>KLOHE= 2>=>E>K %G MA> IKH<>LL H?
=>O>EHIBG@ ?KHF : <ABE= MAKHN@A RHNMA MH :=NEMAHH= LH<B:EBL:MBHG BL BFIHKM:GM/H<B:EG>MPHKDLIE:RL:GBFIHKM:GMKHE>BGAHPHG>A:G=E>L
MA>MK:GLBMBHGL&HA:GG>LL>G>M:E /H<B:EG>MPHKDL<:G;>=BOB=>=
BGMH ?HKF:E :G= BG?HKF:E G>MPHKDL 'E>?;><D +@=>G 0A>
BG?HKF:EG>MPHKDL :ELH<:EE>=IKBF:KRG>MPHKDL <HGLBLMH?I>HIE><EHL>
MH:I>KLHG LN<A:L?:FBER ?KB>G=L <HEE>:@N>L0A>?HKF:E L><HG=:KR G>MPHKD <HGLBLML H? IKH?>LLBHG:EL 'E>?;><D +@=>G "HK I>KLHGLPBMA=BL:;BEBMB>L LN<A:L/)/ MA>?HKF:EG>MPHKD<:GIE:R:
FHK><KN<B:EKHE>;HMA>:KEB>K:G=MH:@K>:M>K>QM>GMMA:G?HKHMA>KL
EE H? MA> >E>F>GML H? KHG?>G;K>GG>KeL MA>HKR :K> BFIHKM:GM MH :<DGHPE>=@> ;NMBG:LBMN:MBHGBGPAB<A:GBG=BOB=N:EA:L:=BL:;BEBMR BM BL >LI><B:EER BFIHKM:GM MH BG<EN=> MA> BG=BOB=N:EeL <A:K:<M>KBLMB<L I>KLHG PBMA /)/ A:L LHF> LI><B?B< <A:K:<M>KBLMB<L LN<A :L =>E:R>=
E:G@N:@>:<JNBLBMBHG <A:EE>G@BG@:G=L>E?BGCNKR;>A:OBHNKL:G=LE>>I BLLN>L PAB<ABG?EN>G<>;HMAMA>=>O>EHIF>GM:G=MA>>GOBKHGF>GM$HP MA>L><A:K:<M>KBLMB<L:G=<A:EE>G@>L:K>F>M:G=A:G=E>=BGMA>FB<KH F>LH >QH:G=F:<KHLRLM>FLBG?EN>G<>LMA>>QI>KB>G<>LH?MA>I>KLHG PBMA/)/:G=ABLHKA>K?:FBER
%G*HKP:R P>A:O>:G:<MK>E:M>=MHFNGB<BI:EA>:EMA:G=<:K>L>KOB<>L
$>EL> H@ HFLHK@LMC>G>LM>EHO>G 0A> INKIHL> H? MABL E:P BG<EN=>L H;C><MBO>L MH IK>O>GM MK>:M :G= ?:<BEBM:M> <HIBG@ PBMA MA>
=BL:;BEBMR:G=MH>GLNK><HHK=BG:MBHG:G=MA:MMA>L>KOB<>LH??>K>=
:K> :=:IM>= MH MA> BG=BOB=N:EeL G>>=L $>EL> H@
HFLHK@LMC>G>LM>EHO>G ":FBEB>LBGPAB<AHG>I>KLHGA:L/)/:K>
H?M>GBG<HGM:<MPBMAF:GR=B??>K>GM<:K>M:D>KL:G=BGLMBMNMBHGL LN<A:L K>LIBM><:K> I>KLHG:E:LLBLM:GML AHLIBM:EL ;>A:OBHNKM>:FL A:;BEBM:MBHG
<>GMK>L HMA>K K>LHNK<> <>GMK>L >M< 0A> G>>= ?HK <HHI>K:MBHG :G=
<HHK=BG:MBHGH?:EEH?MA>L>BGLMBMNMBHGLBLBFIHKM:GMMH;HMAMA>?:FBER :G=MA>BG=BOB=N:E :LP>EE:L>O>KRHG>BGOHEO>= BG<EN=BG@DBG=>K@:KM>G :G= L<AHHE LM:?? <<HK=BG@ MH KHG?>G;K>GG>K MA>K> FNLM ;>
<HFFNGB<:MBHG;>MP>>GE>O>EL$><E:BF>=MA:MFB<KH:G=F:<KHFNLM
;><HF>F>LHFH=>EH?AHPKHG?>G;K>GG>KeL;BH><HEH@B<:EFH=>E PHNE=K>L>F;E>?HK:I>KLHGPBMA/)/BLIK>L>GM>=BG"B@NK>
.,96*3;8-**(303,.(&013)*0(390)&44*&6+36&4*6732;.8-##
# .,(-.$)(&') &!), 0 &)*' (.
/:F>KH??eL FH=>E H? =>O>EHIF>GM <:F> :L : K>LIHGL> MH MA> ABLMHKB<
<A:G@BG@H?OB>P;>MP>>GG:MNK>:G=GNKMNK>+G>H?ABLFH=>ELBG<EN=>L MK:GL:<MBHGL :FHG@ IA>GHMRI> >GOBKHGMRI> :G= @>GHMRI> /:F>KH??
/:F>KH??]LMK:GL:<MBHG:EFH=>E?HK=>O>EHIF>GMBL:;B=BK><MBHG:E FH=>EMA:MBG<EN=>L;HMAIKH<>LL>LBGMA>BG=BOB=N:E:G=IKH<>LL>LBGMA>
BG=BOB=N:EeL<HGM>QMHO>KMBF>/:F>KH?? HMAMA>>GOBKHGF>GM :G=MA>BG=BOB=N:E<A:G@>HO>KMBF>:G=:L:K>LIHGL>MHMA>>QI>KB>G<>L
?KHFBGM>K:<MBHGL/:F>KH?? /:F>KH??eLMK:GL:<MBHG:EFH=>E?HK
=>O>EHIF>GM <:G ;> NL>= MH =>L<KB;> MA> K>E:MBHGLABI H? I:K>GML :G=
<ABE=K>G :G= L<AHHE LM:?? :G= LMN=>GML %M <:G :ELH =>L<KB;> MA>
=>O>EHIF>GMH?;>A:OBHNK:E<A:EE>G@>LBGL<AHHEL/:F>KH?? 0A>
LMN=>GMLe ;>A:OBHNKL BG?EN>G<> MA> L<AHHE LM:??eL K>:<MBHGL :@:BG BG?EN>G<BG@MA>LMN=>GMLe;>A:OBHNKLBGK>MNKG/:F>KH??
%GMA>MK:GL:<MBHG:EFH=>E MA>=>O>EHIF>GMH?:<ABE=BL:IKH=N<MH?MA>
=RG:FB< BGM>K:<MBHGL H? MA> <ABE= :G= ABL HK A>K LH<B:E L>MMBG@L 0A>
FH=>E>FIA:LBL>LMA>;B=BK><MBHG:E BGM>K=>I>G=>GM>??><MLH?;HMAMA>
<ABE=:G=MA>>GOBKHGF>GM/:F>KH??
0A> ;:<D@KHNG= H? MA> =>O>EHIF>GM H? MA> FH=>E <:F> ?KHF MA>
JN>LMBHGLH?PARLHF><ABE=K>GPBMAF>=B<:E:GHF:EB>L@K>PNI:G==B=
GHMA:O>MA>>QI><M>==B??B<NEMB>LBG<H@GBMBO>:G=>FHMBHG:E:;BEBMB>L:G=
AHP:MKBLDI:K>GML<HNE=;KBG@NIP>EE?NG<MBHGBG@<ABE=K>G/:F>KH??
+G> H? MA> ?BKLM FH=>EL H? AHP MA> <ABE= :G= MA> >GOBKHGF>GM LN<A :L I:K>GML A:O> ;B=BK><MBHG:E BG?EN>G<>L HG >:<A HMA>K :K>
IK>L>GM>=;>EHP"B@NK>
.,96*$6&27&(8.32&013)*0#&1*63++
FHG@MA>D>R<HG<>IMLBGMA>FH=>E:K>MBF>:G=MA:M;HMAMA><ABE=
:G= >GOBKHGF>GM <A:G@> HO>K MBF> 0A> <ABE= BG?EN>G<>L MA>
>GOBKHGF>GM :G= MA>G MA> <A:G@>= >GOBKHGF>GM BG?EN>G<>L MA> <ABE=
/:F>KH??
GHMA>K FH=>E IK>L>GM>= ;R /:F>KH?? BG /:F>KH??
BG<EN=>=;HMAMA><HG<>IM H?3<D7@=<BG>3PAB<A<HGLBLMLH?:EEH?MA>
LN;LRLM>FL MA:M MK:GL:<M PBMA MA> <ABE= KHG?>G;K>GG>K
=>O>EHI>=:MAHKHN@A=>L<KBIMBHGH?:EEH?MA>LN;LRLM>FLMA:MBGM>K:<M PBMA <ABE=K>G BG<EN=BG@ >63<=BG>3 PAB<A BL MA> <ABE= BML>E? :G=
53<=BG>3 PAB<A BL MA> LHNK<> H? MA> ;BHEH@B<:E HK@:GBL:MBHG OBLN:E IK>L>GM:MBHGH?MA>FH=>EBLIK>L>GM>=;>EHP"B@NK>
.,96*2:.6328=4*4-*238=4*&2),*238=4*28*6&(8.32.2&2.2).:.)9&07)*:*0341*28
0A> <HK> LRFIMHFL H? /)/ L>>F MH ;> EBGD>= MH MA> E:<D H? MPH
?NG<MBHGBG@<HIB>LA:IEHBGLN??B<B>G<RH?MA>.%@>G>,HBLLHG>M:E 0ABL53<=BG>3H?I>KLHGLPBMA/)/BLK>LIHGLB;E>?HKMA><HK>
LRFIMHFLHKMK:BMLH?/)/,HBLLHG>M:E PAB<A:K>K>?>KK>=MH :L MA>>63<=BG>3 #BKBK:C:G >M :E 0A> @>GHMRI> BG?EN>G<>L MA>
>GOBKHGF>GM :G= :EE LN;LRLM>FL PBMA PAB<A MA> <ABE= =BK><MER HK BG=BK><MER BGM>K:<ML PAB<A BL MA> 3<D7@=<BG>3 /:F>KH??
I>KLHGeL;>A:OBHNKL<:G;>:IKH=N<MH?MA>@>GHMRI> MA>IA>GHMRI>:G=
MA>>GOBKHGMRI>/:F>KH??
