!!"#"$%&'%!()*+,!-&'('.&(+!.(/(0&+&,1
!02!(34564!
+789:
;%<85=>!,4?@=>
!!!!!!!!!!(!)&AA"$,(,&B'
!A<@38>>76!>=
!#8C:8945!A>4>7!*58D7EF8>2
!85!G4E>84?!H<?H8??375>!=H!>:7!E7I<8E7375>F
!H=E!>:7!679E77!=H
!J<345!)7D7?=G375>!456!-438?2!A><687F
K)=C>=E!=H!/:8?=F=G:2
!LMNO!!!!!!(0A,$(.,
!"#"$%&'%!()*+,!-&'('.&(+!.(/(0&+&,1!
!02!(34564!
+789:
;%<85=>!,4?@=>
!,:7!GE7G=567E45C7!=H!F><687F!85D7F>894>859!2=<>:!H8545C84?!?8>7E4C2!:4F!E7D74?76!
>:4>!
>:7!34P=E8>2!=H!F><675>F!4E7!H48?859
!>=!673=5F>E4>7!467I<4>7!Q5=R?7697!=H!>:7!
C=5F7I<75C7F!=H!67@>!456!>:7!83G=E>45C7!=H!85D7F>859
!S"8>7?!T!#4E>85U!LMM
VW!%4E>:U!LMMVX
Y!!,:72!4E7!68FGE=G=E>8=54>7?2!H48?859!
R8>:85!>:7F7
!Q72!4E74F
U!R:7E7
!?4CQ!=H!Q5=R?7697!R8??!
4HH7C>!H<><E7!F<CC7FFU!:74?>:U!456!R7??
;@7859
!S(D4E6U!"59?8F:U!#45>=5U!T!Z4?Q7EU!LMMOW!.:75!
T![=?G7U!NVV\X
Y  ,:8F!F><62!R4F!4!3<?>8G?7!345<FCE8G>U!38]76!37>:=6!7]43854>8=5!=H!
737E9859!46<?>!C=??797!F><675>F^!H8545C84?!C4G4@8?8>2!
SQ5=R?7697U!4>>8><67FU!@7:4D8=E
X!85!>:7!
4E74F!=H!CE768>_67@>!S._)X!456!F4D859F_85D7F>859!SA_&X!456!>:7!85H?<75C7!=H!G4E75>4?!
F=C84?8`4>8=5!
=5!>:7!F><675>F^!Q5=
R?7697U!4>>8><67FU!456!@7:4D8=E
Y!!,:8F!E7F74EC:
!R4F!
9<8676!@2!?8H7!C=<EF7!456!
737E9859!46<?>!>:7=
E87FY!!!A><675>F!HE=3!4!?4E97!#86R7F>7E5!<58D7EF8>2!H=E376!>:7!F43G?7!H=E!@=>:!
I<45>8>4>8D7!456!I<4?8>4>8D7!G=E>8=5F!=H!>:7!F><62Y!!,:7!C=3G?7>76!I<45>8>4>8D7!374F<E7!
R4F!>:7!NOa
!I<7F>8=5
!"37E9859!(6<?>!-8545C84?!.4G4@8?8>2!A<ED72!S"(-.AX
!Sb=E975F75U!LMNcXY!!,:7!F<ED72!R4F!463858F>E4>76
!4CE=FF!F8]!F737F>7EF
!85!4!GE7
;456!G=F>
;>7F>!67F895!>=!
F><675>F!75E=??76!85!4!G7EF=54?!H8545C84?!C=<EF7Y!!(!>
=>4?!=H!\OO!C=3G?7>76!GE7
;456!G=F>
;>7F>!
F7>F!R7E7!<F76!H=E!454?2F8FY
!!A>E<C><E4?!7I<4>8=5!3=67?859!SA"#X
K?4>75>!C:4597U!37684>8=5U!
456!F>E<C><E4?!E79E7FF8=5!3=67?F
KR7E7!<F76!>=!454?2`7!>:7!NL!GE=G=F76!E7F74EC:!
I<7F>8=5F!456!
:2G=>:7F7F!4CE=FF!@=>:!345<FCE8G
>FY!!/E7D8=<F!>=!E<55859!>:7!H<??!3=67?F
U!>:7!64>4!
R7E7
!C?74576!456!=E9458`76
U!>:75!7]G?=E4>=E2!H4C>=E!454?2F8F!S"-(XU!8>73!E7FG=5F7!
!>:7=E2!S&$,XU!C=5H8E34>=E2!H4C>=E!454?2F8F!S.-(XU!456!>7F>F!=H!374F<E7375>!85D4E845C7!
R7E7!E<5Y!!-=??=R859!>:7!I<45>8>4>8D7
!64>4!C=??7C>8=5!456!454?2F8F
U!>R=!I<4?8>4>8D7!H=C<F!
9E=<GF!R7E7!4FF73@?76!>=!GE=D867!67G>:U!E8C:!67FCE8G>8=5U!456!>E8459<?4>8=5!>=!>:7!F><62!4F!
4!R:=?7Y!!,:7!F7FF8=5F!R7E7!:7?6!=5!C43G<F
!456!?4F>76!4GGE=]834>7?2!>R=!:=<EF
Y!!"4C:!9E=<G!:46!
F7D75!=E!789:>!F
><675>!G4E>8C8G45>F
Y!!&5!74C:!9E=<G!F7FF8=5!85>E=6<C>8=5F!R7E7!
3467U!85H=E376!C=5F75>!456!E<?7F!R7E7!E7D87R76
U!456!
4!F:=E>!673=9E4G:8C!F<ED72!
R4F!
C=3G?7>76U!
GE8=E!>=!>:7
!F738
;F>E<C><E76!68FC<FF8=5Y!
!'=>7F!456!=@F7ED4>8=5F!R7E7!E7C=E676
U!456!>E45FCE8G>F!R7E7!C=676!<F859!45!=G75859
;C=6859!FC:737Y!
!!#4P=E!H856859F!HE=3!>:7!I<45>8>4>8D7!454?2F8F!85C?<67d!S4X!@7:4D8=E!C:4597!=D7E
!>837!
R4F!?838>76U!4FG7C>F!=H!@7:4D8=E!C:45976!4>!68HH7E75>!E4>7FU!85!68HH7E75>!E7?4>8=5F:8GFU!456!
@2!68HH7E75>!GE7
68C>=EFW!S@X!C:4597!85!=57!4E74!SQ5=R?7697U!4>>8><67FU!456!@7:4D8=EX!=H>75!
E7?4>76!>=!C:4597!85!45=>:7E!4E74W!!SCX!F><675>F!R8>:!:89:!>837!=57!FC=E7F!=5!._)!456!A_&!
4>>8><67F!456!@7:4D8=E!:46!?8>>?7!C:4597!=D7E>837W!S6X!H8545C84?!4>>8><67F!R7E7!4!F8958H8C4
5>!37684>=E!=H!A_&!Q5=R?7697!456!@7:4D8=EU!3<C:!3=E7!>:45!._)!Q5=R?7697!456!@7:4D8=EU!
S7X!7]G?8C8>!G4E75>4?!H8545C84?!F=C84?8`4>8=5!R4F!4!9E74>7E!GE768C>=E!=H!Q5=R?7697U!4>>8><67FU!
456!@7:4D8=E!>:45!83G?8C8>!F=C84?8`4>8=5U!456!SHX!G4E75>4?!H8545C84?!7]G7E8
75C7F!:46!4!
5794>8D7!E7?4>8=5F:8G!SF8958H8C45>!456!5=5
;F8958H8C45>X!R8>:!4??!H8545C84?!C4G4@8?8>2!D4E84@?7F!
7]C7G>!._)!@7:4D8=E!E7?4>76!>=!:=?6859F!456!<F497Y!!
!,:7!I<4?8>4>8D7!E7F<?>F!F<GG=E>76!456!7?4@=E4>76!=5!>:7!I<45>8>4>8D7!H856859FY!!
BD7E4EC:859!>:7
37F!HE=3!@=>:!H=C<F!9E=<G!F7FF8=5F!85C?<67d!S4X!>:7!G=F8>8D7!54><E7!=H!
F4D859W!S@X!>:7!5794>8D7!54><E7!=H!CE768>W!SCX!67D7?=G375>4?!4GGE=GE84>757FF!=H!H8545C84?!
>74C:859!456!?74E5859U!S6X!>:7!5776!H=E!C:4597!85!C=??7984>7!76<C4>8=5U!456!S7X!>:7!85H?<75C7!
=H!74E?2!76<C4>8=5!456!7]G7E875C7!>:E=<9:!H8545C84?!F=C84?8`4>8=5Y!
!!!!!!!!!!!!!!!!!!!!!!!,:8F!R=EQ!8F!6768C4>76!>=!32!?=D859U!F<GG=E>8D7U!456!434`859!H438?2Y
!!!!!!!!!!!!!!!!!!!!!!!8D!!(.e'BZ+")%"#"',A
!!!&!H8EF>!R45>!>=!>:45Q!%=6!H=E!J8F!37EC2U!9E4C7U!456!?=D859!>7567E57FFY!!&!:4D7!4!67@>!
=H!9E4>8><67!
>=!32!H438?2!R:=!:4F!98D75!<5756859!F<GG=E>!456!?=D7!H=E!37!>:E=<9:=<>!>:8F!
P=<E572Y!!
,=!>:7!=57U!>R=!G<5C:!>:4>!8F!32!3=3!456!646Y!!#=3U!>:45Q!2=<!H=E!4?R42
F!@7?87D859!85!37!456!>74C:859!37!>:7!FQ2!R4F!?838>Y!!,:45Q!2=<!H=E!@7859!32!9E74>7F>!
C:77E?7467E!456!4!F<GG=E>!>:4>!5=>!=5?2!:7?G76!D7E@4??2!@<>!4?F=!G:2F8C4??2U!375>4??2U!
73=>8=54??2U!456!FG8E8><4??2Y!!)46U!>:45Q!2=<!H=E!@7859!45!7]43G?7!=H!>:7!9E74>7F>!
F><675>U!
F=37=57!R:=!>E<?2!:4F!4!?<F>!H=E!?74E5859Y!!,:45Q!2=<!H=E!>:7!C=5F>45>!?7FF=5FU!H=E!>:7!
>7567E!G4>875C7U!456!H=E!>74C:859!37!>=!:4D7!H<5!R:75!8>!R4F!4??!=D7E
K2=<!>E<?2!>4<9:>!37!
>=!R=EQ!:4E6U!>=!G?42!:4E6U!456!>=!E859!=<>!>:7!FG=597Y
!!,:45QF!>=!32
!F8F>7EU!2=<!4E7!45!
85FG8E4>8=5!>=!37Y!!,:45Q!2=<!H=E!@7859!>:7E7!H=E!37!R8>:!?=D7U!?4<9:>7EU!R8F6=3U!456!R857
Y!!,=!2=<E!@74<>8H<?!H438?2U!>:72!4?R42F!G<>!4!F38?7!=5!32!H4C7Y!!b=F7G:U!>:7!9E74>7F>!43=<5>!
=H!>:45QF!8F!6<7!>=!2=<f!!1=<!4E7!32!@7F>!>:859!456!
>:7!E74F=5!&!C=<?6!F<ED8D7!>:8F
f!!,:45Q!
2=<!H=E!2=<E!?=D7U!Q85657FFU!G4>875C7U!456!4??!=H!>:7!E868C<?=<F!H<5f!&!C=<?65^>!:4D7!6=57!>:8F!
R8>:=<>!2=<Y!!,:45QF!3<F>!@7!98D75!4?F=!>=!32!9E45634!456!7]>75676!H438?2Y!
!&>!>4Q7F!4!
D8??497!456!2=<!4??!4E7!>:7!@7F>Y
!&!R=<?6!4?F=!?8Q7!>=!7]GE7FF!32!9E4>8><67!456!4GGE7C84>8=5!>=!32!C=338>>77!456!
46D8F=EY!!)EY!(37FU!>:45Q!2=<!H=E!>:7!756?7FF!:7?G!456!9<8645C7U!&!:4D7!?74E576!F=!3<C:!
HE=3!2=<
Y!!1=<!:4D7!@775!4!R=567EH<?!375>=E!R:=!:4F!>4<9:>!37!F=!3<C:!@=>:!G7EF=54
??2!
456!GE=H7FF8=54??2
K>:45Q!2=<Y!!)EFY!.4E=?45U!B5494U!456!g:459!>:45Q!2=<!H=E!2=<E!F<GG=E>!
456!85G<>Y!!,:8F!GE=C7FF!R4F!D4?<4@?7!456!75P=24@?7!@7C4<F7!=H!>:8F!434`859!C=338>>77Y
!D!!!,(0+"!B-!.B',"',A
!!!+&A,!B-!,(0+"A
hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhYY
]88!+&A,!B-!-&%*$"A
hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhYhhYY]8D!.J(/,"$!B'"
d!&',$B)*.,&B'
YhhhhhhhhhhhhhhhhhYhhhhhYhhhhhYhhhYhYN!A>4>7375>!=H!/E=@?73Y
hhYY
hhhhhhhhhhhhhhhhhhhhYhhhhhYhh
YhhYhhhhYhYY
N!!-8545C84?!"6<C4>8=5hh
hhhhhhhhhhhhhhhhhhhYhhhYhhhYYhhYYYh
YhhhYY
c!!)7@>d!.=5F<37E!
.E768>!
456!A><675>!+=45FhhhhYY
hhhhhhhhhhhhhhYY
hhhha!!-8545C84?!e5=R?7697U!(>>8><67FU!456!07:4D8=EhhYhhhYYYhhhh
Yhhh
YYYhYYhhhYh
hYi
!(FF7FF859!-8545C84?!+8>7E4C2
hhhhhhhYY
hhhhhhhhhhhhYhhhYYYhYYYh
hhYhYY
NM!-=C<F!
9E=<GFhhhhhhhhYhhhhhhhhhhhhhhhhhhhYYhhhhhhh
Na!#8]76!37>:=6=?=92hhhhYYhhhhhhhhhhhhhhhhhhhYYhhhhhhh
Ni!A<334E2!=H!
>:7!
A>4>7375>!=H!/E=@?73hYYY
hYY
hhhhhhhhYhhhhhYhhhhhhY
hYY
NV!,:7=E7>8C4?!-E437R=EQhhhhhhhhhhhhhhhhhhhhhh
YhhhhhYhhhhhYYhhYhYYLM!!+8H7!.=<EF7!,:7=E
2hhhhhhhhhhhhhhhhhhhYYYhhhhhhhhhhhY
hhhYYYYYLM
!!"37E9859!(6<?>!,:7=E2hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhLN
!A><62!$4>8=54?7hhhh
hYYhYYYYhYYhhhhhhhhhYhhh
hhhhYhhhhhYhhhhh
YYhhhYhYY
Li!#45<FCE8G>!B57d!04CQ9E=<56hhhhhhhhYhhhhhhhhhhhhhhYYhhhhhhh
LV!#45<FCE8G>!,R=d!04CQ9E
=<56hh
hhhhhhhhhhhhhhhhhhhhYYhhhhhhhLV
!#7>:=6=?=92hhhhY
hhhYY
hhhhhhhhhhhhYhhhhhhhhhYYhhhhhYhh
YhhhYYY
YhYY
cN!!.=5C7G><4?!456!BG7E4>8=54?!)7H858>8=5FhhhhhhhhYhhY
hhhYhhhYYhhYYYh
YhhYY
cL!A43G?7YYYhhhhhhhhYhhhhhhhhhhhhhhhhhYhhY
hhhYhhhYYhhYYYh
YhhYY
ci!A43G?7!
C:4E4C>7E8F>8CFh
hhhhhhhhhhhhhhhhhhhhhYYhhhhhhhci
!"37E9859!(6<?>!-8545C84?!.4G4@8?8>2!A<ED72!/E=>=C=?hhh
hhhYhhhYYhhYYYh
YhhYY
c\!-=C<F!%E=<G!/E=>=C=?hYhhhhhhhhhhhhhhhhhhYh
hhhYhhhYYhhYYYh
YhhYY
jM!(54?2F8FhhhhYYhYhY
hhhYY
hhhhhhhhhhhhYhhhhhhhhhYhhhhhYhh
Yhhhh
YhYY
jL!"]G7E875C7!456!*567E?2859!084F7FhYhhhhhhhhhhhYh
hhhYhhhYYhhYYYh
YhhYY
jj!$7H?7]8D7!F>4>7375>h
hhhhhhhhhhhYYhhhhhhhhhhhYYhhhhhhhjO
!-=E34>!=H!>:7!#45<FCE8G>FhYhhhhYhhhhhhhhhhhYh
hhhYhhhYYhhYYYh
YhhYY
ji!(5!BD7ED87R!=H!>:7!-=??=R859!.:4G>7EFhhhhhYhhhhhhhhYh
hhhYhhhYYhhYYYh
YhhYY
j\!!.J(/,"$!,ZB
d!+&,"$(,*$
"!$"[&"ZhhhhhhhhhhhhhhhhhhhhhhhYY
hhhhYY
jV!!-8545C84?!"6<C4>8=5d!.E768>_)7@>!456!A4D859F_&5D7F>859hhhhhhhhhhhhhhYYOM
!!!+74E5859!456!C=5>75>!68FF73854>8=5hhhhhhhhhhhhhhhhhhhhhYYYOc
!!!(>;E8FQ!@7:4D8=E!456!673=9E4G:8
C!C:4E4C>7E8F>8C
hYYYhhhhhhhhhhhhhOi!!$7C=337564>8=5F!H=E!-8545C84?!"6<C4>8=5YhhhhhhhhhhhhhhhhhhhhhYYYac
!!A><675>!+=45Fhhhhhhh
hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhaa!!!.=5F<37E!67@>hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhYYaV
!!/4E75>4?
!-8545C84?!A=C84
?8`4>8=5hhhhhhhhhhhhh
hhhhhhhhhhhhYhhhYiM
!!A<334E2!=H!+8>7E4><E7
!$7D87Rhh
hhhhhhhhhhhhhhhhhhhhhhhhhhYYYiL
!!D8!!!.J(/,"$!,J$""
d!#('*A.$&/,!
B'"
d!"#"$%&'%!()*+,!-&'('.&(+!.(/(0&+&,1d!('!
('(+1A&A!B-!.$
")&,_)"0,!(')!A([&'%A_&'["A,&'%!
.(/(0&+
&,1hhhhhhhhhhYYY
Yij!$7D87R!=H!+8>7E4><E7
hhYhYY
YhhhhhhhhhhhhhhhhhhhhhYhhhhh
YYhh
YhhhhYh
ij!!-8545C84?!"6<C4>8=5hhhhhhhhhhhhhhhhhhhhYY
hYYhhhhhhhhhhhhYYYiO!!.=5F<37E!456!A><675>!+=45!)7@>YYY
hhhhhhhhhhhhhYYhhhhhhhhYYYhhhYYY
ia!-8545C84?!e5=
R?7697
U!(>>8><67FU!456!07:4D8=E
hYYYh
hhhhhhhhhhhhhhhhhYYii
!,:7=E7>8C4?!-E437R=EQhhYhhhhh
hhhhhhhhhhhhhhhhhhhhhhhhhYhYYYhY
hiV!$7F74EC:!k<7F>8=5F
!456!J2G=>:7F7F
hhhhhhhhhhhhhhhhhhhhhhhhhYhYYYhYYh\N!!.E768>_)7@>hhh
hhhhhhhhhhhhhhhhhhhhhhhhhYYYhhYhYhhYhhhhYY
Y\L!!A4D859F_&5D7F>859hhhhhhhhhhhhhhhYYYhhhhhhhhhhhhYhYhYhhYYYhY
Yh\c!#=67?FhhYhhhh
hhhhhhhhhhhhhhhYYYhhhhhhhhhhhhYhYhYhhYYYhYYh
\j!#7>:=6=?=92hhhhhhhhYhhhhh
hhhhhhhhhhhhhhhhhhhhhhhhhYhYYYh
hYY\a!A43G?7d
!"37E9859!(6<?>!-8545C84?!.4G4@8?8>2!A<ED72
hhYhhhhhhhhhYYhYYhYhhY\a!A43G?7d!-=C<F!%E=<GYYYYhhhhhhhhhhhhhhhhY
hhYhhhhhhhhhYYhYYhhhY
Y\i!/E=C76<E7FhhYYYhhhhhhYhhhhh
hhhhhhhhhhhhhhhhhhhhhhhhhYhYYYhYYh
\\!"37E9859!(6<?>!-8545C84?!.4G4@8?8>2!A<ED72!/E=>=C=?YY
hYhhhhhhhhhYYhYYhhhYY
\\!!!"37E9859!46<?>!H8545C84?!C4G4@8?8>2!374F<E7YY
hhYhhhhhhhhhYYhYYhhh
Y\V!-=C<F!%E=<G!/E=>=C=?YY
hhhYYYhhhhhhhhhhhhhhh
hhhhhhhhhYYhYYhhhYY
\V!!,E<F>R=E>:857FFhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhYYYVM
!(54?2F8F
!/?45h
YYYhhhhhhYhhhhh
hhhhhhhhhhhhhhhhhhhhhhhhhYhYYYhYYh
VL!k<45>8>4>8D7!)4>4hY
hhYhhhhhhhhhhhhhhhhYYY
hYhhhhhhhhhYYhYYhhhYY
VL!!#=67?!C=5F>E<C>8=5hhhhhhhhh
hhhhhhhhhhhhhhhYhhhhhhhVc
!!-4C>=E!454?2F8FhhhhhhhhhhhhhhhhhhhhhhhhhhhYhhhhhhYYVj
!!#74F<E7375>!85D4E845C7hhhhhhhhhhhhhhhhhhhhhhhhhhhhYVj
!!#=67?!>7F>859hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh
YYVO!k<4?8>4>8D7!
)4>4hY
hhYYYYhhhhhhhhhhhhhhhhYYY
hYhhhhhhhhhYYhYYhhhYY
Vi!$7F<?>FhYYhYYYhYYYhhhhhhYhhhhh
hhhhhhhhhhhhhhhhhhhhhhhhhYhYYYhYYh
VV!A43G?7!-E7I<75C2!)8F>E8@<>8=5Fd!"(-.AhhhhhhhYYY
hYhhhhhhhhhYYhYYhhhYY
VV!A43G?7!-E7I<75C2!)8F>E8@<>8=5Fd!-=
C<F!%E=<GFhhhhhhhhhhhhhhhhhhhNMM
!k<45>8>4>8D7!A><62!$7F<?>Fd!"(-.AhhhhhhhhhhYYY
hYhhhhhhhhhYYhYYhhhNMN
!$7F74EC:!k<7F>8=5!N4d!.E768>_)7@>hhhhhYYhhhhhhhYYY
hYhhhhhhYYhYYhhh
NML!"-(U!
.-(U!456!3=67?!H8>
hhYhhhhhYYhhhhhhhYYY
hYhhhhhhYYhYYhhhYNML
!#74F<E7375>!85D4E845C7
hYhhhhhhhYh
hhhhhYYhYYhhh
hhhhYhhhYYN
Mc!.)e;<F7F!456!>E4CQ859
!456!.)0
;:=?68
59F!456!5794>8D7!GE4C>8C7FU!.)0
;G42375>F!456!E7F74EC:
YYYhhhhhhhhhYhhhhhhYh
hhhhhYYhYYhhhY
YYNMj!$7F74EC:!k<7F>8=5!N@d!.E768>_)7@>hhhhhYYhhhhhhhYYY
hYhhhhhhYYhYYhhYYYNMO
!"-(U!
.-(!456!3=67?!H8>
YhhhhhhhYhhhhhhhYYY
hYhhhhhhYYhYYhhhY
YYNMO!#74F<E7375>!85D4E845C7
hYYYhhhhhh
YhhhhhhYYhYYhh
hhhhhhhYhYYYYNMa!.)(!C:4597!FC=E7F!456!.)0
;:=?6859F!456!5794>8D7!GE4C>8C7F
YhhhhhYYYYYY
YYNMi!.)(;G=F8>8D7!GE4C>8C7F
!456!.)0
;G42375>F!456!E7F74EC:!C:4597!FC=E7hh
YNMi!.)(!C:4597!FC=E
7F!456!.)0!C:4597!FC=E7Fhhhh
hhYhhhhhhhYYh
YhYYYYYNMi!.)(;5794>8D7!GE4C>8C7F
U!.)(
;G=F8>8D7!GE4C
>8C7FU!.)(
;4D=8645>!E7FG=5F7
!456!
.)0;:=?6859F!456!5794>8D7!GE4C>8C7FU!.)0
;G42375>F!456!E7F74EC:
YYhhhY
YNM\!$7F74EC:!k<7F>8=5!NCd!.E768>_)7@>hYhYhhhYYhhhhhhhYYY
hYhhhhhhYYhYY
hhYYNM\!"-(U!
.-(U!456!3=67?!H8>hhhhYY
hhhYhhhhhhhYYY
hYhhhhhhYYhYYhhh
YNMV!,7F>F!=H!8568E7C>!7HH7C>FhhhhhhYYhhhhhhhhhhhh
hhhhhYYhYYhhY
YNMV!D88
!$7F74EC:!k<7F>8=5!L4d!A4D859F_&5D7F>859h
hhhhhhYhhhYYhhhhhhhYYhYY
hhYNNN!"-(U!
.-(U!456!3=67?!H8>hhhhhhhYYY
hhhhhhhYYY
hYhhhhhhYYhYYhhh
NNL!#74F<E7375>!85D4E845C
7hhhhhhhYY
hYYYhhhhhhYh
hhhhhYYhYYhhhYY
NNL!A&e;4CC=<5>F!456!E7><E5!456!A&0
;@<697>859!456!E7C=E6!Q77G859
hhYYhh
hNNL!$7F74EC:!k<7F>8=5!L@d!A4D859F_&5D7F>859YYYhhhhhhhhhYhhhYYhhhhYYhYY
hhYY
NNc!"-(U!
.-(U!456!3=67?!H8>
hhhhYYY
hYhhhhhhhhhhhhhhhYYY
hYYhYYhhhY
NNc!#74F<E7375>!85D4E845C7hhhhhhhYY
hYYYhhhhhhYh
hhhhhYYhYYhhh
YYYNNj!A&(;85D7F>375>F!456!@<697>8
59U!A&(;G=F8>8D7!GE4C>8C7FU!A&(
;5794>8D7!GE4C>8C7F!
456!A&
0;@<697>859!456!E7C=E6!
Q77G859
hhhhhhhhhhhhYY
YhhhhhhhNNj!!A&(!C:4597!FC=E7F!456!A&0!C
:4597!FC=E
hhhYYYhhhhhhhhhhhhhhhhNNj!A&(;85D7F>375>F!456!@<697>8
59U!A&(;G=F8>8D7!GE4C>8C7FU!A&(
;5794>8D7!GE4C>8C7F
!456!A&
0!C:4597!FC=E7hh
hhhhhhhhhhYY
hhhYh
hhhhYYY
hhYYhYYhhh
YYYNNj!A&(!C:4597!FC=E7F!456!A&0
;@<697>859!456!E7C=E6!Q77G859
hYhhhhh
YYYhhYNN
O!$7F74EC:!k<7F>8=5!LC
d!A4D859F_&5D7F>
859YYYhhhhhhhhhYhhhYYhhh
YhYYhYY
hhYY
NNO!"-(U!
.-(U!456!3=67?!H8>
hhYYhh
hhhhhhhhhYhhhhh
hhhhYYhYYYYYYYYYY
hYNNa!,7F>F!=H!8568E7C>!7HH7C>FhhhhhhYYhhhhhhhhhhhh
hYY
hhhYYhYYhhhY
NNa!!A<334E2!=H!-856859Fhhhhhh
hhhhhhhhhhhhhhhhhhhhhhhhhhhYYNNi
!k<4?8>4>8D7
!A><62!$7F<?>Fd!
-=C<F!%E=<GFYh
hhhhhhhhhhhhhhhhhYhhhhYNNV!-8545C84?!.
4G4@8?8>2hhhhhhhYY
hhhYYhhhhhhhhhhhhhhhhhYhhhhh
hNNV!!"F>834>7
!=H!C4G4@8?8>2hhhhh
hhhYYhhhhhhhhhhhhhhhhhYhhYYYYYNLM
!.E768>_)7@>!#45497375>hhhhhhh
hhhYhhhhhhhhhhhhhhhhhYhhYYYYYNLN
!.4F:!DFY!CE768>hhhhhYhhhhh
hhYYhhhhhhhhhhhhhhhhhYhhYYYYYNLN
!/=F8>8D7!4FG7C>F!=H!CE768>hhhhh
YhhhhhhhYYhhhhhhhhhhhYhhYYYYYNLc
!A4D859F_&5D7F>859!#45497375>hhhhhh
hhhhYhhhhhhhhhhhhhYYYYhhYYYYYNLj
!A4D859FhhhhhYhhhhhhhhhhh
YYhhhhhhhhhhhhhhhYYYhYhhYYYYYNLj
!&5D7F>859hhhhhYhhhhhhhhhh
hYYhhhhhhhhhh
hhhhYYYhYhhYYYYYNLi
!e5=R?7697U!(>>8><67FU!456!07:4D8=Eh
YhhhhhhhhhYhhhhhhhhhhYYYYYhhYYYYYNL\
!$7?4>8=5F:8GFhhhh
YhYhhhhhhhh
hhhYYhhhYhhhhhhhhYYYhYhhYYYYYNL\
!$74C>8=5F!>=!I<45>8>4>8D7!E7F<?>Fhh
YhhhYhhhhhhhhhhhhhhhYhYYYYYNLV
!,:7!&3G=E>45C7!456!)7D7?=G375>4?!,838
59!=H!-8545C84?!"6<C4>8=5Y
hhhhhhYYYYYYNcL!&3G=E>45C7!=H!H8545C84?!76<C4>
8=5hhYhhhYhhhh
hhYY
hhhhhhhhYhYYYYNcc
!(97!9E4676!?74E5859YhhhhYhYhhhh
hhhhhhhYYhhhhhhYhYYYhYhhYYYYYNcc
!-8545C84?!"6<C4>8=5hhhhhhhhYY
hhhYhhhhhYhhhhhhhhhhhhhhhYhYYYNcj
!.=<EF7!85H?<75C7hhYhh
hhYhYhhhh
hhhhhhhYYhhhhhhYhYYYhYhhYYYYYNcO
!A<997F>8=5F!H=E!H8545C84?!76<C4>8=5
hhYhhhhYhYhhhhhhhhhYhYhhYYYYYNcO
!A<334E2!=H!-856859Fhhhhhh
hhhhhhhhhhhhhhhhhhhhhhhhhhhYYNc\
!)8FC<FF8=5hYYhYYYhhhYYYYhhhhhhYhhhhh
hhhhhhhhhhhhhhhhhhhhYhYYYhYYh
NcV!k<45>8>4>8D7!$7F<?>
FYYhhhhhh
hhhhhhhhhhhhhhhhhhhhhhhhhhhYYNjM
!$7F74EC:!I
<7F>8=5!N4YYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYhhhhhh
hhYY
YYhhhhYYhYY
hhYYNjM
!!$7F74EC:!I
<7F>8=5!N@YYYYYYYYYYYYYYYYY
YYYYYYYYYYYYYYYYYYYYYYYYYYhhhhhhYY
hhYYhhhhYYhYY
hhYY
NjL!$7F74EC:!I<7F>8=5!
NCYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYhhhhhhYYhhYYhhhhYYhYY
hhYY
Njc!$7F74EC:!I<7F>8=5!L4YYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYhhhhhhYYhhYYhhhhYYhYY
hhYY
Njj!$7F74EC:!I<7F>8=5!L@YYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYhhhhhhYYhhYYhhhhYYhYY
hhYY
NjO!$7F74EC:!I<7F>8=5!LCYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYhhhhhhYYhhYYhhhhYYhYY
hhYY
Nja!k<4?8>4>8D7!$7F<?>FhYhhhhhh
hhhhhhhhhhhhhhhhhhhhhhhhhhhYYNji
!A4D859FhhhhhYhhhhhhhhhhh
YYhhhhhhhhhhhhhhhYYYhYhhYYYYYNji
!D888
!.E768>hhhhhYhhhhhhhhhhhYYhhhhhhh
hhhhhhhhhYYYYYYYhhYYYYYNj\
!-8545C84?!4>>8><67FhhhhhYhhhhhhhhhhhYYhhhhhhhhh
YYYYYYYhhYYYYYNjV
!-8545C84?!76<C4>8=5hhhhhYhhhhhhhhhh
hYYhhhhhYhhYhYYYYYYYYYYhYYYYYNjV
!+838>4>8=5FhhhhhYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYhhhhhhhhhYhhhYYhhhhYYhYY
hhYYNON!-<><E7
!$7F74EC:hhhhhYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYhhhhhhhhhYhhhYYhhhhYYhYY
hhYY
NOj!.=5C?<F8=5
hhhhhhhhYYYYYYYYYYYYYYYYYYYYYY
YYYYYYYYYYYYYYhhhhhhhhhYhhh
hhhYYYYYYYYYYYYYYYYYYYYYYYNOO!!.J(/,"$!-B*$
d!#('*A.$&/,!,ZBd!/($
"',(+!&'-+*"'."Ad!AB.&(+&g(,&B'!
/$(.,&."A!(')!"#"$%&'%!
()*+,!.$
")&,_)"0,!(')!A([&'%A_&'["A,&'%!
.(/(0&+&,1
hYYYhhhYYYYY
YYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYNOi!$7D87R!=H!+8>7E4><E7
hhYhYYYYYYYYYYYYYYYYYYYYY
hhhhhhhhhhhhhhhYhhhhhYhh
YhhhhYhYY
NOi!!A><675>!+=45F
hYhhhhhhhhhh
hhhhhhhhhhhhhhhhhhhhhYYYhhhYYYY
NO\!!/4E75>4?!-8545C84?!A=C84?8`4>8=5!
hhhhhhhhYYYhhhhh
hhhhhYY
hhhYYYhhhYYYY
NOV!,:7=E7>8C4?!-E437R=EQhhYhhhYYhh
hhhhhhhhhhhhhhhhhhhhhhhhhYhYYhYNaL
!$7F74EC:!k<7F>8=5F!456!
J2G=>:7F7F
hhhhhhhhhhhhhhhhhhhhhhhhhYhYYYhYYYNaO
!!/4E75>4?!
&5H?<75C7d!.E768>_)
7@>
hhhhhhhhhhhYYhhhhhhYYYh
hhhhYY
hhhYYNai!/4E75>4?!&
5H?<75C7d!A4D859F_&5D7F>859hhhhhhhhhhhYYhhhhhhYhhYY
hhhYY
YNa\!!#=67?FhhYhhhh
hhhhhhhhhhhhhhhYYYhhhhhhhhhhhhYhYhYhhYYYYYY
YYYNaV!#7>:=6=?=92hhhhhhhhYhhhhh
hhhhhhhhhhhhhhhhhhhhhYhhhhYhYYYhY
YNiN!A43G?7d!"37E9859!(6<?>!-8545C84?!.4G4@8?8>2!A<ED72
hhYhhhhhYhhhhhYYhYYhY
YNiN!A43G?7d!-=C<F!%E=<GYYYYhhhhhhhhhhhhhhhhY
hhYhhhhhYYYhhhhYY
YYhhh
NiL!/E=C76<E7FhhYYYhhhhhhYhhhhhhhhhhhhhhhhhhhhhhYYhhhhhhh
hYhYYY
YhNic!"37E9859!(6<?>!-8545C84?!.4G4@8?8>2!A<ED72!/E=>=C=?YY
hYhhhhhhhhYYhYYhYYhh
YNic!!!"37E9859!46<?>!H8545C84?!C4G4@8?8>2!374F<E7YY
hYYhYhhhhhhhhhYY
YYhhh
Nic!-=C<F!%E=<G!/E=>=C=?YY
hhhYYYhhhhhhhhhhhhhhYh
hhhhhhYYhhhYYhYYhh
Nij!!,E<F>R=E>:857FFhhhhhhhhh
YhhhhhhhhhhhhhhhhhhhYYYYYYhhYNiO!(54?2F8F
!/?45
hhYYYhYYYhhhhhhYhhhhh
hhhhhYhhhhhhhhhhhhhhhhhhhYYhYNii!k<45>8>4>8D7!
)4>4
hhYhhhhhhhhhhhhhhh
hYhYYY
hYhhhhhhhhhhY
YYhhh
Nii!#=67?!C=5F>E<C>8=5hhh
hhhhhhhhhhhhhhhhhhhhhYhhhhhYhNi\
!!-4C>=E!454?2F8Fhhhhhhh
hhhhhhhhhhhhhhhhhhhhYhhhhhYYYN\M
!!#=67?!>7F>859hhhhhhh
hhhhhhhhhhhhhhhhhhhhhhhhhYYYhN\M
!k<4?8>4>8D7!
)4>4
hhYYYYYYYYYYYYYYYYYYY
hhhhhhhhhhhhYYY
hYhhhhhhhhhYYh
hhhhYYN\N!$7F<?>FhYYhYYYhYYYhhhhhhYhhhhh
hhhhhhhhhhhhhhhhhhhhhhhYhhYhYYYhYYN\c
!A43G?7!-E7I<75C2!)8F>E8@<>8=5Fd!"(-.Ahhhhhhh
YYYhYhhhhh
YhhYY
hYYhYYhhh
N\c!A43G?7!-E7I<75C2!)8F>E8@<>8=5Fd!-=C<F!%E=<G
FhhhhhhhYYY
hYhhhhhYY
hYYhYYY
hN\O!k<45>8>4>8D7!A><62!$7F<?>Fd!"(-.AhhhhhhhhhhYYY
hYhhhhhhhhhYYhYYhhhN\a
!$7F74EC:!k<7F>
8=5!N4d!.E768>_)7@>hYhYhhhhhhhhhhhhhhhhhY
YYhhYYY
hhYY
N\a!"-(U!.-(U!456!
3=67?!H8>hhhhhhhYYYhhhhhhhYYY
hYhhhhhhYYhYYhhhY
N\i!._)!Q5=R?7697
;CE768>!<F7F
hhhhhhhhhhhhhhhhhhhhhhhhhYYYYN\\
!$7F74EC:!k<7F>8=5!N@d!.E768>_)7@>hYhYhhhhhhhhhhhhhhhhhYYhhhh
hYY
N\\!"-(U!.-(U!456!3=67?!H8>hhhhhhhYYYhhhhhhhYYY
hYhhhhhhYYhYYhhhY
N\V!._)!4>>8><67F
;5794>8D7!GE4C>8
C7FhhhhhhhhhhhhhhhhhhhhhhYYYYN\V
!._)!4>>8><67F
;G=F8>8D7!GE4C>8C7Fh
hhhhhhhhhhhhhhhhhhYYYYYhhYYYYN\V
!._)!4>>8><67F
;4D=8645>!E7FG=5F7F
hhhhhhhhhhhhhhhhhYhhhhY
YYYNVM!$7F74EC:!k<7F>8=5!NCd!.E768>_)7@>hYhYhhhhhhhhhhhhhhhhhYYhhhh
hYY
NVM!"-(U!.-(U!
456!3=67?!H8>hhhhhhhYYYhhhhhhh
hYYYYhhhhhhYYhYYhhhY
NVM!8]!!._)!@7:4D8=E
;:=?6859F!456
!5794>8D7!GE4C>8C7FYYYY
YYYYYYYYYYYYYYYhhhhhhhhhhYNVN!._)!@7:4D8=E
;G42375>F!456!E7F74EC
:hhhhhhhhhhYYhhhhhhhhhYY
NVN!$7F74EC:!k<7F>8=5!L4d!A4D8
59F_&5D7F>859hhYYhhhhhhhhh
hhhhhhhhYh
hYY
NVN!"-(U!.-(U!456!3=67?!H8>hhhhhhhYYYhhhhhhhYYY
hYhhhhhhYYhYYhhhY
NVL!A_&!Q5=R?7697;4CC=<5>F!456!E7
><E5Y
hhhhhhhhhhhhhhhhhhhhYYYYNVL
!$7F74EC:!k<7F>8=5!L@d!A4D859F_
&5D7F>859hYhYhhhhhhhhhhhhhhh
hhhhYYYNVL!"-(U!.-(U!456!3=67?!H8>hhhhhhhYYYhhhhhhhYYY
hYhhhhhhYYhYYhhhY
NVc!A_&!4>>8><67F;85D7F>375>F!456!@<6
97>859YhhhhhhhhhhhhhhhhYhYYYYNVc
!A_&!4>>8><67F;G=F8>8D7!GE4C>8C7F
hhhhhYYhhhhhhhhhhhhhhhhYhYYYYNVc
!A_&!4>>8><67F;5794>8D7!GE4C>8C7
FhhhhhYhhhhhhhhhhhhhhhhYhYYYYNVc
!$7F74EC:!k<7F>8=5!LCd!A4D859F_&5D7F>859hYhY
hhhhhhhhhhhhhhhhhYh
hYY
NVj!"-(U!.-(U!456!3=67?!H8>hhhhhhhYYYhhhhhhhYYY
hYhhhhhhYYhYYhhhY
NVj!A_&!@7:4D8=E;@<697>859!456!E7C=E6!
Q77
G859YhhhhhYhhhhhhhhhYhYYYY
NVj!A<334E2!=H!-856859Fhh
hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhYNVO!k<4?8>4>8D7!A><62!$7F<?>Fd!-=C<F!%E
=<GFYhh
hhhhhhhhhhhhhhhYhh
hhhYNVa!-8545C84?!.
4G4@8?8>2hhhhhhhYY
hhhYYhhhhhhhhhhhhhhhhhYhhhhh
YYYYNVa!!"F>834>7
!=H!C4G4@8?8>2hh
hhhhhhYhhhhhhhhhhhhhhhhhhhhYYY
YNVa!.E768>_)7@>!456!A4D859F_&5D7F>859!#4
5497375>hhhhhhhhhhhhhhhhhYYY
YNVi!A4D859!456!FG756859!:4@8>FhhhhhhhhhhhhhhhhhhhhhhhhhYYY
YNVi!,:7!&3G=E>45C7!456!)7D7?=G375>4?!,83859!=H!-85
45C84?!"6<C4>8=5YhhhhhhYYYYY
YNVV!&3G=E>45C7!=H!H8545C84?!76<C4>8=5hhYhh
hhYhYhhhhhhhhhhhhY
hYYYY
YNVV!(97!9E4676!?74E5859YhhhhY
hYhhhh
hhhhhhhYYhhhhhhYhYYYhYhhYYYY
YNVV!-8545C84?!&5H?<75C7hhhh
hhhhhYY
hYYhh
hhhhhhhhhhhhhhhYhhhhhhYLML!!"]G?8C8>!456!83G?8C8>!F=C84?8`4>8=5hYY
hhhhhhhhhhhhYhhhhhhhhYYYLML!!A=C84?8`4>8=5!F=<EC7hh
hhhhhhhhhhhhhhhhhhhhhhhhhhYYhY
YLMj!!/4E75>4?!C4G4@8?8>2hhhh
hhhhhhhhhhhhhhhhhhhhhhhhhhYYYLMa!-8545C84?!"6<C4>8=5hhhhhhhYY
hhhYYhhhhhhhhhhhhhhhhhhhhhYh
hLMi!.=<EF7!85H?<75C7hhhhhh
hhhYYYhhhhhhhhhhhhhYhhhhhhhh
hLM\!.<?><E4?!85H?<75C7hhhhhh
hhhYYYhhhhhhhhhhhhhYhhhYhhhh
YYYYLMV!A<997F>8=5F!H=E!H8545C84?!76<C
4>8=5hhhhhhhhhYYYhhhhhhhhhhhhLNM
!A<334E2!=H!-856859Fhhhhhhhh
hhhhhhhhhhhhhhhhhhhhhhhhhYYLNL
!)8FC<FF8=5hYYhYYYhhhYYYYhhhhhhYhhhhh
hhhhhhhhhhhhhhhhhhhhYhYYYhYYh
LNj!k<45>8>4>8D7!$7F<?>FYYhhhhhh
hhhhhhhhhhhhhhhhhhhhhhhhhhhYYLNO
!!.E768>_67@>
!456!F4D859F_85D7F>859!H
8545C84?!Q5=R?7697hhhhhhhhhhYLNO
!.E768>_67@>!456!F4D859F_85D7F>859!H85
45C84?!4>>
8><67FhYhhhhhhhhhhYLNa
!.E768>_67@>!456!F4D859F_85D7F>859!H8
545C84?!@7:4D8=EhYhhhhhhhhhhYLN\
!k<4?8>4>8D7!$7F<?>FhYhhhhhh
hhhhhhhhhhhhhhhhhhhhhhhhhhhYYLNV
!!AG756859!456!F4D859F!:4@8>FhhhhhhhhhhhhhhhhhhhhhhhhhYYLNV
!!/4E75>4?!F=C84?8`4>8=5!GE4C>8
C7Fhhhhhhhhhhhh
hhhhhhhhhhYYYhLLM
!+838>4>8=5FhhhhhYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYhhhhhhhhhYhhhYYhhhhYYhYY
hhYY
LLc!-<><E7!$7F74EC:hhhhhYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYhhhhhhhhhYhhhYYhhhhYYhYY
hhYY
LLO!.=5C?<F8=5hhhhhhhhYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYhhhhhhhhhYhhhYYhhhhYYhYY
hhYY
LLO!!.J(/,"$!
-&["
d!)&A
.*AA&B'!(')!
.B'.+*A&B'
hhYhhhhhhhhhhhhYY
hhhhhhhYYLLi!!&5>79E4>8=5!=H!A><62!-856859F
hhhhhhhhhhhhhhhhhhhhhhhhhhhhhLLV
!!!-8545C84?!C4G4@8?8>2hhh
hhhhhhhhhhhhhhhhhhhhhhhhhhhYYLLV
!]!!+74E5859U!4GG?8C4>8=5U!456!7]G7E
875C7hhhhhhhhhhhhhhhhhYYYhhYYLcN
!)7D7?=G375>4?!>83859hh
hhhhhhhhhhYYYhhhhhhhhhhhhhhYhYYYLcc
!&3G?8C4>8=5FhhhhhhhhYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYhhhhhhhhhYhhhYYhhhhYYhYY
hYYLcO!!$7F74EC:hhhh
hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhYLcO
!,:7=E2hhhhhhhhhh
hhhhhhhhhhhhhhhhhYhhhhhhhhhhLc\
!/=?8C2hhhhhhhhhhhh
hhhhhhhhhhhhhhhYhhhhhhhhYYhhYLjN
!+838>4>8=5FhhhhhYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYhhhhhhhhhYhhhYYhhhhYYhYY
hhYY
LjL!-<><E7!$7F74EC:hhhhhYYYYYY
YYYYYYYYYYYYYYYYYYYYYYYYYYYYYYhhhhhhhhhYhhhYYhhhhYYhYY
hhYY
Ljc!.=5C?<F8=5hhhhhhhhYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYhhhhhhhhhYhhhYYhhhhYYhYY
hhYY
Lja!!(//"')&."Ahhhhhhhhhhhhh
hhhhhhhhhhhhhhhhhhhhhhhhhhhhhLji
!(//"')&l!(
!"37E9859!(6<?>!-8545C84?!.4G4@8?8>2!A<ED
72!S"(-.AXhhhhY
hhhhLj\!(//"')&l!0
!&5>E=6<C>
=E2!A<ED72!/4E49E4G:
hhhhhhhhhhhhhhhYhhYhYYhYcNO!(//"')&l!.
!A2??4@<F!/7EF=54?!-8545C7
!J)-A!Lc\!
m!AGE859!LMNjYY
hhhhYYYYYYYYYYYYYYYYYcNi!(//"')&l!)
!A2??4@<F!/7EF=54?!-8545C7!
J)-A!Lc\!
m!A<337E!LMNj
hhhhhhhYY
YYcLa!(//"')&l!"
!-8545C84?!e5=R?7697!
m!"(-.A!A<ED72!k<7F>8=5F
hhhhYhhYYYhhYYYhY
ccO!(//"')&l!-
!-8545C84?!(>>8><67F!
m!"(-.A!A<ED72!k<7F>8=5F
hhhhhhYhYYYhhhhYcjc
!(//"')&l!%
!-8545C84?!07:4D8=E!
m!"(-.A!A<ED72!k<7F>8=5
FhhhYYhhhhYYYYhhh
YYcja!(//"')&l!J
!/4E75>4?!-8545C84?
!"]G7E875C7F!T!A=C84?
8`4>8=5!
m!"(-.A!A<ED72!
k<7F>8=5FhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhY
YYcOc!(//"')&l!&
!)73=9E4G:8CF!
m!"(-.A!A<ED72!k<7F>8
=5FhhhhhhhhhhhhhYY
hYYcOi
!(//"')&l!b
!-=C<F!%E=<G!&5H=E376!.=5F75>
YhhhhhhhhhhhhhYhhhhhYY
hYYcaN!(//"')&l!e
!-=C<F!%E
=<G!)73=9E4G:8C!A<ED72
hhhhhhhhhhhhhhhYYYYYYYYYYYYYcaO!(//"')&l!+
!-=C<F!%E=<G!/E=>=C=?hhhhhhhhhhhhYYYhhhhhhY
YYYYhYhhYYY
hYYcai
!(//"')&l!#
!-=C<F!%E=<G!$7CE<8>375>!"348?
hhhhhhYhh
hhhhhhhhhhhYcia
!(//"')&l!'
!-=C<F!%E=<G!$7CE<8>375>!
(6D7E>8F7375>
hhhhhhhhhhhhYYYYYYYYYcii!(//"')&l!B
!"37E9859!(6<?>!-8545C84?!+8>7E4C2!(<68>!,E48?
hhhhhhhhhhYYY
hYci\
!(//"')&l!/!-=C<F!%E=<G!.=67@==Q
hhhhhhhhhYhhhhhhhhhhhhYY
YYhhYY
c\c!(//"')&l!k!/4E>8C8G45>!'<3@7EF!T!/F7<6=523F
hhhhhhhhhYYYYhh
YYhYYYYhhYYc\O
!(//"')&l!$!-=C<F!%E=<G![=C4@<?4E2!
,7E3!A:77>
hhhhhhhhhhhhYYYhYYYYhhYc\a
!!$"-"$"'."Ahhhhhhhhhhhhhhhh
hhhhhhhhhhhhYhhhhhhhhY
YhhYYhhY
jOM!!!!]8!!+&A,!B-!,(0+"A
!!!,4@?7!N
!e5=R?7697!k<7F>8=5F!T!.=6859hhhhhhhhhhhhhhhhhhYYh
YYhYhYhcjM
!,4@?7!L
!(>>8><67F!k<7F>8=5F!T!.=6859hhhhhhhhhhhhhhhhhhYhYYh
YYhYhYhcjO
!,4@?7!c
!07:4D8=E!k<7F>8=5F!T!.=6859Y
hhhhhhhhhhhhhhhhhhhYYh
YYhYhYhcOM
!,4@?7!j
!/4E75>4?!-8545C84?!"]G7E875C7F!T!A=C84?8`4>8=5!k<7F>8=5F!T!.=6859hhhh
cOO!,4@?7!O
!)73=9E4G:8CF!k<7F>8=5F!T!.=6859hhhhhY
hhhhhhhhhhhYYh
YYhYhYhcOV
!,4@?7!a
!"37E9859!(6<?>!
-8545C84?!+8>7E4C2!(<68>!,E48?
hhhhhhhhhhhYYh
YYhYYYhci\
!,4@?7!i
!-=C<F!%E=<G!.=67@==QhhhhhhhhhhhYYY
hhhhhhhhhhhYYh
YYhYhYhc\c
!,4@?7!\
!/4E>8C8G45>!'<3@7EF!T!/F7<6=523FhhhhY
hhhhhhhhhhhYYh
YYhYhYhc\O
!,4@?7!V
!J2G=>:7F8`76!
#=67?
Fd!#=67?!-8>!$7F<?>F
!-8>hh
YhhhhhhhhhYY
hYYhYhYh
c\i!,4@?7!
NM!"-(!456!.-(d!#=67?!-8>!$7F<?>F
YYhh
YhhhhhhhYhhhhhhhhhhhYhYhc\V
!,4@?7!
NN!-4C>=E
!,:737F
YYhh
YhhhYhhhhhhhhhhhYYh
hhYhYhhhhYY
hhYh
YYYhYhcVN
!,4@?7!
NL!#74F<E7375>!&5D4E845C7YYhh
YhhhhhhhhhhhhhhYYhh
YhhhYh
hYhYhcVL
!,4@?7!
Nc!J2G=>:7F7F!NC!T!cC!
S#45<FCE8G>!B57X!
#7684>8=5!
#=67?!-8>
YYhhhhh
hYYYhcVj
!,4@?7!
Nj!J2G=>:7F8F!N4!
S#45<FCE8G>!B57X!
*5F>4564E68`76!
T!A>4564E68`76!
!$7F<?>FhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhYcVO!!,4@?7!
NO!J2G=>:7F8F!N@
!S#45<FCE8G>!B57X
!*5F>4564E68`76!T!A>4564E68`76
!!$7F<?>FhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhYcVi!!,4@?7!
Na!J2G=>:7F8F!
L4!S#45<FCE8G>!B57X
!*5F>45
64E68`76!T!A>4564E68`76!
$7F<?>Fhhhhhhhhhhh
hhhhhhhhhhhhhhhhhhhhhhhhhhYjMM!!,4@?7!
Ni!J2G=>:7F8F!
L@!S#45<FCE8G>!B57X
!*5F>45
64E68`76!T!A>4564E68`76!
$7F<?>FYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYhhYjMN!!,4@?7!N
\!J2G=>:7F8F!
NC!S#45<FCE8G>!B57X
!*5F>4564E68`76!)8E7C>!456!&568E7C>!"HH7C>F!
T!A
>4564E68`76!)8E7C>!456!&568E7C>!
"HH7C>F
hhhhhhYYYhhhhhhh
hYYY
hhjMc!!]88
!!,4@?7!N
V!!J2G=>:7F8F!
LC!S#45<FCE8G>!B57X
!*5F>4564E68`76!)8E7C>!456!&568E7C>!"HH7C>F!
T!A>4564E68`76!)8E7C>!456
!&568E7C>!"HH7C>FYhhhhhhhhhhhhhh
hhhjM\!!,4@?7!LM
!J2G=>:7F8F!N4U!N@U!NCU!L4U!L@U!456!LC!S#45<FCE8G>!,R=X!*5F>4564E68`76!
$7F<?>Fhhh
hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhjNM
!!,4@?7!LN
!J2G=>:7F8F!N4U!N@U!NCU!L4U!L@U!456!LC!S#45<FCE8G>!,R=X!A>4564E68`76!
$7F<?>Fhhhhhhhhhhhhhhhhhhhhhhhhhhhhh
hYhhhhhhhjNL
!!,4@?7!LL
!!"(-.A!/4E>8C8G45>!)73=9E4G:8CF
hhhhhhhhhhhhhhhhhhhYhhhjNj
!,4@?7!Lc
!!-=C<F!%E=<G
!/4E>8C8G45>!
)73=9E4G:8CFhhhhhhh
hhhhhhYhhhhYhYjNi
!!!]888
!!+&A,!B-!-&%*$"A
!!!-89<E7!N
!!J2G=>:7F8F!N4
!S#45<FCE8G>!B57X
!*5F>4564E68`76!"F>834>7F!456!AY"YY
hhhjN\!!-89<E7!N4
!J2G=>:7F8F!N4!
S#45<FCE8G>!B57X!
A>4564E68`76!"F>834>7F!456!AY"YhYYYYYYYYYYYYYY
jNV!!-89<E7!L
!!J2G=>:7F8F!
L4!S#45<FCE8G>!B57X
!*5F>456
4E68`76!"F>834>7F!456!AY"YhYYY
YYYYYjLM!!-89<E7!L4!
!J2G=>:7F8F!
L4!S#45<FCE8G>!B57X
!A>4564E68`76!"F>834>7F!456!AY"YhYYYYY
YYYhYY
jLN!!-89<E7!c
!!J2G=>:7F8F!N@
!S#45<FCE8G>!B57X
!*5F>4564E
68`76!"F>834>7F!456!AY"Yh
YhYYYjLL!!-89<E7!c4!
!J2G=>:7F8F!N@
!S#45<FCE8G>!B57X
!A>4564E6
8`76!"F>834>7F!456!AY"Yhhhh
YYjLj!!-89<E7!j
!!J2G=>:7F8F!
L@!S#45<FCE8G>!B57X
!*5F>4564E68`76!"F>834>7F!456!AY"
hYYhhjLa!!-89<E7!j4!
!J2G=>:7F8F!
L@!S#45<FCE8G>!B57X!
A>4564E68`7
6!"F>834>7F!456!AY"YhhY
hYYhjL\!!-89<E7!O
!!J2G=>:7F8F!NC
!S#45<FCE8G>!B57X
!*5F>4564E68`76!#7684>8=5!/4>:R42Fd!,837!
N!-4C>=EF!456!.:4597!AC=E7F
hhhhhhhhhhhhhhhhhhhYYY
hhhYhYhjcM!!-89<E7!O4!
!J2G=>:7F8F!NC
!S#45<FCE8G>!B57X
!A>4564E68`76!#7684>8=5!/4>:R42Fd!,837!N!
-4C>=EF!456!.:4597!AC=E7Fhhhhhh
hhhhhhhhhhhhhhhhhhYhhjcL!!-89<E7!a
!!J2G=>:7F8F!
LC!S#45<FCE8G>!B57X
!*5F>4564E68`76!#7684>8=5!/4>:R42Fd!,837!
N!-4C>=EF!456!.:4597!AC=E
7FhYYY
hhhhhhhhhhhhhhhhhhhhhYhh
Yjcj!!-89<E7!a4!
!J2G=>:7F8F!
LC!S#45<FCE8G>!B57X
!A>4564E68`76!#7684>8=5!/4>:R42Fd!,837!N!
-4C>=EF!456!.:4597!AC=E7Fhhhhhhhh
hhhhhhhhhhhhhhhhYhh
jca!!-89<E7!i
!J2G=>:7F8F!
N4!S#45<FCE8G>!,R=X!,837!B57!*5F>4564E68`76!"F>834>7!456!
AY"YhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhYhh
Yjc\!!-89<E7!i4
!!J2G=>:7F8F!
N4!S#45<F
CE8G>!,R=X!,837!B57!A>4564E68`76!"F>834>7!456!
AY"hhhhhhhhhhhhYh
hhhhhhhhhhhhhhhhhhhYhhhhhYhh
jcV!!-89<E7!\
!!J2G=>:7F8F!
N@!S#45<FCE8G>!,R=X!,837!B57!*5F>4564E68`76!"F>834>7!456!
AY"hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhYhh
YjjM!!-89<E7!\4
!J2G=>:7F8F!
N@!S#45<FCE8G>!,R=X!,837!B57!A>4564E68`76!"F>834>7!456!
AY"hh
hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhYhhhhhYhh
jjN!!]8D
!!-89<E7!V
!!J2G=>:7F8F!
NC!S#45<FCE8G>!,R=X!
*5F>4564E68`76!#7684>8=5!/4>:R42Fd!,837!
N!-4C>=EF!456!.:4597!AC=E7F
hhhhhhhhhhhhhhhhhhhhYYY
hhYhh
YjjL!!-89<E7
!V4!!J2G=>:7F8F!
NC!S#45<FCE8G>!,R=X!A
>4564E68`76!#7684>8=5!/4>:R42Fd!,837!N!
-4C>=EF!456!.:4597!AC=E7F
hhhhhhhYhhhhh
hhhhhhhhhhYYY
hYhh
jjc!!-89<E7!NM
!J2G=>:7F8F!
L4!S#45<FCE8G>!,R=X!,837!B57!*5F>4564E68`76!"F>834>7!456!
AY"hh
hhhhhhhhhhhhhhhhhhhhhhhhhhhYhhhhhhhhYhhYjjj!!-89<E7!NM4
!!J2G=>:7F8F!
L4!S#45<FCE8G>!,R=X!,837!B57!A>4564E68`76!"F>834>7!456!
AY"hh
hhhhhhhhhhhhYhhhhhhYh
hhhhhhhhhhhhhhhhhhjjO!!-89<E7!NN
!!J2G=>:7F8F!
L@!S#45<FCE8G>!,R=X!,837!B57!*5F>4564E68`76!"F>834>7!456!
AY"hhhhhhYhhhhhhhhhhhhh
hhhhhhhhhhhhhhhhhhYhh
Yjja!!-89<E7!NN4
!!J2G=>:7F8F!
L@!S#45<FCE8G>!,R=X!,837!B57!A>4564E68`76!"F>834>7!456!
AY"hh
hhhhhhhhhhhhhhhhhhhhhhhhhhhhhYYhhhhhhYhh
jji!!-89<E7!NL
!J2G=>:7F8F!
LC!*5F>4564E68`76!#7684>8=5!/4>:R42Fd!,837!N!-4C>=EF!456!
.:4597!AC=E7Fhhhhhhhhhhhhhhhh
hhhhhhhhhhYYY
hhhhYhh
Yjj\!!-89<E7!NL
4!!J2G=>:7F8F!
LC!A>4564E68`76!#7684>8=5!/4>:R42Fd!,837!N!-4C>=EF!456!.:4597!
AC=E7Fhhhhhhhhhhhhh
hhhhhhhhhhYhhhhhhhhhhhhYhh
jjV!!]D!!N!"#$%&'(!)*'+!,*&()-."&,)*
!/01023240!56!%758923
!,:7!E7C75>!7C=5=38C!8FF<7F!>:4>!:4D7!
G?49<76!>:7!C=<5>E2!:4D7!F>E=59!83G?8C4>8=5F!
H=E!H8545C84?!76<C4>8=5U!?8>7E4C2U!456!C4G4@8?8>2!H=E!8568D86<4?F!4CE=FF!>:7!?8H7!C=<EF7!
SbY!bY!l84=U!A7E86=U!T!A:83U!LMNLX
Y!!,:7!E74C:!=H!>:7!%E74>!$7C7FF8=5!R4F!D4F>U!
456!
8>F!85H?<75C7!
7]>75676!>=!8568D86<4?F!456!H438?87F!=H!4??!E4C7FU!497FU
!456!F=C8=7C=5=38C!@4CQ9E=<56FY!!BH!
4??!=H!>:7!(37E8C45!E7C7FF8=54E2!G7E8=6F!>:4>!:4D7!H=??=R76!>:7!%E74>!)7GE7FF8=5U!>:7!
E7C75>!%E74>!$7C7FF8=5
!SLMMa;LMMVX!GE=6<C76!4!F>4997E859!C=3@854>8=5!=H!<573G?=2375>!
85!E7C=E6!?759>:U!@E746>:U!456!6<E4>8=5U!?=FF!=H!
H8545C84?!F>4@8?8>2U!456!85H?4>76!E4>7F!=H!:=37!
H=E7C?=F<E7!
S/7R!$7F74EC:!.75>7EU!LMNMX
Y!!,:7!/7R!$7F74EC:!.75>7E!SLMNMX!
F<334E8`76!
>:7!7HH7C>F!=H!>:7!%E74>!$7C7FF8=5!4F!>:7!n6=R5F8`859!=H!(37E8C45Fo!7]G7C>4>8=5Fn!
S/7R!
$7F74EC:!.75>7EU!LMNMX
Y!!$7F74EC:!:4F!E7D74?76!F7D7E4?!9E=<GF!R7E7!68FGE=G=E>8=54>7?2!
4HH7C>76!@2!>:7!E7C75>!CE8F8FY!!-=E!7]43G?7U!34><E7!R=EQ7EF!:4D7!674?>!R8>:!GE=?=5976!
6<E4>8=5F!=H!<573G?=2375>U!R:8?7!737E9859!46<?>F!>:E=<9:=<>!>:7!E7C7FF8=5!:46!>:7!
:89:7F>!?7D7?!=H!<573G?=2
375>!
S0<E74<!=H!+4@=E!A>4>8F>8CF!S0+AXU!LMNjW!$8]U!LMNcX
Y!!)<E859!
>:7!%E74>!)7GE7FF8=5!2=
<>:!4?F=!7]G7E875C76!68FGE=G=E>8=54>7!?7D7?F!=H!<573G?=2375>U!
:89:7E!>:45!452!=>:7E!F79375>!=H!>:7!7C=5=32
!S#8E7?!T!(59<FU!NV
\OXY!!,:8F!F437!
G:75=375
=5!R4F!F775!6<E859!Z=E?6!Z4E!&&W
!737E9859!46<?>F!:46!9E74>7E!?7D7?F!=H!
<573G?=2375>!7FG7C84??2!R:75!C=3G4E76!>=!3866?7
;4976!46<?>F!
S(2E7FU!LMNcX
Y!!,:E=<9:=<>!
>:7
!%E74>!)
7GE7FF8=5U!2=<>:!<573G?=2375>!R4F!4F!:89:!4F!jMpU!4HH7C>859!H=<E!
38??8=5!2=<59!G7=G?7!Na
;Lj!274EF!=H!497Y!!,:8F!67D4F>4>8=5U!=H>75!E7H7EE76!>=!4F!>:7!q2=<>:!
GE=@?73r!=E!q2=<>:!CE8F8FUr!:46!?4F>859!H8545C84?!456!73G?=2375>!7HH7C>F!=5!>:8F!C=:=E>!
S#8E7?!T!(59<FU!NV\OX
Y!!!!L!,:8F!E7C75>!CE8F8F!
4?F=!
>==Q!4!>=??!=5!737E9859!46<?>!F><675>F!4>>73G>859!>=!?4<5C:!
HE=3!C=??797!456!75>7E!>:7!R=EQH=EC7!
S"??8FU!LMNjW!A>785!7>!4?YU!LMNcX
Y!!"37E9859!46<?>F!G=F>!
E7C7FF8=5!:4D7!=5!4D7E497!?8>>?7!F4D76!4F!45!737
E975C2!H<56U!=E!4F!4!@4F8F!H=E!E7>8E7375>U!
456!C=5>85<7!>=!E7?2!=5!?=45F!456!>:78E!G4E75>F!=E!H438?87F!H=E!H8545C84?!F<GG=E>!
S(2E7FU!
LMNcXY!!(!F<ED72!FG=5F=E76!@2
S.:4E?7F!AC:R4@U!LMNNX
!H=<56!>:4>!
Vcp!=H!737E9859!46<?>F
^!H438?87F!:46!@775!4HH7C>76!@2!
>:7!%E74>!$7C7FF8=5U!R8>:!c\p!F>4>859!>:7!7HH7C>F!R7E7!F7D7E7!
456!H=EC76!4!C:4597!85!H8545C84?!@7:4D8=E!456!3856F7>Y!!
,:7!E7?4>8=5F:8G!@7>R775!>:8F!
G4E>8C<?4E!G7E8=6!=H!>:7!?8H7!C=<EF7!456!:789:>7576!>837F!=H!7C=5=38C!F>E7FF!CE74>76!>:7!
83G7><F!H=E!>:8F!F>
<62Y
!$7F74EC:!:4F!F:=R5!>:4>!H8545C84?!?8>7E4C2U
!67H8576!4F
!Q5=R859!@4F8C!H8545C84?!
C=3G=575>F!456!34549859!H8545C7
F!7HH7C>8D7?2
U!8F!7FF75>84?!>=!F<CC7FFH<?!46<?>!?8H
7!SA:83U!
04E@7EU!.4E6U!l84=U!T!A7E86=U!LMNMX
Y!!-<E>:7EU!
C=??797!F><675>F!4E7!5=>!q34Q859!>:7!9E467
r!R8>:!>:78E!?7D7?!=H!H8545C84?!4@8?8>2!
S"8>7?!T!#4E>85U!LMMVW!%4E>:U!LMMVX
Y!!,:8F!H8545C84?!
8??8>7E4C2!:4F!@775!E
7H7EE76!>=!4F!4!GE7F75>!642!7G86738C!
S%4E>:U!LMMVX
Y!!S%7?345U!LMNMX
!4E9<7
6!>:4>!>:8F!7G86738C!=H!8??8>7E4C2!C=<?6!@7!
C=5F867E76!=57!C4<F7!=H!>:7!E7C75>!H8545C84?!
CE8F8FY!!1=<59!G7=G?7!?4CQ!467I<4>7!H8545C84?!Q5=R?7697U!F>E<99?7!>=!4GG?2!H<><E7!H8545C84?!
G?455859!>=!>:78E!?8D7F!S
7Y9YU!F4D859FU!85D7F>859U!E7>8E7375>!G?455859XU!456!H48?!>=!H<??2!
<567EF>456!>:7!C=5F7I<75C7F!=H!>:78E!H8545C84?!67C8F8=5F!S
7Y9YU!G==E!CE768>!=E!3=5
72!345497375>U!:89:!67@>!?7D7?FX!
S(D4E6!7>!4?YU!LMMOW!0=E675!7>!4?YU!LMM\W!JY!.:75!T![=?G7U!
NVV\XY!!.4E7?7FF!H8545C84?!@7:4D8=EF!F<C:!4F!7]C7FF8D7!FG756859U!3=<5>859!67@>!?7D7?
FU!456!
H48?<E7!>=!Q77G!>=!4!@<697>!:4D7!@775!4FF=C84>76!R8>:!G7EF=54?!456!H8545C84?!F>E7FF!456!
F>E485!
S.:45U!.:45U!T!.:4<U!LMNLX
Y!!Z:75!8568D86<4?F!6=!5=>!GE=G7E?2!345497!>:78E!
H8545C7FU!.:75!456![=?G7!GE=C?48376U!8>!8F!4!H48?<E7!=H!F=C87>2!456!45!8FF<7!>:4>!F=C87>2!:4F!
!c!>=!@74E
Y!!S.<??!T!Z:8>>=5U!LMNNX
!H<E>:7E!
F<997F>
76!>:4>!
H8545C84?!?8>
7E4C2!8F!4!F=C84?!R7?H4E7!
8FF<7Y!!q&5!>:7!?4F>!67C467U!>:7!5776!H=E!H8545C84?!76<C4>8=5!:4F!@7C=37!4!G=?8C2!8FF<7U!85!>:7
!C=5>7]>!=H!R8675859!C=33<58>2!4CC7FF!>=!85CE74F859?2!C=3G?7]!H8545C84?!GE=6<C>F!456!
F7ED8C7FU!E8F859!?7D7?F!=H!:=<F7:=?6!67@>YYYn!SG
Y!VVXY!Z8>:!>:7!E8F859!C=F>!=H!76<C4>8=5!456!
>:7!
85CE74F859!<F7!=H!CE768>!
@2!
C=??797!F><675>FU!
H8545C84?!4G>8><67!456!C=??7
97;?7D7?!H8545C84?!76<C4>8=5!8F!@7859!D89=E=<F?2!E7F74EC:76!
S(597?4!.Y!+2=5FU!LMMjX
Y!!-8545C84?!76<C4>8=5!
342
!R=EQ!4F!4!GE=>7C>8D7!H4C>=EU!:7?G859!
2=<59!G7=G?7!E7FG=5F8@?2!345497!>:78E!H8545C84?!?8D7F!
S0=E675!7>!4?YU!LMM\X
Y!!,=!>:8F!756U!4F!
S.:45!7>!4?YU!LMNLX
!G=85>76!=<>U!>:7E7!4E7!3452!I<7F>8=5F!>:4>!3<F>!@7!85D7F>894>76
Y!!,:7F7!85C?<67
!H4C>=EF!
>:4>!
85H?<75C7!H8545C84?!?8>7E4C2
U!>:7!7HH7C>8D757FF!=H
!H8545C84?!76<C4>8=5
U!>:7!
E7?4
>8=5F:8G!
@7>R775!
F><675>F!H8545C84?!Q5=
R?7697U!4>>8><67FU!456!@7:4D8=E
U!456!R:2!F=37!
737E9859!46<?>F!:4D7!:89:7E!?7D7?F!=H!<567EF>456859!456!9E74>7E!F<CC7FF
!>:45!=>:7EFY
!#<?>8G?7!75>8>87FU!HE=3!@45QF!>=!FC:==?F!>=!G=?8C234Q7EFU!:4D7!4!D7F>76!85>7E7F>!85!CE
74>859!
456!=HH7E859!H8545C84?!76<C4>8=5
!S04E>:=?=347U!-=]U!T!+77U!LMMOX
Y!!-<E>:7EU!
>:7!H89:>!>=!
7E468C4>7!H8545C84?!
8??8>7E4C2!8F!=57!>:4>!E7I<8E7F!4!C==E6854>76!
7HH=E>!=5!@7:4?H!=H!H438?2!
<58>FU!H=E34?!76<C4>8=5U!E7F74EC:7EFU!G=?8>8C4?!75>8>87FU!85D7F>375>_H8545C84?!@=687FU!456!
F=C84?!5=5GE=H8>!4975C87F
Y!!-8545C84?!76<C4>8=5!3<F>!@7!C=??4@=E4>8D7!85!>:7!F75F7!>:4>!5=!
=57!G7EF=5U!=E9458`4>8=5U!@<F857FFU!
=E!76<C4>8=
54?!=<>?7>!C45!GE=D867!C=3GE7:75F8D7!
C=D7E497!S%==6345U!LMNLX
Y!!(5!4GGE=4C:!H74><E859!4??!D7F>76!
G4E>87F!8F!4!57C7FF4E2!R42!
H=ER4E6Y
!:;414<;19!'=><10;54!
!,:7!483!=H!H=E34?!76<C4>8=5!F:=<?6!@7!>=U!n@7>>7E!GE7G4E7!57R!F><675>F!H=E!5=5
;4C46738C!C:4??7597FYn
!!(3=59!>:7F7!nC:4??7597Fn!4E7!GE7G4E859!H=E!>:7!H8545C84?!R=E?6
K!j!@7C=3859!4!9==6!3=572!345497EU!:45
6?859!4!@<697>U!456!85D7F>859!
S.:45!7>!4?YU!LMNLX
Y!!"D7E2!4C46738C!68FC8G?857!F:=<?6!GE=D86
7!4??!F><675>F!@4F8C!Q5=R?7697!>=!:7?G!>:73!75>7E!
>:7!46<?>!R=E?6U!456!H8545C84?!76<C4>8=5!F:=<?6!@7!45!85>79E4?!G4E>!=H!>:4>!9=4?!
S"8>7?!T!
#4E>85U!LMMVX
Y!!,:7!?8H7!C=<EF7!456!7C=?=98C4?!83G?8C4>8=5F!=H!H8545C84?!76<C4>8=5!:4D7!?76!
3452!E7F74EC:7EF!>=!C=5C?<67!>:4
>!76<C4>=EFU!<58D7EF8>2!C43G<F7FU!456!>:78E!4FF=C84>76!
=HH8C84?F!:4D7!4!3=E4?!83G7E4>8D7!>=!R=EQ!>=R4E6!76<C4>8=5!>:4>!>E45FC756F!>=G8C4?!4E74FU!
H4C>FU!456!H89<E7FY!!,:7!=@?894>8=5!8F!>=R4E6!CE74>859!4C><4?8`76U!7I<8GG76!C8>8`75FY!!.<??!456!
Z:8>>=5!SLMNNX!
G?4C76!>:8F!83G7E4>8D7!85!4!H8545C84?!C=5>7]>d
!Z8>:!>:7!?4E97!5<3@7E!=H!F><675>F!GE=9E7FF859!>:E=<9:!<58D7EF8>87F!4>!4!>837!>:4>!
H=E!3452!F><675>F!4?F=!85D=?D7F!34Q859!
>:78E!H8EF>
!F<@F>45>84?!H8545C84?!67C8F8=5FU!
<58D7EF8>87F!4E7!R7??!G=F8>8=576!>=!GE=D867!G7EF=54?!H8545C7!>=!
F><675>FYYY<58D7EF8>87F!G?42!4!C8>8`75F:8G!E=?7!85!67D7?=G859!F><675>F!>=!@7C=37!
7HH7C>8D7!G4E>8C8G45>F!85!F=C87>2!456!>:7!7C=5=32!SGY!NNMXY!!
!-8545C84?!76<C4
>8=5!GE=9E43FU!R:7>:7E!9757E4?!76<C4>8=5U!>4E97>76!GE=9E43FU!=E!:=37!
=R57EF:8G!GE=9E43FU!:4D7!H=E!>==!?=59!@775!CE74>76U!GE=3=>76U!456!=HH7E76!4F!
F8?=F
U!8F=?4>76!HE=3!=57!45=>:7E!
S04E>:=?=347!7>!4?YU!LMMOX
Y!!BD7EC=3859!H8545C84?!8??8>7E4C2!3<F>!
C=37!HE=3!3<?>8G?7!F=<EC7F!85!<58F=5d!76<C4>=EFU!G=?8C2!34Q7EFU!H8545C84?!GE=H7FF8=54?F
;4??!>:=F7!R:=!:4D7!85H?<75C7U!G=R7EU!456!>:7!>==?F!>=!85CE74F7!H8545C84?!Q5=R?7697!456!CE74>7!
C:4597!S04EE2U!LMNcX
Y!!n&>!8F!4!68FF7ED8C
7!>=!F><675>F!>=!>E485!>:73!R7??!>=!@7!9==6!
4CC=<5>45>F!=E!FC:==?!>74C:7EF!>:4>!C45!74E5!4!?8D859!>=!F<GG=E>!>:73F7?D7F!=E!>:78E!
H438?87FU!@<>!?74D7!>:7!F><675>F!895=E45>!4F!>=!>:7!@4F8CF!=H!85D7F>859U!85F<E45C7U!456!:=37!
3=E>9497Fn!
SJ4554U!J8??U!T!/7E6<7U!LMNMU!
GGY!cO
;caXY!!O!B57!<58D7EF4?U!F>4564E68`76!67H858>8=5!6=7F!5=>!7]8F>!H=E!H8545C84?!?8>7E4C2!=E!
H8545C84?!76<C4>8=5
Y!!J=R7D7E
U!4!3<?>8><67!=H!67H858>8=5F!:4D7!@775!CE74>76!456!<F76!
>:E=<9:=<>!>:7!E7F74EC:!?8>7E4><E7!
S.<??!T!Z:8>>=5U!LMNNX
Y!!04E>:=?=347U!-=]U!456!+77!
SLMMOX!67FCE8@7
6!H8545C84?!?8>7E4C2!85!>:7!H=??=R859!R42U!
n-8545C84?!?8>7E4C2!675=>7F!=57oF!
<567EF>456859!456!Q5=R?7697!=
H!H8545C84?!C=5C7G>F!456!8F!CE<C84?!>=!7HH7C>8D7!C=5F<37E!
H8545C84?!67C8F8=5!34Q859n!SG
Y!NVOXY!!-8545C84?!?8>7E4C2!
F:=<?6!
85C?<67!<567EF>456859!456!
H<5C>8=5859!4>!@=>:!4!:89:7E!=E67E!?7D7?!S7Y9YU!@<2859!4!:=37
!456!
=@>485859!4!3=E>9497U!
F7>>859!<G!4!G75F8=5
!=E!E7>8E7375>!H<56X!456!R8>:85!642
;>=;642!=G7E4>8=5F!S7Y9YU!:=<F7:=?6!
@<697>859U!:456?859!CE768>!456!85>7E7F>!E4>7FX!
SeE8`7Q!T!&5
9U!LMNLXY!!,:7!BE9458`4>8=5!H=E!
"C=5=38C!.=
;=G7E4>8=5!456!)7D7?=G375>!SB".)X!67H857
6!H8545C84?!?8>7E4C2!4F!n4!
C=3@854>8=5!=H!4R4E757FFU!Q5=R?7697U!FQ8??U!4>>8><67!456!@7:4D8=E!57C7FF4E2!>=!34Q7!
F=<56!H8545C84?!67C8F8=5F!456!<?>834>7?2!4C:87D7!8568D86<4?
!H8545C84?!R7??!@7859
n!S(>Q85F=5!
T!#7FF2U!LMNLX
Y!!,:72!4?F=!F<997F>
76!>:4>!
>:7E7!4E7!>:E77!Q72!C=
3G=575>F!>=!H8545C84?!
?8>7E4C2
KH8545C84?!Q5=
R?7697U!4>>8><67FU!456!@7:4D8=E
Y!!AG7C8H8C4??2U!H8545C84?!?8>7E4C2
!F:=<?6
!C=D7E!4FG7C>F!=H!@<697>859U!E7FG=5F8@?2!:456859!CE768>U!F7>>859!9=4?F!SF:=E>U!
85>7E37684>7U!456!?=59
;>7E3XU!85D7F>859U!456!54D894>859!H8545C84?!GE=6<C>F!456!34EQ7
>F!S.:45!7>!4?YU!LMNLW!JY!.:75!T![=?G7U!NVV\W!J4554!7>!4?YU!LMNMX
Y!!!-8545C84?!76<C4>8=5!8F!4!@E=46!C=5C7G>!>:4>!4FF<37F!3452!H=E3F!456!F>E<C><E7F!
S04E>:=?=347!7>!4?YU!LMMOX
Y!!#=F>!85F>8><>8=5F!=H!:89:7E!?74E5859!6=!5=>!GE=3=>7!H8545C84?!
76<C4>8=5!>=!>:7!34P=E8>2!=H!F><675>F!
SJY!.:75!T![=?G7U!NVV\X
Y!!J=R7D7EU!F><687F!:4D7!
H=<56!H=E34?!76<C4>8=5!>=!@7!G=>75>U!
qhH8545C84?!76<C4>8=5!GE=9E43F!:4D7!@775!8675>8H876!
4F!4!Q72!>=!83GE=D859!H8545C84?!Q5=R?7697!456!GE=3=>859!G7EF=54?!H8545C84?!E7FG=5F8@8?8>2n!
S0=E675!7>!4?YU!LMM\X
Y!!Z8>:85!H8545C84?!76<C4>8=5!
3452!
H=<564>8=54?!C=5C7G>F!3<F>!@7!
!a!GE7F75>76U!H=E!7]43G?7d!@<697>859U!F4D859
U!85D7F>859U!CE768>!<F497
F!456!>7E3FU!GE85C8G?7F!
456!E<?7F!=H!@=EE=R859
KC<?3854>859!85!>
:7!GE4C>8C7!=H
!:74?>:2!3=572!345497375>!
S.:45!
7>!4?YU!LMNLX
Y!!04E>:=?=347!7>!4?Y!SLMMOX
!67FCE8@76!76<C4>8=54?!7HH=E>F!4F!H8>>859!85>=!>:E77!
68F>85C>!C4>79=E87Fd!S4X!H854
5C84?!76<C4>8=5!GE=9E43F!C=D7E859!4!@E=46!FG7C>E<3!=H!>=G8CF
K@<697>859U!F4D859FU!85D7F>859U!456!CE768>!456!67@>!345497375>W!S@X!>4E97>76!H8545C84?!
76<C4>8=5
KF4D859!H=E!E7>8E7375>U!CE74>859!4!C=??797!F4D859F!G?45U!F4D859!H=E!?=59
;>7E3!
9=4?FW!456!SCX!:=37!=R
57EF:8G
KGE7!456!G=F>!G<EC
:4F7!456!H=E7C?=F<E7!C=<5F7?859!
S04E>:=?=347!7>!4?YU!LMMOX
Y!!,:E=<9:=<>!>:8F!
F><62
U!H8545C84?!?8>7E4C2!R8??!@7!<F76!>=!E7H7E!>=!
>:7!G=FF7FF8=5!=H!G7EF
=54?!H8545C84?!Q5=R?7697!456!C=5C7G>FU!R:8?7!H8545C84?!76<C4>8=5!R8??!
E7GE7F75>!>:7!F2F>738C!85F>E<C>8=5!=H!
4!3=E7!34CE=!
H8545C84?!
?7D7?
Y!-280+!"54?>327!"72=;0!14=!
/0>=240!@514?
!(H>7E!
9E46<4>859
!HE=3!<58D7EF8>2!
3452!
2=<59!46<?>F!4E7!F466?76!R8>:!67@>
K@=>:!
C=5F<37E!456!F><675>!?=45
Y!!,:8F!?7D7?!=H!67@>!C=37F!4>!4!>837!R:75!737E9859!46<?>F!H4C7!
:89:!H8545C84?!E7FG=5F8@8?8>2!456!?=R!H8545C84?!H?7]8@8?8>2
Y!!"37E9859!46<?>!C=??797!F><675>F!
>4Q7!=5!:89:!?7D7?F!=H!F><675>!?=45!67@>!R8>:!>:7!7]G7C>4>8=5!>:4>!>:7!76
<C4>8=5!>:72!E7C78D76!R8??!H<E>:7E!>:78E!C4E77E!456!4HH=E6!>:73!@7>>7E!=GG=E><58>87
F!456!:89:7E!G42859!
P=@FY!!,:8F!4FF<3G>8=5!8F!@4F76!<G=5!>:7
!n>2G8C4?n!>E4P7C>=E2!
=H!4FF<3859!H8545C84?!
E7FG=5F8@8?8>2!S7Y9Y
U!3=E>9497!67@>U!:89:!C=5F<37E!67@>X!456!
>:75!
=@>
485859!H8545C84?!
HE776=3!S7Y9Y
U!:89:7E!F4D859FU!
:89:7E!F4?4E2U!
G42859!6=R5!67@>X
Y!!J=R7D7EU!>:8F!>2G8C4?!497
;9E4676!>E4P7C>=E2!8F!C=5>85975>!=5
!?7D7?!=H!76<C4>8=5!=E!>E485859U!?7D7?
!=H!H8545C84?!?8>7E4C2
U!456!>:7!F>E759>:!=H!>:7!7C=5=32
!S)8?R=E>:U!.:75=R7>:U!T!"597?@E7C:>U!LMMMW!A<G845=U!
LMNjXY!!!!i!(!F4?875>!GE=@?73!E7C75>!9E46<4>7F!H4C7!8F!>:7!:74?>:!=H!>:7!7C=5=32Y!!)<E859!>:7!
FG45!=H!LMMO
;LMNc!F><675>!?=45!67@>!85CE74F76!=5!4D7E497!@2!cOpU!R:8?7!P=@!34EQ7>!
4D48?4@8?8>2!456!74E5859F!H7??!
S&``=U!LMNjXY!!&5!LMNLU!=D7E!>R=!>:8E6F!=H!F><675>F!74E5859!4!
@4C:7?=E^F!679E77!@=EE=R
76!3=572!HE=3!9=D7E5375>4?U!GE8D4>7U!=E!G4E75>!?=45F!>=!H<56!
>:78E!F><687F!
S(Y!#4E>85!T!+7:E75U!LMNLX
Y!!)7FG8>7!>:8FU!4F!
S"??8FU!LMNcX
!G=85>76!=<>U!>:7!
4?>7E54>8D7!>=!4!C=??797!76<C4>8=5!8F!5=!3=E7!GE=38F859Y!!(CC=E6859!>=!
"8>7?!456!#4E
>85!
SLMMVXU!n(!C=??797!76<C4>8=5!4C>F!4F!4!C=56<8>!>=!:89:7E!F=C84?!456!7C=5=38C!C?4FF!4F!R7??!4F!
?8H7>837!H8545C84?!F>4@8?8>2n!SG
Y!aNaXY!!.<EE75>!C=??797!F><675>F!7F>834>76!H<><E7!74E5859F!
4E7!
F8958H8C45>?2!:89:7E!>:45!>:7!?7D7?!=H!85C=37!E7G=E>76!@2!
5=5;F><675>
FY!!,:8F!R4F!>E<7!7D75!
4H>7E!C=5>E=??859!H=E!5=5
;F><675>F!R8>:!4!GE7D8=<F?2!74E576!C=??797!679E77!S
,42?=E!
T!BD7E@72U!
NVVVXY!!&5!LMNLU!8568D86<4?F!R8>:=<>!4!C=??797!679E77!:46!45!<573G?=2375>!E4>7!
3=E7!>:
45!6=<@?7!>:4>!=H!8568D86<4?F!R:=!9E46<4>76!R8>:!>:78E!679E77!S"??8FU!LMNcXY!
!,:7!C=F>!=H!76<C4>8=5!3<F>!@7!R789:>76!R8>:!>:7!=GG=E><58>2!CE74>76!@2!C=3G?7>8=5!=H!4!
C=??894>7!679E77Y
!:;414<;19!A45B92=C2D!$00;0>=2?D!
14=
!E2F1G;57
!-8545C84?!Q5=R?7697!8F!=5?2!
G4E>!=H!?74E5859!456!GE=3=>859!H8545C84?!?8>7E4C2U!nYYYH=E!
H8545C84?!?8>7E4C2!>E485859!>=!R=EQU!8>!3<F>!4?F=!>4CQ?7!F><675>Fo!4>>8><67!456!@7:4D8=EFn!
SA<G845=U!LMNjU!GY!N
XY!!'<37E=<F!F><687F!:4D7!85D7F>894>76!>:7!4CI<8F8>8=5!456!85H?<75C7!=H!
H8545C84?!Q5=R?76
97U!4>>8><67FU!456!@7:4D8=E!=5!45!8568D86<4?^F!G7EF=54?!H8545C84?!?8H7
Y!!A><687F!:4D7!H=<56!4!E7C8GE=C4?!E7?4>8=5F:8G!
43=59
!>:7F7!4FG7C>F!=H!H8545C84?!?8>7E4C2
Y!!)8?R=E>:!7>!4?Y!SLMMMX
!67FCE8@76!>:7!3<?>868375F8=54?!54><E7!=H!H8545C84?!Q5=R?7697U!
4>>8><67FU!456!@7:4D8=EU!
nYYYC=3G?7]!GF2C:=?=98C4?!H4C>=EF!83G4C>!8568D86<4?!
C=5C7G><4?8`4>8=5F!=H!3=572!456!>:7E7@2!342!83G4C>!4C><4?!3=5
7>4E2!7]G7568><E7Fn!SGY!
!\!ccXY!!&568D86<4?F^!
4>>8><67
F!>=R4E6
!>:78E
!H8545C7F!68E7C>?2!4HH7C>
F!>:78E
!FG756859U!@=EE=R859U!
456!85D7F>859!@7:4D8=E!
S.:45!7>!4?YU!LMNLX
Y!!-<E>:7EU!>
:7!E7F<?>F!GE7F75>76!85!.:75!456!
[=?G7!SNVV\XU!F<997F>76!>:4>!>:7!:89:7E!>:7!?7D7?!=H!H8545C84?!Q5=R?7697U!>:7!9E74>7E!>:7!
85H?<75
C7!=5!H8545C84?!4>>8><67F!456!67C8F8=5F
Y!!A:83!7>!4?Y!SLMMV
X!E7D74?76
!>:4>!
H8545C84?!
Q5=R?7697!85H?<75C76!H8545C84?!4>>8><67FU!456!>:72!85!><E5!85H?<75C76!H8545C84?!@7:4D8=EF
Y!!,:78E!F><62!H=<56!>:4>!H8545C84?!Q5=R?7697!C45!@=>:!68E7C>?2!456!8568E7C>?2!85H
?<75C7!
H8545C84?!@7:4D8=E
Y!!#=5>8C=57!SLMNMX
!C=EE=@=E4>76!>:7!H4C>!>:4>!:89:7E!?7D7?F!=H!H8545C84?!
Q5=R?7697!
?76
!>=!9E74>7E!H8545C84?!G?455859!456!GE7G4E4>8=5!456!>:<F!4!:74?>:87E!H8545C84?!
?8H7Y!
!-=E!0=E675!7>!4?
Y!SLMM\XU!H8545C84?!Q5=R?7697!=5!8>F!=R5!R4F!5=>!4!GE768C>=E!=H!78>:7E!
E8FQ2!=E!7H
H7C>8D7!H8545C84?!@7:4D8=EF
Y!!,:8F!342!
:4D7!
@775!6<7!>=
!>:7!G=>75>84?!37684>859!
7HH7C>F!=H!H8545C84?!4>>8><67FU!=E!85!E7FG=5F7!>=
!>:7!F73854E!?759>:!456!H=E34>!
73G?=276Y!!
/=>75>84??2U!>:7!F73854E!3=67?!R4F!>==!F:=E>!=E!?4CQ76!467I<4>7!=GG=E><58>2!H=E!C=5C7
G>!4GG?8C4>8=5Y
!.=??85F!456
!B^$=<EQ7!S
LMNMX!F>4>76U!
nYYYR:8?7!Q5=R?7697!9485F!4E7!GE=38F859U!>:7!
<?>834>7!9=4?!=H!H8545C84?!7
6<C4>8=5!8F!@7:4D8=E!C:4597n!SGY!j\\XY!!
,:7!4<>:=EF!H=<56!>:4>!
=H!>:7!@45QE<G>C2!76<C4>8=5!GE=9E43F!>:72!454?2`76U!>:E77!856<C76!G=F8>8D7!@7:4D8=E!C:4597!
456!9E=R>:!=H!H8545C84?!Q5=R?7697!G=F>!C=<5F7?859Y!!&5!4668>8=5U!74C:!=H!>:7!GE=9E43F!>:4>!
H=C<F76!=5!
GE7
;G<EC:4F7!:=37=R57EF:8G!76<C4>8=5!E7G=E>76!9E=R>:!456!83GE=D7375>!
G=F>!C=<5F7?859Y!!,:72!C=5C?<676U!n>:7!?8>7E4><E7!:=?6F!GE=38F7!H=E!H8545C84?!76<C4>8=5!456!
C=<5F7?859!4F!4!F>E4>792!H=E!C=5F<37EF!85!4!D4E87>2!=H!H8545C84?!C=5>7]>Fn!SGY!jVLXY
!!-<E>:7EU!
>:72!F>4>76!
=H!>:78E!F<CC7FFd
!!!V!&>!342!@7!>:4>!H8545C84?!76<C4>8=5!456!C=<5F7?859!F7ED8C7F!4E7!=G>838`76!R:75!>:72!
377>!74C:!C?875>oF!<58I<7!5776F!=D7E!>837U!E4>:7E!>:45!R:75!>:72!4E7!67?8D7E76!85!4!
F>4564E68`76!H=E34>!H=E!4!GE767>7E38576!6<E4>8=5!SGY!jVjXY
!-8545C84?!F>E7FF!456!F>E485!456!8>F!7HH7C>F!=5!34EE8497!456!H438?2!E7?4>8=5F:8GF!:4D7!
@775!R7??!6=C<375>76!85!>:7!E7F74EC:!?8>7E4><E7
!S7Y9YU!.=597E!7>!4?YU!NVVMW!)4Q85!T!Z43G?7EU!
LMM\W!e855<575!T!-7?6>U!LMMjX
Y!!-8545C84?!F>E7FF!456!F>E485!=H>75!E7F=54>7!HE=3!78>:7E!4!
F8><4>8=5!=<>!=H!45!8568D86<4?
^F!C=5>E=?!S7Y9YU!7C=5=38C!6=R5><E5U!<5
;=E!<567E73G?=2375
>X!
=E!45!85>7E54?!67C8F8=5!=E!?4CQ!=H!Q5=R?7697!=5!4!G4E>8C<?4E!>=G8C!S7Y9YU!H8545C84?!38F>4Q7U!
8EE7FG=5F8@?7!H8545C84?!@7:4D8=EX!
S,42?=E!T!BD7E@72U!NVVVX
Y!!-8545C84?!F>E7FF!456!H8545C84?!
R7??
;@7859!E7GE7F75>!>R=!756F!=H!4!C=5>85<<3U!456!?7D7?F!=H!H8545
C84?!C4G4@8?8>2!456!
7]G7E875C7!4
HH7C>!>:7!=CC<E
E75C7!456!85>75F8>2!=H!@=>:Y!!
&5!45!85D7F>894>8=5!=H!(F845!
F><675>F
^!H8545C84?!R7??
;@7859U!.:45!7>!4?
Y!SLMNLX!H=<56!>:4>!F><675>F!R:=!E7G=E>76!:89:!
?7D7?F!=H!H8545C84?!C=5H8675C7!456!C=5>E=?!4?F=!673=5F>E4>76!G=F8>8D7!
3=572!345497375>!
GE4C>8C7F
Y!!A:83!7>!4?
Y!SLMMVX!H=<56!>:4>!H8545C84?!Q5=R?7697U!4>>8><67FU!456!@7:4D8=EF!R7E7!
4??!E7?4>76!>=!>:78E!G4E>8C8G45>F^!G7EF=54?!?7D7?!=H!R7??
;@7859U!R:8C:!85!><E5!4HH7C>76!?8H7!
F4>8FH4C>8=5
Y!!)=3=57??!SLMNNX
!E734EQ76U!
n(!9==6!R42!>=!97>!G7=G?7!>:85Q859!4@=<>!
H8545C84?!?8>7E4C2!8F!>=!:4D7!>:73!E74?8`7!8>oF!G4E>!=H!>:78E!R7??@7859n!SG
Y!OjXY!!%<>>7E!456!
.=G<E!SLMNNX
!H=<56!
4!E7?4>8=5F:8G!@7>R775!F><675>!H8545C84?!R7??
;@7859!456!H8545C84?!
@7:4D8=EF!R:75!C=5>E=??859!H=E!673=9E4G:8C!C:4E4C>7E8F>8CF
Y!!%<63<5F=5!T!)457F!SLMNNX
!F<E38F76!>:4>!H8545C84?!@7:4D8=E!8F!4!@7>>7E!GE768C>=E!=H!=@P7C>8D7!R7??
;@7859U!456!85!
C=5>E4F>!H8545C84?!Q5=R?7697U!4>>8><67FU!456!C4G4@8?8>2!4E7!@7>>7E!GE768C>=EF!=H!F<@P7C>8D7!
R7??
;@7859Y!!-8545C84?!R7??
;@7859!8F!4!C=5C7G>!R8>:!@=>:!=@P7C>8D7!456!F<@P7C>8D7!
C=55=>4>8=5F
Y!!-=E!F=37
U!H8545C84?!R7??
;@7859!C45!@7!67>7E38576!@2!?7D7?!=H!85C=37U!F4D859FU!
!NM!456!G=F8>8D7!H8545C84?!E4>8=FU!
456!
H=E!=>:7EF!H8545C84?!R7??
;@7859!C45!@7!<567EF>==6!
>:E=<9:!
374F<E7
F!=H!H8545C84?!F4>8FH4C>8=5!456!467I<4C2
!S%<63<5F=5!T!)457FU!LMNNX
Y!! B57!=H!>:7!:2G=>:7F7F!F7>!H=E>:!@2!
l84=!7>!4?
Y!SLMMVX!R4F!>:4>!
4!@7:4D8=E!85!=57!
6=3485U!H8545C84?!@7:4D8=EU!C45!GE768C>!F4>8FH4C>8=5!85!4!E7?4>76!6=348
5U!H8545C84?!F4>8FH4C>8=5
Y!!,:8F!85;><E5!C45!4HH7C>!=D7E4??!?8H7!F4>8FH4C>8=5
Y!!&5!>:8F!F><62!>:7E7!R4F!4!C?74E!
?85Q!@7>R775!H8545C84?!@7:4D8=EFU!H8545C84?!F4>8FH4C>8=5U!4C46738C!G7EH
=E345C7U!456!
4C46738C!F4>8FH4C>8=5Y!!(
??!=H!>:7F7!H4C>=EF!C=5>E8@<>76
!>=!
?8H7!F4>8FH4C>8=5!85!>:7!C=??797!
F><675>!G=G<?4>8=5
Y!!A><675>F!R:=
!46=G>76!G=F8>8D7!H8545C84?!@7:4D8=EF!:46!85CE74F76!
?7D7?F!=H
!H8545C84?!F4>8FH4C>8=5Y!!&5!><E5U!G
=F8>8D7!H8545C84?!@7:4D8=EF!G=F8>8D7?2!4HH7C>76!
4C46738C!G7EH=E345C7!456!H854??2!4C46738C!
F4>8FH4C>8=5
Y!!,:7!E7F<?>F!E7D74?
76!>:4>!6=3485!
@7:4D8=E!?746F!>=!6=3485!F4>8FH4C>8=5U!456!6=3485!F4>8FH4C>8=5!C=5>E8@<>7F!F4>8FH4C>8=5!85!
=>:7E!6=3485F
U!456!<?>834>7?2!?8H7!F4>8FH4C>8=5Y
!$??2??;4C!:;414<;19!
@;0271<H
!,:7!GE7G=567E45C7!=H!F><687F!85D7F>894>
859!>:7!C=??797!7]G7E875C7!S
7Y9YU!H8545C84?!
?8>7E4C2U!679E77!C=3G?7>8=5U!C4E77E!F<CC7FFX!
<F7
!I<45>8>4>8D7!F<ED72!374F<E7F!R8>:!?4E97
;FC4?7!F43G?7F!
SB<837>U!0<55497U!.4E858U!e<:U!T!e755762U!LMMjX
Y!!%<63<5F=5!T
!)457F!
SLMNNX!E7D87R76!G=G<?4E!P=<E54?!G<@?8C4>8=5F!H=E!F><687F!>:4>!C=3@8576!4!H438?2!H=C<F!R8>:!
E7F74EC:!=5!H8545C84?!?8>7E4C2
Y!!,:7!4<>:=EF!H=<56!F7D7E4?!R7??
;Q5=R5!P=<E54?F!E=<>857?2!
GE7F75>859!>:8F!C=5>75>!S
7Y9YU!!"#$%&'"()'*+(,-#./'01$.(1.,2'3+-/(
"%'+4'!"#$%&'"()'51+(+#$1'
6,,-.,2
'456'78.'3+-/("%'+4'*+(,-#./'944"$/,
XY!!&5!NMM!F><687FU!=D7E!4!jM
;274E!FG45U!C=??797!
F><675>F!R7E7!>:7!3=F>!G=G<?4E!F43G?7
Y!!,:7!4D7E497!F43G?7!F8`7!4GGE=4C:76!NUMMM!SVVV
;3745U!cjL
;376845XU!>:7!D4F>!34P=E8>2!=H!R:8C:!R7E7!6
7H8576!4F!CE=FF!F7C>8=54?!S\apXU!456!
=5?2!789:>!G7EC75>!R7E7!@4F76!=5!I<4?8>4>8D7!37>:=6F
Y!!!!NN!,:7E7!8F!5=!<58D7EF4??2!4CC7G>76!374F<E7!H=E!4FF7FF859!C=??797!F><675>F^!H8545C84?!
Q5=R?7697!456!C4G4@8?8>2!
S"8>7?!T!#4E>85U!LMMVX
Y!!J=R7D7EU!F7D7E4?!G=G<?4E!374F<E7F!
:4D7!
@775
!C=33=5?2!<F76!=E!464G>76
Y!!"]43G?7F!=H!>
:7F7!4E7d!>:7!b<3Gs>4E>!A<ED72SFXU!'4>8=54?!
"56=R375>!H=E!-8545C84?!"6<C4>8=5!S'"-"X!"D4?<4>8=
5!,==?@=]U!>:7!*A!,E74F<E2!
)7G4E>375>^F!#2#=572Y9=D!456!#=572!J4@8>F!k<8`U!456!>:7!'4>8=54?!-8545C84?!.4G4@8?8>2!
A><62!S7Y9YU!"8>7?!T!#4E>85U!LMMVW!b=E975F75U!LMNcW!#C.455U!LMNMX
Y!!B<837>!7>!4?
Y!SLMMjX!F>4>76!>:4>!F34??7E!?=C4?!F<ED72F!=H>75!@=EE=R!456!464G>!I<7F>8=5F!HE=3!54>8=54?!F<ED72F
Y!!#C.455
!SLMNMX!686!>:8F!85!:7E!F><62!=H!H8545C84?!?8>7E4C2!85!>:7!'7R!b7EF72!FC:==?!F2F>73
Y!!A:7!>==Q!F7>F!=H!I<7F>8=5F!HE=3!=>:7E!CE768@?7!F<ED72
F!S7Y9YU!b<3Gs>4E>!LMMa!A<ED72U!'"-"!
,==?@=]X!456!CE74>76!
4!>R75>2
;I<7F>8=5!374F<E7
Y!!$7FG=5F7F!R7E7!7D4?<4>76!456!98D75!
=57!G=85>!H=E!@7859!C=EE7C>!456!4!`7E=!8H!85C=EE7C>
Y!!(D4E6!7>!4?
Y!SLMMOX!H=??=R76!4!F838?4E!
C=<EF7!=H!4C>8=5
Y!!,:72!GE=6<C76U!@4F76!=5!G=G<?4E!374F<E7F!456!7]G7E>!=G858=5U!4!>R75>2
;I<7F>8=5!4FF7FF375>
Y!!J7E7U!C=EE7C>!45FR7EF!94E57E76!H8D7!G=85>FU!H=E!
4!>=>4?!=H!NMM
Y!!A7276845!T!18!SLMNNX
!464G>76!456!463858F>7E76!>:7!b<3Gs>4E>!
.=4?8>8=5^F!673=9E4G:8C!456!
H8545C84?!C:4E4C>7E8F>8C!374F<E7
Y!!,:7!4<>:=EF!<F76!6<332!D4E84@?7F!S7Y9YU!7>:58C8>2U!
73G?=2375>!:8F>=E2U!CE768>!C4E6!<F7X!456!3<?>8G?7!E79E7FF8=5!454?2F8F!>=!8675>8H2!
C=D4E84>7F!85H?<75C859!>:78E!GE7
;456!G=F>
;>7F>!FC=E7F
Y!!!%7?345!SLMNMX
!GE=G=F76!F7D7E4?!CE8>8C8
F3F!=H!>:7!b<3Gs>4E>!F<ED72
Y!!J8F!CE8>8I<7F
!85C?<676d!S4X!>:7!?759>:!=H!>:7!374F<E7
K85!:8F!D87RU!
cN!I<7F>8=5F!8F!>==!
F:=E>W!S@X!@E746>:!
=H!>:7!374F<E7
K8>!85C?<67F!7D7E2>:859!HE=3!85D7F>375>F!>=!CE768>
W!456!SC
X!>:7!I<4?8>2!=H!
>:7!
I<7F>8=5F
KI<7F>8=5F!4E7!
=G75!>=!@7859!FQ8GG76!=E!:4D859!
G4E>8C8G45>F!9<7FFY!!
&5!H4C>U!
>:7!4<>:=E!
R75>
!=5!>=!F42!>:7!I<7F>8=5F!85C?<676!=5!>:7!b<3Gs>4E>!I<8`!4E7!n4!38]!=H!
=@D8=<F!I<7F>8=5FU!>E8D84U!456!R78E6!>:859F!>:4>!?==Q!?8Q7!>E8CQ!I<7F>8=5FU!4?=59!R8>:!F=37!
!NL!8>73F!>:4>!4C><4??2!389
:>!@7!<F7H<?n!SG
Y!LXY!!$794E6859!>:7!C=5F>E<C>8=5!456!483!=H!>:7!
b<3Gs>4E>!F<ED72
U!%7?345!SLMNMX!F>4>76!>:7E7!R7E7!3452!I<7F>8=5F!
>:4>!
C=<?6!:4D7!
3<?>8G?7!C=EE7C>!45FR7EF!456!>:4>!>:7!F<ED72!E74??2!
4FF7FF76
!>7F>!>4Q859!4@8?8>2!E4>:7E!>:45!
H8545C84?!?8>7E4C
2Y!!!-8545C84?!Q5=R?7697!S=@P7C>8D7!H4C>X!8F!=H>75!
4FF7FF76!
<F859!C?=F76
;75676!I<7F>8=5F!
R8>:!C=EE7C>!45FR7EF!C=3@8576!4668>8D7?2
Y!!,:7!FC=E7F!342!@7!G<>!85!E45Q!=E67EU!=E9458`76!
85>=!9E=<GF!S
7Y9YU!G7EC75>497!C=EE7C>!9E74>7E
!=E!?7FF!>:45!>:7!376845XU!=E!7D
4?<4>76!85!?89:>!
=H!8567G75675>!D4E84@?7F!S&[X!
S(D4E6!7>!4?YU!LMMOW!
.:75!T![=?G7U!NVV\W!#C.455U!LMNMX
Y!!J=R7D7EU!68HH8C<?>87F!4E8F7!R:75!H8545C8
4?!Q5=R?7697!8F!>:7!GE834E2!67G75675>!D4E84@?7!
S)[XY!!B5!8>F!=R5U!8>!H48?F!>=!4CQ5=R?7697!>:7!D4E876!54><E7!=H!H8545C84?!?8>7E4C2
Y!!,:7!C=5C7G>!=H!H8545C84?!C4G4@8?8>2!3=D7F!@72=56!4!G<E7?2!C=958>8D7!<567EF>456859
Y!!&>!8F!4!
C=3G=F8>7!=H!F=C84?!H4C>=EFU!
G7EF=54?!C:4E4C>7E8F>8CFU!F=C84?8`4>8=5U!456!>:7!85H?<75C7!>:7F7!
H4C>=EF!:4D7!=5!H8545C84?!Q5=R?7697
Y!!,:7!>7E3!H8545C84?!C4G4@8?8>2!>E45FG8E76!@7C4<F7!=H!
>:7!5776!>=!E7C=958`7!4668>8=54?!H4C>=EF!85H?<75C859!H8545C84?!Q5=R?7697
U!4>>8><67FU!456!
@7:4D8=E!
S%<63<
5F=5!T!)457FU!LMNNW!/759!7>!4?YU!LMMiX
Y!(>!4!@4F8C!?7D7?U!4??!737E9859!46<?>F!5776!>=!<567EF>456!H8545C84?!C4<F7!456!7HH7C>U!
=GG=E><58>2!C=F>FU!C=3G=<56!85>7E7F>U!>:7!E7?4>8=5F:8G!@7>R775!E8FQ!456!E7><E5U!456!>:7!
C=5C7G>!=H!?838>76!E7F=<EC7F!
S(D4E6!7>!4?YU!LMMOX
Y!!Z:4>!8F!67F8E76!8F!4!374F<E7!>:4>!
4>>73G>F!4!C=3GE7:75F8D7!4GGE=4C:U!
456!85C?<67F!D4E8=<F!H4C7>F!=
H!H8545C84?!4@8?8>2!
SQ5=R?7697U!4>>8><67FU!@7:4D8=E
KC4G4@8?8>2X
Y!!,=G8CF!C=D7E76!342!85C?<67d!=@P7C>8D7!
Q5=R?7697U!:4@8><4?!4C>8=5U!F<@P7C>8D7!G7EC7G>8=5U!H<><E7!=E875>4>8=5U!456!673=9E4G:8C!
64>4
!Sb=E975F75U!LMNcXY!!&5!>:78E!85D7F>894>8=5!=H!C=??797!F><675>F^!G7EF=54?!H8545C84?!?8D7FU!
.:75!T![=?G7!SNVV\X
!<F76
!4!9?=@4?!37
4F<E7!=H!H8545C84?!?8>7E4C2!>:4>!85C?<676!F><675>F^!
!Nc!F<@P7C>8D7!=G858=5F!C=5C7E5859!3=57>4E2!<F7
Y!!,:8F!R4F!4CC=3G45876!@2!I<7F>8=5F!=H!
H8545C84?!Q5=R?7697
U!4>>8><67F!456!67C8F8=5FU!456!673=9E4G:8CF
Y!!B>:7EF!:4D7!@E=Q75!>:78E!
374F<E7
!85>=!6=3485F!F<C:!4F!
"::$:-).,
!S7Y9YU!q&F!8>!83G=E>45>!H=E!2=<!>=!FG756!?7FF!>:45!2=<!
74E5t
rXU!;(+<%.)=.
!S7Y9YU!qZ:4>!:4GG75F!>=!@=56!GE8C7F!R:75!85>7E7F>!E4>7F!9=!<Gt
rXU!456!
>.8"?$+/
!S7Y9YU!qJ=R!3<C:!6=!2=<!:4D7!85!F4D859F!=E!85D7F>375>FU!7]C?<6859!E7>8E7375>!
F4D859Ft
rXY!!,:7F7!C4>79=E87F!4E7!>:75!H<E>:7E!4FF=C84>76!R8>:!D4E8=<F!H8545C84?!
C=3G7>75C87F!F<C:!4F!F4D859F!456!E7>8E7375>!G?455859U!67@>!456!CE768>U!85F<E45C7U!9757E4?!
3=572!345497375>U!@<697>859U!456!85D7F>859!
Sb=E975F75U!LMNcXY!#74F<E7!C=5F>E<C>8=5!3<F>!@7!6=57!85!F<C:!4!R42!>:4>!I<4?8>2U!C?4E8>2U!E7?84@8?8>2U!
456!D4?868>2!4E7!R7??
!7F>4@?8F:76
Y!!A<ED72!374F<E7F!4>>73G>859!>=!94<97!?7D7?F!=H!H8545C84?!
?8>7E4C2!5776!>=!C=5F867E!>:7!45FR7E!C:=8C7F!GE7F75>76
Y!!J8??!456!/7E6<7!SLMM\X
!F>4>76!>:4>!
3=F>!4FF7FF375>F!=H!H8545C84?!?8>7E4C2!<F7!4
!3<?>8
;C:=8C7!45FR7E!H=E34>!>:4>!85C?<67F!
85C=EE7C>!68F>E4C>=EF!456!=57!C=EE7C>!
45FR7E!C:=8C7Y!!
,:7!4<>:=EF!G=85>!>=!GF2C:=37>E8C!
>:7=E2U!R:8C:!F>4>7F!>:4>!3<?>8G?7!85C=EE7C>
!68F>E4C>=EF!85CE74F7!>:7!C=3G?7]8>2!456!
E7?84@8?8>2!=H!452!3<?>8
;C:=8C7!I<7F>8=5
Y!!J=R7D7EU!>:7F7!85C=EE7C>
!68F>E4C>=EF!=5?2!@==F>!
E7?84@8?8>2!R:75!>:72!4E7!R7??!>:=<9:>!=<>!456!5=>!74F8?2!E<?76
;=<>Y!!$456=3!C:=8C7!R8??!
E7567E!F=37!C=EE7C>!45FR7EF
Y!!&5!H4C>U!>:7!4<>:=EF!C8>7
6!>:7!A(,!456!%#(,!
456!:=R!>:72!
4E7!FC=E76U!4!GE=C7FF!>:4>!C=E
E7C>F!H=E!4!E456=3?2!9<7FF76!45FR7E!C:=8C7
Y!!,:7!4<>:=EF!
F>4>7
6!>:4>!R:75!>:7E7!8F!4!I<7F>8=5!F>E<C><E7!=H!H8D7!G=FF8@?7!45FR7E!C:=8C7F!>:7!4D7E497!
FC=E7!@2!G4E>8C8G45>F!R:=!E456=3?2!9<7FF!R=<?6!@7!LMp
Y!!,:8F!GE7F75>F!
4!37>:=6=?=98C4?!
C=5C7E5U!4F!<5Q5=R859!G4E>8C8G45>F!R8>:!E456=3!9<7FF859
!C=<?6
!E48F7!>:7!=D7E
4??!4D7E497!
FC=E7Y!!,:72!
F<997F>
76!466859!45!n&!6=5o>!Q5=Rn!45FR7E!C:=8C7U!R:8C:!R=<?6!GE=D867!
G4E>8C8G45>F!45!n=<>Un!45!=GG=E><58>2!>=!4638>!>:78E!?4CQ!=H!Q5=R?769
7!85F>746!=H!9<7FF859!
!Nj!SJ8??!T!/7E6<7U
!LMM\XY!!B>:7E!
F><687F!:4D7!E7D74?76!>:4>!4H>7E!G8?=>859!>:78E!374F<E7!45!
45FR7E!C:=8C7!F<C:!4FU!q&!6=5^>!Q5=Rr!=E!q5=>!4GG?8C4@?7r!R4F!46676
Y!!,:8F!CE74>7
6!9E74>7E!
74F7!456!FG776!H=E!>:7!G4E>8C8G45>F!R=EQ859!>:E=<9:!>:7!374F<E7
Y!!&>!4?F=!C<>!6=R5!=5!
8FF<7F!=H!38FF859!64>4!
S(D4E6!7>!4?YU!LMMOW!eE8`7Q!T!&59U!LMNLX
Y!!J8??!456!/7E6<7!SLMM\X!
F>4>76!>:
4>!>:7!n&!6=5o>!Q5=Rn!45FR7E!C:=8C7!
8F!4F!D4?86!4F!>:7!C=EE7C>!456!85C=EE7C>!45FR7E!
C:=8C7FU!4F!8>!466F!9E74>7E!F
=G:8F>8C4>8=5!6<E859!454?2F8FY!!
Z8>:!>:8F!
45FR7E!
C:=8C7U!E7F74EC:7EF!C45!67>7E3857!4!
:/-.!=D7E4??!FC=E7!456!C=EE7C>!H=E!E456=3!9<7FF859Y
!A<ED72
!374F<E7F!4E7!C=33=5?2!GE7F75>76!=5?857
Y!!'<37E=<F!C:=8C7F!7]8F>!H=E!>:8FU!
HE=3!F7ED8C7F!R8>:!HE77!=G>8=5F!F<C:!4F!
0-/?.&'@+(;.&
!>=!3=E7!F=G:8F>8C4>76!G486!F7ED8C7F!
F<C:!4F!
A-"%:/$1,'
Sb=E975F75U!LMNcW!#C.455U!LMNMX
Y!!Z:75!R=EQ859!R8>:!C=??797!F><675>FU!
R7@
;@4F76!
F<ED72F!>756!>=!@7!>:7!7HH8C4C8=<F!C:=8C7!S
7Y9YU!.:45U!.:45U!T!.:4<U!LMNLW!%<>>7E!
T!.=G<EU!LMNNW!A:83U!l84=U!04E@7EU!T!+2=5FU!LMMVX
Y!!J=R7D7EU!=D7E4??!E7><E5!E4>7F!34
2!@7!
?=R7E!R8>:!=5?857!374F<E7F
!<5?7FF!85C75>8D7!8F!@<8?>
;85Y!!&5C75>8D7F!C=<?6!E4597!HE=3!
6E4R859!H=E
!GE8`7F!S
7Y9YU!98H>!C4E6FXU!>=!F34??!>=Q75F!S
7Y9YU!H==6U!5=3854?!G42375>FXU!=E!
C=<EF7!CE768>Y!!#C.455!SLMNMX
U!@<8?>!:7E!4FF7FF375>F!85>=!>:7!FC:76<?7!=H
!R=EQ!85!@=>:!
:7E!C=5>E=?!456!>E74>375>!C?4FFE==3F
Y!!%<>>7E!456!.=G<E
!SLMNNX!C=56<C>76!4!54>8=5R867!
4FF7FF375>!=H!H8545C84?!Q5=R?7697!456!R7??
;@7859!>:E=<9:!R7@!F<ED72859!456!7348?!
E7CE<8>375>
Y!!Z:8?7!>:7!F><62!F<CC7FFH<??2!434FF76!NOUiVi!C=3G?7>76!F<ED72F
U!>:7!4<>:=EF!
5=>76!>:4>!=5?857!F<ED72F!>2G8C4??2!:4D7!?=R7E!
+?./"%%
!E7FG=5F7!E4>7F
Y!!,:7!F<ED72F!E7><E576!R7E7!=<>!=H!NiLUjNL!85D8>4>8=5F!SNMp!E7FG=5F7!E4>7X
Y!!!(FF73@?859!H=C<F!9E=<GF!6<E859!78>:7E!>:7!G8?=>859!=E!G=F>!F<ED72!68F>E8@<>8=5!
GE=D867F!E7F74E
C:7EF!=GG=E><58>87F!>=!466!>=!>:78E!F><62^F!E8C:57FF
Y!!.=5>E8@<>8=5F!HE=3!
>:8F!GE=C7FF!85C?<67d!S4X!C:7CQ859!F<ED72!C?4E8>2!456!D4?868>2W!S@X!D7E8H2859!G4E>8C8G45>!
!NO!85>7EGE7>4>8=5U!3745859!34Q859W!SCX!7]G456859!<G=5!456!85C?<6859!67>48?76!7]G?454>8=5FW!
S6X!7]4385859!456!466E7FF859!94GF!85!>:7!374F<E7W!456!S7X!GE=D86859!H776@4CQ!=5!
83G=E>45>!>=G8CFU!>=G8CF!GE7F75>859!68HH8C<?>2U!456!67?8D7E2!37>:=6F!
S.=?<CC8U!LMMiW!B<837>!
7>!4?YU!LMMjW!$8>C:87!T!+
7R8FU!LMMcX
Y!!,:8F!GE=C7FF!C=<?6!>4Q7!>:7!H=E3!=H!4!F>E<C><E76!E7D87R!
S7Y9YU!E7F74EC:7E!?746!E7D87R!=H!F<ED72!C4>79=E87FX!=E!:4D859!>:7!9E=<G!C=3G?7>7!>:7!F<ED72!
456!>:75!68FC<FF!>:78E!E7F<?>F!456!8337684>7!E74C>8=5F!S
B<837>!7>!4?YU!LMMjX
Y!!,:7!A7C<E8>87F!456!"]C
:4597!.=338FF8=5!SLMNLX
!:7?6!4!>=>4?!=H!NL!H=C<F!9E=<GF!>=!85H=E3!>:7!
CE74>8=5!=H!>:78E!=5?857!F<ED72
Y!!,:7!=D7E4??!GE=P7C>!R4F!85!E7FG=5F7!>=!>:7!)=66
;-E45Q!
E7H=E3!456!85>75676!>=!4FF7FF!85D7F>=EF^!?8>7E4C2
Y!!,:7!4668>8=5!=H!H=C<F!9E=<GFU!qC=958>8D7!
85>7ED87RFUr!456!7]G7E>!46D8C7
U!75:45C76!>:7!I<4?8>2!=H!
>:8F
!54>8=54?!4FF7FF375>!=H!C=??797!
F><675>F!
SA7C<E8>87F!456!"]C:4597!.=338FF8=5U!LMNLU!
GY!LciXY!!/8?=>859!R8>:!7]G7E>!
H776@4CQ!4?F=!R4F!6=57!@2!
J4EE7?F=5!SLMNNX
U!R:=!
4??=R
76!>:7!374F<E7!>=!@7!FCE<>858`76!
H=E!C?4E8>2!456!85>75>Y
!Z:8?7!8>!8F!5=>!>:7!6=38545>!37>:=6=?=98C4?!C:=8C7U!I<4?8>4>8D7!4GGE=4C:7F
!:4D7!
@775!<F76!>=!4FF7FF!H8545C84?!76<C4>8=5!456!?8>7E4C2!?7D7?F
Y!!#452!=H!>:7!7]43G?7F!85C?<67!
>:7!<F7!=H!F738
;F>E<C><E76!85>7ED87RFU!C4F7!F><687FU!G4E>8C8G45>!=@F7ED4>8=5U!456!H=C<F!
9E=<GF!
S.=?<CC8U!LMMiW!#4>>:7RFU!LMMOW!A>4EQF!T!,E858646U!LMMiX
Y!!J4EE7?F=5!SLMNNX
!C=56<C>76!4!C4F7!F><62!454?2F8F!R8>:!H=<E!G4E>8C8G45>FU!74C:!E7GE7F75>859!4!<58I<7!C4F7
Y!!,:7!483!=H!>:7!F><62!R4F!
7D4?<4>8=5!=H!H8545C84?!C<EE8C<?<3!85!4!G4E>8C<?4E!G<@?8C!:89:!
FC:==?Y!!,:7!4<>:=E!67H75676!:8F!C:=8C7!=H!37>:=6=?=987F!F42859U!qk<4?8>4>8D7!64>
4!R7E7!
577676!85!=E67E!>=!GE=D867!4F!C=3G?7>7!45!<567EF>456859!4F!G=FF8@?7!H=E!>:8F!85I<8E2r!SG
Y!i\XY!!-=<E!F><675>F!S=<>!=H!OM!F<ED7276X!R7E7!85>7ED87R76!H=<E!>837F
U!74C:!=D7E!4!F7E87F!=H!
3=5>:F
Y!!AGE=R!SLMNMX
!4?F=!C=56<C>76!45!7D4?<4>8D7U!C4F7!F><62!454?2F8F
Y!!,:7!F><62!R4F!
!Na!C=3GE8F7
6!=H!C?4FFE==3!=@F7ED4>8=5U!85>7ED87RF!R8>:!?74E57EF!456!76<C4>=EFU!456!C=5>75>!
454?2F8F
Y!!,:7!C:=8C7!=H!I<4?8>4>8D7!37>:=6F!85!>:7F7!F><687F!R4F!G<EG=F7H<?
Y!!,:7!4<>:=EF!
F>4>76!>:4>!>:72!R45>76!>=!:74E!>:7!G4E>8C8G45>F^!D=8C7FU!>=!F77!>:78E!G7EFG7C>8D7FU!456!>=!
67?D7!677G7E!85>=!>:78E!F>=E87F!
SJ4EE7?F=5
U!LMNNW!AGE=R
U!LMNMXY!!!Z:8?7!>:7E7!4E7!4!32E846!=H!C:=8C7FU!H8545C84?!?8>7E4C2!8F!=H>75!4FF7FF76!>:E=<9:!
I<45>8>4>8D7!F<ED72!374F<E7FY!!
k<45>8>4>8D7!37>:=6=?=92!GE=D867F!E7F74EC:7EF!R8>:!64>4!
E7GE7F75>859!68F>E8@<>8=5FU!F>4>8F>8C4?!E7?4>8=5F:8GFU!E7?4>8=5F:8GF!@7>R
775!D4E84@?7FU!
GE=@4@8?8>2!=H!=CC<EE75C7U!456!85H=E34>8=5!F<EE=<56859!C4<F7!456!7HH7C>
Y!!,:7!4668>8=5!=H!I<4?8>4>8D7!37>:=6F!GE=D867F!9E74>7E!67G>:U!67>48?U!456!E8C:57FF!>=!<567EF>456859!>:7!
F<ED72!374F<E7!E7F<?>FY!!Z:75!I<45>8>4>8D7!37>:=6F!4E7!C=3@8576
!R8>:!I<4?8>4>8D7U!>:7F7!
37>:=6F!4E7!3=E7!>:45!>:7!F<3!=H!>:78E!G4E>F!
S04@@87U!LMM\W!%8?9<5!T!(@E43FU!LMMLW!
#4>>:7RFU!LMMOX
Y!:5<>?!C75>I?
J!!,:7!<F7!=H!H=C<F!9E=<GF!85!4C46738C!F7>>859F!:4F!85CE74F76!85!
G=G<?4E8>2!85!>:7!?4F>!>R=!67C467F
Y!!-=C<F!9E=<GF!342!
R=EQ!G4E>8C<?4E?2!R7??!R8>:!2=<597E!
497!9E=<GF
U!4F!>:72!G?42!=5!>:7!8674!=H!9E=<G!85>7E4C>8=5
Y!!&5!>:7!9E=<G!F7>>859U!8568D86<4?F!
4E7!4@?7!>=!C=EG=E4>7?2!68FC<FF!83G=E>45>!8FF<7F!
S.=?<CC8U!LMMiX
Y!!,:7!C=3G=F8>8=
5!=H!>:7!9E=<G!:4F!83G=E>45>!83G?8C4>8=5F!H=E!9E=<G!625438CF
Y!!&>!8F!83G=E>45>!>=!:4D7!68D7EF8>2!85!
>:7!9E=<G
U!R:8C:!R8??!:7?G!>=!F>83<?4>7!45!4C>8D7!68FC<FF8=5
Y!!J=R7D7EU!4!679E77!=H!
:=3=97578>2!8F!4?F=!83G=E>45>
Y!!A43757FF!>756F!>=!34Q7!G4E>8C8G45>F!H77?
!C=3H=E>4@?7!456!
4>!74F7
Y!!-=E!7]43G?7U!85!>:7!<58D7EF8>2!F7>>859U!>
:7!F43G?7!F:=<?6!E7H?7C>!C?4FFE==3!456!
<58D7EF8>2!673=9E4G:8CF!S:7>7E=97578>2XU!456!@7!3467!<G!=H!8568D86<4?F!
R:=
!4E7!85!=E!:4D7!
>4Q75!>:7!F437!C=<EF7!S:=3=97578>2X!
S*3454
;,42?=E!T!0434C4U!LMMjX
Y!!Ni!$8>C:87!T!+7R8F!SLMMcX
!E7C=33756!<F859!
F34??7E!H=C<F!9E=<G!F8`7F!R8>:!C=??797!
F><675>F
Y!!(!@4?45C7!3<F>!@7!F>E<CQ!R8>:85!>:7!9E=<G
Y!!,:7!E7F74EC:7E!3<F>!9E4GG?7!R8>:!
75C=<E49859!9E=<G!C=5H8675C7!456!G4E>8C8G4>8=5!456!F>4D859!=HH!85>83864>8=5!456!D4C45C2
Y!!B>:7E!H4C>=EF!7FG7C84??2!F4?875>!R8>:!7
37E9859!46<?>!F43G?7F!4E7!:89:!?7D7?F!=H!4>>E8>8=5!456!
9E=<G!F8`7F!>:4>!4E7!>==!?4E97
U!E7F<?>859!85!>:7!@2F>4567E!7HH7C>!S5=>!75949859!6<7!>=!>:7!
@7?87H!=>:7EF!R8??X!
S.E7FR7??!T!.?4EQU!LMMiW!)4?2U!LMMiX
Y!!&5!=E67E!>=!377>!>:7!67F8E76!9E=<G!
F8`7U!*3454
;,42?=E!T!0434C4!
SLMMjX!F<997F>
76!=D7E;E7CE<8>859
Y!!,:72!E7G=E>76!=D7E;E7CE<8>859!@2!4F!3<C:!4F!NMMp
Y!!J=R7D7EU!>:78E!9757E4?!E7C=337564>8=5!
R4F!4!E7CE<8>375>!?7D7?!>:4>!7]C776F!>
:7!67F8E76!=<>C=37!@2!OMpY
!$7F74EC:!
<>8?8`859!H=C<F!9E=<GF
!F:=<?6!R7?C=37!>:7!4668>8=5!=H!>7C:5=?=92
Y!!A<ED72!
374F<E7F!:=F>76!456!C=56<C>76!=5?857!456!H=C<F!9E=<GF!:7?6!>:E=<9:!
0;&B.
!=E!=>:7E!
=5?857!377>859!H=E<3F!C=<?6!85CE74F7!G4E>8C8G4>8=5!456!4GG?8C4>8
=5!>=!2=<597E!
673=9E4G:8CF
Y!!$7CE<8>375>U!7FG7C84??2!=H!737E9859!46<?>FU!8F!45=>:7E!4E74!R:7E7!
>7C:5=?=92!C45!
4FF8F>Y!!
)E4H>859!G4E>8C8G45>F!>:E=<9:!7?7C>E=58C!46D7E>8F7375>FU!7348?U!456!
F=C84?!37684!4E7!7]43G?7F!
S*3454
;,42?=E!T!0434C4U!LMMjX
Y!!0=>:!=5?857!F<ED72!374F<E7F!
456!H=C<F!
9E=<GF!=HH7E!4!?4E97!E74C:!S
7Y9YU!5<3@7E!=H!G4E>8C8G45>F!456!E8C:57FF!=H!64>4X!
R8>:85!4!C=F>!7HH7C>8D7!HE437R=EQ!
S04@@87U!LMM\W!*3454
;,42?=E!T!
0434C4
U!LMMjXY!!!K;L2=!320F5=595CH
J!!,:7!7]G?=E4>8=5!=H!:<345!67D7?=G375>!4CE=FF!>:7!?8H7!C=<EF7!
8F!F>E759>:7576!@2!>:7!<F7!=H!38]76!37>:=6!E7F74EC:!
Se=QU!LMMiX
Y!!#8]76!37>:=6=?=92!8F!4!
R42!85!R:8C:!F=C84?!FC875C7!E7F74EC:!C45!@7!34]838`76U!6E4R859!=5!>:7!E7I<8F8>7!F>E75
9>:F!=H!@=>:!I<45>8>4>8D7!456!I<4?8>4>8D7!4GGE=4C:7F!
S(3@7E>U!(6?7EU!(6?7EU!T!)
7>`57EU!NVVOW!
*3454
;,42?=E!T!0434C4U!LMMjX
Y!!(CC=E6859!>=!(3@7E>!7>!4?YU!nk<4?8>4>8D7!R=EQ!F:=<?6!
D8D86?2!C=?=E!85!>:7!3745859FU!3=>8D4>8=5FU!456!67>48?F!=H!R:4>!I<45>8>4>8D7!E7F74EC:!C45!
!N\!C=5D72h85!@E=467E!499E794>7Fn!SGY!\\OXY!!,:7!E7F74EC:!4GGE=4C:U!R
:7>:7E!I<45>8>4>8D7!=E!
I<4?8>4>8D7U!G?42F!4!D8>4?!E=?7!85!>:7!9=4?F!456!=<>C=37F!=H!4!F><62!
S04E><57Q!T!#27=59
;%<!A7=U!LMMLXY!!"8>7?!456!#4E>85!SLMMVX!F>4>76U!q.=3@85859!>:7!>R=!37>:=6=?=987F!CE74>7F!4!
?427E!=H!E8C:57FF!>:4>!C=33<58C4>7F!67G>:!4F!R7??!4F!GE=D867F!>E8459<?4>
8=5!4CE=FF!F7D7E4?!
68HH7E75>!64>4!F=<EC7Fr!SGY!aLMXY
!#8]76!37>:=6=?=92!C45!@7!<F76!>=!7HH7C>8D7?2!4FF7FF!4!@4F7!=H!Q5=R?7697!456!>:75!
GE=@7!H<E>:7E!85>=!>:7!3745859!@7:856!45FR7EF!98D75
Y!!.E7FR7??!T!.?4EQ!SLMMiX
!FG=Q7!=H!
>:7!G<EG=F7!=H!4!38]76!37>:=6!67F895U!qh>:7!<F7!=H!I<45>8>4>8D7!456!I<4?8>
4>8D7!
4GGE=4C:7F!85!C=3@854>8=5!GE=D867F!4!@7>>7E!<567EF>456859!=H!E7F74EC:!GE=@?73F!>:45!
78>:7E!4GGE=4C:!4?=57r!SG
Y!OXY!!+7D7?F!=H!H8545C84?!4G>8><67!C45!@7!374F<E76!456!C=3G4E76!
S@4F7?857!456!C:4597XU!>:75!H=C<F!9E=<GF!C=5D7576!>=!4FQ!>:7!:=R!456!R:2!I<7
F>8=5F
Y!!(5!
7HH7C>8D7!85I<8E2!85>=!737E9859!46<?>F^!H8545C84?!?8>7E4C2!C=<?6!<F7!>:7!F>E<C><E7!=H!4!I<4F8
;7]G7E8375>4?!F><62!SC=5>E=?!456!>E74>375>!9E=<GFU!GE7
;456!G=F>
;>7F>FX!G48E76!R8>:!>:7!
67G>:!=H!I<4?8>4>8D7!H=C<F!9E=<GF
Y!!,:8F!R=<?6!7HH7C>8D7?2!CE74>
7!45!7]G?454>=E2U!6<4?!G:4F7U!
38]76!37>:=6!67F895
Y!!,:8F!67F895!85C?<67F!>:7!C=??7C>8=5!=H!I<45>8>4>8D7!64>4!H=??=R76!@2!
I<4?8>4>8D7
Y!!&5!>:8F!>R=
;F>7G!GE=C7FFU!<F859!@=>:!37>:=6F!85!F7I<75C7!:7?GF!H4C8?8>4>7!>:7!
H=??=R859d!S4X!
>:7!
I<45>8>4>8D7!64>4!85H=E3
F!>:7!I<4?8>4>8D7!I<7F>8=5F!4FQ76U!S@X!
>:7!
I<45>8>4>8D7!64>4!8F!@<>>E7FF76!@2!>:7!I<4?8>4>8D7U!456!SCX!>E8459<?4>8=5!8F!4C:87D76!
S3<?>8G?7!F=<EC7F!=H!64>4!456!?7D7?F!=H!454?2F8FX!
S.E7FR7??!T!.?4EQU!LMMiW!)4?2U!LMMiW!
#Ce8557U!LMM\X
Y!Z8>:85!E7F74EC:!37>
:=6=?=92U!>
:7!483!8F!H=E!>:7!4C46738C!C=33<58>2!>=!73@E4C7!
@=>:!I<45>8>4>8D7!456!I<4?8>4>8D7!37>:=6F!4F!7I<4??2!83G=E>45>
Y!!,:7E7!4E7!68F>859<8F:859!
F>E759>:FU!F838?4E8>87FU!456!34EQ76!68HH7E75C7F!R8>:!@=>:!I<45>8>4>8D7!456!I<4?8>4>8D7!
!NV!4GGE=4C:7F
Y!!$74C:859!>:7!9=4?!=H!n37>:=6=?=98C4?!G?<E4?8F3n!S73@E4C859!I<45>8>4>8D7!456!
I<4?8>4>8D7!37>:=6FX!3<F>!>4Q7!G?4C7!5=>!=5?2!85!>:7!FC875>8H8C!C=33<58>2U!@<>!4?F=!4>!
>:7
!?7D7?!=H!H<56859!456!G<@?8F:859!
S%8?9<5!T!(@E43FU!LMMLU!G
Y!jVXY!!,=!>:8F!756U!85CE74F76!
>E485859!85!38]76!37
>:=6!67F895!3<F>!@7!98D75!>=!2=<59!E7F74EC:7EF!S<567E9E46<4>7!456!
9E46<4>7!F><675>FXU!P=<E54?!E7D87R7EFU!456!GE=9E43!=HH8C7EF
Y!!Z8>:=<>!>:7!GE=G7E!>E485859U!
>:7!9=4?!=H!>:7F7!37>:=6F!<F76!85!C=5C7E>!R8>:!=57!45=>:7E!R8??!5=>!@7!4C:87D76!
S%8?9<5!T!
(@E43F
U!LMMLXY!!,:7!H<F8=5!=H!>:7F7!37>:=6=?=98C4?!>E468>8=5FU!456!4GG?8C4>8=5!>=!>:7!F><62!
=H!737E9859!46<?>F^!H8545C84?!?8>7E4C2!C45!C=5>E8@<>7!>=!>:7!
7]8F>859
!?8>7E4><E7Y
!/>3317H!56!0F2!
/01023240!56!%758923
!!"37E9859!46<?>F!:4D7!F>E<99?76
!>:E=<9:=<>!>:7!%E74>!$7C7FF8=5Y!!J
89:!?7D7
?F!=H!
<573G?=2375>!456!H8545C84?!F>E7FF!456!F>E485!C=3@8576!R8>:!?838>76!
H8545C84?!
Q5=R?7697!
456!E7F=<EC7F!>=!CE74>7!D<?57E4@8?8>2!R8>:85!>:8F!G=G<?4>8=5Y!!-8545C84?!76<C4>8=5!C45!
H<5C>8=5!4F!4!GE=>7C>8D7!H4C>=EU!
85CE74F859
!4R4E757FF
U!GE=D86859
!H8545C84?!Q
5=R?7697U!456!4??=R859!737E9859!46<?>F!>:7!4@8?8>2!>=!:=57!>:78E!H8545C84?!FQ8??F
Y!!,:8F!85CE74F7F!>:7!
C:45C7F!>:4>!>:7!8568D86<4?!C45
!>:E8D7!85!>:7!H8545C84?!R=E?6Y!!J=R7D7EU!H8545C84?!76<C4>8=5!
456!E7F74EC:!
7HH=E>F
U!85!=E67E!>=!@7!7HH7C>8D7U
!3<F>!E7C=958`7!>:7!3<?>8G?7!H4C7>F!=H!H8545C84?!
C4G4@8?8>2!456!H=C<F!=5!Q5=
R?7697U!4>>8><67FU!456!@7:4D8=E
!456!>:78E!E7C8GE=C4?!54><E7Y!
!-=E!E7F74EC:7EFU!3
8]76!37>:=6=?=92!GE=D867F!>:7!4@8?8>2!>=!85D7F>894>7!>:8F!>837?2!8FF<7
U!GE=D86859!@E746>:!456!67G>:!
=H!67>48?Y!!,:8F!F><62!<F76!4!38]76!37>:=6!4GGE=4C:U!
4FF7FF859!H8545C84?!C4G4@8?8>2!>:E=<9:!4!
I<45>8>4>8D7
!H8545C84?!4G>8><67!374F<E7!456!
I<4?8>4>8D7!
H=C<F!9E=<GFY
!!!!LM!&F25720;<19!:7132B57M
!(!D4E87>2!=H!68FC8G?857F
!:4D7!C=5>E8@<>76!>=!>:7
!85D7F>894>
8=5!=H!>:7!G4FF497!HE=3!
C:8?6:==6!67G75675C7!>=!46<?>!E7FG=5F8@8?8>2
Y!!,:8F!E7F74EC:!:4F!7]438576!4
5!4EE42!=H!
I<7F>8=5F
Y!!Z:4>!8F!34><E8>2t!
!J=R!6=!R7!C4>79=E8`7!46<?>!F>4><Ft!
!Z:75!6=7F!46=?7FC75C7!
756!456!46<?>:==6!@7985t!
!(!GE76=38545>!D87R!8F!>:4>!>:7E7!8F!4
!68F>85C>!?8H7!C=<EF7!F>497!
@7>R775!46=?7FC75C7!456!46<?>:==6
Y!!,:8F!F>497!8F!E7H7EE76!>=!4F!737E9859!46<?>:==6!S"(X
Y!!)<E859!>:8F!>E45F8>8=54?!G7E8=6U!2=<59!G7=G?7!4E7!E746876!H=E!>:7!57]>!F>497
K@7C=3859!45!
46<?>
!S(E57>>U!NVVjU!NVV\U!LMMM4U!LMMNX
Y!,:E=<9:=<>!>:8F!G4G7E
U!737E9859!46<?>:==6!R8??!
@7!E7H7EE76!>=!4F!"(
Y!@;62!"5>7?2!&F257H
!+8H7!C=<EF7!>:7=E2!8F!4!:=?8F>8CU!3<?>868375F8=54?U!456!85>79E4>8D7!4GGE=4C:!
S(?6=<FU!
NVVMW!08??4E8U!LMMVX
Y!!&>!8F!C=5F867E76!CE=FF!68FC8G?85
4E2
!456!
4GG?87
F!45!85>7E68FC8G?854E2!?75F!
>=!>:7!F><62!=H!8568D86<4?F!456!H438?87F!
SA7>>7EF>75U!LMMLX
Y!!+8H7!C=<EF7!GE834E8?2!H=C<F7F!=5!
8568D86<4?F!R8>:85!C=5>7]>!
SZ:8>7!T!e?785U!LMM\X
Y!!,:7!>:7=E2!C=5>485F!3<?>8G?7!
F<GG=F8>8=5F!456!Q72!C=5C7G>F!E7?4>76!>=!:<345!67D7?=G375>!456!@7:4D8=E
Y!!,:7F7!85C?<67d!S4X!8568D86<4?F!4E7!F=C84?!@7859FU!85!E7?4>8=5F:8G!R8>:!=>:7EF!4E=<56
!>:73!4F!R7??!4F!
>:78E!75D8E=5375>W!S@X!8568D86<4?F!4E7!4C>=EF!R8>:!?85Q76!?8D7F
W!>:7E7!8F!45!85>7E67G75675C7!
@7>R775!8568D86<4?FW!SCX!497!8F!4!34EQ7E!=H!?8H7!F>4><FW!S6X!:8F>=E8C4?!C=5>7]>!8F!C=5F867E76!
85H?<75>84?W!456!S7X!>:7!>73G=E4?!E74?3!8F!45!83G=E>
45>!H4C>=EU!>:7!>83859!=H!G7EF=54?!456!
:8F>=E8C4?!7D75>F!8F!4CQ5=R?76976!S(?6=<F
U!NVVMW!"?67EU!NVVOX
Y!!!-=C<F!=5!>:7!>83859!=H!7D75>F!456!>83859!85!C=5>7]>!8F!F:4E76!@2!=>:7E!H438?2!
>:7=E87F!S
7Y9YU!7C=?=98C4?!>:7=E2X!456!>:7=E87F!=H!67D7?=G375>!S
7Y9YU!737E
9859!46<?>!>:7=E2X
Y!!,:7F7!>:7=E87F!
466E7FF
!8568D86<4?!456!E7?4>8=54?!C:4597!=D7E!>837
Y!!,:78E!>:7=E7>8C4?!
!LN!GE7F<3G>8=5F!4E7!F:4G76!@2!F=C84?U!C<?><E4?U!85>7E4C>8=54?U!@7:4D8=E4?U!456!@8=?=98C4?!
E74?8>87F!
S"?67EU!NVVOX
Y!!J=R7D7EU!>:7E7!4E7!34EQ76!68HH7E75C7F!85!:=R!8FF<7F!4E7!HE4376
Y!!Z8>:85!>:7!7C=?=98C4?!HE437R=EQU!>:7!=E9458F3U!8>F!C:4E4C>7E8F>8CFU!456!85>7E4C>8=5F!R8>:!8>F!
75D8E=5375>!
4E7
!C75>E4?
Y!!&5!>:7!?8H7!C=<EF7!G7EFG7C>8D7!>:7!GE=C7FF!@2!R:8C:!>:7!
75D8E=5375>!4HH7C>F!>:7!=E9458F3!8F!>:7!3485!H=C<F!S"?67E
U!NVVOXY!!+8H7!C=<EF7!>:7=E2!H=EC7F!
E7F74EC:7EF!>=!C=5F867E!3<?>8G?7!85H?<75C7F!S
7Y9YU!:8F>=E8C4?!7D75>FU!85>7EG7EF=54
?!7]G7E875C7FU!673=9E4G:8C!456!85F>8><>8=54?!C:4597FU!456!E=?7!>E45F8>8=5FX!456!>:78E!
C<3<?4>8D7!
7HH7C>!=5!45!8568D86<4?!
S(?6=<FU!NVVMX
Y!'327C;4C!$=>90!&F257H
!)7D7?=G375>4?!>:7=E2!5=>4@?2!C:45976!85!NVMj
!R:75!%
Y!A>45?72!J4??!F7>!H=E>:!>:7!
>:7=E2!=H!46=?7FC75C7!4F!4!68F>85C>!67D7?=G375>4?!G7E8=6!34EQ76!@2!qF>=E3!456!F>E7FFr
!SJ4??U!NVMjX
Y!!,:8F!E7GE7F75>76!4!34P=E!>:7=E7>8C4?!464G>4>8=5!>:4>!85H?<75C76!>:7!FC875>8H8C!
C=33<58>2U!>:7!R=EQ859!R=E?6!SC:8?6!?4@=E!?4RFXU!456!76<C4>8=5!456!G=?8>8CF!S.4E375U!
LMMVXY!!J=R7D7EU
!>:8F!G7E8=6!5=!?=597E!E7GE7F75>F!4!>837!q>=!75>7E!456!F7>>?7!85>=!?=59
;>7E3!
46<?>!E=?7Fn!
S(E57>>U!LMMM@U!G
Y!La\XY!!,:7!737E9859!46<?>!G7EFG7C>8D7!8F!GE768C4>76!=5!>:7!
H4C>!>:4>!
F=37!
2=<59!G7=G?7!67?42!46<?>!E=?7!>E45F8>8=5FU!456!7]G7E875C7!7]>75676!G7E8=6F!
=H!7]G?=E4>8=5!
S7Y9YU!(E57>>!T!,4@7EU!NVVjW!(E57>>U!LMMM4U!LMMNW!'7?F=5!T!04EE2U!LMMOX
Y!!!,:7!F><62!=H!>:7!>E45F8>8=5!>=!46<?>:==6!:4F!4!?=59!:8F>=E2!85!>:7!68FC8G?857F!=H!
45>:E=G=?=9
2U!F=C8=?=92U!GF2C:=?=92U!456!:<345!67D7?=G375>!S(E57>>U!NVVjU!NVV\W!.4E375U!
LMMVXY!!(E57>>!
<5D78?76!737E9859!46<?>!>:7=E2!85!:8F!G<@?8C4>8=5!q
5#./=$(='9)-%:8++)C'9'
78.+/&'+4'D.?.%+B#.(:'4/+#':8.'E":.'7..(,':8/+-=8':8.'7<.(:$.,
Yr!!,:7!F>497!=H!"(!8F!
C?4FF8
H876!@2!F7D7E4?!7?7375>Fd!S4X!
B/+1.,,
K>:7E7!8F!5=!68F>85C>!7D75>!=E!856<C>8=5!85>=!
46<?>:==6U!S@X!
.FB%+/":$+(
K>:7E7!8F!7]G7E8375>4>8=5!R8>:!D4E8=<F!46<?>!E=?7F!S
7Y9YU!!LL!85>834>7!G4E>57EF:8GFXU!456!SCX!
B/.B"/":$+(
K46<?>!E7FG=5F8@8?8>2!8F!GE4C>8C76!456!9E46<4?
?2!
4FF<376!
S(E57>>U!NVVjU!NVV\W!.4E345
U!LMMVXY!(!D8>4?!4FG7C>!=H!737E9859!46<?>!>:7=
E2!8F!8>F!7?7375>4?!F75F8>8D8>2!>=!673=9E4G:8C!
456!F=C84?!
C:4597Y!!,:7!C<?><E4?!83G=E>45C7!=H!34EE8497!456!G4E75>:==6!:4F!683858F:76!
=D7E!>:7!274EF
Y!!(F!4!C=5F7I<75C7U!>:7F7
!>E45F8>8=5F!:4D7!@775!G=F>G=576!<5>8?!?4>7E!85!>:7!
?8H7!C=<EF7!S
(E57>>U!NVV\X
Y!!,:7!376845!497!4>!H8EF>!34EE8497!:4F!F>7468?2!E8F75!F85C7!NViM
Y!!,:7!@4@2!@==37E!9757E4>8=5^F!376845!497!H=E!=5F7>!=H!34EE8497!R4F!Lc!H=E!375!456!LN!H=E!
R=375
Y!!&5!LMNNU!
>:7!376845!497!=H!=5F7>!R4F!H8D7!>=!F8]!274EF!?4>7E!S375
;LVU!R=375
;LaX!SJ7589U!LMNMW!*A!.75F<FU!LMNNX
Y!!,:7!4D7E497!497!=H!R=375!:4D859!>:78E!H8EF>!C:8?6!4?
F=!:4F!
E8F75Y!!&5!>:7!>837!HE=3!NViM
;LMMa!>:7!4D7E497!497!R75>!HE=3!LN!>=!LO!274EF!
S#4E>85!7>!4?YU!
LMNLXY!!#4EE8497!456!68D=EC7!E4>7F!=D7E!45!7?7D75
;274E!G7E8=6!SLMMM;LMNNX!:4D7!F775!
C=5F8F>75>!67C?857!
S.).U!5Y6YXY!!,:7F7!>E756F!673=5F>E4>7!4!5=>8C74@?7!H=E7F>4??859!=H!
46<?>:==6!E=?7F
Y!!-<E>:7EU!>:7E7!8F!?7FF!GE7FF<E7!=5!737E9859!46<?>F!>=!4FF<37!46<?>!E=?7F
Y!!BG>8=5F!F<C:!4F!GE734E8>4?!F7]U!C=:4@8>4>8=5U!H7E>8?8>2!>E74>375>FU!85CE74F76!=GG=E><58>2!H=E!
R=375!85!>:7!R=EQH=EC7U!456!7]>75676!76<C4>8=5!H4C8?8>4>7!4!?4>7E!>E45F8>8=5!>=!46<?>
:==6!SJ7589U!LMNMXY!,:7F7!673=9E4G:8C!C:4597F!4E7!GE=H=<56?2!85H?<75C76!@2!C<?><E7
U!@=>:!4>!4!38CE=!
?7D7?!SH438?2!C<?><E7X!456!4!34CE=!?7D7?!SC<?><E7!=H!>:7!C=<5>E2!=H!=E8985XY!!,:<FU!5=>!4??!
C<?><E7F!=E!9E=<GF!R8>:85!C<?><E7F!GE=C776!>:7!F437!R42Y!!"]C7G>8=5F!3<F>!@7!
4CQ5=R?76976Y!!
B57!7]43G?7!=H!45!85H?<75>84?!C<?><E4?!34EQ7E!8F!>:7!57C7FF8
>2!H=E!7]>75676!
76<C4>8=5
Y!!&5!>:7!856<F>E84?8`76!R=E?6U!:89:7E!?7D7?F!=H!76<C4>8=5!4E7!57C7FF4E2!>=!E73485!
C=3G7>8>8D7!85!4!9?=@4?!P=@!34EQ7>U!>=!H<?H8??!>:7!5776!H=E!R=EQ7EF!R:=!4E7!>E48576!85!
3<?>8G?7!FQ8??!4E74F!85C?<6859!>7C:5=?=92U!456!>=!=D7EC=37!68
3858F:859!>E467U!H4C>=E2U!456!
!Lc!75>E2!?7D7?!P=@F!
S.=:75!7>!4?YU!LMMcW!-4C8=!T!#8C=CC8U!LMMcX
Y!!&5!>:7!*AU!=H!>:7!cYL!38??8=5!
G7=G?7!497F!Na
;Lj!85!LMNLU!LYN!38??8=5!SaaYLpX!R7E7!75E=??76!85!:89:7E!76<C4>8=5!
S0+AU!
LMNcXY!!Z:8?7!>:8F!?74D7F!4!F8958H8C45>!GE=G=E>8=5!=H!2=<59!G7=G?7!=G>859!=<>!=E!<54@?7!>=!
4>>756!<58D7EF8>2U!>
:8F!:89:!GE=G=E>8=5!=H!2=<>:!75E=??859!
456!
7]>756859!>:78E!>837!>:E=<9:!
9E46<4>7!456!GE=H7FF8=54?!>E485859!54><E4??2!G=F>G=57F!75>E2!85>=!E=?7F!F<C:!4F!34EE8497!
456!G4E75>:==6!
S(E57>>U!NVVjW!-4C8=!T!#8C=CC8
U!LMMcW!Z:8>7!T!e?785U!LMM\X
Y!!!#=D859!HE=3!"(!>=!46<?>:==6!
8F!5=>!H?<86U!?8574EU!=E!<58H=E3
Y!!&>!8F!4!GE=C7FF!>:4>!
<5H=?6F!=D7E!>837!
S(E57>>U!NVV\X
Y!!(E57>>!SNVViX!67H8576!"(!4F!>:7!F>497!H=??=R859!
46=?7FC75C7U!
/+-=8%&
!>:7!274EF!FG455859!HE=3!N\
!>=!LO
Y!!"89:>775!274EF!=H!497!8F!C=5F867E76!
>=!@7!4!9==6!
34EQ7E!H=E!>:7!@79855859!=H!"(Y!!
(>!>:8F!q497!34EQ7Er!2=<59!G7=G?7!7]G7E875C7!
85CE74F76!HE776=3U!=H>75!3=D859!4R42!HE=3!G4E75>F!456!4>>756859!C=??797!
S(?6=<FU!NVVMX
Y!!&5!4668>8=5U!D4E8=<F!?794?!HE776=3F!4E7!9E45>76!4>!>:8F!>837
Y!!,:7!756!=H!>:7!
737E9859!46<?>!
274EF!4E7
!?7FF!67H8576!456!3=E7!4!34>>7E!=H!F<@P7C>8D7!G7EC7G>8=5
Y!!J=R7D7EU!>:7!?4>7!
>R75>87F!4E7!>2G8C4??2!R:75!8568D86<4?F!
67H857!>:73F7?D7F!4F!46<?>F!
S(E57>>U!NVVjU!NVV\W!
.4E345U!LMMVW!$856H<FFU!NVVNX
Y!!!'<37E=<F!F><687F!GE8=E!>=!(E57>>^F!F<8>7!=H!F><687F!7]438576!>:7!>E45F8>8=5!>=!
46<?>:==6!HE=3!3<?>8G?7!459?7F
Y!!J=R7D7EU!3452!H48?76!>=!4FQ!:=R!737E
9859!46<?>F!H7?>U!
R:4>!>:72!@7?87D76!>=!@7!83G=E>45>!C=3G=575>F!>=!>:7!>E45F8>8=5U!456!:=R!>:72!R=<?6!
67H857!>:78E!G=F8>8=5!85!>:7!?8H7!C=<EF7!
S(E57>>!T!%4?43@=FU!LMMcX
Y!!(E57>>!
SNVVjX!H=<56!
C=??797!F><675>F!R7E7!<5C?74E!4@=<>!>:78E!E=?7
Y!!,:7!=D7ER:7?3859!34P=E8>2!@7?87D76!>:72!
:7?6!
,+#.!46<?>!C:4E4C>7E8F>8CFU!@<>!686!5=>!67H858>8D7?2!@7?87D7!>:72!:46!
4-%%&
!948576!46<?>!F>4><F
Y!!Z:75!4FQ76U!n)=!2=<!>:85Q!2=<!:4D7!E74C
:76!46<?>:==6tn!Lip!F>4>76!n27FUn!NMp!
F486!n5=Ur!456!>:7!D4F>!34P=E8>2!SacpX!C:=F7!n85!F=37!E7FG7C>F!27FU!456!85!F=37!E7FG7C>F!
!Lj!5=n!S(E57>>U!G
Y!LNaXY!!,:7!3=F>!C=5D85C859!4E9<375>!H=E!737E9859!
46<?>!>:7=E2U!4CC=E6859!
>=!'7?F=5!
SLMMcXU!8F!>:7!43@8D4?75C7!68FG?4276!@2!>:7!34P=E8>2!=H!737E9859!46<?>F!R:75!
4FQ76!8H!>:72!:46!E
74C:76!46<?>!F>4><F
Y!!!#<?>8G?7!F><687F!85!68D7EF7!C=5>7]>F!:4D7!E7G?8C4>76!(E57>>^F!
SNVVjX!=E89854?!
HE437R=EQ
Y!!,:7F7!F><687F!H=<56!F=37!C=5F8F>75C2!456!F=37!
C<?><E4?!68D7E975C7
Y!!.<?><E7F!
4@E=46!S&FE47?U!(E975>854X!4F!R7??!4F!
385=E8>2!C<?><E7F
!85!>:7!
*A!S#=E3=5FU!(HE8C45!
(37E8C45FU!+4>85=FU!(F845!(37E8C45FX
!R7E7!7]438576
!S(E57>>U!LMMcW!-4C8=!T!#8C=CC8U!LMMcW!
#42F7?7FF!T!AC:4EHU!LMMcW!'7?F=5U!LMMcX
Y!!&>!8F!83G=E>45>!>=!5=>7!>:4>!(E57>>oF!=E89854?!
374F<E7!R4F!CE74>76!456!G8?=>76!@4F76!=5!4!R:8>7U!3866?7
;C?4FF!F43G?7
Y!!(GG?2859!>:8F!
.F"1:
!374F<E7!>=!68D7EF7!C<
?><E7F!342!5=>!GE=G7E?2!94<97!>:7!868=F25CE4F87F!=H!>:4>!
G4E>8C<?4E!C=5>7]>!
S(E57>>!T!%4?43@=FU!LMMcX
Y!!(F!4!E7F<?>U!85!74C:!=H!>:7!4@=D7!F><687FU!
(E57>>^F!=E89854?!374F<E7!R4F!3=68H876!>
=!>:7!C<?><E7!85!I<7F>8=5
Y!!"4C:!C4F7!E7GE7F75>76!4!
<58I<7!C=3@854>8=5!=H!C<?><E7F!>:4>!R7E7!<E@458`76!456!856<F>E84?8`76U!@<>!4?F=!GE8`76!
3=E4?!C:4E4C>7E!456!H438?2!=@?894>8=5
Y!!&5!4??!@<>!>:E77!C=5>7]>FU!R:75!4FQ76!4@=<>!>:78E!
46<?>!F>4><FU!737E9859!46<?
>F!E7FG=5676!85!4!R42!>:4>!R4F!F838?4E!>=!>:7!R:8>7!(37E8C45!
F43G?7F
Y!!,:7!34P=E8>2!H7?>!85!@7>R775!46=?7FC75C7!456!46<?>!F>4><F!
S(E57>>
U!LMMcW!-4
C8=!T!#8C=CC8
U!LMMcW!#42F7?7FF!T!AC:4EH
U!LMMcW!'7?F=5
U!LMMcXY!!,:7!68FF75>859!C4F7F!R7E7!H=<56!
85!>:7!(E975>85745U!(HE8C45!(37E8C45U!456!+4>85=!F43G?7F
Y!!,:7!(E975>85745F!F<ED7276!
R7E7!=?67E!SLO
;Li!274EF!=H!497XU!R:8C:!E7F<?>76!85!3=E7!G4E>8C8G45>F!E7G=
E>859!>:72!:46!
4?E7462!E74C:76!46<?>!F>4><F
Y!!,:8F!9E=<G!R4F!H<E>:7E!46D45C76!
85!>:7!?8H7!C=<EF7
U!R8>:!
:89:7E!G7EC75>497F!:4D859!4!C=??797!76<C4>8=5U!R=EQ859!H<??
;>837U!456!@7859!34EE876!
S-4C8=!
T!#8C=CC8
U!LMMcXY!!,:7!=>:7E!9E=<GFU!85!?857!R8>:!GE7D8=<F!E7F74EC:U!:46!?=R7E!
F=C8=7C=5=38C!F>4><F!SA"AX!456!74E?87E!=5F7>!=H!46<?>!E=?7F!
S(E57>>U!LMMcX
Y!!!!LO!$45Q859!8>73F!=5!>:7!&567G75675C7!F<@FC4?7!4F!:89:!GE8=E8>2!R4F!C=5F8F>75>!43=59!
4??!F><687F!85!34P=E8>2!456!385=E8>2!C<?><E7F!
S(E57>>U!LMMcW!-4C8=!T!#8C=CC8U!LMMcW!%E7757!
7>!4?YU!NVVLW!#42F7?7FF!T!AC:4EHU!LMMcW!'7?F=5U!LMMcX
Y!!&>73F!85!>:8F!C4>79=E2!E7D=?D76!
4E=<56!8568D86<4?8F3U!FG7C8H8C4??2!G7EF
=54?!E7FG=5F8@8?8>2U!73=>8=54?!456!3=E4?!C=5D8C>8=5FU!
7I<4?8>2!85!E7?4>8=5F:8GFU!456!H8545C84?!HE776=3!456!3=@8?8>2!
S(E57>>U!LMMNX
Y!!,:7!>=G!>:E77!
H4C>=EF!E7H7E75C76!@2!737E9859!46<?>F!4F!D8>4?!>=!>:7!>E45F8>8=5!>=!46<?>:==6!R7E7d!S4X!
4CC7G>859!E7FG=5F8
@8?8>2!H=E!>:73F7?D7FU!S@X!34Q859!>:78E!=R5!67C8F8=5FU!456!SCX!@7859!
H8545C84??2!8567G75675>!
S(E57>>U!NVVjU!NVViU!NVV\U!LMMNX
Y!!(E57>>!
SLMMcX!C=5C?<676U!q,:7E7!
4GG74E
F!>=!@7!4!C=5F75F<F!43=59!737E9859!46<?>F!4CE=FF!7>:58C!9E=<GF!>:4>!@7C=3859!
8567G75675>!HE=3!G4E75>F!456!?74E5859!>=!F>456!4?=57!4F!4!F7?H!F<HH8C875>!G7EF=5!8F!45!
833<>4@?7!E7I<8E7375>!H=E!46<?>!F>4><Fn!SG
Y!iMXY!!!)7FG8>7!F=37!GE=D75!C<?><E4?!=D7E?4GU!>:7
!737E9859!46<?>!F>497!R4F!
5=>!GE=G=F76!4F!
4!<58D7EF4?!C=5C7G>
!S(E57>>U!LMMM4X
Y!!(F!"?67E!SNVVOX!F>4>76U!q.=5>E4E2!>=!>:7!497!9E46859!=H!
C<?><E7FU!G7=G?7!=H!>:7!F437!497!6=!5=>!34EC:!85!C=5C7E>!4CE=FF!34P=E!7D75>F!=H!>:7!?8H7!
C=<EF7h>:72!D4E2!85!G4C7!456!F7I<75C859
U!456!>:8F!D4E84>8=5!:4FhC=5F7I<75C7F!H=E
!8568D86<4?F!456!F=C87>2n!SG
Y!NNMXY!!,:8F!7]>75676!G7E8=6!=H!67D7?=G375>!8F!5=>!>2G8C4??2!
F775!85!:89:?2!F>E<C><E76U!>E468>8=54?U!=E!67D7?=G859!C=<5>E87F!
S(E57>>U!NVVOU!LMMM4X
Y!!-<E>:7EU!4?>:=<9:!"(!>756F!>=!:4GG75!85!856<F>E84?8`76!C<?><E7F!8>!8F!5=>!<58D7EF4?
Y!!#85=E8>2!
C<?><
E7F!R8>:85!>:7!
*A!342!5=>!:4D7!>:7!=CC4F8=5!>=!?8D7!=<>!45!7]>75676!G7E8=6!=H!"(
Y!!BGG=E><58>2!G?42F!4!D8>4?!E=?7!85!>:7!7]G7E875C7!
S(E57>>U!LMMM4X
Y!!-438?2!A"A!C45!@7!4!
67>7E385859!H4C>=E!85!>:7!>83859!=H!>:7!>E45F8>8=5!>=!46<?>:==6Y!!
-4C8=!456!#8C=CC8!SLMMcX
!H=<56U!R8>:85!>:78E!F
43G?7!=H!(E975>85845!
737E9859!46<?>FU!>:=F7!HE=3!R=EQ859!C?4FF!
H438?87F!R7E7!3=E7!?8Q7?2!>:45!8568D86<4?F!HE=3!3866?7!=E!<GG7E!C?4FF!H438?87F!>=!67C?4E7!
!La!>:4>!>:72!:46!E74C:76!46<?>:==6Y!!
0<C]U!D45!Z7?U!T!e58P5!SLMNLX
!4E9<7
6!>:4>!?8H7!C=<EF7!
>E45F8>8=5F!4E7!>876!>=!E7F=<EC7!?7D7?F!456!4D48?4@8?8>2
Y!!J8F>=E8C4??2U!385=E8>2!9E=<GF!85!>:7!
*A!F<C:!4F!(HE8C45!(37E8C45FU!+4>85=FU!456!E7F8675>F!=H!E<E4?!4E74F!:4D7!74E?87E!>E45F8>8=5F!
85>=!46<?>!E=?7F!S
7Y9YU!G4E75>:==6U!?74D859!:=37U!R=EQ859!H<??
;>837XU!R:8?7!8568D86<4?F!HE=3!
:89:7E!A"A!@4CQ9E=<56F!67?42!46<?>:==6!>E45F8>8=5F
U!=H>75!6<7!>=!7]>7567
6!76<C4>8=5!
S.=:75!7>!4?YU!LMMcX
Y!!072=56!A"AU!H4C>=EF!F<C:!4F!E7?898=5U!34564>=E2!R=EQU!456!38?8>4E2!
F7ED8C7!:4D7!4?>7E76!>:7!>E45F8>8=5!>=!46<?>:==6!
S(E57>>!T!b75F75U!LMMLW!#42
F7?7FF!T!AC:4EHU!
LMMcW!'7?F=5U!LMMcX
Y!&>!8F!83G=E>45>!>=!E78>7E4>7!>:4>!5=>!
"%%!2=<59!G7=G?7!:4D7!>:7!HE776=3!>=!7]G7E875C7!
F=37!=E!4??!=H!>:8F!GE=G=F76!>E45F8>8=5Y!!#452!C:==F7!5=>!>=!G4E>8C8G4>7!85!>:8F!7]>75676!
G7E8=6!=H!7]G?=E4>8=5!456!GE7G4E4>8=5U!R:8?7!=>:7EF!:4D7!5=!C:=8C7!4>!4??Y!!-=E!>:=F7!R8>:!
?838>76!E7F=<EC7FU!?4CQ!=H!4CC
7FF!342!C:4597!>:78E!?8H7!C=<EF7!>E4P7C>=E2Y!!(E57>>!456!,4@7E!
SNVVjX!GE=C?48376!
7C=5=38C!F>4><F!456!?7D7?!=H!4D48?4@?7!E7F=<EC7F!C=5>E8@<>76
!>=!>:8F!
7]>75676!G7E8=6!=H!67D7?=G375>
Y!!,:8F!>:7=E2!6=7F!5=>!4GG?2!>=!4??!8568D86<4?F!R8>:85!>:7!
F437!497!E4597!>
:7E7!4E7!5<37E=<F!C=5F>E485>F
KH8545C84?U!H438?84?U!=CC<G4>8=54?U!G:2F8C4?!
?=C4>8=5U!=E!@7?87HF!S(E57>>U!LMMM4XY!!
,:7!5=>8=5!>:4>!"(!8F!5=>!<58D7EF4?!8F!5=>!<58I<7
Y!!,:7E7!4E7!3<?>8G?7!7]43G?7F!=H!67D7?=G375>4?!C=5C7G>F!>:4>!4GG?2!>=!F=37!@<>!5=>!>=!4??
Y!!J4??oF!SNVMjX
!5=>8=5!=H!46=?7FC75>!qF>=E3!456!F>E7FFr!8F!45!7]43
G?7!=H!4!C=5C7G>!R8>:=<>!
<58D7EF4?!4GG?8C4>8=5
Y!!,:7E7!4E7!8568D86<4?!456!C<?><E4?!464G>4>8=5F!>=!>:8F!>:7=E2!4F!R7??!
4F!737E9859!46<?>!>:7=E2!
S(E
57>>U!NVVVXY!!(E57>>!SLMMM4X
U!85!4!F<334>8D7!F>4>7375>!
E734EQ76U!
n+8Q7!46=?7FC7
5C7U!737E9859!46<?>:==6!8F!4!G7E8=6!=H!>:7!?8H7!C=<EF7!>:4>!8F!
1-%:-/"%%&
!1+(,:/-1:.)2'(+:'-($?./,"%'"()'$##-:">%.
'u73G:4F8F!46676vn!SGY!jiMXY
!!!!Li!/0>=H!(10;54192
!,:8F!F><62!<F76!4!38]76!37>:=6!67F895!456!3<?>8
;345<FCE8G>!GE7F75>4>8=5Y!
!,:7!I<45>8>4>8D7!
454?2F8F!<F76!F>E<C><E4?!7I<4>8=5!3=67?859!SA"#X!>=!7]43857!737E9859!46<?>!
C=??797!F><675>F^!H8545C84?!C4G4@8?8>2
U!>:7!E7?4>8=5F:8G!@7>R775!H8545C84?!Q5=
R?7697U!
4>>8><67FU!456!@7:4D8=E
!S345<FCE8G>!=57X
U!456!>:7!85H?<75C7!=H!G4E75>4?!F=C84?8`4>8=5!=5!
>:78E!
H8545C84?!C4G4@8?8>2
!S345<FCE8G>!>R=X
Y!!k<4?8>4>8D7!H=C<F!9E=<GF!R7E7!4FF73@?76!4F!4!
C=3G?8375>!>=!>:7!I<45>8>4>8D7!454?2F8FY!
!,:7!H=C<F!9E=<GF!R7E7!<F76!>=!GE=D867!
>E8459<?4>8=5!456!94E57E!H<E>:7E!85H=E34>8=5!=5d!S4X!737E9859!46<?>F^!._)!C4G4@8?8>2!
SQ5=R?
7697U!4>>8><67FU!@7:4D8=E
XW!S@X!737E9859!46<?>F^!A_&!C4G4@8?8>2!SQ5=R?7697U!4>>8><67FU!
@7:4D8=EFXW!456!SCX!>:7
!E=?7!=H!G4E75>4?!
F=C84?8`4>8=5!GE4C>8C7F
!456!H8545C84?!7]G7E875C7F
Y!!,:E=<9:=<>!>:8F!F><62
U!>:7!H=C<F!R4F!=5!>R=!83G=E>45>!G4E46893Fd!S4X!FG75685
9!456!67@>!4CC<3<?4>8=5!>:=<9:!C=5F<37E!CE768>!456!F><675>!?=45FU!456!S@X!F4D859!H=E!>:7!
H<><E7!
>:E=<9:!F4D859F!456!85D7F>375>!:=?6859F
Y!!,:7F7!C=5C7G>F!
R7E7
!9E=<G76!456!E7H7EE76!>=!4F!
CE768>_67@>
!S._)X!456!F4D859F_85D7F>859
!SA_&XY!!!-8545C84?!C4G4@8?8>2!:
4F!@775!E7H7E75C76!85!GE7D8=<F!?8>7E4><E7!456!8F!<F76!:7E7!>=!
E7H7E!>=!4!C=3G=F8>7U!>:7!F<3!=H!=57^F!H8545C84?!4@8?8>2
KQ5=R?7697U!4>>8><67FU!456!@7:4D8=E
Y!!&5C?<676!=5!>:7!I<45>8>4>8D7!4FF7FF375>!R7E7!I<7F>8=5F!=H!H8545C84?!Q5=R?7
697U!4>>8><67FU!
@7:4D8=E
U!456!F=C84?8`4>8=5!GE4C>8C7FU!R:8C:!GE=D8676!4!C=3GE7:75F8D7!H8545C84?!G8C><E7!H=E!
>:8F!
F><62
Y!!&5!4668>8=5U!I<7F>8=5F!=H!H8545C84?!@7?87HFU!C<EE75>!H8545C84?!GE4C>8C7FU!
7]G7E875C7F!R8>:!H8545C7!456!H8545C84?!76<C4>8=5U!456!>:7!E=?7!456!@7?87HF!=H!G4E75>F!R
7E7!GE7F75>Y!
!,:7!I<7F>8=5F!<F76!85!>:7!H=C<F!9E=<GF!7]438576!>:7!4@=D7!>=G8CF!456!R7E7!
CE74>76!@4F76!=5!85H=E34>8=5!>4Q75!HE=3U!456!85!E7FG=5F7!>=U!>:7!F<ED72!374F<E7Y!!
,:8F!R4F!85!45!7HH=E>!>=!GE=D867!>E8459<?4>8=5
K:7?G859
!>=!C=EE=@=E4>7U!C=5H8E3U!456!D4
?864>7!>:7!
!L\!I<45>8>4>8D7!
E7F<?>F!=H!>:7!E7F74EC:!I<7F>8=5F
!S#4EF:4??!T!$=FF345U!LMNNW!$8C:4E6FU!LMMVX
Y!!,=!4C:87D7!>E8459
<?4>8=5U!4!F><62!5776F!>=!@7!67F89576!R8>:!3<?>8G?7!37>:=6F!466E7FF859!
>:7!F437!E7F74EC:!I<7F>8=5FU!n3<?>8G?7!F=<EC7F!=H!64>4!=E!oD87RFoU!R8>:!>:7!483!=H!@E859859!
3452!G7EFG7C>8D7F!>=!@74E!=5!>:7!I<7F>8=5r!
S$8C:4E6FU!LMMVU!G
Y!LMXY!,:8F!F><62!456!@=>:!345<FCE8G>F!R7E7!9<8676!@2!>:7!H=??=R859!=@P7C>8D7Fd!S4X!>=!
C=5>E8@<>7!Q5=R?7697!456!<567EF>456859!>=!>:7!8FF<7F!=H!737E9859!46<?>!._)!456!A_&
!C4G4@8?8>2W!S@X!>=!@7>>7E!<567EF>456!>:7!E7?4>8=5F:8G!@7>R775!._)!Q5=R?7697U!4>>8><67FU!
456!@7:4D8=E!456!A_&!Q5=R?7697U!4>>8><67FU!456!@7:4D8=EW!456!SCX!>=!C:4E4C>7E8`7!>:7!E=?7!
G4E75>4?
!H8545C84?
!F=C84?8`4>8=5!GE4C>8C7F
U!456!H8545C84?!7]G7E875C7
!G?42!85!737E9859!46<?>F^!
._)!456!A_&!C4G4@8?8>2Y!!
!,:8F!E7F74EC:U!456!@=>:!345<FCE8G>FU!48376!>=!C=5>E8@<>7!>=!>:7!D4F>!@=62!=H!R=EQ!
4?E7462!C=3G?7>76!@2!454?2`859!>R=!>837?2!4FG7C>F!=H!737E9859!46<?>!C=??797!F><675>F^!
H8545C84?!?8D7F!85!C=5C7E>d!._)!456!A_&Y!!J89
:!67@>!67G75675C7!456!?=R!Q5=R?7697!=H!CE768>U!
F4D859U!456!85D7F>859!4E7!E7?7D45>!8FF<7F!G?49<859!737E9859!46<?>!C=??797!F><675>FY!!,:7F7!
F4?875>!>=G8CF!S._)!456!A_&X!E7GE7F75>!>:7!H=C4?!G=85>!H=E!>:8F!F><62Y!!
#45<FCE8G>!=57!:46!4F!
8>F!3485!H=C<F!>:7!7]438
54>8=5!=H!._)!456!A_&!Q5=
R?7697U!4>>8><67FU!456!@7:4D8=E
Y!!,:7!E7?4>8=5F:8G!@7>R775!Q5=
R?7697U!4>>8><67FU!456!@7:4D8=E
!85!74C:!F<@P7C>!4E74!R4F!>:7!
GE834E2!H=C<FY!!-=E!345<FCE8G>!>R=U!>:7!85H?<75C7!=H!>:7!737E9859!46<?>F^!G4E75>SFX!R4F!Q72Y!!
,:8F!85H?<75C7
U!67H8576!4F!H8545C84?!F=C84?8`4>8=5!GE4C>8C7F!456!
H8545C84?!7]G7E875C7F!456!
>:78E!7HH7C>!=5!._)!456!A_&!Q5=
R?7697U!4>>8><67FU!456!@7:4D8=E
!R4F!7]438576Y!!&>!8F!
83G=E>45>!>=!5=>7U!>:8F!F><62!G<EG=F8D7?2!H=C<F76!=5!737E9859!46<?>!SN\
;cMX!C=??797!
F><675>FY!!
&>!8F!4CQ5=R?76976!>:4>!>:8F!8F!4!?838>76!456!GE8D8?7976!G=G<?4>8=5Y!!
!!!LV!K14>?<7;I0!)42
+!E1<MC75>4=
!,:7!?8>7E4><E7!9E=<56859!>:8F!F><62!E7D74?76!>:E77!F8958H8C45>!>:737Fd!S4X!85!45!
7HH=E>!>=!H<56!>:78E!C=5>85<76!F><687FU!737E9859!46<?>!C=??797!F><675>F!456!
>:78E!H438?87F!
:4D7!4FF<376!:89:!?7D7?F!=H!67@>!>:E=<9:!@=>:!C=5F<37E!CE768>!456!F><675>!?=45FW!S@X!
Q5=R?7697U!4>>8><67FU!456!@7:4D8=E!
4@=<>!
CE768>!456!67@>!345497375>!4E7!>R=!4E74F!85!
R:8C:!F><675>F!F>E<99?7W!456!SCX!F><675>F!H48?!>=!<567EF>456!456!4GG?2!
F4D859!456!85D7F>859!
?7FF=5F!
S7Y9YU!(D4E
6!7>!4?YU!LMMOW!0=E675!7>!4?YU!LMM\W!.:45!7>!4?YU!LMNLW!.<E>=U!+<F4E68U!T!
#8>C:7??U!LMNMX
Y!!,:8F!85H=E34>8=5!G=85>F!>=!>:7!5776!H=E!H<E>:7E!E7F74EC:!H=C<F76!=5!
H8545C84?!?8>7E4C2U!7FG7C84??2!>:7!4E74F!=H!._)!456!A_&Y!
!#45<FCE8G>!=57
!7]438576!>:7F7!
>=G8CF!456!>:78E!7HH7C>!=5!74C:!=>:7E!>:E=<9:!Q5=
R?7697U!4>>8><67FU!456!@7:4D8=E
Y!!K14>?<7;I0!&B5
+!E1<MC75>4=
!,:7=E2!=5!H8545C84?!Q5=R?7697!:4F!3=D76!4R42!HE=3!4!G<E7?2!C=958>8D7!G7EFG7C>8D7U!
>=!=57!>:4>!85C?<67F
!3<?>8G?7!H4C>=EF
Y!!e5=R?769
7!4?=57!8F!5=>!75=<9:!>=!85H?<75C7!@7:4D8=E!
C:4597Y!!,4Q859!H8545C84?!4C>8=5!E7I<8E7F!3<?>8G?7!85G<>FU!=57!=H!>:73!@7859!H438?2!H8545C84?!
F=C84?8`4>8=5!
S%<63<5F=5!T!)457FU!LMNNX
Y!!-438?84?!85H?<75C7U
!FG7C8H8C4??2!G4E75>4?!
85H?<75C7U!>:E=<9:!H8545C84?!
F=C84?8`4>8=5!GE4C>8C7F!
456!
7]G7E875C7F!456!>:78E!7HH7C>!=5!
._)!
456!A_&
!C4G4@8?8>2
!GE=D867!4!:=?8F>8C!D87R!=H!H8545C84?!?8>7E4C2
Y!!(F!
%<63<5F=5!456!)457F!
SLMNNX!F>4>76
U!&5C?<F8=5!=H!H438?2!H8545C84?!F=C84?8`4>8=5!GE=C7FF7F!85!H<><E7!G7EF=54?!H8545C7!
E7F74EC:!
R8??!466E7FF!>:7!oR:=?7!G7EF=5Uo
!5=>!P<F>!4!G7EF=5oF!R=EQ!456!C=5F<37E!?8
H7!R8>:!45!73G:4F8F!=5!H8545C84?!=<>C=37F!67D=86!=H!>:7!F=C84?8`4>8=5!GE=C7FF7F!>:4>!
4E7!7FF75>
84?!85!=@>485859!>:=F7!=<>C=37F
!SGY!aacXY!! !cM!b=E975F75!456!A4D?4!SLMNMX
!H=<56!>:4>!G4E>8C8G45>F!
E7G=E>859
!4!:89:!?7D7?!=H!7]G?8C8>!
G4E75>4?!H8545C84?!>74C:859!:46!G=F8>8D7!H8545C84?!4>>8><67F!456!@7:4D8=EFU!@<>!F<EGE8F859?2!
?=R7E!?7D7?F!=H!H8545C84?!Q5=R?7697
Y!!,:7!4<>:=EF!4?F=!H=<56!>:4>!=D7E4??!G4E75>F!85H?<75C76!
2=<59!46<?>F^!H8545C84?!4>>8><67F!456!:46!45
!8568E7C>!7HH7C>!=5!@7:4D8=E!>:E=<9:!4>>8><67F
Y!! 04F76!=5!>:7!F4?875C2!=H!H438?2!H8545C84?!F=C84?8`4>8=5!456!8>F!7HH7C>!=5!737E9859!
46<?>F^!C4G4@8?8>2!4F!3=572!345497EFU!3
45<FCE8G>!>R=!
7]438576
!G4E75>4?!85H?<75C7U!>:4>!8FU!
:=R!._)!456!A_&!4E7!>4<9:>!456!E7C78D76!85!>:7!:=37Y!!BD7E4??U!>:7!9=4?!R4F!>=!@7>>7E!
<567EF>456!737E9859!46<?>F^!C4G4@8?8>2!85!67@>!345497375>!456!F4D859F!456!85D7F>859!
GE4C>8C7FU!456!>:7!7HH7C>!=H!G4E75>4?!F=C84?8`4>8=5!85!>
:7F7!4E74FY!
!!!!!cN!K20F5=595CH
!,:7!G<EG=F7!=H!>:8F!F><62!
R4F!>=
!85D7F>894>
7!Q72!4E74F!=H
!737E9859!46<?>F^
!H8545C84?!
?8>7E4C2!
S345<FCE8G>!=57X!
456!
G4E75>4?!85H?<75C7!=5!H8545C
84?!
C4G4@8?8>2!S345<FCE8G>!>R=XY!!
0E=46?2U!>:8F!F><62!
7]43857
6!>:7!85H?<75C7!=H!H8545
C84?!76<C4>8=5
!456!G4E75>4?!
H8545C84?!
7]G7E875C7!456!F=C84?8`4>8=5!GE4C>8C7F
!=5!H8545C84?!C4G4@8?8>2
U!85!>:7!4E74F!=H!CE768>_67@>
!S._)X!456!F4D859F_85D7F>859
!SA_&XY!!!.=??797!F><675>F!4>>756859!4!?4E97U!E7F74EC:!=E875>76!#86R7F>7E5!<58D7EF8>2!
C=3GE8F7
6!>:7!G=G<?4>8=5!=H!85>7E7F>
Y!!,:8F!F><62!<F7
6!4!38]76!37>:=6!67F895
Y!!(F!
GE7D8=<F?2!F>4>76U!>:7!C=3@854>8=5!=H!I<45>8>4>8D7!456!I<4?8>4>8D7!37>:=6F!34]838`7F!
G=R7EU!@==F>F!E8C:57FF!456!67G>:U!456!85CE74F7F!>:7!F>E759>:!=H!@=>:!37>:=6F!
S(3@7E>!7>!
4?YU!NVVOW!"8>7?!T!#4E>85U!LMMVW!*3454
;,42?=E!T!0434C4U!LMMjX
Y!!A<ED72
!64>4U!>:E=<9:!45!
=5?857!374F<E7U!
R7E7
!C=??7C>76!HE=3!4!E7GE7F75>4>8D7!9E=<G!=H!<567E9E46<4>7!F><675>F
Y!!,:8F!374F<E7!4FF7FF
76!>R=!>837!G=85>F!4CE=FF!3<?>8G?7!F737F>7EF
Y!!.=3G?7375>859!>:8FU!
>R=!I<4?8>4>8D7!H=C<F!
9E=<G!F7FF8=5F!
R7E7
!:7?6!>=!7]43857!F<ED72!
E7F<?>F!456!
67>7E3857
!F><675>!
G7EC7G>8=5F!=H!
._)!456!A_&!C4G4@8?8>2
!456!G4E75>4?!85H?<75C7
Y!,:8F!F><62!
8F!GE7F75>
76!85!4!3<?>8G?7!345<FCE8G>!H=E34>
Y!!,:7!H8EF>!345<FCE8G>!
<F7F!
64>4!HE=3
!>:7!"37E9859!(6<?>!-8545C84?!.4G4@8?8>2!A<ED72!S"(-.AXU!GE7
;456!G=F>
;>7F>FU!
HE=3!H4C7
;>=;H4C7!456!=5?857!=HH7E859F!=H!4!G7EF=54?!H8545C7!C=<EF7
!SF77!(GG7568]!(!H=E!
C=3G?7>7!F<ED72!374F<E7X
Y!!k<7F>8=5F!F<EE=<56859!737E9859!46<?>F^!
._)
!456!
A_&!Q5=R?7697U!4>
>8><67FU!456!@7:4D8=E
!R7E7!E7D87R76U!:89:?89:>76U!456!E73=D76!HE=3!>:7!
"(-.A!>=!H=E3!F<@FC4?7FY!!,:7!483!=H!>:7!H8EF>!345<FCE8G>!R4F!>=!4FF7FF!>:7!E7?4>8=5F:8G!
@7>R775!._)!456!A_&!Q5=
R?7697U!4>>8><67FU!456!@7:4D8=E
Y!!-=C<F!9E=<GF!
R7E7
!9<8676!@2!>:7!!cL!I<45>8>4>8D7!E7F<?>F
!456!
GE=D867
6!H<E>:7E!67>48?!456!>E8459<?4>8=5!
S.E7FR7??!T!.?4EQU!LMMiW!
)4?2U!LMMiX
Y!!!,:7!F7C=56!345<FCE8G>!
466E7FF7
6!G4E75>4?!85H?<75C7
!FG7C8H8C4??2
U!H8545C84?
!7]G7E875C7!S7Y9Y
U!73G?=2375>!F>4><FU!:=<F859!F>4><FX
!456!
H8545C84?!
F=C84?8`4>8=5!GE4C>8C7F
Y!!,:7!?7D7?U!H=E3U
!456!7HH7C>8D757FF!=H!G4E75>4?!
F=C84?8`4>8=5!=5!737E9859!46<?>!
._)
!456!
A_&!C4G4@8?8>2!4?F=!
R7E7
!4FF7FF76
!@=>:!I<45>8>4>8D7?2!456!I<4?8>4>8D7?2
Y!!k<45>8>4>8D7!64>4!
R7E7
!>4Q75!HE=3!>:7!"(-.A
Y!!$7FG=5F7F!>=!I<7F>8=5F!F<EE=<56859!
G4E75>4?!H8545C84?!F=C84?8`4>8=5!
GE4C>8C7F
!456!
G4E75>4?!H8545C84?!7]G7E875C7F!456!>:78E!85H?<75C7!=5!737E9859!46<?>!H8545C84?!
C4G4@8?8>2!
R7E7!<F76!85!
>:7!
454?2F8FY!!
-=C<F!9E=<GF!
R7E7
!:7?6!G=F>!I<45>8>4>8D7!454?2F8F!>=!
9485!H<E>:7E!67>48?
U!7?8C8>!68D7EF7!G7EFG7C>8D7F
U!456!GE=D867
!9E74>7E!67G>:!456!85F89:>!85>=!
>:7!E7F<?>FY
!"54<2I0>19!14=!)I2710;5419!-26;4;0;54?
!-8545C84?!+8>7E4C2
!*+(1.B:-"%').4$($:$+(C
''q,:7!G=FF7FF8=5!=H!Q5=R?7697!456
!<567EF>456859!=H!H8545C84?!
34>>7EF
Y!!-8545C84?!?8>7E4C2!8F!3485?2!<F76!85!C=557C>8=5!R8>:!G7EF=54?!H8545C7!34>>7EF
Y!!-8545C84?!?8>7E4C2!=H>75!75>48?F!>:7!Q5=R?7697!=H!GE=G7E?2!34Q859!67C8F8=5F!G7E>485859!>=!
C7E>485!G7EF=54?!H8545C7!4E74F!?8Q7!E74?!7F>4>7U
!85F<E45C7U!85D7F>859U!F4D859!S7FG7C84??2!H=E!
C=??797XU!>4]!G?455859U!456!E7>8E7375>r!
S&5D7F>=G7684U!5Y6YX
Y!-8545C84?!+8>7E4C2
!GB./
":$+(
"%').4$($:$+(C
!!-8545C84?!?8>7E4C2!8F!>:7!4@8?8>2!=H!=57!>=!G4E>8C8G4>7!7HH7C>8D7?2!
R8>:85!>:7!H8545C84?!R=E?6U!R:8C:!85C?<67F!G=FF7FF859!4!E7I<8F8>7!?7D7?!=H!H8545C84?!
Q5=R?7697!456!FQ8??F
K85>7EGE7>859
!456!<567EF>456859
!H8545C84?!8FF<7F
U!H=E3859!
8567G75675>!=G858=5FU!456!85>7E4C>859!R8>:85!>:7!H8545C84?!C=33<58>2
!S04E>:=?=347!7>!4?YU!
!cc!LMMOW!)457F!T!J4@7E345U!LMMiW!eE8`7Q!T!&59U!LMNLX
Y!!-8545C84?!?8>7E4C2!85!>:8F!F><62!
R4F!<F76!85!E7H7E75C7!>=!H8545C84?!Q5=R?7697!=E!<567EF>456859
Y!!,:8F!F><62!7]43857
6!4FG7C>F!=H!
737E9859!4
6<?>!H8545C84?!?8>7E4C2!>:E=<9:!>:7!
"(-.A!4F!R7??!4F!G4E75>4?!85H?<75C7F!=5!
?8>7E4C2!?7D7?FY
!&??8>7E4C2
!*+(1.B:-"%').4$($:$+(C
''q,:7!F>4>7!=H!@7859!8??8>7E4>7W!?4CQ!=H!452!=E!75=<9:!
76<C4>8=5r
Sq)8C>8=54E2YC=3U
r!5Y6Y;9X!Y!-8545C84?!&??8>7E4C2
!GB./":$+("%
').4$($:$+(C
''+4CQ!=H!@4F8C!H8545C84?!Q5=R?7697W!>:7!
854@8?8>2!>=!H<5C>8=5!85!456!
C=5>E8@<>
7!>=!>:7!H8545C84?!R=E?6!
S(5>:7FU!LMMjW!%4E>:U!LMMVW!A<G845=U!LMNjX
Y!!(!?4CQ!=H!
467I<4>7!H8545C84
?!Q5=R?7697!85!>:7!4E74F!=H!
._)
!456!
A_&!8F!4CQ5=R?7697
6!4F!
4!GE834E2!
3=>8D4>8=5!H=E!>:8F!F><62!456!8>F!E7F74EC:!I<7F>8=5FY
!e5=R?7697
!*+(1.B:-"%').4$($:$+(C
!!q(CI<485>45C7!R8>:!H4C>FU!>E<>:FU!=E!GE85C8G?7FU!4F!HE=3!F><62!=E!
85D7F>894>8=5r!
S)8C>8=54E2YC=3U!5Y6Y
;:XY!-8545C84?!e5=R?7697
!GB./":$+(
"%').4$($:$+(C
''-8545C84?!Q5=R?7697!E7H7EF!>=!4!9757E4?U!H4C><4?!<567EF>456859!=H!
=@P7
C>8D7!H8545C84?!C=5C7G>F!S
7Y9YU!:=R!F>=CQF!4E7!@=<9:>!456!F=?6U!:=R!@=56F!4E7!GE8C76X!
456!>:7!E7C4??!=H!
>:=F7
!C=5C7G>F
!S%<63<5F=5!T!)457FU!LMNNW!/759!7>!4?
YU!LMMiXY!!-8545C84?!
Q5=R?7697!
R4F!@E=Q75!6=R5!85>=!>R=!FG7C8H8C!C4>
79=E87Fd!._)
!456!
A_&Y!!e5=R?7697!R8>:85!
>:7F7!4E74F
!R4F!7]438576!>:E=<9:!>:7!"(-.A
Y!!,:7E7!R7E7
!LV!>=>4?
!I<7F>8=5F!>4Q75!HE=3!
>:7!374F<E7!
>:4>
!4FF7FF
76!@=>:
!._)!SNjX
!456!
A_&!SNOX!Q5=R?7697Y
!!!cj!(>>8><67F
!*+(1.B:-"%').4$($:$+(C
''q#4557EU!68FG=F8>8=5U!H77?859U!
G=F8>8=5U!7>C
Y!R8>:!E794E6!>=!4!G7EF=5!
=E!>:859W!>75675C2!=E!=E875>4>8=5U!7FG7C84??2!=H!>:7!3856r
!S)8C>8=54E2YC=3U!5Y6Y
;4XY!-8545C84?!(>>8><67F
!GB./":$+(
"%').4$($:$+(C
''-8545C84?!4>>8><67F!85C?<67!@=>:!>:7!F<@P7C>8D7!G7EC7G>8=5!=H!=57^F!
H8545C84?!
F>456859!456!>:7!4>>8><67F!456!73=>8=5F!>:4>!=57!4FF=C84>7F!R8>:!3=572!456!8>F!
<F7F
!S0=E675!7>!4?YU!LMM\W!)8?R=E>:!7>!4?YU!LMMMX
Y!!.E768>_67@>!456!
F4D859F_85D7F>859
!4>>8><67F!
R7E7
!4FF7FF76!<F859!>:7!
O!>=>4?!
I<7F>8=5F
!S._);cU!A_&
;LX!74C:!R8>:!3<?>8G?7!F<@!
C4>79=E87F
!G<??76!HE=3!>:7!"(-.AY
!07:4D8
=E!*+(1.B:-"%').4$($:$+(
d!!q#4557E!=H!@7:4D859!=E!4C>859
r'S)8C>8=54E2YC
=3U!5Y6Y
;@XY!-8545C84?!07:4D8=E
!GB./":$+(
"%').4$($:$+(C
''-8545C84?!@7:4D8=E
!8F!>:7!GE=6<C>
!=HU!=E!C4EE2859!=<>!=H
U!H8545C84?!
Q5=R?7697!
456!4>>8><67F!S
7Y9YU!R=EQ859!R8>:85!4!
@<697>U!34549859!CE768>!R8F7?2X!
S%<63<5F=5!T!)457FU!LMNNW!/759!7>!4?YU!LMMiX
Y!!-E=3!>
:7!"(-.A
U!Ni!I<7F>8=5F!R8>:!
3<?>8G?7!F<@C4>79=E87F!
4FF7FF
76!._)!
H8545C84?!@7:4D8=E
!SNMX!456!
A_&!@7:4D8=E
!SiXY!.4G4
@8?8>2
!*+(1.B:-"%').4$($:$+(C
''q,:7!I<4?8>2!=H!@7859!C4G4@?7W!C4G4C8>2W!4@8?8>2r
'S)8C>8=54E2YC=3U!5Y6Y
;CXY!-8545C84?!.4G4@8?8>2
!GB./":$+("%').4$($:$+(C'
'-8545C84?!C4G4@8?8>2!8F!4!C=3G=F8>7!=H!F=C84?!H4C>=EFU!G7EF=54?8>2U!
Q5=R?76
97U!FQ8??FU!456!4@8?8>2Y!!-8545C84?!C4G4@8?8>2!4HH7C>F!
456!
85>7E4C>F!R8>:!H8545C84?!
Q5=R?7697!456!4>>8><67F
!456!67>7E3857F!H<><E7!@7:4D8=E
Y!!,:<FU!8>!C45!@7
!>:=<9:>!=H!4F!>:7!
!cO!F<3!=H!H8545C84?!Q5=R?7697U!4>>8><67FU!456!@7:4D8=E
!S%<63<5F=5!T!)457FU!LMNNW!/759!7
>!4?YU!
LMMiXY!!,:E=<9:=<>!>:8F!F><62
U!H8545C84?!C4G4@8?8>2!
R4F!=G7E4>8=54?8`76
!4F!4!
C=3@854>8=5
!=H!._)
!456!
A_&!Q5=R?7697U!4>>8><67FU!456!@7:4D8=E
Y!!-8545
C84?!C4G4@8?8>2!
R4F!4FF7FF76
!>:E=<9:!
>:7!7]43854>8=5!=H!
>:7!
H8545C84?!Q5=R?7697U!4>>8><67FU!45
6!@7:4D8=
E!F<@FC4?7F!
85!C=5C7E>!
R8>:!=57!45=>:7E
Y!!!"6<C4>8=5
!*+(1.B:-"%').4$($:$+(C
''q,:7!4C>!=E!GE=C7FF!=H!83G4E>859!=E!4CI<8E859!9757E4?!Q5=R?7697U!
67D7?=G859!
>:7!G=R7EF!=H!E74F=5859!456!P<69375>U!456!9757E4??2!=H!GE7G4E859!=57F7?H!=E!
=>:7EF!85>7??7C><4??2!H=E!34><E7!?8H7r
S)8C>8=54E2YC=3U!5Y6Y
;7XY!-8545C84?!"6<C4>8=5
!GB./"
:$+(
"%').4$($:$+(C'
',:7!68FF73854>8=5!=H
!9757E4?
!H8545C84?!?7FF=5F
Y!!-8545C84?!76<C4>8=5!
C45!>4Q7!G?4C7!85!@=>:!H=E34?!456!85H=E34?!F7>>859FU!H4C7
;>=;H4C7!=E!=5?857!
S.=??85F!T!
B^$=<EQ7U!LMNMX
Y!!,:7!85H?<75C7!=H!H8545C84?!76<C4>8=5!
R8>:85!>:7!FG7C8H8C!4E74F!=H!
._)
!456!
A_&!R4F!4CQ5=R?76976!456!>7F>76!>:E=<9:
!4!GE7
;456!G=F>
;>7F>!463858F>E4>8=5!=H!>:7!"(-.A
Y!!,:7!F<ED72!R4F!68F>E8@<
>76
!85!4!9757E4?!7?7C>
8D7!G7EF=54?!H8545C7!C=<EF7!
R8>:85!>:7!H8EF>!
456!?4F>!<58>
F!=H!F><62
Y!"]G7E875C7F!
!*+(1.B:-"%').4$($:$+(C
''(!G4E>8C<?4E!85F>45C7!=H!G7EF=54??2!75C=<5>7E859!=E!<567E9=859!
F=37>:859
!S"]G7E875C7FU!5Y6Y
;HXY /4E75>4?!
-8545C84?!"]G7E875C7F
!GB./":$+(
"%').4$($:$+(C
''/4E75>4?!H8545C84?!7]G7E875C7F!R7E7!67H8576!4F!85F>45C7F!=H!H8545C84?!
F>E7FF!456!F>E485Y
!!,:7E7!R7E7
!j!>=>4?
!I<7F>8=5F!>
4Q75!HE=3!>:7!374F<E7!
>:4>
!4FF7FF
76!@=>:
!G4E75>4?!H8545C84?!7]G7E875C7FY
!!ca!A=C84?8`4>8=5!
!*+(1.B:-"%').4$($:$+(C
!!q(!C=5>85<859!GE=C7FF!R:7E7@2!45!8568D86<4?!4CI<8E7F!4!G7EF=54?!
8675>8>2!456!?74E5F!>:7!5=E3FU!D4?<7FU!@7:4D8=EFU!456!F=C84?!FQ8??F!4GGE=GE84>7!>=!:8F!=E!:7E!
F=C84?!G=F8>8=5r!
S)8C>8=54E2YC=3U!5Y6Y
;8XY!/4E75>4?!
-8545C84?!A=C84?8`4>8=5!
!GB./":$+("%').4$($:$+(
d!!
,:7!>E45F38FF8=5U!H=E34?!=E!85H=E34?!S7Y9YU!=@F7ED4>8=5XU!=H!H8545C84?!
Q5=R?7697U!4>>8
><67FU!456!@7:4D8=E
Y!!/E=D86859!4!H=<564>8=5!=H!H8545C84?!GE4C>8C7F!>:E=<9:!
3<?>8G?7!F=<EC7F!=H!F=C84?8`4>8=5!85C?<6859!G4E75>FU!G77EFU!C<?><E7U!456!37684!
S.:=U!%<>>7EU!
e83U!T!#4<?685U!LMNLW!%<63<5F=5!T!)457FU!LMNNW!A7E86=U!A:83U!#8F:E4U!T!,459U!LMNMX
Y!!A><675>F!R7E7
!4FQ76!>=!GE=D867!F7?H
;E7G=E>
76!64>4!
=5!>:78E!G4E75>F^!H8545C84?!7]G7E875C7!
S7Y9YU!73G?=2375>!F>4><FU!67@>!?7D7?FU!:=<F859!F>4><FX!456!F=C84?8`4>8=5!GE4C>8C7F!S7Y9YU!
7]G?8C8>!456!83G?8C8>!
H8545C84?!
>74C:859X
Y!!,:7E7!R7E7
!F8]!I<7F>8=5F!
>4Q75!HE=3
!>:7!"(-.A!
4FF7FF
859!G4E75>4?!85H?<75C7!>:E=<9:!
7]G7E875C7
!456!F=C84?8`4>8=5!GE4C>8C7FY
!)73=9E4G:8CF
!*+(1.B
:-"%').4$($:$+(C
!!q,:7!F>4>8F>8C4?!64>4!=H!4!G=G<?4>8=5U!7FG7C84??2!>:=F7!F:=R859!
4D7E497!497U!85C=37U!76<C4>8=5U!7>CYr!
S)8C>8=54E2YC=3U
!5Y6Y;6X!-8545C84?!)73=9E4G:8CF
!GB./":$+("%
').4$($:$+(C
''-8545C84?!456!673=9E4G:8C!
4>>E8@<>7
F!S7Y9YU!73G?=2375>!F>4><FU!
85C=37U!67@>!?7D7?FX!>:4>!C45!85H?<75C7!H8545C84?!F=C84?8`4>8=5!456!CE74>7!?7D7?F!=H!4CC7FF!>=!
H8545C84?!
C4G4@8?8>2
U!7]G7E875C7U!456!=GG=E><58>2
!S.4E345U!LMMVW!l84=!7>!4?YU!LMMVX
Y!!,:7!"(-.A!
85C?<676!Na
!I<7F>8=5F!E794E6859!G7EF=54?!673=9E4G:8CF
!SNcX!4F!R7??!4F!G4E75>4?!
673=9E4G:8CF
!ScX!456!H8545C84?!7]G7E875C7F
!SjXY!!!ci!/13I92!!/4E>8C8G45>!85C?<F8=5!CE8>7E84
!H=E!>:7!I<45>8>4>8D7!F<ED72!374F<E7
!R7E7
d!S4X!N\
;cM!274EF!=H!497U!S@X!4!F><675>!4>!>:7!
G4E>8C8G4>859!
<58D7EF8>2
U!456!SCX!75E=??76!85!>:7!
G4E>8C8G4>859!G7EF=54?!H8545C7!
C=<EF7Y!!"37E9859!46<?>F!
R:=!
686!5=>!4>>756!>:8F!FG7C8H8C!
<58D7EF8>2!=E!737E9859!46<?>
F!R:=!
686!5=>!H4??!R8>:85!>:7!497!E4597!=H!N\
;cM!274EF!=H!497!
R7E7
!7]C?<676!HE=3!G4E>8C8G4>8=5
Y!!,:7!34P=E8>2!=H!F><687F!=5!F><675>!H8545C84?!F>E7FF!456!
F>E485U!H8545C84?!Q5=R?7697!456!C4G4@8?8>2U!456!CE768>!C4E6!456!F><675>!?=45!67@>!:4D7!
E7CE<8>76!456!H=C<F76!=5!
GE76=3854>7?2!R:8>7!F43G?7F
!S%E4@?7!T!b==U!LMMaW!#<EG:2U!LMMOX
Y!!,:7!G4E>8C8G45>F!85!>:7!GE7F75>!F><62!E7GE7F75>
76!4!68
D7EF7!9E=<G!=H!97567EU!E4C7U!7>:58C8>2U!
76<C4>8=54?!34P=EFU!456!C?4FF!E45Q
Y!!,:7!9=4?!
R4F!4!F43G?7!
E7GE7F75>4>8D7!=H!
>:7!
85F>8><>8=5F^
!@E=467E!G=G<?4>8=5
Y!!!,:7!85C?<F8=5!CE8>7E84!H=E!>:7!H=C<F!9E=<GF!H=??=R
76!>:7!
F437!
CE8>7E84!
4F!>:7!F<ED72!
67FCE8@76!4@=D7
!R8>:!>:7!4668>8=5!=H!F><675>F!R:=!:46!GE7D8=<F?2!C=3G?7>76!>:7!G7EF=54?!
H8545C7!C=<EF7
d!S4X!N\
;cM!274EF!=H!497U!S@X!
75E=??76
!4>!>:7!
G4E>8C8G4>859!<58D7EF8>2U!
456!
SCX!4E7
!>4Q859!=E!
:4D7
!>4Q75!>:7!C=EE7FG=56859!G7EF=54?!H8545C7!C=<EF7
Y!!!/13I92!<F171<027;?0;<?
J!!,:7!F43G?7!H=E!>:8F!F><62
U!>:=F7!>:4>!>==Q!>:7!
"(-.A!456!
>:=F7!>:4>!G4E>8C8G4>76!85!>:7!
H=C<F!9E=<GFU
!R7E7!6E4R5
!HE=3!
4!#86R7F>
7E5!*58D7EF8>2
Y!!(F!
=H!-4??!LMNjU!>
:8F!C43G<F!
:46!4!>=>4?!FC:==?!G=G<?4>8=5!
P<F>!=D7E!OMUMMM!F><675>FU!R8>:!
c\Ui\a!75E=??76!4F!<567E9E46<4>7F!456!F?89:>?2!=D7E!NNUMMM!4F!9E46<4>7!=E!GE=H7FF8=54?!
F><675>F
Y!!(F!=H!LMNjU!>
:7!F><675>!G=G<?4>8=5!
R4F!C=3GE8F76!=H!O
NYOp!H734?7
FU!456!
j\YOp!34?7F
Y!!Z7??!=D7E!>:E77!I<4E>7EF!S\MYapX!=H!>:7!F><675>!@=62U!<567E9E46<4>7!456!9E46<4>7
;GE=H7FF8=54?U!
R7E7
!Lj!274EF!=H!497!=E!2=<597E
Y!!(GGE=]834>7?2!NiYcp!=H!>:7!F><675>
F!8675>8H87
6!>:73F7?D7F!4F!@7859!4!G7EF=5!=H!C
=?=EY
!!,:E77!I<4E>7EF!=H!>:7!G=G<?4>8=5!E7F867
6!!c\!85!F>4>7U!456!NOYcp!
R7E7
!C?4FF8H876!4F!85>7E54>8=54?!F><675>F
Y!!(F!=H
!FGE859!LMNOU!
aYjp!=H!>:=F7!8675>8H2859!
>:73F7?D7F!
4F!4!G7EF=5!=H!C=?=E!
R7E7
!0?4CQ!=E!(HE8C45!(37E8C45U!
R:8?7!
?7FF!>:75!=57!G7EC75>!8675>8H
876!>:73F7?D7F!
4F!(37E8C45!&56845_(?4FQ45!'4>8D7!SYcpXU!
jYOp!R7E7
!(F845U!cY
\p!E7G=E>
76!J8FG458C!7>:58C8>2U!?7FF!>:45!=57!G7EC75>!
R7E7
!J4R48845!
SYNpXU!456!LYjp!
>E4C76!>:78E!:7E8>497!>=
!>R=!=E!3=E7!E4C7F!
S#A*!-4C>FU!
LMNjW!#A*!
BHH8C7!=H!
>:7!$798F>E4EU!LMN
OXY!!!&5!>7E3F!=H!C=<EF7!67?8D7E2!37>:=6FU
!H4C7
;>=;H4C7
!456!
=5;C43G<F!C=<EF7F
U!R7E7!
GE7
6=38545>
Y!!J=R7D7EU!
=5?857!CE768>F!456!75E=??375>!=D7E!4!
5857;274E!G7E8=6!SLMMO;LMNjX!85CE74F76!@2!j\ap!456!jaVp!E7FG7C>8D7?2
Y!!-E=3!-4??!LMNc!>=!-
4??!LMNj
U!=5?857!
CE768>!:=<EF!85CE74F76!@2!NcYLpU!HE=3!4E=<56!cMUMMM!>=!=D7E!cjUMMM
Y!!BD7E!
>:4>!
F437!
G7E8=6
!=H!>837!
S-4??!LMNc!
m!-4??!LMNjX
!>=>4?!75E=??375>!85!=5?857
!C=<EF7F!85CE74F76!@2!
NjYcp!S#A*!BHH8C7!=H!>:7!$798F>E4EU!LMNjX
Y!!!'327C;4C!
$=>90!:;414
<;19!"1I18;9;0H!/>7G2H!%7505<59
!.=3G?7>859!>:7
!F<ED72
!374F<E7U!@=>:!GE7
;456!G=F>
;>7F>
FU!H<5C>8=576!4F!4!C=<EF7!
4FF895375>
Y!!J=R7D7EU!F><675>F!R7E7!85H=E376!=H!>:7!H=??=R859!G=?8C87Fd!S4X!H=E!F><675>F!
R:=!686!5=>!377>!>:7!85C?<F8=5!CE8>7E84!=E!R:
=!686!5=>!R8F:!>=!G4E>8C8G4>7U!45!7I<8D4?75>!
4?>7E54>8D7!4FF895375>!R4F!GE=D8676W!456!S@X!H48?<E7!>=!C=3G?7>7!
>+:8
!>:7!GE7
;456!G=F>
;>7F>
F!R=<?6!57C7FF8>4>7!C=3G?7>859!>:7!4?>7E54>8D7!4FF895375>!>=!E7C78D7!C=<EF7!CE768>
Y!!,:8F!85H=E34>8=5!
R=<?6!@7
!GE=D8676!
85!@=>:!>:7!85H=E376!C=5F75>!SF77!(GG7568]!0X!456!
C=<EF7!F2??4@<F!H=E!74C:!F7C>8=5
KH4C7
;>=;H4C7!SF77!(GG7568]!.X!456!=5?857!=HH7E859F!SF77!
(GG7568]!)X
Y!!,:7!H=??=R859!8F!4!F43G?7!=H!>:7!85H=E376!C=5F75>!?459<497U!
!A><675>F!G4E>8C8G4>859!85!SC=<EF7!>8>?7X!4
>!S<58D7EF8>2!5437X!342!C=3G?7>7!>:8F!
F<ED72!85F>746!=H!>:7!S4FF895375>!5437X
Y!!&H!2=<!C:==F7!5=>!>=!C=3G?7>7!>:7!F><62U!
!cV!2=<!C45!C=3G?7>7!>:7!S4?>7E54>8D7!4FF895375>!5437XU!R:8C:!8F!4!68HH7E75>!456!
7I<8D4?75>!
4FF895375>Y
!,:7!85H=E376!C=5F75>!6=C<375>!GE=D8
676!4!RE8>>75!67FCE8G>8=5!=H!>:7!F><62U!>:7!
G<EG=F7!=H!>:7!F><62U!F><62!GE=C76<E7FU!85C?<F8=5!CE8>7E84U!>:7!G=>75>84?!E8FQF!456!@757H8>F!
4FF=C84>76!R8>:!>:7!F><62U!>:7!G4E>8C8G45>F^!E89:>FU!456!>:7!C=5>4C>!85H=E34>8=5!=H!>:7!
C43G<F!E7F74EC:7EF
Y!!.=5F75>!R4
F!GE=D8676!7?7C>E=58C4??2!456!GE7C7676!>:7!F<ED72!
374F<E7
Y!!,:7!85H=E376!C=5F75>!6=C<375>!H<5C>8=576!4F!>:7!H8EF>!G497!=H!>:7!=5?857!F<ED72
Y!!(??!G4E>8C8G45>F!R7E7!4FQ76!>=!E746!>:7!6=C<375>!85!H<??!456!8H!>:72!49E776!GE=D867!C=5F75>
Y!!/E7D8=<F!>=!C?8CQ859
!=5!>:7!q4CC7G>r!=E!q67C?857r!@<>>=5F
U!G4E>8C8G45>F!E746!4!F<334>8D7!
F>4>7375>!E73856859!>:73!=H!>:78E!E89:>F!456!4HH8E3859!>:78E!7?898@8?8>2
Y!!!A><675>F!>:75!C?8CQ76!=5!78>:7EU!q&!:4D7!E746!456!<567EF>==6!>:8F!C=5F75>!H=E3!456!43!R8??859!>=!
G4E>8C8G4>7!85
!>:8F!F><62Ur!=E!C:=F7!>=!67C?857!G4E>8C8G4>8=5!456!C?8CQ76!=5U!q&!:4D7!E746!456!
<567EF>==6!>:8F!C=5F75>!H=E3!456!6=!'B,!R45>!>=!G4E>8C8G4>7!85!>:8F!F><62Yr
!!&H!F><675>F!
67C?8576!
>=!G4E>8C8G4>7U
!>:72!R=<?6!F77!>:7!H=??=R859!37FF497d!q,:45Q!2=<!H=E!2=<E!
C=5F867E4>8=5
Y!!.E768>!H=E!F><62!C=3G?7>8=5!R8??!'B,!@7!98D75
Y!!&5!=E67E!>=!H856!45!4?>7E54>7!
R42!>=!E7C78D7!CE768>!H=E!>:8F!4FF895375>!G?74F7!C=5>4C>!2=<E!GE=H7FF=EYr!
!(H>7E!>:7!
F<CC7FFH<?!C=3G?7>
8=5!=H!>:7!"(-.A
U!F><675>F!R=<?6!F77!>:7!H=??=R859!37FF497d!q,:45Q!2=<!
H=E!G4E>8C8G4>8=5!85!>:7!-8545C84?!.4G4@8?8>2!A<ED72f!1=<E!G4E>8C8G4>8=5!R8??!@7!F75>!>=!2=<
E!GE=H7FF=E!F=!2=<!C45!E7C78D7!CE768>Yr
!/4E>8C8G4>8=5!85!>:7!F><62!R4F!C=3G?7>7?2!D=?<5>4E2
Y!!/4E>8C8G45>F!R7E7!85H=E376!
>:4>!>:72!C=<?6!68FC=5>85<7!>:7!F><62!4>!452!>837!456_=E!E7H<F7!>=!45FR7E!452!I<7F>8=5SFX
Y!!(!>:8E6!G4E>2U!
85F>8><>8=54?!E7D87R!@=4E6!S&$0X!4GGE=D76!456!
<5;E7?4>76!>=!>:7!C=<EF7!456!
4FF895859!=H!
F><675>!9E467F
U!E7C=E676!F><675>!
G4E>8C8G4>8=5!456!GE=D8676!4FF895375>!CE768>
Y!!!jM!$7FG=5F7F!R7E7!Q7G>!C=5H8675>84?
Y!!'=!64>4!R7E7!<F76!=E!E7?74F76!R8>:!452!8675>8H8C4>8=5!
4>>4C:76
Y!!(??!F<ED72!64>4!
R7E7
!F>=E76!7?7C>E=58C4??2!85!F7C<E7U!G4FFR=E6
;GE=>7C>76!
?=C4>8=5F
Y!!B5?2!>:7!&$0!4GGE=D76!E7
F74EC:7EFU!E7F74EC:!46D8F=EFU!456!E7D87R!@=4E6!8>F7?H!
:46!4CC7FF!>=!>:7!E4R!F<ED72!64>4Y
 :5<>?!
N75>I!%7505<59
!/E8=E!>=!>:7!H=C<F!9E=<G!F7FF8=5F!C=3375C859
U!85H=E376!C=5F75>!6=C<375>F!
R7E7
!68F>E8@<>76!456!>:=E=<9:?2!E7D87R76!456!68FC<FF76!R8>:!G4E>8C8G45>F!
SF77!(GG7568]!
eXY!!/4E>8C8G45>F!F895
76!C=5F75>!6=C<375>F!D7E8H2859!>:72!
R7E7
!N\!274EF!=H!497!=E!4@=D7U!E746!
456!E7D87R76!4??!F><62!C=568>8=5FU!456!
>:4>!
>:72!49E77
6!>=!D=?<5>4E2!G4E>8C8G4>8=5
Y!!/4E>8C8G45>F!
R7E7!E7I<8E76!>=!
F895!456!E7><E5!4!C=G2!
=H!>:7!C=5F75>!H=E3!
456!E7>485!4!C=G2!
H=E!>:78E!G7EF=5
4?!E7C=E6FY!!-=C<F!9E=<G!F7FF8=5F!
R7E7
!6898>4??2!E7C=E676
Y!!/4E>8C8G45>F!
4CQ5=R?7697
6!456!GE=D867
6!4668>8=54?!F89576!
C=5F75>!H=E!>:7!F7FF8=5!>=!@7!E7C=E676
!SF77!C=5F75>!H=E3XY!!
(!F:=E>!F<ED72!4FF7FF859!
G4E>8C8G45>!673=9E4G:8CF
!456!G7EF=54?!H8545C7!
C=<EF7!:8F>=E2
!R4F!68F>E8@<>76
U!456!G4E>8C8G45>F!
R7E7!
4FQ76!>=!C=3G?7>7!>:8F!GE7D8=<
F!>=!
F>4E>859!SF77!
(GG7568]!
+XY!!!(>!>:7!@79855859!=H!74C:!F
7FF8=5!85>E=6<C>8=5F!R7E7!3467!456!85H=E376!C=5F75>!
R4F!F89576
Y!!/4E>8C8G45>F!R7E7!4FQ76!>=!85>E=6<C7!>:73F7?D7F!456!E7385676!>:4>!4??!
8675>8H2859!85H=E34>8=5!R=<?6!@7!Q7G>!C=5H8675>84?Y!!-<E>:7EU!H=C<F!9E=<G!9<867?857F!R7E7!
GE7F75>76d!S4X!4C>8D7!G4E>8C8G4>8=5!@2!7D7E2=57!R4F!75C=<E4976W!S@X!@4F8C!C=<E>7F2!R4F!
7]G7C>
76!R:75!>4?Q859!=E!?8F>75859!>=!4??W!SCX!45!75D8E=5375>!=H!E7FG7C>!R4F!E7I<8E76
K74C:!G4E>8C8G45>!F:=<?6!H77?!C=3H=E>4@?7!>=!7]GE7FF!>:=<9:>FU!H77?859FU!=E!8674FW!S6X!452!
>:=<9:>FU!H77?859FU!=E!8674F!R7E7!75C=<E4976!456!R7?C=376W!456!S7X!G4E>8C8G45>F!R7E7!
E7385676!>=!>4Q7!><E5F!FG74Q859!456!?8F>75859Y!!-=??=R859!85>E=6<C>8=5FU!7F>4@?8F:859!
!jN!I<7F>8=5F!R7E7!<F76!4>!>:7!@79855859!=H!74C:!F7FF8=5Y!!,:7F7!I<7F>8=5F!R7E7!G=F76!456!
68FC<FF76!4F!4!R42!>=!9485!@4F7?857!85H=E34>8=5!456!7F>4@?8F:!4!C=3H=E>4@?7!4>3=FG:7E
7!H=E!H<E>:7E!68FC<FF8=5Y!!,:7F7!I<7F>8=5F!4FQ76!G4E>8C8G45>F!>=!C?4FF8H2!>:78E!?7D7?!=H!._)!456!A_&!
C4G4@8?8>2U!>:7!GE834E2!85H?<75C7!=5!>:78E!H8545C84?!C4G4@8?8>2U!456!>:7!?7FF=5F!?74E576!456!
7HH7C>8D757FF!=H!G4E75>4?!H8545C84?!F=C84?8`4>8=5Y
!,:7!H=C<F!9E=<G!F7FF8=5F!
R7E7
!:7?6!85!4!57<>E4?!C43G<F!?=C4>8=5U!FC:76<?76!4H>7E!
E79<?4E!FC:==?!:=<EFU!456!?4F>
76!4GGE=]834>7?2!>R=!:=<EF
Y!!)<E859!>:7!F7FF8=5F!
E7HE7F:375>F!
R7E7
!GE=D8676U!456!H
=E!>:78E!H<??!G4E>8C8G4
>8=5
!>:E=<9:
=<>!>:7!>R=
;:=<E!F7FF8=5U!G4E>8C8G45>
F!R7E7
!7?898@?7!>=!
E7C78D7!4!98H>!C4E6
Y!!!(5!4<68>!>E48?!
R4F!Q7G>!
>:E=<9:=<>!
>:8F
!F><62!
67>48?859!
74C:!
4C>8=5!>4Q75
!H=E!@=>:!
>:7!I<45>8>4>8D7!456!I<4?8>4>8D7!GE=C76<E7F
!H=E!345<FCE8G>!=57!456!>R=!
SF77!(GG7568]!
/XY!!(5!4<68>!>E48?!4CC=E6859!>=!
)4?2!SLMMiX
!8F!4!?=9!=H!4??!=H!>:7!67C8F8=5F!3467!=5!4!GE=P7C>
Y!!,:8F!?=9!F7ED7F!4F!4!>==?!=H!CE768@8?8>2U!G
E=D86859!>E45FG4E75C2!85!>:7!F><62!GE=C76<E7F
Y!!+85C=?5!456!%<@4!SNV\OX
!GE=3=>76!>:7!4
<68>!>E48?!
4F!4!3=58>=E859!>==?U!G<EG=F7?2!
>E4CQ859!
67C8F8=5F!456!75F<E859!>E<F>R=E>:857FFY
!!!!jL!$419H?;?
!,:8F!F><62
U!345<FCE8G>!=57!456!>R=U
!>==Q
!>:7!H=E3!=H!45
!7]G?=E4>=E2
U!38]76!37>:=6!
454?2F8F!R8>:!4!>R=
;G:4F7!64>4!C=??7C>8=5
Y!!.E7FR7??!456!.?4EQ!SLMMiX
!67FCE8@76!>:8
F!E7F74EC:!67F895!4F!68F>85C>!G:4F7F!=H!64>4!C=??7C>8=5
KH8EF>!I<45>8>4>8D7!456!F7C=56!
I<4?8>4>8D7
Y!!,:8F!67F895!4??=R
76!H=E!@=>:!
>:7!
>/."):8
!=H!64>4!
>=!@7!E7D74?76!
>:E=<9:!>:7!
I<45>8>4>8D7!374F<E7!456!
).B:8
!=H!85H=E34>8=5!
>:E=<9:!>:7!I<4?8>4>8D7!
85I<8E2Y!!(!68F>85C>!
46D45>497!=H!4!38]76!37>:=6!67F895!8F!>:4>!R74Q57FF7F!85!@=>:!37>:=6=?=98C4?!4GGE=4C:7F!
C45!@7!=HHF7>!456!83GE=D76!<G=5!
SA>4EQF!T!,E858646U!LMMiX
Y!!,:7!<F7!=H!I<45>8>4>8D7!
37>:=6F!GE=D867F!45!=@P7C>8D7!374F<E7!<G=5!R:8C:!H<E>:7E!I<4?8>4>8D7!454?2F8F!C45!
7?4@=E4>7
Y!!J7E7U!4F!F775!85
!>:7!R=EQ!=H!
#Ce8557!
SLMM\XU!>:7!I<45>8>4>8D7!374F<E7U!=5C7!
8FF<76U!H=E376!>:7!@4F8F!=H!>:7!I<4?8>4>8D7!85I<8E2
Y!!!-E7I<75C2!456!67FCE8G>8D7!F>4>8F>8CF!
HE=3!
>:7!673=9E4G:8C!64>4!GE=D8676!@2!74C:!
G4E>8C8G45>!
R7E7
!454?2`76!456!E7G=E>76!>=!GE=D867!4!67>48?76!GE=H8?7!=H!>:7!F43G?7
Y!!&5C?<676!
85!>:7!454?2F8F!R7E7
!I<7F>8=5F!=H!497U!E4C7
U!97567EU!4C46738C!F>456859!S7Y9YU!
HE7F:345U!F=G:=3=E7XU!C=??797!34P=E
U!H<56859!H=E!76<C4>8=5U!:89:7F>!?7D7?!=H!76<C4>8=5!
67F8E76U!G4E75>4?_:=<F7:=?6!85C=37U!456!?7D7?!=H!G4E75>4?!76<C4>8=5
Y!!!-=E!74C:!FC4?7!R8>:85!>:7!I<45>8>4>8D7!454?2F8F
!S7Y9YU!._)!Q5=R?7697U!A_&!Q5=R?7697
U!H438?2!H8545C84?!F=C84?8`4>8=5U!456!H438?2!H8545C84?!7]G7E
875C7FX!7]G?=E4>=E2!H4C>=E!454?2F8F!
S"-(XU!C=5H8E34>=E2!H4C>=E!454?2F8F!S.-(X!456!D4E8=<F!F>E<C><E4?!7I<4>8=5!3=67?F!SA"#X!
R7E7!>7F>76
Y!!-=E!4??!A"#!>7F>859!
@B%-,
!i!D7EF8=5!NYcN!R4F!<F76!
S#<>:75!T!#<>:75U!NVV\
;LMNLXY!!"]G?=E4>=E2!H4C>=E!454?2F8F!E7GE7F75>F!>:7!H8EF>!F>7G!85!H4C>=E!454?2F8FY!!,:8F!E7D74?F!
>:7
!<567E?2859!
F>E<C><E7
!=E!3=67?
KD4E84@?7!E7?4>8=5F:8GF!456!
>:7!
5<3@7E!456!GE7F75C7!=H!
?4>75>!H4C>=EFY
!!Z8>:85!.-(!4!3=67?!8F
!FG7C8H876U
!>7F>76U!456!>:7!E7?4>8=5F:8GF!@7>R775!>:7!
!jc!GE=G=F76!?4>75>!H4C>=EF!456!=@F7ED76!D4E84@?7F!4E7!D7E8H876
!S&5F>8><>7!H=E!)898>4?!$7F74EC:!
456!"6<C4>8=5!*.+(U!LMNOX
Y!!.=5H8E34>=E2!H4C>=E!454?2F8F!456!=>:7E!A"#!3=67?F!4??=R!
:2G=>:7F7F!>=!@7!C=5F>E<C>76!456!
>7F>76
!R8>:
!4??!G4E437>7EF!FG7C8H876Y!
!Z8>:85!A"#
U!HE7I<75>?2!<F76!3=67?859!37>:=6F!85C?<67d!G4>:!454?2F8FU!C=5H8E34>=E2!H4C>=E!454?2F8FU!
F>E<C><E4?!E79E7FF8=5!454?2F8FU!456!?4>75>!C:4597!454?2F8F!
S$42Q=D!T!#4EC=<?867FU!LMMaX
Y!!,:8F!F><62!<F76!4!C=3@854>8=5!=H!7]G?=E4>=E2!454?2F8FU!C=5H8E34>=E2!454?2F8FU!?4>75>!C:4597U!
37684>8=5U!456!E79E7FF8=5!3=67?FY!
!#74F<E7
375>
!H8>!
H=E!>:7!3=67?F!
R4F!GE834E8?2!4FF7
FF76!<F859!>:7!C=3G4E4>8D7!H8>!
8567]!S.-&XU!>:7!,<CQ7E!+7R8F!8567]!S,+&XU!>:7!E
==>!3745!FI<4E7!7EE=E!=H!4GGE=]834>8=5!
S$#A"(XU!456!>:7!$#A"(!VMp!C=5H8675C7!85>7ED4?Y!!,:7F7!H8>!8568C7F!GE=D8676!
67FCE8G>8D7!
H8>!F>4>8F>8CF!456!
4!3=E7!4CC<E4>7!<567EF>456859!=H!H8>!R8>:!?4E97E!F43G?7!F8`7
FY!!$7F74EC:!
:4F!E7D74?76!>:7!C:8
;FI<4E7!>7F>!=H!3
=67?!H8>!8F!F75F8>8D7!>=!?4E97!F43G?7FU!R8>:!>:7!
GE=C?8D8>2!>=!GE=6<C7!F>4>8F>8C4??2!F8958H8C45>!E7F<?>F
Y!!,:8F!8F!45!8FF<7!4F!6
<E859!>7F>
F!=H!3=67?!H8>!>:7!5<??!:2G=
>:7F8F!F>4>7F!>:4>!>:7!64>4!H8>
!>:7!=D7E4??!3=67?U!>:<F!R8>:!4!
F8958H8C45>!C:8!FI<4E7!>:7!
5<??!8F!E7P7C>76Y
!S.:75U!A=<F4U!T!Z7F>U!LMMOW!&5F>8><>7!H=E!)898>4?!
$7F74EC:!456!"6<C4>8=5!*.+(U!LMNOX
Y!!,:7!.-&!456!,+&!H8>!8568C7F!E4597!HE=3!M
;N!R8>:!
D4?<7F!C?=F7E!>=!=57!E7GE7F75>859!@7>>7E!3=67?!H8>Y!!
J<!456!075>?7E!SNVVVX
!E7C=33756!H=E!
4CC7G>4@?7!3=67?!H8>
U!>:4>!$#A"(!D4?<7F!4F!R7??!4F!>:7!<GG7E!@=<56!=H!>:7!
$#A"(!
VMp!C=5H8675C7!85>7ED4?!@7!@7?=R!YMaY!
!.=6859!=H!>:7!I<4?8>4>8D7!64>4!H=??=R76!
.E7FR7??
oF!SLMMiX!>:7=E2!=H!
>:7!
64>4!454?2F8F!
FG8E4?Y
!!(H>7E!64>4!C=??7C>8=5
U!64>4!
4E7
!=E9458`76!456!E746876!H=E!454?2F8FY!!
,:75!>:7!
345<FCE8G>!8F!E746!456!>:=E=<9:?2!E7D87R76Y!!)<E859!>:8F!GE=C7FF
U!>:7!E7F74EC:7E!8F!
8337EF76!85!>:7!F>=E2!456!67FCE8G>8=5!
GE=D8676Y!!(F!>:7!E7F74EC:7E!G7E
H=E3F!>:8F!H8EF>!F>7G!
!jj!85!>:7!454?2F8F!GE=C7FF
U!5=>7FU!=@F7ED4>8=5FU!456!373=F!4E7!E7C=E676Y!!'7]>
U!64>4!4E7
!C=676!R8>:!I<=>7F!456!F8958H8C45>!F>4>7375>F!:89:?89:>76Y!!
,:7376!C
4>79=E87F
!4E7!8675>8H876U!
499E794>76U!456!H<E>:7E!E7D87R76Y!!
,:7!H854?!F>7G!8F!GE7F75>4>8=5!=H!>:7!H856859FY!!,:737F!
4E7!GE7F75>76!85!54EE4>8D7!H=E3!4F!R7??!4F!85!>4@?7F!456!H89<
E7FY!!,:7!9=4?!8F!H=E!74F2!
85>7EGE7>4>8=5Y!!
,:8F!C=6859!GE=C7FF!8F!8>7E4>8D7U!R8>:!74C:!F>7G!@<8?6859!=5!>:7!GE7D8=<F!456!
GE=D86859!C=5F>45>!E7D87RY!!
$8C:4E6F
!SLMMVX!F<334E8`76U!q,:7!9=4?!8F!>=!?74E5!HE=3!>:7!
64>4U!>=!Q77G!E7D8F8>859!64>4!7]>E4C>F!<5>8?!2=<!F77!456!<567EF>456!G4>>7E5F!456!
7]G?454>8=5FYr!SGY!VjXY
!'LI27;24<2!14=!.4=279H;4C!E;1?2?
!,:7!C=5C7G>!=H!E7H?7]8D8>2!4FQF!E7F74EC:7E
F!>=!67C?4E7!>:78E!G=F8>8=54?8>2U!46D45>497FU!
456!68F46D45>497F!4F!>:72!C=EE7?4>7!R8>:!>:78E!497U!F7]U!7>:58C8>2U!?7D7?!=H!76<C4>8=5U!456!
4CC7FF!>=!E7F=<EC7F!
S(3@7E>!7>!4?YU!NVVOX
Y!!,:7!8674!@7:856!7]G?8C8>?2!F>4>859!GE7D8=<F!
7]G7E875C7F!456!@84F7F!8F!>:4>!D4?<7FU!G=F8>8=5FU!456!GE7P<68C7!C455=>!@7!7HH7C>8D7?2!
C=5>E=??76
Y!!,:<FU!>:7!G<EG=F7!=H!E7H?7]8D7!RE8>859!8F!>=!nC=5FC8=<F?2!4CQ5=R?7697n!>:7F7
!H4C>=EF!
SBE>?8GGU!LMM\U!G
Y!aVOXY!!,:8F!3745F!E79<?4E?2!7]GE7FF8
59!7D=?D859!>:=<9:>F!456!
H77?859F!4F!>:7!F><62!GE=C776F
Y!!,:8F!GE=C7FF!4FQF!>:7!E7F74EC:7E!>=!>:85Q!>:=<9:>H<??2!
4@=<>!:7E!@84F7FU!7]G7E875C7FU!R=E?6D87RU!8674F!456!C:=8C7F!
Sb=??2U!LMMNW!BE>?8GGU!LMM\X
Y!!!b=??2!SLMMNX
!F>4>76!>:4>!Q77G859!4!E7H?7]8D7!P=<E54?!5=>!=5?2!:7?GF!>=!C=5F8F>75>?2!
@E4CQ7>!8554>7!@84F7FU!@<>!8>!4
?F=!75C=<E497F!>E<F>R=E>:857FF!
456!:7?GF!>=!4D=86!CE8F7FY!!&>!8F!
4!D4?<4@?7!:4@8>!H=E!4??!E7F74EC:7EF!>=U!4F!>:7!4<>:=E!G<>F!8>U!n97>!=<>!=H!2=<EF7?Hn!
Sb=??2U!
LMMNU!G4E4Y!NX
Y!!-<E>:7EU!
E7H?7]8D8>2!C45!:7?G!F:76!?89:>!=5!>:7!4C><4?!<GF!456!6=R5F!=H!
E7F74EC:!
SBE
>?8GGU!LMM\X
Y!!(3@7E>!7>!4?Y!SNVVOX
!=@F7ED76!>:4>!
F><687F!6=!5=>!H=??=R!4!?8574E!
>E4P7C>=E2W!F><687F!6=!5=>!<5H=?6!85!45!=E9458`76!H4F:8=5Y!!&>!8F!83G=E>45>!5=!34>>7E!R:4>!
!jO!H=E34>U!>=!C=5>85<4??2!6=C<375>!456!67FCE8@7!85!67>48?!>:7!7D75>
FU!>:7!4C>8=5F!>4Q75U!456!
>:7!57]>!F>7GFY!!
$7H?7]8D7!RE8>859!GE=D867F!
45!4668>8=54?!4<68>!>E48?U!Q77G859!4!?=9!=H!R:4>!8F!
6=57!85!>:7!E7F74EC:!GE=C7FF!
S04`7?72U!LMMVX
Y!!)4?2!SLMMiX
!FG=Q7!=H!>:7!83G=E>45C7!=H!
E7H?7]8D7!F>4>7375>F!GE=C?483859U!
!hF7?H
;G=F8>8=5859!3<F>!@7!
3=58>=E7
6!>:E=<9:=<>!>:7!E7F74EC:
!GE=C7FFU!8>!8F!
7FG7C84??2!83G=E>45>!>=!4E>8C<?4>7!>:8F!F>456G=85>!4>!>:7!GE=G=F4?!F>4
97Y!!&>!GE=D867F!4!
>E45FG4E75C2!=H!>:7!E7F74EC:7E^F!D4?<7F!456!85>7E7F>F!>:4>!C=5>E8@<>7F!>=!>:7!=D7E4??!
85>79E8>2!=H!>:7!E7F74EC:!7HH=E>
!SGY!N\cXY!!!&5!4CC=E645C7!R8>:!)4?2!SLMMiX
U!GE7D8=<F!7]G7E875C7!456!<567E?2859!@84F7F!
R7E7
!F>4>76
!GE8=E!>=!>:7!F>4E>!=H!>:7!F><62
Y!!-<E>:7EU!4!E7H?7]8D7!P=<E54?!
R4F!Q7G>!>:E=<9:
=<>!>:7!
E7F74EC:!GE=C7FF
!SF77!(GG7568]!/!H=E!4<68>!>E48?X
Y!!!!(2692L;G2!
?01023240
Y!!&!3<F>!F>4E>!R8>:!F=37!@4CQ9E=<56!85H=E34>8=5Y!!&!43!4!
2=<59U!R:8>7U!3866?7
;C?4FF!R=345!@=E5!
>=!4!F<@<E@45!:=<F7:=?6!>:7!373@7EF!=H!R:8C:!
:46!4>>48576!:89:!?7D7?F!=H!76<C4>8=5Y!!
0=>:!=H!32!G4E75>F!
673=5F>E4>76!
4!R:=?7F=37!R=EQ!
7>:8CY!![4?<7!R4F!G?4C76!
=5!?74E5859
U!456!>:7!G=R7E!=H!45!76<C4>8=5!R4F!756=EF76Y
!!,:8F!<G@E859859!85H=E376!32!C:=8C7!=H!FC:==?FU!C4E77E!4FG8E4>8=5FU!
H87?6F!=H!F><62U
!456!>:7!R42!&!
?==Q!4>!>:4>!F<@P7C>!34>>7E
K:<345!67D7?=G375>U!H8545C84?!76<C4>8=5U!456!:89:7E!
76<C4>8=5!4F!4!R:=?7Y
!!#2!GE7D8=<F!
4C46738C!
7]G7E875C7!:4F!85C?<676!R=EQ859!R8>:!737E9859!46<?>F!456!
>74C:859!G7EF=54?!H8545C7
!85!@=>:!H4C7
;>=;H4C7!456!=5?857!F7>>859F
Y!!,:7F7!7]G7E875C7F!:4D7!
H=E376!>:7!@4F8F!=
H!32!85>7E7F>!85!>:8F!>=G8C
Y!!&5!4668>8=5U!&!:4D7!@775!4!F><675>!8
5!:89:7E!
76<C4>8=5!H=E!F7D7E4?!274EF
Y!!)<E859!>:8F!
>837
U!&!:4D7!R=EQ76!85!>:7!H=??=R859!4E74Fd!
>74C:859!G7EF=54?!H8545C7U!C=56<C>859!H438?2!H8545C84?!456!H438?2!R=EQ!E7?4>76!E7F74EC:U!
!ja!456!@7859!45!4C46738C!46D8F=E!H=E!737E9859!46<?>!C=??797!F><675>F
Y!!,:7!E7F74EC:!GE=P7C>F!
85!R:8C:
!&!:4D7!G4E>8C8G4>76!:4D7!H=C<F76!=5!R=EQ!456!H438?2!8FF<7FU!
>:7!
7HH7C>F!
=H!<573G?=2375>!4CE=FF!>:7!?8H7!C=<EF7U!456!H8545C84?!76<C4>8=5!4CE=FF!>:7!?8H7!C=<EF7
Y!!,:7F7!GE=H7FF8=54?!7]G7E875C7F!85>7EF7C>!R8>:!G7EF=54?!@7?87HF!
4@=<>
!:89:7E!76<C4>8=5U!H8545C84?!
76<C4>8=5!456!?8>7E4C2U!456!32!R=EQ!R8>:!737E9859!46<?>F
Y!!&>!:4F!CE74>76!85!37
!4!67F8E7!>=!
E7F74EC:!456!?74E5!3=E7!4@=<>!>:8F!>=G8C
Y!!!#<C:!=H!>:7!@84F
!&!43!E7I<8E76!>=!4CQ5=R?7697!F>73!HE=3!32!7]G7E875C7!R8>:!
:89:7E!76<C4>8=5
!456!>:7!>74C:859!=H!G7EF=54?!H8545C7Y!!"6<C4>8=5!R4F!GE=3=>76!85!32!
:=37!9E=R859!<GU!456!4CC7FF!>=!8>!R4F!
<5E7F>E8C>76
Y!!/7EF=54??2U!&!:4D7!@775!GE8D8?7976!>=!
4>>756!>:7!<58D7EF8>87F!=H!32!C:=8C7!H=E!32!<567E9E46<4>7!456!GE=H7FF8=54?!>E485859U!456!85!
3452
!R42F!&!:4D7!9E=R5!456!34><E76!=5!4!C=??797!C43G<FY!!"37E9859!46<?>!>:7=E2!456!8>F!
Q72!F<GG=F8>8=5F!85>7E7F>!37!85!?4E97!G4E>!@7C4<F7!&!:46!>:7!=GG=E><58>2!>=!?8D7!>:8F!
7]>75676!G7E8=6!=H!67D7?=G375>Y!!#2!C=??7984>7!7]G7E875C7F!:4D7!CE74>76!4!F>E=59!F<GG=E
>!=H!"%%!>:4>!:89:7E!76<C4>8=5!C45!GE=D867!4F!R7??!4F!4!@84F!H=E!>:7!83G=E>45C7!=H!>:8F!>837!456!
>E485859Y!!#2!85>7E7F>!85!456!@84F!H=E!H8545C84?!76<C4>8=5!456!8>F!E7F74EC:!4?F=!:4F!@775!
C<?>8D4>76!=D7E!32!>75<E7Y!!,:8F!85>7E7F>!4E74!:4F!=G7576!6==EF!=H!=GG=E><58>
2U!4??=R859!37!
>:7!4@8?8>2!>=!>74C:U!GE7F75>U!E7F74EC:U!456!46D45C7!85!32!H87?6Y!!BD7E4??U!>837!R8>:!>:8F!
F<@P7C>!34>>7E!:4F!C=5D85C76!37!=H!>:7!94G!>:4>!7]8F>F!85!76<C4>8=5!C=5C7E5859!H8545C84?!
?8>7E4C2U!456!>:7!F4?875C7!=H!>:8F!F<@P7C>!H=E!2=<59!46<?>FY!
!#2!F<GG=E>!=H!H8545C84?!?8>7E4C2!
456!32!=G858=5!=H!8>F!57C7FF4E2!G?4C7!4>!>:7!<58D7EF8>2!?7D7?!8F!4!@84F!&!@E859!>=!>:8F!
E7F74EC:Y
!!!!ji!:57310!56!0F2!K14>?<7;I0?
!!,:8F!3<?>8G?7!345<FCE8G>!F><62!H=C<F
76!=5!737E9859!46<?>F^!H8545C84?!C4G4@8?8>2!85!
>:7!4E74F!=H
!._)
!456!
A_&Y!!,:8F!CE=FF!F7C>8=5!=H!H8545C84?!>=G8CF!8F!F4?875>!4F!737E9859!46<?>F!
4E7!?74D859!:89:7E!76<C4>8=5!R8>:!F<@F>45>84?!43=<5>F!=H!67@>!>:E=<9:!F><675>!?=45F
Y!!.=3G=<56859!>:8FU!GE7D8=<F!E7F74EC:!:4F!E7D74?76!4!?4CQ!Q5=R?7697
!=H!456!@7:4D8=E!
4E=<
56!F4D859F!456!85D7F>859!S7Y9YU!(D4E6!7>!4?YU!LMMOW!0=E675!7>!4?YU!LMM\W!.:75!T![=?G7U!
NVV\W!.<??!T!Z:8>>=5U!LMNNX
Y!!!,:7!H8EF>!345<FC
E8G>!75>8>?76
U!q"37E9859!(6<?>!-8545C84?!.4G4@8?8>2d!(5!(54?2F8F!=H!
.E768>_)7@>!456!A4D859F_&5D7F>859!
.4G4@8?8>2
r!H=C<F
76!F=?7?2!=5!H8545C84?!C4G4@8?8>2!
SQ5=
R?7697U!4>>8><67FU!456!@7:4D8=E
X!85!>:7!4E74F!=H!
._)
!456!
A_&Y!!,:7F7!D4E84@?7F!456!>:78E!
85>7E4C>8=
5F!R7E7
!>7F>76!85!>:7!3=67?F
!67FCE8@76!4@=D7
!SH89<E7F!NU!LU!cU!jU!OU!456!a
X!456!
68FC<FF76!6<E859!>:7!H=C<F!9E=<G!F7FF8=5F
Y!!,:7!F7C=56!345<FCE8G>!75>8>?76U!q/4E75>4?!&5H?<75C7d!A=C84?8`4>8=5!/E4C>8C7F!456!
"37E9859!(6<?>!.E768>_)7@>!456!A4D859F_&5D7F>859!.4
G4@8?8>2r!7]43857
6!>:7!85H?<75C7!=H!
G4E75>4?!H8545C84?!7]G7E875C7!456!F=C84?8`4>8=5!GE4C>8C7F!=5!737E9859!46<?>!H8545C84?!
C4G4@8?8>2
Y!!,:7!E7F74EC:!I<7F>8=5FU!D4E84@?7FU!456!
E7?4>8=5F:8GF
!4FF=C84>76!R8>:!345<FCE8G>!
>R=!
R7E7!
>7F>76!85!>:7!
4H=E7375>8=576
!3=6
7?F!SH89<E7F!
iU!\U!VU!NMU!NNU!456!NLX
Y!!-=C<F!9E=<G!
G4E>8C8G45>F!F<GG?876!>:78E!E74C>8=5F!
>=!>:7!E7F<?>FU!
85F89:>F!=5!>:7!>=G8C
U!456!G7EF=54?!
7]G7E875C7Y
!!!!!!!j\!$4!)G27G;2B!56!0F2!:5995B;4C!"F1I027?
!!,:8F!F><62!R4F!4!38]76!37>:=6U!3<?>8G?7!345<FCE8G>!7]43854>8=5!=H!737E9859!46<?>!
H8545C84?!C4G4@8?8>2Y!
!/7E>8575>!4FG7C>F!=H!>:7!F><62!4E7!C=D7E76!85!74C:!=H!>:7!H=??=R859!
C:4G>7EFY!!
(!C=3GE7:75F8D7!E7D87R!=H!?8>7E4><E7!8F!GE7F75>76!85!C:4G>7E!>R=Y!
!#45<FC
E8G>!
=57!8F!=<>?8576!
.:4G>7E!>:E77
Y!!Z8>:85!>:8F!C:4G>7EU!
F<GG=E>859
!E7F74EC:U!
>:7!
>:7=E7>8C4?!
HE437R=EQU!E7F74EC:!I<7F>8=5F!456!:2G=>:7F7FU!
456!37>:=6F!456!
454?2F8F
!4E7!85>E=6<C76
Y!!#45<FCE8G>!=57!8F!@4F76!=5!
?8H7!C=<EF7!456!
737E9859!46<?>!>:7=E2!456!>:8F
!GE=G=F76!
7]>75676!G7E8=6!=H!67D7?=G375>Y!
!,R=!CE8>8C4?!H8545C84?!4E74FU!CE768>_67@>!456!
F4D859F_85D7F>859U!R7E7!85D7F>894>76Y!!$7F<?>F!456!
83G?8C4>8=5F
!4E7!68FC<FF76
Y!!.:4G>7E!
H=<E
!67FCE8@76
!345<FCE8G>!>R=U!45!85D7F>894>8=5!=H!G4E75>4?!85H?<75C7!=5!CE768>
_67@>!456!
F4D859F_85D7F>85
9!C4G4@8?8>2Y!!,:7!E=?7!
G4E75>F
!G?42!4F!4975>F!=H!H8545C84?!F=C84?8`4>8=5!R4F!
I<45>8>4>8D7?2!456!I<4?8>4>8D7?2!7]438576Y!!/E7D8=<F!?8>7E4><E7U!E7F74EC:!I<7F>8=5F!456!
:2G=>:7F7FU!GE=C76<E7FU!454?2F8FU!456!E7F<?>F!4E7!67FCE8@76Y!!.:
4G>7E!
H8D7!GE=D8676
!45!85>79E4>76!C=5C?<F8=
5!=H!>:7!=D7E4??
!F><62
Y!!&3G?8C4>8=5FU!?838>4>8=5FU!456!68E7C>8=5
F!H=E!H<><E7!E7F74EC:!
R7E7!
85C?<676Y
!!!!jV!"#$%&'(!&O)
+!@,&'($&.('!('P,'O
!-8545C84?!:74?>:!456!R7??
;@7859!456!H8545C84?!?8>7E4C2!4E7!5=>!4!GE8=E8>2
!85!4!
@<E97=5859!7C=5=32Y!!J
=R7D7EU!R:75!45!7C=5=38C!CE8F8F!:8>FU!>:7!83G=E>45C7!=H!H8545C84?!
?8>7E4C2!456!E7FG=5F8@?7!3=572!345497375>!
8F!C?74E
!S)8?R=E>:U!.:75=R7>:U!T!"597?@E7C:>U!
LMMMW!,42?=E!T!BD7E@72U!NVVVX
Y!!,:7!E7C75>!
H8545C84?!CE8F8FU!
>:7!R=EF>!F85C7!>:7!%E74>!
)7GE7FF8=5
U!E785H=EC7F
!>:7!F4?875C
2!=H!H8545C84?!?8>7E4C2
Y!!(5!83G=E>45>!I<7F>8=5!>=!4FQ!8F!
R:4>!R4F!>:7!76<C
4>8=54?!E7FG=5F7t!
!J=R!
:4F
!:89:7E!76<C4>8=5
!E7FG=5676!>=!>:7!H8545C84?!
CE8F8Ft!SJ427FU!LMNLX
Y!!,:7!?7FF=5F!R7!:4D7!?74E576!
HE=3!>:8F!CE8F8F!
3<F>!@7!E7373@7E76U!
@7:4D8=E!3<F>!
C:4597U!456!>:7!7EE=EF!=H!>:7!G4F>!3<F>!5=>!@7!E7G74>76
Y!!!&5!>:8F!
H4F>
;G4C76U!9?=@4?U!456!
7D7E;C:459859!7C=5=32!
>:7E7!4E7!4!3<?>8><67!=H!57R!
=E!7]G45676!H8545C84?!D7:8C?7FU!R8>:!85CE74F859!C=3G?7]8>2!85!H=E3!456!H<5C>8=5
Y!!,:8F!4EE42
!=H!C:=8C7F!456!>:78E!
E7?4>76!83G?8C4>8=5F!
342!
C4<F7!H74EU!45]87>2U!456!
7EE=EF!85!P<69375>Y!!
'=>!=5?2!:4D7!H8545C84?!GE=6<C>F!9E=R5!3=E7!F=G:8F>8C4>76U!
@<>!>:7!4CC=3G452859!
9E=R>:!
85!85H=E34>8=5!>7C:5=?=92!
:4F!
GE7F75>
76!57R!67?8D7E2!456!3485>7545C7
!=G>8=5FU!3=D859!
>:7!H8545C84?
!856<F>E2!>=!4!9?=@4?!?7D7?!
S%7?345U!LMNMW!%E775FG45U!LMMcW!eE8`7Q!T!&59U!
LMNLXY!!n(F!34EQ7>!H=EC7F!C=5>85<7!>=!7]G456!>:7!E4597!=H!H8545C84?!F7ED8C7F
U!C=5F<37EF!
R8??!:4D7!3=E7!C:=8C7!45
6!H?7]8@8?8>2!85!:=R!>:72!345497!>:78E!H8545C84?!34>>7EFU!456!>:72!
R8??!673456!76<C4>8=5!=5!<F7!=H!>:7!57R!>7C:5=?=987F!>=!34Q7!85H=E376!67C8F8=5Fn!
S%E775FG45U!LMMcU!
GY!iMXY!!,:7E7!:4D7!@775!F8958H8C45>!3458H=?6!C:4597F!>=!E7>8E7375>!
F4D859F!G?45FU!:74?>:!85F<E45C7!C=D7E497U!?8H7!85F<E45C7!=G>8=5FU!456!>:7!>4]!C=67FY!!
%E775FG45!SLMMcX!5=>76!
>:4>!
>:7F7
!E4G86!456!C=3G?7]!C:4597F!R=<?6!=5?2!C=5>85<7
U!?74D859!H<E>:7E!@7:856!>:7!
H8545C84?!8??8>7E4>7!8H!4C>8=5!8F!5=>!>4Q75!>=!GE=D867!H8545C84?!
?8>7E4C2!>=!
"%%Y!!A83G?2!G<>U!
n&>oF!2=<E!3=572
Y!!1=<!5776!>=!<567EF>456!8>n!
Se<7:5U!LMNLU!G
Y!!OM!LNXY!!"37E9859!46<?>:==6!8F!4!H7E>8
?7!67D7?=G375>4?!G7E8=6!>=!4@F=E@!H8545C84?!?7FF=5F
!SA7E86=!7>!4?YU!LMNMX
Y!!)<E859!>:8F!G7E8=6!>:7!Q5=R?7697!948576U!7]G7E875C7!@45Q76U!?7FF=5F!
?74E576U!456!:4@8>F!H=E376!7]7E>!4!?8H7?=59!85H?<75C7
Y!!,:7!7HH7C>F!=H!9==6!456!@46!
H8545C84?!
67C8F8=5F!7]>756!>:E=<9:=<>!>:7!?8H7!C=<EF7
Y!!nYYY8??!85H=E376!H8545C84?!67C8F8=5F!85!>:7!74E?2!
G4E>!=H!>:78E!?8D7F!C45!G=>75>84??2!:4D7!68F4F>E=<F!C=5F7I<75C7F!R:8C:!342!4HH7C>!>:73!
?4>7E!85!?8H7n!
S.<??!T!Z:8>>=5U!LMNNU!
GY!NMM
XY!:;414<;19!'=><10;54+!"72=;0Q-280!14=!/1G;4C?Q,4G2?0;4C
!,:7E7!4E7!
34EQ76!
@757H8>F!>=!74E?2!
76<C4>8=5
KQ5=R?7697!8F!GE=6<C76!456!>:75!
?4>7E!GE4C>8C76
Y!!(F!
#8??7E!456!B@754<7E!SLMNcX
!F>4>76U!
!&H!G7EF=54?!H8545C7!76<C4>8=5!C45!@7!3467!4!C=5F8F>75>!H=C<F!=H!=<E!FC:==?FU!>:75!
!=<E!46<?>F!R8?
?!@7!3=E7!76<C4>76!=5!>:7!F<@P7C>U!3=E7!85C?8576!>=!GE4C>8C7!9==6!
!3=572!345497375>U!:4D7!?7FF!H8545C84?!F>E7FF!456!R=EE2U!456!<?>834>7?2!?746!
!:74?>:87E!?8D7F!SGY!NXY
!J=R7D7EU
 D7E2!H7R!F>4>7F!E7I<8E7!G7EF=54?!H8545C84?!76<C4>8=5!4>!78>:7E!>:7!:89:!FC:==?!
=E!C=??797!?7D7
?!S/759!7>!4?YU!LMMiX
Y!!.<EE8C<?<3!456!>:7!C=<EF7F!E7I<8E76!H=E!4!:89
:!FC:==?!
679E77!4E7!F7>!@2!74C:!8568D86<4?!F>4>7
Y!!,:<FU!H8545C84?!76<C4>8=5!4>!>:7!:89:!FC:==?!?7D7?!
D4E87F!D4F>?2
Y!!$7I<8E7375>F!FG45!HE=3!34564>=E2!C=<EF7R=EQU!>=!H8545C84?!85H?<75C7!
R8>:85!GE7
;7]8F>859!C=<EF7FU!
>=!5=!
E7I<8E7
6!H=E3!=H!H8545C84?!76<C4>8=
5!S04EE2U!LMNcX
Y!! -8545C84?!76<C4>8=5!8F!5=>!
4!F2F>738C!C=5C7E5!H=E!>:7!76<C4>8=5!F2F>73
Y!!e7`4E!
SLMNMX!F>E=59?2!F>4>76U!
qh>:7!F773859!8568HH7E75C7!=H!3452!
=>:7E
!C=??797!?7467EF!
>=!H8545C84?!76<C4>8=5!8F!=<>!=H!>=<C:!R8>:!>:7!4>>8><67F!=
H!@=>:!>:7!G<@?8C!456!G=?8C2!34Q7EFn!
SGY!LXY!!,2G8C4??2U!<58D7EF8>87F!6=!5=>!:4D7!H8545C7!C=<EF7F!E7I<8E76!H=E!679E77!GE=9E43F!
=<>F867!=H!>:7!H87?6F!=H!@<F857FF!456!7C=5=38CF
Y!!/7EF=54?!H8545C7!C=<EF7F!4E7!>2G8C4??2!
!ON!C=<5>76!4F!9757E4?!7?7C>8D7F!
S"8>7?!T!#4E>85U!LMMVW!l84=!7>!4?YU!LMNLX
Y!!,:7!b<3Gs>4E>
!F<ED72!
>:4>!4FF7FF76!C=??797!F><675>F!E7D74?76U!
n,:8F!274EoF!F<ED72!<567EFC=E7F!>:4>!R:8?7!R7!
3<F>!C=5>85<7!>74C:859!G7EF=54?!H8545C7!>=!:89:!FC:==?!F><675>FU!E785H=EC859!456!E7G74>859!
H8545C84?!?8>7E4C2!7HH=E>F!4>!>:7!C=??797!?7D7?!287?6F!G=F8>8D7!E7F<?>
Fn!Sb<3Gs>4E>U!LMM\
U!G4E4Y!
NMXY!!,:7!LMM\!b<3Gs>4E>
!:89:!FC:==?!H8545C84?!?8>7E4C2!FC=E7F!R
7E7!3<C:!?=R7E!>:45!
85!LMMaY!!J=R7D7EU!>:7!E7F<?>F!HE=3!>:7!
C=??797!F><675>!F43G?7
!E7D7?76!>:4>!737E9859!46<?>F!
FC=E76!:89:7E!>:45
!>:78E
!:89:!FC:==?!
C=<5>7EG4E>FY!!,
:7!H8EF>!>837!>:7!b<3Gs>4E>!F<ED72!
4FF7FF
76!C=??797!F><675>F!R4F!
85!LMM\Y!!/E7D8=<F!>=!>:8F
U!b<3Gs>4E>!7D4?<4>76!:89:!FC:==?!
F><675>F!456!>:78E!H8545C84?!?8>7E4C2!
7D7E2!>R=!274EF
.  AC=E7F!43=59!C=??797!F><675>!
G4E>8C8G45>F!85CE74F76!R8>:!>:7!F><675>oF!497!456!E45Q!85!FC:==?
Y!!.=??797!HE7F:3
75!:46!45!4D7E497!FC=E7!=H!OVp!R:8?7!F758=EF!FC=E76!F8]!
G7EC75>497!G=85>F!:89:7E!SaVpX
!SJ=HH345U!
LMM\W!#4567??U!LMM\X
Y!#=5>8C=57!SLMNMX
!H=<56!
=5!4D7E497!jip!=H!G4E>8C8G45>F!45FR7E76!4>!?74F>!=57!
I<7F>8=5!=5!
:7E!H8545C84?!?8>7E4C2!4FF7FF375>!C=EE7C>?2
U!R:8?7!N\YVp!C=<?6!5=>!45FR7E!
4!I<7F>8=5!C=EE7C>?2U!
456!
=5?2!\YVp!45FR7E
76!4??!F8]!I<7F>8=5F!
C=EE7C>?2Y!!
B5!4!Li!I<7F>8=5!
I<8`!4FF7FF859!H8545C84?!Q5=R?7697!
S7Y9YU!F4D859FU!85D7F>859U!@=EE=R859U!85F<E45C7XU!
b=E975F75!456!A4D?4!SLMNMX
!H=<56!45!=D7E4??!3745!=H!OiYapY!!,:7!>R=!?=R7F>!F<@F7C>8=5!
FC=E7F!4GG74E76!8
5!9757E4?!H8545C84?!Q5=R?7697!456!85D7F>859!SGY!jiMXY
!!(D4E6!7>!4?
Y!SLMMOX!4FF7FF76!
HE7F:345!C=??797!F><675>F^
!?7D7?!=H!H8545C84?!Q5=R?7697
Y!!,:7!FC=E7F!=5!>:78E!
F<ED72!E45976!HE=3!Mp!C=EE7C>!S
F8]!F><675>FX!>=!\Mp!C=EE7C>U!R:8C:!R4F!4C:87D76!@2!=5?2!
=57!F><675>
Y!!'74E?2!4??!F><675>F!H48?76!>:7!374F<E7
U!R8>:!4E=<56!VLp!FC=E859!@7?=R!aMpU!
R8>:
!45!4D7E497!FC=E7!=H!cj
Y\pY!!BD7E4??U!4!F7D7E7!?4CQ!=H!Q5=R?7697!F<EE=<56859!
E7>8E7375>!456!4??!4FG7C>F!=H!>:7!q>:E77
;?79976!F>==?r!=H!E7>8E7375>!G?455859!S7Y9YU!F=C84?!
!OL!F7C<E8>2U!G7EF=54?!G?45F
;&$(FU!456!R=EQ!G?45F
;jMNQU!jMc@X
!R4F!E7D74?76Y!!
.:45!7>!4?
Y!SLMNLXU!:46!
F><675>F!FC=E7!G==E?2!=5!8>73F!E7?4>76!>=!85D7F>859U!CE768>!>7E3F!
456!
C=568>8=5FU!456!@=EE=R859!S7Y9YU!C4F:!46D45C7FU!?=45FX
Y!!-=E!.:75!456![=?G7!SNVV\XU!>:7!
=D7E4??!3745!
FC=E7!H=E!>:78E!F43G?7!R4F!OLY\ipU!R8>:!F4D859FU!@=EE=R859U!456!85D7F>859!
94E57E859!>:7!?=R7F>!C=EE7C>!E7FG=5F7!E4>7
Y!!,:7F7!E7F<?>F!R7E7!E7G?8C4>76!
85!(D4E6!7>!4?
Y!SLMMOXY!!#=E7!>:45!jMp!=H!F><675>F!E734EQ76!>:4>!>:72!686!5=>!Q5=R!>:7!45FR7E
!>=!F7D7E4?!
I<7F>8=
5F!68E7C>?2!E7?4>76!>=!>:7!>=G8CF!=H!85D7F>859!456!E7>8E7375>!F4D859FY!!"]43G?7F!=H!
>:7F7!GE=@?734>8C!I<7F>8=5F!85C?<676
d!S4X!>:7!68HH7E75C7!@7>R775!3=572!34EQ7>!H<56F!
456!F4D859F!4CC=<5>FU!S@X!>:7!68HH7E75C7!@7>R775!3<><4?!H<56F!
456!F>=CQFU!SCX!>:7!68HH7E
75C7!@7>R775!4!$=>:!&$(!
456!4!>E468>8=54?!&$(U!S6X!>:7!67H858>8=5!=H!4!@=56U!456!S7X!>:7!67H858>8=5!
=H!4!@?<7!C:8G!F>=CQ
Y!!#<EG:2!SLMMOX
!C=5C?<676U!
q,:7!3745!H8545C84?!?8>7E4C2!FC=E7F!G485>!4!
G8C><E7!=H
!F><675>F!R:=!4E7!5=>!7]G=F76!=E
!:4D7!5=>!85>7E54?8`76!Q72!8
5H=E34>8=5!CE8>8C4?!>=!
3485>485859!>:78E!H8545C84?
!R7??
;@7859!4F!C=??797!F><675>F
r!SG
Y!j\jXY!#=5>8C=57!SLMNMX
!G=85>76!>=!85D7F>375>
!Q5=R?7697!S7Y9YU!<567EF>456859!>:7!
85>7EE7?4>8=5F:8G!@7>R775!E8FQ!456!E7><E5X!4F!4!C=5>E8@<>859!H4C>=E
!>=!CE74>
859!4!68D7EF8H876!G=E>H=?8=!
H=E!E7>8E7375>
Y!!/E7F75>?2U
!E7>8E7375>!G?455859!8F!>:7!E7FG=5F8@8?8>2!=H!74C:!
8568D86<4?
Y!!)7H8576!@757H8>!G?45F!S73G?=27E!FG=5F=E76X!:4D7!98D75!R42!>=!67H8576!
C=5>E8@<>8=5!G?45F!S73G?=277!6E8D75XY!!
$7>8E7375>!8F!=57!=H!>:7!3=F>!83G=E>45>!456!?=59
;>7E3!4FG7C>F!=H!H8545C84?!
?8>7E4C2
Y!!BH>75!8568D86<4?F!2=<59!456!=?6!G<>!=H
H!>:8F!G4E>!=H!>:78E!
H8545C84?!?8D7F
Y!!J=R7D7EU!R8>:!34
52!C=<5>E87FU!85C?<6859!>:7!*AU
!3=D859!
>=!
67H8576!C=5>E8@<>8=5
!G?45FU!>
:8F!F<@>?7!C:4597!:4F!83G=E>45>!83G?8C4>8=5F!H=E!
4??!8568D86<4?F
U!7FG7C84??2!737E
9859!46<?>F!75>7E859!>:7!?4@=E!H=EC7
Y!!1=<>:!>=642!
5776!76<C4>8=5!H=C<F76!!Oc!=5!85D7F>859
U!GE7G4E859!>:73!>=!?74D7!C=??797!456!F<CC7FFH<??2!G4E>8C8G45>!85!F4D859!456!
85D7F>859!H=E!>:78E!H<><E7
!Se<7:5U!LMNLW!#=5>8C=57U!LMNMX
Y!!B5!>:78E!jM!I<7F>8=5!4FF7FF375>!=H!@4F8C!H85
45C84?!345497375>U!
J4554U!J8??U!456!
/7E6<7!SLMNMX!F4R
!G4E>8C8G45>F!FC=E7
!=5!4D7E4
97!jMpY!!
,:8F!4D7E497!
R4F!F838?4E!>=!=>:7E!
F><687F!>:4>!E7G=E>76!E4597F
!=H!jMp!>=!Ocp!S7Y9YU!.:75!T![=?G7U!NVV\W!"8>7?!T!#4E>85U!LMMVW!
b<3Gs>4E>U!LMM\X
Y!!,:7!F><675>F!F>E<99?76!R8>:!I<7F>8=5F!=H!>4]4>8=5!456!686!@7>>7E!=5!
I<7F>8=5F!E7?4>76!>=!CE768>!456!67@>
Y!!,:8F!E7F<?>!342!@7!6<7!>=
!>:7!
67G>:!=H!7]G7E875C7!
F><675>F!
:46!R8>:!>:7F7!H8545C84?!C=5C7G>FY!!
J8??!456!/7E6<7!SLMM\X
!E74C:76!>:7!F437!
C=5C?<F8=5U!
4CE=FF!>:7!H8545C84?!>=G8CF!F<ED7276
U!CE768>!456!67@>!345497375>!:46!>:7!
:89:7F>!?7D7?!=H!C=EE7C>!45FR7EF!456!>:7!?=R7F>!?7D7?!=H!85C=EE7C>
Y!!.=5D7EF7?2U!I<7F>8=5F!=H!
85C=37!>4]4>8=5!:46!>:7!?=R7F>!C=EE7C>!G7EC75>497
Y!!&5!>:8F!F><62
U!574E?2!7D7E2!F><675>!
E7G=E>76!:4D859!4!C:7CQ859!456!F4D859F!4CC=<5>!456!:=?6859!4!67@8>!C4E6U!R:8?7!\Mp!
E7G=E>76!:4D859!CE768>!7F>4@?8F:76!85!>:78E!5437U!456!=5?2!
4!I<4E>7E!:46!45!7F>4@?8F:76!
85D7F>375>!4CC=<5>
Y!!"8>7?!456!#4E>85!SLMMVX
!4FF7FF76
!H8EF>;9757E4>8=5!H734?7!C=??797!F><675>F
^!H8545C84?!
?8>7E4C2U!4
GG?2859!F>4564E6!>7F>859!C=5D75>8=5F
!>:7!34P=E8>2!=H!
G4E>8C8G45>F!H48?
76Y!!&5!>:8F!
F><62U!<5?8Q7!.:75!456![=?G7!SLMMLX!456!GE7D8=<F!b<3Gs>4E>!E7F<?>FU!?=R!4FF7FF375>!
FC=E7F!686!5=>!85FG8E7U!3=>8D4>7U!=E!7D75!C=5D85C7
!G4E>8C8G45>F!>=!H<E>:7E!>:
78E!H8545C84?!
76<C4>8=5Y!!
n#452!F><675>F!H7?>!>:4>!H8545C84?!R=7F!456!4!38E4C<?=<F!=5F7>!=H!H8545C84?!
Q5=R?7697!R=<?6!=CC<E!R:75!>:72!E7C78D76!
:8.'=/")-":$+('1-/.
n!S"8>7?!T!#4E>85U!LMMVU!
GY!aLjXY!!!@2174;4C!
14=
!<540240!=;??23;410;54
J!!A<GG=E>7EF!=H!4C>8D7!?74E5859!G=85>!>=!>:7!
C=5F>E<C>8D8F>!D87R!>:4>!F>4>7F!F><675>F!3<F>!4C>8D7?2!759497!R8>:!?74E5859!456!G4E>8C8G4>7!
!Oj!>:E=<9:!68FC<FF8=5U!4C>8D8>87FU!9E=<G!R=EQU!=E!GE=@?73!F=?D859
Y!!,:7!9=4?!8F!>=!759497!
F><675>F!R8>:!C=5>75>!
S.=D8??U!LMNNX
Y!!.:75!T![=?G7!SNVV\X
!GE=C?48376U!nYYYF><675>F!FC=E7!
:89:7E!=5!8FF<7F!R8>:!R:8C:!>:72!4E7!H438?84En!SG
Y!NNjXY!!J8?97E>U!J=94E>:U!456!07D7E?2!
SLMMcX!H=<56!>:4>!G4E>8C8G45>F!85!>:78E!F<ED72!G=85>76!>=!G7EF=54?!7]G7E875C7!4F!>:7!
9E74>7F>!
H=E3!=H!
76<C4>8=5!456!3=F>!G=>7
5>!F=<EC7!
=H!H8545C84?!Q5=R?7697
Y!!&568D86<4?F!
R:=
!:46
!7]G7E875C7!R8>:!F4D859F
U!85D7F>859U
!456!=R
5859!456!34549859!67@>!S7Y
9YU!3=E>9497F!=E!
CE768>X!F:=R
76!:89:7E!?7D7?F!=H!H8545C84?!Q5=R?7697
Y!!e72F!>=!
4C>8D7!
?74E5859!4E7!4GG?8C4>8=5!
456!G4E>8C8G4>8=5!HE=3
!>:7!F><675>F
Y!!A7276845!T!18!SLMNNX
!F>4>76U!nF><675>F!F8958H8C45>?2!
83GE=D76
!?74E5859!@2!4C>8D7?2!G4E>8C8G4>859!85!456!C=338>>859!3=E7!7HH=E>!>=!>:7!C?4FFn!SG
Y!N\\XY!!J=R7D7EU!A7276845!456
!18!
SLMNNX!E7D74?76
!C=5H=<56859!E7F<?>F!
E794E6859
!7]G7E875C7
Y!!J4D859!=E!<F859!4!CE768>!C4E6!686!5=>!85CE74F7!F><675>
F!G=F>
;>7F>!FC=E7F
Y!!&5!H4C
>U!CE768>!C4E6!
<F497!4F!4!H4C>=E!
E7F<?>76!85!F8958H8C45>?2!?=R7E
!FC=E7FY!!J4D859!4!F4D859F!4CC=<5>U!=5!>:7!
=>:7E!:456
U!R4F!G=F8>8D7!H=E!GE7
;>7F>!FC=E7F
Y!!-854??2U!<F859!4!C:7CQ@==Q
U!GE=G7E?2!
6=C<375>859!7]G75F7F
U!456!:4D859!>:7!7]G7E875C7!=H!@=<5C859!4!C:7CQ!85CE74F7
6!GE7
;>7F>!
FC=E7FY!!!#4Q859!H8545C84?!76<C4>8=5!E7?7D45>!8F!83G=E>4
5>!>=!H<><E7!H8545C84?!F<CC7FFY!!
e?785!
456!#4567??!SLMMiX
!G=85>76!>=!>:7!
G=R7E!=H!3=>8D4>8=5!
@=>:!
85!>:7!
?74E5859!
GE=C7FF!456!85!
>:7!67C8F8=5!>=
!E7>485!
H8545C84?!76<C4>8=5
!4F!G4E>!=H!>:7!C<EE8C<?<3Y!!
#=>8D4>8=5!8F!4!
G=R7EH<?!67>7E3854>7!=H!H8545C84?!Q5=R?7697!456!4C:87D7375>
Y!!Z:75!8568D86<4?F!
<567EF>456!>:7!D4?<7!=H
!76<C4>8=5!=E!>E485859
U!3=>8D4>8=5!8F!85CE74F76U!R:8C:!?746F!>=!
F<CC7FFH<?!=<>C=37F
Y!!,:7!4<>:=EF!C=5C?<676!@2!F42859U!n,:8F!4E>8C?7!F<997F>F!>:4>!F><675>F!
E7>485!?8>>?7!=H!R:4>!>:72!?74E5!85!G7EF=54?!H8545C7!456!3=572!345497375>!C?4FF7F!@7C4<F7!
>:72!6=!5=
>!G7EC78D7!>:4>!8>!8F!E7?7D45>!>=!>:78E!?8D7Fn!SG
Y!NM\XY!!,:7!34P=E8>2!=H!H8545C84?!
!OO!76<C4>8=5!>4<9:>!85!:89:!FC:==?!456!<58D7EF8>2!F7>>859F!6=7F!5=>!
467I<4>7?2!67>48?
!>:7!
E7?7D45C7!456!4GG?8C4>8=5!>=!2=<59!?8D7F
U!456!=H>75!6=7F!5=>!>4Q7!497!456!F>497!85>=!C=5F867E4>8=5Y!!+
4CQ!=H!4GG?8C4@8?8>2!:4F!@775!
C8>76
!4F!4!E74F=5!H=E!737E9859!46<?>F!H48?859!>=!
<567EF>456!8FF<7F!=H!85D7F>859
U!456!E7>8E7375>!Se?785!T!#4567??U!LMMiX
Y!!!BD7E4??U!E7F74EC:!=5!4C>8D7!
D7EF<F!?7C><E7!F>2?7!>74C:859!456!?74E5859!:4F!@775!
38]76
Y!!,:7!?7D7?!=H!7HH7C>8D757FF!=H!78>:7E!F>2?7!8F!:89:?2!67G75675>!=5!>:7!?7D7?!=H!>74C:7E!
7]G7E875C7
Y!!/E=G=575>F!=H!4C>8D7!?74E5859!@7?87D7!>:4>!4C>8D7!4GGE=4C:7F!34Q7!F><675>F!
E7FG=5F8@?7!H=E!>:78E!=R5!?74E5859
Y!!17>U!.=D8??!SLMNNX!H=<56!>:4>!C=??797!F><6
75>F!:46!
68D7E9859!=G858=5FY!!A><675>F!@7?87D76!>:4>!?7C><E7!37>:=6F!75C=<E4976!G7EF=54?!?74E5859!
456!E7FG=5F8@8?8>2
Y!!&5!4668>8=5U!4!
A4??87!#47!SLMMVX!F><62!
68FC?=F76
!>:4>!F><675>F!GE7H7EE76!
H4C7
;>=;H4C7!C=<EF7F!>=
!=>:7E!37>:=6F!=H!68FF73854>8=5
Y!!+776FU!A><??U!
T!Z7F>@E==Q!SNVV\X
!E7D74?76!>:4>!>74C:859!>7C:58I<7F!686!5=>!:4D7!4!F8958H8C45>!85H?<75C7!=5!:=R!F><675>F!
7D4?<4>76!>:78E!C?4FF7F
Y!!,:7!F><675>F^!G7EC78D76!?7D7?!=H!?74E5859!R4F!>:7!3=F>!F8958H8C45>!
D4E84@?7!4HH7C>859!F><675>!7D4?<4>8=5F
Y!!nA><675>FYYYE7R4E676!85F>E<C>=EF!R:75!>:72!H7?>!>:72!
?74E576!4!9E74>!674?n!S+776F!7>!4?YU!GY
!iiXY!!J=R7D7EU!.=D8??!SLMNNX!F>4>76!>:4>!F><675>!
=@F7ED4>8=5F!456!@7?87HF!4@=<>!>74C:859!F>2?7!C=5F>8><>76!=5?2!=57!=H!3452!H4C>=EF!>:4>!
85H?<75C76!G7EH=E345C7Y
!#452!46D=C4>7
!H=E!H8545C84?!76<C4>8=5!>:4>!8F
!C=5F>E<C>76!4E=<56!67D7?=G375>4?!
F>497FU!<567EF>456859U!456!E7?7D45C7
Y!!,:8F!H=E3!=H!H8545C84?!76<C4>8=5!8F!E7H7EE76!>=!4F!
nP<F>;85!>837n!H8545C84?!345497375>
Y!!,:8F!>7C:58I<7!8F!7]G?48576!4F!GE7F75>859!H8545C84?!
?7FF=5F!n>:4
>!4E7!=H!8337684>7!83G=E>45C7!>=!F><675>Fn!
S#4567??U!LMMaU!G
Y!i(X
Y!!)=3=57??!
SLMNNX!E7G=E>76!>:4>!
BQ?4:=34!A>4>7!*58D7EF8>2!
:4F!<F76
!4!R7@
;@4F76!D7EF8=5!=H!
*",8'
*+-/,.
!S'4>8=54?!"56=R375>!H=E!-8545C8
4?!"6<C4>8=5!67D7?=G76!
C<F>=38`4@?7!
H8545C84?!
!Oa!3=6<?7X
Y!!,:7!F8>7!R4F!GE=3=>76!6<E859!57R!F><675>!=E875>4>8=5!4F!4!E7G=F8>=E2!=H!
H8545C84?!85H=E34>8=5!>:4>!C=<?6!@7!C=5F<376!4>!74C:!F><675>^F!=R5!G4C7Y
!!.E74>=EF!F>4>76!
>:4>!>:7!F8>7!R4F!F7>!<G!F838?4E!>=!
!"1.>++;
!=E!E$(;.)6(
Y!!
.=5>75>!
R4F!GE7F75>
76!85!E74?!>837U!
497U!456!67D7?=G375>4?!85CE7375>F!F838?4E!>=!nP<F>
;85!>837n!76<C4>8=5
Y!!!B57!C=3G?485>!
E48F76!@2
!nP<F>;85!>837n!76<C4>8=5!8F!>:4>!>:7!374F<E7F!<F76!>=!4FF7FF!
H8545C84?!?8>7E4C2!4E7!=H>75!5=>!67D7?=G375>4??2!4GGE=GE84>7
Y!!#4567??!SLMMaX
!F>4>76U!H
=E!7]43G?7U!>:7!b<3Gs>4E>!F<ED72!
R:75!>4Q75!@2!:89:!FC:==?!F758=EF!?4CQF!67D7?=G375>4?!H8>
!H=E!>:8F!497!456!F>497Y!!,
:7!4<>:=E!7F>834>
76!>:4>
!=5?2!NN!=H!>:7!cN!I<7F>8=5F!G=F76!=5!
>:7
!F<ED72!E7H?7C>!>:7!H8545C84?!E74?8>87F!GE7F75>!85!>:7!?8D7F!=H!:89:!FC:==?!F><675>F
Y!!J7
!H7?>!>:4>!
>:7!E7?
7D45>!I<7F>8=5F!H7??!85>=!>:7!H=??=R859!C4>79=E87Fd!S4X!CE768>!C4E6F!456!CE768>!67@>U!S@X!
H8545C84?!85F>8><>8=5FU!SCX!85D7F>375>FU!S6X!4<>=3=@8?7!85F<E45C7U!S7X!73G?=2375>U!456!SHX!
H8545C859
!:89:7E!76<C4>8=5Y!!
,:8F!F><62!>==Q!>:7!NN!3=F>!E7?7D45>!b<3Gs>4E>
!I<7F>8=5F
U!456!
R8>:!>:7!4668>8=5!=H!nP<F>
;85!>837n!85F>E<C>8=5
U!R7E7!4@?7!>=!83GE=D7!>:7!=D7E4??!FC=E
7F!=5!j!=H!>:7!NN!I<7F>8=5FY!
!#4567??!SLMMaX!
C=5C?<676
!>:4>!H8545C84?!
76<C4>8=5
!8F!5=>!R=EQ859!85!
=<E!FC:==?F
d!q!-=E!G7EF=54?!H8545C84?!?8>7E4C2U!<5H=E><54>7?2U!4??!R7!Q5=R!4>!>:8F!G=85>!8F!>:4>!
R7^E7!5=>!76<C4>859!:89:
mFC:==?!F><675>F!C=EE7C>?2!27>hr!SGY!V(XY
!q'=!=57!C45!
).1$,$?.%&'
H89<E7!=<>!R:7>:7E!H8545C84?!76<C4>8=5!34>>7EF!=E!5=>
!u73G:4F8F!46676v
r!S+2=5FU!LMNcXY!!,:7!7HH7C>8D757FF!=H!H8545C84?!76<C4>8=5!3<F>!@7!F><6876
Y!!$7F74EC:7EF!3<F>!454?2`7!F7D7E4?!
8FF<7F!E7?4>76!>=
!I<4?8>2
Y!!Z:75!8
5D7F>894>859!68FF73854>8=5!>7C:58I<7F!456!=D7E4??!?74E5859
U!=57!3<F>!C=5>E=?!H=E!
H4C>=EF!F<C:!4F!
>74C:859!F>2?7U!?74E5859!F>2?7U!456!>:7!=D7E4??!75D8E=5375>!
S.=D8??U!LMNNW!
+2=5FU!LMNcX
Y!!,:7E7!4E7!4!D4E87>2!=H!I<7F>8=5F!>=!7]43857
Y!!&F!C?4FF!F8`7!4!67>7E3854>7!=H!>74C:859!456!
?74E5859!9=4?Ft!
!J=R!6=!>:7!C:4E4C>7E8F>8CF!=H!>:7!F><675>!4>>75677F!4HH7C>!>74C:859!456!
!Oi!?74E5859t!
!(>!>:7!34CE=!?7D7?U!:=R!6=!
85F>8><>8=54?!?74E5859!9=4?F!456!>:7!F8`7!=H!>:7!
85F>8><>8=5!4HH7C>!>:7!C?4FFE==3t
!!(E7!>:7!>7C:58I<7F!<F76!85!>:7!C?4FFE==3!67>7E3857
6!456_=E!F<GG=E>76!@2!>:7!463858F>E4>=EF!=H!>:7!<58D7EF8>2t!
!)=!H8545C84?!?8>7E4C2!C=<EF7F!
=HH7E76!4>!>:7!C=??7984>7!?7D7?
!CE74>7
!E7FG=5F8@?7!3=572!345497EFt!
!J=R!F:=<?6!H8545C84?!
76<C4>8=5!@7!G4CQ4976!456!68FF73854>76t
!!!$0R7;?M!82F1G;57!
14=
!=235C71IF;<!<F171<027;?0;<?
J!!#452!H4C>=EF!85H?<75C7!45!
8568D86<4?oF!?7D7?!=H!H8545C84?!
C4G4@8?8>2Y!!
.<E>=!7>!4?Y!SLMNMX!F>4>76d
!hF=37!
9E=<GF!=H!E7FG=5675>F!R7E7!F<@F>45>84??2!3=E7!?8Q7?2!>=!@7!H8545C84??2!
!Q5=R?76974@?7!>:45
!=>:7EFYYY4!C=??797
;76<C4>76!34?
7!R:=F7!G4E75>F!:46!F>=CQF!456!
!E7>8E7375>!F4D859F!R4F!4@=<>!jO!G7EC75>497!G=85>F!3=E7!?8Q7?2!>=!Q5=R!4@=<>!E8FQ!
!68D7EF8H8C4>8=5!>:45
!4!H734?7!R8>:!?7FF!>:45!4!:89:!FC:==?!76<C4>8=5!R:=F7!G4E75>F!
!R7E7!5=>!R74?>:2!SG
Y!cijXY!! ,2G8C4?!
673=9E4G:8C!C:4E4C>7E8F>8CF!456!
E8FQ!GE=H8?7F!85C?<67d!S4X!H734
?7FU!S@X!385=E8>2!
F><675>FU!SCX
!2=<>:!456!=?67E!46<?>F
U!S6X!34EE876!8568D86<4?FU!S7X!
E75>7EFU!SH
X!8568D86<4?F!
C=5F867E76!H8545C84??2!8567G75675>U!S9X
!8568D86<4?F!
E7C78D859!H8545C84?!486U!456!S:X
!G7EF=5F!
:=?6859!
sNUMMM!=E!3=E7!85!C=5F<37E!67@>!S
+2=5FU!LMMjW!#=5>8C=57U!LMNMW!A7276845!T!18U!
LMNNXY!!(97!R4F!45!85>7E7F>859!456!85H?<75>84?!673=9E4G:8C!H4C>=E
Y!!(97!C=EE7?4>76!R8>:!
H8545C84?!?8>7E4C2!?7D7?FU!4F!?
=R7E!?7D7?F!=H!?8>7E4C2!
R7E
7!F775!85!@=>:
!>:7
!2=<597E!456!7?67E!
274EFU!R:8?7!3866?7!497!R4F!>:7!:789:>!=H!
H8545C84?!
Q5=R?7697!456!7]G7E875C7!
S#=5>8C=57U!
LMNMXY!!&5>7E7F>859?2U!
+2=5F!SLMMjX
!H=<56!
<567E9E46<4>7!F758=EF!456!9E46<4>7!F><675>F!
R7E7!4FF=C84>76!R8>:!E8FQ2!>75675C87F
Y!!,:8F!342!@7!6<7!>=!45!85CE74F76!E7?845C7!=5!67@>!4F!
>:72!3=D76!H<E>:7E!85
!>:78E!76<C4>8=5Y
!!O\!(97
U!E4C7U
!456!97567E!4E7!
673=9E4G:8C!C:4E4C>7E8F>8CF!>:4>!:4D7!@775!>:=E=<9:?2!
E7F74EC:76!
E7?4>76!>=
!?7D7?F!=H!H8545C84?!?8>7E4C2Y
!!J=R7D7EU!
J8??!456!/7E6<7!SLMM\X
!E7D74?76!
C=5>E468C>=E2!H856859F!H=E!@=>:!97567E!456!E4C7Y!!
-=E!7]43G?7U!F=37!F><687F!:4D7!H=<56!
>:4>
!E4C7!C=EE7?4>7
6!R8>:!?7D7?!=H!H8545C84?!?8>7E4C2U!R:8?7!=>:7E
F!686!5=>!H856!4!F8958H8C45>!
68HH7E75C7Y!!&5!>:78E!F><62U!
34?7F!456!H734?7F!FC=E76!574E?2!>:7!F437!4CE=FF!4??!H8545C84?!
>=G8CF
Y!!(!6
8HH7E75C7!=5?2!
4GG74E76!85!>:7!4D7E497!5<3@7E!=H!C=EE7C>!456!85C=EE7C>!45FR7EF
U!R8>:!34?7F!:4D859!F?89:>?2!:89:7E!
C=EE7C>!
E4>7F
Y!!-<E>:7E
U!R8>:85!>:7!4E74!=H!85D7F>859
U!34?7F!
FC=E76!:89:7E!>:45!H734?7F!SJ8??!456!/7E6<7U!LMM\XY
!(97!8F
!45!83G=E>45>!H4C>=E!C=EE7?4>76!R8>:!H8545C84?!@7:4D8=E
U!345497375>U!456!
?8>7E4C2Y!!&5!>:78E!F><62U!
)8?R=E>:!7>!4?Y!SLMMMX!68FC=D7E76
!497!R4F!E7?4>76!>=!7]G7C>4>8=5FY!!
B?67E!46<?>F!@7?87D76U!>:
4>!>:78E
!H8545C84?!?8D
7F!R=<?6!83GE=D7U!F>42!>:7!F437U!=E!R=EF75Y!!
J=R7D7E
U!2=<597E!46<?>F!H7?>!4CE=FF!>:7!@=4E6!>:4>!>:78E!H8545C84?!?8D7F!R=<?6!83GE=D7Y!
!)8?R=E>:!7>!4?Y!SLMMMX
!4?F=!
H=<56!2=<59!G7=G?7!:4D7!4!D7E2!68HH7E75>!F<@P7C>8D7!G7EC7G>8=5!
=H!>:78E!
C<EE75>!H8545C84?!GE8=E8>87F!C=3G4E76!>=!>:78E!=?67E!C=<5>7EG4E>FY!!,:78E!F><62!
H=<56!>:4>!
=D7E4??!>:7!737E9859!46<?>!F><675>F!:46!4!F:=E>
;>7E3!H=C<FY!!,:7!F><675>!
G4E>8C8G45>F!E4>76!n7]>E4FUn!R45>FU!456!?<]<E87F!:89:7E!>:45!>:7!=?67E!46<?>!C=:=E>U!E7H7EE7
6!>=!F4D859F!85!9757E4?!>7E3F!R8>:!5=!375>8=5!=H!G?45F!H=E!F>4E>859!45!737E975C2!H<56!=E!
@79855859!>=!F4D7!H=E!E7>8E7375>U!456!E4E7?2!375>8=576!G42859!6=R5!67@>!4F!4!GE8=E8>2!
S)8?R=E>:!7>!4?YU!LMMMX
Y!!!.<E>=!7>!4?
Y!SLMNMX!E7D74?76!4!?4E97!97567
E!94G!85!H8545C84?!Q5=R?7697Y!!
,:7E7!R4F!
45!NNp
;NLp!68FCE7G45C2!@7>R775!375!456!R=375!456!>:78E!C=EE7C>!4
5FR7EF!>=!>:7!
I<7F>8=5F!
=H!85H?4>8=5!456!
85D7F>375>!E8FQ!
68D7EF8H8C4>8=5
Y!!,:7!4<>:=EF!C=5C?<676U!
n.=5F7I<75>?2U!>:7E7!8F!5=R!H48E?2!E=@<F>!7D8675C7!C=5H8E3859!>:4>!3452!R=375!6=!5=>!6=!
!OV!R7??!85!H8545C84?!C4?C<?4>8=5F!456!6=!5=>!:4D7!4!H8E3!9E4FG!=H!85H?4>8
=5!456!E8FQ!
68D7EF8H8C4>8=5n!SG
Y!caiXY!!#=5>8C=57!SLMNMX
!C=5H8E376!
>:7F7
!97567E76!E7
F<?>FW!
R=375!
<58D7EF4??2
!<567EG7EH=E376
!=5!45!4FF7FF375>!=H!H8545C84?!Q5=R?7697Y!!.<E>=!7>!4?Y!SLMNMX!
68FC=D7E76!4!E4C84?!94GY!!
Z:8>7!G4E>8C8G45>F!R7E7!3=E7!?8Q7?2!>=!45FR7E!>:7!85H?4>8=5!456!
E8FQ!68D7EF8H8C4>8=5!
I<7F>8=5F!C=EE7C>?2!R:75!C=3G4E76!>=!>:78E!@?4CQ!=E!J8FG458C!
C=<5>7EG4E>F
Y!!#<EG:2!S
LMMOX!6E7R!:7E!F43G?7!HE=3!4!GE76=3854>7?2!@?4CQ!<58D7EF8>2
Y!!J7E!F><62!H=<56!>:4>!E794E6?7FF!=H!>:7!75D8E=5375>!=E!385=E8>2!=E!34P=E8>2!F>4><F
U!@?4CQ!
F><675>F!FC=E76!?=R7E!>:45
!>:78E
!5=5;@?4CQ!
C=??749<7FY!!.=3G?8C4>859!>:8FU!>
:7!34P=E8>2!=H!
F><687F!7]4
385859!H8545C84?!?8>7E4C2!:4D7!H48?76!>=!GE=D867!E7GE7F75>4>8D7!F43G?7F
Y!!#452!
85C?<67
6!385=E8>87F!
=5?2!
85!F34??
!5<3@7EF
Y!!!A:83!7>!4?
Y!SLMMVX!H=<56!97567E!456!C?4FF!F>456859!4GG74E76!>=!4HH7C>!F<@P7C>8D7!
H8545C84?!Q5=R?7697!456!G=F8>8D7!H8545C84?!
4>>8><67F
Y!!&5!>:78E!F><62U!H734?7F!
4?F=!
E7G=E>76!
:89:!?7D7?F!=H!67GE7FF8=5!?85Q76!>=!H8545C84?!8FF<7F
Y!!%7567E!68HH7E75C7F!85!H8545C84?!?8>7E4C2!
4?F=!R7E7!:89:?89:>76!85!4!F><62!C=56<C>76!@2!
.:75!456![=?G7!SLMMLX
Y!!,:7!4<>:=EF!H=<56!
>:4>!
R=375!FC=E76!?=R7E!>:45!375!=5!H4C><4?!456!5<3@7E
;=E875>76!I<7F>8=5F
U!R:8?7!375!=<>!
FC=E76!R=375!
=5!>:7!34P=E8>2!=H!I<7F>8=5F!4FQ76!SLL_caX
Y!!#75!FC=E76!:89:7E
!85!>:7!
H=??=R859!C4>79=E87Fd!S4X!9757E4?!Q5=R?7697U!S@X!F4D859F!456!@=EE=R859U!SCX!85F<E45C7U!456!
S6X!85D7F>375>F
Y!!J=R7D7EU!8
>!8F!83G=E>45>!>=!5=>7
U!>:4>!85!>:7!85D7F>859!F7C>8=5!=H!>:7!
374F<E7!@=>:!97567EF!<567E
;GE7H=E376
W!8>!R4F!>:7!?=R7F>!FC=E76!F7C>8
=5!H=E!@=>:!34?7F!
456!H734?7FY!!,:7!83G?8C4>8=5F!4E7!4E9<4@?2!3=E7!F7E8=<F!H=E!H734?7F!R:=!?4CQ!H8545C84?!
C4G4@8?8>2!456!85D7F>859!4C<375Y!!
J8F>=E8C4??2U!R=375!
:4D7!
F:4E7
6!3=E7!E7FG=5F8@8?8>2!85!
>:7!:=37U!E48F859!C:8?6E75U!456!E<
55859!>:7!:=<F7:=?6Y!!,:7F7!C:=8C7F!H=EC76!R=375!>=!
F>4E>!>:78E!H<??
;>837!
C4E77E!?4>7E!>:45!375U!
E7F<?>859!85!
74E5
859!?7FF!>:45!375!=D7E4??U!456!
!aM!3=D859
!85!456!=<>!=H!
>:7!
R=EQ
H=EC7!3=E7!=H>75
Y!!.=3G=<56859!>:7F7!:8F>=E8C4?
U!H438?84?
U!456!
73G?=2375>!C=5F>E485>F!8F!
>:7
!H4C>!>:4>!R=375!
>2G8C4??2!
?8D7!?=597E
!>:45!375Y!!
,:<FU!>:7E7!
8F!45!=5<F!=5!R=375!
>=!<567EF>456!456!E7FG=5F8@?2!
345497!>:78E!H8545C84?!?8D7F
!S.:75!T![=?G7U!LMMLX
Y!e7`
4E!SLMNMX
!H=C<F76!=5!>:7!G?89:>!=H!?=R
;85C=37!F><675>F!456!>:7!G=R7E!=H!
H8545C84?!76<C4>8=5
Y!!A:7!F>4>76
!>:4>!GE7D8=<F!E7F74EC:!=5!>:7!@4EE87EF!>=!:89:7E!76<C4>8=5!
H=C<F76!=5!H8545C84?!486U!>:7!C=F>!=H!:89:7E!76<C4>8=5U!GE7G4E4>8=5!H=E!4C46738C!F<CC7FFU!456!
H438?84?!456!4C46738C!F=C84?8`4>8=5
Y!!,:7!H4C>=E!>:4>!R4F!=D7E?==Q76U!4CC=E6859!>=!>:7!
4<>:=EU!8F!>:7!
G=R7E!=H!H8545C84?!76<C4>8=5
!4F!4!GE=>7C>8D7!H4C>=EY!!
+=R;85C=37!F><675>F!
:4D7!
4!68F>85C>!68F46D45>497
Y!!BH>75!>:7F7!F><675>F!6=!5=>!E7C78D7!H8545C84?!76<C4>8=5!85!
:89:!FC:==?!=E!
R8>:85!
>:78E!:=37F
Y!!Z:75!>:85Q859!4@=<>!456!4GG?2859!>=!C=??797!>:7E7!4E7!
C=3G?7]!H8545C84?!E74?8>87F!>=!C=5HE=5>Y!!-=E!7]43G?7U!3
452!?=R!456!3866?7
;85C=37!
F><675>F
!456!>:78E!G4E75>F!6=!5=>!Q5=R!:=R!>=!54D894>7!>:7!C=3G?7]!F2F>73!=H!H8545C84?!
486
!Se7`4EU!LMNMXY!!
%E4@?7!456!b==!SLMMaX
!E7D74?76!F>4E>?859!?7D7?F!=H!CE768>!67@>!F>E7FF!456!
F>E485!43=59!(HE8
C45!(37E8C45!F><675>FY!!%E46<4>8=5!E4>7F!43=59!385=E8>2!F><675>FU!
7FG7C84??2!(HE8C45!(37E8C45!F><675>FU!8F!4!G7E75584?!8FF<7!H=E!<58D7EF8>2!=HH8C84?FU!456!
4CC=E6859!>=!>:7!4<>:=EFU!H8545C84?!C=5F>E485>FU!:89:!?7D7?F!=H!67@>!SC=5F<37E!456!F><675>!
?=45XU!456
!?=R!?7D7?F!=H!H8545C84?!?8>7E4C2!4E7!8FF<7F!=5!G4E!R8>:!9E46<4>8=5!F<CC7FFY!!&5!>:78E!
C=5C?<F8=5U!>:72!C4??!H=E!85CE74F76!4R4E757FF!456!4668>8=54?!E7F=<EC7F!48376!>=R4E6!
H8545C84?!:74?>:!456!E7>75>8=5!=H!385=E8>2!F><675>FY!
!(??!737E9859!46<?>!C=??797!F><6
75>F!H4C7!4!F
>77G!>E45F8>8=5!>=!C=??797!?8H7Y!!1=<59!375!
456!R=375!4E7
!nG?<5976!85>=!45!4C46738C!75D8E=5375>!R8>:!7]G=F<E7!>=!4!57R!456!
68HH7E75>!F7>!=H!G77EFU!4CC7FF!>=!H8545C84?!486U!F><675>!?=45FU!CE768>!C4E6FU!456!85C=37!HE=3!
!aN!73G?=2375>!R8>:=<>!>:7!Q5=R?7697!456!FQ8??F!E7I<8E76!>=!345497!456!F<CC776n!
S"8>7?!T!
#4E>85U!LMMVU!
GY!aNaXY!!,:8F!>E45F8>8=5!8F!85>75F8H876!H=E!H8EF>
;9757E4>8=5!F><675>F!456!
F><675>F!R8>:!D7E2!?8>>?7!H4
38?84?!F<GG=E>
!S375>4?U!73=>8=54?U!=E!H8545C84?XY!!
-8EF>!9757E4>8=5!
F><675>F!=H>75!?4CQ!>E485859!456!7]G=F<E7!>=!4C46738CU!H8545C84?U!456!E7F=<EC7!
4FF8F>45C7Y!!
,:<FU!H8545C84?!F>E7FF!C45!@7!68HH8C<?>!>=!
C=5I<7E!456!342!G7EF8F>!>:E=<9:=<>!>:78E!4C46738C!
C4E77EY!!BH>75!H=E!>:7F7!F><675>F
U!F<GG=E>!:4F!@775!68FGE=G=E>8=54>7?2!G?4C76!=5!4C46738C!
F<CC7FF!4>!>:7!7]G75F7!=H!H8545C84?!<567EF>45
6859U!4R4E757FFU!456!E746857FF
!S"8>7?!T!
#4E>85U!LMMVX
Y!!!&5!4!F><62!H=C<F859!GE76=3854>7?2!=5!97567E!7HH7C>F
U!.:75!456![=?G7
!SLMMLX!H=<56!
=>:7E!85H?<75>84?!D4E84@?7F!4HH7C>859
!H8545C84?!?8>7E4C2!
85C?<6859!=57^F!C:=8C7!=H!4!
34P=E
U!C?4FF
!E45Q
859U!R=EQ!7]G7E875C7U!456!497
Y!!.=5D7EF7?2U!>:7!D4E84@?7F!=H!E4C7U!54>8=54?8>2U!456!?7D7?!
=H!455<4?!85C=37!686!5=>!F8958H8C45>?2!4HH7C>!
H8545C84?!?8>7E4C2
Y!!#4P=E!C:=8C7!:46!4!F>E=59!
456!F8958H8C45>!7HH7C>
W!@<F857FF!34P=EF!=H!@=>:!97567EF!FC=E76!:89:7E!>:45!5=5
;34P=EF
!S.:75!T![=?G7U!LMMLW!#<EG:2U!LMMOW!/759U!04E>:=?=347U!-=]U!T!.E4D757EU!LMMiX
Y!!J4554U!
J8??U!456!/7E6<7!SLMNMX
!C=5C<EE76!5=>859!>:4>!
C=??797!456!67G4E>375>!4FF895375>!R7E7!
85H?<75>84?!>=!=D7E4??!H8545C84?!?8>7E4C2
Y!!&5!>:78E!F><62U!
@<F857FF!F><675>F!:46!>:7!:89:7F>!
?7D7?!=H!H8545C84?!?8>7E4C2
U!456!76<C4>8=5!F><675>F!:46!>
:7!?=R7F>
Y!!-=E!.:75!456![=?G7!
SLMMLX!=D7E4??U!>
:7!7HH7C>!=H!@7859!4!@<F857FF!34P=E!
R4F!F>E=597E!H=E
!H734?7!G4E>8C8G45>F!
>:45!34?7F
Y!!-<E>:7EU!F><675>F!R8>:!:89:7E!C?4FF!F>456859!:46!G=F8>8D7!H8545C84?!4>>8><67FU!
@<>!:89:
7E!?7D7?F!=H!67@>
Y!!A838?4E?2U!
46D4
5C76!?7D7?F!=H!R=EQ!7]G7E875C7!456!=?67E!497!R7E7!
H4C>=EF!>:4>!C=EE7?4>76!R8>:!:89:7
E!?7D7?F!=H!H8545C84?!Q5=R?7697Y!!
!A><675>F^!
8567G75675C7!F>4><F
U!E7C78D859!5776
;@4F76!4FF8F>45C7!S
7Y9YU!9E45>FU!H767E4?!
H8545C84?!486U!R=EQ!F><62XU!456!C=5F<37E!67@>!9E74>7E!>:45!sNUMMM!R7E7!4??!C:4E4C>7E8F>8CF!
!aL!4FF=C84>76!R8>:!H8545C84?!E8FQ
Y!!n,:7!@=>>=3!?857!8F!>:4>!>:7F7!H856859F!8568C4>7!4!5776!H=E!
H8545C84?!76<C4>8=5!GE=9E43F!>:4>!FG7C8H8C4??2!>4E97>!H
8545C84??2!4>
;E8FQ!9E=<GF!F<C:!4F!?=R
;>=;3866?7!85C=37!F><675>FU!R=375U!456!385=E8>87F!>=!75F<E7!>:4>!>:72!4E7!5=>!
4>!4!H8545C84?!
68F46D45>497n!S+2=5FU!
LMMjU!GY!ijXY!!+2=5F!SLMMjX
!GE=H8?76!H8545C84?!E8FQ!@7:4D8=EF!=H!2=<59!
46<?>F
Y!!&5!:7E!3=67?U!4>
;E8FQ!F><675>F!R7E7!=G7E4>8=54??2!67H8576!4Fd!S4X!C4EE2859!4!@4?45C7!
=H!sNUMMM!=E!3=E7U!S@X!@7859!67?85I<75>!=5!4!CE768>!G42375>!?4F>859!4>!?74F>!>R=!3=5>:FU!SCX!
E74C:859!
>:78E
!CE768>!
?838>U!456!S6X!34Q859!CE768>!G42375>F!FG=E468C4??2
Y!!,:7F7!CE8>7E84!
374F<E76!4!D4E87>2!=H!E8FQ!>2G7!@7:4D8=EF
K>:7!43=<5>!456!F7D7E8>2!=H!67@>U!G42375>!
H?7]8@8?8>2U!456!=D7E4??!I<4?8>2!=H!3=572!345497375>!456!CE768>R=E>:857FF
Y!!BH!>:7!jjp!=H!
F><675>F!
R:=
!E7G=E>76!75949859!85!4>!?74F>!=57!E8FQ!@7:4D8=EU!5=>!G42859!@8??F!85!H<??!R4F!
>:7!3=F>!C=33=5
Y!!-=E!>:7!ccp!E7G=E>859!>R=!E8FQ!@7:4D8=EFU!5=>!G42859!67@>!85!H<??U!456!
:=?6859!4!@4?45C7!85!7]C7FF!=H!NUMMM!6=??4EF!R7E7!>:7!3=F>!C=33=5
Y!!!,:7!737E9859!46<?>!G=G
<?4>8=5!8F!5=>!<58H=E3W!>:7E7!4E7!3<?>8G?7!H4C>=EF!>:4>!4HH7C>!
H8545C84?!?8>7E4C2!?7D7?FY!!-<E>:7EU!85!H8545C84?!76<C4>8=5!456!4FF7FF375>!>:7E7!8F!4!?4E97!
679E77!=H!D4E845C7!43=59!F<@P7C>!4E74!S7Y9YU!CE768>U!@<697>859U!85D7F>859U!>4]7FXU!?74E5859!
F>2?7FU!H
=E34>U!456!@4F7?857!Q5=R?7697!456!7]G7E875C7Y!!,:<FU!H8545C84?!76<C4>8=5!3<F>!@7!
E=@<F>W!8>!C455=>!GE=C776!R8>:!>:7!F437!C<EE8C<?<3!456!>4C>8CFY!!'7D7E>:7?7FFU!GE=9E43F!
4E7!E<5!>:E=<9:!4!F>4564E6!>73G?4>7!>:4>!8F!5=>!67F89576!>=!E74C:!4!68D7EF7!4<6875C7Y!!
.<E>=!7>!4?Y!SLMNMX!C4??76!H=E!68D7EF8>2!43=59!GE=9E43F!456!C=<EF7FU
!nYYY=57;F8`7!H8>F!4??!
GE=9E43F!4E7!<5?8Q7?2!>=!@7!7HH7C>8D7
Y!!&5F>746U!GE=9E43F!F:=<?6!@7!>4E97>76!>=!R=375U!
385=E8>87F!F<C:!4F!@?4CQF!456!J8FG458CFU!456!>:=F7!R8>:!?=R!76<C4>8=54?!
4>>485375>n!SG
Y!ciiXY!!!!!ac!(2<53324=10;54
?!657!:;414<;19!'=><10;54
!Z:8?7!>:7E7!:4F!@775!4!G=F8>8D7!4FF=C84>8=5!R8>:!G7EF=54?!H8545C84?!76<C4>8=5!456!
85CE74F76!?7D7?F!=H!H8545C84?!Q5=R?7697!456!
83GE=D76!
@7:4D8=EF
U!>:7E7!8F!F>8??!4!5776!H=E!
3=E7!R867
;FGE746!76
<C4>8=54?!=HH7E859F!
S0=E675!7>!4?YU!LMM\X
Y!!#452!E7F74EC:7EF!
:4D7!
F<997F>
76!>:4>!H8545C84?!76<C4>8
=5!C=<EF7F!F:=<?6!@7!E7I<8E76!H=E!
"%%!<58D7EF8>2!F><675>F
Y!!A<G845=!SLMNjX!E7C=3375676
!34564>=E2!H8545C84?!76<C4>8=5U!456!F>4>76!n>E485859!@7!
=HH7E76!5=>!P<F>!=5C7!@<>!4>!D4E8=<F!Q72!G=85>F!=D7E!>:7!C=<EF7!=H!G7=G?7oF!?8D7Fn!SGY!LXY!!
-<E>:7EU!
:7!F>4>76U!
n57R!F><675>F!389:>!H=C<F!=5!F><675>!?=45F!456!@<697>859U!R:8?7!
9E46<4>859!F758=EF!389:>
!?74E5!4@=<>!Q77G859!4!@<697>!=5!>:78E!F4?4E87F!456!:=R!:=37!
3=E>9497F!456!E7>8E7375>!F4D859F!G?45F!R=EQn!SGY!LXY!!&5!>:8F!R42U!>:7!4<>:=E!GE=3=>76!4!
67D7?=G375>4??2!G?45576!456!7]7C<>76!H8545C84?!C<EE8C<?<3Y
!!(CC=E6859!>=!+2=5F!
SLMMjXU!C=??797!F><675>F!R:=!4E7!67H8576!4F!4>
;E8FQ!4E7!4!G4E>8C<?4E!9E=<G!
85!5776!=H!H8545C84?!
4>>75>8=5Y!!,
:8F!4GGE=4C:
U!34Q859!G7EF=54?!H8545C7!4!E7I<8E7375>U
!R=<?6
!@2!67H4<?>
!57>!>:7F7
!F><675>F
KF><675>F!>:4>!342!
5=>!>4Q7!4!G7EF=
54?!H8545C7!C=<EF7!=E!
Q5=R!>:4>
!F<C:
!4!C=<EF7!R4F!=HH7E76Y!!
,:<FU!4!E7I<8E76!H8545C84?!76<C4>8=5!
C=3G=575>!
R=<?6!H<5C>8=5!4F!4!
37C:458F3!
H=E!74E?2!67>7C>8=5U!754@?859!74E?2!85>7ED75>8=5!H=E!4>
;E8FQ!F><675>F!S
.:45!7>!4?YU!
LMNLXY!!(F!0=E675!7>!4?
Y!SLMM\X!67C?4E76U!n-8545C84?!7]G7E>F!456!E7F7
4EC:7EF!:4D7!C4??76!H=E!
E79<?4E!H8545C84?!76<C4>8=5!C=<EF7F!=5!C43G<Fn!SG
Y!ciXY!!Z8>:=<>!4!F>E=59!456!C=5F8F>75>!
7HH=E>!H=E!H8545C84?!76<C4>8=5!>:4>!8F!E7I<8E76U!F>4564E68`76U!456!67?8D7E76!R8>:!I<4?8>2U!
H<><E7!9757E4>8=5F!R8??!C=5>85<7!>=!F>E<99?7!456!@7!
4>!4!68F46D45>497!R8>:85!>:8F!C:459859!
7C=5=32!
S04EE2U!LMNcX
Y!%E4@?7!456!b==!SLMMaX
!454?2`76!64>4!>4Q75!HE=3!F7D7E4?!F
:=E>;>7E3!R=EQF:=GF
!456!
H8545C84?!C=<5F7?859!F7FF8=5F!456!
F<997F>
76!>:4>!C7E>485!>=G8CF!85!
H8545C84?!
76<C4>8=5
!@7!
!aj!85>79E4>76!85>=!HE7F:345!=E875>4>8=5
Y!!,:8F!R=<?6!3458H7F>!8>F7?H!4F!4
!F:=E>!377>859!=E!
F73854E!85C=EG=E4>76!85>=!F<337E!C43G<F!>=<EF!456!C?4FF!F7?7C>8=5!=E!R7?C=37!R77Q!
GE=C776859F
Y!!A7FF8=5F!C=<?6!@7!:7?6!@=>:!=5!456!=HH!C43G<F!456!?76!@2!D4E8=<F!
GE=H7FF8=54?!456!F><675>
;?76!=E9458`4>8=5FY!!&5>
79E4>859!F34??
;FC4?7!R=EQF:=GF!=E!
C=<5F7?859!F7FF8=5F!85>=!HE7F:345!=E875>4>8=5!R=<?6!GE=D867!F><675>F!>:7!=GG=E><58>2!>=!
@7C=37!=E875>76!>=!C43G<F!?8H7U!4C46738C!GE=C76<E7F!456!E7I<8E7375>FU!456!57R!
3=57>4E2!E74?8>87FY!!
/4E75>F!C=<?6!4>>756!F7FF8=5F!>:4>!
R=<?6!:7?G!>:73!>=!Q5=R!>:7!
H8545C84?!C:4??7597F!>:78E!C:8?6E75!H4C7Y!!,:8F!4?F=!R=<?6!@7!45!4GGE=GE84>7!>837!H=E!G4E75>F!
>=!?74E5!4@=<>!>:7!H8545C84?!E7F=<EC7F!4D48?4@?7!=5!C43G<F!
S#8??7E!T!B@754<7E
U!LMNcXY!!!A838?4E?2U!
,42?=E!456!BD7E@72!SNVVVX
!F<997F>76!
:4D859!4!<58D7EF8>2!FG=5F=E76!R77Q!
H=C<F76!=5!H8545C84?!76<C4>8=5!456!4R4E757FFY!!)<E859!>:8F!>837U!3<?>8G?7!68FC8G?857F!456!
=HH8C7F!=5!C43G<F!C=<?6!G4E>8C
8G4>7Y!!.=??4@=E4>8=5!4CE=FF!C43G<F!8F!Q72!4F!
#8??7E!456!
B@754<7E!SLMNcX
!F>4>76U!q-8545C84?!?8>7E4C2!8F!F=37>:859!>:4>!CE=FF7F!4!?=>!=H!67G4E>375>F!
=5!C43G<Fn!
SGY!NXY!!-<E>:7EU!4>!>:8F!>837U!F><675>F!
R=<?6
!:4D7!>:7!=GG=E><58>2!H=E!H8545C84?!
C=<5F7?859U!:456F
;=5!>E485859U!G7EF=54?!H8545C84?!C:7CQ
;<GFU!456!E74?
;?8H7!H8545C84?!
F83<?4>8=5FY!!,:8F!C=<?6!GE=D867!3=E7!nH4C7
;>837n!H=E!F><675>F!R8>
:!H8545C84?!8FF<7F!S,42?=E!
T!BD7E@72U!NVVVXY!!-=E!4668>8=54?!=57
;=5;=57!C=<5F7?859U!F><675>F!R:=!4E7!34P=EF!85!>:7!
H87?6F!=H!@<F857FFU!H8545C7U!456!7C=5=38CF!C=<?6!GE=D867!G77E
;>=;G77E!375>=E859!>=!>:=F7!
R8>:=<>!7]G7E875C7!=E!8568D86<4?F!R8>:!FG7C8H8C!H854
5C84?!I<7F>8=5F!S#8??7E!T!B@754<7EU!
LMNcXY!!e7`4E!SLMNMX
!F<997F>76!7F>4@?8F:859!4!>4F
Q!H=EC7!C=3GE8F76!=Hd!S4X!GE=H7FF=EF!85!>:7!
H87?6F!=H!@<F857FFU!7C=5=38CFU!456!G7EF=54?!H8545C7W!S@X!H8545C84?!?=45!=HH8C7EFW!SCX!4C46738C!
46D8F=EFW!456!S6X!C43G<F!CE768>!<58=5!=HH8C7EFY!!,:8F!9E=<G!C=<?6!G?45!7D75>F!456!377>859FU!
4F!R7??!4F!H8545C84?!C<EE
8C<?4Y
!!aO!0=E675!7>!4?
Y!SLMM\X!H=<56!>:4>!F:=E>
;>7E3!H8545C84?!F73854EF!
R7E7!@=>:!4GG74?859
!456!7HH7C
>8D7!
H=E!F><675>F!R:=!:46!:89:7E!858>84?!?7D7?F!=H!H8545C84?!Q5=R?7697
Y!!,:7!R=EQF:=GF!C=D7E76!H8545C84?!8FF<7F!F<C:!4F!CE768>!345497375>U!67@>!?7D7?F!456!
345497375>U!4C:87D859!4HH=
E64@?7!:=<F859U!CE74>859!F4D859FU!456!F4D859
!H=E!9=4?FY
!!(H>7E!
C=3G?7>859!>
:7!F:=E>!H8545C84?!F73854EFU!F><675>F!E7G=E>76!>:4>!>:72!85>75676!>=!C:4597!
>:78E!<F7!=H!CE768>
Y!!,:7!F><675>F!F>4>76!>:4>!>:72!R45>76!>=!@7!@7>>7E!3=572!345497EFU!
7FG7C84??2!85!>:7!4E74F!=H!CE768>!456!F4D859F
Y!!,:7!4<>:=EF!
4??7976
U!nYYY>:4>!4!C:4597!85!F><675>F^!85>75>8=5F!>=!759497!85!3=E7!7HH7C>8D7!H8545C84?!@7:4D8=EF!456!?7FF!E8FQ2!H8545C84?!
@7:4D8=EF!8F!856776!45!8568C4>=E!=H!GE=9E43!7HH7C>8D757FF!85!75:45C859!G4E>8C8G45>Fo!H<><E7!
H8545C84?!@7:4D8=EFn!SG
Y!cOXY!!!(D4E6!7>!4?
Y!SLMMOX!46D=C4>7
6!>:4>
!H8545C84?!76<C4>8=5
!F:=<?6!@7
!>E74>76!
85!4!H4F:8=5!
>:4>!8F!
F838?4E!>=!34>:!76<C4>8=5
Y!!Z8>:85!>:8F!3=67?U!8
5C=3859!
F><675>F!R=<?6!>4Q7!4!
H8545C84?!?8>7E4C2!G?4C7375>!>7F>
Y!!04F76!=5!>:78E!FC=E7U!>:72!R=<?6!@7!G?4C76!85!45!
4GGE=GE84>7!?7D7?!C=<EF7Y!!A
><675>F!85!5776!=H!4668>8=54?!:7?G!R=<?6!:4D7!4CC7
FF!>=!45!
=5?857!E737684?!C=<EF7
!5=>!C=5F867E76!H=E!9E46<4
>8=5!CE768>Y!!,:8F!
=5?857!
3=6<?7!R=<?6!
H<5C>8=5!4F!4!
>==?!>:4>!R=<?6!7I<8G!F><675>F!>=!
F<CC7FFH<??2!
C=5>85<7!>:78E!H8545C84?!
76<C4>8=5
Y!!&5!45!7HH=E>!>=!:7?G!F><675>F!4FF<3859!?4E97!?7D7?F!=H!67@>!6<E859!>:78E!
76<C4>8=5U!.<??!456!Z:8>>=5!SLMNNX!F<997F>76!
E7I<8E859!F><675>F!R:=!E7C78D7!H767E4?!486!>=!
>4Q7!4!G7EF=54?!H8545C7!C=<EF7Y!!,:7!4<>:=EF!F>4>76!>:8F!4GGE=4C:!8F!=57!R42!>=!83GE=D7!
H8545C84?!?8>7E4C2U!67CE74F7!F><675>!?=45!67H4<?>!E4>7FU!456!7I<8G!F><675>F!>=!@7>>7E!:456?7!
>:78E!67@>Y!!
!+74E5859!456!4GG
?2859!H8545C84?!C=5C7G>F!>4Q7F!>837
Y!!,:<FU!4!F7E87F!=H!?85Q76!
H8545C84?!C=<EF7F!
R=<?6!:7?G!
GE=3=>7!85
;67G>:U!?=59
;>7E3!?74E5859
Y!!,:8F!4?F=!R=<?6!4??=R!
!aa!H=E!7]>75676!>837!>=!@7!>4Q75!=5!74C:!>=G8CU!GE=D86859!4!?74E5859!9E46875>
Y!!-<E>:7EU!>
:8F!4GGE=4C:!R=<
?6!4D=86!=D7E?=46859!=57!C=<EF7!R8>:!>==!3452!>=G8CF!456!
@E=46
!C=D7E497!Sl84=!7>!4?YU!LMNLX
Y!!/759!7>!4?
Y!SLMMiX!F>4>76U!n&>!8F!E74F=54@?7!>=!7]G7C>!>:4>!4F!C=??797!
F><675>F!>4Q7!=5!:89:7E!?7D7?F!=H!G7EF=54?!H8545C84?!E7FG=5F8@8?8>2U!>:78E!85>7E7F>!85!G7EF=54
?!H8545C7F!:789:>75F!456!?74E5859!>4Q7F!G?4C7n!SG
Y!L\MXY!!A7276845!T!18!SLMNNX
!H=<56!>:4>!
:89:7E;?7D7?!H8545C84?!C=<EF7F!
C=5>48576
!F><675>F!R8>:!:89:
7E!=D7E4??!4D7E497!FC=E7F!=5!
@=>:
!GE7
;456!G=F>
;>7F>F!=H!
H8545C84?!
?8>7E4C2
Y!!J7E7U!>
:7!GE7E7I<8F8>7!C=<EF7
SFX!R=EQ76!4F!4!
FGE859@=4E6!>=!>:7!9E46<4??2!85CE74F859!C=3G?7]8>2!=H!>=G8CF!=
HH7E76!85!
>:7!
57]>!C=<EF7Y
!.<EE75>?2U!>:7!H8545C84?!G8C><E7!=H!>:7!4D7E497!737E9859!46<?>!C=??797!F><675>!8F!=57!
=H!3=<5>859!G7EF=54?!456!76<C4>8=54?!67@>U!456!4!?4CQ!=H!Q5=R?7697!>=!:7?G!>:73!3=D7!
HE=3!67@>!67G75675C2!>=!H8545C84?!8567G75675C7Y!!"6<C4>8=5
!3<F>!H8??!85!>:8F!4GG4E75>!94GU!
456!H8545C84?!76<C4>8=5!3<F>!@7!GE=3=>76!=5!C=??797!C43G<F7F
U!85F867!456!=<>F867!=H!>:7!
C?4FFE==3Y!!,:7!E7FG=5F8@8?8>2!H=E!>:8F!8F!=5d!S4X!H438?87FU!G=?8C2!34Q7EFU!456!>:7!C=33<58>2!
>=!46D=C4>7W!S@X!C=??797!463858F>E4>=EF!>
=!34564>7W!SCX!GE=H7FF=EFU!46D8F=EF!456!486!
C=<5F7?=EF!>=!68FF73854>7W!456!S6X!F><675>F!>=!4GG?2!456!4GGE7C84>7Y
!/0>=240!@514?
!-8545C84?!F>E7FFU!E8F859!><8>8=5!C=F>FU!456!45!7D7E
;85CE74F859!67G75675C7!=5!F><675>!
?=45F!E7GE7F75>!C=5C7E5F!H=E!C=??797!463858F
>E4>=EFU!GE=H7FF=EFU!F><675>FU!456!>:78E!H438?87FY!!
,:8F!:4F!CE74>76!>:7!3=>8D4>8=5!H=E!E7F74EC:!=5!H8545C84?!76<C4>8=5!
S.:45!7>!4?YU!LMNLX
Y!!(37E8C45!F><675>F!=R7!574E?2!NYL!>E8??8=5!6=??4EF!85!F><675>!?=45!67@>U!4!H89<E7!>:4>!:4F!
F<EG4FF76!@=>:!CE768>!C4E6!456!G7EF=54?!67@>!>=>4?F!
S-E876345U!LMNjW!#4E>85!T!+7:E75U!
LMNLXY!!n$7C=E6!<573G?=2375>!?7D7?F!38]76!R8>:!45!<5GE7C7675>76!43=<5>!=H!F><675>!
!ai!?=45!67@>!C=<?6!@7
!4!E7C8G7!H=E!68F4F>7E!H=E!E7C75>!C=??797!9E46<4>7F!8H!>:72!6=5o>!Q5=R!:=R!
>=!345497!>:78E!3=572n!
S)=3=57??U!LMNNU!
GY!ON
XY!!!-=??=R
859!>:7!%E74>!$7C7FF8=5U!54>8=54?!456!F>4>7!FG756859!H=E!:89:7E!76<C4>8=5!:8>!
4!LO
;274E!?=RU!C=3GE=38F859!F>4>7!<58D7EF8>87F!456!>:78E!C=5D8C>8=5!>=!CE74>7!4CC7FF!H=E!4??!
F><675>FY!!Z:8?7!4>>75645C7!4>!F>4>7!<58D7EF8>87F!:4F!9E=R5U!H<56859!>=!>:7F7!<58D7EF
8>87F!
:4F!C=5>85<76!>=!@7!C<>U!H=EC859!>:7!<58D7EF8>87F!>=!C=3G75F4>7!@2!E48F859!><8>8=5Y!!)=54?6!"Y!
J7??7EU!6745!=H!>:7!.=??797!=H!"6<C4>8=5!4>!#8C:8945!A>4>7!*58D7EF8>2U!F>4>76!>:4>!
9=D7E5375>!=HH8C84?F!Q5=R!:89:7E!76<C4>8=5!8F!4!<58I<7!F7C>=E!>:4>!:4F!>
:7!4@8?8>2!>=!34Q7!
3=572!>:E=<9:!H<56!E48F859Y!!Z8>:!>:8F!Q5=R?7697U!C<>F!R7E7!3467!456!H<56F!R7E7!E48F76!
>:E=<9:!E48F859!><8>8=5!
S4F!C8>76!85!#4E>85!T!+7:E75U!LMNLX
Y!!.=5F>45>!><8>8=5!85CE74F7F!:4D7!
GE8C76!3452!?=R7E!456!3866?7!C?4FF!GE=FG7C>8D7!F><675>F!=<>!=H!>:7!76<C4>8=54?!
34EQ7>G?4C7Y!!(5!B:8=!F>4>7!E7GE7F75>4>8D7!F486U!n&>oF!:4
E6!>=!F42!8>oF!4HH=E64@?7!R:75!
F><675>F!?74D7!R8>:!>:4>!3<C:!67@>n!S4F!C8>76!85!#4E>85!T!+7:E75U!LMNLU!GY!aXY
!(CC=E6859!>=
!#8??7E!456!B@754<7E!SLMNcX
U!>:7!)7G4E>375
>!=H!"6<C4>8=5!R8??!
F45C>8=5!85F>8><>8=5F!R8>:!<54CC7G>4@?7!67H4<?>!E4>7FY!!n'74E?2!NULMM!FC:==?F!:4D7!?=F>!
F><675>!?=45!GE=9E43!7?898@8?8>2!@7C4<F7!=H!>:78E!67H4<?>!E4>7Fn!SGY!NXY!!,:7!7]C7FF!=H!
@=EE=R859!456!E8FQ!=H!H4??859!85>=!67H4<?>!@7945!85!?4E97!G4
E>!R8>:!H=E
;GE=H8>!C=??797FY!!&5!
LMNLU!NNp!=H!>:7!C=??797!F><675>!G=G<?4>8=5!4>>75676!4!H=E
;GE=H8>!FC:==?W!:=R7D7EU!>:8F!
F><675>!@=62!R4F!E7FG=5F8@?7!H=E!4!I<4E>7E!=H!4??!F><675>!?=45F!
S#4E>85!T!+7:E75U!LMNLW!
$=FF8U!LMNjXY!!!A><675>!?=45F!R7E7!>:7!=5?2!H=E3!=H!67@>!>:4>!85CE74F76!=D7E!>:7!C=<EF7!=H!>:7!%E74>!
$7C7FF8=5Y!!A7D7E4?!7C=5=38F>F!:4D7!?8Q7576!>:7!?7D7?!=H!F><675>!?=45!67@>!456!67H4<?>!>=!
>:7!E7C75>!3=E>9497!CE8F8FY!!Z:8?
7!>:7E7!4E7!G4E4??7?F!@7>R775!>:7!C<EE75>!F>4><F!=H!F><675>!
!a\!?=45F!456!>:7!E7C75>!3=E>9497!CE8F8FU!7C=5=38F>F!F>4>7!>:7!7HH7C>!=H!4!F><675>!?=45!C=??4GF7!
R=<?6!5=>!@7!4F!?4E97!4F!>:7!3=E>9497!CE8F8FY!!
.<EE75>?2U!85!>:7!*AU!
>=>4?!F><675>!?=45!67@>!
:4F
!>:7!F7
C=56!?4E97F>!=D7E4??!
67@>!
@4?45C7
Y!!&>!8F!9E74>7E!>:45!CE768>!456!G7EF=54?
;C=5F<37E!?=45F!@<>!F>8??!F7C=56!>=!3=E>9497!67@>Y!!-<E>:7EU!F><675>!?=45!67@>!8F!GE834E8?2!
8FF<76!>:E=<9:!>:7!H767E4?!9=D7E5375>U!>:<F!>:7!E8GG?7!7HH7C>!R=<?6!5=>!7]>756!>=!>:7!
@45Q859!F7C>=E!
S-E876345U!LMNjW!#4E>85!T!+7:E75U!LMNLX
Y!(CC=E6859!>=!.<??!456!Z:8>>75!SLMNNX!76<C4>859!F><675>F!=5!>:78E!C:=8C7!=H!34P=EU!
>:7!43=<5>!=H!486!>:72!R8??!5776U!E7
;G42375>!G?45FU!456!9757E4?!345497375>!=H!>:78E!
F><675>!?=45!67@>!8F!>:7!E7FG=5F8@8?8>2!=H!>:7!<58D7EF8>2Y!!
B57!=H!>:7!<585>75676!
C=5F7I<75C7F!=H!F><675>!?=45F!8F!>:4>!8>!:4F!><E576!C:=8C7!=H!34P=E!456!679E77!>2G7!85>=!4!
:89:!F>4Q7F!943@?7Y!!A><675>F!3<F>!3
4Q7!>:7!nE89:>n!C:=8C7!R:75!8>!C=37F!>=!C:==F859!45!
4E74!=H!F><62U!8>!3<F>!G42!=HHU!456!>:78E!H<><E7!74E5859F!3<F>!34>C:!=E!7]C776!>:78E!C<EE75>!
67@>!?7D7?F!
Se<7:5U!LMNLX
Y!!,:E=<9:=<>!>:78E!76<
C4>8=5!F><675>F!3<F>!@7!>4<9:>!@4F8C!
H8545C84?!?7FF=5F
K345497375>!=H!67@>U!H<5C>8=5859!R8>:85!4!@<697>U!>73G7E859!R45>FU!456!
F7>>859!456!4>>485859!9=4?FY!!,:8F!76<C4>8=5!E7GE7F75>F!4!E89:>!H=E!>:7!F><675>!456!4!
E7FG=5F8@8?8>2!=H!>:7!85F>8><>8=5!
S)8?R=E>:!7>!4?YU!LMMMX
Y!!#4E>85!456!+7:E75!SLMNLX
!F>4>76U!
n(F!GE8C7F!F=4EU!4!C=??797!679E77!F>4>8F>8C4??2!
E73485F!4!9==6!?8H7>837!85D7F>375>n!SGY
!NXY!!A><675>!?=45F!4E7!4!57C7FF4E2!
7D8?!H=E!3452!
737E9859!46<?>FU!85CE74F859
!4CC7FF
!>=!76<C4>8=5
!H=E!3452!R:=!R=<?6!=>:7ER8F7!@7!675876Y!!
,:7E7!4E7!3<?>8G?7!4FG7C>F!
=H!F><675>!?=45F!
>:4>!4E7!
G=F8>8D7
d!S4X!4??=R
859!4CC7FF!>=!
76<C4>8=5U!S@X!4??=R
859!H<??
;>837!4>>75645C7!85!FC:==?U!SCX!C<
>>859!6=R5!=5!>:7!5776!H=E!
7]>7E54?!
73G?=2375>
U!456!S6X!GE=D86
859!8337684>7!H8545C84?!HE776=3!456!=GG=E><58>2!>=!
H=C<F!=5!76<C4>8=5
!S"8>7
?!T!#4E>85U!LMMVX
Y!!-=E!"8>7?!456!#4E>85^F!SLMMVX!H8EF>
;9757E4>8=5!
!aV!F43G?7U!
>:7F7!F><675>F
!E7?876!=5!
?=45F!
>=!C=D7E!>:7!C=F>!=H!><8>8=5!456!76<C4>8=5!E7?4>76!
7]G75F7F!4F!R7??!4F!@4F8C!?8D859!5776F!F<C:!4F!:=<F859U!H==6U!456!G7EF=54?!:298757!
34>7E84?F
Y!!,:7!G4E>8C8G45>F!85!>:8F!F><62!E734EQ76!>:4>!R8>:=<>!486
U!>:7F7!5776F!456!>:78E!
4FF=C84>76!7]G75F7F!R=<?6!9=!<537>!
S"8>7?!T!#4E>85U!LMMVX
Y!!J=R7D7EU!:456?859!67@>!HE=3!
F><675>!?=45F!
G=F>!9E46<4>8=5!
@7C=37F!
45!83G756859!E74?8>2Y!!e5=R?7697!=5!R:4>!?=45F!
456!?=45!43=<5>F!>=!C:==F7U!345497375>!=H!85>7E7F>!456!G42375>FU!456!54D894>859!
E7G42375>!8F!Q72Y!!$7F74EC:
U!76<C4>8=5U!456!G=?8C2!3<F>!H=C<F!=5!>:7!3<?>8G?7!H4C7>F!=H!>:8F!
8FF<7!85!=E67E!>=!@7>>7E!F7ED7!F><675>F!456!H438?87FY
!!(F!
0E=R5U!J4<9:R=<5>U!+77U!#4@<>4FU!
456!D45!67E!e?44R!
SLMNLX!F>4>76U!q
%8D75!>:4>!F><675>!?=45F!4E7!45!8568FG75F4@?7!>==?!H=E!
76<C4>8=54?!46D45C7375>U!>:8F!H=E3!=H!67@>!R8??!E73485!4!CE8>8C4?!G=?8C2!H=C<F!H=E!
9757E4>8=5F!>
=!C=37r
SG4E4
Y!NjXY!"54?>327!=
280J
!!.<E>=!7>!4?Y!SLMNMX!C=5C?<676U!
n,:7!H8545C84?!F8><4>8=5!=H!>=642oF!2=<>:!8F!C:4E4C>7E8`76!85CE74F859?2!@2!:89:!?7D7?F!=H!67@>n!SG
Y!cOVXY!!*A(!,=642!456!
>:7!
'4>8=54?!"56=R375>!H=E!-8545C84?!"6<C4>8=5!S
'"-"
X!C=56<C>76!4!F<ED72!R8>:!46<?>F!85!>:7!
497!E4597!=H!LL
;LVY!!,:7!E7F<?>F!E7D74?76
!>:4>
!cMp!=H!2=<59!G7=G?7!
H7?>!HE7I<75>?2!R=EE876
!4@=<>!>:78E!H8545C7FU!LVp!F486!67@>!R4F!>:7!E74F=5!H=E!5=>!C=5>85<859!>:78E!76<C4>8=5U!456!
LLp!>==Q!4!P=@!>=!:7?G!:45
6?7!>:78E
!?7D7?!=H!67@>Y!!
,:8F!F<ED72!4?F=!E7D74?76!>:4>!3=E7!
>:45!
:4?H!=H!>:7!737E9859!46<?>!G4E>8C8G45>F
!686!5=>!:4D7!E7>8E7375>!F4D859F!85!G?4C7
U!5=E!
4!G?45!H=E!H<><E7!E7>8E7375>!F4D859FY!!&5!4668>8=5U!
4E=<56!jMp!686!5=>!:4D7!4!F>4564E6!F4D859F!
4CC=<5>
!S*A(!,=642
!T!'4>8=54?!"56=R375>!H=E!-8545C84?!"6<C4>8=5U!LMMaX
Y!!)8?R=E>:!7>!4?Y!SLMMMX!C=3G4E76!>:7!3=57>4E2!9=4?F!=H!737E9859!46<?>!C=??797!
F><675>F!>=!>:=F7!=H!>:78E!G4E75>FY!!,:7!F><62!E7D74?76!>:4>!?7FF!>:45!:4?H!=H!2=<>:!Sca!
737E9859!46<?>!F><675>F!=<>!=H!i
OX!E7C=958`76!G42859!6=R5!67@>!4F!4!9=4?Y!!,:7!F43G?7!4F!4!
!iM!R:=?7!S737E9859!46<?>!456!34><E7!46<?>X!H48?76!>=!E45Q!67@>!G42375>F!4F!:89:!4F!=>:7E!
5776F!456!R45>FY!!,:8F!E7F<?>!E48F7F!C=5C7E5Y!!-
8545C84?!GE=H7FF8=54?F
!G<EG=E>!
>:4>!G42859!
6=R5!67@>!8F!4!H=E3!
=H!F4D859F
Y!!(??7D84>859!67@>!8F!>:7!H8EF>!F>7G!>=R4E6!3=D859!<G!>:7!
H8545C84?!G?455859!G2E4386
!SF4D859FU!E7>8E7375>U!85D7F>859!H=E!9=4?FX!
S%4E345!T!-=E9<7U!
LMNLXY!!!-8545C84?!76<C4>8=5!
3<F>
!85C?<67!?7FF=5F!=5!>:7!3=F>!7HH7C>8D
7!H=E3F!=H!34549859!
456!C?74E859!67@>Y!!
,:7!F4?875C7!=
H!H8545C84?!76<C4>8=5!48376!4>!67@>!3
45497375>!8F!C?74Ed!
!¥ $7F74EC:!:4F!E7D74?76!>:4>!737E9859!46<?>F!?4CQ!4!E7I<8F8>7!?7D7?!=H!H8545C84?!
Q5=R?7697
!>=!345497!>:78E!434FF859!67@>U!6
48?2!7]G75F7FU!456!H<><E7!9=4?FY
!¥ A><675>!?=45!67@>!8F!4!@<E675!4HH7C>859!3<?>8G?7!G4E>87Fd!737E9859!46<?>!
F><675>F
U!G4E75>F!456!H438?87FU!<58D7EF8>87F!456!>:78E!9=D7E5859!@=687FU!456!
F>4>7!456!H767E4?!9=D7E5375
>Y!¥ *5C:7CQ76
U!F><675>!?=45!67@>!C=<?6!CE74>7!4!C78?859!=H!H8545C84?!9E=R>:!H=E!
737E9859!46<?>F!456!>:7!7C=5=32!4F!4!R:=?7!S7Y9YU!?838>859!H8EF>
;>837!:=37!
@<27EF
X!S0E=R5!7>!4?YU!LMNLW!&``=U!LMNjW!#8??7E!T!B@754<7EU!LMNcX
Y!%1724019
!:;414<;19!
/5<;19;S10;54!
!/4E75>4?!H8545C84?!68FC<FF8=5F!R8>:!>:78E!737E9859!46<?>!C:8?6E75U!7FG7C84??2!6<E859!
>:7!>E45F8>8=5!>=!C=??797U
!GE=D867
!4!H8545C84?!>E485859!9E=<56!
SA7E86=!7>!4?YU!LMNMX
Y!!.:=!7>!4?Y!
SLMNLX!E7G=E>76!>:4>!G4E>8C8G45>F!85
!>:78E!F><62!R7E7!FG?8>!4F!>=!R:7>:7E!>:72!68FC<FF76!
H8545C84?!34>>7EF!R8>:!>:78
E!G4E75>F
Y!!-=E>2
;>R=!G7EC75>!F>4>76!>:72!686!5=>!>4?Q!>=!>:78E!
G4E75>F!4@=<>!H8545C84?!68FC<FF8=5FU!R:8?7!=D7E!:4?H!F>4>76!>:72!686!:4D7!=59=859!H8545C84?!
68FC<FF8=5FU!456!?7FF!>:45!=57!G7EC75>!F>4>76!>:72!948576!H8545C84?!85H=E34>8=5!HE=3!45!
76<C4>8=54?!
C=<EF7Y!!.:75!456![=?G7!SLMMLX
!H=<56!>:4>!3=E7!34?7!G4E>8C8G45>F!>:45!
!iN!H734?7F!@7?87D76!>:4>!C=??797!H8545C7!C=<EF7F!R=<?6!:7?G!83GE=D7!>:78E!H
8545C84?!?8>7E4C2
Y!!Z=375!E4>76!G4E75>4?!F=C84?8`4>8=5!:89:7E!>:45!34?7FW!:=R7D7EU!C=5F867E859!>:78E!?=R!
G7EH=E345C7
U!>:7!4<>:=EF!
F>4>76
U!n&>!F773F!>=!F<997F>!>:4>!G4E75>F!4E7!5=>!Q5=R?76974@?7!
=E!>:4>!>:7!85H=E34?!>74C:859!456!?74E5859!GE=C7FF!@7>R775!
G4E75>F!456!C:8?6E75!8F!
857HH7C>8D7n!SG
Y!cMaXY!!!)457F!SNVVjX
!4FF7FF
76!G4E75>F
^!G7EC7G>8=5!=H!>:7!4GGE=GE84>7!497!456!F>497!>=!
H8545C84??2!F=C84?8`7!>:78E!C:8?6E75
Y!!&5!>:8F!F><62
U!G4E75>F!F>4>76!>:4>!>:7!>775!456!737E9859!
46<?>!274EF!E7GE7F75>76!45!4GGE=G
E84>7!>837!H=E!>:78E!C:8?6E75!>=!?74E5!4@=<>!H438?2!
85F<E45C7
!C=D7E497U!:4D7!>:78E!=R5!C:7CQ859!4CC=<5>U!@7!E7FG=5F8@?7!H=E!>:78E!=R5!CE768>U
!456!:4D7!456!345497!G7EF=54?!?=45F
Y!!,:7F7!274EF
!SNO;LMX!R7E7!R:75!>:7!34P=E8>2!=H!
G4E75>F!@7?87D76!>:78E!2=<59!46
<?>F!F:=<?6!@7!85D=?D76!85!H438?2!H8545C7F!456!H<E>:7E!@7985!
>=!@7!85D=?D76!R8>:!>:78E!=R5!G7EF=54?!H8545C7F
Y!!!"37E9859!46<?>!C:8?6E75!
R:=
!F4R!>:78E!G4E75>F!4F!H8545C84?!E=?7!3=67?F!H7??!85!?857!
R8>:!>:78E!G4E75>F
^!H8545C84?!7]G7C>4>8=5FU!4C>76!=<>!G=F8>8
D7!H8545C84?!@7:4D8=EFU!456!
GE=C?48376
!4!:89:7E!?7D7?!=H!
H8545C84?!C=5H8675C7!
SA:83!7>!4?YU!LMNMX
Y!!.<E>=!7>!4?Y!SLMNNX!
H=<56!>:4>!G
4E75>F^!G7EF=54?!85D=?D7375>!85!>:7!H8545C84?!R=E?6!S7Y9YU!:=?6859!F>=CQFX!R4F!4!
F4?875>!H4C>=EU
!85CE74F859!>:7!G7EC75>497!=H!C=EE7C>!45FR7EF!>:78E!F><675>SFX!FC=E76!=5!4!
374F<E7!=H!H8545C84?!?8>7E4C2Y!!"37E9859!46<?>!C:8?6E75!:46!4!@7>>7E!9E4FG!=5!E8FQ!
68D7EF8H8C4>8=5!4F!4!E7F<?>!=H!>:78E!G4E75>F!@7859!85D=?D76!85!>:7!F>=CQ!34EQ7>Y!!J=<F7:=?6F!
R8>:!
:89:7E!R74?>:!456!4FF7>!?7D7?FU!4CC=E6859!>=!
#=5>8C=57!SLMNMX
U!>75676!>=!:4D7!:89:7E!
?7D7?F!=H!H8545C84?!Q5=R?7697!456!GE8=E8>8`7!H8545C84?!?8>7E4C2Y!!J=R7D7EU!8>!F:=<?6!@7!5=>76!
>:4>!>:8F!7HH7C>!
R4F!F34??Y!!
#<EG:2!SLMMOX
!FG=Q7!=H!G4E75>F^!G7EF=54?!76<C4>8=5!?7D7?!4F!>:7!
!iL!3=F>!F8958H8C45>!H4C>=E!4HH7C>859!H8545C84?!?8>7E4C2Y!!A><675>F!R8>:!:89:?2!76<C4>76!G4E75>F!
=D7E4??!FC=E76!:89:7E!=5!>:7!H8545C84?!?8>7E4C2!374F<E7Y
!A7E86=!7>!4?
Y!SLMNMX!H=<56!>:4>!G4E75>4?!H8545C84?!7]G7C>4>8=5F!
456!4!:89:!?7D7?!=H!
G4E75>
;C:8?6!
C=33<58C4>8=5!85H?<75C76!>:7!<F7!=H!H<><E7
;=E875>76!C=G859!@7:4D8=EF
Y!!/E7D75>8D7!H8545C84?!C=G859
!8F!67H8576!4F
!@7:4D8=EF!>:4>!
4>>73G>!>=!
:456?7!8FF<7F!=H!
H8545C84?!<5C7E>485>2!
F<C:!4F!@<697>859!456!C=5F>E485859!FG756859!G7E!>:7!@<697>
Y!!B5!>:7!
=>:7E!:456
U!GE=4C>8D7!H8545C84?!C=G859
!8F!67H8576!4F
!@7:4D8=EF!48376!4>!4>>485859!H8545C84?!
9=4?F!F<C:!4F
!F4D859!456!85D7F>859
Y!!A7E86=
!SLMNMX!F>4>76U!
nYYY=<E!H856859F!GE=D867!F<GG=E>!
>:4>!H
8545C84?!85>7E4C>8=5F!@7>R775!G4E75>F!456!C=??797
;4976!C:8?6E75!342!H4C8?8>4>7!>:7!
67D7?=G375>!=H!C:8?6E75oF!H8545C84?!C=G859!@7:4D8=EFn!S
GY!jaMXY!!eE8`7Q!456!&59!SLMNLX
!F><6876!>:7!H8545C84?!?8>7E4C2!?7D7?F!=H!737E9859!46<?>!C=??797!
F><675>F!456!7]438576!>:7!HE7I<75C2!456!I<4?8>2!=H!Q5=R?76
97!68FF73854>8=5!=5!>:7!G4E>!
=H!>:7!737E9859!46<?>!>=!>:78E!HE8756F!456!H438?2
Y!!BD7E!:4?H!=H!>:7!F><62!G4E>8C8G45>F!F>4>76!
>:4>!>:72!:4D7!@775!4GGE=4C:76!456!4FQ76!@2!HE8756F!456!H438?2!H=E!:7?G!456!46D8C7!
E7?4>76!>=!H8545C84?!8FF<
7FY!!(!?4E97!34P=E8>2!=H
!G4E>8C8G45>F!SaLYOpX!@7?87D7
6!>:4>!>:72!
:46
!F<8>4@?7!Q5=R?7697!=H!H8545C84?U!7C=5=3
8CU!456!C=5F<37E!34>>7EFY!!
(!F838?4E!GE=G=E>8=5!
@7?87D7
6!>:72!R=<?6!@7!4@?7!>=!GE=D867!46D8C7!>=!>:=F7!F77Q859!H8545C84?!:7?GY
!/>3317H!56!@;02710>72!(2G;2B
!.=??797!8F!4!>83
7!H=E!737E9859!46<?>F!>=!7]G7E875C7!HE776=3!456!>E2!=5!3<?>8G?7!
E=?7FY!
!#452!737E9859!46<?>F
U!6<E859!>:8F!67D7?=G375>4?!G7E8=6U
!>4Q7!E7FG=5F8@8?8>2!H=E!
>:78E!H8545C7F!H=E!>:7!H8EF>!>837!85!>:78E!
?8D7F
!S0=E675!7>!4?YU!LMM\X
Y!!)<E859!>:8F!>837U
!F><675>F!>756!>=!4CI<8E7!?4E97!43=<5>
F!=H!67@>!SF><675>!?=45U!C=5F<37EX!R:75!>:72!34Q7!
?8>>?7!>=!5=!85C=37Y!!
,:7!E7F<?>F!=H!GE7D8=<F!E7F74EC:!GE7F75>!4!F>E=59!C4F7!H=E!H<E>:7E!
!ic!85D7F>894>8=5!85>=!
737E9859!46<?>F!456!>:78E
!H8545C84?!C4G4@8?8>2Y!!
"37E9859!46<?>F
!6=!5=>
!:4D7!45!467I<4>7!?7D7?!=H!H8545C84?!
C4G4@8?8>2
!S7Y9YU!07<>?7E!7>!4?YU!LMM\W!)8?R=E>:!7>!4?YU!
LMMMXY!!n.=??797!F><675>F!342!@7!C=5F867E76!4!:89:
;E8FQ!9E=<G!R:75!8>!C=37F!>=!7C=5=38C!
F>4@8?8>2U!456!>:<F!R7??
;@78
59U!98D75!>:78E!GE=G75F8>2!>=!@=EE=R!>=!H<56!>:78E!C=??797!
76<C4>8=5n!
S%<>>7E!T!.=G<EU!LMNNU!
GY!iMMXY!!"6<C
4>8=5!8F!Q72!>=!83G4E>859!H8545C84?!
Q5=R?7697
!456!85H?<75C859!H8545C84?!C4G4@8?8>2
Y!!.:45!7>!4?Y
!SLMNLX!F>4>76U!
n-8545C84?!
76<C4>8=5!GE=9E43F!F:=<?6!GE=D867!F><675>F!R8>:!@=>:!G7EC78D76!Q5=R?7697!456!
G7EC78D76!C=5>E=?!>=!67D7?=G!456!GE4C>8C7!:74?>:2!H8545C
84?!345497375>n!
SGY!NLVXY!!,:7!9=4?!=H!H8545C84?!76<C4>8=5!8F!G=F8>8D7!9E=R>:!85!H8545C84?!Q5=
R?7697U!4>>8><67FU!456!
@7:4D8=EF
U!<?>834>7?2!CE74>859!F<CC7FFH<?U!C4G4@?7!3=572!345497EFY!
!&5!4668>8=5U!E7G?7>7!
>:E=<9:!>:7!E7F74EC:!?8>7E4><E7!8F!>:7!85H?<75C7!=H!G4E75>F!4F!4975>F!=H!H8545C84?!
F=C84?8`4>8=5Y!!-8545C84?!76<C4>8=5!F>4E>F!456!8F!F<GG=E>76!@2!737E9859!46<?>!G4E75>FY!
!-8545C84?!?7FF=5F!4E7!68FF73854>76!@=>:!H=E34??2!456!85H=E34??2U
!85>75>8=54??2!456!
<585>75>8=54??2Y!!A:83!7>!4?Y!SLMNMX!H=<56!R:75!G4E75>F!85>75>8=54??2!>4<9:>!H8545C84?!
?7FF=5F!>:7!=<>C=37!R4F!9E74>7E!>:45!>:4>!=H!H=E34?!FC:==?859Y
!!!!ij!"#$%&'(!&#(''
+!K$*./"(,%&!)*'
!'K'(N,*N!$-.@&!:,*$*",$@!"$%$E,@,&T+!$*!$*$@T/,/!)
:!"('
-,&Q-'E&!$*-!
/$P,*N/Q,*P'/
&,*N!"$%$E,@,&T!
!(2G;2B!56!@;02710>72
!A><687F!FG455859!3<?>8G?7!C=5>8575>F!F>733859!HE=3!@<F857FFU!7C=5=38CFU!
GF2C:=?=92U!456!:<345!67D7?=G375>!:4D7!<>8?8`76!
3<?>8G?7
!>:7=E87F!S
7Y9YU!?8H7!C=<EF7U!
C=5F<37E
!456!
H8545C84?!F=C84?8`4>8
=5U!F=C84?!?74E5859X!456!@=>:!I<45>8>4>8D7!456!I<4?8>4>8D7!
37>:=6F!>=!F><62!737E9859!46<?>F^!H8545C84?!?8>7E4C2!
S.:=U!%<>>7EU!e83U!T!#4<?685U!LMNLW!
%<63<5F=5!T!)457FU!LMNNW!%<>>7EU!%4EE8F=5U!T!.=G<EU!LMNMW!%<>>7E!7>!4?YU!LMNMW!+2=5FU!
LMMjW!A:83!7>!4?YU!LMNMX
Y!!,:7!83G=E>4
5C7!456!FC=G7!=H!>:8F!E7F74EC:!F>73F!HE=3!>:7!H4C>!
>:4>!H
8545C7!:4F!45!n85>7ER=D75!54><E7n!
R8>:!3<?>8G?7!4FG7C>F!=H!?8H7U!85C?<6859!>:7!>83859!
456!I<4?8>2!=H!737E9859!46<?>F^
!9E=R>:!456!
E=?7!
>E45F8>8=5F!SA:83!7>!4?YU!LMMVU!G
Y!iLLXY!!)8?R=E>:U!.:75=R7>:U!T
!"597?@E7C:>U!SLMMMX!67H8576!
3=572!4F!:4D859!4!n648?2!F8958H8C45C7n!
85!?8H7Y!!J=R7D7EU!>:72!R75>!=5!>=!F>4>7!>:4>!H8545C84?!?8>7E4C2!8F!5=>!4!GE8=E8>2!=5!>:7!
34P=E8>2!=H!C=??797!C43G<F7F!
SGY!ccXY!!n,:78E!u737E9859!46<?>!C=??797!F><675>Fv!H<><E7!
7C=5=38C!G8C><E7!C=<?6!@7!4!34`7!=H!C=5H?8C>U!67@>!67?85I<75C87FU!456!<5G486!@8??F!<5?7FF!
7HH=E>F!>=!76<C4>7!456!C=<5F7?!F><675>F!4@=<>!3=572!34>>7EF!4E7!85CE74F76n!
S,42?=E!T!
BD7E@72U!NVVVU!
GY!jM
XY!!!,:7!G7E8=6!=H!737E9859!46
<?>:==6!S
"(X!8F!4!D84@?7!G7E8=6!R8>:85!>:7!?8H7!C=<EF7!
R:75!8568D86<4?F!4E7!GE8376!H=E!E7C78D859!H8545C84?!85H=E34>8=5Y!!,:7F7!?7FF=5FU!R:75!
4D48?4@?7U!
:4D7!>:7!G=>75>84?!>=!
85H?<75C7
!737E9859!46<?>F!GE=H=<56?2!4F!>:72!
34Q7!>:7!
>E45F8>8=5!HE=3!H8545C84?!67
G75675C7!>=!8567G75675C7Y!!
(668>8=54?
!E7F74EC:!85!>:8F!4E74!8F!
!iO!577676Y!!$7F74EC:7EF
!5776!>=!Q5=R!3=E7!4@=<>!
>:7
!?7D7?!=H!H8545C84?!76<C4>8=5!4D48?4@?7!>=!
2=<59!G7=G?7U!8>F!7HH7C>U!456!R:4>!8F!577676!H=E!
H<><E7
!9E=R>:Y!!
!:;414<;19!'=><10;54
!A><687F!>:4>!
:4D
7!7]4385
76!:89:!FC:==?!456!C=??797!F><675>F^!?7D7?!=H!H8545C84?!
?8>7E4C2!:4D7!E7D74?76!>:4>!F><675>F!4>!@=>:!?7D7?F!4E7!H858F:859!>:78E!76<C4>8=5!R8>:!D7E2!
?8>>?7!Q5=R?7697
!456!CE8>8C4?!>:85Q859
!=H!>:7!GE=G7E!:456?859!=H!>:78E!H8545C84?!?8D7F!
S.:75!T!
[=?G7U!NVV\X
Y!!,:7!34P=E8>2!=H!H8545C84?!?8>7E4C2!E7F74EC:
7EF!R=<?6!4R4E6!H48?859!9E467F!>=!
737E9859!46<?>F
Y!!B5!4D7E497!F><687F!:4D7!H=<56!G4E>8C8G45>F
!=5?2!45FR7E76
!:4?H!=H!>:7!
H8545C84?!
?8>7E4C2!
I<7F>8=5F!C=EE7C>?2!
SJ8??!T!/7E6<7U!LMM\X
Y!!*567E9E46<4>7!F><675>F!
C=5H7FF76U!85!4!F><62
!C=56<C>76!@2!
A4??87!#47!SLMMVXU!>=!5776859!9E74>7E
!4CC7FF!>=!H8545C84?!
76<C4>8=5Y!!
,:7!LMNc!.=5F<37E!-8545C84?!+8>7E4C2!A<ED72!H=
<56!>:4>!
4?3=F>
!:4?H!=H!>:=F7!
F<ED7276!E4>76!>:78E!?7D7?!=H!G7EF=54?!H8545C84?!Q5=R?7697!4F!4!.U!)U!=E!-!=5!4!>E468>8=54?!
9E46859!FC4?7!
S04EE2U!LMNcX
Y!!!-8545C84?!76<C4>8=5!8F!F<CC7FFH<?!R:75!?8H7!C=<EF7!497U!F>497U!456!>E45F8>8=5F!4E7!
>4Q75!85>=!4CC=<
5>Y!!"37E9859!46<?>!F><675>F!4>!>:7!@79855859!=H!>:78E!76<C4>8=54?!P=<E572!
342!5=>!@7
!85>7E7F>76!85!=E!4@?7!>=!C=3GE7:756!C=3G?7]!8FF<7
F!=H!34CE=!7C=5=38CFU!
85D7F>859U!
456!>4]4>8=5!
S04EE2U!LMNcX
Y!!(97!456!F>497!G?42!45!83G=E>45>!E=?7!85!
737E9859!
46<?>F!
4@F=E@859!456!4GG?2859!H8545C84?!C=5C7G>FY!!
-=E!7]43G?7U!
/759!7>!4?
Y!SLMMiXU!E7D74?76
!C=??797!C=<EF7F!
:46!4!9E74>7E!
85H?<75C7!=5!85D7F>375>!Q5=R?7697!R:75!C=3G4E76!>=!:89:!
FC:==?!C=<EF7F
Y!!"6<C4>8=5!
@72=56
!45!<567E9E46<4>7!679E77!4?F=!R4F!G=F8>8D7?2!
E7?4>76
!>=!85D7F>375>!Q5=R?7697
Y!!-<E>:7E3=E7U!7
4E?2!G4E>8C8G4>8=5!R8>:!H8545C
84?!C=5C7G>F!F<C:!4F!
:=?6859!4!@45Q!4CC=<5>!=E!85D7F>375>F!@7H=E7!4>>756859!C=??797!
R7E7
!4FF=C84>76!R8>:!
:89:7E!85D7F>375>!Q5=R?7697
Y!!!!ia!*567EF>456859!>:7!I<4?8>2!456!H867?8>2!=H!H8545C84?!76<C4>8=5U!@7F>!GE4C>8C7F!H=E!
C=5>75>!68FF73854>8=5U!456!>:7!FG7C8H8
C!H8545C84?!5776F!=H!737E9859!46<?>!C=??797!F><675>F!
R8??!<?>834>7?2!:7?G!>=!CE74>7!@7>>7E!H8545C84?!76<C4>8=5!GE=9E43F!456!3=572!345497EFY
!"54?>327!14=!/0>=240!@514!
-280
!!)7@>!8F!4!E74?U!C=5F>45>U!456!H=E7@=6859!GE7F75C7!85!>:7!?8D7F!=H!3452!737E9859!
46<?>!C=??797!F><675>FY!!,:7!85CE74F859!57C7FF8>2!=H!76<C4>8=5!456!4FF=C84>76!C=F>!=H!
76<C4>8=5!:4D7!H=EC76!737E9859!46<?>!F><675>F!456!>:78E!H438?87F!>=!4FF<37!:89:!?7D7?F!=H!
67@>!R8>:!>:7!
8+B.
!=H!H<><E7!GE=H8>Y!!,:7!67F8E7!H=E!76<C4>8=5!:4F!@7C=37!F=37R:4>!=H!4!
C<?><E4?!5=E3W!=57!3<F>!4>>756!C=??797!H=E!>:7!7]G7E875C7U!:8F>=E2!456!>E468>8=5U!456!4F!4!
>8CQ7>!>=!4!@7>>7E!H<><E7Y!!,:8F!C<?><E4?!GE7FF<E7!8F!C=3G=<5676!@2!67C?85859
!F>4>7!H<56859!
456!E8F859!><8>8=5U!CE74>859!4!E7?845C7!=5!F><675>!?=45F!>:4>!H=E!3452!7C=5=38F>F!C=<?6!
E7GE7F75>!>:7!57]>!7C=5=38C!@<@@?7!>=!@<EF>!
S$=FF8U!LMNjXY!&5!LMMcU!>:7!-767E4?!$7F7ED7!.:48E345!F>4>76U!n.7E>485?2!2=<59!46<?>F!:4D7!4CC7FF!
>=!CE768>!4>!4!3<C:!74E?87E!497!>:45!>:78E!G4E75>F!686Y!!(CC=E6859?2U!>:72!5776!4!3=E7!
C=3GE7:75F8D7!<567EF>456859!=H!CE768>!>:45!R4F!4HH
=E676!>=!>:7!GE7D8=<F!9757E4>8=5YYYn!S4F!
C8>76!85!.<??!T!Z:8>>=5U!LMNNU!GY!NMNXY!!
)<7!>=!
F<@F>45>84?
!67@>!?7D7?F!43=59!737E9859!46<?>!
C=??797!F><675>FU
!l84=!7>!4?Y!SLMMVX
!E7D74?76
!>:4>!
85C=37!456!R74?>:!4E7!5=>!4GGE=GE84>7!
374F<E7F!=H!H8545C84?!F4>8FH4C>8=5!H=E!C=??797!F><675>FY!!,:78E!?7D7?F!=H!85C=37!456!R74?
>:!
D4E2!83375F7?2!456!4E7!>2G8C4??2!45!499E794>7!=H!G4E>
;>837!R=EQU!G4E75>!=E!H438?2!F<GG=E>U!
456!CE768>!=E!?=45FY!!,:7!4<>:=EF!F>4>76!>:4>!67@>!8F!GE=@4@?2!4!@7>>7E!374F<E7!>=!<F7!R8>:!
C=??797!F><675>FY!!
!+2=5F!SLMMjX!
4FF7E>76
!nh>:4>!>:7!E8F859!C=F>F!=H!=
@>485859!4!C=??797!76<C4>8=5!342!
@7!G?42859!4!Q72!E=?7!85!>:7!E8F7!=H!CE768>!<F497!=5!C=??797!C43G<F7Fn!SG
Y!icXY!!,:8F!:89:!!ii!E7?845C7!
=5!CE768>!456!85CE74F859!?7D7?F!=H!67@>!:4D7!@775!C=3G=<5676!@2!>:7!
E7C75>!
67C?857!85!>:7!7C=5=32U!?=FF!=H!R=EQ!85!H438?87FU!456!67CE74F76!85C=37!
S%<63<5F=5!T!
)457FU!LMNNW!A:83!7>!4?YU!LMMVX
Y!!#452!8568D86<4?F!456!H438?87F!:4D7!
67@>!?=46F!>:4>!7]C776!
>:7!E7C=3375676!
NOp!>:E7F:=?6!6<7!>=!=<>F>456859!F><675>!?=45FU!C4EE2859!:89:!?7D7?F!=H!
C=5F<37E
!67@>U!456!:4D859!4!C4E!G42375>!
S,42?=E!T!BD7E@72U!NVVVX
Y!!&5!4668>8=5U!
H8545C84?!
8??8>7E4C2!:4F!@775!F775!>=!C=EE7?4>7!R8>:!:89:!?7D7?F!=H!C=5F<37E!456!F><675>!?=45!67@>!
S.<??!T!Z:8>>=5U!LMNNX
Y!!nh3
=F>!C=??797!9E46<4>7F!4E7!737E9859!HE=3!>:78E!8D=E2!>=R7EF!
R8>:!67@>!?=46F!SF><675>!?=45FU!4<>=!?=45FU!456
!CE768>!C4E6!67@>X!F<@F>45>84??2!9E74>7E!>:45!
>:78E!F>4E>859!F4?4E87Fn!
S4F!C8>76!85!(D4E6!7>!4?YU!LMMOU!G
Y!cLLXY!!!:;414<;19!A45B92=C2D!$00;0>=2?D!14=!E2F1G;57
!A7D7E4?!F><687F!:4D7!H=<56!>:4>!85CE74F76!H8545C84?!Q5=R?7697!C45!G=F8>8D7?2!4HH7C>!
H8545C84?!@7
:4D8=EF!SA:83!7>!4?Y!LMMVU!LMNMXY!!J=R7D7EU!=>:7EF!:4D7!H=<56!Q5=R?7697!8F!5=>!
75=<9:!>=!75C=<E497!>=>4?!@7:4D8=E!C:4597Y!!&5!>:8F!C:485!=H!85H?<75C7!H8545C84?!4>>8><67F!
4E7
!>:7!38FF859!?85QY!!b=E975F75!456!A4D?4!SLMNMX!H=<56!H8545C84?!4>>8><67F!37684>76!>
:7!E7?4>8=5F:8G!@7>R775!Q5=R?7697!456!@7:4D8=EFY!
!&5!4!C=3GE7:75F8D7!85D7F
>894>8=5!=H!
H8545C84?!76<C4>8=5
!l84=!7>!4?
Y!SLMNLX!H=<56!@=>:!:89:!FC:==?!456!C=??797!
F><675>F!E7G=E>76!
4!:89:7E!?7D7?!=H!F<@P7C>8D7!Q5=R?7697
!S4>>8><67F
K4FF7FF375>!=H!>:78E!H8545C84?!
<567EF>456859X
!4H>7E!>4Q859!4!G7EF=54?!
H8545C7
!C=<EF7!4>!>:78E!E7FG7C>8D7!?7D7?F
Y!!J=R7D7EU!
>:7!C=<EF7F!85!>:8F!F><62!686!5=>!85CE74F7!>:7!F><675>F^!=@P7C>8D7
!Q5=R?7697
!SQ5=R?7697
K?7D7?!=H!4C><4?!<567EF>456859XY!!e5=R?7697U!4>>8><67FU!456!@7:4D8=E!686!5=>!85H?<75C7!=57!
45=>:7EU
!456!>:72!3<F>!H=E!3745859H<?!C:4597Y!!
-8545C84?!C4G4@8?8>2!8F!45!8568D86<4?^F!4@8?8>2!
>=!H<5C>8=5!F<CC7FFH<??2!85!>:7!H8545C84?!R=E?6U!
85C?<6859!<567EF>456859!H8545C84?!H4C>FU!
D4?<859!G=F8>8D7!H8545C84?!GE4C>8C7FU!456!754C>859!4!H8545C84?!G?45Y!!B5!>:78E!=R5U!H8545C84?!
!i\!Q5=R?7697U!4>>8><67FU!456!@7:4D8=EF!6=!5=>!C:4597!=D7E4??!C4G4@8?8>2!S7Y9YU!
%<63<5F=5!T!
)457FU!LMNNW!b=E975F75!T!A4D?4U!LMNMX
Y!!,:<FU!83GE=D859!
4$("(1$"%'1"B">$%$:&
!F:=<?6!@7!>:7!
9=4?!=H!H8545C84?!76<C4>8=5Y!!!!!!iV!&F25720;<19!:7132B57M
!"37E9859!46<?>F!4E7!4>!4!CE8>8C
4?!G=85>!85!>:7!?8H7!C=<EF7!R:75!H8545C84?!34>>7EF!4E7!
<567E!>:78E!C=5>E=?!456!3452!?4E97!H8545C84?!67C8F8=5F!4E7!=5!>:7!:=E8`=5!
S.<??!T!Z:8>>=5U!
LMNNW!l84=U!,459U!T!A:83U!LMMVX
Y!!,:7!<F7
!=H!?8H7!C=<EF7!456!737E9859!46<?>!>:7=E87F!
R8>:85
!>:7!F><62!=H!C=??797!F><675>!H8545C84?!C4G4@8?8>2!:89:?89:>F
!>:8F!G7E8
=6!4F
d!S4X!4!
67D7?=G375>
4?!>E45F8>8=5U!S@X!4!>E45F8>8=5!>=R4E6!H8545C84?!8567G75675C7!456!85CE74F76!
E7FG=5F8@8?8>2U!SCX!
GE837
!H=E!?74E5859!>:E=<9:
!H8545C84?!76<C4>8=5
U!456!S6X!E7?4>76!>=!
?7D7?
F!=H!E7F=<EC7F!456!=GG=E><58>2
Y!!.=??7984>7!H
8545C84?!76<C4>8=5!
456!4GG?8C4>8=5!=H!G=F8>8D7!
H8545C84?!:4@8>F
!SQ5=R?7697U!4>>8><67FU!456!@7:4D8=EX!6<E859!>:8F!
67D7?=G375>4?!
>837
!:4D7
!?4F>859!83G?8C4>8=5FY!
!-<E>:7EU!F
><675>F!4E7!67D7?=G375>4??2!E7462!456
!G=F76!>=!4@F=E@!
H8545C84?!C=5C7G>F!>:4>!:4D7!68E7C>!
C=557C>8=5
!>=!>
:78E!?8D7FY
!!+8H7!C=<EF7!F>497F!:4D7!7?7375>F!>:4>!4E7!C<?><E4??2!68C>4>76!456!67H8576!4F!
5=E34>8D7
Y!!J=R7D7EU!>:7!?8H7!C=<EF7!4?F=!8F!F75F8>8D7!>=!:8F>=E8C4?!C:4597FU!7C=5=38C!CE8F7FU!
456!?7D7?F!=H!F=C87>4?!E7F=<EC7F!
S.4E345U!LMMVX
Y!!&568D86<4?F!456!>:78E!H438?87F!4E7!
73@76676!85!F=C84?U!C<?><E4?U!456!7C=5=38C!C=5>7]>FU!>:<F!C:4597F!85!
>:7F7!4E74F!
C45!4HH7C>!
>:78E!?8H7!C=<EF7!>E4P7C>=E2!S"?
67EU!NVVOW!e=QU!LMMiX
Y!!&5!H4C>U!(?6=<F!
SNVVMX!F>4>76!>:4>!
673=9E4G:8C!C:4597
F!:4D7!4?>7E76!>:7!497!456!F>497!=H!3452!C=33=5!E=?7F!456!
>E45F8>8=5FU!466859!68D=EC7U!E7
;34EE8497U!F>7G!456!@?75676!H438?87FU!456!F859?7
;G4E75>!
H438?87FU!456!G=F>G=5859!34EE8497!456!C:8?6@74E859
Y!!,:8F!G4E4??7?F!e=Q^F
!SLMMiX!F<GG=F8>8=5!>:4>!>:7!F><62!=H!
H438?2!673=9E4G:8CF!:8F>=E8C4??2!:4F!@775!>==!54EE=RU!
H=C<F859!=5!C?4FF8C4?!D7EF8=5F!=H!n5=E34?n!H438?2!H<5C>8=5859!456!?8H7!C2C?7!>E45F8>8=5F
Y!!,:7!?8H7!C=<EF7!G7EFG7C>8D7!:4F!C:45976!=D7E
!>837!4F!>:7!H438?2!:4F!C:45976
Y!!,:7!H=C<F!:4F!
!\M!3=D76!HE=3!GE768C>4
@?7U!>8376!C:4597U!>=!C=5F8F>75>!C:4597!456!85>7EG?42!@7>R775!>:7!
8568D86<4?!456!>:7!75D8E=5375>!
SA7>>7EF>75U!LMMLX
Y!!!+8H7!C=<EF7!>:7=E2!456!E7C75>!C:4597F!>=!>:7!>83859!456!54><E7!=H!46<?>:==6!GE=D867!
>:7!FG4EQ!H=E!737E9859!46<?>!>:7=E2!
S(E57>>U!NVVjU!NVViU!NVV\U!LMMM4U!LMMNX
Y!!"37E9859!
46<?>!>:7=E2!
E7GE7F75>F!4!57C7FF4E2!F:8H>!85!>:85Q859U!4F!C:4597F!85!>:7!856<F>E84?8`76!R=E?6!
:4D7!CE74>76!4!57R!67D7?=G375>4?!?456FC4G7!H=E!
F=37!
2=<59!G7=G?7!85!>:7!C=5>7]>F!=H!
G=?8>8CFU!>:7!7C=5=32U!>7C:5=?=92U!456!673=9E4G:2!S
7Y9YU!=5F7>!=H!34EE8497!456!G4E75>:==6U!
>837!FG75>!85!76<C4>8=5X!
S(E57>>U!LMMM4W!.4E3
75U!LMMVXY!!(?>7E4>8=5F!>=!E=?7F!456!C:4597F!
>=!>:7!>83859!=H!>E45F8>8=5F!C=EE7?4>7!R8>:!:8F>=E8C4?!G7E8=6F
Y!!,:7!7C=5=38C!GE=FG7E8>2!=H!
>:7!NVLM^F!F4R!4!E8F7!85!E4>7F!=H!68D=EC7!H=??=R76!@2!4!C7FF4>8=5!6<E859!>:7!274EF!=H!>:7!
%E74>!)7GE7FF8=5
Y!!,:7!@8E>:E4>7!q@==376r!4H>7E!Z=E?6!Z4E!&&!=5?2!>=!67C?857!85!>:7!
H=??=R859!67C467F!
S(?6=<FU!NVVMX
Y!!&5!>:8F!HE437R=EQU!"(!8F!4!68F>85C>!?8H7!F>497!@E=<9:>!
4@=<>!@2!673=9E4G:8CU!F=C84?U!456!C<?><E4?!C:4597F
Y!!,:7F7!C:4597F!CE74>76!>:7!=GG=E><58>2!
85!,+#.!C<?><E4?!C=5>7]>F!H=E!45!7]>75676!G7E8=6!=H!9E=R>:U!67D7?=G375>U!456!7]G?=E4>8=5!
>:4
>!@E8697F!>:7!94G!@7>R775!46=?7FC75C7!456!46<?>:==6!S(E57>>
U!NVVjXY!!!!\N!(2?217<F!U>2?0;54?
!14=!#HI50F2?2?
!"37E9859!46<?>F!:4D7!4!9E74>!674?!=H!D4E845C7!@7>R775!>:78E!?7D7?F!=H!Q5=R?7697!456!
>:78E!F<CC7FF!4F!3=572!345497EF!
SA:83!7>!4?YU!LMMVX
Y!!,:7!GE7G=567E45C7!=H!F><687F!
85D7F>89
4>859!2=<>:!H8545C84?!?8>7E4C2!E7D74?F!
>:4>!
>:7!34P=E8>2!=H!F><675>F!4E7!H48?859Y!!&5!
4668>8=5U!>:72!4E7!68FGE=G=E>8=54>7?2!H48?859!E7?4>76!>=!67@>!456!85D7F>859U!Q72!4E74F!85!
R:8C:!4!?4CQ!=H!Q5=R?7697!R8??!4HH7C>!H<><E7!F<CC7FFU!:74?>:U!456!R7??
;@7859Y!!
/E7D8=<F!
E7F74EC:!:4F!F:=R5!>:4>!R:75!8568D86<4?F!6=!5=>!E7C78D7!>:7!GE=G7E!?7D7?!=H!H8545C84?!
76<C4>8=5
U!>:78E!
H8545C84?!
345497375>
!456!67C8F8=5
;34Q859
!C45!@7!38F:456?76!456!?746!>=!
5794>8D7!=<>C=37F!
S7Y9YU!.:75!T![=?G7U!NVV\W!.<??!T!Z:8>>=5U!
LMNNXY!!-<E>:7EU!
67C8F8=5F!3467!6<E859!>:8F!CE8>8C4?!>E45F8>8=5
!S737E9859!46<?>:==6X!:4D7!?=59
;>7E3!7
HH7C>F!=5!>:7!?8H7!
C=<EF7!S07<>?7EU!LMNLW!"?67EU!NVVOW!%E7757U!Z:74>?72U!T!(?64D4U!NVVLX
Y!!J=R7D7EU!
F><687F!
:4D7!F:=R5!
=@>485859
!G7EF=54?!H8545C
84?
!76<C4>8=5!456!>E485859!85CE74F7
6!G=F8>8D7!H
8545C84?!
@7:4D8=EF!456!
=D7E4??!?7D7?F!=H!Q5=R?7697U!83GE=D76!R7??
;@7859U!456!67CE74F76!F>E7FF!456!
F>E485!S7Y9YU!
/759U!04E>:=?=347U!-=]U!T!.E4D757EU!LMMiW!A>785!7>!4?YU!LMNcX
Y!!!J89:!67@>!?7D7?F!4E7!4
!R789:>2!8FF<7
!456!
9E=R859!C=5C7E5!4CE=FF!C=??797!C43G<F7F
U!7FG7C84??2!R:75!C=3@8576!R8>:!?=R!?7D7?F!=H!9757E4?!H8545C84?!Q5=R?7697
!S7Y9YU!@<697>859U!
34549859!67@>U!<567EF>456859!?=45!E7G42375>!G?45FX
!456!
>:7!
H48?
<E7
!>=!F4D7!=E!85D7F>!H=E!
>:7!H<><E7
!S#8??7E!T!B@754<7EU!LMNcX
Y!!(2E7F!SLMNcX
!5=>76!>:4>!
737E9859!46<?>F!>=642!4E7!
?7FF!H8545C84??2!7F>4@?8F:76!
>:45
!GE8=E!9757E4>8=5FY!!,:72!:4D7!?7FF!F
4D76U!456!?7FF!=D7E4??!
4CC<3<?4>76!R74?>:Y!!
)8?R=E>:U!.:75=R7>:U!456!"597?@E7C:>!SLMMMX
!GE=C?48376!nYYY>:7!
F776F!=H!67@>!4
CI<8F8>8=5!4E7!F=R5!74E?2n!SGY!
cOXY!!
-<E>:7EU!
3<?>8G?7!F><687F!:4D7!
H=<56!>:4>
!=5!H8545C84?!4FF7FF375>F
!>:7!>=G8CF!=H!
F4D859U!
@=EE=R859
U!456!85D7F>859!
E=<>857?2!E7C78D7
!>:7!?=R7F>!C=EE7C>!E7FG=5F7!E4>7
F!43=59!G4E>8C8G45>F
!S7Y9YU!(D4E6!7>!4?YU!LMMOW!.:45!7>!4?YU!
!\L!LMNLW!.:75!T![=?G7U!NVV\X
Y!!,:7!A7C<E8>87F!456!"]C:4597!.=3
38FF8=5
!SA".X!E7?74F76!45!
7]>75F8D7!E7G=E>!48376!4>!4FF7FF859!85D7F>859!?8>7E4C2
Y!!,:7!C=338FF8=5!H=<56!>:4>!3=F>!
8568D86<4?F!n?4CQ!H8545C84?!?8>7E4C2n!456!H<E>:7E!:4D7!4!nR74Q!9E4FG!=H!7?7375>4E2!H8545C84?!
C=5C7G>Fn!S
4F!C8>76!85!
%==6345U!LMNLU!G4E4Y!LX
Y!!&568D86<4?F!4CE=FF!>:7!?8H7!C=<EF7!4E7!
<5GE7G4E76!>=!@<8?6!456!3485>48
5!:74?>:2!H8545C84?!?8D7FY!!#452!?4CQ!>:7!4@8?8>2!>=!CE74>7!4!
F7C<E7
!H8545C84?!H<><E7!
@7C4<F7
!>:72!?4CQ!85D7F>859!
Q5=R?7697!456!FQ8??FY!
!,:8F!345<FCE8G>!7]43857
F!F><675>!67@>!?7D7?F
!SC=5F<37E!CE76
8>!456!F><675>!?=45X
!456!>:78E!Q5=R?7697U!4>>8><67FU
!456!@7:4D8=E!P<]>4G=F76!R8>:!F4D859F!456!85D7F>859!
Q5=R?7697U!4>>8><67FU!456!@7:4D8=E
Y!!,:7F7!>=G8CF!75!34FF7!:4D7!83G=E>45>!83G?8C4>8=5F!H=E!
737E9859!46<?>F!456!>:78E!H8545C84?!H<><E7FY!!
,=!F><62!>:8FU!
4!38]76!37>:=6U!F7I<75>84?!
G:4F7!67F895!R4F!<F76Y!!k<45>8>4>8D7!454?2F8F!GE7C7676!456!85H=E376!>:7!I<4?8>4>8D7!
I<7F>8=5859Y!
!04F76!=5!>:7!>:7=E7>8C4?!HE437R=EQU!GE7D8=<F!?8>7E4><E7U!456!>:7!GE=G=F76!3=67?F!
SF77!H89<E7F!NU!LU!cU!jU!OU!456!aX!>:7
!I<45>8>4>8D
7!E7F74EC:!I<7F>8=5F!456!:2G=>:7F7F!4E7!4F!
H=??=RF!SF77!(GG7568]!"!H=E!4!C=3G?7>7!456!G4E4??7?!?8F>!=H!E7F74EC:!I<7F>8=5FU!:2G=>
:7F7FU!456!374F<E7FXd
!"72=;0Q-280
!$kN4d!Z8??!737E9859!46<?>F^!
?7D7?!=H!
CE768>_67@>!Q5=R?7697
U!4>!>837
!=57!S,NX!456!>:7!
C:4597!FC=E7!SC:4597!=D7E!>837
XU!E7?4>7!>=
!4!C:4597!85!CE768>_67@>!
@7:4D8=E
!SC:4597!FC=E7Xt!JN4d!
.E768>_67@>!Q5=R?7697
!4>!>837!=57
!S,NX!456!
>:7!
C:4597!FC=E7!SC:4597!=D7E!>837
X!R8??!
E7?4>7!>=!
4!C:4597!85
!CE768>_67@>!@7:4D8=E
!SC:4597!FC=E7XY!!\c!$kN@d!Z8??!737E9859!46<?>F^!
?7D7?!=H!
CE768>_67@>!
4>>8><67FU!
4>!>837
!=57!S,NX!456!>:7!
C:4597!FC=E7!SC:4597!=D7E!>837
XU!E7?4>7!>=
!4!C:4597!85!CE768>_67@>!
@7:4D8=E
!SC:4597!FC=E7Xt!JN@d!
.E768>_67@>!
4>>8><67F!4>!>837!=57
!S,NX!456!
>:7!
C:4597!FC=E7!SC:4597!=D7E!>837
X!R8??!
E7?4>7!>=!
4!C:4597!85
!CE768>_67@>!@7:4D8=E
!SC:4597!FC=E7XY!$kNCd!Z8??!CE768>_67@>!4>>8><67F!37684>7!>:7!E7?4>8=5F:8G!@7>R775!
CE768>_67@>!Q5=R?7697!456!CE768>_67@>!@7:4D8=E
!4>!>837!=57
!S,NX!456!
>:7!
C:4597!FC=E7F!SC:4597!=D7E!>837
Xt!JNCd!.
E768>_67@>
!4>>8><67F!R8??!37684>7!>:7!E7?4>8=5F:8G!@7>R775!
CE768>_67@>
!Q5=R?7697!456!
CE768>_67@>
!@7:4D8=E
!@=>:!4>!>837!=57!
S,NX!456!R8>:!>:7!C:4597!FC=E7
F!SC:4597!=D7E!>837X
Y!/1G;4C?Q
,4G2?0;4C
!$kL4d!Z8??!737E9859!46<?>F^!
?7D7?!=H!F4D859F_85D7F>859
!Q5=R?7697
U!4>!>837
!=57!S,NX!456!>:7!
C:4597!FC=E7!SC:4597!=D7E!>837
XU!E7?4>7!>=
!4!C:4597!85!
F4D859F_85D7F>859
!@7:4D8=E
!SC:4597!FC=E7Xt!JL4d!
A4D859F_85D7F>859!Q5=R?7697
!4>!>837!=57
!S,NX!456!
>:7!
C:4597!FC=E7!SC:4597!=D7E!>837X
!R8??!
E7?4>7!>=!
4!C:4597!85
!F4D859F_85D7F>859
!@7:4D8=E
!SC:4597!FC=E7XY!$kL@d!Z8??!737E9859!46<?>F^!
?7D7?!=H!F4D859F_85D7F>859
!4>>8><67FU!
4>!>837
!=57!S,NX!456!>:7!
C:4597!FC=E7!SC:4597!=D7E!>837
XU!E7?4>7!>=
!4!C:4597!85!
F4D859F_85D7F>859
!@7:4D8=E
!SC:4597!FC=E7Xt!!\j!JL@d!
A4D859F_85D7F>859!4>>8><67F!4>!>837!=57!456!
>:7!
C:4597!FC=E7!SC:4597!=D7E!>837X
!R8??!
E7?4>7!>=!
4!C:4597!85
!F4D859F_85D7F>859
!@7:4D8=E
!SC:4597!FC=E7XY!$kLCd!Z8??!
F4D859F_85D7F>859
!4>>8><67F!37684>7!>:7!E7?4>8=5F:8G!@7>R775!
F4D859F_85D7F>859
!Q5=R?7697!456!
F4D859F_85D7F>859
!@7:4D8=E
!4>!>837!=57!
S,NX!456!
>:7!
C:4597!FC=E7F!SC:4597!=D7E!>837X
t!JLCd!A4D859F_85D7F>859!4>>8><67F!R8??!37684>7!>:7!E7?4>8=5F:8G!
@7>R775!
F4D859F_85D7F>859
!Q5=R?7697!456!
F4D859F_85D7F>859
!@7:4D8=E
!@=>:!4>!>837!=57
!S,NX!456!R8>:!>:7!C:4597!FC=E7
F!SC:4597!
=D7E!>837X
Y!K5=29?!,:7!GE=G=F76!3=67?FU!H=E!345<FCE8G>!=57U!G8C><E7!>:7!F><62^F!D4E84@?7F!456!>:7!
:2G=>:7F8`76!E7?4>8=5F:8GF!@7>R775!>:7!D4E84@?7F
!SF77!H89<E7F!NU!LU!cU!jU!OU!456!a!H=E!345<FCE8G>!=57!3=67?FXY
!!,:7F7!:2G=>:7F8`76!
E7?4>8=5F:8GF
!4E7!@4F76!=5!>:7!F><62^F!
>:7=E7>8C4?!HE437R=EQ!456!GE7C76859!?8>7E4><E7
Y!!(!E7?4>8=5F:8G!@7>R775!H8545C84?!
Q5=R?7697U!4>>8><67FU!456!@7:4D8=E
!8F!4FF<376!@4F76!=5!>:7!
E7C8GE=C4?!85H?<75C7!@7>R775!
>:73!
SA:83!7>!4?YU!LMMVW!A<G845=U!LMNjX
Y!!-8545C84?!Q5=R?7697!
456!H8545C84?!4>>8><67F!4E7
!:2G=>:7F8`76!4F!4HH7C>859!H8545C84?!
@7:4D8=E
!SJ2!N4U!N@U!L4U!456!L@X
Y!!!"37E9859!46<?>F!GE8`7!H8545C84?!8567G75675C7W!:=R7D7EU!>:72
!?4CQ!45!4GGE=GE84>7!
?7D7?!=H!H8545C84?!Q5=R?7697!>=!H<??2!4C:87D7!8567G75675C7!
S(E57>>U!NVVjW!.:75!T![=?G7U!
NVV\W!)8?R=E>:!7>!4?YU!LMMMW!A:83!7>!4?YU!LMMVX
Y!!Z8>:=<>!4!@4F7?857!?7D7?!=H!Q5=R?7697
U!>:7E7!
C455=>!@7!3745859H<?!@7:4D8=E!C:4597!
S(D4E6!7>!4?YU!LMMOW!#=5>8C=57U!LMNMW!#<EG:2U!
LMMOXY!!J=R7D7EU!F=37!F><687F!:4D7!H48?76!>=!H856!4!68E7C>!?85Q!@7>R775!H8545C84?!Q5=R?7697!
!\O!456!@7:4D8=EU!8568C4>859!>:7!83G=E>45C7!456!85H?<75C7!=H!H8545C84?!4>>8><67F!
S0=E675!7>!4?YU!
LMM\XY!!/E7D8=<F!E7F74EC:!E7D74?76
!H8545C84?!4>>8><67F!
4E7!E7?4>76
!>=!>:7!7]7C<>8=
5!=H!H8545C84?!@7:4D8=EFU!:4@8>FU!456!GE4C>8C7F!
S.:75!T![=?G7U!NVV\W!l84=U!'=E859U!T!(567EF=5U!
NVVOXY!!(668>8=54??2U!
F7D7E4?!F><687F!:4D
7!H=<56!>:4>!H8545C84?!4>>8><67F!37684>76!>:7!7HH7C>F!
=H!H8545C84?!@7:4D8=EF
!S.:75!T![=?G7U!NVV\W!b=E975F75!T!A4D?4U!LMNMX
Y!!
J456C=CQU!b=E975F75U!
456!#7?D85!SLMNcX
!F>4>76U!
nYYYC=3G?7]!E7?4>8=5F:8GF!7]8F>!@7>R775!H8545C84?!Q5=R?7697!456!
H8545C84?!@7:4D8=EF!43=
59!C=??797!F><675>FU!456!H<><E7!E7F74EC:!342!R8F:!>=!85C?<67!
H8545C84?!4>>8><67F!4F!4!37684>859!H4C>=En!SG
Y!ciiXY!!,:<FU!85!>:8F!F><62!H8545C84?
!4>>8><67F!4E7!
:2G=>:7F8`76!4F!37684>859!>:7!E7?4>8=5F:8G!@7>R775!Q5=R?7697!456!@7:4D8=E
!SJ2!NC!456!
LCXY!!!+4>75
>!C:4597!
FC=E7!3=67?F!R7E7!GE=G=F76!>=!4FF7FF!>:7!68HH7E75C7!85!>:7!GE7
;456!
G=F>
;>7F>!FC=E7F!=H!._)!456!A_&!Q5=
R?7697U!4>>8><67FU!456!@7:4D8=E
U!456!4FF7FF!>:7!E7?4>8=5F:8G
!@7>R775!Q5=R?7697!456!@7:4D8=EU!456!4>>8><67F!456!@7:4D8=E
!SJ2!N4U!N@U!
L4U!
456!L
@XY!
!,:7F7!3=67?F!:7?G
76!>=!C=5>E=?!H=E!@4F7?857!Q5=R?7697
!456!C4G><E7!C:4597!=D7E!
>837
Y!!&5!4668>8=5U!37684>8=5!3=67?
F!>7F>76!>:7!
68E7C>!456!
8568E7C>!85H?<75C7!=H!H8545C84?!
4>>8><67F!=5!H8545C84?!@7:4D8=E
!SJ2!NC!456!
LCXY!!!!\a!K20F5=595CH
!/13I92+!'327C;4C!$=>90!:;414<;19!"1I18;9;0H!/>7G2H!
!,:7E7!R4F!5=!4+/#"%!E7CE<8>375>!GE=C7FF!H=E!>:8F!F><62
Y!!/4E>8C8G45>F!
R7E
7!6E4R5
!HE=3!
4!G7EF=54?!H8545C7!
C=<EF7!=HH7E76!4>!>:7!
:=F>!
<58D7EF8>2
Y!!A><675>F!R7E7
!98D75!>:7!=G>8=5!=H!C=3G?7>859!>:7!F<ED72!SGE7!456!G=
F>X!4F!45!4FF895375>!S(FF895375>!(X!=E!
7?7C>859!>=!C=3G?7>7!45!4?>7E54>8D7!4FF895375>!S(FF895375>!0X
Y!!&H!4!F><675>!
C:=F7!5=>!>=!G4E>8C8G4>7!85!>:7!F<ED72U!>:7E7!
R4F!5=!G754?>2!4FF7FF76Y!!BG>859!5=>!>=!C=3G?7>7!>:7!F<ED72!
SGE7!456!G=F>X!
F83G?2!E7F<?>
76!85!>:7!57C7FF8>2!>=!C=3G?7>7!>:7!7I<8D4?75>!4?>7E54>8D7!
4FF895375>
Y!!!,:7!G7EF=54?!H8545C7!C=<EF7!4>!4!38583<3!C=D7E76!>:7!@4F8CF!=H!H8545C84?!?8>7E4C2d!
S4X!
@<8?6859!4!H8545C84?!H=<564>8=5
K454?2`859!456!=E9458`859!H8545C84?!E7C=E6FU!F4D859FU!
CE768>U!@45QE
<G>C2U!456!7C=5=38C!8568C4>=EFW!S@X!
85D7F>859!H=E!>:7!H<><E7
KF>=CQFU!@=56FU!
3<><4?!H<56FU!7]C:4597!>E4676!H<56F!S",-XU!E7>8E7375>!G?455859U!456!R=EQ859!R8>:!
85D7F>375>!GE=H7FF8=54?FW!456!SCX!
<567EF>456859!H8545C7!85!C=5>7]>
K3=572!456!
85>7EG7EF=54?!E7?4>8=5
F:8GFU!H438?2!H8545C84?!G?455859U!:=<F859U!85F<E45C7U!7F>4>7!G?455859U!
>4]7FU!C=??797!F4D859FU!456!F><675>F!?=45FY!!,:7!=D7E4EC:859!
?74E5859!
=@P7C>8D7F!=H!>:7!
C=<EF7!85C?<67
6d!S4X!>74C:859!F
><675>F!
>=!8675>8H2
!>:78E!F>E759>:F!456!R74Q57FF7F!4F!
345497E
F!=H!3=572
U!S@X!85>E=6<C
859!F><675>F!
>=!>:7!C:4E4C>7E8F>8CF!=H!D4E8=<F!H8545C84?!
85F>E<375>F!456!>:78E!<F7!85!4!H8545C84?!G?45
U!456!SCX!:7?G859!F><675>F!4GG?2!>:78E!57R!
Q5=R?7697!=H!H8545C84?!85F>E<375>F!>=!8568D86<4?!456!H438?2!F8><4>8=5F!4CE=FF!>:7!?8H7!C2C?7
!SF77!(GG7568C7F!.!456!)!H=E!C=<EF7!F2??4@8XY
!!!!!!\i!/13I92+!:5<>?!N75>I?
!!,:7!9=4?!H=E!
E7CE<8>375>!
R4F!>=!75?8F>
!O;\!G4E>8C8G45>F
U!R8>:!>:7!:=G7!=H!CE74>859!4!
:=3=9757=<F!
9E=<G!S7]G7E875C7!R8>:!
>:7!G7EF=54?!H8545C7!C=<EF7X
U!>=!34]838`7!9E=<G!
G4E>8C8G4>8=5
Y!!,:7!8674?!C=3G=F8>8=5!H=E!
H=C<F!
9E=<GF!8F!4!38]><E7!=H!68D7EF7!D87RF!456!
=G858=5FU!@<>!F:4E76U!C=33=5!7]G7E875C7
!S)4?2U!LMMiW!#4EF:4??!T!$=FF345U!LMNNX
.  ,:8F!F43G?7!F8`7!
8F!85!?857!R8>:!#4EF:4??!456!$=FF345!SLMNNX
!R:=!F>4>76!4!H=C<F!9E=<G!F:=<?6!
:4D7!5=!?7FF!>:45!H=<E!G4E>8C8G45>F!456!5=!3=E7!>:45!>R7?D7
Y!!(3@7E>!7>!4?Y!SNVVOX
!F>4>76!
>:4>!
R8>:85!I<4?8>4>8D7!E7F74EC:!>:7E7!8F!5=!F>4564E6!E<?7!H=E!F43G?7!F8`7Y!!,:7!I<4?8>4>8D7!
F43G?7!F8`7!F:=<?6!34>C:!>:7!F><62oF!G<EG=F7U!E7F74EC:!I<7F>8=5FU!456!4D48?4@8?8>2!=H!
F<@P7C>FY!!
/4E>8C8G45>F!
R7E7!=D7E!E7CE<8>76!
6<7!>=!:89:!?7D7?F!=H!4>>E8>8=5!=H>75!F775!85!>:7!
737E9859!46<?>!G=G<?4>8=5!
S.=?<CC8U!LMMiW!.E7FR7??!T!.?4EQU!LMMiW!)4?2U!LMMiX
Y!!!/4E>8C8G45>F!
E7FG=5676!>=!E7G74>76
!455=<5C7375>FU!GE7C76859!>:7!9E=<G!F7FF8=5
FU!85!>:7!G7EF=54?!H8545C7!C=<EF7
!SF77!(GG7568]!BXY!!&5!4668>8=5U!
*3454
;,42?=E!456!0434C4!
SLMMjX!F>4>76!>:4>!6E4H>859!G4E>8C8G45>FU!7FG7C84??2!737E9859!46<?>FU!>:E=<9:!7?7C>E=58C!
3768
4!8F!4!F<CC7FFH<?!E7CE<8>375>!>7C:58I<7
U!>:<F!F7D7E4?
!7348?!E7I<7F>
F!4?F=!
R7E7
!F75>!>=!
G=>75>84?!G4E>8C8G45>F
!SF77!(GG7568]!'XY!
!!!!\\!%75<2=>72?
!(!6<4?!G:4F7U!CE=FF!F7C>8=54?
!64>4!C=??7C>8=5!GE=C7FF!
R4F!83G?7375>76
!85!>:7!
H=??=R859!R42
Fd!S4X!4!
F7?H
;E7G=E>!
F<ED72!
374F<E7!=H!H8545C84?!C4G4@8?8>2!
R4F!68F>E8@<>76!>
=!737E9859!46<?>!C=??797!F><675>F!>4Q859!4
5!85>E=6<C>=E
2U!7?7C>8D7
!G7EF=54?!H8545C7!C=<EF7
W!456!S@X!>R=!H=C<F!9E=<GF
!R7E7
!4FF73@?76!456!4FQ76!>=!
68FC<FF
!I<7F>8=5F!E7?4>76!>=!
>:78E!
9757E4?!83GE7FF8=5F!=H!H8545C84?!C4G4@8?8>2U!>:78E!G7EF=54?!H8545C84?!C4G4@8?8>2U!456!
>:7!
I<45>8>4>8D7!
F<ED72!374F<E7!E7F<?>
FY!'327C;4C!
$=>90!:;414<;19!
"1I18;9;0H!/>7G2H!%7505<59
!,:7!"37E9859!(6<?>!-8545C84?!.4G4@8?8>2!A<ED72!S
"(-.A
X!R4F!463858
F>7E76!4CE=FF!
F7D7E4?!F737F>7EF
!>=!F><675>F!R8>:!4!D4E87>2!=H!67C?4E76!34P=EF
U!4>!D4E8=<F!G=85>F!85!>:78E!
C?4FF!F>456859
Y!!&5!C=??4@=E4>8=5!R8>:
!4!>743!=H!E7F74EC:7EF!HE=3!4!A=<>:7E5!(>?45>8C!
<58D7EF8>2
U!456!R8>:!>:7!<F7!=H
!A-"%:/$1,
U!45!=5?857!F<ED72!4GG?8C4>8=5U!>:7!I<45>8>4>8D7!
F<ED72!374F<E7!R4F!GE=D8676!>=!737E9859!46<?>!C=??797!F><675>F
Y!!-=E!>:8F!F><62U
!F><675>F!
R7E7!75E=??76!85!4!G
7EF=54?!
H8545C7!C=<EF7!=HH7E76!-4??U!AGE859U!456!A
<337E
!S4!456!@
!F7FF8=5FX!F737F>7EF!HE=3!#42!LMNc!>:E=<9:!(<9<F>!LMNj
Y!!,:8F!C=<EF7!R4F!>4<9:>!85!@=>:!
H4C7
;>=;H4C7!456!=5?857!H=E34>F
Y!!(H>7E!E7C78D859!=HH8C84?!G7E38FF8=5!HE=3!>:7!<58D7EF8>2^F!
85F>8><>8=54?!E7D87R
U!GE=>7C>8=5U!
456!85>79E8>2!@=4E6U!>:7!"(-.A!
R4F!
68F>E8@<>76Y!!
)<E859!>:7!
H4??!456!F
GE859!F737F>7EF!>:7!F<ED72!R4F!
>4Q75!@2
!F><675>F!85!4!
H4C7
;>=;H4C7!=HH7E859!=H!>:7!
C=<EF7Y!!(GGE=]834>7?2!cMM
;cOM!F><675>F!R7E7!75E=??76
!85!>:7F7!F7C>8=5F
Y!!"4C:!F<337E!
>R=!=5?857!456!4CC7?7E4>76!D7EF8=5F!=H!>:7!F437!G7EF=54?!H8545C7!C=<EF7!R7E7!=HH7E76
Y!!,:7F7!F7FF8=5F!FG45576!E=<9:?2!HE=3!#42!NL
>:!m!b<57!La
>:!456!b<?2!N
F>!m!(<9<F>!NO
>:!E7FG7C>8D7?2!SF<337E!4!456!F<337E!@
XY!!"4C:!F7C>8=5!85!>:7!F<337E!57>>76!NMM
;NOM!F><675>
F!=5!4D7E497Y
!!\V!'327C;4C!1=>90!6;414<;19!<1I18;9;0H!321?>72J
!!,:7!"(-.A!8F!4!NOa
;I<7F>8=5!
4FF7FF375>
Y!!B5!4D7E497U!>:7!374F<E7!>4Q7F!4GGE=]834>7?2!aM
;VM!385<>7F!>=!C=3G?7>7
Y!!(!E7F74EC:!>743!HE=3!4!A=<>:7E5
;(>?45>8C!<58D7EF8>2!456!>:78E!67G4E>375>!=H!.:8?6!
)7D7?=G375>!456!-438?2!$7?4>8=5F!CE74>76!
456!G8?=>76!
>:7!"(-.A
Y!!,:7!374F<E7!R4F!
67F89576!>=!4FF7FF!737E9859!46<?>!C=??797!F><675>F^!?7D7?F!=H!H8545C84?!Q5=
R?7697U!4>>8><67FU!
456!@7:4D8=E
U!C<?3854>859!85!45!=D7E4??!<567EF>456859!=H!>:78E!?7D7?!=H!H8545C84?!
C4G4@8?8>2
Y!!k<7F>8=5F!=5!>:8F!374F<E7!C=D7E
76!>:7!H=??=R859!34>7E84?d!S4X!H8545C84?!Q5=R?7697U!
4>>8><67FU!456!@7:4D8=EW!S@X!H8545C84?!F=C84?8`4>8=5W!SCX!85H?<75C7F!=5!H8545C84?!?8>7E4C2W!S6X!
H8545C84?!7]G7E875C7
FW!S7X!F4?875>!
G7EF=54?!
E7?4>8=5F:8GF!456!>:
78E!?85QF!>=!H8545C7W!456!SHX!
673=9E4G:8C
FY!!!:5<>?!
N75>I!%7505<59
!,R=!9E=<G!F7FF8=5F!
R7E7
!:7?6
Y!!,:7!>R=!F7G4E4>7!F7FF8=5F!4??=R
76!H=E!4!38]><
E7!=H!
8568D86<4?F!>=!G4E>8C8G4>7!456!GE=D867!68D7EF7!G7EC7G>8=5FU!E7FG=5F7FU!456!=G858=5F!
S#4EF:4??!T!$=FF345U!LMNNX
Y!!J=?6859!>R=!F7G4E4>7!F7FF8=5F!
R4F!83G=E
>45>!4F!
#4EF:4??!
456!$=FF345!SLMNNX
!F>4>76U!
!nYYYH=C<F!9E=<G!85>7ED87RF!342!@7!C=56<C>76!F7D7E4?!>837F!
R8>:!68HH7E75>!8568D86<4?F!F=!>:4>!>:7!E7F74EC:7E!C45!8675>8H2!>E756F!85!>:7!G7EC7G>8=5F!456!
=G858=5F!7]GE7FF76n!SG
Y!NOMXY!!!$7CE<8>375>!H=E!>:7!H=C<F!9E=<G
F!@7945
!F7D7E4?!R77QF!GE7D8=<F!>=!>:7!FC:
76<?76!
F7FF8=5FY!!"348?F!R7E7!F75>!>=!G4F>!G7EF=54?!H8545C7!F><675>F
U!456!4!E7C<EE859!
455=<5C7375>!R4F!GE=D8676!>=!C<EE75>!F><675>F
Y!!A><675>F!R7E7!85H=E376!=H!>:7!>R=!
F7FF8=5!64>7F!456!>837F!456!4FQ76!>=!8568C4>7!>:78E!4D48?4@8?8>2Y!!(55=<5C7375>F!4?F=!
85C?<676!85H=E34>8=5!=5!>:7!E7I<8E7375>F!456!@757H8>F!=H!G4E>8C8G4>8=5Y!!A><675>!
G4E>8C8G4>7F!E7C78D76!>:E77!E738567E!7348?F!GE8=E!>=!>:78E!67F8954>76!F7FF8=5Y
!!VM!"4C:!F7FF8=5!85C?<676
!>:E77!
H=C<F76!F7C>8=5Fd!
9757E4?!83GE7FF8=5FU!
E7F<?>FU!
456!
76<C4>8=54?
!85H?<75C7FY!!-8EF>U!G4E>8C8G45>F!R7E7!4FQ76!>=!E7H?7C>!=5!>:78E!
$#B/.,,$+(,
!=H!H8545C84?!C4G4@8?8>2!456!>:78E!=R5!._)!456!A_&!C4G4@8?8>2Y!!
,:7!F7C=56!F7C>8=5!H=C<F
76!=5!68FC<FF8=5!=H!
F7?7C>
!F<ED72!
/.,-%:,
'456!F><62!:2G=>:7F7F
Y!!k<7F>8=5F!=H!H8545C84?!C4G4@8?8>
2!G=F76!>=!H=C<F!9E=<G!G4E>8C8G45>F!
R7E7
!85H?<75C76!@2!>:7!E7F<?>F!=H!>:7!I<45>8>4>8D7!
454?2F8F
Y!!,:8F!F7C>8=5!
E7GE7F75>
76!>:7!34P=E8>2!=H!>:7!F7FF8=5
Y!!,:7!>:8E6
!F7C>8=5!
C=D7E76!G7EC7G>8=5F!
=H!H8545C84?!
.)-1":$+(
'@=>:!HE=3!H=E34?!FC:==?859!456!G4E75>4?!
F=C84?8`4>8=5
Y!!k<7F>8=5F!=H!H8545C84?!76<C4>8=5!H=E3U!HE7I<75C2U!
I<4?8>2U!456!
F=<EC7
!R7E7!
G=F76
Y!!!)<E859!>:7!H=C<F!9E=<GF
U!6E4H>76!I<7F>8=5F
!GE=D
8676!4!?==F7!F>E<C><E7!H=E!68FC<FF8=5
!456!GE=3G>F!R7E7!GE=D8676!R:75!577676!>=!F>83<?4>7!68FC<FF8=5Y!!
#4>>:7RF!SLMMOX
!F>4>76!
>:4>!
CE74>859!45!85>7ED87R!GE=>=C=?!E7I<8E7F!6E4H>859!I<7F>8=5F!>:4>!4E7!@72=56!n27Fn!456!
n5=n!45FR7EFY!!,:7!=@P7C>8D7!8F!>=!94E57E!G4E>8C8G45>!F>=E87FU!5=>!4
??=R!=57
;R=E6!45FR7EFU!
=E!H=EC7!FG7C8H8C!G4E>8C8G45>!E734EQFY
!!,:7!G<EG=F7!=H!>:7
!6E4H>76
!I<7F>8=5F!
R4F!>=!
75C=<E497!456!H4C8?8>4>7!D8@E45>!7]GE7FF8=5!HE=3!G4E>8C8G45>F!S#4EF:4??!T!$=FF345
U!LMNNXY!!-8]76U!F>4564E68`76!I<7F>8=5F!
R7E7
!5=>!57C7FF4E2
Y!!,:7!9=4?!
R4F!<546<?>7E4>76!
=G858=5F!456!
7]GE7FF8=5F!GE=D8676!R8>:=<>!C=7EC8=5!S$8C:4E6F
U!LMMVX!SF77!(GG7568]!#!H=E!
C=3G?7>7!
H=C<F!9E=<G!GE=>=C=?X
Y!&7>?0B570F;42??J
!!,:7!C=5C7G>!=H!>E<F>R=E
>:857FF!8F!E7GE7F75>4>8D7!=H!
4!I<4?8>4>8D7!
F><62^F!
E7?84@8?8>2U!
CE768@8?8>2
U!456!=@P7C>8D8>2!S0?==3@7E9!T![=?G7U!LMM\X
Y!!#4EF:4??!456!
$=FF345!SLMNNX
!F>4>76U!qh>:7!RE8>7E!5776F!>=!466E7FF!C7E>485!Q72!8FF<7F!456!
C=5F867E4>8=5F!>=!673=5F>E4>7!>:4>!>:7!F><62U!4F!67F89576U!8F!R7??!>:=<9:>!=<>U!E7FG=56F!>=!
CE8>7E84!=E!C
45=5F!H=E!9==6!E7F74EC:!GE4C>8C7h456!8F!?8Q7?2!>=!@7!83G?7375
>76!R8>:!45!
7>:8C4?!3856H<?57FF
r!SGY!cVXY!!,=!75F<E7!>E<F>R=E>:857FF!85!>:8F!F><62!F7D7E4?!83G=E>45>!
!VN!F>7GF!R7E7!>4Q75Y!!/E8=E!>=!64>4!C=??7C>8=5!4!>:=E=<9:!E7D87R!=H!?8>7E4><E7!456!>:7=E2!R4F!
C=56<C>76!>=!85H=E3!>:7!E7F74EC:!I<7F>8=5F!456!<567E98E6!454?2F8F!456!85>7EGE7>4>8=5Y!!&5!
4668>8=5U!<G!HE=5>
U!>:7!
E7F74EC:7E
^F!GE7D8=<F!7]G7E875C7!456!
@84F7F!R7E7!GE7F75>76!85!4!
E7H?7]8D7!F>4>7375>Y!!
(!E7H?7]8D7!P=<E54?!4?F=!R4F!Q7G>!>:E=<9:=<>!>:7!F><62Y!!
,:7!H=C<F!9E=<G!C=3G=575>!=H!>:8F!38]76!37>:=6!454?2F8F!GE=D8676!>E8459<?4>8=5Y!!
(H>7E!C=3G?7>859!
>:7!
I<45>8>4>8D7!64>4!C=??7C>8=5!456!454?2F8FU!I<4?8>4>8D7!H=C<F!9E=<GF!GE=D867!H<E>:7E!
85F89:>U!G7EF=54?!3745859U!456
!4!677G7576!<567EF>456859!=H!737E9859!46<?
>!H8545C84?!
C4G4@8?8>2Y!!,:<FU!3<?>8G?7!F=<EC7F!=H!64>4!R7E7!C=??7C>76!>:E=<9:!>:7!I<45>8>4>8D7!F<ED7
2!374F<E7
!456!>R=!F7G4E4>7!H=C<F!9E=<G!F7FF8=5FY!!-854??2U!>:E=<9:=<>!@=>:!G:4F7F!=H!>:7!
F><62!SI<45>8>4>8D7!456!I<4?8>4>8D7X!45!4<68>!>E48?!
R4F!Q7G>!>=!GE
=D867!4!67>48?76!
7]G?454>8=5!=H!74C:!F>7G!>4Q75!HE=3!G4E>8C8G45>!E7CE<8>375>!>=!64>4!454?2F8F!
S0?==3@7E9!T!
[=?G7U!LMM\W!#4EF:4??!T!$=FF345U!LMNNX
!SF77!(GG7568]!/!H=E!4<68>!>E48?X
Y!!!!VL!$419H?;?
!%914!U>140;
010;G2!-101
!!(H>7E!>:=E=<9:!E7D87R!=H!>:7!
"(-.A!F<ED72!
374F<E7U!I
<7F>8=5F!
E7?4>76!>=U!456!
677376!>=!H8>!R8>:8
5!>:7!C4>79=E87F!=H!
._)!456
!A_&U!R7E7!F7?7C>76!@2!>:7!E7F74EC:7EY!!
,:7!I<7F>8=5F!R7E7!>:75!9E=<G76!
85>=!F<@C4>79=E87F!R8>:85
!._)!456!A_&
U!456!
74C:!F<@C4>79=E2!
R4F!
54376
Y!!,:8F!F2F>73!:7?G76!=E9458`7!456!H=C<F!>:7
!F<ED72!64>4!<F76!H=E!454?2F8FY!!
-=E!7]43G?7U!<567E
!._)
!H8545C84?!Q5=R?7697!4E7!>:7!
H=??=R859
!F<@C4>79=E87F
d!CE768>!
@4F8CFU!
85>7E7F>!E4>7FU!CE768>!FC=E7U!
CE768>!E7G=E>U!
CE768>!?4RFU!?=45!
@4F8CFU!456!F><675>!?=45F
Y!!*567E!
A_&!H8545C84?!Q5=R?7697!4E7!>:7!H=?
?=R859!F<@C4>79=E87Fd!F4D859F!@4F8CFU!F4D859F!85>7E7F>!
E4>7FU!85H?4>8=5U!85D7F>859!E8FQU!456!E7>8E7375>!SF77!(GG7568C7F!-!
;!b!H=E!F<ED72!I<7F>8=5F!
456!C4>79=E87FXY!!
,:7!9=4?!
R4F!>=!:4D7!45!
(wNUMMMU!E7GE7F75>859!4!F7>!=H!C=3G?7>76!GE7
;456!
G=F>
;>7F>!4FF7FF37
5>FY!!!*567E!H8545C84?!Q5=R?7697!
._)!456!A_&!
>:7E7!
R7E7
!4!>=>4?!=H!
LV!I<7F>8=5F!S7Y9YU!
q,:7!68HH7E75C7!@7>R775!4!67@8>!C4E6!456!4!CE768>!C4E6!8F
xxxxxxxxxxxYr
XY!!k<7F>8=5F!
R7E7
!E7;C=676!R8>:!
4!=57!98D75!H=E!4!C=EE7C>!45FR7E!456!4!
`7E=!H=E!45!85C=EE7C>!45FR7E!SF77!(GG7568]!-X
Y!-8545C84?!4>>8><67FU!
._)!456!A_&
U!R7E7!E7GE7F75>76!@2
!H8D7!I<7F>8=5F!
456!
:4D859!
3<?>8G?7!
F<@C4>79=E87F!
S7Y9YU!q/?74F7!867
5>8H2!74C:!=H!>:7!H=??=R859!4F!y9==6!GE4C>8C7^!=E!y5=>!9==6!
GE4C>8C7^dr
X!SF77!(GG7568]!%X
Y!!,:E77!=H!>:7!H8D7!I<7F>8=5F!:46!F<@C4>79=E87F!>:4>!R7E7!
E7D7EF7!C=676!F=!>:4>!:89:7E!FC=E7F!E7H?7C>76!G=F8>8D7!H8545C84?!GE4C>8C7Y!!
,:7E7!R7E7
!Ni!I<7F>8=5F!<567E!H8545C84?!@7:4D8=E!S
._)
U!A_&X!S7Y9YU!qJ=R!3452!CE768>!C4E6F!6=!2=<!:4D7!
85C?<6859!F>=E7!CE768>
!C4E6FtrXY!!BH!>:7F7!I<7F>8=5F
U!>:E77
!R7E7
!E7D7EF7!C=676!SF77!
(GG7568]!JX
Y!!-854??2U!>:7E7!R7E7!Nc!I<7F>8=5F!E7?4>76!>=!G4E>8C8G45>!673=9E
4G:8C!GE=H8?7
!S7Y9YU!qZ:4>!8F!2=<E!4C46738C!F>456859t
rX!SF77!(GG7568]!bXY!!
!!Vc!K5=29!<54?07><0;54J!
!04F76!=5!
1459!456!%
E775!SLMNNX
U!E7?84@8?8>2!H=E!74C:!I<7F>8=5!
F<@FC4?7!R4F!67>7E38576!>:E=<9:!F>E<C><E4?!7I<4>8=5!3=67?859Y!!,:7!4<>:=EF!F>4>76!>:4>!
C=7HH8C875>!4?G:4!
S!X!4FF<37F!7I<4?!H4C>=E!?=46859F!456!6=7F!5=>!85C?<67!374F<E7375>!
7EE=EY!!,:7!4<>:=EF!C=5C?<676U!qZ7!4E9
<7!>:4>!4!3=67?859!4GGE=4C:!>=!4FF7FF859!E7?84@8?8>2!
R8??!@7!3=E7!85H=E34>8D7!>:45!F83G?2!C=3G<>859!C=7HH8C875>!4?G:4h8>!E7I<8E7F!4!F7E87F!=H!
P<69375>F!@2!E7F74EC:7EFU!>:7!E7F<?>!8F!4!3=E7!85>7EGE7>4@?7!C=7HH8C875>!456!8>F!<567E?2859!
4FF<3G>8=5F!@7>>7E!<56
7EF>==6hSGY!c\VXr
!,:7!H8545C84?!C4G4@8?8>2!F<ED72!
R4F!4D48?4@?7
!>:E=<9:!
A-"%:/$1,
U!45!=5?857!F<ED72
;@4F76!64>4!C=??7C>8=5!F2F>73!>:4>!
4??=RF
!E7F74EC:7EF
!>=!CE74>7U!
G=F>
U!454?2`7U!456!345497!
F<ED72!64>4
Y!!(??!F><62!64>4!
R7E7
!7]G=E>76!HE=3!
A-"%:/$1,
!Sk<4?>E8CFU!LMNOX
!>=!
5F1.%
!SD7EF8=5!NjX!S#8CE=F=H>YU!LMNNX
U!37E976U!=E9458`76U!456!E7
;C=676!85!0H00!SD7EF8=5!LNX!S&0#!.=EGYU!LMNL
X!456!H854??2!F75>!>=
!@B%-,
!SD7EF8=5!iX!H=E!64>4!454?2F8F
!S#<>:75!T!#<>:75U!
NVV\XY!!&58>84??2U!85!5F1.%
U!64>4!R7E7
!F7G4E4>76!456!=E9458`76!@2!F737F>7E!456!GE7
;456!G=F>
;>7F>!F>4><F
Y!!*58I<7!5<37E8C4?!&)F!R7E7!4FF89576!>=!74C:!G4E>8C8G45>U!456!C4F7F!R7E7!
34>C:76Y!!,:7!5<37E8C4?!&)F!
C4G><E
76!85H=E34>8=5!>:4>!
E7GE7F75>76!>:7!F737F>7E!
C=3G?7>76!SH4??U!FGE859U!F<337E!4U!F<337E!@XU!>:7!FC:==?!274EU!456!4!>:E77!6898>!G4E>8C8G45>!
C=67Y!!)4>4!HE=3!F8]!F737F>7EF!
R7E7
!454?2`76
Y!!&5!0H00!>:7!D4E84@?7F!R7E7!E7
;54376!456!
9E=<G76!85>=!F<@FC4?7FY!!#
74F<E
7375>!?7D7?F!R7E
7!67H8576!456!8>73F!R7E7!E7
;C=676!>=!
E7H?7C>U!
R:7E7
!4GG?8C4@?7U!4!H=<E
;G=85>!FC4?7!SM
;cXY!!
(??!C:4597F!R7E7!6=C<375>76!85!>:7!
I<7F>8=5!F<@FC4?7F!SF77!(GG7568C7F!-!
m!bXY!,:7!C<EE75>!456!:2G=>:7F8`76!C=6859!FC:737F!H=E!
=57!I<7F>8=5
!SkNMN
;CE768>_67@>!
@7:4D8=EX
!R7E7
!>7F>76!>:E=<9:
!<5868375F8=54?
!8>73!E7FG=5F7!>:7=E2
!S&$,XY!!,:7!:2G=>:7F8`76!C=6859!FC:737U!@4F76!=5!GE7D8=<F!?8>7E4><E7!456!Q5=R?7697!=H!
>:7!>=G8C
U!!Vj!E7GE7F75>76!4!?=98C4?!
H?=R!HE=3!5794>8D7!._)!@7:4D8=E
!S7Y9YU!&!=CC4F8=54??
2!34Q7!?7FF!>:45!
>:7!38583<3!G42375>
;MX!>=!G=F8>8D7
!@7:4D8=E
!S7Y9YU!&!4?R42F!G42!=HH!>:7!>=>4?!@4?45C7!74C:!
3=5>:
;OXY!!&$,!E7D74?76!>:4>!>:7!57R
?2!C=676!45FR7E
!C:=8C7F!R7E7!:89:?2!68FCE83854>7
Y!!,:<FU!>:7!GE=G=F76!C=6859!FC:737!R4F!E7>48576
!S&$,!E7F<?>F!4D
48?4@?7!<G=5!E7I<7F>X
Y!!#8FF859!64>4
!R7E7!C=676!SVVVXU!
4FF7FF76
U!456!4CC=<5>76!H=E!@4F76!=5!43=<5>!=H!64>4!
38FF859!456!4GG4E75>!E74F=5!H=E!38FF859!64>4
Y!!!:1<057!1419H?;?J
!!"]G?=E4>=E2!H4C>=E!454?2F8F
!S"-(X
!R4F!G7EH=E376!=5!74C:!F<@FC4?7Y
!!"-(!67>7E3857F!3
=67?!F>E<C><E7!@2!>7F>859!>:7!5<3@7E!=H!?4>75>!D4E84@?7F!577676!>=!CE74>7!
4CC7G>4@?7!H8>U!R8>:85!>:7!3=F>!G4EF83=58=<F!3=67?U!R:8?7!7]G?485859!>:7!E7?4>8=5F:8GF!R8>:!
8568C4>=E!D4E84@?7F!
S#<>:75!T!#<>:75U!NVV\
;LMNLXY!!-=??=R859!"-(U!C=5H8E34>=E2!H4C>=E!
454?2F8F!S.-(XU!4!374F<E7375>!3=67?U!R4F!<F76!>=!H<E>:7E!>7F>!>:7!H8>!=H!>:7!GE7D8=<F?2!
F7?7C>76!3=67?!456!7]43857!>:7!E7?4>8=5F:8GF!@7>R775!?4>75>!D4E84@?7F!456!>:7!=@F7ED76!
8568C4>=EF!85!9E74>7E!67>48?Y!
!#=67?!H8>!67>7E
3857F
!:=R!R7??!
4!GE=G=F76!3=67?!H8>F!R8>:!>:7!
64>4
U!456!GE=D867F!4!F>4564E6!H=E!4FF7FF859!R:7>:7E!>=!E7P7C>!=E!E7>485!4!G4E>8C<?4E!3=67?Y!!
-8>!R4F!
C=5F867E76!4CC7G>4@?7!R:75
!$==>!#745!AI<4E7!"EE=E!=H!(GGE=]834>8=5!S$#A"(X!
R4F!?7FF!>:45
!YMa!456!>:7!.=3G4E4>
8D7!-8>!&567]!S.-&X
!456!,<CQ7E!+7R8F!&567]!S,+&X
!R7E7!
@=>:!
4>!=E!
4@=D7!YVO
!SJ<!T!075>?7EU!NVVVX
Y!!!K21?>723240!;4G17;14<2J
!!(??!?7D7?F!=H!374F<E7375>!85D4E845C7!R7E7!>7F>76!85!4!
F>7GR8F7!H4F:8=5Y!!
#74F<E7375>!85D4
E845C7!7]43857F!8H!>:7!374F<E7F!=5!>:7!GE7
;456!G=F
>;>7F>F
!:4D7!8675>8C4?!F>E<C><E7F
!456!8H!>:7!F437!C=5C7G>F!4E7!@7859!>7F>76
Y!!,:8F!GE=C7FF!8F!Q72!
H=E!452!3745859H<?!C=3G4E8F=5!>=!@7!6E4R5!@7>R775!9E=<GF!=E!4CE=FF!>837Y
!!,:E=<9:!=E67E76U!:87E4EC:8C4?
!>7F>F!
=H!3=67?!H8>U!
?4>75>!H4C>=EF!456!8568C4>=EFU!H4C
>=E!?=46859F
U!456!85>7EC7G>F!
4E7!
C=3G4E76!>=!@7!7I<4?!
S.:75U!A=<F4U!T!Z7F>U!LMMOX
Y!!,:8F!F><62!>7F>76!
!VO!C=5H89<E4?U!R74QU!456!F>E=59!85D4E845C7!
SF77!>4@?7!j
!H=E!374F<E7375>!85D4E845C7!E7F<?>FX
Y!!&H!
F>E=59!85D4E845C7!R4F!5=
>!4C:87D76
U!G4E>84?!85D4E845C7!R4F!>7F>76Y!
!A><687F!:4D7!<F76!>:7!
E7?4]76!G4E>84?!85D4E845C7!3=67?!4F!45!4?>7E54>8D7!R:75!F>E=59!85D4E845C7!H48?F!>=!@7!
E7>48576!
S02E57U!A:4D
7?F=5U!T!#<>:75U!NV\VW!.:75!7>!4?YU!LMMOX
Y!&5D4E845C7!GE=C76<E7F!456!?7D7?!=H!4CC7G>45C7!H=E!H8>!R4F!9<8676!@2!G
E7D8=<F!
E7F74EC:!
S.:75!7>!4?YU!LMMOW!AC:38>>!T!e<?8P4585U!LMM\W!AC:==>U!+<9>89U!T!J=]U!LMNLX
Y!!.:8;FI<4E7!68HH7E75C7!>7F>F!4E7!>2G8C4??2!<F76!>=!C=3G4E7!3=67?!H8>!4CE=FF!>7F>F!=H!374F<E7375>!
85D4E845C7Y!!J=R7D7EU!C:8
;FI<4E7!E7F<?>F!4E7!4HH7C>76!@2!5=5
;5=E34?8>
2!456!?4E97!F43G?7!
F8`7F!F<C:!>:4>!3452!E7F74EC:7EF!F<997F>
!=>:7E!9==657FF
;=H;H8>!
8568C7F!S.:75!7>!4?YU!LMMOW!
Z864345U!-7EE7EU!T!.=597EU!LMNMX
Y!!!K5=29!02?0;4CJ
!!A7D7E4?!3=67?F!=H!>:7!G<EG=F76!D4E84@?7F!456!>:78E!
E7?4>8=5F
:8G!R8>:!=57!45=>:7E
!R7E7
!CE74>76
Y!!,:7F7!3=67?F!
R7E7
!>7F>76!<F859
!@B%-,
!456!F>E<C><E4?!
7I<4>8=5!3=67?859!SA"#X
Y!!A"#!4??=RF!E7F74EC:7EF!>=!>7F>!>:7=E87F!=E!85>7E4C>8=5F!@7>R775!
3<?>8G?7!D4E84@?7FU!7]G?8C8>?2!>4Q7F!85>=!4CC=<5>!374F<E7375>!7EE=EU!456!
GE=D867F!45!
4D75<7!H=E!>7F>859!?4>75>!D4E84@?7F
Y!!Z8>:85!A"#
U!68E7C>U!8568E7C>U!456!37684>8=5!7HH7C>F!C45!
@7!>7F>76!
S$42Q=D!T!#4EC=<?867FU!LMMaX
Y!!$794E6859!>:7!<F7F!=H!A"#U
!$42Q=D!456!#4EC=<?867F!
SLMMaX!F>4>76U
!qhA"#!C45!@7!<F76!>=!I<45>8H2!
456!>7F>!G?4<F8@8?8>2!=H!
:2G=>:7>8C4?!4FF7E>8=5F!4@=<>!G=>75>84?!85>7EE7?4>8=5F:8GF!43=59!C=5F>E<C>F!4F!R7??!4F!
>:78E!E7?4>8=5F:8GF!>=!374F<E7!4FF7FF859!>:73r!SG
Y!NXY!,:7!?4>75>!C:4597!3=67?F
!SJ2!N4U!N@U!
L4U!456!
L@X!R7E7!
CE74>76!
H=??=R859!>:7
!G4>>7E5
!7F>4@
?8F:76!@2
!#C(E6?7!SLMMVXY!!
)E4R859!HE=3!
>:7!
3=67?F!CE74>76!6<E859!374F<E7375>!
85D4E845C7U!?4>75>!C:4597!D4E84@?7F!R7E7!CE74>76
U!456!E7?4>8=5F:8GF!@=>:!68E7C>8=54?!456!
5=5;68E7C>8=54?!R7E7!>7F>76Y!!
+4>75>!C:4597!3=67?F!CE74>7!4!57R!?4>75>!D4E84@?7U!>:7!C:45
97!!Va!FC=E7U!R:8C:!C4G><E7F!>:7!=D7E4??!C:4597!HE=3!>837!=57!>=!>837!>R=Y
!!(H>7E!
>:7!3=67?F!R7E7
!>7F>76
!>:7!=<>G<>!R4F!E7D87R76!H=E!R4E5859!37FF497FY!!&5!4668>8=5U!G
4E437>7EFU!D4E845C7FU!
3=67?!H8>U!456!H856859F
!R7E7!
E7D87R76
!S#C(E6?7U!LMMVXY
!#7684>8=5!3=67?F!7]43857!>:7!E7?4>8=5F:8G!@7>R775!45!8567G75675>!D4E84@?7!SlX!
456!4!67G75675>!D4E84@?7!S1X!>:E=<9:!>:7!85H?<75C7!=H!4!F7G4E4>7!85>7ED75859!D4E84@?7!S#XY!!
,:8F!37684>859!85H?<75C7!C45!@7!E7GE7F75>76!@2!3<?>8G?7!D4E84@?7FY!!(FF<3G>8=5!=H!
3768
4>8=5!F:=<?6!@7!9E=<5676!85!>:7=E2!456!@4CQ76!@2!GE7D8=<F!?8>7E4><E7
!S/E74C:7E!T!
J427FU!LMM\X
Y!!,:8F!F><62!:2G=>:7F8`76U!@4F76!=5!GE7D8=<F!F><687F
U!>:4>!H8545C84?!4>>8><67F!
85!@=>:!._)!456!A_&!R=<?6!H<5C>8=5!4F!4!37684>85
9!GE7F75C7
!S.:75!T![=?G7U!NVV\W!
%<63<5F=5!T!)457FU!LMNNW!J456C=CQ!7>!4?YU!LMNcW!b=E975F75!T!A4D?4U!LMNMX
Y!!#7684>8=5!
3=67?F!S
J2!NC!456!
LCX!R7E7!CE74>76!456!>7F>76!85!4
5!=E67E76!
H4F:8=5Y!!-8E
F>U!4!
@4F7?857!
3=67?!R8>:
!=5?2!?4>75>!H4C>=EF!R4F!>7F>76Y!
!,:75!>837!=57!CE=FF
;?49F!R7E7!46676U!
H=??=R76!
@2!>:7!4668>8=5!=H!
68HH7E75C7!F
C=E7F!456!CE=FF!?49FY!
!-854??2U!>:7!
H<??!3=67?!R4F!>7F>76U!456
!45!46P<F>76!3=67?!R8>:!>:7!5=5
;F8958H8C45>!G4>:R42F!E73=D
76!R4F!>7F>76Y!!,:8F!GE=C7FF!
GE=D8676!C:7CQF!=H!>:7!F8958H8C45>!G4>:R42F!456!>:7!?7D7?!456!G=FF8@?7!83GE=D7375>
!=H!H8>!
4CE=FF!4??!3=67?F!SF77!>
4@?7!
O!H=E!H8>!4CE=FF!4??!>7F>76!3=67?FXY!!,:7!H=<E>:U!H<??!3=67?!R4F!
677376!>=!:4D7!4CC7G>4@?7!H8>Y!!(52!83GE=D7
375>!=H!H8>!R8>:85!>:7!$#A"(U!.-&U!,+&U!=E!.:8!
AI<4E7!R4F!5=5
;F8958H8C45>Y!!
!(H>7E!H8>!R4F!>7F>76!456!C=5H8E376!>:7!3=67?!R4F!E7
;7F>834>76!R8>:!4!@==>F>E4G!=H!
NUMMMY!!
0==>F>E4GG859!8F!
>:7
!E7C=33756!GE=C76<E7!R:75!>7F>859!37684>8=5U!7FG7C84??2!
R:75!<F859!F>
E<C><E4?!7I<4>8=5!3=67?859
!S/E74C:7E!T!J427FU!LMM\W!A:E=<>!T!0=?97EU!LMMLX
Y!!,:8F!GE=C76<E7!8F!4!5=5G4E437>E8C!E7G74>76!F43G?859!>7C:58I<7!>:4>!GE=D867F!45!73G8E8C4?!
F43G?7!68F>E8@<
>8=5!456!C=5H8675C7!85>7ED4?FY!!
,:7!C=5H8675C7!85>7ED4?F
!67>7E3857
!8H!4!
!Vi!37684>8=5!G4>:R42!
>:4>!8F!F8958H8C45>?2!9E74>7E!>:45!`7E=!8F!
G=FF8@?7Y!!
&5!4668>8=5U!
>:8F!37>:=6!
GE=D867
F!3=E7!85H=E34>8=5!>:45!>:7!F>4564E6!G
;D4?<7
U!456!:4F!9E74>7E
!F75F8>8D8>2!
>=!>:7!,2G7!&!7EE=EU!7FG7C84??2!R:75!C=3G4E76!>=!=>:7E!G=G<?4E!>7F>F!F<C:!4F!>:7!A=@7?!>7F>!
S/E74C:7E!T!J427FU!LMM\W!A:E=<>!T!0=?97EU!LMMLX
Y!U>19;010;G2!
-101
!!,:7!H=??=
R;<G!H=C<F!9E=<G!F7FF8=5F!R7E7!67F89576!>=!F<GG?7375>!>:7!I<45>8>4>8D7!
F<ED72!374F<E7
U!GE=D86859!9E74>7E!67G>:!456!C?4E8>2!>=!>:7!F<ED72!64>4!4F!R7??!4F!
>E8459<?4>8=5!>=
!>:7
!=D7E4??
!F><62Y!!
,E8459<?4>8=5!8F!=57!37>:=6!>:4>!:7?GF!75F<E7!I<4?8>2!
456!P<F>8H87
F!>:7!=D7E4??!<F7!=H!I<4?8>4>8D7!37>:=6F!85!C=5P<5C>8=5!R8>:!I<45>8>4>8D7!
454?2F8F!
S.E7FR7??!T!#8??7EU!LMMM
W.=?<CC8U!LMMiW!B<837>!7>!4?YU!LMMjW!$8>C:87!T!+7R8FU!LMMcX
Y A><675>!G4E>8C8G45>F!C=3375>76!=5U!E74C>76!>=U!456!466
76!>:78E!85F89:>!>=!I<7F>8=5F!
E7?4>76!>=!>:7!I<4
5>8>4>8D7!E7F<?>F!456!>:7!=D7E4??!>:737!=H!._)!456!A_&!C4G4@8?8>2Y
!!)<E859!
>:7!H=C<F!9E=<G!F7FF8=5F!=@F7ED4>8=54?!5=>7F!R7E7!>4Q75
U!456!4H>7E!74C:!F7FF8=5!>:7F7!
GE7?83854E2!5=>7F!R7E7!E7D87R76Y!!,:8F!GE=C7FFU!4F!F775!85!
B<837>!7>!4?Y!SLMMjX
U!GE=D8676!4!
E7D87R!=H!>:7!F7FF8=5!45
6!4??=R76!>:7!E7F74EC:7E!>=!@7C=37!=E875>76!>=!>:7!
=D7E4??!483!456!
34P=E!>:737F!=H!>:7!F7FF8=5Y!!&5!4668>8=5U!@=>:!H=C<F!9E=<G!F7FF8=5F!R7E7!6898>4??2!E7C=E676!
456!?4>7E!>E45FCE8@76!D7E@4>83Y!
!/4E>8C8G45>!5<3@7EF!456!
GF7<6=523F
!R7E7!4FF89576!
6<E859!>E45FCE
8G>8=5!SF77!(GG7568]!$!H=E!G4E>8C8G45>!5<3@7EF!456!GF7<6=523FXY!!
,:7!C=6859!GE=C7FF!H=??=R76!45!=E67E76!F7I<75C7U!F838?4E!>=!R:4>!
8F!GE7F75>76!85!.E7FR7??!
SLMMiXd!S4X!
=5!>:E77
!F7G4E4>7!85F>45C7F!
>E45FCE8G>F!R7E7!E746U!E7D87R76U!456!5=>7F!R7E7!
>4Q75W!S@X!>E
45FCE8G>F
U!5=>7FU!:89:?89:>76!F>4>7375>F
U!456!I<=>7F!
R7E7!
E7D87R76!456!=G75!
C=676W!SCX!>E45FCE8G>F!456!858>84?!C=67F!R7E7!=E9458`76U!456!C=3@8576!R:75!4GGE=GE84>7
W!S6X!4!C=67@==Q!R
4F!CE74>76!R8>:!C4>79=E87FU!F<@
C4>79=E87FU!456!>:78E!67FCE8G>8=5FW!456!S7X!4
!!V\!>4@?7!R4F!CE74>76
!68FG?42859
!C=676!G4FF497F!SF8958H8C45>!F>4>7375>F!456!I<=>
7FX!<567E!74C:!C4>79=E2!456!F<@
C4>79=E2
!SF77!(GG7568]!k!H=E!H=C<F!9E=<G!C=67@==QX
Y  !!VV!(2?>90?
!/13I92!:72V>24<H!-;?07;8>0;54?+!'$:"/
!!BD7E!NUMMM!C4F7F!4
CE=FF!F8]!F737F>7EF!R7E7!E7C=E676!85!
A-"%:/$1,
Y!!.4F7F!>:4>!R7E7!
F<@38>>76!85!7EE=E!R8>:!5=>:859!C=3G?7>76!=E!?7FF!>:45!:4?H!=H!>:7!374F<E7!C=3G?7>76!R7E7!
7?83854>76Y!
!,:7!7?83854>76!C4F7F!R7E7!8675>8H876!>:E=<9:!&/!466E7FF7F
!456!
>:7!
64>7!456!
>837!F>43GF
!4F!F<@38FF8=5!7EE=EF!HE=3!<F7EF!>:4>!E7
;F<@38>>76!4!C=3G?7>76!F<ED72Y!!
,:8F!GE=C7FF!287?676
!C=3G?7>7!>7F>!F7>F!
R8>:!38583<3!E456=3!7EE=EFU!H=E!>:7!G<EG=F7!=H!
C=3G4E8F=5
Y!!,:8F!E7F<?>76!85!4!>=>4?
!F43G?7!H=E!>:7!I<45>8>4>8D7!F<ED72!454?2F8F!=H!\OO!
C=3G?7>76!
GE7
;456!G=F>
;>7F>!F7>F
U!456!4!E7FG=5F7!E4>7!=H!\OYOp
Y!!"4C:!G4E>8C8G45>!R4F!98D75!
4!5<37E8C4?!8675>8H87E!4H>7E!>:7!64>4!
R7E7
!7]G=E>7
6Y!!&
675>8H2859!85H=E34>8=5
!S&/!466E7FF7FU!
>837
!456!64>7!F>43GF
U!G4E>8C8
G45>!5437FU!456!7348?!466E7FFX!
R4F!<F76!>=!H8
56!456!=E9458`7!
>:7!G4E>8C8G45>
F^!GE7
;456!G=F>
;>7F>!F<@38FF8=5FY
!!B5C7!=E9458`4>8=5!R4F!C=3G?7>76U!>:8F!
85H=E34>8=5!R4F!E73=D76Y
!,:7!34P=E8>2!=H!>:8F!F43G?7!H7??!R8>:85!>:7!497!E4597!=H!N\
;LL!SVOpXY!!,:8F!R4F!
85!Q77G859!R8>:!>:7
!F><62
^F!85C?<F8=5!CE8>7E84
U!R:8C:!F>8G<?4>76!G4E>8C8G45>F!@7!5=!3=E7!>:45!
cM!274EF!=H!497Y!!Z8>:85!>:7!F43G?7!>:7E7!R4F!4!F?89:>?2!?4E97E!E7GE7F75>4>8=5!=H!34?7F!
SOOYipX!>:45!H734?7FU!456!>:7!34P=E8>2!8675>8H876!4F!@7859!R:8>7_.4<C4F845!SaVY\
pXY!!"89:>!
G7EC75>!=H!>:7!F43G?7!8675>8H876!4F!@
?4CQ_(HE8C45!(37E8C45
U!R:8?7!P<F>!H7R7E!>:45!\p!=H!
G4E>8C8G45>F!85!>=>4?!E7GE7F75>76!>:7!C4>79=E87F!=H!J8FG458CU!(F845U!456!(37E8C45!&56845Y!!
,:7!E73485859
!NLa!G4E>8C8G45>F!SNjY\pX!F7?7C>76!q=>:7EYr!!,:7!
=D7ER:7?3859!
34P=E8>2!=H!
G4E>8C8G45>F!
E7G=E>76
!@7859
!E48F76!85!
>:7!
*A!S\jYjpXY!!!.?4FF!F>456859!E7D74?
76!4!F=37R:4>!7I<4?!68F>E8@<>8=5!=H!F=G:=3=E7F!SLVYV
pX!456!
P<58=EF!SLM
YVpXU!R:8?7!F758=EF!R7E7!85!>:7!34P=E8>2!SjMYNpX!456!HE7F:345!85!>:7!385=E8>2!
!NMM!SVpXY!!B57!F><675>!SYNpX!E7G=E>76!
:8F_:7E!F>4><F!4F!
4!9E46<4>7!F><675>Y!!
,:7!F><675>F!R7E7!
4FQ76!>=!8675>8H2!>:78E!4C46738C!34P=E!HE=3!>:7!H=??=R859!?8F>d!
4CC=<5>859U!H8545C7U!
76<C4>8=5U!7598577E859U!GF2C:=?=92U!F=C8=?=92U!:<345!67D7?=G375>!456!H438?2!F><687F
U!=E!
q=>:7E
Yr!!,:7!34P=E
8>2
!C:=F7!q=>:7Er!SjcYVpX
Y!!(F!GE7D8=<F?2!F>4>76
U!4F867!HE=3!>:7!@<F857FF!
C=??797
U!>:8F!C=<EF7!8F!5=>!E7I<8E76
Y!!&5!H4C>U!\ap!=H!F
><675>F!>==Q!>:7!G7EF=54?!H8545C7!
C=<EF7!4F!45!7?7C>8D7
Y!!!Z:75!4FQ76!4@=<>!>:7!H8545C859!=H!>:78E!76<C4>8=5
U!G4E>8C8G45>F!E7G=E>76!G4E75>F!=E!
=>:7E!H438
?2!4F!>:7!GE834E2!F=<EC7!SjiYipXY!!(!C4>79=E2!?4@7?76!4F!qF7?H
Ur!E7H7EE859!>=!?=45FU!
FC:=?4EF:8GFU!9E45>FU!=E!=>:7E!H8545C84?!486
U!C437!85!F7C=56!R8>:!LcYLp!=H!F><675>FY!!(F!
G4E>8C8G45>F!?==Q76!85>=!>:7!H<><E7
U!>:72!R7E7!FG?8>!4F!>=!>:7!:89:7F>!?7D7?!=H!76<C4>8=5!>:72!
@7?87D76!>:72!R=<?6!4C:87D7
Y!!,:7!34P=E8>2!
R45>76
!>=!
C=5>85<7!>:78E!C<EE75>!76<C4>8=5!
=E!G<EF<7!H<E>:7E!>E485859
K@4C:7?=E^F
!679E77!SjNYapXU!34F>7E^F!679E77!SjjYOpXU!6=C>=E4?!=E!
GE=H7FF8=54?!SNLY
cpXY!!Z:75!4FQ76!>:7!7]G7C>76
!?7D7?!=H!85C=37!
>:72!R=<?6
!34Q7!4H>7E!
C=3G?7>859!
FC:==?U!jLp!=H!F><675>F!F7?7C>76!sOMUMMM
;ijUVVVU!R8>:!>:7!57]>!?4E97F>!C4>79=E
2!@7859!sjMUMMM
;jVUVVV!SLOYipX!
SF77!>4@?7!Nj
!H=E!4??!673=9E4G:8C!I<7F>8=5F!456!E7F<?>FXY
!/13I92!:72V>24<H!-;?07;8>0;54?+!
:5<>?!N75>I?
!!,:7!>R=!H=C<F!9E=<G!F7FF8=5F!:46!4!>=>4?!=H!Nj!G4E>8C8G45>FU!F7D75!85!74C:
!F7FF8=5Y!!
-=E!>:7!>=>4?!F43G?7
!>:7E7!R7E7!F7D75!34?7!456!F7D75!H734?7!G4E>8C8G45>FY!!,:7!497!=H!>:7!
34P=E8>2!=H!G4E>8C8G45>F!R4F!@7>R775!N\
;LL!274EF!S
\OYipXU!>:7!E73485859!>R=!G4E>8C8G45>F!
SNjYcpX!H7??!R8>:85!>:7!E4597!=H!Lc
;La!274EFY!!J4?H!=H!>:7!G4E>8C8G45>F!C?4FF8H876!>:73F7?D7F!
4F!
R:8>7!=E!.4<C4F845U!R:8?7!>:7!
=>:7E!OMp
!C?4FF8H876!>:73F7?D7F!85!>:7!H=??=R859!R42Fd!
@?4CQ!=E!(HE8C45!(37E8C45!SNjYcpXU!J8FG458C!(37E8C45!SiYNpXU!(F845!(37E8C45!SNjYcpXU!
456!=>:7E!SNjYcpXY!!,:7!>R=!G4E>8C8G45>F!>:4>!F7?7C>76!q=>:7E
r!8675>8H876!4F
!(F845Y
!!NMN!!,:7!=D7ER:7?3859!34P=E8>2!=H!G4E>8C8G45>F!R7E7!F758=EF!SiNYjpX!H=??=R76!@2!
F=G:=3=E7F!SLNYjpXU!456!HE7F:345!SiYNpXY!!
#4P=E!C:=8C7!D4E876
U!R8>:!>:7!?4E97F>!
C=5C75>E4>8=5!SL\YapX!85!>:7!H87?6F!=H!4CC=<5>859!
456!H8545C7
U!H=??=R76!@2!C=33<58C4>8=5!
SNjYcpXY!!072=56!>:7F7!4E74F!=H!F><62
U!74C:!G4E>8C8G45>!E7G=E>76!4!68HH7E75>!34P=E!E459859!
HE=3!7598577E859!>=!37684!456!85H=E34>8=5Y
!!A><675>F!R7E7!FG?8>!4F!>=!
>:7!679E77!=H
!C=??7984>7!>E485859!>:72!67F8E76d
!cOYip!8568C4>76!4!@
4C:7?=E^F!679E77
U!R:8?7!jLYVp!675=>76!
4!34F>7E^F!679E77
!R4F!>:78E!756!9=4?
Y!!'74E?2!:4?H!=H!>:7!F43G?7!E7G=E>76!>:72!4E7!C<EE75>?2!75E=??76!85!>:7!G7EF=54?!
H8545C7!C=<EF7!Sc\YOpXY!!/4E>8C8G45>F!
R:=
!R7E7!5=>!C<EE75>?2!75E=??76!C=3G?7>76!>:7!
C=<EF7!R8>:85!>:7!?4
F>!FC:=?4F>8C!274E!456!4!:4?H!SA<337E
!LMNj!;!-4??!LMNOXY
!!A838?4E!>=!>:7!
HE7I<75C2!
=H!C=<EF7!=HH7E859F!SH4C7
;>=;H4C7!DFY!=5?857X
U!R8>:85!>:8F!FG45!=H!>837!>:7!34P=E8>2!
=H!F><675>F!:46!>:7!C=<EF7!
85!H4C7
;>=;H4C7!F7C>8=5F!SaVYL
pXU!R:8?7!cMY\p!>==Q!8>!=5?857
!SF77!>4@?7!NO
!H=E!4??!673=9E4G:8C!I<7F>8=5F!456!E7F<?>FX
Y!U>140;010;G2!/0>=H!(2?>90?+!'$:"/
!!,:7!H=C<F!=H!>:8F!F><62!R4F
!>:7!E7?4>8=5F:8G!@7>R775!Q5=
R?7697U!4>>8><67FU!456!
@7:4D8=E
!85!>:7!4E74F!=H!._)!456!A_&Y!!,:7!E7F74E
C:!I<7F>8=5F!456!4FF=C84>76!:2G=>:7F7F!
R7E7!67F8
9576!>=!GE=9E7FF!HE=3!>:7!E7?4>8=5F:8G!=H!Q5=R?7697!
456!@7:4D8=EU!>=!4>>8><67F!
456!@7:4D8=EU!456!H854??2!>:7!37684>8=5!3=67?!R8>:!4>>8><67F!4F!45!85>7E37684>7!@7>R775!
Q5=R?7697!456!@7:4D8=EY!!
!!-89<E7F!=H!74C:!>7F>76!3=67?!R7E7!CE74>76!68FG?42859!4??!>7F>7
6!G4>:R42F
U!456!
F8958H8C45>!E7F<?>F!S7F>834>7!456!F>4564E6!7EE=EXY
!!,4@?7F!R7E7!CE74>76!>=!68FG?42
!3=67?!H8>U!
>7F>F!
=H!374F<E7375>!85D4E845C7U!456!
4??!E7F<?>F
KF8958H8C45>!456!5=5
;F8958H8C45>!S7F>834>7FU!
F>4564E6!7EE=EU!G
;D4?<7XY!!
.=5H8675C7!85>7ED4?F!
SVOpX!H=E!>:7!37684>8=5!3=67?F!4?F=!R7E7!
!NML!GE=D8676Y!!-=E!74C:!3=67?U!R8>:85!>:7!
H89<E7F
!456!
>4@?7F
U!@=>:!<5F>4564E68`76!456!
F>4564E68`76!E7F<?>F!R7E7!
68FG?4276
Y!!A>4564E68`76!E7F<?>F!4??=R!H=E!C=3G4E8F=5!=H!3=67?!
7HH7C>F!
R8>:85!>:7!F437!3=67?!456!
R8>:!>:7!
F437!
67G75675>!D4E84@?7
Y (2?217<F!U>2?0;54!W1
+!"72=;0Q-280
!$kN4d
!Z8??!737E9859!46<?>F^!?7D7?!=H!CE768>_67@>!Q5=R?7697U!
4>!>837!=57
!S,NX!456!
>:7!
C:4597!FC=E7!SC:4597!=D7E!>837XU!
E7?4>7!>=
!4!C:4597!85!CE768>_67@>!@7:4D8=E
!SC:4597!FC=E7Xt!JN4d!
.E768>_67@>!Q5=R?7697!4>!>837!=57!
S,NX!456!
>:7!
C:4597!FC=E7!SC:4597!=D7E!>837X!R8??!
E7?4>7!>=
!4!C:4597!85!CE768>_67@>!@7:4D8=E!S
C:4597!FC=E7XY!!,:7!H8EF>!E7F74EC:!I<7F>8=5!456!:2G=>:7F8F!
466E7FF76!>:7!E7?4>8=5F:8G!@7>R775!._)!
Q5=R?7697!456!C:4597!85!@7:4D8
=Ed!Z=<?6!Q5=R?7697!948576!@7>R775!>837!=57!456!>837!
>R=!?746!>=!C:4597!85!@7:4D8=Et
!!,=!>7F>!>:8F!
4FF7E>8=5
!4!?4>75>!C:4597!FC=E7!3=67?!
R4F!
>7F>76
!S#C(E6?7U!LMMVX
!<F859!
@B%-,
!i!D7EF8=5!NYcN!
S#<>:75!T!#<>:75U!NVV\
;LMNLXY!!J2G=>:7F8F!N4!
R4F!G4E>84??2!F<GG=E>76
Y!':$
D!":$D!14=!35=29!6;0
J!!-=E!4??!3=67?F!85C?<6859!:2G=>:7F8F!N4!H
=??=R859
!>:7!>7F>F!=H!
"-(U!C=5H8E34>=E2!H4C>=E!454?2F8F!456
!374F<E7375>!85D4E845C7!R7E7!G7E
H=E376Y
!!,:8F!R4F!
4!F>7GR8F7!GE=C7FFd!S4X!"-(!H=E!4??!F<@FC4?7F!S._)!456!A_&!Q5=R?7697U!4>>8><67FU!@7:4D8=EX!
4>!>837!=57!456!>837!>R=!R4F!E<5!>=!67>7E3857!H4C>=E!F>E<C><E7W!
S@X!.-(!R4F!E<5!=5!4??!
F<@FC4?7F!4>!>837!=57!456!>837!>R=!>=!7F>4@?8F:!H8>W!SCX!374F<E7375>!85D4E845C7!R4F!E<5!>=!
7F>4@?8F:!7I<8D4?75C7!@7>R775!>837!=57!456!>837!>R=W!456!S6X!?4>75>!C:4597!456!37684>8=5!
3=67?F!S>837!=57!456!>837!>R=!C=3@8576X!456!
>:7!
E7?4>
8=5F:8GF!@7>R775!Q5=R?7697U!
4>>8><67FU!456!@7:4D8=E!R7E7!>7F>76Y!!)<E859!.-(!57C7FF4E2!464G>
4>8=5F!R7E7!3467!>=!
85CE74F7!3=67?!H8>Y!!,=!>:8F!756U!3=68H8C4>8=5!8568C7F
!S#&X!
R7E7!<F76!>=!7D4?<4>7!C:4597!85!
H8>!R:75!G4E437>7EF!R7E7!E7?4]76!
S#<>:75!T!#<>:75U!NVV\
;LMNLXY!!B5?2!3=67?!H8>!H=E!>:7!
!NMc!H854?!
?4>75>!C:4597!3=67?F!456!37684>8=5!3=67?F!4E7!E7G=E>76Y!!-=E!"-(!456!.-(!3=67?!
H8>U!E7H7E!>=!>4@?7!LY!
!"]G?=E4>=E2!H4C>=E!454?2F8F!E7D74?76!4!=57
;H4C>=E!3=67?!H=E!._)!Q5=R?7697!456!4!>R=
;H4C>
=E!3=67?!H=E!H8545C84?!@7:4D8=E
Y!!._)!Q5=R?7697
!H4C>=E!=57!
R4F!
E7?4>76!>=
!4!>:737!=H!
CE768>!C4E6!456!?=45!<F7F!456!>E4CQ859!S7Y9YU!
qZ:8C:!=H!>:7!H=??=R859!C455=>!?794??2!4CC7FF!
2=<E!CE768>!E7G=E>t
rXY!!,:7!8568C4>=EF!?=46859!=5!._)!@7:4D8=E
!H4C>=E!=57!F<EE=<5676
!._)
!:=?6859F!
S7Y9YU!qJ=R!3452!CE768>!C4E6F!6=!2=<!:4D7tr
X!456!
5794>8D7!CE768>!GE4C>8C7F
!S7Y9YU!q&5!>:7!G4F>!NL!3=5>:F!:4D7!2=<h
!#4]76!=<>!>:7!?838>!=5!=57!=E!3=E7!CE768>!C4E6rX
Y!!07:4D8=E!H4C>=E!>R=!E7?4>76!>=!._)!G42375>F!456!E7F74EC:
!=H!>7E3F
!S7Y9YU!q&!C=3G4E7!=HH7EF!
@7H=E7!4GG?2859!H=E!4!?=45
rX!SF77!>4@?7!c!H=E!H4C>=E!>:737FX
Y!!,:E=<9:=<>!>:8F!F7C>8=5!H4C>=EF!
R8??!@7!E7H7EE76!>=!@2!>:78E!
C=5>75>!4E74!SQ5=R?7697U!4>>8><67FU!456!@7:4D8=EX!456!
E7?4>76!
H4C>=E!
>:737FY!!
(67I<4>7!3=67?!H8>
!H=E!>:7!?4>75>!C:4597!3=67?!>7F>859!:2G=>:7F8F!N4!R4F!
4C:87D76
!S*!6I
!YViaU!7E6I
!YViOU!J@059I
!YMcLU!J@059'KLM'*6I
'YML\U!YMca
XY!!J<!456!075>?7E!
SNVVVX!F>4>76!>:4>!$#A"(!F:=<?6!@7!@7?=R!YMa!
456!
>:7!
,+&!456!.-&!C<>=HH!574E!YVO
!SF77!>4@?7!N!H=E!3=67?!H8>!8568C7FXY!!
!K21?>723240!;
4G17;14<2J
!!,7F>F!=H!374F<E
7375>!85D4E845C7!R7E7!
GE7H=E376
!=5!4??!
F<@FC4?7F!S.)!eU!.)!(U!.)!0U!A&!eU!A&!(U!A&!0X
Y!!,:8F!GE=C7FF!>7F>F!>:7!7I<8D4?75C2!=H!4!
374F<E7U!75F<E859!>:4>!C=5C7G>F!4E7!@7859!>7F>76!456!85>7EGE7>76!>:7!F437!4CE=FF!9E=<GF!
456!4CE=FF!>837
!S.:75!7>!4?YU!LMMOW!A
C:38>>!T!e<?8P4585U!LMM\W!AC:==>!7>!4?YU!LMNLX
Y!!,:7!=E67E!=H!=G7E4>8=5
F!<F76!85!>:8F!F><62!
H=E!374F<E7375>!85D4E845C
7!R8>:!C4>79=E8C4?!64>4!
85C?<676
d!S4X
!C=5H89<E4?!85D4E845C7
KH8>>859!4!3=67?!R8>:!385834?!C=5F>E485>FU!>7F>859!
7I<4?8>2!R8>:!>:7
!C=5H89<E4>8=5!=H!G4>:R42F!4CE=FF!9E=<GFW!S@X
!R74Q!85D4E845C7
KC=5F>E485859!H4C>=E!?=46859F!4CE=FF!
9E=<G
U!>7F>859!>:7!7I<4?8>2!=H!374F<E7375>!<58>F
W!456!
!NMj!SCX!F>E=59!85D4E845C7
KC=5F>E485859!
>:E7F:=?6F!456!E73485859!
85>7EC7G>FU!>7F>859!
>:7!
7I<4?8>2!=H!
>:7!
3745
!F>E<C><E7!4CE=FF!9E=<GF
!SJ=E>75F8<FU!LMNLW!Z864345!7>!4?YU!LMNMX
Y!!&H!
F>E=59!85D4E845C7!H48?76!>=!@7!E7>48576!G4E>84?!85D4E845C7U!
E7?4]859!>:E7F:=?6F
U!R4F!>7F>76!456!8H!E7>48576!
H=E376!>:7!@4F7?857!3=67?Y!!
(CC=E6859!>=!.:75U!A=<F4U!456!Z7F>!SLMMOX
!>:7!
3=E7!46D45C76!>7F>F!=H!85D4E845C7!SF>E8C>X!E7GE7F75>!qD7E2!F>E85975>!8674?!F>4564E6F!>:4>!
4E7!D7E2!68HH8C<?>!
>=!H<?H8??r!SGY!jiOXY!
!)<7!>=!6=C<375>76!8FF<7F!@7>R775!?8Q7?8:==6!>7F>F
!456!?4E97
;FC4?7!F43G?7!F8`7F!>:8F!
F><62!<F76!>:7!.-&!68HH7E75C7!FC=E7!>=!4FF7FF!H8>!4CE=FF!>:7!>7F>F!=H!85D4E845C7!
S075>?7EU!
NVVMW!#C)=54?6!T!#4EF:U!NVVMW!Z864345!7>!4?YU!LMNMX
Y!!(CC=E6859!>=!
.:7<59!456!$75FD=?6!
SLMMLXU!q4!68HH7E75C7!=H!?4E97E!>:45!
MYMN!85!>:7!.-&!R=<?6!8568C4>7!4!3745859H<?!C:4597!85!
3=67?!H8>!H=E!>7F>859!374F<E7375>!85D4E845C7n
!SGY!O\LXY! ,:<FU!4!.-&!?7FF!>:45!>:7!
MYMN!?7D7?
U!E7D74?76!>:4>!>:7!3=67?!85!I<7F>8=5!456!>:7!C=3G4E76!3=67?!R7E7!8675>8
C4?Y!!,:7!?4E97E!>:7!
.-&!68HH7E75C7!@7>R775!3=67?F!>:7!3=E7!68FF838?4E!>:7!3=67?FY
   0=>:!>:7!._)!Q5=R?7697!S
*!6I
!YVi\U!J@059I
!YMciU!*!6')$44./.(1.I
!YMM\X!456!._)!
@7:4D8=E!F<@FC4?7F!S
*!6I
!YViiU!J@059I
!YMOU!*!6')$44./.(1.I
!YMM\X!E74C:76!F>E=59!85D4E845C7Y!!
,:7!F>E=59!85D4E845C7!3=67?!4C:87D76!H=E376!>:7!@4F7?857!3=67?!HE=3!R:8C:!H<E>:7E!A"#!
454?2F8F!R4F!GE7H=E376
!SF77!>4@?7!j
!H=E!374F<E7375>!85D4E845C7!E7F<?>FX
Y!!"-A
R>?2?
!14=!071<M;4C
!14=!
"-E
RF59=;4C?
!14=!42C10;G2!I71<0;<2?D!"-E
RI1H3240?
!14=!72?217<F
J!!.E768>_67@>
!Q5=R?7697
;<F7F!456!>E4CQ859
!S,NX!R4F!5=>!F8958H8C45>?2!E7?4>76!
>=!C:4597!85!@7:4D8=E
;:=?6859F!456!5794>8D7!GE4C>8C7F!
S>I'MYMMLU!05I'MYMLLU!NI'MYMjMU!BI'MYVL\XU!=E!C:4597!85!@7:4D8=E
;G42375>F!456!E7F74EC:!
S>I'MYMMVU!05I'MYMNV!NI'MYMLaU!BI'MYaLOXY!!.E768>_67@>!@7:4D8=E
;:=?6859F!456!5794>8D7!GE4C>8C7F
!S,NX!R4F!
F8958H8C45>?2!456!
5794>8D7?2!E7?4>76!
>=!
C:4597!85!>:4>!
@7:4D8=E
!S>I!;MYNNaU!05I!MYMLNU!NI!;MYL\NU!BO'YMMNXY!!!NMO!07:4D8=E
;G42375>F!456!E7F74EC:
!4?F=!:46!4!F8958H8C45>!456!5794>8D7!E7?4>8=5F:8G!R8>:!
>:4>
!H4C>=E^F!
C:4597!FC=E7!S>I!;MYNL\U!05I!MYMLMU!NI!;MYjLVU!BO!YMMNXY!!,:7F7!E7F<?>
F!E7D74?
!4!:89:7E!FC=E7!85!._)!@7:4D8=E
;:=?6859F!456!5794>8D7!GE4C>8C7F
!S,NX!456!._)!@7:4D8=E
;G42375>F!456!E7F74EC:
!S,NX!E7?4>76!>=!?7FF!C:4597!85!=D7E4??!@7:4D8=EY!!
!(!:89:7E!FC=E7!85!Q5=R?7697
!S,NX!R4F!F8958H8C45>?2!E7?4>76!>=!4!:89:7E!FC=E7!
H=E!@7:4D8=E
;G42375>F!456!E7F74EC:!
S,NX!S>I!MYN\NU!05I!MYMLMU!NI!MYOLMU!BO!YMMNXY!!J=R7D7EU!4!
:89:7E!FC=E7!H=E!Q5=R?7697!
S,NX!R4F!
5794>8D7?2!E7?4>76
!>=!@7:4D8=E
;:=?6859F!456!5794>8D7!
GE4C>8C7F
!S,NX!S>I!;MYMiNU!05I!MYMLV!NI!;MYNLNU!BI!YMNOXY!!(F!Q5=R?7697!C:45976
!=D7E!>837
!@7:4D8=E
;G42375>F!456!E7F74EC:!C:45976!
S>I!MYMjiU!05I!MYMNiU!NI!MYLMNU!BI!YMMaXY!!,:8F!E7?4>8=5F:8G!R4F!5=>!
F8958H8C45>!R8>:!
C:4597!85!@7:4D8=E
;:=?6859F!456!5794>8D7!GE4C>8C7F!
S>I'MYMM\U!05I!MYMNVU!NI!MYMjMU!BI'MYa\iX!SF77!H89<E7!N!456!N4
!H=E!H<??!3=67?X
Y!!!(2?217<F!U>2?0;54!W8
+!"72=;0Q-280!
!$kN@d
!Z8??!737E9859!46<?>F^!?7D7?!=H!CE768>_67@>!4>>8><67FU!
4>!>837!=57!
S,NX!456!
>:7!
C:4597!FC=E7!SC:4597!=D7E!>837XU!
E7?4>7!>=
!4!C:4597
!85!CE768>_67@>!@7:4D8=E
!SC:4597!FC=E7Xt!JN@d!
.E768>_67@>!4>>8><67F!4>!>837!=57!
S,NX!456!
>:7!
C:4597!FC=E7!SC:4597!=D7E!>837X!R8??!
E7?4>7!>=
!4!C:4597!85!CE768>_67@>!@7:4D8=E!S
C:4597!FC=E7XY!(!?4>75>!C:4597!FC=E7!3=67?
!R4F!
<>8?8`76!
>=!7]43857
!:2G=>:7F8F
!N@!456!
>:7!
E7?4>8=5F:8G
!@7>R775!._)!4>>8><67F!456!@7:4
D8=EY!!,:7!F<GG=F8>8=5!@7859!>7F>76!R4F!>:4>!
H8545C84?!4>>8><67F!S
,NX!456!=D7E
4??!C:4597!85!4>>8><67F!R=<?6!4
HH7C>!C:4597!85!
H8545C84?!
@7:4D8=EY
!!J2G=>:7F8F!N@!R4F!G4E>84??2!F<GG=E>76Y
!':$D!
":$D!14=!35=29!6;0
J!!"]G?=E4>=E2!H4C>=E!454?2F8F!
E7D74?76
!>:4>
!>:7!64>4!H=E!
._)!
4>>8><67
F!H8>!
4!>:E77
;H4C>=E
!3=67?
U!R:8?7!
>:7!64>4!H=E!
._)!@7:4D8=E
!H8>!
4!>R=;H4C>=E
!3=67?
Y!!"4C:!4>>8><67!
H4C>=E!E7?4>76!>=!68HH7E75>!4FG7C>F!=H!F<@P7C>8D7!H8545C84?!Q5=R?7697Y
!!!NMa!A<@P7C>8D7!H8545C84?!Q5=R?7697!8F!67H8576!4F!45!8568D86<4?oF!4FF7FF375>!=H!:8F!=E!:7E!
H8545C84?!<567EF>456859
U!4@8?8>2U!456!@7?87HF!Sl84=!7>!4?YU!LMMVX
Y!!-=E!H4C>=E!=57
U!>:7!>:737!=H!
F<@P7C>8D7!H8545C84?!Q5=R?7697!?85Q76!>=!5794>8D7!H8545C8
4?!GE4C>8C7F
!S7Y9YU!q/?74F7!867
5>8H2!74C:!=H!>:7!H=??=R859!4F!y%==6!/E4C>8C7^!=E!y
'=>!%==6!/E4
C>8C7^h
"]C776859!CE768>!?838>F
rXY!!-4C>=E!>R=
!R4F!C=557C>76!>=!7F>834>7F!=H!G=F8>8D7!H8545C84?!GE4C>8C7F!
S7Y9YU!q/?74F7!8675>8H2!
74C:!=H!>:7!H=
??=R859!4F!y%==6!
/E4C>8C7^!=E!y'=>!%==6!/E4C>8C7^h
#4Q859!G42375>F!=5!>837
rXY!!(>>8><67
F!H4C>=E!>:E77!E7GE7F75>76!4D=8645>!E7FG=5F7F
!S7Y9YU!q,:7!C=F>!=H!<F859!CE768>!
8F!>==!
:89:rXY!!&5!74C:!85F>45C7!G4E>8C8G45>F!GE=D8676!>:78E!49E77375>!R8>:!F>4>7375>F!85!>:7F7!
C4>79=E87F!SG=F8>8D7U!5794>8D7U!4D=8645>XY!!
-8545C84?!4>>8><67!I
<7F>8=5F!
4FQ76!G4E>8C8G45>F!8H!
._)!
4C>8=5F
!R7E7!4!q9==6!GE4C>8C7r!=E!q5=>!4!9==6!GE4C>8C7Ur!4FQ76!G4E>8C8G45>F!>
=!E4>7!
._)!
F>4>7375>F
!HE=3!F>E=59?2!49E77!>=!F>E=59?2!68F49E77U!456!4FQ76!G4E>8C8G45>F!>=!E4>7!>:78E!
<567EF>456859!=H!._)!>=G8CF!S7]C7??75>!
m!G==EX
Y!!(F!F>4>76!4@=D7U!._)!@7:4D8=E
!H4C>=E
!=57!456!>R=
!E7GE7F75>76d!S4X!:=?6859F!456!5794>8D7!GE4C>8C7FU!456!S@X
!G42375>F!456!E7F74EC:
U!E7FG7C>8D7?2
Y!!#=67?!H8>!R4F!>7F>76!456!7D4?<4>76!>:E=<9:!F7D7E4?!H8>!8568C7FY!!$7F<?>F!
E7D74?76!4CC7G>4@?7!H8>!H=E!>:7!=D7E4??!3=67?!
S*!6I
!YVjiU!7E6I
!YVjcU!J@059I
!YMjjU!J@059'
KLM'*6I
!YMjNU!YMjiXY!!K21?>723240!;
4G17;14<2J
!!A>7GR8F7!>7F>F!=H!374F<E7375>!85D4E845C7!R7E7!
GE7H=E376!H=E!@=>:!._)!4>>8><67F!456!@7:4D8=EY!!#=67?F!85!>:8F!GE=C7FF!E4597
6!HE=3!?74F>!>=!
3=F>!E7F>E8C>8D7!SC=5H89<E4?
mF>E=59XY!!,:7!F>E=59!85D4E845C7!3=67?!C=<?6!5=>!@7!E7>48576!H=E!
._)!4>>8><67FY!
 J=R7D7E
U!>:8F!3=67?!686!
E74C:!G4E>84?!85D4E845C7!S
*!6I
!YVjiU!J@059I
!YMacU!*!6')$44./.(1.I
!YMMOXY!!#<>:75!456!#<>:75!SNVV\
;LMNLX!F>4>76U!qZ:75!H<??!374F<E7375>!
85D4E845C7!6=7F!5=>!:=?6U!G4E>84?!374F<E7375>!85D4E845C7!C45!@7!C=5F867E76Y!!,:8F!85D=?D7F!
!NMi!E7?4]859!F=37!7I<4?8>2!C=5F>E485>F!=5!>:7!374F<E7375>!G4E437>7EFr!SG4E>84?!374F<E7375>!
85D4E845C7U!G4E4Y!NXY!
!,:7!F>E=59!85D4E84
5C7!3=67
?!R4F!E7>48576!H=E!._)!@7:4D8=E
Y!"-$
!<F14C2
!?<572?
!14=!
"-E
RF59=;4C?
!14=!42C10;G2!I71<0;<2?
J!!07:4D8=E
;:=?6859F!456!5794>8D7!GE4C>8C7F!S,NX!F8958H8C45>?2!456
!5794>8D7?2!GE768C>76!
C:4597!85!4>>8><67
F;G=F8>8D7!GE4C>8C7F
!S>I!;MYNjcU!05I!MYML\U!NI!;MYLijU!BO!YMMNXU!456!C:4597!85!4>>8><67F
;4D=8645>!E7FG=5F7F!S
>I!;MYNOcU!05I!MYMcVU!NI!;MYNVLU!BO!YMMNXY!!,:<FU!:89:!858>84?!
FC=E7F!H=E!@7:4D8=E
;:=?6859
F!456!5794>8D7!GE4C>8C7F
!S,NX!E7?4>76!>=!
?=R!=D7E4??
!C:4597!85!G=F8>8D7!GE4C>8C7!456!4D=8645>
!E7FG=5F7!
4>>8><67F
Y!!J=R7D7EU!>
:7!E7?4>8=5F:8G!@7>R775!
>:7!
4>>8><67!C:4597!FC=E7
;5794>8D7!GE4C>8C7F!
456!
@7:4D8=E
;:=?6859
F!456!5794>8D7!GE4C>8C7F
!S,NX!R4F!5=5
;F8958H8C45>!
S>I!;MYMO\U!05I!MYMaNU!NI!;MYMaVU!BI'MYcjOXY!"-$
RI5?;0;G2
!I71<0;<2?
!14=!
"-E
RI1H3240?
!14=!72?217<F
!<F14C2
!?<572
J!!(>>8><67F
;G=F8>8D7!G42375>F
!S,NX!F8958H8C45>
?2!456!5794>8D7?2!GE768C>76
!C:4597!85!@7:4D8=E
;G42375>F!456!
E7F74EC:
!S>I!;MYLONU!05I!MYMiaU!NI!;MYLMcU!BI!YMMNXY!!,:8F!E7F<?>!
8568C4>76
!>:4>!4!:89:7E!4>>8
><67F
;G=F8>8D7!GE4C>8C7F!
FC=E7!GE768C>76!?7FF!C:4597!85!@7:4D8=E
;G42375>F!456!E7F74EC:
Y!!"-$!
<F14C2
!?<572
?!14=!
"-E!
<F14C2
!?<572?
Y!!A8958H8C45>!E7?4>8=5F:8GF!R7E7!
GE7F75>!@7>R775!>:7!
C:4597!FC=E7FY!!.:4597!85!
@7:4D8=E
;:=?6859F!456!5794>8D7!GE4C>8C7F!
F8958H8C45>?2!E7?4>76!>=
!C:4597!85!4>>8><67
F;G=F8>8D7!GE4C>8C7F!
S>I!MYMcMU!05I!MYMNjU!NI!MYNLMU!BI!YMcMX!456!C:4597!85!4>>8><67F
;4D=8645>!E7FG=5F7F!
S>I!MYMjaU!05I!MYMLMU!NI!MYNLiU!BI!YMLNXY!!.:4597!85!@7:4D8=E
;G42375>F!456!E7F74EC:!F8958H8C45>?2!E7?4>76!>=!C
:4597!
4>>8><67F
;G=F8>8D7!GE4C>8C7F
!S>I!MYMVcU!05I!MYMNOU!NI!MYcjLU!BO!YMMNX!456!
C:4597!85!4>>8><67F
;4D=8645>!E7FG=5F7F
!S>I!MYMOiU!05I!MYMLjU!NI!MYNLiU!BI!YMNVXY!!NM\!"-$
R42C10;G2
!I71<0;<2?D!"-$
RI5?;0;G2!I71<0;<2?
D!"-$R1G5;=140!
72?I54?2?
!14=!
"-E
RF59=;4C?
!14=!42C10;G2!I71<0;<2?D!"-E
RI1H3240?
!14=!72?217<F
J!!07>R775!H4C>=EFU!
._)!4>>8><67F!456!
._)!@7:4D8=EU!
>:7E7!R7E7!F7D7E4?!F8958H8C45>!G4>:R42FY!!._)!
4>>8><67F
;5794>8D7!GE4C>8C7F!
:46!4!F8958H8C45>!5794>8D7!
E7?4>8=5F:8G
!R8>:!
@7:4D8=E
;:=?6859F!456!
5794>8D7!GE4C>8C7F
!S,NX!S>I!;MYNLaU!05I!MYMOLU!NI!;MYNjaU!BI!YMNOXY!!07:4D8=E
;:=?6859
F!456!
5794>8D7!GE4C>8C7F!S,NX!F8958H8C45>?2!456!
G=F8>8D7
?2!E7?4>76!>=!4
>>8><67F
;G=F8>8D7!GE4C>8C7F!
S,NX!S>I!MYNVMU!05I!MYMLcU!NI!;MYjMLU!BO!YMMNXU!456!
4>>8><67F
;4D=8645>!E7FG=5F7F
!S,NX!S>I!MYL\jU!05I!MYMcjU!NI!MYcjLU!BO!YMMNXY!!07:4D8=E
;G42375>F!456!E7F74EC:!F8958H8C45>?2!E7?4>76!
>=!4>>8><67F
;5794>8D7!GE4C>8C7F
!S>I!MYN\\U!05I!MYMjMU!NI!;MYcaLU!BO!YMMNXU!4>>8><67F
;G=F8>8D7!
GE4C>8C7F
!S>I!MYNNMU!05I!MYMNiU!NI!;MYc\jU!BO!YMMNXU!456!4>>8><67F
;4D=8645>!E7FG=5F7F
!S>I!MYNNOU!05I!MYMLaU!NI!;MYLcMU!BO!YMMNX!SF77!H89<E7!c!456!c4!H=E!H<??!3=67?X
Y!!(2?217<F!U>2?0;54!W<
+!"72=;0Q-280!
!$kNCd!Z8??!CE768>_67@>!4>>8><67F!37684>7!>:7!E7?4>8=5F:8G!@7>R775!CE768>_67@>!Q5=R?7697!
456!CE768>_67@>!
@7:4D8=E
!4>!>837!=57
!S,NX!456!C:4597!FC=E7!SC:4597!=D7E!>837X
t!JNCd!.
E768>_67@>
!4>>8><67F!R8??!37684>7!>:7!E7?4>8=5F:8G!@7>R775!
CE768>_67@>
!Q5=R?7697!
456!
CE768>_67@>
!@7:4D8=E
!@=>:!4>!>837!=57!
S,NX!456!R8>:!>:7!C:4597!FC=E7!SC:4597!=D7E!
>837X
Y!J2G=>:7F8F!NC
!4FF7FF76
!H8545C84?!Q5=
R?7697U!4>>8><67FU!456!@7:4D8=E
!>=97>:7E
U!456!
4FF7E>76!>:4>!4>>8><67F!R=<?6!37684>7!>:7!E7?4>8=5F:8G!@7>R775!._)!Q5=R?7697!456!
@7:4D8
=EY!!Z8>:85!>:7!37684>8=5!3=67?!>:7E7!R7E7!F7D7E4?!F8958H8C45>U!68E7C>!E7?4>8=5F:8GF!
@7>R775!H4C>=EF
Y!!,:7!8568E7C>!7HH7C>F!456!E=?7!=H!4>>8><67F!4F!4!37684>=E!R4F!>:7!H=C<F!=H!
>:8F!E7F74EC:!I<7F>8=5!456!:2G=>:7F8F!456!8F!>:7!C75>E4
?!>=!>:8F!RE8>7
;<G!SF77!>4@?7!NM
!H=E!37684>8=5!3=67?!8568E7C>!456!68E7C>!7HH7C>FXY!!
J2G=>:7F8F!NC!R4F!G4E>84??2!F<GG=E>76Y
!!NMV!!':$D!
":$D!14=!35=29!6;0
J!!"]G?=E4>=E2!H4C>=E!454?2F8F!=5!4??!>:E77!3=67?F!E7D74?76d!
CE768>_67@>!Q5=R?7697!:46!=57!H4C>=E!SCE768>!<F7F!456!>E4CQ859XU!4>>8><67F!:46!>:E77!
SF<@P7C>8D7!H8545C84?!Q5=R?7697
K5794>8D7U!G=F8>8D7U!456!4D=8645>!GE4C>8C7
FXU!456!@7:4D8
=E!:46!>R=!H4C>=EF!S:=?6859FU!G42375>F!456!E7F74EC:XY!!"4C:!G=FF8@?7!
68E7C>!456!8568E7C>!
7HH7C>!@7>R775!H4C>=EF!456!C:4597!FC=E7F!
R4F!>7F>76
Y!/E8=E!>=!>7F>859!>:7!H854?!3=67?
U!F7D7E4?!57F>76!3=67?F!R7E7!>7F>76
!85!45!7HH=E>!>=!
4C:87D7!4CC7G>4@?7!H8>!R8>:85!>:7!3=F>!
G4EF83=58=<F
!3=67?
d!S4X!@4F7?857!3=67?!R8>:!P<F>!
?4>75>!H4C>=EF
W!S@X!>837!=57!CE=FF
;?49FW
!SCX!68HH7E75C7!FC=E7!CE=FF;?49FW!S6X!H<??!3=67?
!R8>:!
?4>75>!H4C>=EFU!>837!=57
U!456!68HH7E75C7!CE=FF
;?49FW!456!
S7X!46P<F>76!3=67?!R8>:=<>!5=5
;F8958H8C45>!G4>:R42F
Y!!,:7F7!>7F>F!4??=R76!3=67?!H8>!>=!@7!7D4?<4>76
U!456!:7?G76!>=!
67>7E3857!57C7FF4E2!G4>:R42F!>=!85C?<67!85!>:7!H854?!3=67?
!SF77!>4@?7!O
!H=E!37684>8=5!
3=67?!H8>!E7F<?>FX
Y!!,:7!H<??!3=67?
!R4F!C:=F75!4F!>:7!H
854?!3=67?!456!<F76!>=!>7F>!>:7!68E7C>!
456!8568E7C>!7HH7C>F
!=H!._)!Q5=
R?7697U!4>>8><67FU!456!@7:4D8=E
Y!!,:8F!3=67?!GE=D8676!
85H=E34>8=5!=5!4??!G=FF8@?7!7HH7C>FY!
!.:4597!85!H8>!4CE=FF!4??!>7F>76!3=67?F!R4F!5=3854?!456!
5=5;F8958H8C45>Y!
!,:7!H<??!3=67?!R4F!
677376!F<HH8C875>!S
*!6I
!YVcjU!7E6I
!YVcNU!J@059I
!YMc\U!J@059'KLM'*6I
!YMcaU!YMjMXY!!&2?0?!56!;4=;72<0!2662<0?J
!!A>4564E68`76!E7F<?>F!H=E!>:7!37684>8=5!3=67?!4E7!
GE7F75>76!@7?=RY!!,:7!F>4564E68`76!H89<E7F!E7GE7F75>!>:7!43=<5>!=H!C:4597!85!<58>F!=H!
F>4564E6!67
D84>8=5!>:7!67G75675>!D4E84@?7
!S)[X!R8??!C:4597!@4F76!=5!F>4564E6!67D84>8=5!
C:4597!85!>:7!
GE768C>=E!S&[XY
!!&5!4668>8=5U!>:7F7
!H89<E7F!4??=R!H=E!68E7C>!C=3G4E8F=5F!>=!@7!
3467Y!
!$7F74EC:7EF!:4D7!
?=59!
67@4>76!>:7!
37E8>F
!=H!>E468>8=54?!>7F>F!=H!7HH7C>!F8`7
!456!
GE=G=F76!<F859!
F>4564E68`76!H89<E7F!85
!>:78E
!G?4C7!S#<>:75!T!#<>:75U!NVV\
;LMNLW!Z75!T!
-45U!LMNOX
Y!!Z75!456!-45!SLMNOX
!F>4>76
U!!NNM!,:7!8568E7C>!7HH7C>!
">U!R:75!85!F>4564E68`76!H=E3U!8F!4?E7462!=5!4!F>4564E68`76!
FC4?7!>:4>!8F!68E7C>?2!85>7EGE7>4@?7
h07C4<F7!>:7!F>4564E68`76!H=E3!=H!>:7!37684>8=5!
7HH7C>!
">!8F!4?E7462!85>7EGE7>4@?7U!456!8>!C=<?6!@7!<F76!H=E!F25>:7F8F!4CE=FF!F><687F!8>!
4GG74EF!>:4>!>:7E7!8F!5=!H<564375>4
?!3=>8D4>8=5!H=E!67D7?=G859!45=>:7E!FC4?7
;HE77!8567]!>=!E7GE7F75>!
">U!@7C4<F7!">!85!F>4564E68
`76!H=E3!8F!4?E7462!FC4?7!HE77!
SGGY!NVV;LMMXY!04F76!=5
!Z75!456!-45!SLMNOX!>=>4?!8568E7C>!7HH7C>F!SF<3!=H!68E7C>!456!8568E7C>!
7HH7C>FXU!
68E7C>!7HH7C>FU!456!8568E7C>
!7HH7C>F
!4E7!GE7F75>76
!SF77!>4@?7!NM
!H=E!4??!
68E7C>!
456!
8568E7C>!
E7F<?>FX
Y!!(??!@<>!=57!=H!>:7!>=>4?!8568E7C>!7HH7C>F!SF<3!=H!
68E7C>!456!
8568E7C>X!
H=E!>:8F!
3=67?!
R4F!5=5;F8958H8C45>Y!!,:7!=5?2!F8958H8C45>!
>=>4?!8568E7C>
!7HH7C>!
R4F!
HE=3!._)!
Q5=R?7697
;<F7F!
456!>E4CQ859!>=
!._)!@7:
4D8=E
;G42375>F!456!E7F74EC:!
SNI!MYNiMU!05I!MYMOVU!BI!YMMjXY!!&>!8F!83G=E>45>!>=!5=>7
U!>:7F7!>=>4?!=E!F<3!7HH7C>F!4E7!7F>834>8=5FY!
!&5!H4C>U!
/E74C:7E!456!J427F!SLMM\X!F>4>76U!qZ7!6=!5=>!F<997F>!>:4>!4!F8958H8C45>!>=>4?!8568E7C>!7HH7C>!
8F!4!GE7E7I<8F8>7!H=E!85D7F>859!FG7C8H8C!8568E7C>!7HH7C>FY!!&>!8F!75>8E7?2!G=FF8@?7!>=!H856!FG7C8H8C!
8568E7C>!7HH7C>F!>=!@7!F8958H8C45>!85!>:7!GE7F75C7!=H!4!5=5
;F8958H8C45>!>=>4?!8568E7C>
!7HH7C>r!SGY!
\\LXY!,:7!E7F<?>F!=H
!>:7
!._)!37684>8=5!3=67?!E7D74?76!>
R=!F8958H8C45>!
8568E7C>!7HH7C>F
!4CE=FF!4??!H4C>=EF!456!C:4597!FC=E7F
Y!!-E=3!._)!Q5=R?7697
;<F7F!456!>E4CQ859
!S,NX!>=!
@7:4D8=E
;:=?6859
F!456!5794>8D7!GE4C>8C7F!
S,NXU!4>>8><67F
;4D=8645>!E7FG=5
F7F!S,NX!F8958H8C45>?2!37684>76!>:8F!E7?4>8=5F:8G!S
NI!MYNMcU!05I!MYMciU!BI!YMMaU!KPM'*6I
!YMjNU!YNajXY!!,:7!E7?4>8=5F:8G!@7>R775!H8545C84?!Q5=R?7697
;<F7F!456!>E4CQ859
!S,NX!456!@7:4D8=E
;:=?6859F!456!5794>8D7!GE4C>8C7F!
S,NX!>:E=<9:!4>>8><67F
;5794>8D7!GE4C>8C7F!
S,NX!SNI!;MYMaiU!!NNN!05I!MYMaNU!BI'MYLicU!KPM'*6I
!;YNaiU!YMccX!456!4>>8><67F
;G=F8>8D7!GE4C>8C7F
!S,NX!R7E7!5=5
;F8958H8C45>!
SNI!MYMOaU!05I!MYMcjU!BI'MYNMNU!KPM'*6I
'YMMMU!YNNNXY!!!-E=3!
Q5=R?7697
;<F7F!456!>E4CQ859!
>=!@7:4D8=E
;G42375>F!456!E7F74EC:!
S,NXU!4>>8><67F
;G=F8>8D7!GE4C>8C7F!S,NX!F8958H8C45>?2!37684>76!>:7!E7?4>8=5F:8G!
SNI!MYMOaU!05I!MYMLiU!BI'YMcOU!KPM'*6I
'YMNLU!YNMMXY!!,:8F!R4F!>:7!=5?2!F8958H8C45>!
8568E7C>!7HH7C>
!HE=3!
Q5=R?7697
;<F7F!456!>E4CQ859
!>=!@7:4D8
=E;G42375>F!456!E7F74EC:!
S,NXY!!,:7!E7?4>8=5F:8G!
@7>R775!
Q5=R?7697
;<F7F!456!>E4CQ859!S,NX!>=!@7:4D8=E
;G42375>F!456!E7F74EC:
!>:E=<9:!
4>>8><67F
;5794>8D7!GE4C>8C7F!
S,NX!SNI!MYM\aU!05I!MYMOaU!BI'MYNLaU!KPM'*6I
';YMMaU!YNi\X!456!
4>>8><67F
;4D=8645>!E7FG=5F7F!
S,NX!R7E7!5=5
;F8958H8C45>!
SNI!MYML\U!05I!MYMNiU!BI'MYNM\U!KPM'*6I
';YMMNU!YMOaXY!(??!G4>:R42F!@7>R775!C:4597!85!Q5=R?7697
;<F7F!456!>E4CQ859!456!C:4597!85!
@7:4D8=E
;:=?6859F!456!5794>8D7!GE4C>8C7F
!456!
@7:4D8=E
;G42375>F!456!E7F74EC:
!R7E7!5=5
;F8958H8C45>Y!
SF77!H89<E7!O!456!O
4!H=E!H<??!3=67?X
Y!!!(2?217<F!U>2?0;54!X1+!/1G;4C?Q,4G2?0;4C
!!$kL4d!
Z8??!737E9859!46<?>F^!
?7D7?!=H!F4D859F_85D7F>859
!Q5=R?7697
U!4>!>837
!=57!S,NX!456!>:7!
C:4597!FC=E7!SC:4597!=D7E!>837
XU!E7?4>7
!>=!4!C:4597!85!
F4D859F_85D7F>859
!@7:4D8=E
!SC:4597!FC=E7Xt!JL4d!
A4D859F_85D7F>859!Q5=R?7697
!4>!>837!=57!
S,NX!456!
>:7!
C:4597!FC=E7!SC:4597!=D7E!>837X
!R8??!
E7?4>7
!>=!4!C:4597!85
!F4D859F_85D7F>859
!@7:4D8=E
!SC:4597!FC=E7X
Y!(!?4>75>!C:4597!3=67?!R4F!E<5!>=!67>7E3857!>:7!
E7?4>8=5F:8G!@7>R775!A_&!
Q5=R?7697
!S,NX!456!C:4597!85!Q5=R?7697!=D7E!>837
U!456!
=D7E4??
!C:4597!85!A_&!@7:4D8=EY!!
J2G=>:7F8F!L4!R4F!G4E>84??2!F<GG=E>76Y
!!NNL!':$D!
":$D!14=!35=29!6;0
J!!"]G?=E4>=E2!H4C>=E!454?2F8F!E7D7
4?76!@=>:!A_&!Q5=R?7697!
456!@7:4D8=E!:46!=57!4FF=C84>76!H4C>=EY!
!e5=R?7697!H4C>=E!=57!E7GE7F75>76!F4D859F!456!
85D7F>859!4CC=<5>F!456!E7><E5!=5!4CC=<5>F!S7Y9YU!
q(!:89:
;E8FQU!456!:89:!E7><E5!85D7F>375>!
F>E4>792!R=<?6!@7!3=F>!F<8>4@?7!H=Et
rXY!!,:7!F4D859F_85D7F>859!@7:4D8=E!H4C>=E!R4F!
4FF=C84>76!R8>:!@<697>859!456!E7C=E6!Q7
7G859!S7Y9YU!q/?74F7!8568C4>7!>:7!HE7I<75C2!R8>:!
R:8C:!2=<!759497!85!>:7!H=??=R859!4C>8D8>87F
h&!3485>485!467I<4>7!H8545C84?!E7C=E6F
rXY!!-8>!
H=E!:2G=>:7F8F!N4!R4F!4C:87D76!R8>:!F4>8FH4C>=E2!E7F<?>F!S
*!6I
!YViNU!7E6I
!YViNU!J@059I
!YMjLU!J@059'KLM'*6I
!YMc\U!YMjaXY!!K21?>723240!;4G17;14<2
J!!,7F>F!=H!374F<E7375>!85D4E845C7!E7D74?76!G4E>84?!
85D4E845C7!H=E!
>:7!>R=
!F<@FC4?7FU!A_&!Q5=R?7697!
S*!6I
!YV\aU!J@059I
!YMcLU!*!6')$44./.(1.I
!YMMjX!456!A_&!@7:4D8=E!
S*!6I
!YVaLU!J@059I
!YMacU!*!6')$44./.(1.I
!YMMVXY!!,:8F!?7D7?!=H!85D4E845C7!R4F!4CC7G>76!@4F76!=5!
.:75U!A=<F4U!456!Z7F>!SLMMOX
!456!
02E57!7>!4?Y!SNV\VX
Y!!/,A
R1<<5>40?
!14=!720>74
!14=!/,E
R8>=C20;4C!14=!72<57=!M22I;4C
J!!B5?2!>:E77!
>=>4?!G4>:R42F!R7E7!F8958H8C45>!85!>:8F!3=67?Y!
!A_&!@7:4D8=E;@<697>859!456!E7C=E6!Q77G859
!S,NX!R4F!5794>8D7?2!456!F8958H8C45>?2!E7?4>76!>=!>:7
!@7:4D8=E!
C:4597!FC=E7!S>I!;MYNcVU!05I!MYMVNU!NI!;MYcOVU!BO'YMMNXY!!e5=R?7697
;4CC=<5>F
!S,NX!456!@7:4D8=
E;@<697>859!456!E7C=E6!
Q77G859
!S,NX!R7E7!
G=F8>8D7?2!456!
F8958H8C45>?2!E7?4>76!S
>I!MYMVNU!05I!MYMLLU!NI!MYLcOU!BO!YMMNXY!!-854??2U!C:4597!85!Q5=R?7697
;4CC=<5>F
!F8958H8C45>?2!E7?4>76!>=!C:4597!85!
@7:4D8=E
;@<697>859!456!E7C=E6!Q77G859
!S>I!MYMaMU!05I!MYMLMU!NI!MYLcMU!BI!YMMLX!SF77!H89<E7!L!456!L
4!H=E!H<??!3=67?X
Y!!!!!!NNc!(2?217<F!U>2?0;54!X8+!/1G;4C?Q,4G2?0;4C
!!$kL@d!
Z8??!737E9859!46<?>F^!
?7D7?!=H!F4D859F_85D7F>859
!4>>8><67FU!
4>!>837
!=57!S,NX!456!>:7!
C:4597!FC=E7!SC:4597!=D7E!>837
XU!E7?4>7!>=
!4!C:4597!85!
F4D859F_85D7F>859
!@7:4D8=E
!SC:4597!FC=E7Xt!JL@d!
A4D859F_85D7F>859!4>>8><67F!4>!>837!=57
!S,NX!456!
>:7!
C:4597!FC=E7!SC:4597!=D7E!>837X
!R8??!
E7?4>7!>=
!4!C:4597!85
!F4D859F_85D7F>859
!@7:4D8=E
!SC:4597!FC=E7X
Y!,:8F!:2G=>:7F8F!7]438576!>:7!E7?4>8=5F:8G!@7>R775!H8545C84?!4>>8><67F!456!@7:4D8=E!
85!>:7!E74?3!=H!F4D859F!456!85D7F>859Y!!,:7!
E7F74EC:!
I<7F>8=5
!R4F!G=F76U!
6=7F!A_&!4>>8><67F!
7HH7C>!A_&!@7:4D8=E!68E7C>
?2!=E!>:E=<9:!C:4597!=D7E!>837t!!J2G=>:7F8F!L@!R4F!G4E>
84??2!
F<GG=E>76Y
!':$D!
":$D!14=!35=29!6;0
J!!"]G?=E4>=E2!H4C>=E!454?2F8F!E7D7?76!>:7!64>4!H=E!A_&!
4>>8><67F!H8>!4!>:E77
;H4C>=E!3=67?Y!!A838?4E!>=!._)!4>>8><67F
U!74C:!=H!>:7!A_&!H4C>=EF!
F<EE=<5676!4FG7C>F!=H!F<@P7C>8D7!H8545C84?!Q5=R?7697Y!!
,:7!H8EF>!H4C>=E!R4F!?85Q76!>=!
>:7!
<567EF>456859!=H!85D7F>375>F!456!
@<697>859
!S7Y9YU!q$4>7!2=<E!<567EF>456859h
A4D859!H=E!
E7>8E7375>
rXY!!-4C>=E
!>R=!4FF7FF76!>:7!G4E>8C8G45>F^!?7D7?!=H!F<@P7C>8D7!Q5=R?7697!E7?4>76!>=!
G=F8>8D7!
GE4C>8C7F!
85!F4D859F_85D7F>859!
S7Y9YU!qA4D859!3=572!E79<?4E?2!8F!83G=E>45>
rXY!!,:7!?4F>!H4C>=E!E7?4>76!>=!
5794>8D7!F4D859F_85D7F>859!GE4C>8C7F
!S7Y9YU!qe77G859!E7C=E6F!=H!
H8545C84?!34>>7EF!8F!>==!>837!C=5F<3859!>=!R=EE2!4@=<>
rXY!!-=E!74C:!H4C>=EU!G4E>8C8G45>F!
GE=D8676!>:78E!49E77375>!R8>:!F>4>7375>F!85!>:7F7!C4>79=E87F!S85D7F>375>F!456!@<697>859U!
G=F8>8D7!GE4C>8C7FU!456!5794>8D7!GE4C>8C7FXY!!
A4D859F_85D7F>859!H8545C84?!4>>8><67!I<7F>8=5F!
4FQ76!G4E>8C8G45>F!>=!E4>7!A_&!F>4>7375>F!HE
=3!F>E=59?2!49E77!>=!F>E=59?2!68F49E77U!456!
4FQ76!G4E>8C8G45>F!>=!E4>7!>:78E!<567EF>456859!=H!._)!>=G8CF!S7]C7??75>!
m!G==EXY
  07:4D8=EU!
4F!=<>?8576!4@=D7U!C=D7E76!8FF<7F!=H!@<697>859!456!E7C=E6!Q77G859Y
!!#=67?!H8>!R4F!E89:>!4>!
!NNj!>:7!C<>=HH!GE=G=F76!@2!
J<!456!075>?7E!S
NVVVX!H=E!85CE7375>4?!H8>!8568C7F!F<C:!4F!>:7!.-&!
456!,+&!S
*!6I
!YVONU!7E6I
!YVjVU!J@059I
!YMjVU!J@059'KLM'*6I
!YMjiU!YMOLXY!!K21?>723240!;4G17;14<2J
!!/4E>84?!374F<E7375>!85D4E845C7!H=E!A_&!H8545C84?!
4>>8><67F!R4F!E7>48576!
S*!6I
!YVcVU!J@059I
!YMc\U!*!6'
)$44./.(1.I
!YMM\XY!!A4D859F_85D7F>859!@7:4D8=E
!4?F=!E74C:76!G4E>84?!85D4E845C7
!S*!6I
!YVaLU!J@059I
!YMacU!*!6')$44./.(1.I
!YMMVXY!!/,$R;4G2?03240?!1
4=!8>=C20;4CD!/
,$RI5?;0;G2!
I71<0;<2?D!/,$
R42C10;G2!I71<0;<2?
!14=!
/,E
R8>=C20;4C
!14=!72<57=!M22I;4C
J!!,:7!E7?4>8=5F:8G!@7>R775!4??!>:E77!4>>8><67
F!H4C>=EF!456!@7:4D8=E!R7E7!
G=F8>8D7!456!
F8958H8C45>Y
!!07:4D8=E
;@<697>859!456!E7C=E6!Q77G859!
S,NX!F8958H8C45>?2!E7?4>76!>=!4
>>8><67F
;85D7F>375>F!456!@<697>859!
S,NX!S>I!MYLMOU!05I!MYMLNU!NI!MYjOVU!BO!YMMNXU!4F!R7??!4F!4>>8><67F;G=F8>8D7!GE4C>8C7F!
S,NX!S>I!MYNVOU!05I!MYMLjU!NI!MYcOiU!BO!YMMNXU!456!4>>8><67F;5794>8D7!GE4C>8C7F
!S,NX!S>I!MYNOaU!05I!MYMLLU!NI!MYLVNU!BO!YMMNXY!!!/,$!<F14C2!
?<572
?!14=!
/,E
!<F14C2!?<572
J!!,:7!E7?4>8=5F:8G!@7>R775!>:7!C:4597!
FC=E7F!E7D74?76!>R=!F8958H8C45>!
E7?4>8=5F:8GFY!
!+7FF!C:4597!85!4>>8><67F
;85D7F>375>F!456!
@<697>859!
E7?4>76!>=!?7FF
!C:4597!85!@7:4D8=E
;@<697>859!456!E7C=E6!Q77G859
!S>I!;MYOVcU!05I!MYMLMU!NI!;MY\j\U!BI!YMMiXY!!J=R7D7EU
!>:7!C:4597!FC=E7!H=E!4>>8><67F
;G=F8>8D7!GE4C>8C7F!
R4F!
G=F8>8D7?2!456!F8958H8C45>?2!E7?4>76!>=!C:4597!85!@7:4D8=E
;@<697>859!456!E7C=E6!Q77G859
!S>I!MYMjLU!05I!MYMNVU!NI!;MYNMVU!BI!YML\XY!!-854??2U!C:4597!85!4>>8><67F
;5794>8D7!GE4C>8C7F!
456!8>F!
E7?4>8=5F:8G!
>=!=D7E4??!C:4597!85!@7:4D8=E
;@<697>859!456!E7C=E6!Q77G859
!R4F!5=5
;F8958H8C45>!S
>I!MYMcLU!05I!MYMN\U!NI!MYMi\U!BI'MYM\LXY!/,$R;4G2?03240?!14=!8>=C20;4CD!/,$
RI5?;0;G2!I71<0;<2?D!/,$
R42C10;G2!I71<0;<2?
!14=!
/,E!<F14C2!?<572J
!!(>>8>
<67F
;85D7F>375>F!456!@<697>859!
S,NX!F8958H8C45>
?2!456!
5794>8D7?2!GE768C>76!
C:4597!85!@7:4D8=E
;@<697>859!456!E7C=E6!Q77G859
!S>I!;MYNcLU!05I!!NNO!MYMcVU!NI!;MYNOjU!BI!YMMNXY!!,:<FU!4!
:89:7E!>837!
=57!FC=E7!=5!
4>>8><67
F;85D7F>375>F!456!
@<697>859
!GE768C>
76!?7FF!=D7E4??!C:4597!85!@7:4D8=EY
!!,:7!E7?4>8=5F:8GF!@7>R775!
@7:4D8=E
;@<697>859!456!E7C=E6!Q77G859U!
4>>8><67F
;G=F8>8D7!GE4C>8C7F!
S,NX!S>I!;MYMMaU!05I!MYMLiU!NI!;MYMM\U!BI'MY\cOXU!456!4>>8><67F
;5794>8D7!GE4C>8C7F
!S,NX!S>I!MYMNaU!05I!MYMLiU!NI!MYMLLU!BI'MYOOjX!R7E7!5=5
;F8958H8C45>Y
!/,$!
<F14C2
!?<572?
!14=!
/,E
R8>=C20;4C
!14=!72<57=!M22I;4C
J!!(??
!GE768C>8D7!
E7?4>8=5F:8G
F!@7>R775!
@7:4D8=E!S,NX!456!
>:7!4>>8><67!C:4597!FC=E7F!
R7E7!F8958H8C45>Y!
!J=R7D7EU!=5?2!>:7!E7?4>8=5F:8G!@7>R775
!@7:4D8=E
;@<697>859!456!E7C=E6!
Q77G859!S,NX
!456!
C:4597!85!4>>8><67
;85D7F>375>F!456!@<697>859!
R4F!G=F8>8D7!456!F8958H8C45>!
S>I!MYaccU!05I!MYLOOU!N'I!MYcLcU!BI!YMNcXY!!J7E7U!@7:4D8=E
;@<697>859!456!E7C=E6!Q77G859!G=F8>8D7?2!
GE768C>76!
4!C:4597!85!4>>8><67F
;85D7F>859!456!@<697>859Y!!
07:4D8=E
;@<697>859!456!E7C=E6!
Q77G859!S,NX!5794>8D7?2!GE768C>76!>
:7!4>>8><67!C:4597!FC=E7
;G=F8>8D7!GE4C>8C7F!
S>I!;MYNNLU!05I!MYMOMU!NI!;MYNM\U!BI!YMLaXY!!A838?4E?2
U!4!5794>8D7
!GE768C>8D7
!E7?4>8=5F:8G!R4F!GE7
F75>!
@7>R775!
@7:4D8=E
;@<697>859!456!E7C=E6!Q77G85
9!S,NX!456!C:4597!85!4>>8><67
;5794>8D7!GE4C>8C7F!
S>I!;MYNcaU!05I!MYMOMU!NI!;MYNLaU!BI!YMMiX!SF77!H89<E7!j!456!j
4!H=E!H<??!3=67?X
Y!(2?217<F!U>2?0;54!X<+!/1G;4C?Q,4G2?0;4C
!!$kLCd!Z8??!
F4D859F_85D7F>859
!4>>8><67F!37684>7!>:7!E7?4>8=5F:8G!@7>R775!CE768>_67@>!
Q5=R?7697!456!
F4D859F_85D7F>859
!@7:4D8=E
!4>!>837!=57
!S,NX!456!C:4597!FC=E7!SC:4597!=D7E!
>837X
t!JLCd!A4D859F_85D7F>859!4>>8><67F!R8??!37684>7!>:7!E7?4>8=5F:8G!@7>R775!
F4D859F_85D7F>859
!Q5=R?7697!456!
F4D859F_85D7F>859
!@7:4D8=E
!@=>:!4>!>837!=57
!S,NX!456!R8>:!>:7!C:4597!
FC=E7!SC:4597!=D7E!>837X
Y!!NNa!,:8F!3=67?!85D7F>894>76!>:7!E=?7!=H!4>>8><67F!4F!4!37684>859!85H?<75C7!@7>
R775!A_&!
Q5=R?7697!456!@7:4D8=E
Y!!Z8??!>:7!GE7F75C7!=H!4>>8><67F!7]G?485!>:7!E7?4>8=5F:
8G!@7>R775!
Q5=R?7697!456!@7:4D8=Et!!
J2G=>:7F8F!LC!R4F!G4E>84??2!F<GG=E>76Y
!':$D!
":$D!14=!35=29!6;0
Y!!A4D859F_85D7F>859!Q5=R?7697!:46!=57!H4C>=E!SF4D859F!45
6!85D7F>859!4CC=<5>F!456!E7><E5
XU!4>>8><67F!:46!>:E77!S85D7F>859!
456!@<697>859
U!G=F8>8D7!GE4C>8C7F
U!456!5794>8D7!GE4C>8C7F
XU!456!@7:4D8=E!:46!=57!H4C>=E!S@<697>859!456!E7C=E6!
Q77G859XY!!"4C:!G=FF8@?7!
68E7C>!456!8568E7C>!
37684>8=5!G4>:R42!@7>R775!H4C>=EF!456!C:4597!
FC=E7F!R4F!>7F>76
!SF77!>4@?7!NN!H=E!37684>8=5!3=67?!8568E7C>!456!68E7C>!7HH7C>FX
Y!#=67?!H8>
!R4F!67>7E38576!>:E=<9:!>7F>859!4!F7E87F!=H!57F>76!3=67?F!HE=3!>:7!3=F>!
@4F8C!>=!>:7!H<??!3=67?Y!!,:7!H<??
!3=67?!R8>:!4??!G4>:R42F!
R4F!C:=F75!H=E!<F7!85!H<E>:7E!
454?2F8FY
!!A838?4E!>=!>:7!._)!37684>8=5!3=67?U!>:7!
85CE7375>4?!
H8>!8568C7F!R7E7!F?89:>?2!
?=R7E!
>:45!>:7!E7C=33756
76!C<>=HH
!SYVOXW!:=R7D7EU!>:7
!4@F=?<>7!H8>!8567]!S$#A"(X!R4F!
@7?=R!>:7!4CC7G>4@?7!C<>=HH
!SYMaX!SJ<!T!075>?7EU!NVVVX
Y!!-<E>:7EU!>:7!
3=67?!
686!5=>!F8958H8C45>?2!83GE=D7
!4CE=FF
!8>7E4>8=5
F!S8Y7YU!=5?2!?4>75>!H4C>=EFU!>837!=57!CE=FF
;?49F!
68HH7E75C7!F
C=E7!CE=FF;?49FU!=E!E73=D4?!=H!5=5
;F8958H8C45>!G4>:R42FX
!S*!6I
!YVjMU!7E6I
!YVc\U!J@059I
!YMjaU!$#A"(!VMp!.&w!YMjcU!YMj\
XY!&2?0?!56!;4=;72<0!2662<0?
J!!,:7!>=>4?
!8568E7C>!7HH7C>
!@7>R775!>:7!Q5=R?7697U!
4>>8><67FU!456!@7:4D8=E!H4C>=EF!
SNI!MYjMcU!05I!MYNMcU!BO!YMMNX!R4F!F8958H8C45>Y
!!(??!8568E7C>!
7HH7C>F
!@7>R775!A_&!Q5=R?7697
;4CC=<5>F!456!E7><E5
!456!@7:4D8=E
;@<697>859!456!E7C=E6!
Q77G859
!R7E7!G=F8>8D7!456!F8958H8C45>Y!
!,:7!E7?4>8=5F:8G!HE=3
!A_&!Q5=R?7697;4CC=<5>F!456!
E7><E5
!S,NX!>=!
@7:4D8=E
;85D7F>375>F!456!
@<697>859!S,NX
!>:E=<9:!4>>8><67F
;85D7F>375>F!
456!@<697>859!
S,NX!SNI!MYMaVU!05I!MYMcNU!BI!YML\U!KPM'*6I
'YMNiU!YNLMXU!4>>8><67F;G=F8>8D7!
!NNi!GE4C>8C7F!
S,NX!SNI!MYN\VU!05I!MYMOOU!BI!YMOMU!KPM'*6I
'YMViU!YL\MXU!456!4>>8><67F;5794>8D7!GE4C>8C7F!
S,NX!SNI!MYNjaU!05I!MYMaiU!BI!YMLVU!KPM'*6I
'YMcaU!YLOaX!R7E7!F8958H8C45>Y!
!Z8>:85!>:7
!C:4597!FC=E7!3=67?
!>:7!>
=>4?!8568E7C>!7HH7C>!
SNI!MYLiVU!05I!MYNLaU!BI!YMLiX!R4F!F8958H8C45>Y!!
J=R7D7EU!
@7>R775!C:4597!FC=E7F!
SQ5=R?7697U!4>>8><67FU!
@7:4D8=E
X!>:7E7!R4F!=57!F8958H8C45>!
8568E7C>!7HH7C>
Y!!,:7!E7?4>8=5F:8G!@7>R775!C:4597!85!
Q5=R?7697
;4CC=<5>F!456!E7><E5F
!456!C:4597!85!@7:4D8=E
;@<697>859!456!E7C=E6!Q77G859
!R4F!F8958H8C45>?2!37684>76!
@2!C:4597!85!4>>8><67F
;85D7F>375>F!456!@<697>859!
SNI!MYLLcU!05I!MYMVaU!BI!YMLMU!KPM'*6I
'YMaaU!YMc\XY!!-E=3!C:4597!85!Q5=R?7697
;4CC=<5>F!456!E7><E5
!>=!
C:4597!85!@7:4D8=E
;@<697>859!456!E7C=E6!Q77G859!>:E=<9:!C:4597!85!4>>8><67F
;G=F8>8D7!
GE4C>8C7F!
SNI!MYMj\U!05I!MYMjaU!BI'MYL\\U!KPM'*6I
';YMLiU!YNLcX!456!
4>>8><67F
;5794>8D7!GE4C>8C7F
!SNI!MYMMiU!05I!MYMNiU!BI'MYaiMU!KPM'*6I
';YMLMU!YMcjX!R4F!5=5;F8958H8C45>!
SF77!H89<E7!a!456!a
4!H=E!H<??!3=67?X
Y!/>3317H!56!:;4=;4C?
!¥ Z:75!>837!=57!FC=E7F!R7E7!:89:7E!H=E!CE768>_67@>!456!F4D859F_85D7F>859
U!4>>8><67F!
456!@7:4D8=E
U!=D7E4??!C:4597!R4F!?=R
Y!!.=5D7EF7?2U!
?=R7E!>837!=57!FC=E7F!E7?4>76!>=!
9E74>7E!C:4597Y
!¥ J89:!?7D7?F!=H!._)!Q5=R?7697
;<F7F!456!>E4CQ859
!S,NX!E7?4>76!>=!G=F8>8D7!@7:4D8=E!
R8>:!G42375>F!456!E7F74EC:
!S,NXU!456!R:75!Q5=R?7697!C:45976U!>:8F!4E74!=H!
@7:4D8=E!C:45976!SG42375>F!456!E7F74EC:XY!!,:8F!R4F!
5=>!>E<7!H=E
!@7:4D8=E
;:=?6859F!S5<3@7E!=H!C4E6F!85!G=FF7FF8=5!456!<>8?8`76X!456!5794>8D7!CE768>!@7:4D8=E!
S<F859!C4F:!46D45C7FU!34]859!456!7]C776859!?838>FXY
!¥ J89:!858>84?!FC=E7F!85!._)!@7:4D8=E
;:=?6859F!456!5794>8D7!GE4C>8C7F
!S,NX!GE768C>76
!?=R!=D7E4??!C:45
97!85!4>>8><67F;G=F8>8D7!GE4C>8C7F!456!4>>8><67F
;4D=8645>!E7FG=5F7FY!!
!NN\!-<E>:7EU!:89:7E
!FC=E7F!=5
!4>>8><67F
;G=F8>8D7!GE4C>8C7F
!S,NX!GE768C>76
!?7FF!C:4597!85!
@7:4D8=E
;G42375>F!456!E7F74EC:Y
!¥ 0=>:!C
:4597!85!@7:4D8=E
;:=?6859F!456!5794>8D7!GE4C>8C7F
U!456!@7:4D8=E
;G42375>F!
456!E7F74EC:!R7E7!F8958H8C45>?2!E7?4>76!>=!C:4597!85!4>>8><67F
;G=F8>8D7!GE4C>8C7F
U!456!
4>>8><67F
;4D=8645>!E7FG=5F7FY
!¥ A4D859F_85D7F>859!Q5=R?7697;4CC=<5>F!456!E7><E5
!S,NX!R4F!F8958H8C45>?2!E7?4>76!>=!
A_&!@7:4D8=E;@<697>859!456!E7C=E6!Q77G859Y!!-<E
>:7EU!C:4597!85!Q5=R?7697!E7?4>76!
>=!C:4597!85!@7:4D8=EY
!¥ (??!A_&!4>>8><67F!H4C>=EF
!S,NX!F8958H8C45>?2!E7?4>76!>=!A_&!@7:4D8=E
;@<697>859!456!
E7C=E6!Q77G859
!S,NXY!¥ Z:75!>:7E7!R4F!4!C:4597!85!
A_&!4>>8><67F;G=F8>8D7
!GE4C>8C7F
!456!
4>>8><67F
;5794>8D7!GE4C>8C7F!>:
7E7!R4F!
E7?4>76
!C:4597!85!@7:4D8=E
;@<697>859!456!E7C=E6!Q77G859
Y!!!¥ (??!GE768C>8D7!E7?4>8=5F:8GF!@7>R775
!@7:4D8=E
;@<697>859!456!E7C=E6!Q77G859!S,NX!
456!
>:7
!A_&!4>>8><67F!C:4597!FC=E7F!R7E7!F8958H8C45>Y!!J=R7D7EU!>:7!=5?2!G=F8>8D7!456!
F8958H8C45>!E7?4>8=5F:8G!R4F!@7>R775
!@7:4D8=E
;@<697>859!456!E7C=E6!Q77G859
!S,NX!456!
C:4597!85!4>>8><67F
;85D7F>859!456!@<697>859Y
!¥ -8545C84?!4>>8><67F!R7E7!4!3=E7!F8958H8C45>!37684>85
9!GE7F75C7!85!>:7!E74?3!=H!
F4D859F_85D7F>859!
>:75!
R:75!
C=3G4E76!>=!CE768>_67@>Y!
!!!!NNV!U>19;010;G2
!/0>=H!(2?>90?+!
:5<>?!N75>I?
!!(H>7E!C=56<C>859!>:7!I<4?8>4>8D7!H=C<F!9E=<GFU!74C:!F7FF8=5!R4F!>E45FCE8@76!
D7E@4>83Y!!-=??=R859!>E45FCE8G>8=5!>:7!F7FF8=5!E7C=E6F!
R7E7!>:=E=<9:?2!E7D87R76!456!
C=676!85!4!F>7GR8F7!H4F:8=5Y!!.=6859!C4>79=E87F!456!F<@C4>79=E87F!R7E7!E7D87R76!>=!
67>7E3857!>:78E!H8>U!E7?4>8=5F:8GU!456!=E9458`4>8=5!R8>:!=57!45=>:7E
U!456!>=!>:7!
F><62^F!
G<EG=F7Y!!,:8F!GE=C7FF
!E7F<?>76!85!
E7>485859
!>:7!3=F>!F
4?875>!C4>79=E87F!456!F<@C4>79=E87FY
!!,:7!H=??=R859!
C4>79=E87F!456!F<@C4>79=E87F!
R8??!@7!68FC<FF76!85!67>48?d!
S4X!H8545C84?!
C4G4@8?8>2
K7F>834>7!=H!C4G4@8?8>2W!S@X!CE768>_67@>!345497375>
KC4F:!DFY!CE768>U!
456!
G=F8>8D7!4FG7C>
F!=H!CE768>
W!SCX!F4D859F_85D7F>859!345497375>
KF4D859U!
456!
85D7F>859W!S6X!
Q5=R?7697U!4>>8><67FU!456!@7:4D8=E
KE7?4>8=5F:8GFU
!456!I<7F>8=5F!=H!>:7!I<45>8>4>8D7!
E7F<?>F
W!S7X!
83G=E>45C7!456!
67D7?=G375>4?
!>83859!=H!H8545C84?!76<C4>8=5
K!83G=E>45C7!=H!
H8545C84?!76<C4>8=5U!45
6!497!9E4676!?74E5859W!456!SHX!H8545C84?!76<C4>8=5
KC=<EF7!85H?<75C7U!
456!F<997F>8=5F!H=E!H8545C84?!76<C4>8=5Y
!:;414<;19!"1I18;9;0H
!!/4E>8C8G45>F!R7E7!4FQ76!>=!4FF7FF!>:78E!H8545C84?!C4G4@8?8>2
!SF>E759>:FU!R74Q57FF7FU!
C=5H8675C7X!85!@=>:!._)!456!A_&Y!!-<E>:
7EU!>:72!R7E7!4FQ76!>=!C?4FF8H2!>:7!H4C>=E!=E!H4C>=EF
!SQ5=R?7697U!4>>8><67FU!@7:4D8=EX
!>:72!
@7?87D76
!3=F>!83G=E>45>!>=!>:78E!
=D7E4??!H8545C84?!
C4G4@8?8>2!456!R:2Y!!/4E>8C8G45>F!F77376!=D7ER:7?376!R:75!E7H?7C>859!=5!>:78E!=D7E4??!
C4G4@8?8>2!85!>:7F7!4E74FY!
!(H>7E!@7859!4FQ76!>=!4FF7FF!>:78E!._)!C4G4@8?8>2!4?3=F>!85!<58F=5!
F7D7E4?!
G4E>8C8G45>F!
F>4>76U!q>:4>^F!Q856!=H!@E=46fr!!-<E>:7EU!$4C:7?!E734EQ76U!q
&!F>8??!H77?!
?8Q7!>:7E7^F!F=!3<C:!85H=E34>8=5!=<>!>:7E7!456!8>^F!F<C:!4!@E=46!>=G8C
Yr!!Z:75!GE7FF76
U!G4E>8C8
G45>F!4638>>76!>=!4CC
7G>4@?7!?7D7?F!=H!<567EF>456859Y!
!(F!(?8C84
!G<>!8>U!q&!:4D7!4!9==6!
R=EQ859!Q5=R?7697
Ur!@<>!G==E!=D7E4??!7]7C<>8=5Y
!!NLM!!'?0;3102!56!<1I18;9;0H
Y!!B57!>:737!>:4>!4GG74E76!:7E7!456!C=5>85<76!>:E=<9:=<>!
>:7!F7FF8=
5!R4F!G4E>8C8G45>F!4638>>859
!>=!F>E<99?859!3=E7!R8>:!._)!
Q5=R?7697U!
345497375>U!456!C=5H8675C7
!>:45!A_&Y!![454!F>4>76U!q
&^3!4!@798557E!85!4?
?!=H!>:8F!CE768>!456!
67@>!F><HHh
&!F>8??!E7?2!3=F>?2!=5!32!G4E75>FY
r!!$4C:7?!F7C=5676!>:8F!>:=<9:>!F>4>859d
!!h8>^F!Q856!=H!57R
!>7EE8>=E2!H=E!37Y!
!A=!&!6=5^>!>:85Q!&^D7!E74??2!:46!75=<9:!7]G7E875C7!
R8>:!8>!>=!67D7?=G!45!4>>8><67!H=E!8>!27>U!R:7E74F!F4D859!&^D7!Q856!=H!67D7?=G76!32!
=R5!4>>8><67!H=E!:=R!>=!F4D7h
S$4C:7?XY!
!"6R4E6!C?48376!:8F!A_&!C4G4@8?8>2!R4F!4C>8D7?2!83GE=D859U!q
5=R!&^3!83GE=D859!32!
FG756859!@7:4D8=E
Yr!!g4:4E4!F>4>76U!q
&!>:85Q!&^D7!@775!GE7>>2!F<CC7FFH<?
hF4D859
;R8F7h
&!>:85Q!&^3!4!?=>!@7>>7E!4>!34Q859!F<E7!&^3!F4D859!4!
C7E>485!43=<5>!=H!74C:!G42C:7CQYr!!Z:75!
4FQ76!8H!
45!7]GE7FF76!C=5H8675C7!85!A_&!83G?876!C=5H8675C7!R8>:!._)!345497375>
!g4:4E4!
E7FG=5676
!R8>:!qC
E768>;R8F7U!5=>!4F!3<C:Y!
!&!>:85Q!8>^F!F=37>:859!&!R8F:!&!F>4E>76!@<8?6859!
<G!4!?8>>?7!F==57E
Yr!(?8C84!F83G?2!F>4>76U!q&^3!5=>!
F<G7E!C=5H8675>
!uR8>:!CE768>_67@>v
Yr!!!B>:7EF!78>:7E!
:46!4!@4F7?857!<567EF>456859!=E!:46!4!67F8E7!H=E!83
GE=D7375>Y!!.:E8F!
FG=Q7!>=!:8F!?7D7?!=H!C=3G7>75C2!85!>:7!H=??=R859!R42U!q
&!6=5^>!Q5=R!4??!>:7!>7C:58C4?8>87F!
@7>R775!CE768>!456!67@>U!@<>!&!Q5=R!R:4>!3=F>!G7=G?7!Q5=Rd!6=5^>!FG756!3
=E7!>:45!2=<!
C45!G42!=5!CE768>h
=>:7ER8F7!2=<^??!9=!85>=!67@>
Yr!!A838?4E?2U
!(F:?72!4CQ5=R?76976!4!?7D7?!=H!
R=EQ859!Q5=R?7697!R8>:!G?75>2!=H!E==3!>=!9E=RY!!q
&!R=<?6!F42!&!:4D7!4!67C75>!43=<5>
!u._)!
H8545C84?!C4G4@8?8>2v
Y!!"5=<9:!>=!97>!37!>:E=<9:!>:7!@4F8CF
Yr!!A:7!C=5>85<76!67FCE8@859!>:8F!
q67C75>!43=<5>r!=H!C4G4@8?8>2!qhQ5=R859!4C
><4?!67H858>8=5F!456!R:4>!>:859F!4C><4??2!
3745hr!
!(?8C84!
F486!=H!:7E!C4G4@8?8>2
U!q&!R=<?65^>!E74??2!F42!&^3h
F<G7E!C=5H8675>!=5!CE768>!
456!67@>!@<>!&!:4D7!4!@4F8C!Q5=R?7697!456!&^3!=Q42!R8>:!>:4>!@7C4<F7!&!R8??!C=5>85<7!>=!
F77Q!3=E7Y
r!!Z:8?7!>:7E7!R7E7!5=>7
6!4E74F!H=E!83GE=D7375>!F7D7E4?!G4E>8C8G45>F!@7?87D76!
!NLN!>:72!R7E7!9E=R859!85!
>:78E!
C4G4@8?8>2Y!!
[85C75>!F486U!
q&!R=<?6!E4>7!32!C4G4@8?8>2!4F!
C=5F>45>?2!83GE=D859
Yr!!(?8C84!G=85>76!>=!
:7E!9E=R>:!@7859!FG<EE76!=5!@2!>:7!G7EF=54?!
H8545C7!C=<EF7!F:7!R4F!C<EE75>?
2!75E=??76!85U!q
&!H77?!?8Q7!>:7!3=E7!>:4>!&^3!?74E5859!
85!C?4FFU!
&^3!@<8?6859!4!@<697>h
u>E2859v!F=37!=H!>:7!4GGFh
?==Q859!=5?857!>=!F77!R:4>!32!F><675>!
?=45!67@>!8F
Yr!"72=;0Q-280!K141C23240
!!*567E!>:7!C4>79=E2!=H!._)!345497375>!4E7!
>R=!F<@C4>79=E87F!E7GE7F7
5>859!>:=<9:>F!456!H77?859F!F<EE=<56859!CE768>!456!8>F!<F7FU!
456!>:7!G=F8>8D7!4FG7C>F!=H
!CE768>Y!!J7E7U!>
:7!@8997F>!>:737!>=!737E97!R4F!G4E>8C8G45>F
^!H77?859F!F<EE=<568
59!FG756859U!F4D859U!456!67@>
U!FG7C8H8C4??2
!>:78E!>:=<9:>F!
=5!>:7!<F7!=H!C4F:!D7EF<F!>:7
!<F7!=H!CE768>Y
!!#452!
G4E>8C8G45>F!GE7H7EE76!
4!C4F:;@4F76!F2F>73Y!!
b4C=@!E734EQ76U!q
>:7!R:=?7!FR8G859!>:7!C4E6!
>:859!8F!F=!@46
Yr!!"6R4E6!C=5>85<76
U!qh8H!2=<!<F7!C4F:!2=<!R8??!F4D7!F=37!3=572
Yr!!"1?F!G?J!<
72=;0J
!!-=E!3=F>!=H!>:7!G4E>8C8G45>F!C4F:!
E7GE7F75>76!F=37>:859!>4598@?7U!
G7E34575>
U!456!74F87E!>=!345497375>!>:45!CE768>Y
!!$4C:7?!E734EQ76d
!!&>^F!F=!74
F2!>=!P<F>hyFR8G7U^!yFG756U^!yFR8G7^h
0<>!>:75!&^??!9=!?==Q!4>!32!4
CC=<5>!85!4!
R77Q!456!&^3!?8Q7U!y
F:==>f!&!>:=
<9:>!8>!R4F!sNMM!456!8>^F!scMMf^
h2=<!6=5^>!>:85Q!
2=<^E7!FG756859!4!?=>!F85C7!2=<^E7!P<F>!FR8G859!2=<^E7!5=>!F77859!>:7!G:2F8C4?!
43=<5>!=H!3=572!2=<^E7!FG756859h
S$4C:7?XY
!/4E>8C8G45>F!FG=Q7!=H!>:7!>4598@?7!54><E7!=H!C4F:!:7?G859!>:73!E74?8`7!R:4>U!R:75U!456!:=R!
3<C:!>:72!R7E7!FG756859Y!!.:E8F
!F486!q&H!2=<!:4D7!>R=
!LM^F!85!2=<E!R4??7>h
2=<!6=5^>!E74??2!
R45>!>=!98D7!8>!<G!D7EF<F!P<F>!FR8G859!2=<E!C4E6Y!
!.4<F7!2=<!C45!4C><4??2!F77!8>!97>>859!
F34??7E!456!F34??7E
Yr!!"6R4E6!GE=D8676!4!F838?4E!454?=92
d!qR:75!2=<!<F7!C4F:!2=<!F42U!
yR=RU!sOMt!BQ42
Y^r!![454!F<334E8`76U!qH=E!37!CE768>!456!67@>!8F!3=E7h
D49<7U!68F>45>h!
!NLL!F4D859F
!456!85D7F>859!8F!3=E7!G7EF=54?h
2=<!C45!F77!8>Y
r!!.=<E>572!H7?>!:7E!H8545C84?!F>4><F!
R4F!83GE=D76!R:75!F:7!R4F!E7?2859!F
=?7?2!=5!4!C4F:
;@4F76!F2F>73d
!h:4D859!
u4v!R48>E7FF859!P=@h
&!:46!3
2!85C=37!@<>!8>!R4F
!4??!C4F:h
:4D859!>:4>!=5!
:456!3467!8>!
F=!3<C:!74F87E!H=E!37!>=!345497h
&!R=<?6!?8>7E4??2!P
<F>!>4Q7!:4?H!=H!>:7!
F>4CQh
456!F7>!8>!4F867U!?8Q7!y=Q42!&^3!G<>>859!>:4>!85!32!F4D859FU!&!:4D7!>:8F!>=!FG756!
=5!94FU!456!
&!:4D7!>:8F!>=!FG756!7]>E4^
h5=>!:4D859!>:4>!4F!32!P=@!5=R!456!:4D859!32!
3=572!P<F>!9=!85>=!32!C:7CQ859!4CC=<5>U!&^3!?8Q7U!y=:!R7??!&^3!97>>859!G486U!F=!&!C45!
P<F>!FR8G7!>:8FU!>:8FU!>:8FU!456!@<2!>:8FU!>:8FU!>:8F^!@<>!&^3!5=>!
4C><4??2!?==Q859!4>!8>!
u>=>4?!FG756859v!S.=<E>572XY
!-=E!AC=>>U!
R:75!:7!<F76!C4F:
U!:7!?838>76!:83F7?H!>=!4!C7E>485!@<697>
U!456!
:7!C=<?6!>E4CQ!:8F!
FG756859!@7>>7E!>:45!F=?7?2!E7?2859!=5!:8F!CE768>!=E!67@8>!C4E6Y!!qh
=5C7!&^6!E<5!=<>!=H!3=572!
8>!R4Fh?8Q7!R77Q756^F!=D7Eh0
<>!5=R!&^D7!@775!<F859!32!67@8>!C4E6!3=E7
!456!&!P
<F>!Q856!=H!
?=F7!>E4CQ!=H!R:7E7h
&^3!FG756859
Yr!!B>:7E
!G4E>8C8G45>F!67FCE8@76!F>E4>7987F!>:72!:46!>E876!
>=!C<E@!>:78E!FG756859Y!!(?8C84!F486U!
q&!?74D7!32!CE768>!C4E6!85!32!E==3!5=R!F=!&!6=5^>!:4D7!
u4v!GE=@?73Y
r!!/4E>8C8G45>F!67FCE8@76!
,..$(=
!F4D859F
!9=!6=R5!456!,..$(=
!67@>!C?83@!4F!45!
83G=E>45>!F>83<?<F!H=E!@7:4D8=E!C:4597Y!!
q,:7!=5?2!GE=>7C>8=5!&!H77?Ur!b4C=@!E734EQ76!
q8Fh
6=859!8>!
uFG756859v!=5!4!67@8>!C4E6!F=!>:4>!&!C45!R4>C:!>:7!3=572!9=!6=R5
Yr!!$42!FG=Q7!=H!:8F!GE7H7E75C7!H=E!>E4CQ859!456!3454985
9!:8F!3=572!85!4!F4D859F!4CC=<5>!F>4>859U!q2=<!
Q5=R!>:7!43=<5>!>:4>!2=<!R8>:6E4RYr!!(?8C84!P<F>8H876!:7E!68F?8Q7!H=E!CE768>!@2!F>4>859!q
&>^F!
P<F>!?8Q7!@=EE=R859!3=572!HE=3!F=37=57
hr!F:7!R75>!=5!>=!F42U!qhF
=!&!6=5^>!E74??2!FG756!
R8>:!4!CE768>!C4E6hyC4<F7!&!
6=5^>!R45>!>=!F77!>:7!5<3@7E!97>!:89:7E!456!:89:7E!456!&!C45^>!
4HH=E6!8>
Yr!!NLc!!%5?;0;G2!1?I2<0?!56!<72=;0J
!!,:7!34P=E8>2!=H!G4E>8C8G45>F!686!5=>!:4D7!4!CE768>!C4E6!
=E!CE768>!7F>4@?8F:76!85!>:78E!5437Y!!
AC=>>!H74E76U!qh8H!&!97>!4!CE768>!C4E6!>:7E7^F!4!C:45C7!
>:4>!&^3!9=859!>=!E4CQ!<G!>:4>!67@>hr!!
#452U!?8Q7!B?8D84!C=5H7FF76U!q&!:4D75^>!E74??2!@<8?>!<G!
32!CE768>Yr!!
A:7!R75>!=5!>=!F42!>:4>!F:7!57D7E!E74??2!C=5F867E76!4GG?2859!H=E!4!CE768>!C4E6Y
!!A7C<E859!4!P=@!R8>:!F>7462!85C=37!R4F!4!GE7E7I<8F8>7!H=E!3452!
G4E>8C8G45>F!@7H=E7!
4GG?2859!H=E!CE768>Y!!.:E8F!7]G?48576U!q
&!6=5^>!G?45!>=!97>!=57
!uCE768>!C4E6v
!<5>8?!&^3!=<>!=H!
C=??797!@7C4<F7!&^??!:4D7!4!F>7462!85C=37
Yr!!07C4<F7!=H!:8F!3=>:7E^F!38F345497375>!=H!
CE768>!AC=>>!
:4F!5=>!4GG?876!H=E!CE768>W!:=R7D7EU!:7!
F>4>76U!
qh=@D8=<F?2U!9=859!>:E=<9:!>:8F!
C?4FF!8>^F!Q856!=Hh&^3!9=859!>=!:4D7!>=!97>!=57!
uCE768>!C4E6v!
7D75><4??2
Yr!!'=4:!R4F!46D8F76!
>=!@7985!@<8?6859!:8F!CE768>U!q
>:8F!8F!32!H8EF>!274E!85!*Ah:7
!uH8545C84?!46D8F=Ev
!46D8F76!37!>=!
u97>v!4!CE768>!C4E6Y!
!&!57D7E!>:85Q!>:4>!&!R45>!
u4v!CE768>!C4E6!@7C4<F7!&!Q5=R!8>!R8??!4>>E4C>!37!
>=!>:7!H8545C84?!83@4?45C7
Yr!!g4:4E4!E7C=958`76!>:7!@757H8>F!=H!7F>4@?8F:859!4!E7FG=5F8@?7!
CE768>!:8F>=E2!74E?2Y!!q&!6=5^>!:4D7!4!CE768>!C4E6!27>!456!&!F>8??!:4D7!>=!4GG?2!H=E!=57Y!!A=!&!
>:85Q!8>^F!F=37>:859!&!R8F:!&!:46!6=57!342@7!4!C=<G?7!274EF!74E?87EYr
!!Z:8?7!3=F>!G4E>8C8G45>F!R7E7!
4R4E7!=H!>:7!G8>H4??F!=H!CE768>
!456!R7E7
!E7?<C>45>
!>=!
@<8?6!>:78E!CE768>!E7G<>4>8=5F
U!F7D7E4?!FG=Q7!=H!Q5=R859!>:7!@757H8>F!=H!E7FG=5F8@?7!CE768>!
345497375>
Y!!%E=R859!<GU!(?8C84
!?74E576!?7FF=5F!=H!F4D859
!456!FG756859!R8>:85!4!@<697>W!
:=R7D7EU!F:7!
P<F>!@7C437!4R4E7!=H!
G=F8>8D7!4FG7C>F!=H!CE768>U!q
&^3!F>8??!?74E5859!>:4>!:4D859!
CE768>!8F!4!E74??2!9==6!>:859Y
r!!'=4:!
67FCE8@76!>:7!?7FF=5F!:7!?74E576!4H>7E!83389E4
>859!>=!
(37E8C4U
!q&!?74E5!>:4>!8>!8F!83G=E>4
5>!>=!@<8?6!4!CE768>!FC=E7!:7E7
!u*Avh@7C4<F7!7D7E2>:859!
:7E7!u*Av!8F!@4F76!=5!2=<E!CE768>!FC=E
7U!2=<E!H8545C84?!F>4><Fh&!u4GG?
876v!H=E!CE768>!C4E6!?4F>!
>R=!R77Q
Yr!!(F:?72!85H=E376!>:7!9E=<GU!q
=5C7!2=<!97>!F=37!=H!>:4>!<567E!C=5>E=?h3856?7FF!
!NLj!FG756859h
8>!8F!83G=E>45>!>=!F>4E>!<F859!4!CE768>!C4
E6!456!G42859!=HH!2=<E!CE768>!
=E!G42859!
=HH!R:4>!2=<!:46!FG75>!E89:>!4R42!F=!>:4>!2=<!6=!@<8?6!2=<E!CE768>!FC=E7h
r!!!/4E>8C8G45>F!>4?Q76!4@=<>
!>:7!@757H8>F!=H!CE768>!85C?<6859!CE768>!C4E6!G=85>FU!CE768>!
C4E6!E7R4E6F
U!456!G<EC:4F859!@89
;>8CQ7>!8>73F!S:=<F7U!C4EX
Y!!B>:7E!@757H8>F!F<EE=<5676!>:7!
8674!=H!q
85D7F>859!85!2=<EF7?H
r!Sb4C=@XY
!!(CC=E6859!>=!AC=>>U!q
YYY@7>>7E859!2=<EF7?Hr!85C?<676!
q:4D859
!4!E==H!=D7E!2=<E!:746U!4<>=3=@8?7!H=E!R=EQ
hr!@<>!q
E4CQ859!<G!3=572!H=E!C=5F<37E!
9==6F!>:4>!P<F>h9=!4R42!4H>7E!4!R:8?7Y!,:4>^F!Q856!=H!5=5F75F8C4?Yr!
!A><675>!?=45F!R7E7!
C=5F867E76!@2!>:7!G4E>8C8G45>F!>=!@7
!4!9==6!85D7F>375>Y!!b4C=@!H7?>
!qF><675>!?=45!67@>!8F
!4CC7G>4@?7
Yr!!(F:?72!7?4@=E4>76!=5!b4C=@^F!=G858=5!=H!F><675>!?=45FU!q
8>^F!9=859!>=R4E6!
F=37>:859!G=F8>8D7Y
!!&>^F!9=859!>=R4E6F!2=<E!76<C4>8=5!456!>=R4E6F!2=<E!H<><E7hZ:7E7!
CE768>!C4E6!67@>!C=<?6!@7!2=<!@=<9:>!C?=>:7F
Y!!1=<!R7E7!8EE7FG=5F8@?7!R8>:!2=<E!3=
572Yr!/1G;4C?Q,4G2?0;4C
!K141C23240
!!,:8F!C4>79=E2!
:4F!>R=!F<@C4>79=E87F!E7GE7F75>859
!G4E>8C8G45>F^!@7?87HF!456!73=>8=5F!
F<EE=<56859!F4D859F!456!85D7F>859!4CC=<5>FY!!&5!4668>8=5U!G4E>8C8G45>F!FG=Q7!=H!>:7!
83G=E>45C7!=H!F4D859!
@=>:!5=R!456
!85>=!>:7!H<><E7Y!!
(CC=E6859!>=!>:7!G4E>8C8G45>FU!F
4D859F
!C45!@7!F775U!34Q859!8>!4F!
>4598@?7!
4F!C4F:Y!!&>!R4FU!H=E!3452U!F>E7FFH<?!>=!F77!?7D7?F!=H!F4D859F!
6E=GU!456!
C=5D7EF7?2!
>E8<3G:45>
!>=!F77!>:4>!4CC=<5>!9E=RY!!
/4E>8C8G45>F!GE7H7EE76!>=!Q77G!
>:78E!
3=572!85!
4!F4D859F
!4CC=<5>U!4F
!>:7E7!R4F!4!H77?859!=H!F7C<E8>2!>:4>
!>:78E
!3=572!R4F!
5=>!74F8?2!E7>E87D76Y!
!.=<E>572!GE=C?48376U!qhF4D859!8F!4!:<97!>:859!H=E!37hQ77G859!2=<E!
F4D859F!456!5=>!>4Q859!=<>!=H!2=<E!F4D859Fhr!!
,:7!F<@C4>79=E87F!=H!F4D859!456!85D7F>859!
R8??!@7!67FCE
8@76!@7?=RY
!!/1G;4C?J!!
Z:75!G4E>8C8G45>F!>4?Q76!4@=<>!F4D859FU!FG756859U!67@>U!456!85D7F>375>F!
3<?>8G?7!73=>8=5F!R7E7!68FG?4276Y
!!"3=>8=5F!=H!9<8?>U!45]87>2U!456!H74E!R7E7!67FCE8@76Y!!
!NLO!B?8D84!F486U!q
&!>:85Q!4@=<>!CE768>!456!67@>U!&!97>!4!?8>>?7!57ED=<F
Yr!!B?8D84!R75>!=5!>=!F>4>7!>:4>!
3=<5>859!67@>U!?4CQ!=H!F4D859FU!456!5=>!@<8?6859!4!E7FG=5F8@?7!CE768>!:8F>=E2!R7E7!4??!
E7?4>76U!
4HH7C>859!=57!45=>:7E!456!
CE74>859!
H8545C84?!F>E7FF!456!F>E485
Y!!q&!>:85Q!
4@=<>h
9E46<4>859U!R:7>:7E!=E!5=>!&^??!9=!>=!9E46!FC
:==?U!R
:7>:7E!=E!5=>!&^??!R=EQ
h32!67@>F!
G?42!85>=!>:=F7!67C8F8=5FY!
!A=!8>^F!4!>E=<@?859!>:=<9:>!H=E!37
r!SB?8D84XY
!!e5=R?7697!=H!R:4>!
>:72!qF:=<?6r!6=!R8>:!>:78E!F4D859F!CE74>76!H77?859F!
=H!H74E!R:75!>:7E7!R4F!452!
3=68H8C4>8=5!>=!>:8FY!!
.=<E>572!4638>>76!q&h
97>!45]87>2!R:75!&!>:85Q!4@=<>h
5=>!F4D859Yr!!A838?4E?2U![454!7]GE7FF76!F>E=59!73=>8=5F!4E=<56!FG756859!3=572U!q
&!F=E>!=H!:4D7!4!H74E!=H!
FG756859!3=572
Yr!!$4C:7?!456!(F:?72!FG=Q7!=H!H77?859!9<8
?>2!34Q859!R8>:6E4R4?F
!456!<F859!
3=572!HE=3!>:78E!F4D859F!4CC=<5>FY!!(F:?72!67FCE8@76!:7E!GE=C7FFd
!&H!&!>4Q7!452>:859!=<>!=H!32!F4D859F!&!RE8>7!8>!6=R5!456!&^3!D7E2!<5C=3H=E>
4@?7!<5>8?!
&^D7!G486!>:4>!@4CQ
hR:75!&!:4D7!F=37!>2G7!=H!67@>!=5!32!CE768>!C4E6!&^3!
<5C=3H=E>4@?7!<5>8?!8
>^F!G486!@4CQU!456!F437!R8>:!32!F4D859F
!S(F:?72X
Y!&5!:8F!7F>834>8=5U!'=4:!R4F!5=>!F4D859!75=<9:U!q
&!6=5^>!>:85Q!&^3!4!9==6!F4D7E
h#2!3=572!
3=F>?2!&!FG756
Yr!!*?>834>7?2U!:7!R4F!C=5C7E576!R8>:!>:7!467I<4C2!=H!:8F!F4D859F!G?45
U!qNMp!HE=3!32!C:7CQ859Y!
!&!>E45FH
7E!8>!>=!32!F4D859F!4CC=<5>Y!
!A=!u&!43v!
4!?8>>?7!@8>!R=EE876!
u4@=<>v!32!F4D859
FYr!,:7!6=38545C7!=H!F4D859F!R4F!C?74E!H=E!>:7F7!F><675>!G4E>8C8G45>FY
!!,:E=<9:=<>!>:7!
F7FF8=5F!>:7!F4?875C7!=H!F4D859F
!4GG74E76!85!67FCE8G>8=5
F!=H!S4X!>:7!G=R7E!=H!F4D859!H=E!
H<><E7!H8545C8
4?!:74?>:U!
S@X!
>:7!G=R7E!=H!3=572!F4D76U!456
!SCX!>:7!
G=R7E!=H
!?7FF=5F
!?74E576
!74E?2
!85!:=37Y!!
A4D859!H=E!>:7!H<><E7!R4F!4!Q72!?7FF=5!4??!G4E>8C8G45>F!@7?87D76!85Y!!&5!H4C>U!
3452!GE8=E8>8`76!F4D859!=D7E!:456?859!CE768>!456!67@>Y!!
b4C=@!67FCE8@76
!F4D859F!4F!4!3=E7!
GE7F75>!85>7E7F>!456!C=5C7E5d
!!NLa!h67@>!>:4>!&^3!R=EE876!4@=<>!E89:>!>:8F!F7C=56U!8F!5=>!4F!83G=E>45>!>=!37!4F!>:7!
F4D859F!4CC=<5>!>:4>!&!C45!9=!>4Q7!3=572!=<>!=H!E89:>!>:8F!F7C=56h$89:>!5=RU!&^3!
5=>!>E2859!>=!G42!=HH!452!?=45Fh
&^3!P<F>!>E28
59!>=!@4?45C7!32!?8H7F>2?7h&^3!3=E7!R=EE876!
4@=<>!
F4D859Fh
G42859!=>:7E!F><HH!=HH!?4>7E
!Sb4C=@X
Y!!!g4:4E4!46676
U!q&!>:85Q!CE768>!456!67@>!8F!F=37>:859!4!?8>>?7!3=E7!F:=E>
;>7E3!>:45!F4D859F!
456!85D7F>859
r!F:7!C=5>85<76!=H!F4D859F
U!q2=<^E7!9=859!>=!Q856!=H!
H77?!>:7!C=5F7I<75C7F!
GE7>>2!8337684>7?2
Yr!!$4C:7?!F486U!q&!4?R42F!>E2!456!34Q7!45!7HH=E>!>=!F4D7!@7C4<F7!&!Q5=R!
8>^F!83G=E>45>!H=E!32!H<><E7Y
r!![85C75>!75P=276!F77859!>:7!HE<8>!=H!:8F!?4@=E!F42859U!q
&!?8Q7!F4D859F!@7C4<F7!&!?8Q7!F77859!5<3@7EF!9E=RU!F=!>:
4>^F!=57!=H!>:7!G7EQF!=H!4!F4D859F!4CC=<5>
Yr!!B>:7EF!F4R!>:7!G=R7E!=H!F4D859!H=E!4!9=4?!456!>:7!E785H=EC7375>!=H!E74C:859!>:4>!9=4?Y!!q
&!H856!E74F=5F!>=!F4D7!456!FG756!3=572
h&5!32!3856U!&^3!F4D859!>=!9=!=5!FGE859!@E74Q!=E!&^3!
F4D859!@7C4<F7!342@7!&!:4D7!4!
?=>!=H!85>7E7F>!=5!32!?=45F
r!S(?8C84XY
!"4E?2!=5!$4C:7?!H7?>!4!H=<564>8=5!=H!F4D859F!C4G4@8?8>2!R4F!?486!H=E!:7EU!:=R7D7EU!
94GF!85!CE768>_67@>!
C4G4@8?8>2!7]8F>76Y!!A:7!F>4>76d
!!hR:75!2=<^E7!4!Q86h2
=<^E7!4?R42F!?74E5859!4@=<>!
F4D859hCE768>!u8Fv!
F=37>:859!>:4
>!>:7E7
^F!F=!3<C:!>:4>!9=7F!=5!R8>:!8>h
&>^F!>:7!Q856!=H!>:859!2=<!
:4D7!>=!?74E5!R:75!
2=<^E7!=?67Eh
2=<!6=5^>!E74??2!<567EF>456!8>!<5>8?
!2=<^E7!45!46<?>!456!:4D7!4!
P=@hS$4C:7?XY!!
!(5=>:7E!G4E>8C8G45>!F7C=5676!>:8F!6=38545C7!=H!F4D859F!76<C4>8=5!456!7]G7E875C
7U!qhQ86F!
:4D7!4?R42F!@775!>4<9:>!>=!F4D7U!
>:72!4?R42F!R45>!>=!F4D7h
3=E7!3=572!8F!4?R42F!@7>>7E
r!S.:E8FXY!!#452!G4E>8C8G45>F!H7?>!>:4>!?7FF=5F!=H!F4D859FU!@<697>859U!456!74E5859!R7E7!F>4G?7F!
9E=R859!<GY!!.:E8F!F>4>76U!q
2=<^E7!>4<9:>!9E=R859!<Gh4??!HE=3!2=<
E!G4E75>F
h>74C:!2=<!>=!
!NLi!F4D7U!456!8H!2=<^E7!@7859!>4<9:>!>=!F4D7!HE=3!4!2=<59!497!2=<!4E7!9=859!>=!F4D7Y
r!!AC=>>!FG=Q7
!=H!9757E4>8=54?!85H?<75C7F!456!
?7FF=5F!=H
!F4D859FY!!J7!
67FCE8@76
!45!7]G7E875C7!
>:4>!
:7!:46!
@7859!375>=E
76!@2!F7D7E4?!34><E7!
46<?>F
d!hR7^E7
!4??!GE7>>2!3<C:!C:8?6E75!=H!@4@2!@
==37EFh
,:72!u85>7E5F:8G!375>=EFv
!R7E7!
85!>:78E!jM^F!456!OM^F!456!R:4>!>:72!R7E7!>7??859
!37!R4F!2=<!F:=<?6!F>4E>!F4D859
h8H!
>:72^E7!>7??859!37!>:4>U!&!4FF<37!>:72^E7!>7??859!>:78E!Q86F!>:4>U!R:8C:!8F!@4F
8C4??2!
G7=G?7!4E=<56
!=<E!497h
>:4>^F!R:2!R7!:4D7!>:4>!85><8>8=5!>=!F4D7!85F>746!=H!:4D859!
Q5=R?7697!=5!CE768>!456!67@>
!SAC=>>X
Y!.=<E>572!67FCE8@76!=@F7ED859!456!?74E5859!HE=3!:7E!3=>:7E!456!:7E!F4D859!@7:4D8=EU!q
&!:4D7!4?R42F!F4
D76!32!3=572!@7C4<F7!=H!32!3=3h
&!FG7C8H8C4??2!E73
73@7E!R:75!&!R4F!
?8>>?7
hy2=<!:4D7!>=!F4D7
Y^r!!B?8D84!?74E576!85!:7E!2=<>:
!>:7!R8F6=3!=H
!qhF4D859!74E?2!
@7C4<F7!8>!R8??!@<8?6!<Gh
7D75!8H!&>^F!P<F>!sO!7D7E2!R77Q
h8>^??!<?>834>7?2!@<8?6!<G
Yr!!,4G2?0;4CJ
!!,:7!C=5C7G>!456!7]7C<>8=5!=H!F4D859F!R4F!R7??!<567EF>==6!H=E!4??!
G4E>8C8G45>FY!!J=R7D7EU!R:75!>4?Q!C75>7E76!=5!85D7F>859
U!C=5H8675C7U!Q5=R?7697U!456!
C4G4@8?8>2!R7E7!4??
!4638>>76?2
!3<C:!?=R7EY
!!q&!E74??2!R8F:!&!:46!4!?=>!3=E7!Q5=R?7697!=5!
85D7F>859!456!R:
4>!4E7!9==6!85D7F>375>FY!
!&^D7!3467!4!H7R!@<>!8>^Fh
@775!
3=F>?2!32!
G4E75>Fh?8Q7U!y
>:8F!8F!R:4>!2=<!F:=<?6!@7!6=859h
^r!Sg4:4E4XY!!
/4E>8C8G45>F!C=5H7FF76
!>=!
?4CQ859!85D7F>859!Q5=R?7697!456
!4R4E757FF!=H!4D48?4@?7!85D7F>375>F
Y!!-<E>:7EU!R:8?7!>:7E7!
R4F!49E77375
>!=5!>:7!83G=E>45C7!=H!85D7F>859
U!3=F>!?4CQ76!4C>8D7
!85D7F>375>F!
85!>:78E!
5437Y!!
q&!43!D7E2!G==E!4>!F4D859!456!85D7F>859Y!&!6=5^>!Q5=R!3<C:!4@=<>!85D7F>859!F=!&!6=5^>!
F4D7!3=572
r!S"6R4E6XY!
!'=4:!:46!>:7!67F8E7!>=!85D7F>U!@<>!?4CQ76!>:7!Q5=R?7697!=H!:=RU!q
&!G?45!>=!6=!85D7F>859!4H>7E!>:8F!u9E46<4>8=5v!@
<>!5=>!F<E7!R:8C:!R42
Yr!!/4E>8C8G45>F!Q57R!
!NL\!>:72!
,8+-%)
!F>4E>!85D7F>859!74E?2U!G=F>
;9E46<4>8=5U!@4F76!=5!R:4>!>:72!:46!=@F7ED76Y!!AC=>>!
67FCE8@76!:8F!>:=<9:>F!=5!85D7F>859
U!R:8C:!R7E7!C=?=E76!@2!:8F!7]G7E875C7
d!h>:7!3=F>!83G=E>45>!>:859Y!!
,:7!F7C=56!&!97>!=<>!=H!C=??797!8>^F!Q72!>=!F>4E>!G<>>859!
4R42!3=572!>=!F4D7!H=E!E7>8E7375>
h1=<!F77!>:7!68HH7E75C7!@7>R775!=57!G7EF=5!
>:4>^F!@775!F4D859!H=E!LO!274EF!456!>:75!F=37=57!>:4>^F!@775!F4D859!H=E!O
!u274EFv!H=E!
E7>8E73
75>h
>:7!=57!>:4>^F!F4D859!H=E!OU!>:72^E7!FR74>859!4!?8>>?7!@8>!3=E7
!SAC=>>X
Y!.:E8FU!C=5D85C76!=H!>:7!G=>75C2!=H!74E?2!85D7F>859U
!GE=D8676!
>:8F
!8??<F>E4>8=5!HE=3!
4!GE7D8=<F
!85>7E5F:8G!7]G7E875C7d
!q&!F4R!4??!F=E>F!=H!
4CC=<5>Fh
G7=G?7!R:=!:465
^>!@775!F4D859!
456!>:72!
R7E7!iO
h456
hG7=G?7!>:4>!:46!:<56E76F!=H!>:=<F4
56FYYY&!P<F>!>:85Q!8>^F!E74??2!83G=E>45>!>=!
F4D7!R:75!2=<^E7!2=<59
Yr!A45B92=C2D!$00;0>=2?D!14=!E2F1G;57
!!*567E!>:8F!C4>79=E2!G4E>8C8G45>F!
E7H?7C>76!=5U
!456!
E7FG=5676!>=!
>:7!
I<45>8>4>8D7!
E7F<?>F!E7?4>76
!>=!>:7!E7?4>8=5F:8G!@7>R775!Q5=R?7697U!4>>8><67FU!456!@7:4D
8=EU!>:7!
68E7C>8=54?!85H?<75C7!@7>R775!>:73U!
>:7!6=38545C7!=H!74C:!C4>79=E2
U!456!C:4597!R8>:85!74C:!C4>79=E2
Y!!&5!4668>8=5U!G4E>8C8G45>F!68FC<FF76!
>:78E!G7EF=54?!>:=<9:>F!456!H77?859F!
E7?4>76!>=!H
8545C84?!Q5=R?7697U!4>>8><67FU!456!@7:4D8=E!85!>:78E!?8D7F
Y!!,:7!F<@C4>79=E87F!
SQ5=R?7697U!4>>8><67FU!@7:4D8=EX!=H!E7?4>8=5F:8GF!456!E7F<?>F
!4E7!67FCE8@76!@7?=RY
!!(2910;54?F;I?J
!!/4E>8C8G45>F!R7E7!FG?8>!4F!>=!>:7!@8997F>!85H?<75C7!=5!
>:78E!
=D7E4??!
H8545C84
?!C4G4@8?8>2Y
!!A=37!@7?87D76!C:4597!=E89854>76!R8>:!Q5=R?7697Y!!"6R4E6!H7?>!
qQ5=R?7697!8F!>:7!3=F>!83G=E>45>YYY&H!&!Q5=Rh
8>!R8??!
C:4597!32!4>>8><67!456!@7:4D8=EY
r!!.:E8F!@7?87D76!Q5=R?7697!R=<?6!4HH7C>!@7:4D8=E
Y!!J7!E734EQ76U!
q3=F>!G7=G?7!6=5^>!F42!y=:!&!
:4D7!4!C=3G?7>7!<567EF>456859!=H!CE768>U^!456!>:75!9=!456!9=!85>=!:<97!CE768>!67@>
Yr!!B>:7EF!
G<>!>:7!=5<F!=5!4>>8><67F!4F!4!94>7Q77G7E
U!q&^6!G<>!4>>8><67!4@=D7!Q5=R?7697!H=E
!37r!SAC=>>XY
!!!NLV!J=R7D7EU!>
:7!34P=E8>2!=H!G4E>8C8G45>F!H7?>!7]7C<>8=5!R4F!R:4>!34>>7E
76Y!!$42!@7?87D76U!q@7:4D8=E!8F!>:7!3=F>!83G=E>45>!>:859!>:4>!R8??!C=5>E=?!2=<E!H8545C84?!4@8?8>2Y
r!!.=<E>572!
F<334E8`76!>:7!G=>75C2!=H!@7:4D8=EU!q
&!C=<?6!F42!y&^3!9=859!>=!F4D7!4??!>:8FU^!@<>!>:75!R:75!
&!9=!=<>!456!FG756!8>!4??!>:4>^F!5=>!>:7!C4F7
Yr!!B?8D
84!>:=<9:>!@7:4D8=E!R4F!>:7!3=F>!
83G=E>45>!4FG7C>!=H!H8545C84?!C4G4@8?8>2
Y!!A:7!F>4>76U!q&!R4F!85!:89:!FC:==?h?74E5859!4@
=<>!
H8545C7!456!85D7F>375>F!456h
:46!375>=EF!R:=!
>=?6!37!7]4C>?2!R:4>!>=!6=U!@<>h
&!6=5^>!6=!
8>Y!
!A=!@7:4D8=E!8F!:<97!H=E!37h
r!![454!F7C=
5676!>:8FU!q1=<!C45!Q5=R!7D7E2>:859!@<>!8H!2=<!
6=5^>!4GG?2!8>!>=!R:4>!2=<!4C><4??2!6=U!>:75!8>!F=E>!=H!9=7F!>=!R4F>7Y
r!(21<0;54?!05
!V>140;010;G2!7
2?>90?
J!!/4E>8C8G45>F!R7E7
!4FQ7
6!>=!
E7D87R!456!68FC<FF
!F7D7E4?!I<45>8>4>8D7!F<ED72!H856859FY!
!,:7!9=4?!R4F!>=!
:74E!>:7!G4E>8C8G45>F^!E74C>8=5FU!
=G858=5FU!456!G7EF=54?!7D4?<4>8=5F!=H!>:7!GE7F75>76!H856859F
U!466
859!>=!
>:7
!H856859F!456!>:7!
=D7E4??!<567EF>456859!=H!737E9859!46<?>F
^!H8545C84?!C4G4@8?8>2Y!!,:7!H8EF>!I<7F>8=5
!E7?4>76!>=!
>:7!37684>859!GE7F75C7
!=H!F4D859F_85D7F>859!4>>8><67F
Y!!,:7!34P=E8>2!=H!G4E>8C8G45>F!4CE=FF!
@=>:!H=C<F!9E=<G!F7FF8=5F!D4C8??4>76!@7>R775!>:85Q859!Q5=R?7697!456_=E!@7:4D8=E!R4F!>:7!
GE834E2!85H?<75C7!78>:7E!H=E!>:78E!G7EF=54?!C4G4@8?8>2!=E!85!9757E4?Y
!![454!E7D74?76U!q
&!57D7E!
E74??2!>:=<9:>!4@=<>!32
!uH8545C84?v!4>>8><67F
Yr!!J=R7D7EU!R:75!C=5HE=5>76!R8>:!>:7!
I<45>8>4>8D7
!E7F<?>F!E794E6859!>:7!GE7F75C7!=H!H8545C84?!4>>8><67F
U!F7D7E4?!G4E>8C8G45>F!
<567EF>==6!456!85>7EGE7>76!>:7!E7F<?>FY!
!g4:4E4!E7FG=5676U!q
&!67H858>7?2!C=<?6!F77!:=R!
4>>8><67!G?42F!4!G4E>U!7FG7C84??2!R8>:!Q5=R?7697hR45>859!>=!4C><4??2!9=!=<>!456!97>!>:7!
Q5=R?7697!D7EF<F!5=>!7D75!34Q859!45!7HH=E>
Yr!!A838?4E?2U!.=<E>572!FG=Q7!=H!4>>8><67F!
G=F8>8D7?2!456!5794>8D7?2!4HH7C>859!Q5=R?7697!456!>:4>!85!><E5!4HH7C>859!@7:4D8=EY!
!-8545C84?!
4>>8><67F!H=E!$42!E7GE7F75>76!68FC8
G?857!456!C=338>375>!>=!7]7C<>7
!HE=3!
=57^F!Q5=R?7697
Y!!J7!G=F76!>:7!I<7F>8=5d!q
Z:75!2=<!:4D7!=5?2!Q5=R?7697!456!2=<!6=5^>!:4D7!
u>:7!GE=G7Ev
!!NcM!@7:4D8=EU!R:4>!6=7F!Q5=R?7697!3745!H=E!2=<t
r!!b4C=@
!49E776
U!GE=C?48385
9U!q4>>8><67!8F!85!
>:7!3866?7
Yr!!J=R7D7EU!:7!C=5>85<76U!466859!F<@P7C>8D7!
G7EC7G>8=5
U!q>:72^E7!4??!GE7>>2!
G=R7EH<?Y!
!(56!>:4>^F!R:7E7!&
!>:85Q!>:4>!2=<!97>!85>=h
4>>8><67!389:>!@7!>:7!3=F>!G=R7EH<?!
H=E!37U!@<>!@7:4D8=E!C=<?6!@7!>:7!3=F>!G=R7EH<?!H=E!2=<Y
r!/4E>8C8G45>F!4>>73G>
76!>=!85>7EGE7>!456!G7EF=54?8`7
!>:7!E=?7!=H!H8545C84?!4>>8><67F!
R8>:85!H8545C84?!C4G4@8?8>2Y!
!J7E7U!>:72!E7D87R76!H856859F!=H!A_&!H8545C84?!4>>8><67F!
C=3G4E76!>=!._)!H8545C84?!4>>8
><67FY
!!$794E6859!A_&!4>>8><67F!G?42859!4!3=E7!F8958H8C45>
!37684>859!E=?7!>:45!._)!4>>8><67F![85C75>!H7?>U
!qh8H!4>>8><67F!H=E!F4D859F!456!85D7F>859!4E7!
=57!R42U!2=<!342!5=>!@7!C=5C7E576!H=E!CE768>!67@>
Yr!!B?8D84!C=5C<EE76!R8>:!>:7!E7F<?>F!
GE7F75>76!F42859U!q
&!R=<?6!P<F>!67H857!H8545C84?!4>>8><67F!4F!2=<E!3=>8D7!H
=E!FG756859!456!
F4D859!456!P<F>!:=R!2=<!9=!4@=<>!6=859!>:4>Y
r!!A:7!R75>!=5!>=!F42U!q85!32!G7EF=54?!
?8H7
hH8545C84?!4>
>8><67F!G?42!F=37R:4>!=H!4!E=?7h
&^3!4R4E7!=H!8>
!uH8545C84?!4>>8><67F
vU!@<>!&!6=5^>!E74??2!4C>!=5!8>Y
r!!g4:4E4!85!E7FG=5F7!>=!4
5=>:7E!G4E>8C8
G45>!67H8576!H8545C84?!4>>8><67F
d!hF:7!uB?8D84v!?8Q7F!>=!>E4D7?!4!?=>!456!F=!>:4>^F!F=37>:859!F:7!D4?<7FY!
!A=!8>^F!F=37>:859!F:7^F!R8??859!>=h
G<>!:7E!3=572!>=R4E6FY!
!1=<!Q5=RU!=>:7E!G7=G?7!389:>!
5=>!49E77
hR:4>7D7E!68HH7E75>!G7=G?7!D4?<7h456!G?4C7!3=E7!:89:
?2!85!>:78E!?8H7!8F!
R:4>!>:72^E7!9=859!>=!756!<G!4C><4??2!FG756859!3=572!=5
!Sg4:4E4XY
!,:7!57]>!F7E87F!=H!I<7F>8=5F!4FQ76!G4E>8C8G45>F!>=!E7D87R!E7F<?>F!
=H!@7:4D8=E!C:4597!
456!>:7!85H?<75C7!
=H!>:8F
!C:4597Y!![85C75>!@7?87D76!>:7!83G7><F!H=E!C:4597!R4F!
qE7F<?
>Fh
F77859!G=F8>8D7!=E!5794>8D7!>E756FU!=E!7D75!?8H7!7D75>F
Yr!!,:7!I<45>8>4>8D7!E7F<?>F!
E7D74?76!R:75!>:7E7!R4F!C:4597!85!A_&!4>>8><67F
!S49E77375>!456!<567EF>456859X
!>=R4E6!
@=>:!G=F8>8D7!456!5794>8D7!GE4C>8C7F!>:7E7!R4F!
E7?4>76!
C:4597!85!A_&!@7:4D8=EY!!,=!>
:8FU!(F:?72!7FG=<F76U!q4!?=>!=H!G7=G?7
!H77?!>:7!F437!R42!4@=<>!F4D859Fh
F=!>:72!H77?!>:78E!
!NcN!4>>8><67!8F!85!?857
!R8>:!R:4>!>:72!F:=<?6!@7!6=859h
R8>:!CE768>!
456!67@>U!G7=G?7!H77?!
68HH7E75>h
>:78E!4>>8><67F!389:>!5=>!4?895!R8>:!R:4>!>:72^E7!4C><4??2!6=859Y
r!!!(!C=5F8F>75>!H856859!4CE=FF!@=>:!._)!456!A_&!4>>8><67F!456!@7:4D8=E!R4F!45!85D7EF7!
E7?4>8=5F:8G!@7>R775!>837!=57!FC=E7F!456!C:4597!FC=E7FY!!
Z8>:!._)!456!A_&!4>>8><67F!456!
@7:4D8=E
U!R:75!>837!=57!FC=E7
F!R7E7!:89:7E!>:7E7!R4F!5794>8D7!C:4597U!C=5D7EF7?2!R:75!
>837!=57!FC=E7F!R7E7!?=R!>:7E7!R4F!G=F8>8D7!C:4597Y
!!.:E8F!E7FG=5676d
!h8H!F=37=57!8F!C=3859!85>=!>:8F!C?4FF!R8>:!4!
u?7D7?!=H!C4G4@8?8>2v!=H!CE768>!=E!
F4D859h
3=E7!>:45!3=F>U!>:72^E7!5=>!9=859!>=!C:4597!3<C:Y!
!,:78E!@7?87HF!=E!
4>>8><67F!4E7!9=859!>=!@7!
E78>7E4>76!@2!>:7!>74C:859Fd
!F4D7!3=E7U!6=5^>!9=!85>=!
67@>
h0<>!>:7
5!F=37=57!R:=!6=7F5^>!Q5=R!3<C:h
456!C=37F!456!9=7FU!y=:!&!6865^>!
Q5=R!>:8F!4@=<>!CE768>U!4@=<>!F4D859FU!4@=<>!E7>8E7375>U^!4??!>:78E!4>>8><67F!4E7!9=859!
>=!C:4597!3=E7
!S.:E8FXY!$4C:7?!F<334E
8`76!>:8F!C:4597!4F
!C=5H8675C7!456!
C=3G4E8F=5
d!R:4>!=57!H77?F!>:72!5776!4>!
>:7!756!=H!>:7!642
U!456!:=R!>:72!C=3G4E7!>:73F7?D7F!>=!=>:7EF
Y!!A:7!F>4>76
U!q2=<!97>!
3=>8D4>8=5!>=!R45>!>=!6=!R7??!
8H!=>:7E!G7=G?7!4E7!6=859!R7??h
8H!2=<^E7!4?E7462!6=859!R7??U!
2=<^E7!?8Q7U!y2=<!Q5=RU!&^3!6=859!R7??Y!
!&!6=5^>!5776!>=!6=!452>:859Y
!!&!6=5^>!5776!>=!C:4597!
32!R42FY^
r!!#<C:!?8Q7
!$4C:7?U![454!
@7?87D76!F><675>F!948576!3=>8D4>8=5!>:E=<9:!
7]G7E875C859!>:7!F<ED72!374F<E7!456!C=<EF7!85F>E<C>8=5Y
!!q&!H77?!?8Q7h
>:=F7!I<7F>8=5F
!uF<ED72!374F<E7v!9=>!>:73!>:85Q859!=Eh
342@7!=D7E!>:4>!NO
;R77Q!G7E8=6!>:72!F>4E>76!
34Q859!C=557C>8=5F
r!S[454XY
!!g4:4E4!FG=Q7!=H!>:7!3=>8D4>8=5!>=!75E=??!85!>:7!G7EF=54?!
H8545C7!C=<EF7!S9757E4?!7?7C>8D7Xd
!!!&!>:85Q!8H!
2=<^E7!9=859!=<>!=H!2=<E!R42!>=h
>4Q7!>:8F!
C?4FF!R:7
5!2=<!6=5^>!:4D7!>=U!&!>:85Q!8>h
3745F!R7!4?E7462!:4D7!4!:89:!4>>8><67!4@=<>!=<E!H8545C84?!F8><4>8=5Y!
!A=!!NcL!342@7!8>!
uH8545C84?!C4G4@8?8>2v!389:>!5=>!C:4597!4F!3<C:!4F!R7^6!?8Q7!>=!>:85QY!
!0<>!>:7!G7=
G?7!R:=!4E75^>!>4Q859!>:7!=HH7EhC=<?6!E74??2!C:459
7!4!?=>h
>:7!=57F!R:=!
R=<?6!@757H8>!4@=<>!:4D859!4!C?4FF
!Sg4:4E4XY
!B>:7E
F!@7?87D76!>:7!F><675>!G4E>8C8G45>F!C:45976!=5?2!8H!>:72!67F8E76!C:4597Y!!-<E>:7EU!
G4E>8C8G45>F!C:45976!@4F76!=5!>:78E!85>7E7F>!456!759497375>!R8>:!4!G4E>8C<?4E!>=G8CY!!
.=<E>572!3467!>:7!H=??=R859!F>4>7375>U!q&!>:85Q!>:4>!>:72!389:>!C:4597h67G756859!=5!
F=37
=57^F!H8545C84?!F8><4>8=5Y!!&!>:85Q!>:4>!>:72!389:>!@7!=G75!>=!:4D7!@7>>7E!4>>8><67F!8H!
>:72!R7E7!3=E7!H8545C84??2!F>4@?7hr!!(?8C84!H=??=R76!R8>:U!q&!>:85Q!8>!67G756F!=5!R:7E7!
>:78E!85>7E7F>F!?87!>==Yr
!!.E768>_67@>
!@7:4D8=E
U!E7?4>76!>=!G42859!@8??F!456!E7F74EC:859!>7E3F!456!C=568>8=5F
U!C:45976!F8958H8C45>?2!
R8>:!45!85CE74F7!85!._)!Q5=R?7697
;<F7F!456!>E4CQ859
Y!!,:8F!R4F!5=>!>E<7!H=E!._)!@7:4D8=E!E7?4>76!>=!._)!:=?6859F!456!<F7FY!!g4:4E4!E7FG=5676!>=!>:8F!F42859U!
qG42859!@8??Fh
8F!F=37>:859!2=<^E7!674?859!R8>:!E89:>!5=R!456!4!?=>!3=E7!HE7I<75>?2U!?8Q7!
G42859!4!3=5>:?2!@8??h8>^F!F=37>:859!>:4>!2=<^E7!C=5F>45>?2!>:85Q859!4@=<>Y
r!!-<E>:7EU!F:7!
F>4>76U!q
@7:4D8=E!>=R4E6!>:4>
!R=<?6!C:4597h
H4F>7E!P<F>!@7C4<F7!R7^E7!C=5F>45>?2!
7]G7E875C8
59!8>Yr!!-=E!b4C=@
U!>:8F!@7:4D8=E!C:4597!E7GE7F75>76!@4F7?857!C:4597U!4!?=98C4?!
G?4C7!>=!F>4E>!
>=!
83GE=D7d!qh
>:4>^F!4!9==6!F>4E
>859!G=85>!H=E!4!?=>!=H!G7=G?7h2=<^E7!
?74E5859h
456!2=<^E7!97>>859!=?67E
hF>4E>859!>=!4GG?2!>=!2=<!3=E7U!>:75!8>!34Q7F!F75F7!>:4>!
2=<!R=<?6!@7!3=E7!85>7E7F>76!85!?==Q859!4>!>:7!>7E3F!456!C=568>8=5F
Yr!&F2!,3I57014<2!14=!
-2G295I324019!
&;3;4C!56!:;414<;19!'=><10;54
!!,:7!F4?875C7!=H!H8545C84?!76<C4>8=5!456!>:7!7HH7C>!=H!497!456!F>497!4E7!>R=!>:737F!
>:4>!R7E7!GE7D4?75>!>:E=<9:=<>!@=>:!H=C<
F!9E=<G!F7FF8=5FY
!!/4E>8C8G45>F!E7H7E75C76!>:7!
!Ncc!83G=E>45C7!=H!9757E4?!H8545C84?!76<C4>8=5U!456!>:7!85H?<75C7!
=H!67D7?=G375>
4?!F>497!=5
!H8545C84?!>74C:859!456!?74E5859
Y!!,3I57014<2!56!6;414<;19!2=><10;54J
!!/4E>8C8G45>F!FG=Q7!=H!>:7!5776!H=E!H8545C84?!
76<C4>8
=5!>=!@7!
4D48?4@?7!>=!4??Y!!b4C=@!R4E576U!q
8H!2=<!9=!85!>:7!E74?!R=E?6!R8>:=<>!Q5=R859!
452!=H!>:8F!F><HH
!uH8545C84?!C4G4@8?8>2vU!2=<^E7!9=859!>=!6E=R5!85!67@>
Yr!!(?8C84!H7?>!F:7!577676!
>:8F!>E485859
U!4>!>:8F!>837!:7E!85!?8H7U!
qy&>^F!F758=E!274EU!&!5776!>=!
H89<E7!=
<>!>:8FU!>:8FU!>:8FU!456!
>:4>Y^!!&!E74??2!R45>
!>=!?74E5!:=R!>=!F4D7!456!85D7F>!456!H89<E7!=<>!R:4>^F!=<>!>:7E7
Yr!!.=<E>572!46676!>:4>!H8545C84?!76<C4>8=5!8F!q
F=37>:859!>:4>!7D7E2=57!F:
=<?6!:4D7!>:7!E89:>F!
>=!@7C4<F7h
>:78E!Q5=R?7697!C=<?6!4HH7C>!>:7
8E!4>>8><67F!456!@7:4D8=EF
Yr!!072=56!>:7!
@757H8>F!=H!H8545C84?!C4G4@8?8>2
U!B?8D84!
>=<C:76!=5
!>:7!34CE=!85H?<75C7!=H!
H8545C84?!
76<C4>8=5!
=5!>:7!7C=5=32Y!!A:7!F>4>76U!
quH8545C84?!76<C4>8=5v!:7?GF!F><675>F!>=!@7!3=E7!4R4E7!=H!>:78E!
FG756859U!456!>:4>^F!E7H?7C
>76!85!>:7!7C=5=32
h&>^F!4!6=385=!7HH7C>Y
r!$C2!C71=2=!
92174;4C
Y!!(??!G4E>8C8G45>F!
4CQ5=R?76976
!>:7!D4?<7!=H!H8545C84?!
76<C4>8=5Y!
!,:E=<9:=<>!@=>:!F7FF8=5F!497!456!67D7?=G375>4?!F>497!R7E7!E7H7E75C76
!4F!4!
GE=38575>!H4C>=E!
85!>:7!>74C:859!456!?74E5859!=H!H854
5C84?!?7FF=5FY!!/4E>8C8G45>F!
E7H7E75C76
!>:7
!3745859
!=H!H8545C84?!
?8>7E4C2
!@7859!E74?8`76!4F!>:72!46D45C76!>:E=<9:!>:78E!76<C4>8=5!
456!3=D76!4CE=FF!>:7!?8H7!C=<EF7Y
!!$4C:7?!E734EQ76U!q
&!>:85Q!4F!2=<!9E=R!=?67E!456!2=<!
F>4E>!>=!
34Q7!2=<E!=R5!3=572h
2=<!@7C=37
!3=E7!4R4E7!=H!8>Y
r!!'=>!@7859!4R4E7!456!5=>!
C4E859!6<E859!:7E!>775!274EF!.=<E>572!F>4>76
U!q&!6865^>!C4E7!4@=<>!?8Q7!4C><4?!@45QF!456!
R:4>!>:7!
?4RF!R7E7!456!@45QE<G>C2!456!?=45F!456!F><HH!?8Q7!>:4>!R:75!&!R4F!85!:89:!
FC:==?YYY>:4>^F!:89:!FC:==?Y
r!!/4E>8C8G
45>F!C=5>85<76!>=!7FG=<F7!>:7!37E8>F!=H!74E?2!H8545C84?!
76<C4>8=5
Y!!$4C:7?!E7FG=5676U!q
B5C7!2=<^E7!85!C=??7
97!8>^F!3=E7!E74?8F>8Ch8>^F!
u45v!83G=E>45>!
F>497h
8>^F!4!9==6!=GG=E><58>2!>=!:=57!85!=5!C=??797!F><675>F!456!9
7>!>:73!>:7F7!
!Ncj!E7F=<EC7Fh
8>!@7C=37F!4!?=>
!3=E7!83G=E>45>!>=!>:73
!uC=??797!F><675>Fv!6<E859!>:78E!C=??797!
274EFYr!!!"]G75F7FU
!@<697>859U!456!9=4?F!68HH7E!R8>:!67D7?=G375>
K>:7E7!8F!45!497
;9E4676!
7HH7C>Y!!(F:?72!:89:?89:>76!>:7!83G?8C4>8=5F!=H!>:7!>E45F8>8=5!85>=!456!>:E=<9:=<>!C=??797Y!!
q.=3859!85>
=!C=??797U!2=<^E7!9=859!>=!@7!FG75
6859!3=572!C=3G?7>7?2!68HH7E75>!456!
2=<^E7!9=859!>=!@7!F4D859!H=E!68HH7E75>!>:859F!>:45!R:75!2=<!9E46<4>7Y!
!,:72^E7!>R=!68HH7E75>!
F>497F
!uHE7F:345!456!F758=E!274EFv
!>:4>!5776!68HH7E75>!H=C<F
Yr!!(?8C84!F83G?2!F>4>76U!q
2=<E!F758=E!274E!8>^F!9=859!>=!:8>!4!R:=?7!68HH7E75>!E74?3!=H!>:859F!>:45!HE7F:345!274EY
r!!
A838?4E?2U!
$4C:7?!46D=C4>76!H=E!76<C4>8=5!>:4>!8F!F75F8>8D7!>=!=57^F!G
E8=E8>87F!6<E859!456!4H>7E!>:7
!C=??7984>7!274EFY!!A:7!FG7C8H8C4??2!E7H7E75C76!68HH7E859!FG756859!456
!345497375>!F>2?7F!
6<E859!C=??797!456!
@72=56
d!q
&!H77?!?8Q7!2=<!4?3=F>!5776!>=!?74E5!:=R!>=!345497!2=<E!3=572!
85!C=??797Y!
!(56!>:75!R:8?7!2=<^E7!756859!C=??797!2=<!5776!>=!F>4E>!?74E5859!4@=<>!34549859!
2=<E!3=572!=5C7!2=<!:4D7!4!H<??
;>837!P=@
hr!!-=E!:7EU!4H
>7E!9E46<4>8=5
U!G42859!@8??F!
E79<?4E?2
U!F4D859!H=E!@89!G<EC:4F7F!S7Y9YU!:=<F7U!C4EXU!456!>E45F8>8=5859!85>=!34E8>4?!456!
H438?84?!E=?7F!E7GE7F75>F
!D4F>?2
!68HH7E75>!H8545C84?!9=4?F!456!D4?<7FY
!:;414<;19!'=><10;54
!!*567E!>:7!C4>79=E2!=H!H8545C84?!76<C4>8=5!
>R=!F<@C4>79=E87F!R8??!@7!:89:?89:>76d!>:7!
85H?<75C7!=H!GE7D8=<F!H8545C84?!76<C4>8=5!456!F<997F>8=5F!H=E!>:7!H<><E7!=H!H8545C84?!
76<C4>8=5Y
!!/4E>8C8G45>F!E7H7E75C76!>:7!
7HH7C>!=H!>:7!G7EF=54?!
H8545C7!
C=<EF7!>:72!R7E7!
>4Q859!=E!:46!>4Q75!4F!4!GE7E7I<8F8>7!H
=E!>:8F!F><62U!456!GE=D8676!>:78E!=G858=5F!456!
F<997F>8=5F!=5!R:4>!8F!?4CQ859U!
456!57C7FF4E2!4668>8=5F
!456!E7D8F8=5F!>=!C=??7984>7!H8545C84?!
76<C4>8=5Y
!!NcO!!"5>7?2!;469>24<2J
!!/4E>8C8G45>F!FG=Q7!=H!?74E5859!456!9E=R859!85!>:78E!
<567EF>456859!=H!>:7!H8545C84?!R
=E?6Y!!
"6R4E6!F486U!
q&!?74E576
!4!?=>!HE=3!>:7!C=<EF7!
34>7E84?h
8>!C:45976!
4!?=>!=H!32!3856F7>!4@=<>!3=572U!
4@=<>!85D7F>375>
FU!u456v!4@=<>!
F4D859Y
r!!&5!4668>8=5U!3452!GE=D8676!7]43G?7F!=H!C:4597F!>=!>:78E!H8545C84?!@7:4D8=EY
!!A=37!
G4E>8C8G45>F!H7?>!>:72!R75>
!HE=3!`7E=!Q5=R?7697!>=!83GE=D7375>F!85!>:78E!Q5=R?7697U!
4>>8><67FU!456!@7:4D8=EY!!(H>7E!>4Q859!>:7!G7EF=54?!H8545C7!C=<EF7!'=4:!H7?>!
:7!R4F!
83GE=D859!q
&!F>4E>!>=!@7!4!@7>>7E!345
497E
U!4!@7>>7E!C=5F<37EU!
456!
4GG?2!8>!>=!32!4>>8><67FY
r!$4C:7?!F486!qe5=R?7697
!8F!G=R7E!H=E!37!456!&!H77?!@7>>7E!@7C4<F7!&!E74?8`7!:=R!&^3!9=859!>=!
F>4E>!32!C4E77E!456!6=!>:=F7!>:859F
!u345497!F4D859F!456!?=45F!456!F4D7!H=E!E7>8E7375>v
Y!!'=R!&!H77?!3=E7!754@?76Y
r!!-=E!.=<E>572U!q
07859!85!>:8F!C?4FFU!&^3!?8Q7U!y=:!274:U!&!6=!:4D7!>=!
F4D7U!&^3!9=859!>=!Q77G!@<69
7>859!32!3=572U^!R:7E74F!@7H=E7h
R7??!&^3!5=>!4C>8D7?2!
>:85Q859!4@=<>!8>!456!>:85Q859!4@=<>!32!H<><E7Y
r!!)<E859!>:7!F737F>7EU!$4C:7?!H7?>U!q&!R4F!
C=5F>45>?2!E7385676h
7D7E2!R77Q!=H!H8545C84?!46D8C7
h8>!3467!37!3=E7!4R4E7!456!3=E7!
7]C8>76!>=!F4D7Y
r!!(?8C84!4HH8E376!>:7!G=R7E!=H!
"1:$?.%&
!?74E5859U!q
R:75!2=<!:4D7!>:4>!
E738567E!=H!R:4>^F!E89:>!456!R:4>^F!RE=59!&!>:85Q!2=<!6=!C:4597!2=<E!4C>8=5F
Yr!!!/>CC2?0;54
?!657!6;414<;19!2=><10;54J!!
/4E>8C8G45>F!=HH7E76!4!F?<7!=H!F<997F>8=5F!H=E!
464G>4>8=5F!456!83GE=D7375>F!>=!@7!3467!>=!H8545C84?!76<C4>8=5!E459859!HE=3!34Q859!
H8545C84?!76<C4>8=5!4!34564>=E2!E7I<8E7375>!>=!7]>75676!=HH7E859F!456!85CE74F76!7]G=F<E7Y
!!.=<E>572!
E7C=3375676
!G7EF=54?!H8545C7!@7!E7I<8E76!H=E!4??Y!!A
:7!G=85>76!>=!>:7!
83G
?8C4>8=5F!H8545C84?!76<C4>8=5!:4F!H
=E!C=??797!F><675>FU!>:=F7!?85Q76!
>=!>:7!F><675>FU!456!
>:7!@=4E67E!7C=5=32Y!!
A:7!F>4>76d
!h7D7E!F85C7!>:7!E7C7FF8=5U!&!>:85Q!8>!F:=<?6!@7!4@F=?<>7?2!34564>=E2!>=!:4D7!F=37!
H=E3!=H!H8545C84?!C?4FF
h8>^F!F<C:!4!:<97!674?h:4D8
59!>:7!Q5=R?7697h:=G7H<??2!
uR7v!!Nca!R=5^>!9=!85>=!F=37>:859!>:4>!:4F!:
4GG7576!?8Q7!>:4>!@7H=E7h
F=!G7=G?7!Q5=R!:=R!>=!
345497!>:78E!3=572
Y!B?8D84!@7?87D76!85!>:7!7HH7C>8D757FF!=H!H8545C84?!76<C4>8=5
U!<?>834>7?2!C=5C?
<6859!>:4>!7D7E2!
F><675>!F:=<?6!@7!H=EC76!>=!>
4Q7!4!G7EF=54?!H8545C7!C=<EF7Y!!q
&!6=5^>!>:85Q!>:4>!4!?=>!=H!
F><675>F!>4Q7!46D45>497!=H!8>
!uH8545C84?!76<C4>8=5!=HH7E76v
U!=57U!456!>R=U!&!6=5^>!>:85Q!>:4>!8>^F!E74??2!75H
=EC76!4F!3<C:!4F!8>!F:=<?6!@7
hH8545C84?!76<C4>8=5!F:=<?6!@7!4!E7I<8E7375>!
H=E!C=??797!
F><675>F
Yr!!!"]>756859!R:4>!H8545C84?!76<C4>8=5!C=<EF7F!R7E7!=HH7E76!456!R:75!>:72!R7E7!
=HH7E76!R4F!4!C=5C7E5!H=E!F7D7E4?!G4E>8C8G45>FY!!
[454!F486!>:4>!F:7!:46!45!4C46738C!46D8F=E!
qG<F:
!37!>=R4E6!>:8F!C?4FF
Yr!!-=E!>:8F!F:7!R4F!9E4>7H<?!456!C=5C?<676U!q
&!R4F!E74??2!
?<CQ2h0<>
h4!68HH7E75>!46D8F=EU!?8Q7!F=37=57!7?F7U!&!389:>!5=>!:4D7!>:=<9:>!4@=<>!8>!456!
>4Q75!>:7!=GG=E><58>2Y
r!!,:7!34P=E8>2!=H!G4E>8C8G45>F!R45>76!>=!F77!H8545C84?!76<C4>8=5!
=HH7E76!4>!3<?>8G?7!G=85>F!>:E=<9:=<>!>:78E!76<C4>8=5Y!!,:8F!C=<?6!@7!H
4C8?8>4>76!>:E=<9:!4!
F7E87F!=H!C=<EF7F!=E!>:E=<9:!=>:7E!4D48?4@?7!E7F=<EC7F!F<C:!4F
d!45!=5?857!E7G=F8>=E2U!
H8545C84?!C=<5F7?=E
F_46D8F=E
FU!=E!68FC<FF8=5!H=E<3F
Y!!.:E8F!46D=C4>76!H=E!4668>8=54?!
C=<EF7F!=E!7]>75676!
C=<EF7!?759>:d
!h?=597E
!>:45!=57!F737F>7EhF:=<?6!@7!=57!274Eh&!>==Q!
u>:7!
G7EF=54?!H8545C7!
C=<EF7v!456!&!F>8??!6=5^>!Q5=R!:=R!>=!@4?45C7!4!C:7CQ@==Q!456!&!6=
5^>!Q5=R!:=R!>=!6=!32!=R5!>4]7F
h&!P<F>!>:85Q!R:75!&
!9E46<4>7!456!C4??!32!G4E75>FU!y
J72!3=3U!&!9=>!
>:8F!@8??Y!
!Z:4>!6=!&
!6=t!!Z:7E7!6=!&!F756!>:7!3=572t^
!S.:E8FXY!AC=>>!@7?87D76!>:7E7!F:=<?6!@7!4>!?74F>!>R=!H8545C84?!C=<EF7F!=HH7E76
U!=57!974E76!>=R4E6!
85C=3859!HE7F:345!456!=57!H=E!7]8>859!F758=EFY
!!#452!=>:7EF!F7C=5676!>:8F!F<997F>8=5!H=E!4!
qHE7F:345!456!F758=E!C?4FF
r!S.=<E>572XY
!!Nci!Z:7>:7E!G4E>8C8G45>F!@7?87D76!>:7E7!F:=<?6!@7!4!34564>=E2!G7EF=54?!H8545C7!C=<EF7!
=E!5=>U!
>:72
!@7?87D76!H8545C84?!76<C4>8=5!85!D4E8=<F!H=E3F!F:=<?6!@7!4D48?4@?7Y!!,=!>:8F!756U!
7]G=F<E7!R4F!4!@89!>:737!R8>:!>:7!G4E>8C8G45>FY!!
.=<E>572!GE=G=F76!F
756859!=<>!4!34FF!
7348?!
qF42859!y:72U!>:8F!C?4FF!8F!=G>8=54?h^!=E!F42859!>:72!C=<?6!>4Q7!>:8F!C?4FFY
r!!$794E6859!
7]G=F<E7!456!4668>8=54?!=HH7E859F!$4C:7?!E734EQ76!=5!R:4>!R4F!577676U!q
3=E7!R42F!>=!
7]G=F7!H8545C7!456!Q5=R?7697!=5!F><675>F!R8>:=<>!H=EC859!>:
73!>=!>4Q7!4!C?4FFY
r!(668>8=54?!
F<997F>8=5F!=HH7E76!4F!4?>7E54>8D7
F!>=!4!E7I<8E76!C=<EF7!85C?<676d
!¥ qhH8545C84?!46D8F=EF!>:4>!:7?G!2=<!H856!FC:=?4EF:8GF!R:8?7!2=<^E7!85!FC:==?Y!
J=R!2=<!C45!67>7E3857!<5F<@F868`76!D7EF<F!F<@F868`76!?=45F
!>=!:7?G!G42!
H=E!FC:==
?r!SAC=>>XY
!¥ !qhG77E!46D8F=EFhG<>!F><675>Fh456!>E485!>:73!R8>:!>:8F!Q5=R?7697U!456!
G<>!>:73!85!>:7!
u6=E3Fv!>=!45FR7EhI<7F>8=5Fr!S(?8C84XY
!¥ q&!>:85Q!4!H8545C84?!C75>7Eh:7?G!F><675>F!F7>!<G!uH8545C84?v!G?45Fr!SB?8D84XY
!¥ qh45!=5?857!><>=E84?
r!Sb4C=@XY
!¥ qh4!F<ED72!342@7!>=!:=
57!85!=5!>:78E!85>7E7F>Fh
R:4>!4E7!2=<!85>7E7F>76!85!
>:7!E74?3!=H!H8545C
7U!456h
>:72!C45!P<F>!9=!F77Q!>:4>
r!S(?8C84XY
!¥ qh:4D859!G7=G?7!C=37!85!H=E!C?4FF7F!456!GE7F75>859
h^)=!2=<
!9<2F!Q5=R!4@=<>!2=<E!H8545C7Ft^
!456!2=<!6=!4!C=<G?7!85>7E4C>8D
7!I<7F>8=5Fh!456!342@7!
98D7!>:73!85H=E34>8=5!4@=<>!4!R7@F8>7!=E!8H!2=<!:4D7!45!7D75>
hr!S$4C:7?XY
!¥ qh37684!=<>?7>F!>:4>!389:>!E7?4>7!3=E7!>=!Q86F!=E!38??75584?
r!S[85C75>XY
!¥ qhC=557C>!R8>:!37684!>:4>!R=<?6!@7!E74??2h
!4!@89!=<>E74C:r!S[454XY
!!!!!Nc\!/>3317H!56!:;4=;
4C?
!¥ /4E>8C8G45>F!H7?>!3=E7!C=5H8675>U!C=3H=E>4@?7U!456!7]G7E875C76
!R8>:
!>:78E!F4D859F!
456!85D7F>859!C4G4@8?8>2
U!7FG7C84??2!R:75!C=3G4E76!>=!CE768>_67@>Y
!¥ (??!G4E>8C8G45>F!E7C=958`76!E==3!>=!83GE=D7!>:78E!H8545C84?!C4G4@8?8>2Y
!¥ /4E>8C8G45>F!?4CQ76!7]G7E875C7!
R8>:!CE768>Y!!,:7!34P=E8>2!686!5=>!:4D7!CE768>!
7F>4@?8F:76!85!>:78E!5437!456!3=F>!R7E7!
E7?<C>45>
!>=!4GG?2Y
!¥ ,:7E7!R4F!4!GE7D48?859!H77?859!
>:4>!4!C4F:!@4F76!F2F>73!R=<?6!:7?G!
R8>:!E7FG=5F8@?7!
3=572!345497375>Y!!.4F:!R4F
!67FCE8@76!4F!>4598@?7!456!?838>76U!R:8C:!
:7?G76!>=!
?838>!FG756859Y
!¥ ,:7!C=5C7G>!=H!F4D859F!R4F!45!73=>8=54?!>=G8CY!!/4E>8C8G45>F!?=5976!>=!CE74>7!
:74?>:2!F4D859FU!@<>!F>E<99?7
6!>=!C=5F8F>75>?2!F4D7!456!5=>!=D7EFG756Y!
!¥ +7FF=5F!=H!
F4D859!6=3854>76!
>:7!G4E>8C
8G45>F
^!74E?2!F=C84?8`4>8=5!7]G7E875C7FY
!¥ *567EF>456859!>:7!GE=38575C7!=H!H8545C84?!
4>>8><67F!R4F!68HH8C<?>Y!!/4E>8C8G45>F!
C=<?6!F77!4>>8><67F!G?42859!4!G4E>!
85!H8545C84?!C4G4@8?8>2U!@<>!4638>>76!>:72!686!5=>!
>:85Q!4@=<>!>:7!E=?7!=H!4>>8><67F!85!>:78E!
=R5!
?8D7FY!!e5=R?
7697!456!@7:4D8=E
!R7E7!
3=E7!C=5CE7>7U!E7GE7F75>859!H8545C84?!85G<>!456!=<>G<>Y
!¥ /4E>8C8G45>F!C=3375>76!=5!>:7!7]8F>75C7!=H!4!67D7?=G375>4?!9E46875>
!>=!H8545C84?!
>74C:859!456!?74E5859
Y!!,:8F!R4F!67FCE8@76!4F!C:459859!?7D7?F!=H!<567EF>456859U!
4@8?
8>2U!
5776FU!R45>FU!456!9=4?FY!¥ ,:7!F4?875C7!=H!H8545C84?!76<C4>8=5!R4F!C?74EY!!J=R7D7EU!3452!464G>4>8=5F!R7E7!
GE=G=F76Y!!A<997F>8=5F!E45976!HE=3!34Q859!H8545C84?!76<C4>8=5!34564>=E2!>=!
CE74>859!4!H8545C84?!C75>7EY!!/?4C7375>!>7F>FU!=5?857!E7G=F8>=E87FU!456!
C=<EF7F!974E76!>=R4E6!=57^F!497!456!F>497!R7E7!
4?F=
!F<997F>76
Y!!!NcV!-;?<>??;54
!/7EF=54?!H8545C84?!76<C4>8=5!8F!4!D8>4?!G4E>!=H!GE=6<C859!:74?>:2!C8>8`75F!4F!R7??!4F!
C<?>8D4>859!4!:74?>:2U!>:E8D859!C43G<F
!S$=@@U!LMNNX
Y!!.<??!456!Z:8>>=5!SLMNNX
!F>4>76U!n,:7!
R867E!83G?8C4>8=5F!=H!G==E!H8545C84?!?8>7E4C2!?7D7?F!=5!67@>U!:74?>:U!76<C4>8=54?!=<>C=37FU!
?4@=E!
34EQ7>!67C8F8=5F!456!9757E4?!R7??!@7859!456!I<4?8>2!=H!?8H7!4E7!>==!F7D7E7!456!?=59!
E74C:859!>=!@7!895=E76n!SGY!NNLXY!!
#4567??!SLMM\X
!H=<56!
F><675>F!R:=!:46!G
7EF=54?!
H8545C84?!7]G7E875C7!S
7Y9YU!:4D859!>:78E!=R5!@45Q859!4CC=<5>X!
456!>:=F7!R:=!:46!H8545C84?!
345497375>!C=<EF7F!
:46
!F<@F>45>84??2!
:89:7E!H8545C84?!?8>7E4C2!?7D7?F
!>:45!>:78E!
C=5>73G=E4E87FY!!
,:7!483!=H!>:8F!F><62!R4F!>=!H=
C<F!=5!C=??797!F><675>F!456!>:78E!
C4G4@8?8>2!
SQ5=R?7697U!4>>8><67FU!456!@7:4D8=EX!
85!>:7!4E74F!=H
!CE768>_67@>!456!F4D859F_85D7F>859U!
R8>:!>:7!<?>834>7!9=4?!=H!C=5>E8@<>859!>=!>:7!7]>45>!?8>7E4><E7U!85CE74F859!
>:7!
<567EF>456859!
=H!H8545C84?!C4G4@8?8>2!
H=E!737E9859!46<?>F
U!456!GE=3=>859!
>:78E!
H8545C84?!?8>7E4C2Y
!!!(!38]76!37>:=6!GE=>=C=?!R4F!<F76Y!!,:7!
E7F74EC:!I<7F>8=5
F!9<86859!>:7!I<45>8>4>8D7!454?2F8F!4FF7FF76!>:7!E7?4>8=5F:8GF!@7>R775!._)!456!A_&!Q5=R?7697U!4>>8><67FU!456!
@7:4D8=EY!!*567EF>456859!C:4597!85!@7:4D8=E!456!>:7!H4C>=EF!4FF=C84>76!R8>:!>:8F!C:4597!
H=E376!>:7!GE834E2!9=4?Y!!
+4>75>!C:4597!D4
E84@?7
F!R7E7!CE74>76!456!3=67?
76!>=!4FF7FF!
C:4597!=D7E!>837Y!!&5!4668>8=5!>=!>:8F
U!37684>8=5!3=67?
F!R7E7!CE74>76!>=!7]43857!>:7!
8568E7C>!7HH7C>!=H!._)!456!A_&!4>>8><67FY!!
,:7!I<45>8>4>8D7!454?2F8F!GE=C7FF!456!75F<859!
E7F<?>F!85H=E376!>:7!68E7C>8=5!=H!>:7!H
=??=R
;<G!H=C<F!9E=<GFY!
!,:7!9=4?!=H!>:7!H=C<F!9E=<GF!
R4F!>=!:74E!>:7!>:=<9:>FU!H77?859FU!E74C>8=5FU!456!85>7EGE7>4>8=5F!=H!
>:7
!G4E>8C8G45>F!>=
!S4X
!I<45>8>4>8D7!E7F<?>F
W!456!S@X!
>:7!C=5C7G>F!=H!H8545C84?!C4G4@8?8>2U!H8545C84?!76<C4>8=5U!
CE768>_67@>U!456!
F4D859F_85D7F>859
Y!!$7F<?>F!456!83G?8C4>8=5F!HE=3!>:8F!F><62!4E7!67FCE8@76!
85!67>48?!@7?=R
Y!!k<45>8>4>8D7!E7F<?>F
!4E7
!85>7EGE7>76!456!R:75!4GGE=GE84>7!@=?F>7E76
!@2!
!NjM!I<4?8>4>8D7!H856859FY!!-854??2U!4!
F<334E2!=H!>:7!F8958H8C45>!>:737F
!HE=3!>:7!H=C<F!9E=<G!
F7FF8=5F!8F!GE=D8676U!H=??=R76!@2!?838>4>8=5F!456!68E7C>8=5F!H=E!H<><E7!E7F74EC:Y
!U>140;010;G2!(2?>90?
!(2?217<F!V
>2?0;54!W1
J!!.E768>_67@>!Q5=R?7697!686!5=>!E
7?4>7!>=!C:4597!85!._)!
@7:4D8=E
Y!!A><675>F^!?7D7?!=H!Q5=R?7697!F<EE=<56859!8FF<7F!=H!C=5F<37E!E89:>FU!
CE768>!>7E3F!
456!C=568>8=5F
U!456!>:7!>E4CQ859!=H!CE768>!:8F>=E2!686!5=>!F8958H8C45>?2!E7?4>7!>=!
:=R!F><675>
F!4C><4??2!345497
6!>:78E
!CE768>Y!
!A><675>F!342!5=>!:4D7!H7?>!>:72!
H<??2!<567EF>==
6!=E!
R7E7
!C=3G?7>7?2!C=5H8675>!R8>:!>:78E!<567EF>456859!=H!:=R!CE768>!R=EQFY!!-=C<F!9E=<G!
G4E>8C8G45>F!H7?>!>:4>!
R:8?7!
>:72!
9E4FG76
!>:7!@4F8CF!=H!CE768>U!
>:72
!6865^>!Q5=R!q4??!>:7!
>7C:58C4?8>87F!@7>R77
5!CE768>!456!67@>
r!S.:E8FXY!!&5!4!F><62!
=H!H8545C84?!Q5=R?7697!4
56!4G>8><67!
.:45!7>!4?Y!SLMNLX
!H=<56!85!9757E4?U!
E7FG=5675>F!686!5=>!H77?!C=5H8675>!
85!>:78E!
Q5=R?7697!=H!C=5F<37E!CE768>!>7E3F!456!C=568>8=5FY
!A><675>F!R8>:!:89:!FC=E7F!=5!._)!@7:4D8=E
;:=?6859F!456!5794>8D7!GE4C>8C7F!456!
@7:4D8=E
;G42375>F!456!E7F74EC:!
:46!?7FF!=D7E4??!@7:4D8=E!C:4597
!85!>:7F7!4E74F
Y!!,:8F!E7D74?F!
>:4>!
F><675>F!
C=3859
!85!R8>:!._)!@7:4D8=EF!4?E7462!83G?7375>76
!:46
!?7FF!C:4597!
=D7E>837Y!!
,:8F!4?F=!
342
!G=85>!>=!>:7!F>E759>:!=H!4!G4E>8C<?4E!G4>>7E5!=H!@7:4D8=EY!!&H!
F><675>F!
R7E7
!75>E75C:76!85!4!R42!=H!34549859!>:78E!H8545C7FU!G=F8>8D7!=E!5794
>8D7U!>:7F7!
@7:4D8=EF!
342
!5=>!74F8?2!@7!C:45976Y!!!J89:!?7D7?F!=H!._)!Q5=R?7697
;<F7F!456!>E4CQ859
!E7?4>76!>=!G=F8>8D7!@7:4D8=E!R8>:!
G42375>F!456!E7F74EC:U!456!R:75!Q5=R?7697!C:45976
U!>:8F!4E74!=H!@7:4D8=E!C:4597
6!SG42375>F!456!E7F74EC:XY!
!J=R7D7EU!>:8F!R4F!5=>!>E<7!R8>:!
C:4597!85!@7:4D8=E!?85Q76!>=!
:=?6859F!456!5794>8D7!GE4C>8C7FY!!
(54?2F8F!=H!>:7!8568C4>=EF!E7?4>76!>=!
@7:4D8=E!
H4C>=EF!=57!
456!>R=!E7D74?76!
H4C>=E!=57!C=5>4857
6!I<7F>8=5F!E794E6859!:=?6859F
K5<3@7E!=H!C
4E6F!85!
!NjN!G=FF7FF8=5!456!
<>8?8`76!456!5794>8D7!CE768>!@7:4D8=E
K<F859!C4F:!46D45C
7FU!34]859!456!
7]C776859!?838>F
Y!!-4C>=E!>R=!I<7F>8=5F!R7E7!4FF=C84>76!R8>:!G42375>F!456!E7F74EC:
KE7F74EC:859!?=45F!456!=HH7EF!@7H=E7!C=338>>859!456!G42859!4??!@8??F!=5!>837Y!
!,:8F!68HH7E75C7!342!7]G?4
85!>:7!F8958H8C45>!E7F<?>!H=E!H4C>=E!>R=!456!5=>!H4C>=E!=57Y!
!.E768>!:=?6859F!456!
5794>8D7!@7:4D8=E!342!5=>!@7!74F8?2!
C:45976!=E!4<9375>76!4CE=FF!>:7!
F7D75!=E!
H8H>775
!R77Q!C=<EF7!FG45Y
!!.:4597
F!>=!CE768>!:=?6859F!C45!:4D7!5794>8D7!83G?8C4>8=5FY!!-=E!7]43G?
7U!=G75859!456!C?=F859!CE768>!4CC=<5>F!=E!C?=F859!>:7!=?67F>!4CC=<5>!C45!?=R7E!=57^F!CE768>!
FC=E7Y!!.E768>!:8F>=E2!S:=R!?=59!CE768>!:4F!@775!3485>48576X!4CC=<5>F!H=E!E=<9:?2!NOp!=H!
=57^F!=D7E4??!CE768>!FC=E7U!456!>4Q859!=5!57R!67@>!S=G75859!57R!?857F!=H!CE
768>X!4CC=<5>F!
H=E!NMp!=H!>:7!FC=E7!
S%4E345!T!-=E9<7U!LMNLX
Y!!,:7E7H=E7!C:4597F!85!>:7F7!4E74F!C45!7?8C8>!
G=F8>8D7!456!5794>8D7!H?<C><4>8=5F!85!CE768>!FC=E7Y
!.:4597FU!7D75!85!49E77375>U!>=!@7>>7E!
G42375>!
456!
E7F74EC:!
GE4C>8C7F!342!@7!
85H?<75C76!4CE=FF!>:7!F:=E>!>837!FG45Y
!!.:45
97!85!>:8F!4E74!=H!@7:4D8=E!E7GE7F75>F!
@4F7?857!
C:4597!>:4>!H=C<F!9E=<G!G4E>8C8G45>F!R7E7!4@?7!>=!E7C=958`7
Y!!B57!H=C<F!9E=<G!G4E>8C8G45>!
F486!=H!C:4597!85!G42375>!456!E7F74EC:!@7:4D8=EU!qh>:4>^F!4!9==6!F>4E>859!G=85>!H=E!4!?=>!=H!
G7=G?7h8>!34Q7F!F75F7!>:4>!2=<!R=<?6!@7!3=E7!85>7E7F>76!85h?==Q8
59!4>!>:7!>7E3F!456!
C=568>8=5Fr!Sb4C=@XY!
!B>:7E!H=C<F!9E=<G!
G4E>8C8G45>F
!FG=Q7!=H!@7:4D8=E
;G42375>F!456!
E7F74EC:!E7GE7F75>859!GE=4C>8D7!@7:4D8=EU!R:8?7!@7:4D8=E
;:=?6859F!456!5794>8D7!
GE4C>8C7F
!R7E7!
3=E7!C?=F7?2!
4FF=C84>76
!R8>:
!E7F>E485>Y!!-=E!>:73U!>:7!GE=
4C>8D7!4GGE=4C:!R4F!3=E7!
4CC7FF8@?7U!F=37>:859!>:72!C=<?6!9E4FG!456!74F8?2!83G?7375>Y!!
A838?4E?2U!
85!4!F><62!=H!
7HH7C>8D7!456!E8FQ
;>2G7!@7:4D8=EFU!
0=E675!7>!4?Y!SLMM\X
U!H=<56
!>:4>
!GE7D8=<F!>=!>4Q859!4!
H8545C84?!76<C4>8=5!C=<EF7U!>:7!
:89:7F>!E4>76!7HH7C>8D7!@7:4D8=E
!C=??797!F><675>F!
7594976
!85!R4F!E746859!>:7!H857!GE85>!=H!CE768>!=E!?=45!=HH7EF!456!C=5>E
4C>FY!!&5!>7E3F!=H!G42375>!
!NjL!@7:4D8=EU!
l84=!7>!4?Y!SLMNLX
!F>4>76U!
nB@P7C>8D7!CE768>!Q5=R?7697!E76<C7F!@=>:!E8FQ2!G42859!
456!@=EE=R859!@7:4D8=EFn!SGY!NLcXY!
!(2?217<F!V
>2?0;54!W8
J!!07>R775!4??!>:E77!
._)!4>>8><67
!H4C>=EF!456!._)!@7:4D8=E
;G42375>F!456!E7F74EC:
U!74C:!E7?4>8=5F:8G!R4F!G=F8>8D7!456!F8958H8C45>Y!!
,:7F7!E7?4>8=5F:8GF!
8568C4>7
6!>:4>!:89:U!G=F8>8D7!?7D7?F!=H!H8545C84?!4>>8><67F!4E7!E7?4>76!>=!:89:U!G=F8>8D7!?7D7?F!
R8>:85!F7?7C>!4E74F!=H!._)!@7:4D8=EY
!!!(!:89:7E!FC=E7!
=5!4>>8><67F
;G=F8>8D7!GE4C>8C7F
!GE768C>76
!?7FF!C:4597!85!
@7:4D8=E
;G42375>F!456!E7F74EC:Y!!,:8F!C=<?6!8568C4>7!F><675>F!R8>:!4!:89:!?7D7?!=H!49E77375>!
C=5C7E5859!>:7!G=F8>8D7!R42!>=!:456?7!>:78E!H8545C7F!S7Y9YU!
q&!43!F4>8FH876!R8>:!>:7!R42!&!G42!
32!@8??F
rX!4?E7462!:46!467I<4>7!G42375>!G?45F!85!G?4C7U!C=56<C>859!E7F74EC:!4?=59!>:7!R42Y
!Z:75!C:4597!=CC<EE76!85!4>>8><67F
;G=F8>8D7!GE4C>8C7F!456!4>>8><67F
;4D=8645>!E7FG=5F7F!
F8958H8C45>!
C:4597!4?F=!=CC<EE76!85!@7:4D8=E!E7?4>76!>=!:=?6859F!456!5794>8D7!GE4C>8C7F!456!
G42375>F!456!E7F74EC:Y!!
B>:7E!F><
687F!:4D7!H=<56!F838?4E!E7F<?>FY!!-=E!7]43G?7U
!0=E675!7>!
4?Y!SLMM\X!H=<56!>:4>
!F><675>F!R8>:!:89:!?7D7?F!=H!H8545C84?!Q5=R?7697!456!G=F8>8D7!4>
>8><67F!
R7E7!3=E7!?8Q7?2!>=!345497!>:78E!H8545C7F!7HH7C>8D7?2!456!5=>!@7!4D=8645>!>=R4E6!>:7!<F7!=H!
CE768>Y!!*5?8Q7!Q5=R?7697U!C:4597!85!4>>8><67F!F8958H8C45>?2!E7?4>76!>=!C:4597!85
!@=>:
!@7:4D8=E
!H4C>=EF
Y!!,:8F!4?895F
!R8>:!GE7D8=<F!?8>7E4><E7!>:4>!E7D74?76
!H8545C84?!
4>>8><67F!
4E7
!>:7!3=F>!G=R7EH<?!85H?<75C7
E!=H!@7:4D8=E!C:4597
!Sb=E975F75!T!A4D?4U!LMNMX
Y!!,:7!C<EE75>!
F><62!H=<56!>:4>!C
:4597!85!._)!4>>8><67
F!SG=F8>8D7!GE4C>8C7F!456!4D=8645>
!E7FG=5F7FX!
E7?4>76!>=!
3745859H<?!C:4597!85!
@7:4D8=EY!!
.:4597!85
!D4?<7FU!GE8=E8>87FU!456!<567EF>456859!
=H!4!
._)
!C=3G4E76!>=!C:4597!85!H4C><4?!Q5=R?7697!4FF=C84>76!R8>:
!F8958H8C45>!C:4597!85
!@7:4D8=EY
!!Njc!(2?217<F!V
>2?0;54!W<
J!!(>>8><67F
;G=F8>8D7!GE
4C>8C7F!37684>76!._)!Q5=R?7697
;<>8?8`4>8=5!456!>E4CQ859!
456!@7:4D8=E
;G42375>F!45
6!E7F74EC:
Y!!,:8F!8568E7C>!7HH7C>
!342!@7!
6<7!>=!
>:7!
G=F8>8D7!GE4C>8C7!I<7F>8=5F!E7?4>859!>=!F4>8FH4C>8=5!R8>:!G42375>!F>E4>7987F
!456!
Q5=R?7697!=H!:=R!CE768>!R=EQF
Y!!&H!F><675>
F!4E7
!C=5>75>!85!
>:78E
!F<@P7C>8D7!9E4FG!=H!._)
U!>:72!R8??
!?8Q7?2!@7:4D7!4CC=E6859?2Y
!!Z8>:!Q5=R?7697!4@=<>!>:7!GE=G7E!
-,.,
!=H!CE768>!456!
49E77375>!
=H!R:4>
!B+,$:$?.
'*QD'B/"1:$1.,
'4E7U
!>:7!E7F<?>!R8??!@7
!83G?7375>4>8=5!=H
!:74?>:2!
@7:4D8=E!F<EE=<56859!
B"&#.(:,
!456!
/.,."/18
Y!(??!37684>8=5!G4>:R42F!@7>R775
!._)
!C:4597!FC=E7F!R7E7!5=5
;F8958H8C45>Y!!,:8F!
C=<?6!@7!6<7!>=!
85F<HH8C875>!>837
!H=E!C:4597!>=!=CC<EY!!&5!H4C>U!H=C<F!9E=<G!G4E>8C8G45>F!
68FC<FF76!F7D7E4?!8FF<7F!G=FF8@?2!83G76859!C:4597Y!
!/4E>8C8G45>F!H7?>!>:4>!75E=??375>!85!>:7!
G7EF=54?!H8545C7!C=<EF7!R4F!37
45859H<?W!:=R7D7EU!8>!R4F!5=>!?=59!75=<9:!>=!C:4597!4!
?8H7>837!
=H!>74C:859!456!?74E5859!
H8545C84?!
Q5=R?7697U!4>>8><67FU!456!@7:4D8=EY!!
$4C:7?!F>4>76d
!&!>:85Q!>:4>!32!G4E75>F!:4D7!:46!>:7!3=F>!85H?<75C7!@7C4<F7!7D75!>:=<9:!&!:46!>:8F!
C?4FF!456!&^D7!?74E576!
4!?=>!HE=3!8>U!8>^F!Q856!=H!?8Q7!4!R:=?7!?8H7>837!=H!85H?<75C7!456!
?74E5859!>:859F!HE=3!>:73!@7H=E7!2=<!:4D7!>:8F!
+(.'RP
S<..;'1%",,
'u73G:4F8F!46676v
!S$4C:7?X
Y!.:4597!GE=6<C76!@2!4!F7D75!=E!
H8H>775
;R77Q
!C=<EF7!R=<?6!5=>!@7!8337684>7Y!!
/4E>8C8G45>F!
4?F=!
4CQ5=R?76976!?74E5859!456!9E=R859!4F!4!E7F<?>!=H!
>:7!
C=<EF7U!@<>!4F!>837!G4FF76!
>:7E7!
R4F!4!>75675C2!>=!E7D7E>
!@4CQ!>=!GE7D8=<F!R42F!=H!>:85Q859!456!@7:4D859Y!!
$4C:7?!4?F=!FG=Q7!>=!>:8F!G:75=375=5d
!hR:75
!&!H8EF>!9=>!=<>!=H!>:7!C?4FFh&!F>4E>76!4!3=5>:?2!@<697>!F:77>hG<>>859!
7D7E2>:859!85h&!C45!6=!>:8FfYYY>:75!32!85>7E5F:8G!9=>!E74??2!@<F2!456!&!F>4E>76!>=!P<F>!
!Njj!Q856!=H!H=E97>!4@=<>!8>!456!H=C<F!=5!32!R=EQh(56!4F!>837!:46!9=57!4R42!F85C7!&!
:46!>:7!C?4FFU!&!F
>4E>76!E74?8`859!&!R4F!FG756859!3=E7!456!3=E7h
S$4C:7?XY
!&5!4668>8=5U!@
7:4D8=E!8F!=H>75!:4@8><4?
U!456!:4@8>F!4E7!:4E6!>=!C:4597Y
!!,=!>:8FU!B?8D84!
F486
U!qH8545C84?!@7:4D8=E!8F!F=37>:859!>:4>!8F!73@76676!>=!45!7]>75>hF=37!>:859F!R8??!@7!
74F87E!>=!C:4597h0<>
!>:7!>:859F!>:4>!2=<!:4D7!4?E7462!G<>!85>=!GE4C>8C7!=E!9E=R5!<F76!>=!
R8??!@7!:4E67E!>=!C:4597Yr!!
&5!F:=E>U!@7:4D8=E
!C:4597!R8??!>4Q7!>837U!67F8E7!>=!83GE=D7U!456!
C=5F8F>75>!F>83<?<F!S7Y9YU!7]G?8C8>!>74C:859U!G7EF=54?!7]G7E875C7U!=E!C=5F>45>!E738567EFXY
!!.E768>_67@>!4>>8><67F
;5794>8D7!GE4C>8C7F!686!5=>!G?42!4!
F8958H8C45>
!E=?7!
85!4HH7C>859!
78>:7E
!._)!@7:4D8=E
!H4C>=E
Y!!,:8F!342!@7!6<7!>=!>:7!I<7F>8=5F!?=4676!=5!>:8F!H4C>=EY!!J7E7U!
I<7F>8=5F!E7H?7C>76!F7D7E7!5794>8D7!GE4C>8C7F!S
7Y9YU!7]C776859!CE768>!?838>FU!@=
<5C859!C:7CQFU!
:4D859!45!7]C7FF!=H!NM!CE768>!C4E6FXY!!Z:7>:7E!
=E!5=>!>:8F!R4F!4!>E<7!E7GE7F75>4>8=5!=H!
>:7!
G4E>8C8G45>F^!H8545C84?!F8><4>8=5U!3=F>!Q5=R!>:7F7!GE4C>8C7F!4E7!<5R8F7!456!5=>!GE=3=>76!
@2!H8545C84?!GE=H7FF8=54?FY!!,:<FU!>:8F!H4C>=E!342!:4D7!@775
!@84F76!R8>:!G4E>8C8G45>F!
8568C4>859!>:7!qE89:>r!45FR7EY!
!(2?217<F!V
>2?0;54
!X1J!!(!E7?4>8=5F:8G!7]8F>76!@7>R775!F><675>F^!
<567EF>456859!=H!
>:7!
@4F8CF
!=H!A_&!456!
>:78E
!7]7C<>8=5!=H!F4D859U!@<697>859U!456!3=572!345497375>Y!!J7E7U!
Q5=R859!
:=R!
F4D859F!456!
85D7F>859
!4CC=<5>F!
R=EQ!S7Y9YU!85H?4>8=5U!85>7E7F>X!456!R:75!>:72!
4E7!4GGE=GE84>7!>=!<F7!
C=EE7?4>76!R8>:
!F><675>
F^!@7:4D8=E!4E=<56!
@<697>859!456!
E7C=E6!Q77G859Y
!!A4D859F_85D7F>859
!@7:4D8=E
;@<697>859!456!E7C=E6!Q77G859!?8Q7!._)!@7:4D8=E!
F<EE=<56859!G42375>F
!456!E7F74EC:!R4F!45!4CC7FF8@?7!F>4E>859!G=85>Y!!
.=5F8F>75>!R8>:!
GE7D8=<F!E7F74EC:U!F><675>F!R:=!4E7!
:89:?2!Q5=R?76974@?7!>756!>=
!GE8=E8>8`7!@<697>859!456!
E7C=E6!Q77G859!
4F!45!83G=E>45>!G4E>!=H!>:78E!H8545C84?!?8D7F!S
.:75!
T![=?G7U!
NVV\XY!!!NjO!(2?217<F!V>2?0;54
!X8J!!,:7E7!R4F!4!F8958H8C45>!E7?4>8=5F:8G!
@7>R775
!G=F8>8D7!
@7:4D8=E!85!@<697>859!456!E7C=E6!Q77G859!456
!4??!>:E77!4>>8><67
!H4C>=EF
Y!!J89:!
>837
!=57!4>>8><67
!FC=E7F!R7E7!F8958H8C45>?2!E7?4>76!>=!
:89:!@7:4D8=E!
FC=E7F!4>
!>837!=57Y!!A><675>F!
C=3859!85!>=!>:7!
G7EF=54?!H8545C7!
C=<EF7!R8>:
!45!<567EF>456859!=H!85D7F>859!456!@<697>859!
456!49E77375>!=H!G=F8>8D7!A_&!456!5794>8D7!A_&!
GE4C>8C7F
!673=5F>E4>76!@7:4D8=E!C=5F8F>75>!
R8>:!9==6!@<697>859!GE4C>8C7F
Y!!,:8F!342!@7!6<7
!>=!
F><675>F^!C=3H=E>U!C=5H8675C7U!456!
7]G7E87
5C7!?7D7?!R8>:!>:7!C=5C7G>!=H!F4D859FY!!-=C<F!9E=<G!G4E>8C8G45>F!H7?>!F4D859F!R4F!
F=37>:859!3=F>!F><675>F!:46!7]G7E875C7!R8>:U!456!R7E7!3=>8D4>76!@2Y!!
,:<FU!7]G7E875C7!
456!3=>8D4>8=5!C=3@857
6!>=!CE74>7!4!G=F8>8D7!G4>>7E5!=H!@7:4D8=EY
!(668>8=54??2U!
R:75!>:7E7!R4F!
C:4597!85!A_&!F><675>!4>>8><67F
;G=F8>8D7!GE4C>8C7F!
>:7E7!R4F!
C=EE7?4>76
!C:4597!85!@7:4D8=E
;@<697>859!456!E7C=E6!Q77G859
Y!!(F!F><675>F!
?74E576!4@=<>!>:7!G=F8>8D7!<F7F!456!G=R7E!=H!F4D859F!456!85D7F>859U!>:8F!85H=E34>8=5!3=D76!
>=!>:7!GE=C7FF!?
7D7?U!456!85!><E5!85H?<75C76!>:7!R42!85!R:8C:!>:72!:456?76!>:78E!@<697>859!
456!E7C=E6!Q77G859
Y!!!0=>:!85F>45C7F!=H!4>>8>
<67F
;85D7F>375>F!456!@<697>859!4>!
>837!=57!456!
>:7!C:4597!
FC=E7!R7E7
!5794>8D7?2!E7?4>76!>=!
C:4597!85!@7:4D8=E
;@<697>859!456!E7C=E6!Q77G8
59Y!!,:7F7!E7F<?>F!E7D74?
!>:4>!F><675>F!R8>:!:89:!?7D7?F!=H!<567EF>456859!456!49E77375>!E794E6859!
85D7F>375>F!456!
>-)=.:$(=
!R7E7
!4?E7462
!83G?7375>859!
>-)=.:$(=
!456!E7C=E6!Q77G859!
@7:4D8=E!456!>:<F!:46!?8>>?7!C:4597!=D7E!>837Y
!!,:8F!C=<?6!@
7!6<7!>=!>:7!4CC7
FF8@8?8>2!=H!>:7!
@<697>859!456!3485>485859!GE=G7E!H8545C84?!E7C=E6FY
!!,:7!I<7F>8=5F!?=46859!=5!>:7!
4>>8><67F
;85D7F>375>F!456!@<697>859!H4C>=E!4FQ76!G4E>8C8G45>F!>=!E4>7!>:78E!<567EF>456859!
=H!F4D859
FU!85D7F>859U!456!@<697>859Y!!-<E>:7EU!I
<7F>8=5F!?=46859!=5!>:7!@7:4D8=E!H4C>=E!
F<EE=<5676!8FF<7F!=H!>E4CQ859!85C=37!456!7]G75F7FU!3485>7545C7!=H!H8545C84?!E7C=E6FU!456!
!Nja!CE74>859!45!737E975C2!H<56Y!!(??
!=H!>:7F7!H8545C84?
!?7FF=5F!H=C<F!9E=<G!G4E>8C8G45>F!
E7C=958`76!4F!=CC<EE859!74E?2!85!?8H7!456!
E7GE7F75>859!>:7!@4F8CF!=H!H8545C84?!G?455859!456!
345497375>Y
!07:4D8=E
;@<697>859!456!E7C=E6!Q77G859!F8958H8C45>?2!GE768C>76!C
:4597!85!4>>8><67
F;85D7F>375>F!456!@<697>859!=D7E>837Y!!
(!:
89:!>837!=57!@7:4D8=E!FC=E7!GE768C>
76!G=F8>8D7!
9E=R>:!85!4>>8><67F!>=R4E
6!85D7F>375>F!456!@<697>859Y
!!A><675>F!>:4>!R7E7!E7G=E>76?2!
83G?7375>859!85D7F>859!456!@<697>859!@7:4D8=E!:46!>:78E!4>>8><67F!4?895!=D7E!>837Y!!,:7!
=GG=F8>7!R4F!>E<7!R8>:!4>>8><67F
;G=F8>8D7!GE4C>8C7F!456!4>>8><67F
;5794>8D7!GE4C>8C7FY!!J7E7U!
:89:!@7:4D8=E!F
C=E7F!E7?4>76!
GE768C>76
!?7FF!C:4597!85!4>>8><67FY!!,:8F!C=<?6!@7!@7C4<F7!
<>8?8`4>8=5!=H!
F4D859!456!85D7F>859!4CC=<5>F!4F!R7??!4F!4!@<697>!9<86859!FG756859!
:4F!4F!4!
GE7E7I<8F8>7
!<567EF>456859!=H!R:4>!8F!7HH7C>8D7!456!857HH7C>8D7!345497375>!=H!._)Y
!(2?217<F!
V>2?0;54
!X<J!!A4D859F!456!85D7F>859!4>>8><67!H4C>=EF
!H<5C>8=576!4F!
37684>=E
F!@7>R775!Q5=R?7697!456!@7:4D8=EY!!
*567EF>456859!
85D7F>375>F
!456!@<697>859!
456!
G=F8>8D7!456!5794>8D7!
A_&!GE4C>8C7F!R7E7!F8958H8C45>!H4C>=E
F!?85Q859!Q5=R?7697
;4CC=<5>F!
456!E7><E5!456!@7:4D8=E
;@<697>859!456!E7C=E6!Q77G859
Y!!&5!4668>8=5U!>:7!E7?4>8=5F:8G!
@7>R775!C:4597!85!Q5=R?7697!456!C:4597!85!@7:4D8=E!R4F!F8958H8C45>?2!37684>76!@2!
F><675>F
^!F7?H
;E7G=E>76!?7D7?!=H!<567EF>456859!
4E=<56
!85D7F>37
5>F!456!@<697>859Y!!!A4D859F!456!85D7F>859!4>>8><67F!=CC<G876!4!3=E7!F8958H8C45>!E=?7
!85!8568E7C>?2!
7]G?485859!>:7!E7?4>8=5F:8G!@7>R775!Q5=R?7697!456!@7:4D8=E!C=3G4E76!>=!._)Y!!
,:7!68HH7E75C7!@7>R775!
>:7F7
!E7F<?>
F!456!._)!342!@7!6<7!>=!>:7!6=38545C7!=H!F4D
859F!Q5=R?7697!456!7]G7E875C7Y!!
-=C<F!9E=<G!G4E>8C8G45>F!H7?>!>:72!:46!4!@7>>7E!<567EF>456859!
456!C4G4@8?8>2!R8>:!F4D859F!C=3G4E76!>=!CE768>!456!67@>Y!!b4C=@!E734EQ76U!qh
?8Q7!67@>!>:4>!
&^3!R=EE876!4@=<>!E89:>!>:8F!F7C=56U!8F!5=>!4F!83G=E>45>!>=!37!4F!>:7!F
4D859F!4CC=<5>!>:4>!&!
!Nji!C45!9=!>4Q7!3=572!=<>!=H!E89:>!>:8F!F7C=56hr!
!/4E>8C8G45>F^!:46!3=E7!7]G7E875C7!456!H7?>!
3=E7!C=3H=E>4@?7!R8>:!>:7!C=5C7G>!=H!F4D859U!>:<F!>:78E!4>>8><67F!R7E7!7F>4@?8F:76!456!
85>7ED7576
!@7>R775!Q5=R?7697!456!@7:4D8=E
Y!!!U>19;010;G2!
(2?>90?
!!/1G;4C?J!!
B57!=H!>:7!3=F>!GE=38575>
!H=C<F!9E=<G!H856859
F!R4F!>:7!6=38545C7!=H!
F4D859FY!!A4D859F!R4F!4!>=G8C!
85!R:8C:
!4??!G4E>8C8G45>F!H7?>!
C=5H8675>U!:46!7]G7E875C7
U!456!E7G=E>76!?74E5859
!6<E859!>:78E!GE834E2!274EFY
!!.=5D7EF7?2U
!._)!R4F!>4?Q76!4@=
<>!85!>:7!H=??=R859!R42Fd!S4X!8>!:46!4!H<><E7!C=55=>4>8=5
K8>!R4F!F=37>:859!>:4>!
G4E>8C8G45>F
!686!5=>!
:4D7!4F!3<C:!7]G7E875C7U!456!F=37>:859!>:72!
C=<?6!>4Q7!C4E7!=H!=D7E!
>837W!S@X!8>!:46!4!
5794>8D7!C=55=>4>8=5K8>!R4F!F=37>:859!>:4>!G4E>8C8G45>F!H7?>!>==Q!HE
=3!>:73U!>:4>!
67G?7>76!>:78E!F4D859FU!456!R4F!:4E6!>=!345497W!456!SCX!8>!R4F!5=>!>:7!H=C<F!=H!>:78E!
GE834E2!>E485859
KG4E75>F!H=C<F76!3=E7!=5!
?7FF=5F!=H!F4D859F!456
!R=EQ859!
>=!74E5!
R:4>!
2=<!67F8E76Y!!!-=C<F!9E=<G
!G4E>8C8G45>F!375>8=576!4??!>:E77!=H!>:7F7!C:4E4C>7E8F>8CF!=H!CE768>_67@>!
>:E=<9:=<>!>:7!F7FF8=5FY!!
&5!E7H7E75C7!>=!>:7!H<><E7!C=55=>4>8=5
!=H!._)U!b4C=@!F486!HE=3!:8F!
7]G7E875C7
U!q&!>:85Q!3=E7!Q86F!:7E7!:4D7!F4D859FhR7!4??!:4D7!F4D859Fh
R7!4??!:4D7!4!
D4E2859!43=<5>!=H!67@>Y
r!!J7!C=5>85<76!F>4>859U
!qhuF><675>Fv!:4D7!67@>!7]8F>859!=E!F><675>!
?=45F!=E!F=37>:859!
u456v!>:72^E7!5=>!
E74??2!R=EE876!4@=<>!
8>!
E89:>!5=R
hr!!B?8D84!
C=3375>76!=5
!>:7!5794>8D7!
C=55=>4>8=5!4FF=C84>76!R8>:
!CE768>_67@>
Y!!A:7!F>4>76U!qCE768>
hG7
=G?7!6=5^>!
E74??2!>4Q7!>:4>!E7FG=5F8@8?8>2h>:72!6=5^>!>4Q7!=R57EF:8Gh
@7C4<F7!
8>^F!5=>!>:78EFY!
!,:72^E7!97>>859!8>!HE=3!F=37R:7E7!7?F7Y
!!0<>!R8>:!F4D859F!456!85D7F>375>U!
>:4>^F!2=<E!G=FF8@8?8>2
Yr!!,:7!34P=E8>2!=H!G4E>8C8G45>F!67FCE8@76
!>:7!?7FF
=5F!?74E576!H
E=3!
>:78E!G4E75>F!4F
!qF4D859!456!@7859!GE4C>8C4?!R8>:!>:859F
r!S(?8C84XY
!!,:7!68HH7E75C7!@7>R775!
!Nj\!>:7!C=55=>4>8=5F!4FF=C84>76!R8>:!CE768>!456!F4D859F!342!@7!6<7!85!G4E>!>=!4CC7FFY!!A4D859F!
R4F!>4?Q76!4@=<>!4F!4GGE=4C:4@?7U!F=37>:859!7D7E2=57!C45!6=U!4>!452!4
97Y!!.=5D7EF7?2U!
4CC7FF!>=!CE768>!D84!CE768>!C4E6F!=E!?=45F!8F!?838>76Y
!!$79<?4>8=5F!5=R!F>8G<?4>7U!CE768>!C4E6!
4GG?8C45>F!3<F>!@7!4>!?74F>!LN!274EF!=H!497U!=E!:4D7!4!C=
;F8957EU!=E!GE=D867!GE==H!=H!4!F>7462!
85C=37!>=!:4D7!
4!C4E6!8FF<76!85!>:78E!5437
!S.<E>=!7>!4?YU!LMNMX
Y!!"72=;0J!!Z:7>:7E!G4E>8C8G45>F!:46!4!CE768>!C4E6!=E!5=>
U!6<E859!>:7!F7FF8=5
F!CE768>!
C4E6F!R7E7!D8?8H876!4F!4!F2F>73!>:4>!GE=3=>7
F!=D7EFG756859Y!!,:7!<F7!=H!CE768>!H=E!>:7!
G4E>8C8G45>F!R4F!G485?
7FFU!6=??4EF!R7E7!=<>!=H!F89:>!
456!>:<F
!@<697>859!456!>=>4?!FG756859!
R4F!=<>!=H!3856Y
!!,:7!5794>8D7!4FG7C>F!=H!CE768>!R7E7!>:=E=<9:?2!<567EF>==6U!
R:8?7!
G=F8>8D7!4FG7C>F
!R7E7!=5?2!C4F<4??2!375>
8=576Y!!(?8C84!F>4>76U!q>
:7E7^F!>:8F!F>8934!49485F>!
CE768>!C4E6F!456!CE768>!8>F7?HY
r!!b4C=@!H7?>!>:7!CE768>
;@4F76!F2F>73!R4F!4!5794>8D7!E7C<EE859!
C2C?7U!q,:7!8FF<7!R8>:!CE768>!8Fh
&!Q5=R!&^3!9=859!>=!:4D7!>=!G42!>:8F!@4CQ!?4>7EY
!!(56!8>^F!
9=859!>=!P<F>!74>!
85>=!2=<E!F4D859F!?4>7Ehr!!
/4E>8C8G45>F!H7?>!>:4>!34549859!4!C4F:
;@4F76!
F2F>73!456
_=E!3485>485859!>:78E!F4D859F!4CC=<5>!
GE=D8676
!@7>>7E!C=5>E=?!
=H!>:78E!@<697>U!
F4D859FU!456!FG756859Y!!$42!F>4>76U!q
&!345497!32!H8545
C7F!R8>:!F4D859!85!
u32v
!F4D859F!
4CC=<5>
Yr!!!,:7!73=>8=54?!C=557C>8=5F!H=C<F!9E=<G!G4E>8C8G45>F!67FCE8@76!R8>:!
F4D859F_85D7F>859!456!CE768>_67@>!:7?G!>=!7]G?485!>:7!G=F8>8D7U!6=38545C7!=H!F4D859!456!>:7!
5794>8D7U!4D=8645C7!>=!CE768>
Y!!$7H7E75C859!F4D859FU!G4E>8C8G45>F!67FCE8@76!P=2U!C=5H8675C7U!
F4>8FH4C>8=5U!R=EE2U!45]87>2U!456!9<8?>Y!!
B57!G4E>8C8G45>!F486U!qh&^3!3=E7!C=3H=E>4@?7!
FG756859!=<>!=H!32!F4D859F!@7C4<F7h2=<^E7!R4>C:859!8>!9=!u<Gv!456!6=R5r!Sb4C=@XY!!
(!F>83<?<F!4>>4C:76!>=!
F4D859
!R4F!F77859!
>:7
!3=572!9E=RU!R:8C:!7?8C8>76!G=F8>8D7!H77?859
FY!!,:7!=GG=F8>7!
4?F=!
R4F!>E<7U!F77859!
F4D859F!67G?7>7!R4F!5794>8D7!456!F=@7E859
Y!!!!NjV!!:;414<;19!100;0>=2?J
!!,:7!C=5C7G>!=H!H8545C84?!4>>8><67F!R4F!68HH8C<?>!H=E!G4E>8C8G45>F!
>=!GE=C7FFY
!!.=5C7E5859!H8545C84?!4>>8><67F![454!F>4>76U!qh8>F!=57!=H!>:=F7!>:859F!>:4>!9=7F!
<55=>8C76hr!!
,:7E7!R4F!4!
C?74E!
?4CQ!=H!E7H?7C>8=5!456!4R4E757FF!85!>:7!E74?3!=H!4>>8><67FY!!
,:7!G=R7E!456!85H?<75C7!=H!H8545C84?!4>>8><67F!R4F!<5E7C=958`76Y!!
/4E>8C8G45>F!R7E7!
C?74E!
=5!>:7!3745859!=H!H8545C84?!Q5=R?7697
K?74E5859!=@P7C>8D7!?7FF=5F!>:E=<9:!H=E34?!=E!
G4E75>4?!76<C4>8=5U!456!@7:4D8=E
K4C>859!=<>!H8545C84?!GE85C8G?7FY!!
,:7!34P=E8>2!=H!
G4E>8C8G45>F
!:=R7D7EU
!686!5=>
!67H857!H8545C84?!4>>8><67F!4F!GE=C7FFU!7D4?<4>8=5U!456
!D4?<7FY!!
(>>8><67F!R7E7!>4?Q76!4@=<>!85!C?=F7!E7?4>8=5F:8G!R8>:!Q5=R?7697
!456!=H>75!C=5H?4>76
Y!!A><675>F!R=<?6!F42!q&!Q5=R!R:2!CE768>!67@>!8F!@46!SQ5=R?7697X
Ur!456!
q&!@7?87D7!>:4>!>=!@7!>E<7
!S4>>8><67F!
C=5H?4>76
!R8>:!Q5=R?7697
XU!@<>!&!F>8??!:4D7!67@>!@7C4<F7!&!FG756!3=E7!>:45!&!
74E5!S@7:4D8=EXY
r!!/4E>8C8G45>F!F>E<99?7
6!85!>R=!R42FY!!
-8EF>U!>:7!C=5C7G>!=H!H8545C84?!
4>>8><67F!8F!5=>!F83G?2!49E77375>!=H!H4C>Y!!&>!R4F!:4E67E!H=E!>:7!737E9859!46<?>!G4E>8C8G45>F!
>=!C=5C7G><4?8`7!>:4>!
H8545C84??2!
R:4>!>:72!@7?87D
7U!R:4>!>:72!D4?<7U!456!R:4>!>:72!
GE8=E8>8`7!68C>4>7F!>:78E!@7:4D8
=EY!!A7C=56U!85>75676!@7:4D8=E
;3745859!>=!6=!F=37>:859
;686!5=>!GE=6<C7!4C><4?!@7:4D8=EY!!/4E>8C8G45>F
!673=5F>E4>76!4R4E757FF!=H
!H8545C84?
!85G<>!
SQ5=R?7697X!456!=<>G<>!S@7:4D8=EXU!@<>!5=>!>:E
=<9:G<>!S4>>8><67FXY!
!&H!=57^F!
Q5=R?7697_85G<>!456!@7:4D8=E_=<>G<>!6=!5=>!4?895
U!>:7!GE=@?73!342!?87!R8>:!
4>>8><67F_>:E=<9:G<>Y
!:;414<;19!2=><10;54J
!!B57!85>7E7F>859!
H856859!R8>:!83G=E>45>!83G?8C4>8=5F!H=E!>:7!
H<><E7!=H!H8545C84?!76<C4>8=5
!R4F!G4E>8C8G45>F
^!68F>E<F>!H
=E!456!C=5H<F8=5!R8>:!
>:7!
<58D7EF8>2!F2F>73!
4F!4!@<F857FFU!
85!C=5C7E>!R8>:
!>:7!
GE7C7G>F!=H
!H8545C84?!76<C4>8=5Y
!!-8EF>U!
>:7E7!R4F!4!@7?87H!>:4>!<58D7EF8>87F!6=!5=>!C4E7!4@=<>!H8545C84?!76<C4>8=5!@7C4<F7!E7F=<EC7F!
4E7!5=>!4GG?876!>=!>:7F7!7HH=E>
FY!!
'<37E=<F!E7F74EC:7EF!:4D7!C=5C?<676!>:4>!>:7E7!8F!
!NOM!F2F>738C!?4CQ!=H!7HH=E>!G?4C76!=5!H8545C84?!76<C4>8=5!85!GE834E2U!F7C=564E2U!456!C=??7984>7
!F7>>859F!
S7Y9YU!07<>?7EU!LMNLW!.:45!7>!4?YU!LMNLW!.:75!T![=?G7U!NVV\W!.<??!T!Z:8>>=5U!LMNNX
Y!!B57!F><675>!E7FG=5676!>=!4!C=??749<7!>:4>!>:78E!F<997F>8=5!H=E!H<><E7!H8545C84?!76<C4>8=5!
R=<?6!5=>!@7!G=FF8@?7!q
h>:4>!R=<?6!@7!4R7F=37!@<>!>:4>^F!45!85D7F>375>Y!!
u*58D7EF8>87Fv!
4E7!
5=>!9=859!>=!6=!>:4>!u<58D7EF8>87Fv
!4E7
!F=!C:74G
Yr!!A><675>F!H7?>!>:4>!>:7!:89:!C=F>!=H!4>>756859!<58D7EF8>2!R4F!85!68E7C>!C=3G7>8>8=5!
R8>:!>:7!8674F!=H!E79<?4E!F4D859FU!?838>859!67@>U!456!34549859!=D7E4??!FG756859Y!
!&5!>:78E!
=G858=5U!>:7!<58D7EF8>2!R4F!34Q859!GE=H8>!456!4>!>:7!F437!>837!H48?859!>=!G<>!7HH=E>!85>=!
H8545C84?!
76<C4>8=5W!
>:72!4E7!5=>!>74C:859!F><675>F!:=R!>=!345497!
>:7!67@>!>:72!
4E7
!CE74>859
Y!!b4C=@!7]G?48576d
!!h2=<^D7!9=>!>:8F!G?4C7!>:4>^F!GE=@4@?2!9=859!>=!34Q7!2=<!9=!85
!67@>Y!
!-=E!4!?=>!=H!
G7=G?7U!2=<^E7!9=859!>=!E<5!<G!4!>=5!=H!?=45FY!
!1=<!F:=R!<G!456!>:72^E7!9=859!>=!F>4E>!
>7??859!2=<!:=R!67@>^F!@46!456!>E2859!>=!>74C:!2=<!4@=<>!H8545C84?!?8>7E4C2d!y6=5^>!
>4Q7!=<>!?=45FY!
!+=45F!4E7!@46!7]C7G>!R:75!>:72^E7!C=3859!>=!<Ff
^!Sb4C=@XY
!B?8D84!4?F=!G7EC78D76!
4!38F4?895375>!@7>R775!>:7!9=4?F!
=H!>:7
!85F>8><>8=5!456!>:7!9=4?F!=H!
H8545C84?!76<C4>8=5Y!!A:7!F>4>76U!qh
FC:==?!8F!Q856!=H!4!F2F>734>
8C!F7><G!R:75!8>!C=37F!>=!
?=45Fh
!85F>8><>8=5F!97>!3=572!H=E!8>Y!
!&!3745U!8H!2=<!>4Q7!=<>!4
!?=45!>:72^E7!@757H8>>859!=HH!=H!
>:4>Y
r!!,:8F!F><62!8??<3854>7F!3<?>8G?7!83G?8C4>8=5F!H=E!H8545C84?!76<C4>8=5!4>!>:7!
<58D7EF8>2
;G=?8C2!?7D7?!456!>:7!C?4FFE==3
;G7649=98C4?
!?7D7?Y
!!(>!>:7!<58D7EF8
>2;G=?8C2!?7D7?U!456!85!?857!R8>:
!>:7!67F8E7!=H
!H=C<F!9E=<G!G4
E>8C8G45>FU!.<??!456!Z:8>>=5!SLMNNX!F>4>76U!
nYYY<58D7EF8>87F!:4D7!4!3=E4?!=@?894>8=5!>=!4FF8F>!F><675>F!85!?74E5859!>=!345497!>:78E!:89:7E!
76<C4>8=5!67@>n!SGY!NNMX
Y!!.:4597
!:7E7!E7I<8E7F!4
!3=>8D4>76!463858F>E4>8D7!F>4HHU!H4C<?>2U!
!NON!456!@=
4E6
!>=!85CE74F7!
>:7!
E7F=<EC7F!4GG?876!>=!
H8545C84?!76<C4>8=5!
456!4R4E757FF!=H
!R:4>!
8F!=HH7E76Y!!,:7!E7F<?>!R=<?6!@7!@7>>7E!
H8545C84?!
:7?G!>=!F><675>F!6<E859!4!CE8>8C4?!G=85>!85!
>:7!?8H7!C=<EF7Y
!!/4E>8C8G45>F!FG=Q7!=H!5=>!=5?2!>:7!5776!H=E!H8545C84?!76<C4>8=5U!@<>!4?F=!>:7!
857I<4?8>2!=H!>837U!4>>75>8=5U!456!E7F=<EC7F!4GG?876!>=!>:8F!7HH=E>Y
!![85C75>!F486
U!qhR7!:4D7!4!
C4E77E!C75>7EY!
!Z7!:4D7!4!RE8>859!C75>7EY!
!uZ:2!5=>!4v!H8545C84?!C75>7E
tr!!"HH=E>F!>=R4E6!
H8545C84?!76<C4>8=5!
F:=<?6!34>C:!R:4>!8F!6=57!85!=>:7E!4E74F!=H!9757E4?!
76<C4>8=5!S
7Y9YU!34>:U!FC875C7U!RE8>859U!456!:<3458>87FXY!!
(>!>:7!
C?4FFE==3
;G7649=98C4?!?7D7?
U!76<C4>=EF!
3<F>!85CE74F7!>:7!=GG=E><58>2!H=E!H8545C84?!76<C4>8=5Y!!(668>8=54?!R=EQF
:=GFU!85>7E5F:8GFU!
456!E7F=<EC7!H48EF
!GE=D867!>837!H=E!F><675>F!>=!?74E5!456!9E
=R!=<>F867!=H!>:7!H=E34?!
C?4FFE==3Y!!,:8F!
C=85C867F!R8>:!F<997F>8=5
F!HE=3!H=C<F!9E=<G!
G4E>8C8G45>F
!>=!6768C4>7
!85CE74F76
!E7F=<EC7F!>=
!4?>7E54>8D7!H=E3F
!H8545C84?!76<C4>8=5Y!
!(?8C84!F<334E8`76!>:8F!
68FC<FF8=5!@2!F42859!
F><675>F!R45>
!4CC7FF!>=!r
E7F=<EC7
F!>:4
>!R7!C45!9=!97>!=<EF7?D7FYr!!
.:4597
!4>!>:7!<58D7EF8>2!456!C?4FFE==3!?7D7?F!
R8??!>4Q7!>837
Y!!J=R7D7E
U!8H!>:7!9=4?!8F!>=!:=?8F>8C4??2!>E485859!F><675>F!456
!CE74>859!GE=6<C>8D7!C8>8`75FU!>:75!>:8F!C:4597!3<F>!>4Q7!
G?4C7Y!!@;3;010;54?
!A7D7E4?!
F><62!
?838>4>8=5F!:4D7!@775!8675>8H876!456!G=85>!>=!83GE=D7375>F!>=!@7!3467!
456!68E7C>8=5F!H=E!H<><E7!E7F74EC:Y!
!-8EF>U!F
43G?859!@
84F!R
4F!GE7F75>!85!>R=!68F>85C>!R42Fd
!S4X!
=G>859
;85!>=!>:7!E7F74EC:!7]G7E875C7
U!456!
S@X!
F7?H
;E7G=E>859
!=5!>:78E
!?7D7?
F!=H!H8545C84?!
C4G4@8?8>2!456!G4E75>4?!85H?<75C7Y!!
.=??85F!456
!B^$=<EQ7
!SLMNMX!C?48376!>:4>!
=57!37>:=6=?=98C4?!C=5C7E5!H=E!F><687F!7]4385859!H8545C84?!76<C4>8=5!=E!H8545C84?!C=<5F7?859!8F!
>:4>!8568D86<4?F!>4Q859!>:7F7!C=<EF7F!:4D7!F7?H
;F7?7C>76!>:7F7!:7?G!F7ED8C7FY!
!/4E>8C8G45>F!
F7?H
;F7?7C>76!85>=!>:7!7?7C>8D7!G7EF=54?!H8545C7!C=<EF7!
4F!R7??!4F
!>:7!F<ED72!374F<E7!456!
!NOL!H=C<F!9E=<GFY!!
&5!H4C>U!=H!>:7!F<ED72!374F<E7!G4E>8C8G45>F!\ap!E7G=E>76!>4Q859!>:7!G7EF=54?!
H8545C7!C=<EF7!4F!45!7?7C>8D7Y!!
/4E>8C8G4>8=5!
85!>:7!F><62!
R4F!C=3G?7>7?2!D=?<5>4E2!456!
E7H<F4?!>=!G4E>8C8G4>7!R4F!R8>:=<>!G754?>2Y!!
&5C75>8D7F!R7E7!GE7F75>U!374F<E7375>!
C=3G?7>8=5!>==Q!>:7!H=E3!=H!4!C=<EF7!4FF895375>
U!456!H=C<F!9E=<G!G4E>8C8G45>F!E7C78D76!
E7HE7F:375>F!456!R7E7!7?898@?7!>=!E7C78D7!4
!98H>!C4E6!H
=E!>:78E!C=3G?7>7!G4E>8C8G4>8=5Y!
!,:<FU!>:7E7!
8F!4!G=FF8@8?8>2!H=E
!<GR4E6!@84F
Y!!,:7!F43G?7!R4F!85>E85F8C4??2!
3=>8D4>76Y!!
B57!=H!>:7!
H=C<F!9E=<G!G4E>8C8G45>F
!67FCE8@76!:8F!3=>8D7!H=E!G4E>8C8G4>8=5U
!qC=3859!85!:7E7!&!P<F>!
R45>76!>=!9485!3=E7!H8545C84?!Q5=R?7697
r!SAC=>>XY
!!B>:7EF!49E776!>:4>!>:72!R7E7!
4?F=!
6E8D75!>=!q9=!=<>!456!F77Qr!
H8545C84?!?8>7E4C2!=GG=E><58>87F
K>:7!
G7EF=54?!H8545C7!
C=<EF7!456!
=>:7E!7D75>F!F<C:!4F!
>:7!H=C<F!9E=<GF
!S(?8C84X
Y!!!A7?H;E7G=E>76!F<ED72F!
4?F=!
E48F7!C=5C7E5!456!85>E=6<C7!@84FY!!
,:7!3745859!456!
85>7EGE7>4>8=5!=H!4!I<7F>8=5!
4F!R7??!4F
!I<7F>8=5!
R=E6859!C45!85>E=6<C7!@84FY!!
.7E>485
!I<7F>8=5F
U!456!
>:78E!4FF=C84>76
!C=5>75>
U!7?8C8>!G4E>8C<?4E!E7FG=5F7F
!S04@@87U!LMM\X
Y!!$7FG=5F7!@84FU!7FG7C84??2!R8>:!I<7F>8=5F!=H
!H8545C84?!Q5=R?7697U!4>>8><67FU!456!@7:
4D8=E
U!C=<?6!C4<F7!G4E>8C8G45>F!>=!
=D7E!E7GE7F75>!>:73F7?D7FY!!#
8FE7GE7F75>4>8=5
!=E!F>E42
859!4R42!HE=3!4CC<E4>7!E7FG=5F7
!8F!G=FF8@?7!R8>:!F7?H
;E7G=E>76!64>4
Y!!04@@87
!SLMM\X!E7H7EF!>=!>:8F!
G:75=375=5!
4F!
qF=C84?!67F8E4@8?8>2r!67H85859!8>!85!>:7!H=??=R859!R42
U!qZ:757D7E!R7
!4FQ!
G7=G?7!H=E!85H=E34>8=5U!>
:72!45FR7E!>:E=<9:!4!H8?>7E!=H!R:4>!R8??!34Q7!>:73!?==Q!9==6r!SGY!
LiiXY!!(5!7]43G?7!=H!>:8FU!85!>:7!C<EE75>!F><62U!F<EE=<56F!>
:7!?4>75>!C=5F>E<C>!=H!H8545C84?!
4>>8><67F
Y!!,:8F!C=5F>E<C>!
342!5=>!@7!
4CC<E4>7?2
!C4G><E76!=5!4!F7?H
;E7G=E>!F<ED72Y!!084F!342!
7]8F
>!85!>:7!E7G=E>76!49E77375>!R8>:
!I<7F>8=5F!=H!H8545C84?!4>>8><67F
KG=F8>8D7!456!
5794>8D7!4FG7C>F!=H!._)!456!A_&Y!!
/4E>8C8G45>F
!Q5=R!>:7!qE89:>r!45FR7EU!@<>!=5?2!4>!4!
H4C><4?
!!NOc!?7D7?
U!5=!677G7EY!!&5!>:7!H<><E7!>:8F!
342
!@7!@7>>7E!4FF7FF76!85!67>48?!>:E=<9:!
=57;=5;=57!85>7ED87RF!=E
!H=C<F!9E=<GFY
!,:7!I<45>8>4>8D7!
F><62!67F895
!456!
>:7
!C=5C?<F8=5F
!6E4R5!HE=3!8>
!4E7
!?838>76
Y!!Z8>:=<>!4!
C=5>E=?!9E=<G
U!85H7E75C7F!4@=<>!>:7!7HH7C>!=H!>:7!G7EF=54?!H8545C7!C=<EF7!456!>:7!85F>E<C>8=5!
98D75!C455=>!@7!3467Y!!-<E>:7EU!4??
!?4>75>!D4E84@?7FU
!Q5=R?7697U!4>>8><67FU!
456!
@7:4D8=E
U!R7E7!C=??7C>76!4>!>:7!F437!>837Y!!Z8>:!>:8F!67F895U!C4<F4?8>2!@7>R775!H4C>=EF!
SQ5=R?7697U!
4>>8><67FU!@7:4D8=E
X!C455=>!@7!67>7E38576Y!!
&5!=E67E!>=!6E4R!C=5C?<F8=5F!=H!C4<F4?8>2
U!4FF7FF375>
!=H!>:7F7!H4C>=EF!F:=<?6!=CC<E!4>!68HH7E75>!>837!G=85>F!456!85!4!F>7GR8F7!H4F:8=5Y!!
,:7!GE7;456!G=F>
;>7F>!67F895!4??=R76!C:4597!=D7E!>837!7HH7C>F!>=!@7!>7F>76W!:=R7D7EU!8>!8F!
83G=E>45>!>=!5=>7!>:7E7!R4F!4!?838>76!FG45!=H!>837!@7>R775!>837!=57!456!>837!>R=!
4FF
7FF375>FY!!)<E859!>:7!H4C7
;>=;H4C7!F7C>8=5F
U!>:7!F737F>7E!?4F>76!4GGE=]834>7?2!
NO!R77QF!
R8>:!>:7!GE7
;456!G=F>
;>7F>F!463858F>7E76!R8>:85!>:7!H8EF>!456!?4F>!R77QF!=H!C?4FFY!!,:7!
F<337EU!=5?857!F7C>8=5F!?4F>76!F7D75!R77QF!85!>=>4?Y
!!&5!4668>8=5
!>=!>:7!?838>76
!456!
68HH7E859!F737F>7E!>837!FG45F
U!>:7!H=E34>!=H!C=<EF7F!68HH7E76U!>:<F!85F>E<C>8=5!>2G7U!H=E34>U!
456!G4C859!D4E876Y
!!!)<E859!>7F>
F!=H!374F<E7375>!85D4E845C7!>R=!8FF<7F!4E=F7Y!!-8EF>U!4F!E7G=E>76!85!GE7D8=<F!
F><687F
U!>:7!C:8
;FI<4E7!68HH7E75C7!>7F>!R8>:!?4
E97!F43G?7!F8`7F!8F!5=>!
45!4CC<E4>7!374F<E7!=H!
3=67?!H8>Y!!,:<FU!@4F7
6!=5!.:75!7>!4?Y!SLMMOX
U!>:7!.-&!68HH7E75C7!R4F!<F76Y!!.:75!7>!4?Y!
SLMMOX!C=5C?<676U!q(FF7FF375>!=H!H8>!8F!45!4C>8D7!4E74!=H!E7F74EC:!456!5=!67H858>8D7U!R867?2!
4CC7G>76!9<867?857F!:4D7!27>!@775!7F>4@?8F:76!85!>:7!C=5>7]>!=H!>7F>859!374F<E7375>!
85D4E845C7r!SGY!j\LXY!!&5!4668>8=5U!
:4?H!=H!>:7!F<@FC4?7F!H48?76!>=!E7>485!F>E=59!85D4E845C7U!
E7>485859!=5?2!G4E>84?!85D4E845C7Y!!J7E7U!.:75!7>!4?Y!SLMMOX!F>4>76U!qh>:7!C=5F7I<75C7F!=H!
G4E>84?!85D4E845C7!4E7!?4E97?2!<5Q5=R5Y!!A><687F!4E7!=5?2!@79855859!>=!7]43857!:=R!G4E>84?!
!NOj!374F<E7375>!85D4
E845C7!4HH7C>F!9E=<G!C=3G4E8F=5!85!>7E3F!=H!>:7!E7?4>8=5!@7>R775!>:7!
H4C>=EFU!>:7!H4C>=E!3745U!456!>:7!
GE768C>8=5!=H!7]>7E54?!CE8>7E84r
!SGY!j\VXY!:>0>72!(2?217<F!
!,=!67>7E3857!C4<F4?8>2!@7>R775!._)!456!A_&!H4C>=EF!SQ5=R?7697U!4>>8><67FU!456!
@7:4D8=EX!
F7D7E4?!3=67?F!C=<?6!@7!E<5Y!!"I<8D4?75>!3=67?F!C=<?6!@7!E<5!>=!>7F>!4668>8=54?!
68E7C>8=54?!4FF<3G>8=5F!@7>R775!Q5=
R?7697U!4>>8><67FU!456!@7:4D8=E
Y!!,:7!GE4C>8C7!=H!
7I<8D4?75>!3=67?F!=CC<EF!R:75!>:7E7!8F!>:7=E7>8C4?!456!F<@F>45>8D7!F<GG=E>!>=!>7F>!
4?>7E54>8D7!D
4E84@?7F
U!E7?4>8=5F:8GFU!456!
3=67?FY!!&5!>:8F!C4F7U!>:7!3=67?F!
3<F>
!@7!677376!
F838?4E!85!>7E3F!=H!3=67?!H8>
!SA>7?`?U!NV\aX
Y!!-<E>:7EU!F><62!67F895!C=<?6!@7!7]G45676U!
4??=R859!F7G4E4>7!E7G74>76!374F<E7F!=H!Q5=
R?7697U!4>>8><67FU!456!@7:4D8=E
!>=!@7!
C=56<C>76Y!!Z8>:!>:8F!85H=E34>8=5
U!3<?>8G?7!CE=FF
;?49F!C=<?6!@7!E<5!R8>:!>:
7!7]GE7FF!85>75>!
>:4>!Q5=R?7697!
4>!>837!=57!456!8>F!85H?<75C7!=5!Q5=R?7697!
4>!>837!q
]r!C=<?6!@7!4FF7FF76Y
!!(>>8><67F!456!@7:4D8=E!R=<?6!@7!>7F>76!85!>:7!F437!H4F:8=5Y!!-854??2U!>:7!:2G=>:7F8`76!
85H?<75C7!@7>R775!74C:!D4E84@?7!C=<?6!@7!4FF7FF76Y!
!-=C<F!
9E=<G!F7FF8=5
F!:7?6!
85!C=5C7E>!R8>:!I<45>8>4>8D7!374F<E7
F!C45!H<5C>8=5!85!>R=!
Q72!R42Fd!S4X!F<ED72
!H776@4CQ
K6<E859!374F<E7!C=5F>E<C>8=5!:4D859!G4E>8C8G45>F!GE=D867!
H776@4CQ!=5!>:7!R=E6859
U!G4C859U!456!85>7EGE7>4>8=5
!=H!>:7!374F<E7W!=E!S@X!E7F<?>F!
H776@4CQ
K6<E859!64>4!454?2F8F!:4D859!G4E>8C8G45>F!GE=D867!H776@4CQ!=5!>:7!737E975>!
E7F<?>FY!
!%8D859!G4E>8C8G45>F!45!=GG=E><58>2!>=!E7D87R!>:7!F<ED72!
456!GE=D86859!>:73!R8>:!
H776@4CQ!H=E3F!
8F!=57!>7C:58I<7
!>:4>!C45!
85CE74F7!>
:7!I<4?8>2
!=H!>:7!374F<E7
!Se8>`8597EU!
NVVOW!#Ce8557U!LMM\X
Y!!e8>`8597E!SNVVOX
!F>4>76U!q-=C<F!9E=<G!68FC<FF8=5!=H!4!I<7F>8=55
48E7!
8F!8674?!H=E!>7F>859!>:7!G:E4F859!=H!I<7F>8=5F!456!8F!4?F=!<F7H<?!85!7]G?485859!=E!7]G?=E859!
F<ED72!E7F<?>Fr!SGY!jXY!!
!!NOO!&5!H=C<F!9E=<G!F7FF8=5F!67F89576!>=!E7D87R!E7F<?>FU!:4D859!G4E>8C8G45>F!>4Q7!456!E746!
>:7!F<ED72!374F<E7!GE8=E!>=!>:7!F>4E>!=H!>:7!F
7FF8=5!R=<?6!:7?G!G4E>8C8G45>F!<567EF>456!>:7!
C=5>7]>!456!E7F74EC:!I<7F>8=5F!@7859!4FQ76
!S.=?<CC8U!LMMiW!B<8375>!7>!4?YU!LMMjW!$8>C:87!T!
+7R8FU!LMMcX
Y!!&5!>:7!C<EE75>!F><62U!4
>!>:7!@79855859!=H!>:7!
H=C<F!9E=<G
!F7FF8=5F!9757E4?!
I<7F>8=5F!=H!H8545C84?!C4G4@8
?8>2!R7E7!G=F76
U!456!
4>!>:7!756
U!G4E>8C8G45>F!GE=D8676
!F<997F>8=5F!H=E!H8545C84?!76<C4>8=5Y!!&5!>:7!3866?7!R7E7!I<7F>8=5F!68E7C>?2!E7?4>76!>=!>:7!
I<45>8>4>8D7!F<ED72!E7F<?>FY!!,:7E7!R4F!
4C>8D7
!G4E>8C8G4>8=5!R:75!>:7!F><675>!
4>>75677F
!R7E7!>4?Q859!4@=<>!>:7
3F7?D7F!456!>:78E!F<997F>8=5FY!!J=R7D7EU!6<E859!>:7!I<45>8>4>8D7!
E7F<?>F!>:7E7!R4F!?7FF!85>7E7F>
U!456!3=375>F!=H!C=5H<F8=5!85>7EGE7>859!>:7!E7F<?>FY!!
(>>73G>F!R7E7!3467!>=!R=E6!
I<7F>8=5F!
R8>:!4!C4F<4?!85H?7C>8=5
Y!!-<E>:7EU!4>!>:7!@79855859!
=H!>:7!F7FF8=5!
=G7E4>8=54?!67H858>8=5F!
R7E7!E7D87R76!456!7
4C:!G4E>8C8G45>!E7C78D76!4!
:456=<>!R8>:!>:7!67H858>8=5
F!GE=D8676!H=E!>:78E!E7H7E75C7Y!
!J=R7D7EU!C
=557C>8=5U!
<567EF>456859U!456!85>7E7F>!C45!@7!85CE74F76!>=!7?8C8>!@7>>7E!E7FG=5F7FY
!"54<9>?;54
!/E7D8=<F!?8>7E4><E7!
:4F!E7D74?76!3
=<5>859!F><675>!?=45!456!C=5F<37E!67@>!456!?=R!
?7D7?F!=H!
H8545C84?!Q5=R?7697!C=3@857!>=!CE74>7
!4!q6=R5R4E6!H8545C84?!FG8E4?r!
H=E!737E9859!
46<?>!C=??797!F><675>F!
4H>7E!?74D859!>:7!<58D7EF8>2!F7>>859!
S#<EG:2U!LMMOU!GY!ji\X
Y!!,:7!68E7C>=E!=H!>:7!.=5F
<37E!-8545C84?!/E=>7C>8=5!0<E74<!S.-/0X!F>4>76U!n-8545C84?!76<C4>8=5!
F:=<?6!@7!4F!H<564375>4?!4F!>:7!76<C4>8=5!R7!4E7!4??!E7I<8E76!>=!E7C78D7!85!(37E8C45!
:8F>=E2!456!9=D7E5375>Y!!Z7!3<F>!@7!67?8@7E4>7!4@=<>!G<EF<859!H8545C84?!76<C4>8=5!85!=<E!
FC:==?Fn!
S4F!C8>76!85!0E=R5U!LMNcU!GY!cX
Y!!!,:8F!F><62
U!85!?857!R8>:!GE7D8=<F!?8>7E4><E7
U!E7D74?F!>:7!F>E759>:F!456!R74Q57FF7F!=H!
737E9859
!46<?>F!4F!3=572!345497EF!
456!>:7!F4?875C2!=H!H8545C84?!76<C4>8=5Y
!!"37E9859!
!NOa!46<?>!C=??797!F><675>F!4E7!67D7?=G375>4??2!GE8376!>=!E7C78D7U!GE=C7FFU!456!83G?7375>!
H8545C84?!?7FF=5FY!!&5!=E67E!>=!H4C8?8>4>7!
>:8FU!
E7F74EC:7EF!3<F>!C=5>85<7!>=!G<EF<7!
45!<567EF>456859!=H!H8545C84?!C4G4@8?
8>2!4>!>:8F!
G=85>!85!>:7!?8H7!C=<EF7!456!=GG=E><58>87F!H=E!
H8545C84?!76<C4>8=5!3<F>!85CE74F7Y!
!.=5>E8@<>859!>=!>:7!7]8F>859!@=62!=H!E7F74EC:U!>
:8F!F><62!
8675>8H876!F7D7E4?!4
E74F!
H=E!9E=R>:!85!737E9859!
46<?>
!H8545C84?!C4G4@8?8>2
d!345497375>!=H!
FG756859!456!67@>U
!7F>4@?8F:859!4!CE768>!:8F>=E2!456!E7FG=5F8@?7!345497375>!=H!CE768>U
!Q5=R?7697!=H!85D7F>375>F!456!85D7F>859!F>E4>7987F
U!456!4R4E757FF
!=H!>:7!
E=?7
!=H!H8545C84?!
4>>8><67F!85!>:78E!=R5!?8D7FY!!
,=!>:8F!756U!C
=??797!C43G<F7F!3<F
>!85D7F>!85!H8545C84?!
76<C4>8=5Y!!,:8F!C=<?6!>4Q7!F7D7E4?!H=E3Fd!S4X
!4!E7I<8E76!G7EF=54?!H8545C84?!C=<EF7W!S@X!
>E485859!H=
E!F><675>!F7ED8C7
!E7GE7F75>4>8D7FU!?=45!=HH8C7EFU!456!C43G<F!C=<5F7?=EFU!
7I<8GG859!>:73!>=!F<GG=E>!F><675>F!85!4!H8545C84?!34557EW!=E!
SCX!45!=5!C43G<F!C75>7E!
67D=>76!>=!F><675>
;C75>7E76!H8545C84?!C=<5F7?859Y
!!Z:4>7D7E!>:7!H=E3!E7F74EC:7EFU!
76<C4>=EFU!456!GE4C>8>8=57EF!3<F>!@7!<58>76!85!>:78E!7HH=E>F!>=!GE=3=>7!737E9859!46<?>!
H8545C84?!C4G4@8?8>2Y
!!!!NOi!"#$%&'(!
:).(+!K$*./"(,%&!&O)
!%$('*&$@!,*:@.'*"'+!/)",$@,Y$&,)*!%($"&,"'/!$*-!'K'(N,*N!$-.@&!
"('-,&Q-'E&!$*-!/$P,*N/Q,*P'/&,*N!"$%$E,@,&T!
!(2G;2B!56!@;02710>72
!Z=EQ!456!>E485859!H=E!C4E77E!>:E=<9:!76<C4>8=5!=CC<G2!4!C75>E4?!G?4C7!85!>:7!?8H7!
C=<EF7U!456!>:<F!>:7E7!8F!GE7FF<E7!G?4C76!=5!>:7!G7E8=
6!=H!
737E9859!46<?>:==6!S
"(X!SA7>>7EF>75U!LMMLX
Y!!-=E!737E9859!46<?>FU!C=??797!8F!>:7!@79855
859!=H!68FC=557C>859!HE=3!
>:78E!G4E75>F!456!9485859!85CE74F76!F=C84?!456!H8545C84?!8567G75675C7!S%<>>7E!T!.=G<EU!
LMNNXY!!(>!=5C7
U!737E9859!46<?>F!4E7!7]G7E875C859!
<5GE7C7675>76!?7D7?F!=H!HE776=3
!456!27>!
4E7!
F>8??!67G75675>!=5!7]>7E54?!F<GG=E>!S
7Y9YU!73=>8=
54?U!375>4?U!H8545C84?X!HE=3!G4E75>FU!
7]>75676!H438?2U!456!HE8756F!S
A:83!7>!4?YU!LMNMX
Y!!(F!
A:83!7>!4?
Y!SLMNMX!F>4>76U!n,:7!H8EF>!
274E!=H!C=??797!8F!C:4E4C>7E8`76!@2!4!:=F>!=H!34P=E!?8H7
;C:459859!7]G7E875C7F!>:4>!=H>75!
=D7E?4GW!85!G4E>8C<?4E
U!F><675>F!>2G8C4??2!7]G7E875C7
!D4E8=<F!68HH8C<?>87F!4F
F=C84>76!R8>:!
46P<F>859!>=!?8D859!4R42!HE=3!:=37n!SG
Y!NjO\XY!!-=E!3452U!>:8F!8F!>:7!H8EF>!>837!=E!H8EF>!
GE=?=5976!G7E8=6!
R:75
!>:72!4E7!7]G7C>76!>=!345497!4!@<697>!R8>:!?838>76!H<56FU!:456?7!
CE768>!456!67@>U!456!G42!@8??F!C=5F8F>75>?2!
S%<>>7E!T!.=G<EU!LMNNX
Y!!l84=!7>!4?Y!SLMMVX
!4E9<76!
>:4>!=H!4??!>:7!>E45F8>8=5F!456!5=D7?!7]G7E875C7F!
H=E!H8EF>;274E!F><675>FU!H8545C84?!
345497375>!456!8567G75675C7!4E7!>:7!3=F>!CE<C84?Y!
!!(E57>>!
SNVVjU!NVViX!68FC=D7E76!>:4>!
737E9859!46<?>F!7]G7E875C7!85CE74F76!?7D7?F!=H!
G7EF=54?!HE776=3U!>:72!G
E4C>8C7!E=?7F!456
!E7FG=5F8@8?8>87FU!456!GE8=E8>8`7!H8545C84?!
8567G75675C7Y!!/:2F8C4?!456!H8545C84?!4<>=5=32!:4F!@775!4!Q72!H856859!85!F7D7E4?!F><687F!
85D7F>894>859!>:7!>E45
F8>8=5!>=!46<?>:==6!
S(E57>>U!NVVjX
Y!!A:83!7>!4?
Y!SLMNMX!E734EQ76U!
nYYYH8545C84?!8567G75675C7!8F!4!G4E>8C<?4E?2!68FC7E58@?7!34EQ7E!=H!F7?H!F<HH8C875C2U!456!2
=<59!!NO\!46<?>F!R:=!4E7U!7D75!>73G=E4E8?2U!H8545C84??2!8567G75675>!=H!>:78E!H438?2!=H!=E8985!4E7!3=E7!
?8Q7?2!>=!D87R!>:73F7?D7F!4F!46<?>F!>:45!4E7!>:=F7!R:=!4E7!5=>!8567G75675>n!SG
Y!NjO\XY!!-8545C84?!8567G75675C7!H=E!737E9859!46<?>F!8F!G4E43=<5>W!8>!H=E3F!4!@4
E=37>7E!@2!R:8C:!
>:72!374F<E7!>:78E!67D7?=G375>!
S(E57>>U!NVV\X
Y!&>!8F!83G=E>45>!>=!C=5F867E!>:7!5<37E=<F!@4EE87EF!>=!H8545C84?!8567G75675C7!>:4>!4E7!
GE7F75>!85!>:7!?8D7F!=H!3452!2=<59!G7
=G?7!456!>:78E!H438?87F
Y!!,:7F7!342!85C?<67d!
S4X!
7]G7E875C859!
68HH8C<?>!7C=5=38C!>837F!S:8F>=E8C4?
!456!C<?><E4?!>837
XU!S@X!
E7F86859!85!
7C=5=38C4??2!68F46D45>4976!4E74FU!
=E!SCX!4!?4CQ!=H!E7F=<EC7F
Y!!,:7F7!H4C>=EF!?838>!
=GG=E><58>87F!H=E!H8545C84?!8567G75675C7!
SA:83!7>!4?YU!LMNMX
Y!!-=E3859!4!H8545C84?!@4F7!S
7Y9YU!@<697>859U!=E9458`859!H8545C84?!F>4>7375>FXU!34549859!FG756859U!456!9E=R859!4!GE=H8>4@?7!
H8545C84?!H<><E7!4E7!4HH7C>76!@2!4!3<?>8><67!=H!H4C>=EF!S
7Y9YU!G4E75>4?
;:=37!76<C4>8=5U!H=E34?!
76<C4>8=5U!456!375>4?
;73=>8=54?!F>4>7FX!SA:83!7>!4?YU!LMMVX
Y!!"6<C4>=EF!3<F>!@7!C=5FC8=<F!
=H!>:7!H4C>!>:4>!>:7!737E9859!46<?>!G=G<?4>8=5!8F!5=>!:=3=9757=<FU!>:<F!H8545C84?!76<C4>8=5!
F:=<?6!5=>!>4Q7!=5?2!=57!H=E3Y!!&>!3<F>!@
7!H?7]8@?7!456!464G>8D7U!377>859!>:7!5776F!=H!>:8F!
68D7EF7!G=G<?4>8=5Y!!
-<E>:7EU!5
=>!7D7E2!737E9859!46<?>!:4F!4CC7FF!>=!4!C=??797!76<C4>8=5Y!!
,:7F7!737E9859!46<?>F!4?F=!5776!497!456!C=5>7]>!4GGE=GE84>7!H8545C84?!76<C4>8=5!
S,42?=E!T!
BD7E@72U!NVVVX
Y!/0>=240!@514?
!(!?4CQ!=H!C=5F8F>75>!G<@?8C!H<56859!:4F
!H=EC76!85F>8><>8=5F!>=!C=5>85<=<F?2!E48F7!
><8>8=5
Y!!,:8F!=<>;GE8C
7F!F=37U!456!H=EC
7F!=>:7E!737E9859!46<?>F!456!>:78E!H438?87F!>=!
4FF<37!:89:U!H=EC76!?7D7?F!=H!67@>!
S+77U!LMNcW!+2=5FU!LMMjXY!!&``=!SLMNjX
!E7G=E>76!>:4>!>:7!
9E46<4>859!C?4FF!=H!LMNj!
:46
!>:7!:89:7F>!?7D7?!=H!4D7E497!F><675>!?=45!67@>
Y!!&5!LMNjU!iMp!
=H!>:7!9E46<4>859!C?4FF!E7?876!=5!456!?7H>!R8>:!F><675>!?=45!67@>
Y!!,:8F!C45!@7!C=3G4E76!>=!
!NOV!>:7!C?4FF!=H!NVVj!
R:75!?7FF!>:45!:4?H!=H!>:7!9E46<4>7F!?7H>!R8>:!F><675>!?=45!67@>
Y!!,:7!E8F859!C=F>!=H!76<C4>8=5!:4F!85CE74F76!>:7!67@>!@<E675!H=E!8568D86<4?F!456!H438?87F!456!
CE74>76!>:7!57C7FF8>2!>=!H8545C7!76<C4>8=5!>:E=<9:!H767E4?!456!GE8D4>7!?=45F!
S+2=5FU!LMMjW!A:83!7>!4?YU!LMMVX
Y!!,:7!5<3@7E!=H!F><675>F!<>8?8`859!CE768>!456!=>:7E!?=45FU!=H>75!>=!7]C7FFU!
>=!H8545C7!FC:==?859!8F!
4!F>E=59!4E9<375>
!H=E!85CE74
F76!H8545C84?!76<C4>8=5!
SA7276845!T!18U!
LMNNXY!!-=E!3452!737E9859!46<?>!C=??79
7!F><675>F
U!34549859!F><675>!?=45!67@>!8F!=57!=H!>:7!
@8997F>!456!74E?87F>!H8545C84?!67C8F8=5F!>:72!R8??!H4C7!
S.<??!T!Z:8>>=5U!LMNNX
Y %1724019
!:;414<;19!/5<;19;S10;54!
!A=C84?8`4>8=5!8F!4!GE=C7FF!=H!?74E5859!:=R!>=!?8D7!456!=G7E4>7!85!>:7!R=E?6Y!!,:7!9=4?F!
=H!F=C84?8`4>8=5!4E7d!S4X!>73G7E859!456!C=5>E=??859!67F8E7F!R8>:!F8><4>8=54?U!F=C84?U
!456!
C<?><E4?!4R4E757FFW!S@X!Q5=R?7697!=H!>83859!456!E7I<8E7375>F!H=E!H<><E7!497!4GGE=GE84>7!
E=?7FW!456!SCX!CE74>8=5!=H!4!D4?<7!F7>U!=E!R=E?6D87R!
S(E57>>U!NVVOX
Y!!&5!9757E4?U!F=C84?8`4>8=5!
8F!67FCE8@76!4F!
:4D859!3<?>8G?7!4C>=EF
U!85C?<6859d!H438?2!373@7EFU!G77EFU!FC:==?!456!R=EQU!
>:7!F<EE=<56859!C=33<58>2U!37684U!?794?!F2F>73FU!456!GE7D48?859!C<?><E4?Y!!
!-438?2!F=C84?8`4>8=5!8F!4F!C=3G?7]!4F!H438?87F!>:73F7?D7F
U!R8>:!3<?>8G?7!373@7EF!
456!D4E2859!679E77F!=H!4>>4C:375>!
S%<63<5F=5!T!)457FU!LMNNX
Y!!/4E75>F!4E7!>:7!GE834E2!
4975>F!=H!F=C84?8`4>8=5!>:E=<9:=<>!>:7!G7E8=6!=H!E48F859!>:78E!C:8?6E75
U!456!4E7!>:7!3=F>
!83G=E>45>!4975>F!=H!F=C84?8`4>8=5!C=5C7E5859!H8545C84?!76<C4>8=5!SA:83!7>!4?YU!LMNMW!k<855U!
LMMVXY!!Z:4>!C:8?6E75U!46=?7FC75>FU!456!737E9859!46<?>F!Q5=R!4@=<>!H8545C7
!8F!E7?4>76!>=!
:=R!456!R:4>!>:72!:4D7!@775!F=C84?8`76!>=!Q5=R
!S.:=!7>!4?YU!LMNLX
.  /4E>8C8G45>F!85!>:7!
.:75!456![=?G7!SLMMLX
!F><
62!E
7D74?76
!>:4>
!G4E75>F!R7E7!>:7!5<3@7E!=57!49
75>!=H!H8545C84?!
F=C84?8`4>8=5Y!!-
=??=R859!G4E75>FU!G4E>8C8G45>F!F486!>:72!?74E576!HE=3!>:78E!=R5!7]G7E875C7
U!7FG7C84??2!H8545C84?!38F>4Q7F
Y!!"6<C4>8=5!>:E=<9:!C=??797!C=<EF7F!R4F!E45Q76!H=<E>:!85!
!NaM!=E67E!=H!83G
=E>45C7
Y!!&5!>:7!H438?2!F2F>73U!G4E75>F!4E7!5=>!>:7!=5?2!85H?<75>84?!4975>F!=H!
F=C84?8`4>8=5
W!7]>75676!H438?2!373@7EFU!F8@?859FU!456!9E456G4E75>F!4?F=!F:=<?6!@7!
C=5F867E76Y!!-<E>:7EU!4C>=E
F!C45!F7?H!F=C84?8`7U!85>7E54?8`859!R:4>!>:72!R45>!456!
5776!SA7>>7EF>75U!LMMLX
Y!!,:7!F8958H8C45C7!
=H!G77EF!4F!4975>F!=H!F=C84?8`4>8=5!D4E
87F!@4F76!=5!
C:8?6E75^F!7]G=F<E7!>=!G77EFU!>837!FG75>!R8>:!G77EFU!456!C<?><E4?!@=<564E87F
!S7Y9YU!E<?7F!456!
5=E3FXY!!,
:7!E4597!=H!85H?<75C7!456!G=R7E!=H!FC:==?
U!R=EQ
U!C=33<58>87F
U!456!37684!
F=<EC7F!
4?F=!D4E2
!@4F76!=5!H438?2!D4?<7FU!>:7!C=33<58>2!C=5>7]>U!45
6!C
<?><E4?!D4?<7F!456!
@7?87HFY!!
J=R!=57!H77?F!456!E7?4>7F!>=!>:7!F=C84?8`4>8=5!4975>
SFX!4HH7C>F!>:7!=D7E4??!85H?<75C7!
=H!F=C84?8`4>8=5
!S(E57>>U!NVVOW!%<63<5F=5!T!)457FU!LMNNX
Y!!-438?2!H8545C84?!F=C84?8`4>8=5!8F!
:74D8?2!@4F76!=5!>:7!4>>4C:375>!@=56!>:4>!7]8F>F!@7>R775!H438?2!373@7EF
!S%<63<5F=5!T!
)457FU!LMNNX
Y!!/4E75>F!F=C84?
8`7!@4F76!=5!>:78E!7]G7E875C7!=H!F=C84?8`4>8=5Y!!,:<FU!G4E75>4?!
F=C84?8`4>8=5!R8??!E7H?7C>!>:78E!C<?><E7U!D4?<7FU!456!@7?87HF!
S(E57>>U!NVVOX
Y!!/4E75>4?
!76<C4>8=5!>4Q7F!G?4C7!>:E=<9:!85>75>8=54?!SH=E34?!?74E5859X!456!<585>75>8=54?!
76<C4>8=5
!S=@F7ED4>8=54?!?74E5859X!
SA:83!7>!4?YU!LMNMX
Y!!*585>75>8=54?!
>74C:859!456!
?74E5859!=CC<EF!4F!
4!H438?2oF!G7EF=54?!C<?><E7U!@7?87HFU!456!H8545C84?!4>3=FG:7E7!4HH7C>!>:7!H8545C84?!4
>>8><67F!
456!4FG8E4>8=5F!=H!>:78E!C:8?6E75!
S07<>?7EU!LMNLX
Y!!A:83!7>!4?
Y!SLMNMX!73G:4F8`76!>:4>!
G4E75>F!R:=!85>75>8=54??2!>74C:!>:78E!C:8?6E75!H8545C84?!?7FF=5F!:46
!45!85H?<75C7!4F!9E74>!=E!
9E74>7E!>:45!H=E34?!FC:==?859!=5!>:78E!C:8?6E75^
F!?7D7?!=H!H8545C84?!Q5=R?7697Y!!B
D7E4??
U!>:8F!
GE=6<C76!@7>>7E!3=572!345497EF
Y!!$7H7EE859!>=!>:8F!4F!GE7D75
>8D7!G4E75>4?!@7:4D8=E
U!A:83!
7>!4?
Y!SLMNMX!R75>!=5!>=!67FCE8@7
!>:8F!
4F!4!G=R7EH<?!
456!85>75>8=54?!H=E3!=H!H438?2!
76<C4>8=5
Y!!/4E75>F!:4D7!3<?>8G?7!=GG=E><58>87F!>=!
85>75>8=54??2!
>74C:!H8545C84?!?7FF=5F
Y!!/4E75>F!342!>74C:!@<697>859!456!3=572!345497375>!FQ8??F!>:E=<9:!4!3=5>:?2!4??=R45C7!
!NaN!>:4>!8F!4??=C4>76!>=!>:78E!C:8?6
Y!!.=5D7EF7
?2U!G4E75>F!342!=G>!>=!>74C:!>:78E!C:8?6!>:7!D4?<7!=H!
R=EQ!H=E!G42U!=HH7E859!=GG=E><58>87F!H=E!G486!C:=E7F!
Sk<855U!LMMVX
Y!!,:7F7!?7FF=5F!7]>756!4CE=FF!>:7!?8H7!C=<EF7U!R8>:!46=?7FC75C7!456!737E9859!46<?>:==6!E7GE7F75>859!H7E>8?7!
G7E8=6F!H=E!H8545C84?!Q5=R?7697!>=!@7!4@F=E@76Y!!
!-=E34?!H8545C84?!76<C4>8=5!8F!57C7FF4E2U!@<>!5=>!F<HH8C875>!>=!GE7G4E7!737E9859!
46<?>F!H=E!>:78E!H<><E7!H8545C84?!?8D
7F!SA:83!7>!4?YU!LMMVX
Y!!-8545C84?!F=C84?8`4>8=5!8F!4!Q72!
C=3G=575>!>=!<567EF>456859!H8545C84?!
C4G4@8?8>2
U!456!8F!4!C=5C7G>!>:4>!3<F>!@7!
85C=EG=E4>76!85!H<><E7!E7F74EC:!
S%<63<5F=5!T!)457FU!LMNNX
Y!!/4E75>F!4E7!>:7!GE834E2!
F=<EC7!=H!H8545C84?!F=C84?8`4>8=5
U!4F!>:72!@7985!456!75C=<E497!H8545C84?!76<C4>8=5Y!
!-438?2!
H8545C84?!F=C84?8`4>8=5!8F!4!Q72!GE=C7FF!85!737E9859!46<?>!67D7?=G375>U!?42859!>:7!
9E=<56R=EQ!H=E!737E9859!46<?>F!>=!F<CC776!85!C=??797U!C4E77EU!456!@72=56Y!
!!!!!NaL!&F25720;<19!:7132B57M
!!"37E9859!46<?>!456!?8H7!C=<EF7!>:7=E87F!>=97>:7E!8??<3854>7!F4?87
5>!4FG7C>F!=H!H8545C84?!>74C:859!456!?74E5859U!4F
!737E9859!
46<?>F^
!H8545C84?!GE7G4E4>8=5U!76<C4>8=5U!456!
>E485859!4E7!Q72
F!>=!H<><E7!F<CC7FFY
!!-8545C84?!76<C4>8=5!F>4E>F!74E?2!>:E=<9:!
G4E75>4?_H438?84?!F=C84?8`4>8=5Y!!,:7!F>E759>:!456!HE7I<75C2!=H!>:7F7!74
E?2!?7FF=5F!:4F!
83G=E>45>!83G?8C4>8=5F!H=E!737E9859!46<?>F
!456!>:78E
!C=5>85<76!>E485859!456!=D7E4??!
H8545C84?!C4G4@8?8>2Y!!
-=E!3452
U!>:8F!G=85>!85!>:7!?8H7!C=<EF7!E7GE7F75>F!4!>837!>=!GE4C>8
C7!456!4GG?2!H8545C
84?!?7FF=5FU!
G<>>859
!H8545C7!85>=!4!G7EF=54?!C=
5>7]>Y!!J7E7U!G
E7D8=<F!?7FF=5F!C45!
75:45C7!456!<567E98E6!57R!H8545C84?!?7FF=5F!456!7]G7E875C7FY
!+8H7!C=<EF7!>:7=E2!GE8=E8>8`7F!C:4597!85!:<345F!=D7E!>837
Y!!(?6=<F!
SNVVMX!67FCE8@7
6!>:E77!68F>85C>!H=E3F!=H!>837d!S4X!8568D86<4?!>837
;C:E=5=?=98C4?!497W!S@X!F=C84?
!=E!H438?2!>837
;374F<E859!497!456!F7I<75C859!85!45!85>7EG7EF=54?!C=5>7]>W!
456!SCX!:8F>=E8C4?!>837
;C<?><E4?!
456!:8F>=E8C4?!7D75>F
Y!!&5C?<676!85!8568D86<4?!>837!8F!>:7!8674!=H!497!34EQ7EF
Y!!,:7F7!34EQ7EF!GE=D867!45!<567EF>456859!=H!R:7E7!45!8568D86<4?!8F!G=F8>8=576!=5!>:7!?8H7!C=<EF7!
456!R:7>:7E!
:7!=E!F:7!8F!C=5F867E76!n=5!>837n!=E!n=HH!>837n!
S(?6=<F
U!NVVMXY!!,:7!8674F!=H!
n=5!>837n!456!n=
HH!>837n!>E45F8>8=5F!4E7!F=C84??2!C=5F>E<C>76U!456!85:7E75>!85!7D7E2=57
Y!!B57!
>756F!>=!<567EF>456!R:75!>E45F8>8=5F!4E7!R=EQ859!GE=G7E?2!456!R:75!>:72!4E7!5=>!
SA7>>7EF>75U!LMMLX
Y!!-<E>:7EU!R
:75!>:7!7D75>!=E!>E45F8>8=5!=CC<EF!S>73G=E4??2!456!
:8F>=E8C4??2X!=H>75!34>>7EF!3=E7!>:45!>:7!>E45F8>8=5!8>F7?H!
S"?67EU!NVV
OW!e=QU!LMMiX
Y!!(!
GE734><E7!>E45F8>8=5!85>=!G4E75>859!85!737E9859!46<?>:==6!=E!<57]G7C>76!<573G?=2375>!
6<E859!34><E7!46<?>:==6!4E7!7]43G?7F!=H!q=HH!>837r!?8H7!C=<EF7!>E45F8>8=5FY
!-=E!>:=F7!R8>:!>:7!=GG=E><58>2!>=!6=!F=U!
>:7!?4>7!>775F!456!74E?2!>R75>87F
!8F!5=>!4!>837!>=!
F7>>?
7!6=R5!85>=!G7E34575>!E=?7F!456!?8H7!C:=8C7F
Y!!&5F>746!>:72!4E7!HE7I<75>?2!
!Nac!C:459859U!7]G7E8375>859U!456!?8D859!HE77!=H!46<?>!E7FG=5F8@8?8>2
Y!!"(!8F!4!>837!=H!7]G?=E859!
?8H7!G=FF8@8?8>87F!R:8?7!?8>>?7!8F!F7>!85!F>=57!
S(E57>>U!LMMM4X
Y!!n"37E9859!46<?>F!C45!G<EF<7!
5=D7?!456!85>75F7!7]G7E875C7F!3=E7!H
E77?2!>:45!46=?7FC75>F!@7C4<F7!>:72!4E7!?7FF!?8Q7?2!>=!
@7!3=58>=E76!@2!G4E75>F!456!C45!G<EF<7!>:73!3=E7!HE77?2!>:45!46<?>F!@7C4<F7!>:72!4E7!
?7FF!C=5F>E48576!@2!E=?7Fn!
S(E57>>U!LMMM4U!G
Y!jiOXY!!"]43G?7F!=H!>:7F7!7]G?=E4>8=5F
!342
!85C?<67d!:4D859!3<?>8G?7!34P=EF!6<E859!>:78E!<567E9E46<4>7!C4E77EU!R=EQ859!6<E859!
76<C4>8=54?
!>E485859U!G4E>8C8G4>859!85!85>7E5F:8GFU!C=5>85<859!76<C4>8=5!85>=!9E46<4>7!456!
GE=H7FF8=54?!FC:==?FU!7]G7E8375>859!R8>:!E8FQ!>2G7!@7:4D8=EFU!>E4D7?859U!F:4E859!85!85>834>7!
E7?4>8=5F:8GFU!456!7]G?=E859!D4E8=<F!@7?87HF!456!R=E?6D87RF!
S'7?F=5!T!04EE2U!LMMOW!A38>:!
T!%=E6=5U!5Y6YX
Y!!J=R!737E9859!46<?>F!D87R!46<?>:==6!456!>:7!>E45F8>8=5!>=!46<?>:==6!8F!D8>4?
Y!!,:78E!7]G7C>4>8=5F!=H!>:8F!>E45F8>8=5!4E7!@4F76!=5!R:4>!>:72!@7?87D7!>=!@7!5=E34>8D7!
S%4?43@=FU!
04EQ7EU!T!,8?>=5
;Z74D7EU!LMMcW!%E7757U!Z:74>?72U!T!(?64D4U!NVVLX
Y!!J=R7D7EU!737E9859!
46<?>F!4E7!5=>!>:7!=5?2!4C>=EF!
R:=
!:4D7!83G?8C8>!5=>8=5F!=H!R:4>!q46=?7FC75C7Ur!q2=<>:Ur!456!
q46<?>:==6r!E7GE7F75>
Y!!(??!G7=G?7U!HE=3!737E9859!46<?>
F^!H438?2!373@7EF!>=!
>:=F7!R8>:85!
>:78E!@E=467E!C<?><E4?!C=5>7]>FU!:4D7!85:7E75>!@7?87HF!4@=<>!R:4>!>:7F7!qF>497Fr!3745!456!
R:4>!C:4E4C>7E8F>8CF!4GG?2!
S(E57>>!T!%4?43@=FU!LMMcX
Y!!(F!(E57>>!
SNVV\X!F>4>76U!>:7E7!8F!
qE7C=958>8=5!>:4>!46=?7FC75>Fh4E7!68HH7E75>!HE=3!46<?>FU!456!>:4>!>:72!34Q7!>:7!>E45F8>8=5!
>=!46<?>:==6!85!>:7!C=<EF7!=H!4CI<8E859!>:7!I<4?8>87F!=H!C:4E4C>7E!577676!H=E!374F<E85
9!<G!>=!C<?><E4?!7]G7C>4>8=5F!=H!R:4>!8>!3745F!>=!@7!45!46<?>n!SG
Y!cNNXY!!,:7!>7E3!qC<?><E4?!
7]G7C>4>8=5Fr!83G?87F!?427EF!=H!G7EF=54?U!H438?84?U!F=C87>4?U!456!:8F>=E8C4?!85H?<75C7F
Y!!,:7!C=5C7G>!=H!"(!6E4RF!=5!3<?>8G?7!H4C7>F!=H!@=>:!34CE=!?8H7!C=<EF7!>:7=
E2U!H=C<F76!=5!:8F>=E2!
!Naj!456!>837U!456!>:7!3=E7!8568D86<4?8`76!737E9859!46<?>!>:7=E2!H=C<F76!=5!>:7!G7EF=54?!456!
H438?84?!85H?<75C7
Y!!!,:7E7!8F!68D7EF8>2!85!>:7!>83859!=H!8568D86<4?F!>E45F8>8=5859!>=!46<?>:==6U!
E7GE7F75>859!>:7!68D7EF8>2!85!:=R!8568D86<4?F!4
E7!E48F76!456!>:78E!C<?><E4?!C=5>7]>F!
S(E57>>!
T!,4@7EU!NVVjX
Y!!,:7!G7E8=6!=H!
"(!8F!4!C
=3G?7]!@8=?=98C4?U!F=C84?U!456!C<?><E4?!>E45F8>8=5!456!
4F!F<C:!R8>:!D4E845C7!85!452!=57!=H!>:7F7!68375F8=5F!>:7E7!R8??!@7!68D7EF8>2!85!
>:7!
67H858>8=5!456!=5F7>!=H!46<?>:==6!
S(E57>>U!LMMcX
Y!!(E57>>!SLMMM4X
!F<334E8`76U!n737E9859!
46<?>:==6U!>:75
U!8F!5=>!4!<58D7EF4?!G7E8=6!@<>!4!G7E8=6!>:4>!7]8F>F!=5?2!85!C<?><E7F!>:4>!
G=F>G=57!>:7!75>E2!85>=!46<?>!E=?7F!456!E7FG=5F8@8?8>87F!<5>8?!R7??!G4F>!>:7!?4>7!>775Fn!SGY!
ji\XY!!
!!!!NaO!(2?217<F!U>2?0;54?
!14=!#HI50F2?2?
!,:7!483!=H!
>:8F
!345<FCE8G>!
8F!>=!4FF7FF!>:7!
85H?<75C7!=H!G4E75>4?!
H8545C84?!
F=C84?8`4>8=5!GE4C>8C7F!
456!
7]G7E875C7
F!=5!737E9859!46<?>F^!
CE768>_67@>!S
._)
X!456!
F4D859F_85D7F>859!S
A_&X!C4G4@8?8>2Y!!
-8545C84?
!F=C84?8`4>8=5!456
!7]G7E875C7F!85!C=5C7E>!
GE=D867
6!85H=E34>8=5!=5!G4E75>4?!H8545C84?!85H?<75C7Y!
!/4E75>4?!H8545C84?!F=C84?8`4>8=5!
GE4C>8C7F!85C?<676!H8545C84?!C=33<58C4>8=5U!7]G?8C8>!456!83G?8C8>!H8545C84?!?7FF=5FU!456!>:7!
737E9859!46<?>F^!G7EC7G>8=5!=H!I<4?8>2!456!7HH7C>8D757FFY
!!/4E75>4?!H8545C84?!7]G7E875C7!R4F!
=G7E4>8=54??2!67H8576!4F!85F>45C7F!=
H!H8545C84?!F>E7FF!456!F>E485!S7Y9YU!7]C7FF8D7!67@>!?7D7?FU!
:=37!H=E7C?=F<E7U!<5
;=E!<567E73G?=2375>XY!!
!/4E75>4?_:=<F7:=?6!7]G7E875C7F!C=5F867E76!>=!@7!F>E7FFH<?!C45!5794>8D7?2!85H?<75C7!
737E9859!46<?>F!456!
=>:7EF
!?85Q76!>=!>:73Y!!,:7F7!
E7G7EC<FF8=5F
!C45!3458H7F>!G:2F8C4??2U!
375>4??2U!=E!73=>8=54??2Y!!-8545C84?!F>E485!8F!C=EE7?4>76!R8>:!F>E7FF!85!4??!497!9E=<GF
U!85C?<6859!737E9859!46<?>FY
!!.=5D7EF7?2U!G=F8>8D7!H8545C84?!@7:4D8=E!8F!E7?4>76!>=!G=F8>8D7!
375>
4?!456!73=>8=54?!:74?>:!
SA7E86=!7>!4?YU!LMNMX
Y!!,:7E7!4E7!C=5F7I<75C7F!
H=E!<58D7EF8>2!
F><675>F!H77?
859!H8545C84?!F>E7FF!456!F>E485U!R:8C:!342!>E45F?4>7
!>=!76<C4>8=54?!68F>E7FFU!
G==E!G7EH=E345C7U!456!7D75!6E=GG859!=<>!=H!FC
:==?!
S%E4@?7!T!b==U!LMMaX
Y!!+2=5F!456!
18?34`7E!SLMMOX
!H=<56!>:4>!:=<F7:=?6
F!E7G=E>859!H8545C84?!F>E485!4?F=!E7G=E>76!:4D859!>:78E!
n:746!=H!>:7!:=<F7:=?6n!85!G==E!:74?>:Y!
!&5!4668>8=5
U!:=<F7:=?6F!>:4>!R7E7!?4>7!=E!
67?85I<75>
!=5!67@>!G42375>F!456!:46
!G==E!4FF7>
;>=;85C=37!E4>8=F!
:46
!G==E!:74?>:!
R8>:85
!>:7!
=D7E4??!:=<F7:=?6Y!
!,:=F7!85!>:8F!F><62!R:=!R7E7!H8545C84??2!F>E48576!R7E7!3=E7!?8Q7?2!
>=!:4D7!7]G7E875C76!4!H8545C84?!CE8F8F!456!>=!
F>E<99?7!R8>:
!=D7E4??!R74?>:U!85C=37
U!4FF7>FU!456!57>!R=E>:Y
!!&>!8F!83G=E>45>!>=!4CQ5=R?7697!>:4>!
G7EF=54?U!G4E75>4?U!=E!H438?84?!
H8545C84?!
F>E485!8F!4!H4C>=E!>:4>!C45!
4HH7C>!H8545C84?!C4G4@8?8>2Y
!!Naa!/7EF=54?!673=9E4G:8C!C:4E4C>7E8F>8CF!456!7]G7E875C7F
!85H?<75C7!>:7!R42!8
5!R:8C:!F=C84?8`4>8=5!8F!67?8D7E76!456!GE=C7FF76Y!
!,:7F7!C:4E4C>7E8F>8CF!4?F=!85H?<75C7
!4D48?4@?7!
E7F=<EC7FU!=GG=E><58>87FU!456!F=C84?!G7EC7
G>8=5!SA7>>7EF>75U!LMMLX
Y!!A7E86=!7>!4?Y!SLMNMX
!E734EQ76U!
nhR7!C=5>756!>:4>!2=<59!46<?>Fo!G7EC7G>8=5F!=H!H8545C84?!G4E75>859!F7ED7!4F!4!
@4F8F!H=E!>:7!67D7?=G375>!=H!>:78E
!=R5!H8545
C84?!@7:4D8=En!S
GY!jOjXY!-438?2!H8545C84?!F=C84?8`4>8=5!83G4E>F!375>4?U!73=>8=54?U!456!H4C><4?!76<C4>8=5!>=!
C:8?6E75!
S)457FU!NVVjX
Y!!-8545C84?!345497375>!456!@7:4D8=EF!4E7!FQ8??F!>:4>!3<F>!@7!
>4<9:>
m>:72!4E7!5=>!8554>7
!S.:=!7>!4?YU!LMNLW!A:83!7>!4?YU!LMNMX
Y!!A:83!7>!4?Y!SLMNMX
!H=<56!
>:4>!G4E75>F!7]<676!
4!F>E=59
!85H?<75C7!=5!>:78E!737E9859!46<?>!C:8?6E75!456!>:78E!H8545C84?!
@7:4D8=EF
Y!!,:8F!?7D7?!=H!85H?<75C7!F<EG4FF76!>:7!737E9859!46<?>Fo!GE7D8=<F!R=EQ!456!
76<C4>8=5
4?!7]G7E875C7
Y!!&5467I<4>7!H8545C84?!?8>7E4C2!?7D7?F!43=59!737E9859!46<?>F!C45!@7!
4>>E8@<>76!>=!
4!?4CQ!=H
!H=E34?!H8545C84?!76<C4>8=5!
=E!G4E75>4?!76<C4>8=5
!GE=D8676Y!!
!+8H7!C=<EF7!456!737E9859!4
6<?>!>:7=E2
U!R:75!37E976!R8>:!H8545C84?!76<C4>8=5
U!G=85>!>=!>:7!83G=E>45C7!=H!H8545C84?!?7FF=5F!?74E576!74E?2!85!?8H7!4F!D8>4?!>=!H<><E7!H8545C84?!:74?>:!
456!F>4@8?8>2
Y!!-8545C84?!:4@8>FU!4>>8><67FU!456!@7:4D8=EF!?74E576!85!2=<59!46<?>:==
6!4HH7C>!
?4>7E!?8H7!>E45F8>8=5F!456!=D7E4??!F<CC7FF!
S"?67EU!NVVOX
Y!!-<E>:7EU!>:7!?8H7!?=59!83G?8C4>8=5F!=H!
H8545C84?!?8>7E4C2!
H=E!G4E75>F!456!=?67E!
46<?>F
!4E7!C?74E
Y!!.=5F867E859
!>:7!H4C>!>:4>!H8545C84?!
76<C4>8=5!:4F!5=>!@775!F>4564E68`76!456!83G?7375>76!R8>:85!H=E34?!76<C4>8=5
!3<C:!=H!
>:7!R=EQ!>=!GE=D867!H8545C84?!76<C4>8
=5!8F!?7H>!>=!G4E75>F
!S%<63<5F=5!T!)457FU!LMNNW!
b=E975F75!T!A4D?4U!LMNMX
Y!!!-8545C84?!76<C4>8=5
!H=E!G4E75>
F!8F!D8>4?!4F!E7F74EC:!:4F!E7D74?76!G
4E75>F!
4E7
!>:7!
GE834E2!4975>F!=H!F=C84?8`4>8=5
U!456!GE834E8?2!>74C:859!>:E=<9:!=@F7ED4>8=5
!S)457FU
!NVVjXY!!Z:7>:7E!G4E75>F!4E7!4R4E7U!C4E7U!=E!
7]7C<>7
!7]G?8C8>!H8545C84?!?7FF=5F
U!>:72!4E7!>74C:859!
!Nai!>:78E!C:8?6E75!@2!R:4>!>:72
!6=U!456!C=5D7EF7?2!6=!5=>!6=!E794E6859!H8545C7FY!!
0456<E4oF!
SNV\aX!F=C84?!?
74E5859!>:7=E2!
G=F8>F!
>:4>!8568D86<4?F!?74E5!4>>8><67F!456!@7:4D8=EF!>:E=<9:!
=@F7ED4>8=5!456!3=67?859
Y!!&3G?8C8>U!=@F7ED76!>74C:859!456!
?74E5859!E7GE7F75>F!>:7!
34P=E8>2!=H!H8545C84?!76<C4>8=5!>:4>!:4GG75F!85!:=<F7
!S%<63<5F=5!T!)457FU!LMNNW!b=:5U!
NVVVW!b=E975F75!T!A4D?4U!LMNMX
Y!!!,:8F!345<FCE8G>!7]43857
6d!S4X!
>:7!7HH7C>!
G4E75>4?!F=C84?8`4>8=5!GE4C>8C7F!:4D7!=5!
737E9859!46<?>!
._)
!456!
A_&!Q5=R?7697U!4>>8><67FU!456!@7:4D8=EW
!456!S@X
!>:7!7HH7C>!G4E75>4?!
H8545C84?!7]G7E875C7F!:4D7!=5!737E9859!46<?>!
._)
!456!
A_&!Q5=R?7697U!4>>8><67FU!456!
@7:4D8=E
Y!!(!>R=!G:4F7!38]76!37>:=6!67F895!R4F!83G?7375>76Y!!,:8F!68C>4>76!>:4>!>:7!
I<45>8>4>8D7!64>4!
R7E7
!C=??7C>76!456!454?2`76!GE8=E!>=!>:7!I<4?8>4>8D7!85I<8E2Y!!Z8>:!>:8F!
67F895!>:7E7!R4F!>E8459<?4>8=5U!3<?>8G?7!F=<EC7F!=H!64>4U!456!67>48?76!85>7EGE7>4>8=5!=H!>:7
!E7F<?>FY
!04F76!=5!>:7!>:7=E7>8C4?!HE437R=EQU!GE7D8=<F!?8>7E4><E7U!456!>:7!GE=G=F76!3=67?F!
SF77!H89<E7F!iU!\U!VU!NMU!NNU!456!NLX!
>:7!H=??=R859!4E7!>:7!
I<45>8>4>8D7!
E7F74EC:!I<7F>8=5F!
456!:
2G=>:7F7F
!SF77!(GG7568]!"!H=E!
4!C=3G?7>7
!456!G4E4??7?!?8F>!=H!E7F74E
C:!I<7F>8=5FU!
:2G=>:7F7FU!456!3
74F<E7F
Xd!%1724019!
,469>24<2
+!"72=;0Q-280
!$kN4d!)=!G4E75>4?!F=C84?8`4>8=5!GE4C>8C7F!
G=F8>8D7?2!GE768C>!
456!G4E75>4?!
H8545C84?!
7]G7E875C7
F!5794>8D7?2!GE768C>
!737E9859!46<?>F^!CE768>_67@>!
Q5=R?7697
t!!JN4d!/4E75>4?!F=C84?8`4>8=5
!GE4C>8C7F!
R8??!G=F8>8D7?2!GE768C>!
456!
G4E75>4?!
H8545C84?!
7]G7E875C7
F!R8??!
5794>8D7?2!GE768C>
!737E9859!46<?>F^!
CE768>_67@>!
Q5=R?7697
Y!!Na\!$kN@d!)=!G4E75>4?!F=C84?8`4>8=5!GE4C>8C7F!
G=F8>8D7?2!GE768C>!
456!G4E75>4?!
H8545C84?!
7]G7E875C7
F!5794>8D7?2!GE768C>
!737E9859!46<?>F^!CE768>_67@>!
4>>8><67F
t!!JN@d!/4E75>4?!F=C84?8`4>8=5!
GE4C>8C7F!
R8??!G=F8>8D7?2!GE768C>!
456!
G4E75>4?!
H8545C84?!
7]G7E875C7
F!R8??!
5794>8D7?2!GE768C>
!737E9859!46<?>F^!
CE768>_67@>!
4>>8><67F
Y!$kNCd!)=!G4E75>4?!F=C84?8`4>8=5!GE4C>8C7F!
G=F8>8D7?2!GE768C>!
456!G4E75>4?!
H8545C84?!
7]G7E875C7
F!5794>8D7?2!GE768C>
!737E9859!46<?>F^!CE768>_67@>!
@7:4D8=E
t!!JNCd!/4E75>4?!F=C84?8`4>8=5!GE4C>8C7F!
R8??!G=F8>8D7?2!GE768C>!
456!
G4E75>4?!
H8545C84?!
7]G7E875C7
F!R8??!
5794>8D7?2!GE768C>
!737E9859!46<?>F^!
CE768>_67@>!
@7:4D8=E
Y!%1724019!
,469>24<2
+!/1G;4C?Q,4G2?0;4C
!$kL4d!)=!G4E75>4?!F=C84?8`4>8=5!GE4C>8C7F!
G=F8>8D7?2!GE768C>!
456!G4E75>4?!
H8545C84?!
7]G7E875C7
F!5794>8D7?2!GE768C>
!737E9859!46<?>F^!F4D859F_85D7F>859!
Q5=R?7697
t!JL4d!/4E75>4?!F=C84?8`4>8=5!
GE4C>8C7F
!R8??!G=F8>8D7?2!GE768C>
!456!
G4E75>4?!
H8545C84?!
7]G7E875C7
F!R8??!
5794>8D7?2!GE768C>
!737E9859!46<?>F^!
F4D859F_85D7F>859!
Q5=R?7697
Y!$kL@d!)=!G4E75>4?!F=C84?8`4>8=5!GE4C>8C7F!
G=F8>8D7?2!GE768C>!
456!G4E75>4?!
H8545C84?!
7]G7E875C7
F!5794>8D7?2!GE768C>
!737E9859!46<?>F^!F4D859F_85D7F>859!
4>>8><67F
t!!NaV!JL@d!/4E75>4?!F=C84?8`4>8=5!
GE4C>8C7F!
R8??!G=F8>8D7?2!GE768C>!
456!
G4E75>4?!
H8545C84?!
7]G7E875C7
F!R8??!
5794>8D7?2!GE768C>
!737E9859!46<?>F^!
F4D859F_85D7F>859!
4>>8><67F
Y!$kLCd!)=!G4E
75>4?!F=C84?8`4>8=5!GE4C>8C7F!
G=F8>8D7?2!GE768C>!
456!G4E75>4?!
H8545C84?!
7]G7E875C7
F!5794>8D7?2!GE768C>
!737E9859!46<?>F^!F4D859F_85D7F>859!
@7:4D8=E
t!JLCd!/4E75>4?!F=C84?8`4>8=5!GE4C>8C7F
!R8??!G=F8>8D7?2!GE768C>!
456!
G4E75>4?!
H8545C84?!
7]G7E875C7
F!R8??!
5794>8D7?2!GE768C>
!737E9859!46<?>F^!
F4D859F_85D7F>859!
@7:4D8=E
Y!K5=29?!,:7!3=67?F!8??<F>E4>7!
>:7!F><62
!:2G=>:7F7F!SF77!H89<E7F!
iU!\U!VU!NMU!NNU!456!NL!
H=E!345<FCE8G>!>R=!3=67?FXY!!
,:7!C=5F>E<C>!=H!G4E75>4?!
H8545C84?!
F=C84?8`4>8=5!R4F!
:2G=>:7F8`76!>=!
68E7C>?2!G=F8>8D7?2!GE768C>!H8545C84?!C4G4@8?8>2Y!!k
<7F>8=5F!=H!G4E75>4?!
F=C84?8`4>8=5!GE=C7FF!456!I<4?8>2
!R7E7!7]438576
Y!!(E7!?7FF=5F!=H!._)!456!A_&!?74E576!HE=3!
G4E75>Ft!
!&F!>:8F!7]G7E875C7!G=F8>8D7!=E!5794>8D7t!
!(E7!737E9859!46<?>F!@7859!>4<9:>!
7]G?8C8>
?2!=E!83G?8C8>?2t
!!A<ED72!I<7F>8=5F!
4FF7FF76
d!S4X!H8545C84?!C=33<58C4>8=5!@7>R775!
G4E75>F!456!>:78E!737E9859!46<?>!C:8?6U!S@X!>:7!H8545C84?!?7FF=5F!68FF73854>76!@2!G4E75>FU!
456!SCX!737E9859!46<?>F^!G7EC7G>8=5!=H!>:78E!G4E75>F!H8545C84?!F=C84?8`4>8=5!GE4C>8
C7FY!!.=5D7EF7?2U!G
4E75>4?!H8545C84?!7]G7E875C7F!
R7E7!:2G=>:7F8`76!
4F!68E7C>?2
!456!
5794>8D7?2!GE768C>859
!._)!456!A_&!Q5=R?7697U!4>>8><
67FU!456!@7:4D8=E
Y!!,:7!"37E9859!(6<?>!-8545C84?!
.4G4@8?8>2!A<ED72!4FQ76!G4E>8C8G45>F!>=!E7G=E>!=5!>:78E!G4E75>F^!7]G7E875
C7F!R8>:!Q72!
4FG7C>
F!=H!H8545C84?!F>E7FF
!SJ2!N4U!N@U!NCU!L4U!L@U!456!LC
XY!!NiM!-4C>=E!454?2F8F!
456!C=5H8E34>=E2!H4C>=E!454?2F8F!R7E7
!G7EH=E376!GE7D8=<F!>=!>7F>859!
H<??!3=67?FY!
!,:7F7!>7F>F!:7?G76!67>7E3857!5<3@7E!=H!H4C>=EF!456!8568C4>=EFU!456!GE=G7E!
3=67?!H8>Y
!!A>E<C><E4?!E79E7FF8=5!3=67?F!R7E7!GE=G=F76!4F!4!R42!>=!>7F>!>:7!68E7C>8=54?!
4FF<3G>8=5F!@7>R775!G4E75>4?!H8545C84?
!F=C84?8`4>8=5!456
!7]G7E875C7F!456!._)!456!A_&!
C4G4@8?8>2!SQ5=R?7697U!4>>8><67FU!456!@7:4D8=EX!
S$42Q=D!T!#4EC=<?867FU!LMMaX
Y!!!!!!NiN!K20F5=595CH
!/13I92+!'327C;4C!$=>90!:;414<;19!"1I18;9;0H!/>7G2H!
!/4E>8C8G45>F!
>4Q859!>:7
!I<45>8>4>8D7!
F<ED72!374F<E7
!R7E
7!C<EE75>!F><675>F!75E=??76!
85!45!
75>E2
;?7D7?
!G7EF=54?!H8545C7!
C=<EF7!=HH7E76!4>!
4!?4E97!#86R7F>7E5
!<58D7EF8>2
Y!!(??!
G4E>8C8G4>8=5!R4F!
D=?<5>4E2Y!!A
><675>F
!85!>:7!G7EF=54?!H8545C7!C=<EF7
!R7E7
!98D75!>:7!=G>8=5!=H!C=3G?7>859!>:7!F<ED72!SGE7!456!G=F>X!4F!
4!C=<EF7!4FF895375>Y!!&H!G4E>8C8G4>8=5!R4F!
67C?8576U!=E!8H!>:7!G4E>8C8G45>!686!5=>!H8>!>:7!85C?<F8=5!CE8>7E84
!SN\;cM!274EF!=H!497U!F><675>!
4>!>:7!G4E>8C8G4>859!<58D7EF8>2U!456!75E=??76!85!>:7!G7EF=54?!H8545C7!C=<EF7X
!>:72!:46!>:7!
=G>8=5!>=!
C=3G?7>7!45!4?>7E54>8D7!4FF895375>
Y!!A><675>F!=G>859!5=>!>=!C=3G?7>7!>:7!F<ED72!
=E!5=>!C=3G?7>859!@=>:!>:7!GE7
;456!G=F>
;>7F>F
!R7E7!5=>!
G754?8`76W
!>:72!
C=3G
?7>7
6!>:7!
7I<8D4?75>!4?>7E54>8D7!4FF895375>
!H=E!CE768>
Y!!!,:E=<9:!>:7
!G7EF=54?!H8545C7!C=<EF7!
F><675>F!E7C78D76!85F>E<C>8=5
!=5!>:7!@4F8CF!=H!
H8545C84?!?8>7E4C2Y!!(F!45!85>E=6<C>=E2U!F<ED72!C=<EF7!>:7!483!R4F!>=!GE=D867d!S4X!
45!<567EF>456859!=H!:=R!>=
!@<8?6!4!F>E=59!H8545C84?!H=<564>8=5U!S@X!45!<567EF>456859!=H!
H8545C84?!GE=6<C>F!456!E7F=<EC7FU!456!SCX!45!<567EF>456859!=H!>:78E!F>E759>:F!456!
R74Q57FF7F!4F!3=572!345497EFY!!,=G8CF!C=D7E76!=D7E!>:7!C=<EF7!=H!>:7!F737F>7E!85C?<676d!
@<8?6859!4!H8545C84?!H=<
564>8=5!S7Y9YU!H8545C84?!E7C=E6FU!F4D859FU!CE768>XU!@<8?6859!4!H8545C84?!
H<><E7!S7Y9YU!F>=CQFU!@=56FU!3<><4?!H<56FXU!456!@<8?6859!H8545C7!85!
4!H438?2!
C=5>7]>!S7Y9YU!
:=<F859U!7F>4>7!G?455859U!C=??797!F4D859FX!
SF77!(GG7568C7F!.!456!)!H=E!C=<EF7!F2??4@8XY
!!,:7!9=4?!R4F!>=!:4D7!45!
(wNUMMMU!E7GE7F75>859!4!F7>!=H!C=3G?7>76!GE7
;456!G=F>
;>7F>!
4FF7FF375>F
Y!!!!!!NiL!/13I92+!:5<>?!N75>I?
!!,:7!G<EG=F7!=H!>:7!H=C<F!9E=<GF!
R4F!>=!
:74E
!G4F>!456!GE7F75>!G7EF=54?!H8545C7!
F><675>F
^!>:=<9:>FU!H77?859FU!85>7EGE7>4>8=5FU!
456!
8674F!
E7?4>76!>=
d!S4X!4!9757E4?!
<567EF>456859!=H!CE768>_67@>U!F4D859F_85D7F>859
U!456!H8545C84?!C4G4@8?8>2W!S@X!F7?7C>!E7F<?>F!
HE=3!>:7!I<45>8>4>8D7!454?2F8FW!
456!
SCX!F<997F>8=5F!H=E!H8545C84?!76<C4>8=5Y!!,:8F!67F895!4?F=!
:7?G76!>=!GE=D867!
>E8459<?4>8=5!
S.=?<CC8U!LMMiW!B<837>!7>!4?YU!LMMjW!$8>C:87!T!+7R8FU!LMMcX
Y!!,:7!9=4?!H=E!
E7CE<8>375>!
R4F!4!38583<3!=H
!H8D7!G4E>8C8G45>F!456!4!34]83<3!=H!789:>
!G4E>8C8G45>F
Y!!,:8F!E4597!=H!G4E>8C8G45>F!4??=R76!H=E!4!C=3H=E>4@?7!4>3=FG:7E7
U!?4E97
!75=<9:!H=E!G4E>8C8G45>F!>=!H77?!
F7C<E7!4C>8D7?2!G4E>8C8G4>859
U!456!
F34??!75=<9:!>=!67CE74F7!
85>83864>8=5!456!
>:7!
@2F>4567E!7HH7C>Y!!
/4E>8C8G45>F!
R7E7
!=D7E!E7CE<8>76!
@2!=57!=E!>R=
!>=!
GE=>7C>!49485F>!
?7D7?F!=H!4>>E8>8=5
!456!9<4E45>77!4>!?74F>!H8D7!G4E>8C8G45>F!85!74C:!9E
=<G!S.=?<CC8U!LMMiW!.E7FR7??!T!.?4EQU!LMMiW!)4?2U!LMMiX
Y!!#4EF:4??!456!$=FF345!SLMNNX
!F>4>76!
H=C<F!9E=<G
F!8674??2!R=<?6!E4597!F=37R:7E7!@7>R775!H=<E!456!>R7?D7!G4E>8C8G45>F
Y!!(3@7E>!7>!4?Y!SNVVOX
!F>4>76!>:4>!
R8>:85!I<4?8>4>8D7!E7F74EC:!>:7E7!8F!5=!F>4564E6!E<?7!H=E!
F43G?7!F8`7Y!!,:7!I<4?8>4>8D7!F43G?7!F8`7!F:=<?6!34>C:!>:7!F><62oF!G<EG=F7U!E7F74EC:!
I<7F>8=5FU!
>:7=E7>8C4?!
HE437R=EQU!456!4D48?4@8?8>2!=H!F<@P7C>FY!
!/4E>8C8G45>F!
R7E7
!E7CE<8>76
!85!>R=
!R42Fd
!>:E=<9:!E7C<EE859!455=<5C7375>F!>=!
C<EE75>!F><675>F!6<E859!
>:7!G7EF=54?!H8545C7!C=<EF7
!SF77!(GG7568]!BX
!456!>:E=<9:!
7348?!
E7I<7F>
F!F75>!>=!
GE7D8=<F!F><675>F!4CE=FF!>:7!F8]!F737F>7E!>837!HE437!=H!>:7!F><62
!SF77!(GG7568]!'XY!
!(F!>:7!85C?<F8=5!CE8>7E84
!F>4>76
U!E7CE<8>F!R7E7!N\
;cM!274EF!=H!497U!
75E=??76!4>!
>:7!<58D7EF8>2U!456!:46!
GE7D8=<F?2!C=3G?7>76!=E!R7E7!C<EE75>?2!75E=??76!85!>:7!G7EF=54?!
H8545C7!C=<EF7Y
!!!!Nic!%75<2=>72?
!(!>R=;F>7G
!64>4!C=??7C>8=5!
456!454?2F8F!
GE=C7FF!
R4F!83G?7375>76
Y!!-8EF>U
!4!C=3GE7:75F8D7!
F7?H
;E7G=E>!
F<ED72!
374F<E7!=H!H8545C84?!C4G4@8?8>2!
R4F!68F>E8@<>76
!85!4!GE7
;456!G=F>
;>7F>!H4F:8=5
!>=!737E9859!46<?>!C=??797!F><675>F!>4Q859!4
5!85>E=6<C>=E
2!G7EF=54?!
H8545C7!C=<EF7
Y!!A7C=56U!4F!4!H=E3!=H!>E8459<?4>8=5U!
>R=!H=C<F!9E=<GF
!R7E7
!4FF73@?76
Y!!,:7!9E=<GF!46676!85
;67G>:!454?2F8F!=H!>:7!I<45>8>4>8D7!E7F<?>FU!4F!R7??!4F
!>:78E
!>:=<9:>F!456!
H77?859F!E794E6859!H8545C84?!76<C4>8=5!4>!:=37!>:E=<9:!H8545C84?!F=C84?8`4>8=5!456!=5
!C43G<F!
>:E=<9:!H=E34?!H8545C84?!76<C4>8=5
Y!'327C;4C!
$=>90!:;414<;19!
"1I18;9;0H!/>7G2H!%7505<59
!(H>7E!E7C78D859!=HH8C84?!G7E38FF8=5!HE=3!>:7!<58D7EF8>2^F!85F>8><>8=54?!E7D87RU!
GE=>7C>8=5U!
456!85>79E8>2!@=4E6!>
:7!"37E9859!(6<?>!-8545C84?!.4G4@8?8>2!A<ED72
!S"(-.A
X!R4F!
68FF73854>76!
4CE=FF!
F8]!F737F>7EFY!!
(!>743!=H!E7F
74EC:7EF!HE=3!4!A=<>:7E5!(>?45>8C!
<58D7EF8>2!CE74>76
!456!G8?=>76
!>:7!374F<E7
Y!!(F!4!C=??4@=E4>8D7!7HH=E>!
=D7E!>:7!FG45!=H!4!
274E!456!4!:4?H
!>:7
!F<ED72!R4F!GE=D8676!>=!737E9859!46<?>!C=??797!F><675>F
Y!!,:7!F<ED72!456!
4??!E7C=E676!
64>4!
R7E7
!:=<F76!85!A-"%:/$
1,2!45!=5?857!F<ED72!CE74>8=5!456!
345497375>
!:<@Y!
!A<ED72!6
4>4!C=??7C>8=5!H=E!>:8F!F><62!FG45!HE=3!
#42!LMNc!>:E=<9:!(<9<F>!LMNj
Y!!)<E859!>:8F!G7E8=6!>:7!H4??!456!FGE859!F737F>7EF!R7E7!>4<9:>!H4C7
;>=;H4C7!456!>2G8C4??2!
57>>76!@7>R775!cMM;cOM!F><
675>FY!!
)<E859!F<337E
U!>:7E7!R7E
7!>R=!=5?857!F7C>8=5F!=HH7E76!
S4!456!@
!F7FF8=5FX!R8>:!4!>2G8C4?!75E=??375>!=H!NMM
;NOM!F><675>FY!!
!'327C;4C!1=>90!6;414<;19!<1I18;9;0H!321?>72J
!!,:7!"(-.A!8F!4!NOa
;I<7F>8=5!
4FF7FF375>!=H!H8545C84?!C4G4@8?8>2
!85C?<6859!I<7F>8=5F!=H!
H8545C84?!Q5=R?7697U!4>>8><67FU!@7:4D8=E
U!3=>8D4>8=5FU
!F=C84?8`4>8=5U
!456!4@8?8>2
Y!!,:7!374F<E7!
=5!4D7E497!:4F!4!>837!>=!
!Nij!C=3G?7>8=5!=H!
aM;VM!385<>7F
Y!!k<7F>8=5F!
R7E7!=E9458`76!@2!C4>79=E2
d!S4X!H8545C84?!
Q5=R?7697U!4>>8><67FU!456!@7:4D8=EW!S@X!H8545C84?!F=C84
?8`4>8=5W!SCX!85H?<75C7F!=5!H8545C84?!
?8>7E4C2W!S6X!H8545C84?!7]G7E875C7
!456!4CC7FF
W!S7X!F4?87
5>!E7?4>8=5F:8GF!456!>:78E!?85Q
!>=!
H8545C7W!456!SHX!673=9E4G:8C!I<7F>8=5F
Y!!!:5<>?!
N75>I!%7505<59
!(!>=>4?!=H!>
R=!H=C<F!
9E=<G!F7FF8=5F!
R7E7
!:7?6
Y!!,:7!>R=!F7G4E4>7
!F7FF8=5F!4??=R
76!H=E!4!38]><
E7!=H!8568D86<4?F!>=!G4E>8C8G4>7!456!GE=D867!68D7EF7!G7EC7G>8=5FU!E7FG=5F7FU!456!
=G858=5F!S#4EF:4??!T!$=FF345U!LMNNX
Y!!J=?6859!>R=!F7G4E4>7!F7FF8=5F!
R4F!83G=E>45>!4F!
#4EF:4??!456!$=FF345!SLMNNX
!F>4>76U!
nYYYH=C<F!9E=<G!85>7ED87RF!342!@7!C=56<C>76!F7D7E4?!
>837F!R8>:!68HH7E75>!8568D86<4?F!F=!>:4>!>:7!E7F74EC:7E!C45!8675>
8H2!>E756F!85!>:7!
G7EC7G>8=5F!456!=G858=5F!7]GE7FF76n!SG
Y!NOMXY!!!(!F4H7
!456!75C=<E49859!4>3=FG:7E7!R4F!CE74>76!R8>:!8C7!@E74Q859!C=5D7EF4>8=5F!
GE7D8=<F!>=!
>:7!
=HH8C84?!F>4E>U!GE=D86859!E7HE7F:375>FU!456!C=5F>E<C>859!>:7!E==3!>=!
7F>4@?8F:!4!C=3H=E>4@?7!FG4C7!S7Y9YU!C:48EF!85!4!C8EC?7XY!!
"4C:!F7FF8=5!?4F>76!4GGE=]834>7?2!
>R=!:=<EF!456!
85C?<676
!H=<E
!F7C>8=5Fd!
S4X!85>E=6<C>8=5F!456!E7D87R!=H!>7E3F
!S7Y9YU!F><62!
D=C4@<?4E2!456!=G7E4>8=54?!67H858>8=5FXW
!S@X!9757E4?!83GE7FF8=5F!=H!._)!456!A_&!C4G4@8?8>2
W!SCX!454?2F8F!
=H!I<45>8>4>8D7!
E7F<?>FW
!456!
S6X!83GE7FF8=5F!=H!
76<C4>8=54?
!85H?<75C7
F!456!
C=5C?<6859!>:=<9:>F
!SF77!(GG7568]!A!H=E!D=C4@<?4E2!>7E3!F:77>X
Y!!-8EF>U!85>E=6<C>8=5F!
@7>R775
!G4E>8C8G45>F!456!>:7!3=67E4>=E!R7E7!3467Y!
!)<E859!>:8F!>837!4!F:=E>!67
3=9E4G:8C!
F<ED72!456!
>:7!85H=E376!C=5F75>!
R4F!C=3G?7>76Y!!&5!4668>8=5U!E
<?7F!456!83G=E>45>!>7E3F!
456!=G7E4>8=54?!67H858>8=5F
!R7E7!E7D87R76
Y!!A7C=56U!=5C7!C=5F75>!R4F!98D75U!=G75859!
I<7F>8=5F!E7?4>76!>=!
9757E4?
U!G7EF=54?!7D4?<4>8=5F
!=H!._)!C4G4@8?8>2!456!A_&!C4G4@8?8>2Y!!,:7!
>:8E6!F7C>8=5!
H=C<F
76!=5!68FC<FF8=5!=H!>:7!F<ED72!E7F<?>F
Y!!k<7F>8=5F!=H!H8545C84?!C4G4@8?8>2!
!NiO!456!D4E84@?7!E7?4>8=5F:8GF!
R7E7
!68E7C>?2
!85H?<75C76
!@2!>:7!
I<45>8>4>8D7!
E7F<?>F
Y!!,:7F7!I<7F>8=5F!H=C<F76!=5!F8958H8C45>!E7F<?>F!456!>:737F!>:4>!737E976!
6<E859!64>4!454?2F8F
Y!!,:7!H854?
!F7C>8=5!
C=D7E76!G7EC7G>8=5F!=H!H8545C84?!76<C4>8=5
'HE=3!H=E34?!FC:==?859!456!G4E75>4?!
H8545C84?!
F=C84?8`4>8=5
Y!!J7E7U!I
<7F>8=5F!=H!H8545C84?!76<C4>8=5!H=E3U!HE7I<75C2U!
I<4?8>2U!456!
F=<EC7
!R7E7!
G=F76
Y!!!(??
!I<7F>8=5F
!4FQ76!H=E!G4E>8C8G45>F^
!>:=<9:>FU!H77?859FU!456!E7H?7C>8=5FY!!,:7!483!R4F!
>=!GE=D867!4!
?==F7!F>E<C><E7!H=E!68FC<FF8=5
Y!!Z:75!57C7FF4E2
U!4668>8=5
4?_H=??=R
;<G!GE=3G>F!
R7E7!
98D75Y!!#4>>:7RF!SLMMOX
!F>4>76!>:4>!
CE74>859!45!85>7ED87R!GE=>=C=?!E7I<8E7F!6E4H>859!
I<7F>8=5F!>:4>!4E7!@72=56!n27Fn!456!n5=n!45FR7EFY!!,:7!=@P7C>8D7!8F!>=!94E57E
!G4E>8C8G45>!
F>=E87FU!5=>!4??=R!=57
;R=E6!45FR7EFU!=E!H=EC7!FG7C8H8C!G4E>8C8G45>!E734EQFY!!
,:7!G<EG=F7!=H!
>:7
!6E4H>76
!I<7F>8=5F!
R4F!>=!75C=<E497!456!H4C8?8>4>7!D8@E45>!7]GE7FF8=5!HE=3!G4E>8C8G45>F!
S#4EF:4??!T!$=FF345
U!LMNNXY!!-8]76U!F>4564E68`76!I<7F>8=5F!
R7E7!5=>!57C7FF4E2
Y!!,:7!9=4?!
R4F!<546<?>7E4>76!
=G858=5F!456!
7]GE7FF8=5F!GE=D8676!R8>:=<>!C=7EC8=5!S$8C:4E6F
U!LMMVXY!&7>?0B570F;42??J!!
J=R!=57!4FF7FF7F!E7?84@8?8>2U!D4?868>2U!456!I<4?8>2!68HH7EF!
@7>R775!I<45>8>4>8D7!456!I<4?8>4>8D7!E7F74EC:Y
!!(CC=E6859!>=!
0?==3@7E9!456![=?G7!SLMM\X
!4!3485!68HH7E75C7!H=E!I<4?8>4>8D7!F><687F!8F!qh>:4>!>:7!H=C<F!8F!=5!:=R!R7??!>:7!E7F74EC:7E!
:4F!GE=D8676!7D8675C7!>:4>!:7E!=E!:8F!67FCE8G>8=5F!456!454?2F8F!E7GE7F75>!>:7!E74?8>2!=H!>:7
!F8><4>8=5F!456!G7EF=5F!F><6876
r!SGY!iiXY!!,:8F!E7?4>7F!>=!>
:7!C=5C7G>!=H!>E<F>R=E>:857FF
U!>:7!
GE=C7FF!=H!75F<E859
!q>:7!E89=E!456!<F7H<?57FF!=H!4!I<4?8>4>8D7!F><62r!
S#4EF:4??!T!$=FF345U!
LMNNU!GY!jMX
Y!!-=E!>:8F!F><62
U!>E<F>R=E>:857FF!
R4F!G4>>7E576!4H>7E!3=67?F!F7>!H=E>:!@2!
+85C=?5!456!%<@4!SNV\OX!456!
.E7FR7??!456!#8??7E!SLMMMX
Y!!A>7GF!>=!75F<E7!CE768@8?8>2!456!
>E45FH7E4@8?8>2!R7E7!>4Q75!GE8=E!>=!>:7!F>4E>!=H!>:7!F><62!456!>:E=<9:=<>!>:7!6<E4>8=5!=H!>:7!
F><62Y!!,:7F7!F>7GF!85C?<676d!S4X!CE74>859!4!E7H?7]8D7!F>4>7375>!456!Q77G859!4!E7H?7]8D7!
!Nia!P=<E54?W!S@X!67D7?=G859!45!4<68>!>E48?W!S
CX!<F859!
3<?>8G?7!F=<EC7F!=H!64>4
KI<45>8>4>8D7!
F<ED72!374F<E7!456!H=C<F!9E=<GFW!S6X!E7G74>76!759497375>
KGE7
;456!G=F>
;>7F>F!456!
3<?>8G?7!H=C<F!9E=<G!F7FF8=5FW!456!S7X!>E8459<?4>8=5
K6<4?!G:4F7!64>4!C=??7C>8=5!456!
454?2F8F!GE=C7FFU!3<?>8G?7!37>:=6F!4FF7FF
859!>:7!F437!I<7F>8=5F
!SF77!(GG7568]!/!H=E!4<68>!
>E48?X
Y!!!!Nii!$419H?;?
!%914!U>140;010;G2!
-101
!!k<7F>8=5F!E7?4>76!>=!
G4E75>4?!
H8545C84?!
F=C84?8`4>8=5!GE4C>8C7F
!456!
7]G7E875C7F
!R7E7!
>4Q75!HE=3!>:7!"(-.A
Y!!*567E!G4E75>4?!F=C84?8`4>8=5!>:7E7!
R7E7
!F8]!>=>4?!I<7F>8=5F
!S7Y9YU!q"]>75>!=H!"]G?8C8>!G4E75>4?!>74C:859
h0<8?6859!9==6!CE768>
rXY!!,:7E7!R7E7!H=<E
!I<7F>8=5F!
<567E!G4E75>4?!H8545C84?!7]G7E875C7!S7Y9YU!
q(E7!=57!=H!2=<E!G4E75>F!C?4FF8H876!4F!<573G?=276!
=E!<567E73G?=276t
rX!SF77!(GG7568]!&X
Y!!k<7F>8=5F!
E7?4>76!>=U!456!
677376!>=!H8>!R8>:8
5!>:7!C4>79=E87F!=H!
._)!456!A_&!
Q5=R?7697U!4>>8><67FU!456!@7:4D8=E
!R7E7!F7?7C>76!@2!>:7!
E7F74EC:7EY!!Z8>:85!>:7!C4>79=E2!=H!._)
!H8545C84?!Q5=R?7697!
R7E7
!I<7F>8=5F!E7?4>76!>=
!C=5F<37E!CE768>d!
85>7E7F>!E4>7FU!CE768>!FC=E7!456!CE768>!E7G=E>
U!CE768>!?4RFU!456!F><675>!
?=45F
Y!!A4D859F_85D7F>859!H8545C84?!Q5=R?7697!E7GE7F75>76!>:7!@4F8CF!=H!
34549859!456!
85D7F>859!3=572
d!F4D859F!85>7E7F>!E4>7FU!85H?4>8=5U!85D7F>859!E8FQU!456!E7>8E7375>Y!
!,:7E7!R7E7!LV!>=>4?!H8545C84?!Q
5=R?7697!I<7F>8=5F
!S._)!456!
A_&XY!!,:7F7!I<7F>8=5F!
R7E7
!E7;C=676!=57!H=E!4!C=EE7C>!45FR7E!456!4!
`7E=!H=E!45!85C=EE7C>!45FR7E!SF77!(GG7568]!-X
Y!!-8545C84?!
4>>8><67F!H=E!._)
!456!A_&!E7D=?D76!4E=<56!F<@P7C>8D7!H8545C84?!Q5=R?7697Y!
!k<7F>8=5F!
4FF7FF76!
=57^F!<567EF>456859!456!7F>834>8=5!=
H!G=F8>8D7
U!5794>8D7U!456!4D=8645>!._)!456!
A_&!GE4C>8C7FY!!
Z8>:85
!H8545C84?!4>>8><67F!
S._)!456!
A_&X!>:7E7!R7E7
!H=<E
!I<7F>8=5F!
R8>:
!3<?>8G?7!
F<@F7C>8=5F
!SF77!(GG7568]!%X
Y!!,:E77!=H!>:7!
H=<E
!I<7F>8=5
!F<@F7C>8=5F
!R7E7!
E7D7EF7!C=676!F=!>:4>!:89:7E!FC=E7F!E7H?7C>76!G=F8>8D7!H8545C84?!GE4C>8C7
FY!!.E768>_67@>!
@7:4D8=E!85C?<676!I<7F>8=5F!=H!:=?6859FU!CE768>!FC=E7!456!E7G=E>859U!>=>4?!67@>!?7D7?FU!67@>!
G42375>FU!456!E7F74EC:!=H!>7E3F!45
6!C=568>8=5FY!
!,:7!C4>79=E2!=H!A_&
!@7:4D8=E
!:46!
I<7F>8=5F!>:4>!E45976!HE=3!:=?6859F!>=
!E79<?4E!F4D859F!456!85D7F>859!GE4C>8C7F
Y!!,:7E7!R7E7
!!Ni\!Ni!I<7F>8=5F!<567E!H8545C84?!@7:4D8=E!S
._)
!456!
A_&X!456!>:E77
!R7E7
!E7D7EF7!C=676!SF77!
(GG7568]!JX
Y!!!K5=29!<54?07><0;54J
!!A7D7E4?!3=67?F!=H!>:7!
GE=G=F
76!D4E84@?7F!456!>:78E!
E7?4>8=5F:8G
!R8>:!=57!45=>:7E
!R7E7
!CE74>76
Y!!,:7F7!3=67?F!
R7E7
!>7F>76!<F859
!@B%-,
!456!F>E<C><E4?!7I<4>8=5!3=67?859!SA"#X
!S#<>:75!T!#<>:75U!NVV\X
Y!!A>E<C><E4?!7I<4>8=5!
3=67?859!8F!
4!F<8>7!=H!F>4>8F>8C4?!>7F>F!S7Y9YU!C=5H8E34>=E2!H4C>=E!454?2F8FU!?4>75>!C:4597!FC=E7U!
37684>8=5X!G=G<?4E!H=E!>:78E!4@8?8>2!>
=!>7F>!>:7=E87FU!?4>75>!D4E84@?7FU!
456!E7?4>8=5F:8GF!
@7>R775!3<?>8G?7!D4E84@?7FY!
!$42Q=D!456!#4EC=<?867F!SLMMaX
!GE=D8676!>:7!H=??=R859!=D7ED87R
!=H!A"#!F42859!8>U!qh754@?7F!E7F74EC:7EF!>=!E7468?2!67D7?=GU!7F>834>7U!456!>7F>!C=3G?7]!3<?>8D4E84@?7!3=67?FU!
4F!R7??!4F!>=!F><62!@=>:!68E7C>!
456!8568E7C>!7HH7C>F!=H!D4E84@?7F!85!4!98D75!3=67?r!SGY!NXY
!!B57!
=H!>:7!:4??34EQF!=H!A"#!8F!8>F!4@8?8>2!>=!7]G?8C8>?2!4CC=<5>!H=E!374F<E7375>!7EE=EY!!
$42Q=D!456!#4EC=<?867F!SLMMaX
!F>4>76U!q&5!>:7!C?4FF8C4?!4GGE=4C:7FU!>2G8C4??2!3=67?F!4E7!H8>!>=!E4R!
64>4!456!5=!7EE=E!=H!374F<E7375>!85!>:7!8567G75675>!D4E84@?7F!8F!4FF<376r!SGY!cXY!!
&5!A"#!7EE=E!8F!4FF<376!456!4CC=<5>76!H=E!R8>:85!>:7!=@F7ED76!8568C4>=EFY
!!$7?84@8?8>2!H=E!74C:!
I<7F>8=5!F<@FC4?7!R4F!67>7E38576!>:E=<9:!F>E<C><E4?!7I<4>8=5!3=67?859!456!3=6
7?!H8>Y!!
1459!456!%E775!SLMNNX
!F>4>76!>:4>!C=7HH8C875>!4?G:4!S
!X!4FF<37F!7I<4?!H4C>=E!?=46859F!456!
6=7F!5=>!85C?<67!374F<E7375>!7EE=EY!!,:<FU!>7F>859!57F>76!3=67?F!>:E=<9:!A"#!R4F!
<F76!
85!G?4C7!=H
!67>7E385859!C=7HH8C875>!4?G:4Y
!B5?2!>837!SGE7
;>7F>X!=57
!64>4!
R7E7
!<F76!R8>:85!>:7!3=67?FY!!,7F>859!68E7C>8=54?!456!
5=5;>837!@=<56!E7?4>8=5F:8GF!R4F!>:7!GE834E2!9=4?!=H!>:8F!454?2F8FY!!,:<FU!8>!R4F!
67>7E38576!>:4>!>837!=57!64>4!
R7E7
!F<HH8C875>!>=!>7F>!>:7!GE768C>8D7!E7?4>8=5F:8G!@7>R775!
>:7!G4E75>4?!85H?<75C7!D
4E84@?7F!S7]G7E875C7!456!F=C84?8`4>8=5X!456!>:7!H8545C84?!C4G4@8?8>2!
!NiV!D4E84@?7F!SQ5=R?7697U!4>>8><67F!456!@7:4D8=EXY!!J=R7D7EU!85!>7E3F!=H!>:7!E7FG=5F8@?7!
C=56<C>!=H!E7F74EC:
U!4??!64>4!
R7E7
!G<EG=F7H<??2!C=??7C>76!H=E!454?2F8F!4CE=FF!3<?>8G?7!
F><687FY!
!!k<45>8>4>8D7!64>4!R7E7!=E9458`76U!E7
;C=676U!456!>7F>76
!85!>:7!H=??=R859!R42d!S4X!
A-"%:/$1,
!R4F!<F76!
H=E!F<ED72
!345497375>
K64>4!R7E7!:=<F76
W!S@X
!5F1.%
!SD7EF8=5!NjX!R4F!
<F76!H=E!=E9458`4>8=5
K64>4!R7E7
!F7G4E4>76!456!
=E67E76!@2!F737F>7E!456!GE7
;456!G=F>
;>7F>!
F>4><F
W!SCX!0H00!SD7EF8=5!LNX!R4F!<F76!H=E!
C?4FF8H8C4>8=5
KD4E84@?7F!R7E7!E7
;54376!456!
E7;C=676U!9E=<G76!85>=!F<@FC4?7FU!456!
374F<E7375>!?7D7?F!R7E7!67H8576
W!456!S6X!@B%-,
!SD7EF8=5!iX!H=E!64>4!454?2F8F
K"-(U!.-,U!456!
F>E<C><E4?!E79E7FF8=5!3=67?F
!R7E7!E<5!
S&0#!
.=EGYU!LMNLW!#8CE=F=H>YU!LMNNW!#<>:75!T!#<>:75U!NVV\W!k<4?>E8CFU!LMNOX
Y!!!*58I<7!5<37E8C4?!&)F!R7E7!4FF89576!>=!74C:!G4E>8C8G45>Y!!,
:7!&)F!E7GE7F75>76!>:7!
F737F>7E!
>:7!C=<EF7!R4F!
C=3G?7>76!SH4??U!FGE859U!F<337E!4U!F<337E!@XU!>:7!FC:==?!274EU!
456!4!>:E77!6898>!G4E>8C8G45>!C=67Y!!
*5868375F8=54?
!8>73!E7FG=5F7!>:7=E2
!S&$,X!R4F!<F76!>=!
>7F>!>
:7!C<EE75>!456!:2G=>:7F8`76!C=6859!FC:737F!H=E!
=57!I<7F>8=5
!SkNjN
;G4E75>4?!
F=C84?8`4>8=5X
Y!!,:7!:2G=>:7F8`76!C=6859!FC:737!R4F!@4F76!=5!
Q5=R?7697!=H!>:7!>=G8C!456!
GE7D8=<F!?8>7E4><E7
Y!!,:7!57R!FC:737!E7GE7F75>76!4!9E46875>!HE=3!5794>8D7!G4E75>4?!
85>7E4C>8=5
F!S32!G4E75>F!<F<4??2!4E9<76!4@=<>!>:7!H8545C7F
;NX!>=!G=F8>8D7!S32!G4E75>F!
7]G?8C8>?2!>4<9:>!37!4@=<>!H8545C7F
;jXY!!,:7!E7F<?>F!E7D74?76!>:4>!>:7!57R!45FR7E!C:=8C7F!
R7E7!:89:?2!68FCE83854>7
!S&$,!E7F<?>F!4D48?4@?7!<G=5!E7I<7F>X
Y!!(??!
C=6859!C:4597F!R7E7!
6=C<375>76!85!>:7!I<7F>8=5!F<@FC4?7F!SF77!(GG7568C7F!-!
m!bXY!!
#8FF859!64>4
!R7E7!C=676!85!
0H00!SVVVXY!!Z8>:85!
@B%-,
!38FF859!64>4!R7E7!
4FF7FF76!456!
:456?76!@2!?8F>
R8F7!67?7>8=5Y!
!,:8F!37>:=6!=H!:456?859!38FF859!64>4!7]C
?<67F!C4F7F!R8>:!38FF859!D4?<7FY!!+8F>R8F7!
67?7>8=5!
!N\M!8F!>:7!67H4<?>!H=E!
@B%-,
!456!>:7!GE834E2!H=E3!=H!
:456?859
!38FF859!64>4!R8>:!C4>79=E8C4?!
=<>C=37F!
S&5F>8><>7!H=E!)898>4?!$7F74EC:!456!"6<C4>8=5!*.+(U!LMNOX
Y!:1<057!1419H?;?J
!!,:8F!H=E3!=H
!454?2F8F!8F!<>8?8`76!>=!
7D4?<4>7
!?4>75>!C=5F>E<C>F!456!
>:7
8E!:2G=>:7F8`76!E7?4>8=5F:8GFY
!!,=!>7F>!>:7F7!>:7=E7>8C4?!C=5F>E<C>F
U!=@F7ED76!
8568C4>=EF!
4E7!374F<E76
Y!!-8EF>U!8
5!=E67E!>=!67>7E3857!
>:7!3=F>!G4EF83=58=<F!3=67?U!
5<3@7E!=H!
H4C>=EFU!>:7!H4C>=E!F>E<C><E7U!456!7F>834>76!E7?4>8=5F:8GF!@7>R775!?4>75>!H4C>=EF!456!
8568C4>=EF
U!7]G?=E4>=E2!H4C>=E!454?2F8F
!S"-(X
!8F!GE7H=E376
!S#<>:75!T!#<>:75U!NVV\
;LMNLW!$42Q=D!T!#4EC=<?867FU!LMMaX
Y!!-=E!74C:!
F<@FC4?7
!S7Y9YU!._)!Q5=R?7697X
!"-(!R4F!<F76!>=!
>7F>!3=67?F!D4E2859!85!F>E<C><E7!HE=3!=57!>=!H=<E!H4C>=EF
Y!!-=??=R859!>:8FU!
C=5H8E34>=E2!
H4C>=E!454?2F8F!S
.-(X!R4F!<F76!=5!>:7!GE767>7E38576
!3=67?
Y!!,:8F!F>7G!
4HH8E3
F!>:7!
H4C>=E!
F>E<C><E7!456!H8>!R8>:!>:7!64>4Y!
!$42Q=D!456!#4EC=<?867F
!SLMMaX!F<334E8`76U
!qJ75
C7U!85!.-(!S4X!>:7!>:7=E2!C=37F!H8EF>U!S@X!>:7!3=67?!8F!>:75!67E8D76!HE=3!8>U!456!H854??2!SCX!>:7!
3=67?!8F!>7F>76!H=E!C=5F8F>75C2!R8>:!>:7!=@F7ED76!64>4r!
SGY!NNiX
Y!!&5!4668>8=5U!6
<E859!.-(!
>:7!3=67?!R4F!3=68H876!>=!83GE=D7
!456!67>7E3857!4CC7G>4@?7!
H8>Y!!
!A4>8FH4C>=E2
!3=67?!H8>!8568C4>7F!>:7!3=67?!H8>F!>:7!64>4!85!4!G?4<F8@?7!R42Y!
!-8>!R4F!
7D4?<4>76!@4F76!=5!>:7
!H=??=R859!
8568C7F!456!C<>=HH!?7D7?Fd
!S4X!
>:7!.=3G4E4>8D7!-8>!&567]!
S.-&X!4>!=E!4@=D7!YVO
U!S@X!>:7!
,<CQ7E!+7R8F!&567]!S,+&X!4>!=E!4@=D7!YVO
U!SCX!>:7!
$==>!#745!AI<4E7!"EE=E!=H!(GGE=]834>
8=5!S$#A"(X!
?7FF!>:45!YMaU!
456!
S6X!>:7!$#A"(!VMp!C=5H8675C7!
85>7ED4?!R8>:!45!<GG7E!@=<56!?7FF!>:45!YMa!
SJ<!T!075>?7EU!NVVVX
Y!!!K5=29!02?0;4CJ
!!(H>7E!
>:7!
C=5F>E<C>F!R7E7!7D4?<4>76!>:E=<9:!"-(!456!.-(
U!F>E<C><E4?!E79E7FF8
=5!3=67?F!R7E7!H=E376!>=!>7F>!4??!E7?4>76!:2G=>:7F7FY!!,:7F7!3=67?F!
<F76!E79E7FF8=5!7I<4>8=5F!>=!
4FF<37!68E7C>8=54?
!E7?4>8=5F:8GF!@7>R775!
>:7!
?4>75>!D4E84@?7FY!
!!N\N!A<GG=F8>8=5F!=H!7]G?454>=E2!E7?4>8=5F:8GF!@7>R775!G4E75>4?!85H?<75C7!D4E84@?7
F!456!._)!
456!A_&!
C4G4@8?8>2!R7E7!78>:7E!E7>48576!=E!E7P7C>76Y
!U>19;010;G2!
-101
!!,:7!G<EG=F7
!=H!>:7!H=C<F!9E=<GF
!R4F!>R=
;H=?6Y!
!,:7!H8EF>!9=4?!R4F!
>=!D4?864>7!>:7!
I<45>8>4>8D7!E7F<?>F!>:E=<9:!>E8459<?4>8=5Y!!
,:8F!D4?864>8=5!=H!64>4
!GE=D867
F!3<?>8G?7!
G7EFG7C>8D7F!HE=3!3<?>8G?7!G=85>F!=H!D87R!456!3<?>8G?7!F=<EC7F!=H!64>4!
S)4?2U!LMMiX
Y!!(F!
$8C:4E6F!
SLMMVX!F>4>76U!n=H>75U!<F859!3<?>8G?7!4GGE=4C:7F!GE=38F7F!D7E2!85>7E7F>859!
E7F<?>FW!8>oF!4?R42F!85>7E7F>859!>=!F77!>:7!F437!I<7F>8=5!68H
H7E75>!R42Fr!SG
Y!NjVXY!!A7C=56?2U!Q72!>=!>:8F!7]G?=E4>8=5!R4F!G4E>8C8G45>F!GE=D86859!>:78E!=R5!>:=<9:>F!456!=G858=5F!85!>:78E!
D=8C7U!<F859!>:78E!D=C4@<?4E2U!456!GE8=E8>8`859!R:4>!8F!83G=E>45>!>=!>:73Y!!,:7!483!R4F!>=!
E7C78D7!H8EF>
;:456!4CC=<5>FU!85!>:7!G4E
>8C8G45>F^!D=8C7!
Se8>`8597EU!NVVOX
Y!!/4E>8C8G45>F!
C=3375>76!=5!>:78E!=R5!._)!456!A_&!C4G4@8?8>2U
!E74C>76!>=
!F7?7C>!F<ED72!E7F
<?>FU!456!46676!>:78E!85F89:>!>=
!G4E75>4?!F=C84?8`4>8=5!456!H8545C84?!76<C4>8=5
Y!!)<E859!>:7!H=C<F!9E=<G!
F7FF8=5FU!=@F7ED4>8=54?!5=>7F!R7E7!>4Q75!456!4H>7E!74C:!F7FF8=5!
4668>8=54?!5=>7F!456!C4F<4?!
=@F7ED4>8=5F!R7E7!E7C=E676Y!!,:8F!GE=C7FF!
GE=D8676!4!E7D87R!=H!>:7!F7FF8=5!456!
34P=E!
>:737F!=H!>:7!F7FF8=5
!SB<837>!7>!4?YU!
LMMjXY!!k<4?8>4>8D7!64>4!454?2F8F!8F!67H8576!4F!4!E7C<EF8D7!GE=C7FF!
S)8?R=E>:!7>!4?YU!LMMMX
Y!!%757E4?!C=6859!GE=C76<E7F!85C?<676d!8675>8H2859!F8958H8C45>!G4FF497F!SI<=>7F!456!
F>4>7375>FXU!GE=D86859!>:7
F7!F8958H8C45>!
G4FF497F!
5437F!=E!C=67FU!68F>8??859!456!9E=<G859!
F8958H8C45>!G4FF497F!85>=!E7?4>76!>:737FU!456!GE7F75>859!>:737F!
85!4!3745859H<?!R42
!S.E7FR7??U!LMMiX
Y!!-=E!>:8F!F><62U!@
=>:!
H=C<F!9E=<G!
F7FF8=5F!R7E7!6898>4??2!E7C=E676!456!
?4>7E!>E45FCE8@76!
D7E@4>83
Y!!)<E859!>:7!>E45FCE8G>8=5!GE=C7FF!GF7<6=523F!R7E7!GE=D8676!
>=!74C:!G4E>8C8G45>!SF77!(GG7568]!$!H=E!G4E>8C8G45>!5<3@7EF!456!GF7<6=523FXY!!
!N\L!,E45FCE8G>F!R7E7!
>:75!
E746!3<?>8G?7!>837F!>=!9485!>:7!7FF75C7!=H!>:7!7]G7E875C7Y!
!A8958H8C45>!F>4>7375>F!
R7E7
!:89:?89:>76!456!9E=<G76!@4F76!=5!7D8675C7!=H!E7?4>7657FF!
S.E7FR7??U!LMMiW!.E7FR7??!T
!.?4EQU!LMMiX
Y!!&58>84?!C=67F!R7E7!GE=D8676!456!E7D87R76!>R8C7!
@7H=E7!4
!C=67@==Q!R4F!CE74>76!R8>:!67>48?76!67FCE8G>8=5F!=H!74C:!C?4FF8H8C4>8=5
!SF77!(GG7568]!k!H=E!H=C<F!9E=<G!C=67@==QX
Y!!,:7!9=4?
!R4F!5=!3=E7!>:45!H8D7!>=!F7D75!
9757E4?
!>:737F
!4F!.E7FR7??!SLMMiX!F>4>76U!qh
4!G=G<?4E!H=E3!=H!454?2F8FU!C?4F
F8H8C4>8=5!85D=?D7F!
8675>8H285
9!H8D7!>=!F7D75!9757E4?!>:737F
Y!!,:7F7!>:737FU!85!><E5U!&!D87R!4F!4!yH438?2^!=H!
>:737F!R8>:!C:8?6E75U!=E!F<@>:737FU!456!7D75!9E456C:8?6E75U!F<@
;F<@>:737F!E7GE7F75>7
6!@2!F79375>F!=H!64>4
r!SGY!NOcXY
!!-854??2U!4!>4@?7!=H!>:7!34P=E!C4>79=E87FU!>:78E!F<@C4>79=E87FU!
456!F8958H8C45>!F>4>7375>F!R4F!CE74>76!>=!:7?G!R8>:!E7D87RU!=E9458`4>8=5U!
456!RE8>7
;<GY! !!N\c!(2?>90?
!/13I92!:72V>24<H!-;?07;8>0;54?+!'$:"/
!!)73=9E4G:8C!64>4!R7E7!
C=??7C>76
U!456!HE7I<75C87F!456!G7EC75>497F!4E7!GE7F75>76Y!!
,:8F!85H=E34>8=5!GE=D867F!C=5>7]>
U!456!:7?GF!>=!8??<F>E4>7!>:7!F43G?7!4F!4!R:=?7!4F!R7??!4F!
9E=<GF!
R8>:85!>:7!@E=467E
!F43G?7Y
!!,:7!F43G?7!H=E!>:7!I<45>8>4>8D7!F<ED72!454?2F8F!
R4F!\OOU!R8>:!?838>76!
64>4!38FF859!4>!E456=3
Y!!,:7!E7FG=5F7!E4>7!H=E!>:7!F43G?7!R4F!\OYOpY
!!(CE=FF!F8]!F737F>7EF!F?89:>?2!=D7E!NUMMM!C4F7F!R7E7!E7C=E676!85!
A-"%:/$1,
Y!!.4F7F!
67>7E38576!>=!@7
!F<@38>>76!85!7EE=E
U!?4CQ859!4>!?74F>!OMp!C=3G?7>8=5
U!R7E7!7?83854>76
Y!!"?83854>76!C4F7F
!R7E7!F2F>734>8C4??2!8675>8H876!@4F76!=5!>837!456!64>7!F>43GFU!456!
4FF=C84>76!7348?!456!&/!466E7FF7FY!!,:7F7!C4F7F!R7E7!
C?4FF8H876
!4F!78>:7E!4!G7EF=54?!=E!
>7C:58C4?!7EE=EY!!.4F7F!R7E7!34>C:76
U!GE7
;456!G=F>
U!456!7
4C:!G4E>8C8G45>
_C4F7
!R4F!98D75!4
5!8675>8H87E
!E7GE7F75>859!>:7!F737F>7E!456!274E!C=3G?7>76!4?=59!R8>:!4!E456=3!5<37E8C4?!
&)Y
!BH!>:7!\OO!G4E>8C8G45>F
U!>:7!=D7ER:7?3859!34P=E8>2!SVOpX!R7E7!@7>R775!N\
;LL!274EF!=H!497Y!!A?89:>?2!=D7E!:4?H!=H!>:7!G4E>8C8G45>F!R7E7!34?7F!SOOYipXU!R8>:!>:7!?4E97F>!
GE=G=E>8=
5!8675>8H2859!4F!R:8>7_.4<C4F845!SaVY\pXY!!,:7!57]>!?4E97F>!F79375>!R4F!q=>:7Er!
SNjY\pXU!H=??=R76!@2!@?4CQ_(HE8C45!(37E8C45!S\pXU!(F845!SOYjpXU!J8FG458C!SNY\pXU!456!
(37E8C45!&56845!SYLpXY!
!Z8>:85!>:8F!9E=<G!>:7!34P=E8>2!R7E7!E48F76!85!>:7!*58>76!A>4>7F!
S\jYjpXY
!!&5!>7E3F!=H!C?4FF!F>456859
U!>:7!F43G?7!R4F!R789:>76!>=R4E6!<GG7EC?4FF375!R8>:!
jMYNp!F758=EFU!LMYVp!P<58=EFU!LVYVp!F=G:=3=E7FU!456!Vp!HE7F:345Y!!B57!F><675>!
G4E>8C8G45>!8675>8H876!4F!4!9E46<4>7!F><675>Y
!!,:7!34P=E8>2!=H!F><675>F!75E=??76!85!>:7!
G7EF=54?!H8545C7!C=<EF7!4F!45!7?7C>8D7!S\apXY!!b<F>!=D7E!NLp!>==Q!>:7!C=<EF7!4F!4!
!N\j!E7I<8E7375>
U!456!NYLp!F7?7C>76!q=>:7EYr!!#4P=E!H87?6!=H!F><62!D4E876W!:=R7D7EU!>:7!9E74>7F>!
GE=G=E>8=5
!F7?7C>76!q=>:7EYr!!,:8F!R4F!
HE=3!4!?8F>!>:4>!85C?<676d!4CC=<5>859U!H8545C7U!
76<C4>8=5U!7598577E859U!GF2C:=?=92U!F=C8=?=92U!456!:<345!67D7?=G375>!456!H438?2!F><687FY
!!A7D75>2!G7EC75>!=H!G4E>8C8G45>F!78>:7E!H8545C76!>:78E!76<C4>8=5!>:73F7?D7F!SLcYcpX!
=E!C?48376!G4E75>F!456!H438?2!4F!>:
7!GE834E2!F=<EC7!=H!H8545C859!SjiYipXY
!!+==Q859!>=R4E6!
>:7!H<><E7
U!G4E>8C8G45>F!F>4>76!>:78E!67F8E76!?7D7?!=H!76<C4>8=5!R4F!4!
@4C:7?=E^F
!679E77!SjNYapXU!34F>7E^F!679E77!SjjYOpXU!456
_=E!6=C>=E4>7U!?4RU!=E!GE=H7FF8=54?!
679E77!SNLYcpXY!!-=<E>775!F><675>F!SNYa
pX!F7?7C>76!45!4FF=C84>7^F!679E77Y!!-<E>:7EU!85!>7E3F!=H!H<><E7!
85C=37
U!>:7!34P=E8>2!=H!F><675>F!F7?7C>76!
sOMUMMM;sijUVVV!SjLpX!456!sjMUMMM;sjVUVVV!SLOYipXY!/4E>8C8G45>F!F7?H
;E7G=E>76!=5!>:78E!G4E75>F
^!?7D7?!=H!76<C4>8=5!456!C=3@8576!?7D7?!=H!
85C=37Y!!-4>:
7E^F!?7D7?!=H!76<C4>8=5!R4F!E7G=E>76!4F!F?89:>?2!:89:7E!>:45!3=>:7E^F!?7D7?
U!R8>:!>:7!:89:7F>!C=5C75>E4>8=5
F!4E=<56!@4C:7?=E^F!679E77!ScOYNpX!456!
>:7
!C4>79=E2!?4@7?76!
4F!#4F>7E^FU!6=C>=E4>7U!=E!GE=H7FF8=54?!SLiYVpXY!
!#=>:7E^F!?7D7?!=H!76<C4>8=5!
:46
!>:7!
34P
=E8>2!R8>:!4!@4C:7?=E^F!679E77!SciYjpXY!!,:7!=>:7E!C4>79=E87F!:46!F838?4E!GE=G=E>8=5F!
@7>R775!3=>:7EF!456!H4>:7EF
U!R8>:!
4!F?89:>?2!:89:7E!G7EC75>497!
=H!3=>:7EF!:4D859!F=37!
C=??797!SNjpX!
=E!45
!4FF=C84>7F_C=33<58>2!C=??797
!679E77!SNNYVpXU!456!H4>:7EF!
F?89:>?2!
:89:7E!R8>:!>E485859!85!4!
>E467
!SLYLpX!=E!4>!4!
38?8>4E2!FC:==?!SNpXY!!/4E75>4?!85C=37!R4F!
E7G=E>76
?2!:89:
!R8>:!
iMYOp!=H!F><675>!G4E>8C8G45>F!C?483859!:=<F7:=?6!85C=37!R8>:85!
>:7!
E4597F!=H!s\MUMMM
;NjVUMMM!ScOYVpX!456!sNOMUMMM!=E!3=E7
!ScjYapXY!!,:8F!?7H>
!LVYap!=H!
H438?87F!R8>:!45!85C=37!
?=R7E!>:45!s\MUMMM!SF77!>4@?7!Nj
!H=E!4??!673=9E4G:8C!I<7F>8=5F!
456!E7F<?>FXY
!!!N\O!/13I92!:72V>24<H!-;?07;8>0;54?+!
:5<>?!N75>I?
!!A7D75!G4E>8C8G45>F!4>>75676!74C:!H=C<F!9E=<G!F7FF8=5
U!E7GE7F75>859!4!
E7FG=5F7_G4E>8C8G4>8=5!E4>7!=H!
\iYOpY!!BH!>:7!Nj!>=>4?!G4E>8C8G45>F!>:7E7!R4F!45!7I<4?!
68F>E8@<>8=5!=H!34?7F!456!H734?7FY!
!,R7?D7!=H!>:7!H=<E>775!G4E>8C8G45>F!S\OYipX!E7G=E>76!
>:78E!497!
4F!
H4??859!R8>:85!>:7!N\
;LL!E4597Y!!,:=F7!=<>F867!=H!>
:8F!E4597!
E7G=E>76!@7859!
@7>R775!Lc
;La!274EF!=H!497!SNjYcpXY!!
-8H>2!G7EC75>!=H!F43G?7!8675>8H876!
>:73F7?D7F!
4F!
R:8>7
!=E!.4<C4F845
Y!!,:7!=>:7E!:4?H!8675>8H876!4Fd!S4X!@?4CQ!=E!(HE8C45!(37E8C45!SNjYcpXU!S@X!
J8FG458C!(37E8C45!
SiYNpXU!SCX!(F845!(37E8C45!
SNjYcpXU!S6X!=>:7E
KF7?H!E7G=E>76_
67H8576!4F!(F845!SNjYcpXY
!!.<EE75>!F758=EF!E7GE7F75>76!574E?2!>:E77!I<4E>7EF!=H!>:7
!=D7E4??!F43G?7!SiNYO
pXY!!BH!
>:7!E73485859!G4E>8C8G45>F
U!=57!R4F!4!HE7F:345!SiYNpX!456!>:E77!R7E7!F=G:=3=E7F!
SLNYjpXY!!&5!>:7!C4>79=E2!=H!C<
EE75>!34P=EU!
=5?2!>:7!34P=EF!=H!4CC=<5>859
!SNjYcpXU!H8545C7!SNjYcpXU!456!C=33<58C4>8=5
!SNjYcpX!:46!3=E7!>:45!=57!G4E>8C8
G45>Y!!,:7!E73485859!H87?6F!
=H!F><62!85C?<676d!7598577E859U!GF2C:=?=92U!F=C8=?=92
U!45834?!FC875C7U!CE83854?!P<F>8C7U!
:=FG8>4?8>2!@<F857F
FU!:<345!@8=?=92U!456!37684!85H=E34>8=5Y
!!Z:75!4FQ76!R:4>!
R4F!
>:7!
:89:7F>!?7D7?!=H!76<C4>8=5!>:72!R8F:
76!>=!4C:87D7!cOYip
!=H!E7FG=5675>F
!F486!>:78E!
@4C:7?=EF!679E77U!jLYVp!34F>7E^F!679E77U!456!LNYjp!F>4>76!4!6=C>=E4>7U!?4RU!=E!
GE=H7FF8=54?!679E77Y
!!-8D7!G4
E>8C8G45>F!Sc\YOpX!E7G=E>76!>:72!R7E7!C<EE75>?2!75E=??76
!85!>:7!G7EF=54?!
H8545C7!C=<EF7Y!!,
:7!E73485859!G4E>8C8G45>F!>==Q!>:7!C=<E
F7!6<E859!GE7D8=<F!F<337E
!S4!456!
@!F7FF8=5FX
U!H4??U!=E!FGE859!F737F>7EFY!!'857!G4E>8C8G45>F!SaVYLpX!>==Q!4!H4??!=E!FGE859!H4C7
;>=;H4C7!=HH7E859U!R:8?7!
H=<E!G4E>8C8G45>F!ScMY\pX!>==Q!>:7!C=<EF7!6<E859!>:7!F<337E!85!45!
=5?857!H=E34>
!SF77!>4@?7!NO
!H=E!4??!673=9E4G:8C!I<7F>8=5F!456!E7F<?>FX
Y!!!N\a!U>140;010;G2!/0>=H!(2?>90?+!'$:"/
!!,:8F!345<FCE8G>!H=C<F7
F!=5!:=R!G4E75>4?!H8545C84?!F=C84?8
`4>8=5!GE4C>8C7F!
456!
7]G7E875C7F!
4HH7C>!
._)
!456!
A_&!Q5=R?7697U!4>>8><67FU!456!@7:4D8=EY!!,:7!:2G=>:7F7F!
4FF<376!>:4>!@=>:!G4E75>4?!H8545C84?!F=C84?8`4>8=5!GE4C>8C7F!
456!7]G7E875C7F!
R=<?6!GE768C>!
._)
!456!
A_&!C4G4@8?8>2!SQ5=R?7697U!4>>8><67FU!456!@7:4D8=EXY!
!J=R7D7EU!>:7!68E7C>8=5!=H!>:8F!
E7?4>8=5F:8G!R4F!4FF<376!>=!68HH7EY!!/4E75>4?!H8545C84?!F=C84?8`4>8=5!R4F!:2G=>:7F8`76!>=!
G=F8>8D7?2!GE768C>!?7D7?F!=H!._)!456!A_&!C4G4@8?8>2U!R:8?7!G4E75>4?!H8545C84?!7]G7E875C7F!
R=<?6!5794>8D7?2!GE768C>!C4G4@8?8>2Y
!,4@?7F!456!H89<E7F!
R7E7
!CE74>76!H=E!74C:!=H!>:7!3=67?F!>7F>76Y!!A>4564E68`76!456!
<5F>4564E68`76!7F>834>7F!R7E7!GE7F75>76!85!@=>:!>:7!>4@?7F!456!H89<E7FY!!&5!4668>8=5U!>:7!
H89<E7F!G8C><E7!>:7!F>4564E6!7EE=EU!456!>:7!>4@?7F!?8F>!F>4564E6!7EE=E!456!F8958H8C45
C7!?7D7?F!
SG;D4?<7X
!SF77!>4@?7F!NM!456!NN
!456!H89<E7F!iU!\U!VU!NMU!NNU!456!NLX
Y!(2?217<F!U>2?0;54!W1+!"72=;0Q-280
!!$kN4d!)=!G
4E75>4?!F=C84?8`4>8=5!GE4C>8C7F
!G=F8>8D7?2!GE768C>
!456!G4E75>4?!
H8545C84?!
7]G7E875C7
F!5794>8D7?2!GE768C>
!737E9859!46<?>F^!CE768>_67
@>!Q5=R?7697
t!!JN4d!/4E75>4?!F=C84?8`4>8=5
!GE4C>8C7F!
R8??!
G=F8>8D7?2!GE768C>!
456!G4E75>4?!
H8545C84?!
7]G7E875C7
F!R8??!
5794>8D7?2!GE768C>
!737E9859!46<?>F^!CE768>_67@>!
Q5=R?7697
Y!!,:7!H8EF>!E7F74EC:!I<7F>8=5!456!:2G=>:7F8F!C75>7E76!=5!>:7!E7?4>8=5F:8G!@7>R775!
G4E75>4?!H8545C84?!F=C84?8`4>8=5!
GE4C>8C7F
!456!7]G7E875C7F
!456!>:78E!4@8?8>2!>=!GE768C>!
CE768>_67@>!Q5=R?7697Y!!
,=!>7F>!>:8F
!456!
4??!=>:7E
!:2G=>:7F7
F!F>E<C><E4?!E79E7FF8=5!3=67
?F!S$42Q=D!T!#4EC=<?867FU!LMMaX
!R7E7
!CE74>76!
<F859!
@B%-,
!i!D7EF8=5!NYcN!
S#<>:75!T!#<>:75U!
NVV\;LMNLXY!!J2G=>:
7F8F!N4!R4F!G4E>84??2!F<GG=E>76Y
!!N\i!':$D!
":$D!14=!35=29!6;0J!!"]G?=E4>=E2!H4C>=E
!454?2F8F!456!C=5H8E34>=E2!H4C>=E!454?2F8F!
R7E7!E<5!H=E!4??!
?4>75>!C=5F>E<C>Fd!S4X!G4E75>4?
!H8545C
84?!F=C84?8`4>8=5W!S@X!G4E75>4?!H8545C84?
!7]G7E875C7FW!SCX!._)!Q5=R?7697U!4>>8><67FU!456!@7:4D8=EW!456!S6X!A_&!Q5=R?7697U!4>>8><67FU!
456!@7:4D8=EY!
!!"]G?=E4>=E2
!454?2F8F!E7D74?76!
4!>R=;H4C>=E
!3=67?!H=E
!G4E75>4?
!H8545C84?!F=C84?8`4>8=5Y!!
J7E7U!>:7!>R=!H4C>=EF!E7GE7F75>76!83G?8C8>!H8545C84?!>74C:85
9!SH4C>=E!=57X!456!7]G?8C8>!
H8545C84?!>74C:859!SH4C>=E!>R=XY!!
&5!@=>:!85F>45C7F!F><675>F!E4>76!>:
7!679E77!>=!R:8C:!>:78E!
G4E75>F
!>4<9:>!D4E8=<F!H8545C84?!C=5C7G>F!S7Y9Y!@<697>859U!@<8?6859!9==6!CE768>U!?=45F_67@>X!
83G?8C8>?2!456!7]G?8C8>?2
!=5!4!FC4?7!HE=3!
q57D7Er!>=!
q4?R42FYr!!,:7!G4E75>4?
!7]G7E8
75C7!H4C>=E!
E7?4>76!>=!8FF<7F!=H!
F7D7E7!H8545C84?!F>E7FF!456!F>E485!S7Y9Y!?4E97!67@>!?7D7?FU!E7C75>!:=37!
H=E7C?=F<E7U!@45QE<G>C2U!<5
;=E!<567E73G?=2375>XY
!!J7E7U!F><675>F!45FR7E76!27F!456!5=!
I<7F>8=5F!456!R:75!4GG?8C
4@?7!SI<7F>8=5!=H!<5
;=E!<567E73G?=2375>X!675=>76!R:8C:!
G4E75>
!S3=>:7EU!H4>:7EX
Y!!-854??2U!._)
!Q5=R?7697!:46!=57!H4C>=E!E7?4>76!>=!CE768>!456!8>F!
<F7F!S7Y9YU!
qZ:8C:!=H!>:7!H=??=R859!C455=>!?794??2!4CC7FF!2=<E!CE768>!E7G=E>t
rX!SF77!>4@?7!c!
H=E!H4C>=E!>:737FX
Y!!,:E=<9:=<>!>:8F!E7D87R!74C:!H4C>=E!R8??!@7!E7H7EE76!>=!@2!8>F
!C=5>75>!
4E74!
SQ5=R?7697U!4>>8><67FU!@7:4D8=EX!456
!4FF=C84>76!
H4C>=E!
>:737Y
!!(H>7E!>:7!H4C>=E!F>E<C><E7!R4F!67>7E38576
U!C=5H8E34>=E2!H4C>=E!454?2F8F!S.-(X!R4F!E<5!
>=!7]43857
!>:7
!E7?4>8=5F:8GF!@7
>R775!H4C>=EFY!!)8E7C>8=54?!E7?4>8=5F:8GF!4E7!5=>!>7F>76!
6<E859!>:8F!F>7GU!85F>746!>:7!H4C>=E!F>E<C><E7!8F!C=5H8E376U!7]8F>859!E7?4>8=5F:8GF!4E7!
=@F7ED76U!456!>:7!:2G=>:7F8`76
!E7?4>8=5F:8GF
!@7>R775!@=>:!>:7!=@F7ED76!
8568C4>=EF!
456!
?4>75>!H
4C>=EF!4E7!>7F>76!
S$42Q=D!T!#4EC=<?867FU!LMMaX
Y!!)<E859!.-(!3=68H8C4>8=5!8568C7F!
S#&X!R7E7!E7D87R76!456!<F76!4F!4!9<867!H=E!464G>8=5F!456!83GE=D7375>F!>=!=D7E4??!3=67?!
!N\\!H8>Y!!,:7!#&!GE=D867!85H=E34>8=5!=5!>:7!G=>75>84?!C:4597!85!C:8
;FI<4E7!R:75!4!G4
E437>7E!8F!
HE776!S#<>:75!T!#<>:75U!NVV\
;LMNLXY!*F859!>:7!E7F<?>F!HE=3!.-(!SGE7
;>7F>X
U!3=67?F!R7E7!C=3@8576
U!456!E7?4>8=5F:8GF!
4FF<376!>:E=<9:!F>E<C><E4?!E79E7FF8=5Y!!-854?!3=67?!
H8>!SE79E7FF8=5!3=67?X!
8F!E7G=E>76!
>:E=<9:=<>
Y!!-8>!E7F<?>F!HE=3!"-(!456!.-(!4E7!GE7F75>76!85!>4@?7!>R=Y!!
,:7!7D4?<4>8=5!=H!H8>!
R4F!67>7E38576!>:E=<9:!
4@F=?<>7!456!C=5H8E34>=E2!
8568C7F!F<C:!4F!
>:7!.-&U!,+&U!$#A"(U!
456!>:7!$#A"(!VMp!C=5H8675C7!85>7ED4?Y
!!J<!456!075>?7E!SNVVVX
!F<997F>76!
4!3=67?!:4D7!
467I<4>7!H8>!R8>:!4!.-&!456!,+&!4@=D7!
MYVO!456!>:7!$#A"(!456!$#A"(!VMp!C=5H8675C7!
85>7ED4?!@7?=R
U!85!D4?<7!456!E4597
U!MYaMY!!,:8F!3=67?!
673=5F>E4>76!
E7I<8F8>7!H8>
!R8>:
!>:7!
64>4!H=??=R859!>:7!F>4564E6F!=<>?8576!4@=D7!S
*!6I
!YViaU!7E6I
!YVicU!J@059I
!YMjcX!SF77!>4@?7!N!H=E!3=67?
!H8>!8568C7FXY!"Q-!M45B92=C2
R<72=;0!>?2?
Y!!,:7E7!R4F!=5?2!=57!F8958H8C45>!G4>:R42!85
!>:8F!3=67?Y!!
"]G?8C8>!G4E75>4?
!F=C84?8`4>8=5
!F8958H8C45>?2!GE768C>76!=57^F!?7D7?!=H!._)!Q5=R?7697!
F<EE=<56859!CE768>!
456!8>!<F7F
!S>I!MYNOOU!05I!MYMa\U!NI!MYNicU!BI!YMOXY!!&3G?8C8>!85F>E<C>8=5!
S>I!MYMOjU!05I!MYMOcU!NI!MYMaiU!BI!YcM\X!456!G4E75>4?!7]G7E875C7F!
S>I!;MYM\VU!05I!MYMiiU!NI!;MYMVNU!BI!YLjVX!686!5=>!F8958H8C45>?2!GE768C>!._)!Q5=R?7697!
SF77!H89<E7!i!456!i4!H=E!H<??!
3=67?XY
!(2?217<F!U>2?0;54!W8+!"72=;0Q-280
!!$kN@d!)=!G4E75>4?!F=C84?8`4>8=5!GE4C>8C7F!
G=F8>8D7?2!GE768C>!
456!G4E75>4?!
H8545C84?!
7]G7E875C7
F!5794>8D7?2!GE768C>
!737E9859!46<?>F^!CE768>_67@>!
4>>8><67F
t!!JN@d!/4E75>4?!F=C84?8`4>8=5!GE4C>8C7F!
R8??!G=F8>8D7?2!GE768C>!
456!G4E75>4?!
H8545C84?!
7]G7E875C7
F!R8??!
5794>8D7?2!GE768C>
!737E9859!46<?>F^!CE768>_67@>!
4>>8><67F
Y!!N\V!,:7!F7C=56!E7F74EC:!I<7F>8=5!456!:2G=>:7F8F!
7]438576
!>:7!E7?4>8=5F:8G!@7>R775!
G4E75>4?
!85H?<75C7!456!._)!4>>8><67FY!!,:7
!4FF7E>8=5!R4F!>:4>!G4E75>4?
!H8545C84?!
F=C84?8`4>8=5!
R=<?6!G=F8>8D7?2!GE768C>
U!456!7]G7E875C7!
R=<?6!5794>8D7?2!GE768C>!
737E9859!
46<?>F!._)!4>>8><67FY
!!J2G=>:7F8F!N@!R4F!G4E>84??2!F<GG=E>76Y
!':$D!
":$D!14=!35=29!6;0J!!"]G?=E4>=E2!H4C>=E!454?2F8F!E7D74?76!
4!>:E77
;H4C>=E
!F>E<C><E7!
H=E!._)!4>>8><67F
Y!!,:7!H8EF>!H4C>=E!H=E!._)!4>>8><67F!E7GE7F75>76!<567EF>456859!=H!5794>8D7!
CE768>!GE4C>8C7F!S7Y9YU!
q/?74F7!867
5>8H2!74C:!=H!>:7!H=??=R859!4F!y%==6!/E4C>8C7^!=E!y
'=>!%==6!
/E4C>8C7
^h@=<5C859!C:7CQF
rXY!!.=5D7EF7?2U!>:7!F7C=56!H4C>=E!F<EE=<5676!45!7D4?<4>8=5!=H!
G=F8>8D7!._)!GE4C>8C7F!S7Y9YU!
q/?74F7!E4>7!2=<E!49E77375>!R8>:!>:7!H=??=R859!
F>4>7375>F
h&^3!F4>8FH876!R8>:!>:7!R42!&!G42!32!@8??F
rXY!!-854??2U!>:7!>:8E6!H4C>=E!E7GE7F75>76!
=57^F!=G858=5!=H!4D=8645>!E7FG=5F7
F!=E!E74C>8=5
F!>=!CE768>!456!8>F!<F7F!S7Y9YU!
q/?74F7!E4>7!
2=<E!49E77375>!R8>:!>:7!H=??=R859!F>4>7375>F
h,:7!C=F>!=H!<F859!CE768>!8F!>==!:89:
rXY!!(H>7E!
>7F>859!F7D7E4?!57F>76!3=67?F!
>:8F!F>E<C><E4?!E79E7FF8=5!3=67?!R4F!677376!>=!:4D7!
F<HH8C875>
!H8>!R8>:!>:7!64>4!S
*!6I
!YVOVU!7E6I
!YVOOU!J@059I
!YMONXY!!"Q-!
100;0>=2?R42C10;G2!I71<0;<2?
Y!!/4E75>4?
!85H?<75C7!686!5=>!F8958H8C45>?2!GE768C>!
F><675>F^!7F>834>8=5!456!49E77375>!R8>:!5794>8D
7!._)!GE4C>8C7FY!!/4E75>F^
!83G?8C8>!H
8545C84?!
F=C84?8`4>8=5!
S>I!MYMjiU!05I!MYNM\U!NI!MYMjcU!BI!YaacXU!7]G?8C8>!F=C84?8`4>8=5!GE4C>8C7F!
S>I!MYMjiU!05I!MYNM\U!NI!MYMjcU!BI!YaacXU!456!
G4E75>
4?!H8545C84?
!7]G7E875C7F!
S>I!;MYLjiU!05I!MYNOVU!NI!;MYLNMU!BI!YM\OX!R7E7!5=
>!F8958H8C45>
!GE768C>
=EF!=H!=57^F!4>>8><67!>=R4E6!
5794>8D7!._)!GE4C>8C7FY
!"Q-!
100;0>=2?RI5?;0;G2!I71<0;<2?
Y!!"]G?8C8>!G4E75>4?!H8545C84?!F=C84?8`4>8=5!F8958H8C45>?2!
GE768C>76
!._)!4>>8><67F!=H!G=F8>8D7!GE4C>8C7F
!S>I!MYc\\U!05I!MYMaiU!NI!MYc\VU!BI!YMMNXY!&3G?8C8>!F=C84?8`4>8=5!
GE4C>8C7F!
S>I!MYMMcU!05I!MYMj\U!NI!MYMMjU!BI!YVjiX!456!G4E75>4?!
!NVM!H8545C84?!7]G7E875C7F
!S>I!;MYMLOU!05I!MYMaOU!NI!;MYMLaU!BI!YaVOX!686!5=>!F8958H8C45>?2!GE768C>!
4>>8><67F!F<EE=<56859!>:7!G=F8>8D7!:456?859!=H!._)Y
!"Q-!
100;0>=2?R1G5;=140!
72?I54?2?
Y!!"]G?8C8>!G4E75>4?!H8545C84?!F=C84?8`4>8=5!
F8958H8C45>?2!
GE768C>76!._)!4>>8><67F!>=R4E6!4D=8645>!E7FG=5F7F!
S>I!MYLL\U!05I!MYM\NU!NI!MYNiLU!BI!YMNXY!!&3G?8C8>!G4E75>4?!H8545C84?!F=C84?8`4>8=5!
S>I!;MYM\\U!05I!MYMajU!NI!;MYMijU!BI!YNa\X!456!G4E75>4?!H8545C84?!7]G7E875C7F!
S>I!;MYNOaU!05I!MYNMMU!NI!;MYNNMU!BI!YNLMX!:46!4!5794>8D7!456!5=5;F8958H8C45>!E7?4>8=5F:8G
!SF77!H89<E7!\!456!\4!H=E!H<??!3=67?XY
!(2?217<F!U>2?0;54!W<+!"72=;0Q-280
!!$kNCd!)=!G4E75>4?!F=C84?8`4>8=5!GE4C>8C7F!
G=F8>8D7?2!GE7
68C>!
456!G4E75>4?!
H8545C84?!
7]G7E875C7
F!5794>8D7?2!GE768C>
!737E9859!46<?>F^!CE768>_67@>!
@7:4D8=E
t!!JNCd!/4E75>4?!F=C84?8`4>8=5!GE4C>8C7F!
R8??!G=F8>8D7?2!GE768C>!
456!G4E75>4?!
H8545C84?!
7]G7E875C7
F!R8??!
5794>8D7?2!GE768C>
!737E9859!46<?>F^!CE768>_67@>!
@7:4D8=E
Y!!,:7!H854?!._)!:2G=>:7F8F!7]438576!>:7!GE768C>8D7!G=R7E!=H!G4E75>4?!F=C84?8`4>8=5!
456!7]G7E875C7F!=5!._)!@7:4D8=EY!!J2G=>:7F8F!NC!R4F!G4E>84??2!F<GG=E>76Y
!':$D!
":$D!14=!35=29!6;0J!!(!>R=
;H4C>=E!3=67?!H=E!._)!@7:4D8=E!F<HH8C875>?2!H8>!>:7!64>4Y!!
-4C>=E!=57!R4F!4FF=C84>76!R8>:!
45!8568D86<4?^F!CE768>!456!67@>!:=?6859F!S7Y9YU!
qJ=R!3452!
CE768>!C4E6F!6=!2=<!:4D7t
rX!456!5794>8D7!._)!GE4C>8C7F!S7Y9YU!
q&5!>:7!G4F>!NL!3=5>:F!:4D7!
2=<h34]76!=<>!>:7!?838>!=5!=57!=E!3=E7!CE768>!C4E6
rXY!!,:7!F7C=56!._)!@7:4D8=E!H4C>=E!
E7?4>76!>=!._)!G42375>!GE4C>8C7F!S7Y9YU!
q/?74F7!8568C4>7!>:7!HE7I<75C2!R8>:!R:8C:!2=<!
759497!85!>:7!H=??=R859!4C>8D8>87F
h&!G486!4??!32!@8??F!=5!>837!85!>:7!G4F>!274E
rX!456!E7F74EC:!
=H!._)!>7E3F!456!C=568>8=5F!S7Y9YU
!q/?74
F7!8568C4>7!>:7!HE7I<75C2!R8>:!R:8C:!2=<!759497!85!
>:7!H=??=R859!4C>8D8>87F
h&!C=3G4E7!=HH7EF!@7H=E7!4GG?2859!H=E!4!?=45
rXY!!#=67?!
H8>!R4F!
4CC7G>4@?7!S
*!6I
!YViLU!7E6I
!YViMU!J@059I
!YMjcXY!!NVN!"Q-!
82F1G;57
RF59=;4C?!14=!42C10;G2!I71<0;<2?
Y!!"]G?8C8>!G4E75>4?!F=C84
?8`4>8=5!
F8958H8C45>?2!GE768C>76!._)!
@7:4D8=E
;:=?6859F!456!5794>8D7!GE4C>8C7F
!S>I!MYLjiU!05I!MYM\aU!NI!MYNVNU!BI!YMNXY!!&5!4668>8=5U!G4E75>4?!H8545C84?!7]G7E875C7F!F8958H8C45>?2
!456!5794>8D7?2
!GE768C>76!._)!
@7:4D8=E
;:=?6859F!456!5794>8D7!GE4C>8C7F
!S>I!MYOLMU!05I!MYNcVU!NI!MYcOaU!BI!YMMNXY!!-854??2U!>:7!68E7C>8=54?!4FF<3G>8=5!@7>R775!83G?8C8>!G4E75>4?!H854
5C84?!F=C84?8`4>8=5
!456!._)!
@7:4D8=E
;:=?6859F!456!5794>8D7!GE4C>8C7F
!R4F!5=5
;F8958H8C45>!
S>I!MYMcaU!05I!MYMiMU!NI!MYMcNU!BI!YaMOXY!!!"Q-!
82F1G;57
RI1H3240?!14=!72?217<F
Y!!&3G?8C8>
!S>I!MYNNMU!05I!MYMjOU!NI!MYNOMU!BI!YMOX!456!7]G?8C8>!
S>I!MYLNOU!05I!MYMOVU!NI!MYLacU!BI!YMMNX!G4E75>4?!F=C84?8`4>8=5!
F8958H8C45>?2!
GE768C>76
!._)!@7:4D8=E
;G42375>F!456!E7F74EC:
Y!!J=R7D7EU!G
4E75>4?!H8545C84?!
7]G7E875C7F!686!5=>!
F8958H8C45>?2!GE768C>!._)!G42375>!456!E7F74EC:!@7:4D8=E
!S>I!;MYMVLU!05I!MYMiaU!NI!;MYNMMU!BI!YLLiX!SF77!H89<E7!V!456!V4!H=E!H<??!3=67?XY
!(2?217<F!U>2?0;54!X1+!/1G;4C?Q,4G2?0;4C
!!$kL4d!)=!G4E75>4?!F=C84?8`4>8=5!GE4C>8C7F!
G=F8>8D7?2!GE768C>
!456!G4E75>4?!
H8545C84?!
7]G7E875C7
F!5794>8D7?2!GE768C>
!737E9859!46<?>F^!F4D859F_85D7F>859!
Q5=R?7697
t!JL4d!/4E75>4?!F=C84?8`4>8=5!GE4C>8C7F!
R8??!G=F8>8D7?2!GE768C>!
456!G4E75>4?!
H8545C84?!
7]G7E875C7
F!R8??!
5794>8D7?2!GE768C>
!737E9859!46<?>F^!F4D859F_85D7F>859!
Q5=R?7697
Y!!,:8F!F7C=56!F7E87F!=H!E7F74EC:!I<7F>8=5F!456!:2G=>:7F7F!
?==Q76!4>!>:7!GE768C>8D7!
7HH7C>!=H!G4E75>4?!H8545C84?!F=C84?8`4>8=5!456!G4E75>4?!H8545C84?!7]G7E875C7F!=5!A_&!C4G4@8?8>2!
SQ5=R?7697U!4>>8><67FU!456!@7:4D8=EXY!!
,:8F!:2G=>:7F8F!4FF7E>76!>:4>!@=>:!=H!>:7F7!4FG7C>F!
=H!G4E75>4?!85H?<75C7!
R=<?6
!GE768C>
U!G=F8>8D7?2!456!5794>8D7?2U!=57^F!?7D7?!=H!A_&!Q5=R?7697Y!
!J2G=>:7F8F!L4!R4F!G4E>84??2!F<GG=E>76Y
!!NVL!':$D!
":$D!14=!35=29!6;0J!!/4E75>4?!H8545C84?!F=C84?8`4>8=5U!4F!67FCE8@76!4@=
D7U!68D8676!85>=!>R=!H4C>=EF
d!83G?8C8>!456!7]G?8C8>!>74C:859Y!!/4E75>4?!H8545C84?!7]G7E875C7F!
?=4676!=5>=
!=57!H4C>=E!E7GE7F75>859!8FF<7F!=H!H8545C84?!F>E7FF!456!F>E485Y!!
"]G?=E4>=E2
!H4C>=E!
454?2F8F
!4?F=!
E7D74?76
!=57!H4C>=E!H=E!A_&!Q5=R?7697Y!!k<7F>8=5F!F<E
E=<56859!>:8F!H4C>=E!
E7?4>76!>=!A_&!4CC=<5>F!456!E7><E5!=5!4CC=<5>F!
S7Y9YU!q&349857!>:4>!>:7!85>7E7F>!E4>7!=5!2=<E!
F4D859F!4CC=<5>!R4F!Np!G7E!274E!456!85H?4>8=5!R4F!Lp!G7E!274EY!(H>7E!N!274EU!:=R!3<C:!
R=<?6!2=<!@7!4@?7!>=!@<2!R8>:!>:7!3=572!85!>:8F!4CC=<5>
trXY!!(H>7E!>7F>859!4!F7E87F!=H!57F>76!
3=67?
FU!H8>!R4F!67>7E38
576!>=!@7!F4>8FH4C>=E2!
S*!6I
!YViLU!7E6I
!YViMU!J@059I
!YMjcXY!/Q,!M45B92=C2
R1<<5>40?!14=!720>74
Y!!,:7E7!R4F!=5?2!=57!F8958H8C45>!G4>:R42!85!
>:8F!3=67?Y!!/4E75>4?!H8545C84?!7]G7E875C7F!5794>8D7?2!
456!F8958H8C45>?2!GE768C>76!?7D7?!=H!
A_&!Q5=R?7697;4CC=<5>F!456!E7><E5
!S>I!;MYLcNU!05I!MYM\iU!NI!;MYLVLU!BI!YMNXY!!'78>:7E!
83G?8C8>!H8545C84?!F=C84?8`4>8=5
!S>I!MYM\MU!05I!MYMj\U!NI!MYNLNU!BI!YNMMX!5=E!7]G?8C8>!H8545C84?!
F=C84?8`4>8=5
!S>I!MYMNNU!05I!MYMaNU!NI!MYMNjU!BI!Y\aNX!F8958H8C45>?2!GE768C>76!?7D7?!=H!A_&!
Q5=R?7697
;4CC=<5>F!456!E7><E5
!SF77!H89<E7!NM!456!NM4!H=E!H<??!3=67?XY
!(2?217<F!U>2?0;54!X8+!/1G;4C?Q,4G2?0;4C
!!$kL@d!)=!G4E75>4?!F=C84?8`4>8=5!GE4C>8C7F!
G=F8>8D7?2!GE768C>!
456!G4E75>4?!H8545C84?!
7]G7E875C7F!
5794>8D7?2!GE768C>
!737E9859!46<?>F^!F4D859F_85D7F>859!
4>>8><67F
t!JL@d!/4E75>4?!F=C84?8`4>8=5!GE4C>8C7F!
R8??!G=F8>8D7?2!GE768C>!
456!G4E75>4?!H8545C84?!
7]G7E875C7F
!R8??
!5794>8D7?2!GE768C>
!737E9859!46<?>F^!F4D859F_85D7F>859!
4>>8><67F
Y!!,:7!F7C=56!:2G=>:7F8F
!4FF7E>76!>:4>!G4E75>4?!F=C84?8`4>8=5!R=<?6!G=F8>8D7?2!4HH7C>!
A_&!4>>8><67F!456!H<E>:7E!G4E75>4?!7]G7E875C7F!R=<?6!5794>8D7?2!4HH7C>!A_&!4>>8><67FY!!
J2G=>:7F8F!L@!R4F!G4E>84??2!F<GG=E>76Y
!!NVc!!':$D!
":$D!14=!35=29!6;0J!!)<E859!7
]G?=E4>=E2!H4C>=E!454?2F8FU!>:7!64>4
!H=E!A_&!4>>8><67F
!H8>!4!>:E77
;H4C>=E!3=67?Y!!"4C:!4>>8><67!H4C>=E!E7?4>76!>=!F<@P7C>8D7!H8545C84?!
Q5=R?7697Y!!-4C>=E!=57!E7?4>76!>=!45!<567EF>456859!=H!85D7F>859!456!@<697>859!S7Y9YU!
q$4>7!2=<E!<567EF>456859h
A4D859!H=E!
E7>8E7375>
rXY!!,:7!F7C=56!H4C>=E!:46!>=!6=!R8>:!
8675>8H8C4>8=5!456!49E77375>!=H!G=F8>8D7!A_&!GE4C>8C7F!S7Y9YU!
q/?74F7!E4>7!2=<E!49E77375
>!R8>:!>:7!H=??=R859!F>4>7375>F
h&>!8F!83G=E>45>!>=!Q77G!>E4CQ!=H!R:7E7!3=572!8F!FG75>
rXY!!,:7!>:8E6!H4C>=E!E7H?7C>76!
<567EF>456859
!456!49E77375>!R8>:!
5794>8D7!A_&!GE4C>8C7F!S7Y9YU!
q/?74F7!E4>7!2=<E!49E77375
>!R8>:!>:7!H=??=R859!F>4>7375>F
h-8545C84?!G?455859!8F!45!
<557C7FF4E2!68F>E4C>8=5!R:75!H438?87F!4E7!P<F>!>E2859!>=!97>!@2!>=642
rXY!!,:8F!3=67?!:46!
4CC7G>4@?7
!C=3G4E4>8D7!H8>!456!4@F=?<>7!H8>
U!74C:!R4F!4>!=E!@7?=R!>:7!F<997F>76!C<>=HH!?7D7?
!S*!6I
!YVaLU!7E6I
!YVO\U!J@059I
!YMOLXY!/Q,!100;0>=2?R;4G2?03240?!14=!8>=C20;4C
Y!!0=>:!83G?8C8>!
S>I!MYNV\U!05I!MYMOiU!NI!MYNVMU!BI!YMMNX!456!7]G?8C8>
!S>I!MYLMNU!05I!MYMijU!NI!MYNijU!BI!YMNX!G4E75>4?!H8545C84?!
F=C84?8`4>8=5!F8958H8C45>?2!GE768C>76!>:7!<567EF>456859!456!49E77375>!=57!:46!C=5C7E5859!
4>>8><67F!>=R4E6!85D7F>375>F!456!@<697>859Y!!,:7!E7?4>8=5F:8G!@7>R775!G4E75>4?!H8545C84?!
7]G7E875C7F!R4F!
5794>8D7!456!5=5;F8958H8C45
>!S>I!;MYMNOU!05I!MYM\MU!NI!;MYMNLU!BI!YcaVXY!/Q,!100;0>=2?RI5?;0;G2!I71<0;<2?
Y!!,:7E7!R4F!=5?2!=57!F8958H8C45>!G4>:R42Y!
!"]G?8C8>!G4E75>4?!F=C84?8`4>8=5!F8958H8C45>?2!GE768C>76!4>>8><67F!>=R4E6!G=F8>8D7!A_&!GE4C>8C7F
!!S>I!MYcMcU!05I!MYMiNU!NI!MYLOVU!BI!YMMNXY!!&3G?8C8>!F=C84?8`4>8=5
!S>I!MYM\OU!05I!MYMOiU!NI!MYM\NU!BI!YMNcOX!456!G4E75>4?!H8545C84?!7]G7E875C7F
!S>I!;MYMiiU!05I!MYM\aU!NI!;MYMaMU!BI!YcaVX!686!5=>!F8958H8C45>?2!GE768C>!
=57^F!4>>8><67
F!=H!G=F8>8D7!A_&!GE4C>8C7FY!
!/Q,!100;0>=2?R42C10;G2!I71<0;<2?
Y!!"]G?8C8>!G4E75>4?!F=C84?8`4>8=5!
F8958H8C45>
?2!
GE768C>76
!A_&!4>>8><67F!4FF=C84>76!R8>:!5794>8D7!A_&!GE4C>8C7F!
S>I!MYLaiU!05I!MYMaVU!NI!!NVj!MYLcOU!BI!YMMNXY!!0=>:!83G?8C8>!85F>E<C>8=5!
S>I!;MYMMOU!05I!MYMOLU!NI!;MYMMjU!BI!YVcMX!456!
G4E75>4?!H8545C84?!7]G7E875C7F!
S>I!;MYNaMU!05I!MYM\OU!NI!;MYNLVU!BI!YMOVX!R7E7!5794>8D7!456!
5=5;F8958H8C45>!
SF77!H89<E7!NN!456!NN4!H=E!H<??!3=67?XY
!(2?217<F!U>2?0;54!X<+!/1G;4C?Q,4G2?0;4C
!!$kLCd!)=!G4E75>4?!F=C84?8`4>8=5!GE4C>8C7F!
G=F8>8D7?2!GE768C>!
456!G4E75>4?!H8545C84?!
7]G7E875C7F!
5794>8D7?2!GE768C>
!737E9859!46<?>F^!F4D859F_85D7F>859!
@7:4D8=E
t!JLCd!/4E75>4?!F=C84?8`4>8=5!GE4C>8C7F
!R8??!G=F8>8D7?2!GE768C>
!456!G4E75>4?!H8545C84?!
7]G7E875C7F
!R8??!
5794>8D7?2!GE768C>
!737E9859!46<?>F^!F4D859F_85D7F>859!
@7:4D8=EY
!!&5!>:8F!3=67?!G4E75>4?!F=C84?8`4>8=5!456!G4E75>4?!7]G7E875C7F!456!>:78E!68E7C>8=54?!
7HH7C>F!R7E7!>7F>76Y!!,:7!:2G=>:7F8F!R4F!G4E75>4?!F=C84?8`4>8=5!R=<?6!G=F8>8D7?2!GE768C>!>:7!
R42!737E9859!46<?>F!@7:4D7!4E=<56!A_&U!456!G4E75>4?!7]G7E875C7F!R=<?6!5794>8D7?
2!GE768C>!@7:4D8=EY!!
J2G=>:7F8F!LC!R4F!G4E>84??2!F<GG=E>76Y
!':$D!
":$D!14=!35=29!6;0J!!"]G?=E4>=E2!H4C>=E!454?2F8F!E7D74?76!>:7!64>4!H=E!
A_&!@7:4D8=E!H8>!R8>:!4!=57
;H4C>=E!3=67?Y!!,:8F!H4C>=E!E7GE7F75>76!8FF<7F!=H!@<697>859!S7Y9YU!
q/?74F7!8568C4>7!>:7!HE7I<
75C2!R8>:!R:8C:!2=<!759497!85!>:7!H=??=R859!4C>8D8>87F
h&!<F7!4!
R77Q?2_3=5>:?2!@<697>!>=!>E4CQ!32!85C=37!456!7]G75F7F
rX!456!E7C=E6!Q77G859!
S7Y9YU!q/?74F7!8568C4>7!>:7!HE7I<75C2!R8>:!R:8C:!2=<!759497!85!>:7!H=??=R859!4C>8D8>87F
h&!3485>485!
467I<4>7!H8545C84?!
E7C=E6FrXY!!-=E!>:8F!F>E<C><E4?!E79E7FF8=5!3=67?!H8>!R4F!67>7E38576!@2!
>7F>859!4!F7E87F!=H!57F>76!3=67?F!456!=D7E4??!H8>!R4F!677376!>=!@7!4CC7G>4@?7!
S*!6I
!YVajU!7E6I
!YVaLU!J@059I
!YMjVXY!/Q,!82F1G;57
R8>=C20;4C!14=!72<57=!M22I;4C
Y!!-=E!A_&!@7:4D8=E!@=>:!83G?
8C8>!
G4E75>4?!F=C84?8`4>8=5
!S>I!MYNMVU!05I!MYMjNU!NI!MYNLVU!BI!YMNX!456!7]G?8C8>!F=C84?8`4>8=5!
S>I!MYcOaU!05I!MYMOOU!NI!MYcVMU!BI!YMMNX!F8958H8C45>?2!GE768C>76!@7:4D8=E!E7?4>76!>=!@<697>859!
!NVO!456!H8545C84?!E7C=E6!Q77G859Y!!/4E75>4?!H8545C84?!7]G7E875C7F!686!
5=>!F8958H8C45>?2!GE768C>!
A_&!@7:4D8=E;@<697>859!456!E7C=E6!Q77G859
!S>I!;MYMVcU!05I!MYMaOU!NI!;MYM\\U!BI!YNOjX!SF77!H89<E7!NL!456!NL4!H=E!H<??!3=67?XY
!/>3317H!56!:;4=;4C?
!¥ "]G?8C8>!G4E75>4?!F=C84?8`4>8=5!R4F!4!3=E7!F8958H8C45>!GE768C>=E!=H!737E9859!46<?>!
._)!456!A_&!
Q5=R?7697U!4>>8><67FU!456!@7:4D8=E!
>:75!
R:75
!C=3G4E76!>=!83G?8C8>!
H=E3F!=H!>74C:859!456!?74E5859Y
!¥ "]G?8C8>!H8545C84?!F=C84?8`4>8=5!F8958H8C45>?2!GE768C>76!._)!Q5=R?7697Y
!¥ "]G?8C8>!H8545C84?!F=C84?8`4>8=5
!F8958H8C45>?2!GE768C>76!._)!
4>>8><67F
;G=F8>8D7!
GE4C>8C7F!456!4>>8><67F
;4D=8645>!E7FG=5F7FY
!¥ "]G?8C8>!H8545C84?!F=C84?8`4>8=5!F8958H8C45>?2!GE768C>76!._)!@7:4D8=E
;:=?6859F!456!
5794>8D7!GE4C>8C7FY!
!/4E75>4?!H8545C84?!
7]G7E875C7
!F8958H8C45>?2!456!5794>8D7?2!
GE768C>76!._)!@7:4D8=E
;:=?6859
F!456!5794>8D7!GE4C>8C7FY
!¥ &3G?8C8>!456!7]G?8C8>!H8545C84?!F=C84?8`4>8=5!F8958H8C45>?2!GE768C>76!._)!@7:4D8=E
;G42375>F!456!E7F74EC:Y
!¥ /4E75>4?!H8545C84?!7]G7E875C7F!F8958H8C45>?2!456!5794>8D7?2!GE768C>76!A_&!
Q5=R?7697Y
!¥ &3G?8C8>!456!7]G?8C8>!H8545C84?!F=C84?8
`4>8=5!F8958H8C45>?2!GE768C>76!A_&!4>>8><67F
;85D7F>859!456!@<697>859Y
!¥ "]G?8C8>!H8545C84?!F=C84?8`4>8=5!F8958H8C45>?2!GE768C>76!A_&!4>>8><67F
;G=F8>8D7!
GE4C>8C7F!456!4>>8><67F!E7?4>76!>=!5794>8D7!GE4C>8C7FY
!¥ &3G?8C8>!456!7]G?8C8>!H8545C84?!F=C84?8`4>8=5!F8958
H8C45>?2!GE768C>76!A_&!@7:4D8=E!
E7?4>76!>=!@<697>859!456!E7C=E6!Q77G859Y
!!!NVa!U>19;010;G2!/0>=H!(2?>90?+!:5<>?!N75>I?
!!,:E=<9:=<>!>:7!C=6859!GE=C7FF!F7
D7E4?!>:7376!C4>79=E87F!456!F<@
C4>79=E87F!
737E976Y!
!)<E859!
>:7!H=C<F!9E=<G
!F7FF8=5F!G4E
>8C8G45>F!R7E7!4FQ76!
>=!E7H?7C>!456
!E7FG=56!
>=!I<7F>8=5F!=H!H8545C84?!C4G4@8?8>2U!H=E34?!H8545C84?!76<C4>8=5U!456!G4E75>4?!F=C84?8`4>8=5!
GE4C>8C7F!R8>:!
>:78E!
G7EF=54?!>:=<9:>FU!H77?859FU!=G858=5FU!456!457C6=>7FY!!
-8D7!34P=E!
C4>79=E87F!456!>:78E!F<@
C4>79=E87F!R8??!@7!67FCE8@76!
85!67>48?d!S4X!H8545C84?!C4G4@8?8>2
K7F>834>8=5!=H!CE768>_67@>!456!F4D859F_85D7F>859!
:4@8>FU!4@8?8>2U!F>E759>:FU!456!R74Q57FF7FW!
S@X!CE768>_67@>!456!F4D859F_85D7F>859!345497375>
KF4D859F!456!FG756859!:4@8>FW!SC
X!>:7!
83G=E>45C7!456!
67D7?=G375>4?!
>83859!=H!H85
45C84?!76<C4>8=5
KF4?875C7!=H!H8545C84?!
76<C4>8=5!456!
497!E7?4>76!8FF<7F!85!
H8545C84?!>74C:859!456!?74E5859W
!S6X!H8545C84?!
85H?<75C7
K7]G?8C8>!456!83G?8C8>!>74C:859U!
F=<EC7F!=H!F=C84?8`4>8=5U!
456!G4E75>4?!C4G4@8?8>2
W!456!S7
X!H8545C84?!76<C4>8=5
K85H?<75C7!=H!
C<EE75>!H8545C84?!76<C4>8=5
U!85H?<75C7!=H!C<?><E7!
=5!H8545C84?!>74C:859!456!?74E5859U
!456!
F<997F>8=5
F!H=E!83GE=D7375>!456!7]G45F8=5!=H!
C=??7984>7!H8545C84?!76<C4>8=5Y
!:;414<;19!"1I18;9;0H
!!,:8F!C4>79=E2!C=D7E76!G4E>8C8G45>F^!7F>834>8=5!=H!>:78E!._)!456!A_&
!H8545C84?!
C4G4@8?8>2!SQ5=R?7697U!4>>8><67FU!456!@7:4D8=EXY
!!/4E>8C8G45>F!>4?Q76!=H!>:78E!<5C7E>485>2
!85!4E74F!=H!._)!456!A_&
U!?7D7?!=H!
Q5=R?7697U!456!
67F8E7!>=!?74E5!3=E7Y
!!/4E>8C8G45>F^!7F>834>7!=H!
>:78E!H8545C84?!C4G4@8?8>2!H=E3!4!F<@C4>79=E2!456!8F!67FCE8@76!@7?=RY!
!!'?0;3102!56!<1I18;9;0HJ
!!Z:75!C=3375>859!=5!>:78E!G7EF=54?!H8545C84?!C4G4@8?8>2
!G4E>8C8G45>F!E7H7E75C76!4E74F!=H!F>E759>:U!@<>!=D7E4??!4CQ5=R?76976!4E74F!=H
!9E=R>:Y!!
.=<E>572!@7945!@2
!F>4>859U
!q&^6!F42!>:4>!&!=5?2!:4D7!4!@4F8C!Q5=R?7697!yC4<F7!4??!&^D7!>4Q75!8F!
>:7!C=<EF7
!uG7EF=54?!H8545C7!7?7C>8D7vY^
r!!A:7!C=5>85<76!C=5H7FF859U!Z&!F>8??!6=5^>!H77?!?8Q7!&^3!
!NVi!H<??2!GE7G4E76!H=E!3=D859!=5!>=!@7859!45!46<?>
J[!!(?8C84!H7?>!:7E!H8545C84?!Q5=R?7697!R4F!
46D45C859U
!Z&^3!?8Q7h9E=R859!>=R4E6!>:7!G=85>!=H!<567EF>45685
9Wr!:=R7D7EU!>:7E7!R4F!
3<C:!3=E7!F:7!?=5976!>=!?74E5!@7H=E7!9E46<4>859!456!75>7E859!>:7!
R=EQ859
!R=E?6Y!!
(F:?72!
67FCE8@76!4!C=557C>8=5!@7>R775!:7E!H8545C84?!Q
5=R?7697!456!@7:4D8=E!F42859U!q
&!R=<?6!F42!
>:4>!32!@7:4D8=EF!E7H?7C>!R:4>!&!:4D7!?74E576!456!R:4>!&!Q5=RYr
!!'<37E=<F!G4E>8C8G45>F!
67FCE8@76!
68FF=545C7
!@7>R775!>:78E!Q5=R?7697!456!@7:4D8=EY!!
(CC=E6859!>=!.=<E>572U!q
&!@7:4D
7!@7>>7E!H8545C84??2!>:45
!&!6=!R8>:!4C><4??2!Q5=R859!>:859F
Yr!!b4C=@!7]G?48576!:8F!
H8545C84?!68FC=557C>d!q
&!:4D7!4!67C75>!<567EF>456859!85!>7E3F!=H!>:7!@89!G8C><E7U!@<>!
:=57F>?2!=5!4!642
;>=;642!@4F8Fh4
56!=5!4!R77Q?2!3=5>:?2!@<697>85
9!@4F8F!&^3!
>7EE8@?7h
FG756859!3=572!=5!H==6!456!R
:4>7D7E!7?F7!&!5776!4>!>:7!>837
Yr!!AC=>>!686!5=>!F77!4!68E7C>!C=557C>8=5!@7>R775!:8F!H8545C84?!Q5=R?7697U!4>>8><67FU!456!@7:4D8=EY!!J7!67FCE8@7
6!:8F!H8545C84?!C4G4@8?8>2!85!>:7!H=??=R859!R42U!q
h32!Q5=R?7697!>:4>!&!:4D7!8F!342@7!@7?=R!
4D7E497U!@<>!32!4>>8><
67F!456!@7:4D8=EF!
u4E7v
!@4F76!=HH!=H!GE8=E!7]G7E875C7!R:8C:!&!R=<?6!
F42U!>:E=<9:!>:7!274EFU!97>F!@7>>7E!456!@7>>7E
Yr!"72=;0Q-280!14=!/1G;4C?Q,4G2?0;4C!K141C23240
!!,:7F7!C4>79=E87F!456!>:78E!F<@C4>79=E87F!R7E7!C=3@8576!85!>:8F!GE7F75>4>8=5Y!!J7E7U!
G4E>8C8G4
5>F!C=3375>76!=5!
>:78E!FG756859!456!F4D859F!:4@8>F
!456!F>E<99?7!>=!345497!
3=572!6<E859!>:78E!C=??7984>7!274EFY
!!(F![454!F>4>76U!q
&^3!E74??2!9==6!4>!F4D859!@<>!&^3!
>7EE8@?7!4>!FG756859Y!
!&!6=5^>!345497!32!FG756859!D7E2!R7??Y
r!/1G;4C!14=!?I24=;4C!F18;0?J!!
,:7F7!F<@C4>79=E87F!C=D7E76!G4E>8C8G45>F
^!>:=<9:>F!
456!H77?859F!=5!>R=!83G=E>45>!4FG7C>
F!=H!._)!456!A_&!345497375>Y
!!,:E=<9:=<>!@=>:!=H!
>:7F7!C4>79=E87F!4!C=33=5!>:E746!R4F!4!3856F7>!=H!?8D859!85!>:7!GE7F75>!456!674?859!R8>:!
4FG7C>F!=H!H8545C84?!345497375>
!85!>:7!H<><E7
K=5C7!=<>!=H!FC:==?Y!!
b4C=@!7]G?8C8>?2!F>4>76U!
!NV\!q2=<^E7!=5?2!LN!=5C7Y!
!A=!2=<^D7!9=>!>=!?8D7!8>!<G!5=R!456!2=<!C45!F4D7!<G!?4>7Eh
>:4>^F!>:7!
R42!&^D7!@775!>:85Q859!?4>7?2
Yr!!$4C:7?!F7C=5676!>:8FU!q+8Q7!:83U!
u&^3v!
=5?2!LN!=5C7U!&^3!?8Q7U!
y&^3!=5
?2!85!C=??797!=5C7f!&^3!9E46<4>859U!&!R45>!>=!75P=2!32F7?Hf^!@<>!&!4?R42F!>E2!>=!H856!
R42F!>=!@7!3856H<?!>==!@7C4<F7!8>^F!83G=E>45>
Yr!!b4C=@!E734EQ76
U!q&!Q5=R!>:4>!>:7!
FG756859h
&!Q5=R!&!F:=<?65^>!@7!6=859!8>U!@<>!&!:4D7!>:7!4>>8><67!?8Q7U!y=:U!R:4>7
D7EY!!&^??!34Q7!8>!@4CQY^r
!!"6R4E6!Q57R!R:4>!R4F!qE89:>
r!:7!Q57R!R:4>!q>=!6=r!:=R7D7E
U!:7!F>E<99?76!
>=!7]7C<>7!=5!4!648?2U!R77Q?2U!=E!3=5>:?2!@4F8FY!!q
&!Q57R!:=R!>=!3485>485!4!9==6!CE768>!
FC=E7U!@<>!7D7E2!3=5>:!&!P<F>!C455=>!6=!8>Y!
!&^3!4?R42F!FG756859!3=E7!>:45!
&!74E5
hr!.:E8F!67FCE8@76!:=R!:7!D4C8??4>7F!@7>R775!4!375>4?8>2!=H!FG756859!456!F4D859d
!&!FG756!3=E7!3=572!
C4<F7!&^3!?8Q7!yR7??!&^D7!:46!4!P=@!F85C7!&!R4F!NOY
!!&^D7!@775!4!E7FG=5F8@?7!F4D7EY!
!&!C45!FG756!4!?8>>?7!=5!32F7?HU^!?8Q7!8>^F!=Q42!>=!FG756!
u456!@<2v!4!sLMM!R4>C:!7D7E2!=5C7!85!4!R:8?7!
R:8C:!8F!E74??2!5=>!=Q42f!
!0<>!&^D7!F4D76!3=572!H=E!
>:7!G4F>!
H=<E
!=E!H8D7!274EF!F=!&!R4F!?8Q7U!y8>
^F!4?E89:>Y!
!&>^F!5=>!4!@89!674?
^!S.:E8FXY!#452!F>E<99?76!R8>:!8674F!?8Q7!>:8FU!Q5=R859!R:4>!>:72!F:=<?6!6=!R8>:!
>:78E!3=572
U!456!
F=37!
7D75!6=859!8>U!@<>!?==Q859!H=E!>:7!E7R4E6!=E!E785H=EC7375>Y!!
[454!>4?Q76!4@=<>!G<>>859!
3=572!4R42!>=R4E6!F4D859FU!@<>!>:75!FG756859!8>!=5!7D75>F!456!=<>859F!R8>:!HE8756F
!F42859U!
q&^??!P<F>!756!<G!FG756859!8>!4??
Yr!!&5!=57!589:>U![85C7
5>!F486!:8F!3=5>:?2!FG756859!
G?45!C45!@7C=37!<5:85976U!q
FG756859!97>F!=<>!=H!C=5>E=?!
u85v!4!589:>h&>^F!@46f!sNMU!sNMU!
sNMU!2=<!Q5=Rt
r!!.=<E>572^F!3856F7>!R4FU!q
yh&!F>8??!:4D7!4??!>:7F7!F4D859F!HE=3!32!P=@FU^!@<>!
&!67H858>7?2!R4FU!FG756859!4!?=>!3=E7U!>:8
5Q859!>:4>hyC4<F7!&!:46!F4D859Fh
&!F>8??!75676!
<G!FG756859!>:4>!3=572!452R42hr
!!A:7!C=5>85<76!>=!>7??!4!F>=E2!=H!F4D859!3=572!HE=3!R=EQ!
=D7E!>:7!F<337E!H=E!7]G75F7F!6<E859!>:7!FC:==?!274EY!!J=R7D7EU!R8>:=<>!>:7!68FC8G?857!=H!
R=EQ859!456!74E5859!F:7!686!5=>!34
5497!:7E!3
=572!7HH7C>8D7?2Y!!A:7!E7C4??76d
!!!NVV!h5=>!=5?2!686!&!5=>!:4D7!3=572!C=3859!85h&!:46!F=!3<C:!7]>E4!>837h
&!H=<56!32F7?H!
FG756859!F=!3<C:Y!
!(56!&!9
=>!4!57R!CE768>!C4E6!456!8>!R4Fhu4v!E
7R4E6F!=57Y!
!(56!&!
R4F!?8Q7U!y
B:!32!9=6U!&!:4D7!>=!
FG756!sOMM!>=!97>
!32!sNMM!@4CQf^
!S.=<E>572XY
!AC=>>!85!4!F838?4E!H4F:8=5!R=EQ76!6<E859!>:7!F<337EU!@<>!686!5=>!:4D7!E79<?4E!85C=37!
6<E859!>:7!H4??!456!FGE859!F737F>7EFY!!,:7!3=572!>:4>!:7!F4D76U!?8Q7!.:E8F!456!.=<E>572U!
R4F!>=!@7!@<697>76!4CE=FF!>:7!F737F>7EY!!J=R7D7EU!:7!4
638>>76!F>E<99?859!>=!F>42!R8>:85!
:8F!GE7D8=<F?2!67>7E38576!@<697>U!F42859U!q
>:4>!C2C?7!=H!y=:U!&!:4D7!3=572U!&!C45!F>8??!@<2!8>U^!
@<>!&^3!5=>!:4D859!452!85C=37Y!&>!P<F>!6=7F5^>!C?8CQ!R8>:!37
Yr!&F2!,3I57014<2!14=!-2G295I324019!&;3;4C!56!:;414<;19!'=><10;54
!!&5!>:8F!C4>79=E2
!G4E>8C8G45>F!466E7FF76!>:7!F4?875C2!=H!H8545C84?!76<C4>8=5Y!!,:7F7!
>:=<9:>F!C=EE7?4>76!R8>:!>:=<9:>F!=H!>:7!67D7?=G375>4?!>83859!=H!H8545C84?!?7FF=5FY!!,:7!
>83859!456!C=5>75>!=H!>:7!?7FF=5F!85H?<75C76!
R:4>!>:7
!F><675>
F!?74E576U!:=R!>:72!
7D4?<4>76
!>:7!?7FF=5U!456!:=R!GE7G4E76!>:72!H7?>Y
!!,:7!83G=E>45C7!=H!H8545C84?!76<C4>8=5!456!497!
9E4676!?74E5859!F<@C4>79=E87F!R8??!@7!=<>?8576!@7?=RY
!,3I57014<2!56!6;414<;19!2=><10;54J
!!"6R4E6!H7?>!H8545C84?!?8>7E4C2!R4F!4!57C7FF4E2!
C=3G=575>!>=!:89:7E!76
<C4>8=5Y!!J7!E7FG=5676U!q8>^F!7HH7C>8D7h
>:7!74E?87EU!
>:7!@7>>7Eh
8H!2=<!P<F>!9=!>=!C=??797!456!2=<!6=5^>!Q5=R!452>:859!@7H=E7U!8>^F!D7E2!9==6
Yr!!$4C:7?!F>4>76U!q&!H77?!
?8Q7!:4D859!C=5D7EF4>8=5F!4@=<>!>:8F!C45!E74??2!34Q7!4!68HH7E75C7!H=E!G7=G?7!456!E74??2!=
G75!G7=G?7^F!727F!>=!8>Y!
!&!>:85Q!8>!Q856!=H!GE=D7F!:=R!83G=E>45>h>E2859!>=!:4D7!4??!C=??797!
F><675>F!:4D7!H8545C84?!?8>7E4C2
Yr!!B?8D84!49E776!F>4>859
U!q>:7!=57F!>:4>!Q5=Rh>:72!34Q7!
@7>>7E!67C8F8=5FY
r!!!$C2!C71=2=!
92174;4C
Y!!,:7!5776!H=E!H8545C84?!76<C4>8=
5!48376!4>!C=??797!F><675>F!
R4F!C?74E!>=!G4E>8C8G45>FY!!
.:E8F!@7945!@2!F>4>859U!q4??!>:7!HE7F:375h
R:=!:4D75^>!>4Q75!>:8F!
!LMM!C?4FFU!&^3!F<E7!>:72^E7!5=>!4R4E7!=H!>:7!CE768>!C4E
6F!456!>:7!67@>!>:72!C45!@E859
h8>^F!
H<564375>4?!Q5
=R?7697!>=!F4D7!3=572hr
!!J7!C=5>85
<76d
!h4!Q86!R:=^F!9E=R5!<G!456!:46!7D7E2>:859!:45676!>=!:83!:4F!5=!C=5C7G>!=H!F4D859!
3=572!=E!
G<>>859!3=572!4R42h
8H!:7!:4F5^>!>4Q75!4!C=<EF7!=E!452>:859hu
:7!R=5^>!
Q5=Rv!
2=<!5776!>=!G<>!3=572!4R42!>=R4E6F!E7>8E7375>!=E!>:4>!2=<!
5776!>=!F>4E>!4!
F4D859F!
4CC=<5>h
S.:E8FXY!(?8C84!FG=Q7!=H!>:7!Q5=R?7697!F:7!:46!948576!>:E=<9:!H8545C84?!76<C4>8=5!
85H?<75C859!:7E!@7:4D8=EFU!@<>!R8>:=<>!C=5F>45>!4>>75>8=5!G486!>=!>:7F7!?7FF=5F!F:7!?4CQ76!
68E7C>8=5Y!!q
&!H7?>!?8Q7!&!:46!>=!>4Q7!E7FG=5F8@?7!4C>8=5F!P<F>!>=!34Q7!F<E
7!&^3!G42859!32!
CE768>!C4E6!=5!>837Yq
!!(F!F:7!C=5>85<76U!:7E!C=3375>F!E7D74?76!:7E!F>E<99?7U!r
h&^3!6=859!
4??!>:8F!F><HH!456!F=37>837F!2=<!P<F>!97>!?=F>U!?8Q7U!R:4>!6=7F!>:8F!4??!3745t!
!&^3!LNY!&!F:=<?6!
@7!6=859!>:8FY
!!/4E>8C8G45>F!
G7EC78D7
!>:7E7!R7E7!68HH7
E75>!F>497F!=H!?8H7!R:75!C7E>485!H8545C84?!
?7FF=5F!R7E7!3=E7!4GG?8C4@?7U!R:75!
>:7!
?7FF=5!qC?8CQ76Ur!456!R:75!
>:72!:46!>:7!
=GG=E><58>2!>=!G<>!85>=!GE4C>8C7!R:4>!>:72!:46!?74E576Y
!!"4E?2!=5!85!>:78E!67D7?=G375>!
G4E>8C8G45>F!H7?>U!q
2=<!6=5^>!E74??2!Q5=R!>:7!H
8545C84?!F8><4>8=5
!85!2=<E!:=37!R:75!2=<^E7!4!
Q86
h456!2=<!6=5^>!Q5=R!R:4>^F!E74??2!:4GG75859!R8>:!>:7!H8545C7F
r!S(?8C84XY!!B?8D84!46676
U!q&!R8F:!&!686!
uQ5=R!R:4>!R4F!9=859!=5!H8545C84??2v!@7C4<F7!&!=@D8=<F?2!R=<?65^>!:4D7!
R45>76!>=!34Q7!>:7!F437!38F>4Q7F
Yr!!.=<E>572!E7H7E75C76!74E?2!?7FF=5F!H48?859!>=!@7!
E7>48576!6<7!>=!
:7E!3856F7>!456!?4CQ!=H!H8EF>
;:456!7]G7E875C7Y!!A:7!F486!34564>=E2!
H8545C84?!456!7C=5=38CF!C=<EF7F!85!:89:!FC:==?!R7E7!5=>!85H?<75>84?U!q
>:4>^F!:89:!FC:==?Y!
!(56
h@7F867F!37!R48>E7FF859U!&!37
45!&!686
5^>!:4D7!>=!345497!32!3=572
Yr!!$4C:7?!7]G?485
76!:7E!67D7?=G375>4?!P=<E572!456!?74E5859!>:E=<9:!7]G7E875C7d
!!LMN!&!>:85Q!>:72!uH8545C84?!?7FF=5Fv!6=!C=37!R8>:!>837!@7C4<F7!4F!&!9=>!=?67E!456!&!:46!
32!H8EF>!@89!P=@!4>!4!C=<5>E2!C?<@U!&!Q856!=H!F>4E>76!F4D859!<G!3=E7!456!F>4E>76!>=!
<567EF>456Y!
!B5C7!&!:46!4??!>:8F!3=572U
!&!Q856!=H!R45>76!>=!Q5=R!3=E7h
&!6865^>!
R45>!>=!6=!RE=59!R8>:!
8>Y!
!&>!75C=<E4976!3
7!>=!6=!3=E7!S$4C:7?XY
!/4E>8C8G45>F!67FCE8@76!C:459859!GE8=E8>87FU!85>7E7F>FU!456!?7D7?F!=H!<567EF>456859!4F!>:72!
3=D76!>:E=<9:=<>!>
:78E!C=??7984>7!76<C4>8=5Y!!
B5!D4?<859!H8545C84?!76<C4>8=5
U!$4C:7?!E7D74?76U!q
&!6=5^>!>:85Q!2=<!7D75!Q5=R!:=R!83G=E>45>!8>!8
F!<5>8?!2=<!97>!>=!4!C7E>485!G=85>h!
&^3!4!F758=E!5=R!@<>!&^3!?8Q7h&!
uR8??v!:4D7!4!H<??
;>837!C4E77EY
!!&!:4D7!>=!F>4E>!GE=D86859!H=E!
32F7?HY
r!!AC=>>!E7C4??76!>:7!
F><675>!
34Q7
;<G!=H!:8F!G7EF=54?!H8545C7!
C=<EF7!456!>:78E!
68HH7E859!F>497F
d!q
H8EF>!642!
u>:7!GE=H7
FF=Ev!4FQ76!:=R!3452!R7E7!HE7F:375h
F=G:=3=E7FU!
P<58=EFU!456!F758=EFY!
!&!R=<?6!F42!>:7!C?4FF!R4F!GE=@4@?2!:4?H!HE7F:375!456!:4?H!F758=EFY!
!J4?H!E7462!>=!G?45!H=E!C=??797!456!:4?H!HE74Q76
Yr!!.=<E>572!4CQ5=R?76976!>:7
!68HH7E859!H8545C84?!9=4?F
!456!
4>>8><67
F!@7>R775!HE7F:345!456!F758=E
FY!!A:7!F486U!q&!R8F:!&!R=<?6!:4D7!
>4Q75!>:8F!
C?4FF!R:75!&!R4F!4!HE7F:345h5=Rh
&^3!GE7>>2!:4GG2!>4Q859!
8>!4F!4!F758=E!
@7C4<F7h
&^3!9=859!>=!@7!4GG?2859!4!?=>!3=E7!=H!>:8F!F><HH!>=!E89:>!R:75!&!9E46<4>7Y
r!!Z:75!
GE=@76!H<E>:7E!E794E68
59!>:7!H8545C84?!83G?8C4>8=5F!456!67D7?=G375>!68HH7E75C7
F!@7>R775!
HE7F:345!456!F758=EF!$4C:7?!F>4>76U!q
,:7E7^F!4!R:=?7!68HH7E75>!4EE42!=H!7]G75F7F!>:4>!2=<!
5776!>=!?74E5!>=!345497!H=E
hr!!/4E>8C8G45>F!
4?F=!
>4?Q76!4@=<>!>:78E!497!456!F>497!85H?<75C859!>:78E!
G4E75>F^!
F=C84?8`4>8=5!GE4C>8C7FY!!J=R!456!R:75!G4E75>F!>4<9:>!H8545C84?!?7FF=5F!
@7C437
!4!F<@P7C>!=H!
68FC<FF8=5Y!!g4:4E4!FG=Q7!=H!:7E!G4E75>F!GE=D86859!H8545C84?!?7FF=5F!=5?2!4H>7E!F:7
!:46!4!P=@U!
F>7462!85C=37U!456!3=572!>=!345497Y!!A:7!C?48376U!q
&!75>7E76!C=??797!456!F>4E>76!97>>859!
32!=R5!P=@!456!F>4E>76!34Q859!32!=R5!3=572Y!
!,:75!>:72!E74?8`76U!yR7??!342@7!F:7!
!LML!F:=<?6!4?F=!Q5=R!R:4>!>=!6=!R8>:!4??!>:8F!F><HHY^
r!![454!:46!4!F838?4E!H438?2!C<?><E7U!F>4>859U!
q%E=R859!<Gh&!R=<?6!P<F>!F=E>!=Hh
=@F7ED7!
456!P<F>!F=E>!=H!R=567EU!@<>!>:72!R=<?6!57D7E!
>7??!37!452>:859Y!
!(56!>:75!F758=E!274E!=H!:89:!FC:==?!>:72!F>4E>76!7]G?485859!>=!37!F=37!
F><HHY
r!!.=<E>572!3<F76!4F!>=!R:2!:7E!G4E75>F!67?4276!3452!7]G?8C8>!H8545C84?!?7FF=5F!
F42859d!
!h342@7!>:85Q859!>:4
>!&!R4F!>==!2=<59!=E!F=37>:859
h5=R!
u&^3v
!E74?8`859!>:4>!F=37!
=H!>:7!F><HH!>:4>!32!G4E75>F!342!5=>!:4D7!7]G?8C8>?2!7]G
?48576!>=!37U!&!C45!E74?8`7!
5=RhR:75!2=<^E7!=?67E!8>^F!:4E6!>=!>74C:!F=37=57!>:4>^F!2=<597E!<F859!>:7!E89:>!
R=E6859h
S.=<E>572XY
!$4C:7?!4?F=!>:=<9:>!:7E!497!456!?7D7?!=H!C=3GE7:75F8=5!G?4276!4!E=?7!85!:=R!456!R:4>!:7E!
G4E75>F!C:=F7!>=!>74C:!:7EY!!q
&!6=5^>!>:85Q!>:72!E74??2!>==Q!>:7!>837!>=!F8>!6=R5!456
!u>74C:v!342@7!>:4>^F!P<F>!@7C4<F7!>:72!>:=<9:>!&!6865^>!<567EF>456
hr!!
B?8D84!E7C=958`76!:7E!497!
456!4>>8><67!4F!4!H4C>=E!85!:7E!=D7E4??!H8545C84?!?74E5859U!q
R8>:!32!G4E7
5>FU!8>!uR4Fv!P<F>!?8Q7U!y=Q42!646U!9=>C:4!3=3^h
&!R=<?6!67H858>7?2!F42!497!G?42F!4!G4E>
Yr!:;414<;19!
,469>24<2!
!!,:7!C4>79=E2
!=H!H8545C84?!
85H?<75C7!
C=5>485F!
85H=E34>8=5!=5!
G4E75>4?!F=
C84?8`4>8=5Y!!
J7E7U!G4E>8C8G45>F!68FC<FF76!7]G?8C8>!456!83G?8C8>!>74C:859U!
>:78E
!7F>834>8=5!=H!>:78E!GE834E2!
F=C84?8`4>8=5!F=<EC7!456!
9E74>7F>
!?7FF=5F
!GE=D8676
U!456!G4E75>F^!H8545C84?!C4G4@8?8>2
Y!!'LI9;<;0!14=!;
3I9;<;0!?5<;19;S10;54J!
!/4E>8C8G45>F!R7E7!
H8EF>!4FQ76
!>=!E7D87R!456!
C=5F867E!E7F<?>
F!HE=3!>:7!GE7D8=<F?2!C=56<C>76!I<45>8>4>8D7!F<ED72Y!!,:7!454?2F8F!=H!>:7!
F<ED72!64>4!E7D74?76!7]G?8C8>!G4E75>4?!F=C84?8`4>8=5!R4F!4!F>E=597E!85H?<75C7!
=5!737E9859!
46<?>!H8545C84?!C4G4@8?8>2!>:45!83G?8C8>U!=@F7ED4>8
=54?!?74E5859Y!!/4E>8C8G45>F!E74C>76!>=!>:8F!
456!GE=D8676!>:78E!=G858=5F!=5!7]G?8C8>!456!83G?8C8>!G4E75>4?!F=C84?8`4>8=5Y
!!A=37!
!LMc!G4E>8C8G45>F!:46!F>E=59!GE7H7E75C7F!@7>R775!7]G?8C8>!456!83G?8C8>!>74C:859U!E7H?7C>859!=5!
R:4>!
>:72!
E7C78D76!=E!C=5D7EF7?2!R:4>!
>:72!686!5=>!E7C78D7
!9E=R859!<G
U!456!R:8C:!>:72!@7?87D76!>=!@7!4!F>E=597E!
85H?<75C7
Y!!!#452!@7?87D76!G4E75>F!>:4>!3467!>:7!7HH=E>!>=!7]G?8C8>?2!>74C:!>:78E!C:8?6E75!R=<?6!
4?F=!
7]73G?8H2!9==6!3=572!345497375>Y!!,
:<FU!7]G?8C8>!4C>8=5!@794>!83G?8C8>!7]43G?7Y!
!.=<E>572!46676U!qh
8H!4!G4
E75>!8F!7]G?8C8>?2!>74C:859h
>:75!>:72!389:>!4?F=!@7!83G?8C8>?2!
4C>859!<G=5!R:4>7D7E!>:72^E7!4?F=!>74C:859Y
!!(5=>:7E!G4E>8C8G45>!F>4>76U!q
G4E75>!>74C:859!
67H858>7?2!C=EE7?4>7F!R8>:!>:7!G4E75>!6=859!8>
r!Sb4C=@XY!!(F:?72!C8>76!4!?8F>
!=H!37E8>F!H=E!@=>:!
7]G?8C8>!456!83G?8C8>!F=C84?8`4>8=5U!@<>!<?>834>7?2!C=5C?<676!>:4>!7]G?8C8>!>74C:859!R4F!3=E7!
G=R7EH<?!F42859U!q
h2=<!C45^>!?74E5!7D7E2>:859!83G?8C8>?2Y
r!!!B?8D84!H7?>
U!@4F76!=5!G7EF=54?!7]G7E875C7!456!457C6=>4?!7D8675C7
U!7]G?8C8>!G4E75>
4?!F=C84?8`4>8=5!R4F!3=E7!C=33=5
Y!!&5!:7E!C=3375>F!F:7!4??<676!>=!G4E75>4?!7]G7E875C7!456!
H438?84?!F>4
><F!G?42859!4!E=?7!85!>:7!H=E3!456!H<5C>8=5
!=H!F=C84?8`4>8=5Y!!A:7!F>4>76U!q
&!>:85Q!>:7!7]G?8C8>!4GGE=4C:!8F!3=E7!C=33=5
!98D75!C7E>485!9E=<GF!=H!G7=G?7r!4
56!R75>!=5!>=!F42U!q>:7!G7=G?7!&!9E7R!<G!R8>:U!8>!R4F!67H858>7?2!3=E7!7]G?8C8>Yr!!
(F:?72!H4D=E76!7]G?8C8>!>74C:859!
F>4>859U!q
hR:75!G7=G?7!Q5=R!R:2!>:72!F:=<?6!6=!F=37>:859U!>:72^E7!3=E7!?8Q7?2!>=!6=!8>!
>:4>!R42Y!
!A=!G<EG=F7H<?!>74C:859!8F!>:7!yR:2^!@7:856!
R:4>!>:72^E7!?74E5859Y
r!!$4C:7?!
67FCE8@76!:7E!GE7H7E75C7!85!>:7!H=??=R859!R42d
!&!H77?!?8Q7!8H!2=<E!G4E75>F!4E7!>4Q859!>:7!>837!>=!>74C:!2=<!456!:4D7!2=<!?74E5!E4>:7E!
>:45!P<F>!:4D859!2=<!=@F7ED7U!8>!Q856!=H!34Q7F!8>!F773!83G=E>45>Y!
!&H!32!G4E75>F!F4>!
6=R5!
456!>=?6!37!>:7!G<EG=F7!=H!4!CE768>!C4E6!456!:=R!>=!<F7!8>!456!94D7!37!F=37!
46D8C7!H=E3!>:78E
!=R5!7]G7E875C7U!8>!342!34Q7!37h<567EF>456!=E!R45>
!>=!Q5=R!
3=E7Y!
!0<>!8H!&!P<F>!R75>!>=!>:7!F>=E7!456!F4R!32!646!<F7!=57!&^6!P<F>!@7!?8Q7U!yR7??!
!LMj!2=<!Q5=Rh^!@<>!R:7
5!>:72!4C><4??2!>=?6!37!4@=<>!8>U!&!H77?!?8Q7!&!?74E576!4!?=>!3=E7!
456!:46!4!3=E7!G=F8>8D7!E7F<?>
!S$4C:7?X
Y!&>!R4F!C?74E!85!>7E3F!=H!H8545C84?!F=C84?8`4>8=5!>:7!qR:=r!@7:856!74C:!7]G?8C8>!?7FF=5!R4F!4F!
83G=E>45>!4F!>:7!qR:2r!@7:856!>:7!?7FF=5Y
!![454!F>4>76
d!hR:75!F=37=57^F!<G!HE=5>!R8>:!2=<!4@=<>!F=37>:859!456!>:72!>7??!8>!>=!2=<E!H4C7!
:=R!8>!8FU!8>!P<F>!98D7F!3=E7!=H!45!83G4C>h83G?8C8>
!uF=C84?8`4>8=5v
!C45!@7!E74??2!
85H?<75>84?U!@<>!&!H77?!?8Q7!7]G?8C8>!
uF=C84?8`4>8=5v!
:4F!3=E7!H=EC7!>=!8>
!S[454X
Y!'=4:!7?4@
=E4>76!=5!>:8F!G=85>!67FCE8@859!>:7!83G=E>45C7!=H!E7G<>4>8=5U!q
R:75!F=37=57!
R8>:!4<>:=E8>2U!F=37=57!R8>:
!Q5=R?7697!>7??F!2=<!F=37>:859!
2=<^E7!3=E7
!u?8Q7?2v!>=!>E<F>!
:83!=E!:7E!E4>:7E!>:45!2=<!F77!F=37=57!6=859!>:859F
hr!B@F7ED859
!>:78E
!G4E75>F^
!H8545C84?!<G
F!456!6=R5F!
H=E!B?8D84
!456!:7E!F8F>7E!CE74>76!
>:78E
!GE7H7E75C7!>=!
,..
!>:7!E7F<?>F!@7H=E7!@7?87D859Y!!qh
R7!4?R42F!F42!>4?Q!8F!C:74GU!
@4F8C4??2
h!uR7^D7v!F775!:=R!32!G4E75>FU!:=R!>:78E!H8545C84?!4>>8><67F
U!:4D7!4HH7C>76!<F!85!
@=>:!9==6!456!@46!R42FY!
!(56!>:4>
!Q856!=H!>E8CQ?76!=D7E!>=!:=R!&!:456?7!32!H8545C7F
Yr!!"6R4E6!49E776!>:4>!F77859!q>:7!E7F<?>Fr!R4F!>:7!3=F>!G=R7EH<?!85H?<75C7!
=5!:8F!H8545C84?!
C4G4@8?8>2Y
!!g4:4E4!F486U!q
&!6=5^>!Q5=R!4!R:=?7!?=>!=H!F><HH!4@=<>!85D7F>
859!7D75!>:=<9:!32!
G4E75>F!:4D7h
>E876!>=
!F8>!37!6=R5!456!>74C:!37r!F:7!C=5>85<76U!q
8>^F!E74??2!9=57!8
5!=57!74E!
456!=<>!>:7!=>:7Eh&!>:85Q!R:4>!4C><4??2h
@E=<9:>!32!4>>75>8=5!>=!8>!R4F!R:75!&!R=<?6!F77!
>:73!34Q7!F=37!9==6!85D7F>3
75>F!456!:=R!7]C8>76!>:72^6!97>h
=E!:=R!F46!>:72^6!97>!
R:75!F=37>:859!Q
856!=H!R75>!6=R5!>:7!6E485Y
r!/5<;19;S10;54!?5>7<2J
!!Z:75!4FQ76!R:=!=E!R:4>!R4F!>:7!G4E>8C8G45>F
^!9E74>7F>!
H8545C84?!
85H?<75C7
U!45FR7EF
!E45976!HE=3!G4E75>F!456!7]>75676!H438?2!>=!@==QF!456!37684!
F=<EC7FY
!!J=R7D7EU!G
4E75>F!456!7]>75676!H438?2!R7E7!>:7!3=F>!C
=33=5!E7FG=5F7
Y!!$4C:7?!!LMO!E734EQ76!
8>^F
!@775!q
4!R:=?7!?8H7>837!=H!85H?<75C7!456!?74E5859!>:859F
Yr!!g4:4E4!E7FG=5676!
>:4>!:7E!G4E75>F!R7E7!
:7E!GE834E2!4975>F!=H!F=C84?8`4>8=5
Y!!A:7!7]G?48576U!qh>:78E!H8545C84?!
F8><4>8=5h
68E7C>?2!85H?<75C7F!32!H8545C84?!F8><4>
8=5h!F85C7!8>^F!68E7C>?2!4HH7C>859!37!8>^F!
Q856!=H!85H?<75C76!>:7!R42!&^D7!CE74>76!32!=R5!8674F
Yr!!A=37!G4E>8C8G45>F!67?8574>76!
@7>R775!>:78E!G4E75>FU!:89:?89:>859!
78>:7E
!3=3!=E!646Y!!.=<E>572!7]G?48576d
!!hu8>!R4Fv!68HH7E75>!R8>:!32!3=3!>
:45!R8>:!32!646h
32!3=3!R4F!3=E7!?8Q7!
>74C:859!37d!y
BQ42!2=<!:
4D7!>=!@<8?6!2=<E!CE768>!FC=E7U^!456!&^6!@7!?8Q7U!y
Z7??U!R:2!6=!
&!:4D7!>=!@<8?6!32!CE768>!FC=E7t^
!456!>:75!7]G?485859!F><HH!?8Q7!>:4>
hS.=<E>572XY
![454!7]GE7FF76!F838?4E!H77?859F!5=>859
!>:4>!:7E!3=>:7E!R4F!85H?<75>84?!@7C4<F7!q
8H!&!7D7E!:46!4!I<7F>8=5!F:7!R=<?6!4?R42F!>E2!:7E!@7F>!>=!7]G?485!8>!>=!37
Yr!!B?8D84!F>4>76U!q
#2!@8997F>!
85H?<75C7!R=<?6!@7!32!G4E75>FhFG7C8H8C4??2!32!646
Yr!!A:7!7]G?48576U!qh:7^F!>:7!
@E746R8557E!85!>:7!:=<F7h
&^D7!F775!:8F!F<CC7FF7F!456!:8F!H48?<E7F
U!456!:8F!H48?<
E7F!=@D8=<F?2!:8>!32!H438?2!=H!F8]
!:4E6!R:75!8>!:8>Y
r!/4E>8C8G45>F!67FCE8@76!?74E5859!HE=3!@=>:!>:7!F<CC7FF7F!456!H48?<E7F
Y!!.:E8F!67FCE8@76!45!83G=E>45>
!H8545C84?!
H89<E7!85!:8F!?8H7d
!#2!<5C?7!R4F!4?F=!4!
H8545C7!34P=Eh:7^F!D7E2!F<CC7FFH<?!456!:7^F!>4<9:>!37!4!?=>!=H!
F><HHY
!!&!4FQ76!:83!4!?=>!=H!I<7F>8=5F!9E=R859!<G!4@=<>!H8545C7F!456!F4D859FY!
!&!R4F!
4?R42F!4R4E7!=H!:=R!:7!686!D7E2!R7??!=HH!H=E!:83F7?H
!S.:E8FXY!$4C:7?!?74E576!HE=3!:7E!H4>:7EF^!FG756859!:4@8
>F!qu:7^Fv!
4?R42F!@775!>:7!>2G7!>=!5=>!FG756!
R:4>!:7!6=7F5^>!:4D7
Yr!!(?8C84!?74E576!HE=3!:7E!G4E75>F!>=!@<2!=5?2!R:4>!F:7!C=<?6!4HH=E6U!
qh>:72!P<F>!H7?>!?8Q7!8H!2=<!C45^>!E74??2!=R5!8>U!2=<!6=5^>!5776!8>f
r!!AC=>>!?74E576!HE=3!
F>E<99?7F!:7!F4R!:8
F!3=>:7E!75
6<E7Y!!J7!7]G?48576d
!!LMa!h8H!&!R45>76!F=37>:859
!u9E=R859!<Gv!&!9=>!8>h
5=R!&!E74?
8`7!32!3=3!R4F!85!4!?=>!=H!
67@>hF:7!F>4E>76!@7859!?8Q7U!y
&^3!9=
859!>=!5776!F=37!3=572!HE=3!2=<^h
342@7!&!
F:=<?65^>!:4D7!:46!4??!=H!>:=F7!>:859F!R:75!&!R4F!2=<597E
!SAC=>>XY
!!!Z:75!G4
E>8C8G45>F!R7E7!4FQ76!
R:7>:7E!>:7
!?7FF=5F!>:78E!G4E75>F!
=E!=>:7E!
F=C84?8`4>8=5!4975>F!
GE=D8676!>:73!R7E7!7]G?8C8>!=E!83G?8C8>
Y!!Z:8?7!>:7!?7FF=5F!342!:4D7!
D4E876U!G4E>8C8G45>F!>75676!>=!49E77!>:4>
U!R:75!E7H?7C>859!@4CQ
U!4??!=H!>:7!?7FF=5F!
R7E7!
<?>834>7?2!
G=F8>8D7Y
!!qZ:75!&!R4F!2=<597E!>:72!R7E7!67H858>7?2!4!?=>!3=E7!5794>8D7!@7C4<F7!
&!6865^>!<567EF>456!H8545C7F
h456!&!E74?8`76!?==Q859!@4CQ!:=R!G=F8>8D7!>:72!4??!
R7E7
hrS(F:?72XY
!!,:7!Q72!?7FF=5F!
E7C4??76!
@2!G4E>8C8G45>F!E7GE7F75>76!
4!@4F8C!
<567EF>456859!=H!F4
D859F!456!FG756859d!¥ q&H!2=<!6=5^>
!:4D7!8>U!R7^E7!5=>!FG756859!8>r!S(?8C84XY
!¥ q(?R42F!:4D7!75=<9:!3=572!P<F>!85!C4F7!F=37>:859!@46!:4GG75F
r!SAC=>>XY
!¥ qh>:7!>837!D4?<7!=H!3=572
r!S.=<E>572XY
!¥ qh2=<!:4D7!>=!R=EQ!H=E!R:4>!2
=<!:4D7h>:72!R=<?6!4?R42F!F42U!y
57D7E!FG7
56!3=E7!>:45!R:4>!2=<!:4D7U^!?8Q7U!y=5?2!@<2!R:4>!2=<!C45!4HH=E6^r!S[454X
Y!%1724019!<1I18;9;0HJ!!
Z8>:85!>:8F!F<@C4>79=
E2!G4E>8C8G45>F!E7H7E75C76!>:7!7
HH7C>!=H!
G4E75>4?!F=C8=7C=5=38C!F>4><F!SA"AXU!H8545C84?!F<CC7FFU!H8545C84?!76<C4>8=5!456!
<567EF>456859!=5!
>:78E!F=C84?8`4>8=5!GE4C>8C7FY
!!,:7F7!H4C>=EF!4HH7C>76!>:7!HE7I<75C2!456!
I<4?8>2!=H!H8545C84?!?7FF=5F!68FF73854>76Y!!
/4E>8C8G45>F!H7?>!>:4>!G4E75>4?!H8545C84?!
4CC=3G?8F:375>!54><E4??2!>E45FH7EE76!>=!>:78E!C:8?6E75Y!!B?8D84!GE=D8676!>:8F!7]43G?7d!
!h8H!2=<E!G4E75>F!4E7!>:7!>2G7!>=!85D7F>!=E!>=!345497!>:78E!3=572!R7??!>:72!G4FF!8>!
6=R5!>=!>:78E!C:8?6E75Y
!!&!Q57R!G7=G?7!R:=U!?8Q7!&!F486!85!:89:!FC:==?U!:46!F>=CQFh
&!>:85Q!8>!P<F>!67G756F!=5!:=R!2=<E!G4E75>F!R7E7!@E=<9:>!<G
!SB?8D84XY
!!LMi!A838?4E?2U!b4C=@!H7?>!>:4>!8H
!=57^F!qG4E75>!8F!E7FG=5F8@?7h
u:7!=E!F:7!8Fv
!3=E7!?8Q7?2!>=!>E2!>=!
G4FF!>:4>!:4@8>!=5!>=!>:78E!Q86F!>:45!4!G4E75>!>:4>!6=7F5^>!Q5=R!@7>>7E!>:73F7?D7Fh&H!>:7!
G4E75>!6=7F5^>!Q5=RU!:=R!4E7!>:72!9=859!>=!>74C:!8>t
r!!,:7!G=F8>8D7!>E45FH7E!=H!Q5=R?7697!
456!7]G7E
875C7!R4F!C?74EW!:=R7D7EU!>:7!85D7EF7!R4F!4?F=!>E<7Y!
!(!?4CQ!=H!Q5=R?7697!456!
7]G7E875C7!C=<?6!G=F7!<585>75676!C=5F7I<75C7
FY!!(?8C84!FG=Q7!>=!>:8F!G=85>U!q
&^D7!?74E576!4!
?=>!HE=3!>:73!456!&^D7!G8CQ76!<G!4!?=>!=H!E74??2!9==6!:4@8>F!4F!H4E!4F!F4D859!@<>!>:7E
7^F!4!?=>!
>:4>!>:72!6865^>!7D75!Q5=RU!F=!&!R4F5^>!4@?7!>=!9485!>:4>Y
r!!/4E>8C8G45>F!C
=3375>76!=5!?7D7?!=H!E7F=<EC7F!456!A"A
!4F!Q72
F!>=!:=R
!R7??
!G4E75>F!
4E7
!7I<8GG76!>=!:456?7!H8545C84??2!>74C:859!>:78E!C:8?6E75Y!!
&5!b4C=@^F!=G858=5
U!q&H!2=<^E7!85!4!
3=E7!R7
??;=HH!=E!3866?7!C?4FF!C=33<58>2!&!>:85Q!2=<^??!H856!4!C=33<5
8>2!R:7E7!>:7!G4E75>F!
4E7!3=E7!E7FG=5F8@?7!>:73F7?D7FU!>:4>!8>^F!
3=E7!=H!45!73G:4F8F
hr!!
(CC=E6859!>=!$4C:7?U!
q>:7!75D8E=5375>!34Q7F!4!68HH7E75C7
Yr!!.=5H8675C7!R4F!>:7!4>>E8@<>7!>:4>!.=<E>572!>:=<
9:>!3467!>:7!68HH7E75C7U!q
&!>:85Q!G4E75>F!>:4>!4E7!R7??
;=HHh@7C4<F7!>:72!4E7!>:72!:4D7!>:7!
C=5H8675C7h(56!>:4>^F!R:2!>:72!389:>!R45>!>=!>74C:!>:78E!Q86F!4@=<>!8>
Yr!!#=F>!G4E>8C8G45>F!
49E776!>:4>!R:7E7!456!:=R!=57!9E7R!<G!
H8545C84??2!
CE74>76!FC754E8=F!=H!46
D45>497!456!
68F46D45>497Y
!!b4C=@!C=5C?<676U!H=E!>:=F7!R8>:=<>!GE=G7E!E7F=<EC7F!S7Y9YU!76<C4>8=5U!
G4E75>4?!85H?<75C7XU!q
>:72!389:>!:4D7!=5?2!F775!@46!:4@8>F!456!5=>!7D7E!:46!7]G=F<E7!>=!
u7]G?8C8>!>74C:859vU!R:8C:!8F!4!@89!68F46D45>497!H=E!>:73Y
r!:;414<;19!'
=><10;54
!!*567E!>:7!:746859!=H!H8545C84?!76<C4>8=5!4E7!F7D7E4?!F<@C4>79=E87Fd!S4X!>:7!85H?<75C7!
=H!4!G7EF=54?!H8545C7!C=<EF
7U!S@X!>:7!85H?<75C7!=H!C<?><E7
!=5!>:7!>74C:859!456!?74E5859!=H!
H8545C84?!76<C4>8=5U!
456!
SCX!F<997F>76!83GE=D7375>F!>=!H8545C84?!76<C4>8=5Y!
"4C:!F<@C4>79=E2!R8??!@7!68FC<FF76!85!67>48?!@7?=RY
!!LM\!!"5>7?2!;469>24<2J
!!(??!
H=C<F!9E=<G!G4E>8C8G45>F!:4D7!>4Q75!=E!4E7!C<EE75>?2!>4Q859!4!
9757E4?!7?7C>8D7!G7EF=54?!H8545C7!C=<EF7!=HH7E76!4>!>:7!:=F>!<58D7E
F8>2Y
!!/4E>8C8G45>F!FG=Q7!
=H!>:7!85H?<75C7!7]G=F<E7!>=!H8545C84?!76<C4>8=5!:46!=E!8F!C<EE75>?2!:4D859!=5!>:73Y!!$4C:7?!
F>4>76U!q
hH=E!<F!F><675>FU!R7!>4Q7!>:8F!C?4FF!456!?74E5!4??!>:8F!F><HHU!456!&^3!?8Q7U!yR=RU!&^3!
?74E5859!:=R!>=!6=!?=45F!456!F4D7!H=E!E7>
8E7375>Y^
r!!'=4:
!F486!=H!>:7!C=<EF7
!qu8>^F!:46!4v!
:<97!83G4C>!H=E!37!4F!4!@798557E
h&!>4Q7!F=37!83GE=D7375>U!7HH=E>!>=!4GG?2!R:4>!&!:4D7!
?74E576
U!456!<F7!>:7!34>7E84?F!456!E7F=<EC7F
Yr!!-=E34?!76<C4>8=5!H=E!3452!G4E>8C8G45>F!:46!
45!4668>8D7!456!C?4E8H2859!7H
H7C>!=5!>:7!?7FF=5F!?74E576!74E?2!85!?8H7Y!!
-=E!F=37U!7]G7E875C7!
R8>:!>:7!G7EF=54?!H8545C7!C=<EF7!:7?G76!83GE=D7!>:78E!C4G4@8?8>2Y!!-=E!=>:7EFU!>:7!C=<EF7!
C?4E8H876!?7FF=5F!?74E576U!GE=D86
859!>:7!yR:2Y^!!.=<E>572!F>4>76d
!!h:4D859!32!3=3!>74C:!37!R:75!&!R4F
!2=<59!>:4>U!y=Q42!2=<!F:=<?6!6=!>:8F!R8>:!
2=<E!CE768>!C4E6!456!5=>!>:8FU^!456!?8Q7U!y2=<!F:=<?6!F4D7!>:8F!3<C:!456!5=>!>:8F!
3<C:U^!@<>!5=!67H858>7!E74F=5F!:=R!=E!R:2!7]C7G>!H=E!R:4>!&^3!?74E5859!85!>:7!C?4FF!
5=R!S.=<E>572XY!!
![454
!8F!C<EE75>?2!75E=??76!85!>:7!G7EF=54?!H8545C7!C=<EF7!456!7]C8>76!H=E!R:4>!F:7!R8??!?74E5U!
qh?==Q859!6=R5!>:7!E=46!R:4>!R7^E7!9=859!>=!F><62U!8>^F!P<F>!E74??2!83G=E>45>!85H=E34>8=5!
456!&!H77?!?8Q7!8>!R8??!@7!7HH7C>8D7Y
r!!/E7D8=<F!?8>7E4><E7!:4F!E7D74?76!>:
4>!7]G7E875C7!
R8>:
!H8545C84?!C=5C
7G>F!8F!Q72!>=!
?4F>859!?74E5859
Y!!-8545C84?!?7FF=5F!R7E7!7HH7C>8D7!R:75!>:7E7!R4F!4R4E757FFU!456!
4R4E757FF!C437!R8>:!7]G7E875C7Y!!-<E>:7EU!G
E4C
>8C7!34549859
!=57^F!H8545C7
F!C=<G?76!
R8>:!
C=5F8F>75>
!?74E5859!
287?676
!F<CC7FF
H<?
!E7F<?>F
Y!!(?8C84!F486U!q
H=E!NO!R77QF!2=<^E7!85!>:8F!C
?4FF!
456!2=<^E7!@7859!E7385676h
2=<^E7!?74E5859!4@=<>!R:4>^F!E89:>!456!R:4>^F!Q856!=H!RE=59
Yr!.:E8F!49E776
!:7!67F8E76!4
!C=5F8F>75>!67D7?=G375>4??2!4GGE=GE84>7!
4GGE=4C:!>=!
H8545C84?!
!LMV!76<C4>8=5Y!
!J7!F>4>76U
!q&!6=5^>!>:85Q!&^3!9=859!>=!E7373@7E!>:4>!F><HH!
uHE=3!>:7!G7EF=54?!
H8545C7!C=<EF7v!
85!>R=!274EF!4H>7E!>4Q859
!F=!3452!=>:7E!C?4FF7F!85!@7>R775Yr
!!(?8C84!R4F!
3=>8D4>76!>=!H856!E7F=<EC7F!456!F=?<>8=5F!H=E!:7E!H8545C84?!I<7F>8=5FY!!A:7!R4F!4C>8D7?2!
?74E5859U!
q4FQ859!I<7F>8=5F!85!>:7!H8545C84?!486!=HH8C7!=E!7D75!>:7!C?4FFY
r!!B?8D84!R4F!7]C8>76!
H=E!456!GE4C>8C859!R:4>!F:7!:46!?74E576Y!!Z:75!C=3375>859!=5!>:7!9E74>7F>!?7FF=5!F:7!:4F!
?74E576U!F:7!7]C?48376U!
q/7EF=54?!-8545C7fYY
Y&!:46!5=!8674!:=R!>4]7F!R=EQ76!4>!4?
?Y!!(56!&!
>==Q!8>!32!P<58=E!274E!456!>:4>!274E!&!H8?76!>4]7F!456!&!9=>!F=!3<C:!3=572!@4CQ!456!&!3467!
3=572Y
r!!">90>719!;469>24<2J
!!Z8>:85!>:8F!F<@C4>79=E2!4E7!E7H7E75C7F!>=!
H438?2!
C<?><E7!456!
>:7
!83G?8C4>8=5F!
=H!G4E75>4?!H8545C84?!F=C84?8`4>8=5Y
!!-438?2!C<
?><E7!67>7E38576!8HU!R:75U!456!
:=R!3<C:!G4E75>F!FG=Q7!=G75?2!456_=E!GE=D8676!H8545C84?!?7FF=5FY!!
"6R4E6!F>4>76U!qh
32!
H438?2U!R7!6=5^>!7D75!>4?Q!4@=<>!452!3=572!>:859!4>!4??h
r!![454!:46!4!F8
38?4E!7]G7E875C7
d!!h32!G4E75>F!4?R42F!>=?6!37U!y
)=5^>!R=EE2!4@=<
>!H8545C7FU^
!@7C4<F7!@7859!45!
83389E45>!H438?2U!>:72!R45>76!>=!>4Q7!C4E7!=H!7D7E2>:859!H=E!<FY!
!,:72!6865^>!R45>!<F!
>=!:4D7!>=!>:85Q!4@=<>!8>Y
!!(56!F=!H=E!37U!R:757D7E!>:72!>7??!37!F=37>:859U!&!97>!
E74??2!85>7E7F>76!@7C4<F7!>:72!57D7E!>=?6!37!452>:859
!S[454X
Y!'=4:^F!H438?2!C<?><E7!R4F!C=3G?7>7?2!:456F!=HH!R:75!8>!C437!>=!H8545C84?!85F>E<C>8=5Y!!q#
2!G4E75>F!6865^>!>74C:!37!4@=<>!H8545C7FY!
!,:72!P<F>!?7>!37!?74E5!@2!32!=R5h
u>:72v!F42!>:4>!
2=<!4E7!9E=R5!<G!456!2=<!:4D7!>=!?8D7!@2!2=<E!=R5
Yr!!/4E75>F!@=E5!456!E48
F76!=<>F867!=H!
>:7!*A!R8>:!68HH7E75>!C<?><E4?!?75F7F!4HH7C>76!:=R!>:7!G4E>8C8G45>F!D87R!H8545C7Y!!
q#2!646!8F!
5=>!HE=3!(37E8C4Y
!!J7!R4F!@=E5!456!E48
F76!85!/45434h
D7E2!GE8D4>7!R8>:!H8545C7F!<5>8?!&!
R4F!=?67EY!
!Z7!:46!F=37!:4E6!>837F!456!&
!6865^>!Q5=R!R:4>!R4
F!9=859!=5
hR7!R=<?65^>!
>4?Q!4@=<>!3=572Y
r!!g4:4E4!>E876!>=!F<334E8`7!456!7]G?485!>:7!C<?><E4?!456!497
;9E4676!
!LNM!G:75=375=5!85!I<7F>8=5Y!!q
&!>:85Q!8>^F!342@7!4!C<?><E4?!>:859!R8>
:!83389E45>!G4E75>FU
!>:72!
Q856!=H!>756!>=!Q77G!H8545C7F!=5!>:7!D7E2!?=R
;Q72Y!
!Z:8?
7!2=<^E7!2=<59U!7FG7C84??2!8>^F!
5=>:859!>:4>!R7!E74??2!=<>R4E6?2!>4?Q!4@=<>Y
r!!"6R4E6^F!7]G7E875C7!85C?<676!4!
67D7?=G375>4?!C=3G=575>Y!!J7!H7?>!>:4>!:7!:46!>=!E74C:!4!C7E>485!497!456!F>497!@7H=E7!
E7C78D859!7]G?8C8>!G4E75>4?!H8545C84?!F=C84?8`4>8=5U!q
h4H>7E
!2=<E!9E46<4>8=5U!32!G4E75>F!
R=<?6!>4?Q!>=!37!4@=<>!3=572!>:859FU!@<>!@7H=E7!>:4>!>:72!6=5^>!R45>!>=!>4?Q!
>=!
37!F=!3<C:!
4@=<>!>:4>
Yr!!"D4?<4>859!>:8F!H=E3!=H!G4E75>4?!H8545C84?!F=C84?8`4>8=5
U![454!H7?>!>:7!>83859!=H!
H8545C84?!?7FF=5F!GE=D8676!>=!:7E!R4F!F<
CC7FFH<?Y!!A:7!F486U!q&!R=<?6!F42!8>!R4F!G=F8>8D7!
@7C4<F7!>:75!2=<!F=E>!=H!:4D7!2=<E!C:8?6:==6!>=!@7!4!?8>>?7hP<F>!>=!:4D7!H<5U!456!5=>!>=!
R=EE2!4@=<>!8>!uH8545C7v!<5>8?!2=<!4C><4??2!5776!>=hr!!J=R7D7EU!B?8D84!68F49E776!F42859!8>!
R4F!qhF=37R:4>!5794>8D7!P<
F>!@7C4<F7!8>!R4F!5=57]8F>75>Yr
!!/>CC2?0;54
?!657!6;414<;19!2=><10;54J!!
(!?8D7?2!68FC<FF8=5!@7945!R:75!I<7F>8=5F!=H!
H8545C84?!76<C4>8=5!H=E3!456!H<5C>8=5!R7E7!4FQ76Y
!!/4E>8C8G45>F!GE=D8676!>:78E!=G858=5F!=5!
C=??7984>7!H8545C84?!76<C4>8=5U!R:4>!R4F!?4CQ859U!
R:4>!>:72!R=<?6!?8Q7!>=!F77!46676U!E7D8F76U!
=E!C:4597
6Y!!q&!H77?!?8Q7!>:7!E7F=<EC7F!4E7!?838>76
Ur!AC=>>!E734EQ76U!q
>:7E7!4E7!G7=G?7!>:4>!
P<F>!9=!>:E=<9:!C=??797!R8>:=<>!E74?8`859!>:7E7!4E7!F=!3452!R42F!=H!34Q859!H8545C84?!
67C8F8=5F!>:4>!83G4C>!2=<!H=E!2=<E
!R:=?7!?8H7Y
r!!$4C:7?!F>4>76!>:7!9=4?!H=E!>:7!<58D7EF8>2!
F:=<?6!@7!q
7D7E2!F><675>!:4F!4!C:45C7!>=!?74E5
Yr!!!,:7!9E=<GF!R7E7!FG?8>!R:75!8>!
C437!>=!
>:7!H=E3!H8545C84?!76<C4>8=5!F:=<?6!>4Q7W!
:=R7D7EU!>:72!
4??!49E776!H8545C84?!76<C4>8=5
!=HH7E859F!456!
>:7!
7]G=F
<E7!>=!4D48?4@?7!
E7F=<EC7F!
3<F>
!@7!7]G45676
U!q&!P<F>!>:85Q!8>!F:=<?6!@7!4!?8>>?7!3=E7!85
;67G>:!=5!G7EF=54?!
H8545C7
r!S.:E8FXY
!!#452!@7?87D76!4!9757E4?!G7EF=54?!H8545C7!C=<EF7!F:=<?6!@7!4!C=E7!
!LNN!C<EE8C<?<3!E7I<8E7375>Y
!!B>:7EF!=HH7E76!4!3<?>8><67!=H!
4?>7E54>8D
7FY!!$4C:7?!=HH7E76U!
qH8545C84?!46D8F=EF!=E!F=37>:859!?8Q7
!>:4>!4F!45!=G>8=5!H=E!F><675>F
Yr!!/4E>8C8G45>F!67F8E76!
4668>8=54?!E7F=<EC7
F_=<>?7>F!H=E!H8545C84?!
46D8C7Y!!
[85C75>!3<F76U!qh
R7!:4D7!4!C4E77E!
C75>7E
U!R7!:4D7!4!RE8>859!C75>7EU!u342@7!4v
!H8545C84?!C7
5>7Ehr!!(?=59!>:7F7!?857F!(?8C84!
F<997F>76U!qh
6E=G;85!:=<EF!85!>:7!=HH8C7!R:7E7!2=<!C=<?6!F>=G!85!456!>4?Q!R8>:!F=37=57
hr!!B?8D84!4?F=!R45>76!45!=HH8C7U!q
hC75>7E
mP<F>!F=37R:7E7
h!R:7E7!>:72!C=<?6!:7?G!F><
675>F!
4C><4??2!85D7F>!F=37>:859
h>:7!F>
<675>F!C=<?6!
F77!>:7!3=572!9E=Rhr!!B>:7E!F<997F>8=5F!
85C?<676!R=EQF:=GFU!E7F=<EC7!H48EFU!456!85>7E4C>8D7!E
7F=<EC7F!S7Y9YU!F=C84?!37684U!
85F>E<C>8=54?!D867=FXY
!!#<?>8G?7!G4E>8C8G45>F!>:=<9:>!45!75>E45C7!7]43!=E!F<ED72!>=!4FF7FF!
85C=3859!F><675>F
^!H8545C84?!C4G4@8?8>2!45
6!G?4C7375>!R8>:85!H8545C84?!C=<EF7FY!!.:E8F!
F>4>76U!
qh4??!85C=3859!F><675>F!E7I<8E76!>=!>4Q7!4!>7F>!=5!>:78E!Q
5=R?7697!456!H8545C84?!4@8?8>2h
r!AC=>>!C=5>85<76!R8>:!>:8F!8674d!!hR:75!2=<!>4Q7!2=<E!75>E45C7!34>:!456!4??!>:=F7!>7F>FU!34Q7!8>!=57!=H!>:=F7
!u4FF7FF375>!=H!H8545C84?!C4G4@8?8>2v
!456!2=<E!46D8F=E!C45!@7!?8Q7U!y:72!2=<!6865^>!
FC=E7!D7E2!R7??!=5!2=<E!H8545C84?!Q5=R?7697!3
42@7!2=<!F:=<?6!>4Q7!>:8F!C?4FF^!
SAC=>>XY
!(??!G4E>8C8G45>F!49E776
!>:4>!
R:7>:7E!
=E!5=>!34P=E
!C:4597F!4E7!3467
U!F><675>F!5776!
>=!@7!4
R4E7!=H!R:4>!H8545C84?!E7F=<EC7F!
7]8F>
!=5!C43G<FY
!!$4C:7?!F486U!q&!4C><4??2!H=<56!=<>!
4@=<>!>:8F!C=<EF7!HE=3!4!HE8756Y!
!&!6865^>!Q5=R!8>!R4F!45!=G>8=5
Yr!!.=<E>572!>==Q!8>!<G=5!
:7EF7?H!>=!?7>!HE8756F!456!E==334>7F!
Q5=R!
4@=<>!>:7!G7EF=54?!H8545C7!C=<EF7!=HH7
E76U!q
@=>:!
32!E==334>7F!4E7!F895859!<G!H=E!FGE859!F737F>7E!@7C4<F7!>:72^E7!?8Q7U!y&!R45>!>=!Q5=R!
:=R!>=!
:456?7!32!H8545C7F
!456!F><HH!?8Q7!>:4>Y!
!A=!&!>:85Q!P<F>!:4D859!3=E7!7]G=F<E7h
r!!!!LNL!,:E=<9:=<>!>:7!68FC<FF8=5!=H!>:7!H<><E7!=H!H8545C84?!76<C4>8=5
U!G4E>8C
8G45>F!R7E7!
4R4E7!=H!>:7!H8545C84?!456!>73G=E4?!83G?8C4>8=5F!=H!466859!C=<EF7F!>=!>:78E!FC:76<?7Y
!!#452!
F<997F>8=5F!>==Q!>:7F7!H4C>=EF!85>=!4CC=<5>Y!!$4C:7?!
FG=Q7!68E7C>?2!>=!>:8Fd
!h8H!2=<^E7!G42859!H=E!2=<E!><8>8=5!456!5776!>=!97>!2=<E!C?4FF7F!=<>!=H!>:7!
R42!2=<!
6=5^>!R45>!>=!>4Q7!7]>E4!7?7C>8D7F!=E!F=37>:859U!F=37!G7=G?7!389:>!5=>!@7!4@?7!>=!H8>!
>:8F!Q856!=H!C=<EF7!85!>:78E!FC:76<?7
h!8H!>:7E7^F!=>:7
E!R42F!>:45!P<F>!>:8F!C=<EF7!
>=h
7]G=F7!F><675>F!
u>=!>:7v!E7F=<EC7F!4E7!:7E7U!&!H77?!?8Q7!>:4>!R=<?6!@7!E74??
2!83G=E>45>!>=!>E2!456!E74C:!7D7E2=57
Y!/4E>8C8G45>F!C=EG=E4>7?2!68FC<FF76!=G>8=5F!456!4?>7E54>8D7
F!>=!4668>8=54?!C=<EF7FY!!,:7!
34P=E8>2!=H!>:7!F<997F>8=5F!<>8?8`76!>7C:5=?=92Y!!(5!7]43G?7!=H!>:8F!R4F!b4C=@^F!F<997F>8=5U!
q45!=5?857!><>=E84?!85!>:7!@79855859
!456!756!
u=H!>:78E!76<C4>8=5v!
R=<?6!@7!G7EH7C>hE4>:7E!
>:45!H=EC7!>:73!>=!G42!H=E!4!C?4FFY!
!(5!=5?857!><>=E84?!R=<?6!@7!@E87H!P<F>!>=!C=D7E!>:7!@4F8CF
Yr!!.=<E>572!456!=>:7EF!?=@@876!H=E!45!=5?857!E7G=F8>=E2U!=57!G?4C7!R:7E7!H8545C84?!4E>8C?7FU!
D867=FU!456!=>:7E!><>=E84?F!R=<?6!@7!:=<F76Y
!!!/>3317H!56!:;4=;4C?
!!¥ /4E>8C8G45>F!4CQ5=R?7697
6!?838>4>8=5F!85!>:78E!H8545C84?!C4G4@8?8>2!456!3<?>8G?7!
4E74F!H=E!83GE=D7375>U!7FG7C84??2!85!Q5=R?7697!456!@7:4D8=EY
!¥ ,:7!34P=E8>2!=H
!G4E>8C8G45>F!67FCE8@76!4!3856F7>!=H!?8D859!5=R
K34549859!>:78E!
H8545C7F!4F!4!C=??797!F><675>
U!456!E79<?4E
?2!F4D859
!456!85D7F
>859!456!G42859!6=R5!
67@>!85!>:7!H<><E7Y
!¥ (97!G?4276!4!E=?7!85!<567EF>456859U!4@F=E@859U!456!4GG?2859!H8545C84?!?7FF=5FY
!¥ /4E>8C8G45>F!H7?>!>:4>!G4E75>F!
R:=
!>==Q!>:7!>837!>=!7]G?8C8>?2!>74C:!>:78E!C:8?6E75!
R=<?6!4?F=!>74C:!@2!7]43G?7Y
!!LNc!¥ /4E>8C8G45>F!E7G=E>76!>
:78E!G4E75>F!4F!>:7!GE834E2!4975>F!=H!F=C84?8`4>8=5Y!!"]>75676!
H438?2U!G77EFU!37684U!@==QFU!456!85>7E5F:8G!7]G7E875C7F!
4?F=!
R7E7!375>8=576Y
!¥ /4E>8C8G45>F!
@7?87D76!G4E75>4?!673=9E4G:8CFU!A"AU!456!=D7E4??!H8545C84?!C4G4@8?8>2!
85H?<75C76!R:4>!456!:=R!>:72!>4<9
:>!>:78E!C:8?6E75Y
!¥ -438?2!C<?><E7!R4F!45!85H?<75>84?!H4C>=E!
4HH7C>859
!G4E75>4?!H8545C84?!F=C84?8`4>8=5Y!!
.<?><E7!68C>4>76!>:7!H=E3!456!>83859!=H!H8545C84?!?7FF=5FY
!¥ -8545C84?!76<C4>8=5!G=F8>8D7?2!85H?<75C76!4??!G4E>8C8G45>FY!!J=R7D7EU!G4E>8C8G45>F!
@7?87D76!
7]>75676!=HH7E859F!456!
85CE74F76!
7]G=F<E7!R7E7!>R=!Q72!4E74F!H=E!
83GE=D7375>Y!
!&5CE74F76!4CC7FF!>=!H8545C84?!34>7E84?!R4F!67F8E76Y!!-=??=R859!>:8FU!
G4E>8C8G45>F!R45>76!G<@?8F:76!Q5=R?7697!=H!R:4>!R4F!4D48?4@?7Y
!!'!LNj!-;?<>??;54
!/4E75>F!4E7!45!83G=E>45>!76<C4>8=54?!C:4557?!H=E!737E9859!46<?>F!>=!?74E5!4@=<>!
H8545C84?!?8>7E4C2!
S.<??!T!Z:8>>=5U!LMNNX
Y!!(F!
%<>>7E!456!.=G<E!SLMNNX
!F>4>76U!nYYY76<C4>8=5!
=CC<EF!85!@=>:!>:7!
C?4FFE==3!456!F=C84?!?74E5859!7]G7E875C7Fr!SGY!iMLXY
!!Z:8?7!F=C84?8`4>8=5!
8F!4!?8H7?=59!GE=C7FF
U!"(!8F!4!G7E8=6!=H!4GG?8C4>8=5U!4!>837!
R:75
!737E9859!46<?>F!@7985!>=!
GE4C>8C7!H8545C84?!345497375>!@4F76!=5!R:4>!>:78E!G4E75>F!>4<9:>U!4G4E>!HE=3!>:78E!
G4E75>F
!S(E57>>U!NVVjXY!!
-8545C84??2!456!67D7?=G375>4??2U!>
:8F!8F!4!GE837
!>837!=H!>7F>859!456!
7]G7E8375>4>8=5
U!E7F<?>859!85!>:7!7]7C<>8=5!456!9E=R>:!=H!H8545C84?
!Q5=R?7697
U!@7?87HFU!456!@7:4D8=E!G4>>7E5FY!
!-8545C84?!8567G75675C7U!>:7!4@8?8>2!>=!F<GG=E>!>:73F7?D7F!
456!?8D7!
8567G75675>?2!HE=3!>:78E!G4E75>FU!:4F!@775!HE7I<75>?2!C8>76!@2!737E9859!46<?>F!4F
!:4D859
!4!F8958H8C45>
!E=?7!
85!>:78E!
>E45F8>8=5
!S(E57>>!NVVOX
Y!!,=!>:8F!756U!>:7!H8545C84?!Q5=R?7697!456!
G=F8>8D7!H8545C84?!:4@8>F!>:4>!F><675>F!
E7C78D7!HE=3
!>:78E!
G4E75>F
!R8??!F7>!>:73!<G!H=E!
4!3=E7!GE=FG7E=<F
!H8545C84?!H<><E7!
Sb=E975F75!T!A4D?4U!LMNMX
Y!!,:8F!F><62!H=C<F76!=5
!>:7
!85H?<75C7!=H!G4E75>4?!H8545C84?!F=C84?8`4>8=5!456!7]G7E875C7F!=5!CE768>_67@>!456!
F4D859F_85D7F>859!C4G4@8?8>2Y!!
-8545C84?!C4G4@8?8>2!R4F!
=G7E4>8=54??2!67H8576!4F!
=57^F!4@8?8>2!
456!
?7D7?!=H!
H<5C>8=5859!
4CE=FF!
>:E77!Q72!4E74Fd!Q5=R?7697U!4>>8><67FU!456!@7:4D8=EY
!!,:7!68E7C>8=54?
!85H?<75C7!=H!
H8545C84?!F=C84?8`4>8=5
!456!7]G7E875C7F
!=5!._)!456!A_&!Q5=R?7697U!
4>>8><67FU!
456!@7:4D8=E!
R4F!7]438576Y
!/4E75>4?!H8545C84?!F=C84?8`4>8=5!R4F!E7GE7F75>76!@2!>R=!H4C>=EFd!7]G?8C8>!85F>E<C>8=5!
456!83G?8C8>!85F>E<C>8=5U!R:8?7!
G4E75>4?!H8545C84?!7]G7E875C7F!
E7GE7F75>76
!85F>45C7F!=H!
H8545C84?!F>E7FF!456!F>E485Y!
!(!38]76!37>:=6!
4GGE=4C:!
R4F!<F76
!>=!4FF7FF!>:7!GE768C>8D7!
G=R7E!456!85H?<75C7
!=H!G4E75>4?!H8545C84?!F=C84?8`4>8=5!456!7]G7E875C7Y!!,:7!E7F74EC:!
I<7F>8=5F!456!4FF=C84>76!:2G=>:7F7F!4FF<376!G4E75>4?!F=C84?8`4>8=5!R=<?6!G=F8>8D7?2!
!LNO!GE768C>!
456!G4E75>4?!H8545C84?!7]G7E875C7!R=<?6!5794
>8D7?2!GE768C>!
F><675>F^
!?7D7?!=H!._)!
456!A_&!Q5=R?7697U!4>>8><67FU!456!@7:4D8=E
Y!!,=!4FF7FF!>:7F7!4FF<3G>8=5F
U!4!F>E<C><E4?!
E79E7FF8=5!3=67?!
R4F!<F76Y
!!(H>7E!>:7!3=67?
F!R7E7!E<5!456!64>4!454?2`76
U!>R=!H=C<F!9E=<G!
F7FF8=5F!R7E7!:7?6
Y!!)<E859!>:7F7!F7FF8=5F
!G4E>8C8G45>F!GE=D8676!85F89:>U!67G>:U!456!
67H858>8=5!>=!>:7!>=G8C!<567E!85D7F>894>8=5!456!I<45>8>4>8D7!F<ED72!E7F<?>FY
!!,:8F!F7C>8=5!R8??!
GE=D867!4!68FC<FF8=5!=H!>:7!I<45>8>4>8D7!456!I<4?8>4>8D7!E7F<?>F!4F!R7??!4F!?838>4>8=5F!456!
4E74F!H=E!H<><E7!E7F74EC:
Y!!k<4?8>4>8D7!E7F<?>F!4E7!GE7F75>76!85!C=5P<5C>8=5!R8>:!
I<45>8>4>8D7!
E7F<?>F!
R:75!4GG?8C4@?7U!85!45!7HH=E>!>=!GE=D867!>E8459<?4>8=5Y
!U>140;010;G2!(2?>90?
!!,:7!85H?<75C7!=H!G4E75>4?!H8545C84?!F=C84?8`4>8=5!S7]G?8C8>!456!83G?8C8>X!456!H8545C84?!
7]G7E875C7!S
85F>45C7F!=H!F>E7FF!456!F>E485X!=5!Q5=R?7697U!4>>8><67FU!456!@7:4D8=E!R7E7!
>7F>76!H=E!@=>:!CE768>_67@>!456!F4D859F_85D7F>859Y!!
-856859F!4E7!9E=<G!@4F76!=5!>:7!
=<>C=37!D4E84@?7!SQ5=R?7697U!4>>8><67FU!456!@7:4D8=EXY!!
&5!74C:!F7C>8=5!@7?=R!G4E75>4?!
85H?<75C7!
=5!CE768>_67@>!R8??!@7!68FC<FF76!H8EF>!H=??=R76!@2!
4!68FC<FF8=5!=H!
F4D859F_85D7F>859Y
!"72=;0Q=280!14=!?1G;4C?Q;4G2?0;4C
!6;414<;19!M45B92=C2
J!!/4E75>F!>:4>!7]G?8C8>?2!
>4<9:>!>:78E!737E9859!46<?>!C:8?6E75!4@=<>!@<697>859U!@45Q!4CC=<5>FU!CE768>!C4E6FU!
@<8?6859!
9==6!CE768>U!456!34549859!?=45F!F8958H8C45>?2!4HH7C>76!>:7!?7D7?!=H!Q5=R?7697!456!
<567EF>456859!>:78E!C:8?6E75!:46!E794E6859!CE768>!456!8>F!H<5C>8=5!456!<F7FY
!!J7E7U!
G<EG=F7H<?!>74C:859!E7F<?>76!85!45!85CE74F7!=H!H4C><4?U!=@P7C>8D7!Q5=R?7697!85!>:
7!E74?3!=H!
._)Y
!J=<F7:=?6F!>:4>!7]G7E875C76!H8545C84?!F>E7FF!456!F>E485!5794>8D7?2!85H?<75C76!
737E9859!46<?>F^!?7D7?!=H!A_&!Q5=R?7697Y!!&H!G4E75>F!R7E7!F>E<99?859!R8>:!:89:!?7D7?F!=H!67@>U!
!LNa!<5;=E!<567E73G?=2375>U!=E!:=37!H=E7C?=F<E7
U!>:7F7!85F>45C7F!?8Q7?2!
GE7C?<676!68FC<FF8=5F!
=H!F4D859F!456!85D7F>859Y
!!&5>7E7F>859?2U!578>:7E!7]G?8C8>!5=E!83G?8C8>!G4E75>4?!F=C84?8`4>8=5!
4HH7C>76!A_&!Q5=R?7697Y!!,:8F!342!@7!6<7!85!G4E>!>=!>:7!F=C84?8`4>8=5!I<7F>8=5F!4FQ76Y
!!,:7E7!R4F!=5?2!=57!I<7F>8=5!>:4>!E7H7E75C76!F4D859!
68E7C>?2Y!!B>:7E!C=5C7G>F!R7E7!E7?4>76!
S7Y9YU!@<697>859!456!34549859!5776F!456!R45>FXW!:=R7D7EU!>:7!34P=E8>2!=H!I<7F>8=5F!<F76!
H=C<F76!=5!7?7375>F!3=E7!C?=F7?2!4FF=C84>76!R8>:!._)!S7Y9YU!?=45FU!67@>U!CE768>!C4E6FXY
!!&5!4668>8=5U!>:7!C=5C7G>!=H!85D7F>859!R4
F!85C?<676Y!!(CC=E6859!>=!H=C<F!9E=<G!G4E>8C8G45>F
U!>:8F!
R4F!4!C=5C7G>!>:72!Q57R!?8>>?7!=H
U!5=E!R4F!
8>!4!H=C<F!=H!>:78E!74E?2!F=C84?8`4>8=5Y
!!"6R4E6!
F486U!q
&!6=5^>!Q5=R!3<C:!4@=<>!85D7F>859!F=!&!6=5^>!u85D7F>v!3=572!F=!&!6=5^>!:4D7!
u85D7F>375>FvY
r!!g4:4E4!
H=??=R76!@2!F42859U!q&!E74??2!R8F:!&!:46!4!?=>!3=E7!Q5=R?7697!=5!
85D7F>859!456!R:4>!4E7!9==6!85D7F>375>FYr
!!,:7!54><E7!=H!>:7!I<7F>8=5F!4FQ76
U!456!?4CQ!=H!
>E485859!
F<EE=<56859!>:7!>=G8C!=H
!85D7F>859!342!4CC=<5>!H=E!>:7!
3=67?!E7F<?>F
Y!"72=;0Q=280!14=!?1G;4C?Q;4G2?0;4C!
6;414<;19!100;0>=2?
J!!$794E6?7FF!=H!>:7!
GE7F75C7!=E!?7D7?!=H!G4E75>4?!F=C84?8`4>8=5
U!F><675>!<567EF>456859!456!8675>8H8C4>8=5!=H!
5794>8D7!._)!GE4C>8C7F!R4F!5=>!F8958H8C45>
?2!4HH7C>76Y!!,:8F!C=<?6!@7!6<7!>=!Q5=R?7697
!456!
<567EF>456859
!=H!._)!E<?7F!456!R:4>!5=>!>=!6=!
C=3859!HE=3!>:7
!F><675>F^
!H=E34?!76<C4>8=5
Y!!&5;67G>:!85H=E34>8=5!=5!5794>8D7!._)!GE4C>8C7F!S7Y9YU!C4F:!46D45C7FX!456!>:7!4FF=C84>76!
?=59
;>7E3!83G?8C4>8=5F!342!5=
>!@7!C=D7E76!@2!G4E75>F!85
!>:7
!:=37U!@
<>!R=<?6!@7!
85C?<676!
85!4!G7EF=54?!H8545C7!C=<EF7Y!
!-=C<F!9E=<G!G4E>8C8G45>FU!R:75!7D4?<4>859!>:78E!._)!
C4G4@8?8>2U!H7?>!>:72
!:46!4!C<EF=E2!<567EF>456859!=H!>:7
!q@89!G8C><E7r
!=H!CE768>!456!67@>!
Sb4C=@XY!!,:7E7!R4F!4!C?74E!5776!H=E!4668>8=54?!>E485859!85!>:8F!4E74Y!
!*5?8Q7!4>>8><67F!F<EE=<56859!5794>8D7!GE4C>8C7FU!
7]G?8C8>!._)!85F>E<C>8=5!G=F8>8D7?2!
GE768C>76!4>>8><67F
;G=F8>8D7!GE4C>8C7F
!456!4>>8><67F
;4D=8645>!E7FG=5F7FY!!
,:E=<9:=<>!>:7!
!LNi!H=C<F!9E=<G!F7FF8=5F!G4E>8C8G45>F!FG=Q7F!=H!>:78E!74E?2!76<C4>8=5!85!F4D859!456!?8
38>859!
67@>Y!!
#452!H7?>!>:78E!G4E75>F!G<EG=F7?2!H=C<F76!=5!G=F8>8D7!?7FF=5FY!
!B>:7EF!H7?>!>:7!
G=F8>8D7!:456?859!=H!CE768>!8F!C=33=5!
Q5=R?7697W
!3=F>!G7=G?7!Q5=R!R:4>!>:72!
,8+-%)
!@7!
6=859!7D75!8H!>:72!6=!5=>!@7:4D7!4CC=E6859?2Y!!
&5!4668>8=5U!
>:7F7!E7F<?>F
!342!@7!6<7!>=!>:7!
54><E7!=H!>:7!I<7F>8=5F!G=F76
!456!>:7!E7?4>8=5F:8G!@7>R775!
>:7F7
!>=G8CF
Y!!,:7!4D=8645>!
E7FG=5F7F!68E7C>?2!C=5>E4F>
76!R8>:!
G=F8>8D7!GE4C>8C7F
!S7Y9YU!&!43!4HE486!=H!CE768>!456!CE768>!
C4E6FXY!!(5FR7EF!4HH8E3859!G=F8>8D7!._)!GE4C>8C7F
!S7Y9YU!&!43!F4>8FH876!R8>:!>:7!R42!&!G42!32!
@8??FX
!R=<?6!54><E4??2!?746!>=!68F49E77375>!R8>:!4!H74EH<?!4D=8645>!E7FG=5F7!>=!._)Y
!!(HH8E34>8D7!45FR7EF!>=!>:7!._)!G=F8>8D7!GE4C>8C7F!I<7F>8=5F!E7GE7F75>!>:7!:=?6859!=H!CE768>!
456!4!F4>8FH4C>8=5!R8>:!8>F!345497375>Y!!Z:75!>:8F!8F!>E<7U!=57!R=<?6!5=>!@7!4D=8645>!
>=R4E6!CE768>Y
!A77859!456!:74E859
!HE=3!G4E75>F!
S83G?8C8>!456!7]G?8C8>!F=C84?8`4>8=5X!
E794E6859!A_&!
GE768C>76
!737E9859!46<?>F
^!4>>8><67F!F<EE=<56859
!85D7F>375>F!456!@<697>859
Y!!Z8>:!74E?2U!
G<EG=F7H<?!85F>E<C>8=5
U!G4E>8C8G45>F!E4>76!>:78E!?7D7?!=H!<567EF>456859!E794E6859!85D7F>859U!
F4D859F!H=E!E7>8E7375>
U!@<697>859U!456!74E5859!>:E=<9:!C=3G=<56!85>7E7F>!4F!:89:Y!!
-=C<F!
9E=<G!G4E>8C8G45>F!>4?Q76!=H!@=>:!83G?8C8>!456!7]G?8C8>!?7FF=5F!=H!F4D859F!@7859!6=3854>7!
9E=R859!<GY!!
/4E75>F!>:4>!F<CC7FFH<??2
!345497
!>:78E!H8545C7F!
GE=D8676
!45!83G?8C8>!7]43G?7!
H=E!>:78E
!C:8?6E75!>=!H=??=RY!!&5!4668>8=5U!4F!H=C<F!9E=<G!G4E>8C8G45>F!G=85>76!=<>U!G4E75>F
^!4C>8=5F!=H>75!C=EE7?4>76
!R8>:!G4E75>F
^!>74C:859Y!
!!"]G?8C8>!F=C84?8`4>8=5!G=F8>8D7?2!GE768C>76!4>>8><67F
;G=F8>8D7!A_&!GE4C>8C7FU!456!
4>>8><67F
;5794>8D7!A_&!GE4C>8C7F
Y!!-=C<F!9E=<G!G4E>8C8G45>F!FG=Q7!=H!>:7!G=F8>8D7!54><E7!=H!
A_&!@7859!=57!E74F=5!?7FF=5F!F<EE=<56859!>:7F7!>=G8CF!R7E7!GE=38575>!85!>:78E!:=37FY!!
.:E8F!F486U!q
hG7=G?7!
6=5^>!
4?R42F!Q5=R!4@=<>!CE768>!456!67@>hr!456!b4C=@!H=??=R76!R8>:!
!LN\!qh67@>!8F!67H858>7?2!5794>
8D7hr!!
.=<5>7E859!>:8FU!B?8D84!FG=Q7!=H!>:7!G=F8>8D7!54><E7!=H!A_&!
F42859U!qF4D859F!456!85D7F>375>U!>:4>^F!2=<E!G=FF8@8?8>2Yr!!
,:7!73=>8=54?!54><E7!456!
C=55=>4>8=5F!4>>4C:76!>=!F4D859F!
C=5>E8@<>76
!>=!>:7!H=C<F!=5!>:7F7!?7FF=5F
Y!!"D75!F><675>F!
R:=!
686!5=>!
,..!>:7
8E!G4E75>F!F<CC7FFH<??2!345497
!>:78E!
F4D859F!456!
85D7F>375>F
!R7E7!
:"-=8:!R:4>!>=!6=!456!R:4>!5=>!>=!R8>:!A_&Y!
!!"72=;0Q=280!14=!?1G;4C?Q;4G2?0;4C
!6;414<;19!82F1G;57
J!!.E768>_67@>!@7:4D8=E!
R4F!GE768C>76!
@2!>:7!GE7F75C7!=H!7]G?8C8>!F=C84?8`4>8=5Y!!Z:4>!F><675>F!?74E576!HE=3!>:78E!
G4E75>F!85H?<75C76!>:7!43=<5>!=H!CE768>!>:72!:46!456!:=R!>:4>!CE768>!R4F!3454976Y
!!J=R7D7EU!._)
!@7:4D8=E
;G42375>
F!456!E7F74EC:
!R4F!>:7!=5?2!
._)
!@7:4D8=E
!H4C>=E!GE768C>76!
@2!@=>:!83G
?8C8>!456!7]G?8C8>!F=C84?8`4>8=5Y
!!B@F7ED859!=57^F!G4E75>F
!456!>:78E
!345497375>!
456!E7F74EC:!=H!
._)
!342!@7!3=E7!4CC7FF8@?7!>:45!83G?8C8>?2!?74E5859!4@=<>!
>:78E!._)!
:=?6859FY!
!-=C<F!9E=<G!G4E>8C8G45>F!FG=Q7!=H!?74E5859!GE4C>8C4?!?7FF=5F!HE=3!>:78E!G4E75>F
KE7F74EC:859!>=!H856!>:7!@7F>!674?U!5=>!FG756859!3=E7!>:45!2=<!C45!4HH=E6U!456!
R=EQ859!H=E!
R:4>!2=<!R45>76
Y!!,:7F7!?7FF=5F!R7E7!67FCE8@76!4F!GE834E8?2!?74E576!74E?2!
456!>:E=<9:!
83G?8C8>!F=C84?8`4>8=5Y!!(F!B?8D84!F>4>76
U!:7E!G4E75>F^!H8545C84?!4>>8><67F!q
>E8C
Q?76!=D7E!>=!:=R!
&!:456?7!32!H8545C84?!H8545C7FYr
!!.E768>!456!67@>!G42375>
!GE4C>8C7F!
456!E7F74EC:
!=H!>7E3F!
456!C=568>8=5F
!R7E7!D8F8@?7U!GE=4C>8D7!?7FF=5F
!>:4>!G4E>8C8G45>F!?74E576!7]G?8C8>?2!456!
83G?8C8>?2
Y!!!-8545C84?!F>E7FF!456!F>E485!SG4E75>4?!H8545C84?!7]G7E875C7FX!F8958H8C45>?2!GE768C>76!
._)
;:=?6859FY!
!&5F>45C7F!=H!G4E75>4?!H8545C84?
!F>E7FF!456!F>E485!
85H?<75C76!>:7!43=<5>!=H!
CE768>!737E9859!46<?>F!:7?6
Y!!AC=>>U!4!H=C<F!9E=<G!G4E>8C8G45>U!67FCE8@76!9E=R859
!<G!F77859!
:8F!3=>:7E!7]G7E875C7!
>837F
!=H!H8545C84?!:4E6F:8G!E7F<?>859!85!:7E!434FF859!67@>!456!
F>E<99?859!>=!
34Q7
!756F!377>Y!
!07C4<F7!=H!>:7F7!7]G7E875C7F!:7!R4F!E7?<C>45>!>=!4GG?2!H=E!
!LNV!CE768>Y!!
B>:7E!G4E>8C8G45>F!7C:=76!:8F!H77?859FY!!,:7!>=G8C!=H!CE768>!
:=?6859F!456!<F7F!7?8C8>76!
H77?859
F!=H!C4<>8=5!456
!4GGE7:75F8=5Y!!#452!G4E>8C8G45>F!Q57R!F=37=57!R:=!68FG?4276!
38F345497375>!=H!CE768>!E7F<?>859!85!F>E7FF!456!F>485Y!!
A><675>F!R7E7!67>7E38576!5=>!>=!
E7G74>!>:7F7!38F>4Q7FY
!&3G?8C8>!456!7
]G?8C8>!F=C84?8`4>8=
5!GE768C>76!
F4D859F!456!85D7F>859
!@7:4D8=E
;@<697>859!456!E7C=E6!Q77G859
Y!!07:4D8=E!E7GE7F75>76!7]7C<>8=5!=H!>:7!H<564375>4?F!=H!
3=572!345497375>U!456!4CC=E6859!>=!>:7!H=C<F!9E=<G!G4E>8C8G45>F
U!>:7F7!R7E7!C=33=5!
?7FF=5F!85!>:78E!:=<F7:=?6FY
!!,:7!85H?<75C7!=H!H8545C84?!F=C84?8`4>8=5!=5!H8545C84?!@7:4D8=E!
4?F=!
R4F!F775!85
!F><687F!C=56<C>76!@2
!.:=!7>!4?Y!SLMNLX
!456!
A:83!7>!4?Y!SLMMVX
Y!!&5!>:78E!
F><62U!
A:83!7>!4?Y!SLMMVX
!H=<56!
G4E75>4?!7]G?8C8>U!GE7D75>4>8D7!
76<C4>8=5!456!G4E75>4?!
7]G7C>4>8=5F!G=F8>8D7?2!85H?<75C7
6!H8545C84?!E7FG=5F8@8?8>2!456!3=572!345497375>Y
!U>19;010;G2!(2?>90?
!!/I24=;4C!14=!?1G;4C!F18;0?J!!
/4E>8C8G45>F!67FCE8@76!>E2859!>=!83G?7375>!4!F4D859F!
G?45Y!!(>!38583<3
U!4??!G4E>8C8G45>F!R7E7!R7??!D7
EF76!85!>:7
!:=R!456!R:2!=H!F4D859FY!!
J=R7D7EU!3452!C=5H7FF76!>=!=D7EFG756859Y!![454!F>4>76U!q
&!43!E74??2!9==6!4>!F4D859!3=572!
@<>!>:75!45!7D75>!R8??!C=37!<
Gh&^??!P<F>!756!<G!FG756859!8>!4??Yr!!
0=E675!7>!4?Y!SLMM\X
!E7D74?76U!
85!>7E3F!=H!E8FQ2!@7:4D8=EU!>:7!G4E>8C8G45>F!85!
>:78E
!F><62!E7G=E>76!>:7!3=F>!?8Q7?2!
@7:4D8=E!>:72!7594976!85!R4F!>:7!<F7!=H!CE768
>!H=E!75>7E>485375>!G<EG=F7F!R:75!>:72!R7E7!
=<>!=H!C4F:Y
!!&5!?857!R8>:!>:8F!H856859U!AC=>>!F>4>76d!&^6!97>!3=572!H=E!>:7!R77Q756Y!!(56!=5C7!&^6!E<5!=<>!=H!3=572!8>!R4F!Q856!=H!?8Q7!
R77Q756^F!=D7E!Q856!=H!>:859Y!!0<>!5=R!&^D7!@775!<F859!32!67@8>!C4E6!3=E7!4
56!&!P<F>!Q856!=H!?=F7!>E4CQ!=H!R:7E7!4C><4??2!&^3!FG756859!>:4>!3=572
!SAC=>>XY
!!LLM!AG756859!3=572!=5!R45>F
;75>7E>485375>U!?78F<E7U!>E4D7?
;R4F!45!4E74!=H!C=958>8D7!
68FF=545C7Y!!
/4E>8C8G45>F!F>E<99?76!4>!>:7!85>7EF7C>8=5!=H!FG756859!456!F4D859FU!Q5=R859!
R:4>!>:72!F:=<?6!6=!@<>!5=>!7]7C<>859!>:4>!@7:4D8=EY!
!#452!E4>8=54?8`76!>:7!85C=5F8F>75C2!
@7>R775!FG756859!456!F4D859F!@2!F42859!"(!456!>:7!C=??797!274EF!3<F>!@7!75P=276Y!!(F!
b4C=@
!F>4>76
U!q2=<^E7!=5?2!LN!=5C7Y!!A=!2=<^D7!9=>!>=!?8D7!8>!<G!5=RYr!!
/4E>8C8G45>F!@7?87D7!
>:8F!G4>>7E5!=H!@7:4D8=E!R=<?6!5=>!C=5>85<7U!8>!R4F!>73G=E4E2!456!?85Q76!>=!>:8F!G4E>8C<?4E!
G:4F7!=H!?8H7Y!
!%1724019!?5<;19;S10;54!I71<0;<2?J!!
BH!4??!>:7!G=FF8@?7!4975>
F!=H!H8545C84?!
F=C84?8`4>8=5!S7Y9YU!G4E75>FU!G77EFU!>74C:7EFU!FC:==?FU!37684X!F><675>F!C=5F8F>75>?2!E7G=E>!
>:78E!G4E75>F!4F!>:7!3=F>!85H?<75>84?!
S7Y9YU!%<>>7E!7>!4?YU!LMNMX
Y!!/4E75>F!=CC<G2!4!34P=E!G?4C7!
85!>:7!?8D7F
!=H!>:78E!C:8?6E75Y!!,
:72!4E7!>:7!8568D86<4?F!>
:4>!FG756!>:7!34P=E8>2!=H!>837!456
!7]7E>!>:7!9E74>7F>
!85H?<75C7!=5!>:78E!=HHFGE859Y!
!0=>:!
>:7!
G=F8>8D7!456!5794>8D7!4FG7C>F!=H!4!
2=<59!46<?>
^F!H8545C84?!?8H7!
4E7!E==>76
!85!>:7!H438?2!:=37!R8>:!>:78E!G4E75>F
!Sb=E975F75!T!A4D?4U!LMNMXY!!,:7!34P=E8>2!=H!G4E>8C8G45>F!
85!>:7!GE7F75>!F><62!
H7?>!>:78E!G4E75>F!R7E7!>:7!
@8997F>!C=5>E8@<>=E
F!>=!>:78E!H8545C84?!C4G4@8?8>2
Y!!,:7!3485!
F=<EC7F!=H!H8545C84?!
F=C84?8`4>8=5
U!85!=E67EU!R7E7!4F!H=??=RFd!G4E75>FU!E7?4>8D7F!456!7]>75676!H438?2U!456!
>:7!
37684
Y!!,:8F!R4F!E7G?8C4>76!85!
.:45!7>!4?Y!SLMNLX
Y!!/4E>8C8G45>F!85!>:78E!
F><62!=H!H8545C84?!
Q5=R?7697U!4G>8><67U!456!R7??
;@7859
!E7G=E>76
!4!F838?4E!=E67EY
!!"]G?8C8>!G4E75>4?!
F=C84?8`4>8=5!R4F!4!F8958H8C45>!85H?<75C7!
=5!737E9859!46<?>F
^!._)!
456!A_&!Q5=R?7697U!4>>8><67FU!456!@7:4D8=EY
!!$4C:7?!67FCE8@76!>:8F
!85H?<75C7!85!>:7!
H=??=R859!R42U!q
,:7E7^F!4!68HH7E75C7!@7>R775!F=37=57!4C><4??2!F8>>859!>:7E7!456!34Q859!
>:7!7HH=E>!D7EF<F!2=<!P<F>!=@F7ED859Y!
!&!H77?!?8Q7!>:4>!:4F!4!F>E=597E!85H?<75C7!=5!:=R!2=<!
G7EC78D7!>:4>!Q856!=H!H8545C84?!85H=E34>8=5
!uCE768>!C4E6!Q5=R?7697v
Yr!!,:7!85H?<75C7!=H
!!LLN!G4E75>F!R:=!4FF<37!45!4C>8D7!E=?7!85!
>:78E
!737E9859!46<?>
!C:8?6E75^F
!H8545C84?!C4G4@8?8>2!
:4F!@775!F775!>:E=<9:=<>!GE7D8=<F!E7F74EC:Y!!
-=E!7]43G?7U!
%<>>7E!7>!4?Y!SLMNMX
!H=<56!
H8545C84?!68FC<FF8=5F!@7>R775!G4E75>F!456!>:7
8E!C:8?6E75!?746!>=!@7>>7E!H8545C84?!@7:4D8=E!85!
>:7!4E74F!=H!F4D859!456!@<697>859Y
!Z:8?7!>:7!G=R7E!456!85H?<75C7!=H!7]G?8C8>!H8545C84?!F=C84?8`4>8=5!R4F!C?74E!
>:E=<9:=<>!>:7!I<45>8>4>8D7!454?2F8F
U!F7D7E4?!H=C<F!9E=<G!G4E>8C8G45>F!4638>>76!7]G?8C8>!
>74C:85
9!R4F!5=>!4!C=5F8F>75>
!G4E>!=H!>:78E!H438?2^F!E=<>857Y!!,:7E7!R7E7!F7D7E4?!E74F=5F!
?7D876!4F!>=!R:2d!
>:7!67D7?=G375>4?!4GGE=GE84>757FF!=H!H8545C84?!?7FF=5FU!
G4E75>F!
G7EF=54?!
?4CQ!=H!H8545C84?!C4G4@8?8>2U!456!H438?2!C<?><E7Y!!
/4E>8C8G45>F!H7?>!>:4>!>:78E!G4
E75>F!R48>76!
q<5>8?!>:72!R7E7!=?6!75=<9:r!>=!>74C:!>:73!C7E>485!H8545C84?!?7FF=5F
!S$4C:7?X
Y!!-<E>:7EU!
3452!4638>>76!>:4>!C7E>485!C=5C7G>F!>=
=Q!>837!>=!
H<??2!
<567EF>456!456!
83G?7375>
!>:E=<9:!
7]G7E875C7Y!!
07<>?7E!SLMNLX
!FG=Q7!>=!>:7!
67D7?=G375>4?!4GGE=GE84>757FF!=H!H8545C84?!
?7FF=5FY!!
J7!:2G=>:7F8`76!>:4>!
:89:7E!=E67E!H8545C84?!C=5C7G>F!342!@7!=<>!=H!>:7!9E4FG!=H!
2=<59!G7=G?7
Y!!"]43G?7F
!85C?<676
!>:7!C=5C7G>!=H!85D7F>859!456!<567EF>456859!>:7!
E438H8C4>8=5F!=H!CE768>Y
!!!-=C<F!9E=<G!G4E>8C8G45>F!H7?>!>:4>!G4E75>4?!H8545C84?!C4G4@8?8>2!
67>7E38576!737E9859!
46<?>!H8545C84?!C4G4@8?8>2Y!!$7H7E75C7F!R7E7!3467!>=!G4E75>F^!?7D7?!=H!7]G7E875C7!:456?859!
H8545
C7FU!C=5H8675C7!:456?859!H8545C7FU!456!>:7
8E!=D7E4??!?7D7?!=H!E7F=<EC7F!4HH7C>859!
F=C84?8`4>8=5!GE4C>8C7FY
!!.<E>=!7>!4?Y!SLMNMX
U!E7H7EE859!>=!G4E75
>F^!7]G7E875C7U
!H=<56!>:4>!>:7!
E7F<?>!=H!G4E75>F!@7859!85D=?D76!85!>:7!F>=CQ!34EQ7>!R4F!>:78E!C:8?6E75!:46!4!@7>>7E!
<567EF>456859
!=H!E8FQ!68D7EF8H8C4>8=5Y
!!,:8F!G=85>F!>=!>:7!83G=E>45C7!=H!H438?2!
C:4E4C>7E8F>8CF!456!>:78E!85H?<75C7!=5!737E9859!46<?>Fo!H854
5C84?!?8>7E4C2Y!!
A838?4E?2U!
A:83!7>!
4?Y!SLMMVX
!H=<56!
H438?2!A"A!85H?<75C7
6!>:7!?7D7?!=H!H8545C84?!Q5=R?7697!>:4>!737E9859!
!LLL!46<?>
F!:4D7
Y!!/4E75>4?!H8545C84?!C4G4@8?8>2!5=>!=5?2!85H?<75C7F!G4E75>4?!H8545C84?!
F=C84?8`4>8=5U!8>!4?F=!4HH7C>F!67D7?=G375>4?!>E45F8>8=5FY!
!.4E345
!SLMMVX!H7?>!>:4>!H4C>=EF!F<C:!
4F!A"A!456!8>F!85H?<75C7!=5!67D7?=G375>4?!>E45F8>8=5F!:4F!5=>!@775!467I<4>7?2!E7F74EC:76Y
!,:7!H=C<F!9E=<GF!E7GE7F75>76!4!68D7EF7!CE=FF
;F7C>8=5!=H!F><675>!34P=EFU!E45QU!456!
7>:58C8>2Y!!.<?><E4?!68D7EF8>2!R4F!=57!H4C>=E!E7G=E>76!4F!4HH7C>859!G4E75>4?!H8545C84?!
F=C84?8`4>8=5
K>:7!497!=H!68FF73854>8=5!456!H=E3!456!HE7I<75C2!=H!H8545C84?!?7FF=5FY!!
/4E>8C8G45>
F!HE=3!C<?><E7F!=<>F867!=H!>:7!*A!FG=Q7!=H!3=572!5=>!@7859!45!4GGE=GE84>7!>=G8C!
=H!68FC<FF8=5!R:75!>:72!R7E7!9E=R859!<GY!!,:78E!G4E75>F!686!5=>!GE8=E8>8`7!H8545C84?!?7FF=5F!
456!R=<?6!5=>!F:4E7!85>834>7!67>48?F!=H!>:78E!:=<F7:=?6!H8545C7FY!!
Z:8?7!>:7E7!R4F!
83G?8C8>!
?74E5859!>:4>!C437!HE=3!R4>C:859!>:78E!G4E75>F
!3=F>!
G4E>8C8G45>F!
F486!>:4>!R:75!>:72!R7E7!
4!C7E>485!497U!?4<5C:859!85>=!737E9859!46<?>:==6U!7]G?8C8>!?7FF=5F!HE=3!>:78E!G4E75>F!@7945Y!!
"6R4E6!F486!=5C7!:7!9E46<4>76!
HE=3!
:89:!FC:==?!:8F!G4E75>F!@794
5!>=!>4?Q!4@=<>!H8545C7!R8>:!:83Y!!
B57!G4E>8C8G45>!67FCE8@76!:8F!G4E75>F^!@7?87H!>:4>!R:75!2=<!@7C=37!45!46<?>!8>!8F!
2=<E!6<>2!>=!?74E5!4@=<>!G7EF=54?!H8545C7!H=E!2=<EF7?HU!?74E5859!>=!F<GG=E>!2=<EF7?HY!!'=4:!
F>4>76U!q
32!G4E75>FU!>:72!6=5^>!
>74C:U!:7?GU!=E
!E7?2!=5!37Y!
!,:72!P<F>!F42!>:4>!2=<!C45!6=!8>!
=5!2=<E!=R5Y
r!!/4E>8C8G45>F!R8>:!>:7F7!C<?><E4?!7]G7E875C7F!>75676!>=!?74E5!>:E=<9:!
83G?8C8>!F=C84?8`4>8=5U!@<>!FG=Q7!:89:?2!=H!>:7!7]G?8C8>!F=C84?8`4>8=5!>:72!E7C78D76U!4F!R7??!4F!
>:7!>E485859!85!456!>:E=<9:!
>:7!G7EF=54?!H8545C7!C=<EF7Y
!,:7!H8545C84?!?7FF=5F!G4E>8C8G45>F!E7G=E>76!?74E5859!HE=3!>:78E!G4E75>F!456!
7]>75676!H438?2!>75676!>=!@7!C4<>8=54E2
!?7FF=5F!=H!FG756859!456!F4D859Y!!
,:7!?7FF=5U!q6=5^>!
FG756!R:4>!2=<!6=5^>!:4D7r!
R4F!GE7D4?75>
!>:E=<9:=<>!@=>:!H=C<F!9E=<G!F7FF8=5F!S$4C:7?XY
!!,:7F7!74E?2!?7FF=5F!R7E7!85H?<75>84?!85!F:4G859!:=R!F><675>F!>:=<9:>!4@=<>!C4F:U!CE768>U!
!LLc!FG756859U!F4D859U!456!85D7F>859Y!!(?8C84!67FCE8@76!
=57!=H!:7E!9E74>7F>!?7FF=5FU!qh
8H!2=<!C45^>!
@<2!8>!85!H<??U!>:75!2=
<!6=5^>!5776!8>Y
r!!AC=>>!H=??=R76!R8>:U!
!#2!9E456G4U!:7^F!D7E2!F838?4EY
!!1=<!:4D7!>=!@<2!7D7E2>:859!85!H<??U!R:8C:!8F!4!E74F=5!&!
6=5^>!:4D7!4!CE768>!C4E6!E89:>!5=Rh32!3=3U!F:7^F!D7E2!8EE7FG=5F8@?7!R8>:!:7E!
CE768>!C4E6F!456!:7^F!P<F>!?8Q7U!y&!6=5^>!:4D7!=57
U^!456!:7^F!6=57!R7??!H=E!
:83F7?H
hSAC=>>XY
!/4E>8C8G45>FU!@
7C4<F7!=H!>:7!C75>E4?8>2!=H!>:7F7!?7FF=5F
U!H=E376!F>E=59!@7?87HF!4@=<>!
34549859!>:78E
!FG756859!456!F4D859
Y!!-<E>:7EU!8
5!:856F89:>!4??!G4E>8C8G45>F!@7?87D76!>:7!
?7FF=5F!>4<9:>!@2!>:78E!G4E75>F!456!7]
>75676!H438?2!G=F8>8D7?2!85H?<75C76!>:78E!H8545C84?!
C4G4@8?8>2Y!!
!@;3;010;54?
!A7D7E4?!?838>4>8=5F!R7E7!GE7F75>!85!>:8F!F><62U!3452!=H!R:8C:!G=85>!>=!57C7FF4E2!
83GE=D7375>F!H=E!H<><E7!E7F74EC:
U!4F!R7??!4F!?8597E859!I<7F>8=5F!>=!@7!454?2`76Y!!,:8F!
F><62^F!F4
3G?7!R4F!6E4R5!HE=3!4!<58I<7!456!?838>76!G=G<?4>8=5Y!!(F!GE7D8=<F?2!F>4>76U!>:7!
67D7?=G375>4?!>E45F8>8=5!=H!737E9859!46<?>:==6!8F!5=>!4!C=5C7G>!R8>:!<58D7EF4?!4GG?8C4>8=5Y!!
&5F>746U!8>!8F!4!C=5C7G>!@=<56!@2!C<?><E7U!C=5>7]>U!4CC7FFU!456!?7D7?!=H!E7F=<EC7FY
!!.=<E>572U!4!
H=C<F!9E=<G!G4E>8C8G45>U!F<334E8`76!>:7!GE8D8?797!3452!737E9859!46<?>!C=??797!F><675>FU!
7FG7C84??2!G4E>8C8G45>F!85!>:8F!F><62!7]G7E875C7d
!h<5H=E><54>7?2U!5=>!4!?=>!=H!G7=
G?7!97>!>=!:4D7!>:4>!uH8545C84?v!Q5=R?7697
hR7!:46!>:7!
=G>8=5!>=!>4Q7!
>:8F!C?4FFU!@<>!5=>!4!?=>!=H!G7=G?7!C45!=E!>:72!389:>!P<F>!5=>!:4D7!:46!>:7!
G4E75>F!>:4>!R7!:4D7!:46!>=!>74C:!<F
!S.=<E>572X
Y!!LLj!/4E>8C8G45>!GE8D8?797!R75>!@72=56!4CC7FF!>=!:89:7E!76<C4>8=5Y!!-E=3!>:78E!F7?H
;E7G=E>U!
G4E75>4?!H8545C
84?!C4G4@8?8>2
!456!7]G?8C8>!F
=C84?8`4>8=5!R7E7!:89:Y!!
(?F=U!>
:8F!F><62^F!
F43G?7!
456!>:78E!H438?87F!
:46
!=5!4D7E497!
:89:7E!85C=37!456!
?7D7?!=H!
76<C4>8=5Y
!!!A7?7C>8=5!@84F!
R4F!GE7F75>!
@4F76!=5!>:7!H4C>!>:4>!>:7!F><675>!G4E>8C8G45>F^!F7?H
;F7?7C>76!
G4E>8C8G4>8=5!85!>:7!7?7C>8D7!G7EF=54?!H8
545C7!C=<EF7!4F!R7??!4F!R8>:!>:7!F<ED72!374F<E7!
S"(-.AX!456!H=C<F!9E=<G!F7FF8=5!G4E>8C8G4>8=5Y!!.=??85F!456!B^$=<EQ7!SLMNMX!F>4>76!
F7?7C>8=5!@84F!8F!4!F7E8=<F!37>:=6=?=98C4?!8FF<7U!nYYY>:7!3=F>!3=>8D4>76!C=5F<37EF!75E=??!85!
GE=9E43F!456!>:4>!>:72!342!@7!>:
7!3=F>!?8Q7?2!>=!673=5F>E4>7!83GE=D7375>F!E794E6?7FF!=H!
>:7!85>7ED75>8=5n!SGY!jVLXY!!
(!H=C<F!9E=<G!G4E>8C8G45>!F>4>76d
!h8>^F!F<G7E!7HH7C>8D7
!uH8545C84?!76<C4>8=5v!H=E!G7=G?7!>:4>!:4D7!>:7!858>84>8D7!>=!9=!=<>!
456!?74E5
YYY!(??!=H!<FU!=@D8=<F?2!>:7E7!R4F!HE7
7!F><HH!85D=?D7
6!u85!H=C<F!9E=<G!
G4E>8C8G4>8=5v
U!@<>!R7!>==Q!>:7!858>84>8D7!@7C4<F7hR7!R45>76!>=!>4
Q7!F=37>:859!@4CQ!
H8545C84??2h
SAC=>>X
Y!-<E>:7EU!G4E>8C8G45>F!F7?H
;E7G=E>76!=5!>:78E!H8545C84?!4@8?8>2Y!!,:7!737E9859!46<?>!
G4E>8C8G45>F!45FR7E76!4!D4E87>2!=H
!I<7F>8=5FU!R:8C:!E7D74?76!S4X!>:78E!?7D7?!=H!H8545C
84?!
<567EF>456859!456!Q5=R?7697W
!S@X!>:78E!
H8545C84?!@7?87HF!456!4>>8><67FW
!SCX!>:78
E!H8545C84?!
:4@8>F!456!@7:4D8=E
W!S6X!>:78E!7F>834>8=5!=H!
G4E75>4?
!H8545C84?!F=C84?8`4>8=5
W!456!S7X!>:7!
=CC<EE75C7!=H!F>E7FF!456!F>E485!>:E=<9:!G4E75>4?!<5
;=E!<567E73G?=2375>U!:89:!67@>!?7D7?FU!
@45QE<G>C2U!
=E!:=37!H=E7C?=F<E7
Y!!Z8>:85!74C:!=H!>:7F7!C=5>75>!4E74F
U!>:7!G=>75>84?!H=E!
78>:7E!4!5794>8D7!=E!G=F8>8D7!E7FG=5F7!@84F
!7]8F>F
Y!!-=E!7]43G?7
U!>:7!I<7F>8=5F!F<EE=<56859!G4E75>4?
!7]G7E875C7F!4FQ76!F><675>F!>=!E7G=E>!=5!F7D7E4?!H8545C84?!F>E7FF=EF!S7Y9YU!
H=E7C?=F<E7U!@45QE<G>C2XY!!J=R7D7EU!R8>:!>:7!?838>76!5<3@7E!=H!I<7F>8=5F!456!>:7!F75F8>8D7!
!LLO!54><E7
!=H!>:7!I<7F>8=5F
U!G4E>8C8G45>F!3
42!5=>!:4D7!Q5
=R5!>:7!45FR7EU!H7?>!<5C=3H=E>4@?7!
F:4E859U!=E!@84F76!>:78E!45FR7E!85!=57!68E7C>8=5Y
!:>0>72!(2?217<F!
!!-=C<F!9E=<G!G4E>8C8G45>F
!:89:?89:>76
!>:7!>:737!=H!67D7?=G375>4?_497
;9E4676!
85H?<75C7Y
!!,:72!@7?87D76!497!R4F!4!H4C>=E!85!>:7!>74C:859!456!?74E5859!H8545C84?!C4G4@8?8>2Y!
-<><E7!E7F74EC:
U!85!=E67E!>=!
H=C<F
!=5!67D7?=G375>4?!C4G4@8?8>87FU
!F:=<?6!E7G?8C4>7!>
:8F!F><62!
R8>:
!=>:7E
!497!9E=<GFY
!!(!57R!F7E87F!=H!F><687F!
C=<?6
!7]43857
!>:7
!H8545C84?!C4G4
@8?8>2
!=H!737E9859!46<?>F!=<>F867!=H!4C467384U!
G4E75>F
!=H!2=<59!C:8?6E75
U!456!=?67E!46<?>F!574E859!
E7>8E7375>
Y!!"]4385859!>:7!C:4597!=H!H8545C84?!C4G4@8?8>2!R8>:!497!456!F>497!C=<?6!
C=5>E8@<>7!>=!
@7>>7E!
<567EF>456859!>:7
!F=<EC7F!=H!F=C84?8`4>8=5
!456!
9E=R>:
!=H!H8545C84?!
C4G4@8?8>2!=D7E!>837Y
!"54<9>?;54
!,:7E7!4E7!>R=!D8>4?!H=E3F!=H!?74E5859d!H=E34?!?74E5859!456!=@F7ED4>8=54?!?74E5859Y
!!-8545C84?!
F=C84?8`4>8=5
U!83G?8C8>!456!
7]G?8C8>U
!F>4E>F!4>!@8E>:!456!C=5>85<7F!>:E=<9:=<>!
>:7!
?8H7!C=<EF7
Y!!%<63<5F=5!456!)457
F!SLMMNX!F486U!nYYYH8545C84?!@7:4D8=E!8F!H8EF>!9E=<5676!85!
H438?2!F=C84?8`4>8=5!456!>:4>!>:7!C=5>85<76!7HH7C>!=H!H438?2!F=C84?8`4>8=5!=CC<EF!=D7E!>:7!?8H7!
C=<EF7n!SGY!aacXY!!#=F>!E7F74EC:!=5!F=C84?8`4>8=5!G?4C7
F!>:7!H438?2!9757E4??2U!456!G4E75>F!
FG7C8H8C4?
?2U!4F!>:7!3485!4975>F!=H!F=C84?8`4>8=5!
SA7>>7EF>75U!LMMLX
Y!!,:7E7!4E7!F7D7E4?!
E74F=5F!R:2!
G4E75>F!4E7!E7G=E>76!>=!@7!>:7!9E74>7F>!85H?<75C7!=5!737E9859!46<?>F^!H8545C84?!
C4G4@8?8>2Y!!-8EF>U!G4E75>F!:4D7!4!G?7>:=E4!=H!7]G7E875C7
U!@=>:!9==6!456!@46Y!!A7C=56U!>:7E7!
8F!>:7!G=FF8@8?8>2!H=E!4!G7EF=54?!456!85>834>7
!C=557C>8=5!R8>:!=57oF!G4E75>FW!>
E<F>
!8F!3=E7!
74F8?2!F:4E
76!S%<>>7E!7>!4?YU!LMNMX
Y!!&5!?857!R8>:!GE7D8=<F!E7F74EC:U!=
57!=H!>:7!3=F>!
GE=38575>!E7F<?>F!=H!>:8F!F><62!R4F!>:7!85H?<75C7!G4E75>F!:4D7!>=!F=C84?8`7!>:78E!C:8?6E75!
!LLa!456!>74C:!>:73!GE=G7E!3=572!345497375>Y
!!/4E75>4?!H8545C84?!F=C84?8`4>8=5!>:E=
<9:!@=>:!83G?8C8>!456!7]G?8C8>!3745F!8F!Q72!85!H=E3859!737E9859!46<?>F^!@4F7?857!H8545C84?!C4G4@8?8>2!
456!68C>4>859!>:78E!G=>75>84?Y
!!J=R7D7EU!
E7F74EC:!:4F!
E7D74?76!>:4>
!7]G?8C8>!85F>
E<C>8=5!HE=3!
G4E75>F!=H>75!?746F!
>=!74E?2!7]G7E875C7!456!
4C<8>2!85
!H8545C
84?!Q5=R?7697U!4>>8><67FU!456!
@7:4D8=EY!!&5!4668>8=5U!
=D7E>!
G4E7
5>4?!H8545C84?!85D=?D7375>!:7?GF
!>=!F<GG=E>!737E9859!
46<?>F!>:E=<9:!?8H7!C=<EF7!>E45F8>8=5FU!7FG7C84??2!>:7!>E45F8>8=5!>=!46<?>:==6!
S7Y9YU!0<C]!7>!4?YU!
LMNLW!%<63<5F=5!T!)457FU!LMNNW!%<>>7E!7>!4?YU!LMNMW!A7E86=!7>!4?YU!LMNMX
Y!!,:8F!F><62
U!F838?4E!>=!
b=E975F75!456!A4D?4!SLMNMX
U!H=<56!>:4>!7]G?8C8>!H8545C84?!F=C84?8`4>8=
5!F8958H8C45>?2!F:4G
76!4FG7C>
F!=H!737E9859!46<?>
!H8545C84?!C4G4@8?8>2
Y!!,:7F7!H856859F!8568C4>7!
737E9859!46<?>!C=??797!F><675>F!4E7!?74E5859!HE=3!>:78E!G4E75>F^!C=5C7E>76!7HH=E>F!>=!>74C:!
?7FF=5F!=H!CE768>_67@>!456!F4D859F_85D7F>859Y!
!,:7!4@8?8>2!>=!GE7G4E7
!>:78E!C:8?6E75
!>=!@7!D84@?7!G4E>8C8G45>F
!85!>:7!H8545C84?!R=E?6!
G?4C7F!>:7!=5<F!=5!
G4E75>F!>=!@7
!H8545C84??2
!Q5=R?76974@?7Y
!!$7F74EC:!:4F!E7D74?76!>:4>!
G4E75>F!>:4>!:4D7!4!:89:!?7D7?!=H!7]G7E875C7!R8>:!H8545C7U!D4?<7!GE=D86859!H8545C84?!
85F>E<C>8=5!>=!>:78E!C:8?6E75U!45
6!H8545C84??2!?746!@2!7]43G?7!GE=6<C7!C4G4@?7!3=572!
345497EF!S%<>>7E!7>!4?YU!LMNMW!A:83!7>!4?YU!LMNMW!A:83!7>!4?YU!LMMVXY
!!(!5776!7]8F>F!H=E!
H8545C84?!76<C4>8=5!4CE=FF!>:7!?8H7!C=<EF7Y
!!/4E75>F!
R:=
!4E7!R7??!>E48576!456!C=5H8675>!4E7!
@7>>7E!7I<8GG76!>=!:7?G
!>:78E!737E9859!46<?>!C:8?6E75!?4<5C:!85>=!C=??797!456!>:7!R=EQ859!
R=E?6Y
!!!!!LLi!"#$%&'(!
:,P'
+!-,/".//,)*
!$*-!")*"@./,)*! /E7D8=<F!E7F74EC:!=5!737E9859!46<?>!H8545C84?!C4G4@8?8>2!G485>F!4!G8C><E7!=H!
@=>:!
4@8?8>2!456!5776Y!
!"37E9859!46<?>:==6!
S"(X!
8F!45!
83G=E>45>
U!7]C8>859
U!456!><3<?><=<F!>837!
H=E!3=F>!2=<59!G7=G?7Y!!
(>!>:8F!>837!85!>:7!?8H7!C=<EF7!8568D86<4?F!4E7!GE7G4E859!>:73F7?D7F!
>=!>4Q7!=5!57R!456!68HH7E75>!E=?7F!456!85CE74F76!E7FG=5F8@8?8>2Y!
!'<37E=<F!67D7?=G375>4?!
C:4597F!>4Q7!G?4C7!6<E859!
"(Y!!BH!>:7F7!C:4597FU!9E=R>:!85!H8545
C84?!HE776=3!456!
E7FG=5F8@8?8>2!
4E7!C75>E4?Y!
!J=R7D7E
U!G7EF=54?!
H8545C84?!C4G4@8?8>2
!8F!=57!4E74!
85!R:8C:
!737E9859!46<?>F!C=5>85<7!>=!F>E<99?7
U!456!>:7!?74E5859!E7F=<EC7F!4D48?4@?7!>=!>:73!4E7!
?838>76Y!
!,:8F!F>E<99
?7!:4F!@775
!7]4C7E@4>76
!@2!
E7C75>
!7C=5=38C!<5C7E>485>2
U!R:8C:!:4F!
CE74>76
!85CE74F76!GE7FF<E7!H=E
!737E9859!46<?>F!>=!E7C78D7
!4668>8=54?!>E485859!456!
I<4?8H8C4>8=5FY
!!A>785!7>!4?Y!SLMNcX!67FCE8@76!>:7!F8><4>8=5!H4C859!3452!2=<59!G7=G?7!
G<EF<859!>:78E!76<C4>8=5!456!75>7E859!>:7!P=@!34EQ7>!4H>7E!>:7!%E74>!$7C7FF8=5d
 &5!>:7!C<EE75>!E7C7FF8=5U!<567E9E46<4>7F!=H>75!C=5>756!R
8>:!>:7!F>4997E859!C=F>!=H!
:89:7E!76<C4>8=5!456!F<@F7I<75>!@<E675!=H!C=??797!67@>U!456!756<E7!>:7!E7F<?>F!=H!
85F>8><>8=54?!C=F>!C<>>859!374F<E7F!F<C:!4F!85CE74F76!C?4FF!F8`7U!E76<C76!C=<EF7!
=HH7E859FU!456!H7R7E!F><675>!F<GG=E>!F7ED8C7FY!!A><675>F!4?F=!H4C7
!4!:89:?2!
C=3G7>8>8D7!P=@!34EQ7>YYYSGY!LMNXY!!
!)<E859!>
:7!E7C75>!7C=5=38C
!CE8F8F!G7EF=54?!F4D859F!E4>7
F!67CE74F76U!456
!>:7
!E7?845C7!=5!
C=5F<37E!CE768>!456!F><675>!?=45F!67@>!85CE74F7
6!S/759!7>!4?YU!LMMiX
Y!!-<E>:7EU!>:7F7!4E7!
4E74F
!SF4D859FU!85D7F>859U!
CE768>U!456!67@>
!456!E8FQ!345497375>X
!R:7E7!E7F74EC:!:4F!F775!4!
5=>8C74@?7!94G!85!737E9859!46<?>!
C4G4@8?8>2Y
  .<EE75>?2U!737E9859!46<?>F!F>E<
99?7!>=!FG756!R8F7?2U!345497
!C<EE75>!456!?=59
;>7E3!67@>U!456!F4D7!H=E!>:7!H<><E7Y
 !!LL\!,:8F!68FF7E>4>8=5!75674D=E76!>=!
H<E>:7E!<567EF>456!>:7!
H8545C84?!
C4G4@8?8>2!=H!
737E9859!46<?>F!6<E859!>:8F!>E45F8>8=54?!G7E8=6Y
!!04F76!=5!GE7D8=<F!E7F74EC:
U!>R=!G4E>8C<?4E
!4E74F!=H
!H8545C84?!C4G4@8?8>2
!R7E7!8675>8H876
!4F!4E74F!
=H!5776U!CE768>_67@>
!S._)X!456!
F4D859F_85D7F>859
!SA_&XY!!AG7C8H8C4??2U!>:8F!F><62!7]438576d!S4X!>:7!E7?4>8=5F:8G!@7>R775!._)!
456!A_&!Q5=R?7697U!4>>8><67FU!456!@7:4D8=EW!S@X!H4C>=EF!4HH7C>859!@7:4D8=E!C:4597W!SCX!
H8545C84?!4>>8><67F!4F!4!37684>859!GE7F75C7!@7>R775!Q5=R?7697!456!@7:4D8=EW!456!S6X!>:7!
GE768C>8D7!85
H?<75C7!=H!G4E75>4?!F=C84?8`4>8=5!456!7]G7E875C7F!=5!Q5=R?7697U!4>>8><67FU!456!
@7:4D8=EY!
!(!38]76!37>:=6
!4FF7FF375>!=H!._)!456!A_&!Q5=R?7697U!4>>8><67FU!456!@7:4D8=E
!R4F!C=56<C>76
Y!!(!I<45>8>4>8D7!F<ED72!374F<E7!456!>7F>F!=H!F>E<C><E4?!7I<4
>8=5!3=67?859!
R7E7!<F76!>=!
>7F>
!?4>75>!C=5F>E<C>FU!68E7C>!456!8568E7C>!7HH7C>FU!C:4597!=D7E!>837U!456!
E79E7FF76!456!C=EE7?4>76!E7?4>8=5F:8GF
Y!!-=C<F!9E=<GF!:7?6!G=F>!64>4!4
54?2F8F!46676!67G>:!456!3745859
!>=!>:7!E7F<?>FY!!
!#4P=E!H856859F!HE=3!>:7!I<45>8>4>8D7!454?2F8F!85C?
<67
d!S4X
!@7:4D8=E!
C:4597!=D7E!>837!
R4F!?838>76
U!4FG7C>F!=H!@7:4D8=E!C:45976!4>!68HH7E75>!E4>7F
U!85!68HH7E75>!E7?4>8=5F:8GFU!456!
@2!68HH7E75>!GE768C>=EF
W!S@X!C:4597!85!=57!4E74!SQ5=R?7697U!4>>8><67FU!456!@7:4D8=EX!=H>75!
E7?4
>76!>=!C:4597!85!45=>:7E!4E74W!
SCX!F><675>F!R8>:!:89:!>837!=57!FC=E7F
!=5!._)!456!A_&!
4>>8><67F
!456!@7:4D8=E
!:46!
?8>>?7!>=!5=!C:4597!=D7E
!>837W!S6
X!H8545C84?!4>>8><67F!R7E7!
4!F8958H8C45>!37684>=E!=H!A_&!Q5=R?7697!456!@7:4D8=EU!3<C:!3=E7!>:45!._)!Q5=R?7697!456!
@7:4D8=E
U!S7X!7]G?8C8>!G4E75>4
?!H8545C84?!F=C84?8`4>8=5!R4F!4!9E74>7E!GE768C>=E!=H!Q5=R?7697U!
4>>8><67FU!456!@7:4D8=E!>:45!83G?8C8>!F=C84?8`4>8=5
U!456!SHX!G4E75>4?!H8545C84?!7]G7E875C7F!
:46!4!5794>8D7!E7?4>8=5F:8G!SF8958H8C45>!456!5=5
;F8958H8C45>X!R8>:!4??!H8545C84?!C4G4@8?8>2!
D4E84@?7
F!7]C7G>!._)!@7:4D8=E!E7?4>76!>=!:=?6859F!456!<F497Y
!!!!LLV!,:7!I<4?8>4>8D7!E7F<?>F!F<GG=E>76!456!7?4@=E4>76!=5!>:7!I<45>8>4>8D7!H856859FY!!
BD7E4EC:8
59!>:737F!HE=3!@=>:!H=C<F!9E=<G
!F7FF8=5F!85C?<67d!S4X!>:7!G=F8>8D7!54><E7!=H!
F4D859W!S@X!>:7!5794>8D7!54><E7!=H!
CE768>W!SCX!67D7?=G375>4?!4GGE=GE84>757FF!=H!H8545C84?!
>74C:859!456!?74E5859U!S6X!>:7!5776!H=E!C:4597!85!C=??7984>7!76<C4>8=5U!456!S7X!>:7!85H?<75C7!
=H!74E?2!76<C4>8=5!456!7]G7E875C7!>:E=<9:!H8545C84?!F=C84?8`4>8=5Y
!!,:8F!F><62^F!3485!
85>79E4>76!>:737F!R8?
?!@7!68FC<FF76!H<E>:7E
!@7?=R
Y!!&3G?8C4>8=5F!456!C=5F867E4>8=5F!H=E!
H<><E7!E7F74EC:!85!>:8F!4E74U!?85QF!>=!>:7!>:7=E7>8C4?!HE437R=EQU!456!G=?8C2!8FF<7F!
4?F=!
R8??!
@7!466E7FF76Y!!-854??2U!F><62!?838>4>8=5F!456!4E74F!H=E!H<><E7!E7F74EC:!R8??!@7!GE7F75>76Y
!,402
C710;54!56!/0>=H!:;4=;4C?!
!:;414<;19!<
1I18;9;0HJ!!-8545C84?!C4G4@8?8>2!8F!4!E=@<F>!C=5C7G>
U!R:8C:!85C?<67F
!FQ8??F!
456!4@8?8>2!85!>:7!4E74F!=H!H8545C84?!Q5=R?7697U!4>>8><67FU!456!@7:4D8=E
Y!!-8545C84?!
Q5=R?7697!E7H7EF!>=!45!8568D86<4?oF!4C><4?!?7D7?!=H!<567EF>456859U!>:7!4@8?8>2!>=!45FR7E!
I<7F>8=5F!=5!D4E8=<F!H8545C84?!>=G8CF!C=EE7C>?2Y!
!A<@P7C>8D7!H8545C84?!Q5=R?7697
!S4>>8><67FX
!8F!67H8576!4F!45!8568D86<4?oF!4FF7FF375>!=H!
:8F!=E!:7E!H8545C84?
!<567EF>456859
!Sl84=U!LMNLX
Y!!-8545C84?!@7:4D8=E!8F!67H8576!4F!>:7!GE=6<C>!=H!Q5=R?7697!456!
4@8?8>2
U!=E!4C>8=5!>4Q75!
>=R4E6!45!=<>C=37Y!!,:8F!85C?<67F!>R=!83G=E>45>!C=3G=575>FU!67C8F8=5
;34Q859!456!4C>8=5!
=E875>4>8=5!
S%<63<5F=5!T!)457FU!LMNNX
Y!!,:7!34P=E8>2!=H!GE7D8=<F!E7F74EC:!:4F!H=C<F76!=5!
>:7!85G<>!=H!H8545C84?!Q5=R?7697!456!>:7!=<>G<>!=H!H8545C84?!@7:4D8=EFY!!J=R7D7EU!
H8545C84?!
9=4?FU!D4?<7FU!@7?87HFU!456!4>>8><67F!4E7!
Q72
!4FG7C>F!
4HH7C>859
!H8545
C84?!@7:4D8=E!456!=D7E4??!
C4G4@8?8>2Y!!
(>>8><67F!4E7!83G=E>45>!>=!85C?<67!85!4!F><62!=H!H8545C84?!C4G4@8?8>2U!456!D8>4?!>=!
H<??2!9E4FG859!>:7!3=>8D4>8=5U!@7?87HFU!456!7HH7C>!=H!H8545C84?!@7:4D8=EF!
S)8?R=E>:!7>!4?YU!
LMMMXY!!,:72!4E7!>:7!<567E?2859!3=>8D4>8=5F!>=!7D7E2>:859!>:4>!R7!6=!H8545C84??2!
S)8?R=E>:!
7>!4?YU!LMMMW!%4E345!T!-=E9<7U!LMNLX
Y!!!LcM!.:4597!85!H8545C84?!@7:4D8=E!8F!>:7!<?>834>7!756!9=4?!H=E!H8545C84?!E7F74EC:
7EFU!>74C:7EFU!456!C=<5F7?=EFY!!
,:8F!F><62
U!85!?857!R8>:!GE
7D8=<F!E7F74EC:
U!E7D74?76!>:4>
!C:4597!85!._)!456!A_&!
Q5=R?7697
!456!4>>8><67F!
=H>75!C=EE7?4>76!R8>:!C:4597!
@7:4D8=EY!
!e72!>=!
C:4597!R4F!>:7!
C:4E4C>7E8F>8C
!=H!@7:4D8=EY!!-=E!7]43G?7U!C:4597!85!._)!@7:4D8=E!E7?4>76!>=!
G42375>F!456!E7F74EC:!C:45976!R8>:!Q5=R?7
697U!@<>!>:8F!R4F!5=>!>E<7!R8>:!@7:4D8=E!
E7?4>76!>=!CE768>!:=?6859F!456!<F7FY
!!,:8F!F437!G:75=375=5!R4F!>E<7!R8>:!C:4597!85!._)!
4>>8><67F!456!@7:4D8=EY
!!-=C<F!9E=<G!G4E>8C8G45>F!@7?87D76!C:4
597!R4F!E7
?4>8D7!>=!>:7!
F<@P7C>!=H!C:4597U!
C7E>485!4E74F!=H!
@7:4D8=E
!SG42375>F!456!E7F74EC:X
!456!@7:4D8=E!G4>>7E5F!
C=<?6!
C:4597!74F87E!>:45!=>:7EFY!!
-8545C84?!4>>8><67F!
85H?<75C76!@7:4D8=E!68E7C>?2!456!
8568E7C>?2
Y!!,:8F!E7?4>8=5F:8G!:4F!@775!F775!85!=>:7E!F><687F!=H!H8545C84?!C4G4@8?8>2!S
7Y9YU!J456C=CQ!7>!4?YU!LMNc
W!b=E975F75!T!A4D?4U!LMNM
XY!!J=R7D7EU!>:8F!F><62!
7]438576
!C4G4@8?8>2!
SQ5=R?7697U!4>>8><67FU!456!@7:4D8=EX!
R8>:
85!>:7!4E74F!=H!._)!456!A_&Y!!
(!68F>85C>!68HH7E75C7!
@7>R775!>:7!>R=!R4F!>
:7!8568E7C>!7HH7C>!=H!A_&!4>>8><67F
Y!!A_&!4>>8><67F!H<5C>8=576!4F!4!3=E7!
F8958H8C45>!37684>=E!=H!Q5=R?7697!456!@7:4D8=EY
!!&5!4668>8=5U!._)!456!A_&!@7:4D8=E!FC=E7F!
S,NX!R7E7!F8958H8C45>?2!
GE768C>76!
@2!7]G?8C8>!G4E75>4?!F=C84?8`4>8=5Y
!,R=!85>7E7F>859!H856859F!>=!
737E97
!6<E859!>:7!H=C<F!9E=<G!F7FF8=5F!R7E7!>:7!
73=>8=5F!F<EE=<56859!._)!456!A_&U!456!>:7!68FF=545C7!@7>R775!G4E>8C8G45>F
^!Q5=R?7697!
456!@7:4D8=E
Y!!$794E6859!>:7!73=>8=5F!>876!>=!3=572!456!8>F!<F7F!
#4F<=U!#4?E=<><U!
J454F:8E=U!456
!e83!
SLMMjX!F>4>76U!n#=572!8F!5=>!=5?2!45!85F>E<375>!=H!C=337EC7!456!4!
3768<3!=H!7]C:4597!H=E!GE=6<C>F!456!F7ED8C7FU!@<>!4?F=!4!G=R7EH<?!>==?!>:4>!C45!C4<F7!
:4GG857FF!=E!67G75675C2n!SG
Y!jiMXY!!#=572!C45!E7GE7F75>!G=R7EU!C=5>E=?U!E7FG7C>U!?=D7U!456!
467I<4C2!
S,42?=E!T!BD7E@72U!NVVVX
Y!!#<C:!=H!>:7!73=>8=
5!7]GE7FF76!
@2!H=C<F!9E=<G!
G4E>8C8G45>F!
R4F!85!E7H7E75C7
!>=!
>:78E!
?7D7?F!=H!F4D859!456!F4D859
!:4@8>F
Y!!A>E=59!5794>8D7!
!LcN!73=>8=5F!R7E7!?85Q76!>=!38F345497375>!=H
!>:78E!
F4D859
FY!!/4E>8C8G45>F!R45>76!>=!F77!>:78E!
F4D859F!9E=R
U!456!H7?>!9<8?>U!H74EU!456!45]87>2
!R:75!>:72!@7:4D76!C=<5>7E!>=!>:8F!9=4?Y!!
0=E6=5!7>!4?Y!SLMM\X!
7]438576!@=>:!7HH7C>8D7!456!E8FQ2!H8545C84?!@7:4D8=EF!4F!68F>85C>!
C=5C7G>F!>:4>!C45!:4GG75!
85!C=5P<5C>8=5!R8>:!=57!45=>:7EY!
!,:72!4E7!5=>!G8C><E7
6!4F!
=GG=F8>7!756F!=H!>:7!FG7C>E<3Y
!!(F!>:7!4<>:=EF!F<997F>
76U!45!8568D86<4?!C=<?6!@7!>E2859!>=!
F4D7!C=5F8F>75>?2!H=E!4!H8545C84?!9=4?!456!4>!>:7!F437!>837
!@7!9=859!>:E=<9:!4!G7E8=6!=H!
7]C7FF!FG756859Y
!!-=C<F!9E=<G!G4E>8C8G45>F!FG=Q7!4>!?759>:!4@=<>!>:7!83G=E>45C7!=H!F4D859Y!!
J=R7D7EU!>:8F!
R=<?6!@7!H=??=R76
!R8>:!5<37E=<F!85F>45C7F!=H!HE8D=?=<F!FG756859!456!4!?4CQ!
=H!F4D859Y
!@2174;4CD!1
II9;<10;54
D!14=!
2LI27;24<2
J!!"37E9859!46<?>!H8545C84?!76<C4>8=5!F>4E>F!
74E?2!456!R8>:85!>:7!:=37Y!!"4E?2!76<C4>8=5U!7]G7E875C7U!456!7]G=F<E7!>=!H8545C7!:7?G
F!>=!
CE74>7!F<CC7FFH<?!3=572!345497EFY!
!0E=R5!SLMNcX
!E7H7E75C76!4
!H8545C84?!46D8F=E!
>:4>!
FG=Q7!=H!>:7!83G=E>45C7!=H!H438?2!H8545C84?!F=C84?8`4>8=5
Y!!,:7!46D8F=E!F>4>76U
!n&H!2=<!9E=R!
<G!4E=<56!3=572!456!2=<!>756!>=!:4D7!C=5D7EF4>8=5F!4>!>:7!68557E!>4@?7!4@=<>!F4D859F!
4CC=<5>FU!>:7E7!8F!4!H438?84E8>2!>:4>!:7?GF!GE=3=>7F!H8545C84?!?8>7E4C2Yn!
!J7!R75>
!=5!>=!F42U!
n,:8F!8F!:=R!H8545C84?!?8>7E4C2!9E=RF
Yn!!#<?>8G?7
!H=C<F!9E=<G!G4E>8C8G45>F!E78>7E4>76!>:8F!
8674Y!!/
4E75>F^!C=5H8675C7U!4@8?8>2U!456!7]G7E875C7!R8>:!H8545C7
!4E7
!qG4FF76!6=R5r!>=!>:78E!
C:8?6E75Y!!
/4E>8C8G45>F!67FCE8@76!>:8F!>E45FH7E4?!=H!H8545C84?!I<4?8>87FY!!&H!2=<E!G4E75>F!4E7!
qQ5=R?76974@?7Ur!qE7FG=5F8@
?7Ur!qR7??
;=HHUr!=E!>:7!q>2G7!>=!85D7F>r!>:8F!68C>4>7F!G4E75>4?!
F=C84?8`4>8=5!GE4C>8C7F!456!737E9859!46<?>!C4G4@8?8>2Y!!
&5!>:7!I<45>8>4>8D7!454?2F8F!>:8F!R4F!
F775!85!>:7!GE768C>8D7!G=R7E!=H!7]G?8C8>!G4E75>4?!H8545C84?!F=C84?8`4>8=5Y!!"]G?8C8>!
F=C84?8`4>8=5
!GE768C>76!._)!Q5=R?7697U!4>>8><67FU!456!@7:4D8=EFU!456!A_&!4>>8><67F!456!
@7:4D8=EFY
!!LcL!/4E75>F!4E7!>:7!3=F>!85H?<75>84?!F=C84?8`4>8=5!4975>
FY!!/4E75>F!C45!H<5C>8=5!
H8545C84??2!4F!85H=E34?!76<C4>=EF!456!GE=G=575>F!=H!G=F8>8D7!3=572!345497375>!SA:83!7>!
4?YU!LMMVXY!!,:7!34P=E8>2!=H!H=C<F!9E=<G!G4E>8C8G45>F!E7H7E75C76!>:78E!G4E75>F
^!F=C84?8`4>8=5
!4F!G=F8>8D7!456!7HH7C>8D7
Y!!"D75!G4E75>F!>:4>!R7E7!5=>!4?R42F!H8545C84??2!F<CC7FFH<?
U!4CC=E6859!>=!G4E>8C8G45>FU
!GE=D8676!45!83G?8C8>!7]43G?7!=H!
R:4>!>=!6=!456!5=>!6=!
E794E6859!
:456859
!>:78E
!H8545C7FU!456!>4Q859!E8FQFY
!!-=E!G4E>8C8G45>F!85!@=>:!>:7!I<45>8>4>8D7!456!
I<4?8>4>8D7!F7C>8=5F!=H!>:8F!F><62
U!7]G?8C8>!H8545C84?!F=C84?8`4>8=5
!R4F!3=E7!85H?<75>84?U
!456!
3=E7!=H>75!GE7H7EE76Y!!-=C<F!9E=<G!G4E>8C8G45>F!H7?>!>:4>!7]G?
8C8>!F=C84?8`4>8=5!E7GE7F75>76!
G<EG=F7U!>837!456!4>>75>8=5U!D4?<7!456!7HH=E>U!456!=D7E4??!R4F!3=E7!85H?<75>84?!>:45!83G?8C8>!
F=C84?8`4>8=5Y
!!Z:8?7!>:7E7!R4F!C=5F8F>75C2!85!G4E>8C8G45>F^!GE7H7E75C7!H=E!7]G?8C8>!H8545C84?!
F=C84?8`4>8=5U!
4!?4E97!43=<5>!=H!D4E
845C7!
85!G4E75>4?!F=C84?8`4>8=5!GE4C>8C7F!3<F>!@7!
E7C=958`76
Y!!,:7F7!68HH7E75C7F!4E7!6<
7!>=!4!3<?>8><67!=H!H4C>=EF!85C?<6859
d!H438?2!F>E<C><E7U!
G4E75>4?!H8545C84?!C4G4@8?8>2U!?7D7?!=H!4CC7FF8@?7!E7F=<EC7FU!H438?84?!@7?87HFU!456!H438?2!7>:58C!
456!:=<F7:=?6!
C<?><E7!S(E57>>U!NVVOXY!!-=E!7]43G?7U!
>:7!D4?<7F!>:4>!G4E75>F!
:=?6!
C=5C7E5859!>:78E!H8545C7F!
85H?<75C7!>:7!I<45>8>2!456!I<4?8>2!=H!>:78E!H8545C84?!F=C84?8`4>8=5Y!!
.<?><E7!8F!45=>:7E!67>7E38545>!
=H!>:7!>E485859!456!F=C84?8`4>8=5!E7C78D76!
4>!:=37
Y!!-=C<F!
9E=
<G!G4E>8C8G45>F!HE=3!385=E8>2!=E!5=5
;54>8D7!:=37F!67FCE8@76!H8545C84?!34>>7EF!85!>:78E!
:=37!4F!GE8D4>7Y!!,:72!R7E7!7]G?8C8>
?2!>4<9:>!R:75!>:7
2!@7945!34549859!H<56F!456!>:78E!
G4E75>F!H7?>!>:72!R7E7!E7462Y
!B57!Q72!>=!85CE74F859!?=59!?4F>859!H8545C84?!?8>7E4C
2!8F!GE4C>8C4?!7]G7E875C7Y!!A><687F!
:4D7!H=<56!>:4>!F><675>F!
:46!9E74>7E
!Q5=R?7697!456!<567EF>456859!=H!H8545C84?!>=G8CF!
>:4>!
>:72!:46!7]G7E875C7
6U!F<C:!4FU!CE768>U!E75>U!456!85F<E45C7Y!!,:8F!8F!85!C=5>E4F>!>=!8FF<7F!>:4>!
F><675>F!
F>E<99?7!R8>:!F<C:!4FU!
85D7F>859U!E7>8E7375>U!456!3=E>9497F
!Sb=E975F75!T!A4D?4U!
!Lcc!LMNMXY!!eE8`7Q!456!&59!SLMNLX
!H=<56!
>:4>!
4!?7D7?!=H!H438?84E8>2!456!4@8?8>2!>=!54D894>7!
H8545C84?!GE=6<C>F!8F!83G=E>45>!H=E!4??!8568D86<4?FY
!!&5!>:8F!F><62U!H
438?84E8>2!R8>:!>:7!
C=5C7G>F!=H!._)!456!A_&!342!4CC=<5>!H=E!F<ED72!G4E>8C8G45>F
!FC=E859!:89:!S,NX!=5!>:7!
4>>8><67!456!@7:4D8=E
!H4C>=EF
!456!
>:75
!7]G7E875C859!?8>>?7!C:4597!=D7E!>837Y!!-=C<F!9E=<G!
G4E>8C8G45>F!
E7G=E>76!H77?859
!C=3H=E>4@?7!R8>:!>:78E!?7D7?!=H!C4G4@8?8>2!F<EE=<56859
!>:7!
C=5C7G>!=H!F4D859
Y!!+7FF=5F!=H!F4D859F!6=3854>76!>:
78E!74E?2!76<C4>8=5Y!!-<E>:7EU!F77859!
>:78E!F4D859F!9E=R!R4F!4!G=R7EH<?!
3=>8D4>=E
Y!!,:8F!C=5H8675C7U!7]G7E875C7U!456!GE=C7FF
;?7D7?!<567EF>456859!=H!F4D859!8F!85!?857!R8>:!>:7!I<45>8>4>8D7!E7F<?>FU!R:8C:!E7D74?76!A_&!
4>>8><67F!37684>76!>:7!E7?4>8=5F:8G!@7>R
775!4??!Q5=R?7697!456!@7:4D8=E
!H4C>=EF
Y!!B5!>:7!
=>:7E!:456U!G4E>8C8G45>F!67FCE8@76!7]G7E875C859!3=E7!C=5H<F8=5!R8>:!>:7!67>48?F!=H!CE768>U!
E7G=E>76!8>
!R4F!5=>!4!3485F>42!=H!>:78E!74E?2!76<C4>8=5U!456!R7E7!H74EH<?!=H!=D7E<F7Y
!!!)<E859!
"(!2=<>:
!:4D7!9E74>7E!
HE776=3!456!8567G75675C7Y
!!(>>756859!C=??797!C45!
:7?G!
737E9859!46<?>F!
7]G7E875C7!?8H7!4R42!HE=3!
:=37!456!9485!H8EF>
;:456!7]G7E875C7!
34549859!>:78E!H8545C7F
!S(E57>>!T!,4@7EU!NVVjX
Y!!-8545C84?!7]G7E875C7!6<E859!>:8F!>837!
4??=RF!737E9859!46<?>F!>=!9E=R!85!>:78E!C=5H8675C7U!F77859!>:7!83G=E>45C7!456!4GG?8C4>8=5!
=H!G7EF=54?!H8545C7!>=!>:78E!?8D7FY!!
!-2G295I324019!0
;3;4C
Y!!,:7!67D7?=G375>4?!>83859!=H!H8545C84?!?7FF=5F!
R4F!4!Q72!
H=C<F!9E=<G
!H856859!>:4>!G4E4??7?F
!8674F!H=<56!85!
737E9859!46<?>!456!?8H7!C=<EF7!>:7=E87FY
!!,:E=<9:=<>!>:7!?8H7!C=<EF7!8568D86<4?F!R8??!674?!R8>:!4!3<?>8><67!=H!H8545C84?!8FF<7F!456!
67C8F8=5F!>:4>!D4E2U!67D7?=G375>4??2U!85!68HH8C<?>2!456!4GG?8C4>8=5Y!!,:7F7!85C?<67!@
<>!4E7!
5=>!?838>76!>=d!S4X!34549859!F><675>!?=45!67@>W!S@X!CE768>!456!67@>!345497375>W!SCX!F4D859!
456!85D7F>859!H=E!H<><E7!9=4?FW!S6X!34549859!E7>8E7375>!H<56FW!S7X!H8?859!>4]7FW!456!SHX!
4GG?2859!456!=@>485859!4!:=37!3=E>9497U!:=37!85F<E45C7U!4<>=!85F<E45C
7U!456!?8H7!
!Lcj!85F<E45C7Y!!
"37E9859!46<?>F!4E7!@7859!4FQ76!>=!>4CQ?7!
3452!=H!>:7F7!H8545C84?
!8FF<7F!R8>:=<>!
>:7!GE=G7E!>E485859Y!!-<E>:7EU!>:7!H8545C84?!76<C4>8=5!456!>E485859!>:4>!6=7F!7]8F>!
=H>75!H48?F!>=!C=5F867E!>:7!67D7?=G375>4?!4GGE=GE84>757FF!=H!>:7!?7
FF=5F!68FF73854>76Y!
!-=C<F!9E=<G!G4E>8C8G45>F!C4??76!H=E!497!456!F>497!4GGE=GE84>7!H8545C84?!76<C4>8=5Y!!-=E!
7]43G?7U!85C=3859!HE7F:345!342!5776!85F>E<C>8=5!=5!CE74>859!4!F4D859!G?45U!@<697>859U!>:7!
<F7F!456!345497375>!=H!CE768>U!34549859!R=EQ!456!FC:==?!S
R:75!4GG?8C4@?7XU!456!
>73G7E859!R45>F!456!5776FY!!,:8F!8F!C=5>E4F>76!R8>:!>:7!5776F!=H!45!<GG7EC?4FF345Y!!(!
C=<EF7!974E76!>=R4E6!P<58=EF!456!F758=EF!C=<?6!C=D7Ed!34549859!3=5>:?2!7]G75F7FU!G42859!
F><675>!?=45FU!85D7F>859U!E7>8E7375>!4CC=<5>FU!:=<F859U!>4]7
FU!456!85F<E45C7Y!!,:8F!4GGE=4C:!
4CC=<5>F!H=E!68HH7E859!?7D7?F!=H!<567EF>456859U!4R4E757FFU!E7FG=5F8@8?8>87FU!R45>FU!456!
5776FY!/4E>8C8G45>F!F<997F>76!:
4D859!4!H8545C84?!76<C4
>8=5!C=<EF7!H=E!85C=3859!HE7F:37
5!67F89576!>=!>74C:!>:73!:=R!>=!345497!H8545C7F!>
:E=<9:=<>!>:78E!76<C4>8=54?!P=<E572U!456!
=57!H=E!F758=EF!67F89576!>=!466E7FF!H8545C84?!8FF<7F!
4F!=57!?4<5C:7F!HE=3!>:7!<58D7EF8>2Y!!
$4C:7?!F>4>76U!q>:7E7^F!4!R:=?7!68HH
7E75C7!uH8545C84??2v!@7>R775!F>4E>859!C=??797h
(56!R:75!
2=<^E7!756859!C=??797
Yr!!.:E8F!46
676!>:4>!H8545C84?!76<C4>8=5!F:=<?6!@7!q
=HH7E76!4>!3<?>8G?7!
G=85>FYr!!(F:?72!E78>7E4>76!>:7!D8F8=5!H=E!67D7?=G375>4??2!4GGE=GE84>7!H8545C84?!76<C4>8=5U!
q&!>:85Q!8>^F!83G=E>45>!4>!>:7!@79855859!456!4>!>:7!756h@7C4<F7!>:7E7^F!F=!3452!68HH7E75>!
F>497F!85!2=<E
!?8H7Y
r!!-8545C84?!76<C4>8=5!>:4>!8F!F75F8>8D7!>=!>:7!5776FU!67F8E7FU!456!4G>8
><67!
=H!8>F!G4E>8C8G45>F!R=<?6!4
HH7C>!9E74>7E!C:4597Y!!B5!C=??797!C43G<F7F!>:8F!342!3458H7F>!
8>F7?H!>:E=<9:!3<?>8G?7!C=<EF7F!@7859!=HH7E76!R8>:!>=G8CF!>48?=E76!>=!>:7!F><675>F!85
!74C:!
C=<EF7Y!!,:8F!3=67?!R=<?6!75F<E7!F<HH8C875>!>837!R4F!98D75!>=!>:7!GE7F75>4>8=5!=H!C=5C7G>F!
4F!R7??!4F!F><675>!?74E5859!456!4GG?8C4>8=5Y
!!LcO!-=C<F!9E=<G!G4E>8C8G45>F!H7?>!
>:4>!67D7?=G375>!85H?<75C76!
>:7!>74C:859!456!?74E5859!
=H!H8545C84?!?7FF=5FY!
!/4E>8C8
G45>F!@7?87D76!>:4>!>:7!>2G7!456!>83859!=H!H8545C84?!F=C84?8`4>8=5!
E7C78D76!85!
>:7!
:=37U!>:78E!4@8?8>2!>=!GE=C7FF
!>:7!?7FF=5
U!456!>:7!D4?<7!456!GE8=E8>2!
>:72!
G?4C76!=5!>:7!?7FF=5F!4??!7D=?D76!=D7E
!>837Y!!B57!7]43G?7!98D75!R4F!G4E75>F!R48>859!>=!
7]G?8C8>?2!>74C:!H8545C84?!?7FF=5F!<5>8?!>:72!R7E7!q67D7?=G375>4??2!E7462Yr!!/4E>8C8G45>F!
R7E7!FG?8>!4F!>=!>:7!7HH7C>8D757FF!=H!>:8FY!!A=37!@7?87D76!>:8F!4??=R76!
>:73!>837!>=!H<??2!
<567EF>456
!>:7!C=5C7G>Y!!$4
C:7?!F>4>76U!quF=37!>:859Fv!2=<!:4D7!>=!?74E5!R:75!2=<^E7!
=?67E
!@7C4<F7!2=<!6=5^>!E74??2!<567EF>456!8>!<5>8?!2=<^E7!45!46<?>
Yr!!J=R7D7EU!3
=F>!@7?87D76!74E?2!
76<C4>8=5!456!7]G7E875C7!8F!7HH7C>8D7Y!!g4:4E4!49E776U!H77?859!
=D7E4??!
F:7!R4F!
68F46D45>4976d!
!&hR8F:!>:72^6!G<F:76!37!>=!97>!4!P=@!R:75!&!R4F!Na!456!
>=h
F>4E>!
!@<8?6859!Q5=R?7697!4@=<>!CE768>!456!P<F>!3485>485859!32!H8545C7F!85!9757E4?!4!
!?8>>?7!74E?87EY!
!&!>:85Q!&!R=<?6!:4D7!F4D76!32F7?H!4!C=<G?7!274EF!=H!F>E<99?859!8H!&!:46!
!?74E576!8>!4!?8>>?7!74E?87
E!Sg4:4E4XY
!Z:7>:7E!>:7!G4E>8C8G45>F!H7?>!>:78E!F=C84?8`4>8=5!7]G7E875C7!R4F!G=F8>8D7!=E!5794>8D7
U!:=R!
737E9859!46<?>F!456!>:78E!G4E75>F!C=5C7G><4?8`76!>:78E!497U!F>497U!456!4@8?8>2!4HH7C>76!>:7!
H8545C84?!76<C4>8=5!>:4>!=CC<EE76!85
!>:7
!:=37Y!!
!,3I9;<10;54?
!!(2?217<F
Y!!,=!@7>>7E!<567EF>456!737E9859!46<?>!C=??797!F><675>FU!>:78E!H8545C84?!
C4G4@8?8>2!SCE768>_67@>!456!F4D859F_85D7F>859XU!456!>:7!
H8545C84?!
85F>E<C>8=5!SG4E75>4?!
F=C84?8`4>8=5!456!H=E34?!FC:==?859X!
GE=D8676!>=!>:73
U!F43G?859!HE=3!4!C=??797!C43G<F!R4F
!677376
!57C7FF8>2!456!F<HH8C875>Y!!,:7!34P=E8>2!=H!G4E>8C8G45>F!85!@=>:!>:7!"(-.A!456!H=C<F!
9E=<GF!R7E7!
<GG7E!C?4FF37
5!=H!P<58=E!456!F758=E!E45QY!!-<E>:7EU!F758=EF!3467!<G!>:7!
!Lca!34P=E8>2!85!@=>:!>:7!F<ED72!374F<E7!SjMUNpX!4
56!H=C<F!9E=<GF!SiNYOpXY!!,:7!C=5F8F>75C2!
=H!>:7!F43G?7F!:4F!83G?8C4>8=5F!H=E!H8545C84?!76<C4>8=5Y!!*GG7EC?4FF375!R7E7!3=E7!?8Q7?2!>=!
759497!R8>:!>:8F!C=5>75>U!Q5=R859!8>!:4F!8337684>7!4GG?8C4>8=5!456!C=5F7I<75C7FY
!!-=C<F!
9E=<G!G4E>8C8G45>F!H7?>!>:7E7!R4F!
4!D4F>!68HH7
E75C7!@7>R775!>:7!C=5FC8=<F57FF!S
5776F!456!R45>FX!456!
C4G4@8?8>2
!S<567EF>456859!456!4@8?8>2
X!=H!HE7F:37
5!456!F758=EF
Y!!!/E8D8?797!C=<?6!@7!F775!4F!G4E>8C8G45>F!E7G=E>76!=5!>:78E!G7EF=54?!456!:=<F7:=?6!
673=9E4G:8CFY!!
&568D86<4??2
U!>:7!F43G?7!GE=
P7C>76!:89:!?7D7?F!=H!H<><E7!76<C4>8=5!456!
85C=37Y!!/4E>8C8G45>F!R45>76!>=!H858F:!>:78E!@4C:7?=E^F!679E77
U!456!3452!R45>76!>=!
C=5>85<7!>:78E!76<C4>8=5!85>=!4!34F>7E^F!679E77Y!!
'74E?2!:4?H!=H!>:7!"(-.A!F43G?7!7F>834>76!
74E5859!sOMUMMM
;iOUMMM!4H>7E!H858F:859
!>:78E!76<C4>8=5
Y!!,:7!I<45>8>4>8D7!456!I<4?8>4>8D7!
F43G?7F!
4?F=!
E7G=E>76!:89:!?7D7?F!=H!G4E75>4?!76<C4>8=5!456!:=<F7:=?6!85C=37Y
!!A8]>2!>:E77!
G7EC75>!=H!H4>:7EFU!4CC=E6859!>=!"(-.A!G
4E>8C8G45>FU!:46!4!@4C:7?=EF!=E!
34F>7EF_6=C>=E4>7_GE=H7FF8=54?!679E77Y!!#
=>:
7EF!R7E7!C?=F7!@7:856!R8>:!OaYOp!
85!>:7F7!
C4>79=E87FY!
!,:7!=D7ER:7?3859!34P=E8
>2!E7G=E>76!>:78E!:=<F7:=?6!85C=37
!R4F!@7>R775!
s\MUMMM;NOMUMMM!=E!3=E7Y!!,:8F!?7H>!=5?2!LVYap!=H!"(-.A!H438?87F!R8>:!45!85C=37!?=R7E!
>:45!s\MUMMMY!
!'74E?2!:4?H!
=H!>:7!"(-.A!G4E>8C8G45>F!
SjiYipX!E7G=E>76!>:78E!G4E75>F!=E!
C?=F7!H438?2!373@7EF!G486!H=E!>:78E!76<C4>8=5Y!!
b4C=@
U!4!H=C<F!9E=<G!G4E>8C8G45>U
!F486U!q(!?=>!
=H!<F!4E7!H=E><54>7!75=<9:!>=!:4D7!=<E!G4E75>F!G42!H=E!4!9==6!G=E>8=5!=H!8>
!uC=??7984>7!76<C4>8=5
vhr!
!#452!H=C<F!9E=<G!G4E>8C8G45>F!67FCE8@76!
>:7
!GE8D8?797
!>:72!R7E7!4HH=E676
Y!!,:78E!G4E75>F!:46!H8545C84?!F<CC7FFU!>4<9:>!>:73!4@=<>!H8545C7FU!456!:7?G76!>:73!H8545C7!
>:78E!9=4?FY!
!!,:7!673=9E4G:8C!C:4E4C>7E8F>8CF!=H!
>:8F
!F43G?7!3<F>!@7!4CQ5=R?76976!456!
C=5F867E76!6<E859!85>7EGE7>4>8=5!=H!
>:7
!F><62^F!H856859FY!!-8EF>U!5=>!4??!C=??797!F><675>F!:4D7!
!Lci!>:7!F437!@757H8>F!=H!>:
8F!F43G?7Y!!B>:7EF!342!:4D7!>:7!=GG=E><58>2!>=!4>>756!C=??797U!@<>!4>!
9E74>!C=F>!456!F4CE8H8C7!>=!>:73F7?D7F!456!>:78E!H438?2Y!!
A7C=56U!>:8F!F43G?7!S"(-.A!456!
H=C<F!9E=<GFX!
6=7F!5=>!E7GE7F75>!>:7!673=9E4G:8CF!=H!
"%%!F><675>F!4>!>:7!<58D7EF8>2!85!
I<7F>8=5U!5=E!
6=!>:72!E7GE7F75>!
"%%!737E9859!46<?>!C=??797!F><675>FY!!(F!GE7D8=<F?2!F>4>76U!
>:8F!F43G?7!E7G=E>76!:89:!?7D7?F!=H!G7EF=54?!456!H438?84?!G
E8D8?7976Y!!
-854??2
U!5=>!4??!2=<59!G7=G?7!:4D7!>:7!=GG=E><58>2!
>=!
7]G?=E7!E=?7F!456!E7FG=5F8@8?8>87F!456!E7C78D7!
4!:89:7E!76<C4>8=5
Y!!#452!I<8CQ?2!4FF<37!46<?>!E=?7F!F<C:!4F
!R=EQ859!H<??
;>837U!34EE8497U!456!
G4E75>:==6Y!!
"37E9859!46<?>F
U!85F867!456!=<>F867!
=H!>:7!<58D7EF8>2
U!E7GE7F75>!H<><E7!?7467EF!
456!67C8F8=5!34Q7EF!456!>:78E
!H8545C84?!
C4G4@8?8>2
!3<F>!@7!E7F74EC:76
U!456!
H8545C84?!
76<C4>8=5!3467!4D48?4@?7!>=!>:73Y!
!/E7D8=<F!E7F74EC:!:4F!H=<56!673=9E4G:8C!C:4E4C>7E8F>8CF!F<C:!4F!
H438?84?!76<C4>8=5!
7]G=F<E7!456!4>>485375>!
85H?<75C7!G=F8>8D7!H8545C84?!@7:4D8=EFU!456!:7?G!F><675>
F!F<CC7FFH<??2!>E45F8>8=5!HE=3!:89:!FC:==?!>=!C=??797Y!!)
73=9E4G:8C!H4C>=EF!
4?F=!
85H?<75C7!>:7!
H=E3U!HE7I<75C2U
!456!
I<4?8>2
!=H!H8545C84?!F=C84?8`4>8=5Y!!
,:7!C=5>7]>!8568D86<4?F!456!H438?87F!
4E7!G=F8>8=576!R8>:85!456!>:7!E7F=<EC7F!4D48?4@?7!>=!>:73!3<F>!@7!4CQ5=R?76976Y!!
%<63<5F=5!456!)457F!SLMNNX
!H=<56!H438?87F!HE=3!:89:7E!A"A!@4CQ9E=<56F!R8>:!:89:7E!
?7D
7?F!=H!76<C4>8=5!GE8=E8>8`76!H8545C84?!76<C4>8=5Y
!!b=E975F75!456!A4D?4!SLMNMX!GE=G=F76!
>:7!C=5D7EF7Y!!,:72!4FF7E>76!>:4>!F=37!
G4E75>F!342!5=>!:4D7!75=<9:!H8545C84?!Q5=R?7697!
>=!>74C:!>:78E!C:8?6E75
U!=E!>:72!342!5=>!D4?<7!F<C:!>74C:859Y
!!-=C<F!9E=<G!G4E>8C8
G45>F!
67FCE8@76!4!C:485!=H!85H?<75C7!HE=3!G4E75>4?!H8545C84?!C4G4@8?8>2!>=!737E9859!46<?>!H8545C84?!
C4G4@8?8>2Y!!,:72!FG7C8H8C4??2!
E7H7E75C76!G4E75>4?_H438?2!A"AU!H8545C84?!C=5H8675C7U!456!
F<CC7FF!4F!C=5>E8@<>859!>=!>:7!?7D7?!456!I<4?8>2!=H!H8545C84?!85F>E
<C>8=5!85!>:7!:=37Y!
!/4E>8C8G45>F!
4?F=!
@7?87D76!>:4>!>:7!F>E759>:F!456!R74Q57FF7F!=H!=57^F!G4E75>F!R=<?6!
!Lc\!68E7C>?2!85H?<75C7U!5794>8D7?2!=E!G=F8>8D7?2
U!>:78E!C:8?6E75Y!!
+8D7F!4E7!?85Q76W!G4E75>4?!
H8545C84?!F<CC7FF7F!456!H48?<E7F!85H?<75C7!>:78E!C:8?6E75Y!!
!-8545C84?!F=C84?8`4>8=5!F>4E>F!85!>:7!74E?2!274EF!=H!4!C:8?6oF!?8H7
Y!!,:7!E=?7!G4E75>F
!G?42!85!>:78E!C:8?6E75^F!H8545C84?!F=C84?8`4>8=5!:4F!83G?8C4>8=5F!H=E!
G4E75>4?!
GE=H8C875C2!85!
H8545C84?!34>>7EF!456!45!4@8?8>2!>=!>E45F38>!H8545C84?!D4?<7F!>=!>:78E!C:8?
6E75Y!!,:8F!E7GE7F75>F!45!=GG=E><58>2
!H=E!H438?2!?8H7!76<C4>=EF
U!H8545C84?!GE=H7FF8=54?FU!456!
GE4C>8>8=57EF
!>=!C=557C>!R8>:U!GE7G4E7U!456!GE=D867!G4E75>F!R8>:!>:7!GE=G7E!>==?F!>=!
76<C4>7!>:78E!C:8?6E75!
SA7E86=!7>!4?YU!LMNMX
Y!!(F!
)457F!SNVVjX
!F>4>76!G4E75>F
U!>:4>!?4CQ!
H8545C84?!Q5=R?7697!456!C=5H8675C7!4E7!?7FF!7HH7C>8D7!4F!
>74C:7EFY
!!!,:8F!E7F74EC:!F><62!
75674D=E76
!>=!85CE74F7!
>:7!
<567EF>456859!456!4R4E757FF!=H!
H8545C84?!C4G4@8?8>2!456!H8545C84?!76<C4>8=5!4>!:=37!456!85!>:7!C?4FFE==3Y!!,:8F!F><62!
H=C<F76!=5!=57!G4E>8C<?4E!9E=<GU!4>!=57!G4E>8C<?4E!G=85>!85!>:7!?8H7!C=<EF7Y!!
J=R7D7EU!>
R=!
83G=E>45>!C=5C?<F8=5F!C45!@7!6E4R5d!S4X!H8545C84?!76<C4>8=5!8F!4!?8H7?=59!C=5C7G>U!456!S@X!
?8D7F!4E7!?85Q76!85!3745859!456!85H?<75C7Y
!!/4E75>F!456!=?67E!46<?>F!F:=<?6!:4D7!4CC7FF!>=!
85H=E34>8=5!456!76<C4>8=5!>=!:7?G!>:73!@7>>7E!345497!>:78E!C<
EE75>!H8545C84?!F8><4>8=5F
!456!9E=R!85!>:78E!H8545C84?!C4G4@8?8>2
Y!!/4E75>F!R8>:!>:7!GE=G7E!H8545C84?!>E485859!R8??
!@7!
@7>>7E!7I<8GG76!>=
!7]G?8C8>?2
!456!
83G?8C8>?2!>74C:
!>:78E!737E9859!46<?>!C:8?6E75U!GE7G4E859!
>:73!H=E!>:7!H<><E7Y
!&F257HJ
!!07C4<F7!=
H!>:7!
C=3G?7]!54><E7!=H!
H8545C84?!Q5=R?7697U!4>>8><67FU
!456!
@7:4D8=EU
!A:83!7>!4?
Y!SLMMVX!F<997F>76!>:4>!E7F74EC:!85D7F>894>859!>:8F!C=5>75>!C=37!HE=3!4!
n@E=46
!456!85>79E4>8D7!HE437R=EQn!SG
Y!iMVXY!!+8H7!C=<EF7!
>:7=E2!
456!737E9859!46<?>!>:7=E2!
>=97>:7E!9<8676!>:8F
!F><62Y!!,:7!C=3@854>8=5!4??=R76!34CE=!8FF<7F!=H!85H?<75C7!F<C:!4F!497U!
>837U!456!:8F>=E8C4?!C=5>7]>!>=!@7!<567EF>==6!P<]>4G=F76!>=!8568D86<4?
F!456!>:78E!
!LcV!67D7?=G375>4?!>E4P7C>=E2Y!!0=>:!>:7=E87F!4E7!F75F8>8D7!>=!C=5>7]>!S7Y9YU!7C=5=38C!456!
C<?><E4?XU!H?7]8
@?7U!456!
464G>
8D7!>=!54><E4?!C=5>7]><4?!C:4597F
Y!!+8H7!C=<EF7!456!737E9859!
46<?>!>:7=E87F!4F!4!HE437R=EQ!>=!>:7!F><62!=H!C=??797!F><675>F!456!>:78E!H8545C84?!C4G4@8?8>2!
GE=D867!>:7!H=??=R859!85F89:>Fd!S4X!497!456!>:7!GE=
C7FF!=H!49859!4E7!67>7E385859!H4C>=EF!85!
=57^F!8675>8>2U!4@8?8>2U!F>4><FU!456!H<5C>8=5859!R8>:85!F=C87>2W!S@X!67D7?=G375>!8F!4!625438CU!
H?<86U!456!C=3G?7]!GE=C7FFW!SCX!
C:4597F!>=!673=9E4G:8CFU!F=C87>4?!456!:8F>=E8C4?!
?456FC4G7F
U!456!C<?><E4?!D4?<7F!:4D7!4H
H7C>76!>:7!C=5C7G>8=5!456!67H858>8=5!=H!2=<>:
!456!>:7!>83859!@2!
R:8C:!
,+#.!>E45F8>8=5!HE=3!46=?7FC75C7!85>=!46<?>:==6W!456!S6X!>:7!G7E8=6!=H!737E9859!
46<?>:==6!8F!45!83G=E>45>!>837!H=E!>:7!>74C:859!456!?74E5859!=H!
H8545C84?
!?7FF=5F
Y!!!%8D75!>:7!C75>E4?8>2!
=H!R=EQ!456!H8545C7!85!>:7!?8H7!C=<EF7
U!>:7!G7E8=6!=H!"(!8F!45!
83G=E>45>!>837!=H!>E485859!H=E!H<><E7!H8545C84?!=GG=E><58>87FY!!
,:7!@757H8>F!=H!H8545C84?!
76<C4>8=5!6<E859!>:8F!67
D7?=G375>4?!G7E8=6!4E7d!S4X
!8568D86<4?F!4E7!375>4??2!456!
H8545C84??2!GE7G4E859!
H=E!46<?>:==6U!
!S@X!
>:72!4E7!67D7?=G375>4??2!GE8376!>=
!?74E5!H8545C84?!
?7FF=5FU!456!SC
X!>:7!
?7FF=5F!
>:72!?74E5!456!83G?7375>
!6<E859!>:8F!>837!:4D7!C<EE75>!456!
H<><E7!83G?8C4>8=5FY!!
,:E=<9:=<>!>:7!H=C<F!9E=<G!F7FF8=5FU!G4E>8C8G45>F!67FCE8@76!>:7!
85H?<75C7!=
H!>:78E!497!456!67D7?=G375>4?!F>497Y!!.=5D7EF4>8=5!C75>7E76!=5!=57^F!497!
68C>4>859!=57^F!4G>8><67!456!67F8E7!H=E!H8545C84?!?7FF=5F!456!345497375>Y!
!Z:4>!
G4E>8C8G45>F!?74E576U!:=R!>:72!4@F=E@76!>:7!?7FF=5FU!456!:=R!7HH7C>8D7!8>!R4F!R7E7!4??!
67>7E38576!@2!>:
78E!497U!F>497U!456!3856F7>Y
!%E=R>:!85!H
8545C84?!
?8>7E4C2!
@7C=37F!3=E7!GE=38575>!4F!737E9859!46<?>F!@7C=37!
3=E7!8567G75675>!HE=3!>:78E!G4E75>FY!!
A:83!7>!4?Y!SLMMVX
!4CQ5=R?76976!>:7!83G=E>45C7!=H!
"(!4F!45!8567G75675>!456!85H?<75>84?!F>497Y
!!-8545C84?!8567G75675C7!8F!4!Q72!
C=3G=575>!=H!
9485859!8567G75675C7!HE=3!G4E75>F!456!>E45F8>8=5859!85>=!46<?>:==6
!S07<>?7EU!LMNLX
Y!!!LjM!(E57>>!
SNVV\X!67FCE8@76!H8545C84?!8567G75675C7!4F!4!
67D7?=G375>4?
!>7F>!H=E!737E9859!
46<?>FU!q
&>!8F!4!24E6F>8CQ!@2!R:8C:!2=<59!G7=G?7!C45!374F<E7!I<8>7!67H858>
7?2!>:78E!GE=9E7FF!
>=R4E6!46<?>:==6n!SGY!cMiXY!!
,:8F!F><62!H=<56!>:4>!737E9859!46<?>F!:46!4!E<68375>4E2!?7D7?!
=H!H8545C84?!C4G4@8?8>2Y
!!-=C<F!9E=<G!G4E>8C8G45>F!E7C=958`76
!>:4>
!>:72!Q57R!75=<9:!>=!@7!
F<CC7FFH<?U!@<>!?4CQ76!4!67G>:!=H!Q5=R?7697Y!!-<E>:7EU!3
452!574E859!>:7!756!=H!>:78E!
76<C4>8=5!H7?>!>:7!<E975C2!>=!?74E5!@7H=E7!75>7E859!>:7!R=EQ859!R=E?6Y!!
BD7E4??U!G
4E>8C8G45>F!
<567EF>==6!>:78E!F>E759>:F!456!R74Q57FF7FU!
R7E7!4R4E7!=H
!>:7
8E!83G756859
!>E45F8>8=5!>=!
46<?>:==6U!456!R45>76!>=!?74E5!3=E7Y
!!,:7!?=59
;>7E3!7HH7C>!=H!74E?2!H8545C84?!76<C4>8=5!8F!45=>:7E!C?74E!8568C4>8=5!=H!>:7!
5776!H=E!737E9859!46<?>F!>=!E7C78D7!>:8F!>E485859Y!
!-8545C84?
!67C8F8=5F!3467!6<E859!
737E9859!46<?>:==6!68C>4>7!=<>C=37F!85!46<?>:==6!S
J456C=CQ!7>!4?YU!LMNcW!J4554!7>!4?YU!
LMNMW!J427FU!LMNLXY!!A7>>7EF>75!SLMMLX!F>4>76U!q
(F!R7!3=D7!>:E=<9:!?8H7U!R7!34Q7!67C8F8=5F!
>:4>!7?83854>7!?4>7E!=G>8=5FU!R7!F7?7C>!=E!4E7!G<>!=5>=!G4>:R42F!HE=3!R:8C:!R7!C455=>!
74F8?2!F:8H>U!456!>:7F7!67C8F8=5F!456!G4>:R42F!C=5F>E485!F<@F7I<75>!274EFn!SGY!LLXY
!"4E?2!456!C=5F8F>75>!H8545C84?!76<C4>8=5!8F!Q72!>=!C<EE75>!456!H<><E7!F<CC7FF!S.<??!
456!Z:8>>=5U!LMNNXY!!
/4E>8C8G45>F!85!>:8F!F><62!
E7G=E>76
U!>:E=<9:!>:7!F<ED72!374F<E7!456!
H=C<F!9E=<GF
U!:4D859!4CC7FF!>=!74E?2!76<C4>8=5!>:E=<9:!7]G?8C8>!G4E75>4?!H8545C84?!
F=C84?8`4>8=5Y!!J=R7D7EU!H=C<F!9E=<G!G4E>8C8G45>F!67FCE8@76!>:7!5776!H=E!>:8F!76<C4>8=5!>=!
C=5>85<7!85!9E74>7E!67G>:!>:E=<9:!
>:78E!
<58D7EF8>2!C=<EF7R=EQY!!Z:8?7!4??!
H=C<F!9E=<G!
G4E>8C8G45>F!:46
!>4Q75!=E!R7E7!>4Q859!>:7!G7EF=54?!H8545C7!C=<EF7
U!>:72
!F>8??
!686!5=>!H77?!
GE7G4E76!>=!?74D7!>:7!<58D7EF8>2!456!345497!>:78E!H8545C7F!=5!>:78E!=R5Y!!B57!G4E>8C8G45>!
F486
U!7D75!4H>7E
!>4Q859
!>:7!G7EF=54?!H8545C7!C=<EF7
U!:7!686!5=>!Q5=R!:=R!>=!7]7C<>7!4FG7C>F
!=H!:8F!H8545C84?
!?8H7!S7Y9YU!H8?859
!>4]7FXY!!
,:7!85H?<75C7!=H!74E?2!H8545C84?!76<C4>8=5
!456!
!LjN!E7G=E>76!5776!=H!737E9859!46<?>F!E7D74?!>:7!
57C7FF8>2!H=E!85CE74F76!H8545C84?!76<C4>8=5!
4>!:8$,
!G=85>!85!>:7!?8H7!C=<EF7Y!
!%59;<HJ!!
-8545C84?
?2U!F4H79<4E6859
!456!7
6<C4>859!
C=5F<37EF!
4E7!
GE834E2
!G=?8C2!C=5C7E5FY!!(5!=D7E4??!85CE74F7!85!>:7!9757E4?!G<@?8CoF!?7D7?!=H!H8545C84?!?8>7E4C2!
R=<?6
!38>894>7!>:7!38F<F7!=H!H8545C84?!GE=6<C>F
!S.<??!456!Z:8>>=5U!LMNNXY!
!Z8>:=<>!>:7!GE=G7E!
?7D7?!=H!76<C4>8=5
U!8568D86<4?F!4E7!3=E7!?8Q7?2!>=!34Q7!H8545C84?!38F>4Q7FU!F<HH7E!H8545C84?!
:4E6F:8GU!7]G7E875C7!F>E7FF!456!F>E485U!456!F77!4!67CE74F7!85!>:78E!R7??
;@7859!SG:2F8C4?U!
375>4?U!73=>8=54?X!S7Y9YU!.:75!456![=?G7U!LMMLW!.<??!456!.:8>>=5U!LMMNXY!!
A:7E345!$49?456
U!4!E74?!7F>4>7!67D7?=G7E!456!@7F>!F7??859!4<>:=E
U!F>4>76U!n,:7!?4F>!7C=5=38C!6=R5><E5!8F!4!
C?74E!673=5F>E4>8=5!=H!>:7!5776!H=E!H8545C84?!?8>7E4C2!>=!@7!>4<9:>!85!:89:!FC:==?FU!C=??797F!
456!>=!46<?>Fn!S4F!C8>76!85!0E=R5U!LMNcU!GY!NXY!!
/=?8C2!4>!>:7!?=C4?U!F>4
>7U!456!H767E4?!?7D7?F!
3<F>!C=5F867E!>:7!5776!H=E!<58D7EF4?!H8545C84?!76<C4>8=5Y!!.<EE75>?2U!C=5>E=?!=D7E!H8545C84?!
76<C4>8=5!E7I<8E7375>F!456!C<EE8C<?<3!
8F!67C75>E4?8`76Y!
!A>4>7!456!FC:==?!F2F>73
F!4@867
!@2!>:78E!=R5!E<?7F!456!E79<?4>8=5F
!S(D4E6!7>!4?YU!LM
MOXU!456!>:8F!8F!5=>!4CC7G>4@?7Y!!"37E9859!46<?>!
C=??797!F><675>F!4E7!5=>!@7859!
GE=G7E?2!GE7G4E76!>=
!@7C=37
!F<CC7FFH<?!
3=572!345497EFY
!/E=>7C>859!
737E9859!46<?>F
!HE=3!67@>!38F345497375>!456!4CC<3<?4>8=5
!E7C75>?2!
:4F!94E57E76!?798F?4>8D7!4>>75>8=5
Y!!J8F>=E8
C4??2U!737E9859!46<?>!C=??797!F><675>F!R7E7!
>4E97>76!@2!34EQ7>7EF!=H!CE768>U!?=45FU!456!3<?>8G?7!@E456F!
S0=E675!7>!4?YU!LMM\X
Y!!,:7!.($)!(C>!=H!LMMV
U!R:8C:!?838>76!4CC7FF!>=!CE768>!@2!2=<59!G7=G?7
!R4F!4!C=5C7E>76!7HH=E>!@2!
G=?8C2!34Q7EF!>=!GE=>7C>!2=<59!46<?>F!
S.<E>=!7>!4?YU!LMNMX
Y!!,=!:4D7!4CC7FF!>=!4!E7D=?D859!
?857!=H!CE768>U!8568D86<4?F!3<F>!I<4?8H2!85!=57!=H!>:7!H=??=R859!R42Fd!S4X!@7!LN!274EF!=H!497!
=E!=D7EU!S@X!:4D7!45!=H
;497!C=
;F8957EU!SCX!GE=D867!GE==H!=H!85C=37!8H!<567E!LN!274EF!=H!497U!
!LjL!=E!S6X!@7!45!4<>:=E8`76!F8954><E7!=5!4!G4E75>^F!C4E6!S8H!C=568>8=5F!4!456!@!4E7!5=>!37>XY!!
&5!4668>8=5U!>:=F7!<567E!LN!R8??!5=>!@7!GE7
;FCE77576!H=E!=HH7EF!=E!E7C78D7!=HH7EF!<5?7FF!>:72!
=G>;85!>=!E7C78D859!=HH7EF!
S.<E>=!7>!4?YU!LMNMX
Y!!,:<FU!>:7!34P=E8>2!=H!n>E468>8=54?n!F><675>F!
574E!>:7!756!=H!F=G:=3=E7!=E!@79855859!=H!>:78E!P<58=E!274E!R8??!:4D7!4CC7FF!>=!CE768>Y
!!!%E=R859!F><675>!?=45!67@>
!8F!45=>:
7E!C=5F<37E!GE=>7C>8=5!8FF<7!?
798F?4>=EF!4E7!
9E4GG?859!R8>:
Y!!.:45!:89:?89:>76!
>:8F
U!F>4>859U!nhE
7C75>!85CE74F7F!85!C=F>F!=H!:89:7E!
76<C4>8=5!456!67>7E8=E4>859!7C=5=38C!C=568>8=5FU!>:7!F8><4>8=5
F!4E7!9=859!>=!97>!3=E7!
C:4??759859!H=E!F=37!F><675>FYYYn!SGY!
NLiXY!!
J7E7U!G=?8C2!
F:=<?6
!H=C<F!=5d!S4X!4??=R859!
F><675>F!>=!E7
;H8545C7!?=45F!>=!4!?=R7E!85>7E7F>!E4>7U!S@X!7]G456859!?=45!H=E98D757FF!456!
E7?87H!G=?8C87FU!SCX!GE=D86859!
H8545C84?!C=<5F7?859!>=!F><675>F!456!>:78E!H438?87F!GE8=E!>=!456!
6<E859!>:7!?8H7!=H!>:7!?=45U!
456!S6X!E7I<8E859!4??!F><675>F!R8??!?=45F!>=!>4Q7!4!34564>=E2!
G7EF=54?!H8545C7!C=<EF7!=E!4668>8=54?!>E485859Y!!/=?8C2!=CC<G87F!45!83G=E>45>!G?4C7!
85!>:7!
7HH=E>!>=
!76<C4>7!456!GE=>7C>!4??!C=5F<37EFU!7FG7C84??2!737E9859!46<?>FY
!!$7F74EC:!3<F>!
C=5>85<7!>=!7]43857!737E9859!46<?>
!H8545C84?!
C4G4@8?8>2U!85H=E3859!?798F?4>=EF!456!
F>4Q7:=?67EF!=H!>:7!4E74F!=H!5776!456!G7E>8575>!83G?8C4>8=5FY!!(FF7FF859!737E9859!46<?>F^!
?7D7
?!=H!H8545C84?!Q5=R?7697!
68E7C>?2!E7?4>7F!>=
!:=R!H8545C84?!76<C4>8
=5!C45!@7!E7H=E376!
456!83GE=D76!
S.<??!T!Z:8>>=5U!LMNNX
Y!!!@;3;010;54?
!A7D7E4?
!F><687F!
85D7F>894>859!
H8545C84?!?8>7E4C2U!C4G4@8?8>2U!F=C84?8`4>8=5U!456!R7??
;@7859!
:4D7!7]438576!C=??797
;497!F><675>FY!!,:8F!342!@7!6<7
U!4>!?74F>!
85!G4E>
U!>=!>:7!GE=]838>2!
@7>R775!>:7!E7F74EC:7EF
!456!>:7!F><675>F!456!>:7
!GE4C>8C4?8>2
!=H!F43G?859!F><675>F!R8>:85!
>:78E!
C=<EF7FY!!&5!4668>8=5U!4CC=E6859!>=!(E57>>!SNVVjXU!>
:7!C=??797!F><675>!G=G<?4>8=5!8F!>:7!
H=C<F!=H!
3<?>8G?7
!F><687F!4F!>:72!4E7!C=5F867E76!>=!@7!G4F>!46=?7FC75C7!@<>!5=>!H<??2!
!Ljc!C=5F867E76!46<?>F
Y!!J=R7D7EU!>
:8F!4GGE=4C:!
7]C?<67F
!3452!83G=E>45>!
456!=H>75!D<?57E4@?7!
G=G<?4>8=5FU
!85C?<6859
!2=<59!G7=G?7
!R:=!H4??!85>=!>:7!H=??=R859!C4>79=E87F
d!S4X
!7C=5=38C!
68F46D45>497
K>:=F7!R8>:=<>!>:7!=GG=E><58>2!>=!4>>756!<58D7EF8>2
W!S@X!
385=E8>87F
K7>:58C!
385=E8>87F!?4CQ
859!4CC7FF!>=!>E485859
U!456_=E!C=5F867E859!>:73F7?D7F!46<?>F
!4>!45!74E?87E!
497W
!SCX!34564>=E2!R=EQ
K>:=F7!
H8545C84??2!
H=EC76!>=!H=E9=!4668>8=54?!76<C4>8=54?!>E485859!
H=E!E79<?4E
!85C=37W
!S6X!38?8>4E2
KG7EF=5F!75E=??76!85!>:7!38?8>4E2W
!456!S7X!
E7?898=<F!
4HH8?84>8=5
K8568D86<4?F!R8>:!E7?898=<F!@7?87HF!68C>4>859!4FF<376!E=?7F!456!>:7!>83859!=H!
E=?7F
!S(E57>>!T!b75F75U!LMMLW!#42F7?7FF!T!AC:4EHU!LMMcW!'7?F=5U!LMMcX
Y!!(E57>>!456!
%4?43@=F!SLMMcX
!H=<56!
F838?4E8>87F!85!737E9859!46<?>F!4CE=FF!68D7EF7!7>:58C!9E=<GF
Y!!'7D7E>:7?7FFU!>:7F7!F838?4E8>87F!3<F>!@7!>73G7E76!R8>:!45!<567EF>456859!>:4>!>:7!
67H858>8=5!
456!GE=C7FF!=H!@7C=3859!45!46<?>!8F!5=>!4
5!=@P7C>8D7U!<58D7EF4?!E74?8>2Y!
!"37E9859!
46<?>:==6!8F!C:4E4C>7E8`76!@2!68D7EF8>2Y!!"4C:!737E9859!46<?>!R8??!7]G7E875C7!>:8F!G7E8=6!85!
:8F_:7E!=R5!R42!
S(E57>>U!LMMM4X
Y!!,:8F!F><62^F!F43G?7!R4F!4!G<EG=F8D7!F43G?7!=H!737E9859!
46<?>!C=??797!F><675>FY!
!&568D86<4?F!85!>:7!<58D7EF8>2!F7>>859!4E7!GE8D8?7
976!>=!:4D7!4CC7FF!>=!
4!:89:
!?7D7?!=H!>E485859!456!
45!7]>756
76!G7E8=6!=H!7]G?=E4>8=5U!7]G7E8375>4>8=5U!E=?7!>E84?
U!456!67D7?=G375>Y!
!(!5776!7]8F>F!
H=E!H8545C84?!E7F74EC:!456!76<C4>8=5!=<>F867!=H!>:8F!
GE8D8?7976!G=G<?4>8=5U!7]>756859!>=!4??!2=<59!G7=G?7Y
!:>0>72!(2?217<F
!-<><E7!E7F74EC:!F:=<?6!7]43857!@=>:!>:7!>E45F8>8=5!>=!46<?>:==6!456!H8545C84?!
C4G4@8?8>2!=H!8568D86<4?F!85!385=E8>2!G=G<?4>8=5F
Y!!(E57>>!SNVV\X!F>4>76!
?8>>?7!8F!Q5=R5!4@=<>!
385=E8>2!C<?><E7F!?8D859!85!>:7!*A!456!>:78
E!>E45F8>8=5!>=!46<?>:==
6Y!!(E57>>U!SLMMcX
!E7D74?76!>:4>!7>:58C!9E=<GF!R8>:85!>:7!*A!342!F7?H
;E7G=E>!46<?>:==6!F>4><F!74E?87E!>:45!
>:78E!R:8>7!C=<5>7EG4E>FU!F<997F>859!>:7E7!8F!D4E84
5C7!85!R:=!7]G7E875C7F!"(!456!:=R!>:8F!
!Ljj!F>497!8F!7]G7E875C76Y!!
-<E>:7EU!>:7F7!385=E8>2!9E=<GFU!7FG7C84??2!>:=F7!=<>F867!=H!>:7!
<58D7EF8>2!F7>>859
U!4E7!5=>!
>2G8C4??2
!85C?<676!85
!E7F74EC:!=5!H8545C84?!76<C4>8=5U!?8>7E4C2U!
456!C4G4@8?8>2Y
!!,:7E7!4E7!G7649=98C4
?!@757H8>F!>=!E7F74EC:!C=56<C>76!=5!>:7!C<?><E4?!456!
7>:58C!68HH7E75C7F!85!H8545C84?!Q5=R?7697!456!@7?87HFY!!e5=R859!>:7!4G>8><67U!@7?87HFU!456!
@7:4D8=EF!=H!=57oF!4<6875C7!C45!CE74>7!4!3=E7!GE7C8F7!456!F<CC7FFH<?!
H=E3!=H!
H8545C84?!
76<C4>8=5Y
!,:7!34P=E8>2!=
H!E7F74EC:!H=C<F859!=5!>:7!H8545C84?!C4G4@8?8>2!=H!2=<59!G7=G?7!SN\
;cMX!:4F!
F43G?76
!C=??797!F><675>FY!!,:8F!H48?F!>=!C4G><E7!4!68D7EF7!E4597!=H!8568D86<4?FU!?74D859!
>:7!F43G?7!:=3=9757=<FY!!
.=:75!7>!4?Y!SLMMcX
!H7?>!>:7E7!577676
!>=!@7!3=E7!<567EF>456859!
98D75!>=!>:7!C=3G?7]8>2!=H!"(U!5=>!F83G?2!F>4>859!>:7!E=?7F!456!34EQ7EF!=H!67D7?=G375>!@<>!
4CQ5=R?769859!>:7!E8C:57FFU!H?<868>2U!456!>:7!<58I<7!R42!>:7F7!E=?7F!4E7!7]G7E875C76!@2!
68HH7E75>!C<?><E7FY!!-<E>:7EU!
H8545C84?!857I<4?8>2!
85!>:7!6=3485F!=H!76<C4>8=5!456!7>:58C8>2!
4E7!G7ED4F8D7Y!
!-<><E7!E7F74EC:
!=5!H8545C84?!C4G4@8?8>2
!F:=<?6!
H=C<F!=5d
!S4X!8568D86<4?F!5=>!
4>>756859!<58D7EF8>2U!S@X!>:=F7!E7G=E>859!46<?>!F>4><FU!SCX!7>:58C!385=E8>87FU!456!S6X!
8568D86<4?F!5=>!54>8D7!>=!>:7!*AY
!!.4E345!SLMMVX
!H7?>!
>:7!5776!H=E!H<><E7!E7F74EC:!>=!
85D7F>894>7!68D7EF8>2!85!G4E>8C8G45>!@4CQ9E=<56!673=9E4G:8CF!S7Y9YU!E4C7U!7>:58C8>2U
!97567EU!
A"AU!456!75D8E=5375>4?!C=5>7]>X!456!76<C4>8=54?!67?8D7E2!37>:=6FY
!q-8545C84?!76<C4>8=5!7HH=E>F!D4E2!@2!>:7!F7>>859U!4<6875C7U!456!F<@P7C>!34>>7En!
S04E>:=?=347!7>!4?YU!LMMOU!
GYNVi
XY!!(668>8=54?!R=EQ!3<F>!@7!6=57!>=!GE=D867!F>4564E68`76!
4FF7FF375>F!=H!H8545C84?!76<C4>8=5Y!
!%<>>7E!456!.=G<E!SLMNNX
!F>4>76!4!<58D7EF4?!374F<E7!=H!
H8545C84?!Q5=R?7697U!C4G4@8?8>2U!@7:4D8=EU!456!R7??
;@7859!R=<?6!:7?G!76<C4>=EF!4FF7FF!
C=<EF7!85H?<75C7!456!I<4?8>2Y!
!$7F74EC:!=5!C=??798
4>7!H8545C84?
!C<EE8C<?<3
!456!8>F!85H?<75C7!
=5!F><675>F
^!H8545C84?!345497375>!
8F!?4CQ859
Y!!/759!7>!4?Y!SLMMiX
!F>4>76U!
n.=5>85<76!
!LjO!E7F74EC:!85!>:8F!4E74!F:=<?6!<F7!4!3=E7!9757E4?!374F<E7!=H!H8545C84?!Q5=R?7697!>=!4CC=<5>!
H=E!Q5=R5!68HH7E75C7F!85!C<EE8C<?4!4>!>:7!:89:!FC:==?!456!C=??797!?7D7?n!SGY
!L\MXY!!(!374F<E7!
3<F>!@7!CE74>76!>:4>!
8F!85D4E845>!456!>:4>!
:=?8F>8C4??2!C=D7EF!H8545C84?!C4G4@8?8>2U!456!
4FF7FF
7F!>:7!
:/-.!?7D7?!=H!
G4E>8C8G45>F^
!H8545C84?!Q5=R?7697U!4>>8><67FU!456!@7:4D8=EY!!
!&>!8F!83G=E>45>
!H=E!E7F74EC:7EF
!>=!<567EF>456!8H!E7FG=5675>F!:=57F>?2!
6=!5=>!Q5=R!>:7!45FR7E!>=
!4!I<7F>8=5
U!=E!8H!>:72!9<7FF76!>:7!45FR7E!SC=EE7C>?2!=E!85C=EE7C>?2XY!
!B57!R42!>=!
466E7FF!>:8F!8F!@2!98D859!G4E>8C8G45>F!>:7!=G>8=5!>=!F7?7C>!4!C:=8C7!675=>859!>:4>!>:72!6=!5=>!
Q5=R!>:7!45FR7EY!!,:8F!E76<C7F!>:7!GE=G75F8>2!>=!9<7FFU!456!:7?GF!>=!G4EC7?!=<>!>E<7!
C=EE7C>U!456!85C=EE7C>!45FR7EF
Y!!J8??!456!/7E6<7
!SLMM\X!G<5C><4>76!>:8F!@2!F42859U!n-48?<E7!
>=!:4D7!45!y&!6=5o>!Q5=R^!=G>8=5!R=<?6!:4D7!34FQ
76!>:7!H4C>!>:4>!574E?2!=57
;>:8E6!=H!>:7!
5=5;C=EE7C>!E7FG=5F7F!4E7!HE=3!G7=G?7!R:=!Q57R!>:4>!>:72!:46!4!Q5=R?7697!67H8C875C2n!SGY!
OLXY!!#74F<E7F!<F76!>=!4FF7FF!
H8545C84?!?8>7E4C2!456!76<C4>8=5
!3<F>!C=D7E!4??!4FG7C>F!=H!
H8545C84?!C4G4@8?8>2!
SQ5=R?7697U!4>>8
><67FU!@7:4D8=E
U!F=C84?8`4>8=5U!76<C4>8=54?!=<>?7>FX!456!
3<F>!@7!85!?857!R8>:!R:4>!8F!>4<9:>U!D7>>76!H=E!C?4E8>2U!456!C=5F8F>75>?2!463858F>E4>76Y
!-=??=R
;<G!I<4?8>4>8D7!85>7ED87RF!=E!H=C<F!9E=<GF!R8>:!>:7!F437!G4E>8C8G45>F!>:4>!
C=3G?7>76!>:7!F<ED72!374F<E7!
C=<?6!GE=D867!3745859!456!7]G?454>8=5!
4F!>=
!R:2!45FR7E!
C:=8C7F!R7E7!F7?7C>76Y!!
(CC=E6859!>=!04E><57Q!456!#27=59
;%<!A7=!SLMMLXU!nYYYI<7F>8=5548E7!
F><687Fh
?74D7!=<>!>:7!625438CF!=H!3745859
;34Q859U!@=>:!F75F7
;34Q859!456!F75F7
;98D859!85!4!?=C4?!C=5>7]>n!SG
Y!LcVXY!!)8F>85C>
!4FG7C>F!=H!>:7!G7EF=5U!7]G7E875C7U!GE=C7FFU!456!
F>E<C><E7!4E7!
E7D74?76
!R8>:!>:7!4668>8=5!=H!I<4?8>4>8D7!37>:=6F
Y!!(!38]76!37>:=6!4GGE=4C:!
4??=RF!64>4!
>=!@7!
94>:7E76U!
454?2`76
!456!C=3G4E76U!456!
7]438576
!677G7EU!4FQ859!>:7!:=R!
456!R:2Y
!!Lja!&5!4668>8=5!>=!4!F>4564E68`76!374F<E7!=H!H8545C84?!C4G4@8?8>2
U!3=58>=E859!C:4597!
=D7E!>837!8F!Q72
!>=!<567EF>456859!R:7E7!H8545C84?!76<C4>8=5!8F!F<CC776859!456!8675>8H2859!4E74F!
H=E!83GE=D7375>Y!!,:8F!C=<?6!>4Q7!>:7!H=E3!=H!4!?=598><6854?!F><62!4FF7FF859!H8545
C84?!
C4G4@8?8>2!85!F><675>F!HE=3!>:78E!HE7F:345!>=!F758=E!274EY!!
+=598><6854?!E7F74EC:!:4F!?=59!
@775!C=5F867E76!>:7!3=F>!G=R7EH<?!456!7HH7C>8D7!H=E3!=H!4FF7FF375>Y!
!&5!4668>8=5U!
?=598><6854?!37>:=6F!4E7!=H>75!
<F76!85!C=5P<5C>8=5!R8>:!?8H7!C=<EF7!
>:7=E2
!Se=QU!LMMiX
Y!,:8F!4GGE=4C:
!R=<?6!:7?G!E7F74EC:7EF!<567EF>456!:=R!F><675>F!>:85Q!4@=<>U!GE8=E8>8`7U!
456!9E=R!85!>:78E!H8545C8
4?!C4G4@8?8>2!=D7E>837Y
!"54<9>?;54
!,:7!9=4?!H=E!3452!E7F74EC:7EFU!76<C4>=EFU!456!H8545C84?!GE=H7FF8=54?F!8F!>=!85CE74F7!
>:7!
I<4?8>2!456!D8F8@8?8>2!=H!
C=??7984>7!
H8545C84?!76<C4>8=5Y!
!"37E9859!46<?>F!5776!>=!@7!7I<8GG76!
R8>:!>:7!GE=G7E!>==?F!>=!H<5C>8=5!F<C
C7FFH<??2!85!>:7!H8545C84?!R=E?6Y!!
,=!>:8F!756U!4!
C=5C7E>76!456!C=??4@=E4>8D7!7HH=E>!
43=59
!G4E75>FU!>74C:7EFU!H8545C84?!C=<5F7?=EFU
!GE4C>8>8=57EFU!H438?2!?8H7!76<C4>=EFU!456!G=?8C2!34Q7EF!3<F>!>4Q7!G?4C7W!75F<E859
!737E9859!
46<?>F!4E7!
E7C78D859!H8545C84?!76
<C4>8=5!456!>E485859!456!?74D859!C43G<F!C4G4@?7!3=572!
345497EF
Y!!(F!04EE2!SLMNcX!F>4>76U!
n-8545C84?!8??8>7E4C2!8F!4!GE=@?73!(37E8C45F!C45o>!4HH=E6!
>=!895=E7n!S
GY!iXY!!!!!Lji!!!!!!!!!!!!!!!!!!!!(//"')&."A
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!Lj\!(//"')&l!
(!"37E9859!(6<?>!-8545C84?!.4G4@8?8>2!A<ED72!S"(-.AX
!kNVO!&5H=E34>8=5!456!.=5F75>!-=E3!Z7?C=37f!
!!!!1=<!4E7!@7859!85D8>76!>=!G4E>8C8G4>7!85!4!
E7F74EC:!F><62!>8>?76!
q*567EF>456859!>:7!-8545C84?!.4G4@8?8>2!=H!"37E9859!(6<?>Fr!@7859!
C=56<C>76!@2!)E
Y!!0E2C7!b=E975F75U!45!(FF8F>45>!/E=H7FF=E!4>!"4F>!.4E=?854!*58D7EF8>2!85!>:7!
.:8?6!)7D7?=G375>!456!-438?2!$7?4>8=5F!67G4E>375>U!85!C=??4@=E4>8=5!R8>:!)E
Y!!04E@4E4!
(37FU!4!/E=
H7FF=E!4>!#8C:8945!A>4>7!*58D7EF8>2!85!>:7!J<345!)7D7?=G375>!456!-438?2!
A><687F!67G4E>375>
Y!!!(34564!%<85=>
;,4?@=>!456!"E8C4!,=@7U!%E46<4>7!(FF8F>45>F!4>!
#8C:8945!A>4>7!*58D7EF8>2!4E7!4?F=!85D=?D76!85!>:7!F><62
Y!!,:7!9=4?!8F!>=!F<ED72!LMMM!
8568D86<4?F!4>!"
4F>7E5!.4E=?854!*58D7EF8>2!456!#8C:8945!A>4>7!*58D7EF8>2
Y!!!!!!!!,:7!=5?857!
F<ED72!R8??!>4Q7!4GGE=]834>7?2!aM
;VM!385<>7F!>=!C=3G?7>7!456!2=<!4E7!4FQ76!>=!C=3G?7>7!
>:7!F<ED72!>R=!>837F!6<E859!>:7!F737F>7EU!4F!67F8954>76!@2!2=<E!C=<EF7!85F>E<C>=E
Y!!&>!8F!
:=G76!>:4>!>:8F!85H=E34>8=5!R8??!4FF8F>!<F!>=!@7>>7E!<567EF>456!737E9859!46<?>F^!H8545C84?!
Q5=R?7697U!4>>8><67FU!456!@7:4D8=EF
m>:78E!H8545C84?!?8>7E4C2_C4G4@8?8>2
Y!!,:7E7!4E7!
I<7F>8=5F!4@=<>!H8545C84?!4>>8><67FU!H8545C84?!@7:4D8=EFU!H8545C84?!Q5=R?7697U!85H?<
75C7F!=5!H8545C84?!?8>7E4C2U!7]G7E875C7F!85!E7?4>8=5F:8GF!R8>:!=>:7EFU!456!673=9E4G:8C!
85H=E34>8=5
Y!!!!!!!!/4E>8C8G45>F!3<F>!@7!N\!274EF!=?6!>=!G4E>8C8G4>7
Y!!/4E>8C8G4>8=5!85!>:8F!
GE=P7C>!8F!C=3G?7>7?2!D=?<5>4E2
Y!!/4E>8C8G45>F!342!68FC=5>85<7!>:7!F><62!4>!
452!>837!456_=E!
E7H<F7!>=!45FR7E!452!I<7F>8=5F!>:72!6=!5=>!R45>!>=!45FR7E
Y!!,:7!G=>75>84?!@757H8>F!85!
>4Q859!G4E>!85!>:8F!F><62!4E7!>:7!=GG=E><58>2!>=!68FC<FF!2=<E!H8545C84?!5776F!456!8674FU!456!
2=<E!G4E>8C8G4>8=5!85!>:8F!F><62!342!C=5>E8@<>7!>=!45!<567EF>
456859!=H!5776F!H=E!H<><E7!
737E9859!46<?>F
Y!!,:7E7!8F!5=!G754?>2!H=E!5=>!>4Q859!G4E>!85!>:8F!E7F74EC:!F><62
Y!!A><675>F!G4E>8C8G4>859!85!J)-A!Lc\!4>!#8C:8945!A>4>7!*58D7EF8>2!342!C=3G?7>7!>:8F!F<ED72!85F>746!=H!
>:7!.4F7!A><62!(54?2F8F!(FF895375>
Y!!&H!2=<!C:
==F7!5=>!>=!C=3G?7>7!>:7!F><62U!2=<!C45!
C=3G?7>7!>:7!.4F7!A><62!(54?2F8FU!R:8C:!8F!4!68HH7E75>!456!7I<8D4?75>!4FF895375>
Y!!,:8F!4FF895375>!8F!>:7!4?>7E54>8D7!=G>8=5!>=!>:7!H8545C84?!C4G4@8?8>2!F<ED72
Y!!,:7!G=>75>84?!E8FQF!
=H!G4E>8C8G4>859!85!>:8F!F><62!E7D
=?D7!4E=<56!68FC<FF8=5!=H!H8545C84?!Q5=R?7697
Y!!!!!!!!(52!
E7FG=5F7F!2=<!=HH7E!6<E859!>:7!85>7ED87R!R8??!@7!C=3@8576!R8>:!=>:7EFU!34Q859!2=<E!
E7FG=5F7!C=5H8675>84?U!456!2=<E!GE8D4C2!R8??!@7!GE=>7C>76!>=!>:7!H<??!7]>75>!4??=R4@?7!@2!>:7!
?4RY!!&675>8H2859!85H
=E34>8=5!R8??!5=>!@7!4>>4C:76!>=!452!=H!2=<E!8568D86<4?!E7FG=5F7F!R:75!
E7G=E>859!E7F<?>F!HE=3!>:7!85>7ED87RF
Y!!A<ED72!64>4!R8??!=5?2!@7!4CC7FF8@?7!@2!>:7!GE85C8G4?!
85D7F>894>=EFU!E7F74EC:!C==E6854>=EFU!456!>:7!*58D7EF8>2!$7F74EC:!/E=>7C>8=5!F>4HH
Y!!!!!!!!&H!2=<!:4D7!C=5C7E5F!=E!I<7F>8=5F!4@=<>!>:8F!F><62U!F<C:!4F!FC875>8H8C!8FF<7FU!:=R!>=!6=!452!
G4E>!=H!8>U!=E!>=!E7G=E>!45!85P<E2U!G?74F7!C=5>4C>!>:7!E7F74EC:!>743d!!!
;!)EY!!0E2C7!b=E975F75U!
"4F>!.4E=?854!*58D7EF8>2U!LOL
;ici;LMijU!P=E975F75@z7C<Y76<!!!
;!)EY!!04E@4E4!(37FU!
#8C:8945!A>4>7!*58D7EF8>2U!ONi
;jcL;ccLjU!437Fz3F<Y76<!!!
;!(34564!%<85=>
;,4?@=>U!
%E46<4>7!$7F74EC:!(FF8F>45>U!#8C:8945!A>4>7!*58D7EF8>2U!9<85=>43z3F<Y76<!!!
;!"E8C4!,=@7U!
%E46<4>7!$7F74EC:!(FF8F>45>U!#8C:8945!A>4>7!*58D7EF8>2U!>=@77z3F<Y76<
Y!!!!!!!!&H!2=<!:4D7!
I<7F>8=5F!=E!C=5C7E5F!4@=<>!2=<E!E=?7!456!E89:>F!4F!4!E7F74EC:!G4E>8C8G45>U!R=<?6!?8Q7!>=!
=@>485!85H=E34>8=5!=E!=HH7E!85G<>U!=E!R=<?6!?8Q7!>=!E798F>7E!4!C=3G?485>!4@=<>!>:8F!F><62U!
2=<!342!C=5>4C>U!45=523=<F?2!8H!2=<!R8F:U!>:7!#8C:8945!A>4
>7!*58D7EF8>2T{cVWF!J<345!
$7F74EC:!/E=>7C>8=5!/E=9E43!4>!ONi
;cOO;LN\MU!-4]!ONi
;jcL;jOMcU!=E!7
;348?!8E@z3F<Y76<!
=E!E79<?4E!348?!4>!LML!B?6F!J4??U!#A*U!"4F>!+45F859U!#&!j\\Lj
Y!!,:8F!GE=P7C>!8F!4?F=!
4GGE=D76!@2!>:7!BHH8C7!H=E!J<345!$7F74EC:!&5>79E8>2!SBJ$&X!4
>!"4F>!.4E=?854!*58D7EF8>2!
!LjV!456!>:78E!C=5>4C>!85H=E34>8=5!8F!LOL
;ijj;LVNjY!!!!!!!&!:4D7!E746!4??!=H!>:7!4@=D7!85H=E34>8=5
Y!!!!!!!!&!Q5=R!>:4>!&!C45!F>=G!>4Q859!G4E>!85!>:8F!F><62!4>!452!>837
Y!!!!!!!02!C?8CQ859!=5!>:7!4CC7G>45C7!
=H!>:8F!85H=E376!C=5F75>!H=E3!456!R8??85957FF!>=!G4E>8C8G4>7U!&!43!5=>!98D859!<G!452!=H!32!
E89:>F!!!!!!&!C45!GE85>!4!C=G2!=H!>:8F!C=5F75>!H=E3!456!Q77G!8>!H=E!32!=R5!E7C=E6F
Y!!!!!!!&!43!N\!
274EF!=H!497!=E!=?67E
!! &!:4D7!E74
6!456!<567EF>==6!>:8F!C=5F75>!H=E3!456!43!R8??859!>=!G4E>8C8G4>7!85!>:8F!F><62
Y!!SNX!! &!:4D7!E746!456!<567EF>==6!>:8F!C=5F75>!H=E3!456!6=!'B,!R45>!>=!G4E>8C8G4>7!85!>:8F!
F><62
Y!!SLX!&H!&!:4D7!E746!456!<567EF>==6!YY
Y!!&F!A7?7C>76U!,:75!AQ8G!,=!,:45Q!2=<!H=E!
2=<E!C=5F867E4>8=5
Y!!.E76YYY&H!&!:4D7!E746!456!<567EF>==6!YY
Y!!&F!A7?7C>76U!,:75!AQ8G!,=!"56!=H!0?=CQ
!!kNVi!,:45Q!2=<!H=E!2=<E!C=5F867E4>8=5
Y!!.E768>!H=E!F><62!C=3G?7>8=5!R8??!'B,!@7!98D75
Y!!&5!=E67E!>=!H856!45!4?>7E54>7!R42!>=!E7C78D7!CE768>!H=E!>:8F!4FF8
95375>!G?74F7!C=5>4C>!2=<E!
GE=H7FF=EY
!&H!,:45Q!2=<!H=E!2=<E!C=5F867EYY
Y!!&F!)8FG?4276U!,:75!AQ8G!,=!"56!=H!A<ED72
!!kN!J=R!R=<?6!2=<!E4>7!>:7!A4D859F!456!&5D7F>375>F!>:4>!2=<!:4D7t
!! (67I<4>7!H=E!32!5776F!E89:>!5=R!SNX
!! A?89:>?2!?7FF!>:45!&!F:=<?6!:4D7!E89:>!5
=R!SLX
!! #<C:!?7FF!>:45!&!F:=<?6!:4D7!E89:>!5=Rt!ScX
!!!!!LOM!ka!/?74F7!8675>8H2!74C:!=H!>:7!H=??=R859!4F!n%==6!/E4C>8C7n!=E!n'=>!%==6!/E4C>8C7n
!!'=>!%==6!/E4C>8C7!SNX
!%==6!/E4C>8C7!SLX
!#4Q859!G42375>F!=5!>837!SNX
!! !! !J4D859!4!:89:!(/$!CE768>!C4E6!
SLX
!! !! !/42859!
=HH!F>=E7!456!=>:7E!
CE768>!C4E6F!74C:!3=5>:!ScX
!! !! !0=<5C859!C:7CQF!SjX
!! !! !J4D859!3=E7!>:45!NM!CE768>!
C4E6F!HE=3!F>=E7FU!@45QFU!7>C
Y!!SOX
!! !! !BR5859!H8545C84?!4FF7>F!SaX
!! !! !"]C776859!CE768>!?838>F!SiX
!! !! !!!!!!LON!kLMM!*F859!4!FC4?7!HE=3!M!>=!NM!R:7E7!M!3745F!n>:7!R=EF>!G=FF8@?7!H8545C84?!F8><4>8=5n!456!
NM!3745F!n>:7!@7F>!G=FF8@?7!!H8545C84?!F8><4>8=5Un!:=R!R=<?6!2=<!E4>7!2=<E!H8545C84?!
F8><4>8=5!>:7F7!642Ft
!! Z=EF>!M!SNX
!! N!SLX
!! L!ScX
!! c!SjX
!! j!SOX
!! O!SaX
!! a!SiX
!! i!S\X
!! \!SVX!! V!SNMX
!! 07F>!!NM!SNNX
!!!!!LOL!ki!#2!G7EF=54?!H8545C84?!F8><4>8=5!34Q7F!37!H77?!F>E7FF76!=5!4!E79<?4E!@4F8F
!! A>E=59?2!)8F49E77!SNX
!! )8F49E77!SLX
!! (9E77!ScX
!! A>E=59?2!(9E77!SjX
!!k\!&!>:85Q!4@=<>!6E=GG859!=<>!=H!FC:==?!@7C4<F7!=H!H8545C84?!F>E7FF
!! '7D7E!SNX
!! $4E7?2!S
LX!! A=37>837F!ScX
!! (?R42F!SjX
!!kN\a!+74E5859!3=E7!4@=<>!34549859!32!3=572!456!E7F=<EC7F!3=>8D4>7F!37!>=d
!!A>E=59?2!)8F49E77!
SNX
!)8F49E77!SLX
!(9E77!ScX
!A>E=59?2!(9E77!
SjX
!Z=EQ!:4E67E!>=!
E48F7!32!%/(!SNX
!! !! !! !! !$73485!85!FC:==?!
456!R=EQ!
>=R4E6F!32!
679E77!SLX
!! !! !! !! !)E=G!=<>!=H!
FC:==?!>=!G<EF<7!
R=EQ!=E!=>:7E!
75674D=EF!ScX
!! !! !! !! !Z=EQ!:4E67E!>=!
9E46<4>7!F==57E!
SjX
!! !! !! !! !Z=EQ!>=!
385838`7!F><675>!
?=45F_67@>!SOX
!! !! !! !! !!!!LOc!kV!/?74F7!E4>7!2=<E!49E77375>!R8>:!>:7!H=??=R859!F>4>7375>FY
!!A>E=59?2!)8F49E77!
SNX
!)8F49E77!SLX
!(9E77!
ScX
!A>E=59?2!(9E77!
SjX
!(F!?=59!4F!=57!
377>F!3=5>:?2!
G42375>F!>:7E7!8F!
5=!5776!>=!R=EE2!
4@=<>!>:7!?759>:!
=H!>837!8>!R8??!
>4Q7!>=!G42!=HH!
=<>F>456859!
67@>F!SNX
!! !! !! !! !&!43!C=5H8675>!85!
32!4@8?8>2!>=!
<567EF>456!?=45!
>7E3F
Y!!SLX
!! !! !! !! !&>!8F!83G=E>45>!>=!
<567EF>4
56!H8545C84?!
C=5>E4C>F!S7Y9YU!
4G4E>375>!?74F7F!
456!?=45!
49E77375>FX!
@7H=E7!&!F895!
>:73
Y!!ScX
!! !! !! !! !&!43!F4>8FH876!
R8>:!>:7!R42!&!
G42!32!@8??F!SjX
!! !! !! !! !&!H77?!CE768>!C4E6F!
4E7!F4H7!456!E8FQ!
HE77!SOX
!! !! !! !! !&!43!4HE486!=H!
CE768>!456!CE768>!
C4E6F!SaX
!! !! !! !! !,:7!
C=F>!=H!<F859!
4!CE768>!C4E6!8F!
>==!:89:!SiX
!! !! !! !! !&!43!C=3H=E>4@?7!
R8>:!5=>!G42859!
32!CE768>!C4E6!
@8??F!85!H<??!74C:!
3=5>:!4F!?=59!4F!
&!34Q7!>:7!
38583<3!
G42375>!S\X
!! !! !! !! !!!LOj!!kNM!/?74F7!E4>7!2=<E!49E77375>!R8>:!>:7!H=??=R859!F>4>7375>FY
!!A>E=59?2!)8F49E77!
SNX
!)8F49E77!SLX
!(9E77!ScX
!A>E=59?2!(9E77!
SjX
!#485>485859!
467I<4>7!
85F<E45C7!
C=D7E497!8F!
83G=E>45>!
S:74?>:U!4<>=U!
:=37_E75>X!SNX
!! !! !! !! !&>!8F!83G=E>45>!>=!
3485>485!
467I<4>7!4<>=
;85F<E45C7!
C=D7E497
Y!!SLX
!! !! !! !! !J4D859!?8H7!
85F<E45C7!8F!45!
83G=E>45>!R42!>=!
GE=>7C>!
?=D76!
=57F
Y!!ScX
!! !! !! !! !&>!8F!83G=E>45>!>=!
G?45!H=E!>:7!
G=FF8@?7!
68F4@8?8>2!=H!4!
H438?2!R497!
74E57E
Y!!SjX
!! !! !! !! !&!H77?!68F4@8?8>2!
85F<E45C7!8F!?7FF!
83G=E>45>!>:45!
?8H7!85F<E45C7
Y!!SOX
!! !! !! !! !&!H77?!@7859!
C=D7E76!@2!
:=37=R57EoF!
85F<E45C7!=E!
E75>7EoF!
85F<E45C7!8F
!83G=E>45>
Y!!SaX
!! !! !! !! !&>!8F!83G=E>45>!>=!
3485>485!
467I<4>7!:74?>:!
85F<E45C7!
C=D7E497
Y!!SiX
!! !! !! !! !!!!!!LOO!kNN!/?74F7!E4>7!2=<E!<567EF>456859!=H!>:7!H=??=R859!>=G8CF!4F!/==EU!-48EU!%==6U!"]C7??75>Y
!!/==E!SNX
!-48E!SLX
!%==6!ScX
!"]C7??75>!SjX
!0<697>859!SNX
!! !! !! !! !.=3G=<56!
&5>7E7F>!SLX
!! !! !! !! !.E768>!0<E74<F!
ScX
!! !! !! !! !&5D7F>859!SjX
!! !! !! !! !A4D859!H=E!
$7>8E7375>!SOX
!! !! !! !! !A><675>!+=45F!SaX
!! !! !! !! !.E768>!.4E6F!SiX
!! !! !! !! !&5F<E45C7!S\X
!! !! !! !! !BD7E4??!
<567EF>456859!=H!
G7EF=54?!H8545C7!
456!3=572!
345497375>!
C=5C7G>F!456!
GE4C>8C7F
Y!!SVX
!! !! !! !! !!!!!!LOa!kNj!/?74F7!E4>7!2=<E!49E77375>!R8>:!>:7!H=??=R859!F>4>7375>FY
!!A>E=59?2!)8F49E77!
SNX
!)8F49E77!SLX
!(9E77!ScX
!A>E=59?2!(9E77!
SjX
!&!H77?!85!C=5>E=?!=H!
32!H8545C84?!
F8><4>8=5!SNX
!! !! !! !! !J=R!&!345497!
32!3=572!E89:>!
5=R!R=EQF!H=E!
37!SLX
!! !! !! !! !&!H77?!
C=5H8675>!
4@=<>!32!4@8?8>2!
>=!345497!32!
=R5!H8545C7F!ScX
!! !! !! !! !&!75P=2!>:85Q859!
4@=<>!456!:4D7!
85>7E7F>!85!
E746859!4@=<>!
3=572!
345497375>!SjX
!! !! !! !! !&!H77?!C4G4@?7!=H!
<F859!32!H<><E7!
85C=37!>=!
4C:87D7!32!
H8545C84?!9=4?F!SOX
!! !! !! !! !&!43!9==6!4>!
674?859!R8>:!
642
;>=;642!H8545C84?!
34>>7EFU!F<C:!4F!
C:7CQ859!
4CC=<5>FU!CE768>!
456!67@8>!C4E6FU!
456!>E4CQ859!
7]G75F7F
Y!!SaX
!! !! !! !! !&!43!GE7>>2!9==6!
4>!34>:
Y!!SiX
!! !! !! !! !!!!!!LOi!kNa!/?74F7!E4>7!2=<E!49E77375>!R8>:!>:7!H=??=R859!F>4>7375>Fd
!!A>E=59?2!)8F49E77!
SNX
!)8F49E77!SLX
!(9E77!ScX
!A>E=59?2!(9E77!
SjX
!&!H8E3?2!@7?87D7!
3=572!C45!F=?D7!
4??!=H!32!
GE=@?73F!SNX
!! !! !! !! !#=572!8F!>:7!
3=F>!83G=E>45>!
9=4?!85!32!?8H7!SLX
!! !! !! !! !&!=H>75!H45>4F8`7!
4@=<>!3=572!456!
R:4>!&!C=<?6!6=!
R8>:!8>
Y!!ScX
!! !! !! !! !#=572!C45!98D7!
2=<!>:7!
=GG=E><58>2!>=!@7!
R:4>!2=<!R45>!>=!
@7!SjX
!! !! !! !! !#=572!3745F!
G=R7E!SOX
!! !! !! !! !#=572!C45!@E859!
2=<!3452!HE8756F!
SaX
!! !! !! !! !&!@7?87D7!>:4>!>:7!
43=<5>!=H!3=572!
>:4>!4!G7EF=5!
74E5F!8F!C?=F7?2!
E7?4>76!>=!:8F_:7E!
4@8?8>2!456!7HH=E>!
SiX
!! !! !! !! !#=572!
E7GE7F75>F!=57oF!
4C:87D7375>!S\X
!! !! !! !! !&!@7?87D7!>:4>!4!
G7EF=5oF!F4?4E2!8F!
D7E2!E7D74?859!85!
4FF7FF859!>:78E!
85>7??8975C7!SVX
!! !! !! !! !#=F>!=H!32!
HE8756F!:4D7!
3=E7!3=572!>:45!
&!6=!SNMX
!! !! !! !! !&!43!R=EF7!=HH!S85!
3=57>4E2!>7E3FX!
>:45!3=F>!=H!32!
! !! !! !! !!LO\!HE8756F!>:85Q!SNNX
!&!75D2!>:=F7!
4E=<56!37!R:=!
C45!@<2!
>:859F!4>!
>:78E!R:83!456!
H45C2!SNLX
!! !! !! !! !&!=H>75!:4D7!
68HH8C<?>2!85!
34Q859!67C8F8=5F!
4@=<>!FG756859!
3=572!E794E6?7FF!
=H!>:7!43=<5>!
SNcX
!! !! !! !! !&!=H>75!F42!n&!C45o>!
4HH=E6!8>n!R:7>:7E!
&!C45!=E!5=>!SNjX
!! !! !! !! !"D75!R:75!&!:4D7!
F<HH8C875>!3=572!&!
=H>75!H77?!9<8?>
2!4@=<>!FG756859!
3=572!=5!
57C7FF8>87F!?8Q7!
C?=>:7F!SNOX
!! !! !! !! !&!=H>75!C=5>E8@<>7!
>=!C:4E8>2!SNaX
!! !! !! !! !&!GE7H7E!5=>!>=!
?756!G7=G?7!
3=572!SNiX
!! !! !! !! !A=37!=H!>:7!3=F>!
83G=E>45>!
4C:87D7375>F!85!
?8H7!85C?<67!
4CI<8E859!
34>7E84?!
G=FF7FF8=5F!SN\X
!! !! !! !! !&!6=5o>!G?4C7!
3<C:!73G:4F8F!
=5!>:7!43=<5>!=H!
34>7E84?!=@P7C>F!
G7=G?7!=R5!4F!4!
F895!=H!F<CC7FF
Y!!SNVX
!! !! !! !! !&!?8Q7!>=!=R5!
>:859F!>:4>!
83GE7FF!G7=G?7!
SLMX
!! !! !! !! !!LOV!&!<F<4??2!@<2!=5?2!
>:7!>:859F!&!5776!
SLNX
!! !! !! !! !&!>E2!>=!Q77G!32!
?8H7!F83G?7U!4F!H4E!
4F!G=FF7FF8=5F!
4E7!C=5C7E576!
SLLX
!! !! !! !! !&!G<>!?7FF!
73G:4F8F!=5!
34>7E84?!>:859F!
>:45!3=F>!G7=G?7!
&!Q5=R!SLcX
!! !! !! !! !&!:4D7!4??!>:7!
>:859F!&!E74??2!
5776!>=!75P=2!?8H7!
SLjX
!! !! !! !! !/<EC:4F859!>:859F!
8F!D7E2!83G=E>45>!
>=!32!:4GG857FF!
SLOX
!! !! !! !! !&o6!@7!:4GG87E!8H!&!
C=<?6!4HH=E6!>=!
@<2!3=E7!>:859F
Y!!SLaX
!! !! !! !! !&!=H>75!H77?!
45]8=<F!456!
67H75F8D7!R:75!
4FQ76!4@=<>!32!
G7EF=54?!H8545C7F!
SLiX
!! !! !! !! !&!R=EE2!4@=<>!32!
H8545C7F!3<C:!=H!
>:7!>837!SL\X
!! !! !! !! !"4C:!8568D86<4?!
F:=<?6!@7!
E7FG=5F8@?7!H=E!
:8F!=E!:7E!=R5!
H8545C84?!R7??
;@7859!SLVX
!! !! !! !! !&>!8F!83G=E>45>!H=E
!4!H438?2!>=!
67D7?=G!4!E79<?4E!
G4>>7E5!=H!F4D859!
456!F>8CQ!>=!8>!
ScMX
!! !! !! !! !!LaM!&!H77?!C=5H8675>!
4@=<>!34Q859!
67C8F8=5F!>:4>!
674?!R8>:!3=572!
ScNX
!! !! !! !! !!!!!!LaN!kNi!/?74F7!E4>7!2=<E!49E77375>!R8>:!>:7!H=??=R859!F>4>7375>Fd
!!A>E=59?2!)8F49E77!
SNX
!)8F49E77!SLX
!(9E77!
ScX
!A>E=59?2!(9E77!
SjX
!A4D859!3=572!
E79<?4E?2!8F!
83G=E>45>!SNX
!! !! !! !! !&!H77?!F4>8FH876!
R8>:!:=R!&!FG756!
32!3=572!SLX
!! !! !! !! !&>!8F!83G=E>45>!
>:4>!&!FG756!?7FF!
>:45!32!85C=37
Y!!ScX
!! !! !! !! !&>!8F!83G=E>45>!>=!
Q77G!>E4CQ!=H!
R:7E7!3=572!8F!
FG75>!SjX
!! !! !! !! !0<697>F!>4Q7
!>:7!
H<5!=<>!=H!
FG756859
Y!!SOX
!! !! !! !! !-438?87F!F:=<?6!
:4D7!RE8>>75!
H8545C84?!9=4?F!
>:4>!:7?G!>:73!
67>7E3857!
GE8=E8>87F!85!
FG756859!SaX
!! !! !! !! !(!RE8>>75!@<697>!
8F!4@F=?<>7?2!
7FF75>84?!H=E!
F<CC7FFH<?!
H8545C84?!
34549375>!SiX
!! !! !! !! !e77G859!E7C=E6F!
=H!H8545C84?!
34>>7EF!8F!>==!
>837!C=5F<3859!
>=!R=EE2!4@=<>!
S\X
!! !! !! !! !-8545C84?!
G?455859!8F!45!
<557C7FF4E2!
68F>E4C>8=5!R:75!
H438?87F!4E7!P<F>!
>E2859!>=!97>!@2!
>=642!SVX
!! !! !! !! !!LaL!!!kN\O!/?74F7!E4>7!2=<E!49E77375>!R8>:!>:7!H=??=R859!F>4>7375>Fd
!!A>E=59?2!)8F49E77!
SNX
!)8F49E77!
SLX
!(9E77!ScX
!A>E=59?2!(9E77!
SjX
!Z:75!&!34Q7!
G?45FU!&!43!
4?3=F>!C7E>485!
>:4>!&!C45!34Q7!
>:73!R=EQ!SNX
!! !! !! !! !#452!>837F!&!H77?!
>:4>!&!:4D7!?8>>?7!
85H?<75C7!=D7E!
>:7!>:859F!>:4>!
:4GG75!>=!37!SLX
!! !! !! !! !Z:4>!:4GG75F!>=!
37!8F!32!=R5!
6=859!ScX
!! !! !! !! !#2!H8545C84?!
F8><4>8=5!67G756F!
=5!32!C=5>E=?!=H!
>:7!F8><4>8=5!SjX
!! !! !! !! !Z:4>7D7E!:4F!
:4GG7576!>=!37!
85!?8H7U!&!C45!F>8??!
C:==F7!32!=R5!
H<><E7
Y!!SOX
!! !! !! !! !&!@7?87D7!32!
H<><E7!67G756F!
=5!37U!5=>!=>:7EF!
SaX
!! !! !! !! !!!!Lac!kij!Z:4>!Q856!=H!H8545C84?!4CC=<5>F!6=!2=<!:4D7t!#4EQ!4??!
>:4>!4GG?2
!" &!6=!5=>!:4D7!4!@45Q!4CC=<5>!=E!85D7F>375>F!SNX
!" A4D859F!4CC=<5>!SLX!" .:7CQ859!4CC=<5>!ScX
!" #=572!34EQ7>!SjX
!" .7E>8H8C4>7F!=H!67G=F8>!S.)X!SOX
!" A>=CQF!SaX!" 0=56F!SiX
!" #<><4?!-<56F!S\X
!" &$(_jMNe!SVX
!" ",-oF!SNNX
!" B>:7E!SNMX!xxxxxxxxxxxxxxxxxxxx
!!!!!Laj!kii!&5!
>:7!G4F>!L!3=5>:FU!&!:4D7
!" A4D76!H=E!4!:=37!G<EC:4F7!SNX
!" A4D76!H=E!45!83G=E>45>!7D75>!S7Y9
Y!!R766859U!D4C4>8=5X!SLX
!" &5D7F>76!3=572!85!4!3<><4?!H<56U!F>=CQFU!&$(F!=E!=>:7E!85D7F>375>F!ScX
!" '=57!=H!>:7!4@=D7!SjX
!!kiV!/?74F7!8568C4>7!:=R!=H>75!2=<!:4D7!7594976!
85!>:7!H=??=R859!4C>8D8>87FY
!!'7D7E!SNX
!$4E7?2!SLX
!A=37>837F!ScX
!(?R42F!SjX
!&!F4D7!=E!85D7F>!
3=572!=<>!=H!
74C:!G42C:7CQ!
SNX
!! !! !! !! !&!C=5>E8@<>7!
3=572!>=!4!
F4D859F!4CC=<5>!
<F76!H=E!
737E975C87F!=5?2!
SLX
!! !! !! !! !&!F4D7!H=E!4!?=59
;>7E3!9=4?F!F<C:!
4F!4!C4E!ScX
!! !! !! !! !&!C=5>E8@<>7!
3=572!>=!4!
E7>8E7375>!
4CC=<5>!SjX
!! !! !! !! !&!85D7F>!3=572!
4CE=FF!3=E7!>:45!
=57!>2G7!=H!
85D7F>375>!SOX
!! !! !! !! !&!<F<4??2!?8D7!
HE=3!G42C:7CQ!>=!
G42C:7CQ!SaX
!! !! !! !! !&!FG756!?7FF!>:45!
32!85C=37!SiX
!! !! !! !! !&!FG756!3=E7!
>:45!&!74E5!S\X
!! !! !! !! !&!@<2!>:859F!R:75!
&!C45o>!E74??2!
4HH=E6!>:73!SVX
!! !! !! !! !&!R=EE2!4@=<>!32!
67@>!SNMX
!! !! !! !! !!!!LaO!k\M!J=R!3<C:!6=!2=<!:4D7!85!F4D859F!=E!85D7F>375>FU!7]C?<6859!E7>8E7375>!F4D859Ft
!! &!6=5o>!:4D7!F4D859F!=E!85D7F>375>F!SNX
!! <567E!sOMM!SLX
!! sOMM;VVV!ScX
!! sNUMMM;NUVVV!SjX
!! sLUMMM;jUVVV!SOX
!! sOUMMM;VUVVV!SaX
!! sNMUMMM;NVUVVV!SiX
!! =D7E!sLMUMMM!S\X!!kLMc!Z=<?6!2=<E!G4E75>F!@7!C=5F867E76!>=!@7!85!67@>!S:89:!67@>!>=!85C=37!E4>8=
;4@=D7!
NOpXt!! 17F!SNX
!! '=!SLX
!!kLMj!J4F!2=<E!H438?2!@775!>:E=<9:!:=37!H=E7C?=F<E7t
!! 17F!SNX
!! '=!SLX
!!!!!Laa!k\c!(E7!2=<!C<EE75>?2!G42
859!4!3=E>9497t
!! 17F!SNX
!! '=!SLX
!&H!'=!&F!A7?7C>76U!,:75!AQ8G!,=!.?8CQ!>=!RE8>7!>:7!I<7F>8=5!>7]>
!!k\j!&F!2=<E!3=E>9497!4!H8]76
;E4>7!3=E>9497!=E!45!46P<F>4@?7
;E4>7!3=E>9497t
!! -8]76
;E4>7!3=E>9497!SNX
!! (6P<F>4@?7
;E4>7!3=E>9497!SLX
!!k\O!&F!2=<E!3=E>9497!45!
85>7E7F>
;=5?2!3=E>9497!=E!4!3=E>9497!R8>:!45!85>7E7F>!=5?2!=G>8=5U!
=E!578>:7E!=H!>:7F7
!! &5>7E7F>
;=5?2!3=E>9497!=E!85>7E7F>
;=5?2!=G>8=5!SNX
!! '78>:7E!SLX
!!k\a!(GGE=]834>7?2!R:4>!85>7E7F>!E4>7!4E7!2=<!G42859!=5!>:8F!3=E>9497!4>!>:7!3=375>t
!!k\i!Z:75!2=<!R7E7!97
>>859!2=<E!3=E>9497U!686!2=<!C=5F867E!:=R!3<C:!>:7!3=5>:?2!
G42375>F!R=<?6!@7!4F!4!G7EC75>497!=H!2=<E!85C=37t
!! 17F!SNX
!! '=!SLX
!!k\\!J=R!3452!>837F!:4D7!2=<!@775!?4>7!R8>:!2=<E!3=E>9497!G42375>F!85!>:7!?4F>!L!274EFt
!! '7D7E!SNX
!! B5C7!SLX
!! #=E7!>:45!=5C7!ScX
!!k\V!Z
:75!2=<!R7E7!97>>859!2=<E!H8EF>!3=E>9497U!686!2=<!C=3G4E7!=HH7EF!HE=3!68HH7E75>!
?7567EF!=E!3=E>9497!@E=Q7EFt
!! 17F!SNX
!! '=!SLX
!!!!!Lai!kVM!)=!2=<!C<EE75>?2!:4D7!45!4<>=!?=45t!SZ7!4E7!'B,!E7H7EE859!>=!45!4<>=!?74F7X
!! 17F!SNX
!! '=!SLX
!!!!!La\!kVa!/?74F7!8568C4>7!>:7!
HE7I<75C2!R8>:!R:8C:!2=<!759497!85!>:7!H=??=R859!4C>8D8>87F
!!'7D7E!SNX
!$4E7?2!SLX
!A=37>837F!ScX
!(?R42F!SjX
!&!C=3G4E7!=HH7EF!
@7H=E7!4GG?2859!
H=E!4!?=45!SNX
!! !! !! !! !&!E746!=D7E!456!
<567EF>456!
4G4E>375>!?74F7F!
456!?=45!
49E77375>F!
@7H=E7!&!F895!
>:73
Y!!SLX
!! !! !! !! !&!34Q7!=5?2!
38583<3!
G42375>F!=5!4!
?=45!ScX
!! !! !! !! !&!G486!4??!32!@8??F!
=5!>837!85!>:7!
G4F>!274E!SjX
!! !! !! !! !!!kVc!Z:75!2=<!H858F:!2=<E!<567E9E46<4>7!76<C4>8=5U!:=R!3<C:!6=!2=<!7]G7C>!>=!=R7!85!
F><675>!?=45Ft
!! '=>:859!SNX
!! sN;sVVV!SLX!! sNUMMM;sNUVVV!ScX!! sLUMMM;sjUVVV!SjX!! sOUMMM;sVUVVV!SOX!! sNMUMMM;sNVUVVV!SaX!! sLMUMMM;sjVUVVV!SiX!! sOMUMMM;sVVUVVV!S\X!! sNMMUMMM!=E!3=E7!SVX
!!!LaV!kNij!Z:75!2=<!H858F:!2=<E!<567E9E46<4>7!76<C4>8=5U!:=R!3<C:!6=!2=<!7]G7C>!>=!=R7!85!
,B,(+!67@>!S85C?<6859!F><675>!?=45FU!4<>=!?=45FU!CE768>!C4E6!67@>XU
!5=>!85C?<6859!3=E>9497!
67@>t
!! '=>:859!SNX
!! sN;sVVV!SLX!! sNUMMM;sNUVVV!ScX!! sLUMMM;sjUVVV!SjX!! sOUMMM;sVUVVV!SOX!! sNMUMMM;sNVUVVV!SaX!! sLMUMMM;sjVUVVV!SiX!! sOMUMMM;sVVUVVV!S\X!! sNMMUMMM!=E!3=E7!SVX
!!!!!LiM!kVi!J=R!3452!CE768>!C4E6F!6=!2=<!J(["U!85C?<6859!F>=E7!CE768>!C4
E6Ft!! '=57!SNX
!! B57!SLX
!! ,R=!ScX
!! ,:E77!SjX!! -=<E!SOX
!! -8D7!>=!'857!SaX
!! ,75!=E!3=E7!SiX
!&H!'=57!&F!A7?7C>76U!,:75!AQ8G!,=!&5!>:7!G4F>!NL!3=5>:F!:4D7!2=<
!!kVV!J=R!3452!CE768>!C4E6F!6=!2=<!*A"U!85C?<6859!F>=E7!CE768>!C4E6Ft
!! '=57!SNX
!! B57!SLX
!! ,R=!ScX
!! ,:E77!SjX!! -=<E!
SOX!! -8D7!>=!'857!SaX
!! ,75!=E!3=E7!SiX
!!kNMj!Z:4>!8F!>:7!C=3@8576!>=>4?!@4?45C7!=R76!=5!2=<E!CE768>!C4E6Ft
!! sM;sVV!SNX!! sNMM;sjVV!SLX!! sOMM;sVVV!ScX!! sNUMMM;!sNUVVV!SjX!! sLUMMM;!sjUVVV!SOX!! sOUMMM!=E!3=E7!SaX
!! )=5o>!Q5=R!SiX
!!kNMc!,:85Q859!4@=<>!R:75!2=<!=@>48576!2
=<E!3=F>!E7C75>!CE768>!C4E6U!686!2=<!C=??7C>!
85H=E34>8=5!4@=<>!68HH7E75>!C4E6F!HE=3!3=E7!>:45!=57!C=3G452!85!=E67E!>=!C=3G4E7!>:73t
!! 17F!SNX
!! '=!SLX
!!kV\!Z:75!686!2=<!97>!2=<E!H8EF>!CE768>!C4E6t
!! 07H=E7!9E46<4>859!:89:!FC:==?!SNX
!! Z:75!&!9E46<4>76!HE=3!:89:!
FC:==?!SLX
!! Z:75!&!F>4E>76!C=??797!ScX
!! )<E859!32!H8EF>!274E!=H!C=??797!SjX
!! (H>7E!C=3G?7>859!32!H8EF>!274E!=H!C=??797!SOX
!!!LiN!kNMM!J=R!686!2=<!97>!2=<E!H8EF>!CE768>!C4E6t
!! /4E75>F!:7?G!SNX
!! A89576!<G!85!=E67E!>=!E7C78D7!4!HE77!8>73!85!J89:!AC:==?!SLX
!! A89576!<G!85!=E67E!>=!E7C78D7!4!HE77!8>73!85!.=??797!ScX
!! .=3G4E76!C4E6FU!C:=F7!>:7!@7F>U!456!4GG?876!SjX
!! #48?!=HH7E!SOX
!! A>=E7!C4E6
;!>=!97>!4!68FC=<5>!=5!4!G<EC:4F7!SaX
!! &!:46!>=!:4D7!4!C=F8957E!SiX
!! B>:7E!S\X!xxxxxxxxxxxxxxxxxxxx
!!kNMN!Z:8C:!=H!>:7!H=??=R859!F>4>7375>F!
@7F>!67FCE8@7F!>:7!R42!85!R:8C:!2=<!:4D7!3467!
G42375>F!=5!2=<E!CE768>!C4E6!=D7E!>:7!?4F>!NL!3=5>:Ft
!! &!4?R42F!G42!=HH!>:7!>=>4?!@4?45C7!74C:!3=5>:!SNX
!! &!=CC4F8=54??2!6=!5=>!G42!=HH!>:7!@4?45C7!H=E!4!3=5>:!=E!F=!R:75!&!43!F:=E>!=5!H<56F!SLX
!! &!9757E4??2!:4D7!
45!=<>F>456859!@4?45C7U!@<>!=CC4F8=54??2!43!4@?7!>=!G42!8>!=HH!ScX
!! &!F7?6=3U!8H!7D7EU!G42!=HH!4??!32!@4?45C7FU!@<>!>E2!>=!G42!>:73!6=R5!R:75!&!C45!SjX
!! &!9757E4??2!G42!=5?2!>:7!38583<3!E7I<8E76!G42375>!74C:!3=5>:!SOX
!! &!=CC4F8=54??2!34Q7!?7FF!>:45!>:7!38583<
3!G42375>!SaX
!!!!!LiL!kNML!&5!>:7!G4F>!NL!3=5>:F!:4D7!2=<
!" .45C7??76!4!CE768>!C4E6!SNX
!" 0775!?4>7!34Q859!4!G42375>!SLX
!" BG7576!4!57R!CE768>!C4E6!ScX
!" #8FF76!4!CE768>!C4E6!G42375>!SjX
!" ,E45FH7EE76!>:7!@4?45C7!HE=3!=57!CE768>!C4E6!>=!45=>:7E!SOX
!" #467!4!G42375>!>:4>!
R4F!?7FF!>:45!>:7!38583<3!G42375>!E7I<8E76!SaX
!" 0775!E7P7C>76!H=E!4!57R!CE768>!C4E6!SiX
!" B@>48576!4!C4F:!46D45C7!HE=3!2=<E!CE768>!C4E6!C=3G452!S\X
!" .=5F=?864>76!2=<E!CE768>!C4E6!67@>!85>=!4!G7EF=54?!@8??!C=5F=?864>8=5!?=45!SVX
!" 0775!C=5>4C>76!@2!4!C=??7C>8=5!4
975C2!SNMX!" #4]76!=<>!>:7!?838>!=5!=57!=E!3=E7!CE768>!C4E6F!SNNX
!" "]C77676!32!CE768>!?838>!=5!=57!=E!3=E7!CE768>!C4E6F!SNLX
!" '=57!=H!>:7F7!SNcX
!!kNMO!Z:4>!R4F!2=<E!CE768>!FC=E7!>:7!?4F>!>837!2=<!C:7CQ76t
!! *567E!aLM!SNX!! aLN;aaM!SLX
!! aaN;iMM!ScX
!! iMN;ijM!SjX
!! BD7E!
ijM!SOX
!! &!:4D7!5=>!C:7CQ76!32!CE768>!FC=E7!SaX
!!!!!Lic!kNMi!&!:4D7!4!?8H7!85F<E45C7!G=?8C2
!! 17F!SNX
!! '=!SLX
!!kNM\!&!:4D7!4!68F4@8?8>2!85F<E45C7!G=?8C2
!! 17F!SNX
!! '=!SLX
!!kNMV!&!43!C=D7E76!@2!4!:=37=R57EoF!=E!E75>7EoF!85F<E45C7!G=?8C2
!! 17F!SNX
!! '=!SLX
!!kNiO!&!43!
C=D7E76!@2!45!4<>=!85F<E45C7!G=?8C2
!! 17F!SNX
!! '=!SLX
!!kNia!&!43!C=D7E76!@2!4!3768C4?!=E!:74?>:!85F<E45C7!G=?8C2
!! 17F!SNX
!! '=!SLX
!!kNNc!,:85Q859!=H!>:7!?4F>!>837!2=<!G<EC:4F76!85F<E45C7U!686!2=<!C=3G4E7!=HH7EF!HE=3!
68HH7E75>!85F<E45C7!GE=D867EFt
!! 17F!SNX
!! '=!SLX
!!kNNN!J4D7!2=<!G<EC:4F76!452!>2G7!=H!85F<E45C7!68E7C>?2!H=E!2=<EF7?HU!>:4>!8F!'B,!>:E=<9:!
45!73G?=27Et
!! 17F!SNX
!! '=!SLX
!!kNNL!J=R!=H>75!6=!2=<!E7D87R!2=<E!85F<E45C7!C=D7E497
!! '7D7E!SNX
!! $4E7?2!SLX
!! B5C7!7D7E2!H7R!274EF!ScX
!! (>!?74F>!=5C7!4!274E!SjX
!!!!!Lij!kNNj!&!
R=EQ!xxxxxxxx!>=!377>!@8??F!456!7]G75F7F
!! '=>!73G?=276!SNX
!! M;NM!:=<EF!G7E!R77Q!SLX
!! NM;LM!:=<EF!G7E!R77Q!ScX
!! LM;cM!:=<EF!G7E!R77Q!SjX
!! cM;jM!:=<EF!G7E!R77Q!SOX
!! jM|!:=<EF!G7E!R77Q!SaX
!!!LiO!kNNO!/?74F7!8568C4>7!>:7!HE7I<75C2!R8>:!R:8C:!2=<!759497!85!>:7!H=??=R859!4
C>8D8>87F
!!'7D7E!SNX
!$4E7?2!SLX
!A=37>837F!ScX
!(?R42F!SjX
!&!G42!H=E!274E?2!
7]G75F7F!=<>!=H!
C<EE75>!85C=37!
=E!F4D859F!S5=>!
R8>:!?=45FX!SNX
!! !! !! !! !&!<F7!4!
R77Q?2_3=5>:?2!
@<697>!>=!>E4CQ!
32!85C=37!456!
7]G75F7F!SLX
!! !! !! !! !A>4276!R8>:85!
2=<E!@<697>!=E!
FG756859!G?45
!ScX
!! !! !! !! !&!3485>485!
467I<4>7!
H8545C84?!E7C=E6F!
SjX
!! !! !! !! !&!E79<?4E?2!F7>!
4F867!3=572!H=E!
?4E97!7]G7C>76!
7]G75F7F!S?8Q7!
85F<E45C7!=E!
>4]7FX!SOX
!! !! !! !! !&!F7>!4F867!
737E975C2!=E!
E4852!642!H<56F!
>:4>!R=<?6!C=D7E!
2=<E!7]G75F7F!H=E!
c!3=5>:FU!85!C4F7!
=H!F8CQ57FFU!
P=@!
?=FFU!7C=5=38C!
6=R5><E5U!=E!
=>:7E!
737E975C87F!SaX
!! !! !! !! !&!F4D7!E7C78G>F!H=E!
34P=E!G<EC:4F7F!
SiX
!! !! !! !! !&!75F<E7!4??!
C:4E97F!>=!32!
F4D859F!456!
C:7CQ859!
4CC=<5>F!4E7!
4CC<E4>7!S\X
!! !! !! !! !&!E7D87R!456!
! !! !! !! !!Lia!7D4?<4>7!32!
FG756859!:4@8>F!
SVX
!&!=D7E6E4R!32!
4CC=<5>!456!43!
C:4E976!4!!H77!
HE=3!32!@45Q
Y!!SNMX
!! !! !! !! !&!E7D87R!32!>=>4?!
H8545C84?!
F8><4>8=5!SNNX
!! !! !! !! !!!!Lii!kNNa!/?74F7!8568C4>7!:=R!=H>75!2=<!:4D7!7594976!85!>:7!H=??=R859!4C>8D8>87F
!!'7D7E!SNX
!(>!?74F>!=5C7!
SLX
!L;O!,837F!ScX
!a;NM!>837F!
SjX
!#=E7!>:45!NM!
>837F_$79<?4E?2!
SOX
!&!:4D7!<F76!4!
G42!642!?=45!
>2G7!F7ED8C7!
SNX
!! !! !! !! !! !&!:4D7!<F76!4!
E75>
;>=;=R5!
>E45F4C>8=5!4F!
4!R42!>=!@<2!
45!4GG?845C7!
=E!H<E58><E7!
SLX
!! !! !! !! !! !&!:4D7!<F76!4!
C:7CQ!C4F:859!
F7ED8C7
Y!!ScX
!! !! !! !! !! !&!:4D7!<F76!4!
G4R5!F:=G
!H=E!
4!F34??!?=45!
R:8?7!>:7!
F:=G!:=?6F!45!
8>73!4F!
C=??4>7E4?!
<5>8?!&!G42!
@4CQ!>:7!?=45
Y!!SjX
!! !! !! !! !! !&!:4D7!
E7C78D76!45!
46D45C7!=5!
2=<E!>4]!
E7H<56!
SnE7H<56!
45>8C8G4>8=5!
?=45n!=E!
n$4G86!
$7H<56nX!SOX
!! !! !! !! !! !&!:4D7!>4Q75!
=<>!45!4<>=!
>8>?7!?=45!SaX
!! !! !! !! !! !!!!!!Li\!kNNi
!(E7!2=<!<F859!4!OLV!/?45!=E!.=D7E67??!"6<C4>8=54?!A4D859F!(CC=<5>!>=!F4D7!H=E!
C=??797t
!! 17F!SNX
!! '=!SLX
!! )=5o>!Q5=R!ScX
!!kNN\!)=7F!2=<E!:=<F7:=?6!:4D7!4!F4D859FU!C:7CQ859U
!=E!=>:7E!@45Q
!4CC=<5>t
!! 17F!SNX
!! '=!SLX
!!(5FR7E!&H!)=7F!2=<E!:=<F7:=?6!:4D7!4!F4D859FU!C
:7CQ859UT5@FGW=E!=>:YY
Y!!'=!&F!A7?7C>76
!kNLL!Z:2!6=!2=<!5=>!:4D7!4!C:7CQ859!=E!F4D859F!4CC=<5>t
!" )=!5=>!:4D7!75=<9:!3=572!>=!34Q7!8>!R=E>:R:8?7!SNX
!" )=!5=>!?8Q7!674?859!R8>:!@45QF!SLX
!" 045Q!H77F!4E7!>==!:89:!ScX
!" &5C=5D75875>!:=<EF!=E!?=C4>8=5!SjX
!" 045QF!R=<?6!
5=>!?7>!37!=G75!45!4CC=<5>!SOX
!" )=!5=>!R45>!>=!F:4E7!32!G7EF=54?!85H=E34>8=5!SaX
!" B>:7E!SiX!xxxxxxxxxxxxxxxxxxxx
!!kNLM!)=!2=<!=E!2=<E!FG=<F7_G4E>57E!<F7!4!67@8>!C4E6!>876!>=!2=<E!@45Q!4CC=<5>t
!! 17F!SNX
!! '=!SLX
!!kNLc!'=>!85C?<6859!E7>8E7375>!4CC=<5>F!6=7F!2=<E!
:=<F7:=?6!:4D7!452!85D7F>375>F!85!
F>=CQFU!@=56FU!3<><4?!H<56FU!=E!=>:7E!F7C<E8>87Ft
!! 17F!SNX
!! '=!SLX
!!kVL!J4D7!2=<!=E!2=<E!G4E75>F!67C?4E76!@45QE<G>C2!85!>:7!?4F>!>R=!274EFt
!! 17F!SNX
!! '=!SLX
!!!!!LiV!kNLj!%E=R859!<GU!R:757D7E!&!H7?>!F8CQ!=E!577676!>=!9=!>=!>:7!6=C>=
EU!&!R75>!>=d
!! ,:7!737E975C2!E==3!SNX
!! (!HE77!=E!68FC=<5>!C?858C!SLX
!! (!6=C>=EoF!=HH8C7!456!G486!C4F:!ScX
!! (!6=C>=EoF!=HH8C7!456!<F76!GE8D4>7!85F<E45C7!SjX
!! (!6=C>=EoF!=HH8C7!456!<F76!9=D7E5375>!:74?>:!85F<E45C7!S7Y9YU!#768C486X!SOX
!!kNLO!%E=R859!<GU!&!R75>!>=!
>:7!675>8F>!=HH8C7d
!! ,R8C7!G7E!274E!SNX
!! B5C7!G7E!274E!SLX
!! "D7E2!C=<G?7!274EF!ScX
!! B5?2!8H!&!:46!4!C4D8>2!SjX
!! B5?2!8H!&!:46!3<?>8G?7!C4D8>87F!=E!32!>77>:!E74??2!:<E>!SOX
!! '7D7E!SaX
!!kLML!(E7!=57!=H!2=<E!G4E75>F!C?4FF8H876!4F!<573G?=276!=E!<567E73G?=276t
!! 17FU!3
2!3=>:7E!SNX
!! 17FU!32!H4>:7E!SLX
!! '=!ScX
!!kNVc!/?74F7!E4>7!2=<E!49E77375>!R8>:!>:7!H=??=R859!F>4>7375>FY
!!A>E=59?2!)8F49E77!
SNX
!)8F49E77!SLX
!(9E77!ScX
!A>E=59?2!(9E77!
SjX
!&>!8F!4??!E89:>!H=E!
45!8568D86<4?!>=!
E7?2!=5!=>:7EF!
SHE8756FU!H438?2X!
H=E!H8545C84?!
4FF8F>45C7!7D75!8H!
>:72!4E7!C4G4@?7!
=H!97>>859!4!P=@!
>:73F7?D7F!SNX
!! !! !! !! !&>!8F!4??!E89:>!H=E!
45!8568D86<4?!>=!
E7?2!=5!>:7!
9=D7E5375>!H=E!
H8545C84?!
4FF8F>45C7!7D75!8H!
>:72!4E7!C4G4@?7!
=H!97>>859!4!P=@!
>:73F7?D7F!SLX
!! !! !! !! !!!!L\M!kNca!,:85Q859!5=R!4@=<>!R:4>!2=<!:
4D7!?74E576!4@=<>!G7EF=54?!H8545C7U!R:7E7!6=!2=<!
>:85Q!>:4>!2=<!?74E576!>:7!#BA,t
!! -E=3!2=<E!G4E75>F!=E!4>!:=37!SNX
!! -E=3!HE8756F!SLX
!! -E=3!FC:==?!ScX
!! -E=3!F7?H
;:7?G!@==QF!=E!37684!SjX
!! -E=3!4!H8545C84?!GE=H7FF8=54?!SOX
!! -E=3!>:7!85>7E57>!SaX
!! (>!R=EQ!SiX
!! AG=<F7!=E!G4E>57E!S\X
!! +74E576!=5!32!=R5!SVX
!! B>:7E!S/?74F7!8568C4>7!@7?=RX!SNMX!xxxxxxxxxxxxxxxxxxxx
!!kNcV!J=R!3<C:!686!2=<!?74E5!4@=<>!34549859!2=<E!3=572!HE=3!>:7!H=??=R859d
!!'=>:859!SNX
![7E2!+8>>?7!SLX
!A=37!ScX
!(!+=>!SjX
!/4E75>F!SNX
!! !! !! !! !-E8756F!SLX
!! !! !! !! !AC:==?!ScX
!! !! !! !! !0==QF!SjX
!! !! !! !! !&5>7E57>!SOX
!! !! !! !! !#7684!SaX
!! !! !! !! !b=@!SiX
!! !! !! !! !+8H7!7]G7E875C7!
S\X
!! !! !! !! !-8545C84?!G?4557E!
=E!C=<5F7?=E!SVX
!! !! !! !! !B>:7E!SNMX
!! !! !! !! !!!kNjM!/?74F7!>7??!<F!>:7!3=F>!83G=E>45>!R42F!2=<!?74E576!4@=<>!34549859!3=572t
!!!L\N!kNcO!Z:7E7
!6=!2=<!7]G7C>!>=!?74E5_85CE74F7!2=<E!H8545C84?!Q5=R?7697t
!" /4E75>F!SNX
!" -E8756F!SLX
!" AC:==?!ScX!" 0==QF!SjX
!" &5>7E57>!SOX
!" #7684!SaX
!" b=@!SiX
!" +8H7!7]G7E875C7!S\X
!" -8545C84?!G?4557E!=E!C=<5F7?=E!SVX
!" B>:7E!SNMX
!!!!!L\L!kNLa!.=3G4E859!2=<EF7?H!>=!2=<E!G4E75>FU!R=<?6!2=<!F
42!>:4>!2=<!4E7d
!! #<C:!3=E7!?8Q7?2!>=!F4D7!SNX
!! A=37R:4>!3=E7!?8Q7?2!>=!F4D7!SLX
!! (@=<>!4F!?8Q7?2!>=!F4D7_FG756!ScX
!! A=37R:4>!3=E7!?8Q7?2!>=!FG756!SjX
!! #<C:!3=E7!?8Q7?2!>=!FG756!SOX
!!kNLi!/?74F7!8568C4>7!:=R!=H>75!2=<!759497!85!>:7!H=??=R859!4C>8D8>87Fd
!!'7D7E!
SNX
!$4E7?2!SLX
!A=37>837F!ScX
!(?R42F!SjX
!&!>4?Q!4@=<>!32!
CE768>!C4E6!<F7!
R8>:!32!G4E75>F!
SNX
!! !! !! !! !&!Q77G!32!CE768>!
C4E6!<F7!GE8D4>7!
HE=3!32!G4E75>F
Y!!SLX
!! !! !! !! !&!34Q7!H8545C84?!
67C8F8=5F!@4F76!
=5!R:4>!32!
G4E75>F!:4D7!
6=57!85!F838?4E!
F8><4>8=5F
Y!!ScX
!! !! !! !! !!!!!!L\c!kNjN!J=R!R=<?6!2=<!67FCE8@7!:=R!H8545C7F!R7E7!C=33<58C4>76!85!2=<E!H438?2t
!! #2!G4E75>F!<F<4??2!4E9<76!4@=<>!>:7!H8545C7F!SNX
!! #2!G4E75>F!7]G?8C8>?2!>4<9:>!37!4@=<>!H8545C7F!S7Y9YU!CE768>!C4E6FU!67@>U!@<697>859U!
F4D859FX!SLX
!! Z7!6865o>!>4?Q!3<C:!4@=<>!H8545C
7F!@<>!&!?74E576!S83G?8C8>?2X!HE=3!>:78E!7]43G?7F!ScX
!! &!6865o>!?74E5!4@=<>!H8545C7F!HE=3!32!G4E75>F!83G?8C8>?2!=E!7]G?8C8>?2
Y!!SjX!!!!!L\j!kNL\!/?74F7!8568C4>7!>:7!7]>75>!>=!R:8C:!2=<!>:85Q!2=<E!G4E75>F
!)&$".,+1_"l/+&.&,+1!
>4<9:>
!2=<!4@=<>!>:7!H=??=R859!>=G8CF
!!'7D7E!SNX
!$4E7?2!SLX
!A=37>837F!ScX
!(?R42F!SjX
!0<697>859!SNX
!! !! !! !! !045Q!4CC=<5>F!S7Y9YU!
F4D859F!=E!C:7CQ859X!
SLX
!! !! !! !! !&5D7F>859!ScX
!! !! !! !! !,4]7F!676<C>76!HE=3!
G42C:7CQF!SjX
!! !! !! !! !0<8?6859!9==6!CE768>!
SOX
!! !! !! !! !#768C4?!85F<E45C7!SaX
!! !! !! !! !+8H7!85F<E45C7!SiX
!! !! !! !! !(<>=!85F<E45C7!S\X
!! !! !! !! !$75>7EoF_J=37=R57EoF!
85F<E45C7!SVX
!! !! !! !! !+=45F_)7@>F!SNMX
!! !! !! !! !.E768>!C4E6F!SNNX
!! !! !! !! !A4D859!SNLX
!! !! !! !! !%8D859!>=!C:4E8>87F!SNcX
!! !! !! !! !Z=EQ!H=E!R:4>!2=<!
E7C78D7!SNjX
!! !! !! !! !)8F>859<8F:859!
@7>R775!5776F!456!
R45>F!SNOX
!! !! !! !! !!!kNcM!"]G?845
!:=R!2=<E!G4E75>F!68E7C>?2!>4<9:>!2=<!4@=<>!>:7F7!>=G8CFt
!!!!!L\O!kNLV!/?74F7!8568C4>7!>:7!7]>75>!>=!R:8C:!2=<!&')&$".,+1!B$!&#/+&.&,+1!?74E576!>:7!
H=??=R859!>=G8CF!HE=3!2=<E!G4E75>F
!!'7D7E!SNX
!$4E7?2!SLX
!A=37>837F!ScX
!(?R42F!SjX
!0<697>859!SNX
!! !! !! !! !045Q!
4CC=<5>F!S7Y9YU!
F4D859F!=E!C:7CQ859X!
SLX
!! !! !! !! !&5D7F>859!ScX
!! !! !! !! !,4]7F!676<C>76!HE=3!
G42C:7CQF!SjX
!! !! !! !! !0<8?6859!9==6!CE768>!
SOX
!! !! !! !! !#768C4?!85F<E45C7!SaX
!! !! !! !! !+8H7!85F<E45C7!SiX
!! !! !! !! !(<>=!85F<E45C7!S\X
!! !! !! !! !$75>7EoF_J=37=R57EoF!
85F<E45C7!SVX
!! !! !! !! !+=45F_)7@>F!SNMX
!! !! !! !! !.E768>!C4E6F!SNNX
!! !! !! !! !A4D859!SNLX
!! !! !! !! !%8D859!>=!C:4E8>87F!SNcX
!! !! !! !! !Z=EQ!H=E!R:4>!2=<!
E7C78D7!SNjX
!! !! !! !! !)8F>859<8F:859!
@7>R775!5776F!456!
R45>F!SNOX
!! !! !! !! !!!kNcN!&5!R:4>!R42F!686!2=<!8568E7C>?2!=E!83G?8C8>?2!?74E5!HE=3!2=<E!G4E75>F!
4@=<>!>:7F7!
>=G8CFt
!!kLMO!BD7E4??U!&!R=<?6!C?4FF8H2!?74E5859!HE=3!32!G4E75>F!E794E6859!H8545C84?!34>>7EFd
!! G=F8>8D7!SNX
!! 5794>8D7!SLX!! .?8CQ!>=!RE8>7!.:=8C7!c!ScX
!!kLMa!BD7E4??U!&!R=<?6!C?4FF8H2!32!G4E75>F^!345497375>!=H!>:78E!G7EF=54?!H8545C7Fd
!! G=F8>8D7!SNX
!! 5794>8D7!SLX!! .?8CQ!>=!RE8>7!.:=8C7!c!ScX
!!!!!L\a!kNcL!Z:8C:!=H!>:7!H=??=R859!C?4FF7F!:4D7!2=<!:46!85!J&%J!A.JBB+t!SC:7CQ!4??!>:4>!4GG?2X
!" (!F737F>7E
;?759>:!C=<EF7!85!G7EF=54?!3=572!345497375>!=E!G7EF=54?!H8545C7F!SNX
!" (!G=E>8=5!=H!4!C=<EF7!R:7E7!4>!?74F>!4!R77Q!
R4F!H=C<F76!=5!3=572!345497375>!=E!
G7EF=54?!H8545C7!SLX
!" "C=5=38CF!ScX
!" -8545C7!SjX
!" (CC=<5>859!SOX
!" (!G=E>8=5!=H!4!C=<EF7!R:7E7!4>!?74F>!=57!R77Q!R4F!H=C<F76!=5!7C=5=38CFU!H8545C7U!=E!
4CC=<5>859!SaX
!" '=57!=H!>:7!4@=D7
Y!!SiX!!kNcj!Z:8C:!=H!>:7!H=??=R859!C?4FF7F
!:4D7!2=<!:46!85!.B++"%"t!SC:7CQ!4??!>:4>!4GG?2X
!" (!F737F>7E
;?759>:!C=<EF7!85!G7EF=54?!3=572!345497375>!=E!G7EF=54?!H8545C7F!SNX
!" (!G=E>8=5!=H!4!C=<EF7!R:7E7!4>!?74F>!4!R77Q!R4F!H=C<F76!=5!3=572!345497375>!=E!
G7EF=54?!H8545C7!SLX
!" "C=5=38CF!ScX
!" -8545C7!SjX
!" (CC=<5>859!SOX
!" (!G=E>8=5!=H!4!C=<EF7!R:7E7!4>!?74F>!=57!R77Q!R4F!H=C<F76!=5!7C=5=38CFU!H8545C7U!=E!
4CC=<5>859!SaX
!" &!43!C<EE75>?2!75E=??76!85!4!C=<EF7!>:4>!C=D7EF!G7EF=54?!3=572!345497375>!SiX
!" '=57!=H!>:7!4@=D7!S\X
!!!!!L\i!kNjc!$746!>:7!H=??=R859!3=572!G7EF=54?8>8
7F!456!45FR7E!>:7!I<7F>8=5F!@7?=RY,2G7!Nd!
AG7567EA4>8FH876!73=>8=54??2!R:75!>:72!FG756!3=572W!>756!>=!@7!D7E2!C=3G<?F8D7!
F:=GG7EFY,2G7!Ld!A4D7EA4D7EF!>756!>=!@7!>:7!=GG=F8>7!=H!FG7567EF
;!3=F>!4E7!D7E2!4R4E7!=H!
:=R!3<C:!>:72!@<2U!FG756!456!<F7!8>73F
Y!!,:72!C?8G!C=<G=5FU!Q77G!<G!R8>:!F4?7FU!456!4E7!
4?R42F!>E2859!>=!H89<E7!=<>!:=R!>=!F4D7!3=E7!3=572
Y!!A4D7EF!<F<4??2!:4D7!?8>>?7!>=!5=!67@>
Y!!B5!>:7!7]>E737U!>:72!C45!@7!D87R!4F!HE<94?!=E!C:74GY,2G7!cd!"5>E7GE757<E"5>E7GE757<EF!
SG7=G?7!R:=!E<5!>:78E!=R5!@<F857FFX
!4E7!6E8D75!@2!4!G4FF8=5!>=!?8D7!4!G<EG=F7H<?!?8H7
Y!!,:72!Q5=R!>:4>!E<55859!>:78E!=R5!@<F857FF!8F!4!F<E7!R42!>=!97>!R74?>:
Y!!)7FG8>7!@7859!>:7!
:89:7F>!85C=37!74E57EFU!>:72!C45!@7!R=EQ4:=?8CF!R:=!4E7!5=>!3=>8D4>76!@2!3=572!4?=57
Y!!#=572!8F!<F76!4F!4!R42!>=!
374F<E7!>:78E!4C:87D7375>F
Y!!,:72!75P=2!>:7!G=R7E!456!F>4><F!
>:4>!:4E6!R=EQ!456!3=572!@E859FY,2G7!jd!/?4557E_&5D7F>=E/?4557EF!4E7!D7E2!4R4E7!=H!
3=572
Y!!,:72!<567EF>456!>:78E!H8545C84?!F8><4>8=5!456!>E2!>=!G<>!>:78E!3=572!>=!R=EQ
Y!!$794E6?7FF!=H!>:78E!C<EE7
5>!H8545C7FU!>:72!F77Q!4!642!R:75!G4FF8D7!85D7F>375>F!S3=572!
>:72!74E5!R8>:=<>!R=EQ859X!R8??!98D7!>:73!75=<9:!3=572!>=!C=D7E!4??!=H!>:78E!@8??FY,2G7!Od!
J=4E67EJ=4E67EF!6=!P<F>!>:4>U!>:72!:=4E6!3=572!S456!>756!>=!:=4E6!=>:7E!>:859F!>==X
Y!!J=4E67EF!4E7!<F<4?
?2!4HE486!>=!FG756!3=572U!456!>:72!4E7!4?R42F!F4D859!H=E!4!E4852!642
Y!!,:8F!>2G7!>756F!>=!@7!H<7?76!@2!H74E!D7EF<F!>:7!A4D7EU!R:=!8F!H<7?76!@2!4!67F8E7!>=!@<8?6!4!
F>4@?7!H8545C84?!F8><4>8=5Y,2G7!ad!BG>838F>BG>838F>F!:4D7!4!G74C7!=H!3856!HE=3!3=572
Y!!,:72!R=EE2_>:85Q!>:7!?74F>!4@=<>!3=572U!456!>:78E!3=572!C:=8C7F!4E7!4!?8>>?7!83G<?F8D7U!
@<>!5=>!E8FQ
;=E875>76
Y!!BH>75!85!=E!574E!E7>8E7375>U!>:72!4E7!3=E7!85>7E7F>76!85!75P=2859!
>:78E!3=572!>:45!34Q859!8>!9E=R
Y!!,:72!4E7!5=>!:89:?2!85D=?D76!R8>:!>:78E!3=572U!>4
]7F!=E!
85D7F>375>FU!R:8C:!C=<?6!C4<F7!>:73!F>E7FF!456!34Q7!8>!?7FF!75P=24@?7Y,2G7!id!
BF>E8C:BF>E8C:oF!6=5o>!?8Q7!674?859!R8>:!3=572
Y!!,:72!4E75o>!>E2859!>=!34Q7!4!F>4>7375>!
R8>:!>:78E!G<EC:4F7FU!456!>:72!6=5o>!F:=G!>=!75>7E>485!=E!C:77E!>:73F7?D7F!<G
Y!!,:72!F83G?2!
6=5o>!FG756!3<C:!>837!>:85Q859!4@=<>!>:78E!3=572
Y!!,:72!=H>75!H4C7!H8545C84?!CE8F7F!
@7C4<F7!>:72!686!5=>!674?!R8>:!4!3=572!8FF<7!74E?2!85!8>oF!7]8F>75C7
Y!!,:8F!8568D86<4?!4?F=!
>756F!>=!:4D7!4!?=>!=H!H74E!4E=<56!3=572Y,2G7!\d!-?4F:2!G45>F-?4F:2!H=?
QF!?=D7!58C7!C4EFU!
57R!94697>F!456!@E456
;5437!C?=>:859
Y!!,:72!4E75o>!@4E9485!F:=GG7EFW!>:72!4E7!H4F:8=54@?7!
456!?==Q!>=!34Q7!4!F>4>7375>!R8>:!>:78E!G<EC:4F7F
Y!!,:72!4E7!C=3H=E>4@?7!FG756859!3=572U!
6=5o>!H74E!67@>!456!=H>75!>4Q7!@89!E8FQF!R:75!85D7F>859
Y!!,:7!?7D7?!=H!67@>!=H>75!67G756F!=5!
>:78E!H8545C84?!R8F6=3
Y!!,:72!4E7!:<97!>:E8??!F77Q7EFY
!!kNjj!Z:8C:!=H!>:7!3=572!G7EF=54?8>87F!4@=D7!3=F>!C?=F7?2!67FCE8@7F!1B*t
!! AG7567E!SNX
!! A4D7E!SLX
!! "5>E7GE757<E!ScX
!! /?4557E_&5D7F>=E!SjX
!! J=4E67E!SOX
!! BG>838F>!SaX
!! BF>E8C:!
SiX!! -?4F:2!G45>F!S\X
!!!L\\!kNja!Z:8C:!=H!>:7!3=572!G7EF=54?8>87F!4@=D7!3=F>!C?=F7?2!67FCE8@7F!2=<E!#B,J"$!=E!
-"#(+"!%*($)&('t
!! AG7567E!SNX
!! A4D7E!SLX
!! "5>E7GE757<E!ScX
!! /?4557E_&5D7F>=E!SjX
!! J=4E67E!SOX
!! BG>838F>!SaX
!! BF>E8C:!SiX
!! -?4F:2!G45>F!S\X
!! )=5o>!Q5=R!=E!'=>!4GG
?8C4@?7!SVX
!!kNji!Z:8C:!=H!>:7!3=572!G7EF=54?8>87F!4@=D7!3=F>!C?=F7?2!67FCE8@7F!2=<E!-(,J"$!=E!
#(+"!%*($)&('t
!! AG7567E!SNX
!! A4D7E!SLX
!! "5>E7GE757<E!ScX
!! /?4557E_&5D7F>=E!SjX
!! J=4E67E!SOX
!! BG>838F>!SaX
!! BF>E8C:!SiX
!! -?4F:2!G45>F!S\X
!! )=5o>!Q5=R!=E!'=>!4GG?8C4@?7!SVX
!!kNj\!Z:8C:!=H!>:7!3=572!G7EF=54?8>87F!4@=D7!3=F>!C?=F7?2!67FCE8@7F!2=<E!A&%'&-&.(',!
B,J"$t
!! AG7567E!SNX
!! A4D7E!SLX
!! "5>E7GE757<E!ScX
!! /?4557E_&5D7F>=E!SjX
!! J=4E67E!SOX
!! BG>838F>!SaX
!! BF>E8C:!SiX
!! -?4F:2!G45>F!S\X
!! )=5o>!Q5=R!=E!'=>!4GG?8C4@?7!SVX
!!!L\V!kN\!(FF<37!2=<!
4E7
!!85!2=<E!74E?2!>R75>87F!456!2=<!R=<?6!?8Q7!>=!@<8?6!<G!2=<E!57F>!799!
H=E!4!F7C<E7!E7>8E7375>!85!cM!274EF
Y!!Z:8C:!=H!>:7!H=??=R859!>756F!>=!:4D7!>:7!:89:7F>!
9E=R>:!=D7E!G7E8=6F!=H!>837!4F!?=59!4F!cM!274EF
!! A4D859F!4CC=<5>!SNX!! .:7CQ859!4CC=<5>!SLX
!! .7E>8H8
C4>7F!=H!67G=F8>!4CC=<5>!ScX
!! /<>!3=5>:?2!F4D859F!85!4!68D7EF8H876!9E=R>:!3<><4?!H<56!SjX
!! +=59
;>7E3!,E74F<E2!@=56F!SOX
!! #=572!85!4!F4H7
;@=]!E75>76!HE=3!4!?=C4?!@45Q!SaX
!!kN\V!&5!3=F>!C4F7FU!>:7!?=R7E!>:7!7]G7C>76!E4>7!=H!E7><E5!=5!45!85D7F>375>U!>:7!?=R7E!>:
7!E8FQ!! ,E<7!SNX!! -4?F7!!SLX
!!kNV!(!:89:
;E8FQU!456!:89:
;E7><E5!85D7F>375>!F>E4>792!R=<?6!@7!3=F>!F<8>4@?7!H=Ed
!! (5!7?67E?2!E7>8E76!C=<G?7!?8D859!=5!4!H8]76!85C=37!SNX
!! (!3866?7!4976!C=<G?7!5776859!H<56F!H=E!>:78E!C:8?6E75oF!76<C4>8=5!85!>R=!274EF!SLX
!! (!2=<59!
34EE876!C=<G?7!R8>:=<>!C:8?6E75!ScX
!! (??!=H!>:7!4@=D7!@7C4<F7!>:72!4??!5776!:89:!E7><E5!SjX
!!kLM!Z:8C:!=H!>:7!H=??=R859!C=3@854>8=5!=H!85D7F>375>F!8F!3=F>!E8FQ2t
!! (!3<><4?!H<56!C=5>485859!\Mp!F>=CQF!456!LMp!@=56F!SNX
!! (!3<><4?!H<56!C=5>485859!\Mp!@=56F!456!LM
p!F>=CQF!SLX
!! (5!8567]!H<56!S?8Q7!>:7!AT/!OMMX!ScX
!! A>=CQ!85!4!F859?7!C=3G452!SjX
!!kN\\!$7>8E77F!5776
!xxxxxxxxx!G7EC75>
!=H!>:78E!GE7
;E7>8E7375>!85C=37!>=!3485>485!>:7!F437!
F>4564E6!=H!?8D859!6<E859!E7>8E7375>Y
!! OM;aMp!SNX
!! iM;\Mp!SLX
!! VM;NMMp!ScX
!!kLN!,:7!H89<E
7!>:4>!@7F>!E7H?7C>F!4!3<><4?!H<56oF!G7EH=E345C7!=D7E!4!G7E8=6!=H!274EF!8F
!! &>F!C<EE75>!287?6!SNX
!! ,:7!>=>4?!68D86756F!456!C4G8>4?!9485F!8>!:4F!G486!SLX
!! &>F!>=>4?!E7><E5!ScX
!!!LVM!kLL!1=<!85D7F>76!sNUMMM!85!4!F>=CQ!>R=!274EF!49=
Y!!,:7!F>=CQoF!>E46859!GE8C7!67C?85
76!jMp!>:7!H8EF>!274E!456!E=F7!jMp!>:7!57]>
Y!!(F!4!E7F<?>U!2=<!:4D7
!! +=F>!#=572!SNX
!! #467!#=572!SLX
!! 0E=Q75!"D75!ScX
!!kLj!Z:8C:!=H!>:7!H=??=R859!>2G7F!=H!85D7F>375>!R=<?6!@7F>!GE=>7C>!G<EC:4F859!G=R7E!=H!4!
H438?2T{cVWF!F4D859F!85!>:7!7D75>!=H!4!F<6675!
85CE74F7!85!85H?4>8=5t
!! (!NM
;274E!@=56!8FF<76!@2!4!C=EG=E4>8=5!SNX
!! (!C7E>8H8C4>7!=H!67G=F8>!4>!4!@45Q!SLX
!! (!LO
;274E!C=EG=E4>7!@=56!ScX
!! (!:=<F7!H8545C76!R8>:!4!H8]76
;E4>7!3=E>9497!SjX
!!kLO!&349857!>:4>!>:7!85>7E7F>!E4>7!=5!2=<E!F4D859F!4CC=<5>!R4F!Np!G7E!274
E!456!85H?4>8=5!
R4F!Lp!G7E!274E
Y!!(H>7E!N!274EU!:=R!3<C:!R=<?6!2=<!@7!4@?7!>=!@<2!R8>:!>:7!3=572!85!>:8F!
4CC=<5>t
!! #=E7!>:45!>=642!SNX
!! "]4C>?2!>:7!F437!SLX
!! +7FF!>:45!>=642!ScX
!!kLa!J=R!3<C:!3=572!6=!7]G7E>F!E7C=33756!>:4>!2=<!F7>!4F867!85!4!F:=E>!>7E3!H<56!
H=E!737E975C87Ft
!! c;a!3=5>:F!=H!2=<E!85C=37!SNX
!! c;a!3=5>:F!=H!2=<E!7]G75F7F!SLX
!! "5=<9:!<5>8?!2=<!C45!H856!45=>:7E!P=@!ScX
!! 1=<!6=5o>!5776!45!737E975C2!H<56!@7C4<F7!2=<!C45!I<4?8H2!456!E7C78D7!<573G?=2375>
Y!!SjX!!kLi!$7@7CC4!:4F!F4D76!sNLUMMM!H=E!:7E!C=??797!
7]G75F7F!@2!R=EQ859!G4E>
;>837
Y!!J7E!G?45!8F!
>=!F>4E>!C=??797!57]>!274E!456!F:7!5776F!4??!=H!>:7!3=572!F:7!F4D76
Y!!Z:8C:!=H!>:7!H=??=R859!
8F!>:7
!@7F>!G?4C7!H=E!:7E!C=??797!3=572t
!! +=CQ76!85!:7E!C?=F7>!4>!:=37!SNX
!! A>=CQF!SLX!! .=EG=E4>7!0=56F!ScX
!! (!@45Q!F4D859F
!4CC=<5>!SjX
!!!LVN!kL\!#452!F4D859F!GE=9E43F!4E7!GE=>7C>76!@2!>:7!-767E4?!9=D7E5375>!49485F>!?=FF
Y!!Z:8C:!
=H!>:7!H=??=R859!8F!5=>t
!! (!*YA
Y!!A4D859F!0=56!SNX!! (!C7E>8H8C4>7!=H!67G=F8>!SLX
!! (!@=56!8FF<76!@2!=57!=H!>:7!OM!F>4>7F!ScX
!! (!*YA
Y!!,E74F<E2!0=56!SjX
!!kLV!&H!
2=<!:46!4!F4D859F!4CC=<5>!4>!4!@45Q!R:8C:!=H!>:7!H=??=R859!R=<?6!@7!C=EE7C>!
C=5C7E5859!>:7!85>7E7F>!>:4>!2=<!R=<?6!74E5!=5!>:8F!4CC=<5>t
!! "4E5859F!HE=3!F4D859F!4CC=<5>!85>7E7F>!342!5=>!@7!>4]76!SNX
!! &5C=37!>4]!342!@7!C:4E976!=5!>:7!85>7E7F>!8H!2=<E!85C=37!8F
!:89:!75=<9:Y!!SLX!! A4?7F!>4]!342!@7!C:4E976!=5!>:7!85>7E7F>!>:4>!2=<!74E5!ScX
!! 1=<!C455=>!74E5!85>7E7F>!<5>8?!2=<!G4FF!2=<E!N\>:!@8E>:642!SjX
!!kcM!$=@!456!#=??2!4E7!>:7!F437!497
Y!!(>!497!LO!$=@!@7945!F4D859!sLMMM!4!274E!H=E!NM!274EF!
456!>:75!F>=GG76!4>!497!
cOY!!(>!497!cOU!#=??2!E74?8`76!>:4>!F:7!577676!3=572!H=E!
E7>8E7375>!456!F>4E>76!F4D859!sLMMM!G7E!274E!H=E!cM!274EF!456!>:75!F>=GG76!4>!497!aO
Y!!'=R!>:72!4E7!@=>:!aO!274EF!=?6
Y!!Z:=!:4F!>:7!3=F>!3=572!85!:8F!=E!:7E!E7>8E7375>!4CC=<5>!
S4FF<37!@=>:!85D7F>375>
F!:4D7!>:7!F437!85>7E7F>!E4>7Xt
!! #=??2U!@7C4<F7!F:7!F4D76!3=E7!3=572!=D7E4??!SNX
!! $=@U!@7C4<F7!:8F!3=572!:4F!9E=R5!H=E!4!?=597E!G7E8=6!=H!>837!SLX
!! ,:72!R=<?6!74C:!:4D7!4@=<>!>:7!F437!43=<5>!ScX
!! *54@?7!>=!67>7E3857!R8>:!85H=E34>8=5!GE=D8676!SjX
!!kcN!Z:8C:!4FF
7>!8F!>:7!?74F>!?8I<86!S:4F!>:7!?=R7F>!?8I<868>2Xt
!! A4D859F!4CC=<5>!SNX!! #=572!34EQ7>!4CC=<5>!SLX
!! #=572!85!4!F4H7!67G=F8>!@=]!ScX
!! .7E>8H8C4>7!=H!67G=F8>!SjX
!!kcc!)4D86!P<F>!H=<56!4!P=@!R8>:!4!>4Q7
;:=37!G42!=H!sLUMMM!G7E!3=5>:
Y!!J7!3<F>!G42!sVMM!
H=E!E75>!456!
sNOM!H=E!9E=C7E87F!74C:!3=5>:
Y!!J7!4?F=!FG756F!sLOM!G7E!3=5>:!=5!
>E45FG=E>4>8=5
Y!!&H!:7!@<697>F!sNMM!74C:!3=5>:!H=E!C?=>:859U!sLMM!H=E!E7F>4<E45>F!456!sLOM!
H=E!7D7E2>:859!7?F7U!:=R!?=59!R8??!8>!>4Q7!:83!>=!4CC<3<?4>7!F4D859F!=H!saMMt
!! c!3=5>:F!SNX
!! j!3=5>:F!
SLX!! N!3=5>:!ScX
!! L!3=5>:F!SjX
!!!!!LVL!kcj!Z:8C:!=H!>:7!H=??=R859!F>4>7375>F!@7F>!67FCE8@7F!2=<E!E89:>!>=!C:7CQ!2=<E!CE768>!
:8F>=E2!H=E!4CC<E4C2t
!! 1=<E!CE768>!E7C=E6!C45!@7!C:7CQ76!=5C7!4!274E!H=E!HE77!SNX
!! 1=<!C455=>!F77!2=<E!CE768>!E7C=E6!SLX
!! (??!CE768>!E7C=E6F!
4E7!>:7!GE=G7E>2!=H!>:7!*YA
Y!!%=D7E5375>!456!4CC7FF!8F!=5?2!4D48?4@?7!
>=!>:7!-0&!456!+7567EF!ScX
!! 1=<!C45!=5?2!C:7CQ!2=<E!E7C=E6!H=E!HE77!8H!2=<!4E7!><E576!6=R5!H=E!CE768>!@4F76!=5!4!
CE768>!E7G=E>!SjX
!!kcO!Z:4>!6=7F!4!CE768>!@<E74<!6=t
!! (GGE=D7F!4GG?8C4>8=5F
!H=E!CE768>!SNX
!! &5H=E3F!4GG?8C45>F!=H!>:7!E74F=5F!H=E!67584?!=H!CE768>!SLX
!! "]>756F!CE768>!>=!I<4?8H876!4GG?8C45>F!ScX
!! /E=D867F!CE768>=EF!R8>:!E7G=E>F!=H!C=5F<37EFo!@8??
;G42859!E7C=E6F!SjX
!!kca!Z:8C:!=H!>:7!H=??=R859!C455=>!?794??2!4CC7FF!2=<E!CE768>!E7G=E>
t!! .E768>=EF!SNX
!! "3G?=27EF!SLX
!! (G4E>375>!E75>4?!4975C87F!ScX
!! &5F<E45C7!C=3G4587F!SjX
!! (??!=H!>:7!4@=D7!C45!4CC7FF!2=<E!CE768>!E7G=E>!SOX
!!kci!Z:8C:!=H!>:7!H=??=R859!8F!'B,!C=EE7C>!4@=<>!3=F>
!67@8>!C4E6Ft
!! 1=<!C45!9757E4??2!97>!C4F:!Lj!:=<EF!4!642!SNX
!! 1=<!C45!
9757E4??2!=@>485!85H=E34>8=5!C=5C7E5859!2=<E!@45Q!@4?45C7!4>!45!(,#!34C:857!
SLX!! 1=<!C45!97>!C4F:!452R:7E7!85!>:7!R=E?6!R8>:!5=!H77!ScX
!! 1=<!3<F>!:4D7!4!@45Q!4CC=<5>!>=!:4D7!45!(,#!C4E6!SjX
!!kc\!&5H?4>8=5!C45!C4<F7!68HH8C<?>2!85!3452!R42F
Y!!Z:8C:!9E=<G!R=<?6
!:4D7!>:7!9E74>7F>!
GE=@?73!6<E859!G7E8=6F!=H!:89:!85H?4>8=5!>:4>!?4F>!F7D7E4?!274EFt
!! B?67EU!R=EQ859!C=<G?7F!F4D859!H=E!E7>8E7375>!SNX
!! B?67E!G7=G?7!?8D859!=5!4!H8]76!85C=37!SLX
!! 1=<59!C=<G?7F!R8>:!5=E!C:8?6E75!R:=!@=>:!R=EQ!ScX
!! 1=<59!R=EQ859!C=<G?7F!R8>:!C:8
?6E75!SjX
!!!LVc!kcV!'7>!R=E>:!8Fd
!! ,:7!68HH7E75C7!@7>R775!7]G7568><E7F!456!85C=37!SNX
!! ,:7!68HH7E75C7!@7>R775!?84@8?8>87F!456!4FF7>F!SLX
!! ,:7!68HH7E75C7!@7>R775!C4F:!85H?=R!456!=<>H?=R!ScX
!! ,:7!68HH7E75C7!@7>R775!@=EE=R859F!456!F4D859F!SjX
!! '=57!=H!>:7!4@=D7!SOX
!!kjM!&5!R:8C:!274E!4H>7E!4!C4E!8F!@=<9:>!6=7F!8>!?=F7!8>F!D4?<7!>:7!H4F>7F>t
!! -8EF>!274E!SNX
!! A7C=56!274E!SLX
!! -=<E>:!274E!ScX
!! A7D75>:!274E!SjX
!!kjN!&H!2=<!F89576!4!NL!3=5>:!?74F7!H=E!scMM!G7E!3=5>:!@<>!57D7E!=CC<G876!>:7!4G4E>375>U!
2=<!?794??2!=R7!>:7!?456?=E6d
!! 1=<E!F7C<E8>2!67G=F8>!SNX
!! 1=<E!H8EF>!3=5>:oF!E75>!=H!scMM!SLX
!! 1=<E!>R7?D7!3=5>:F!E75>!=H!scaMM!ScX
!! '=>:859!SjX
!! Z:4>7D7E!>:7!?456?=E6!R45>F!SOX
!!kjc!&H!4!C=5F<37E!H48?F!>=!G42!G7EF=54?!67@>FU!4!CE768>=E!8F!4??=R76!>=!6=!4??!=H!>:7!H=??=R859!
"l."/,d
!! )8FC<FF!>:7!C=5F<37EoF!67@>F!R8>:!:8F!=E!:7E!73G=?27E!SNX
!! 0E859!F<8>!49485F>!>:7!C=5F<37E!SLX
!! ,7??!4!CE768>!@<E74<!>:4>!>:7!4CC=<5>!8F!67?85I<75>!ScX
!! ,<E5!>:7!4CC=<5>!=D7E!>=!4!GE=H7FF8=54?!67@>!C=??7C>=E!SjX
!!kjj!(??!=H!>:7!H=??=R859!4E7!,$*"!=H!@45QE<G>C
87F!"l."/,d
!! &>!8F!3=E7!68HH8C<?>!>=!97>!4!?=R!85>7E7F>!E4>7!?=45!SNX
!! &>!R8??!F>42!=5!2=<E!CE768>!H=E!>75!274EF!SLX
!! (52!?=45!2=<!E7C78D7!R8??!:4D7!4!:89:7E!85>7E7F>!E4>7!6<7!>=!>:7!@45QE<G>C2!ScX
!! -=E!4??!>2G7F!=H!@45QE<G>C87F!2=<!4E7!E7?74F76!HE=3!4??!2=<E!
67@>!SjX
!!kjO!,:7!#BA,!83G=E>45>!H4C>=EF!>:4>!?7567EF!<F7!R:75!67C86859!R:7>:7E!>=!4GGE=D7!4!
?=45!4E7d
!! #4E8>4?!F>4><F!456!5<3@7E!=H!C:8?6E75!SNX
!! "6<C4>8=5!456!=CC<G4>8=5!SLX
!! (97!456!97567E!ScX
!! 08??
;G42859!E7C=E6!456!85C=37!SjX
!!!LVj!kNVL!(!NO
;274E!3=E>9497!>2G8
C4??2!E7I<8E7F!:89:7E!3=5>:?2!G42375>F!>:45!4!cM
;274E!3=E>9497U!@<>!>:7!>=>4?!85>7E7F>!G486!=D7E!>:7!?8H7!=H!>:7!?=45!R8??!@7!?7FFY
!! ,E<7!SNX!! -4?F7!SLX
!!kja!&H!2=<!C=
;F895!4!?=45!H=E!4!HE8756U!>:75!2=<d
!!! 07C=37!7?898@?7!>=!E7C78D7!G4E>!=H!>:7!?=45!GE85C8G?7
!SNX!! [=<C:!H=E!>:7!HE8756oF!E7?84@8?8>2!@<>!:4D7!5=!?794?!=@?894>8=5!H=E!>:7!?=45!SLX
!! (E7!E7FG=5F8@?7!H=E!E7G42859!>:7!?=45!8H!>:7!HE8756!67H4<?>F!ScX
!! (E7!85!@7>>7E!G=F8>8=5!>=!97>!4!G7EF=54?!?=45!SjX
!!kN\i!A><675>F!R8>:!F><675>!?=45F!:4D7!xxxxxxxx!4H>7E!
9E46<4>8=5!<5>8?!>:72!:4D7!>=!@7985!>=!
34Q7!G42375>F!=5!>:78E!F><675>!?=45FY
!! N!3=5>:!SNX
!! a!3=5>:F!SLX
!! N!274E!ScX
!! )7G756F!=5!2=<E!85C=37!SjX
!!kji!Z:8C:!=H!>:7!H=??=R859!F>4>7375>F!8F!>E<7t
!! 045QF!456!=>:7E!?7567EF!F:4E7!>:7!CE768>!:8F>=E2!=H!>:78E!@=EE=R7EF!
R8>:!74C:!=>:7E!456!
4E7!?8Q7?2!>=!Q5=R!=H!452!?=45!G42375>F!>:4>!2=<!:4D7!38FF76!SNX
!! /7=G?7!:4D7!F=!3452!?=45F!8>!8F!D7E2!<5?8Q7?2!>:4>!=57!@45Q!R8??!Q5=R!2=<E!:8F>=E2!R8>:!
45=>:7E!@45Q!SLX
!! 1=<E!@46!?=45!G42375>!E7C=E6!R8>:!=57!@45Q!R8??!5=>!@7!C=5F867E76!
8H!2=<!4GG?2!>=!
45=>:7E!@45Q!H=E!4!?=45
Y!!ScX!! &H!2=<!38FF76!4!G42375>!3=E7!>:45!L!274EF!49=U!8>!C455=>!@7!C=5F867E76!85!4!?=45!
67C8F8=5!SjX
!!kj\!*567E!R:8C:!=H!>:7!H=??=R859!C8EC<3F>45C7F!R=<?6!8>!@7!H8545C84??2!@757H8C84?!>=!2=<!>=!
@=EE=R!3=572
!>=!@<2!F=3
7>:859!5=R!456!E7G42!8>!R8>:!H<><E7!85C=37t
!! Z:75!2=<!5776!>=!@<2!4!C4E!>=!97>!4!3<C:!@7>>7E!G42859!P=@!SNX
!! Z:75!2=<!E74??2!5776!4!R77Q!D4C4>8=5!SLX
!! Z:75!F=37!C?=>:7F!2=<!?8Q7!9=!=5!F4?7!ScX
!! Z:75!>:7!85>7E7F>!=5!>:7!?=45!8F!9E74>7E!>:45!>:7!85>7E7F>!2=<!97>
!=5!2=<E!F4D859F!SjX
!!!LVO!kjV!AC=>>!456!"E8C!74C:!:4D7!4!9==6!CE768>!:8F>=E2
Y!!,:72!R=EQ!4>!>:7!F437!C=3G452!456!
34Q7!4GGE=]834>7?2!>:7!F437!F4?4E2
Y!!AC=>>!:4F!@=EE=R76!saMMM!>=!>4Q7!4!H=E7895!D4C4>8=5
Y!!"E8C!:4F!@=EE=R76!saMMM!>=!@<2!4!C4E
Y!!Z:=!8F!?8Q7?2!>=!
G42!>:7!?=R7F>!H8545C7!C:4E97t
!! "E8C!R8??!G42!?7FF!@7C4<F7!>:7!C4E!8F!C=??4>7E4?!H=E!>:7!?=45!SNX
!! ,:72!R8??!@=>:!G42!>:7!F437!@7C4<F7!>:7!E4>7!8F!F7>!@2!?4R!SLX
!! AC=>>!R8??!G42!?7FF!@7C4<F7!G7=G?7!R:=!>E4D7?!=D7EF74F!4E7!@7>>7E!E8FQF!ScX
!! ,:72!R8??!@=>:!G42!>
:7!F437!@7C4<F7!>:72!:4D7!4?3=F>!8675>8C4?!H8545C84?!@4CQ9E=<56F!
SjX!!kOM!&H!4!CE768>!C4E6!4CC=<5>!:4F!4!@4?45C7!C4EE876!=D7E!HE=3!>:7!GE7D8=<F!3=5>:U!85>7E7F>!
C:4E97F!4CCE<7d!! -E=3!>:7!@79855859!=H!>:7!F>4>7375>!G7E8=6!SNX
!! B57!3=5>:!4H>7E!>:7!64>7!=H!>:7!
G<EC:4F7!SLX
!! (H>7E!4!L
;R77Q!9E4C7!G7E8=6!ScX
!! (H>7E!4!L
;3=5>:!9E4C7!G7E8=6!SjX
!!kON!Z:8C:!=H!>:7!H=??=R859!F>4>7375>F!8F!,$*"!4@=<>!>:7!455<4?!G7EC75>497!E4>7!S(/$Xt
!! (/$!8F!>:7!4C><4?!E4>7!=H!85>7E7F>!G486!=D7E!>:7!?8H7!=H!>:7!?=45!SNX
!! (/$!8F!4!9==6!374F<E7
!=H!C=3G4E859!?=45!C=F>F!SLX
!! (/$!>4Q7F!85>=!4CC=<5>!4??!?=45!H77F!ScX
!! (??!=H!>:7!4@=D7!SjX
!! '=57!=H!>:7!4@=D7!SOX
!!kOL!04E@4E4!:4F!P<F>!4GG?876!H=E!4!CE768>!C4E6
Y!!A:7!8F!45!N\;274E!=?6!:89:!FC:==?!9E46<4>7!
R8>:!4!H7R!D4?<4@?7!G=FF7FF8=5F!456!5=!CE768>!:8F>
=E2Y!!&H!04E@4E4!8F!9E45>76!4!CE768>!C4E6U!
R:8C:!=H!>:7!H=??=R859!8F!>:7!3=F>!?8Q7?2!R42!>:4>!>:7!CE768>!C4E6!C=3G452!R8??!E76<C7!&,A!
E8FQt
!! &>!R8??!34Q7!04E@4E4oF!G4E75>F!G?7697!>:78E!:=37!>=!E7G42!04E@4E4oF!CE768>!C4E6!67@>!SNX
!! &>!R8??!E7I<8E7!04E@4E4!>=!
:4D7!@=>:!G4E75>F!C=
;F895!H=E!>:7!C4E6!SLX
!! &>!R8??!C:4E97!04E@4E4!>R8C7!>:7!H8545C7!C:4E97!E4>7!8>!C:4E97F!=?67E!C4E6:=?67EF!ScX
!! &>!R8??!F>4E>!04E@4E4!=<>!R8>:!4!F34??!?857!=H!CE768>!>=!F77!:=R!F:7!:456?7F!>:7!4CC=<5>!
SjX!!kOc!&H!2=<E!CE768>!C4E6!8F!F>=?75
U!456!>:7!>:87H!E<5F!<G!4!>=>4?!67@>!=H!sNMMMU!@<>!2=<!5=>8H2!
>:7!8FF<7E!=H!>:7!C4E6!4F!F==5!4F!2=<!68FC=D7E!8>!8F!38FF859U!R:4>!8F!>:7!34]83<3!43=<5>!
>:4>!2=<!C45!@7!H=EC76!>=!G42!4CC=E6859!>=!-767E4?!?4R
!! sOMM!SNX!! sNMMM!SLX!! '=>:859!ScX
!! sOM!SjX!!!LVa!kOj!Z:8C:!
=H!>:7!H=??=R859!CE768>!C4E6!<F7EF!8F!?8Q7?2!>=!G42!>:7!%$"(,"A,!6=??4E!43=<5>!
85!H8545C7!C:4E97F!G7E!274EU!8H!>:72!4??!C:4E97!>:7!F437!43=<5>!G7E!274E!=5!>:78E!C4E6Ft
!! b7FF8C4U!R:=!G42F!4>!?74F>!>:7!38583<3!43=<5>!74C:!3=5>:U!456!3=E7!R:75!F:7!:4F!>:7!
3=57
2!SNX!! [7E4U!R:=!9757E4??2!G42F!=HH!:7E!CE768>!C4E6!85!H<??!@<>U!=CC4F8=54??2U!R8??!G42!>:7!
38583<3!R:75!F:7!8F!F:=E>!=H!C4F:!SLX
!! #7945U!R:=!4?R42F!G42F!=HH!:7E!CE768>!C4E6!@8??!85!H<??!F:=E>?2!4H>7E!F:7!E7C78D7F!8>!ScX
!! "E85U!R:=!=5?2!G42F!>:7!38583<3!43=<5
>!74C:!3=5>:!SjX
!! b7FF8C4!456!"E85!G42!>:7!F437!SOX
!!kOO!,:7!68HH7E75C7
!@7>R775!4!67@8>!67@8>!C4E6
!456!4!CE768>
!C4E6!8Fd!!! ,:7!?84@8?8>2!8F!9E74>7E!R8>:!>:7!67@8>!C4E6!8H!?=F>!=E!F>=?75!SNX
!! ,:7!3=572!C=37F!68E7C>?2!=<>!=H!2=<E!@45Q!4CC=<5>!SLX
!! ,:7E7!8F!5=!9E4C7!G7E8=6!ScX
!! '=!85>7E7F>!8F!C:4E976!R:75!<F859!45!(,#!67@8>!C4E6!SjX
!! (??!=H!>:7!4@=D7!SOX
!!!!!LVi!kOa!,:7!3485!E74F=5!>=!G<EC:4F7!85F<E45C7!8F!>=d
!! /E=>7C>!2=<!HE=3!4!?=FF!E7C75>?2!85C<EE76!SNX
!! /E=D867!2=<!R8>:!7]C7??75>!85D7F>375>!E7><E5F!SLX
!! /E=>7C>!2=<!HE=3
!F<F>485859!4!C4>4F>E=G:8C!?=FF!ScX
!! /E=>7C>!2=<!HE=3!F34??!85C8675>4?!?=FF7F!SjX
!! &3GE=D7!2=<E!F>4564E6!=H!?8D859!@2!H8?859!HE4<6<?75>!C?483F!SOX
!!kNVN!&5F<E45C7!C=F>F!C45!@7!E76<C76!@2!:4D859!:89:!676<C>8@?7!C?4<F7F!85!2=<E!C=5>E4C>FY
!! ,E<7!SNX!! -4?F7!SLX
!!kOi!#452!2=<59!G7=G?7!E7C78D7!:74?>:!85F<E45C7!@757H8>F!>:E=<9:!>:78E!G4E75>F
Y!!Z:8C:!=H!
>:7!H=??=R859!F>4>7375>F!8F!>E<7!4@=<>!:74?>:!85F<E45C7!C=D7E497t
!! 1=<!4E7!C=D7E76!@2!2=<E!G4E75>Fo!85F<E45C7!<5>8?!2=<!34EE2U!E794E6?7FF!=H!2=<E!497!SNX
!! &H!2=<E!G4E75>
F!@7C=37!<573G?=276U!2=<E!85F<E45C7!C=D7E497!342!F>=GU!E794E6?7FF!=H!
2=<E!497!SLX!! 1=<59!G7=G?7!6=5o>!5776!:74?>:!85F<E45C7!@7C4<F7!>:72!4E7!F=!:74?>:2!ScX
!! 1=<!C=5>85<7!>=!@7!C=D7E76!@2!2=<E!G4E75>Fo!85F<E45C7!4F!?=59!4F!2=<!?8D7!4>!:=37U!
E794E6?7FF!=H!2=<E
!497!SjX
!!kO\!&H!74C:!=H!>:7!H=??=R859!G7EF=5F!:46!>:7!F437!43=<5>!=H!>4Q7!:=37!G42U!R:=!R=<?6!
5776!>:7!9E74>7F>!43=<5>!=H!?8H7!85F<E45C7t
!! (5!7?67E?2!E7>8E76!345U!R8>:!4!R8H7!R:=!8F!4?F=!E7>8E76!SNX
!! (!2=<59!34EE876!345!R8>:=<>!C:8?6E75!SLX
!! (!2=<59!F859?7!R
=345!R8>:!>R=!2=<59!C:8?6E75!ScX
!! (!2=<59!F859?7!R=345!R8>:=<>!C:8?6E75!SjX
!!kOV!(FF<37!2=<!4E7!85!2=<E!74E?2!>R75>87FU!6=5o>!:4D7!4!?=>!=H!3=572U!4E7!34EE876!456!
:4D7!=57!C:8?6
Y!!(FF<3859!2=<!4?E7462!:4D7!68F4@8?8>2!85F<E45C7!>:E=<9:!2=<E!73G?=2375>U!
R:8C:
!=H!>:7!H=??=R859!R=<?6!2=<!6=!E794E6859!2=<E!?8H7!85F<E45C7t
!! 1=<!R=<?6!@<2!4!>7E3!?8H7!85F<E45C7!G=?8C2!SNX
!! 1=<!GE=@4@?2!6=!5=>!5776!>=!@<2!452!?8H7!85F<E45C7!G=?8C2!SLX
!! 1=<!R=<?6!@<2!H?89:>!85F<E45C7!74C:!>837!2=<!>E4D7?!@2!48E!ScX
!! 1=<!R=<?6!@<2!4!C4F:!D
4?<7!85F<E45C7!G=?8C2!SjX
!!!LV\!kaM!&H!45!4<>=!85F<E45C7!G=?8C2!:4F!@=68?2!85P<E2!?838>F!=H!sNMMUMMM_scMMUMMMU!>:7!85F<E76!
G7EF=5!8F!C=D7E76!H=Ed
!! *G!>=!sNMMUMMM!H=E!74C:!4CC8675>!@<>!5=!3=E7!>:45!scMMUMMM!H=E!>:7!?8H7!=H!>:7!G=?8C2!SNX
!! *G!>=!sNMMUMMM!H=E!3768C4
?!@8??F!@<>!5=!3=E7!>:45!scMMUMMM!H=E!:=FG8>4?!C=F>F!SLX
!! *G!>=!sNMMUMMM!H=E!74C:!G7EF=5!85P<E76!@<>!5=!3=E7!>:45!scMMUMMM!H=E!74C:!4CC8675>!
ScX!! *G!>=!sNMMUMMM!H=E!G7=G?7!85!>:7!85F<E76!4<>=!@<>!5=!3=E7!>:45!scMMUMMM!H=E!G7=G?7!
=<>F867!=H!>:7!85F<E76!4<>=!S
jX!!!!!LVV!kaj!.:==F7!>:7!>2G7!=H!85F<E45C7!C=D7E497!>:4>!G42F!H=E!>:7!H=??=R859d
!!kaO!,:7!E7G?4C7375>!=H!2=<E!C4E!8H!F>=?75
!! +84@8?8>2!SNX
!! .=3GE7:75F8D7!SLX
!! .=??8F8=5!ScX
!! *585F<E76!3=>=E8F>!SjX
!!kaa!(!?=FF!E7F<?>859!HE=3!4!?4RF<8>
!! +84@8?8>2!SNX
!! .=3GE7:75F8D7!
SLX!! .=??8F8=5!ScX
!! *585F<E76!3=>=E8F>!SjX
!!kai!)43497!>=!2=<E!=R5!C4E!HE=3!45!4CC8675>!C4<F76!@2!2=<
!! +84@8?8>2!SNX
!! .=3GE7:75F8D7!SLX
!! .=??8F8=5!ScX
!! *585F<E76!3=>=E8F>!SjX
!!!!!cMM!kaV!&H!2=<!R75>!>=!C=??797!456!74E576!4!H=<E
;274E!679E77U!:=R!3<C:!3=E7!3=572!C=<?6!
2=<!7]G7C>!>=!74E5!8H!2=<!=5?2!:46!4!:89:!FC:==?!68G?=34t
!! '=!3=E7W!&!R=<?6!34Q7!4@=<>!>:7!F437!78>:7E!R42!SNX
!! (!?8>>?7!3=E7W!4@=<>!LMp!3=E7!SLX
!! (!?=>!3=E7W!4@=<>!iMp!3=E7!ScX
!!kiM!.:7?F74!R=EQ76!:7E!R42!>:E=<9:!C=??797!74E5859!4@=<>!sNOUMMM!G7E!274E
Y!!(H>7
E!9E46<4>8=5U!:7E!H8EF>!P=@!G42F!scMUMMM
Y!!,:7!>=>4?!43=<5>!.:7?F74!R8??!:4D7!>=!G42!85!-767E4?!
&5C=37!>4]7F!85!:7E!57R!P=@!R8??d
!! )=<@?7U!4>!?74F>U!HE=3!R:75!F:7!R4F!85!C=??797!SNX
!! %=!<G!4!?8>>?7!HE=3!R:75!F:7!R4F!85!C=??797!SLX
!! A>42!>:7!F437!4F!R:75!F:7!
R4F!85!C=??797!ScX
!! 07!?=R7E!>:45!R:75!F:7!R4F!85!C=??797!SjX
!!kiN!#4>>!:4F!4!9==6!P=@!=5!>:7!GE=6<C>8=5!?857!=H!4!H4C>=E2!85!:8F!:=37!>=R5
Y!!)<E859!>:7!
G4F>!274E!=E!>R=!>:7!F>4>7!85!R:8C:!#4>>!?8D7F!:4F!@775!E48F859!>4]7F!=5!8>F!@<F857FF7F!>=!>:7!
G=85>!R:7E7!>:72!4E7!3<C:!:89:7E!>:45!85!5789:@=E859!F>4>7F
Y!!Z:4>!7HH7C>!8F!>:8F!?8Q7?2!>=!
:4D7!=5!#4>>oF!P=@t
!! J89:7E!@<F857FF!>4]7F!R8??!C4<F7!3=E7!@<F857FF7F!>=!3=D7!85>=!#4>>oF!F>4>7U!E48F859!
R497F!SNX
!! J89:7E!@<F857FF!>4]7F!C45o>!:4D7!452!7HH7C>!=5!#4>>oF!P=@!S
LX!! #4>>oF!C=3G452!342!C=5F867E!3=D859!>=!4!?=R7E!>4]!F>4>7U!>:E74>75859!#4>>oF!P=@!ScX
!! J7!8F!?8Q7?2!>=!97>!4!?4E97!E48F7!>=!=HHF7>!>:7!7HH7C>!=H!:89:7E!>4]7F!SjX
!!kiL!1=<E!>4Q7!:=37!G42!HE=3!2=<E!P=@!8F!?7FF!>:45!>:7!>=>4?!43=<5>!2=<!74E5
Y!!Z:8C:!=H!>:7!
H=??=R859!@7F>!67FCE8@7F!R:4>!8F!>4Q75!=<>!=H!2=<E!>=>4?!G42
!! -767E4?!85C=37!>4]U!GE=G7E>2!>4]U!456!#768C4E7!456!F=C84?!F7C<E8>2!C=5>E8@<>8=5F!SNX
!! A=C84?!F7C<E8>2!456!#768C4E7!C=5>E8@<>8=5F!SLX
!! -767E4?!85C=37!>4]U!F=C84?!F7C<E8>2!456!#768C4E7!C=5>E8@<>8=5F!Sc
X!! -767E4?!85C=37!>4]U!F4?7F!>4]U!456!F=C84?!F7C<E8>2!C=5>E8@<>8=5!SjX
!! -767E4?!85C=37!>4]U!F=C84?!F7C<E8>2!456!#768C4E7!C=5>E8@<>8=5FU!456!F>4>7!456!?=C4?!>4]7F!
SOX!!kic!&F!4!sOMM!>4]!CE768>!=E!4!sOMM!>4]!676<C>8=5!3=E7!D4?<4@?7!>=!2=<t
!! (!sOMM!>4]!CE768>!SN
X!! (!sOMM!>4]!676<C>8=5!SLX
!! ,:72!4E7!>:7!F437!ScX
!! )7G756F!=5!2=<E!>4]!@E4CQ7>!SjX
!!!cMN!kNiV!Z:4>!8F!2=<E!97567Et
!! #4?7!SNX
!! -734?7!SLX
!!kNOO!Z:8C:!<58D7EF8>2!6=!2=<!4>>756t
!! &!4>>756d!SNX!xxxxxxxxxxxxxxxxxxxx
!!kNVj!&5!R:8C:!F737F>7E!4E7!2=<!C<EE75>?2!75E=??76t
!!kLMi!&F!>:7!C<EE75>!C=<EF7!2=<!4E7!>4Q859!E7I<8E76!H=E!2=<E!34P=E!=E!45!7?7C>8D7t
!! E7I<8E76!H=E!34P=E!SNX
!! 45!7?7C>8D7!SLX
!! =>:7E!ScX!xxxxxxxxxxxxxxxxxxxx
!!kN\M!Z:4>!8F!2=<E!4C46738C!F>456859t
!! -E7F:345!SNX
!! A=G:=3=E7!SLX
!! b<58=E!ScX
!! A758=E!SjX
!! %E46<4>7!A><675>!
SOX!!kNOa!Z:8C:!=H!>:7!H=??=R859!@7F>!67FCE8@7F!2=<E!F>4><F!4F!4!F><675>t
!! &!43!4!H<??
;>837!<567E9E46<4>7!F><675>!4>!4!H=<E!274E!C=??797!SNX
!! &!43!4!H<??
;>837!<567E9E46<4>7!F><675>!4>!4!>R=!274E!C=??797!=E!<58D7EF8>2!SLX
!! &!43!5=>!C<EE75>?2!4!F><675>!ScX
!!kNO
i!Z:4>!8F!>:7!:89:7F>!?7D7?!=H!76<C4>8=5!2=<!7]G7C>!>=!4C:87D7t
!! (FF=C84>7!679E77!S>R=
;274EX!SNX!! 04C:7?=E!679E77!SH=<E
;274EX!SLX!! #4F>7EoF!679E77!ScX
!! )=C>=E4>7U!?4RU!=E!GE=H7FF8=54?!SF8]
;274E!=E!3=E7X!SjX
!!kN\j!#2!76<C4>8=5!8F!G486!@2!S85C?<6859!R:=!R8??!G42
!=HH!F><675>!?=45F!8H!4GG?8C4@?7Xt
!! A7?H!S?=45FU!FC:=?4EF:8GFU!9E45>FU!=>:7E!H8545C84?!486X!SNX
!! /4E75>F!=E!=>:7E!H438?2!SLX
!! #=F>?2!A7?H!S3=E7!>:45!OMpX!ScX
!! #=F>?2!G4E75>F!S3=E7!>:45!OMpX!SjX
!! OMp!F7?HU!OMp!G4E75>F!SOX
!! "3G?=27E!SaX
!! #8?8>4E2!SiX
!!!cML!kN\L!Z:4>!R4F
!>:7!:89:7F>!?7D7?!=H!76<C4>8=5!4C:87D76!@2!2=<E!-(,J"$_#(+"!
%*($)&('t
!! )=5o>!Q5=R!SNX
!! +7FF!>:45!:89:!FC:==?!SLX
!! J89:!FC:==?!=E!7I<8D4?75>!ScX
!! A=37!C=??797!SjX
!! (FF=C84>7F_C=33<58>2!C=??797!679E77!SOX
!! 04C:7?=EoF!679E77!SaX
!! #4F>7EFU!6=C>=E4>7U!=E!GE=H7FF8=54?
!SiX!! ,E467!FC:==?!S\X
!! #8?8>4E2!4C46732!SVX
!!kN\c!Z:4>!R4F!>:7!:89:7F>!?7D7?!=H!76<C4>8=5!4C:87D76!@2!2=<E!#B,J"$_-"#(+"!
%*($)&('t
!! )=5o>!Q5=R!SNX
!! +7FF!>:45!:89:!FC:==?!SLX
!! J89:!FC:==?!=E!7I<8D4?75>!ScX
!! A=37!C=??797!SjX
!! (FF=C84>7F_C=33<58>2!C=??797!679E77!
SOX!! 04C:7?=EoF!679E77!SaX
!! #4F>7EFU!6=C>=E4>7U!=E!GE=H7FF8=54?!SiX
!! ,E467!FC:==?!S\X
!! #8?8>4E2!4C46732!SVX
!!kNO\!Z:4>!8F!2=<E!@7F>!7F>834>7!=H!2=<E!G4E75>Fo_9<4E6845Fo!>=>4?!85C=37!?4F>!274Et!
.=5F867E!455<4?!85C=37!HE=3!4??!F=<EC7F!@7H=E7!>4]7FY
!! +7FF!>:45!sLM
UMMM!SNX!! sLMUMMM;scVUVVV!SLX!! sjMUMMM;sOVUVVV!ScX!! saMUMMM;siVUVVV!SjX!! s\MUMMM;sNjVUVVV!SOX!! sNOMUMMM!=E!3=E7!SaX
!! )=5o>!Q5=R!SiX
!!!cMc!kNOV!J=R!6=!2=<!67FCE8@7!2=<EF7?Ht
!! Z:8>7!=E!.4<C4F845!SNX
!! 0?4CQ!=E!(HE8C45!(37E8C45!SLX
!! J8FG458C!(37E8C45!ScX
!! (F845!(37E8C45!SjX
!! (37E8C45!&56845U!(?4FQ4!'4>8D7U!=E!'4>8D7!J4R4885!SOX
!! B>:7E!SaX
!!kNaj!Z7E7!2=<!E48F76!85!>:7!*58>76!A>4>7Ft
!! 17F!SNX
!! '=!SLX
!!!!!cMj!(5FR7E!&H!Z7E7!2=<!E48F76!85!>:7!*58>76!A>4>7Ft!'=!&F!A7?7C>76
!ka!&5!R:8C:!C=<5>E2!R7E7!2=<!E48F76t
!! (H9:458F>45!SNX
!! (?@4584!SLX
!! (?97E84!ScX
!! (56=EE4!SjX
!! (59=?4!SOX
!! (5>89<4!456!04E@<64!SaX
!! (E975>854!SiX
!! (E37584!S\X
!! (<F>E4?84!SVX
!! (<F>E84!SNMX
!! (`7E@48P45!SNNX
!! 04:434F!SNLX
!! 04:E485!SNcX
!! 0459?467F:!SNjX
!! 04E@46=F!SNOX
!! 07?4E<F!SNaX
!! 07?98<3!SNiX
!! 07?8`7!SN\X
!! 07585!SNVX
!! 0:<>45!SLMX
!! 0=?8D84!
SLNX!! 0=F584!456!J7E`79=D854!SLLX
!! 0=>FR454!SLcX
!! 0E4`8?!SLjX
!! 0E<578!)4E<FF4?43!SLOX
!! 0<?94E84!SLaX
!! 0<EQ854!-4F=!SLiX
!! 0<E<568!SL\X
!! .43@=684!SLVX
!! .437E==5!ScMX
!! .45464!ScNX
!! .4G7![7E67!ScLX
!! .75>E4?!(HE8C45!$7G<@?8C!SccX
!! .:46!ScjX
!! .:8?7!ScOX
!! .:854!ScaX
!! .=?=3@84!Sc
iX!! .=3=E=F!Sc\X
!!cMO!! .=59=U!$7G<@?8C!=H!>:7YY
Y!!ScVX!! .=F>4!$8C4!SjMX
!! .}>7!6o&D=8E7!SjNX
!! .E=4>84!SjLX
!! .<@4!SjcX
!! .2GE<F!SjjX
!! .`7C:!$7G<@?8C!SjOX
!! )73=CE4>8C!/7=G?7oF!$7G<@?8C!=H!e=E74!SjaX
!! )73=CE4>8C!$7G<@?8C!=H!>:7!.=59=!SjiX
!! )7534EQ!Sj\X
!! )P8@=<>8!SjVX
!! )=3858C4!
SOMX!! )=3858C45!$7G<@?8C!SONX
!! "C<46=E!SOLX
!! "92G>!SOcX
!! "?!A4?D46=E!SOjX
!! "I<4>=E84?!%<8574!SOOX
!! "E8>E74!SOaX
!! "F>=584!SOiX
!! ">:8=G84!SO\X
!! -8P8!SOVX
!! -85?456!SaMX
!! -E45C7!SaNX
!! %4@=5!SaLX
!! %43@84!SacX
!! %7=E984!SajX
!! %7E3452!SaOX
!! %:454!SaaX
!! %E77C7!SaiX!! %E75464!Sa\X
!! %<4>734?4!SaVX
!! %<8574!SiMX
!! %<8574;08FF4<!SiNX
!! %<2454!SiLX
!! J48>8!SicX
!! J=56<E4F!SijX
!! J=59!e=59!SAY(Y$YX!SiOX
!! J<594E2!SiaX
!! &C7?456!SiiX
!! &5684!Si\X
!!cMa!! &56=57F84!SiVX
!! &E45U!&F?438C!$7G<@?8C!=HYY
Y!!S\MX!! &E4I!S\NX
!! &E7?456!S\LX
!! &FE47?!S\cX
!! &>4?2!S\jX
!! b4348C4!S\OX
!! b4G45!
S\aX!! b=E645!S\iX
!! e4`4Q:F>45!S\\X
!! e7524!S\VX
!! e8E8@4>8!SVMX
!! e<R48>!SVNX
!! e2E92`F>45!SVLX
!! +4=!/7=G?7oF!)73=CE4>8C!$7G<@?8C!SVcX
!! +4>D84!SVjX
!! +7@45=5!SVOX
!! +7F=>:=!SVaX
!! +8@7E84!SViX
!! +8@245!(E4@!b434:8E824!SV\X
!! +87C:>75F>785!SVVX
!! +8>:<4584!SNMMX
!! +<]73@=<E9!SNMNX
!! #46494FC4E!SNMLX
!! #4?4R8!SNMcX
!! #4?42F84!SNMjX
!! #4?68D7F!SNMOX
!! #4?8!SNMaX
!! #4?>4!SNMiX
!! #4EF:4??!&F?456F!SNM\X
!! #4<E8>4584!SNMVX
!! #4<E8>8<F!SNNMX
!! #7]8C=!SNNNX
!! #8CE=57F84U!-767E4>76!A>4>7F!=HYY
Y!!SNNLX!! #=54C=!SNNcX
!! #=59=?84!SNNjX
!! #=5>7579E=!SNNOX
!! #=E=CC=!SNNaX
!! #=`43@8I<7!SNNiX
!! #24534E!SNN\X
!!cMi!! '438@84!SNNVX
!! '4<E<!SNLMX
!! '7G4?!SNLNX
!! '7>:7E?456F!SNLLX
!! '7R!g74?456!SNLcX
!! '8C4E49<4!SNLjX
!! '897E!SNLOX
!! '897E84!SNLaX
!! '=ER42!SNLiX
!! B345!SNL\X
!! /4Q8F>45!SNLVX
!! /4?4<!SNcMX
!! /45434!SNcNX
!! /4G<4!'7R!%<8574!SNcLX
!! /4E49<42!SNccX!! /7E<!SNcjX!! /:8?8GG857F!SNcOX
!! /=?456!SNcaX
!! /=E><94?!SNciX
!! k4>4E!SNc\X
!! $7G<@?8C!=H!e=E74!SNcVX
!! $7G<@?8C!=H!#=?6=D4!SNjMX!! $=34584!SNjNX
!! $<FF845!-767E4>8=5!SNjLX
!! $R4564!SNjcX!! A485>!e8>>F!456!'7D8F!SNjjX!! A485>!+<C84!SNjOX
!! A485>![85C75>!456!>:7!%E7546857F!SNjaX
!! A43=4
!SNjiX!! A45!#4E85=!SNj\X
!! A4=!,=37!456!/E85C8G7!SNjVX
!! A4<68!(E4@84!SNOMX
!! A75794?!SNONX!! A7E@84!SNOLX
!! A72C:7??7F!SNOcX!! A87EE4!+7=57!SNOjX
!! A8594G=E7!SNOOX
!! A?=D4Q84!SNOaX!! A?=D7584!SNOiX!! A=?=3=5!&F?456F!SNO\X
!!cM\!! A=34?84!SNOVX
!! A=<>:!(HE8C4!SNaMX
!! AG485!SNaNX!! AE8!+45Q4
!SNaLX!! A<645!SNacX!! A<E85437!SNajX
!! AR4`8?456!SNaOX
!! AR7675!SNaaX!! AR8>`7E?456!SNaiX
!! A2E845!(E4@!$7G<@?8C!SNa\X
!! ,4P8Q8F>45!SNaVX
!! ,:48?456!SNiMX
!! ,:7!H=E37E!1<9=F?4D!$7G<@?8C!=H!#4C76=584!SNiNX
!! ,83=E
;+7F>7!SNiLX
!! ,=9=!SNicX!! ,=594!SNijX
!! ,E858646!456!,=@49=!SNiOX
!! ,<58F84!SNiaX
!! ,<EQ72!SNiiX
!! ,<EQ3758F>45!SNi\X
!! ,<D4?<!SNiVX
!! *94564!SN\MX!! *QE4857!SN\NX
!! *58>76!(E4@!"38E4>7F!SN\LX
!! *58>76!e8596=3!=H!%E74>!0E8>485!456!'=E>:7E5!&E7?456!SN\cX
!! *58>76!$7G<@?8C!=H!,45`4584!SN\jX
!! *58>76!A>4>7F!=H!(37E8C4!SN\OX
!! *E<9<42!SN\aX!! *`@7Q8
F>45!SN\iX
!! [45<4><!SN\\X
!! [757`<7?4U!0=?8D4E845!$7G<@?8C!=HYY
Y!!SN\VX!! [87>!'43!SNVMX
!! 17375!SNVNX
!! g43@84!SNVLX
!! g83@4@R7!SNVcX
!!!cMV!(5FR7E!&H!Z7E7!2=<!E48F76!85!>:7!*58>76!A>4>7Ft!17F!&F!A7?7C>76
!kL!&5!R:8C:!F>4>7!R7E7!2=<!E48F76t
!! (?4@434!SNX
!! (?4FQ4!SLX
!! (E8`=54!
ScX!! (EQ45F4F!SjX
!! .4?8H=E584!SOX
!! .=?=E46=!SaX
!! .=557C>8C<>!SiX
!! )7?4R4E7!S\X
!! )8F>E8C>!=H!.=?<3@84!SVX
!! -?=E864!SNMX
!! %7=E984!SNNX
!! J4R488!SNLX
!! &64:=!SNcX
!! &??85=8F!SNjX
!! &568454!SNOX
!! &=R4!SNaX
!! e45F4F!SNiX
!! e75><CQ2!SN\X
!! +=<8F8454!SNVX
!! #4857!SLMX
!! #4E2?456!SLNX
!! #4FF4C:<F7>>F!SLLX
!! #8C:8945!SLcX
!! #8557F=>4!SLjX
!! #8FF8FF8GG8!SLOX
!! #8FF=<E8!SLaX
!! #=5>454!SLiX
!! '7@E4FQ4!SL\X
!! '7D464!SLVX
!! '7R!J43GF:8E7!ScMX
!! '7R!b7EF72!ScNX
!! '7R!#7]8C=!ScLX
!! '7R!1=EQ!SccX
!! '=E>:!.4E=?854!ScjX
!! '=E>:!)4Q=>4!ScOX
!! B:8=!ScaX
!! BQ?4:=34!SciX
!! BE79=5!Sc\X
!!cNM!! /755F2?D4584!ScVX
!! /<7E>=!$8C=!SjMX
!! $:=67!&F?456!SjNX!! A=<>:!.4E=?854!SjLX
!! A=<>:!)4Q=>4!SjcX
!! ,7557FF77!SjjX!! ,7]4F!SjOX
!! *>4:!SjaX
!! [7E3=5>!SjiX
!! [8E98584!Sj\X
!! Z4F:859>=5!SjVX
!! Z7F>![8E98584!SOMX
!! Z8FC=5F85!SONX
!! Z2=3859!SOLX
!! &!6=!5=>!E7F867!85!>:7!*58>76!A>4>7F!
SOcX!!!cNN!kNaV!&5!R:8C:!F>4>7!686!2=<!?8D7!6<E859!2=<E!F758=E!274E!=H!:89:!FC:==?t
!! &!6=!5=>!E7F867!85!>:7!*58>76!A>4>7F!SNX
!! (?4@434!SLX
!! (?4FQ4!ScX
!! (E8`=54!SjX
!! (EQ45F4F!SOX
!! .4?8H=E584!SaX
!! .=?=E46=!SiX
!! .=557C>8C<>!S\X
!! )7?4R4E7!SVX
!! )8F>E8C>!=H!.=?<3@84!SNMX
!! -?=E8
64!SNNX
!! %7=E984!SNLX
!! J4R488!SNcX
!! &64:=!SNjX
!! &??85=8F!SNOX
!! &568454!SNaX
!! &=R4!SNiX
!! e45F4F!SN\X
!! e75><CQ2!SNVX
!! +=<8F8454!SLMX
!! #4857!SLNX
!! #4E2?456!SLLX
!! #4FF4C:<F7>>F!SLcX
!! #8C:8945!SLjX
!! #8557F=>4!SLOX
!! #8FF8FF8GG8!SLaX
!! #8FF=<E8!SLiX
!! #=5>454!SL\X
!! '7@E4FQ4!SLVX
!! '7D464!ScMX
!! '7R!J43GF:8E7!ScNX
!! '7R!b7EF72!ScLX
!! '7R!#7]8C=!SccX
!! '7R!1=EQ!ScjX
!! '=E>:!.4E=?854!ScOX
!! '=E>:!)4Q=>4!ScaX
!! B:8=!SciX
!! BQ?4:=34!Sc\X
!! BE79=5!ScVX
!!cNL!! /755F2?D4584!SjMX
!! /<7E>=!$8C=!SjNX
!! $:=67!&F?456!SjLX!! A=<>:!.4E=?854!SjcX
!! A=<>:!)4Q=>4!SjjX
!! ,7557FF77!SjOX!! ,7]4F!SjaX
!! *>4:!SjiX
!! [7E3=5>!Sj\X
!! [8E98584!SjVX
!! Z4F:859>=5!SOMX
!! Z7F>![8E98584!SONX
!! Z8FC=5F85!SOLX
!! Z2=3859!SOcX
!!!!!cNc!kNiM!Z:4>!R4F!2=<E!F>4564E6!=H!?8D859!9E=R859!<Gt
!! +8D76!85!G=D7E>2!SNX
!! +=R7E!C?4FF!SLX
!! +=R7E
;3866?7!C?4FF!ScX
!! #866?7!C?4FF!SjX
!! *GG7E!3866?7!C
?4FF!SOX
!! *GG7E!C?4FF!SaX
!!kN\N!J=R!3452!274EF!=H!R=EQ859!7]G7E875C7!6=!2=<!:4D7t!!!S&5C?<67!H<??!=E!G4E>
;>837!!
7]G7E875C7U!85>7E5F:8GFU!C=
;=GFU!F<337E!P=@FU!7>CYX
!! '=57!SNX
!! +7FF!>:45!L!274EF!SLX
!! L!274EF!>=!?7FF!>:45!j!274EF!ScX
!! j!274EF!>=!?7FF!>:45!a!274EF!
SjX!! a!274EF!=E!3=E7!SOX
!!kNiN!Z:75!2=<!F>4E>!>=!R=EQ!H<??
;>837!4H>7E!2=<!H858F:!2=<E!76<C4>8=5U!:=R!3<C:!6=!2=<!
7]G7C>!>=!34Q7!G7E!274E!@7H=E7!>4]7F!S8Y7YU!9E=FF!G42Xt
!! *567E!scMUMMM!SNX!! scMUMMM;scVUVVV!SLX!! sjMUMMM;sjVUVVV!ScX!! sOMUMMM;sijUVVV!SjX!! siOUMMM!=E!3=E7!SOX
!!kNiL!Z:8C:!=H!>:7!H=??=R859!@7F>!67FCE8@7F!2=<E!34P=E!=E!4E74!=H!85>7E7F>!85!C=??797t
!! (CC=<5>859!SNX
!! -8545C7!SLX
!! "6<C4>8=5!ScX
!! "598577E859!SjX
!! /F2C:=?=92!SOX
!! A=C8=?=92!SaX!! J<345!)7D7?=G375>!T!-438?2!A><687F!SiX
!! B>:7E!S\X!xxxxxxxxxxxxxxxxxxxx
!!!cNj!kNic!Z:4>!8F!2=<E!497t
!! N\;LL!SNX
!! Lc;LO!SLX
!! La;LV!ScX
!! cM;cV!SjX
!! jM;OV!SOX
!! aM!=E!=?67E!SaX
!!kNi\!/?74F7!75>7E!2=<E
!5437!456!7348?!@7?=R!S85!=E67E!>=!E7C78D7!CE768>!456!34>C:!2=<E!
45FR7EF
!>=!R:75!2=<!>4Q7!>:7!F<ED72!49485!4>!>:7!756!=H!>:7!F737F>7EXY
!-8EF>!'437
!SNX!+4F>!'437!SLX
!"348?!ScX
!!kNVa!,:45Q!2=<!H=E!G4E>8C8G4>859!85!>:7!-8545C84?!.4G4@8?8>2!A<ED72f!
!1=<E!G4E>8C8G4>8=5!
R8??!@7!F75>!>=!2=<E!GE=H7FF=E!F=!2=<!C45!E7C78D7!CE768>Y
!&H!,:45Q!2=<!H=E!G4E>8C8G4>859YY
Y!!&F!)8FG?4276U!,:75!AQ8G!,=!"56!=H!A<ED72
!!!!!cNO!(//"')&l
!0!&5>E=6<C>
=E2!A<ED72
!/4E49E4G:!
!!!,4657310;54!14=!"54?240!:573!O29<532\
!!1=<!4E7!@7859!85D8>76!>=!G4E>8C8G4>7!85!4!E7F74EC:!F><62!>8>?76!
Z.4=27?014=;4C!0F2!
:;414<;19!"1I18;9;0H!56!'327C;4C!$=>90?[
!@7859!C=56<C>76!@2!)E
Y!0E2C7!b=E975F75U!45!
(FF8F>
45>!/E=H7FF=E!4>!"4F>!.4E=?854!*58D7EF8>2!85!>:7!.:8?6!)7D7?=G375>!456!-438?2!
$7?4>8=5F!67G4E>375>U!85!C=??4@=E4>8=5!R8>:!)E
Y!!04E@4E4!(37FU!4!/E=H7FF=E!4>!#8C:8945!
A>4>7!*58D7EF8>2!85!>:7!J<345!)7D7?=G375>!456!-438?2!A><687F!67G4E>375>
Y!!(34564!
%<85=>;,4?
@=>!456!"E8C4!,=@7U!%E46<4>7!(FF8F>45>F!4>!#8C:8945!A>4>7!*58D7EF8>2!4E7!4?F=!
85D=?D76!85!>:7!F><62
Y!!,:7!9=4?!8F!>=!F<ED72!LMMM!8568D86<4?F!4>!"4F>7E5!.4E=?854!*58D7EF8>2!
456!#8C:8945!A>4>7!*58D7EF8>2
Y!!!!,:7!=5?857!F<ED72!R8??!>4Q7!4GGE=]834>7?2!aM
;VM!38
5<>7F!>=!C=3G?7>7!456!2=<!4E7!4FQ76!>=!
C=3G?7>7!>:7!F<ED72!>R=!>837F!6<E859!>:7!F737F>7EU!4F!67F8954>76!@2!2=<E!C=<EF7!
85F>E<C>=E
Y!!&>!8F!:=G76!>:4>!>:8F!85H=E34>8=5!R8??!4FF8F>!<F!>=!@7>>7E!<567EF>456!737E9859!
46<?>F^!H8545C84?!Q5=R?7697U!4>>8><67FU!456!@
7:4D8=EF
m>:78E!H8545C84?!?8>7E4C2_C4G4@8?8>2
Y!!,:7E7!4E7!I<7F>8=5F!4@=<>!H8545C84?!4>>8><67FU!H8545C84?!@7:4D8=EFU!H8545C84?!Q5=R?7697U!
85H?<75C7F!=5!H8545C84?!?8>7E4C2U!7]G7E875C7F!85!E7?4>8=5F:8GF!R8>:!=>:7EFU!456!673=9E4G:8C!
85H=E34>8=5
Y!!!!/4E>8C8G45>F
!3<F>!@7!N\!274EF!=?6!>=!G4E>8C8G4>7
Y!!/4E>8C8G4>8=5!85!>:8F!GE=P7C>!8F!C=3G?7>7?2!
D=?<5>4E2
Y!!/4E>8C8G45>F!342!68FC=5>85<7!>:7!F><62!4>!452!>837!456_=E!E7H<F7!>=!45FR7E!452!
I<7F>8=5F!>:72!6=!5=>!R45>!>=!45FR7E
Y!!,:7!G=>75>84?!@757H8>F!85!>4Q859!G4E>!85!>:
8F!F><62!
4E7!>:7!=GG=E><58>2!>=!68FC<FF!2=<E!H8545C84?!5776F!456!8674FU!456!2=<E!G4E>8C8G4>8=5!85!>:8F!
F><62!342!C=5>E8@<>7!>=!45!<567EF>456859!=H!5776F!H=E!H<><E7!737E9859!46<?>F
Y!!,:7E7!8F!5=!G754?>2!H=E!5=>!>4Q859!G4E>!85!>:8F!E7F74EC:!F><62
Y!!A><675>F!G4E>8C8G4>859!85!J)-A!Lc\!4>!
#8C:8945!A>4>7!*58D7EF8>2!342!C=3G?7>7!>:8F!F<ED72!85F>746!=H!>:7!.4F7!A><62!(54?2F8F!
(FF895375>
Y!!&H!2=<!C:==F7!5=>!>=!C=3G?7>7!>:7!F><62U!2=<!C45!C=3G?7>7!>:7!.4F7!A><62!
(54?2F8FU!R:8C:!8F!4!68HH7E75>!456!7I<8D4?75>!4FF895375
>Y!!,:8F!4FF895375>!8F!>:7!4?>7E54>8D7!
=G>8=5!>=!>:7!H8545C84?!C4G4@8?8>2!F<ED72
Y!!,:7!G=>75>84?!E8FQF!=H!G4E>8C8G4>859!85!>:8F!F><62!
E7D=?D7!4E=<56!68FC<FF8=5!=H!H8545C84?!Q5=R?7697
Y!!!!(52!E7FG=5F7F!2=<!=HH7E!6<E859!>:7!85>7ED87R!R8??!@7!C=3@8576!R8>:!=>
:7EFU!34Q859!2=<E!
E7FG=5F7!C=5H8675>84?U!456!2=<E!GE8D4C2!R8??!@7!GE=>7C>76!>=!>:7!H<??!7]>75>!4??=R4@?7!@2!>:7!
?4RY!!&675>8H2859!85H=E34>8=5!R8??!5=>!@7!4>>4C:76!>=!452!=H!2=<E!8568D86<4?!E7FG=5F7F!R:75!
E7G=E>859!E7F<?>F
Y!!A<ED72!64>4!R8??!=5?2!@7!4CC7FF8
@?7!@2!>:7!GE85C8G4?!85D7F>894>=EFU!
E7F74EC:!C==E6854>=EFU!456!>:7!*58D7EF8>2!$7F74EC:!/E=>7C>8=5!F>4HH
Y!!!!&H!2=<!:4D7!C=5C7E5F!=E!I<7F>8=5F!4@=<>!>:8F!F><62U!F<C:!4F!FC875>8H8C!8FF<7FU!:=R!>=!6=!452!
G4E>!=H!8>U!=E!>=!E7G=E>!45!85P<E2U!G?74F7!C=5>4C>!>:7!
E7F74EC:!>743d
!;!)EY!0E2C7!b=E975F75U!"4F>!.4E=?854!*58D7EF8>2U!LOL
;ici;LMijU!P=E975F75@z7C<Y76<
!!;!)EY!04E@4E4!(37FU!#8C:8945!A>4>7!*58D7EF8>2U!ONi
;jcL;ccLjU!437Fz3F<Y76<
!!!cNa!;!(34564!%<85=>;,4?@=>U!%E46<4>7!$7F74EC:!(FF8F>45>U!#8C:8945!A>4>7!*58D7EF8>2U!
9<85=>43z3F<Y76<
!!;!"E8C4!,=@7U!%E46<4>7!$7F74EC:!(FF8F>45>U!#8C:8945!A>4>7!*58D7EF8>2U!
>=@77z3F<Y76<
Y!!!!&H!2=<!:4D7!I<7F>8=5F!=E!C=5C7E5F!4@=<>!2=<E!E=?7!456!E89:>F!4F!4!E7F74EC:!G4E>8C8G45>U!
R=<?6!?8Q7!>=!=@>485!85H=E34>8=5!=E!=HH7E!85G<>U!=E!R=<?6!?8Q7!>=!E798F>7E!4!C=3G?485>!4@=<>!
>:8F!F><62U!2=<!342!C=5>4C>U!45=523=<F?2!8H!2=<!R8F:U!>:7!#8C:8945!A>4>7!
*58D7EF8>2oF!
J<345!$7F74EC:!/E=>7C>8=5!/E=9E43!4>!ONi
;cOO;LN\MU!-4]!ONi
;jcL;jOMcU!=E!7
;348?!
8E@z3F<Y76<!=E!E79<?4E!348?!4>!LML!B?6F!J4??U!#A*U!"4F>!+45F859U!#&!j\\Lj
Y!!,:8F!GE=P7C>!8F!
4?F=!4GGE=D76!@2
!>:7!BHH8C7!H=E!J<345!$7F74EC:!&5>79E8>2!SBJ$&X!4>!"4F>!
.4E=?854!
*58D7EF8>2!456!>:78E!C=5>4C>!85H=E34>8=5!8F!LOL
;ijj;LVNjY!!!!¥ &!:4D7!E746!4??!=H!>:7!4@=D7!85H=E34>8=5
Y!!!¥ &!Q5=R!>:4>!&!C45!F>=G!>4Q859!G4E>!85!>:8F!F><62!4>!452!>837
Y!!!¥ 02!C?8CQ859!=5!>:7!4CC7G>45C7!=H!>:8F!85H=E376!C=5F75>!H=E3!456!R8??85957FF!>=
!G4E>8C8G4>7U!&!43!5=>!98D859!<G!452!=H!32!E89:>FY
!¥ &!C45!GE85>!4!C=G2!=H!>:8F!C=5F75>!H=E3!456!Q77G!8>!H=E!32!=R5!E7C=E6F
Y!!!¥ &!43N\!274EF!=H!497!=E!=?67E
Y!!¥ S@<>>=5X!&!:4D7!E746!456!<567EF>==6!>:8F!C=5F75>!H=E3!456!43!R8??859!>=!G4E>8C8G4>7!
85!>:8F!F><62Y
!!¥ S@<>>=5X!&!:4D7!E746!456!<567EF>==6!>:8F!C=5F75>!H=E3!456!6=!'B,!R45>!>=!
G4E>8C8G4>7!85!>:8F!F><62Y
!!!SqA>4E>!A<ED72r!0<>>=5X
!!~(>!>:7!756!=H!>:7!F<ED72U!
>:7!H=??=R859
!37FF497!
4GG74EF!
4H>7E!:8>>859!>:7!F<@38>!@<>>=5~
!!!,:45Q!2=<!H=E!G4E>8C8G4>859!85!>:7!-8
545C84?!.4G4@8?8>2!A<ED72f!1=<E!G4E>8C8G4>8=5!R8??!@7!
F75>!>=!2=<E!GE=H7FF=E!F=!2=<!C45!E7C78D7!CE768>Y
!!!!cNi!(//"')&l!
.!!Syllabus Personal Finance
 HDFS 238 
Ð Spring 2014
  10:20 a.m
.  Ð 11:40 a.m
.  - 108 Ernst Bessey Hall 
  Instructor:
        Teaching Assistants: 
 Mrs. Erica Tobe
       Ms. Wen Wang
   Doctoral Student, HDFS
      Doctoral Student, HDFS
    Rm. 13 E
 Human Ecology
      Rm. 4 Human Ecology (Student Lounge)
 Email: 
tobee@msu.edu
      Email:
  wangwe43@msu.edu
,   Office Hours: 
WednesdayÕs 10:30 am 
Ð 12:30 pm 
  Office Hours: ThursdayÕs Noon 
Ð 2:00 pm
 Or By Appointment
       Or By Appointment
     Undergraduate Learning Assistant: 
Casey Stone (
stonecas@msu.edu
) - Casey will primarily manage the I
-Clicker 
points for the course
.    Course Description: 
 Strategies, techniques and resources useful in the management of Personal Finance
.    Course Objectives:
 ¥ The student will 
describe her/his strengths and weaknesses as a money manager.
 ¥ The student will identify the characteristics of various financial instruments and their use in a personal finance 
plan.
 ¥ The student will apply his/her new knowledge of financial instruments to 
individual and family situations across 
the life cycle.
  Required Reading:
 Garman, E
. T., & Forgue, R
. E. (2012)
. Personal Finance
. Australia: South
-Western Cengage Learning
.  The book is also in the assigned reading section of the Main Library, West, seco
nd floor
.  Other readings may be 
assigned in class as determined by the instructors.
  Desire
2Learn (or D2L):
 D2L is the main communication tool for this class and will be used for discussion posts and the official gradebook
.  This system is very similar to
 the ANGEL course management system previously used by Michigan State University
.  Please check often for course announcements and information regarding group discussion posts and assignments
.  http://d2l.msu.edu
.    Course Requirements: 
There are four main requirements for this course.
  1) I
-Clicker (20 Total Points; 10% of your final grade)
 The I
-Clicker system will be utilized daily as a 
participation tool
.  There is no formal attendance policy for this class
.  Stud
ents are eligible to receive one point/lecture for a total of 20 points
.  Participation in the question(s) posed during 
class will result in one point
.  There are a total of 
23 days
 (excluding exams) that clicker points will be offered and 
only 20 points c
ounted total
.  I-Clicker points will begin 
on Tuesday, January 14
h, 2014 and end on
 April 15, 2014
.  Due to the flexibility of the policy, missed clicker points for any reason (e.g
., absence, forgotten clicker, clicker 
malfunction, no battery) will not be 
made up
.  
Directions on how to set
-up and register I
-Clickers can be found on D2L
.  Students can purchase the I
-Clicker, I
-Clicker 2, or use the Mobile I
-Clicker system on a cell phone
, if available
.  You 
!cN\!can view your I
-Clicker points by clicking on 
Attendance in D2L
.  I-Clicker points will not show up in the gradebook on 
D2L until after class on 
April 15, 2014
.  
Please contact Casey Stone at 
stonecas@msu.edu
 if you have any questions
.    2) Group Discussion Que
stions (
40 Total Points; 
20% of your final grade)
 Group discussion questions will occur on D2L and will be in response to a question or question(s) posed
.  All 
students have been randomly assigned to a group within the D2L course management system
.  This g
roup will serve 
as your discussion group for the entire course and the discussion questions each week
.  Posts are due by 
10:20 am
 on the day that they are due and are to be 
posted in
 D2L
 under the Discussion section, which can be found by 
clicking on the C
ommunication tab and then clicking on Discussions
.  Each post should adequately answer the 
questions posed.
  Each discussion question will have 
two requirements
.  The first is an 
initial post
 to your group and the second is a 
response to at least one group
 members post
.  This process will be repeated for each discussion question
.  See 
the discussion question due dates below for more information!
  Late discussion posts are accepted without point penalty by 
prior discussion only
.  Late discussion posts receiv
ed past the due date, without prior discussion are penalized
 3 points per class period No credit will be given for a 
discussion question submitted after the due date of the next discussion post
.  Discussion posts are due on the 
following dates:
  Discussion
 Questions
 Due Date
 Points
 Discussion Question #
1 Topic: 
Introduction, 
Financial Planning
, and Credit
 Initial Post and Response to
 a Group 
Member by: January 21, 2014
 10 points
  Discussion Question #
2 Topic: Understanding the Markets
 Initial Post and 
Response
 to a Group 
Member by: February 18, 2014
 15 points
 Discussion Question #
3 Topic: Housing Crisis/Families in Crisis
 Initial Post and Response to a Group 
Member by: 
March 25, 2014
 15 points
   3) Assignments (
60 total points; 
30% of final grade)
  1. Personal Financial Analysis: 
This assignment will ask you to complete 
a personal financial 
analysis so that 
you may apply the skills presented in Unit
 1.  All students 
must
 complete this assignment
.  Assignment 
directions will be posted on D2L
.    2. Investme
nt/
Retirement Analysis: 
 This assignment will ask you to complete 
an investment 
retirement 
analysis so that you may explore a diverse range of investment options
 by 
apply
ing
 the skills presented in 
Unit 2
.  All students 
must
 complete this assignment
.  Assi
gnment directions will be posted on D2L
.    3. Emerging Adults Financial Capability Survey (Option A) or the Case Study Analysis (Option B): 
You 
will have the choice to complete Option A
 or Option B:
  Option A:
 The Financial Capability Survey will take approximately 
60-90 minutes
 to complete and needs to be 
completed 
twice
--the first week of the semester and the last week of the semester)
.  This survey asks questions 
about your financial attitudes, behaviors, kn
owledge, influences on financial literacy, experiences in relationships with 
others, and demographic characteristics (e.g
., age, gender)
.  You must be between 18
-24 years of age to 
participate
.  Any responses you offer during the survey will be combined wi
th others, making your response 
confidential, and your privacy will be protected to the full extent allowable by the law
.  Identifying information (e.g
., name, PID) will 
not be attached to any of your individual responses when reporting results from the su
rveys
.    After a completed pre
-assessment is received, notification will be provided to students 
by clicking on Attendance in 
!cNV!D2L
 under the ÒPre
-Assessment Log.Ó
 Points for a completed pre and post assessment
 will not show up in t
he gradebook on D2L until
 the end of the semester
.  You must complete both a pre and post assessment to receive 20 
points for this assignment
.  More information will be provided on D2L
.    Due Date for Option A:
 Pre
-Assessment 
can be completed between January 7
th and January 16
th, 2013 
AND Post 
Assessment to be taken b
etween 
April 15
th through April 22
nd, 2013)
 (survey must be taken by both dates to 
receive full credit! No credit provided for a pre assessment only or a post assessment only!)
   Option B:
 In the Case Study Analysis,
 you will have an opportunity to provide recommendations to a family based on 
their current financial information
.  A variety of personal financial topics (e.g
., budget, savings, investing, household 
financial planning) that are covered over the course of 
the semester will need to be addressed in your analysis
.  The 
Case Study Analysis directions will be posted on D2L
.  Due Date for Option B:
 April 15
, 2013
   Papers/Assignments are due on the following dates:
  Assignment
 Due Date
 Points
 Assignment 1: 
 Personal Financial Plan
 January 28, 2014
 20 points
 Assignment 2: 
 Investment/
Retirement Analysis
 February 25, 2014
 20 points
 Assignment 3: 
  Option A: Emerging Adults Financial 
Assessment 
  Or 
  Option B: Case Study Analysis
 Option A: Pre S
urvey for the 
Assessment can be completed between 
January 9
th and January 21
st.  Post 
Assessment 
can be completed
: April 
15th through April 22
nd   Option B: Case
 Study Analysis Due: 
April 15, 2014
 20 points
 (Option A or Option B).
  Credit for the Pre/Post 
survey will only be given if 
you complete the Pre and 
the Post! 
You will not 
receive extra credit for 
completing both 
Option A 
and Option B
!  Assignment #1, 2, and 3 
-Option B: Case Study Analysis assignments are due on the due 
date or earlier and should 
be turned in via hard copy in class
.  The Emerging Adult Pre and Post Assessment (Option A) should be completed 
on the web address that will be provided to you by course instructors on D2L
.  Late papers are accepted without 
point
 penalty by 
prior discussion only
.  An assignment is considered late if it is turned in after the class session 
concludes of the due date
.  Late papers accepted without prior discussion are penalized 
3 points for each class 
session
 they are late
.    Paper 
format should follow the rubric
 as specified in D2L
.  All papers should be: typed (not handwritten), stapled 
(if necessary), double spaced, and use 12
-point font
.  
Assignments that do not follow the criteria will be marked down
.  An assignment may be email
ed by 
prior discussion only
.      4) Exams (50 total points) and Final Exam (30 total points) (40% of final grade)
 There will be three exams and one comprehensive Final Exam for the course
.    Exams: 
 The two highest scores between Exam 1, 2, or 3 will be 
taken and counted in the students overall grade
.  Thus, the 
lowest grade between Exam 1, 2, and 3 will be dropped
.    Final Exam: 
 All students 
must
 take the final exam
.  The final exam is a comprehensive exam covering material throughout the 
!cLM!entire course
 and cannot be dropped as the low scoring assessment
.    Taking an Assessment Early:
 Students may take assessments early during times arranged with the instructors, with prior discussion only, but 
not after the assessment is given
.    Exams
 Date of Exam
 Points
 Exam 1
 January 30, 2014
 25 Points
 (Top 2 scores count from Exam 1, 
2, 3)
 Exam 2
 February 27, 2014
 25 Points
 (Top 2 scores count from Exam 1, 
2, 3)
 Exam 3
 April 17, 2014
 25 Points
 (Top 2 scores count from Exam 1, 
2, 3)
 Final Exam 
 (The final exam
 will cover all content 
throughout the semester including the 
lectures after Exam 3!)
 April 29, 2014 
 7:45 am 
Ð 9:45 am
 Location: 
 108 Ernst Bessey Hall
 30 Points
  Other Expectations:
 ¥ All written communication 
will be written in a professional manner.
 ¥ If you have any problems, questions, or concerns with a grade that you have received and wish to discuss 
your grade, you must make contact with your instructors within 
two
-class sessions
 after assignments are 
returned or grades have been posted on D2L
.   ¥ It is expected that all cell phones will be turned off during each class
.  It is expected that all laptop computers 
and other personal devices will be used for classroom purposes only.
 ¥ If you register for the course late, please meet with your instructor wi
thin the 
first two class periods that you 
are in class
 to discuss how you will make up any missed assignments
.  It is 
your responsibility
 to contact 
the instructor
.   ¥ Extra credit is NOT given 
in this course
.  Your final point score dictates your final gra
de.  Academic Integrity:
 ¥ This instructor adheres to the MSU Academic Integrity Policy
.  All work completed in this class must be 
completed individually
.  There are no group assignments in this class
.  Please refer to the Ombudsman 
Office for more informati
on.  http://www.msu.edu/unit/ombud
 (Click on Academic Honesty)
  Grading Policy: 
  Points: 
   200 Ð 180 = 4.0 (90% and above)
         179 - 170 = 3.5 (85%
-89%)
         169 - 160 = 3.0 (80% 
- 84%)
         159 Ð 150 = 2.5 (75% 
- 79%)
         149 - 140 = 2.0 (70% 
- 74%)
         139 Ð 130 = 1.5 (65% 
- 69%)
         129 - 120 = 1.0 (60% 
- 64%)
 *An Incomplete will only be given only in instances of extreme need in consultation with the instructor and when the 
student h
as completed at least 80% of the course requirements
.    Importance of SIRS Forms:
 ¥ Michigan State University takes seriously the opinion of students in the evaluation of the effectiveness of 
!cLN!instruction, and has implemented the SIRS (Student Instructional 
Rating System) process to gather student 
feedback
.  This course utilizes the Òonline SIRSÓ system
.  You will receive an e
-mail sometime during the 
last two weeks of class asking you to fill out the SIRS online form at your convenience
.   ¥ Please note: the f
inal grade for this course will
 NOT
 be accessible on STUINFO during the week following the 
submission of grades for this course 
UNLESS
 the SIRS online form has been filled out
.  You will have the 
option on the online SIRS form to decline to participate in
 the evaluation of the course 
Ðwe hope, however, 
that you will be willing to give us your frank and constructive feedback so that we may instruct students even 
better in the future.
  Miscellaneous:
 ¥ Honor students 
are to contact the instructors by 
Tuesday, 
March
 25, 2014
 with a paragraph proposal on 
their honors project
.  Your instructor will confirm the acceptance of the project in writing
.  A more detailed 
explanation (with draft submission due dates and instructions) will be posted on D2L
.  All Honors Pro
jects 
are due to the course instructor via hard copy on 
April 22, 2014 
at the beginning of class
.   ¥ Accommodations 
for students can be made
.  Please submit your accommodations memo early in the 
semester
.  Contact can be made with the Resource Center for Pe
rsons with Disabilities by 353
-9642 (voice) 
or 355
-1293 (TTY).
 ¥ It is the instructors right to change the syllabus if needed during the semester
.  Any changes will be 
announced in class and posted on D2L in the Announcements section.
   !cLL!Unit One: Building 
Your Financial Foundation
  Unit Objective: 
 The student will describe her/his strengths and weaknesses as a money manager.
  Unit One Assignments/Due Dates:
 - Assignment #3 
- Option A: Pre Assessment 
- Survey 
Ð (Available: January 9 
Ð 21, 2014
) - Discussion
 Question #1 (
Initial Post and 
Response: January 21, 2014
) - Assignment #1 
Ð Due by January 28, 2014
 - Exam
 #1 
Ð January 30, 2014
  January 9
- Thursda
y: Topic: Class Overview 
  January 14 
- Tuesday
:  Topic: Financial Statements
 Reading:
 pg. 1-6, Chapter 3, and pg
.  224  January 16 
- Thursday
:  Topic: Savings
 Reading: pg
. 16-21 and Chapter 5
  January 21
 - Tuesday
: Topic: Credit I
 Reading: pg
. 47, pg
. 170-190, and Chapter 7
 Discussion Question #1
 due by 10:20 am
 - Assignment #3 
- Option A: 
Pre
-Assessment 
- Emerging Adult 
Survey 
(Available: January 9 
Ð 21)  January 23 
Ð Thursday
: Credit II
  January 28 
Ð Tuesday:
  Topic: 
Finances and the Economy/Alternative Financial Sectors
 Reading: 
pg. 6-15/ 
pg. 185 Assignment #1 due 
Ð Personal Financial Plan 
  January 30 
- Thursday: 
 Exam #1
  ¥ Bring: Pencils and Calculators
 ¥ NO Cell Phone Calculators Allowed/NO Sharing of Calculators Allowed
    !cLc!Unit Two: Understanding Your Investments
  Unit Objective: 
The student will 
identify the characteristics of various financial instruments and their use in a 
personal finance plan.
  Unit Two Assignments/Due Dates:
 - Discussion Question #
2 (Initial Post and
 Response: February 18, 2014
) - Assignment #2
- Investment Retirement Analysis
 (February 25, 2014
) - Exam
 #2 (February 27, 2014
)  February 4 
- Tuesday
: Topic: Stocks I
 Reading: Chapter 13 and pg
. 413-431  February 6
 - Thursday:
  Topic: Stocks II
  February 11
 - Tuesday: 
 Topic: Bonds
 Reading: pg
. 411-413 and 439
-449  February 1
3 - Thursday: 
 Topic: Mutual Funds I
 Reading: Chapter 15
  February 18
 - Tuesday:
 Topic: Mutual Funds II and ETFÕs 
 Discussion Question #2
 due by 
10:20 am
  February 20
 - Thursday:
 Topic: Retirement I
 Reading: pg
. 24-27, pg
. 44-46 and Chapter 17
  February 25
 - Tuesday:
 Topic: Retirement II 
 Assignment 
#2 Due: 
Investment 
Retirement Analysis
  February 27
 Ð Thursday:
 Exam #2
 ¥ Bring: Pencils and Calculators
 ¥ NO Cell Phone Calculators Allowed/NO Sharing of Calculators Allowed
  March 4 and March 6 
Ð No School
- Spring
 Break
  Unit Three: Family Financial Planning
  Unit Objective:
 The student will apply his/her new knowledge of financial instruments to individual and family 
situations across the life cycle.
  Unit Three Assignments/Due Dates:
 !cLj!- Discussion Question #
3 (Initial Post and Response:
 March 25, 2014
) - Assignment #3 
- Option B: Case Study Analysis (
April 15, 2014
) or Option A: Post Assessment of the Emerging 
Adult Financial Capability Survey (between 
April 15
th Ð 22nd) - Exam #3 (
April 17, 2014
)  March 11 
- Tuesday
 Topic: Education and Families: 
College Planning
 Reading: pg
. 127; 152; 174; 209; 343
  March 13 
- Thursday
 Topic: Education and Families: 
Student Loans
 Reading: pg
. 177-178 Guest Speaker: Judy Marks, MSU Office of Financial Aid
  March 18 
- Tuesday
 Topic: Housing
 1 Reading: Chapter 9
  March 20 
- Thursday
 Topic:
 Housing
 2  March 25 
- Tuesday
 Topic:
 Families in Crisis: Housing Crisis
 Reading: pg
. 46-47 Discussion Question #3
 due 
10:20 am
   March 27 
- Thursday
 Topic: 
Families in Crisis: 
Unemployment/Underemployment and Bankruptcy
 Reading: pg
. 190-191  April 1 
- Tuesday
 Family Financial Management: Marriage and Divorce
/ Culture and Money 
 Rea
ding: pg
. 183, pg. 363, pg
. 561  April 3 
Ð Thursday:
 Topic: Family Protection of Assets 
- Auto/Health/Life Insurance
 Reading: Chapter 10, 11, and 12
 Guest Speaker: 
Mike Krauch, MSU Extension 
  April 8 
Ð Tuesday:
 Topic: 
Family Protection of Assets 
- Estate Planning
 Reading: Chapter 18
 Guest Speaker: TBA
  April 10 
Ð Thursday:
 Topic: Taxes 1
 Readi
ng: pg
. 15 and Chapter 4
  April 15 
- Tuesday
 Topic: 
Taxes 2
 - Assignment #3 
- Option A: 
Post Assessment 
- Emerging Adult Survey 
- (Available April 15 
- April 22) 
 !cLO!- Assignment #3 
Ð Option B: Case Study Analysis 
  April 17 
- Thursday
 - Exam #3
 ¥ Bring: 
Pencils and Calculators
 ¥ NO Cell Phone Calculators Allowed/NO Sharing of Calculators Allowed
  April 22 
Ð Tuesday:
 Topic: Where to go for help? 
- Investment Professionals & Trading Options/Financial Fraud
 Reading: pg
. 27-28 and pg
. 432-439 Guest Speaker: Ama
nda Talbot, Doctoral Student
 HDFS
, MSU
 and Pam Boyce, BASE Financial
  April 24 
Ð Thursday: 
 Topic: Review 
Ð ItÕs Final Exam Time! What does it all mean? 
  April 29, 2014
 Ð Tuesday:
 FINAL EXAM  
 7:45 am 
Ð 9:45 am 
 Location: 108 Ernst Bessey Hall 
 !!!cLa!(//"')&l!
)!Syllabus Personal Finance
 HDFS 238 
Ð Summer 2014
  Section 730
   Course Instructor:
      Teaching Assistant:
 Ms. Amanda Guinot Talbot
     Ms. Camaya Wallace Bechard
 Doctoral Candidate, HDFS 
     Doctoral Student, HDFS
 Email:  guinotam@msu.edu
     Email: 
walla337@msu.edu
 Office Hours: By Appointment via E
-Mail   Office Hours: By Appointment via E
-Mail  Course lectures will feature your course instructo
r and Ms
. Erica Tobe (another course instructor for HDFS 
238).  All questions should be directed to Ms
. Amanda Guinot Talbot or Ms
. Camaya Wallace Bechard for 
this course 
via email on D2L
   Course Description: 
 ¥ Strategies, techniques and resources useful 
in the management of Personal Finance
.    Course Objectives:
 ¥ Students will know their strengths and weaknesses as a manager of money
.   ¥ Students will be introduced to the characteristics of various financial instruments and their use in a 
financial plan
.   ¥ Students will apply their new knowledge of financial instruments to individual and family situations 
across the life cycle
.    Required Reading:
 Garman, E
. T., & Forgue, R
. E. (2010). Personal Finance
. Australia: South
-Western Cengage Learning.
  The book 
is in the assigned reading section of the Main Library, West, second floor.
  Desire2Learn (D2L):
  ¥ D2L is the main communication tool for this class
.  You are responsible to acquire 
all
 course information through D2L
.  Please check often for announcements 
and scores for assignments
.  http://d2l.msu.edu
 ¥ For help with D2L and questions, please call the MSU Distance Learning Services at 517
-355-2345 or 800
-500-1554 ¥ The recommended browsers for use with the current D2L system 
can be found at the following 
website: 
http://help.d2l.msu.edu/
  Access to Course Content:
 Most content will use lectures that were developed in previous years on Adobe Presenter, Camtasia, or 
similar software
.  It is recommended that you have broad
-band (high speed) Internet connection
.  You also 
!cLi!will need speakers and volume control
.  If you are unable to meet the technology requirements for this 
course, it may result in the need for you to take this course either 
Fall or Spring semester on campus
.    Course Requirements: 
There are five main requirements for this course
.  All requirements listed below 
are to be turned in to D2L by the associated 
due dates at 11:50 p.m
. (eastern standard time)
.  All assignments liste
d below have their associated directions posted on D2L (Content tab)
.  It is your 
responsibility to read and adhere to the assignment directions and grading rubric.
  1) Syllabus Quiz (5 Total Points, 2.5% of your final grade)
 For this assignment you will 
be asked to read and thoroughly review the course syllabus before completing 
a 10
-question assessment worth 5 points
.  You will only have 
15 minutes
 to complete the quiz and you are 
only allowed 
one submission
 (see Quizzes below for more information on the
 set-up of course 
assessments)
.  This quiz must be completed by 
Monday, May 19, 2014
.  2) About Me 
Ð Introductory Post (5 Total Points, 2.5% of your final grade)
 This assignment will help us get to know one another and become oriented with the D2L system
.  Please post a short introduction to your group (see Group Discussions below for more information on the group 
process), due by Monday, May 19, 2014 (initial post to group) AND by Monday, May 26, 2014 
(response to a group memberÕs post)
.  3) Group Discus
sions (40 Total Points, 15% of your final grade)
 All students have been randomly assigned a group within the D2L course management system
.  You will 
receive an email at the open of the course listing your group assignment
.  The master list also will be 
posted on D2L
.  It is your responsibility to know your group assignment, as they will serve as your 
discussion group for the duration of the course
.    Group Discussion questions will occur on D2L and will be in response to questions posed by the course 
instr
uctor
.  Group Discussion questions can be found under the Communication tab (Discussions)
.  Discussion question responses should adequately answer each aspect of the question
.  A good response 
will not only answer a particular question but also provide det
ail to support your response
.  As an example, 
detail can include a definition of terms or your reasoning/support for your argument
.  Posts should be 
composed using proper grammar and include complete sentences
.    Group Discussion #1
  (20 points)
  ¥ Due Date
s: 
 o Initial post
ÑMonday, June 2, 2014
 o Response post
ÑMonday, June 9, 2014
  Group Discussion #2
  (20 points)
  ¥ Due Dates: 
 o Initial post
ÑMonday, June 16, 2014 
 o Response post
ÑWednesday, June 25, 2014
  4) Assignments (60 total points, 30% of your final grade)
 There will be three assignments due for this course
.  See posted assignment directions on D2L (Content).
  !cL\!¥ Assignment #1: 
 Credit Report Analysis
 (20 points)
 Due: Monday, May 26, 2014 
 ¥ Assignment #2:
 Mutual Fund Analysis
  (20 points)
 Due: 
Monday, June 9, 20
14  ¥ Assignment #3:
 See Option A or B below 
(20 points)
 Due: See Below
  For Assignment #3: You will have the choice to complete Option A or Option B.
  Option A:
  The Financial Capability Survey
.  This survey will take approximately 60
-90 minutes to complete 
and must be 
completed twice
Ðduring the first unit of the semester and the last unit of the semester
.  The 
survey will ask questions about your financial attitudes, behaviors, knowledge, 
influences on financial 
literacy, experiences in relationships with others, and demographic characteristics (e.g
., age, gender)
.  You 
must be between 18
-24 years of age to participate
.  Any responses you offer during the survey will be 
combined with others
, making your response confidential, and your privacy will be protected to the full 
extent allowable by the law
.  Identifying information (e.g
., name, PID) will 
not be attached to any of your 
individual responses when reporting results from the surveys
.  More information will be posted on D2L 
(Content).
  Due Dates for Option A:
 Monday, May 26, 2014 
AND Wednesday, June 25, 2014 
(survey must be taken 
by both dates to receive credit) 
   Option B:
  The Case Study Analysis
.  For this assignment, you will provide
 recommendations to a family 
based on their current financial information
.  A variety of personal financial topics (e.g
., budget, savings, 
investing, household financial planning) that are covered over the course of the semester will need to be 
addressed i
n your analysis
.  To access the Case Study assignment directions, please visit our course page 
on D2L (Content)
.    Due Date for Option B:
 Wednesday, June 25, 2014 
  Format for All Assignments:
  All papers/assignments are due on the due date or earlier
.  All papers are 
to be submitted via Dropbox (under the Assessments tab) on D2L
.  Late papers are accepted without point 
penalty by 
prior discussion only
.  Late papers accepted without prior discussion are penalized 
2 points 
for each day 
they are late
.    Paper format should follow the rubric as outlined in each of the assignment directions (posted under 
Content tab)
.  All papers should be: typed (not handwritten), double spaced, one
-inch margins, and use 
12-point font
.  Assignments that do not follow the rub
ric criteria will be marked down
.    Please note:
  All units will close at 
11:50 p.m
. (eastern standard time 
- EST)
 the night the assignments 
are due, therefore you will 
not be able to post assignments or take online quizzes on D2L once the unit 
closes!  5) Quizzes (90 total points, 50% of your final grade)
 There will be six quizzes, consisting of 20 questions, worth 15 points each
.  You will 
only have 
30 minutes
 to complete each quiz, and you are only allowed 
one submission
 per quiz meaning you can only log into 
the quiz once 
and you must complete the quiz in one setting
.  You will not be allowed to go back to 
previous questions in the quiz after you answer each question in the quiz
.  Quizzes can be accessed under 
the Assess
ments tab (Quizzes)
.  Make sure you have plenty of time in your day set aside to complete each 
!cLV!quiz and that your internet connection is strong
.  For problems with D2L during the quiz, please contact 
MSU Distance Learning Services (contact information loca
ted on pg.1).
  ¥ Unit One:
 o Quiz #1 (after Fin
.  Statements 
Ð Bankruptcy) 
Ð Monday, May 26, 2014
 o Quiz #2 (after Credit) 
Ð Monday, May 26, 2014
  ¥ Unit Two:
 o Quiz #3 (all topics in Unit 2) 
Ð Monday, June 9, 2014
 o Quiz #4 (all topics in Unit 2) 
Ð Monday, June 9, 20
14  ¥ Unit Three:
 o Quiz #5 (Insurance, Housing, Taxes) 
Ð Wednesday, June 25, 2014
 o Quiz #6 (Family Fin
.  Mgt. and Estate Planning) 
Ð Wednesday, June 25, 2014
   !ccM! Grading Policy: 
 200 Ð 180 = 4.0 (90% and above)
 149 Ð 140 = 2.0 (70% 
- 74%)
    179 Ð 170 = 3.5 
(85%-89%)
  139 Ð 130 = 1.5 (65% 
- 69%)
    169 Ð 160 = 3.0 (80% 
- 84%)
  129 Ð 120 = 1.0 (60% 
- 64%)
    159 Ð 150 = 2.5 (75% 
- 79%)
   *An Incomplete will be given only in instances of emergency or extreme need, and when the student has 
completed at least 80%
 of the course requirements
.  Discussion with your course instructor is necessary 
before an incomplete is granted.
  Additional Resources:
 Having trouble understanding a concept? 
 Need an idea explained in a different way? 
 Check Additional 
Resources for he
lp.  This section of our course is there to help provide additional information along the 
major topics we cover throughout the semester (e.g
., credit, stocks, estate planning)
.  Within the master 
folder there are content specific folders with associated re
sources.  These resources may include: video 
clips (humorous and helpful), articles, and guides that are posted for your aid and enrichment
.  This will 
periodically be updated and your course instructor will announce when something new has been added.
  Personal Finance in the News:
 This section of our course is intended to create a connection with the world of finance
.  Here you are able 
to keep up
-to-date on interesting past and current financial events
.  Apply the knowledge you are learning 
toward the rea
ding and comprehension of these articles
.  The articles posted provide general financial 
information as well as current events
.  Please send any interesting and applicable articles you find to be 
posted for the class.
  Other Expectations:
 ¥ All written communication 
will be written in a professional manner
.   ¥ If you have any problems, questions, or concerns with a grade that you have received and wish to 
discuss your grade, you must make contact with your instructor within 
the close of the fo
llowing 
unit (e.g
., a question concerning a grade for unit one must be discussed before unit two 
closes).
 ¥ All Assignments will be submitted and/or posted via D2L
.  Emailed assignments without 
previous discussion with your instructor and permission will not
 be accepted.
 ¥ The course gradebook will be kept and updated on D2L
.  It is your responsibility to frequently check 
D2L and your assignment grades in the gradebook.
  Miscellaneous:
 ¥ There are no official study guides for this course
.   ¥ Honor students 
are to 
contact the instructors by 
Friday, June 6, 2014
 with a paragraph proposal on 
their honors project
.  The instructors will confirm the acceptance of the project with required 
revisions in writing
.   ¥ Accommodations 
for students can be made
.  Please submit 
your accommodations memo early in 
the semester
.  Contact can be made with the Resource Center for Persons with Disabilities by 353
-9642 (voice) or 355
-1293 (TTY).
 ¥ Extra credit is NOT given 
in this course
.  Your final point total dictates your final grade.
   !ccN!Academic Integrity:
 ¥ These instructors adhere to the MSU Academic Integrity Policy
.  Please refer to the Ombudsman 
Office for more information
.  http://www.msu.edu/unit/ombud
 (Click on Academic Honesty)
.  Please 
see Appendix A (page 9) for examples of academic misconduct.
  Importance of SIRS Forms:
 Michigan State University takes seriously the opinion of students in the evaluation of the effectiveness of 
instruction, and has implemented the SIRS (Student In
structional Rating System) process to gather student 
feedback
.  This course utilizes the Òonline SIRSÓ system
.  You will receive an email sometime during the 
last two weeks of class asking you to fill out the SIRS online form at your convenience
.    Please note: the final grade for this course will NOT be accessible on STUINFO during the week following 
the submission of grades for this course UNLESS the SIRS online form has been filled out
.  You will have 
the option on the online SIRS form to decline to par
ticipate in the evaluation of the course 
Ð we hope, 
however, that you will be willing to give us your frank and constructive feedback so that we may instruct 
students even better in the future.
 !ccL!HDFS 238
 Summer Session A 
Ð Section 730
  Course Schedule 
  Unit One: Building Your Financial Foundation
 Opens Monday, May 12, 2014 
Ð Closes Monday, May 26, 2014
  Objective for Unit One:
  Students will know their strengths and weaknesses as a manager of money
.    Unit One Reading:
 Financial Statements, Bankruptcy, 
and Savings
 p. 1-20, Ch
. 3, Ch
. 5 Credit 
      Ch. 6; p
. 192-208  Unit One Assignments/Due Dates:
 Syllabus Quiz
     Monday, May 19, 2014
 ÒAbout MeÓ Introduction to Class
   Initial post
ÑMonday, May 19, 2014
 Response post
ÑMonday, May 26, 2014
 Credit Report A
nalysis    Monday, May 26, 2014
 Quiz #1 (after Fin
.  Statements 
- Bankruptcy)
 Monday, May 26, 2014
 Quiz #2 (after Credit)
    Monday, May 26, 2014
 Assignment #3 
Ð Option A Online Assessment
 Monday, May 26, 2014
  *Students must complete Option A first submis
sion (1 of 2 total submissions) by this date to receive full 
credit for Option A at the end of the semester
  Unit Two: Understanding Your Investments
 Opens Friday, May 23, 2014 
Ð Closes Monday, June 9, 2014
  Objective for Unit Two:
 Students will be 
introduced to the characteristics of various financial instruments and their use in a financial 
plan.    Unit Two Reading:
 Bonds, Stocks, and Mutual Funds 
  Ch. 13, 14, and 15
 Investment Professionals 
   p. 27-28 and p
. 432-439 Retirement
     p. 22-25; Ch
. 17  Unit Two Assignments/Due Dates:
 Group Discussion  #1
    Initial post
ÑMonday, June 2, 2014
 Response post
ÑMonday, June 9, 2014
 Mutual Fund Analysis Paper
   Monday, June 9, 2014
 Quiz #3 (all topics in Unit 2)
   Monday, June 9, 2014
 Quiz #4 (all topics in
 Unit 2)
   Monday, June 9, 2014
  Unit Three: Family Financial Planning 
 !ccc!Opens Friday, June 6, 2014 
Ð Closes Wednesday, June 25, 2014
  Objective for Unit Three:
 Students will apply their new knowledge of financial instruments to individual and family 
situations across 
the life cycle
.    Unit Three Reading:
 Insurance 
 Ch. 10,11, and 12
 Housing      Ch. 9 Taxes 
      p. 14; Ch
. 4 Family Financial: Marriage/Divorce 
  p. 180; p
. 361 Family Financial: College Planning
  p. 127; 152; 174; 209; 343
 Family 
Financial: Unemployment
   p. 46-47 Estate Planning
     Ch. 18  Unit Three Assignments/Due Dates:
 Group Discussion #2
    Initial post
ÑMonday, June 16, 2014
 Response post
ÑWednesday, June 25, 2014
 Quiz #5 (Insurance, Housing, Taxes)
  Wednesday, June 25, 2014
 Quiz #6 (Family Fin
.  Mgt.  and Estate Plan.)
 Wednesday, June 25, 2014
 Assignment #3 Option A or Option B
  Wednesday, June 25, 2014
  *Students must complete Option A second submission by this date or Option B if Option A was not 
completed during Unit 1 to 
received credit
   !ccj!HDFS 238
 Summer Session A 
Ð Section 730
 Appendix A
  Academic Misconduct:
 ¥ Using work or answers that are not your own
 ¥ Providing academic work or answers to another person
 ¥ Accepting or providing unauthorized assistance with completing 
assignments or examinations
 ¥ Failing to cite others ideas, theories, or written work when used in an assignment
 ¥ Interfering through any means with anotherÕs academic work
 ¥ Fabricating or falsifying research data or results
  Plagiarism: ¥ Copying sentences or p
hrases from the work of another without citation
 ¥ Changing a few words in a sentence that was written by another and claiming it as your own 
original work
 ¥ Using someone elseÕs original idea without citation
 ¥ Failing to reference the source of data or facts
 ¥ Submitting a borrowed, purchased, or downloaded paper as your own work 
  Taken from Academic Integrity: A Core Value at Michigan State
-Office of the Associate Provost for 
Undergraduate Education
 !!!ccO!(//"')&l!
"!!-8545C84?!e5=R?7697!
m!"(-.A!A<ED72!k<7F>8=5F
!!"72=;0Q-280!
]!!"#$%&'()!('*+,)-.$+/$
!!kjc!
&H!4!C=5F<37E!H48?F!>=!G42!G7EF=54?!67@>FU!4!CE768>=E!8F!4??=R76!>=!6=!4??!=H!>:7!H=??=R859!
"l."/,d
!WJ -;?<>??!0F2!<54?>327^?!=280?!B;0F!F;?!57!F27!23I95H27
!_W`
!LY 0E859!F<8>!49485F>!>:7!C=5F<37E
!SMX
!cY ,7??!4!CE768>!@<E74<
!>:4>!>:7!4CC=<5>!8F!67?85I<75>
!SMX
!jY ,<E5!>:7!4CC=<5>!=D7E!>=!4!GE=H7FF8=54?!67@>!C=??7C>=E
!SMX
!!kj\!
*567E!R:8C:!=H!>:7!H=??=R859!C8EC<3F>45C7F!R=<?6!8>!@7!H8545C84??2!@757H8C84?!>=!2=<!>=!@=EE=R!
3=572
!>=!@<2!F=37>:859!5=R!456!E7G42!8>!R8>:!H<><E7!85C=37t
!WJ OF24!H5>!422=!05!8>H!1!<17!05!C20!1!3><F!820027!I1H;4C!a58
!_W`
!LY Z:75!2=<!E74??2!5776!4!R77Q!D4C4>8=5
!SMX
!cY Z:75!F=37!C?=>:7F!2=<!?8Q7!9=!=5!F4?7
!SMX
!jY Z:75!>:7!85>7E7F>!=5!>:7!?=45!8F!9E74>7E!>:45!>:7!85>7E7F>!2=<!97>!=5!2=<E!F4D859F
!SMX
!!kOO!
,:7!68HH7E75C7
!@7>
R775!4!67@8>!C4E6
!456!4!CE768>
!C4E6!8Fd
!!NY ,:7!?84@8?8>2!8F!9E74>7E!R8>:!>:7!67@8>!C4E6!8H!?=F>!=E!F>=?75
!SMX
!LY ,:7!3=572!C=37F!68E7C>?2!=<>!=H!2=<E!@45Q!4CC=<5>
!SMX
!cY ,:7E7!8F!5=!9E4C7!G7E8=6
!SMX
!jY '=!85>7E7F>!8F!C:4E976!R:75!<F859!45!(,#!67@8>!C4E6
!SMX
!bJ $99!56!0F
2!185G2
!_W`
!!kOL!04E@4E4!:4F!P<F>!4GG?876!H=E!4!CE768>!C4E6
Y!!A:7!8F!45!N\
;274E!=?6!:89:!FC:==?!9E46<4>7!R8>:!4!
H7R!D4?<4@?7!G=FF7FF8=5F!456!5=!CE768>!:8F>=E2
Y!!&H!04E@4E4!8F!9E45>76!4!CE768>!C4E6U!R:8C:!=H!>:7!
H=??=R859!8F!>:7!3=F>!?8Q7?2!R42!>:4>!>:7!
CE768>!C4E6!C=3G452!R8??!E76<C7!&,A!E8FQ
t!NY &>!R8??!34Q7!04E@4E4oF!G4E75>F!G?7697!>:78E!:=37!>=!E7G42!04E@4E4oF!CE768>!C4E6!67@>
!SMX
!LY &>!R8??!E7I<8E7!04E@4E4!>=!:4D7!@=>:!G4E75>F!C=
;F895!H=E!>:7!C4E6
!SMX
!cY &>!R8??!C:4E97!04E@4E4!>R8C7!>:7!H8545C7!C:4E97!E4>7!8>
!C:4E97F!=?67E!C4E6:=?67EF
!SMX
!cJ ,0!B;99!?0170!E178171!5>0!B;0F!1!?3199!9;42!56!<72=;0!05!?22!F5B!?F2!F14=92?!0F2!1<<5>40
!_W`
!!"72=;0Q-280!
]!0#,'('$,)1.,'$
!!kOM!
&H!4!CE768>!C4E6!4CC=<5>!:4F!4!@4?45C7!C4EE876!=D7E!HE=3!>:7!GE7D8=<F!3=5>:U!85>7E7F>!C:4E97F!
4CCE<7d
!WJ :753!0F2!82C;44;4C!56!0F2!?01023240!I27;5=
!_W`
!LY B57!3=5>:!4H>7E!>:7!64>7!=H!>:7!G<EC:4F7
!SMX
!cY (H>7E!4!L
;R77Q!9E4C7!G7E8=6
!SMX
!jY (H>7E!4!L
;3=5>:!9E4C7!G7E8=6
!SMX
!!kON!
Z:8C:!=H!>:7!H=??=R859!F>4>7375>F!8F!,$*"!4@=<>!>:7!455<4?!G7EC75>497!E4>7!S(/$Xt
!NY (/$!
8F!>:7!4C><4?!E4>7!=H!85>7E7F>!G486!=D7E!>:7!?8H7!=H!>:7!?=45
!SMX
!LY (/$!8F!4!9==6!374F<E7!=H!C=3G4E859!?=45!C=F>F
!SMX
!cY (/$!>4Q7F!85>=!4CC=<5>!4??!?=45!H77F
!SMX
!cJ $99!56!0F2!185G2
!_W`
!!cca!OY '=57!=H!>:7!4@=D7
!SMX
!!kOj!
Z:8C:!=H!>:7!H=??=R859!CE768>!C4E6!<F7EF!8F!?8Q7?2!
>=!G42!>:7!%$"(,"A,!6=??4E!43=<5>!85!H8545C7!
C:4E97F!G7E!274EU!8H!>:72!4??!C:4E97!>:7!F437!43=<5>!G7E!274E!=5!>:78E!C4E6Ft
!NY b7FF8C4U!R:=!G42F!4>!?74F>!>:7!38583<3!43=<5>!74C:!3=5>:U!456!3=E7!R:75!F:7!:4F!
>:7!
3=572
!SMX
!LY [7E4U!R:=!9757E4??2!G42F!=HH!:7E!CE768>
!C4E6!85!H<??!@<>U!=CC4F8=54??2U!R8??!G42!>:7!38583<3!R:75!
F:7!8F!F:=E>!=H!C4F:
!SMX
!cY #7945U!R:=!4?R42F!G42F!=HH!:7E!CE768>!C4E6!@8??!85!H<??!F:=E>?2!4H>7E!F:7!E7C78D7F!8>
!SMX
!cJ '7;4D!BF5!549H!I1H?!0F2!3;4;3>3!135>40!21<F!3540F
!_W`
!OY b7FF8C4!456!"E85!G42!>:7!F43
7!SMX
!!"72=;0Q-280!
]!!('*+,
)2/"(')3)1'4"(,
!!kcj!
Z:8C:!=H!>:7!H=??=R859!F>4>7375>F!@7F>!67FCE8@7F!2=<E!E89:>!>=!C:7CQ!2=<E!CE768>!:8F>=E2!H=E!
4CC<E4C2t
!WJ T5>7!<72=;0!72<57=!<14!82!<F2<M2=!54<2!1!H217!657!6722
!_W`
!LY 1=<!C455=>!F77!2=<E!CE768>!E7C=E6
!SMX
!cY (??!
CE768>!E7C=E6F!4E7!>:7!GE=G7E>2!=H!>:7!*YA
Y!!%=D7E5375>!456!4CC7FF!8F!=5?2!4D48?4@?7!>=!>:7!
-0&!456!+7567EF
!SMX
!jY 1=<!C45!=5?2!C:7CQ!2=<E!E7C=E6!H=E!HE77!8H!2=<!4E7!><E576!6=R5!H=E!CE768>!@4F76!=5!4!CE768>!
E7G=E>
!SMX
!!kcO!
Z:4>!6=7F!4!CE768>!@<E74<!6=t
!NY (GGE=D
7F!4GG?8C4>8=5F!H=E!CE768>
!SMX
!LY &5H=E3F!4GG?8C45>F!=H!>:7!E74F=5F!H=E!67584?!=H!CE768>
!SMX
!cY "]>756F!CE768>!>=!I<4?8H876!4GG?8C45>F
!SMX
!cJ %75G;=2?!<72=;057?!B;0F!72I570?!56!<54?>327?d!8;99
RI1H;4C!
_W`
! kca!
Z:8C:!=H!>:7!H=??=R859!C455=>!?794??2!4CC7FF!2=<E!CE768>
!E7G=E>t
!NY .E768>=EF
!SMX
!LY "3G?=27EF
!SMX
!cY (G4E>375>!E75>4?!4975C87F
!SMX
!jY &5F<E45C7!C=3G4587F
!SMX
!bJ $99!56!0F2!185G2!<14!1<<2??!H5>7!<72=;0!72I570
!_W`
!!"72=;0Q-280!
]!!('*+,
)5.6!!kOc!
&H!2=<E!CE768>!C4E6!8F!F>=?75U!456!>:7!>:87H!E<5F!<G!4!>=>4?!67@>!=H!sNMMMU!@<>!2=<
!5=>8H2!>:7!
8FF<7E!=H!>:7!C4E6!4F!F==5!4F!2=<!68FC=D7E!8>!8F!38FF859U!R:4>!8F!>:7!34]83<3!43=<5>!>:4>!2=<!C45!
@7!H=EC76!>=!G42!4CC=E6859!>=!-767E4?!?4R
!NY sOMM
!SMX
!LY sNMMM
!SMX
!cY '=>:859
!SMX
!cJ ebf
!_W`
!!"72=;0Q-280!
]!5".#)-.$+/$
!!kNVL!
(!NO;274E!3=E>9497!>2G8C4??2!E7I<8E7F!:89:7E!3=5>:?2!G42375>F!>:45!4!cM
;274E!3=E>9497U!@<>!
>:7!>=>4?!85>7E7F>!G486!=D7E!>:7!?8H7!=H!>:7!?=45!R8??!@7!?7FFY
!!cci!WJ &7>2
!_W`
!LY -4?F7
!SMX
!!kja!
&H!2=<!C=
;F895!4!?=45!H=E!4!HE8756U!>:75!2=<d
!!NY 07C=37!7?898@?7!>=!E7C78D7!G4E>
!=H!>:7!?=45!GE85C8G?7
!SMX
!LY [=<C:!H=E!>:7!HE8756oF!E7?84@8?8>2!@<>!:4D7!5=!?794?!=@?894>8=5!H=E!>:7!?=45
!SMX
!gJ $72!72?I54?;892!657!72I1H;4C!0F2!9514!;6!0F2!67;24=!=261>90?
!_W`
!jY (E7!85!@7>>7E!G=F8>8=5!>=!97>!4!G7EF=54?!?=45
!SMX
!!"72=;0Q-280!
]!2,%*'#,)5".#$
!)kN\i!
A><675>F!R8>:!F><675>!?=45F!:4D7xxx4H>7E!9E46<4>8=5!<5>8?!>:72!:4D7!>=!@7985!>=!34Q7!
G42375>F!=5!>:78E!F><675>!?=45F
!NY N!3=5>:!SMX
!XJ h!3540F?!_W`
!cY N!274E!SMX
!jY )7G756F!=5!2=<E!85C=37!SMX
!!/1G;4C?Q,4G2?0;4C!
]!2.7+#8$)
-.$+/$
)!kL\!
#452!F4D859F!GE=9E43F!4E7!
GE=>7C>76!@2!>:7!-767E4?!9=D7E5375>!49485F>!?=FF
Y!!Z:8C:!=H!>:7!
H=??=R859!8F!5=>t
)NY (!*YA
Y!!A4D859F!0=56
!SMX
!LY (!C7E>8H8C4>7!=H!67G=F8>
!SMX
!gJ $!854=!;??>2=!8H!542!56!0F2!bf!?0102?
!_W`
!jY (!*YA
Y!!,E74F<E2!0=56
!SMX
! kcN!
Z:8C:!4FF7>!8F!>:7!?74F>!?8I<86!S:4F!>:7!?=R7F>
!?8I<868>2Xt
!NY A4D859F!4CC=<5>
!SMX
!LY #=572!34EQ7>!4CC=<5>
!SMX
!cY #=572!85!4!F4H7!67G=F8>!@=]
!SMX
!cJ "270;6;<102!56!=2I5?;0
!_W`
!!9:4",;'$'$)<.=)</
=)>.
)!kcV!'7>!R=E>:!8Fd
!NY ,:7!68HH7E75C7!@7>R775!7]G7568><E7F!456!85C=37
!SMX
!XJ &F2!=;662724<2!820B224!9;18;9;0;2?!14=!1??20?
!_W`
!cY ,:7!68HH7E75C7!@7>R775!C4F:!85H?=R!456!=<>H?=R
!SMX
!jY ,:7!68HH7E75C7!@7>R775!@=EE=R859F!456!F4D859F
!SMX
!OY '=57!=H!>:7!4@=D7
!SMX
!!/1G;4C?Q,4G2?0;4C!
]!2.7+#8$)0#,'('$,)1.,'
)!kLO!
&349857!>:4>!>:7!85>7E7F>!E4>7!=5!2=<E!F4D859F!4CC=<5>!R4F!Np!!G7E
!274E!456!85H?4>8=5!R4F!Lp!
G7E!274E
Y!!(H>7E!N!274EU!:=R!3<C:!R=<?6!2=<!@7!4@?7!>=!@<2!R8>:!>:7!3=572!85!>:8F!4CC=<5>t
!NY #=E7!>:45!>=642
!SMX
!LY "]4C>?2!>:7!F437
!SMX
!gJ @2??!0F24!05=1H
!_W`
!!!cc\!!kcM!
$=@!456!#=??2!4E7!>:7!F437!497
Y!!(>!497!LO!$=@!@7945!F4D859!sLMMM!4!274
E!H=E!NM!274EF!456!
>:75!F>=GG76!4>!497!cO
Y!!(>!497!cOU!#=??2!E74?8`76!>:4>!F:7!577676!3=572!H=E!E7>8E7375>!456!F>4E>76!
F4D859!sLMMM!G7E!274E!H=E!cM!274EF!456!>:75!F>=GG76!4>!497!aO
Y!!'=R!>:72!4E7!@=>:!aO!274EF!=?6
Y!!Z:=!:4F!>:7!3=F>!3=572!85!:8F!=E!:7E!
E7>8E7375>!4CC=<5>!S4FF<37!@=>:!85D7F>375>F!:4D7!>:7!F437!
85>7E7F>!E4>7Xt
!NY #=??2U!@7C4<F7!F:7!F4D76!3=E7!3=572!=D7E4??
!SMX
!XJ (58D!82<1>?2!F;?!3542H!F1?!C75B4!657!1!954C27!I27;5=!56!0;32
!_W`
!cY ,:72!R=<?6!74C:!:4D7!4@=<>!>:7!F437!43=<5>
!SMX
!jY *54@?7!>=!67>7E3857!R8
>:!85H=E34>8=5!GE=D8676
!SMX
!!/1G;4C?Q,4G2?0;4C!
]!0#?@.,+"#
)!kLj!
Z:8C:!=H!>:7!H=??=R859!>2G7F!=H!85D7F>375>!R=<?6!@7F>!GE=>7C>!G<EC:4F859!G=R7E!=H!4!H438?2oF!
F4D859F!85!>:7!7D75>!=H!4!F<6675!85CE74F7!85!85H?4>8=5t
)NY (!NM
;274E!@=56!8FF<76!@2!4!C=EG=E4>8=5
!SMX
!LY (!C7E>8H8C4>7!=H!67G=F8>!4>!4!@45Q
!SMX
!cY (!LO
;274E!C=EG=E4>7!@=56
!SMX
!cJ $!F5>?2!6;414<2=!B;0F!1!6;L2=
R7102!3570C1C2
!_W`
!!kc\!
&5H?4>8=5!C45!C4<F7!68HH8C<?>2!85!3452!R42F
Y!!Z:8C:!9E=<G!R=<?6!:4D7!>:7!9E74>7F>!GE=@?73!
6<E859!G7E8=6F!=H!:89:!85H?4>8=5!>:4>!?4F>!F7
D7E4?!274EFt
!NY B?67EU!R=EQ859!C=<G?7F!F4D859!H=E!E7>8E7375>
!SMX
!XJ )9=27!I25I92!9;G;4C!54!1!6;L2=!;4<532
!_W`
!cY 1=<59!C=<G?7F!R8>:!5=E!C:8?6E75!R:=!@=>:!R=EQ
!SMX
!jY 1=<59!R=EQ859!C=<G?7F!R8>:!C:8?6E75
!SMX
!!/1G;4C?Q,4G2?0;4C!
]!0#7'$,+#8)-.$+/$
!!!kLN!
,:7!H89<E7!>:4>!
@7F>!E7H?7C>F!4!3<><4?!H<56oF!G7EH=E345C7!=D7E!4!G7E8=6!=H!274EF!8F
!NY &>F!C<EE75>!287?6
!SMX
!LY ,:7!>=>4?!68D86756F!456!C4G8>4?!9485F!8>!:4F!G486
!SMX
!gJ ,0?!05019!720>74
!_W`
! kLL!
1=<!85D7F>76!sNUMMM!85!4!F>=CQ!>R=!274EF!49=
Y!!,:7!F>=CQoF!>E46859!GE8C7!67C?8576!jMp!
>:7!H8EF>!
274E!456!E=F7!jMp!>:7!57]>
Y!!(F!4!E7F<?>U!2=<!:4D7
!NY +=F>!#=572
!SMX
!LY #467!#=572
!SMX
!gJ E75M24!'G24
!_W`
! kLa!
J=R!3<C:!3=572!6=!7]G7E>F!E7C=33756!>:4>!2=<!F7>!4F867!85!4!F:=E>!>7E3!H<56!H=E!
737E975C87Ft
!NY c;a!3=5>:F!=H!2=<E!85C=37
!SMX
!XJ gRh!3540F?!56!H5>7!
2LI24?2?
!_W`
!cY "5=<9:!<5>8?!2=<!C45!H856!45=>:7E!P=@
!SMX
!jY 1=<!6=5o>!5776!45!737E975C2!H<56!@7C4<F7!2=<!C45!I
<4?8H2!456!E7C78D7!<573G?=2375>!SMX
!!/1G;4C?Q,4G2?0;4C!
]!0#7'$,+#8)1+$A
))kN\V!
&5!3=F>!C4F7FU!>:7!?=R7E!>:7!7]G7C>76!E4>7!=H!E7><E5!=5!45!85D7F>375>U!
>:7!?=R7E!>:7!E8FQ
!!ccV!WJ &7>2
!_W`
!LY -4?F7
!SMX
!!kNV!
(!:89:
;E8FQU!456!:89:!E7><E5!85D7F>375>!F>E4>792!R=<?6!@7!3=F>!F<8>4@?7!H=E
!NY (5!7?67E?2!E7>8E76!C=<G?7!?8D859!=5!4!H8]76!85C=37
!SMX
!LY (!3866?7!4976!C=<G?7!5776859!H<56F!H=E!>:78E!C:8?6E75^F!76<C4>8=5!85!>R=!274EF
!SMX
!gJ $!H5>4C!3177;2=!<5>I92!B;0F5>0!<F;9=724
!_W`
!jY (??!=H!>:7!4@=D7!@7C4<F7!>:72!4??!5776!:89:!E7><E5
!SMX
!!kLM!
Z:8C:!=H!>:7!H=??=R859!C=3@854>8=5!=H!85D7F>375>F!8F!3=F>!E8FQ2t
!NY (!3<><4?!H<56!C=5>485859!\MpF>=CQF!456!LMp!@=56F
!SMX
!LY (!3<><4?!H<56!C=5>485859!\Mp!@=56
F!456!LMp!F>=CQF
!SMX
!cY (5!8567]!H<56!S?8Q7!>:7!AT/!OMMX
!SMX
!cJ /05<M!;4!1!?;4C92!<53I14H
!_W`
! kLi!
$7@7CC4!:4F!F4D76!sNLUMMM!H=E!:7E!C=??797!7]G75F7F!@2!R=EQ859!G4E>
;>837
Y!!J7E!G?45!8F!>=!F>4E>!
C=??797!57]>!274E!456!F:7!5776F!4??!=H!>:7!3=572!F:7!F4D76
Y!!Z:8C:!
=H!>:7!H=??=R859!8F!>:7
!@7F>!G?4C7!
H=E!:7E!C=??797!3=572t
!NY +=CQ76!85!:7E!C?=F7>!4>!:=37
!SMX
!LY A>=CQF
!SMX
!cY .=EG=E4>7!0=56F
!SMX
!cJ $!814M!?1G;4C?!1<<5>40
!_W`
!!/1G;4C?Q,4G2?0;4C!
]!1',+('&'#,
!!!kN\!
(FF<37!2=<!4E7!85!2=<E!74E?2!>R75>87F!456!2=<!R=<?6!?8Q7!>=!!!@<8?6!
<G!2=<E!57F>!799!H=E!4!
F7C
<E7!E7>8E7375>!85!cM!274EF
Y!!Z:8C:!=H!>:7!H=??=R859!>756F!>=!:4D7!>:7!:89:7F>!9E=R>:!=D7E!
G7E8=6F!=H!>837!4F!?=59!4F!cM!274EFY
!NY A4D859F!4CC=<5>
!SMX
!LY .:7CQ859!4CC=<5>
!SMX
!cY .7E>8H8C4>7F!=H!67G=F8>!4CC=<5>
!SMX
!cJ %>0!3540F9H!?1G;4C?!;4!1!=
;G27?;6;2=!C75B0F!3>0>19!6>4=
!_W`
!OY +=59
;>7E3!,E74F<E2!@=56F
!SMX
!aY #=572!85!4!F4H7
;@=]!E75>76!HE=3!4!?=C4?!@45Q
!SMX
!!:;414<;19!A45B92=C2!/<57;4C
!¥ LV!>=>4?!I<7F>8=5F
!o ._)!w!Nj
!I<7F>8=5F
!o A_&!w!NO!I<7F>8=5F
!¥ &5C=EE7C>!45FR7E!w!M
!¥ .=EE7C>!45FR7E!w!N
!¥ A<3!>:7!FC=E7F!85!
74C:!F7C>8=5!S._)!456!A_&X
!¥ AC=
E859!E4597!H=E!74C:!F7C>8=5!M
;Nj!S._)XU!M
;NO!SA_&X
!!!!!!!!!cjM!,4@?7!N
!e5=R?7697!k<7F>8=5F!T!.=6859
!!!U>2?0;54
!$4?B27!"F5;<2?
!)9=!"5=;4C!/<F232
!*2B!"5=;4C!
/<F232
!kjc
!-;?<>??!0F2!<54?>327d?!=280?!B;0F!
F;?!57!F27!23I95H27D!
0E859!4!
F<8>!
49485F>!>:7!C=5F<37EU!,7??!4!CE768>!
@<E74<!>:4>!>:7!4CC=<5>!8F!67?85I<75>U!
,<E5!>:7!4CC=<5>!=D7E!>=!4!
GE=H7FF8=54?!67@>!C=??7C>=E
!WULUcUj!S@=?6!8F!C=EE7C>X
!NSC=EE7C>XU
!MS85C=EE7C>X
!kj\
!OF24!H5>!422=!05!8>H!1!<17!05!C20!
3><F!820027!I1H;4C!a58D!
Z:75!2=
<!E74??2!5776!4!R77Q!D4C4>8=5U!Z:75!
F=37!C?=>:7F!2=<!?8Q7!9=!=5!F4?7U!
Z:75!>:7!85>7E7F>!=5!>:7!?=45!8F!
9E74>7E!>:45!>:7!85>7E7F>!2=<!97>!=5!
2=<E!F4D859F!WULUcUj!NUM!kOO
!,:7!?84@8?8>2!8F!9E74>7E!R8>:!>:7!67@>!
C4E6!8H!?=F>!=E!F>=?75U!,:7!3=572!
C=37F!68E7C>?
2!=<>!=H!2=<E!@45Q!
4CC=<5>U!,:7E7!8F!5=!9E4C7!G7E8=6U!'=!
85>7E7F>!8F!C:4E976!R:75!<F859!45!
(,#!67@8>!C4E6U!
$99!56!0F2!185G2!NULUcUjUb!NUM!kOL
!&>!R8??!34Q7!04E@4E4^F!G4E75>F!G?7697!
>:78E!:=37!>=!E7G42!04E@4E4^F!CE768>!
C4E6!67@>U!&>!R8??!E7I<8E7!04E@4E4!>=!
:4D7!@=>:!G4E75>F!C=
;F895!H=E!>:7!
C4E6U!&>!R8??!C:4E97!04E@4E4!>R8C7!>:7!
H8545C7!C:4E97!E4>7!8>!C:4E97F!=?67E!
C4E6:=?67EFU!
,0!B;99!?0170!E17817
1!5>0!B;0F!1!?3199!9;42!56!<72=;0!05!?22!
F5B!?F2!F14=92?!0F2!1<<5>40
!NULUcUc!NUM!kOM
!:753!0F2!82C;44;4C!56!0F2!
?01023240!I27;5=D!
B57!3=5>:!4H>7E!
>:7!64>7!=H!>:7!G<EC:4F7U!(H>7E!4!L
;R77Q!9E4C7!G7E8=6U!(H>7E!4!L
;3=5>:!
9E4C7!G7E8=6
!WULUcUj!NUM!kON
!(/$!8F!>:
7!4C><4?!E4>7!=H!85>7E7F>!G486!
=D7E!>:7!?8H7!=H!>:7!?=45U!(/$!8F!4!9==6!
374F<E7!=H!C=3G4E859!?=45!C=F>FU!(/$!
>4Q7F!85>=!4CC=<5>!4??!?=45!H77FU!
$99!56!0F2!185G2
U!'=57!=H!>:7!4@=D7!NULUcUcUO!NUM!!!!cjN!,4@?7!N
!SC=5>^6X
!!kOj
!b7FF8C4U!R:=!G42F!4>!?74F>!>:7!
38583<3
!43=<5>!74C:!3=5>:!456!
3=E7!R:75!F:7!:4F!>:7!3=572U![7E4U!
R:=!9757E4??2!G42F!=HH!:7E!CE768>!
C4E6!85!H<??!@<>!=CC4F8=54??2!R8??!G42!
>:7!38583<3!R:75!F:7!8F!F:=E>!=H!
C4F:U!#7945!R:=!4?R42F!G42F!=HH!:7E!
CE768>!C4E6!@8??!85!H<??!F:=E>?2!4H>7E!
F:7!E7C78D7F!8>U!
'7;4D!BF5!549H!I1H?!
0F2!3;4;3>3!135>40!21<F!3540F
U!b7FF8C4!456!"E85!G42!>:7!F437
!NULUcUcUO!NUM!kcj
!T5>7!<72=;0!72<57=!<14!82!<F2<M2=!
54<2!1!H217!657!6722D!
1=<!C455=>!F77!
2=<E!CE768>!E7C=E6U!(??!CE768>!E7C=E6F!
4E7!>:7!GE=G7E>2!=H!>:7!*A!
%=D7E5375>!456!
4CC7FF!8F!=5?2!
4D48?4@?7!>=!>:7!-0&!456!?7567EFU!1=<!
C45!=5?2!C:7CQ!2=<E!E7C=E6!H=E!HE77!8H!
2=<!4E7!><E576!6=R5!H=E!CE768>!@4F76!
=5!4!CE768>!E7G=E>
!WULUcUj!NUM!kcO
!(GGE=D7F!4GG?8C4>8=5F!H=E!CE768>U!
&5H=E3F!4GG?8C45>F!=H!>:7!E74F=5F!H=E!
67584?!=H!CE768>U!"]>756F!CE768>!>=!
I<4?8H876!4GG?8C45>FU!
%75G;=2?!
<72=;057?!B;0F!72I570?!56!
<54?>327?d!8;99
RI1H;4C
!NULUcUc!NUM!kca
!.E768>=EFU!"3G?=27EFU!(G4E>375>!
E75>4?!4975C87FU!&5
F<E45C7!
C=3G4587FU!
$99!56!0F2!185G2!<14!1<<2??!H5>7!<72=;0!72I570
!NULUcUjUb!NUM!kOc
!sOMMU!sNUMMMU!'=>:859U!
ebf
!NULUcUc!NUM!kNVL
!&7>2U!-4?F7
!WUL!NUM!kja
!07C=37!7?898@?7!>=!E7C78D7!G4E>!=H!>:7!
?=45!GE85C8G?7U![=<C:!H=E!>:7!HE8756^F!
E7?84@8?8>2!@<>!:4D7!5=!?794?!
=@?894>8=5!H=E!>:7!?=45U!
$72!
72?I54?;892!657!72I1H;4C!0F2!9514!
;6!0F2!67;24=!=261>90?
U!(E7!85!@7>>7E!
G=F8>8=5!>=!97>!4!G7EF=54?!?=45
!NULUgUj!NUM!kN\i!N!3=5>:U!
h!3540F?
U!N274EU!)7G756F!
=5!2=<E!85C=37
!NUXUcUj!NUM!!!!!cjL!,4@?7!N
!SC=5>^6X
!!kL\
!(!*A!F4D859F!@=56FU!(!C7E>8H8C4>7!=H!67G=F8>U!
$!854=!;??>2=!8H!542!56!0F2!bf!?0102?
U!(!*A!>E74F<E2!@=56
!NULUgUj!NUM!kcN
!A4D859F!4CC=<5>U!#=572!34EQ7>!4CC=<5>U!#=572!85!4!F4H7!
67G=F8>!@=]U!
"270;6;<102!56!=2I5?;0
!NULUcUc!NUM!kcV
!,:7!68HH7E75C7!@7>R775!7]G7568><E7F!456!85C=37U!
&F2!
=;662724<2!820B224!9;18;9;0;2?!14=!1??20?
U!,:7!68HH7E75C7!C4F:!85H?=R!456!=<>H?=RU!,:7!
68HH7E75C7!@7>R775!@=EE=R859!456!F4D859FU!'=57!=H!>:7!4@=D7
!NUXUcUj!NUM!kLO
!#=E7!>:45!>=642U!"]4C>?2!>:7!F437U!
@2??!0F24!05=1H
!NULUg!NUM!kcM
!#=??2U!@7C4<F7!F:7!F4D76!3=E7!3=572!=D7E4??U!
(58D!
82<1>?2!F;?!3542H!F1?!C75B4!657!1!954C27!I27;5=!56!
0;32U!,:72!R=<?6!74C:!:4D7!4@=<>!>:7!F437!43=<5>U!
*54@?7!>=!67>7E3857!R8>:!85H=E34>8=5!GE=D8676
!NUXUcUj!NUM!kLj
!(!NM
;274E!@=56!8FF<76!@2!4!C=EG=E4>8=5U!(!C7E>8H8C4>7!=H!
67G=F8>!4>!4!@45QU!(!LO
;274E!C=EG=E4>7!@=56U!
$!F5>?2!
6;414<2=!B;0F!1!6;L2=
R7102!3570C1C2
!NULUcUc!NUM!kc\
!B?67EU!R=EQ859!C=<G?7F!F4D859F!H=E!E7>8E7375>U!
)9=27!
I25I92!9;G;4C!54!1!6;L2=!;4<532
U!1=<59!C=<G?7F!R8>:!5=!C:8?6E75!R:=!@=>:!R=EQU!1=<59!R=EQ859!C=<G?7F!R8>:!
C:8?6E75!
!NUXUcUj!NUM!kLN
!&>F!C<EE75>!287?6U!,:7!>=>4?!68D86756F!456!C4G8>4?!9485F!8>!
:4F!G486U!
,0?!05019!720>74
!!NULUg!NUM!kLL
!+=F>!3=572U!#467!3=572U!
E75M24!2G24
!!NULUg!NUM!kLa
!c;a!3=5>:F!=H!2=<E!85C=37U!
gRh!3540F?!56!H5>7!
2LI24?2?
U!"5=<9:!<5>8?!2=<!C45!H856!45=>:7E!P=@
!NUXUc!NUM!kN\V
!&7>2U!-4?F7
!WUL!NUM!kNV
!(5!7?67E?2!E7>8E76!C=<G?7!?8D859!=5!4!H8]76!85C=37U!(!
3866?7!4976!C=<G?7!5776859!H<56F!H=E!>:78E!C:8?6E75^F!
76<C4>8=5!85!>R=!274EFU!
$!H5>4C!3177;2=!<5>I92!
B;0F5>0!<F;9=724
U!(??!=H!>:7!4@=D7!@7C4<F7!>:72!4??!5776!
:89:!E7><E
5!NULUgUj!NUM!kLM
!(!3<><4?!H<56!C=5>485859!\Mp!F>=CQF!456!LMp!@=56FU!(!
3<><4?!H<56!C=5>485859!\Mp!@=56F!456!LMp!F>=CQFU!(5!
8567]!H<56!S?8Q7!>:7!AT/!OMMXU!
/05<M!;4!1!?;4C92!
<53I14H
!!NULUcUc!NUM!!kLi
!+=CQ76!85!:7E!C?=F7>!4>!:=37U!A>=CQFU!.=EG=E4>7!@=56FU!
$!814M!?1G;4C?!1<<5>40
!!NULUcUc!NUM!kN\
!A4D859F!4CC=<5>U!.:7CQ859!4CC=<5>U!.7E>8H8C4>7F!=H!
67G=F8>!4CC=<5>U!
%>0!3540F9H!?1G;4C?!;4!1!=;G27?;6;2=!
C75B0F!3>0>19!6>4=
U!+=59
;>7E3!>E74F<E2!@=56FU!#=572!
85!4!F4H7
;@=]!E75>76!HE=3!4!?=C4?!@45Q
!NULUcUcUOUa!NUM!!!!cjc!(//"')&l!
-!!-8545C84?!(>>8><67F!
m!"(-.A!A<ED72!k<7F>8=5F
!!"72=;0
Q-280
!14=!/1G;4C?Q,4G2?0;4C
!]!2%BC'/,+7')D+#.#/+.@)E#"6@'*8'
!!kNN!
/?74F7!E4>7!2=<E!<567EF>456859!=H!>:7!H=??=R859!>=G8CF!4F!/==EU!-48EU!%==6U!"]C7??75>Y
!NY!!0<697>859!SA_&X
!LY!!.=3G=<56!
&5>7E7F>!SA_&X
!jY!!&5D7F>859!SA_&X
!OY!!A4D859!H=E!$7>8E7375>!SA_&X
!\Y!!&5F<E45C7!SA_&X
!!cY!!.E768>!0<E74<F!S._)X
!aY!!A><675>!+=45F!S._)X
!iY!!.E768>!.4E6F!S._)X
!¥ /==E
!SNX
!¥ -48E
!SLX
!¥ %==6!
ScX
!¥ "]C7??75>
!SjX
!!T.<'1":.=+/$.,C'0Q6'I'P2'*QD'I'U
'9?./"=.',1+/.':";.('4
+/'."18'1":.=+/&'V*QD'"()'0Q6W
'!"72=;0
Q-280
!]!F'($"#.@)G,,+,%*'$
!!kV!
/?74F7!E4>7!2=<E!49E77375>!R8>:!>:7!H=??=R859!F>4>7375>FY
!NY (F!?=59!4F!=57!377>F!3=5>:?2!G42375>F!>:7E7!8F!5=!5776!>=!R=EE2!4@=<>!>:7!?759>:!=H!>837!8>!
R8??!>4Q7!>=!G42!=HH!=<>F>456859!
67@>F
!LY &!43!C=5H8675>!85!32!4@8?8>2!>=!<567EF>456!?=45!>7E3FY
!cY &>!8F!83G=E>45>!>=!<567EF>456!H8545C84?!C=5>E4C>F!S7Y9YU!4G4E>375>!?74F7F!456!?=45!49E77375>FX!
@7H=E7!&!F895!>:73Y
!jY &!43!F4>8FH876!R8>:!>:7!R42!&!G42!32!@8??F
!OY &!H77?!CE768>!C4E6F!4E7!F4H7!456!E8FQ
!HE77
!aY &!43!4HE486!=H!CE768>!456!CE768>!C4E6F
!iY ,:7!C=F>!=H!<F859!4!CE768>!C4E6!8F!>==!:89:
!\Y &!43!C=3H=E>4@?7!R8>:!5=>!G42859!32!CE768>!C4E6!@8??F!85!H<??!74C:!3=5>:!4F!?=59!4F!&!34Q7!>:7!
38583<3!G42375>
!¥ A>E=59?2!)8F49E77
!SMX
!¥ )8F49E77
!SNX
!¥ (9E77
!SLX
!¥ A>E=59?2!(9
E77
!ScX
!!J.?./,.'1+).
)C'R2'P2'X2'Y'
'Z$=8./',1+/.'I'>.::./'B/"1:$1.
'!"72=;0Q-280!
]!!"#$%&'()!('*+,)F(./,+/'
)H7.@%.,+"#)
!!!!cjj!ka!
/?74F7!8675>8H2!74C:!=H!>:7!H=??=R859!4F!n%==6!/E4C>8C7n!=E!n'=>!%==6!/E4C>8C7n
!NY #4Q859!G42375>F!=5!>837
!LY J4D859!4!:89:!(/$!CE768>!
C4E6
!cY /42859!=HH!F>=E7!456!=>:7E!CE768>!C4E6F!74C:!3=5>:
!jY 0=<5C859!C:7CQF
!OY J4D859!3=E7!>:45!NM!CE768>!C4E6F!HE=3!F>=E7FU!@45QFU!7>CY
!aY BR5859!H8545C84?!4FF7>F
!iY "]C776859!CE768>!?838>F
!¥ '=>!%==6!/E4C>8C7
!SMX
!¥ %==6!/E4C>8C7
!SNX
!!J.?./,.'1+).
)C'[2'\2'P2'Y
'Z$=8./'
,1+/.'I'>.::./'B/"1:$1.
'!/1G;4C?
Q,4G2?0;4C
!]!F'($"#.@)G,,+,%*'$
! kNi!
/?74F7!E4>7!2=<E!49E77375>!R8>:!>:7!H=??=R859!F>4>7375>Fd
!NY A4D859!3=572!E79<?4E?2!8F!83G=E>45>
!LY &!H77?!F4>8FH876!R8>:!:=R!&!FG756!32!3=572
!cY &>!8F!83G=E>45>!>:4>!&!FG756!?7FF!>:45!32!85C=37Y
!jY &>!8F!83G=E>45>!>=!Q77G!>E4CQ!=H!R:7E7!3=572!8F!FG75>
!OY 0<697>F!>4Q7!>:7!H<5!=<>!=H!FG756859Y
!aY -438?87F!F:=<?6!:4D7!RE8>>75!H8545C84?!9=4?F!>:4>!:7?G!>:73!67>7E3857!GE8=E8>87F!85!FG756859
!iY (!RE8>>75!@<697>!8F!4@F=?<>7?2!7FF75>84?!H=E!F<CC7FFH<?!H8545C84?!34549
7375>
!\Y e77G859!E7C=E6F!=H!H8545C84?!34>>7EF!8F!>==!>837!C=5F<3859!>=!R=EE2!4@=<>
!VY -8545C84?!G?455859!8F!45!<557C7FF4E2!68F>E4C>8=5!R:75!H438?87F!4E7!P<F>!>E2859!>=!97>!@2!>=642
!¥ A>E=59?2!)8F49E77
!SMX
!¥ )8F49E77
!SNX
!¥ (9E77
!SLX
!¥ A>E=59?2!(9E77
!ScX
!!J.?./,.'1+).
)C'P2']2'K
'Z$=8./',1+/.'I'>.::./'B/"1:$1.
'!:;414<;19!$00;0>=2?!/<57;4C!
!¥ j!>=>4?!I<7F>8=5
!¥ ._)!w!kNN!Sc!F<@C4>79=E87FXU!kV!S\!F<@C4>79=E87FXU!ka!Si!F<@C4>79=E87FX
!¥ A_&!w!kNN!SO!F<@C4>79=E87FXU!kNi!SV!F<@C4>79=E87FX
!!!!!!!!!!!!cjO!,4@?7!L
!(>>8><67F!k<7F>8=5F!T!.=685
9!!!U>2?0;54
!$4?B27!"F5;<2?
!)9=!"5=;4C
!/<F232
!*2B!"5=;4C
!/<F232
!kNN
!/==EU!-48EU!%==6U!
"]C7??75>
!NULUcUj!
!~AC:737!F>4276!>:7!
F437
!kV!A>E=59?2!68F49E77U!
)8F49E77U!(9E77U!
A>E=59?2!49E77
!NULUcUj!
!MUNULUc
!ka!'=>!9==6!GE4C>8C7U!
%==6!GE4C>8C7
!NUL!
!MUN
!kNi
!A>E=59?2!68F49E77U!
)8F49E77U!(9E77U!
A>E=59?2!49E77
!NULUcUj
!MUNULUc
!!!!!cja!(//"')&l!
%!!-8545C84?!07:4D8=E
!m!"(-.A!A<ED72!k<7F>8=5F
!!"72=;0
Q-280
!])9"@*+#8$
!!kVi!
J=R!3452!CE768>!C4E6F!6=!2=<!J(["U!85C?<6859!F>=E7!CE768>!C4E6Ft
!NY '=57
!SMX
!LY B57
!SNX
!cY ,R=
!SLX
!jY ,:E77
!ScX
!OY -=<E
!SjX
!aY -8D7!>=!'857
!SOX
!iY ,75!=E!3=E7
!SaX
!!kNMj!
Z:4>!8F!>:7!C=3@8576!>=>4?!@4?45C7!=R76!=5!2=<E!CE768>!C4E6Ft
!NY sM;sVV
!SMX
!LY sNMM
;sjVV
!SNX
!cY sOMM
;sVVV
!SLX
!jY sNUMMM
;!sNUVVV
!ScX
!OY sLUMMM
;!sjUVVV
!SjX
!aY sOUMMM!=E!3=E7
!SOX
!iY )=5o>!Q5=R
!SA2F>73!#8FF859X
!!"72=;0
Q-280
!])-';.7+"(
!!kVa!
/?74F7!8568C4>7!>:7!HE7I<75C2!R8>:!R:8C:!2=<!759497!85!>:7!H=??=R859!4C>8D8>87F
!NY &!C=3G4E7!=HH7EF!@7H=E7!4GG?2859!H=E!4!?=45
!LY &!E746!=D7E!456!<567EF>456!4G4E>375>!?74F7F!456!?=45!49E77375>F!@7H=E7!&!F895!>:73Y
!cY &!34Q7!=5?2!38583<3!G42375>F!=5!4
!?=45
!jY &!G486!4??!32!@8??F!=5!>837!85!>:7!G4F>!274E
!¥ '7D7E
!SMX
!¥ $4E7?2
!SNX
!¥ A=37>837F
!SLX
!¥ (?R42F
!ScX
!!J.?./,.'1+).
)C'U'Z$=8./',1+/.'I'>.::./'B/"1:$1.
'!kNMc!
,:85Q859
!4@=<>!R:75!2=<!=@>48576!2=<E!3=F>!E7C75>!CE768>!C4E6U!686!2=<!C=??7C>!85H=E34>8=5!
4@=<>!68HH7E75>!C4E6F!HE=3!3=E7!>:45!=57!C=3G452!85!=E67E!>=!C=3G4E7!>:73t
!NY 17F
!SNX
!LY '=!SMX
!!kVV!J=R!3452!CE768>!C4E6F!6=!2=<!*A"U!85C?<6859!F>=E7!CE768>!C4E6Ft
!NY '=57
!SMX
!LY B57
!SNX
!cY ,R=
!SLX
!jY ,:E77
!ScX
!!cji!OY -=<E
!SjX
!aY -8D7!>=!'857
!SOX
!iY ,75!=E!3=E7
!SaX
!!kNMN!
Z:8C:!=H!>:7!H=??=R859!F>4>7375>F!@7F>!67FCE8@7F!>:7!R42!85!R:8C:!2=<!:4D7!3467!G42375>F!
=5!2=<E!CE768>!C4E6!=D7E!>:7!?4F>!NL!3=5>:Ft
!NY &!4?R42F!G42!=HH!>:7!>=>4?!@4?45C7!74C:!3=5>:
!SOX
!LY &!=CC4F8=54??2!6=!5=>!G42!=HH!>:7!@4?45C7!H=E!4!3=5>:!=E!F=!R:75!&!43!F:=E>!=5!H<56F
!SjX
!cY &!9757E4??2!:4D7!45!=<>F>456859!@4?45C7U!@<>!=CC4F8=54??2!43!4@?7!>=!G42!8>!=HH
!ScX
!jY &!F7?6=3U!8H!7D7EU!G42!=HH!4??!32!@4?45C7FU!@<>!>E2!>=!G42!>:73!6=R5!R:75!&!C45
!SLX
!OY &!9757E4??2!G42!=5?2!>:7!38583<3!E7I<8E76!G42375>!74C:!3=5>:
!SNX
!aY &!=CC4F8=54??2!34Q7!?7FF!>:45!>:7!38583<3!G42375>
!SMX
!!Z$=8./',1+/.'I'>.::./'B/"1:$1.
'!kNML!
&5!>:7!G4F>!NL!3=5>:F!:4D7!2=<
!!NY .45C7??76!4!CE768>!C4E6
!LY 0775!?4>7!34Q859!4!G42375>
!cY BG7576!4!57R!
CE768>!C4E6
!jY #8FF76!4!CE768>!C4E6!G42375>
!OY ,E45FH7EE76!>:7!@4?45C7!HE=3!=57!CE768>!C4E6!>=!45=>:7E
!aY #467!4!G42375>!>:4>!R4F!?7FF!>:45!>:7!38583<3!G42375>!E7I<8E76
!iY 0775!E7P7C>76!H=E!4!57R!CE768>!C4E6
!\Y B@>48576!4!C4F:!46D45C7!HE=3!2=<E!CE768>!C4E6!C=3G452
!VY .=5F=?
864>76!2=<E!CE768>!C4E6!67@>!85>=!4!G7EF=54?!@8??!C=5F=?864>8=5!?=45
!NMY 0775!C=5>4C>76!@2!4!C=??7C>8=5!4975C2
!NNY #4]76!=<>!>:7!?838>!=5!=57!=E!3=E7!CE768>!C4E6F
!NLY "]C77676!32!CE768>!?838>!=5!=57!=E!3=E7!CE768>!C4E6F
!NcY '=57!=H!>:7F7
!!"72=;0
Q-280
!])!('*+,)2/"('
!!kNMO!
Z:4>!R4F!2=<E!CE768>!FC=E7!>:7!?4F>!>837!2=<!C:7CQ76t
!NY *567E!aLM
!SMX
!LY aLN;aaM!SNX
!cY aaN;iMM!SLX
!jY iMN;ijM!ScX
!OY BD7E!ijM
!SjX
!aY &!:4D7!5=>!C:7CQ76!32!CE768>!FC=E7
!SA2F>73!#8FF859X
!!Z$=8./',1+/.'I'>.::./'B/"1:$1.
'!"72=;0
Q-280
!])I",.@)J'B,
!!kNij!
Z:75!2=<!H858F:!2=<E!
<567E9E46<4>7!76<C4>8=5U!:=R!3<C:!6=!2=<!7]G7C>!>=!=R7!85!,B,(+!
67@>!S85C?<6859!F><675>!?=45FU!4<>=!?=45FU!CE768>!C4E6!67@>XU!5=>!85C?<6859!3=E>9497!67@>t
!NY sN;sVVV
!SMX
!LY sNUMMM
;sNUVVV
!SNX
!cY sLUMMM
;sjUVVV
!SLX
!jY sOUMMM
;sVUVVV
!ScX
!!cj\!OY sNMUMMM
;sNVUVVV
!SjX
!aY sLMUMMM
;sjVUVVV
!SOX
!iY sOMUMMM
;sVVUVVV
!SaX
!\Y sNMMUMMM!=E!3=E7
!SiX
!!Z$=8./',1+/.'I'8$=8./':+:"%').>:'%.?.%,'
'!"72=;0
Q-280
!])2,%*'#,)5".#)J'B,
!!kVc!
Z:75!2=<!H858F:!2=<E!<567E9E46<4>7!76<C4>8=5U!:=R!3<C:!6=!2=<!7]G7C>!>=!=R7!85!F><675>!
?=45Ft
!'=>:859
!NY sN;sVVV
!SMX
!LY sNUMMM
;sNUVVV
!SNX
!cY sLUMMM
;sjUVVV
!SLX
!jY sOUMMM
;sVUVVV
!ScX
!OY sNMUMMM
;sNVUVVV
!SjX
!aY sLMUMMM
;sjVUVVV
!SOX
!iY sOMUMMM
;sVVUVVV
!SaX
!\Y sNMMUMMM!=E!3=E7
!SiX
!!Z$=8./',1+/.'I'8$=8./':+:"%').>:'%.?.%,'
'!/1G;4C?
Q,4G2?0;4C
!])9"@*+#8$
!!kij!
Z:4>!Q856!=H!H8545C84?!4CC=<5>F!6=!2=<!:4D7t!#4EQ!4??!
>:4>!4GG?2
!!NY!!&!6=!5=>!:4D7!4!@45Q!4CC=<5>!=E!85D7F>375>F!SA2F>73!#8FF859X
!LY!!A4D859F!4CC=<5>!SA4D859FX!SNX
!cY!!.:7CQ859!4CC=<5>!SA4D859FX!SNX
!jY!!#=572!34EQ7>!SA4D859FX!SNX
!OY!!.7E>8H8C4>7F!=H!67G=F8>!S.)X!SA4D859FX!SNX
!aY!!A>=CQF!S&5D7F>859X!SNX
!iY!!0=56F!S&5D7F>859X!SNX
!\Y!!#<><4?!-<56F!S&5D7F>859X!SNX
!VY!!&$(_jMNe!S&5D7F>859X!SNX
!NNY!!",-oF!S&5D7F>859X!SNX
!NMY!!B>:7E
!!0-#':8.',1+/.'"1/+,,'."18'1":.=+/&'V,"?$(=,'"()'$(?.,:$(=W
S+(.'B+$(:'B./'8+%)$(=^
'!k\M!
J=R!3<C:!6=!2=<!:4D7!85!F4D859F!=E!85D7F>375>FU
!7]C?<6859!E7>8E7375>!F4D859Ft
!NY &!6=5o>!:4D7!F4D859F!=E!85D7F>375>F
!SMX
!LY <567E!sOMM
!SNX
!cY sOMM
;VVV!SLX
!jY sNUMMM
;NUVVV
!ScX
!OY sLUMMM
;jUVVV
!SjX
!aY sOUMMM
;VUVVV
!SOX
!iY sNMUMMM
;NVUVVV
!SaX
!\Y =D7E!sLMUMMM
!SiX
!!cjV!Z$=8./',1+/.'I'8$=8./':+:"%').>:'%.?.%,'
'!/1G;4C?
Q,4G2?0;4C
!]!-';.7+"(
!!kii!
&5!>:7!G4F>!L!3=5>:FU!&!:4D7
!t!NY A4D76!H=E!4!:=37!G<EC:4F7!SNX
!LY A4D76!H=E!45!83G=E>45>!7D75>!S7Y9
Y!R766859U!D4C4>8=5X!SNX
!cY &5D7F>76!3=572!85!4!3<><4?!H<56U!F>=CQFU!&$(F!=E!=>:7E!85D7F>375>F!SNX
!jY '=57!=H!>:7!4@=D7!SMX
!!0-#':8.',1+/.
'!kiV!
/?74F7!8568C4>7!:=
R!=H>75!2=<!:4D7!7594976!85!>:7!H=??=R859!4C>8D8>87FY
!NY &!F4D7!=E!85D7F>!3=572!=<>!=H!74C:!G42C:7CQ
!LY &!C=5>E8@<>7!3=572!>=!4!F4D859F!4CC=<5>!<F76!H=E!737E975C87F!=5?2
!cY &!F4D7!H=E!4!?=59
;>7E3!9=4?F!F<C:!4F!4!C4E
!jY &!C=5>E8@<>7!3=572!>=!4!E7>8E7375>!4CC=<5>
!OY &!85D7F>!3=572!4CE=FF!3=E7!>:45!=57!>2G7!=H!85D7F>375>
!aY &!<F<4??2!?8D7!HE=3!G42C:7CQ!>=!G42C:7CQ
!iY &!FG756!?7FF!>:45!32!85C=37
!\Y &!FG756!3=E7!>:45!&!74E5
!VY &!@<2!>:859F!R:75!&!C45o>!E74??2!4HH=E6!>:73
!NMY &!R=EE2!4@=<>!32!67@>
!¥ '7D7E!SMX
!¥ $4E7?2!SNX
!¥ A=37>837F!SLX
!¥ (?R42F!
ScX
!!J.?./,.'1+).
)C'X2']2'K2'RL
'!kNNO!
/?74F7!8568C4>7!>:7!HE7I<75C2!R8>:!R:8C:!2=<!759497!85!>:7!H=??=R859!4C>8D8>87F
!NY &!G42!H=E!274E?2!7]G75F7F!=<>!=H!C<EE75>!85C=37!=E!F4D859F!S5=>!R8>:!?=45FX
!LY &!<F7!4!R77Q?2_3=5>:?2!@<697>!>=!>E4CQ!32!85C=37!456!7]G75F7F
!cY A>4276!R8>:85!2=<E!@<697>!=E!FG756859!G?45
!jY &!3485>485!467I<4>7!H8545C84?!E7C=E6F
!OY &!E79<?4E?2!F7>!4F867!3=572!H=E!?4E97!7]G7C>76!7]G75F7F!S?8Q7!85F<E45C7!=E!>4]7FX
!aY &!F7>!4F867!737E975C2!=E!E4852!642!H<56F!>:4>!R=<?6!C=D7E!2=<E!7]
G75F7F!H=E!c!3=5>:FU!85!C4F7
!=H!
F8CQ57FFU!P=@!?=FFU!7C=5=38C!6=R5><E5U!=E!=>:7E!737E975C87F
!iY &!F4D7!E7C78G>F!H=E!34P=E!G<EC:4F7F
!\Y &!75F<E7!4??!C:4E97F!>=!32!F4D859F!456!C:7CQ859!4CC=<5>F!4E7!4CC<E4>7
!VY &!E7D87R!456!7D4?<4>7!32!FG756859!:4@8>F
!NMY &!=D7E6E4R!32!4CC=<5>!456!43!C:4E976!4!H77!HE
=3!32!@45QY
!NNY &!E7D87R!32!>=>4?!H8545C84?!F8><4>8=5
!¥ '7D7E!SMX
!¥ $4E7?2!SNX
!¥ A=37>837F!SLX
!¥ (?R42F!ScX
!!J.?./,.'1+).
)C'RL
'!cOM!!kNN\!
)=7F!2=<E!:=<F7:=?6!:4D7!4!F4D859FU!C:7CQ859U
!=E!=>:7E!@45Q
!4CC=<5>t
!4Y 17F
!SNX
!@Y '=!SMX
!!Z$=8./',1+/.'I'>.::./'B/"1:$1.
'!kNLc!
'=>!85C?<6859
!E7>8E7375>!4CC=<5>F!6=7F!2=<E!:=<F7:=?6!:4D7!452!85D7F>375>F!85!F>=CQFU!
@=56FU!3<><4?!H<56FU!=E!=>:7E!F7C<E8>87Ft
!4Y 17F
!SNX
!@Y '=!SMX
!)Z$=8./',1+/.'I'>.::./'B/"1:$1.
'!:;414<;19!E2F1G;57
!/<57;4C
!¥ Ni!>=>4?!I<7F>8=5F
!¥ ._)
!w!NM!I<7F>8=5F
!¥ A_&!w!i!I<7F>8=5F
!!,4@?7!c
!07:4D8=E!k<7F>8=5F!T!.=6859!
!!U>2?0;54
!$4?B27!"F5;<2?
!)9=!"5=;4C
!/<F232
!*2B!"5=;4C
!/<F232
!kVi
!'=57U!B57U!,R=U!,:E77U!-=<EU!
-8D7!>=!5857U!,75!=E!3=E7
!NULUcUjUOUaUi
!MUNULUcUjUOUa
!kNMj
!sM;VVU!sNMM
;jVVU!sOMM
;VVVU!
sNUMMM
;NUVVVU!sLUMMM
;jUVVVU!
sOUMMM!=E!3=E7U!
)=5^>!Q5=R
!NULUcUjUOUaUi
!MUNULUcUjUOUa
!kVa
!'7D7EU!$4E7?2U!A=37>837FU!
(?R42F
!NULUcUj!
!MUNULUc
!kNMc
!17FU!'=
!NUL!
!NUM!
!kVV
!'=57U!B57U!,R=U!,:E77U!-=<EU!
-8D7!>=!5857U!,75!=E!3=E7
!NULUcUjUOUaUi
!MUNULUcUjUOUa
!kNMN
!&!4?R42F!G42!=HH!>:7!>=>4?!
@4?45C7!74C:!3=5>:U!&!
=CC4F8=54??2!6=!5=>!G42!=HH!>:7!
@4?45C7!H=E!4!3=5>:!=E!F=!
R:75!&!43!F:=E>!=5!H<56FU!&!
9757E4??2!:4D7!45!=<>F>456859!
@4?45C7U!@<>!=CC4F8=54??2!43!
4@?7!>=!G42!8>!=HHU!&!F7?6=3!8H!
7D7E!G42!=HH!4??!32!@4?45C7F!
@<>!>E2!>=!G42!>:73!6=R5!
R:75!&!C45U!&!9757E4??2!G42!
=5?2!>:7!38583<3!E7I<8E76!
G42375>!74C:!3=5>:U!&!
=CC4F8=54??2!34Q7!?7FF!>:45!
>:7!38583<3!G42375>!
!NULUcUjUOUa
!OUjUcULUNUM
!!cON!,4@?
7!c!SC=5>^6X
!!kNML
!.45C7??76!4!CE768>!C4E6U!0775!
?4>7!34Q859!G42375>U!BG7576!
4!57R!CE768>!C4E6U!#8FF76!4!
CE768>!C4E6!G42375>U!
,E45FH7EE76!>:7!@4?45C7!HE=3!
CE768>!C4E6!>=!45=>:7EU!#467!4!
G42375>!>:4>!R4F!?7FF!>:45!>:7!
38583<3!G42375>!E7I<8E76U!
0775!E7P7C>76!H=E!4!57R!CE768>!
C4E6U!B@>48576!4!C4F:!46D45C7!
HE=3!2=<E!CE768>!C4E6!
C=3G452U
!.=5F=?864>76!2=<E!
CE768>!C4E6!67@>!85>=!4!
G7EF=54?!@8??!C=5F=?864>8=5!
?=45U!0775!C=5>4C>76!@2!4!
C=??7C>8=5!4975C2U!#4]76!=<>!
>:7!?838>!=5!=57!=E!3=E7!CE768>!
C4E6FU!"]C77676!32!CE768>!?838>!
=5!=57!=E!3=E7!CE768>!C4E6FU!
'=57!=H!>:7F7
!NULUcUjUOUaUiU\UVUN
MUNN
UNLUNc
!MUNULUcUjUOUaUiU\UVUNMU
NNUNL
!kNMO
!*567E!aLMU!aLN
;aaMU!aaN
;iMMU!
iMN;ijMU!BD7E!ijMU!&!:4D7!5=>!
C:7CQ76!32!CE768>!FC=E7
!NULUcUjUM
!MUNULUcUjU!F2F>73!
38FF859
!kNij
!sN;VVVU!sNUMMM
;NUVVVU!sLUMMM
;jUVVVU!sOUMMM
;VUVVVU!sNMUMMM
;NVUVVVU!sLMUMMM
;jVUVVVU!
sOMUMMM
;VVUVVVU!sNMMUMMM!=E!
3=E7
!NULUcUjUOUaUiU\
!MUNULUcUjUOUaUi
!kVc
!sN;VVVU!sNUMMM
;NUVVVU!sLUMMM
;jUVVVU!sOUMMM
;VUVVVU!sNMUMMM
;NVUVVVU!sLMUMMM
;jVUVVVU!
sOMUMMM
;VVUVVVU!sNMMUMMM!=E!
3=E7
!NULUcUjUOUaUiU\
!MUNULUcUjUOUaUi
!kij
!&!6=!5=>!:4D7!4!@45Q!4CC=<5>!=E!
85D7F>375>U!A4D859F!4CC=<5>U!
.:7CQ859!4CC=<5>U!#=572!
34EQ7>U!.7E>8H8C4>7!=H!67G=F8>U!
A>=CQFU!0=56FU!#<><4?!H<56FU!
&$(_jMNQU!",-F
!N!w!:4D859!>:7!
4CC=<5>_F4D859F_
85D7F>375>U!
"3G>2_M!w!5=!
4CC=<5>_F4D859F_
85D7F>375>
!~AC:737!F>4276!>:7!
F437
!k\M
!&!6=!5=>!:4D7!4!@
45Q!4CC=<5>!=E!
85D7F>375>U!A4D859F!4CC=<5>U!
*567E!sOMMU!sOMM
;VVVU!sNUMMM
;NUVVVU!sLUMMM
;jUVVVU!sOUMMM
;VUVVVU!sNMUMMM
;NVUVVVU!BD7E!
sLMUMMM
!NULUcUjUOUaUiU\
!MUNULUcUjUOUaUi
!!!!cOL!,4@?7!c
!SC=5>^6X
!!kii
!A4D76!H=E!4!:=37!G<EC:4F7U!
A4D76!H=E!45!83G=E>45>!7D75>!
S7Y9
Y!!R766859U!D4C4>8=5XU!
&5D7F>76!3=572!85!4!3<><4?!
H<56U!F>=CQFU!&$(F!=E!=>:7E!
85D7F>375>FU!'=57!=H!>:7!
4@=D7
!N!w!:4D859!>:7!
4CC=<5>_F4D859F_
85D7F>375>U!
"3G>2_M!w!5=!
4CC=<5>_F4D859F_
85D7F>375>!
!~AC:737!F>4276!>:7!
F437
!kiV
!'7D7EU!$4E7?2U!A=37>837FU!
(?R42F
!NULUcUj
!MUNULUc
!kNNO
!'7D7EU!$4E7?2U!A=37>837FU!
(?R42F
!NULUcUj
!MUNULUc
!kNN\
!17FU!'=
!NUL
!NUM
!kNLc
!17FU!'=
!NUL
!NUM
!!!!!cOc!(//"')&l!
J!!/4E75>4?!-8545C84?!"]G7E875C7F!T!A=C84?8`4>8=5!
m!"(-.A!A<ED72!k<7F>8=5F
!!F.('#,.@)D+#.#/+.@)HK4'(+'#/'$
!!kLMc!
Z=<?6!2=<E!G4E75>F!@7!C=5F867E76!>=!@7!85!67@>!S:89:!67@>!>=!85C=37!E4>8=
;4@=D7!NOpXt
!NY 17F
!SNX
!LY '=!SMX
!)kLMj!
J4F!2=<E!H438?2!@775!>:E=<9:!:=37!H=E7C?=F<E7t
!NY 17F!SNX
!LY '=!SMX
!!kVL!
J4D7!2=<!=E!2=<E!G4E75>F!67C?4E76!@45QE<G>C2!85!>:7!?4F>!>R=!274EFt
!NY 17F
!SNX
!LY '=!SMX
!!kLML!
(E7!=57!=H!2=<E!G4E75>F!C?4FF8H876!4F!<573G?=276!=E!<567E73G?=276t
!NY 17F
!SNX
!LY '=!SMX
!!F.('#,.@)D+#.#/+.@)
J'&"8(.4;+/)
!;.(./,'(+$,+/$
))kN\L!
Z:4>!R4F!>:7!:89:7F>!?7D7?!=H!76<C4>8=5!4C:87D76!@2!2=<E!-(,J"$_#(+"!%*($)&('t
!NY )=5o>!Q5=R
!SA2F>73!#8FF859X
!LY +7FF!>
:45!:89:!FC:==?
!SMX
!cY J89:!FC:==?!=E!7I<8D4?75>
!SNX
!jY A=37!C=??797
!SLX
!OY (FF=C84>7F_C=33<58>2!C=??797!679E77
!ScX
!aY 04C:7?=EoF!679E77
!SjX
!iY #4F>7EFU!6=C>=E4>7U!=E!GE=H7FF8=54?
!SOX
!\Y ,E467!FC:==?
!SaX!
!VY #8?8>4E2!4C46732
!SiX
!)kN\c!
Z:4>!R4F!>:7!:89:7F>!?7D7?!=H!76<C4>8=5!
4C:87D76!@2!2=<E!#B,J"$_-"#(+"!%*($)&('t
!NY )=5o>!Q5=R
!SA2F>73!#8FF859X
!LY +7FF!>:45!:89:!FC:==?
!SMX
!cY J89:!FC:==?!=E!7I<8D4?75>
!SNX
!jY A=37!C=??797
!SLX
!OY (FF=C84>7F_C=33<58>2!C=??797!679E77
!ScX
!aY 04C:7?=EoF!679E77
!SjX
!iY #4F>7EFU!6=C>=E4>7U!=E!GE=H7FF8=54?
!SOX
!\Y ,E467!FC:==?
!SaX!
!VY #8?8>4E2!4C46732
!SiX
!)kNO\!
Z:4>!8F!2=<E!@7F>!7F>834>7!=H!2=<E!G4E75>Fo_9<4E6845Fo!>=>4?!85C=37!?4F>!274Et!.=5F867E!
455<4?!85C=37!HE=3!4??!F=<EC7F!@7H=E7!>4]7FY
!NY +7FF!>:45!sLMUMMM
!SMX
!!cOj!LY sLMUMMM
;scVUVVV
!SNX
!cY sjMUMMM
;sOVUVVV
!SLX
!jY saMUMMM
;siVUVVV
!ScX
!OY s\MUMMM
;sNjVUVVV
!SjX
!aY sNOMUMMM!=E!3=E7
!SOX
!iY )=5o>!Q5=R
!SA2F>73!#8FF859X
!)"72=;0Q-280!
]!F.('#,.@
)D+#.#/+.@)2"/+.@+L.,+"#
!!kNLi!
/?74F7!8568C4>7!:=R!=H>75!2=<!759497!85!>:7!H=??=R859!4C>8D8>87Fd
!NY &!>4?Q!4@=<>!32!CE768>!C4E6!<F7!R8>:!32!G4E75>F
!SNX
!LY &!Q77G!32!CE76
8>!C
4E6!<F7!GE8D4>7!HE=3!32!G4E75>F!SLX
!cY &!34Q7!H8545C84?!67C8F8=5F!@4F76!=5!R:4>!32!G4E75>F!
:4D7!6=57!85!F838?4E!F8><4>8=5F!ScX
!!N242719!
]!F.('#,.@
)D+#.#/+.@)2"/+.@+L.,+"#
!!kNjN!
J=R!R=<?6!2=<!67FCE8@7!:=R!H8545C7F!R7E7!C=33<58C4>76!85!2=<E!H438?2t
!NY #2!G4E75
>F!<F<4??2!4E9<76!4@=<>!>:7!H8545C7F
!SNX
!LY #2!G4E75>F!7]G?8C8>?2!>4<9:>!37!4@=<>!H8545C7F!S7Y9YU!CE768>!C4E6FU!67@>U!@<697>859U!F4D859FX
!SjX
!cY Z7!6865o>!>4?Q!3<C:!4@=<>!H8545C7F!@<>!&!?74E576!S83G?8C8>?2X!HE=3!>:78E!7]43G?7F
!ScX
!jY &!6865o>!?74E5!4@=<>!H8545C7F!
HE=3!32!G4E75>F!83G?8C8>?2!=E!7]G?8C8>?2
!SLX
!!kNL\!
/?74F7!8568C4>7!>:7!7]>75>!>=!R:8C:!2=<!>:85Q!2=<E!G4E75>F
!)&$".,+1_"l/+&.&,+1!
>4<9:>
!2=<!4@=<>!>:7!H=??=R859!>=G8CF
!NY!!0<697>859!SA_&X
!LY!!045Q!4CC=<5>F!S7Y9YU!F4D859F!=E!C:7CQ859X!SA_&X
!cY!!&5D7F>859!SA
_&X
!NLY!!A4D859!SA_&X
!NOY!!)8F>859<8F:859!@7>R775!5776F!456!R45>F!SA_&X
!!NMY!!+=45F_)7@>F!S._)X
!NNY!!.E768>!C4E6F!S._)X
!OY!!0<8?6859!9==6!CE768>!S._)X
!!H+,,$>%.'(
.<'1":.=+/$.,C'0Q6'I'P2'*QD'I'U
'!kNLV!
/?74F7!8568C4>7!>:7!7]>75>!>=!R:8C:!2=<!&')&$".,+1!B$!
&#/+&.&,+1!?74E576!>:7!H=??=R859!
>=G8CF!HE=3!2=<E!G4E75>F
!NY!!0<697>859!SA_&X
!LY!!045Q!4CC=<5>F!S7Y9YU!F4D859F!=E!C:7CQ859X!SA_&X
!cY!!&5D7F>859!SA_&X
!NLY!!A4D859!SA_&X
!NOY!!)8F>859<8F:859!@7>R775!5776F!456!R45>F!SA_&X
!!OY!!0<8?6859!9==6!CE768>!S._)X
!NMY!!+=45F_)7@>F!S._)X
!NNY!!.E768>!C4E6F!S._)X
!!H+,,$>%.'(
.<'1":.=+/$.,C'0Q6'I'P2'*QD'I'U
'!!cOO!kLMO!
BD7E4??U!&!R=<?6!C?4FF8H2!?74E5859!HE=3!32!G4E75>F!E794E6859!H8545C84?!34>>7EFd
!NY /=F8>8D7
!SNX
!LY '794>8D7
!SMX
!cY .?8CQ!>=!RE8>7!.:=8C7!c
!!kLMa!
BD7E4??U!&!R=<?6!C?4FF8H2!32!
G4E75>F^!345497375>!=H!>:78E!G7EF=54?!H8545C7Fd
!NY /=F8>8D7
!SNX
!LY '794>8D7
!SMX
!cY .?8CQ!>=!RE8>7!.:=8C7!c
!)%1724019!:;414<;19!'LI27;24<2?!i!/5<;19;S10;54
!¥ Nc!>=>4?!I<7F>8=5F
!¥ /4E
75>4?!-8545C84?!"]G7E875C7F
!w!j!¥ /4E75>4?!-8545C84?!)73=9E4G:8C!.:4E4C>7E8F>8CF
!w!c
!¥ /4E75>4?!-8545C84?!A=C84?8`4>8=5
!w!a
!!!,4@?7!j
!/4E75>4?!-8545C84?!"]G7E875C7F!T!A=C84?8`4>8=5!k<7F>8=5F!T!.=6859
!!U>2?0;54
!$4?B27!"F5;<2?
!)9=!"5=;4C
!/<F232
!*2B!"5=;4C
!/<F232
!kLMc
!17FU!'=
!NUL
!MUN
!kLMj
!17FU!'=
!NUL
!MUN
!kVL
!17FU!'=
!NUL
!MUN
!kLML
!17FU!
3=>:7EU!17FU!H4>:7EU!'=
!NULUc
!NULUM
!kN\L
!)=5^>!Q5=RU!+7FF!>:45!:89:!FC:==?U!J89:!FC:==?!=E!
7I<8D4?75>U!A=37!C=??797U!(FF=C84>7F_C=33<58>2!
C=??797!679E77U!04C:7?=E^F!679E77U!#4F>7EFU!
6=C>=E4>7U!=E!GE=H7FF8=54?U!,E467!FC:==?U!#8?8>4E2!
4C46732
!!!kN\c
!)=5^>!
Q5=RU!+7FF!>:45!:89:!FC:==?U!J89:!FC:==?!=E!
7I<8D4?75>U!A=37!C=??797U!(FF=C84>7F_C=33<58>2!
C=??797!679E77U!04C:7?=E^F!679E77U!#4F>7EFU!
6=C>=E4>7U!=E!GE=H7FF8=54?U!,E467!FC:==?U!#8?8>4E2!
4C46732
!!!kNO\
!+7FF!>:45!sLMUMMMU!sLMUMMM
;cVUVVVU!sjMUMMM
;OVUVVVU!saM
UMMM
;iVUVVVU!s\MUMMM
;NjVUVVVU!
sNOMUMMM!=E!3=E7U!)=5^>!Q5=R
!NULUcUjUOUaUi
!MUNULUcUjUOUA2F>73!
38FF859
!kNLi
!'7D7EU!$4E7?2U!A=37>837FU!(?R42F
!NULUcUj
!MUNULUc
!kNjN
!#2!G4E75>F!<F<4??2!4E9<76!4@=<>!>:7!H8545C7FU!#2!
G4E75>F!7]G?8C8>?2!>4<9:>!37!4@=<>!H8545C7F!S7
Y9YU!CE768>!C4E6FU!67@>U!@<697>859U!F4D859FXU!Z7!6865^>!
>4?Q!3<C:!4@=<>!H8545C7F!@<>!&!?74E576!S83G?8C8>?2X!
HE=3!>:78E!7]43G?7FU!&!6865^>!?74E5!4@=<>!H8545C7F!
HE=3!32!G4E75>F!83G?8C8>?2!=E!7]G?8C8>?2!
!NULUcUj
!NUjUcUL
!kNL\
!'7D7EU!$4E7?2U!A=37>837FU!(?R42F
!NULUcUj
!MUNULUc
!kNLV
!'7D7EU!$4E7?2U!A=37>837FU!(?R42F
!NULUcUj
!MUNULUc
!kLMO
!/=F8>8D7U!'794>8D7
!NUL
!NUM
!!cOa!,4@?7!j
!SC=5>^6X
!!kLMa
!/=F
8>8D7U!'794>8D7
!NUL
!NUM
!!!!cOi!(//"')&l
!&!!)73=9E4G:8CF!
m!"(-.A!A<ED72!k<7F>8=5F
!!kNiV!Z:4>!8F!2=<E!97567Et
!NY #4?7!SMX
!LY -734?7!SNX
!!kLMi!&F!>:7!C<EE75>!C=<EF7!2=<!4E7!>4Q859!E7I<8E76!H=E!2=<E!34P=E!=E!45!7?7C>8D7t
!NY E7I<8E76!H=E!34P=E!SMX
!LY 45!7?7C>8D7!SNX
!cY =>:7E!SLX
!!kN\M!Z:4>!8F!2=<E!4C46738C!F>456859t
!NY -E7F:345!SMX
!LY A=G:=3=E7!SNX
!cY b<58=E!SLX
!jY A758=E!ScX
!OY %E46<4>7!A><675>!SjX
!!kNOi!Z:4>!8F!>:7
!:89:7F>!?7D7?!=H!76<C4>8=5!2=<!7]G7C>!>=!4C:87D7t
!NY (FF=C84>7!679E77!S>R=
;274EX!SMX
!LY 04C:7?=E!679E77!SH=<E
;274EX!SNX
!cY #4F>7EoF!679E77!SLX
!jY )=C>=E4>7U!?4RU!=E!GE=H7FF8=54?!SF8]
;274E!=E!3=E7X!ScX
!!kN\j!#2!76<C4>8=5!8F!G486!@2!S85C?<6859!R:=!R8??!G42!=HH!F><675>!
?=45F!8H!4GG?8C4@?7Xt
!NY A7?H!S?=45FU!FC:=?4EF:8GFU!9E45>FU!=>:7E!H8545C84?!486X!SMX
!LY /4E75>F!=E!=>:7E!H438?2!SNX
!cY #=F>?2!A7?H!S3=E7!>:45!OMpX!SLX
!jY #=F>?2!G4E75>F!S3=E7!>:45!OMpX!ScX
!OY OMp!F7?HU!OMp!G4E75>F!SjX
!aY "3G?=27E!SOX
!iY #8?8>4E2!SaX
!!kN\L!Z:4>!R4F!>:7!:89:7F>!
?7D7?!=H!76<C4>8=5!4C:87D76!@2!2=<E!-(,J"$_#(+"!%*($)&('t
!NY )=5o>!Q5=R!SA2F>73!#8FF859X
!LY +7FF!>:45!:89:!FC:==?!SMX
!cY J89:!FC:==?!=E!7I<8D4?75>!SNX
!jY A=37!C=??797!SLX
!OY (FF=C84>7F_C=33<58>2!C=??797!679E77!ScX
!aY 04C:7?=EoF!679E77!SjX
!iY #4F>7EFU!6=C>=E4>7U!=E!GE=H7FF8=54?
!SOX
!\Y ,E467!FC:==?!SaX!
!VY #8?8>4E2!4C46732!SiX
!)!))!cO\!kN\c!Z:4>!R4F!>:7!:89:7F>!?7D7?!=H!76<C4>8=5!4C:87D76!@2!2=<E!#B,J"$_-"#(+"!%*($)&('t
!NY )=5o>!Q5=R!SA2F>73!#8FF859X
!LY +7FF!>:45!:89:!FC:==?!SMX
!cY J89:!FC:==?!=E!7I<8D4?75>!SNX
!jY A=37!C=??797!SLX
!OY (FF=C84>7F_C=33<58>2!
C=??797!679E77!ScX
!aY 04C:7?=EoF!679E77!SjX
!iY #4F>7EFU!6=C>=E4>7U!=E!GE=H7FF8=54?!SOX
!\Y ,E467!FC:==?!SaX!
!VY #8?8>4E2!4C46732!SiX
!)kNO\!Z:4>!8F!2=<E!@7F>!7F>834>7!=H!2=<E!G4E75>Fo_9<4E6845Fo!>=>4?!85C=37!?4F>!274Et!.=5F867E!
455<4?!85C=37!HE=3!4??!F=<EC7F!@7H=E7!>4]7
FY!NY +7FF!>:45!sLMUMMM!SMX
!LY sLMUMMM
;scVUVVV!SNX
!cY sjMUMMM
;sOVUVVV!SLX
!jY saMUMMM
;siVUVVV!ScX
!OY s\MUMMM
;sNjVUVVV!SjX
!aY sNOMUMMM!=E!3=E7!SOX
!iY )=5o>!Q5=R!SA2F>73!#8FF859X
!!kNOV!J=R!6=!2=<!67FCE8@7!2=<EF7?Ht
!NY Z:8>7!=E!.4<C4F845!SMX
!LY 0?4CQ!=E!(HE8C45!(37E8C45!SNX
!cY J8FG458C!
(37E8C45!SLX
!jY (F845!(37E8C45!ScX
!OY (37E8C45!&56845U!(?4FQ4!'4>8D7U!=E!'4>8D7!J4R48845!SjX
!aY B>:7E!SOX
!!kNaj!Z7E7!2=<!E48F76!85!>:7!*58>76!A>4>7Ft
!NY 17F!SNX
!LY '=!SMX
!!ka!&5!R:8C:!C=<5>E2!R7E7!2=<!E48F76t
!!kL!&5!R:8C:!F>4>7!R7E7!2=<!E48F76t
!!kN\N!J=R!3452!274EF!=H!R=
EQ859!7]G7E875C7!6=!2=<!:4D7t!S&5C?<67!H<??!=E!G4E>
;>837!7]G7E875C7U!
85>7E5F:8GFU!C=
;=GFU!F<337E!P=@FU!7>CYX
!NY '=57!SMX
!LY +7FF!>:45!L!274EF!SNX
!cY L!274EF!>=!?7FF!>:45!j!274EF!SLX
!jY j!274EF!>=!?7FF!>:45!a!274EF!ScX
!OY a!274EF!=E!3=E7!SjX
!!kNiN!Z:75!2=<!F>4E>!>=!R=EQ!
H<??
;>837!4H>7E!2=<!H858F:!2=<E!76<C4>8=5U!:=R!3<C:!6=!2=<!7]G7C>!>=!
34Q7!G7E!274E!@7H=E7!>4]7F!S8Y7YU!9E=FF!G42Xt
!NY *567E!scMUMMM!SMX
!LY scMUMMM
;scVUVVV!SNX
!cY sjMUMMM
;sjVUVVV!SLX
!!cOV!jY sOMUMMM
;sijUVVV!ScX
!OY siOUMMM!=E!3=E7!SjX
!!kNiL!Z:8C:!=H!>:7!H=??=R859!@7F>!67FCE8@7F
!2=<E!34P=E!=E!4E74!=H!85>7E7F>!85!C=??797t
!NY (CC=<5>859!SMX
!LY -8545C7!SNX
!cY "6<C4>8=5!SLX
!jY "598577E859!ScX
!OY /F2C:=?=92!SjX
!aY A=C8=?=92!SOX
!iY J<345!)7D7?=G375>!T!-438?2!A><687F!SaX
!\Y B>:7E!SiX
!!kNic!Z:4>!8F!2=<E!497t
!NY N\;LL!SMX
!LY Lc;LO!SNX
!cY La;LV!SLX
!jY cM;cV!ScX
!OY jM;OV!SjX
!aY aM!=E!=?67E!SOX
!!-235C71IF;<?
!¥ Na!>=>4?!I<7F>8=5F
!!,4@?7!O
!)73=9E4G:8CF!k<7F>8=5F!T!.=6859
!!U>2?0;54
!$4?B27!"F5;<2?
!)9=!
"5=;4C
!/<F232
!*2B!"5=;4C
!/<F232
!NUL
kNiV
!#4?7U!-734?7
!NUL
!MUN
!kLMi
!$7I<8E76!H=E!34P=EU!(5!7?7C>8D7U!B>:7E
!NULUc
!MUNUL
!kN\M
!-E7F:345U!
A=G:=3=E7U!b<58=EU!A758=EU!
%E46<4>7!F><675>
!NULUcUjUO
!MUNULUcUj
!kNOi
!(FF=C84>7!679E77!S>R=
;274EXU!04C:7?=E!
679E77!SH=<E
;274EXU!#4F>7E^F!679E77U!
)=C>=E4>7U!?4RU!=E!GE=H7FF8=54?!SF8]
;274E!=E!3=E7X
!NULUcUj
!MUNULUc
!kN\j
!A7?H!S?=45FU!FC:=?4EF:8GFU!9E45>FU!=>:
7E!
H8545C84?!486XU!/4E75>F!=E!=>:7E!H438?2U!
#=F>?2!F7?H!S3=E7!>:45!OMpXU!#=F>?2!
G4E75>F!S3=E7!>:45!OMpXU!OMp!F7?HU!
OMp!G4E75>FU!"3G?=27EU!#8?8>4E2!
!NULUcUjUOUaU
i!MUNULUcUjUOUa
!kN\L
!)=5^>!Q5=RU!+7FF!>:45!:89:!FC:==?U!
J89:!FC:==?!7I<8D4?75>U!A=37!C=??797U!
(FF=C84>7F_C=33<58>2!C=??797!679E77U!
04C:7?=E^F!679E77U!#4F>7EFU!6=C>=E4>7U!
=E!GE=H7FF8=54?U!,E467!FC:==?U!#8?8>4E2!
4C46732!
!NULUcUjUOUaU
iU\UV
!MUNULUcUjUOUaUi
!!caM!,4@?7!O
!SC=5>^6X
!!kN\c
!)=5^>!Q5=RU!+7FF!>:45!:89:!FC:==?U!
J89:!FC:==?!7I<8D4?75>U!A=37!C=??797U!
(FF=C84>7F_C=33<58>2!C=??797!679E77U!
04C:7?=E^F!679E77U!#4F>7EFU!6=C>=E4>7U!
=E!GE=H7FF8=54?U!,E467!FC:==?U!#8?8>4E2!
4C46732
!NULUcUjUOUaU
iU\UV
!MUNULUcUjUOUaUi
!kNO\
!+7FF!>:45!sLMUMMMU!
sLMUMMM
;scVUVVVU!
sjMUMMM
;OVUVVVU!saMUMMM
;iVUVVVU!
s\MUMMM
;NjVUVVVU!sNOMUMMM!=E!3=E7U!
)=5^>!Q5=R!
!NULUcUjUOUaU
i!MUNULUcUjUOUF2F>
73!38FF859
!kNOV
!Z:8>7!=E!.4<C4F845U!0?4CQ!=E!(HE8C45!
(37E8C45U!J8FG458C!(37E8C45U!(F845!
(37E8C45U!(37E8C45!&56845U!(?4FQ4!
'4>8D7!
=E!'4>8D7!J4R48845
!NULUcUjUOUa
!MUNULUcUjUO
!kNaj
!17FU!'=
!NUL
!NUM
!ka!~A7?7C>!.=<5>E2!E48F76!
!!!kL!~A7?7C>!A>4>7!E48F76
!!!kN\N
!'=57U!+7FF!>:45!L!274EFU!L!274EF!>=!?7FF!
>:45!j!274EFU!j!274EF!>=!?7FF!>:45!a!
274EFU!a!274EF!=E!3=E7
!NULUcUjUO
!MUNULUcUj
!kNiN
!*567E!scMUMMMU!scMUMMM
;cVUVVVU!
sjMUMMM
;jVUVVVU!sOMUMMM
;ijUVVVU!
siOUMMM!=E!3=E7
!NULUcUjUO
!MUNULUcUj
!kNiL
!(CC=<5>859U!-8545C7U!"6<C4>8=5U!
"598577E859U!/F2C:=?=92U!A=C8=?=92U!
J<345!)7D7?=G375>!456!-438?2!
A><687FU!B>:7E
!NULUcUjUOUaU
iU\
!MUNULUcUjUOUaUi
!kNic
!N\;LLU!Lc
;LOU!La
;LVU!cM
;cVU!jM
;OVU!aM!
=E!=?67E
!NULUcUjUOUa
!MUNULUcUjUO
!!!!!!caN!(//"')&l!
b!!-=C<F!%E=<G!&5H=E376!.=5F75>
!'327C;4C!$=>90!:;414<;19!@;0271<H!
!K;<F;C14!/0102!.4;G27?;0H!
!-2I1703240!56!#>314!-2G295I3240!14=!:13;9H!/0>=;2?
!!(2?217<F!%170;<;I140!,4657310;54!14=!"54?240!:573!!
!!1=<!:4D7!@775!4FQ76!>=!G4E>8C8G4>7!85!4!E7F74EC:!GE=P7C>
Y!!$7F74EC:7EF!4E7!E7I<8E76!>=!
GE=D867!4!C=5F75>!H=E3!>=!85H=E3!2=<!4@=<>!>:7!F><62U!>=!C=5D72!>:4>!G4E>8C8G4>8=5!8F!
D=?<5>4E2U!>=!7]G?485!E8FQF!45
6!@757H8>F!=H!G4E>8C8G4>8=5U!456!>=!73G=R7E!2=<!>=!34Q7!45!
85H=E376!67C8F8=5
Y!!1=<!F:=<?6!H77?!HE77!>=!4FQ!>:7!E7F74EC:7EF!452!I<7F>8=5F!2=<!:4D7Y
!!/0>=H!&;092+!!"37E9859!(6<?>!-8545C84?!+8>7E4C2
!!(2?217<F27
!14=!&;092
+!!)EY!04E@4E4!)
Y!(37FU!/E85C8G?7!&5D7F
>894>=E
!(34564!%<85=>!,4?@=>U!/:)!C456864>7U!A7C=564E2!&5D7F>894>=E
!!-2I1703240!14=!,4?0;0>0;54+
!!J<345!)7D7?=G375>!456!-438?2!A><687FU!#8C:8945!A>4>7!*58D7EF8>2
!!"5401<0!,4657310;54+
!!)EY!04E@4E4!)
Y!(37F!
m!/:=57d!SONiX!jcL;ccLjU!"
;348?d!437Fz3F<Y76<
!(3456
4!%<85=>!,4?@=>!
;!/:=57d!SLj\X!Vij;VVaVU!"
;348?d!9<85=>43z3F<Y76<
!!%>7I5?2!56!(2?217<F
+!!¥ 1=<!4E7!@7859!4FQ76!>=!G4E>8C8G4>7!85!4!E7F74EC:!F><62!=H!737E9859!46<?>F^!H8545C84?!
C4G4@8?8>2!SQ5=R?7697U!4>>8><67FU!456!@7:4D8=EFX!85!>:7!4E74F!=H!CE768>_67@>!456!
F4D859F_85D7F>859U!456!>:7!7HH7C>8D757FF!=H!G4E75>4?!H8545C84?!F=C84?8`4>8=5Y
!¥ 1=<!:4D7!@775!F7?7C>76!4F!4!G=FF8@?7!G4E>8C8G4>7!85!>:8F!F><62!@7C4<F7!2=<!H8>!>:7!
85C?<F8=5!CE8>7E84!=H!>:7!F><62Y
!¥ -E=3!>:8F!F><62U!>:7!E7F74EC:7EF!:=G7!>=d!S4X!C=5>E8@<>7!
Q5=R?7697!456!
<567EF>456859!>=!>:7!8FF<7F!=H!737E9859!46<?>!CE768>_67@>!456!F4D859F_85D7F>859!
C4G4@8?8>2W!S@X!@7>>7E!<567EF>456!>:7!E7?4>8=5F:8G!@7>R775!CE768>_67@>!Q5=R?7697U!
4>>8><67FU!456!@7:4D8=E!456!F4D859F_85D7F>859!Q5=R?7697U!4>>8><67FU!456!@7:4D8=E
W!456!SCX!C:4E4C>7E8`7!>:7!E=?7!G4E75>4?!H8545C84?!C:4E4C>7E8F>8CF!G?42!85!737E9859!
46<?>F^!CE768>_67@>!456!F4D859F_85D7F>859!C4G4@8?8>2Y
!¥ 1=<E!G4E>8C8G4>8=5!85!>:8F!F><62!R8??!E7I<8E7!L!:=<EFY
!!OF10!T5>!O;99!-5
+!!!caL!¥ &H!2=<!49E77!>=!G4E>8C8G4>7!85!>:8F!F><62!2
=<!R8??!@7!4FQ76!>=!C=3G?7>7!4!F:=E>!
673=9E4G:8C!F<ED72!456!G4E>8C8G4>7!85!>:7!
L;:=<E!H=C<F!9E=<G!F7FF8=5Y
!%50240;19!E2426;0?
+!!¥ ,:E=<9:!2=<E!G4E>8C8G4>8=5!>:7!E7F74EC:7EF!R8??!?74E5!3=E7!4@=<>!737E9859!46<?>!
H8545C84?!?8>7E4C2_C4G4@8?8>2!85!>R=!>837?2!4E74
F!CE768>_67@>!456!F4D859F_85D7F>859
Y!!,:7!E7F74EC:7EF!4?F=!R8??!@7!4@?7!>=!9485!85H=E34>8=5!=5!>:7!85H?<75C7!=H!G4E75>4?!
F=C84?8`4>8=5!=5!>:7!Q72!4E74F!=H!CE768>_67@>!456!F4D859F_85D7F>859Y
!¥ "4C:!G4E>8C8G45>!R8??!@7!7?898@?7!>=!R85!4!98H>!C4E6
Y!!!!%50240;19
!(;?M?
+!!¥ /4E>8C8G4>8=5!
85!>:7!H=C<F!9E=<G!
6=7F!5=>!E7GE7F75>!E8FQ!=D7E!456!4@=D7!R:4>
!=57!R=<?6
!7]G7E875C7!85!7D7E2642!?8H7
Y!!/4E>8C8G45>F!F:=<?6!Q5=R!>:4>!4??!85H=E34>8=5!8F!
C=3G?7>7?2!D=?<5>4E2!456!4??!8675>8H2859!85H=E34>8=5!R8??!@7!Q7G>!C=5H8675>84?Y
!¥ &H!H=E!452!E74F=5U!2=<!7]G7E875C7!68F>E7FF!6<E859!>:8F!F><62!456!R=<?6!?8Q7!>=!>4?Q!>=!
4!C=<G?7!456!H438?2!>:7E4G2!C=<5F7?=EU!C=5>4C>!C45!@7!3467!78>:7E!68E7C>?2!>=!>:7!
#A*!.=<G?7!456!-438?2!,:7E4G2!.?858C
!SONiX!jcL;LLiLU!=E!>:E=<9:!>:7!GE85C8G?7!
85D7F>894
>=EU!04E@4E4!(37FU!=E!>:7!F7C=564E2!85D7F>894>=E
U!(34564!
%<85=>!
,4?@=>Y
!!%7;G1<H!14=!
"546;=240;19;0H+
!!¥ &675>8H2859!85H=E34>8=5!R8??!@7!Q7G>!C=5H8675>84?Y
!¥ '437F!<F76!6<E859!>:7!F7FF8=5!R8??!@7!C:45976!>=!GF7<6=523F!=E!5<37E8C4?!C=67F!
6<E859!>E45FCE8G>8=5Y
!¥ !1=<E!GE8D4C2_C=5H8675>84?8>2!R8??!@7!GE=>7C>76!>=!>:7!34]83<3!7]>75>!4??=R4@?7!@2!
?4RY!¥ ,:7!E7F<?>F!=H!>:8F!F><62!342!@7!G<@?8F:76!=E!GE7F75>76!4>!GE=H7FF8=54?!377>859FU!
@<>!>:7!8675>8>87F!=H!4??!E7F74EC:!G4E>8C8G45>F!R8??!E73485!C=5H8675>84?Y
!¥ )4>4!R8??!@7!
Q7G>!=5!4!G4FFR=E6
;GE=>7C>76!C=3G<>7E!456!?=CQ76!H8?7!C4@857>
Y!!B5?2!>:7!GE85C8G?7!456!F7C=564E2!E7F74EC:7E!456!>:7!<58D7EF8>2^F!85F>8><>8=54?!E7D87R!
@=4E6!R8??!:4D7!4CC7FF!>=!>:7!E7F74EC:!64>4!456!E7F74EC:!E7F<?>FY
!!T5>7!(;CF0!05!%170;<;I102D!/1H!*5D!57!O
;0F=71B
+!!¥ /4E>8C8G4>8=5!85!>:8F!F><62!8F!C=3G?7>7?2!D=?<5>4E2
Y!!1=<!:4D7!>:7!E89:>!>=!F42!5=Y
!¥ 1=<!342!C:4597!2=<E!3856!4>!452!>837!456!R8>:6E4RY
!¥ 1=<!342!C:==F7!5=>!>=!G4E>8C8G4>7!4>!4??U!=E!2=<!342!E7H<F7!>=!G4E>8C8G4>7!85!C7E>485!
G4E>F_I<7F>8=5F!=E!
68FC=5>85<7!2=<E!G4E>8C8G4>8=5!4>!452!>837!R8>:=<>!C=5F7I<75C7Y
!¥ $7H<F4?!>=!G4E>8C8G4>7!R8??!85D=?D7!5=!G754?>2!=E!?=FF!=H!@757H8>F!>=!R:8C:!>:7!F<@P7C>!
8F!=>:7ER8F7!75>8>?76Y
!!$>=;5!(2<57=;4C+
!02!49E77859!>=!G4E>8C8G4>7!2=<!R8??!>4Q7!G4E>!85!
4!H=C<F!9E=<G!
F7FF8=5U!>:8F!F7FF8=5!R8??!@7!
4<68=>4G76!R8>:!2=<E!C=5F75>
Y!!&H!2=<!49E77!>=!@7!4<68=>4G76U!G?74F7!C8EC?7!2=<E!E7FG=5F7!
456!858>84?!85!>:7!@=]!@7?=R
Y!!!!!&!49E77!>=!4??=R!4<68=>4G859!=H!>:7!H=C<F!9E=<G!F7FF8=5Y
!17F
!'=!&58>84?Fxxxxxxxxxxxx
!!!cac!!"5401<0!,465731
0;54!657!U>2?0;54?!14=!"54<274?
+!&H!2=<!:4D7!C=5C7E5F!=E!I<7F>8=5F!4@=<>!>:8F!F><62U!F<C:!4F!FC875>8H8C!8FF<7FU!:=R!>=!6=!452!
G4E>!=H!8>U!=E!>=!E7G=E>!45!85P<E2!S7Y9YU!G:2F8C4?U!GF2C:=?=98C4?U!F=C84?U!H8545C84?U!=E!=>:7ER8F7XU!
G?74F7!C=5>4C>!>:7!GE85C8G?7!
85D7F>894>=E!)E
Y!04E@4E4!)
Y!!(37F!4>!>:7!)7G4E>375>!=H!J<345!
=H!)7D7?=G375>!456!-438?2!A><687F!$==3!NNU!J<345!"C=?=92!0<8?6859!"4F>!+45F859U!#&!
j\\Lj!NMcMU!>:E=<9:!7
;348?!4>!
437Fz3F<Y76<
U!=E!@2!G:=57!ONi
;jcL;ccLjY!.=5>4C>!4?F=!C45!@7!3467!>=!>:7!F7C=564E2!85D7F>894>=E!(34564!%<85=>!,4?@=>!4>!Lj\
;Vij;VVaV!=E!7
;348?!4>!
9<85=>43z3F<Y76<
Y!!&H!2=<!:4D7!I<7F>8=5F!=E!C=5C7E5F!4@=<>!2=<E
!E=?7!456
!E89:>F!4F!4!E7F74EC:!G4E>8C8G45>
U!R=<?
6!?8Q7!>=!=@>485!85H=E34>8=5!=E!=HH7E!85G<>U!=E!R=<?6!?8Q7!>=!E798F>7E!4!C=3G?485>!4@=<>!
>:8F!F><62U!2=<!342!C=5>4C>U!45=523=<F?2!8H!2=<!R8F:U
!>:7!#8C:8945!A>4>7!*58D7EF8>2!J<345!
$7F74EC:!/E=>7C>8=5!/E=9E43!4>!SONiX!cOO
;LN\MU!-4]!SONiX!jcL
;jOMcU!7
;348?!
8E@z3F<Y76<
U!=E!E79<?4E!348?!4>!LMi!B?6F!J4??U!#A*U!"4F>!+45F859U!#&!j\\LjY
!!-5<>324010;54!56!,465732=!"54?240
+!¥ 1=<E!F8954><E7!@7?=R!3745F!>:4>!2=<!D=?<5>4E8?2!49E77!>=!G4E>8C8G4>7!85!>:8F!
E7F74EC:!F><62Y
!¥ 1=<E!C=5F75>!
C7E>8H87F!>:7!H=??=R859d!S4X!2=<!4E7!N\!274EF!=H!497!=E!=?67EU!S@X!2=<!
:4D7!E746!>:7!GE7F75>!6=C<375>U!456!SCX!2=<E!G4E>8C8G4>8=5!8F!D=?<5>4E2!456!>:4>!
2=<!C45!R8>:6E4R!4>!452!>837Y
!¥ (!C=G2!=H!>:7!85H=E376!C=5F75>!6=C<375>!R8??!@7!98D75!>=!2=<Y
!!!xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx!A8954><E7!=H!/4E>8C8G45>
!!!xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx!)4>7
!!!!!caj!'327C;4C!$=>90!:;414<;19!@;0271<H!
!K;<F;C14!/0102!.4;G27?;0H!
!-2I1703240!56!#>314!-2G295I3240!14=!:13;9H!/0>=;2?
!!(2?217<F!%170;<;I140!"54?240!
05!.?2!-;72<0!U>502?
!!1=<E!F8954><E7!=5!>:8F!H=E3!GE=D867F!C=5F75>!>=!<F7!68E7C>!I<=>7F!HE=3!>:8F!H=C<F!9E=<G!
F7FF8=5!85!>:7!G<@?8F:859!456!GE7F75>859!=H!F><62!E7F<?>F
Y!!1=<E!8675>8>2!R8??!@7!Q7G>!
C=5H8675>84?W!5=!8675>8H2859!
85H=E34>8=5!R8??!@7!<F76
Y!!(!H4?F7!5437!=E!4!5<37E8C4?!86!R8??!@7!
4FF89576
Y!!B5?2!>:7!E7F74EC:7EF!R8??!Q5=R!>:7!5437!=E!86!4FF89576!>=!2=<
Y!!02!F895859!>:8F!
H=E3!2=<!4E7!98D859!C=5F75>!>=!<F7!68E7C>!I<=>7F!HE=3!>:8F!F7FF8=5U!456!<567EF>456!>:4>!452!
8675>8H
2859!85H=E34>8=5!R8??!@7!Q7G>!C=5H8675>84?!456!2=<E!GE8D4C2!R8??!@7!GE=>7C>76!>=!>:7!
34]83<3!7]>75>!=H!>:7!?4RY
!!T5>7!?;C410>72!8295B!;4=;<102?!H5>7!G59>4017;9H!<54?240!05!0F2!>?2!56!=;72<0!V>502?!
;4!I72?24010;54?!14=Q57!I>89;<10;54
?!56!0F;?!?0>=H
J!!!!!!xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx!A8954><E7!=H!/4E>8C8G45>
!!!xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx!)4>7
!!!!!!!caO!(//"')&l!
e!!-=C<F!%E=<G!)73=9E4G:8C!A<ED72
!!/?74F7!H8??!85!>:7!@?45QF!=E!C8EC?7!>:7!E7FG=5F7!>:4>!@7F>!67FCE8@7F!2=<
Y!!!!-235C71IF;<?!
!!NX Z:4>!8F!2=<E!97567Et
!4X #4?7!
!@X -734?7
!!LX Z:4>!8F!2=<E!497t
!4X N\;LL!!@X Lc;La!!CX Li;cM!!!cX J=R!6=!2=<!67FCE8@7!2=<EF7?Ht
!4X Z:8>7!=E!.4<C4F845!
!@X 0?4CQ!=E!(HE8C45!(37E8C45!
!CX J8FG458C!(37E8C45!
!6X (F845!(37E8C45!
!7X (37E8C45!&56845U!(?4FQ4!'4>8D7U!=E!'4>8D7!J4R48845!
!HX B>:7Exxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
!!jX Z:4>!8F!2=<E!4C46738C!F>456859t
!4X -E7F:345!
!@X A=G:=3=E7!
!CX b<58=E!
!6X A758=E!
!7X %E46<4>7!A><675>!
!!OX Z:8C:!=H!>:7!H=??=R859!@7F>!67FCE8@7F!2=<E!34P=E!=E!4E74!=H!85>7E7F>!85!C=??797t
!4X (CC=<5>859!
!@X -8545C7!
!CX "6<C4>8=5!
!6X "598577E859!
!7X /F2C:=?=92!
!HX A=C8=?=92!!9X J<345!)7D7?=G375>!T!-438?2!A><687F!
!:X B>:7E!xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
!!aX Z:4>!8F!>:7!:89:7F>!?7D7?!=H!76<C4>8=5!2=<!7]G7C>!>=!4C:87D7t
!4X 04C:7?=E!679E77!SH=<E
;274EX!!@X #4F>7EoF!679E77!
!CX )=C>=E4>7U!?4RU!=E!GE=H7FF8=54?!SF8]
;274E!=E!3=E7X!
!!caa!"5>7?2B57M
!!iX &5!R:4>!F737F>7E!
R7E7!2=<!75E=??76!85
!/7EF=54?!-8545C7!SJ)-A!Lc\Xt
!xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx!!\X Z4F!>:7!/7EF=54?!-8545C7!C=<EF7!=HH7E76!85
;G7EF=5!=E!=5?857t
!4X!!
-4C7
;>=;H4C7
!@X!!
B5?857
!!!!!!cai!(//"')&l!
+!!-=C<F!%E=<G!/E=>=C=?!
!!,:8F!GE=>=C=?!:4F!@775!CE74>76!>=!=E9458`7!>:7!F>E<C><E7!456!H?=R!=H!>:7!H=C<F!9E=<G!
F7FF8=5F!HE=3!GE7G4E4>8=5!>=!E7D87R!=H!E7F<?>F
Y!!,:7E7!4E7!H=<E!G:4F7F
!>=!74C:!H=C<F!9E=<G
!>:4>!R8??!
@7!
=<>?8576!@7?=RY
!!%#$/'!W+!/'&!.%
!!NY BE9458`7!,
R=!-=C<F!%E=<GF
!4Y J=?6859!3<?>8G?7!H=C<F!9E=<GF!R8??!4??=R!H=E!C=3G4E859!456!C=5>E4F>859!
E7F<?>F!456!8675>8H2859!C=33=5!>:737F
Y!!!@Y &675>8H2!G4E>8C8G45>F
Y!!,:7!9=4?!R8??!@7!>=!E7CE<8>!@7>R775!O
;\!G4E>8C8G45>F!H=E!
74C:!9E=<GY
!CY /4E>8C8G45>F!R8??!8675>8H2!4F!@7859
!@7>R775!N\
;cM!274EF!=H!497!456!R8??!@7!=E!
:4D7!@775!75E=??76!85!J)-A!Lc\!/7EF=54?!-8545C7Y
!6Y (!E7CE<8>375>!7348?!37FF497F!R8??!@7!F75>!=<>!>=!G4F>!456!GE7F75>!/7EF=54?!
-8545C7!F><675>FU!456!4!E7C<EE859!455=<5C7375>!R8??!=CC<E!85!>:7!/7EF=54?!
-8545C7!C=<EF7Y
!!LY )E4H>!k<7F>8=5F
!4Y &58>84?U!7F>4@?8F:859!I<7F>8=5F!:4D7!@775!6E4H>76
Y!!(>!>:7!F>4E>!=H!>:7!H=C<F!
9E=<G!F7FF8=5F!F7D7E4?!I<7F>8=5F!R8??!@7!68FC<FF76!85!=E67E!>=!9485!@4F7?857!
85H=E34>8=5!456!7F>4@?8F:!4!C=3H=E>4@?7!4>3=FG:7E7!H=E!H<E>:7E!68FC<FF8=5
Y!!!@Y (H>7E!
>:7!I<45>8>4>8D7!64>4!454?2F8F!8F!C=3G?7>76!I<7F>8=5F!E7?4>76!>=!456!85!
E7FG=5F7!>=!>:7!E7F<?>F!R8??!@7!6E4H>76
Y!!,:7F7!I<7F>8=5F!R8??!454?2`7!>:7!
I<45>8>4>8D7!E7F<?>FU!
?==Q!4>!G7EC7G>8=5F!
=H!H8545C84?!
76<C4>8=5
K@=>:!HE=3!
H=E34?!FC:==?859!456!G4E75>4?!F=C8
4?8`4>8=5
U!456!
83G?8C4>8=5F!456!F<997F>8=5F
!H=E!H<><E7!E7F74EC:!456!H8545C84?!76<C4>8=5
Y!!cY .:==F7!4!+=C4>8=5!
!4Y (!C75>E4?!C43G<F!?=C4>8=5!R8??!@7!F7?7C>76!456!E7F7ED76!H=E!@=>:!H=C<F!9E=<G!
F7FF8=5FY!@Y ,:7!F7FF8=5F!R8??!@7!FC:76<?76!4H>7E!E79<?4E!FC:==?!:=<EFY
!CY ,:7!F7FF8=5F!R8??!?4F>!4GGE=]834>7?2!>R=!:=<EFY
!!%#$/'!X+!:)"./!N().%!/'//,)*!,*&()-."&,)*
!!NY &5H=E376!.=5F75>!
!4Y &5>E=6<C>8=5!=H!3=67E4>=EY
!@Y $7D87R!=H!&5H=E376!.=5F75>Y
!8Y (?7E>!G4E>8C8G45>F!=H!6898>4?!4<68=!E7C=E6859!456!C=5F75>Y
!88Y (?7E>!G4E>8C8G45>F!>=!>:7!68E7C>
!I<=>7!C=5F75>Y
!!!!ca\!LY &5>E=6<C>8=5F
!4Y /4E>8C8G45>F!R8??!85>E=6<C7!>:73F7?D7F
Y!!/4E>8C8G45>F!R8??!@7!E7385676!>:4>!4??!
8675>8H2859!85H=E34>8=5!R8??!@7!Q7G>!C=5H8675>84?!456!>:78E!GE8D4C2!R8??!@7!
GE=>7C>76!>=!>:7!H<??!7]>75>!=H!>:7!?4RY
!@Y /4E>8C8G45>F!R8??!@7!4FQ76!
>=!8675>8H2!>:73F7?D7F!@2!>:78E!H8EF>!5437Y
!8Y /4E>8C8G45>F!R8??!@7!E7385676!>:4>!4??!5437F!R8??!@7!C:45976!>=!
GF7<6=523F!=E!5<37E8C4?!86F!6<E859!>E45FCE8G>8=5
Y!!'=!8675>8H2859!
85H=E34>8=5!R8??!@7!<F76!85!>:7!GE7F75>4>8=5!=H!E7F<?>FY
!CY /4E>8C8G45>F!R8??!@7!E738
5676!=H!>:7!H=C<F!9E=<G!9<867?857FY
!8Y (C>8D7!G4E>8C8G4>8=5!@2!7D7E2=57!R8??!@7!75C=<E4976Y
!88Y 04F8C!C=<E>7F2!R8??!@7!7]G7C>76!R:75!>4?Q859!=E!?8F>75859!>=!=>:7E!
G4E>8C8G45>FY
!888Y ,:7!F7FF8=5F!R8??!E7I<8E7!45!75D8E=5375>!=H!E7FG7C>
Y!!"4C:!G4E>8C8G45>!
F:=<?6!H77?!
C=3H=E>4@?7!>4?Q859!456!7]GE7FF859!>:78E!>:=<9:>FY
!8DY 9(&!>:=<9:>FU!H77?859FU!=E!8674F!4E7!75C=<E4976!456!R7?C=376Y
!DY ,4Q7!><E5F!FG74Q859!456!?8F>75859!F=!>:4>!7D7E2=57!:4F!>:7!
=GG=E><58>2!>=!G4E>8C8G4>7Y
!!cY )73=9E4G:8C!A<ED72
!4Y /E8=E!>=!>:7!H=C<F!9E=<G!F7FF8=5F!C=
3375C859!G4E>8C8G45>F!R8??!C=3G?7>7!4!
F:=E>!673=9E4G:8C!F<ED72
Y!!,:8F!F<ED72!R8??!:7?G!GE=H8?7!>:7!H=C<F!9E=<G!
F43G?7Y
!!jY "F>4@?8F:859!k<7F>8=5F
!4Y (>!>:7!F>4E>!=H!>:7!H=C<F!9E=<G!F7FF8=5F!F7D7E4?!I<7F>8=5F!R8??!@7!68FC<FF76!85!
=E67E!>=!9485!@4F7?857!85H=E34>8=
5!456!7F>4@?8F:!4!C=3H=E>4@?7!4>3=FG:7E7!
H=E!H<E>:7E!68FC<FF8=5Y
!@Y ,:7F7!I<7F>8=5F!R8??!:7?G!GE=H8?7!>:7!F43G?7!@72=56!>:7!@4F8C!673=9E4G:8C!
I<7F>8=5FY
!!%#$/'!g+!-,/".//,*N!i!,*&('%('&,*N!U.$*&,&$&,P'!('/.@&/
!!NY )E4H>!k
<7F>8=5F!
!4Y k<7F>8=5F!
R8??!@7!CE74>76!
>:4>!
E7H?7C>!456!E7FG=56!>=!>:7!I<45>8>4>8D7!F<ED72!
E7F<?>FY
!!LY '=>7F
!4Y ,:7!3=67E4>=E!R8??!>4Q7!5=>7F!=5!:7E!83GE7FF8=5F!456!452!=@F7ED4>8=5F!
3467!6<E859!>:7!H=C<F!9E=<G!F7FF8=5FY
!!%#$/'!c+!")-,*N!i!,*&'(%('&,*N!('/.@&/
!!NY A<334E2!=H!>:7!-=C<F!%E=<G!A7FF8=5F
!4Y (H>7E!
>:7!C=5C?<F8=5!=H!74C:!F7FF8=5!>:7!3=67E4>=E!R8??!RE8>7!4!F<334E2!=H!
>:7!F7FF8=5!R8>:!:7E!83GE7FF8=5F!456!>:7!3485!>:737F!=@F7ED76Y
!!!caV!LY ,E45FCE8G>8=5
!4Y ,:7!>R=!H=C<F!9E=<G!F7FF8=5F!R8??!@7!>E45FCE8@76!
D7E@4>83
Y!@Y /4E>8C8G45>!5437F!456!452!=>:7E!8675>8H87EF!R8??!@
7!C:45976!>=!GF7<6=523F!
=E!5<37E8C4?!86F!6<E859!>E45FCE8G>8=5Y
!!cY .=6859
!4Y ,:7!>E45FCE8G>8=5F!R8??!H8EF>!@7!E746!85!H<??!>=!9485!4!F75F7!=H!74C:!F7FF8=5!4F!4!
R:=?7
Y!!)<E859!>:8F!GE=C7FFU!5=>7F!R8??!@7!3467U!456!F8958H8C45>!F>4>7375>F!
456!I<=>7F!R8??!@7!H?49976
Y!@Y A8958H8C45>!F>4>7375>F!
456!
I<=>7F!R8??!@7!8675>8H876!456!C?<F>7E
76!@4F76!=5!
E7?4>7657FF
Y!!,:7F7!C=33=5!>:737F!R8??!@7!4CQ5=R?76976!456!GE7F75>76!
>=97>:7E
Y!!!!!ciM!)E4H>!-=C<F!%E=<G!ACE8G>
!!%==6!4H>7E5==5_7D75859
Y!!,:45Q!2=<!H=E!@7859!:7E7!>=642_>=589:>!456!
49E77859!>=!
G4E>8C8G4>7!85!>:8F!F><62!=H!737E9859!46<?>!H8545C84?!?8>7E4C2Y
!!#2!5437!8F!(34564!%<85=>!,4?@=>!&!43!4!6=C>=E4?!C456864>7!85!>:7!67G4E>375>!=H!J<345!
)7D7?=G375>!456!-438?2!A><687F!456!R8??!@7!2=<E!3=67E4>=E!H=E!>:8F!H=C<F!9E=<G!F7FF8=5Y
!!1=<!:
4D7!@775!4FQ76!>=!G4E>8C8G4>7!85!>:8F!H=C<F!9E=<G!>=!68FC<FF!737E9859!46<?>!H8545C84?!
C4G4@8?8>2!85!>:7!4E74F!=H!CE768>_67@>!456!F4D859F_85D7F>859
Y!!Z7!R8??!?==Q!4>!>:7!E7F<?>F!
HE=3!4!F<ED72!4FF7FF859!737E9859!46<?>!H8545C84?
!Q5=R?7697U!4>>8><67FU!@7:4D8=E
U!456!G4E75>4?!85H?<75C7F
Y!!&!R8??!4FQ!H=E!2=<E!>:=<9:>FU!H77?859FU!456!83GE7FF8=5F
Y!!!!-8EF>U!@7H=E7!R7!@7985U!R7!R8??!E7D87R!>:7!85H=E376!C=5F75>
Y!!/4E>8C8G4>8=5!85!>:8F!H=C<F!
9E=<G!F7FF8=5!8F!C=3G?7>7?2!D=?<5>4E2
Y!!/4E>8C8G4>8=5!R8??!E7I<8E7!4!F89576!C=
G2!=H!>:7!
85H=E376!C=5F75>Y
!!$"()!(')!$"[&"Z!,J"!&'-B$#")!.B'A"',
!!,:45Q!2=<!H=E!2=<E!G4E>8C8G4>8=5!>=642
Y!!,:8F!F7FF8=5!R8??!?4F>!>R=!:=<EF!456!R8??!85C?<67!
I<7F>8=5F!4CE=FF!>:E77!F7G4E4>7!F7C>8=5Fd!
9757E4?!83GE7FF8=5F!=H!H8545C84?!C4G4@8?8>2
U!454?2F8F!=H
!I<45>8>4>8D7!E7F<?>F
U!456!76<C4>8=54?!85H?<75C7F
Y!!-=E!2=<E!H<??!G4E>8C8G4>8=5!>:E=<9:=<>!>:7!75>8E7!F7FF8=5!2=<!R8??!
@7!7?898@?7!>=!
E7C78D7!4
!98H>!C4E6Y!!07H=E7!R7!@7985U!?7>F!E7D87R!F=37!83G=E>45>!4FG7C>F!=H!>:8F!9E=<G!F7FF8=5d
!¥ ,:8F!F7FF8=5!R8??!@7!
E7C=E676!F=!G?74F7!FG74Q!?=<6?2!456!C?74E?2!>=!@7!:74E6!@2!4??!
G4E>8C8G45>F!456!=5!>:7!E7C=E6859Y
!¥ Z:75!2=<!FG74Q!G?74F7!F>4>7!2=<E!H8EF>!5437!=5?2
Y!!)<E859!>E45FCE8G>8=5!2=<!R8??!@7!
4FF89576!4!GF7<6=523!=E!5<37E8C4?!86F
Y!!,:8F!R8??!75F<E7!>:4>!2=<E!GE8D4C2
!8F!3485>48576Y
!¥ (C>8D7!G4E>8C8G4>8=5!@2!7D7E2=57!8F!75C=<E4976
Y!!9(&!>:=<9:>FU!H77?859FU!=E!8674F!4E7!
75C=<E4976!456!R7?C=376Y
!¥ 04F8C!C=<E>7F2!R8??!@7!7]G7C>76
Y!!Z:75!>4?Q859!=E!?8F>75859!>=!=>:7E!G4E>8C8G45>F!98D7!
E7FG7C>Y
!¥ (??!G4E>8C8G45>F!F:=<?6!H77?!C=3H
=E>4@?7!>4?Q859!456!7]GE7FF859!>:78E!>:=<9:>FY
!¥ ,4Q7!><E5F!FG74Q859!456!?8F>75859!F=!>:4>!7D7E2=57!:4F!>:7!=GG=E><58>2!>=!
G4E>8C8G4>7Y
!!,:E=<9:=<>!>:8F!F7FF8=5!&!R8??!@7!:7E7!>=!?8F>75!456!45FR7E!452!I<7F>8=5F!57C7FF4E2
Y!!&!43!
5=>!4!G4E>8C8G45>!85!>:7!68FC<
FF8=5Y!!/?74F7!H77?!HE77!>=!E7FG=56!>=!74C:!=>:7E!68E7C>?2Y
!&!R8??!R=EQ!4F!>:7!3=67E4>=E
Y!!(F!3=67E4>=E!8>^F!32!E7FG=5F8@8?8>2!>=!Q77G!>:7!68FC<FF8=5!
9=859Y!!,=!6=!>:8FU!&!342!C4??!=5!G7=G?7!>=!F>83<?4>7!68FC<FF8=5!=E!Q77G!@4?45C7!R8>:85!>:7!
68FC<FF8=5
Y!!$7373@7EU!8>!8F!2=<E!E89:>!>=!E7H<F7!>=!45FR7E!452!I<7F>8=5!4>!452!>837Y
!!ciN!&!R8??!@7!>4Q859!5=>7F!>:E=<9:=<>!>:7!F7FF8=5Y
!!&H!8>!8F!=Q!R7!R8??!F>4E>!>:7!E7C=E6859!5=RY
!!A,($,!$".B$)&'%
!!A>4E>!>837dxxxxxxxxxxxxxxxxxxxxxxxx
!!BQ!?7>^F!97>!F>4E>76
Y!!,:8F!8F!xxxxxxxxxxxS64>7X!4>!xxxxxxxxxxxxxxS>837X!456!R7!4E7!F>4E>859!H=C<F!
9E=<G!F7FF8=5!xxxxxxxSF7FF8=5!5<3@7EX
!!+7>F!@7985!R8>:!F=37!9757E4?!I<7F>8=5FY
!!N242719
!NY J=R!R=<?6!2=<!C?4FF8H2!2=<E!?7D7?!=H!CE768>_67@>!C4G4@8?8>2!
SQ5=R?7697U!4>>8><67FU!
@7:4D8=E
Xt!H/+#B:,C'Z+<'1+(4$).(:')+'&+-'4..%'<$:8'&+-/';(+<%.)=.'+4'1/.)$:Q).>:'$,,-.,_'D+'&+-'
,:/-==%.'#"("=$(='1/.)$:Q).>:_
'6('<8":'"/.",'"/.'&+-',-11.,,4-%'"()'8+<_
'!!!!!!!!LY J=R!R=<?6!2=<!C?4FF8H2!2=<E!?7D7?!=H!F4D859F_85D7F>859!C4G4@8?8>2!
SQ5=R?7697U!
4>>8><67FU!@7:4D8=E
Xt!H/+#B:,C'Z+<'1+(4$).(:')+'&+-'4..%'<$:8'&+-/';(+<%.)=.'+4'
,"?$(=,Q$(?.,:$(=
'$,,-.,_'D+'&+-'
,:/-==%.'#"("=$(='
,"?$(=,Q$(?.,:$(=
_'6('<8":'"/.",'"/.'&+-',-11.,,4-%'"()'8+<_
'!!!!!!!!cY Z:4>!H4C>=E!6=!2=<!F77!4F!3=F>!83G=E>45>!>=!2=<E!H8545C84?!C4G4@8?8>2!SQ5=R?7
697U!4>>8><67FU!456_=E!@7:4D8=E
Xt!!Z:2t
!H/+#B:,C'Z"?.'&+-'.?./':8+-=8:'">+-:'&+-/'+<('4$("(1$"%'1"B">$%$:&_'D+'&+-',..'"%%':8/..'
4"1:+/,'V;(+<%.)=.2'"::$:-).,2'"()'>.8"?$+/W'",'$#B+/:"(:'$('=.(./"%_'D+'&+-',..'"%%':8/..'
4"1:+/,'V;(+<%.)=.2'"::$:-).,2'"()'>.
8"?$+/W'",'$#B+/:"(:':+'&+-'"()'&+-/'4$("(1$"%'%$4._
!!!!!!!ciL!(2?>90?
!jY A4D859F_85D7F>859!H
8545C84?!4>>8><67F
!S<567EF>456859U!
49E77375>
!=H!G=F8>8D7!
F4D859F_85D7F>859!GE4C>8C7FU!5794>8D7!GE4C>8C7FU!456!4D=8645>!E7FG=5F7F
X!85H?<75C76!
>:7!E7?4>8=5F:8G!@7>R775!F4D85
9F_85D7F>859!Q5=R?7697!456!@7:4D8=EY!!&5!=>:7E!
R=E6FU!4>>8><67F!@E86976!>:7!94G!@7>R775!Q5=R?7697!456!@7:4D8=EY!!
Z:2!6=!2=<!
>:85Q!>:8F!8Ft
!H/+#B:,C'`8":')+.,':8$,'#."(':+'&+-_'D+'&+-':8$(;'4$("(1$"%'"::$:-).,'"/.':8.'#+,:'
B+<./4-%'4+/1.':+'$(4%-.(1.'
>.8"?$+/_
'!!!!!!!!OY -8545C84?!4>>8><67F!686!5=>!G?42!4F!@89!=H!4!E=?7!@7>R775!CE768>_67@>!Q5=R?7697!456!
@7:4D8=E!4F!8>!686!H=E!F4D859F_85D7F>859Y!Z:2!6=!2=<!>:85Q!>:8F!8Ft
!H/+#B:,C'`8":'"/.':8.')$44./.(1.,'&+-'1"(':8$(;'+4'>.:<..('1/.)$:Q).>:'"()'
,"?$(=,Q$(?.,:$(='"()':8.'"::$:-).,'",,+1$":.)'<$:8':8.#_''D+'4$("(1$"%'"::$:-).,'B%"&'"'
>$==./'/+%.'<$:8',"?$(=,Q$(?.,:$(=_
'!!!!!!!!aY Z:2!6=!2=<!>:85Q!H8545C84?!4>>8><67F!4E7!F=!83G=E>45>!>=!H8545C84?!C4G4@8?8>2t!!Z:4>!
E=?7!6=!>:72!G?42t
!H/+#B:,C'6,':8.'/+%
.'"()'B/+#$(.(1.'+4'4$("(1$"%'"::$:-).,',-/B/$,$(=':+'&+-_'Z+<'<+-%)'
&+-').4$(.'4$("(1$"%'"::$:-).,_''`8":'/+%.')+'4$("(1$"%'"::$:-).,'B%"&'$('&+-/'%$4._
''!!!!!!!!!!!!!cic!iY Z:75!>:7E7!R4F!4!C:4597!85!F><675>!49E77375>!=H!G=F8>8D7!456!5794>8D7!A_&!
GE4C>8C7F!>:7E7
!R4F!=D7E4??!C:4597!85!@7:4D8=EY
!!Z:4>!6=7F!>:8F!F42!
4@=<>!H8545C84?!
4>>8><67Ft!)=!2=<!>:85Q!49E77375>!=H!>:7!qE89:>r!456!qRE=59r!>:859F!>=!6=!R8>:!2=<E!
3=572!8F!
Q72
!>=!C:4597!:=R!2=<!4C>t
!H/+#B:,C'9/.':8./.'"(&'B/+>%.#,'+/'>$",.,'8./._
'*"('>.8"?$+/'18"(=.
'<$:8+-:'"'18"(=.'$('
"::$:-).,_
'!!!!!!!!\Y Z:75!>837!=57
!SGE7;>7F>X
!FC=E7F!R7E7!:89:7E!H=E!
4>>8><67F!456
!@7:4D8=E
!=D7E4??!
C:4597!R4F!?=R7E!456!5794>8D7Y
!Z:75!>837!=57!FC=E7F!R7E7!?=R
!=D7E4??!C:4597!R4F!
:89:7EY!!Z:4>!6=7F!>:8F!F42!>=!2=<t
!!Z:2!6=!2=<!>:85Q!>:8
F!R4F!5=>!>E<7!R8>:!
Q5=R?7697t
!H/+#B:,C'Z+<'%+(=')+'&+-':8$(;'$:':";.
,':+'18"(=.'&+-/'4$("(1$"%'
;(+<%.)=.2'
"::$:-).,2'+/'
>.8"?$+/
_''D+'&+-':8$(;';(
+<%.)=.2'"::$:-).,2'+/'>.8"?$+/
'1+-%)'18"(=.'+?./':8.'1+-/,.'+4'
"',.#.,:./_
''D+':8.&'$(4%-.(1.'+(.'"(+:8./_
'!!!!!!!!VY J89:!?7D7?F!=H!CE768>_67@>
!Q5=R?7697!E7?4>76!>=!G=F8>8D7!@7:4D8=E!
R8>:!
@8??!
G42375>F!
456!E7F74EC:
!=H!>7E3F!456!C=568>8=5F
Y!!Z:75!Q5=R?7697!C:45976!>:8F!4E74!=H!
@7:4D8=E!C:45976!SG42375>F!456!E7F74EC:XY!
!,:8F!R4F!5=>!>E<7!H=E!@7:4D8=E!
E7?4>76!
>=!:=?6859F!S5<3@7E!=H!C4E6F!85!G=FF7FF8=5!456!<>8?8`76X!456!5794>8D7!CE768>!
@7:4D8=E!S<F859!C4F:!46D45C7FU!34]859!456!7]C776859!?838>FXY!!)=!2=<!>:85Q!C7E>485!
4FG7C>F!=H!@7:4D8=E!C:4597!H4F>7E!=E!3=E7!74F8?2t
!H/+#B:,C'`8&'<+-%)':8.,.'/.,-%:,'>.'#$F.)_'`8":'
)+.,':8$,',"&'">+-:'4$("(1$"%'>.8"?$+/_'
`8":')+.,':8$,',"&'">+-:'4$("(1$"%'%."/($(='"()'%$:./"1&_
'!!!!!!!!!cij!NMY "]G?8C8>!SG<EG=F7H<?!>74C:859_?74E5859X!
G4E75>4?!C=33<58
C4>8=5!F<EE=<56859!
CE768>_67@>!
456!F4D859F_85D7F>859!
R4F!4!F>E=597E!85H?<75C7!>:45!83G?8C8>!
S>74C:859_?74E5859!@2!7]43G?7X!
G4E75>4?!>74C:859Y!!Z:4>!8F!2=<E!E74C>8=5!>=!>:8Ft!
Z:2!6=!2=<!>:85Q!>:8F!8Ft
!H/+#B:,C'`8":'$,'#+/.'B+<./4-%'$('&+-/'+B$($+('$#B%$1$:
'V:."18$(=Q%."/($(='>&'.F"#B%.W
'+/'.FB%$1$:'
VB-/B+,.4-%':."18$(=Q%."/($(=W'
:."18$(=_
'`8":')+'
&+-':8$(;'$,'#+/.'4/.a-.(:'
$#B%$1$:'+/'.FB%$1$:'B"/.(:"%Q4"#$%$"%'4$("(1$"%'$(,:/-1:$+(_
'!!!!!!!!'=><10;5419!,469>24<2
!NNY Z:=!=E!R:4>!R4F!>:7!9E74>7F>!85H?<75C7!=5!2=<E!H8545C84?!C4G4@8?8>2!S
Q5=R?7697U!
4>>8><67FU!@7:4D8=E
Xt!H/+#B:,C'H"/.(:,2'!+/#"%'5)-1":$+(2
'!/$.(),2'@.)$"2'+/'G:8./
_'9/.'"%%',+-/1.,'+4'4$("(1$"%'
,+1$"%$b":$+('.a-"%%&'$#B+/:"(:'"()'$(4%-.(:$"%_'*"('&+-'B/+?$).'"('.F"#B%.'+4'<8":'&+-'
%."/(.)'"()'<$:8'<8+#'&+-'%."/(.)'4/+#_
'!!!!!!!!NLY )86!2=<E!G4E75>F!>74C:!2=<!4@=<>!H8545C7!456_=E!H8545C84?!345497
375>t
!H/+#B:,C'`8./.':8.,.'%.,,+(,'$#B%$1$:
'V:."18$(=Q%."/($(='>&'.F"#B%.W
'+/'.FB%$1$:
'VB-/B+,.4-%'
:."18$(=Q%."/($(=W
_''6('&+-/'+B$($+(2'<8":'$,':8.'=/.":.,:'4$("(1$"%'%.,,+('&+-'8"?.'%."/(.)'
4/+#'&+-/'B"/.(:,_
'!!!!!!!!!!!!!ciO!NcY J=R!R=<?6!2=<!C?4FF8H2!
>:7
!85>7E4C>8=5F
!2=<!:46!R8>:!2=<E!G4E75>F_H438?2!
E794E6859!H8545C7
t!H/+#B:,C'`8./.':8.,.'$(:./"1:$+(,'B+,$:$?.2'(.=":$?.2'8.%B4-%2'(.-:/"%2'+/'+:8./_
'64':8.&'
<./.'B+,$:$?.'8+<'+/'<8&'<./.':8.&'B+,$:$?._'64':8.&'<./.'(.=":$?.'8+<'+/'<8&'<./.':8.&'
(.=":$?._
'''!!!!!!!NjY Z:4>!4E7!2=<E!=G858=5F!4@=<>!H8545C84?!76<C4>8=5!4>!>:7!C=??7984>7!?7D7?t!!&F!8>!
7HH7C>8D7t!Z:2!=E!R:2!5=>t
!H/+#B:,C'`+-%)'&+-',"&'&+-'8"?.'%."/(.)'">+-:'B./,+("%'4$("(1.':8/+-=8'&+-/'1+%%.=$":.'
,:-)$.,_'`8":'$,'%"1;$(=_'`8":'<+-%)'&+-'"))2'/.?$,.2'
18"(=._
'`8":'1"('<.')+':+'#";.'
4$("(1$"%'.)-1":$+('+('1"#B-,'>.::./_
'!!!!!!!!(F!R7!C=5C?<67U!>:45Q!2=<!H=E!2=<E!>837!456!:7?G!R8>:!>:8F!F><62
Y!!Z7!:=G7!>=!?74E5!3=E7!
4@=<>!C=??797!F><675>F!456!>:78E!CE768>_67@>!456!F4D859F_85D7F>859!C4G4@8?8>2
Y!!! BH!4??!>
:7!>:859F!R7!68FC<FF76U!R:4>!>=!2=<!8F!>:7!3=F>!83G=E>45>t
!!(E7!>:7E7!452!H<E>:7E!C=3375>Ft!(52>:859!R7!38FF76t
!!!!,:45QF!49485!H=E!2=<!G4E>8C8G4>8=5Y
!!"')!$".B$)&'%
!!"56!>837dxxxxxxxxxxxxxxxxxxxx
!!!!!cia!(//"')&l!
#!!-=C<F!%E=<G!$7CE<8>375>!"348?
!!/I17014?D
!!¥ J4D7!2=<!>4Q75!=E!4E7!2=<!C<EE75>?2!75E=??76!85!
#-:/!Xgj!I27?5419!6;414<2k
!!¥ (E7!2=<!@7>R775!>:7!497F!=H!
WjRgfk!!&H!2=<!45FR7E76!
T'/
!>=!>:7F7!I<7F>8=5FU!:7E7!8F!2=<E!=GG=E><58>2!>=!G4E>8C8G4>7!85!4!
E7F74EC:!F><62!85D7F>894>859!C=??797!F><675>!H8545C84?!?8>7
E4C2Y
!!/4E>8C8G4>8=5!R8??!85C?<67d
!¥ ,4Q859!G4E>!85!4!>R=!:=<E!H=C<F!9E=<G!
!¥ .=3G?7>859!4!F:=E>!673=9E4G:8C!F<ED72
!¥ 1=<!R8??!@7!7?898@?7!>=!R85!4!98H>!C4E6
!¥ -E77!H==6!R8??!@7!GE=D8676!4>!>:7!H=C<F!9E=<G
!!/2??;54!lW+
!,:<EF642U!BC>=@7E!N
F>!!adMMG3!
m!\dMMG3
!$==3!V
!J<345!"C=?=92!S57]>!>=!>:7!F><675>!<58=5X
!!/2??;54!lX+
!-E8642U!BC>=@7E!L
56!jdMMG3!
m!adMMG3
!$==3!V!J<345!"C=?=92!S57]>!>=!>:7!F><675>!<58=5X
!!&H!2=<!4E7!85>7E7F>76!85!G4E>8C8G4>859!=E!R=<?6!?8Q7!3=E7!85H=E34>8=5!G?74F7!C=5>4C>!
(34564!%<85=>!,4?@=>!4>!
9<85=>43z3F<Y76<
!~/?74F7!8568C4>7!R:8C:!=H!>:7!>R=!F7FF8=5F!2=<!R=<?6!@7!4D48?4@?7
!!!~/4E>8C8G4>8=5!8F!C=3G?7>7?2!D=?<5>4E2!456!@4F76!=5!4!H8EF>!C=37!H8EF>!F7ED76!@4F8FY
!!'=!G7EF=54?!=E
!H8545C84?!85H=E34>8=5!R8??!@7!4FQ76Y
!!(??!85H=E34>8=5!R8??!@7!Q7G>!C=5H8675>84?Y!
!!!!!!!!cii!(//"')&l!
'!!-=C<F!%E=<G!$7CE<8>375>!(6D7E>8F7375>!
!!!"5992C2!/0>=240!:;414<;19!@;0271<H
!!¥ J4D7!2=<!>4Q75!=E!4E7!C<EE75>?2!75E=??76!85!J)-A!Lc\!G7EF=54?!H8545C7t
!¥ (E7!2=<
!@7>R775!>:7!497F!=H!N\
;cMt!!/4E>8C8G4>7!85!4!E7F74EC:!F><62!85D7F>894>859!C=??797!F><675>!H8545C84?!?8>7E4C2f
!!/2??;54!lW+
!,:<EF642U!BC>=@7E!N
F>!!adMMG3!
m!\dMMG3
!$==3!V!J<345!"C=?=92!S57]>!>=!>:7!F><675>!<58=5X
!!/2??;54!lX+
!-E8642U!BC>=@7E!L
56!jdMMG3!
m!adMMG3
!$==3!V!J<345!"C=?=92!S57]>!>=!>:7!F><675>!<58=5X
!!%170;<;I10;54!B;99!;4<9>=2+
!¥ ,4Q859!G4E>!85!4!>R=!:=<E!H=C<F!9E=<G
!¥ .=3G?7>859!4!F:=E>!673=9E4G:8C!F<ED72
!¥ 1=<!R8??!@7!7?898@?7
!>=!R85!4!98H>!C4E6
!¥ -E77!H==6
!R8??!@7!GE=D8676!4>!>:7!H=C<F!9E=<G
!!&H!2=<!4
E7!85>7E7F>76!85!G4E>8C8G4>859!=E!R=<?6!?8Q7!3=E7!85H=E34>8=5!G?74F7!
C=5>4C>!
$314=1!N>;450!&19850!
10!C>;45013m3?>J2=>
!!!!ci\!!(//"')&l!
B!!,4@?7!a
!"37E9859!(6<?>!-8545C84?!+8>7E4C2!(<68>!,E48?
!$<0;54!&1M24
!(2?>90
!/E=P7C>!/E=G=F4?!
!/E=G=F4?!R4F!CE74>76!R8>:!
9757E4?!
85>E=6<C>8=5U!GE=@?73!F>4>7375>U!?8>7E4><E7!
E7D87RU!E7F74EC:!I<7F>8=5F!456!:2G=>:7F7FU!
456!>:7!67FCE8G>8=5!=H!>:7!345<FCE8G>FY
!/E=G=F4?!)7H75F7!
!)7H75F7!64>7!R4F!F7>!456!
>:7!
GE=G=F4?!R4F!
GE7F75>76Y
!!-=??=R859!>:7!GE7F75>4>8=5!
F<997F>76!768>F!R7E7!7]7C<>76!456!F<@38>>76!
H=E!E7D87R!@2!C=338>>77!C:48EY!!,:7!34P=E8>2!=H!
768>F!674?>!R8>:!C<>>859!6=R5!>:7!=D7E4??!F><62!
456!@=>:!345<FCE8G>FY
!A<@38>>76!>=!&5F>8><>8=54?!
$7D87R!0=4E6!S&$0X
!,:7!&$0!4GG?8C4>8=5!R4F!C=3G?7>76!456!
F<@38>>76Y!!,:7!GE=P7C>!R4F!F<@38>>76!4F!45!
7]G768>76!GE=P7C>!456!577676!H7R!E7D8F8=5F!
GE8=E!>=!4GGE=D4?Y
!"]G=E>76!
)4>4!HE=3!
A-"%:/$1,
!>=!
5F1.%
!A737F>7E!GE7!456!G=F>
;>7F>!H8?7F!R7E7!F7?7C>76U!
E7D87R76U!456!6=R5?=4676!>=!
5F1.%
Y!!&5!5F1.%!64>4!R7E7!F7G4E4>76!456!=E9458`76!@2!
F737F>7E!S-4??!^NcU!AGE859!^NcU!A<337E!(!^NcU!
A<337E!0!^NcU!A<337E!(!^NjU!A<337E!0!^NjXY!!
!BE9458`76!
)4>4!85!
5F1.%
!/4E>8C8G45>F!R7E7!4FF89576!4!<58I<7!&)
;8675>8H2859!>:7!F737F>7EU!274EU!456!G4E>8C8G45>Y
!!"4C:!G4E>8C8G45>^F!GE7!456!G=F>
;>7F>!R7E7!
8675>8H876!456!9E=<G!@4F76!=5!>:7!G4E>8C8G45>^F!
&)Y!
!)4>4
!R7E7
!GE7G4E76!>=!@7!7]G=E>76!>=!
0H00Y!!!)4>4!
"]G=E>76!>=!
0H00!)4>4!R7E7!37E976U!?4@7?76U
!9E=<G
76!4CC=E6859!
>=!F<@FC4?7FU
!456!374F<E7375>!?7D7?
F!R7E7
!8675>8H876Y!
!!)4>4!
$7;C=676!-8545C84?!Q5=R?7697!I<7F>8=5F!R7E7!E7
;C=676!>=!E7H?7C>!4!C=EE7C>!FC=E7!SNX!456!45!85C=EE7C>!
45FR7E!SMXY
!!-8545C84?!4>>8><67
F!456!@7:4D8=E!
I<7F>8=5F!R7E7!E7
;C=676!>=U!R:75!4GG?8C4@?7U!
>=!E7H?7C>!4!M
;c!FC4?7Y!
!(??!38FF859!64>4!
R7E7!4CQ5=R?76976!456!C=676!SVVVXY
!!(??!C:4597F!
R7E7
!6=C<375>76!85!I<7F>8=5F!F<@FC4?7F!SF77!
(GG7568C7F!-!
m!bXY!
!!!ciV!,4@?7!a!
SC=5>^6X
!!&>73!
$7FG=5F7!,:7=E2!,:7!C<EE75>!456!:2G=>:7F8`76!C=6859!FC:737F!
H=E!>R=!I<7F>8=5F
!SkNMN
;CE768>_67@>!@7:4D8=E!
456!kNjN
;G4E75>4?!F=C84?8`4>8=5X
!R7E7!>7F>76!
>:E=<9:!8>73!E7FG=5F7!>:7=E2Y!
!,:7!:2G=>:7F8`76!C=6859!FC:737F!R7E7!C:=F75!
@4F76!=5!>:7!E7F<?>FY
!!"]G=E>!
A<@FC4?7F!>=!
5F1.%
!,:7!=E9458`76!F<@FC4?7F!R7E7!74C:!
8568D86<4??2!7]G=E>76!HE
=3!
0H00!>=!
5F1.%
Y!!+4@7?F!R7E7!E73=D76!456!>:7!F7G4E4>7!FC4?7F!
R7E7!F4D76!4F!C=334!F7G4E4>76!D4?<7!SY.A[X!
H8?7
F!H=E!<F7!85!
@B%-,
Y!!!"]G?=E4>=E2!
-4C>=E!
(54?2F8F!S"-(X
!"]G?=E4>=E2!H4C>=E!454?2F8F!R4F!G7EH=E376!=5!
74C:!F<@FC4?7
U!GE7!456!G=F>
Y!!,:7!E7F<?>F!=H
!>:7!
"-(!R7E7!E7D87R76
Y!.=5H8E34>=E2!
-4C>=E!
(54?2F8F!S.-(X
!#=67?!H8>!R4F!>7F>76!=5!3<?>8G?7!3=67?F!SN
;j!H4C>=E!3=67?FX!@4F76!=5!>:7!E7F<?>F!=H!"-(!>=!
H856!>:7!@7F>!H8>>859!3=67?Y!!-8>!R4F!7D4?<4>76!
@4F76!=5!
>:7!.=3G4E4>8D7!-8>!&567]!S.-&X!
@7859!
4@=D7
!YVOU!>:7!
,<CQ7E!+7R8F!&567]!S,+&X!
@7859!4@=D7!YVOU!>:7!
$==>!#745!AI<4E7!"EE=E!
=H!(GGE=]834>8=5!S$#A"(X!@7859!?7FF!>:45
!YMaU!456!>:7!VMp!$#A"(!C=5H8675C7!85>7ED4?!
:4D8
59!45!<GR4E6!@=<56!?7FF!>:45!YMa
Y!!!#74F<E7375>!&5D4E845C7!
!(??!?7D7?F!=H!374F<E7375>!85D4E845C7!R7E7!
>7F>76!85!4!F>7GR8F7!H4F:8=5Y!!.=5H89<E4?U!R74QU!
456!F>E=59!85D4E845C7!R7E7!H8EF>!>7F>
76Y!!&H!F>E=59!85D4E845C7!R4F!5=
>!4C:87D76!G4E>84?!
85D4E845C7!R4F!>7F>76Y!!,:7!F>7GF!85C?<676d!S4X!
>7F>859!
C=5H89<E4?!85D4E845C7
W!S@X!
>7F>859!
R74Q!
85D4E845C7W!SCX!
7D4?<4>859!
>:7!.:8!FI<4E7!
68HH7E75C7!@7>R775!R74Q!456!C=5H89<E4?W!S6X!
>7F>859!
F>E=59!85D4E845C7W!S7X!
7D4?<4>859!>:7!
.:8!FI<4E7!68HH7E75C7!@7>R775!F>E=59!456!
R74QW!456!SHX!R:75!4GG?8C4@?7U!
>7F>859!
G4E>84?!
85D4E845C7!456!>:
7!.:8!FI<4E7!
68HH7E75C7!>7F>!
@7>R775!G4E>84?!456!C=5H89<E4?Y
!)4>4!
$7;=E9458`76!
&5>=!-<??!)4>4!A7>!,:7!H<??!64>4!F7>!R4F!7]G=E>76!>=!
5F1.%
Y!,:E77!
I<7F>8=5F!R7E7!E7
;C=676Y!!,:7F7!I<7F>8=5F!
R7E7!4!qC:7CQ!4??!>:4>!4GG?87Fr!H=E34>Y!
!,:72!R7E7!E7C=676!>=!4!qNr!8H!4GG?8C4@?7!456!4!qMr!8H!
5=>Y!!,:7!H<??!64>4!F7>!R4F!F4D76!R8>:=<>!?4@7?F!
456!F4D76!4F!4!Y.A[!456!Y,l,!H8?7F!H=E!<F7!R8>:!
@B%-,
Y!!c\M!,4@?7!a
!SC=5>^6X
!!+4>75>!.:4597!#=67?F
!,:7!?4>75>!C:4597!3=67?F
!S345<FCE8G>!=57U!
:2G=>:7F7F!N4U!N@U!L4U!456!L
@X!CE74>76!
R7E7!
G4>>7E576!4H>7E!
#C(E6?7!SLMMVXY!!-8EF>U!
F<@FC4?7
!?4>75>!C:4597!FC=E7F!R8>:!456!
R8>:=<>!3745F!R7E7!@=>:!8568D86<4??2!>7F>76!
456!E7D87R76Y!!
,:7!=<>G<>!R4F!E7D87R76!H=E!
R4E5859!37FF497FY!!/
4E437>7E
FU!D4E845C7FU!
3=67?!H8>U!456!H856859F!
4?F=!R7E7!
E7D87R76Y!
!(H>7E!74C:!F<@FC4?7!R4F!>7F>76
!>:7!3=67?F!
R7E7!C=3@8576U!>7F>859!>:7!85>7E4C>8=5!456!
85H?<75C7!@7>R775!Q5=R?7697!456!@7:4D8=E!
456!4>>8><67F!456!@7:4D8=E
!SCE768>_67@>!456!
F4D859F_85D7F>859X
Y!!!#768
4>8=5!#=67?F
!#7684>8=5!3=67?F!S:2G=>:7F7F!NC!456!cCX!
R7E7!CE74>76!456!>7F>76!85!4!F>7GR8F7!H4F:8=5d!
S4X!@4F7?857!3=67?!R8>:!=5?2!?4>75>!H4C>=EF!R4F!
>7F>76U!S@X!>837!=57!CE=FF
;?49F!R7E7!46676U!SCX!
68HH7E75C7!FC=E7F!456!CE=FF!?49F!R7E7!46676U!
S6X!H<??!3=67?!
R4F!>7F>76U!456!S7X!45!46P<F>76!
3=67?!R8>:!>:7!5=5
;F8958H8C45>!G4>:R42F!
E73=D76!R4F!>7F>76Y!!,:8F!GE=C7FF!GE=D8676!
C:7CQF!=H!>:7!F8958H8C45>!G4>:R42F!456!>:7!
?7D7?!456!G=FF8@?7!83GE=D7375>!=H!H8>!4CE=FF!4??!
3=67?F!SF77!,4@?7!N!H=E!H8>!4CE=FF!4??!>7F>76!
3=6
7?FXY!!,:7!H=<E>:U!H<??!3=67?!R4F!677376!>=!
:4D7!4CC7G>4@?7!H8>Y!!(52!83GE=D7375>!=H!H8>!
R8>:85!>:7!.-&U!,+&U!
$#A"(U!
=E!.:8!AI<4E7!R4F!
5=5;F8958H8C45>Y!!(H>7E!H8>!R4F!>7F>76!456!
C=5H8E376!>:7!3=67?!R4F!E7
;7F>834>76!R8>:!4!
@==>F>E4G!=H!NUMMMY!!,:7!@==>F>E4G
!GE=D8676!
C=5H8675C7!85>7ED4?FU!R:8C:!67>7E38576!8H!4!
37684>8=5!G4>:R42!R4F!G=FF8@?7Y!!,:8F!4?F=!
GE=D8676!3=E7!85H=E34>8=5!>:45!>:7!F>4564E6!
G;D4?<7Y
!!!!!!!!!!!c\N!,4@?7!a
!SC=5>^6X
!!.E74>859!-89<E7F!456!,4@?7F
!-89<E7F!=H!74C:!>7F>76!3=67?!R7E7!CE74>76!
68FG?42859!4??!>7F>76!G4>:R42F!456!=5?2!
F8958H8C45>!E7F<?>F!S7F>834>7!456!F>4564E6!
7EE=EX!R7E7!GE=D8676Y!!,4@?7F!R7E7!CE74>76!>=!
68FG?42!4??!E7F<?>FU!F8958H8C45>!456!5=5
;F8958H8C45>!S7F>834>7FU!F>4564E6!7EE=EU!G
;D4?<7XY!!
-=E!>:7!37684>8=5!3=67?F!>:7!VOp!C=
5H8675C7!85>7ED4?F!4?F=!R7E7!GE=D8676Y!!-=E!74C:!3=67?U!
R8>:85!>:7!>4@?7F!456!H89<E7FU!@=>:!
<5F>4564E68`76!456!F>4564E68`76!E7F<?>F!R7E7!
GE=D8676Y!!,:7!F>4564E68`76!E7F<?>F!4??=R!H=E!
C=3G4E8F=5!=H!3=67?!7HH7C>F!4CE=FF!
85>7E4C>8=5FY
!-=C<F!
%E=<G!
$7CE<8>375>
!!$7C<EE859!E7CE<8>375>!7348?F!@79<5!V
;V;NOY!$7C<EE859!85!C?4FF!SJ)-A!Lc\X!E7CE<8>375>!
455=<5C7375>F!@79<5!V
;NM;NOY!)7H75F7!)4>7!/=??!
C=338>>77!H=E!NL_j_NO
Y!!)7H75F7!64>7!
R4F!F7>!H=E!NL_j_NO!HE=3!LdMM
!GY3Y!m!jdcM!GY3Y!85!$==3!V!SJ"XY
!$==3!H=E!>:7!
-=C<F!%E=<GF
!-=C<F!9E=<GF!FC:76<?76!H=E!NM_N_NO!SadMM
!GY3Y!m!\dMM!GY3YX!456!NM_L_NO!SjdMM
!GY3Y!;adMM!GY3YX!85!$==3!V!SJ"X
!#=67?F!#45
<FCE8G>!,R=!
!SJ2G=>:7F7F!N4U!N@U!NCU!L4U!L@U!
456!LCX
!.-(U!GE7
;>7F>U
!3=67?F!H=E!
G4E75>4?!H8545C84?!
F=C84?8`4>8=5U!G4E75>4?
!H8545C84?!
7]G7E
875C7FU!._!
)!Q5=R?7697U!4>>8><67FU!@7:4D8=EU!456!A_&!
Q5=R?7697U!4>>8><67FU!456!@7:4D8=E!R7E7!
E7D87R76Y!!#
=67?!H8>!R4F!C=5H8E376!456!
E79E7FF8=5!3=67?
F!R7E7!CE74>76
Y!$79E7FF8=5!#=67?F
!$79E7FF8=5!3=67?F!R8>:!
G4E75>4?!H8545C84?!
F=C84?8`4>8=5U!G4E75>4?!H8545C84?!7]G7E875C7FU!._!
)!Q5=R?7697U!4>>8><67FU!@7:4D8=EU!456!A_&!
Q5=R?7697U!4>>8><67FU!456!@7:4D8=E!
R7E7!
>7F>76
Y!!$7F<?>F!R7E7!454?2`76!456!46676!>=!
H89<E7F!456!>4@?7FY
!-=C<F!%E=<G!
$738567EF
!,:E77!7348?!E73856
7EF!R7E7!F7>!>=!74C:!
G4E>8C8G45>!4CE=FF!@=>:!H=C<F!9E=<G!F7FF8=5FY!
!,:7!E738567EF!R75>!=<>!=57!R77Q!GE8=E!>=!>:7!
F7FF8=5FU!6<E859!>:7!R77Q!=H!>:7!F7FF8=5FU!456!
=5!>:7!642!=H!74C:!F7FF8=5Y
!!!!!!c\L!,4@?7!a
!SC=5>^6X
!!,E45FCE8G>8=5
!"4C:!F7FF8=5!R4F!GE=H7FF8=54??2
!E7C=E676!H=E!
34]83<3!C4G><E7!456!C?4E8>2Y!
!,R=!4668>8=54?!
E7C=E67EF!R7E7!<F76!4F!85F<E45C7!>:4>!74C:!
F7FF8=5!R=<?6!@7!E7C=E676Y!
!(H>7E!74C:!F7FF8=5!
>:7!H8?7F!R7E7!6=R5?=4676!456!F75>!>=!4!
GE=H7FF8=54?!>E45FCE8G>8=58F>Y!
!.=6859!
!,:7!C=6859!GE=C7FF!H=??=R76!.E7FR7??!SLMMiXY!!
&5!4!>:=E=<9:!456!=E67E76!34557E!74C:!
>E45FCE8G>!R4F!E746!456!E7D87R76!3<?>8G?7!
>837FY!!
)<E859!>:8F!>837!67>48?76!5=>7F!R7E7!
>4Q75Y!!&58>84?!C=67F!R7E7!GE=D8676!456!
E7D87R76!>R8C7!@7H=E7!4!C=67@==Q!R4F!CE74>76!
456!<F76!>=!GE=D867!H854?!C=6859U!C4>79=E87FU!
456!F<@C4>79=E87FY!!-854??2U!4!>4@?7!=H!>:7!34P=E!
C4>79=E87FU!>:78E!F<@C4>79=E87FU!456!F8958H8C45>!
F>4>7375>F!R4F!CE74>76!>=!:7?G!R8>:!E7D87RU!
=E9458`4>8=5U!
456!
>:7!E7F<?>F!RE8>7
;<GY!!!!!!c\c!(//"')&l!/
!!,4@?7
!i!-=C<F!%E=<G!.=67@==Q
!"5=2!-2?<7;I0;54
!K14>?<7;I0
!:;414<;19!"1I18;9;0H
!"F>834>7!=H!.4G4@8?8>2!
!$7H7E75C7F!>=!4@8?8>2U!C=5H8675C7U!
F>E759>:F!456!R74Q57FF7F!E794E6859!
H8545C84?!Q5=R?7697U!4>>8><67FU!456!
@7:4D8=E!85!>:7!E74?3!=H
!CE768>_67@>!456!
F4D859F_85D7F>859
Y!NUL!"72=;0Q-280!K141C23240
!.4F:!DFY!.E768>
!$7H7E75C7F!>=!>:7!<F7FU!F>E4>7987FU!GE=F!
456!C=5FU!456!73=>8=5F!=H!C4F:!456!
CE768>Y
!N!/=F8>8D7!(FG7C>F!=H!.E768>
!$7H7E75C7F!>=
!>:7!G=F8>8D7!4FG7C>F
!=H!CE768>!456!
R:2!7F>4@?8F:859!CE768>!8F!
57C7FF4E2Y!
!N!AG756859!J4@8>F
!$7H7E75C7F!>=!
>:=<9:>F!456!H77?859F
!F<EE=<56859
!>:7!
7]7C<>8=5!=H!648?2U!
R77Q?2U!456!3=5>:?2!FG756859Y
!L!/1G;4C?
Q,4G2?0;4C
!K141C23240
!A4D859!$7H7E75C7F!>=!@7?87HF!
456!73=>8=5F!
F<EE=<56859!F4D859
!456!F4D859F!4CC=<5>
FU!456!>:7!83G=E>45C7!=H!F4D859
!@=>:!
C<EE75>?2!456!85!>:7!H<><E7Y
!NUL!&5D7F>859!
!$7H7E75C7F!>=!@7?87HF!456!73=>8=5F!
F<EE=<56859!85D7F>859!456!85D7F>859!
4CC=<5>FY
!N!A45B92=C2D!$00;0>=2?D!14=!E2F1G;57
!$7?4>8=5F:8GF!$7H7E75C7F!>=!>:7!
E7?4>8=5F:8G!@7>R775!
Q5=R?7697U!4>>8><67
FU!456!@7:4D8=EU!>:7!
68E7C>8=54?!85H?<75C7U!456!6=38545C7!=H!
74C:!C4>79=E2Y
!N!$74C>8=5F!>=!k<45>8>4>8D7!$7F<?>F!$7FG=5F7F!>=!F7?7C>!I<45>8>4>8D7!E7F<?>F
;>:7!85H?<75C7!=H!._)!456!A_&!4>>8><67FU!>:7!
E=?7!=H!H8545C84?!
4>>8><67FU!C:4597!85!F7?7C>!
4E74F!=H!._)!456!A_&!SQ5=R?7697U!
4>>8><67FU!456!@7:4D8=EXU!456!>:7!E=?7!=H!
7]G?8C8>!G4E75>4?!F=C84?8`4>8=5Y!
!N!&F2!,3I57014<2!14=!-2G295I324019
!&;3;4C!56
!:;414<;19!'=><10;54
!(97!%E4676!+74E5859
!$7H7E75C7F!>=!
>:7!85H?<75C7!=H!4
97!456!67D7?=G375>4?!F>497!=5!
H8545C84?!>74C:859!
456!?74E5859
Y!NUL!!c\j!,4@?7!i
!SC=5>^6X
!!&3G=E>45C7!=H!-8545C84?!
"6<C4>8=5!
!$7H7E75C7F!>=!>:7!83G=E>45C7!=H!9757E4?!
H8545C84?!76<C4>8=5!=HH7E76!>=!4??!F><675>FY
!NUL!:;414<;19!,469>24<2
!"]G?8C8>!,74C:859!456!
+74E5859
!$7H7E75C7F!>=!7]G?8C8>U!G<EG=F7H<?!
G4E75>4?!H8545C84?!F=C84?8`4>8=5
KGE=FU!
C=5FU!>:=<9:>FU!456!H77?859FY!
!L!&3G?8C8>!,74C:859!456!
+74E5859
!$7H7E75C7F!>=!83G?8C8>U!=@F7ED76!G4E75>4?!
H8545C84?!F=C84?8`4
>8=5
KGE=FU!
C=5FU!>:=<9:>FU!456!H77?859FY
!L!/4E75>4?!.4G4@8?8>2
!$7H7E75C7F!>=!>:7!7
HH7C>!=H!G4E75>4?!A"AU!
H8545C84?!F>4><FU!76<C4>8=5U!456!
<567EF>456859!=5!F=C84?8`4>8=5!GE4C>8C7FY
!L!A=C84?8`4>8=5!A=<EC7
!$7H7E75C7F!>=!>:7!9E74>7F>!F=<EC7!=H!
F=C84?8`4>8=5U!9E74>7F>!?7FF=5F!?74E576U!
456!7D4?<4>8=5!=H
!?7FF=5F!SG=F8>8D7U!
5794>8D7U!57<>E4?XY
!L!:;414<;19!'=><10;54
!.=<EF7!&5H?<75C7
!$7H7E75C7F!>=!>:7!85H?<75C7!=H!>:7!
G7EF=54?!H8545C7!C=<EF7Y
!NUL!.<?><E4?!&5H?<75C7!
!$7H7E75C7F!>=!C<?><E4?!
68HH7E75C7F_464G>4>8=5F!>=!G4E75>4?!
H8545C84?!F=C84?8`4>8=5Y
!L!A<997F>8=5F!H=E!-8545C84?!
"6<C4>8=5
!$7H7E75C7F!>=!F<997F>8=5F!
H=E!H<><E7!
H8545C84?!76<C4>8=5
!S7Y9YU!34564>=E2!
H8545C84?!76<C4>8=5U!7]>75676!H8545C84?!
76<C4>8=5!=HH7E859FU!456!85CE74F76!
7]G=F<E7
XY!NUL!)0F27
!A7?7C>8=5!084F!$7H7E75C7F!>=!>:7!85CE74F76!67F8E7U!
?=59859U!456!?7D7?!=H!H8545C84?!C4G4@8?8>2!
R8>:
!>:=F7!F77Q859!H8545C84?!76<C4>8=5!
=GG=E><58>87FY
!NUL!-8545C84?!"6<C4>8=5!T!
*58D7EF8>2!.=F>
!$7H7E75C7F!
>=!>:7
!G7EC78D76!85C=5F8F>75C2!
85!H8545C84?!76<C4>8=5!=HH7E859
FU!C=F>!=H!
76<C4>8=5U!67@>!SF><675>!?=45FXU!456!>:7!
<58D7EF8>2!38FF8=5Y
!N!!!!c\O!(//"')&l!k
!!,4@
?7!\
!/4E>8C8G45>!'<3@7EF!T!/F7<6=523F
!%170;<;I140!*>3827?
!%170;<;I140!%?2>=54H3?
!{N!.:E8F!{L!b4C=@
!{c!(F:?72
!{j!AC=>>!{O!.=<E>572
!{a!(?8C84
!{i!$4C:7?!{\![454
!{V![85C75>
!{NM!B?8D84!
!{NN!'=4:
!{NL!g4:4E4
!{Nc!"6R4E6
!{Nj!$42!!!!!!!c\a!(//"')&l!$
!!-=C<F!%E=<G![=C4@<?4E2!,7E3!A:77>
!P5<18>917H
!:;414<;19!"1I18;9;0H+!
F<3!=H!H8545C84?!Q5=R?7697U!4>>8><67FU!456!@7:4D8=E
Y!!:;414<;19!A45B92=C2+!
H4C>FU!>E<>:FU!=E!GE85C8G?7F
Y!¥ 'L+!Z
Z:8C:!=H!>:7!H=??=R859!C455=>!?794??2!4CC7FF!2=<E!CE768>!E7G=E>tr
!:;414<;19!$00;0>=2?+!
G7EC7G>8=5!=H!H8545C84?!F>456859
!456!>:7
!73=>8=5F!4FF=C84>7F!R8>:!
3=572!456!8>F!<F7F
Y!!¥ 'L+!
q/?74F7!8675>8H2!74C:!=H!>:7!H=??=R859!4F!y%==6!/E4C>8C7^!=E!y'=>!%==6!
/E4C>8C7^h"]C776859!CE768>!?838>Fr
!:;414<;19!E2F1G;57+!
>:7
!C4EE2859!=<>!=H
!H8545C84?!Q5=R?7697!456!4>>8><67F
Y!!¥ 'L+!
q&5!>:7!G4F>!NL!3=5>:F!:4D7!2=<h
!#4]76!=<>!>:7!?838>!=5!=57!=E!3=E7!
CE768>!C4E6r
!/1G;4C?Q,4G2?0;4C+!
F4D859F!4CC=<5>FU!@<697>859U!85D7F>859U!
85>7E7F>!S(/$X
Y!"72=;0Q-280+!
CE768>!C4E6FU!CE768>!:8F>=E2U!?=45FU!F><675>!?=45FU!@8??!G42859
Y!,3I9;<;0!%1724019!&21<F;4C+!
<585>75>8=54?U!83G?876U!>74C:859!@2!7]43G?7
Y!!'LI9;<;0!%1724019!&21<F;4C+!
G<EG=F7H<?U!85>75>8=54?U!68E7C>!>74C:859
Y!!!!!c\i!,4@?7!V
!J2G=>:7
F8`76!#=67?
Fd!#=67?!-8>!$7F<?>F
!!!K14>?<7;I0!)42!
!!M"*'@
)9:4",;'$+$
)!;+N$O%.('
)!D0)I50
)1M2HG
)1M2HG
)PQR)!S0S
)"-!A!14=!"-!E!
!@10240!"F14C2!
/<572
!N4!aa\YNia!MYVia!MYViO!MYMcL!MYML\!;!MYMca!"-!$!14=!"-!E!
@10240!"F14C2!
/<572!
!N@!Nc\NYM\c!MYVji!MYVjc!MYMjj!MYMjN!;!MYMji!/,!A!14=!/,!E!
@10240!"F14C2!
/<572!
!L4!aiiYj\O!MYViN!MYViN!MYMjL!MYMc\!;!MYMja!/,!$!14=!/,!E!
@10240!"F14C2!
/<572!
!L@!Naa\Yaij!MYVON!MYVjV!MYMjV!MYMji!;!MYMOL!"-!AD!$D!E!
K2=;10;54!
K5=29!NC!LNVMYOMM!MYVcj!MYVcN!MYMc\!MYMca!;!MYMjM!/,!AD!$D!E
!K2=;10;54!
K5=29!LC!LcLLYjOc!MYVjM!MYVc\!MYMja!MYMjc!;!MYMj\!!K14>?<7;I0!&B5
!!M"*'@
)9:4",;'$+$
)!;+N$O%.('
)!D0)I50
)1M2HG
)1M2HG
)PQR)!S0S
)%/D!%'D!"-!A!
(2C72??;54!
K5=29!N4!iNOYLOL!MYVia!MYVic!MYMjc!MYMcV;MYMji!%/D!%'D!"-!$!
(2C72??;54!
K5=29!N@!NMVOY\NL!MYVOV!MYVOO!MYMON!MYMji;MYMOj!%/D!%'D!"-!E!
(2C72??;54!
K5=29!NC!\L\YVjc!MYViL!MYViM!MYMjc!MYMjM;MYMji!%/D!%'D!/,!A!
(2C72??;54!
K5=29!L4!aiLYVcV!MYViO!MYViL!MYMji!MYMjc;MYMOL!%/D!%'D!/,!$!
(2C72??;54!
K5=29!L@!NNOLYcVV!MYVaL!MYVO\!MYMOL!MYMjV;MYMOa!!!!c\\!,4@?7!V
!SC=5>^6X
!!%/D!%'D!/,!E!
(2C72??;54
!!K5=29!LC!NMMOYOiN!MYVaj!MYVaL!MYMjV!MYMjO;MYMOL!!!!!c\V!,4@?7!NM
!"-(!456!.-(d!#=67?!-8>!$7F<?>F
!!':$+!K14>?<7;I0!)42
!M"*'@
)!;+N$O%.('
)!D0)I50
)1M2HG
)1M2HG
)PQR)!S0S
)"-!A!%72
R&2?0
!VcYaaM!MYV\L!MYVij!MYMLc!MYMNL!;!MYMcc!"-!A!
%5?0
R&2?0
!NMaYjVa!MYVVM!MYV\\!MYMLN!MYMNM!;!MYMcM!!"-!$!%72
R&2?0
!cijYaLM!MYVcL!MY\V\!MYMOa!MYMOM!;!MYMaL!"-!$!%5?0
R&2?0
!OMNYjjV!MYVOj!MYVcL!MYMa\!MYMaL!;!MYMij!!"-!E!%72
R&2?0
!NLMOYc\M!MYVja!MYVcO!MYMai!MYMac!;!MYMiM!"-!E!%5?0
R&2?0
!NccVYVci!MYVLi!MYVNL!MYMiN!MYMa\!;!MYMiO!!/,!A!%72
R&2?0
!NiVY\O\!MY\\i!MY\a\!MYMcj!MYMLi!m!MYMjN!/,!A!%5?0
R&2?0
!NcNY\Vj!MYViV!MYViO!MYMLc!MYMNj!m!MYMcL!!/,!$!%72
R&2?0
!OjOYcLO!MYVc\!MY\VL!MYNMO!MYMVi!m!MYNNc!/,!$!%5?0
R&2?0
!caiYjVc!MYVaV!MYVji!MYM\j!MYMia!m!MYMVL!!/,!E
!%72
R&2?0
!OMONY\Ma!MYaa\!MYajV!MYM\O!MYM\c!m!MYM\i!/,!E!%5?0
R&2?0
!acL\YLOa!MYacO!MYaNO!MYMVi!MYMVO!m!MYMVV!":$+!K14>?<7;I0!)42
!M"*'@
)!;+N$O%.('
)!D0)I50
)1M2HG
)1M2HG
)PQR)!S0S
)"-!A!%72
R&2?0
!VYjV\!MYVV\!MYVVa!MYMNO!MYMMM;MYMjj!"-!A!%5?0
R&2?0
!OYjMV!NYMMM!NYMMj!MYMMM!MYMMM;MYMcM!!"-!$!%72
R&2?0
!VMYNOa!MYViM!MYVOj!MYMO\!MYMja;MYMiN!"-!$!%5?0
R&2?0
!jLYcLi!MYVVi!MYVVO!MYMcN!MYMNa;MYMja!!"-!E!%72
R&2?0
!\iYcOO!MYVV\!MYVVi!MYMjc!MYMcL;MYMOj!"-!E!%5?0
R&2?0
!NiLYOjO!MYVVc!MYVVN!MYMaV!MYMOV;MYMiV!!/,!A!%72
R&2?0
!iYOcN!MYVVN!MYV\N!MYMLj!MYMMM!m!MYMOi!/,!A!%5?0
R&2?0
!OYjON!MYVVV!MYVVV!MYMNM!MYMMM!m!MYMOM!!/,!$!%72
R&2?0
!NLNYLNO!MYV\O!MYViV!MYMaO!MYMOj!m!MYMii!/,!$!%5?0
R&2?0
!NLiYVLV!MYV\i!MYV\L!MYMa\!MYMOa!m!MYM\M!!/,!E!%72
R&2?0
!NjcY\Vj!MYVi\!MYViV!MYMa\!MYMOi!m!MYMiV!/,!E!%5?0
R&2?0
!NV\YaiV!MYViO!MYVia!MYM\c!MYMiL!m!MYMVj!!cVM!,4@?7!NM
!SC=5>^6X
!!!':$+!K14>?<7;I0!&B5
!M"*'@
!!;+N$O%.('
!!D0!I50
!1M2HG
!1M2HG
)PQR)!S0S
!%/!%72R&2?0
!cMcMYcML!MY\cO!MYiV\!MYNcc!MYNLV!m!MYNci!%/!%5?0
R&2?0
!LiLOYM\L!MY\OO!MY\LN!MYNLa!MYNLN!m!MYNcM!!%'!%72
R&2?0
!MYcVO!NYMMM!NYMcM!MYMMM!MYMMM!m!MYMjN!%'!%5?0
R&2?0
!MYi\j!NYMMM!NYMNa!MYMMM!MYMMM!m!MYMON!!!.-(d!#45<FCE8G>!,R=
!%/!%72
R&2?0
!aLiYcaN!MYVac!MYVOV!MYM\N!MYMiO!m!MYM\i!%/!%5?0
R&2?0
!acMY\cj!MYVaL!MYVO\!MYM\N!MYMiO!m!MYM\i!!%'!%72
R&2?0
!MYcVO!NYMMM!NYMcM!MYMMM!MYMMM!m!MYMjN!%'!%5?0
R&2?0
!MYi\j!NYMMM!NYMNa!MYMMM!MYMMM!m!MYMON!!!!!cVN!,4@?7!NN
!-4C>=E
!,:737F
!!:1<057?
!&F232
?!"72=;0Q-280!A45B92=C2!:1<057!)42
!.E768>!456!8>F!<F7F
!!"72=;0Q-280!$00;0>=2?!:1<057!)42
!"F>834>7!456!<567EF>456859!=H!
5794>8D7!CE768>_67@>!GE4C>8C7F
!"72=;0Q-280!$00;0>=2?!:1<057!&B5
!"F>834>7!456!<567EF>456859!=H!G=F8>8D7!
CE768>_67@>!GE4C>8C7F
!"72=;0Q-280!$00;0>=2?!:1<057!&F722
!"F>834>7!456!<567EF>456859!=H!4D=8645>!
CE768>_67@>!E7FG=5F7F_E74C>8=5F
!!"72=;0Q-280!E2F1G;57
!:1<057!)42
!.E768>_67@>!:=?6859F!456!5794>8D7!GE4C>8C7F
!"72=;0Q-280!E2F1G;57!:1<057!&B5
!.E768>_67@>!G42375>!GE4C>8C7F!456!E7F74EC:!
=H!>7E3F!456!C=568>8=5F
!!/1G;4C?Q,4G2?0;4C!A45B92=C2!:1<057!)42
!A4D859F_85D7F>859!4CC=<5>F!456!E7><E5!=5!
4CC=<5>F
!!/1G;4C?Q,4G2?0;4C!$00;0>=2?!:1<057!)42
!"F>834>7!456!<567EF>456859!=H!85D7F>859!
456!@<697>859
!/1G;4C?Q,4G2?0;4C!$00;0>=2?!:1<057!&B5
!"F>834>7!456!<567EF>456859!=H!G=F8>8D7!
F4D859F_85D7F>859!GE4C>8C7F
!/1G;4C?Q,4G2?0;4C!$00;0>=2?!:1<057!&F722
!"F>834>7!456!
<567EF>456859!=H!5794>8D7!
F4D859F_85D7F>859!GE4C>8C7F
!!/1G;4C?Q,4G2?0;4C!E2F1G;57!:1<057!)42
!0<697>859!456!E7C=E6!Q77G859!
!!%1724019!:;414<;19!/5<;19;S10;54!:1<057!
)42
!&3G?8C8>!H8545C84?!>74C:859!
!%1724019!:;414<;19!/5<;19;S10;54!:1<057!
&B5!"]G?8C8>!H8545C84?!>74C:859!
!!%1724019!:;414<;19!'LI27;24<2!:1<057!)42!
!-8545C84?!F>E7FF!456!F>E485
!!!!!!!cVL!,4@?7!
NL!#74F<E7375>!&5D4E845C7!
!!!!"-!A
!(K/'$
!":,!"F;R?V!-;66
!=6!-;66
!IRG19>2
!":,!
-;66
!"546;C>719
!MYMLO
!MYVVL
!!!!!O21M
!MYMcL
!MYV\a
!!!!NaYcac!!!!!!!!!!!
SR7!DFY!C=X
!O!!!!!!!!!!!!!!!
SR7!DFY!C=X
!MYMMOV!!!!!!!!!!!!!
SR7!DFY!C=X
!MYMMa
!/0754C
!MYMci
!MYVi\
!cOY\Li!!!!!!!!!!!!!!!
SF>!DFY!R7X
!a!!!!!!!!!!!!!!!!!
SF>!DFY!R7X
!MYMMMN!!!!!!!!!!!
SF>!DFY!R7X
!MYMM\
!/,!A
!(K/'$
!":,!"F;R?V!-;66
!=6!-;66
!IRG19>2
!":,!
-;66
!"546;C>719
!MYMNi
!MYVVi
!!!!!O21M
!MYML\
!!!!!!MYVV
!\YOV!!!!!!!!!!!!!!!!!!
SR7!DFY!C=X
!c!!!!!!!!!!!!!!!
SR7!DFY!C=X
!MYMcOc!!!!!!!!!!!!!
SR7!DFY!C=X
!MYMMi
!%170;19
!MYMcL
!MYV\a
!NOYONN!!!!!!!!!!!!!!!
SG4!DFY!C=X
!O!!!!!!!!!!!!!!!!
SG4!DFY!C=X
!MYMM\j!!
!!!!!!!!!!!!SG4!DFY!C=X
!MYMMj
!/0754C
!MYM\V
!MY\\c
!NOVYVcL!!!!!!!!!!!!!!
SF>!DFY!R7X
!j!!!!!!!!!!!!!!!!!!
SF>!DFY!R7X
!M!!!!!!!!!!!!!!!!!!!!
SF>!DFY!R7X
!MYNMi
!"-!$
!(K/'$
!":,!"F;R?V!-;66
!=6!-;66
!IRG19>2
!":,!
-;66
!"546;C>719
!MYMaj
!MYVOL
!!!!!O21M
!MYMac
!MYVON
!LcYOjL!!!!!!!!!!!!!!
SR7!DFY!C=X
!a!!!!!!!!!!!!!!!!
SR7!DFY!C=X
!MYMMMa!!!!!!!!!!!!!
SR7!DFY!C=X
!MYMMN
!%170;19
!MYMac
!MYVji
!iVYjLi!!!!!!!!!!!!!!!
SG4!DFY!C=X
!Ni!!!!!!!!!!!!!!!
SG4!DFY!C=X
!M!!!!!!!!!!!!!!!!!!!
SG4!DFY!C=X
!MYMMO
!/0754C
!MYN
!MY\OV
!NMVVYcNV!!!!!!!!!!!
!SF>!DFY!R7X
!Ni!!!!!!!!!!!!!!!
SF>!DFY!R7X
!M!!!!!!!!!!!!!!!!!!!!
SF>!DFY!R7X
!MYMVL
!/,!$
!(K/'$
!":,!"F;R?V!-;66
!=6!-;66
!IRG19>2
!":,!
-;66
!"546;C>719
!MYM\O
!MYVja
!!!!!O21M
!MYM\L
!MYVji
!NiYNaV!!!!!!!!!!!!!!
SR7!DFY!C=X
!a!!!!!!!!!!!!!!!!!
SR7!DFY!C=X
!MYMM\i!!!!!!!!
!!!!!SR7!DFY!C=X
!;MYMMN
!%170;19
!MYM\c
!MYVcV
!NciYLaV!!!!!!!!!!!!!
SG4!DFY!C=X
!Nj!!!!!!!!!!!!!!!
SG4!DFY!C=X
!M!!!!!!!!!!!!!!!!!!!!
SG4!DFY!C=X
!MYMM\
!/0754C
!MYNLi
!MY\ON
!Nc\MYNMi!!!!!!!!!!!!
SF>!DFY!R7X
!LL!!!!!!!!!!!!!!!
SF>!DFY!R7X
!M!!!!!!!!!!!!!!!!!!!!
SF>
!DFY!R7X
!MYMVa
!"-!E
!(K/'$
!":,!"F;R?V>172!-;66
!=6!-;66
!IRG19>2
!":,!
-;66
!"546;C>719
!MYMji
!MYV\O
!!!!!O21M
!MYMjO
!MYV\O
!iYaiO!!!!!!!!!!!!!!!!!
SR7!DFY!C=X
!a!!!!!!!!!!!!!!!!
SR7!DFY!C=X
!MYLaLV!!!!!!!!!!!!!!
SR7!DFY!C=X
!M!/0754C
!MYMO
!MYVii
!NOLYVcL!!!!!!!!!!!!!!
SF>!DFY!R7X
!LL!!!!!!!!!!!!!!!!
SF>!DFY!R7X
!M!!!!!!!!!!!!!!!!!!!!
SF>!DFY!R7X
!MYMM\
!!cVc!,4@?7!NL
!SC=5>^6X
!!/,!E
!(K/'$
!":,!"F;R?V>172!-;66
!=6!-;66
!IRG19>2
!":,!
-;66
!"546;C>719
!MYMO\
!MYVi
!!!!!O21M
!MYMOi
!MYViN
!aYMii!
!!!!!!!!!!!!!!SR7!DFY!C=X
!c!!!!!!!!!!!!!!!!SR7
!DFY!C=X
!MYNMiV!!!!!!!!!!!!!
SR7!DFY!C=X
!;MYMMN
!%170;19
!MYMac
!MYVaL
!NMNYVMa!
!!!!!!!!!!!!!!SG4!DFY!C=X
!NM!!
!!!!!!!!!!!!SG4!DFY!C=X
!M!!
!!!!!!!!!!!!!!!!!SG4!DFY!C=X
!MYMMV
!/0754C
!MYMaO
!MYVO\
!N\cYVL!
!!!!!!!!!!!!!!SF>!DFY!R7X
!V!!!!!!!!!!!!!!!!!!SF>!DFY!R7X
!M!!!!!!!!!!!!!!!!!!!!SF>!DFY!R7X
!MYMNc
!!!!!!cVj!!,4@?7!
Nc!#HI50F2?;?!W<!i!g<
!_K14>?<7;I0!)42`
!#7684>8=5!
#=67?!-8>!
!!!"-!K2=;10;54!K5=29
!!!!"F;
R?V>172
!!!!!!!!!!!!!!!!=6!!!!(K/'$
!!!!!!!!!!!!!!":,!!!!!!!!!!!&@,!K5=29!W!_910240!61<057?`
!NViiYMLL!Vic!MYMcO!MYVjO!MYVjN!K5=29!X!_0;32!542!<75??!91C?`
!LNOaYjiV!Via!MYMc\!MYVcO!MYVcN!K5=29!g!_=;66!?<572!<75??!
91C?`
!NV\NYaMN!Via!MYMcO!MYVjO!MYVjL!K5=29!c!_0;32!542!14=!=;66!
?<572!<75??!91C?`
!LNVMYjVV!ViV!MYMc\!MYVcj!MYVc!$=a>?02=!K5=29!
!_454
R?;C!I10FB1H?!7235G2=`
!LNaLYcjN!V\V!MYMci!MYVca!MYVcc!/,!K2=;10;54!K5=29
!!"F;
R?V>172
!=6!(K/'$
!":,!&@,!K5=29!W!_910240!61<057?`
!LcNNY\ij!\LO!MYMja!MYVj!MYVci!K5=29!X!_0;32!542!<75??!91C?`
!LcaLYNaL!\cO!MYMja!MYVc\!MYVca!K5=29!g!_=;66!?<572!<75??!
91C?`
!LNjjYNjj!\La!MYMjc!MYVji!MYVjO!K5=29!c!_0;32!542!14=!=;66!
?<572!<75??!91C?`
!LcOjYO\c!\cc!MYMja!MYVcV!MYVca!$=a>?02=!K5=29!
!_454
R?;C!I10FB1H?!7235G2=`
!LcMLYjcL!\ci!MYMjO!MYVjN!MYVcV!!!!!!!cVO!,4@?7!
Nj!#HI50F2?;?!W1!
_K14>?<7;I0!)42`
!*5F>4564E68`76!T!A>4564E68`76!$7F<?>F
!!"72=;0Q-280!
A45B92=C2!i!"72=;0Q-280!E2F1G;57
!R!#HI50F2?;?!W1
!.4?014=17=;S2=!
'?0;3102D!/014=17=!'7757D!i!%
RP19>2!H??'/,
)H$,+&.,'
)2SHS
)FNT.@%')-"A:W!54!"E:W%
!MYMMc!MYMcO!MYVjO!"A:W%!B;0F!-"A:W
!;MYMcc!MYMLN!MYNNM!-"E:W!B;0F!"E:W%
!;MYNNa!MYMLN!MYMMM~~~!-"E:W!B;0F!
-"A:W
!MYMM\!MYMNV!MYa\i!-"E:W!B;0F!"A:W%
!MYMML!MYMLL!MYVL\!-"E:W!B;0F!"E:X%
!;MYMNL!MYMNi!MYjVj!"E:X%!B;0F!-"E:X
!;MYNL\!MYMLM!MYMMM~~
~!"E:X%!B;0F!"A:W%
!MYN\N!MYMLM!MYMMM~~
~!-"E:X!B;0F!
-"A:W
!MYMji!MYMNi!MYMMa~~!-"E:X!B;0F!"A:W%
!MYMMV!MYMNV!MYaLO!-"E:X
!B;0F!"E:W%
!;MYML\!MYMLi!MYLVi!-"E:X!B;0F!
-"E:W
!MYMcc!MYMLM!MYNMN!"E:W%!B;0F!"E:X%
!MYMMM!MYMLO!MYV\a!"E:W%!B;0F!"A:W%
!;MYMiN!MYMLV!MYMNO~!"72=;0Q-280!A
45B92=C2!i!"72=;0Q-280!E2F1G;57
!R!#HI50F2?;?!
W1!/014=17=;S2=
!'?0;3102D!/014=17=!'7757D!i!%
RP19>2!H??'/,
)H$,+&.,'
)2SHS
)FNT.@%')-"A:W!54!"E:W%
!MYMMO!MYMiO!MYVjL!"A:W%!B;0F!-"A:W
';MYNLN!MYMaa!MYMaO!-"E:W!B;0F!"E:W%
';MYL\N!MYML\!MYMMM~~
~!-"E:W!B;0F!
-"A:W
'MYMjM!MYMVV!MYa\O!-"E:W!B;0F!"A:W%
'MYMMi!MYMiO!MYVL\!-"E:W!B;0F!"E:X%
';MYMji!MYMaV!MYjVj!"E:X%!B;0F!-"E:X
';MYjLV!MYMc\!MYMMM~~
~!"E:X%!B;0F!"A:W%
'MYOLM!MYMjc!MYMMM~~
~!-"E:X!B;0F!
-"A:W
'MYLMN!MYMic!MYMMa~~!-"E:X!B;0F!"A:W%
'MYMLa!MYMOj!MYaLj!-"E:X!B;0F!"E:W%
!;MYMOa!MYMOj!MYLVa!-"E:X!B;0F!
-"E:W
!MYNcM!MYMiV!MYMVi!!!cVa!,4@?7!Nj
!SC=5>^6X
!!"E:W%!B;0F!"E:X%
!MYMMN!MYMOL!MYV\a!"E:W%!B;0F!"A:W%
!;MYNLN!MYMjV!MYMNj~!!!!!cVi!,4@?7!
NO!#HI50F2?;?!W8
!_K14>?<7;I0!)42`
!*5F>4564E68`76!T!A>4564E68`76!$7F<?>F
!!"72=;0Q-280!
$00;0>=2?
!i!"72=;0Q-280!E2F1G;57!
R!#HI50F2?;?!W8
!.4?014=17=;S2=!
'?0;3102D!/014=17=!'7757D!i!%
RP19>2!H??'/,
!H$,+&.,'
!2SHS
!FNT.@%'!-"E:W!54!"$:W%
!MYMM\!MYMaa!MYVMc!-"E:W!54!"$:X%
!;MYMOj!MYMai!MYjN\!-"E:W!54!"$:g%
!;MYMLi!MYMjL!MYOLc!-"E:X!54!"$:W%
!MYMOO!MYMOL!MYL\a!-"E:X!54!"$:X%
!;MYLON!MYMia!MYMMN~~!-"E:X!54!"$:g%
!MYMaj!MYMjj!MYNj\!-"$:W!54!"E:W%
!;MYMO\!MYMaN!MYcjO!-"$:W!54!"E:X%
!MYMca!MYNjM!MYiVO!-"$:X!54!"E:W%
!;MYNjc!MYML\!MYMMM~~
~!-"$:X!54!"E:X%
!MYMMN!MYMj\!MYVVL!-"$:g!54!"E:W%
!;MYNOc!MYMcV!MYMMM~~
~!-"$:g!54!"E:X%
!MYMLV!MYM\V!MYijc!"$:W%!B;0F!-"$:W
!;MYcMV!MYMaO!MYMMM~~
~!"$:X%!B;0F!-"$:X
!;MYMic!MYMNO!MYMMM~~
~!"$:X%!B;0F!"$:W%
!MYMjN!MYMLN!MYMOc!"$:g%!B;0F!-"$:g
!;MYLjc!MYMca!MYMMM~~
~!"$:g%!B;0F!"$:W%
!MYLNM!MYMjN!MYMMM~~
~!"$:g%!B;0F!"$:X%
!MYNiO!MYMLM!MYMMM~~
~!-"E:W!B;0F!"E:W%
!;MYNMV!MYMLi!MYMMM~~
~!-"E:W!B;0F!
-"$:W
!MYMNj!MYMc\!MYiNj!-"E:W!B;0F!
-"$:X
!MYMcM!MYMNj!MYMcM~!-"E:W!B;0F!
-"$:g
!MYMja!MYMLM!MYMLN~!"E:X%!B;0F!-"E:X
!;MYNjc!MYMLj!MYMMM~~
~!"E:X%!B;0F!"$:W%
!MYN\\!MYMjM!MYMMM~~
~!"E:X%!B;0F!"$:X%
!MYNNM!MYMLa!MYMMM~~
~!"E:X%!B;0F!"$:g%
!MYNNO!MYMLa!MYMMM~~
~!"E:X%!B;0F!"E:W%
!MYMMO!MYMLa!MY\jL!-"E:X!B;0F!
-"$:W
!MYMai!MYMc\!MYMi\!-"E:X!B;0F!
-"$:X
!MYMVc!MYMNO!MYMMM~~
~!!!!cV\!,4@?7!NO
!SC=5>^6X
!!-"E:X!B;0F!
-"$:g
!MYMOi!MYMLj!MYMMM~~
~!-"E:X!B;0F!
-"E:W
!MYMcM!MYMLN!MYNOj!"E:W%!B;0F!"$:W%
!;MYNLa!MYMOL!MYMNO~!"E:W%!B;0F!"$:X%
!MYNVM!MYMLc!MYMMM~~
~!"E:W%!B;0F!"$:g%
!MYL\j!MYMcj!MYMMM~~
~!-"$:X!B;0F!
-"$:W
!;MYMMi!MYMcM!MY\La!-"$:g!B;0F!
-"$:W
!MYNVc!MYMja!MYMMM~~~!-"$:g!B;0F!
-"$:X
!MYMca!MYMNi!MYMcM~!"72=;0Q-280!$
00;0>=2?!i!"72=;0Q-280!E2F1G;57
!R!#HI50F2?;?!W8
!/014=17=;S2=!
'?0;3102D!/014=17=!
'7757D!i!%
RP19>2!H??'/,
!H$,+&.,'
!2SHS
!FNT.@%'!-"E:W!54!"$:W%
!MYMNO!MYNLN!MYVMc!-"E:W!54!"$:X%
!;MYMOO!MYMa\!MYjNV!-"E:W!54!"$:g%
!;MYMj\!MYMiO!MYOLL!-"E:X!54!"$:W%
!MYM\N!MYMia!MYL\j!-"E:X!54!"$:X%
!;MYLMc!MYMaN!MYMMN~~!-"E:X!54!"$:g%
!MYMVM!MYMaL!MYNjV!-"$:W!54!"E:W%
!;MYMaV!MYMic!MYcjL!-"$:W!54!"E:X%
!MYMLa!MYNMN!MYiVO!-"$:X!54!"E:W%
!;MYLij!MYMjV!MYMMM~~
~!-"$:X!54!"E:X%
!MYMMN!MYMOa!MYVVL!-"$:g!54!"E:W%
!;MYNVL!MYMji!MYMMM~~
~!-"$:g!54!"E:X%
!MYMLL!MYMai!MYijL!"$:W%!B;0F!-"$:W
!;MYjcL!MYMaM!MYMMM~~
~!"$:X%!B;0F!-"$:X
!;MYcMa!MYMja!MYMMM~~
~!"$:X%!B;0F!"$:W%
!MYMVO!MYMjV!MYMOM!"$:g%!B;0F!-"$:g
!;MYcij!MYMcO!MYMMM~~
~!"$:g%!B;0F!"$:W%
!MYLiO!MYMOL!MYMMM~~
~!"$:g%!B;0F!"$:X%
!MYjNa!MYMcO!MYMMM~~
~!-"E:W!B;0F!"E:W%
!;MYLca!MYMjj!MYMMM~~
~!-"E:W!B;0F!
-"$:W
!MYMca!MYMVi!MYiNc!-"E:W!B;0F!
-"$:X
!MYNL\!MYMaN!MYMca~!!!!cVV!,4@?7!NO
!SC=5>^6X
!!-"E:W!B;0F!
-"$:g
!MYNLi!MYMOi!MYMLa~!"E:X%!B;0F!-"E:X
!;MYjNN!MYMji!MYMMM~~
~!"E:X%!B;0F!"$:W%
!MYcaL!MYMiO!MYMMM~~
~!"E:X%!B;0F!"$:X%
!MYc\j!MYMji!MYMMM~~~!"E:X%!B;0F!"$:g%
!MYLcM!MYMON!MYMMM~~
~!"E:X%!B;0F!"E:W%
!MYMMV!MYMjO!MY\jL!-"E:X!B;0F!
-"$:W
!MYNjN!MYMiV!MYMic!-"E:X!B;0F!
-"$:X
!MYcLj!MYMj\!MYMMM~~~!-"E:X!B;0F!
-"$:g
!MYNLi!MYMOc!MYMNi~!-"E:X!B;0F!
-"E:W
!MYNMO!MYMic!MYNOL!"E:W%!B;0F!"$:W%
!;MYNja!MYMaM!MYMNO~!"E:W%!B;0F!"$:X%
!MYjML!MYMjj!MYMMM~~~!"E:W%!B;0F!"$:g%
!MYcjL!MYMjN!MYMMM~~
~!-"$:X!B;0F!
-"$:W
!;MYMNi!MYMia!MY\La!-"$:g!B;0F!
-"$:W
!MYcNi!MYMiN!MYMMM~~
~!-"$:g!B;0F!
-"$:X
!MYMVV!MYMja!MYMcM!!!!!jMM!,4@?7!
Na!#HI50F2?;?!
X1!_K14>?<7;I0!)42`
!*5F>4564E68`76!T!A>4564E68`76!$7F<?>F
!!/1G;4C?Q,4G2?0;4C
!A45B92=C2
!i!/1G;4C?Q,4G2?0;4C!E2F1G;57
!]!#HI50F2?;?!
X1!.4?014=17=;S2=
!'?0;3102D!/014=17=!'7757D!i!%
RP19>2!H??'/,
!H$,+&.,'
!2SHS
!FNT.@%'!-/E:W!54!/A:W%
!;MYMOa!MYMaN!MYcOV!-/A:W!54!/E:W%
!;MYMOa!MYMjV!MYLOj!/A:W%!B;0F!-/A:W
!;MYMLi!MYML\!MYccc!/E:W%!B;0F!-/E:W
!;MYNcV!MYMNO!MYMMM~~
~!/E:W%!B;0F!/A:W%
!MYMVN!MYMLL!MYMMM~~
~!-/E:W!B;0F!-/A:W
!MYMaM!MYMLM!MYMML~~!/1G;4C?Q,4G2?0;4C
!A45B92=C2
!i!/1G;4C?Q,4G2?0;4C!E2F1G;57
!]!#HI50F2?;?!
X1!/014=17=;S2=!
'?0;3102D!/014=17=!'7757D!i!%
RP19>2!!H??'/,
!H$,+&.,'
!2SHS
!FNT.@%'!-/E:W!54!/A:W%
!;MYMOa!MYMaN!MYcOa!-/A:W!54!/E:W%
!;MYM\L!MYMiN!MYLjV!/A:W%!B;0F!-/A:W
!;MYNMc!MYMVa!MYL\O!/E:W%!B;0F!-/E:W
!;MYcOV!MYMLa!MYMMM~~~!/E:W%!B;0F!/A:W%
!MYLcO!MYMOL!MYMMM~~
~!-/E:W!B;0F!-/A:W
!MYLcM!MYMiO!MYMML~~!!!!!jMN!,4@?7!
Ni!#HI50F2?;?!
X8!_K14>?<7;I0!)42`
!*5F>4564E68`76!T!A>4564E68`76!$7F<?>F
!!/1G;4C?Q,4G2?0;4C
!$00;0>=2
!i!/1G;4C?Q,4G2?0;4C!E2F1G;57
!R!#HI50F2?;?!
X8!.4?014=17=;S2=!
'?0;3102D!/014=17=!'7757D!i!%
RP19>2!H??'/,
!H$,+&.,'
!2SHS
!FNT.@%'!-/E:W!54!/$:W%
!;MYNcL!MYMcV!MYMMN~~!-/E:W!54!/$:X%
!;MYMMa!MYMLi!MY\cO!-/E:W!54!/$:g%
!MYMNa!MYMLi!MYOOj!-/$:W!54!/E:W%
!MYacc!MYLOO!MYMNc~!-/$:X!54!/E:W%
!;MYNNL!MYMOM!MYMLa~!-/$:g!54!/E:W%
!;MYNca!MYMOM!MYMMi~~
!/$:W%!B;0F!-/$:W
!;MYN\O!MYMjN!MYMMM~~
~!/$:X%!B;0F!-/$:X
!;MYNVL!MYMLO!MYMMM~~
~!/$:X%!B;0F!/$:W%
!MYNNN!MYMLL!MYMMM~~
~!/$:g%!B;0F!-/$:g
!;MYLaN!MYMLO!MYMMM~~
~!/$:g%!B;0F!/$:W%
!MYMca!MYMLM!MYMiV!/$:g%!B;0F!/$:X%
!MYcNN!MYMLL!MYMMM~~~!/E:W%!B;0F!-/E:W
!;MYNNa!MYMNO!MYMMM~~
~!/E:W%!B;0F!/$:W%
!MYLMO!MYMLN!MYMMM~~
~!/E:W%!B;0F!
/$:X%!MYNVO!MYMLj!MYMMM~~
~!/E:W%!B;0F!/$:g%
!MYNOa!MYMLL!MYMMM~~
~!-/E:W!B;0F!-/$:W
!;MYOVc!MYLLM!MYMMi~~!-/E:W!B;0F!-/$:X
!MYMjL!MYMNV!MYML\~!-/E:W!B;0F!-/$:g
!MYMcL!MYMN\!MYM\L!-/$:W!B;0F!-/$:W
!;MYMLM!MYMaa!MYiaN!-/$:g!B;0F!-/$:W
!;MYMNi!MYMaN!MYi\a!-/$:g!B;0F!-/$:X
!MYMiN!MYMNV!MYMMM~~
~!/1G;4C?Q,4G2?0;4C
!$00;0>=2?
!i!/1G;4C?Q,4G2?0;4C!E2F1G;57
!R!#HI50F2?;?!
X8!/014=17=;S2=!
'?0;3102D!/014=17=!'7757D!i!%
RP19>2!H??'/,
!H$,+&.,'
!2SHS
!FNT.@%'!-/E:W!54!/$:W%
!;MYNOj!MYMjj!MYMMN~~!-/E:W!54!/$:X%
!;MYMM\!MYMc\!MY\cO!-/E:W!54!/$:g%
!MYMLL!MYMc\!MYOOc!-/$:W!54!/E:W%
!MYcLc!MYMjc!MYMMM~~
~!-/$:X!54!/E:W%
!;MYNM\!MYMji!MYMLc~!-/$:g!54!/E:W%
!;MYNLa!MYMji!MYMMi~!/$:W%!B;0F!-/$:W
!;MYLLj!MYMiL!MYMML~~!/$:X%!B;0F!-/$:X
!;MYcjM!MYMcN!MYMMM~~
~!/$:X%!B;0F!/$:W%
!MYLMO!MYMcV!MYMMM~~
~!/$:g%!B;0F!-/$:g
!;MYjOj!MYMLj!MYMMM~~~!/$:g%!B;0F!/$:W%
!MYMa\!MYMc\!MYMia!!jML!,4@?7!Ni
!SC=5>^6X
!!/$:g%!B;0F!/$:X%
!MYji\!MYML\!MYMMM~~
~!/E:W%!B;0F!-/E:W
!;MYcM\!MYMLV!MYMMM~~
~!/E:W%!B;0F!/$:W%
!MYjOV!MYMci!MYMMM~~
~!/E:W%!B;0F!/$:X%
!MYcOi!MYMjM!MYMMM~~
~!/E:W%!B;0F!/$:g%
!MYLVN!MYMcV!MYMMM~~
~!-/E:W!B;0F!-/$:W
!;MY\j\!MYMa\!MYMMM~~~!-/E:W!B;0F!-/$:X
!MYNMV!MYMjV!MYMLa!-/E:W!B;0F!-/$:g
!MYMi\!MYMjO!MYM\O!-/$:W!B;0F!-/$:W
!;MYMLc!MYMiL!MYijO!-/$:g!B;0F!-/$:W
!;MYMNV!MYMaO!MYiij!-/$:g!B;0F!
-/$:X
!MYNjc!MYMci!MYMMM~~
~!!!!!!!!!!!!!!!!!!!!!!!!jMc!,4@?7!N
\!#HI50F2?;?!W<
!_K14>?<7;I0!)42`
!*5F>4564E68`76!)8E7C>!456!&568E7C>!
"HH7C>F!
T!A>4564E68`76!)8E7C>!456!&568E7C>
!"HH7C>F
!!!"72=;0Q-280
!A45B92=C2D!$00;0
>=2?D!14=!E2F1G;57
!K2=;10;54!
R!#HI50F2?;?!W
<!/014=17=;S2=!i!
.4?014=17=;S2=!-;72<0!'662<0?
!'?0;3102D!/014=17=!'7757D!i!%
RP19>2!H??'/,
')2,.#*S)H$,S
)H$,S
)2SHS
)FNT.@%')-"A:W!54!
"E:W%!;MYM\j!;MYMca!MYMc\!MYcja!-"E:W!54!
-"$:W
!;MYMNV!;MYMNN!MYNMO!MYVN\!-"E:W!54!
-"$:X
!;MYMMV!;MYMM\!MYM\N!MYVLj!-"E:W!54!
-"$:g
!MYMOa!MYMcc!!MYMac!!MYaMc!-"E:X!54!
-"$:W
!MYMca!MYMLc!!MYNMO!MY\L\!-"E:X!54!
-"$:X
!MYjNM!MYcij!!MYMiV!MYMMM~~~!-"E:X!54!
-"$:g
!;MYMaV!;MYMjO!MYNMM!MYaOL!-"E:X!54!
-"A:W
!MYLMV!MYLaV!MYOLM!MYaMO!-"E:X!54!
"$:W%!MYMOc!MYMcN!MYMja!MYOMO!-"$:W!54!
-"A:W
!MYcOM!MYiNL!MYVOj!MYjOa!-"$:W!54!
"E:W%!!!!!!!;MYMiO!!!!!!!;MYMaO!MYM\j!MYjjL!-"$:W!54!
"E:X%!!!!!!!!MYNii!!!!!!!!!MYLVN!!MYN\M!MYNMa!-"$:X!54!
-"A:W
!MYLNM!!MYLVi!!MYcOL!MYcV\!-"$:X!54!
"E:W%!!!!!!!!MYNci!!!!!!!!!MYM\L!!MYMja!MYMij!-"$:X!54!
!"E:X%!!!!!!!!MYLaV!!!!!!!!!MYcMV!!MYNcL!MYMNV~!-"$:g!54!
-"A:W!
!!!!!!!!MYjNM!!!!!!!!!MY\MO!!!!!!!!NYcii!MYOOV!-"$:g!54!
!"E:W%!!!!!!!!MYNac!!!!!!!!!MYNca!!MYNLc!MYLa\!!jMj!,4@?7!N\
!SC=5>^6X
!!-"$:g!54!
"E:X%!!!!!!!!MYLVO!!!!!!!!!MYjiN!MYNVN!MYMNj~!"E:W%!54!
"$:W%!;MYNNL!;MYNN\!MYNMj!MYLO\!"E:W%!54!
"A:W%
!;MYLMM!;MYLVV!MYNaL!MYMaa!"E:W%!54!
"$:X%!MYcVN!MYiL\!MYNN\!MYMMM~~~!"E:W%!54!
"$:g%!MYc\c!MYjcV!!MYMiO!MYMMM~~~!"E:X%!54!
"$:W%!MYNjj!MYMiV!!MYMj\!MYMVa!"E:X%!54!
"A:W%
!MYc\\!MYcMc!MYMaa!MYMMM~~~!"E:X%!54!"$:X%!MYcVi!MYc\i!!MYMai!MYMMM~~~!"E:X%!54!
"$:g%!MYNMc!MYMaL!!MYMcV!MYNMa!"$:W%!54!
"A:W%
!MYOVa!MY\jO!!MYMVO!MYMMM~~~!"$:X%!54!
"A:W%!!
!MYNjL!MYNNj!MYMaj!MYMiO!"$:g%!54!
"A:W%
!MYLa\!MYcjV!!MYMVO!MYMMM~~~!"A:W%!
B;0F!
-"A:W
!!!!!!!;MYNaL!!!!!!!;MYMjN!MYMLV!MYNj\!-"E:W!
B;0F!
"E:W%!;MYcNO!;MYNNa!MYMjM!MYMMj~~!"E:X%!B;0F!
-"E:X
!;MYOcV!;MYMVM!MYMcL!MYMMj~~!"E:W%!B;0F!
"E:X%!;MYLjV!;MYMiM!MYML\!MYMNc~!"$:W%!B;0F!
-"$:W
!!!!!!!;MYaLM!!!!!!!!;MYcjO!MYMiO!!!!!!!!!!!!!!!MYMMM~~~!"$:X%!B;0F!
-"$:X
!;MYaN\!;MYN\j!MYMjN!MYMMM~~~!!jMO!!!!!!,4@?
7!N\!SC=5>^6X
!!"$:g%!B;0F!
-"$:g
!;MYajM!;MYciM!MYMaj!MYMMM~~~!-"E:X!
B;0F!
-"E:W
!MYLML!MYMjj!!MYMLN!MYMci~!!"72=;0Q-280
!A45B92=C2D!$00;0>=2?D!14=!E2F1G;57
!K2=;10;54!
R!#HI50F2?;?!W<
!.4?014=17=;S2=!
,4=;72<0!'662<0?!
!'?0;3102D!/014=17=!'7757D!i!
%RP19>2!H??'/,
!H$,+&.,'
!2SHS
!FNT.@%'!PUR)!"#?+*'#/')0#,'(7.@
)'662<0?!6753!"A:W%!05!"E:W%
!"E:W%!"$:W%!"A:W%
!;MYNMM!MYMVL!MYLii!;MYLONKMYMON!"E:W%!"$:X%!"A:W%
!MYM\c!MYMON!MYNMO!;MYMMNKMYNai!"E:W%!"$:g%!"A:W%
!MYNOc!MYMOi!MYMMi~~!MYMOVKMYLji!'662<0?!6753
!"A:W%!05!"E:X%
!"E:X%!"$:W%!"A:W%
!MYMai!MYMjc!MYNN\!;MYMMjKMYNc\!"E:X%!"$:X%!"A:W%
!MYMjj!MYMLc!MYMOc!MYMMiKMYM\L!"E:X%!"$:g%!"A:W%
!MYMLL!MYMNj!MYNNa!;MYMMNKMYMjj!'662<0?!6753!-"A:W!05!-"E:W
!-"E:W
!-"$:W
!-"A:W
!;MYMM\!MYNaN!MYVaL!;MYLicKMYLO\!-"E:W
!-"$:X
!-"A:W
!;MYMML!MYMjN!MYVOa!;MYMiMKMYMaO!-"E:W
!-"$:g
!-"A:W
!MYMLi!MYNai!MY\ic!;MYLjiKMYcMM!'662<0?!6753!-"A:W!05!-"E:X
!-"E:X
!-"$:W
!-"A:W
!MYMNa!MYLOa!MYVjV!;MYjMjKMYjci!!!jMa!,4@?7!N\
!SC=5>^6X
!!-"E:X
!-"$:X
!-"A:W
!MYNNN!MYNaj!MYjVi!;MYNO\KMYc\M!-"E:X
!-"$:g
!-"A:W
!;MYMca!MYLc\!MY\iV!;MYjL\KMYcOO!"72=;0Q-280!A45
B92=C2D!$00;0>=2?D!14=!E2F1G;57
!K2=;10;54!
R!#HI50F2?;?!W<
!/014=17=;S2=!
,4=;72<0!'662<0?
!'?0;3102D!/014=17=!'7757D!i!%
RP19>2!H??'/,
)!H$,+&.,'
!2SHS
!FNT.@%'!PUR)!"#?+*'#/')0#,'(7.@
)'662<0?!6753!"A:W%!05
!"E:W%!"E:W%!"$:W%!"A:W%
!;MYMai!MYMaN!MYLic!;MYNaiKMYMcc!"E:W%!"$:X%!"A:W%
!MYMOa!MYMcj!MYNMN!MYMMMKMYNNN!"E:W%!"$:g%!"A:W%
!MYNMc!MYMci!MYMMa~~!MYMjNKMYNaj!'662<0?!6753!"A:W%!05!"E:X%
!"E:X%!"$:W%!"A:W%
!MYM\a!MYMOa!MYNLa!;MYMMaKMYNi\!"E:X%!"$:X%!"A:W%
!MYMOa!MYMLi!MYMcO~!MYMNLKMYNMM!"E:X%!"$:g%!"A:W%
!MYML\!MYMNi!MYNM\!;MYMMNKMYMOa!'662<0?!6753!-"A:W!05!-"E:W
!-"E:W
!-"$:W
!-"A:W
!;MYMMi!MYM\j!MYVci!;MYNjOKMYNcL!!-"E:W
!-"$:X
!-"A:W
!;MYMML!MYMLj!MYVcO!;MYMjLKMYMc\!-"E:W
!-"$:g
!-"A:W
!MYMLc!MYMaj!MYiLM!;MYM\LKMYNL\!!jMi!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!,4@?7
!N\!SC=5>^6X
!!'662<0?!6753!
-"A:W!05!-"E:X
!-"E:X
!-"$:W
!-"A:W
!MYMNc!!MYM\\!MY\\a!;MYNcLKMYNOi!-"E:X
!-"$:X
!-"A:W
!MYM\a!MYMON!MYMVN!MYMMLKMYNiM!!!jM\!,4@?7!
NV!#HI50F2?;?!
X<!_K14>?<7;I0!)42`
!*5F>4564E68`76!)8E7C>!456!&568E7C>!
"HH7C>F!
T!A>4564E68`76!)8E7C>!456!&568E7C>
!"HH7C>F
!!!!/1G;4C?Q,4G2?0;4C
!A45B92=C2D!$00;0>=2?D!14=!E2
F1G;57
!K2=;10;54!
R!#HI50F2?;?!
X<!.4?
014=17=;S2=!
,4=;72<0!'662<0?
!'?0;3102D!/014=17=!'7757D!i!%
RP19>2!H??'/,
!H$,+&.,'
!2SHS
!FNT.@%'!PUR)!"#?+*'#/')0#,'(7.@
)'662<0?!6753!
/A:W%!05!/E:W%
!/E:W%!/$:W%!/A:W%
!MYNNM!MYMOi!MYMOj!MYMNaKMYLMj!!!!/1G;4C?Q,4G2?0;4C
!A45B92=C2D!$00;0
>=2?D!14=!E2F1G;57
!K2=;10;54]!#HI50F2?;?!X
<!/014=17=;S2=!i!
.4?014=17=;S2=!-;72<0!'662<0?
!'?0;3102D!/014=17=!'7757D!i!%
RP19>2!H??'/,
)2,.#*S)H$,S
)H$,S
)2SHS
)FNT.@%')/E:W%!54!/$:W%
!MYjLj!MYOL\!MYMac!MYMMM~~~
!/E:W%!54!
/A:W%
!;MYNaj!;MYLac!!MYLNc!MYLN\!/E:W%!54!/$:X%
!MYcLL!MYLac!!MYMa\!MYMMM~~~!/E:W%!54!
/$:g%!MYLNN!MYNiO!!MYMia!MYMLN~!/$:W%!54!/A:W%
!MYNaL!MYLMV!!MYNMM!MYMc\~!/$:X%!54!
/A:W%
!MYO\a!NYNOL!!MYNVM!MYMMM~~~!/$:g%!54!/A:W%
!MYaVN!NYccc!!MYN\a!MYMMM~~~!-/E:W!54!-/$:W
!MYLVV!MYcLL!!MYNcL!MYMNj~!-/E:W!54!-/$:X
!MYN\c!MYNOM!!MYNjV!MYcNj!-/E:W!54!
-/$:g
!MYM\M!MYMaL!!MYMVM!MYj\V!-/$:W!54!-/A:W
!!!!!!!!!!MYiji!!!!!!!!!!!!LYMjV!NY\ai!MYLic!-/$:X!54!-/A:W
!!!!!!!!!!MYLaO!!!!!!!!!!!!MYVOa!MYV\\!MYccc!-/$:g!54!-/A:W
!MYM\V!MYcci!!MYjMa!MYjMa!/A:W%!B;0F!-/A:W
!!!!!!!!!!MYcia!!!!!!!!!!!!MYMcM!!MYMN\!MYM\V!/$:W%!B;0F!-/$:W!
!;MYijN!;MYNc\!MYMLj!MYMMM~~~!/$:X%!B;0F!-/$:X
!!!!!!!!!;MYOjV!!!!!!!!!!!;MYLjj!!!!!!!!!!!!!!MYMjN!!MYMMM~~~!/$:g%!B;0F!-/$:g
!!!!!!!!!;MYiMa!!!!!!!!!!!;MYLVi!MYMjM!MYMMM~~~!/E:W%!B;0F!-/E:W
!;MYc\\!;MYNNj!MYMLM!MYMMM~~~!-/E:W!B;0F!-/A:W!
!;MYLML!;MYMLN!MYMLV!MYjic!-/E:W!B;0F!
-/$:W
!MYLMO!MYMc\!!MYMiM!MYO\N!-/E:W!B;0F!
-/$:X
!;MYMjO!;MYMNa!MYMOc!MYiaM!-/E:W!B;0F
!-/$:g
!;MYMNM!;MYMMj!MYMcj!MYVMa!!jMV!,4@?7!NV
!SC=5>^6X
!!/E:W%!/$:X%!/A:W%
!MYcMc!MYNMc!MYMMc~~!MYNcjKMYjiL!/E:W%!/$:g%!/A:W%
!MYLcj!!MYNNc!MYMc\~!MYMj\KMYjLM!'662<0?!6753!
-/A:W!05!-/E:W
!-/E:W
!-/$:W
!-/A:W
!MYaaM!MYaOj!MYcNc!;MYjNOKNYicO!-/E:W
!-/$:X
!-/A:W
!MYNjc!!!MYccj!!MYaa\!;MYjMaKMYaVL!-/E:W
!-/$:g
!-/A:W
!MYMLN!MYMOM!MYaii!;MYMaLKMYNMj!/1G;4C?Q,4G2?0;4C!A45B92=C2D!$00;0>=2?D!14=!E2
F1G;57
!K2=;10;54!
R!#HI50F2?;?!
X<!/014=17=;S2=!
,4=;72<0!'662<0?
!'?0;3102D!/014=17=!'7757D!i!%
RP19>2!H??'/,
!H$,+&.,'
!2SHS
!FNT.@%'!PUR)!"#?+*'#/')0#,'(7.@
)'662<0?!6753!
/A:W%!05!/E:W%
!/E:W%!/$:W%!/A:W%
!MYMaV!!MYMcN!MYML\~!MYMNiKMYNLM!/E:W%!/$:X%!/A:W%
!MYN\V!!MYMOO!!MYMMN~~!MYMViKMYL\M!/E:W%!/$:g%!/A:W%
!MYNja!!!MYMai!MYMLV~!MYMcaKMYLOa!'662<0?!6753!
-/A:W!05!-/E:W
!-/E:W
!-/$:W
!-/A:W
!MYLLc!!MYMVa!MYMLM~!MYMaaKMYc\N!-/E:W
!-/$:X
!-/A:W
!MYMj\!MYMja!!MYL\\!;MYMLiKMYNLc!-/E:W
!-/$:g
!-/A:W
!MYMMi!!MYMNi!MYaiM!;MYMLMKMYMcj!!!!!jNM!,4@?7!LM
!#HI50F2?;?
!W1D!W8D!W<D!X1D!X8D!14=!X<!_K14>?<7;I0!&B5`
!*5F>4564E68`76!$7F<?>F
!!%1724019!:;414<;19
!/5<;19;S10;54!
14=!
'LI27;24<2!
i!"72=;0Q-280!A45B92=C2
!H??'/,
)H$,+&.,'
)2SHS
)4N7.@%'
).e-N/!=5!-"-N/
!;MYM\V!MYMii!MYLjV!.e-N/!=5!-A-N/
!MYMOj!MYMOc!MYcM\!.e-N/!=5!-A-L/
!MYNOO!MYMa\!MYMLc~!%1724019!:;414<;19
!/5<;19;S10;54!14=!
'LI27;24<2!i!"72=;0Q-280!
$00;0>=2?
!H??'/,
!H$,+&.,'
!2SHS
!4N7.@%'
!.(-N/!=5!-"-N/
!;MYLij!MYNOV!MYM\O!.(-N/!=5!-A-N/
!MYMji!MYNM\!MYaac!.(-N/!=5!-A-L/
!MYNjM!MYNcV!MYcNN!.(-L/!=5!-"-N/
!;MYMLO!MYMaO!MYaVO!.(-L/!=5!-A-N/
!MYMMc!MYMj\!MYVji!.(-L/!=5!-A-L/
!MYcO\!MYMOa!MYMMM~~~
!.(-c/!=5!-"-N/
!;MYNOa!MYNMM!MYNLM!.(-c/!=5!-A-N/
!;MYM\\!MYMaj!MYNa\!.(-c/!=5!-A-L/
!MYLL\!MYM\N!MYMMO~~
!%1724019!
:;414<;19!
/5<;19;S10;54!
14=!
'LI27;24<2!i!"72=;0Q-280!
E2F1G;57
!H??'/,
!H$,+&.,'
!2SHS
!4N7.@%'
!.0-N/!=5!-"-N/
!MYOLM!MYNcV!MYMMM~~~
!.0-N/!=5!-A-N/
!MYMca!MYMiM!MYaMO!.0-N/!=5!-A-L/
!MYLji!MYM\a!MYMMj~~
!.0-L/!=5!-"-N/
!;MYMVL!MYMia!MYLLi!.0-L/!=5!-A-N/
!MYNNM!MYMjO!MYMNO~!.0-L/!=5!-A-L/
!MYLNO!MYMOV!MYMMM~~~
!%1724019!:;414<;19!
/5<;19;S10;54
!14=!'LI27;24<2
!i!/1G;4CQ,4G2?0;4C
!A45B92=C2
!H??'/,
!H$,+&.,'
!2SHS
!4N7.@%'
!Ae-N/!=5!-"-N/
!;MYLcN!MYM\i!MYMM\~~
!Ae-N/!=5!-A-N/
!MYM\M!MYMj\!MYNMM!Ae-N/!=5!-A-L/
!MYMNN!MYMaN!MY\aN!%1724019!:;414<;19!
/5<;19;S10;54
!14=!
'LI27;24<2
!i!/1G;4CQ,4G2?0;4C
!$00;0>=2?
!H??'/,
!H$,+&.,'
!2SHS
!4N7.@%'
!A(-N/!=5!-"-N/
!;MYMNO!MYM\M!MY\ji!A(-N/!=5
!-A-N/
!MYNV\!MYMOi!MYMMM~~~
!A(-N/!=5
!-A-L/
!MYLMN!MYMij!MYMMa~~
!A(-L
/!=5!-"-N/
!;MYMii!MYM\a!MYcaV!A(-L
/!=5!-A-N/
!MYM\O!MYMOi!MYNcO!A(-L
/!=5!-A-L/
!MYcMc!MYMiN!MYMMM~~~
!A(-c/!=5!-"-N/
!;MYNaM!MYM\O!MYMOV!A(-c/!=5!-A-N/
!;MYMMO!MYMOL!MYVcM!A(-c/!=5!-A-L/
!MYLai!MYMaV!MYMMM~~~
!!jNN!,4@?7!LM
!SC=5>^6X
!!%1724019
!:;414<;19!
/5<;19;S10;54!14=!
'LI27;24<2!i!
/1G;4CQ,4G2?0;4C
!E2F1G;57
!H??'/,
!H$,+&.,'
!2SHS
!4N7.@%'
!A0-N/!=5!-"-N/
!;MYMVc!MYMaO!MYNOj!A0-N/!=5!-A-N/
!MYNMV!MYMjN!MYMM\~~
!A0-N/!=5!-A-L/
!MYcOa!MYMOO!MYMMM~~~
!!!!!!jNL!,4@?7!LN
!#HI50F2?;?!W1D!W8D!W<D!X1D!X8D!14=!X<!
_K14>?<7;I0!&B5`
!A>4564E68`76!$7F<?>F
!!%1724019!:;414<;19
!/5<;19;S10;54
!14=!'LI27;24<2
!i!"72=;0Q-280!A45B92=C2
!'662<0
!'?0;3102
!/J'J
!IRG19>2!"A:W%!54!:':W%
!;MYMVN!MYMia!MYLcL!"A:W%!54!:/:W%
!MYMai!MYMaO!MYcMa!"A:W%!54!:/:X%
!MYNic!MYMij!MYMNV~!%1724019!:;414<;19
!/5<;19;S10;54!14=!
'LI27;24<2!i!"72=;0Q-280!$00;0>=2?
!'662<0
!'?0;3102
!/J'J
!IRG19>2!"$:W%!54!:':W%
!;MYLNM!MYNLM!MYMiV!"$:W%!54!:/:W%
!MYMjc!MYMV\!MYaac!"$:W%!54!:/:X%
!MYNNO!MYNNj!MYcNL!"$:X%!54!:':W%
!;MYMLa!MYMaO!MYaVc!"$:X%!54!:/:W%
!MYMMj!MYMOV!MYVji!"$:X%!54!:/:X%
!MYc\V!MYMai!MYMMM~~~
!"$:g%!54!:':W%
!;MYNNM!MYMiM!MYNN\!"$:g%!54!:/:W%
!;MYMij!MYMOc!MYNaa!"$:g%!54!:/:X%
!MYNiL!MYMaL!MYMMa~~!%1724019!:;414<;19!/5<;19;S10;54
!14=!
'LI27;24<2!i!"72=;0Q-280!E2F1G;57
!'662<0
!'?0;3102
!/J'J
!IRG19>2!"E:W%!54!:':W%
!MYcOa!MYMiO!MYMMM~~~
!"E:W%!54!:/:W%
!MYMcN!MYMaM!MYaMa!"E:W%!54!
:/:X%!MYNVN!MYMai!MYMMO~~!"E:X%!54!:':W%
!;MYNMM!MYMi\!MYLML!"E:X%!54!:/:W%
!MYNOM!MYMaM!MYMNc~!"E:X%!54!:/:X%
!MYLac!MYMa\!MYMMM~~~
!%1724019!:;414<;19!/5<;19;S10;54!14=!
'LI27;24<2!i!/1G;4CQ,4G2?0;4C!A45B92=C2
!'662<0
!'?0;3102
!/J'J
!IRG19>2!/A:W%!54!:':W%
!;MYLVL!MYM\i!MYMMN~~!/A:W%!54!:/:W%
!MYNLN!MYMiN!MYMVM!/A:W%!54!:/:X%
!MYMNj!MYM\L!MY\aN!%1724019!:;414<;19
!/5<;19;S10;54!14=!
'LI27;24<2!i!/1G;4CQ,4G2?0;4C!$00;0>=2?
!'662<0
!'?0;3102
!/J'J
!IRG19>2!/$:W%!54!:':W%
!;MYMNO!MYM\M!MY\ji!/$:W%!54!:/:W%!MYNV\!MYMOi!MYMMM~~~
!/$:W%!54!:/:X%!MYLMN!MYMij!MYMMa~~
!/$:X%!54
!:':W%
!;MYMii!MYM\a!MYcaV!/$:X%!54
!:/:W%!MYM\O!MYMOi!MYNcO!/$:X%!54
!:/:X%!MYcMc!MYMiN!MYMMM~~~
!/$:g%!54!:':W%
!;MYNLV!MYMaa!MYMjV!!!jNc!,4@?7!LN
!SC=5>^6X
!!/$:g%!54!:/:W%
!;MYMMj!MYMON!MYVcM!/$:g%!54!:/:X%!MYLcO!MYMOV!MYMMM~~~
!!%1724019
!:;414<;19!
/5<;19;S10;54!14=!
'LI27;24<2!i!
/1G;4CQ,4G2?0;4C
!E2F1G;57
!H??'/,
!H$,+&.,'
!2SHS
!4N7.@%'
!A0-N/!=5!-"-N/
!;MYM\\!MYMOV!MYNcL!A0-N/!=5!-A-N/
!MYNLV!MYMj\!MYMMi~~!A0-N/!=5!-A-L/
!MYcVM!MYMOi!MYMMM~~~
!!!!!!!!!!!jNj!,4@?7!LL
!"(-.A!/4E>8C8G45>!)73=9E4G:8CF
!!!!:72V>24<H!-;?07;8>0;54!56!-235C71IF;<!-101
!!:72V>24<H
!%27<240
!P19;=!%27<240
!N24=27
!!!!K192!jiO!OOYa!OOYi!:23192
!ci\!jjYL!jjYc!$C2
!!!!WjRXX!\NM!VjYi!VO!XgRXb!ci!jYc!jYc!XhRXn!c!Yj!Yj!gfRgn!N!YN!YN!cfRbn!L!YL!YL!(1<2
!!!!OF;02Q"1><1?;14
!OVO!aVYa!aVY\!E91<MQ$67;<14!$327;<14
!a\!\YM!\YM!#;?I14;<
!NO!NY\!NY\!$?;14
!ja!OYj!OYj!$327;<14!,4=;14
!L!YL!YL!)0F27
!NLa!NjYi!NjY\!(1;?2=!;4!0F2!./
!!!!*5!Ncc!NOYa!NOYa!T2?
!iNV!\jYN!\jYj!:72V>24<H!-;?07;8>0;54!56!
'=><10;5419!-235C71IF;<?
!"91??!(14M
!!!!:72?F314!
!iL!VYM!VYM!/5IF53572
!OO!LVY\!LVYV!o>4;57
!Ni\!LMY\!LMYV!/24;57
!cjL!jM!jMYN!N71=>102!/0>=240
!N!YN!YN!K1a57!!!!$<<5>40;4C!
!NMa!NLYj!NLYj!:;414<2!
!LNa!LOYc!LOYc!'=><10;54!
!N\!LYN!LYN!'4C;4227;4C!
!jV!OYi!OYi!%?H<F595CH!
!jj!OYN!OYL!/5<;595CH!
!NM!NYL!NYL!#>314!-2G295I3240!14=!
:13;9H!/0>=;2?!
!ca!jYL!jYL!)0F27
!ciO!jcYV!jcYV!!jNO!,4@?7!LL
!SC=5>^6X
!!!!!!!"91??!(2V>;72=!57!'92<0;G2
!!!!(2V>;72=!
!NMV!NLYi!NLY\!'92<0;G2
!icj!\OY\!\a!)0F27!
!NM!NYL!NYL!!!!!!'=><10;54!:>4=;4C!
!!!!/296!NV\!LcYL!LcYL!%17240?!57!)0F27!:13;9H
!jMa!jiYO!jiYi!K5?09H!/296!_3572!0F14!bfp`
!j\!OYa!OYa!K5?09H!%17240?!_3572!0F14!
bfp`
!NcN!NOYc!NOYj!bfp!/296D!bfp!%17240?
!aj!iYO!iYO!'3I95H27
!j!YO!YO!K;9;017H!!N!YN!YN!!!!!!'=><10;54!
-2?;72=
!!!!$??5<;102?!-2C722
!Nj!NYa!NYa!E1<F2957?!-2C722
!cOj!jNYj!jNYa!K1?027?!-2C722
!ciV!jjYc!jjYO!-5<057102Q@1BQ%7562??;5419!
!NMj!NLYL!NLYc!!!!!!:>0>72!,4<532!'LI2<02=
!!!!.4=27!egfDfff
!cj!j!j!egfDfff
RgnDnnn!NNL!NcYN!NcYN!ecfDfff
RcnDnnn!LNV!LOYa!LOYi!ebfDfff
RqcDnnn!cO\!jNYV!jL!eqbDfff!57!3572
!NcM!NOYL!NOYL!!!!!!:10F27d?!'=><10;54!@2G29
!!!!@2??!0F14!#;CF!/
<F559
!La!c!cYL!#;CF!/<F559!57!'
V>;G19240
!NLL!NjYc!NjY\!/532!"5992C2
!\V!NMYj!NMY\!$??5<;102?Q"533>4;0H!
"5992C2
!jN!jY\!O!E1<F2957d?!-
2C722
!L\V!ccY\!cOYN!K1?027?D!-
5<057102
D!57!
%7562??;5419
!LcM!LaYV!LiYV!&71=2!?<F559
!N\!LYN!LYL!K;9;017H!/<F559
!\!YV!N!!!!!!K50F27d?!'=><10;54!@2G29
!!!!@2??!0F14!#;CF!/
<F559
!LN!LYO!LYO!#;CF!/<F559!57!'
V>;G19240
!NLM!Nj!NjYj!/532!"5992C2
!NNa!NcYa!Nj!!!jNa!,4@?7!
LL!SC=5>^6X
!!$??5<;102?Q"533>4;0H!
"5992C2
!nn!WWJh!WWJn!E1<F2957d?!-
2C722
!cNN!caYj!ciYj!K1?027?D!-
5<057102
D!57!
%7562??;5419
!NOV!N\Ya!NVYN!&71=2!?<F559
!O!Ya!Ya!K;9;017H!/<F559
!M!M!M!!'?0;3102=!%1724019!!
,4<532
!!!!@2??!0F14!eXfDfff
!L\!cYc!cYc!eXfDfff
RgnDnnn!ji!OYO!aYL!ecfDfff
RbnDnnn!aj!iYO!\Yj!ehfDfff
RqnDnnn!\a!NMYN!NNYc!ejfDfff
RWcnDfff!Lic!cNYV!cOYV!eWbfDfff!57!3572
!Lac!cMY\!cjYa!!!!!jNi!,4@?7!Lc
!-=C<F!%E=<G
!/4E>8C8G45>!)73=9E4G:8CF
!!:72V>24<H!-;?07;8>0;54!56!-235C71IF;<!-101
!!D('O%'#/:
)F'(/'#,
)T.@+*)F'(/'#,
)N24=27
!!!!K192!!i!OM!OM!:23192!
!i!OM!OM!(97
!!!!WjRXX!!NL!\OYi!\OYi!XgRXh!L!NjYc!NjYc!(1<2
!!!!OF;02Q"1><1?;14
!i!OM!OM!E91<MQ$67;<14!$327;<14
!L!NjYc!NjYc!#;?I14;<
!$327;<14!
!N!iYN!iYN!$?;14
!$327;<14!
!L!NjYc!NjYc!)0F27
!L!NjYc!NjYc!:72V>24<H!-;?07;8>0;54!56!'=><10;5419!-235C71IF;<?
!"91??!(14M
!!!!:72?F314!
!N!iYN!iYN!/5IF53572
!c!LNYj!LNYj!o>4;57
!M!M!M!/24;57
!NM!iNYj!iNYj!K1a57!!!!$<<5>40;4C!
!L!NjYc!NjYc!:;414<2!
!L!NjYc!NjYc!'4C;4227;4C!
!!N!iYN!iYN!%?H<F595CH!
!N!iYN!iYN!/5<;595CH!
!N!iYN!iYN!)0F27
!i!iNYj!iNYj!'=><10;54!-2?;72=
!!!!E1<F2957?!-2C722
!O!cOYi!cOYi!K1?027?!-2C722
!a!jLYV!jLYV!-5<057102Q@1BQ%7562??;5419!
!c!LNYj!LNYj!"5>7?2!:57310
!!!!:1<2
R05R:1<2
!V!ajYc!aVYL!)49;42
!j!L\Ya!cMY\!!!!!jN\!!!!!!!!!!!!!!!!!!!!!!!!"E%W!&;32!W!"72=;0Q-280!
E2F1G;57!:1<057!W
!"E)W!&;32!X!"72=;0Q-280!
E2F1G;57!:1<057!W
!"E%X!&;32!W!"72=;0Q-280!
E2F1G;57!:1<057!X
!"E)X!&;32!X!"72=;0Q-280!
E2F1G;57!:1<057!X
!"A%W
!&;32!W!"72=;0Q-280!
A45B92=C2!:1<057!W
!"A)W
!&;32!X!"72=;0Q-280!
A45B92=C2!:1<057!W
!="EW!"F14C2!/<572!657!
"72=;0Q-280!
E2F1G;57!:1<057!W
!="EX!"F14C2!/<572!657!
"72=;0Q-280!
E2F1G;57!:1<057!X
!="A!"F14C2!/<572!657!
"72=;0Q-280!
A45B92=C2
!V",'
J!!$99!02?02=!I10FB1H?!?F5B4D!?;C4;6;<140!2?0;3102?!14=!/J'J!?F5B4D!/J'J!
=;?I91H2=
!;4!I17240F2?2?J
!rIsJfbJ!!rrIsJfWJ!!rrrIsJffWJ
!!!!!!"E%W
!"E)
W!="E
W!"A%W!"A)
W!="A
!"E%
X!"E)X
!="EX
!-89<E7!N
!#HI50F2?2?!W1!_K14>?<7;I0!)42`
!*5F>4564E68`76!"F>834>7F!456!AY"Y
!N!N!N!N!N!N!;MYNNa~~~
!SMYMLN~~~X
!;MYNL\~~~
!SMYMLM~~~X
!MYMji~~
!SMYMNi~~X
!;MYMiN~
!SMYMLV~X
!MYN\N~~~
!SMYMLM~~~X
!!jNV!!!!!!!!!!!!!!!!!!!!!!!!!!!!"E%W!&;32!W!"72=;0Q-280!
E2F1G;57!:1<057!W
!"E)W!&;32!X!"72=;0Q-280!
E2F1G;57!:1<057!W
!"E%X!&;32!W!"72=;0Q-280!
E2F1G;57!:1<057!X
!"E)X!&;32!X!"72=;0Q-280!
E2F1G;57!
:1<057!X
!"A%W
!&;32!W!"72=;0Q-280!
A45B92=C2!:1<057!W
!"A)W
!&;32!X!"72=;0Q-280!
A45B92=C2!:1<057!W
!="EW!"F14C2!/<572!657!
"72=;0Q-280!
E2F1G;57!:1<057!W
!="EX!"F14C2!/<572!657!
"72=;0Q-280!
E2F1G;57!:1<057!X
!="A!"F14C2!/<572!657!
"72=;0Q-280!
A45B92=C2
!V",'
J!!$99!02?02=!I10FB1H?!?F5B4D!?;C4;6;<140!2?0;3102?!14=!/J'J!?F5B4D!/J'J!
=;?I91H2=!;4!I17240F2?2?J
!rIsJfbJ!!rrIsJfWJ!!rrrIsJffWJ
!"E%W
!"E)
W!="E
W!"A%W!"A)
W!="A
!"E%
X!"E)X
!="EX
!-89<E7!N4
!#HI50F2?2?!W1!_K14>?<7;I0!)42`
!A>4564E68`76!"F>834>7F!456!AY"Y
!N!N!N!N!N!N!;MYL\N~~~
!SMYML\~~~X
!;MYjLV~~~
!SMYMc\~~~X
!MYLMN~~
!SMYMic~~X
!;MYNLN~
!SMYMjV~X
!MYOLM~~~
!SMYMjc~~~X
!!jLM!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!/E%W
!&;32!W!/1G;4C?Q,4G2?0;4C!
E2F1G;57!:1<057!W
!/E)W!&;32!X!/1G;4C?Q,4G2?0;4C!
E2F1G;57!:1<057!W
!/A%W!&;32!W!/1G;4C?Q,4G2?0;4C!
A45B92=C2!:1<057!W
!/A)W
!&;32!X!/1G;4C?Q,4G2?0;4C!
A45B92=C2!:1<057!W
!="E!"F14C2!/<572!657!
/1G;4C?Q,4G2?0;4C!
E2F1G;57!
!="A!"F14C2!/<572!657!
/1G;4C?Q,4G2?0;4C!
A45B92=C2
!V",'
J!!$99!02?02=!I10FB1H?!?F5B4D!?;C4;6;<140!2?0;3102?!14=!/J'J!?F5B4D!/J'J!
=;?I91H2=!;4!I17240F2?2?J
!rIsJfbJ
!!rrIsJfWJ!!rrrIsJffWJ
!-89<E7!L
!#HI50F2?2?!X1!_K14>?<7;I0!)42`
!*5F>4564E68`76!"F>834>7F!456!AY"Y
!!/E%W
!/E)W!=/E
!=/A
!/A%W
!/A)W
!MYMVN~~~
!SMYMLL~~~X
!MYMaM~~
!SMYMLM~~
X!;MYNcV~~~
!SMYMVN~~~
X!N!!N!!N!!N!!!jLN!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!/E%W
!&;32!W!/1G;4C?Q,4G2?0;4C!
E2F1G;57!:1<057!W
!/E)W!&;32!X!/1G;4C?Q,4G2?0;4C!
E2F1G;57!:1<057!W
!/A%W!&;32!W!/1G;4C?Q,4G2?0;4C!
A45B92=C2!:1<057!W
!/A)W
!&;32!X!/1G;4C?Q,4G2?0;4C!
A45B92=C2!:1<057!W
!="E!"F14C2!/<572!657!
/1G;4C?Q,4G2?0;4C!
E2F1G;57!
!="A!"F14C2!/<572!657!
/1G;4C?Q,4G2?0;4C!
A45B92=C2
!V",'
J!!$99!02?02=!I10FB1H?!?F5B4D!?;C4;6;<140!2?0;3102?!14=!/J'J!?F5B4D!/J'J!
=;?I91H2=!;4!I17240F2?2?J
!rIsJfbJ!!rrIsJfWJ!!rrrIsJffWJ
!!-89<E7!L4
!#HI50F2?2?!X1!_K14>?<7;I0!)42`
!A>4564E68`76!"F>834>7F!456!AY"Y
!!N!/E%W
!/E)W!=/E
!=/A
!/A%W
!/A)W
!MYLcO
~~~!SMYMO
L~~~X
!MYLcM~~
!SMYMiO~~
X!;MYcOV~~~
!SMYMLa~~~
X!N!!N!!N!!N!!!jLL!!!!!!!!!!!!!!!!!!!!!!!"$%W!&;32!W!"72=;0Q-280!$00;0>=2?!:1<057!W
!"$)W!&;32!X!"72=;0Q-280!
$00;0>=2?!:1<057!W
!"$%X!&;32!W!"72=;0Q-280!$00;0>=2?!:1<057!X
!"$)X!&;32!X!"72=;0Q-280!$00;0>=2?!:1<057!X
!"$%g!&;32!W!"72=;0Q-280!$00;0>=2?!:1<057!g
!"$)g!&;32!X!"72=;0Q-280!$00;0>=2?!:1<057!g
!"E%W!&;32!W!"72=;0Q-280!E2F1G;57
!:1<057!W
!"E)W!&;32!X!"72=;0Q-280!E2F1G;57
!:1<057!W
!"E%X!&;32!W!"72=;0Q-280!E2F1G;57
!:1<057!X
!"E)X!&;32!X!"72=;0Q-280!E2F1G;57
!:1<057!X
!="$W!"F14C2!/<572!657!"72=;0Q-280!$00;0>=2?!:1<057!W
!="$X!"F14C2!/<572!657!"72=;0Q-280!$00;0>=2?!:1<057!X
!="$g!"F14C2!/<572!657!
"72=;0Q-280!$00;0>=2?!:1<057!g
!="EW!"F14C2
!/<572!657!"72=;0Q-280!E2F1G;57
!:1<057!W
!-89<E7!c
!#HI50F2?2?!W8!_K14>?<7;I0!
)42`
!*5F
>4564E68`76!"F>834>7F!456!AY"Y
!!!N!="$X
"$%X
!"$)X
!N!="$W
"$%W
!"$)W
!N!N!N!="$g
"$%g
!"$)g
!N!"E%W
!"E)W
!="EW
!N!N!"E%X
!"E)X
!="EX
!N!N!!;MYLON~~
!SMYMia~~X
!;MYNjc~~~
!SMYML\~~~X
!;MYNOc~~~
!SMYMcV~~~X
!;MYcMV~~~
!SMYMaO~~~X
!;MYMic~~~
!SMYMMNO~~~X
!;MYLjc~~~
!SMYMca~~~X
!MYLNM~~
~!SMYMjN~~
~X!MYNiO~~~
!SMYMLM~~~X
!;MYNMV~~~
!SMYMLi~~~X
!MYMcM~
!SMYMNj~X
!MYMja~
!SMYMLM~X
!;MYNjc~~~
!SMYMLj~~~X
!MYN\\~~~
!SMYMjM~~~X
!MYNNM~~~
!SMYMNi~~~X
!MYNNO~~~
!SMYMLa~~~X
!MYMVc~~~
!SMYMNO~~~X
!;MYNLa~
!SMYMOL~X
!MYNVM~~~
!SMYMLc~~~X
!MYL\j~~~
!SMYMcj~~~X
!MYMca~
!SMYMNi~X
!MYNVc~~~
!SMYMja~~~X
!MYMOi~
!SMYMLj~X
!!jLc!-89<E7!c!SC=5>^6X
!!="EX!"F14C2
!/<572!657!"72=;0Q-280!E2F1G;57
!:1<057!X
!V",'
J!!$99!02?02=!I10FB1H?!?F5B4D!?;C4;6;<140!2?0;3102?!14=!/J'J!?F5B4D!
/J'J!=;?I91H2=!;4!I17240F2?
2?J
!rIsJfbJ!!rrIsJfWJ!!rrrIsJffWJ
!!!!!jLj!!!!!!!!!!!!!!!!"$%W!&;32!W!"72=;0Q-280!$00;0>=2?!:1<057!W
!"$)W!&;32!X!"72=;0Q-280!$00;0>=2?!:1<057!W
!"$%X!&;32!W!"72=;0Q-280!$00;0>=2?!:1<057!X
!"$)X!&;32!X!"72=;0Q-280!$00;0>=2?!:1<057!X
!"$%g!&;32!W!"72=;0Q-280!$00;0>=2?!:1<057!g
!"$)g!&;32!X!"72=;0Q-280!$00;0>=2?!:1<057!g
!"E%W!&;32!W!"72=;0Q-280!
E2F1G;57
!:1<057!W
!"E)W!&;32!X!"72=;0Q-280!E2F1G;57
!:1<057!W
!"E%X!&;32!W!"72=;0Q-280!E2F1G;57
!:1<057!X
!"E)X!&;32!X!"72=;0Q-280!E2F1G;57
!:1<057!X
!="$W!"F14C2!/<572!657!"72=;0Q-280!$00;0>=2?!:1<057!
W!="$X!"F14C2!/<572!657!
"72=;0Q-280!$00;0>=2?!:1<057!
X!-89<E7!c4
!#HI50F2?2?!W8!_K14>?<7;I0!)42`
!A>4564E68`76!"F>834>7F!456!AY"Y
!!N!="$X
"$%X
!"$)X
!N!="$W
"$%W
!"$)W
!N!N!N!="$g
"$%g
!"$)g
!N!"E%W
!"E)W
!="EW
!N!N!"E%X
!"E)X
!="EX
!N!N!;MYLMc~~
!SMYMaN~~X
!;MYLij~~~
!SMYMjV~~~X
!;MYNVL~~~
!SMYMji~~~X
!;MjcL~~~
!SMYMaM~~~X
!;MYcMa~~~
!SMYMMja~~~X
!;MYcij~~~
!SMYMcO~~~X
!MYLiO~~~
!SMYMOL~~~X
!MYjNa~~~
!SMYMcO~~~X
!;MYLca~~~
!SMYMjj~~~X
!MYNL\~
!SMYMaN~X
!MYNLi~
!SMYMOi~X
!;MYjNN~~~
!SMYMji~~~X
!MYcaL~~~
!SMYMiO~~~X
!MYc\j~~~
!SMYMji~~~X
!MYLcM~~~
!SMYMON~~~X
!MYcLj~~~
!SMYMj\~~~X
!;MYNja~
!SMYMaM~X
!MYjML~~~
!SMYMjj~~~X
!MYcjL~~~
!SMYMjN~~~X
!MYMVV~
!SMYMja~X
!MYcNi~~~
!SMYMiN~~~X
!MYNLi~
!SMYMOc~X
!!jLO!-89<E7!c4!SC=5>^6X
!!="$g!"F14C2!/<572!657!"72=;0Q-280!$00;0>=2?!:1<057!
g!="EW!"F14C2
!/<572!657!"72=;0Q-280!E2F1G;57
!:1<057!
W!="EX!"F14C2
!/<572!657!"72=;0Q-280!E2F1G;57
!:1<057!
X!V",'
J!!$99!02?02=!I10FB1H?!?F5B4D!
?;C4;6;<140!2?0;3102?!14=!/J'J!?F5B4D!/J'J!
=;?I91H2=!;4!I17240F2?2?J
!rIsJfbJ!!rrIsJfWJ!!rrrIsJffWJ
!!!!!!!!!!!!!!!!!!!!!jLa!!!!!!!!!!!!!!!!!!!!!!!!!/$%W!&;32!W!/1G;4C?Q,4G2?0;4C!$00;0>=2?!:1<057!W
!/$)W!&;32!X!/1G;4C?Q,4G2?0;4C!
$00;0>=2?!:1<057!W
!/$%X!&;32!W!/1G;4C?Q,4G2?0;4C!$00;0>=2?!:1<057!X
!/$)X!&;32!X!/1G;4C?Q,4G2?0;4C!$00;0>=2?!:1<057!X
!/$%g!&;32!W!/1G;4C?Q,4G2?0;4C!$00;0>=2?!:1<057!g
!/$)g!&;32!X!/1G;4C?Q,4G2?0;4C!$00;0>=2?!:1<057!g
!/E%W!&;32!W!/1G;4C?Q,4G2?0;4C!E2F1G;
57!:1<057!W
!/E)W!&;32!X!/1G;4C?Q,4G2?0;4C!E2F1G;57!:1<057!W
!=/$W!"F14C2!/<572!657!/1G;4C?Q,4G2?0;4C!$00;0>=2?!:1<057!W
!=/$X!"F14C2!/<572!657!/1G;4C?Q,4G2?0;4C!$00;0>=2?!:1<057!X
!=/$g!"F14C2!/<572!657!/1G;4C?Q,4G2?0;4C!$00;0>=2?!:1<057!g
!=/E!"F14C2!
/<572!657!/1G;4C?Q,4G2?0;4C!E2F1G;57!:1<057!W
!-89<E7!j
!#HI50F2?2?!X8!_K14>?<7;I0!)42`
!*5F
>4564E68`76!"F>834>7F!456!AY"Y
!!N!=/$W
=/$X
!=/$g
!/$%
X!/$)X
!/$%g
!/$)g
!/$%W
!/$)W
!N!N!N!N!N!;MYNcL~~
!SMYMcV~~X
!MYacc~
!SMYLOO~X
!;MYNNL~
!SMYMOM~X
!;MYNca~~
!SMYMOM
~~X!;MYN\O~~~
!SMYMjN~~~X
!;MYNVL~~~
!SMYMLO~~~X
!RMYLaN~~~
!SMYMLO~~~X
!/E%W
!N!/E)W
!=/E
!RMYNNa~~~
!SMYMNO~~~X
!MYLMO~~~
!SMYMLN~~~X
!MYcNN~~~
!SMYMLL~~~X
!MYNNN~~~
!SMYMLL~~~X
!W!MYNVO~~~
!SMYMLj~~~X
!MYNOa~~~
!SMYMLL~~~X
!;MYOVc~~
!SMYLLM~~X
!MYMjL~
!SMYMNV~X
!MYMiN~~~
!SMYMNV~~~X
!!jLi!-89<E7!j!SC=5>^6X
!!!!V",'
J!!$99!02?02=!I10FB1H?!?F5B4D!?;C4;6;<140!2?0;3102?!14=!/J'J!?F5B4D!/J'J!
=;?I91H2=!;4!I17240F2?2?J
!rIsJfbJ!!rrIsJfWJ!!rrrIsJffWJ
!!jL\!!!!!!!!!!!!!!!!!!!!!!!!/$%W!&;32!W!/1G;4C?Q,4G2?0;4C!$00;0>=2?!:1<057!W
!/$)W!&;32!X!/1G;4C?Q,4G2?0;4C!$00;0>=2?!:1<057!W
!/$%X!&;32!W!/1G;4C?Q,4G2?0;4C!$00;0>=2?!:1<057!X
!/$)X!&;32!X!/1G;4C?Q,4G2?0;4C!$00;0>=2?!:1<057!X
!/$%g!&;32!W!/1G;4C?Q,4G2?0;4C!$00;0>=2?!
:1<057!g
!/$)g!&;32!X!/1G;4C?Q,4G2?0;4C!$00;0>=2?!:1<057!g
!/E%W!&;32!W!/1G;4C?Q,4G2?0;4C!E2F1G;57!:1<057!W
!/E)W!&;32!X!/1G;4C?Q,4G2?0;4C!E2F1G;57!:1<057!W
!=/$W!"F14C2!/<572!657!/1G;4C?Q,4G2?0;4C!$00;0>=2?!
:1<057!W
!=/$X!"F14C2!/<572!657!
/1G;4C?Q,4G2?0;4C!$00;0>=2?!
:1<057!X
!-89<E7!j4
!#HI50F2?2?!X8!_K14>?<7;I0!)42`
!A>4564E68`76!"F>834>7F!456!AY"Y
!!N!=/$W
=/$X
!=/$g
!/$%X
!/$)X
!/$%g
!/$)g
!/$%W
!/$)W
!N!N!N!N!N!;MYNOj~~
!SMYMjj~~X
!MYcLc~~~
!SMYMjc~~~X
!RMYNM\~
!SMYMji~X
!;MYNLa~~
!SMYMji~~X
!;MYLLj~~
!SMYMiL~~X
!RMYcjM~~~
!SMYMcN~~~X
!;MYjOj~~~
!SMYMLj~~~X
!/E%W
!N!/E)W
!=/E
!;MYcM\~~~
!SMYMLV~~~X
!MYjOV~~~
!SMYMci~~~X
!MYji\~~~
!SMYML\~~~X
!MYLMO~~~
!SMYMcV~~~X
!N!MYcOi~~~
!SMYMjM~~~X
!MYLVN~~~
!SMYMcV~~~X
!;MY\j\~~~
!SMYMa\~~~X
!MYNMV~
!SMYMjV~X
!MYNjc~~~
!SMYMci~~~X
!!jLV!-89<E7!j4!SC=5>^6X
!!=/$g!"F14C2!/<572!657!/1G;4C?Q,4G2?0;4C!$00;0>=2?!
:1<057!g
!=/E!"F14C2!/<572!657!/1G;4C?Q,4G2?0;4C!E2F1G;57!
:1<057!W
!V",'
J!!$99!02?02=!I10FB1H?!?F5B4D!?;C4;6;<140!2?0;3102?!14=!/J'J!?F5B4D!/J'J!
=;?I91H2=!;4!I17240F2?2?J
!rIsJfbJ!!rrIsJfWJ!!rrrIsJffWJ
!!!!!jcM!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!-89<E7!O
!#HI50F2?2?!W<!_K14>?<7;I0!)42`
!.4?014=17=;S2=!K2=;10;54!%10FB1H?+!
!&;32!W!:1<057?!14=!"F14C2!/<572?
!!!MYNOc~~
!SMYMOi~~X
!"$%W
!"$%X
!"$%g
!"A%W
!"E%W
!"E%X
!="$W
!="$X
!="$g
!="A
!="EW
!="EX
!!jcN!-89<E7!O!SC=5>^6X
!!!!!!!!!!!!!!!!!!!!!"A%W
!&;32!W!"72=;0Q-280!
A45B92=C2!:1<057!W
!"$%W!&;32!W!"72=;0Q-280!$00;0>=2?!:1<057!W
!"$%X!&;32!W!"72=;0Q-280!$00;0>=2?!:1<057!X
!"$%g!&;32!W!"72=;0Q-280!
$00;0>=2?!:1<057!g
!"E%W!&;32!W!"72=;0Q-280!E2F1G;57
!:1<057!W
!"E%X!&;32!W!"72=;0Q-280!E2F1G;57
!:1<057!X
!="A!"F14C2!/<572!657!
"72=;0Q-280!
A45B92=C2
!="$W!"F14C2!/<572!657!"72=;0Q-280!$00;0>=2?!:1<057!W
!="$X!"F14C2!/<572!657!"72=;0Q-280!$00;0>=2?!:1<057!X
!="$g!"F14C2!/<572!657!"72=;0Q-280!$00;0>=2?!:1<057!g
!="EW!"F14C2
!/<572!657!"72=;0Q-280!E2F1G;57
!:1<057!W
!="EX!"F14C2
!/<572!657!"72=;0Q-280!E2F1G;57
!:1<057!X
!V",'
J!!$99!02?02=!I10FB1H?!?F5B4D!?;C4;6;<140!2?0;3102?!14=!/J'J!?F5B4D!/J'J!
=;?I91H2=!;4!I172
40F2?2?J
!rIsJfbJ!!rrIsJfWJ!!rrrIsJffWJ
!!jcL!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!-89<E7!O4
!#HI50F2?2?!W<!_K14>?<7;I0!)42`
!/014=17=;S2=!K2=;10;54!%10FB1H?+!
!&;32!W!:1<057?!14=!"F14C2!/<572?
!!MYNMc~~
!SMYMci~~X
!"$%W
!"$%X
!"$%g
!"A%W
!"E%W
!"E%X
!="$W
!="$X
!="$g
!="A
!="EW
!="EX
!MYMOa~
!SMYMLi~X
!!jcc!-89<E7!O4!SC=5>^6X
!!!!!!!"A%W
!&;32!W!"72=;0Q-280!
A45B92=C2!:1<057!W
!"$%W!&;32!W!"72=;0Q-280!$00;0>=2?!:1<057!W
!"$%X!&;32!W!"72=;0Q-280!$00;0>=2?!:1<057!X
!"$%g!&;32!W!"72=;0Q-280!$00;0>=2?!
:1<057!g
!"E%W!&;32!W!"72=;0Q-280!E2F1G;57
!:1<057!W
!"E%X!&;32!W!"72=;0Q-280!E2F1G;57
!:1<057!X
!="A!"F14C2!/<572!657!
"72=;0Q-280!
A45B92=C2
!="$W!"F14C2!/<572!657!"72=;0Q-280!$00;0>=2?!:1<057!W
!="$X!"F14C2!/<572!657!"72=;0Q-280!$00;0>=2?!:1<057!X
!="$g!"F14C2!/<572!657!"72=;0Q-280!$00;0>=2?!:1<057!g
!="EW!"F14C2
!/<572!657!"72=;0Q-280!E2F1G;57
!:1<057!W
!="EX!"F14C2!
/<572!657!"72=;0Q-280!E2F1G;57!
:1<057!X
!V",'
J!!$99!02?02=!I10FB1H?!?F5B4D!?;C4;6;<140!2?0;3102?!14=!/J'J!?F5B4D!/J'J!
=;?I91H2=!;4!I17240F2?2?
J!rIsJfbJ!!rrIsJfWJ!!rrrIsJffWJ
!!jcj!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!-89<E7!a
!#HI50F2?2?!X<!_K14>?<7;I0!)42`!
!.4?014=17=;S2=!K2=;10;54!%10FB1H?+!
!&;32!W!:1<057?!14=!"F14C2!/<572?
!!MYLcj
~!SMYNNc
~X!/$%W
!/$%X
!/$%g
!/A%W
!/E%W
!=/$W
!=/$X
!=/$g
!=/A
!=/EW
!MYcMc~~~
!SMYNMc~~~X
!!jcO!-89<E7!a!SC=5>^6X
!!!!!!/A%W!&;32!W!/1G;4C?Q,4G2?0;4C!
A45B92=C2!:1<057!W
!/$%W!&;32!W!/1G;4C?Q,4G2?0;4C!
$00;0>=2?!:1<057!W
!/$%X!&;32!W!/1G;4C?Q,4G2?0;4C
!$00;0>=2?!:1<057!X
!/$%g!&;32!W!/1G;4C?Q,4G2?0;4C
!$00;0>=2?!:1<057!g
!/E%W
!&;32!W!/1G;4C?Q,4G2?0;4C!E2F1G;57
!:1<057!W
!=/A!"F14C2!/<572!657!
/1G;4C?Q,4G2?0;4C!
A45B92=C2
!=/$W!"F14C2!/<572!657!
/1G;4C?Q,4G2?0;4C
!$00;0>=2?!:1<057!W
!=/$X!"F14C2!/<572!657!
/1G;4C?Q,4G2?0;4C
!$00;0>=2?!:1<057!X
!=/$g!"F14C2!/<572!657!
/1G;4C?Q,4G2?0;4C
!$00;0>=2?!:1<057!g
!=/EW!"F14C2!/<572!657!
/1G;4C?Q,4G2?0;4C!E2F1G;57
!:1<057!W
!V",'
J!!$99!02?02=!I10FB1H?!?F5B4D!?;C4;6;<140!2?0;3102?!14=!/J'J!?F5B4D!/J'J!
=;?I91H2=!;4!I17240F2?2?J
!rIsJfbJ!!rrIsJfWJ!!rrrIsJffWJ
!!jca!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!-89<E7!a4
!#HI50F2?2?!X<!_K14>?<7;I0!)42`
!/014=17=;S2=!K2=;10;54!%10FB1H?+!
!&;32!W!:1<057?!14=!"F14C2!/<572?
!!MYNja~
!SMYMai~X
!/$%W
!/$%X
!/$%g
!/A%W
!/E%W
!=/$W
!=/$X
!=/$g
!=/A
!=/EW
!MYN\V~~
!SMYMOO~~X
!MYMaV~
!SMYMcN~X
!MYLLc
~!SMYMVa
~X!!jci!-89<E7!a4!SC=5>^6X
!!/A%W!&;32!W!/1G;4C?Q,4G2?0;4C!
A45B92=C2!:1<057!W
!/$%W!&;32!W!/1G;4C?Q,4G2?0;4C!
$00;0>=2?!:1<057!W
!/$%X!&;32!W!/1G;4C?Q,4G2?0;4C
!$00;0>=2?!:1<057!X
!/$%g!&;32!W!/1G;4C?Q,4G2?0;4C
!$00;0>=2?!:1<057!g
!/E%W
!&;32!W!/1G;4C?Q,4G2?0;4C
!E2F1G;57
!:1<057!W
!=/A!"F14C2!/<572!657!
/1G;4C?Q,4G2?0;4C!
A45B92=C2
!=/$W!"F14C2!/<572!657!
/1G;4C?Q,4G2?0;4C
!$00;0>=2?!:1<057!W
!=/$X!"F14C2!/<572!657!
/1G;4C?Q,4G2?0;4C
!$00;0>=2?!:1<057!X
!=/$g!"F14C2!/<572!657!
/1G;4C?Q,4G2?0;4C
!$00;0>=2?!:1<057!g
!=/EW!"F14C2!/<572!657!
/1G;4C?Q,4G2?0;4C
!E2F1G;57
!:1<057!W
!V",'
J!!$99!02?02=!I10FB1H?!?F5B4D!?;C4;6;<140!2?0;3102?!14=!/J'J!?F5B4D!/J'J!
=;?I91H2=!;4!I17240F2?2?J
!rIsJfbJ!!rrIsJfWJ!!rrrIsJffWJ
!!!!!jc\!!!!!!!!!!!!!!!!!!!!!!!!!!!!%/%W!&;32!W!%1724019
!:;414<;19!/5<;19;S10;54
!:1<057!W
!%/%X!&;32!W!%1724019
!:;414<;19!/5<;19;S10;54
!:1<057!
X!%'%W!&;32!W!%1724019
!:;414<;19!'LI27;24<2
!:1<057!
W!"A%W
!&;32!W!"72=;0Q-280!A45B92=C2
!:1<057!
W!V",'
J!!$99!02?02=!I10FB1H?!?F5B4D!?;C4;6;<140!2?0;3102?!14=!/J'J!?F5B4D!/J'J!
=;?I91H2=!;4!I17240F2?2?J
!rIsJfbJ
!!rrIsJfWJ!!rrrIsJffWJ
!!!!!!-89<E7!i
!#HI50F2?2?!W1!_K14>?<7;I0!&B5`+!&;32!)42
!*5F
>4564E68`76!"F>834>7F!456!AY"Y
!!!%/%W
!%/%X!%'%W!"A%W!MYMOj
!SMYMOc
X!MYNOO~
!SMYMa\~
X!;MYM\V
!SMYMii
X!!jcV!!!!!!!!!!!!!!!!!!!!!!!!!!!!!%/%W!&;32!W!%1724019
!:;414<;19!/5<;19;S10;54
!:1<057!W
!%/%X!&;32!W!%1724019
!:;414<;19!/5<;19;S10;54
!:1<057!
X!%'%W!&;32!W!%1724019
!:;414<;19!'LI27;24<2
!:1<057!
W!"A%W
!&;32!W!"72=;0Q-280!A45B92=C2
!:1<057!
W!V",'
J!!$99!02?02=!I10FB1H?!?F5B4D!?;C4;6;<140!2?0;3102?!14=!/J'J!
?F5B4D!/J'J!
=;?I91H2=!;4!I17240F2?2?J
!rIsJfbJ!!rrIsJfWJ!!rrrIsJffWJ
!!!!!-89<E7!i4
!#HI50F2?2?!W1!_K14>?<7;I0!&B5`+!&;32!)42
!A>4564E68`76!"F>834>7F!456!AY"Y
!!!%/%W
!%/%X!%'%W!"A%W!MYMai
!SMYMaO
X!MYNic~
!SMYMij~
X!;MYMVN
!SMYMia
X!!jjM!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!%/%W!&;32!W!%1724019
!:;414<;19!/5<;19;S10;54
!:1<057!W
!%/%X!&;32!W!%1724019
!:;414<;19!/5<;19;S10;54
!:1<057!
X!%'%W!&;32!W!%1724019
!:;414<;19!'LI27;24<2
!:1<057!
W!"$%W!&;32!W!"72=;0Q-280!$00;0>=2?
!:1<057!
W!"$%X!&;32!W!"72=;0Q-280!$00;0>=2?
!:1<057!
X!"$%g!&;32!W!"72=;0Q-280!$00;0>=2?
!:1<057!
g!V",'
J!!$99!02?02=!I10FB1H?!?F5B4D!?;C4;6;<140!2?0;3102?!14=!/J'J!?F5B4D!
/J'J!
=;?I91H2=!;4!I17240F2?2?J
!rIsJfbJ!!rrIsJfWJ!!rrrIsJffWJ
!!-89<E7!\
!#HI50F2?2?!W8!_K14>?<7;I0!&B5`+!&;32!)42
!*5F
>4564E68`76!"F>834>7F!456!AY"Y
!!!;MYLij
!SMYNOVX
!%/%W
!%/%X!%'%W!"$%W!"$%X!MYMji
!SMYNM\X
!MYNjM
!SMYNcVX
!;MYM\\
!SMYMajX
!MYMMc
!SMYMj\X
!MYc\\~~~
!SMYMai~~~X
!"$%g!;MYMLO
!SMYMaOX
!;MYNOa
!SMYNMMX
!MYLL\~~
!SMYM\N~~X
!!jjN!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!%/%W!&;32!W!%1724019
!:;414<;19!/5<;19;S10;54
!:1<057!W
!%/%X!&;32!W!%1724019
!:;414<;19!/5<;19;S10;54
!:1<057!
X!%'%W!&;32!W!%1724019
!:;414<;19!'LI27;24<2
!:1<057!
W!"$%W!&;32!W!"72=;0Q-280!$00;0>=2?
!:1<057!
W!"$%X!&;32!W!"72=;0Q-280!$00;0>=2?
!:1<057!
X!"$%g!&;32!W!"72=;0Q-280!$00;0>=2?
!:1<057!
g!V",'
J!!$99!02?02=!I10FB1H?!?F5B4D!?;C4;6;<140!2?0;3102?!14=!/J'J!?F5B4D!/J'J!
=;?I91H2=!;4!I17240F2?2?J
!rIsJfbJ!!rrIsJfWJ!!rrrIsJffWJ
!!!-89<E7!\4
!#HI50F2?2?!W8!_K14>?<7;I0!&B5`+!&;32!)42
!A>4564E68`76!"F>834>7F!456!AY"Y
!!!;MYLNM
!SMYNLMX
!%/%W
!%/%X!%'%W!"$%W!"$%X!MYMjc
!SMYMV\X
!MYNNO
!SMYNNjX
!;MYMij
!SMYMOcX
!MYMMj
!SMYMOVX
!MYc\V~~~
!SMYMai~~~X
!"$%g!;MYMLa
!SMYMaOX
!;MYNNM
!SMYMiMX
!MYNiL~~
!SMYMaL~~X
!!jjL!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!%/%W!&;32!W!%1724019
!:;414<;19!/5<;19;S10;54
!:1<057!W
!%/%X!&;32!W!%1724019
!:;414<;19!/5<;19;S10;54
!:1<057!
X!%'%W!&;32!W!%1724019
!:;414<;19!'LI27;24<2
!:1<057!
W!"E%W!&;32!W!"72=;0Q-280!E2F1G;57
!:1<057!
W!"E%X!&;32!W!"72=;0Q-280!E2F1G;57
!:1<057!
X!V",'
J!!$99!02?02=!I10FB1H?!?F5B4D!?;C4;6;<140!2?0;3102?!14=!/J'J!?F5B4D!/J'J!
=;?I91H2=!;4!I17240F2?2?J
!rIsJfbJ!!rrIsJfWJ!!rrrIsJffWJ
!!!!!-89<E7!V
!#HI50F2?2?!W<!_K14>?<7;I0!&B5`+
!&;32!)42
!*5F
>4564E68`76!"F>834>7F!456!AY"Y
!!!%/%W
!%/%X!%'%W!"E%X
!"E%W!MYOLM~~~
!SMYNcV~~~
X!MYMca
!SMYMiM
X!MYLji~~
!SMYM\a~~
X!;MYMVL
!SMYMia
X!MYNNM~
!SMYMjO~
X!MYLNO~~~
!SMYMOV~~~
X!!jjc!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!%/%W!&;32!W!%1724019
!:;414<;19!/5<;19;S10;54
!:1<057!W
!%/%X!&;32!W!%1724019
!:;414<;19!/5<;19;S10;54
!:1<057!
X!%'%W!&;32!W!%1724019
!:;414<;19!'LI27;24<2
!:1<057!
W!"E%W!&;32!W!"72=;0Q-280!E2F1G;57
!:1<057!
W!"E%X!&;32!W!"72=;0Q-280!E2F1G;57
!:1<057!
X!V",'
J!!$99!02?02=!I10FB1H?!
?F5B4D!?;C4;6;<140!2?0;3102?!14=!/J'J!?F5B4D!/J'J!
=;?I91H2=!;4!I17240F2?2?J
!rIsJfbJ!!rrIsJfWJ!!rrrIsJffWJ
!!!!-89<E7!V4
!#HI50F2?2?!W<!_K14>?<7;I0!
&B5`+
!&;32!)42
!A>4564E68`76!"F>834>7F!456!AY"Y
!!%/%W
!%/%X!%'%W!"E%X
!"E%W!MYcOa~~~
!SMYMiO~~~
X!MYMcN
!SMYMaM
X!MYNVN~~
!SMYMai~~
X!;MYNMM
!SMYMi\
X!MYNOM~
!SMYMaM~
X!MYLac~~~
!SMYMa\~~~
X!!jjj!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!%/%W!&;32!W!%1724019
!:;414<;19!/5<;19;S10;54
!:1<057!W
!%/%X!&;32!W!%1724019
!:;414<;19!/5<;19;S10;54
!:1<057!
X!%'%W!&;32!W!%1724019
!:;414<;19!'LI27;24<2
!:1<057!
W!/A%W
!&;32!W!/1G;4C?Q,4G2?0;4C!
A45B92=C2
!:1<057!
W!V",'
J!!$99!02?02=!I10FB1H?!?F5B4D!?;C4;6;<140!2?0;3102?!14=!/J'J!?F5B4D!/J'J!
=;?I91H2=!;4!I17240F2?2?J
!rIsJfbJ!!rrIsJfWJ!!rrrIsJffWJ
!!!!!-89<E7!NM
!#HI50F2?2?!X1!_K14>?<7;I0!&B5`+
!&;32!)42
!*5F
>4564E68`76!"F>834>7F!456!AY"Y
!!!%/%W
!%/%X!%'%W!/A%W!;MYLcN~~
!SMYM\i~~
X!MYM\M
!SMYMj\
X!MYMNN
!SMYMaN
X!!jjO!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!%/%W!&;32!W!%1724019
!:;414<;19!/5<;19;S10;54
!:1<057!W
!%/%X!&;32!W!%1724019
!:;414<;19!/5<;19;S10;54
!:1<057!
X!%'%W!&;32!W!%1724019
!:;414<;19!'LI27;24<2
!:1<057!
W!/A%W
!&;32!W!/1G;4C?Q,4G2?0;4C!
A45B92=C2
!:1<057!
W!V",'
J!!$99!02?02=!I10FB1H?!?F5B4D!?;C4;6;<140!2?0;3102?!14=!/J'J!?F5B4D!/J'J!
=;?I91H2=!;4!I17240F2?2?J
!rIsJfbJ!!rrIsJfWJ!!rrrIsJffWJ
!!!!!!-89<E7!NM4
!#HI50F2?2?!X1!_K14>?<7;I0!&B5`+
!&;32!)42
!A>4564E68`76!"F>834>7F!456!AY"Y
!!%/%W
!%/%X!%'%W!/A%W!;MYLVL~~
!SMYM\i~~
X!MYNLN
!SMYMiN
X!MYMNj
!SMYM\N
X!!jja!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!%/%W!&;32!W!%1724019
!:;414<;19!/5<;19;S10;54
!:1<057!W
!%/%X!&;32!W!%1724019
!:;414<;19!/5<;19;S10;54
!:1<057!
X!%'%W!&;32!W!%1724019
!:;414<;19!'LI27;24<2
!:1<057!
W!/$%W!&;32!W!/1G;4C?Q,4G2?0;4C!$00;0>=2?
!:1<057!
W!/$%X!&;32!W!/1G;4C?Q,4G2?0;4C!$00;0>=2?
!:1<057!
X!/$%g!&;32!W!/1G;4C?Q,4G2?0;4C!$00;0>=2?
!:1<057!
g!V",'
J!!$99!02?02=!I10FB1H?!?F5B4D!?;C4;6;<140!2?0;3102?!14=!/J'J!?F5B4D!/J'J!
=;?I91H2=!;4!I17240F2?2?J
!rIsJfbJ!!rrIsJfWJ!!rrrIsJffWJ
!!!;MYMii
!SMYM\aX
!;MYNaM
!SMYM\OX
!-89<E7!NN
!#HI50F2?2?!X8!_K14>?<7;I0!&B5`+
!&;32!)42
!*5F
>4564E68`76!"F>834>7F!456!AY"Y
!!!;MYMNO
!SMYM\MX
!%/%W
!%/%X!%'%W!/$%W!/$%X!MYNV\~~~
!SMYMOi~~~X
!MYLMN~~
!SMYMij~~X
!;MYMMO
!SMYMOLX
!MYM\O
!SMYMOiX
!MYcMc~~~
!SMYMiN~~~X
!/$%g!MYLai~~~
!SMYMaV~~~X
!!jji!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!%/%W!&;32!W!%1724019
!:;414<;19!/5<;19;S10;54
!:1<057!W
!%/%X!&;32!W!%1724019
!:;414<;19!/5<;19;S10;54
!:1<057!
X!%'%W!&;32!W!%1724019
!:;414<;19!'LI27;24<2
!:1<057!
W!/$%W!&;32!W!/1G;4C?Q,4G2?0;4C!
$00;0>=2?
!:1<057!
W!/$%X!&;32!W!/1G;4C?Q,4G2?0;4C!$00;0>=2?
!:1<057!
X!/$%g!&;32!W!/1G;4C?Q,4G2?0;4C!$00;0>=2?
!:1<057!
g!V",'
J!!$99!02?02=!I10FB1H?!?F5B4D!?;C4;6;<140!2?0;3102?!14=!/J'J!?F5B4D!/J'J!
=;?I91H2=!;4!I17240F2?2?J
!rIsJfbJ!!rrIsJfWJ!!rrrIsJffWJ
!!!;MYMaM
!SMYMaOX
!;MYNLV~
!SMYMaa~X
!-89<E7!NN4
!#HI50F2?2?!X8!_K14>?<7;I0!&B5`+
!&;32!)42
!A>4564E68`76!"F>834>7F!456!AY"Y
!!!;MYMNL
!SMYMacX
!%/%W
!%/%X!%'%W!/$%W!/$%X!MYNVM~~~
!SMYMOj~~~X
!MYNij~~
!SMYMac~~X
!;MYMMj
!SMYMONX
!MYM\N
!SMYMOjX
!MYLOV~~~
!SMYMaM~~~X
!/$%g!MYLcO~~~
!SMYMOV~~~X
!!jj\!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!%/%W!&;32!W!%1724019
!:;414<;19!/5<;19;S10;54
!:1<057!W
!%/%X!&;32!W!%1724019
!:;414<;19!/5<;19;S10;54
!:1<057!
X!%'%W!&;32!W!%1724019
!:;414<;19!'LI27;24<2
!:1<057!
W!/E%W!&;32!W!/1G;4C?Q,4G2?0;4C!E2F1G;57
!:1<057!
W!V",'
J!!$99!02?02=!I10FB1H?!?F5B4D!?;C4;6;<140!2?0;3102?!14=!/J'J!?F5B4D!/J'J!
=;?I91H2=!;4
!I17240F2?2?
J!rIsJfbJ!!rr
IsJfWJ!!rrrIsJffWJ
!!!!!-89<E7!NL
!#HI50F2?2?!X<!_K14>?<7;I0!&B5`+!&;32!)42
!*5F
>4564E68`76!"F>834>7F!456!AY"Y
!!!%/%W
!%/%X!%'%W!/E%W!;MYMVc
!SMYMaO
X!MYNMV~~
!SMYMjN~~
X!MYcOa~~~
!SMYMOO~~~
X!!jjV!!!!!!!!!!!!!!!!!!!!!!!!!!!!!%/%W!&;32!W!%1724019
!:;414<;19!/5<;19;S10;54
!:1<057!W
!%/%X!&;32!W!%1724019
!:;414<;19!/5<;19;S10;54
!:1<057!
X!%'%W!&;32!W!%1724019
!:;414<;19!'LI27;24<2
!:1<057!
W!/E%W!&;32!W!/1G;4C?Q,4G2?0;4C!E2F1G;57
!:1<057!
W!V",'
J!!$99!02?02=!I10FB1H?!?F5B4D!?;C4;6;<140!
2?0;3102?!14=!/J'J!?F5B4D!/J'J!
=;?I91H2=!;4!I17240F2?2?
J!rIsJfbJ!!rrIsJfWJ!!rrrIsJffWJ
!!!!!-89<E7!NL4
!#HI50F2?2?!X<!_K14>?<7;I0!&B5`+!&;32!)42
!A>4564E68`76!"F>834>7F!456!AY"Y
!!%/%W
!%/%X!%'%W!/E%W!;MYM\\
!SMYMOV
X!MYNLV~~
!SMYMj\~~
X!MYcVM~~~
!SMYMOi~~~
X!!jOM!!!!!!!!!!!!!!!!!!!!$"-"$"'."A
!!!!!!!!!!!!!!!!!!!!!!!!jON!$"-"$"'."A
!!(?6=<FU!bY!SNVVMXY!-438?2!)7D7?=G375>!456!>:7!+8H7!.=<EF7d!,R=!/7EFG7C>8D7F!=5!-438?2!
.:4597Y!
3+-/("%'+4'@"//$"=.'"()'!"#$%&
U!P[ScXU!OiNmO\cY!!:>>Gd__6=8Y=E9_NMYLcMi_cOLVLj
!!(3@7E>U!(Y
;#YU!(6?7EU!/Y!(YU!(6?7EU!/YU!T
!)7>`57EU!)Y!-Y!SNVVOXY!*567EF>456859!456!"D4?<4>859!
k<4?8>4>8D7!$7F74EC:Y!
3+-/("%'+4'@"//$"=.'"()'!"#$%&
U!PYSjXU!\iVm\VcY!:>>Gd__6=8Y=E9_NMYLcMi_cOcjMV
!!(5>:7FU!ZY!+Y!SLMMjXY!-8545C84?!&??8>7E4C2!85!(37E8C4d!(!/7EH7C>!A>=E3U!4!/7EH7C>!BGG=E><58>2Y!
3+-/("%
'+4'!$("(1$"%'0./?$1.'H/+4.,,$+("%,
U!P]SaXU!jVmOiY!!(E57>>U!bY!bY!SNVVjXY!(E7!C=??797!F><675>F!46<?>Ft!,:78E!C=5C7G>8=5F!=H!>:7!>E45F8>8=5!>=!
46<?>:==6Y!
3+-/("%'+4'9)-%:'D.?.%+B#.(:
U!RSjXU!LNcmLLjY!:>>Gd__6=8Y=E9_NMYNMMi_0-MLLiiO\L
!!(E57>>U!bY!bY!SNVVOXY!0E=46!456!54EE=R!F=C84?8`4>8=5d!,:7!H438?2!85!>:7!C=5>7]>!=H!4!C<?><E4?!
>:7=E2Y!
3+-/("%'+4'@"//$"=.'"()'!"#$%&
U!PYScXU!aNimaL\Y!:>>Gd__6=8Y=E9_NMYLcMi_cOcVNi
!!(E57>>U!bY!bY!SNVViXY!1=<59!/7=G?7^F!.=5C7G>8=5F!=H!>:7!,E45F8>8=5!>=!(6<?>
:==6Y!c+-:8'd'0+1$.:&
U![KSNXU!cmLcY!:>>Gd__6=8Y=E9_NMYNNii_MMjjNN\lViMLVMMNMMN
!!(E57>>U!bY!bY!SNVV\XY!+74E5859!>=!F>456!4?=57d!,:7!C=5>73G=E4E2!(37E8C45!>E45F8>8=5!>=!
46<?>:==6!85!C<?><E4?!456!:8F>=E8C4?!C=5>7]>Y!
Z-#"('D.?.%+B#.(:
U!\RSO_aXU!LVOmcNOY!!(E57>
>U!bY!bY!SNVVVXY!(6=?7FC75>!F>=E3!456!F>E7FFU!E7C=5F867E76Y!
9#./$1"('H,&18+%+=$,:
U!P\SOXU!cNimcLaY!:>>Gd__6=8Y=E9_:>>Gd__6]Y6=8Y=E9YGE=]2NYC?Y3F<Y76<_NMYNMci_MMMc
;MaalYOjYOYcNi
!!(E57>>U!bY!bY!SLMMM4XY!"37E9859!46<?>:==6d!(!>:7=E2!=H!67D7?=G375>!HE=3!>:7!?4
>7!>775F!
>:E=<9:!>:7!>R75>87FY!
9#./$1"('H,&18+%+=$,:
U!PPSOXU!jaVmj\MY!:>>Gd__6=8Y=E9_:>>Gd__6]Y6=8Y=E9YGE=]2NYC?Y3F<Y76<_NMYNMci_MMMc
;MaalYOOYOYjaV
!!(E57>>U!bY!bY!SLMMM@XY!J89:!J=G7F!85!4!%E83!Z=E?6!"37E9859!(6<?>F^![87RF!=H!>:78E!-<><E7F!
456!q%757E4>8=5!l
Yr!c+-:8'd'0+1$.:&
U!URScXU!LaimL\aY!:>>Gd__6=8Y=E9_NMYNNii_MMjjNN\lMMMcNMMcMMN
!!(E57>>U!bY!bY!SLMMNXY!.=5C7G>8=5F!=H!>:7!,E45F8>8=5!>=!(6<?>:==6d!/7EFG7C>8D7F!-E=3!
(6=?7FC75C7!,:E=<9:!#86?8H7Y!
3+-/("%'+4'9)-%:'D.?.%+B#.(:
U!]SLXU!NccmNjcY!:>>Gd__6=8Y=E9_NMY
NMLc_(dNMLajOMNMcLLO
!!!jOL!(E57>>U!bY!bY!SLMMcXY!.=5C7G>8=5F!=H!>:7!,E45F8>8=5!>=!(6<?>:==6!(3=59!"37E9859!(6<?>F!85!
(37E8C45!">:58C!%E=<GFY!
T.<'D$/.1:$+(,'4+/'*8$%)'"()'9)+%.,1.(:'D.?.%+B#.(:
U![LLUSNMMXU!acmiaY!:>>Gd__6=8Y=E9_NMYNMML_C6YiO
!(E57>>U!bY!bYU!T!%4?
43@=FU!'Y!+Y!SLMMcXY!.<?><E7!456!.=5C7G>8=5F!=H!(6<?>:==6Y!
T.<'D$/.1:$+(,'
4+/'*8$%)'"()'9)+%.,1.(:'D.?.%+B#.(:
U![LLUSNMMXU!VNmV\Y!:>>Gd__6=8Y=E9_NMYNMML_C6Yii
!!(E57>>U!bY!bYU!T
!b75F75U!+Y!(Y!SLMMLXY!(!.=59E794>8=5!=H!B57!&568D86<4?8`76!$7?898=<F!07?87HF!
43=59!"37E9859!(6<?>FY!
3+-/("%'+4'9)+%.,1.(:'J.,."/18
U!RYSOXU!jONmjaiY!:>>Gd__6=8Y=E9_NMYNNii_MijcOO\jMLNiOMML
!!(E57>>U!bY!bYU!T!,4@7EU!AY!SNVVjXY!(6=?7FC75C7!>7E3854@?7!456!85>7
E3854@?7d!Z:75!6=7F!
46=?7FC75C7!756t!
3+-/("%'+4'c+-:8'"()'9)+%.,1.(1.
U![USOXU!ONimOciY!:>>Gd__6=8Y=E9_NMYNMMi_0-MNOciicj
!!(>Q85F=5U!(YU!T!#7FF2U!-Y
;(Y!SLMNLXY!#74F<E859!H8545C84?!?8>7E4C2d!$7F<?>F!=H!>:7!
B".)_85>7E54>8=54?!57>R=EQ!=5!H8545C84?!76<C4>8=5!S&
'-"X!/8?=>!A><62Y!
G5*D'
`+/;$(='H"B./,'+('!$("(1.2'6(,-/"(1.'"()'H/$?":.'H.(,$+(,
U!SNOXY!:>>Gd__6=8Y=E9_NMYNi\i_LMiViNNi
!!(D4E6U!AYU!"59?8F:U!)YU!#45>=5U!"YU!T!Z4?Q7EU!bY!SLMMOXY!,:7!H8545C84?!Q5=R?7697!=H!C=??797!
HE7F:375Y!
*+%%.=.'0:-).(:'3+-/("%
U!UKSLXU!cLN|Y!!(2E7FU!AY!SLMNcXY!
78.'Z$=8'*+,:'+4'c+-:8'e(.#B%+&#.(:
Y!.75>7E!H=E!(37E8C45!/E=9E7FFY!
$7>E87D76!HE=3!
:>>Gd__F74EC:YGE=I<7F>YC=3YGE=]2LYC?Y3F<Y76<_6=CD87R_NjacMOjjVM_)\"MaMLMj
)N.jV0"/k_jVt4CC=<5>86wNLOV\
!!04@@87U!"Y!SLMM\XY!
78.'>",$1,'+4',+1$"%'
/.,."/18
Y!(<F>E4?84d!,:=3F=5!Z46FR=E>:Y
!!0456<E4U!(Y!SNV\aXY!
0+1$"%'4+-()":$+(,'+4':8+-=8:'"()'"1:$+(C'9',+1$"%'1+=($:$?.':8.+/&
Y!"59?7R==6!.?8HHFU!'bd!/E75>8C7
;J4??Y
!!04EE2U!bY!AY!SLMNcU!BC>=@7EXY!-=F>7E859!H8545C84?!?8>7E4C2!>:E=<9:!76<C4>8=5Y!
78.'*H9'3+
-/("%U!]USNMXU!iY!!04E>:=?=347U!AYU!-=]U!bYU!T!+77U!bY!SLMMOXY!0<8?6859!>:7!C4F7!H=E!H8545C84?!76<C4>8=5Y!
3+-/("%'+4'
*+(,-#./'944"$/,
U!UKSNXU!NVO|Y!!04E><57QU!bY!#YU!T!#27=59
;%<!A7=Y!SLMMLXY!k<4?8>4>8D7!E7F74EC:!C45!466!57R!3745859F!>=!
I<45>8>4>8D7!E7F74EC
:Y!3+-/("%'+4'G/="($b":$+("%'f.8"?$+/
U![USLXU!LcimLjLY!:>>Gd__6=8Y=E9_NMYNMML_P=@Y?cL
!!04`7?72U!/Y!SLMMVXY!(54?2F859!I<4?8>4>8D7!64>4d!#=E7!>:45!q8675>8H2859!>:737FYr!
@"%"&,$"('
3+-/("%'+4'A-"%$:":$?.'J.,."/18
U![U!amLLY!!!jOc!07<>?7EU!&YU!07<>?7EU!+YU!T!#C.=2U!b
Y!eY!SLMM\XY!#=572!(FG8E4>8=5F!(@=<>!+8D859!Z7??d!#866?7!
AC:==?!A><675>!/7EC7G>8=5FY!
3+-/("%'+4'!$("(1$"%'*+-(,.%$(='d'H%"(($(=
U!RKSNXU!jj
maMY!07<>?7EU!&Y!-Y!SLMNLXY!.=557C>8=5F!>=!"C=5=38C!/E=FG7E8>2d!#=572!(FG8E4>8=5F!HE=3!
(6=?7FC75C7!>=!"37E9859!(6<?>:=
=6Y!3+-/("%'+4'!$("(1$"%'*+-(,.%$(='d'H%"(($(=
U![USNXU!NimcLY!!08??4E8U!-Y!.Y!SLMMVXY!,:7!?8H7!C=<EF7!8F!C=3859!=H!497Y!
9)?"(1.,'$('E$4.'*+-/,.'J.,."/18
U!R\ScXU!\cm\aY!:>>Gd__6=8Y=E9_NMYNMNa_PY4?CEYLMMVYNMYMMN
!!0?==3@7E9U!+Y!)YU!T![=?G7U!#Y!SLMM\XY!
*+#B%.:$(='&+-/'a-"%$:":$?.')$,,./:":$+(C'9'/+")#"B'
4/+#'>.=$(($(=':+'.()
Y!+=F!(597?7FU!.(d!A497!/<@?8C4>8=5FY
!!0=E675U!+Y!#YU!+77U!AY
;(YU!A7E86=U!bYU!T!.=??85FU!)Y!SLMM\XY!.:459859!.=??797!A><675>F^!-8545C84?!
e5=R?7697U!(>>8><67FU!456!07:4D8=E!>:E=<9:!A73
854E!/4E>8C8G4>8=5Y!
3+-/("%'+4'
!"#$%&'"()'51+(+#$1'6,,-.,
U![KSNXU!LcmjMY!:>>Gd__6=8Y=E9_NMYNMMi_FNM\cj
;MMi;VM\i;L!!0E=R5U!#YU!J4<9:R=<5>U!(YU!+77U!)YU!#4@<>4FU!#YU!T!D45!67E!e?44RU!ZY!SLMNLU!#4EC:!OXY!
%E46859!F><675>!?=45FY!-767E4?!$7F7ED7!045Q!=H!'7R!1=EQ
d!+8@7E>2!A>E77>!"C=5=38CFY!
$7>E87D76!HE=3!:>>Gd__?8@7E>2F>E77>7C=5=38CFY57R2=EQH76Y=E9_LMNL_Mc_9E46859
;F><675>
;?=45FY:>3?{Y[(61-4N6l=9
!!0E=R5U!AY!#Y!SLMNcU!BC>=@7EXY!"6<C4>8=5!8F!>:7!e72!>=!-8545C84?!+8>7E4C2Y!
`",8$(=:+('
6(4+/#./
U!GY!-+aY!Z4F:859>=5U!)Y.Y
U!*58>76!A>4>7FY!!0<C]U!-YU!D45!Z7?U!-YU!T!e58P5U!,Y!SLMNLXY!+8H7!.=<EF7!A>4><F!456!"]C:4597F!=H!A<GG=E>!
07>R775!1=<59!(6<?>F!456!/4E75>FY!
3+-/("%'+4'@"//$"=.'"()'!"#$%&
U!Y\SNXU!NMNmNNOY!:>>Gd__6=8Y=E9_NMYNNNN_PYNijN
;ciciYLMNNYMM\\cY]!!0<E74<!=H!+4@=E!A>4>8F>8CF!S0+AXY!SLMNcXY!
*+%%.=.'.(/+%%#.(:'"()'<+/;'"1:$?$:&'+4'[LR['8$=8'
,18++%'=/")-":.,
Y!$7>E87D76!HE=3!RRRY@?FY9=D_CGF
!!0<E74<!=H!+4@=E!A>4>8F>8CF!S0+AXY!SLMNjXY!,:7!73G?=2375>!F8><4>8=5d!A7G>73@7E!LMNjY
!!02E57U!0Y!#YU!A:4D7?F=5U!$Y!b
YU!T!#<>:75U!0Y!SNV\VXY!,7F>859!H=E!>:7!7I<8D4?75C7!=H!H4C>=E!
C=D4E845C7!456!3745!F>E<C><E7Fd!,:7!8FF<7!=H!G4E>84?!374F<E7375>!85D4E845C7Y!
H,&18+%+=$1"%'f-%%.:$(
U!RLPScXU!jOamjaaY!!.4E345U!#Y!bY!SLMMVXY!"]G?=E4>8=5!=H!>:7!68375F8=5F!=H!737E9859!46<?>F^!G7E
C7G>8=5F!=H!>:7!
>E45F8>8=5!>=!46<?>:==6Y!
D$,,./:":$+('9>,:/"1:,'6(:./(":$+("%C'0.1:$+('fC'78.'01$.(1.,'
"()'5(=$(../$(=
U!XKS\;0XU!OMijY
!!.75>7EF!H=E!)8F74F7!.=5>E=?!456!/E7D75>8=5!S.).XY!S5Y6YXY!
T":$+("%'#"//$"=.'"()')$?+/1.'
/":.':/.(),
Y!$7>E87D76!HE=3!RRRY
C6CY9=D!!!jOj!.:45U!eY!1Y
;eYU!.:45U!AY!-YU!T!.:4<U!(Y!ZY
;+Y!SLMNLXY!-8545C84?!Q5=R?7697!456!4G>8><67Fd!
83G4C>F!=5!C=??797!F><675>F^!H8545C84?!R7??
;@7859Y!
*+%%.=.'0:-).(:'3+-/("%
U!\XSNXU!NNj|Y!.:4E?7F!AC:R4@Y!SLMNNXY!LMNN!,775F!T!3=572!F<ED72!H856859Fd!&5F89:>!8
5>=!3=572!4>>8><67FU!
@7:4D8=EF!456!7]G7C>4>8=5F!=H!Na
;>=!N\
;274E;=?6FY!$7>E87D76!HE=3!
:>>Gd__RRRYFC:R4@3=572R8F7YC=3_G<@?8C_H8?7_/
;jNVLLa\_NNMOLa
;A.JZ(0
;,""'A#B'"1YG6H
!!.:75U!-Y!-YU!A=<F4U!eY!JYU!T!Z7F>U!AY!%Y!SLMMOXY!,7F>859!374F<E7375>!85D4E845C7!=H!F7C=
56;=E67E!H4C>=E!3=67?FY!
0:/-1:-/"%'5a-":$+('@+).%$(=
U!R[ScXU!jiNmjVLY!!.:75U!JYU!T![=?G7U!$Y!/Y!SNVV\XY!(5!454?2F8F!=H!G7EF=54?!H8545C84?!?8>7E4C2!43=59!C=??797!
F><675>FY!
!$("(1$"%'0./?$1.,'J.?$.<
U!YSLXU!NMiY!!.:75U!JYU!T![=?G7U!$Y!/Y!SLMMLXY!%7567E!)8HH7E
75C7F!85!/7EF=54?!-8545C84?!+8>7E4C2!(3=59!
.=??797!A><675>FY!
!$("(1$"%'0./?$1.,'J.?$.<
U!RRScXU!L\VY!!.:7<59U!%Y!ZYU!T!$75FD=?6U!$Y!0Y!SLMMLXY!"D4?<4>859!9==657FF
;=H;H8>!8567]7F!H=E!>7F>859!
374F<E7375>!85D4E845C7Y!
0:/-1:-/"%'5a-":$+('@+).%$(=
U!KU!LccmLOOY!!.:=U!AY!JYU!%<>>7EU!#YU!e83U!bYU!T!#4<?685U!,Y!SLMNLXY!,:7!"HH7C>!=H!A=C84?8`4>8=5!456!
&5H=E34>8=5!A=<EC7!=5!-8545C84?!#45497375>!07:4D8=EF!43=59!+=R
;!456!
#=67E4>7
;&5C=37!(6<?>FY!
!"#$%&'"()'*+(,-#./'01$.(1.,'J.,."/18'3+-/("%
U!\LSjXU!jNimjcMY!:>>Gd__6=8Y=E9
_NMYNNNN_PYNOOL
;cVcjYLMNLYMLNLMY]!!.=:75U!/YU!e4F75U!AYU!.:75U!JYU!J4E>34EQU!.YU!T!%=E6=5U!eY!SLMMcXY![4E84>8=5F!85!G4>>7E5F!=H!
67D7?=G375>4?!>E45F38FF8=5F!85!>:7!737E9859!46<?>:==6!G7E8=6Y!
D.?.%+B#.(:"%'
H,&18+%+=&
U!UKSjXU!aOimaaVY!:>>Gd__6=8Y=E9_:>>Gd__6]
Y6=8Y=E9YGE=]2NYC?Y3F<Y76<_NMYNMci_MMNL
;NajVYcVYjYaOi!!.=??85FU!bY!#YU!T!B^$=<EQ7U!.Y!#Y!SLMNMXY!-8545C84?!76<C4>8=5!456!C=<5F7?859
;;F>8??!:=?6859!
GE=38F7Y!
3+-/("%'+4'*+(,-#./'944"$/,
U!\\ScXU!j\c|Y!!.=?<CC8U!"Y!SLMMiXY!q-=C<F!%E=<GF!.45!07!-<5rd!,:7!*F7!=H!(C>8D8>2
;BE875>76!k<7F>8=5F!85!
-=C<F!%E=<G!)8FC<FF8=5FY!
A-"%$:":$?.'Z."%:8'J.,."/18
U!RYSNMXU!NjLLmNjccY!:>>Gd__6=8Y=E9_NMYNNii_NMjVicLcMicM\NLV
!!.=597EU!$Y!)YU!"?67EU!%Y!JYU!+=E75`U!-Y!BYU!.=597EU!e
Y!bYU!A83=5FU!$Y!+YU!T!Z:8>@7CQU!+Y!0Y!S5Y6YXY!
+85Q859!7C=5=38C!:4E6F:8G!>=!34E8>4?!I<4?8>2!456!85F>4@8?8>2Y!
3+-/("%'+4'@"//$"=.'
"()':8.'!"#$%&
U!P[ScXU!ajcmaOaY!!.=D8??U!(Y!"Y!SLMNNXY!.=??797!F><675>F^!G7EC7G>8=5F!=H!>:7!>E468>8=54?!?7C><E7!37>:=6Y!
*+%%.=.
'0:-).(:'3+-/("%
U!\PSNXU!VL|Y!!.E7FR7??U!bY!ZY!SLMMiXY!
A-"%$:":$?.'$(a-$/&'d'/.,."/18').,$=(C'*8++,$(='"#+(='4$?.'
"BB/+"18.,
Y!,:=<F456!B4QFd!A497!/<@?8C4>8=5FY!!jOO!!.E7FR7??U!bY!ZYU!T!.?4EQU![Y!+Y!SLMMiXY!
D.,$=($(='"()'1+()-1:$(='#$F.)'#.:8+)'/.,."/18
Y!,:=<F45
6!B4QFd!A497!/<@?8C4>8=5FY
!.E7FR7??U!bY!ZYU!T!#8??7EU!)Y!+Y!SLMMMXY!)7>7E385859!D4?868>2!85!I<4?8>4>8D7!85I<8E2Y!
78.+/&'
6(:+'H/"1:$1.
U!UKScXU!NLjmL\VY!!.<??U!#YU!T!Z:8>>=5U!)Y!SLMNNXY!*58D7EF8>2!F><675>F^!H8545C84?!?8>7E4C2!?7D7?Fd!=@F>4C?7F!456!
486FY!
51+(
+#$1'"()'E">+-/'J.%":$+(,'J.?$.<
U![[SNXU!VV|Y!!.<E>=U![YU!+<F4E68U!(YU!T!#8>C:7??U!BY!AY!SLMNMXY!-8545C84?!?8>7E4C2!43=59!>:7!2=<59Y!
3+-/("%'+4'
*+(,-#./'944"$/,
U!\\SLXU!cO\|Y!!)4Q85U!bYU!T!Z43G?7EU!$Y!SLMM\XY!#=572!6=7F5^>!@<2!:4GG857FFU!@<>!8>!:7?GFd!#4E8
>4?!F4>8FH4C>8=5U!GF2C:=?=98C4?!68F>E7FFU!456!673=9E4G:8C!68HH7E75C7F!@7>R775!?=R
;456!
3866?7
;85C=37!C?858C!C=<G?7FY!
78.'9#./$1"('3+-/("%'+4'!"#$%&'78./"B&
U!UXU!cMMmcNNY!!)4?2U!eY!bY!SLMMiXY!
A-"%$:":$?.'#.:8+),'4+/'4"#$%&',:-)$.,'"()'8-#"(').?.%+B#.(:
Y!+=F!
(597?7Fd!A497!/<@?8C4>8=5FY
!!)457FU!AY!#Y!SNVVjXY!/4E75>4?!G7EC7G>8=5F!=H!C:8?6E75^F!H8545C84?!F=C84?8`4>8=5Y!
!$("(1$"%'
*+-(,.%$(='"()'H%"(($(=
U!PU!NLimNjaY!!)457FU!AY!#YU!T!J4@7E345U!JY!$Y!SLMMiXY!,775!-8545C84?!e5=R?7697U!A7?H
;"HH8C4C2U!456!
07:4D8=Ed!(!%
7567E76![87RY!
3+-/("%'+4'!$("(1$"%'*+-(,.%$(='"()'H%"(($(=
U!R]SLXU!j\maMUV\mVVY!!)8C>8=54E2YC=3Y!S5Y6Y4XY!
g(+<%.)=.
Y!$7>E87D76!HE=3!
:>>Gd__68C>8=54E2YE7H7E75C7YC=3_@E=RF7_Q5=R?7697tFw>
!!)8C>8=54E2YC=3Y!S5Y6Y
;@XY!
6%%$:./"1&
Y!$7>E87D76!HE=3!
:>>Gd__68C>8=54E2YE7H7E75C7YC=3_@E=RF7_8??8>7E4C2tFw>
!!)8C>8=54E2YC=3Y!S5Y6Y
;CXY!9::$:-).
Y!$7>E87D76!HE=3!
:>>Gd__68C>8=54E2YE7H7E75C7YC=3_@E=RF7_4>>8><67tFw>
!!)8C>8=54E2YC=3Y!S5Y6Y
;6XY!f.8"?$+/
Y!$7>E87D76!HE=3!
:>>Gd__68C>8=54E2YE7H7E75C7YC=3_@E=RF7_@7:4D8=
EtFw>
!!)8C>8=54E2YC=3Y!S5Y6Y
;7XY!*"B">$%$:&
Y!$7>E87D76!HE=3!
:>>Gd__68C>8=54E2YE7H7E75C7YC=3_@E=RF7_C4G4@8?8>2tFw>
!!)8C>8=54E2YC=3Y!S5Y6Y
;HXY!5)-1":$+(
Y!$7>E87D76!HE=3!
:>>Gd__68C>8=54E2YE7H7E75C7YC=3_@E=RF7_76<C4>8=5tFw>
!!)8C>8=54E2YC=3Y!S5Y6Y
;9XY!0+1$"%$b"
:$+(
Y!$7>E87D76!HE=3!
:>>Gd__68C>8=54E2YE7H7E75C7YC=3_@E=RF7_F=C84?8`4>8=5tT=wNMMMijTFw>
!!jOa!!)8C>8=54E2YC=3Y!S5Y6Y
;:XY!D.#+=/"B8$1,
Y!$7>E87D76!HE=3!
:>>Gd__68C>8=54E2YE7H7E75C7YC=3_@E=RF7_673=9E4G:8CF
!)8?R=E>:U!bY!+YU!.:75=R7>:U!+Y!.YU!T!"597?@E7C:>U!bY!SLMMMXY
!(!k<4?8>4>8D7!A><62!BH!,:7!#=572!
%=4?F!BH!.=??797!A><675>F!(56!,:78E!/4E75>FY!
3+-/("%'+4'!$("(1$"%'*+-(,.%$(='"()'
H%"(($(=
U!RRSLXU!ccmjLY!!)=3=57??U!eY!SLMNNU!BC>=@7EXY!)=??4EF!456!F75F7d!,8GF!H=E!83G?7375>859!H8545C84?!?8>7E4C2!
GE=9E43F!=5!C43G<FY!*58D7E
F8>2!0<F857FFY
!!"8>7?U!AY!bYU!T!#4E>85U!bY!SLMMVXY!-8EF>
;%757E4>8=5!-734?7!.=??797!A><675>F^!-8545C84?!+8>7E4C2d!
$74?!456!/7EC78D76!04EE87EF!>=!)79E77!.=3G?7>8=5Y!
*+%%.=.'0:-).(:'3+-/("%
U!\USLXU!aNamacMY!!"?67EU!%Y!JY!bY!SNVVOXY!,:7!?8H7!C=<EF7!G4E46893d!A
=C84?!C:4597!456!8568D86<4?!67D7?=G375>Y!
&5!/Y!#=75U!%Y!JY!bY!"?67EU!T!eY!+<FC:7E!S"6FYXU!
5F"#$($(='%$?.,'$('1+(:.F:'B./,B.1:$?.,'
+(':8.'.1+%+=&'+4'8-#"(')..%+B#.(:
!SGGY!NMNmNcVXY!Z4F:859>=5d!(/(!/E7FFY
!!"??8FU!0Y!SLMNcU!)7C73@7E!OXY!(D7E497!F><675>!?=45!6
7@>d!sLVUjMMY!.''!#=572Y!$7>E87D76!
HE=3!:>>Gd__3=572YC55YC=3_LMNc_NL_Mj_GH_C=??797_F><675>
;?=45
;67@>_
!!"??8FU!0Y!SLMNjU!b<57!NMXY!J4?H!=H!C=??797!9E46F!F>8??!E7?2859!=5!G4E75>F^!3=572Y!.''!#=572Y!
$7>E87D76!HE=3!:>>Gd__RRRYC553=572YC=3
!!"]G7E875C7FY!S5Y6YXY
!)8C>8=54E2YC=3Y!$7>E87D76!HE=3!
:>>Gd__68C>8=54E2YE7H7E75C7YC=3_@E=RF7_7]G7E875C7
!!-4C8=U!(YU!T!#8C=CC8U!-Y!SLMMcXY!"37E9859!(6<?>:==6!85!(E975>854Y!
T.<'D$/.1:$+(,'4+/'*8$%)'
"()'9)+%.,1.(:'D.?.%+B#.(:
U![LLUSNMMXU!LNmcLY!:>>Gd__6=8Y=E9_NMYNMML_C6YiL
!!-E876345U!)Y!SLMNjU!#42!NiXY!(37E8C45F!=R7!sNYL!>E8??8=5!85!F><675>!?=45FU!F<EG4FF859!
CE768>!C4E6!456!4<>=!?=45!67@>!>=>4?FY!'7R!1=EQ!)48?2!'7RFY!$7>E87D76!HE=3!
:>>Gd__RRRY52648?257RFYC=3
!!%4?43@=FU!'Y!+YU!04EQ7EU!"Y![YU!T!,8?>=5
;Z74D7EU!+Y!.Y!SLMMcXY!.454
6845!(6=?7FC75>F^!&3G?8C8>!
,:7=E87F!=H!&334><E8>2d!Z:4>!)=7F!q.:8?68F:r!#745t!
T.<'D$/.1:$+(,'4+/'*8$%)'"()'
9)+%.,1.(:'D.?.%+B#.(:
U![LLUSNMMXU!iimVMY!:>>Gd__6=8Y=E9_NMYNMML_C6Yia
!!%4E345U!,Y!"YU!T!-=E9<7U!$Y!"Y!SLMNLXY!
H./,+("%'!$("(1.
!SNN>:!76YXY!(<F>E4?84
d!A=<>:
;Z7F>7E5!
.759497!+74E5859Y
!!%4E>:U!ZY!SLMMVU!BC>=@7E!LVXY!-8545C84?!&??8>7E4C2d!(5!"G86738C!,:4>!)73456F!(!.=??7C>8D7!
/=F>;"C=5=38C!.E8F8F!.<E7Y!
0-('J.B+/:./
U!GY!/\U/\(Y!A45!-E45C8FC=U!.4?8HYU!*58>76!
A>4>7FY!!!jOi!%7?345U!(Y!SLMNMU!)7C73@7E!LLXY!,:7!b<3G
F>4E>!H8545C84?!?8>7E4C2!F<ED72!456!>:7!68HH7E75>!
G<EG=F7F!=H!>7F>FY!A>4>8F>8C4?!3=67?859U!C4F<4?!85H7E75C7U!456!F=C84?!FC875C7Y!
$7>E87D76!HE=3!:>>Gd__456E7R97?345YC=3_LMNM_NL_LL_>:7xP<3GF>4E>xH_
!%8?9<5U!bY!-YU!T!(@E43FU!+Y!AY!SLMMLXY!,:7!'4><E7!456!*F7H<?
57FF!=H!k<4?8>4>8D7!A=C84?!Z=EQ!
$7F74EC:!A=37!,:=<9:>F!456!45!&5D8>4>8=5!>=!)84?=9<7Y!
A-"%$:":$?.'0+1$"%'`+/;
U!RSNXU!cVmOOY!:>>Gd__6=8Y=E9_NMYNNii_NjiccLOMMLMMNMMNijc
!!%==6345U!0Y!SLMNLXY!.45!"6<C4>8=5!A=?D7!-8545C84?!&??8>7E4C2t!
f"//+(h,U!K[Sc\XU!cMY!!%E4@?7U!bY!"YU!T!b==U!AY
;JY!SLMMaXY!A><675>!$4C84?!)8HH7E75C7F!85!.E768>!.4E6!)7@>!456!-8545C84?!
07:4D8=EF!456!A>E7FFY!
*+%%.=.'0:-).(:'3+-/("%
U!\LSLXU!jMMmjM\Y!!%E775@7E97EU!"YU!T!AE75F75U!(Y!0Y!SNVijXY!,=R4E6!4!C=5C7G>!=H!GF2C:=F=C84?!34><E8>2Y!
3+-/("%'+4'c
+-:8'"()'9)+%.,1.(1.
U!USjXU!cLVmcO\Y!:>>Gd__6=8Y=E9_NMYNMMi_0-MLLNjija
!!%E7757U!(Y!+YU!Z:74>?72U!AY!#YU!T!(?64D4U!bY!-Y!SNVVLXY!A>497F!=5!+8H7^F!Z42!(6=?7FC75>F^!
&3G?8C8>!,:7=E87F!=H!>:7!+8H7!.=<EF7Y!
3+-/("%'+4'9)+%.,1.(:'J.,."/18
U!YScXU!cajmc\NY!:>>Gd__6=
8Y=E9_NMYNNii_MijcOOj\VLicMMa!!%E775FG45U!(Y!SLMMcXY!,:7!83G=E>45C7!=H!H8545C84?!456!7C=5=38C!76<C4>8=5!456!?8>7E4C2Y!
S$48F859!&5>7E7F>!85!"C=5=38CFXY!
0+1$"%'5)-1":$+(
U!XYSLXU!iM|Y!!%<63<5F=5U!.Y!%YU!T!)457FU!AY!#Y!SLMNNXY!-438?2!-8545C84?!A=C84?8`4>8=5d!,
:7=E2!456!.E8>8C4?!
$7D87RY!3+-/("%'+4'!"#$%&'"()'51+(+#$1'6,,-.,
U!U[SjXU!ajjmaaiY!:>>Gd__6=8Y=E9_NMYNMMi_FNM\cj
;MNN;VLiO;2!!%<>>7EU!#YU!T!.=G<EU!gY!SLMNNXY!-8545C84?!07:4D8=EF!456!-8545C84?!Z7??
;07859!=H!.=??797!
A><675>Fd!"D8675C7!HE=3!4!'4>8=54?!A<ED72Y!
3+-/("%'+4'!"#$%&'"()'51+(+#$1'6,,-.,
U!U[SjXU!aVVmiNjY!:>>Gd__6=8Y=E9_NMYNMMi_FNM\cj
;MNN;VLOO;L!!%<>>7EU!#Y!AYU!%4EE8F=5U!AYU!T!.=G<EU!gY!SLMNMXY!A=C84?!+74E5859!BGG=E><58>87F!456!>:7!
-8545C84?!07:4D8=EF!=H!.=??797!A><675>FY!
!"#$%&'"()'*+(,-#./'01$.(1.,'
J.,."/18'
3+-/("%
U!U]SjXU!c\imjMjY!:>>Gd__6=8Y=E9_NMYNNNN_PYNOOL
;cVcjYLMNMYMMMcjY!!J4??U!AY!%Y!SNVMjXY!
9)+%.,1.(1.C'6:,'B,&18+%+=&'"()'$:,'/.%":$+(':+'B8&,$+%+=&2'"(:8/+B+%+=&2'
,+1$+%+=&2',.F2'1/$#.2'/.%$=$+(2'"()'.)-1":$+(
Y!'7R!1=EQd!(GG?7>=3!T!.=Y
!!J456C=CQU!(Y!#YU!b=E975F75U!0Y!+YU!T!#7?D85U!AY!AY!SLMNcXY!.=??797!F><675>F!456!CE768>!C4E6!
<F7d!,:7!E=?7!=H!G4E75>FU!R=EQ!7]G7E875C7U!H8545C84?!Q5=R?7697U!456!CE768>!C4E6!
4>>8><67FY!
3+-/("%'+4'!"#$%&'"()'51+(+#$1'6,,-.,
U!U\U!caVmc\NY!:>>Gd__6=8Y=E9_NMYNMM
i_FNM\cj
;MNL;Vcc\;\!!J4554U!#Y!"YU!J8??U!$Y!$YU!T!/7E6<7U!%Y!SLMNMXY!AC:==?!=H!F><62!456!H8545C84?!?8>7E4C2Y!
3+-/("%'+4'
51+(+#$1,'"()'51+(+#$1'5)-1":$+('J.,."/18
U!RRScXU!LV|Y!!!jO\!J4EE7?F=5U!bY!.Y!SLMNNXY!,:7!G7EC7G>8=5F!=H!>R7?H>:
;9E467!F><675>F!=5!H8545C84?!
?8>7E4C2Y!
D$,,./:":$+('9>,:/"1:,'6(:./(":$+("%'0.1:$+('9C'Z-#"($:$.,'"()'0+1$"%'01$.(1.,
U!Y[SN;(XU!\jY
!J427FU!)Y!SLMNLU!(GE8?!NLXY!J89:7E!76<C4>8=5!456!H8545C84?!?8>7E4C2d!(!57R!G4E46893Y!
)8D7EF7Y!!J7589U!$Y!#Y!SLMNMU!(<9<F>!N\XY!Z:4>!&F!&>!(@=<>!LM
;A=37>:
859Ft!
78.'T.<'c+/;'7$#.,
Y!$7>E87D76!HE=3!:>>Gd__RRRY52>837FYC=3_LMNM_M\_LL_3494`857_LL(6<?>:==6
;>Y:>3?
!!J8?97E>U!#Y!(YU!J=94E>:U!bY!#YU!T!07D7E?2U!AY!%Y!SLMMcXY!J=<F7:=?6!-8545C84?!#45497375>d!,:7!
.=557C>8=5!@7>R775!e5=R?7697!456!07:4D8=EY!
!.)./"%'J.,./?.'
f-%%.:$(
U!]KSiXU!iY!!J8??U!$Y!$YU!T!/7E6<7U!%Y!SLMM\XY!(!37>:=6=?=98C4?!8FF<7!85!>:7!374F<E7375>!=H!H8545C84?!
+8>7E4C2Y!
3+-/("%'+4'51+(+#$1,'"()'51+(+#$1'5)-1":$+('J.,."/18
U!KSLXU!jc|Y!!J=HH345U!"Y!SLMM\U!(GE8?!VXY!'7RF!E7?74F7d!-8545C84?!?8>7E4C2!F>8??!67
C?85859!43=59!:89:!
FC:==?!F758=EFU!b<3Gs>4E>!.=4?8>8=5^F!LMM\!F<ED72!F:=RFY
!!J=E>75F8<FU!+Y!SLMNLXY!/E=P7C>!H=E!85>E=6<C>8=5!>=!3<?>8D4E84>7!F>4>8F>8CFd!#74F<E7375>!
85D4E845C7Y!$7>E87D76!HE=3!
RRRY>CY<35Y76<_•:=E>7MMO_6=CF_374F<E7375>85D4E845C7YG6H
!!J<U!+YU
!T!075>?7EU!/Y!#Y!SNVVVXY!.<>=HH!CE8>7E84!85!H8]!8567]7F!85!C=D4E845C7!F>E<C><E7!454?2F8Fd!
.=5D75>8=54?!CE8>7E84!D7EF<F!57R!4?>7E54>8D7Y!
0:/-1:-/"%'5a-":$+('@+).%$(=
U!XSNXU!NmOOY!!&0#!.=EGY!SLMNLXY!&0#!A/AA!A>4>8F>8CF!H=E!Z856=RFU![7EF8=5!LNYMY!S[7EF8=5!LN
YMXY!(E3=5QU!
'1d!&0#!.=EGY
!!&5F>8><>7!H=E!)898>4?!$7F74EC:!456!"6<C4>8=5!*.+(Y!SLMNOU!A7G>73@7E!NjXY!&5>E=6<C>8=5!>=!
#G?<FY!!*.+(d!A>4>8F>8C4?!.=5F<?>859!%E=<GY
!!&5D7F>=G7684Y!S5Y6YXY!
!$("(1$"%'%$:./"1&
Y!$7>E87D76!HE=3!
:>>Gd__RRRY85D7F>=G7684YC=3_>7E3F_H_H
8545C84?
;?8>7E4C2Y4FG
!!&``=U!/Y!SLMNjU!#42!NaXY!.=59E4><?4>8=5F!>=!C?4FF!=H!LMNjU!3=F>!8567@>76!7D7EY!$7>E87D76!
HE=3!:>>Gd__@?=9FYRFPYC=3_5<3@7EF_C=594><?4>8=5F
;>=;C?4FF
;=H;LMNj;>:7
;3=F>
;8567@>76
;7D7E;Nca\_!!b=:5U!)Y!$Y!SNVVVXY!.=5F<37E!F=C84?8`4>8=5!=H!C:8?6E75d!(!E7>E=FG7C>8D7!?==Q!4>!>R75>2
;H8D7!274EF!=H!E7F74EC:Y!78.'3+-/("%'+4'*+(,-#./'J.,."/18
U![XScXU!N\cmLNcY!!b=??2U!+Y!SLMMNXY!$7H?7]8D7!P=<E54?FY!
i"%-.'9)).)'*"/../'0:"/:'H/+=/"#'Vi9*0W
Y!$7>E87D76!
HE=3!
RRRYD4CFY<IY76<Y4<
!!!jOV!b=E975F75U!0Y!+Y!SLMNcU!'=D73@7E!NNXY!"37E9859!46<?>^F!H8545C84?!C4G4@8?8>2!F<ED72!
I<7F>8=5F!R8>:!F=<EC7F!456!C4>79=E87FY
!b=E975F75U!0Y!+YU!T!A4D?4U!bY!SLMNMXY!-8545C84?!+8>7E4C2!=H!1=<59!(6<?>Fd!,:7!&3G=E>45C7!=H!
/4E75>4?!A=C84?8`4>8=5
Y!!"#$%&'J.%":$+(,
U!PKSjXU!jaOmji\Y!:>>Gd__6=8Y=E9_NMYNNNN_PYNijN
;ciLVYLMNMYMMaNaY]!!b<3Gs>4E>Y!SLMM\XY!-8545C84?!?8>7E4C2!C=5H7E75C7!GE7G4E7F!76<C4>=EF!>=!>74C:!57R!
,7557FF77!:89:!FC:==?!G7EF=54?!H8545C7!C=<EF7Y!$7>E87D76!HE=3!
:>>Gd__RRRYP<3GF>4E>Y=E9_57R
F;E7?74F7FY:>3?
!!e7`4EU!(Y!SLMNMXY!-8545C84?!?8>7E4C2U!4!Q72!>=!F<CC7FF!H=E!?=R
;85C=37!F><675>FY!,:7!.:E=58C?7!
=H!J89:7E!"6<C4>8=5Y
!!e855<575U!*YU!T!-7?6>U!,Y!SLMMjXY!"C=5=38C!F>E7FF!456!34E8>4?!46P<F>375>!43=59!C=<G?7Fd!
(54?2F7F!4>!>:7!62468C!?7D7?Y!
5-/+B
."('3+-/("%'+4'0+1$"%'H,&18+%+=&
U!U\U!ONVmOcLY!!e8>`8597EU!bY!SNVVOU!b<?2!LVXY!k<4?8>4>8D7!$7F7E4C:d!&5>E=6<C859!-=C<F!%E=<GFY!$7>E87D76!
HE=3!:>>Gd__6]Y6=8Y=E9YGE=]2NYC?Y3F<Y76<_NMYNNca_@3PYcNNYiMMMYLVV
!!e?785U!+Y!AYU!T!#4567??U!+Y!SLMMiXY!#=>8D4>8=5!456!H
8545C84?!?8>7E4C2Y!
!$("(1$"%'0./?$1.,'J.?$.<
U!RXSLXU!NMO|Y!!e=QU!bY!SLMMiXY!/E85C8G?7F!456!GE=FG7C>F!=H!>:7!?8H7!C=<EF7!G4E46893Y!
9(("%.,'D.'
D.#+=/"B8$.'Z$,:+/$a-.
U!RU!LMcmLcMY!!eE8`7QU!bY!&Y!,YU!T!&59U!)Y!JY!SLMNLXY!-8545C84?!+8>7E4C2!=H!*58D7EF8>2!A><675
>Fd!#7>:=6=?=92!
456!$7F<?>F!=H!45!B5?857!A<ED72Y!
6(:./(":$+("%'3+-/("%'+4'f-,$(.,,'"()'0+1$"%'01$.(1.
U!USLLXU!5_4Y
!!e<7:5U!)Y!SLMNLU!BC>=@7EXY!(!CE8F8F!=H!H8545C84?!8??8>7E4C2Y!(37E8C45!,74C:7EY
!!+77U!)Y!SLMNcU!-7@E<4E2!L\XY!J=<F7:=?6!67@>!456!CE768>d!A><6
75>!67@>Y!-767E4?!$7F7ED7!
045Q!=H!'7R!1=EQY
!!+776FU!#YU!A><??U!ZYU!T!Z7F>@E==QU!bY!SNVV\XY!)=!C:4597F!85!C?4FFE==3!>7C:58I<7F!34>>7Et!
,74C:859!F>E4>7987F!456!>:78E!7HH7C>F!=5!>74C:859!7D4?<4>8=5FY!
3+-/("%'+4'5)-1":$+('
4+/'f-,$(.,,
U!Y\SLXU!iOY!!+85C=?5U!1Y!AYU!T!%<@4U!"Y!%Y!SNV\OXY!
T":-/"%$,:$1'$(a-$/&
Y!'7R@<E2!/4EQU!.(d!A497!
/<@?8C4>8=5FY
!!+2=5FU!(Y!.Y!SLMMjXY!(!/E=H8?7!=H!-8545C84??2!(>
;$8FQ!.=??797!A><675>FY!
3+-/("%'+4'*+(,-#./'
944"$/,
U!U]SNXU!Oam\MY!!+2=5FU!(Y!.Y!SLMNcU!'=D73@7E!NOXY!)8FF7E>4
>8=5!8674F!u/:=57!&5>7ED87RvY
!!!jaM!+2=5FU!(Y!.YU!T!18?34`7EU!,Y!SLMMOXY!J74?>:!456!-8545C84?!A>E485d!"D8675C7!HE=3!>:7!A<ED72!=H!
.=5F<37E!-8545C7FY!
0+-:8./('51+(+#$1'3+-/("%
U!YRSjXU!\icm\VMY!:>>Gd__6=8Y=E9_NMYLcMi_LMMaLM\O
!!#4567??U!+Y!SLMMaXY!)=7F!b<F>
;85;,837!&5F>E<C>8=5!&3GE=D7!-8545C84?!+8>7E4C2t!
*/.)$:'e($+('
@"="b$(.
U!Y[SNXU!i(mV(Y
!!#4567??U!+Y!SLMM\XY!,:7!H8545C84?!?8>7E4C2!=H!2=<59!(37E8C45!46<?>Fd!$7F<?>F!=H!>:7!LMM\!
54>8=54?!b<3Gs>4E>!C=4?8>8=5!F<ED72!=H!:89:!FC:==?!F758=EF!456!C=??797!F><675>FY!
b<3Gs>4E>!.=4?8>8=5!H=E!/7EF=54?!-8545C84?!+8>7E4C2Y!$7>E87D76!HE=3!
:>>Gd__RRRYP<3GF>4E>Y=E9_4FF7>F_H8?7F_LMM\A<ED720==QYG6H
!!#4EF:4??U!.YU!T!$=FF345U!%Y!0Y!SLMNNXY!
D.,$=($(='a-"%$:":$?.'/.,./"18
!S-8H>:XY!+=F!(597?7Fd!
A497!/<@?8C4>8=5FY!!#4E>85U!(YU!T!+7:E
75U!(Y!ZY!SLMNLU!#42!NLXY!(!9757E4>8=5!:=@@?76!@2!>:7!F=4E859!C=F>!=H!
C=??797Y!,:7!'7R!1=EQ!,837FY!$7>E87D76!HE=3!'1,837FYC=3
!!#4E>85U!bY!(YU!J438?>=5U!0Y!"YU![75><E4U!AY!bYU!BF>7E345U!#Y!bY!eYU!Z8?F=5U!"Y!.YU!T!#4>:7RFU!,Y!bY!
SLMNLU!(<9<F>!L\XY!'4>8=54?!D
8>4?!F>4>8F>8CF!E7G=E>F!@8E>:Fd!-854?!64>4!H=E!LMNMY
!!#4F<=U!)Y!#YU!#4?E=<><U!1Y!+YU!J454F:8E=U!$YU!T!e83U!bY!JY!SLMMjXY!.=??797!A><675>F^!#=572!
07?87HF!456!07:4D8=EFd!(5!(F845!/7EFG7C>8D7Y!
3+-/("%'+4'!"#$%&'"()'51+(+#$1'6,,-.,
U![PSjXU!jaVmj\NY!:>>Gd__6=8Y
=E9_NMYNMMi_FNM\cj;MMj;OjVN;`!!#4>>:7RFU!AY!JY!SLMMOXY!.E4H>859!k<4?8>4>8D7!$7F74EC:!(E>8C?7F!=5!#4EE8497F!456!-438?87FY!
3+-/("%'+4'@"//$"=.'"()'!"#$%&
U!XYSjXU!iVVm\M\Y!!#42F7?7FFU!BYU!T!AC:4EHU!#Y!SLMMcXY!Z:4>!)=7F!&>!#745!>=!07!45!(6<?>t!,:7!&FE47?8!
"]G7E875C7Y!
T.<'D$/.1:$+(,'4+/'*8$%)'"()'9)+%.,1.(:'D.?.%+B#.(:
U![LLUSNMMXU!OmLMY!:>>Gd__6=8Y=E9_NMYNMML_C6YiN
!!#C(E6?7U!bY!bY!SLMMVXY!+4>75>!D4E84@?7!3=67?859!=H!68HH7E75C7F!456!C:4597F!R8>:!?=598><6854?!
64>4Y!
9((-"%'J.?$.<'+4'H,&18+%+=&
Y!:>>Gd__6=8Y=E9_NMYNN
ja_455<E7DYGF2C:YaMYNNMiMiYNacaNL
!!#C.455U!eY!+Y!SLMNMXY!,:7!7HH7C>!=H!4!:89:!FC:==?!H8545C84?!?8>7E4C2!C=<EF7!=5!F><675>!
H8545C84?!Q5=R?7697Y!
D$,,./:":$+('9>,:/"1:,'6(:./(":$+("%'0.1:$+('9C'Z-#"($:$.,'"()'
0+1$"%'01$.(1.,
U!YRSO;(XU!NaMNY
!!#Ce8557U!#Y!SLMM\XY!
9'a-"(:$:":$?.'"()'a-"%$:":$?.'$(a-$/&'$(:+'1%",,/++#'$(1$?$%$:&'$('8$=8./'
.)-1":$+(
!S"6Y)YXY!*58D7EF8>2!=H!#8FF=<E8!
;!.=?<3@84U!*58>76!A>4>7F!
;;!#8FF=<E8Y!
$7>E87D76!HE=3!
:>>Gd__F74EC:YGE=I<7F>YC=3YGE=]2LYC?Y3F<Y76<_6=CD87R_cMjOcLai\_4@
F>E4C>_Njc
LM0iiO\)jOiV.0"._Lct4CC=<5>86wNLOV\
!!jaN!#8C:8945!A>4>7!*58D7EF8>2d!#A*!-4C>FY!SLMNcU!-4??XY!$7>E87D76!HE=3!
:>>Gd__RRRY3F<Y76<_4@=<>_>:8F8F3F<_H4C>FY:>3?
!!#8C:8945!A>4>7!*58D7EF8>2!BHH8C7!=H!>:7!$798F>E4EY!SLMNjXY!BHH8C7!=H!>:7!E798F>E4>!75E=??375>!
456!>7E3!756!E7G=E>FY
!!#8CE=F=H>Y!SLMNNXY!#8CE=F=H>!"]C7?!C=3G<>7E!F=H>R4E7!S[7EF8=5!NjYOYcXY!$763=56U!
Z4F:859>=5d!#8CE=F=H>Y
!!#8??7EU!bY!+YU!T!B@754<7EU!)Y!SLMNcXY!#77>859!>:7!H8545C84?!?8>7E4C2!83G7E4>8D7d!J7?G859!
F><675>F!<567EF>456!>:78E!67@>!456!>74C:85
9!3=572!345497375>!FQ8??F!F:=<?6!@7!4!
GE8=E8>2!H=E!:89:7E!76!85F>8><>8=3FY!$7>E87D76!HE=3!
:>>Gd__RRRY<58D7EF8>2@<F857FFYC=3_4E>8C?7_377>859
;H8545C84?
;?8>7E4C2
;83G7E4>8D7
!!#8E7?U!bYU!T!(59<FU!)Y!SNV\OXY!1=<>:U!Z=EQU!456!AC:==?859!85!>:7!%E74>!)7GE7FF8=5Y!
78.'3+-/("%'+4'5"/%&'9)+%.,1.(1.
U!PSjXU!j\VmOMjY!:>>Gd__6=8Y=E9_NMYNNii_MLiLjcNa\OMOjMMi
!!#=5>8C=57U!.Y!SLMNMXY!J=R!3<C:!6=7F!R74?>:!34>>7E!85!>:7!4CI<8F8>8=5!=H!H8545C84?!?8>7E4C2t!
3+-/("%'+4'*+(,-#./'944"$/,
U!\\SLXU!jMc|Y!!#<EG:2U!(Y!SLMMOXY!#=572U!3=572U!
3=572d!(5!7]G?=E4>=E2!F><62!=5!>:7!H8545C84?!?8>7E4C2!=H!
@?4CQ!C=??797!F><675>FYU!
UKScXY!$7>E87D76!HE=3!
:>>Gd__RRRYHE77G4>75>F=5?857YC=3_4E>8C?7_.=??797
;A><675>;b=<E54?_NcO\jL\cjY:>3?
!!#<>:75U!+Y!eYU!T!#<>:75U!0Y!BY!SNVV\XY!
@B%-,'e,./h,'j-$).
!SA8]>:XY!#<>:
75!T!#<>:75Y
!!'7?F=5U!+Y!bY!SLMMcXY!$8>7F!=H!/4FF497!85!"37E9859!(6<?>:==6d!/7EFG7C>8D7F!=H!1=<59!
#=E3=5FY!
T.<'D$/.1:$+(,'4+/'*8$%)'"()'9)+%.,1.(:'D.?.%+B#.(:
U![LLUSNMMXU!ccmOMY!:>>Gd__6=8Y=E9_NMYNMML_C6Yic
!!'7?F=5U!+Y!bYU!T
!04EE2U!.Y!#Y!SLMMOXY!)8F>859<8F:859!-74><E7F!=H!"37E9859!(6<?>:==6!,:7!$=?7!
=H!A7?H
;.?4FF8H8C4>8=5!4F!45!(6<?>Y!
3+-/("%'+4'9)+%.,1.(:'J.,."/18
U![LSLXU!LjLmLaLY!:>>Gd__6=8Y=E9_NMYNNii_MijcOO\jMjLicMij
!!BE>?8GGU!#Y!SLMM\XY!e77G859!456!<F859!E7H?7C>8D7!P=<E5
4?F!85!>:7!I<4?8>4>8D7!E7F74EC:!GE=C7FFY!
78.'A-"%$:":$?.'J.B+/:
U!RUSjXU!aVOmiMOY!!B<837>U!bY!(YU!0<55497U!bY!.YU!.4E858U!$Y!#YU!e<:U!%Y!)YU!T!e755762U!bY!SLMMjXY!*F859!-=C<F!
%E=<GFU!"]G7E>!(6D8C7U!456!.=958>8D7!&5>7ED87RF!>=!"F>4@?8F:!>:7![4?868>2!=H!4!
.=??797!A><675>!A<ED72Y!
J.,."/18'$('Z$=8./'5)-1":$+(
U!\PScXU!LccmLOMY!!/759U!,Y;.Y!#YU!04E>:=?=347U!AYU!-=]U!bY!bYU!T!.E4D757EU!%Y!SLMMiXY!,:7!&3G4C>!=H!/7EF=54?!
-8545C7!"6<C4>8=5!)7?8D7E76!85!J89:!AC:==?!456!.=??797!.=<EF7FY!
3+-/("%'+4'!"#$%&'
"()'51+(+#$1'
6,,-.,
U![]SLXU!LaOmL\jY!:>>Gd__6=8Y=E9_NMYNMMi_FNM\cj
;MMi;VMO\;i!!jaL!/7R!$7F74EC:!.75>7EY!SLMNMXY!
Z+<':8.'j/.":'J.1.,,$+('Z",'*8"(=.)'E$4.'$('9#./$1"
Y!A=C84?!T!)73=9E4G:8C!,E756FU!/7R!$7F74EC:!.75>7EY!$7>E87D76!HE=3!
:>>Gd__G7RF=C84?>E756FY=E9_LMNM_Ma_cM_:=R
;>:7;9E74>
;E7C7FF8=5;:4F
;C:45976;?8H7
;85;437E8C4_N_
!!/E74C:7EU!eY!bYU!T!J427FU!(Y!-Y!SLMM\XY!(F23G>=>8C!456!E7F43G?859!F>E4>7987F!H=E!4FF7FF859!
456!C=3G4E859!8568E7C>!7HH7C>F!85!3<?>8G?7!37684>=E!3=67?FY!
f.8"?$+/'J.,."/18'
@.:8+),
U!\LScXU!\iVm\VNY!:>>Gd__6=8Y=
E9_NMYciO\_0$#YjMYcY\iV
!!k<4?>E8CFY!SLMNOXY!
A-"%:/$1,
Y!/E=D=U!*>4:Y!$7>E87D76!HE=3!:>>Gd__RRRYI<4?>E8CFYC=3
!!k<855U!bY!0Y!SLMMVXY!
@";$(=':8.'#+,:'+4'&+-/'#+(.&'(+<
Y!'7R!1=EQd!A83=5!T!AC:<F>7EY
!!$42Q=DU!,YU!T!#4EC=<?867FU!%Y!(Y!SLMMaXY!
9'4$/,:'1+-/,.'$(',:/
-1:-/"%'.a-":$+('#+).%$(=
!SA7C=56XY!#4:R4:U!'7R!b7EF72d!+4RE75C7!"E?@4<3!(FF=C84>7F!/<@?8F:7EFY
!!$8C:4E6FU!+Y!SLMMVXY!
Z"()%$(='a-"%$:":$?.')":"
Y!+=F!(597?7Fd!A497!/<@?8C4>8=5FY
!!$856H<FFU!$Y!$Y!SNVVNXY!,:7!1=<59!(6<?>!174EFd!)8D7EF8>2U!A>E<C><E4?!.:4597U!4
56!-7E>8?8>2Y!
D.#+=/"B8&
U![]SjXU!jVcmONLY!:>>Gd__6=8Y=E9_NMYLcMi_LMaNjNV
!!$8>C:87U!bYU!T!+7R8FU!bY!SLMMcXY!
A-"%$:":$?.'/.,."/18'B/"1:$1.C'9'=-$).'4+/',+1$"%',1$.(1.',:-).(:,'
"()'/.,."/18./,
Y!+=56=5d!A497!/<@?8C4>8=5FY
!!$8]U!AY!SLMNcXY!,:7!"3G?=2375>!A8><4>
8=5U!(GE8?!LMNcd!'78>:7E!#<C:!07>>7E!!'=E!#<C:!
Z=EF7!H=E!B?67E!Z=EQ7EFY!
99JH'H->%$1'H+%$1&'6(,:$:-:.
Y!$7>E87D76!HE=3!
:>>Gd__RRRY44EGY=E9_C=5>75>_643_44EG_E7F74EC:_G<@?8CxG=?8C2x85F>8><>7_7C=5xF7
C_LMNc_>:7
;73G?=2375>
;F8><4>8=5
;4GE8?
;LMNc;(($/
;GG8;7C=5;F7CYG6H!!$=@@U!.Y!(Y!SLMNNXY!-8545C84?!Q5=R?7697!456!CE768>!C4E6!@7:4D8=E!=H!C=??797!F><675>FY!
3+-/("%'+4'!"#$%&'"()'51+(+#$1'6,,-.,
U!ScLXU!aVMmaV\Y!:>>Gd__6=8Y=E9_NMYNMMi_FNM\cj
;MNN;VLOV;2!!$=FF8U!(Y!SLMNjXY!
6?+/&':+<./
Y!)=C<375>4E2U!/4E>8C8G45>!#7684U!/4E43=<
5>U!456!A43<4?!
%=?6R25!-8?3FY
!!A4??87!#47Y!SLMMVXY!J=R!<567E9E46<4>7!F><675>F!<F7!CE768>!C4E6Fd!A4??87!#47^F!54>8=54?!
F><62!=H!<F497!E4>7!456!>E756F!LMMVY!$7>E87D76!HE=3!
:>>Gd__F>4>8CY3957>R=EQYC=3_E>6_G6HF_LMMVM\cMx8E8FYG6H
!!AC:38>>U!'YU!T
!e<?8P4585U!%Y!SLMM\XY!#74FF<E7375>!85D4E845C7d!$7D87R!=H!GE4C>8C7!456!
83G?8C4>8=5FY!
Z-#"('J.,+-/1.'@"("=.#.(:'J.?$.<
U!R]U!LNMmLLLY!!AC:==>U!$YU!+<9>89U!/YU!T!J=]U!bY!SLMNLXY!(!C:7CQ?8F>!H=E!>7F>859!374F<E7375>!85D4E845C7Y!
5-/+B."('3+-/("%'+4'D.?.%+B#.(:'H
,&18+%+=&
U!KSjXU!j\amjVLY!:>>Gd__6=8Y=E9_NMYNM\M_NijMOaLVYLMNLYa\aijM
!!jac!A7C<E8>87F!456!"]C:4597!.=338FF8=5Y!SLMNLXY!
0:-)&'/.="/)$(='4$("(1$"%'%$:./"1&'"#+(='
$(?.,:+/,C'9,'/.a-$/.)'>&',.1:$+('KRY'+4':8.'D+))
S!/"(;'<"%%',:/..:'/.4+/#'"()'
1+(,-#./'B/+:.1:$+('
"1:Y!$7>E87D76!HE=3!
:>>Gd__RRRYF7CY9=D_57RF_F><687F_LMNL_VNi
;H8545C84?
;?8>7E4C2
;F><62
;G4E>NYG6H
!!A7E86=U!bYU!A:83U!AYU!#8F:E4U!(YU!T!,459U!.Y!SLMNMXY!-8545C84?!/4E75>859U!-8545C84?!.=G859!
07:4D8=EFU!456!Z7??
;07859!=H!"37E9859!(6<?>FY!
!"#$%&'J.%":$+(,
U!PKSjXU!jOcmjajY!!A7>>7EF>75!bEYU!$Y!(Y!SLMMLXY!A=C84?8`4>8=5!456!>:7!?8H7!C=<EF7d!57R!HE=5>87EF!85!>:7=E2!456!
E7F74EC:Y!
9)?"(1.,'$('E$4.'*+-/,.'J.,."/18
U!YU!NcmjMY!:>>Gd__6=8Y=E9_NMYNMNa_ANMjM
;LaM\SMLX\MML\;j!!A7>>7EF>75U!$Y!(Y!SNVViXY!,:7!F4?875C7!=H!497!85!>
:7!?8H7!C=<EF7Y!
Z-#"('D.?.%+B#.(:
U!\LSOXU!LOimL\NY!!A7276845U!#YU!T!18U!,Y!)Y!SLMNNXY!&3GE=D859!H8545C84?!?8>7E4C2!=H!C=??797!F><675>Fd!4!CE=FF
;F7C>8=54?!454?2F8FY!
*+%%.=.'0:-).(:'3+-/("%
U!\PSNXU!Nii|Y!!A:83U!AYU!04E@7EU!0Y!+YU!.4E6U!'Y!(YU!l84=U!bY!bYU!T!
A7E86=U!bY!SLMNMXY!-8545C84?!A=C84?8`4>8=5!=H!
-8EF>;274E!.=??797!A><675>Fd!,:7!$=?7F!=H!/4E75>FU!Z=EQU!456!"6<C4>8=5Y!
3+-/("%'+4'
c+-:8'"()'9)+%.,1.(1.
U!UKSNLXU!NjOimNjiMY!:>>Gd__6=8Y=E9_NMYNMMi_FNMVaj
;MMV;VjcL;]!!A:83U!AYU!l84=U!bY!bYU!04E@7EU!0Y!+YU!T!+2=
5FU!(Y!.Y!SLMMVXY!/4>:R42F!>=!?8H7!F<CC7FFd!(!C=5C7G><4?!
3=67?!=H!H8545C84?!R7??
;@7859!H=E!2=<59!46<?>FY!
3+-/("%'+4'9BB%$.)'D.?.%+B#.(:"%'
H,&18+%+=&
U!ULSaXU!iM\miLcY!:>>Gd__6=8Y=E9_NMYNMNa_PY4GG67DYLMMVYMLYMMc
!!A:E=<>U!/Y!"YU!T!0=?97EU!'Y!SLMMLXY!#7684>8=5
!85!7]G7E8375>4?!456!5=57]G7E8375>4?!F><687Fd!
'7R!GE=C76<7EF!456!E7C=337564>8=5FY!
H,&18+%+=$1"%'@.:8+),
U!YSjXU!jLLmjjOY!:>>Gd__6=8Y=E9_NMYNMci__NM\L
;V\VlYiYjYjLL
!!A38>:U!)Y!.YU!T!%=E6=5U![Y!'Y!S5Y6YXY!(!H438?2!9<867!>=!4C46738C!46D8F859!SL56!768>8=5XY!
'(.(
)(Y
!!AGE=RU!eY!#Y!SLMNMXY!
9)-%:'!$("(1$"%'E$:./"1&'5)-1":$+('"()'E":$("'E."/(./,C'9'A-"%$:":$?.'
*",.'0:-)&
Y!/E=k<7F>!++.Y!i\V!"4F>!"8F75:=R7E!/4EQR42W!/YBY!0=]!NcjaU!(55!(E@=EU!
#&!j\NMaY!$7>E87D76!HE=3!
:>>Gd__F74EC:YGE=I<7F>YC=3YGE=]2LYC?Y3F<Y76<_6=CD87R_V
ajNiVLVL_NjcL(cVVLL
NOO0)))ai_Nt4CC=<5>86wNLOV\
!!A>4EQFU!JYU!T!,E858646U!AY!0Y!SLMMiXY!.:==F7!1=<E!#7>:=6d!(!.=3G4E8F=5!=H!/:75=375=?=92U!
)8FC=<EF7!(54?2F8FU!456!%E=<5676!,:7=E2Y!
A-"%$:":$?.'Z."%:8'J.,."/18
U!RYSNMXU!NciLmNc\MY!:>>Gd__6=8Y=E9_NMYNNii_NMjVicL
cMicMiMcN!!A>785U!.Y!JYU!J=HH3455U!"YU!0=54EU!"Y!"YU!+78>:U!bY!"YU!(@E4:43U!eY!#YU!J438??U!(Y!.YU!h!-=9=U!ZY!$Y!
SLMNcXY!,:7!*58>76!A>4>7F!"C=5=38C!.E8F8Fd!1=<59!(6<?>F^!$7G=E>F!=H!"C=5=38C!
!jaj!/E7FF<E7FU!-8545C84?!456!$7?898=<F!.=G859!456!/F2C:=?=98C4?!Z7??
;07859Y!3+-/("%'+4'
!"#$%&'"()'51+(+#$1'6,,-.,
U!U\SLXU!LMMmLNMY!:>>Gd__6=8Y=E9_NMYNMMi_FNM\cj
;MNL;VcL\;]!!A>7?`?U!&Y!SNV\aXY!.:459859!>:7!C4<F4?!:2G=>:7F8F!R8>:=<>!C:459859!H8>d!A=37!E<?7F!H=E!
9757E4>859!7I<8D4?75>!G4>:!3=67?FY!
@-%:$?"/$":.'f.8"?$+/"%'J.,."/18
U![RU!cMVmccNY!!A<G845=U!0Y!SLMNjU!#4EC:!LVXY!,=!H=F>7E!H8545C84?!?8>7E4C2U!F><675>F!5776!3=E7!>:45!
85H=E34>8=5U!E7G=E>!F42FY
!!,42?=EU!)Y!AYU!T!BD7E@72U!%Y!SNVVV4XY!-8545C84?!GE4C>8C7F!456!7]G7C>4>8=5F!=H!F><675>!456!
5=5;F><675>!C=5F<37EFY!
3+-/("%'+4'
!"#$%&'"()'*+(,-#./'01$.(1.,
U!KRSjXU!cVmjLY!!,42?=EU!)Y!AYU!T!BD7E@72U!%Y!SNVVV@XY!-8545C84?!GE4C>8C7F!456!7]G7C>4>8=5F!=H!F><675>!456!
5=5;F><675>!C=5F<37EFY!
3+-/("%'+4'!"#$%&'"()'*+(,-#./'01$.(1.,
U!KRSjXU!cVmjLY!!,8?>=5
;Z74D7EU!+Y!.Y!YU![8><5FQ8U!"Y!,YU!T
!%4?43@=FU!'Y!+Y!SLMMNXY!-8D7!83497F!=H!34><E8>2!85!
46=?7FC75C7d!R:4>!6=7F!q9E=R5!<Gr!3745t!
3+-/("%'+4'9)+%.,1.(1.
U![\SLXU!NjcmNO\Y!:>>Gd__6=8Y=E9_NMYNMMa_P46=YLMMMYMc\N
!!*3454
;,42?=EU!(Y!bYU!T!0434C4U!#Y!1Y!SLMMjXY!.=56<C>859!H=C<F!9E=<GF!R8>:!?4>85=!
G=G<?4>8=5Fd!+7FF=5F!HE=3!>:7!H87?6Y!
!"#$%&'J.%":$+(,
U!PUU!LaNmLiLY!!*A(!,=642U!T!'4>8=54?!"56=R375>!H=E!-8545C84?!"6<C4>8=5Y!SLMMaXY!1=<59!46<?>F^!H8545C7F!
G=??Y!$7>E87D76!HE=3!
:>>Gd__RRRY57H7Y=E9_/=E>4?F_M_'"-"x-8?7F_*A(,=642A<ED72YG6H
!!*YAY!.75F<FY!SLMNNXY!5,:$#":.)'#.)$"('"=.'":'4$/,:'#"//$"=.2'>&',.FC'R]KL':+':8.'B/.,.(:
Y!$7>E87D76!HE=3!RRRYC75F<FY9=D_4GF6_>7C:6=C_CGF_CGF
;3485Y:>3?
!!Z75U!gYU!T!-45U!lY!SLMNOXY!#=5=>=58C8>2!=H!7HH7C>!F8`7Fd!k<7F>8=5859!Q4GG4
;FI<4E76!4F!
37684>8=5!7HH7C>!F8`7!374F<E7Y!
H,&18+%+
=$1"%'@.:8+),
U![LSLXU!NVcmLMcY!!Z:8>7U!bY!#YU!T!e?785U!)Y!#Y!SLMM\XY!
!"#$%&':8.+/$.,
Y!+=56=5d!A497!/<@?8C4>8=5FY
!!Z864345U!eY!-YU!-7EE7EU!"YU!T!.=597EU!$Y!)Y!SLMNMXY!-4C>=E84?!85D4E845C7!R8>:85!?=598><6854?!
F>E<C><E4?!7I<4>8=5!3=67?Fd!#74F<E859!>:7!F437!C=
5F>E<C>!4CE=FF!>837Y!
*8$%)'
D.?.%+B#.(:'H./,B.1:$?.,
U!\SNXU!NMmN\Y!:>>Gd__6=8Y=E9_
NMYNNNN_PYNiOM
;\aMaYLMMVYMMNNMY!!l84=U!bY!bYU!'=E859U!-Y!"YU!T!(567EF=5U!bY!%Y!SNVVOXY!.=??797!F><675>F^!4>>8><67F!>=R4E6F!CE768>!
C4E6FY!3+-/("%'+4'*+(,-#./'0:-)$.,'"()'Z+#.'5
1+(+#$1,
U!RKU!NOOmNijY!!l84=U!bY!bYU!A7E86=U!bYU!T!A:83U!AY!SLMNLXY!
*+(,-#./';(+<%.)=.'"()'4$("(1$"%').1$,$+(,C'E$4.,B"('
B./,B.1:$?.,'$(:./(":$+("%',./$.,'+('1+(,-#./',1$.(1.
Y!S)Y!bY!+43685U!"6YXY!'7R!1=EQd!
AGE8597EY
!!jaO!!l84=U!bY!bYU!,459U!.YU!T!A:83U!AY!SLMM
VXY!(C>859!H=E!J4GG857FFd!-8545C84?!07:4D8=E!456!+8H7!
A4>8FH4C>8=5!=H!.=??797!A><675>FY!
0+1$"%'6()$1":+/,'J.,."/18
U!K[SNXU!Ocma\Y!!1459U!1YU!T!%E775U!AY!0Y!SLMNNXY!.=7HH8C875>!4?G:4d!(!E7?84@8?8>2!C=7HH8C875>!H=E!>:7!LNF>!
C75><E2t!
3+-/("%'+4'
H,&18+.)-1":$+("%'9,,.,,#.(:
U![KSjXU!ciimcVLY!:>>Gd__6=8Y=E9_NMYNNii_MicjL\LVNNjMaaa\
!!