!!!!!"#$%&'#("#)*+!*#,!-%'+'.%/*+
!/'#)&'+0!'#!1&""
2+%$%#.!#%)&'."#!
1%3*)%'#
!!-4!!,56758!09:6;785
!!!!!!!!!!!!!!!!!*!,%00"&)*)%'#
!!0<=97>>:?!>@
!(7;A7B58!0>5>:!C87D:6E7>4
!78!F56>75G!
H<GH7GG9:8>!@H!>A:!6:I<76:9:8>E
!H@6!>A:!?:B6::!@H
!!/6@F!58?!0@7G!0;7:8;:
E!J!,@;>@6!@H!KA7G@E@FA4
!!LMLM!!!!!!!!!!  "#$%&"'%
!!"#$%&'#("#)*+
!*#,!-%'+'.%/*+!
/'#)&'+0!'#!1&""
2+%$%#.!#%)&'."#!
1%3*)%'#
!!-4!!,56758!09:6;785
!16::
2G7D78B!87>6@B:8!H7N5>7@8!O1+#1P!7E!
>A:!=7@G@B7;5G!;@8D:6E7@8!@H
!B5E:@<E!#
L!78>@!599@875!O#Q
RP!=4!A:>:6@>6@FA7;!=5;>:675!58?!56;A5:5!8@>!78!E49=7@E7E!S7>A!FG58>E
T!)A7E!:8:6B4!
78>:8E7D:!
F6@;:EE!@;;<6E!F6:?@9785>:G4!SA:6:!
;56=@8!O/P!7E!6:5?7G4!
5D57G5=G:!>@!E<FF@6>!>A:E:!A7BA!:8:6B4!?:958?EU!E<
;A!5E!78!>A:!6A7V@EFA:6:!SA:6:!
6@@>E!:N<?:!/!78>@!>A:!E@7G!:8D76@89:8>
T!1+#1!A5E!;@8>78<5GG4!B578:?!5>>:8>7@8!5E!58!
79F@6>58>!58?!<=7I<7>@<E!#!E@<6;:!>@!>:66:E>675G!E4E>:9E!58?!
5E!5!F@>:8>75G!5G>:685>7D:!>@!
H:6>7G7V:6!#!5??7>7@8!78!;6@F!F6@?<;>7@8T!
%8!F56>
7;<G56U!7>!A5E!B578:?!78>:6:E>!H@6!7>E!F@>:8>75G!
>@!E<FF@6>
!F6@?<;>7@8!@H!
=7@:8:6B4!;6@FF78B!E4E>:9
EU!G7W:
!ES7>;AB65EE!O
!"#$%&'(
)$*+",&'-.(
F56>7;<G56G4!
SA:8
!B6@S8!@8!956B785G!G58?ET!,7D:6E:!;@99<87>7:E!@H!#
2H7N78B!
@6B587E9E!O?75V@>6@FAEP!A5D:!=::8!7?:8>7H7
:?!78!>A:!6A7V@EFA:6:E!@H!>A:E:!;6@FF78B!
E4E>:9E!5E!S:GG!5E!1+#1!5;>7D7>4T!
-<>U!>@!
A568:EE!>A7E!F@>:8>75G!#!E@<6;:!7>!7E!79F@6>58>!
>@!<8?:6E>58?!>A:!;@8>6@GE!@8!1+#1T!
(4!?7EE:6>5>7@8!S@6W
!;A565;>:67V:
E!=7@G@B7;5G!58?!
:8D76@89:8>5G!;@8>6@GE!@8!1+#1!5EE@;75>
:?!S7>A!>A:!ES7>;AB65EE!6A7V@EFA:6:T
!)A@<BA!>A:6:!56:!?:;5?:E!@H!6:E:56;A!5D57G5=G:!@8!E49=7@>7;!#
2H7N5>7@8U!>A:!
;@8?7>7@8E!<8?:6!SA7;A!1+#1!@;;<6E!56:!I<7>:!?7E>78;>!78;G<?78B!?48597;!/!E@<6;:E!58?!
5D57G5=7G7>7:EU!
@N4B:8!;@8;:8>65>7@8EU!58?!#!
5D57G5=7G7>4
T!1+#1!7E!5GE@!;5667:?!@<>!=4!5!
?7D:6E:!;@99<87>4!@H!?75V@>6@FAE!65>A:6!>A58!5!E78BG:!F@F<G5>7@8!5E!S7>A!E49=7@>7;!#
2H7N5>7@8T!
)@!?:>:6978:!>A:!79F@6>58>!;@8>6@GE!@8!1+#1U!
%!H76E>!>:E>:?!79F5;>E!@H!/!E@<6;:!
58?!@N4B:8!;@8;:8>65>7@8!@8!1+#1!>A6@
<BA
!?:D:G@F9:8>!@H!58
!@F>797V:?!9:>A@?!H@6!
  9:5E<678B!1+
#1T!%!H@<8?!>A5>
!78;6:5E:?!?7D:6E7>4!@H!/!E@<6;:E!58?!G@S:6!@N4B:8!
;@8;:8>65>7@8E!F6@9@>:?!>A:!9@E>!1+#1T!%!>A:8!:N5978:?!
>A:!:HH:;>E!@H!G:B5;4!58?!
EA@6>
2>:69!#!5??7>7@8E!@8!=@>A!1+#1!65>:E!58?!>A:!;@9
F@E7>7@8!@H!>A:!?75V@>6@FA!
;@99<87>4!78!>A:!ES7>;AB65EE!6A7V@EFA:6:T
!0<6F67E78BG4
U!%!H@<8?!8@!:D7?:8;:!H@6!G:B5;4!
@6!EA@6>
2>:69!#!;@8>6@GE!@8!1+#1!65>:E!@6!?75V@>6@FA!;@99<87>4!;@9F@E7>7@8T!Q@S:D:6U!
%!H@<8?!5!E>6@8B!6A7V@EFA:6:!:HH:;>!@8!?75V@>6@FA!;@99<87
>4!;@9F@E7>7@8U!E<BB:E>78B!
ES7>;AB65EE!E:G:;>E!H@6!5!?7E>78;>!58?!;@8E7E>:8>!#
2H7N78B!;@99<87>4T!
+5E>G4
U!%!?:>:6978:?!;@8>6@GE!@8!
1+#1!
<8?:6!H7:G?!;@8?7>7@8E
!58?!A@S!>A:E:!;@8>6@GE!6:G5>:!>@!
FG58>!5D57G5=G:!#
U!<E78B!
5!D567:>4!@H!
H7:G?!58?!9@G:;<G56!?5>5T
!%!H@<8?!>A5>!E@7G!#!
5D57G5=7G7>4!S5E!>A:!
?@97858>!
;@8>6@G!@8!1+#1U!=<>!>A:!?76:;>7@8!@H!>A7E!;@8>6@G!?:F:8?:?!
@8!>A:!E@7G!#!F@@GT!)@B:>A:6U!94!S@6W!A7BAG7BA>E!E:D:65G!79F@6>58>!:8D76@89:8>5G!58?!
=7@G@B7;5G!;@8>6@GE!@8!1+#1!58?!<G>795>:G4!79F6@D:E!@<6!5=7G7>
4!>@!<8?:6E>58?!58?!
F6:?7;>!>A7E!79F@6>58>!#!E@<6;:!H@6!>:66:E>675G!E4E>:9ET!
+5E>G4U!
94!
S@6W!5??E!>@!>A:!B6@S78B!=@?4!@H!:D7?:8;:!>A5>!1+#1!@;;<6E!78!9584!
E4E>:9E!58?!;58!;@8>67=<>:!G56B:G4!>@!FG58>!#!?:958?E
T!-4!:N>65F@G5>78B
!>A:!5D:65B:!@H!
94!9:5E<6:?
!1+#1!65>:E!H6@9!XB!#!H7N:?!B
2Y!?64!E@7G!?54
2Y!>@!WB!#!A5
2Y!46!
2YU!%!H@<8?!
1+#1!
A5E!>A:
!F@>:8>75G!>@!;@8>67=<>:
!<FS56?E!@H!
YYTM!WB!#!A5
2Y!46!
2YT!)A:E:!65>:E!
56:!
LN!
B6:5>:6!>A58!>A:!:E>795>:?!;@8>67=<>7@8!@H!#!H6@9!E49=7@>7;!#
2H7N5>7@8!78!>:9F:65>:!
B65EEG58?E!58?!9::>!5FF6@N795>:G4!RYZ!@H!>A:!#!?:H7;7>!7?:8>7H7:?!
78!ES7>;AB65EE!
E4E>:9E!H6@9!F6:D7@<E!S@6WT!
*G>A@<BA!>A:E:!:N>65F@G5>:?!65>:E!56:!=5E:?!@8!@F>797V:?!
;@8
?7>7@8E!H@6!F@>:8>75G!1+#1!65>:E
!58?!>A:6:H@6:!56:!G7W:G4!@D:6:E>795>:EU!>
A:4!
A7BAG7BA>!
>A:!79F@6>58>!6@G:!@H!1+#1!78!ES7>;AB65EE!;6@FF78B!E4E>:9E!58?!7>E!F@>:8>75G!>@!
;@8>67=<>:!>@!79F6@D78B!>A:!E<E>5785=7G7>4!@H!=7@:8:6B4!F6@?<;>7@8T
!7D! !!!!!!!)A7E!>A:E7E!7E!?:?7;5>:?!>@!*?59T!
!)A58W!4@<!H@6!E<FF@6>78B!9:!>A6@<BA!:D:64!E>:F!@H!>A7E!F6@;:EE!58?!5GS54E!
:8;@<65B78B!9:!>@!H@GG@S!94!?6:59ET!
!222!*8?!>@![7:65!SA@E:!<8;@8?7>7@85G!G@D:U!S5BB78B!>57GU!58?!;65V4!58>7;E!H7GG!94!G7H:!S7>A!
A5FF78:EET
!222!*8?
!G5E>G4U!>@!94!?5?U!\566:>>!(56787EU!SA@!>5<BA>!9:!>@!=:!<85F@G@B:>7;5GG4!9:]58?!>@!
^W7;W!5EE!58?!>5W:!859:E_T
!!!D! "'()*+,-./-0-)%$!
!!!%!S@<G?!H76E>!G7W:!>@!>A58W!94!;@997>>::!9:9=:6E!H@6!5GG!>A:76!E<FF@6>!>A6@<BA@<>!
>A7E!F6@;:EET!)A58W!4@<!>@!0565A!"D58E!H@
6!5GS54E!=:78B
!E@!F@E7>7D:!58?!E<FF@6>7D:!
`!4@<6!=:G7:H!78!9:!58?!94!S@6W!S5E!5GS54E!B6:5>!5FF6:;75>:?a!)A58W!4@<!>@!(56:8!
167:E:8!H@6!EA5678B!78!94!;65V4!9:>A@?E!7?:5E!58?!5GS54E!=:78B!@8!=@56?!>@!>64!
584>A78B!
`!4@<!5GG@S:?!94!KA,!>@!=:!5!;6:5>7D:!5E!S:GG
!5E!@=b:;>7D:!:8?:5D@6T!)A58W!
4@<!>@!-6758!):FF:8!H@6!5GG!4@<6!>A@<BA>H<G!7?:5E!58?!I<:E>7@8E!
`!4@<!;A5GG:8B:?!9:!>@!
>A78W!@<>E7?:!>A:!:;@G@B4!@H!E@7GE!58?!6:9:9=:6!>A:!;@9FG:N!:8D76@89:8>!%!E><?4T!
+5E>G4U!>A58W!4@<!>@!94!KA,!5?D7E@6U!+7E5!)7:9588!
`!4@<!S:
6:!58!:N;:GG:8>!9:8>@6!58?!
:N5;>G4!>A:!@8:!%!8::?:?T!)A58W!4@<!H@6!E<FF@6>78B!9:!>A6@<BA!>A7E!:8>76:!F6@;:EEU!
5GS54E!;A5GG:8B78B!>@!>64!A56?:6U!58?!;@8D78;78B!9:!>@!E>7;W!7>!@<>T
!!%!S58>!>@!>A58W!>A:!9584U!9584!F:@FG:!SA@!A5D:!=::8!78D@GD:?!78!>A:!((K&#)!
F6@b:;>!@D:6!>A:!G5E>!H7D:!4:56ET!)A7E!F6@b:;>!A5E!=::8!78>:B65G!>@!94!S@6W!5E!S:GG!5E!94!
B6@S>A!5E!5!6:E:56;A:6!58?!7>!;@<G?8c>!A5D:!=::8!E<;;:EEH<G!S7>A@<>!5GG!@H!4@<!58?!4@<6!
A56?!S@6WT!%c?!EF:;7H7;5GG4!G7W:!>@!>A58W!5!H:GG@S!B65?<5>:!E><?:8>!@8!>A:!F6@b
:;>U!)54G:6!
CG=67;A!
`!4@<cD:!=::8!5!B6:5>!H67:8?U!58!:N;:GG:8>!;@GG:5B<:U!58?!E@9:!A:GFH<GU!58?!
H67:8?G4!;@9F:>7>7@8T!)A58W!4@<!H@6!E<FF@6>78B!58?!;A5GG:8B78B!9:!5E!S:cD:!B6@S8!78>@!
78?:F:8?:8>!6:E:56;A:6Ea
!!+5E>G4U!%!S58>!:N>:8?!5!E78;:6:!>A58W!4@<!>@!5GG
!>A:!H597G4U!H67:8?EU!>:5;A:6EU!58?!
;@GG:5B<:E!SA@!A5D:!=::8!5!F56>!@H!>A7E!b@<68:4!S7>A!9:T!)A58W!4@<!H@6!5GG!4@<6!G@D:U!
W78?8:EEU!58?!E<FF@6>T!
%!S@<G?8c>!A5D:!95?:!7>!>A7E!H56!S7>A@<>!>A:!G@D:!58?!E<FF@6>!@H!
94!H597G4T!%!S58>!>@!>A58W!94!F56:8>E!H@6!5GS5
4E!:8;@<65B78B!9:!>@!F<6E<:!94!?6:59EU!
D7! :D:8!7H!>A:4!?7?8c>!<8?:6E>58?!SA4!%!S58>:?!5!KA,!78!>A:!H76E>!FG5;:T!)A58W!4@<!>@!94!
G7>>G:!E7E>:6U!-675885!
`!S58>78B!>@!=:!5!B@@?!6@G:!9@?:G!H@6!4@<!A5E!5GS54E!F<EA:?!9:!>@!
=:!=:>>:6!58?!>64!A56?:6T!*8?!G5E>G4U!>@!9
4!F56>8:6!58?!=:E>!H67:8?!
`!>A58W!4@<U!*?59T!
d:!E>56>:?!>A7E!b@<68:4!>@B:>A:6!58?!%!W8@S!%!;@<G?!8:D:6!A5D:!H787EA:?!7>!S7>A@<>!4@<T!
)A58W!4@<!H@6!EA5678B!4@<6!:8>A<E75E9!H@6!G7H:!58?!H@6!?7E;@D:64!S7>A!9:!58?!H@6!5GS54E!
E<FF@6>78B!9:T!
!!D77
! %"#,-!*1!'*)%-)%$
!!+%0)!'1!)*-+"0
!TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT!7N!!+%0)!'1!1%.C&"0
!TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT!N!!["e!)'!*--&"$%*)%'#0
!TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT!N77
!!'2"3%-&!4
f!%#)&',C/)%'#
!TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT!Y!YTY
!)Q"
!,%$"&0%)e
!'1!1&""
2+%$%#.
!#21%3"&0
!TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT!g!YTL
!/*&-'#
!/'#)&'+0
!'#!1&""
2+%$%#.
!#21%3*)%'#
!TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT!h!YTR
!'3e."#
!/'#)&'+0
!'#!1&""
2+%$%#.
!#21%3*)%'#
!TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT!YL!YTi
!1&""
2+%$%#.
!#21%3*)%'#
!*#,
!#!*$*%+*-%+%)e
!*#,
!1'&(
!TTTTTTTTTTTTTTTTTTTTTTTTTT!Yj!YTj
!/'#)&'+0
!'1!KQ'0KQ'&C0
!*#,
!(%/&'#C)&%"#)0
!'#!1&""
2+%$%#.
!#21%3*)%'#
!TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT!Yk!YTg
!')Q"&
!"#$%&'#("#)*+
!/'#)&'+0
!'#!1&""
2+%$%#.
!#21%3*)%'#
!TTTTTTTTTT!Yl!YTk
!(")Q','+'.%/*+
!/'#0%,"&*)%'#0
!1'&
!0)C,e%#.
!1&""
2+%$%#.
!#21%3*)%'#
!TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT!LY!YTh
!/'#/+C0%'#0
!TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT!Li!&"1"&"#/"0
!TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT!Lg!!'2"3%-&!5
f!'K)%(%m*)%'#!'1!(")Q',0!1'&!*00"00%#.!1&""
2+%$%#.!
#%)&'."#!1%3*)%'#
!TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT!Ri!LTY
!*-0)&*/)
!TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT!Ri!LTL
!%#)&',C/)%'#
!TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT!Rj!LTR
!(*)"&%*+0
!*#,
!(")Q',0
!TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT!iM!LTRTY!
059FG:!
/@GG:;>7@8
!TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT!iM!LTRTL!
0@7G!9@7E><6:!58?!S5>:6!A@G?78B!;5F5;7>4
!TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT!iL!LTRTR!
*;:>4G:8:!6:?<;>7@8
!TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT!iL!LTRTi!
Yj#L!78;@6F@65>7@8!9:>A@?
!TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT!ig!LTRTj!
Yj#L!78;@6F@65>7@8!;56=@8!E@<6;:!>:E>78B
!TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT!ik!LTRTg!
Yj#L!78;@6F@65>7@8!
/!E@G<>7@8!F
Q!TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT!ih!LTRTk!
Yj#L!78;@6F@65>7@8!@N4B:8!;@8;:8>65>7@8!>:E>78B
!TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT!ih!LTRTh!
Yj#L!78;@6F@65>7@8!78;<=5>7@8!>79:!>:E>78B
!TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT!il!LTRTl!
,5>5!
*85G4E7E
TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT!il!LTi
!&"0C+)0
!TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT!jM!LTiTY!
*;:>4G:8:!
&:?<;>7@8
!TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT!jM!LTiTL!
Yj#L!%8;@6F@65>7@8!/56=@8!0@<6;:
!TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT!jR!LTiTR!
Yj#L!78;@6F@65>7@8!'N4B:8!/@8;:8>65>7@8
!TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT!jj!LTiTi!
Yj#L!78;@6F@65>7@8!%8;<=5>7@8!)79:
!TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT!jk!LTj
!,%0/C00%'#
!TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT!jk!LTg
!/'#/+C0%'#0
!TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT!gj!*KK"#,%3
!TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT!gk!&"1"&"#/"0
!TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT!gl!D777
! '2"3%-&!6
f!0d%)/Q.&*00!0"+"/)0!1'&!*!,%0)%#/)!*#,!/'#0%0)"#)!
&Q%m'0KQ"&"!,%*m')&'KQ!/'((C#%)e
!TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT!kj!RTY
!*-0)&*/)
!TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT!kj!RTL
!%#)&',C/)%'#
!TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT!kg!RTR
!(")Q',0
!TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT!hM!RTRTY!"NF:679:8>5G!0:><F
!TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT!hM!RTRTL!KG58>78B!58?!B6@S>A
!TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT!hL!RTRTR!*=
@D:B6@<8?!=7@95EE
!TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT!hi!RTRTi!&A7V@EFA:6:!#
2H7N5>7@8
!TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT!hi!RTRTj!&A7V@EFA:6:!?75V@>6@FA!;@99<87>4!;@9F@E7>7@8
!TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT!hj!RTRTg!,5>5!*85G4E7E
TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT!hk!RTi
!&"0C+)0
!TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT!hl!RTiTY!KG58>!9:>67;E
!TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT!hl!RTiTL!
16::
2G7D78B!87>6@B:8!H7N5>7@8!65>:E
!TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT!lM!RTiTR!,75V@>6@FA!;@99<87>4!E>6<;><6:
!TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT!lY!RTiTi!%8?7;5>@6!EF:;7:E
!TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT!li!RTj
!,%0/C00%'#
!TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT!lg!RTjTY!,75V@>6@FA!;@99<87>4!;@9F@E7>7@8!78!6:EF@8E:!>@!#!5D57G5=7G7>4
!TTTTTTTTTTTTTTTTTT!lk!RTjTL!1+#1!78!6:EF@8E:!>@!#!5D57G5=7G7>4!5;6@EE!E7>:E
!TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT!ll!RTjTR!+78W78B!?75V@>6@FA!;@99<87>4!;@9F@E7>7@8!58?!1+#1!65>:E
!TTTTTTTTTTTTTTTTTTTTTTT!YMY!RTg
!/'#/+C0%'#0
!TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT!YMR!*KK"#,%3
!TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT!YMj!&"1"&"#/"0
!TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT!YMh!!'2"3%-&!7
f!)"(K'&*+!,e#*(%/0!
'1!1&""
2+%$%#.!#%)&'
."#!1%3*)%'#!%#!
)Q"!0d%)/Q.&*00!&Q%m
'0KQ"&"
!TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT!YYi!iTY
!*-0)&*/)
!TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT!YYi!iTL
!%#)&',C/)%'#
!TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT!YYj!iTR
!(")Q',0
!TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT!YYk!iTRTY!17:G?!07>:!58?!d:5>A:6!,5>5
TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT!YYk!iTRTL!0@7G!/@GG:;>7@8!58?!#<>67:8>!*85G4E:E
!TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT!YYk!iTRTR!16::
2G7D78B!#7>6@B:8!17N5>7@8
!TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT!YYh!iTRTi!KG58>!*D57G5=G:!%8@6B587;!#7>6@B:8
!TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT!YYl!iTRTj!0@7G!"N>65;:GG<G56!"8V49:!*;>7D7>7:E
!TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT!YLM!iTRTg!KG58>!(:>67;E
!TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT!YLY!iTRTk!0@7G!
,75V@>6@FA!/@99<87>4!/@9F@E7>7@8
!TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT!YLL!iTRTh!,5>5!*85G4E7E
TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT!YLi!iTi
!&"0C+)0
!TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT!YLg!iTiTY!#
2H7N5>7@8!65>:E
!TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT!YLg!iTiTL!,75V@>6@FA!;@99<87>4!;@9F@E7>7@8
!TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT!YLk!iTiTR!&58?@9!1@6:E>!&:B6:EE7@8
!TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT!YLl!iTj
!,%0/C00%'#
!TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT!YRR!iTg
!/'#/+C0%'#0
!TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT!YRl!*KK"#,%3
!TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT!YiY!&"1"&"#/"0
!TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT!Yih! 7N! ,8$%!*1!%"#,-$
 !%9:;<!5=4
f!07>:!;A565;>:67E>7;E!78;G<?78B!E@7G!F6@F:6>7:EU!;G795>:U!58?!G58?!<E:!A7E>@64!H@6
!!+<N!*6=@6!O+C3P!58?!+5W:!/7>4!O+/
P]]]]]]]]]]]]]]]]]]]]
]]iY!%9:;<!5=5
f!)5=G:!@H!:NF:679:8>5G!;@8?7>7@8E!H@6!@F>797V5>7@8!>:E>E
]]]]]]]]TTTT
iR!%9:;<!6=4
f!07>:!
;A565;>:67E>7;E!78;G<?78B!E@7G!F6@F:6>7:EU!;G795>:U!58?!G58?!<E:!A7E>@64!H@6
!!>A6::!H7:G?!E7>:E!+<N!*6=@6!O+C3PU!+5W:!/7>4!O+/PU!58?!"E;585=5!O"0/P!
]]]]]]ThL!%9:;<!6=5
f!*D:65B:!6:G5>7D:!5=<8?58;:!58?!E>58?56?!:66@6E!@H!?75V@>6@FA!
;G5EE:E!=4
!!E59FG:!>4F:!58
?!E7>:
]]]]]]]]]]]
]]]]]]]]]]]]]]]]]TTlj
!%9:;<!6=6
f!)5=G:!@H!')CE!7?:8>7H7:?!=4!
$#/$%012%$20
!5E!5EE@;75>:?!S7>A!#
2H7N5>7@8!65>:E
!!@H!n!YM!XB!#!F:6!B!6A7V@EFA:6:!F:6!?54T!
]]]]]]]]]]]]]]]]]]]
TTTTlg
!%9:;<!6=7
f!)5=G:!@H!')CE!SA@E:!F6:E:8;:!5FF:56E!>@!=:!5EE@;75>
:?!S7>A!78;6:5E:?
!!!#2H7N5>7@8
!65>:E
]]]]]]]]]]]]]]]]]]]]TT]]]]]]]]]
]TTlg
!!%9:;<!
7=4>!)5=G:!@H!')CE!5EE@;75>:?!S7>A!
>A:!9:5E<6:?!F<GE:!78!#
2H7N5>7@8TTTTTTTTTTTTTTTY
Ll!!%9:;<!$7=4
>!&:E<G>E!@H!658?@91@6:E>
!6:B6:EE7@8!585G4E7E!H@6!H<GG!LMYk!H7:G?!E:5E@8!
?5>5TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT
TTTTTTY
ij!!%9:;<!$7=5
>!&:E<G>E!@H!658?@91@6:E>!6:B6:EE7@8!585G4E7E!H@6!F<GE:
25EE@;7
5>:?!?5>:E!
78;G<?78B!?75V@>6@FA!;@99<87>4!;@9F@E7>7@8!O;G5EE
2G:D:GPTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTY
ig!!!!!!!!!!!!!!!!!!!!N! ,8$%!*1!18/?&-$
!!1@ABC<!4=4
f!/@8>65E>78B!A5=7>5>E!@H!H6::
2G7D78B!58?!E49=7@>7;!87>6@B:8
2H7N5>7@8
TTTTTTTTTTTTTTT
TTL!1@ABC<!
4=5
f!"8D76@89:8>5G!H5;>@6E!W8@S8!>@!79F5;>!1+#1
TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT
TTR!1@ABC<!4=6
f!0;58878B!:G:;>6@8!97;6@B65FA!
@H!
345,5"6%,2*()$#27"#/$$
TTTTTTTTTTTTTTTTTTTTTTTTTTTTT
TTj
!1@ABC<!4=7
f!K6:G7978564!#
2H7N5>7@8!65>:E!H6@9!ES7>;AB65EE!6A7V@EFA:6:!E@7GE
TTTTTTTTTTTTTTTTTT
Yj!1@ABC<!5=4
f!*;:>4G:8:!6:?<;>7@8!65>:E!5>!?7HH:6:8>!78;<=5>7@8!>79:E
TTTTTTTTTTTTTTTTTTTTTT
TTTTTTTTTjM!1@ABC<!5=5
>!*;:>4G:8:!6:?<;>7@8!65>:E!5>!?7HH:6:8>!@N4B:8!;@8;:8>65>7@
8ET
TTTTTTTTTTTTTTTTTTTT
jY!1@ABC<!5=6
f!*;:>4G:8:!6:?<;>7@8!65>:E!S7>A!5??7>7@8!@H!?7HH:6:8>!/!E@<6;:ET
TTTTTTTTTT
TTTTTTTTT
jL!1@ABC<!5=7
>!-5;WB6@<8?!:>A4G:8:!
O*P!
F6@?<;>7@8!58?!
O-P!
;@8E<9F>7@
8TTTTTTTTTTTTTTTTT
TTTTTTTT
jL!1@ABC<!5=D
f!Yj#L!78;@6F@65>7@8!
65>:E!
S7>A
!5??7>7@8!@H!?7HH:6:8>!/!E@<6;:E
TTTTTTTTTT
TTTTTTTTTTTTT
jR!1@ABC<!5=E
f!"HH:;>!@H!=<HH:678B!/!;@;W>57G!@8!
Yj#L!78;@6F@65>7@8
TTTTTTTTTTTTTTTTTTTTTTTTTT
TTTTTTTTTTTT
ji!1@ABC<!5=F
f!Yj#L!78;@6F@65>7@8!
65>:E!5>!?7HH:6:8>
!@N4B:8!;@8;:8>65>7@8E
TTTTTTTTTTTTTTT
TTTTTTTTT
jg!1@ABC<!5=G
>!Yj#L!78;@6F@65>7@8!
65>:E
!5>!?7HH:6:8>!78;<=5>7@8!>79:E
TTTTTTTTTTTTTTTTTTTTTTTTTT
TTTTTTTT
jk!1@ABC<!$5=4
>!%95B:E!@H!*(0!E@7Go><6H!F6@=:!<E:?!>@!@=>578!78>5;>!;@6:ETTTTTTTTTTTTTTTTT
TTTTTTT
gh!1@A
BC<
!6=4
f!"NF:679:8>5G!?:E7B8!@H!
O*P!
#!5??7>7@8E!58?!
O-P!
FG58>78BT
TTTTTTTTTTTTTTTTT
TTTTTTTTTTT
hM!1@A
BC<
!6=5>!
KG58>!5=@D:B6@<8?!=7@95EE
!O9BP
!=4!E7>:
TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT
TThl
!1@A
BC<
!6=6>!
#7>6@B:8!H7N5>7@8!65>:E!@H!>A:!6A7V@EFA:6:!H@6!:5;A!E7>:
TTTTTTTTTTTTTTTTTTTTTTTTTTTTT
TTlM
!1@A
BC<
!6=7>!
K678;7F5G!;@@6?785>:E!585G4E7E!@H!
O*P!
H7:G?
!E@7G!58?!
O-P!
6A7V@EFA:6:!
E59FG:E
TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT
TTTlY
!1@A
BC<
!6=D>!
*D:65B:!6:G5>7D:!5=<8?58;:!@H!?75V@>6@FA!;G5EE:E!=4!E7>:T
TTTTTTTTTTTTTTTTTTTTT
TTTlL
!1@A
BC<
!6=E>!
*D:65B:!6:G5>7D:!5=<8?58;:!@H!?75V@>6@FA!;G5EE:E!=4!G:B5;4!#!
O1:6>!p!
1:6>7G7V:?U!C8H:6>!p!C8H:6>7G7V:?P!
58?!EA@6>
2>:69!#!5??7>7@8E
!OQ7BA!p!Q7BA!#!5??7>7@8
U!+@S!p!
+@S!#!5??7>7@8P!
H@6!6A7V@EFA:6:!E59FG:ET
TTTTTTTTTTTTTTTTT
TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT
TlR
!1@ABC<!$6=4>!
*D:65B:!6:G5>7D:!5=<8?58;:!@H!?75V@>6@FA!;G5EE:E!=4!G:B5;4!#!5??7>7@8!
58?!E7>:!H@6!E@7G!E59FG:ETTTTTTTTTTTTTTTTTTTTTTTTT
TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT
TYMg!N7! 1@ABC<!$6=5>!
K678;7F5G!;@@6?785>:E!585G4E7E!@H!
H7:G?!
E@7G!E59FG:E!
58?!6A7V@EFA:6:!
E59FG:E!H@6!O*P!+<N!*6=@6U!O-P!+5W:!/7>4U!O/P!"E;585=5!58?!O,P!*GG!E59FG:ETTTTTTTTTTTTTTY
Mk!1@A
BC<
!7=4>!
16::
2G7D78B!87>6@B:8!H7N5>7@8!65>:E!
5;6@EE
!LMYk
!B6@S78B!E:5E@8
TTTTTTTTTTTT
TTTTY
Lg!1@A
BC<
!7=5>!
K678;7F5G!;@@6?785>:!585G4E7E!OK/@*P!@H!E@7G!?75V@>6@FA!;@99<87>7:ETTTTTTTY
Lh!1@A
BC<!
7=6>!
&:E<G>E!@H!658?@9!H@6:E>!6:B6:EE7@8!585G4E7ETTTTTTTTTTTTTTTTTTTTTT
TTTTTTTTTTTTTTTTTT
TTTTYRY!1@A
BC<!
7=7>!
/@66:G5>7@8E!@H!79F@6>58>!H<GG!E:5E@8!F6:?7;>@6E!@H!#
2H7N5>7@8TT
TTTTTTTTT
TTTTTTTTTY
RL!1@A
BC<!
7=D>!
/@66:G5>7@8E!@H!79F@6>58>!
F<GE:
25EE@;75>:?!
F6:?7;>@6E!@H!#
2H7N5>7@8T
TTTTTTTTT
YRR!1@ABC<!$7=
4>!*GFA5!?7D:6E7>4!9:>67;E!
O*P!/A5@YU!O-P!0A588@8!%8?:NU!58?!O/P!%8D:6E:!
079FE@8!=4!;@GG:;>7@8!?5>:
TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTY
iL!1@ABC<
!$7=5f!&:G5>7D:!5=<8?58;:!@H!?75V@>6@FA!;G5EE:EU!=5E:?!@8!
#$89(
59FG7;@8!
E:I<:8;78BU
!=4!E59FG:!?5>:TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTY
iR!1@ABC<
!$7=6f!16::
2G7D78B!87>6@B:8!H7N5>7@8!65>:E!5;6@EE!>A:!LMYk!B6@S78B!E:5E@8!
6:F6:E:8>:?!5E!=@NFG@>E!H@6!:5;A!E59FG:!?5>:!58?!H7:G?!H:6>7G7V:6!>6
:5>9:8>TTTTTTTTTTTTTTTTY
ii!!!!!!!!!!!!!!!N77
! (-H!%*!"##&-I8"%8*)$
!!*#'$*
!!*85G4E7E!@H!$56758;:
!*&*
!!!*;:>4G:8:!&:?<;>7@8!*EE54
!-#1
!!!-7@G@B7;5G!#7>6@B:8!17N5>7@8
!-0/!!!-7@G@B7;5G!0@7G!/6<E>E
!/!!!/56=@8
!/'L!!!/56=@8!,7@N7?:
!/$!!!/@:HH7;7:8>!@H!$5675>7@8
!,'/
!!!,7EE@GD:?!'6B587;!/56=@8
!,'#
!!!,7EE@GD:?!'6B587;!#7>6@B:8
!"0/!!!"E;585=5!OH7:G?!E7>:P
!1:!!!%6@8
!1+#1
!!!16::
2+7D78B!#7>6@B:8!17N5>7@8
!./!!!.5E!/A6@95>@B65FA
!.+-&/
!!.6:5>!+5W:E!-7@:8:6B4!&:E:56;A!/:8>:6
!Q:!!!Q:G7<9
!Q((
!!!Q7??:8
2(56W@D!(@?:GE
!+/!!!+5W:!/7>4!O
H7:G?!E7>:P
!+C3
!!!+<N!*6=@6!OH7:G?!E7>:P
!(@!!!(@G4=?:8<9
!#!!!#7>6@B:8
!#L!!!,787>6@B:8!B5E
!#L'!!!#7>6@<E!'N7?:
!N777
! #*.
!!!#25;:>4G
2q2,2BG<;@E59787?5E:
!#QR!!!*99@875
!'L!!!'N4B:8
!')C
!!!'F:65>7@85G!)5N@8@97;!C87>
!K!!!KA@EFA@6<E
!K/@*
!!!K678;7F5G!/@@6?785>:E!*85G4E7E
!K"&(*#'$*
!K:69<>5>7@85G!9<G>7D5675>:!585G4E7E!@H!D56758;:
!!)#!!!)@>5G!#7>6@B:8
!!CQK!!!CG>65!Q7BA!K<67>4
!$!!!$585?7<9
!!!!!!!!!!!!!!!!Y! '2"3%-&!4
>! 8)%&*.?'%8*)
!:*$+$#"77;(1&67$0<2/("0
f!09:6;785U!,T!#TU!"D58EU!0T!"TU!167:E:8U!(T!+TU!r!)7:9588U!+T![T!OLMYlPT!)@!H7N!@6!
8@>!>@!H7Nf!;@8>6@GE!@8!H6::
2G7D78B!87>6@B:8!H7N5>7@8!78!>A:!6A7V@EFA:6:T!*FFGT!"8D76@8T!(7;6@=7@GTU!hjOgPU!
:MLjig2YhT!JJJJJJJJJJJJJJJJJ
!-7@G@B7;5G!#
2H7N5>7@8!O-#1PU!>A:!F6
@;:EE!=4!SA7;A!B5E:@<E!#
L!7E!;@8D:6>:?!78>@!
599@875!O#Q
RP!D75!>A:!:8V49:!87>6@B:85E:U!7E!;6<;75G!H@6!>A:!5D57G5=7G7>4!@H!87>6@B:8!O#P!
78!>:66:E>675G!:;@E4E>:9E!O$7>@<E:W!:>!5GT!LMMLPT!-#1!78;G<?:E!E49=7@>7;!O7T:T!8@?<G:!
H@695>7@8P!58?!H6::
2G7D78B!#
2H7N5>7@
8!O1+#1PU!?:H78:?!5E!#
2H7N5>7@8!@;;<6678B!S7>A@<>!5!
H@695G!FG58>
297;6@=:!E49=7@E7ET!%8!LMYYU!&::?!
2,("7=
!6:D7:S:?!1+#1U!;@D:678B!>@F7;E!
H6@9!;56=@8!O/PU!#U!58?!@N4B:8!;@8>6@GE!@8!1+#1!>@!:;@E4E>:9!E;5G:!6:EF@8E:E!@H!
1+#1T!%!=<7G?!@8!58?!<F?5>:!>A5>!=@?4!@H
!S@6Ws!H@;<E78B!@8!9:;A587E>7;!;@8>6@GE!@H!
1+#1U!78;G<?78B!>A:!78HG<:8;:!@H!?75V@>6@FA!?7D:6E7>4s!58?!FG5;:!F56>7;<G56!:9FA5E7E!@8!
1+#1!78!>A:!6A7V@EFA:6:!O5>!@6!8:56!6@@>!E<6H5;:EPU!SA7;A!A5E!79FG7;5>7@8E!H@6!1+#1!
E<FF@6>78B!;6@F!F6@?<;>7@8T!%8!E@9:!;5E:E
U!1+#1!A5E!=::8!6:B56?:?!5E!5!E<=;5>:B@64!
@H!E49=7@>7;!#
2H7N5>7@8U!?<:!>@!7>E!;G@E:!F6@N797>4!>@!6@@>EU!58?!>A<EU!;@8E7?:6:?!>@!A5D:!
E797G56!:8D76@89:8>5G!;@8E>6578>E!O(<E!:>!5GT!LMYgPT!Q@S:D:6U!%!56B<:!>A5>!1+#1U!
F56>7;<G56G4!78!>A:!6A7V@EFA:6:U!7E!58!79F
@6>58>!F6@;:EE!?7E>78;>!H6@9!E49=7@>7;!#
2H7N5>7@8!
58?!;5667:?!@<>!=4!SA@GG4!?7HH:6:8>!=5;>:675G!EF:;7:EU!58?!>A<E!S56658>E!7>E!@S8!
78D:E>7B5>7@8!O
17BT!YTY
PT!
!L! 0<6F67E78BG4U!1+#1!5;
><5GG4!:D@GD:?!G@8B!=:H@6:!E49=7@>7;!#
2H7N5>7@8U!5FF:5678B!
=:>S::8!YTj!58?!LTLT!=7GG7@8!4:56E!5B@!O-@4?!:>!5GT!LMYRP!;@9F56:?!>@!@8G4!jl!97GG7@8!
4:56E!5B@!H@6!E49=7@>7;!#
2H7N5>7@8!O0F6:8>!58?!\59:E!LMMkPT!-:;5<E:!@H!?48597;5GG4!
1@ABC<!4=4
f!'KLMC9NM@LA!O9:@M9MN!KP!PC<<
Q;@R@LA!9LS!NTU:@KM@V!L@MCKA<L
QP@W9M@KL
!5P1+#1!7E!;5667:?
!@<>!=4!5!?7D:6E:!56654!@H!#
2H7N:6E!G7D78B!78!5!;@99<87>4U!
SA7G:!E49=7@>7;!#
2H7N5>7@8!7E!F:6H@69:?!@8G4!=4!5!H:S!=5;>:675!O:TBT!&A7V@=75!
58?!1658W75P!G7D78B!78!5!F@F<G5>7@8T!
!=P1+#1!7E!E<FF@6>:?!=4!?7EE@GD:?!@6B587;!;56=@8!O,'/P!78!>A:!E@7GU!5!D5675=G:!
58?!;@9FG:N!/!E@<6;:U!SA7G:!E49=7@>7;!#
2H7N:6E!6:;:7D:!5!;@8E>58>!E<FFG4!
@H!E79FG:!/!;@9F@<8?E!O7T:T!95G5>:P!?76:;>G4!H6@9!>A:!A@E>!FG58>T!
(;P'N4B:8!;@8;:8>65>7@8!78!>A:!6A7V@EFA:6:!
7E!A7BAG4!D5675=G:!58?!?67D:8!=4!
E@7G!E>6<;><6:!58?!>:N><6:U!58?!6:EF765>7@8!=4!97;6@=:E!58?!6@@>ET!
/@8D:6E:G4U!E49=7@>7;!#
2H7N:6E!56:!E<FFG7:?!@N4B:8!5>!G@S!;@8;:8>65>7@8E!
=4!>A:76!A@E>!FG58>T
(?P#<>67:8>E!8:;:EE564!>@!E<FF@6>!1+#1!O:TBT!KU!1:U!(@U!$P!9<E>!=
:!5;I<76:?!
=4!>A:!?75V@>6@FAT!Q@S:D:6U!>A:E:!8<>67:8>E!56:!?:G7D:6:?!>@!E49=7@>7;!#
2H7N:6E!=4!>A:!A@E>!FG58>T
(:P,75V@>6@FAE!78!>A:!6A7V@EFA:6:!;58!5;;:EE!#!H6@9!E@7G!58?!1+#1U!SA7G:!5GG!
E49=7@>7;5GG4!H7N:?!#!7E!?:G7D:6:?!>@!>A:!FG58>T!
(!R! HG<;><5>78B!;@8?7>7@8E!78!>A
:!6A7V@EFA:6:U!1+#1!@;;<6E!<8?:6!9@6:!?7D:6E:!58?!D5675=G:!
;@8?7>7@8E!>A58!E49=7@>7;!#
2H7N5>7@8!95W78B!7>!?7HH7;<G>!>@!?65S!;@8;G<E7@8E!5=@<>!1+#1!
=5E:?!@8!6:E:56;A!@H!E49=7@>7;!#
2H7N5>7@8!
O17BT!YTL
PT!)A:!G5;W!@H!6:E:56;A!H@;<E:?!@8!
1+#1!7E!E<6F67E78B!;@8E
7?:678B!>A5>!>A:!F6@;:EE!7E!<=7I<7>@<E!78!>:66:E>675G!E4E>:9EU!58?!
;58!F6@D7?:!E7B87H7;58>!78F<>E!@H!#U!:I<5G!>@!@6!B6:5>:6!>A58!E49=7@>7;!#
2H7N5>7@8!
O/G:D:G58?!:>!5GT!LMMlU!&::?!:>!5GT!LMYYU!$7>@<E:W!:>!5GT!LMYRPT!1@6!:N59FG:U!/G:D:G58?!
2,("7=
!OLMMlP!:E>7
95>:!D75!5!9@?:G78B!5FF6@5;A!>A5>!1+#1U!78;G<?78B!78!>A:!6A7V@EFA:6:U!
=<GW!E@7GU!@8!G:5H!G7>>:6!58?!?:;5478B!S@@?U!58?!@8!FG58>!58?!G:5H!E<6H5;:EU!;@8>67=<>:E!g!
WB!#!A5
2Y!462Y!@8!5D:65B:!>@!>6@F7;5G!H@6:E>!E4E>:9E!O658B78B!H6@9!LTi!>@!Yi!WB!#!A5
2Y!462YP!SA
7G:!E49=7@>7;!-#1!S5E!:E>795>:?!5>!@8G4!iTj!WB!#!A5
2Y!462YT!0797G56G4U!&::?!
2,("7=
!OLMYYP!EA@S!>A5>!1+#1!65>:E!H5GG!S7>A78!>A:!658B:!@H!E49=7@>7;!-#1!65>:E!H@6!5GG!=7@9:ET!
0<9978B!>A:!1+#1!65>:E!H@6!:5;A!=7@9:!O5;;@<8>78B!H@6!G58?!56:5!@H!:5;A!=7@9:PU!5E!
:E>795>:?!=4!&::?!
2,("7=(
OLMYYPU!1+#1!;@8>67=<>:E!tkg!)B!#!46
2Y!BG@=5GG4!O
H5GG78B!S7>A78!
$7>@<E:W!
2,("7=
!OLMMLP!:E>795>:?!658B:!@H!iM
2YMM!)B!#!H7N:?!46
2YPU!SA7;A!H56!:N;::?E!
1@ABC<!4=5
f!-LR@CKLU<LM9;!P9VMKCN!XLKYL!MK!@UZ9VM!1,)1
!F6:E:8>:?!S7>A!>6758BG:E!
6:F6:E:8>78B!5!>A:@6:>7;5G!658B:!H@6!:5;A!H5;>@6U!G@S!O8566@SU!G7BA>
2;@G@6:?P!>@!A7BA!O=6@5?U!
?56W
2;@G@6:?PT!%8!;@8>65E>U!E49=7@>7;!#
2H7N5>7@8U!6:F6:E:8>:?!=4!D:6>7;5G!A5>;A:?!=56U!@8G4!
@;;<6E!78!5!8566@S!658B:!@H!:5;A!@H!>A:!:8D7
6@89:8>5G!;@8?7>7@8ET!1@6!:N59FG:U!1+#1!;58!
@;;<6!@D:6!5!S7?:!658B:!@H!@N4B:8!;@8;:8>65>7@8E!H6@9!G@S!>@!A7BAU!SA7G:!E49=7@>7;!#
2H7N5>7@8!@;;<6E!@8G4!5>!G@S!@N4B:8!;@8;:8>65>7@8ET
!!!i! 78F<>E!H6@9!G7BA>878B!Oj!)B!#!46
2Ys!hP!58?!7E!9@6:!>A58!A5GH!>A:!#!H7N:?!78?<E>675GG4!D75!
Q5=:6
2-@E;A!6:5;>7@8E!OYLM!)B!#!46
2Ys!&::?!:>!5GT!LMYYU!1@SG:6!:>!
5GT!LMYRPT!'H!>A7E!#!
;@8>67=<>:?!=4!1+#1U!>A:!95b@67>4!7E!G7W:G4!>@!=:!H7N:?!78!>A:!6A7V@EFA:6:!=:;5<E:!@H!/!
5;;:EE7=7G7>4!O?7E;<EE:?!=:G@SPU!95W78B!<8?:6E>58?78B!6A7V@EFA:6:!1+#1!W:4!>@!
<8?:6E>58?78B!>A7E!79F@6>58>!#!78F<>T
!1+#1!78!>A:!6A7V@EFA:6:!A5E!=::
8!@H!F56>7;<G56!78>:6:E>!78!G@S
278F<>!;6@F!
F6@?<;>7@8!=:;5<E:!>A7E!E@<6;:!@H!#!;@<G?!6:?<;:!6:G758;:!@8!;A:97;5G!H:6>7G7V:6ET!)A7E!
7E!:EF:;75GG4!79F@6>58>!78!=7@G@B7;5GG4
2=5E:?!5B67;<G><6:!O@6B587;!5B67;<G><6:P!58?!78!G@S
278F<>!5B67;<G><65G!E4E>:9E!78!?:D:
G@F78B!;@<8>67:ET!%8!>A:E:!;5E:EU!5!B6:5>:6!6:G758;:!@8!
1+#1!;@<G?!59:G7@65>:!E@9:!@H!>A:!8:B5>7D:!:8D76@89:8>5G!79F5;>E!5EE@;75>:?!S7>A!
;A:97;5G!#!5??7>7@8E!O7T:T!87>65>:!G:5;A78B!58?!B6::8A@<E:!B5E!#
L'!:HHG<NPT!'8:!56:5!78!
SA7;A!1+#1!A5E!=::8!?@;<9:8>:?!
58?!;@<G?!F6@D7?:!>A:E:!=:8:H7>E!7E!78!F:6:8875G!
=7@:8:6B4!;6@FF78B!E4E>:9EU!G7W:!97E;58>A<E!O
>$0%"#,<&0(?(+$+"#,2&0@(
,5D7
E!:>!5GT!
LMYMP!58?!ES7>;AB65EE!O
!"#$%&'()$*+",&'@(
&<58!:>!5GT!LMYgPT!1@6!:N59FG:U!,5D7E!
2,("7=(
OLMYMP!EA@S:?!>A5>!1+#1U!5EE@;75>:?!S7>
A!97E;58>A<E!6A7V@9:E!58?!7E@G5>:?U!6@@>
25EE@;75>:?!=5;>:675U!;@<G?!E<FFG4!>A:!#!SA7;A!A5?!=::8!97EE78B!H6@9!>A:!97E;58>A<E!#!
=<?B:>T!&<58!
2,("7=
!OLMYgP!?:9@8E>65>:?!5!G5;W!@H!6:EF@8E:!78!ES7>;AB65EE!;6@F!47:G?E!
S7>A!78;6:5E78B!#!5??7>7@8!65>:EU!E<BB:E>78B
!>A5>!ES7>;AB65EE!;58!@=>578!5>!G:5E>!E@9:!#!
H6@9!1+#1U!E<FF@6>78B!;6@F!47:G?E!5>!G@S!#!>A5>!95>;A!>A@E:!5>!A7BA!#!H:6>7G7V:6!5??7>7@8T!
0S7>;AB65EE!7E!W8@S8!>@!E<FF@6>!>A:!B6@S>A!@H!H6::
2G7D78B!#
2H7N:6E!O)b:FW:95!58?!-<667E!
YlkgU!(@667E!:>!5GT!YlhjU!-5A<G7
W56!:>!5GT!LMYiPT!%8!94!@S8!S@6WU!%!A5D:!@=E:6D:?!>A:!
?75V@>6@FA!
345,56"%,2*()$#27"#/$$
!E<;;:EEH<GG4!;@G@87V78B!ES7>;AB65EE!6@@>E!
O17BT!YTR
PT!
j! 1+#1!A5E!5GE@!=::8!?76:;>G4!@=E:6D:?!78!5EE@;75>7@8!S7>A!ES7>;AB65EE!78!@<6!@S8!S@6W!
58?!=4!
@>A:6E!O&@?67B<:E!:>!5GT!LMYkU!&@G:4!:>!5GT!LMYhPT
 !,:EF7>:!78>:6:E>!78!1+#1!58?!7>E!?:9@8E>65>:?!F@>:8>75G!>@!E<FF@6>!H@@?!58?!
=7@:8:6B4!;6@F!F6@?<;>7@8U!S:!E>7GG!W8@S!E<6F67E78BG4!G7>>G:!5=@<>!>A:!:8D76@89:8>5G!
;@8>6@GE!@8!1+#1!58?!A@S!>A:4!?7HH:6!H6@9!E
49=7@>7;!#
2H7N5>7@8T!d:!W8@S!6A7V@EFA:6:!
?75V@>6@FAE!H5;:!?7HH:6:8>!;A5GG:8B:E!;@9F56:?!>@!>A:!E49=7@>7;!#
2H7N:6EU!SA@!56:!
F6@D7?:?!S7>A!5!6:G5>7D:G4!E>5=G:!:8D76@89:8>!5E!FQU!:8:6B4U!8<>67:8>E!58?!@N4B:8!56:!
5GG!@F>797V:?!H@6!>A:9!=4!>A:76!FG58>!A@E>!O
17B
T!YTY
PT!*E!?75V@>6@FAE!H5;:!>A:!;A5GG:8B:E!
5EE@;75>:?!S7>A!5!HG<;><5>78B!;G795>:!OE@7G!9@7E><6:U!>:9F:65><6:P!58?!5;I<7678B!
6:E@<6;:E!H@6!B6@S>A!@<>E7?:!@H!5!E49=7@>7;!6:G5>7@8EA7FU!>A:76!6:EF@8E:E!>@!5!A7BAG4!
D5675=G:!:8D76@89:8>!9<E>!5GE@!=:!9@6:!HG:N7=G
:!58?!:D@G<>7@8567G4!9@6:!?7D:6E:T!%8!>A7E!
6:D7:SU!%!S7GG!?7E;<EE!SA5>!7E!W8@S8!5=@<>!?75V@>6@FAEU!F@>:8>75G!;@8>6@GE!@8!>A:!5;>7D7>4!
@H!?75V@>6@FAE!58?!65>:E!@H!1+#1!78!>A:!6A7V@EFA:6:!58?!A7BAG7BA>!B5FE!78!@<6!
1@ABC<!4=6
f!$V9LL@LA!<;<VMCKL!U@VCKAC9ZO!KP!
!"#$#%&'$()*+,-(.&-/,,
U!5!H6::
2G7D78B!
87>6@B:8
2H7N:6!G7D78B!@8!5!ES7>;AB65EE!6@@>
!ON!LMUMMMPT!/5D:
27826@;W!D567:>4!ES7>;AB65EE!
E::?G78BE!S:6:!B6@S8!78!E>:67G:!b56E!58?!78@;<G5>:?!S7>A!
3=()$#27"#/$$(
O*)//!-**
2YRMRPT!
!!g! W8@SG:?B:!>A5>!G797>!@<6!5=7G7>4!>@!@F>797V:
!6A7V@EFA:6:!;@8?7>7@8E!78!@6?:6!>@!F6@9@>:!
1+#1!78!9585B:?!E4E>:9ET!1785GG4U!5E!58!:N59FG:!@H!5!9585B:?!E4E>:9!SA:6:!1+#1!
;@<G?!=:!;67>7;5GG4!79F@6>58>!H@6!F6@?<;>7D7>4U!47:G?E!58?!E<E>5785=7G7>4U!%!S7GG!5FFG4!SA5>!7E!
W8@S8!5=@<>!1+#1!>@!F6:?7;>!>A:!79F5;
>E!@H!1+#1!78!ES7>;AB65EE!=7@:8:6B4!;6@FF78B!
E4E>:9ET!
!4=4!%2-!.8I-&$8%H!*1
!1&--
Q,8I8)/!)
Q18[-&
$!)A:!5=7G7>4!>@!E48>A:E7V:!87>6@B:85E:!58?!H7N!#!7E!:N;G<E7D:G4!F6@W564@>7;!OK@E>B5>:!
YlhLPT!dA7G:!#
2H7N78B!@6B587E9E!56:!F6:?@97858>G4!=5;>:675U!E@9:!9:>A58@B:
87;!
56;A5:5!A5D:!=::8!@=E:6D:?!>@!H7N!#!O.5=4!58?!-<;WG:4!LMYjPT!#
2H7N78B!@6B587E9E!56:!
H@<8?!5;6@EE!5!S7?:!658B:!@H!=5;>:675G!FA4G5!78;G<?78BU!*GFA5
2U!-:>5
2U!,:G>5
2U!58?!
.5995F6@>:=5;>:675U!17697;<>:EU!/458@=5;>:675U!58?!.6::8!0<GH<6!-5;>:675!O.5=4!58?!
-<;WG:4!LMYjPT!1<6>A:6U!E@7GE!56:!A@9:!>@!A7BA!?75V@>6@FA!?7D:6E7>4U!;@8>57878B!@D:6!jMZ!
9@6:!')CE!>A58!95678:!E4E>:9E!O.5=4!58?!-<;WG:4!LMYjPT!)A7E!?7D:6E7>4!;58!=:!
@=E:6D:?!:D:8!S7>A78!6A7V@EFA:6:!;@99<87>7:ET!1@6!:N59FG:U!?75V@>6@FAE!7E@G5>:?!H6@9!
>A:!ES7
>;AB65EE!6A7V@EFA:6:!6:F6:E:8>:?!5>!G:5E>!jL!?7HH:6:8>!=5;>:675G!FA4G@>4F:E!
5;6@EE!9<G>7FG:!KA4G5!78;G<?78B!17697;<>:EU!*GFA5
2U!-:>5
2U!,:G>5
2!58?!.5995
2F6@>:@=5;>:675!O-5A<G7W56!:>!5GT!LMYiPT!'D:65GGU!>A:!?7D:6E7>4!@H!?75V@>6@FAE!5;>7D:G4!H7N78B!
#!78!>A:!6
A7V@EFA:6:!5>!584!B7D:8!>79:!7E!G7W:G4!>@!=:!A7BAT
!,:EF7>:!>A:!A7BA!?7D:6E7>4!@H!?75V@>6@FAEU!87>6@B:85E:U!>A:!:8V49:!78D@GD:?!78!
-#1U!A5E!@8G4!>A6::!W8@S8!H@69ET!#7>6@B:85E:!;@8E7E>E!@H!>S@!9:>5GG@F6@>:78EU!58!76@8!
O1:P!F6@>:78!6:EF@8E7=G:!H@6!*)K!E48>A:E
7E!58?U!9@E>!;@99@8G4U!5!9@G4=?:8<9
276@8!
O(@21:P!F6@>:78!6:EF@8E7=G:!H@6!E<=E>65>:!O7T:T!#
LP!58?!F6@>@8!6:?<;>7@8!O&::E!:>!5GT!
LMMjPT!(@G4=?:8<9!87>6@B:85E:!O(@
287>6@B:85E:P!7E!>A:!9@E>!<=7I<7>@<E!7E@V49:!
k! E48>A:E7V:?!=4!@6B587E9E!H6@9!=5;>:675G!FA4G5!*GFA5
2U!-:>5
2U!,:G>5
2U!58?!
.5995F6@>:=5;>:675U!17697;<>:EU!58?!/458@=5;>:675T!(584!?75V@>6@FAE!H6@9!*GFA5
2U!-:>5
2U!58?!.5995F6@>:=5;>:675!58?!17697;<>:E!;58!5GE@!E48>A:E7V:!5G>:685>7D:!H@69E!@H!
87>6@B:85E:!>A5>
!E<=E>7><>:!>A:!(@
21:!;@H5;>@6!S7>A!D585?7<9
276@8!O$
287>6@B:85E:P!
58?o@6!76@8
276@8!O1:
287>6@B:85E:P!;@
2H5;>@6E!<8?:6!(@
2G797>:?!;@8?7>7@8E!O&::E!:>!5GT!
LMMjU!,7N@8!58?![5A8!LMMiPT!)A:E:!EG7BA>!D5675>7@8E!78!:8V49:!E>6<;><6:!954!78HG<:8;:!
1+#1!58?!7>E!6:EF@
8E:E!>@!:8D76@89:8>5G!;@8?7>7@8ET!
!%>!A5E!=::8!EA@S8!>A5>!>A:!?7HH:6:8>!H@69E!@H!87>6@B:85E:!D564!78!E<=E>65>:!
5HH787>4U!:HH7;7:8;4U!58?!>:9F:65><6:!E:8E7>7D7>4U!5GG!@H!SA7;A!78HG<:8;:!1+#1!65>:ET!1@6!
:N59FG:U!-:GG:8B:6!
2,("7=
!OLMYiP!?:9@8E>65>:!>A5>!5G>:6
85>7D:!H@69E!@H!87>6@B:85E:!
:NA7=7>!G@S:6!&!65>7@E!O>A:!65>7@!=:>S::8!1+#1!65>:E!9:5E<6:?!=4!5;:>4G:8:!6:?<;>7@8U!
58!78?76:;>!9:5E<6:!@H!#
2H7N5>7@8U!58?!65>:E!9:5E<6:?!D75!H7N5>7@8!@H!
Yj#LPU!>A58!(@
287>6@B:85E:!O-:GG:8B:6!:>!5GT!LMYiPT!
345,56"%,2*()$#27"#/
$$!&!65>7@E!H@6!(@
287>6@B:85E:!
S:6:!H@<8?!>@!RTj!
±!YTYU!SA7G:!&!65>7@E!H@6!$
287>6@B:85E:!58?!1:
287>6@B:85E:!S:6:!YTL!
±!MTi!58?!MTj!
±!MTRU!6:EF:;>7D:G4!O-:GG:8B:6!:>!5GT!LMYiPT!)A7E!78?7;5>:E!>A5>!5G>:685>7D:!
87>6@B:85E:!:8V49:E!A5D:!5!G@S:6!5HH787>4!H@6!5;
:>4G:8:!B5E!;@9F56:?!>@!>A:!(@
287>6@B:85E:T!$
287>6@B:85E:!5GE@!:NF6:EE:E!A7BA:6!7E@>@F7;!?7E;679785>7@8!5B578E>!
Yj#L!S7>A!5!H65;>7@85>7@8!H5;>@6!@H!
`!iu!D:6E<E!
`Yu!H@6!(@
287>6@B:85E:!OC8W@D7;A!LMYRPT!
"G:;>6@8!5GG@;5>7@8!D567:E!59@8B!>A:!?7HH:6:8>!H@69E!@H!
87>6@B:85E:!5E!S:GG!O0;A8:7?:6!
58?!(vGG:6!LMMi
PT!(@
287>6@B:85E:!5GG@;5>:E!>A:!95b@67>4!OtkjZP!@H!7>E!:G:;>6@8E!>@!#
L!6:?<;>7@8!SA7G:!1:
287>6@B:85E:!5GG@;5>:E!>A:!95b@67>4!@H!7>E!:G:;>6@8E!>@!F6@>@8!6:?<;>7@8!
O0;A8:7?:6!58?!
(vGG:6!LMMi
PT!$
287>6@B:85E:!:G:;>
6@8!5GG@;5>7@8!5FF6@5;A:E!5!jMfjM!
:N;A58B:!=:>S::8!#
L!6:?<;>7@8!58?!F6@>@8!6:?<;>7@8!O0;A8:7?:6!58?!
(vGG:6!LMMi
PT!
h! )A:E:!6:E<G>E!E::9!>@!E<BB:E>!>A5>!>A:!(@
287>6@B:85E:!7E!>A:!9@E>!:HH7;7:8>!87>6@B:85E:!
5>!;@8D:6>78B!#
L!>@!#Q
RU!A@S:D:6!@>A:6!S@6W!A5E!EA@S8!
>A5>!>:9F:65><6:!78HG<:8;:E!>A:!
6:G5>7D:!:HH7;7:8;7:E!@H!>A:E:!7E@V49:EU!;@9FG7;5>78B!>A7E!7EE<:T!$
287>6@B:85E:!A5E!=::8!
EA@S8!>@!=:!9@6:!:HH:;>7D:!>A58!(@
287>6@B:85E:!5>!G@S!>:9F:65><6:E!Otj!
¡/P!5E!
7GG<E>65>:?!=4!5!iM
2H@G?!D:6E<E!iMM
2H@G?!?:;6:5E:!78!5;>7
D7>4U!6:EF:;>7D:G4U!5E!>:9F:65><6:!
?:;6:5E:?!H6@9!RM
¡/!>@!j
¡/!O(7GG:6!58?!"5?4!YlhhPT!*>!A7BA:6!>:9F:65><6:E!O:TBT!RM!
¡/PU!(@
287>6@B:85E:!7E!9@6:!:HH7;7:8>U!9@E>!G7W:G4!?<:!>@!7>E!A7BA:6!5HH787>4!H@6!#
L!>A58!$
287>6@B:85E:!5E!78?7;5>:?!=4!?7HH:6:8;:E!78![
9!H@6!>A:!6:?<;>7@8!@H!#
L!>@!#Q
R!OYl!58?!Ll!
WK5!H@6!(@
287>6@B:85E:!58?!$
287>6@B:85E:U!6:EF:;>7D:G4s!,7GS@6>A!:>!5GT!YllRPT!)A:E:!
H<8;>7@85G!?7HH:6:8;:E!7GG<E>65>:!>A:!F@>:8>75G!H@6!?7HH:6:8>!H@69E!@H!87>6@B:85E:!>@!6:EF@8?!
?7HH:6:8>75GG4!>@!D567@<E!:8D76@89:
8>5G!;@8?7>7@8EU!E<;A!5E!9:>5G!5D57G5=7G7>4!OE::!=:G@SP!
58?!>:9F:65><6:U!58?!A7BAG7BA>!>A:!8::?!H@6!H<6>A:6!6:E:56;A!78>@!A@S!6:FG5;:9:8>!@H!
(@!S7>A!$!@6!1:!78HG<:8;:E!87>6@B:85E:!H<8;>7@8T
!4=5!'"&#*)!'*)%&*,$!
*)!1&--
Q,8I8)/!)
Q18[
"%8*)
!%>!7E!S:GG!W8@S8!>A5
>!#2H7N5>7@8!7E!58!:8:6B:>7;5GG4U!58?!>A:6:H@6:!;56=@8!O/PU!:NF:8E7D:!
F6@;:EET!)A7E!S5E!EA@S8!78!:56G4!E><?7:E!@H!1+#1U!SA:6:!>A:!H6::
2G7D78B!#
2H7N:6U!
A750,*$/$&'(1"0,2&*$"#&'.
!S5E!78;5F5=G:!@H!H7N78B!#!<8G:EE!E<FFG7:?!S7>A!5?:I<5>:!
5D57G5=7G7>4!@H!/!E<=E>
65>:!O7T:T!E<;6@E:!@6!F46<D5>:s!/5685A58!:>!5GT!YlgMPT!)A7E!
E<=E>65>:!6:I<76:9:8>!7E!?67D:8!=4!>A:!A7BA!?:958?!H@6!*)K!=4!87>6@B:85E:!O(@6>:8E@8!
YlgiPs!Yg!*)K!58?!h!:G:;>6@8E!56:!6:I<76:?!H@6!>A:!;@8D:6E7@8!@H!@8:!#
L!9@G:;<G:!>@!
>S@!#Q
R!9@G:;<G:E!OQ7GG!YllLPT!0<;A!A7BA!:8:6B4!?:958?E!G797>!1+#1!E<;A!>A5>!
?75V@>6@FAE!;58!@8G4!H7N!#!SA:8!5?:I<5>:!E<FFG7:E!@H!/!56:!5D57G5=G:T!%8!H5;>U!1+#1!S5E!
F6:D7@<EG4!@D:6G@@W:?!5E!5!E7B87H7;58>!E@<6;:!@H!#!=:;5<E:!7>!S5E!>A@<BA>!>A5>!E@7G!
l! @6B587;!95>>:6
!;@<G?!8@>!F6@D7?:!:8@<BA!:8:6B4U!78!>A:!H@69!@H!5;;:EE7=G:!/U!>@!E<FF@6>!
#2H7N5>7@8!O0>:S56>!YlglPT!Q@S:D:6U!FG58>!6@@>!:N<?5>:EU!/
267;A!E:;6:>7@8E!;@8E7E>78B!@H!
G@S!9@G:;<G56!S:7BA>!;@9F@<8?E!E<;A!5E!E<B56EU!@6B587;!5;7?EU!58?!9<;7G5B:!O7T:T!
F@G4E5;;A567
?:EP!O-57E!:>!5GT!LMMgPU!56:!5!F@>:8>75G!E@<6;:!@H!/!;5F5=G:!@H!9::>78B!
?75V@>6@FA!:8:6B4!?:958?ET!&@@>!:N<?5>7@8!95W:E!>A:!6A7V@EFA:6:!5!A@>EF@>!H@6!
97;6@=75G!5;>7D7>4!O[<V45W@D!58?!-G5B@?5>EW545!LMYjP!58?!5!W:4!56:5!H@6!1+#1!78!>A:!
E@7GT!!
!KG58>E!5GG@;5>
:!5!E7B87H7;58>!F@6>7@8!@H!>A:76!H7N:?!/!=:G@SB6@<8?U!@8!5D:65B:!
tiMZ!@H!5!FG58>cE!FA@>@E48>A5>:!7E!>658EG@;5>:?!78>@!=:G@SB6@<8?!=7@95EE!O\@8:E!:>!5GT!
LMMlPT!'H!>A7E!>658EG@;5>:?!/U!tYLZ!7E!>4F7;5GG4!6:;@D:6:?!78!>A:!E@7GE!5E!6@@>!:N<?5>:EU!
6@@>!:N<?5>:
2?:67D:?!9:>5=@G7>:EU!58?!97;6@=75G!=7@95EE!/!O\@8:E!:>!5GT!LMMlPT!1@6!
E@9:!F65767:!B65EE:EU!>A:!F@6>7@8!@H!H7N:?!/!6:;@D:6:?!H6@9!E@7GE!;58!=:!5E!9<;A!5E!
YjZ!O&@F:6!:>!5GT!LMYiPT!0S7>;AB65EE!7E!W8@S8!>@!5GG@;5>:!5!E7B87H7;58>!F@6>7@8!@H!7>E!
H7N:?!/!=:G@SB6@
<8?T!0S7>;AB65EE!/!5GG@;5>7@8!>@!6@@>E!58?!E@7G!S5E!9:5E<6:?!5>!iMZ!
58?!gZU!6:EF:;>7D:G4U!@8:!?54!5H>:6!5!
YR/2/'L!F<GE:
2;A5E:!G5=:G78B!O/A5<?A564!:>!5GT!
LMYLPT!'H!>A:!gZ!H7N:?!/!6:;@D:6:?!H6@9!E@7GEU!lLZ!S5E!H@<8?!78!97;6@=75G!=7@95EE!
O/A5<?A564!:>!5GT!LMY
LP!78?7;5>78B!>A5>!/!6:;:8>G4!H7N:?!=4!ES7>;AB65EE!S5E!I<7;WG4!
5EE797G5>:?!78>@!>A:!6A7V@EFA:6:!97;6@=75G!;@99<87>4T!)A7E!A7BAG7BA>E!>A:!F@>:8>75G!H@6!
ES7>;AB65EE!>@!E<FF@6>!1+#1!78!7>E!6A7V@EFA:6:T!1<6>A:6U!5E!?7E;<EE:?!78!5!6:;:8>!6:D7:S!
=4!-@SEA:6!
2,("7
=U!OLMYhP!=@>A!I<5G7>4!58?!I<58>7>4!@H!6@@>!:N<?5>7@8!6:EF@8?E!>@!#!
5D57G5=7G7>4!A7BAG7BA>78B!>A:!78>:6FG54!=:>S::8!FG58>!/!78F<>E!58?!E@7G!#!5D57G5=7G7>4T!dA7G:!
S:!56:!<85S56:!@H!584!E><?7:E!SA7;A!A5D:!?76:;>G4!:NFG@6:?!>A:!6:EF@8E:!@H!1+#1!>@!
5??7>7@8E!@
H!6@@>!:N<?5>:EU!7>!7E!S:GG!:E>5=G7EA:?!>A5>!/!5??7>7@8E!>4F7;5GG4!E>79<G5>:!#
2YM! H7N5>7@8U!S7>A!5??7>7@8E!@H!/!=:78B!58!78>:B65G!F56>!@H!>A:!9:>A@?E!<E:?!>@!9:5E<6:!65>:E!
@H!6A7V@EFA:6:!1+#1!O.<F>5!:>!5GT!LMYiPT!)A:6:!7E!B6:5>!8::?!H@6!E><?7:E!>A5>!:G<;7?5>:
!>A:!G78W5B:E!58?!H::?=5;WE!=:>S::8!#!5D57G5=7G7>4U!FG58>!/!:N<?5>7@8!65>:E!58?!1+#1T
!)A@<BA!6A7V@EFA:6:!H@;<E:?!E><?7:E!56:!G797>:?U!S@6W!@8!1+#1!78!@>A:6!6:B7@8EU!
F56>7;<G56G4!=<GW!E@7G!58?!G7>>:6!E<BB:E>!I<5G7>4!O7T:T!H@69P!@H!/!E<=E>65>:E!954!=:!b<E>!5
E!79F@6>58>!5E!>A:!I<58>7>4!@H!/!78!6:B<G5>78B!1+#1!O$7>@<E:W!:>!5GT!LMMLPT!.G<;@E:!A5E!
=::8!<E:?!5E!5!/!E@<6;:!H@6!9:>A@?E!5EE:EE78B!#
2H7N5>7@8!78!>A:!6A7V@EFA:6:!58?!=<GW!
E@7G!O.<F>5!:>!5GT!LMYiP!=<>U!9:>A@?E!H@6!7E@G5>78B!58?!;<G><678B!?75V@>6@FAE!@H>:8
!<E:!
@>A:6!H@69E!@H!/U!G7W:!95G5>:U!95887>@GU!58?!E<;6@E:!O-5G?587!:>!5GT!LMYiPT!'>A:6!/!
;@9F@<8?EU!78;G<?78B!5;:>5>:U!A5D:!=::8!EA@S8!>@!78A7=7>!87>6@B:85E:!5;>7D7>4s!
87>6@B:85E:!5;>7D7>4!@H!
345,56"%,2*(1"01"7$(
S5E!;@9FG:>:G4!78A7=7>:?!78!F<6:!;<G><6:E!
B6@S8!@8!5;:>5>:!58?!6:?<;:?!=4!jMZ!@8!6@@>!E<6H5;:E!:NF@E:?!>@!5;:>5>:!O,@=:6:78:6!
58?!,54!YlkjPT!1<6>A:69@6:U!>A:6:!;58!=:!?7HH:6:8>75G!6:EF@8E:E!>@!/!E@<6;:E!
?:F:8?78B!@8!:8D76@89:8>5G!;@8?7>7@8ET!dA:8!78!5EE@;75>7@8!S7>A!B65EE!6@@>EU!#
2H7N5>7@8!
=4!
3=(1"0
1"7$
!78;6:5E:?!S7>A!5??7>7@8E!@H!;7>65>:U!=<>!SA:8!78!F<6:!;<G><6:U!;7>65>:!
5??7>7@8E!6:?<;:?!#
2H7N5>7@8!65>:E!=4!A5GH!O,@=:6:78:6!58?!,54!YlkjPT!)A:E:!E><?7:E!
F6@D7?:!E@9:!78E7BA>!@8!>A:!78HG<:8;:!@H!EF:;7H7;!/!;@9F@<8?E!@8!1+#1U!=<>!6@@>!
:N<?5>:E!56:!5!;
@9FG:N!97N><6:!@H!G@S!9@G:;<G56!S:7BA>!;@9F@<8?E!O-57E!:>!5GT!LMMgPT!
0S7>;AB65EE!:N<?5>:EU!H@6!:N59FG:U!S:6:!H@<8?!>@!;@8>578!@D:6!RM!?7HH:6:8>!;@9F@<8?E!
O09:6;785!:>!5GT!LM
LMP!E<BB:E>78B!>A5>!?75V@>6@FAE!78!>A:!ES7>;AB65EE!6A7V@EFA:6:!A5D:!
5;;:EE!>@!5!?7D
:6E:!658B:!@H!/!;@9F@<8?ET!/56=@8!H@69U!F56>7;<G56G4!>A:!?7D:6E:!/!
H@69E!78!>A:!6A7V@EFA:6:U!954!=:!58!79F@6>58>!;@8>6@G!@8!1+#1U!A@S:D:6!7>!7E!D:64!
?7HH7;<G>!>@!?65S!584!;@8;6:>:!;@8;G<E7@8E!5=@<>!>A:!78HG<:8;:!@H!/!H@69!@8!1+#1!
YY! =:;5<E:!@H!5!G5;W!@H!6A7V@
EFA:6:!E><?7:E!>A5>!:NFG@6:!>A7E!>@F7;T!)A7E!;G:56!A@G:!78!@<6!
<8?:6E>58?78B!@H!6A7V@EFA:6:!1+#1!A7BAG7BA>E!>A:!8::?!H@6!E><?7:E!5EE:EE78B!A@S!/!
;@9F@<8?E!H@<8?!78!FG58>!6@@>!:N<?5>:E!78HG<:8;:!1+#1!@H!78?7D7?<5G!?75V@>6@FAE!5E!
S:GG!5E!;@9FG:N!97;6@=75G!;@
99<87>7:E!O:TBT!6A7V@EFA:6:!;@99<87>7:EPT
!)A:!H@69!@H!/!5D57G5=G:!>@!1+#1!;58!5GE@!?67D:!>A:!:HH7;7:8;4!58?!F6@?<;>7D7>4!@H!
#2H7N5>7@8!58?!?:>:6978:E!>A:!B6@S>A!E>65>:B4!@H!>A:!@6B587E9ET!)A@<BA!G7>>G:!7E!W8@S8!
5=@<>!>A:!:HH7;7:8;4!58?!F6@?<;>7D7>4!@H!6A7V
@EFA:6:!1+#1!EF:;7H7;5GG4U!S:!;58!95W:!
78H:6:8;:E!=5E:?!@8!B:8:65G!1+#1!6:E:56;AT!0<6F67E78BG4U!1+#1!954!=:!9@6:!
F6@?<;>7D:!O7T:T!B6:5>:6!#
2H7N:?!F:6!<87>!=7@95EEP!>A58!E49=7@>7;!#
2H7N5>7@8T!)A@<BA!
E49=7@>7;!#
2H7N:6E!;58!H7N!9@6:!#!F:6!B659!@H!;:GG<G56!95>
:675G!OYTM
2LTj!D:6E<E!MTY!B!#
L!B2Y!;:GG<G56!95>:675G!H@6!?75V@>6@FAEs!(<G?:6!YlkjPU!H6::
2G7D78B!?75V@>6@FAE!G7D:!9<;A!
EA@6>:6!G7D:E!O@8!>A:!@6?:6!@H!A@<6E!D:6E<E!S::WE!H@6!E49=7@8>EP!58?!A5D:!YM!>79:E!
A7BA:6!87>6@B:85E:!5;>7D7>4!OLj
2jM!9B!#!H7N:?!B
2Y!F6@>:
78!A6
2Y!D:6E<E!L
2j!9B!#!H7N:?!B
2Y!F6@>:78!A6
2Y!H@6!E49=7@>7;!#
2H7N5>7@8s!(<G?:6!YlkjPT!%H!>A:E:!65>:E!56:!5D:65B:?!@D:6!>A:!
G7H:>79:!@H!>A:!@6B587E9U!6A7V@EFA:6:!?75V@>6@FAE!954!95>;A!@6!:D:8!:N;::?!H7N5>7@8!=4!
E49=7@8>E!O(<G?:6!YlkjPT!)A<EU!7H!FG58>E!56:!
E<FF@6>78B!5!G56B:!58?!5;>7D:!?75V@>6@FA!
;@99<87>4U!>A:4!954!=:!=:8:H7>78B!H6@9!A7BAG4!F6@?<;>7D:!#
2H7N5>7@8U!S7>A!#!=:;@978B!
5D57G5=G:!5E!>A:!?75V@>6@FA!=7@95EE!65F7?G4!><68E!@D:6T!*G>A@<BA!>A:E:!?5>5!A7BAG7BA>!>A:!
F@>:8>75G!79F@6>58;:!@H!1+#1!5E!5!FG58>!
#!E@<6;:U!7>!7E!79F@6>58>!>@!8@>:!>A5>!>A:E:!
1+#1!65>:E!56:!=5E:?!@8!B6@S>A!<8?:6!@F>795G!;@8?7>7@8ET!*E!?7E;<EE:?!78!E<=E:I<:8>!
E:;>7@8EU!D5675>7@8E!78!@>A:6!:8D76@89:8>5G!;@8?7>7@8E!O:TBT!@N4B:8!5D57G5=7G7>4U!8<>67:8>!
5D57G5=7G7>4P!56:!G7W:G4!>@!78HG<:8;
:!>A:!F6@?<;>7D7>4!@H!1+#1T
!YL! 4=6!*[H/-)!'*)%&*,$!
*)!1&--
Q,8I8)/!)
Q18[
"%8*)
!'N4B:8!;@8;:8>65>7@8E!78!>A:!6A7V@EFA:6:!56:!?48597;!58?!:N>6:9:G4!?7HH7;<G>!>@!
9:5E<6:U!>A:6:H@6:!9@E>!5D57G5=G:!6:E:56;A!@H!6A7V@EFA:6:!@N4B:8!;@8;:8>65>7@8!A5E!
=::8!;@8?<;>:?!78!E
5><65>:?!E4E>:9E!O:TBT!S:>G58?E!@6!E:?79:8>EPT!1@6!:N59FG:U!
E><?7:E!S:!;@<G?!H78?!S:6:!;@8?<;>:?!<E78B!S:>G58?!FG58>E!B6@S8!78!F:5>!@6!E58?!
O-G@EEH:G?!:>!5GT!LMYYU!(78:>>!:>!5GT!LMYRPU!5B56!O)E;A7:6E;A!:>!5GT!LMYLPU!@6!<E78B!
E:5B65EE!O
A;'5/5%2"(*5,&#/","
P!B6@S8!78!E5><65>:?!E:?79:8>E!OK:?:6E:8!:>!5GT!YllhPT!
%8!>A:E:!E><?7:EU!6A7V@EFA:6:!@N4B:8!;@8;:8>65>7@8!658B:?!H6@9!8:56!MZ!O585:6@=7;P!>@!
LMZ!O59=7:8>PT!dA7G:!>A:E:!E><?7:E!78?7;5>:!5!S7?:!658B:!@H!@N4B:8!;@8;:8>65>7@8E!>A5>!
@;;<6!78!>A:!6A7V@EFA:6:U!7>!7
E!<8;G:56!7H!>A7E!D5675=7G7>4!78!@N4B:8!;@8;:8>65>7@8!7E!E797G56!
78!8@8
2E5><65>:?!6A7V@EFA:6:E!E<;A!5E!>A5>!@H!ES7>;AB65EET!d:!5GE@!8@>:!>A5>!E@7G!>:N><6:!
O78;G<?78B!F56>7;G:!E7V:!58?!;@9F5;>7@8P!7E!G7W:G4!>@!79F5;>!6A7V@EFA:6:!@N4B:8!
;@8;:8>65>7@8EU!>A7E!
>@F7;!7E!?7E;<EE:?!H<6>A:6!78!>A:!^'>A:6!"8D76@89:8>5G!/@8>6@GE!@8!
16::
2G7D78B!#7>6@B:8!17N5>7@8_!E:;>7@8!=:G@ST!
!&A7V@EFA:6:!@N4B:8!;@8;:8>65>7@8!5GE@!G7W:G4!H@GG@SE!5!?7:G!F5>>:68!>A5>!;@<G?!
F56>75GG4!;@8>6@G!5;>7D7>4!@H!6A7V@EFA:6:!5EE@;75>:?!97;6@=:E!O
K:?:6E:8!:>!5GT!YllhPT!
(@?:G78B!:HH@6>E!E<BB:E>!>A5>!?7:G!;A58B:E!78!S5>:6HG@S!>A6@<BA!>A:!6A7V@EFA:6:!
O"EF:G:>5!:>!5GT!LMYkP!>A5>!S@<G?!A5D:!5!=7B!79F5;>!@8!@N4B:8!;@8;:8>65>7@8T!*;>7D:!6@@>!
58?!97;6@=75G!B6@S>A!78!>A:!6A7V@EFA:6:!954!5GE@!;6:5>:!@N4B:8!?
:FG:>7@8!V@8:E!S7>A78!
>A:!6A7V@EFA:6:!Oe@6W!:>!5GT!LMYgPT!(7;6@E7>:E!@H!D:64!G@S!@6!6:G5>7D:G4!A7BA!@N4B:8!
;@8;:8>65>7@8!954!5GE@!H@69!78!>A:!6A7V@EFA:6:!5E!@;;<6E!S7>A!6@@>E!@H!5I<5>7;!E4E>:9E!
O-6<8:!:>!5GT!LMMMPT!d:!56:!<85S56:!@H!584!E><?7:E!SA7;A!A5D:!
EF:;7H7;5GG4!:N5978:?!
@N4B:8!5E!5!;@8>6@G!@8!1+#1!78!>A:!6A7V@EFA:6:U!A@S:D:6U!S:!W8@S!@N4B:8!7E!5!E>6@8B!
YR! 78A7=7>@6!@H!87>6@B:85E:!5;>7D7>4!58?!;58!?7E;<EE!FA4E7@G@B7;5G!6:EF@8E:E!@H!?75V@>6@FAE!
>@!@N4B:8!<E78B!6:E:56;A!?:67D:?!F6:?@9785>:G4!H6@9!F<6:!;<G>
<6:!E><?7:ET
!'N4B:8!766:D:6E7=G4!78A7=7>E!87>6@B:85E:U!:D:8!78!5:6@=7;!@6B587E9E!O&@=E@8!58?!
K@E>B5>:!YlhMPT!)A:6:H@6:U!?75V@>6@FAE!9<E>!:9FG@4!F6@>:;>7@8!9:;A587E9E!>@!
9578>578!#
2H7N5>7@8!SA:8!@N4B:8!7E!F6:E:8>T!)A7E!78;G<?:E!5D@7?58;:!@H!@N4B:8!D75!
B6@S>
A!E>65>:B4U!EF5>75G!58?o@6!>:9F@65G!7E@G5>7@8!@H!87>6@B:85E:!H6@9!@N4B:8U!58?!
F6@?<;>7@8!@H!=7@H7G9E!5E!@N4B:8!?7HH<E7@8!=5667:6E!O&::?!:>!5GT!LMYYU!,7N@8!58?![5A8!
LMMiPT!,75V@>6@FAE!;58!5GE@!6:9@D:!@N4B:8!=4!78;6:5E78B!E<=E>65>:!<>7G7V5>7@8U!SA7;A!
78;6:5E
:E!6:EF765>7@8!65>:EU!>A:6:=4!?:;6:5E78B!@N4B:8!;@8;:8>65>7@8E!O(<G?:6!YlkjU!
,7N@8!58?![5A8!LMMiPT!)A7E!F56>7;<G56!9:;A587E9!7E!G7W:G4!5>!S@6W!78!>A:!ES7>;AB65EE!
6A7V@EFA:6:!5E!ES7>;AB65EE!A5E!=::8!EA@S8!>@!E>79<G5>:!97;6@=75G!B6@S>A!78!>A:!
6A7V@EFA:6:!D75
!:N<?5>7@8U!58?!>A:6:=4!E<=E>65>:!<>7G7V5>7@8!O+758B!:>!5GT!LMYgPT!*!65F7?G4!
B6@S78B!6A7V@EFA:6:!;@99<87>4U!6:B56?G:EE!@H!?75V@>6@FA!F6:E:8;:U!7E!G7W:G4!>@!6:?<;:!
@N4B:8!;@8;:8>65>7@8E!56@<8?!>A:!6@@>!>@!1+#1
2H5D@65=G:!G:D:GET!
!'N4B:8!9585B:9:8>!6:I<76:E!:
8:6B4!78D:E>9:8>!58?!E@!;58!B6:5>G4!78HG<:8;:!
>A:!:HH7;7:8;4!@H!1+#1U!@6!>A:!59@<8>!@H!#
2H7N:?!F:6!<87>!/T!(7;6@5:6@FA7G7;!@6B587E9E!
56:!>A:!9@E>!:HH7;7:8>!#
2H7N:6EU!H7N78B!58!:E>795>:?!Lg!9B!#
L!B2Y!/!9:>5=@G7V:?!OQ7GG!YllL!
58?!6:H:6:8;:E!>A:6:78PT!%8!;@8>
65E>U!585:6@=:E!;58!H7N!YY!9B!#
L!B2Y!/U!SA7G:!5:6@=:E!
;58!@8G4!H7N!k!9B!#
L!B2Y!/!OQ7GG!YllL!58?!6:H:6:8;:E!>A:6:78PT!'8:!E><?4!H@<8?!>A5>!
<FS56?E!@H!gMZ!@H!>A:!:8:6B:>7;!;@E>E!@H!#
2H7N5>7@8!56:!78?76:;>!;@E>E!5EE@;75>:?!S7>A!
;@9=5>78B!@N4B:8!O
.6@wW@FH!58?!
+5&@;A:!LMYL
PT!)A7E!954!=:!:EF:;75GG4!>6<:!SA:8!
@6B587E9E!<E:!78;6:5E:?!6:EF765>7@8!>@!6:9@D:!@N4B:8!O%8@9<65!:>!5GT!LMYkPT!K5>65!
2,(
"7=
!OLMMkP!H@<8?!5!8:B5>7D:!6:G5>7@8EA7F!=:>S::8!E<=E>65>:
278?<;:?!6:EF765>7@8!58?!65>:E!
Yi! @H!1+#1!78!=@>A!6A7V@EFA:6:!58?!=<
GW!E@7GU!E<BB:E>78B!>A5>!5E!?75V@>6@FAE!78;6:5E:!
6:EF765>7@8!>@!;@9=5>!@N4B:8!?595B:U!>A:6:!7E!G:EE!/!5D57G5=G:!H@6!1+#1T!Q@S:D:6U!
:D:8!<8?:6!A7BA!@N4B:8!F6:EE<6:U!7H!;56=@A4?65>:!5D57G5=7G7>4!7E!E<HH7;7:8>G4!A7BAU!
?75V@>6@FAE!954!E>7GG!;5664!@<>!#
2H7N5>7@
8!O%8@9<65!:>!5GT!LMYLPT!
!C8?:6!@F>795G!@N4B:8!;@8;:8>65>7@8EU!#
2H7N5>7@8!;58!5;><5GG4!=:!58!:8:6B:>7;5GG4!
H5D@65=G:!9:;A587E9!H@6!#Q
R!5;I<7E7>7@8U!A5D78B!5!EG7BA>!:8:6B:>7;!5?D58>5B:!@D:6!
5EE797G5>@64!87>65>:!6:?<;>7@8!O
.6@wW@FH!58?!+5&@;A:!LMYL
PT!Q@S:D:6U!=:;5<E:!@H!>A:!
?7D:6E7>4!@H!?75V@>6@FAE!F6:E:8>!58?!F@>:8>75GG4!5;>7D:!78!>A:!6A7V@EFA:6:U!7>!7E!?7HH7;<G>!>@!
F78F@78>!@8:!@F>795G!@N4B:8!;@8;:8>65>7@8!H@6!1+#1T!1@6!:N59FG:U!%8@9<65!
2,("7=
!OLMYkP!
H@<8?!>A:!@N4B:8!@F>795!@H!
345,56"%,2*()$#27"#/
$$!>@!=:!RZU!SA7G:!
.6@wW@FH!58?!
+5&@;A:!OLMYLP!
?:9@8E>65>:?!>A5>!@N4B:8!;@8;:8>65>7@8E!56@<8?!jZ!6:E<G>:?!78!
E7B87H7;58>G4!A7BA:6!87>6@B:85E:!5;>7D7>4!58?!G@S:6!6:EF765>7@8!=4!
A*5%501<"2*"(B",05#$$
U!5!95678:!;458@=5;>:675U!;@9F56:?!>@!59=7:8>!@N4B:8!;@8;:8
>65>7@8E!OLMZPT!%>!7E!G7W:G4!
>A5>!?75V@>6@FAE!S7>A!?7HH:6:8>!B6@S>A!E>65>:B7:EU!@N4B:8!F6@>:;>7@8!9:;A587E9EU!58?!/!
?:958?E!S7GG!5GE@!A5D:!?7HH:6:8>!@N4B:8!@F>795T!'D:65GGU!S@6W!5EE:EE78B!>A:!6:EF@8E:!
@H!1+#1!>@!?7HH:6:8>!@N4B:8!;@8;:8>65>7@8E!7E!EF56E:!58
?!>A:6:!7E!8@!78H@695>7@8!
5D57G5=G:!5=@<>!A@S!SA@G:!;@99<87>7:E!@H!?75V@>6@FAE!954!6:EF@8?!>@!@N4B:8!
5D57G5=7G7>4!@6!7H!5!;@99<87>4!G:D:G!@N4B:8!@F>79<9!:N7E>ET!
!Yj! 4=7!1&--
Q,8I8)/!)
Q18["%8*)!").!)!"I"8,"#
8,8%H!").!1*&0
**E!?7E;<EE:?!=4!&::?!
2,("7=
!OLMYYP!?75V@>6@FAE!;58!5;;:EE!#!D75!#
2H7N5>7@8!@6!
>A6@<BA!<F>5W:!@H!:N>:685GG4!5D57G5=G:!#!E@<6;:EU!SA7;A!;58!78;G<?:!=@>A!G@S!58
?!A7BA!
9@G:;<G56!S:7BA>!@6B587;!#!E@<6;:E!O#@6958!58?!167:E:8!LMYgPT!.7D:8!>A:!:8:6B4!
;@E>E!@H!1+#1U!7>!7E!B:8:65GG4!?@S86:B<G5>:?!=4!78;6:5E78B!#!5D57G5=7G7>4!5E!?75V@>6@FAE!
<E:!:N>:685G!#!78!H5D@6!@H!H7N:?!#!O&::?!:>!5GT!LMYYPT!)A7E!7E!;@66@=@65>:?!=4!E:
D:65G!
H7:G?!E><?7:E!SA7;A!?:9@8E>65>:!>A5>!:8D76@89:8>E!S7>A!G@S!#!5D57G5=7G7>4U!SA:>A:6!E@7GU!
6A7V@EFA:6:U!@6!9@EEU!>4F7;5GG4!A5D:!B6:5>:6!1+#1!65>:E!>A58!E7>:E!S7>A!A7BA!#!
5D57G5=7G7>4!OQ@==E!58?!0;A79:G!YlhiU!K5>65!:>!5GT!LMMkU![@N!:>!5GT!LMYgPT!)A:!
1@ABC<!4=7
f!3C<;@U@L9CT!)
QP@W9M@KL!C9M<N!PCKU!NY@MVOAC9NN!CO@\KNZO<C<!NK@;N
!6:;:7D78B!
A7BA!#!5??7>7@8E!OQ7BA!#s!xYLj!WB!C6:5
2#!A5
2Y!462YP!58?!G@S!#!5??7>7@8E!O+@S!#s!xLj!WB!
C6:5
2#!A5
2Y!462YPT!0>:67G:!ES7>;AB65EE!OD56T!/5D:
2782&@;WP!E::?E!S:6:!FG58>:?!78>@!5!E>:67G:!
E58?!58?!D:697;<G7>:!97N><6:!OjMfjM!DoDP!;@8>57878B!5!;@6:!@H!H7:G?!E@7G!5E!6@@>!78@;<G<9T!17:G?!
E@7GE!S:6:!;@GG:;>:?!H6@9!956B785G!G58?!E7>:E!9585B:?!=4!>A:!.6:5>!+5W:E!-7@:8:6B4
!&:E:56;A!/:8>:6!O.+-&/P!78!E@<>A:68!(7;A7B58T!KG58>E!6:;:7D:?!@8:!5??7>7@8!@H!#!5>!
FG58>78B!58?!5!y!Q@5BG58?cE!8<>67:8>!E@G<>7@8!O#
2H6::PT!KG58>E!S:6:!B6@S8!78!>A:!B6::8A@<E:!
H@6!i!9@8>AE!F67@6!>@!A56D:E>T!#
2H7N5>7@8!65>:E!S:6:!9:5E<6:?!@8!L!B!6@@>o6A7V@E
FA:6:!
E59FG:E!D75!
Yj#L!:867;A9:8>!9:>A@?!ORjPT!059FG:E!O8!p!g!F:6!>6:5>9:8>P!S:6:!FG5;:?!78!YM!
9G!B5E!D75GE!58?!5?b<E>:?!>@!gMZ!S5>:6!A@G?78B!;5F5;7>4!<E78B!5!i!9B!/!9G
2Y!BG<;@E:!
E@G<>7@8T!$75GE!S:6:!E:5G:?U!:D5;<5>:?U!58?!5?b<E>:?!=5;W!>@!5>9@EFA:67;!F6:E
E<6:!=4!
5??78B!Y!9G!@H!
Yj#L!B5EU!YMZ!:I<7D5G:8>!D@G<9:!@H!@N4B:8U!58?!=5G58;:?!S7>A!A:G7<9T!$75GE!
78;<=5>:?!H@6!k!?54E!58?!S:6:!>A:8!?67:?!58?!B6@<8?!H@6!
Yj#!585G4E7ET!1785G!D5G<:E!S:6:!
;5G;<G5>:?!H@GG@S78B!d56:9=@<6B!OYllRPT!#!5??7>7@8E!?7?!8@>!E7B87H7;58
>G4!79F5;>!#
2H7N5>7@8!
65>:E!OF!p!MTYjhjPT!
!!Yg! ES7
>;AB65EE!6A7V@EFA:6:!7E!G7W:G4!>@!=:!@8:!E<;A!:8D76@89:8>!5E!6@@>!#!<F>5W:!;6:5>:E!
58!#!?:FG:>:!V@8:!78!>A:!6A7V@EFA:6:!Oe@6W!:>!5GT!LMYgP!58?!ES7>;AB65EE!7E!>A@<BA>!>@!=:!
F56>7;<G56G4!EW7GG:?!5>!E;5D:8B78B!#!O17W:!:>!5GT!LMMgPT!%8!H5;>U!S:!;@8H769!78!@<6!
@S8!
S@6W!>A5>!<8H:6>7G7V:?!ES7>;AB65EE!6A7V@EFA:6:E!:NA7=7>!B6:5>:6!1+#1!65>:E!>A58!H:6>7G7V:?!
6A7V@EFA:6:E!
O17BT!YTi
PT!Q@S:D:6U!5E!?7HH:6:8>!#!E@<6;:E!S7GG!6:I<76:!D5675=G:!59@<8>E!@H!
:8:6B4!H@6!<F>5W:!58?!<>7G7V5>7@8U!#!H@69!7E!G7W:G4!>@!FG54!58!79F@6>58
>!6@G:!78!A@S!#!
5D57G5=7G7>4!78HG<:8;:E!1+#1T!
!*99@87<9U!>A:!?76:;>!F6@?<;>!@H!#
2H7N5>7@8U!7E!S:GG!W8@S8!>@!78A7=7>!#
2H7N5>7@8!
O&::?!:>!5GT!LMYYP!58?!A5E!=::8!EA@S8!>@!78A7=7>!87>6@B:85E:!E48>A:E7E!5>!>A:!B:8:>7;!
G:D:G!>A6@<BA!6:B<G5>7@8!@H!
#$83
!B:8:!>658E
;67F>7@8!O,7N@8!58?![5A8!LMMiPT!Q@S:D:6U!7>!
?@:E!8@>!78A7=7>!>A:!5;>7D7>4!@H!5G6:5?4!E48>A:E7V:?!87>6@B:85E:!78!9@E>!@6B587E9E!
O(<G?:6!YlkjPT!%8!H5;>U!>A:6:!56:!@8G4!5!H:S!?75V@>6@FAE!>A5>!6:B<G5>:!87>6@B:85E:!F@E>
2>658EG5>7@85GG4!78;G<?78B!
34501$*$77&'(6*
"0$72#02
!O,7N@8!58?![5A8!LMMiPT!)A7E!F@E>
2>658EG5>7@85G!6:B<G5>7@8!7E!;5667:?!@<>!=4!,65)!O?787>6@B:85E:!6:?<;>5E:!*,K
267=@E4G>658EH:65E:P!78!6:EF@8E:!>@!599@87<9!58?!7E!6:D:6E:?!=4!,65.!O?787>6@B:85E:!
6:?<;>5E:!5;>7D5>78B!BG4;@A4?6@G5E:P!O,7N@8!58?![5A8!L
MMiPT!'6B587E9E!S7>A!,65.
2,65)!6:B<G5>7@8!56:!G7W:G4!>@!=:!9@6:!6:EF@8E7D:!>@!78;6:5E:E!78!599@87<9U!EA<>>78B!
?@S8!87>6@B:85E:!5;>7D7>4!5E!E@@8!5E!599@87<9!=:;@9:E!5D57G5=G:U!SA7G:!@6B587E9E!
S7>A@<>!>A7E!F@E>
2>658EG5>7@85G!6:B<G5>7@8!954!;:5E:!:8V49:!E48>A
:E7E!78!6:EF@8E:!>@!
599@87<9U!=<>!S7GG!;@8>78<:!>@!A5D:!H<8;>7@878B!87>6@B:85E:!78!>A:76!;:GGET!
/A565;>:67V78B!>A:!F6:E:8;:!@H!F@E>
2>658EG5>7@85G!6:B<G5>7@8!E4E>:9E!7E!79F@6>58>!>@!
<8?:6E>58?78B!?75V@>6@FA!6:EF@8E:!>@!;A58B:E!78!#!5D57G5=7G7>4U!F56>7;<G56G
4!599@87<9T!
Q<:6B@!
2,("7=
!E<BB:E>!>A5>!,65)!954!=:!F6:E:8>!78!9584!?75V@>6@FAE!OQ<:6B@!:>!5GT!
Yk! LMYLPU!=<>!>@!?5>:!>A7E!6:B<G5>@64!E4E>:9!A5E!@8G4!=::8!S:GG!E><?7:?!78!>A:!
FA@>@E48>A:>7;!=5;>:675U!
C<5/501$*$77&'(*&6*&'
!OQ5G=G:7=!58?!+<??:8!LMMMPT
!.G<>5978:!5
GE@!?@S86:B<G5>:E!87>6@B:85E:!E48>A:E7E!5>!>A:!B:8:>7;!G:D:G!O
#$8
*P!
D75!5!F5>AS54!E797G56!>@!599@87<9!6:B<G5>7@8!O,7N@8!58?![5A8!LMMiPT!%8!H5;>U!
BG<>5978:!954!78HG<:8;:!599@87<9!6:B<G5>7@8!@H!#
2H7N5>7@8!5E!78>65;:GG<G56!BG<>5978:!
G:D:GE!6:B<G5>:!.G8,!9@?7H
7;5>7@8!@H!>A:!K
%%!F6@>:78U!58!79F@6>58>!;:GG<G56!#!E:8E@6!
OQ<:6B@!:>!5GT!LMYLPT!.G<>5978:!58?!BG<>595>:!S:6:!H@<8?!>@!?@S86:B<G5>:!#
2H7N5>7@8!@H!
92*6"01$*77$&'(02*12/$%"2
!O[G5EE:8!:>!5GT!YllkPT!!Q@S:D:6U!78!>A:!E59:!E><?4U!A7E>7?78:U!
G4E78:U!58?!56B7878:!
A5?!8@!:HH:;>!@8!87>6@B:85E:!5;>7D7>4T!%8!5!E797G56!E><?4U!599@87<9U!
BG<>5978:U!58?!87>65>:!6:?<;:?!#
2H7N5>7@8!78!
3=(6*"0$72#02(
O0>::8A@<?>!58?!
$58?:6G:4?:8!LMMMPT!/@8D:6E:G4U!87>65>:!;@8;:8>65>7@8E!@H!<F!>@!hMM!z9@G!A5?!8@!
78A7=7>@64!:HH:;>!@8!B6@S>A!@6!#
2H7N5>7@8!=4!
A=(B",05#$$
!O.6@wW@FH!58?!+5&@;A:!LMYL
PT!
!'D:65GGU!>A:!5D57G5=7G7>4!@H!:N>:685G!#!E@<6;:E!B:8:65GG4!6:?<;:E!65>:E!@H!1+#1T!
)A@<BA!H:S!E><?7:E!A5D:!>56B:>:?!6A7V@EFA:6:!?75V@>6@FAE!>@!;@8H769!>A:E:!6:EF@8E:E!
>@!#!5D57G5=7G7>4!58?!>A:!6@G:!@H!#!H@69T!1<6>A:6U!>A:!95B87><?:!@H!>A7E!6:EF@8E:!78!>A:!
6A7V@EFA:6:!O7T:T!;@9FG:>:!EA<>
2@HH!@H!1+#1!@6!6:?<;:?!65>:E!@H!H7N5>7@8P!SA7;A!7E!G7W:G4!>@!
?:F:8?!=@>A!@8!>A:!;@8;:8>65>7@8!58?!>A:!H@69!@H!:N>:685G!#U!7E!8@>!W8@S8T!
!4=D!'*)%&*,$!*1!32*$
32*&?$!").!08'&*)?%&
8-)%$!*)!1&--
Q,8I8)/
!)Q18["%8*)
!*D57G5=7G7>4!@H!F
A@EFA@6<E!OKP!58?!97;6@8<>67:8>E!78;G<?78B!1:U!(@U!58?!$!7E!W8@S8!>@!
78HG<:8;:!#
2H7N5>7@8!O&::?!:>!5GT!LMYYPT!e:>U!>@!>A:!=:E>!@H!@<6!W8@SG:?B:U!>A:6:!56:!8@!
E><?7:E!@8!>A:!;@8>6@GE!@H!KU!1:U!(@U!58?o@6!$U!EF:;7H7;5GG4!>56B:>:?!>@!6A7V@EFA:6:!
Yh! 1+#1T!)A:6:!A
5D:!=::8!9584!E><?7:E!:N597878B!>A:!79F@6>58;:!@H!>A:E:!8<>67:8>E!@8!
1+#1U!9@E>!E<99567V:?!=4!&::?!:>!5GT!OLMYYPU!=<>!>A:E:!A5D:!=::8!5G9@E>!:N;G<E7D:G4!
;@8?<;>:?!78!=<GW!E@7G!58?!G:5H!G7>>:6T!Q:6:!S:!E<99567V:!9@6:!6:;:8>!H78?78BE!>A5>!954!
A:GF!<E!=:>>:6!
<8?:6E>58?!>A:!8<>67:8>!;@8E>6578>E!@8!6A7V@EFA:6:!1+#1T!
!KA@EFA@6<E!7E!5!W:4!8<>67:8>!78!:8:6B4!F6@?<;>7@8!58?!A5E!=::8!H6:I<:8>G4!
?@;<9:8>:?!5E!5!;@8>6@G!@8!#
2H7N5>7@8!O&::?!:>!5GT!LMMkU!&::?!:>!5GT!LMYRPT!1+#1!
5EE@;75>:?!S7>A!>A:!8@8
2G:B<9:!>6::U!
D&%"7;
1,&0(&*51<;77"
!S5E!tLkZ!A7BA:6!78!E@7GE!
6:;:7D78B!5??7>7@8E!@H!K!;@9F56:?!>@!>A:!^8@
25??:?!K_!;@8>6@G!OmA:8B!:>!5GT!LMYgPT!
1<6>A:6U!5??7>7@8E!@H!#!58?!K!6:E<G>:?!78!E797G56G4!=@@E>:?!1+#1!65>:E!OmA:8B!:>!5GT!
LMYgPU!E<BB:E>78B!>A5>!K!G797>5>7@8!S5E!5!E>6@8B
:6!?67D:6!@H!1+#1!>A58!#!5D57G5=7G7>4!78!
>A7E!E4E>:9T!*!9:>5
2585G4E7E!:N597878B!1+#1!6:EF@8E:E!>@!8<>67:8>!5??7>7@8E!H@<8?!K!
H:6>7G7V5>7@8!>@!E7B87H7;58>G4!78;6:5E:!1+#1U!=<>!@8G4!78!>6@F7;5G!H@6:E>!E4E>:9E!O,4856EW7!
:>!5GT!LMYkPT!d:!954!:NF:;>!5!E797G56!6
:EF@8E:!78!>A:!6A7V@EFA:6:!SA:6:!6@@>!<F>5W:!@H!
K!;58!6:E<G>!78!5!K!?:FG:>:?!6A7V@EFA:6:!Oe@6W!:>!5GT!LMYgPU!>A<E!K!954!=:!5!F56>7;<G56G4!
79F@6>58>!G797>:6!@H!6A7V@EFA:6:!1+#1T
!)A:!6:EF@8E:!@H!1+#1!>@!K!5D57G5=7G7>4!7E!A7BAG4!D5675=G:!58?!;58!=:!H<6>A:6!
;@9FG7;5>:?!SA:8!@>A:6!8<>67:8>EU!78;G<?78B!1:U!(@U!58?!$U!SA7;A!56:!5GG!:EE:8>75G!
;@9F@8:8>E!@H!87>6@B:85E:U!56:!5GE@!G797>78BT!1@6!:N59FG:U!d<6V=<6B:6!
2,("7=
!OLMYLP!
H@<8?!>A5>!G797>5>7@8!@H!1+#1!=4!(@!58?!K!D567:?!5G@8B!5!K!B65?7:8>!@H!K585958758!
E@7GET!%8
!K267;A!E@7GEU!(@!S5E!9@E>!G797>78BU!=<>!>A7E!EA7H>:?!>@!5!;@
2G797>5>7@8!@H!(@!58?!K!
78!K
2F@@6!E@7GE!Od<6V=<6B:6!:>!5GT!LMYLPT!Q@S:D:6U!K!5G@8:!8:D:6!G797>:?!#
2H7N5>7@8!78!
>A7E!E4E>:9!Od<6V=<6B:6!:>!5GT!LMYLPT!/@8D:6E:G4U!5!E><?4!@H!/@E>5!&7;58!E@7GE!H@<8?
!>A5>!K!5D57G5=7G7>4!S5E!>A:!?@97858>!;@8>6@G!@8!#
2H7N5>7@8U!SA7G:!(@!;@8;:8>65>7@8E!?7?!
Yl! 8@>!;@66:G5>:!S7>A!E@7G!1+#1!65>:E!O&::?!:>!5GT!LMYRPT!)A:E:!;@8>65E>78B!H78?78BE!954!=:!
>A:!6:E<G>!@H!?7HH:6:8;:E!78!E@7G!@6B587;!95>>:6T!d7;A56?!
2,("7=
!OLMMlP!?:E;67
=:E!A@S!
=78?78B!@H!(@!>@!@6B587;!95>>:6!;58!F6:D:8>!(@!G797>5>7@8T!)A7E!E<BB:E>E!>A5>!(@!954!
=:!9@6:!5D57G5=G:!78!@6B587;!E@7GE!58?!>A:6:H@6:!5!G:EE!79F@6>58>!;@8>6@G!@8!1+#1!78!
@6B587;!67;A!E@7GET!'D:65GGU!>A:!95b@67>4!@H!E><?7:E!78?7;5>:!>A5>!78;6:5E:?!K
U!1:U!(@U!58?!
$!5D57G5=7G7>4!B:8:65GG4!A5D:!F@E7>7D:!:HH:;>E!@8!1+#1T!Q@S:D:6U!>A:!9@E>!G797>78B!
8<>67:8>U!58?!>A:6:H@6:!>A:!?@97858>!;@8>6@G!@8!1+#1!7E!D5675=G:T!)A7E!;@<G?!=:!
F56>7;<G56G4!6:G:D58>!78!>A:!6A7V@EFA:6:!SA:6:!6:;:8>!5?D58;:E!78!L,!58?!R,!:G:
9:8>!
95FF78B!A5D:!6:D:5G:?!;@88:;>7@8E!=:>S::8!6@@>!B6@S>A!58?!:N<?5>7@8!58?!
97;6@8<>67:8>!;@8;:8>65>7@8EU!F56>7;<G56G4!9:>5GEU!>A5>!;58!;@8>6@G!97;6@=75G!;@99<87>4!
;@9F@E7>7@8!58?!FA4E7@G@B4!O'=<6B:6!58?!0;A97?>!LMYgPT!1@6!:N59FG:U!A7BA!
;@8;:8>65>7@8E!@H!
5D57G5=G:!76@8!H@<8?!5>!6@@>!>7FE!Od7GG759E!:>!5GT!LMYiP!;@<G?!=:!
79F@6>58>!H@6!?75V@>6@FAE!5E!76@8!FG54E!E<;A!5!;6<;75G!6@G:!78!87>6@B:85E:!;@8E>6<;>7@8!
58?!H<8;>7@878BT!)A7E!A7BAG7BA>E!>A:!8::?!>@!:NFG@6:!A@S!5D57G5=7G7>4!@H!>A:E:!8<>67:8>EU!
EF:;7H7;5GG4
!78!>A:!6A7V@EFA:6:U!954!78HG<:8;:!?75V@>6@FA!;@99<87>4!;@9F@E7>7@8!58?!
>A:!F@>:8>75G!H@6!1+#1T
!4=E!*%2-&!-)I8&*)0-)
%",!'*)%&*,$!*)!1&--
Q,8I8)/!)
Q18["%8*)
!)A:!6A7V@EFA:6:!A5=7>5>!F@E:E!58!:N>65!E:>!@H!;A5GG:8B:E!>@!1+#1!8@>!:NF:67:8;:?!=4!
E49=7@>7;!#
2H7N5>
7@8!5E!?75V@>6@FAE!56:!9@6:!?76:;>G4!78HG<:8;:?!=4!D5675>7@8!78!>A:!E@7G!
:8D76@89:8>T!1@6!:N59FG:U!E@7G!>:N><6:!954!78HG<:8;:!A@S!?75V@>6@FAE!9585B:!@N4B:8!
=:;5<E:!@H!>A:!6:G5>7@8EA7F!=:>S::8!>:N><6:!58?!?7HH<E7@8!@H!E<=E>65>:!O7T:T!/P!58?!
@N4B:8T!%8;6:5E7
8B!;G54!;@8>:8>!@H!E@7GE!;58!;6:5>:!97;6@5:6@FA7G7;!58?!585:6@=7;!
97;6@E7>:E!SA:6:!=5;>:675!;58!=:!F6@>:;>:?!H6@9!@N4B:8!:NF@E<6:!O.<F>5!58?!&@F:6!
LM! LMYMPU!>A<E!F@>:8>75GG4!E<FF@6>78B!G56B:6!F@F<G5>7@8E!@H!#
2H7N:6E!58?o@6!9@6:!:HH7;7:8>!#
2H7N:6ET!%8?::?U!.<F
>5!58?!&@F:6!OLMYMP!H@<8?!9@6:!6A7V@EFA:6:!#
2H7N5>7@8!78!E@7GE!S7>A!
B6:5>:6!;G54!;@8>:8>U!SA7;A!EA7H>:?!>@!B6:5>:6!#
2H7N5>7@8!5G@8B!6@@>!E<6H5;:E!5E!;G54!
;@8>:8>!?:;6:5E:?T!dA7G:!E@7G!>:N><6:!7E!W8@S8!>@!78HG<:8;:!E@7G!97;6@=75G!;@99<87>4!
5;>7D7>4U!>A:6:!7
E!G7>>G:!6:E:56;A!:NFG@678B!A@S!E@7G!>:N><6:!954!78HG<:8;:!1+#1!78!>A:!
6A7V@EFA:6:T!
!0@7G!FQU!SA7;A!7E!5GE@!G7W:G4!>@!=:!A7BAG4!D5675=G:!78!>A:!6A7V@EFA:6:U!954!5GE@!=:!
58!79F@6>58>!:8D76@89:8>5G!;@8>6@G!@8!1+#1T!)A:!6A7V@EFA:6:!7E!5!?48597;!:8D76@89:8>!
78!SA7;A!6@@>!B6@S>A!7E!;@8>78<@<EG4!5G>:678B!>A:!FQ!@H!>A:!E<66@<8?78B!E@7G!O-G@EEH:G?!:>!
5GT!LMYYP!58?!>A:6:H@6:U!FQ!954!A5D:!5!?7HH:6:8>!:HH:;>!@8!6A7V@EFA:6:!1+#1T!1@6!
:N59FG:U!FQ!;58!;A58B:!MTj
2Y!FQ!<87>E!SA:8!9@D78B!b<E>!Y!99!5S54!H6@9!>A:!6@@>!
E<6H5;:
!Oe@<EE:H!58?!/A78@!YlhlPT!d:!5GE@!W8@S!>A5>!5
>!>A:!H7:G?!E;5G:U!5;7?7;!E@7G!FQ!
A5E!=::8!EA@S8!>@!?:;6:5E:!#
2H7N5>7@8!65>:E!78!5:6@=7;!E@7GE!
O$7>@<E:W!:>!5GT!LMMLP
T!1<6>A:6U!5
!E><?4!@H!5GF78:!9:5?@S!E@7GEU!S7>A!FQ!D5G<:E!658B78B!H6@9!j!>@!hU!H@<8?!G@S:6!
67;A8:EE!58?!?7D:6E7>4!@H!?75V@>6@FA!;@99<87>7:E!5>!5;7?7;!FQ!
Od58B!:>!5GT!LMYkP
!E<BB:E>78B!>A5>!G@S:6!#
2H7N5>7@8!78!5;7?7;!E@7GE!954!=:!?<:!>@!6:?<;:?!;@99<87>4!
6:?<8?58;4T!d58B!
2,("7=
!OLMYkP!
5GE@!:N5978:?!>A:!6:G5>7D:!5=<8?58;:E!@H!>A:!>A6::!
?@97858>!B:8:6
5(78!>A:76!E@7GE!O
34501$*$77&'.(E*"/;*<$456$&'.(
58?!
>205*<$456$&'
P!5;6@EE!>A:!FQ!B65?7:8>
T!34501$*$77&'(
O5!H6::
2G7D78B!#
2H7N:6
P(5=<8?58;:!?7?!8@>!D564!
E7B87H7;58>G4!S7>A!FQU!=<>!
E*"/;*<$456$&'
!O5!H6::
2G7D78B!58?!E49=7@>7;!#
2H7N:6P!
5=<8?58;:!
78;6:5E:?!S7>A!
?:;6:5E78B!FQ!58?!
>205*<$456$&'
!O5!E49=7@>7;!#
2H7N:6P!
5=<8?58;:!S5E!
6:?<;:?!5>!5;7?7;!FQ!
Od58B!:>!5GT!LMYkP
T!)A7E!S@6W!F6@D7?:E!E@9:!78E7BA>!78>@!6:EF@8E:!
@H!6A7V@EFA:6:!1+#1!>@!E@7G!FQ!58?!E<BB:E>E!7>!954!?:F:8?!A:5D7G4!@8!>A:!?@97858>!
LY! ?75V@>6@FA!78!>A:!;
@99<87>4T
!-<>U!S7>A!>A:!G5;W!@H!
$#(0$,&
!6A7V@EFA:6:!E><?7:EU!7>!7E!
?7HH7;<G>!>@!?65S!584!E>6@8B!;@8;G<E7@8E!5=@<>!>A:!95B87><?:!@6!?76:;>7@8!@H!6A7V@EFA:6:!
1+#1!6:EF@8E:!>@!;A58B:E!78!E@7G!FQT
!1+#1!7E!5GE@!W8@S8!>@!=:!>:9F:65><6:!58?!9@7E><6:!E:8E7>7D:U!78
;6:5E78B!5E!=@>A!
>:9F:65><6:!58?!E@7G!9@7E><6:!78;6:5E:U!58?!>A:E:!6:EF@8E:E!56:!S:GG!E<99567V:?!=4!
&::?!
2,("7=
!OLMYYPT!Q@S:D:6U!6A7V@EFA:6:!H@;<E:?!E><?7:E!56:!G5;W78BU!A7BAG7BA>78B!5!
8::?!H@6!=@>A!9:;A587E>7;!58?!H7:G?!E;5G:!E><?7:E!579:?!5>!5??6:EE78B!>
A7E!W8@SG:?B:!
B5FT!0@7G!9@7E><6:!954!=:!@H!F56>7;<G56!78>:6:E>!5E!>A:!6@@>E!56:!G7W:G4!>@!:NA7=7>!E>6@8B!
;@8>6@G!@D:6!6A7V@EFA:6:!S5>:6!5D57G5=7G7>4U!;6:5>78B!S5>:6!5;;<9<G5>7@8!58?!?:FG:>7@8!
V@8:E!5;;@6?78B!>@!<F>5W:!58?!;@8E<9F>7@8!Oe@6W!:>!5GT!LMYgPU!SA
7;A!;@<G?!?6595>7;5GG4!
5G>:6!@N4B:8!?48597;ET
!4=F!0-%2*.*,*/8'",!'
*)$8.-&"%8*)$!1*&!$%
?.H8)/!1&--
Q,8I8)/!)
Q18["%8*)
!*EE:EE9:8>!@H!1+#1!65>:E!58?!?75V@>6@FA!?7D:6E7>4!5;6@EE!:8D76@89:8>5G!B65?7:8>E!58?!
:;@E4E>:9E!7E!;6<;75G!>@!H<6>A:678B!@<6!<8?:6E>58?78B!@
H!1+#1T!Q@S:D:6U!>A:6:!56:!
9:>A@?@G@B7;5G!7EE<:E!>A5>!EA@<G?!=:!;@8E7?:6:?!78!>A:!5EE:EE9:8>!@H!=@>A!65>:E!58?!
?7D:6E7>4T!1+#1!65>:E!56:!9@E>!;@99@8G4!9:5E<6:?!:7>A:6!D75!5;:>4G:8:!6:?<;>7@8!@6!
Yj#!7E@>@F:!:867;A9:8>T!*;:>4G:8:!6:?<;>7@8!>5W:E!5?D58>5B:!@H
!>A:!5=7G7>4!@H!
87>6@B:85E:!>@!6:?<;:!>67FG:!=@8?:?!9@G:;<G:E!@>A:6!>A58!#
LT!%8!>A7E!9:>A@?U!
?75V@>6@FAE!56:!E<FFG7:?!5;:>4G:8:!O/
LQLP!SA7;A!7E!6:?<;:?!>@!:>A4G:8:!O/
LQiP!D75!
87>6@B:85E:!OQ56?4!:>!5GT!YlghPT!/@8;:8>65>7@8E!@H!:>A4G:8:!;58!>A:8!=:!9:5E<6:?!@D:6!
>79:!>@!@=>578!5!F6@N4!H@6!1+#1!65>:ET!C8H@6><85>:G4U!>A:6:!56:!9<G>7FG:!7EE<:E!>A5>!
EA@<G?!=:!5;;@<8>:?!H@6!SA:8!<E78B!>A7E!9:>A@?T!176E>U!>A7E!7E!58!78?76:;>!9:5E
<6:!@H!
LL! 1+#1!58?U!5E!E<;AU!6:I<76:E!5!;@8D:6E7@8!;@8E>58>!>A5>!6:G5>:E!5;:>4G:8:!6:?<;>7@8!
65>:E!>@!#
L!6:?<;>7@8!65>:ET!dA7G:!5!;@8D:6E7@8!H5;>@6!@H!R!7E!;@99@8G4!<E:?!>@!
>658EH@69!5;:>4G:8:!6:?<;>7@8!65>:E!>@!1+#1!65>:E!OQ56?4!:>!5GT!YlghPU!>A:!5;><5G!
;@8D
:6E7@8!D5G<:!;58!D564!H6@9!RM!>@!Y!O-:GG:8B:6!:>!5GT!LMYiPT!*E!?7E;<EE:?!5=@D:!OE::!
^)A:!,7D:6E7>4!@H!16::
2+7D78B!#7>6@B:8!17N:6E_PU!>A:!?7HH:6:8>!H@69E!@H!87>6@B:85E:!A5D:!
?7HH:6:8>!5HH787>7:E!H@6!5;:>4G:8:!SA7;A!;58!6:E<G>!78!A7BAG4!D5675=G:!65>7@E!=:>S:
:8!5;:>4G:8:!6:?<;>7@8!65>:E!58?!1+#1!65>:ET!(@6:@D:6U!>A7E!9:>A@?!6:G7:E!@8!>A:!
9:5E<6:9:8>!@H!:>A4G:8:!F6@?<;>7@8!@D:6!>79:T!%>!7E!5EE<9:?!>A5>!>A7E!:>A4G:8:!
F6@?<;>7@8!7E!>A:!?76:;>!6:E<G>!@H!5;:>4G:8:!6:?<;>7@8U!A@S:D:6!:>A4G:8:!A5E!=::8!EA@S8!
>@!:D@GD
:!H6@9!E@7GE!78?:F:8?:8>!@H!5;:>4G:8:!O
#@A6E>:?>!YlhR
PT!">A4G:8:!7E!58!
79F@6>58>!;@9F@<8?!78!FG58>!B6@S>A!58?!E7B85G78B!58?!7E!F6@?<;:?!=4!=@>A!FG58>E!58?!
=5;>:675!Od58B!:>!5GT!LMMLPT!)A7E!F6@?<;>7@8!7E!8@>!5EE@;75>:?!S7>A!>A:!F6:E:8;:!@H!
5;:>4G:8:T!/@8>6@
GE!>A5>!5;;@<8>!H@6!=5;WB6@<8?!:>A4G:8:!F6@?<;>7@8!;58!=:!78;G<?:?!
S7>A!>A:!585G4E7EU!A@S:D:6!>A:E:!A5D:!=::8!EA@S8!>@!6:E<G>!78!97E6:F6:E:8>5>7D:!H785G!
65>:E!@H!5;:>4G:8:!6:?<;>7@8!O
#@A6E>:?>!YlhR
PT!)A:6:H@6:U!S:!6:;@99:8?!>A5>!5;:>4G:8:!
6:?<;>7@8!8@>!=:!
<E:?!H@6!5EE:EE9:8>!@H!6A7V@EFA:6:!1+#1!65>:ET
!!)A:!
Yj#!7E@>@F:!78;@6F@65>7@8!9:>A@?!6:F6:E:8>E!5!B@@?!5G>:685>7D:!>@!5;:>4G:8:!
6:?<;>7@8T!)A7E!9:>A@?!E<FFG7:E!?75V@>6@FAE!S7>A!
Yj#L!78!FG5;:!@H!5>9@EFA:67;!#
LU!SA7;A!
7E!?@9785>:?!=4!
Yi#!O.<F>5!:>!5GT!LMYiPT
!*E!?75V@>6@FAE!H7N!#U!>A:!
Yj#!G5=:G!7E!
78;@6F@65>:?!78>@!>A:!E@7G!58?!;58!=:!9:5E<6:?!>@!?:>:6978:!1+#1!65>:E!O.<F>5!:>!5GT!
LMYiPT!*!6:H:6:8;:!E59FG:!SA7;A!F6@D7?:E!
Yj#!;@8>:8>!78!5!B7D:8!E59FG:!F67@6!>@!
Yj#L!H7N5>7@8!7E!6:I<76:?!>@!@=>578!1+#1!65>:ET!
Yj#!7E@>@F:!:867;A9:8>!7E!5!?76:;>!9:5E<6:!@H!
1+#1!65>:E!58?!7E!>A:6:H@6:U!9@6:!5;;<65>:!>A58!5;:>4G:8:!6:?<;>7@8T!Q@S:D:6U!>A7E!
LR! 9:>A@?!7E!;@E>G7:6!78!>79:!58?!H<8?E!>A58!5;:>4G:8:!6:?<;>7@8T!/@8>67=<>7@8!@H!#!D75!#
2H7N5>7@8!A5E!5GE@!=::8!H6:I<:8>G4!5EE:EE:?!
7E@>@F7;5GG4!=4!5EE<978B!5GG!H7N:?!#!H@<8?!78!
E@7GE!S7GG!A5D:!5!D5G<:!@H!Mu!O0A:56:6!58?![@AG!YlhgU!-@??:4!:>!5GT!LMMYPT!%8!@>A:6!
S@6?EU!7>!7E!5EE<9:?!>A5>!>A:6:!7E!8@!H65;>7@85>7@8!?<678B!#
2H7N5>7@8T!)A@<BA!E49=7@>7;!#
2H7N5>7@8!?@:E!8@>!6:E<G>!78!584!H65;
>7@85>7@8U!>A7E!7E!8@>!>6<:!@H!1+#1!SA7;A!A5E!58!
5D:65B:!H65;>7@85>7@8!H5;>@6!@H!
`LTju!OC8W@D7;A!LMYRPT!Q@S:D:6U!>A:!>6<:!H65;>7@85>7@8!
H5;>@6!@H!5!E59FG:!S7GG!?:F:8?!@8!>A:!6:G5>7D:!5=<8?58;:!@H!?7HH:6:8>!87>6@B:85E:!H@69E!
58?!954!5;><5GG4!658B:!H6@9!
`Yu!
7H!(@
287>6@B:85E:!?@9785>:?U!>@!
`iu!7H!$
287>6@B:85E:!?@9785>:?!OC8W@D7;A!LMYRPT!dA:8!>6478B!>@!5EE:EE!6:G5>7D:!;@8>67=<>7@8!@H!
#2H7N5>7@8!>@!E@7G!#!F@@GEU!>A7E!H65;>7@85>7@8!9<E>!=:!5;;@<8>:?!H@6!78!@6?:6!>@!5;;<65>:G4!
5EE:EE!;@8>67=<>7@8!@H!1+#1!5E!S:GG!5
E!E49=7@>7;!#
2H7N5>7@8T!
!!*EE:EE9:8>!@H!?75V@>6@FA!?7D:6E7>4!5GE@!;@9:E!S7>A!;A5GG:8B:E!58?!%!?76:;>!4@<!
>@!.5=4!58?!-<;WG:4!OLMYYP!H@6!5!?:>57G:?!?:E;67F>7@8!@H!E@9:!@H!>A:E:!;A5GG:8B:ET!%8!
=67:HU!.5=4!58?!-<;WG:4!OLMYYP!?7E;<EE!>S@!95b@6!;@8;:68E!E<66@<8
?78B!?75V@>6@FA!
?7D:6E7>4!5EE:EE9:8>T!176E>U!K/&!F679:6!E:G:;>7@8!H@6!>A:!
#$89
!;58!G:5?!>@!=75E!78!
9:5E<6:E!@H!=@>A!?7D:6E7>4!58?!6:G5>7D:!5=<8?58;:!@H!59FG7H7:?!@6B587E9E!O.5=4!58?!
-<;WG:4!LMYYPT!%H!<E78B!<87D:6E5G!K/&!F679:6EU!7>!7E!79F@6>58>!>@!E:G:;>!F
679:6!F576E!S7>A!
A7BA!;@D:65B:U!=<>!G@S!FA4G@B:8:>7;!=75E!O.5=4!58?!-<;WG:4!LMYLPT!0:;@8?U!F565G@BE!
@H!
#$89
!;58!G:5?!>@!5!H5GE:
2F@E7>7D:!?:>:;>7@8!@H!>A:!
#$89(
B:8:!O.5=4!58?!-<;WG:4!LMYYPT!
+5E>G4U!5E!?7E;<EE:?!:56G7:6U!>A:6:!56:!E:D:65G!H@69E!@H!87>6@B:85E
:T!)A:E:!7E@V49:E!56:!
6:B<G5>:?!=4!?7HH:6:8>!B:8:E!
`!#$89
U!"#89
U!58?!
)#89
!H@6!(@
287>6@B:85E:U!1:
287>6@B:85E:U!
58?!$
287>6@B:85E:U!6:EF:;>7D:G4!Om:A6!:>!5GT!LMMRPT!)A<EU!7>!954!5GE@!=:!F6<?:8>!>@!
5EE:EE!?7D:6E7>4!@H!>A:!
"#89
!58?!
)#89(
B:8:E!5G@8BE7?:!
#$89
T!!Li! 4=G!'*)',?$8*)$
!1+#1!G7W:G4!@;;<6E!F6:?@9785>:G4!78!>A:!6A7V@EFA:6:!SA:6:!/!H6@9!6@@>!:N<?5>:E!
;58!E<FF@6>!>A:!:8:6B4!?:958?E!@H!#
2H7N5>7@8T!)A6@<BA@<>!>A7E!6:D7:SU!S:!A5D:!>67:?!>@!
F<>!1+#1!78!>A:!;@8>:N>!@H!;6@FF78B!E4E>:9EU!<E78B!ES7>;AB65EE!5E!58!:N59FG
:!@H!SA:6:!
>A:!6:?<;>7@8!@6!:G79785>7@8!@H!H:6>7G7V:6!78F<>E!?<:!>@!1+#1!;@<G?!E7B87H7;58>G4!79F6@D:!
E4E>:9!E<E>5785=7G7>4!O&@=:6>E@8!:>!5GT!LMYkPT!Q@S:D:6U!>A:6:!7E!E>7GG!9<;A!S:!?@8c>!
W8@ST!d:!W8@S!>A5>!ES7>;AB65EE!5GG@;5>:E!niMZ!@H!7>E!H7N:?!/!=:G@SB6@<
8?!58?!@D:6!
lMZ!@H!:N<?5>:!/!6:G:5E:?!?76:;>G4!>@!>A:!E@7G!7E!78;@6F@65>:?!78>@!97;6@=75G!=7@95EE!
58?!>A5>!ES7>;AB65EE!:N<?5>:E!56:!5GE@!D:64!?7D:6E:T!Q@S:D:6U!D:64!G7>>G:!7E!<8?:6E>@@?!
5=@<>!A@S!?7HH:6:8>!:N<?5>:!;@9F@<8?E!954!F6@9@>:!@6!78A7=7>!1+#1T!%>!
7E!5GE@!8@>!
;G:56!SA:>A:6!/!I<5G7>4!@6!I<58>7>4!FG54E!5!G56B:6!6@G:!78!1+#1T!%8!>A:!ES7>;AB65EE!
6A7V@EFA:6:U!59FG:!/!E<FFG4!58?!E>79<G5>:?!97;6@=75G!B6@S>A!G7W:G4!6:E<G>E!78!6:?<;:?!
@N4B:8!;@8;:8>65>7@8E!H5D@65=G:!>@!1+#1U!=<>!5>!>A:!E59:!>79:!>A7E!@H>:8!6
:E<G>E!78!
6:?<;:?!:HH7;7:8;4!@H!1+#1!O7T:T!9@6:!/!<E:!H@6!G:EE!#!H7N:?P!E<BB:E>78B!>A5>!/!58?!
@N4B:8!5D57G5=7G7>4!954!78>:65;>!>@!;@8>6@G!1+#1T!
!#7>6@B:8!58?!FA@EFA@6<E!5D57G5=7G7>4!56:!G7W:G4!E>6@8B!;@8>6@GE!@8!6A7V@EFA:6:!
1+#1T!1@6!:N59FG:U!S:!;58!F6:?7;>!>A5>!<F>5W:!@H!#!58?!K!=4!ES7>;AB65EE!6@@>E!G7W:G4!
;6:5>:E!5!8<>67:8>!?:FG:>:?!6A7V@EFA:6:U!4:>!S:!?@8c>!W8@S!A@S!?75V@>6@FAE!6:EF@8?!>@!
>A:E:!
;@8?7>7@8ET!+5E>G4U!7>!7E!79F@6>58>!>@!;@8E7?:6!>A:!9:?7<9!78!SA7;A!1+#1!7E!
@;;<6678BU!>A:!E@7GT!+7>>G:!7E!W8@S8!5=@<>!A@S!E@7G!>:N><6:U!FQU!>:9F:65><6:U!58?!9@7E><6:!
5D57G5=7G7>4!78HG<:8;:!6A7V@EFA:6:!1+#1!65>:ET!*D57G5=G:!6:E:56;A!E<BB:E>E!;G54!E@7GE!
S7>A!8:<>65G!FQ!58?!9@?:65>:!>:9F:65><6:E!58?!9@7E><6:!5D57G5=7G7>4!56:!G7W:G4!>@!=:!
9@E>!H5D@65=G:T!Q@S:D:6U!6@@>E!:N:6>!E>6@8B!;@8>6@G!@D:6!6A7V@EFA:6:!;@8?7>7@8EU!
Lj! 78;G<?78B!5G>:678B!E@7G!FQ!58?!9@7E><6:!5D57G5=7G7>4U!58?!954!<G>795>:G4!F6@D:!9@6:!
78HG<:8>7
5G!>A58!E@7G!F6@F:6>7:E!5G@8:T!1@6!:N59FG:U!?7HH:6:8>!D567:>7:E!@H!ES7>;AB65EE!
:NA7=7>!?7HH:6:8>!6@@>!56;A7>:;><6:!>A5>!A5E!=::8!EA@S!>@!?67D:!;A58B:E!78!97;6@=75G!
;@99<87>4!E>6<;><6:!58?!H<8;>7@8!O0>:S56>!:>!5GT!LMYkP!
!'D:65GGU!>A:!;@8>6@GE!@8!1+#1!78!>A:
!6A7V@EFA:6:!56:!F@@6G4!<8?:6E>@@?T!)A:!
6A7V@EFA:6:!7E!5!?48597;!:8D76@89:8>U!A:>:6@B:8@<E!=@>A!78!6:E@<6;:!58?!@N4B:8!
5D57G5=7G7>4!SA7;A!95W:E!7>!?7HH7;<G>!>@!8@>!@8G4!6:G5>:!1+#1!>@!E49=7@>7;!#
2H7N5>7@8U!=<>!
5GE@!>@!F6:?7;>!=@>A!>A:!?76:;>7@8!58?!95B87><
?:!@H!1+#1!6:EF@8E:!>@!>A:!?7E;<EE:?!
;@8>6@GET!(@6:!6:E:56;A!7E!8::?:?!5>!>A:!9:;A587E>7;U!:;@E4E>:9U!58?!BG@=5G!G:D:G!78!
@6?:6!>@!=:>>:6!<8?:6E>58?!>A:!6@G:!@H!6A7V@EFA:6:!1+#1!78!>:66:E>675G!E4E>:9E!58?!7>E!
;@8>6@GET
!!!!Lg! !!!!!!!!!!&-1-&-)'-$
!!!!!!!!!!!!!!!Lk! &-1-&-)'-$
!!-5A<G7W56!&*U!)@66:E
2\:6:V!%U!d@6G:4!"U!/65D:8![U!C?D56?7!([T!LMYiT!,7D:6E7>4!@H!
87>6@B:8
2H7N78B!=5;>:675!5EE@;75>:?!S7>A!ES7>;AB65EE!78!>A:!85>7D:!>5GGB65EE!F65767:!
@H!#@6>A:68!'WG5A@95T
!*FFG7:?!58?!:8D76@89:8>5G!97;6@=7@G@B4!hMf!jgRg
2jgiRT
!-57E!QKU!d:76!)+U!K:664!+.U!.7G6@4!0U!$7D58;@!\(T!LMMgT!)A:!6@G:!@H!6@@>!:N<?5>:E!78!
6A7V@EFA:6:!78>:65;>7@8E!S7>A!FG58>E!58?!@>A:6!@6B587E9ET!*88<!&:D!KG58>!-7@G!
jkf!LRR
`LggT!-5G?587!\%U!&:7E!$(U!$7?:765!00U!-@??:4!+QU!-5G?587!$+,T!LMYiT!)A:!56>!@H!7E@G5>7
8B!87>6@B:8
2H7N78B!=5;>:675!H6@9!8@8
2G:B<978@<E!FG58>E!<E78B!#
2H6::!E:97
2E@G7?!
9:?75f!5!F65;>7;5G!B<7?:!H@6!97;6@=7@G@B7E>ET
!KG58>!58?!E@7G!Rhif!iYR
2iRYT
!-:GG:8B:6!\KU!3<!eU!mA58B!3U!(@6:G!1((U![65:F7:G!*(+T!LMYiT!K@EE7=G:!;@8>67=<>7@8!@H!
5G>:685>7D:!87>6@
B:85E:E!>@!87>6@B:8!H7N5>7@8!=4!5E49=7@>7;!#!L
2H7N78B!=5;>:675!78!
E@7GET!0@7G!-7@G@B4!58?!-7@;A:97E>64!glf!iYR
2iLMT
!-G@EEH:G?U!0TU!.58E:6>U!,TU!)A7:G:U!-TU![<A8U!*T!\TU!r!+{E;AU!&T!LMYYT!)A:!?48597;E!@H!
@N4B:8!;@8;:8>65>7@8U!FQ!D5G<:U!58?!@6B587;!5;7?E!78!
>A:!6A7V@EFA:6:!@H!\<8;<E!
EFFT
!0@7G!=7@G@B4!58?!=7@;A:97E>64U
!iROgPU!YYhg
2YYlkT!-@??:4!&(U!K@G7?@6@!\/U!&:E:8?:!*0U!*GD:E!-\&U!C6I<75B5!0!LMMYT!CE:!@H!>A:!Yj#!
85><65G!5=<8?58;:!>:;A87I<:!H@6!>A:!I<58>7H7;5>7@8!@H!>A:!;@8>67=<>7@8!@H!#L!
H7N5>7@8!>@!E<B56!;5
8:!58?!@>A:6!B65EE:ET!*<E>!\!KG58>!KA4E7@G!Lhfhhl
`hlj!-@SEA:6U!*dU!"D58EU!0U!)7:9588U!+[U!r!167:E:8U!(+T!LMYhT!"HH:;>E!@H!E@7G!87>6@B:8!
5D57G5=7G7>4!@8!6A7V@?:F@E7>7@8!78!FG58>Ef!5!6:D7:ST!KG58>!58?!0@7GU!iLROY
2LPU!jl
2hjT
!-@4?!"U!K:>:6E!\dT!LMYRT!#:S!78E7B
A>E!78>@!>A:!:D@G<>7@8564!A7E>@64!@H!=7@G@B7;5G!
87>6@B:8!H7N5>7@8T!16@8>7:6E!78!97;6@=7@G@B4!ifLMYT
!-6<8:U!*TU!16:8V:GU!KTU!r!/4F7@8W5U!QT!LMMMT!+7H:!5>!>A:!@N7;
`58@N7;!78>:6H5;:f!97;6@=75G!
5;>7D7>7:E!58?!5?5F>5>7@8ET!1"(0!(7;6@=7@G@B4!&:D7:SEU!LiOjPU!glY
2kYMT
!/5685A58!\"U!(@6>:8E@8!+"U!(@S:6!Q1U!/5E>G:!\"T!YlgMT!#7>6@B:8!H7N5>7@8!78!;:GG
2H6::!
:N>65;>E!@H!/G@E>67?7<9!F5E>:<6758<9T
!-7@;A797;5!:>!=7@FA4E7;5!5;>5!iif!jLM
2jRjT!/A5<?A564U!,T!&TU!05N:85U!\TU!+@6:8VU!#TU!r!,7;WU!&T!KT!LMYLT!,7E>67=<>7@8!@H!6:;:8>G
4!H7N:?!FA@>@E48>A5>:!78!5!ES7>;AB65EE!FG58>
2E@7G!E4E>:9T
!KG58>!0@7G!"8D76@8U
!jhOgPU!
Lil2LjjT
!Lh! /G:D:G58?!//U!Q@<G>@8!-mU!#:7GG!/U!&::?!0/U!)@S8E:8?!*&U!d58B!eT!LMMlT!CE78B!
78?76:;>!9:>A@?E!>@!;@8E>6578!E49=7@>7;!87>6@B:8!H7N5>7@8!65>:Ef!5!;5E:!E><?4!H6@9!
58!*95V@8758!6578!H@6:E>!llf!Y
`YRT!,5D7E!0/U!K56>@8!d\U!,@AG:958!1.U!097>A!/(U!,:G!.6@EE@!0U![:8>!*,U!,:+<;75!"QT!
LMYMT!/@9F565>7D:!=7@B:@;A:97;5G!;4;G:E!@H!=7@:8:6B4!;6@FE!6:D:5G!87>6@B:8
2H7N5>7@8!58?!G@S!B6::8A@<E:!B5E!:97EE7@8E!78!5!(7E;58>A<E|!B7B58>:<E!
5B6@
2:;@E4E>:9T
!";@E4E>:9E!YRf!Yii
2YjgT!
!,7GS@6>A!(\U!"G?67?B:!("U!"5?4!&&T!YllRT!)A:!9@G4=?:8<9!58?!D585?7<9!
87>6@B:85E:E!@H!*V@>@=5;>:6!;A6@@;@;;<9f!:HH:;>!@H!:G:D5>:?!>:9F:65><6:!@8!#L!
6:?<;>7@8T
!-7@;A:97;5G!b@<685G
!Lhlf!Rlj
2iMMT
!,7N@8!&U![5A8!,T!LMMiT!
.:8:>7;!6:B<G5>7@8!@H!=7@G@B7;5G!87>6@B:8!H7N5>7@8T
!#5><6:!
&:D7:SE!(7;6@=7@G@B4
!Lf!gLY
2gRYT
!,@=:6:78:6!\'U!,54!\(T!YlkjT!#7>6@B:8!H7N5>7@8!78!>A:!6A7V@EFA:6:!@H!>6@F7;5G!B65EE:ET!
#7>6@B:8!17N5>7@8!=4!16::
2G7D78B!(7;6@
2@6B587E9E!O"?T!=4!d,K!0>:S56>PT!
/59=67
?B:!C87D:6E7>4!K6:EEU!+@8?@8T
!,4856EW7![*U!Q@<G>@8!-mT!LMYkT!#<>67:8>!G797>5>7@8!@H!>:66:E>675G!H6::
!G7D78B!87>6@B:8!
H7N5>7@8T
!#:S!KA4>@G@B7E>!LYkf!YMjM
2YMgYT!"EF:G:>5U!\T!1TU!/56?@8U!mT!.TU!(54:6U![T!CTU!r!#:<9588U!&T!-T!LMYkT!,7:G!FG58>!S5>:6!
<E:!58?!;@9
F:>7>7D:!E@7G!;5>7@8!:N;A58B:!78>:65;>!>@!:8A58;:!#Q!ix!58?![x!
5D57G5=7G7>4!78!>A:!6A7V@EFA:6:T
!KG58>!58?!0@7GU
!iYiOY
2LPU!RR
2jYT
!17W:U!\T!QTU!K5667EAU!,T!\TU!d@GHU!,T!,TU!-5G5EW@U!\T!*TU!.6::8!\6U!\T!)TU!&5E85W:U!(TU!r!
&:48@G?EU!\T!QT!LMMgT!+@8B
2>:69!47:G?
!F@>:8>75G!@H!ES7>;AB65EE
2H@6
2=7@H<:G!
E4E>:9ET!-7@95EE!58?!=7@:8:6B4U!RMORPU!Ylh
2LMgT!1@SG:6!,T!/@4G:U!(TU!0W7=5U!CTU!0<>>@8U!(T*TU!/5F:U!\T#TU!&:7EU!0TU!0A:FF56?U!+T\TU!
\:8W78EU!*TU!.67VV:>>7U!-TU!.5GG@S54U!\T#T!58?!$7>@<E:WU!KT!LMYRT!)A:!BG@=5G!
87>6@B:8!
;4;G:!78!>A:!>S:8>4
2H76E>!;:8><64T!KA7G!)658E!&!0@;!-U!Rghf!Y
`YRT!.5=4!\/U!-<;WG:4!,QT!LMYYT!*!BG@=5G!;:8E<E!@H!87>6@B:85E:!?7D:6E7>4T!"8D76@89:8>5G!
(7;6@=7@G@B4!YRfYklM
2YkllT
!.5=4!\/U!-<;WG:4!,QT!LMYLT!*!;@9F6:A:8E7D:!:D5G<5>7@8!@H!K/&!F679:6E!>@!59FG7H4!>A:!
87HQ!B:8:!@H!87>6@B:85E:T!KG@0!@8:!kf!:iLYilT
!.5=4!\/U!-<;WG:4!,QT!LMYjT!*EE:EE9:8>!@H!#7>6@B:85E:!,7D:6E7>4!78!>A:!"8D76@89:8>T!
K5B:E!LMl
2LYg!78!1658E!\T!?:!-6<7b8U!:?ET!-
7@G@B7;5G!#7>6@B:8!17N5>7@8T!\@A8!
d7G:4!r!0@8EU!%8;T
!Ll! .6@wW@FH!)U!+5&@;A:!\T!LMYLT!,76:;>!58?!78?76:;>!;@E>E!@H!?787>6@B:8!H7N5>7@8!78!
/6@;@EFA5:65!S5>E@877!dQhjMY!58?!F@EE7=G:!79FG7;5>7@8E!H@6!>A:!87>6@B:8!
;4;G:T
!16@8>7:6E!78!97;6@=7@G@B4!Rf!LRgT
!.<F>5!$$0
&U![6@W:6!0\U!Q7;WE!(U!,5D@6:8!/dU!,:E;A::95:W:6![U!+G:S:GG48!&T!LMYiT!
#7>6@B:8!;4;G78B!78!E<99:6!5;>7D:!F:6:8875G!B65EE!E4E>:9E!78!0@<>A!*<E>65G75f!
8@82E49=7@>7;!87>6@B:8!H7N5>7@8T
!/6@F!58?!K5E><6:!0;7:8;:
!gjfYMii
2YMjgT
!.<F>5!$$0&U!&@F:6!((T!LMYMT!K6@>:;>
7@8!@H!H6::
2G7D78B!87>6@B:8
2H7N78B!=5;>:675!S7>A78!
>A:!E@7G!95>67NT!0@7G!58?!)7GG5B:!&:E:56;A!YMlf!jM
2jiT!Q5G=G:7=!/(U!+<??:8!KdT!LMMMT!&:B<G5>7@8!@H!=7@G@B7;5G!87>6@B:8!H7N5>7@8T!)A:!\@<685G!
@H!#<>67>7@8!YRMf!YMhY
2YMhiT!Q56?4!&d1U!Q@GE>:8!&,U!\5;WE@8!"[U!
-<68E!&/T!YlghT!)A:!5;:>4G:8:
`:>A4G:8:!5EE54!
H@6!#L
!H7N5>7@8f!G5=@65>@64!58?!H7:G?!:D5G<5>7@8T!KG58>!KA4E7@G!iRfYYhj
`YLMk
!Q7GG!0T!YllLT!KA4E7@G@B4!@H!87>6@B:8!H7N5>7@8!78!H6::
2G7D78B!A:>:6@>6@FAET
!-7@G@B7;5G!
87>6@B:8!H7N5>7@8f!hk
2YRiT
!Q@==E!#)U!0;A79:G!,0T
!YlhiT!176:!:HH:;>E!@8!87>6@B:8!978:65G7V5>7@8!58?!H7N5>7@8!78!
9@<8>578!EA6<=!58?!B65EEG58?!;@99<87>7:ET
!\@<685G!@H!&58B:!(585B:9:8>f!
iML2iMjT
!Q<:6B@U!+1U!K:?6@E5U!1'U!(<GG:6
2058>@EU!(U!/A<=5>E<U!+0U!(@8>:76@U!&*U!(:667;WU!(U!r!
0@<V5U!"(T!LMYLT!K%%!E7B85G!
>658E?<;>7@8!F6@>:78Ef!F7D@>5G!FG54:6E!78!F@E>
2>658EG5>7@85G!;@8>6@G!@H!87>6@B:85E:!5;>7D7>4T!(7;6@=7@G@B4U!YjhOYPU!Ykg
2YlMT
!%8@9<65![U!-65BB!\U!1@GG@SE!(\T!LMYkT!*!I<58>7>5>7D:!585G4E7E!@H!>A:!?76:;>!58?!78?76:;>!
;@E>E!@H!87>6@B:8!H7N5>7@8f!5!9@?:G!=5E:?!
@8!*V@>@=5;>:6!D78:G58?77T
!)A:!%0("!
\@<685G!YYf!Ygg
2YkjT!\@8:EU!,+U!#B<4:8U!/U!r!178G54U!&,T!LMMlT!/56=@8!HG@S!78!>A:!6A7V@EFA:6:f!;56=@8!
>65?78B!5>!>A:!E@7G
`6@@>!78>:6H5;:T!KG58>!58?!E@7GU!RLYOY
2LPU!j
2RRT![G5EE:8!.U!K:?6@E5!1'U!0@<V5!"(U!1<854595!0U!&7B@!
+CT!YllkT!"HH:;>!@H!87>6@B:8!
;@9F@<8?E!@8!87>6@B:85E:!5;>7D7>4!78!Q:6=5EF767GG<9!E:6@F:?7;5:!
0(&YT
!/585?758!b@<685G!@H!97;6@=7@G@B4!iRf!hhk
2hlYT![@N!(*U!+vW:!/U!167>V!/U!D58!?:8!"GV:8!"U!D58!*G:8!)U!?:8!/59F!Q\'U!">>S7B![1T!
LMYgT!"HH:;>E!@H!87>6@B:8!H:6>7G
7V5>7@8!@8!?75V@>6@FA7;!5;>7D7>4!@H!97;6@@6B587E9E!
5EE@;75>:?!S7>A!0FA5B8<9!95B:GG587;<9T
!KG58>!58?!0@7G!iMgf!hR
2YMMT![<V45W@DU!eTU!r!-G5B@?5>EW545U!"T!LMYjT!(7;6@=75G!A@>EF@>E!58?!A@>!9@9:8>E!78!E@7Gf!
;@8;:F>!r!6:D7:ST
!0@7G!-7@G@B4!58?!-7@;A:97E>64U
!hRU!Y
hi2YllT
!RM! +758BU!/TU!\:E<EU!"T!,T!/TU!,<8;58U!,T!0TU!}<:8E:8U!\T!1TU!\5;WE@8U!&T!,TU!-5GE:6U!)T!/TU!
r!)7:?b:U!\T!(T!LMYgT!0S7>;AB65EE!6A7V@EFA:6:E!E>79<G5>:!97;6@=75G!=7@95EE!=<>!
?:FG:>:!97;6@=75G!8:;6@95EE!78!5B67;<G><65G!E@7GE!@H!>A:!<FF:6!(7?S:E>U!C0*T!0@
7G!-7@G@B4!58?!-7@;A:97E>64U!liU!YkR
2YhMT!(7GG:6!&dU!"5?4!&&T!YlhhT!(@G4=?:8<9!58?!D585?7<9!87>6@B:85E:E!@H!*V@>@=5;>:6!
;A6@@;@;;<9!+@S!>:9F:65><6:!H5D@6E!#L!6:?<;>7@8!=4!D585?7<9!
87>6@B:85E:T
!-7@;A:97;5G!b@<685G!Ljgf!iLl
2iRLT
!(78:>>U!,T!*TU!/@@WU!KT!+TU![
:EEG:6U!*T!\TU!r!/5D5B856@U!)T!&T!LMYRT!&@@>!:HH:;>E!@8!>A:!
EF5>75G!58?!>:9F@65G!?48597;E!@H!@N4B:8!78!E58?
2=5E:?!G5=@65>@64
2E;5G:!
;@8E>6<;>:?!=7@H7G>:6ET!";@G@B7;5G!:8B78::678BU!jhU!iYi
2iLLT!(@667E!,&U!m<=:6:6!,*U!d:5D:6!&dT!YlhjT!#7>6@B:8!H7N5>7@8!=4!78>
5;>!B65EE
2E@7G!;@6:E!
<E78B!Yj#L!58?!5;:>4G:8:!6:?<;>7@8T
!0@7G!-7@G@B4!58?!-7@;A:97E>64!Ykf!hk
2lYT!(@6>:8E@8!+"T!YlgiT!1:66:?@N78!58?!*)KU!6:I<76:9:8>E!H@6!87>6@B:8!H7N5>7@8!78!;:GG
2H6::!
:N>65;>E!@H!/G@E>67?7<9!F5E>:<6758<9T
!K6@;::?78BE!@H!>A:!#5>7@85G!*;5?
:94!@H!
0;7:8;:E!jLf!LkL
2LklT
!(<G?:6!".T!YlkjT!KA4E7@G@B4!58?!:;@G@B4!@H!H6::
2G7D78BU!87>6@B:8
2H7N78B!
=5;>:675
!#7>6@B:8!H7N5>7@8!=4!H6::
2G7D78B!97;6@
2@6B587E9ET!/59=67?B:!C87D:6E7>4!
K6:EEf!R
2LlT!(<E!1U!/6@@W!(-U!.56;75![U!/@E>5E!*.U!.:??:E!-*U![@<67!",U!C?D
56?7!([T!LMYgT!
049=7@>7;!87>6@B:8!H7N5>7@8!58?!>A:!;A5GG:8B:E!>@!7>E!:N>:8E7@8!>@!
8@8G:B<9:ET
!*FFG7:?!58?!:8D76@89:8>5G!97;6@=7@G@B4!hLf!Rglh
2RkYMT
!#@A6E>:?>U!Q~T!YlhRT!#5><65G!H@695>7@8!@H!:>A4G:8:!78!H@6:E>!E@7GE!58?!9:>A@?E!>@!
;@66:;>!6:E<G>E!B7D:8!=4!>
A:!5;:>4G:8:
26:?<;>7@8!5EE54T
!0@7G!-7@G@B4!58?!
-7@;A:97E>64U
!YjORPU!LhY
2LhgT!#@6958!\0U!167:E:8!(+T!LMYgT!/@9FG:N!#!5;I<7E7>7@8!=4!E@7G!?75V@>6@FAEf!A@S!>A:!
5=7G7>4!>@!6:G:5E:!:N@:8V49:E!5HH:;>E!#!H7N5>7@8!=4!>:66:E>675G!H6::
2G7D78B!
?75V@>6@FAET
!)A:!%0("!\
@<685G!YYf!RYjT
!'=<6B:6U!"TU!r!0;A97?>U!QT!LMYgT!#:S!9:>A@?E!>@!<865D:G!6A7V@EFA:6:!F6@;:EE:ET!
)6:8?E!78!FG58>!E;7:8;:U!LYORPU!LiR
2LjjT!K5>65!*[U!+:!&@<N!3U!*==5?7:!+U!/G54E
!\@EE:658?!*U!K@G4!1U!+@7E:5<!KU!+@<5<G>!1T!
LMMkT!"HH:;>!@H!(7;6@=75G!*;>7D7>4!58?!
#7>6@B:8!(78:65G7V5>7@8!@8!16::
!G7D78B!
#7>6@B:8!17N5>7@8!78!K:6958:8>!.65EEG58?!0@7GET
!\@<685G!@H!*B6@8@94!58?!/6@F!
0;7:8;:!YlRf!YjR
2YjgT
!RY! K:?:6E:8U!'TU!-@6<9U!\TU!,<56>:U!/T!(TU!r!1@6>:EU!(T!,T!YllhT!'N4B:8!?48597;E!78!>A:!
6A7V@EFA:6:!@H!/49@?@;:5!
6@><8?5>5T
!(5678:!";@G@B4!K6@B6:EE!0:67:EU
!YglU!
LhR2LhhT
!K@E>B5>:!\&T!YlhLT!-7@G@B4!@H!87>6@B:8!H7N5>7@8f!H<8?59:8>5GET
!KA7G@E@FA7;5G!
)658E5;>7@8E!@H!>A:!&@45G!0@;7:>4!@H!+@8?@8!-f!-7@G@B7;5G!0;7:8;:E
!Llgf!Rkj
2RhjT!&::?!0/U!/G:D:G58?!//U!)@S8E:8?!*&T!LMYYT
!1<8;>7@85G!:;@G@B4!@H!H6::
2G7D78B!87>6@B:8!
H7N5>7@8f!5!;@8>:9F@6564!F:6EF:;>7D:T
!*88<5G!6:D7:S!@H!:;@G@B4U!:D@G<>7@8U!58?!
E4E>:95>7;E!iLf!ihl
2jYLT!&::?!0/U!/G:D:G58?!//U!)@S8E:8?!*&T!LMYRT!&:G5>7@8EA7FE!59@8B!FA@EFA@6<EU!
9@G4=?:8<9!58?!H6::
2G7D78B!87>6@B:
8!H7N5>7@8!78!>6@F7;5G!6578!H@6:E>Ef!6:E<G>E!H6@9!
@=E:6D5>7@85G!58?!:NF:679:8>5G!585G4E:ET
!-7@B:@;A:97E>64!YYif!YRj
2YikT!&::?!0/U!0:5E>:?>!)&U!(588!/(U!0<?78B![#U!)@S8E:8?!*&U!/A:6S78![+T!LMMkT!
KA@EFA@6<E!H:6>7G7V5>7@8!E>79<G5>:E!87>6@B:8!H7N5>7@8!58?!78;6
:5E:E!78@6B587;!
87>6@B:8!;@8;:8>65>7@8E!78!5!6:E>@6:?!F65767:T
!*FFG7:?!0@7G!";@G@B4!Rgf!LRh
2LiLT
!&::E!,/U!):V;58!1U!Q548:E!/U!d5G>@8!(eU!*8?65?:!0U!"78EG:!'U!Q@S56?!\-T!LMMjT!
0>6<;><65G!=5E7E!@H!=7@G@B7;5G!87>6@B:8!H7N5>7@8T!KA7G!)658E!&!0@;!*!RgRf!!lkY
2hiT!&@=:6>E@8U!.T!KA7G7FU!0>:FA:8![T!Q597G>@8U!-65?H@6?!+T!-56A59U!-6<;:!"T!,5G:U!&T!
/:E56!%V5<665G?:U!&58?5GG!,T!\5;WE@8U!,@<BG5E!*T!+58?7EU!0;@>>!(T!0S78>@8U![<6>!
,T!)A:G:8U!58?!\59:E!(T!)7:?b:T!LMYkT!/:GG<G@E7;!=7@H<:G!;@8>67=<>7@8E!>@!5!
E<E>5785=G:!:8:6B
4!H<><6:f!/A@7;:E!58?!@<>;@9:ET!0;7:8;:U!RjgOgRijPU!
:55GLRLiT
!&@=E@8!&+U!K@E>B5>:!\&T!YlhMT!'N4B:8!58?!A4?6@B:8!78!=7@G@B7;5G!87>6@B:8!
H7N5>7@8T
!*88<5G!&:D7:SE!78!(7;6@=7@G@B4
!Rif!YhR
2LMkT!&@?67B<:E!&&U!(@@8!\U!mA5@!-U!d7GG759E!(*T!LMYkT!(7;6@=75G!
;@99<87>7:E!58?!
?75V@>6@FA7;!5;>7D7>4!?7HH:6!78!>A:!6@@>
!V@8:!@H!*G59@!58?!,5;@>5A!ES7>;AB65EE!
H::?E>@;WET!./-!-7@:8:6B4!lf!YMjk
2YMkMT!&@G:4U!0T!0TU!,<8;58U!,T!0TU!+758BU!,TU!.56@<>>:U!*TU!\5;WE@8U!&T!,TU!)7:?b:U!\T!(TU!r!
&@=:6>E@8U!.T!KT!LMYhT!*EE@;75>7D:
!87>6@B:8!H7N5>7@8!O*#1P!78!ES7>;AB65EE!
OK587;<9!D76B5><9P!5;6@EE!5!87>6@B:8!78F<>!B65?7:8>T
!KG@0!@8:U
!YROgPU!:MYlkRLMT
!&@F:6!((U!17GG:64!%&KU!\@8B:F7:6!&U!058H@6?!KU!(5;?@85G?!+(U!058?:6958!\U!-5G?@;WU!
\*T!LMYiT!*GG@;5>7@8!78>@!E@7G!@6B587;!95>>:6!H65;>7@
8E!@H!Yi/!;5F><6:?!D75!
FA@>@E48>A:E7E!=4!>S@!F:6:8875G!B65EE!F5E><6:ET
!0@7G!&:E:56;A!jYf!kih
2kjlT
!RL! &<58!+U!-A56?S5b!*[U!Q597G>@8!0[U!&@=:6>E@8!.KT!LMYgT!#7>6@B:8!H:6>7G7V5>7@8!
;A5GG:8B:E!>A:!;G795>:!=:8:H7>!@H!;:GG<G@E7;!=7@H<:GET
!"8D76@89:8>5G!&:E:56;A!
+:>>:6E!YYf!MgiMMkT
!0;A8:7?:6![U!(vGG:6!*T!LMMiT!%6@8
2'8G4!#7>6@B:85E:f!"N;:F>7@85G!/5>5G4>7;U!0>6<;><65G!
58?!0F:;>6@E;@F7;!1:5><6:ET!K5B:E!LhY
2RMk!%8
!/5>5G4E>E!H@6!#7>6@B:8!17N5>7@8T!
0F678B:6!#:>A:6G58?ET
!0A:56:6!.U![@AG!,Q!YlhgT!#L
2H7N5>7@8!78!H7:G?!E:>>78B
Ef!:E>795>7@8E!=5E:?!@8!85><65G!
Yj#!5=<8?58;:T!*<E>!\!KG58>!KA4E7@G!YRfgll
`kjg!09:6;785U!,T!#TU!-@SEA:6U!*T!dTU!"D58EU!0T!"TU!167:E:8U!(T!+TU!"?:6U!"T![TU!Q@4>U!,T!dTU!
r!)7:9588U!+T![T!OLM
LMPT!0S7>;AB65EE!&A7V@EFA:6:!(:>5=@G7>:!/A:97E>64!,67D:8!
=4!#7>6@B:8
!*D57G5=7G7>4T
!!<;,56$5'20
!0F6:8>!\%U!\59:E!"[T!LMMkT!+:B<9:!:D@G<>7@8f!SA:6:!?@!8@?<G:E!58?!94;@66A7V5E!H7>!
78T!KG58>!KA4E7@G@B4!Yiifjkj
2hYT!0>::8A@<?>!'!r!$58?:6G:4?:8!\T!LMMMT!*V@EF767GG<9U!5!H6::
2G7D78B!87>6@B:8
2H7N78B!
=5;>:67<9!;G@E:G4!5EE@;75>:?!S7>
A!B65EE:Ef!B:8:>7;U!=7@;A:97;5G!58?!:;@G@B7;5G!
5EF:;>ET
!1"(0!97;6@=7@G@B4!6:D7:SEU
!LiOiPU!ihk
2jMgT!0>:S56>!d,KT!YlglT!-7@G@B7;5G!58?!:;@G@B7;5G!5EF:;>E!@H!87>6@B:8!H7N5>7@8!=4!H6::
2G7D78B!
97;6@
2@6B587E9ET
!K6@;::?78BE!@H!>A:!&@45G!0@;7:>4!@H!+@8?@8!0:67:E!-
U!-7@G@B7;5G!0;7:8;:E!YkLf!Rgk
2RhhT
!0>:S56>U!/5>A:678:!"TU!,59567E!&@@E:8?55GU![56@G7:8!,:8:HU!"G7V5=:>A!K6<:EE8:6U!
+@<7E:!QT!/@95EU!.5<>59!0565>AU!$76B7875!+T!\78U!(56>4!&T!0;A9:6U!58?!
(5?A5D58!0@<8?56565b58T!LMYkT!0:5E@85G!ES7>;AB65EE!:;@>4F:!;@8>67=<>7@
8E!>@!
E@7G!@6B587;!;56=@8U!?::F!E@7G!97;6@=75G!;@99<87>4!;@9F@E7>7@8!58?!6A7V@?:F@E7>!
<F>5W:!?<678B!58!:N>6:9:!?6@<BA>T!0@7G!-7@G@B4!58?!-7@;A:97E>64U!YYLU!YlY
2LMRT!)b:FW:95!\,U!-<667E!&QT!YlkgT!#7>6@B:85E:!5;>7D7>4!5EE@;75>:?!S7>A!E@9:!d7E;@8E78!
F65767:!B
65EE:ET!KG58>!58?!0@7G
!ijf!hY
2liT!)E;A7:6E;AU!QTU!+7:=E;AU!.TU!-@67Eb<WU!+TU!0>58B:G954:6U!*TU!r!&@GG:>E;A:WU!QT!LMYLT!*8!
795B78B!9:>A@?!H@6!@N4B:8!?7E>67=<>7@8U!6:EF765>7@8!58?!FA@>@E48>A:E7E!5>!5!
97;6@E;@F7;!G:D:G!@H!6:E@G<>7@8T
!#:S!KA4>@G@B7E>U
!YlgORPU!
lLg
2lRgT
!C8W@D7;A!(T!LMYRT!%E@>@F:!?7E;679785>7@8!F6@D7?:E!8:S!78E7BA>!78>@!=7@G@B7;5G!87>6@B:8!
H7N5>7@8T!#:S!KA4>@G@B7E>!YlhfgiR
2gT!$7>@<E:W!K(U!/5EE958![U!/G:D:G58?!/U!/6:SE!)U!17:G?!/-U!.6799!#-U!0F6:8>!\%T!LMMLT!
)@S56?E!58!:;@G@B7;5G!<8?:6E>58?78B!@H!=
7@G@B7;5G!87>6@B:8!
H7N5>7@8T
!-7@B:@;A:97E>64
!jkf!Y
2ijT!RR! $7>@<E:W!K(U!(:8B:!,#+U!&::?!0/U!/G:D:G58?!//T!LMYRT!-7@G@B7;5G!87>6@B:8!H7N5>7@8f!
65>:EU!F5>>:68E!58?!:;@G@B7;5G!;@8>6@GE!78!>:66:E>675G!:;@E4E>:9ET!KA7G@E@FA7;5G!
)658E5;>7@8E!@H!>A:!&@45G!0@;7:>4!@H!
+@8?@8!0:67:E!-U!-7@G@B7;5G!0;7:8;:E!RghT
!d58B![+U!+7!QU!";W:6!\&T!LMMLT!">A4G:8:!=7@E48>A:E7E!58?!E7B85G78B!8:>S@6WET!)A:!
KG58>!/:GG!Yif!EYRY
2jYT!d58B!eU!+7!/U![@<!eU!d58B!\U!)<!-U!+7!QU!e5@!(T!LMYkT!0@7G!FQ!7E!5!95b@6!?67D:6!@H!E@7G!
?75V@>6@FA7;!;@99<87>
4!5EE:9=G4!78!}78BA57
2)7=:>!5GF78:!9:5?@SET
!0@7G!-7@G@B4!
58?!-7@;A:97E>64!YYjf!jik
2jjjT!d56:9=@<6BU!1T!&T!YllRT!#7>6@B:8!H7N5>7@8!78!E@7G!58?!FG58>!E4E>:9ET
!#7>6@B:8!7E@>@F:!
>:;A87I<:EU!YLk
2YjgT!d:Gb7:!*(U!#:S>@8!\U!(:6;7:6!KU!/56GE@8!"U!0G<FEW4
!/(T!LMMgT!)56B:>:?!F6@H7G78Bf!
I<58>7>5>7D:!585G4E7E!@H!Y!Q!#(&!9:>5=@G@97;E!?5>5T!*85G!/A:9!khfiiRM!
2!iiiLT!
!!!d7;A56?!)U!(7EA65!-U!(48:87!0/U!-:GG:8B:6!\KU![65:F7:G!*(T!LMMlT!0>@65B:!58?!
=7@5D57G5=7G7>4!@H!9@G4=?:8<9!78!E@7GE!78;6:5E:?!=4!@6B587;!95>>:6!
;@9FG:N5>7@8T
!#5><6:!.:@E;7:8;:!Lf!gLj
2gLlT
!d7GG759EU!KT#TU!058>8:6U!\TU!+56E:8U!(TU!+:A>@U!#T\TU!'=<6B:6U!"TU!d:8V:GU!dTU!.G<?U!
&T#TU!,5D7E@8U!dT!58?!mA58BU!QT!LMYiT!+@;5G7V:?!HG<N!95N795!@H!56E:87;U!G:5?U!
58?!76@8!56@<8?!6@@>!5F7;:E!78!HG@@?:?!G@SG58?!67
;:T!"8D76@89:8>5G!E;7:8;:!r!
>:;A8@G@B4U!ihOYjPU!hilh
2hjMgT
!d<6V=<6B:6!#U!-:GG:8B:6!\KU![65:F7:G!*(U!Q:?78!+'T!LMYLT!(@G4=?:8<9!58?!
FA@EFA@6<E!78>:65;>!>@!;@8E>6578!5E49=7@>7;!87>6@B:8!H7N5>7@8!78!>6@F7;5G!
H@6:E>ET
!KG@0!'8:!kf!:RRkYMT
!e@6WU!+T!(TU!/569785>7
U!*TU!(@@8:4U!0T!\TU!&7>VU![TU!r!-:88:>>U!(T!\T!LMYgT!)A:!A@G7E>7;!
6A7V@EFA:6:f!78>:B65>78B!V@8:EU!F6@;:EE:EU!58?!E:958>7;E!78!>A:!E@7G!78HG<:8;:?!
=4!6@@>ET!\@<685G!@H!:NF:679:8>5G!=@>584U!gkOYLPU!RgLl
2RgiRT
!e@<EE:HU!&T!*TU!r!/A78@U!(T!YlhlT!&@@>
278?<;:?!;
A58B:E!78!>A:!6A7V@EFA:6:!@H!FG58>ET!%T!
FQ!;A58B:E!78!6:G5>7@8!>@!>A:!=<GW!E@7GT!0@7G!0;7:8;:!58?!KG58>!#<>67>7@8U!RjORPU!
igY2ighT
!m:A6U!\KU!\:8W78EU!-,U!0A@6>U!0(U!r!0>:S56?U!.1T!LMMRT!#7>6@B:85E:!B:8:!?7D:6E7>4!58?!
97;6@=75G!;@99<87>4!E>6<;><6:f!5!;6@EE
!E4E>:9!;@9F567E@8T
!"8D76@89:8>5G!
97;6@=7@G@B4U
!jOkPU!jRl
2jjiT
!mA:8B!(U!+7!,U!+<!3U!mA<!3U!mA58B!dU!Q<58B!\U!(@!\T!LMYgT!"HH:;>E!@H!FA@EFA@6<E!
5??7>7@8!S7>A!58?!S7>A@<>!87>6@B:8!5??7>7@8!@8!=7@G@B7;5G!87>6@B:8!H7N5>7@8!78!
>6@F7;5G!G:B<9:!58?!8@8
2G:B<9:!>6::
!FG58>5>7@8ET!-7@B:@;A:97E>64!YRYf!gj
2kgT!Ri! '2"3%-&!5
>! *3%808]"%8*)!*1!0-%2*.$!1*&!"$$-$$8)/!1&--
Q,8I8)/!)8%&*/-)!
18["%8*)
!!5=4!
"#$%&"'%
!)A7E!S@6W!579:?!>@!@F>797V:!5EE54!;@8?7>7@8E!@H!>S@!;@99@8!9:>A@?E!H@6!
9:5E<678B!F@>:8>75G!H6::
2G7D78B!87>6@B:8
2H7N5>7@8!O1+#1PU!5;:>4G:8:!6:?<;>7@8!5EE54!
O*&*P!58?!
Yj#L278;@6F@65>7@8!O
Yj#LPU!H@6!<E:!S7>A!E@7Go6A7V@EFA:6:!E59FG:ET!%!>:E>:?!>A:!
79F5;>!@H!?7
HH:6:8>!;56=@8!O/P!E@<6;:EU!@N4B:8!;@8;:8>65>7@8E!O'
LPU!58?!78;<=5>7@8!
>79:E!@8!1+#1!65>:E!@H!>S@!G@S
2H:6>7G7>4!(7;A7B58!E@7GE!D75!*&*!58?!
Yj#LT!1+#1!65>:E!
S:6:!B6:5>:E>!S7>A!5??7>7@8!@H!5!/!;@;W>57GU!5>!G@S!'
LU!58?!S7>A!k
2?54!78;<=5>7@8E!H@6!
=@>A!9:>A@?ET
!1+#1!D75!*&*!S5E!YkMMN!B6:5>:6!S7>A!5!/!;@;W>57G!D:6E<E!BG<;@E:!@8G4!
58?!D75!
Yj#L!S5E!YkN!B6:5>:6!S7>A!5!/!;@;W>57G!;@9F56:?!>@!@>A:6!/!E@<6;:E!58?!8@
2/!;@8>6@GET!0F:;7H7;!'
L!@F>79<9!D567:?!=4!9:>A@?!58?!E7>:T!*!k
2?54!78;<=5>7@8!S5E!
8::?:?!H@6!>A:!*&*U!=<
>!5!R
2?54!78;<=5>7@8!S5E!E<7>5=G:!H@6!
Yj#LT!+5E>G4U!%!;@8H769!
F6:D7@<EG4!7?:8>7H7:?!7EE<:E!S7>A!>A:!*&*!@H!5;:>4G:8:
278?:F:8?:8>!:>A4G:8:!
F6@?<;>7@8o;@8E<9F>7@8!6:E<G>78B!78!F@>:8>75G!1+#1!9:5E<6:9:8>!:66@6!@H!YTR!
`!jLTR!XB!
#!B
2Y!?542YT!%!F6:E:8>!58!@F>797
V:?!9:>A@?!H@6!9:5E<678B!F@>:8>75G!1+#1!78!
E@7Go6A7V@EFA:6:!E59FG:E!SA7;A!S7GG!5GG@S!H@6!;@8E7E>:8>!58?!;@9F565=G:!1+#1!65>:!
9:5E<6:9:8>ET!&:E:56;A:6E!EA@<G?!5;;@<8>!H@6!/!E@<6;:U!'
LU!58?!78;<=5>7@8!>79:!
SA:8!5EE:EE78B!1+#1!58?!<E:!>A:!*&*!9:>A@?!S7>A!;5<>
7@8T
!:*$+$#"77;(1&67$0<2/("0
f!09:6;785U!,T!#TU!"D58EU!0T!"TU!167:E:8U!(T!+TU!r!)7:9588U!+T![T!OLMYlPT!
'F>797V5>7@8!@H!>A:!
Yj#L!78;@6F@65>7@8!58?!5;:>4G:8:!6:?<;>7@8!9:>A@?E!H@6!H6::
2G7D78B!87>6@B:8!H7N5>7@8T!
KG58>!58?!0@7GU!
iijOYPU!jlj
2gYYT!Rj! 5=5!
8)%&*.?'%8*)
!16::
2G7D78B!87>6@B:8!H7N5>7@8!O1+#1PU!#
2H7N5>7@8!=4!E@7G!@6B587E9E!8@>!78!E49=7@>7;!
5EE@;75>7@8E!S7>A!FG58>EU!7E!F6:D5G:8>!5;6@EE!5GG!:;@E4E>:9E!58?!;@8>67=<>:E!5!
9:5E<65=G:!F@6>7@8!@H!#!>@!>:66:E>675G!E4E>:9E!588<5GG4!O-6@<V:E!:>!5G!Ylgls!&::
?!:>!5GT!
LMYYPT!)A@<BA!1+#1!;58!@;;<6!>A6@<BA@<>!>A:!E@7GU!G797>5>7@8E!@8!;56=@8!O/P!5D57G5=7G7>4!
G7W:G4!;@8E>6578!1+#1!>@!/
267;A!6:B7@8E!E<;A!5E!>A:!6A7V@EFA:6:!O[8@SG:E!Ylgjs!
09:6;785!:>!5GT!LMYlPT!1+#1!7E!@H!B6:5>!78>:6:E>!78!5B67;<G><65G!E4E>:9EU!:EF:;
75GG4!G@S!
78F<>!;6@FF78B!E4E>:9E!58?!=7@:8:6B4!;6@F!F6@?<;>7@8!O&@G:4!:>!5GT!LMYhPU!=:;5<E:!@H!
7>E!F@>:8>75G!>@!@HHE:>!>A:!8::?!H@6!:N>:685G!#!78F<>EU!F@>:8>75GG4!6:?<;78B!@6!:D:8!
:G79785>78B!S5E>:!#!58?!>A:!5EE@;75>:?!8:B5>7D:!:8D76@89:8>5G!79F5;>E!O:TBT!
:<>6@FA7;5>7@8!58?!#
L'!F6@?<;>7@8s!$7>@<E:W!:>!5G!YllkPT!
!dA7G:!1+#1!A5E!=::8!9:5E<6:?!5;6@EE!85><65G!58?!9585B:?!:;@E4E>:9E!O&::?!
:>!5GT!LMYY
s!&@G:4!:>!5GT!LMYhP
U!>A:!9:>A@?E!:9FG@4:?!A5D:!8@>!=::8!@F>797V:?!>@!
5;;@<8>!H@6!>A:!S7?:!?7D:6E7>4!@H!
?75V@>6@FAE!O#
2H7N78B!@6B587E9EP!58?!;@8?7>7@8E!
F6:E:8>!78!E@7GE!58?!>A:!6A7V@EFA:6:T!)A:!9@E>!;@99@8G4!:9FG@4:?!9:>A@?!H@6!
9:5E<678B!1+#1!7E!>A:!5;:>4G:8:!6:?<;>7@8!5EE54!O*&*s!Q56?4!:>!5GT!YlghP!=:;5<E:!7>!7E!
5!6:G5>7D:G4!E79FG:!9:>A@?!S7>A!G@S!585G4E7E!
;@E>ET!)A7E!>:;A87I<:!6:G7:E!@8!>A:!;5F5;7>4!
@H!87>6@B:85E:U!>A:!#
2H7N78B!:8V49:U!>@!6:?<;:!>67FG:!=@8?:?!9@G:;<G:E!@>A:6!>A58!#
Ls!>A<EU!5;:>4G:8:!7E!6:?<;:?!>@!:>A4G:8:!58?!:>A4G:8:!;@8;:8>65>7@8E!;58!>A:8!=:!:5E7G4!
9:5E<6:?!<E78B!5!E>58?56?!B5E!;A6@95>@B
65FA!O./P!:I<7FF:?!S7>A!5!HG59:!7@87V5>7@8!
?:>:;>@6!OQ56?4!:>!5GT!YlghPT!Q@S:D:6U!F6:D7@<E!S@6W!E<BB:E>E!>A:6:!56:!;A5GG:8B:E!>@!
E<;;:EEH<GG4!5FFG478B!>A:!*&*!>@!1+#1U!F56>7;<G56G4!78!>A:!6A7V@EFA:6:!Od7>>4!Ylkls!D58!
-:6W<9!58?!-@AG@@G!YlhMs!-@??:4!Ylhks!.
7GG:6!Ylhks!09:6;785!:>!5GT!LMYlPT!
Rg! #7>6@B:85E:!A5E!5!?7HH:6:8>!5HH787>4!H@6!5;:>4G:8:!>A58!#
LU!@H>:8!@<>;@9F:>78B!#
L!SA:8!78!
>A:!E59:!E4E>:9!O-6@<V:E!58?![8@SG:E!YlkRPU!95W78B!9:5E<6:E!@H!5;:>4G:8:!
6:?<;>7@8!@8G4!5!F6@N4!H@6!#
2H7N5>7@8!65>:ET!)@!@D:6;@9:!>
A7E!5!;@8D:6E7@8!H5;>@6!7E!
:9FG@4:?U!>4F7;5GG4!5EE<9:?!>@!=:!>A6::U!>@!:E>795>:!#
2H7N5>7@8!65>:E!OQ56?4!:>!5GT!
YlghPT!Q@S:D:6U!>A7E!;@8D:6E7@8!H5;>@6!;58!5;><5GG4!658B:!H6@9!G:EE!>A58!Y!>@!@D:6!RM!
?:F:8?78B!@8!>A:!H@69!@H!87>6@B:85E:!O7T:T!SA:>A:6!7>!7E!>A
:!>4F7;5G!87>6@B:85E:!S7>A!5!
9@G4=?:8<9!;@H5;>@6U!@6!58!5G>:685>7D:!87>6@B:85E:!S7>A!5!D585?7<9U!@6!76@8!;@H5;>@6s!
-:GG:8B:6!:>!5GT!LMYiPT!%8!5!E@7GU!@6!9@6:!EF:;7H7;5GG4!>A:!6A7V@EFA:6:U!>A:!F@>:8>75G!
?7D:6E7>4!@H!#
2H7N78B!=5;>:675U!78;G<?78B!?7D:6E:!FA4E
7@G@B4!58?!?7HH:6:8>!H@69E!@H!
87>6@B:85E:U!;58!A5D:!5!G56B:!79F5;>!@8!>A:!?7HH:6:8;:!=:>S::8!5;:>4G:8:!6:?<;>7@8!
65>:E!58?!5;><5G!1+#1!65>:E!>A5>!8@!E78BG:!;@8D:6E7@8!H5;>@6!;58!;5F><6:!O09:6;785!:>!
5GT!LMYlPT!
!%8!5??7>7@8U!>A:!9:5E<6:?!F6@?<;>!@H!>A:!*&*U
!:>A4G:8:U!;58!=:!=@>A!F6@?<;:?!
58?!;@8E<9:?!78!E@7GE!78?:F:8?:8>!@H!5;><5G!5;:>4G:8:!6:?<;>7@8!OD58!-:6W<9!58?!
-@AG@@G!YlhMs!m:;A9:7E>:6
2-@G>:8E>:68!58?!097>A!YllhPT!">A4G:8:!7E!5!FG58>!A@69@8:!
S7>A!S7?:
2658B78B!:HH:;>E!58?!7E!85><65GG4!F6@?<;:?!78!E@7GE!
=4!=@>A!FG58>E!58?!=5;>:675!
Od7>>4!Ylkls!#@A6E>:?>!YlhRs!d58B!:>!5GT!LMMLs!167:E:8!:>!5GT!LMYYPT!%8!H5;>U!5!E><?4!
SA7;A!5??:?!
Yi/2G5=:G:?!5;:>4G:8:!>@!>A:!A:5?EF5;:!@H!E@7G!;@6:!78;<=5>7@8E!H@<8?!>A5>!
@8G4!iRZ!@H!6:;@D:6:?!:>A4G:8:!;5667:?!>A:!G5=:GU!78?7;
5>78B!>A5>!@D:6!A5GH!@H!>A:!
:>A4G:8:!S5E!F6@?<;:?!:8?@B:8@<EG4!=4!E@7G!@6B587E9E!Od7>>4!YlklPT!(:>A58@B:87;!
=5;>:675!A5D:!=::8!EA@S8!>@!@N7?7V:!:>A4G:8:!D75!>A:!:8V49:!9:>A58:!
9@8@@N4B:85E:!O?:!-@8>!Ylkgs!-@??:4!Ylhks!378!:>!5GT!LMYkP!58?!>A@<BA!H:S!6:;:8>
!E><?7:E!A5D:!=::8!F<=G7EA:?!@8!>A:!>@F7;U!@<6!;5G;<G5>7@8E!@H!.7==cE!H6::!:8:6B4!H@6!>A:!
Rk! @N7?5>7@8!@H!:>A4G:8:!>@!:>A4G:8:!@N7?:!6:D:5G!5!H5D@65=G:!58?!EF@8>58:@<E!6:5;>7@8!5>!
6@@9!>:9F:65><6:!O
!.•!p!
2hYTi!W\!9@G
2YPT!1785GG4U!5;:>4G:8:!954!78A7=7>!:>A4G:8
:!@N7?5>7@8!58?!5;><5GG4!6:E<G>!78!@D:6:E>795>7@8!@H!1+#1!5E!:8?@B:8@<EG4!F6@?<;:?!
:>A4G:8:!7E!8@>!;@8E<9:?!Od7>>4!Ylkls!D58!-:6W<9!58?!-@AG@@G!YlhMPT!*G>A@<BA!
;@8;:68E!6:B56?78B!:>A4G:8:!F6@?<;>7@8!58?!;@8E<9F>7@8!?<678B!>A:!*&*!A5D:!=::8!
657E:?!F6:D7@<EG
4U!:NF:679:8>5G!;@8>6@GE!>A5>!5;;@<8>!H@6!8@8
25;:>4G:8:!6:?<;>7@8!
5EE@;75>:?!:>A4G:8:!HG<N:E!56:!@H>:8!G5;W78B!@6!97E6:F6:E:8>5>7D:U!SA7;A!G:5?E!>@!
785;;<65>:!:E>795>:E!@H!5;:>4G:8:!6:?<;>7@8!O-@??:4!YlhkPT!,:EF7>:!>A:E:!7EE<:EU!>A:!
*&*!E>7GG!6:9578E!>A:!E
>58?56?!58?!9@E>!5;;:EE7=G:!9:>A@?!H@6!5EE:EE78B!1+#1U!=<>!7>E!
<E:!954!=:!S:5W:878B!@<6!<8?:6E>58?78B!@H!>A7E!F6@;:EET!!!!
!%8!@6?:6!>@!>6<G4!<8?:6E>58?!>A:!F@>:8>75G!;@8>67=<>7@8!@H!1+#1!>@!>@>5G!5D57G5=G:!#!
78!85><65G!58?!9585B:?!E4E>:9EU!7>!7E!79F@6>58>!
>@!<E:!5!9:>A@?!>A5>!9:5E<6:E!1+#1!
?76:;>G4!58?!A5E!=::8!@F>797V:?!>@!5;;@<8>!H@6!>A:!?7D:6E7>4!@H!#
2H7N78B!97;6@=:E!58?!>A:!
S7?:!658B:!@H!:8D76@89:8>5G!;@8?7>7@8E!>A:4!H5;:T!)A:!*&*!7E!58!78?76:;>!9:>A@?!H@6!
5EE:EE78B!#
2H7N5>7@8!>A5>!S5E!@67B785GG4!?:E7B8
:?!58?!@F>797V:?!H@6!5EE:EE78B!E49=7@>7;!
#2H7N5>7@8!=4!6A7V@=75!78!5EE@;75>7@8!S7>A!G:B<9:ET!*&*!7E!E<7>:?!H@6!9:5E<6:9:8>!@H!
E49=7@>7;!#
2H7N5>7@8!=:;5<E:!#!7E!H7N:?!5>!A7BA!65>:E!E@!>A5>!9:5E<6:9:8>!?<65>7@8!;58!
=:!EA@6>!58?!5GG!6A7V@=75!<>7G7V:!>A:!9@G4=
?:8<9!;@H5;>@6!H@69!@H!87>6@B:85E:!<8?:6!
97;6@5:6@=7;!9:>5=@G7E9T!%8!;@8>65E>U!>A:!
Yj#L!78;@6F@65>7@8!9:>A@?!?76:;>G4!5EE:EE:E!
#2H7N5>7@8!=4!9:5E<678B!>A:!?7HH:6:8;:!78!
Yj#!5=<8?58;:!@H!E59FG:E!:NF@E:?!>@!
Yj#L!58?!6:H:6:8;:!E59FG:E!O-@??:4!Ylhks!d56:9=@<6B
!YllRs!d:5D:6!58?!,58E@!YlliPT!
)A7E!9:>A@?!7E!9@6:!5;;<65>:!58?!?76:;>!>A58!>A:!*&*!O(46@G?!:>!5GT!YlllPU!>A@<BA!8@>!
S7>A@<>!F@>:8>75G!7EE<:EU!E<;A!5E!;@8>59785>7@8!D75!
Yj#287>65>:U!599@87<9U!58?!87>6@<E!
Rh! @N7?:!@H!>A:!
Yj#L!B5E!E@<6;:!O,5=<8?@!:>!5GT!LMYiPT!
)A7E!;@8>59785>7@8!6:E<G>E!78!
5EE797G5>7@8!@H!
Yj#!<86:G5>:?!>@!1+#1!58?!;58!@;;<6!5>!65>:E!B6:5>:6!>A58!@6!:I<5G!>@!
Yj#L!78;@6F@65>7@8U!>A<E!G:5?78B!>@!@D:6:E>795>:E!@H!1+#1!O,5=<8?@!:>!5GT!LMYiPT!dA7G:!
Yj#L!78;@6F@65>7@8!A5E!F6:?@9785>:G4!=::8!<E:?!>@!?:>
:6978:!>A:!;@8D:6E7@8!H5;>@6!
8::?:?!H@6!;5G;<G5>78B!1+#1!65>:E!H6@9!5;:>4G:8:!6:?<;>7@8!65>:E!O(46@G?!:>!5GT!YlllPU!7>!
A5E!8@>!=::8!@F>797V:?!>@!5EE:EE!1+#1!@H!SA@G:!E@7G!;@99<87>7:ET!
!'F>797V5>7@8!@H!:7>A:6!*&*!@6!
Yj#L!78;@6F@65>7@8!9:>A@?E!>@!5EE:EE!1+#1
!6:I<76:E!;@8E7?:65>7@8!@H!>A:!?7D:6E7>4!78!@6B587E9E!58?!B6@S>A!E>65>:B7:E!@H!=5;>:675!
F:6H@6978B!1+#1T!%8!F56>7;<G56U!>A:6:!7E!8::?!H@6!5!9:>A@?!>A5>!9:5E<6:E!1+#1!
F@>:8>75G!78!58!78H@695>7D:!S54U!=5E:?!@8!;@8?7>7@8E!SA7;A!954!=:!:NF:;>:?!78!>A:!
E><?4!E4
E>:9!O:TBT!6A7V@EFA:6:PT!K6:D7@<E!E><?7:E!A5D:!6:;@99:8?:?!F6@D7?78B!
BG<;@E:!5E!5!/!E@<6;:!>@!@F>797V:!#
2H7N78B!;@8?7>7@8E!O-6@<V:E!:>!5GT!Ylgls!-6@<V:E!58?!
[8@SG:E!YlkRs!.<F>5!:>!5GT!LMYis!&@G:4!:>!5GT!LMYhPU!A@S:D:6!>A:!H@69!@H!/!SA7;A!7E!
@F>795G!H@6!1+#
1!G7W:G4!D567:E!=4!>A:!@6B587E9E!F6:E:8>!O09:6;785!:>!5GT!LMYlPT!
)A:6:H@6:U!7>!7E!79F@6>58>!>@!H78?!5!/!E@<6;:!>A5>!;58!E<FF@6>!SA@G:!?75V@>6@FA!
;@99<87>7:E!65>A:6!>A58!EF:;7H7;!F@F<G5>7@8ET!K@>:8>75GG4!H5D@65=G:!/!E@<6;:E!954!
78;G<?:!E<;6@E:U!95G7;!5;7?!@
6!;7>67;!5;7?U!5GG!@H!SA7;A!56:!<E:?!>@!7E@G5>:!?75V@>6@FAE!
H6@9!>A:!:8D76@89:8>!O-5G?587!:>!5GT!LMYiPU!5E!S:GG!5E!95887>@G!58?!;5G;7<9!G5;>5>:!
SA7;A!A5D:!=::8!<E:?!78!F6:D7@<E!E><?7:E!SA:8!5EE:EE78B!1+#1!O'c)@@G:!58?![8@SG:E!
YlkRs!K5>67I<78!58?![8@SG:E!Yl
kjPT!*??7>7@85GG4U!E@7G!87;A:!EF5;:E!56:!:N>6:9:G4!
A:>:6@B:8@<E!S7>A!6:B56?E!>@!S5>:6!;@8>:8>U!B5E!:N;A58B:!58?!8<>67:8>!5D57G5=7G7>4T!)A7E!
G7W:G4!78HG<:8;:E!>A:!?75V@>6@FA!;@99<87>4!;@9F@E7>7@8!58?!>A:6:H@6:U!>A:!@F>795G!
;@8?7>7@8E!H@6!1+#1T
!Rl! %8!>A7E!E><?4
U!S:!@F>797V:!;@8?7>7@8E!SA7;A!E<FF@6>!>A:!B6:5>:E>!F@>:8>75G!
5;:>4G:8:!6:?<;>7@8!D75!>A:!*&*!58?!F@>:8>75G!1+#1!D75!>A:!
Yj#L!78;@6F@65>7@8!9:>A@?T!
)A:!B@5G!@H!>A7E!S@6W!S5E!>@!7?:8>7H4!;@8?7>7@8E!<8?:6!SA7;A!1+#1!;58!=:!6@<>78:G4!
9:5E<6:?U!6:G5>7D:G4!I<7;
WG4!58?!:5E7G4U!S7>A!6@=<E>!6:E<G>E!>A5>!;5F><6:!?7HH:6:8;:E!78!
>A:!?75V@>6@FA!;@99<87>4!78W:?!>@!:?5FA7;!H5;>@6ET!0F:;7H7;5GG4U!S:!;A@@E:!>56B:>!
;@8?7>7@8E!SA7;A!9797;!>A@E:!>A5>!954!=:!:NF:;>:?!78!>A:!6A7V@EFA:6:!>@!F6@D7?:!
^6:5G7E>7;_!F@>:8>75G!65>:ET!d
:!5EE:EE!?7HH:6:8>!/!E@<6;:EU!W8@S8!>@!E<FF@6>!?75V@>6@FA!
B6@S>AU!>@!?:>:6978:!SA7;A!E<FF@6>E!>A:!9@E>!#
2H7N5>7@8T!1+#1!7E!5GE@!78HG<:8;:?!=4!
@N4B:8!5D57G5=7G7>4!S7>A!87>6@B:85E:!=:78B!766:D:6E7=G4!78A7=7>:?!=4!@N4B:8!F6:E:8;:!
O&@=E@8!58?!K@E>B5>:!YlhMPT!e
:>U!9584!?75V@>6@FAE!;588@>!B6@S!<8?:6!E>67;>G4!
585:6@=7;!;@8?7>7@8E!58?!585:6@=7;!78;<=5>7@8E!954!8@>!=:!5FF6@F675>:!O07GD:E>:6!:>!5G!
YlhLs!09:6;785!:>!5GT!LMYlPT!)A:6:H@6:U!7>!7E!5GE@!8:;:EE564!>@!?:>:6978:!@F>795G!
@N4B:8!;@8;:8>65>7@8E!O'
LP!H@6!1+#1T!*8
@>A:6!79F@6>58>!5EF:;>!@H!>A:E:!5EE54E!7E!
78;<=5>7@8!>79:T!)A@<BA!8@!E78BG:!78;<=5>7@8!>79:!7E!E>58?56?!H@6!5EE:EE78B!#
2H7N5>7@8!
65>:EU!EA@6>:6!78;<=5>7@8E!EA@<G?!=:!9@6:!H5D@65=G:!H@6!G797>78B!;A58B:E!78!97;6@=75G!
;@99<87>4!E>6<;><6:!Od:5D:6!58?!,58E@!Yll
is!.@G?H56=!:>!5GT!LMYYs!'G7D:67@!:>!5GT!
LMYkPT!%8!>A7E!S@6WU!S:!78D:E>7B5>:!?7HH:6:8>!78;<=5>7@8!G:8B>AE!>@!?:>:6978:!>A:!EA@6>:E>!
78;<=5>7@8!>79:!>A5>!47:G?E!?:>:;>5=G:!1+#1!65>:ET!+5E>G4U!S:!>:E>!H@6!7EE<:E!S7>A!>A:!
*&*!78;G<?78B!=5;WB6@<8?!:>A4G:8:!F6@
?<;>7@8!58?!;@8E<9F>7@8!>@!?:>:6978:!7>E!
E<7>5=7G7>4!H@6!E@7G!58?!6A7V@EFA:6:!E59FG:ET!'D:65GGU!S:!F6:E:8>!58!@F>797V:?!9:>A@?!@H!
5EE:EE78B!F@>:8>75G!1+#1!65>:E!SA7;A!5>>:9F>E!>@!5;;@<8>!H@6!58?!78;@6F@65>:!>A:!S7?:!
?7D:6E7>4!@H!?75V@>6@FAE!58?!>A:76!B6@S>
A!6:I<76:9:8>ET!)A7E!7E!:N>6:9:G4!79F@6>58>!7H!S:!
iM! S58>!>@!E4E>:95>7;5GG4!E><?4!1+#1!5;6@EE!E4E>:9E!78!@6?:6!>@!=:>>:6!<8?:6E>58?!H5;>@6E!
;@8>6@GG78B!?75V@>6@FAE!58?!65>:E!@H!1+#1T!!
!5=6!0"%-&8",$!").!0-
%2*.$
!5=6=4!$9UZ;<!'K;;<VM@KL
!0@7GE!S:6:!;@GG:;>:?!H6@
9!>S@!(7;A7B58!H7:G?!E7>:EU!+<N!*6=@6!O+C3s!iLTikgRgjU!
2hjTijYhhkP!58?!+5W:!/7>4!O+/s!iiTLlgMlhU!
2hjTYllgYLPU!S7>A!?7HH:6:8>!E@7G!>:N><6:U!
;G795>:U!58?!G58?!<E:!A7E>@64!O
)5=G:!LTY
PT!)A:E:!H7:G?!E7>:E!56:!9578>578:?!5E!F56>!@H!>A:!
.6:5>!+5W:E!-7@:8:6B4!&:E:
56;A!/:8>:6cE!956B785G!G58?!:NF:679:8>!
OA>>FEfooSSSTBG=6;T@6Bo
PT!"5;A!H7:G?!E7>:!A5E!H@<6!6:FG7;5>:!EFG7>!FG@>E!@H!ES7>;AB65EE!
O!"#$%&'()$*+",&'(
+=s(;DT!/5D:
2782&@;WP!9@8@;<G><6:!SA7;A!A5D:!=::8!9578>578:?!
E78;:!LMYRT
!0S7>;AB65EE!7E!W8@S8!>@!5EE@;75>:!S7>A!?75V@>6@FAE!O-5A<G7W56!:>!5G!LMYiP!
58?!1+#1!A5E!=::8!9:5E<6:?!78!5EE@;75>7@8!S7>A!>A:!ES7>;AB65EE!6A7V@EFA:6:!O&@G:4!:>!
5G!LMYhs!09:6;785!:>!5G!<8F<=G7EA:?!?5>5PT!0FG7>!FG@>E!56:!?7D7?:?!78>@!H:6>7G7V:?!Ox!jg!WB!
<6:5
2#!A5
2Y!462YP!58?!<8H:6>7G7V:?!O8@!5??:?!#P!A5GD:ET!d:!E59FG:?!=@>A!H:6>7G7V:?!58?!
<8H:6>7G7V:?!E@7GE!>@!5GG@S!<E!>@!@F>797V:!5EE54!;@8?7>7@8E!H@6!A7BA!58?!G@S!#!5;6@EE!
?7HH:6:8>!E@7G!58?!;G795>:!;@8?7>7@8ET!
!-:;5<E:!>A:!*&*!7E!6:G5>7D:G4!9@6:!5;;:EE7=G:!?
<:!>@!G@S:6!;@E>E!S7>A!6:B56?E!>@!
95>:675GE!58?!585G4E7E!:I<7F9:8>U!S:!;@8?<;>:?!@<6!787>75G!@F>797V5>7@8!:HH@6>E!<E78B!
>A7E!9:>A@?!O?:E;67=:?!=:G@SPT!1@6!*&*!>:E>EU!E@7GE!S:6:!;@GG:;>:?!<E78B!5!EA@D:G!>@!5!
?:F>A!@H!YM!;9!H6@9!:?B:E!@H!ES7>;AB65EE!FG@>E!78
!\<G4!@H!LMYgT!0@7GE!S:6:!5GE@!
;@GG:;>:?!H6@9!FG@>!:?B:E!78!(56;A!@H!LMYk!H@6!;@9F567E@8!@H!:>A4G:8:!F6@?<;>7@8!58?!
;@8E<9F>7@8!@8!H6:EA!D:6E<E!E>@6:?!E@7GE!OE::!=:G@SPT!0@7GE!S:6:!W:F>!;@@G!<8>7G!
iY! 6:><6878B!>@!>A:!G5=!SA:6:!>A:4!S:6:!E>@6:?!5>!i!•/!<8>7G!5
85G4E7ET!0@7GE!S:6:!E7:D:?!Oi!
99!9:EAP!58?!A@9@B:87V:?!F67@6!>@!585G4E7ET!
!%9:;<!
5=4>!$@M<!VO9C9VM<C@NM@VN!@LV;BS@LA!NK@;!ZCKZ<CM@<N^!V;@U9M<^!9LS!;9LS!BN<!
O@NMKCT!PKC!,BW!"C:KC!_,?[`!9LS!,9X<!'@MT!_,'`
!!$@M<
!$K@;!%9WKLKUT
!Z2!3!_ZZU`
!%KM9;!
)!_a`
!%KM9;!
'!_a`
!6bQTC!9RA=!
ZC<V@Z@M9M@KL!
_UU`
!6bQTC!9RA=!
M<UZ=!
_c'`
!3C<R@KBN!
;9LS!BN<
!3C<
QN<MM;<U<LM!
R<A<M9M@KL
!+C3
!)4F7;!Q5FG<?5GHE!
O*GH7E@GP
!jTh
!YL!MTMg
!MTkk
!hiLTM
!l!%?G:!H@6!LM!
4:56E
!'5W
2A7;W@64!
H@6:E>
!+/!'N45I<7;!
Q5FG@6>A@?!
O0F@?@E@GP
!kTR
!Li!MTMg
!MTlL
!hYLTR
!gTj
!C879F6@D:?!
F5E><6:
!Q:9G@;W
2SA7>:!
F78:!H@6:E>
!#@>:f!,5>5!F6@D7?:?!=4!.6:5>!+5W:E!-7@:8:6B4!&:E:56;A!/:8>:6!O.+-&/P!956B785G!G58?!
:NF:679:8>!O
A>>FEfooG>:6TW=ET9E<T:?<o6:E:56;AoG@8B
2>:69
2:NF:679:8>Eo956B785G
2G58?
2:NF:679:8>o
P!58?![5E9:6;A5W!58?!0;A5:>VG!OLMYhP
!Yj#L!78;@6F@65>7@8!9:>A@?!@F>797V5>7@8!S5E!;@8?<;>:?!@8!78>5;>!E@7G!;@6:E!
;@GG:;>:?!<E78B!5!YTj!;9!?759:>:6!><6H!;@6:6!>@!5!?:F>A!@H!j!;9!
O17BT!0LTY
PT!/@6:E!S:6:!
;@GG:;>:?!78!(56;A!@H!LMYk!O78;<=5>7@8!>79:!>:E>!@8G4U!E::!=:G@SP!58?!LMYh!O/!E@<6;:!
58?!@N4B:8!;@8;:8>65>7@8!>:E>EU!E::!=:G@SPT!)A:E:!78>5;>!E@7G!;@6:E!S:6:!E7V:?!>@!H7>!
S7>A78!LM!9G!B5E!D75GE!OdA:5>@8U!,d[!+7H:!0;7:8;:EU!(7GGD7GG:
U!#\U!C0*PU!E@!>A:!E59FG:E!
;@<G?!=:!799:?75>:G4!>658EH:66:?!>@!>A:76!78;<=5>7@8!D75GE!5>!>A:!>79:!@H!;@GG:;>7@8!78!
@6?:6!>@!978797V:!E@7G!?7E><6=58;:!=:>S::8!;@GG:;>7@8!58?!585G4E7E!O
17BT!0LTY
PT!):8!
6:FG7;5>:!;@6:E!S:6:!;@GG:;>:?!H6@9!>A6::!658?@9G4!;A@E:8
!F@78>E!S7>A78!:5;A!EFG7>!FG@>!
H@6!5!>@>5G!@H!LiM!;@6:E!F:6!H7:G?!E7>:T!d:!5GE@!;@GG:;>:?!H@<6!6:H:6:8;:!;@6:EU!@8:!F:6!
6:FG7;5>:!=G@;WU!F:6!E7>:T!/@6:E!S:6:!;@GG:;>:?U!799:?75>:G4!>658EH:66:?!>@!D75GE!58?!
FG5;:?!78!5!;@@G:6!<8>7G!6:><6878B!>@!>A:!G5=T!/@6
:E!S:6:!E>@6:?!5>!i!†/!<8>7G!585G4E7E!58?!
5GG!5EE54E!S:6:!E>56>:?!S7>A78!kL!A@<6E!@H!E59FG:!;@GG:;>7@8T!"N>65!E@7G!S5E!5GE@!
;@GG:;>:?!H@6!9:5E<6:9:8>!@H!E@7G!9@7E><6:!58?!S5>:6!A@G?78B!;5F5;7>4!OdQ/s!?:E;67=:?!
=:G@SPT!
!iL! 5=6=5!$K@;!UK@NMBC<!9LS!Y9M<C!OK;S@LA
!V9Z9V@MT
!0@7GE!S:6:!E7:D:?!Oi!99!9:EAP!F67@6!>@!E@7G!9@7E><6:!58?!dQ/!585G4E7ET!0@7G!
9@7E><6:!S5E!?:>:6978:?!@8!5GG!E@7GE!OLMYgU!LMYkU!58?!LMYhP!<E78B!j!B!@H!E@7G!?67:?!5>!
gM!†/!H@6!5>!G:5E>!Li!A@<6ET!dQ/!S5E!?:>:6978:?!<E78B!YM!B!@H!H7:G?!9@7E>!E@7GT!0@7
G!S5E!
FG5;:?!78E7?:!5!H<88:G!58?!E5><65>:?T!0@7GE!S:6:!;@D:6:?!S7>A!FG5E>7;!S65F!>@!F6:D:8>!
:D5F@65>7@8s!>A6::!E95GG!A@G:E!S:6:!F@W:?!78!>A:!>@F!@H!>A:!FG5E>7;!S65F!>@!9578>578!
5>9@EFA:67;!F6:EE<6:!S7>A78!>A:!H<88:G!58?!HG5EWT!0@7GE!S:6:!5GG@S:?!>@!?6578!H
@6!Li!
A@<6EU!>A:8!S:7BA:?!>@!?:>:6978:!YMMZ!dQ/T!
!5=6=6!"V<MT;<L<!C<SBVM@KL
!!'F>797V5>7@8!@H!>A:!*&*!S5E!;@8?<;>:?!78!\58<564!LMYk!@8!E@7GE!;@GG:;>:?!78!
\<G4!@H!LMYg!OQ56?4!:>!5GT!Ylghs!(46@G?!:>!5GT!YlllPT!0@7GE!S:6:!E>@6:?!5>!i†/!H6@9!>79:!
@H!;@GG:;>7@8!
>@!>79:!@H!585G4E7EU!H@6!5!>@>5G!@H!j!9@8>AET!dA7G:!>A7E!E>@65B:!>79:!7E!G7W:G4!
>@!6:?<;:!97;6@=75G!5;>7D7>4!58?!>A:6:H@6:!954!6:?<;:!*&*!65>:EU!9:>A@?@G@B7;5G!
;@9F567E@8E!=:>S::8!E59FG:E!SA7;A!A5D:!:NF:67:8;:?!E797G56!;@8?7>7@8E!EA@<G?!8@>!=:!
A78?:6:?!58?
!56:!E>7GG!D5G7?!H@6!>A7E!9:>A@?E!E><?4T!):8!B659E!@H!E7:D:?!E@7GEU!;@GG:;>:?!
78!\<G4!LMYgU!S:6:!S:7BA:?!78>@!i!@VT!OYLk!9GP!95E@8!b56E!O-5GG
‡!/@6FTU!-6@@9H7:G?U!/'U!
C0*PT!\56E!S:6:!G@@E:G4!;5FF:?!58?!F6:
278;<=5>:?!5>!Lj!•/!H@6!@8:!S::W!F67@6!>@!
585G4E7E!>
@!6:D7D:!>A:!97;6@=75G!;@99<87>4!5H>:6!G@8B!;@@G
2E>@65B:T!,<678B!>A:!F6:
278;<=5>7@8U!YMM!XB!BG<;@E:!/!B
2Y!?64!E@7G!S:6:!5??:?!:5;A!?54U!5!65>:!@H!/!78F<>!
95>;A78B!>A5>!:NF:;>:?!78!>A:!6A7V@EFA:6:!O
-5<?@78!:>!5GT!LMMRPU!
>@!E<FF@6>!>A:!
97;6@=75G!;@99<87>4T!*
>!>A:!E>56>!@H!>A:!585G4E7EU!i!9B!/!9G
2Y!BG<;@E:!E@G<>7@8!S5E!
5??:?!>@!>A:!E@7GE!78!5!65>7@!@H!Y!9G!E@G<>7@8!>@!Y!B!?64!E@7GU!95>;A78B!>A:!65>:!<E:?!=4!
.<F>5!:>!5GT!OLMYiP!78!5!E797G56!E><?4!@H!1+#1!78!B65EE:ET!)A7E!65>:!@H!/!5??7>7@8!6:E<G>E!
iR! 78!>A:!:I<7D5
G:8>!@H!tjkM!XB!@H!/!F:6!?54!@D:6!k!?54E!SA7;A!7E!5FF6@N795>:G4!jN!>A:!
59@<8>!SA7;A!954!=:!5D57G5=G:!
$#(0$,&
T!)A@<BA!B6:5>:6!>A58!SA5>!97BA>!=:!:NF:;>:?!
$#(
0$,&
U!>A:E:!/!5??7>7@8E!:8E<6:!/!G797>5>7@8!?@:E!8@>!@;;<6T!*H>:6!/!5??7>7@8U!b56E!S:6:!
>A:8!>7BA>G4
!E:5G:?!58?!YMZ!@H!>A:!A:5?EF5;:!S5E!6:FG5;:?!S7>A!5;:>4G:8:!B:8:65>:?!78!
>A:!G5=!H6@9!5??7>7@8E!@H!;5G;7<9!;56=7?:!>@!858@F<6:!S5>:6T!*??7>7@8!@H!>A:!5;:>4G:8:!
B5E!956W:?!78;<=5>7@8!E>56>!>79:T!*&*!@F>797V5>7@8!>:E>!D5675=G:E!78;G<?:?!78;<=5>7@8!
>79:U!@N4
B:8!;@8;:8>65>7@8U!/!E@<6;:U!58?!;A:;WE!@H!=5;WB6@<8?!:>A4G:8:!F6@?<;>7@8!
58?!;@8E<9F>7@8!O)5=G:!L
TLPT!
!%9:;<!5
=5>!%
9:;<!KP!<WZ<C@U<LM9;!VKLS@M@KLN!PKC!KZM@U@\9M@KL!M<NMN
!*ZM@U@\9M@KL
!0<MOKS
!8LVB:9M@KL!
M@U<N
!*WTA<L!
VKLV<LMC9M@KL!
_a`
!'9C:KL!
NKBCV<
!'KCC<NZKLS@LA!
1@ABC<
!%8;<=5>7@8!
>79:
!*&*
!YU!iU!gU!YhU!
LiU!Ygh!A@<6E
!MU!jU!YMU!LM
!.G<;@E:
!17BT!
LTY!Yj#L!YU!RU!k!?54E
!YM!/!;@;W>57G
!17BT!
LTh!'N4B:8!
;@8;:8>65>7@8
!*&*
!YU!iU!gU!YhU!
LiU!Ygh!A@<6E
!MU!jU!YMU!LM
!.G<;@E:
!17BT!
LTL!Yj#L!R!?54E
!MU!jU!YMU!LM
!/!;@;W>57G
!17BT!
LTk!/56=@8!
E@<6;:
!*&*
!Yh!A@<6E
!MU!jU!YMU!LM
!.G<;@E:U!
BG<;@E:!x!
E<;6@E:!x!
95G5>:
!17BT!
LTR!Yj#L!R!?54E
!YM!d5>:6U!
E<;6@E:U!
E<;6@E:!x!
95G5>:U!/!
;@;W>57G
!17BT!
LTj!!!)@!>:E>!78;<=5>7@8!>79:U!b56E!S:6:!E59FG:?!YU!iU!gU!YhU!LiU!58?!Ygh!Ok!?54EP!A@<6E!
5H>:6!78;<=5>7@8!E>56>!H@6!+C3!E@7GE!58?!gU!YhU!LiU!58?!Ygh!A@<6E!5H>:6!78;<=5>7@8!E>56>!H@6!
+/!E@7GET!*>!:5;A!>79:!F@78>U!YM!9G!@H!B5E!S:6:!S7>A?65S8!H6@9!:5;A!b56!58?!78b:
;>:?!
78>@!F6:
2:D5;<5>:?!YM!9G!B5E!D75GE!O)A@95E!0;7:8>7H7;U!0S:?E=@6@U!#\U!C0*PT!d:!<E:?!
ii! >S@!b56E!F:6!E59FG:!>@!:8E<6:!8@!9@6:!>A58!>A6::!B5E!E59FG:E!S:6:!>5W:8!H6@9!@8:!b56T!
)A<EU!5!>@>5G!@H!hM!b56E!Oj!6:FG7;5>:E!…!i!@N4B:8!;@8;:8>65>7@8E!…!L!E7>:!…!L!b56
EP!S:6:!
<E:?!>@!9:5E<6:!*&*!65>:E!5>!:5;A!@H!>A:!E7N!>79:!F@78>E!6:F6:E:8>78B!5!>@>5G!@H!iM!
E59FG:ET!%>!7E!79F@6>58>!>@!8@>:!>A5>!RM!9G!@H!B5E!S:6:!6:9@D:?!5>!:5;A!E59FG78BU!
S7>A@<>!6:FG5;:9:8>T!)A7E!6:F6:E:8>E!5!6:9@D5G!@H!tLiZ!@H!>A:!>@>5G!A:5?EF5;:T!dA7
G:!
>A7E!A:5?EF5;:!6:9@D5G!?@:E!8@>!5HH:;>!>A:!;@9F567E@8!@H!6:G5>7D:!65>:EU!5E!5GG!E59FG:E!
S:6:!>6:5>:?!>A:!E59:U!9:5E<6:E!@H!5;><5G!*&*!954!=:!8:B5>7D:G4!79F5;>:?T!dA:8!
A:5?EF5;:!7E!6:9@D:?!58?!8@>!6:FG5;:?U!6:E<G>78B!=5;W!F6:EE<6:!;58!;5<E:!58!78HG<N!@H!
576!>A5>!?7G<>:E!:>A4G:8:!58?!5;:>4G:8:!;@8;:8>65>7@8E!S7>A78!>A:!b56ET!dA:8!9:5E<678B!
5;><5G!*&*!65>:EU!6:E:56;A:6E!EA@<G?!=:!E<6:!>@!6:FG5;:!>A:!D@G<9:!@H!E59FG:?!
A:5?EF5;:!S7>A!Q:!@6!@>A:6!5FF6@F675>:!B5E!>@!9578>578!F6:EE<6:!58?!5;;@<8>!H@6!>A:!
6:E<G>7
8B!?7G<>7@8T!.5E!E59FG:E!S:6:!585G4V:?!H@6!:>A4G:8:!;@8;:8>65>7@8!@8!5!)65;:
)(!YRYM!B5E!;A6@95>@B65FA!:I<7FF:?!S7>A!5!HG59:!7@87V5>7@8!?:>:;>@6!O)A:69@!17EA:6U!
d5G>A59U!(*U!C0*PT!*;:>4G:8:!6:?<;>7@8!65>:E!S:6:!;5G;<G5>:?!5E!>A:!?7HH:6:8;:!78!
:>A4G:8:!B5E!;
@8;:8>65>7@8!=:>S::8!:5;A!>79:!F@78>!58?!>A:!H76E>!E59FG78B!F@78>!?7D7?:?!
=4!>A:!78;<=5>7@8!>79:!O78!?54EP!58?!B659E!@H!?64!E@7G!OXB!/
LQi!B!2Y!?64!E@7G!?54
2YPT!
!!)A:!:HH:;>!@H!@N4B:8!;@8;:8>65>7@8!@8!5;:>4G:8:!6:?<;>7@8!S5E!>:E>:?!@8!
6:FG7;5>:!b56E!5>!MU!j
U!YMU!58?!LMZ!@N4B:8T!)A:E:!@N4B:8!;@8;:8>65>7@8E!S:6:!;A@E:8!
S7>A!;@8E7?:65>7@8!>@!E@7G!58?!6A7V@EFA:6:!;@8?7>7@8EU!97;6@=75G!B6@S>A!@F>795U!58?!#
2H7N5>7@8!@F>795T!0@7G!58?!6A7V@EFA:6:!@N4B:8!;@8;:8>65>7@8E!56:!A7BAG4!D5675=G:U!95W78B!
7>!?7HH7;<G>!>@!9797
;!E@7Go6A7V@EFA:6:!;@8?7>7@8E!S7>A!b<E>!@8:!@N4B:8!;@8;:8>65>7@8T!1@6!
:N59FG:U!E@9:!6A7V@EFA:6:E!56:!@N4B:8
267;A!OK:?:6E:8!:>!5GT!Ylhls!-G@EEH:G?!:>!5GT!
LMYYPU!SA7G:!@>A:6E!56:!@N4B:8
2?:FG:>:?!O
)E;A7:6E;A!:>!5GT!LMYLs!
(78:>>!:>!5GT!LMYRPT!%>!7E!
ij! 5GE@!?7HH7;<G>!>@!@F>797V:!@N4B:8!;@8;:8>65>7@8E!H@6!97;6@=75G!B6@S>A!58?!#
2H7N5>7@8!
=:;5<E:!87>6@B:85E:!7E!?:5;>7D5>:?!=4!@N4B:8U!=<>!9584!?75V@>6@FAE!56:!5:6@=7;!
@6B587E9E!6:I<7678B!5>!G:5E>!E@9:!@N4B:8!>@!B6@S!O-@>>@9G:4!58?!(46@G?!LMYjPT!
)A:6:H@6:U!>A:
!;A@E:8!@N4B:8!;@8;:8>65>7@8E!EF58!5!658B:!@H!F@>:8>75G!@N4B:8!@F>795!
H6@9!585:6@=7;!>@!59=7:8>T!)@!;6:5>:!>A:E:!;@8;:8>65>7@8EU!b56E!S:6:!:D5;<5>:?!D75!
D5;<<9!9587H@G?!58?!>A:!A:5?EF5;:!6:FG5;:?!S7>A!CG>65!Q7BA!K<67>4!Q:G7<9!OCQK
2Q:PT!
)A:8U!jTgU!YYTLU!58?
!LLTi!9G!@H!A:5?EF5;:!B5E!S:6:!6:9@D:?!58?!6:FG5;:?!S7>A!
7?:8>7;5G!59@<8>E!@H!F<6:!'
L!>@!;6:5>:!jU!YMU!58?!LMZ!@N4B:8!;@8;:8>65>7@8EU!
6:EF:;>7D:G4T!#@!A:5?EF5;:!B5E!S5E!6:FG5;:?!S7>A!'
L!78!>A:!MZ!@N4B:8!>6:5>9:8>T!
1785GG4U!S:!6:FG5;:?!YMZ!@H!>A:!b56!A:5?EF
5;:!S7>A!5;:>4G:8:T!.5E!E59FG:E!S:6:!
;@GG:;>:?!H6@9!b56E!5>!YU!iU!gU!YhU!LiU!58?!Ygh!A@<6E!5H>:6!5;:>4G:8:!5??7>7@8!58?!
585G4V:?!5E!?:E;67=:?!5=@D:T!"5;A!@N4B:8!;@8;:8>65>7@8!S5E!6:FG7;5>:?!H7D:!>79:E!58?!
5;:>4G:8:!6:?<;>7@8!65>:E!S:6:!;5G;<G5>:?!5E!?:E;67
=:?!5=@D:T!
!!d:!5GE@!>:E>:?!>A:!79F5;>!@H!/!E@<6;:!@8!5;:>4G:8:!6:?<;>7@8!65>:ET!*!E:;@8?!
E:>!@H!+C3!E@7G!b56E!6:;:7D78B!>A:!@N4B:8!;@8;:8>65>7@8!>6:5>9:8>E!?:E;67=:?!5=@D:!
S:6:!?<FG7;5>:?T!)A:E:!E@7GE!6:;:7D:?!5!/!;@;W>57G!;@8>57878B!BG<;@E:U!E<;6@E:U!58?
!95G7;!5;7?!6:F6:E:8>:?!78!:I<5G!F6@F@6>7@8E!=5E:?!@8!/!;@8>:8>T!)A:E:!/!E@<6;:E!S:6:!
;A@E:8!=5E:?!@8!6:;@99:8?5>7@8E!H@6!7E@G5>78B!?75V@>6@FAE!H6@9!E@7GE!O-5G?587!:>!5GT!
LMYiP!58?!5GG!6:F6:E:8>!;@9F@<8?!B6@<FE!SA7;A!56:!H@<8?!78!>A:!6A7V@EFA:6:!O7T:T!
;56=
@A4?65>:E!58?!@6B587;!5;7?Es!-5<?@78!:>!5GT!LMMRPT!)A@<BA!9584!E><?7:E!@8G4!<E:!
BG<;@E:!5E!5!/!E@<6;:!O.<F>5!:>!5GT!LMYiPU!?75V@>6@FAE!56:!5!?7D:6E:!;@99<87>4!58?!
56:!7E@G5>:?!<E78B!5!S7?:!D567:>4!@H!/!E@<6;:ET!d:!5>>:9F>:?!>@!E79<G5>:!>A:!?7D:6E7>4!@H!
/!E
@<6;:E!5D57G5=G:!78!>A:!6A7V@EFA:6:!<E78B!5!97N><6:!@H!/!;@9F@<8?ET!)A:!i!9B!/!9G
2ig! Y!E@G<>7@8!S5E!5??:?!5E!?:E;67=:?!5=@D:!58?!b56E!S:6:!78;<=5>:?!H@6!Yh!A@<6ET!.5E!
E59FG:E!S:6:!;@GG:;>:?!58?!585G4V:?!5E!?:E;67=:?!5=@D:T
!!+5E>G4U!S:!:N5978:?!>A:!F@>:8>75G!H
@6!=5;WB6@<8?!:>A4G:8:!F6@?<;>7@8!58?!
;@8E<9F>7@8!78!@<6!E@7GE!H6@9!+C3T!):8!B659E!@H!E@7G!;@GG:;>:?!78!\<G4!LMYg!OE>@6:?P!@6!
(56;A!LMYk!OH6:EAP!S:6:!S:7BA:?!78>@!>:8!6:FG7;5>:!b56ET!\56E!;@8>57878B!E@7G!H6@9!\<G4!
LMYg!S:6:!F6:
278;<=5>:?!5E!?:E;67=:?!5=@D:
U!SA7G:!b56E!;@8>57878B!E@7G!H6@9!(56;A!
LMYk!S:6:!F6:
278;<=5>:?!5>!6@@9!>:9F:65><6:!H@6!Li!A@<6E!F67@6!>@!78;<=5>7@8!E>56>T!
*H>:6!F6:
278;<=5>7@8U!5!BG<;@E:!E@G<>7@8!S5E!5??:?!5E!?:E;67=:?!5=@D:!58?!b56E!S:6:!
E:5G:?T!)@!>:E>!=5;WB6@<8?!F6@?<;>7@8U!H7D:!6:FG
7;5>:!b56E!S:6:!78;<=5>:?!S7>A@<>!
5??7>7@8!@H!5;:>4G:8:!B5ET!)@!>:E>!=5;WB6@<8?!;@8E<9F>7@8U!YMZ!@H!>A:!A:5?EF5;:!78!
H7D:!6:FG7;5>:!b56E!S5E!6:FG5;:?!S7>A!58!:>A4G:8:!E>58?56?U!=<>!8@!5;:>4G:8:!S5E!5??:?T!
.5E!E59FG:E!S:6:!>5W:8!gU!YhU!58?!Li!A@<6E!58?!585G
4V:?!5E!?:E;67=:?!5=@D:T!&:E<G>E!
H6@9!>A:E:!E59FG:E!56:!6:F@6>:?!5E!XB!/
LQi!B2Y!?64!E@7GT
!5=6=7!
4D)5!@LVKCZKC9M@KL!U<MOKS
!1+#1!65>:E!S:6:!9:5E<6:?!=5E:?!@8!8:>!;A58B:E!78!
Yj#!@H!E@7G!78;<=5>:?!S7>A!
Yj#L!B5E!O.<F>5!:>!5GT!LMYiPT!/@6:E!S:6:!F6:
278;<=5>:?!5>!
6@@9!>:9F:65><6:!H@6!Li!
A@<6E!F67@6!>@!
Yj#!585G4E7E!>@!:8E<6:!5!H<GG4!5;>7D:!97;6@=75G!;@99<87>4!5>!>A:!>79:!@H!
Yj#L!5??7>7@8T!1@GG@S78B!F6:
278;<=5>7@8U!/!E@<6;:!O@6!S5>:6P!S5E!5??:?!>@!:5;A!;@6:!
<E78B!5!E4678B:!58?!LY
2B5<B:!8::?G:!>@!=678B!>A:!;@6:E!>@!gM
Z!dQ/T!)A:!E4678B:!58?!
8::?G:!5GG@S:?!>A:!E@G<>7@8!>@!=:!9@6:!:D:8G4!?7E>67=<>:?!5G@8B!>A:!78>5;>!;@6:T!$75GE!
S:6:!>A:8!;5FF:?!S7>A!5G<978<9!678BE!58?!E:F>5!58?!:D5;<5>:?T!%99:?75>:G4!H@GG@S78B!
:D5;<5>7@8!:NF:679:8>5G!D75GE!6:;:7D:?!Y!9+!@H!lh!5>@9Z!5;7?
2S5EA:?!
Yj#L!B5E!
O07B95
2*G?67;AU!%8;TU!0>T!+@<7EU!('U!C0*P!58?!6:H:6:8;:!D75GE!6:;:7D:?!CQK
2#LT!)A7E!
ik! 6:E<G>E!78!5!F#
L!@H!tYThk!5>9U!9@6:!>A58!E<HH7;7:8>!>@!E5><65>:!#
2H7N78B!E7>:ET![8@SG:E!
OYlhMP!6:;@99:8?E!5;A7:D78B!MTh!>@!YTM!5>9!F#
L!58?!5!97879<9!@H!MTi!5
>9T!
Yj#L!S5E!
5;7?!S5EA:?!S7>A!jZ!E<GH<67;!5;7?!F67@6!>@!5??7>7@8!>@!D75GE!>@!:8E<6:!8@!;@8>59785>7@8!
S7>A!
Yj#2#QR!58?!@>A:6!B5E:ET!1@GG@S78B!#
L!5??7>7@8U!@N4B:8!S5E!5??:?!>@!>A:!D75GE!>@!
5;A7:D:!>A:!5FF6@F675>:!;@8;:8>65>7@8!OE::!=:G@SPT!$75G!5>9@EFA:6:E!S:6:!=5G58;:?!
S7>A!CQK
2Q:T!059FG:E!S:6:!78;<=5>:?!5>!6@@9!>:9F:65><6:!H@6!@8:U!>A6::U!@6!E:D:8!
?54ET!*H>:6!78;<=5>7@8U!D75GE!S:6:!<8;5FF:?!58?!E
59FG:E!S:6:!FG5;:?!78!5!gM!•/!?6478B!
@D:8!H@6!ih!A@<6ET!*H>:6!?6478BU!E59FG:E!S:6:!B6@<8?!78>@!5!H78:!F@S?:6!@8!5!6@GG:6!97GGU!
S:7BA:?!78>@!>78!;5FE<G:EU!58?!>A:8!585G4V:?!H@GG@S78B!E>58?56?!F6@;:?<6:E!5>!
d5EA78B>@8!0>5>:!C87D:6E7>4cE!0>5=G:!%E@>@F:!/@6:!+
5=@65>@64!OK<GG958U!d*PT!-67:HG4U!
>788:?!E59FG:E!S:6:!;@9=<E>:?!>@!#
L!S7>A!58!"/0!iMYM!:G:9:8>5G!585G4V:6!O/@E>:;A!
*85G4>7;5GU!$5G:8;75U!/*P!58?!585G4V:?!@8!5!,:G>5!KG<E3K!;@8>78<@<E!HG@S!7E@>@F:!65>7@!
95EE!EF:;>6@9:>:6!O)A:69@H7887B58U!-6:9:8P!:I<7FF:?!S7
>A!5!R!9!./!;@G<98T!1+#1!
65>:E!S:6:!;5G;<G5>:?!78!XB!#!H7N:?!B
2Y!?64!E@7G!?54
2Y!5Ef
!"#$%&%'($"#)*+
%&%,%!SA:6:!*"
7!6:F6:E:8>E!5>@9!F:6;:8>!5;;:EE!@H!E59FG:!5B578E>!58!<8:867;A:?!6:H:6:8;:!
E59FG:U!)#
7!6:F6:E:8>E!>@>5G!87>6@B:8!;@8>:8>!78!E59FG:U!
*"5>9
!6:F6:E:8>E!5>@9!F:6;:8>!
:N;:EE!78!>A:!D75G!5>9@EFA:6:!Olh!5>@9Z!78!@<6!;5E:PU!58?!>!7E!78;<=5>7@8!>79:!78!?54E!
Od56:9=@<6B!YllRs!&@G:4!:>!5GT!LMYhPT!
!!5=6=D!
4D)5!@LVKCZKC9M@KL!V9C:KL!NKBCV<!M<NM@LA
!d:!>:E>:?!>A:!79F5;>!@H!>A6::!/!E@<6;:E!78;G<?78B!E<
;6@E:U!E<;6@E:!FG<E!95G7;!
5;7?!58?!5!/!;@;W>57GU!58?!5!8@
2/!OS5>:6P!;@8>6@G!@8!1+#1!65>:E!@8!78>5;>!;@6:E!
ih! ;@GG:;>:?!78!(56;A!@H!LMYh!O)5=G:!L
TLPT!1@6!>A:E:!/!E@<6;:!>:E>EU!S:!:NF58?:?!@8!>A:!
*&*!S@6W!=4!78;G<?78B!=@>A!5!8@
2/!;@8>6@G!58?!5!L
2/!E@<6;:!97N><6
:!78!@6?:6!>@!9@6:!
>A@6@<BAG4!<8?:6E>58?!>A:!6@G:!@H!/!E@<6;:!78!E>79<G5>78B!1+#1T!%8!FG5;:!@H!5!BG<;@E:
2@8G4!>6:5>9:8>U!S:!;A@E:!>@!<E:!E<;6@E:!5E!7>!7E!9:>5=@G7V:?!>@!BG<;@E:!58?!7E!5!H5D@6:?!
/!E@<6;:!H@6!?75V@>6@FAE!O-5G?587!:>!5GT!LMYiPT!'<6!/!;@;W>57G
!;@8>578E!BG<;@E:U!
E<;6@E:U!95G7;!5;7?U!58?!;7>67;!5;7?!5?b<E>:?!>@!5!FQ!@H!k!<E78B!F@>5EE7<9!A4?6@N7?:T!
"5;A!E@<6;:!78!>A:!/!;@;W>57G!F6@D7?:E!58!:I<7D5G:8>!59@<8>!@H!/!OY!9B!/!B
2Y!?64!E@7GPT!
/!E@<6;:E!S:6:!5??:?!5>!;@8;:8>65>7@8!@H!i!9B!/!B
2Y!?64!E@7G!O.
<F>5!:>!5GT!LMYiPT!*GG!
E@G<>7@8E!S:6:!5??:?!78!5!D@G<9:!>A5>!=6@<BA>!E@7G!9@7E><6:!;@8>:8>!>@!gMZ!S5>:6!
A@G?78B!;5F5;7>4T
!5=6=E!
4D)5!@LVKCZKC9M@KL!'!
NK;BM@KL
!Z2!/A:;WE!@H!/!E@G<>7@8!FQ!6:D:5G:?!E7B87H7;58>!?:;6:5E:E!78!FQ!H@GG@S78B!5??7>7@8!
@H!@6B587;!5;7?
E!O95G5>:!58?!;7>65>:PT!0@G<>7@8!FQ!SA:8!<8=<HH:6:?!S5E!tRTM!O?5>5!8@>!
EA@S8PT!d:!S58>:?!>@!>:E>!>A:!79F5;>!@8!1+#1!@H!5??78B!=<HH:6:?!D:6E<E!<8=<HH:6:?!/!
;@;W>57G!>@!E@7GET!)A76>4
2E7N!:N>65!78>5;>!;@6:E!S:6:!E59FG:?!H6@9!H:6>7G7V:?!A5GD:E!@H!EFG7>
2FG@>E!O
l!;@6:E!F:6!EFG7>
2FG@>P!5>!+C3T!059FG:E!S:6:!?7D7?:?!78>@!>A6::!>6:5>9:8>E!O8pYL!
F:6!>6:5>9:8>Pf!=<HH:6:?!/!;@;W>57GU!<8=<HH:6:?!/!;@;W>57GU!@6!S5>:6!;@8>6@GT!)A:!FQ!@H!
>A:!=<HH:6:?!/!;@;W>57G!S5E!5?b<E>:?!5E!?:E;67=:?!5=@D:U!SA7G:!<8=<HH:6:?!/!;@;W>57G!
FQ!S5E!8@>!5G>:6:?T!/!;@;W>57G!@6!S5>:6!S5E!5??:?!>@!;@6:E!5E!?:E;67=:?!5=@D:!58?!
1+#1!65>:E!S:6:!5EE:EE:?!H@GG@S78B!>A:!
Yj#L!78;@6F@65>7@8!9:>A@?!?:E;67=:?!5=@D:T
!5=6=F!
4D)5!@LVKCZKC9M@KL!KWTA<L!VKLV<LMC9M@KL!M<NM@LA
!d:!>:E>:?!H@<6!@N4B:8!;@8;:8>65>7@8E!
78;G<?78BU!585:6@=7;!OMZPU!jZU!YMZ!58?!
LMZ!@8!78>5;>!;@6:E!;@GG:;>:?!78!(56;A!@H!LMYh!O)5=G:!L
TLPT!CQK
2'L!S5E!5??:?!>@!
il! :D5;<5>:?!D75GE!H@GG@S78B!5??7>7@8!@H!#
L!>@!=678B!5>9@EFA:67;!@N4B:8!;@8;:8>65>7@8E!>@!
@8:!@H!>A:!H@<6!;@8;:8>65>7@8E!5=@D:T!'N4B:8!;@8;:
8>65>7@8!>:E>E!S:6:!;@8?<;>:?!@8!
E@7GE!F6@D7?:?!5!/!;@;W>57G!5E!>A:!/!E@<6;:!58?!S:6:!78;<=5>:?!H@6!>A6::!?54ET
!5=6=G!
4D)5!@LVKCZKC9M@KL!@LVB:9M@KL!M@U<!M<NM@LA
!)@!?:>:6978:!A@S!G@8B!E59FG:E!EA@<G?!=:!:NF@E:?!>@!
Yj#LU!S:!>:E>:?!78;<=5>7@8!
>79:E!@H!@8:U!>A6
::U!58?!E:D:8!?54E!@8!78>5;>!;@6:E!;@GG:;>:?!78!(56;A!@H!LMYk!O)5=G:!
LTLPT!+@8B:6!78;<=5>7@8E!;58!6:E<G>!78!G56B:!97;6@=75G!;@99<87>4!EA7H>E!SA7;A!;58!=75E!
6:E<G>E!Od:5D:6!58?!,58E@!YlliPT!1<6>A:6U!G@8B:6!78;<=5>7@8E!78;6:5E:!>A:!F6@=5=7G7>4!
@H!H7N:?!
Yj#!=
:78B!?:87>67H7:?!58?!>A<E!G@E>!H6@9!>A:!E@7GT!*G>:685>7D:G4U!78;<=5>7@8E!>A5>!
56:!>@@!EA@6>!954!6:E<G>!78!>@@!G7>>G:!
Yj#!=:78B!78;@6F@65>:?!78>@!>A:!E@7G!58?!>A<E!8@>!
@=>57878B!9:5E<65=G:!?7HH:6:8;:E!=:>S::8!:867;A:?!58?!6:H:6:8;:!E@7GET!%8;<=5>7@8!>:E>!
;@6:E!S:6:!F6@D7?:?!/!;@;W>57G!5E!>A:!/!E@<6;:!58?!6:;:7D:?!YMZ!@N4B:8T
!5=6=d!.9M9!"L9;TN@N
!!&:E<G>E!H6@9!*&*!>:E>78B!S:6:!585G4V:?!=4!@8:
2S54!*#'$*!H@GG@S:?!=4!
)<W:4cE!F@E>!A@;!S7>A!>:E>!D5675=G:!O7T:T!78;<=5>7@8!>79:U!@N4B:8!;@8;:8>65>7@8U!/!
E@<6;:P!5E!5!H
7N:?!:HH:;>!<E78B!>A:!&!
0,",0
!F5;W5B:!O&!;@6:!>:59!LMYhPT!dA:6:!
5FFG7;5=G:U!>:E>!D5675=G:E!S:6:!585G4V:?!78?7D7?<5GG4!=4!E7>:T!,7HH:6:8;:E!=:>S::8!>:E>!
D5675=G:!B6@<FE!S:6:!;@8E7?:6:?!E7B87H7;58>!5>!—!–!
MTMjT!
">A4G:8:!F6@?<;>7@8!58?!
;@8E<9F>7@8!6:E<G>E!S:6
:!585G4V:?!=4!@8:
2S54!*#'$*!H@GG@S:?!=4!)<W:4cE!F@E>!A@;T
!&:E<G>E!@H!
Yj#!@F>797V5>7@8!>:E>E!S:6:!585G4V:?!=4!>S@
2S54!*#'$*!S7>A!)<W:4cE!
F@E>!A@;T!*85G4E7E!S5E!;5667:?!@<>!=4!E7>:!S7>A!>:E>!D5675=G:E!O7T:T!/!E@<6;:U!@N4B:8!
;@8;:8>65>7@8!@6!78;<=5>7@8!>79:P!5E!5!H7N:?!:HH:;>!58?!H:6>7G7V:6!>6:5>9:8>!5E!5!658?@9!
:HH:;>!8:E>:?!S7
>A78!H7:G?!=G@;W!<E78B!>A:!
#7'2
!&!F5;W5B:!OK78A:76@!:>!5GT!LMYhPT!07>:!
jM! S5E!5!E7B87H7;58>!H5;>@6!OF!ƒ!MTMjPU!>A:6:H@6:!5GG!585G4E:E!@H!>:E>!D5675=G:!S:6:!;5667:?!@<>!
E:F565>:G4!H@6!:5;A!E7>:T!1:6>7G7V:6!>6:5>9:8>!S5E!8@>!E7B87H7;58>U!>A:6:H@6:!S:!F@@G:?!
6:E
<G>E!H6@9!5GG!E59FG:E!S7>A78!5!E7>:!E<;A!>A5>!:5;A!>:E>!D5675=G:!B6@<F!7E!6:F6:E:8>:?!
=4!8pLiT!07B87H7;58>!?7HH:6:8;:E!=:>S::8!>:E>!D5675=G:!B6@<FE!S:6:!;@8E7?:6:?!
E7B87H7;58>!5>!—!–!
MTMjT!/!;@;W>57G!=<HH:678B!?5>5!S5E!585G4V:?!=4!@8:
2S54!*#'$*!S7>A!
)<W:4c
E!F@E>!A@;!S7>A!=<HH:678B!>6:5>9:8>!5E!5!H7N:?!:HH:;>T!
!,<:!>@!?7HH:6:8;:E!78!;@GG:;>7@8!?5>:!58?!E59FG:!A58?G78BU!8@!E>5>7E>7;5G!585G4E:E!
S:6:!F:6H@69:?!;@9F5678B!*&*!58?!
Yj#L!6:E<G>ET!d:!5GE@!?7?!8@>!F:6H@69!E>5>7E>7;5G!
585G4E:E!;@9F5678B!
Yj#L!6:E<G>E!H@
6!78>5;>!;@6:E!;@GG:;>:?!78!(56;A!LMYk!>@!(56;A!LMYhT!!
!5=7!&-$?,%$
!5=7=4!"V<MT;<L<!&<SBVM@KL
!!'F>797V5>7@8!@H!>A:!*&*!78;G<?:?!>:E>78B!@H!78;<=5>7@8!>79:U!@N4B:8!
;@8;:8>65>7@8U!/!E@<6;:U!58?!:>A4G:8:!=5;WB6@<8?!;@8>6@GET!*;:>4G:8:!6:?<;>7
@8!65>:E!
1@ABC<!
5=4f!"V<MT;<L<!C<SBVM@KL!9M!S@PP<C<LM!@LVB:9M@KL!M@U<N
!OA@<6EP
!78!XB!:>A4G:8:!
O/LQiP!B
2Y!?64!?54
2Y!65>:E!H@6!O*P!+C3!58?!O-P!+/T!-56E!EA@SE!5D:65B:!5;:>4G:8:!6:?<;>7@8!O8!
p!LMP!S7>A!E>58?56?!:66@6!=56ET!+@S:6;5E:!G:>>:6E!78?7;5>:!E7B87H7;58>!?7HH:6:8;:E!=:>S::8!
78;<=5>7@8!>79:E!5>!F!–!MTMjT!%8E:>!H7B<6:!F6@D7?:E!5!V@@9!78!@8!Y
2!58?!i
2A@<6!78;<=5>7@8!>7
9:!
5>!+C3T!059FG:E!S:6:!78;<=5>:?!5>!MU!jU!YMU!58?!LMZ!@N4B:8!;@8;:8>65>7@8E!S7>A!BG<;@E:!5E!
5!;56=@8!E@<6;:T
!!jY! S:6:!9:5E<6:?!5>!YU!iU!gU!YhU!58?!Li!A@<6E!58?!k!?54E!5H>:6!78;<=5>7@8!E>56>!O
17BT!LTY
PT *;:>4G:8:!6:?<;>7@8!65>:E!?7?!8@>!?7HH:6!E7B87H7;58>G4!5>!+C3!H@6!>A:!H76E>!Li!A@<6ET!*H>:6!k!
?54EU!5;:>4G:8:!6:?<;>7@8!65>:E!S:6:!E7B87H7;58>G4!B6:5>:6!>A58!
5GG!@>A:6!>79:!F@78>E!H@6!
+C3!OK!ƒ!MTMMMYPT!)A:6:!S5E!5!EF7W:!78!65>:E!5H>:6!g!A@<6E!@H!78;<=5>7@8!5>!+/T!
*;:>4G:8:!6:?<;>7@8!65>:E!5H>:6!g!A@<6E!58?!k!?54E!@H!78;<=5>7@8!S:6:!8@>!E7B87H7;58>G4!
?7HH:6:8>!58?!S:6:!=@>A!B6:5>:6!>A58!5GG!@>A:6!9:5E<6:?!>79:!F
@78>ET!*;:>4G:8:!6:?<;>7@8!
65>:E!S:6:!5GE@!>:E>:?!<8?:6!@N4B:8!;@8;:8>65>7@8E!@H!MU!jU!YMU!58?!LMZT!):E>78B!@H!'
L!S5E!?@8:!5>!5GG!78;<=5>7@8!>79:EU!=<>!>A:6:!S5E!8@!6:G5>7@8EA7F!=:>S::8!@N4B:8!
;@8;:8>65>7@8!58?!5;:>4G:8:!6:?<;>7@8!65>:E!=:H@6:!k!?54E!@H!78
;<=5>7@8T!Q@S:D:6U!
<E78B!5!k
2?54!78;<=5>7@8U!S:!H@<8?!>A5>!5;:>4G:8:!6:?<;>7@8!65>:E!?:;6:5E:?!E>:5?7G4!
S7>A!78;6:5E78B!@N4B:8!;@8;:8>65>7@8!S7>A!MZ!A5D78B!>A:!B6:5>:E>!6:?<;>7@8!65>:E!58?!
LMZ!A5D:!>A:!G@S:E>!O
17BT!LTL
PT!YMZ!@N4B:8!;@8;:8>65>7@8!S5E!8@>!E7B87H7;58>G4!?7HH:6:8>!
H6@9!jZ!@6!LMZT!/!E@<6;:!>:E>E!S:6:!;@8?<;>:?!5>!5GG!>:E>:?!@N4B:8!;@8;:8>65>7@8E!
1@ABC<!5=5
>!"V<MT;<L<!C<SBVM@KL!9M!S@PP<C<LM!KWTA<L!
VKLV<LMC9M@KLN
!OZP!78!XB!:>A4G:8:!
O/LQiP!B
2Y!?64!E@7G!?54
2Y!65>:E!H@6!+C3!5>!k
2?54!78;<=5>7@8!>79:!F@78>T!-56E!6:F6:E:8>!5D:65B:!
5;:>4G:8:!6:?<;>7@8!O8!p!jP!S7>A!E>58?56?!:66@6!=56ET!+@S:6;5E:!G:>>:6E!78?7;5>:!E7B87H7;58>!
?7HH:6:8;:E!5>!F!–!MTMjT!059FG:E!S:6:!78;<=5>:?!H@6!k!?54E!S7>A!BG<;@E:!5E!5!;56=@8!
E@<6;:T
!!jL! @D:6!58!Yh!A!78;<=5>7@8T!
-:;5<E:!>A:6:!S5E!8@!:HH:;>!@H!@N4B:8!;@8;:8>65>7@8U!S:!
6:F@6>!5D:65B:E!5;6@EE!5GG!@N4B:8!;@8;:8>65>7@8ET
!*;:>4G:8:!6:?<;>7@8!65>:E!S7>A!
1@ABC<!
5=6>!"V<MT;<L<!C<SBVM@KL!C9M<N!Y@MO!9SS@M@KL!KP!S@PP<C<LM!'!NKBCV<N!
78!XB!:>A4G:8:!
O/LQiP!B
2Y!?64!E@7G!?54
2YT!-56E!6:F6:E:8>!5D:65B:!5;:>4G:8:!6:?<;>7@8!O8!p!LMP!S7>A!E>58?56?!
:66@6!=56ET!+@S:6;5E:!G:>>:6E!
78?7;5>:
!E7B87H7;58>!?7HH:6:8;:E!5>!F!–!MTMjT!%8E:>!H7B<6:!F6@D7?:E!
V@@9!78!@8!BG<;@E:!5??7>7@8!>6:5>9:8>T!059FG:E!S:6:!78;<=5>:?!H@6!Yh!A@<6E!5>!MU!jU!YMU!58
?!LMZ!@N4B:8T
!!1@ABC<!5=7
>!#9VXACKBLS!<MOT;<L<!_"`!ZCKSBVM@KL!9LS!_#`!VKLNBUZM@KL
!@H!H6:EA!58?!
E>@6:?!E@7G!E59FG:E!78;<=5>:?!S7>A!5??7>7@8!@H!:>A4G:8:!E>58?56?T!-56E!6:F6:E:8>!5D:65B:!
:>A4G:8:!;@8;:8>65>7@8!78!XB!:>A4G:8:!B
2Y!?64!E@7G!O8!p!jP!S7>A!E>58?56?!:66@6!=56ET!Q@67V@8>5G!
G78:!6:F6:E:8>E!787>75G!:>A4G:8:!;@8;:8>65>7@8!OLMgTh!XB!:>A4G:8:!B
2Y!?64
!E@7Gs!-!@8G4PT!
+@S:6;5E:!G:>>:6E!78?7;5>:!E7B87H7;58>!?7HH:6:8;:E!5>!F!–!MTMjT
!!jR! BG<;@E:!5??7>7@8!S:6:!D:64!G@SU!5D:65B78B!tMTj!XB!/
LQi!B2Y!?64!E@7G!?54
2Y!O17BT
!LTR
PT!'8!
5D:65B:U!65>:E!S:6:!@D:6!YkMM!>79:E!A7BA:6!SA:8!/!;@;W>57G!S5E!5??:?!D:6E<E!BG<;@E:!
5G@8:!OK!p!MTMMYLLPT!+5E>G4U!S:!:N5978:?!E@7G!E59FG:E!H@6!=5;WB6@<8?!F6@?<;>7@8!@6!
;@8E<9F>7@8!@H!:>A4G:8:T!0@7GE!78;<=5>:?!S7>A@<>!5??7>7@8!@H!5;:>4G:8:!E>7GG!F6
@?<;:?!
9:5E<65=G:!;@8;:8>65>7@8E!@H!:>A4G:8:U!58?!>A7E!S5E!8@>!E7B87H7;58>G4!5HH:;>:?!=4!
!78;<=5>7@8!>79:!O
17BT!LTi
*PT!%8;<=5>7@8E!@H!E@7GE!>A5>!78;G<?:?!5??7>7@8E!@H!:>A4G:8:!B5EU!
=<>!8@>!5;:>4G:8:!?:9@8E>65>:?!=@>A!F6@?<;>7@8!58?!;@8E<9F>7@8!@H!:>A4G:8:U
!S7>A!
E7B87H7;58>!?7HH:6:8;:E!78!:>A4G:8:!;@8;:8>65>7@8!@D:6!>79:!O
17BT!LTi
-PT!)A:E:!;A58B:E!78!
:>A4G:8:!;@8;:8>65>7@8E!>A6@<BA!>79:!S@<G?!:I<5>:!>@!5;:>4G:8:!6:?<;>7@8!65>:E!658B78B!
H6@9!RTh!>@!YjkTM!XB!/
LQi!B2Y!E@7G!?54
2Y!@6!<E78B!R!5E!5!;@8D:6E7@8!H5;>@
6U!#
2H7N5>7@8!
65>:E!@H!YTR!>@!jLTR!XB!#!B
2Y!E@7G!?54
2YT!5=7=5!
4D)5!8LVKCZKC9M@KL!'9C:KL!$KBCV<
!d:!>:E>:?!>A:!:HH:;>!@H!H@<6!?7HH:6:8>!/!E@<6;:E!78!>A:!H@GG@S78B!;@9=785>7@8Ef!
E<;6@E:U!E<;6@E:!FG<E
!95G5>:U!58?!>A:!/!;@;W>57G!OBG<;@E:U!E<;6@E:U!95G7;!5;7?U!58?!
1@ABC<!5=D
f!4D)5!@LVKCZKC9M@KL!C9M<N!Y@MO!9SS@M@KLN!KP!S@PP<C<LM!'!NKBCV<N
!5>!O*P!+C3!58?!
O-P!+/T!-56E!6:F6:E:8>!5D:65B:!#
2H7N5>7@8!78!XB!#!B
2Y!?64!E@7G!?54
2Y!O8!p!LiP!S7>A!E>58?56?!
:66@6!=56ET!+@S:6;5E:!G:>>:6E!78?7;5>:!E7B87H7;58>!?7HH:6:8;:E!5>!F!–!MTMjT!059FG:E!S:6:!
78;<=5>:?!5>!YMZ!@N4B:8!H@6!>A6::!?54ET!
!!ji! ;7>67;!5;7?PU!@8!65>:E!@H!1+#1!@D:6!5!R
2?54!78;<=5>7@8!5>!YMZ!'
L!6:G5>7D:!>@!5!8@
2/!;@8>6@GT!*??7>7@8E!@H!/!;@;W>57G!E>79<G5>:?!>A:!B6:5>:E>!1+#1!5>!=@>A!H7:G?!E7>:ET
!!1+#1!65>:E!S:6:!E7B87H7;5
8>G4!B6:5>:6!<8?:6!5??7>7@8E!@H!>A:!/!;@;W>57G!OK!ƒ!
MTMMMYPU!>A58!@>A:6!/!E@<6;:E!@6!8@
2/!;@8>6@GE!5??7>7@8E!5>!+C3!O
17BT!LTj
*PT!/!;@;W>57G!
5??7>7@8E!S:6:!YRTRN!58?!lTkN!B6:5>:6!>A58!E<;6@E:!OK!ƒ!MTMMMYP!@6!E<;6@E:!FG<E!95G5>:!
OF!ƒ!MTMMMYP!5??7>7@8E!6:EF:;
>7D:G4T!1+#1!65>:E!<8?:6!>A:!/!;@;W>57G!>6:5>9:8>!S:6:!
ihTkN!B6:5>:6!>A58!>A:!8@
2/!>6:5>9:8>!OK!ƒ!MTMMMYPT!)A:6:!S:6:!8@!E7B87H7;58>!
?7HH:6:8;:E!78!1+#1!65>:E!=:>S::8!8@
2/!;@8>6@GE!58?!E<;6@E:!@6!E<;6@E:!FG<E!95G5>:!
>6:5>9:8>E!5>!+C3T!
!%8!+/!E@7GEU!5??7>7@8E!@H!/!;@;W>57G!6:E<G>:?!78!kTlgN!B6:5>:6!1+#1!>A58!8@
2/!;@8>6@GE!OK!p!MTMMRihP!5
8?!iThN!B6:5>:6!1+#1!>A58!E<;6@E:!FG<E!95G5>:!OK!p!MTMYMLgs!
17BT!LTj
-PT!1+#1!65>:E!S7>A!/!;@;W>57G!5??7>7@8E!S:6:!YTRN!B6:5>:6!>A58!H@6!E<;6@E:!
1@ABC<!5=E
f!-PP<V
M!KP!:BPP<C@LA!'!VKVXM9@;!KL!
4D)5!@LVKCZKC9M@KL
!5>!+C3T!-56E!6:F6:E:8>!
5D:65B:!#
2H7N5>7@8!78!XB!#!B
2Y!?64!E@7G!?54
2Y!O8!p!YLP!S7>A!E>58?56?!:66@6!=56ET!+@S:6;5E:!
G:>>:6E!78?7;5>:!E7B87H7;58>!?7HH:6:8;:E!5>!F!–!MTMjT!059FG:E!S:6:!78;<=5>:?!5>!YMZ!@N4B:8!H@6!
>A6::!?54ET
!!jj! 5??7>7@8EU!=<>!>A7E!78;6:5E:!S5E!8@>!E7B87H7;58>T!1+#1!65>:E!S:6:!8@>!E7B87H7;58>G4!
?7HH:6:8>!=:>S::8!E<;6@E:U!E
<;6@E:!FG<E!95G5>:U!58?!8@
2/!>6:5>9:8>ET!
!d:!5GE@!>:E>:?!>A:!79F@6>58;:!@H!=<HH:678B!>A:!FQ!@H!>A:!/!;@;W>57G!=:H@6:!5??78B!
7>!>@!>A:!E@7GET!/A:;WE!@H!/!;@;W>57G!E@G<>7@8!FQ!6:D:5G:?!>A5>!>A:!F6:E:8;:!@H!95G7;!5;7?!
?:;6:5E:?!FQ!>@!5;7?7;!G:D:GE!8:56!L
2R!O
/","(#5,(0<5B#
PT!)@!>:E>!SA:>A:6!>A7E!FQ!
;A58B:!79F5;>:?!1+#1!65>:EU!S:!9:5E<6:?!>A:!79F5;>!@H!=<HH:6:?!OFQ!
"!kTMP!D:6E<E!
<8=<HH:6:?!OFQ!
"!RTMP!/!;@;W>57G!6:G5>7D:!>@!8@
2/!;@8>6@GE!@8!1+#1!H@6!5!E<=E:>!@H!
E59FG:E!H6@9!+C3!O8!p!YL!F:6!>6:5>9:8>PT!-<HH:678B!
>A:!/!;@;W>57G!6:E<G>:?!78!LTLN!
B6:5>:6!1+#1!65>:E!>A58!<8=<HH:6:?!/!;@;W>57G!OK!p!MTMiRkRP!58?!jThN!B6:5>:6!1+#1!
65>:E!>A58!8@
2/!;@8>6@GE!OK!p!MTMMYhjs!
17BT!LTg
PT!1+#1!65>:E!H6@9!<8=<HH:6:?!/!;@;W>57G!
5??7>7@8E!S:6:!8@>!E7B87H7;58>G4!?7HH:6:8>!H6@9!>A:!8@
2/!>6:5>9:8>!OK!p!MTiRRlPT!
!5=7=6!
4D)5!@LVKCZKC9M@KL!*WTA<L!'KLV<LMC9M@KL
!d:!>:E>:?!>A:!:HH:;>!@H!H@<6!@N4B:8!;@8;:8>65>7@8E!@8!1+#1!65>:E!658B78B!H6@9!
585:6@=7;!OMZ!@N4B:8P!>@!59=7:8>!OLMZP!?<678B!5!R
2?54!78;<=5>7@8!S7>A!/!;@;W>57G!
5??7>7@8ET!'F>795G!
@N4B:8!;@8;:8>65>7@8!D567:?!=:>S::8!E7>:EU!S7>A!YMZ!@N4B:8!=:78B!
9@E>!H5D@65=G:!5>!+C3!58?!jZ!@N4B:8!=:78B!9@E>!H5D@65=G:!5>!+/!O
17BT!LTk
PT!
!jg! 1+#1!65>:E!5>!+C3!S:6:!B6:
5>:E>!<8?:6!YMZ!@N4B:8!OK!ƒ!MTMMMYP!H@GG@S:?!=4!
LMZ!@N4B:8!O
17BT!LTk
*PT!YMZ!@N4B:8!;@8;:8>65>7@8E!6:E<G>:?!78!jThN!B6:5>:6!1+#1!
;@9F56:?!>@!MZ!'
L!OK!ƒ!MTMMMYP!58?!jTgN!B6:5>:6!1+#1!;@9F56:?!>@!jZ!'
L!OK!ƒ!
MTMMMYPT!1+#1!65>:E!<8?:6!MZ!58?!jZ!@N4B:8!?7?!8@>!?7HH:6!E7B87H7;58>G4!H6@9!LMZ!
@N4B:8T!
!jZ!@N4B:8!6:E<G>:?!78!E7B87H7;58>G4!B6:5>:6!1+#1!65>:E!>A58!5GG!@>A:6!>:E>!@N4B:8!
;@8;:8>65>7@8E!5>!+/!O
17BT!LTk
-PT!1+#1!65>:E!S:6:!RN!58?!lTjN!B6:5>:6!<8?:6!jZ
!@N4B:8!>A58!MZ!OK!ƒ!MTMMMYP!58?!LMZ!OK!ƒ!MTMMMYP!@N4B:8U!6:EF:;>7D:G4T!jZ!@N4B:8!
6:E<G>:?!78!RlTRN!B6:5>:6!1+#1!65>:E!>A58!>A@E:!9:5E<6:?!<8?:6!YMZ!@N4B:8!OK!ƒ!
MTMMMYP!5>!+/T!)A:6:!S:6:!8@!E7B87H7;58>!?7HH:6:8;:E!78!1+#1!65>:E!=:>S::8!MZU!YMZU!
@6!LMZ!@N4B
:8!;@8;:8>65>7@8ET
!1@ABC<!5=F
>!4D)5!@LVKCZKC9M@KL!C9M<N!9M!S@PP<C<LM!KWTA<L!VKLV<LMC9M@KLN
!OZP!5>!O*P!+C3!
58?!O-P!+/T!-56E!6:F6:E:8
>!5D:65B:!#
2H7N5>7@8!78!XB!#!B
2Y!?64!E@7G!?54
2Y!O8!p!LiP!S7>A!E>58?56?!
:66@6!=56ET!+@S:6;5E:!G:>>:6E!78?7;5>:!E7B87H7;58>!?7HH:6:8;:E!5>!F!–!MTMjT!059FG:E!S:6:!
78;<=5>:?!S7>A!;56=@8!;@;W>57G!5E!>A:!;56=@8!E@<6;:!H@6!>A6::!?54ET
!!jk! 5=7=7!
4D)5!@LVKCZKC9M@KL!8LVB:9M@KL!%@U<
!d:!:N5978:?!1+#1!65>:E!5>!>A6::!?7HH:6:8>!78;<=5>7@8!>79:E!OYU!RU!58?!k!?54EPT!
1+#1!65>:E!S:6:!B6:5>:E>!5H>:6!k!?54E!@H!78;<=5>7@8!5>!=@>A!+C3!OK!ƒ!MTMMMYs!
17BT!LTh
*P!
58?!+/!OK!ƒ!MTMMMYs!
17BT!LTh
-PT!*>!+C3U!5!k
2?54!78;<=5>7@8!6:E<G>:?!78!YgiN!B6:5>:6!
1+#1!
65>:E!>A58!5!Y
2?54!OK!ƒ!MTMMMYP!78;<=5>7@8!58?!RThN!B6:5>:6!1+#1!65>:E!>A58!5!R
2?54!OK!ƒ!MTMMMYP!78;<=5>7@8T!)A@<BA!5!R
2?54!78;<=5>7@8!6:E<G>:?!78!iRThN!B6:5>:6!1+#1!
65>:E!>A58!5!Y
2?54!78;<=5>7@8!5>!+C3U!>A7E!?7HH:6:8;:!S5E!8@>!E7B87H7;58>!OK!p!MTYliPT!*>!
+/U!5!k
2?54!78;<=5>7@8!6:E<G>:?!78!LMYTLN!B6:5>:6!1+#1!65>:E!>A58!5!Y
2?54!OK!ƒ!MTMMMYP!
78;<=5>7@8!58?!LiTYN!B6:5>:6!1+#1!65>:E!>A58!5!R
2?54!OK!ƒ!MTMMMYP!78;<=5>7@8T!
!5=D!.8$'?$$8*)
!!%8!>A7E!E><?4U!S:!@F>797V:?!;@8?7>7@8E!H@6!9:5E<6:9:8>!@H!F@>:8>75G!1+#1!D
75!
Yj#L!78;@6F@65>7@8!78!=<GW!58?!6A7V@EFA:6:!E@7GET!d:!5GE@!7?:8>7H7:?!;@8?7>7@8E!SA7;A!56:!
@F>795G!H@6!9:5E<6:9:8>!@H!F@>:8>75G!5;:>4G:8:!6:?<;>7@8!D75!>A:!*&*T!)A:!
Yj#L!1@ABC<!5=G
>!4D)5!@LVKCZKC9M@KL!C9M<N!9M!S@PP<C<LM!@LVB:9M@KL!
>79:E!O?54EP!5>!O*P!+C3!58?!
O-P!+/T!-56E!6:F6:E:8>!5D:65B:!#
2H7N5>7@8!78!XB!#!B
2Y!?64!E@7G!?54
2Y!O8!p!LiP!S7>A!E>58?56?!
:66@6!=56ET!
+@S:6;5E:!G:>>:6E!78?7;5>:!E7B87H7;58>!?7HH:6:8;:E!5>!F!–!MTMjT!059FG:E!S:6:!
78;<=5>:?!S7>A!;56=@8!;@;W>57G!5E!>A:!;56=@8!E@<6;:!58?!5>!YMZ!@N4B:8T
!!jh! 78;@6F@65>7@8!9:>A@?!7E!H6::!@H!>A:!7EE<:E!5EE@;75>:?!S7>A!>A:!*&*!58?!7E!>A:!9@E>!
?76:;>!9:>A@?!@H!5EE:EE78B!#
2H7N5>7@8!65>:E!Od56:9=@<6B!YllRPT!'<6!S@6W!7GG<E>65>:E!
E:D:65G!7EE<:E!S7>A!>A:!*&*s!S:!H@<8?!E7B87H7;58>!59@<8>E!@H!:8?@B:8@<E!:>A4G:8:!
F6@?<;>7@8!58?!:D7?:8;:!@H!:>A4G:8:!;@8E<9F>7@8!78!@<6!E@7GEU!>A<E!;@8H76978B!F5E>!S@6W!
SA7;
A!E<BB:E>:?!>A:E:!F6@;:EE:E!56:!5>!S@6W!78!E@7G!E4E>:9E!Od7>>4!Ylkls!#@A6E>:?>!
YlhRs!-@??:4!Ylhks!m:;A9:7E>:6
2-@G>:8E>:68!58?!097>AU!YllhPT!">A4G:8:!F6@?<;>7@8!
58?!;@8E<9F>7@8!;58!;@9FG7;5>:!6:E<G>E!@H!>A:!*&*!58?!>A:!5??7>7@8!@H!:>A4G:8:!
F@E7>7D:!58?!8:B5
>7D:!;@8>6@GE!7E!@H>:8!8@>!5?:I<5>:!>@!5;;@<8>!H@6!>A:E:!=5;WB6@<8?!
F6@;:EE:E!Od7>>4!Ylkls!D58!-:6W<9!58?!-@AG@@G!YlhMs!#@A6E>:?>!YlhRs!0G@B:6!58?!D58!
-:6W<9!YlhhPT!)A@<BA!S:!6:;@99:8?!5D@7?78B!<E:!@H!>A:!*&*U!7>!954!=:!F6:H:66:?!
=:;5<E:!7>!A5E!G@S:6!;@E>!
58?!7E!6:G5>7D:G4!A7BA
2>A6@<BAF<>!S7>A!5<>@95>:?!./!E4E>:9ET!
)A:!*&*!954!E>7GG!=:!<E:H<G!H@6!7?:8>7H478B!79F@6>58>!?67D:6E!@H!1+#1!5>!A7BA!>:9F@65G!
58?!EF5>75G!6:E@G<>7@8!7H!>A:!F6@F:6!;@8>6@GE!56:!<E:?!58?!5=E@G<>:!I<58>7H7;5>7@8!@H!
1+#1!@6!#
2=<?B:>78B!56
:!8@>!>A:!F679564!6:E:56;A!B@5GET!*&*!954!5GE@!=:!5FF6@F675>:!
H@6!EA@6>
2>:69!9:5E<6:9:8>E!78!E79FG7H7:?!E4E>:9EU!=<>!EA@<G?!=:!D5G7?5>:?!S7>A!>A:!
Yj#L!78;@6F@65>7@8!9:>A@?T!%H!>A:!*&*!7E!<E:?!>@!5EE:EE!F@>:8>75G!65>:E!@H!1+#1U!
6:E:56;A:6E!;58!;@<8>:6!E@9:!
@H!>A:!78A:6:8>!7EE<:E!S7>A!>A:!*&*!=4!<E78B!A7BA!
6:FG7;5>7@8U!78;G<?78B!=@>A!F@E7>7D:!58?!8:B5>7D:!;@8>6@G!E59FG:E!>@!5;;@<8>!H@6!
=5;WB6@<8?!:>A4G:8:!F6@?<;>7@8!58?!;@8E<9F>7@8U!58?!<E78B!>A:!@F>797V:?!;@8?7>7@8E!
S:!E<BB:E>!H@6!9:5E<678B!>A:!95N79<9!5;:>4
G:8:!6:?<;>7@8!F@>:8>75GT
!'F>797V5>7@8!@H!>A:!*&*!58?!
Yj#L!78;@6F@65>7@8!78;G<?:?!>:E>78B!@H!78;<=5>7@8!
>79:T!-:;5<E:!>A:!*&*!7E!A7BAG4!E:8E7>7D:U!EA@6>:6!78;<=5>7@8!>79:E!56:!@H>:8!
6:;@99:8?:?!O-6@<V:E!:>!5GT!YlkYPU!A@S:D:6!6:I<76:?!78;<=5>7@8!>79:E!954!D
564!=4!
jl! E><?4!E4E>:9!O(46@G?!:>!5GT!YlllPT!)A:6:H@6:U!S:!;A@E:!>@!5EE:EE!5;:>4G:8:!6:?<;>7@8!
5;6@EE!5!D567:>4!@H!78;<=5>7@8!>79:E!>@!?:>:6978:!SA7;A!5GG@S:?!<E!>@!9:5E<6:!F@>:8>75G!
1+#1!9@E>!F6:;7E:G4T!*>!+C3U!>A:6:!S:6:!8@!E7B87H7;58>!?7HH:6:8;:E!78!78;<=5
>7@8!>79:!
<8>7G!>A:!k
2?54!E59FG78BU!SA7G:!5>!+/!g
2A@<6!58?!k
2?54!78;<=5>7@8E!6:E<G>:?!78!>A:!
B6:5>:E>!5;:>4G:8:!6:?<;>7@8!65>:E!58?!Yh
2A@<6!58?!Li
2A@<6!78;<=5>7@8E!A5?!
E7B87H7;58>G4!G@S:6!65>:ET!)A:E:!6:E<G>E!78?7;5>:?!>A5>!78;<=5>7@8!>79:!S5E!58!79F@6>58>
!?:>:697858>!@H!F@>:8>75G!1+#1!65>:E!58?!>A5>!@F>795G!78;<=5>7@8!>79:!S5E!G7W:G4!E7>:
2?:F:8?:8>T!-5E:?!@8!@<6!E><?4!E4E>:9U!S:!H@<8?!>A5>!G@8B:6!78;<=5>7@8!>79:E!O:TBT!k!
?54E!65>A:6!>A58!>A:!E<BB:E>:?!658B:!@H!Y!>@!Li!A@<6P!S:6:!8::?:?!>@!5;A7:D:!
;@8E7E>:8
>G4!?:>:;>5=G:!6:E<G>E!SA:8!<E78B!>A:!*&*T!Q@S:D:6U!7>!7E!79F@6>58>!>@!8@>:!>A5>!
<E:!@H!G@8B!78;<=5>7@8!>79:EU!F56>7;<G56G4!SA:8!<E78B!>A:!*&*U!;58!6:E<G>!78!G56B:!
@D:6:E>795>:E!@H!1+#1!O07GD:E>:6!:>!5G!YlhLPT!)A7E!7E!>A@<BA>!>@!=:!>A:!6:E<G>!@H!?:
26:F6:EE
7@8!=4!SA7;A!78A7=7>7@8!@H!1+#1!=4!5;:>4G:8:!;5<E:E!=5;>:675G!#
2?:F67D5>7@8!
SA7;A!>A:8!E>79<G5>:E!78;6:5E:?!1+#1!5;>7D7>4!@6!87>6@B:85E:!E48>A:E7E!O07GD:E>:6!:>!5G!
YlhLs!&57!:>!5G!YllLPT!)A7E!G5B!78!*&*!5;>7D7>4!954!5GE@!6:E<G>!H6@9!5!G5B!78!?75V@>6@FA!
F@F<G5>7@8!B6@S>A!5E!>A:E:!@6B587E9E!5?5F>!>@!>A:!78;<=5>7@8!;@8?7>7@8E!OD58!-:6W<9!
58?!-@AG@@G!YlhMPT!.7D:8!>A7E!7EE<:U!S:!E>6@8BG4!:8;@<65B:!6:E:56;A:6E!>@!@F>797V:!
78;<=5>7@8!>79:!H@6!>A:76!@S8!E4E>:9EU!6:?<;78B!>79:E!SA:8:D:6!H:5E7=G:T
!1+#1!65>:E!9:5E<6:?
!D75!
Yj#L!78;@6F@65>7@8!S:6:!5GE@!B6:5>:E>!5H>:6!k!?54E!@H!
78;<=5>7@8T!d:!S:6:!E<6F67E:?!>@!H78?!>A5>!?7HH:6:8;:E!78!1+#1!65>:E!=:>S::8!k!?54E!
58?!R!?54E!S:6:!E@!B6:5>U!S7>A!1+#1!65>:E!=:78B!5FF6@N795>:G4!i!58?!Li!>79:E!B6:5>:6!
5>!k!?54E!>A58!5>!R!?54E!H@6
!+C3!58?!+/U!6:EF:;>7D:G4T!)A7E!954!78?7;5>:!>A5>!5H>:6!k!
?54E!@H!78;<=5>7@8U!?75V@>6@FA!;@99<87>7:E!A5D:!EA7H>:?!>@!5!?@97858;:!@H!@6B587E9E!
gM! S:GG
2E<7>:?!>@!5EE54!;@8?7>7@8ET!'>A:6E!A5D:!EA@S8!>A5>!;@99<87>7:E!;58!;A58B:!
?65E>7;5GG4!@D:6!>A:!;@<6E:!@H!>A:E
:!78;<=5>7@8E!Od:5D:6!58?!,58E@!Yllis!.@G?H56=!:>!
5GT!LMYYs!'G7D:67@!:>!5GT!LMYkPT!)A:6:H@6:U!k
2?54!78;<=5>7@8EU!>A@<BA!?:9@8E>65>78B!A7BA!
1+#1!65>:EU!954!8@>!5;;<65>:G4!F6:?7;>!>A:!F@>:8>75G!H@6!>A:!:8?:97;!?75V@>6@FA!
;@99<87>4!>@!H7N!#T!
!*>!>A:!@>A:6!:N>
6:9:U!5!Y
2?54!78;<=5>7@8!6:E<G>:?!78!8:BG7B7=G:!78;@6F@65>7@8!@H!
Yj#!78>@!>A:!E@7G!S7>A!D5G<:E!78!>A:!FB!#!B
2Y!?64!E@7G!?54
2Y!658B:T!)A@<BA!5!Y
2?54!
78;<=5>7@8!7E!G7W:G4!>@!A5D:!>A:!G:5E>!;A58B:?!97;6@=75G!;@99<87>4U!7>!?@:E!8@>!5FF:56!>@!
=:!G@8B!:8@<BA!>@!
:8E<6:!>A5>!
Yj#!78;@6F@65>7@8!7E!B6:5>!:8@<BA!>@!=:!S:GG!5=@D:!>A:!
=5;WB6@<8?!G:D:GE!@H!5!6:G5>7D:G4!G56B:!E@7G!>@>5G!#!F@@G!58?!S:GG!5=@D:!9:5E<6:9:8>!
?:>:;>7@8!58?!E:8E7>7D7>4!G797>E!@H!>A:!:G:9:8>5G!585G4V:6E!58?!95EE!EF:;>6@9:>:6E!
6@<>78:G4!<E:?!H@6!>A
:E:!585G4E:ET!)A:6:H@6:U!78!@<6!E><?4!E4E>:9U!5!R
2?54!78;<=5>7@8!7E!
@F>795GU!5GG@S78B!H@6!5?:I<5>:!78;@6F@65>7@8!@H!
Yj#!G5=:G!78>@!>A:!E@7G!SA7G:!978797V78B!
;A58B:E!>@!>A:!97;6@=75G!;@99<87>4T!%8!E4E>:9E!S7>A!F@>:8>75GG4!A7BA!1+#1!65>:EU!E<;A!
5E!>6@F7;5G!:
;@E4E>:9E!O&::?!:>!5GT!LMYYPU!EA@6>:6!78;<=5>7@8!>79:E!954!=:!H:5E7=G:T!
Q@S:D:6U!78!E4E>:9E!SA7;A!56:!G7W:G4!>@!A5D:!G@S:6!1+#1!65>:EU!E<;A!5E!><8?65!58?!
>:9F:65>:!H@6:E>E!O&::?!:>!5GT!LMYYPU!78;<=5>7@8!>79:E!@H!<F!>@!k!?54E!954!=:!6:I<76:?T!
%8!>A:E:!;5E:E
U!6:E:56;A:6E!EA@<G?!5;W8@SG:?B:!>A:!F@>:8>75G!H@6!O@6!7?:5GG4U!9:5E<6:P!
97;6@=75G!;@99<87>4!EA7H>ET!%8!E<99564U!5E!S7>A!>A:!*&*U!S:!5B578!6:;@99:8?!
@F>797V5>7@8!@H!78;<=5>7@8!>79:E!H@6!:5;A!<87I<:!E><?4!E4E>:9T!
!d:!@F>797V:?!@N4B:8!;@8;:8>65>7@8!H@6!>A:!*&*!58?!
Yj#L!78;@6F@65>7@8!=4!>:E>78B!
H@<6!;@8;:8>65>7@8E!658B78B!H6@9!585:6@=7;!>@!59=7:8>!78;G<?78B!MU!jU!YMU!58?!LMZ!
@N4B:8T!*;:>4G:8:!6:?<;>7@8!65>:E!S:6:!B6:5>:E>!<8?:6!585:6@=7;!;@8?7>7@8E!58?!
gY! ?:;6:5E:?!5E!@N
4B:8!;@8;:8>65>7@8!78;6:5E:?T!)A7E!H78?78B!7E!B:8:65GG4!E<FF@6>:?!=4!
F6:D7@<E!E><?7:E!EA@S78B!585:6@=7;!;@8?7>7@8E!>@!=:!9@6:!H5D@65=G:!>A58!59=7:8>!'
L!;@8;:8>65>7@8E!H@6!5;:>4G:8:!6:?<;>7@8!@H!E7:D:?!E@7GE!O/A58B!58?![8@SG:E!Ylgjs!
-6@<V:E!:>!5G!Ylgls!-6@<
V:E!:>!5G!YlkYPT!Q@S:D:6U!S:!S:6:!E<6F67E:?!>A5>!97;6@5:6@=7;!
;@8?7>7@8E!S:6:!8@>!9@6:!H5D@65=G:!>@!*&*T!K6:D7@<E!S@6W!A5E!78?7;5>:?!>A5>!
97;6@5:6@=7;!;@8?7>7@8E!56:!@F>795G!H@6!E<FF@6>78B!>A:!?7D:6E7>4!@H!@N4B:8!8::?E!S7>A78!
>A:!?75V@>6@FA!;@99<87>4!O-6@<
V:E!:>!5G!YlkYs!07GD:E>:6!:>!5G!YlhLPT!)A:E:!
97;6@5:6@=7;!;@8?7>7@8E!G7W:G4!=5G58;:!>A:!8::?!>@!F6@>:;>!87>6@B:85E:!H6@9!@N4B:8!
?595B:!S7>A!5:6@=7;!B6@S>AT!O-@4?!:>!5GT!LMYjs!09:6;785!:>!5GT!LMYlPT!)A:6:!56:!
E:D:65G!F@>:8>75G!:NFG585>7@8E!H@6!@<6!6:E<G>ET!
176E>U!5;:>4G:8:!;58!78A7=7>!@N4B:8!<E:!78!
5:6@=7;!E@7GE!O[8@SG:E!:>!5G!YlkRPU!>A@<BA!5;:>4G:8:!;58!5GE@!6:?<;:!B6@S>A!@H!E@9:!
585:6@=7;!?75V@>6@FAE!58?!S@<G?!G7W:G4!5GE@!E<FF6:EE!#
2H7N5>7@8!78!@<6!585:6@=7;!
78;<=5>7@8E!O[8@SG:E!:>!5G!YlkRPT!0:;@8?U!7>!7E!
5GE@!79F@6>58>!>@!8@>:!>A5>!>A:!*&*!S5E!
F:6H@69:?!@8!A@9@B:87V:?!58?!E7:D:?!E@7GEU!>A:6:H@6:!E@7G!97;6@E7>:E!S:6:!G7W:G4!
?7E><6=:?T!0@7G!E>6<;><6:!7E!5!W:4!H5;>@6!78HG<:8;78B!E@7G!@N4B:8!;@8;:8>65>7@8!O)7:?b:!:>!
5GT!YlhiP!58?!97;6@E7>:E!954!=:!@H!F56>7;<G5
6!79F@6>58;:!78!9578>57878B!@F>795G!@N4B:8!
;@8;:8>65>7@8E!H@6!1+#1!O09:6;785!:>!5GT!LMYlPT!*85:6@=7;!;@8?7>7@8E!954!=:!9@6:!
H5D@65=G:!H@6!1+#1!78!?7E><6=:?!E@7GE!=:;5<E:!>A:!97;6@E7>:E!H5D@65=G:!>@!E>67;>!
585:6@=:E!58?!97;6@5:6@FA7G7;!@6B587E9E!954!=:!:NF@
E:?T!+5E>G4U!>A:!*&*!S5E!
F:6H@69:?!@8!E5><65>:?!E@7GE!SA7;A!?<:!>@!6:?<;:?!@N4B:8!?7HH<E7@8!>:8?!>@!=:!@N4B:8!
?:FG:>:?!O)7:?b:!:>!5GT!YlhiP!58?!>A:6:H@6:!9@6:!H5D@65=G:!>@!585:6@=7;!@6B587E9ET!
!)A:E:!6:E<G>E!A7BAG7BA>:?!=@>A!>A:!79F@6>58;:!@H!9578>57878B!E
@7G!E>6<;><6:!58?!
;A@@E78B!58!5FF6@F675>:!E@7G!9@7E><6:!;@8>:8>!SA:8!5EE:EE78B!1+#1T!)A:6:H@6:U!S:!
gL! ;A@E:!>@!<E:!78>5;>!;@6:E!58?!5?b<E>!>@!gMZ!dQ/U!58!@F>795G!9@7E><6:!;@8>:8>!H@6!
97;6@=75G!5;>7D7>4!O+788!58?!,@658!YlhiPU!H@6!
Yj#L!78;@6F@65>7@8!@F>797V5>7@
8!S@6WT!
1@GG@S78B!d:5D:6!58?!,58E@cE!OYlliP!*&*!78!B65EE!E4E>:9EU!S:!5?D@;5>:!H@6!>A:!
6:9@D5G!@H!E@7G!A@9@B:87V5>7@8!H6@9!#
2H7N5>7@8!5EE54!F6@>@;@GEU!<E78B!78E>:5?!78>5;>!E@7G!
;@6:EU!78!@6?:6!>@!9578>578!>A:!67;A!D567:>4!@H!87;A:!EF5;:!58?!5;>7D7>4!@H!5!?7
D:6E:!56654!
@H!#
2H7N78B!@6B587E9ET!Q@S:D:6U!7H!6:E:56;A:6E!;@8?<;>!S@6W!@8!A@9@B:87V:?!E@7GE!@6!
S7>A!>A:!*&*U!S:!6:;@99:8?!G@S!@N4B:8!;@8;:8>65>7@8!@6!585:6@=7;!;@8?7>7@8E!=:!
<E:?T!&:E:56;A:6E!EA@<G?!5GE@!=:!5?D7E:?!>A5>!*&*!;@8?<;>:?!<8?:6!G@S!@N4B:8!
5D57
G5=7G7>4!A5E!=::8!5EE@;75>:?!S7>A!1+#1!?:
26:F6:EE7@8U!F56>7;<G56G4!H@6!G@8B:6!
78;<=5>7@8!>79:E!O07GD:E>:6!:>!5G!YlhLs!&57!:>!5G!YllLPT!
!d7>A!78>5;>!E@7G!;@6:EU!S:!5B578!>:E>:?!>A:!E59:!H@<6!@N4B:8!;@8;:8>65>7@8E!
<E78B!>A:!
Yj#L!78;@6F@65>7@8!9:>A@?T!d:!H@<8
?!>A5>!G@SU!=<>!8@>!585:6@=7;!@N4B:8!
;@8;:8>65>7@8E!56:!9@E>!H5D@65=G:!H@6!F@>:8>75G!1+#1!SA:8!5EE:EE:?!@8!78>5;>!;@6:E!
A:G?!5>!gMZ!dQ/T!0F:;7H7;!@N4B:8!@F>795!D567:?!=4!E7>:!G7W:G4!?<:!>@!5!D567:>4!@H!H5;>@6E!
78;G<?78B!?7HH:6:8;:E!78!E@7G!>:N><6:!58?!E@7G
!9@7E><6:!;@8>:8>!O)7:?b:!:>!5GT!YlhiPT!*>!
+C3U!F@>:8>75G!1+#1!S5E!B6:5>:E>!56@<8?!YMZ!@N4B:8!SA7G:!5>!+/!jZ!@N4B:8!
F6@9@>:?!>A:!B6:5>:E>!F@>:8>75G!1+#1T!)A7E!954!A5D:!=::8!E>6@8BG4!78HG<:8;:?!=4!E@7G!
>:N><6:!58?!6:E<G>78B!78>:B67>4!@H!78>5;>!;@6:E!H6@9!:5
;A!E7>:T!dA7G:!;@6:E!H6@9!+C3!S:6:!
G7W:G4!>@!9578>578!>A:76!E>6<;><6:U!;@6:E!H6@9!+/U!SA:6:!E@7GE!56:!E58?7:6U!H6:I<:8>G4!G@E>!
E@9:!E>6<;><6:!@8;:!>A:!/!;@;W>57G!S5E!5??:?T!*E!?7E;<EE:?!5=@D:U!G@EE!@H!E>6<;><6:!
;58!:NF@E:!97;6@E7>:E!6:E<G>78B!78!9@6:!:NF@E
<6:!@H!585:6@=7;!58?!97;6@5:6@FA7G7;!
?75V@>6@FAE!>@!@N4B:8T!,7HH:6:8;:E!78!@N4B:8!@F>795!954!5GE@!=:!>A:!6:E<G>!@H!
?7HH:6:8;:E!78!?75V@>6@FA!;@99<87>4!;@9F@E7>7@8U!>A@<BA!S:!?7?!8@>!5EE:EE!;@99<87>4!
gR! ;@9F@E7>7@8!78!>A7E!E><?4T!&:E:56;A:6E!EA@<G?!;@8E7?:6!:D
5G<5>78B!A@S!@N4B:8!
;@8;:8>65>7@8!58?!S5>:6!;@8>:8>!79F5;>!1+#1!78!>A:76!E><?4!E4E>:9!=:H@6:!;A@@E78B!>A:!
D5G<:E!@H!>A:E:!F5659:>:6E!<E:?!78!>A:76!5EE54ET
!1785GG4U!S:!>:E>:?!A@S!/!E@<6;:!79F5;>E!F@>:8>75G!1+#1!65>:ET!d:!H@<8?!>A5>!
E<FFG478B!5!/!E@<6;:!S7>A
!9@6:!/!H@69E!E<FF@6>E!B6:5>:6!F@>:8>75G!1+#1!>A58!/!
E@<6;:E!S7>A!H:S:6!;@9F@<8?E!6:B56?G:EE!@H!>A:!9:>A@?!<E:?!>@!9:5E<6:!1+#1T!*&*!
6:E<G>E!78?7;5>:?!>A5>!5??7>7@8!@H!/!;@;W>57G!78;6:5E:?!F@>:8>75G!5;:>4G:8:!6:?<;>7@8!65>:E!
;@9F56:?!>@!BG<;@E:!@8G4T!CE78B
!>A:!
Yj#L!78;@6F@65>7@8!9:>A@?U!S:!H@<8?!/!;@;W>57G!>@!
78;6:5E:!F@>:8>75G!1+#1!=4!h!>@!ih!>79:E!5=@D:!8@
2/!;@8>6@GE!?:F:8?78B!@8!E7>:T!%>!7E!
8@>!E<6F67E78B!>A5>!5!/!;@;W>57G!E<FF@6>E!B6:5>:6!1+#1!>A58!E78BG:!E@<6;:E!@H!/!5E!
?75V@>6@FAE!56:!?7D:6E:!58?!@H>:
8!7E@G5>:?!S7>A!/!E@<6;:E!@>A:6!>A58!BG<;@E:!O-5G?587!:>!
5GT!LMYiPT!0<6F67E78BG4U!5??7>7@8E!@H!5!E78BG:!/!E@<6;:!OE<;6@E:P!?7?!6:E<G>!78!E797G56!65>:E!
@H!1+#1!>@!>A:!/!;@;W>57G!5>!+/T!Q@S:D:6U!1+#1!?7?!8@>!?7HH:6!E7B87H7;58>G4!=:>S::8!
E<;6@E:!58?!8@
2/!>6:5
>9:8>E!5>!:7>A:6!E7>:T!%8!;@8>65E>U!&@G:4!:>!5GT!OLMYhP!H@<8?!
5??7>7@8E!@H!BG<;@E:!E@G<>7@8!>@!78;6:5E:!1+#1!=4!8:56G4!j!>79:E!;@9F56:?!>@!8@!
BG<;@E:!5??7>7@8ET!dA7G:!>A7E!E<BB:E>E!>A5>!5>!E@9:!E59FG78B!>79:E!58?!E7>:E!@8:!/!
E@<6;:!954!E<HH7;7:8>G4!E>79<G5
>:!>A:!97;6@=75G!;@99<87>4U!S:!6:;@99:8?:?!<E:!@H!>A:!
/!;@;W>57G!H@6!=@>A!>A:!*&*!58?!
Yj#L!78;@6F@65>7@8!9:>A@?E!5E!7>!7E!G7W:G4!>@!E>79<G5>:!
1+#1!5;6@EE!5!S7?:!658B:!@H!;@8?7>7@8E!58?!E><?4!E7>:ET!d:!5GE@!8@>:!>A5>!7>!7E!
79F@6>58>!>@!5?b<E>!>A:!FQ!@H!>A:!/!;@;W>57G!E@G<>7@8!5E!S:!@=E:6D:?!5!?:;6:5E:!78!1+#1!
65>:E!SA:8!<8=<HH:6:?U!5;7?7;!/!;@;W
>57G!S5E!<E:?!D:6E<E!=<HH:6:?U!8:<>65G!/!;@;W>57GT!
C8=<HH:6:?!/!;@;W>57G!954!FG5;:!E:G:;>7D:!F6:EE<6:!@8!>A:!?75V@>6@FA!;@99<87>4!5E!
gi! =@>A!?7D:6E7>4!58?!E>6<;><6:!@H!?75V@>6@FA!;@99<87>7:E!A5D:!=::8!EA@S8!>@!=:!
78HG<:8;:?!=4!E@7G!FQ!O158!:>!5GT!LMYhPT!!!
!+5E>G4U!@<6!S@6W!5??E!>@!>A:!B6@S78B!=@?4!@H!:D7?:8;:!>A5>!1+#1!@;;<6E!78!9584!
E4E>:9E!58?!;58!;@8>67=<>:!G56B:G4!>@!FG58>!#!?:958?E!O-@6958!:>!5GT!YllRs!&::?!:>!5GT!
LMYYs!+5?A5!:>!5GT!LMYgs!&@G:4!:>!5GT!LMYhPT!CF!>@!@H!ihZ!@H!#!?:958?!H@6!B65EE:E!E<;A!
5E!95
7V:U!67;:U!58?!SA:5>!S:6:!H@<8?!>@!;@9:!H6@9!E@<6;:E!@>A:6!>A58!E@7G!58?!H:6>7G7V:6!
#!O+5?A5!:>!5GT!LMYgPU!58?!@>A:6E!A5D:!EA@S8!#
2H7N5>7@8!;58!;@8>67=<>:!E7B87H7;58>G4!On!
jMZ!78!E@9:!;5E:EP!>@!957V:!#!?:958?E!O/A5GW!LMYgs![5<8!:>!5GT!LMYgPT!%8!
ES7>;AB65EE
!E4E>:9EU!G7W:!>A@E:!E><?7:?!78!>A7E!S@6WU!&@G:4!:>!5GT!OLMYhP!H@<8?!#!?:H7;7>E!
5>!<FS56?E!@H!Rj!
`!jh!WB!#!A5
2Y!462Y!58?!:N>65F@G5>:?!1+#1!65>:E!78?7;5>:?!>A7E!F6@;:EE!
;@<G?!9::>!hM!>@!YMMZ!@H!>A:!?:H7;7>T!-4!:N>65F@G5>78B!@<6!5D:65B:!1+#1!65>:E!H6@9!XB!
#!H7N:?!B
2Y!?64!E@7G!?54
2Y!>@!WB!#!A5
2Y!46!
2YU!S:!H@<8?!1+#1!5>!+C3!A5E!>A:!F@>:8>75G!>@!
;@8>67=<>:!MTLj!>@!YYTM!WB!#!A5
2Y!46!
2YT!)A:E:!65>:E!56:!<F!>@!LN!B6:5>:6!>A58!>A:!
:E>795>:?!;@8>67=<>7@8!@H!#!H6@9!E49=7@>7;!#
2H7N5>7@8!78!>:9F:65>:!B65EEG58?E!O&::?!:>
!5GT!LMYYP!58?!9::>!5FF6@N795>:G4!Yl!
`!RY!Z!@H!>A:!#!?:H7;7>!7?:8>7H7:?!=4!&@G:4!:>!5GT!
OLMYhPT!!"N>65F@G5>7@8!@H!1+#1!65>:E!5>!+/!6:E<G>E!78!9<;A!G@S:6!588<5G!#!;@8>67=<>7@8E!
H6@9!1+#1!S7>A!F@>:8>75G!;@8>67=<>7@8E!@H!@8G4!MTMi!>@!MTRj!WB!#!A5
2Y!46!
2YT!)A:
E:!G56B:!
?7HH:6:8;:E!78!F@>:8>75G!#!;@8>67=<>7@8!H6@9!1+#1!5;6@EE!E7>:E!@8G4!E:6D:!>@!A7BAG7BA>!>A:!
8::?!H@6!=:>>:6!:E>795>7@8!@H!1+#1!58?!=:>>:6!<8?:6E>58?78B!@H!;@8>6@GE!@8!>A7E!
79F@6>58>!#!E@<6;:T!*G>A@<BA!>A:E:!:N>65F@G5>:?!65>:E!56:!=5E:?!@8!@F>797V:?
!;@8?7>7@8E!H@6!F@>:8>75G!1+#1!65>:EU!>A:4!56:!E>7GG!<E:H<G!H@6!:E>795>78B!F@>:8>75G!
;@8>67=<>7@8!@H!1+#1!>@!>A:!@D:65GG!#!=<?B:>U!5E!7E!?@8:!S7>A!@>A:6!F@>:8>75G!#
2;4;G:!
gj! F6@;:EE!65>:E!O:TBT!#
2978:65G7V5>7@8U!87>67H7;5>7@8U!?:87>67H7;5>7@8PU!S7>A!>A:!<8?:6
E>58?78B!
>A5>!=<?B:>!8<9=:6E!B:8:65>:?!<E78B!>A:E:!F@>:8>75G!65>:E!56:!G7W:G4!@D:6:E>795>:ET
!5=E!
'*)',?$8*)$
!*E!?:9@8E>65>:?!78!F5E>!S@6WU!S:!;@8H769:?!>A5>!7EE<:E!S7>A!>A:!*&*U!E<;A!5E!
=5;WB6@<8?!:>A4G:8:!F6@?<;>7@8!58?!;@8E<9F>7@8U!G797>!7>E!5FFG7;5=7G7>
4!>@!9:5E<678B!
1+#1!78!E@7GET!dA7G:!S:!6:;@99:8?!5D@7?78B!<E:!@H!>A:!*&*U!6:E:56;A:6E!;@<G?!
@D:6;@9:!E@9:!@H!7>E!7EE<:E!=4!78;G<?78B!A7BA!E59FG:!6:FG7;5>7@8!58?!;@8>6@GE!H@6!
=5;WB6@<8?!:>A4G:8:!F6@?<;>7@8!58?!;@8E<9F>7@8T!%H!*&*!7E!;A@E:8U!S:!6:;@99:8?!
G@8
B:6!78;<=5>7@8!>79:EU!585:6@=7;!;@8?7>7@8EU!58?!>A:!5??7>7@8!@H!5!/!;@;W>57GT!%8!
5??7>7@8U!S:!S@<G?!;5<>7@8!5B578E>!<E78B!>A:!*&*!6:E<G>E!>@!:E>795>:!#!=<?B:>E!5E!7>!7E!
8@>!5!?76:;>!9:5E<6:!@H!#
2H7N5>7@8!@6!#!5;;<9<G5>7@8U!=<>!@H!F@>:8>75G!87>6@B:85E:!
:8V4
9:!5;>7D7>4T!
!!d:!E>6@8BG4!6:;@99:8?!>A5>!1+#1!F@>:8>75G!=:!9:5E<6:?!<E78B!>A:!
Yj#L!78;@6F@65>7@8!9:>A@?!58?!=:!;@8?<;>:?!@8!78>5;>!E@7G!;@6:ET!)@!:8E<6:!@F>795G!
;@8?7>7@8E!H@6!1+#1!5;6@EE!5!S7?:!D567:>4!@H!?75V@>6@FAEU!S:!6:;@99:8?!<E:!@H!5!/!
;@;W>57G!;@8
>57878B!5!97N><6:!@H!BG<;@E:U!E<;6@E:U!95G7;!5;7?U!58?!;7>67;!5;7?U!58?!5!R
2?54!
78;<=5>7@8!>@!5GG@S!H@6!5?:I<5>:!78;@6F@65>7@8!@H!>A:!
Yj#!G5=:G!@D:6!>A:!EA@6>:E>!
78;<=5>7@8!>79:T!&:E:56;A:6E!EA@<G?!;@8E7?:6!>:E>78B!78;<=5>7@8!>79:!78!>A:76!@S8!
E4E>:9!5E!>A
:!>79:!8::?:?!>@!5;A7:D:!5?:I<5>:!
Yj#!78;@6F@65>7@8!S7GG!D564!=4!5;>7D7>4!@H!
?75V@>6@FA!;@99<87>7:E!5>!:5;A!E7>:T!%8!E@9:!;5E:EU!78;<=5>7@8!>79:E!954!=:!6:?<;:?U!
>A:6:=4!6:?<;78B!;A58B:E!>@!>A:!97;6@=75G!;@99<87>4!?<678B!>A:!78;<=5>7@8T!d:!5GE@!
6:;@99:8?!7
8;<=5>78B!E59FG:E!5>!G@S!@N4B:8!;@8;:8>65>7@8E!O=:>S::8!j!58?!YMZP!5E!
>A7E!F6@9@>:?!>A:!B6:5>:E>!F@>:8>75G!1+#1!;@9F56:?!>@!59=7:8>!@6!585:6@=7;!;@8?7>7@8E!
gg! 78!@<6!E><?4T!Q@S:D:6U!=:;5<E:!@F>795G!@N4B:8!;@8;:8>65>7@8!7E!D5675=G:!5;6@EE!E7>:E!
S7>A!?7HH:6:8>!
E@7G!>:N><6:U!S:!6:;@99:8?!>A5>!6:E:56;A:6E!@F>797V:!@N4B:8!
;@8;:8>65>7@8!H@6!:5;A!8:S!E7>:!>:E>:?T!
!)A:!*&*!A5E!=::8!<E:?!H@6!?:;5?:E!58?!S7>A@<>!F6@F:6!F@E7>7D:!58?!8:B5>7D:!
;@8>6@GE!A5E!G7W:G4!A78?:6:?!@<6!5=7G7>4!>@!78D:E>7B5>:!1+#1!5;6@EE!E4E>:9ET!dA7
G:!>A:!
*&*!;@<G?!=:!E<;;:EEH<GG4!:9FG@4:?!78!E@9:!;5E:E!
`!7T:T!787>75G!>:E>78B!>@!6:?<;:!;@E>!@H!
@F>797V5>7@8!S@6WU!<G>795>:G4!5!9@6:!?76:;>!9:5E<6:9:8>!9:>A@?!E<;A!5E!
Yj#L!78;@6F@65>7@8!58?!;@8E7?:65>7@8!@H!>A:!@F>795G!;@8?7>7@8E!H@6!5!B7D:8!E><?4!E4E>:9!
56:!
8::?:?!>@!9@D:!@<6!<8?:6E>58?78B!@H!>A7E!79F@6>58>!F6@;:EE!H@6S56?T!!
!!!!!!!!!!!!!!!!gk! !!!!!!!!!!!"33-).8[
!!!!!!gh! $?33,-0-)%",!0"%-&8",
!!!!!!!!!!!!!!!!!!!!!!!    Figure S1
  Images of 
AMS soil/turf probe used to obtain 
intact
 core
s (A) and intact core 
collected in field and transferred to 20 ml gas vial (B). Soil
/turf probe
 has an inside diameter of 
1.5 cm and cores were collected to 5 cm depth. Intact cores were transferred in
-field to sample 
vials, then stored in a cooler until transport to the lab. 
 1@ABC<!$5=
4>!
8U9A<N!KP!"0$!NK@;eMBCP!ZCK:<!BN<S!MK!K:M9@L!@LM9VM!VKC<N!
O*P!58?!78>5;>!
;@6:!;@GG:;>:?!78
!H7:G?!58?!>658EH:66:?!>@!LM!9G!B5E!D75G!O-PT!0@7Go><6H!F6@=:!A5E!58!78E7?:!
?759:>:6!@H!YTj!;9!58?!;@6:E!S:6:!;@GG:;>:?!>@!j!;9!?:F>AT!%8>5;>!;@6:E!S:6:!>658EH:66:?!78
2H7:G?!>@!E59FG:!D75GEU!>A:8!E>@6:?!78!5!;@@G:6!<8>7G!>658EF@6>!>@!>A:!G5=T
!!gl! !!!!!!!!!!&-1-&-)'-$
!!!!!!!!!!!!!!!kM! &-1-&-)'-$
!!-5A<G7W56U!&T!*TU!)@66:E
2\:6:VU!%TU!d@6G:4U!"TU!/65D:8U![TU!r!C?D56?7
U!(T![T!OLMYiP!
,7D:6E7>4!@H!87>6@B:8
2H7N78B!=5;>:675!5EE@;75>:?!S7>A!ES7>;AB65EE!78!>A:!85>7D:!
>5GGB65EE!F65767:!@H!8@6>A:68!'WG5A@95T!*FFGT!"8D76@8T!(7;6@=7@GTU!hMOYhPU!jgRg
2jgiRT!-5G?587!\%U!&:7E!$(U!$7?:765!00U!-@??:4!+QU!-5G?587!$+,T!OLMYiP!)A:!56>!@H!
7E@G5>78B!
87>6@B:8
2H7N78B!=5;>:675!H6@9!8@8
2G:B<978@<E!FG58>E!<E78B!#
2H6::!E:97
2E@G7?!
9:?75f!5!F65;>7;5G!B<7?:!H@6!97;6@=7@G@B7E>ET
!KG58>!58?!E@7G
!Rhif!iYR
2iRYT
!-5<?@78U!"U!-:87V67T!"U!.<;W:6>U!*T!OLMMRPT!%9F5;>!@H!56>7H7;75G!6@@>!:N<?5>:E!@8!>A:!
=5;>:675G
!;@99<87>4!E>6<;><6:!78!=<GW!E@7G!58?!957V:!6A7V@EFA:6:T!0@7G!-7@G@B4!
58?!-7@;A:97E>64!RjOlPU!YYhR
2YYlLT!
!-:GG:8B:6!\KU!3<!eU!mA58B!3U!(@6:G!1((U![65:F7:G!*(+T!OLMYiP!K@EE7=G:!;@8>67=<>7@8!@H!
5G>:685>7D:!87>6@B:85E:E!>@!87>6@B:8!H7N5>7@8!=4!5E49=7@>7;!#!L
2H7N78B!=5;>:675!78!
E@7GET!
0@7G!-7@G@B4!58?!-7@;A:97E>64
!glf!iYR
2iLMT
!-G@EEH:G?U!0TU!.58E:6>U!,TU!)A7:G:U!-TU![<A8U!*T!\TU!r!+{E;AU!&T!OLMYYP!)A:!?48597;E!@H!
@N4B:8!;@8;:8>65>7@8U!FQ!D5G<:U!58?!@6B587;!5;7?E!78!>A:!6A7V@EFA:6:!@H!\<8;<E!
EFFT
!0@7G!=7@G@B4!58
?!=7@;A:97E>64
U!iROgPU!YYhg
2YYlkT!-@??:4U!&T!(T!OYlhkP!(:>A@?E!H@6!I<58>7H7;5>7@8!@H!87>6@B:8!H7N5>7@8!5EE@;75>:?!S7>A!
B65978:5:T
!/67>7;5G!6:D7:SE!78!FG58>!E;7:8;:E
U!gORPU!LMl
2LggT
!-@69588U!-T!)TU!-@69588U!1T!QTU!-@S?:8U!dT!-TU!K7:;:U!&T!0TU!Q59=<6BU!0T!KTU!d58BU!
,TU!TTT!r!%8B:6E@GGU!&T!/T!OYllRPT!&5F7?!#⁄!L!17N5>7@8!78!K78:EU!*G?:6U!58?!+@;<E>f!
"D7?:8;:!16@9!>A:!058?=@N!";@E4E>:9E!0><?4T
!D%575+;
U!FGOLPU!jhR
2jlhT
!-@>>@9G:4U!KT!\TU!r!
(46@G?U!,T!,T!OLMYiP!-7@G@B7;5G!#!78F<>ET
!H5$7('$%*56$575+;.(2%575+;(
"#/(6$5%<2'$0,*;
U!IU!Rgj
2RhhT!-@4?U!"T!0TU!/@E>5EU!*T!(T!.TU!Q597G>@8U!)T!+TU!(<EU!1TU!r!K:>:6EU!\T!dT!OLMYjP!"D@G<>7@8!
@H!9@G4=?:8<9!87>6@B:85E:!?<678B!>A:!>658E7>7@8!H6@9!585:6@=7;!>@!5
:6@=7;!
9:>5=@G7E9T
!J5&*#"7(58(6"%,2*$575+;
U!KLFOlPU!YglM
2YgllT
!-v6B9588U!QTU!(:7:6U!0TU!-<8B:U!(TU!d7?9:6U!1TU!r!m:4:6U!\T!OLMMjP!"HH:;>E!@H!9@?:G!
6@@>!:N<?5>:E!@8!E>6<;><6:!58?!5;>7D7>4!@H!5!E@7G!?75V@>6@FA!
;@99<87>4T
!D#)$*5#'2#,"7(>$%*56$575+;
U!FOYYPU!Yk
YY2YkLiT
!,:!-@8>U!\T!*T!(T!OYlkgP!'N7?5>7@8!@H!:>A4G:8:!=4!E@7G!=5;>:675T
!3#,5#$2()"#(
M22&B2#<52N
U!GOOY2LPU!jl
2kYT!kY! -6@<V:EU!&TU!+5E7WU!\TU!r![8@SG:EU!&T!OYlglP!)A:!:HH:;>!@H!@6B587;!59:8?9:8>U!S5>:6!
;@8>:8>U!58?!@N4B:8!@8!>A:!78;@6F@65>7@8!@H!Yj#L!=4!E@9:!
5B67;<G><65G!58?!H@6:E>!
E@7GET!/58T\T(7;6@=7@GTYjOhPfhll
2lMjT
!-6@<V:EU!&TU!r![8@SG:EU!&T!OYlkRP![78:>7;E!@H!87>6@B:8!H7N5>7@8!78!5!BG<;@E:
259:8?:?U!
585:6@=7;5GG4!78;<=5>:?!E@7GT!0@7GT-7@GT-7@;A:9TjfLLR
2LLlT!-6@<V:EU!&TU!(54H7:G?U!/T!%TU!r![8@SG:EU!&T!OYlkY
P!"HH:;>!@H!@N4B:8!F56>75G!F6:EE7D:!@8!
87>6@B:8!H7N5>7@8!58?!5;:>4G:8:!6:?<;>7@8!78!5!E58?4!G@59!E@7G!59:8?:?!S7>A!
BG<;@E:T!KG58>T0@7GTO0F:;75GPfihY
2iliT!/A5GWU!KT!(T!OLMYgPT!)A:!E>65>:B7;!6@G:!@H!Yj!#!78!I<58>7H478B!>A:!;@8>67=<>7@8!@H!
:8?@FA4>7;!#!L!H7N5
>7@8!>@!>A:!#!8<>67>7@8!@H!8@8
2G:B<9:ET
!H;'6$50$0
U!PLOLPU!gR
2hMT!/A58BU!KT!/TU!r![8@SG:EU!&T!OYlgjPT!#@8
2E49=7@>7;!87>6@B:8!H7N5>7@8!78!E@9:!}<:=:;!
E@7GET
!A"#"/$"#(J5&*#"7(58(>$%*56$575+;
U!KKOYPU!Ll
2RhT!158U![TU!d:7E:8A@68U!KTU!.7G=:6>U!\T!*TU!0A7U!eTU!-57
U!eTU!r!/A<U!QT!OLMYhP!0@7G!FQ!
;@66:G5>:E!S7>A!>A:!;@
2@;;<66:8;:!58?!5EE:9=G5B:!F6@;:EE!@H!?75V@>6@FA7;!
;@99<87>7:E!78!6A7V@EFA:6:!58?!=<GW!E@7GE!@H!SA:5>!H7:G?ET
!H5$7(E$575+;("#/(
E$5%<2'$0,*;
U!KOK
U!Yhj
2YlLT
!167:E:8U!(T!+TU!K@6>:6U!0T!0TU!0>56WU!0T!/TU!D@8
!d:>>=:6BU!"T!\TU!05;AEU!\T!+TU!r!(56>78:V
2&@9:6@U!"T!OLMYYP!(7;6@=75GG4!9:?75>:?!FG58>!H<8;>7@85G!>657>ET
!3##&"7(*2)$2B(58(
2%575+;.(2)57&,$5#.("#/(0;0,2'",$%0
U!GOU!LR
2igT
!.7GG:6U![T!"T!OYlhkP!CE:!58?!5=<E:!@H!>A:!5;:>4G:8:!6:?<;>7@8!5EE54!H@6!9:5E<6:9:8>!
@H!
^5EE@;75>7D:_!87>6@B:8!H7N5>7@8T
!0@7G!=7@G@B4!58?!=7@;A:97E>64
U!YlOgPU!khR
2khiT!.@G?H56=U![T!/TU![565@VU!CTU!Q58E@8U!/T!*TU!058>::U!/T!*TU!-65?H@6?U!(T!*TU!)6:E:?:6U![T!
[TU!TTT!r!-6@?7:U!"T!+T!OLMYYP!,7HH:6:8>75G!B6@S>A!6:EF@8E:E!@H!E@7G!=5;>:675G!>5N5!
>@!
;56=@8!E<=E>65>:E!@H!D56478B!;A:97;5G!6:;5G;7>658;:T!
Q*5#,$2*0($#('$%*56$575+;
U!OU!liT!.<F>5!$$0&U![6@W:6!0\U!Q7;WE!(U!,5D@6:8!/dU!,:E;A::95:W:6![U!+G:S:GG48!&T!OLMYiP!
#7>6@B:8!;4;G78B!78!E<99:6!5;>7D:!F:6:8875G!B65EE!E4E>:9E!78!0@<>A!*<E>65G75f!
8@82E49=7@>7;!87>6@B:8!H7N5>7@8T
!/6@F!58?!K5E><6:!0;7:8;:
!gjfYMii
2YMjgT
!Q56?4!&d1U!Q@GE>:8!&,U!\5;WE@8!"[U!-<68E!&/T!OYlghP!)A:!5;:>4G:8:
`:>A4G:8:!5EE54!
H@6!#
L!H7N5>7@8f!G5=@65>@64!58?!H7:G?!:D5G<5>7@8T!KG58>!KA4E7@G!iRfYYhj
`YLMk![8@SG:EU!&TU!OYlgjP!)A:!E7B87H7;58;:!@H!8@8E49=7@>7;!87>6@B:8!H7N5>7@8T!
0@7GT0;7T0@;T*9TK6@;TLlOLPfLLRT
![8@SG:EU!&TU!-6@<V:EU!&TU!r!'‹>@@G:U!KT!OYlkRPT![78:>7;E!@H!87>6@B:8!H7N5>7@8!58?!
5;:>4G:8:!6:?<;>7@8U!58?!:HH:;>E!@H!@N4B:8!58?!@H!5;:>4G:8:!@8!>A:E:!F
6@;:EE:EU!
kL! 78!5!E@7G!E4E>:9T
!E&772,$#0(8*5'(,<2(D%575+$%"7(C202"*%<(A5''$,,22
U!OYkPU!Ljj
2LgLT![8@SG:EU!&T!OYlhMP!#7>6@B:8!H7N5>7@8!78!85><65G!FG58>!;@99<87>7:E!58?!E@7GET
!#7>6@B:8!
H7N5>7@8!78!85><65G!FG58>!;@99<87>7:E!58?!E@7GET
U!jjk
2jhLT
![<58U![T!-TU!'>A95
8U!&TU!&5A79U![T!*TU!r!0A59E<??78U!mT!QT!OLMYgPT!KG58>!B6@S>A
2F6@9@>78B!6A7V@=5;>:675!78@;<G5>7@8!>@!:8A58;:!D:B:>5>7D:!B6@S>AU!87>6@B:8!
H7N5>7@8!58?!87>6@B:8!6:9@=7G7E5>7@8!@H!957V:!<8?:6!B6::8A@<E:!;@8?7>7@8ET
!!75H(
5#2U!KKORPU!:MYjLikhT
!+5?A5U!\T![TU!)76
@G2K5?6:U!*TU!&:??4U!/T![TU!/5EE958U![T!.TU!$:695U!0TU!K@SGE@8U!,T!0TU!
TTT!r!K5>A5WU!QT!OLMYgPT!.G@=5G!87>6@B:8!=<?B:>E!78!;:6:5GEf!*!jM
24:56!
5EE:EE9:8>!H@6!957V:U!67;:U!58?!SA:5>!F6@?<;>7@8!E4E>:9ET
!H%$2#,$8$%(*215*,0
U!PU!YlRjjT!+788U!,T!(TU!r!,@658U!\T!d
T!OYlhiP!"HH:;>!@H!S5>:6
2H7GG:?!F@6:!EF5;:!@8!;56=@8!?7@N7?:!
58?!87>6@<E!@N7?:!F6@?<;>7@8!78!>7GG:?!58?!8@8>7GG:?!E@7GE!YT
!H5$7(H%$2#%2(H5%$2,;(58(
3'2*$%"(J5&*#"7
U!GROgPU!YLgk
2YLkLT
!(78:>>U!,T!*TU!/@@WU!KT!+TU![:EEG:6U!*T!\TU!r!/5D5B856@U!)T!&T!OLMYRP!&@@>
!:HH:;>E!@8!>A:!
EF5>75G!58?!>:9F@65G!?48597;E!@H!@N4B:8!78!E58?
2=5E:?!G5=@65>@64
2E;5G:!
;@8E>6<;>:?!=7@H7G>:6ET!";@G@B7;5G!:8B78::678BU!jhU!iYi
2iLLT!(76V5U!-T0T!58?!&@?67B<:EU!\T+T!OLMYLP!,:D:G@F9:8>!@H!5!?76:;>!7E@G5>7@8!F6@;:?<6:!H@6!
H6::
2G7D78B!?75V@>6@F
AE!<8?:6!;@8>6@GG:?!A4F@N7;!;@8?7>7@8ET
!3117=(D#)$*5#=(
>$%*56$57=
U!FROYgPU!FFTjjiL
2jjilT
!(46@G?U!,T!,TU!&T!&:<EEU!58?!(T!\T![G<BT!OYlllP!,787>6@B:8!H7N5>7@8T!K5B:E!LiY
2Ljk!78!.T!
KT!&@=:6>E@8U!/T!0T!-G:?E@:U!,T!/T!/@G:958U!58?!KT!0@GG78EU!:?ET!0>58?56?!0@7G
!(:>A@?E!H@6!+@8B
2):69!";@G@B7;5G!&:E:56;AT!'NH@6?!C87D:6E7>4!K6:EEU!#:S!
e@6WU!#:S!e@6WU!C0*T
!#@A6E>:?>U!QT!~T!OYlhRP!#5><65G!H@695>7@8!@H!:>A4G:8:!78!H@6:E>!E@7GE!58?!9:>A@?E!>@!
;@66:;>!6:E<G>E!B7D:8!=4!>A:!5;:>4G:8:
26:?<;>7@8!5EE54T
!H5$7(E$575+;("#/(
E$5%<2'$0,*;
U!KSORPU!LhY
2LhgT!'G7D:67@U!*T!(TU!-65?H@6?U!(T!*TU!r!17:6:6U!#T!OLMYkP!%?:8>7H478B!>A:!97;6@=75G!>5N5!>A5>!
;@8E7E>:8>G4!6:EF@8?!>@!E@7G!S56978B!5;6@EE!>79:!58?!EF5;:T
!T756"7(%<"#+2(
6$575+;
U!OIOjPU!LYYk
2LYLlT!'!)@@G:U!KTU!r![8@SG:EU!&T!OYlkRP!'
N4B:8!78A7=7>7@8!@H!5;:>4G:8:!6:?<;>7@8!O87>6@B:8!
H7N5>7@8P!78!E@7G!:HH:;>!@H!BG<;@E:!58?!@N4B:8!;@8;:8>65>7@8ET!
0@7GT-7@GT-7@;A:9TjfkhR
2khhT!K5>67I<78U!,T!.TU!r![8@SG:EU!&T!OYlkjP!"HH:;>!@H!@N4B:8U!95887>@G!58?!599@87<9!
;@8;:8>65>7@8E!@8!87>6@B:85E:!O/LQL
P!5;>7D7>4!78!5!95678:!EW:G:>5G!;56=@85>:!
E58?T!(5678:T-7@GTRLfil
2gLT
!kR! K:?:6E:8U!'TU!-@6<9U!\TU!,<56>:U!/T!(TU!r!1@6>:EU!(T!,T!OYllhP!'N4B:8!?48597;E!78!>A:!
6A7V@EFA:6:!@H!/49@?@;:5!6@><8?5>5T
!(5678:!";@G@B4!K6@B6:EE!0:67:E
U!YglU!LhR2LhhT
!K78A:76@!\U!-5>:E!
,U!,:=&@4!0U!056W56!,U!&!/@6:!):59T!OLMYhP!8G9:f!+78:56!58?!
#@8G78:56!(7N:?!"HH:;>E!(@?:GET!&!F5;W5B:!D:6E7@8!RTY
2YRkU!C&+f!
A>>FEfoo/&*#T&
2F6@b:;>T@6BoF5;W5B:p8G9:
!&!/@6:!):59T!OLMYhP!&f!*!G58B<5B:!58
?!:8D76@89:8>!H@6!E>5>7E>7;5G!;@9F<>78BT!&!
1@<8?5>7@8!H@6!0>5>7E>7;5G!/@9F<>78BU!$7:885U!*<E>675T!C&+f!
A>>FEfooSSST&
2F6@b:;>T@6Bo
T!&57U!*T!#TU!-@6>A5W<6U!(TU!r!-:6B958U!-T!OYllLPT!#7>6@B:85E:!?:6:F6:EEE7@8U!7>E!
6:B<G5>7@8!58?!9:>5=@G7;!;A58B:E!5EE@;75>:?!S7>A!?75V@>6@FA4!78!>A:!8@8
2A:>:6@;4E>@<E!;458@=5;>:67<9!KG:;>@8:95!=@6458<9!K//!
kRYYMT!>$%*56$575+;
U!KIRORPU!ihY
2ilYT!&::?!0/U!/G:D:G58?!//U!)@S8E:8?!*&T!OLMYYP!1<8;>7@85G!:;@G@B4!@H!H6::
2G7D78B!
87>6@B:8!H7N5>7@8f
!5!;@8>:9F@6564!F:6EF:;>7D:T
!*88<5G!6:D7:S!@H!:;@G@B4U!
:D@G<>7@8U!58?!E4E>:95>7;E
!iLf!ihl
2jYLT!&@=E@8!&+U!K@E>B5>:!\&T!OYlhMP!'N4B:8!58?!A4?6@B:8!78!=7@G@B7;5G!87>6@B:8!
H7N5>7@8T
!*88<5G!&:D7:SE!78!(7;6@=7@G@B4
!Rif!YhR
2LMkT!&@G:4U!0T!0TU!,<8;58U!,T!0TU!+758BU!,TU!.56@<>>:U!*TU!\5;WE@8U!&T!,TU!)7:?b:U!\T!(TU!r!
&@=:6>E@8U!.T!KT!OLMYhP!*EE@;75>7D:!87>6@B:8!H7N5>7@8!O*#1P!78!ES7>;AB65EE!
OK587;<9!D76B5><9P!5;6@EE!5!87>6@B:8!78F<>!B65?7:8>T
!!75H(5#2
U!KIOgPU!:MYlkRLMT
!07GD:6U!dT0T!5
8?!K@E>B5>:U!\T&TU!OYlkRP!"D@G<>7@8!@H!5E49=7@>7;!87>6@B:8!H7N5>7@8T
!J5&*#"7(
58(U<25*2,$%"7(E$575+;
U!GVOYPU!FFTY
2YMT
!07GD:E>:6U!dT!-TU!0@GG78EU!KTU!$:6A@:D:8U!)TU!r!/G78:U!0T!KT!OYlhLPT!#7>6@B:8!H7N5>7@8!58?!
5;:>4G:8:!6:?<;>7@8!78!?:;5478B!;@87H:6!=@G:Ef!:
HH:;>E!@H!78;<=5>7@8!>79:U!
5:65>7@8U!58?!9@7E><6:!;@8>:8>T
!A"#"/$"#(J5&*#"7(58(Q5*20,(C202"*%<
U!KOORPU!
gig2gjLT
!0G@B:6U!/TU!r!D58!-:6W<9U!KT!OYlhhPT!"8?@B:8@<E!:>A4G:8:!F6@?<;>7@8!7E!5!F@>:8>75G!
F6@=G:9!78!>A:!9:5E<6:9:8>!@H!87>6@B:85E:!5;>7D7>4!5EE@;75>:?
!S7>A!:N;7E:?!;@68!
58?!E@6BA<9!6@@>ET
!!7"#,(1<;0$575+;
U!RROYPU!YYj
2YYhT!09:6;785U!,T!#TU!"D58EU!0T!"TU!167:E:8U!(T!+TU!r!)7:9588U!+T![T!OLMYlP!)@!H7N!@6!8@>!>@!
H7Nf!;@8>6@GE!@8!H6::
2G7D78B!87>6@B:8!H7N5>7@8!78!>A:!6A7V@EFA:6:T
!3117=(D#)$*5#=(
>$%*56$57=
U!RSOgPU!:MLjig
2YhT!)7:?b:U!\T!(TU!0:NE>@8:U!*T!\TU!K56W78U!)T!-TU!r!&:DE=:;AU!#T!KT!OYlhiP!*85:6@=7;!
F6@;:EE:E!78!E@7GT
!!7"#,("#/(H5$7
U!FPOY2RPU!Ylk
2LYLT!ki! )E;A7:6E;AU!QTU!+7:=E;AU!.TU!-@67Eb<WU!+TU!0>58B:G954:6U!*TU!r!&@GG:>E;A:WU!QT!OLMYLP!*8!
795B78B!9:>A@?!H
@6!@N4B:8!?7E>67=<>7@8U!6:EF765>7@8!58?!FA@>@E48>A:E7E!5>!5!
97;6@E;@F7;!G:D:G!@H!6:E@G<>7@8T
!#:S!KA4>@G@B7E>
U!YlgORPU!lLg
2lRgT
!$58!-:6W<9U!KTU!r!-@AG@@GU!-T!-T!OYlhMPT!"D5G<5>7@8!@H!87>6@B:8!H7N5>7@8!=4!=5;>:675!
785EE@;75>7@8!S7>A!6@@>E!@H!>6@F7;5G!B65EE:E
T!>$%*56$57=(C2)
U!GGU!ilY
2jYkT
!$7>@<E:WU!KT!(TU!*=:6U!\T!,TU!Q@S56>AU!&T!dTU!+7W:8EU!.T!"TU!(5>E@8U!KT!*TU!0;A78?G:6U!,T!
dTU!TTT!r!)7G958U!,T!.T!OYllkPT!Q<958!5G>:65>7@8!@H!>A:!BG@=5G!87>6@B:8!;4;G:f!
E@<6;:E!58?!;@8E:I<:8;:ET
!D%575+$%"7("117$%",$5#0
U!FORPU
!kRk
2kjMT
!d58B![+U!+7!QU!";W:6!\&T!OLMMLP!">A4G:8:!=7@E48>A:E7E!58?!E7B85G78B!8:>S@6WET!)A:!
KG58>!/:GG!Yif!EYRY
2jYT!d56:9=@<6BU!1T!&T!OYllRP!#7>6@B:8!H7N5>7@8!78!E@7G!58?!FG58>!E4E>:9ET
!W$,*5+2#($05,512(
,2%<#$X&20
U!YLk
2YjgT!d:5D:6U!&T!dTU!r!,58E@U!0T![T!OY
lliP!,787>6@B:8!H7N5>7@8T
!>2,<5/0(58(H5$7(3#"7;0$0Y(!"*,(
OZ>$%*56$575+$%"7("#/(E$5%<2'$%"7(!*512*,$20
U!O9:>A@?E@HE@7G58LPU!YMYl
2YMijT!d7>>4U!\T!1T!OYlklP!*;:>4G:8:!6:?<;>7@8!5EE54!;58!@D:6:E>795>:!87>6@B:8
2H7N5>7@8!78!
E@7GT
!H5$7(6$575+;("#/(6$5%<2'$0,*;
T!378U!\T!eTU!3<U!#TU!\7U!0T!1TU!d58BU!eTU!r!375U!/T!.T!OLMYkP!"F@N7?5>7@8!@H!">A4G:8:!=4!
dA@G:!/:GG!0<EF:8E7@8!@H!(:>A4G@E78<E!>67;A@EF@67<9!%($!RMYYT!\@<685G!@H!
/A:97E>64U!LMYkT
!m:;A9:7E>:6
2-@G>:8E>:68U!0TU!r!097>AU![T!*T!OYllhP!">A4G:8:!F6@?<;>7@8!58?!
?:;@9F@E7>7@8!78!E@7GET
!E$575+;("#/(82*,$7$,;(58(05$70
U!OPOiPU!Rji
2Rg!!kj! '2"3%-&!6
>!$+8%'2/&"$$!$-,-'%$!1*&!"!.8$%8)'%!").!'*)$8$%-)%!&28]*$32-&-!
.8"]*%&*32!'*00?)8%H
!6=4!
"#$%&"'%
!/:GG<G@E7;!=7@:8:6B4!;6@FEU!
G7W:!ES7>;AB65EE!O
!"#$%&'()$*+",&'
PU!6:F6:E:8>!58!
5G>:685>7D:!>@!=7@H<:GE!G7W:!957V:!O
[2"('";0
PU!F6@D7?78B!=:8:H7>E!E<;A!5E!;G795>:!
97>7B5>7@8!S7>A!>A:!F@>:8>75G!>@!B6@S!@8!956B785G!G58?E!8@>!E<7>5=G:!H@6!H@@?!;6@F!
F6@?<;>7@8T!%8!@6?:6!>@!@F>797V:!>A:!E<E>
5785=7G7>4!@H!=7@:8:6B4!;6@F!F6@?<;>7@8U!>A:6:!7E!
5!8::?!>@!<8?:6E>58?!;@8?7>7@8E!SA7;A!5GG@S!H@6!>A:E:!;6@FE!>@!F6@?<;:!A7BA!=7@95EE!
47:G?E!SA7G:!B6@S78B!@8!956B785G!G58?E!<8?:6!G@S
278F<>!5B67;<G><65G!F65;>7;:E!O:TBT!
G797>:?!8<>67:8>!58?!S5>:6!5??7>7@8EPT
!16::
2G7D78B!87>6@B:8!H7N5>7@8!O1+#1P!7E!5!F@>:8>75GG4!
79F@6>58>!87>6@B:8!O#P!E@<6;:!H@6!=7@:8:6B4!;6@FE!G7W:!ES7>;AB65EEU!4:>!>A:!;@8>67=<>7@8E!
@H!1+#1!>@!FG58>!#!?:958?!56:!<8;G:56T!%>!7E!5GE@!8@>!S:GG!<8?:6E>@@?!A@S!H:6>7G7V:6!#!
5??7>7@8E!954!78HG<:8;:!
>A:!F@>:8>75G!H@6!1+#1!>@!;@8>67=<>:!FG58>!5D57G5=G:!#T!%8!>A7E!
E><?4U!S:!<E:?!5!B6::8A@<E:!:NF:679:8>!>@!9:5E<6:!>A:!6:EF@8E:!@H!>A:!ES7>;AB65EE!
6A7V@EFA:6:!#
2H7N78B!97;6@=75G!;@99<87>4!;@9F@E7>7@8!58?!7>E!#
2H7N78B!F@>:8>75G!>@!
G:B5;4!58?!EA@6>
2>:69!#!5??
7>7@8E!<E78B!E@7G!H6@9!>A6::!(7;A7B58!956B785G!G58?!E7>:ET!
0<6F67E78BG4U!S:!H@<8?!8@!6:EF@8E:!@H!1+#1!65>:E!>@!:7>A:6!G:B5;4!@6!EA@6>
2>:69!#!
5??7>7@8E!58?!8@!?7HH:6:8;:!78!1+#1!65>:E!5;6@EE!E7>:ET!d:!H@<8?!8@!E7B87H7;58>!:HH:;>!@H!
E7>:!@6!#!>6:5>9:8>!@8!@D
:65GG!6A7V@EFA:6:!@6!H7:G?!E@7G!?75V@>6@FA!;@99<87>7:EU!=<>!>A:6:!
S5E!5!;G:56!:HH:;>!@H!>A:!6A7V@EFA:6:!@8!;@99<87>4!;@9F@E7>7@8T!dA7G:!S:!H@<8?!8@!
?76:;>!G78W!=:>S::8!?75V@>6@FA!;@99<87>4!;@9F@E7>7@8!58?!1+#1!65>:EU!S:!7?:8>7H7:?!
kg! E:D:65G!')CE!>A5>!S:6:!5E
E@;75>:?!S7>A!B6:5>:6!1+#1!58?!F6@F@E:!>A5>!>A:E:!
@6B587E9E!S56658>!H<6>A:6!E><?4T!!
!6=5!
8)%&*.?'%8*)
!!/:GG<G@E7;!=7@:8:6B4!;6@FEU!78;G<?78B!>A:!/i!F:6:8875G!B65EE!ES7>;AB65EE!
O!"#$%&'()$*+",&'
PU!6:F6:E:8>!5!6:8:S5=G:!H<:G!E@<6;:!58?!5!F@>:8>75G!5G>:685>7D
:!>@!
H<:G!F6@?<;>7@8!H6@9!;6@FE!G7W:!957V:!O
[2"('";0
s!&@=:6>E@8!:>!5GT!LMYkPT!)A:E:!
F:6:8875G!B65EE:E!A5D:!A7BA!;G795>:!97>7B5>7@8!F@>:8>75GE!>A6@<BA!=@>A!;56=@8!O/P!
;5F><6:!58?!=:G@SB6@<8?!/!5GG@;5>7@8U!6:E<G>78B!78!E@7G!/!5;;6<5G!58?!97>7B5>7@8!@H!tlTj!
(B!/'L2:I!A5
2Y!462Y!O&@=:6>E@8!:>!5GT!LMYkPT
!Q@S:D:6U!>A:!;A5GG:8B:!@H!E<;A!;6@FF78B!
E4E>:9E!7E!78!:85=G78B!E<E>5785=G:!FG58>!B6@S>A!@8!G58?E!8@>!E<7>5=G:!H@6!H@@?!F6@?<;>7@8!
O7T:T!956B785G!G58?EP!<8?:6!G@S!78F<>E!@H!8<>67:8>E!58?!S5>:6!O.:GH58?!:G!5GT!LMYRs!
&@=:6>E@8!:>!5GT!LMYkPT!
!0S7>;AB65EE!
7E!5
!F56>7;<G56G4!F6@97E78B!=7@:8:6B4!;6@FU!F6@?<;78B!A7BA!=7@95EE!
47:G?E!SA:8!B6@S8!@8!956B785G!G58?E!:D:8!S7>A!978795G!78F<>E!@H!H:6>7G7V:6!87>6@B:8!O#P!
@6!S5>:6!O.:GH58?!:>!5GT!LMYRs!(:A9@@?!:>!5GT!LMYks!&@=:6>E@8!:>!5GT!LMYkPT!%8!H5;>U!
ES7>;AB65EE!
F6@?<;>7
D7>4!
@8!956B785G!G58?E!
7E!@H>:8!<86:EF@8E7D:!>@!H:6>7G7V:6!#!5??7>7@8E
s!E797G56!47:G?E!A5D:!=::8!@=E:6D:?!5>!#!G:D:GE!=@>A!
5=@D:!
58?!=:G@S!FG58>!#!?:958?E
!O&<58!:>!5G!LMYgs!d58B!:>!5GT!LMYlPT!1<6>A:69@6:U!
47:G?E!6:9578!;@8E7E>:8>G4!A7BA!
?:EF7>:!#!6:9@D5G!D
75!4:56G4!A56D:E>!OK5667EA!58?!17W:!LMMjPT!*8!#!95EE!=5G58;:!
E<BB:E>E!>A5>!ES7>;AB65EE!7E!5;;:EE78B!58!<85;;@<8>:?
2H@6!#!E@<6;:!5>!65>:E!@H!Rj!
`!jh!
WB!#!A5
2Y!462Y!O&@G:4!:>!5GT!LMYhPT!
&:;:8>!:D7?:8;:!F@78>E!>@S56?E!H6::
2G7D78B!87>6@B:8!
H7N5>7@8!O1+#1P!5E!>
A7E!<85;;@<8>:?
2H@6!#!E@<6;:!O&@G:4!:>!5GT!LMYls!09:6;785!:>!5GT!
LMYl5PT
!kk! 16::
2G7D78B!87>6@B:8!H7N5>7@8
U!A:6:!?:H78:?!5E!
#2H7N5>7@8!@;;<6678B!
78!58?!56@<8?!
6@@>E!O6A7V@EFA:6:P!
S7>A@<>!?76:;>!FG58>!E49=7@E7EU!7E!78;6:5E78BG4!6:;@B87V:?!H@6!7>E!
F@>:8>75G!>@!
78;6:5E:!=7@:8:6B4!;6@F!E<E>5785=7G7>4!=4!F6@D7?78B!
58!5G>:685>7D:
!#!E@<6;:!
78!G7:<!@H!H:6>7G7V:6!#!5??7>7@8E!O&::?!:>!5G!LMYYs!-G@;A!:>!5G!LMLMPT!)A7E!:8:6B4
278>:8E7D:!
F6@;:EEU!SA7;A!>658EH@69E!?787>6@B:8!O#
LP!B5E!>@!=7@G@B7;5GG4
25D57G5=G:!599@875U!@;;<6E!
<8?:6!?48597;!;@8?7>7@8E!58?!7E!;5667:?!@<>!=4!5!G56B:!?7D:6E7>4!@H!=5;>:675!G7D78B!78!E@7GE!
58?!>A:!6A7V@EFA:6:
!O09:6;785!:>!5G!LMYl5PT!1+#1!6:5?7G4!@;;<6E!78!>A:!6A7V@EFA:6:E!@H!
9584!B65EE:EU!78;G<?78B!957V:!O/A5GW!LMYgs![5<8!:>!5GT!LMYgP!58?!ES7>;AB65EE
!O&@G:4!
:>!5G!LMYhs!09:6;785!:>!5G!LMYl=PU
!SA:6:!6@@>E!:N<?:!:5E7G4!5;;:EE7=G:!/!>A5>!;58!
E<FF@6>!1+#1!5;>7D7>4T!1+#1!78!>A:!6A7V@EFA:6:!@H!>A:E:!B65EE:E!A5E!>A:!
F@>:8>75G!>@!
;@8>67=<>:!E7B87H7;58>G4!>@!FG58>!#!?:958?E!O-@6958!:>!5GT!YllRs!&::?!:>!5GT!LMYY
s!+5?A5!:>!5GT!LMYgPT!
Q@S:D:6U!78!@6?:6!>@!A568:EE!>A:E:!#!;@8>67=<>7@8EU!S:!8::?!5!
=:>>:6!<8?:6E>58?78B!@H!>A:!;@8>6@GE!@8!1+#1!58?!>A:!?75V@>6@FA7;!@6B587E9E!SA7;A!
;5664!@<>!>A7E!F6@;:EET!
!#7>6@B:8!A5E!=::8!EA@S8!>@!=:!5!95b@6!;@8>6@G!@8!1+#1!OQ@==E!:>!5
G!Ylhis!
K5>65!:>!5G!LMMks!&::?!:>!5GT!LMYYs![@N!:>!5G!LMYgs!09:6;785!:>!5GT!LMYl=PT!,75V@>6@FAE!
56:!8@>!E>67;>G4!6:G758>!@8!H7N:?!#!>@!9::>!>A:76!#!?:958?E!58?!;58!5;;:EE!:N>:685G!#!
E@<6;:EU!78;G<?78B!@6B587;!58?!78@6B587;!#!O&::?!:>!5GT!LMYYs!#@6958!58?!1
67:E:8!
LMYkPT!-:;5<E:!1+#1!7E!:8:6B4!78>:8E7D:U!7>!7E!@H>:8!9@6:!:8:6B:>7;5GG4!H5D@65=G:!>@!<E:!
:N>:685G!#!>A58!>@!H7N!#!H6@9!>A:!5>9@EFA:6:!O&::?!:>!5GT!LMYYs!09:6;785!:>!5GT!LMYl=PT!
/@8E:I<:8>G4U!A7BA!#!5D57G5=7G7>4!B:8:65GG4!?@S8
26:B<G5>:E!1+#1!58?!G@S!
#!5D57G5=7G7>4U!
E<;A!5E!SA5>!97BA>!=:!@=E:6D:?!78!>A:!ES7>;AB65EE!6A7V@EFA:6:U!@H>:8!F6@9@>:E!1+#1!
kh! O&::?!:>!5GT!LMYYs!09:6;785!:>!5GT!LMYl=PT!)A<EU!#!H:6>7G7V5>7@8!@H!ES7>;AB65EE!;6@FF78B!
E4E>:9E!7E!G7W:G4!>@!79F5;>!>A:!F@>:8>75G!;@8>67=<>7@8E!@H!#!H6@9!1+
#1T!
!)A:!95B87><?:!@H!>A7E!6:EF@8E:!78!1+#1!>@!#!7E!G7W:G4!>@!=:!?67D:8!=4!>A:!
;@9F@E7>7@8!@H!>A:!?75V@>6@FA!;@99<87>4T!)A:!ES7>;AB65EE!6A7V@EFA:6:
25EE@;75>:?!
?75V@>6@FA!;@99<87>4!7E!D:64!?7D:6E:U!H@<8?!>@!;@8>578!9:9=:6E!@H!E:D:65G!?7HH:6:8>!
KA4G5!78;G<?7
8B!*GFA5U!-:>5U!.5995U!58?!,:G>5F6@>:@=5;>:675!58?!17697;<>:E!
O-5A<G7W56!:>!5GT!LMYis!&@G:4!:>!5GT!LMYls!dA7>:!:>!5G!
$#(*2)$2B
PT!)A:E:!@6B587E9E!
6:F6:E:8>!?7D:6E:!G7H:!A7E>@67:E!58?!B6@S>A!E>65>:B7:EU!658B78B!H6@9!@G7B@>6@FAE!>@!
;@F7@>6@FAE!58?!H6@9!E>67;>
!585:6@=:E!>@!5:6@=:EU!58?!F6@?<;:!9<G>7FG:!H@69E!@H!
87>6@B:85E:U!>A:!:8V49:!78D@GD:?!78!#
2H7N5>7@8U!5GG!@H!SA7;A!78HG<:8;:!5!B7D:8!@6B587E9E!
1+#1!5;>7D7>4!O09:6;785!:>!5GT!LMYl=PT!,75V@>6@FAE!5GE@!?7HH:6!78!>A:76!6:EF@8E:!>@!#!
5D57G5=7G7>4T!0@9:!?75V@>6@F
AEU!E<;A!5E!
34501$*$77&'(6*"0$72#02
U!;58!6:B<G5>:!>A:!
H<8;>7@8!@H!87>6@B:85E:U!>A:!:8V49:!6:EF@8E7=G:!H@6!#
2H7N5>7@8U!F@E>
2>658EG5>7@85GG4!
>A:6:=4!E>@FF78B!1+#1!5;>7D7>4!SA:8!:N>:685G!#!=:;@9:E!5D57G5=G:!O,7N@8!58?![5A8!
LMMiPT!Q@S:D:6U!9584!?75V@>6@FAE!@8G
4!6:B<G5>:!87>6@B:85E:!>658E;67F>7@8!O,7N@8!58?!
[5A8!LMMiPU!>A:6:H@6:!1+#1!5;>7D7>4!D75!5G6:5?4!E48>A:E7V:?!87>6@B:85E:!954!@;;<6!78!
>A:E:!@6B587E9E!:D:8!SA:8!:N>:685G!#!7E!5D57G5=G:T!'D:65GGU!>A:!6:G5>7D:!6:F6:E:8>5>7@8!
@H!?7HH:6:8>!B6@S>A!E>65>:B7:E!5E!S
:GG!5E!:8V49:!H@69E!58?!6:B<G5>7@8!F6:E:8>!S7>A78!>A:!
?75V@>6@FA!;@99<87>4!7E!G7W:G4!>@!78HG<:8;:!1+#1!5;>7D7>4T
!)A:!;@9F@E7>7@8!@H!>A:!?75V@>6@FA!;@99<87>4!58?!6:G5>7D:!6:F6:E:8>5>7@8!@H!
?7HH:6:8>!B6@S>A!E>65>:B7:E!7E!G7W:G4!>@!=:!79F5;>:?!=4!#!H:6>7G7V5>
7@8T!
+@8B
2>:69!#!
H:6>7G7V5>7@8U!@8!@6?:6!@H!LM!4:56E!@H!5FFG7;5>7@8U!
A5E!=::8!EA@S8!>@!;5<E:!:D@G<>7@8564!
EA7H>E!78!E49=7@>7;!#
2H7N:6EU!6:E<G>78B!78!?:;G7878B!9<><5G7E9E!=:>S::8!6A7V@=75!58?!>A:76!
kl! A@E>E!O[G78B:6!:>!5G!LMYgPU!>A@<BA!8@>!8:;:EE567G4!6:?<;78B
!#2H7N5>7@8!H<8;>7@8!O0;A97?>!
:>!5G!LMYkP
T!0797G56G4U!#!H:6>7G7V5>7@8!H@6!E:D:8!>@!<FS56?E!@H!RM!4:56E!A5E!5GE@!=::8!
@=E:6D:?!>@!;5<E:!EA7H>E!78!?75V@>6@FA!;@99<87>7:E!Od58B!:>!5G!LMYgs!1:8B!:>!5G!LMYhs!
158!:>!5G!LMYls!&@G:4!:>!5G!LMYlP
T!C8?:6!F6:EE<6:E!@H
!G@8B
2>:69U!@6!G:B5;4U!#!
H:6>7G7V5>7@8U!?7D:6E7>4!@H!?75V@>6@FA!;@99<87>7:E!954!?:;6:5E:!O1:8B!:>!5G!LMYhPU!
F@>:8>75GG4!EA7H>78B!>@S56?E!>A@E:!@6B587E9E!SA7;A!;58!65F7?G4!6:B<G5>:!1+#1!5;>7D7>4!
58?!:HH:;>7D:G4!;@9F:>:!H@6!:N>:685GG4
25D57G5=G:!#!>A6@<BA!65F
7?!B6@S>A!O158!:>!5G!LMYls!
09:6;785!:>!5G!LMYl=PT!
0<;A
!EA7H>E!78!;@99<87>4!;@9F@E7>7@8!S7GG!
5GE@!
G7W:G4!78HG<:8;:!
>A:!6:EF@8E:!@H!1+#1!58?!?75V@>6@FA!;@99<87>4!;@9F@E7>7@8!>@!EA@6>
2>:69!#!
5D57G5=7G7>4T!
!%8!>A7E!E><?4U!S:!:NFG@6:!>A:!79F5;>!@H!G:B5;4!58?!EA
@6>
2>:69!#!5??7>7@8E!
@8!
1+#1!65>:E!58?!>A:!ES7>;AB65EE
25EE@;75>:?!?75V@>6@FA!;@99<87>4!
5;6@EE!956B785G!G58?!
E7>:ET!d:!F@E7>!>A6::!A4F@>A:E:Ef!OYP!
%8;6:5E78B!
#!5D57G5=7G7>4!OG:B5;4!58?!EA@6>
2>:69P
U!9@?:65>:?!=4!E7>:U!S7GG!6:?<;:
!1+#1!65>:E!58?!?75V@>6@FA!;@
99<87>4!
?7D:6E7>4!
OLP!
)A:!
95B87><?:!@H!6:EF@8E:!>@!#!H@6!1+#1!65>:E!
58?!?75V@>6@FA!;@99<87>4!;@9F@E7>7@8!
S7GG!=:!9@6:!F6@8@<8;:?!<8?:6!EA@6>
2>:69!#!5??7>7@8E
!ORP!,75V@>6@FA!;@99<87>4!E>6<;><6:!
S7GG!=:!G78W:?!>@!9:5E<6:?!
1+#1
!65>:E!E<;A!>A5>!S:!S7GG!@=E:6D:
!?7E>78;>!;@99<87>4!
;@9F@E7>7@8!58?!F6:E:8;:!@H!EF:;7H7;!?75V@>6@FAE!SA:6:!S:!9:5E<6:!B6:5>:6!1+#1
T!hM! 6=6!
0-%2*.$
!6=6=4!
-WZ<C@U<LM9;!$<MBZ
!!d:!:NFG@6:?
!>A:
!6:EF@8E:!@H!>A:!ES7>;AB65EE!O
!"#$%&'()$*+",&'
P!?75V@>6@FA!
;@99<87>4!;@9F@E7>7@8!58?!5;>7D7>4!O7T:T!1+#1P!>@!G:B5;4!58?!EA@6>
2>:69!#!5??7>7@8!
>6:5>9:8>E!<E78B!5!6:;7F6@;5
G!>6:5>9:8>!
:NF:679:8>5G!?:E7B8!O
17BT!RTY
*PT!)@!6:F6:E:8>!
G:B5;4!#!>6:5>9:8>EU!H7:G?!E@7GE!S:6:!;@GG:;>:?!H6@9!H:6>7G7V:?!58?!<8H:6>7G7V:?!FG@>E!O5E!
?:E;67=:?!=:G@SP!58?!<E:?!5E!78@;<G<9!H@6!B6::8A@<E:!F@>ET!0A@6>
2>:69!#!>6:5>9:8>E!
S:6:!;6:5>:?!78!>A:!B6::
8A@<E:!SA:6:!FG58>E!6:;:7D:?!5??7>7@8E!@H!:7>A:6!A7BA!#!
O:I<7D5G:8>!>@!YLj!WB!#!A5
2Y!462YP!@6!G@S!#!O:I<7D5G:8>!>@!Lj!WB!#!A5
2Y!462YPT!/@GG:;>7D:G4U!
>A7E!;6:5>:?!H@<6!G:B5;4!=4!EA@6>
2>:69!#!5??7>7@8!>6:5>9:8>E!78;G<?78B!H:6>7G7V:?!x!G@S!#!
O1:6>PU!H:6>7G7V:
?!FG<E!A7BA!#!O1:6>!x
!#PU!<8H:6>7G7V:?!x!G@S!#!OC8H:6>PU!58?!<8H:6>7G7V:?!x!
A7BA!#!OC8H:6>!x!#PT!
!%8!>A:!B6::8A@<E:U!ES7>;AB65EE!OD56T!/5D:
2782&@;WP!FG58>E!S:6:!B6@S8!
78?7D7?<5GG4!78!G56B:!?::F@>E!O0><:S:!58?!0@8EU!)58B:8>U!'&U!C0*P!H7GG:?!S7>A!5!jMfjM
!1@ABC<!6=
4>!
-WZ<C@U<LM9;!S<N@AL!KP!_"`!)!9SS@M@KLN!9LS!_#`!Z;9LM@LA
T!)A:6:!S:6:!g!
6:FG7;5>:!F@>E!F:6!G:B5;4!N!EA@6>
2>:69!#!>6:5>9:8>!;@9=785>7@8T!)A7E!S5E!6:F:5>:?!H@6!:5;A!
H7:G?!6:FG7;5>:!Oi!F:6!E7>:P!58?!:5;A!H7:G?!E7>:!OR!
`!"E;585=5U!+5W:!/7>4U!58?!+<N!*6=@6P!H@6!5!
>@>5G!@H!Lhh!F@>ET!17:G?!E@7GE!S:6:!<E:?!>@!78@;<G5>:!
F@>E!=4!5??78B!5!>A78!G54:6!@H!E@7G!8:56!
>A:!E<6H5;:!@H!:5;A!F@>T!!
!!hY! ODo
DP!
97N><6:!@H!
5<>@;G5D:!
E>:67G
7V:?
!E58?!58?!D:697;<G7>:T!"5;A!F@>!5GE@!6:;:7D:?!t!Y!;9!
@H!H7:G?!E@7G!5E!58!78@;<G<9!5>!5!?:F>A!@H!
tY2L!;9!H6@9!>A:!>@F!@H!>A:!F@>!O
17BT!RTY
-PT!)A:!
H7:G?!E@7G!S5E!>A:8!;@D:6:?!S7>A!jMfjM!E58?
2D:697;<G7>:!97NU!H7GG78B!>A:!6:95
78?:6!@H!>A:!
F@>T!0@7GE!H@6!F@>!78@;<G5>7@8!S:6:!;@GG:;>:?!H6@9!>A6::!(7;A7B58!H7:G?!E7>:EU!+<N!*6=@6!
O+C3s!iLTikgRgjU!
2hjTijYhhkPU!+5W:!/7>4!O+/s!iiTLlgMlhU!
2hjTYllgYLPU!58?!"E;585=5!
O"0/s!ijTkgLkU!
2hkTYhkkP!S7>A!?7E>78;>!;G795>:!58?!E@7G!;A565;>:67E>7;E!
O)5=G:!
RTYs!
[5E9:6;A5W!58?!0;A5:>VG!LMYhPT!)A:E:!H7:G?!E7>:E!56:!9578>578:?!5E!F56>!@H!>A:!.6:5>!
+5W:E!-7@:8:6B4!&:E:56;A!/:8>:6cE!
(56B785G!
+58?!"NF:679:8>!O
.+-&/!(+"s!
A>>FEfooSSSTBG=6;T@6Bo
PT!"5;A!E7>:!A5E!H@<6!
6:FG7;5>:!EFG7>!FG@>E!@H!ES7>;AB65EE!O
!"#$%&'(
)$*+",&'(
+=s(;DT!/5D:
2782&@;WP!9@8@;<G><6:!SA7;A!A5D:!=::8!9578>578:?!E78;:!LMYRT!
(578!FG@>E
!56:!?7D7?:?!78>@!H:6>7G7V:?!Ox!jg!WB!<6:5
2#!A5
2Y!462YP!58?!<8H:6>7G7V:?!O8@!5??:?!
#P!
EFG7>
2FG@>E
T!d:!E59FG:?!E@7GE!H6
@9!=@>A!H:6>7G7V:?!58?!<8H:6>7G7V:?!
EFG7>
2FG@>E
!>@!
6:F6:E:8>!@<
6!G:B5;4!#!>6:5>9:8>ET!%8!>@>5GU!S:!A5?!Li!?7E>78;>!E@7G!E59FG:E!OR!H7:G?!E7>:E!
N!i!6:FG7;5>:!=G@;WE!N!L!H:6>7G7V:6!#!>6:5>9:8>EPT!0@7GE!S:6:!6:><68:?!>@!>A:!G5=U!@8!7;:U!
58?!E>@6:?!5>!i!†/!<8>
7G!H<6>A:6!<E:T!"5;A!E@7G!E59FG:!S5E!E7:D:?!OL!99P!58?!
A@9@B:87V:?!=:H@6:!5??7>7@8!>@!>A:!B6::8A@<E:!F@>ET!!
!!!!!!!!hL! %9:;<!
6=4>!0@M<!VO9C9VM<C@NM@VN!@LV;BS@LA!NK@;!ZCKZ<CM@<N^!V;@U9M<^!9LS!;9LS!BN<!
O@NMKCT!PKC!MOC<<!P@<;S!N@M<N!,BW!"C:KC!_,?[`^!,9X<!'@MT!
_,'`^!9LS!-NV9L9:9!_-$'`
!$@M<
!$K@;!
%9WKLKUT
!%<WMBC<
!a!$9LS
!a!$@;M
!a!';9T
!Z2!%KM9;!
)!_a`
!%KM9;!
'!!_a`
!3!_ZZU`
!6bQTC!9RA=!
ZC<V@Z=
!!_UU`
!6bQTC!9RA=!
!M<UZ=!
!_c'`
!+C3
!)4F7;!
Q5FG<?5GHE!
O*GH7E@GP
!+@59!jYTY
!RYTk
!YkTL
!jTh
!MTMg
!MTkk
!YL!hiLTMY
!lTM
!+/!'N45I<7;!
Q5FG@6>A@?!
O0F@?@E@GP
!+@594!
E58?
!hiTk
!kTh
!kTj
!kTR
!MTMg
!MTlL
!Li!hYLTLl
!gTj
!"0/!%8;:F>7;!
Q5FG<?5GH!
O*GH7E@GP
!058?4!
+@59!jkTY
!LkTk
!YjTL
!kTM
!MTYj
!YTkR
!Yi!kLhTLL
!jTR
!#@>:f!,5>5!F6@D7?:?!=4!.6:5>!+5W:E!-7@:8:6B4!&:E:56;A!/:8>:6!O.+-&/P!956B785G!G58?!
:NF:679:8>
!OA>>FEfooG>:6TW=ET9E<T:?<o6:E:56;AoG@8B
2>:69
2:NF:679:8>Eo956B785G
2G58?
2:NF:679:8>o
P!58?![5E9:6;A5W!58?!0;A5:>VG!OLMYhP
!!6=6=5!
3;9LM@LA!9LS!ACKYMO
!K67@6!>@!FG58>78BU!ES7>;AB65EE!E::?E!S:6:!E;567H7:?U!E>65>7H7:?U!58?!E>:67G7V:?!5E!
H@GG@SET!*FF6@N795>:G4!jMM!E::?E!S:6:!5;7?!E;567H7:?!=4!EA5W78B!78!jM!9G!@H!h(!E<GH<67;!
5;7?!H@6!Yj!978<>:ET!0::?E!S:6:!>A:8!S5EA:?!R!>79:E!S7>A!?7E>7GG:?!S5>:6!=4!EA5W78B!j
!978<>:E!:5;A!>79:T!0::?E!S:6:!>A:8!E>65>7H7:?!=4!FG5>78B!@8>@!5!F:>67!?7EA!;@8>57878B!5!
E>:67G:!dA5>958!›Y!H7G>:6!F5F:6!O."!Q:5G>A;56:!+7H:!0;7:8;:EU!/A7;5B@U!%+U!C0*PT!0::?E!
S:6:!;@D:6:?!S7>A!5!E:;@8?!H7G>:6!F5F:6!58?!>A:8!6:;:7D:?!j!9G!@H!E>:67G:!MTLZ!O
9oDP!
F@>5EE7<9!87>65>:T!)A:!F:>67!?7EA!S5E!E:5G:?!S7>A!F565H7G9!58?!>A:8!E>@6:?!5>!i!†/!78!>A:!
?56W!H@6!5>!G:5E>!i!?54E!58?!<F!>@!L!S::WET!*H>:6!E>65>7H7;5>7@8U!E::?E!S:6:!=G:5;A!58?!
D5F@6
2FA5E:!E>:67G7V:?T!1@6!=G:5;A!E>:67G7V5>7@8U!E::?E!S:6:!>658EH:66:?!
>@!5!
E>:67G:!
EF:;79:8!;<F!58?!EA5W
:8!S7>A!jZ!E@?7<9!A4F@;AG@67>:!H@6!Yj!978<>:E!58?!>A:8!
S5EA:?!R!>79:E!S7>A!E>:67G:!858@F<6:T!0::?E!S:6:!>A:8!FG5>:?!@8>@!5!E>:67G:!F:>67!?7EA!
58?!EF6:5?!78>@!5!E78BG:!G54:6!58?!>A:8!FG5;:?!78!5!?:E7;;5>@6!H@6!D5F@6
2FA5E:!
E>:67G7V5>7@8T!$5F@6
2FA5E:!E>:67G7V5>7@8!<E:E!;AG@678:!B5E!58?!5GG!S@6W!S5E!;56:H<GG4!
hR! ;5667:?!@<>!78!5!H<9:A@@?T!)@!B:8:65>:!;AG@678:!B5EU!R!9G!@H!hTLjZ!E@?7<9!A4F@;AG@67>:!
OA@<E:A@G?!=G:5;AP!S:6:!5??:?!>@!YMM!9G!@H!;@8;:8>65>:?!A4?6@;AG@67;!5;7?!78!5!=:5W:
6!;@8>578:?!S7>A78!5!?:E7;;5>@6T!%99:?75>:G4!H@GG@S78B!5??7>7@8!@H!>A:!=G:5;AU!>A:!
?:E7;;5>@6!S5E!E:5G:?!H@6!
H@<6
!A@<6ET!*H>:6!H@<6!A@<6EU!>A:!E::?E!S:6:!6:9@D:?!58?!>A:!
F:>67!?7EA!S5E!I<7;WG4!E:5G:?T!0::?E!S:6:!E>@6:?!78!>A:!?56W!5>!i!†/!<8>7G!FG58>78BT!
!!0>:67G
7>4!@H!E::?E!S5E!;@8H769:?!=4!FG5>78B!E::?E!@8!+-!5B56!F67@6!>@!FG58>78BT!
0>:67G:
!E::?E!S:6:!FG58>:?!?76:;>G4!78>@!>A:!H7:G?!E@7GU!>A<E!5GG@S78B!>A:!E::?G78B!58?!7>E!
6@@>E!>@!=:!78@;<G5>:?!S7>A!>A:!E@7G!97;6@=75G!;@99<87>4T!*>!FG58>78BU!F@>E!6:;:7D:
?!jM!9G!
@H!
5<>@;G5D:!
E>:67G
7V:?
!y!Q@5BG58?cE!E@G<>7@8!OLTj!9(![/GU!LTj!9(!/5/G
LU!MTj!9(!
[QLK'iU!YTM!9(!(B0'
iU!MTMLi!9(!Q
R-'RU!MTMMi!9(!(8/G
L…iQ
L'U!MTYML!X(!
/<0'
i…jQ
L'U!MTRhL!X(!m80'
i…kQ
L'U!MTLih!X(!#5
L(@'
i…LQ
L'U!jTi!X(!#51:",)*P!
S7>A!:7>A:6!A7BA!OLhTR!9(s!
:I<7D5G:8>!>@!YLj!WB!#!A5
2YP!@6!G@S!OjTk!9(s!:I<7D5G:8>!>@!Lj!
WB!#!A5
2YP!5??7>7@8E!@H!#!5E!<6:5!5;;@6?78B!>@!>A:76!5EE@;75>:?!>6:5>9:8>T!"5;A!G:B5;4!
=4!EA@6>
2>:69!#!>6:5>9:8>!;@9=785>7@8!S5E!6:FG7;5>:?!E7N!>79:E!F:6!H7:G?!E7>:!58?!H7:G?!
6:FG7;5>:!H@6!5!>@>
5G!@H!Lhh!F@>ET!KG58>E!S:6:!B6@S8!78!>A:!B6::8A@<E:!<8?:6!97E>!
7667B5>7@8!H@6!H@<6!9@8>AE!=:H@6:!A56D:E>T!*H>:6!i!9@8>AE!@H!B6@S>AU!FG58>E!S:6:!
A56D:E>:?!H@6!
?:>:69785>7@8!@H!
5=@D:B6@<8?!=7@95EEU!6A7V@EFA:6:!#
2H7N5>7@8U!58?!
6A7V@EFA:6:!?75V@>6@FA!;@99<87>4
!;@9F@E7>7@8T!*>!A56D:E>U!Yh!FG58>E!A5?!?7:?!G:5D78B!
LkM!E59FG:E!H@6!A56D:E>T!KG58>!G@EE:E!S:6:!?7E>67=<>:?!658?@9G4!5;6@EE!>6:5>9:8>E!S7>A!
9@E>!>6:5>9:8>E!A5D78B!5>!G:5E>!LM!@H!>A:!Li!FG58>E!E<6D7D78BT!)A:!+C3!C8H:6>!>6:5>9:8>!
@8G4!A5?!Yk!E<6D7D78B!FG58>E
!5>!A56D:E>T!
!hi! 6=6=6!
":KR<ACKBLS!:@KU9NN
!!KG58>E!S:6:!;56:H<GG4!6:9@D:?!H6@9!>A:76!F@>E!@8>@!5G<978<9!H@7G!E>:67G7V:?!S7>A!
kMZ!:>A58@GT!*GG!5=@D:B6@<8?!=7@95EE!H@6!:5;A!FG58>!S5E!;G7FF:?!H6@9!>A:!6@@>E!58?!
>A:8!?67:?!5>!gM!†/!H@6!ih!A@<6ET!*=@D:B6@<8?!=7@95
EE!S5E!S:7BA:?!5H>:6!?6478B!>@!
@=>578!>@>5G!5=@D:B6@<8?!=7@95EE!78!9BT
!6=6=7!
&O@\KNZO<C<!)
QP@W9M@KL
!&@@>E!S:6:!EA5W:8!>@!6:9@D:!584!G@@E:!E58?!58?!D:697;<G7>:!97N><6:T!*84!E58?!
58?!D:697;<G7>:!E>7GG!5?A:678B!>@!>A:!6@@>E!S5E!;@8E7?:6:?!F56>!@H!>A:!6A7V@EFA
:6:T!
K@6>7@8E!@H!6@@>!S7>A!5?A:678B!H7:G?!E@7G!S:6:!78>:8>7@85GG4!5D@7?:?!H@6!>A7E!5EE54T!*!
E<=E:>!@H!6@@>!95>:675G!S5E!;G7FF:?!58?!FG5;:?!78!5!LM!9G!B5E!D75G!H@6!9:5E<6:9:8>!@H!
1+#1!D75!
Yj#L!78;@6F@65>7@8
T!$75GE!S:6:!799:?75>:G4!FG5;:?!78!5!;@@G:6!<8>7G!H<6>A:6!
585G4E7ET!*??7>7@85GG4U!5!E:;@8?!E<=E:>!@H!6@@>E!H6@9!@8:!FG58>!F:6!>6:5>9:8>!B6@<F!O#!
>6:5>9:8>!…!H7:G?!6:F!…!E7>:P!S:6:!;@GG:;>:?!5E!6:H:6:8;:!D75GE!H@6!
Yj#!585G4E7ET!K67@6!>@!
Yj#!585G4E7EU!5GG!6@@>
!95>:675G!78!:5;A!D75G!S5E!S:7BA:?!58?!>A:8!E59FG:E!S:6:!E>@6:?!5>!
6@@9!>:9F:65><6:!>@!:I<7G7=65>:!H@6!Li!A@<6E!F67@6!>@!585G4E7ET!1@GG@S78B!9:>A@?E!
?:E;67=:?!=4!09:6;785!:>!5GT!OLMYl
5PU!S:!5??:?!5!i
2;56=@8!E@<6;:!;@;W>57G!;@8>57878B!
BG<;@E:U!E<;6@E:U!;7>6
5>:U!58?!95G5>:!5>!5!65>7@!@H!Y!9G!E@G<>7@8!F:6!B!6@@>!95>:675GT!*H>:6!
;56=@8!5??7>7@8U!D75GE!S:6:!E:5G:?!58?!:D5;<5>:?T!$75G!A:5?EF5;:!S5E!6:FG5;:?!S7>A!Y!
9G!@H!
Yj#L!O07B95
2*G?67;AU!%8;TU!0>T!+@<7EU!('U!C0*PU!YMZ!CG>65!Q7BA!K<67>4!OCQKP!
@N4B:8U!58?!=5G58;
:?!S7>A!CQK!Q:G7<9T!&:H:6:8;:!E59FG:E!6:;:7D:?!CQK
2#L!78!FG5;:!
@H!
Yj#LT!$75GE!S:6:!78;<=5>:?!H@6!
>A6::
!?54E!5>!6@@9!>:9F:65><6:T!$75GE!S:6:!>A:8!
<8;5FF:?!58?!E59FG:E!S:6:!?67:?!5>!gM!†/!H@6!ih!A@<6E!=:H@6:!B678?78B!58?!S:7BA78B!
H@6!
Yj#!585G4E7ET!059FG:E!S:
6:!585G4V:?!H@GG@S78B!E>58?56?!F6@;:?<6:E!5>!C87D:6E7>4!@H!
hj! /5G7H@6875!,5D7EcE!0>5=G:!%E@>@F:!15;7G7>4!O,5D7EU!/*PT!&A7V@EFA:6:!1+#1!65>:E!S:6:!
;5G;<G5>:?!78!XB!#!H7N:?!B
2Y!6A7V@EFA:6:!?54
2Y!5Ef
!"#$%&%'($"#)*+
%&%,%!SA:6:!*"
7!6:F6:E:8>E!5>@9!F:6;
:8>!
:N;:EE!@H!E59FG:!5B578E>!58!<8:867;A:?!6:H:6:8;:!
E59FG:U!)#
7!6:F6:E:8>E!>@>5G!87>6@B:8!;@8>:8>!78!E59FG:U!*"
5>9
!6:F6:E:8>E!5>@9!F:6;:8>!
:N;:EE!78!>A:!D75G!5>9@EFA:6:!Olh!5>@9Z!78!@<6!;5E:PU!58?!>!7E!78;<=5>7@8!>79:!78!?54E!
Od56:9=@<6B!YllRs!&@G:4!:>!5G
T!LMYhPT!
!6=6=D!
&O@\KNZO<C<!S@9\KMCKZO!
VKUUBL@MT
!VKUZKN@M@KL
!!*!E<=E:>!@H!6@@>
o6A7V@EFA:6:
!95>:675G!
O?:E;67=:?!5=@D:P!
S5E!;G7FF:?!58?!
799:?75>:G4!H6@V:8!@8!G7I<7?!#
LT!&@@>E!S7>A!H7:G?!E@7G!5?A:678B!S:6:!78>:8>7@85GG4!5D@7?:?!
H@6!>A7E!5EE54T!
059FG:E!S:6:!>6
58EH:66:?!>@!5!
2hM!†/!H6::V:6!<8>7G!,#*!:N>65;>7@8T!
&A7V@EFA:6:!97;6@=75G!,#*!S5E!:N>65;>:?!H6@9!MTj!B!@H!6A7V@EFA:6:!95>:675G!F:6!
E59FG:!<E78B!>A:!}75B:8!,#:5E4!K@S:60@7G!W7>!O}%*."#U!Q7G?:8U!.:69584PT!17:G?!E@7G!
78@;<G<9!OMTj!B!E@7G!F:6!E59FG:s!h!E59FG:E
!F:6!E7>:P!S5E!5GE@!:N>65;>:?!H@6!E:I<:8;78B!
@H!>A:!787>75G!?75V@>6@FA!;@99<87>4T!K/&!6:5;>7@8E!>@!59FG7H4!
#$89
!S:6:!;5667:?!@<>!78!Lj!
XG!6:5;>7@8E!S7>A!L!XG!@H!,#*!:N>65;>U!Y3!*9FG7)5I
!.@G?!RgM!(5E>:6!(7N!O*FFG7:?!
-7@E;7:8;:EU!1@E>:6!/7>4U!/*PU!MTMLk!XB!)i!B:8:!RL!K6@>:78!O#:S!"8BG58?!-7@G5=EU!
%FES7;AU!(*U!C0*PU!58?!jMM!8(!;@8;:8>65>7@8E!@H!=@>A!>A:!H@6S56?!58?!6:D:6E:!F679:6T!
d:!<E:?!>A:!%.[Ro,$$!H@6S56?!58?!6:D:6E:!F679:6!F576U!6:;@99
:8?:?!=4!.5=4!58?!
-<;WG:4!OLMYLP!5E!@F>795G!F679:6!E:>E!H@6!;5F><678B!>A:!S7?:E>!?7D:6E7>4!@H!?75V@>6@FAEU!
S7>A!
%GG<9785!
G78W:6!E:I<:8;:E!H@6!G7=6564!F6:FT!%.[R!E:I<:8;:!Ojc!>@!RcP!S7>A!G78W:6!
E:I<:8;:!<8?:6G78:?!S5E!
*/*/).*/.*/*)..))/)*/*
./%d)Q)*e..%**&..
%..%*)Q..%**!58?!,$$!
hg! E:I<:8;:!Ojc!>@!RcP!S7>A!G78W:6!E:I<:8;:!<8?:6G78:?!S5E!
)*/..)*./*.*.*/))..)/)
*)%./&**%//%//&/*%*/%*/&)/T!K/&!6:5;>7@8E!
S:6:!;5667:?!@<>!5E!H@GG@SEf!lj!†/!E>56>!H@6!YM!978<>:EU!Ri!;4;G:E!@H!?:85><65>7@8!5>!lj!
†/!H@6!RM!E:;EU!588:5G78B!
5>!jh!†/!H@6!RM!E:;EU!58?!:N>:8E7@8!5>!kL!†/!H@6!RM!E:;EU!H785G!
:N>:8E7@8!5>!kL!†/!H@6!k!978<>:ET!*9FG7H7;5>7@8!@H!>56B:>!B:8:!S5E!;@8H769:?!D75!B:G!
:G:;>6@FA@6:E7E!OYTjZ!B:G!5B56U!lM!$U!ij!978<>:EPT!
,:EF7>:!E:D:65G!5>>:9F>E!5>!
59FG7H7;5>7@8U!@8G4!
LMM!@H!>
A:!LkM!6A7V@EFA:6:!E59FG:E!E<;;:EEH<GG4!59FG7H7:?!SA7G:!Yk!
@H!>A:!Li!H7:G?!E@7G!E59FG:E!E<;;:EEH<GG4!59FG7H7:?T!K/&!F6@?<;>E!S:6:!;G:58:?!>@!
6:9@D:!ƒYMM!=F!=58?E!@H!F@>:8>75G!F679:6!?79:6E!<E78B!>A:!}%*I<7;W!K/&!F<67H7;5>7@8!
W7>!O}%*."#U!Q7G?:8U!.:69584P!5
8?!>A:8!I<58>7H7:?!D75!}<58>
27)!K7;@.6::8!?E,#*!
*EE54![7>!O)A:69@!17EA:6!0;7:8>7H7;U!d5G>A59U!(*U!C87>:?!0>5>:EPT!059FG:E!S:6:!
8@695G7V:?!>@!5!Y
`!g!8B!XG
2Y!,#*!;@8;:8>65>7@8!=:H@6:!G7=6564!F6:FT!059FG:E!S:6:!
E<=97>>:?!>@!>A:!(7;A7B58!0>5>:!C87D:6E7>4!&)01!
.:8@97;E!/@6:!15;7G7>4!O"5E>!+58E78BU!
(%P!H@6!G7=6564!F6:F!58?!
L!N!LjM!=F!F576:?
2:8?!6:5?!
E:I<:8;78B
!@8!>A:!(70:I!FG5>H@69!
O%GG<9785U!058!,7:B@U!/*U!C0*P!
<E78B
!(70:I!E>58?56?!6:5B:8>!W7>!DTL
TT!!!0:I<:8;
:!F6@;:EE78B!S5E!F:6H@69:?!H@GG@S78B!5!9@?7H7:?!D:6E7@
8!@H!>A:!#7H(*K!
F7F:G78:!O*8B:G!:>!5GT!LMYhPT!0:I<:8;:!?5>5!S:6:!6:;:7D:?!5E!?:9<G>7FG:N
:?!H5E>I!H7G:ET!
1@6S56?!58?!6:D:6E:!6:5?E!S:6:!9:6B:?!D75!C0"*&/Q!DT!YMTMTLiM!H5E>I−9:6B:F576E!
58?!>A:8!I<5G7>4!58?!G:8B>A!H7G>:6:?!>@!95N79<9!:NF:;>:?!:66@6E!@H!Y!58?!
97879<9!
G:8B>A!@H!RMM!=F!D75!C0"*&/Q!DT!YMTMTLiM!H5E>I−H7G>:6T!0:I<:8;:E!S:6:!>A:8!H7G>:6:?!H@6!
8@82#$89
!6:5?E!<E78B!H@<6!Q7??:8
2(56W@D!(@?:GE!OQ((P!5E!?:E;67=:?!78!*8B:G!:>!5GT!
OLMYhPT!0:I<:8;:E!S:6:!>A:8!?:6:FG7;5>:?!<E78B!C0"*&/Q!DT!YMTMTLiM!H5E>N−<87I<
:E!
58?!;G<E>:6:?!<E78B!C0"*&/Q!DT!YMTMTLiM!;G<E>:6−@><E!6:E<G>78B!78!ghlg!
6:F6:E:8>5>7D:!
hk! ')CE
T!)A:!;G<E>:6−@><E!;@9958?!5GE@!H7G>:6E!;A79:65ET!0:I<:8;:E!S:6:!>A:8!95FF:?!
=5;W!>@!6:H:6:8;:!')CE!<E78B!C0"*&/Q!DT!YMTMTLiM!<E:56;A−BG@=5G!5>!lkZ!E797G567>4T!
lgZ!@H!E:I<:8;:E!E<;;:EEH<GG4!95FF:?!>@!;G<E>:6!6:H:6:8;:!')CET!0:I<:8;:E!S:6:!
>A:8!H659:EA7H>!;@66:;>:?!58?!>658EG5>:?!>@!F6@>:78!E:I<:8;:E!<E78B!1659:=@>!Od58B!:>!
5GT!LMYRP!58?!>A:8!H7G>:6:?!H@6!A@9@G@BE!<E78B!Q((!5E!?:E;67=:?!78!*8B:G!:>!5GT!OLMYhP!
=:H@6:!
B:8:65>78B!5!H785G!')C!>5=G:T!*>!>A:!:8?U!RMLj!')CE!S:6:!7?:8>7H7:?!58?!<E:?!H@6!
FA4G@B:8:>7;!>6::!;@8E>6<;>7@8!58?!>5N@8@97;!;G5EE7H7;5>7@8T!*!FA4G@B:8:>7;!>6::!S5E!
;@8E>6<;>:?!<E78B!58!5978@!5;7?!6:H:6:8;:!5G7B89:8>!O*8B:G!:>!5GT!LMYhPT!0:I<:8;:E!
S:6:!5G
7B8:?!>@!>A:!6:H:6:8;:!<E78B!(*11)!DT!kTRMj!58?!>A:8!<E:?!>@!B:8:65>:!5!>6::!
D75!15E>)6::!DT!LTYTlT!1785GG4U!>5N@8@94!S5E!5EE7B8:?!>@!E:I<:8;:E!<E78B!-G5E>x!DT!
LTkTY!>=G5E>8!;@9958?!SA7;A!5GG@SE!I<:6478B!@H!F6@>:78!E:I<:8;:E!5B578E>!5!8<;G:@>7?:!
?5>5=5E:T!
d:!<E:?!.5=4!58?!-<;WG:4cE!OLMYiP!
#$89(
E:I<:8;:!?5>5=5E:!5E!>A:!
>5N@8@97;!6:H:6:8;:!?5>5=5E:!H@6!@<6!E:I<:8;:ET!)5N@8@94!S5E!5EE7B8:?!5;;@6?78B!
>@!F:6;:8>!E797G567>4!<E78B!:9F767;5GG4!?:67D:?!;<>@HHE!O.5=4!:>!5GT!LMYhP!@H!kjZ!E797G567>4!
H@6!H597G4U!hhTYZ!H
@6!B:8<EU!58?!lYTlZ!H@6!EF:;7:ET!*GG!@>A:6!>5N@8@97;!5EE7B89:8>E!
95>;A78B!5>!ƒkjZ!E797G567>4!S:6:!@8G4!5EE7B8:?!5>!>A:!@6?:6!G:D:GT
!6=6=E!
.9M9!"L9;TN@N
!!&:E<G>E!H6@9!5=@D:B6@<8?!=7@95EE!58?!6A7V@EFA:6:!1+#1!65>:E!S:6:!585G4V:?!
=4!5!>A6::
2H5;>@6!*#'$*!H@GG@
S:?!=4!)<W:4cE!F@E>!A@;!S7>A!E7>:U!G:B5;4!#U!58?!EA@6>
2>:69!#!5E!H7N:?!:HH:;>E!<E78B!>A:!&!
0,",0
!F5;W5B:!O&!;@6:!>:59!LMYhPT!,7HH:6:8;:E!
=:>S::8!>6:5>9:8>!B6@<FE!OE7>:…G:B5;4…EA@6>
2>:69P!S:6:!;@8E7?:6:?!E7B87H7;58>!5>!—!–!
MTMjT
!hh! ')C!;@<8>E!S:6:!H76E>!656:H7
:?!>@!58!:D:8!E59FG78B!?:F>A!@H!hMM!<E78B!
*"*28;\2)2#\/21,<
!78!>A:!&!
1<;7502X
!F5;W5B:T!)A7E!S5E!;A@E:8!=5E:?!@8!>A:!
656:H5;>7@8!;<6D:E!SA7;A!78?7;5>:?!>A5>!9@E>!@H!>A:!?7D:6E7>4!S5E!;5F><6:?!S7>A78!>A7E!
E59FG:!E7V:U!SA7G:!G797>78B!G@EE!@H!E59FG:E!?<:!>@!G@
S!')C!;@<8>ET!07N!@H!>A:!LYk!
E59FG:E!S:6:!6:9@D:?!H6@9!?@S8E>6:59!?5>5!585G4E7E!=:;5<E:!>A:4!A5?!>@@!H:S!')C!
;@<8>E!O7T:T!ƒ!hMM!E59FG:!E7V:PT!)A:E:!78;G<?:!H7D:!E59FG:E!H6@9!"0/!58?!@8:!E59FG:!
H6@9!+C3T!*GG!?@S8E>6:59!585G4E:E!56:!=5E:?!@8!>A:!656:H7:?!')C
!;@<8>ET!
!)@!:D5G<5>:!=:>5
2?7D:6E7>4!@H!H7:G?!E@7G!58?!6A7V@EFA:6:!E59FG:EU!S:!<E:?!
S:7BA>:?!C#%1&*/!>@!B:8:65>:!?7E>58;:!95>67;:E!<E78B!>A:!?7E>58;:!H<8;>7@8!78!&!
1<;7502X(
58?!>A:8!@6?785>:?!D75!F678;7F5G!;@@6?785>:!585G4E7E!OK/@*P!<E78B!>A:!
5*/$#",2
!H<8;
>7@8!78!&!FA4G@E:IT!d:!<E:?!
"/5#$0(
78!&!D:B58!>@!;@8?<;>!K"&(*#'$*!@H!>A:!E@7G!
58?!6A7V@EFA:6:!?7E>58;:!95>67;:E!=4!E7>:…G:B5;4!#!OE@7GEP!58?!E7>:…G:B5;4!#…EA@6>
2>:69!
#!O6A7V@EFA:6:PT!,7HH:6:8;:E!=:>S::8!>6:5>9:8>!B6@<FE!S:6:!;@8E7?:6:?!E7B87H7;58>!5>!—!
–!MTMjT!d:!5GE@!:NFG@6:?!?7HH:6:8;:E!78!>A:!6:G5>7D:!5=<8?58;:!H@6!?75V@>6@FA!;G5EE:E!
=4!E7>:U!G:B5;4U!58?!EA@6>
2>:69!#!5??7>7@8E!<E78B!5!>A6::
2H5;>@6!*#'$*!5E!?:E;67=:?!
5=@D:T!
!+5E>G4U!S:!:NFG@6:?!?75V@>6@FA!;@99<87>4!?5>5!H@6!')CE!F@>:8>75GG4!79F@6>58>!>@!
F6:?7;>78B!1+#1T!176E>U!1+#1!?5>5!S5E!=788:?!5E!H@GG@SEf!M
2YU!Y
2LU!L
2iU!i
2gU!g
2YMU!n!YM!
XB!#!H7N:?!B
2Y!6A7V@EFA:6:!?54
2YT!d:!>A:8!<E:?!
$#/$%01
$2%20
!F5;W5B:!78!&!>@!7?:8>7H4!
')CE!5EE@;75>:?!S7>A!:5;A!#
2H7N5>7@8!=78U!S7>A!5!H@;<E!@8!>A@E:!')CE!5EE@;75>:?!S7>A!
>A:!nYM!1+#1!65>:!=78T!d:!5GE@!958<5GG4!:NFG@6:?!')CE!5EE@;75>:?!S7>A!1+#1!<E78B!
F6:E:8;:
25=E:8;:!?5>5T!176E>U!S:!E:G:;>:?!')CE!SA7;A!S:6:!F6:E:8
>!78!5>!G:5E>!YM!
E59FG:E!SA:6:!#
2H7N5>7@8!A5?!=::8!9:5E<6:?!O7T:T!8@8
2V:6@!#
2H7N5>7@8PT!d:!>A:8!<E:?!5!
hl! @8:2S54!*#'$*!>@!7?:8>7H4!')CE!78!SA7;A!>A:6:!S5E!5>!G:5E>!5!956B785GG4!E7B87H7;58>!OF!
ƒ!MTYP!?7HH:6:8;:!78!1+#1!65>:E!SA:8!>A:E:!')CE!S:6:!F6:E:8>!D:6E<
E!SA:8!>A:4!S:6:!
5=E:8>T!d:!E:G:;>:?!')CE!H@6!H<6>A:6!:NFG@65>7@8!SA:6:!>A:!9:58!@H!1+#1!>6:8?:?!
>@S56?E!B6:5>:6!SA:8!>A@E:!')CE!S:6:!F6:E:8>!D:6E<E!5=E:8>T!
!6=7!
&-$?,%$
!6=7=4!
3;9LM!U<MC@VN
!!*=@D:B6@<8?!FG58>!=7@95EE!?7HH:6:?!E7B87H7;58>G4!=4!E7>:!58?!#!>6:5>9:8>!O
17BT!
RTL
PT!.:8:65GG4U!EA@6>
2>:69!#!
5??7>7@8E!@H!A7BA!#!>:8?:?!>@!6:E<G>!78!B6:5>:6
!5=@D:B6@<8?!=7@95EE!S7>A!>A:!79F5;>!@H!G:B5;4!#!:HH:;>E!D56478B!=4!E7>:T!d:!S:6:!
<85=G:!>@!5EE:EE!>@>5G!=:G@SB6@<8?!=7@95EE!78!>A7E!E><?4T!
!1@ABC<!6=5>!
3;9LM!9:KR<ACKBLS!:@KU9NN!_UA`!:T!N@M<!
O"0/!p!"E;58
5=5U!+/!p!+5W:!/7>4U!
+C3!p!+<N!*6=@6P!58?!G:B5;4!=4!EA@6>
2>:69!#!>6:5>9:8>E!O1:6>−Q7BA!p!1:6>7G7V:?!H7:G?!x!Q7BA!
#!5??7>7@8!78!B6::8A@<E:U!1:6>−+@S!p!1:6>7G7V:?!H7:G?!x!+@S!#!B6::8A@<E:U!C8H:6>−Q7BA!p!
C8H:6>7G7V:?!H7:G?!x!Q7BA!#!B6::8A@<E:U!C8H:6>−+@S!p!C8
H:6>7G7V:?!H7:G?!x!+@S!#!5??7>7@8PT!
"5;A!=56!7E!6:F6:E:8>5>7D:!@H!8!p!LiT!+:>>:6E!78?7;5>:!E7B87H7;58>!?7HH:6:8;:E!S7>A78!5!E7>:!
SA:6:!Fƒ!MTMjT!
!!lM! 6=7=5!
1C<<
Q;@R@LA!
L@MCKA<L
!P@W9M@KL!C9M<N
!!1+#1
!65>:EU!9:5E<6:?
!78!>A:!6A7V@EFA:6:U!S:6:!8@>!E7B87H7;58>G4!79F5;>:?!=4!E7>:!
O1!p!YTRMlU!F!p!MTLkLPU!G:B5;4!#!O1!p!YTLMhU!F!p!MTLkRPU!@6!EA@6>
2>:69!#!5??7>7@8!O1!p!
MThRU!F!p!MTRgRPT!&5>:E!S:6:!A7BAG4!D5675=G:!5;6@EE!87>6@B:8!>6:5>9:8>E!O
17BT!RTR
PU!:D:8!
S7>A78!E7>:EU!658B7
8B!H6@9!=:G@S!?:>:;>7@8!>@!8:56G4!RM!XB!#!H7N:?!B
2Y!6A7V@EFA:6:!?54
2YT!/@:HH7;7:8>E!@H!D5675>7@8!O/$P!H@6!E7>:U!G:B5;4!#U!58?!EA@6>
2>:69!#!5??7>7@8!S:6:!@H>:8!
B6:5>:6!>A58!>A:!@D:65GG!D5675>7@8!@H!5GG!1+#1!65>:E!O/$!p!LllTkZPT!+:B5;4!#!>6:5>9:8>E!
A5?!/$!@H
!LkjTgZ!58?!RRRThZ!H@6!1:6>!58?!C8H:6>!>6:5>9:8>EU!6:EF:;>7D:G4U!SA7G:!/$!@H!
EA@6>
2>:69!#!>6:5>9:8>E!S:6:!RMMTLZ!58?!LhjTkZ!H@6!A7BA!58?!G@S!#U!6:EF:;>7D:G4T!/$!
1@ABC<!6=6>!
)@MCKA<L!
P@W9M@KL!C9M<N!KP!MO<!CO@\KNZO<C<!PKC!<9VO!N@M<
!O"0/!p!"E;585=5U!+/!
p!+5W:!/7>4U!+C3!p!+<N!*6=@6P!=4!>A:!G:B5;4!58?!EA@6>
2>:69!#!>6:5>9:8>E!O1−Q7BA!p!
1:6>7G7V:?!H7:G?!x!Q7BA!#!5??7>7@8!78!B6::8A@<E:U!1−+@S!p!1:6>7G7V:?!H7:G?!x!+@S!#!
B6::8A@<E:U!C−Q7BA!p!C8
H:6>7G7V:?!H7:G?!x!Q7BA!#!B6::8A@<E:U!C−+@S!p!C8H:6>7G7V:?!H7:G?!x!
+@S!#!5??7>7@8PT!-@NFG@>E!EA@S!H<GG!658B:!@H!#
2H7N5>7@8!D5G<:E!H@6!:5;A!>6:5>9:8>!S7>A!E@G7?!
=G5;W!A@67V@8>5G!=56E!6:F6:E:8>78B!5D:65B:!#
2H7N5>7@8!O8!p!Li!F:6!=56PT!!
!!lY! S7>A78!:5;A!E7>:!S:6:!LjRThZU!RkgTlZU!58?!RMjTYZ!H@6!"0/U!+/U!58?!+C3U!6:EF:;>7D:G4T!
#2H7N5>7@8
!65>:E!?7?!8@>!;@66:G5>:!E7B87H7;58>G4!S7>A!5=@D:B6@<8?!FG58>!=7@95EE!@6!584!
?75V@>6@FAE!B6@<FE!78;G<?78B!FA4G<9!58?!;G5EET
!6=7=6!
.@9\KMCKZO!VKUUBL@MT!NMCBVMBC<!
!!%87>75G!?75
V@>6@FA!;@99<87>4!;@9F@E7>7@8U!>A@E:!@6B587E9E!F6:E:8>!78!>A:!E@7G!
78@;<G<9
!;@GG:;>:?!H6@9!>A6::!?7HH:6:8>!G@;5>7@8E
U!?7HH:6:?!E7B87H7;58>G4!=4!E7>:!O
17BT!RTi
*PT!
)A6::!B6@<FE!5FF:56!>@!?67D:!>A:!@=E:6D:?!?7HH:6:8;:E!78!;@99<87>4!;@9F@E7>7@8!
=:>S::8!E7>:E!7
8!>A:!E@7G!78@;<G<9
f!*;>78@=5;>:675U!.5995F6@>:=5;>:675U!58?!
(:>A58@;@;;7!O
17BT!RTj
!58?!)5=G:!RTL
PT!*;>78@=5;>:675!A5?!B6:5>:6!6:G5>7D:!5=<8?58;:!78!
1@ABC<!6=7>!
3C@LV@Z9;!VKKCS@L9M<N!9L9;TN@N!KP!_"`!P@<;S!NK@;!9LS!_#`!CO@\KNZO<C<!N9UZ;<N=
!K@78>E!56:!=5E:?!@8!5!S:7BA>:?!C87H65;!?7E>58;:!95>67N!@H!>A:!6:G5>7D:!5=<8?58;:!@H!656:H7:?!
')C!;@<8>ET!K@78>E!56:!;@G@6:?!=4!E7>:!O"0/!p!"E;585=5U!+/!p!+5W:!/7>4U!+C3!p!+<N!*6=@6P!
S7>A!EA5F:!6:F6:E:8>78B!G:B5;4!#!>6:5>9:8>!O1:6>!p!1:6>7G7V:?U!C8H:6>!p!C
8H:6>7G7V:?PT!"5;A!
F@78>!6:F6:E:8>E!@8:!E59FG:T!"GG7FE:E!6:F6:E:8>!ljZ!;@8H7?:8;:!:GG7FE:!@H!>A:!;:8>6@7?!H@6!
:5;A!E7>:T!#@>:!>A5>!+/!?@:E!8@>!A5D:!58!:GG7FE:!=:;5<E:!@8G4!R!E@7G!E59FG:E!O@H!>A:!h!>@>5GP!
59FG7H7:?!H@6!
#$8
Q!58?!S:6:!E:I<:8;:?T
!!lL! "0/!E@7GE!>A58!78!+/!@6!+C3!E@7GET!.5995F6@>:@=5;>:675!58?!(:>A58@;@;;7!A5?!
B6:5>:6!6:G5>7D:!5=<8?58;:!78!+
/!E@7GE!>A58!78!"0/!@6!+C3!E@7GET!+:B5;4!#!A5?!8@
!79F5;>!@8!@D:65GG!?75V@>6@FA!;@99<87>4!;@9F@E7>7@8!O
17BT!RTi
*P!@6!;@99<87>4!9:9=:6E!
O17BT!0RT
YPT!
! ,7HH:6:8;:E!78!;@99<87>4!;@9F@E7>7@8!=4!E7>:!S:6:!8@!G@8B:6!5FF56:8>!78!>A:!
6A7V@EFA:6:!E59FG:E!O
17BT!RTi
-PT!"N597878B!6:G5>7D:!5=<8?58;:!@H!?75V@>6@FA!
;@99<87>4!9:9=:6E!=4!;G5EE!5;6@EE!E7>:E!
6:D:5GE!E>67W78BG4!E797G56!;@99<87>4!
;@9F@E7>7@8!78!>A:!6A7V@EFA:6:U!S7>A!8@!E7B87H7;58>!?7HH:6:8;:E!78!584!;G5EE:E!=:>S::8!
E7>:E!O
17BT!RTj
PT!)A7E!6:EF@8E:!S5E!9578G4!?67D:8!=4!b<E>!Y!@6!L!;G5EE:E!@H!?75V@>6@FAE!
S7>A78!:5;A!E7>:T!"0/!E5S!?:;6:5E:E!78!*;>78
@=5;>:675!58?!78;6:5E:E!78!
1@ABC<!6=D>!
"R<C9A<!C<;9M@R<!9:BLS9LV<!KP!S@9\KMCKZO!V;9NN<N!:T!N@M<
!O"0/!p!
"E;585=5U!+/!p!+5W:!/7>4U!+C3
!p!+<N!*6=@6P!H@6!E@7G!O>A@E:!E@7GE!<E:?!>@!78@;<G5>:!>A:!
B6::8A@<E:!F@>EP!58?!6A7V@EFA:6:!E59FG:ET!)A:6:!S:6:!8@!E7B87H7;58>!?7HH:6:8;:E!=:>S::8!
E7>:E!78!6A7V@EFA:6:!E59FG:ET!-56E!6:F6:E:8>!>A:!5D:65B:!@H!h!E59FG:E!H@6!E@7G!O@8G4!R!H@6!
+/P!58?!lg!E59FG:E!
H@6!6A7V@EFA:6:T!1<GG!6:E<G>E!56:!F6:E:8>:?!78!)5=G:!RTYT!
!!lR! *GFA5F6@>:@=5;>:675T!+/!E5S!5!?:;6:5E:!78!(:>A58@;@;;7U!SA7G:!+C3!E5S!58!78;6:5E:!
78!#@E>@;5G:E!O
)5=G:!RTY
PT!#!>6:5>9:8>U!SA:>A:6!G:B5;4!@6!EA@6>
2>:69U!A5?!978795G!
:HH:;>E!@8!>A:!6A7V@EFA:6:!?75V@>6@FA!;@99<87>4!O
17BT!RTg
PT!+:B5;
4!#!S5E!5EE@;75>:?!
S7>A!B6:5>:6!6:G5>7D:!5=<8?58;:!@H!-:>5F6@>:@=5;>:675!SA:8!H:6>7G7V:?
!O1!p!
iTgkj
U!F!p!
MTMR
MgP!58?!*;>78@=5;>:675!SA:8!<8H:6>7G7V:?
!O1!p!
hTLLL
U!F!p!
MTMMiY
PT!0A@6>
2>:69!
5??7>7@8E!@H!A7BA!#!78;6:5E:?!>A:!6:G5>7D:!5=<8?58;:!*GFA5F6@>:@=5;>:6
75!O1!p!
jTgkg
U!F!
p!MTMYk
PU!SA7G:!5??7>7@8E!@H!G@S!#!78;6:5E:?!>A:!6:G5>7D:!5=<8?58;:!@H!#@E>@;5G:E
!O1!p!
YhTgik
U!F!ƒ!MTMMMYP
T!!!!1@ABC<!6=E>!
"R<C9A<!C<;9M@R<!9:BLS9LV<!KP!S@9\KMCKZO!V;9NN<N!:T!;<A9VT!)!_1<CM!f!
1<CM@;@\<S^!?LP<CM!f!?LP<CM@;@\<S`!9LS!NOKCM
QM<CU!)!9SS@M@KLN!_2@AO!f!2@AO!)!9SS@M@KL^!
,KY!f!,KY!)!9SS@M@KL`!PKC!CO@\KNZO<C<!N9UZ;<N
T!*E>:67EWE!78?7;5>:!E7B87H7;58>!?7HH:6:8;:!
78!?75V@>6@FA!;G5EE!=4!#!>6:5>9:8>!5>!F!ƒ!MTMj!S7>A!5E>:67EW!FG5;:?!@8!>A:!=56!S7>A!B6:5>:6!
6:G5>7D:!5=<8?58;:T!"5;A!=56!6:F6
:E:8>E!>A:!5D:65B:!@H!Yii!E59FG:ET!
!!li! 6=7=7!
8LS@V9MKC!NZ<V@<N
!!d:!7?:8>7H7:?!E7N!?75V@>6@FA!')CE!<E78B!>A:!
$#/$%012%$20(
H<8;>7@8!SA7;A!S:6:!
78?7;5>7D:!@H!E59FG:E!SA:6:!S:!9:5E<6:?!
1+#1
!65>:E!5>!B6:5>:6!>A58!YM!XB!#!H7N:?!B
2Y!6A7V@EFA:6:!?54
2Y!58?!954!=:!79F@6>58>!H@6!<8?:6E>58?78B!1+#1!
O)5=G:!
RTRPT!)A:E:!
78;G<?:?!>A6::!/458@=5;>:675U!>S@!K6@>:@=5;>:675U!58?!@8:!*;>78@=5;>:675T!
%8!5!
E:F565>:!585G4E7EU!S
:!5GE@!:N5978:?!')C!F6:E:8;:!
58?!5=E:8;:!6:G5>7D:!>@!1+#1!>@!
7?:8>7H4!')CE!SA@E:!F6:E:8;:!S5E!
5EE@;75>:?!S7>A!78;6:5E:?!1+#1!6:G5>7D:!>@!SA:8!
>A@E:!')CE!S:6:!5=E:8>T!
d:!>A:8!G@@W:?!H@6!>A:!F6:E:8;:!@H!>A@E:!')CE!
78!>A:!>@F!>:8!
E59FG:E!S7>A!>A:!B6:5>:E>!H7N5>7@8!65>:ET!d:!H@<8?!i!')CE!SA7;A!S:6:!;@8E7E>:8>G4!
F6:E:8>!78!>A:!>@F!>:8!E59FG:E!O)5=G:!
RTiP!S7>A!h!@H!>A:E:!YM!E59FG:E!;@8>57878B!5>!G:5E>!
Y!@H!>A:!7?:8>7H7:?!')CE!58?!g!@H!>A:!YM!E59FG:E!;@8>57878B!5>!G:5E>!R!@H!>A:E:!')CET!
)A@<BA!>A:E:!')CE!S:6:!?7HH:6:8>!>A58!>A@E:!7?:8>7H7:?!S7>A!
$#/$%012%$20
U!>A:4!EA56:!
E797G56!FA4G@B:84T!-@>A!B6@<FE!@H!')
CE!;@8>578!9:9=:6E!@H!>A:!
Q*"#N$"%2"2
!58?!
W50,5%
!H597G7:ET!
!!!!!!!!!!lj! %9:;<!
6=5>!
"R<C9A<!C<;9M@R<!9:BLS9LV<!9LS!NM9LS9CS!<CCKCN!KP!S@9\KMCKZO!
V;9NN<N!
:T!N9UZ;<!MTZ<!9LS!N@M<!
OF6:E:8>:?!D7E<5GG4!78!17BT!RTRP
T!+@S:6;5E:!G:>>:6E!78?7;5>:!
E7B87H7;58>!
?7HH:6:8;:E!=:>S::8!E59FG:!>4F:!SA:6:!F!ƒ!MTMjT!*E>:67EWE!78?7;5>:!
E7B87H7;58>!?7HH:6:8;:!=:>S::8!E59FG:!>4F:!5;6@EE!E7>:E!SA:6:!F!ƒ!MTMjT!&:G5>7D:!
5=<8?58;:E!S7>A!E7B87H7;58>!?7HH:6:8;:E!=4!E59FG:!>4F:!@6!5;6@EE!E7>:E!56:!=@G?:?!H@6!
:5E:!@H!6:5?78BT
!!!!!!!!!!!$K@;
!&O@\KNZO<C<
!';9NN
!-$'!,'!,?[
!-$'!,'!,?[
!*;>78@=5;>:675
!b=FG5!g!b=b5G!
9!h!b=bGG!g!b=D!
:!b=bbd!g!b=b7!
:!MTMgg!‰!
MTMlj
!MTMig!‰!
MTMjk
!MTMgL!‰!
MTMMh
!*GFA5F6@>:@=5;>:675
!b=b77!g!b=b57!
h!MTMLl!‰!MTMhi
!MTjij!‰!MTMiR
!MTYMl!‰!
MTMYL
!MTYRk!‰!
MTMkj
!MTYli!‰!
MTLiR
!-5;7GG7
!MTMYR!‰!MTMgY
!MTYLj!‰!MTMRh
!MTMiR!‰!MTMhg
!MTMLj!‰!
MTYkl
!MTMLl!‰!
MTMgj
!MTMLh!‰!
MTMhi
!-:>5F6@>:@=5;>:675
!MTMRY!‰!MTMjj
!MTYMR!‰!MTMji
!MTYYY!‰!MTYRk
!MTYYL!‰!
MTYYY
!MTYkg!‰!
MTMhg
!MTMlY!‰!
MTYiR
!/G@E>67?75
!MTMRl!‰!MTMYR
!MTMjR!‰!MTMik
!MTMi!‰!MTMhL
!MTMYL!‰
!MTMig
!MTMRi!‰!
MTMYi
!MTMY!‰!
MTMiY
!?:G>5o:FE7G@8!
E<=?7D7E7@8E
!M!‰!MTjgl
!M!‰!M
!M!‰!MTMjj
!MTLkR!‰!M
!MTMYl!‰!
MTMh
!MTMLL!‰!M
!.5995F6@>:=5;>:675
!b=b55!g!b=4bd!
:!b=675!g!b=b77!
9!b=4DE!g!b=5F5!
:!MTYgh!‰!
MTRLi
!MTLj!‰!MTYg
!MTYgL!‰!
MTYlg
!(:>A58@;@;;7
!b=b45!g!b=b54!
:!b=bGF!g!b=b75!
9!h!b!g!b=bb7!
:!MTMMk!‰!
MTMhY
!MTMMY!‰!
MTMY
!MTMMR!‰!M
!(:>A58@97;6@=75
!M!‰!M
!M!‰!M
!MTMjl!‰!MTMYL
!M!‰!M
!MTMMR!‰!
MTYh
!MTMRk!‰!MTL
!#@E>@;5G:E
!MTMRk!‰!MTMgl
!MTMlh!‰!MTYRL
!b=bb6!g!b=467!
h!MTYlk!‰!
MTMgk
!MTLgh!‰!
MTLMR
!MTRkL!‰!
MTMMk
!0F76@;A5:>75
!MTMYg!‰!MTMMR
!MTMkY!‰!MTMji
!MTMLl!‰!MTYR
!MTMMY!‰!
MTMh
!MTMRR!‰!
MTMgg
!MTMYR!‰!
MTMki
!0>7B@8:95>5G:E
!M!‰!MTMii
!M!‰!M
!M!‰!M
!MTMLR!‰!M
!M!‰!M
!M!‰!M
!lg! %9:;<!
6=6>!%9:;<!KP!*%?N!@S<LM@P@<S!:T!
,-/,'01(',(0
!9N!9NNKV@9M<S!Y@MO!)
QP@W9M@KL!
C9M<N!KP!i!4b!jA!)!Z<C!A!CO@\KNZO<C<!Z<C!S9T
!!!!%9:;<!
6=7>!%9:;<!KP!*%?N!YOKN<!ZC<N<LV<!9ZZ<9CN!MK!:<!9NNKV@9M<S!Y@MO!
@LVC<9N<S!
)QP@W9M@KL!C9M<N
!!!!!6=D!
.8$'?$$8*)
!)A7E!S@6W!579:?!>@!79F6@D:!@<6!<8?:6E>58?78B!@H!1+#1!58?!7>E!F@>:8>75G!>@!
;@8>67=<>:!FG58>!5D57G5=G:!#!>@!ES7>;AB65EE!;6@FF78B!E4E>:9ET!%8!F56>7;<G56U!S:!579:?!>@!
:D5G<5>:!>A:!79F5;>!@H!
G:B5;4!58?!EA@6>
2>:69!
#!5??7>7@8E
!@8!1+#1!>A6@<BA!
9:5E<6:9:8>!@H!1+#1!
65>:E!58?!;A565;>:67V5>7@8!@H!>A:!?75V@>6@FA!;@99<87>4!
5EE@;75>:?!S7>A!>A:!ES7>;AB65EE!6A7V@EFA:6:T
!d:!H@<8?!>A5>!?75V@>6@FA!;@99<87>4!
E>6<;><6:!@H!H7:G?!E@7G!S5E!E7B87H7;58>G4!?7HH:6:8>!5;6@EE!E7>:EU!=<>!S5E!8@>!78HG<:8;:?!=4!
G:B5;4!#!5??7>7@8ET!)A:E:!?7H
H:6:8;:E!78!;@99<87>4!E>6<;><6:!S:6:!8@!G@8B:6!:D7?:8>!78!
!;G<E>:6
!W78B?@9
!FA4G<9
!;G5EE
!@6?:6
!H597G4
!B:8<E!')Cilk
!;G<E>:6!%
!-5;>:675
!*;>78@=5;>:675
!*;>78@=5;>:675
!1658W75G:E
!1658W75;:5:
!C87?:8>7H7:?
!')CgjMj
!;G<E>:6!%
!-5;>:675
!/458@=5;>:675
!#@E>@;5G:E
!#@E>@;5;:5:
!*85=5:85
!*85=5:85
!')CYjl
!;G<E>:6!%
!-5;>:675
!/458@=5;>:675
!#@E>@;5G:E
!#@E>@;5;:5:
!#@E>@;
!#@E>@;
!')CRMi
!;G<E>:6!%
!-5;>:675
!K6@>:@=5;>:675
!-:>5F6@>:@=5;>:675
!&A@?@;4;G5G:E
!&A@?@;4;G5;:5:
!m@@BG@:5
!')CLhj
!;G<E>:6!%
!-5;>:675
!/458@=5;>:675
!#@E>@;5G:E
!#@E>@;5;:5:
!*85=5:85
!*85=5:85
!')ClL
!;G<E>:6!%
!-5;>:675
!K6@>:@=5;>:675
!*GFA5F6@>:@=5;>:675
!&A7V@=75G:E
!-65?46A7V@=75;:5:
!-65?46A7V@=7<9
!!;G<E>:6
!W78B?@9
!FA4G<9
!;G5EE
!@6?:6
!H597G4
!B:8<E!')CLl
!;G<E>:6!%
!-5;>:675
!*;>78@=5;>:675
!*;>78@=5;>:675
!1658W75G:E
!1658W75;:5:
!C87?:8>7H7:?
!')CgM
!;G<E>:6!%
!-5;>:675
!/458@=5;>:675
!#@E>@;5G:E
!#@E>@;5;:5:
!#@E>@;
!#@E>@;
!')Chig
!;G<E>:6!%
!-5;>:675
!*;>78@=5;>:675
!*;>78@=5;>:675
!1658W75G:E
!1658W75;:5:
!C87?:8>7H7:?
!')CllY
!;G<E>:6!%
!-5;>:675
!*;>78@=5;>:675
!*;>78@=5;>:675
!1658W75G:E
!1658W75;:5:
!C87?:8>7H7:?
!lk! 6A7V@EFA:6:!;@99<87>7:E!5>!FG58>!A56D:E>T!1+#1!65>:E!S:6:!:N>6:9:G4!D5675=G:!S7>A!8@!
E7B87H7;58>!>6:8?E!6:G5>:?!>@!#!5??7>7@8E!@6!E7>:U!@6!SA@G:!?75V@>6@FA!;@99<87>4!
E>6<;><6:T!!
!6=D=4!
.@9\KMCKZO!VK
UUBL@MT!VKUZKN@M@KL!@L!C<NZKLN<!MK!)!9R9@;9:@;@MT
!K:6A5FE!>A:!9@E>!78>67B<78B!H78?78B!@H!>A7E!E><?4!7E!>A:!
E>6@8B!
E:G:;>7D:!F6:EE<6:!
SA7;A!
>A:!ES7>;AB65EE!6A7V@EFA:6:!:N:6>
:?!@8!>A:!
?75V@>6@FA!;@99<87>4T!
,:EF7>:!E@7GE!
=:78B!;@GG:;>:?!H6@9!?7HH:6:8>!H7:G?!
E7>:EU!58?!?7EFG5478B!?7HH:6:8>!787>75G!?75V@>6@FA!
;@99<87>7:E!O
17BT!RTi
*PU!6A7V@EFA:6:!E59FG:E!;@GG:;>:?!5>!>A:!:8?!@H!>A:!B6::8A@<E:!
:NF:679:8>!EA@S:?!G7>>G:!>@!8@!:D7?:8;:!@H!>A7E!E7>:!A7E>@64T!*G>A@<BA!E7>:!S5E!5!
E7B87H7;58>!F6:?7;>@6!@H!H7:G?!E@7G!?75
V@>6@FA!;@99<87>4!;@9F@E7>7@8U!8:7>A:6!E7>:!8@6!#!
>6:5>9:8>E!S:6:!H5;>@6E!78!?67D78B!@D:65GG!6A7V@EFA:6:!?75V@>6@FA!;@99<87>7:E!78!@<6!
B6::8A@<E:!F@>ET!Q@S:D:6U!S:!?7?!H78?!>A5>!>A:!5=<8?58;:!@H!E@9:!EF:;7H7;!;@99<87>4!
9:9=:6E!D567:?!S7>A!G:B5;4!@6!EA@6>
2>:69!#!O
17BT!RTg
PT!)A7E!;@8>65?7;>E!@<6!H76E>!58?!
E:;@8?!A4F@>A:E:E!>A5>!E7>:U!#!>6:5>9:8>U!58?!>A:76!78>:65;>7@8E!S@<G?!?67D:!?75V@>6@FA!
;@99<87>4!;@9F@E7>7@8!58?!>A5>!EA@6>
2>:69!#!5??7>7@8!S@<G?!A5D:!5!B6:5>:6!79F5;>!
>A58!G:B5;4!#T!)A:E:!6:E<G>E!56:!5GE@!
;@8>6564!>@!@>A:6!S@6W!SA7;A!H@<8?!G@8B
2>:69!#!
H:6>7G7V5>7@8!>@!5G>:6!?75V@>6@FA!;@99<87>4!;@9F@E7>7@8!Od58B!:>!5G!LMYgs!1:8B!:>!5G!
LMYhs!&@G:4!:>!5GT!LMYlPT!&5>A:6U!7>!E::9E!>A5>!6A7V@EFA:6:!:HH:;>E!@<>S:7BA:?!>A:!
#!>6:5>9:8>!:HH:;>ET!
!K6:D7@<E!E><?7:E!A5
D:!@=E:6D:?!5!E797G56!E:G:;>7D:!F6:EE<6:!@H!>A:!6A7V@EFA:6:!
@8!;@99<87>4!;@9F@E7>7@8!SA:6:!6A7V@EFA:6:!58?!6@@>
25EE@;75>:?!;@99<87>7:E!S:6:!
?7E>78;>!H6@9!=<GW!E@7G!;@99<87>7:E!O/@E>5!:>!5GT!LMMgs!078BA!:>!5GT!LMMks!&@G:4!:>!5GT!
LMYlPT!Q@S:D:6U!>A:!6@G:!@H!
FG58>!EF:;7:E!7E!8@>!;G:56!S7>A!E@9:!E><?7:E!H78?78B!?7HH:6:8>!
lh! FG58>!EF:;7:E!A5D:!?7E>78;>!6A7V@EFA:6:!;@99<87>7:E!O/@E>5!:>!5GT!LMMgs!.56=:D5!:>!5GT!
LMMhP!58?!@>A:6E!H78?78B!FG58>!EF:;7:E!7E!5!E95GG!@6!8@8
2E7B87H7;58>!?67D:6!@H!6A7V@EFA:6:!
;@99<87>4!;@9F@
E7>7@8!O078BA!:>!5GT!LMMks!\:E<E!:>!5GT!LMYMPT!0S7>;AB65EE!A5E!
EF:;7H7;5GG4!=::8!@=E:6D:?!>@!:N:6>!E:G:;>7D:!F6:EE<6:!@8!E@7G!;@99<87>7:EU!;<G>7D5>78B!5!
6A7V@EFA:6:!;@99<87>4!?7E>78;>!H6@9!=<GW!E@7G!58?!@>A:6!FG58>!EF:;7:E!O/A5<?A564!:>!5GT!
LMYLP!58?!:D:8!
@>A:6!ES7>;AB65EE!;<G>7D56E!O&@?67B<:E!:>!5GT!LMYgPT!*G>A@<BA!@<6!6:E<G>E!
?@!8@>!5GG@S!<E!>@!E>5>:!>A5>!>A:!@=E:6D:?!6A7V@EFA:6:!?75V@>6@FA!;@99<87>4!7E!EF:;7H7;!
>@!58?o@6!E:G:;>:?!=4!ES7>;AB65EEU!7>!7E!;G:56!>A5>!>A:!6A7V@EFA:6:!EA5F:E!?75V@>6@FA!
;@99<87>
4!;@9F@E7>7@8T
!%8!5??7>7@8!>@!ES7>;AB65EE!58?!6@@>!:N<?5>:!E:G:;>7D:!F6:EE<6:EU!S:!9<E>!5GE@!
5;W8@SG:?B:!>A:!F@EE7=7G7>4!>A5>!E@9:!@H!>A:!E:G:;>7@8!:HH:;>!@8!6A7V@EFA:6:!?75V@>6@FA!
;@99<87>7:E!954!=:!?<:!>@!B6@S>A!;@8?7>7@8E!?<678B!>A:!E><?4T
!%8!F56>7;<G56
U!>A:!E58?4!
>:N><6:!@H!@<6!B6@S>A!9:?75!954!A5D:!E:G:;>:?!H@6!;@99<87>4!9:9=:6E!;@99@8!78!
E58?4!E@7GEU!G7W:!>A@E:!H@<8?!5>!+/T!
0@7G
!>:N><6:!5>!+/!S5E!?7E>78;>!H6@9!+C3!58?!"0/U!
=:78B
!F6:?@9785>:G4!E58?!OthiZP
U!SA7G:!E@7GE!5>!+C3!58?!"0/!
A5?!5!9@6:!:D:8!
?7E
>67=<>7@8!@H!E58?U!E7G>U!58?!;G54!O[5E9:6;A5W!58?!0;A5:>VG!LMYhPT!
d:!@=E:6D:?!>A5>!
?75V@>6@FA!;@99<87>7:E!78!
"0/!58?!+C3!
H7:G?!
E@7G
U!SA:8!
<8?:6!6A7V@EFA:6:!;@8?7>7@8E
U!>:8?:?!>@!EA7H>!>@S56?E!5!;@9F@E7>7@8!E797G56!>@!
>A5>!
@=E:6D:?!78!
+/!E@7GE
!O17BT!RTj
s!0<FFT!
17BT!RTL
PT!
d:!5GE@
!H@<8?!+/!
H7:G?!
E@7GE!58?!+/!6A7V@EFA:6:!;@99<87>7:E!>@!=:!
78?7E>78B<7EA5=G:U!SA7G:!E@7G!;@99<87>7:E!
;G<E>:6:?!E:F565>:G4!H6@9
!6A7V@EFA:6:!
;@99<87>7:E!H@6!+C3!58?!"0/
!H7:G?
!E@7GE
!O0<FFT!
17BT!RTL
PT!)A<E
U!>A:!E58?4!;@9F@E7>7@8!
@H!@<6!B6
@S>A!9:?75!954!A5D:!9797;W:?!;@8?7>7@8E!9@E>!E797G56!>@!>A@E:!5>!+/T!)A:!
6@G:!@H!E@7G!>:N><6:!A5E!=::8!@=E:6D:?!78!@>A:6!S@6W!SA7;A!H@<8?!>A5>!E@7G!>4F:!S5E!5!
ll! 95b@6!?67D:6!@H!=5;>:675G!58?!H<8B5G!;@99<87>7:E!O078BA!:>!5GT!LMMks!.56=:D5!:>!5GT!
LMMhs!\:E<E!:
>!5GT!LMYMPT!
!%8!5??7>7@8!>@!E@7G!>:N><6:U
!B6::8A@<E:!;@8?7>7@8E
!;@<G?!A5D:!FG54:?!E@9:!6@G:!78!
>A:!A@9@B:87V5>7@8!@H!>A:!6A7V@EFA:6:!?75V@>6@FA!;@99<87>4
T!*GG!FG58>E!S:6:!B6@S8!78!
>A:!B6::8A@<E:!<8?:6!
;@8>6@GG:?!;@8?7>7@8E!@H!7?:5G!9@7E><6:U!G7BA>U!58?!>:
9F:65><6:U!
SA7;A!
;@<G?!A5D:!:N:6>:?!
E:G:;>7D:!
F6:EE<6:!@8!>A:!?75V@>6@FA!;@99<87>4T!/@GG:;>7D:G4U!
@<6!6:E<G>E!E<BB:E>!>A5>!>A:!ES7>;AB65EE!6A7V@EFA:6:!A5E!>A:!F@>:8>75G!>@!E:G:;>!5!
EF:;7H7;!58?!;@8E7E>:8>!?75V@>6@FA!;@99<87>4!58?!>A5>!>A7E!E:G:;>7@8!954!=:
!9@?:65>:?!
=4!E@7G!>:N><6:U!=<>!7E!8@>!9@?:65>:?!=4!G:B5;4!@6!EA@6>
2>:69!#!5??7>7@8ET!
!6=D=5!
1,)1!@L!C<NZKLN<!MK!)!9R9@;9:@;@MT!9VCKNN!N@M<N
!d:!H@<8?!1+#1!65>:E!>@!=:!A7BAG4!D5675=G:!5;6@EE!5GG!E7>:E!58?!>6:5>9:8>EU!
658B78B!H6@9!=:G@S!?:>:;>7@8!>@!8:56G4!
RM!XB!#!H7N:?!B
2Y!6A7V@EFA:6:!?54
2YU!SA7;A!7E!YM!
>@!RMN!B6:5>:6!>A58!65>:E!@H!1+#1!>4F7;5GG4!6:F@6>:?!H@6!ES7>;AB65EE!6@@>E!58?!
5EE@;75>:?!E@7GE!O&@G:4!:>!5GT!LMYls!09:6;785!:>!5GT!LMYlPT!)A:E:!65>:E!:D:8!:N;::?!
>A@E:!>4F7;5GG4!@=E:6D:?!78!@>A:6!B65EEG58?!
E4E>:9ET!1+#1!@H!>:9F:65>:!B65EEG58?E!7E!
:E>795>:?!5>!58!5D:65B:!@H!iTk!WB!#!A5
2Y!462Y!S7>A!58!<FF:6!G797>!@H!LM!WB!#!A5
2Y!462Y!O&::?!:>!5GT!LMYYPT!'<6!A7BA:E>!9:5E<6:?!65>:E!S@<G?!=:!6@<BAG4!:I<7D5G:8>!>@!RMTg!WB!
#!A5
2Y!462Y!O5EE<978B!kMM!B!6A7V@EFA:6:!9
2L!>@!Yj!;9!?:F>As!&@G:4!:>!5GT!LMYlPU!S:GG!
5=@D:!:D:8!>A:!<FF:6!:E>795>:!H@6!>:9F:65>:!B65EEG58?ET!
0<6F67E78BG4U!
8@8:!@H!@<6!#!
5??7>7@8!>6:5>9:8>E!@6!FG58>!5=@D:B6@<8?!=7@95EE!:NFG578:?!1+#1!65>:ET!
)A@<BAU
!@>A:6!
E><?7:E!9:5E<678B!1+#1!78!>A:!ES7>;AB65EE!6A
7V@EFA:6:!
A5D:!E797G56G4!@=E:6D:?
!8@!
6:EF@8E:!@H!1+#1!>@!H:6>7G7V:6!#!5??7>7@8E!O&@G:4!:>!5GT!LMYhPT!
*??7>7@85GG4U!8@!?67D:6E!
E7B87H7;58>G4!78HG<:8;:?!>A:!?7HH:6:8;:E!78!E59FG:!D5675=7G7>4!O5D:65B:!/$!p!LllTkZP!@H!
YMM! 1+#1!65>:ET
!0F@65?7;!58?!:F7E@?7;!?5>5!
A5E!=::8!@=E:6D:?!78!@>A:6!
9:5E<6:9:8>E!@H!
ES7>;AB65EE
25EE@;75>:?!1+#1!65>:E!O&@G:4!:>!5GT!LMYhP!58?!
87HQ!>658E;67F>E!
O-5A<G7W56!:>!
5GT!LMYiP
U!E<BB:E>78B!>A5>!;@8>6@GE!@8!1+#1!954!=:!5GE@!=:!D5675=G:!@6!EF@65?7;T
!!d:!A4F@>A:E7V:!>A5>!>A:!A7BA!D5675=7G7>4!78!1
+#1!65>:E!@=E:6D:?!78!>A7E!E><?4!954!
6:G5>:!>@!A
:>:6@B:8:7>4!78!>A:!?7E>67=<>7@8!@H!?75V@>6@FAEU!#!5D57G5=7G7>4U!58?o@6!/!
5D57G5=7G7>4T!d:!W8@S!>A5>!<8:NF:;>:?G4!A7BA!97;6@=75G!F6@;:EE!65>:E!;58!G78W!>@!EF5>75G!
58?!>:9F@65G!A:>:6@B:8:7>4!78!97;6@=:E!58?!8<
>67:8>E!
`!E@!;5GG:?!^A@>!EF@>E_!58?!^A@>!
9@9:8>E_!O.6@HH958!:>!5GT!LMMls![<V45W@D!58?!
-G5B@?5>EW545
!LMYj!58?!6:H:6:8;:E!
>A:6:78
PT!&@@>E!<E:?!78!@<6!E><?4!>@!9:5E<6:!1+#1!65>:E!S:6:!;A@E:8!5>!658?@9!58?!
>A:6:H@6:!S:6:!G7W:G4!A:>:6@B:8:@<E!78!E7V:oD@G<9:U!?7
5V@>6@FA!;@G@87V5>7@8U!58?!
94;@66A7V5G!5EE@;75>7@8ET!*??7>7@85GG4U!6@@>!E59FG:E!954!A5D:!78;G<?:?!?:5?!58?!
?:;5478B!6@@>ET!,7HH:6:8;:E!78!6@@>!E7V:!58?!D@G<9:U!F6:E:8;:!@H!?:5?o?:;5478B!6@@>EU!
58?!5=<8?58;:!@H!94;@66A7V5G!5EE@;75>:E!;@<G?!78HG<:8;:!>A:!5D5
7G5=7G7>4!@H!/!78!>A:!
6A7V@EFA:6:!O\@8:E!:>!5GT!LMMls!#7:!:>!5GT!LMYR
PT!,75V@>6@FAE!56:!?:F:8?:8>!@8!6:5?7G4!
5D57G5=G:!/!>@!E<FF@6>!1+#1!5;>7D7>4U!>A<E!/!7E!G7W:G4!5!95b@6!;@8>6@G!@8!1+#1!O09:6;785!
:>!5GT!LMYl5PT!&A7V@EFA:6:!;@G@87V5>7@8!7E!5GE@!G7W:G4!A:>:6@B:8@<EU!>A:!;@8>6@GE!@H!SA7;A!
56:!8@>!S:GG!<8?:6E>@@?U!>A<E!7>!7E!G
7W:G4!>A5>!;5F><6:!@H!58!5;>7D:!?75V@>6@FA!;@99<87>4!
@8!6@@>!E<6H5;:E!S@<G?!@;;<6!658?@9G4T!
!'<6!6:E<G>E!@H!1+#1!;@<8>:6!@<6!H76E>!>S@!A4F@>A:E:E!>A5>!E7>:!58?!#!5D57G5=7G7>4!
S@<G?!?67D:!1+#1!65>:E!58?!>A5>!EA@6>
2>:69!#!S@<G?!79F5;>!1+#1!>@!5!B6:5>:6!:N>:8
>!>A58!G:B5;4!#T!1<6>A:6U!S:!H78?!8@!:D7?:8;:!>A5>!?7HH:6:8;:E!78!>7978B!@H!#!5D57G5=7G7>4U!
G:B5;4!D:6E<E!EA@6>
2>:69U!79F5;>!9:5E<6:?!1+#1T!&5>A:6U!@<6!6:E<G>E!
E::9!>@!E<BB:E>!
>A5>!#!5D57G5=7G7>4U!5E!9:5E<6:?!5>!>A:!FG58>!>@!:;@E4E>:9
2E;5G:U!
954
!8@>!5;;<65
>:G4!
YMY! F6:?7;>!#!5D57G5=7G7>4!5>!>A:!?75V@>6@FA!E;5G:
T!*G>:685>7D:G4U!>A:E:!6:E<G>E!954!78?7;5>:!
>A5>!#!5D57G5=7G7>4!7E!8@>!5!95b@6!?67D:6!@H!1+#1U!5E!:NF:;>:?!H6@9!F5E>!S@6WT!
)A7E!G:5D:E!
G56B:!I<:E>7@8E!
5=@<>!SA:>A:6!#!5D57G5=7G7>4!?67D:E
!1+#1!58?!7HoA@S!S:
!;58!F6:?7;>!
1+#1!H6@9!:8D76@89:8>5G!;@8?7>7@8E
T!!6=D=6!
,@LX@LA!S@9\KMCKZO!VKUUBL@MT!VKUZKN@M@KL!9LS!1,)1!C9M<N
!%8!;@8>65E>!>@!@<6!>A76?!A4F@>A:E7EU!S:!?7?!8@>!H78?!?76:;>!:D7?:8;:!H@6!58!
5EE@;75>7@8!=:>S::8!?75V@>6@FA!;@99<87>4!;@9F@E7>7@8!58?!1+#1!65>:ET
!Q@S:D:6U!>A:!
F6:E:8;:!@H!E@9:!?75V@>6@FAE!954!=:!5EE@;75>:?!S7>A!B6:5>:6!1+#1T!0:D:65G!
@6B587E9E!S:6:!7?:8>7H7:?!5E!78?7;5>@6!EF:;7:E!@H!E59FG:E!SA:6:!1+#1!65>:E!S:6:!
B6:5>:6!>A58!YM!XB!#!H7N:?!B
2Y!6A7V@EFA:6:!?54
2YT!d:!5GE@!7?:8>7H7:?!H@<6!@6B587E9E!
SA@E
:!F6:E:8;:!5FF:56E!>@!=:!5EE@;75>:?!S7>A!
78;6:5E:?!1+#1
!O7T:T!SA:8!>A:E:!
@6B587E9E!S:6:!F6:E:8>U!
1+#1
!65>:E!>:8?:?!>@!=:!B6:5>:6!>A58!SA:8!>A:4!S:6:!5=E:8>PT!
)A:E:!H@<6!@6B587E9E!S:6:!;@8E7E>:8>G4!F6:E:8>!78!>A:!>:8!E59FG:E!S7>A!>A:!A7BA:E>!
@D:65GG!
1+#1
!65>:E!S7>A!:7BA>!@H!>A:E:!>:8!E59FG:E!;@8>57878B!5>!G:5E>!@8:!@H!>A:!
7?:8>7H7:?!')CE!58?!E7N!@H!>A:E:!>:8!E59FG:E!;@8>57878B!5>!G:5E>!
>A6::
!@H!>A:E:!')CET!
dA7G:!>A7E!7E!8@>!?76:;>!:D7?:8;:!@H!>A:E:!@6B587E9E!?67D78B!
1+#1
!65>:EU!
7>!
?@:E!E<BB:E>!
>A5>!>A:E:!@6B
587E9E!954!S56658>!H<6>A:6!E><?4T!
!.6@<FE!5EE@;75>:?!S7>A!B6:5>:6!1+#1!78;G<?:?!FA@>@E48>A:>7;!?75V@>6@FAE
!78;G<?78B!
W50,5%
!58?!
3#"6"2#"
!EF:;7:E
U!58?!
?75V@>6@FAE!>4F7;5G!@H!E49=7@>7;!#
2H7N5>7@8!
78;G<?78B!9:9=:6E!@H!>A:!
Q*"#N$"%2"2
!58?!E*"/;*<$456$"%2"2
!H59
7G7:ET
!d:!S:6:!
E<6F67E:?!>@!H78?!>A5>!')CE!5EE@;75>:?!S7>A!B6:5>:6!1+#1!78;G<?78B!FA@>@E48>A:>7;!
@6B587E9EU!SA7;A!56:!<8G7W:G4!>@
!6:G4!
@8!6@@>!:N<?:?!/!H6@9!ES7>;AB65EE!>@
!E<FF@6>!#
2H7N5>7@8
T!Q@S:D:6U!>A:E:!;458@=5;>:675!954!E>7GG!;@8>67=<>:!E7B87H7;58>G4!
>@!FG58>!5D57G5=G:!
YML! #!5E!
W50,5%(
58?!
3#"62"#"
!EF:;7:E!56:!:E>795>:?!>@!6:G:5E:!j!>@!kMZ!@H!H7N:?!#!>@!>A:76!
E<66@<8?78BE!O-:G85F!LMMYPT!1+#1!=4!;458@=5;>:675!7E!S:GG
2E><?7:?!78!>A:!;@8>:N>!@H!
?:E:6>!=7@G@B7;5G!E@7G!;6<E>E!O-0/EPU!SA:6:!;458@=5;>:675!78>:65;>
!;G@E:G4!S7>A!E@7G!
F56>7;G:E!>@!H@69!5!;@A:E7D:!E>6<;><6:!O-:G85F!LMMRPT!)A:E:!-0/E!56:!D7>5G!>@!
9578>57878B!>A:!H:6>7G7>4!@H!?:E:6>!E@7G!E4E>:9E!=4!78;6:5E78B!8<>67:8>!5D57G5=7G7>4!58?!
F6@9@>78B!S5>:6!6:>:8>7@8!O-:G85F!LMMRPU!>A<E!7>!7E!FG5<E7=G:!>A:E:!@6
B587E9E!954!FG54!
E797G56!6@G:E!78!956B785G!G58?!E4E>:9ET!%8?::?U!5FFG7;5>7@8!@H!;458@=5;>:675!>@!956B785G!
G58?E!H@6!79F6@D:9:8>!@H!E@7G!H:6>7G7>4!A5E!=::8!F6@F@E:?!O,c*;I<7!LMYgs!&@EE7!:>!5G!
LMYkP!58?!>:E>:?!@8!*H67;58!E@7GE!S7>A!E<;;:EE!O,c*;I<7!LMYgPT!)A
7E!E<BB:E>E!>A5>!
;458@=5;>:675!954!FG54!58!79F@6>58>U!4:>!<8:NFG@6:?U!6@G:!78!E<FF@6>78B!=7@:8:6B4!;6@F!
F6@?<;>7D7>4!@8!956B785G!G58?ET
!d:!S:6:!5GE@!E<6F67E:?!>@!H78?!>A5>!W8@S8!E49=7@>7;!#
2H7N:6E!S:6:!5EE@;75>:?!
S7>A!B6:5>:6!1+#1!78!@<6!E4E>:9T!
E*"/;*<$456$&'
!EF:;7:E!56:!59@8B!>A:!9@E>!S:GG
2E><?7:?!#
2H7N78B!E49=7@8>EU!=<>!>A:76!;@8>67=<>7@8!>@!1+#1!7E!8@>!S:GG!<8?:6E>@@?T!(584!
E*"/;*<$456$&'
!:;@>4F:E!56:!H@<8?!78!E@7GE!5E!8@8
2E49=7@>7;!@6!H6::
2G7D78B!@6B587E9E!
O$58%8E=:6BA:
!:>!5G!LMYjP!58?!A5D:!=
::8!EA@S8!>@!5EE@;75>:!S7>A!9584!8@8
2G:B<9:!
FG58>E!5E!6@@>!:8?@FA4>:E!O
0;A8:7b?:6=:6B
!:>!5G!LMYhPT!)A:4!A5D:!5GE@!=::8!F6:D7@<EG4!
7?:8>7H7:?!78!>A:!ES7>;AB65EE!6A7V@EFA:6:!O-5A<G7W56!:>!5GT!LMYis!&@G:4!:>!5GT!LMYlPU!
78;G<?78B!5E!6@@>!:8?@FA4>:E!O-5A<G7W56!
:>!5G!LMYlPU!58?!56:!5=<8?58>!78!85><65G!
B65EEG58?!E4E>:9E!O,:G9@8>!:>!5G!LMYLPT!%>!A5E!=::8!E<BB:E>:?!>A5>!>A:E:!H6::
2G7D78B!
:;@>4F:E!G5;W!@6!56:!?79787EA:?!78!>A:76!#
2H7N5>7@8!;5F5;7>4!O
$58%8E=:6BA:
!:>!5G!LMYjs!
0;A8:7b?:6=:6B
!:>!5G!LMYhPU!58?!954!:D:8!;A
:5>!FG58>
25EE@;75>:E!O05;AE!:>!5G!LMYMPT!
Q@S:D:6U!>A:!5EE@;75>7@8!S7>A!
E*"/;*<$456$&'
!58?!1+#1!65>:E!78!@<6!E><?4!S@<G?!
YMR! E<BB:E>!>A:4!56:!5;>7D:G4!H7N78B!#!78!>A:!ES7>;AB65EE!6A7V@EFA:6:T!%8?::?U!5!E><?4!@H!
1+#1!5EE@;75>:?!S7>A!
:8:6B4!
E@6BA<9
!OH5*+<&'(6$%57
5*P!;<G>7D56E
!H@<8?!>A5>!>A@E:!
;<G>7D56E!S7>A!A7BA:E>!6@@>!#
2H7N5>7@8!A56=@6:?!5!A7BA!5=<8?58;:!@H!
E*"/;*<$456$&'
!EF:;7:E!OQ565!:>!5G!LMYlPT!)A7E!A7BAG7BA>E!5!F@>:8>75GG4!79F@6>58>!6@G:!@H!?75V@>6@FAEU!
>4F7;5GG4!E><?7:?!H@6!>A:76!E49=7@>7;!#
2H7N78B!;5F5;7>
4U!>@!;@8>67=<>:!#!>@!FG58>E!SA:8!
G7D78B!
5EE@;75>7D:G4!65>A:6!>A58!E49=7@>7;5GG4
!78!>A:!6A7V@EFA:6:T
!6=E!'*)',?$8*)$
!!)A:!6:E<G>E!@H!>A7E!E><?4!S:6:!E<6F67E78BT!1+#1!65>:E!S:6:!8@>!:NFG578:?!=4!E7>:!
@6!#!>6:5>9:8>E!58?!@D:65GG!S:6:!A7BAG4!D5675=G:T!d:!F@E7
>!>A5>!>A:E:!6:E<G>EU!;@<FG:?!
S7>A!@<6!E59FG78B!9:>A@?U!954!78?7;5>:!>A5>!EF5>75G!A:>:6@B:8:7>4!@H!>A:!6A7V@EFA:6:!
7E!
5!95b@6!?67D:6!@H!1+#1T!d:!5GE@!H@<8?!>A5>!@D:65GG!6A7V@EFA:6:!?75V@>6@FA!;@99<87>4!
;@9F@E7>7@8!S5E!8@>!:NFG578:?!=4!H7:G?!E7>:!@6!#!>6:5>
9:8>ET!Q@S:D:6U!S:!?7?!7?:8>7H4!5!
;G:56!6A7V@EFA:6:!:HH:;>!@8!>A:!?75V@>6@FA!;@99<87>4!SA:6:=4!:HH:;>E!@H!E7>:!@8!H7:G?!
E@7G!?75V@>6@FA!;@99<87>7:E!S:6:!;@9FG:>:G4!95EW:?!78!>A:!6A7V@EFA:6:T
!*E!S7>A!9584!F6:D7@<E!E><?7:EU!S:!S:6:!<85=G:!>@!:E>5=G7EA!5!
?76:;>!
G78W!=:>S::8!
H<8;>7@85G!;@99<87>4!E>6<;><6:!58?!9:5E<6:?!F6@;:EE!65>:ET!0A7H>E!78!6:G5>7D:!
5=<8?58;:!@6!FA4E7@G@B4!@H!?75V@>6@FAE!58?!@>A:6!H<8;>7@85G!B<7G?E!56:!?7HH7;<G>!>@!
5EE:EEU!=<>!56:!G7W:G4!>@!=:!SA:6:!>A:!G78W!=:>S::8!;@99<87>4
!58?!H<8;>7@8
!@6!F6@;:EE!
65>:E!6:E7?:E!
O\58EE@8!58?!Q@H9@;W:G!LMYh
s!\58EE@8!58?!Q@H9@;W:G!LMYl
!58?!6:H:6:8;:E!>A:6:78
PT!
'>A:6!E><?7:E!
A5D:!
E797G56G4!
E>6<BBG:?!
>@!G78W!
#$89
!?7D:6E7>4!
@6!
#$89(
=5E:?!;@99<87>4!E>6<;><6:!
58?!#
2H7N5>7@8!H<8;>7@8!
O1v68W658V!:>!5G!LMMh
s![87:H
!:>!5GT!
LMYLPT!)A@<BA!8@!?76:;>!G78W!=:>S::8!;@99<87>4!;@9F@E7>7@8!58?!H<8;>7@8!S5E!
:E>5=G7EA:?
!78!>A7E!E><?4
U!S:!S:6:!5=G:!>@!H78?!:D7?:8;:!H@6!?75V@>6@FAE!F@>:8>75GG4!
YMi! 79F@6>58>!H@6!F6:?7;>78B!1+#1!78!>A:!6A7V@EFA:6:
!>A5>!
S56658>!H<6>A:6!78D:E>7B5>7@8
T!'D:65GGU!S:
!8::?!>@!:N5978:!
9@6:!;G@E:G4!H<8;>7@85G!
B6@<FE
!E<;A!5E!?75V@>6@FAE
!SA@E:!
6@G:!78!E<FF@6>78B!#!?:958?E!@H!=7@:8:6B4!;6@FEU!G7W:!ES7>;AB65EEU!A5E!=::8!
6:G5>7D:G4!
<8:NFG@6:?T
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!YMj! !!!!!!!!!!!!!!!!!!"33-).8[
!!!!!!!!!!!!!!!!!!!!!!!!!!!YMg! $?33,-0-)%",!0"%-&8",
!!!!!1@ABC<!$
6=4>!
"R<C9A<!C<;9M@R<!9:BLS9LV<!KP!S@9\KMCKZO!V;9NN<N!:T!;<A9VT!)!9SS@M@KL!9LS!
N@M<!PKC!NK@;!N9UZ;<N=
!#@!E7B87H7;58>!?7HH:6:8;:E!S:6:!H@<8?!H@6!?75V@>6@FA!;G5EE:E!=4!G:B5;4!#!
5??7>7@8E!S7>A78!E7>:ET!-56E!H@6!"0/!58?!+C3!6:F6:E:8>!>A:!5D:65B:!@H!i!E59FG:ET!+/!=56E!56:!
6:F6:E:8>:?!=4!Y!E59FG:!H@6!1:6>!58?!L!E59FG:E!H@6!C8H:6>
!!!!!!YMk! !1@ABC<!$
6=5>!
3C@LV@Z9;!V
KKCS@L9M<N!9L9;TN@N!KP!P@<;S!NK@;!N9UZ;<N!9LS!CO@\KNZO<C<!N9UZ;<N!
PKC!_"`!,BW!"C:KC^!_#`!,9X<!'@MT^!_'`!-NV9L9:9!9LS!_.`!";;!N9UZ;<N
T!K@78>E!56:!=5E:?!@8!5!
S:7BA>:?!C87H65;!?7E>58;:!95>67N!@H!>A:!6:G5>7D:!5=<8?58;:!@H!656:H7:?!')C!;@<8>ET!K@78>E!56:!
;@G@6:
?!=4!*
2/f!E59FG:!>4F:!OE@7G!@6!6A7V@EFA:6:P!58?!,f!07>:!=4!E59FG:!>4F:T!"5;A!F@78>!
6:F6:E:8>E!@8:!E59FG:T!"GG7FE:E!6:F6:E:8>!ljZ!;@8H7?:8;:!:GG7FE:!@H!>A:!;:8>6@7?!H@6!:5;A!
E59FG:!>4F:T!#@>:!>A5>!+/!E@7G!E59FG:E!?@!8@>!A5D:!58!:GG7FE:!=:;5<E:!@8G4!R!E@7G!E
59FG:E!O@H!
>A:!h!>@>5GP!59FG7H7:?!H@6!
#$8
Q!58?!S:6:!E:I<:8;:?T
! !!YMh! !!!!!!!!!!&-1-&-)'-$
!!!!!!!!!!!!!!!YMl! &-1-&-)'-$
!!*8B:GU!&TU!#:F:GU!(TU!K58A{GVGU!/TU!0;A97?>U!QTU!Q:6=@G?U!/T!dTU!"7;A@6E>U!0T!*TU!r!
d@:=W:8
U!,T!OLMYhPT!"D5G<5>7@8!@H!K679:6E!)56B:>78B!>A:!,75V@>6@FA!1<8;>7@85G!
.:8:!58?!,:D:G@F9:8>!@H!#7H(*K
`*!-7@78H@695>7;E!K7F:G78:!H@6!*85G4V78B!87HQ!
*9FG7;@8!,5>5T
!Q*5#,$2*0($#(>$%*56$575+;
U!LU!kMRT
!-5A<G7W56U!&T!*TU!)@66:E
2\:6:VU!%TU!d@6G:4U!"TU!/65D:8U![TU
!r!C?D56?7U!(T![T!OLMYiPT!
,7D:6E7>4!@H!87>6@B:8
2H7N78B!=5;>:675!5EE@;75>:?!S7>A!ES7>;AB65EE!78!>A:!85>7D:!
>5GGB65EE!F65767:!@H!#@6>A:68!'WG5A@95T!*FFGT!"8D76@8T!(7;6@=7@GTU!hMOYhPU!jgRg
2jgiRT!-5A<G7W56U!&T!*TU!/A5G<D5?7U!0T!&TU!)@66:E
2\:6:VU!%TU!(@E5G7U!\T
U!-:88:>V:8U!\T!+TU!r!
C?D56?7U!(T!OLMYlPT!#7>6@B:8!H:6>7G7V5>7@8!6:?<;:E!87>6@B:8!H7N5>7@8!5;>7D7>4!@H!
?7D:6E:!?75V@>6@FAE!78!ES7>;AB65EE!6@@>ET!KA4>@=7@9:E!\@<685GU!Ob5PT
!-:G85FU!\T!OLMMYPT!15;>@6E!78HG<:8;78B!87>6@B:8!H7N5>7@8!58?!87>6@B:8!6:G:5E:!78!=7@
G@B7;5G!
E@7G!;6<E>ET!%8
!E$575+$%"7(05$7(%*&0,0Y(0,*&%,&*2.(8&#%,$5#.("#/('"#"+2'2#,
!OFFT!
LiY2LgYPT!0F678B:6U!-:6G78U!Q:7?:G=:6BT
!-:G85FU!\T!OLMMRPT!)A:!S@6G?!5>!4@<6!H::>f!?:E:6>!=7@G@B7;5G!E@7G!;6<E>ET
!Q*5#,$2*0($#(
D%575+;("#/(,<2(D#)$*5#'2#,
U!KOiPU!YhY
2YhlT!-G@;AU!0T!"TU!&4<U!(T!QTU!'V54?78U!-TU!r!-6@BG7:U!&T!OLMLMPT!Q568:EE78B!5>9@EFA:67;!
87>6@B:8!H@6!;:6:5G!;6@F!F6@?<;>7@8T
!A&**2#,(:1$#$5#($#(E$5,2%<#575+;
U!POU!YhY
2YhhT!/A5<?A564U!,T!&TU!05N:85U!\TU!+@6:8VU!#TU!,7;WU!+T![TU!r!,7;WU!&T!KT!OLMYLPT!(7;6@=75G!
F6@H7G:E!@H!6A7V@EFA:6:!58?!=<GW!E@7G!97;6@=75G!;@99<87>7:E!@H!=7@H<:G!;6@FE!
ES7>;AB65EE!OK587;<9!D76B5><9!+TP!58?!b5>6@FA5!O\5>6@FA5!;<6;5E!+TPT
!3117$2/(
"#/(D#)$*5#'2#,
"7(H5$7(H%$2#%2
U!OVKOT!/@E>5U!&TU!.{>VU!(TU!(6@>V:WU!#TU!+@>>9588U!\TU!-:6BU!.TU!r!095GG5U![T!OLMMgPT!"HH:;>E!@H!
E7>:!58?!FG58>!EF:;7:E!@8!6A7V@EFA:6:!;@99<87>4!E>6<;><6:!5E!6:D:5G:?!=4!
9@G:;<G56!585G4E7E!@H!97;6@=75G!B<7G?ET
!QD>H('$%*56$575+;(2%575+;
U!SPOLPU!LRg
2LilT!,c*;I<7U!+T!KT!OLMYgPT!CE:!@H!78?7B:8@<E!;458@=5;>:675!H@6!E<E>5785=G:!79F6@D:9:8>!@H!
=7@B:@;A:97;5G!58?!FA4E7;5G!H:6>7G7>4!@H!956B785G!E@7GE!78!E:97567?!>6@F7;ET!%8!
-7@H@69<G5>7@8Ef!H@6!0<E>5785=G:!*B67;<G><6:!OFFT!LYR
2LRLPT!0F678B:6U!#:S!,:G
A7T
!,:G9@8>U!)T!'TU!K6:E>5>U!"TU![::B58U![T!KTU!15<=G5?7:6U!(TU!&@=:U!KTU!/G56WU!%T!(TU!TTT!r!+:!
K5EG7:6U!,T!OLMYLPT!0>6<;><6:U!HG<;><5>7@8!58?!95B87><?:!@H!5!85><65G!B65EEG58?!
E@7G!9:>5B:8@9:T!)A:!%0("!b@<685GU!gOlPU!Ygkk
2YghkT!YYM! ,7N@8!&U![5A8!,T!LMMiT!.:8:
>7;!6:B<G5>7@8!@H!=7@G@B7;5G!87>6@B:8!H7N5>7@8T
!#5><6:!
&:D7:SE!(7;6@=7@G@B4
!Lf!gLY
2gRYT!
!158U![TU!,:GB5?@
2-5I<:67V@U!(TU!.<@U!3TU!d58BU!,TU!d<U!eTU!mA<U!(TU!TTT!r!/A<U!QT!
OLMYlPT!0<FF6:EE:?!#!H7N5>7@8!58?!?75V@>6@FAE!5H>:6!H@<6!?:;5?:E!@H!
H:6>7G7V5>7@8T
!>$%*56$5'2
U!FOYPU!Y
2YMT
!1:8BU!(TU!*?59EU!\T!(TU!158U![TU!0A7U!eTU!0<8U!&TU!d58BU!,TU!TTT!r!/A<U!QT!OLMYhPT!+@8B
2>:69!H:6>7G7V5>7@8!78HG<:8;:E!;@99<87>4!5EE:9=G4!F6@;:EE:E!@H!E@7G!
?75V@>6@FAET
!H5$7(E$575+;("#/(E$5%<2'$0,*;
U!KOP
U!YjY
2YjhT!1v68W658VU!(TU!d58:W
U!dTU!&7;A>:6U!*TU!*=:GGU!.TU!&5E;A:U!1TU!r!0:EE7>E;AU!*T!OLMMhPT!
#7>6@B:8!H7N5>7@8!=4!FA4GG@EFA:6:!=5;>:675!5EE@;75>:?!S7>A!A7BA:6!FG58>E!58?!>A:76!
;@G@87V78B!:F7FA4>:E!@H!5!>6@F7;5G!G@SG58?!6578H@6:E>!@H!/@E>5!&7;5T
!U<2(]H>D(
^5&*#"7
U!OOjPU!jgY
2jkMT!.5=4U
!\T!/TU!r!-<;WG:4U!,T!QT!OLMYiPT!*!;@9F6:A:8E7D:!5G7B8:?!87HQ!B:8:!?5>5=5E:f!5!
9<G>7F<6F@E:!>@@G!H@6!E><?7:E!@H!87>6@B:8
2H7N78B!=5;>:675T
!_","6"02
U!OVKGT!.5=4U!\T!/TU!&7EA7EAS56U!+TU!$5G?:66595
2*B<766:U!+T!/TU!.6::8U!0T!\TU!$5G?:66595
2*B<766:U!*TU!\@6?58U!
%T![TU!r![@E>W5U!\T!"T!OLMYhPT!,75V@>6@FA!;@99<87>4!
;A565;>:67V5>7@8!D75!5!A7BA
2>A6@<BAF<>!87HQ!59FG7;@8!E:I<:8;78B!58?!585G4E7E!
F7F:G78:T
!3117=(D#)$*5#=(>$%*56$57=
U!RGOiPU!:MYjYL
2YkT!.56=:D5U!KTU!$58!"GE5EU!\T!,TU!r!$58!$::8U!\T!*T!OLMMhPT!
&A7V@EFA:6:!97;
6@=75G!
;@99<87>4!58?!7>E!6:EF@8E:!>@!FG58>!EF:;7:E!58?!E@7G!A7E>@64T
!!7"#,("#/(
05$7
U!IVOOY2LPU!Yl
2RLT
!.:GH58?U!%TU!05A5bF5GU!&TU!mA58BU!3TU!%V5<665G?:U!&T!/TU!.6@EEU![T!+TU!r!&@=:6>E@8U!.T!KT!
OLMYRPT!0<E>5785=G:!=7@:8:6B4!F6@?<;>7@8!H6@9!956B785G!G58?E!78!
>A:!C0!
(7?S:E>T
!W",&*2
U!GLI
OkiRRPU!jYi
2jYkT
!.6@HH958U!KT!(TU!-<>>:6=5;A
2-5AGU![TU!1<GS:7G:6U!&T!dTU!.@G?U!*T!\TU!(@6E:U!\T!+TU!
0>58?:6U!"T![TU!TTT!
r!$7?@8U!KT!OLMMlPT!/A5GG:8B:E!>@!78;@6F@65>78B!EF5>75GG4!58?!
>:9F@65GG4!:NFG7;7>!FA:8@9:85!OA@>EF@>E!58?!A@>
!9@9:8>EP!78!?:87>67H7;5>7@8!
9@?:GET
!E$5+25%<2'$0,*;
U!LIOY2LPU!il
2kkT!Q565U!0TU!(@67W5S5U!)TU!d5E57U!0TU![5E5A565U!eTU![@EA7=5U!)TU!e595V5W7U![TU!TTT!r!
(78597E5S5U![T!OLMLMPT!%?:8>7H7;5>7@8!@H!#7>6@B:8
217N78B!-65?46A7V@=7<9!
*EE@;75>:?!d7>A!&@@>E!@H!17:G?
2.6@S8!0@6BA<9!=4!(:>5B:8@9:!58?!K6@>:@9:T!
(:>5=@G7;!*?b<E>9:8>E!58?!.:8:!"NF6:EE7@8!&:F6@B659978B!H@6!049=7@>7;!
#7>6@B:8!17N5>7@8!78!+:B<9:!#@?<G:ET
!Q56>:6U!\TU![65<E:U!QT!(TU!0;A<:>>G:6U!0TU!&<E:6U!&TU!16@99:U!(TU!0;A@G>:8U!)TU!TTT!
r!-:A6:8EU!0T!OLMYiPT!+7
8W78B!#!L!'!:97EE7@8E!H6@9!=7@;A56
259:8?:?!E@7G!>@!>A:!
E>6<;><6:!58?!H<8;>7@8!@H!>A:!#
2;4;G78B!97;6@=75G!;@99<87>4T!)A:!%0("!b@<685GU!
hORPU!ggM
2gkiT
!YYY! Q<:6B@U!+1U!K:?6@E5U!1'U!(<GG:6
2058>@EU!(U!/A<=5>E<U!+0U!(@8>:76@U!&*U!(:667;WU!(U!r!
0@<V5U!"(T!LMYLT!K%%!E
7B85G!>658E?<;>7@8!F6@>:78Ef!F7D@>5G!FG54:6E!78!F@E>
2>658EG5>7@85G!;@8>6@G!@H!87>6@B:85E:!5;>7D7>4T!(7;6@=7@G@B4U!YjhOYPU!Ykg
2YlMT
!\58EE@8U!\T![TU!r!Q@H9@;W:GU![T!0T!OLMYhPT!)A:!E@7G!97;6@=7@9:
JH6@9!9:>5B:8@97;E!>@!
9:>5FA:8@97;ET
!A&**2#,(51$#$5#($#('$%*56$
575+;
U!GIU!YgL
2YghT
!\58EE@8U!\T![TU!r!Q@H9@;W:GU![T!0T!OLMYlPT!0@7G!97;6@=7@9:E!58?!;G795>:!
;A58B:T
!W",&*2(C2)$2B0(>$%*56$575+;
U!Y2YLT!\@8:EU!,T!+TU!#B<4:8U!/TU!r!178G54U!&T!,T!OLMMlPT!/56=@8!HG@S!78!>A:!6A7V@EFA:6:f!;56=@8!
>65?78B!5>!>A:!E@7G
`6@@>!78>:6H5
;:T
!!7"#,("#/(05$7
U!IOKOY2LPU!j
2RRT!\:E<EU!"T!,T!/TU!0<E7G5S5>7U!"TU!097>AU!0T!+TU!d58BU!}TU!/A57U!-TU!15667EU!&TU!TTT!r!)7:?b:U!
\T!(T!OLMYMPT!-5;>:675G!;@99<87>7:E!78!>A:!6A7V@EFA:6:!@H!=7@H<:G!;6@FE!B6@S8!@8!
956B785G!G58?E!5E!:D5G<5>:?!=4!Yg0!6&#*!B:8:!F
46@E:I<:8;:ET
!E$52#2*+;(
*202"*%<
U!IOYPU!LM
2LkT![5E9:6;A5WU!/T!0T!58?!&T!0;A5:>VGT!LMYhT!0@7GE!@H!>A:!.+-&/!(56B785G!+58?!
"NF:679:8>!O(+"P!07>:ET![:GG@BB!-7@G@B7;5G!0>5>7@8!+@8B>:69!";@G@B7;5G!
&:E:56;A!0F:;75G!K<=G7;5>7@8T!m:8@?@T!
A>>Ffoo?@7T@6BoYMTjLhYoV:8@?@TLjkhLRh
![G78B:6U!/T!&TU!+5<U!\T!*TU!r!Q:5>AU![T!,T!OLMYgPT!";@G@B7;5G!B:8@97;E!@H!9<><5G7E9!
?:;G78:!78!87>6@B:8
2H7N78B!=5;>:675T
!!*5%22/$#+0(58(,<2(C5;"7(H5%$2,;(EY(E$575+$%"7(
H%$2#%20
U!ORIOYhLgPU!
LMYjLjgRT
![87:HU!/TU!,:G9@>>:U!#TU!/A5HH6@8U!0TU!0>56WU!(TU!%88:6:=8:6U!.TU!d5EE9588U!&TU!TTT!r!
$@6A@G>U!\T!*T!OLMYLPT!(:>5F6@>:@B:8@97;!585G4E7E!@H!97;6@=75G!;@99<87>7:E!78!
>A:!FA4GG@EFA:6:!58?!6A7V@EFA:6:!@H!67;:T
!U<2(]H>D(^5&*#"7
U!POkPU!YRkh
2YRlMT![<V45
W@DU!eTU!r!-G5B@?5>EW545U!"T!OLMYjPT!(7;6@=75G!A@>EF@>E!58?!A@>!9@9:8>E!78!E@7Gf!
;@8;:F>!r!6:D7:ST
!H5$7(E$575+;("#/(E$5%<2'$0,*;
U!RIU!Yhi
2YllT
!(:A9@@?U!(T!*TU!%=65A79U!(TU!&5EA7?U!CTU!#5S5VU!(TU!*G7U!0TU!Q<EE578U!*TU!r!.<GGU!(T!
OLMYkPT!-7@95EE!F6@?<;>7@8!H
@6!=7@:8:6B4!<E78B!956B785G!G58?ET
!H&0,"$#"672(
!*5/&%,$5#("#/(A5#0&'1,$5#
U!LU!R2LYT!#7:U!(TU!+<U!(TU!-:GGU!\TU!&5<>U!0TU!r!K:8?5GGU!"T!OLMYRPT!
*G>:6:?!6@@>!>657>E!?<:!>@!
:G:D5>:?!/'Lf!*!9:>5
!585G4E7ET
!T756"7(D%575+;("#/(E$5+25+*"1<;
U!OOOYMPU!
YMlj2YYMjT
!#@6
958U!\T!0TU!r!167:E:8U!(T!+T!OLMYkPT!/@9FG:N!#!5;I<7E7>7@8!=4!E@7G!?75V@>6@FAEf!A@S!
>A:!5=7G7>4!>@!6:G:5E:!:N@:8V49:E!5HH:;>E!#!H7N5>7@8!=4!>:66:E>675G!H6::
2G7D78B!
?75V@>6@FAET
!U<2(]H>D(^5&*#"7
U!KKOLPU!RYj
2RLgT
!&::?U!0T!/TU!/G:D:G58?U!/T!/TU!r!)@S8E:8?U!*T
!&T!OLMYYPT!1<8;>7@85G!:;@G@B4!@H!H6::
2G7D78B!87>6@B:8!H7N5>7@8f!5!;@8>:9F@6564!F:6EF:;>7D:T!*88<5G!6:D7:S!@H!:;@G@B4U!
:D@G<>7@8U!58?!E4E>:95>7;EU!iLU!ihl
2jYLT!YYL! &@=:6>E@8U!.T!KTU!Q597G>@8U!0T![TU!-56A59U!-T!+TU!,5G:U!-T!"TU!%V5<665G?:U!&T!/TU!
\5;WE@8U!&T!,T
U!TTT!r!)7:?b:U!\T!(T!OLMYkPT!/:GG<G@E7;!=7@H<:G!;@8>67=<>7@8E!>@!5!
E<E>5785=G:!:8:6B4!H<><6:f!/A@7;:E!58?!@<>;@9:ET
!H%$2#%2
U!ISP
OgRijPU!
:55GLRLiT
!&@;;5U!\T!,TU!Q5GGU!"T![TU!+:88@8U!\T!)TU!"D58EU!0T!"TU!d5G?6@FU!(T!KTU!/@>8:6U!\T!-TU!TTT!r!
d5GG:8E>:78U!(T!
,T!OLMYjPT!&:G5>7@8EA7FE!=:>S::8!F6@>:78
2:8;@?78B!B:8:!
5=<8?58;:!58?!;@66:EF@8?78B!F6@;:EE!56:!;@99@8G4!5EE<9:?!4:>!656:G4!
@=E:6D:?T!)A:!%0("!b@<685GU!lOhPU!YglR
2YgllT
!&@?67B<:EU!&T!&TU!(@@8U!\TU!mA5@U!-TU!r!d7GG759EU!(T!*T!OLMYkPT!(7;6@=75G!;@99<87>7:E!
58?!?75V@>6@FA7;!5;>7D7>4!?7HH:6!78!>A:!6@@>
!V@8:!@H!*G59@!58?!,5;@>5A!
ES7>;AB65EE!H::?E>@;WET
!TAE(E$52#2*+;
U!LOgPU!YMjk
2YMkMT
!&@G:4U!0T!0TU!,<8;58U!,T!0TU!,7!+758BU!*T!.TU!\5;WE@8U!&T!,TU!)7:?b:U!\T!(TU!r!&@=:6>E@8U!
.T!KT!OLMYhPT!*EE@;75>7D:!87>6@B:8!H7N5>7
@8!O*#1P!78!ES7>;AB65EE!OK587;<9!
D76B5><9P!5;6@EE!5!87>6@B:8!78F<>!B65?7:8>T
!!75H(5#2
U!KIOgPT
!&@G:4U!0T!0TU!3<:U!/TU!Q597G>@8U!0T![TU!)7:?b:U!\T!(TU!r!&@=:6>E@8U!.T!KT!OLMYlPT!%E@>@F7;!
:D7?:8;:!H@6!:F7E@?7;!87>6@B:8!H7N5>7@8!78!ES7>;AB65EE!OK587;<9!D76B5><
9!+TPT
!H5$7(
E$575+;("#/(E$5%<2'$0,*;
U!KOL
U!lM
2lhT!&@EE7U!1TU!+7U!QTU!+7<U!eTU!r!,:!KA7G7FF7EU!&T!OLMYkPT!/458@=5;>:675G!78@;<G5>7@8!
O;458@=5;>:67E5>7@8Pf!F:6EF:;>7D:E!H@6!>A:!?:D:G@F9:8>!@H!5!E>58?56?7V:?!
9<G>7H<8;>7@85G!>:;A8@G@B4!H@6!E@7G!H:6>7G7V5>7@8!5
8?!?:E:6>7H7;5>7@8!6:D:6E5GT!"56>A
20;7:8;:!&:D7:SEU!YkYU!Lh
2iRT
!05;AEU!\T!+TU!"A78B:6U!(T!'TU!r!0799EU!"T!+T!OLMYMPT!'67B78E!@H!;A:5>78B!58?!G@EE!@H!
E49=7@E7E!78!S7G?!-65?46A7V@=7<9T!\@<685G!@H!:D@G<>7@8564!=7@G@B4U!LROjPU!YMkj
2YMhlT!0;A97?>U!\T!"TU!d::E:U
!,T!\TU!r!+5<U!\T!*T!OLMYkPT!+@8B
!>:69!5B67;<G><65G!9585B:9:8>!
?@:E!8@>!5G>:6!>A:!:D@G<>7@8!@H!5!E@4=:58
`6A7V@=7<9!9<><5G7E9T
!D%575+$%"7(
3117$%",$5#0
U!OFOhPU!Lihk
2LilgT!078BAU!-T![TU!(<86@U!0TU!K@>>EU!\T!(TU!r!(7GG56?U!KT!OLMMkPT!%8HG<:8;:!@H!B65EE!EF:;7:E
!58?!
E@7G!>4F:!@8!6A7V@EFA:6:!97;6@=75G!;@99<87>4!E>6<;><6:!78!B65EEG58?!E@7GET
!3117$2/(
H5$7(D%575+;
U!IPOL2RPU!Yik
2YjjT
!09:6;785U!,T!#TU!"D58EU!0T!"TU!167:E:8U!(T!+TU!r!)7:9588U!+T![T!OLMYl5PT!'F>797V5>7@8!@H!
>A:!
Yj#L!78;@6F@65>7@8!58?!5;:>4G:8:!6:?<;>7@8!9:>A@?E!H@6!H6::
2G7D78B!87>6@B:8!
H7N5>7@8T
!!7"#,("#/(H5$7
U!GGSOYPU!jlj
2gYYT
!09:6;785U!,T!#TU!"D58EU!0T!"TU!167:E:8U!(T!+TU!r!)7:9588U!+T![T!OLMYl=PT!)@!H7N!@6!8@>!>@!
H7Nf!;@8>6@GE!@8!H6::
2G7D78B!87>6@B:8!H7N5>7@8!78!>
A:!6A7V@EFA:6:T!*FFGT!"8D76@8T!
(7;6@=7@GTU!hjOgPU!:MLjig
2YhT!YYR! $58%8E=:6BA:U!,TU!(55EU![T!&TU!/56?:85EU!"TU!0>65;A58U!/T!&TU!Q5GG59U!0T!\TU!r!(@A8U!
dT!dT!OLMYjPT!#@8
2E49=7@>7;!-65?46A7V@=7<9!:;@>4F:E!?@9785>:!#@6>A!*9:67;58!
H@6:E>!E@7GET!)A:!%0("!b@<685GU!lO
YYPU!LiRj
2LiiYT
!d58BU!}TU!}<:8E:8U!\T!1TU!17EAU!\T!*TU!+::U!)T![TU!0<8U!eTU!)7:?b:U!\T!(TU!:>!5GT!
OLMYRPT!
";@G@B7;5G!F5>>:68E!@H!87HQ!B:8:E!78!H@<6!>:66:E>675G!;G795>7;!V@8:E!:NFG@6:?!S7>A!
>56B:>:?!9:>5B:8@97;E!<E78B!H659:=@>U!5!8:S!78H@695>7;E!>@@GT!9-7@!
if:MMjlL
2YRT!?@7f!YMTYYLho9-7@TMMjlL
2YR!d58BU!\TU!mA58BU!,TU!mA58BU!+TU!+7U!\TU!&5V5U!dTU!Q<58BU!}TU!r!0A:8U!}T!OLMYgPT!
):9F@65G!D5675>7@8!@H!?75V@>6@FA7;!;@99<87>4!5=<8?58;:!58?!E>6<;><6:!78!
E<6H5;:!58?!E<=E@7G!<8?:6!H@<6!H:6>7G7V5>7@8!6:B79:E!?<678B!5!SA
:5>!B6@S78B!
E:5E@8T
!3+*$%&7,&*2.(D%50;0,2'0(`(D#)$*5#'2#,
U!OKPU!YYg
2YLiT!d58BU!0TU!058H@6?U!.T!&TU!&@=:6>E@8U!.T!KTU!\5;WE@8U!&T!,TU!r!)A:G:8U![T!,T!OLMYlPT!
K:6:8875G!-7@:8:6B4!/6@F!e7:G?!58?!}<5G7>4!&:EF@8E:!>@!#7>6@B:8!
1:6>7G7V5>7@8T
!E$5D#2*+;(C202"*%<
U!Y2YMT!dA7>:U!&T*TU!.56@<>>:U!*TU!(;G5;AG58U!"T"TU!)7:9588U!+T[TU!"D58EU!0T"TU!r!167:E:8U!(T+T!
.:8@9:
26:E@GD:?!9:>5B:8@97;E!@H!87>6@B:8!>658EH@695>7@8E!78!>A:!ES7>;AB65EE!
6A7V@EFA:6:!97;6@=7@9:!@8!956B785G!G58?ET!
]#(*2)$2B(
a(!<;,56$5'20=
(((YYi! '2"3%-&!7
>!%-03*&",!.H)"08'$!*1
!1&--
Q,8I8)/!)8%&*/-)!18["%8*)
!8)!%2-!
$+8%'2/&"$$!&28]*$32-&-
!!7=4!"#$%&"'%!
!16::
2G7D78B!87>6@B:8!H7N5>7@8!O1+#1P!6:F6:E:8>E!58!79F@6>58>!>:66:E>675G!#!E@<6;:!
58?!7E!B57878B!78>:6:E>!H@6!7>E!F@>:8>75G!>@!;@8>67=<>:!FG58>!5D57G5=G:!#!>@!
=7@:8:6B4!
;6@FF78B!E4E>:9ET!0S7>;AB65EEU!5!;:GG<G@E7;!=7@:8:6B4!;6@FU!954!=:!F56>7;<G56G4!6:G758>!
@8!1+#1!SA:8!B6@S8!@8!G@S!#!E4E>:9EU!G7W:!956B785G!G58?ET!Q@S:D:6U!>A:!F@>:8>75G!
;@8>67=<>7@8E!@H!1+#1!>@!ES7>;AB65EE!5E!S:GG!5E!>A:!;@8>6@GE!@8!>A7E!F6@;:EE!
56:!8@>!
S:GG
2<8?:6E>@@?T!%8!>A7E!E><?4U!S:!<E:!5!;@9=785>7@8!@H!H7:G?!58?!9@G:;<G56!?5>5!>@!
:D5G<5>:!>A:!79F@6>58>!F6:?7;>@6E!@H!1+#1!78!ES7>;AB65EE!E4E>:9ET!d:!H78?!>A5>!
;G795>:!
D5675=G:E!
O78;G<?78B!F6:;7F7>5>7@8P!
58?!
E@7G!#!5D57G5=7G7>4!
56:
!95b@6!?67D:6
E!@H!1+#1!65>:E!
78!ES7>;AB65EE!E4E>:9E
T!.:8:65GG4U!78;6:5E:?!9@7E><6:!5D57G5=7G7>4!>A6@<BA!F6:;7F7>5>7@8!
:D:8>E!F6@9@>:?!1+#1!65>:ET!0@7G!#!5D57G5=7G7>4!;@8>6@GE!S:6:!;@9FG:N!S7>A!E@7G!#!H@69!
O7T:!78@6B587;!DET!@6B587;P!?67D78B!>A:!?76:;>7@8!@H!>A7E!
:HH:;>!
@8!1+#1T
!*E!78!F6:D7@<E!
E><?7:EU!S:!H78?!G797>:?!:D7?:8;:!H@6!?76:;>!G78WE!=:>S::8!#
2H7N:6!;@99<87>7:EU!=5E:?!@8!
#$89
!59FG7;@8!E:I<:8;78BU!58?!1+#1!65>:ET!)A7E!S@6W!EA:?E!G7BA>!@8!58!79F@6>58>!#!
E@<6;:!H@6!>:66:E>675G!E4E>:9E!58?!A7BAG7BA>E!>A:!8::?!>@!=:>
>:6!<8?:6E>58?!>A:!;@9FG:N!
58?!?48597;!;@8>6@GE!@8!>A7E!F6@;:EET
!!!!YYj! 7=5!8)%&*.?'%8*)
!16::
2G7D78B!87>6@B:8!H7N5>7@8
!O1+#1PU!
A:6:!?:H78:?!5E!
#2H7N5>7@8!@;;<6678B!
78!58?!
56@<8?!6@@>E!O6A7V@EFA:6:P!
S7>A@<>!?76:;>!FG58>!E49=7@E7EU!7E!78;6:5E78BG4!6:;@B87V:?!H@6
!7>E!
79F@6>58;:!5E!5!87>6@B:8!O#P!78F<>!>@!=@>A!85><65GU!>:66:E>675G!E4E>:9E!58?!9585B:?U!
5B67;<G><6:!E4E>:9E
!O&::?!:>!5G!LMYYs!-G@;A!:>!5G!LMLM
s!,5D7:E
2-56856?!58?!
167:?78BE>:78!LMLM
PT!&:;:8>!:D7?:8;:!E<BB:E>E!>A5>!1+#1!954!=:!5!E7B87H7;58>!#!E@<6;:!
H@6!;
:GG<G@E7;!=7@:8:6B4!;6@FF78B!E4E>:9EU!G7W:!
97E;58>A<E!O
>$0%"#,<&0(?(+$+"#,2&0
s!,5D7E!:>!5GT!LMYMP!58?!ES7>;AB65EE!O
!"#$%&'()$*+",&'@(
&@G:4!:>!5GT!LMYhs!09:6;785!:>!
5GT!LMYl5PU!F6@D7?78B!58!5G>:685>7D:!>@!H:6>7G7V:6!#!5??7>7@8E!58?!F@>:8>75GG4!78;6:5E78BG4!
>A:!E<E>5785=7G7>4!@H!E<;A!;6@FF78B!E4E>:9ET!0
S7>;AB65EE
!7E!5!F56>7;<G56G4!F6@97E78B!
=7@:8:6B4!;6@FU!F6@?<;78B!A7BA!=7@95EE!47:G?E!SA:8!B6@S8!@8!956B785G!G58?E!:D:8!S7>A!
978795G!78F<>E!@H!H:6>7G7V:6!87>6@B:8!O#PU!F@>:8>75GG4!?<:!>@!#!;@8>67=<>7@8E!H6@9!1+#
1!O.:GH58?!:>!5GT!LMYRs!(:A9@@?!:>!5GT!LMYks!&@=:6>E@8!:>!5GT!LMYkPT!)A:!58>7;7F5>:?!
6:G758;:!@H!ES7>;AB65EE!@8!1+#1!>@!E<FF@6>!FG58>!#!?:958?E!A5E!B568:6:?!>A7E!F6@;:EE!
9<;A!78>:6:E>!78!6:;:8>!4:56ET!Q@S:D:6U!G7>>G:!7E!E>7GG!W8@S8!5=@<>!>A:!;@8>6@GE!@8!1+
#1!
58?!>A:!;@8?7>7@8E!SA7;A!F6@9@>:!1+#1!78!ES7>;AB65EE!E4E>:9ET
!16::
2G7D78B!87>6@B:8!H7N5>7@8!7E!58!
:8:6B4
278>:8E7D:!F6@;:EE
U!>658EH@69
78B
!?787>6@B:8!O#
LP!B5E!
78>@!=7@G@B7;5GG4
25D57G5=G:!599@875
U!>A5>!@;;<6E!6:5?7G4!78!>A:!
6A7V@EFA:6:E!@H!9584!B65EE:E!SA:6:!6@@>E!:N<?:!:5E7G4!5;;:EE7=G:!/!O/A5GW!LMYgs!
&@G:4!:>!5GT!LMYhs!09:6;785!:>!5GT!LMYl5PT!1+#1!78!>A:!6A7V@EFA:6:!7E!
;5667:?!@<>!=4!5!
?7D:6E:!;@99<87>4!@H!#
2H7N78B!@6B587E9E!O?75V@>6@FAEP
!<8?:6!
;@9FG:N!58?!?48597;!
;@8?7>7@8E!
O09:6;785!:>!5G!LMYl5PT!
)A:E:!;@9FG:N!;@8?7>7@8E!95W:!<8?:6E>58?78B!58?!
F6:?7;>78B!1+#1!?7HH7;<G>!58?U!>@!?5>:U!>A7E!F6@;:EE!A5E!6:9578:?!F@@6G4!<8?:6E>@@?T
!YYg! K5E>!S@6W!A5E!7?:8>7H7:?!E:D:65G!=6@5?!;@8>6@GE!@8!1+#1!78;G<?78B
!;56=@8!O/P!
5D57G5=7G7>4U!95;6@
2!58?!97;6@8<>67:8>!5D57G5=7G7>4!O:TBT!#U!FA@EFA@6<EU!58?!9:>5GEPU!58?!
;G795>:!O&::?!:>!5GT!LMYYs!09:6;785!:>!5GT!LMYl5PT!.7D:8!>A:!A7BA!:8:6B4U!58?!>A:6:H@6:!
/!?:958?E!@H!1+#1U!7>!7E!B:8:65GG4!5;;:F>:?!>A5>!1+#1!7E!;@8E>6578:?!
>@!6:B7@8E!@H!>A:!
E@7GU!E<;A!5E!>A:!6A7V@EFA:6:U!SA:6:!/!7E!6:5?7G4!5;;:EE7=G:!O/G:D:G58?!:>!5GT!Yllls!
09:6;785!:>!5GT!LMYl5PT!-:;5<E:!@H!>A:E:!A7BA!:8:6B4!?:958?EU!1+#1!7E!8@>!G7W:G4!>@!=:!
5!;@9F:>7>7D:!#
25;I<7E7>7@8!
E>65>:B4!
SA:8!:N>:685G!#!7E!5D57G5=G:!
58?!>A<E
!7E!
?@S86:B<G5>:?!5E!?75V@>6@FAE!5;;:EE!:N>:685G!#!78!H5D@6!@H!H7N:?!#!O&::?!:>!5GT!LMYYs!
#@6958!58?!167:E:8!LMYkPT!KA@EFA@6<E!58?!9:>5GE!5D57G5=7G7>4!5GE@!78HG<:8;:!1+#1!
S7>A!78;6:5E:?!5D57G5=7G7>4!@H!>A:E:!8<>67:8>E!B:8:65GG4!E<FF@6>78B!9@6:!1+#1
U!4:>!>A:E:!
;@8>6@GE!56:!8@>!S:GG!E><?7:?!78!>A:!6A7V@EFA:6:!O09:6;785!:>!5GT!LMYl5PT!+5E>G4U!;G795>:!
;@8>6@GE!@8!1+#1!56:!;<66:8>G4!>:8<@<E!5>!=:E>U!S7>A!G797>:?!:D7?:8;:!@H!584!E>6@8B!
78>:65;>7@8E!=:>S::8!;G795>:!D5675=G:E!58?!1+#1!65>:E!O&::?!:>!5GT!LMY
Ys!,5D7:E
2-56856?!58?!167:?78BE>:78!LMLM
PT!dA7G:!>A:E:!F5E>!E><?7:E!954!EF:5W!>@!F@>:8>75G!
=6@5?
2E;5G:!F5>>:68EU!G7>>G:!9:;A587E>7;!S@6W!A5E!=::8!;5667:?!@<>!>@!<8>58BG:!>A:!
;@8>6@GE!@8!1+#1U!F56>7;<G56G4!78!>A:!6A7V@EFA:6:T!
!%8!>A7E!E><?4U!S:!<E:
?!H7:G?!
58?!9@G:;<G56!
?5>5!
;@GG:;>:?!S7>A!A7BA
2>:9F@65G!
H6:I<:8;4!
>@!:NFG@6:!=7@G@B7;5G!58?!:8D76@89:8>5G!;@8>6@GE!@8!1+#1T!d:!:N
5978:?
!>A:!
79F5;>!@H!D567@<E!E@7G!;A565;>:67E>7;EU!;G795>:!;@8?7>7@8EU!
FG58>!9:>67;E!
58?!?75V@>6@FA!
;@99<87>4!E>6<;><6:!58?!
@8!1+#1
!F6@;
:EE!65>:E
T!d:!A4F@>A:E7V:?!>A5>!@D:6!>A:!
B6@S78B!E:5E@8U!;G795>:!D5675=G:E!58?!FG58>!9:>67;E!S7GG!=:!95b@6!?67D:6E!@H!1+#1T!
0F:;7H7;5GG4U!78;6:5E:?!E@7G!9@7E><6:!58?!78;6:5E:?!FG58>!F6@?<;>7D7>4!S@<G?!6:E<G>!78!
78;6:5E:?!1+#1!65>:ET!
d:!
5GE@!
A4F@>A:E7V:
?!>A5>!E@7G!#!5D57G5=7G7>4!58?!?75V@>6@FA!
YYk! ;@99<87>4!;@9F@E7>7@8!
S@<G?!
=:!95b@6!?67D:6E!@H!1+#1
!SA:6:=4
!78;6:5E:?!E@7G!#!
5D57G5=7G7>4!S
@<G?
!6:?<;:!1+#1!65>:E!58?!W:4!?75V@>6@FA!;@99<87>4!9:9=:6E!
S@<G?!
=:!5EE@;75>:?!S7>A!B6:5>:6!1+#1T!
!!7=6!0-%2*.$
!7=6=4!
1@<;
S!$@M<!9LS!+<9MO<C!.9M9
!059FG:E!
S:6:!;@GG:;>:?!H6@9!
>A:
!+<N!*6=@6!O+C3s!iLTikgRgjU!
2hjTijYhhkP
!956B785G!G58?!E7>:!78!E@<>A:68!(7;A7B58U
!9578>578:?!5E!F56>!@H!>A:!.6:5>!+5W:E!
-7@:8:6B4!&:E:56;A!/:8>:6cE!956B785G!G58?!:NF:679:8>!O
.+-&/s!
A>>FEfooSSSTBG=6;T@6B
oPT!
)A:!E7>:!;@8>578E!
H@<6!6:FG7;5>:!EFG7>!FG@>E!@H!ES7>;AB65EE!
O!"#$%&'()$*+",&'
!+Ts!;DT!/5D:
2782&@;WP!?7D7?:?!78>@!H:6>7G7V:?!Ox!jg!WB!<6:5
2#!A5
2Y!46
2YP!58?!<8H:6>7G7V:?!O8@!5??:?!#P!A5GD:ET!
059FG:E!S:6:!;@GG:;>:?!:D:64!>S@!S::WE!H6@9!
(56;A!Lk!OF6:
2:9:6B
:8;:P!>A6@<BA!';>@=:6!LR!OF6:
2A56D:E>P!?<678B!>A:!LMYk!H7:G?!
E:5E@8T!1:6>7G7V:6!S5E!5FFG7:?!@8!(54!hU!LMYkT!059FG78B!G@;5>7@8E!S7>A78!:5;A!E<=FG@>!
S:6:!658?@9G4!E:G:;>:?!58?!:5;A!E<=FG@>!S5E!E59FG:?!5>!>A6::!FE:<?@
26:FG7;5>:E!F:6!
;@GG:;>7@8!?5>:T!*GG!S:5>A
:6!?5>5!56:!;@GG:;>:?!5E!F56>!@H!>A:!.+-&/!956B785G!G58?!
:NF:679:8>!D75!E7>:
2=5E:?!S:5>A:6!E>5>7@8ET
!7=6=5!
$K@;!'K;;<VM@KL!9LS!)BMC@<LM!"L9;TN<N
!*>!:5;A!E59FG78B!?5>:U!>A6::!E@7G!;@6:E!Oj!;9!S7?:U!YM!;9!?::FP!S:6:!;@GG:;>:?!
H6@9!:5;A!6:FG7;5>:!E<=
2FG@>!H@6
!5!>@>5G!@H!Li!E59FG:ET!0@7GE!S:6:!E7:D:?!>A6@<BA!i!99!
9:EA!58?!E>@6:?!5>!i!†/!<8>7G!H<6>A:6!585G4E7ET!*!E<=E:>!@H!:5;A!E7:D:?!E@7G!S5E!H6@V:8!
5>!
2hM!†/!H@6!:N>65;:GG<G56!:8V49:!5;>7D7>7:E!58?!97;6@=75G!;@99<87>4!585G4E:E!
O?:E;67=:?!=:G@SPT!0@7G!9@7E><6:!;
@8>:8>!S5E!?:>:6978:?!=4!?6478B!j!B!@H!H7:G?!9@7E>!E@7G!
YYh! 5>!gM!†/!H@6!ih!A@<6ET!#<>67:8>!585G4E:E!S:6:!;5667:?!@<>!@8!E@7G!:N>65;>ET!"N>65;>E!S:6:!
B:8:65>:?!=4!EA5W78B!g!B!@H!H7:G?!9@7E>!E@7G!78!RM!9G!@H!MTj!(!F@>5EE7<9!E<GH5>:!O[
L0'iP!5>!LMM!6F9!H@6!@8:!A@
<6!58?!>A:8!H7G>:678B!>A6@<BA!dA5>958!B65?:!LML!H7G>:6!F5F:6!>@!
6:9@D:!E@7GT!)A:!6:E<G>78B!H7G>65>:!S5E!<E:?!>@
!9:5E<6:!E@7G!78@6B587;!#!O#Q
i!58?!#'
RPU!
?7EE@GD:?!@6B587;!/!O,'/PU!58?!?7EE@GD:?!@6B587;!#!O,'#PT!0@7G!#Q
i!58?!#'
R!;@8;:8>65>7@8E!S:6:!?:>:6978:
?!D75!lg
2S:GG!A7BA
2>A6@<BAF<>!;@G@679:>67;!585G4E:E!
H@GG@S78B!9:>A@?E!?:E;67=:?!=4!&A78:!:>!5GT!OYllhP!58?!/59F=:GG!:>!5GT!OLMMgPU!
6:EF:;>7D:G4T!0@7G!:N>65;>E!S:6:!585G4V:?!@8!58!"G:9:8>56!$567@!)'/!;<=:!O"G:9:8>56U!
+58B:8E:G=@G?U!.:69584
P!>@!?:>:6978:!,'/
!58?!,'#!;@8;:8>65>7@8T!/@8;:8>65>7@8E!@H!
78@6B587;!#U!,'/U!58?!,'#
!S:6:!;@66:;>:?!H@6!:N>65;>!D@G<9:!58?!E@7G!9@7E><6:!
;@8>:8>
T!!7=6=6!
1C<<
Q;@R@LA!)@MCKA<L!1@W9M@KL
!#7>6@B:8!H7N5>7@8!65>:E!S:6:!9:5E<6:?!@8!78>5;>!;@6:E!;@GG:;>:?!H6@9!:5;A!EFG7>!
FG@>!FE:<?
@6:FG7;5>:!G@;5>7@8!5E!
?:E;67=:?!=4!09:6;785!:>!5GT!OLMYl
5PT!-67:HG4U
!S:!5??:?!
5!i
2;56=@8!E@<6;:!
;@;W>57G!E@G<>7@8
!;@8>57878B!BG<;@E:U!E<;6@E:U!;7>65>:U!58?!95G5>:
!5>!5!
65>:!@H!i!9B!/!B
2Y!?64!E@7G
T!*9@<8>!@H!E@G<>7@8!5??:?!D567:?!=4!E59FG:!?5>:!E<;A!>A5>!5
GG!E59FG:E!S:6:!5?b<E>:?!>@!gMZ!S5>:6!A@G?78B!;5F5;7>4T!
*H>:6!;56=@8!5??7>7@8U!D75GE!S:6:!
E:5G:?!58?!:D5;<5>:?T!$75G!A:5?EF5;:!S5E!6:FG5;:?!S7>A!Y!9G!@H!
Yj#L!O07B95
2*G?67;AU!
%8;TU!0>T!+@<7EU!('U!C0*PU!YMZ!CG>65!Q7BA!K<67>4!OCQKP!@N4B:8U!58?!=5G58;:?!S7>A!C
QK!
Q:G7<9T!&:H:6:8;:!E59FG:E!6:;:7D:?!CQK
2#L!78!FG5;:!@H!
Yj#LT!$75GE!S:6:!78;<=5>:?!H@6!
>A6::
!?54E!5>!6@@9!>:9F:65><6:T!$75GE!S:6:!>A:8!<8;5FF:?!58?!E59FG:E!S:6:!?67:?!5>!
gM!†/!H@6!ih!A@<6E!=:H@6:!B678?78B!58?!S:7BA78B!H@6!
Yj#!585G4E7ET!059FG:E!S:6:!
585G4V
:?!H@GG@S78B!E>58?56?!F6@;:?<6:E!5>!C87D:6E7>4!@H!/5G7H@6875!,5D7EcE!0>5=G:!
YYl! %E@>@F:!15;7G7>4!O,5D7EU!/*PT!1+#1!65>:E!S:6:!;5G;<G5>:?!78!XB!#!H7N:?!B
2Y!?64!E@7G
!?542Y!5Ef
!"#$%&%'($"#)*+
%&%,%!SA:6:!*"
7!6:F6:E:8>E!5>@9!F:6;:8>!5;;:EE!@H!E59FG:!5B5
78E>!58!<8:867;A:?!6:H:6:8;:!
E59FG:U!)#
7!6:F6:E:8>E!>@>5G!87>6@B:8!;@8>:8>!78!E59FG:U!*"
5>9
!6:F6:E:8>E!5>@9!F:6;:8>!
:N;:EE!78!>A:!D75G!5>9@EFA:6:!Olh!5>@9Z!78!@<6!;5E:PU!58?!>!7E!78;<=5>7@8!>79:!78!?54E!
Od56:9=@<6B!YllRs!&@G:4!:>!5GT!LMYhPT!
!7=6=7!
3;9LM!"R
9@;9:;<!8LKCA9L@V!)@MCKA<L
!!KG58>!5D57G5=G:!78@6B587;!#!O599@87<9!58?!87>65>:P!
S5E!
9:5E<6:?!D75!H7:G?!
?:FG@4:?!7@8!:N;A58B:!9:9=658:E!H@GG@S78B!E>58?56?!F6@>@;@GE!@H!>A:![:GG@BB!
-7@G@B7;5G!0>5>7@8!+@8B
2>:69!";@G@B7;5G!&:E:56;A!E>5>7@8!O[-0
2+)"&
s!G>:6TW=ET9E<T:?<
PT!)A:!:N;A58B:!;5F5;7>4!58?!7@8!5HH787>4!@H!>A:E:!9:9=658:E!9797;E!
>A5>!@H!FG58>!6@@>EU!5GG@S78B!58!5FF6@N795>7@8!@H!FG58>!5D57G5=G:!78@6B587;!#T!-67:HG4U!YM!
;9!N!LTj!;9!E>67FE!@H!;5>7@8!58?!587@8!:N;A58B:!9:9=658:E!O(:9=658:!%8>:685>7@85G
U!%8;TU!&78BS@@?U!#\U!C0*P!S:6:!;<>!58?!5;>7D5>:?!S7>A!S5EA:E!@H!MTj!(!A4?6@;AG@67;!
5;7?!58?!MTj!(!E@?7<9!=7;56=@85>:T!(:9=658:!E>67FE!S:6:!678E:?!58?!E>@6:?!S7>A!,%!
S5>:6!<8>7G!H7:G?!?:FG@49:8>T!/5>7@8!58?!587@8!9:9=658:E!E>67F!F576E!S:6:!?:FG@4:?!
5>!
:5;A
!EFG7>!FG@>!FE:<?@6:FG7;5>:!G@;5>7@8!
58?!;@GG:;>:?!5>!>S@
2S::W!78>:6D5GE!@D:6!>A:!
;@<6E:!@H!>A:!LMYk!H7:G?!E:5E@8T!Q56D:E>:?!9:9=658:E!S:6:!;@GG:;>:?U!678E:?!@H!584!
5?A:678B!E@7G!78!H7:G?!S7>A!,%!S5>:6U!58?!>A:8!E>@6:?!78!,%!S5>:6!<8>7G!:N>65;>7@8T!
*99@87<
9!58?!87>65>:!;@GG:;>:?!@8!9:9=658:E!S5E!:N>65;>:?!=4!EA5W78B!;5>7@8!58?!
587@8!9:9=658:E!F576E!78!Y(!F@>5EE7<9!;AG@67?:!H@6!Li!A@<6ET!*99@87<9!58?!87>65>:!
;@8;:8>65>7@8E!S:6:!>A:8!585G4V:?!<E78B!A7BA
2>A6@<BAF<>!;@G@679:>67;!9:>A@?E!5E!
YLM! ?:E;67=:?!
5=@D:
T!KG58
>!5D57G5=G:!599@87<9!58?!87>65>:!56:!F6:E:8>:?!5E!65>:E!@H!
599@87<9!58?!87>65>:!^<F>5W:_!F:6!?54!@D:6!>A:!>S@!S::W!H7:G?!78;<=5>7@8T
!7=6=D!
$K@;!-WMC9V<;;B;9C!-L\TU<!"VM@R@M@<N
!*;>7D7>7:E!@H!>:8!:N>65;:GG<G56!:8V49:E!78;G<?78B!*G5878:!5978@F:F>7?5E:!O*+*PU!
*6B7878:!5978@F:F>7?5E:!O*&.PU!q
2YUi
2BG<;@E7?5E:!O-.PU!q
2,2YUi
2;:GG@=7@E7?5E:!O/-QPU!
.G<>5978:!5978@F:F>7?5E:!O.+CPU!#
25;:>4G
2q2,2BG<;@E59787?5E:!O#*.PU!+:<;78:!
5978@F:F>7?5E:!O+*KPU!*;7?!FA@EFA5>5E:!OKQ'0PU!)46@78:!5978@F:F>7?5E:!O)e&P!58?!
C6:5E:!OC&"*P!S
:6:!9:5E<6:?!D75!A7BA
2>A6@<BAF<>!97;6@FG5>:!5EE54E!O05745
2/@6W!
2,(
"7=
!LMMLs!d:78>65<=!:>!5GT!LMMkPT!*EE54E!56:!;5667:?!@<>!<8?:6!@F>795G!;@8?7>7@8E!S7>A!
:N;:EE!E<=E>65>:!>@!:8E<6:!5;>7D7>7:E!S:6:!8@>!G797>:?!=4!E<=E>65>:!5D57G5=7G7>4U!>A:6:H@6:!
5;>7D7>4!65
>:E!56:!5!9:5E<6:!@H!:8V49:!F@>:8>75G!58?!8@>!5=E@G<>:!5;>7D7>4T!0@7G!EG<667:E!
H@6!:5;A!E59FG:!S:6:!95?:!=4!A@9@B:87V78B!Y!B!@H!E@7G!78!YLj!9G!@H!?7E>7GG:?!S5>:6!S7>A!
5!A58?!=G:8?:6!O/<7E7856>
‡U!0>59H@6?U!/)U!C0*P!H@6!RM!E:;@8?ET!0G<667:E!S:6:!H@<8?!>@!
95>
;A!E@7G!E59FG:!FQ!58?!?7?!8@>!6:I<76:!=<HH:6T!0G<667:E!S:6:!E>766:?!;@8E>58>G4!SA7G:!
LMM!XG!S:6:!F7F:>>:?!78>@!Li!6:FG7;5>:!S:GGE!@H!5!lg
2S:GG!97;6@FG5>:T!1@6!>A:!HG<@6:E;:8>!
5EE54E!O*+*U!*&.U!-.U!/-QU!.+CU!#*.U!+*KU!KQ'0U!)e&PU!E7N>::8!6:FG7;5>:!S:GGE!@H!
:5;A!E59FG:!6:;:7D:?!jM!XG!@H!HG<@6@B:87;!E<=E>65>:!5EE@;75>:?!S7>A!>A:!>56B:>!:8V49:T!
)A:!6:957878B!:7BA>!6:FG7;5>:!S:GGE!S:6:!<E:?!>@!?:>:6978:!I<:8;A!;@:HH7;7:8>E!=4!
5??78B!jM!XG!@H!HG<@6@B:87;!E>58?56?!;@66:EF@8?78B!>@!>A:!HG<@6:E;:8>!9@G:;<G:!5>>5;A:?
!>@!>A:!E<=E>65>:U!:7>A:6!i
29:>A4G<9=:GG7H:6@8:!O(C-P!H@6!-.U!/-QU!#*.U!58?!KQ'0!@6!
k2*978@
2i29:>A4G;@<95678!O(/P!H@6!*+*U!*&.U!.+CU!+*K!58?!)e&T!1@6!;@G@679:>67;!
5EE54E!OC&"*PU!E7N>::8!6:FG7;5>:!S:GGE!@H!:5;A!E59FG:E!6:;:7D:?!YM!XG!@H!<6:5T!)A:!
6:957878B!
:7BA>!6:FG7;5>:!S:6:!<E:?!>@!5EE:EE!=5;WB6@<8?!5=E@6=58;:!58?!6:;:7D:?!YM!
YLY! XG!@H!,%!S5>:6T!-@>A!HG<@6:E;:8>!58?!;@G@679:>67;!5EE54E!78;G<?:?!:7BA>!6:FG7;5>:E!:5;A!@H!
=G58WE!OLMM!XG!EG<664!FG<E!jM!XG!,%!S5>:6P!58?!8:B5>7D:!;@8>6@GE!OLMM!XG!E<=E>65>:!FG<E!jM!
XG!,%!S5>:6PT!*GG!FG5>:E!S:6:!78;<=5>:?!H@6!Yh
2Li!A@<6E!58?!>A:8!6:5?!@8!5!-7@):W!
048B:64!QY!FG5>:!6:5?:6!O-7@):W!%8E>6<9:8>EU!%8;TU!d78@@EW7U!$)U!C0*UPT!1G<@6@9:>67;!
5EE54E!S:6:!6:5?!5>!:N;7>5>7@8!@H!RkM!89!58?!:97EE7@8!@H!ijj!89!H@6!(C-!E<=E>65>:E!
58?!:N
;7>5>7@8!@H!RjM!89!58?!:97EE7@8!@H!iRM!89!H@6!(/!E<=E>65>:ET!C6:5!FG5>:E!S:6:!
585G4V:?!H@6!599@87<9!F6@?<;>7@8!D75!>A:!-:6>A:G@>!9:>A@?!O&A78:!:>!5GT!YllhP!58?!
6:5?!5>!5=E@6=58;:!@H!gYM!89T!YMM!XG!H6@9!5GG!S:GG!@H!>A:!<6:5!FG5>:E!S:6:!>658EH:66:?!>@!
H6:EA!
;G:56!FG5>:E!=:H@6:!6:5?78B!>@!6:?<;:!78>:6H:6:8;:!@H!E@7G!F56>7;G:ET!"8V49:!
5;>7D7>7:E!S:6:!;@66:;>:?!H@6!EG<664!D@G<9:!58?!E@7G!9@7E><6:!;@8>:8>!58?!F6:E:8>:?!5E!
89@G!5;>7D7>4!B
2Y!?64!E@7G!A@<6
2YT!7=6=E
!3;9LM!0<MC@VN
!!KG58>!9:>67;E!S:6:!:D5G<5>:?!@8!:5;A
!;@GG:;>7@8!?5>:!H@6!>A6::!FG58>E!F:6!H7:G?!
EFG7>
2FG@>T!
*>!:5;A!E59FG78BU!5!D567:>4!@H!FG58>!9:>67;E!S:6:!5EE:EE:?!78;G<?78B!FG58>!
A:7BA>U!FA@>@E48>A:E7E!F5659:>:6EU!G:5H!58?!6@@>!/f#U!
EF:;7H7;!E>:9!?:8E7>4U!58?!
EF:;7H7;
!58?!>@F!
G:5H!56:5
T!KG58>!A:7BA>!S5E!9:5E<6:?!78!H7:G?!>@!>A:!8:56:E>!97GG79:>:6!5!
E>58?56?!9:>:6E>7;W!5E!>A:!?7E>58;:!H6@9!>A:!B6@<8?!>@!>A:!
A7BA:E>
!6:5;A78B!F@78>!@8!>A:!
FG58>T!KA@>@E48>A:E7E!F5659:>:6E!78;G<?78B!KA7L!O:TBT!I<58><9!47:G?!@H!FA@>@E4E>:9!%%P!
58?!6:G5>7D:!;AG@
6@FA4GG!S:6:!9:5E<6:?!78!H7:G?!<E78B!5!(<G>70F:}!OKA@>@E84IU!%8;T!"5E>!
+58E78BU!(%U!C0*P!5>!>A6::!G@;5>7@8E!@8!>A:!FG58>!OG@SU!97?U!58?!<FF:6!;58@F4PT!
&:F@6>:?!D5G<:E!H@6!FA@>@E48>A:E7E!F5659:>:6E!56:!5D:65B:E!5;6@EE!;58@F4!E59FG78BE!
H@6!:5;A!FG58>T
!+:5H!5
8?!6@@>!/f#!S:6:!9:5E<6:?!@8!5!
"/0!iMYM!:G:9:8>5G!585G4V:6!
O/@E>:;A!*85G4>7;5GU!$5G:8;75U!/*P
T!+:5H!/f#!S5E!9:5E<6:?!=4!H76E>!?6478B!58?!B678?78B!
YLL! G:5H!95>:675GT!&@@>!/f#!S5E!9:5E<6:?!@8!6@@>E!;@GG:;>:?!?<678B!E@7G!;@6:!E7:D78BT!&@@>E!
S:6:!S5EA:?!@H!5?A:678
B!E@7G!58?!>A:8!?67:?!58?!B6@<8?!=:H@6:!:G:9:8>5G!585G4E7ET!
0F:;7H7;!E>:9!?:8E7>4!S5E!9:5E<6:?!@8!>A:!>5GG:E>!E>:9!H@6!:5;A!E59FG:?!FG58>T!)A:!
>5GG:E>!E>:9!S5E!H76E>!;G7FF:?!H6@9!:5;A!9:5E<6:!FG58>T!*!YM!;9!E<=E:>!@H!E>:9U!S7>A!
G:5D:E!6:9@D:?U!S5E!>A:8!S:7
BA:?U!?67:?!5>!jM†/!H@6!i
2k!?54E!58?!>A:8!S:7BA:?!5B578T!
0F:;7H7;!E>:9!?:8E7>4!7E!;5G;<G5>:?!5E!B!?64!E>:9!F:6!B!S:>!E>:9T!
0F:;7H7;!58?!>@F!G:5H!
56:5!S:6:!?:>:6978:?!=4!E;58878B!G:5D:E!
H6@9!>A:!;G7FF:?!E>:9!
5>!LiMM!58?!YLMM!?F7!
<E78B!5!HG5>=:?!E;588:6T!0<6
H5;:!56:5!S5E!;5G;<G5>:?!<E78B!%95B:\!E@H>S56:T!0F:;7H7;!
G:5H!56:5!S5E!?:>:6978:?!=4!E;58878B!5GG!G:5D:E!@8!>A:!>5GG:E>!E>:9!H@6!:5;A!E59FG:?!
FG58>T!)@F!G:5H!56:5!6:F6:E:8>E!E<6H5;:!56:5!H@6!b<E>!>A:!>@F9@E>!G:5HT
!7=6=
F!$K@;!.@9\KMCKZO!'KUUBL@MT!'KUZKN@M@K
L!0@7G!?75V@>6@FA!;@99<87>7:E!S:6:!;A565;>:67V:?!D75!
#$89
!H<8;>7@85G!B:8:!
59FG7;@8!E:I<:8;78B!@H!E@7G!,#*T!(7;6@=75G!;@99<87>4!,#*!S5E!:N>65;>:?!H6@9!MTLj!B!
E@7G!D75!E>58?56?!F6@;:?<6:E!@H!>A:!}75B:8!,#:5E4!K@S:60@7G!W7>!O}%*."#U!Q7G?:8U!
.:69584PT!K/&!6:5;
>7@8E!S:6:!;5667:?!@<>!78!>S@!E>5B:E!>@!59FG7H4!
#$89
!B:8:E!58?!>A:8!
5>>5;A!G78W:6!E:I<:8;:ET!0>5B:!Y!S5E!5!Yj!XG!6:5;>7@8!S7>A!MTl!XG!@H!,#*!:N>65;>U!Y3!
*9FG7)5I!.@G?!RgM!(5E>:6!(7N!O*FFG7:?!-7@E;7:8;:EU!1@E>:6!/7>4U!/*PU!58?!Y!X(!
;@8;:8>65>7@8E!@H!=@>A!>A
:!H@6S56?!58?!6:D:6E:!F679:6ET!d:!<E:?!>A:!%.[R!
O./%d)Q)*e..%**&..%..%*)Q..%**P!58?!,$$!
O*)%./&**%//%//&/*%*/%*/&)/P!H@6S56?!58?!6:D:6E:!F679:6!F576U!6:;@99:8?:?!
=4!.5=4!58?!-<;WG:4!OLMYLP!5E!@F>795G!F679:6!E:>E!H@6!;5F><678B!>A:!S7?:E>!?7D:6E7>4!@H!
?75V@>
6@FAET!0>5B:!Y!K/&!6:5;>7@8E!S:6:!;5667:?!@<>!5E!H@GG@SEf!lj!†/!E>56>!H@6!YM!
978<>:EU!Ri!;4;G:E!@H!?:85><65>7@8!5>!lj!†/!H@6!RM!E:;EU!588:5G78B!5>!ji!†/!H@6!ij!E:;EU!
YLR! 58?!:N>:8E7@8!5>!kL!†/!H@6!iM!E:;EU!H785G!:N>:8E7@8!5>!kL!†/!H@6!k!978<>:ET!*9FG7H7;5>7@8!
@H!>56B:>!B:8:!S5E!;@8H769:?!D75!B:G!:G:;>6@FA@6:E7E!OYTjZ!B:G!5B56U!lM!$U!ij!978<>:EP!
=:H@6:!F6@;::?78B!>@!0>5B:!L!6:5;>7@8ET!0>5B:!L!S5E!5!LM!XG!6:5;>7@8!S7>A!YTL!XG!@H!
0>5B:!Y!K/&!F6@?<;>U!Y3!*9FG7)5I!.@G?!RgM!(5E>:6!(7N!O*FFG7:?!-7@E;7:8;:EU!1@E>:6!
/7>4U!/*PU!58?!Y!X(!;@8;:8>65>7@8E!@H!=@>A!>A:!H@6S56?!58?!6:D:6E:!F679:6ET!)A:!
%.[Ro,$$!F679:6!F576!S7>A!G78W:6!E:I<:8;:E!S5E!<E:?!H@6!0>5B:!L!6:5;>7@8ET!0>5B:!L!
S5E!;5667:?!@<>!5E!H@GG@SEf!lj!†/!E>56>!H@6!YM!978<>:EU!i!;4;G:E!@H!?:85><65>7@8!5>!lj!†/!
H@6!RM
!E:;EU!588:5G78B!5>!jg!†/!H@6!ij!E:;EU!58?!:N>:8E7@8!5>!kL!†/!H@6!iM!E:;EU!H785G!
:N>:8E7@8!5>!kL!†/!H@6!k!978<>:ET!0<;;:EEH<G!59FG7H7;5>7@8!58?!5=E:8;:!@H!8@8
2>56B:>!
F6@?<;>E!5H>:6!0>5B:!L!S5E!;@8H769:?!D75!B:G!:G:;>6@FA@6:E7E!OYTjZ!B:G!5B56U!lM!$U!ij!
978<
>:EPT!0>5B:!L!K/&!F6@?<;>E!S:6:!I<58>7H7:?!D75!}<58>
27)!K7;@.6::8!?E,#*!*EE54!
[7>!O)A:69@!17EA:6!0;7:8>7H7;U!d5G>A59U!(*U!C87>:?!0>5>:EP!58?!8@695G7V:?!>@!5!Y
`!YM!8B!XG
2Y!,#*!;@8;:8>65>7@8!658B:!=:H@6:!G7=6564!F6:FT!059FG:E!S:6:!E<=97>>:?!>@!>A:!
(7;A7B58!0
>5>:!C87D:6E7>4!&)01!.:8@97;E!/@6:!15;7G7>4!O"5E>!+58E78BU!(%P!H@6!G7=6564!
F6:F!58?!E:I<:8;78B!@8!>A:!%GG<9785!(70:I!FG5>H@69!O%GG<9785U!058!,7:B@U!/*U!C0*P!
S7>A!(70:I!E>58?56?!6:5B:8>!W7>!DTL!58?!L!N!LjM!=F!F576:?
2:8?!6:5?ET!
!!0:I<:8;:!F6@;:EE78B!S5E!F:6H@69:?!H@GG@S78B!5!9@?7H7:?!D:6E7@8!@H!>A:!#7H(*K!
F7F:G78:!O*8B:G!:>!5GT!LMYhPT!0:I<:8;:!?5>5!S:6:!6:;:7D:?!5E!?:9<G>7FG:N:?!H5E>I!H7G:ET!
1@6S56?!58?!6:D:6E:!6:5?E!S:6:!9:6B:?!D75!C0"*&/Q!DT!YMTMTLiM!H5E>I−9:6B:F576E!
58?!>A:8!I<5
G7>4!58?!G:8B>A!H7G>:6:?!>@!95N79<9!:NF:;>:?!:66@6E!@H!Y!58?!97879<9!
G:8B>A!@H!RMM!=F!D75!C0"*&/Q!DT!YMTMTLiM!H5E>I−H7G>:6T!0:I<:8;:E!S:6:!>A:8!H7G>:6:?!H@6!
8@82#$89
!6:5?E!<E78B!H@<6!Q7??:8
2(56W@D!(@?:GE!OQ((P!5E!?:E;67=:?!78!*8B:G!:>!5GT!
OLMYhPT!0:I<:8;:E
!S:6:!>A:8!H659:EA7H>!;@66:;>:?!58?!>658EG5>:?!>@!F6@>:78!E:I<:8;:E!
YLi! <E78B!1659:=@>!Od58B!:>!5GT!LMYRP!58?!>A:8!H7G>:6:?!5B578!H@6!A@9@G@BE!<E78B!Q((!5E!
?:E;67=:?!78!*8B:G!:>!5GT!OLMYhPT!1659:EA7H>!58?!A@9@G@B!H7G>:6:?!E:I<:8;:E!S:6:!>A:8!
?:6:FG7;5>:?!<E78B
!C0"*&/Q!DT!YMTMTLiM!H5E>N−<87I<:E!58?!;G<E>:6:?!<E78B!
C0"*&/Q!DT!YMTMTLiM!;G<E>:6−@><ET!)A:!;G<E>:6−@><E!;@9958?!5GE@!H7G>:6E!;A79:65ET!
0:I<:8;:E!S:6:!>A:8!95FF:?!=5;W!>@!6:H:6:8;:!')CE!<E78B!C0"*&/Q!DT!YMTMTLiM!
<E:56;A−BG@=5G!5>!lkZ!E797G567>4T!*!FA4G@B:
8:>7;!>6::!S5E!;@8E>6<;>:?!<E78B!58!5978@!
5;7?!6:H:6:8;:!5G7B89:8>!O*8B:G!:>!5GT!LMYhPT!0:I<:8;:E!S:6:!5G7B8:?!>@!>A:!6:H:6:8;:!
<E78B!(*11)!DT!kTRMj!58?!>A:8!<E:?!>@!B:8:65>:!5!>6::!D75!15E>)6::!DT!LTYTlT!1785GG4U!
>5N@8@94!S5E!5EE7B8:?!>@!E:I<:8;:E!<E78B!-
G5E>x!DT!LTkTY!=G5E>8!;@9958?!58?!
I<:67:?!5B578E>!.5=4!58?!-<;WG:4cE!OLMYiP!
#$89(
E:I<:8;:!?5>5=5E:T!)5N@8@94!S5E!
5EE7B8:?!5;;@6?78B!>@!F:6;:8>!E797G567>4!<E78B!:9F767;5GG4!?:67D:?!;<>@HHE!O.5=4!:>!5GT!
LMYhP!@H!kjZ!E797G567>4!H@6!H597G4U!hhTYZ!H@6!B:8<EU!58
?!lYTlZ!H@6!EF:;7:ET!*GG!@>A:6!
>5N@8@97;!5EE7B89:8>E!95>;A78B!5>!ƒkjZ!E797G567>4!S:6:!@8G4!5EE7B8:?!5>!>A:!@6?:6!
G:D:GT
!7=6=
G!.9M9!"L9;TN@N
!!,5>5!H@6!FE:<?@
26:FG7;5>:E!S:6:!5D:65B:?!H@6!:5;A!H7:G?!6:FG7;5>:!@8!:5;A!
;@GG:;>7@8!?5>:!
B7D78B!@8:!?5>5!F@78>!F:6
!H7:G?!6:FG7;5>:!F:6!;@GG:;>7@8!?5>:!H@6!E>5>7E>7;5G!
585G4E:ET!1+#1!65>:E!
5;6@EE!>A:!LMYk!H7:G?!E:5E@8!
S:6:!585G4V:?!
<E78B
!5!6:F:5>:?!
9:5E<6:E!*#'$*!
S7>A!)<W:4cE!5?b<E>9:8>!H@6!9<G>7FG:!;@9F567E@8E
!<E78B!>A:!
7'2*U20,(
&!F5;W5B:!S7>A!;@GG:;>7@8!?5>:U!
H:6>7G7V:6!
#!>6:5>9:8>U!58?!>A:76!78>:65;>7@8!5E!H7N:?!
:HH:;>E!58?!
H:6>7G7V:6!
#!>6:5>9:8>!8:E>:?!S7>A78!H7:G?!6:FG7;5>:!5E!5!658?@9!:HH:;>!S:6:!
;@8E7?:6:?!E7B87H7;58>!5>!F!–!MTMjT
!1:6>7G7V:6!#!>6:5>9:8>!S5E!8@>!5!E7B87H7;58>!F6:?7;>@6!
@H!1+#1!65>:EU!>A:6:H
@6:!?5>5!56:!F6:E:8>:?!5E!5D:65B:E!5;6@EE!H:6>7G7V:6!#!>6:5>9:8>ET
!!YLj! #$89(
')C!;@<8>E!S:6:!H76E>!656:H7:?!>@!58!:D:8!E59FG78B!?:F>A!@H!YjMM!<E78B!
*"*28;\2)2#\/21,<
!78!>A:!&!
1<;7502X
!F5;W5B:T!)A7E!S5E!;A@E:8!=5E:?!@8!>A:!
656:H5;>7@8!;<6D:E!SA7;A!78?7;5>:?!>A5
>!9@E>!@H!>A:!?7D:6E7>4!S5E!;5F><6:?!S7>A78!>A7E!
E59FG:!E7V:U!SA7G:!G797>78B!G@EE!@H!E59FG:E!?<:!>@!G@S!')C!;@<8>ET!)@!:D5G<5>:!=:>5
2?7D:6E7>4!@H!E59FG:EU!S:!<E:?!
-654
2/<6>7E
!>@!B:8:65>:!?7E>58;:!95>67;:E!<E78B!>A:!
?7E>58;:!H<8;>7@8!78!&!
1<;7502X(
58?!>A:8!
@6?785>:?!D75!F678;7F5G!;@@6?785>:!585G4E7E!
OK/@*P!<E78B!>A:!
5*/$#",2
!H<8;>7@8!78!&!FA4G@E:IT!d:!<E:?!
"/5#$0(
78!&!D:B58!>@!
;@8?<;>!K"&(*#'$*!@H!>A:!-654
2/<6>7E!?7E>58;:!95>67;:E!=4!;@GG:;>7@8!?5>5…#!
>6:5>9:8>T!,7HH:6:8;:E!=:>S::8!;@GG:;>7@8!?5>:E!58?!#!>6:
5>9:8>E!S:6:!;@8E7?:6:?!
E7B87H7;58>!5>!F!–!MTMjT!+5E>G4U!S:!:NFG@6:?!?75V@>6@FA!;@99<87>4!?5>5!H@6!')CE!SA@E:!
5=<8?58;:!7E!F@>:8>75GG4!5EE@;75>:?!S7>A!F:5W!1+#1!65>:E!@8!*<B<E>!Lh
!<E78B!>A:!
$#/$%012%$20(
F5;W5B:!78!&
T!!"8D76@89:8>5G!58?!=7@G@B7;5G!;@8>6@GE!
@8!1+#1!S:6:!:D5G<5>:?!<E78B!5!658?@9!
H@6:E>!6:B6:EE7@8!5GB@67>A9!D75!>A:!
*"#/5'Q5*20,
!F5;W5B:!78!&!<E78B!>A:!H@GG@S78B!
F5659:>:6Ef!8>6::pjMMMU!9>64pYY!O?:H5<G>PU!#*!D5G<:E!6:FG5;:?!S7>A!9:?758!O8<9:67;!
F6:?7;>@6EP!@6!9@?:!O;5>:B@67;5G!F6:?7;>@6ET!&:B6:EE7
@8E!S:6:!F:6H@69:?!<E78B!5GG!
5D57G5=G:!?5>5!H@6!:5;A!;@GG:;>7@8!?5>:!O>A:!H<GG!G7E>!@H!F@>:8>75G!F6:?7;>@6E!56:!F6:E:8>:?!
78!0<FFG:9:8>5G!)5=G:E!
0iTY!58?!
0iTLPT!)S@!6:B6:EE7@8!585G4E:E!S:6:!;5667:?!@<>T!
&:B6:EE7@8!›Y!S5E!;5667:?!@<>!<E78B!>A:!?5>5!H6@9!>A:
!H<GG!H7:G?!E:5E@8U!=<>!?7?!8@>!
78;G<?:!584!?75V@>6@FA!;@99<87>4!?5>5T!&:B6:EE7@8!›L!>56B:>:?!@8G4!>A@E:!?5>:E!H@6!
SA7;A!?75V@>6@FA!;@99<87>4!?5>5!S5E!5D57G5=G:!58?!78;G<?:?!5GG!5D57G5=G:!?5>5!H@6!>A@E:!
E59FG:!?5>:ET!!
!!YLg! 7=7!
&-$?,%$
!7=7=4!
)QP@W9M@KL!C9M<N
!(#2H7N5>7@8!65>:E!D567:?!@D:6!>A:!LMYk!B6@S78B!E:5E@8!
58?!;@GG:;>7@8!?5>:!S5E!5!
E7B87H7;58>!F6:?7;>@6!@H!#
2H7N5>7@8!65>:E!O
17BT!iTYs!
1!p!RMTlYgs!F!ƒ!MTMMYP
T!%8!F56>7;<G56U!S:!
@=E:6D:?!5!E<??:8!F<GE:!@H!#
2H7N5>7@8!?<678B!>A:!*<B<E>!Lh!E59FG78BU!S7>A!5D:65B
:!65>:E!@8!*<BT!Lh!9:5E<6:?!5>!
iThN
!B6:5>:6!>A58!>A:!5D:65B:!#
2H7N5>7@8!65>:E!H@6!5GG!@>A:6!
;@GG:;>7@8!?5>:E
T!d:!5GE@!8@>:?!5!EG7BA>!78;6:5E:!78!#
2H7N5>7@8!65>:E!78!G5>:!\<8:!H@GG@S78B!
5!?:;6:5E:!78!65>:E!H6@9!:56G4!78!>A:!B6@S78B!E:5E@8T!#@>78B!>A:E:!^F<G
E:E_!@H!1+#1U!S:!
1@ABC<!7=4>!
1C<<
Q;@R@LA!L@MCKA<L!P@W9M@KL!C9M<N!9VCKNN!MO<!5b4F!ACKY@LA!N<9NKL
!5>!>A:!+<N!
*6=@6!H7:G?!E7>:T!059FG:E!S:6:!;@GG:;>:?!:D:64!>S@!S::WE!H6@9!(56;A!Lk!>@!';>@=:6!LRT!"5;A!
F@78>!6:F6:E:8>E!5D:65B:!#
2H7N5>7@8!5;6@EE!H@<6!6:FG7;5>:!H7:G?!=G@;WE!‰!
E>58?56?!:66@6!O8phPT!
07B87H7;58>!?7HH:6:8;:E!=:>S::8!?5>:E!O5>!F!ƒ!MTMjP!56:!78?7;5>:?!=4!G@S:6;5E:!G:>>:6ET!
,75V@>6@FA!;@99<87>4!;@9F@E7>7@8!S5E!;@GG:;>:?!@8!?5>:E!956W:?!S7>A!E>56ET!)A:!B6::8!
566@S!78?7;5>:E!?5>:!@H!H:6>7G7V:6!5FFG7;5>7@8!78!>A:!H7:G?T
!!YLk! >56B:>:?!>A:E:!
F<GE:
25EE@;75>:?!?5>:E!>@!:N5978:!?75V@>6@FA!;@99<87>4!;@9F@E7>7@8T
!#2H7N5>7@8!65>:E!?7?!8@>!?7HH:6!E7B87H7;58>G4!=:>S::8!H7:G?!#!>6:5>9:8>E
U!E@!
5GG!@>A:6!
585G4E:E!@H!1+#1!<E:
!5D:65B:?
!6:E<G>E!5;6@EE!H7:G?!#!>6:5>9:8>E
!O1!p!MTRiMgs!F!p!
MTjgRLPT!
!7=7=5!
.@9\KMCKZO!VKUUBL@MT!VKUZKN@M@KL
!!,75V@>6@FA!;@99<87>4!;@9F@E7>7@8!S5E!5EE:EE:?!H@6!^F<GE:
25EE@;75>:?_!?5>:E!
O17BT!iTYPT!
*GFA5!?7D:6E7>4!@H!?75V@>6@FA!;@99<87>7:E!?7HH:6:?!=4!;@GG:;>7@8!?5>:!H@6!>A6::!
:D5G<5>:?!5GFA5!?7D:6E
7>4!9:>67;E!78;G<?78B!/A5@YU!0A588@8U!58?!%8D:6E:!079FE@8!O17BT!
0iTYPT!/A5@YU!5!9:5E<6:!@H!EF:;7:E!67;A8:EEU!S5E!G@S:E>!@8!*<B<E>!Lh
>AU!SA7G:!=@>A!
0A588@8!58?!%8D:6E:!079FE@8!6:E<G>E!78?7;5>:!G@S:E>!?7D:6E7>4!@8!\<8:!YL!S7>A!8@!
E7B87H7;58>!?7HH:6:8;:!=:>S:
:8!>A:!@>A:6!E59FG78B!?5>:ET!-:>5!?7D:6E7>4!@H!E@7G!?75V@>6@FA!
;@99<87>7:E!S5E!;@9F56:?!D75!@6?785>7@8!@H!-654
2/<>7E!?7EE797G567>4!58?!
K"&(*#'$*T!0F5>75G!?7E>67=<>7@8!@H!>A:!;@99<87>4!?7EE797G567>4!S5E!E7B87H7;58>G4!
?7HH:6:8>!=4!H7:G?!6:FG7;5>:!O17BT!
iTL
*P!S7>A!6:FG7;5>:!Y!58?!6:FG7;5>:!i!;G<E>:678B!?7E>78;>G4!
H6@9!:5;A!@>A:6!58?!H6@9!6:FG7;5>:E!L!58?!RT!)A:6:H@6:U!H7:G?!6:FG7;5>:!S5E!
78;G<?:?!
5E!5!
658?@9!:HH:;>!78!K"&(*#'$*!585G4E7E!@H!?75V@>6@FA!;@99<87>4!=:>5!?7D:6E7>4!=4!
;@GG:;>7@8!?5>:!58?!H7:G?!6:FG7;
5>:T!#@!;G:56!F5>>:68E!78!?75V@>6@FA!;@99<87>4!
;@9F@E7>7@8!=4!;@GG:;>7@8!?5>:!S:6:!@=E:6D:?!O17BT!
iTL
-P!78?7;5>78B!8@!EA7H>E!78!
;@99<87>4!78!5EE@;75>7@8!S7>A!1+#1!F<GE:E
T!)A@<BA!?75V@>6@FA!;@99<87>4!;@9F@E7>7@8!
S5E!H@<8?!>@!?7HH:6!E7B87H7;58>G4!=4!=@>A!;@G
G:;>7@8!?5>:!OF!p!MTMMYP!58?!H7:G?!#!>6:5>9:8>!
OF!p!MTMMYPU!8:7>A:6!@H!>A:E:!:HH:;>E!:NFG578:?!9<;A!@H!>A:!EF5>75G!?7E>67=<>7@8!@=E:6D:?!
78!>A:!F678;7F5G!;@@6?785>:E!585G4E7E!OK/@*s!jTlZ!58?!LTMZ!D5675>7@8!:NFG578:?!H@6!
;@GG:;>7@8!?5>:!58?!H7:G?!#!>6:5>9:8
>U!6:EF:;>7D:G4PT!
/@66:G5>7@8!585G4E:E!@H!-654
2/<6>7E!
YLh! ?7EE797G567>4!H@6!@D:65GG!?75V@>6@FA!;@99<87>4!;@9F@E7>7@8!?7?!E7B87H7;58>G4!;@66:G5>:!S7>A!
E:D:65G!E@7G!#!9:>67;EU!E<BB:E>78B!E@7G!#!5D57G5=7G7>4!954!?67D:!?75V@>6@FA!;@99<87>4!
E>6<;><6:!O17BT!iTL-PT!
+5E>G4U!S:!7?:8>7H7:?!E:D:8!')CE!78?7;5>7D:!@H!>A:!*<B<E>!Lh!
E59FG78B!?5>:U!>A:!;@GG:;>7@8!?5>:!S7>A!>A:!A7BA:E>!1+#1!65>:E
!O)5=G:!
iTYPT!*GG!7?:8>7H7:?!
')CE!56:!9:9=:6E!@H!>A:!K6@>:@=5;>:675!FA4G<9!58?!S:6:!F6:?@9785>:G4!
*GFA5F6@>:@=5;>:675T!
!!!!!!!1@ABC<!7=5>
!3C@LV@Z9;!VKKCS@L9M<!9L9;TN@N!_3'K"`!KP!NK@;!S@9\KMCKZO
!VKUUBL@M@<N
!=5E:?!
@8!-654
2/<6>7E!?7EE797G56G4!@H!6:G5>7D:!5=<8?58;:E!H@6!:5;A!E59FG:!?5>:T!O*P!K/@*!@6?785>7@8!
S7>A!ljZ!;@8H7?:8;:!:GG7FE:E!@H!:5;A!H7:G?!6:FG7;5>:T!O-P!K/@*!S7>A!@D:6G57?!D:;>@6E!@H!
E7B87H7;58>G4!;@66:G5>:?!:8D76@89:8>5G!H5;>@6E!OF!ƒ!MTMjPT!,75V@>6@F
A!;@99<87>4!;@9F@E7>7@8!
7E!=5E:?!@8!
#$89
!59FG7;@8!E:I<:8;78BT!K@78>E!56:!;@G@6:?!=4!E59FG:!?5>:E!S7>A!EA5F:!
6:F6:E:8>78B!87>6@B:8!>6:5>9:8>T!-@>A!;@GG:;>7@8!?5>:!58?!87>6@B:8!>6:5>9:8>!S:6:!H@<8?!>@!
=:!E7B87H7;58>U!=<>!:NFG578:?!G7>>G:!@H!>A:!@D:65GG!F5>>:
68!78!;@99<87>4!;@9F@E7>7@8!D5675>7@8!
5;6@EE!?5>:ET!#!5D57G5=7G7>4!9:>67;E!56:!E>6@8B!?67D:6E!@H!;@99<87>4!;@9F@E7>7@8T
!!YLl! %9:;<!
7=4>!%9:;<!KP!*%?N!9NNKV@9M<S!Y@MO!MO<!U<9NBC<S!ZB;N<!@L!)
QP@W9M@KL!
@8!*<B<E>!Lh
!7?:8>7H7:?!=4!
$#/$%01
2%$20
T!!*%?N
!(@LASKU
!3OT;BU
!';9NN
!*CS<C
!19U@;T
!/<LBN
!$Z<V@<N
!')CjL
!-5;>:675
!K6@>:@=5;>:675
!*GFA5
2F6@>:@=5;>:675
!&A7V@=75G:E
!-65?46A7V@=75;:5:
!-65?46A7V@=7<9
!C8W8@S8
!')Cjih
!-5;>:675
!K6@>:@=5;>:675
!.5995
2F6@>:@=5;>:675
!"8>:6@=5;>:675G:E
!"8>:6@=5;>:675;:5:
![G:=E7:GG5
!C8W8@S8
!')CgMM
!-5;>:675
!K6@>:@=5;>:675
!*GFA5
2F6@>:@=5;>:675
!0FA78B@9@85?5G:E
!0FA78B@9@85?5;:5:
!#@D@EFA78B@=7<9
!#@D@EFA78B@=7<9!
!E<=>:6658:<9
!')CkgM
!-5;>:675
!K6@>:@=5;>:675
!*GFA5
2F6@>:@=5;>:675
!&A7V@=75G:E
!-65?46A7V@=75;:5:
!C8W8@S8
!C8W8@S8
!')Chkl
!-5;>:675
!K6@>:@=5;>:675
!*GFA5
2F6@>:@=5;>:675
!&A7V@=75G:E
!358>A@=5;>:65;:5:
!C8W8@S8
!C8W8@S8
!')CLhkj
!-5;>:675
!K6@>:@=5;>:675
!*GFA5
2F6@>:@=5;>:675
!&A7V@=75G:E
!-65?46A7V@=75;:5:
!-65?46A7V@=7<9
!-65?46A7V@=7<9!
b5F@87;<9
!')CRjMl
!-5;>:675
!K6@>:@=5;>:675
!-:>5
2F6@>:@=5;>:675
!-<6WA@G?:675G:E
!-<6WA@G?:675;:5:
!-<6WA@G?:675
!-<6WA@G?:675!EFT!
\KegLl
!!7=7=6!
&9LSKU
!1KC<NM!&<AC<NN@KL
!%9F@6>58>!F6:?7;>@6E!@H!1+#1!D567:?!=:>S::8!H<GG!E:5E@8!58?!
F<GE:
25EE@;75>:?!
?5>:E
T!1<GG!E:5E@8!6:E<G>E!78?7;5>:!>A5>!;G795>:!D5675=G:E!
O7T:T!F6:;7F7>5>7@8!9:>67;E
!58?!S5>:6!5D57G5=7G7>4
U!58?!>:9F:65><6:P
!58?!
FG58>!9:>67;E!O7T:T!>@F!G:5H!56:5U!FG58>!A:7BA>U!
58?!EF:;7H7;!E>:9!?:8E7>4
P!56:!>A:!?@97858>!;@8>6@GE!@8!1+#1!@D:6!>A:!B6@S78B!E:5E@8!
O17BT
!iTR*U!F!ƒ!MTMjPT
!)@B:>A:6U!>A:E:!>:8!D5675=
G:E!:NFG578:?!gYTgZ!@H!>A:!D5675>7@8!78!
1+#1!65>:E!@D:6!>A:!LMYk!H7:G?!E:5E@8
!O17BT!iTR-P
T!d:!E797G56G4!7?:8>7H7:?!F6:;7F7>5>7@8!
9:>67;E!5E!W:4!F6:?7;>@6E!@H!1+#1!@8!F<GE:
25EE@;75>:?!?5>:E!O17BT!iTR/PT!
%8>:6:E>78BG4
U!E:D:65G!E@7G!#!5D57G5=7G7>4!9:>67;E!S:6
:!5GE@!7?:8>7H7:?!5E!W:4!F6:?7;>@6E!@H!1+#1!H@6!
>A:E:!F<GE:
25EE@;75>:?!?5>:ET!)@B:>A:6!S7>A!F6:;7F7>5>7@8!58?!>:9F:65><6:U!E@7G!#!
5D57G5=7G7>4!9:>67;E!:NFG578:?!kYTiZ!@H!>A:!D5675>7@8!78!1+#1!65>:E!@8!F<GE:
25EE@;75>:?!
?5>:E!O17BT!iTR,PT!
!&58?@9!H@6:E>!?@:E
!8@>!F6@D7?:!?76:;>7@85G7>4U!8@6!?@:E!7>!5;;@<8>!H@6!;@D56758;:!
@H!F6:?7;>@6E
T!)A:6:H@6:U!S:!:NFG@6:?!;@66:G5>7@8E!=:>S::8!1+#1!65>:E!58?!>A:!>@F!>:8!
F6:?7;>@6E!7?:8>7H7:?!H@6!>A:!H<GG!B6@S78B!E:5E@8
!58?!H@6!F<GE:
25EE@;75>:?!?5>:E
T!1<GG!
E:5E@8!1+#1!65>:E!S
:6:!8:B5>7D:G4!;@66:G5>:?!S7>A!9584!@H!>A:!W:4!F6:?7;>@6E!O17BT!
YRM! iTiPT!
%8>:6:E>78BG4U!5GG!FG58>!9:>67;E!7?:8>7H7:?!5E!79F@6>58>!F6:?7;>@6E!@H!1+#1!S:6:!
5;><5GG4!8:B5>7D:G4!;@66:G5>:?!S7>A!F6@;:EE!65>:ET!
d:!H@<8?!E7B87H7;58>!;@66:G5>7@8!
=:>S::8!9584!@H!>A:!F
6:?7;>@6E
!58?!1+#1!@8!F<GE:
25EE@;75>:?!?5>:E!O17BT!iTjPT!%8!
F56>7;<G56U!E:D:65G!;G795>:!D5675=G:E!78;G<?78B!F6:;7F7>5>7@8!@8!;@GG:;>7@8!?5>:!58?!?54E!
E78;:!G5E>!6578H5GG!SA7;A!S:6:!E7B87H7;58>G4U!F@E7>7D:G4!;@66:G5>:?!S7>A!1+#1T!)A7E!6:E<G>!
E::9E!>@!=:!EF:
;7H7;5GG4!?67D:8!=4!>A:!*<B<E>!Lh
>A!?5>:T!)A7E!?5>:!S5E!>A:!@8G4!F<GE:
25EE@;75>:?!
?5>:!
>@!6:;:7D:!6578H5GG!H@GG@S78B!>A:!G@8B:E>!^?54E!E78;:!G5E>!6578H5GG_!S78?@S!
@H!5GG!F<GE:
25EE@;75>:?!?5>:ET!*<B<E>!Lh
>A!S5E!5GE@!>A:!?5>:!S7>A!>A:!A7BA:E>!1+#1!65>:E!
?<678B!>A:!:8>76:!LMYk!B6@S78B!E:5E@8T!
d:!5GE@!H@<8?!
>A5>!
#2H7N5>7@8!
@8!F<GE:
25EE@;75>:?!?5>:E!
S5E!F@E7>7D:G4!;@66:G5>:?!S7>A!,'#U!)#U!
58?!
#!978:65G7V5>7@8!
F@>:8>75G
U!=<>!8:B5>7D:G4!;@66:G5>:?!S7>A!>A:!@>A:6!
E@7G!#!9:>67;E!78;G<?78B!
#*.!5;>7D7>4
!58?!E@7G!#Q
ixT!)A:6:!S5E!5GE@!5!>6:8?!>@S56?E!8:B5>7D:!;@66:G5>7@8E!=:>S::8!#
2H7N5>7@8!
58?!.+C!5;>7D7>4U!
=<>!>A
7E!S5E!8@>!E7B87H7;58>T!/@GG:;>7D:G4U!>A:E:!6:E<G>E!F@78>!>@S56?E!
E@7G!
S5>:6!5D57G5=7G7>4!9:>67;E!O:TBT!F6:;
7F7>5>7@8U!E@7G!9@7E><6:P!58?!E@7G!
#!5D57G5=7G7>4!
9:>67;E!O:TBT!@6B587;!58?!78@6B587;!#!5D57G5=7G7>4!58?!#
25;I<7678B!:8V49:!5;>7D7>4P!5E!
W:4!F6:?7;>@6Eo?67D:6E!@H!1+#1!65>:E!78!@<6!956B785G!G58?!E4E>:9T!
!!!!!!!!YRY! !!!!!!1@ABC<!7=6>!
&<NB;MN!KP!C9LSKU!PKC<NM!
C<AC<NN@KL!9L9;TN@N
!@H!H6::
2G7D78B!87>6@B:8!H7N5>7@8!
H@6!H<GG!E:5E@8!O*U!-P!58?!?5>:E!S7>A!;@99<87>4!?5>5!O/U!,PT!O*U!/P!)@F!>:8!79F@6>58>!
F6:?7;>@6E!5E!78?7;5>:?!=4!5EE@;75>:?!F:6;:8>!78;6:5E:!78!9:58!EI<56:!:66@6!OZ%8;(0"PT!*GG!
6:F@6>:?!F6:?7;>@6E!S:6:!E
7B87H7;58>!5>!F!ƒ!MTMjT!O-U!,P!(@?:G!F6:?7;>:?!DET!9:5E<6:?!1+#1!
65>:ET!K@78>E!56:!;@G@6:?!=4!;@GG:;>7@8!?5>:T!,5EA:?!G78:!6:F6:E:8>E!YfY!H7>!G78:T!0@G7?!G78:!
EA@SE!G78:56!6:B6:EE7@8!@H!F6:?7;>:?!DET!9:5E<6:?!G78:!S7>A!ljZ!;@8H7?:8;:!=58?ET!
!!YRL! !!!!!!1@AB
C<!7=7>!
'KCC<;9M@KLN!KP!@UZKCM9LM!PB;;!N<9NKL!ZC<S@VMKCN!KP!)
QP@W9M@KL!
65>:E
U!@=>578:?!H6@9!658?@9!H@6:E>!585G4E7E!@H!H<GG!E:5E@8!?5>5U!58?!#
2H7N5>7@8!65>:ET!K@78>!
;@G@6!78?7;5>:E!F@E7>7D:!@6!8:B5>7D:!6:G5>7@8EA7F!5E!S:GG!5E!?:B6::!@H!;@66:G5>7@8!S7>A!
?56W
:6!EA5?:E!78?7;5>78B!E>6@8B:6!6:G5>7@8EA7FET!K@78>!E7V:!78?7;5>:E!?:B6::!@H!
;@66:G5>7@8!S7>A!G56B:6!F@78>E!78?7;5>:!E>6@8B:6!6:G5>7@8EA7FET!*E>:67EWE!78?7;5>:!
E7B87H7;58>!;@66:G5>7@8!5>!F!ƒ!MTMjT
!YRR! !!!!!!!!!!!!!!!!!7=D!
.8$'?$$8*)
!!%8!>A7E!E><?4U!S:!:NFG@6:?!>A:!6:G5>7@8EA7FE!=:>S:
:8!1+#1!65>:E!58?!D567@<E!E@7GU!
;G795>:U!58?!=7@G@B7;5G!H5;>@6ET!d:!7?:8>7H7:?!E:D:65G!W:4!H5;>@6E!>A5>!S:6:!E>6@8BG4!
5EE@;75>:?!S7>A!1+#1!65>:E!58?!954!79F6@D:!@<6!;5F5;7>4!>@!F6:?7;>!>A:!@;;<66:8;:!@H!
>A7E!79F@6>58>!#!>658EH@695>7@8T!'D:65GGU!S:!H@<8?!>A
5>!H5;>@6E!6:G5>78B!>@!
E@7G!9@7E><6:!
5D57G5=7G7>4U!>:9F:65><6:U!58?!
E@7G!#!5D57G5=7G7>4
o5;I<7E7>7@8
!S:6:!>A:!E>6@8B:E>!?67D:6E!@H!
1@ABC<!7=D>!
'KCC<;9M@KLN!KP!@UZKCM9LM!
ZB;N<
Q9NNKV@9M<S!ZC<S@VMKCN!KP!)
QP@W9M@KL
!65>:EU!@=>578:?!H6@9!658?@9!H@6:E>!585G4E7E!@H!F<GE:
25EE@;75>:?!?5>:EU!58?!#
2H7N5>7@8!65>:ET!K@78>!;@G@6!78?7;5>:E!F@E7>7D:!@6!8:B5>7D:!6:G5>7@8EA7F!5E!S:GG!5E!
?:B6::!@H!;@66:G5>7@8!S7>A!?56W:6!EA5?:E!78?7;5>78B!E>
6@8B:6!6:G5>7@8EA7FET!K@78>!E7V:!
78?7;5>:E!?:B6::!@H!;@66:G5>7@8!S7>A!G56B:6!F@78>E!78?7;5>:!E>6@8B:6!6:G5>7@8EA7FET!
*E>:67EWE!78?7;5>:!E7B87H7;58>!;@66:G5>7@8!5>!F!ƒ!MTMjT
!YRi! 1+#1!5;6@EE!>A:!B6@S78B!E:5E@8!58?!@8!1+#1!F<GE:
25EE@;75>:?!?5>:ET!
*E!S7>A!9584!
@>A:6!E><?7:E!O&@;;5!:>!5GT!LMYjs!\58EE@8!58?!
Q@H9@;W:G!LMYhPU!S:!H@<8?!G7>>G:!
:D7?:8;:!H@6!5!E>6@8B!G78W!=:>S::8!97;6@=75G!;@99<87>4!E>6<;><6:!58?!H<8;>7@8!S7>A!@8G4!
S:5W!5EE@;75>7@8E!7?:8>7H7:?!=:>S::8!1+#1!65>:E!58?!?75V@>6@FA!;@99<87>4!9:9=:6E
!=5E:?!@8!
#$89(
H<8;>7@85G!B:8:!E:I<:8;78B
T!!!*E!A4F@>A:E7V:?U!;G795>:!9:>67;EU!58?!78!F56>7;<G56!
>A@E:!
6:G5>78B!>@!S5>:6!
5D57G5=7G7>4U!S:6:!W:4!F6:?7;>@6E!@H!1+#1!=@>A!5;6@EE!>A:!B6@S78B!E:5E@8!58?!H@6!F<GE:
25EE@;75>:?!?5>:ET!)A:!6@G:!@H!S5>:6!5D57G5=7G7>4!S5E!F56>7;<G56G4!:D7?:8>!
H@6
!F<GE:
25EE@;75>:
?!?5>:E
U!5E!>A:!*<B<E>!Lh
>A!1+#1!F<GE:!5GE@
!;@66:EF@8?:?!>@!>A:!H76E>!6578H5GG!
:D:8>!78!E:D:65G!?54E!F6:;:?78B!>A7E!E59FG:!?5>:T!*<B<E>!Lh
>A!S5E!5GE@!>A:!@8G4!F<GE:
25EE@;75>:?!?5>:!>@!A5D:!5!6578H5GG!:D:8>T!)A7E!E::9E!>@!78?7;5>:!>A5>!>A:!E<??:8!78F<>!@H!
9@7E><6:!>@!>A:!E4E>:9!E>79<G5>:?!1+#1!5;>7D7>4T
!0@7G!S5>:6!5D57G5=7G7>4!7E!S:GG!W8@S8!>@!
78HG<:8;:!97;6@=75G!H<8;>7@8U!S7>A!B6:5>:6!S5>:6!5D57G5=7G7>4!B:8:65GG4!78;6:5E
78B
!F6@;:EE!
65>:E!O
d7GE@8!58?!.67HH78!Ylkjs!
Q5667E!:>!5G!LlYhs!
)7:9588!58?!-7GG78BE!LMYY
s!mA58BU!0T!
:>!5GT!LMLM
PT!1+#1!A5E!5GE@!=::8!EA@S8!>@!=:!78HG<:8;:?!=4!S5>:6!5D57G5=7G7>4!5E!S:GG!5E!
>:9F:65><6:U!SA:6:=4!1+#1!7E!>4F7;5GG4!B6:5>:6!78!S569:6!58?!S:>>:6!:8D76@89:8>E!
O&::?!:>!5GT!LMYYPT!%8!E797G56!S@6W!@8!1+#1U!@=E:6D:?!:F7E@?7;!HG<N:E!78!1
+#1!F6@;:EE!
65>:E!S:6:!>A@<BA>!>@!5EE@;75>:?!S7>A!D5675>7@8!78!E@7G!9@7E><6:!O&@G:4!:>!5GT!LMYlPT!'<6!
6:E<G>E!5??!>@!>A7E!=@?4!@H!S@6W!58?!A7BAG7BA>!>@!8::?!>@!<8?:6E>58?!S5>:6!;@8>6@GE!@8!
1+#1U!F56>7;<G56G4!78!>A:!H5;:!@H!5G>:6:?!F6:;7F7>5>7@8!6:B79:E!5E!
5!6:E<G>!@H!;G795>:!
;A58B:T!
!):9F:65><6:U!78;G<?78B!576!>:9F:65><6:!58?!E@7G!>:9F:65><6:!@H!>A:!>@F!>:8!;9!@H!
E@7GU!S5E!5GE@!5!W:4!F6:?7;>@6!@H!1+#1!7?:8>7H7:?!=4!658?@9!H@6:E>!6:B6:EE7@8T!Q@S:D:6U!
YRj! S:!@8G4!H@<8?!S:5WU!8:B5>7D:!;@66:G5>7@8
E!=:>S::8!1+#1!58?
!:7>A:6!9:5E<6:!@H!
>:9F:65><6:T!'<6!?5>5!5FF:56:?!>@!7?:8>7H4!@F>795G!576!58?!E@7G!>:9F:65><6:E!H@6!1+#1U!
65>A:6!>A58!5!G78:56!6:G5>7@8EA7FT!Q@S:D:6U!>A:!85><6:!@H!@<6!?5>5!S7>A!5!E78BG:!^F<GE:_!
?5>:!O7T:T!*<B<E>!LhP!95W:E!7>!?7HH7;<G>!>@!?65S!584!E>6@8B!;
@8;G<E7@8E!@8!>A7E!6:E<G>T!
0797G56G4U!5!6:;:8>!BG@=5G!9:>5
2585G4E7E!H@<8?!@8G4!S:5W!;@66:G5>7@8E!=:>S::8!#
2H7N5>7@8!
58?!;G795>:!D5675=G:EU!78;G<?78B!>:9F:65><6:!O,5D7:E
2-56856?!58?!167:?G78BE>:78!LMLMPU!
>A@<BA!F6:D7@<E!S@6W!7?:8>7H7:?!;G795>:
26:G5>:?!D5675
=G:E!G7W:!:D5F@>658EF765>7@8!5E!W:4!
F6:?7;>@6E!@H!#
2H7N5>7@8!O/G:D:G58?!:>!5GT!YlllPT!Q@S:D:6U!BG@=5G!F5>>:68E!@H!#
2H7N5>7@8!
58?!;G795>:!D5675=G:E!?@!8@>!8:;:EE567G4!F6:?7;>!H78:
2E;5G:!9:5E<6:E!@H!#
2H7N5>7@8U!5E!
S:!@=E:6D:?!78!>A7E!E><?4U!O/G:D:G58?!:>!5GT
!YlllP!58?!5!9@6:!H78:
2E;5G:!D7:S!@H!1+#1!
954!=:!8::?:?!78!@6?:6!>@!F6:?7;>!>A7E!F6@;:EET!!
!-:4@8?!;G795>:!D5675=G:EU!E@7G!#!5D57G5=7G7>4
!S5E!>A:
!@>A:6!
?@97858>!
;@8>6@G!@8!
1+#1!65>:E!78!>A:!ES7>;AB65EE!6A7V@EFA:6:
!S7>A!E:D:65G!9:>67;E!@H!E@7G!#!5D57G5=7G7>
4!58?!
5;I<7E7>7@8!=:78B!7?:8>7H7:?!5E!79F@6>58>!F6:?7;>@6E!H@6!=@>A!H<GG!E:5E@8!58?!F<GE:
25EE@;75>:?!1+#1!65>:E
T!)A7E!6:E<G>!S5E!9@E>!:D7?:8>!H@6!F<GE:
25EE@;75>:?!?5>:E!SA:6:!
E:D:65G!E@7G!#!9:>67;E!S:6:!7?:8>7H7:?!5E!W:4!F6:?7;>@6E!@H!1+#1!H@6!>A@E:!?5>:ET
!d:!:NF:;>:?!>A5>!78;6:5E:?!E@7G!#!5D57G5=7G7>4!S@<G?!6:?<;:!1+#1!65>:EU!=<>!E<6F67E78BG4U!
>A7E!S5E!8@>!5GS54E!>A:!;5E:
T!1+#1!65>:E!S:6:!H@<8?!>@!=:!F@E7>7D:G4!;@66:G5>:?!S7>A!E@7G!
)#!58?!,'#!;@8;:8>65>7@8EU!=<>!8:B5>7D:G4!;@66:G5>:?!S7>A!78@6B587;!#!
5D57G5=7G7>4!
78;G<?78B!E@7G!599@87<9!58?!FG58>!5D57G5=G:!87>65>:T!*??7>7@85GG4U!>A:!E>6@8B:E>!F6:?7;>@6!
@H!1+#1!S5E!5;>7D7>4!@H!>A:!;A7>785E:!:8V49:!#
25;:>4G
2#2BG<;@E59787?5E:!O#*.PU!5!/!
58?!#
25;I<7678B!:N>65;:GG<G56!:8V49:U!SA7;A!S5E!8:B5>7D:G4!;@66:G5>:?
!S7>A!1+#1!65>:ET!
)A7E!78;@8E7E>:8>!?76:;>7@85G7>4!@H!6:G5>7@8EA7FE!=:>S::8!1+#1!58?!E@7G!#!9:>67;E!
YRg! E<BB:E>E!9@6:!78>67;5>:!78>:65;>7@8E!=:>S::8!E@7G!#!58?!1+#1!>A58!F6:D7@<EG4!7?:8>7H7:?!
O&::?!:>!5GT!LMYYs!09:6;785!:>!5GT!LMYl5PT
!%>!7E!B:8:65GG4!5;;:F>:?!
58?!A5E!=::8!?:9@8E>65>:?!>A5>!78;6:5E:?!:N>:685G!#!
5D57G5=7G7>4!?:;6:5E:E!65>:E!@H!1+#1!OQ@==E!58?!0;A79:G!Ylhis!K5>65!:>!5GT!LMMks!&::?!
:>!5G!LMYYs![@N!:>!5GT!LMYgPT!,75V@>6@FAE!56:!8@>!E@G:G4!6:G758>!@8!#
2H7N5>7@8!>@!5;;:EE!#!
58?!56:!W8@S8!>@!5;;:EE!=@>
A!A7BA!58?!G@S!9@G:;<G56!S:7BA>!#!E@<6;:EU!78;G<?78B!
@6B587;!#!H@69E!O#@6958!58?!167:E:8!LMYkPT!Q@S:D:6U!S:!H@<8?!>A5>!>A:!H@69!@H!E@7G!#!
O:TBT!@6B587;!DET!78@6B587;P!?:>:6978:?!>A:!?76:;>7@8!@H!>A7E!6:EF@8E:T!.:8:65GG4U!
78@6B587;!#!E@<6;:E!S:6:!5EE@;75>:?
!S7>A!?:;6:5E:?!1+#1!5;>7D7>4T!%>!S5E!:NF:;>:?!>A5>!
1+#1!65>:E!S@<G?!=:!8:B5>7D:G4!;@66:G5>:?!S7>A!E@7G!599@87<9
!5E!5
99@87
<9!7E!>A:!
?76:;>!F6@?<;>!@H!#
2H7N5>7@8!58?!
7>E!
5;;<9<G5>7@8!
7E!
S:GG
2W8@S8!>@!78A7=7>!87>6@B:85E:!
:8V49:!H<8;>7@8!O0>::8A@<?>!58?!$58?:
6G:4?:8!LMMMs!,7N@8!58?![5A8!LMMiPTT!!
!%8!;@8>65E>!>@!>A:!6:E<G>E!@=E:6D:?!H@6!78@6B587;!#!5D57G5=7G7>4U!E@7G!@6B587;!#!
5D57G5=7G7>4!S5E!F@E7>7D:G4!;@66:G5>:?!S7>A!1+#1!58?!@8:!@H!>A:!
?@97858>!
F6:?7;>@6E!@H!
1+#1T!)A7E!S5E!E<6F67E78B!5E!9584!F5E>!E><?7:E!A5
D:!H@<8?!D567@<E!@6B587;!#!E@<6;:EU!
F56>7;<G56G4!5978@!5;7?EU!>@!
A5D:!5!8:B5>7D:!@6!8:<>65G!79F5;>!@8
!1+#1!5;>7D7>4!O,7N@8!
58?![5A8!LMMis!Q<:6B@!:>!5GT!LMYLs![G5EE:8!:>!5GT!YllkPT!)A7E!F@E7>7D:!
6:EF@8E:!
954!
=:!;5F><678B
!,'#!;@8;:8>65>7@8E!
5E!5!
F6@?<;>!@H!1
+#1!5;>7D7>4!65>A:6!>A58!5!;@8>6@G!
F6@9@>78B!1+#1T!,'#!5;;<9<G5>:E!78!E@7GE!5E!=7@G@B7;5GG4
2?:67D:?!#!E@<6;:EU!78;G<?78B!
F6@>:78E!58?!5978@!5;7?EU!56:!6:G:5E:?!H6@9!?:5?!FG58>!58?!97;6@=75G!;:GGE!O&@=:6>E@8!
58?!.6@HH958!LMMks!d566:8!LMYiPT!)A<EU!5E!1+#1!@;
;<6E!58?!?75V@>6@FA!F@F<G5>7@8E!
B6@S!58?!?7:U!>A:76!78>:685G!@6B587;!#!954!5;;<9<G5>:!78!>A:!E@7G!E4E>:9!78;6:5E78B!
,'#!58?!)#T!)A7E!7E!5!F56>7;<G56G4!79F@6>58>!H78?78B!H@6!<8?:6E>58?78B!>A:!6:G5>7@8EA7F!
YRk! =:>S::8!1+#1!58?!FG58>!5D57G5=G:!#U!5E!@6B587;!#!E@<
6;:E!954!6:F6:E:8>!5!E7B87H7;58>!
F@6>7@8!@H!FG58>!#!5;I<7E7>7@8!O
#„EA@G9
!:>!5GT!LMMhs!
K5<8BH@@
2+@8A7:88:
!:>!5GT!LMYMs!
/V5=58!:>!5GT!LMYgPT!
!)A@<BA!,'#!S5E!F@E7>7D:G4!;@66:G5>:?!S7>A!1+#1U!:8V49:!5;>7D7>4!6:E<G>78B!78!
>A:!6:G:5E:!@H!,'#!H6@9!E@7G!@6B587;!
95>>:6!O:TBT!#*.!5;>7D7>4P!S5E!8:B5>7D:G4!
;@66:G5>:?!S7>A!1+#1T!K6:D7@<E!S@6W!A5E!E<BB:E>:?!>A5>!?75V@>6@FAE!954!78D:E>!H7N:?!#!
H6@9!1+#1!78>@!F6@?<;>7@8!@H!:N>65;:GG<G56!:8V49:E!G7W:!#*.!=:;5<E:!>A:4!6:F6:E:8>!5!
9@6:!:8:6B4
2:HH7;7:8>!9:>A@?!@H!5;I<7678B!=
@>A!#!58?!/!O#@6958!58?!167:E:8!LMYkPT!
'<6!6:E<G>E!G:8?!E@9:!E<FF@6>!>@S56?E!>A7E!A4F@>A:E7E!SA:6:!1+#1!58?!#*.!5;>7D7>4!
56:!78D:6E:G4!6:G5>:?!58?!#*.!5;>7D7>4!S5E!
5GE@!
>A:!9@E>!79F@6>58>!F6:?7;>@6!@H!1+#1T!
1<6>A:6U!>A:!;@9=785>7@8!@H!@<6!,'#!58?!#*.!6:E<G
>E!E::9E!>@!E<FF@6>!@<6!A4F@>A:E7E!
>A5>!1+#1!7E!;@8>67=<>78B!>@!>A:!,'#!F@@G!SA:6:=4!,'#!5;;<9<G5>:E!S7>A!1+#1!5;>7D7>4!
SA7;A!7E!>A:8!6:FG5;:?!=4!#*.!5;>7D7>4!5E!?75V@>6@FAE!58?!@>A:6!E@7G!97;6@@6B587E9E!
978:!>A:!6:E<G>78B!,'#!F@@GT!1<6>A:6!E><?7:E!@H!>A:!
6:G5>7@8EA7F!=:>S::8!1+#1U!,'#U!
58?!E@7G!:N>65;:GG<G56!:8V49:E!56:!8::?:?!>@!:G<;7?5>:!>A7E!F@>:8>75GG4!79F@6>58>!>65?:
2@HHT!
!)A:!E>6@8B!6:G5>7@8EA7F!=:>S::8!1+#1!58?!#*.!5;>7D7>4!5GE@!A7BAG7BA>E!5!
F@>:8>75GG4!79F@6>58>!5EE@;75>7@8!58?o@6!78>:65;>7@8!=:>S:
:8!?75V@>6@FAE!58?!H<8B7T
!1<8B7!95W:!<F!5!E7B87H7;58>!F@6>7@8!@H!E@7G!97;6@=75G!=7@95EE!58?U!5E!E<;AU!G7W:G4!
6:F6:E:8>!>A:!?@97858>!E@<6;:!@H!;A7>78
!78!E@7G!E4E>:9E!5E!;A7>78!7E!5!W:4!;@9F@8:8>!@H!
H<8B5G!;:GGE!O1:6858?:V!58?![@7?:!LMYL
s!d7:;V@:6W!:>!5GT!LM
YlPT!)A<EU!#*.!5;>7D7>4
U!SA7;A!7E!78?7;5>7D:!@H!;A7>78!?:B65?5>7@8
U!;@<G?!=:!5!F6@N4!H@6!5=<8?58;:!@H!H<8B5G!
=7@95EE!58?!@6!5EE@;75>7@8E!=:>S::8!;A7>785E:
2F6@?<;78B!=5;>:675!58?!H<8B5G!;:GGET!
%8!
YRh! >A:!;@8>:N>!@H!@<6!E><?4U!>A:!F@>:8>75G!>65?:
2@HH!=:>S::8!1+#1!58?!#*.!S@<G?!E<BB:E>!
>A5>!?75V@>6@FAE!56:!;G@E:G4!5EE@;75>:?!S7>A!H<8B5G!;:GGET!)A7E!7E!F56>7;<G56G4!78>:6:E>78B!
5E!6:;:8>!S@6W!A5E!7?:8>7H7:?!5EE@;75>7@8E!=:>S::8!H<8B7!58?!E49=7@>7;!#
2H7N:6E
!SA:6:=4!>A:!=7@>6@FA7;!H<8B<EU!
!<5'510$0(7$X&$/"'6"*$0
U!5EE7E>E!78!>A:!97B65>7@8!@H!
6A7V@=75!H6@9!=<GW!E@7G!>@!G:B<9:!A@E>
!OmA58B!:>!5GT!LMLMP
T!)A7E!?7EF:6E5G!@H!E@7G!=5;>:675!
>A6@<BA!E@
2;5GG:?!^H<8B5G!A7BAS54E_!A5E!=::8!?@;<9:8>:?!78!E:D:65G!@>A:6!=5;>:6
75G!
EF:;7:E
U!78;G<?78B
!9:9=:6E!@H!>S@!W8@S8!?75V@>6@FA7;!B:8:65U!
H1<$#+5'5#"0(
58?!E&*N<57/2*$"
!O[@AG9:7:6!:>!5GT!LMMjs!d56978W!:>!5GT!LMYY
s!079@8!:>!5GT!LMYj
PT!
1<6>A:6U!
78>:65;>7@8E!=:>S::8!H<8B7!58?!?75V@>6@FA
E!A5D:!F6:D7@<EG4!=::8!@=E:6D:?
U!SA:6:=4!
?76:;
>!<F>5W:!@H!?75V@>6@FA!H7N:?!#!S5E!@=E:6D:?!78!H<8B7!S7>A!A4F@>A:E7V:?!
>658EH:6
!@H!
H<8B5G!/!
>@!5EE@;75>:?!?75V@>6@FAE!
Od:7wA5<F>
!:>!5GT!LMYYPT!
)A:!;G@E:!G78W!S:!@=E:6D:?!
=:>S::8!1+#1!58?!#*.!5??E!E<FF@6>!>@!>A7E!B6@S78B!=@?4!@H!G7>:65><6:!58?!E<BB:E>E!
>A5>!H<6>A:6!78D:E>7B5>7@8!78>@!H<8B5G
2?75V@>6@FA!5EE@;75>7@8E!
7E!S56658>:?T
!+5E>G4U!S:!:N5978:?!>A:!78HG<:8;:!@H!?75V@>6@FA!;@99<87>4!;@9F@E7>7@8!
58?!
EF:;7H7;!;@99<87>4!9:9=:6E!@8!1+#1!65>:ET!d:!H@<8?!>A5>!@D:65GG!?75V@>6@FA!
;@99<87>4!;@9F@E7>7@8!?7?!8@>!6:G5>:!>@!1+#1!65>:ET!%8!F56>7;<G56U!S:!?7?!8@>!H78?!
:D7?:8;:!@H!5!;@99<87>4!EA7H>!78!5EE@;75>7@8!S7>A!>A:!9:5E<6:?!1+#1!F<GE:!@8!*<B<E>!
LhT!)A7E!7
85=7G7>4!>@!?76:;>G4!G78W!97;6@=75G!;@99<87>4!E>6<;><6:U!:D:8!=5E:?!@8!H<8;>7@85G!
B:8:EU!7E!5!S:GG
2?@;<9:8>:?!;A5GG:8B:!78!E@7G!97;6@=75G!:;@G@B4!O&@;;5!:>!5GT!LMYjs!
\58EE@8!58?!Q@H9@;W:G!LMYhP!58?!H@6!1+#1!78!F56>7;<G56!O
1v68W658V!:>!5G!LMMh
s![87:H!:>!
5GT
!LMYLs!09:6;785!:>!5GT!
$#(
1*21
PT!
%8>:6:E>78BG4
U!?7HH:6:8;:E!78!@D:65GG!;@99<87>4!
;@9F@E7>7@8!S:6:!;@66:G5>:?!S7>A!E:D:65G!E@7G!#!5D57G5=7G7>4!9:>67;EU!78;G<?78B!>A:!E59:!
9:>67;E!SA7;A!S:6:!H@<8?!>@!E7B87H7;58>G4!79F5;>!1+#1!65>:E!O17BT!R-PT!)A7E!E<BB:E>E!
YRl! >A5>!SA7G:!G56B:!;@99<87>4!EA7H>E!?@!8@>!?67D:!?7HH:6:8;:E!78!1+#1U!E@7G!#!5D57G5=7G7>4!
954!5;>!@8!=@>A!?75V@>6@FA!;@99<87>4!;@9F@E7>7@8!58?!H<8;>7@8!>@!EA5F:!1+#1!78!>A:!
ES7>;AB65EE!6A7V@EFA:6:T!
!,:EF7>:!H78?78B!8@!:D7?:8;:!H@6!=6@5?!EA7H>E!78!?75V@>6@FA!;
@99<87>4!;@9F@E7>7@8!
78!5EE@;75>7@8!S7>A!1+#1!F<GE:EU!S
:!?7?!7?:8>7H4
!E:D:8!F@>:8>75G!78?7;5>@6!')CE!
5EE@;75>:?!S7>A
!>A:
!*<B
<E>!Lh
>A!1+#1!F<GE:
T!%8?7;5>@6!')CE!S:6:!F6:?@9785>:G4!@H!>A:!
@6?:6!
C<$456$"720
U!78;G<?78B!E:D:65G!
E*"/;*<$456$&'
T!K6:D7@<E!S@6W!A5E!7?:8>7H7:?!
E*"/;*<$456$&'
!78!>A:!ES7>;AB65EE!6A7V@EFA:6:U!78;G<?78B!5E!78?7;5>@6E!@H!B6:5>:6!1+#1!
65>:E!O-5A<G7W56!:>!5GT!LMYis!&@G:4!:>!5GT!LMYls!09:6;785!:>!5GT!
$#(1*21
P!58?!954!E<BB:E>!
58!79F@6>58>U!4:>!@D:6G@@W:?!6@G:!H@6!>A:E:!S:GG
2E><?7:?!E49=7@8>E!78!B65EEG58?!E4E>:9ET!
'<6!S@6W!A:6:!H<6>A:6!A7BAG7BA>E!>@!8::?!>@!=:>>:6!<8?:6E>58?!>A:!;@8>67=<>7@8E!@H!
E49=7@>7;!#
2H7N:6E!>@!ES7>;AB65EE!E4E>:9ET
!7=E!'*)',?$8*)$
!!)A:!6:E<G>E!@H!>A7E!E><?4U!78!5;;@6?58;:!S7>A!F5E>!S@6WU!H78?!>A5>!
;G795
>:!
;@8?7>7@8E!58?!
E@7G!#!9:>67;E!56:!>A:!9@E>!79F@6>58>!F6:?7;>@6E!@H!1+#1!5;>7D7>4T!
d:!H78?!
F6:;7F7>5>7@8!58?!F6:;7F7>5>7@8!:D:8>E!>@!=:!E>6@8B!F6:?7;>@6E!@H!1+#1!65>:E!S7>A!F@>:8>75G!
E>6@8B!:NFG585>@64!F@S:6!H@6!@=E:6D:?!F<GE:E!78!1+#1!F6@;:EE!65>:ET!'<6
!H78?78BE!
5GE@!
78?7;5>:!>A5>!>A:!6:G5>7@8EA7F!=:>S::8!E@7G!#!58?!1+#1!954!=:!9@6:!;@9FG:N!>A58!
F6:D7@<EG4!>A@<BA>!58?!?:F:8?E!@8!>A:!H@69!@H!#!O:TBT!78@6B587;!DET!@6B587;PT!%8!
F56>7;<G56U!@<6!H78?78BE!78?7;5>:!>A5>!5!F@>:8>75G!>65?:
2@HH!=:>S::8!1+#1!58?!:8
V49:!
5;>7D7>7:E!E<66@<8?78B!,'#!;@8;:8>65>7@8E!78!>A:!E@7GT!+5E>G4U!S:!H78?!G797>:?!:D7?:8;:!@H!
5EE@;75>7@8E!=:>S::8!?75V@>6@FA!;@99<87>4!;@9F@E7>7@8U!=5E:?!@8!
#$89(
B:8:!
E:I<:8;78BU!58?!1+#1!>A@<BA!E@9:!EF:;7H7;!9:9=:6E!A5D:!=::8!7?:8>7H7:?!5E!
YiM! F@>:8>75GG4!
79F@6>58>!58?!S56658>78B!H<6>A:6!78D:E>7B5>7@8T!)A7E!S@6W!A7BAG7BA>E!>A5>!
;@8>6@GE!@8!1+#1!56:!;@9FG:N!58?!?48597;!58?!>A5>!9@6:!H78:
2E;5G:U!9:;A587E>7;!
E><?7:E!56:!8::?:?!>@!=:>>:6!<8?:6E>58?!>A:!;@8>6@GE!@8!>A7E!<=7I<7>@<E!58?!79F@6>58>!
>:66:E>675G!F6@;:
EET!
!!!YiY! !!!!!!!!!!!!!!!!!!!"33-).8[
!!!!!!!!!!!!!!!!!!!!!!!!!!YiL! $?33,-0-)%",!0"%-&8",$
!!!!1@ABC<!$
7=4>!";ZO9!S@R<CN@MT!U<MC@VN!_"`!'O9K4^!_#`!$O9LLKL!8LS<W^!9LS!_'`!
8LR<CN<!$@UZNKL!:T!VK;;<VM@KL!S9M<
T!*GG!5GFA5!?7D:6E7>4!9:>67;E!D567:?!E7B87H7;58>G4!=4!
E7>:U!
=<>!8@>!=4!H7:G?!#!>6:5>9:8>!OF!p!MThMRU!F!p!MTRhjU!58?!F!p!MTjiL!H@6!*U!-U!58?!/U!
6:EF:;>7D:G4PT!+@S:6;5E:!G:>>:6E!78?7;5>:!E7B87H7;58>!?7HH:6:8;:E!=:>S::8!;@GG:;>7@8!?5>:E!
5>!F!ƒ!MTMj
!=5E:?!@8!5!6:F:5>:?!9:5E<6:E!*#'$*T!
!!!!!!!!YiR! !!1@ABC<
!$7=5f!&<;9M@R<!9
:BLS9LV<!KP!S@9\KMCKZO!V;9NN<N^!:9N<S!KL!
-,23*
9UZ;@VKL!
N<kB<LV@LA^!:T!N9UZ;<!S9M<
T!/@G@6E!6:F6:E:8>!?7HH:6:8>!?75V@>6@FA!;G5EE:ET!#@!
E7B87H7;58>!?7HH:6:8;:E!S:6:!H@<8?!=:>S::8!H:6>7G7V:?!58?!<8H:6>7G7V:?!E@7GET!1:S!
E7B87H7;58>!?7HH:6:8;:E!5;6@EE!?5>:E!S:6:!7?:8>7H7:?T!#@>5=G4f!-5;7GG7!5=<8?58;:!@8!\<8:!
YL!S5E!E7B87H7;58>G4!G@S:6!>A58!>
A:!*<BT!58?!0:F>T!?5>:E!S7>A!8@!?7HH:6:8;:E!=:>S::8!
584!@>A:6!?5>:ET!-:>5F6@>:@=5;>:675!58?!#@E>@;5G:E!5=<8?58;:!S5E!E7B87H7;58>G4!G@S:6!
@8!\<8:!YL!D:6E<E!\<8:!Lg!S7>A!8@!?7HH:6:8;:E!=:>S::8!584!@>A:6!?5>:ET!
.5995F6@>:@=5;>:675!5=<8?58;:!S5E!B6:5>:6!@8!*<B
T!58?!0:F>T!>A58!\<8:!?5>:ET!
0>7B@8:95>5G:E!5=<8?58;:!@8!0:F>T!YY!S5E!?67D:8!=4!@8:!E59FG:!S7>A!A7BA!
0>7B@8:9>5G:E!5=<8?58;:!S5E!8@>!5;><5GG4!E7B87H7;58>!?7HH:6:8>!H6@9!584!@>A:6!?5>:ET!
!!!!!!!!!!!!!!!!Yii! !1@ABC<!$7=6
>!1C<<
Q;@R@LA!L@MCKA<L!P@W9M@KL!C9M<N!
9VCKNN!MO<!5b4F!ACKY@LA!N<9NKL!
C<ZC<N<LM<S!9N!:KWZ;KMN!PKC!<9VO!N9UZ;<!S9M<!9LS!P@<;S!P<CM@;@\<C!MC<9MU<LM
!O8!p!i!
F:6!=@NP!SA:6:!E@G7?U!A@67V@8>5G!=G5;W!G78:E!78?7;5>:!5D:65B:!1+#1!65>:ET!
!!!!!!!!!Yij! %9:;<!$7=4
>!&<NB;MN!KP!C9LSKU1KC<NM!C<AC<NN@KL!9L9;TN@N!PKC
!PB;;!5b4F!P@<;S!N<9NKL!
S9M9
T!K6:?7;>@6E!56:!E@6>:?!=4!G:D:G!@H!79F@6>58;:!=5E:?!@8!F:6;:8>!78;6:5E:!78!9:58!
EI<56:?!:66@6!OZ%8;(0"PT
!3C<S@VMKC
!a8LV0$-
!ZQR9;B<!
_a8LV0$-`
!8)3
!ZQR9;B<!
_8)3
`!,54E!E78;:!G5E>!F6:;7F7>5>7@8!:D:8>
!…5“!jMTlg
!MTMY
!MTYY
!MTMY
!K6:;7F7>5>7@8
!@8!;@GG:;>7@8!?5>:
!…5“!iLTMR
!MTMY
!MTYY
!MTMY
!)@F!+:5H!*6:5
!…5“!LlTRY
!MTMY
!MTMh
!MTMY
!*76!>:9F:65><6:
!…5“!LlTMj
!MTMY
!MTMi
!MTMY
!KG58>!A:7BA>
!…“!LMTkg
!MTML
!MTMi
!MTMh
!0@7G!>:9F:65><6:
!…“!YhTkj
!MTML
!MTML
!MTMl
!0F:;7H7;!E>:9!?:8E7>4
!…“!YjTLR
!MTML
!MTML
!MTRL
!#*.!5;>7D7>4
!…“!YiTMM
!MTMR
!MTMY
!MTgM
!0@7G!9@7E><6:
!…“!YRTLR
!MTM
j!MTML
!MTkl
!KG58>!5D57G5=G:!599@87<9
!…“!YLTLl
!MTML
!MTMR
!MTiY
!0@7G!599@87<9
!YYThY
!MTMk
!MTMY
!MTlk
!+:5H!/f#
!YYTkj
!MTMg
!MTMY
!MTik
!.+C!5;>7D7>4
!YMTjl
!MTYY
!MTML
!MTkl
!(7;6@=75G!-7@95EE!/f#
!…!YMTjh
!MTMj
!MTML
!MTji
!C6:5E:!5;>7D7>4
!YMTLg
!MTMg
!MTMY
!MTlk
!#!978:65G7V5>7@8!F@>:8>75G
!lThi
!MTMk
!MTMY
!MTlh
!)e&!5;>7D7>4
!hTgL
!MTYR
!MTMY
!MTlk
!-.!5;>7D7>4
!hTgM
!MTLM
!MTMY
!MThj
!KQ'0!5;>7D7>4
!hTYM
!MTYj
!MTMY
!MTlh
!KG58>!5D57G5=G:!
87>65>:
!kTll
!MTYh
!MTML
!MTlY
!KA7L
!kTiY
!MTMj
!MTMY
!MTlY
!0@7G!87>65>:
!kTYR
!MTLk
!MTMY
!YTMM
!*+*!5;>7D7>4
!kTMl
!MTLg
!MTMY
!YTMM
!0F:;7H7;!G:5H!56:5
!gTlk
!MTLY
!MTMY
!YTMM
!,7EE@GD:?!'6B587;!#
!gTjR
!MTYR
!MTMi
!MTLi
!(7;6@=75G!-7@95EE!#
!gTig
!MTYl
!MTMR
!MTRL
!&@@>!/f#
!gTMl
!MTLi
!MTML
!MTkl
!&:G5>7D:!/AG@6@FA4GG
!jTRi
!MTYR
!MTMY
!MTki
!+*K!5;>7D7>4
!jTMl
!MTiY
!MTMY
!YTMM
!(7;6@=75G!-7@95EE!/
!iTiL
!MTRY
!MTML
!MThM
!#7>67H7;5>7@8!F@>:8>75G
!iTYY
!MTRl
!MTMY
!YTMM
!*&.!5;>7D7>4
!YTiR
!MTjk
!MTMM
!YTMM
!/-Q!5;>7D7>4
!MTjl
!MTkj
!MTMY
!YTMM
!h!?:8@>:E!E7B87H7;58>!F6:?7;>@6E!5>!F!ƒ!MTMj!=5E:?!@8!F:6;:8>!78;6:5E:!78!9:58!EI<56:?!:66@6!OZ%#;(0"PT
!5!?:8@>:E!E7B87H7;58>!F6:?7;>@6E!5>!F!ƒ!MTMj!=5E:?!@8!78;6:5E:!78!8@?:!F<67>4!O
%#K
PT!“!?:8@>:E!>@F!>:8!9@E>!79F@6>58>!F6:?7;>@6E
!!Yig! %9:;<!$7=5
>!&<NB;MN!KP!
C9LSKU1KC<NM!C<AC<NN@KL!9L9;TN@N!PKC!ZB;N<
Q9NNKV@9M<S!
S9M<N!@LV;BS@LA!S@9\KMCKZO!VKUUBL@MT!VKUZKN@M@KL
!_V;9NN
Q;<R<;`
=!K6:?7;>@6E!56:!
E@6>:?!=4!G:D:G!@H!79F@6>58;:!=5E:?!@8!F:6;:8>!78;6:5E:!78!9:58!EI<56:?!:66@6!
OZ%8;(0"PT
!3C<S@VMKCN
!a8LV0$-
!ZQR9;B<
!_a8LV0$
-`!8)3
!ZQR9;B<
!_8)3`
!,54E!E78;:!G5E>!F6:;7F7>5>7@8!:D:8>
!…5“!RkTli
!MTMY
!MTMl
!MTMY
!K6:;7F7>5>7@8!@8!;@GG:;>7@8!?5>:
!…5“!RkTkl
!MTMY
!MTMl
!MTMY
!#*.!5;>7D7>4
!…5“!YgTMl
!MTMY
!MTMR
!MTMi
!*76!>:9F:65><6:
!…5“!YjThh
!MTMY
!MTMR
!MTMY
!,7EE@GD:?!'6B587;!#
!…5“!YiTLj
!MTMY
!MTMM
!MTMi
!0@7G!>@>5G!#
!…5“!YRTgL
!MTML
!MTMR
!MTMi
!0@7G!>:9F:65><6:
!…5“!YLTlj
!MTMY
!MTMY
!MTML
!#!978:65G7V5>7@8!F@>:8>75G
!…“!YLTgY
!MTML
!MTMY
!MTYR
!0@7G!*99@87<9
!…“!YMTjg
!MTMj
!MTMY
!MTLY
!.+C!5;>7D7>4
!…“!YMTYR
!MTMi
!MTMY
!MTRi
!KQ'0!5;>7D7>4
!!jTgg
!MTMl
!MTMM
!MTkM
!,7EE@GD:?!'6B587;!/
!iThj
!MTYY
!MTMY
!MTjR
!KA7L
!iTRY
!MTYk
!MTMM
!MTlh
!.5995F6@>:@=5;>:675!&:G5>7D:!*=<8?58;:
!iTLM
!MTYR
!MTMM
!MTkY
!KG58>!5D57G5=G:!87>65>:
!iTMi
!MTLM
!MTMM
!MTgY
!0F:;7H7;!+:5H!*6:5
!RTYk
!MTYg
!MTMM
!MTlg
!)e&!5;>7D7>4
!LThg
!MTYi
!MTMM
!MThj
!/AG@6@=75!&:G5>7D:!*=<8?58;:
!LTkY
!MTYj
!MTMM
!YTMM
!C6:5E:!5;>7D7>4
!LTgM
!MTLR
!MTMM
!MTlM
!-.!5;>7D7>4
!LTYY
!MTRg
!MTMM
!MTkM
!(7;6@=75G!-7@95EE!#
!YTlL
!MTYk
!MTMY
!MTjY
!0F:;7H7;!0>:9!,:8E7>4
!YTki
!MTLi
!MTMM
!MThh
!&@@>!)7EE<:!,:8E7>4
!YTkR
!MTLj
!MTMY
!MTjL
!+:5H!/f#
!YTiM
!MTLi
!MTMM
!MTkY
!/AG@6@=75!&:G5>7D:!*=<8?58;:
!YTYl
!MTYl
!MTMM
!MThh
!(7;6@=75G!-7@95EE!/f#
!MTki
!MTLi
!MTMM
!MThg
!*+*!5;>7D7>4
!MTgY
!MTRj
!MTMM
!MTll
!*GFA5F6@>:@=5;>:675!&:G5>7D:!*=<8?58;:
!MTRY
!MTLl
!MTMM
!YTMM
!0F76@;A5:>75!&:G5>7D:!*=<8?58;:
!MTYl
!MTLj
!MTMM
!YTMM
!&@@>!/f#
!MTYk
!MTLk
!MTMM
!MTgj
!0F76@;A5:>75!&:G5>7D:!*=<8?58;:
!MTYR
!MTRY
!MTMM
!YTMM
!"FE7G@8F6@>:@=5;>:675!&:G5>7D:!*=<8?58;:
!MTMM
!YTMM
!MTMM
!MTlj
!KG58>!5D57G5=G:!599@87<9
!2MTYM
!MTRg
!MTMM
!MTlg
!87HQ!B:8:!;@F4!›
!2MTYk
!MTLg
!MTMM
!MThj
! Yik! %9:;<!$7=5!_VKLMlS`>
!h!?:8@>:E!E7B87H7;58>!F6:?7;>@6E!5>!F!ƒ!MTMj!=5E:?!@8!F:6;:8>!78;6:5E:!78!9:58!EI<56:?!:66@6!OZ%#;(0"PT
!5!?:8@>:E!E7B87H7;58>!F6:?7;>@6E!5>!F!ƒ!MTMj!=5E:?!@8!78;6:5E:!78!8@?:!F<67>4!O%#KPT
!“!?:8@>:E!>@F!>:8!9@E>!79F@6>58>!F6:?7;>@6E
!!!!!!!!!!!!!!!!!!!!!!+*K!5;>7D7>4
!2MTRM
!MTjL
!MTMM
!YTMM
!-5;7GG7!&:G5>7D:!*=<8?58;:
!2MTiM
!MTRl
!MTMM
!MTgM
!/G@E>67?75!&:G5>7D:!*=<8?58;:
!2MTlM
!MTii
!MTMM
!YTMM
!0>7B@8:95>5G:E!&:G5>7D:!*=<8?58;:
!2YTMg
!MTjY
!MTMM
!MTRl
!KG:<6@;5FE5G:E!&:G5>7D:!*=<8?58;:
!2YTMg
!MTig
!MTMM
!MTlj
!/-Q!5;>7D7>4
!2YTMh
!MTgR
!MTMM
!YTMM
!0@7G!87>65>:
!2YTYg
!MTjj
!MTMM
!MTkk
!0@7G!9@7E><6:
!2YTkM
!MTji
!MTMM
!YTMM
!#7>67H7;5>7@8!F@>:8>75G
!2YTlM
!MTgj
!MTMM
!MThi
!(:>A58@;@;;7!&:G5>7D:!*=<8?58;:
!2YTlR
!MTkY
!MTMM
!MTlh
!,:G>5o:FE7G@8!&:G5>7D:!*=<8?58;:
!2YTll
!MTjg
!MTMM
!MTll
!(7;6@=75
G!-7@95EE!/
!2LTMk
!MTgR
!MTMM
!YTMM
!*&.!5;>7D7>4
!2LTgM
!MTkk
!MTMM
!YTMM
!KG58>!A:7BA>
!2LTlL
!MTkj
!MTMM
!MTlM
!-:>5F6@>:@=5;>:675!&:G5>7D:!*=<8?58;:
!2RTYg
!MTkM
!MTMM
!MTll
!#@E>@;5G:E!&:G5>7D:!*=<8?58;:
!2RTiM
!MThY
!MTMM
!MThg
!*;>78@=5;>:675!&:G5>7D:!*=<8?58;:
!2RTij
!MTkl
!MTMM
!YTMM
!&:G5>7D:!/AG@6@FA4GG
!2RTji
!MTgL
!MTMM
!MThY
!'E;7GG5>@67@FA4;7?:5:!&:G5>7D:!*=<8?58;:
!2iTLj
!MTlL
!MTMM
!YTMM
!Yih! !!!!!!!!!!!!!!!!!!!!!!&-1-&-)'-$
!!!!!!!!!!!!!!!!!!!!!!!Yil! &-1-&-)'-$
!!!-5A<G7W56U!&T!*TU!)@66:E
2\:6:VU!%TU!d@6G:4U!"TU!/65D:8U![TU!r!C?D56?7U!(T![T!OLMYiPT!
,7D:6E7>4!@H!87>6@B:8
2H7N78B!=5;>:675!5EE@;75>:?!S7>A!ES7>;AB65EE!78!>A:!85>7D:!
>5GGB65EE!F65767:!@H!#@6>A:68!'WG5A@95T!*FFGT!"8D76@8T!(7;6@=7@GTU!hMOYhPU!jgRg
2jgiRT!!-:8A
7V75U!eTU!-:8A7V75U!QTU!-:8B<:?@<56U!*TU!(<6:E<U!&TU!.75;@9787U!*TU!r!0I<56>787U!*T!
OLMMiPT!.5995!F6@>:@=5;>:675!;58!8@?<G5>:!G:B<9:E!@H!>A:!B:8<E!Q:?4E56<9T!
04E>:95>7;!58?!5FFG7:?!97;6@=7@G@B4U!LkOiPU!igL
2ighT!!-G@;AU!0T!"TU!&4<U!(T!QTU!'V54?78U!-TU!r!-6@
BG7:U!&T!OLMLMPT!Q568:EE78B!5>9@EFA:67;!
87>6@B:8!H@6!;:6:5G!;6@F!F6@?<;>7@8T
!A&**2#,(:1$#$5#($#(E$5,2%<#575+;
U!POU!YhY
2YhhT!!/59F=:GGU!dT!QTU!0@8BU!KTU!58?!.T!.T!-56=7:6T!LMMgT!#7>65>:!6:?<;>5E:!H@6!87>65>:!
585G4E7E!78!S5>:6T
!"8D76@89:8>5G!/A:97E>64!+:>>:6
EU!GU!gl
2kRT!!/G:D:G58?U!/T!/TU!)@S8E:8?U!*T!&TU!0;A79:GU!,T!0TU!17EA:6U!QTU!Q@S56>AU!&T!dTU!Q:?78U!+T!
'TU!TTT!r!d5EE@8U!(T!1T!YlllT!.G@=5G!F5>>:68E!@H!>:66:E>675G!=7@G@B7;5G!87>6@B:8!
O#LP!H7N5>7@8!78!85><65G!:;@E4E>:9ET
!T756"7(6$5+25%<2'$%"7(%;%720
U!KIOLPU!gLR
2gijT!!/V5=58U!dTU!\„9>B”6?U!0TU!#„EA@G9U!)TU!&5E9<EE:8U!\TU!#7;@G57E:8U!(TU!r!1@9EB556?U!
%T!0T!OLMYgPT!,76:;>!5;I<7E7>7@8!@H!@6B587;!#!=4!SA7>:!;G@D:6!:D:8!78!>A:!F6:E:8;:!
@H!78@6B587;!#T!KG58>!58?!E@7GU!iMkOY
2LPU!lY
2YMkT
!!,5D7:E
!-56856?U!)TU!r!
167:?G78BE>:78U!KT!LMLMT!)A:!BG@=5G!?7E>67=<>7@8!@H!=7@G@B7;5G!
87>6@B:8!H7N5>7@8!78!>:66:E>675G!85><65G!:;@E4E>:9ET!.G@=5G!-7@B:@;A:97;5G!/4;G:EU!
RiU!:LMYl.-MMgRhkT!
A>>FEfoo?@7
2@6BTF6@N4LT;GT9E<T:?<oYMTYMLloLMYl.-MMgRhk
!!,5D7E!0/U!K56>@8!d\U!,@AG:958!1.U!0
97>A!/(U!,:G!.6@EE@!0U![:8>!*,U!,:+<;75!"QT!
LMYMT!/@9F565>7D:!=7@B:@;A:97;5G!;4;G:E!@H!=7@:8:6B4!;6@FE!6:D:5G!87>6@B:8
2H7N5>7@8!58?!G@S!B6::8A@<E:!B5E!:97EE7@8E!78!5!(7E;58>A<E|!B7B58>:<E!5B6@
2:;@E4E>:9T
!";@E4E>:9E
!YRf!Yii
2YjgT!
!!,7N@8!&U![5A8!,T!LMMiT!.:8
:>7;!6:B<G5>7@8!@H!=7@G@B7;5G!87>6@B:8!H7N5>7@8T!#5><6:!
&:D7:SE!(7;6@=7@G@B4!Lf!gLY
2gRYT
!!1:6858?:VU!/T!dTU!r![@7?:U!&T!)T!OLMYLPT!)A:!6@G:!@H!;A7>78!78!>A:!?:;@9F@E7>7@8!@H!
:;>@94;@66A7V5G!H<8B5G!G7>>:6T!";@G@B4U!lROYPU!Li
2LhT!!.:GH58?U!%TU!05A5bF5G
U!&TU!mA58BU!3TU!%V5<665G?:U!&T!/TU!.6@EEU![T!+TU!r!&@=:6>E@8U!.T!KT!
OLMYRPT!0<E>5785=G:!=7@:8:6B4!F6@?<;>7@8!H6@9!956B785G!G58?E!78!>A:!C0!
(7?S:E>T
!W",&*2
U!GLI
OkiRRPU!jYi
2jYkT
 jLT!YjM! Q5667EU!&T!1T!OYlhYPT!"HH:;>!@H!S5>:6!F@>:8>75G!@8!97;6@=75G!B6@S>A!58?!5;>
7D7>4T
!b",2*(
15,2#,$"7(*27",$5#0($#(05$7('$%*56$575+;
U!LU!LR
2ljT
!Q@==E!#)U!0;A79:G!,0T!YlhiT!176:!:HH:;>E!@8!87>6@B:8!978:65G7V5>7@8!58?!H7N5>7@8!78!
9@<8>578!EA6<=!58?!B65EEG58?!;@99<87>7:ET!\@<685G!@H!&58B:!(585B:9:8>f!
iML2iMjT
!Q<:6B@U!+1U!K:?6@E5U!1'U!
(<GG:6
2058>@EU!(U!/A<=5>E<U!+0U!(@8>:76@U!&*U!(:667;WU!(U!r!
0@<V5U!"(T!LMYLT!K%%!E7B85G!>658E?<;>7@8!F6@>:78Ef!F7D@>5G!FG54:6E!78!F@E>
2>658EG5>7@85G!;@8>6@G!@H!87>6@B:85E:!5;>7D7>4T!(7;6@=7@G@B4U!YjhOYPU!Ykg
2YlMT
!!\58EE@8U!\T![TU!r!Q@H9@;W:GU![T!0T!OLMYhPT
!)A:!E@7G!97;6@=7@9:
JH6@9!9:>5B:8@97;E!>@!
9:>5FA:8@97;ET
!A&**2#,(51$#$5#($#('$%*56$575+;
U!GIU!YgL
2YghT
!![@AG9:7:6U!0TU!097>EU!)T!QTU!1@6?U!&T!(TU![::GU!/TU!Q569EU!QTU!r!d7;WU!+T!eT!OLMMjPT!
)5W78B!>A:!H<8B5G!A7BAS54f!9@=7G7V5>7@8!@H!F@GG<>58>
2?:B65?78B!
=5;>:675!=4!
H<8B7T
!D#)$*5#'2#,"7(0%$2#%2(`(,2%<#575+;
U!ILOYLPU!igiM
2igigT
![@N!(*U!+vW:!/U!167>V!/U!D58!?:8!"GV:8!"U!D58!*G:8!)U!?:8!/59F!Q\'U!">>S7B![1T!
LMYgT!"HH:;>E!@H!87>6@B:8!H:6>7G7V5>7@8!@8!?75V@>6@FA7;!5;>7D7>4!@H!97;6@@6B587E9E!
5EE@;75>:?!S7>A!0FA
5B8<9!95B:GG587;<9T!KG58>!58?!0@7G!iMgf!hR
2YMMT!!(:A9@@?U!(T!*TU!%=65A79U!(TU!&5EA7?U!CTU!#5S5VU!(TU!*G7U!0TU!Q<EE578U!*TU!r!.<GGU!(T!
OLMYkPT!-7@95EE!F6@?<;>7@8!H@6!=7@:8:6B4!<E78B!956B785G!G58?ET
!H&0,"$#"672(
!*5/&%,$5#("#/(A5#0&'1,$5#
U!LU!R2LYT!!#„EA@G9
U!)TU![7:GG58?U![TU!r!.58:>:BU!CT!OLMMlPT!CF>5W:!@H!@6B587;!87>6@B:8!=4!FG58>ET!
#:S!FA4>@G@B7E>U!YhLOYPU!RY
2ihT!!#@6958!\0U!167:E:8!(+T!LMYgT!/@9FG:N!#!5;I<7E7>7@8!=4!E@7G!?75V@>6@FAEf!A@S!>A:!
5=7G7>4!>@!6:G:5E:!:N@:8V49:E!5HH:;>E!#!H7N5>7@8!=4!>:66:E>675G
!H6::
2G7D78B!
?75V@>6@FAET!)A:!%0("!\@<685G!YYf!RYjT
!!K5>65!*[U!+:!&@<N!3U!*==5?7:!+U!/G54E
!\@EE:658?!*U!K@G4!1U!+@7E:5<!KU!+@<5<G>!1T!
LMMkT!"HH:;>!@H!(7;6@=75G!*;>7D7>4!58?!#7>6@B:8!(78:65G7V5>7@8!@8!16::
!G7D78B!
#7>6@B:8!17N5>7@8!78!K:6958:8>!.65EEG58?!
0@7GET
!\@<685G!@H!*B6@8@94!58?!/6@F!
0;7:8;:
!YlRf!YjR
2YjgT
!!K5<8BH@@
2+@8A7:88:U!/TU!&:8>E;AU!,TU!&@=5>V:WU!0TU!d:==U!&T!%TU!05B<G:8W@U!"TU!
#„EA@G9U!)TU!TTT!r!+@8A7:88:U!)T!.T!OLMYMPT!)<6878B!>A:!>5=G:f!FG58>E!;@8E<9:!
97;6@=:E!5E!5!E@<6;:!@H!8<>67:8>ET!K+'0!
@8:U!jOkPT
!!&::?U!0T!/TU!/G:D:G58?U!/T!/TU!r!)@S8E:8?U!*T!&T!OLMYYPT!1<8;>7@85G!:;@G@B4!@H!H6::
2G7D78B!87>6@B:8!H7N5>7@8f!5!;@8>:9F@6564!F:6EF:;>7D:T!*88<5G!6:D7:S!@H!:;@G@B4U!
:D@G<>7@8U!58?!E4E>:95>7;EU!iLU!ihl
2jYLT!!YjY! &A78:U!"T!,TU!079EU!.T![TU!(<GD58:4U!&
T!+TU!58?!K65>>U!"T\TU!YllhT!%9F6@D78B!>A:!
-:6>A:G@>!6:5;>7@8!H@6!?:>:697878B!599@87<9!78!E@7G!:N>65;>E!58?!S5>:6T!0@7G!
0;7:8;:!0@;7:>4!@H!*9:67;5!\@<685G!gLf!ikR
2ihM
!!&@=:6>E@8U!.T!KTU!r!.6@HH958U!KT!(T!OLMMkPT!#7>6@B:8!>658EH@695>7@8ET
!H5$7(
'$%*56$575+;.
(2%575+;.("#/(6$5%<2'$0,*;
U!IU!RiY
2RgiT!!&@=:6>E@8U!.T!KTU!Q597G>@8U!0T![TU!-56A59U!-T!+TU!,5G:U!-T!"TU!%V5<665G?:U!&T!/TU!
\5;WE@8U!&T!,TU!TTT!r!)7:?b:U!\T!(T!OLMYkPT!/:GG<G@E7;!=7@H<:G!;@8>67=<>7@8E!>@!5!
E<E>5785=G:!:8:6B4!H<><6:f!/A@7;:E!58?!@<>;@9:ET
!H%$2#%2
U!ISP
OgRijPU!
:55GLRLiT
!!&@;;5U!\T!,TU!Q5GGU!"T![TU!+:88@8U!\T!)TU!"D58EU!0T!"TU!d5G?6@FU!(T!KTU!/@>8:6U!\T!-TU!TTT!r!
d5GG:8E>:78U!(T!,T!OLMYjPT!&:G5>7@8EA7FE!=:>S::8!F6@>:78
2:8;@?78B!B:8:!
5=<8?58;:!58?!;@66:EF@8?78B!F6@;:EE!56:!;@99@8G4!5EE<9:?!4:>!
656:G4!
@=E:6D:?T!)A:!%0("!b@<685GU!lOhPU!YglR
2YgllT
!!&@G:4U!0T!0TU!,<8;58U!,T!0TU!,7!+758BU!*T!.TU!\5;WE@8U!&T!,TU!)7:?b:U!\T!(TU!r!&@=:6>E@8U!
.T!KT!OLMYhPT!*EE@;75>7D:!87>6@B:8!H7N5>7@8!O*#1P!78!ES7>;AB65EE!OK587;<9!
D76B5><9P!5;6@EE!5!87>6@B:8!78F<>!B65?7
:8>T
!!75H(5#2
U!KIOgPT
!!05745
2/@6WU![T!&TU!078E5=5<BAU!&T!+TU!r!m5WU!,T!&T!OLMMLPT!)A:!:HH:;>E!@H!G@8B
2>:69!
87>6@B:8!?:F@E7>7@8!@8!:N>65;:GG<G56!:8V49:!5;>7D7>4!78!58!*;:6!E5;;A56<9!H@6:E>!
E@7GT!
H5$7(E$575+;("#/(E$5%<2'$0,*;
U!IGOlPU!YRMl
2YRYjT!!0A7657EA7
U!*TU!(5>E<EA7>5U!#TU!r!Q@<B:>E<U!)T!OLMYMPT!#@?<G5>7@8!78!=G5;W!G@;<E>!=4!>A:!
.5995F6@>:@=5;>:675!KE:<?@9@85E!EFT!58?!>A:!-:>5F6@>:@=5;>:675!
-<6WA@G?:675!EFT!04E>:95>7;!58?!*FFG7:?!(7;6@=7@G@B4U!RROjPU!Lgl
2LkiT!!079@8U!*TU!-78?E;A:?G:6
U!0TU!\@=U!,TU!d7;WU!+T!eTU!17G7FF7?@<U!0TU![@@G7U!dT!(TU!TTT!r!
\<87:6U!KT!OLMYjPT!"NFG@7>78B!>A:!H<8B5G!A7BAS54f!?:D:G@F9:8>!@H!5!8@D:G!>@@G!H@6!
>A:!78!E7><!7E@G5>7@8!@H!=5;>:675!97B65>78B!5G@8B!H<8B5G!94;:G7<9T
!QD>H(
'$%*56$575+;(2%575+;
U!LKOYYPU!H7DYYgT
!09:6;785U!,T!#TU!"D58EU!0T!"TU!167:E:8U!(T!+TU!r!)7:9588U!+T![T!OLMYlPT!)@!H7N!@6!8@>!>@!
H7Nf!;@8>6@GE!@8!H6::
2G7D78B!87>6@B:8!H7N5>7@8!78!>A:!6A7V@EFA:6:T!*FFGT!"8D76@8T!
(7;6@=7@GTU!hjOgPU!:MLjig
2YhT!!)7:9588U!+T![TU!r!-7GG78BEU!0T!*T!OLMYYPT!/A58B:E!78!D
5675=7G7>4!@H!E@7G!9@7E><6:!5G>:6!
97;6@=75G!;@99<87>4!/!58?!#!6:E@<6;:!<E:T
!H5$7(E$575+;("#/(
E$5%<2'$0,*;
U!GIOlPU!YhRk
2YhikT
!!d56978WU!\T!*TU!#5V76U!&TU!/@6>:8U!-TU!r!$58!"GE5EU!\T!,T!OLMYYPT!Q7>;AA7W:6E!@8!>A:!
H<8B5G!A7BAS54f!>A:!A:GF:6!:HH:;>!H@6!
=5;>:675G!97B65>7@8!D75!H<8B5G!A4FA5:T
!H5$7(
E$575+;("#/(E$5%<2'$0,*;
U!GIOiPU!kgM
2kgjT!!YjL! d566:8U!/T!&T!OLMYiPT!'6B587;!#!9@G:;<G:E!78!>A:!E@7G!E@G<>7@8f!SA5>!7E!W8@S8U!SA5>!7E!
<8W8@S8!58?!>A:!F5>A!H@6S56?ET!KG58>!58?!0@7GU!RkjOY
2LPU!Y
2YlT!!d:7wA5<F>U!KTU!
K67>VW@SU!dTU!r!#@GGU!(T!OLMYYPT!#7>6@B:8!9:>5=@G7E9!@H!S@@?!
?:;@9F@E78B!=5E7?7@94;:>:E!58?!>A:76!78>:65;>7@8!S7>A!?75V@>6@FAE!5E!6:D:5G:?!
=4!%&(0T
!]#,2*#",$5#"7(J5&*#"7(58(>"00(H12%,*5'2,*;
U!IVFOY2RPU!LLj
2LRYT!!d:78>65<=U!(T!#TU!0;@>>
2,:8>@8U!+T!"TU!0;A97
?>U!0T![TU!r!(@8E@8U!&T![T!OLMMkPT!)A:!
:HH:;>E!@H!>6::!6A7V@?:F@E7>7@8!@8!E@7G!:N@:8V49:!5;>7D7>4U!?7EE@GD:?!@6B587;!
;56=@8U!58?!8<>67:8>!5D57G5=7G7>4!78!5!E<=5GF78:!H@6:E>!:;@E4E>:9T!
:2%575+$"
U!KSGOLPU!RLk
2RRhT!d7:;V@6:WU!*T!0TU!0;A97?>U!'TU!/A5>V78@>5EU!
*TU!D@8!-:6B:8U!(TU!.@67EE:8U!*TU!r![@G=U!0T!
OLMYlPT!";@G@B7;5G!1<8;>7@8E!@H!*B67;<G><65G!0@7G!-5;>:675!58?!(7;6@:<W564@>:E!78!
/A7>78!,:B65?5>7@8f!*!/5E:!0><?4T
!Q*5#,$2*0($#('$%*56$575+;
U!KVT!d7GE@8U!\T!(TU!r!.67HH78U!,T!(T!OYlkjPT!d5>:6!F@>:8>75G!58?!>A:!
6:EF765>7@8!@H!
97;6@@6B587E9E!78!>A:!E@7GT
!H5$7(E$575+;("#/(E$5%<2'$0,*;
U!FORPU!Yll
2LMiT!mA58BU!0TU!e<U!mTU!+78U!\TU!r!mA<U!-T!OLMLMPT!&:EF@8E:E!@H!E@7G!;56=@8!?:;@9F@E7>7@8!>@!
?6478B
26:S:>>78B!;4;G:Ef!*!9:>5
2585G4E7ET
!T25/2*'"
U!IPKU!YYiMglT
!mA58BU!dTU!+7U!3T!.TU!0<8U![TU!)58BU!(T!\TU!3<U!1T!\TU!mA58BU!(TU!r!,57U!/T!/T!OLMLMPT!
(4;:G75G!8:>S@6W
29:?75>:?!6A7V@=75G!?7EF:6E5G!:8A58;:E!G:B<9:!8@?<G5>7@8T
!U<2(
]H>D(J5&*#"7
U!Y2YjT!!