!!!"#$%&'()*+,$-.$/012*+$(!!#'!*-'$!-$+2*)(!#$+"('3#
$*'$($"&14*%$)#%*($,&,!#)
$$15$$&6785678$+9:7
$$$$$$$$$$$$$$$$$$$$$$$$($%*,,#4!(!*-'
$$,;<=6>>:?$>@
$)6A968B7$,>B>:$076C:DE6>5
$67$FBD>6BG$H;GH6GG=:7>$@H$>9:$D:I;6D:=:7>E$
$H@D$>9:$?:8D::$@H
$$*7H@D=B>6@7$B7?$):?6
BJ%@A>@D$@H$/96G@E@F95
$$KLKL$!!!"#$%&"'%
!!"#$%&'()*+,$-.$/012*+$(!!#'!*-'$!-$+2*)(!#$+"('3#$
$*'$($"&14*%$)#%*($,&,!#)
$$15$$&6785678$+9:7
$$$!9:$?6EE:D>B>6@7$6E$B<@;>$>9:$?57B=6AE$@H$F;<G6A$B>>:7>6@7$67$>9:$A@7>:=F@DBD5$=:?6B$
E5E>:=M$N9B>$E9BF:E$>9:$?57B=6AE$
@H$F;<G6A$B>>:7>6@7$>@$B$E@A6BG$
6EE;:$BAD@EE$=:?6B$@C:D$>6=:$6E$
>9:$FD6=BD5$:=F6D6ABG$I;:E>6@7$>9B>$8;6?:E$>9:$H@GG@O678$A9BF>:DEM$':BDG5$PL$5:BDE$B8@Q$%@O7E$
FD@F@E:?$>9:
$7@ORAGBEE6A$6EE;:$B>>:7>6@7$A5AG:Q$O96A9$:SFGB67E$>9:$:C@G;>6@7$@H$F;<G6A$B>>:7>6@7M$
"6E$6EE;:$B>>:7>6@7$A5AG:Q$BG@78
$O6>9$>DB?6>6@7BG$A@==;76AB>6@7$>9:@D6:EQ$E;A9$BE$B8:7?B$E:>>678$
>9:@D5Q$B8:7?B$<;6G?678$>9:@D5Q$B7?$8B>:T::F678$>9:@D5Q$9BC:$E;88:E>:?$>9B>$B$E=BGG$8D@;F$@H$
:G6>:$@D8B76UB>6@7BG$BA>@DE$AD:B>:$B7?$E9BF:$F;<G6A$B>>:7>6C:7:EE$
>@$E@A6BG$6EE;:EM$"@O:C:DQ$=@D:$
EA9@GBDE$I;:E>6@7$O9:>9:D$>9:E:$>DB?6>6@7BG$=:?6B$>9:@D6:E$AB7$:SFGB67$>9:$:C@G;>6@7$@H$F;<G6A$
B>>:7>6@7$67$>@?B5VE$=:?6B$E5E>:=M
$!9:E:$EA9@GBDE$A9BGG:78:$>9:$FD:E:7>$BFFG6AB<6G6>5$@D$
BFFD@FD6B>:7:EE$@H$>9:E:$>9:@D6:EM$
!@$=@
C:$H@DOBD?$A;DD:7>$>9:@D6:E$B<@;
>$F;<G6A$B>>:7>6@7Q$>96E$
?6EE:D>B>6@7$:SB=67:E$>9:$A@7A:F>;BG6UB>6@7$B7?$AB;E:E$@H$F;<G6A$B>>:7>6@7$<5$E57>9:E6U678$
G6>:DB>;D:$HD@=$B8:7?B$E:>>678Q$B8:7?B$<;6G?678Q$B7?$8B>:T::F678$B7?$67H@D=B>6@7$?6HH;E6@7$
E>;?6:EM$,:>>678$
AG6=B>:$A9B78:$BE$B7$B7BG5E6E$<B
AT8D@;7?Q$>96E$?6EE:D>B>6@7$;7H@G?E$O6>9$>9D::$
:=F6D6ABG$E>;?6:E$B7?$D:BG6U:E$>9D::$D:E:BDA9$8@BGEW$
XYZ$>@$AGBD6H5$O9B>$F;<G6A$B>>:7>6@7$6E$B7?$
FD@F@E:$
B$D@<;E>$OB5$>@$=:BE;D:$6>Q$
XKZ$>@$?6EB88D:8B>:$
B7?$>5F@G@86U:$
>9:$B>>:7
>6@7$HD@=$
?6HH:D:7>$>5F:E$@H$BA>
@DE$@7$!O6>>:DQ$B7?$
X[Z$>@$:SB=67:$>9:$FB>>:D7E$
@H$F;<G6A$B>>:7>6@7$BAD@EE$
?6HH:D:7>$
AG6=B>:RD:GB>:?$
:C:7>EM$.67?678E$E;88:E>
$>9B>
W$XYZ$
/;<G6A$B>>:7>6@7$6E$A@7A:F>;BGG5$B7?$
:=F6D6ABGG5$?6HH:D:7>$HD@=$7:OE$B>>:7>6@7Q$F;<G6A$@
F676@7Q$B7?$!O6>>:D$B>>:7>6@7M$/
;<G6A$B>>:7>6@7$
!!!$6E$G:EE$C@GB>6G:Q$67>:7E6C:$B7?$D:EF@7E6C:$>@$>9:$D:BG
RG6H:$:C:7>E$67$A@7>DBE>678$>@$>9:$7:OE$B>>:7>6@7$
B7?$!O6>>:D$B>>:7>6@7M$
XKZ$*7$>:D=E$@H$>9:$D:GB>6@7E96F$<:>O::7$B>>:7>6@7$HD@=$7:OEQ$!O6>>:DQ$B7?$
E>DB>:
86A$@D8B76UB>6@7E$BAD@EE$=BEE$=:
?6B$B7?$?686>BG$=:?6B$@C:D$>6=:Q$!O6>>:D$B>>:7>6@7$6E$>9:$
=@E>$C@GB>6G:$B7?$67>:7E6C:$A@=FBD678$>@$7:OEQ$F;<G6A$B>>:7>6@7Q$B7?$F;<G6A$@F676@7M$!9:$6=FBA>$
@H$E>DB>:86A$@D8B76UB>6@7BG$B>>:7>6@7$X=:BE;D:?$<5$FD:EE$D:G:BE:EZ$:S6
E>E$B>$>9:$?B6G5$G:C:G$<;>$?@:E$
7@>$E;E>B67$B>$>9:$=@7>9G5$G:C:GM$
X[Z$*7$>:D=E$@H$>9:$>DB7E=:?6B$?6HH;E6@7$@H$AG6=B>:$A9B78:$
B>>:7>6@7Q$@D8B76UB>6@7BG$BA>@DE$67$8:7:DBG$BD:$>9:$E@;DA:$B7?$67?6C6?;BG$BA>@DE$BD:$>9:$EFD:B?:DE$
@H$B>>:7>6@7M$%57B=6A$7:>O@DTE$B
7BG5E6E$E9@O$>9B>$67?6C6?;BG$BA>
@DE$E@=:>6=:E$<:A@=:$>9:$>@F$
E@;DA:EM$X\Z$!9:$:C:7>$A@7>:S>E$FGB5$B$D@G:$
67$?:>:D=67678
$O9@$
G:B?E$
F;<G6A$B>>:7>6@7M$$
$$$!!!$$$$$$$$$$$$$$$$$$$$$$+@F5D689>$<5$
$&*'3&*'3$+"#'
$KLKL$!!!!C!(+]'-N2#%3)#'!,$
$$ND6>678$B$?6EE:D>B>6@7$6E$G6T:
$AG6=<678$>9
:$"6=BGB5BEM$#C:D5$>6=:$*$H:G>$G6T:$*$B=$7:BD$B$
F:BTQ$B7@>9:D$
F:BT
$@H$>9:$=@;7>B67E$^;E>$E9@OE$;F$67$HD@7>$@H$=:M$,@=:>6=:EQ$*$O@7?:D:?$
F:D9BFE$*$9BC:$BGD:B?5$<:A@=:$>9:$,6E5F9;E$67$>9:$3D::T$=5>9@G@85M$ND6>678$B$?
6EE:D>B>6@7$9BE$
<:A@=:$=5$:C:D
RGBE>678$<B>>G:$O96A9$GBE>E$HD@=$O@DT?B5E$>@$O::T:7?EQ$HD@=$?BO7$>@$?;ETM$1;>$
BE$>6=:$8@:E$<5Q$*$B=$9BFF5$>9B>$*$E;DC6C:Q$<;>$*$9BC:$BGE@$E::7$EF:A>BA;GBD$C6:OE$BG@78$>9:$OB5M$
N6>9@;>$>9:$9:GF$@H$>9:$F:@FG:$O9@$BAA@=FB75$=5$^@
;D7:5Q$*$AB7$7:C:D$D:BA9$>96E$
F@67>M$
$*$B=$H@D:C:D$67?:<>:?$>@$=5$B?C6E@D$]^:DE>67$!9@DE@7M$":D$B?C6A:$67$>9:@D6:EQ$B7BG5E6E$
>:A976I;:EQ$?B>B$A@GG:A>6@7Q$B7?$OD6>678$OBE$:EE:7>6BG$H@D$=:$>@$A@=FG:>:$>9:$?6EE:D>B>6@7$E>;?5M$
,F:A6BGG5Q$9:D$:=FB>95$9BE$<:E>$9
:GF:?$=:$>@$OBGT$>9D@;89$>9:$^
@;D7:5$@H$OD6>678$B$?6EE:D>B>6@7$
BG@7:$B>$9@=:$?;D678$>9:$FB7?:=6A$>6=:M$*7$>9:$FBE>$H@;D$5:BDEQ$*$9BC:$G:BD7:?$A@;7>G:EE$>9678E$
HD@=$9:DQ$67AG;?678$D:E:BDA9Q$>:BA9678Q$B7?$FGB77678$H@D$=5$ABD::D$67$BAB?:=6BM$":D$8;6?B7A:Q$
E;F
F@D>Q$FB>6:7A:Q$B7?$:7A@;DB8:=
:7>$9BC:$9:GF:?$B7?$67EF6D:?$=:$BGG$>9:$OB5$67$=5$8DB?;B>:$
E>;?6:E$B7?$=5$BAB?:=6A$ABD::DM$,9:$E:>E$B$D@G:$=@?:G$H@D$=:$BE$B$=BDC:G@;E$D:E:BDA9:DQ$B$
>:BA9:DQ$B$=:7>@DQ$B$A@GG:B8;:Q$B7?$B$HD6:7?M
$)5$E67A:D:$BFFD:A6B>6@7$>@$=5$A
@==6>>::$=:=<:DEQ$_678<@$):78Q
$4BA9:G$)@;D`@Q$B7?$
!B6I;B7$/:78M$*$9BC:$G:BD7:?$>D:=:7?@;E$HD@=$5@;D$AGBEE:EQ$67CBG;B<G:$8;6?B7A:Q$B7?$>9@;89>H;G$
A@==:7>E$@7$=5$?6EE:D>B>6@7$FD@F@EBG$?:H:7E:M$*$9BC:$BGE@$D:A:6C:?$>D:=:7?@;E$9:GF$HD@=$5@;$
FD:FBD678$=:$>@$>9:
$^@<$=BDT:>M$&@;$=B?:$=:$H::G$
>9B>$*$B=$7@>$H689>678$BG@7:M$!9B7T$5@;$H@D$
<:678$>9:D:$H@D$=:$B7?$<:678$E@$FB>6:7>$>@$=:$O6>9$=5$?6EE:D>B>6@7M$*$B=$C:D5$G;AT5$>@$9BC:$5@;$
67$=5$?6EE:D>B>6@7$A@==6>>::M$
$!C6!!!$*$BGE@$>9B7T$BGG$>9:$HBA;G>5$B7?$HD6:7?E$B>$)6A968B7$,>
B>:$076C:DE6>5M$)5$EF:A6BG$>9B
7T$5@;$>@$>9:$3DB?;B>:$,A9@@G$O9@$@HH:D:?$=:$B$%6EE:D>B>6@7$+@=FG:>6@7$(OBD?M$*$BGE@$>9B7T$=5$
HD6:7?E$B7?$=5$H@D=:D$A@GG:B8;:E$67$1:6^678Q$*77:D$)@78@G6BQ$B7?$'B6D@<6M$&@;$9BC:$86C:7$=:$
:7?G:EE$9:GF$B7?$:=@>6@7BG$E;FF@D>$>@$H6
76E9$=5$8DB?;B>:$E>;?5$67$>9:$
FBE>$5:BDEM$
$*$AB77@>$H676E9$>96E$?6EE:D>B>6@7$O6>9@;>$>9:$>D:=:7?@;E$E;FF@D>$HD@=$=5$HB=6G5M$
#C:D$
E67A:$*$GB7?:?$67$>96E$A@;7>D5Q$>
9:6D
$;7A@7?6>6@7BG$G@C:$9BE$BGOB5E$86C:7$=:$A@;DB8:$>@$HBA:$
;7A:D>B67>5$B7?$A@7HD@7>$O6>9$A9BG
G:78:EM$
*$B=$8DB>:H;G$>@$=5$=@
>9:DQ$O9@$9BE$=B?:$9;8:$
EBAD6H6A:$67$9:D$G6H:$>@$9:GF$=:$D:BG6U:$=5$?D:B=EM$*$B=$8DB>:H;G$>@$=5$E@;G=B>:$":7D5$267Q$O9@$
9BE$BGE@$EBAD6H6A:?$B$G@>$>@$=BT:$@;D$H;>;D:$<:>>:D$B7?$<D689>:DM$N6>9@;>$96E$:7A@;DB8:=:7>Q$*$
A@;G?$9BC:$
BGD:B?5$86C:7$;F$67$>9:$^@;D7:
5$>@$B$/9%$?:8D::M$*$B=$8DB>:H;G$>@$9BC:$<@>9$@H$5@;$67$
=5$G6H:M$
$$$!C66
!!!$!(12#$-.$+-'!#'!,
$$$2*,!$-.$!(12#,
$MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM$S$$2*,!$-.$.*304#,
$MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM$S6$$+"(/!#4$YW$*'!4-%0+!*-'
$MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM$Y$+@=F;>B>6@7BG$,@A6BG$,A6:7A:$(FFD@BA9
$MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM$a$,>D;A>;D:$@H$>9:$%6
EE:D>B>6@7
$MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM$YY$$+"(/!#4$KW$/012*+$(!!#'!*-'$*'$!"#$"&14*%$)#%*($,&,!#)W$
+-'+#/!0(2*b(!*-'$('%$+(0,#,
$MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM$YP$!9:$+@7A:F>;BG
6UB>6@7$@H$/;<G6A
$(>>:7>6@7
$MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM$Yc$/;<G6A$(>>:7>6@7$BE$/;<G6A$-F676@7
$MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM$Ya$/;<G6A$(>>:7>6@7$BE$':OE$(>>:7>6@7$@D$/@G6A5$(>>:7>6@7
$MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM$Yd$/;<G6A$(>>:7>6@7$BE$+@GG:A>6C:$(>>:7>6@7$@7$
,@A6BG$):?6B
$MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM$KY$/;<G6A$(>>:7>6@7$BE$B$4:E@;DA:$67$>9:$"5<D6?$):?6B$,5E>:=
$MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM$KK$.@;D$(>>D6<;>:E$@H$/;<G6A$(>>:7>6@7
$MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM$K\$N9B>$+B;E:E$/;<G6A$(>>:7>6@7e
$MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM$Kf$*EE;:$(>>:7>6@7$+5AG:
$MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM$Kc$(8:7?B$,:>>678$B7?$1;6G?678
$MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM$Ka$-7G67:$*7H@D=B>6@7$%6HH;E6@7$B7?$':>O@DT$):A9B76E=E
$MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM$[\$/;<G6A$(>>:7>6@7$B7?$#C:7>$+@7>:S>E
$MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM$[a$,;==BD5$@H$26>:DB>;D:
$MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM$\Y$+G6=B>:$+9B78:$*EE;:W$!9:$+@7>:S>$>@$,>;?5$/;<G6A$(>>:7>6@7
$MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM$\K$$+"(/!#4$[W$/012*+$(!!#'!*-'$!-$!"#$
+2*)(!#$+"('3#$*,,0#W
$/(!!#4',$('%$!#)/-4(2$4#2(!*-',
$MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM$\f$/B>>:D7E$@H$+G6=B>:$+9B78:$(>>:7>6@7
$MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM$\a$2@78
R>:D=$!D:7?E$67$(>>:7>6@7$>@$>9:$+G6=B>:$*EE;:
$MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM$\a$+G6=B>:$+9B78:$(>>:7>6@7
$B7?$4:BG
R26H:$#C:7>E
$MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM$PK$':OE$):?6B$BE$B$+B;E:$@H$/;<G6A$(>>:7>6@7
$MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM$PP$,@A6BG$):?6B$BE$B$+B;E:$@H$/;<G6A$(>>:7>6@7
$MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM$Pa$!9:$*7>:D=:?6B$!DB7EH:D$@H$+G6=B>:$+9B78:$(>>:7>6@7
$MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM$fY$):>9@?
$MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM$fK$):BE;D:=:7>$@H$/;<G6A$(>>
:7>6@7
$MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM$f[$%B>B$+@GG:A>6@7
$MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM$fP$(7BG5>6A$):>9@?
$MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM$fd$4:E;G>E
$MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM$cK$+@=FBD6E@7$@H$+G6=B>:$+9B78:$(>>:7>6@7
$MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM$cK$/B6DO6E:$!:=F@DBG$4:GB>6@7E
$MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM$cf$%6EA;EE6@7
$MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM$aY$$+"(/!#4$\W$($)#!"-%$!-$(0!-)(!*+(22&$+2(,,*.&$!N*!!#4$0,#4,
$MMMMMMMMMMMM$aa$/D6@D$,>;?6:E$B<@;>$*7>:D=:?6B$%6HH;E6@7$@H$(>>:7>6@7
$MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM$ad$!C666
!!!$N95$%6EB88D:8B>:$!O6>>:D$0E:DEe
$MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM$dL$NB5E$@H$%6EB88D:8B>678$!O6>>:D$0E:DE
$MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM$d\$%6EB88D:8B>
678$!O6>>:D$0E:DE$O6>9$B7$*7?:S678$(FFD@BA9
$MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM$d\$%6EB88D:8B>678$!O6>>:D$0E:DE$O6>9$";=B7$+@?678
$MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM$dP$%6EB88D:8B>678$!O6>>:D$0E:DE$O6>9$B7$
(;>@=B>6A$+GBEE6H6AB>6@7$):>9@?
$MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM$dc$+9BGG:78:E$@H$>9:$,;F:DC6E:?$)
BA967:$2:BD7678$(FFD@BA9
$MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM$dd$%B>B$+@GG:A>6@7$B7?$/D:FBDB>6@7
$MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM$YLY$1;6G?678$>9:$/D@F@E:?$(;>@=B>:?$%6EB88D:8B>6@7$):>9@?
$MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM$YL\$1;6G?678$>9:$/D@F@E:?$,;F:DC6E:?$)BA967:$2:BD7678$)@?:G
$MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM$YL\$1;6G?678$>9:$%6A>6@7BD5
$MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM$YY[$gBG6?B>678$4:E;G>E
$MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM$YYP$gBG6?B>678$>9:$,;F:DC6E:?$)BA967:$2:BD7678$
)@?:G
$MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM$YYP$gBG6?B>678$>9:$%6A>6@7BD5
$MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM$YYf$/@E>$"@A$)B7;BG$gBG6?B>6@7
$MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM$YYc$4:E;G>E
$MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM$YYa$%6EA;EE6@7
$MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM$YKL$$+"(/!#4$PW$!"#$*'!#4)#%*($%*..0,*-'$-.$+2*)(!#$+"('3#$(!!#'!*-'$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$
*'$%*
..#4#'!$#g#'!,
$MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM$YKP$!9:$%6HH;E6@7$@H$+G6=B>:$+9B78:$(>>:7>6@7$@7$!O6>>:D
$MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM$YKc$!9:$*7>:D=:?6B$%6HH;E6@7$@H$+G6=B>:$+9B78:$(>>:7>6@7
$MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM$Y[L$#C:7>$gBD6B>6@7
$MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM$Y[K$):>9@?
$MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM$Y[P$%B>B$+@GG:A>6@7
$MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM$Y[P$(7BG5E6E$(FFD@BA9
$MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM$Y[f$4:E;G>E
$MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM$Y[a$1BE6A$':>O@DT$):>D6AE
$MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM$Y[a$4:>O::>$,@;DA:E$B7?$,FD:B?:DE
$MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM$Y\Y$*7>:D=:?6B$%6HH;E6@7
$MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM$YPK$%6EA;EE6@7Q$*=FG6AB>6@7EQ$B7?$26=6>B>6@7E
$MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM$YPf$*=FG6AB>6@7E$B7?$26=6>B>6@7E
$MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM$YPa$$+"(/!#4$fW$%*,+0,,*-'$('%$+-'+20,*-'
$MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM$Yf[$N9B>$6E$/;<G6A$(>>:7>6@7$B7?$"@O$>@$):BE;D:$*>
$MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM$Yf\$!:=F@DBG$+@7?6>6@7E$@H$/;<G6A$(>>:7>6@7
$MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM$YfP$%6EB88D:8B>678$!O6>>:D$0E:DE
$MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM$Yfd$26=6>B>6@7E$B7?$-FF@D>;76>6:E$H@D$.;>;D:$4:E:BDA9
$MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM$YcL$+@7AG;E6@7
$MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM$YcK$$(//#'%*+#,
$MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM$Yc[$(//#'%*h$(M$#SFGB7B>6@7$@H$=:BE;D:=:7>$@H$E;E>B67B<6G6>5$X+9BF>:D$[Z
$MMMMMMMMMMMMMMMMMMMMMMMMMMM$Yc\$(//#'%*h$1M$3DB78:D$+B;EBG6>5$!:E>E$4:E;G>E$X+9BF>:D$[Z
$MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM$YcP$(//#'%*h$+M$,;F:DC6E:?$)BA967:$2:BD7678$)@?:G$.:B>;D:$%:EAD6F>6@7E$X+9BF>:D$\Z
$MMMMMM$Ycf$(//#'%*h$%M$4B7?@=$.
@D:E>$.:B>;D:$*=F@D>B7A:$X+9
BF>:D$\Z
$MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM$Ycc$(//#'%*h$#M$3DB78:D$+B;EBG6>5$!:E>E$4:E;G>E$X+9BF>:D$PZ
$MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM$Yca$$!6S!!!$1*12*-34(/"&
$MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM$YaY$$$$!S!!!$2*,!$-.$
!(12#,
$$$!B<G:$Y$-2,$4:8D:EE6@7$0E678$3BGG;FVE$)*/$%B>B$>@$/D:?6A>$#BA9$,:BDA9$!D:7?E
$fd$!B<G:$K$($+@=FBD6E@7$@H$*7>:7E6>5Q$,;E>B67B<6G6>5Q$
B7?$g@GB>6G6>5$@H$+G6=B>:$+9B78:$(>>:7>6@7Q$
KLYYiKLYf$cP$$!B<G:$[$%:EAD6F>6@7$@H$!O6>>:D$#C:7>$%B>B
$YL[$!B<G:$\$):>D6AE$@H$4:>O::>$':>
O@DTE$H@D$+G6=B>:$+9B78:$#C:7>EQ$KLY\
iKLYP$YL\$!B<G:$P$(A>6C:$!O6>>:D$0E:DE$HD@=$.@;D$#C:7>$4:>O::>$':>O@DTE
$YLf$$!B<G:$f$*7?6AB>@DE$@
H$,;F:DC6E:?$)BA967:$2:BD7678$)@?:G$/:DH@D=B7A:
$YYK$!B<G:$c$+GBEE6A6BH6@7$4:E;G>E$HD@=$,)2$HD@=$>9:$.@;D$#C:7>E
$YY[$!B<G:$a$#SB=FG:E$@
H$%6A>6@7BD5$]:5O@D?E$F:D$(A>@D$+B>:8@D5
$YY\$!B<G:$d$(8D::=:7>$4B>:E$67$/@E>$"@A$";=B7$gBG6?B>6@7
$YYa$!B<G:$YL$!9:$/D@F@D>6@7$@H$#BA9$
!5F:$@H$0E:DE$
HD@=$>9:$.@;D$#C:7>E
$YYd$!B<G:$YY$!9:$%B>B$%:EAD6F>6@7$@H$#BA9$#C:7>
$Y[f$!B<G:$YK$4:>O::>$':>O@DT$):>D6AE$@H$>9:$!9D::$+
G6=B>:$+9B78:$#C:7>E$67$KLYP
$Y[d$!B<G:$Y[$,@;DA:$4B>6@E$H@D$#BA9$!5F:$@H$(A>@D
$Y\\$!B<G:$Y\$$3DB78:D$+B;EBG6>5$!:E>E$4:E;G>E$HD@=$+9BF
>:D$[
$YcP$!B<G:$YP$,;F:DC6E:?$)BA967:$2:BD7678$)@?:G$.:B>;D:$%:EAD6F>6@7E
$Ycf$!B<G:$Yf$!9:$3DB78:D$+B;EBG6>5$4:E
;G>E$H@D$>9:$#BD>9$%B5
$#C:7>
$Yca$!B<G:$Yc$!9:$3DB78:D$+B;EBG6>5$4:E;G>E$H@D$/:@FG:VE$+G6=B>:$)@C:=:7>$#C:7>
$Ycd$!B<G:$Ya$!9:$3DB78:D$+B;EBG6>5$4:E;G>E$H@D$-
<B=B$@7$.BA:<@@T$#C:7>
$YaL$$!S6!!!$2*,!$-.$.*304#,
$$$.68;D:$Y$!9:$!D:7?$@H$/;<G6A$-F676@7$B<@;>$>9:$+G6=B>:$+9B78:$B7?$3G@<BG$NBD=678Q$
$$$$$$YdadiKLYd$\d$$.68;D:$K$!9:$g@G;=:$@H$':OEFBF:D$+@C:DB8:$@H$+G6=B>:$+9B78:$B7?$3G@<BG$NBD=678Q$
$$$$$$KLL\iKLKL$PL$$.68;D:$[$!9:$';=<:D$@H$
!O::>E$(<@;>$j+G6=B>:kQ$KLYY
iKLYf$PY$.68;D:$\$+@=FBD6E@7$@H$)@7>9G5$+G6=B>:$+9B78:$(>>:7>6@7$HD@=$);G>6FG:$,@;DA:EQ$
$$$$$$$$$$$$KLYYiKLYf$c[$$.68;D:$P$,:BE@7BG6>5$HD
@=$3
@@8G:$!D:7?E$*7?:SQ$!O6>>:DQ$':OE$B7?$/;<G6A$-F676@7$/@GGQ$
$$$$KLYYiKLYf$c\$$.68;D:$f$g6E;BG6UB>6@7$@H$>9:$3DB78:D$
+B;EBG6>5$!:E>$4:E;G>E
$cc$.68;D:$c$!9:$,6=;GB>6@7$@H$>9:$*=F;GE:$4:EF@7E:$.;7A>6@7$O6>9$dPl$+@7H6?:7A:$*7>:DCBGE
$ca$.68;D:$a$,;==BD5$@H$>9:$(;>@=B>6A$+GBEE6H6AB>6@7$,>:FE
$da$.68;D:$d$(7$#SB=FG:$@H$B$"*!$*7E>D;A>6@7$H@D$)!;DT$N@DT:DE
$YLd$.68;D:$YL$+@=FBD6E@7$@H$>9:$%:8D::$%6E>D6<;>6@7E$@H$+G6=B>:$+9B78:$#C:7>$4:>O::>$
$$$$$$':>O@DTE
$Y\L$$.68;D:$YY$!9:$,@;DA:E$B7?$
,FD:B?:DE$@H$+G6=B>:$+9B78:$(>>:7>6@7$<5$#C:7>
$Y\K$.68;D:$YK$g6E;BG6UB>6@7$@H$>9:$,@;DA:$B7?$,FD:B?:DE$(AD@EE$+G6=
B>:$+9B78:$#C:7>E
$Y\f$.68;D:$Y[$!9:$+9B78678$,@;DA:E$@H$(>>:7>6@7$<5$"@;D$67$>9:$!9D::$#C:7>E
$Y\d$.68;D:$Y\$g6E;BG6UB>6@7$@H$3DB78:D$+
B;EBG6>5$4:GB>6@7E$!:E>$4:E;G>E
$YP[$.68;D:$YP$4B7?@=$.@D:E>$.:B>;D:$*=F@D>B7A:
$Ycc$$$!Y!!!$+"(/!#4$Y
W$*'!4-%0+!*-'
$$!96E$?6EE:D>B>6@7$6E$B<@;>$F;<G6A$B>>:7>6@7$67$>9:$A@
7>:=F@DBD5$95<D6?$=:?6B$E5E>:=M$
,F:A6H6ABGG5Q$>96E$E>;?5$:SFG@D:E$>9:$FD6=BD5$I;:E>6@7W$N9B>$E9BF:E$>9:$?57B=6AE$@H$F;<G6A$
B>>:7>6@7$>@$B$E@A6BG$6EE;:$BAD@EE$=:?6B$@;>G:>E$@C:D$>6=:e$(>$H6DE>$8GB7A:Q$>96
E$I;:E>6@7$E::=E$
@;>?B>:?M$':BDG5$PL$5:BDE$B8@Q$%@O7E
$FD@F@E:?$>9:$7@O
RAGBEE6A$6EE;:$B>>:7>6@7$A5AG:$=@?:GQ$
O96A9$:SFGB67E$>9:$:C@G;>6@7$@H$F;<G6A$B>>:7>6@7M$"6E$6EE;:$B>>:7>6@7$A5AG:Q$BG@78$O6>9$>DB?6>6@7BG$
A@==;76AB>6@7$>9:@D6:EQ$E;A9$BE$)A+@=<E$B7?$,9BO
VE$XYdcKZ$B8:7?B$E:>>678$>9:@D5Q$!;DT$B7?$
.DB7TG67VE$
XYdacZ$B8:7?B$<;6G?678$>9:@D5Q$B7?$,9@:=BT:DVE$XYddYZ$8B>:T::F678$>9:@D5Q$9BC:$
E;88:E>:?$>9B>$=B67E>D:B=$@D8B76UB>6@7E$X:M8MQ$7:OE$=:?6BQ$F@G6>6ABG$:G6>:EQ$8@C:D7=:7>EQ$B7?$
@>9:D$GBD8:$@D8B76UB>6@7EZ$E9B
F:$F;<G6A$B>>:7>6@7M$!9:E:$>9:@D6:E$BGG$E;88:E>$>9B>$
B$E=BGG$8D@;F$@H$
:G6>:$@D8B76UB>6@7BG$BA>@DE$AD:B>:$B7?$E9BF:$F;<G6A$B>>:7>6C:7:EE$>@$6EE;:E$X':;=B7Q$KLYfZM$
$';=:D@;E$:=F6D6ABG$E>;?6:E$9BC:$BFFG6:?$>9:E:$A@==;76AB>6@7$>9:@D6:E$>@$:SFGB67$>9:$
?57B=6AE$
@H$F;<G6A$B>>:7>6@7$67$>9:$A@7>:S>$@H$?686>BG$=:?6B$
X:M8MQ$3;88:79:6=$:>$BG
MQ$KLYPm$_B78$
:>$BGMQ$KLYcZ
M$):B7O96G:Q$@>9:D$E>;?6:E$A@7>:7?$>9B>$BG>9@;89$EA9@GBDE$?:C:G@F:?$>9:E:$>9:@D6:E$
B=6?$>9:$:DB$@H$=BEE$=:?6BQ$>9:E:$>9:@D6:E$AB7$E>6GG$9:GF$:SFGB67$>9:$?57B=6AE$@H$F;<G6A$B>>
:7>6@7$
67$>9:$A@7>:=F@DBD5$=:?6B$E5E>:=$
XE::$:M8MQ$%^:DH
R/6:DD:$n$,9:9B>BQ$KLYcm$2:ET@C:AQ$
1BATE>D@=Q$n$]
G:67<:D8Q$KLLdZ
M$"@O:C:DQ$=@D:$EA9@GBDE$I;:E>6@7$O
9:>9:D$>9:E:$>DB?6>6@7BG$
=:?6B$>9:@D6:E$AB7$:SFGB67$>9:$:C@G;>6@7$@H$F;<G6A$B>>:7>6@7$67$>@?B5VE$=:?6B$E5E>:=$
XE::$:M8MQ$
1:77:
>>$n$*5:78BDQ$KLLam$':;=B7$:>$BGMQ$KLY\m$,A9D@:?:DQ$KLYaZ
M$$!9:E:$EA9@GBDE$A9BGG:78:$>9:$FD:E:7>$BFFG6AB<6G6>5$@D$BFFD@FD6B>:7:EE$@H$>9:E:$>9:@D6:E$H@D$
E:C:DBG$D:BE@7EM$.6DE>Q$>@?B5VE$=:?6B$:7C6D@7=:7>$
CBG;:E$F;<G6A$B>>:7>6@7Q$7@>$^;E>$=:?6B$
B>>:7>6@7m$67
?::?Q$F;<G6A$B>>:7>6@7$6E$B$CBG;B<G:$D:E@;DA:$O96A9$?6HH:D:7>$E:>E$@H$BA>@DE$A@=F:>:$>@$
E:A;D:$X%BC:7F@D>$n$1:ATQ$KLLYm$!;H:TA6Q$KLY[m$N:<E>:DQ$KLYYZM$*7$>9:$B8:$@H$67H@D=B>6@7Q$>9:$
!K!!!$FD@G6H:DB>6@7$@H$=:?6
B$B7?$A@==;76AB>6@7$>:A97@G@86:E$:7B<G:$:SF@7:7>6BGG5
$=@D:$B7?$=@D:$
?6EA@;DE:Q$6=B8:EQ$B7?$EF:A>BAG:E$X+6>>:7Q$KLYcZQ$<;>$9;=B7EV$<B7?O6?>9$@H$F;<G6A$B>>:7>6@7$9BE$
7@>$8D@O7$XB7?$BD8;B<G5$AB77@>$8D@OZ$67$E>:F$O6>9$>9:$67AD:BE678$A@7>:7>$BCB6GB<G:$H@D$
A@7E;
=F>6@7$
X"6G8BD>7:D$n$1@ETQ$YdaaZ
M$*7$HBA>Q$F;<G6A$B>>:7>6@7$DBD:G5$8D@OE$=;A9$X
#?5$n$
):6D6ATQ$KLYa
ZM$2:9=
B7$XKLLcZQ$B7$B>>:7>6@7$:A@7@=6E>Q$F@67>:?$@;>$>9B>$B
G>9@;89$O6>967$>9:$
?686>BG$EFBA:Q$>9:D:$6E$E::=678G5$B$A:BE:G:EE$E;FFG5$@H$67H@D=B>6@7Q$jB>>:7>6@7$6E$oBp$A@==@?6>5$67$
E9@D>$E;FFG5k$XFMYZM$*7$@>9:D$O@D?EQ$B>>:7>6@7$6E$>9:$A;DD:7A5$@H$>@?B5VE$=:?6B$E5E>
:=$Xb9B78Q$
N:GGEQ$N
B78Q$n$4@9:Q$KLYaZ
M$3B67678$F;<G6A$B>>:7>6@7$AD:B>:E$B$8B>:OB5$H@D$@D8B76UB>6@7E$>@$
B?CB7A:$>9:6D$E@A6BGQ$:A@7@=6AQ$B7?$F@G6>6ABG$CBG;:E$XN:<E>:DQ$KLYYZM$.@D$:SB=FG:Q$>9:$E;AA:EE$@H$
B$E@A6BG$=@C:=:7>$?:
F:7?E$@7$>9:$:S>:7>$>@$O96A9$B?C@ABA5$8D@;FE$$AB7$DB6
E:$F;<G6A$B>>:7>6@7$>@$
B<@;>$>9:$6EE;:$B>$9B7?$
X!9DBGG$:>$BGMQ$KLY\m$!;H:TA6Q$KLY[Z
M$%:EF6>:$>9:$8D@O678$6=F@D>B7A:$@H$F;<G6A$B>>:7>6@7$B7?$>9:$O6?:$;E:$@H$>9:$A@7A:F>$67$
:S6E>678$A@==;76AB>6@7$E>;?6:EQ$F;<G6A$B>>:7>6@7$6E$;7?:D>9:@D6U
:?$B7?$67A@7E6E>:7>G5$
A@7A:F>;BG6U:?$
XN:<E>:DQ$KLYYZ
M$)B75$E>;?6:E$9BC:$>D:B>:?$F;<G6A$B>>:7>6@7$BE$B$E:GH
R:SFGB7B>@D5$
A@7A:F>$XE::$:M8MQ$
N;$n$";<:D=B7Q$KLLcZ
M$&:>Q$@>9:D$E>;?6:E$9BC:$E9@O7$67A@7E6E>:7A6:E$67$>9:$
A@7A:F>;BG6UB>6@7Q$?:H676>6@7Q$B7?$=:BE;D:=:7>$@H$F;<G6A$B>>:7>6@7$
XE:
:$:M8MQ$+B=BD8@$:>$BGMQ$
KLYam$2qDA9:D$n$':C:DGBQ$KLYPm$2@D:7U
R,FD::7$:>$BGMQ$KLYdm$':O68Q$KLL\Z
M$!9:E:$E>;?6:E$:I;B>:$
F;<G6A$B>>:7>6@7$>@$7:OE$B>>:7>6@7Q$F;<G6A$@F676@7Q$@D$B7$B88D:8B>6@7$@H$E@A6BG$=:?6
B$B>>:7>6@7M$
!96E$67A@7E6E>:7A5$O6>967$>9:$G6>:DB>;D:
E$=BT:E$6>$?6HH6A;G>$>@$H@D=$8:7:DBG6UB<G:$A@7AG;E6@7E$
B<@;>$O9B>$EFBDTE$B7?$E;E>B67E$F;<G6A$B>>:7>6@7$>@$B7$6EE;:Q$8:7:DBGG5Q$B7?$O6>967$>@?B5VE$95<D6?$
=:?6B$E5E>:=Q$EF:A6H6ABGG5M$
$.;D>9:D=@D:Q$AGBEE6A$
=:?6B$>9:@D6:E$E;88:E>$>9B>$@D8B76UB>6@7BG$BA>@DEQ$FB
D>6A;GBDG5$
>DB?6>6@7BG$8B>:T::F:DEQ$BD:$>9:$?@=67B7>$E9BF:DE$@H$B>>:7>6@7$E67A:$>9:E:$BA>@DE$A@7>D@G$>9:$
![!!!$EFD:B?$@H$67H@D=B>6@7M$"@O:C:DQ$>9:$A@7>:=F@DBD5$=:?6B$E5E>:=$A9BGG:78:E$>96E$BEE;=F>6@7$67$
>9D::$
=B67$OB5EM$.6DE>Q$
F;<G6A$B>>:7>6@7$67>:D=6S:E$O6>9$B>
>:7>6@7$HD@=$?6HH:D:7>$>5F:E$@H$BA>@DE$
BAD@EE$?6HH:D:7>$=:?6B$@;>G:>E$67$B7$67>:D>O67678$B7?$67>:D?:F:7?:7>$HBE96@7M$
/;<G6A$B>>:7>6@7$
:C@GC:E$67$B$95<D6?$=:?6B
$E5E>:=$X+9B?O6ATQ$KLYcZM$+9B?O6AT$:=F9BE6U:
?$>9B>$>9:$95<D6?$
=:?6B$E5E>:=$6E$j<;6G>$;F@7$67>:DBA
>6@7E$B=@78$@G?:D$B7?$7:O:D$=:?6B$67$>9:$D:HG:S6C:G5$
A@77:A>:?$H6:G?E$@H$E@A6BG$B7?$F@G6>6AEk$XKLYcQ$FM$S6ZM$!9B>$=:B7EQ$=BEE$=:?6B$B7?$?686>BG$7:O$
=:?6B$BD:$<@>9$B$FBD>$@H$>@?B5VE$95<D6?$=:?6B$E5E>:=M$(
A>@DE$67$>9:$E5E>:=$=B7:;C:D$>9:$
67H@D=B>6@7$HG@OE$>@
$E;6>$>9:6D$8@BGE$@D$67HG;:7A:$@>9:D$BA>@DE$BAD@EE$?6HH:D:7>$=:?6BM$%6HH:D:7>$
E:>E$@H$BA>@DE$BD:$67$67>:DBA>6C:Q$A@=FG6AB>:?Q$B7?$:C:D
R:C@GC678$D:GB>6@7E96FE$X+9B?O6ATQ$KLYcZM$
07G6T:$?;D678$>9:$:DB$@H$=B
EE$=:?6BQ$@D?67BD5$A6>6U:7E$B7?$>DB?6>6@7BG$8B>:T::F:
DE$A@:S6E>$O6>967$
>@?B5VE$?686>BG$=:?6B$EFBA:Q$67HG;:7A678$:BA9$@>9:D$67$;7FD:?6A>B<G:$OB5EM$-7$>9:$@7:$9B7?Q$
>DB?6>6@7BG$8B>:T::F:DE$=B67>B67$67HG;:7A:$;E678$=BEE$=:?6B$BE$O:GG$BE$<5$B?@F>678$=:?6B$
>:A97@G@86:E$B7?$:SFB7?:?$67>@$>9:$?686>BG$EFBA:$
XgBAABD6Q$+9B?O6ATQ$n$-V2@;89G67Q$KLYPZ
M$.@D$
:SB=F
G:Q$CBD6@;E$E>;?6:E$9BC:$E9@O7$>9B>$>DB?6>6@7BG$8B>:T
::F:DE$G6T:$7:OE$B7?$F@G6>6ABG$:G6>:E$
;E:$!O6>>:D$BE$B$>@@G$>@$8B67$F;<G6A$B>>:7>6@7$
X_;789:DDQ$KLY\m$]BDFHQ$KLYcm$)A3D:8@D$:>$BGMQ$
KLYcZM$-7$>9:$@>9:D$9B7?Q$@D?67BD5$A6>6U:7E$BGE@$67HG;:7A:$F@G6>6A6B7E$B7?$7:OE$=:?6B$<5$
B>>DBA>678$B>>:7>6@7$@7$E@A6BG$=:?6BM$.@D$:SB=FG:Q
$67$>9:$1GBAT$26C:E$)B>>:D$=@C:=:7>Q$BA>6C6E>E$
8:7:DB
>:?$B>>:7>6@7$B=@78$@D?67BD5$!O6>>:D$;E:DEQ$O96A9Q$67$>;D7Q$67HG;:7A:?$7:OE$B>>:7>6@7$B7?$
:G6>:$B>>:7>6@7$>@$>BT:$7@>6A:$@H$>96E$E@A6BG$6EE;:$XE::$:M8MQ$.D::G@7$:>$BGMQ$KLYcZM$
$"@O:C:DQ$=@E>$:S6E>678$:=F
6D6ABG$67>:D=:?6B$B8:7?B$E:>>678$E>;?6:E$9BC:$>D:B>:?
$E@A6BG$
=:?6B$B>>:7>6@7Q$FBD>6A;GBDG5$!O6>>:D$B>>:7>6@7Q$BE$:I;6CBG:7>$>@$F;<G6A$B>>:7>6@7$B7?$@C:DG@@T:?$
>9:$FD:E:7A:$@H$>DB?6>6@7BG$8B>:T::F:DE$@7$!O6>>:D$
XE::$:M8MQ$_@7:E
R_B78$:>$BGMQ$KLKLm$'B9@7$:>$BGMQ$
KLY[m$,;$n$1@DB9Q$KLYdZ
M$(7$BEE;=F>6@7$;786D?678$>9:E:$E>;?6:E$6E$>9B>$=:?6
B$FGB>H@D=E$?6C6?:$
!\!!!$>DB?6>6@7BG$8B>:T::F:DE$HD@=$>9:$8
:7:DBG$F;<G6AM$.D@=$B$>9:@D:>6ABG$F:DEF:A>6C:Q$>9:$BEE;=F>6@7$6E$
HGBO:?$<:AB;E:$>9:$AG:BD$?6C6E6@7$<:>O::7$>9:E:$>O@$E:>E$@H$BA>@DE$7@$G@78:D$9@G?EM$,@A6BG$=:?6B$
FGB>H@D=E$67AG;?:$A@7>:7>$HD@=$<@>9$>DB?6
>6@7BG$8B>:T::F:DE$B7?$:C:D5?B5$F:@FG:M$*7$HBA>Q$
jD:8
;GBD$F:@FG:k$FD@?;A:$9689G5$C6:O:?$B7?$G6T:?$A@7>:7>$@7$E@A6BG$=:?6BM$(E$E9@O7$67$FD:C6@;E$
:=F6D6ABG$E>;?6:EQ$E@A6BG$=:?6B$FGB>H@D=E$G6T:$!O6>>:D$@HH:D$B$CBD6:>5$@H$67>:DBA>6C:$FB>9E$H@D$>9:$
>DB7E=6EE6@7
$@H$F;<G6A$B>>:7>6@7$X1:77:>>$:>$BGMQ$KLYam$,:8:<:D8$
n$1:77:>>Q$KLYYZQ$:7B<G678$<@>9$
>DB?6>6@7BG$8B>:T::F:DE$B7?$@D?67BD5$F:@FG:$>@$?6D:A>G5$67HG;:7A:$>9:$?6HH;E6@7$@H$B>>:7>6@7$BAD@EE$
=:?6B$@;>G:>E$
X+@7OB5$:>$BGMQ$KLYPm$"BD?:D$:>$BGMQ$KLYcZ
M$!9;EQ$H67?678E$HD@=$
67>:D=:?6B$B8:7?B$
E:>>678$E
>;?6:E$BD:$7@>$:7@;89$>@$>9:@D6U:$B<@;>$>9:$?6HH;E6@7
$@H$F;<G6A$B>>:7>6@7$O6>967$>@?B5VE$
95<D6?$=:?6B$E5E>:=M
$,:A@7?Q$EA9@GBDE$A9BGG:78:$>9:$BFFG6AB<6G6>5$@H$AGBEE6A$A@==;76AB>6@7$>9:@D6:E$<:AB;E:$
@D?67BD5$F:@FG:$AB7$FGB5$B$AD6>6ABG$D@G:$67$:HH:A>6C:G5$EFD
:B?678$B7?$DB6E678$F;<G6A$B>>:7>6@7$>@$B$
E@A6BG$6EE;:
M$!9:
$>O@RE>:F$HG@O$>9:@D5$
X]B>UQ$YdPcZ$
E;88:E>E$>9B>$7:OE$=:?6B$67?6D:A>G5$67HG;:7A:$
F;<G6A$B>>:7>6@7$>9D@;89$@F676@7$G:B?:DEM$-G6C:D$:>$BGMVE$XYdaPZ$AD6>6ABG$=BEE$>9:@D5$B7?$
3DB7@C:>>:DVE$XYdcaZ$>9D:E9@G?$=@?:G$<@>9$9689G689>$>9:$D@G:$@H$67>:D?:F:7?:7A:$
67$67H@D=B>6@7$
?6HH;E6@7Q$=:B7678$>9:5$:
=F9BE6U:$>9B>$67?6C6?;BGEV$A9@6A:$>@$EFD:B?$67H@D=B>6@7$?:F:7?E$@7$
9@O$=B75$@>9:D$67?6C6?;BGE$9BC:$BGD:B?5$EFD:B?$6>M$N6>967$>9:$A@7>:=F@DBD5$=:?6B$:7C6D@7=:7>$
A9BDBA>:D6U:?$<5$7:>O@DT:?$A@==;76AB>6@7EQ$>9:$67>:D?:F:
7?:7A:$<:>O::7$67?6C6?;BG$BA>@DEQ$67$
:HH
:A>Q$67HG;:7A:E$>9:$EFD:B?$@H$B>>:7>6@7$XE::$:M8MQ$
1BTE95$:>$BGMQ$KLYYm$1BD<:Dr$:>$BGMQ$KLYPm$
.@;AB;G>$N:GG:E$n
$3@7UrG:U
R1B6Gs7Q$KLKLm$3@7UrG:U
R1B6Gs7$:>$BGMQ$KLY\m$/6:?DB96>B$
:>$BGMQ$KLYam$
NB>>E$n$%@??EQ$KLLcZ
M$*7$A@7>DBE>Q$B8:7?B$E:>>678$>9:@D5Q$B8:7?B$<;6G?678$>9:@D5Q$B7?$
8B>:T::F678$>9:@D5$H@A;E$@7$@D8B76UB>6@7EV$?@=67B7>$D@G:$67$?:>:D=67678$F;<G6A$B>>:7>6@7M$
*7?::?Q$@7G5$B$H:O$B8:7?B$E:>>678$E>;?6:E$9BC:$A@7E6?:D:?$>9:$D@G
:$@H$E@A6BG$67>:DBA>6@7E$B=@78$
!P!!!$@D?67BD5$
F:@FG:$67$>9:$?6HH;E6@7$@H$F;<G6A$B>>:7>6@7$
XE::$:M8MQ$#D<D678Q$3@G?:7<:D8Q$n$)6GG:DQ$
YdaLm$b9;$:>$BGMQ$Ydd[Z
M$$2BE>G5Q$E@=:$A@==;76AB>6@7$D:E:BDA9:DE$AD6>6I;:$>9:E:$AGBEE6A$>9:@D6:E$<:AB;E:$
>9:5$?@$
7@>$D:B?6G5$BAA@;7>$H@D$>9:$HG;6?Q$67>:D>O67678Q$B7?$67>:D?:F:7?:7>$D:GB>6@7E96FE$<:>O::7$F;<G6A$
B>>:7>6@7$B7?$@>9:D$H@D=E$@H$B>>:7>6@7M$*7$>9:$95<D6?$=:?6B$E5E>:=Q$>9:$F@O:D$D:GB>6@7$<:>O::7$
?6HH:D:7>$>5F:E$@H$BA>@DE$BAD@EE$=:?6B$A@7>67;@;EG5$A9B7
8:EQ$AD:B>678$:7@D=@;E$HG;SQ$
A@=F:>6>6@7Q$B7?$F@O:D$X+9B?O6ATQ$KLYcQ$FM$faZM$'B9@7VE$XKLLaZ$7:>O@DT$8B>:T::F678$>9:@D5$
E;88:E>E$>9B>$>9:$D@G:$@H$8B>:T::F:DE$A@7E>B7>G5$A9B78:E$<:>O::7$?6HH:D:7>$>5F:E$@H$BA>@DE$@C:D$
>6=:$<:AB;E:$@H$>9:$?57B=6A$7B>;D:$@H$7:>
O@DT$E>D;A>;D:E$O6>967$>9:$B>>:7>6@7$?6HH;E6@7$FD@A:EEM$
,6=FG5$F;>Q$7:>O@DT$8B>:T::F678$6E$B$HG;6?$B7?$6>:DB>6C:$=@?:$
X):DBU$n$/BFBA9BD6EE6
Q$KLY[ZM$!9:$67>:DBA>6C:$D:GB>6@7E96F$<:>O::7$8B>:T::F:DE$B7?$>9:$8B>:?$BAD@EE$=:?6B$E96H>$=@D:$DBF6?G5$
>9B7$>9:5$?6?$67$>9:$:DB$@H$=BEE$=:?6B$
XN:6=B77$n$1D@E6;EQ$KLYcZ
M$!96E$FD@A:EE$XB7?$6>E$EF::?Z$
6E$B=FG6H6:?$<5$>9:$EF::?$@H$67H@D=B>6@7$>DB7E=6EE6@7$@7$E@A6BG$=:?6B$FGB>
H@D=EM$.@D$:SB=FG:Q$
]OBT$B7?$A@GG:B8;:E$XKLYLZ$H@;7?$>9B>$9BGH$@H$BGG$>9:$D:>O::>E$B$>O::>$8BD7:DE$9BFF:7$O6>967$B7$
9@;D$@H$6>E$F;<G6AB>6@7M$"BD?:D$:>$BGM$XKLYcZ$H@;7?$>9B>$7:OE$O:<E6>:E$B7?$!O6>>:D$BHH:A>:?$:BA9$
@>9:DVE$B>>:7>6@7$67$B$>6=:$O67?@O$@H$E6S$9
@;DEM$"@O:C:DQ$>DB?6>6@7BG$B8:7?B$E:>>678$E>;?6:E$
8:7:DBGG5$BEE;=:$>9B>$>9:$?6HH;E6@7$@H$B>>:7>6@7$<:>O::7$BA>@DE$BAD@EE$=:?6B$9BFF:7E$=;A9$=@D:$
EG@OG5$>9B7$6>$?@:E$67$>9:$A;DD:7>$95<D6?$=:?6B$E5E>:=M$
$(??6>6@7BGG5Q$8B>:T::F:DE$?6HH:D$BAD@EE$6EE;:E$B7?$:C:
7>$A@7>:S>EM$(G>9@;89$EA9@GBDE$9BC:$
>9:@D6U:?$=;A9$G:EE$B<@;>$>9:$67HG;:7A:$@H$A@7>:S>$@H$>96E$FD@A:EE$X'B9@7Q$KLLam$':;=B7Q$KLYfZQ$
':;=B7$:>$BGM$XKLY\Z$H@;7?$>9B>$8B>:T::F:DE$CBD6:?$<5$>5F:$@H$E@A6BG$6EE;:M$)@D:$EF:A6H6ABGG5Q$
>9:5$H@;7?$>9B>$H@D$6EE;:E$@D
$:C:7>E$D:GB>:?$>@$E:A;D6>5Q$AD6=:Q$B7?$?D;8EQ$F;<G6A$B>>:7>6@7$>:7?:?$
>@$
!"##"$
$7:OE$B>>:7>6@7Q$<;>$H@D$6EE;:E$@D$:C:7>E$G67T:?$>@$8;7$A@7>D@GQ$7B>;DBG$?6EBE>:DEQ$B7?$
!f!!!$231!$D689>EQ$F;<G6A$B>>:7>6@7$>:7?:?$>@$
#%&'
$7:OE$B>>:7>6@7M$.;D>9:D=@D:Q$2:9=B77$:>$BGM
$XKLYKZ$H@;7?$>9B>$?6HH:D:7>$:C:7>E$EFBDT:?$CBD6@;E$FB>>:D7E$@H$!O6>>:D$B>>:7>6@7$B7?$>9B>$>9:E:$CBD6:?$
FB>>:D7E$A@DD:GB>:?$O6>9$O9:>9:D$=BEE$=:?6B$@;>G:>E$@D$E@A6BG$67>:DBA>6@7$?D@C:$>96E$B>>:7>6@7M$
!9:E:$H67?678E$?:=@7E>DB>:$>9:$9:>:D@8:7:6>5$@H$:C:7>$A@
7>:S>E$67$>:D=E$@H$>9:$FB>>:D7E$B7?$
?6HH;E6@7$FD@A:EE:E$@H$B>>:7>6@7$X'B9@7Q$KLLaZQ$O96A9$67C6>:E$>9:$I;:E>6@7W$;7?:D$O9B>$A@7?6>6@7E$
?@$8B>:T::F:DE$B7?$>9:$8B>:?$EO6>A9$D@G:Ee$*7$@>9:D$O@D?EQ$O9:7$?@:E$>9:$A@7>:=F@DBD5$95<D6?$
=:?6B$E5E>:=$:7B<G:$A:D>B67$>
5F:E$@H$BA>@DE$>@$67HG;:7A:$F;<G6A$B>>:7>6@7$X'B9@7Q$KLLam$':;=B7Q$
KLYfZe$36C:7$>DB?6>6@7BG$=:?6B$>9:@D6:EV$j
>D;:
iHBGE:$?6A9@>@=@;E$7@>6@7oEp$@H$>9:@D5$>:E>678k$
X':;=B7Q$KLYfQ$FM$K[aZQ$A@==;76AB>6@7$EA9@GBDE$9BC:$@7G5$D:A:7>G5$B>>:=F>:?$B7EO:D678$>96E$
I;:E>6@7M$*7?::?Q$>96E$I;:E>6@7$D:I;6D:E$>9B>$EA9@GBDE$;E:$B$=@D:$?57B=6A$=@?:G$>@$:SFGB67$>9:$
?6HH;E6@7$F;<G6A$B>>:7>6@7$O6>967$>9:$A@7>:=F@DBD5$=:?6B$E5E>:=M
$*7$E;=Q$>@$B7EO:D$>9:$8;6?678$I;:E>6@7$B<@;>$O9@$E9BF:E$F;<G6A$B>>:7>6@7$>@$B$E@A6BG$6EE;:$
BAD@EE$=
:?6B$@C:D$>6=:Q$>9:$:S6E>678$G6>:DB>;D:$FD:E:7>E$>O@$T:5$A9BGG:78:EM$.6DE>Q$BG>9@;89$F;<G6A$
B>>:7>6@7$6E$B7$6=F@D>B7>$D:E@;DA:$67$>9:$A@7>:=F@DBD5$=:?6B$E5E>:=Q$6>$GBATE$A@7E6E>:7>$
A@7A:F>;BG6UB>6@7Q$?:H676>6@7Q$B7?$=:BE;D:=:7>M$!9;EQ$6>$6E$?6HH6A;G>$>@$>:
GG$O9B>$:SBA>G5$F;<G6A$
B>>:7>6@7$6EQ$9@O$>@$=:BE;D:$6>Q$B7?$9@O$>@$>9:@D6U:$6>M$,:A@7?Q$67$>9:$95<D6?$=:?6B$E5E>:=Q$
B>>:7>6@7$>@$B$E@A6BG$6EE;:$EFD:B?E$BAD@EE$=:?6B$B7?$?6HH:D:7>$>5F:E$@H$BA>@DEM$N6>9$>9:$B?C:7>$@H$
E@A6BG$=:?6B$FGB>H@D=E$G6T:$!O6>>:DQ$F;<G
6A$B>>:7>6@7$67>:D=6S:E$O6>9$B>>:7>6@7$HD@=$@>9:D$>5F:E$@H$
BA>@DE$X:M8MQ$F@G6>6ABG$:G6>:EQ$7:OE$=:?6B$@;>G:>EQ$B7?$B?C@ABA5$8D@;FEZ$BAD@EE$=:?6B$67$B7$
67>:DBA>6C:$7:>O@DT$8B>:T::F678$FD@A:EEM$+@7E:I;:7>G5Q$6
>$6E$9BD?$>@$E@D>$@;>$>9:$67>:D>O67678Q$
67>:D?:F:
7?:7>Q$B7?$:C:D
RA9B78678$D:GB>6@7E96FE$<:>O::7$F;<G6A$B>>:7>6@7$B7?$B>>:7>6@7$HD@=$
@>9:D$>5F:E$@H$BA>@DE$BAD@EE$?6HH:D:7>$:C:7>$A@7>:S>EM
$!c!!!$!@$B??D:EE$>9:E:$A9BGG:78:EQ$>96E$?6EE:D>B>6@7$9BE$>9D::$8@BGEM$!9:$H6DE>$8@BG$@H$>96E$O@DT$
6E$>@$AGBD6H5$>9:$A@7A:F>;
BG6UB>6@7$B7?$?:H676>6@7$@H$F;<G6A$B>>:7>6@7$B7?$>@$FD@F@E:$B$D@<;E>$
BFFD@BA9$>@$=:BE;D:$F;<G6A$B>>:7>6@7M$!9:$E:A@7?$8@BG$6E$>@$?6EB88D:8B>:$B>>:7>6@7$HD@=$?6HH:D:7>$
>5F:E$@H$E@A6BG$=:?6B$BA>@DE$X:M8MQ$7:OEQ$F@G6>6A6B7EQ$B7?$67?6C6?;BG$BA>@DEZM$,F:A6H6ABG
G5Q$*$FD@F@E:$B$=:>9@?$>@$>5F@G@86U:$!O6>>:D$BA>@DE$B>$EABG:$>@$<:>>:D$>:E>$>9:$67HG;:7A:$@H$?6HH:D:7>$
>5F:E$@H$B>>:7>6@7$@7$F;<G6A$B>>:7>6@7M$!9:$H67BG$8@BG$@H$>96E$O@DT$6E$>@$:SB=67:$FB>>:D7E$@H$F;<G6A$
B>>:7>6@7$BAD@EE$?6HH:D:7>$:C:7>$A@7>:S>E$>@$>9:@D6U
:$B<@;>$>9:$?6HH;E6@7$@H$F;<G6A$B>>:7>6@7M$
$!@OBD?$>9:@D6U678$B<@;>$>9:$?6HH;E6@7$@H$F;<G6A$B>>:7>6@7Q$*$H@A;E$AG6=B>:$A9B78:Q$;E678$
>96E$A;DD:7>$E@A6BG$6EE;:$BE$>9:$A@7>:S>$H@D$B7BG5E6EM$+G6=B>:$A9B78:$6E$B$FD6=:$A@7>:S>$>@$E>;?5$
>9:$?57B=6AE$@H$F;<G6A$B>
>:7>6@7$B7?$>9:$6=FBA>$@H$=;G>6FG:$E:>E$@H$BA>@DE$@C:D$>6=:$H@D$E:C:DBG$
D:BE@7EM$.@D$@7:Q$AG6=B>:$A9B78:$$6E$B$A@=FG6AB>:?$B7?$;7@<>D;E6C:Q$>@F6AQ$O96A9$=@E>$F:@FG:$
A@7E6?:D$?6E>B7>$>@$H@D$>9:6D$:C:D5?B5$G6C:E$
X%^:DH
R/6:DD:$n$,9:9B>BQ$KLYcm$/B67>:DQ$]D6E>6B7E:7Q$n$
,A9tH:DQ$KLYam$,A9tH:D$n$,A9G6A9>678Q$KLY\Z
M$(E$B$D:E;G>Q$>96E$6EE;:$9BE$D:A:6C:?$G
6=6>:?$F;<G6A$
B>>:7>6@7$;7>6G$I;6>:$D:A:7>G5$X)@E:DQ$KLYLZM$+G6=B>:$A9B78:$BGE@$67C@GC:E$B$O6?:$E:>$@H$BA>@DE$
67AG;?678$F@G6>6A6B7EQ$8@C:D7=:7>$@D8B76UB>6@7EQ$7:OE$=:?6BQ$B7?$CBD6@;E$@>9:D$@D8B76UB>6@7E$@7$
<@>9$=BEE$=:?6B$B7?$E@A6BG$=:?6B$
X+@?5Q$4:B8B7Q$)6>A9:GGQ$%@??EQ$n$%B7H@D>9Q$KLYPZ
M$(G>9@;89$>9:D:$BD:$=;G>6FG:$E@A6BG$=:?
6B$FGB>H@D=EQ$*$H@A;E$@7$!O6>>:D$<:AB;E:$6>$E:DC:E$BE$B$
7:>O@DT$E>6>A9678$=:A9B76E=$>9B>$A@77:A>E$CBD6@;E$BA>@DE$67$EFD:B?678$B>>:7>6@7$B<@;>$AG6=B>:$
A9B78:$O6>967$B7?$<:5@7?$>9:$FGB>H@D=$
X,:8:D<:D8$n$1:77:>>Q$KLYYZ
M$(GE@Q$!O6>>:D$6E$B7$
67AD:BE678G5$C6>BG$A@==;76AB>6@7$>@@G$67$>9:$=@<6G6UB>6@7$B7?$?6HH;E6@7$@H$F;<G6A$B>>:7>6@7Q$
EF:A6H6ABGG5$D:8BD?678$AG6=B>:$A9B78:$
X1:77:>>$n$,:8:
D<:D8Q$KLYYm$]6D6G:7T@Q$)@G@?>E@CBQ$n$
,>:FA9:7T@CBQ$KLYPm$!9@DE@7Q$#?8:DG5Q$]G68G:D
Rg6G:7A96TQ$h;Q$n$NB78Q$KLYfm$g:G>D6$n$
(>B7BE@CBQ$KLYcBZ
M$36C:7$>9B>$!O6>>:D$A@7>B67E$CBD6@;E$>5F:E$@H$@D8B76UB>6@7BG$BA>@DEQ$*$H@A;
EQ$67$
!a!!!$FBD>6A;GBDQ$@7$>9:$D@G:$@H$7:OE$=:
?6B$@;>G:>EQ$F@G6>6ABG$:G6>:EQ$B7?$GBD8:$B?C@ABA5$8D@;FEQ$E67A:$
1D;GG:$:>$BGM$XKLYKZ$
H@;7?$>9B>$>9:E:$BA>@DE$9B?$E6876H6AB7>Q$G@78
R>:D=$67HG;:7A:$@7$F;<G6A$
B>>:7>6@7$>@$AG6=B>:$A9B78:M
$'()*+,-,.(/-0!$(1.-0!
$1.2/12!"**3(-14
!*$;E:$B$A@=F;>B>6@7BG$E@A6BG$EA6:
7A:$BFFD@BA9$>@$;7?:DE>B7?$>9:$8;6?678$I;:E>6@7$B>$>9:$
A@D:$@H$>96E$E>;?5M$3:7:DBGG5Q$B$A@=F;>B>6@7BG$E@A6BG$EA6:7A:$BFFD@BA9$67C@GC:E$XBZ$A@=FG6AB>:?Q$
GBD8:
RE6U:$?B>BE:>Em$X<Z$D:BG
RG6H:Q$?686>BG$>DBA:$?B>B
m$B7?$XAZ$BG8@D6>9=6A$B7BG5>6A$>:A976I;:E$X:M8MQ$
=BA967:$G:BD7678Z$>@$BFFG5$B7?$>:E>$A@==;76AB>6@7$>9:@D6:E$
XCB7$(>>:
C:G?>$n$/:78Q$KLYaZ
M$*7$>96E$E>;?5Q$*$A@GG:A>:?$?686>BG$>DBA:$?B>B$B<@;>$7:OE$A@C:DB8:Q$FD:EE$D:G:BE:EQ$E:BDA9$I;:D6:E$HD@=$
3@@8G:$!D:7?EQ$B7?$!O6>>:D$BA>6C6>5$>@$G@786>;?67BGG5$>DBAT$>9:$?57B=6AE$@H$?6HH:
D:7>$H@D=E$@H$
AG6=B>:$A9B78:$B>>:7>6@7M$!@$6?:7>6H
5$?6HH:D:7>$E:>E$@H$!O6>>:D$BA>@DEQ$*$;E:?$B7$B;>@=B>:?$
?6EB88D:8B>6@7$BFFD@BA9Q$O96A9$67>:8DB>:E$E;F:DC6E:?$=BA967:$G:BD7678$B7?$?6A>6@7BD5$
AGBEE6H6AB>6@7M$!96E$B;>@=B>:?$=:>9@?$9:GF:?$AGBEE6H5$!O6>>:D$;E:
DE$67>@$H6C:$AB>:8@D6:EW$
67?6C6?;BGQ$7:OEQ$F@G6>6A
BGQ$B?C@ABA5Q$B7?$@>9:D$@D8B76UB>6@7BG$BA>@DEM$!9:7Q$>@$:SB=67:$>9:$
?57B=6A$D:GB>6@7E96FE$<:>O::7$?6HH:D:7>$E:>E$@H$BA>@DE$B7?$F;<G6A$B>>:7>6@7Q$*$A@7?;A>:?$<@>9$B$
?57B=6A$7:>O@DT$B7BG5E6E$B7?$B$>6=:$E:D6:E
$B7BG5E6EM$
$($A@=F;>B>6@7BG$E@A6BG$EA6:7A:$BFFD@BA
9$B?CB7A:E$>9:@D5$<;6G?678$B7?$>:E>678M$!9:$@C:D
R>6=:$?686>BG$>DBA:$?B>B$HD@=$?6HH:D:7>$=:?6B$FGB>H@D=E$FD@C6?:$@FF@D>;76>6:E$H@D$A@==;76AB>6@7$
EA9@GBDE$>@$>DBAT$=BEE6C:$67H@D=B>6@7$HG@OE$X':;=B7Q$KLYfZM$!9
6E$?B>BE:>$BGE@$9:GFE$D:E:BDA9:DE$
;7?:DE>B7?$>9:$?
57B=6AEQ$A@=FG:S6>6:EQ$B7?$67>:D?:F:7?:7A:$@H$7:>O@DT:?$A@==;76AB>6@7E$67$
>9:$A@7>:=F@DBD5$=:?6B$E5E>:=$
X3@7UrG:U
R1B6Gu7Q$KLY[Z
M$!9;EQ$EA9@GBDE$AB7$D:C6E6>$AGB
EE6A$A@==;76AB>6@7$>9:@D6:E$B7?$=B75$@H$>9:$E>;?6:
E$F;<G6E9:?$?;D678$>9:$:DB$@H$=BEE$=:?6B$
X)BD8@G67
Q$KLYdm$,A9D@:?:DQ$KLYaZ
M$$!d!!!$+@7E6?:D678$>9:$8@BGE$@H$>96E$E>;?5Q$B$A@=F;>B>6@7BG$EA6:7A:$BFFD@BA9$9BE$>9D::$T:5$
E>D:78>9EM$.6DE>Q$D:8BD?678$>9:$H6DE>$8@BG$X6M:MQ$?:H67678$B7?$A@7A:F>;BG6U678$F;<G6A$B>>:7>6@
7ZQ$?686>BG$>DBA:$?B>B$BGG@O$=:$>@$G@786>;?67BGG5$
>DBAT$?6HH:D:7>$H@D=E$@H$B>>:7>6@7$X6M:MQ$F;<G6A$
B>>:7>6@7Q$7:OE$B>>:7>6@7Q$B7?$!O6>>:D$B>>:7>6@7Z$<BE:?$@7$D:BG
RO@DG?$<:9BC6@DM$!9D@;89$:=F6D6ABG$
B7BG5E:EQ$*$=:BE;D:$F;<G6A$B>>:7>6@7$;E678$?686>BG$>DBA:$?B
>B$HD@=$3@@8G:$!D:7?EQ
!$O96A9$6E$<BE:?$
@7$F:@FG:VE
$3@@8G:$E:BDA9$<:9BC6@DM$3@@8G:$!D:7?E$?B>B$9BC:$B$H:O$E>D:78>9E$A@=FBD:?$>@$
F;<G6A$@F676@7$F@GG$?B>BM$.@D$67E>B7A:Q$3@@8G:$!D:7?E$
=:BE;D:E$F;<G6A$B>>:7>6@7$<BE:?$@7$F:@FG:$
BA>;BG$E:BDA9$I;:D6:Em$6>$?@:E$A
BF>;D:$F:@FG:VE$<:G6:HE$B7?$E:GH
RD:F@D>E$B<@;>$>9:6
D$B>>:7>6@7$>@$
FBD>6A;GBD$6EE;:$BD:BE$
XCB7$(>>:C:G?>$n$/:78Q$KLYaZ
M$*7$A@7>DBE>Q$F@GGE$
>:7?$E9BF:$F;<G6A$B>>:7>6@7$
<:AB;E:$>9:$7:OE$=:?6B$B8:7?B$@H>:7$67HG;:7A:E$F@GGE>:DEV$A9@6A:$@H$6EE;:E$
X%D;AT=B7$n$
2::F:DQ$KLYKZ
M$.;D>9:D=@D:Q$
D:A:7>$E>;?6:E$9BC
:$E9@O7$>9B>$3@@8G:$!D:7?E$*7?:S$AB7$:HH:A>6C:G5$
D:HG:A>$F;<G6A$B>>:7>6@7$>@$AG6=B>:$A9B78:$
Xv67$n$/:78Q$KLYfm$46F<:D8:DQ$KLYYZ
M$(GE@Q$3@@8G:$
!D:7?E$*7?:S$6E$
BGOB5E$;F?B>678$X
,BG8B76TQ$KLYcZ
Q$B7?$>9;EQ$*$AB7$B7BG5U:$F;<G6A$B>>:7>6@7$>@$
@>9:D$H@D=E$@H$B>>:7>6@7$@
C:D$>6=:M$
$*7$>:D=E$@H$>9:$E:A@7?$8@BG$@H$>96E$E>;?
5Q$B$A@=F;>B>6@7BG$EA6:7A:$BFFD@BA9$9:GFE$=:$E@D>$
@;>$>9:$67>:D>O67678$B7?$67>:D?:F:7?:7>$67HG;:7A:$@H$?6HH:D:7>$E:>E$@H$BA>@DE$@C:D$>6=:M$$(E$
=:7>6@7:?$:BDG6:DQ$>9:$?6HH;E6@7$@H$F;<G6A$B>>:7>6@7$9BFF:7E$6
7$B7$67>:D=:?6B$:7C6D@7=:7>m$5:>Q$
=@E>$:S6E>678$67>
:D=:?6B$B>>:7>6@7$E>;?6:E$9BC:$;E:?$B88D:8B>:?$!O6>>:D$B>>:7>6@7$BE$B$FD@S5$H@D$
F;<G6A$B>>:7>6@7M$*7$E@$?@678Q$>9:E:$E>;?6:E$AD:B>:?$B$FD@S5
RF@F;GB>6@7$=6E=B>A9$X]O@7$:>$BGMQ$
KLYaZQ$<:AB;E:$!O6>>:D$6E$B$7:
>O@DT$E>6>A9678$=:A9B76E=$>9B>$A@77:A>E$CBD6@;E$BA>
@DE$BA>6C:G5$
E::T678$>@$EFD:B?$AG6=B>:$A9B78:$B>>:7>6@7M$*7$FBD>6A;GBDQ$7:OEQ$F@G6>6ABGQ$B7?$B?C@ABA5$BA>@DE$;E:$
!O6>>:D$BE$B$>@@G$>@$67HG;:7A:$AG6=B>:$A9B78:$B>>:7>6@7$
X1D;GG:Q$+BD=6A9B:GQ$n$_:7T67EQ$KLYKZ
M$$$!!"##$%&!'(&)*+!
,),%-.
&+!/0&!1#12%,(3/-!#4!
"##$%&!
+&,(50!62&(3&+!,5(#++!7,(3#2+!(&$3#)+!,)*!%,)$2,$&+8
!!YL!!!$!9:E:$@D8B76UB>6@7BG$BA>@DE$BGE@$67HG;:7A:$F;<G6A$B>>:7>6@7$B7?$7:OE$B>>:7>6@7$@;>E6?:$@H$!O6>
>:D$
X"BD?:D$:>$BGM
Q$KLYcZM$,;F:DC6E:?$=BA967:$G:BD7678$9:GFE$6?:7>6H5$?6HH:D:7>$>5F:E$@H$;E:DE$B=@78$
B$GBD8:$7;=<:D$@H$!O6>>:D$BAA@;7>EM$
$2BE>G5Q$B$A@=F;>B>6@7BG$EA6:7A:$BFFD@BA9$
:7B<G:E$=:$>@$>:E>$>9:$:S>:D7BG$CBG6?6>5$@H$
:S6E>678$>9:@D6:E$B7?$95F@>9:E:E$BAD@EE$?6HH:D:7>$
A@7>:S>EQ$>9:D:<5$BGG@O678$=:$>@$?:C:G@F$>9:@D5$
B<@;>$>9:$?6HH;E6@7$@H$F;<G6A$B>>:7>6@7$67$>9:$A@7>:=F@DBD5$=:?6B$:7C6D@7=:7>M$(E$=:7>6@7:?$
:BDG6:DQ$A@==;76AB>6@7
$EA9@GBDE$9BC:$I;:E>6@7:?$>9:$8:7:DBG6UB<6G6>5$@H$B8:7?B$E:>>678Q$B8:7?B$
<;6G?678Q$B7?$8B>:T::
F678Q$<:AB;E:$@H$>9:$A9B78678$?57B=6AE$@H$>9:$=:?6B$:7C6D@7=:7>M$
/D:C6@;E$E>;?6:E$9BC:$BGE@$H@;7?$>9B>$>9:$FB>>:D7E$B7?$8:7:DB>6@7$FD@A:EE$@H$F;<G6A$B>>:7>6@7$
BAD@EE$A@7>:S>E$E;<E>B7>6BGG5$CBD6:E$
X1B6G@$n$gD@=:7Q$KLYcm$2:9=B77Q$3@7wBGC
:EQ$4B=BEA@Q$n$
+B>>;>@Q$KLYKm$4@=:D@Q$)::?:DQ$n$]G:67<:D8Q$KLYYm$4;EE:GG$':;=B7$:>$BGMQ$KLY\
ZM$!@$:SB=67:$
9:>:D@8:7@;E$B>>:7>6@7$FB>>:D7E$B7?$?6HH;E6@7$FD@A:EE:EQ$A@=F;>B>6@7BG$B7BG5E:E$AB7$D:FG6AB>:$>9:$
EB=:$B7BG5E6E$B>$B7$B88D:8B>:?
RG:C:G$>@$E;<F@F;GB
>6@7
RG:C:G$?B>B$@D$$BFFG5$>9:$EB=:$B7BG5E6E$>@$
?6HH:D:7>$:C:7>$?B>Bm$?@678$E@$AB7$D:C:BG$>9:$F
@>:7>6BG$E@;DA:$@H$?6HH:D:7A:$
X)BD8@G67Q$KLYdZ
M$$$$*$F:DH@D=$B$>6=:$E:D6:E$B7
BG5E6E$@H$B88D:8B>:?$B>>:7>6@7$;E678$=;G>6FG:$E@;DA:EQ$67AG;?678$
F;<G6A$B>>:7>6@7Q$7:OE$=:?6BQ$B7?$E>DB>:86A$@D8B76UB>6@7E$67$8:7:DBGM$*$>9:7$D:FG6AB>:$>96E$B7BG5
E6E$BAD@EE$=;G>6FG:$AG6=B>:$A9B78:$:C:7>E$>@$:SB=67:$B75$F@>:7>6BG$?6HH:D:7A:EM$*$BGE@$A@7?;A>
$B7BG5E:E$B>$?6HH:D:7>$G:C:GE$@H$>:=F@DBG$B88D:8B>6@7Q$A@=FBD678$>9:$=B876>;?:$@H$67HG;:7A:$B>$
9@;DG5$C:DE;E$=@7>9G5$67>:DCBGEM$!9:E:$>O@$>:=F@DBG$B88D:8B>6@7E$FD
@C6?:$>O@$?6HH:D:7>$G:7E:E$>@$
>DBAT$F;<G6A$B>>:7>6@7$B7?$6>E$D:GB>6@7E96F$O6>9$@>9:D$H@D=E$@H$
B>>:7>6@7$@C:D$>6=:M$(<@C:$BGGQ$
E67A:$AGBEE6A$A@==;76AB>6@7$>9:@D6:E$BD:$;7B<G:$>@$H;GG5$:SFGB67$>9:$A@=FG:S6>6:E$@H$>9:$?6HH;E6@7$
@H$F;<G6A$B>>:7>6@7$67$>@?B5VE$
=:?6B$:7C6D@7=:7>Q$A@=F;>B>6@7BG$B7BG5E:EV$jB<?;A>6C:$7@C:G>5k$
X)BD8@G67Q$KLYdQ$FM$fZ
$:7B<G:E$=:$>@$H@D=$B7?$>:E>$95F@>9:E:E$<B
E:?$@7$D:BG
RO@DG?$?B>BM
$!YY!!!$*7$E;=Q$B$A@=F;>B>6@7BG$E@A6BG$EA6:7A:$BFFD@BA9$:7B<G:E$=:$>@$:HH:A>6C:G5$>DBAT$F;<G6A$
B>>:7>6@7$<BE:?$@7$D:BG
RO@DG?$<:9BC6@DBG$?B>BM$(7?Q
$E;F:DC6E:?$=BA967:$G:BD7678$9:GFE$=:$
;7?:DE>B7?$>9:$67>:D>O67678$D:GB>6@7E96F$<:>O::7$?6HH:D:
7>$>5F:E$@H$!O6>>:D$BA>@DE$X6M:MQ$@D?67BD5$
67?6C6?;BGEQ$7:OE$=:?6BQ$F@G6>6ABG$:G6>:EQ$B?C@ABA5$8D@;FEQ$B7?$@>9:D$@D8B76UB>6@7BG$BA>@DEZM$)@D:$
6=F@D>B7>G5Q$>96E$B<
?;A>6C:G5$7@C:G$BFFD@BA9$E;88:E>E$95F@>9:E:E$B<@;>$>9:$FB>>:D7E$B7?$EFD:B?$
@H$F;<G6A$B>>:7>6@7
$B7?Q$>9;EQ$:7B<G:$>9:@D5$<;6G?678M$
$$,3+1,+32!(5!,42!6.7723,-,.(/
!*$@D8B76U:?$>96E$?6EE:D>B>6@7$67>@$H6C:$D:=B67678$A9BF>:DEM$*7$+9BF>:D$!O@Q$*$?6EA;EE$>9:$
A@7A:
F>;BG6UB>6@7$B7?$?:H676>6@7$@H$F;<G6A$B>>:7>6@7$H@;7?$>9D@;89@;>$>9:$G6>:DB>;D:$B7?$:SFGB67$
O95$F;<G6A$B>>:7>6@7$?6HH:DE$HD@=$F;<G6A$@F676@7Q$7:OE$B>>:7>6@7Q$B7?$E@A6BG$=:?6B$B>>:7>6@7Q$
9689G689>678$6>E$?6E>67A>6C:$
B>>D6<;>:E
J67>:7E6>5Q$C@GB>6G6>5Q$E;E>B67
B<6G6>5Q$B7?$A5AG6ABG$7B>;D:M
$(H>:DOBD?Q$*$D:C6:O$>O@$E>D:B=E$@H$G6>:DB>;D:$>9B>$:SFGB67$>9:$:
C@G;>6@7$@H$F;<G6A$B>>:7>6@7
J>DB?6>6@7BG$=:?6B$:HH:A>$>9:@D6:E$B7?$67H@D=B>6@7$?6HH;E6@7$E>;?6:EM$-7$>9:$@7:$9B7?Q$>DB?6>6@7BG$
=:?6B$:HH:A>E$>9:@D6:E$X6M:MQ$B8:7?
B$E:>>678Q$B8:7?B$<;6G?678Q$B7?$8B>:T::F678$>9:@D5Z$BEE;=:$>9B>$
@D8B76UB>6@7E$?:>:D=67:$F;<G6A
$B>>:7>6@7M$-7$>9:$@>9:D$9B7?Q$67H@D=B>6@7$?6HH;E6@7$E>;?6:E$
9689G689>$>9:$D@G:$@H$@D?67BD5$F:@FG:$67$67HG;:7A678$F;<G6A$B>>:7>6@7M$1@>9$E>D:B=E$@H$G6>:DB>;D:$
E9@
O$>9:$:C@G;>6@7E$@H$F;<G6A$B>>:7>6@7$BD:$CBD6:?$67$?6HH:D:7>$:C:7>$A@7>:S>EM$0F@7$E57>9:E6U678
$>9:E:$>O@$<@?6:E$@H$G6>:DB>;D:Q$*$E;==BD6U:$>9:$FD@F@E6>6@7E$BE$B$8;6?678$?6D:A>6@7$H@D$>9:$
:=F6D6ABG$E>;?6:E$H@;7?$67$+9BF>:DE$[
iPM$.67BGG5Q$67$>96E$A9BF>:DQ$*$
<D6:HG5$67>D@?;A:$>9:$6EE;:$@H$
AG6=B>:$A9B78:Q$7@>678$9@O$*$;E:$>96E$E@A6BG$6EE;:$>@$7BDD@O$>9
:$EA@F:$@H$>9:$?6EE:D>B>6@7$67$O96A9$
*$:=F6D6ABGG5$E>;?5$>9:$FB>>:D7E$B7?$?6HH;E6@7$@H$F;<G6A$B>>:7>6@7$67$>@?B5VE$95<D6?$=:?6B$E5E>:=M
$+9BF>:D$!9D::Q$>9:$H6DE>$:
=F6D6ABG$E>;?5Q$FD:E:7>E$B$>D:7?$B7BG5E6E$@H$F;<G6A$B>>:7>6@7$>@$
AG6=B>:$A9B78:$>@OBD?E$>O@$FD
6=BD5$8@BGEM$!9:$H6DE>$8@BG$6E$>@$:SB=67:$9@O$F;<G6A$B>>:7>6@7$
!YK!!!$?6HH:DE$HD@=$F;<G6A$@F676@7Q$7:OE$B>>:7>6@7Q$B7?$E@A6BG$=:?6B$B>>:7>6@7Q$B7?$>9:$E:A@7?$8@BG$6E$>@$
:SB=67:$9@O$F;<G6A$B>>:7>6@7$A@DD:GB>:E$O6>9$@>9:D$H@D=E$@H$B>>:7>6@7$X6M:MQ$7:OE$B>>:7>6@7Q$
E>DB>:86A$@D8B76UB>6@7BG$B>>:7>6@7Q$E@A6BG$=:?6B$B>>:7>6@7Z$@C:D$>6=:M$!@OBD?$>9:E:$:7?EQ$*$H6DE>$
?6EA;EE$:S6E>678$E>;?6:E$B<@;>$F;<G6A$B>>:7>6@7$>@$AG6=B>:$A9B78:
M$*$>9:7$D:C6:O$G6>:DB>;D:$@7$>9:$
D@G:$@H$7:OE$=:?6BQ$E@A6BG$=:?6BQ$B7?$67>:D=:?6B$B8:7?B$E:>>
678$67$>9:$8:7:DB>6@7$B7?$
>DB7E=6EE6@7$@H$F;<G6A$B>>:7>6@7M$':S>Q$;E678$B$3@@8G:$!D:7?E$*7?:S$BE$B$=:BE;D:=:7>$@H$F;<G6A$
B>>:7>6@7Q$*$A@=FBD:$F;<G6A$B>>:7>6@7$>@$
F;<G6A$@F676@7$XC6B$F@GG678$?B>BZQ$7:OE$B>>:7>6@7Q$B7?$
!O6>>:D$B>>:7>6@7$HD@=$KLYY
iKLYf$BAD@EE
$H@;D$B>>D6<;>:E$X6M:MQ$
67>:7E6>5Q$C@GB>6G6>5Q$E;E>B67B<6G6>5Q$
B7?$A5AG:EZM$!9:7Q$
*$A@7?;A>$3DB78:D$+B;EBG6>5$>:E>E$O6>9$B$g:A>@D$(;>@D:8D:EE6@7$Xg(4Z$=@?:G$
>@$E>
;?5$>9:$D:GB>6@7E96F$<:>O::7$F;<G6A$B>>:7>6@7$B7?$7:OE$B>>:7>6@7Q$E@A6BG$=:?6B$B>>:7>6@7Q$B7?$
E>DB>:86A$@D8B76UB>6@7BG$B>>:7>6@7$@C:D$>6=:M$1BE:?$@7$>9:E:$B7BG5E:EQ$*$H67?$>9B>$F;<G6A$B>>:7>6@7$
6E$>9:@D:>6ABGG5$B7?$:=F6D6ABGG5$?6E>67A>$HD@=$7:OE$B>>:7>6@7Q
$E@A6BG$=:?6B$B>>:7>6@7Q$B7?$F;<G6A$
@F676@7$BAD@EE$BGG$H@;D$B>>D6<;>:EM$)@D:@C:DQ$@7$B$?B5
R>@R?B5$G:C:GQ$!O6>>:D$B>>:7>6@7$>:7?E$>@$
FD:?6A>$?DBE>6A$<;>$>DB7E6:7>$A9B78:E$67$@>9:D$H@D=E$@H$B>>:7>6@7Q$E;88:E>678$6>$6=FBA>E$F;<G6A$
B>>:7>6@7$>@$AG6=B>:$A9B78:$
67$>9:$E9@D>
R>:D=M$*7$A@7>DBE>Q$@7$B>$=@7>9G5$G:C:GQ$7:OE$B>>:7>6@7$
>:7?E$>@$FD:?6A>$E;E>B67:?
$B7?$=6G?$A9B78:E$67$@>9:D$H@D=E$@H$B>>:7>6@7Q$E;88:E>678$7:OE$B>>:7>6@7$
>:7?E$>@$67HG;:7A:$F;<G6A$B>>:7>6@7$>@$AG6=B>:$A9B78:$67$>9:$G@78
R>:D=M$!@$E>;?5$>9:$EFD:
B?$@H$
F;<G6A$B>>:7>6@7$BAD@EE$=:?6BQ$!O6>>:D$6E$B7$6=F@D>B7>$=:?6B$FGB>H@D=$>9B>$?:E:DC:E$H;D>
9:D$
B7BG5E6EM$,F:A6H6ABGG5Q$6>$6E$7:A:EEBD5$>@$:SB=67:$O9B>$BA>@DE$A@7>D6<;>:$>@$>9:$?6HH;E6@7$B7?$>9:$
EF6T:E$@H$AG6=B>:$A9B78:$B>>:7>6@7$@7$!O6>>:DM
$$+9BF>:D$.@;
DQ$>9:$E:A@7?$:=F6D6ABG$E>;?5Q$FD:E:7>E$B7$B;>@=B>:?$=:>9@?$>@$?6EB88D:8B>:$
!O6>>:D$;E:DE
JB$7:
A:EEBD5$>BETE$>@$E@D>$@;>$>9:$D:GB>6@7E96F$<:>O::7$?6HH:D:7>$>5F:E$@H$BA>@DE$@7$
!O6>>:DM$1BE:?$@7$>9:$H67?678E$HD@=$+9BF>:D$!9D::Q$!O6>>:D$6E$B7$6=F@D>B7>$FGB>H@D
=$67$>9:$
!Y[!!!$EFD:B?$@H$F;<G6A$B>>:7>6@7$BAD@EE$?6HH:D:7>$>5F:E$@H$=:?6BM$"@O:C:DQ$=@E>$:S6E>678$E>
;?6:E$B<@;>$
>9:$67>:D=:?6B$?6HH;E6@7$@H$B>>:7>6@7$9BC:$B88D:8B>:?$>9:$B>>:7>6@7$@H$?6HH:D:7>$>5F:E$@H$BA>@DE$@7$
!O6>>:D$B7?$;E:$>96E$B88D:8B>:?$=:BE;D:$BE$B$FD@S5
$H@D$F;<G6A$B>>:7>6@7$
XE::$:M8MQ$_B78$:>$BGMQ$
KLYcZM$*7$E@$?@678Q$>9:E:$E>;?6:E$@C:DG@@T$9@O$!O6>>:D$6E$B$7:>O@DT$E>6>A9678$=:A9B76E=$
X1:77:>>$:>$BGMQ$KLY\Z
$A@77:A>678$B$O6?:$BDDB5$@H$BA>@DE$67$EFD:B?678$AG6=B>:$A9B78:$B>>:7>6@7M$
!9;EQ$>@$D;7$<:>>:D$B7BG5E:EQ$6>$6E$7:A:EEBD5$>@$?6EB88
D:8B>:$!O6>>:D$;E:DEQ$=BT678$6>$BGE@$
7:A:EEBD5$>@$?:C:G@F$B$OB5$>@$>@F@G@86U:$!O6>>:D$;E:DE$B>
$EABG:$67>@$?6E>67A>$AB>:8@D6:EM$!@$
HBA6G6>B>:$>96E$AB>:8@D6UB>6@7$FD@A:EEQ$*$;E:$B7$B;>@=B>:?$=:>9@?$>9B>$?6EB88D:8B>:?$$$!O6>>:D$
;E:DE$HD@=$H@;D$AG6=B>:$A9B78:$
D:GB>:?$:C:7>E$67>@$H6C:$=;>;BGG5$:SAG;E6C:$AB>:8@D6:EW$7:OE$
BA>@DEQ$F@G6>6A6B7EQ$B?C@ABA5$@D8
B76UB>6@7EQ$B7?$@>9:D$@D8B76UB>6@7BG$BA>@DEM$
$*$BGE@$>:E>:?$B7?$CBG6?B>:?$>9:$BAA;DBA5$@H$>96E$B;>@=B>:?$=:>9@?Q$H67?678$>9B>$6>$
:HH:A>6C:G5$AGBEE6H6:?$!O6>>:DE$;
E:DE$HD@=$>9:E:$H@;D$AG6=B>:$A9B78:
RD:GB>:?$:C:7>E$67>@$>9:6D$
A@DD:A>$D:EF:A>6C:$BA>@D$AB>:8@D
6:EM$.;D>9:D=@D:Q$B$I;6AT$D:C6:O$@H$!O6>>:D$;E:DE$BAD@EE$>9:E:$
:C:7>E$D:C:BGE$>9B>$!O6>>:D$6E$B$95<D6?$:A@G@85Q$O96A9$67C@GC:E$CBD6@;E$@D8B76UB>6@7BG$B7?$
67?6C6?;
BG$BA>@DEQ$E;A9$BE$GBD8:$67>:D7B>6@7BG$7@7
R8@C:D7=:7>BG$@D8B76UB>6@7EQ$?6FG@=B>EQ$>@$
AG6=B>:$A
9B78:$B?C@AB>:EQ$B7?$AG6=B>:$A9B78:$?@;<>:DEM$!9:$GBD8:$=6S$@H$BA>@DE$D:FD:E:7>:?$67$
>9:E:$?6HH:D:7>$:C:7>E$?:=@7E>DB>:E$>9:$7::?$>@$?6EB88D:8B>:$!O6>>:D$;E:DE$O9
:7$B>>:=F>678$>@$
;7?:DE>B7?$>9:$67>:D=:?6B$?6HH;E6@7$@H$B>>:7>6@7Q$FBD>6A;GBDG5$O9:7$A@7E6?:D6
78$>9:$6EE;:$@H$
AG6=B>:$A9B78:M
$+9BF>:D$.6C:Q$>9:$>96D?$B7?$H67BG$:=F6D6ABG$E>;?5Q$6E$B<@;>$>9:$67>:D=:?6B$?6HH;E6@7$@H$
AG6=B>:$A9B78:$B>>:7>6@7$?;D678$?6HH:D:7>$
:C:7>EM$%6HH:D:7>$BA>@DE$BAD@EE$=:?6B$67HG;:7A:$F;<G6A$
B>>:7>6@7Q$<;>$6>$6E$A9BGG:78678$>@$FBD
E:$@;>$>9:$67>:D>O67678Q$67>:D?:F:7?:7>Q$B7?$:C:D
RA9B78678$
D:GB>6@7E96F$<:>O::7$B7?$B=@78$BA>@DE$BAD@EE$?6HH:D:7>$>5F:E$@H$=:?6BM$!@OBD?$;7?:DE>B7?678$
!Y\!!!$>9:E:$A@=FG
:S$D:GB>6@7E96FEQ$*$H6DE>$<D6:HG5$D:ABF$E@=:$@H$>9:$G6>:DB>;D:$?6EA;EE:?$67$?:F>9$67$
+9BF>:D$!
9D::$B7?$+9BF>:D$.@;D$B7?$>9:7$B??D:EE$B$=B^@D$G6=6>B>6@7$@H$H@;7?$67$<@>9$67>:D=:?6B$
B8:7?B$E:>>678$E>;?6:E$B7?$67H@D=B>6@7$?6HH;E6@7$E>;?6:EM$!9:7Q$*$?6EA;EE$>9
:$6=F@D>B7A:$@H$
E>;?5678$B7?$>9:@D6U678$>9:$A9B78678$D:GB>6@7E96FE$<:>O::7$BA>@DE$BAD@EE$=:?6B
$67$?6HH:D:7>$
A@7>:S>EM$(H>:DOBD?Q$*$?6EA;EE$>9:$H67?678E$@H$=5$?57B=6A$7:>O@DT$B7BG5E6E$B7?$>6=:$E:D6:E$
B7BG5E6EQ$O96A9$*$A@7?;A>:?$>@$:SB=67:$>9:$EFD:B?$@H$AG6=
B>:$A9B78:$B>>:7>6@7$O6>967$B7?$<:5@7?$
!O6>>:DM$
$!9:$H67?678E$@H$>9:E:$B7BG5E:E$A@7>D6<;>:$>@$
>9:$:S6E>678$G6>:DB>;D:$67$>O@$OB5EM$.6DE>Q$>9:$
?6C:DE:$B>>:7>6@7$FB>>:D7E$B7?$>9:$A9B78678$D:GB>6@7E$<:>O::7$BA>@D$>5F:E$BAD@EE$=:?6B$67$>9:E:$
?6E>67A>$:C:7>E$67
C6>:E$7:O$>9:@D:>6ABG$@FF@D>;76>6:E$>@$;7?:DE>B7?$>9:$A@7>:=F@DBD5$?6HH;E6@7$@H$
B>>:7>6@7M$,:A
@7?Q$>96E$O@DT$FD@C6?:E$:C6?:7A:$@H$>9:$6=F@D>B7A:$@H$A@7E6?:D678$>9:$A@7>:S>$67$
O96A9$:C:7>E$>BT:$FGBA:$BE$O:GG$BE$>9:$?57B=6E=$@H$>9:$8B>:T::F:D$D@G:$67$>9:$E>;
?5$@H$B>>:7>6@7$
?6HH;E6@7$O6>967$B7?$<:5@7?$!O6>>:DM$$
$*7$+9BF>:D$,6S
J>9:$H67BG$A9BF>:D
J*$E;==
BD6U:$>9:$H67?678E$@H$:BA9$A9BF>:D$B7?$D:>;D7$
>@$>9:$=B67$I;:E>6@7$B<@;>$O9B>$E9BF:E$>9:$?57B=6AE$@H$F;<G6A$B>>:7>6@7$>@$B$E@A6BG$6EE;:$BAD@EE$
=:?6B$@C:D$>6=:
M$.;
D>9:D=@D:Q$*$?6EA;EE$>9:$A@7>D6<;>6@7E$@H$>96E$D:E:BDA9$>@$>9:$A@7>67;:?$
>9:@D6UB>6@7$@H$F;<G6
A$B>>:7>6@7Q$BE$O:GG$BE$>9:$A@7>D6<;>6@7E$@H$A@=F;>B>6@7BG$E@A6BG$EA6:7A:$
=:>9@?E$>@$>9:$F;<G6A$B>>:7>6@7$G6>:DB>;D:M$0G>6=B>:G5Q$*$A@7AG;?:$O6>9$@FF@D>;76>6:E$H@
D$H;>;D:$
D:E:BDA9M$
$$$!YP!!!$+"(/!#4$KW$/012*+$(!!#'!*-'$*'$!"#$"&14*%$)#%*($,&,!#)W$
+-'+#/!0(2*b(!*-
'$('%$+(0,#,
$$*7$>@?B5VE$=:?6B$:7C6D@7=:7>Q
$>9:$=BEE$67HG;S$@H$=:?6B$A@7>:7>$B7?$>9:$FD@G6H:DB>6@7$
A@==;76AB>6@7$>:A97@G@86:E$AD:B>:$B7$6=<BGB7A:$<:>O::7$>9:$?:=B
7?$B7?$E;FFG5$@H$F;<G6A$
B>>:7>6@7M$(E$B$D:E;G>Q$
F:@FG:$>:7?$>@$E96H>$>9:6D$B>>:7>6@7$I;6ATG5$<
:>O::7$>@F6AEQ$B??678$
;7A:D>B67>5$B7?$A@=FG:S6>5$>@$@;D$;7?:DE>B7?678$@H$>9:$AB;E:E$@H$F;<G6A$B>>:7>6@7M$.6DE>Q$@7G5$B$
H:O$E@A6BG$6EE;:E$D:A:6C:$E;<E>B7>6BG$F;<G6
A$B>>:7>6@7$B>$B75$86C:7$>6=:Q$O96G:$@>9:DE$BD:$E9@D>
RG6C:?Q$EF6T678$F:@FG:VE$B>>:7>6@7$B7?$>9
:7Q$E@@7$BH>:DOBD?Q$HBGG678$67>@$@<G6C6@7$
X+BE>6GG@Q$#G
R"B??B?Q$/H:HH:DQ$n$,>:=F:ATQ$KLY\m$3BDAxB
R3BC6GB7:EQ$)
@GG8BBD?Q$!EC:>T@CBQ$n$&BEE:D6Q$KLYcm$
4@=:D@$:>$BGMQ$KLYYZ
M$1;>$EA9@GBDE$BD:$;7E;D:$@H$O9B>$T67?E$@H$6EE;:E$BD:$GBE>678Q$8BD7:D678$
FD@G@78:?$F;<G6A$B>>:7>6@7$X3@
7UrG:U
R1B6Gs7Q$KLYaZM$,:A@7?Q$
@;D$=:?6B$:7C6D@7=:7>$B??E$
A@=FG:S6>5$>@$:SFGB7B>6@7E$B<@;>$O9B>
$AB;E:E$A9B78:E$67$F;<G6A$B>>:7>6@7M$,F:A6H6ABGG5Q$O9B>$
BA>@DE$B7?$A@==;76AB>6@7$<:9BC6@DE$8:7:DB>:$B7?$EFD:B?$F;<G6A$B>>:7>6@7$>@$?6HH:D:7>$E@A6BG$
6EE;:Ey:C:7>E$
BAD@EE$?6HH:D:7>$=:?6B$FGB>H@D=Ee$!DB?6>6@7BG$=:?6B$:HH:A>E$>9:@D6:E$E;A9$BE$B8:7?B$
E:>>678Q$B
8:7?B$<;6G?678$B7?$8B>:T::F678$:=F9BE6U:?$>9:$D@G:$@H$@D8B76UB>6@7E$B7?$:G6>:EQ$E;A9$BE$
^@;D7BG6E>E$B7?$F@G6>6A6B7EM$(7?$5:>Q$E>;?6:E$@H$67H@D=B>6@7$?6HH;E6@7$67$
A@=F;>:D$B7?$67H@D=B>6@7$
EA6:7A:$9BC:$67AD:BE678G5$H@;7?$>9B>$@D?67BD5$F:@FG:$FGB5$B$FD@=67:7>
$D@G:$67$67HG;:7A678$F;<G6A$
B>>:7>6@7M$!9:$A9B78678$=:?6B$GB7?EABF:$9BE$F:D9BFE$G6=6>:?$>9:$:SFGB7B>@D5$F@O:D$@H$
>DB?6>6@7BG$=:?6B$>9:@D6:EM$(E$B$D:E;G>Q$
A@==;76A
B>6@7$EA9@GBDE$7::?$>@$D:>967T$>9:@D6:E$@H$F;<G6A$
B>>:7>6@7$
X':;=B7Q$KLYfZM
$*7$B??6>6@7Q$BG>9@
;89$=B75$E>;?6:E$H@A;E$@7$F;<G6A$B>>:7>6@7$67$>@?B5VE$7:O$=:?6B$
:7C6D@7=:7>Q$B$A@7E6E>:7>$A@7A:F>;BG6UB>6@7$@H$F;<G6A$B>>:7>6@7$6E$=6EE678M$)B75$E>;?6:E$>D:B>$
F;<G6A$B>>:7>6@7$BE$B$E:GH
R:SFGB7B>@D5$A@7A:F>$X:M8MQ
$+B=BD8@$:>$
BGMQ$KLYam$2:9=B77$:>$BGMQ$KLYK
ZM$!Yf!!!$):B7O96G:Q$@>9:DE$:I;B>:$6>$O6>9$F;<G6A$@F676@7Q$F@G6A5$B>>:7>6@7Q$@D$=:?6B$B>>:7>6@7$X:M8MQ$
":7D5$
n$3@D?@7Q$KLLYm$':O68Q$KLL\m$b9;Q$YddK
ZQ$:C:7$>9@;89$>9:E:$A@7E>D;A>E$BD:$=BDT:?G5$?6HH:D:7>$
HD@=$@7:$B7@>9:DQ$BE$*$E9@O$67$>96E$?6EE:D>B>6@7$
X':O68Q$KLL\Z
M$#BA9$H@D=$@H$B>>:7>6@7$9BE$
?6E>67A>6C:$FB>>:D7E$BE$6>$D:GB>:E$>@$B$E@A6BG$6EE;:y:C:7>$@C:D$>6=:M$.;D>9:DQ$7:OE$=:?6B$B>>:7>6@7Q$
F;<G6A$B>>:7>6@7Q$B7?$B>>:7>6@7$HD@=$F@G6>6AB
G$:G6>:E$BGE@$67HG;:7A:$:BA9$@>9:DQ$H@D=678$B$E5=<6@>6A$
D:GB>6@7$@C:D$>6=:$
X+@7OB5$:>$BGMQ$KLYPm$_B78$:>$BGMQ$KLYcm$4;EE:GG$':;=B7$:>$BGMQ$KLY\m$,;$n$
1@DB9Q$KLYd<Z
M$!9;EQ$>9:$67A@7E6E>:7>$A@7A:F>;BG6
UB>6@7$B7?$=:BE;D:=:7>$@H$F;<G6A$B>>:7>6@7Q$
B7?$>9:$H67?678E$HD@=$:S6E>678$:=F6D6
ABG$D:E:BDA9$@7$F;<G6A$B>>:7>6@7$A@;G?$B??$?6HH6A;G>6:E$>@$
H@D=$8:7:DBG6UB<G:$A@7AG;E6@7E$B<@;>$F;<G6A$B>>:7>6@7M$(AA@D?678G5Q$>9:D:$6E$E;<E>B7>6BG$O@DT$
7::?:?$@7$>9:@D6U678$F
;<G6A$B>>:7>6@7Q$6>E$AB;E:EQ$B7?$6>E$>:=F@DBG$B>>D6<;>:EM$
$*7$>96E$A9BF>:DQ$*$D:C
6:O$>9:$:S6E>678$G6>:DB>;D:$@7$F;<G6A$B>>:7>6@7Q$9689G689>678$>9:$
?6C:DE:$OB5E$EA9@GBDE$>9:@D6U:$B7?$?:H67:$>96E$A@7A:F>M$1BE:?$@7$>96E$D:C6:OQ$*$>9:7$FD@F@E:$B$
A@7A:F>;BG6UB>
6@7$@H$F;<G6A$B>>:7>6@7$BE$B$D:E@;DA:$>9B>$AD:B>:E$:A@7@=6AQ$F@G6>6ABGQ$B7?$E@A6B
G$CBG;:$67$>9:$95<D6?$=:?6B$E5E>:=$X+9B?O6ATQ$KLYcZM$*7$B$95<D6?$=:?6B$E5E>:=Q$=BEE$=:?6B$B7?$
?686>BG$=:?6B$A@
R:S6E>$B7?$=;>;BGG5$67HG;:7A:$:BA9$@>9:D$>9D@;89$A@7>:7>$FD@?;A:?
$C6B$<@>9$@G?:D$
B7?$7:O:D$=:?6B$G@86AEM$!9:$E5E>:=$A@77:A>E$@D8B76UB>6@7BG$B7?$67
?6C6?;BG$BA>@DE$O9@$BD:$
B?BF>6C:$B7?$67>:D?:F:7?:7>$@7$:BA9$@>9:D$67$A@=FG:S$B7?$HD:I;:7>G5$A9B78678$?57B=6AE$
X+9B?O6ATQ$KLYcZM$':S>Q$*$D:C6:O$>O@$=B67$<@?6:E$@H$G6>:DB>;D:$>9
B>$:SFGB67$>9:$A5AG6ABG$7B>;D:$@H$
F;<G6A$B>>:7>6@7M$*$H6DE>$A@7E6?:D$G6>:DB>;D:$H
@A;E:?$@7$B8:7?B
RE:>>678$B7?$B8:7?B
R<;6G?678$
=:A9B76E=E$>9B>$8:7:DB>:$F;<G6A$B>>:7>6@7M$':S>Q$*$D:C6:O$G6>:DB>;D:E$@7$E@A6BG$=@C:=:7>E$B7?$
67H@D=B>6@7$?6HH;E6@7$>9B>$;E:$7:>O@
DT$=:A9B76E=E$>@$:SFGB67$FB>>:D7E$67$F;<G6A$B>>:7>6@7$@C:D$
>6=:M$*7H@D=:?$<5$>9:E
:$<@?6:E$@H$EA9@GBDE96FQ$*$FD@F@E:$B$E:D6:E$@H$FD@F@E6>6@7E$B7?$@7:$8;6?678$
!Yc!!!$D:E:BDA9$I;:E>6@7$@H$>96E$E>;?5M$.67BGG5Q$>@$E:>$;F$>96E$E>;?5Q$*$A@7AG;?:$>96E$A9BF>:D$<5$
67>D@?;A
678$>9:$6EE;:$@H$AG6=B>:$A9B78:Q$O96A9$*$;E:$BE$>9:$D:E:BDA9$A@7>:S>$H@D$>96E$E>;
?5M$%42!'(/12*,+-0.8-,.(/!(5!9+:0.1!",,2/,.(/
!(G>9@;89$EA9@GBDE$BAD@EE$D:E:BDA9$BD:BE$B8D::$>9B>$F;<G6A$B>>:7>6@7$6E$B$C6>BG$A@7E>D;A>$67$
>@?B5VE$A9B78678$=:?6B$:7C6D@7=:7>$X'
:O=B7Q$KLYfQ$FMKLfm$,A9D@:?:DQ$KLYaQ$FMYfZQ$>9:5$
67A@7E6E>:7>G5$A@7A:F>;BG6U:$F;<
G6A$B>>:7>6@7$B7?$;E:$B$FG:>9@DB$@H$>:D=E$H@D$>9:$A@7A:F>M$.@D$
:SB=FG:Q$67$B8:7?B
RE:>>678$E>;?6:EQ$EA9@GBDE$@H>:7$;E:$F;<G6A$B>>:7>6@7$67>:DA9B78:B<G5$O6>9$>9:E:$
>:D=EW$F;<G6A
$@F676@7Q$F;<G6A$B8:7?BQ$@D$6EE;:$B>>:7>6@7$
X:M8MQ$#?5$n$):6D6ATQ$KLYaZ
M$*7$B;?6:7A:$
B7BG5E6E$E>;?6:EQ$EA9@GBDE$E@=:>6=:E$D:H:D$>@$6>$BE$B88D:8B>:?$B;?6:7A:$B>>:7>6@7$
X:M8MQ$N:<E>:D$n$
]E6BU:TQ$KLYKZ
M$*7$:BDG5$B8:7?B
R<;6G?678$E>;?6:EQ$D:
E:BDA9:DE$@H>:7$:I;B>:$F;<G6A$B>>:7>6@7$O6>9$
7:OE$B>>:7>6@7$
X:M8MQ$':O68Q$KLL\Z
$@D$F@G6A5$B>>:7>6@7$
X:M8MQ$#
D<D678$:>$BGMQ$YdaLZ
M$(7?Q$67$>9:$
=@D:$D:A:7>$E>;?6:E$@7$>9:$?57B=6AE$@H$F;<G6A$B>>:7>6@7$@7G67:Q$EA9@GBDE$@H>:7$>D:B>$>9:$A@7A:F>$BE$
E:GHR:SFGB7B>@D5$B7?$D:H:D$>@$6>$67>:D
A9B78:B<G5$O6>9$A@GG:A>6C:$B>>:7>6@7$
X:M8MQ$N;$n$";<:D=B7Q$
KLLcZM$/D@<G:=B>6AB
GG5Q$>9:E:$E>;?6:E$BEE;=:$>9B>$>9:E:$CBD6:?$A@7E>D;A>E$BD:$>9:$EB=:$BE$F;<G6A$
B>>:7>6@7Q$O6>9$:I;6CBG:7>$?:H676>6@7E$B7?$B>>D6<;>:EM$"@O:C:DQ$>9:E:$A@7A:F>EQ$O96G:$E6=6GBD$B7?$
D:GB>:?Q$BD:$7@>$>9:$EB=:M$4B>9:DQ$>9:E:$CBD6@;E$A@7A:F>E$9BC:$?6HH:D:7>$?:H676>
6@7EQ$6=FG6AB>6@7EQ$
B7?$>:=F@DBG$FB>>:D7EQ$BE$*$6GG;E>DB>:$<:G@O$B7?$>9D@;89@;>$>
9:$:=F6D6ABG$B7BG5E:E$67$;FA@=678$
A9BF>:DEM$,F:A6H6ABGG5Q$*$?6EA;EE$>9:$?6HH:D:7A:E$<:>O::7$F;<G6A$B>>:7>6@7$B7?$F;<G6A$@F676@7Q$
7:OE$B>>:7>6@7Q$F@G6A5$B>>:7>6@7Q$B7?$E@A6BG$=
:?6B$B>>:7>6@7M$15$AG:BDG5$?6HH:D:7>6B>678$>9:E:$
>:D=EQ$*$FD@C6?:$>9:$7:A:EEBD5$8
D@;7?678$>@$GB>:D$FD@F@E:$B$7@C:G$=:BE;D:=:7>$E>DB>:85$H@D$
F;<G6A$B>>:7>6@7$67$+9BF>:D$[M$
$!Ya!!!$9+:0.1!",,2/,.(/!-7!9+:0.1!;*./.(/!
!(E$=:7>6@7:?Q$EA9@GBDE$@H>:7$;E:$>9:$>:D=E$F;<G6
A$B>>:7>6@7$B7?$F;<G6A$@F676@7$BE$6H$>9:5$
BD:$>9:$EB=:M$N96G:$>9:5$=B5$<:$AG@E:G5$D:GB>:?$A@7A:F>EQ$>9:D:$BD:$H:O$T:5$?6E>67A>6@7E$<:>O::7$
>9:=M$
$.6DE>Q$F;<G6A$@F676@7$B7?$F;<G6A$B>>:7>6@7$BD:$?6HH:D:7>$67$>9
:6D$?:H676>6@7EM$/;<G6A$@F676@7$
6E$>9:$B88D:8B>6
@7$@H$67?6C6?;BG$B>>6>;?:E$>@OBD?$B7$6EE;:$
X%D;AT=B7$n$2::F:DQ$KLYKZ
Q$BE$>9:$
A@7E>D;A>Q$
j@F676@7Qk$?:7@>:E$
67?6C6?;BGEV$CBG;:$^;?8=:7>EM$)@D:$FD:A6E:G5Q$@F676@7$D:H:DE$>@$B$
jA@7E6E>:7>G
5$HBC@DB<G:$@D$;7HBC@DB<G:$=B77:D$O6>9$D:EF:A>$>
@$B$86C:7$E;<^:A>k$
X.6E9<:67$n$
(^U:7$YdcPQ$FM$fZ
M$,67A:$
D:E:BDA9:DE$8:7:DBGG5$=:BE;D:$F;<G6A$@F676@7$;E678$F@GG$I;:E>6@7E$E;A9$
BEQ$j
O9B>$6E$>9:$=@E>$6=F@D>B7>$FD@<G:=$>@$>9:$A@;7>D5ek
$6>$6E$BGE@$B$^;?8=:7>$@7
$>9:$D:GB>6C:$
6=F@D>B7A:$@H$B7$6EE;:$<5$A@=FBD67
8$6>$O6>9$@>9:D$6EE;:E$
X4@8:DE$n$%:BD678Q$Ydaa
ZM$!9;EQ$F;<G6A$
@F676@7$6=FG6:E$B$FD6@D6>6UB>6@7$@H$?6HH:D:7>$6EE;:EM
$$*7$A@7>DBE>Q$>9:$A@7E>D;A>$jB>>:7>6@7k$6E$7:;>DBG$B7?$D:HG:A>E$>9:$>6=:$@D$:7:D85$>9B>$B7$
67?6C6?;BG$EF:7?E$@7$B7
$6EE;:M$(E$@FF@E:?$>@$j@F676@7Qk$>9:$B=@;7>$@H$>
6=:$E@=:@7:$EF:7?E$
;7?:DE>B7?678$B7$6EE;:$ABDD6:E$7:6>9:D$B$F@E6>6C:$7@D$B$7:8B>6C:$<:7>M
$/;<G6A$B>>:7>6@7$BGE@$?@:E$
7@>$E;88:E>$>9:$BA>;BG$6=F@D>B7A:$@H$6EE;:EM$*7?::?Q$B7$BGBD=678$6EE;:$=B5$8BD7:D$G6>>G:$F;
<G6A$
B>>:7>6@7$X%@O7EQ$YdcKZM$$%@O7E$F@67>:?$@;>
$>9B>$>9:$:7C6D@7=:7>BG$6EE;:$6E$B7$:SB=FG:$@H$>96E$
F9:7@=:7@7M$(G>9@;89$>9:$I;BG6>5$@H$@;D$:7C6D@7=:7>$9BE$BGOB5E$<::7$B$E:C:D:$6EE;:Q$>9:$F;<G6A$
9BC:$7@>$FB6?$:7@;89$B>>:7>6@7$>@$6>$H@D$B$G@78$>6=:$XYdcKZM$
*>$6E$BGE@$6=F@EE6<G:$>@$:SB=67:$
F;<G6A$B>>:7>6@
7$<BE:?$@7$>9:$DB7T:?$6=F@D>B7A:$@H$BGG$>9:$6EE;:E$<:AB;E:$A@;7>G:EE$6EE;:E$
EB>;DB>:$>9:$=:?6B$:7C6D@7=:7>$B7?$A@=F:>:$H@D$>9:$F;<G6AVE$G6=6>:?$B>>:7>6@7M$$
$,:A@7?Q$F;<G6A$B>>:7>6@7$B7?$F;<G6A$@F676@7$BD:$?6H
H:D:7>$67$>:=F@DBG$?57B=6AEM$$':O68$
XKLL\Z$F@67>
:?$@;>$>9B>$F;<G6A$@F676@7$6E$G:EE$G6T:G5$>@$<:$I;6ATG5$A9B78:?$>9B7$F;<G6A$B>>:7>6@7$
!Yd!!!$<:AB;E:$6>$>BT:E$B$G@78$>6=:$>@$D:?6D:A>$67?6C6?;BGEV$B>>6>;?:E$B<@;>$B7$6EE;:M$,6=6GBDG5Q$%D;AT=B7$
B7?$2::F:D$X
KLYKZ$A@7E6?:D$F;<G6A$@F676@7$G:EE$C@GB>6G:$>9B7$O9B>$@F676@7$F@GGE$D:HG:A>$<:AB;E:$
F@GG678$I;:E>6@7E$BD:$9689G5$A@7>678:7>$@7$A9B78678$=:?6B$A@C:DB8:M$!9:5$BGE@$BD8;:?$>9B>$
F;<G6A$@F676@7$@7$B7$6EE;:$>:7?E$>@$E>B5$E>B<G:Q$:EF:A6BGG5$6H$67?6C6?;BGEV$@F676@7$@7$
>9:
$6EE;:$6E$
E>D@78$B7?$>9:D:$BD:$D:GB>6C:G5$H:O$A@=F:>678$BD8;=:7>E$
X%D;AT=B7$n$2::F:DQ$KLYKZ
M$*7$B7$
:SF:D6=:7>BG$E>;?5$B<@;>$>9:$E>B<6G6>5$@H$67?6C6?;BG$@F676@7Q$+9@78$B7?$%D;AT=B7$
XKLYLZ$H@;7?$>9B>$F;<G6A$@F676@7$D:=B67:?$;7A9B78:?$H@D$=B75$O:GG
R?:C:G@F:?$6EE;:$BD:BEQ$67AG;?678$>9:$
/B>D6@>$(A>Q$;D<B7$EFDBOGQ$9:BG>9ABD:Q$B7?$7:O$EA6:7>6H6A$>:A97@G@86:EM$.;D>9:D=@D:Q$67?6C6?;BGEV
$@F676@7E$B<@;>$>9:E:$T:5$6EE;:E$D:=B67:?$E>B<G:$:C:7$O9:7$D:E:BDA9:DE$:SF@E:?$>9:=$>@$CBD6@;E$
A@7HG6A>678$=:EEB8:EM$
$*7$A@7>DBE>$>@$F;<G6A$@F676@7Q$F;<G6A$B>>:7>6@7$6E$=@D:$CBD6B<G:Q$B7?$A9B78:E$=@D:$
HD:I;:7>G5$67$D:EF@7E:$>@$CBE>$BDDB5$@H$E>6=;G6$67C@GC:
?$67$D:BG
RG6H:$
X"BEB7$n$,A9O6>>:DQ$KLYam$
267Q$]::8B7Q$)BD8@G67Q$n$2BU:DQ$KLY\Z
M$.@D$:SB=FG:Q$]678$:>$BGM$
XKLY[Z$H@;7?$>9B>$PLA$FBD>5$
F@E>EQ$7B>6@7BG6E>$FD@FB8B7?BQ$?6E>DBA>:?$F;<G6A$B>>:7>6@7$@7$E@A6BG$=:?6B$BOB5$HD@=$E@=:$AD6>6ABG$
E@A6BG$6EE;:E$67$+967BM$-C:DBGGQ$F;<G6A$B>>:7>6@7$6E$
j?57B=6AQ$:F6E@?6
AQ$B7?$:F9:=:DBGk$
X46F<:D8:DQ$KLYYQ$FKP\Z
$<;>$F;<G6A$@F676@7$6E$E>B<G:$B7?$;7G6T:G5$>@$A9B78:$I;6ATG5$X':O68Q$
KLL\ZM$$9+:0.1!",,2/,.(/!-7!<2=7!",,2/,.(/!(3!9(0.1>!",,2/,.(/
!,>;?6:E$@H>:7$;E:$7:OE$@D$=:?6B$B>>:7>6@7
$X:M8MQ$':O68Q$KLL
\Z$BE$B$FD@S5$H@D$F;<G6A$
B>>:7>6@7M$*7$@>9:D$O@D?EQ$EA9@GBDE$@H>:7$A@7E6?:D$F;<G6A$B>>:7>6@7$B$=6DD@D$6=B8:$@H$=:?6B$
B>>:7>6@7Q$BEE;=678$>9B>$>9:$67>:7E6>5$@H$F;<G6A$B>>:7>6@7$B<@;>$B$EF:A6H6A$6EE;:$=B>A9:E$>9:$
HD:I;:7A5$@H$7:OE$=:?6BVE$A
@C:DB8:$@H$EB6?$6E
E;:$
X#D<D678$:>$BGMQ$YdaLZ
M$"@O:C:DQ$7;=:D@;E$
E>;?6:E$9BC:$E9@O7$>9B>$=BEE$=:?6B$B>>:7>6@7$@H>:7$?@:E$7@>$F:DH:A>G5$BG687$O6>9$F;<G6A$B>>:7>6@7$
!KL!!!$X+@7OB5$:>$BGMQ$KLYPm$':;=B7Q$YddLm$4;EE:GG$':;=B7$:>$BGMQ$KLY\m$,;$n$1@DB9Q$KLYdZ
M$.@D$
:SB=FG:Q$':;=B7
$XYddLZ$:SB=67:?$>
9:$D:GB>6@7E96F$<:>O::7$>9:$C@G;=:$@H$7:OE$A@C:DB8:$B7?$
>9:$A@DD:EF@7?678$F;<G6A$B>>:7>6@7$B<@;>$6EE;:E$E;A9$BE$F@C:D>5Q$DBA6BG$FD@<G:=$HD@=$Yd\P$>@$
YdaLM$":$H@;7?$>9B>$@7A:$>9:$7:OE$A@C:DB8:$@H$B7$6EE;:$D:BA9:E$B$A:D>B67$>9D:E9@G?Q$F;<G6
A$B>>:7>6@7$O6GG$7
@>$8D@O$67$>B7?:=M$*7$>@?B5VE$=:?6B$:7C6D@7=:7>Q$7:OE$=:?6B$7@$G@78:D$
=@7@F@G6U:E$F;<G6A$B>>:7>6@7$
X!;H:TA6Q$KLY[Z
M$'@OQ$?686>BG$=:?6B$@HH:DE$F:@FG:$=@D:$A9@6A:E$
B7?$:7?G:EE$E@;DA:E$@H$@7G67:$67H@D=B>6@7M
$]OBT$:>$BGMQ$XKLYa
Z$H@;7?$>9B>$F;<G6A$B>>:7>
6@7Q$
=:BE;D:?$<5$3
@@8G:$!D:7?E$*7?:SQ$687@D:?$=B67E>D:B=$7:OE$=:?6B$@;>G:>E$67$E@=:$A@;7>D6:EQ$
=:BE;D678$67E>:B?$;E:DE$;E:$@H$@7G67:$7:OEV$D:E@;DA:EM$($D:A:7>$F;<G6E9:?$E>;?5$<5$/:O$
4:E:BDA9$H@;7?$>9B>$=@D:$>9B7$9BGH$@H$B?;G>E$67$>9:$076>:?$,>B>:E$@H>:7$@D
$E@=:>6=:E$@<>B67$
>9:6D$
7:OE$HD@=$E@A6BG$=:?6B$FGB>H@D=E$X/:O$4:E:BDA9Q$KLYdZM$':OE$=:?6B$B>>:7>6@7$BGE@$?@:E$7@>$
A@DD:EF@7?$O6>9$E@A6BG$=:?6B$B>>:7>6@7M$.@D$:SB=FG:Q$
#?8:DG5$:>$BGM$XKLYaZ
$H@;7?$>9B>$>9:$:S>:7>$
@H$7:OEFBF:D$B7?$>:G:C6E6@7$A@C:DB8:$@H$>9:$KLYf$0M,M$FD:E6?:7>6BG$FD6=BD6:E$?6?$7@>$D:HG:A>$>9
:$C@G;=:$@H$7:OE$E
>@D6:E$B<@;>$>9:$FD6=BD6:E$E9BD:?$@7$.BA:<@@T$?;D678$>9:$EB=:$F:D6@?M$
$->9:D$E>;?6:E$>D:B>$F;<G6A$B>>:7>6@7$BE$:I;6CBG:7>$>@$F@G6A5$B>>:7>6@7M$#D<D678$:>$BGM
XYdaLZ$?:H67:$F@G6A5$B>>:7>6@7$BE$>9:$8:7:DBG$F;<G6AVE$A@7A:D7EM$$!9:E:$E>;?6:E$A@7A:F>;BG6U:$F;<G6A$
B>>:7>6@7$BE$B>>:7>6@7$HD@=$F;<G6A$EF9:D:E$@D$>9:$F;<G6A$BD:7BM$1@>9$BD:$B$C6D>;BG$FGBA:$>9B>$8B>9:DE$
@D?67BD5$F:@FG:$B7?$B$A@7E>:GGB>6@7$@H$@D8B
76UB>6@7BG$BA>@DE$
>@$A@GG:A>6C:G5$?:H67:$B$E@A6BG$6EE;:$
X"6G8BD>7:D$n$1@ETQ$YdaaZM$$!96E$E>DB7?$@H$EA9@GBDE96F$A@7A:F>;BG6U:E$F;<G6A$B>>:7>6@7$BE$B7$
BEE:=<GB8:$@H$B>>:7>6@7$HD@=$>9:$F;<G6A$B7?$?6HH:D:7>$E:>E$@H$BA>@DEQ$67AG;?678$>9:$8@C:D7=:7>$
B7?$7:OE$=:?
6BM$!96E$A@7A:F>;B
G6UB>6@7Q$9@O:C:DQ$=B5$A@7HGB>:$@D$:DD@7:@;EG5$B88D:8B>:$F;<G6A$
B>>:7>6@7$O6>9$F@G6A5$B>>:7>6@7M$*7$E@$?@678Q$>96E$;7?:DE>B7?678$@C:DG@@TE$>9:$?57B=6A$
D:GB>6@7E96F$<:>O::7$>9:E:$>O@$D:GB>:?Q$<;>$?6E>67A>Q$A@7E>D;A>EM
$!KY!!!$9+:0.1!",,2/,.(/!-7!'
(0021,.?2!",,2/,.(
/!(/!$(1.-0!@2A.-!
!36C:7$>9:$O6?:$FD:E:7A:$@H$:C:D5?B5$F:@FG:$@7$E@A6BG$=:?6B$FGB>H@D=E$G6T:$!O6>>:DQ$
=B75$E>;?6:EQ$FBD>6A;GBDG5$@7:E$H@A;E:?$@7$67>:D=:?6B$B8:7?B
RE:>>678$
X:M8MQ$_@7:E
R_B78Q$"BD>Q$
.:G?=B7Q$n$)@@7Q$
KLKLZQ$>D:B>$E@A6BG$=:?6B$B>>:7>6@7$BE$F;<G6A$B>>:7>6@7M$,6=6GBDG5Q$E:C:DBG$
E>;?6:E$HD@=$67H@D=B>6@7$EA6:7A:$H@A;E:?$@7$>9:$EFD:B?$@H$B>>:7>6@7$BGE@$>D:B>$F;<G6A$B>>:7>6@7$BE$
E57@75=@;E$O6>9$A@GG:A>6C:$B>>:7>6@7$B7?$?@$7@>$FD@C6?:$B7$:SFG6A6
>$?:H676>6@7
$H@D$F;<G6A$
B>>:7>6@7z$
X:M8MQ$2@D:7U
R,FD::7$:>$BGMQ$KLYdm$,BEB9BDB$:>$BGMQ$KLY[m$N;$:>$BGMQ$KLYYZ
M$(8B67Q$>96E$
A@7HGB>6@7$@H$>:D=E$6E$FD@<G:=B>6AM$.6DE>Q$!O6>>:D$;E:DE$BD:$7@>$D:FD:E:7>B>6C:$@H$>9:$8:7:DBG$
F@F;GB>6@7M$(AA@D?678$>@$B$D:A:7>$/:
O$D:E:BDA9$E
>;?5Q$!O6>>:D$;E:DE$BD:$=@D:$:?;AB>:?Q$5@;78:DQ$
B7?$=@D:$G6T:G5$>@$<:$%:=@ADB>E$>9B7$>9:$8:7:DBG$F;<G6A$67$>9:$076>:?$,>B>:EM
"$!9:$FB>>:D7E$@H$
O9B>$D:A:6C:E$B>>:7>6@7$@7$E@A6BG$=:?6B$BD:$BGE@$E@=:>6=:E$?6HH:D:7>$>9B7$>9:$FB>>:D7E$@H$6EE;:$
B>>:7>6@7$H@;7?$
67$E;DC:5E$@H$>9:$8:7:DBG$F;<G6AM$.@D$:SB=FG:Q$!O6>>:D$=B5$D:HG:A>$=@D:$B>>:7>6@7$
>@OBD?E$F@G6>6ABG$6EE;:E$>9B7$@>9:D$E@A6BG$=:?6B$FGB>H@D=EQ$E67A:$>9:$=@E>$BA>6C:$!O6>>:D$;E:DE$BD:$
=@D:$G6T:G5$>9B7$@>9:D$;E:DE$>@$>O::>$B<@;>$F@G6>6ABG$6EE;:EM$,
:A@7?Q$E@A6
BG$=:?6B$:7A@=FBEE:E$
<@>9$67?6C6?;BG$;E:DE$B7?$@>9:D$:7>6>6:EM$.@D$67E>B7A:Q$<BE:?$@7$B$DB7?@=$E:G:A>6@7$@H$KLQLLL$
BA>6C:$;E:DE$HD@=$!O6>>:DQ$)A+@DD6E>@7$:>$BGMQ$
XKLYPZ$H@;7?$BD@;7?$dMfl$@
H$>9:=$O:D:
$@D8B76UB>6@7BG$BAA@;7>EQ$B7?$>9B>$>9:E:$@D8B76UB>6@7BG$BAA@;7>E$O:D:$=@D:$9689G5$A@77:A>:?$>9B7$
67?6C6?;BG$;E:DEM$-D8B76UB>6@7BG$BAA@;7>E$E9@O:?$?6HH:D:7>$=:EEB8678$<:9BC6@D$FB>>:D7E$>9B7$
67?6C6?;BG$;E:DE$
X]O@7$:>$BGMQ$KLYaZ
M$(E$E;A9Q$6>$6E$FD@<G:=B>6A$>@$;E:$A@GG:A>6C:$B>>:7>6@7$@7$
E@A6BG$=:?6B$BE$B$FD@S5$@H$F;<G6A$B>>:7>6@7M
$$$"!0//1+9::;;;81&;(&+&,(508#($:3)/&()&/:<=>?:=@:<@:+3.3)$
A21A/;3//&(
A2+&(+:
!!KK!!!$9+:0.1!",,2/,.(/!-7!-!&27(+31
2!./!,42!B>
:3.A!@2A.-!$>7,2)
!!9:$8:7:DB>6@7$B7?$?6E>D6<;>6@7$@H$F;<G6A$B>>:7>6@7$67AD:BE678G5$>BT:$FGBA:$67$>9:$A@7>:S>$
@H$B$95<D6?$=:?6B$E5E>:=Q$O96A9$+9B?O6AT$XKLYcZ$?:EAD6<:E$BE
$>9:$67>:D
BA>6@7$<:>O::7$@G?$
=:?6B$G@86AE$B7?$7:O$=:?6B$G@86AEQ$O9:D:$G@86AE
$D:FD:E:7>$
j<;7?G:E$@H$>:A97@G@86:EQ$8:7D:EQ$
7@D=EQ$<:9BC6@D$B7?$@D8B76UB>6@7BG$H@D=Ek$X
+9B?O6ATQ$KLYcQ$
FM$YLdZM$*7$B$95<D6?$=:?6B$E5E>:=Q$
>DB?6>6@7BG$=:?6B$B7?$E@A6BG$=:?6B$A@:S6E>Q$A@=F:>:Q$B7?$B?BF>$O6>9$:BA9$@>9:DM$*7$>96E$A@7>:S>Q$
7@7R7:OE$=:?6B$@D8B7
6UB>6@7EQ$6
7AG;?678$F@G6>6A6B7EQ$:G6>:EQ$H@D
RFD@H6>EQ$B7?$7@7FD@H6>EQ$?6D:A>G5$
D:BA9$>9:$8:7:DBG$F;<G6A$C6B$E@A6BG$=:?6BQ$>9:D:<5$:79B7A678$>9:6D$?6D:A>$67HG;:7A:$@7$F;<G6A$
B>>:7>6@7M$,@A6BG$=:?6B$BGE@$86C:E$C@6A:$>@$
@D?67BD5$F:@FG:$B7?$
8DBEED@@>E$8D@;FEQ$
:7B<G678$>9
:=$>@$G6T:O6E:$C6:$H@D$F;<G6A$B>>:7>6@7$67$F;DE;6>$@H$>9:6D$F@G6>6ABG$8@BGEQ$CBG;:EQ$B7?$67>:D:E>E$
X+9B?O6ATQ$KLYc
ZM$!9:$F@O:D$?57B=6AE$B=@78$?6HH:D:7>$BA>@DE$BD:$B?BF>6C:Q$67>:D>O67:?Q$B7?$
A@7E>B7>G5$67$HG;SQ$B7?$>9:E:$HG;6?$?57B=6AE$E9BF:$>9:$
A5AG:E$@H$F
@G6>6ABG$67H@D=B>6@7$@C:D$>6=:$
X+9B?O6ATQ$KLYcZM
$+@7E6?:D678$>9:$A9BDBA>:D6E>6AE$@H$>9:$95<D6?$=:?6B$E5E>:=Q$H@D$>9:$F;DF@E:E$@H$>96E$E>;?5Q$
*$?:H67:$F;<G6A$B>>:7>6@7$BE$>9:$B>>:7>6@7$@H$@D?67BD5$F:@FG:
J>9@E:$O9@$?@$7@>$D:FD:E:7>$B$
FBD>6A;GBD$@D
8B76UB>6@7Q
$E;A9$BE$7:OE$=:?6BQ$F@G6>6ABG$FBD>6:EQ$G@<<6:EQ$@D$=B^@D$B?C@ABA5$8D@;FEM$
)@D:$EF:A6H6ABGG5Q$*$?:H67:$F;<G6A$B>>:7>6@7$BE$>9:$E9BD:?$BOBD:7:EE$:SFD:EE:?$<5$B$A@GG:A>6@7$@H$
@D?67BD5$F:@FG:$@7$B75$86C:7$6EE;:M$.;D>9:D=@D:Q$
*$A@7A:F>;BG6U:$6>$BE$B
$EABDA:$B7?
$CBG;B<G:$
D:E@;DA:$67$B$95<D6?$=:?6B$E5E>:=$H@D$>O@$D:BE@7EM$.6DE>Q$HD@=$>9:$F:DEF:A>6C:$@H$>9:$B>>:7>6@7$
:A@7@=5Q$F;<G6A$B>>:7>6@7$6E$CBG;B<G:$<:AB;E:$@H$>9:$6=<BGB7A:$@H$6>E$E;FFG5$B7?$?:=B7?$67$
>@?B5VE$=:?6B$:7C6D@7=:7>$
XN:<E>:DQ$
KLYYZM$!9:$E;FFG5$@H$F;<G6A$B>>:7>6@7$6E$G6=6>:?M$*>$6E$
;7H@G?678$G6T:$B$U:D@
RE;=$8B=:$67$O96A9$67AD:BE:?$B>>:7>6@7$>@$@7:$6EE;:$=:B7E$>9:$G@EE$@H$
B>>:7>6@7$>@$B7@>9:D$6EE;:$
X"6
G8BD>7:D$n$1@
ETQ$Ydaa<m$':;=B7Q$YddLm$b9;Q$YddKZ
M$!9:$
!K[!!!$HDB8=:7>B>6@7$@H$B;?6:7A:$BAD@EE$?6HH:D:7>$=:?6B$@;>G:>E$H;D>9:D$G6=6>E$>9:$E;FFG5$@H$F;<G6A$
B>>:7>6@7$
X.G:>A9:D$n$'6:GE:7Q$KLYcm$N:<E>:D$n$]E6BU:TQ$KLYKZ
M$-7$>9:$@>9
:D$9B7?Q$>9
:$?:=B7?$
H@D$F;<G6A$B>>:7>6@7$6E$:C:D
R8D@O678Q$O6>9$>9:$EB>;DB>6@7$@H$=:?6B$A@7>:7>E$BG@78E6?:$>9:$
FD@G6H:DB>6@7$@H$A@==;76AB>6@7$>:A97@G@86:EM$/@G6>6A6B7EQ$7:OE$=:?6BQ$BA>6C6E>EQ$B7?$B?C:D>6E:DE$
BGG$7::?$=BEE6C:$B=@;7>E$@H$B>>:7>6@7$BE$B$A;DD:7
A5$>@$BA96:
C:$:A@7@=6AQ$E@A6BGQ$@D$F@G6>6ABG$
CBG;:$
XN:<E>:D$n$]E6BU:TQ$KLYKZ
M$(E$B$D:E;G>Q$?6HH:D:7>$E
:>E$@H$BA>@
DE$A@=F:>:$O6>9$:BA9$@>9:D$>@$
=B7:;C:D$F;<G6A$B>>:7>6@7$BAD@EE$=:?6BM$.@D$:SB=FG:Q$E@A6BG$=@C:=:7>$E>;?6:E$:=F9BE6U:$
A@GG:A>6C:$B>>:7>6@7$BE$B$CBG;B<G:$D:E@;DA:$67$>9:$E;AA:EE$@H$B$=@C:=:7>Q$FBD>6A;GBDG5$O6>9$>9:$D6E:$
@H$E@A6BG$=:?6B$
X:M8M$!9@DE@7$:>$BGMQ$KLYfm$!9@DE@7$n$NB78Q$KLYdm$!;H:TA6Q$KLY[Z
M$)@<6G6U678$
>9:$F;<G6A$B7?$AD:
B>678$EF6T:
E$@H$F;<G6A$B>>:7>6@7$@7$E@A6BG$=:?6B$AB7$H;D>9:D$B=FG6H5$>9:$6=FBA>$
@H$>9:$=@C:=:7>$<5$B>>DBA>678$7:OE$B>>:7>6@7$B7?$:G6>:$B>>:7>6@7$
X.D::G@7$:>$BGMQ$KLYaZ
M$$1:AB;E:$@H$67>:7E6C:$A@=F:>6>6@7$<:>O::7$?6HH:D:7>$E:>E$@H$BA>@DE$H@D$F;<G6A$B>>:7>6@7Q$6>$6E$
7:A:EEBD5$>@$?6HH:D:7>6B>:$F;<G6A
$B>>:7>6@7$
HD@=$@>9:D$D:GB>:?$A@7E>D;A>EQ$<:AB;E:$?@678$E@$9:GFE$
;7?:DE>B7?$>9:$BA>;BG$B>>D6<;>:E$B7?$AB;E:E$@H$F;<G6A$B>>:7>6@7M$%:EF6>:$>9:$O6?:G5$;7?:DE>@@?$
CBG;:$@H$F;<G6A$B>>:7>6@7Q$H:O$E>;?6:E$>D:B>$6>$BE$B7$67?:F:7?:7>$B7BG5>6A$AB>:8@D5$X!;H:TA6Q$KL
Y[ZM$*7$>9:
$=BEE$=:?6B$:DBQ$8B67678$F;<G6A$B>>:7>6@7$B>$EABG:$=:B7>$8B67678$B>>:7>6@7$HD@=$7:OE$B7?$
A6C6A$=:?6BQ$<;>$67$>@?B5VE$=:?6B$:7C6D@7=:7>Q$>9:$D:GB>6@7E96F$<:>O::7$F;<G6A$B>>:7>6@7$B7?$
@>9:D$E@;DA:E$@H$B>>:7>6@7$6E$=@D:$A@=FG6AB>:?M$1@>9$67?6C6?;BG
E$B7?$@D8B7
6UB>6@7E$;E:$?686>BG$
=:?6B$>@$E9BF:$B7?$D:E9BF:$@7G67:$F;<G6A$B>>:7>6@7M$/;<G6A$B>>:7>6@7$A@;G?$<@>9$<:$B$F@E>:D6@D$
:HH:A>$B7?$B7$B$FD6@D6$AB;E:$@H$@>9:D$E@;DA:E$@H$B>>:7>6@7$X!;H:TA6Q$KLY[ZM$.@D$:SB=FG:Q$N:GGE$B7?$
A@GG:B8;:E$XKLYfZ$B88D:8B>:?$B
$EOB>9$@H$?
B>B$D:GB>:?$>@$!D;=FVE$FD:E6?:7A5Q$E;A9$BE$>9:$
EA9:?;G678$@H$4:F;<G6AB7$?:<B>:E$B7?$!D;=FVE$F:DE@7BG$>O::>EM$!9D@;89$B$>6=:$E:D6:E$B7BG5E6E$
@H$>96E$?B>BQ$>9:5$H@;7?$>9B>$!D;=FVE$E>DB>:86A$!O6>>:D$A;DB>6@7$B7?$96E$6=FBA>$@7$>9:$FBD>6EB7$
!K\!!!$=:?6B$@;>
G:>Q$1D:6><
BD>Q$I;6ATG5$8B67:?$96=$F;<G6A$B>>:7>6@7Q$O96A9$9:Q$67$>;D7Q$E;AA:EEH;GG5$
G:C:DB8:?$67>@$>9:$=B67E>D:B=$=:?6B$B8:7?B$
XN:GGE$:>$BGMQ$KLYfZ
M$(E$:C6?
:7A:?$<5$>9
6E$:SB=FG:Q$
6>$6E$7:A:EEBD5$>@$?6E>678;6E9$F;<G6A$B>>:7>6@7$HD@=$@>9:D$E@;DA:E$@H$=:?6B$B>>:7>6@7$>@$;7?:DE>B7?$
9@O$>9:$GB>>:D$FBD>6A6FB>:E$67$>9:$FD@?;A>6@7$B7?$?6E>D6<;>6@7$@H$>9:$H@D=:DM$
$C(+3!",,3.:+,27!(5!9+:0.1!",,2/,.(/
!$$$$1BE:?$@7$=5$E5
7>9:E6E$@H$
:S6E>678$G6>:DB>;D:$@7$F;<G6A$B>>:7>6@7$67$>9:$95<D6?$=:?6B$
E5E>:=Q$F;<G6A$@F676@7Q$B7?$A@GG:A>6C:$B>>:7>6@7$@7$E@A6BG$=:?6BQ$*$>9:@D6U:$H@;D$B>>D6<;>:E$@H$
F;<G6A$B>>:7>6@7W$67>:7E6>5Q$C@GB>6G6>5Q$E;E>B67B<6G6>5Q$B7?$A5AG:EM$!9:$:=F6D6ABG$B7BG5E
6E$A9BF>:DE
$>@$H@GG@O$:SB=67:$>9:E:$B>>D6<;>:E$BE$>9:5$A9BDBA>:D6U:$F;<G6A$B>>:7>6@7$B7?$A@7>DBE>$>9:=$O6>9$
>9:$A9BDBA>:D6E>6AE$@H$@>9:D$H@D=E$@H$=:?6B$B>>:7>6@7M$!@$E:>$;F$>9:E:$B7BG5E:EQ$*$H6DE>$?:EAD6<:$
:BA9$@H$>9:E:$B>>D6<;>:E$67$=@D:$?:>B6GM
$()*%)+,*-
$D:H:DE$>@$
>9:$E>D:78>9$@H$F;<G6A$B>>:7>6@7$O9:7$6>$D:BA9:E$6>E$F:BTM$.@D$:SB=FG:Q$
67>:7E6>5$ABF>;D:E$>9:$C@G;=:$@H$>O::>E$HD@=$@D?67BD5$F:@FG:$B>$>9:6D$9689:E>$F:BTM$!5F6ABGG5Q$67$
B$=:?6B$@;>G:>Q$B$8D@O678$67HG;S$@H$A@7>:7>$@7$B$EF:A6H6A$6EE;:$A@DD:EF@7?E
$O6>9$DBF6?
$8D@O>9$67$
6>E$F;<G6A$B>>:7>6@7M$"@O:C:D$>9:$67C:DE:$BGE@$9@G?EQ$=:B7678$>9:$67AD:BE678$?:AG67:$@H$A@7>:7>$@H$
B$EF:A6H6A$6EE;:$@H>:7$BGE@$A@DD:GB>:E$O6>9$?:AG67678$F;<G6A$B>>:7>6@7$CBG;:$
X3@=:U
R4@?D68;:UQ$
2:ET@C:AQ$n$]DB;E:Q$KLYLm$2@D:7U
R,FD::7$:>$BGMQ$KLYdZ
M$1;>Q$BE$=:7>6@7:?$<:H@D:Q$@7G5$B$H:O$
6EE;:E$8:7:
DB>:$67>:7E:$F;<G6A$B>>:7>6@7$
X1BDB<rE6Q$KLLPZ
Q$B7?$6>$6E$;7AG:BD$O96A9$6EE;:E$67?;A:$
=@D:$67>:7E:$F;<G6A$B>>:7>6@7$>9B7$@>9:DEM$
$./+*&,)&0,#,*-
$D:H:DE$>@$9@O$G@78$F;<G6A$B>>:7>6@7$@7$B$EF:A6H6A$6EE;:$AB7$GBE>M$3:7:DBGG5Q$
F;<G6A$B>>:7>6@7$@7$B75$6EE;:$6E$E9@D>
RG6C:?$B7?$DBD:G5$:7?;D
:E$@C:D$>6=:M$!9:$67>:7E6>5$@H$F;<G6A$
B>>:7>6@7$OB7:E$@C:D$>6=:M$.@D$67E>B7A:Q$C:D5$H:O$6EE;:E$E;E>B67$F;<G6A$B>>:7>6
@7$@C:D$B$FD@>DBA>:?$
>6=:$F:D6@?M$1;>$HBD$H:O:D$6EE;:E$D:>B67$>9:6D$67>:7E6>5$@C:D$G@78$E>D:>A9:E$@H$>6=:Q$>@@M$#=F6D6ABG$
!KP!!!$E>;?6:E$E;88:E>$A
9BDBA>:D6E>6AE$@H$6EE;:E$@D$:C:7>E$=689>$BHH:A>$>9:$E;E>B67B<6G6>5$@H$B>>:7>6@7M$-7$
@7:$9B7?Q$F:@FG:VE$B>>:7>6@7
$>@$;
7:SF:A>:?$:C:7>E$6E$G:EE$E;E>B67B<G:M$+BE>6GG@$:>$BGMQ$
XKLYKZ$H@;7?$>9B>$7:OE$=:?6B$=B5$67?;A:$B7$B
A;>:$EF6T:$67$@7G67:$F;<G6A$B>>:7>6@7$BH>:D$;7:SF:A>:?$:C:7>E$
X:M8MQ$B$7B>;DBG$?6EBE>:DZQ$<;>$BH>:D$>9:$:C:7>Q$>96E$B
>>:7>6@7$I;6ATG5$OB7:EM$-7$>9:$@>9:D$9B7?Q$
F:@FG:VE$B>>:7>6@7
$BD:$=@D:$E;E>B67<BG:$>@$>9:$:C:7>Ey6EE;:E$O6>9$9689$676>6BG$B>>:76>@7$>9B7$>9
@E:$
O6>9$G@O$67>6BG$B>>:76>@7M$
3:6{$XKLYdZ
$H@;7?$>9B>$7:OE$B>>:7>6@7$AB7$9BD?G5$DB6E:$=@D:$F;<G6A$
B>>:76>@7$6H$>9:$<BE:G67:$@H$F;<G6A$B>>:76>@7$>@$B7$6EE;:$6E$BGD:B?
5$9689M$!9B>$=:B7EQ$F;<G6A$
B>>:7>6@7$<:A@=:E$E:GH
RE;E>B67678$O9:7$>9:$G:C:G$@H$6>E$<BE:G67:$B>>:7>6@7$6E$BGD:B?5$9689
$:7@;89M
$/;<G6A$B>>:7>6@7$BGE@$9BE$9689$
1"#&*,#,*-
Q$=:B7678$F:@FG:$I;6ATG5$E96H>$>9:6D$B>>:7>6@7$$
HD@=$@7:$6EE;:$>@$B7@>9:DM$*7?::?Q$B>>:7>
6@7$C@GB>6G6>5$=B5$<:$67AD:BE678$@C:D$>6=:M$
0E678$
G@786>;?67BG$?686>BG$>DBA:$?B>B$HD@=$3@@8G:Q$!O6>>:DQ$4:??6>$B7?$=@
C6:$>6AT:>$EBG:EQ$2@D:7U
R,FD::7$:>$BGM$XKLYdZ$H@;7?$>9B>$F;<G6A$B>>:7>6@7$67AD:BE678G5$EO6>A9:?$HD@=$@7:$E@A6BG$6EE;:$>@$
B7@>9:D$HD@=$KLY[
iKLYfM$.;D>9:D=@D:Q$>9:5$H@;7?$>9B>$>9:$C@GB>6G6>5$@H$F;<G6A$B>>:7>6@7$@7$
EF:A6H6A$6EE;:$6E$F@E6>6C:G5$A@DD:GB>:?$O6>9
$>9:$C@G;=:$@H$=:?6B$A@7>:7>$@7$>9:$6EE;:M$*7$B7@>9:D$
E>;?5$B<@;>$>9:$?6HH;E6@7$@H$=:=:E$@7$!O6>>:DQ$N:78$:>$BGM$XKLYKZ$H@;7?$>9B>$BE$A@=F:
>6>6@7$
@C:D$B>>:7>6@7$67AD:BE:EQ$>9:$C@GB>6G6>5$@H$F:@FG:VE$B>>:7>6@7$>@$B$FBD>6A;GBD$=:=:$BGE@$67AD:BE:?M$
!9:E:$H67?
678E$E;88:E>$>9B>$
F;<G6A$B>>:7>6@7$
@F:DB>:E$BE$B$jU:D@
RE;=$8B=:k$
Xb9;Q$YddKZ
m$67AD:BE678$B>>:7>6@7
$>@$B7$6EE;:$A@=:E$B>$>9:$A@E>$@H$B>>:7>6@7$>@$B7@>9:D$6EE;:M$
$/;<G6A$B>>:7>6@7$BGE@$A9B78:E$67$
2-2#%+M$%@O7EV$XYdc[Z
$E;88:E>E$>9:$?:C:G@F=:7>$@H$
F;<G6A$B>>:7>6@7$A5AG:E$>9D@;89$H6C:$T:5$E>B8:EW$XBZ$>9:$FD:
RFD@<G:=$E>B8:Q$O9:D:$@<^:A>6C:$
A@7?6>6@7E$@H$>9:$
6EE;:$BD:$HBD$O@DE:$>9B7$O9:7$>9:$F;<G6A$<:AB=:$67>:D:E>:?$67$6>m$X<Z$>9:$E>B8:$@H$
BGBD=:?$?6EA@C:D5$B7?$:;F9@D6A$:7>
9;E6BE=Q$O9:D:$>9:$F;<G6A$6E$E;??:7G5$BGBD=:?$<5$>9:$6EE;:$
B7?$FB5E$=@D:$B>>:7>6@7$>@$E@GC678$FD@<G:=m$XAZ$>9:$E>B8:$O9:D:$>9:$F;<G6A$D:BG6
U:E$>9B>$>9:$A@E>E$
!Kf!!!$@H$>9:$E@G;>6@7E$BD:$>@@$9689m$X?Z$>9:$E>B8:$O9:D:$F;<G6A$67>:D:E>$?:AG67:E$BE$=:=<:DE$<:A@=:$
?6EA
@;DB8:?$@D$<@D:?$<5$>9:$6EE;:m$B7?$X:Z$>9:$F@E>
RFD@<G:=$E>B8:Q$O9:D:$B7@>9:D$6EE;:$D:FGBA678$
>9:$676>6BG$6EE;:Q$>9:D:<5$D:E>BD>678$>9:$A5AG
:$BGG$@C:D$B8B67M$1;>$=B75$EA9@GBDE$AD6>6A6U:?$>9:$
8:7:DBG6UB<6G6>5$@H$G67:BD$E:I;:7>6BG$E>B8:$@H$6EE;:$?:C:G@F=:7>M$
.@D$:SB=FG:Q$
":7D5$B7?$3@D?@7$
XKLLYZ$AD6>6A6U:?$>96E$=@?:G$H@D$6>E
$67B<6G6>5$>@$?
:EAD6<:$O9:7$FD:A6E:G5$F;<G6A$B>>:7>6@7$EF6T:E$
B7?$FGB>:B;EM$(??6>6@7BGG5Q$@>9:DE$D689>H;GG5$F@67>$@;>$>9B>$F;<G6A$B>
>:7>6@7$CBD6:E$<5$F:@FG:VE$
9:BG>9$
X,969Q
$N6^B5BQ$n$1D@EEBD?Q$KLLaZ
Q$A;G>;D:E$
X1D@EEBD?$:>$BGMQ$KLLdZ
Q$B7?$<:>O::7$>9:6D$
:78B8:=:7>$O6>9$>DB?6>6
@7BG$=:?6B$C:DE;E$?686>BG$=:?6B$
X2qDA9:D$n$':C:D
GBQ$KLYPZ
Q$=:B7678$6>$6E$
;7AG:BD$6H$>9:$A5AG6ABG$A9B78:E$@H$F;<G6A$B>>:7>6@7$$BA>;BGG5$D:HG:A>$@D$?:F:7?$@7$>9:$?6HH:D:7>$
E>B8:E$@H$6EE;
:$?:C:G@F=:7>M$
$D4-,!'-+727!9+:0.1!",,2/,.(/E
!N9B>$AB;E:E$F;<G6A$B>>:7>6@7$67$>9:$A@7>:=F@DBD5$95<D6?$=:?6B$:7C6D@7=:7>$6E$B$
A9BG
G:78678$I;:E>6@7m$9@O:C:DQ$
>O@$E>D:B=E$@H$:S6E>678$G6>:DB>;D:$E;88:E>$?6HH:D:7>$:SFGB7B>6@7E$
H@D$6>E$8:7:DB>6@7$B7?$>DB7E=6EE6@
7M$!9:$H6DE>$E:>$@H$G6>:DB>;D:$FD@F@E:E$>9B>$@D8B76UB>6@7BG$BA>@DEQ$
FD6=BD6G5$:G6>:$F@G6>6A6B7E$B7?$7:OE$=:?6BQ$?:>:D=67:$>9:$H@A
6$@H$F;<G6A$B>>:7>6@7M$(G>9@;89$
F;<G6A$B>>:7>6@7$BGE@$H@D=E$B$H::?<BAT$G@@F$>9B>$67HG;:7A:E$B>>:7>6@7$HD@=$>DB?6>6@7BG$8B>:T::F
:DEQ$
>9:$G6>:DB>;D:$?@O7FGB5E$>96E$A@77:A>6@7M$*7$>96E$<@?5$@H$G6>:DB>;D:Q$?686>BG$=:?6B$=B67>B67E$@D$
:SFB7?E$>9:$F@O:D$@H$>DB?6>
6@7BG$8B>:T::F:DE$9BC:$67$?:>:D=67678$>9:$HG@O$@H$F;<G6A$B>>:7>6@7M$
!9:@D6:E$E;A9$BE$%@O7EV$6EE;:$B>>:7>6@7$A5AG:Q$F;<G6A$B8:7?
BRE:>>678$X
)A+@=<E$n$,9BOQ$YdcKZQ$
F;<G6A$B8:7?B$<;6G?678XA6>:ZQ$B7?$8B>:T::F678$X
,9:@=BT:DQ$YddY
Z$HBGG$O6>967$>96E$E;<E:>$@H$
G6>:DB>;D:M$*$?6EA;EE$>9:E:$>9:@D6:E$=@D:$<:G@OM$
$!9:$E:A@7?$E:>$@H$G6>:DB>;D:$H@A;E:E$@7$@7G67:$7:>O@DTE$@H$A@==;76AB>6@7$D:GB>:?$
>@$>9:$
E9BDF$67AD:BE:$@D$EF6T:E$67$F;<G6A$B>>:7>6@7$B7?$>9:$?6HH;E6@7$@H$B>>:7>6@7M$.@D$:SB=FG:Q$E@=:$
!Kc!!!$E>;?6:E$9BC:$H@;7?$>9B>$FBD
>6A;GBD$$7:>O@DT$=:A9B76E=EQ$E;A9$BE$>9:$?:8D::E
#$@H$>9:$BA>@DEQ$>9:$
E>D:78>9$@H$7:>O@DT$>6:EQ$B7?$9@=@F96G5$67$A@==;76AB>6@7$7
:>O@DTEQ$BD:$D:GB>:?$>@$B>>:7>6@7$
?6HH;E6@7$
X:M8MQ$1BTE95$:>$BGMQ$KLYYm$N:78$:>$BGMQ$KLYKm$N;$:>$BGMQ$KLYYZ
M$.;D>9:D=@D:Q$
>9:E:$
E>;?6:E$E;88:E>$>9B>$@D?67BD5$F:@FG:$
FGB5$B7$6=F@D>B7>$D@G:$67$?6D:A>678$EF6T:E$67$F;<G6A$B>>:7>6@7M$
*7$FBD>6A;GBDQ$E:C:DBG$E>;?6:E$@7$=B^@D$A@7>:=F@DBD5$E@A6BG$=@C:
=:7>EQ$E;A9$BE$>9:$-AA;F5$
)@C:=:7>Q$>9:$*7?687B?@E$)@C:=:7>Q$B7?$(DB<$,FD678Q$9BC:$H@;7?$>9B>$F:@FG:VE$F:DA:F>6@7E$@H$
A9B78:E$67
$F;<G6A$B>>:7>6@7$E::=$>@$?D6C:$67H@D=B>6@7$HG@O$BAD@EE$@7G67:$A@==;76AB>6@7$
7:>O@DTE$
X1BD<:Dr$:>$BGMQ$KLYPm$3@7UrG:U
R1B6Gu7Q$KLY[m$3@7UrG:U
R1B6Gs7$:>$BGM
Q$KLYYZM$N6>967$>9:$
A@7>:S>$@H$@7G67:$A@==;76AB>6@7$7:>O@DTEQ$>9:E:$E>;?6:E$E9@O$>9B>$@D?67BD5$F:@FG:$AB7$8:7:DB>:$
E;<E>B7>6B
G$B>>:7>6@7$@7$B$E@A6BG$6EE;:$>9D@;89$67H@D=BG$F::D
R>@RF::D$A@==;76AB>6@7M$#=:D8678$
A@7A:F>E$B7?$>9:@D:>6ABG$HDB=:O@DTEQ$E;A9$BE
$A;DB>:?$HG@OE$
X!9@DE@7$n$N:GGEQ$KLYfZ
$B7?$7:>O@DT$8B>:T::F678$
X1BDU6GB6
R'B9@7Q$KLLaZ
Q$$B?BF>$B7?$:S>:7?$<:5@7?$>DB?6>6@7BG
$=:?6B$
>9:@D6:EQ$B7?$67$E@$?@678Q$>9:5$9:GF$:SFGB67$A9B78:E$67$F;<G6A$B>>:7>6@7$O6>967$>@?B5VE$95<D6?$
=:?6B$E5E>:=M$(>$>9:$EB=:$
>6=:Q$9@O:C:DQ$>9:E:$E>;?6:E$B7?$>9:@D6:E$?@$7@>$A@=:$O6>9@;>$>9:6D$
@O7$BEE;=F>6@7E$B7?$G6=6>B>6@7EM$!@$H@GG@OQ$*$B7BG5U:$>9:E:$
>O@$E:>E$@H$G6>:DB>;D:$B7?$?6EA;EE$
>9:6D$D:EF:A>6C:$G6=6>B>6@7EM$
$F77+2!",,2/,.(/!'>102
!%@O7EVE$XYdcKZ$6EE;:
RB>>:7>6@7$A5AG:$6E$
@7:$@H$>9:$:BDG6:E>$>9:@D:>6ABG$=@?:GE$>9B>$
:SFGB67E$>9:$D6E:$B7?$HBGG$@H$F;<G6A$B>>:7>6@7$>@$E@A6BG$6EE;:EM$,A9@GBDE$O6?:G5$BFF
G5$96E$H6C:
RE>B8:$
6EE;:$B>>:7>6@7$A5AG:$>@$>9:6D$O@DT$XE::$:M8MQ$
,A9tH:DQ$*CB7@CBQ$n$,A9=6?>Q$KLY\
ZQ$<;>$H:O$FB5$
AG@E:$B>>:7>6@7$>@$96E$FD@F@E6>6@7E$B<@;>$O9B>$=@C:E$F
;<G6A$B>>:7>6@7$H@DOBD?$B7?$<BATOBD?$
$$#!B)!
+#53,%!
)&/;#(C!,),%-+3+D!
,!)#*&!3+!,)!,5/#(!E5#2%*!F&!1&#1%&!#(!
#($,)3.,/3#)+G!3)!/0&!)&/;#(C8!
'0&!*&$(&&!3+!/0&!
)2HF&(!#4!/#/,%!5#))&5/3#)+!/0,/!/0&!)#*&!0,+!;3/0!#/0&(+8
!!Ka!!!$>9D@;89$>9:E:$E>B8:EM$"6E$FD@F@E6>6@7E$FD:E:7>$>O@$T:5$>BT:BOB5EM$.6DE>Q$7:OE$=:?6B$FGB5E$B
$C6>BG$
D@G:$67$67HG;:7A678$9@O$>9:$F;<G6A$;7?:DE>B7?E$B7$6EE;:Q$>9:D:<5$F;E9678$F;<G6A$B>>:7>6@7$HD@=$
@7:$E>B8:$>@$B7@>9:DM$.@GG
@O678$B$H6C:
RE>:F$A5AG6ABG$FD@A:EEQ$%@O7E$BD8;:?$>9B>$>9:$6EE;:$
B>>:7>6@7$E>B8:$?:F:7?E$@7$9@O$>9:$F;<G6A$;7?:DE>B7?E$>9:$A@E>E$
B7?$<:7:H6>E$@H$B??D:EE678$EB6?$
6EE;:M$(7$6EE;:$>:7?E$>@$D:A:6C:$G:EE$B7?$=@D:$HG::>678$B>>:7>6@7$6HW$XBZ$E@GC678$6>$<:7:H6>E$@7
G5$B$
E=BGG$FBD>$@H$>9:$F@F;GB>6@7Q$X<Z$>9:$A@E>$@H$E@GC678$6>$6E$9689Q$B7?$XAZ$6>$6E$7@>$?DB=B>6A$@D$
:7>:D>B67678$>@$=@E>$F:@FG:
M$/;<G6A$;7?:DE>B7?678$@H$>9:$A@E>E$B7?$<:7:H6>E$6E$A@7>678:7>$@7$9@O$
7:OE$=:?6B$67>:DFD:>$>9:$6EE;:$>@$>9:$F;<G6AM$,:A@7?Q$BAA@
D?678$>@$%@O7EQ$=@C678$F;<G6A$
B>>:7>6@7$BAD@EE$:BA9$E>B8:$D:I;6D:E$B$A@=FG6AB>:?$67>:DBA>6@7$B=@78$=:?6BQ$8@C:D7=:7>Q$B7?$
F;<G6A
$B>>:7>6@7M$*7$8:7:DBGQ$<@>9$7:OE$=:?6B$B7?$8@C:D7=:7>$B>>:7>6@7$67HG;:7A:$F;<G6A$B>>:7>6@7$
O6>9$H::?<BAT$G@@FE$<:>O::7$:BA9$@>9
:DM$(E$=:?6B$67HG;:7A:E$F;<G6A$B>>:7>6@7$@7$B7$6EE;:Q$F;<G6A$
B>>:7>6@7Q$B>$>9:$EB=:$>6=:Q$8;6?:E$7:OE$B>>:7>6@7M$"@O:C:DQ$O9:7$7
:OE$=:?6B$@C:DD:F@D>E$@7$B7$
6EE;:Q$>9:$F;<G6A$>:7?E$>@$G@E:$67>:D:E>M$(E$H@D$>9:$D:GB>6@7E96F$<:>O::7$8@C:D7=:7>$B>>:7>6@7$B7?$
F;<G6A$B>>:7>6@7Q$F;<G6A$B>>:7>6@7$FD:EE;D:E$F@G6>6A6B7E$>@$E@GC:$>9:$6EE;:$B>$9B7?$B7?Q$>9;EQ$
j@D6:7>Ek$8@C:D7=:7>$B>>:7>6@7M$(G
>9@;89$>9:$F;<G6A$AB7$FD:EE;D:$>9:$8@C:D7=:7>$>@$>BT:$7@>6A:$
@H$FBD>6A;GBD$6EE;:Q$>9:$8@C:D7=:7>$AB7$BGE@$E;FFD:EE$F;<G6A$B>>:7>
6@7$<5$67H@D=678$>9:$F;<G6A$
B<@;>$>9:$A@E>E$BEE@A6B>:?$O6>9$E@GC678$>9:$6EE;:Q$BE$E;88:E>:?$@DQ$B>$>6=:EQ$?:=B7?:?$<5$>9:$
F;<G6A
M$$$$"G2/A-!$2,,./G!-/A!#+.0A./G!
!)B75$=:?6B$EA9@GBDE$BFFG5$%@O7EV$6EE;:$B>>:7>6@7$A5AG:Q$<;>$>9:5$@H>:7$E6=FG6H5$96E$
:SFGB7B>6@
7E$B<@;>$F;<G6A$B>>:7>6@7$<5$@7G5$@D$@C:D$:=F9BE6U678$>9:$D@G:$@H$7:OE$=:?6BM$)@D:$
FD:A6E:G5Q$>96E$E>D:B=$@H$E>;?6:E$>BT:E$B$=:?
6BRA:7>D6A$BFFD@BA9$B7?$E;88:E>E$>9B>$>9:$7:OE$=:?6B$
E:>E$>9:$F;<G6A$B8:7?B$<5$67HG;:7A678$>9:$EBG6:7A:$@H$B7$6EE;:$X)A+@=<E$n$,
9BOQ$YdcKm$Ydd[Z$
!Kd!!!$B7?$<;6G?678$A@7E:7E;E$B=@78E>$>9:$F;<G6A$@7$O9B>$A@7E>6>;>:E$>9:$6=F@D>B7>$6EE;:E$@H$>9:$
=@=:7>$X26FF=B77Q$Yd\
dm$)A+@=<EQ$Yddcm$)A+@=<EQ$KLL\ZM$+@9:7VE$B8:7?B$E:>>678$>9:@D5$
BD8;:E$>9B>$7:OE$=:?6B$6E$jE>;77678G5$E;AA:EEH;G$67$>:GG678$6>E$
D:B?:DE$O9B>$>@$>967T$B<@;>k$X
X#M$
)M$4@8:DEQ$%:BD678Q$n$1D:8=B7Q$Ydd[Z
Q$FM$cKZM$-7$@>9:D$9B7?Q$B8:7?B$<;6G?678$EA9@GBDE$67$
A@==;76AB>6@7
$E::T$>@$;7?:DE>B7?$O9@$E:>E$=:?6B$B>>:7>6@7$
X#M$4@8:DE$n$%:BD678Q$YdaaZ
!9:E:$
E>;?6:E$BD:$@D8B76UB>6@7BGG5$@D6:7>:?$B7?$H@A;E$@7$9@O$@D8B76UB>6@7EQ$E;A9$BE$F;<G6A$D:GB>6@7E$
H6D=EQ$67HG;:7A:$=:?6B$B>>:7>6@7$
X&B78$n$,BHH:DQ$KLYaZ
M$26T:$
)A+@=<E$B7?$,9BO
VE$
B8:7?B$
E:>>678$>9:@D5Q$,9@:=BT:DVE$XYddYZ$8B>:T::F678$=@?:G$F@E6>6@7E$=BEE$=:?6B$BE$8B>:T::F:DE$>9B>$
?:A6?:$O96A9$6EE;:E$D:A:6C:$F;<G6A$B>>:7>6@7M$*7$HBA>Q$67H@D=B>6@7$@H>:7$=;E>$FBEE$>9D@;8
9$E:C:DBG$
E;A9$8B>:T::F:DE$<:H@D:$E;AA:EEH;GG5$8B67678$F;<G6A$B>>:
7>6@7$X,9@:=BT:D$:>$BGMQ$KLLdZM
$):?6B$EA9@GBDE$9BC:$BGE@$H@;7?$E>D@78$67>:D=:?6B$B8:7?B$E:>>678$:HH:A>EQ$O96A9$>DB7EH:D$
>9:$EBG6:7A5$@H$B7$6EE;:$HD@=$@7:$=:?6B$@;>G:>$X:M8MQ$!O6>>:DQ$.BA:<@@
TQ$B7?$>DB?6>6@7BG$=:?6BZ$@D$
HD@=$A:D>B67$>5F:E$@H$=:?6B$X:M8MQ$FB
D>6EB7$=:?6B$B7?$:G6>:$=:?6BZ$>@$B7@>9:D$@;>G:>$
X_B78$:>$BGMQ$
KLYcm$):DBUQ$KLLdZ
M$.@D$67E>B7A:Q$26=$
XKLLfZ$?6EA@C:D:?$>9B>$6EE;:E$X@D$>9:$=:?6B$B8:7?BZ$
=@C:E$HD@=$:G6>:Q$>DB?6>6@7BG$=BEE$=:?6B$@;>G:>E$>@$G:EE
R:G6>:$@7:EQ$E;A9$BE$HD@=$7:OEFBF:D$>
@$!g$
@D$HD@=$7:OEFBF:D$>@$O6D:$E:DC6A:$
XKLLfZM$#C:7$A@7E6?:D678$>9:$8D@O678$FD:E:7A:$@H$?686>BG$
=:?6BQ$>DB?6>6@7BG$=:?6B$BD:$E>6GG$F@O:D
H;G$H@DA:E$67$?6D:A>678$F;<G6A$B>>:7>6@7M$&;$B7?$(6TB>$
XKLLfZ$H@;7?$>9B>$=:?6B$B8:7?BE$BD:$A@7C:D8:7>$<:>O::7$F@D>BG$7:OE$B7?$>DB?6>6@7BG$G:8BA5$
=:?6B$67$>:G:C6E6@7$B7?$7:OEFBF:DEM$
$%686>BG$=:?6B$:7B<G:$@D8B76UB>6@7BG$BA>@DE$>@$?6D:A>G5$A@==;76AB>:$O6>9$>9
:$F;<G6A$B7?$
E9BF:$>9:6D$B>>:7>6@7M$#C:7$E@Q$:=F6D6ABG$H67?678E$E;
88:E>$>9B>$>DB?6>6@7BG$8B>:T::F:DEQ$E;A9$BE$
7:OE$=:?6BQ$F@G6>6ABG$:G6>:$B7?$GBD8:$@D8B76UB>6@7EQ$E>6GG$HD:I;:7>G5$?@=67B>:$>9:$E9BF:$@H$F;<G6A$
B>>:7>6@7$@7$?686>BG$=:?6B$@;>G:>EM$.@D$:SB=FG:
Q$E=BGG$B?C@ABA5$@D8B76UB>6@7E$E>6GG$BA>6C:G5$
![L!!!$A@=F:>:$O6>9$GBD8:$6
7>:D7B>6@7BG$'3-E$E;A9$BE$-SHB=$>@$8B67$B>>:7>6@7$HD@=$=B67E>D:B=$7:OE$
=:?6B$BE$B$OB5$>@$8B67$GBD8:
REABG:$F;<G6A$B>>:7>6@7$@7$6=F@D>B7>$E@A6BG$6EE;:E$
X!9DBGGQ$,>:A;GBQ$n$
,O::>Q$KLY\<Z
M$+@==;76AB>6@7$EA9@GBDE$G6T:O6E:$:=<DBA:$>9:$D@G:$@H$?686>BG$=:?6B$67$B8:7?B$
E:>>678M$$.@D$:SB=FG:Q$,9BO$B7?$)A+@=<E$XKLLaZ
$67AG;?:$E@A6BG$B7?$67>:DF:DE@7BG$=:?6B$
X9@D6U@7>BG$=:?6BZ$BE$B7$:
S>:7E6@7$>@$=BEE$=:?6B$XC:D>6ABG$=:?6BZ$67$>9:$B8:7?B$E:>>678$FD@A:EEM$
26T:O6E:Q$67$<;6G?678$B8:7?B$E:>>678$>9:@D5Q$gBD8@$B7?$3;@$XKLYcZ$FD@F@E:?$>9:$7:>O@DT$B8:7?B$
E:>>678$=@?:GQ$O96A9$A@7E
6?:DE$9@O$@H>:7$=;G>6FG:$6EE;:E$BD:$EBG6:7>$O6>967$>9:$7:OE$B>$>9:
$EB=:$>6=:M$!9:5$BGE@$:SFB7?:?$>9:$=@?:G$>@$:SFGB67$6EE;:$B>>:7>6@7$>DB7EH:D$<:>O::7$E@A6BG$=:?6B$B7?$
=BEE$=:?6BQ$BE$O:GG$BE$HD@=$7:OE$=:?6B$>@$>9:$F;<G6A$B8:7?B$
XgBD8@Q$3;@Q$n$(=BU::7Q$KLYaZ
M$(??6>6@7BGG5Q$-875B7@CB$XKLKLZ$FD@F@E:?$B$?57B=6A$B7?$=;G>6?6=:7E6@7BG$7:>O@DT$=@?:G$@H$
B8:7?B$E:>>678$>9B>$:=<
:?E$B;?6:7A:Q$67H@D=B>6@7$E@;DA:EQ$B7?$6EE;:EM$!96E$=@?:G$67>:8DB>
:E$7:>O@DT$=:A9B76E=EQ$=:?6BQ$67>:D=:?6BQ$B7?$67>:DF:DE@7BG$67HG;:7A:$67$B8:7?B$E:>>678$>9:@D5M$
$(G>9@;89$>9:E:$D:A:7>$B?BF>6@7E$@H$=@D:$>DB?6>6@7BG$B8:7?B$E:>>678$=@?:GE$FD@C6?:$=@D:$
7;B7A:
$B7?$9:GF$<:>>:D$6GG;=67B>:$?D6C:DE$@H$F;<G6A$B>>:7>6@7$B7?$B8:7?B
EQ$>9:E:$=@?:GE$9BC:$B$
H:O$T:5$E9@D>A@=678EM$!9:5$D:G5$@7$E:C:DBG$BEE;=F>6@7E$>9B>$G6=6>$>9:6D$8:7:DBG6UB<6G6>5$67$
:SFGB67678$F;<G6A$B>>:7>6@7$67$95<D6?$=:?6B$E5E>:=M$
$.6DE>Q$>96E$O@DT$
:=F9B
E6U:E$>9:$D@G:$@H
$@D8B76UB>6@7BG$BA>@DEQ$E;A9$BE$7:OE$=:?6BQ$
F@G6>
6A6B7EQ$:G6>:EQ$B7?$B?C@ABA5$8D@;FEQ$67$E9BF678$>9:$F;<G6A$B>>:7>6@7M$N96G:$>9:E:$>9:@D6:E$
A@7A:?:$>9B>$>9:$8:7:DBG$F;<G6A$67H@D=E$>96E$FD@A:EEQ$>9:5$E>6GG$BEE;=:$>9B>$@D8B76UB>6@7BG$BA>@DE$
BD:$>9:$=B67$676>6B>@DE$@H$F;<G6A$B>>:7>6@7$B7?$>9B>$>9:$8:7:DBG$F
;<G6A$=@E>G5$^;E>$D:EF@7?$>@$O9B>$
@D8B76UB>6@7E$E687BG$6E$6=F@D>B7>M$"@O:C:DQ$O6>9$E@A6BG$=:?6BQ$@D?67BD5$F:@FG:$AB7$<D678$
BOBD:7:EE$B7?$B>>:7>6@7$>@$B$FBD>6A;GBD$6EE;:$>9D@;89$67H@D=BGQ$F::
DR>@RF::D$A@==;76AB>6@7Q$
O96A9Q$67$>;D7Q$AB7$67HG;:7A:$>DB?6>6@7BG
$8B>:T::F:DEM$.@D$:SB=FG:Q$D:E:BDA9$@7$E@A6BG$
![Y!!!$=@C:=:7>EQ$67$FBD>6A;GBDQ$?@A;=:7>E$9@O$:C:D5?B5$E@A6BG$=:?6B$;E:DE$67HG;:7A:$7:OE$=:?6BQ$
:G6>:EQ$B7?$F@G6>6A6B7EV$B>>:7>6@7M$%;D678$>9:$KLYY$#8
5F>6B7$;FD6E678Q$@D?67BD5$;E:DE$@7$CBD6@;E$
E@A6BG$=:?6BG$FGB>H@D=E
$<:AB=:$FD@=67:7>$H68;D:EQ$O9@$9:GF:?$E9BF:$>9:$7BDDB>6C:$@H$>9:$
=@C:=:7>M$!9:E:$;E:DE$BGE@$:G:CB>:?$@>9:DE$>@$:G6>:$E>B>;E$>9D@;89$7:>O@DT:?$8B>:T::F678Q$B7?$
>9:5$67>:DBA>:?$O6>9$:G6>:E$67$
B$HG;6?$B7?$6>:DB>6C:$OB5EQ$:HH:A>6C:G5$D:C6E678Q$D:BD>6A;GB>678Q$
B7?$
?6EF:DE678$@H$>9:$7BDDB>6C:$B<@;>$>9:$;FD6E678$X):DBU$n$/BFBA9BD6EE6Q$KLY[ZM$*7$B7@>9:D$E>;?5Q$
.D::G@7$B7?$A@GG:B8;:E$XKLYaZ$>DBAT:?$!O6>>:D$?B>B$B<@;>$>9:$1GBAT$26C:E$)B>>:D$=@C:=:7>Q$
H67?678$>9B>$BA>6C6E>E$A@@D?67B>:?$E@A6BG$=:?6B$=:EEB8678$>@$B>>DBA
>$7:OE$=:?6B$B7?Q$>9;EQ$8B67$
>9:$B>>:7>6@7$@H$>9:$F@G6>6ABG$:G6>:EM$!9:E:$E>;?6:E$9BC:$E9@O7$>9B>$<5$;E678$?686>BG$=:?6BQ$>9:$
8:7:DBG$F;<G6A$9BE$67AD:BE:?$6>E$F@O:D$67$B8:7?B$E:>>678Q$67HG;:
7A678$>9:$HG@O$@H$67H@D=B>6@7Q$B7?$
:SFB7?678$F;<G6A$B>>:7>6@7M$&:>
Q$>9:E:$@D8B76UB>6@7BG
RA:7>D6A$E>;?6:E$?@O7FGB5$>9:$T:5$D@G:$
8:7:DBG$;E:DE$E:DC:$67$>9:E:$FD@A:EE:EM
$(7@>9:D$G6=6>B>6@7$@H$>96E$O@DTQ$FBD>6A;GBDG5$67$67>:D=:?6B$B8:7?B$E:>>678Q$6E$6>E$
@F:DB>
6@7BG6UB>6@7$@H$F;<G6A$B>>:7>6@7$E@A6BG$=:?6B$B>>:7>6@7$X:M8MQ$!O6
>>:D$B>>:7>6@7ZM$!9:$
BEE;=F>6@7$6E$>9B>$=:?6B$FGB>H@D=E$?6C6?:$>9:$>DB?6>6@7BG$8B>:T::F:DE$B7?$>9:$F;<G6AM$(E$
=:7>6@7:?$<:H@D:Q$@D8B76UB>6@7E$BGE@$;E:$E@A6BG$=:?6B$>@$?6D:A>G5$A@==;76AB>:$O6
>9$>9:$F;<G6AM$
.@D$:SB=FG:Q$7:OE$@D8B76UB>6@7E$F;<G6E9$7:OE$@7$E@A
6BG$=:?6B$>@$:78B8:$GBD8:D$B;?6:7A:E$
XN:G<:DEQ$gB7$(>>:C:G?>Q$]G
:6776^:79;6EQ$4;68D@TQ$n$,A9BF:DQ$KLYfZ
M$_@;D7BG6E>E$BGE@$;E:$E@A6BG$
=:?6B$>@$A@7E>D;A>$7BDDB>6C:E$B7?$A@==:7>$@7Q$H@D$:SB=FG:Q$F@G6>6ABG$9BFF:7678E$?;D678$
FD:E6?:7>6BG$:G:A>6@7E$
X)@;D`@Q
$KLYPZM$*7$B??6>6@7$>@$7:OE$BA>@DEQ$F@G6>6A6B7E$X]D:6EEQ$KLYfZ$B7?$
7@7FD@H6>E$
X2@C:^@5$n$,BS>@7Q$KLYKm$&B78$n$,BHH:DQ$KLYaZ
$BG6T:$:SFB7?:?$>9:6D$FD:E:7A:$@7$
E@A6BG$=:?6B$BE$B$OB5$H@D$>9:=$>@$AD:B>:$7:OE$B7?$F;<G6A$B>>:7>6@7$H@D$>9:6D$EF:A6H6A$@<^:A>6C:EM$
.@D$:SB=FG:
Q$F@G6>6A6B7E$;E:$E@A6BG$=:?6B$>@$=B76F;GB>:$F;<G6A$B>>:7>6@7
367$F
@G6>6ABG$AB=FB687E$
![K!!!$X]D:6EEQ$KLYfZQ$:G:A>6@7E$
X_;789:DDQ$KLY\<m$N:GGE$:>$BGMQ$KLYfZ
Q$B7?$?:<B>:E$X.D::G@7$n$]BDFHQ$
KLYPZM$)@D:$EF:A6H6ABGG5Q$?;D678$:G:A>6@7$E:BE@7Q$F@G6>6A6B7E$F;<G
6E9$AB=FB687
R?D6C:7$A@7>:7>$@7$
!O6>>:D$B7?$:78B8:$O6>9$^@;D7BG6E>E
$BE$FBD>$@H$j7:OE$=B7B8:=:7>k$X';:D7<:D8$n$+@7BD?Q$KLYfZM$
!9:E:$H67?678E$E9@O$>9:$FD:E:7A:$@H$>DB?6>6@7BG$8B>:T::F:DE$B7?$>9:$67>:DBA>6C:$B7?$E5=<6@>6A$
D:GB>6@7E96F$<:>O::7$>9:=$B7?$>9:$@D?6
7BD5$F:@FG:$@7$!O6>>:DM$!9:D:H@D:Q$>9:$>D:B>678$E@A6BG$
=:?6B$BE$:I
;6CBG:7>$>@$F;<G6A$B>>:7>6@7$@C:DG@@TE$>9:E:$67>:DBA>6C:$A@==;76AB>6@7E$B7?$>9:6D$
F@>:7>6BG$67HG;:7A:$@7$F;<G6A$B>>:7>6@7M$
$($>96D?$A9BGG:78:$@H$>96E$G6>:DB>;D:$6E$>9:$>6=:$A@=FD:EE6@7$@H$=:
?6B$:HH:A>EM$(8:7?B$
E:>>678$B7?$B8:7?B$<;6G?678$>9:@D6:E$E>:==:?$=
@E>$?6D:A>G5$HD@=$1:D7BD?$+@9:7$67$Ydf[$
X4@8:DE$n$%:BD678Q$YdaaZ
J>9:$>9:@D6:E$O:D:$?:C:G@F:?$67$B$=;A9$EG@O:D$FBA:?$=:?6B$
:7C6D@7=:7>$>9B7$>@?B5M$*76>6BGG5$?:C:G@F:?$=@D:$>9B7$PL$5:BDE$B8@Q$
>9:E:$>9:@D6:E$8:7:DBGG5$
BEE;=:$6>$>BT:E$B$G@78:D$>6=:$>9B7$>@?B5$
H@D$>9:$F;<G6A$>@$B<E@D<$>9:$=BEE$=:?6B$B7?$;7?:DE>B7?$
>9:$6=F@D>B7A:$@H$B7$6EE;:$
XN:6=B77$n$1D@E6;EQ$KLYcBZ
M$(E$E9@O7$67$B8:7?B$E:>>678$E>;?6:E$
O6>967$>9:$A@7>:S>$@H$=BEE$=:?6BQ$6>$>BT:E$BFFD@S6=B>:G5$\
ia$O::TE$H@D$>9:$7:OE$=:?6B$B8:7?B$
>@$BHH:A>$>9:$F;<G6A$B8:7?B$X
)A+@=<EQ$KLL\ZQ$<;>$>96E$=B5$7@>$<:$>9:$ABE:$67$>@?B5VE$=:?6B$
:7C6
D@7=:7>M$N6>9$>9:$B?C:7>$@H$E@A6BG$=:?6BQ$;E:DE$AB7$BHH:A>$>9:$B8:7?B$BG=@E>$67$D:BG
R>6=:M$(E$
+9B?O6AT$XKLYcZ$F@67>:?$@;>Q$>9:$A@==;76AB>6@7$B7?$>9:$F@O:D$D:GB>6@7E$<:>O::7$BA>@DE$67$>9:$
95<D6?$=:?6B$:7C6D@7=:7>$BD:$A@7E>B7>G5$A9B78678M$!9:$>:=F@DBG$67>:DD
:GB>6@7$<:>O::7$?6HH:D:7>$
=:?6B$@;>G:>E$A@;G?$9BFF:7$O6>967$B$?B5$
XN:GGE$:>$BGMQ$KLYdZ
M$+@7E6?:D678$7:OEFBF:DQ$>:G:C6E6@7Q$
DB?6@Q$7:OE$O:<E6>:EQ$B7?$!O6>>:D$67$>9:$1:G86B7$KLY\$:G:A>6@7$AB=FB687Q$"BD?:D$:>$BGM$XKL
YcZ$H@;7?$>9B>$O:<E6>:E$B7?$!O6>>:D$I;6ATG5$E:>$>9:$F;<G6A$B8:7?B$
O6>967$B$?B5M$
$!9:$?6HH;E6@7$@H$B>>:7>6@7$@7$E@A6BG$=:?6B$E@=:>6=:E$>DBC:GE$B>$C6DBG$EF::?EQ$D:BA9678$
GBD8:$8D@;FE$@H$F:@FG:$67$B$=B>>:D$@H$=67;>:E$@D$B$H:O$E9@D>$9@;DE$X'B9@7Q$KLY[ZM$#SB=67
678$YLf$
![[!!!$=6GG6@7$>O::>EQ$]OBT$:>$BGM$XKLYLZ$H@;7?$>9B>$9BGH$@H$D:>O
::>E$@AA;DD:?$O6>967$Y$9@;D$@H$>9:$
676>6BG$>O::>$B7?$cPl$@H$D:>O::>E$9BFF:7:?$O6>967$>9:$H6DE>$?B5M$(E$H@D$.BA:<@@TQ$1BTE95$:>$BGM$
XKLYKZ$A@7?;A>:?$B$H6:G?$:SF:D6=:7>$67$O96A9$>9:5$@<E:DC:?$
>9:$E9BD678$<:9BC6@D$@H$KP[$=6GG6@7$
;E:DE$B7?$H@;7?$>9B>$>9:Q$@7$B
C:DB8:Q$F:@FG:$D:E9BD:?$B$HD6:7?VE$F@E>$O6>967$E6S$9@;DE$@H$6>E$
F;<G6AB>6@7M$!9:$G6H:EFB7$@H$A@7>:7>$@7$E@A6BG$=:?6B$6E$BGE@$E9@D>M$.@D$:SB=FG:Q$@7$!O6>>:DQ$B$
9BE9>B8$E>B5:?$O6>967$>9:$>@F$P
L$G6E>$H@D$@7G5$YYMd$9@;DE$67$KLYf$
X2@D:7U
R,FD::7$:>$BGMQ$KLY
dZM$(E$
=B75$B8:7?B$E:>>678$E>;?6:E$;E:$O::TG5Q$I;BD>:DG5Q$@D$=@7>9G5$>6=:$EABG:E$H@D$B7BG5U678$F;<G6A$
B>>:7>6@7Q$>96E$B88D:8B>:?$>6=:$A@=FD:EE6@7$@C:DG@@TE$>9:$>:=F@DBG$6=FBA>$@H$:BA9$E@;DA
:E$@H$
B>>:7>6@7$B7?$@C:D:E>6=B>:$>9:$67HG;:7A:$@H$7:OE$=:?6BQ$BG>9
@;89$>9:$>6=678E$@H$>9:E:$?6HH:D:7>$
D:>O::>EQ$D:E9BD:EQ$F@E>EQ$:>AM$=B5$A@7>D6<;>:$>@$EF6T:E$67$F;<G6A$B>>:7>6@7M
$36C:7$>9:E:$>9D::$=B67$G6=6>B>6@7E$@H$@D8B76UB>6@7
RA:7>D6A$E>;?6:E$@7$F;<G6A
$B>>:7>6@7Q$B$
H:O$EA9@GBDE$9BC:$E96H>:?$>9:$A@7A:F>;BG6UB>6@7$@H$B
8:7?B$E:>>678$>@OBD?$B$FD@A:EE$@H$B8:7?B$
?6HH;E6@7Q$B8:7?B$E9BD678Q$@D$67H@D=B>6@7$HG@OM$N:6=B77$B7?$1D@E6;E$XKLYcZ$D:C6:O:?$9@O$
B8:7?B
RE:>>678$E>;?6:E$:C@GC:?$O6>9$>9:$D6E:$@H$>9:$?686>BG$=
:?6BM$1BE:?$@7$>9:6D$D:C6:OQ$>9:5$
E;88:E>:?$>9B>$6>$6E$=@D:$BAA;DB
>:$>@$D:HDB=:$B8:7?B$E:>>678$BE$B8:7?B$?6HH;E6@7Q$<:AB;E:$>9:$
A@7A:F>$@H$j?6HH;E6@7k$<:>>:D$D:HG:A>E$>9:$67>:DBA>6C:Q$=;G>6
RE>:F$HG@O$@H$A@==;76AB>6@7Q$B7?$>9:$
E@A6BG$7:>O@DTE$67$O96A9$>9:E:
$HG@OE$BD:$:=<:??:?M$N9B>VE$=@D:Q$N:6=B77$B7?$1D@E6;E$
:SFGB67:?$>9
B>$?686>BG$FGB>H@D=E$BAA:G:DB>:$>9:$FD@A:EE$@H$B8:7?B$?6HH;E6@7Q$BE$O:GG$BE$>9B>$>9:$
O9@G:$FD@A:EE$@H$B8:7?B$?6HH;E6@7$6E$=@D:$A@=FG6AB>:?$>9B7$E;88:E>:?$<5$:S6E>678$B8:7?B$E:>>678$
B7?$<;6G?
678$>9:@D6:EM$.;D>9:D=@D:Q$>9:6D$O@DT$=6DD@DE$>9:$OB5$E@=:$B8:7?B$
E:>>678$E>;?6:E$9BC:$
D:HDB=:?$>9:6D$H@A;EM$.@D$67E>B7A:Q$_B78$B7?$A@GG:B8;:E$XKLYdZ$B?@F>:?$BFFD@BA9:E$>5F6ABG$@H$
67>:D=:?6B$B8:7?B$E:>>678$E>;?6:E$<5$B7BG5U678$>9:$>:=F@DBG$A@DD:GB>6@7E$<:>
O::7$!O6>>:DQ$7:OE$
=:?6BQ$B7?$4:??6>$F@E>E$B<@;>$CBAA67:EM$0E678$>
96E$>:=F@DBG$BFFD@BA9Q$>9:5$HDB=:?$>9:6D$
![\!!!$D:E:BDA9$BE$B7$:SB=67B>6@7$@H$>9:$67H@D=B>6@7$HG@O$B7?$B8:7?B$?6HH;E6@7$BAD@EE$=:?6B$@;>G:>EM$
!96E$E96H>678$;7?:DE>B7?678$@H$B8:7?B$E:>>678$B7?$<;6G?
678$E;88:E>E$>9B>$
D:E:BDA9$@7$F;<G6A$
B>>:7>6@7$E9@;G?$D:A@7E6?:D$O
9B>$>9:$A9B78678$=:?6B$:7C6D@7=:7>$=:B7E$>@$>9:$:C@G;>6@7$@H$
F;<G6A$B>>:7>6@7M$($=@D:$D:G:CB7>$I;:E>6@7$O@D>9$F;DE;678$6EQ$O9B>$?D6C:E$>9:$?DB=B>6A$67AD:BE:$
@H$F;<G6A$B>>:7>6@7$67$>9:$A@7>:=
F@DBD5$95<D6?$=:?6B$:7C6D@7=:7>Q$EB>;DB>:?$<5$E@$=B75$A9@6A:E$
B7?$
A9B78678$DBF6?G5$
X#?5$n$):6D6ATQ$KLYaZ
M$"@O$F;<G6A$B>>:7>6@7$:C@GC:E$67$>9:$
A@=FG:S
$?57B=6AE$<:>O::7$>9:$?6HH:D:7>$E:>E$@H$BA>@DE$67$>9:$A@7>:=F@DBD5$=:?6BEABF:$6E$B$A:7>DBG$
A9BGG:78:$H@D$E>;?6:E$@H$F;<G6A$B>>:7>6@7$X':;=B7Q$KLYfZM
$;/0./2!F/5(3)-,.(/!6.55+7.(/!-/A!<2,=(3H!@214-/.7)7!
!(G>9@;89$B8:7?B
RE:>>678$EA9@GBDE$9BC:$@7G5$^;E>$<:8;7$
>@$67>D@?;A:$>9:$j?6HH;E6@7k$
A@7A:F>$>@$>9:$E>;?5$@H$F;<G6A$B>>:7>6@7Q$67H@D=B>6@7$?6HH;E6@7$E>;?6:E
J>9:$E:A@7?$E>D:B=$@H$
>9:@D6:E$B7?$E>;?6:E$?6EA;EE:?
J9BC:$O6?:G5$B?@F>:?$>96E$BFFD@BA9$>@$:SFGB67$EF6T:E$67$F;<G6A$
B>>:7>6@7M$/BD>6A;GBDG5$67$@7G67:$E@A6BG$
=@C:=:7>$E>;?6:E$BE$=:7>6@7:?$<:H@D:Q$>9:$E;AA:EE$@H$
E@A6BG$=@C:=:7>E$D:G6:E$@7$O9:>9:D$>9:5$AB7$8:7:DB>:$B$9;8:$B=@;7>$@H$F;<G6A$B>>:7>6@7M$,@A6BG$
=@C:=
:7>$E>;?6:E$B<@;>$>9:$?6HH;E6@7$@H$F;<G6A$B>>:7>6@7$E;88:E>$>9B>$EF6T:E$@H$F;<G6A$B>>:7>6@7$
BD:$B$D:E;G
>$@H$=@D:$A@=FG6AB>:?$7:>O@DT$=:A9B76E=EM$!96E$E>D:B=$@H$D:E:BDA9$F:DA:6C:?$
67H@D=B>6@7$?6HH;E6@7$BE$B$E@A6BG$FD@A:EEM$!9:$7:>O@DT$67HG;:7A:E$>9:$FD@A:EE
$<5$67>:D?:F:7?:7A:$
B=@78$@D?67BD5$F:@FG:Q$O96A9$6E$>9:$=@E>$<BE6A$7:>O@DT$=:A9B76E=$X
3@7UrG:U
R1B6Gs7Q$
KLYcZM$-D?67BD5$F:@FG:$BE$AD;A6BG$BA>@DE$67$EFD:B?678$B>>:7>6@7$B<@;>$B$86C:7$6EE;:$>9D@;89$E@A6BG$
7:>O@DTEM$.@D$:SB=FG:Q$
<BE:?$@7$B$A@=FG:S$7:>O@DT$B7BG
5E6E$@H$fKK$=6GG6@7$>O::>E$@C:D$>9:$EFB7$
@H$B$5:BDQ$3@:G$B7?$A@GG:B8;:E$XKLYfZ$H@;7?$>9B>$=@E>$C6DBG$F@
E>E$@7G5$EFD:B?$O6>967$AG@E:$>6:E$
C6B$^;E>$B$H:O$E>:FEM$)@D:$EF:A6H6ABGG5Q$>9:5$H@;7?$>9B>$C6DBG$?6HH;E6@7$DBD:G5$9BFF:7:?$<5$B$
<D@B?ABE>$=@?:GQ$O9:D:$@7
G5$B$H:O$:S>D:=:G5$67HG;:7>6BG$<D@B?ABE>:DE$?@=67B>:?$>9:$?6HH;E6@7M$
![P!!!$*7E>:B?Q$C6DBG$?6HH;E6@7$9BFF:7:?$
=@E>$@H>:7$O9:7$<@>9$@D?67BD5$F:@FG:$B7?$GBD8:$<D@B?ABE>:DE$
A@GGB<@DB>6C:G5$A@7>D6<;>:?$>@$6E$?6HH;E6@7M$*7$HBA>Q$@D?67BD5$;E:DE$O6>9$BC:DB8:$@D$<:G@O$BC
:DB8:$
67HG;:7A:$>:7?$>@$<:$>9:$=@E>$67HG;:7>6BG$BA>@DE$67$C6DBG$?6HH;E6@7$
X1BTE95Q$"@H=B7Q$:>$BGMQ$KLYYZ
M$!96E$G6>:DB>;D:$BGE@$B??D:EE:E$>9:$E5=<6@>6A$B7?$?57B=6A$D:GB>6@7E9
6F$<:>O::7$F;<G6A$
B>>:7>6@7$B7?$>DB?6>6@7BG$8B>:T::F:DEM$.@D$:SB=FG:Q$
2@>B7$B7?$A@GG:B8;:E$XKLYYZ$:SB=6
7:?$>O::>E$
?;D678$>9:$!;76E6B7$B7?$#85F>6B7$;FD6E678E$B7?$H@;7?$>9B>$>9:$D:GB>6@7E96F$<:>O::7$=:?6B$@;>G:>E$
B7?$67?6C6?;BG$;E:DE$OBE$E5=<6@>6AM$!9B>$6EQ$
67$>9:$7:>O@DT:?$FD@?;A>6@7$B7?$?6EE:=67B>6@7$@H$
7:OE$@7$!O6>>:DQ$BA>@DEQ$67AG;?678$^@;D7BG6E>EQ$<G@88:
DEQ$B7?$BA>6C6E>EQ$D:>O::>:?$@7:$B7@>9:DQ$
>9:D:<5$:7A@;DB8678$>9:6D$B;?6:7A:E$>@$>O::>$=@D:$B7?Q$;G>6=B>:G5Q$67AD:BE678$F;<G6A$B>>:7>6@7M
$!O@$>5F:E$@H$@D
?67BD5$F:@FG:$:=<:??:?$67$>9:$A@==;76AB>6@7$7:>O@DTE$BD:$6=F@D>B7>$
H@D$;7?:DE>B7?678$B>>:7>6@7$?6HH;E6@7$>9D@;89$E@A6BG$7:>O@DTEW$@F676@7$G:B?:DE$B7?$>9:$AD6>6ABG$
=BEEM$-F676@7$G:B?:DE$BD:$@D?67BD5$;E:DE$O9@$9BC:$8B67:?$>D;E>$B7?$>9:$F@O:D$@
H$67HG;:7A:$
>9D
@;89$67>:DF:DE@7BG$A@==;76AB>6@7Q$B7?$>9;EQ$>9:E:$G:B?:DE$AB7$?6D:A>G5$67HG;:7A:$F;<G6A$
B>>:7>6@7$
X+9B$:>$BGMQ$KLYLm$]6D
6G:7T@$n$,>:F
A9:7T@CBQ$KLY\m$N;$:>$BGMQ$KLYYZ
M$]B>U$$XYdP
cZ$>9:@D6U:?$>96E$=:A9B76E=$BE$B$>O@
RE>:F$=:?6B>:?$FD@A:EEQ$O9:D:$@F676@7$G:B?:DEQ$O9@$O:D:$=@D:$
:SF@E:?$>@$=BEE$=:?6BQ$=:?6B>:$6>E$67HG;:7A:$@7$@D?67BD5$F:@FG:M$-F676@7$G:B?:DE$8:7:DB>:$
F;<G6A$B>
>:7>6@7$<5$B7$:
=:D8678$=:A9B76E=Q$O96A9$!;H:TA6$XKLY[Z$>:D=:?$j7:>O@DT:?$
=6AD@A:G:<D6>5$BA>6C6E=k
JB$FD@A:EE$<5$O96A9$=6AD@A:G:<D6>6:E$;E:$E@A6BG$=:?6B$>@$:78B8:$O6>9$
@D?67BD5$F:@FG:Q$E9BD:$F@G6>6AE$C6:OEQ$B7?$8:7:DB>:$B>>:7>6@7$H@D$>9:6D$AB;E:EM$*7$E9@D>Q$
=6AD@A:G:<D6>6:
E$BD:$j7@7
R67E>6>;>6@7BG$BA>@DEk$O9@E:$F@O:D$A@=:E$HD@=$67H@D=BG$?B6G5$
A@==;76AB>6@7$>9D@;89$jB$A@=<67B>6@7$@H$>:E>6=@75Q$B?C@ABA5$B7?$A6>6U:7$^@;D7BG6E=k$
X!;H:TA6Q$KLY[Q$F$aPLZM$.@D$:SB=FG:Q$A@7E6?:D678$>9:$@78@678$AG6=B>:$A9B78:$?:<B>:Q$
]6D6G:7T@$
B7?$,>:
FA9:7T@CB$
XKLY\Z$:SB=67:?$B$5:BDVE$O@D>9$@H$?B>B$HD@=$!O6>>:D$@7$AG6=B>:$A9B78:$B7?$
![f!!!$H@;7?$>9B>$@F676@7$G:B?:DE$67HG;:7A:?$F;<G6A$B>>:7>6@7$B
7?$?6EA@;DE:$B<
@;>$AG6=B>:$A9B78:M$(7?$
E@Q$O96G:$>DB?6>6@7BG$=:?6B$676>6B>:$@H$>9:$=B^@D6>5$67H@D=B>6@7$@7G67:Q$@F676@7$G:B?:DE$9:GF$
EFD:B?$>9:$7:OE$X
]6D6G:7T@$n$,>:FA9:7T@CBQ$KLY\
ZM$*GG;E>DB>678$>96E$F@67>Q$
N;$:>$BGMQ$XKLYYZ
$@<E:DC:?$
\K$=6GG6@7$!O6>>:D$;E:DE$B7?$YMP$
<6GG6@7$>O::>EM
$!9:5$H@;7?$BG>9@;89$=B75$D:>O::>E$
@D6867B>:?$HD@=$B$=67@D6>5$@H$:G6>:$;E:DEQ$>9:$67H@D=B>6@7$D:BA9:?$>9:$B;?6:7A:$@7$!O6>>:D$C6B$B$
GBD8:$8D@;F$@H$67>:D=:?6BD6:EM$$$
$+D6>6ABG$=BEE$D:H:DE$>@$GBD8:$AG;E>:DE$@H$@D?67BD5$;E:DE$O9@$BD:$:BE6G5$67HG;:7A:?$@D$
E;EA
:F>6<G:$>@$@F676@7$G:B?:DEM$)@D:$>9B7$>9:$@F676@7$G:B?:DEQ$NB>>E$B7?$%@??E$XKLLcZ$H@;7?$>9B>$
>9:$E;EA:F>6<6G6>5$@H$>9:$7:689<@D678$F::DE$6E$:I;BGG5$6=F@D>B7>$67$?D6C6
78$67H@D=B>6@7$?6HH;E6@7M$
!9D@;89$A@=F;>:D$E6=;GB>6@7E$@H$E@A6BG$7:>O@DTEQ$>9:5$E9@O:?$>9B
>$67$=@E>$A@7?6>6@7EQ$B$AD6>6ABG$
=BEE$@H$:BE6G5$67HG;:7A:?$F:@FG:$?D@C:$B$GBD8:$ABEAB?:$@H$67HG;:7A:Q$BG>9@;89$@F676@7$G:B?:DE$
676>6B>:$>9:$67H@D=B>6@7M$*7$B7@>9:D$E>
;?5Q$>DBAT678$>O::>E$B<@;>$>9:$*7?687B?@E$/D@>:E>$67$,FB67Q$
3@7UrG:U
R1B6Gs7$:>$BGM$XKLY[Z$
6?:7>6H6:?$B$8D@;F$@H$@D?67BD5$;E:DE$BE$j96??:7$67HG;:7>6BGEMk$
(G>9@;89$B>$>9:$F:D6F9:D5$@H$@7G67:$A@==;76AB>6@7$7:>O@DTEQ$>9:E:$96??:7$67HG;:7>6BGE$O:D:$
A:7>DBG$67$!
O6>>:D$7:>O@DTE$H@A;E:?$@7$>9:$FD@>:E>M$,F:A6H6ABGG5Q$>9:E:$96??:7$;E:DE$8BC:$>9:$
=@C:=:7>
$B7$6?:7>6>5$B7?$HDB=:Q$O96A9$67HG;:7>6BGQ$B7?$@H>:7$:G6>:Q$;E:DE$GB>:D$FD@^:A>:?M$!9:$
E>;?5$E9@O:?$>9B>$B$AD6>6ABG$=BEE$6E$:I;BGG5$6=F@D>B7>$BE$@F676@7$G:B?:DEQ$<:AB
;E:$>9:$6=FBA>$@H$
@F676@7$G:B?:DE$<:A
@=:E$G6=6>:?$O6>9@;>$>9:6D$B>>:7>6@7$B7?$:HH@D>E$67$=
@<6G6U678$@>9:D$@D?67BD5$
;E:DEM
$!9:E:$:=F6D6ABG$H67?678E$9BC:$?D6C:7$7:O$A@7A:F>E$B7?$>9:@D:>6ABG$HDB=:O@DTEQ$O96A9$
9BC:$D:7:O:?$>DB?6>6@7BG$=:?6B$>9:@D6:EM$
.@D$:SB=F
G:Q$
'B9@7VE$
XKLLdZ$7:>O@DT:?$8B>:T::F678$
>9:@D5$FD@F@E:E$>9B>$8B>:T::F:DE$BD:$7@>$B$H6S:?$E:>$@H$:G6>:EQ$<;>$E@=:>6=:E$67AG;?:$@D?67BD5$
F:@FG:M$':>O@DT:?$8B>:T::F:DE$A@7>D@G$>9:$6
7H@D=B>6@7$67$B7?$BAD@EE$A@==;76AB>6@7$7:>O@DTEM$
![c!!!$!9:$FD@A:EE$@H$7:>O@DT:?$8B>:T::F678$6E$?
57B=6AQ$BE$>9:$67>:D:E>$B7?$8@BGE$@H$>9:$E>BT:9@G?:DE$
A@7E>B7>G5$A9B78:M$(E$E;A9Q$>9@E:$O9@$O:D:$@7A:$8B>:?$AB7$F@>:7>6BGG5$<:A@=:$8B>:T::F:DEm$
>9:D:H@D:Q$>9:$A@=F@E6
>6@7$@H$8B>:T::F:DE$6E$HG;6?Q$A9B78678$@C:D$>6=:M$,:FBDB>:G5Q$!9@DE@7$B7?$
N:GGE$XKLYfZ$FD@
F@E:?$A;DB>:?$HG@OE$BE$B$HDB=:O@DTQ$BD8;678$>9B>$67$>@?B5VE$=:?6B$GB7?EABF:Q$
>9:$FD@A:EE:E$@H$=:?6B$A@7>:7>$A;DB>6@7$67C@GC:$7@>$@7G5$>DB?6>6@7BG$7:OE=BT:DEQ$<;>$BGE@
$67?6C6?;BG$=:?6B$;E:DEQ$E@A6BG$A@7>BA>EQ$B?C:D>6E:DEQ$B7?$A@=F;>:D$BG8@D6>9=EM$!9:5$
D:A@=
=:7?:?$>9B>$67$@D?:D$>@$;7?:DE>B7?$>9:$=:?6B$:SF@E;D:$B7?$:HH:A>E$67$>@?B5VE$=:?6B$
:A@G@85Q$A@==;76AB>6@7$EA9@GBDE$E9@;G?$?:?6AB>:$=@D:$O@DT$>@$j
?:>:A>678$>9:$A@=F:>
6>6@7Q$
67>:DE:A>6@7Q$B7?$@C:DGBF$@H$>9:E:$HG@OEk$
X!9@DE@7$n$N:GGEQ$KLYfQ$F$[LdZ
M$!9:$6?:BE$E;A9$BE$
7:>O@DT:?$8B>:T::F678$B7?$A;DB>:?$HG@OE$BD:$FD@=6E678$?:C:G@F=:7>EQ$BE$>
9:5$A@7E6?:D$>9:$
?57B=6A$67>:DBA>6@7E$B=@78$=:?6B$FGB>H@D=EQ$E@A6BG$67E>6>;>6@7EQ$@D?67BD5$;E:DEQ$B7?$
A@==;76AB>6@7$7:>O@DTE$>9B>$A@GG:A>6C:G5$H6G>:D$B7?$A;DB>:$67H@D
=B>6@7$HG@OE$X1:77:>>$n$/H:>EA9Q$
KLYaZM$(?=6>>:?G5Q$>96E$E:>$@H$E>;?6:E$E9:?E$G689>$@7$@D?
67BD5$F:@FG:VE$7:OH@;7?$B<6G6>5$>@$
?6D:A>G5$67HG;:7A:$@D8B76UB>6@7BG$B>>:7>6@7$B7?$:SFB7?$>9:$67>:7E6>5$@H$F;<G6A$B>>:7>6@7Q$86C:7$>9:$
B?C:7>$@H$?686>BG$=:?6BQ$FBD>6A
;GBDG5$E@A6BG$=:?6B$FGB>H@D=EM$%:EF6>:$>9:E:$8B67EQ$9@O:C:DQ$
@D?67BD5$F:@FG:VE$F@O:D$>@$67
HG;:7A:$F;<G6A$B>>:7>6@7$6E$E>6GG$G6=6>:?M$.6DE>Q$=@E>$D:E:BDA9$H@A;E:E$
@7$?686>BG$=:?6B$@D$E@A6BG$=:?6B$>@$E>;?5$67H@D=B>6@7$?6HH;E6@7$7:>O@DTEQ$<;>$67$D:BG$G6H:Q$>9
:$<@;7?BD5$<:>O::7$?686>BG$=:?6B$B7?$=BEE$=:?6B$6E$<G;DD:?M$.@D$:SB=FG:Q$F;<G6AE$E>6GG$BA>
6C:G5$
OB>A9$>:G:C6E6@7Q$:C:7$>9@;89$?686>BG$=:?6B$6E$<:A@=678$67AD:BE678G5$=B67E>D:B=$X+9B?O6ATQ$
KLYcZM$.D::G@7$B7?$]BDFH$XKLYPZ$E>;?6:?$>9:$67>:DBA>6C6>5$<:>O::7$!O6
>>:D$B7?$!g$?;D678$>9:$
KLYK$0M,M$FD:E6?:7>6BG$?:<B>:EQ$H67?678$>9B>$@D?67BD5$;E:DE$@H>:7$j
?;BG
READ::7:?k$>9:$:C:7>m$>9B>$
6EQ$>9:5$OB>A9:?$>:G:C6E6@7$A@C:DB8:$@H$>9:$?:<B>:E$O96G:Q$B>$>9:$EB=:$>6=:Q$A@==:7>678$@7$>9:6D$
![a!!!$E@A6BG$=:?6B$H::?E$B7?$D:B?678$@>9:DE$
F@E>E$B<@;>$>9:$?:<B>:$>@@M$*7$B$E:FBDB>:$E>;?5$B<@;>$>9:$
KLY[$*>BG6B7$FD:E6?:7>6BG$AB=FB6
87Q$)BDA9:>>6$B7?$+:AA@<:GG6$XKLYfZ
$A@7?;A>:?$B$I;BG6>B>6C:$
BEE:EE=:7>$B7?$H@;7?$>9B>$?;D678$>9:$:G:A>@DBG$F:D6@?Q$FD67>$=:?6B$B7?$>:G:C6E6@7$A@C:D:?$
F@G6>6ABG$9BE9>B
8E$@7$!O6>>:DQ$<;>$=@E>$@H$>9:$>6=:Q$>9:5$67HG;:7A:?$>9:$>D:7?678$>@F6AE$@7$
!O6>>:DM$"@O:C
:DQ$>9:$7:>O@DT$=@?:GE$HD@=$>9:$67H@D=B>6@7$?6HH;E6@7$E>;?6:E$BD:$E>6GG$G6=6>:?$>@$
BAA@;7>$H@D$>9:$F@>:7>6BG$67HG;:7A:$HD@=$>9:$=BEE$=:?6B$@;>G:>E$>9B>$6E$@;>E6?:$!O6
>>:D$X2BUBDQ$
KLKLZM$$$,:A@7?Q$>96E$E:>$@H$E>;?6:E$=B5$9BC:$?@O7FGB5:?$>9:$D@G:$@H$>DB?6>6@
7BG$8B>:T::F:DEQ$BE$
E@=:$@H$>9:=Q$H@D$:SB=FG:Q$>9:$G:8BA5$7:OE$=:?6B$@;>G:>EQ$E>6GG$?@=67B>:$A@7>:7>$FD@?;A>6@7$B7?$
?6E>D6<;>6@7$X
"67?=B7Q$KLYaZ$B7?Q$>9;EQ$BD:$E>6GG$
>9:$=B67$E@;DA:E$@H$67H@D=B>6@7$@7$>9:$O:<$
X);T:D^::Q$)B^
sRgrUI;:UQ$n$3@7UrG:U
R1B6Gs7Q$KLYaZ
M$):B7O96G:Q$=@E>$@H$>9:$A@7>:7>$
A6DA;GB>678$@7$E@A6
BG$=:?6B$?:D6C:E$HD@=$=B67E>D:B=$=:?6B$A@7>:7>M$0E678$=6GG6@7E$@H$>O::>EQ$
N;$B7?$A@GG:B8;:E$XKLYYZ$H@;7?$>9B>$KLQLLL$;E:DE$BD:$D:EF@7E6<G:$H@D$PLl$@H$BGG$D:>O::>:?$
042E$67$>9:6D$EB=FG:Q$B7?$@D8B76UB>6@7BG$;E:DEQ$E;A9$BE$7:OE$=:?6B$@;>G:>EQ$F@E>:?$>9:$=B^@D
6>5$
@H$>9@E:$>O::>EM
$9+:0.1!",,2/,.(/!-/A!I?2/,!'(/,2J,7!!
!!9:$E>;?6:E$*$9BC:$D:C6:O:?$E@$HBD$9BC:$E9@O7$>9B>$O9B>$E9BF:E$F;<G6A$B>>:7>6@7$6E$HBD$
=@D:$A@=FG6AB>:?$>9B
7$%@O7EV$XYdcKZ$6EE;:$B>>:7>6@7$A5AG:$O@;G?$E;88:E>$B7?$@H>:7$<:5@7?$>9:$
:SFGB7B>6@7$@H$>9
:$A;DD:7>$A@==;76AB>6@7$>9:@D6:EQ$O96A9$@D6867B>:?$67$>9:$=BEE$=:?6B$:DBM$*7$
B??6>6@7Q$B$H:O$:=F6D6ABG$E>;?6:E$67$<@>9$B8:7?B$E:>>678$B7?$67H@D=B>6@7$?6HH;E6@7$9BC:$
?:=@7E>DB>:?$B7@>9:D$GB5:D$@H$A@=FG:S6>6:E$B7?$;7A:D>B67>5$B<@;>$F;<G6A$B>>:7>6@7M$!9:E:$E>
;?6:E$
9BC:$E9@O7$>9B>$>9:$FB>>:D7E$B7?$>D688:DE$@H$F;<G6A$B>>:7>6@7$BD:$?6HH:D:7>$BAD@EE$:C:7>$A@7>:S>EQ$
BE$*$?:EAD6<:$<:G@OM$
$![d!!!$*7$>:D=E$@H$O9B>$:SFGB67E$F;<G6A$B>>:7>
6@7Q$B8:7?B$E:>>678$EA9@GBDE$9BC:$E9@O7$>9B>$>9:$
E6U:$@H$B8:7?B$E:>>678$:HH:A>E$CBD6:?$?DB
=B>6ABGG5$HD@=$7@7:S6E>:7>$>@$E>D@78$67$?6HH:D:7>$6EE;:$
B7?$:C:7>$A@7>:S>E$X':;=B7Q$KLYfQ$FMKYYZM$!9:$D:EF@7E:E$@H$F;<G6A$B>>:7>6@7$B7?$>9:$=:?6B$
B>>:7>6@7$>@$?6HH:D:
7>$D:BG
RO@DG?$:C:7>E$BD:$CBD6:?Q$>@@M$!@$B??D:EE$>96E$CBD6B>6@7$67$>9:$:HH:A>$E6U:$
@H$7:OE
$B8:7?B$E:>>678Q$F;<G6A$B>>:7>6@7$EA9@GBDE$9BC:$>5F@G@86U:?$:C:7>E$>@$<;6G?$jB;S6G6BD5$
>9:@D5k$>@$6?:7>6H5$>9:$A@7?6>6@7E$O9:7$B7$6EE;:$@D$:C:7>$AB7$67HG;:7A:$>9:$D:G
B>6@7E$<:>O::7$
7:OE$=:?6B$B7?$F;<G6A$B>>:7>6@7$X':;=B7Q$KLYfQ$FMKYKZM$.@D$:SB=FG:Q$>9:5$AB
>:8@D6U:$
:C:7>Ey6EE;:E$<5$>9:6D$@<>D;E6C:7:EEQ$O96A9$E9@OE$O9:>9:D$>9:$F;<G6A$6E$HB=6G6BD$O6>9$B7$:C:7>M$
!9:$F;<G6A$BD:$HB=6G6BD$O6>9$>9:$@<>D;E6C:$:C:7>E$B7?$>9;E$F;
<G6A$B8:7?B$G:B?E$=:?6B$B8:7?BQ$5:>$
67$>9:$7@7
R@<>D;E6C:$:C:7>EQ$6>$6E$>9:$@>9:D$OB5$BD@;7
?$X#M$4@8:DE$n$%:BD678Q$YdaaZ
M$,A9@GBDE$
BGE@$
AB>:8@D6U:?$:C:7>E$B7?$6EE;:E$<5$>9:6D$>@F6AM$.@D$:SB=FG:Q$':;=B7$B7?$A@GG:B8;:E$XKLY\Z$
>DBAT:?$Kd$F@G6>6ABG$6EE;:E$B7?$:C:7>E$HD@=$7:OE$O:<E6>:EQ$!O6>>:DQ$<G@8EQ$B7?$@7G67:$H@D;=E$
?;D678$KLYKQ$67AG;?678$;7:=FG@5=:7>Q$:7:D85$A@E>EQ$H67B7A:Q
$B7?$9:BG>9$ABD:
$X4;EE:GG$':;=B7$:>$
BGMQ$KLY\Z
M$1BE:?$@7$>9:6D$B7BG5E6EQ$>9:5$H@;7?$>9B>$7:OE$=:?6B$B>>:7>6@7$FD:?6A>E$F;<G6A$B>>:7>6@7$
H@D$E@=:$6EE;:EQ$E;A9$BE$7B>6@7BG$E:A;D6>5Q$AD6=:Q$B7?$?D;8EQ$O9:D:BE$F;<G6A$B>>:7>
6@7$X=:BE;D:?$
BE$!O6>>:D$B>>:7>6@7Z$FD:?6A>E$7:OE$B>>:7>6@7$H@D$@>9:D$6EE;:EQ$E;A9$BE$8;7$A@7>D@GQ$7B>;DBG$
?6EBE>:DEQ$231!$6EE;:EM$"@O:C:DQ$B8:7?B$E:>>678$EA9@GBDE$9BC:$7@>$B8D::?$@7$O96A9$:C:7>$
AB>:8@D6UB>6@7$6E$>9:$<:E>$B;S6G6BD5$>@$B8:7?B$E:>>678$>9:@D5
M$*7$>:D=E$@H$>9
:$FB>>:D7E$@H$F;<G6A$B>>:7>6@7$B7?$>9:$67H@D=B>6@7$?6HH;E6@7$FD@A:EE:E$>9B>$
:SFGB67$6>Q$67H@D=B>6@7$?6HH;E6@7$EA9@GBDE$H@;7?$CBD6B<G:$FB>>:D7E$>@@M$.@D$:SB=FG:Q$'B9@7$B7?$
A@GG:B8;:E$XKLY[Z$H@;7?$>9B>$7:OE$=:?6B$A@C:DB8:$FD:?6A>E$GBD8:$B=@;7
>E$@H$@7G67:$F;<
G6A$B>>:7>6@7$BH>:D$;7:SF:A>:?$:C:7>EQ$<:AB;E:$>9@E:$:C:7>E$>:7?$>@$A@DD:GB>:$O6>9$D:F:B>:?$F::D
R>@RF::D$:SF@E;D:$>9D@;89$>O::>EQ$D:>O::>EQ$B7?$=:7>6@7E$HD@=$!O6>>:D$;E:DEQ$<;>$B>>:7>6@7$I;6ATG5$
!\L!!!$OB7:E$BH>:DOBD?EM$.@D$@>9:D$>@F6AEQ$>9:5$H@;7
?$G:EE$F::D
R>@RF::D$:SF@E;D:M$*7$B7@>9:D$E>;?5Q$
2:9=B77$B7?$A@GG:B8;:E$XKLYKZ$>DBAT:?$Y[L$=6GG6@7$>O::>E$D:GB>:?$>@$?6HH:D:7>$:C:7>E$X=:BE;D:?$
<5$\LK$;76I;:$9BE9>B8EZ$67$G:EE$>9B7$B$5:BDM$!9:5$?:>:A>:?$H@;D$>5F:E$@H$B>>:7>6@7$FB>>:D7E$@H$
>9:E:$:C:7>E
JB>>:7>6@7$A@7A:7>DB>:
?$<:H@D:$B7?$?;D678$>9:$F:BTQ$?;D678$B7?$BH>:D$>9:$F:BTQ$
E5==:>D6ABGG5$BD@;7?$>9:$F:BTQ$B7?$@7G5$@7$>9:$E678G:$?B5$@H$>9:$F:BTM$!9:6D$H67?678E$H;D>9:D$
E;88:E>$>9B>$>9:$FB>>:D7E$@H$B>>:7>6@7$BD:$A@7>678:7>$@7$O9:>9:D$>9:$=BEE$=:?6B$@D$>9:$E@
A6BG$67>:DBA>6@7
$?D6C:E$B>>:7>6@7$EF6T:EM$,F:A6H6ABGG5Q$>9:5$H@;7?$>9B>$:C:7>E$O6>9$E5==:>D6A$B>>:7>6@7$
FB>>:D7E$BAD@EE$>9:$F:BT$BD:$D:GB>:?$>@$>9:$EFD:B?$@H$B>>:7>6@7$?D6C:7$<5$E@A6BG$67>:DBA>6@7EM$#C:7>E$
O6>9$B>>:7>6@7$A@7A:7>DB>:?$?;D678$B7?$BH>:D$>9:$F
:BT$BD:$BEE@A6B>
:?$O6>9$>9:$EFD:B?$@H$B>>:7>6@7$
?D6C:7$<5$=BEE$=:?6BM$4@=:D@$:>$BGM$XKLYYZ$H@;7?$>9B>$F;<G6A$B>>:7>6@7$X;E678$!O6>>:D$B>>:7>6@7$
BE$B$FD@S5Z$@7$B$DB78:$@H$?6HH:D:7>$>@F6AE$B7?$:C:7>E$E9@O$?6HH:D:7>$FD@A:EE$@H$?6HH;E6@7M$1BE:?$
@7$>9:6D$B7BG5E
6E$[$<6GG6@7$>O:
:>E$HD@=$fL$=6GG6@7$;E:DE$67$G:EE$>9B7$B$5:BD$EFB7Q$>9:5$H@;7?$>9B>$
A@7>D@C:DE6BG$F@G6>6ABG$:C:7>E$BD:$>9:$=@E>$F:DE6E>:7>Q$:78B8678$>9:$F;<G6AVE$B>>:7>6@7$H@D$>9:$
G@78:E>$B=@;7>$@H$>6=:M
$!9:E:$H67?678E$9BC:$6GG;E>DB>:?$>9:$9:>:D@8:7:6>5$67
$>9:$?57B=6E=$@H
$F;<G6A$B>>:7>6@7$
BAD@EE$:C:7>EM$!9;EQ$EA9@GBDE$9BC:$@F:7:?$7:O$I;:E>6@7E$>@$=@C:$H@DOBD?$>9:$>9:@D6:E$@H$F;<G6A$
B>>:7>6@7M$!9B>$6EQ$;7?:D$O9B>$A@7?6>6@7E$?@:E$>9:$A@7>:=F@DBD5$=:?6B$E5E>:=$:7B<G:$O96A9$
>5F:E$@H$BA>@DE$>@$67HG;:7A:$F;<G6A$B
>>:7>6@7$X':;=B7
Q$KLYfQ$FMKLZe$07?:D$O96A9$A@7?6>6@7E$?@$
8B>:T::F:DE$<:AB=:$>9:$8B>:?$B7?$O9:7$>9:$@>9:D$OB5$BD@;7?$X'B9@7Q$KLLaZe$4:A@876U678$>9:$
A@7?6>6@7E$@H$O9:7$F@O:D$D:GB>6@7E$<:>O::7$@D?67BD5$F:@FG:$B7?$@D8B76UB>6@7E$E96H>$6E$
67AD:BE678G5$A@7E:I;:7>
6BG$67$?:>:D=676
78$>9:$HG@OE$@H$F;<G6A$B>>:7>6@7$X2BUBDQ$KLKLZM$"@O:C:DQ$
':;=B7$F@67>:?$@;>$>9B>$A@==;76AB>6@7$E>;?6:E$BD:$E>6GG$B>$B7$:BDG5$E>B8:$>@$D:A@876U:$>9:E:$
A@7?6>6@7EQ$<:AB;E:$>9:$=B^@D6>5$@H$E>;?6:E$E>6GG$H@A;E$@7$@7:$=:A9B76ABG$=@?:G$B7?$B$j>D;
:RHBGE:$
!\Y!!!$?6A9@>@=
@;E$7@>6@7$@H$>9:@D5$>:E>678k$X':;=B7Q$KLYfQ$FMK[aZM$!@$F;E9$H@DOBD?$>9:$>9:@D6:E$>9B>$
:SFGB67$F;<G6A$B>>:7>6@7Q$EA9@GBDE$E9@;G?$A@7E6?:D$ABD:H;GG5$?:EAD6<678$>9:$?57B=6E=$@H$F;<G6A$
B>>:7>6@7Q$<@>9$67$>:D=E$@H$6>E$FB>>:D7E$B7?$>9:$67>:DBA>6
C:$D:GB>6@7E96FE
$O6>9$@>9:D$BA>@DE$BAD@EE$
?6HH:D:7>$:C:7>EM$
$$+))-3>!(5!K.,23-,+32
!*7$>96E$E:A>6@7Q$*$E;==BD6U:$>9:$T:5$H67?678E$B7?$A9BGG:78:E$HD@=$>9:$G6>:DB>;D:$D:C6:O$
B7?$67>D@?;A:$>9:$=B67$8@BGE$@H$:BA9$:=F6D6ABG$B7BG5E6E$*$A@7?;A>$67$>9:$H@GG@O678$A9
BF>:DEM$
$,57>9:E
6U678$>9:$>O@$E>D:B=E$@H$G6>:DB>;D:$>9B>$:SFGB67$>9:$:C@G;>6@7$@H$F;<G6A$B>>:7>6@7Q$6>$
6E$AG:BD$>9B>$>9:$A@==;76AB>6C:$BA>6C6>6:E$@H$@D8B76UB>6@7E$B7?$@D?67BD5$F:@FG:$AB7$<@>9$?D6C:$
F;<G6A$B>>:7>6@7M$(AA@D?678G5Q$*$@HH:D$>9:$H@GG@O678$
FD@F@E6>6@7E$B<@;>$F;
<G6A$B>>:7>6@7$67$95<D6?$
=:?6B$E5E>:=EM$!9:E:$676>6BG$>9:@D:>6ABG$FD@F@E6>6@7E$BD:$>9:$G:7E:E$>9B>$8;6?:$>9:$:=F6D6ABG$
E>;?6:E$>9B>$H@GG@OM
$¥!/;<G6A$B>>:7>6@7$AB7$<:$?6E>678;6E9:?$HD@=$F;<G6A$@F676@7Q$7:OE$B>>:7>6@7Q$B7?$E@A6BG$
=:?6B$B>>:7>6@
7$67$>:D=E$@H$H@
;D$A9BDBA>:D6E>6AEW$67>:7E6>5Q$C@GB>6G6>5Q$E;E>B67B<6G6>5Q$B7?$
A5AG:EM
$¥!/;<G6A$B>>:7>6@7$B7?$B>>:7>6@7$HD@=$>DB?6>6@7BG$8B>:T::F:DE$BD:$=;>;BGG5$E9BF678M
!¥!1:>O::7$F;<G6A$B>>:7>6@7$B7?$:G6>:$H@D=E$@H$B>>:7>6@7$X:M8MQ$7:OE$=:?6BQ$F@G6>6A6B7EQ$
B?C@ABA5$@D8B76UB
>6@7EZQ$>9:$D@G:$@H$8B>:T::F:D$B7?$>9:$8B>:?$E96H>E$?57B=6ABGG5
J>9:$
F@O:D$>@$EFBDT$F;<G6A$B>>:7>6@7$A9B78:E$DBF6?G5M
$¥!/B>>:D7E$@H$F;<G6A$B>>:7>6@7$B7?$>9:$AB;EBG$=:A9B76E=E$>9B>$:SFGB67$F;<G6A$B>>:7>6@7$BD:$
9:>:D@8:7:@;E$BAD@EE$9689
RC@G;=:$B
>>:7>6@7$:C:7>EQ
$:C:7$O6>967$B$E678G:$6EE;:M
$*7$E;==BD5Q$>96E$G6>:DB>;D:$D:C6:O$E;88:E>E$>O@$A9BGG:78:E$@H$E>;?5678$>9:$:C@G;>6@7$@H$
F;<G6A$B>>:7>6@7$67$B$95<D6?$=:?6B$E5E>:=M$.6DE>Q$B$E>B7?BD?$A@7A:F>;BG6UB>6@7Q$?:H676>6@7Q$B7?$
!\K!!!$=:BE;D:=:7>$@H$F;<G6A$B>>:7
>6@7$6E$=6EE678Q
$>9:D:<5$F@>:7>6BGG5$967?:D678$>9:@D6U678$@7$>9:$
AB;E:E$@H$F;<G6A$B>>:7>6@7M$#S6E>678$E>;?6:E$9BC:$=@E>$@H>:7$A@7A:F>;BGG5$B7?$:=F6D6ABGG5$
A@7H;E:?$F;<G6A$B>>:7>6@7$O6>9$F;<G6A$@F676@7Q$7:OE$B>>:7>6@7Q$B7?$E@A6BG$=:?6B$B>>:7>6@7M$!9;EQ$
6>$6
E$?6HH6A;G>$>@$>
:GG$O9B>$:SBA>G5$F;<G6A$B>>:7>6@7$6EQ$9@O$>@$=:BE;D:$6>$B7?$9@O$>@$>9:@D6U:$6>M$
,:A@7?Q$>9:$:C@G;>6@7$@H$F;<G6A$B>>:7>6@7$9BFF:7E$67$B$>DB7E=:?6B$:7C6D@7=:7>M$!9B>$6EQ$F;<G6A$
B>>:7>6C:7:EE$:C@GC:E$BE$B>>:7>6@7$A9B78:E$BAD@EE$=:?6B$FGB>H@D=E
M$N6>9$>9:$B?C:7
>$@H$E@A6BG$
=:?6B$E;A9$BE$!O6>>:DQ$F;<G6A$B>>:7>6@7$6E$@H>:7$>9:$<5FD@?;A>$@H$>9:$67>:D>O67:?$A@==;76AB>6C:$
D:GB>6@7E96FE$B=@78$:G6>:$@D8B76UB>6@7E$X:M8MQ$7:OEQ$F@G6>6ABGQ$GBD8:$@D8B76UB>6@7BG$BA>@DEZ$B7?$
67?6C6?;BGEM$*7$@>9:D$O@D?EQ$F;<G6A
$B>>:7>6@7$6E$^@
E>G678$O6>9$@>9:D$H@D=E$@H$B>>:7>6@7$HD@=$
?6HH:D:7>$>5F:E$@H$BA>@DE$67$B$7:>O@DT$8B>:T::F678$FD@A:EEQ$O96A9$6E$DBF6?G5$A9B78678$@C:D$>6=:M$
!9;EQ$6>$6E$?6HH6A;G>$>@$E@D>$@;>$>9:$67>:D>O67678Q$67>:D?:F:7?:7>Q$B7?$:C:D
RA9B78678$D:GB>6@7E96FE$
<:>O::7$F;<G6A$B>
>:7>6@7$B7?$>9:$@>9:D$H@D=E$@H$B>>:7>6@7$67$?6HH:D:7>$:C:7$A@7>:S>EM
$*7$>96E$A9BF>:DQ$*$9BC:$BD8;:?$>9B>$F;<G6A$B>>:7>6@7$6E$?6E>67A>$HD@=$@>9:D$H@D=E$@H$B>>:7>6@7$
X7:OEQ$E@A6BG$=:?6B$B>>:7>6@7Q$B7?$F;<G6A$@F676@7ZM$*$A@7A:F>;BG6U:$F;<G6A$B
>>:7>6@7$BE$B$D:
E@;DA:$
>9B>$=;G>6FG:$E:>E$@H$BA>@DE$A@=F:>:$H@D$>@$D:BG6U:$>9:6D$8@BGE$67$>9:$95<D6?$=:?6B$E5E>:=M$.@D$>9:$
F;DF@E:E$@H$>9:$:=F6D6ABG$E>;?6:E$67$>96E$?6EE:D>B>6@7Q$*$?:H67:$F;<G6A$B>>:7>6@7$BE$>9:$B>>:7>6@7$
HD@=$@D?67BD5$F:@FG:Q$O9@$?@$7@>$D
:FD:E:7>$B75$@D8
B76UB>6@7E$E;A9$BE$7:OE$=:?6BQ$^@;D7BG6E>EQ$
F@G6>6ABG$:G6>:EQ$@D$=B^@D$B?C@ABA5$8D@;FEM$
$'0.)-,2!'4-/G2!F77+2L!%42!'(/,2J,!,(!$,+A>!9+:0.1!",,2/,.(/
!!@$7BDD@O$>9:$EA@F:$@H$>96E$?6EE:D>B>6@7Q$*$;E:$>9:$AG6=B>:$A9B78:$6EE;:$BE$>9:$A@7>:S>$H@D
$>9:$:=F6D6ABG$B
7BG5E6EM$!96E$6EE;:$6E$E;6>B<G:$H@D$>96E$B7BG5E6E$H@D$>9D::$=B67$D:BE@7EM$$
$.6DE>Q$F;<G6A$B>>:7>6@7$>@$AG6=B>:$A9B78:$9BE$D:=B67:?$G@O$E67A:$6>$H6DE>$AB=:$67>@$>9:$
F;<G6A$:5:Q$B>$G:BE>$;7>6G$D:A:7>G5Q$O9:7$6>$8D:O$@7G5$EG689>G5$
X)@E:DQ$KLYLZ
M$*7$8:7:DBGQ$F;<
G6A$!\[!!!$B>>:7>6@7$B7
?$;7?:DE>B7?678$@H$AG6=B>:$9BE$D:=B67:?$D:GB>6C:G5$;7A9B78:?$H@D$B$G@78$>6=:$
X#8B7$
n$);GG67Q$KLYcZ
M$*7$>9:$076>:?$,>B>:EQ$3BGG;F$XKLYcZ$9BE$A@7E6E>:7>G5$DB7T:?$6>$@7:$@H$>9:$
F;<G6AVE$G@O:E>$A@7A:D7EM$*7?::?Q$:A@7@=6A$6EE;:E$BG=@E>$BGOB5E$B>>DBA>$=@D:$B>>:7>6@7$>
9B7$
AG6=B>:$A9B7
8:M$.;D>9:D=@D:Q$>9:$7:BDG5$E::=678G5$67E;D=@;7>B<G:$:A@7@=6ABG$A@E>$BEE@A6B>:?$
O6>9$?:BG678$O6>9$AG6=B>:$A9B78:Q$@7G5$=BT:E$AG6=B>:$A9B78:E$G:EE$A@7A:D7678$H@D$=:$
X,AD;88E$
n$1:7:8BGQ$KLYKZ
M$(??6>6@7BGG5Q$@7$?686>BG$=:?6B$FGB>H@D=E$E;A9$BE$!O6>>:D$B7?$3@@8G:Q$F;<G6A$
B>>:7>6@7$9BE$<::7$E9@D>
RG6C:?$BH>:D$B$AG6=B>:$B>>:7>6@7$:C:7>$
X":E>D:EQ$KLYPm$!9@DE@7$n$NB78
Q$KLYdZ$B7?$9
689G5$F@GBD6U:?$<5$FBD>6EB7E96F$
X_B78$n$
"BD>Q$KLYPm$N6
GG6B=E$:>$BGMQ$KLYPZ
M$%:EF6>:$
B7$@C:DO9:G=678$B=@;7>$@H$EA6:7>6H6A$D:F@D>E$>9B>$E;FF@D>$AG6=B>:$A9B78:$B7?$:7?@DE:$9;=B7$
BA>6C6>6:E$BE$AB;E:E$@H$AG6=B>:$A9B78:$X+@@T$:>$BGMQ$KLY[ZQ$>9:$8:7:DBG$F;<G6A$?6EB8D::E$@7$
O9:>9:D$AG6=B>:$A9B78:$6E$
D:BGQ$6>E$AB;E:E
Q$B7?$O9B>$BA>6@7E$E9@;G?$<:$>BT:7$>@$H6S$6>$X
#8B7$n$
);GG67Q$KLYcZ
M$(E$B$D:E;G>Q$9@O$>@$:HH:A>6C:G5$DB6E:$B>>:7>6@7$B7?$E;E>B67$B>>:7>6@7$B<@;>$AG6=B>:$
A9B78:$BD:$:C:DGBE>678$I;:E>6@7E$67$A@==;76AB>6@7$E>;?6:E$@H$AG6=B>:$A9B78:M$
$,:A@7?Q$>9:$67E;HH6A6:7A5$
@H$AG6=B>:$A9B78:$B>>:7>6@7$B7?$>9:$A9BGG:78:E$>@$AG6=B>:$
A9B78:$A@==;76AB>6@7$BD:$D:GB>:?$>@$>9:$A9BDBA>:D6E>6AE$@H$>9:$6EE;:$6>E:GHM$
+G6=B>:$A9B78:$6E$$BE$B$
D:=@>:Q$A@=FG6AB>:?$
X/B67>:D$:>$BGMQ$
KLYaZQ$B7?$;7@<>D;E6C:$
>@F6A$
X%^:DH
R/6:DD:$n$,9:9B>BQ$KLYcm$
/B67>:D$:>$BGMQ$KLYam$,A9tH:D$n$,A9G6A9>678Q$KLY\Z
M$!@$>9:$F;<G6AQ$AG6=B>:$A9B78
:$6E$:EE:7>6BGG5$B$
A@=FG6A
B>:?$EA6:7>6H6A$FD@<G:=M$*>E$FD6=BD5$?:EAD6F>6@7$6E$67$EA6:7A:$GB78;B8:Q$O6>9$CBD6:?$
?:H676>6@7EQ$=:>9@?EQ$B7?$=:BE;D:=:7>EM$(G>9@;89$EA6:7>6E>E$B8D::$>9B>$B7>9D@F@8:76A$AG6=B>:$
A9B78:$:S6E>EQ$A@7>DB?6A>@D5$A@7AG;E6@7E$B7?$A@7HG6A
>678$6?:BE$E>6GG$:S6E>$67$
EA6:7>6H6A$D:E:BDA9$
B<@;>$E@=:$EF:A6H6A$BEE;=F>6@7EQ$=:BE;D:=:7>Q$B7?$CBG6?6>5$
X,A9tH:D$n$,A9G6A9>678Q$KLY\m$
,G;6^EQ$KLYKZ
M$!9:$A@=FG6AB>:?$EA6:7>6H6A$?:<B>:E$B??$7@>$@7G5$;7A:D>B6
7>5$>@$>9:$AG6=B>:$A9B78:$
6EE;:Q$<;>$BGE@$=BT:$6>$:C:7$=@D:$?6HH6A;G>$H@D$>9:$F;<G6A$>@$;7?:DE>B7?M$)@D:@C:DQ$>9:$AG6=B>:$
!\\!!!$A9B78:$6EE;:$6E$B$GBD8:$>:=F@DBG$B7?$EFB>6BG$F9:7@=:7@7M$(AA@D?678$>@$>9:$N@DG?$
):>:@D@G@86ABG$-D8B76UB>6@7Q$AG6=B>:$A9B78:$?:BGE$O6>9
$>9:$A9B78:E$@H$>:=F:DB>;D
:$H@D$B>$G:BE>$
[L$5:BDE$X+GB;EE:7Q$KLL[Q$FM$KYZ$67$>9:$:7>6D:$A@7>67:7>Q$9:=6EF9:D:Q$@D$>9:$:7>6D:$O@DG?$X*/++Q$
KLLcQ$/YYZM$(E$E;A9Q$B$A@D:$A9BGG:78:E$@H$AG6=B>:$A9B78:$A@==;76AB>6@7$BD:$9@O$>@$<:E>$A@7C:5$
>9:$8DBC6>5$@H$>:=F@DBG$
B7?$8:@8DBF96ABG$A9B78:EQ$
O96A9$BD:$HBD$<:5@7?$>9:$A@876UB7A:$@H$
F:@FG:VE$D:BG
RG6H:$:SF:D6:7A:$X,A9tH:D$n$,A9G6A9>678Q$KLY\ZM$!9:$9;=B7$=67?$=B5$7@>$9BC:$
:C@GC:?$:7@;89$>@$;7?:DE>B7?$>9:$A@=FG:S6>6:E$@H$?::F$>6=:$X)A/9::Q$YddaZ$B7?$EFBA:M$(E$H@D$
>9:$:HH:A>
E$@H$AG6=B>:$A9B78:Q$>9:5$
BD:$@H>:7$67C6E6<G:Q$;7A:D>B67Q$B7?$HBD$BOB5$HD@=$F:@FG:VE$
?B6G5$G6C:EM$*7E>:B?Q$>9:$A@7E:I;:7A:E$@H$AG6=B>:$A9B78:$@7G5$9BFF:7$67$>9:$H;>;D:$X
#8B7$n$
);GG67Q$KLYcZ
M$!9:$C;G7:DB<6G6>5$>@$AG6=B>:$A9B78:$@H$:BA9$A@;7>D5$6E$BGE@$?6HH:
D:7>Q$=@D:$
B?C:DE:G5$BHH:A
>678$A@;7>D6:E$@;>E6?:$076>:?$,>B>:E$B7?$#;D@F:$
X#8B7$n$);GG67Q$KLYcZ
M$!96D?Q$>9:$AG6=B>:$A9B78:$6EE;:$6E$B$G@78
R>:D=$6EE;:$>9B>$67C@GC:E$B$O6?:$E:>$@H$BA>@DEQ$
67AG;?678$F@G6>6A6B7EQ$8@C:D7=:7>$@D8B76UB>6@7EQ$7:OE$=:?6BQ$B7?$CBD6@;E$@>9:D$@D8B76UB>6@7E
$X+@?5$:>$BGMQ$KLYPZ
M$!9;EQ$>96E$6EE;:$6E$B$FD6=:$A@7>:S>$>@$E>;?5$>9:$?57B=6AE$@H$F;<G6A$B>>:7>6@7$
B7?$>9:$6=FBA>$@H$=;G>6FG:$E:>E$@H$BA>@DE$@C:D$B$G@78$F:D6@?M
$.@D$B$G@78$>6=:Q$
7:OEFBF:
D$B7?$!g$
O:D:$A@7E6?:D:?$>9:$>O@$=B^@D$E@;DA:E$@H$B>>:7>6@7$D:GB>:?$>@$AG6=B>:$A9B78:$
X1@5T@HHQ$KLLam$
!B7?@A$n$#78Q$KLYcZ
M$(E$F
:@FG:VE$=:?6B$A@7E;=F>6@7$
<:9BC6@D$9BE$A9B78:?$HD@=$>DB?6>6@7BG$
=:?6B$>@$?686>BG$=:?6BQ$7@OQ$?686>BG$=:?6B$9BC:$8DB?;BGG5$<:A@=:$=@D:$D:G:CB7>$>@$AG6=B>:$
A9B78:$A@==;76AB>6@7M$($8D@O678$7;=<:D$@H$E>;?6:E$9BC:$E>BD>:?$;E678$?686>BG$=:?6B$BE$B$
CBG;B<G:$D:E@;
DA:$>@$>DBA:$>9:$>DB7E=6EE
6@7$@H$AG6=B>:$A9B78:$B>>:7>6@7Q$A@7C:DEB>6@7EQ$B7?$F;<G6A$
?6EA@;DE:M$.@D$:SB=FG:Q$]6D6G:7T@$B7?$,>:FA9:7T@CB$XKLY\Z$=@76>@D:?$B$5:BD$@H$>O::>E$HD@=$
;E:DE$BAD@EE$>9:$O@DG?$>@$>DBA:$F;<G6A$F:DA:F>6@7$@H$AG6=B>:$A9B78:M$g:G>D6$B7?$(
>B7BE@CB$XKLYcZ$
:SB=67:?$>
9:$?6C:DE6>5$@H$BA>@DE$O9@$A6DA;GB>678$AG6=B>:$A9B78:$67H@D=B>6@7$@7$!O6>>:DM$
!\P!!!$N6GG6B=E$:>$BGM$XKLYPZ$7@>:?$>9B>$B7$:A9@$A9B=<:D$:S6E>E$O6>967$>9:$AG6=B>:$A9B78:$
A@==;76AB>6@7$7:>O@DTEQ$O9:D:$F:@FG:$@7G5$A@==;76AB>:$O6>9$G6T:
R=67?:
?$BA>@DE$@7$!O6>>:D$
B<@;>$
>96E$6EE;:M$,:C:DBG$@>9:D$E>;?6:E$H@A;E$@7$AG6=B>:$A9B78:$B?C@ABA5$8D@;FE$B7?$9@O$>9:5$
9BC:$;E:?$!O6>>:D$>@$=@<6G6U:$@D?67BD5$F:@FG:$B7?$8:7:DB>:$E;<E>B7>6BG$F;<G6A$B>>:7>6@7$H@D$
AG6=B>:$A9B78:$:C:7>E$
X1:77:>>$n$,:8:D<:D8Q$KLYYm$!9@DE@7$:>$BGMQ$KLYfZ
M$*7$E;=Q$>96E$6EE;:$
67C@GC:E$B$CBD6:>5$@H$BA>@DE$B7?$=:?6B$@;>G:>EQ$=BT678$6>$B$FD6=:$:SB=FG:$>@$;E:$H@D$:=F6D6ABG$
B7BG5E6EM$*7$>9:$7:S>$A9BF>:DQ$*$A@7?;A>$B7$:=F6D6ABG$B7BG5E6E$>@$:SB=67:$9@O$F;<G6A$B>>:7>6@
7$6E$
?6E>67A>6C:$HD@=$@>9:D$H@D=E$@H$B>>:7>6@7$B
7?$>9:6D$D:GB>6@7E96FE$@C:D$>9:$>6=:M$
$!\f!!!$+"(/!#4$[W$/012*+$(!!#'!*-'$!-$!"#$+2*)(!#$+"('3#$*,,0#W$$
$/(!!#4',$('%$!#)/-4(2$4#2(!*-',
$$.@GG@O678$=5$BD8;=:7>$67$+9BF>:D$KQ$*$FD@F@E:$>9B>$F;<G6A$B>>:7>6@7$6E$B$?6E
>67A>6C:$
AB>:8@D5$@H$B>>:7>6@7$HD@=$7:OE$B>>:7>6
@7Q$E@A6BG$=:?6B$B>>:7>6@7Q$B7?$F;<G6A$@F676@7M$&:>$=B75$
:S6E>678$E>;?6:E$9BC:$:=F6D6ABGG5$A@7H;E:?$>9:E:$H@D=E$@H$B>>:7>6@7$BE$B7$@F:DB>6@7BG6UB>6@7$@H$
F;<G6A$B>>:7>6@7M$!9:D:H@D:Q$>9:$H6DE>$8@BG$@H$>96E$A9B
F>:D$6E$>@$:=F6D6ABGG5$?:=@7E>DB>:$>9:$
G6=6>B>6@7$@H$?@678$E@$67$>:D=E$@H$>9:@D6U678$>9:$:C@G;>6@7$@H$F;<G6A$B>>:7>6@7M$$)@D:@C:DQ$FD6@D$
E>;?6:E$B<@;>$AG6=B>:$A9B78:$B>>:7>6@7$9BC:$E9@O7$>9B>$B8:7?B$E:>>678$HD@=$7:OE$B7?$B8:7?B$
<;6G?678$HD@=$E>DB>:86A$@D8B
76UB>6@7E$9BC:$FGB5:?$B$G:B?678$D@G:$67$E9BF678$
F;<G6A$B>>:7>6@7$>@$>9:$
AG6=B>:$A9B78:Q$O9:D:BE$=@D:$D:A:7>$E>;?6:E$9BC:$E;88:E>:?$>9:$6=F@D>B7A:$@H$E@A6BG$=:?6B$67$
=@<6G6U678$F;<G6A$B>>:7>6@7$>@$AG6=B>:$A9B78:$:C:7>EM$!9;EQ$>9:$E:A@7?$8@BG$@H$>96E$E>;?5$6
E$>@$
>:BE:$@;>$AB;EBG$D:GB>6@7E96FE$B=@78$>9:$?6
HH:D:7>$>5F:E$@H$B>>:7>6@7M$
$*7$E:DC6A:$@H$>9:$H6DE>$8@BGQ$*$:SB=67:$9@O$F;<G6A$B>>:7>6@7$6E$?6HH:D:7>$HD@=$F;<G6A$
@F676@7Q$7:OE$B>>:7>6@7Q$B7?$E@A6BG$=:?6B$B>>:7>6@7M$*$A@GG:A>:?$?B6G5$B7?$=@7>9G5$>6=:$E:D6:
E$?B>B$HD@=$>9:$7:OE$=:?6BQ$!O6>>:DQ$B7?$F;<G6A$
@F676@7$F@GGEQ$BG@78E6?:$3@@8G:$E:BDA9$?B>BM$*$
AD:B>:$:=F6D6ABG$A@=FBD6E@7E$B=@78$>9:$>5F:E$@H$B>>:7>6@7$<BE:?$@7$H@;D$A9BDBA>:D6E>6AE$@H$
B>>:7>6@7$X67>:7E6>5Q$C@GB>6G6>5Q$E;E>B67B<6G6>5Q$B7?$A5AG:EZM$(E$H@D$
>9:$E:A@7?$8@BGQ$*$:SB=67:$9@O$
F;<G6A$B>>:7>6@7$
>:=F@DBGG5$A@DD:EF@7?E$O6>9$@>9:D$E@;DA:E$@H$B>>:7>6@7$X:M8M$7:OE$B>>:7>6@7Q$
E@A6BG$=:?6B$B>>:7>6@7Q$B7?$E>DB>:86A$@D8B76UB>6@7BG$B>>:7>6@7Z$>9B>$A@;G?$F@>:7>6BGG5$AB;E:$6>M$
":D:Q$*$;E:$?B6G5$B7?$=@7>9G5$>6=:
E$E:D6:E$?B>B$HD@=$7:OE$=:?6BQ$!O6>>:DQ$3@@8G:$E
:BDA9Q$B7?$
FD:EE$D:G:BE:EM$*$>9:7$A@7?;A>$>6=:$E:D6:E$>@$H67?$@;>$>9:$>:=F@DBG$D:GB>6@7E96F$B=@78$F;<G6A$
B>>:7>6@7Q$7:OE$B>>:7>6@7Q$E@A6BG$=:?6B$B>>:7>6@7Q$B7?$E>DB>:86A$@D8B76UB>6@7BG$B>>:7>6@7$<BE:?$@7$
>O@$
>:=F@DBG$B88D:8B>6@7E
J?B6G5$B7?$=@7>9G5M
$!\c!!!$*7$>:D=
E$@H$=5$H6DE>$8@BGQ$*$E9@O$:=F6D6ABGG5$>9B>$F;<G6A$B>>:7>6@7$6E$?6HH:D:7>$HD@=$7:OE$
B>>:7>6@7Q$E@A6BG$=:?6B$B>>:7>6@7Q$B7?$F;<G6A$@F676@7M$4:8BD?678$=5$E:A@7?$8@BGQ$*$H67?$
E;<E>B7>6BG$?6HH:D:7A:E$67$>:D=E$@H$
>9:$FBA:$@H$B>>:7>6@7$67HG;:7A:$BAD@EE$FGB>H@D=E
M$!O6>>:D$6E$B$
jHBE>k$FGB>H@D=$>9B>$6E$BEE@A6B>:?$O6>9$67>:7E6C:Q$C@GB>6G:Q$<;>$>DB7E6:7>$EF6T:E$@H$?B6G5$B>>:7>6@7M$
(=@78$>9:$FGB>H@D=E$*$:SB=67:?Q$!O6>>:D$6E$=@E>$G6T:G5$>@$FD@?;A:$>9:$=@E>$A9B78:E$67$>9:$
F;<G6A$B>>:7>6@7$>@$>9:$AG6=B>:$A9B78:$6EE;:Q$<;>
$6>E$6=FBA>$6E$E9@D>
RG6C:?M$*7$A@7>DBE>Q$7:OE$
B>>:7>6@7$FD@?;A:E$G@78
R>:D=$A9B78:E$67$>9:$F;<G6AVE$B>>:7>6@7$>@$>9:$AG6=B>:$A9B78:$6EE;:M$
$!96E$A9BF>:D$:S>:7?E$>9:$A;DD:7>$G6>:DB>;D:$B<@;>$F;<G6A$B>>:7>6@7$B7
?$67>:D=:?6B$?6HH;E6@7$
@H$B>>:7>6@7$67$>9D::$OB5
EM$.6DE>Q$>9:$H67?678E$HD@=$>96E$A9BF>:D$BHH6D=$=5$BD8;=:7>$B<@;>$>9:$
7:A:EE6>5$>@$>D:B>$F;<G6A$B>>:7>6@7$BE$B7$67?:F:7?:7>$B7BG5>6A$AB>:8@D5M$':OE$A@C:DB8:Q$!O::>EQ$
B7?$F;<G6A$@F676@7$F@GGE$BD:$7@>$>9:$<:E>$
=:BE;D:=:7>$@H$F;<G6A$B>>:7>6@7M$,:A@7?Q$!O6>>:D
$6E$>9:$
FGB>H@D=$=@E>$G6T:G5$>@$FD@?;A:$A9B78:E$67$>9:$F;<G6AVE$B>>:7>6@7$>@$AG6=B>:$A9B78:Q$<;>$6>E$
6=FBA>$6E$E9@D>
RG6C:?M$*7$A@7>DBE>Q$7:OE$B>>:7>6@7$FD@?;A:E$G@78
R>:D=$A9B78:E$67$>9:$F;<G6AVE$
B>>:7>6@7$>@$
AG6=B>:$A9B78:M$!96E$H67?678$A9BGG:78:E$A@==;76A
B>6@7$>9:@D6:E$E;A9$BE$B8:7?B$
E:>>678$B7?$B8:7?B$<;6G?678$>9B>$O:D:$<BE:?$@7$B$=:?6B$:7C6D@7=:7>$O9:D:$F;<G6A$B>>:7>6@7$
:C@GC:?$67$B$=;A9$EG@O:D$FBA:M$2BE>G5Q$>9:$A9BF>:D$A@7>D6<;>:E$>@$>9:$=:>9@?E$@H$;E678$?
6HH:D:7>$
>:=F@DBG
RB88D:8B>:?$?B>B$>@$?:>:A>$>9:$
9:>:D@8:7:6>5$67$>9:$?57B=6E=$67$F;<G6A$B>>:7>6@7$B7?$
@>9:D$H@D=E$@H$B>>:7>6@7M$
$*7$O9B>$H@GG@OEQ$*$H6DE>$67>D@?;A:$>9:$G6>:DB>;D:$B7?$>9:$F;<G6AG5$BCB6GB<G:$?B>B$>9B>$BGG@OE$
=:$>@$>:E>$>9:$?6HH:D:7A:E$B=@78$
>9:$FB>>:D7E$@H$F;<G6A$@F676@7Q$7:OE$B>>:7>6@7Q$
E@A6BG$=:?6B$
B>>:7>6@7$67$>:D=E$@H$>9:6D$G@78
R>:D=$>D:7?E$B7?$>9:6D$D:EF@7E:E$>@$AG6=B>:$A9B78:$:C:7>EM$!9:7Q$
>96E$A9BF>:D$FD@A::?E$<5$>9D::$E:A>6@7EQ$:BA9$H@A;E678$@7$>9:$D@G:$@H$7:OE$=:?6BQ$E@A6BG$=:?6BQ$
B7?$67>:D=:?6B$B8:7?B$E:>>678$67$:SFGB67678$>9:$:C
@G;>6@7E$@H$F;<G6A$B>>:7>6@7$BAD@EE$=:?6BM$
!\a!!!$.@GG@O678$>9B>Q$67$>9:$=:>9@?$E:A>6@7Q$*$67>D@?;A:$B$D@<;E>$OB5$>@$=:BE;D:$F;<G6A$B>>:7>6@7M$*7$
FBD>6A;GBDQ$*$?6EA;EE$>9:$A9BGG:78:E$@H$=:BE;D678$F;<G6A$B>>:7>6@7$B7
?$>9:$OB5E$>@$>DB7EH@D=$B7?$
CBG6?B>:$>9:$E:BDA9$
I;:D6:E$HD@=$3@@8G:$!D:7?E$>@$D:FD:E:7>$AG6=B>:$A9B78:$B>>:7>6@7M$!9:7Q$*$
FD:E:7>$>9:$?B>B$A@GG:A>6@7Q$B7BG5>6A$=:>9@?EQ$B7?$D:E;G>EM$.67BGG5Q$*$@;>G67:$>9:$>9:@D:>6ABG$
6=FG6AB>6@7E$@H$>9:$H67?678EM$
$9-,,23/7
!(5!'0.)-,2!'4-/G2!",,2/,.(/
!*7$+9BF>:D$KQ$*$F@6
7>:?$@;>$>9B>$F;<G6A$B>>:7>6@7$9BE$<::7$A@==@7G5$A@7A:F>;BG6U:?$B7?$
@F:DB>6@7BG6U:?$BE$:I;6CBG:7>$>@$F;<G6A$@F676@7Q$7:OE$B>>:7>6@7Q$B7?$E@A6BG$=:?6B$B>>:7>6@7M$!@$
:SFGB67$>9:$G6=6>B>6@7$@H$?@678$E@Q$>96E$E:A
>6@7$<D6:HG5$A@7?;A>E$B$G6>:DB>;D:$D:C6:O$@7$>9:
$?6HH:D:7A:E$B=@78$>9:$FB>>:D7E$@H$F;<G6A$@F676@7Q$7:OE$B>>:7>6@7Q$B7?$E@A6BG$=:?6B$B>>:7>6@7$>@$
AG6=B>:$A9B78:M$*$;E:$!O6>>:D$BE$B$D:FD:E:7>B>6C:$@H$E@A6BG$=:?6B$BE$6>$6E$>9:$=@E>$E>;?6:?$=:?6B$
FGB>H@D=$E@$H
BD$67$>9:$D:E:BDA9$B<@;>$@7G67:$AG6=B>:$A9B78:$A
@==;76AB>6@7$
X/:BDA:Q$"@G=<:D8Q$
":GGE>:7Q$n$':DG6A9Q$KLY\Z
M$*$H6DE>$H@A;E:?$@7$>9:$G@78
R>:D=$>D:7?E$@H$F;<G6A$@F676@7Q$7:OE$
B>>:7>6@7Q$B7?$E@A6BG$=:?6B$B>>:7>6@7Q$B7?$>9:7
$H@A;E:?$@7$>9:6D$D:EF@7E:E$>@$AG6=B>:$A9B78:$
:C:7>EM
$K(/G
M,23)!%32/A7!./!",,2/,.(/!,(!,42!'0.)-,2!F77+2
!!96E$E:A>6@7$A@=FBD:E$>9:$G@78
R>:D=$>D:7?E$@H$F;<G6A$@F676@7Q$7:OE$B>>:7>6@7Q$B7?$!O6>>:D$
B>>:7>6@7$>@$>9:$AG6=B>:$A9B78:$<BE:?$@7$>9:$H67?678E$HD@=$:S
6E>678$E>;?6:E$B7?$F;<G6AG5$BCB6GB<G:$
?B>BM$$
$!9:$FD@F@D>6@7$@H$>9:$0M,M$F;<G6A$>9B>$F:DA:6C:E$AG6=B>:$A9B78:$BE$B7$6=F@D>B7>$6EE;:$>@$
>9:$A@;7>D5$D:=B67:?$G@O$;7>6G$D:A:7>G5M$(7>9D@F@8:76A$AG6=B>:$A9B78:$H6DE>$AB=:$>@$F;<G6A$
B>>:7>6@7$67$YdaLE$
X)@E:DQ$KLYLZ
M$-C:D$>9:$GBE>$
\L$5:BDEQ$9@O:C:DQ$F;<G6A$@F676@7$GBATE$
=:B7678H
;G$G@78
R>:D=$A9B78:$B7?$F:@FG:$ABD:$:C:7$G:EE$B<@;>$>9:$6EE;:$?;D678$>6=:E$@H$:A@7@=6A$
!\d!!!$AD6E6E$
X#8B7$n$);GG67Q$KLYcm$,AD;88E$n$1:7:8BGQ$KL
YKZM$.68;D:$
Y$6GG;E>DB>:E$>96E$>D:7?M$*>$E9@OE$
>9:$FD@F@D>6@7$@H$>9:$0M,M$F;<G6A$O9@$D:F@D>:?$O@DD5678$B<@;>$AG6=B>:$A9B78:$B7?$8G@<BG$
OBD=678$HD@=$Ydad$>@$KLYdM$$($AG@E:$D:B?678$@H$>96E$8DBF9$E9@OE$>O@$AG:BD$A5AG:
E$67$>9:$
F;<G6AVE$A@7A:D7$B<@;>$AG6=B>:$A9B78:M$,F:A6H6A
BGG5Q$67$>9:$:BDG5$KLLLE$H@GG@O678$>9:$A@GGBFE:$@H$
>9:$?@>
RA@=$<;<<G:$B7?$B=6?$>9:$3D:B>$4:A:EE6@7Q$F;<G6A$@F676@7$B<@;>$AG6=B>:$A9B78:$
FG;==:>:?M$(E$>9:$:A@7@=5$8DB?;BGG5$D:<@;7?:?$HD@=$>9:E:$:C:7>EQ
$F;<G6A$@F676@7$B<@;>$
AG6=B>:$A9B78:$E>:B?6G5$67AD:BE:?M
$*GG;E>DB>6C:G5Q$O96G:$@7G5$B$I;BD>:D$@H$>9:$8:7:DBG$F;<G6A$
D:F@D>:?$O@DD5678$B<@;>$AG6=B>:$A9B78:$67$KLYYQ$<5$KLYdQ$BG=@E>$9BGH$?6?$X3BGG;FQ$7M?MZM$->9:D$
D:E:BDA9$;F9@G?E$>9:E:$>D:7?EM$+@7E6?:D678$F;
<G6A$A@7A:D7$B<@;>$AG6=B>:$A9B78:$8G@<BGG5Q$/:O$
4:E:BDA9
$XKLYdZ$D:F@D>E$>9B>$E67A:$KLY[Q$>9:$F;<G6A$9BE$67AD:BE678G5$<:A@=:$=@D:$B>>:7>6C:$@D$
A@7A:D7:?$B<@;>$AG6=B>:$A9B78:M$*7$HBA>Q$=@E>$F:@FG:$BAD@EE$>9:$O@DG?$A@7E6?:D$8G@<BG$AG6=B>:$
A9B78:$B$=B^@D$>9D:B
>M$
$C.G+32!
N!!"#$!%#&'$()$*+,-.
/$01.&.(&$2,(+3$3"#$4-.523#$4"2&6#$2&'$7-(,2-$82%5.&6
9$:;<;=>?:;!$!45%346%)'3"!37/0#,2389,),")3&0"/*3*5%3:#,;&*%3:5&)<%3&)'3=#"0&#3>&6;,)<
?3@ABACDE@A!!$F"*%+
G3!9:$H68;D:$E9@OE$>9:$B77;BG$F:DA:7>B8:$@
H$F:@FG:$O9@$D:F@D>:?$>@$O@DD5$B<@;>$AG6=B>:$
A9B78:$@D$8G@<BG$OBD=678$B>$B$8D:B>$?:BG$67$>9:$0M,M$HD@=$Ydad$>@$KLYdM$*$AD:B>:?$>9:$>B<G:$O6>9$
>9:
3?B>B$D:>D6:C:?$HD@=$
>9:$G67T$X
9>>FEWyy7:OEM8
BGG;FMA@=yF@GGyYfYPy:7C6D@7=:7>MBEFS
ZM$33$!PL!!!$%:EF6>:$D:A:7>$E96H>E$>9B>$E9@O$=@D:$F:@FG:$67$>9:$0M,M$F:DA:6C:$AG6=B>:$A9B78:$BE$B7$
6=F@D>B7>$6EE;:Q$F;<G6A$@F676@7$E9@OE$E>D@78$FBD>6EB7$B7?$6?:@G@86ABG$F@GBD6UB>6@7$X#8B7$n$
);GG67Q$KLYcZM
$-C:D$>9:$FBE>$E6S$5:B
DEQ$>9:$7;=<:D$@H$%:=@ADB>E$B7?$%:=@ADB>6A$G:
B7:DE$O9@$BD:$
A@7A:D7:?$B<@;>$AG6=B>:$A9B78:$8D:O$<5$KP$F:DA:7>Q$5:>$H@D$4:F;<G6AB7E$B7?$4:F;<G6AB7$G:B7:DEQ$
>9:D:$9BE$<::7$@7G5$B$P$F:DA:7>$8D@O>9M$*7$KLYaQ$B$>@>BG$@H$a[l$@H$%:=@ADB>E$67?6AB>:?$>9B>$
AG6=B>:$A9
B78:?$OBE$B$=B^@D$>9D:B>Q$O9:D:BE$@7G5$Kcl$@H
$4:F;<G6AB7E$>9@;89>$E@M$
$*7$A@7>DBE>$>@$>9:$F;<G6A$@F676@7$?B>BQ$>9:$G@78
R>:D=$>D:7?$@H$7:OE$B>>:7>6@7$G@@TE$I;6>:$
?6HH:D:7>M$%DBO7$HD@=$?B>B$@7$8G@<BG$7:OE$A@C:DB8:$@7$AG6=B>:$A9B78:$B7?$8G@<BG$OBD=678$HD@=$
KLL\iKLKLQ$.68;D:$
K$E9@OE$>9B>$7:OE$B>>:7>6@7$@7$>96E$>@F6A$DBF6?G5$67AD:BE:?$HD@=$KLLf
iKLLa$B7?$D:BA9:?$B$?DB=B>6A$F:BT$B>$>9:$:7?$@H$KLLd
J>9:$5:BD$@H$>9:$076>:?$'B>6@7EV$+G6=B>:$+9B78:$
+@7H:D:7A:$67
$+@F:79B8:7M$(H>:
DOBD?Q$7:OE$=:?6B$A@C:DB8:$E>BDTG5$?:AD:BE:?$B7?$D:=B67:?$
D:GB>6C:G5$G@O$;7>6G$KLYaQ$B>$O96A9$F@67>$6>$<:8B7$>@$67AD:BE:$B8B67M
!C.G+32!
O!!"#$@(-+5#$()$A#BC121#%$4(D#%26#$()$4-.523#$4"2&6#$2&'$7-(,2-$82%5.&6
9!>??E=>?>?!45%3H"#/;%3"!
3F%$+9&9%63:"1%6&<%3"!3:#,;&*%3:5&)<%3&)'3=#"0&#3>&6;,)<?3DEEI
iDEDE!$$F"*%
+G3!9:$H68;D:$OBE
$<BE:?$@7$?B>B
$HD@=$):?6B$B7?$+G6=B>:$+9B78:$-<E:DCB>@D5$
X9>>FEWy
yEA6:7A:F@G6A5MA@G@DB?@M:?;y6A:ABFEyD:E:BDA9y=:?6B|A@C:DB8:yO@DG?y67?:SM9>=G
ZM$3!PY!!!$!9:$FB>>:D7$@H$!O6>>:D$B>>:7>6@7Q$=:BE;D:?$<5$C@G;=:$@H$>O::>EQ$BGE@$?@
:E$7@>$BG687$O6>9$
F;<G6A$@F676@7M$,@=:O9B>$=6DD@D678$>9:$8D@O678$7:OE$=:?6B$A@C:DB8:$@H$AG6=B>:$A9B78:Q$
>9:$
AG6=B>:$6EE;:$9BE$BGE@$8B67:?$67AD:BE678$B>>:7>6@7$@7$!O6>>:D$HD@=$KLYY$>@$KLY
fM$1BE:?$@7$>9:$
>D:7?E$@H$>9:$?B6G5$C@G;=:$@H$>O::>E$D:GB>:?$>@$AG6=B>
:$A9B78:$XE::$
.68;D:$[
Z$HD@=$!9@DE@7$B7?$
NB78$XKLYdZQ$!O6>>:D$B>>:7>6@7$>@$AG6=B>:$A9B78:$A@7>67;:E$>@$8
D@O$Q$O6>9$=@D:$?DB=B>6A$E9@D>
R>:D=$67AD:BE:E$>9B7$:6>9:D$7:OE$@D$F;<G6A$@F676@7M$
$C.G+32!
P!45%3F/;0%63"!34$%%*+3J0"/*3K:#,;&*
%L?3DE@@
CDE@M!!45%3F/;0%63"!34$%%*+3J0"/*3K:#,;&*%L?3DE@@
CDE@M!!$F"*%
+G3*$FD@?;A:?$>9:$H68;D:$<BE:?$@7
$>9:$?B>B$HD@=$!9@DE@7$B7?$NB78$XKLYdZM$*>$E9@OE$>9:$?B6G5$
7;=<:D$@H$>O::>E$HD@=$KLYY
iKLYf$B<@;>$AG6=B>:$A9B78:$B>>:7>6@7M$!@$FG@>$@;>$>9:$>D:7?$@H$!O6>>:D$
B>>:7>6@7Q$>9:5$DB7$B$E:BDA9$@7$+D6=E@7$":SB8@7$;E678$>9:$>:D=$jAG6=B>
:kM$
$$*7$E;==BD5Q$>9:$G@78
R>:D=$>D:7?E$@H$F;<G6A$@F676@7Q$7:OE$B>>:7>6@7Q$B7?$!O6>>:D$B>>:7>6@7$
>@$>9:$AG6=B>:$A9B78:$6EE;:$BD:$BGG$?6HH:D:7>M$!9:$?B>B$E;88:E>E$>9B>$F;<G6A$@F676@7$@H$AG6=B>:$
$$$!,4/&(!,*I2+/H&)/!#4!/0&!$(#;/0!3)!';3//&(!2+&(+8
!';&&/
+!'3H&
!!PK!!!$A9B78:$9BE$E>B5:?$D:GB>6C:G5$E>B<G:$@C:D$>6=:Q$<;>$7:OE$A@C:DB8:
$B7?$!O6>>:D$B>>:7>6@7$@7$>96E
$6EE;:$9BE$:<<:?$B7?$HG@O:?M$!9:D:H@D:Q$A@7H;E678$F;<G6A$B>>:7>6@7$O6>9$B75$@H$>9:E:$>9D::$H@D=E$
$@H$B>>:7>6@7$=B5$D:E;G>$67$=6E67H@D=:?$@D$67BAA;DB>:$;7?:DE>B7?678$@H$>9:$>D:7?$@H$F;<G6A$
B>>:7>6@7Q$BE$*$6GG;E>DB>:$<:G@O$67$?:
>B6GM$'0.)-,2!'4-/G2!",,2/,.(/
!-/A!&2-0
MK.52!I?2/,7!
!+9BF>:D$K$9BE$A@7A:F>;BGG5$6?:7>6H6:?$F;<G6A$B>>:7>6@7Q$7:OE$B>>:7>6@7Q$E@A6BG$=:?6B$
B>>:7>6@7Q$B7?$F;<G6A$@F676@7M$!@$D:C:BG$>9:6D$:=F6D6ABG$?6HH:D:7A:Q$>96E$E:A>6@7$D:C6:OE$:S6E>678$
E>;?6:E$B<@;>$F;<G6
A$@F676@7Q$7:OE$B>>:7>6@7Q$B7?
$!O6>>:D$B>>:7>6@7$>@$>9:$AG6=B>:$A9B78:$6EE;:$67$
>:D=E$@H$9@O$>9:5
$D:EF@7?$>@$>9:$D:BG
RG6H:$:C:7>E$>9B>$D:GB>:$>@$AG6=B>:$A9B78:M
$,>;?6:E$9BC:$E9@O7$>9B>$F;<G6A$@F676@7$6E$E>B<G:$B7?$@H>:7$:6>9:D$;7BHH:A>:?$@D$@7G5$
=@?:DB>:G5$BHH:A>:?$<5$AG6=B>:$A9B78:$:C
:7>E$
X':O68Q$KLL\m$46F<:D8:DQ$KLYYZ
M$(8:7?B$E:>>678$
E>;?6:E$AB>:8@D6U:$AG6=B>:$
A9B78:$BE$B7$7@7
R@<>D;E6C:$6EE;:Q$O96A9$>9:$F;<G6A$AB77@>$?6D:A>G5$
:SF:D6:7A:$
X%^:DH
R/6:DD:$n$,9:9B>BQ$KLYcm$':;=B7Q$YddLZ
M$#A9@678$O6>9$B8:7?B$E:>>6
78$E>;?6:EQ$
>9:$=B^@D6>5$@H$AG6=B>:$A9B78:$A@==;76AB>6@7$EA9@GBDE$9BC:$F:DA:6C:?$>9:$6EE;:$BE$:EE:7>6BGG5$B$
EA6:7>6H6A$FD@<G:=$>9B>
$D:=B67E$>@$<:$A@=FG6AB>:?$B7?$D:=@>:$67$>9:$F;<G6AVE$?B6G5$G6H:$
X/B67>:D$:>$
BGMQ$KLYam
$,A9tH:D$n$,A9G6A9>678Q$KLY\
ZM$!9:D:H@D:Q$>9:$F;<G6A$@F676@
7$6E$G:EE$G6T:G5$>@$9BC:$
?DB=B>6A$A9B78:$?;:$>@$>9:$:C:7>E$D:GB>:?$>@$>9:$AG6=B>:$A9B78:$6EE;:M$)@D:@C:DQ$:A@7@=6A$
?:C:G@F=:7
>$B7?$;7:=FG@5=:7>$BD:$G6T:G5$>@$?@O7FGB5$>9:$6=F@D>B7A:$@H$AG6=B>:$A9B78:$6EE;:M$
(E$=:7>6@7:?$:BDG6:DQ$>9:$7;=<:D$@H$F:@FG:$O9@$E9
@O$A@7A:D7$B<@;>$>9:$AG6=B>:$A9B78:$6EE;:$
>:7?E$>@$?:AD:BE:$?;D678$:A@7@=6A$AD6E:E$
X#8B7$n$);GG67Q$KLYcZ
M$,AD;88E$B7?$1:7:8BG$XKLYKZ$
H@;7?$>9B>$:A@
7@=6A$A@7A:D7E$G6T:G5$A@7>D6<;>:?$>@$?:AG67678$A@7A:D7$B<@;>$AG6=B>:$67$>9:$076>:?$
,>B>:E$B7?$#;D@F:B7$076@7$HD@=$KLLL
iKLYYM$.;D>9:
DQ$>9:5$H@;7?$>9B>$BG>9@;89$F:@FG:$@H>:7$A6>:$
FBD>6EB7$F@GBD6UB>6@7Q$<6BE:?$=:?6B$A@C:DB8:Q$B7?$O:B>9:D$A9B78:E$BE$D:BE@7E$H@
D$E96H>E$67$F;<G6A$
!P[!!!$@F676@7Q$>9:E:$HBA>@DE$?6?$7@>$A@DD:GB>:$O6>9$A9B78:E$67$F;<G6A$@F676@7$B<@;>$AG6=B>:$A9B78:M$
(AA@D?678G5Q$>9:$E
>;?5$BD8;:?$>9B>$F:@FG:$G6T:G5$FD6@D6>6U:?$A;DD:7>$:A@7@=6A$A@7A:D7E$@C:D$
=@D:$G@78
R>:D=$6EE;:E$G6T:$AG6=B>:$A9B78:M$
$*7$A@7>
DBE>$>@$F;<G6A$@F676@7Q$
>9:$7:OE$=:?6B$>:7?$>@$<:$=@D:$E:7E6>6C:$>@$E9@D>
RG6C:?$
E;D8:E$67$B>>:7>6@7$>@$?6HH:D:7>$T67?E$@H$AG6=B>:$A
9B78:$:C:7>EM
$':OE$B>>:7>6@7$D:EF@7?E$>@$:C:7>E$
G6T:$67>:D7B>6@7BG$A@7H:D:7A:E$@D8B76U:?$<5$GBD8:$67>:D8@C:D7=:7>BG$@D8B76UB>
6@7E$B7?$:S>D:=:$
>:=F:DB>;D:$A9B78:E$
X_@7:E
R_B78$:>$BGMQ$KLKLZ
Q$?6EF;>:E$<:>O::7$F@G6>6A6B7E$B7?$EA6:7>6E>E$
X1D@EEBD?
$:>$BGMQ$KLLdZ
Q$B7?$AG6=B>:$A9B78:$?6EBE>:DE$
X+BE>6GG@Q$#G
R"B??B?Q$/H:HH:DQ$n$,>:=F:ATQ$
KLY[ZM$#C:7$E@Q$9689$G:C:GE$@H$7:OE$B>>:7>6@7$>@$AG6=B>:$A9B78:$:C:7>E$BD:$@7G5$E9@D>
R>:D=Q$BE$
E9@O7$<5$B$E>
;?5$HD@=$2qDA9:D$B7?$':C:DGB$XKLYPZM$!9:5$E5E>:=B>6ABGG5$A@=FBD:?$9@O$?6HH:D:7>$
>5F:E$@H$=:?6B$D:E
F@7?:?$>@$>O@$AG6=B>:$A9B78:$:C:7>E
J>9:$KLY[$076>:?$'B>6@7E$+G6=B>:$
+9B78:$+@7H:D:7A:E$B7?$>9:$D:G:BE:$@H$>9:$P
%&$*7>:D8@C:D7=:7>BG$/B7:G$@7$+G6=B>:$A9B78:$
X*/++ZM$1BE:?$@7$>9:6D$B7BG5E6EQ$>9:5$H@;7?$>9B>$7:OE$=:?6B$FB6?$=@D:$B>>:7>6@7$>@$<@>9$:C:7>E$
>9B7$
E@A6BG$=:?6B$FGB>H@D=EM$1;>$>9:$7:OE$B>>:7>6@7$I;6ATG5$E96H>:?$B7?$?:AB5:?$E@@7$BH>:D$>9:$
>O@$:C:7>E$9BFF:7:?M
$+@=FBD:?$>@$7:OE$=:?6BQ$!O6>>:D$D:EF@7?E$>@$<D@
B?:D$AB>:8@D6:E$@H$AG6=B>:$A9B78:$
:C:7>EQ$@H>:7$O6>9$?DB=B>6A$E;D8:E$@H$B>>:7>6@7$>9B>$BD:$>DB7E6:
7>$B7?$HDB8=:7>:?M$
,@=:$E>;?6:E$
9BC:$H@;7?$>9B>$AG6=B>:$A9B78:
RD:GB>:?$:C:7>E$>:7?$>@$<:$>9:$<688:E>$>D688:D$@H$?DB=B>6A$A9B78:E$
67$!O6>>:D$B>>:7>6@7$XE::$
:M8
MQ$+@?5$:>$BGMQ$KLYPm$,@D@TBQ$KLLKm$!9@DE@7$n$NB78Q$KLYdZ
M$*7$B??6>6@7Q$!O6>>:D$BGE@$D:EF@7?E$>@$E@=:$=67@D$?B6G5$G6H:$:C:7>EM$.@D
$67E>B7A:Q$>DBAT678$=6GG6@7E$@H$
>O::>E$HD@=$KLLa
iKLY\Q$+@?5$:>$BGM$XKLYPZ$H@;7?$>9B>$E=BGG$:C:7>E$
G6T:$B$<@@T$D:G:BE:$@D$
O:B>9:D$A9B78:E$E::=:?$>@$H;:G$!O6>>:D$;E:DEV$B>>:7>6@7$>@$AG6=B>:$A9B78:M$%:EF6>:$>9:$HBA>$>9B>$
!O6>>:D$B>>:7>6@7$E9@OE$B$E>D@78:D$D:E
F@7E:$>@$=@D:$AG6=B>:$A9B78:
RD:GB>:?$:C:7>EQ$6>$6E$
!P\!!!$:F9:=:DBG
JE6=6GBD$>@$>9:$7:OE$B>>:7>6@7
JB7?$HDB
8=:7>:?M$$15$@<E:DC678$YYQa[a$>O::>E$D:GB>:?$
>@$B7$(CBBU
'$AB=FB687$<:H@D:$>9:$D:G:BE:$@H$>9:$KLY[$*/++$D:F@D>Q$"@G=<:D8$B7?$":GGE>:D7$
H@;7?$>9B>$B>>:7>6@7$>@$
>9:$AB=FB687$I;6ATG5$F:BT:?$B7?$>9:7$?:AB5:?$D689>$BH>:D$>9:$D:G:BE:$@H$
>9:$D:F@D>M$
*7$B$E>;?5$@H
$>9:$/:@FG:VE$+G6=B>:$)BDA9$67$KLY\Q$!9@DE@7$:>$BGM$XKLYfZ$H@;7?$>9B>$
O9:7$B>>:7>6@7$D:BA9:?$6>E$F:BT$?;D678$>9:$FD@>:E>Q$!O6>>:D$C@G;=:$OBE$9689$<;>$H;GG$@H$
HDB8=:7>:?$B>>:7>6@7$B<@;>$?6HH:D:7>$BEF:A>E$@H$>9:$AG6=B>:$A9B78:$:C:7>M
$*7$E;==BD5Q$F;<G6A$@F676
@7Q$7:OE$B>>:7>6@7Q$B7?$!O6>>:D$B>>:7>6@7$:BA9$E9@O$B$?6E>67A>6C:$
D:EF@7E:$>@$D:BG
RG6H:$:C:7>E$D:GB>:?$>@$AG6=B>:$A9B78:M$/;<G6A$@F676@7$>:7?E$>@$E9@O$B7$67:D>
6B$>@$
AG6=B>:$A9B78:$:C:7>E$<:AB;E:$@H$>9:6D$D:=@>:7:EE$B7?$7@7
R@<>D;E6C:7:EE$>@$>9:$F;<G6AQ$O9:D
:BE$<@>9$7:OE$B>>:7>6@7$B7?$!O6>>:D$B>>:7>6@7$>:7?$>@$<:$=@D:$E:7E6>6C:$>@$=@D:$AB>:8@D6:E$@H$AG6=B>:$
A9B78:$:C:7>E$>9B7$F;<G6A$@F676@7M$!O6>>:D$B>>:7>6@7$E::=
E$>@$<:$FBD>6A;GBDG5$=@D:$?DB=B>6AQ$
E9@D>
RG6C:?Q$B7?$HDB8=:7>:?$>9B7$7:OE$B>>:7>6@7M$(GG$>9:E:$H6
7?678E$E;88:E>$>9B>$:I;B>678$F;<G6A$
B>>:7>6@7$O6>9$B75$@H$>9:$>9D::$H@D=E$@H$B>>:7>6@7$O@;G?$G:B?$>@$?6HH:D:7>$@D$A@7>DB?6A>@D5$D:E;G>EM$
#A9@678$=5$BD8;=:7>$67
$+9BF>:D$KQ$F;<G6A$B>>:7>6@7$A@7A:F>;BGG5$?6HH:D:7>$HD@=$F;<G6A$@F676@7Q$
7:OE$B>>:7>6@7$B7?$E@A6B
G$=:?6B$B>>:7>6@7M$!@$:=F6D6ABGG5$?:=@7E>DB>:$>9:$G6=6>B>6@7$@H$
@F:DB>6@7BG6U678$F;<G6A$B>>:7>6@7$BE$;E678$F;<G6A$@F676@7Q$7:OE$B>>:7>6@7$@D$E@A6BG$=:?6B$
B>>:7>6@7Q$*$?DBO$@7$>9:$H@;D$B>>D6<;>:E$@H$B>>:7>6@7$XE;E>B67B<6G6>5Q$C@GB>6G6>5Q$67>:7E6>5Q$B7?$
A5AG
:EZ$>9B>$*$FD@F@E:?$67$+9BF>:D$K$B7?$BETW
$4vYW$"@O$6E$F;<G6A$B>>:7>6@7$>@$>9:$AG6=B>:$6EE;:$?6HH:D:7>$HD@=$F;<G6A$@F676@7Q$7:OE$
B>>:7>6@7Q$E@A6BG$=:?6B$B>>:7>6
@7Q$67$>:D=E$@H$6>E$67>:7E6>5Q$E;E>B67B<6G6>5Q$C@GB>6G6>5Q$B7?$
A5AG6ABG$7B>;D:e
$$$%!J7,,.!
3+!,)!,*7#5,5-!#($,)3.,/3#),%!/0,/!#(50&+/(,/&+!$%#F,%!#)%3)&!H#7&H&)/
!!PP!!!$<2=7!@2A.-!-7!-!'
-+72!(5!9+:0.1!",,2/,.(/
!*7$B??6>6@7$>@$A9BDBA>:D6U678$>9:$?6HH:D:7>$>:=F@DBG$FB>>:D7E$BAD@EE$>5F:E$@H$B>>:7>6@7Q$>9:$
E:A@7?$8@BG$@H$>96E$A9BF>:D$6E$>@$<:867$>
@$>:BE:$@;>$AB;EBG$D:GB>6@7E96FE$B=@78$>9:$?6HH:D:7>$>5F:$
@H$B>>:7>6@7M$!96E$E:A>6@7$D:C6:OE$G6>:
DB>;D:$B<@;>$>9:$D@G:$@H$7:OE$=:?6B$67$8:7:DB>678$F;<G6A$
B>>:7>6@7$B<@;>$AG6=B>:$A9B78:M$($GBD8:$<@?5$@H$G6>:DB>;D:$9BE$E9@O7$>9B>$7:OE$=:?6B$?:>:D=67:E$
AG6=B>:$A9B78:$B>>:7>6@7M$!9:E:$E>;?6:E$E;FF@D>$FD@F@E6>6@7E$<BE:?$@7$B8:7?B$E:>>678$>9:@D5$
X)A+@=<E$n$
,9BOQ$YdcKZ$B7?Q$67$FBD>6A;GBDQ$9@O$>9:$>9:@D5$AB7$:SFGB67$>9:$:C@G;>6@7$@H$F;<G6A$
B>>:7>6@7$>@$AG6=B>:$A9B78:M$(E$=:7>6@7:?$:BDG6:DQ$>9:$AG6=B>:$A9B78:$6EE;:$
6E$B$7@7
R@<>D;E6C:$
B7?$D:=@>:$6EE;:Q$B7?$F:@FG:$BD:$DBD:G5Q$6H$:C:DQ$?6D:A>G5$BHH:A>:?$<5$AG6=B>:
$A9B78:$67$>9:6D$
:C:D5?B5$G6C:EM$!9:D:H@D:Q$7:OE$=:?6B$9BC:$<:A@=:$}}6=F@D>B7>$B8:7>E$67$>9:$FD@?;A>6@7Q$
D:FD@?;A>6@7Q$B7?$>DB7EH@D=B>6@7$@H$>9:$=:B7678k$@H$B7
>9D@F@8:76A$AG6=B>:$A9B78:$
X+BDCBG9@Q$
KLYLQ$FM$YcKZM$/GB67G5Q$>9:$7:OE$E:DC:E$BE$B7$6=F@D>B7>$E@;DA:$H@D$F:@FG:$>@$G:BD7$B<@;>$AG6=B>:
$A9B78:$X)A+@=<EQ$KLLPZQ$BE$6>$9:GFE$?6E>6GG$EA6:7>6H6A$D:E:BDA9$@7$>96E$6EE;:$
X+BDCBG9@Q$KLYL
m$!B7?@A$n$#78Q$KLYcZ
$B7?$=BT:E$AG:BD:D$>9:$>B786<G:$6=FG6AB>6@7E$@H$AG6=B>:$A9B78:$X1@5T@HHQ$
KLYYZM$!9D@;89$>9:E:$HDB=678$FD@A:EE:EQ$7:OE$=:?6B$AB7$=@<6G6U:$F;<G6A$B>>:7>6@7$B7?$
:=@>6@7
JA@876>6C:$B7?$BHH:A>6C:$D:EF@7E:E
J>@$AG6=B>:$A9B78:$X)A(?B=Q$KLYcZM
$#S6E>678$E>;?6:E$E;88:E>$>9B>$7:OE$=:?6B$67HG;:7A:$<@>9$F;<G6A$B7?$E@A6BG$=:?6B$
B>>:7>6@7M$,@A6B
G$=:?6B$E>6GG$?:F:7?E$@7$=BEE$=:?6B$H@D$AG6=B>:
$A9B78:$67H@D=B>6@7M$*GG;E>DB>678$
>96E$D:GB>6@7E96FQ$]6D6G:7T@$B7?$,>:FA9:7T@CB$XKLY\Z$@<E:DC:?$YMa$=6GG6@7$>O::
>E$B<@;>$AG6=B>:$
A9B78:$B7?$8G@<BG$OBD=678$HD@=$KLYK
iKLY[$B7?$H@;7?$>9B>$!O6>>:D$B>>:7>6@7$>@$AG6
=B>:$A9B78:$
OBE$E>D@78G5$A@DD:GB>:?$O6>9$7:OE$D:F@D>E$@7$>96E$>@F6AM$,6=6GBDG5Q$g:G>D6$B7?$(>B7BE@CB$XKLYcZ$
H@;7?$>9B>$E@A6BG$=:?6B$B>>:7>6@7$>@$AG6=B>:$A9B78:
$9689G5$?:F:7?E$@7$7:OEFBF:D$B7?$F;<G6A$
<D@B?ABE>678$7:OE$=:?6B$A@C:DB8:M$'@7FD@H6>E$B7?$F@G6>6AB
G$:G6>:E$;E:?$7:OE$=:?6B$>@$:SFD:EE$
!Pf!!!$>9:6D$AG6=B>:$A9B78:$@F676@7E$67$B7$B>>:=F>$>@$EOB5$>9:$F;<G6A$>@$BG687$O6>9$>@$>9:6D$67>:D:E>E$
X'6E<:>$n$)@@7:5Q$KLLcZM$+@
=FBD678$YP$5:BDE$@H$7:OE$D:F@D>E$B<@;>$AG6=B>:$A9B78:$67$
(;E>DBG6BQ$3:D=B75Q$B7?$*7?6BQ$
,A9tH:D$:>$BGMQ$XKLY\Z
$H@;7?$>9B>$:7C6D@7=:
7>BG$7@7FD@H6>$
@D8B76UB>6@7E$B7?$F@G6>6ABG$BA>@DE$O@DT:?$?6G68:7>G5$>@$8:7:DB>:$7:OE$B>>:7>6@7$H@D$67>:D7B>6@7BG$
AG6=B>:$A9B78:$:C:7>EM$"@O:C:DQ$>9:E:$:HH@D>E$
O:D:$7@>$67$CB67m$7:OE$=:?6B$D:EF@7?$>@$FD:EE;D:E$
HD@=$>9:E:$?6HH:D:7>$@D8B76UB>6@7E$HBD$=@D:$E@$
>9B7$>9:5$?@$>@$D:BG
RG6H:$O:B>9:D$A9B78:EQ$O96A9$
:C6?:7A:$>9:$D:BG6>5$@H$AG6=B>:$A9B78:$
X,A9tH:D$n$,A9G6A9>678Q$KLY\Z
M$(7?D:OE$B7?$
+BD:7VE$
XKLYLZ$E>;?5$BHH6D=E$>9:E:$H67?678EM$,F:A6H6ABGG5Q$>9:5$H@;7?$>9B>$H@D=BG$7@7FD@H6>$@D8B7
6UB>6@7E$
AB7$67HG;:7A:$G@ABG$7:OE$B>>:7>6@7$@7$AG6=B>:$A9B78:$<5$FD:EE$D:G:BE:Q$FBD>6A;GBDG5$O9:7$>9:5$
=@<6G6U:$>9:$F;<G6A$B>>:7>6@7$
X(7?D:OE$n$+BD
:7Q$KLYLZ
M$$%:EF6>:$>9:$6=F@D>B7A:$@H$7:OE$=:?6B$67$AG6=B>:$A9B78:$A@==;76AB>6@7Q$EA9@GBDE$9BC:$
AD6>6A6U:?$7:OE$=:?6B$H@D$7@>$8:7:DB>678$:7@;89$F;<G6A$B>>:7
>6@7M$.6DE>Q$EA9@GBDE$<:=@B7$>9B>$HBA>$
>9B>$DB>9:D$>9B7$AGBD6H5678$>9:$A@=FG:S6>6:E$@H$>9:$AG6=B>:$A9B78:$6EE;:Q
$7:OE$A@C:DB8:$B=FG6H6:E$
>9:$?:<B>:E$B7?$;7A:D>B67>5$O6>967$>96E$<@?5$@H$EA6:7>6H6A$D:E:BDA9$XE::$:M8MQ$
1@5T@HHQ$KLLaQ$KLY\ZM$_@;D7BG6E>6A$7@D=E$@H$<BGB7A678$7:OE$D:F@D>E$?@O7FGB5E$>9:$EA6:7>6H6A$A@7E:7E;E$B<@;>$
B7>9D@F@8:76A$AG6=B>:$A9B78:$
X.:G?=B7$:>$BGMQ$KLYKZ
M$_@;D7BG6E>E$BGE@$>:7?$>@$
<GB=:$>9:$
;7A:D>B67>5$E;DD@;7?678$AG6=B>:$A9B78:$@7$EA6:7>6E>E$X
1@5T@HHQ$KLLaZM$1@5T@HH$XKLLYZ$E;=E$;F$
>96E$G67:$@H$AD6>6A6E=$@H$7:OE$=:?6B$O:GG
$<5$:EE:7>6BGG5$EB5678$>9B>$>9:5$9BC:$HB6G:?$>@$:?;AB>:$
A6>6U:7E$B7?$F@G6A5$BA>@DE$B<@;>$>9:$EA6:7>6H6A$>D;>9$@H
$AG6=B>:$A9B78:M
$,:A@7?Q$EA9@GBDE$AD6>6A6U:$7:OE$=:?6B$H@D$F@G6>6A6U678$B7?$F@GBD6U678$>9:$6EE;:M$4B>9:D$
>9B7$:=F9BE6U678$EA6:7>6H6A$D:E:BDA9Q$7
:OE$A@C:DB8:$@H>:7$H@A;E:E$@7$F@G6>6ABG$AGB6=E$B7?$F@G6A5$
?:<B>:E$@7$>9:$6EE;:$X1@5T@HHQ$KLYYZ$B7?$ABGGE$@7$67AD
:BE678G5$=@D:$F@G6>6ABG$BA>@DE$>9B7$
EA6:7>6E>E$>@$EF:BT$@7$>96E$6EE;:$X+9677$:>$BGMQ$KLKLZM$.@D$67E>B7A:Q$B7BG5U678$0M,M$=B^@D$
!Pc!!!$7:OEFBF:D$HD@=$Yd
aPiKLYcQ$+9677$:>$BGM$XKLKLZ$H@;7?$>9B>$=:?6B$D:FD:E:7>B>6@7$@H$AG6=B>:$
A9B78:$OBE$67AD:BE678G5$F@G6>6A6U:?$B7?$
F@GBD6U:?M$!:GG678$@H$>9:$F@G6>6A6U:?$7B>;D:$@H$AG6=B>:$
A9B78:$6E$>9:$?6EFBDB>:$OB5E$?6HH:D:7>$7:OE$@;>G:>E$FD:E:7>$>96E$6EE;:M$(FF:BG678$>@$?6H
H:D:7>$
B;?6:7A:EQ$.:G?=B7$B7?$A@GG:B8;:E$XKLYKZ$H@;7?$>9B>$A@7E:DCB>6C:$=:?6B$X6M:MQ$.@S$':OEZ$
FD:E:7>:?$B$=@D:$
ABCBG6:D$>@7:$B<@;>$AG6=B>:$A9B78:$>9B7$7@7A@7E:DCB>6C:$=:?6B$@;>G:>EQ$E;A9$BE$
+''$B7?$),'1+M$*7$>96E$OB5Q$
FBD>6EB7$=:?6B$AB7$=6EG:B?$>9:$F;<G6A
$B<@;>$AG6=B>:$A9B78:$B7?$
H@=:7>$67AD:BE678$F@GBD6UB>6@7$A@7A:D7678$AG6=B>:$A9B78:Q$BE$F:@FG:$>:7?$>@$A@7E;=:$=:
?6B$>9B>$
BG687E$O6>9$>9:6D$C6:OE$B7?$67>:D:E>EM$
X.:G?=B7$:>$BGMQ$KLYKm$.:G?=B7Q$)5:DEQ$"=6:G@OET6Q$n$
2:6E:D@O6>UQ$KLY\Z
M$N9:
7$F:@FG:$>D:B>$<D@B?ABE>$=:?6B$BE$>9:6D$=B67$>D;E>:?$E@;DA:$@H$
67H@D=B>6@7$B<@;>$AG6=B>:$A9B78:$X,A9tH:D$n$,A9G6A9>678Q$KLY\ZQ$>96E$F@GBD6UB>6@7
$FD:E:7>E$B$
=B^@D$A9BGG:78:$>@$E>DB>:86ABGG5$DB6E678$F;<G6A$B>>:7>6@7$B7?$A@7E:7E;E$B<@;>$AG6=B>:$A9B78:M
$!96D?Q
$EA9@GBDE$AD6>6A6U:$7:OE$=:?6B$H@D$A@7A:7>DB>678$@7$=B^@D$:7C6D@7=:7>BG$
@D8B76UB>6@7E$O9@$>:7?$>@$=@<6G6U:$GBD8:$8D@;FE$@H$F:@FG:Q$O96G:$7:8G:A>
678$>9:$8DBEED@@>$:HH@D>E$
HD@=$E=BGG:DQ$G:EE$@D8B76U:?$B?C@ABA5$8D@;FE$
X!9DBGG$:>$BGMQ$KLY\<Z
M$(7?D:OE$B7?$+BD:7$XKLYKZ$
H@;7?$>9B>$7:OE$=:?6B$FB5:?$G6
>>G:$B>>:7>6@7$>@$B?C@ABA5$8D@;FE$EF:BD9:B?:?$<5$>:=F@DBD5$
C@G;7>::DEQ$O96A9$;E:?$A@7HD@7>B>6@7BG$B?C@ABA5$E>DB>
:86:E$H@A;E:?$@7$7@C:G$:7C6D@7=:7>BG$
6EE;:EM$1BE:?$@7$^@;D7BG6E=$D@;>67:EQ$7:OE$=:?6B$FD:H:D$:E>B<G6E9:?$@D8B76UB>6@7E$>9B>$O:D:$E;D:$
>@$AD:B>:$
7:OE$CBG;:M$,F:A6H6ABGG5Q$7:OE$=:?6B$FD:H:D$@D8B76UB>6@7E$>9B>$BD:$jGBD8:DQ$FD@S6=B>:Q$
B7?$B??D:EE$6EE;:E$@H$8D:
B>:D$E@A6BG$E6876H6AB7A:k$
X(7?D:OE$n$+BD:7Q$KLYLQ$FM$a\\Z
M$"@O:C:DQ$
>9:$7:OE$=:?6BVE$FD:H:D
:7A:$H@D$A@C:D678$E>@D6:E$B7?$6EE;:E$@H$6==:?6B>:$B7?$FD@S6=BG$A@7A:D7$
X!D6GG678
Q$!@G@A9T@Q$n$1;DEA9:DQ$KLYcZ
Q$FBD>6A;GBDG5$B=@78$E;A9$=:?6B$@;>G:>E$67$9689$ABD<@7$
:=6EE6@7$A@;7>D6:E$X=@E>$@H
$O96A9$BD:$BGE@$9689G5$?:C:G@F:?$A@;7>D6:EZQ$=B5$<G67?$>9:$F;<G6A$>@$
>9:$OB5E$>9B>$AG6=B>:$A9B78:$7:8B>6C:G5$BHH:A>E$9;=B7$?:C:G@F=:7>Q$FBD>6A;G
BD$67$?:C:G@F678$
!Pa!!!$A@;7>D6:EM$':OE$=:?6B$67$?:C:G@F:?$A@;7>6:E$@H>:7$C6:O$AG6=B>:$A9B78:$BE$B$HBD$@HHQ$?6E>BG$
A@7A
:D7
JB7$6EE;:$BHH:A>678$A@=FBDB>6C:G5$G:EE$?:C:G@F:?$A@;7>D6:EM$(E$E;A9Q$>9:E:$@;>G:>E$
@C:DG@@T$9@O$AG6=B>:$A9B78:$BHH:A>E$A@;7>D6:E$67$,@;>9$(=:
D6ABQ$,@;>9$#BE>$(E6BQ$/BA6H6A$
*EGB7?EQ$B7?$(HD6ABM$!9:E:$A@;7>D6:E$>:7?$>@$<:$>9:$=@E>$C;G7:DB<G:$FGBA:E$>@$AG6
=B>:$A9B78:$$
X(DA96<BG?$n$1;>>Q$KLYaZ
M$*7$E;=Q$E>;?6:E$E9@O$>9B>$7:OE$=:?6B$F
GB5E$B$AD6>6ABG$FBD>$67$E9BF678$F;<G6A$B>>:7>6@7$>@$
AG6=B>:$A9B78:Q$E:DC678$BE$B$=B^@D$E@;DA:$@H$67H@D=B>6@7$B<@
;>$>96E$6EE;:$H@D$>9:$F;<G6A$BE$O:GG$BE$
H@D$@>9:D$=:?6B$@;>G:>EQ$E;A9$BE$E@A6BG$=:?6BM$(??6>6@7BGG5Q$F@G6>6ABG$BA>@DE$FGB5$B$T:5$D@G:$67$
E9BF678
$>9:$AG6=B>:$A9B78:$B8:7?B$<5$67HG;:7A678$7:OE$B>>:7>6@7M$(>$>9:$EB=:$>6=:Q$9@O:C:DQ$
7:OE$B>>:7>6@7$H@E>:DE$B$E:
7E:$@H$A@7H;E6@7$@D$?6E>D;E>$@H$D:G:CB7>$EA6:7>6H6A$D:E:BDA9$@7$AG6=B>:$
A9B78:$B7?$F@G6>6A6U:E$>96E$6EE;:Q$E@$=;A9$E@$>9B>$F@GBD6U:E$>9:$F;<G6AV
E$C6:OE$B<@;>$AG6=B>:$
A9B78:$B7?$O9B>$?@$B<@;>$6>M$N6>9$>9:$O6?:EFD:B?$B?@F>6@7$@H$E@A6BG$=:?6BQ$A@;G?$6>$DB6E:$
=@D:$
F;<G6A$B>>:7>6@7$B<@;>$AG6=B>:$A9B78:e$,A9@GBDE$9BC:$^;E>$E>BD>:?$A@7E6?:D678$>96E$I;:E>6@7M$
$$(1.-0!@2A.-!-7!-!'-+72!(5!9+:0.1!",,2/,.(/
!!96E$E:A>6@7$D:C6:OE$G6>:DB>;D:$B<@;>$>9:$D@G:$@H$E@A6BG$=:?6B$67$8:7:DB>678$F;<G6A$
B>>:7>6@7$B<@;>$AG6=B>:$A9B78
:M$,@A6BG$=:?6B$FGB>H@D=EQ$E;A9$BE$<G@8EQ$.BA:<@@TQ$&@;!;<:Q$
!O6>>:DQ$B7?$N:6<@Q$FD@C6?:$B$EFBA:$H@D$67H@D=B>6@7Q$?6EA;EE6@7Q$B7?$=@<6G6UB>6@7$@
H$AG6=B>:$
A9B78:$
X!B7?@
A$n$#78Q$KLYcZ
M$(E$E;A9Q$O6>9$>9:$D6E:$@H$E@A6BG$=:?6BQ$=B75$AG6=B>:$A9B78:$
B?C@AB>:E$B7?$D:E:BDA9:DE$9@F:$>@$=@<6G6U:$>9:$F;<G6A$B7?$67AD:BE
:$6>E$B>>:7>6@7$>@$>96E$6EE;:$
X":E>D:EQ$KLY\Q$KLYPZ
M$/:BDA:$:>$BGMQ$XKLYd
Z$F:DA:6C:?$E@A6BG$=:?6B$BE$B7$@;>G:>$>9B>$
AB7$?6E>;D<$
:S6E>678$=:?6B$F@O:D$E>D;A>;D:E$GBD8:G5$A@7>D@GG:?$<5$>DB?6>6@7BG$8B>:T::F:DE$B7?$67C@GC:E$
:C:D5?B5$F:@FG:M$!96E$67AD:BE678$=BEE$@H$
@D?67BD5$F:@FG:$FBD>6A6FB>:$67$8:7:DB>678$7:OE$B7?$
<D678678$B>>:7>6@7$>@$?6HH:D:7>$6EE;:$BD:BEQ$67AG;?678$AG6=B>
:$A9B78:M$(HH6D=678$>96E$F@67>Q$NB78$
!Pd!!!$:>$BGM$XKLYdZ$H@;7?$>9B>$E@A6BG$=:?6B$:78B8:E$B$CBD6:>5$@H$@D8B76UB>6@7BG$B7?$67?6C6?;BG$BA>@DEQ$
E;A9$BE$EA
6:7>6E>EQ$E=BGG$A6C6A$B?C@ABA5$8D@;FEQ$B7?$67?6C6?;BG$AG6=B>:$A9B78:$BA>6C6E>EM$N6>9$
67AD:BE678$A@7>:7>$A6DA;GB>
678$@7$E@A6BG$=:?6BQ$>9:$F;<G6A$9BE$BAA:EE$>@$=@D:$67H@D=B>6@7$@7$
AG6=B>:$A9B78:$
X,A9tH:D$n$,A9G6A9>678Q$KLY\Z
$B7?$A
B7$9:GF$EFD:B?$>96E$67H@D=B>6@7$>@$@>9:DE$
>9D@;89$>9:6D$E@A6BG$7:>O@DTE$X1@5T@HHQ$KLYYZM
$($8D@O678$7;=<:D$@H$E>;
?6:E$E;FF@D>$>9:$9@F:$>9B>$>9:$8D@O>9$@H$E@A6BG$=:?6B$AB7$
:78:7?:D$=@D:$F;<G6A$B>>:7>6@7$>@$6EE;:$@H$AG6=B>:$A9B78:M$,A9@GBDE$67$>9:E:$E>;?6:E$9
BC:$;E:?$
E@A6BG$>9:@D6:E$>@$:SFGB67$>9:$FD@?;A>6@7$B7?$?6HH;E6@7$@H$F;<G6A$B>>:7>6@7$>@$>9:$AG6=B>:$A9B78:$
6EE;:
M$.@D$:SB=FG:Q$NB78$:>$BGM$XKLYdZ$BFFG6:?$2BC:$B7?$N:78:DVE$XYddYZ$A@==;76>5$@H$
FDBA>6A:$>9:@D5$>@$:SB=67:$>9:$D@G:E$@H$67?6C6?;BGE$B7?$@D8B76UB
>6@7E$O9@$FBD>6A6FB>:?$67$!O6>>:D$
?6EA;EE6@7E$B<@;>$AG6=B>:$A9B78:$BAD@EE$B$E:D6:E$@H$AG6=B>:$A9B78:$D:GB>:?$:C:
7>E$@C:D$B$E>D:>A9$
@H$>6=:M$1BE:?$@7$>96E$>9:@D5Q$67?6C6?;BG$B>>:7>6@7$>@$AG6=B>:$A9B78:$?:F:7?E$@7$8D@;F$=:=<:DEV$
B>>:7>6@7$>@$>96E$6EE;:$BAD@E
E$>9:$67?6C6?;BGVE$@7G67:$A@==;76AB>6@7$7:>O@DTE$B7?y@D$E@A6BG$
7:>O@DTEM$!9;EQ$E;E>B67:?$!O6>>:D$B>>:7>6@7$>@$AG
6=B>:$A9B78:$AB7$A;G>6CB>:$67?6C6?;BG$B>>:7>6@7$
>@$>96E$6EE;:Q$O96A9$:C:7>;BGG5$=B5$9:689>:7$F;<G6A$B>>:7>6@7$>@$AG6=B>:$A9B78:$
XNB78$:>$BGMQ$
KLYdZM$->9:D$E>;?6:EQ$67H@D=:?$<5$2BUBDEH:G?$:>$BG
MVE$XYd\aZ$>O@
RE>:F$HG@O$=@?:GQ$G6T:O6E:$H67?$
:C6?:7A:$@H$>9:$F@O:D$@D?67BD5$F:@FG:$9BC:$67$BHH:A>678$F;<G6A$B>>
:7>6@7M$.@D$:SB=FG:Q$,9BF6D@$
B7?$/BDT$XKLYaZ$B7BG5U:?$>9:$7:>O@DT$@H$A@==:7>E$HD@=$>9:$=@E>$C6:O:?$&@;!;<:$C6?:@E$
B<@;>$AG6=B>:$A9B78:$B7?$H@;7?
$>9B>$B$E=BGG$8D@;F$@H$@F676@7$G:B?:DE
JD:8;GBD$&@;!;<:$;E:DE
J$?@=67B>:$>9:$A@==:7>$<@BD?EQ$:C:7$>9@;89$:E>B<G6E9
:?$@D8B76UB>6@7E$FD@?;A:?$=@E>$@H$>9:E:$
F@F;GBD$C6?:@EM$15$>DBAT678$>O::>E$;E678$AG6=B>:$A9B78:$9BE9>B8E$>9:$?B5E$6==:?6B>:G5$<:H@D:$
B7?$BH>:D$>
9:$D:G:BE:$@H$>9:$*/++$D:F@D>Q$':O=B7$XKLYcZ$H@;7?$>9B>$67?6C6?;BG$<G@88:DE$B7?$
A6>6U:7E$B>>DBA>:?$=@E>$B>>:7>6@
7$BE$>9:5$E9@O:?$;F$67$>9:$>@F$YLL$=@E>$D:>O::>:?$;E:DEM$!9B>$6EQ$
!fL!!!$>9:E:$:C:D5?B5$F:@FG:$O:D:$>9:$=@E>$E;AA:EEH;G$B>$G:C:DB8678$>9:6D$E@A6BG$=:?6
B$FD:E:7A:$>@$
EFD:B?$67H@D=B>6@7$B7?$BOBD:7:EE$B<@;>$AG6=B>:$A9B78:$B7?Q$67$>;D7Q$67AD:BE:$B>>:7>6@7$>@$>96E$
6EE;:M$*7$E9@D>Q$>9:E:$H67?678E$67?6AB>:$>9B>$67H@D=BG$F::D
R>@RF::D$A@==;76AB>6@7$@7$E@A6BG$=:?6B$
AB7$9BC:$?:=@7E>DB<G:$6=FBA>$@7$>9:$EFD:B?$@H$67H
@D=B>6@7$B7?$67$EOB5678$F;<G6A$B>>:7>6@7M$
$36C:7$>9:$F@O:D$@H$E@A6BG$=:?6B$>@$67HG;:7A:$F;<G6A$B>>:7>6@7Q$E>DB>:
86A$@D8B76UB>6@7E$@7$
AG6=B>:$A9B78:$9BC:$BA>6C:G5$;E:?$6>$>@$=@<6G6U:$F;<G6A$B>>:7>6@7$>@$AG6=B>:$A9B78:$:C:7>E$
X":E>D:EQ$KLY\Q$KLYPZ
M$.@D$:SB=FG:Q$
,:8:D<:D8$B7?$1:77:>>$XKLYYZ$B7BG5U:?$>9:$A@77:A>6C6>5$B7?$
>9:$E@;DA:E$@H$>O::>E$D:GB>:?$>@$>9:$AG6=B>:$A9B78:$F
D@>:E>E$9:G?$?;D678$>9:$YP>9$076>:?$'B>6@7E$
+@7H:D:7A:$@H$>9:$/BD>6:E$@7$+G6=B>:$+9B78:$X+-/
RYPZ$67$KLLdM$!9:5$H@;7?$>9B>$B?C@ABA5$
@D8B76UB>6@7E
$:7A@;DB8:?$AG6=B>:$A9B78:$BA>6C6E>E$>@$;E:$EF:A6H6A$9BE9>B8E$>@$BAA:G:DB>:$>9:$
=@<6G6UB>6@7$H@D$>9:6D$B8:7?BM$!
9:5$A@7AG;?:?$>9B>$!O6>>:D$BA>E$BE$B$jE>6>A9678$=:A9B76E=k$>9B>$
A@77:A>E$B>>:7>6@7$BAD@EE$?6C:DE:$7:>O@DTE$
X1:77:>>$:>$BGMQ$KLY\m$,:8:D<:D8$n$1:77:>>Q$KLYY<Z
M$!9@DE@7$:>$BGMQ$XKLYfZ$:SB=67:?$>9:$>O::
>E$D:GB>:?$>@$>9:$/:@FG:VE$+G6=B>:$)BDA9$67$KLY\$B7?$
H@;7?$>9B>$!O6>>:D$:7B<G:?$AG6=B>:$A9B78:$BA>6C6E>EQ$<@>9$6
7?6C6?;BGE$B7?$@D8B76UB>6@7EQ$>@$<;6G?$
F;<G6A$B>>:7>6@7$>@$>9:E:$D:BG
RG6H:$FD@>:E>E$B7?$AD:B>:$B?$9@A$F;<G6AEQ$O9@$O:D:$BGG$A@7A:D7:?$
B<@;>$>9:$
AG6=B>:$A9B78:$6EE;:$B7?$>9D:B?$>@8:>9:D$B$CBD6:>5$@H$@D6:7>B>6@7E$>@$>9:$6EE;:M$,>6:D$:>$
BGM$XKLYaZ$B7BG5U:?$AG
6=B>:$A9B78:$F@G6A5$?:<B>:E$@7$!O6>>:D$B7?$H@;7?$>9B>$?DB=B>6ABGG5$
67AD:BE:?$B>>:7>6@7$>@$AG6=B>:$A9B78:$DB6E:?$F@G6>6ABG$:G6>:E$B>>:7>6@7$>@$>9
6E$6EE;:Q$G:B?678$>9:=$>@$
A@7E6?:DQ$FD@F@E:Q$B7?$:7BA>$7:O$F@G6A6:EM
$*7$E;=Q$D:E:BDA9$@7$E@A6BG$=:?6B$B>>:7>6@7$
>@$AG6=B>:$A9B78:$E;88:E>E$>9B>$E@A6BG$=:?6B$6E$
B$7:O$EFBA:$H@D$DB6E678$AG6=B>:$A9B78:$B>>:7>6@7M$-D?67BD5$;E:DE$AB7$EFD:B?$AG6=B>:$A9B78:$
B>>:7>6@7$B7?$67HG;:7A:$@>9:DEM$,>DB>:86A$@D8B76UB>6@7E$9BC:$;E:?$!O6>>:D$>@$=@<6G6U:$F;<G6A$
B>>:7>6@7$B7?$67HG;:7A:$
F@G6>6ABG$:G6>:EM$*7?::?Q$@>9:D$BA>@DEQ$<:E6?:E$>DB?6>6@7BG$7:OE$=:?6B$
!fY!!!$@;>G:>E$B7?$GBD8:$:E>B<G6E9:?$@D8B76UB>6@7EQ$67HG;:7A:$F;<G6A$B>>:7>6@7$E
;DD@;7?678$AG6=B>:$
A9B78:
JB7?$!O6>>:D$=B5$<:$B7$6=F@D>B7>$:7867:$H@D$HBA6G6>B>678$>9:$C6E6<6G6>5$@H$>9:E:$@>9:D$
BA>@DEM$
$%42!F/,23)2A.-!%3-/7523!(5!'0.)-,2!'4-/G2!",,2/,.(/
!!9:D:$6E$B$<6H;DAB>6@7$67$>9:$G6>:DB>;D:$<:>O::7$E>;?6:E$@H$7:OE$=:?6B$B>>:7>6@7$>@
$AG6=B>:$A9B78:$B7?$>9@E:$@H$E@A6BG$=:?6B$B>>:7>6@7M$)@E>$AG6=B>:$A9B78:$A@==;76AB>6@7$E>;?6:E$
:SAG;E6C:G5$H@A;E
$@7$@7:$>5F:$@H$=:?6B
J:6>9:D$7:OE$=:?6B$@D$E@A6BG$=:?6BM$-7G5$B$H:O$:SB=67:$
>9:$?6E>D6<;>6@7$@H$AG6=B>:$A9B78:$B>>:7>6@7$BAD@EE$<@>9$E@A6BG$=:?6
B$B7?$7:OE$=:?6B$X6M:MQ$
7:OEFBF:DQ$!gQ$B7?$7:OE$O:<E6>:EZM$!9:E:$9B7?H;G$@H$E>;?6:E$;E:$67>:D=:?6B$B8:7?B$E:>>67
8$>9:@D5$>@$:SFGB67$>9:$FD@A:EEM$*7$8:7:DBGQ$>9:E:$E>;?6:E$E9@O$>9B>$7:OE$=:?6B$B>>:7>6@7$B7?$E@A6BG$
=:?6B$B>>:7>6@7$FD:?6A>$:BA9$@>9:DQ$<;>$O96
A9$@7:$H@GG@OE$>9:$@>9:D$B7?$>9:$6=F@D>B7A:$@H$>9:6D$
D:EF:A>6C:$:HH:A>E$CBD5$@C:D$>6=:M$.@D$:SB=FG:Q$_B78$B7?$A@
GG:B8;:E$XKLKLZ$B7BG5U:?$>9:$
A@7>B86@7$@H$AG6=B>:$A9B78:$B8:7?B$B7?$HDB=:E$BAD@EE$!O6>>:D$B7?$@7G67:$7:OE$=:?6B$HD@=$
KLYPiKLYcQ$H67?678$>9B>$<@>
9$>9:E:$=:?6B$>5F:E$E9BF:?$>9:$@>9:DVE$B8:7?B$B7?$HDB=:E$B<@;>$
AG6=B>:$A9B78:M$*7$B7@>9:D$E>;?5Q$&B7$B7?$1@DB9$X
KLYdZ$:SB=67:?$9@O$F;<G6A$B>>:7>6@7$HG@O:?$
<:>O::7$!O6>>:D$B7?$7:OEFBF:DE$O9:7$%@7BG?$!D;=F$B77@;7A:?$>9:$0M,MVE$O6>9?DBOBG$HD@=$>9:$
/BD6E$(8D::
=:7>M$!DBAT678$>O::>E$B7?$7:OEFBF:D$A@C:DB8:$6==:?6B>:G5$FD:A:?678$B7?$H@GG@O678$
>96E$B77@;7A:=:7>Q$&B7$B7?$1@DB
9$H@;7?$>9B>$7:OE$B>>:7>6@7$FD:A:?:?$!O6>>:D$B>>:7>6@7$<:H@D:$
>9:$B77@;7A:=:7>M$"@O:C:DQ$7:OE$B>>:7>6@7$GB>:D$H@GG@O:?$!O6>>:DVE$B>>:7>6@7M$(AA@
D?678G5Q$>9:5$
A@7AG;?:?$>9B>$!O6>>:D$G6T:G5$FD@=F>E$7:OE$B>>:7>6@7$E9@D>G5$BH>:D$>9:$@AA;DD:7A:$@H$<D:BT678$
7:OE
Q$O96G:$7:OE$B>>:7>6@7$G6T:G5$?6D:A>E$!O6>>:D$;E:DE$>@$>@F6AE$>9B>$?D6C:$@78@678$?:<B>:Em$B7?$
>9:$6=FBA>$HD@=$!O6>>:D$@7$7:OE$OBE$7@>$G@78$GBE>6
78M$$!fK!!!$(G>@8:>9:DQ$7:OE$=:?6BQ$E@A6BG$=:?6BQ$B7?$E>DB>:86A$@D8B76UB>6@7BG$BA>@DE$BGG$E9BF:$F;<G6A$
B>>:7>6@7$E;DD@;
7?678$AG6=B>:$A9B78:M$':OE$=:?6BQ$E@A6BG$=:?6BQ$B7?$E>DB>:86A$@D8B76UB>6@7BG$
BA>@DE$BGE@$A@DD:EF@7?$O6>9$:BA9$@>9:D$BAD@EE$=:?6BM$+@7E:I;:7>G5Q$
*$95F@>9:E6U:W$
$N!W$(>>:7>6@7$HD@=$7:OE$=:?6BQ$E@A6BG$=:?6BQ$B7?$E>DB>:86A$@D8B76UB>6@7BG$BA>@DE$
FD:?6A>E$
F;<G6A$B>>:7>6@7$>@$AG6=B>:$A9B78:$@C:D$>6=:M
$N"W$(>>:7>6@7$HD@=$7:OE$=:?6BQ$E@A6BG$=:?6BQ$B7?$E>DB>:86A$@D8B76UB>6@7BG$BA>@DE$
=;>;BGG5$FD:?6A>E$:BA9$
@>9:D$@C:D$>6=:M$
$.;D>9:D=@D:Q$*$DB6E:$B$I;:E>6@7$BE$>@$O9:>9:D$=:?6B$:HH:A>E$@7$B>>:7>6@7$9@G?$B
>$?6HH:D:7>$
G:C:GE$@H$>:=F@DBG$B88D:8B>6@7M$N:GGE$:>$BGM$XKLYdZ$:SFGB67E$>:=F@DBG$B88D:8B>6@7$BE$>9:$FDBA>6A:$
@H$67AD:BE678$>9:$;76>$@H$B7BG5E6E$H@D$>6=:$E:D6:
E$?B>BM$2@O$G:C:GE$@H$>:=F@DBG$B88D:8B>6@7$D:E;G>$
67$E=BGG:D$B7?$9689$HD:I;:7A5$@H$>6=:$;76>EQ$O9
:D:BE$9689$G:C:GE$@H$B88D:8B>6@7$D:E;G>$>@$GBD8:D$
B7?$G@O$HD:I;:7A5$>6=:$;76>EM$(E$=:7>6@7:?$67$+9BF>:D$KQ$B8:7?B$E:>>678$E>;?6:E$:=:D8:?$67$B$
>6=:$O9:7$>9:$=:
?6B$:7C6D@7=:7>$H@GG@O:?$B$=;A9$EG@O:D$FBA:$>9B7$>@?B5M$!9:D:H@D:Q$67$
E>;?5678$F;<G6A$B>>:7>6@7Q$
>9:E:$EA9@GBDE$@H>:7$B88D:8B>:?$>:=F@DBG$?B>B$B>$B$9689$G:C:G$>@$
:SB=67:$BAA;=;GB>:?$=:?6B$:HH:A>EM$.@D$67E>B7A:Q$>9:$;76>$@H$B7BG5E6E$67$,;$B7?$1@DB9VE$XKLYdZ
$67>:D=:?6B$B8:7?B$E:>>678$E>;?5$6E$?B5EQ$B7?$67$_@7:E
R_B78$:>$BGMVE$XKLKLZ$E>;?5Q$6>$6E$<5$O::TE
M$1;>$9689:D$G:C:GE$@H$B88D:8B>6@7$@H$>6=:$E:D6:E$?B>B$X:M8MQ$=@7>9G5Z$:BE:E$>9:$>:=F@DBG$?57B=6AE$
O96A9$G@O$G:C:GE$@H$B88D:8B>6@7$@<E:DCB>6@7$AB7$D:C:BG$
X,9:GG=B7Q$KLL\Z
M$!9
:D:H@D:Q$*$BETW$
$4vKW$"@O$?@$
N!$B7?$
N"$CBD5$O6>9$?6HH:D:7>$>:=F@DBG$B88D:8B>6@7Ee$
$@2,4(A
!*7$>9:$=:>9@?$E:A>6@7Q$*$H6DE>$67>D@?;A:$B$D@<;E>$OB5$>@$=:BE;D:$F;<G
6A$B>>:7>6@7$;E678$
3@@8G:$!D:7?E$*7?:SM$*$BGE@$F@67>$@;>$>O@$A9BGG:78:E$@H$;E678$3@@8G:$!D:7?E$*7?:S$BE$B$
=:BE;D:=:7>$>@$F;<G6A$B>>:7>6@7W$7@6E:$HD@=$>9:$?B>B$B7?$>9:$A9@6A:$@H$E:BDA9$I;:
D6:EM$*$>9:7$
!f[!!!$OBGT$>9D@;89$>9:$?B>B$A@GG:A>6@7$FD@A:EE$B7?$>9:$E@;DA:E
$@H$?B>B$>9B>$*$;E:?$H@D$B7BG5E6EM$.67BGG5Q$
*$67>D@?;A:$>9:$BFFD@BA9$>@$@F:DB>6@7BG6U:$>9:$H@;D$B>>D6<;>:E$X67>:7E6>5Q$E;E>B67B<6G6>5Q$C@GB>6G6>5Q$
B7?$A5AG6ABG$7B>;D:EZ$B7?$>9:$>6=:$E:D6:
E$B7BG5E6E$>@$:SB=67:$>9:$D:GB>6@7E96FE$<:>O::7$?6HH:D:7>$
H@D=E$@H$B>
>:7>6@7$@C:D$>6=:M
$@2-7+32)2/,!(5!9+:0.1!",,2/,.(/!
!%686>BG$=:?6B$FD@C6?:$CBG;B<G:$D:E@;DA:E$>@$>DBA:$F;<G6A$B>>:7>6@7$>@$AG6=B>:$A9B78:$@C:D$
>6=:M$3@@8G:$!D:7?E$?B>B$6E$@7:$E;A9$D:E@;DA:
M$*7$D:BG
R>6=:Q$3@@8G:$B7@75=@;EG5$B88D:8B>:E$
;E:DEV$E:BDA9$I;:D6:E$6
7>@$AB>:8@D6:EQ$=:B7678$>96E$?B>B$6E$A@7E>B7>G5$;F?B>678$X,BG8B76TQ$KLYcZM$
(E$E;A9Q$F:@FG:$C6:O$>96E$?B>B$BE$D:FD:E:7>B>6C:$@H$D:BG
RO@DG?$;E:DEV$3@@8G:$E:BDA9$<:9BC6@DM$
$3@@8G:$!D:7?E$?B>
B$AD:B>:$@FF@D>;76>6:E$
B7?$6E$B7$BG>:D7B>6C:$OB5$
H@D$D:E:BDA9:DE$>@$
;7?:DE>B7?$>9:$?57B=6AE$@H$F;<G6A$B>>:7>6@7$>@$AG6=B>:$A9B78:$:C:7>EM$(8B67Q$E67A:$3@@8G:$
B;>@=B>6ABGG5$D:HD:E9:E$>96E$?B>BQ$6>$6E$:BE5$>@$>DBAT$B75$A9B78:E$67$AG6=B>:$A9B78:$B>>:7>6@7$
FD:A:?678$@D$H@GG@O678$B$AG6=B>:$A9B78:$:C:7>M$N96G:$:7B<G678$E;A9$>DBAT
678$@H$F;<G6A$B>>:7>6@7Q$
>9:E:$?B>B$BD:$BGE@$HD::Q$FD@C6?678$B$HBD$G:EE$:SF:7E6C:$=:B7E$@H$A@7?;A>678$G@786>;?67BG$
D:E:BDA9M$.;D>9:D=@D:Q$>9:E:$?B>B$?@$7@>$D:HG:A>$F:@FG:VE$E:GH
RD:F@D>E$@
H$>9:6D$B>>:7>6@7$@D$E;DC:5$
A@7?;A>@DEV$67>:DFD:>B>6@7E$@H$F:@FG:VE$B
>>:7>6@7
J>O@$F@>:7>6BGG5$<6BE:?$=:BE;D:=:7>E$
XCB7$
(>>:C:G?>$n$/:78Q
$KLYaZM$N6>9$BGG$>9:E:$<:7:H6>EQ$67AD:BE678G5$=@D:$D:E:BDA9:DE$;E:$>9:E:$?B>B$>@$
=:BE;D:$AG6=B>:$A9B78:$BOBD:7:EEM$.@D$:SB=FG:Q$(7?:D:88$B7?$3@G?E=6>9$XKLY\Z$;E:?$3@@8G:$
!D:7?E$?B>B$>@$D
:HG:A>$F;<G6A$B>>:7>6@7$>@$AG6=B>:$A9B78:M$*7$5:>$B7@>9:D$E>;?5Q$(DA9
6<BG?$B7?$1;>>$
XKLYaZ$BD8;:?$>9B>$3@@8G:$!D:7?E$?B>B$E:DC:?$BE$B$CBG6?$FD@S5$H@D$F;<G6A$BOBD:7:EE$B<@;>$
AG6=B>:$A9B78:M$
$36C:7$>9B>$3@@8G:VE$=BDT:>$E9BD:$6E$BE$9689$BE$acl$X,>B>6E>BQ$KLKL
ZQ$O6>9$;E:DE$BAD@EE$>9:$
8G@<:Q
(=B75$EA9@GBDE$;E:$3@@8G:$!D:7?$?B>B$B
E$B$FD@S5$67?:S$H@D$F;<G6A$B>>:7>6@7$
XE::$:M8MQ$
!f\!!!$(7?:D:88$n$3@G?E=6>9Q$KLY\m$]OBTQ$(7Q$,BG=67:7Q$_;78Q$n$_B7E:7Q$K
LYam$46F<:D8:DQ$KLYYZ
$@D$H@D$6EE;:$EBG6:7A:$
XE::$:M8MQ$):GG@7Q$KLY[Q$KLY\Z
M$$#=:D8678$E>;?6:E$9BC:$E9@O7$;F$;E678$3@@8G:$
,:BDA9$?B>B$>@$E>;?5$>9:$F;<G6A$B>>:7>6@7$>@$F@G6>6A6B7E$?;D678$>9:$:G:A>6@7E$
X,O:BD678:7$n$
46F<:D8:DQ$KLY\Z
Q$FD:?6A>$>9:$67HG;
:7UB$:F6?:=6AE$
X367E
<:D8$:>$BGMQ$KLLdZ
Q$@D$>DBAT$F;<G6A$
B>>:7>6@7$>@$6=F@D>B7>$6EE;:E$
67$8:7:DBG$
X:M8MQ$(7?:D:88$n$3@G?E=6>9Q$KLY\m$(DA96
<BG?$n$1;>>Q$
KLYam$":DD7E>B?>$n$);:9G:88:DQ$KLY\m$):GG@7Q$KLY[Q$KLY\m$v67$n$/:78Q$KLYfm$46F<:D8:DQ$
KLYYZM$+@7E6?:D678$>9:E:$F@E6>6C:E$B7?$>9:$6>E$67AD:BE678$;E:$B=@78$
D:E:BDA9:DEQ$67$>96E$FD:E:7>$
E>;?5Q$*$G6T:O6E:$;E:$3@@8G:$!D:7?E$?B>BM
$(G>9@;89$3@@8G:$!
D:7?E$6E$B$D@<;E>$OB5$@H$=:BE;D678$F;<G6A$B>>:7>6@7Q$6>$6E$7@>$F:DH:A>M$
*7$HBA>Q$;E678$>96E$?B>B$FD:E:7>E$>O@$=B^@D$A9BGG:78:EM$!9:$H6DE>$A9BGG:78:$6E$>@$A@7>D@G$>9:$7@
6E:$67$>9:$?B>BM$!9:$E:A@7?$6E$B<@;>$>9:$A9@6A:$@H$E:BDA9$I;:D6:EM$
$"#$%&!$'!()&!*+(+
!!9:$H6DE>$=B^@D$A9BGG:78:$FD:E:7>:?$<5$3@@8G:$!D:7?E$?B>B$6E$6>E$7@6E:Q$D:E;G>678$HD@=$
F@>:7>6BG$BG8@D6>9=6A$A@7H@;7?EM$*7$>:D=E$@H$>9:$H@D=:DQ$3@@8G:$7@D=BG6U:E$6>$!D:7?
E$*7?:S$HD@=$
YiYLL$>@$67?6AB>:$>9:$F@F;GBD6>5$@H$B$E:BDA9$I;:D5Q$DB>9:D$>9B7$D:F@D>678$>
9:$BA>;BG$HD:I;:7A5$@H$B$
86C:7$E:BDA9$I;:D5M$.;D>9:D$A@=FG6AB>678$>96E$6EE;:Q$3@@8G:$?@:E$7@>$D:G:BE:$>9:$BG8@D6>9=E$6>$
;E:E$>@$7@D=BG6U:$>96E$67?:SM$!9:D:H@D:Q$B88D:8B
>678$@D$A@=FBD678$E:BDA9$>D:7?E$<:>O::7$@D$
B=@78$?6HH:D:7>$I;:D6:E$<:A@=:E$FD@<G:=B>6AQ$
BE$>9@E:$=B5$<:$?6HH:D:7>G5$EABG:?$
X2BU:D$:>$BGMQ$
KLY\ZM$!@$=6>68B>:$>96E$6EE;:Q$*$H@GG@O:?$B7$BFFD@BA9$
;E:?$67$@>9:D$E>;?6:E$
Xv67$n$/:78Q$KLYfm$_M$
_M$"M$b9;$:>$BGMQ$KLYKZ
M$,F:A6H6ABGG5Q$*$>DB7
EH@D=:?$>9:$?B6G5$67?:S$O6>9$B$<:7A9=BDT$I;:D5
JB$DB7?@=G5$?6E>D6<;>:?$O96>:$7@6E:$I;:D5$>9B>$BGOB5E$:S6E>EM$*$ABGA;GB>:$>9:$HDBA>6@7$<:>O::7$>9:$
?B6G5$67?:S$@H$>9:$>O@$
E:BDA9$I;:D6:E$B7?$>9:$?B6G5$67?:S$@H$>9:$<:7A9=BDT$I;:D5M$*$?6EA;EE$=@D:$
B<@;>$>9:$<:7A
9=BDT$I;:D5$67$>9:$?B>B$A@GG:A>6@7$E:A>6@7M$
$!fP!!!$,)#$-&!#.!/&+0-)!12&03
!$!9:$A9@6A:E$@H$E:BDA9$I;:D6:E$<:AB=:$>9:$E:A@7?$A9BGG:78:M$,:BDA9$I;:D6:E$A9B78:$BGG$
>9:$>6=:M$.@D$
:SB=FG:Q$O9:7$F:@FG:$E:BDA9$H@D$AG6=B>:$A9B78:Q$>9:5$?@$7@>$^;E>$;E:$>9:$>:D=$
jAG6=B>:$A
9B78:Mk$,@=:$EA9@GBDE$>BT:$B$?B>B
R?D6C:7$BFFD@BA9$67$D:EF@7E:$>@$>96E$6EE;:M$.@D$
:SB=FG:Q$67$>9:6D$E>;?5$@7$67HG;:7UBQ$367E<:D8$:>$BGM$XKLLdZ$?:E687:?$B7$B;>@=B>:?$=:>9
@?$>9B>$
O@;G?$:S>DBA>$BGG$D:GB>:?$E:BDA9$I;:D6:E$B<@;>$67HG;:7UBM$%6E>6GG678$PL$=6GG6@7$
AB7?6?B>:$I;:D6:EQ$
>9:5$6?:7>6H6:?$>9:$\P$=@E>$D:G:CB7>$E:BDA9$I;:D6:EM$"@O:C:DQ$=B75$EA9@GBDE$I;:E>6@7E$>96E$
FB67E>BT678$BFFD@BA9$<:AB;E:$6>$=B5$67AD:BE:$>9:$G6T:G69@@
?$@H$6?:7>6H5678$HBGE:$A@DD:GB>6@7E$?;:$
>@$>9:$9689$7;=<:D$@H$>:E>E$
X):GG@7Q$KLY\Z
$B7?$G:B?$D:E:BDA9:DE$>@$@C:DH6>$?B>B$
X2BU:D$:>$BGMQ$
KLY\ZM$$*7$G689>$@H$>96E$A@7A:D7Q$>@$=BT:$?:A6E6@7E$B<@;>$E:BDA9$I;:D6:EQ$*$H@GG@O$(7
?:D:88$B7?$
3@G?E=6>9VE$XKLY\Z$=:>9@?EM$*$A@=FBD:?$>9:$3@@8G:$!D:7?E$67?:S$@H$>9:$AB7?6?B>:$E:BDA9$
I;:D6:E$*$A9@E:$O6>9$F;<G6A$@F676@7$?B>B$HD@=$3BGG;F$67$-2,$D:8D:EE6@7
M$(G>9@;89$F;<G6A$
B>>:7>6@7$B7?$F;<G6A$@F676@7$BD:$?6E>67A>$A@7E>D;A>EQ$*$AB7$;E:$F;<G6A
$@F676@7$>@$9:GF$=BT:$
?:A6E6@7E$B<@;>$>9:$A9@6A:$@H$E:BDA9$I;:D6:EM$*$?6EA;EE$>9:$A9@6A:$@H$E:BDA9$I;:D6:E$B7?$CBG6?B>6@7$
67$>9:$?B>B$A@GG:A>6@7$E:A>6@7$<:G@O$BG@78$O6>
9$>9:$@>9:D$D:E;G>E$@H$>96E$B7BG5E6EM$$
$6-,-!'(0021,.(/
!!@$A@7>DBE>$>9:$FB>>:D7E$B7?$D;7
$>9:$>6=:$E:D6:E$B7BG5E6EQ$*$A@GG:A>:?$?B>B$HD@=$=;G>6FG:$
E@;DA:EM$.@D$>9:$E@A6BG$=:?6B$B>>:7>6@7Q$*$;E:?$!O6>>:D$?B>B$BE$B$FD@S5$H@D$E@A6BG$=:?6B$B>>:7>6@7$
D:8BD?678$A
G6=B>:$A9B78:M$"@O:C:DQ$>9:$!O6>>:D$E>D:B=678$(/*$B7?$E:BDA9$(/*$?@$7@>$D:>;D7$H;GG$
?B>B
$@H$?B6G5$C@G;=:$@H$>O::>EM$!9:D:H@D:Q$*$;E:?$!9@DE@7$B7?$NB78VE$XKLYdZ$?B>B$HD@=$KLYY
iKLYf$@7$>9:$?B6G5$7;=<:D$@H$>O::>E$B<@;>$AG6=B>:$A9B78:$B>>:7>6@7M$4;77678$B$E:BD
A9$@7$
!ff!!!$+D6=E@7$":SB8@7$;E678$>9:$>:D=$jAG6=B>:kQ$!9@DE@7$B7?$NB78$A@GG:A>:?$@C:D$ffQLPfQ[
aK$>O::>EQ$O96A9$*$67AG;?:?$O6>967$=5$?B>BE:>M$
$*7$>:D=E$@H$>9:$B>>:7>6@7$HD@=$E>DB>:86A$@D8B76UB>6@7BG$BA>@DEQ$*$A@GG:A>:?$cQaPa$?B6G5$FD:EE$
D:G:BE:E$HD@=$/4$':OEO6D:$
HD@=$KLYY
iKLYfM$*7$>:D=E$@H$>9:$=:BE;D:=:7>$>@$7:OE$B>>:7>6@7Q$*$
A@GG:A>:?$PYaQd[\$?B6G5
$7:OE$A@C:DB8:$B<@;>$AG6=B>:$A9B78:$OD6>>:7$67$#78G6E9$B7?$F;<G6E9:?$67$
7:OEFBF:DE$HD@=$KLYY$>@$KLYfQ$;E678$2:S6E':S6EM$*$;E:?$>9:$>:D=E$jAG6=B>:$A9B78:k$B7?$j8G@<BG$
OBD=678k$>@$D;7$>9:E:$E:BDA9:EM$*$;E:?$<:B;>6H;GE@;F\Q$B$/5>9@7$G6<DBD5$>@$:S>DBA>$>9:$F;<
G6E9678$
>6=:$B7?$>6>G:E$@H$>9:$7:OE$BD>6AG:EM$
$*$BGE@$A@GG:A>:?$F;<G6A$@F676@7$?B>B$HD@=$KLYY
iKLYfM$*$A@GG:A>:?$D:EF@7E:E$>@$3BGG;FVE$
=@7>9G5$)@E>$*=F@D>B7>$/D@<G:=$E;D
C:5$67$O96A9$>9:5$BET$0M,M$FBD>6A6FB7>E$jN9B>$?@$5@;$>967T$
6E$>9:$=@E>$6=F@D>B7>$FD@<G:=
$HBA678$>9:$A@;7>D5$>@?B5ek$*$ABGA;GB>:?$>9:$=@7>9G5$F:DA:7>B8:$@H$
F:@FG:$O9@$A9@E:$j:7C6D@7=:7>yF@GG;>6@7k$BE$>9:$=@E>$6=F@D>B7>$FD@<G:=$BHH:A>678$>9:$A@;7>D5M
)$2BE>G5Q$*$A@GG:A>:?$3@@8G:$!D:7?E$*7?:S$?B>B$>@$=:BE;D:$F;<G6A$B>>:7>6@7M$*$H6DE>$:SB=67:?$
>9:
$=@E>$A@DD:GB>:?$I;:D6:E$H@D$jAG6=B>:$A9B78:kQ$;E678$>9:$H;7A>6@7$A@==B7?$
Òrelated_queriesk$67$>9:$8>D:7?E4$FBATB8:$X)BEE6A@>>:Q$KLYdZM$*$H@;7?$>9B>$E67A:$KLL\Q$>9:$
:BDG6:E>$>6=:$F@67>$>9B>$*$AB7$>DBA:$<BAT$67$3@@8G:$!D:7?EQ$jAG6=B>:$A9B78:k$9BE$<::7$=@E>$
A@DD:GB>:?$O6>9$j8G@<BG$OBD=678kM$!9:7Q$*$DB7$>O@$I;:D6:E$67$3@@8G:$!D:7?EQ$@7:$H@D$>9:$>:D=$
jAG6=B>:$A9B78:k$B7?$@7:$H@D$>:D=$j8G@<BG$OBD=678k$B7?$A@GG:A>:?$8G@<BG$3@
@8G:$!D:7?E$?B>B$
H@D$>9:E:$I;:D6:E$H@D$B$f
R5:BD$F:D6@?
JHD@=$KLYY
iKLYfM$3@@8G:$!D:7?E$D:>;
D7:?$7@D=BG6U:?$?B>B$
D:FD:E:7>678$>9:$D:GB>6C:$E:BDA9$C@G;=:$H@D$:BA9$I;:D5$HD@=$L
iYLLM$*$O6GG$:SFGB67$>9:$CBG6?B>6@7$
@H$E:BDA9$I;:D6:E$GB>:DM$
$$$&!K3)5&!*,/,!4#(!&
7&(-!L2)&!,)*!M&5&HF&(!
*2(3)$!/
03+!1&(3#*!;&(&
!H3++3)$D!B!&+/3H,/&*!/0&!H#)/0%-!1&(5&)/,$&+!
2+3)$!/0&!5#H1#2)*!$(#;/0!(,/&
!*&(37&*!4(#H!
&N3+/3)$!*,/,8
!!fc!!!$1D678678$6>$BG>@8:>9:DQ
$>@$B7EO:D$4vYQ$O96A9$6E$B<@;>$A@=FBD678$>9:$H@;D$B>>D6<;>:E$X6M:MQ$
67>:7E6>5Q$E;E>B67B<6
G6>5Q$C@GB>6G6>5Q$B7?$A5AG6ABG$A9B78:EZ$@H$F;<G6A$B>>:7>6@7Q$F;<G6A$@F676@7Q$7:OE$
B>>:7>6@7Q$B7?$E@A6BG$=:?6B$B>>:7>6@7Q$*$;E:$H@;D$?B>B$E@;DA:E$X3@@8G:$E:BDA9Q$7:OE$A
@C:DB8:Q$
F;<G6A$@F676@7Q$B7?$!O6>>:DZM$!@$>:E>$"
!Q$""Q$B7?$4v[Q$O96A9$BD:$BGG$B<@;>$>9:$>
:=F@DBG$
D:GB>6@7E96FE$B=@78$?6HH:D:7>$H@D=E$@H$B>>:7>6@7Q$*$;E:$H@;D$?B>B$E@;DA:E$X3@@8G:$E:BDA9Q$7:OE$
A@C:DB8:Q$FD:EE$D:G:BE:Q$B7?$!O6>>:D$?B>BZM$!9:$FD:EE$D:G:BE:$?B
>B$6E$7@>$67AG;?:?$67$4vY$<:AB;E:$
FD:C6@;E$E>;?6:E$9BC:$DBD:G5$;E:?$E>DB>:86A$@D8B76UB>6@
7BG$B>>:7>6@7$BE$B$FD@S5$H@D$F;<G6A$
B>>:7>6@7M$!@$B7EO:D$4v[Q$*$B88D:8B>:?$BGG$>9:$?B>B$>@$<@>9$?B6G5$>6=:$;76>E$X:SA:F>$H@D$>9:$F;<G6A$
@F676@7$F@GGQ$O96A9$@7G5$9BE$=@
7>9G5$?B>B$BCB6GB<G:Z$B7?$=@7>9G5$;76>EM$!9:$H67BG$?B>B$67AG;?:E$
>9:$?B6G5$C@G;=:$@H$>O::
>EQ$7:OE$A@C:DB8:Q$FD:EE$D:G:BE:EQ$B7?$3@@8G:$!D:7?E$*7?:SQ$
D:FD:E:7>678$KQYdK$?B>B$F@67>Em$>9:$@>9:D$?B>BE:>$67AG;?:E$>9:$=@7>9G5$C@G;=:$@H$>O::>EQ$7:OE$
A@C:DB8:Q$FD:
EE$D:G:BE:EQ$B7?$3@@8G:$!D:7?E$*7?:S$?B>BM$D:FD:E:7>678$cK$?B>B$F@67>EM$*$
7@D=BG6U:?$:BA9
$>6=:$E:D6:E$?B>B$67>@$
bREA@D:E$H@D$H;D>9:D$B7BG5E6EM$!9:$b
REA@D:$HD@=$B$?B>BF@67>$
E9@OE$6>E$?6E>B7A:$X=:BE;D:?$67$E>B7?BD?$?:C6B>6@7$;76>EZ$HD@=$>9:$=:B7M$
$40+'%.#05$
'6!7##68&!/&+0-)!12&0$&%!
!(E$=:7>6@7:?$:BDG6:DQ$>9:$7@6E:$67$>9:$?B>B$6E$@7:$@H$>9:$A9BGG
:78:E$@H$;E678$3@@8G:$
!D:7?E$BE$B$=:BE;D:=:7>$H@D$F;<G6A$B>>:7>6@7M$.@GG@O678$>9:$=:>9@?$67$X/:78$n$v67Q$KLYcZQ$*$E:>$
>9:$E:BDA9$>:D=Q$j>9:Qk$BE$=5$<:7A9=BDT$I;:D5$B7?
$A@GG:A>:?$>9:$?B6G5$E:BDA9$67?:S$@H$j>9:k$@C:D$
>96E$F:D6@?Q$F:D$>9:$8;6?B7A:$@7$E:G:A>67
8$<:7A9=BDTE
J>9B>$>9:5$<:$E>B<G:$B7?$FD:?6A>B<G:$
E:BDA9:E$
Xv67$n$/:78Q$KLYfZ
M$0E678$>96E$<:7A9=BDT$?B>BQ$*$>DB7EH@D=:?$=5$7@D=BG6U:?$3@@8G:$
!D:7?$?
B>BM$,F:A6H6ABGG5Q$*$7@D=BG6U:?$:BA9$>6=:$E:D6:E$?B>B$<5$?6C6?678$>9:$?B6G5$67?:S$@H$:BA9
$I;:D5$<5$>9:$<:7A9=BDTVE$?B6G5$67?:SQ$O96A9$56:G?:?$B$?B6G5$I;:D5$HDBA>6@7$H@D$:BA9$D:EF:A>6C:$
E:BDA9$6>:=
JAG6=B>:$A9B78:$B7?$8G@<BG$OBD=678M
$!fa!!!$9+8$:+($#'!#.!7##68&!/&+
0-)!12&0$&%!
!!9:$@>9:D$>9:$A9BGG:78:E$@H$;E678$3@@8G:$!D:7?E$BE$B$=:BE;D:=:7>$H@D$F;<G6A$
B>>:7>6@7$6E$
B<@;>$>9:$E:BDA9$I;:D6:EM$(G>9@;89$>9:$>O@$E:BDA9$I;:D6:EQ$jAG6=B>:$A9B78:k$B7?$j8G@<BG$
OBD=678k$9BC:$<::7$9689G5$A@DD:GB>:?$O6>9$:BA9$@>9:D$@C:D$>6=:Q$6>
$6E$7@>$5:>$T7@O7$>9B>$O9:>9:D$
;E678$@7:$@H$>9:$>O@$I;:D6:E$@D$<@>9$I;:D6:E$O@;G?$G:B?$>@
$B75$<6BE:?$D:E;G>EM$!9;EQ$*$CBG6?B>:$
jAG6=B>:$A9B78:k$B7?$j8G@<BG$OBD=678k$<5$A@7>DBE>678$>9:=$O6>9$3BGG;FVE$)*/$?B>B$67$-2,$
D:8D:EE6@7M$,67A:$>9:$BCB6GB<G:$3BGG;F$?B
>B$@7G5$=:BE;D:E$>9:$=@7>9G5$0M,M$F;<G6A$@F676@7$>@$>9:$
:7C6D@7=:7>$6EE;:Q$*$BGE@$EFG6>$@
;>$>9:$E:BDA9$<:9BC6@D$HD@=$>9:$0,$XCEM$BGG$@>9:D$A@;7>D6:EZ$67$>9:$
3@@8G:$!D:7?E$?B>B$>9B>$*$A@GG:A>:?M$
$!@$CBG6?B>:$>9:$>O@$E:BDA9$I;:D6:EQ$*$;E:?$3BGG;FVE$)*/$?B>B$
>@$FD:?6A>$:BA9$>DB7EH@D=:?$
3@@8G:$!D:7?E$*7?:S$XE::$
!B<G:$Y
Z$67$-2,$D:8D:EE6@7M$!9:$D:E;
G>E$E;88:E>$>9B>$6>$6E$<:E>$>@$;E:$
<@>9$jAG6=B>:$A9B78:k$B7?$j8G@<BG$OBD=678k$BE$E:BDA9$I;:D6:E$>@$ABF>;D:$AG6=B>:$A9B78:$
B>>:7>6@7M$(E$E9@O7$<5$>9:$-2,$D:8D:EE6@7$D:E;G>E$
HD@=$
!B<G:$
YQ$3BGG;FVE$)*/$?B>B$6E$F@E6>6C:
G5$
A@DD:GB>:?$O6>9$>9:$3@@8G:$!D:7?$67?:S$@H$jAG6=B>:$A9B78:k$<@>9$67$>9:$076>:?$,>B>:EQ$X~
93•$LMLPZ$B7?$BAD@EE$>9:$O@DG?$X~
393•$LMLPZM$3BGG;FVE$)*/
$?B>B$:SFGB67E$[\l$@H$>9:$
CBD6B7A:$67$>9:$E:BDA9$>D:7?$@H$jAG6=B>:$A9B78:k$B>$>9:$0M,M$G:C:G
$B7?$Y\l$@H$>9:$CBD6B7A:$B>$>9:$
8G@<BG$G:C:GM$"@O:C:DQ$)*/$?B>B$9BE$7@$D:GB>6@7$O6>9$>9:$E:BDA9$67?:S$@H$j8G@<BG$OBD=678k$X~
RLMYdQ$93†$LMLPZ$B7?$6E$7:8B>6C:G5$A@
DD:GB>:?$O6>9$>9:$B88D:8B>:?$E:BDA9$67?:SQ$O96A9$A@=<67:?$
<@>9$j8G@<BG$OBD=678k$B7?$jAG6=B>:
$A9B78:k$X~
RLM[fQ$93•$LMLPZM$3BGG;FVE$)*/$?B>B$@7G5$
:SFGB67$Kl$@H$>9:$CBD6B7A:$67$>9:$E:BDA9$>D:7?$;E678$j8G@<BG$OBD=678kM$*>$6E$G6T:G5$>9B>$FBD>$@H$>9:$
E:BDA9$<
:9BC6@D$BGE@$AB=:$HD@=$>9:$AG6=B>:$A9B78:$?@;<>:DEM$1BE:?$@7$>O@$E>;?6:E$
X_B78$n$"B
D>Q$
KLYPm$b9B@Q$2:6E:D@O6>UQ$)B6<BA9Q$n$4@E:D
R4:7@;HQ$KLYYZ
Q$AG6=B>:$A9B78:$?@;<>:DE$>:7?$>@$;E:$
j8G@<BG$OBD=678k$=@D:$>9B7$jAG6=B>:$A9B78:kM$!9:D:H@D:Q$*$;E:?$<@>
9$jAG6=B>:$A9B78:k$B7?$
!fd!!!$j8G@<BG$OBD=678k$67$>9:$3@@8G:$!D:7?E$*7?:S$>@$=:BE;D:$F;<G6A$B>>:7>6
@7Q$BE$6>$6E$G6T:G5$>9B>$>9:5$
D:FD:E:7>$>9:$D:E:BDA9$<:9BC6@D$HD@=$?6HH:D:7>$8D@;FE$@H$F:@FG:M$
$%-:02!
N!8O.3
P%<6%++,")3
Q+,)<3=&##/9R+3S(73
T&*&3*"3
76%',2*3
U&253
.%&6253
46%)'+
!8O.3
P%<6%++,")3
Q+,)<3=&##/9R+3S(73
T&*&3*"3
76%',2*3
U&253
.%&6
253
46%)'+
!!AG6=B>:$A9B78:$
X8G@<BGZ
$8G@<BG$OBD=678$X8G@<BGZ
$AG6=B>:$A9B78:‡8G@<BG$
OBD=678$
X8G@<BGZ
$AG6=B>:$A9B78:$
X0,Z
$8G@<BG$
OBD=678$
X0,Z
$/D:?6
A>@DW$
3BGG;FVE$
)*/
!RA@:HH6A6:7>
$LM\…$RLMYd$RLM[f…$LMPd…$LMKL$P"$LMY\…$LMLK$LMYK…$LM[\…$LML[$F"*%
+W$…$67?6AB>:E
$E>B>6E>6ABG$E6876H6AB7A:$B>$>9:$G:C:G$@H$
9•LMLPM$"/-0>,.1!@2,4(A
!*$;E:?$=;G>6FG:$B7BG5>6A$>:A976I;:E$>@$B7EO:D$D:E:BDA9$I;:E>6@7E$B7?$>:E>$95F@>9:E:EM$*$
H6DE>$67>D@?;A:$9@O$*$@F:DB>6@7BG6U:?$>9:$H@;D$B>>D6<;>:E$>@$B7EO:D$4vYM$*$>9:7$67>D@?;A:$>9:$>6=:$
E:D6:E$B7BG5E6E$>9B>$*$A@7?;A>:?$>@$B7EO:D$"YQ$"KQ$B7?$4vKM$$
$;<&0+($
#'+8$=+($#'!#.!>#20!?((0$@2(&%
!(E$B$D:=67?:DQ$4vY$BETE$9@O$F;<G6A$B>>:7>6@7$6E$?6HH:D:7>$HD@=$F;<G6A$@F676@7Q$7:OE$
B>>:7>6@7Q$E@A6BG$=:?6B$B>>:7>6@7Q$67$>:D=E$@H$6>E$67>:7E6>5Q$E;E>B67B<6G6>
5Q$C@GB>6G6>5Q$B7?$A5AG6ABG$
7B>;D:M$*$@F:DB>6@7BG6U:$
,)*%)+,*-
$BE$>9:$=BS6=;=$7;=<:D$@H$>9:$b
REA@D:$CBG;:$@H$>6=:$E:D6:E$?B>B$
D:FD:E:7>678$:BA9$H@D=$@H$B>>:7>6@7M$*$@F:DB>6@7BG6U:
31"#&*,#,*-3
BE$>9:$
+@:HH6A6:7>$@H$CBD6B>6@7$@H$
:BA9$>6=:$E:D6:E
M$!9:$+@:HH6A6
:7>$@H$CBD6B>6@7$6E$>9:$DB>6@$@H$>9:$E>B7?BD?$?:C6B>6@7$>@$>9:$=:B
7M$*>$
E9@OE$B$;76>G:EE$E>B7?BD?$?:C6B>6@7$H@D$A@=FBD678$?B>B$O6>9$?6HH:D:7>$;76>EM$*$@F:DB>6@7BG6U:$
+/+*&,)&0,#,*-
$BE$>9:$7;=<:D$@H$GB8$?6HH:D:7A:?$>:D=E$>9B>$B$>6=:$E:D6:E$?B>B$7::?E$>@$E68
76H6AB7>G5$
FD:?6A>$6>E:GH$67$B7$B;>@D:8D:EE6C:$=@?:GM$*$;E:$>9:$H@
D=;GB$H@D$(;8=:7>:?$%6AT:5
R.;GG:D$!:E>E$
!cL!!!$XO96A9$6E$<BE6ABGG5$B7$-2,$D:8D:EE6@7Z$>@$6?:7>6H5$>9:$7;=<:D$@H$GB8$?6HH:D:7A:?$>:D=EM$1BE6ABGG5Q$
>9:$7;=<:D$@H$GB8$?6HH:D:7A:?$>:D=E$67$B7$(%.$>:E>$
E9@O$H@D$9@O$=B75$>6=:$;76>E$B$>6=:$E:D6:E$
AB7$E>6GG$D:EF@7?$>@$6>
E$FBE>$CBG;:EM$*7$@>9:D$O@D?EQ$>9:$7;=<:D$@H$GB8$?6HH:D:7A:?$>:D=E$E9@OE$>9:$
=:=@D5$@H$B$>6=:$E:D6:EM$.@D$=@D:$?:>B6GE$B7?$:SFGB7B>6@7$@H$>9:$H@D=;GBQ$FG:BE:$E::$(FF:7?6S$
(M$$$
$*$@F:DB>6@7BG
6U:$2-2#%+$BE$>9:$E:BE@7BG6>5$@H$B$>6=:$E:D6:E$?B>BM$!@$:SB=67:$>9
:$2-2#%+$@H$:BA9$H@D=$@H$B>>:7>6@7Q$*$H@GG@O$>9:$BFFD@BA9$HD@=$FD:C6@;E$E>;?6:E$XE::$:M8MQ$
(7?:D:88$n$
3@G?E=6>9Q$KLY\m$):GG@7Q$KLY\
ZM$*$FG@>$@;>$:BA9$>6=:$E:D6:E$?B>B$<5$BFFG5678$,:BE@7BG
R!D:7?$
?:A@=F@E6>6@7$;E678$2-#,,$X,!2ZM$*>$6E$B7$BG8@D6>9=$>9B>$?6C6?
:E$;F$B$>6=:$E:D6:E$?B>B$67>@$
>9D::$A@=F@7:7>E
J6>E$>D:7?Q$6>E$E:BE@7BG6>5Q$B7?$>9:$D:E6?;BGE$HD@=$>9:$?B>B$BH>:D$D:=@C678$>9:$
>D:7?$B7?$E:BE@7BG6>5$
X+G:C:GB7?Q$+G:C:GB7?Q$)A4B:Q$n$!:DF:776
78Q$YddLZM$*$;E:$B7$4$A@==B7?$
STL$67$E>B>E$FBATB8:$>@$?:A@=F@E:$:BA9$>6=:$E:D6:E$?B>B$B7?$FG@>$>9:$E:BE@7BG6>5M$
$9&-(#0!?2(#0&60&%%$#'!A#:&8
!(E$B$D:=67?:DQ$
N!(95F@>9:E6U:?$>9B>$B>>:7>6@7$HD@=$7:OE$=:?6BQ$E@A6BG$=:?6BQ$B7?$
E>DB>:86A$@D8B76UB>6@7BG$BA>@DE$F
D:?6A>$F;<G6A$B>>:7>6@7$>@$AG6=B>:
$A9B78:$@C:D$>6=:M$
N"(95F@>9:E6U:?$B>>:7>6@7$HD@=$7:OE$=:?6BQ$E@A6BG$=:?6BQ$B7?$E>DB>:86A$@D8B76UB>6@7BG$BA>@DE$
=;>;BGG5$FD:?6A>$:BA9$@>9:D$@C:D$>6=:M$*$H@GG@O$>9:$BFFD@BA9$67$
v67$n$/:78$XKLYfZ
M$*$A@7?;A>:?$
g:A>@D$B;>@D:8D:EE6@7$Xg(4Z$=@?:GEQ$O6>9$3DB78:D$AB;EBG6>5$B7?$*=F;GE:$4:EF@7E:$.;7A>6@7E$
BE$>O@$H@GG@O
R;F$B7BG5E6E$;E678$,>B>B
*M$($g(4$=@?:G$6E$B$=;G>6CBD6B>:$>6=:$E:D6:E$=@?:G$>9B>$:SB=67:E$>9:$FB6DO6E:$
D:GB>6@
7E96FE$B=@78$:7?@8:7@;E$CBD6B<G:E
$67$B$E5E>:=Q$O96G:$A@7>D@GG678$H@D$>9:$96E>@D6A$CBG;:$@H$
$$!!O#)+3*&(3)$!/0
,/!*344&(&)/!,),%-/35,%!/##%+!H,-!
F3,+
!(&+2%/+D!
B!,%+#!2+&*!
PJQKD!,)!
Q!1,5C,$&!/#!5#)*25/!/0&!
,),%-+3+!,)*!
#F/,3)&*
!+3H3
%,(!
(&+2%/+8
!!cY!!!$:BA9$CBD6B<G:$B7?$>9:$:S@8:7@;E$CBD6B<G:E$X.D::=B7$:>$BGMQ$Ydadm$,6=Q$YdaLZM$($g(4$=@?:G$6E$
:EE:7>6BGG5$B$E:>$@H$-2,$=@?:GEQ$:BA9$=@?:G$FD:?6A>678$>9:$A;DD:7>$CBG;:$
@H$B$CBD6B<G:$;E678$6>E$
FBE>$GB8E
$B7?$>9:$FBE>$GB8E$@H$@>9:D$CBD6B<G:EM$!9:$:7?@8:7@;E$CBD6B<G:E$BD:$>9:$b
REA@D:$@H$F;<G6A$
B>>:7>6@7Q$7:OE$B>>:7>6@7Q$E>DB>:86A$@D8B76UB>6@7BG$B>>:7>6@7Q$B7?$!O6>>:D$B>>:7>6@7M$*$?@$7@>$
?6HH:D:7A:
+$>9:$>6=:$E:D6:E$BE$>9:5$BG
G$FBEE$(%.$>:E>EQ$E;88:E>678$>9B
>$>9:5$A@7>B67$7@$;76>$D@@>EM
$*$AD:B>:?$B$?;==5$CBD6B<G:$D:FD:E:7>678$:C:7>E$BE$B7$:S@8:7@;E$A@7>D@G$CBD6B<G:$67$>9:$
g(4$=@?:GM$!@$?:>:A>$:C:7>EQ$
*$BFFG5$>9:$BFFD@BA9$;E:?$67$
!9@DE@7$B7?$NB78$XKLYdZM$
$!9:$
BEE;=F>6@7$@H$>96E$BFFD@BA9$6E$>9B>$
:C:7>E$=B5$FD@=F>$<@;>E$@H$67>:7E:$B>>:7>6@7$B7?$AB;E:$
@;>G6:DE$67$B>>:7>6@7$=:>D6AE$BAD@EE$=:?6B$FGB>H@D=EM$
.@D$:BA9$>6=:$E:
D6:E$?B>B$X6M:MQ$F;<G6A$
B>>:7>6@
7Q$!O6>>:D$B>>:7>6@7Q$7:OE$B>>:7>6@7Q$B7?$E>DB>:86A$@D8B76UB>6@7BG$B>>:7>6@7ZQ$*$H6DE>$
ABGA;GB>:$B7$@;>G6:D$>9B>$6E$=@D:$>9B7$YMP$67>:DI;BD>6G:$DB78:E$H@D$:BA9$5:BD$B7?$E:>$6>$BE$B$
>9D:E9@G?M$!9:7Q$*$6?:7>6H5$BGG$?B5E$>9B>$A
@7>B67$B$CBG;:$>9B>$E;DFBEE$>9:$
>9D:E9@G?$CBG;:EM$*$?:H67:$
>9:E:$?B5E$BE$>9:$B>>:7>6@7$EF6T:$?B5E$>9B>$BEE@A6B>:?$>@$B$AG6=B>:$A9B78:$:C:7>EM$1BE:?$@7$>9:$
I;B7>6G:$=:>9@?Q$*$?:>:A>
$YfK$@;>G6:DE$HD@=$!O6>>:DQ$Pa$HD@=$FD:EE$D:G:BE:E$?B>BQ$dK$HD@=$7:OE$
A@C:DB
8:$?B>BQ$L$@;>G6:D$HD@=$3@@8G:$!
D:7?E$*7?:SM$!9:$?;==5$CBD6B<G:$=BDTE$>9:$>@>BG$[YK$
@;>G6:DE$BE$jYk$B7?$@>9:DE$BE$jLkM$
$!9:$3DB78:D$AB;EBG6>5$>:E>$B7?$*=F;GE:$4:EF@7E:$.;7A>6@7$X*4.Z$BD:$>O@$H@GG@O
R;F$B7BG5E6E$>@$67>:DFD:>$g(4$=@?:G$
X,9:GG=B7Q$KLL\Z
M$!9:$3DB78:D$AB;EBG6>5$>:E>$:SB=67:E$O9:>9:D$
B$CBD6B<G:$6E$<:>>:D$FD:?6A>:?$<5$6>E$@O7$GB8E$B7?$B7@>9:D$CBD6B<G:VE$GB8E$
X.D::=B7Q$Yda[m$
3DB78:DQ$YdfdZ
M$.@D$:SB
=FG:Q$H@D$>O@$>6=:$E:D6:E$?B>B$S
$B7?$5Q$S$3DB78:D$AB;E:E$5$6H$>9:$FBE>$
CBG;:E$@H$S$B7?$5$>@8:>9:D$AB7$<:>>:D:D$FD:?6A>$>9:$A;DD:7>$CBG;:$@H$5$>9B7$^;E>$;E678$>9:$FBE>$CBG;:$
@H$5$BG@7:M$4:H:DD678$>9:$OB5$@H$C6E;BG6U678$>9:$D:E;G>E$@H$3DB78:D$AB;EBG6>5$>:E>$
X/:78$:>$BGMQ$
$$'!M344&(&)53)$!,!/3H&!+&(3&+!H&,)+!2+3)$!3/+!7,%2&!,/!/3H&!/!/#!H3)2+!3/+!7,%2&!,/!/3H&!/
A)!E>R)R/
A>G8!!!cK!!!$KLYcZQ$*$<;6G?$B$7:>O@DTQ$O9:D:$:BA
9$:7?@8:7@;E$CBD6B<G:$6E$B$7@?:Q$:BA9$E6876H6AB7>$<6CBD6B>:$
3DB78:D$AB;EBG6>5$D:GB>6@7$6E$B7$:?8:Q$B7?$>9:$?6D:A>6@7$@H$>9:$3DB78:D$AB;EBG6>5$>:E>$6E$BGE@$>9:$
?6D:A>6@7$@H$:BA9$:?8:M$.@GG@O678$<5$3DB78:D$AB;EBG6>5$>:E>EQ$*$F:D
H@D=:?$E6=;GB>6@7E$<BE:?$@7$
*=F;GE:$4:EF@7E:$.;7A>6@7$X*4.ZM$*4.$?:>:A>E$>9:$?57B=6A$F@GBD6>5$B7?$>9:$=B876>;?:$@H$>9:$
6=FBA>$HD@=$@7:$CBD6B<G:$>@$>9:$@>9:DQ$>9:D:<5$BGG@O678$=:$>@$;7?:DE>B7?$>9:$H::?<BAT$BAD@EE$
:BA9$CBD6B<G:$@C:D$>6=:$X,9:GG=B7Q$KLL\ZM$
$4&5<#0+8!?660&6+($#'
!4vK$BETE$O
9:>9:D$>9:$FB6DO6E:$>:=F@DBG$D:GB>6@7E$>:E>:?$67$
N!3B7?$
N!$=B67>B67$BE$>9:$
EB=:$O6>9$?6HH:D:7>$>:=F@DBG$B88D:8B>6@7EM$!@$B7EO:D$>96E$I;:E>6@7Q$*$A@7?;A>:?$>O@$g(4$
=@?:GEM$-7:$6E$<BE:?$@7$>9:$?B6G5$B88D:8B>:?$>6=:$E:D6:E$?B>BQ$
>9:$@>9:D$<BE:?$@7$=@7>9G5$
B88
D:8B>:?$>6=:$E:D6:EM$1BE:?$@7$>9:$67H@D=B>6@7$AD6>:D6B$X(*+$B7?$
"v*+Z
Q$*$A9@E:$a$BE$>9:$
7;=<:D$@H$GB8E$H@D$>9:$?B6G5$=@?:G$B7?$K$BE$>9:$7;=<:D$@H$GB8E$H@D$>9:$=@7>9G5$=@?:GM
$&27+0,7
!'()*-3.7(/!(5!'0.)-,2!'4-/G2!",,2/,.(/!
!!@$D
:ABFQ$4vY$BETE$>9:$?6HH:D:7A:$
<:>O::7$F;<G6A$B>>:7>6@7$B7?$F;<G6A$@F676@7Q$7:OE$
B>>:7>6@7Q$E@A6BG$=:?6B$B>>:7>6@7Q$67$>:D=E$@H$6>E$67>:7E6>5Q$E;E>B67B<6G6>5Q$C@GB>6G6>5Q$B7?$A5AG6ABG$
7B>;D:M$(7$@C:DC6:O$@H$>9:$G@78
R>:D=$=@7>9G5$FB>>:D7E$XE::
$.68;D:$
\Z$D:C:BGE$>9B>$:BA9$H@D=$@H$
B>>:7>6@7$9BE$B$?6E>67A>6C:$FB>>:D7M$/;<G6A$B>>:7>6@7Q$=:BE;D:?$<5$F:@FG:VE$E:BDA9$<:9BC6@DQ$E9@OE$
B$?:AD:BE678$>D:7?Q$O9:D:BE$@>9:
DE$D:C:BG$B7$67AD:BE678$>D:7?M$!9:$EF6T:E$@H$:BA9$E@;DA:$
E@=:>6=:E$A@7C:D8:?M$.@D$:SB=FG:Q$B
>$>9:$:7?$@H$KLY\Q$KLYPQ$B7?$KLYfQ$:BA9$>6=:$E:D6:E$?B>B$
E::=E$>@$67AD:BE:$E9BDFG5M$"@O:C:DQ$@>9:D$>6=:EQ$>9:E:$FB>>:D7E$BAD@EE$?B>B$E@;DA:E$CBD5$B$G@>M
$(E$H@D$>9:$
A5AG6ABG$7B>;D:$@H$B>>:7>6@7$XE::$.68;D:$PZQ$BH>:D$?:A@=F@E678$:BA9$>6=:$E:D6:EQ$
*$H@;7?$>9B
>$!O6>>:DQ$3@@8G:$!D:7?E$*7?:SQ$B7?$7:OE$BFF:BD$>@$9BC:$EG689>G5$?6HH:D:7>$
!c[!!!$E:BE@7BG6>5M$!9:$E:BE@7BG6>5$FB>>:D7$@H$F;<G6A$B>>:7>6@7$6E$A@7E6E>:7>$O6>9$):GG@7VE$XKLY
\Z$E>;?5$
67$O96A9$9:$6?:7>6H6:?$B$E;??:7$?D@F$67$F;<G6A$B>>:7>6@7$>@$AG6=B>:$A9B78:$:C:D5$:7
?$@H$%:A:=<:D$B7?$_B7;BD5M$!96E$H67?678$E;88:E>E$>9B>$@C:D$B$G@786>;?67BG$F:DEF:A>6C:Q$DB>9:D$>9B7$
H@GG@O678$%@O7EV$XYdcKZ$6EE;:$B>>:7>6@7$A5AG:Q$F;<G6A$B>>:7>6@7$=
@E>G5$H@GG@OE$A;G>;DBG$D6>;BGE$
X=@E>G5$>9:$O:E>:D7$9@G6?B5$E:BE@7ZM$!9:$7:OE$B7?$!O6>>:D$B>>
:7>6@7$BGE@$A@7>B67$B$E;??:7$?D@F$
67$:C:D5$:7?$@H$%:A:=<:D$B7?$_B7;BD5Q$<;>$>9:5$BGE@$E::$B7$B77;BG$F:BT$BD@;7?$:BDG5$%:A:=<:DM$
!96E$G67TE$>@$>9:$B77;BG$076>:?$'B>6
@7E$+G6=B>:$+9B78:$A@7H:D:7A:$?;D678$:C:D5$GB>:$'@C:=<:D$
@D$:BDG5$%:A:=<:D$HD@=$
KLYYiKLYfM$*7$A@=FBD6E@7Q$F;<G6A$@F676@7$?B>B$E9@OE$7@$E:BE@7BG6>5$
@C:D$>6=:M
$C.G+32!
Q!!"#$%&'(")*"+*,")-./0*!/'#%-1*!.%)21*3--1)-'")*+&"#*
,4/-'$/1*5"4&61(7*89::
;89:<*!:";9&6,+")3"!3S")*5#-3:#,;&*%3:5&)<%3J**%)*,")3!6";3S/#*,9#%3."/62%+?3DE@@
CDE@M3!!F"*%
G$!9:$=:>D6AE$HD@=$:BA9$E@;DA:$BD:$D:EABG:?$67>@$b
REA@D:M$
$!!!c\!!!$C.G+32!
R!!"#$%&#'()*+,-%.+/%%0'"+1-"&2$+3&2"45+
16())"-5+7"6$+#&2+89:'(;+<=(&(%&+8%''5+>?@@
A>?@B!.%&+")&#,*-3!6";3=""<#%346%)'+3()'%V?34$,**%6?3F%$+3&)'37/0#
,2389,),")37"##?3DE@@
CDE@M!$F"*%
+G3!9:$H68;D:$E9@OE$>9:$D:E;G>E$@H$,!2$?:A@=F@E6>6@7$HD@=$:BA9$>6=:$E:D6:E$?B>BM$!9:$H6DE>$
D@O$@H$:BA9$.68;D:$6E$>9:$DBO$?B>BM$!9:$E:A@7?$D@O$E9@OE$>9:$?:A@=F@E:?$FB>>:D7E$@H$
E:BE@7BG6>5M$!9:$>96D?$D@O$E9@OE$>9:$>D:7?M$!9:$G
BE>$D@O$6E$>9:$D:=B67?:DE$BH>:D$?:A
@=F@E678$
E:BE@7BG6>5$B7?$>D:7?EM$!96E$H68;D:$67AG;?:E$@7G5$)*/$=@7>9G5$?B>B$<:AB;E:$@7G5$>9:$=@7>9G5$
)*/$?B>B$6E$BCB6GB<G:$>@$>96E$?6EE:D>B>6@7$E>;?5$C6B$>9:$G6<DBD5$?B>B<BE:$@H$)6A968B7$,>B>:$
076C:DE6>5M$$
3$(E$H@D$E;E>B6
7B<6G6>5Q$
!B<G:$K
$FD:E:7>E$>9:$D:E;
G>EM$!9:$=:=@D5$@H$?B6G5$F;<G6A$B>>:7>6@7Q$
7:OEQ$B7?$!O6>>:D$BGG$<BD:G5$GBE>$=@D:$>9B7$B$O::TM$,F:A6H6ABGG5Q$/;<G6A$B>>:7>6@7$9BE$B$P
R?B5$
=:=@D5$EFB7M$':OE$B>>:7>6@7$9BE$B$c
R?B5$=:=@D5Q$B7?$!O6>>:D$9BE$B$f
R?B5$=:=@D5M$/;<
G6A$@F676@7$?@:E$7@>$9BC:$?B6G5
RG:C:G$?B>B$F@67>EQ$<;>$6>$BGE@$?@:E$7@>$GBE>$=@D:$>9B7$B$=@7>9M$
(G>9@;89$>9:$D:E;G>E$?@$7@>$E9@O$=;A9$?6HH:D:7A:$BAD@EE$>9:E:$H@D=E$@H$B>>:7>6@7Q$:BA9$@H$>9:=$
E9@OE$?6E>67A>6C:$E;E>B67B<6G6>5M$
3+$$$%B6G5$':OE
$1$$$)@7>9G5$)*/
$($$%B6G5$,:BDA9
$%$$$%B6G5$!O6>>:D
$!cP!!!$*7$>:D=$@H$>9:$67>:7E6>5$B7?$C
@GB>6G6>5Q$
!B<G:$K
$FD:E:7>E$>9:$D:E
;G>EM$-C:DBGGQ$>9:$D:E;G>E$
67?6AB>:$>9B>$?B6G5$!O6>>:D$B>>:7>6@7$>@$AG6=B>:$A9B78:$9BE$>9:$9689:E>$C@GB>6G6>5Q$=:B7678$;E:DEV$
B>>:7>6@7$>@$>96E$6EE;:$@7$!O6>>:D$HG;A>;B>:E$I;6ATG5$?B5$<5$?B5$B7?$=@7>9$<5$=@7>9M$!O6>>:D$BG
E@$
9BE$>9:$9689:E>$67>:7E6>5$@H$?B6
G5$B>>:7>6@7Q$=:B7678$>9B>$@C:D$>96E$F:D6@?Q$!O6>>:D$>:7?$>@$DB6E:$
:S>D:=:$G:C:GE$@H$B>>:7>6@7$B<@;>$AG6=B>:$A9B78:$:C:7>EM$1;>$7:OE$9BE$>9:$EG689>G5$9689:D$
67>:7E6>5$B>$>9:$=@7>9G5$G:C:GM$!96E$6E$F:D9BFE$<:AB;E:$7:OE$B>>
:7>6@7$6E$BGE@$EG689>G5$=@D:$
E;E>B6
7B<G:$>9B7$!O6>>:D$B>>:7>6@7M$3BGG;FVE$=@7>9G5$F;<G6A$@F676@7$F@GG$9BE$>9:$G:BE>$C@GB>6G6>5$
B7?$67>:7E6>5$B=@78$BGG$>9:$?6HH:D:7>$=:?6B$>5F:EQ$=:B7678$>9B>$F;<G6A$@F676@7$B<@;>$AG6=B>:$
A9B78:$6E$=;A9$=@D:$E>B<G:$>9B7$>9:$
F;<G6AVE$B>>:7>6@7$>@$6>M$+@=FBD:?$
>@$7:OE$B7?$!O6>>:DQ$
3@@8G:$!D:7?E$?B>B$9BC:$>9:$G:BE>$C@GB>6G6>5Q$<@>9$B>$?B6G5$B7?$=@7>9G5$G:C:GEM$*7$@>9:D$O@D?EQ$>9:$
D:E;G>E$E;88:E>$>9B>$F;<G6A$B>>:7>6@7$>@$AG6=B>:$A9B78:$6E$G:EE$E>B<G:$>9B7$>9:$F;<G6AVE$@F676@7$@H$
6>Q$<;>$=@D:$E>B<G:$>9B7$>9B>$>9:$B
>>:7>6@7$HD@=$7:OE$B>>:7>6@7$B7?$!O6>>:D$B>>:7>6@7M$
$%-:02!
O!"#$%&'()*+%,#%-#.,/0,+*/12#34+/(*,(5*6*/12#(,7#8%6(/*6*/1#%-#$6*&(/0#$9(,:0#"//0,/*%,2#!;<<
,!;<=!J3:";9&6,+")3"!3()*%)+,*-?3./+*&,)&0,#,
*-?3&)'3H"#&*,#,*-3"!3
:#,;&*%3:5&)<%3J**%)*,")?3DE@@
iDE@M!!*7>:7E6>5
!,;E>B67B<6G6>5
!g@GB>6G6>5
!T&,#-
!333!O6>>:D3YKMf3f$?B5E
3LMaK3':OEFBF:D
!dMc$c$?B5E
$LM[d$3@@8G:$!D:7?E
!KMd$P$?B5E
$LMYP$!$$$S")*5#-
!$$$!O6>>:D3[M[$•$Y$=@7>9
$LMcP$':OE!\Mc$•$Y$=@7>9
$LMKc$3@@8G:$
!D:7?E
!KM[$•$Y$=@7>9
$LMY\$3BGG;F
!YMc$$•$Y$=@7>9
$LMLLa$F"*%
+G3!9:$67>:7E6>5$6E$>9:$=BS$CBG;:$@H$>9:$b
REA@D:$@H$:BA9$>6=:$E:D6:EM$!9:$C@GB>6G6>5$6E$>9:$
+@:HH6A6:7>$@H$CBD6B>6@7$@H$:BA9$>6=:$E:D6:EM$!9:$+@:HH6A6:7>$@H$CBD6B>6@7$6E$ABGA;GB>:?$<5$>
9:$
?6C678$E>B7?BD?$?:C6B>6@7$<5$>9:$=:B7$@H$:BA9$DBO$>6=:$E:D6:E$?B>BM$!9:
$E;E>B67B<6G6>5$6E$>9:$
7;=<:D$@H$E6876H6AB7>$GB88:?$CBD6B<G:E$67$>9:$(%.$>:E>$H@D=;GBM$!9:$3BGG;F$@F676@7$F@GG$6E$
=@7>9G5$@7G5Q$6>$?@:E$7@>$9BC:$B$?B6G5$CBG;:M$
$$!cf!!!$*7$E;=Q$>9:$H67?678E
$HD@=$>96E$E:A>6@7$E9@OE$>9:$B7EO:D$>@$4vY$6E$>9B>$F;<G6A$B>>:7>6@7$6E$
?6H
H:D:7>$HD@=$F;<G6A$@F676@7Q$!O6>>:D$B>>:7>6@7Q$B7?$7:OE$B>>:7>6@7$67$>:D=E$@H$C@GB>6G6>5Q$
67>:7E6>5Q$B7?$A5AG6ABG$7B>;D:EM$/;<G6A$B>>:7>6@7$6E$G:EE$C@GB>6G:$B7?$G:EE$67>:7E6C:$>9B7$!
O6>>:D$B7?$
7:OE$B>>:7>6@7Q$<;>$6>$6E$=@D:$;7E>B<G:$>9B7$F;<G6A$@F676@7M$!9
:$A5AG:$@H$F;<G6A$B>>:7>6@7$H@GG@OE$
O:E>$A;G>;DBG$D6>;BGQ$>9:$!O6>>:D$B7?$7:OE$B>>:7>6@7$H@GG@OE$<@>9$O:E>$A;G>;DBG$D6>;BGE$B7?$076>:?$
'B>6@7VE$B77;BG$67>:D7B>6@7BG$A@7H:D:7A:M$/;<G6
A$@F676@7$?@:E$7@>$E9@O$AG:BD$A5AG:EM$
$9-.3=.72!%2)*(3-0!&20-,.(/7!
!(E$B$D
:ABFQ$
N!$B7?
3N"$>:E>$>9:$FB6DO6E:$D:GB>6@7E96F$B=@78$F;<G6A$B>>:7>6@7Q$7:OE$
B>>:7>6@7Q$E>DB>:86A$@D8B76UB>6@7BG$B>>:7>6@7$B7?$!O6>>:D$B>>:7>6@7$H@D=E$@H$B>>:7>6@7$@C:D$>6=:M$$
B7?$4vK
$BETE$B<@;>$O9:>9:D$>9:E:$>:=F@DBG$D:GB>6@7E96FE$D:=B67:?$BE$>9:$EB=:$B>$=
@7>9G5$B7?$
?B6G5$G:C:G$@H$>:=F@DBG$B88D:8B>6@7M$
.68;D:$f$6E$B$C6E;BG6UB>6@7$@H$B$?6D:A>6@7BG$7:>O@DT$>9B>$
E9@OE$>9:$D:E;G>E$@H$3DB78:D$AB;EBG6>5$>:E>EM$
N!(95F@>9:E6U:?$B>>:7>6@7$HD@=
$7:OE$=:?6BQ$E@A6BG$
=:?6BQ$B7?$E>DB>:86A$@D8B76UB>6@7BG$BA>@DE$FD:?6A>$F;<
G6A$B>>:7>6@7$>@$AG6=B>:$A9B78:$@C:D$>6=:M$
.68;D:$f(
$E;FF@D>E$>96E$95F@>9:E6E$B7?$E9@OE$>9B>$7:OEQ$E@A6BG$=:?6BQ$B7?$E>DB>:86A$
@D8B76UB>6@7BG$B>>:7>6@7$BGG$3DB78:D$AB;E:$F;<G6A$B>>:7
>6@7$B>$?B6G5$G:C:GM$)@D:$>9B7$>9B>Q$F;<G6A$
B>>:7>6@7$
&#+"
$3DB78:D$AB;E:E$
7:OEQ$E@A6BG$=:?6BQ$B7?$E>DB>:86A$@D8B76UB>6@7BG$B>>:7>6@7M$
N"(95F@>9:E6U:?$B>>:7>6@7$
HD@=$7:OE$=:?6BQ$E@A6BG$=:?6BQ$B7?$E>DB>:86A$@D8B76UB>6@7BG$BA>@DE$
=;>;BGG5$FD:?6A>$:BA9$@>9:D$@
C:D$>6=:M$
.68;D:$f(
$E;FF@D>$>96E$95F@>9:E6E$B7?$E9@OE$>9B>$>9:5$
3DB78:D$AB
;E:$:BA9$@>9:D$B>$>9:$?B6G5$G:C:GM$!96E$D:HG:A>E$>9:$67>:D>O67678$B7?$67>:D?:F:7?:7>$
D:GB>6@7E96FE$BAD@EE$=:?6BM$
.68;D:$f1$
D:C:BGE$>9B>$>9:$B7EO:D$>@$4vK$6E$>9B>$CBD6B>6@7$:S6E>E$67$
>9:$>:=F@DBG$D:GB>6@7E96FE$B>$?6HH:D:7>$>6=:$B88D:8B>6@7M$!9:$=;>;BG$A@DD:
EF@7?:7A:$<:>O::7$
7:OEQ$!O6>>:DQ$B7?$F;<G6A$B>>:7>6@7$E>6GG$9@G?E$B>$>9:$=@7>9G5$>6=:$EABG:M$"@O:C:DQ$E>DB>:86A$
@D8B76UB>6@7BG$B>>:7>6@7$?@:E$7@>$FD:?6A>$<;>$@7G5$H@GG@OE$@>9:D$H@D=E
$@H$B>>:7>6@7M$!96E$E;88:E>E$
!cc!!!$>9B>$>9:$H;7A>6@7$@H$FD:EE$D:G:BE:E$HD@=$>9:$
E>DB>:86A$@D8B76UB>6@7$6E$7@>$D@<;E>$67$<;6G?678$B8:7?B$
67$>9:$G@78$D;7Q$A@;7>:D$>@$B8:7?B$<;6G?678$>9:@D5M$
$C.G+32!
S!H,+/&#,W&*,")3"!3*5%3=6&)<%63:&/+&#,*-3
4%+*3P%+/#*+
!H,+/&#,W&*,")3"!3*5%3=6&)<%63:&/+&#,*-34%+*3P%+/#*+
!F"*%+
W$#BA9$7@?:$D:FD:E:7>E$>9:$:S@8:7@;E$CBD6B<G:E$67$>9:$g(4$=@?:GM$($G67T$<:>O::7$>O@$
7@?:E$67?6AB>:E$>9B>$@7:$CBD6B<G:$3DB78:D$AB;E:E$>9:$@>9:DM$!9:$?6D:A>6@7$@H$>9:$:?8:$67?6AB>:E$
O96A9
$7@?:$FD:A:?:E$>9:$@>9:DM$,::$(FF:7?6S$1$H@D$>9:$7;=:D6A$D:E;G>E$@
H$>9:E:$3DB78:D$
+B;EBG6>5$>:E>EM
$$(7$*4.$E6=;GB>6@7$E9@OE$>9:$?57B=6A$F@GBD6>5$@H$>9:$67>:D=:?6B$D:GB>6@7E96FE$XE::$
.68;D:$
cZM$#BA9$D@O$E9@OE$>9B>$O9:7$B$E9@AT$X@7:
R;76>$67AD:BE:$@H$E>B7?BD?
$?:C6B>6@7Z$6E$67>D@?;A:?$>@$B$
E@;DA:Q$9@O$>9:$E@;DA:$B7?$@>9:D$E@
;DA:E$D:EF@7?$>@$>96E$E9@ATM$.@D$:SB=FG:Q$>9:$H@;D$>D:7?$G67:E$
67$4@O$Y$E9@O$>9B>$O9:7$B$E9@AT$9BFF:7E$67$>9:$7:OEQ$6>$D:EF@7?EQ$BE$?@$FD:EE$D:G:BE:EQ$F;<G6A$
B>>:7>6@7Q$B7?$!O6>>:D$F@E>EM$!9
:$D:E;G>E$E9@O$H@;D$9689G689>EM
$.6DE>Q
$B$@7:
R;76>$E>B7?BD?$?:C6B>6
@7$67AD:BE:E$67$!O6>>:D$F@E>E$BGE@$F@E6>6C:G5$67AD:BE:E$E:BDA9$<:9BC6@D$<5$B<@;>$LMKP$E>B7?BD?$
?:C6B>6@7$@7$>9:$7:S>$?B5M$($@7:
R;76>$E>B7?BD?$?:C6B>6@7$67AD:BE:$67$!O6>>:D$F@E>E$B<@;>$>9:$
AG6=B>:$6EE;:$FD@?;A:E$B7$6==:?6B>:$;FOBD?$E96H>$67$7:OE$A@C:DB8:$AG
@E:$>@$LMP$E>B7?BD?$
?:C6B>6@7$@7$>9:$7:S>$?B5M$($@7:
R;76>$E>B7?BD?$?:C6B>6@7$67AD:BE:$67$!O6>>:D$F@E>E$AD:B>:E$B$E=BGG$
F@E6>6C:$67AD:BE:$67$@D8B76UB>6@7BG$B>>:7>6@7$XFD:EE$D:G:BE:EZ$<5$B<@;>
$LMY$E>B7?BD?$?:C6B>6@7Q$67$
>9:$H6DE>$>O@$?B5EM$*7$A@7>DBE>Q$7:OE$
>D688:DE$G:EE$A9B78:E$67$@>9:D$H@D=E$@H$B>>:7>6@7M$($@7:
R;76>$
!ca!!!$E>B7?BD?$?:C6B>6@7$67AD:BE:$67$7:OE$B>>:7>6@7$FD@?;A:E$BG=@E>$7@$6==:?6B>:$A9B78:E$67$!O6>>:D$
@D$F;<G6A$B>>:7>6@7M$1;>$7:OE$FD@?
;A:E$B$?:GB5:?$67AD:BE:$67$FD:EE$D:G:BE:$BH>:D$>O@$?B5EM$$
$C.G+32!
T!45%3.,;/#&*,")3"!3*5%3(;9/#+%3P%+9")+%3X/)2*,")3$,*53AYZ3:")!,'%)2%3()*%61&#+
!45%3.,;/#&*,")3"!3*5%3(;9/#+%3P%+9")+%3X/)2*,")3$,*53AYZ3:")!,'%)2%3()*%61&#+
!(M$%B6G
5$(7BG5E6E$$$
$$$$$$$$$$$$$$$$!cd!!!$.68;D:$c$XA@7>V?Z
$$1M$)@7>9G5$
(7BG5E6E
$$F"*%
+G$!9:
3-RBS6E$E9@OE$>9:$A9B78:E$67$>9:$E>B7?BD?$?:C6B>6@7$@H$B>>:7>6@7$HD@=$@7:$FGB>H@D=M$($
F@E6>6C:$CBG;:$=:B7E$F@E6>6C:$6=FBA>$HD@=$>9:$E9@ATM$!9:$
VRBS6E$E9@OE$>9:$>6=:$F:D6@?$@H$
?B6G5$
X.68;D:$c
(Z$@D$=@7>9G5$X
.68;D:$c
1ZM$$$,:A@7?Q$>9:$*4.$
B>$>9:$=@7>9G5$G:C:G$67?6AB>:E$>9B>$!O6>>:D$E@=:>6=:E$FD@?;A:E$HBE>:D$B7?$
E>D@78:D$D:EF@7E:E$>@$@>9:D$H@D=E$@H$B>>:7>6@7$>9B7$>9@E:$FD@?;A:?$<5$7:OEQ$<;>$>9:$6=FBA>$HD@=$
7:OE$A@C:DB8:$>:7?E$>@$GBE
>$G@78:D$>9B7$!O6>>:D$B>>:7>6@7M$(E$6GG;E>DB>:?$67$
.68;D:$c1
Q$B$@7:
R;76>$
E>B7?BD?$?:C6B>6@7$67AD:BE:$67$!O6>>:D$BGE@$FD@?;A:E$B$EG689>$67AD:BE:$67$F;<G6A$B>>:7>6@7Q$<;>$>96E$
>@@$?:AB5E$O6>967$>9:$=@7>9M$*7$A@7>DBE>Q$7:OE$FD@?;A:E$B$E=BGGQ$8DB?;BG$67AD:BE:$
67$F;<G6A$
B>>:7>6@7$<5$>9:$:7?$@H$>9:$H6DE>$=@7>9Q$O96A9$GBE
>E$BFFD@S6=B>:G5$B$H;GG$=@7>9M$!O6>>:D$BGE@$
FD@?;A:E$B7$6==:?6B>:$;FOBD?$E96H>$67$7:OE$B>>:7>6@7$<5$BG=@E>$9BGH$@H$@7:$E>B7?BD?$?:C6B>6@7$
<5$>9:$H6DE>$=@7>9Q$<;>$>96E$67AD:BE:$?6EBFF:BDE$E@@7$BH>:
DOBD?M$*7$A@=FBD6E@7Q$B$@7:
R;76>$
!aL!!!$E>B7?BD?$?:C6B>6@7$67AD:BE:
$67$7:OE$FD@?;A:E$EG689>$?:AD:BE:$67$!O6>>:D$B>>:7>6@7$>@$AG6=B>:$
A9B78:$H@D$>9:$H6DE>$=@7>9Q$B7?$>9:7$EG689>G5$67AD:BE:$67$>9:$E:A@7?$=@7>9Q$B7?$>9:7$>96E$:HH:A>$
?:AB5EM$!O6>>:D$FD@?;A:E$B$>DB7E6
:7>$67AD:BE:$67$E>DB>:86A$@D8B76UB>6@7BG$B>>:7>6@7$?;D678$>9
:$H6DE>$
=@7>9Q$O9:D:BE$7:OE$FD@?;A:E$B$GB88:?$67AD:BE:$67$>9:$E:A@7?$=@7>9$B7?$>9:7$GBE>E$H@D$>O@$
=@7>9EM$
$!96D?Q$>9:$3DB78:D$AB;EBG6>5$>:E>E$B>$<@>9$G:C:GE$67?6AB>:$>9B>$F;<G6A$B>>:7>6@7$FD:?6A>E
$B>>:7>6@7$HD@=$7:OE$B7?$E>DB>:86A$@D8B76UB>6@7EQ$<;>$>9:$*4.$B7BG5E6E$E9@OE$>9:$6=FBA>$E6U:$6E$
G6=6>:?M$(>$>9:$?B6G5$G:C:GQ$B$@7:
R;76>$E>B7?BD?$?:C6B>6@7$67AD:BE:$67$
F;<G6A$B>>:7>6@7$FD@?;A:E$
@7G5$B$EG689>$67AD:BE:$67$FD:EE$D:G:BE:E$B7?$7:OE$>9:$E;<E:I;:7
>$?B5Q$<;>$6>E$6=FBA>$I;6ATG5$
?:AB5EM$(>$>9:$=@7>9G5$G:C:GQ$($@7:
R;76>$E>B7?BD?$?:C6B>6@7$67AD:BE:$?B6G5$F;<G6A$B>>:7>6@7$
FD@?;A:E$?:AG67:E$67$7:OE$B7?$FD:EE$D:G:BE:M$
!96E$H67?678$E;88:E>E$>9B>$>9:$>O@$H@D=E$@H$
@D8B76UB>6@7BG$B>>:7>6@7$?@$7@>$BGOB5E$G67:BD
G5$D:EF@7?$>@$F;<G6A$B>>:7>6@7M$':OE$B7?$@>9:D$
@D8B76UB>6@7E$E>6GG$9BC:$>9:6D$@O7$B8:7?BQ$FBD>6A;GBDG5$67$>9:$G@78$D;7M$!96E$F:D9BFE$BGE@$E;88:E>E$
B$T67?$@H$?6=676E967
8$:HH:A>E$@H$>9:$F;<G6A$B>>:7>6@7$@7$@D8B76UB>6@7BG$B>>:7>6@7M$
$2BE>G5Q$
>9:$*4.$B7BG5E6E$
E9@OE$>9B>$
F;<G6A$B>>:7>6@7$BGE@$9BE$G6=6>:?$6=FBA>$@7$!O6>>:D$
B>>:7>6@7M$(>$>9:$?B6G5$G:C:GQ$B$E9@AT$HD@=$F;<G6A$B>>:7>6@7$FD@?;A:E$7:8B>6C:$A9B78:E$@7$!O6>>:DM$
(>$>9
:$=@7>9G5$G:C:GQ$B$E9@AT$HD@=$F;<G6A$B>>:7>6@7$FD@?;A:E$B$7:8B>6C:$A9B78:$67$!O6>>:D$
B>>:7>6@7M$($F@EE6<G:$:SFGB7B>6@7$6E$>9B>$F;<G6A$B>>:7>6@7$D:FD:E:7>E$B>>:7>6@7$<@>9$AG6=B>:$A9B78:$
BA>6C6E>E$B7?$AG6=B>:$A9B78:$?@;<>:DEQ$O9:D:BE$F;<G6A$@F676@7$D:FD:E:7>
E$@7G5$>9:$F:@FG:$O9@$
E9@O$A@7A:D7$B<@;>$:7C6D@7=:7>BG$6EE;:EQ$67AG;?678$AG6=B>:$A9B78:M$
(E$H@D$>9:$H67?678E$>9B>$
F;<G6A$B>>:7>6@7$>D688:DE$G:EE$!O6>>:D$B>>:7>6@7Q$>96E
$E::=678G5$A@;7>:D67>;6>6C:$D:E;G>$=B5$<:$
D:GB>:?$>@$>9:$F@G6>6ABG$F@GBD6UB>6@7$@H$AG6=B
>:$A9B78:$@7$E@A6BG$=:?6BM$,@A6BG$=:?6B$=B67>B67E$@D$
F:D9BFE$D:67H@DA:E$>9:$F@GBD6UB>6@7$
67$=BEE$=:?6BM$
+@?5$:>$BGMQ$XKLYPZ
$H@;7?$>9B>$=@E>$!O6>>:D$
!aY!!!$;E:DE$O9@$>O::>$B<@;>$AG6=B>:$A9B78:$:C:7>E$BD:$AG6=B>:$A9B78:$BA>6C6E>E$DB>9:D$>9B7$AG6=B>:$
A9B78:$?:76:DEM
$!9:$AG6=B>:$A9B78:$BA>6C6E>E$BGE@$EF:7>$=@D:$>6=:$E::T678$67H@D=B>6@7$B<@;>$>9:$
AB;E:E$B
7?$6=FBA>$@HQ$BE$O:GG$BE$F@EE6<G:$E@G;>6@7E$H@D$AG6=B>:$A9B78:$>9B7$>9:6D$=@D:$?@;<>H;G$
A@;7>:DFBD>E$X_B78$n$"BD>Q$KLYPZM
$*7$E;=Q$H67?678E$HD@=$>96E$E:A>6@7$E9@OE$>9B>
$"!$B7?$"
"$BD:$E;FF@D>:?M$(>$B$?B6G5$>6=:$
EABG:$G:C:G$@H$B7BG5E6EQ$7:OEQ$!O6>>:DQ$B7?$E>D
B>:86A$@D8B76UB>6@7BG$B>>:7>6@7$FD:?6A>$F;<G6A$
B>>:7>6@7Q$BG>9@;89$67$D:>;D7Q$F;<G6A$B>>:7>6@7$BGE@$FD:?6A>E$7:OEQ$!O6>>:DQ$B7?$E>DB>:86A$
@D8B76UB>6@7BG$B>>:7>6@7M$':OEQ$!O6>>:D
Q$B7?$E>DB>:86A$@D8B76UB>6@7BG$B>>:7>6@7$=;>;BGG5$FD:?6A>$
:BA9$@>9:DM$(>$>9:$=@
7>9
R<5R=@7>9$>6=:$EABG:Q$E>DB>:86A$@D8B76UB>6@7BG$B>>:7>6@7$?@:E$7@>$FD:?6A>$
B7?$@7G5$H@GG@O$@>9:D$H@D=E$@H$B>>:7>6@7M$!9;EQ$>9:$B7EO:D$>@$4v[$6E$>9B>$>9:D:$:S6E>E$CBD6B7A:$B>$
?6HH:D:7>$>:=F@DBG$B88D:8B>6@7M$
$1;>$<:5@7?$>9B>Q$>9:D:$6E$=;A9$CBD6B7A:$<:967?$
>9:$?6A9@>@=@;E$I;:E>6@7$B<@;>$O9:>9:D$
B$H@D=$@H$B>>:7>6@7$FD:?6A>$>9:$@>9:DM$.@D$:SB=FG:Q$
>9:$?57B=6A$F@GBD6>5$B7?$>9:$=B876>;?:$@H$
7:OE$B>>:7>6@7$B7?$!O6>>:D$B>>:7>6@7$
E9@O$B$
G@>$@H$9:>:D@8:7:6>5M$
!O6>>:D$6E$B$HBE>$FGB>H@D=$>9B>$
FD@?;A:E$GBD8:$<;>$>DB7E6
:7>$A9B78:E$67$F;<G6A$B>>:7>6@7Q$O9:D:BE$7:OE$6E$B$EG@O$FGB>H@D=$>9B>$
FD@?;A:E$BAA;=;GB>:?$A9B78:$67$F;<G6A$B>>:7>6@7$=@7>9$<5$=@7>9M
$6.71+77.(/
!!96E$A9BF>:D$>D:B>E$F;<G6A$B>>:7
>6@7$BE$B$?6E>67A>6C:$B7BG5E6E$AB>:8@D5M$*>$9BE$BAA@=FG6E9:?$
>O@$8@BGEW$.6DE>Q$
*$:SB=67:?$9@O$F;<G6A$B>>:7>6@7$6E$?6HH:D:7>$HD@=$F;<G6A$@F676@7Q$7:OE$
B>>:7>6@7Q$B7?$!O6>>:D$B>>:7>6@7M$0E678$3@@8G:$!D:7?E$>@$=:BE;D:$F;<G6A$B>>:7>6@7$>@$AG6=B>:$
A9B78:Q$*$9BC
:$A@=FBD:?$>9:$H@;D$B>>D6<;>:E$@H$F;<G6A$B>>:7>6@7Q$F;<G6A$@F676@7Q$7:OE$B>>:7>
6@7Q$
B7?$!O6>>:D$B>>:7>6@7M$,:A@7?Q$>@$>:BE:$@;>$AB;EBG$D:GB>6@7E96FE$B=@78$>9:$?6HH:D:7>$>5F:E$@H$
B>>:7>6@7M$*$9BC:$:SB=67:?$>:=F@DBG$D:GB>6@7E96FE$B=@78
$F;<G6A$B>>:7>6@7Q$7:OE
$B>>:7>6@7Q$!O6>>:D$
!aK!!!$B>>:7>6@7Q$B7?$E>DB>:86A$@D8B76UB>6@7BG$B>>:7>6@7M
$!9:$H67?
678E$HD@=$>96E$A9BF>:D$E9@OE$>O@$T:5$
67E689>EM
$.6DE>Q$F;<G6A$B>>:7>6@7
Q$O9:7$=:BE;D:?$<5$3@@8G:$!D:7?E$*7?:S$6E$
:=F6D6ABGG5$?6E>67A>$
HD@=$7:OE$B>>:7>6@7Q$E@A6BG$=:?6B$B>>:7>6@7Q
$B7?$F;<G6A$@F676@7$67$>:D=E$@H$67>:7E6>5Q$C@GB>6G6>5Q$
E;E>B67B<6G6>5Q$B7?$A5AG
6ABG$A9B78:EM$*7$8:7:DBGQ$FD:C6@;E$E>;?6:E$9:G?$>9B>$B75$H@D=$@H$B>>:7>6@7$6E$
E9@D>
RG6C:?$B7?$9689G5$C@GB>6G:$67$>9:$A@7>:=F@DBD5$95<D6?$=:?6B$E5E>:=M$"@O:C:DQ$>9:E:$
H67?678E$FD
@C6?:$:C6?:7A:$@H$>9:$A@7>DBD5Q$D:C:BG678$9:>:D@8:7:6>5$B=@78$?6HH:D:7>$=:?6B$
@;>G:>EV$B>>:7>6@7$FB>>:D7E$D:8BD?678$AG6=B>:$A9B78:M$.@D$67E>B7A:Q$F;<G6A$B>>:7>6@7$6E$G:EE$C@GB>6G:$
>9B7$!O6>>:D$B7?$7:OE$B>>:7>6@7M$!O6>>:DQ$67$A@7>DBE>Q$=B5$<:$=@D:$C@GB>6G:$
<:AB;E:$;E:DE$F@E>$
B<@;>$B$CBD6:>5$@H$>@F6AE$:C:D5$?B5Q$>9:D:<5$AD:B>678$B7$968
9G5$A@=F:>6>6C:$B>>:7>6@7$=BDT:>$
X(7?:D:88$n$3@G?E=6>9Q$KLY\m$"@G=<:D8$n$":GGE>:7Q$KLYfm$2@D:7U
R,FD::7$:>$BGMQ$KLYdZ
M$*7$>:D=E$@H$>9:$A5AG6ABG$7B>;D:EQ$%@O7
EVE$XYdcKZ$6EE;:$B>>:7>6@7$A5AG:$E;88:E>E$>9B>$>9:$FB>>:D7E$@H$
B>>:7>6@7$A@DD:G
B>:$O6>9$>9:$?:C:G@F=:7>$@H$B7$6EE;:$@D$:C:7>M$)5$G@786>;?67BG$@<E:DCB>6@7EQ$
9@O:C:DQ$BGE@$E9@O$>9B>$F;<G6A$B>>:7>6@7$9BE$E:BE@7BG6>5$FB>>:D7Q$H@GG@O678$A;G>;DBG$D6>;BGE$B>$>9:$
:7?$@H$%:A:=<:D$B7?$:BDG5$_B7;BD5
J>9:$9@G6?B5$E:BE@7$O6?:G5$A:G:<DB>:?$67$N:E>:
D7$A@;7>D6:EM$
!9:$A5AG:E$67$!O6>>:D$B7?$7:OE$B>>:7>6@7$H@GG@OE$A;G>;DBG$D6>;BGE$B7?$BGE@$>9:$B77;BG$076>:?$
'B>6@7VE$B77;BG$A@7H:D:7A:E$BD@;7?$:C:D5$%:A:=<:DM$*7$A@7>DBE>Q$>9:$A5
AG:$@H$F;<G6A$@F676@7$
?@:E$7@>$H@GG@O$>9:$EB=:$FB>>:D7$O6>9$F;<G6A$B>>:7>6@7M$!
9:$H67?678E$BGE@$E9@O$>9B>$F;<G6A$
B>>:7>6@7$6E$:=F6D6ABGG5$?6HH:D:7>$HD@=$F;<G6A$@F676@7M$/;<G6A$B>>:7>6@7$6E$G:EE$E>B<G:$>9B7$F;<G6A$
@F676@7Q$O96A9$BHH6D=E$':O68$XKLL\Z$B7?$46F
<:D8:DVE$XKLYYZ$AGB6=E$B<@;>$>9:$?6E>67A>$>:=F@DBG$
B>>D6<;>:E$@H$>9:E:$>O@$A@7E
>D;A>EM$/;<G6A$B>>:7>6@7$B7?$F;<G6A$@F676@7$BD:$BGE@$?6HH:D:7>$67$>:D=E$
@H$A5AG6ABG$A9B78:EM$!96E$D:GB>6@7$6E$E:7E6<G:Q$86C:7$>9:$?6HH:D:7>$A@7A:F>E$>9:E:$>O@$>:D=E$
D:FD:E:7>M
$!a[!!!$,:A@7?Q$>9:$B7BG5E6E$E9@OE$>9:$>:=F@DBG$?57B=6AE$B=@78$B>>:7>6@7$HD@=$F;<G6A$B>>
:7>6@7Q$
7:OEQ$!O6>>:DQ$B7?$E>DB>:86A$@D8B76UB>6@7E$BD:$?6HH:D:7>$B>$>9:$?B6G5$G:C:G$B7?$=@7>9G5$G:C:GM$
!9:$
>:=F@DBG$D:GB>6@7E96FE$<:>O::7$>9:E:$H@D=E$@H$B>>:7>6@7$E96H>$?:F:7?67
8$@7$>9:$;76>$@H$
B88D:8B>6@7M$!9B>$6EQ$?6HH:D:7>$>:=F@DBG$;76>E$@H$B88D:8B>6@7$
X?B6G5$C:DE;E$=@7>9G5Z$56:G?$
?6HH:D:7>$jAB;EBGk$D:GB>6@7E96FEM$!9:E:$E96H>E$67$H67?678E$?@:E$7@>$=:B7$>9B>$>9:$D:E;G>E$BD:$67CBG6?$
@D$A@7>DB?6A>@D5M$4B>9:DQ$>9:E:$>:=F@DBG$B7BG5
E:E$:SB=67:$>O@$>5F:E$@H$D:GB>6@7E
J@7:$6E$B$
>:=F@DBG$D:GB>6@7$<:>O::7$>9:E:$=:?
6B$>5F:E$?;D678$>9:$EFB7$@H$?B5$B7?$>9:$@>9:D$6E$B$A;=;GB>6C:$
>:=F@DBG$D:GB>6@7$<:>O::7$>9:E:$=:?6B$BAD@EE$>9:$EFB7$@H$B$=@7>9M
$)5$H67?678E$E;88:E>$>9B>$>9:E:$E@;DA:E$@H$AG6=B>:
$A9B78:$B>>:7>6@7$=;>;BGG5$67HG;:7A:$
:BA9$@>9:D$?B5$<5$?B5Q$<;>$
;7?:DG5678$>9:$
67>:D?:F:7?:7A:$B=@78$?6HH:D:7>$H@D=E$@H$B>>:7>6@7Q$
>9:$D@G:$@H$!O6>>:D$B7?$7:OE$>@$67HG;:7A:$F;<G6A$B>>:7>6@7$6E$A@7>678:7>$@7$>6=:M$!O6>>:D$6E$B$HBE>$
FGB>H@D=$>9B>$FD@?;A:E$>9
:$=@E>$67>:7E6C:Q$C@GB>6G:Q$B7?$D:EF@7E6C:$B>>:7>6@7$>@$AG6=B>:$A9B78:$
:C:7>EM$
*>$BGE@$9BE$B$GBD8:D$6=FBA>$E6U:$@7$?B6G5$F;<G6A$B>>:7>6@7M$!96E$H67?678$:A9@:E$N::TE$B7?$
,@;>9O:GG$XKLYLZQ$O9@$H@;7?$>9B>$3@@8G:$E:BDA9$I;:D6:E$B7?$7:OE$A@C:DB8:$B<@;>$F@G6>6AB
G$D;=@DE$O:D:$A@DD:GB>:?$<5$?B5M$(GE@Q$>96E$H67?678$E9@OE$>9B>$!O6>>:D$AB7$=@<6
G6U:$GBD8:$EABG:$
F;<G6A$B>>:7>6@7$E@@7$67$>9:$6==:?6B>:$BH>:D=B>9$@H$B$AG6=B>:$A9B78:$:C:7>Q$<;>$6>E$6=FBA>$=B5$
<:$E9@D>
RG6C:?$A@=FBD:?$>@$@>9:D$>5F:E$@H$=:?6BM$*7$>96E$ABE:Q$!O
6>>:D$B>>:7>6@7$6E$C@GB>6G:$B7?$
E9@D>
RG6C:?Q$^;E>$BE$=B75$@>9:D$:=F6D6ABG$E>;?6
:E$9BC:$E9@O7$
X(7$:>$BGMQ$KLY\m$"@G=<:D8$n$
":GGE>:7Q$KLYfm$,;$n$1@DB9Q$KLYdBm$!9@DE@7$n$NB78Q$KLYdZ
M$$*7$A@=FBD6E@7Q$>96E$E>;?5$H67?E$>9B>$7:OE$6E$B$EG@O$FGB>H@D=$>9B>$FD@?;A:E$GBD8:$A9B78:E$
67$F;<G6A$B>>:7>6@7$>9B>$BD:$@<E:
DCB<G:$@7$B$=@7>9G5$EABG:M$*>$6E$F@EE6<G:$>9B>$>96E$6E$<:AB;E:$
7:OEFBF:D$E>6GG$
9BC:$B$XD:GB>6C:G5Z$EG@O$F;<G6AB>6@7$A5AG:M$/D:C6@;E$H67?678E$HD@=$F;<G6A$@F676@7$
E>;?6:E$E9@O$>9B>$6>$>BT:E$B<@;>$Y
iK$=@7>9E$H@D$7:OE$B>>:7>6@7$>@$F@>:7>6BGG5$?D6C:$A9B78:E$67$
!a\!!!$F;<G6A$@F676@7M$,6=6GBDG5Q$=5$H67?678E$E9@O$6>$>BT:E$7:OE$B<@;>$>O@$=@7>9E$>@$8
:7:DB>:$A9B78:E$
67$F;<G6A$B>>:7>6@7M$!BT:7$BGG$>@8:>9:DQ$!O6>>:D$FGB5E$>9:$D@G:$@H$E9BF678$F;<G6A$B>>:7>6@7$67$
AD:B>678$E>D@78$<;>$>DB7E6:7>$A9B78:E$67$F;<G6A$B>>:7>6@7Q$O9:D:BE
$7:OE$FGB5E$B$D@G:$67$67HG;:7A678$
F;<G6A$B>>:7>6@7$67$>9:$G@78$>:D=M
$!96E$A9BF>
:D$A@7>D6<;>:E$>@$>9:$=:>9@?E$@H$B7BG5U678$>9:$?57B=6AE$@H$F;<G6A$B>>:7>6@7$67$
>O@$OB5EM$.6DE>Q$>9:$D:E;G>E$@H$F:@FG:VE$3@@8G:$E:BDA9$I;:D6:E$E;88:E>$>9B>$:BA9$E:BDA9$>:D=$
XjAG6
=B>:$A9B78:k$B7?$j8G@<BG$OBD=678kZ$=B5$<:$B>>D6<;>:?$>@$?6HH:D:7>$8D@;FE$@H$F:@
FG:M$
N9:D:BE$>9:$E:BDA9$>:D=$jAG6=B>:$A9B78:Qk$6E$F@E6>6C:G5$A@DD:GB>:?$O6>9$3BGG@FVE$F;<G6A$@F676@7$
F@GG$?B>BQ$67$O96A9$D:EF@7?:7>E$7@>:$>9B>$>9:$:7C6D@7=:7>$6E$>9:$=@E>$6=F@D>
B7>$FD@<G:=$HBA678$
>9:$076>:?$,>B>:EQ$>9:$E:BDA9$67?:SQ$j8G@<BG$OBD=678Qk$6E$;7
D:GB>:?$>@$>96E$F@GG$?B>BM$!9:E:$
?6HH:D:7A:E$A@;G?$<:$:SFGB67:?$<5$>9:$F@GBD6UB>6@7$@H$F;<G6A$@F676@7$>@$AG6=B>:$A9B78:M$_B78$B7?$
"BD>$XKLYPZ$B7BG5U:?$>O::>E$67AG;?678$>9:$O@D?E
$jAG6=B>:$A9B78:k$B7?$j8G@<BG$OBD=678k$H@D$K$
5:BDEM$1BE:?$@7$>96E$B7BG5E6EQ$>9:
5$H@;7?$>9B>$AG6=B>:$A9B78:$?@;<>:DE$B7?$F:@FG:$HD@=$
4:F;<G6AB7
RG:B7678$E>B>:E$67$>9:$076>:?$,>B>:E$>:7?$>@$;E:$>9:$>:D=$j8G@<BG$OBD=678k$=@D:$>9B7$
jAG6=B>:$A9B78:kQ$B7?$>9:6D$>
O::>E$@H>:7$I;:E>6@7:?$AG6=B>:$A9B78:M$):B7O96G:Q$AG6=B>:$A9B78:$
BA>6C6E>E$B7?$
F:@FG:$HD@=$%:=@ADB>6A
RG:B7678$E>B>:E$;E:?$jAG6=B>:$A9B78:k$=@D:$HD:I;:7>G5$67$
>9:6D$>O::>E$
X_B78$n$"BD>Q$KLYPZ
M$!9;EQ$H;>;D:$E>;
?6:E$E9@;G?$@F:DB>6@7BG6U:$F;<G6A$B>>:7>6@7$BE$B$
7:;>DBG$=:BE;D:Q$B7?$>9:5$E9@;
G?$67AG;?:$<@>9$jAG6=B>:$A9B78:k$B7?$j8G@<BG$OBD=678k$67$>9:6D$
B7BG5E:E$>@$D:?;A:$EB=FG678$<6BEM
$,:A@7?Q$>96E$A9BF>:D$E;88:E>E$B$OB5$@H$:S>:7?678$>9:@D:>6ABG$A@7>D6<;>6@7$<5$D:F
G6AB>678$
>6=:$E:D6:E$B7BG5E6E$<BE:?$@7$=;G>6FG:$G:C:GE$@H$>6=:$B88D:8B>6@7$B7?$
>9:7$B7BG5U:$>9:$E@;DA:$@H$
?6HH:D:7>$D:E;G>EM$/D:C6@;E$E>;?6:E$@H>:7$^;E>$A9@E:$@7:$>6=:$B88D:8B>6@7$H@D$>6=:$E:D6:E$B7BG5E6E$
XN:GGE$:>$BGMQ$KLYdZ
Q$<;>$H67?678E$HD@=$>96E$A9BF>:D$E9@O$>9B>$>96E$BFFD@B
A9$=B5$G6=6>$@;D$
!aP!!!$;7?:DE>B7?678$@H$>6=:$:HH:A>EM$(7BG5E6E$<BE:?$@7$>9:$G@O:D$G:C
:G$X:M8MQ$9@;DG5Q$?B6G5Z$:SB=67:E$
>9:$>:=F@DBG$D:GB>6@7E$<:>O::7$?6HH:D:7>$>6=:$E:D6:E$CBD6B<G:EM$(7BG5E6E$<BE:?$@7$>9:$9689:D$G:C:G$
X:M8MQ$=@7>9G5Q$B77;BGG5Z$7:;>DBG6U:E$>9:$D:
BGR>6=:$?57B=6AE$<;>$BGG@OE$;E$>@$E::$9@O$=B75$
>:=F@DBG$67>:DBA>6@7E$=B5$FD@?;A
:$A;=;GB>6C:$:HH:A>E$@C:D$B$G@78$>6=:M$($H:O$FD:C6@;E$E>;?6:E$
;E678$>6=:$E:D6:E$9BC:$BGE@$6?:7>6H6:?$>9:$CBG;:$@H$;E678$?6HH:D:7>$>6=:$A@=FD:EE6@7M$.@D$:SB=FG:Q$
,9:GG=B7$XKLL\Z$
A@7?;A>:?$g(4$=@?:GE$O6>9$>6=:$E:D6:E$?B>B$B88D:8B>:?$<5$?B5EQ$=@7>9EQ$B7?$
I;BD
>:DE$B7?$H@;7?$>9B>$>9:$I;BD>:D$;76>$@H$B88D:8B>6@7$=BET:?$D:GB>6@7E$<:>O::7$>O@$CBD6B<G:E$
:SF@E:?$O9:7$;E678$?B6G5$B88D:8B>:?$>6=:$E:D6:E$?B>B$B7?$E96H>$>9:$F@GBD6>5$@H$67HG;:7
A:M$!@$
E>;?5$67>:D=:?6B$>DB7E=6EE6@7$@H$AG6=B>:$A9B78:$B>>:7>6@7Q$6>$6E$7:A:EEB
D5$>@$U@@=$67$>9:$>6=:$
E:D6:E$B7BG5E6E$O6>9$E=BGG:D$>:=F@DBG$;76>EQ$<:AB;E:$G:C:GE$@H$B>>:7>6@7$A9B78:$I;6ATG5$67$>@?B5VE$
95<D6?$=:?6B$E5E>:=M$
$!9:$E>;?5$?@:E$7@>$A@=:$O6>9@;>$G
6=6>B>6@7EM$.6DE>Q$67$>96E$A9BF>:DQ$*$9BC:$BGE@$?6EA;EE:?$
>9:$>:A976ABG$E>D:78>
9$B7?$O:BT7:EE$@H$;E678$3@@8G:$!D:7?E$*7?:S$BE$B$=:BE;D:=:7>$@H$F;<G6A$
B>>:7>6@7M$"@O:C:DQ$3@@8G:$!D:7?E$*7?:S$6E$@7G5$B7$BG>:D7B>6C:$=:>9@?M$*>$6E$7@>$>9:$F:DH:A>$B7?$
>9:$@7G5$
OB5$>@$=:BE;D:$F;<G6A$B>>:7>6@7M$+@7A:F>;BGG5Q$*$>D:B>$F;<G6A$B>>:7>6@7$BE$B$CB
G;B<G:$
D:E@;DA:$67$>9:$=:?6B$E5E>:=M$*$?:H67:$F;<G6A$B>>:7>6@7$BE$>9:$E9BD:?$BOBD:7:EE$:SFD:EE:?$<5$B$
A@GG:A>6@7$@H$@D?67BD5$F:@FG:$@7$B75$86C:7$6EE;:M$*7$>:D=E$@H$<:678$B$CBG;B
<G:$D:E@;DA:Q$3@@8G:$
!D:7?E$?B>B$6E$B$E>D@78$67?6AB>@D$@H$F;<G6A$B>>:7>6@7$>@$B
$E@A6BG$6EE;:$<5$=@76>@D678$6>E$:C@G;>6@7$
@H$F;<G6A$B>>:7>6@7$@C:D$>6=:M$!9:$?B>B$H;7A>6@7$G6T:$B$E>@AT$=BDT:>$67?:S$>9B>$ABF>;D:$>9:$
A@7E>B7>G5$A9B78678$=BDT:>$:SF:A>B>6@7$>@$B
$H6D=M$1;>$67$>:D=E$@H$<:678$B$E9BD:?$BOBD:7:EE$HD@=$
@D?67BD5$F:@FG:Q$3@@8G:$!D
:7?E$?B>B$6E$7@>$B$F:DH:A>$67?6AB>@DM$*>$6E$G6T:G5$>9B>$7@>$@7G5$@D?67BD5$
F:@FG:$<;>$BGE@$@D8B76UB>6@7E$A@7?;A>$E:BDA9:E$@H$AG6=B>:$A9B78:$@7$3@@8G:M$*>$6E$BGE@$G6T:G5$>9B>$
B7$@
D?67BD5$F:@FG:$D:F:B>:?G5$A@7?;A>$E:BDA9:E$D:GB>:?$>@$AG6=B>:$A9B78:Q$@D$B7$@D?
67BD5$F:@FG:$
!af!!!$:SFD:EE$96Ey9:D$B>>:7>6@7$>@$>9:$AG6=B>:$A9B78:$6EE;:$<;>$7:C:D$E:BDA9$B<@;>$6>M$!9:$B7@75=6>5$@H$
3@@8G:$,:BDA9$!D:7?E$=BT:E$6>$A9BGG:78678$>@$6?:7>6H5$O9:>9:D$B$E:
BDA9$<:9BC6@D$A@=:E$HD@=$
@D?67BD5$F:@FG:$@D$@D8B76UB>6@7EQ$7@D$>@$>:GG$>9:$C@G;
=:$@H$;76I;:$@D?67BD5$;E:D$O9@$E:BDA9$B<@;>$
AG6=B>:$A9B78:M$.;>;D:$E>;?6:E$=B5$A@7E6?:D$9@O$>@$A@=<67:$?6HH:D:7>$=:>9@?E$>@$=:BE;D:$
F;<G6A$B>>:7>6@7M$.@D$:SB=FG:Q$EA9@GBDE$AB7$6
7>:8DB>:$3@@8G:$!D:7?E$O6>9$E;DC:5$?B>BM$
4:E:BDA9:DE$AB7$EB=FG:$FBD>6A6FB7>E$O9
@$BD:$D:FD:E:7>B>6C:$@H$>9:$@D?67BD5$F:@FG:$B7?$BET$
I;:E>6@7E$E;A9$BE$O9B>$E@A6BG$6EE;:$>9:5$FB5$B>>:7>6@7$>@Q$O9:>9:D$>9:5$9BC:$E:BDA9:?$B<@;>$>9:$
6EE;:$@7G67:Q$B7?$O9B>$E:BDA9
$I;:D6:E$>9:5$9BC:$;E:?M$
$,:A@7?Q$<BE:?$@7$>9:$H67?678EQ$!O6>>:D$6E$>9:$=@E>$6=
FBA>H;G$
FGB>H@D=$>@$E>;?5$>9:$
>:=F@DBG$?57B=6AE$@H$F;<G6A$B>>:7>6@7Q$<;>$>9:$?:E687$@H$>96E$E>;?5$AB77@>$7@>$FD@C6?:$=@D:$
67H@D=B>6@7$B<@;>$;E:DE$@7$!O6>>:DM$!96E$A9BF>:D$?@:E$7
@>$A@7E6?:D$>9:$FD:E:7A:$@H$7:OE$=:?6B$
@7$!O6>>:DM$/D:C6@;E$E>;?6:E$9BC:$E9@O7$
>9B>$>9:$7:OE$=:?6B$BD:$=B^@D$67HG;:7A:DE$@7$!O6>>:D$
XE::MQ$:M8
M$]6D6G:7T@$:>$BGMQ$KLYPm$/:BDA:$:>$BGMQ$KLY\Z
M$':OE$=:?6BQ$>@8:>9:D$O6>9$@>9:D$>DB?6>6@7BG$
8B>:T::F:D$E;A9$BE$F@G6>6ABG$BA>@DE$B7?$@>9:D$=B^@D$B?C@ABA5$@D8B76UB>6@7EQ$=;>;BGG5
$E9BF:$>9:$
?6HH;E6@7$@H$AG6=B>:$A9B78:$B>>:7>6@7$@7$!O6>>:D$67$=6AD@$?57B=6AEM$
!96E$A9BF>:D$BGE@$?6?$7@>$
A@7E6?:D$>9:$=6AD@$?57B=6AE$B=@78$?6HH:D:7>$>5F:E$@H$BA>@DE$@7$!O6>>:DM$*>$AB7$@7G5$EF:BT$>@$>9:$
>:=F@DBG$?57B=6AE$@H$>9:$AG6=B>:$A9B78:$B>>:7>6@7$<:>O
::7$?6HH:D:7>$=:?6B$FGB>H@D=EM$(E$B$
H@GG@O$;FQ$>9:$:=F6D6ABG$E>;?6:E$67$+9BF>:D
$\$B7?$P$H@A;E$@7$!O6>>:D$B>>:7>6@7$B7?$?6EB88D:8B>:$
!O6>>:D$;E:DE$67>@$?6HH:D:7>$E:>E$@H$BA>@DE$>@$;7?:DE>B7?$9@O$>9:5$?57B=6ABGG5$EFD:B?$B>>:7>6@7$>@$
AG6=B>:$A9B78:$BAD@EE$?6H
H:D:7>$=:?6BM
$*7$A@7AG;E6@7Q$?:EF6>:$>9:$G6=6>B>6@7EQ$>96E$A9BF>:D$:S>:7?E$>9:$
A;DD:7>$G6>:DB>;D:$<5$
AGBD6H5678$@;D$;7?:DE>B7?678$@H$>9:$A@7A:F>;BG6UB>6@7$@H$F;<G6A$B>>:7>6@7Q$6>E$>:=F@DBG$
D:GB>6@7E96F$O6>9$@>9:D$H@D=E$@H$B>>:7>6@7Q$B7?$>9:$B7BG5>6A$=:>9@?
E$>@$?:BG$O6>9$>9:$?57B=6AE$67$
!ac!!!$:SB=67678$F;<G6A$B>>:7>6@7M$!9:$H67?678E$67$>96E
$A9BF>:D$E;88:E>E$>9B>$F;<G6A$B>>:7>6@7$6E$B$
?6E>67A>6C:$AB>:8@D5$B7?$E9@;G?$<:$=:BE;D:?$67?:F:7?:7>G5$HD@=$7:OE$B>>:7>6@7Q$>O6>>:D$
B>>:7>6@7Q$B7?$F;<G6A$@F676@7M$!O6>>:D$6E$B7$
6=F@D>B7>$FGB>H@D=$>9B>$FD@?;A:E$?DB=B>6A$A9B78:E$67$
!O6>>:D$B>>:7>6@7$B7?$B$GB
D8:$D:EF@7E:$HD@=$F;<G6A$B>>:7>6@7$B7?$7:OE$B>>:7>6@7M$*7$A@7>DBE>Q$7:OE$
8:7:DB>:E$E;E>B67:?$A9B78:E$67$F;<G6A$B>>:7>6@7$67$>9:$G@78$D;7M$,>DB>:86A$@D8B76UB>6@7BG$B>>:7>6@7$
DBD:
G5$FD@?;A:E$=;A9$A9B78:E$HD@=$@>9:D$H@D=E$@H$B>>:7>6@7$67$<@>9$E9@D>$>:D=$B7?$G
@78$>:D=M$
36C:7$>9:$FD:E:7A:$@H$>DB?6>6@7BG$8B>:T::F:DE$G6T:$7:OE$@7$!O6>>:DQ$H;>;D:$E>;?6:E$E9@;G?$
A@7E6?:D$6?:7>6H5678$>9:$@D8B76UB>6@7BG$BA>@DE$B7?$:SB=67:$O9@$>D688:DE$>9:$E
F6T:E$@H$AG6=B>:$
A9B78:$B>>:7>6@7$@7$!O6>>:D$B7?$:SFB7?E$>9:$B>>:7>6@7$>@$@>9:D
$=:?6B$FGB>H@D=EM$$
$$$$!aa!!!$+"(/!#4$\W$($)#!"-%$!-$(0!-)(!*+(22&$+2(,,*.&$!N*!!#4$0,#4,
$$!9:$8@BG$@H$>96E$A9BF>:D$6E$>@$67>D@?;A:$B$=BA967:$G:BD7678$BFFD@BA9$>@$AGBEE6H5$!O6>>:D$
;E:D
E$67>@$>9:$H@GG@O678$H6C:$=;>;BGG5$:SAG;E6C:$AB>:8@D6:EW$67?6C6?;BG$BA>@DEQ$7:O
E$BA>@DEQ$
F@G6>6ABG$BA>@DEQ$B?C@ABA5$BA>@DEQ$B7?$@>9:D$@D8B76UB>6@7BG$BA>@DEM$)@E>$@H$>9:$:S6E>678$G6>:DB>;D:$
@7$67>:D=:?6B$B8:7?B$E:>>678$
X:M8MQ$_B78$:>$BGMQ$KLYcZ
$B7?$67>:D=:?6B$B>>:7>6@7$A@7>B86@7$
X:M8MQ$
'B9@7$:>$BGMQ$KLY[Z
$>D:B>E$!O6>>:D$BE$B88D:8B>:?$B>>:
7>6@7$@D$BE$B$FD@S5$H@D$F;<G6A$B>>:7>6@7M$*7$
>96E$A9BF>:DQ$*$BD8;:$>9B>$>9:E:$E>;?6:E$HBGG$E9@D>$<:AB;E:$67$B??6>6@7$>@$@D?67BD5$F:@FG:$@7$
!O6>>:DQ$=B75$@D8B76UB>6@7EQ$E;A9$BE$7
:OE$=:?6B$@;>G:>EQ$F@G6>6A6B7EQ$B7?$B?C@ABA5$8D@;FEQ$BGE@$
;E:$!O6>>:D$B7?Q$67$E
@$?@678Q$9:GF$E9BF:$>9:$F;<G6AVE$@F676@7EQ$BOBD:7:EEQ$B7?$B>>:7>6@7$@H$
AG6=B>:$A9B78:M$!@$>9:@D6U:$9@O$F;<G6A$B>>:7>6@7$:C@GC:E$O6>967$>@?B5VE$67>:D=:?6B$:A@G@85$
X"BD?:DQ$,:C:7B7EQ$n$gB7$(:GE>Q$KLYc<m$_@7:E
R_B78$:>$BGMQ$
KLKLZQ$@7:$=;E>$@<E:DC:$>9:$FB>>:D7E$
@H$F;<G6A$B>>:7>6@7$7@>$@7G5$BAD@EE$CBD6:?$=:
?6B$FGB>H@D=E$<;>$BGE@$BAD@EE$?6HH:D:7>$E:>E$@H$BA>@DEM$
"@O:C:DQ$A@7E6?:D678$>9:$>9@;EB7?E$@H$!O6>>:D$;E:DE$B7?$>O::>E$@7$AG6=B>:$A9B78:Q$6>$6E$
=:>9@?@G@86ABGG5$A9BGG:7867
8$>@$BAA;DB>:G5$AGBEE6H5$>9:E:$;E:DE$67>@$?6E>67A>$E:>E$@H$BA>@DE$B>$
EABG:M$
$!@$HBA6G
6>B>:$>96E$AB>:8@D6UB>6@7$FD@A:EEQ$*$?:E687:?$B7?$CBG6?B>:?$B7$B;>@=B>:?$
AGBEE6H6AB>6@7$=:>9@?$>9B>$67>:8DB>:E$E;F:DC6E:?$=BA967:$G:BD7678Q$AD@O?E@;DA:?$9;=B7$A@?678Q$
B7?$
B$?6A>6@7BD5$BFFD@BA9M$,F:A6H6ABGG5Q$;E678$>96E$B;>@=B>:?$=:>9@?Q$*$:HH:A>6C:G5$AGBEE
6H6:?$
KaaQaKd$!O6>>:D$
;E:DE$BAD@EE$H@;D$=B^@D$AG6=B>:$A9B78:$:C:7>E$67>@$>9:6D$D:EF:A>6C:$BA>@D$
AB>:8@D6:EM$
$!96E$A9BF>:D$:S>:7?E$>9:$A;DD:7>$G6>:DB>;D:$<BE:?$@7$67>:D=:?6
B$B>>:7>6@7$FB>>:D7E$67$>O@$
OB5EM$.6DE>Q$6>$?:=@7E>DB>:E$>9:$7:A:EE6>5$@H$?6EB88D:8B>
678$!O6>>:D$;E:DE$O9:7$B>>:=F>678$>@$
;7?:DE>B7?$>9:$67>:D=:?6B$?6HH;E6@7$@H$AG6=B>:$A9B78:$B>>:7>6@7Q$<:AB;E:$@D8B76UB>6@7BG$!O6>>:D$
!ad!!!$;E:DE$=B5$<:$B7$67HG;:7>6BG$E@;DA:$@H$
67H@D=B>6@7$>9B>$BHH:A>E$F;<G6A$B>>:7>6@7Q$FBD>6A;GBDG5$O6>9$
D:EF:A>$>@$AG6=B>:$A9B78
:M$,:C:DBG$:S6E>678$E>;?6:E$9BC:$E9@O7$>9:$?57B=6A$67>:DD:GB>6@7E$
<:>O::7$67?6C6?;BG$B7?$67E>6>;>6@7BG$BA>@DE$@7$!O6>>:D$
X]O@7$:>$BGMQ$KLYam$)A3D:8@D$:>$BGMQ$KLYcm$
,:8:D<:D8$n$1:77:>>Q$KLYYZ
$B7?$9BC:$E;88:E>:?$>9B>$>9:$?57B=6AE
$O6>967$B$=:?6B$FGB>H@D=$A@;G?$
67HG;:7A:$6EE;:$B>>:7>6@7$O6>967$>9:$@C:DBGG$=:?6B$:A@
G@85$
X2qDA
9:D$n$':C:DGBQ$KLYP<Z
M$!@$<;6G?$
@HH$>96E$676>6BG$O@DTQ$H;>;D:$E>;?6:E$@7$>9:$67>:D
=:?6B$?6HH;E6@7$@H$F;<G6A$B>>:7>6@7$B7?$67>:D=:?6B$
B8:7?B$E:>>678$E9@;G?$:=F6D6ABGG5$>BT:$67>@$BAA@;7>$>9:$A@=FG:S6>6:E$B7?$?6C:DE6>5$@H$!O6>>:D$
;E:DEM$!9:$E:A@7?$A@7>D6<;
>6@7$@H$>96E$A9BF>:D$D:EF@7?E$>@$>96E$FBD>6A;GBD$7::?$@H$67>:D=:?6B$
B8:7?B$E:>>678$D:
E:BDA9M$,F:A6H6ABGG5Q$>96E$A9BF>:D$@HH:DE$B7$:HH:A>6C:$=:>9@?@G@86ABG$BFFD@BA9$
H@D$B;>@=B>6ABGG5$AGBEE6H5678$!O6>>:D$;E:DEQ$O96A9$6=FD@C:E$>9:$;EB<6G6>5$@H$AD@O?E@;DA678$
E:DC6A:E$B7?$:S6E>678$=;G>6AGBEE$AGBEE6H6AB>6@7$BFFD@BA9:EM$
$*7$O9B>$H@GG@OEQ$*$H6DE>$
?6EA;EE$>9:$FD6@D$E>;?6:E$B<@;>$67>:D=:?6B$?6HH;E6@7$@H$B>>:7>6@7$
B7?$>9:6D$G6=6>B>6@7EM$!9:7Q$*$:SFGB67$>9:$DB>6@7BG:E$B7?$:S6E>678$BFFD@BA9:E$H@D$?6EB88D:8B>678$
!O6>>:D$
;E:DEM$(H>:DOBD?Q$*$67>D@?;A:$B7$B;>@=B>6A$BFFD@BA9$>@$AGBEE6H5678$E;A9$;E:DEM$
,F:A6H
6ABGG5Q$*$@HH:D$B$E;F:DC6E:?$=BA967:$G:BD7678$X,)2Z$=@?:G$B7?$B$?6A>6@7BD5
R<BE:?$
AGBEE6H6AB>6@7$>9B>$AB7$?6HH:D:7>6B>:$7:OE$BA>@DEQ$F@G6>6ABG$BA>@DEQ$B?C@ABA5$8D@;FEQ$B7?$
@>9:D$
@D8B76UB>6@7E$HD@=$@D?67BD5$67?6C6?;BG$!O6>>:D$;E:DEM$*$67>D@?;A:$>9:$A9BGG:78:
EQ$E@G;>6@7E$B7?$
>9:$FD@A:EE$@H$<;6G?678$>9:$,)2$=@?:GQ$FBD>6A;GBDG5$O9:7$;E678$AD@O?E@;DA678M$.67BGG5Q$*$>:E>$
=5$FD@F@E:?$BFFD@BA9$<5$AGBEE6H5678$!O6>>:D$;E:DE$BAD@EE$H@;
D$9689$B>>:7>6@7$AG6=B>:$A9B78:$
D:GB>:?$:C:7>E$@7$>96E$FGB>H@D=M$
$93.(3!$,+A.27!-:(+,
!F/,23)2A.-!6.55+7.(/!(5!",,2/,.(/
!,:C:DBG$FD6@D$E>;?6:E$H@A;E$@7$67>:D=:?6B$?6HH;E6@7$@H$B>>:7>6@7$;E:$B7$67>:D=:?6B$B8:7?B$
E:>>678$BFFD@BA9M$!9:$A:7>DBG$H@A;E$@H$67>:D=:
?6B$B8:7?B$E:>>678$D:E:BDA9$6E$>@$;7?:DE>B7?$>9:$
!dL!!!$>DB7EH:D$@H$B>>:7>6@7$BAD@EE$?6HH:D:
7>$=:?6B$FGB>H@D=E$
X"BD?:D$:>$BGMQ$KLYcZ
M$"@O:C:DQ$=@E>$@H$
>9:E:$E>;?6:E$9BC:$>D:B>:?$!O6>>:D$@D$E@A6BG$=:?6BQ$=@D:$8:7:DBGG5Q$BE$B$FD@S5$H@D$F;<G6A$B>>:7>6@7$
B7?$A@7>DBE>:?$>96E$H@D=$@H$B
>>:7>6@7$O6>9$7:OE$=:?6B$B>>:7>6@7M$.@D$:SB=FG:Q$>@$:SB=67:$>9:$
?6E>67A>$?57B=6AE$@H$
F;<G6A$B>>:7>6@7$67$E@A6BG$=:?6B$C:DE;E$>DB?6>6@7BG$=:?6BQ$':;=B77$:>$BGM$
XKLY\Z$$AD:B>:?$B7$B88D:8B>:?$=:
BE;D:$@H$F;<G6A$B>>:7>6@7Q$A@=<67678$B>>:7>6@7$BAD@EE$!O6>>:DQ$
<G@8EQ$B7?$@7G67:$H@D;
=EQ$B7?$A@7>DBE>:?$6>$B8B67E>$@7G67:$7:OE$B>>:7>6@7M$)@E>$D:A:7>G5Q$
_@7:E
R_B78$:>$BGM$XKLKLZ$E>;?6:?$>9:$A@7>B86@7$@H$F;<G6A$B>>:7>6@7$E;DD@;7?678$AG6=B>:$A9B78:$BAD@EE$
?6HH:D:7>$=:?6B$@C:D$>6=:M$!9:5$H@;7?$>9B>$@7G67:$7:OE$D:F@D>E$FD:?6A>:?$>9:$C@G;=:$@H$
>O::>E$@C:D$>9:$>6=:M$!9:7Q$>9:5$A@7AG;?:?$B$>@F
R?@O7$FB>>:D7$@H$67>:D=:?6B$67HG;:7A:
J>9B>$6EQ$>9:5$
FD@F@E:?$>9B>$:G6>:$7:OE$=:?6B$B>>:7>6@7$67HG;:7A:E$@D?67BD5$;E:DE$67$B
$@7:ROB5$?6D:A>6@7M$
$(G>9@;89$>9:E:$E>;?6:E$9689G689>$>9:$6=F@D>B7A:$@H$A@7>:S>;BG6U6
78$F;<G6A$B>>:7>6@7$BAD@EE$
=;G>6FG:$=:?6B$FGB>H@D=EQ$
>9:5$@7G5$A@=FBD:$HG@OE$@H$B>>:7>6@7$67$@7G67:$7:OE$C:DE;E$B88D:8B>:?$
FB>>:D7E$@H$B>>:7>6@7$@7$!O6>>:DM$!9:E:$
E>;?6:E$@C:DG@@TQ$H@D$:SB=FG:Q$>9:$D@G:$@H$7:OE$=:?6B$
BA>@DE$@7$!O6>>:D$BE$O:GG$BE$>9:$D@G:$>
9:6D$A@==;76AB>6@7$<:9BC6@DE$=B5$FGB5$67$E9BF678$>9:$
F;<G6AVE$B>>:7>6@7$>@$AG6=B>:$A9B78:M$!9;EQ$>9:E:$E>;?6:E$@7G5$=676=BGG5$9:GF$:SFGB67$O9B>$=B5$
FD@=F>$A9B78:E$
67$F;<G6A$B>>:7>6@7$67$>@?B5VE$67>:D=:?6B
$:A@G@85M$!@$;7?:DE>B7?$O9B>$=B5$
67HG;:7A:$F;<G6A$B>
>:7>6@7$67$>9:$FD:E:7>$95<D6?$=:?6B$E5E>:=Q$
EA9@GBDE$7::?$>@$?6EB88D:8B>:$
!O6>>:D$;E:DEM$*7$>96E$OB5Q$D:E:BDA9:DE$=B5$:SB=67:$O96A9$E:>$@H$BA>@DE$676>6B>:$@D$?D6C:
$F;<G6A$
B>>:7>6@7$>@$AG6=B>:$A9B78:$B7?$O96A9$BA>@DE$H@GG@O$>9:E:$H@D:D;77:DEV$G:B?$
X_@7:E
R_B78$:>$BGMQ$
KLKLZM$$D4>!6.7-GG
32G-,2!%=.,,23!U7237E
!!9:D:$BD:$>9D::$FD6=BD5$D:BE@7E$;786D?678$>9:$7::?$>@$?6EB88D:8B>:$!O6>>:D$;E:DE$O9:7$
E>;?5678$>9:$?6HH;E6@7$@H$F;<G6A$B>>:7>6@7$67$B$95<D6?$
=:?6B$E5E>:=M$
.6DE>Q$!O6>>:D$;E:DE$67AG;?:$
!dY!!!$<@>9$@D8B76UB>6@7E$B7?$@D?67BD5$67?6C6?;BGE
J8D@;FE$O6>9$?6E>67A>$ABFBA6>6:E$67$BHH:A>678$F;<G6A$
B>>:7>6@7M$15$A@=FBD678$[\QLLL$!O6>>:D$BAA@;7>EQ$D:FD:E:7>678$B$=6S$@H$@D8B76UB>6@7BG$;E:DE$B7?$
67?6C6?;BG$;E:DEQ$)A+
@DD6E>@7$:>$BGM
$XKLYPZ$H@;7?$>9B>$
@D8B76UB>6@7BG$;E:DE$
9BC:$E6876H6AB
7>G5$
=@D:$H@GG@O:DE$B7?$HD6:7?E$>9B7$67?6C6?;BG$;E:DEM$(AA@D?678G5Q$@D8B76UB>6@7BG$;E:DE$BD:$=@D:$
G6T:G5$>@$<:$E@;DA:E$@H$AG6=B>:$A9B78:$67H@D=B>6@7$>9B7$67?6C6?;B
GEM$%:=@7E>DB>678$>96E$F@67>Q$
>DBAT678$\K$=6GG6@7$!O6>>:D$;E:DE$B7?$P$<6GG6@7$>O::>E$H@D$KK[$
?B5EQ$N;$:>$BGM$XKLYYZ$H@;7?$>9B>$
@D8B76UB>6@7BG$;E:DEQ$E;A9$BE$7:OE$=:?6B$@;>G:>E$B7?$@>9:D$@D8B76UB>6@7EQ$O:D:$D:EF@7E6<G:$H@D$
PLl$@H$BGG$D:>O::>EQ$:C:7$>9@;89$>
9:E:$;E:DE$D:FD:E:7>:?$@7G5$LMLPl$@H$>9:$@C:DBGG$!O6>>:D$
F@F;GB>6@7M$!9:5$BGE@$H@;7?$>9B>$@D8
B76UB>6@7BG$;E:DE$B7?$67?6C6?;BG$;E:DE$9B?$?6HH:D:7>$
A@==;76AB>6@7$<:9BC6@DEQ$O6>9$67?6C6?;BGE$8:7:DB>678$HBD$=@D:$A@7>:7>Q$@7$BC:DB8:Q$>9B7$
@D8B76UB>6@7EM$(G>9@;8
9$67?6C6?;BGE$FD@?;A:?$=@D:$A@7>:7>Q$@D8B76UB>6@7BG$;E:DE$9BC:$=@D:$
H@GG@O:DE$B7?$>9;E$=@D:$G
6T:G5$>@$?D6C:$>9:$A@7C:DEB>6@7E$B<@;>$AG6=B>:$A9B78:$>9B7$67?6C6?;BG$
!O6>>:D$;E:DEM
$,:A@7?Q$!O6>>:D$E:DC:E$BE$B$7:>O@DT$E>6>A9678$=:A9B76E=$
X1:77:>>$n$,:8:D<:D8Q$KLY
KZQ$O96A9
$A@77:A>E$B$CBD6:>5$@H$
@D8B76UB>6@7BG$B7?$67?6C6?;BG$BA>@DE$>@8:>9:D$?;D678$B$AG6
=B>:$A9B78:$
:C:7>
M$(=@78$@D8B76UB>6@7BG$BA>@DE$BD:$7:OE$=:?6BQ$F@G6>6ABG$BA>@DEQ$B7?$B?C@ABA5$8D@;FE
J>9:$
>9D::$>5F:E$@H$BA>@DE$AD6>6ABG$67$67HG;:7A678$F;<G6A$B>>:7
>6@7Q$BE$E9@O7$67$>9:$FD:C6@;E$A9BF>:D$
X1D;GG:$:>$BGMQ$KLYKZM
$!O6>>:D$6E$B$>@@G$B7?$@<^:A>$H@
D$7:OEQ$F@G6>6ABGQ$B7?$B?C@ABA5$BA>@DEQ$O96A9$
:7B<G:E$>9:=$>@$E>DB>:86ABGG5$A@==;76AB>:$O6>9$@D?67BD5$67?6C6?;BG$!O6>>:D$;E:DE$B7?$8:7:DB>:$
=@D:$B>>:7>6@7$>9B>$BG6
87E$O6>9$>9:6D$D:EF:A>6C:$B8:7?BE$
X)A3D:8@D$:>$BGMQ$KLYcZ
M$(E$E;88:E>:?$67$
+9BF>:D$[Q$
@D8B76U
B>6@7BG$BA>@DEV$FD:E:7A:$B7?$67>:DBA>6C:$A@==;76AB>6@7$O6>9$>9:$67?6C6?;BG$
;E:DE$A@;G?$67AD:B
E:$!O6>>:D$B>>:7>6@7$>@$AG6=B>:$A9B78:M$*7$B7@>9:D$:SB=FG:Q$,:8:D<:D8$B7?$
1:77:>>$XKLYYZ$B7BG5U:?$>9:$A@77:A>6C6>5$B7?$>9:$E@;DA:E$@H$>O::>E$?;D678$>9:$YP>9$076>:?
$!dK!!!$'B>6@7E$+@7H:D:7A:$@H$>9:$/BD>6:E$@7$+G6=B>:$+9B78:$X+-/
RYPZ$67$KLLdM$!9:5$H@;7?$>9B>$
B?C@AB
A5$8D@;FE$;E:?$!O6>>:D$BE$B$=B^@D$FGB>H@D=$H@D$=@<6G6U678$F;<G6A$B>>:7>6@7$>@$>9:$AG6=B>:$
A9B78:$6EE;:M$!9:D:H@D:Q$>D:B>678$!O6>>:D$BE$B7$B88D:8B>:$H@D=$@H$B>>:7>6
@7$@C:DG@@TE$>9:$6=FBA>$
@H$?6HH:D:7>$>5F:E$@H$BA>@DE$O6>967$>9:$EFBA:$@7$>9:$?57B=6AE$@H$F;<G
6A$B>>:7>6@7M$
$!96D?Q$!O6>>:D$A@77:A>E$?6HH:D:7>$>5F:E$@H$BA>@DE$67$
B7$;7?:DG5678$7:>O@DT$E>D;A>;D:Q$
O96A9$AB7$A9BGG:78:$>9:$F@O:D$@H$:E>B<G6E9:?$67E>6>;>6@7E$X6M:
MQ$>DB?6>6@7BG$8B>:T::F:DEZ$67$
?6D:A>678$>9:$F;<G6AVE$B>>:7>6@7$>@OBD?$XB7?$BOB5$HD@=Z$EF:A6H
6A$6EE;:$BD:BE$
X3@7UrG:U
R1B6Gs7$:>$
BGMQ$KLYLZ
M$(8:7?B$E:>>678Q$B8:7?
B$<;6G?678Q$B7?$8B>:T::F678$>9:@D6:E$E;88:E>$>9B>$B$E=BGG$8D@;F$
@H$@D8B76UB>6@7E$A@7>D@G$=@E>$E@;DA:E$@H$67H@D=B>6@7$B7?$AD:B>:$B$jE>D;A>;DBG$<6BE$>9B>$G6=6>$>9:$
<D:B?>9$B7?$B86G6>5$@H$>9:$F;<G6A$B>>:7>6C:7:EEk$X':;=B7Q$KLYfQ$FMKLaZM$(E$H@D$>9:$AG6=B>:$A9B
78:$
6EE;:Q$B$H:O$E>;?6:E$9BC:$E9@O7$>9B>$E=BGG$8D@;F$@H$@D8B76UB>6@7BG$BA>@DE$E9BF:$AG6=B>:$A9B78:$
B>>:7>6@7$@7$!O6>>:D$XE::$:M8MQ$
]6D6G:7T@$n$,>:FA9:7T@CBQ$KLY\m$g:G>D6$n$(>B7BE@CBQ$KLYcZ
Q$<;>$
>9:$7:>O@DT$=:A9B76E=E$HD@=$>9:$67H@D=B>6@7$?6HH;E6@7$>9:@D6:E$A@7>:7?$>9B>$>9:$E>D;A>;D:E$@H$
67H@D=B>6@7$?6HH;E6@7$7:>O@DTE$?:>:D=67:$O9@$9@G?E$>9:$F@O:D$>@$?
6D:A>$!O6>>:D$B>>:7>6@7M
$.@D$
:SB=FG:Q$<5$<D6?8678$@>9:DO6E:$;7A@77:A>:?$7:>O@DTE$>@8:>9:DQ$O:
BT$>6:E$67$?6HH;E6@7$7:>O@DTE$
@H>:7$:7B<G:$GBD8:
REABG:$A@7>B86@7E$@H$67H@D=B>6@7$XNB>>E$n$,>D@8B>UQ$YddaZM$
!9:$
>O@RE>:F$HG@O$
X]B>UQ$YdPcZ$
E;88:E>E$>9B>
$@F676@7$G:B?:DE$<D6?8:$:G6>:$=:?6B$B7?$@D?67BD5$F:@FG:$B7?Q$67$>;D7Q$
B=FG6H5$=:?6B$B>>:7>6@7$>@$O6?:D$B;
?6:7A:EM$!9:$>9:@D5$@H$O:BT$>6:E$XNB>>E$n$,>D@8B>UQ$YddaZ$
B7?$>O@
RE>:F$HG@O$>9:@D5$X
]B>UQ$YdP
cZ$=B67>B67$>9B>$7:>O@DT$E>D;A>;D:E$86C:$F@O:D$>@$@D?67BD5
$F:@FG:$B7?Q$>9:D:<5Q$:7B<G678$>9:=$>@$A9BGG:78:$@D8B76UB>6@7BG$!O6>>:D$;E:DEV$A@7>D@G$@C:D$F;<G6A$
B>>:7>
6@7M
$,;FF@D>678$>9:E:$AB7@76ABG$E>;?6:EQ$=B75$D:A:7>$7:>O@DT$B7BG5E:E$9BC:$E9@O7$>9B>$>9:$
E>D;A>;D:$@H$E@A6BG$7:>O@DTE$AB7$67AD:BE:$>9:$6=FBA>$@H$D:8;G
BD$F:@FG:$67$67H@D=B>6@7$?6HH;E6@7M
$!d[!!!$-<E:DC678$fKK$=6GG6@7$>O::>EQ$3@:G$:>$BGM$
XKLYfZ$H@;7?$>9B>$?6HH;E6@7$AB7$9BFF:7$C6B$B$
<D@B?ABE>678$=@?:G$XHD@=$@7:$>@$=B75$;E:DEZQ$B$C6DBG$=@?:G$XHD@=$F:DE
@7$>@$F:DE@7ZQ$@D$>9D@;89$
B$A@=<67B>6@7$@H$<@>9$=@?:GEM
$(AD@EE$BGG$T67?E$@H$:C:7>EQ$>9:5$H@;7?$>9B>$@7G67:$?6HH;E6@7$OBE$
@H>:7$B$A@=<67B>6@7$@H$<@>9$=@
?:GEM$NB>>E$B7?$%@??E$XKLLcZ$H@;7?$>9B>$B$GBD8:$ABEAB?:$@H$
67HG;:7A:$@H>:7$G67TE$>@$67>:DF:DE@7BG$A@==;76
AB>6@7$<:>O::7$67?6C6?;BG$;E:DE$DB>9:D$>9B7$HD@=$
>9:$?6D:A>$A@==;76AB>6@7$HD@=$7:OE$B7?$:G6>:E$>@$67?6C6?;BGEM$!9:$67>:DF:DE@7BG$A@==;76AB>6@7$
HD@=$B$A
D6>6ABG$=BEE$@H$:BE6G5$67HG;:7A:?$67?6C6?;BGE$EF;DD:?$B$A9B67$D:BA>6@7$>9B>$EFD:B?$B>>:7>6@7$
>@$=@D:$67?6
C6?;BGEM$->9:D$:=F6D6ABG$
E>;?6:E$9BC:$H@;7?$>9B>$@7G67:$A@==;76AB>6@7$7:>O@DTE$
>:7?$>@$E9@O$B$A@D:$B7?$F:D6F9:D5$E>D;A>;D:$
X:M8MQ$1BD<:Dr$:>$BGM
Q$KLYPm$3@=:U
R4@?D68;:U$:>$BGMQ$
KLYLm$26;$:>$BGMQ$KLYPZ
M$.@D$:SB=FG:Q$
<BE:?$@7$H@;D$D:>O::>$7:>O@DTE$D
:GB>:?$>@$FD@>:E>E$67$
?6HH:D:7>$A@;7>D6:EQ$
1BD<:Dr
$:>$BGM$XKLYPZ
$H@;7?$>9B>$>9:$BA>@DE$B>$>9:$A@D:$@H$>9:E:$7:>O@DTE$O:D:$
>5F6ABGG5$>9:$=B67$E@;DA:$@H$
B>>:7>6@7Q$O96G:$BA>@DE$B>$>9:$F:D6F9:D5
J@H>:7$67?6C6?;BG$;E:DE
JO:D:$HBD$G:EE$6=FBA>H;G$67$>9:$?6HH;E6@7$
@H$67H@D=B>6@7$BAD@EE$!O6>>:DM$*7E>:B?Q$F:D6F9:DBG$BA>@DE$
>:7?:?$H@GG@O$O9B>:C:D$67H@D=B>6@7$A@D:$BA>@DE$E9BD:?$X@D$EFD:B?Z$@7$!O6>>:D$X
1BD<:Dr
$:>$BGMQ
$KLYPZM$"@O:C:DQ$<:AB;E:$BA>@DE$67$>9:$F:D6F9:D5$
E;<E>B7>6BGG5$@;>7;=<:D$>9@E:$B>$>9:$A@D:$@H$
>9:E:$7:>O@
DTEQ$>9:$6=FBA>$@H$F:D6F9:DBG$BA>@DEV$B88D:8B>:?$B>>:7>6@7$
A@=FBD:?$>@$>9B>$@H$>9@E:$
H:O$A@D:$BA>@DE$
X1BD<:Dr
$:>$BGMQ$KLYPZM$*7$E;=Q$>9:E:$H67?678E$E;8
8:E>$>9B>$B$;E:DVE$6?:7>6>5$BE$
:6>9:D$B$>DB?6>6@7BG$8B>:T::F:DQ$B7$@D8B76UB>6@7Q$@D$@D?67BD5$67?6C6?;BG$=
B>>:DE$D:GB>6C:G5$G6>>G:$67$
>9:$?6HH;E6@7$@H$67H@D=B>6@7m$DB>9:D$O9B>$=B>>:DE$6E$@7:VE$F@E6>6@7$67$>9:$7:>O@DT$E>D;A>;D:M$
,F:A6H6ABGG5Q$>9:$G6=6>:?$7;=
<:D$@H$;E:DE$B>$>9:$A@D:$?6EFD@F@D>6@7B>:G5$A@7>D@G$>9:$F;<G6AVE$
B>>:7>6@7$@7$!O6>>:DM
$!9:$B<@C:$>9:@D6:E
$B7?$:=F6D6ABG$H67?678E$A@77:A>$>@$>9:$GBE>678$?:<B>:E$@7$>9:$
A@7A:F>;BG6UB>6@7$@H$F;<G6A$B>>:7>6@7$?6EA;EE:?$67$+9BF>:D$KM$(E$BH@D:=:7>6@7:?Q$B8:7?B$E
:>>678$
!d\!!!$B7?$B8:7?B$<;6G?678$>9:@D6:E$:=F9BE6U:$>9:$E>D:78>9$@H$@D8B76UB>6@7EQ$FBD>6A;GBDG5$>DB?6>6@7BG$
8B>
:T::F:DEQ$67$E9BF678$F;<G6A$B>>:7>6@7$:C:7$O6>9$?686>BG$=:?6BM$):B7O96G:Q$>9:$7:>O@DT$
=:A9B76E=E$67$>9:$67H@D=B>6@7$?6HH;E6@7$E>;?6:E$E9@O$>9:$6=F@D>B7
>$D@G:$@H$@D?67BD5$;E:DE$67$
67HG;:7A678$>DB?6>6@7BG$8B>:T::F:DE$B7?$67$A@7>D6<;>678$>@$>9:$?6HH;E6@7$@H$F
;<G6A$B>>:7>6@7M
$!@$
:S>:7?$>9:$>9:@D6UB>6@7$@H$F;<G6A$B>>:7>6@7$B7?$:SB=67:$>9:$D:EF:A>6C:$ABFBA6>5$@H$?6HH:D:7>$BA>@DE$
67$EFD:B?678$BOBD:7:EE$B<@;>$AG
6=B>:$A9B78:Q$6>$6E$7:A:EEBD5$>@$?6HH:D:7>6B>:$>DB?6>6@7BG$
8B>:T::F678$BA>@DE$HD@=$67?6C6?;BG$BA>@DE$@7$!
O6>>:DM$+@7E6?:D678$>96E$7::?Q$*$BETW$
(=@78$BGG$
!O6>>:D$;E:DE$67C@GC:?$67$F@F;GBD$AG6=B>:$A9B78:$D:GB>:?$:C:7>EQ$O9B>$E9BD:$D:FD:E:7>$7:OEQ$
F@G6>6ABGQ$
B7?$B?C@ABA5$BA>@DEe$!@OBD?$B7EO:D678$>96E$I;:E>6@7Q$*$?6EA;EE$:S6E>678$BFFD@BA9:E$>@$
?6EB88D:8B>678$!O6>
>:D$;E:DEM
$D->7!(5!6.7-GG32G-,./G!%=.,,23!U7237
!,67A:$=5$H@A;E$67$>96E$FD:E:7>$E>;?5$6E$@7$7:OEQ$F@G6>6ABGQ$B7?$B?C@ABA5$BA>@DEV$D@G:$67$
E9BF678$F;<G6A
$B>>:7>6@7$>@$AG6=B>:$A9B78:Q$*$D:C6:O$A@==;76AB>6@7$E>;?6:E$>9B>$EF:A6H6ABGG5$
AB>:8@D6U:$!O6>>:D$;E:DE$6
7>@$>9:E:$>9D::$>5F:E$@H$;E:DEM$1BE:?$@7$>96E$D:C6:OQ$:S6E>678$D:E:BDA9$
>9B>$:SFG@D:E$>9:$?57B=6AE$@H$?6HH:D:7>$BA>@DE$@7$!O6>>:D$;E:$>O@$=B67$BFFD@BA9
:E$>@$AD:B>678$
B7?$GB<:G678$>5F@G@86:E$@H$!O6>>:D$;E:DEM$,F:A6H6ABGG5Q$>@$?6EB88D:8B>:$B7?$AB>:8@D6U:$!O6
>>:D$
;E:DEQ$D:E:BDA9:DE$>5F6ABGG5$BFFG5$:6>9:D$XBZ$B7$67?:S678$BFFD@BA9Q$X<Z$B$9;=B7$A@?678$BFFD@BA9M
$6.7-GG32G-,./G!%=.,,23!U7237!=.,4!-/!F/A2J./G!"**
3(-14!
!.6DE>Q$E@=:$D:E:BDA9:DE$BFFG5$B7$67?:S678$BFFD@BA9M$*7$>96E$ABE:Q$D:E:BDA9:DE$A@=F6G:$B7$
676>6BG$G
6E>$@H$EF:A6H6A$!O6>>:D$BAA@;7>EQ$D:FD:E:7>678$?6HH:D:7>$>5F:E$@H$;E:DEM$.@D$:SB=FG:Q$
1B6G@$
B7?$gD@=:7$XKLYfZ$B7BG5U:?$>9:$>O::>E$@H$B$FD:?:>:D=67:?$G6
E>$@H$;E:DEQ$O96A9$67AG;?678$7:OE$
=:?6BQ$;76@7EQ$F@G6>6AEQ$B7?$E@A6BG$=@C:=:7>$@D8B76UB>6@7EQ$>@$:SB=67:$
>9:$?57B=6AE$@H$!O6>>:D$
B>>:7>6@7$?;D678$FD@>:E>$:C:7>E$67$(;E>DBG6BM$,6=6GBDG5Q$OB7>678$>@$B7BG5U:$>9:$>O::>E$F:D>B67678$
!dP!!!$>9:$KLY\$0M,M$E:7B>@D6BG$AB=F
B687$B7?Q$67$FBD>6A;GBDQ$?6HH:D:7>$BA>@DEV$A@7>D6<;>6@7E$>@$>96E$
A@7C:DEB>6@7Q$
)A3D:8@D$:>$BGM$XKLYcZ$=B7
;BGG5$A@=F6G:?$B$G6E>$@H$!O6>>:D$;E:DEV$D:FD:E:7>678$
7:OE$=:?6B$B7?$F@G6>6ABG$:G6>:E$B7?$>9:7$A@GG:A>:?$B7?$B7BG5U:?$>9:E:$>O@$E:>E$@H$BA>@DEV$
D:EF:A>6
C:$>O::>EM$*7$E9@D>Q$O9:7$;E678$B7$67?:S678$BFFD@BA9Q$EA9@GBDEQ$67$:HH:A>Q$FD::=67:7>G5$
?6EB88D:8B>:$!O6>
>:D$;E:DEQ$BE$>9:5$?:>:D=67:$;FHD@7>$B$G6E>$@H$;E:DE$67$:BA9$D:EF:A>6C:$AB>:8@D5$
B7?$>9:7$F;GG$>9:$A@DD:EF@7?678$?B>B$@H$67>:D:E>$>@$>9:=$HD@=$>96E$FD:
E:>$G6E>$@H$BAA@;7>EM$
$(E$O6>9$BGG$=:>9@?@G@86ABG$?:A6E6@7EQ$>9:$67?:S678$BFFD@BA9$9BE$6>E$E>D:78>9E$B7?$
G6=6>B>6@7EM$*7$>:D=E$@H$>9:$H@D=:DQ$>9:$67?:S$BFFD@BA9$FD@C6?:DE$EA9@GBDE$=@D:$A@7>D@G$@C:D$>9:$
I;BG6>5$@H$BAA@;7>$AGBEE6H6AB>6@7
M$,67A:$!O6>>:D$A@7>B
67E$B$CBD6:>5$@H$>5F:E$@H$;E:DEQ$>9:$67?:S$
BFFD@BA9$AB7$:HH:A>6C:G5$BC@6?$>9:$HBGE:$F@E6>6C:$ABE:M$.@D$:S
B=FG:Q$BC@6?678$AB>:8@D6U678$B$7@7
RF@G6>6ABG$BAA@;7>$BE$B$F@G6>6ABG$@7:M$"@O:C:DQ$B$=B^@D$A9BGG:78:$@H$>96E$BFFD@BA9$6E$>9B>$B7$B$
FD6@D6$G6E>$@H$BA>@DE
$6E$G6T:G5$7@>$A@=FD:9:7E6C:$@D$D:FD:E:7>B>6C:$@H$BGG$!O6>>:D$;E:DE$A@7>D6<;>678$
>@$B7$6EE;:$BD:BM$!96E$B
FFD@BA9$FD:E;=:E$>9B>$>9:$D:E:BDA9:DE$T7@O$BGG$>9:$F@EE6<G:$;E:DE$O6>967$
:BA9$D:G:CB7>$BA>@D$AB>:8@D5M$*7:C6>B<G5Q$>9:5$O6GG$:SAG;?:$F:@FG:$@D$BA>@DE$D
:G:CB7>$>@$>9:6D$
B7BG5E:EM$+@7E6?:D678$>9:$8G@<BG$7B>;D:$@H$B7$6EE;:$E;A9$BE$AG6=B>:$A9B78:Q$GBD8:$EOB>9E
$@H$BA>@DE$
BAD@EE$=B75$?6HH:D:7>$A@;7>D6:E$>O::>$B<@;>$>96E$6EE;:$B7?y@D$:78B8:$67$D:GB>:?$!O6>>:D$
?6EA;EE6@7E$B7?$:C:7>EM$$$
$6.7-GG32G-,./G!
%=.,,23!U7237!=.,4!B+)-/!'(A./G
!(7@>9:D$OB5$
>9B>$
D:E:BDA9:DE$BFFD@BA9$?6EB88D:8B>678$!O6>>:D$;E:DE$6E$>@$D:G5$@7$9;
=B7$
A@?:DE$>@$AGBEE6H5$;E:DEM$.@D$:SB=FG:Q$,>6:D$:>$BGM$XKLYaZ$;E:?$/B8:4B7T$A:7>DBG6>5
-$>@$H6G>:D$>9:$
>@F$PLL$=@E>$6=F@D>B7>$7@?:E$X6M:MQ$!
O6>>:D$;E:DEZ$HD@=$B$D:>O::>$7:>O@DT$B<@;>$AG6=B>:$A9B78:Q$
$$"!S,$&Q,)C!3+!,!;,-!/#!&7,%2,/&+!/0&!5&)/(,%3/-!#4!,!)#*&!3)!,!)&/;#(C8!
!!df!!!$B7?$>9:7$D:AD;6>:?$B$>:B=$@H$F:@FG:$>@$A@?:$>9:E:$;E:DE$B
E$:6>9:D$F@G6>6ABG$:G6>:EQ$7:OE$=:?6BQ$
67?;E>D5Q$A:G:<D6>5Q$7@7FD@H6>EQ$@D$67?6C6?;BG$BA>6C6E>EM$
$(8B67Q$>96E$EF:A6H6A$BFFD@BA9$BE$<@>9$6>E$
<:7:H6>E$B7?$?DBO<BATEM$(E$HBD$BE$<:7:H6>E$@H$>96E$
?6EB88D:8B>6@7$=:>9@?EQ$9;=B7$A@?:DE$AB7$6?:7>6H5$=@D:$AB>:8@D6:E
$@H$!O6>>:D$;E:DE$>9B7$B$
=BA967:$AB7M$.@D$:SB=FG:Q$!9@DE@7$B7?$NB78$XKLYdZ$A@?:?$YQ[cY$;E:DE$A@7E6E>:7>G5$67C@GC:?$67$
T:5$AG6=B>:$A9B78:$=@=
:7>E$@7$!O6>>:D$HD@=$KLYY
iKLYP$67>@$YK$AB>:8@D6:EW$67?6C6?;BG$;E:DEQ$
B?C@ABA5$8D@;FEQ$@7G67:$@7G5$=:?6BQ$B?C@ABA5$=:
?6BQ$^@;D7BG6E>EQ$:7C6D@7=:7>$FD@H:EE6@7BGEQ$
:?;AB>@DEyEA6:7>6E>EQ$=B67E>D:B=$=:?6BQ$F@G6>6ABGy8@C:D7=:7>BG$BA>@DEQ$A:G:<D6>6:EQ$D:G686@;E$
:7>6>6:EQ$B7?$@>9:DM$*7$A@7>DBE>Q$B$=@D:$B;>@=B>:?$BFFD@BA9$=B5$7@>$FD@C6?:$>9:$EB=:$G:C:G$@H$
7;B7A:M$!9B>$6EQ$B$A@=F
;>:DQ$F:D9BFEQ$=B5$7@>$<:$B<G:$>@$A@7E6E>:7>G5$?6E>678;6E9$:7C6D@7=:7>BG$
FD@H:EE6@7BGE$HD@=$:?;AB>@DEyEA6:7>6E>EM$(EE;=678$>9:$A@?678$>:B=E$
=B67>B67E$B$D:BE@7B<G:$
B8D::=:7>$B7?$67>:DA@?:D$D:G6B<6G6>5$DB>:Q$>96E$BFFD@BA9$FD@C6?:E$I;BG6>5$A@7>D@G$>@$>9:$7@6E
:$@7$
!O6>>:D$B7?$D:=@CBG$@H$<@>EM$"@O:C:DQ$B>$>9:$EB=:$>6=:Q$B$8D@;F$@H$9;=B7$A@?:DE$AB77@>$
H:BE6<G5$AGBEE6H5$B$GBD8:
REABG:$7;=<:D$@H$;E:DEQ
$B7?$67?::?Q$>5F6ABGG5Q$9;=B7
RA@?:?$>5F@G@86:E$
H@A;E$@7$@7G5$B$E=BGG$E;<E:>$@H$6=F@D>B7>$BAA@;7>EM$+@7E:I;:7>G5Q$>96
E$BFFD@BA9$O@;G?$7@>$BGG@O$
B$D:E:BDA9:D$>@$>:E>$6=F@D>B7>$95F@>9:E:EQ$E;A9$BE$E@=:$@H$>9@E:$B<@;>$>9:$:HH:A>$@H$>9:$A@D:$B7?$
F:D6F9:D5$E>D;A
>;D:$@H$67H@D=B>6@7$?6HH;E6@7$7:>O@DTE$@7Q$H@D$:SB=FG:Q$F;<G6A$B>>:7>6@7$>@$AG6=B>:$
A9B78:M$.@D$67E>B7A:Q$B$9;=B7
RA@?:?$BFFD@BA9$>@$?6EB88D:8B>678$!O6>>:D$;E:DE$O@;G?$G6T:G5$<:$
;7H:BE6<G:$6H$B>>:=F>678$>@$>:E>$6H$F:D6F9:DBG$;E:DE$BD:$:I;BGG5$6=F@D>B7>$H@D$
B>>:7>6@7$?6HH;E6@7$
A@=FBD:?$>@$A@D:$;E:DE
J>9:D:$BD:$E6=FG5$>@@$=B75$;E:DE$>@$A@?:M$*7$E9@D>Q$O96G:$9;=B7$A@?:DE$
AB7$B??$7;B7A:$>@$>5F@G@86:EQ$>96E$BFFD@BA9$6E$>6=:
RA@7E;=678M
$!dc!!!$6.7-GG32G-,./G!%=.,,23!U7237!=.,4!-/!"+,()-,.1!'0-77.5.1-,.(/!@2,4(A
!*7$8:7:DBGQ
$,)2$BFFD@BA9:E$>DB67$BG8@D6>9=E$<BE:?$@7$GB<:GG:?$?B>B$B7?$>9:7$;E:$>9:$
BG8@D6>9=$>@$FD:?6A>$7:O$?B>BM$*7$>96E$E:A>
6@7Q$*$E;==BD6U:$>9:$E;F:DC6E:?$=BA967:$G:BD7678$
X,)2Z$BFFD@BA9$>9B>$*$>BT:$>@$AGBEE6H5$;E:DE$B7?$>9:7$:SFGB67$O95$*$;E:$>96E$BFFD@BA9Q$BE$O
:GG$BE$
6>E$A9BGG:78:E$B7?$F@EE6<G:$E@G;>6@7EM$
$*$H6DE>$;E:?$,)2$>@$AGBEE6H5$!O6>>:D$;E:DE$67>@$@D8B76UB>6@7BG$B7?$67
?6C6?;BG$;E:DEM$*$
>DB67:?$>9:$,)2$=@?:G$;E678$>9:$AD@O?E@;DA678$FGB>H@D=Q$):A9B76ABG$!;DTVE$X)!;DTZ$GB<:GG678$
?B>BM$!9:7Q$*$<;6G>$B7?$BFFG6:
?$B$?6A>6@7BD5$>@$>9:$,)2$=@?:GQ$:7B<G678$6>$>@$?:>:A>$B7?$
?6E>678;6E9$7:OE$BA>@DEQ$F@G6>6ABG$BA>@DEQ$B7?$B?C@ABA5$B
A>@DEM$(H>:D$67>:8DB>678$>96E$?6A>6@7BD5Q$*$
CBG6?B>:?$=5$D:E;G>E$<5$ABGA;GB>678$>9:$=@?:GVE$B8D::=:7>$DB>:$<BE:?$@7$DB7?@=$EB=FG678$
67EF:A>6
@7M$(G>9@;89$FD:E:7>:?$B$G67:BDQ$E>:F
R<5RE>:F$FD@A:EEQ$?:C:G@F678$>96E$B;>@=B>:?$=:>9@?$
OBE$B7$6>:DB>6C:$FD@A:EEQ$O6
>9$=;A9$<BAT$B7?$H@D>9$;7>6G$*$OBE$B<G:$>@$:7E;D:$>9:$D:G6B<6G6>5$@H$>9:$
=@?:GVE$D:E;G>EM
$.68;D:$a
$FD@C6?:E$B$E;==BD5$@H$>96E$=;G>6E>:F$FD@A
:EEQ$O96A9$*$:SFGB67$67$=@D:$
?:>B6G$67$>9:$H@GG@O678$E:A>6@7EM
$*$;E:?$,)2$<:AB;E:$6>$AB7$B;>@=B>6ABGG5$AGBEE6H5$B$GB
D8:$7;=<:D$@H$!O6>>:D$BAA@;7>EM$
*7$8:7:DBGQ$,)2$67AG;?:E$>9D::$E>:FEM$4:E:BDA9:DE$H6DE>$A@7E>D;A>$B$9689
RI;BG6>5$?B>BE:>$GB<:G:?$<5$
9;=B7$A@
?:DEM$,:A@7?Q$D:E:BDA9:DE$EFG6>$;E:D$?B>B$67>@$>O@$8D@;FE
J@7:$E;<E:>$H@D$>DB67678$
F;DF@E:E$B7?$
>9:$@>9:D$
@7:$H@D$>:E
>678M$0E678$>9:$>DB67678$?B>BQ$>9:$D:E:BDA9:DE$?:C:G@F$B$H:O$
=BA967:$G:BD7678$=@?:GE$<BE:?$@7$H:B>;D:E$@H$>9:$E:G:A>:?$?B>BQ$O96A9$>9:5$>9:7
$:CBG;B>:$O6>9$
>9:$>:E>678$?B>BM$2BE>G5Q$D:E:BDA9:DE$BFFG5$>9:$>:E>:?$BG8@D6>9=$>@$AGBEE6H5$;E:DE$HD@=$7:O$?B>BM$*7$
@>9:D$O@D?EQ$D:E:BDA9:DE$?@$7@>$A@?:$:C:D5$7:O$!O6>>:D$;E:DQ$<;>$;E:$>9:$,)2$=@?:G$>@$FD:?6A>$
O96A9$T67?$@H$BA>@D$:BA9$7:O$;E:D$6E$O6>967$>9
:6D$?B>BE:>M$
$$!da!!!$C.G+32!
V!./;;&6-3"!3*5%3J/*";&*,23:#&++,!,2&*,")3.*%9+
$./;;&6-3"!3*5%3J/*";&
*,23:#&++,!,2&*,")3.*%9+
$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$!9:$,)2$AGBEE6H6AB>6@7$BFFD@BA9$6E$7@>$7:Om$A@=F;>:D$EA6:7>6E>E$9BC:$G@78$;E:?$6>$67$>9:6D$
D:E:BDA9$B<@;>$!O6>>:D$;E:D$AGBEE6H6AB>6@7$XE::$:M8MQ
#H>96=6@7$:>$BGMQ$KLYam$)A+@DD6E>@7$:>$BGMQ$
KLYPm$/:77BAA96@>>6$n$/@F:EA;Q$KLYYm$/;D@96>$n$+9B7Q$KLYcm$NB78$:>$BGMQ$KLYd
m$N@@?
R%@;89>5$
:>$BGMQ$KLYa
ZM$.@D$:SB=FG:Q$)A+@DD6E>@7$:>$BGM$XKLYPZ$;E:?$B7$,)2$=@?
:G$>@$6?:7>6H5$
@D8B76UB>6@7E$HD@=$
[\QLLL$DB7?@=G5$A@GG:A>:?$!O6>>:D$BAA@;7>EM$
N@@?
R%@;89>5$:>$BGMQ$XKLYaZ$
;E:?$A@7C@G;>6@7BG$7:;DBG$7:>O@DT$X+''Q$B7$,)2$=@?:GZ$>@$6?:7>6H5$@D8B76UB>6@7BG$;E:DE$HD@=$
Data Pre-processing 
 Labelling 
Data  Feature 
Selection
 %:E687$"*!$
*7E>D;A>6@7$H@D$
)!;DT
$N@DT:DE
$Model 
Training and 
Selection
 Dictionary 
Classification
 Prediction 
 Report 
Results
 $'@$&:E
$Intercoder 
Reliability and 
Agreement Rates
 Post hoc Human 
Validation
 No Yes
 Agreement
 !dd!!!$!O6>>:DM$
NB78
$B7?$A@GG:B8;:E
$;E:?$?::F$7:;DBG$G:BD7678$XB
$,)2$=@?:GZ$>@$:E>6=B>:$8:7?:DQ$B8
:Q$B7?$E>B>;E$X@D8B76UB>6@7$@D$67?6C6?;BG$BAA@;7>Z$@H$!O6>>:D$;E:DE$XNB78$:>$BGMQ$KLYdZM$
4:A:7>G5Q$
A@==;76AB>6@7$EA9@GBDE$9BC:$BGE@$E>BD>:?$;E678$,)2$=@?:GEM$.@D$:SB=FG:Q$
]O@7$:>$BGM$XKLYaZ$
;E:?$B$,)2$=@?:G$>@$?6HH:D:7>6B>
:$@D8B76UB>6@7BG$BAA@;7>E$HD@=$B$?
B>BE:>$@H$cQLLL$;E:DE$
FD:C6@;EG5$=B7;BGG5$GB<:GG:?M$
$!@$H;D>9:D$6?:7>6H5$7:OEQ$F@G6>6ABG$BA>@DEQ$B7?$B?C@ABA5$8D@;F$BA>@DEQ$*$;E:?$B$?6A>6@7BD5$
=:>9@?M$(G>9@;89$=;G>6
RAGBEE$AB>:8@D6UB>6@7Q$O96A9$AGBEE6H6:E$;E:DE$67>@$>9D::$@D$=@D:$>9B7$>9D::$
AB>:8@D6:EQ$6E
$F@>:7>6BGG5$F@EE6<G:Q$*$<;6G>$B$?6A>6@7BD5$H@D$>O@$D
:BE@7EM$.6DE>Q$,)2$=@?:GE$?@$7@>$
O@DT$O:GG$67$6?:7>6H5678$E=BGG$AB>:8@D6:E$<:AB;E:$>9:D:$BD:$7@>$:7@;89$D:G:CB7>$EB=FG:E$O6>967$
GB<:GG678$?B>B$
X1;DEA9:D$:>$BGMQ
$KLY\ZM$*7$HBA>Q$<:AB;E:$@H$>96E$E9@D>A@=678Q$=@E>$:S6E>678$,)2$
E>;?6:E$9BC:$^;E>$H@A;E:?$@7$AGBEE6H5678$!O6>>:D$BAA@;7>E$67>@$@7G5$>O@$AB>:8@D6:E
J@D8B76UB>6@7BG$;E:DE$B7?$67?6C6?;BG$;E:DEM$*7$>96E$AB
E:Q$*$OB7>:?$>@$?6EB88D:8B>:$>9:$;E:DE$67>@$
>9D::$>5F
:E$@H$BA>@DE$X6M:MQ$F@G6>6ABG$BA>@DEQ$7:OE$=:?6BQ$B7?$B?C@ABA5$8D@;FEZM$"@O:C:DQ$>9:$
E9BD:$@H$:BA9$>5F:$@H$BA>@D$O6>967$>9:$GB<:GG678$?B>B$OBE$E;<E>B7>6BGG5$?6HH:D:7>Q$=:B7678$E@=:$
AB>:8@D6:E$O:D:$I;6>:$
E=BGGM$.@D$:SB=FG:Q$<BE:?$@7$B$FD:G6=67BD5$D:C6:OQ$F@
G6>6ABG$BA>@DE$E::=:?$
>@$@7G5$D:FD:E:7>$B$E=BGG$F:DA:7>B8:$@H$BGG$@D8B76UB>6@7BG$;E:DE$O6>967$>96E$?B>BQ$=:B7678$=5$
,)2$=@?:G$O@;G?$G6T:G5$<:$E@=:O9B>$67:HH:A>6C:$B>$D:G6B<G5$AGBEE6H5678$>9:$BFFD@FD6B>:$
;E:DE$BE$
F@G6>6ABG$BA>@DEM$,:A@7?Q$67$=5$F6G@>$E>;?5$
67$O96A9$*$?:E687:?$B7?$>:E>:?$>9:$GB<:GG678$@H$)!;DT$
O@DT:DEQ$*$H@;7?$>9B>$=5$,)2$=@?:G$56:G?:?$G@O$I;BG6>5$D:E;G>EQ$EF:A6H6ABGG5$O6>9$>9:$
6?:7>6H6AB>6@7$@H$F@G6>6ABG$BA>@DE
JB$F@67>$*$D:>;D7$>@$67$GB>:D
$E:A>6@7M$
$'4-002/G27!(5!,42!$+*23?.72A!
@-14./2!K2-3/./G!"**3(-14!
!!9:D:$BD:$>O@$=B67$A9BGG:78:E$O6>9$;E678$,)2$=@?:GEM$
.6DE>$6E$>9:$I;BG6>5$@H$GB<:G678$
?B>BM$!9:$I;BG6>5$@H$GB<:G678$?B>B$6E$FD@F@D>6@7BG$>@$6>E$A@E>Q$E;A9$>9B>$BHH@D?B<G:$@F>6@7E$BD:$@H>:7$
!YLL!!!$G@O$I;BG6>5Q$O9:D:BE$=@D:$:SF:7E6C:$?B>B
$>:7?E$>@$<:$@H$9689:D$I;BG6>5M$+D@O?E@;DA678$
FGB>H@D=EQ$E;A9$BE$)!;DTQ$BD:$A@E>$:HH:A>6C:M$"@O:C:DQ$O6>9@;>$B$D@<;E>
$I;BG6>5$A@7>D@G$E5E>:=$67$
FGBA:Q$GB<:G678$?B>B$BCB6GB<G:$>9D@;89$)!;DT$6E$;7G6T:G5$>@$FD@?;A:$FD:A
6E:$D:E;G>E$H@D$B$A@?678$
EA9:=B$O6>9$=;G
>6FG:$AB>:8@D6:EM$
1:AB;E:$@H$>9:$G@O$A@=F:7EB>6@7$H@D$=@E>$
";=B7$*7>:GG68:7A:$
!BETE$X"*!EZ$XO6>9$O@DT:DE$:BD7678$B$=:D:$—LMLP$F:D$"*!ZQ$=B75$O@DT:DE$D;E9$>9D@;89$"*!E$
;E678$>9:$G:BE>$B=@;7>$@H$:HH@D>$@H$F@EE6<G:M$/D
@<G:=B>6ABGG5Q$
>5F@G@86U678$B$;E:D$67>@$
=@D:$
AB>:8@D6:E$D:I;6D:E$=@D:$A@=FG6AB>:?$"*!$67E>D;A>6@7EQ$B7?$>9:$B??:?$:HH@D>$E;A9$"*!E$F@E:$
67>D@?;A:E$F@>:7>6BG$I;BG6>5$6EE;:E$67$)!;DT$;E:DE$D:EF@7E:EM$
#C:7$<67BD5$GB<:GG678$>BETEQ$E;A9$BE$
?6C6?678$;E:DE$67>@$@
D8B76UB>6@7E$@D$67?6C6?;BGEQ$D:I;6D:E$E@
=:$67E>D;A>6@7EQ$B7?$D:E:BDA9:DE$=;E>$
:=FG@5$B7$:CBG;B>6@7$E5E>:=$>@$:SB=67:$>9:$I;BG6>5$@H$>9:6D$O@DT$
X)@DBG:EQ$1@D@7?@Q$2@EB?BQ$n$
1:76>@Q$7M?MZ
M$!9:D:H@D:Q$>@$=B67>B67$9689$I;BG6>5$O@DTQ$*$E6=FG6H6:?$>9:$?B>B$GB<:GG678$FD@A:EE$
B7?$>:E>:?$CBD6@;E$67E>D;A>6@7E$?:EAD6F>6@7E$>@$
H67?$B$AG:BD$E:>$@H$67E>D;A>6@7E$H@D$>96
E$"*!M$*7$>9:$
GB<:GG678$?B>B$E:A>6@7Q$*$:SFGB67$>9:$I;BG6>5$A@7>D@G$FD@A:EE$67$=@D:$?:>B6GM
$!9:$E:A@7?$A9BGG:78:$@H$AD:B>678$8:7:DBG6UB<G:$,)2$=@?:GE$6E$>9:$D:FD:E:7>B>6C:7:EE$@H$
>9:$GB<:GG678$?B>BM$
)A+@DD6E>@7$:>$BGM
$XKLYPZ$=B?:$>9:6D$,)2$=@?:G$F;<G6AG5$BCB6GB<G:Q$67AG;?678$
>9:6D$9689
RI;BG6>5$GB<:G:?$?B>B$@H$
KLQKc[$BA>6C:$!O6>>:D$BAA@;7>E$XBA>6C:Q$B>$G:BE>Q$<:H@D:$KLYKZM$
"@O:C:DQ$>9:5$>DB67:?$>9:$=@?:G$<BE:?$@7$
DB7?@=G5$EB=FG
:?$;E:DE$67$8:7:DBGQ$DB>9:D$>9B7$HD@=$B$
EF:A6H6A$:C:7>M$!9;EQ$>96E$GB<:G:?$?B>B$=B5$7@>$<:$8:7:DBG6UB<G:$>@$B$GBD8:D$!O6>>:D$;E:D$<BE:$
67C@GC:?$67$>9:$AG6=B>:$A9B78:$6EE;:$@7$>96E$FGB>H@D=Q$=:B7678$>96E$?B>B$=B5$7@>$<:$BAA;DB>:G5$
FD:?6A>678$?6HH:D:7>$>5F:E
$@H$BA>@DE$>O::>:?$67$AG6=B>:$A9B78:$:C:
7>EM$]
O@7$:>$BGM$XKLYaZ$H@;7?$
>9B>$
,)2$=@?:GE$
>DB67:?$O6>9$DB7?@=$?B>B$O:D:$HBD$G:EE$BAA;DB>:$67$FD:?6A>678$>9:$>5F:E$@H$;E:DE$
67C@GC:?$67$EF:A6H6A$6EE;:$@7$!O6>>:D$>9B7$,)2$=@?:GE$>DB67678$O6>9$?B>B$@H$>9:$EB=:$>5F:
$@H$!YLY!!!$:C:7>M$(E$E;A9Q$>@$:7E;D:$>9:$8:7:DB
G6UB>6@7$@H$=5$GB<:G678$?B>BQ$*$;E:?$!O6>>:D$?B>B$D:GB>:?$>@$
AG6=B>:$A9B78:$:C:7>EQ$7@>$DB7?@=G5$E:G:A>:?$?B>BM$
$!9:$H67BG$A9BGG:78:$6E$>9:$I;B7>6>5$@H$@D8B76UB>6@7BG$BAA@;7>E$67$>9:$GB<:GG678$?B>BM$(E$
E9@O7$<5$
)A+@DD
6E>@7$:>$BGM$XKLYP
ZQ$B$DB7?@=$EB=FG:$?B>B$@H$KLQLLL$BAA@;7>E$A@7>B67:?$@7G5$
dM\l$@H$@D8B76UB>6@7BG$;E:DEM$(7?Q$N;$:>$BGM$XKLYYZ$H@;7?$>9B>$B=@78$\K$=6GG6@7$!O6>>:D$;E:DE$
>9:5$@<E:DC:?Q$@7G5$B<@;>$LMLPl$@H$>9:=$O:D
:$7:OE$=:?6B$@;>G:>EQ$A:G:<D6>6:EQ$@D$@D
8B76UB>6@7BG$
;E:DEM$N6>9$F@>:7>6BGG5$H:O$@D8B76UB>6@7BG$;E:DEQ$@D$EB=FG:EQ$67$>9:$>DB67678$?B>BQ$>9:$,)2$=@?:G$
O6GG$<:$;7B<G:$>@$FD@?;A:$BAA;DB>:$D:E;G>EM$!@$=6>68B>:$>96E$6EE;:Q$*$67AD:BE:?$>9:$DB>6@$@H$
BAA@;7>EQ$=B
T678$6>$E;A9$>9B>$>9:$?B>B$OBE$=@D:$G6T:
G5$>@$67AG;?:$=@D:$@D8B76UB>6@7BG$;E:DE$>9B7$
G6T:G5$:SF:A>:?$O6>967$>9:$!O6>>:D$F@F;GB>6@7M$(8B67Q$*$D:>;D7$>@$>96E$F@67>$O9:7$*$?:EAD6<:$>9:$
FD@A:EE$@H$?:C:G@F678$=5$,)2$=@?:GM
$6-,-!'(0021,.(/!-/A!932*-3-,.(/
!*$;E:?
$H;GG$H6D:9@E:$!O6>>:D$?B>B
J>9:$EB=:$?B>
B$;E:?$67$E:C:DBG$:S6E>678$:=F6D6ABG$E>;?6:E$
X6M:MQ$!9@DE@7$n$NB78Q$KLYdm$NB78Q$&B78Q$n$!9@DE@7Q$KLYdZ
M$!9:$?B>B$A@7>B67E$>O::>E$
67AG;?678$>9:$T:5O@D?$jAG6=B>:k$F;<G6E9:?$?;D678$9689
RC@G;=:$B>>:
7>6@7$:C:7>E$D:GB>:?$>@$
AG6=B>:$A9B78:M$
!@$?:>:A>$>9:E:$9689
RC@G;=:$B>>:7>6@7$:C:7>EQ$D:E:BDA9:DE$FG@>>:?$>9:$C@G;=:$@H$
>O::>E$HD@=$KLYK
iKLYP$HD@=$+D6=E@7$":SB8@7
!.$;E678$jAG6=B>:$A9B78:k$BE$>9:$T:5O@D?M$
!9@DE@7$B7?$NB78$XKLYdZ
$;E:?$>9:$I;B7>6G:$BFFD@BA9
!!$>@$?:>:D=67:$>9:$>6=:$O67?@OE$H@D$:BA9$
@H$>9:$H@;D$:C:7>EM$!9:7Q$>9:5$F;DA9BE:?$>9:$H;GG$E:>$@H$>O::>E$F;<G6E9:?$?;D678$>9:E:$>6=:$
O67?@OE$>9B>$A@7>B67:?$>9:$T:5O@D?$jAG6=B>:k$HD@=$,6H>:D
!"M$$$!(!O(3H+#)!T&N,$
#)!3+!,!5#)+2H&(!3)+3$0/+!5#H1,)-!/0,/!C&&1+!12F%35
%-!,7,3%,F%&!1#+/+!,)*!*#52H&)/+!4(#H!+#53,%!
H&*3,!+250!,+!';3//&(D!B)+/,$(,HD!U,5&F##CD!F%#$+D!4#(2H+!,)*!)&;+8!!
!##!V2,)/3%&!,11(#,509!'0&!#2/%3&(+!,(&!3*&)/343&*!,))2,%%-!4(#H!&,50!+#2(5&D!2+3)$!/0&!4#(H
2%,!EW(*!V2,)/3%&
A>+/!
62,)/3%&G!X>8Y!Z!W
$%!62,)/3%&
8!'0&-!H,(C&*!*,-+!;3/0!7,%2&+!%,($&(!/0,)!/0&!+&/!/0(&+0#%*!,+!#2/%3&(+8
!#&!K34/&(!2+&*!/#!F&!,)!,2/0#(3.&*!(&+&%%&(!#4!';3//&(!*,/,8!
!!YLK!!!$*$E:G:A>:?$H@;D$:C:7>E$>9B>$9BFF:7:?$<:>O::7$'@C:=<:DQ$KLY\$B7?$
'@C
:=<:DQ$KLYPM$
,F:A6H6ABGG5Q$>9:$H@;D$:C:7>E$BD:W$XYZ$>9:$0M,M
i+967B$+G6=B>:$(8D::=:7>$XKPaQL\[$>O::>EQ$
YYPQL\L$;76I;:$;E:DEZQ$O96A9$9BFF:7:?$?
;D678$>9:$3KL$,;==6>$9:G?$
'@C:=<:D$YK
iY\Q$KLY\M$!9:$F@G6>6ABG$BA>@DE$D:G:BE:?$B7$B77@;7A:=:7>$B<@;>$>9:$^@67>$:H
H@D>E$>9B>$+967B$B7?$0M,M$O@;G?$
=BT:$67$A@=<B>678$AG6=B:$A9B78:$X!9:$N96>:$"@;E:Q$KLY\Zm$XKZ$
#BD>9$%B5$67$KLYP$XKLLQLL[$
>O::>EQ$YLfQL[f$;76I;:$;E:DEZM$*>$6E$B7$B77;BG$:C:7>$8G@<BGG5$A:G:<DB>:?$@7$(FD6G$KK$>@$
?:=@7E>DB>:$E;FF@D>$H@D$:7C6D@7=:7>BG$FD@>:A>6@7
M$.6DE>$A:G:<DB>:?$67$YdcLQ$6>$7@O$67AG;?:E$
:C:7>E$A@@D?67B>:?$8G@<BGG5$<5$>9:$#BD>9$%B5$':>O@DT$67$=@D:$>9B7$Yd[$A@;7>D6:E$X#BD>9$%B5Q$
7M?MZm$X[Z$!9:$/:@FG:VE$+G6=B>:$)@C:=:7>$67$KLYP$XYcaQcff$>O::>EQ$YLKQ[LK$;76I;:$;E:DEZM$!9:$
/:@FG:VE$+G6=B>:$)BDA9$>@@T
$FGBA:$@7$-A>@<:D$Y\Q$KLYP$BE$B$AG6=B>:$A9B78:$E@A6BG$BA>6C6E>$:C:7>$
@D8B76U:?$<5$B$A@BG6>6@7$@H$B?C@ABA5$@D8B76UB>6@7E$67$>9:$0,$X/:@FG:VE$+G6=B>:$)@C:=:7>Q$
7M?MZm$X\Z$-<B=B$@7$.BA:<@@T$XY[cQac[$>O::>EQ$aLQdYa$;76I;:$;E:DEZM$-7$'@C:=<:D$dQ$KLYPQ$
/D:E6?:7>
$1BDBAT$GB;7A9:?$96E$F:DE@7BG$.BA:<@@T$FB8:$B7?$=:7>6@7:?$AG6=B>:$A9B78:m$>9:$:C:7>Q$
-<B=B$@7$.BA:<@@TQ$D:H:DE$>@$>96E$BA>$X,A9;G=B7Q$KLYPZM$
!B<G:$[
$E;==BD6U:E$>9:$!O6>>:D$:C:7>$
?B>BM$
$(AA@D?678$>@$!9@DE@7$B7?$NB78$XKLYdZQ$>9:E:$H@;D$:C:7>E$<:G@78$>@$?6HH:
D:7
>$:C:7>$
AB>:8@D6:EM$!9:$
0M,M
i+967B$+G6=B>:$(8D::=:7>$<:G@78E$>@$>9:$67>:D7B>6@7BG$AG6=B>:
RD:GB>:?$
A@7H:D:7A:$@D$E;==6>M$#BD>9$%B5$B7?$>9:$/:@FG:VE$+G6=B>:$)@C:=:7>$BD:$<@>9$AG6=B>:$A9B78:$
BA>6C6E=$AB=FB687EM$-<B=B$@7$!O6>>:D$6E$B$F@G6>6ABG$:C:7>$D:GB>:?
$>@$F@G6>6A6B7E$@D$9BC:$F@G6>6ABG$
6=FG6AB>6@7EM
$*$?6?$7@>$B7BG5U:$BGG$>9:$!O6>>:D$;E:DEQ$E67A:$>9:$8@BG$@H$?6EB88D:8B>678$!O6>>:D$BAA@;7>E$6E$
>@$<:>>:D$;7?:DE>B7?$>9:$>DB7E=6EE6@7$@H$B>>:7>6@7$O6>967$B7?$<:5@7?$!O6>>:DQ$*$H@A;E:?$@7$>9:$
D:>O::>$7:>O@DT$H@D
$:BA9$:C:7>M$4:>O::>$7:>O@DTE$FD@C6?:$B$HDB=:O@DT$>@$;7?:DE>B7?$9@O$
!YL[!!!$B>>:7>6@7$HG@OE$HD@=$@7:$BA>@D$>@$B7@>9:D$X1BD<:Dr$:>$BGMQ$KLYPZM$*7$@>9:D$O@D?EQ$D:>O::>$7:>O@DTE$
D:FD:E:7>$B$T67?$@H$E@A6BG$7:>O@DT$>9B>$A@77:A>E$F:@FG:$O9@$:SFD:EE$B7?$EFD:B?$AG6=B>:$A9
B78
:$B>>:7>6@7M$)@D:$8DB7;GBDG5Q$67$B$D:>O::>$7:>O@DTQ$:BA9$;E:D$6E$B$7@?:M$#BA9$>6:$G67TE$B$;E:DQ$@D$
7@?:Q$O9@$@D6867BGG5$F@E>:?$B$>O::>$O6>9$;E:DE$O9@$D:>O::>:?$6>M$
$%-:02!
P!T%+26,9*,")3"!34$,**%63U1%)*3T&*&
!T%+26,9*,")3"!34$,**%6
3U1%)*3T&*&
!#C:7>
$0M,M
i+967B$
+G6=B>:$
(8D::=:7>
$!9:$#BD>9$%B5$
KLYP$/:@FG:VE$+G6=B>:$
)@C:=:7>
$-<B=B$@7$
.BA:<@@T
$#C:7>$%B>:
$'@C:=<:D$YKQ$
KLY\$(FD6G$KKQ$KLYP
$-A>@<:D$Y\Q$KLYP
$'@C:=<:D$dQ$
KLYP$!6=:HDB=:
$'@C:=<:D$YK
iY\Q$KLY\$(FD6G$KY
iK[$67$
KLYP$-A>@<:D$
Y[iY\$67$
KLYP$'@C:=<:D$d
iYLQ$KLYP$!O::>E$KPaQL\[$KLLQLL[$YcaQcff$Y[cQac[$076I;:$0E:DE
$YYPQL\L$YLfQL[f$a[Q\af$aLQdYa$#C:7>$
%:EAD6F>6@7
$!9:$F@G6>6ABG$
BA>@DE$D:G:BE:?$
B7$B77@;7A:=:7>$
B<@;>$>9:$^@67>$
:HH@D>E$>9B>$+967B$
B7?$0M,M$O@;G?$
=BT:$67$
A@=<B>678$
AG6=B:$A9B78:M$
*>$
6E$B$AG6=B>:$
A9B78:
RD:GB>:?$
E;==6>M
$(7$B77;BG$
:C:7>$8G@<BGG5$
A:G:<DB>:?$@7$
(FD6G$KK$>@$
?:=@7E>DB>:$
E;FF@D>$H@D$
:7C6D@7=:7>BG$
FD@>:A>6@7M
$($E@A6BG$BA>6C6E>$
:C:7>$@D8B76U:?$
<5$B$A@BG6>6@7$@H$
B?C@ABA5$
@D8B76UB>6@7E$67$
>9:$0,M
$/D:E6
?:7>$1BDBAT$
GB;7A9:?$96E$
F:DE@7BG$
.BA:<@@T$FB8:$
B7?$=:7>6@7:?$
AG6=B>:$A9B78:M
$$!@$<;6G?$>9:$H@;D$D:>O::>$7:>O@DTEQ$@7:$H@D$:BA9$@H$>9:$H@;D$9689
RB>>:7>6@7$C@G;=:$:C:7>EQ$
*$;E:?$4M$,F:A6H6ABGG5Q$*$H6DE>$E:G:A>:?$BGG$>O::>E$67AG;?678$j4!–k$@D$jC6B–Mk$!9:7Q$
*$AD:B>:?$B$
D:>O::>$7:>O@
DT$<BE:?$@7$B7$:?8:$G6E>$>9B>$67AG;?:?$>9:$!O6>>:D$9B7?G:E$@H$;E:DE$O9@$F;<G6E9:?$B$
D:>O::>$B7?$>9:$9B7?G:E$@H$;E:DE$O9@$AD:B>:?$>9:$@D6867BG$>O::>M$!9:$D:>O::>$7:>O@DT$9BE$
?6D:A>6@7E
J67?:8D::$B7?$@;>?:8D::M$!9:$67?:8D::$@H$B$;E:D$
D:FD:E:7>E$>9:$HD:I;:7A5$
B>$O96A9$>9:$
!YL\!!!$;E:DVE$>O::>E$O:D:$D:>O::>:?Q$B7?$>9:$@;>?:8D::$@H$B$;E:D$D:FD:E:7>E$>9:$HD:I;:7A5$B>$O96A9$B$
;E:D$D:>O::>:?$@>9:D$;E:DEV$>O::>M$
!B<G:$\
$FD@C6?:E$B$?:EAD6F>6@7$@H$>9:$7;=<:D$@H$;76I;:$;E:DE$
B7?$D:>O::>E$:BA9$@H$>9:$H@;
D$D:>O::>$7:>O@DTEM
$N6>9$
@7G5$>9:$D:>O::>EQ$0M,M
R+967B$(8D::=:7>$A@7>B67$aLQdYa$;76I;:$;E:DEM$!9:$#BD>9$
%B5$
A@7>B67$ccQfLP$
;76I;:$;E:DEM$/:@FG:VE$+G6=B>:$)@C:=:7>$?B>B$A@7>B67$c[QYca$;76I;:$;E:DE$
HD@=M$!9:$-<B=B$@7$.BA:<@@T$A@7>B67$PcQYKa$;76I;:$;E:DEM$
!9:
$H67BG$?B>B$HD@=$H@;D$:C:
7>E$
67AG;?:$B$>@>BG$@H$KaaQaKd$;76I;:$;E:DEM
$$%-:02!
Q!S%*6,2+3"!3P%*$%%*3F%*$"6[+3!"63:#,;&*%3:5&)<%3U1%)*+?3DE@I
CDE@Y!S%*6,2+3"!3P%*$%%*3F%*$"6[+3!"63:#,;&*%3:5&)<%3U1%)*+?3DE@I
CDE@Y!':>O@DT
$0M,M
B+967B$
$(8D
::=:7>
$#BD>9$
$%B5!/:@FG:V
E$)@C:=:7>
$-<B=B$@7$
$.BA:<@@T
!!@>BG
$'@?:E$X;E:DEZ
$aLQdYa$ccQfLP$c[QYca$PcQYKa$KaaQaKd$%:8D::E$
XD:>O::>EZ
$Y[cQac[$YY\Q[aL$dcQ\dK$cfQ\\L$\KfQYaP$F"*%+G
3!9:$>B<G:$E9@OE$>9:$7;=<:D$@H$;76I;:$;E:DE$B7?$D:>O::>E$67$>9:$>9D::$:C:7>$D:>O::>$
7:>O@DTEM$
$$#+.0A./G
!,42!93(*(72A!"+,()-,2A!6.7-GG32G-,.(/!@2,4(A
!(E$B$D:=67?:DQ$*$FD@F@E:$B7$,)2$=@?:G$BE$O:GG$BE$B$?6A>6@7BD5$>@$?6EB88D:8B>:$!O6>>:D$
;E:DE$67>@$?6E>67A>$A
B>:8@D6:EM$!@$H@GG@OQ$*$?:EAD6<:$>9:$=;G>6
RE>:F$FD@A:EE$*$;7?:D>@@T$>@$?:C:G@F$
>9:$FD@F@E:?$,)2$=@?:GM$
*$>9:7$?6EA;EE$>9:$FD@A:EE$@H$AD:B>678$>9:$BAA@=FB75678$?6A>6@7BD5M$
$#+.0A./G!,42!93(*(72A!$+*23?.72A!@-14./2!K2-3/./G!@(A20
!*7$8:7:DBGQ$>9:$FD@A:EE$@H$<
;6G?678$,)2$=@?:GE$H@GG@OE$E6S$E>:FEM$*7$>9:$H6DE>$H6C:$E>:FEQ$*$
;E:?$B$A@=<67:?$>@>BG$@H$cQKYd$;E:DE$H
D@=$>9:$#BD>9$%B5$:C:7>$B7?$>9:$0M,M
i+967B$+G6=B>:$
(8D::=:7>$:C:7>$>@$<;6G?$>9:$,)2$=@?:GM$*7$>9:$GBE>$E>:FQ$*$;E:?$>9:$?:C:G@F:?$,)2$=@?:G$>@$
!YLP!!!$FD:?6A>$>9
:$AGBEE6H6AB>6@7$@H$!O6>>:DE$;E:DE$67>@$>9:6D$D:EF:A>6C:$AB>:8@D6:E$X
6M:MQ$F@G6>6ABG$BA>@DEQ$
7:OE$=:?6B
Q$B7?$B?C@ABA5$8D@;FEZ$
BAD@EE$BGG$H@;D$:C:7>EM$
$$,2*!;/2L!6-,-!932
M93(1277./GW!
*7$>96E$676>6BG$E>:FQ$*$9B?$>9D::$=B67$8@BGEM$!9:$H6DE>$8@BG$
OBE$>@$EB=FG:
$?B>B$D:FD:E:7>B>6C:$BGG$AG6=B>:$A9B78:$:C:7>EQ$E@$BE$>@$GB>:D$<;6G?$B$8:7:DBG6UB<G:$
,)2$=@?:GM$!@OBD?$
>96EQ$*$E:G:A>:?$;E:D$?B>B$HD@=$>9:$#BD>9$%B5$:C:7>$B7?$>9:$0M,M
i+967B$
+G6=B>:$(8D::=:7>$D:>O::>$7:>O@DTEQ$<:AB;E:$>9:E:$>O@$7:>O@DTE$A@7>B67:?$>9:$=@E>$
;E:DE$
B=@78$>9:$H@;D$:C:7>
RD:GB>:?$D:>O::>$7:>O@DTEM$!9:$E:A@7?$8@BG$OBE$>@$67AG;?:$:7@;89$
@D8B76UB>6@7
BG$BAA@;7>E$O6>967$>9:$>DB67678$?B>BM$*7$E:DC6A:$@H$>96E$8@BGQ$*$H6G>:D:?$@;>$;E:DE$O6>9$
G:EE$>9B7$H6C:$>6:E$67$>9:6D$D:>O::>$7:>O@DTQ$BEE;=678$>9:$=B^@D
6>5$@H$!O6>>:D$;E:DE$O9@$F@E>:?$
H:O:D$>9B7$H6C:$D:>O::>E$>:7?$>@$<:$67?6C6?;BG$;E:DEM$,67A:$
>96E$6E$?B>
B$6E$HD@=$
KLY\iKLYPQ$>9:$
>96D?$B7?$GBE>$8@BG$@H$>96E$676>6BG$E>:F$OBE$>@$D:=@C:$?:H;7A>$;E:DE
JBAA@;7>E$7@$G@78:D$FD:E:7>G5$
@7$!O6>>:DM$!9:E:$67AG;E6@7E$@
H$>9:E:$7@O$?:BA>6CB>:?$BAA@;7>E$O@;G?$AD:B>:$7@6E:$H@D$)!;DT:DE$
B7?$;77:A:EEBD6G5$67AD:BE:$A@E>EQ$<:AB
;E:$6>$O6GG$<:$=:B7678G:EE$B7?$67AD:BE678$>9:$A@E>$>@$=BT:$
)!;DT:DE$>@$A@?:$BAA@;7>E$>9B>$7@$G@78:D$:S6E>M
$!@$6?:7>6H5$>9:E:$?:BA>6CB>:?$;E:DEQ$*$;E:?$>9
:$D>O::>$4$FBATB8:$B7?$>9:$;E:D$*%$XB$;76I;:$
A@=<67B>6@7$@H$7;=<:DEZ$@H$:BA9$;E:DM$0E678$>96E$
FBATB8:
Q$?:BA>6CB>:?$BAA@;7>E$9B?$=6EE678$
;E:D$*%EM$(<@;>$aYl$@H$;E:DE$67$>9:$#BD>9$%B5$:C:7>$B7?$B<@;>$a[l$67$>9:$0M,M
i+967B$+G6=B>:$
(8D::=:7>$:C:7>$O:D:$E>6GG$B
A>6C:$!O6>>:D$BAA@;7>E$XE::
$!B<G:$P$
H@D$=@D:$?:>B6GE$B<@;>$>9:$
BA>6C:E$;E:DE$67$@>9:D$:C:7>$?B>BZM$
!9:E
:$7;=<:DE$@H$?:BA>6CB>:?$BAA@;7>E$A@DD:EF@7?$O6>9$>9:$
D:E;G>E$@H$B$D:A:7>$E>;?5M$(>>:=F>678$>@$;F?B>:$;E:D$?B>B$HD@=$KLYKQ$
%B@;B?6$:>$BGM$XKLYaZ$
G6T:O6E:
$H@;7?$>9B>$B<@;>$a[l$@H$!O6>>:D$BAA@;7>E$O:D:$E>6GG$BA>6C:$B>$>9:$>6=:$@H$96E$B7BG5E6E$
E@=:$P$5:BDE$GB
>:DM$
$$!YLf!!!$%-:02!
R3J2*,1%34$,**%63Q+%6+3!6";3X"/63U1%)*3P%*$%%*3F%*$"6[+
!J2*,1%34$,**%63Q+%6+3!6";3X"/63U1%)*3P%*$%%*3
F%*$"6[+3
$':>O@DT
$-<B=B$@7$
.BA:<@@T
!0,R+967B
$(77@;7A:=:7>
!#BD>9$%B5
!/:@FG:VE$
)@C:=:7>
!(GG$#C:7>E$
!l$@H$BA>6C:$;E:DE
$aKl$a[l$aYl$cal$aYl$';=<:D$@H$BA>6C:$;E:DE
$Y[QcfL$K[Q\[a$KYQc[K$KYQ\\a$aLQ[ca$F"*%+G
3!96E$>B<G:$A9:ATE$>9:$DB>6@$@H$BA>6C:$;E:DE$67$>9:$D:>O::>$7:>O@DTM$,67A:$>9:$?B>B$F@67>E$67$
>9:$96E>@D6A$?B>B$O:D:$AD:B>:?$<5$!O6>>:D$;E:DE$67$KLY\yKLYPQ$BD@;7?$KLl$>@>B
G$;E:DE$<:AB=:$
67BA>6C:$;E:DEM$$
$!(H>:D$D:=@C678$>9:E:$67BA>6C:$;E:DE
JO96A9$D:FD:E:7>:
?$BFFD@S6=B>:G5$KLl$@H$>9:$>@>BG$
?B>BE:>$BAD@EE$>9:E:$>O@$:C:7>E
J>9:$H67BG$?B>BE:>$;E:?$>@$>DB67$>9:$,)2$=@?:G$67AG;?:?$\Qafc$
;E:DE$HD@=$>9:$0M,M
i+967B$+G6=B>:$(8D::=:7>$
B7?$KQ[cL$;E:DE$HD@=$>9:$#BD>9$%B5$:C:7>M$!9;EQ$*$
FD:FBD:?$B$>@>BG$@H$cQK[c$BAA@;7>E$H
@D$9;=B7$GB<:G678M$!9:D:$BD:$E@=:$@C:DGBFF:?$BAA@;7>EQ$<;>$
>9:D:$O:D:$G:EE$>9B7$YMPl$BAA@;7>E$D:F:B>:?G5$E9@O$;F$67$>9:$>O@$:C:7>EM$.@D$=@D:$?:>B6GE$B<@;>$
>9:$@C:DGBFF:?$
;E:DEQ$FG:BE:$D:H:D$>@$!9@DE@7$B7?$NB78$XKLYdZM
$$,2*!%=(L!K-:20./G!6-,-W!
*$:=FG@5:?$)!
;DT$O@DT:DE$>@$GB<:G$:BA9$@H$>9:$cQK[c$;E:DEM$
,F:A6H6ABGG5Q$:BA9$)!;DT$O@DT:D$D:B?$>9:$FD@C6?:?$67E>D;A>6@7E$B7?$D:A:6C:?$B7$042$G67T$>@$
:BA9$A@DD:EF@7?678$;E:DVE$!O6>>:D
$FB8:M$(E$=:7>6@7:?$:BDG6:DQ$B$=B^@D$A9BGG:78:$@H$>96E$E>:F$6E$
:7E;D678$>9:$I;BG6>5$@H
$)!;DT$O@DT:DEV$GB<:GG678M$(>>:=F>678$>@$G6=6>$>9:$7;=<:D$@H$67E>B7A:E$@H$
=6EGB<:G678Q$*$96D:?$@7G5$)BE>:D$O@DT:DE$XO@DT:DE$O9@$FBEE:?$)!;DTVE$)BE>:DVE$
v;BG6H6AB>6@7
!#Z$O6
>9$B$"*!EV$(FFD@CBG$4B>:
!$$B<@C:$dPlM$$!@$H;D>9:D$G6=6>$GB<:G678$6EE;:EQ$>O@$
E:FBDB>:
$)!;DT$O@DT:DE$GB<:G:?$:BA9$BAA@;7>M$*$ABGA;GB>:?$67>:DA@?:D$D:G6B<6G6>5$>@$CBG6?B>:$>9:$
GB<:GG678$D:E;G>EM$
$$$#'!J55#(*3)$!/#!JH,.#)D!,![,+/&(!\#(C&(!3+!,!/#1!\#(C&(!#4!/0&!['2(C!H,(C&/1%,5&!/0,/!0,+!F&&)!$(,)/&*!/0&!
[&50,)35,%!'2(C
![,+/&(+!V2,%3435,/3#)8!'0&+&!\#(C&(+!0,7&!5#)+3+/&)/%-!*&H#)+/(,/&*!,!03$0!*&$(&&!#4!+255&++!3)!
1&(4#(H3)$!,!;3*&!(,)$&!#4!TB'+!,5(#++!
,!%,($&!)2HF&(!#4!Q&62&+/&(+8
!#(!'0&!J11(#7,%!Q,/&!3+!/0&!(,/&!/0,/!Q&62&+/&(+!0,7&!,11(#7&*!TB'+!/0,/!\#(C&(+!5#H1%&/&D!
,55#(*3)$!/#!JH,.#)8
!!YLc!!!$!@$H;D>9:D$6=FD@C:$GB<:G678$BAA;DBA5Q$*$F6AT:?$PLL$!O6>>:D$BAA@
;7>E$>@$>:E>$B7?$@F>6=6U:$
>9:$67E>D;A>6@7E$*$FD@C6?:?$>@$)!;DT$O@DT:DE$:78B8:?$67$>9
6E$FD@A:EEM$(>$H6DE>Q$*$;E:?$>9:$
67E>D;A>6@7E$?:C:G@F:?$<5$!9@DE@7$B7?$NB78$XKLYdZQ$O96A9$67AG;?:?$YK$?6E>67A>$AB>:8@D6:EQ$<;>$
>9:$GB<:G678$D:E;G>EQ$;E678$>96E$EA9:=BQ$O:D:
$F@@DM$!9B>$6EQ$)!;DT$O@DT:DE$=6EGB<:G:?$B$
E;<E>B7>6BG$7;=<:D$@H$BAA@;7>EM$36C:7$>9@
E:$;7FD@=6E678G5$D:E;G>EQ$*$>9:7$;E:?$>9:$A@?678$
67E>D;A>6@7E$?:C:G@F:?$<5$]O@7$:>$BGM$XKLYaZQ$O96A9$67AG;?:?$H6C:$AB>:8@D6:E$X6M:MQ$F@G6>6A6B7EQ$
7:OE$=:?6BQ$FD@H:EE6@7BGEQ
$8D@;FEy@D8B76UB>6@7EQ$B7?$@>9:DZM$0E678$>9:E:$AB>:8@D6:E$B7?$>9:6D$
A@DD:EF@7?678$67
E>D;A>6@7E$G6T:O6E:$56:G?:?$G@O$I;BG6>5$D:E;G>EM$,F:A6H6ABGG5Q$)!;DT$O@DT:DE$
O:D:$GBD8:G5$67BAA;DB>:$67$>9:6D$A@?678$@H$;E:DE$BE$7:OE$=:?6B$@;>G:>E$B7?$F@G6>6A6B7EM$.@D$
:SB
=FG:Q$>9:5$A@?:?$=@E>$8@C:D7=:7>BG$E:A>@DE$@;>E6?:$>9:$076>:?$,>B>:E$BE$j@>9:DQk$67E
>:B?$@H$
GB<:G678$>9:=$BE$F@G6>6ABG$BA>@DEM$*7$E9@D>Q$O9:7$;E678$>96E$=;G>6
RAB>:8@D6ABG$A@?678$EA9:=BEQ$6>$
E::=E$>9B>$)!;DT$O@DT:DE$O:D:$DB>9:D$67BAA;DB>:Q$HD:I;:7>G5$=6EGB<
:G678$;E:DEM
$.67BGG5Q$*$;E:?$/;D@96>$B7?$+9B7VE$XKLYcZ$"*!$67E>D;A>6@7EQ$O96A9$:SFGB
67:?$>@$)!;DT$
O@DT:DE$9@O$>@$GB<:G$BAA@;7>E$67>@$>9:$H@GG@O678$H@;D$AB>:8@D6:EW$XBZ$@D8B76UB>6@7BG$BAA@;7>E$
XO96A9$67AG;?:?$A:G:<D6>6:EQ$E;A9$BE$=@C6:$E>BDEQ$HB=@;E$=;E6A6B
7EQ$B7?$<;E67:EE$>5A@@7EZQ$X<Z$
@D8B76UB>6@7
RBHH6G6B>:?$FD@H:EE6@7BG$BAA@;7>EQ$XAZ$67
?6C6?;BG$BAA@;7>E$X@D?67BD5$;E:DE$O9@$?@:E$
7@>$67?6AB>:$B7$BHH6G6B>6@7$>@$B75$EF:A6H6A$@D8B76UB>6@7$@D$8D@;FZQ$B7?$X?Z$7@7:M$'@7:$D:H:DE$>@$
67E>B7A:E$O9:7$>9:$O@DT:D$A@;G?$
7@>$?:>:D=67:$>9:$AB>:8@D6ABG$AGBEE6H6AB>6@7$@H$>9:$BAA@;7>$@D$6>$
>9:$BAA@;7>$BFF:BD
:?$>@$<:$B$<@>
!'M$!9:$D:E;G>$E9@O:?$<:>>:D$I;BG6>5M
$36C:7$>9B>$H:O:D$AB>:8@D6:E$O@;G?$G6T:G5$67AD:BE:$>9:$BAA;DBA5$@H$GB<:G678Q$*$A@=<67:?$
@D8B76UB>6@7BG$BAA@;7>E$B7?$@D8B76
UB>6@7
RBHH6G6B>:?$FD@H:EE6@7BG$BAA@;7>E$67>@$@7:$AB>:8@D5$
$$#)!J!';3//&(!F#/!,2/#H,/35,%%-!1&(4#(H!,5/373/3&+!+250!,+!/;&&/3)$D!(&/;&&/3)$D!4#%%#;3)$!,)#/0&(!,55#2)/8!]#/!
+#4/;
,(&!5#)/(#%%&*!,!F#/!,55#2)/!73,!';3//&(!JSB
E^4/03H3#)!&/!,%8D!<=>_G
8!!YLa!!!$ABGG:?$j@D8B76UB>6@7BG$BA
A@;7>EMk$*$BGE@$67E>D;A>:?$)!;DT$O@DT:DE$>@$A@?:$7@7
RBHH6G6B>:?$
67?6C6?;BG$BAA@;7>E$BE$j67?6C6?;BG$;E:DEQk$B7?$>9:$7@7AB>:8@D5$BE$j7@7:Mk$!9:7Q$BH>:D$:C:D5$
D@;7?$@H$GB<:G678
Q$*$ABGA;GB>:?$>9:$B8D::=:7>$B7?$67>:DA@?:D$D:G6B<6G6>5$DB>:EM$!@$BC@6?$ABE:E$
O9:D:
$>9:$>O@$A@?:DE$<@>9$=6EA@?:?$B7$BAA@;7>Q$*$A@7?;A>:?$B$F@E>
R9@A$C:D6H6AB>6@7Q$DB7?@=G5$
E:G:A>678$KLL$BAA@;7>E$B7?$ABGA;GB>678$>9:$>O@$)!;DT$O@DT:DEV$B8D::=:7>$DB>:
JB$FD@A:E
E$*$
?:EAD6<:$67$=@D:$?:>B6G$;7?:D$E>:F$E6SM$0G>6=B>:G5Q$*$B?^;E>:?$>9:$67E>D;A>6@7E
$;7>6G$>9:$H67BG$
67>:DA@?:D$D:G6B<6G6>5$DB>:$D:BA9:?$LMcc$X+@9:7VE$]BFFBZ$B7?$O@DT:DE$=B67>B67:?$B7$@C:DBGG$dfl$
B8D::=:7>$DB>:$67$>9:6D$GB<:G678$@H$;E:D$BAA@;7>EM$
.68;D:$d
$FD@C6?:E$>9:$H67BG$E:>$@H$67E>D;A>6@7E$
FD@C6?:?$>@$H@D$)!;DT$O@DT:DEM$
$!9:$?B>B$GB<:
G:?$<5$)!;DT$O@DT:DE$67AG;?:?$[QdcL$67?6C6?;BG$;E:DEQ$[QYca$@D8B76UB>6@7BG$
;E:DEQ$B7?$ad$7@7:$;E:DEM$*$=B7;BGG5$AB>:8@D6U:?$>9:$
Kaa$BAA@;7>E$O96A9$)!;DT$O@DT:DE$?6?$7@>$
B8D:
:$;F@7$BE$O:GG$BE$>9:$ad$BAA@;7>E$AGBEE6H6:?$O6>967$>9:$j'@7:k$AB>:8@D5M$(H>:D$=B7;
BGG5$
D:C6:O678$>9:$ad$;E:DE$HD@=$>9:$j7@7:k$AB>:8@D5Q$*$D:=@C:?$Ya$BAA@;7>EQ$D:FD:E:7>678$B$=6S$@H$
<@>E$B7?$F@D7$BAA@;7>EQ$HD@=$>9:$GB<:G678$?B>BQ$<:AB;E:$>9:5$?6?$7@>$F@E>$
B<@;>$AG6=B>:$A9B78:$
D:GB>:?$>O::>EM$"@O:C:DQ$*$T:F>$H@;D$<@>$BAA@;7>E$<:AB;E:$>9:5
$@7G5$>O::>:?$B<@;>$AG6=B>:$
A9B78:$7:OE
Jj+G6=B>:+9B78:[fQk$j':OE+G6=B>:Qk$jAG6=B>:A9B78:|BQk$B7?$j+G6=B>:7:OEk
JB7?$A@7E6E>:7>G5$BFF:BD:?$BAD@EE$>9:$EB=FG678$>6=:$O67?@OEM$*$
67AG;?:?$>9:E:$H@;D$<@>E$67$>9:$
?6A>6@7BD5$;7?:D$>9:$GB<:GQ$j7:OE$BA>@DMk$*$?6?$7@>
$;E:$>9:$>@@GQ$1@>@=@>:DQ
!)$>@$E5E>:=B>6ABGG5$
D:=@C:$<@>E$HD@=$>9:$?B>BQ$<:AB;E:$>96E$>@@G$67BAA;DB>:G5$:E>6=B>:E$67BA>6C:$BAA@;7>E$BE$<@>EM$!9:$
H67BG$?B>B$H@D$<;6G?678$>9:$,
)2$=@?:G$A@7>B67E$cQKYd$BAA@;7>EM$
$$$#*!]#/#H&/&(!
&+/3H,/&+!,
!';3//&(!,55#2)/!,)*!$37&+!,!+5#(&!3)*35,/3)$!/0&!%3C&%30##*!/0,/!/0&!,55#2)/!/#!F&!,!F#/8!'0&!
&+/3H,/3#)!3+!F,+&*!#)!/0&!,5/373/3&+!#4!
,!';3//&(!,55#2)/8!
!!YLd!!!$C.G+32!
X!3)*=>%#$/1*"+
*%*?@A*@)(-&46-'")*+"&*,A4&B*C"&B1&(
3J)3UV&;9#%3"!3&3N(43()+*6/2*,")3!"63S4/6[3>"6[%6+
333$,2*!%4322L!C2-,+32!$2021,.(/W!
!9:$7:S>$E>:F$OBE$>@$E:G:A>$H:B>;D:EM$!9:E:$H:B>;D:E$
D:FD:E:7>$FD:?6A>@D$CBD6B<G:E$>9B>$9:GF$,)2$=@?:GE$FD:?6A>$O9:>9:D$B7$
BAA@;7>$6E$B7$
@D8B76UB>6@7BG$@D$67?6C6?;BG$;E:DM
$#S6E>678$A@=F;>:D$EA6:7A:$E>;?6:E$9BC:$;E:?$B$CBD6:>5$@H$
H:B>;D:EQ$DB78678$HD@=$>9:$A@7>:7>$@H$;E:DVE$>O::>EQ$;E:DVE$FD@H6G:$F9@>@EQ$@D$;
E:DVE$<6@$
?:EAD6F>6@7EM$
*7$8:7:DBGQ$>9:5$;E:?$
>9D::
$>5F:E$@H$H:B>;D:E$
@D$B$A@=<67B>6@7$@H$>9:E:
$>9D::
$>5F:E$@H
$H:B>;D:E$>@$FD:?6A>$@D8B76UB>6@7BG$!O6>>:D$;E:DEW$;E:D
RFD@H6G:$H:B>;D:EQ$A@7>:7>
R<BE:?$H:B>;D:EQ$
>O::>678$<:9BC6@D
$H:B>;D:EM$0E:D$FD@H6G:$H:B>;D:
E$BD:
$FD:?6A>@DE
$E;A9$BE$>9:$:S>:D7BG$042$
D:C:BG:?$<5$B7$;E:D$67$>9:$!
O6>>:D$FD@H6G:Q
$>9:$7;=<:D$@H$F@E>EQ
$>9:$7;=<:D$@H$HD6:7?EQ$>9:$7;=<:D$
@H$HBC@D6>:E
$XE::$:M8MQ$]O@7$:>$BGMQ$KLYam$NB78$:>$BGMQ$KLYdm$N@@?
R%@;89>5$:>$BGMQ$KLYaZ
M$.@D$
:SB=FG:Q$
NB78$:>$BGM$
XKLYdZ$BFFG6:?$;E:D$FD@H6G:$6=B8:E$B7?$@>9:D$>:S>$H:
B>;D:E$>@$6?:7>6H5$
@D8B76UB>6@7E$B7?$>@$:E>6=B>:$>9:$8:7?:D$B7?$B8:$@H$>9:$!O6>>:D$;E:DM$
]O@7$:>$BGM$
XKLYaZ$;E:?$
G:S6A@7$H:B>;D:E$HD@=$>9:$;E:DVE$<6@$G67:$>@
$6?:7>6H5$@D8B76UB>6@7BG$BAA@;7>E$@7$!O6>>:DM$
N@@?
R%@;89>5$:>$BGMQ$XKLYaZ
$FD:?6A>:?$;E:D$>5F:$H@A;E:?$@7$>9:$;E:D$FD@H6G:$@7$!O6>>:D$X042$67$>9:$
;E:D$FD@H6G:$B7?$>9:$!O6>>:D
$26E>$AD:B>:?$<5$B$;E:DZM
$+@7>:7>
R<BE:?$H:B>;D:E$BD:$FD:?6A>@DE$>9B>$
<BE:?$@7$>9:$G
:S6A@7E$@H$>O::>E$
X)A+@DD6E>@7$:>$BGMQ$KLYPm$-:7>BD5@Q$2@OQ$n$26=Q$KLYPZ
M$.@D$
!YYL!!!$:SB=FG:Q$)A+@D
D6E>@7$:>$BGM$
XKLYPZ$E:G:A>:?$H:B>;D:E$@H$;E:DEV$>O::>EQ$E;
A9$BE$>9:$HD:I;:7>G5$;E:?$
>:D=E$B7?$9BE9>B8E$BE$O:GG$BE$B$>O::>VE$BC:DB8:$A9BDBA>:D$A@;7>M
$-:7>BD5@$:>$BGMQ$XKLYPZ$;E:?
$>9:$
O@D?$HD:I;:7A6:E$X7@D=BG6U:?$<5$>:D=$HD:I;:7A5
R67C:DE:$?@A;=:7>$HD:I;:7A5Z$@H$>O::>E$
F;<G6E9:
?$<5$;E:DE$>9:5$:SB=67:?M
$!O::>678$<:9B
C6@DBG$H:B>;D:E$
67AG;?:$FD:?6A>@DE$>9B>$BD:$<BE:?$
@7$>9:$A@==;76AB>6@7$7:>O@DTE$@7$!O6>>:DQ$E;A9$BE$>9:$7;=<:D$@H$>6=:E$B$;E:D$D:>O::>Q$=:7>6@7$
@D$D:FG5$>@$B7@>9:D$;E:DM$
.@D$:SB=FG:Q$(GUB9DB76$:>$BGMQ$
XKLYaZ$;E:?$>9:$A:7>DBG6>6:E$X?:8D::$
A:7>D
BG6>5Q$
/B8:4B7T
$A:7>DBG6>5Q$]
RA@D:$A:7>DBG6>5Z$HD@=$D:>O::>$7:>O@DTQ$H@GG@O:D$7:>O@DT$B7?$
=:7>6@7$7:>O@DT$H@D$:BA9$;E:DM$
!O::>678$<:9BC6@DBG$H:B>;D:E$BGE@$
67AG;?:$FD:?6A>@DE$E;A9$BE$>9:$
BC:DB8:$HD:I;:7A5$@H$>O::>E$F:D
$?B5yO::Ty9@;D$B7?$>9:$67>:DCBGE$<:>O::
7$F@E>E$67$E:A@7?E$
X!BCBD:E$:>$BGMQ$KLYdm$!BCBD:E$n$.B6EBGQ$KLY[Z
M$)B^@D6>5$@H$>9:
$:S6E>678$E>;?6:E$@H>:7$A@=<67:$>9:$
>9D::$>5F:E$@H$H:B>;D:E$
X:M8MQ$E::$
(M$]6=$:>$BGMQ$KLYcm$,M$]6=$:>$BGMQ$KLYdZ
M$.@D$:SB=FG:Q$>@$
6?:7>6H5$67?6C6?;BG$!O6>>:D$;E:DE$O9@$!O::>$B<@;>$#
R+68BD:>>:EQ$]6=$:>$BGM$A@=<67:?$;E:
DRFD@H6G:$
H:B>;D:E$B7?$>O::>E$A@7>:7>$H:B>;D:E$
X(M$]6=$:>$BGMQ$KLYcZ
M$$(=@78$>9:$BDDB5$@H$?6HH:D:7>$H:B>;D:$@F>6@7EQ$D:E:BDA9:DE$9BC:$H@;7?$>9B>$67H@D=B>6@7$
HD@=$B$;E:D
VE$FD@H6G:$6E$>9:$=@E>$D:G:CB7>$FD:?6A>@D$@H$O9:>9:D$B$;E:D$6E$B7$@D8B76UB>6@7$@D$7@>M$
.@D$67E>B7A:Q$%B@;B?6$:>$BGM$XKLYaZ$A@=FBD:?$=@?:GE$?:C:G@F:?$;E678
$B$7@7
R:S9B;E>6C:
$A@=<67B>6@7E$@H$
>O::>E$A@7>:7>$H:B>;D:EQ$;E:D$FD@H6G:$H:B>;D:EQ$B7?$D:>O::>678$<:9BC
6@D$H:B>;D:E
M$1BE:?$@7$>9:6D$B7BG5E6EQ$>9:5$H@;7?$>9B>$=@?:GE$<BE:?$@7$67H@D=B>6@7$HD@=$;E:DEV$FD@H6G:E$9B?$B$
dYM\l$BAA;DBA5$DB>:M$)@D:$EF:A6H6ABGG5Q$>9:$H:B>;D:E$67AG;?:?$B$;E:DVEW$XBZ$7;=<:D$@H$H@GG@O:DE$
B7?$H@GG@O678m$X<Z$>9:$DB>6@$@H$H@GG@O:DE$>@$H@GG@
O678m$XAZ$G6E>:?$A@;7>$X>9:$7;=<:D$@H$>6=:E$B7$
;E:D$OBE$B??:?$>@$B$G6E>$<5$@>9:D$;E:DEZm$X?Z$7;=<:D$@H$HBC@D6>:?$>O::>EQ$X:Z$BC:DB8:$7;=<:D$@H$
F@E>$F:D$?B5Q$B7?$XHZ$>@>BG$7;=<:D$@H$>O::>EM
$!YYY!!!$%DBO678$@7$
>9:$FD:C6@;E$E>;?6:E$;E678$>9:$;E:D$FD@H6G:$H:B>;D:E$
X%B@;B?6$:>$BGMQ$KLYam$(M$
]6=$:>$BGMQ$KLYcm$)A+@DD6E>@7$:>$BGMQ$KLYPm$/;D@96>$n$+9B7Q$KLYcm$N@@?
R%@;89>5$:>$BGMQ$KLYaZ
Q$*$;E:?$YK$H:B>;D:E$>@$>DB67$=5$,)2$BG8@D6>9=E$>@$AGBEE6H5$!O6>>:D$;E:DE$67>@$?6E>67A>$BA>@D$
AB>:8@D6:EM$!9:E:
$H:B>;D:E$67AG;?:?$B$;E:DVE$7;=<:D$@H$HD6:7?E$B7?$H@GG@O:DEQ$DB>6@$<:>O::7$
HD6:7?E$B7?$H@GG@O:DEQ$G6E>:?$A@;7>Q$HBC@D6>:E$A@;7>EQ$B7?$BC:DB8:$7;=<:D$>O::>E$F:D$?B5M$
(??6>6@7BGG5Q$*$67AG;?:?$>9:$BC:DB8:$G:78>9$@H$>6=:$E67A:$>9:$AD:B>6@7$@H$BAA@;7>Q$O9:>9:D$
>9:$
BAA@;7>$67AG;?:?$:S>:D7BG$042E$67$>9:$<6@$G67:Q$B7?$O9:>9:D$!O6>>:D$9B?$C:D6H6:?$>9:$BAA@;7>M$
(GE@Q$F;GG678$HD@=$B7@>9:D$E>;?5$H@A;E:?$@7$>9:$D:BG
R>6=:$6?:7>6H6AB>6@7$@H$@D8B76UB>6@7BG$;E:DE$
X]BD<BE6B7$:>$BGMQ$KLYaZ
Q$*$<;6G>$67$B7$B??6>6@7BG$>9D::$G:S6A@7$H:B>;D:E$>@$6
=FD@C:$>9:$,)2$
=@?:Gm$>9:E:$67AG;?:?$XBZ$>9:$>@>BG$7;=<:D$@H$A9BDBA>:DE$;E:?$67$;E:DVE$<6@$G67:Q$X<Z$>9:$E:7>6=:7>$
EA@D:
!*$@H$B$;E:DVE$<6@Q$B7?$XAZ$B$<67BD5$CBD6B<G:Q$67$O96A9$B$CBG;:$@H$jYk$67?6AB>:?$>9B>$>9:$;E:D$
67AG;?:?$B7$:=@^6XEZ$67$>9:6D$9B7?G:$B7?$
B$CBG;:$@H$jLk$6H$@>9:DO6E:M$!@$A@GG:A>$>96E$;E:D$FD@H6G:$
?B>B
!+Q$*$;E:?$>9:$4$FBATB8:$D>O::>M$(FF:7?6S$+$FD@C6?:E$B$H;GG$?:EAD6F>6@7$@H$>9:E:$H:B>;D:EM$
$$,2*!C(+3L!@(A20!%3-././GW!
*$EFG6>$>9:$GB<:GG678$?B>B$67>@$>DB67678$?B>B$B7?$>:E>678$?B>BM$
,F:A6H6ABGG5Q$
*$BEE687:?$aLl$@H$>9:$?B>B$>@$>DB67678$B7?$>9:$D:=B67678$KLl$H@D$>:E>678$F;DF@E:EM$*$
BFFG6:?$E:C:DBG$F@F;GBD$=BA967:$G:BD7678$BG8@D6>9=E$>@$>DB67$?B>BQ$67AG;?678$267:BD$%6EAD6=67B7>$
(7BG5E6EQ$]$':BD:E>$':689<@DEQ$4B7?@=$.@D:E>EQ$B7?$,;FF@D>$g
:A>@D$)BA967:M
$(H>:D$D;77678$
>9:E:$BG8@D6>9=E$O6>9$>9:$>DB67678$?B>BQ$>9:$BG8@D6>9=E$FD@?;A:$=@?:GE$A@=FD6E:?$@H$FBDB=:>:DEM$
.@D$:SB=FG:Q$4B7?@=$.@D:E>$BG8@D6>9=$D:E;G>E$67$B$>D::$=@?:G$O6>9$j6H
R>9:7k$E>B>:=:7>$<BE:?$@7$
EF:A6H6A$CBG;:E$XA6>:$>9:$E>B>6E>6AB
G$G:BD7678$>:S
>$<@@TZM
$$$#!!B!5,%52%,/&*!/0&!+&)/3H&)/!#4!,!2+&(`+!F3#!%3)&!2+3)$!/0&!Q!1,5C,$&!
+&)/3H&)/8
!#+!U#(!
42%%!
7,(3,F%&
+!/0,/!';3//&(!#1&)+!/#!/0&!12F%35!3)
!H&/,*,/,D!1%&,+&!(&4&(9!
0//1+9::*&7&%#1&(8/;3//&(85#H:&):*#5+:/;&&/+:*,/,
A*35/3#),(-:#7&(73&;:2+&(
A#FI&5/
!!YYK!!!$$,2*!C.?2L!@(A20!Y-0.A-,.(/Z!$2021,.(/Z!-/A!%27,./GW!
*$A@7?;A>:?$YL
RH@G?$AD@EE
RCBG6?B>6@7$>@$>9:$>DB67678$?B>B$>@$:E>6=B>:$>9:$F:DH@D=B7A:$@H$:BA9$=@?:G$@7$7:O$?B>BM$*7$>9:$YL
RH@G?$AD@EE$CBG6?B>6@7Q$>9:$A@=F;>:D$DB7?@=G5$EFG6>$>9:$>D
B67678$?B>B$67
>@$YL$:I;BG
RE6U:?$
E;<8D@;FEM$.@D$:BA9$@H$>9:$YL$8D@;FE$@H$EB=FG:EQ$>9:$A@=F;>:D$BEE687:?$@7:$8D@;F$BE$>:E>678$
?B>B$B7?$>9:$D:=B67678$d$8D@;FE$BE$>DB67678$?B>BM$!9:$A@=F;>:D$>9:7$D:FG6AB>:E$>96E$FD@A:EE$YL$
>6=:E$B7?$>9:7$ABGA;GB>:E$>9:$BC:DB8:
$:E>6=B>:M$*7$
E9@D>Q$>96E$CBG6?B>6@7$FD@A:EE$9:GFE$:E>6=B>:$>9:$
F:DH@D=B7A:$@H$:BA9$=@?:GM$,:FBDB>:G5Q$*$BGE@$BFFG6:?$>9:E:$=@?:GE$>@$>9:$>:E>678$?B>B$>@$:CBG;B>:$
>9:6D$F:DH@D=B7A:M$.@GG@O678$%B@;B?6$:>$BGMVE$XKLYaZ$:SB=FG:Q$*$;E:?$H@;D$67?6AB>@DE$>@$:CBG;
B>:$=5$FD@F@E:
?$,)2$=@?:GW$BAA;DBA5$DB>:Q$.Y$EA@D:Q$FD:A6E6@7Q$B7?$D:ABGG$DB>:M$(E$B$7@>:Q$*$?6EA;EE$
>96E$FD@A:EE$67$=@D:$?:F>9$67$B$GB>:D$E:A>6@7M$
!B<G:$f
$E9@OE$>9:$67?6AB>@DE$>9B>$*$;E:?$>@$:CBG;B>:$
,)2$=@?:GEM
$%-:02!
S!()',2&*"6+3
"!3./9%61,+%'3
S&25,)%3O%&6),)<3S"'%#37%6!"6;&)2%
$()',2&*"6+3"!3./9%61,+%'3S&25,)%3O%&6),)<3S"'%#37%6!"6;&)2%
$,)2$)@?:G
$2%(!+(4!
!]''!,g)$4.!/D:A6E6@7$
$acl$aYl$aLl$aPl$a\l$(AA;DBA5
$aLl$aLl$cdl$aYl$a[l$4:ABGG
$cKl$a[l$aKl$ccl$a[l$.Y$cdl$aKl$aYl$aYl$a\l$F"*%+G
3!9:$>B<G:
$E9@OE$>9:$AD6>:D6B$>@$:CBG;B>:$>9:$F:DH@D=B7A:$@H$H6C:$,)2$=@?:GEM$$
$$,2*!$.JL!932A.1,.(/W!
*$BFFG6:?$4B7?@=$.@D:E>E
J>9:$<:E>$,)2$=@?:G$6?:7>6H6:?$67$,>:F$
P$B7?$FD:?6A>:?$>9:$AB>:8@D6ABG$AGBEE6H6AB>6@7$@H$;E:DE$BAD@EE$BGG$H@;D$:C:7>
R<BE:?$D
:>O::>$7:>O@DTEM
$%6HH:D:7>$HD@=$@>9:D$,)2$=@?:GEQ$4B7?@=$.@D:E>E$<;6G?E$?:A6E6@7$>D::E$>9B>$=BT:$
j6HR>9:7k$?:A6E6@7$<BE:?$@7$>9:$EF:A6H6A$CBG;:E$@H$B$E:>$@H$FD:?6A>@DEM$#BA9$>6=:$>9:$=@?:G$
A@7E6?:DE$B$EFG6>$67$B$>D::Q$6>$A9@@E:E$B$DB7?@=$EB=FG:$@H$H:B>;D:E
$HD@=$>9:$H;GG$E
:>$@H$H:B>;D:EM$
!9:7Q$6>$E:G:A>E$@7G5$@7:$@H$>9@E:$DB7?@=G5$EB=FG:?$H:B>;D:E$X_B=:EQ$N6>>:7Q$"BE>6:$n$
!YY[!!!$!6<E96DB76Q$KLY[Q$F[KLZM
$!B<G:$c
$E9@OE$>9:$D:E;G>EM$1BE:?$@7$>9:$D:E;G>E$HD@=$4B7?@=$.@D:E>Q$*$
E:G:A>:?$BGG$BAA@;7>E$H@D$>9:$?6A>6@7BD5$AG
BEE6H6:DM$!9:$?6
A>6@7BD5$H;D>9:D$?6E>678;6E9:?$7:OE$
BA>@DEQ$F@G6>6ABG$BA>@DEQ$B7?$B?C@ABA5$BA>@DE$HD@=$@7:$B7@>9:DM$
$%-:02!
T!:#&++,2,&!,")3
P%+/#*+3!6";3.SO
!!6";3*5%3
X"/63
U1%)*+
!:#&++,2,&!,")3
P6%+/#*+3!6";3.SO
!!6";3*5%3
X"/63
U1%)*+
!!0M,M
i+967B$
(8D::=
:7>
!KLY\$#BD>9$%B5$
!KLYP$/:@FG:VE$
)@C:=:7>$
KLYP$-<B=B$@7$
.BA:<@@T
!KLYP$*7?6C6?;BG$BA>@DE
$f\l$Pal$Pal$Pcl$-D8B76UB>6@7BG$BA>@DE
$[fl$$\Kl$$\Kl$\[l$$#+.0A./G!,42!6.1,.(/-3>!
!(E$=:7>6@7:?$:BDG6:DQ$86C:7$G6=6>B>6@7E$@H$,)2$
=@?:GEQ$*$AD:B>:?$B$?6A>6@7BD5$>@$6
?:7>6H5$
B7?$?6HH:D:7>6B>:$7:OE$BA>@DEQ$F@G6>6ABG$BA>@DEQ$B7?$B?C@ABA5$BA>@DEM$!9:$=B67$BEE;=F>6@7$@H$E;A9$
?6A>6@7BD6:E$6E$>9B>$A:D>B67$;76I;:$67?6AB>@DE$HD@=$;E:DEV$FD@H6G:E$AB7$9:GF$?6EB88D:8B>:$>9:E:$
>9D::$>5F:E$@H$;E:D
EM$(AA@D?678G5Q$>@$<;6G?$>96E$?6A>6
@7BD5Q$*$H@GG@O:?$N;$:>$BGMVE$XKLYYZ$=:>9@?$
H@D$6?:7>6H5678$A:G:<D6>6:EQ$=:?6B$@;>G:>EQ$@D8B76UB>6@7EQ$B7?$<G@88:DE$@7$!O6>>:DM$,F:A6H6ABGG5Q$*$
D:C6:O:?$>9:$<6@$G67:EQ$;E:D7B=:EQ$B7?$:S>:D7BG$042$G67TE$67$;E:D$FD@H6G:E$BA
D@EE$B$H:O$BAA@;7>E$
67$:BA9$@H$>9D:
:$D:EF:A>6C:$BA>@D$AB>:8@D6:E$X6M:MQ$F@G6>6ABG$BA>@DEQ$7:OE$BA>@DEQ$B7?$B?C@ABA5$
BA>@DEZ
!-$HD@=$:BA9$@H$>9:$H@;D$AG6=B>:$A9B78:
RD:GB>:?$:C:7>EM$(E$FBD>$@H$>96E$O@DTQ$*$=B7;BGG5$
A@=F6G:?$B$G6E>$@H$;E:DEQ$D:FD:E:7>678$=B^@D$B?C@ABA5$@D8B76UB>6@7E$B7?$7@7
RFD@H6>$@D8B76UB>6@7E$
D:GB>:?$>@$>9:$AG6=B>:$A9B78:$6EE;:M$*$BGE@$A@7?;A>:?$A@=F;>:D
RBEE6E>:?$
>:S>;BG$B7BG5E6E$>@$
:SB=67:$>9:$
G:S6A@7$H:B>;D:E$@H$>9:$<6@$G67:E$@H$:BA9$>5F:$@H$BA>@DM$.;D>9:D=@D:Q$*$?:>:D=67:?$>9:$
>:D=$HD:I;:7A5$X67AG;?678$<6
R8DB=Z$B7?$>9:$>H
R6?H$X>9:$HD:I;:7A5$B7?$67C:DE:$?@A;=:7>$
$$!)!B!(&4&((&*!/03+!%3)C!/#!F23%*!/0&!%3+/!
0//19::;;;8,,$8#($:5+:1(#$(,H+:3)/&(*3+531%3),(-:5%3H,/&50,)$&:5%&,(3)$
0#2+&:#($,)3.,/3#)+
!!YY\!!!$HD:I;:7A5Z$@H$:BA9$;E:DM$!9:$>H
R6?H$6E$B7$67H@D=B>6
@7$D:>D6:CBG$>:A976I;:$>9B>$67?6AB>:E$>9:$
6=F@D>B7A:$@H$B$O@D?$67$B$;E:DVE$<6@$B=@78$FBD>6A;GBD$>5F:$@H$;E:DE$
X!B9=BE:<6$n$46EE:Q$KLYcZ
M$!9:7Q$*$
9B7?
RE:G:A>:?$T:5O@D?E$BE$;76I;:$67?6AB>@DE$@H$:BA9$AB>:8@D5Q$=:B7678$T:5O@D?E$E9@;G?$
:SAG;E6C:G5$D:FD:E:7>$>9:$>BD8:>$AB>:8@D5$B7?$7@>$@C:DGBF$O6>9$B75$@>9:D
$AB>:8@D6:EM$
.@D$:SB=FG:Q$
H@D$>9:$7:OE$BA>@DEQ$*$E:G:A>:?$>9:$T:5O@D?E
J$j7:OEQk$j^@;D7BG6
E>Qk$B7?$jA@DD:EF@7?:7>k
JE67A:$
>9:E:$O:D:$>9:$=@E>$HD:I;:7>G5$;E:?$O@D?E$67$7:OE$BA>@DEV$<6@$G67:EM$*$BGE@$H@;7?$>9B>$>9:$7B=:$
@H$E@=:$7:OE$=:?6B$@;>G:>EQ$E;A9$BE$.@SQ
$BFF:BD:?$>@$9BC:$9689$>H
R6?H$EA@D:E
M$!9:D:H@D:Q$6H$B$
;E:DVE$<6@$67AG;?:?$E;A9$T:5O@D?EQ$
*$E:>$6>$E;A9$>9B>$>9:$A@=F;>:D$B;>@=B>6ABGG5$A@?:?$>9:$;E:D$BE$
j7:OE$BA>@DMk
$$(G>9@;89$>9:$?:EAD6F>6@7$FD:E:7>:?$9:D:$D:B?E$DB>9:D$E>DB689>H@DOBD?G5Q$6>$<:BDE$7@>678$
>9B>$
<;6G?678$>96E$?6A>6@7BD5$OBE$B7$6>:DB>6C:$FD@A:EEM$*$BFFG6:?$>9:$?6A>6@7BD5$>@$>9:$
@D8B76UB>6@7BG$BAA@;7>E$6?:7>6H6:?$<5$>9:$,)2$=@?:GM$
(H>:D$:BA9$?6A>6@7BD5$AGBEE6H6AB>6@7Q$*$
DB7?@=G5$EB=FG:?$KLL$BAA@;7>E$HD@=$:BA9$E:>$@H$BA>@DE$B7?$=B7;BGG5$:CBG;B>:
?$>9:$D:E;G>EM$*$
O:7>$>9D@;89$>96E$FD@A:EE$=;G>6FG:$>6=:E$;7>6G$
*$H67BGG5$=@?6H6:?$>9:$
?6A>6@7BD5$67$E;A9$B$OB5$>9B>$
>9:$BAA;DBA5$DB>:$@H$:BA9$E:>$@H$AB>:8@D6:E$OBE$B<@C:$dLlM$
!B<G:$a
$@HH:DE$=@D:$?:>B6G$B<@;>$>9:$
;76I;:$67?6AB>@DE$;E:?$H@D$:BA9$AB>:8@D5M$
$%-:02!
V!UV&;9#%+3"!3T,2*,")&6-3\%-$"6'+39%63J2*"63:&*%<"6-
!!!UV&;
9#%+3"!3T,2*,")&6-3\%-$"6'+39%63J2*"63:&*%<"6-
!!!+B>:8@D5
$#SB=FG:$@H$]:5O@D?E$
$(?C@ABA5
$8DBEED@@>$@D8B76UB>6@7EQ$AG6=B>:$AB=FB687Q$
$8DBEED@@>$=@C:=:7>EQ$67$>9:$FD@H6G
:$?:EAD6F>6@7m$8DBEED@@>$
@D8B76UB>6@7EQ$AG6=B>:$AB=FB687Q$8DBEED@@>$=@C:=:7>EQ$67$>9:$
FD@H6G:$?:EAD6F>6@7m$=B^@D$AG6=B>:$A9B78:$B?C@ABA5$@D8B76UB>6@7E$
B7?$7@7FD@H6>EQ$E;A9$BE$,6:DDB$+G;<Q$3D::7F:BA:Q$NN.m
$!9:$=B^@D$67>:D7B>6@7BG$@D8B76UB>6@7E$E;A9$BE$076>:
?$'B>6@7EQ$
-#+%$B7?$0'VE$EF:A6BG6U:?$B8:7A6:E$E;A9$BE$0'#/$O:D:$
AB>:8@D6U:?$BE$B?C@ABA
5$BA>@DE$>@@
$!YYP!!!$!B<G:$a$XA@7>V?Z
!$!':OE$7:OEQ$D:F@D>:DEQ$^@;D7BG6E>Q$A@DD:EF@7?:7>Q$=B8BU67:Q$A96:H$:?6>@DQ$
B7?$E:76@D$:?6>@D$
$/@G6>6ABG
$)/Q$,:7B>@DQ$3@C:D7@DM$!9:$8@C:D7
=:7>$E:A>@DE$67AG;?:$:S>:D7BG$
042$:7?$O6>9$M8@CQ$(>>@D7:5$3:7:DBGQ$/D6=:$)676E>:DQ$)676E>:D$
@HQ$#=<BEE5$@HQ$(=<BEEB?@D$>@Q$0,#=<BEE5Q$)B5@DQ$/-!0,$
$*7?6C6?;BG$BA>@DE
!7:OE$^;7T6:Q$7:OE$^;7T5Q$7:OE$8::TQ$D:B?678$7:OEQ$7@>$B$
HB7$@H$
$$Y-0.A-,./G!&27+0,7
!$!@$
:7E;D:$>9:$I;BG6>5$@H$>9:$D:E;G>E$HD@=$>9B>$B;>@=B>:?$?6EB88D:8B>6@7$=:>9@?$B7?$6>E$
BAA@=FB75678$?6A>6@7BD5Q$*$CBG6?B>:?$>9:$D:E;G>E$HD@=$,)2$AGBEE6H6AB>6@7$B7?$?6A>6@7BD5$
AGBEE6H6AB>6@7M$!@$H@GG@OQ$*$?:EAD6<:$>9:$FD@A:EE$>9B>$*$;E:?$>@$CBG6?B>:$D:E;G>E
M$$Y-0.A-,./G!,42!$+*23?.72A!@-14./2!K2-3/./G!@(A20
!)@?:GE$<BE:?$@7$>9:$>DB67678$?B>B$HD@=$>O@$AG6=B>:$A9B78:$:C:7>E$X6M:MQ$#BD>9$%B5$B7?$
0M,M
i+967B$+G6=B>:$(8D::=:7>Z$9B?$CBD6:?$F:DH@D=B7A:$@;>A@=:EM$4B7?@=$.@D:E>$X(AA;DBA5$
DB>:W$a[lQ$/D:A6E6@7$DB>:W$a[lQ
$4:ABGGW$a\lQ$B7?$.YW$a\lZM$,g)$X(AA;DBA5$DB>:W$aYlQ$/D:A6E6@7$
DB>:W$aPlQ$4:ABGGW$cclQ$B7?$.YW$aYlZ$9B?$AG@E:$F:DH@D=B7A:$>@$>9:$4B7?@=$.@D:E>$D:E;G>M$*$
E:G:A>:?$4B7?@=$.@D:E>$E67A:$6>$@;>F:DH@D=:?$,g)$BAD@EE$BGG$H@;D$67?6AB>@DEM$!9:$F:DH@D=B7A:$
@H$>9:E:$=
@?:GE$=6DD@DE$>9:$D:E;G>E$@H$@>9:D$E>;?6:EQ$G6T:O6E:$B>>:=F>678$>@$6?:7>6H5$@D8B76UB>6@7BG$
;E:DE$;E678$B$,)2$=@?:G$<BE:?$@7$;E:D$FD@H6G:$67H@D=B>6@7$XE::$:M8MQ$
%B@;B?6$:>$BGMQ$KLYam$]O@7$
:>$BGMQ$KLYam$/;D@96>$n$+9B7Q$KLYcZ
M$*7?::?Q$>9:$BAA;DBA5$DB>:$Xa[lZ$@H$=5$,)2$=@?:G$HBGGE$
O6>967$>9:$DB78:$E:>$<5$FD:C6@;E$E>;?6:E$Xc[M\l
idPM[lZM$*$A@7?;A>:?$B7$:DD@D$B
7BG
5E6E$@H$>9:$,)2$D:E;G>E$B7?$6?:7>6H6:?$T:5$E@;DA:E$@H$
=6EAGBEE6H6AB>6@7M$.@D$@7:Q$>9:$,)2$=@?:G$6E$F@@D$B>$6?:7>6H5678$@D8B76UB>6@7BG$BAA@;7>E$O6>9$
H:O:D$>9B7$YQLLL$H@GG@O:DEQ$O96A9$9BC:$B$E6=6GBD$7;=<:D$@H$H@GG@O:DE$B7?$HD6:7?EM$.@D$:SB=FG:Q$
>9:$,g)$=@
?:G
$>:7?E$>@$j>967Tk$E@=:$7:OE$FD@H:EE6@7BG$BAA@;7>EQ$B$>5F:$@H$@D8B76UB>6@7BG$
!YYf!!!$BAA@;7>Q$BD:$67?6C6?;BG$BAA@;7>E$<:AB;E:$>9:$>O@$H:B>;D:E$^;E>$7@>:?$O:D:$67>:8DBG$>@$>9:$
AGBEE6H6AB>6@7$@H$@D8B76UB>6@7BG$;E:DE$X,::$H:B>;D:$6=F@D>B7A:$@H$>9:$4B7?@=$!D::$.@D:E
>$6
7$(FF:7?6S$%ZM$";=B7$A@?:DEQ$9@O:C:DQ$AB7$:BE6G5$>:GG$>9B>$>9:E:$BAA@;7>E$<:G@78$>@$7:OE$
FD@H:EE6@7BGE$<5$D:B?678$>9:6D$<6@EQ$:EF:A6BGG5$E67A:$=B75$@H$>9:=$D:=BDT:?$67$>9:6D$<6@E$>9B>$
O:D:$^@;D7BG6E>E$@D$E@=:9@O$BHH6G6B>:?$O6>9$B$7:OE$=:?6B$@;>G:>M$,:A@
7?Q$>9:$=@?:G$BGE@$
=6EAB>:8@D6U:?$@D8B76UB>6@7BG$BA>@DE$O6>9$7@$:S>:D7BG$042E$67$>9:6D$FD@H6G:E$B7?$>9B>$BGE@$9B?$
H:O$H@GG@O:DEM$.@D$:SB=FG:Q$>9:$=@?:G$=6E>BT:7G5$A@?:?$4OB7?BVE$H@D=:D$)676E>:D$@H$'B>;DBG$
4:E@;DA:E$g67A:7>$16D;>B$BE$67?6C6?;BG$BAA@;7>$DB>9
:D$
>9B7$BE$B$F@G6>6ABG$BA>@DM$(G>@8:>9:DQ$>9:E:$
:DD@D$B7BG5E:E$F@67>$>@$>9:$7::?$>@$;E:$>9:$?6A>6@7BD5$>@$BAA;DB>:G5$6?:7>6H5$7:OE$BA>@DEQ$F@G6>6ABG$
BA>@DEQ$B7?$B?C@ABA5$BA>@DE$BAD@EE$BGG$>9:$;E:DE$?:D6C:?$HD@=$>9:$,)2$=@?:GVE$FD:?6A>6@7EM$
$Y-0.A-,./G!,42!
6.1,.(/-3>!
!*7$B>>:=F>678$>@$CBG6?B>:$>9:$?6A>6@7BD5Q$*$;7A@C:D:?$>9D::$E@;DA:E$@H$:DD@D$67$>9:$
?6EB88D:8B>6@7$@H$!O6>>:D$;E:D$?B>BM$.6DE>$6E$>9:$7:8B>6@7$<:H@D:$>9:$?:>:D=67:?$E:>$@H$67?6AB>@D$
T:5O@D?EM$.@D$:SB=FG:Q$6H$B7$67?6C6?;BG$BA>@D$OD@>:Q$j7@>$B$HB
7$@H$3@C:D7@Dƒk$67$>9:6D$FD@H6G:Q$
>9:$?6A>6@7BD5$D:B?$>9:$T:5O@D?$j3@C:D7@Dk$B7?Q$E;<E:I;:7>G5Q$AGBEE6H6:?$>9:$;E:D$BE$B$F@G6>6ABG$
BA>@DM$(E$B$E@G;>6@7Q$*$B??:?$>9:$7:8B>6@7$A@7?6>6@7$j7@>$B$HB7$@H$ƒk$67>@$>9:$?6A>6@7BD5M$*H$B$;E:D$
FD@H6G:$A@7>B67E$>9:$7:8
B>6@7$A@7?6>6@7Q$>9:$BAA@;7>$O6GG$<:$A@?:?$>@$j67?6C6?;BG$BA>@DEkM$(7@>9:D$
E@;DA:$@H$:DD@D$67$>9:$?6A>6@7BD5$OBE$>9:$A@7>:S>$@H$>9:$T:5O@D?EM$.@D$:SB=FG:Q$>9:$?6A>6@7BD5$
AGBEE6H6:?$;E:DE$O9@E:$:S>:D7BG$042$67AG;?:?$jM8@Ck$BE$F@G6>6ABG$BA>@DEQ$<:AB;E:$>9B>$
67?
6AB>:E$B$
8@C:D7=:7>BG$O:<E6>:M$0E678$>96E$D;G:Q$>9:$?6A>6@7BD5$?:>:A>:?$CBD6@;E$F@G6>6ABG$BAA@;7>EQ$E;A9$BE$
'(,(Q$N96>:9@;E:Q$,>B>:%:F>$X>9:$0M,M$%:FBD>=:7>$@H$,>B>:ZQ$)*1*7?6B$X)676E>D5$@H$
*7H@D=B>6@7$B7?$1D@B?ABE>678Q$3@C:D7=:7>$@H$*7?6BZQ$B7?$E:C:DBG
$0M,M$:=<BEE6:EM$"@O:C:DQ$>96E$
D;G:$BGE@$FD@?;A:?$:DD@DE$O9:7$A@7E6?:D678$E@=:$67?6C6?;BG$BA>@DEM$.@D$67E>B7A:Q$E@=:$67?6C6?;BG$
!YYc!!!$;E:DEQ$FBD>6A;GBDG5$F:@FG:$FD:E;=B<G5$BG687:?$O6>9$>9:$0M,M$A@7E:DCB>6C:$FBD>5Q$67AG;?:?$042E$
:7?678$67$jM8@Ck$67$>9:6D$FD@H6G:E
M$(E$B$E@G;>6@7Q$*$96:DBDA96ABGG5$B?^;E>:?$>9:$:S:A;>6@7$@H$>9:$
D;G:EQ$=:B7678$*$H6DE>$DB7$8:7:DBG$D;G:EQ$E;A9$BE$67EF:A>678$O9:>9:D$B7$:S>:D7BG$042$:7?:?$O6>9$
jM8@Cmk$BEE;=678$>9:5$?6?Q$*$A@?:?$>9:$BAA@;7>E$BE$jF@G6>6ABG$BA>@DEMk$!9:7Q$*$DB7$B7$B??6>6@7BG
$E:>$@H$EF:A6H6A$D;G:EQ$E;A9$BE$67EF:A>678$O9:>9:D$B$EF:A6H6A$042$G67T$XG6T:$
9>>FEWyyOOOM8D:B>B8B67M8@Cy
Z$BFF:BD:?$67$>9:$A@?:?$BAA@;7>EM$*H$B$;E:D$F;>$>96E$G67T$67$>9:$FD@H6G:Q$
*$B?^;E>:?$>9:$AB>:8@D6UB>6@7$@H$>
96E
$BAA@;7>E$HD@=$jF@G6>6ABG$BA>@DEk$>@$j67?6C6?;BG$BA>@DEMk$
$!9:$>96D?$=B^@D$E@;DA:$@H$:DD@D$E>:==:?$HD@=$676>6BGG5$@7G5$67AG;?678$T:5O@D?E$OD6>>:7$
67$#78G6E9M$(G>9@;89$>9:$=B^@D6>5$@H$@D8B76UB>6@7BG$;E:DEV$<6@E$O:D:$#78G6E9Q$B$H:O$F@G6>6ABG$
BAA@;7>E$9BC:
$<6@E$67$.D:7A9M$.@D$:SB=FG:Q$.D:7A9$:=<BEE6:E$@H>:7$OD@>:$>9:6D$<6@E$67$.D:7A9M$
/BD>$@H$>9:$;E:D$FD@H6G:$@H$>9:$.D:7A9$:=<BEE5$67$,O:?:7$D:B?EQ$j(=<BEEB?:$?:$.DB7A:$:7$
,;⁄?:k$67E>:B?$@H$BE$j#=<BEE5$@H$.DB7A:$67$,O:?:7Mk$!@$B??D:EE$>96E$6EE;:Q$*$B??:?$>9:$
T:5
O@D?E
Jj#=<BEE5Qk$j(=<BEEB?@DQk$B7?$j+@7E;GB>:$3:7:DBGk
J67$.D:7A9$>@$>9:$?6A>6@7BD5M$
(G>9@;89$*$BGE@$?:>:A>:?$3:D=B7Q$,FB76E9Q$B7?$4;EE6B7$67$>9:$;E:D$<6@EQ$=B^@D6>5$@H$>9:=$:S6E>:?$
67$>9:$67?6C6?;BG$;E:DEM$*$?6?$7@>$H67?$@>9:D$GB78;B8:E$E5E>:=B>6ABGG5$8
:7:
DB>:$>9:$E6=6GBD$:DD@DE$>@$
@>9:D$@D8B76UB>6@7BG$BAA@;7>EM$
$9(7,!B(1!@-/+-0!Y-0.A-,.(/!
!!9:$,)2$B7?$?6A>6@7BD5$AGBEE6H6AB>6@7$>5F@G@86U:?$
KaaQaKd$;E:DE$BAD@EE$>9:$H@;D$:C:7>E$
67>@$H6C:$AB>:8@D6:EW$7:OE$BA>@DEQ$F@G6>6ABG$BA>@DEQ$B?C@ABA5$BA>@DEQ$@>9:D$@D8
B76
UB>6@7BG$;E:DEQ$
67?6C6?;BG$BA>@DEM$*$DB7?@=G5$E:G:A>:?$KLL$BAA@;7>E$HD@=$:BA9$:C:7>$>@$CBG6?B>:$>9:$BAA;DBA5$@H$
>9:E:$H6C:$AB>:8@D6:EM$(E$E9@O7$67
$!B<G:$d
Q$>9:$B8D::=:7>$DB>:$DB78:$H@D$F@G6>6ABG$BA>@DE$OBE$HD@=$
d\li$ddlM$$.@D$7:OE$BA>@DEQ$>9:$DB>:$DB78:
?$HD@=$dYMPl
idalM$.@D$B?C@ABA5$BA>@DEQ$6>$OBE$HD@=$
dPMPlidalQ$B7?$H@D$@>9:D$@D8B76UB>6@7BG$BA>@DEQ$>9:$DB>:$HG;A>;B>:?$HD@=$dKl
idPlM$)@E>$
!YYa!!!$A@7E6E>:7>G5$BAA;DB>:$OBE$>9:$AGBEE6H6AB>6@7$@H$67?6C6?;BG$BA>@DEQ$O96A9$9@C:D:?$A@7E6E>:7>G5$
BD@;7?$ddl$BAD@EE$BGG$H@
;D$:C:7>EM$!9:E:$DB>:E$E;88:E>$>9B>$=5$FD@F@E:?$,2)$=@?:G$A@;FG:?$
O6>9$>9:$?6A>6@7BD5$:HH:A>6C:G5$?6HH:D:7>6B>:?$;E:DE$67>@$>9:6D$D:EF:A>6C:$>BD8:>$AB>:8@D6:EM
$%-:02!
X!J<6%%;%)*3P&*%+3,)37"+*3N"23N/;&)3H&#,'&*,")
!J<6%%;%)*3
P&*%+3,)37"+
*3N"23N/;&)3H&#,'&*,")
!#C:7>
$0M,M
i+967B$
(8D::=:7>
$#BD>9$%B5
$/:@FG:VE$+G6=B>:$
)@C:=:7>
$-<B=B$@7$
.BA:<@@T
$/@G6>6ABG$BA>@D
$ddl$ddl$d\l$ddl$':OE$BA>@D
$dal$dPl$dal$dYMPl$(?C@ABA5$BA>@D
$dPMPl$daMPl$dcl$dal$->9:D$@D8B76UB>6@7
$dPl$dKl$d[l$dKl$*7?6C6?;BG$BA>@D
E$ddl$ddMPl$ddl$ddl$F"*%+G
3!9:$B8D::=:7>$DB>:$6E$ABGA;GB>:?$<5$;E678$>9:$7;=<:D$@H$OD@78G5$A@?:?$BA>@DE$?6C6?:?$<5$
>@>BG$BA>@DEM
$$&27+0,7
!*7$>:D=E$@H$>9:$?6E>D6<;>6@7$@H$:BA9$;E:D$AB>:8@D5Q$>9:D:$OBE$7@>$B$8D:B>$?:BG$@H$CBD6B7A:$
BAD@EE$>9:
$H@;D$:C:7>E$X
E::$!B<G:$YL
ZM$':OE$BA>@DE$D:FD:E:7>:?$Pl
ial$@H$>9:$>@>BG$7;=<:D$@H$
BAA@;7>E$BAD@EE$>9:$H@;D$:C:7>EM$!96E$AB>:8@D5$A@7>B67:?$7@>$@7G5$>9:$@HH6A6BG$BAA@;7>E$@H$
>DB?6>6@7BG$7:OE$=:?6B$@;>G:>EQ$E;A9$BE$
]]:Q$45%
$=/&6',&)
Q$S.F]:
Q$B7?$
45%3F%$3^"6[%
6Q$<;>$
BGE@$=B^@
D$@7G67:$7:OE$@D8B76UB>6@7EQ$E;A9$BE$
N/!!,)<*")37"+*
$B7?$
]/WW;%',&
M$!96E$AB>:8@D5$
BGE@$67AG;?:?$=@D:$76A9:$7:OE$=:?6B$@;>G:>E$H@A;E:?$@7$:7C6D@7=:7>BG$6EE;:E$B7?y@D$FBD>6EB7$
F@G6>6AEQ$E;A9$BE$>9:$
P%'3.*&*%
$B7?$
S"*5%63_")%+
M$!9:$?6A>6@7BD5$BGE@$?:>:A>:?$B$C
BD6:>5$@H$7:OE$
FD@H:EE6@7BGEQ$67AG;?678$^@;D7BG6E>EQ$!g$B7A9@DEQ$B
7?$A@==:7>B>@DE$HD@=$>DB?6>6@7BG$7:OE$=:?6B$
@;>G:>EQ$BE$O:GG$BE$A6>6U:7$^@;D7BG6E>E$B7?$67?:F:7?:7>$67C:E>68B>6C:$^@;D7BG6E>EM$
$!YYd!!!$%-:02!
N[!>90#
?)%'%)/*%,#%-#
@(A9#
>1'0#%
-#B+0)+#-)%&#/90#
C%4)#
@D0,/+
$45%3
76"9"6*,")3"!3
U&253
4-9%3"!3
Q+%6+3!6";3*5%3
X"/63%1%)*+
$!0M,M
i+967B$
(8D::=:7>
$#BD>9$%B5
$/:@FG:VE$
)@C:=:7>
$-<B=B$@7$
.BA:<@@T
$*7?6C6?;BG$BA>@DE
$f\l$Pdl$Pcl$Pfl$':OE$BA>@DE
$Pl$cl$al$al$/@G6>6ABG$BA>@DE
$Yl$Yl$Yl$Yl$(?C@ABA5$B
A>@DE
$Yl$Yl$Yl$Kl$->9:D$@D8B76UB>6@7BG$BA>@DE
$YYl$YKl$dl$YKl$(AA@;7>$7@$G@78:D$:S6E>
$Ydl$KLl$K\l$KYl$!@>BG
$YLLl$YLLl$YLLl$YLLl$F"*%+G
3!9:$DB>6@$6E$ABGA;GB>:?$<5$;E678$>9:$7;=<:D$@H$B$;E:D$>5F:$?6C6?:?$<5$BGG$>9:$;E:DE$O9@$
D:>O::>:?M$
3$$/@G6>6ABG$BA>@DE
$BAA@;7>:?$H@D$B<@;>$Yl$@H$BGG$>9:$67AG;?:?$!O6>>:D$BAA@;7>EM$!9:$
?6A>6@7BD5$?:>:A>:?$7@>$@7G5$8@C:D7=:7>$G:B?:DE$B7?$@HH6A6BGE$BGG$@C:D$>
9:$O@DG?Q$F@G6>6A6B7E$X:M8MQ$
+B7B?6B7$/D6=:$)676E>:D$_;E>67$!D;?:B;Q$*7?6B7$/D6=:$)676E>:D$'BD:7?DB$)@?6Q$B7?$.@D=:D$
(;E>DBG6B7$/D6=:$)676E>:D$]:C67$4;??ZQ$<;>$BGE@$F@G6>6ABG$BA>@DE$BAD@EE$CBD6:?$8@C:D7=:7>BG$
G:C:GE$X6M:MQ$G@ABGQ$7B>6@7BGQ$B7?$67>:D7B>6@7B
GZ$B7?$B8:7A6:EQ$E;A9$BE$>9:$'(,($B7?$>9:$?6FG@=B>6A$
BAA@;7>EM
$(?C@ABA5$BA>@DE$BAA@;7>:?$H@D$B<@;>$Y
iKl$@H$>9:$?B>BM$)
@E>$@H$>9:E:$BAA@;7>E$
D:FD:E:7>:?$T:5$:7C6D@7=:7>BG$B?C@ABA5$@D8B76UB>6@7EQ$67AG;?678$=B^@D$7B>6@7BG$7@7FD@H6>EQ$
67>:D7B>6@7BG$'3-EM$!96E$
8D@;F$@H$;E:DE$BGE@$67AG;?:?$8DBEED@@>E$AG6=B>:$A9B78:$@D8B76UB>6@7EQ$
AG6=B>:$A9B78:$AB=FB687$BAA@;7>EQ$B7?$FD@H:EE6@7
BGE$BHH6G6B>:?$O6>9$>9:E:$CBD6:?$@D8B76UB>6@7E$
B7?$AB=FB687EM$.@D$:SB=FG:Q$:BD>99@;D85$6E$B$EF:A6H6A$BAA@;7>$?:?6AB>:?$>@$>9:$#BD>9$%B5$
AB=FB687M$
$->9:D$@D8B76UB>6@7BG$BA>@DE$D:FD:E:7>$B<@;>$dl
iYKl$@H$BGG$BAA@;7>E$BAD@EE$>9:$H@;D$
:C:7>EM$!9:E:$BA>@DE$67AG;
?:?$A:G:<D6>6:EQ$:?;AB>6@7BG$67E>6>;>6@7EQ$A@=FB76:E$X:M8MQ$3:7:DBG$
!YKL!!!$)@>@DEQ$,9:GG$-6G$+@=FB75Q$,BH:8;BD?ZQ$AG6=B>:$A9B78:$EA6:7>6E>EQ$B7?$
FD@H:EE6@7BGE$BHH6G6B>:?$
O6>9$B$O6?:$DB78:$@H$@D8B76UB>6@7EM$!96E$AB>:8@D5$BGE@$67AG;?:E$E@=:$FBD>6EB7
R6?:7>6H6:?$
@D8B76UB>6@7EM$.@D$:SB=FG:Q$(FFEB=:$?:EAD6<:?$>9:=E:GC:E$BEQ$jB$A@7E:DCB>6C:$F@G6>6ABG$
=BDT:>678$H6D=$9:GF678$>@$<D678$(=:D6AB$<BAT$>@$6>E$8D:
B>7:EEMk$
$$2BE>G5Q$A@=FD6E678$>9:$GBD8:E>$E678G:$AB>:8@D5$@H$BA>@DEQ$67?6C6?;BG$;E:DE$D:FD:E:7>:?$
Pclif\l$@H$BGG$BAA@
;7>E$BAD@EE$>9:$H@;D$:C:7>EM$*7?6C6?;BG$BA>@DE$67AG;?:?$<@>9$AG6=B>:$A9B78:$
E;FF@D>:DE$B7?$AG6=B>:$A9B78:$?@;<>:DEM$*7$>:D=E$@H$>9:$GB>>:DQ$=B75$@H$>9
:E:$67?6C6?;BG$BA>@DE$
?:EAD6<:?$>9:=E:GC:E$BE$jA@7E:DCB>6C:k$B7?y@D$BE$j+9D6E>6B7mk$=B75$BGE@$D:H:DD:?$>@$
>9:=E:GC:E$
BE$B$jFB>D6@>k$@D$BE$B$j4:F;<G6AB7Mk$
$6.71+77.(/!
!!@$D:ABFQ$*$;E:?$4B7?@=$.@D:E>$>@$?6HH:D:7>6B>:$@D8B76UB>6@7BG$BA>@DE$HD@=$67?6C6?;BG$
BA>@DE$@7$!O6>>:DM$0E678$cQK[c$GB<:GG678$;E:D$?B>B$F@67>EQ$=5$FD@F@E:?$,)2$=@?:G$F:DH@D=:?$
O:GGQ$D:BG6U678$B7
$a[l$B8D::=:7>$DB>:M$*$>9:7$<;6G>$B$?6A>6@7BD5$>@$6?:7>6H5$7:OE$BA>@DEQ$F@G6>6ABG$
BA>@DEQ$B7?$B?C@ABA5$BA>@DEQ$BA96:C678$B7$B8D::=:7>$DB>:$@C:D$dLlM$*
$BFFG6:?$>96E$BFFD@BA9$>@$
AGBEE6H5$
KaaQaKd$;E:DE$BAD@EE$>9:$H@;D$AG6=B>:$A9B78:
RD:GB>:?$:C:7>E$67>@$H6C:$A
B>:8@D6:EW$7:OE$
BA>@DEQ$F@G6>6ABG$BA>@DEQ$B?C@ABA5$BA>@DEQ$@>9:D$@D8B76UB>6@7BG$BA>@DEQ$B7?$67?6C6?;BG$BA>@DEM$*7$
<D6:HQ$<BE:?$@7$=5$E;AA:EE$67$?6EB88
D:8B>678$!O6>>:D$;E:DE$67>@$>9:6D$D:EF:A>6C:$AB>:8@D6:EQ$=5$
FD@F@E:?$B;>@=B>6A$AGBEE6H6AB>6@7$=:>9@?Q$O96A
9$A@=<67:E$=BA967:$G:BD7678Q$AD@O?$O@DT:DEQ$
B7?$B$?6A>6@7BD5Q$6E$B7$:HH:A>6C:$BFFD@BA9M$*7?::?Q$86C:7$>9:$@C:DBGG$BAA;DBA5$@H$>96E$B;>@=B>:?$
=:>9@?Q$@
>9:DE$E9@;G?$A@7E6?:D$;E678$6>$>@$AGBEE6H5$!O6>>:D$;E:DE$H@D$H;>;D:$67>:D=:?6B$B8:7?B$
E:>>678$D:E:BDA9M$
$!9D@;89$?:C:G@F678$>96E$B;>@=B>:?$=:>9@?Q$*$E9:?$G689>$@7$9@O$>@$6=FD@C:$AGBEE6H6AB>6@7$
D:E;G>E$67$B$A@E>
R:HH:A>6C:$=B77:DM$)@D:$EF:A6H6ABGG5Q$*$@HH:D$
>9D::$=B67$67E689>EM$)5$H6DE>$
!YKY!!!$>BT:BOB5$F:D>B67E$>@$>9:$6=F@D>B7A:$@H$A@7>D@GG678$>9:$I;BG6>5$@H$AD@O?E@;DA
678$9;=B7$GB<:GG678M$
N9:7$AD@O?E@;DA678$>9:$GB<:G678$@H$?B>BQ$EA9@GBDE$7::?$>@$XBZ$<;6G?$67$B$I;BG6>5$A@7>D@G$E5E>:=$
>9B>$H6G>:DE$@;>$O@DT:DE$O6>9$G@O
$I;BG6>5$O@DT$F:DH@D=B7A:Q$X<Z$E6=FG6H5$>9:$"*!EQ$B7?$XAZ$AGBD6H5$
"*!$67E>D;A>6@7EM$!9:$E:A@7?$T:5$67E689>
E$D:GB>:$>@$>9:$?6A>6@7BD5M$%6A>6@7BD6:E$<BE:?$@7$G:S6A@7$
H:B>;D:E$AB7$9:GF$6?:7>6H5$F@G6>6ABGQ$B?C@ABA5Q$B7?$7:OE$BA>@DEM$"@O:C:DQ$O9:7$A@7E>D;A>678$
E;A9$
?6A>6@7BD6:EQ$D:E:BDA9:DE$=;E>$A@7E6?:D$>9:$A@7>:S>$@H$>9:$G:S6A@7$B7?$=;G>6G678;BG$;E:DEM$(E$B$
>96D?
$F@67>Q$>@$=B67>B67$>9:$8:7:DBG6UB<6G6>5$@H$B$,)2$=@?:GQ$6>$E::=E$>9B>$EA9@GBDE$?@$7@>$7::?$>@$
>DB67$>9:$=@?:G$H@D$:C:D5$:C:7>$?B>BM$*7E>:B?Q$>DB67678
$B$=@?:G$<BE:?$@7$>9:$GB<:GG678$?B>B$HD@=$
>O@$:C:7>E$6E$G6T:G5$E;HH6A6:7>Q$BGG@O678$5@;$>@$:HH:A>6C:G5$FD:
?6A>$>9:$AGBEE6H6AB>6@7$@H$;E:DE$
BAD@EE$@>9:D$E6=6GBDG5$D:GB>:?$:C:7>EM$!96E$:A9@:E$]O@7$:>$BGMVE$XKLYaZ$O@DTQ$O9@$H@;7?$>9B>$
=@?:GE$<BE:?$@7$7:OE$:C:
7>E$@H$B$E6=6GBD$>@F6A$F:DH@D=$O:GG$67$FD:?6A>678$;E:DEV$>5F:E$HD@=$
@>9:D$E6=6GBD$:C:7>EM$
$!9:$H67?678E$BG
E@$E9@O$>9B>$!O6>>:D$6E$B$95<D6?$:A@G@85$>9B>$67C@GC:E$<@>9$@D8B76UB>6@7E$
B7?$67?6C6?;BG$BA>@DEQ$O96A9$FD:E:7>E$>9D::$=B^@D$6=FG6AB>6@7E$67$>:D=E$@H$<
;6G?678$>9:@D6:E$>@$
:SFGB67$>9:$?6HH;E6@7$@H$B>>:7>6@7$BAD@EE$=:?6BM$.6DE>Q$BE$=:7>6@7:?$67$+9BF>:D$[Q$!O6
>>:D$A@;G?$<:$
B7$6=F@D>B7>$FGBA:$>@$DB6E:$F;<G6A$B>>:7>6@7$>@$AG6=B>:$A9B78:$<:AB;E:$6>$FD@C6?:E$=@D:$E@;DA:E$@H$
67H@D=B>6@7$B7?$
E;FF@D>E$=BEE$=:?6B$6
7$EFD:B?678$AG6=B>:$A9B78:$67H@D=B>6@7$
X!B7?@A$n$#78Q$
KLYcm$,A9tH:D$n$,A9G6A9>678Q$KLY\Z
M$(E$E9@O7$67$>9:$H@;D$:C:7>E$67AG;?:?$67$>96E$A9BF>:DQ$B$O6?:$
DB78:$
@H$BA>@DEQ$67AG;?678$>9:$>DB?6>6@7BG$8B>:T::F:DE$X7:OEQ$F@G6>6ABG$:G6>:EQ$B7?$GBD8:$B?C@ABA5$
@D8B76UB>6@7E
Z$@H$AG6=B>:$A9B78:$67H@D=B>6@7$B7?$>9:$67?6C6?;BG$BA>@DE$O:D:$67C@GC:?$67$B$GBD8:$
D:>O::>$7:>O@DTM$15$E9BD678$AG6=B>:$A9B78:$67H@D=B>6@7$C6B$D:>O::>Q
$>9:E:$BA>@DE$
A@7>D6<;>:?$>@$
EF6T:E$67$AG6=B>:$A9B78:$B>>:7>6@7$@7$!O6>>:DM$(=@78$@D8B76UB>6@7BG$BA>@DEQ$>
9:D:$O:D:$BGE@$
=B75$8DBEED@@>E$B?C@ABA5$8D@;FEQ$AG6=B>:$A9B78:$BA>6C6E>$8D@;FEQ$@7G67:$7:OE$=:?6B$@;>G:>EQ$
!YKK!!!$A@=FB76:EQ$B7?$@D8B76UB>6@7
RBHH6G6B>:?$FD@H
:EE6@7BGEM$!9:5$D:FD:E:7>:?$@D8B76UB>6@7EQ$<;>$>9:E:$
;E:DE$E>6GG$G6T:G5$8:7:DB>:$67H@D=BG$F:DE@7
R>@RF:DE@7
$A@==;76AB>6@7$O6>9$67?6C6?;BG$BA>@DEM$
$,:A@7?Q$>9:$
H67?678E$D:C:BG:?$>9B>$=B75$
67?6C6?;BG$BA>@DE$O:D:$FBD>6EB7$6?:7>6H6:DE$B7?$
AG6=B>:$A9B78:$?@;<>:D
EQ$O96A9$E;FF@D>E$>9:$?6EA;EE6@7$FD:E:7>:?$67$+9BF>:D$[$B<@;>$>9:$
F@G6>6A6U:?$B7?$F@GBD6U:?$7B>;D:$@H$>9:$
AG6=B>:$A9B78:$6EE;:M$/@GBD6UB>6@7$B7?$?6EB8D::=:7>$@7$
AG6=B>:$A9B78:$BD:$DB=FB7>$@7$!O6>>:D$
X(7$:>$BGMQ$KLY\m$+@?5Q$4:B8B7Q$)6>A9:GGQ$%@??EQ$n$
%B7H@D>9Q$KLYPZ
M$15$B7BG5U678$YMP$=6GG6@7$>O::>E$D:GB>:?$>@$>9:$AG6=B>:$A9B78:$6EE;:$@C:D$
BFFD@S6=B>:G5$B$f
R5:BD$F:D6@?
$X6M:MQ$,:F>:=<:D$KLLa
i$_;G5$KLY\ZQ$+@?5$:>$BGM$XKLYPZ$H@;7?$>9B>$
AG6=B>:$A9B78:$:C:7>E$FD:?@=67B7>G5$8:7:DB>:?$B>>:7>6@7$HD@=$AG6=B>:$A9B78:$BA>6C6E>
E$DB>9:D$
>9B7$AG6=B>:$A9B78:$?@;<>:DEM$*7$?6HH:D:7>$E>;?5Q$BH>:D$A@7?;A>678$E@A6BG$7:>O@DT$B7BG5E6E$
@H$PdLQfLa$>O::>E$HD@=$YcdQYaL$;76I;:$;E:DEQ$
N6GG6B=E$:>$BGM$XKLYPZ
$H@;7?$>9B>$=@E>$@H$>9:$>6=:Q$
!O6>>:D$;E:DE$@7G5$A@==;76AB>:?$O6>9$G6T:
R=67?:?$@>9:DEM$"@O:C:DQ$H;>;D:$E>;?6:E$E9@;G?$
:SFG@D:$O9:>9:D$@D$9@O$>9:$F@GBD6UB>6@7$@H$>96E$6EE;:$67HG;:7A
:E$>9:$?6HH;E6@7$@H$F;<G6A$B>>:7>6@7$
E;DD@;7?678$6>$O6>967$B7?$BAD@EE$?6HH:D:7>$>5F:E$@H$=:?6BM
$!96D?Q$>9:$H67?678E$D:C:BG:?$>9:$:S6E>:7A:$@H$7:OE$<@>
E$>9B>$EFD:B?$AG6=B>:$A9B78:$
67H@D=B>6@7M$36C:7$B$F@G6>6A6U:?$B7?$F@GBD6U:?$6EE;:$G6T:$AG6=B>:$A9B78:Q$9@O
$=B75$@>9:D$>5F:E$
@H$<@>E$:S6E>$O6>967$7:>O@DTE$@H$AG6=B>:$A9B78:$?6EA;EE6@7$!O6>>:De$N9B>$BD:$>9:$E@;DA:E$@H$
>9:E:$<@>Ee$%@$>9:E:$<@>E$D:FD:E:7>$>9:$
C6:OE$@H$FBD>6A;GBD$67E>6>;>6@7Ee$*H$E@Q$O96A9$@7:E$B7?$
O9B>$:HH:A>E$?@$>9:E:$<@>E$F@E:$@H$>9:$?6HH;E6@7$@
H$67H@D=B>6@7$B7?$B>>:7>6@7$>@$AG6=B>:$A9B78:e$
!@$O9B>$:S>:7>$=689>$>9:E:$<@>E$D:67H@DA:$>9:$F@G6>6A6U:?$B7?$F@GBD6U:?$7B>;D:$@H$>96E$6EE;:e$
.;>;D:$D:
E:BDA9:DE$E9@;G?$>BT:$E@=:$@H$>9:$I;:E>6@7E$;F$67$>9:6D$O@DTM$
$(G>9@;89$>96E$A9BF>:D$GB5E$>9:$=:>9@?@G@86A
BG$H@;7?B>6@7$7::?:?$H@D$>9:$7:S>$A9BF>:DQ$6>$
?@:E$7@>$A@=:$O6>9@;>$G6=6>B>6@7EM$.6DE>Q$>9:$96E>@D6A$?B>B$HD@=$!O6>>:D$:C:7>E$FD@C6?:E$B$
!YK[!!!$CBG;B<G:$BDA9
6C:$@H$BGG$>9:$H;GG$;E:DE$O9@$:SFD:EE:?$B>>:7>6@7$>@$>9:$AG6=B>:$A9B78:$:C:7>EM$
"@O:C:DQ$B7$BC:DB8:$@H$Ydl
$;E:DE$XBD@;7?$P\Qacc$;E:DEZ$7@$G@78:D$:S6E>:?$@7$!O6>>:DM$!9:$
67BAA:EE6<6G6>5$@H$>9:E:$;E:DEV$67H@D=B>6@7$FD@?;A:E$=6EE678$67H@D=B>6@7Q$O96A9$G6=6>E$
=5$
B7BG5E:E$@H$9@O$67H@D=B>6@7$EFD:B?$>9D@;89$!O6>>:DM$,:A@7?Q$BG>9@;89$*$9BC:$D:=@C:?$>9:$F@D7$
BAA@;7>EQ$
*$?6?$7@>$E5E>:=B>6ABGG5$H6G>:D$@;>$<@>E$86C:7$>9:$G6=6>B>6@7E$@H$A;DD:7>$<@>$?:>:A>6@7$
>@@GEM$!9:$>96D?$G6=6>B>6@7$6E$>9:$H:B>;D:E$E:G:A>6@7$B7?$=5$,
)2$=@?:G678$>:A976I;:EM$(G>9@;89$*$
;E:?$B$>O@
RE>:F$BFFD@BA9$>@$6?:7>6H5$;E:D$>5F:EQ$;E678$@7G5$=:>B?B>B$HD
@=$;E:D$FD@H6G:EQ$6>$6E$BGE@$
F@EE6<G:$>@$A@7?;A>$B$=;G>6
R>BET$=BA967:$G:BD7678$FD@A:EE$;E678$=@D:$D:G:CB7>$H:B>;D:EM$.@D$
:SB=FG:Q$
NB78$:>$BGM$XKLYdZ
$AD:B>:?$B$=;G>6=@?BG$?::F$G:BD7678
$BG8@D6>9=$>9B>$^@67>G5$AGBEE6H6:?$
!O6>>:D$;E:DE$<5$8:7?:DQ$B8:$8D@;FQ$B7?$@D8B76UB>6@7BGy67?6C6?;BG$E>B>;EM$*7$H;>;D:$E>;?6:EQ$
A@==;76AB>6@7$EA9@GBDE
$A@;G?$A@GGB<@DB>:$O6>9$A@=F;>:D$EA6:7>6E>E$>@$?:C:G@F$E;A9$B$D@<;E>$
=:>9@?@G@86ABG$677@CB>6@7M$*>$O6GG$BG
E@$<:$CBG;B<G:$>@$<;6G?$B$;76C:DEBGG5$8:7:DBG6UB<G:$=@?:GQ$
O96A9$AB7$BFFG5$>@$=@D:$6EE;:E$<:E6?:E$AG6=B>:$A9B78:M$
$%:EF6>:$@H$>9:E:$G6=6>B>6@7EQ$>96E$
A9BF>:D$E>6GG$:S>:7?E$>9:$A;DD:7>$G6>:DB>;D:$B<@;>$>9:$
67>:D=:?6B$HG@OE$@H$B>>:7>6@7$67$>O@$OB5EM$.6DE>Q$>
9:$:C@G;>6@7$@H$F;<G6A$B>>:7>6@7$9BFF:7E$BE$
AG6=B>:$A9B78:$B>>:7>6@7$EFD:B?$BAD@EE$=:?6BM$!9;EQ$6>$6E$7:A:EEBD5$>@$?6EB88D:8B>:$!O6>>:D$;E:DE$
>@$;7?:D
E>B7?$>9:$67>:D=:?6B$HG@OE$@H$B>>:7>6@7M$.;D>9:DQ$>96E$A9BF>:D$FD@C6?:E$B$=:>9@?@G@86ABG$
A@7>D6<;>6@7$O6>9
$=5$FD@F@E:?$B;>@=B>:?$AGBEE6H6AB>6@7$BFFD@BA9Q$O96A9$:HH:A>6C:G5$
?6HH:D:7>6B>:E$7:OE$BA>@DEQ$F@G6>6ABG$BA>@DEQ$B?C@ABA5$BA>@DEQ$B7?$@>9:D$@D8B76UB>6@
7BG$BA>@DE$HD@=$
67?6C6?;BG$BA>@DE$B>>:7>6C:$>@$AG6=B>:$A9B78:M$!@$;7?:DE>B7?$>9:$?6HH;E6@7$@H$F;<G6A$B>>:7
>6@7$67$B$
95<D6?$=:?6B$E5E>:=Q$9@O:C:DQ$>O@$H@GG@O
R;F$I;:E>6@7E$BD:$D:G:CB7>M$N96A9$>5F:E$@H$BA>@DE$
A@7>D6<;>:$>@$EF6T:E$@H$AG6=B>:$A9B78:$B>>:7>6@7$@
7$!O6>>:D$@C:D$>9:$>6=:e$N96A9$>5F:$@H$BA>@DE$
@7$!O6>>:D$O6GG$FD:?6A>$F;<G6A$B>>:7>6@7$B7?$@>9:D$H@D=E$@H$
B>>:7>6@7$@;>E6?:$!O6>>:De$!96E$
!YK\!!!$=:>9@?@G@86ABG$E>:F$67$>96E$A9BF>:D$E:>E$>9:$E>B8:$H@D$>9:$:=F6D6ABG$B7BG5E6E$ABDD6:?$@;>$67$+9BF>:D$
PQ$O96A9$F;DE;:E$
>9:E:$C:D5$I;:E>6@7EM$
$$$!YKP!!!$+"(/!#4$PW$!"#$*'!#4)#%*($%*..0,*-'$-.$+2*)(!#$+"('3#$(!!#'!*-'$$$$$$$$$$$$$$$$$$
$$$$$$$$$$$$$$$$$$$$$$*'$%*..#4#'!$#g#'!,
$$!9:$8@BG$@H$>96E$A9BF>:D$6E$>@$;7?:DE>B7?$>9:$?6HH;E6@7$@H$B>>:7>6@7$O6>967$>9:$
A@7>:=F@DBD5$95<D6?$=:?6B$E5E>:=Q$FBD>6A;GBDG5$>9:$EFD:B?$@H$B>>:7>6@7$
$,*5,)
$B7?$
0%-")'3
!O6>>:D$E;DD@;7?678$E:C:DBG$D:A:7>$AG6=B>:$A
9B78:
RD:GB>:?$:C:7>EM$-7:$@H$>9:$@C:DD6?678
$A9BGG:78:E$>@$E>;?5678$>96E$F9:7@=:7@7$6E$>@$E@D>$@;>$>9:$67>:D>O67678Q$67>:D?:F:7?:7>Q$B7?$:C:D
RA9B78678$D:GB>6@7E96FE$<:>O::7$B7?$B=@78$B7$BDDB5$@H$BA>@DE$BAD@EE$=;G>6FG:$?6HH:D:7>$=:?6B$
FGB>H@D=E$X6M:MQ$7:OE$=
:?6BQ$E@A6BG$=:?6BQ$:>AMZM$*7?::?Q$:S6E>678
$E>;?6:E$9BC:$E>D;88G:?$>@$H;GG5$
@C:DA@=:$>96E$A9BGG:78:M$(E$7@>:?$67$FD:C6@;E$A9BF>:DEQ$=@E>$:S6E>678$67H@D=B>6@7$?6HH;E6@7$
E>;?6:E$@7G5$H@A;E$@7$>9:$=6AD@
RG:C:G$?57B=6AE$<:>O::7$?6HH:D:7>$BA>@DE$@7$!O6>>:D$
XE::$:M8MQ$
]6D6G:7T@$n$,>:FA9:7T@CBQ$KLY\m$N6GG6B=E$:>$BGMQ$KLYPZ
Q$$O96G:$67>:D=:?6B$B8:7?B$E>;?6:E$>:7?$
>@$@7G5$:=F9BE6U:$>9:$>DB7EH:D$
@H$B>>:7>6@7$<:>O::7$=:?6B$FGB>H@D=E$B7?$@;
>G:>EQ$E;A9$BE$<:>O::7$
7:OE$=:?6B$B7?$!O6>>:DQ$B7?$>D:B>$!O6>>:D$B>>:7>6@7$BE$B$FD@S5$H@D$F;<G6A$B>>:7>6@7$
XE::$:M8MQ$
_@7:E
R_B78$:>$BGMQ$KLKLZ
M$.;D>9:D=@D:Q$H:O$E>;?6:E$@7$AG6=B>:$A9B78
:$B>>:7>6@7$9BC:$A@7E6?:D:?$
9@O$>9:$A@7>:S>
$@H$FBD>6A;GBD$:C:7>E$=689>$E9BF:$FB>>:D7E$B7?$>9:$FD@A:EE$67$>9:$?6HH;E6@7$@H$
B>>:7>6@7Q$:C:7$>9@;89$%@O7VE$XYdcKZ$AGBEE6A$6EE;:$B>>:7>6@7$=@?:G$E;88:E>E$>9B>$A@7>:S>$=B5Q$67$
HBA>Q$FGB5$B$D@G:$67$>9:$EFD:B?$@H$F;
<G6A$B>>:7>6@7M$#S6E>678$E>;?6:E$9BC:$BGE@$
7@>$H;GG5$:SFGB67:?$@D$
>9:@D6U:?$>9:$9:>:D@8:7:6>5$67$>9:$:C@G;>6@7$@H$F;<G6A$B>>:7>6@7$>9B>$EA9@GBDE$9BC:$H@;7?$67$
?6HH:D:7>$:C:7>EQ$BG>9@;89$AG6=B>:$A9B78:$:C:7>E$9BC:$?6E>67A>6C:$FB>>:D7E$B7?$?6HH;E6@7$FD@A:EE:
E$@H$B>>:7>6@7M$
$.BA678$>9:$G6=6>B>6@7E$@H$
:S6E>678$G6>:DB>;D:Q$B7?$9BC678$BFFG6:?$>9:$=:>9@?$H@D$
?6EB88D:8B>678$!O6>>:D$BA>@DE$?:EAD6<:?$67$+9BF>:D$\Q$>96E$A9BF>:D$H@A;E:E$@7$>9D::$8;6?678$
I;:E>6@7EW$XBZ$N96A9$>5F:E$@H$BA>@DE$E9BF:$>9:$HG@OE$@H$AG6=B>:$A9
B78:$B>>:7>6@7$
$,*5,)
$!O6>>:D$
!YKf!!!$@C:D$>6=:e$$X
<Z$"@O$?@:E$AG6=B>:$A9B78:$B>>:7>6@7$@7$FGB>H@D=E$
"/*+,'%
$!O6>>:D$B7?$AG6=B>:$A9B78:$
B>>:7>6@7$O6>967$!O6>>:D$D:EF@7?$>@$:BA9$@>9:De$XAZ$"@O$=;A9$O6GG$?6HH:D:7>$:C:7>$A@7>:S>E$A9B78:$
>9:$FB>>:D7E$H@;7?$67$XBZ$B7?$
X<Ze$!@$B7EO:D$>9:E:$I;:E>6@7EQ$>9:$:=F6D6A
BG$B7BG5E6E$67$>96E$A9BF>:D$
A@=<67:E$B7$67>:D=:?6B$B8:7?B$E:>>678$BFFD@BA9$B7?$B7$67H@D=B>6@7$?6HH;E6@7$BFFD@BA9$>@$
A@=FBD:$>9:$?6HH;E6@7$@H$AG6=B>:$A9B78:$B>>:7>6@7$@7$!O6>>:D$E;DD@;7?678$>9D::$T:5$AG6=B>:$:C:7>E
$67$KLYPW$#BD>9$%B5Q$/:@FG:VE$+G6=B>:$)@C:=
:7>Q$B7?$-<B=BVE$AG6=B>:$A9B78:
RH@A;E:?$F@E>$@7$
.BA:<@@TM$1BE:?$@7$>9:$AGBEE6H6AB>6@7$D:E;G>E$HD@=$+9BF>:D$\Q$*$:SB=67:$>9:$E>B>6A$B7?$?57B=6A$
D@G:E$@H$H6C:$?6HH:D:7>$>5F:E$@H$BA>@DE$X6M:MQ$67?6C6?;BGEQ$F@G6>6ABG$
:7>6>6:EQ$7:OE$=:?6BQ$B?C@ABA5$
8D@;FEQ$B7?$
@>9:D$@D8B76UB>6@7BG$BA>@DEZ$BE$XYZ$>9:$E@;DA:E$@H$B>>:7>6@7$X@D6867BG$>O::>$AD:B>6@7Z$B7?$
XKZ$BE$B>>:7>6@7$EFD:B?:DE$67$D:>O::>$7:>O@DTEM$!9:7Q$;E678$3@@8G:$!D:7?E$?B>B$BE$F;<G6A$B>>:7>6@7$
=:BE;D:=:7>$B7?$;E678$>
9:$C@G;=:$@H$@7G67:$7:OE$A@C:DB8:$BE$B$=:BE
;D:$@H$7:OE$B>>:7>6@7Q$*$
H;D>9:D$B7BG5U:$9@O$D:>O::>678$BA>6C6>6:E$<5$:BA9$>5F:$@H$BA>@DE$
$,*5,)3
!O6>>:D$=B5$67>:DA@77:A>$
O6>9$>9:$F;<G6A$B>>:7>6@7$B7?$@7G67:$7:OE$B>>:7>6@7$
"/*+,'%
$!O6>>:DM$*$D:FG6AB>:?$>9:$EB=:$
FD@A:EE$
@H$B7BG5E6E$>@$>9:$>9D::$:C:7>EM
$(E$FD:?6A>:?$<5$>DB?6>6@7BG$B8:7?B$E:>>678$>9:@D6:EQ$*$H67?$>9B>$@D8B76UB>6@7BG$BA>@DE$X6M:MQ$
7:OEQ$F@G6>6ABGQ$B?C@ABA5Q$B7?$@>9:D$@D8B76UB>6@7BG$BA>@DEZ$E>6GG$E:DC:$BE$>9:$=B67$E@;DA:$@H$
B>>:7>6@7$O6>967$!O6>>:Dm$9
@O:C:DQ$>9:E:$BA>@DE$?@$7@>$H;GG5$:SFGB67$B
GG$>9:$FB>>:D7E$67$>9:$
?6HH;E6@7$@H$AG6=B>:$A9B78:$B>>:7>6@7$O6>967$B7?$<:5@7?$!O6>>:DM$*7E>:B?Q$*$H@;7?$>9B>$
67>:DF:DE@7BG$A@==;76AB>6@7$@7$!O6>>:D$B=@78$67?6C6?;BG$BA>@DE$B7?$>DB?6>6@7BG$8B>:T::F:DE$
X:M8M$7:OEQ$
F@G6>6ABG$BA>@DEQ$GBD8:$B?C@ABA5$8D@;FEZ$BG
E@$9:GFE$:SFGB67$>9:E:$FB>>:D7EM$*7?::?Q$BE$
FD:?6A>:?$<5$'B9@7VE$7:>O@DT$8B>:T::F678$>9:@D5$XKLLaZQ$>9:$8B>:T::F678$D@G:$@7$!O6>>:D$XBE$B$
E@;DA:$@D$EFD:B?:D$@H$B>>:7>6@7Z$6E$A@7E>B7>G5$E96H>678$<:>O::7$@D8B76UB>6@
7BG$BA>@DE$B7?$
67?6C6?;BG$BA>@DE$@C:D$>6=:M
$.;D>9:DQ$>@$E;E>B67$!O6>>:D$B>>:7>6@7$B7?$EFD:B?$B>>:7>6@7$>@$@>9:D$
!YKc!!!$=:?6B$FGB>H@D=E$D:I;6D:E$>9:$67>:8DB>:?$:HH@D>E$@H$BGG$>5F:E$@H$BA>@DEM$*7$>9:$?B>BQ$*$@<E:DC:?$
=@=:7>E$>9B>$A@7E6E>:7>$67>:8DB>:$B7?$E57A9D@76U
:$B>>:7>6@7$HD@=$BGG$>5F:E$@H$BA>@DE$@7$!O6
>>:DJB7?$E9@O$>9B>$>96E$A@7E6E>:7>$E57A9D@76UB>6@7$BFF:BDE$>@$<:$D:GB>:?$>@$@C:DBGG$C@G;=:$@H$B>>:7>6@7$
>@$B7$:C:7>M$
$!9:$H67?678E$A@7>D6<;>:$>@$>9:$:S6E>678$G6>:DB>;D:$67$>O@$OB5EM$.6DE>Q$>9:$9:>:D@8:7:6>5$67$
>9:
$FB>>:D7E$@H$B>>:7>6@7$B7?$>9:$A9B78678$D:G
B>6@7E$<:>O::7$:BA9$>5F:$@H$BA>@DE$BAD@EE$=:?6B$
<:>O::7$>9:$>9D::$:C:7>E$67$>9:$H67?678E$67C6>:E$7:O$>9:@D:>6ABG$@FF@D>;76>6:E$>@$;7?:DE>B7?$>9:$
?6HH;E6@7$@H$B>>:7>6@7$67$>9:$A@7>:=F@DBD5$95<D6?$=:?6B$E5E>:=$XBE$*
$@;>G67:$67$>9:$H67BG$A9BF>:D$
@H$>96E$?6EE:
D>B>6@7ZM$,:A@7?Q$>96E$O@DT$FD@C6?:E$:C6?:7A:$@H$>9:$6=F@D>B7A:$@H$A@7E6?:D678$>9:$
A@7>:S>$67$O96A9$:C:7>E$>BT:$FGBA:$BE$O:GG$BE$>9:$?57B=6E=$@H$>9:$8B>:T::F:D$D@G:$67$>9:$E>;?5$@H$
B>>:7>6@7$?6HH;E6@7$O6>967$B7?$<
:5@7?$!O6>>:DM$$
$*7$>9B>$H@GG@OEQ$*$H6DE>$<
D6:HG5$E;==BD6U:$E>;?6:E$@7$>9:$D@G:$@H$>DB?6>6@7BG$8B>:T::F:DE$B7?$
67?6C6?;BG$BA>@DE$67$>9:$?6HH;E6@7$@H$AG6=B>:$A9B78:$B>>:7>6@7$@7$!O6>>:D
JB$D:=67?:D$@H$>9:$
G6>:DB>;D:$*$D:C6:O:?$=@D:$?::FG5$67$+9BF>:DE$[$B7?$\
M$!9:7Q$*$@;>G67:$E@=:$@H$>9:$=B67$
G6=6>B>6@7E$O6>967$:S6E>678$>9:@D:>6ABG$B7?$:=F6D6ABG$EA9@GBDE96F$@7$67>:D=:?6B$?6HH;E6@7$@H$
AG6=B>:$A9B78:$B>>:7>6@7M$!9:7$*$?6EA;EE$>9:$6=F@D>B7A:$@H$E>;?5678$B7?$>9:@D6U678$>9:$A9B78678$
D:GB>6@7E96FE$<:>O::7$?6HH:D:7>$
BA>@DE$BAD@EE$=:?6B$67$?6HH:D:7>$:C:7>$A@7>
:S>EQ$O9:D:$>9:$
FB>>:D7E$B7?$>9:$FD@A:EE:E$@H$B>>:7>6@7$?6HH;E6@7$FD@A:EE:E$BD:$?6E>67A>M$.67BGG5Q$*$FD:E:7>$>9:$
:=F6D6ABG$B7BG5E6E$B7?$D:E;G>EM$
$%42!6.55+7.(/!(5!'0.)-,2!'4-/G2!",,2/,.(/!(/!%=.,,23
!*7$>96E$E:A>6@
7Q$*$<D6:HG5$D:6>:DB>:$>9:$D@G:E$@H$:BA9$>5
F:$@H$BA>@DE$67$>9:$?6HH;E6@7$@H$
AG6=B>:$A9B78:$B>>:7>6@7$O6>967$!O6>>:DM$,F:A6H6ABGG5Q$*$H@A;E$@7$>O@$>5F:E$@H$D@G:E$6=F@D>B7>$>@$
>9:$?6HH;E6@7$@H$AG6=B>:$A9B78:$B>>:7>6@7$@7$!O6>>:D
JE@;DA:E$B7?$EFD:B?:DEM$
."/62%
+$D:H:D$>@$
!YKa!!!$>9@E:$O9@$F;<G6E9$@D6867BG$>O::>
E$B7?$<:678$D:>O::>:?$<5$@>9:D$;E:DEQ$O96G:$
+96%&'%6+
$D:H:D$>@$
>9@E:$O9@$D:>O::>$>9:$@D6867BG$>O::>EM$!9:$E@;DA:E$@H$>O::>E$BD:$>9:$E::?E$>@$B$D:>O::>$7:>O@DT$
X3@:G$:>$BGMQ$KLYPZ
M$4:>O::>678$6E$B7$:HH:A>6C:$OB5$>@$EFD:B?$67H@D=B>6@7$X]OBT$:>$BGM
Q$KLYLZM$4:>O::>678$BGE@$67AD:BE:E$>9:$C6E6
<6G6>5$@H$>O::>E$B7?$67AD:BE:E$>9:$G6T:G69@@?$>9B>$=@D:$;E:DE$
O6GG$E9BD:$6>$
X267$:>$BGMQ
$KLY\ZM$)@D:@C:DQ$D:>O::>678$AD:B>:E$B$E>D
:B=$@H$=:EEB8:E$>9B>$BGG@O$
67?6C6?;BGE$>@$<:$jF:D6F9:DBGG5$BOBD:$j@H$k$O6>9@;>$?6D:A>G5$FBD>6A6FB>678k$
X1@5?$:>$BGMQ$KLYLQ$
FMYZM$1BE:?$@7$>9:$7:>O@DT:?$8B>:T::F678$>9:@D5$X'B9@7Q$KLLaZQ$BA>@DEV$D@G:E$=B5$A9B78:$
@C:D$>6=:m$>9B>$6EQ$E@=:>6=:E
Q$BA>@DE$=B5$H;GH6GG$>9:$D@G:$@H$E@;DA:EQ$B
7?$@>9:D$>6=:EQ$>9:5$=B5$
E:DC:$>9:$D@G:$@H$EFD:B?:DEM$!DB?6>6@7BG$8B>:T::F678$>9:@D5$BEE;=:E$>9B>$=BEE$=:?6B$E9BF:$F;<G6A$
B>>:7>6@7$<5$67H@D=B>6@7$A@7>D@Gm$6>$?:>:D=67:E$O9B>$>@$FD:E:7>$B7?$O9B>$>@$O6>99@G?$>@$>9:
$F;<G6A$
X,9@:=BT:DQ$YddYZM$"@O:C:DQ$A@==;76
AB>6@7E$67$>9:$95<D6?$=:?6B$E5E>:=$A@=<67:$=BEE$
A@==;76AB>6@7$B7?$67>:DF:DE@7BG$A@==;76AB>6@7$XN:GG:E$n$3@7UrG:U
R1B6Gs7Q$KLKLZM$!9;EQ$>9:$
:S>:7>$>@$O96A9$>DB?6>6@7BG$8B>:T::F:DE$A@7>67;:$>@$A@7>D@G$>9:$EFD:B?$@H$6
7H@D=B>6@7$B7?$E9BF:$
F;<G6A$B>>:7>6@7$9BE$A
9B78:?M$*7$D:EF@7E:Q$
1BDU6GB6
R'B9@7
$XKLLaZ$FD@F@E:?$7:>O@DT$8B>:T::F678$
>9:@D5Q$O96A9$<D@B?:7E$>9:$A@7A:F>$@H$8B>:T::F678$BE$B$7:>O@DT:?$FD@A:EE$>9B>$A@7>D@GE$
67H@D=B>6@7$jBE$6>$=@C:E$67$B7?$@;>$@H$8B>:Ek$X
1BDU6GB
6R'B9@7
Q$KLLaQ$FM$Y\dfZM$!9:$>9:@D5$
BGE@$
9@G?E$>9B>$6>$6E$6=F@EE6<G:$>@$6?:7>6H5$B$AG:BD$j8B>:k$86C:7$>9:$?57B=6E=$@H$7:>O@DT$E>D;A>;D:E$
B7?$>9:$O6?:$B?@F>6@7$@H$67H@D=B>6@7$>:A97@G@86:E$B=@78$>9:$F;<G6A$X
1BDU6GB6
R'B9@7Q$
KLLaQ$FM$Y\dfZM$4:GB>:?G5Q$
1BDU6GB6
R'B9@7$=B67>B67:?$>9B>
$>9:$D@G:E$@H$
<&*%[%%9%63
B7?$
<&*%'3
O:D:$67$
A@7E>B7>$HG;SQ$EO6>A9678$<BAT$B7?$H@D>9$<:>O::7$>DB?6>6@7BG$8B>:T::F:DE$B7?$67?6C6?;BG$BA>@DEM$*7$
>96E$FD@A:EEQ$@D?67BD5$F:@FG:Q$8D@;FEQ$B7?$@D8B76UB>6@7E$AB7$E:DC:$BE$7:>O@DT$8B>:T::F:DEQ$O9
@$!YKd!!!$E:G:A>$O96A9$67H@D=B>6@7$>@$E9BD:$
O6>967$>9:$7:>O@DT$B7?Q$67$E@$?@678Q$<D6?8:$?6HH:D:7>$7:>O@DT$
AG;E>:DE$>@8:>9:D$X'B9@7$n$":=EG:5Q$KLY[ZM
$/D:C6@;E$E>;?6:E$9BC:$FD@C6?:?$:=F6D6ABG$:C6?:7A:$E;88:E>678$>9B>$<@>9$67?6C6?;BG$B7?$
@D8B76UB>6@7BG$BA>@DE$H;7A>6@
7$BE$E@;DA:E$B7?$EFD:B?:DE$@H$AG6=B>
:$A9B78:$B>>:7>6@7$O6>967$!O6>>:DM$
-7$@7:$9B7?Q$7:OE$=:?6B$BA>$BE$>9:$=B^@D$E@;DA:$@H$AG6=B>:$A9B78:$B>>:7>6@7$@7$>96E$FGB>H@D=$
X]6D6G:7T@$:>$BGMQ$KLYPm$]6D6G:7T@$n$,>:FA9:7T@CBQ$KLY\m$/B67>:D$:>$BGMQ$KLYaZ
M$):B7O96G:Q$$
>9D@;89$
>O::>678$B7?$D:>O::>678Q$F@G
6>6ABG$:G6>:E$8:7:DB>:$EF6T:E$@H$B>>:7>6@7$B<@;>$AG6=B>:$A9B78:$
X,>6:D$:>$
BGMQ$KLYaZ
M$(7?Q$B?C@ABA5$@D8B76UB>6@7E$E>DB>:86ABGG5$;E:$!O6>>:D$>@$:78B8:$>9:$F;<G6A$B7?$=@<6G6U:$
F;<G6A$B>>:7>6@7$B<@;>$AG6=B>:$A9B78:$
X":E>D:E
Q$KLY\m$KLYPZ
M$':OEQ$F@G6>6AEQ$B7?$B?C@ABA5$BA>@DE$
BGG$D:FD:E:7>$67HG;:7A:$HD@=$67E>6>;>6@7EM$_;E>$BE$B8:7?B$E:>>678$B7?$B8:7?B$<;6G?678$>9:@D6:E$FD:?6A>Q$
>96E$<@?5$@H$D:E:BDA9$E::=E$>@$;F9@G?$>9B>$@D8B76UB>6@7BG$BA>@
DE$E9@;G?$BA>$BE$>9:$=B^@D$67HG;:7A:
DE$
@H$AG6=B>:$A9B78:$B>>:7>6@7$@7$!O6>>:DM$
$-7$>9:$@>9:D$9B7?Q$67?6C6?;BG$;E:DE$D:>O::>$67H@D=B>6@7$HD@=$@D8B76UB>6@7BG$BA>@DE$B7?Q$
>9;EQ$A@7>D6<;>:$>@$EF6T:E$@H$B>>:7>6@7$@7$!O6>>:D$BE$>9:$AD6>6ABG$F:D6F9:D5$67$?6HH;E6@
7$FD@A:EE:EM$
(>$G:BE>$@7:$E>;?5$H@;7
?$>9B>$>9:$B88D:8B>:?$B>>D6<;>:E$<5$F:D6F9:DBG$;E:DE$>@$EFD:B?$>9:$B>>:7>6@7$
6E$A@=FBDB<G:$>@$>9B>$@H$A@D:$BA>@DE$
X1BD<:Dr$:>$BGM
Q$KLYPZM$.;D>9:D=@D:Q$>9D@;89$67>:DF:DE@7BG$
A@==;76AB>6@7Q$67?6C6?;BG$;E:DE$BGE@$67HG;:7A:$@>9:D$67?6C6?;BG$BA>@DE$@7$!O6>>:DM$.@D$:SB=FG:Q$
>DBAT678$!O6>>:D$>DBHH6A$BH>:D$>9:$D:G:BE:$@H$>9:$076>:?$'B>6@7E$*7>:D8@C:D7=
:7>BG$/B7:G$@7$
+G6=B>:$+9B78:$X*/++Z
$D:F@D>$67$KLY[Q$':O=B7$XKLYcZ$H@;7?$>9B>$=@E>$FD@FB8B>:?$>O::>E$
B<@;>$>96E$D:F@D>$AB=:$HD@=$67?6C6?;BG$BA>@DEM$!BT:7$>@8:>9:DQ$B$8D@O678$7;=<:D$@H$E>;?6:E$
E;FF@D>$>9:$HBA>$>9B>$67?6C6?;BG$BA>@DEQ$67?:F:7?:7>$AG6=B>:$A9B
78:$BA>6C6E>E$B7?$A@7A:D7:?$
A6>6U:7E
Q$FGB5$B7$:I;BGG5$6=F@D>B7>$D@G:$67$>9:$?6HH;E6@7$@H$AG6=B>:$A9B78:$B>>:7>6@7$@7$!O6>>:DM$
$!Y[L!!!$!5F6ABGG5Q$@D8B76UB>6@7BG$BA>@DE$9BC:$=@D:$!O6>>:D$H@GG@O:DE$
X]OBTQ$:>$BGMQ$KLYLm$
)A+@DD6E>
@7$:>$BGMQ$KLYPZ
$B7?$BD:$=@D:$G6T:G5$>@$BA>$BE$E@;DA:E$@H$AG6=B>:$A9B78:$B>>:7>6@7$>9B7$
67?6C6?;BG$BA>@DEM$"@O:C:DQ$>9:$;7?:DG5678$E>D;A>;D:$@H$>9:$D:>O::>$7:>O@DT$A9BGG:78:E$>9:$F@O:D$
@H$>DB?6>6@7BG$8B>:T::F:DE$X6M:M
Q$@D8B76UB>6@7BG$BA>@DEZ$67$?6D:A>67
8$>9:$F;<G6AVE$B>>:7>6@7$>@$>9:$
AG6=B>:$A9B78:$6EE;:Q$BE$*$:SFGB67:?$67$+9BF>:D$\M$(E$B$D:=67?:DQ$>@$=@D:$:HH:A>6C:G5$@<E:DC:$>9:$
?57B=6AE$@H$B>>:7>6@7$AD:B>6@7$B7?$EFD:B?$B=@78$?6HH:D:7>$>5F:E$@H$BA>@DEQ$*$?:C:G@F:?$B7$
B;>@=B>:?$=:>9@?$>@$>5F@G@86U:$!O6>>
:D$BA>@DE$B>$EABG:M$2:C:DB8678$>96E$=:>9@?Q$*$BETW$
$4vYW$N96A9$>5F:$@H$BA>@DE$>:7?$>@$<:$>9:$=B^@D$E@;DA:$@H$D:>O::>E$B7?$O96A9$>:7?$>@$<:$
>9:$EFD:B?:D$@H$>9:$>O::>E$B<@;>$AG6=B>:$A9B78:$6EE;:e$"@O$?@$>9:E:$FB>>:D7E$A9B7
8:$@C:D$
>6=:e$%42!F/,23)2A.-!6.55+7.
(/!(5!'0.)-,2!'4-/G2!",,2/,.(/
!*7$>96E$E:A>6@7Q$*$:SFB7?$@7$D:E:BDA9$@7$>9:$67>:D=:?6B$?6HH;E6@7$@H$B>>:7>6@7Q$FBD>6A;GBDG5$
D:GB>:?$>@$>9:$6EE;:$@H$AG6=B>:$A9B78:M$!9:$?6HH;E6@7$@H$F;<G6A$B>>:7>6@7$9BFF:7E$=@D:$I;6ATG5$6
7$>@?B5VE$95<D6?$67>:D=:?6B$:7C6D@7=
:7>Q$67$O96A9$!O6>>:D$FGB5E$@7:$FBD>M$(E$+9B?O6AT$XKLYcZ$
F@67>:?$@;>Q$>9:$T:5$A9BDBA>:D6E>6AE$@H$>9:$A@7>:=F@DBD5$=:?6B$E5E>:=$6E$j95<D6?$=:?6BG6>5k$XFM$
f\ZM$!9B>$=:B7E$F@G6>6ABG$BA>@DE$B7?$>DB?6>6@7BG$=:?6B$@;>G:>E$G6T:
$DB?6@Q$!gQ$B7?$7:OEFBF:D$9BC:$
B?@F>
:?$7:O$A@==;76AB>6@7$>:A97@G@86:E$B7?$:SFB7?:?$>9:6D$67HG;:7A:$>@$?686>BG$=:?6Bm$
=:B7O96G:Q$@D?67BD5$F:@FG:$67HG;:7A:$F@G6>6A6B7E$B7?$7:OE$=:?6B$>9D@;89$E@A6BG$=:?6BM$
(AA@D?678G5Q$B$O6?:$BDDB5$@H$BA>@DE$X<@>9$@D8B76UB>6@
7BG$B7?$67?6C6?;BGZ$BAD@EE$CBD6@;E$=
:?6B$
FGB>H@D=E$AB7$=:?6B>:$jF@G6>6ABG$67H@D=B>6@7$A5AG:Ek$XFMfZQ$@D$EF:A6H6A$:C:7>E$67$O96A9$F;<G6A$
B>>:7>6@7$:C@GC:EM$!9:$95<D6?$=:?6BG6>5$9689G689>E$>9:$OB5$?6HH:D:7>$>5F:E$@H$BA>@DE$A@=F:>:$H@D$
B>>:7>6@7$BE$B$D:E@;DA:
$>@$8B67$FD::=67:7A:$X+9B?O6ATQ$KLYc
ZM$N96G:$D:A@876U678$>96E$8D@O678$
95<D6?$=:?6BG6>5Q$:S6E>678$E>;?6:E$@7$67>:D=:?6B$B8:7?B$E:>>678$B7?$7:>O@DT$67H@D=B>6@7$
!Y[Y!!!$?6HH;E6@7$HD:I;:7>G5$HBGG$E9@D>$67$E@D>678$@;>$@D$BAA@;7>678$H@D$>9:$A@=FG6AB>:?$D:GB>6@7E96FE$
<:>
O::7$B7?$B=@78$?6HH:D:7>$>5F:E$@H$BA
>@DE$BAD@EE$CBD6@;E$=:?6B$FGB>H@D=E
JB$F@67>$*$<D@;89>$
H@DOBD?$67$+9BF>:DE$K$B7?$\M$
$(E$B7$:S>:7E6@7$@H$B8:7?B$E:>>678$>9:@D5$X)A+@=<EQ$KLY\ZQ$67>:D=:?6B$B8:7?B$E:>>678$
>9:@D5$>BT:E$67>@$A@7E6?:DB>6@7$>9:$>DB7EH:D$@H$B>>:
7>6@7$<:>O::7$=:?6B$@;>G:>E$X4::E:$n
$%B76:G6B7Q$YdadZQ$<;>$>9:$T:5$G6=6>B>6@7$@H$>9:$>9:@D5$6E$>9B>$6>$@7G5$H@A;E:E$@7$>9:$=:?6B$G:C:GM$
(E$*$=:7>6@7:?$67$+9BF>:D$\Q$;E678$>96E$>9:@D5Q$=B75$D:E:BDA9:DE$9BC:$H@;7?$>9B>$!O6>>:D$
B>>:7>6@7$B7?$7:OE$B>>:7>6@7$BD
:$67>:D?:F:7?:7>$XE::$:M8MQ$
_@7:E
R_B78$:>$BGMQ$KLKLm$4;EE:GG$
':;=B7$:>$BGMQ$KLY\Z
M$"@O:C:DQ$>9:E:$E>;?6:E$>D:B>$!O6>>:D$B>>:7>6@7$BE$B$FD@S5$H@D$F;<G6A$
B>>:7>6@7$B7?$@C:DG@@T$>9:
$FD:E:7A:$B7?$67HG;:7A:$@H$>DB?6>6@7
BG$8B>:T::F:DE$@7$!O6>>:D$X6M:MQ$
7:OE$=:?6BQ$F@G6>6A6B7EQ$B?C@ABA5$8D@;FE$:>AMZM$(7?$5:>Q$6>$6E$F@EE6<G:$>9B>$>DB?6>6@7BG$8B>:T::F:DE$
=B5$<:$>9:$BA>@DE$O6>967$!O6>>:D$D:EF@7E6<G:$H@D$8:7:DB>678$7:OE$B>>:7>6@7$<:5@7?$>96E
$FGB>H@D=M$
.@D$:SB=FG:Q$"BD?:D$:>$BG
M$XKLYcZ$E:FBDB>:?$!O6>>:D$;E:DE$67>@$?6HH:D:7>$BA>@D$AB>:8@D6:E$B7?$
H@;7?$>9B>$@7G5$>O::>E$F;<G6E9:?$<5$F@G6>6ABG$B7?$7:OE$BA>@DE$FD:?6A>:?$@7G67:$7:OE$B>>:7>6@7$
B<@;>$>9:$KLY\$1:G86;=$:G:A>6@7M$(G>9@;89$>9:6D$E>;?5$@7G
5$H@A;E:E$@7$B$F@G6>6ABG$:C:7>Q$H67?
678E$
=B5$E>6GG$BFFG5$>@$AG6=B>:$A9B78:$:C:7>E$<:AB;E:$>9:$AG6=B>:$A9B78:$6EE;:$6E$9689G5$F@G6>6A6U:?M$$
$4:A:7>$E>;?6:E$B<@;>$@7G67:$AG6=B>:$A9B78:$B>>:7>6@7$9BC:$<:8;7$>@$H@A;E$@7$?6HH:D:7>$
>5F:E$@H$BA>@DE$@7$!O6>>:DM$!9
:E:$E>;?6:E$9BC:$E9:?$G689>$@7$9@O$A
G6=B>:$A9B78:$B>>:7>6@7$HG@OE$
67$A@=FG6AB>:?$7:>O@DTE$O6>967$!O6>>:D$
X!9@DE@7$n$NB78Q$KLYdm$NB78$:>$BGMQ$KLYdm$N6GG6B=E$:>$
BGMQ$KLYPZ
M$"@O:C:DQ$>9:E:$E>;?6:E$E>6GG$DBD:G5$A@7E6?:D$A@=FBD6E@7E$@H$AG6=B>:$A9B78:$B>>:7>6@7$
$,*5,)
3!O6>>:D$B7?$
"/*+,'%3"!
$!O6>>:DM$*7$
D:BG
RG6H:$:C:7>EQ$>9:$<@;7?BD6:E$<:>O::7$=BEE$=:?6B$B7?$
!O6>>:D$BD:$<G;DD5$X2BU:DQ$KLKLZM$.@D$:SB=FG:Q$=BEE$=:?6B$B>>:7>6@7$E@=:>6=:E$?D6C:E$>9:$=@E>$
F@F;GBD$>@F6AE$@7$!O6>>:D$X)BDA9:>>6$n$+:AA@<:GG6Q$KLYfZM$!9;EQ$BE$B7$
:S>:7E6@7$>@$>9:E:$E>;?6:EQ$
!Y[K!!!$EA9@GBD$
AB7$A@7E6?:D$A@=<67678$>9:$6=FBA>$@H$@>9:D$=:?6B$FGB>H@D=E$@;>E6?:$!O6>>:D$X/:BDA:$:>$
BGMQ$KLY\ZM
$*7$+9BF>:D$[Q$*$:SB=67:?$>9:$67>:D>O67:?$D:GB>6@7E96F$<:>O::7$B7?$B=@78$!O6>>:DQ$7:OEQ$
B7?$F;<G6A$B>>:7>6@7Q$<;>Q$67$>9B>$
A9BF>:DQ$*$>D:B>:?$!O6>>:D$BE$B7$B88
D:8B>:?$B>>:7>6@7$@H$?6HH:D:7>$
>5F:E$@H$;E:DE$@7$!O6>>:DM$!9:7Q$67$+9BF>:D$\Q$*$AGBEE6H6:?$!O6>>:D$;E:DE$67>@$H6C:$?6E>67A>$B7?$
=;>;BGG5$:SAG;E6C:$BA>@D$AB>:8@D6:E
J67?6C6?;BGQ$F@G6>6ABGQ$7:OEQ$B?C@ABA5Q$B7?$@>9:D$
@D8B76U
B>6@7BG$BA>@DEM$!@$;7?:DE>B7?$>9:$?6
HH;E6@7$@H$B>>:7>6@7$BAD@EE$?6HH:D:7>$=:?6B$FGB>H@D=E$
=@D:$BAA;DB>:G5Q$*$BETW$
$4vKW$$"@O$?@$D:>O::>$FB>>:D7E$BAD@EE$BA>@D$>5F:E$O6>967$!O6>>:D$B7?$F;<G6A$B>>:7>6@7$
@;>E6?:$!O6>>:D$D:EF@7?$>@$:BA9$@>9:De
$4v[W$"@O$?@$D:>O:
:>$FB>>:D7E$BAD@EE$BA>@D$>5F:E$O6>96
7$!O6>>:D$B7?$@7G67:$7:OE$@;>E6?:$
!O6>>:D$D:EF@7?$>@$:BA9$@>9:De$
$I?2/,!Y-3.-,.(/
!.@D$E:C:DBG$D:BE@7EQ$6>$6E$7:A:EEBD5$>@$A@=FBD:$>9:$?6HH;E6@7$@H$B>>:7>6@7$@7$!O6>>:D$O6>9$
>9:$EFD:B?$@H$B>>:7>6@7$BAD@EE$?6HH:D:7>$=:?6B$
@;>G:>E$?;D678$?6E>67A>$:C:7>$A@7>:S
>EM$$.6DE>Q$D:BG
RG6H:$:C:7>E$@H>:7$>D688:D$?6HH:D:7>$FB>>:D7E$@H$F;<G6A$B>>:7>6@7M$(E$6GG;E>DB>:?$67$+9BF>:D$KQ$E@=:$
:C:7>E$DB6E:$9689$G:C:GE$@H$F;<G6A$B>>:7>6@7$O96G:$@>9:DE$?@$7@>M$.@D$:SB=FG:Q$A@7E6?:D$E@A6BG$
=@C:=:7>
$:C:7>EM$!O6>>:D$=@<6G6U:?$>9:$F;<G6
A$B7?$:G6>:E$>@$>BT:$A@GG:A>6C:$BA>6@7$67$
A@7>:=F@DBD5$E@A6BG$=@C:=:7>EQ$E;A9$BE$(DB<$,FD678$B7?$>9:$1GBAT$26C:E$)B>>:D$
X:M8MQ$.D:
:G@7$
:>$BGMQ$KLYam$3@7UrG:U
R1B6Gs7$:>$BGMQ$KLY[m$2@>B7$:>$BGMQ$KLYYZ
M$"@O:C:DQ$=@E>$@7G67:$
=@<6G6UB>6@7E$HB6G$>@$DB6E:$B75$B>>:7>6@7M$.@D$67E>B7A:Q$:SB=67678$F:>6>6@7E$F@E>:?$@7$0M]M$
8@C:D7=:7>BG$E6>:EQ$)BD8:>>E$:>$BG
M$XKLYfZ$H@;7?$@7G67:$F:>6>6@7E$O:D:
$GBD8:G5$;7E;AA:EEH;G$B>$
D:BA9678$GBD8:$7;=<:DE$@H$F:@FG:M$!9:$AG6=B>:$A9B78:$6EE;:$6E$B7@>9:D$ABE:$>9B>$9BE$DB6E:?$G6>>G:$
!Y[[!!!$8DBEED@@>E$BA>6C6>5$67$>9:$076>:?$,>B>:E$
X)A(?B=Q$KLYcZ
Q$?:EF6>:$>9:$HBA>$>9B>$AG6=B>:$A9B78:$
B?C@ABA5$8D@;FE$9BC:$B?@F>:?$A@==;76AB>6@7$>:A97@G@86:E$>@$E>DB>:86ABGG5$=@<6G6U:$F;<G6A$
B>>:7>6@7$@7$?686>BG$=:?6B$
X":E>D:EQ
$KLY\ZM$$,:A@7?Q$>9:$FD@A:EE$@H$9@O$B>>:7>6@7$EFD:B?$?6HH:DE$<5$:C:7>$A@7>:S>EM$!9:D:H@D:Q$>9:$
D:GB>6@7E96FE$<:>O::7$F;<G6A$B>>:7>6@7$B7?$>DB?6>6@7BG$8B>:T::F:DE$BD:$BGE@$G6T:G5$>@$<:$?6HH:D:7>$
BAD@EE$:C:7>$A@7>:S>EM$
.@D$:SB=FG:Q$'B9@7$:>$BGM$XKLY[Z$H@;7?$7:OE$=:?6
B$>:7?$>@$DB6E:$F;<G6A$
B>>:7>6@7$@7$!O6>>:D$BH>:D$;7:SF:A>:?$:C:7>EM$':;=B7$:>$BGM$XKLY\Z$H@;7?$>9B>$H@D$6EE;:E$@D$:C:7>E$
D:GB>:?$>@$E:A;D6>5Q$AD6=:Q$B7?$?D;8EQ$F;<G6A$B>>:7>6@7$H@GG@OE$7:OE$=:?6B$B>>:7>6@7Q$
<;>$H@D$@>9:D$
6EE;:E$E;A9$BE$8;7$A@7>D@GQ$7B>;DB
G$?6EBE>:DEQ$B7?$231!$D689>EQ$F;<G6A$B>>:7>6@7$?D6C:E$7:OE$
=:?6B$B>>:7>6@7M$+@7E6?:D678$>9:$6EE;:$@H$AG6=B>:$A9B78:Q$:S6E>678$E>;?6:E$9BC:$AD:?6>:?$?6HH:D:7>$
>5F:E$@H$BA>@DE$B7?$=:?6B$FGB>H@D=E$BE$G:B?678$BA>
@DE$67$>9:$?6HH;E6@7$@H$F;<G6A$B>>:7>6@7$
E;DD@;7
?678$AG6=B>:$A9B78:$:C:7>EM$.@D$:SB=FG:Q$E@@7$BH>:D$>9:$
D:G:BE:$@H$>9:$*/++$D:F@D>$67$
KLY[Q$>9:$
>@F$E9BD:?$>O::>E$@D6867B>:?$=@D:$HD@=$7@7
R:G6>:$!O6>>:D$;E:DEQ$E;A9$BE$A@7A:D7:?$
A6>6U:7EQ$AG6=B>:$A9B78:$E;FF@
D>:DEQ$B7?$67?:F:7?:7>$<G@88:DE$>9B7$HD@=$:G6>:$
;E:DEQ$E;A9$BE$7:O$
=:?6B$@;>G:>E$B7?$F@G6>6A6B7E$
X':O=B7Q$KLYcZM$):B7O96G:Q$
/:BDA:$:>$BGM$XKLY\Z$H@;7?$>9B>$
AG6=B>:$A9B78:$B?C@ABA5$8D@;FE$676>6B>:?$AB=FB687E$<;>$D:G6:?$@7$7:OE$A@C:DB8:$>@$B>>DBA>$O6?:D$
B>>:7>6@7M$"@O:C:DQ$67$>9:$ABE:$@H$:S>D:=:$O:B>9:D$:
C:7>EQ$67?6C6?;BG$BA>@DE$?6D:A>G5$>O::>:?$
B<@;>$AG6=B>:$A9B78:$O6>9@;>$=:?6B>6@7$HD@=$7:OE$=:?6B$X]6D6G:7?@$:>$BGMQ$KLYPZM$
$!96D?Q$B7BG5U678$>9:$CBD6B>6@7$67$>9:$FB>>:D7E$B7?$>9:$FD@A:EE$@H$B>>:7>6@7$?6HH;E6@
7$BAD@EE$
?6HH:D:7>$:C:7>E$@F:7E$;F$>9:$@FF@D>;76
>5$>@$<;6G?$>9:@D5$67$>96E$;7?:DE>;?6:?$BD:BM$15$@<E:DC678$
>9:$9:>:D@8:7:6>5$H@;7?$67$?6HH:D:7>$:C:7>EQ$B8:7?B$E:>>678$EA9@GBDE$9BC:$FD@F@E:?$>9B>$7:OE$
B8:7?B$E:>>678$:HH:A>E$BD:$A@7>678:7>$@7$>9:$@<>D;E6C:7:
EE$@H$:C:7>EM$*7$@<>D;E6C:$:C:7>EQ$O96A9$
>9:$F;<
G6A$BD:$HB=6G6BD$O6>9Q$>9:$EBG6:7A:$@H$F;<G6A$B8:7?B$G:B?$>@$>9:$EBG6:7A:$@H$>9:$=:?6B$
!Y[\!!!$B8:7?Bm$O9:D:BE$6>$6E$>9:$@>9:D$OB5$BD@;7?$67$>9:$7@7
R@<>D;E6C:$:C:7>Q$O96A9$BD:$H@D:687$B7?$
D:=@>:$>@$>9:$F;<G6A$
X4@8:DE
$n$%:BD678Q$YdaaZ
M$"@O:C:DQ$:=F6D6ABG$D:E:BDA9$
?@:E$7@>$BFF:BD$>@$
;F9@G?$>96E$>9:@D6UB>6@7M$.@D$:SB=FG:Q$':;=B7$:>$BGM$XKLY\Z$H@;7?$>9B>$F;<G6A$B>>:7>6@7$X;E678$
!O6>>:DQ$@7G67:$H@D;=EQ$B7?$<G@8E$BE$B$FD@S5Z$FD:A:?:?$=:?6B$B>>:7>6@7$?;D678$>9:$D:A:7>$OBDE$
67$
*DBI$B7?$(H89B76E>B7M$(E$E;A9Q$F;<G6A$B>>:7>6
@7$6E$7@>$:BE6G5$8:7:DBG6UB<G:$BAD@EE$?6HH:D:7>$
A@7>:S>E$@D$:C:7>EM
$!9:$9:>:D@8:7:6>5$67$>9:$FB>>:D7E$B7?$?6HH;E6@7$FD@A:EE$@H$B>>:7>6@7$?6EA@C:D:?$67$
?6HH:D:7>$:C:7>$A@7>:S>E$BGE@$A@77:A>E$>@$O9B>$'B9@7$F:DA
:6C:?$BE$>9:$jA@7?6>6@7Ek$>@$?:>:D=67:$
O9:7$>9:$
D@G:
REO6>A9678$=@=:7>$9BFF:7E$67$>9:$7:>O@DT$8B>:T::F678$FD@A:EEM$/D:C6@;E$
:=F6D6ABG$E>;?6:E$9BC:$FB6?$A@7E6?:DB<G:$B>>:7>6@7$>@$B>>:=F>678$>@$6?:7>6H5$O96A9$>5F:E$@H$BA>@DE$
E:DC:$BE$67HG;:7A:DE$67$67H@D=B>6@
7$?6HH;E6@7$FD@A:EE:E$XE::$:M8MQ$
1BTE95$:>$BGMQ$KLYYm$+9B$:>$
BGMQ$
KLYLZM$.@D$:SB=FG:Q$1BTE95$:>$BGMQ$XKLYYZ$
H@;7?$>9B>$6>$6E$9BD?$>@$FD:?6A>$O9@$<:AB=:$67HG;:7>6BG$
BE$>9:$D:GB>6@7E96F$<:>O::7$?6HH:D:7>$>5F:E$@H$BA>@DE$D:F:B>:?G5$E96H>E$B7?$<:A@=:E$67AD:BE678G5$
67>:D>O67:?$B7?$67>:D?:F:7?:7>M$!9;EQ$>9:$=@D:$6=F@D>B7
>$I;:E>6@7$6E$7@>$^;E>$
$5"$67HG;:7A:E$>9:$
?6HH;E6@7$@H$B>>:7>6@7Q$<;>$
$5%)
$>9:$A@7>:=F@DBD5$95<D6?$=:?6B$E5E>:=$:7B<G:E$O96A9$>5F:E$@H$
BA>@DE$>@$67HG;:7A:$B>>:7>6@7M$'B9@7$XKLLaZ$BD8;:?$>9B>$>9:$A@7?6>6@7$H@D$A9B78:$:S6E>E$O9:7$>9:$
8B>:?$9BC:$jF@G6>6ABG$F@
O:D$B7?$D:A6FD@ABGQ$:7?;D6
78Q$B7?$?6D:A>$:SA9B78:$O6>9$>9:$8B>:T::F:DEk$
XFM$YPL\ZM$+@7E6?:D678$>96EQ$*$BETW
$4v\W$"@O$?@$?6HH:D:7>$:C:7>$A@7>:S>E$AD:B>:$@FF@D>;76>6:E$H@D$?6HH:D:7>$E:>E$@H$BA>@DE$>@$
<:$>9:$=B^@D$E@;DA:$B7?$EFD:B?:D$@H$AG6=B>:$A9B78:$B>>:7>6
@7$@7$!O6>>:De$
$4vPW$"@O$?
@$?6HH:D:7>$:C:7>$A@7>:S>E$AD:B>:$@FF@D>;76>6:E$>@$A9B78:$H@D$?6HH:D:7>$E:>E$@H$
BA>@DE$>@$67HG;:7A:$F;<G6A$B>>:7>6@7$B7?$@7G67:$7:OE$B>>:7>6@7$<:5@7?$!O6>>:De
$!Y[P!!!$@2,4(A
!6-,-!'(0021,.(/
!!9:$B7BG5E:E$67$>96E$A9BF>:D$H@A;E$@7$>9D::$AG6=
B>:$A9B78:
RD:GB>:?$:C:7>E$
HD@=$KLYPM$*$
A9@E:$>9:E:$>9D::$:C:7>E$<:AB;E:$9@;DG5$3@@8G:$!D:7?E$?B>BQ$O96A9$=:BE;D:E$F;<G6A$B>>:7>6@7Q$6E$
67BAA:EE6<G:$H@D$?B>:E$<:H@D:$KLYPM$(E$BH@D:=:7>6@7:?Q$>9:$>9D::$:C:7>E$BD:$#BD>9$%B5$X(FD6G$KY
iK[Q$KLYPZQ$>9:$/:@FG:VE$+
G6=B>:$)@C:=:7>$FD@>:E>E$X
-A>@<:D$Y[
iY\Q$KLYPZQ$B7?$H@D=:D$0M,M$
/D:E6?:7>$1BDBAT$-<B=B$F;<G6E9678$96E$H6DE>$.BA:<@@T$F@E>$B<@;>$AG6=B>:$A9B78:$X'@C:=<:D$d
iYLQ$KLYPZM$(E$?:>B6G:?$67$+9BF>:D$\Q$#BD>9$%B5$B7?$/:@FG:VE$+G6=B>:$)@C:=:7>$D:FD:E:7>$
:SB=FG:E$@H$BA
>6C6E>$AB=FB687EQ$O96G:$-<
B=B$@7$.BA:<@@T$6E$B7$:S:=FGBD$@H$B$F@G6>6ABG$:C:7>M$
$!@$=:BE;D:$F;<G6A$B>>:7>6@7Q$*$A@GG:A>:?$3@@8G:$!D:7?E$?B>B$<5$9@;D$H@D$>6=:HDB=:E$E:>$
H@D$:BA9$D:EF:A>6C:$:C:7>Q$;E678$jAG6=B>:$A9B78:k$B7?$j8G@<BG$OBD=678k$BE$>O@$E:BDA9$I;:D
6:EM$
.@D$=@D:$?:>B6GE$B<@;
>$>96E$FBD>$@H$>9:$?B>B$A@GG:A>6@7$FD@A:EEQ$FG:BE:$D:H:D$>@$+9BF>:D$[M$
):B7O96G:Q$>@$=:BE;D:$7:OE$B>>:7>6@7$@;>E6?:$!O6>>:DQ$*$A@GG:A>:?$7:OE$A@C:DB8:$?B>B$HD@=$
2:S6E':S6E$;E678$>9:$EB=:$T:5O@D?E$*$;E:?$O9:7$A@GG:A>678$3@@8G:$!D:7
?E$?B>B$H@D$>9:E:$:C:7>E$
JjAG6=B>:$A9B78:k$B7?$j8G@<BG$OBD=678Mk$0E678$>96E$BFFD@BA9Q$*$A@GG:A>:?$\d[$7:OE$E>@D6:E$H@D$
>9:$#BD>9$%B5$:C:7>Q$[Pa$7:OE$E>@D6:E$H@D$>9:$/:@FG:VE$+G6=B>:$)@C:=:7>$:C:7>Q$B7?$\fP$7:OE$
E>@D6:E$H@D$>9:$-<B=B$@7$.BA:<@@T$:C:7>Q$=:B7
678$67$>@>BG$*$8B>9:D:?$YQ
[Yf$7:OE$E>@D6:E$BAD@EE$
BGG$>9D::$:C:7>EM$*$;E:?$>9:$F5>9@7$G6<DBD5$1:B;>6H;G$,@;F$>@$:S>DBA>$>9:$F;<G6E9678$>6=:$@H$:C:D5$
7:OE$E>@D5Q$E@$>@$B88D:8B>:$>9:$@7G67:$7:OE$?B>B$>@$AD:B>:$B7$9@;DG5$>6=:E:D6:EM$!@$=:BE;D:$>9:$
D:>O::>678$
FB>>:D7EQ$*$;E:?$>9:$D:>O:
:>$?B>B$B<@;>$>9:$>9D::$H@ABG$:C:7>E$HD@=$+9BF>:D$\M$!9:$
D:>O::>$7:>O@DT$A@7>B67E$YY\Q[aL$D:>O::>E$H@D$>9:$#BD>9$%B5$:C:7>Q$dcQ\dK$D:>O::>E$H@D$/:@FG:VE$
)@C:=:7>Q$B7?$cfQ\\L$H@D$-<B=B$@7$.BA:<@@TM$
$!Y[f!!!$,67A:$>9:$D:>O::>$7:>O@DT$@7G5$6
7AG;?:E$>9:$D:>O::>EQ$*$>D
BA:?$BGG$>9:$@D6867BG$>O::>E$>9B>$
O:D:$AD:B>:?$?;D678$>9:$>6=:HDB=:$HD@=$>9:$?B>B<BE:$@H$!O::>E$?:EAD6<:?$67$+9BF>:D$\M$!9:$
#BD>9$%B5$:C:7>$9B?$aQfcP$@D6867BG$>O::>EQ$>9:$/:@FG:VE$)@C:=:7>$9B?$aQP[P$@D6867BG$>O::>EQ$
B7?$>9:$-<B=B$
@7$.BA:<@@T$9B?$cQfaK$@D68
67BG$>O::>EM$*$A@=<67:?$>9:$7;=<:D$@H$D:>O::>E$B7?$
>9:$7;=<:D$@H$@D6867BG$>O::>E$>@$ABGA;GB>:$>9:$D:>O::>678$FB>>:D7E$H@D$:BA9$>5F:$@H$;E:DM$!9:$
=:BE;D:=:7>$@H$D:>O::>678$FB>>:D7E$D:HG:A>E$>9:$:S>:7>$>@$O96A9$:BA9$>5F:$@H$BA>@D$EF
D:B?$
67H@D=B>6@7$D:GB>:?$>
@$>9:E:$AG6=B>:$A9B78:$:C:7>E$@7$!O6>>:DM$
!B<G:$YY
$E;==BD6U:E$>9:$?B>B$
?:EAD6F>6@7$B7?$>9:$>6=:HDB=:$@H$:BA9$:C:7>M$
$%-:02!
NN!45%3T&*&3T%+26,9*,")3"!3U&253U1%)*
!!45%3T&*&3T%+26,9*,")3"!3U&253U1%)*
!!$#BD>9$%
B5$/:@FG:VE$)@C:=:7>
$-<B=B
$@7$.BA:<@@T
$!6=:HDB=:
$[$?B5E
$X(FD6G$KY
iK[Q$KLYPZ!K$?B5E
$X-A>@<:D$Y[
iY\Q$KLYPZ!K$?B5E
$X'@C:=<:D$d
iYLQ$KLYPZ!!@>BG$4:>O::>E
$YY\Q[aL$dcQ\dK$cfQ\\L$!@>BG$-D6867BG$!O::>E
$aQfcP$aQP[P$cQfaK$!@>BG$-7G67:$':OE
$\d[$[Pa$\fP$)BS$,:BDA9
$*7?:S
$Ydf$Y\a$YaK$$"/-0>7.7!"**3(-14
!!@$;7?:DE>B7?$>9:$A9BDBA>:D6E>6AE$@H$:BA9$D:>O::>$7:>O@DTQ$*$H6DE>$A@7?;A>:?$B$<BE6A$
?:EAD6F>6C:$7:>O@DT$B7BG5E6EM$,F:A6H6ABGG5Q$*$:SB=67:?$>9:$E6U:Q$?:7E6>5Q$D:A6FD@A6>5Q$B7?$
?6E>D6<;>6@7$@H$?:8D::E$H@D$:BA9$D:>O::>$
7:>O@DTM$4:C6:O678$>9
:$D:>O::>$7:>O@DT$H@D$:BA9$@H$>9:$
>9D::$AG6=B>:$A9B78:$:C:7>E$:7B<G:?$=:$>@$8B67$B$<:>>:D$;7?:DE>B7?678$@H$>9:$8G@<BG$:7C6D@7=:7>$
@D$A@7>:S>$@H$:BA9$:C:7>M
$!@$B7EO:D$=5$4vYQ$O96A9$:SB=67:E$O96A9$>5F:E$@H$BA>@DE$A@7E>6>;>:$E@;DA:E$B7?$
EFD:B?:DE$@H$AG6=B>:$A9B78:$B>>:7>6@7$@7$!O6>>:DQ$*$;E:?$4$>@$A@?:$:BA9$D:>O::>$X6M:MQ$>9:$:?8:E$67$
>9:$D:>O::>$7:>O@DTZ$<5$>9:6D$?6D:A>6@7M$.@D$:SB=FG:Q$6H$B7$67?6C6?;BG$BA>@D$D
:>O::>:?$B7$
!Y[c!!!$67?6C6?;BG$BA>@DVE$D:>O::>Q$*$A@?:?$>9:$D:>O::>$BE$j67?6C6?;BG$>@$6
7?6C6?;BGMk$.@D$:BA9$>5F:$@H$
BA>@DQ$*$ABGA;GB>:?$>9:6D$E@;DA:$DB>6@$H@D$:BA9$:C:7>Q$=:B7678$>9:$>@>BG$7;=<:D$@H$D:>O::>E$
@D6867B>678$HD@=$:BA9$>5F:$@H$;E:D$B7?$?6C6?:?$6>$<5$>9:
$>@>BG$D:>O::>E$O6>967$>9:$:7>6D:$D:>O::>$
7:>O@DT$F:D>B67678$>@$:BA9$:C:7>M$*$A
BGA;GB>:?$>9:$EFD:B?:D$DB>6@$;E678$>9:$>@>BG$7;=<:D$@H$
D:>O::>E$>9B>$:BA9$>5F:$@H$;E:D$E:7>$B7?$?6C6?:?$6>$<5$>9:$>@>BG$D:>O::>E$O6>967$>9:$:C:7>VE$D:>O::>$
7:>O@DTM$
$!@$:SB=67:$
9@O$>9:$D@G:$@H$D:>O::>$@D6867E$B7?$EFD:B?:DE$A9B78:?$@C:D$>6=:Q$*$;E:?$B7$4$
FBATB8:$7:>O@DT%57B=6A
3B7?$AD:B>:?$D:>O::>$7:>O@DTE$H@D$:BA9$:C:7>$H@D$:BA9$9@;D$O6>967$B$
FD:?:>:D=67:?$>6=:HDB=:M$,F:A6H6ABGG5Q$>9:$D:>O::>$?B>B$HD@=$+9BF>:D$\$A@7>B67:?$[$?B5E$@
H$?B>B$
H@D$#BD>9$%B5$X>9:$?B5$<:H@D:Q$@HQ$B7?$BH>:D$>9:$:C:7>ZQ$K$?B5E$@H$?B>B$
H@D$>9:$/:@FG:VE$+G6=B>:$
)@C:=:7>$X>9:$?B5$<:H@D:$B7?$>9:$?B5$@H$>9:$:C:7>ZQ$B7?$K$?B5E$@H$?B>B$H@D$-<B=B$@7$.BA:<@@T$
X>9:$?B5$@H$B7?$BH>:D$>9:$:C:7>ZM$!9;EQ$*$AD:B>:?$cK$D:>O::
>$7:>O@DTE$H@D$>9:$#BD>9$%B5$:C:7>$B7?$
\a$D:>O::>$7:>O@DTE$H@D$<@>9$>9:$/:@FG:V
E$+G6=B>:$)@C:=:7>$B7?$>9:$-<B=B$@7$.BA:<@@T$
:C:7>M$*$A@=FBD:?$>9:$BC:DB8:$67?:8D::$A:7>DBG6>5$@H$:BA9$>5F:$@H$BA>@D$BAD@EE$>9:$?57B=6A$
7:>O@DTE$67$:BA9$:C:7>M$!9:$67?:8D::$A:7>
DBG6>5$6E$>9:$7;=<:D$@H$>6=:E$B$;E:D$6E$D:>O::>:?$B7?$
67?6AB>:E$>@$O9B>$:S>:7>$
B$;E:D$E:DC:?$BE$B$E@;DA:$67$>9:$D:>O::>$7:>O@DTM$
$!@$B7EO:D$4vK$X6M:MQ$9@O$O6GG$>9:$D:>O::>E$<5$:BA9$>5F:$@H$BA>@D$@7$!O6>>:D$B7?$F;<G6A$
B>>:7>6@7$A@DD:GB>:$@C:D$>6=:ZQ$*$A@7?;
A>:?$H6C:$FB6DO6E:$3DB78:D$AB;EBG6>5$>:E>E$<:>O::7$F;<G6A$
B>>:7>6@7$B7?$>9:$BA>
6C6>6:E$@H$EFD:B?678$67HG;:7>6BG$AG6=B>:$A9B78:$>O::>E
(/0(
:BA9$>5F:$@H$BA>@D$@7$
!O6>>:DM$!@$B7EO:D$4v[$X6M:MQ$9@O$O6GG$>9:$D:>O::>E$<5$:BA9$>5F:$@H$BA>@D$@7$!O6>>:D$B7?$@7G67:$
7:OE$B>>:7>6@7$@;>E6?:$!O6>>:D$A@DD:GB>:$@C:D$>6=:ZQ$*$A@7?;A>:?$H6C:$FB6DO6E:$3
DB78:D$AB;EBG6>5$
>:E>E$<:>O::7$@7G67:$7:OE$B>>:7>6@7$B7?$>9:$D:>O::>$FB>>:D7E$@H$:BA9$>5F:$@H$BA>@D$@7$!O6>>:DM$(E$
=:7>6@7:?$:BDG6:DQ$>9:$D:>O::>$FB>>:D7E$7@>$@7G5$67AG;?:$>9:$C
@G;=:$@H$D:>O::>EQ$<;>$BGE@$>9:$
!Y[a!!!$C@G;=:$@H$>O::>E$<:678$EFD:B?$?;D678$>9:$>6=:HD
B=:M$07G6T:$O9B>$*$?6?$67$+9BF>:D$[Q$*$?6?$7@>$
F;>$BGG$>9:$CBD6B<G:E$67>@$B$g(4$=@?:GQ$<:AB;E:$>9:5$BD:$7@>$:7?@8:7@;E$>@$:BA9$@>9:D$X>9:$
BEE;=F>6@7$@H$B$g(4$=@?:GZ$
i$>9:$!O6>>:
D$BA>@DE$BD:$7:E>:?$;7?:D7:B>9$!O6>>:D$FGB>H@D=M$
!D:B>678$>9:=$BE$:7?@8:7@;E$CB
D6B<G:E$O6>9$F;<G6A$B>>:7>6@7$B7?$7:OE$B>>:7>6@7$@;>E6?:$!O6>>:D$
@C:DG@@TE$>9:$7:E>:?$D:GB>6@7$B=@78$>9:=M$!@$B7EO:D$4v\$B7?$4vPQ$O96A9$BET$B<@;>$>9:$:C:7$
@FF@D>;76>6:E$H@D$!O6>
>:D$BA>@DE$>@$67HG;:7A:$7:OE$B>>:7>6@7$B7?$F;<G6A$B>>:7>6@7$<:5@7?$!O6>>:DQ$*$
D:FG6AB>:$>9:$EB=:$B7BG5E6E$>@$>9D::$AG6=B>:$A9B78:$:C:7>EM$
$*7$>9:$>6=:$E:D6:E$B7BG5E6EQ$*$A9@E:$9@;DE$BE$>9:$>:=F@DBG$B88D:8B>6@7$H@D$D:>O::>EQ$3@@8G:$
!D:7?EQ$B7?$7:OE$?B>BQ$<:
AB;E:$!O6>>:D$6E$B$HBE>$FGB>H@D=$O9:D:$B<@;>$9BGH$@H$BGG$D:>O::>E$9BFF:7$
O6>967
$B$H:O$E9@D>$9@;DE$H@GG@O678$>9:$F;<G6AB>6@7$@H$>9:$@D6867BG$>O::>$
X"BD?:D$:>$BGMQ$KLYcm$
]OBT$:>$BGMQ$KLYLZ
M$*$E:
G:A>:?$>9:$7;=<:D$@H$GB8E$<5$:BA9$FB6D$@H$3DB78:D$+B;EBG6>5$>:E>$<BE:?$@7$
>9:$6
7H@D=B>6@7$AD6>:D6B$E;A9$BE$(*+Q$"v*+Q$B7?$,1*+M$!9:$D:E;G>678$>6=:$E:D6:E$?B>B$HD@=$
!O6>>:DQ$3@@8G:$!D:7?EQ$B7?$@7G67:$7:OE$E>@D6:E$:BA9$67AG;?:$cK$?B>B$F@67>E$H@D$>9:$#BD>9$%B
5$:C:7>$B7?$\a$?B>B$F@67>E$H@D$>9:$/:@FG:VE$+G6=B>:$)@C:=:7>$:C:7>$B7?$-<B=B$@7
$.BA:<@@T$
:C:7>M$2BE>G5Q$*$7@D=BG6U:?$:BA9$>6=:$E:D6:E$?B>B$67>@$U
REA@D:$<:H@D:$F:DH@D=678$>9:$3DB78:D$
AB;EBG6>5$>:E>EM
$&27+0,7
!#-7.1!<2,=(3H!@2,3.17!
!!9:$<BE6A$7:>O@DT$=:>D6AEQ
$BE$E9@O7$67$
!B<G:$YK
Q$D:C:BG$>9D::$=B67$9689G689>EM$.6DE>Q$67$
>:D=E$@H$>9:$E6U
:$@H$D:>O::>$7:>O@DTEQ$#BD>9$%B5VE$7:>O@DT$OBE$>9:$GBD8:E>Q$8BD7:D678$>9:$=@E>$
;E:DE$XccQfLP$;E:DEZ$B7?$D:>O::>E$XYY\Q[aL$D:>O::>EZQ$B7?$-<B=B$@7$.BA:<@@T$OBE$>9:$E=BGG:E>Q$
B>>DBA>678$>9:$H:O:E>$7;=<:D$;E:DE$X
PcQYKa$;E:DEZ
$BE$O:GG$BE$D:>O::>E$X
cfQ\\L$D:>O:
:>EZM$,:A@7?Q$
BGG$>9D::$D:>O::>$7:>O@DTE$9BC:$D:GB>6C:G5$E=BGG$D:A6FD@A6>5Q$=:B7678$>9B>$;E:DE$DBD:G5$=;>;BGG5$
!Y[d!!!$D:>O::>:?$@7:$B7@>9:DM$!9B>$EB6?Q$B=@78$:C:7>EQ$;E:DE$67C@GC:?$67$
>9:$#BD>9$%B5$:C:7>$
D:A6FD@ABGG5$D:>O::>:?$@7:$B7@>9:D$=@D:$>9B7$;E:DE$:78B8:?$
67$>9:$@>9:D$>O@$AG6=B>:$A9B78:$
:C:7>EM$!96D?Q$67$>:D=E$@H$>9:$E>D;A>;D:$@H$D:>O::>$7:>O@DTEQ$:BA9$7:>O@DT$9BE$G@O$?:7E6>5Q$
E;88:E>678$!O6>>:D$;E:DE$:78B8:?$67$>9:$?6HH:D:7>$:C:
7>E$O:D:$@7G5$G@@E:G5$A@77:A>:?$O6>9$:BA9$
@>9:DM$
$%-:02!
NO!D1-E11-*F1-E"&B*,1-&'6(*"+*-.1*
A.&11*!/'#%-1*!.%)21*=G1)-(*')*89:H
!P%*$%%*3F%*$"6[3S%*6,2+3"!3*5%3
456%%3:#,;&*%3:5&)<%3U1%)*+3,)3DE@Y
$':>O@DT
$#BD>9$%B5
!/:@FG:VE$
)@C:=:7>
!-<B=B$@7$.BA:<@@T
!'@?:E$X;E:DEZ
$ccQfLP$c[QYca$PcQYKa$#?8:E$XD:>O::>EZ
$YY\Q[aL$dcQ\dK$cfQ\\L$4:A6FD@A6>5$
$LMLY$LMLLP$LMLLf$%:7E6>5
$YMdL#RLP$YMaK#RLP$KM[\#RLP$(C:DB8:$?:8D::
$KMd$\MK$KMd$(C:DB8:$67?:8D::
$YMP$KMa$YMP$(C:DB8:$@;>?:8D::
$YMP$YM[$YM[$)BS$67?:8D::
$KQc\d$KQLLa$KQ[YL$)BS$@;>?:8D::$
$Pcf$[fc$[dL$F"*%+
W$!9:$D:>O::>$7:>O@DT$
9BE$?6D:A>6@7EQ$O96A9$67?6AB>:$>9:$67H@D=B>6@7$HG@O$HD@=$>9:$@D6867BG$
E@;DA:$>@$>9:$EFD:B?:DM$'@?:EQ$:?8:EQ$D:A6FD@A6>5Q$B7?$?:7E6>5$BGG$?:EAD6<:$>9:$A9BDBA>:D6E>6AE$@H$
>9:$7:>O@DT$:7C6D@7=:7>M$*7$B$D:>O::>$7:>O@DTQ$>9:$7@?:E$BD:$;E:D
E$B7?$:?8:E$BD:$D:>O::
>EM$
4:A6FD@A6>5$=:B7E$>9:$G6T:G69@@?$>9B>$;E:DE$67$B$?6D:A>:?$7:>O@DT$O6GG$<:$=;>;BGG5$G67TM$($
7:>O@DT$?:7E6>5$=:B7E$>9:$DB>6@$<:>O::7$>9:$BA>;BG$A@77:A>6@7$B7?$>9:$F@>:7>6BG$A@77:A>6@7$67$B$
7:>O@DT$A@;G?$F@EE6<G5$9BC:M$%:8D::Q$67?:8D
::$B7?$@;>?:8D::$BGG$?
:EAD6<:$>9:$A:7>DBG6>5$@H$:BA9$
;E:D$67$>9:$D:>O::>$7:>O@DTM$!9:$?:8D::$=:B7E$>9:$7;=<:D$@H$>6=:E$B$;E:D$<:678$D:>O::>:?$B7?$
D:>O::>M$*7?:8D::$=:B7E$>9:$7;=<:D$@H$>6=:E$B$;E:D$6E$D:>O::>:?M$!9:$@;>?:8D::$=:B7E$>9:$
7;=<:D$@H$>6=:E$B$;E:
D$D:>O::>M$
$$*$BGE@$:S
B=67:?$>9:$?:8D::$?6E>D6<;>6@7$BAD@EE$:BA9$@H$>9D::$D:>O::>$7:>O@DTE$XE::$(Q$1Q$
B7?$+$
67$.68;D:$YL
ZM$(AA@D?678G5Q$>9:$?:8D::$?6E>D6<;>6@7EQ$D:FD:E:7>:?$67$>9:$H68;D:Q$67?6AB>:$>9B>$
=@D:$>9B7$aLl$@H$;E:DE$67$:BA9$@H$>9:$>9D::$D:>O::>$7
:>O@DTE$@7G5$9BC:$B<@;
>$Y$?:8D::Q$=:B7678$
>9B>$>9:5$@7G5$D:>O::>:?$@7A:$@D$@>9:D$;E:DE$@7G5$D:>O::>:?$>9:=$@7A:M$!@$:SFGB67$9@O$AG6=B>:$
A9B78:$:C:7>$D:>O::>$7:>O@DTEV$E>D;A>;D:E$?6HH:D$HD@=$E>B7?BD?$>5F:E$@H$7:>O@DTEQ$*$E6=;GB>:?$
>9D::$E>B7?BD?E$>5F:E$@H$7
:>O@DTE
JB$E=BGG
RO@DG?$
7:>O@DT$X
.68;D:$YL%
ZQ$B$EABG:
RHD::$7:>O@DT$
!Y\L!!!$X.68;D:$YL#
ZQ$B7?$B$DB7?@=$7:>O@DT$X.68;D:$YL.ZM$*7$B$E=BGG$O@DG?$7:>O@DT$XNB>>E
R,>D@8B>U$
7:>O@DTZQ$>O@$7@?:E$X67$>96E$ABE:$>9:$;E:DEZ$BD:$@7G5$f$?:8D::E$BOB5$HD@=$:BA9$@>9:DM$*7$B$EABG:
RHD::
$7:>O@DT$X1BDB<rE6
R(G<:D>$7:>O@DTZQ$@7G5$B$H:O$7@?:E$9BC:$E6876H6AB7>G5$9689$?:8D::EQ$O96G:$
>9:$=B^@D6>5$9BC:$@7G5$B$H:O$?:8D::Em$6>E$?:8D::$?6E>D6<;>6@7$6E$B$F@O:D
RGBO$?6E>D6<;>6@7M$*7$B$
DB7?@=$7:>O@DT$=@?:G$X#D?‹E
R4›756$7:>O@DTZQ$:BA9$7@?:$6E$DB7?@=G5$A@
77:A>:?Q$>9:$?:8D::$
?6E>D6<;>6@7$@H$7@?:E$AG@E:E$>@$B$7@D=BG$?6E>D6<;>6@7M$!9:$E>D;A>;D:$@H$>9D::$D:>O::>$7:>O@DTE$
BG687$=@E>$AG@E:G5$O6>9$>9:$EABG:
RHD::$7:>O@DTM$!9B>$6EQ$@7G5$B$H:O$;E:DE$9BC:$E6876H6AB7>G5$9689$
A@77:A>6@7E$X:6>9:D$D:>O::>:?$@D$<:678$D:>O
::>:?Z$O96G:$>9:$=B^@D
6>5$@H$@>9:D$;E:DE$@7G5$9BC:$B$
H:O$A@77:A>6@7E$67$>9:$D:>O::>$7:>O@DTM$
$C.G+32!
N[!$%&'()*+%,#%-#/90#E0:)00#E*+/)*54/*%,+#%-#$6*&(/0#$9(,:0#@D0,/#F0/G00/#H0/G%)I+#
!:";9&6,+")3"!3*5%3T%<6%%3T,+*6,0/*,")+3"!3:#,;
&*%3:5&)<%3U1%)*3P%*$%
%*3F%*$"6[+3
!$F"*%+
W$*7$(Q$1Q$B7?$+Q$:BA9$7@?:$D:FD:E:7>E$B$!O6>>:D$;E:DM$
$!Y\Y!!!$&2,=22,!$(+3127!-/A!$*32-A237
!!9:$H6DE>$FBD>$@H$4vY$BET:?$O96A9$>5F:$@H$BA>@DE$E:DC:?$BE$=B^@D$E@;DA:E$@H$D:>O::>E$B7?$
O96A9$>5F:E$@H$BA>@DE$E:DC:?$BE$=B^@D$EFD:B?:DE$@H$AG6=B>:$A9
B78:$B>>:7>6@7$O6>967$!O6>>:DM$
.68;D:$YY
$FD:E:7>E$>9:E:$D:E;G>EM$*7$>:D=E$@H$E@;DA:EQ$7:OE$=:?6B$@;>G:>E$O
:D:$>9:$>@F$E@;DA:$@H$
D:>O::>E$BAD@EE$BGG$BA>@D$AB>:8@D6:E$67$BGG$>9D::$:C:7>EM$,F:A6H6ABGG5Q$[YlQ$[clQ$B7?$[Pl$@H$
D:>O::>E$@D6867B>:?$HD@=$7:OE$=:?6B
$@;>G:>E$@7$#BD>9$%B5Q$/:@FG:VE$+G6=B>:$)@C:=:7>Q$B7?$
-<B=B$@7$.BA:<@@TQ$D:EF:A>6C:G5M$/@G6>6ABG$BA>@DE$O:
D:$>9:$G:BE>$A@==@7$@D6867BG$E@;DA:$BAD@EE$
BGG$:C:7>EM$,F:A6H6ABGG5Q$Y\lQ$dlQ$B7?$YYl$@H$D:>O::>E$@D6867B>:?$HD@=$F@G6>6ABG$BA>@DE$@7$#BD>9$
%B5Q$/:@FG
:VE$+G6=B>:$)@C:=:7>Q$-<B=B$@7$.BA:<@@TQ$B7?M$"@O:C:DQ$>96E$H67?678$=B5$<:$B$
<5FD@?;A>$@H$>9:$HBA>$>9B>$>9
:D:$BD:$HBD$H:O:D$@H$>9:E:$FBD>6A;GBD$BA>@DE$O6>967$>9:E:$>9D::$D:>O::>$
7:>O@DTEM$
$*7$>:D=E$@H$EFD:B?:DEQ$67?6C6?;BG$BA>@DE$H;7A>6@7:?$BE$>9:$>@F$EFD:
B?:DE$@H$67H@D=B>6@7$
BAD@EE$BGG$>9D::$:C:7>EM$,F:A6H6ABGG5Q$67?6C6?;BG$;E:DE$BAA@;7>:?$H@D$cclQ$cdlQ$B7?$c
Pl$@H$D:>O::>E$F:D>B67678$>@$#BD>9$%B5Q$/:@FG:VE$+G6=B>:$)@C:=:7>Q$B7?$-<B=B$@7$.BA:<@@T$
D:EF:A>6C:G5M$/@G6>6ABG$BA>@DE$B7?$B?C@ABA5$BA>@DE$O:D:$>9:$G
:BE>$G6T:G5$>@$D:>O::>$BAD@EE$BGG$
:C:7>EM$/@G6>6ABG$BA>@DE$BAA@;7>:?$H@D$B<@;>$Yl$@H$D:>O::>E$B7?$B?C@ABA5
$BA>@DE$BAA@;7>:?$H@D$
B<@;>$Kl$67$BGG$>9D::$:C:7>EM$$
$-C:DBGGQ$>9:$EFD:B?:D$DB>6@E$B7?$>9:$E@;DA:$DB>6@$?6?$7@>$E9@O$=;A9$CBD6B<6G6>5$BAD@EE$>9:$
>9D::
$:C:7>EM$*7?6C6?;BG$BA>@DE$O:D:$>9:$=B^@D$EFD:B?:DE$<:AB;E:$>9:5$A@7E6E>:7>G5$D:>O::>:?$
=@D:$>9B7$<:678$D:
>O::>:?M$-D8B76UB>6@7BG$BA>@DE$E:DC:?$BE$>9:$=B^@D$E@;DA:$@H$D:>O::>E$D:GB>:?$
>@$>9:$>9D::$E:G:A>:?$AG6=B>:$A9B78:$:C:7>EQ$BE$>9:5$O:D:$D:>O::>:?$=@D:
$>9B7$>9:5$D:>O::>:?$
@>9:DEM$
$!!Y\K!!!$C.G+32!
NN!45%3."/62%+3&)'3.96%&'%6+3"!3
:#,;&*%3:5&)<%3J**%)*,")30-3U1%)*
!45%3."/62%+3&)'3.96%&'%6+3"!3:#,;&*%3:5&)<%3J**%)*,")30-3U1%)*
!3(33#BD>9$%B5
$$$!!!!!!$$$1$$$/:@FG:VE$+G6=B>:$)@C:=:7>$
$$$$$$$$$$$$$#!$%!Y\[!!!$.68;D:$YY$XA@7>V?Z
$+$3-<B=B$@7$
.BA:<@@T
$$$!B<G:$Y[
$E9@OE$>9:$E@;DA:$@H$D:>O::>E$<D:BT?@O7$<5$:BA9$>5F:$@H$BA>@DEM$($8:7:DBG$
@C:DC6:O$@H$>9:$E@;DA:$DB>6@E$E9@OE$7@>$=;A9$CBD6B<6G6>5$BAD@EE$BGG$>9D::$:C:7>EM$.;D>9:D$
67C:E>68B>6@7E$@H$>9:$E@;DA:$DB>6
@$H@D$:BA9$>5F:$@H$BA>@DE$D:C:BG$>9D::$T:5$67E689>EM$.6DE>Q
$7:OE$
=:?6B$6E$>9:$>@F$E@;DA:$@H$D:>O::>E$HD@=$67?6C6?;BG$BA>@DEQ$<;>$6>$?@:E$7@>$=@7@F@G6U:$>9:$E@;DA:$
@H$D:>O::>E$67$BGG$>9D::$:C:7>EM$-7$BC:DB8:Q$BD@;7?$[Ll$@H$D:>O::>E$F;<G6E9:?$<5$67?6C6?;BG$
BA>@DE$AB=:$@D6867BGG5$HD@=$7:OE$BA>@DEM$->9:D$@D8B76UB>6@7B
G$BA>@DE$O:D:$>9:$E:A@7?$=B^@D$
E@;DA:$@H$D:>O::>E$H@D$67?6C6?;BG$BA>@DEM$*7$HBA>Q$BAD@EE$>9:$>9D::$:C:7>EQ$@>9:D$@D8B76UB>6@7BG$
BA>@DE$BAA@;7>:?$H@D$7:BDG5$B$I;BD>:D$@H$BGG$D:>O::>E$E9BD:?$<5$67?6C
6?;BG$BA>@DEM$(E$B$I;6AT$
D:=67?:D$HD@=$+9BF>:D$\VE$H67?678E
Q$>9:$@>9:D$@D8B76UB>6@7E$67AG;?:$B$O6?:$DB78:$@H$
@D8B76UB>6@7BG$BA>@DEQ$67AG;?678$A:G:<D6>6:EQ$:?;AB>6@7BG$67E>6>;>6@7EQ$A@=FB76:EQ$AG6=B>:$A9B78:$
EA6:7>6E>EQ$B7?$FD@H:EE6@7BGE$BHH6G6B>:?$O6>9$B$O
6?:$DB78:$@H$@D8B76UB>6@7EM$!9;EQ$7:OE$=:?6B$
E::=E$>@$E>6GG
$9@G?$>9:$F@O:D$@C:D$B8:7?B$E:>>678$B>$G:BE>$E;DD@;7?678$>9:$>9D::$:C:7>EQ$<;>$
67?6C6?;BG$BA>@DE$BGE@$HD:I;:7>G5$H@DOBD?:?$>O::>E$HD@=$@>9:D$7@7
R7:OE$@D8B76UB>6@7BG$BA>@DEM$
$!#!$%!Y\\!!!$%-:02!
NP!."/62%3P&*,"+3!"63U&2534-9%3"!3J2*"6
!."/62%3P&*,
"+3!"63U&2534-9%3"!3J2*"6
!$7:OE$
BA>@DE
$F@G6>6ABG$
BA>@DE
$B?C@ABA5$
BA>@DE
$@>9:D$
@D8B76UB>6@7E
$67?6C6?;BG$
BA>@DE
$."/62%G
$#BD>9$%B5
$':OE$BA>@DE
$\\l$Y[l$K\l$Kcl$[Yl$/@G6>6ABG$BA>@DE
$YLl$PPl$cl$YYl$YPl$(?C@ABA5$BA>@DE
$YYl$al$[\l$YPl$Y\l$->9:D$
@D8B76UB>6@7E
$KLl$Ydl$KYl$[Kl$KKl$*7?6C6?;BG$BA>@DE
$YPl$Pl$Y\l$YPl$Yal$."/62%G
$/:@FG:VE$+G6=B>:$)@C:=:7>
$':OE$BA>@DE
!\dl$KYl$Kfl$[Yl$[fl$/@G6>6ABG$BA>@DE
!\l$[Yl$\l$Pl$al$(?C@ABA5$BA>@DE
!YYl$YYl$[[l$Y\l$YKl$->9:D$@D8B76UB>6@7E
!KKl$[Ll$K[l$[Kl$KPl$*7?6C6?;BG$BA>@DE
!Y\l$cl$YPl$Ycl$Ydl$."/62%G
$-<B=B$@7$.BA:<@@T
$':OE$BA>@DE
!PYl$Yfl$Kcl$[Ll$[Pl$/@G6>6ABG$BA>@DE
!al$\[l$cl$al$YYl$(?C@ABA5$BA>@DE
!dl$fl$[[l$Y\l$Y[l$->9:D$@D8B76UB>6@7E
!KLl$Kdl$KYl$[Kl$K\l$*7?6C
6?;BG$BA>@DE
!YKl$fl$Y\l$Yfl$Ycl$F"*%+G3
'0&!/,F%&!+0#;+!+#2(5&!(,/3#!4#(!&,50!/-1&!#4!2+&(8
$J%%!7,%2&+!/#/,%!/#!>==a!F-!&,50!5#%2H)!3)!,)!&7&)/8!U#(!
&N,H1%&D!3)!/0&!^,(/0!M,-!&7&)/D!/#!5,%52%,/&!/0&!+#2(5&!(,/3#!4(#H!1#%3/35,%!,5/#(+!4#(!/0&!)&;+!,5/#(+D!B
!2+&*!/0&!
/#/,%!)2HF&(!#4!(&/;&&/
+!F-!)&;+!,5/#(+!/0,/!;&(&!#(3$3),%%-!12F%3+0&*!E/;&&/&*G!F-!1#%3/35,%!,5/#(+!*373*&*!F-!/0&!
/#/,%!)2HF&(!#4!(&/;&&/+!F-!)&;+!,5/#(+8!'0&!(&+2%/3)$!>=a!3)*35,/&*!/0,/!>=a!#4!/0&!(&/;&&/+!F-!)&;+!,5/#(+!
#(3$3),/&*!4(#H!1#%3/
35,%!,5/#(+8
!!!9:$E:A@7?$67E689>$
8G:B7:?$HD@=$>9:E:$D:E;G>E$6E$>9B>$67?6C6?;BG$BA>@DE$BD:$BGE@$B$E@;DA:$@H$
D:>O::>EM$*7?6C6?;BG$BA>@DE$O:D:$>9:$>96D?$=@E>$A@==@7$E@;DA:$@H$D:>O::>E$H@D$67?6C6?;BG$BA>@DEM$
,F:A6H6ABGG5Q$BFFD@S6=B>:G5$Yal$@H$D:>O::>E$<5$67?6C
6?;BG$BA>@DE$@D6867B>:?$HD@=$@>9:
D$67?6C6?;BG$BA>@DE$BAD@EE$>9:$>9D::$:C:7>EM$!9:E:$7;=<:DE$E;88:E>$>9B>$67>:DF:DE@7BG$
A@==;76AB>6@7$B=@78$67?6C6?;BG$;E:DE$BAA@;7>E$H@D$B<@;>$B$G6>>G:$@C:D$@7:
RE6S>9$@H$>9:$?6HH;E6@7$
!Y\P!!!$@H$AG6=B>:$A9B78:$B>>:7>6@7$O6>967$!O6>>
:DM$(G>9@;89$67>;6>6C:G5Q$@D8B76U
B>6@7BG$;E:DE$BAA@;7>:?$
H@D$BD@;7?$aLl$@H$D:>O::>E$F;<G6E9:?$<5$67?6C6?;BG$;E:DEQ$>9:$GB>>:D$BD:$BGE@$E@=:>6=:E$>9:$
E@;DA:$@H$D:>O::>E$H@D$>9:$H@D=:DM$*7$>9:$>9D::$:C:7>EQ$BD@;7?$Y\l$@H$D:>O::>E$<5$7:OE$BA>@DEQ$
Y\l$D:>O::>E
$<5$B?C@ABA5$BA>@DEQ$Yfl$D:>O::>E
$<5$@>9:D$@D8B76UB>6@7BG$BA>@DEQ$B7?$fl$D:>O::>E$
<5$F@G6>6ABG$BA>@DE$AB=:$HD@=$67?6C6?;BG$BA>@DEM$!9;EQ$BG>9@;89$@D8B76UB>6@7BG$BA>@DE$E:DC:$BE$>9:$
FD6=BD5$E@;DA:$@H$67H@D=B>6@7Q$67?6C6?;BG$BA>@DE$BGE@$E:DC:$BE$E@;DA:E$@H$6
7H@D=B>6@7$H@D$
@D8B76UB>6@7BG$BA>
@DEM
!*7?6C6?;BG$BA>@DE$D:>O::>:?$>9:$G:BE>$HD@=$B?C@ABA5$B7?$F@G6>6ABG$BA>@DEM$*7$BGG$:C:7>EQ$
@7G5$B7$BC:DB8:$@H$Y[l$D:>O::>E$<5$67?6C6?;BGE$@D6867BGG5$AB=:$HD@=$B?C@ABA5$8D@;FEM$(<@;>$
YYl$@H$D:>O::>E$<5$67?6C6?;BG$BA>@DE$@
D6867BGG5$AB=:$HD@=$F@G6>6ABG$BA>
@DEM$!96E$H67?678$B<@;>$
F@G6>6ABG$B7?$B?C@ABA5$8D@;FE$D;7E$A@7>DBD5$>@$FD:C6@;E$D:E:BDA9Q$O96A9$H@;7?$>9B>$>9:$=@E>$
D:>O::>:?$;E:DE$O:D:$>9:$E@;DA:$@H$B$H@;D>9$@H$BGG$D:>O::>E$X]6D6G:7T@$n$,>:FA9:7T@CBQ$KLY\ZM$
)@D:$EF:A6H6A
BGG5Q$<BE:?$@7$B$DB7?@=$EB=FG:$@H
$!O::>E$HD@=$B$7@7
R:C:7>$F:D6@?Q$]6D6G:7T@$B7?$
,>:FA9:7T@CB
$H@;7?$>9B>$B?C@ABA5$8D@;FE$B7?$7:OE$=:?6B$O:D:$67E>:B?$>9:$=@E>$A@==@7$
E@;DA:$@H$D:>O::>EM$
$!9:$>96D?$67E689>$D:C:BG:?$HD@=$>9:$?B>B$6E$>9:$E>D@78$9@=@F96G5$<:>O::
7$@D8B76UB>6@7BG$
BA>@DE$67$BGG$>9
D::$:C:7>EM$(E$E9@O7$<5$
.68;D:$YK
Q$O96A9$C6E;BG6U:E$>9:$D:E;G>E$FD:E:7>:?$67
$!B<G:$
Y[Q$!O::>E$<5$7:OEQ$F@G6>6ABGQ$B?C@ABA5Q$B7?$@>9:D$@D8B76UB>6@7BG$BA>@DE$O:D:$=@E>$G6T:G5$>@$
A@=:$HD@=$>9:6D$F::DEM$.@D$:SB=FG:Q$B<@;>$\al$@
H$D:>O::>E$<5$7:OE$BA>@DE$@D6867B
>:?$HD@=$@>9:D$
7:OE$BA>@DEM$26T:O6E:Q$F@G6>6ABG$BA>@DE$D:>O::>:?$=@E>G5$A@7>:7>$F;<G6E9:?$<5$@>9:D$F@G6>6ABG$
BA>@DEM$(<@;>$\[l$D:>O::>E$<5$F@G6>6ABG$BA>@DE$AB=:$HD@=$@>9:D$F@G6>6ABG$BA>@DE$67$>9:$>9D::$
:C:7>EQ$BG>9@;89$F@G6
>6ABG$BA>@DE$E::=$>@$9BC:$=@D:$CB
D6B7A:$BAD@EE$:C:7>E$X[Y
RPPlZ$>9B7$7:OE$
!Y\f!!!$BA>@DE$X\\
RPYlZM$!96E$E>D@78$9@=@F96G5$6E$F:D9BFE$<:AB;E:$@D8B76UB>6@7BG$;E:DE$@7$!O6>>:D$>:7?$
>@$H@GG@O$:BA9$@>9:DM
$C.G+32!
NO!H,+/&#,W&*,")3"!3*5%3."/62%3&)'
3.96%&'%6+3J26"++3:#,;&*%3:5&)<%3
U1%)*+3
!H,+/&#,W&*,")3"!3*5%3."/62%3&)'3.96%&'%6+3J26"++3:#,;&*%3:5&)<%3U1%)*+3
!($#BD>9$%B5
$$1$$/:@FG:VE$+G6=B>:$)@C:=:7>$
$&'()*+*,
%-.'/(/'0+1
%234567268
%9)1/3/*/+.
%:5;<
%=)06*5
%=>65+'56
%234567268
%&'()*+*,
%9)1/3/*/+.
%:5;<
%-.'/(/'0+1
%?+3/)
%&'()*+*,
%9)1/3/*/+.
%234567268
%-.'/(/'0+1
%:5;<
%=)06*5
%&'()*+*,
%9)1/3/*/+.
%234567268
%-.'/(/'0+1
%:5;<
%=>65+'56
%?+3/)
%!Y\c!!!$.68;D:$YK$XA@7>V?Z
$+$-<B=B$@7$.BA:<@@T$
$F"*%+G
$!9:$,B7T:5$?6B8DB=E$BD:$C6E;BG6UB>6@7$@H$
!B<G:$Y[
M$#BA9$A@G@D$<BD$D:FD:E:7>E$B$>5F:$@H$
!O6>>:D$;E:DM$!9:$O6?>9$@H$>9:$A@G@D$<BD$D:FD:E:7>E$9@O$=;A9$67H@D=B>6@7$6E$HG@O678$HD@=$>9:$
E@;DA:$>@$>9:$EFD:B?:DM$
$$*7$E;==BD5Q$>9:E:$H67?678E$E;88:E>$>9B>$>9:$B7EO:D$>@$>9:$H6DE>$FBD>$@H$4vY$6E$>9B>$7:OE$
BA>@DE$>:7
?$>@$<:$>9:$>@F$E@;DA:$@H$AG6=B>:$A9B78:$67H@D=B>6@7$67$8:7:DBGQ$<;>$7:OE$BA>@DE$BD:$7@>$
E@$?@=67B7>$>9B>$>9:5$=@7@F@G6U:$>9:$?6HH;E6@7$@H$AG6=B>:$A9B78:$B>>:7>6@7$@7$!O6>>:DM$->9:D$
7@7R7:OE$@D8B76UB>6@7BG$BA>@DE$B7?$67?6C6?;BGE$BGG$E9BD:$>9:$D@G:$@H$<:678
$B$E@;DA:$H@D$>9:$
?6HH;E6@7M$*7?6C6?;BG$BA>@DE$>:7?$>@$<:$>9:$EFD:B?:DE$@H$67H@D=B>6@7$HD@=$@D8B76UB>6@7BG$BA>@DEM$
!9B>$EB6?Q$67?6C6?;BG$BA>@DE$BGE@$@AABE6@7BGG5$E:DC:$BE$E@;DA:E$@H$67H@D=B>6@7$H@D$@D8B76UB>6@7BG$
BA>@DEM$(GE@Q$:BA9$>5F:$@H$@D8B76UB>6@7BG$B
A>@DE$OBE$>9:$GBD8:E>$E@;DA:$@H$67H@D=B>6@7$H@D$F::DE$
O6>967$>9:6D$EB=:$BA>@D$AB>:8@D5M$2BE>G5Q$>9:D:$6E$G6>>G:$CBD6B<6G6>5$BAD@EE$>9:$>9D::$:C:7>E$67$>:D=E$
@H$E@;DA:$DB>6@$B7?$EFD:B?:D$DB>6@M$
$&'()*+*,
%&'()*+*,
%9)1/3/*/+.
%9)1/3/*/+.
%234567268
%234567268
%:5;<
%:5;<
%-.'/(/'0+1
%-.'/(/'0+1
%=)06*5
%=>65+'56
%?+3/)
%!Y\a!!!$*3'+5$-!,)+'6&%!
!*7$>:D=E$@H$>9:$E:A@7?$FBD>$@H$4vY$X6M:MQ$9@O
$>9:$D@G:E$@H$BA>@DE$A9B78:$@C:D$>6=:ZQ$
.68;D:$
Y[$FD:E:7>E$>9:$D:E;G>EM$,F:A6H6ABGG5Q$
.68;D:$Y[$
E9@OE$9@O$>9:$BC:DB8:$D:>O::>E$@D6867B>:?$
XBC:DB8:$67?:8D::$A:7>DBG6>5Z$HD@=$@H$:BA9$>5F:$@H$BA>@D$A9B78:E$<5$9@;D$BAD@EE$:BA9$@H$>9:$>9D::$
:C:7>EM$
$($I;6AT$A@=
FBD6E@7$@H$>9:E:$8DBF9E$6GG;E>DB>:E$>9B>$:6>9:D$7:OE$BA>@DE$@D$F@G6>6ABG$BA>@DE$
BD:$>9:$>@F$E@;DA:$@H$D:>O::>E$BAD@EE$BGG$:C:7>E$BG=@E>$BGG$>9:$>6=:M$(AA@D?678G5Q$>9:E:$>O@$BA>@D$
>5F:E$BD:$>9:$=@E>$G6T:G5$>@$8:7:DB>:$EF6T:E$@H$B>>:7>6@7Q$B>$G:BE>$F:D>B6767
8$>@$>9:E:$AG6=B>:$
A9B78:$:C:7>EM$"@O:C:DQ$@AABE6@7BGG5Q$67?6C6?;BG$BA>@DE$BGE@$E:DC:?$BE$>9:$>@F$E@;DA:$@H$
67H@D=B>6@7M$.@D$:SB=FG:Q$?;D678$#BD>9$%B5Q$67$>9:$H6DE>$B7?$>9:$Kc>9$9@;D$@<E:DC:?Q$67?6C6?;BG$
BA>@DE$8:7:DB>:?$=@D:$BC:DB8:$D:>O::>E$>9B7$@>9:D$>5
F:$@H$BA>@DEM$.;D>9:D=@D:Q$?;D678$>9:$
/:@FG:VE$+G6=B>:$)@C:=:7>Q$FBD>6A;GBDG5$B=6?$B>>:7>6@7$EF6T:$9@;DEQ$67?6C6?;BG$BA>@DE$BA>:?$B$
GBD8:D$E@;DA:$@H$67H@D=B>6@7$XD:>O::>EZ$>9B7$F@G6>6ABG$BA>@DE$B7?$B?C@ABA5$8D@;FEM$+@GG:A>6C:G5Q$
>9:E:$FB>>:D7E$E;88:E>$>9B>
$?6HH:D:7>$>5F:E$@H$BA>@DE$BEE;=:$>9:$D@G:$@H$E@;DA:$B7?$EFD:B?:Dm$>9B>$
6EQ$>9:E:$D@G:E$BD:$7@>$H6S:?$<;>$A9B78:$@C:D$>6=:M$
$)@D:$6=F@D>B7>G5Q$B$A@=FBD6E@7$<:>O::7$>9:$8DBF9E$@H$:BA9$:C:7>$D:C:BGE$E;<E>B7>6BG$
CBD6B>6@7$67$>9:$FB>>:D7E$@H$B>>:7>6@7$B7?$>9:$
E@;DA:E$@H$B>>:7>6@7$?;D678$EF6T:EM$!9:$/:@FG:VE$
+G6=B>:$)@C:=:7>$6E$>9:$=@E>$?6HH:D:7>$:C:7>$B=@78$>9:$>9D::$:C:7>EM$*7$>9:$/:@FG:VE$+G6=B>:$
)@C:=:7>Q$>9:$FB>>:D7$@H$>9:$B>>:7>6@7$D:C:BG:?$@7G5$@7:$9;8:$EF6T:$BH>:D$>9:$:C:7>$9BFF:7:?M$
%;D678$>9:$EF6T:$>6=
:Q$7:OE$BA>@DE$O:D:$D:>O::>:?$>9:$=@E>M$):B7O96G:Q$F:@FG:$BGE@$D:>O::>:?$
@>9:D$>5F:E$@H$BA>@DE$=@D:$?;D678$EF6T:E$>9B7$>9:5$?6?$?;D678$7@7
REF6T:$9@;DEQ$8:7:DB>678$
D:F:B>:?$E57A9D@76UB>6@7$@H$B>>:7>6@7M$!9B>$6EQ$BGG$>5F:E$@H$BA>@DE$A@BG:EA:?$BD@;7?$D:>O::>6
78$B<@;>$AG6=B>:$A9B78:$B7?Q$67$>;D7Q$>9:5$>@8:>9:D$H;D>9:D$?D@C:$;F$B>>:7>6@7$EF6T:EM$(GG$>5F:E$@H$
!Y\d!!!$BA>@DE$A@GGB<@DB>6C:G5$AD:B>:?$=@=:7>;=$H@D$>9:$=@C:=:7>$H@D$B<@;>$P$9@;DEM$/:D9BFEQ$BE$B$
D:E;G>Q$>9:$E>D:78>9$@H$B>>:7>6@7$XE9@O7$<5$>9:$BC:DB8:$D:>O::>E$B
>$F:BT$F@67>EZ$6E$=;A9$9689:D$
>9B7$>9:$@>9:D$>O@$:C:7>EM$"@O:C:DQ$67$^;E>$K$9@;DEQ$EF6T:E$?O67?G:?$B7?$D:>;D7:?$>@$>9:$>5F6ABG$
D:>O::>$FB>>:D7E$XE::$.68;D:$Y[1ZM$
$C.G+32!
NP!45%3:5&)<,)<3."/62%+3"!3J**%)*,")30-3N"/63,)3*5%3456%%3
U1%)*+
!45%3:5&)<,)<3."/62%+3"!3J**%)*,")30-3N"/63,)3*5%3456%%3U1%)*+
!($$$#BD>9$%B5
$$3$$$$$$1234563
(78936433:
(;<=3(>3?@38A3(BC(
D/@4
(#..("..(!..(.(!YPL!!!$.68;D:$Y[$XA@7>V?Z
$1$$$/:@FG:VE$+G6=B>:$)@C:=:7>$
$$+$$-<B=B$@7$.BA:<@@T
$F"*%+
W$!9:$>9D::$G67:$A9BD>E$E9@OE$>9:$A9B78678$E@;DA:E$@H$AG6=B>:$A9B78:$B>>:7>6@7$HD@=$
:BA9$>5F:$@H$BA>@DE$9@;D$<5$9@;DM$!9:$S
RBS6E$6E$>9:$=:B7$BC:DB8:$67?:8D::E$@H$:BA9$>5F:$
@H$;E:DQ$=:B7678$9@O$=B75$>6=:E$@7$BC:DB8:$>9:$>O::>E$@H$B$>5F:$@H$BA>@DE$O:D:$E9BD:?
M$$$$$$1234563
(78936433:
(;<=3(>3?@38A3(BC(
D/@4
(+..()..($..("..(.(;<=3(>3?@38A3(BC(
D/@4
(1234563
(7893643
3:(!'.(!..('.(.(!YPY!!!$*7$>9:$#BD>9$%B5$:C:7>Q$F@G6>6ABG$BA>@DE$O:D:$>9:$>@F$E@;DA:$H@D$>9:$GBD8:E>$EF6
T:$@H$
D:>O::>EM$):B7O96G:Q$7:OE$=:?6B$O:D:$=@E>$D:>O::>:?$67$B$H:O$AG;E>:DE$@H$E=BGG:D$B>>:7>6@7$
EF6T:E$<:H@D:Q$?;D678Q$B7?$BH>:D$#BD>9$%B5M$(??6>6@7BGG5Q$>9:$8DBF9$H@D$
>96E$:C:7>Q$67$FBD>6A;GBDQ$
E;88:E>E$>9B>$=@D:$:7?;D678$B>>:7>6@7$EF6T:E$67>:8DB>:?$@>9:
D$BA>@DEM$.@D$:SB=FG:Q$BH>:D$#BD>9$
%B5Q$7:OE$BA>@DE$O:D:$=@E>$D:>O::>:?$67$B$AG;E>:D$@H$EF6T:EM$(>$>9:$EB=:$>6=:Q$>O::>E$HD@=$
67?6C6?;BG$BA>@DE$B7?$@>9:D$@D8B76UB>6@7E$B
GE@$A@DD:EF@7?:?$67$B$AG;E>:D$@H$EF6T:EM$
$%;D678$>9:$-<B=B$@7$.BA:<@@T$:C:7>Q$7:OE$BA>@
DE$D:=B67:?$>9:$>@F$E@;DA:$@H$>O::>E$
=@E>$@H$>9:$>6=:M$"@O:C:DQ$;7G6T:$>9:$/:@FG:VE$+G6=B>:$)@C:=:7>Q$BA>@DE$O:D:$G:EE$67>:8DB>:?M$
N9:7$>9:$N96>:$"@;E:$D:G:BE:?$>9:$<D:B
T678$7:OE$B<@;>$-<B=B$@F:7:?$96E$.BA:<@@T$BAA@;7>$
@7$'@C:=<:D$dQ$KLYPQ$7:OE$B7?$F@G6>6A
BG$BA>@DE$O:D:$=@E>$D:>O::>:?$67$=;G>6FG:E$EF6T:EQ$<;>$BGG$
@>9:D$BA>@DE$?6?$7@>$E6=;G>B7:@;EG5$67>:8DB>:$O6>9$>9:E:$EF6T:EM$+@7E6?:D678$>96E$H67?678$B7?$>9:$
HBA>$>9B>$>9
:$-<B=B$@7$.BA:<@@T$:C:7>$9B?$>9:$G:BE>$7;=<:D$@H$D:>O::>E$B=@78$>9:$>9D::$:C:7>EQ$
6>$6
E$F@EE6<G:$>9B>$G:EE$A@7E6E>:7>$E57A9D@76UB>6@7$B7?$67>:8DB>6@7$B=@78$BA>@D$>5F:E$G:B?E$>@$G:EE$
B>>:7>6@7$@7$!O6>>:DM$
$*7$E;=Q$>@$B7EO:D$>9:$E:A@7?$9BGH$@H$=5$H6DE>$D:E:
BDA9$I;:E>6@7Q$>9:E:$H67?678E$E;88:E>$
>9B>$BG>9@;89$7:OE$B7?$F@G6>6ABG$BA>@DE$A@7>67;:$
>@$<:$>9:$>@F$E@;DA:E$@H$B>>:7>6@7$@7$!O6>>:DQ$
67?6C6?;BG$BA>@DE$@AABE6@7BGG5$BGE@$BA>:?$BE$>9:$>@F$E@;DA:M$!9;EQ$>9:$D@G:$@H$8B>:T::F:D$E::=E$>@$
A9B78:$@C:D$>9:$>6=:M$2
BE>G5Q$H67?678E$HD@=$>96E$E:A>6@7$D:C:BGE$>9B>$:BA9$:C:7>$E9@OE$B$?6E>67A>$
FB>>:D7$@H$B
>>:7>6@7$B7?$B>>:7>6@7$?6HH;E6@7$FD@A:EE$@7$!O6>>:DM$+@=FBD:?$>@$:C:7>E$>9B>$EFBDT:?$
G:EE$!O6>>:D$B>>:7>6@7Q$:C:7>E$O6>9$=@D:$!O6>>:D$B>>:7>6@7$BD:$BEE@A6B>:?$O6>9$D:F:B
>:?$
E57A9D@76UB>6@7$B7?$67>:8DB>6@7$@H$B>>:7>6@7$HD@=$BGG$>5F:E$@H$BA>@DEM$
$!YPK!!!$F/,23)2A.-!
6.55+7.(/!!
!$)5$E:A@7?$D:E:BDA9$I;:E>6@7$:SB=67:?$>9:$D:GB>6@7E96FE$<:>O::7$67HG;:7>6BG$
>O::>E$<5$:BA9$>5F:$@H$BA>@D$B7?$F;<G6A$B>>:7>6@7$@C:D$>6=:Q$B7?$=5$>96D?$I;:E>6@7$A@7E6?:D:?$>9:$
D:GB>6@7E96FE$<:>O::7$67HG;:7>6BG$>O::>E$<5$:BA9$>5F:$@H$BA>@D$B7?$@7G
67:$7:OE$B>>:
7>6@7$@;>E6?:$
@H$!O6>>:D$@C:D$>6=:M$1BE:?$@7$>9:$D:E;G>E$@H$>9:$3DB78:D$+B;EBG6>5$>:E>EQ$>9:D:$BFF:BDE$>@$<:$
?6HH:D:7>$FB>>:D7E$@H$67>:D=:?6B$?6HH;E6@7$@H$AG6=B>:$A9B78:$B>>:7>6@7$<:5@7?$!O6>>:DM$"@O:C:DQ$
>9:D:$BGE@$BFF:BDE$>@$<:$E;<E>B7>6BG$C
BD6B7A:$<:>O:
:7$:C:7>E$67$>:D=E$@H$>9:$>O@
ROB5$
D:GB>6@7E96FE$<:>O::7$67HG;:7>6BG$>O::>E$<5$:BA9$>5F:$@H$BA>@D$B7?$B>>:7>6@7$@;>E6?:$!O6>>:DM$*$
C6E;BG6U:?$>9:$3DB78:D$+B;EBG6>5$D:GB>6@7E96FE$BE$B$7:>O@DT$H@D$:BA9$:C:7>$XE::$
.68;D:$Y\
ZM$$*7$:C:D5$:C:7>Q$67?6
C6?;BG$BA>@DE
V$D:>O::>678$BA>6C6>6:E$O6>967$!O6>>:D$FD:?6A>:?$F;<G6A$
B>>:7>6@7$X=:BE;D:?$<5$>9:$7@D=BG6U:?$3@@8G:$!D:7?E$*7?:SZ$B7?$@7G67:$7:OE$B>>:7>6@7$
X=:BE;D:?$<5$>9:$7@D=BG6U:?$7;=<:D$@H$7:OE$BD>6AG:E$F;<G6E9:?$<5$@7G67:$7:OE$O:<E6>:EZM$!96E$
H67?678$6
E$;7E;DFD6E67
8m$B7$:C:7>$<:A@=:E$7:OEO@D>95$;F@7$?DBO678$B$GBD8:$C@G;=:$@H$B>>:7>6@7$
B=@78$!O6>>:D$;E:DE$X'B9@7$:>$BGMQ$KLY[ZM$1;>$>9:E:$D:GB>6@7E$<:>O::7$>9:$D:>O::>678$BA>6C6>6:E$@H$
67?6C6?;BG$BA>@DE$B7?$F;<G6A$B>>:7>6@7Q$B7?$>9B>$O6>9$@7G67:$7:OEQ$O:D:$
7@>$=;>;BG$67
$BGG$>9D::$
:C:7>EM$.@D$:SB=FG:Q$67$-<B=B$@7$.BA:<@@T$B7?$#BD>9$%B5Q$@7G67:$7:OE$?6?$7@>$FD:?6A>$>9:$
D:>O::>678$BA>6C6>6:E$@H$67?6C6?;BG$BA>@DE$@7$!O6>>:DM$!96E$E;88:E>E$>9B>$BG>9@;89$FD:C6@;E$E>;?6:E$
H@;7?$>9B>$=@E>$>O::>E$B<@;>$AG6=B>:$A9B78:
$A6>:?$042E$G
67T678$>@$B$FD@H:EE6@7BG$7:OE$O:<E6>:E$
X]6D6G:7T@$:>$BGMQ$KLYPm$g:G>D6$n$(>B7BE@CBQ$KLYcZ
Q$@7G67:$7:OE$67$>9:E:$:C:7>E$?6?$7@>$?6D:A>G5$
FD:?6A>$>9:$D:>O::>678$BA>6C6>6:E$@H$67?6C6?;BG$BA>@DEM$
$$$$!YP[!!!$C.G+32!
NQ!H,+/&#,W&*,")3"!
!=6&)<%63:&/+&#,*-3P%#&*,")+34%+*3P%+/#*+
!H,+/&#,W&*,")3"!
!=6&)<%63:&/+&#,*-3P%#&*,")+34%+*3P%+/#*
+!F"*%+
W$#BA9$<G;:$7@?:$D:FD:E:7>E$BA>@DE$HD@=$!O6>>:DM$!9:$D:?$7@?:E$D:FD:E:7>$@7G67:$7:OE$B7?$
3@@8G:$!D:7?E$?B>BM$($G67T$<:>O::7$>O@$7@?:E$67?6AB>:E$>9B>$@7:$3DB78:D$+B;E:E$>9:$@>9:DM$!9:$
?6D:A>6@7$@H$>9:$:?8:$67?6AB>:E$O96A9$7@?:$FD:A:?:E$>9:$@>9:DM$,:
:$(F
F:7?6S$#$H@D$>9:$7;=:D6A$
D:E;G>E$@H$>9:E:$3DB78:D$+B;EBG6>5$>:E>EM
$$(E$H@D$>9:$@D8B76UB>6@7BG$BA>@DE$O6>967$!O6>>:DQ$>9:$D:E;G>E$E9@O$=@D:$CBD6B>6@7$<:>O::7$
:C:7>EQ$O96A9$*$E;=$;F$>9D@;89$H@;D$=B67$F@67>EM$.6DE>Q$F;<G6A$B>>:7>6@7$?6?$7@>$BGOB5E$D:EF@7?
$>@$
@D8B76UB>6@7BG$BA>@DE$O6>967$!O6>>:DM$.@D$:SB=FG:Q$>9:$C@G;=:$@H$>O::>E$<5$7:OE$BA>@DE$
FD:?6A>:?$F;<G6A$B>>:7>6@7$H@D$#BD>9$%B5$B7?$>9:$/:@FG:VE$+G6=B>:$)@C:=:7>Q$B7?$>9:$C@G;=:$@H$
!YP\!!!$>O::>E$<5$F@G6>6ABGQ$B?C@ABA5Q$B7?$@>9:D$@D8B76UB>6@7BG$BA>@DE$FD:?6A>:
?$F;<G6A$B>>:7>6@7$H@D$#BD>9$
%B5M$!9:$D:>O::>678$FB>>:D7E$HD@=$F@G6>6ABG$B7?$@>9:D$@D8B76UB>6@7BG$BA>@DE$FD:?6A>:?$F;<G6A$
B>>:7>6@7$H@D$>9:$/:@FG:VE$+G6=B>:$)@C:=:7>Q$<;>$67$>9:$-<B=B$@7$.BA:<@@T$:C:7>Q$7@$
@D8B76UB>6@7BG$BA>@DE$FD:?6A>:?$F;<G6A$B>>:7>6@7m$
@7G5
$67?6C6?;BG$BA>@DE$FD:?6A>:?$F;<G6A$B>>:7>6@7Q$
BE$=:7>6@7:?$:BDG6:DM
$$,:A@7?Q$>9:$D:>O::>678$FB>>:D7E$@H$@D8B76UB>6@7BG$BA>@DE$O6>967$!O6>>:D$=@E>G5$
6%+9")'%'
$>@$F;<G6A$B>>:7>6@7$@;>E6?:$!O6>>:DM$.@D$:SB=FG:Q$67$>9:$/:@FG:VE$+G6=B>:$)@C:=:7>$:C:7>Q$F;<
G6A$B>>:7>6@7$FD:?6A>:?$>9:$!O6>>:D$<:9BC6@D$@H$F@G6>6ABGQ$B?C@ABA5Q$B7?$@>9:D$@D8B76UB>6@7BG$BA>@DE$
O6>967$!O6>>:DM$*>$6E$F@EE6<G:$>9B>$E@=:$@D8B76UB>6@7BG$BA>@DE$;E:?$3@@8G:$!D:7?E$>@$=@76>@D$>9:$
>D:7?E$67$F;<G6A$B>>:7>6@7$>@$E>DB>:86U:$>9:6D$!O6>>:D$A@7
>:7>
$B7?$;EB8:M$*7$A@7>DBE>Q$H@D$>9:$-<B=B$
@7$.BA:<@@T$:C:7>Q$F;<G6A$B>>:7>6@7$FD:?6A>:?$7@7:$@H$>9:$!O6>>:D$<:9BC6@D$@H$B75$@D8B76UB>6@7BG$
BA>@DM$
$!96D?Q$@7G67:$7:OE$B>>:7>6@7$@;>E6?:$!O6>>:D$D:EF@7?:?$>@$>9:$D:>O::>678$FB>>:D7E$@H$
@D8B76UB>6@7BG$BA>@DE$@
7$!O
6>>:DM$':OE$BA>@DE$FD:?6A>:?$@7G67:$7:OE$B>>:7>6@7$@;>E6?:$@H$!O6>>:D$
H@D$BGG$>9D::$:C:7>EM$(?C@ABA5$B7?$@>9:D$@D8B76UB>6@7BG$BA>@DE$O6>967$!O6>>:D$FD:?6A>:?$@7G67:$
7:OE$B>>:7>6@7$H@D$#BD>9$%B5Q$<;>$@7G5$F@G6>6ABG$BA>@DE$O6>967$!O6>>:D$FD:?6A>:?$@7G67:
$7:O
E$B>>:7>6@7$H@D$>9:$/:@FG:VE$+G6=B>:$)@C:=:7>M$.@D$>9:$-<B=B$@7$.BA:<@@T$:C:7>Q$7@7
R7:OE$
@D8B76UB>6@7BG$BA>@DE$?6?$7@>$FD:?6A>$@7G67:$7:OE$B>>:7>6@7$<:5@7?$!O6>>:DM
$2BE>G5Q$@D8B76UB>6@7BG$BA>@DE$O6>967$!O6>>:D$D:EF@7?:?$>@$@7G67:$7:OE$B>>:7>6@7M$.@D$
:SB=FG
:Q$@7G67:$7:OE$FD:?6A>:?$>9:$D:>O::>678$FB>>:D7E$@H$7:OE$B7?$@>9:D$@D8B76UB>6@7BG$BA>@DE$
O6>967$!O6>>:D$H@D$#BD>9$%B5M$-7G67:$7:OE$BGE@$FD:?6A>:?$7:OE$BA>@DE$O6>967$!O6>>:D$H@D$>9:$
-<B=B$@7$.BA:<@@T$:C:7>M$*$O6GG$A@=:$<BAT$>@$?6EA;EE$>96E$=@D:$GB>:DM$"
@O:C
:DQ$@7G67:$7:OE$
FD:?6A>:?$7@7:$@H$>9:$@D8B76UB>6@7BG$BA>@DEV$!O6>>:D$<:9BC6@D$H@D$/:@FG:EV$+G6=B>:$)@C:=:7>M
$!YPP!!!$!BT:7$A@GG:A>6C:G5Q$>9:$B7BG5E6E$67?6AB>:E$>9B>$@D8B76UB>6@7BG$BA>@DE$67C@GC:?$67$>9:$
-<B=B$@7$.BA:<@@T$:C:7>$O:D:$>9:$G:BE>$A@DD:GB>:?$O6>9$F;
<G6A
$B>>:7>6@7$B7?$@7G67:$7:OE$
B>>:7>6@7$@;>E6?:$!O6>>:DM$*$67>:DFD:>$>96E$G6=6>:?$A@77:A>6@7$67$?6HH:D:7>$OB5EM$,@=:$=B5$
B>>D6<;>:$6>$>@$>9:$HBA>$>9:$:C:7>$BGE@$9B?$>9:$G:BE>$B=@;7>$@H$B>>:7>6@7$O6>967$!O6>>:D$BE$O:GGM$
(7@>9:D$:SFGB7B>6@7$A@;G?$<:$>9B>$8@
C:D7
=:7>
R676>6B>:?$:C:7>EQ$E;A9$BE$-<B=B$@7$.BA:<@@TQ$BD:$
B;>@=B>6ABGG5$7:OEO@D>95Q$O9:D:BE$BA>6C6E>$:C:7>E$E;A9$BE$/:@FG:VE$+G6=B>:$)@C:=:7>$B7?$>9:$
#BD>9$%B5$7::?$>@$FD@C:$>9:6D$7:OEO@D>967:EE$<5$8:7:DB>678$F;<G6A$B>>:7>6@7M$.;D>9:D=@D:Q$
A@7E6?:D678$>9B>
$BGG$BA>@DE$O:D:$>9:$G:BE>$E57A9D@76U:?$B7?$67>:8DB>:?$H@D$>9:$-<B=B$@7$.BA:<@@T$
:C:7>Q$B7@>9:D$F@EE6<G:$:SFGB7B>6@7$6E$>9B>$>9:$:C:7>$6>E:GH$6E$7@>$EF:A6H6ABGG5$B<@;>$AG6=B>:$
A9B78:M$
gDB8B$:>$BGMQ$XKLYPZ
$9BC:$H@;7?$>9B>$@7$E@A6BG$=:?6BQ$6EE;:
REF:
A6H6
A$A@==;76AB>6@7E$>:7?$
>@$AD:B>:$8D:B>:D$67HG;:7A:$>9B7$7@7
R6EE;:$EF:A6H6A$A@==;76AB>6@7EM$
$*7$>9:$>O@$E@A6BG$AB=FB687$:C:7>EQ$B?C@ABA5$8D@;FE$FD:?6A>:?$@7G67:$7:OEM$!96E$D:GB>6@7$
=6DD@DE$>9:$H67?678E$HD@=$FD:C6@;E$E>;?6:E$B<@;>$@7G67:$=@<6G6UB>6@7m$B?C
@ABA
5$8D@;FE$D:G5$@7$
7:OE$=:?6B$@;>G:>E$>@$8BD7:D$B>>:7>6@7$H@D$:C:7>E$
X.D::G@7$:>$BGMQ$KLYaZ
M$1;>$>9:$#BD>9$%B5$B7?$
>9:$
/:@F
G:VE$+G6=B>:$)@C:=:7>$:C:7>E$:BA9$9BC:$?6HH:D:7>$D:GB>6@7E96FE$B=@78$:BA9$>5F:$@H$
BA>@DM$.@D$#BD>9$%B5Q$:BA9$E:>$@H$BA>@DE$O6>967$!O6>>:D$=@D:$AG@E:G5$A@DD:GB>:?$O6>9$F;<G6A$B7?$
7:OE$B>>:7>6@7$>9B7$>9:$/:@FG:VE$+G6=B>:$)@C:=:7>m$>96E$A@;G?$<:$<:AB;E:$#
BD>9
$%B5$6E$B$8G@<BG$
AB=FB687$O96G:$>9:$@>9:D$6E$G@ABG$67$>9:$0M,M
$*7$E;=Q$>9:E:$H67?678E$E;88:E>$>9B>$>9:$B7EO:D$>@$4vK$B7?$4v[$6E$>9B>$<@>9$67?6C6?;BG$
B7?$@D8B76UB>6@7BG$BA>@DE$O6>967$!O6>>:D$A@77:A>$O6>9$F;<G6A$B7?$@7G67:$7:OE$B>>:7>6@7$@;>E6?:$
!O6>>:D$
@C:D
$>6=:M$,9BD:?$B=@78$BGG$>9D::$:C:7>E$OBE$>9B>$>O::>E$HD@=$67?6C6?;BG$BA>@DE$
FD:?6A>:?$F;<G6A$B>>:7>6@7Q$B7?$>O::>E$HD@=$7:OE$BA>@DE$FD:?6A>:?$@7G67:$7:OE$B>>:7>6@7$@;>E6?:$
!O6>>:DM$1;>$>9:$67>:DD:GB>6@7$<:>O::7$@D8B76UB>6@7BG$BA>@DE$B7?$F;<G6A$B>>:7>6@
7$B7
?$7:OE$
!YPf!!!$B>>:7>6@7$CBD6:?$E;<E>B7>6BGG5$<:>O::7$:C:7>EM$*7$@>9:D$O@D?EQ$O96G:$BGG$>5F:E$@H$BA>@DE$BFF:BD$>@$
A@77:A>$O6>9$B>>:7>6@7$X6M:MQ$F;<G6A$B>>:7>6@7$B7?$@7G67:$7:OE$B>>:7>6@7Z$<:5@7?$!O6>>:DQ$O96A9$
>5F:E$@H$@D8B76UB>6@7BG$BA>@DE$AB7$67HG;:7A:$>9:$B
>>:7>6@7$@;>E6?:$!O6>>:D$?:F:7?E$@7$>9:$:C:7>$
A@7>:S>M$#C:7>E$O6>9$9689$!O6>>:D$B>>:7>6@7$BD:$BEE@A6B>:?$O6>9$B$EF6GG@C:D$:HH:A>$>@$>9:$
67>:D=:?6B$>DB7E=6EE6@7$@H$B>>:7>6@7$HD@=$>9:$@D8B76UB>6@7BG$B>>:7>6@7$@7$!O6>>:DM$!96E$H67?678$
E;88:E>E$B$F@>:7>6BG$D:G
B>6@7E96FQ$O96A9$A@;G?$F@EE6<G5$B7EO:D$4v\$B7?$4vPM$"689$!O6>>:D$
B>>:7>6@7$:C:7>E$AD:B>:$B7$@FF@D>;76>5$H@D$@D8B76UB>6@7BG$BA>@DE$@7$!O6>>:D$>@$67HG;:7A:$F;<G6A$
B>>:7>6@7$B7?$7:OE$B>>:7>6@7$@;>E6?:$@H$!O6>>:DM$
$6.71+77.(/Z!F)*0.1-,.(/7Z!-/A!K.).,-,.(/7
!*7$>96E
$A9BF>:DQ$*$H@A;E:?$@7$>9D::$AG6=B>:$A9B78:$:C:7>E$B7?$A@=FBD:?$>9:$A9B78678$D@G:E$
@H$?6HH:D:7>$>5F:E$@H$BA>@DE$67$>9:$?6HH;E6@7$@H$AG6=B>:$A9B78:$B>>:7>6@7$O6>967$!O6>>:DQ$B7?$
=@D:@C:DQ$?6HH:D:7>$BA>@DEV$67>:DBA>6C:$D:GB>6@7E96FE$O6>9$F;<G6A$B>>:7>6@7
$B7?
$@7G67:$7:OE$
B>>:7>6@7$@;>E6?:$!O6>>:DM$!9:$H67?678E$E9@O$>9B>$@7$>9:$@7:$9B7?Q$@D8B76UB>6@7E$X7:OEQ$F@G6>6ABGQ$
B?C@ABA5Q$B7?$@>9:D$@D8B76UB>6@7BG$BA>@DEZ$=B67>B67$=;A9$@H$>9:$B8:7?B$E:>>678$B7?$B8:7?B$
<;6G?678$F@O:DM$!9:E:$>5F:E$@H$BA>@DE$D:=B67$>9:$=
B^@D
$E@;DA:$@H$B>>:7>6@7$@7$!O6>>:DQ$B>$G:BE>$
?;D678$>9:$E:G:A>:?$AG6=B>:$A9B78:$:C:7>EM$-7$>9:$@>9:D$9B7?Q$67?6C6?;BG$;E:DE$O6>967$!O6>>:D$
BA>:?$BE$>9:$=B^@D$EFD:B?:DE$@H$B>>:7>6@7$HD@=$@D8B76UB>6@7EM$
$(>$>9:$EB=:Q$>9:E:$H67?678E$FD@C6?:$:C6?:7A:$@H$E@=:$
G6=6>B>6@7E$@H$:S6E>678$B8:7?B$
<;6G?678$B7?$E:>>678$>9:@D6:E$67$:SFGB67678$A9B78:E$67$F;<G6A$B>>:7>6@7$67$>@?B5VE$:C:D
RA9B78678$
95<D6?$=:?6B$:7C6D@7=:7>M$.6DE>Q$B8:7?B$E:>>678$B7?$<;6G?678$>9:@D6:E$:=F9BE6U:$>9B>$
@D8B76UB>6@7BG$BA>@DE$FGB5$B$?@=67B7>$D@G:$
67$E
9BF678$F;<G6A$B>>:7>6@7$B7?$67$67HG;:7A678$>9:$
?6HH;E6@7$@H$B>>:7>6@7M$"@O:C:DQ$=5$B7BG5E6E$67?6AB>:E$>9B>$67?6C6?;BG$BA>@DE$BGE@$A@7>D6<;>:$>@$
>9:E:$FD@A:EE:EQ$B>$>6=:EQ$BA>678$BE$B$E@;DA:$@H$67H@D=B>6@7$H@D$>DB?6>6@7BG$8B>:T::F:DEM$(G>9@;89$
!YPc!!!$8:7:DBGG5
$B$D
:GB>6C:G5$=676=BG$E@;DA:$H@D$@D8B76UB>6@7BG$BA>@DEQ$H@D$#BD>9$%B5Q$67?6C6?;BG$;E:DE$
O:D:$>9:$G:B?678$E@;DA:$@H$B>>:7>6@7$O6>967$!O6>>:DM$(D8;B<G5Q$E;A9$67?6C6?;BG$B>>:7>6@7$AB7Q$67$
>;D7Q$67HG;:7A:$@7G67:$7:OE$B>>:7>6@7$B7?$F;<G6A$B>>:7>6@7$@;>E6?:$!O6>
>:DM
$*7?6C6?;BG$BA>@DE$BGE@$
67HG;:7A:?$>9:$?6HH;E6@7$@H$AG6=B>:$A9B78:$B>>:7>6@7$<5$:78B8678$67$67>:DF:DE@7BG$A@==;76AB>6@7$
O6>9$@>9:D$67?6C6?;BGE$O6>967$!O6>>:DM$*7?::?Q$67?6C6?;BG$B>>:7>6@7$>@$>9:$AG6=B>:$A9B78:$6EE;:$
GBD8:G5$H@GG@OE$AG@E:$>6:E$
X]B9B7$:>$BG
MQ$KLYKZM$N9B>$=5$B7BG5E:E$<:BD$@;>$6E$>9B>$!O6>>:D$@F:DB>:E$
O6>9$=;G>6FG:$E@;DA:E$@H$67HG;:7A:Q$67AG;?678$>9@E:$<@D7$HD@=$
67>DBF:DE@7BGQ$67>:DF:DE@7BGQ$B7?$
=BEE$H@D=E$@H$A@==;76AB>6@7$
X!B7?@A$n$#78Q$KLYcZ
M$(E$/:BDA:$:>$BGM$XKLYdZ$F@67>:?$@;>Q$
?6C:DE:$E@;DA:E$67HG;:7A:$!O6>>:Dm$>9;EQ$>
9:$?6E>D6<;>6@7$B7?$?6C:DE6>5$@H$67HG;:7A:DE$@H$B>>:7>6@7$
>@$>9:$AG6=B>:$A9B78:$6E
E;:$6E$A@=FG:SM
$,:A@7?Q$>9:$H67?678E$D:GB>:?$>@$=5$H6DE>$D:E:BDA9$I;:E>6@7$B<@;>$>9:$E@;DA:E$B7?$>9:$
EFD:B?:DE$@H$AG6=B>:$A9B78:
RD:GB>:?$>O::>E$BHH6D=$>9:$H67?678E$@H$@>9:D$D
:E:BDA9$B<@;>$>9:$C6DBG$
?6HH;E6@7$@H$67H@D=B>6@7$@7G67:$XE::$:M8MQ$
1BD<:Dr$:>$BGMQ$KLYPm$3@:G$:>$BGMQ$KLYKm$3@7UrG:U
R1B6Gs7$
:>$BGMQ$KLY[Z
M$,6=6GBD$>@$>9:E:$@>9:D$E>;?6:
EQ$=5$H67?678E$E9@O:?$>9B>$>@$E;E>B67$B>>:7>6@7$O6>967$
!O6>>:D$D:I;6D:E$>9:$67>:8D
B>:?$:HH@D>$@H$BGG$>5F:E$@H$BA>@DE$>@$FD@?;A:$=@=:7>E$@H$D:F:B>:?$
E57A9D@76UB>6@7Q$O96A9$>9:7$B>>DBA>$:C:7$=@D:$B>>:7>6@7M$!96E$H67?678Q$H@D$:SB=FG:Q$:A9@:E$
3@7UrG:U
R1B6Gs7$:
>$BGMVE$XKLY[Z$D:E:BDA9M$#SB=67678$>9:$@7G67:$=@<6G6UB>6@7E$BEE@A6B>:?$O6>9$>9:$
*7?687B?@E$)@C:=:7>$67$,FB67Q
$>9:5$H@;7?
$>9B>$B$E678G:$8D@;F$DBD:G5$FGB5:?$B$?:A6E6C:$D@G:$67$
:SFB7?678$>9:$8G@<BG$D:BA9$@H$>96E$=@C:=:7>m$DB>9:DQ$>9:$jD:67H@DA678$67>:DBA>6@7E
k$B7?$>9:$
jA@7E>B7>$67H@D=B>6@7$>DB7EH:Dk$<:>O::7$@F676@7$G:B?:DE$B7?$8DBEED@@>E$;
E:DE$O6>967$!O6>>:D$XFM$
dPdZ$H:?$>9:$8D@O>9$@H$>96E$=@C:=:7>M$*7$B$E6=6GBD$C:67Q$
1BD<:Dr
$:>$BGM$XKLYPZ$E9@O:?$>9B>$<@>9$
A@D:$B7?$F:D6F9:DBG$!O6>>:D$;E:DE$A@GGB<@DB>6C:G5$H;:G
:?$B>>:7>6@7$>@$=BEE$FD@>:E>E$O6>967$!O6>>:DM$
*7$@>9:D$O@D?EQ$A@7>DBD5$>@$>9:$>DB?
6>6@7BG$>9:@D6UB>6@7$B<@;>$9@O$B8:7?B$E:>>678$B7?$<;6G?678$
!YPa!!!$;7H@G?EQ$=5$D:E:BDA9Q$BG@78$O6>9$>9B>$@H$@>9:D$EA9@GBDEQ$E;88:E>E$>9B>$<@>9$@D8B76UB>6@7BG$B7?$
67?6C6?;BG$BA>@DE$>@
8:>9:D$A@7>D6<;>:M$
$!96D?Q$B8:7?B$E:>>678Q$B8:7?B$<;6G?678Q$B7?$67>:D=:?6B$B8:7?B$
E:>>678$>9:@D6:E$BD:$7@>$
8:7:DBG6UB<G:$>@$:SFGB67$>9:$>DB7E=6EE6@7$@H$F;<G6A$B>>:7>6@7$67$:C:D5$:C:7>M$!9:$H67?678E$FD@C6?:$
E>D@78$:C6?:7A:$@H$CBD6B>6@7$67$F@G6>6ABG$:C:7>E$B
7?$E@A6BG$BA>6C6E=$:C:7>E$67$>:D=E$@H$>9:$FB>>:D7E$
B7?$FD@A:EE:E$67$>9:$?6HH;E6@7$
@H$AG6=B>:$A9B78:$B>>:7>6@7M$(8:7?B$E:>>678$EA9@GBDE$9BC:$7@>6A:?$
:C:7>$A@7>:S>E$B7?$AB>:8@D6U:$:C:7>E$<5$>9:6D$@<>D;E6C:7:EEQ$=:B7678$>9:$HB=6G6BD6>5$@H$>9:$:C:7>$
>@$>9:$F;<
G6AM$!9:5$BD8;:?$>9B>$7:OE$=:?6B$BD:$=@D:$D:EF@7E6C:$>9B7$>9:$F;<G6A$H@D$7@7
R@<>D;
E6C:$
6EE;:EM$"@O:C:DQ$D:E;G>E$HD@=$>96E$E>;?5$E9@O$>9B>$H@D$>9:$>9D::$:C:7>E$>9B>$BD:$BGG$D:GB>:?$>@$B$7@7
R@<>D;E6C:$6EE;:$G6T:$AG6=B>:$A9B78:Q$>9:$FB>>:D7E$@H$7:OE$B>>:7>6@7
$67$:BA9$:C:7>$6E$?6HH:D:7>M$.;>;D:$
E>;?6:E$AB7$67C:E>68B>:$=@D:$OB5E$>@$AB>:8@D6U
:$>9:$:C:7>EM$
$F)*0.1-,.(/7
!-/A!K.).,-,.(/7
!-7:$@H$>9:$9689G689>E$@H$>9:$H67?678E$6E$>9:$=@=:7>E$O9:7$B>>:7>6@7$HD@=$BGG$>5F:E$@H$
BA>@DE$D:F:B>:?G5$67>:8DB>:?$B7?$E57A9D@76U:
?Q$AD:B>678$AG;E>:DE$@H$B>>:7>6@7$EF6T:E$O6>967$
!O6>>:DQ$E;A9$BE$67$>9:$#BD>9$%B5$:C:7>M$,;A9$=@=:7>E$?6?$7@>$E;DHBA:$67$>9:$@
>9:D$>O@$:C:7>EQ$
<@>9$@H$O96A9$B>>DBA>:?$G:EE$!O6>>:D$B>>:7>6@7$B7?$A@77:A>:?$G:EE$O6>9$B>>:7>6@7$HD@=$@>9:D$=:?6B$
FGB>H@D=EM$!BT:
7$>@8:>9:DQ$D:E;G>E$HD@=$>9:$
A9BF>:D
$6=FG5$B$F@>:7>6BG$BEE@A6B>6@7$<:>O::7$>9:$
9689$!O6>>:D$B>>:7>6@7$:C:7>E$B7?$>9:$D:F:B>:?$
E57A9D@76UB>6@7$B7?$67>:8DB>6@7$@H$B>>:7>6@7$HD@=$
BGG$>5F:E$@H$BA>@DE$@7$!O6>>:DM$!9:$9689$!O6>>:D$B>>:7>6@7$:C:7>E$BD:$BGE@$BEE@A
6B>:?$O6>9$B$
EF6GG@C:D$:HH:A>$HD@=$@D8B76UB>6@7BG$BA>@DE$>@$>9:$B>>:7>6@7$@;>E6?:$!O6>>:DM$!O@$>9:@D6:E$=B5$<:$
D:G:CB7>$>@$:SF
GB67$O95$>9:$:C:7>E$O6>9$>9:$=@=:7>E$@H$67>:8DB>6@7$B7?$E57A9D@76UB>6@7$8:7:DB>:$
=@D:$B>>:7>6@7$>9B7$>9@E:$O6>9@;>W$3DB7@C:>>:DVE$
XYdcaZ$>9D:E9@G?$=@?:G$B7?$>9:$7@>6@7$@H$
?6EA;DE6C:$@FF@D>;76>6:E$
X]@@F=B7E$n$-G
UBTQ$KLL\Z
M$,A9@GBDE$9BC:$BGD:B?5$;E:?$>9:$>O@$>9:@D6:E$
!YPd!!!$>@$:SFGB67$>9:$?6HH;E6@7$@H$E@A6BG$=@C:=:7>EM$*7$>:D=E$@H$>9:$H@D=:DQ
$3DB7@C:>>:D$:=F9BE6U:?$>9:$
67>:D?:F:7?:7>$B7?$A@GGB<@DB>6C:$D:GB>6@7$<:>O::7$67?6C6?;BG$BA>@DE$67$>9:$A@7>B86@7$FD@A:EEM$
!9:D:H@D
:Q$O9:7$B$E@A6BG$6EE;:$E57A9D@76U:E$:7@;89$B>>:7>6@7$HD@=$?6HH:D:7>$BA>@DE$O6>967$
!O6>>:D$@C:D$>9:$>6=:Q$>9:7Q$>9:$B>>:7>6@7$>
@$EB6?$6EE;:$@D$:C:7>$>:7?E$>@$:7?;D:M$($D:A:7>$E>;?5$<5$
/6:?DB96>B$:>$BGM$XKLYa
Z$A@77:A>:?$>9:$6?:B$@H$E57A9D@76UB>6@7$>@$>9:$>9D:E9@G?$=@?:G$B7?$;E:?$
>9:$6?:B$@H$E57A9D@76U:?$A@@D?67
B>6@7
JB$AGBEE6A$=@?:G$>@$E>;?5$?57B=6AE$67$<6@G@85$B7?$
F95E6AE$
J>@$:SB=67:$>9:$A@7>B86@7$?57B=6AE$@H$E@A6BG$=@<6G6UB>6@7M$!9:5
$H@;7?$>9B>$D:F:B>:?$
BA>6CB>6@7$@H$!O6>>:D$;E:DE$67AD:BE:E$>9:$G6T:G69@@?$@H$GBD8:
REABG:$A@7>B86@7$@7G67:M$
$):B7O96G:Q$]@@F=B7E$B7
?$-GUBT$XKLL\Z$BD8;:?$>9B>$>9D::$:G:=:7>E
JC6E6<6G6>5$X>9:$
:SF@E;D:$@H$>9:$=:EEB8:ZQ$D:E@7B7A:$XBA>@DE$HD@=$>9:$F;<G6A$EF9:D:$D
:BA>$>@$>9:$=:EEB8:ZQ$B7?$
G:86>6=BA5$X=@D:$E;FF@D>$>9B7$D:^:A>6@7$HD@=$>9:$F;<G6A$EF9:D:Z$67AD:BE:$?6EA;DE6C:$
@FF@D>;76>6:E
JA9B7A:
E$H@D$67H@D=B>6@7$>@$?6HH;E:$BAD@EE$>9:$F;<G6A$EF9:D:M$(G>9@;89$86C:7$>9:$
?:E687$@H$>96E$E>;?5$6>$6E$;7AG:BDQ$6>$6E$F@EE6<G:$>
9B>$>9:E:$=@=:7>E$@H$67>:8DB>6@7$B7?$
E57A9D@76UB>6@7$FD@C6?:$?6EA;DE6C:$@FF@D>;76>6:E$H@D$>9:$?6HH;E6@7$@H$AG6=B>:$A9B78:$B>>:7>6@
7$<5$67AD:BE678$>9:$C6E6<6G6>5$B7?$D:E@7B7A:$@H$>96E$67H@D=B>6@7M$*7$E9@D>Q$>9:E:$A@7A:F>E$@H$
E57A9D@76UB>6@7$B7?$67>:8DB>6@7$
=B5$D:FD:E:7>$B$>9:@D:>6ABGG5$D6A9$@FF@D>;76>5Q$O96A9$A@;G?$9:GF$
:SFGB67$>9:$A@=FG:S6>6:E$67$>9:$8:7:DB>6@7Q$:C@G;>6@7Q$B7?$?6HH;E
6@7$@H$F;<G6A$B>>:7>6@7$67$>9:$
A@7>:=F@DBD5$95<D6?$=:?6B$E5E>:=M$
$!96E$D:E:BDA9$BGE@$E;FF@D>E$>9:$7::?$>@$A@7E6?:D$>6=:$BE$B7$
6=F@D>B7>$HBA>@D$67$>9:$
?6HH;E6@7$@H$B>>:7>6@7$BAD@EE$=:?6BM$,F:A6H6ABGG5Q$>9:$B7BG5E6E$;E:?$?57B=6A$7:>O@DTE$>@$E::$>9:$
A9B78678$
D@G:E$B7?$ABFBA6>6:E$@H$:BA9$E:>$@H$BA>@DE$67$>9:$?6HH;E6@7$FD@A:EE:EM$(7$B7BG5E6E$@H$
E>B>6A$7:>O@DTE$@7G5$ABF>;D:E$B$E=BGG$E7
BFE9@>$@H$>9:$?6HH;E6@7$FD@A:EEm$>9:5$@<EA;D:$@D$=6EE$
?6HH:D:7A:E$BAD@EE$:C:7>EQ$O96A9$;7H@G?$@C:D$>6=:M$.@D$67E>B7A:Q$>9:$?57B=6A
$7:>O@DTE$67$=5$
!YfL!!!$B7BG5E6E$?:=@7E>DB>:$>9B>$D@G:
REO6>A9678$@AA;DE$O6>967$>9:$?6HH;E6@7$FD@A:EEQ$67$>9B>$@C:D$>6=:Q$
?6HH:D:7>$>5F
:E$@H$BA>@DE$BEE;=:$>9:$D@G:E$@H$8B>:T::F:D$B7?$8B>:?M$*7$<D6:HQ$H;>;D:$A@==;76AB>6@7$
D:E:BDA9$E9@;G?$E96H>$=@D:$B>>:7>6@7$HD@=$B7
BG5U678$B$E>B>6A$7:>O@DT$>@$B7BG5U678$?57B=6A$
7:>O@DTEM
$(E$O6>9$BGG$E>;?6:EQ$>96E$@7:$?@:E$7@>$A@=:$O6>9@;>$G6=6>B>6@7EM$.6DE>
Q$>96E$E>;?5$@7G5$
A@7?;A>:?$B$FD:G6=67BD5$:SB=67B>6@7$>@$>9:$E>D;A>;D:$@H$D:>O::>$7:>O@DTE$<;>$?6?$7@>$A@7?;A>$
H;D>9:D$B7BG5E6E$>@
$>9:$A@==;76>6:E$O6>967$:BA9$D:>O::>$7:>O@DTM$!9:$<BE6A$7:>O@DT$=:>D6AE$
E9@O:?$>9B>$!O6>>:D$;E:DE$BD:$G@@E:G5$A@77:A>:?$O6>9$:
BA9$@>9:D$BAD@EE$BGG$>9D::$:C:7>EM$!96E$
H67?678$E;88:E>E$>9B>$AG6=B>:$A9B78:$B>>:7>6@7$=B5$<:$EFD:B?678$@7G5$O6>967$=B75$E=BGG$
E;<
8D@;FE$@D$A@==;76>6:EM$(E$E9@O7$<5$
N6GG6B=E$:>$BGM$XKLYPZ
Q$G6T:
R=67?:?$;E:DE$>:7?$>@$
D:>O::>$:BA9$@>9:D$B7?$H@D=
$:A9@$A9B=<:DEQ$O9:D:BE$@AABE6@7BGG5Q$AD@EE
RA@==;76AB>6@7$
<:>O::7$AG6=B>:$A9B78:$?@;<>:DE$B7?$AG6=B>:$A9B78:$<:G6:C:DE$9BFF:7:?Q$>
@@M$.;>;D:$E>;?6:E$AB7$
A@7?;A>$=@D:$B?CB7A:?$7:>O@DT$B7BG5E6E$E;A9$BE$A@==;76>5$?:>:A>6@7$>@$B7BG5U:$>9:$?57B=6AE$
@H$>9:$A@==;
76>6:EM
$,:A@7?Q$>96E$E>;?5$H@A;E:?$@7$@D6867BG$E@;DA:E$B7?$EFD:B?:DE$@H$AG6=B>:$A9B78:$
67H@D=B>6@7$BAD@EE$>9D::$:C:7>
RD:GB>:?$D:>O
::>$7:>O@DTEM$(G>9@;89$>9:$D:>O::>$7:>O@DTE$E9@O:?$
HG@OE$@H$B>>:7>6@7$HD@=$E@;DA:E$>@$EFD:B?:DEQ$>9:5$?6?$7@>$D:HG:A>$67>:D=:?
6BD6:E$<:>O::7$>9:E:$
>O@$:7>6>6:EQ$?;:$>@$G6=6>B>6@7E$@H$!O6>>:DVE$(/*M$.@D$:SB=FG:Q$B$;E:D$=B5$E:7?$B$>O::>$HD@=$($
!$1$!$+Q$<;>$>
9:$D:>O::>$7:>O@DT$O@;G?$@7G5$E9@O$>9:$FB>9$HD@=$($
!$$+M$!@$;7?:DE>B7?$>9:$D@G:$
@H$67>:D=:?6BD6:E$67$>9:$?6HH;E6@7$@H$B>>:7>6@
7Q$H;>;D:$E>;?6:E$AB7$;E:$?6HH;E6@7$>D::E$
X):78$:>$BGMQ$
KLYaZQ$O96A9$BGG@O$D:E:BDA9:DE$>@$BAA@;7>$H@D$67>:D=:?6BD6:E$67$>96E$FD@A:EEM$
$)@D:@C:DQ$>96E$E>;?5$H@A;E:?$@7$>9:$C@G;=:$@H$D:>O:
:>E$B7?$7:OE$A@C:DB8:Q$=:B7678$*$
?6?$7@>$A@7?;A>$B$A@7>:7>$B7BG5E6E$@H$>O::>EM$(E$=:7>6@7:?$:BDG6:DQ$>9:$E>D;A>;D:$@H$D:>O::>$
!YfY!!!$7:>O
@DTE$OBE$G@@E:Q$B7?$E@Q$6>$6E$F@EE6<G:$>9B>$F;<G6A$?6EA@;DE:$CBD6:?$BAD@EE$?6HH:D:7>$
A@==;76>6:EQ$<:AB;E:$:BA9$67?6C6?;BG$;E:D
$=B5$?6E>67A>G5$D:EF@7?$>@$AG6=B>:$A9B78:$D:GB>:?$
X4;EE:GG$':;=B7$:>$BGMQ$KLY\Z
M$)@D:@C:DQ$FB
E>$D:E:BDA9$9BE$H@;7?$>9B>$>9:$@D8B76UB>6@7BG$BA>@DE$
O6>967$!O6>>:D$:BA9$HDB=:?$AG6=B>:$A9B78:$?6HH:D:7>G5$BE$O:GG$
X,>6:D$:>$BGMQ$KLYaZ
M$$.67?678E$HD@=$
>9:$>6=:$E:D6:E$B7BG5E6E$>:GGE$;E$O9:>9:D$B7$BA>@D$HD@=$!O6>>:D$
8:7:DBGG5$D:EF@7?:?$>@$F;<G6A$
B>>:7>6@7$B7?y@D$7:OE$B>>:7>6@7$@;>E6?:$!O6>>:DM$!9:5$BD:$G6=6>:?$>@$A@7AG;?:$O9:>9:D$>9:$
B>>:7>6@7$
HD@=$?6HH:D:7>$>5F:E$@H$BA>@DE$E;FF@D>$@D$?6E>@D>$>9:$=:B7678$@H$>9:$?6EA@;DE:$B<@;>$>9:$
AG6=B>:$6EE;:M
$!96E$E;88:E>E$>9B>$>@$
;7?:DE>B7?$9@O$>@$E;E>B67$!O6>>:D$B>>:7>6@7$A@7A:D7678$AG6=B>:$
A9B78:$B7?$H;D>9:D$E;E>B67$6>E$6=FBA>$@7$@>9:D$H@D=E$@H$B>>:7>6@7Q$
EA9@GBDE$7::?$>@$A@7?;A>$=@D:$
D:E:BDA9$67$O96A9$>9:5$H@A;E$@7$AG6=B>:$A9B78:$A@==;76AB>6@7$@7$!O6>>:D$B7?$?6EB88D:8B>:$>96E$
A@==;76AB>6@7$<5$!O6>>:D$;E:DEM$.D@=$B$FDBA>6ABG$E>B7?F@67>Q$>$6E$6=F@D>B7>$>@$G:BD7$=@D:$B<@;>$
>9:$F:@FG:$EFD:B?678$BOBD:7:EE$B7?$B
>>:7>6@7$BE$B$D@;>:$>@$:79B7A:$8DBEED@@>E$6EE;:$BA>6C6E=$
AB=FB687EM$(E$/:BDA:$:>$BGM$XKLY\Z$E;88:E>:?Q$67HG;:7A:DE$@7$!O6>>:D$
67AG;?:$7@>$@7G5$:G6>:E$<;>$
@>9:DEQ$B7?$6>$6E$6=F@D>B7>$H@D$D:E:BDA9:DE$>@$;7A@C:D$=@D:$B<@;>$>9:$;E:DE$>O::>678$B<@;>$AG6=B>:$
A9B
78:$B7?$<D678678$B>>:7>6@7$>@$>96E$=B^@D$:7C6D@7=:7>BG$6EE;:M
$2BE>G5Q$>9:$E>;?5$@7G5$H@A;E:E$@7$>9D::$:C:7>E$?;:$>@$>9:$G6=6>B
>6@7$@H$>9:$96E>@D6A$!O6>>:D$
?B>BM$!9:$H;>;D:$EA9@GBDE$AB7$E5E>:=B>6ABGG5$67C:E>68B>:$=@D:$:C:7>E$B7?$:S>:7?$>9:$A;DD:7>$
BFFD@BA9:
E$>@$AB>:8@D6U:$:C:7>EM$(E$=:7>6@7:?$<:H@D:Q$B8:7?B$E:>>678$EA9@GBDE$9BC:$>5F@G@86:?$
:C:7>E$<5$>9:$@<>D;E6C:7:EE$@H$>9:$6EE;:$
>9B>$B7$:C:7>$6E$E;DD@;7?$<5M$->9:D$E>;?6:E$AGBEE6H5$
:C:7>E$<5$>9:6D$>D688:DE$
X!9@DE@7$n$NB78Q$KLYdZ
$B7?$>9:$G:C:GE$@H$=:?6B$B>>:7>6@7$D:A:6C:?$
X(7?:D:88$n$3@G?E=6>9Q$KLY\Z
M$1BE:?$>9:$H67?678E$B<@;>$>9:$B>>:7>6@7$FB>>:D7E$67$>96E$A9BF>:DQ$
H;>;D:$E>;?6:E$AB7$BGE@$AB>:8@D6U:$:C:7>E$<5$>9:$FB>>:D7E$@H$F;
<G6A$B>>:7>6@7M$$
$!YfK!!!$%:EF6>:$>9:E:$G6=6>B>6@7EQ$>9:$E>;?5$:S>:7?E$>9:$G6>:DB>;D:$<5$:SB=67678$>9:$?57B=6A$D@G:E$
@H$67?6C6?;BGQ$7:OEQ$
F@G6>6ABGQ$B?C@ABA5Q$B7?$@>9:D$@D8B76UB>6@7BG$BA>@DE$67$>9D::$A@7>:S>;BGG5$
?6HH:D:7>$AG6=B>:$A9B78:
RD:GB>:?$:C:7>EM$.;D>9:D=@D
:Q$>9:$E>;?5$BGE@$:SFB7?E$>9:$EA9@GBDG5$H@A;E$
@7$>9:$?6HH;E6@7$@H$B>>:7>6@7$O6>967$!O6>>:D$>@$=:?6B$FGB>H@D=E$@;>E6?:$!O6>>:DM$!9:
$H67?678E$
E9@O:?$>9B>$7:OE$B7?$F@G6>6ABG$BA>@DE$O:D:$>9:$=B^@D$E@;DA:$@H$AG6=B>:$A9B78:$67H@D=B>6@7$B7?$
>9B>$@D?67BD5$67?6C6?;
BG$;E:DE$O:D:$>9:$=B^@D$EFD:B?:D$@H$>9:$67H@D=B>6@7$O6>967$!O6>>:DM$
"@O:C:DQ$A@=FG6AB>678$>9:$8:7:DBG$;7?:DE>B7?678$B=@78$A@==;76A
B>6@7$EA9@GBDEQ$O96A9$BA>@DE$
H;GH6GG$>9:E:$>O@$D@G:E$6E$7@>$E>B>6AQ$<;>$EO6>A9:E$@C:D$>6=:M$(??6>6@7BGG5Q$67$>:D=E$@H$>9:$
67>:
D=:?6B$?6HH;E6@7$@H$AG6=B>:$A9B78:$B>>:7>6@7Q$>9:$BAA;=;GB>:?$B>>:7>6@7$HD@=$67?6C6?;BG$
BA>@DE$FD:?6A>:?$F;<G6A$B>>:7>6@7$B7?$@7G6
7:$7:OE$B>>:7>6@7M$!O6>>:DQ$F;<G6A$B>>:7>6@7Q$B7?$7:OE$
B>>:7>6@7$BD:$>5F6ABGG5$67>:D>O67:?$B7?$A@7>678:7>$;F@7$:BA9$@>9:DQ$<;>
$>96E$6E$7@>$BGOB5E$>9:$ABE:M$
($A@=FBD6E@7$@H$BGG$>9D::$:C:7>E$67?6AB>:E$>9B>$B>>:7>6@7$?6HH;E6@7$FB>>:D7E$B7?$FD@A:EE:E$CBD5$
BAD@
EE$:C:7>$A@7>:S>EM$2BE>G5Q$>9:$H67?678E$D:C:BG:?$>9B>$=@=:7>E$@H$E57A9D@76UB>6@7$B7?$
67>:8DB>6@7$BAD@EE$?6HH:D:7>$BA>@DE$G:?$>
@$E;E>B67:?$B>>:7>6@7$O6>967$!O6>>:D$BE$O:GG$BE$=@D:$
A@77:A>6@7$O6>9$B>>:7>6@7$HD@=$@>9:D$=:?6B$@;>G:>E$@;>E6?:$!O6>>:DM$!BT:7$>@8
:>9:DQ$>96E$E>;?5$
A9BGG:78:E$E@=:$@H$>9:$;7?:DG5678$BEE;=F>6@7E$O6>967$:S6E>678$B8:7?B$E:>>678Q$B8:7?B$<;6G?678Q$
B7?$67>:D=:?6
B$B8:7?B$E:>>678$>9:@D6:EM$0G>6=B>:G5Q$>96E$E>;?5$E:>E$>9:$H@;7?B>6@7$H@D$=@D:$
>9:@D5
R<;6G?678$>@$:SFGB67$>9:$?57B=6AE$@H$F;<G6A$B
>>:7>6@7Q$FBD>6A;GBDG5$6>E$8:7:DB>6@7Q$:C@G;>6@7M$
B7?$?6HH;E6@7$67$>9:$A@7>:=F@DBD5$95<D6?$=:?6B$E5E>:=M$
$$$$!Yf[!!!$+"(/!#4$
fW$
%*,+0,
,*-'$('%$+-'+20,*-'
$$!96E$?6EE:D>B>6@7$BET:?Q$O9B>$E9BF:E$>9:$?57B=6AE$@H$F;<G6A$B>>:7>6@7$>@$B$E@A6BG$6EE;:$
BAD@EE$=:?6B$@C:D$>6=
:e$!@$B7EO:D$>96E$I;:E>6@7Q$*$9BC:$;E:?$B$A@=F;>B>6@7BG$E@A6BG$EA6:7A:$
BFFD@BA9$B7?$:SB=67:?$>9:$:C@G;>6@7$@H$F;<G6A$B>>:7>6@7
$B7?$6>E$>:=F@DBG$D:GB>6@7E96FE$O6>9$@>9:D$
E@;DA:E$@H$B>>:7>6@7$X:M8MQ$7:OEQ$F@G6>6ABGQ$E>DB>:86A$@D8B76UB>6@7BGQ$B7?$67?6C6?;BG$B
A>@DEZ$BAD@EE$
=:?6B$FGB>H@D=EM$,:>>678$AG6=B>:$A9B78:$BE$>9:$B7BG5E6E$A@7>:S>Q$*$A@7?;A>:?$>9D::$:=F6D6ABG$
E>;?6:E$>9B>$:SB=67
:?$>9D::$D:E:BDA9$8@BGEW$XYZ$>@$AGBD6H5$O9B>$F;<G6A$B>>:7>6@7$6E$B7?$6?:7>6H5$B$
D@<;E>$OB5$>@$=:BE;D:$6>Q$XKZ$>@$?6EB88D:8B>:$B>>:
7>6@7$HD@=$?6HH:D:7>$>5F:E$@H$BA>@DE$@7$E@A6BG$
=:?6BQ$B7?$X[Z$>@$:SB=67:$FB>>:D7E$@H$F;<G6A$B>>:7>6@7$BAD@EE$?6HH:D:7>$AG6=B>:
RD:GB>:?$:C:7>EM
$1;>$O9B>$E9BF:E$F;<G6A$B>>:7>6@7$BAD@EE$=:?6B$@C:D$>6=:e$($E6=FG:$B7EO:D$>@$>9:$8;6?678$
:=F6D6ABG$I;:E>6@7$6E$>9B
>$<@>9$67?6C6?;BG$B7?$@D8B76UB>6@7BG$BA>@DE$E9BF:$F;<G6A$B>>:7>6@7Q$<;>$O9@$
>BT:E$>9:$G:B?$?:F:7?E$@7$>:=F@DBG$A@7?6>6@7EM$*$O
6GG$H;D>9:D$6GG;E>DB>:$>9:E:$>:=F@DBG$A@7?6>6@7E$
GB>:D$67$>96E$A9BF>:DM$(>$B$H6DE>$8GB7A:Q$>96E$H67?678$E::=E$G6T:$A@==@7$E:7E:M$1
;>$BE$%;7AB7$NB>>E$
EB5EQ$E@A6BG$EA6:7A:$D:G6:E$@7$A@==@7$E:7E:$<5$>:E>678$6>$B7?$;7?:DE>B7?678$9@O$=;A9$6>$CBD6:E$<5$
>6=:$B7?$
A;G>;D:M$1BE:?$@7$E@D>678$@;>$>9:$HDB8=:7>$B7?$FBDB?@S$67$A@==@7$E:7E:Q$E@A6BG$EA6:7>6E>E$
<;6G?$>9:@D6:EQ$O96A9$6E$E5E>:=B>6A$T7@O
G:?8:$XNB>>EQ$KLY\ZM$26T:O6E:Q$O9B>$>9:$E6=FG:$B7EO:D$
=:B7E$>@$>9:$>9:@D5$<;6G?678$B<@;>$F;<G6A$B>>:7>6@7$6E$>9B>$FD6@D$E>;?6:
E$;E678$@7G5$B8:7?B$E:>>678Q$
B8:7?B$<;6G?678Q$@D$8B>:T::F678$>9:@D6:E$>@$:SFGB67$F;<G6A$B>>:7>6@7$67$>9:$A@7>:=F@DBD5$=:?6B$
E5E>:=
$9BC:$^;E>$E::7$>9:$>6F$@H$>9:$6A:<:D8$@H$6>E$A@=FG:S6>6:EM$!9:$=:?6B$:7C6D@7=:7>$7@OB?B5E$
6E$EB>;DB>:?$O6>9$67?6C6?;BG$A9@6A:
E$X#?5$n$):6D6ATQ$KLYaZ
$B7?$B$=6S$@H$67>:DF:DE@7BG$
A@==;76AB>6@7E$B7?$=BEE$A@==;76AB>6@7E$XN:GG:E$n$3@7UrG:U
R1B6Gs7Q$KLKLZM$(E$+9B?O6AT$
BD8;:E$B<@;>$>9:$95<D6?$=:?6B$E5E>:=Q$@G?$=:?6B$B7?$7:O$=:?6B$BD:$O@DT678$>@8:>9:D$67$B7$
67>:8DB>:?$=@?:$X+9B?O6ATQ$KLYcZM$!9:D:<5Q$>96E$E6=FG:
$B7EO:D$=:B7E$>9B>$>9:D:$6E$7@>$B$E678G:$
!Yf\!!!$>9:@D5$@D$B$E6=FG:$?6A9@>@=@;E$=@?:G$>9B>$:SFG
B67E$>9:$:C@G;>6@7$@H$F;<G6A$B>>:7>6@7Q$DB>9:DQ$>9:$
?:C:G@F=:7>$@H$F;<G6A$B>>:7>6@7$8@:E$>9D@;89$FG;DBG6E>6A$B7?$?57B=6A$=:A9B76E=E$X':;=B7Q$
KLYfZM$!9:$H67?678E$HD@=$>96
E$?6EE:D>B>6@7$A@7>D6<;>:$>@$@;D$;7?:DE>B7?678$@H$>9:E:$=:A9B76E=E$67$
>9D::$OB5EQ$BE$*$
O6GG$:SFGB67$<:G@OM
$D4-,!.7!9+:0.1!",,2/,.(/!-/A!B(=!,(!@2-7+32!F,
!.@D$>9:$H6DE>$A@7>D6<;>6@7Q$H67?678E$HD@=$>96E$?6EE:D>B>6@7$?:=@7E>DB>:$>9B>$F;<G6A$B>>:7>6@7$
6E$A@7A:
F>;BGG5$B7?$:=F6D6ABGG5$?6HH:D:7>$HD@=$7:OE$B>>:7>6@7Q$!O6>>:D$B>>:7>6@7Q$B7?$F;<G6A$@F
676@7M$
!@$>9:@D6U:$F;<G6A$B>>:7>6@7Q$6>$6E$7:A:EEBD5$>@$>D:B>$6>$BE$B7$67?:F:7?:7>$B7BG5>6A$AB>:8@D5M$*7$>96E$
?6EE:D>B>6@7Q$*$A@7A:F>;BG6U:?$F;<G6A$B>>:7>6@7$BE$B$CBG;B<
G:$E@;DA:$67$>9:$A@7>:=F@DBD5$=:?6B$
E5E>:=
M$$*$;E:?$B7$BG>:D7B>6C:$BFFD@BA9$
RRF:@FG:VE$
E:BDA9$<:9BC6@D$@7$3@@8G:$>@$=:BE;D:$
F;<G6A$
B>>:7>6@7
M$(H>:D$B$G@786>;?67BG$B7BG5E6E$@H$F;<G6A$B>>:7>6@7Q$F;<G6A$@F676@7Q$7:OE$B>>:7>6@7Q$B7?$
!O6>>:D$B>>:7>6@7$FB>>:D7E$
@C:D$f$5:BDE$XKLYY
iKLYfZQ$*$H@;7?$>9B>$:BA9$@H$>9:=$6E$?6E>67A>6C:$67$
67>:7E6>5Q$C@GB>6
G6>5Q$B7?$D:EF@7E:E$>@$D:BG
RG6H:$:C:7>EM$/;<G6A$B>>:7>6@7$6E$G:EE$E>B<G:$>9B7$F;<G6A$
@F676@7Q$BHH6D=678$O9B>$E@=:$EA9@GBDE$9BC:$FD:?6A>:?$X':O68Q$KLL\m$46F<:D8:DQ$KLYYZM
$/;<G6A$
B>>:7>6@7$6E$G:EE$C@GB>6G:Q$67>:7E6C:Q$B7?$D:EF@7E6C:$>@$>9:$D:BG
RG6H:$:C:7>EQ$
A@=FBD:?$>@$!O6>>:D$B7?$
7:OE$B>>:7>6@7M$!9;EQ$FD:C6@;E$E>;?6:E$>9B>$;E:$!O6>>:D$B>>:7>6@7$@D$7:OE$B>>:7>6@7$BE$B$FD@S5$H@D$
F;<G6A$B>>:7>6@7$A@;G?$9BC:$@C:D:E>6=B>:?$>9:$
67E>B<6G6>5$@H$F;<G6A$B>>:7>6@7M$)5$H67?678E$BGE@$E9@O$
>9B>$?B6G5$B7?$=@7>9G5$7:OE$B>>:
7>6@7Q$!O6>>:D$B>>:7>6@7Q$B7?$F;<G6A$B>>:7>6@7$A@DD:EF@7?$O6>9$:BA9$
@>9:D$@C:D$>6=:M$!9;EQ$>D:B>678$F;<G6A$B>>:7>6@7$BE$7:OE$B>>:7>6@7Q$!O6>>:D$B>>:7>6@7Q$@D$F;<G6A$
@F67
6@7$BGE@$@C:DG@@TE$>9:$F@EE6<G:$AB;EBG$D:GB>6@7E96FE$B=@78$>9:=M$
"@O:C:DQ$=:BE;D678$F;<
G6A$B>>:7>6@7$;E678$3@@8G:$!D:7?E$*7?:S$6E$7@>$B$F:DH:A>$OB5
$>@$D:HG:A>$>9:$?:H676>6@7$@H$F;<G6A$B>>:7>6@7$
BE$>9:$B>>:7>6@7$HD@=$>9:$@D?67BD5$F:@FG:
M$(G>9@;89$3@@8G:$!D:
7?E$ABF>;D:$>9:$?57B=6AE$@H$F;<G6A$
B>>:7>6@7$@C:D$>6=:Q$>9:$B7@75=6>5$@H$>9:$?B>B$AD:B>
:E$A9BGG:78:E$
>@$AGBD6H5
$>9:$:SBA>$G:C:G$@H$E:BDA9$
!YfP!!!$<:9BC6@D$
HD@=$>9:$@D?67BD5$F:@FG:M$
*>$6E$A9BGG:78678$>@$?6HH:D:7>6B>:$O9:>9:D$B$E:BDA9$<:9BC6@D$6E$
HD@=$B7$@D8B76UB>6@
7$@D$B7$@D?67BD5$67?6C6?;BGM$*>$6E$BGE@$A9BGG:78678$>@$>:GG$>9:$C@G;=:$@H$;76I;:$
67?6C6
?;BGE$O9@$A@7?;A>$>9:$E:BDA9$B7?$B?^;E>$>9:$D:F:B>$E:BDA9$<:9BC6@D$HD@=$B7$67?6C6?;BG$;E:DM$
!9:$
G6=6>B>6@7$
@H$E:BDA9$?B>B$
@F:7E$@FF@D>;76>5$H@D$>9:$H;>;D:$E>;?6:E$>@$A@=
<67:$E;DC:5$B7?$
F:@FG:VE$E:BDA9$<:9BC6@D$>@$
<:>>:D$
=:BE;D:$F;<G6A$B>>:7>6@7M$$
$%2)*(3-0
!'(/A.,.(/7!(5!9+:0.1!",,2/,.(/
!!9:$E:A@7?$A@7>D6<;>6@7$@H$>96E$?6EE:D>B>6@7$6E$B<@;>$>9:$>:=F@DBG$A@7?6>6@7E$67$>9:$
:C@G;>6@7$@H$F;<G6A$B>>:7>6@7M$*7$>96E$E:A>6@7Q$*$6GG;E>DB>:$>9:$E6=FG:$B7EO:D$>9B>$*$=:7>6@7:?$67$>9:$
<:8677678$@H$>96E$A9BF>:D$O6>9$=@D:$
?:>B6GEM$,F:A6H6ABGG5Q$*$H@A;E$@
7$OB5E$>@$;7?:DE>B7?$>9:$
>:=F@DBG$A@7?6>6@7E$67$>9:@D6U678$>9:$:C@G;>6@7$@H$F;<G6A$B>>:7>6@7Q$<BE:?$@7$H67?678E$HD@=$>9:$
:=F6D6ABG$B7BG5E:EM$)@D:@C:DQ$*$67>:8DB>:$=:>9@?@G@86ABG$BFFD@BA9:E$>@$B7BG5U:$>6=:$E:D6:E$?686>BG$
>DBA
:$?B>B$>@$9:GF$=@C:$H@DOBD?$>9:$
>9:@D6:E$@H$F;<G6A$B>>:7>6@7M$
$.6DE>Q$O9B>$E9BF:E$F;<G6A$B>>:7>6@7$CBD6:E$?:F:7?678$@7$>9:$>6=:$EABG:$B>$O96A9$O:$@<E:DC:$
>9:$F9:7@=:7BM$/;<G6A$B>>:7>6@7$6E$:7>B78G:?$O6>9$B>>:7>6@7$HD@=$7:OEQ$!O6>>:DQ$B7?$E>DB>:86A$
@D8B76UB
>6@7E$BAD@EE$=BEE$=:?6B$B7?$?686
>BG$=:?6B$@C:D$>6=:Q$BE$>9:$95<D6?$=:?6B$E5E>:=$86C:E$
>9:$ABFBA6>5$>@$67?6C6?;BG$B7?$@D8B76UB>6@7BG$BA>@DE$>@$67HG;:7A:$:BA9$@>9:DM$1;>$;7?:DG5678$>9:$
67>:D?:F:7?:7A:$B=@78$?6HH:D:7>$H@D=E$@H$B>>:7>6@7Q$O:$AB7$E::$>9B>$=BEE$
=:?6B$B7?$?686>BG$=:?6B$
FGB5$?6E
>67A>$D@G:E$67$E9BF678$F;<G6A$B>>:7>6@7M$(E$E9@O7$<5$>9:$D:E;G>E$HD@=$+9BF>:D$[Q$!O6>>:D$6E$
B$HBE>$FGB>H@D=$AD:B>678$E>D@78$<;>$>DB7E6:7>$A9B78:E$67$F;<G6A$B>>:7>6@7$B>$>9:$?B6G5$G:C:GQ$O9:D:BE$
7:OE$6E$B$EG@O$FGB>H@D=$67HG;:
7A678$F;<G6A$B>>:7>6@7$B>$>9:$=@
7>9G5$G:C:GM$!O6>>:D$B>>:7>6@7$6E$>9:$
=@E>$C@GB>6G:$B7?$67>:7E6C:$A@=FBD678$>@$7:OE$B>>:7>6@7Q$F;<G6A$B>>:7>6@7Q$B7?$F;<G6A$@F676@7M$*>$
>BT:E$G:EE$>9B7$>O@$?B5E$H@D$!O6>>:D$>@$67HG;:7A:$F;<G6A$B>>:7>6@7$B7?$7:OE$B>>:7>6@7M$*
7$A@7>DBE>Q$6>$
>BT:E$B<@;>$@7:$=
@7>9$H@D$7:OE$>@$67HG;:7A:$F;<G6A$B>>:7>6@7M$!9:$6=FBA>$HD@=$E>DB>:86A$
!Yff!!!$@D8B76UB>6@7BG$B>>:7>6@7$X=:BE;D:?$C6B$FD:EE$D:G:BE:EZ$:S6E>E$B>$>9:$?B6G5$G:C:G$<;>$6E$7@>$E;E>B67:?$
B>$>9:$=@7>9G5$G:C:GM$!9:E:$H67?678E$E;88:E>$>9B>$E
A9@GBDE$AB7$:S>:7?$=:?6B$:HH:A>E
$>9:@D6:E$G6T:$
B8:7?B$E:>>678$B7?$B8:7?B$<;6G?678$<5$:SB=67678$>9:$E9@D>
R>:D=$67E>B7>$:HH:A>E$B7?$G@78
R>:D=$
BAA;=;GB>:?$:HH:A>E$@H$=:?6B$FGB>H@D=EM
$!9:E:$H67?678E$?:=@7E>DB>:$>9:$CBG;:$@H$A@7?;A>678$>6=:E$E:D6:E$B7BG5E6E$<BE
:?$@7$=;G>6FG:$
G:C:GE$@H$>:=F@DB
G$?6EB88D:8B>6@7$BE$B$?6HH:D:7>$G:7E$>@$:SB=67:$F;<G6A$B>>:7>6@7M$!9:$FD:C6@;E$
E>;?6:E$B<@;>$F;<G6A$B>>:7>6@7$@H>:7$?@$7@>$A@7E6?:D$>9:$?6HH:D:7A:$<:>O::7$E9@D>
R>:D=$:HH:A>E$B7?$
G@78
R>:D=Q$A;=;GB>6C:$:HH:A>EM$):>9@?@G@86ABGG
5Q$>9:5$>:7?$>@$A9@@E:$@7G5$@7:$
j<:E>k$>:=F@DBG$
B88D:8B>6@7$X:6>9:D$?B6G5Q$I;BD>:DG5Q$@D$=@7>9G5Z$67$>6=:$E:D6:E$=@?:GE$>9B>$6E$?D6C:7$<5$B8:7?B$
E:>>678$B7?$B8:7?B$<;6G?678$>9:@D5M$1;>$A@=FBD678$>9:$D:E;G>E$HD@=$>9:$>6=:$E:D6:E$=@?:GE$<BE:?$
@7$?6HH:D:7>$>:
=F@DBG$B88D:8B>6@7$AB7$9:GF$:S>:
7?$A;DD:7>$>9:@D6:E$B<@;>$F;<G6A$B>>:7>6@7$<5$
:SB=67678$9@O$AB;EBG$D:GB>6@7E96FE$FGB5$@;>$67$>9:$67$E9@D>$>:D=$C:DE;E$>9:$G@78$>:D=M
$,:A@7?Q$O9B>$E9BF:E$F;<G6A$B>>:7>6@7$?:F:7?E$@7$>9:$?57B=6A$FD@A:EE$@H$B>>:7>6@7$?6HH;E6@7$
BAD@EE$=:?6BM$!9:$:C@G;>6@7$@H$F
;<G6A$B>>:7>6@7$6E$B$7:>O@DT$8B>:T::F678$FD@A:EEM$(<<@>>$XKLLYZ$
F@67>:?$@;>$>9B>Q$67$E@A6BG$EA6:7A:Q$FD@A:EE:E$9BC:$GBD8:G5$?6EBFF:BD:?$HD@=$:=F6D6ABG$E>;?6:EQ$5:>$
;7?:DE>B7?678$>:=F@DBG$FD@A:EE:E$BD:$A:7>DBG$H@D$>9:@D5$<;6G
?678$X(<<@>>Q$KLLYZM$)@E>$FD:C6@
;E$
E>;?6:E$B<@;>$B>>:7>6@7$?6HH;E6@7$@7$!O6>>:D$9BC:$BEE;=:?$>9B>$@D8B76UB>6@7E$B7?$>9:$@D?67BD5$
F:@FG:$BD:$A@77:A>:?$67$B$E>B<G:$7:>O@DT$E>D;A>;D:M$)5$H67?678E$HD@=$+9BF>:D$P$E9@O$>9B>$<@>9$
67?6C6?;BG$B7?$@D8B76UB>6@7BG$BA>
@DE$E9BD:$>9:$D@G:$@H$<:678$>9:$
>@F$E@;DA:$H@D$AG6=B>:$A9B78:$
?6HH;E6@7$@C:D$>6=:$@7$!O6>>:DM$($E>B>6A$G@@T$B>$>9:$B>>:7>6@7$?6HH;E6@7$7:>O@DT$@7$!O6>>:D$E;88:E>E$
>9B>$@D8B76UB>6@7BG$BA>@DE$BD:$>9:$=B^@D$E@;DA:$B7?$67?6C6?;BG$BA>@DE$BD:$B$=B^@D$EFD:B?:DE$@
H$AG6=B>:$A9B78:$B>>:7>6@7EM$*7$
A@=FBD6E@7Q$B$?57B=6A$G@@T$@H$>9:$7:>O@DT$D:C:BGE$>9B>$E@=:>6=:E$
67?6C6?;BG$BA>@DE$AB7$<:A@=:$>@F$E@;DA:E$BE$O:GGM$(AA;=;GB>:?$B>>:7>6@7$HD@=$67?6C6?;BG$BA>@DE$
!Yfc!!!$BGE@$FD:?6A>E$7:OE$B>>:7>6@7$B7?$F;<G6A$B>>:7>6@7$<:5@7?$!O6>>:D
M$#A9@678$'B9@7VE$7:>O@DT$
8B>:T:
:F678$>9:@D5$XKLLaZQ$>9:E:$H67?678E$E9@O$>9B>$>9:$D@G:$@H$8B>:T::F:D$B7?$>9:$D@G:$@H$>9:$8B>:?$
67$B7$B>>:7>6@7$?6HH;E6@7$FD@A:EE$AB7$EO6>A9$B=@78$?6HH:D:7>$>5F:E$@H$BA>@DE$@C:D$>6=:M$
$.67?678E$B<@;>$>9:$7:>O@DT$8B>:T::F678$F
D@A:EE$9BC:$BGE@$?:=@7E>DB>:?$>9
:$CBG;:$@H$
:SB=67678$?57B=6A$FD@A:EE:E$>@$=@D:$:HH:A>6C:G5$>9:@D6U:$>9:$:C@G;>6@7$@H$F;<G6A$B>>:7>6@7$BE$B$
7:>O@DT$8B>:T::F678$FD@A:EEM$!9:E:$H67?678E$BGE@$E;88:E>$>9:$CBG;:$@H$A@7?;A>678$?57B=6A$
7:>O@DT$B7BG5E6E$>@$:SB=67:$
>9:$B>>:7>6@7$?6HH;E6@7$FD@A:EE$
@7$!O6>>:DM$%6HH:D:7>$HD@=$=B75$
FD:C6@;E$E>;?6:E$>9B>$H@A;E$@7$!O6>>:D$B7?$@7G5$B7BG5U:$B$E>B>6A$7:>O@DTQ$>9:$E>D:78>9$@H$?57B=6A$
7:>O@DTE$6E$>9B>$>9:5$D:C:BG$>9:$A9B78678$6=F@D>B7A:$@H$:BA9$>5F:$@H$BA>@DM$
$(7$:S>:7E6@7$@H$E
>;?5678$>9:$?57B=6A$FD@A:EE$H@D$
H;>;D:$E>;?6:E$6E$>@$H@A;E$@7$>9:$D@G:$@H$
E:I;:7A:$BE$B7@>9:D$>:=F@DBG$G:7E$>@$:SB=67:$>9:$7:>O@DT$8B>:T::F678$BAD@EE$=:?6BM$15$E:I;:7A:Q$
*$=:B7$>9:$@D?:D$@H$;E:DE$O9@$67HG;:7A:$>9:$?6HH;E6@7$@H$B>>:7>6@7M$($D:A:7>$E>;?5$9BE
$E9@O7$>9:$
6=F@D>B7A:$@H$B7BG5U6
78$E:I;:7A:E$BE$B7$BFFD@BA9$>@$;7?:DE>B7?$>6=:$BE$B$?57B=6A$FD@A:EE$
X/:78$
n$b9;Q$KLKLZ
M$/D:C6@;E$E
>;?6:E$H@A;E678$@7$67H@D=B>6@7$?
6HH;E6@7$@7$!O6>>:D$9BC:$>DBA:?$>9:$
E:I;:7A:E$@H$EFD:B?:DE$O9@$FD@FB8B>:$=:EEB8:E$67$>9:$?6HH;E6@7$FD@A:EEM$!9:5$:E>6=B>:?$B$ABEAB?:$
7:>O@DTQ$O96A9$>DBA:E$>9:$H;GG$FB>9$@H$B>>:7>6@7$?6HH;E6@7$HD@=$E@;DA:Q$>9D@;89$67>:D=:?6BD
6:EQ$B7?$
>@$H67BG$D:A:6C:DE$
X:M8MQ$3@:GQ$(7?:DE@7Q$"@H=B7Q$n$NB>>EQ$KLYPm$3@7UBG:U
R1B6G@7Q$]BG>:7<D;77:DQ$
n$1B7A9E
Q$KLYLm$):78$:>$BGMQ$KLYaZ
M$.;>
;D:$D:E:BDA9$AB7$<;6G?$@7$>9:E:$E>;?6:E$<5$67>:8DB>678$
B>>:7>6@7$>9B>$6E$@;>E6?:$!O6>>:D$>@$>9:$ABEAB?:$7:>O@DTM$
$!96D?Q$O9B>$E9BF:E$F;<G6A$B>>:7>6@7$CBD6:E$<5$:C:7>$A@7>:S>EM$*7$>96E$ABE:Q$>6=:Q$
D:FD:E:7>:?$<5$96E>@D6A$:C:7
>EQ$<:A@=:E$B$?6EAD:>:$CBD6B<G:$
X(<<@>>Q$KLLYZM$15$D:FG6AB>678$>9:$
?57B=6A$7:>O@DT$B7BG5E6E$B7?$>6=:$E:D6:E$B7BG5E6E$BAD@EE$>9D::$AG6=B>:$A9B78:
RD:GB>:?$:C:7>EW$
#BD>9$%B5$67$KLYPQ$!9:$/:@FG:VE$+G6=B>:$)@C:=:7>$67$KLYPQ$B7?$-<B=B$@7$.BA:<@@T$67$KLYPQ$*$
!Yfa!!!$H@;7?$>9B>$:BA9$:C:7>$E9@OE$B$?6E>67
A>6C:$FB>>:D7$@H$F;<G6A$B>>:7>6@7$B7?$B>>:7>6@7$?6HH;E6@7$
FD@A:EEM$,F:A6H6ABGG5Q$>9:$@D8B76UB>6@7BG$BA>@DE$67C@GC:?$67$>9:$-<B=B$@7$.BA:<@@T$:C:7>$O:D:$
>9:$G:BE>$A@DD:GB>:?$O6>9$F;<G6A$B>>:7>6@7$B7?$@7G67:$7:OE$B>>:7>6@7$@;>
E6?:$!O6>>:DM$*7$
A@=FBD6E@7Q$>9:
$A@==;76AB>6C:$<:9BC6@DE$@H$@D8B76UB>6@7BG$BA>@DE$67C@GC:?$67$>9:$#BD>9$%B5$
:C:7>$B7?$>9@E:$67$>9:$/:@FG:VE$+G6=B>:$)@C:=:7>$:C:7>$O:D:$>9:$=@E>$A@77:A>:?$O6>9$>9@E:$
B>>:7>6@7$@;>E6?:$!O6>>:DM$*7>:DFD:>678$>96E$G6=6>:?$A@77:
A>6@7$67$?6HH:D:7>$OB5EQ$*$67H:D
$>9B>$9689$
C@G;=:$!O6>>:D$B>>:7>6@7$:C:7>E$BD:$F:D9BFE$BEE@A6B>:?$O6>9$B$EF6GG@C:D$:HH:A>$HD@=$
@D8B76UB>6@7BG$BA>@DE$>@$F;<G6A$B7?$7:OE$B>>:7>6@7$@;>E6?:$!O6>>:DM$"689$C@G;=:$!O6>>:D$B>>:7>6@7$
:C:7>E$=B5$BGE@$<:$BEE@A6B>:?$O
6>9$A@7E6E>:7>$E57A9D@76UB>6@7$B
7?$67>:8DB>6@7$@H$BGG$>5F:E$@H$
BA>@DE$@7$!O6>>:DM$-D$6>$=B5$<:AB;E:$@H$>9:$676>6B>@D$@H$>9:$:C:7>EQ$BE$F@G6>6ABG$:G6>:E$B;>@=B>6ABGG5$
8B67$9689$B>>:7>6@7$H@D$>9:$:C:7>Q$O9:D:BE$>9:$@>9:D$>O@$E@A6BG$=@C:=:7>$:C:7>E$7::?$>@$FD
@C:$
>9:6D$B>>:7>6@7
RO@D>967:EEM$
!BT:7$BGG$>@8:>9:DQ$<:5@7?$E6=FG5$@<E:DC678$>9:$9:>:D@8:7:6>5$@H$>9:$
:C:7>EQ$=5$H67?678E$E;88:E>$B$F@>:7>6BG$95F@>9:E6E$>@$>9:@D6U:$:C:7>$A@7>:S>E$H@D$>9:$H;>;D:$
E>;?6:EW$+@=FBD:?$>@$:C:7>E$>9B>$EFBDT:?$G:EE$!O6>>:D$B>>:7>6@
7Q$:C:7>E$O6>9$=@D:$!O6>>:D$
B>>:7>6@7$BD:$BEE@A6B>:?$O6>9$D:F:B>:?$E57A9D@76UB>6@7$B7?$67>:8DB>6@7$@H$B>>:7>6@7$HD@=$BGG$>5F:E$
@H$BA>@DEM$)@D:@C:DQ$:C:7>E$O6>9$=@D:$!O6>>:D$B>>:7>6@7$BD:$BGE@$BEE@A6B>:?$O6>9$B$EF6GG@C:D$:HH:A>$
>@$>9:$67>:D=:?6B$>DB7E=6EE6@
7$@H$B>>:7>6@7$HD@=$>9:$@D8B76UB
>6@7BG$B>>:7>6@7$@7$!O6>>:DM$!9:E:$
H67?678E$:S>:7?$7:>O@DT$8B>:T::F678$>9:@D5$<5$E;88:E>678$O9B>$T67?$@H$:C:7>$A@7>:S>E$=B5$
BGG@O$A:D>B67$>5F:E$@H$67?6C6?;BG$BA>@DE$>@$<:A@=:$8B>:T::F:DEM$*>$BGE@$@F:7E$B$>9:@D:>6ABG$
@FF@D>;7
6>5$>@$:SB=67:$>9:$D@G:$@H$D:F:B
>:?$E57A9D@76UB>6@7$B7?$67>:8DB>6@7$67$E;E>B67678$F;<G6A$
B>>:7>6@7M$(E$H@D$>9:$AG6=B>:$A9B78:$A@==;76AB>6@7$FD@H:EE6@7BGEQ$>96E$H67?678$=B5$E9:?$G689>$@7$
9@O$>@$DB6E:$=@D:$AG6=B>:$A9B78:$B>>:7>6@7$O9:7$7::?:?M
$!Yfd!!!$*7$>:D=E$@H$=:
>9@?Q$>9:E:$H67?678E$B<@;>$:C:7>
$A@7>:S>E$BGE@$E9@O$B7$BFFD@BA9$>@$
AB>:8@D6U:$:C:7>E$<BE:?$@7$>9:$B>>:7>6@7$FB>>:D7EM$/D:C6@;E$E>;?6:E$9BC:$E9@O7$E:C:DBG$F@EE6<G:$
OB5E$>@$AB>:8@D6U:$:C:7>E$<BE:?$@7$:C:7>$A9BDBA>:D6E>6AEM$.@D$:SB=FG:Q$>9:5$AB>:8@D6U:$:C:7>E
$<5$>9:6D$@<>D;E6C:7:EE$B7?$FD@S
6=6>5$
Xg@7<;7Q$]q768EGqOQ$n$,A9@:7<BA9Q$KLYfZ
Q$<5$>9:$>D688:DE$@H$
:C:7>E$
X!9@DE@7$n$NB78Q$KLYdZ
Q$@D$<5$>9:$G:C:G$@
H$=:?6B$B>>:7>6@7$B7$:C:7>$D:A:6C:?$
X(7?:D:88$
n$3@G?E=6>9Q$KLY\Z
M$.:O$E>;?6:E$AGBEE6H5$:C:7>E$
<5$FB>>:D7E$@H$F;<G
6A$B>>:7>6@7M$.@D$:SB=FG:Q$
2:9=B77$:>$BGMQ$XKLYKZ
$AGBEE6H6:?$!O6>>:D$B>>:7>6@7$B<@;>$?6HH:D:7>$:C:7>E$X=:BE;D:?$<5$9BE9>B8EZ$
67>@$H@;D$AB>:8@D6:EW$B>>:7>6@7$A@
7A:7>DB>:?$<:H@D:$B
7?$?;D678$>9:$F:BTQ$?;D678$B7?$BH>:D$>9:$F:BTQ$
E5==:>D6ABGG5$BD@;7?$>9:$F:BTQ$B7?$>@>BGG5$A@7A:7>DB>:?$@7$>9:$F:BTM$3D@{$XKLYdZ$AB>:8@D6U:?$
:C:7>E$67>@$G@O$<BE:G67:$F;<G6A$B>>:7>6@7$B7?$9689$<BE:G67:$F;<G6A$B>>:7>6@7$:C:7>EM$":$H@;7?$>9B
>$67$>9:$:C:7>E$O6>
9$G@O$676>6BG$F;<G6A$B>>:7>6@7Q$7:OE$B>>:7>6@7$>:7?E$>@$G:B?$F;<G6A$B>>:7>6@7$
A@=FBD:?$>@$>9@E:$O6>9$9689$676>6BG$F;<G6A$B>>:7>6@7M$.67?678E$B<@;>$G@O$B>>:7>6@7y9689$B>>:7>6@7$
:C:7>E$67$>96E$?6EE:D>B>6@7Q$BG@78$O6>9$>9@E:$FD6@D$E>;?6:E$E
9@O$>9B>$6>$=B5$<:$
B7$:HH:A>6C:$OB5$>@$
>5F@G@86U:$:C:7>E$<5$>9:6D$FB>>:D7E$@H$F;<G6A$B>>:7>6@7Q$AD:B>678$B$FB>9OB5$>@$H;D>9:D$>9:@D6U:$>9:$
:C:7>$A@7>:S>EM$
$6.7-GG32G-,./G!%=.,,23!U7237
!!9:$>96D?$A@7>D6<;>6@7$@H$>96E$?6EE:D>B>6@7$6E$>9:$?:=@7E>DB>6@7$@H$>9:
$CBG;:$@H$
?6EB88D:8
B>678$!O6>>:D$;E:DE$>@$;7?:DE>B7?$>9:$?57B=6A$FD@A:EE$>9D@;89$O96A9$F;<G6A$B>>:7>6@7$
:C@GC:EM$!9:$=B^@D6>5$@H$:S6E>678$67>:D=:?6B$B8:7?B$E:>>678$E>;?6:E$;E:$B88D:8B>:?$!O6>>:D$
B>>:7>6@7$BE$B$FD@S5$H@D$F;<G6A$B>>:7>6@7Q$O96G:$@C:DG@@T678$
>9:$FD:E:7A:$B7?$67
HG;:7A:$@H$
>DB?6>6@7BG$8B>:T::F:DE$@7$!O6>>:DM$!9:D:H@D:Q$>9:6D$H67?678E$BD:$G6=6>:?$>@$;7?:DE>B7?678$B>>:7>6@7$
?6HH;E6@7$B>$>9:$=:?6B$@;>G:>$G:C:GM$*7$>96E$?6EE:D>B>6@7Q$*$;E:?$B7$B;>@=B>:?$AGBEE6H6AB>6@7$=:>9@?$
>@$?6EB88D:8B>:$!O6>>:D$
;E:DE$67>@$H6C:$AB>
:8@D6:E$@H$BA>@DE$X67?6C6?;BGQ$7:OEQ$F@G6>6ABGQ$B?C@ABA5Q$
!YcL!!!$B7?$@>9:D$@D8B76UB>6@7BG$BA>@DEZQ$*$H@;7?$>9B>$!O6>>:D$67C@GC:E$B$CBD6:>5$@H$@D8B76UB>6@7BG$BA>@DE$
B7?$67?6C6?;BG$BA>@DE$67$>9:$EFD:B?$@H$AG6=B>:$A9B78:$B>>:7>6@7
JB>$>9B>$FB>>:D7E
$@H$B>>:7>6@7$
?6HH;
E6@7$G@@T$I;6>:$?6HH:D:7>$O9:7$>96E$HBA>$6E$>BT678$67>@$BAA@;7>$:=F6D6ABGG5M$#BA9$>5F:$@H$BA>@DE$
@7$!O6>>:D$?:=@7E>DB>:$?6E>67A>6C:$ABFBA6>6:E$>@$?D6C:$>9:$EFD:B?$@H$AG6=B>:$A9B78:$B>>:7>6@7$O6>967$
B7?$<:5@7?$!O6>>:DM$.@D$:SB=FG:Q$*$H@;7
?$>9B>$67?6C6?;BG$B
A>@DE$O:D:$>9:$=B^@D$B=FG6H6:D$@H$
@D8B76UB>6@7BG$B>>:7>6@7$O6>967$!O6>>:DQ$B7?$>9:6D$EFD:B?678$<:9BC6@D$6E$B<G:$>@$>D688:D$7:OE$
B>>:7>6@7$<:5@7?$!O6>>:DM$-D8B76UB>6@7BG$BA>@DE$@H>:7$EFD:B?$>9:$B>>:7>6@7$HD@=$>9:6D$F::DE$O6>967$
!O6>>:DQ$?
:=@7E>DB>678$9@=@F9
6G5Q$B7?$>9:7$67HG;:7A:$7:OE$B>>:7>6@7$B7?$F;<G6A$B>>:7>6@7$<:5@7?$
!O6>>:DM$!9;EQ$!O6>>:D$AD:B>:E$=@D:$CBD6:>5$@H$FB>9E$>@$?6HH;E:$@H$AG6=B>:$A9B78:$B>>:7>6@7$>9B7$
67>:D=:?6B$B8:7?B$E:>>678$9BE$FD:?6A>:?$
X1:77:>>$:>$BGMQ$KLYaZ
M$!9:E:$H67?678E$E;88:E>$>9B>$H;>;D:$
67>:D=:?6B$B8:7?B$E:>>678$E>;?6:E$7::?$>@$?6EB88D:8B>:$!O6>>:D$;E:DE$B7?$86C:$AD:?6>$>@$>9:$=6AD@$
?57B=6AE$B=@78$>9:$@D
8B76UB>6@7BG$BA>@DEQ$FBD>6A;GBDG5$>9:$>DB?6>6@7BG$8B>:T::F:DE$X7:OEQ$
F@G6>6A6B7EQ$B7?$GBD8:$@D8B76UB>6@7EZ$B7?$>9:$67?6C6?;BG$BA>@DE$67$B=FG6H5678$>9:$>DB7EH:D$@H$B>>:7>6@7$
BAD@EE$=:?6BM$
$!@$?6EB88D:8B>:$!O6>>:D$;E:DEQ$>96E$?6EE:D>B>6@7$
FD@C6?:E$67E689>E$>
@$?:E687$B7$B;>@=B>:?$
AGBEE6H6AB>6@7$BFFD@BA9Q$;E678$=BA967:$G:BD7678Q$AD@O?E@;DA:?$A@?678Q$B7?$B$?6A>6@7BD5$>9B>$*$
AD:B>:?M$*$BGE@$E;88:E>$E>DB>:86:E$H@D$GB<:GG678$?B>B$O6>9$B$I;BG6>5$A@7>D@G$E5E>:=$>@$=B67>B67$B$8@@?$
F:DH@D=B7A:$@H$)!;
DT:DEQ$>9:$E>:FE$@H
$<;6G?678$B$E;F:DC6E:?$=BA967:$G:BD7678$=@?:G$B7?$B7$
B;>@=B>6A$;E:D$AGBEE6H6AB>6@7$?6A>6@7BD5M$!9:$B;>@=B>:?$AGBEE6H6AB>6@7$=:>9@?$AB7$<:7:H6>$H;>;D:$
67>:D=:?6B$B8:7?B$E:>>678$E>;?6:EQ$:EF:A6BGG5$>9@E:$>9B>$H@A;E$@7$>9:$AG6=B>:$A9B78:$A@
7>:S>M$
$K.).,-,.(/7
!-/A!;**(3,+/.,.27!5(3!C+,+32!&272-314
!.6DE>Q$67$>96E$?6EE:D>B>6@7Q$*$9BC:$H@A;E:?$@7$G@786>;?67BG$B7BG5E6E$@H$>9:$E6S
R5:BD$AG6=B>:$
A9B78:$B>>:7>6@7$B7?$>9:7$U@@=E$67$>@$>9D::$AG6=B>:$A9B78:$:C:7>EM$!9:$EB=FG678$@H$>9:$:C:7>E$6E$
!YcY!!!$<BE:?$@7
$B$F@E>$9@A$E:G:A>6
@7M$!9B>$=:B7E$>9@E:$:C:7>E$O:D:$E:G:A>:?$<:AB;E:$@H$>9:6D$E;AA:EE$@H$
?D6C678$EF6T:E$@H$B>>:7>6@7$@7$!O6>>:DM$.;>;D:$E>;?6:E$E9@;G?$BGE@$67C:E>68B>:$;7E;AA:EEH;G$:C:7>E
J>9B>$6EQ$:C:7>E$>9B>$?6?$7@>$8:7:DB>:$EF6T:E$67$B>>:7>6@7M$,F:A6H6AB
GG5Q$H;>;D:$E>;?6:E
$AB7$<;6G?$@7$
>9:@D6U678$>9:$:C:7>$A@7>:S>E$<5$;E678$>9:$>5F@G@85$>9B>$*$=:7>6@7:?$:BDG6:D$>@$AGBEE6H5$:C:7>E$<BE:?$
@7$>9:$FB>>:D7E$@H$B>>:7>6@7M$
$,:A@7?Q$>96E$?6EE:D>B>6@7$:SB=67:?$>9:$E@;DA:E$B7?$EFD:B?:DE$@H$AG6=B>:$A9B78:$B>>:7>6@7$
@7$!O6>>:DQ$BEE;=678
$>9:$B>>:7>6@7$6E$E@=:9@O$D:GB>:?$>@$>9:$:C:7>M$*>$?@:E$7@>$H;D>9:D$:SB=67:$>9:$
CBD6B7A:$@H$>9:$HDB=:E$@D$F;<G6A$?6EA@;DE:$BAD@EE$>9:$>5F:E$@H$BA>@DEM$*>$6E$I;6>:$F@EE6<G:$>9B>$>9:$
HDB=:E$B7?$?6EA@;DE:E$BFF:BD$>@$9BC:$?6C:DE:$@F676@7E$B7
?$F:DEF:A>6C:E$@H$>
9:$AG6=B>:$A9B78:$6EE;:M$
(7BG5E6E$B>$>9:$A@7>:7>$G:C:G$O6GG$BGE@$<:$7:A:EEBD5$<:AB;E:Q$BE$E9@O7$<5$>9:$D:>O::>$7:>O@DT$
=:>D6AE$67$+9BF>:D$.6C:Q$!O6>>:D$;E:DE$O9@$>O::>$B<@;>$AG6=B>:$A9B78:$BD:$G@@E:G5$A@77:A>:?$O6>9$
:BA9$@>9:DM$!9B>$=:B7
E$>9:D:$BD:$=B75$E;
<8D@;FE$O6>967$>9:$D:>O::>$7:>O@DTM$/:D9BFE$H;>;D:$
E>;?6:E$AB7$A@7?;A>$I;BG6>B>6C:$B7BG5E6E$>@$>9:$F;<G6A$?6EA@;DE:$@D$HDB=678$B7BG5E6E$>@$:SB=67:$9@O$
?6HH:D:7>$HDB=:E$B7?$?6EA@;DE:E$?6C:D8:$B>$>9:$7@7
REF6T:$9@;DE$B7?$A@7C:D8:$B>$>9:$B>>
:7>6@7$EF6T:$
9@;DEM
$!96E$O6GG$9:GF$;E$;7?:DE>B7?$O9B>$HBA>@DE$G:B?$>@$@D$E;E>B67$>9:$=@=:7>E$@H$E57A9D@76UB>6@7$
B7?$67>:8DB>6@7$>9B>$;76>:E$BGG$>5F:E$@H$;E:DEM$
$!9:$>96D?$G6=6>B>6@7$6E$>9B>$>96E$?6EE:D>B>6@7$?:>:A>:?$>9:$:S6E>:7A:$@H$7:OE$<@>E$>9B>$FD@=@>:
$AG6=B>:$A9B78:$HBA
>E$@7$!O6>>:DQ$<;>$?;:$>@$>9:$G6=6>B>6@7$@H$>9:$96E>@D6A$?B>B$B7?$>9:$EA@F:$@H$>9:$
?6EE:D>B>6@7Q$*$?6?$7@>$H;D>9:D$E5E>:=B>6ABGG5$:SB=67:$>9:$<@>$B>>:7>6@7$B7?$6>E$67>:DBA>6C:$D:GB>6@7$
O6>9$@>9:D$>5F:E$@H$BA>@DEM$)@D:$I;:E>6@7E$B<@;>$7:O
E$<@>E$?:E:DC:$H;>;
D:$E>;?6:EM$.@D$:SB=FG:Q$
BD:$>9:D:$E@A6BG$<@>E$>9B>$EFD:B?$AG6=B>:$A9B78:$9@BS$67H@D=B>6@7e$N9B>$BD:$D@G:E$@H$<@>E$67$>9:$
AG6=B>:$A9B78:$B>>:7>6@7$?6HH;E6@7$FD@A:EE$@7$!O6>>:De$"@O$O6GG$6>$:S>:7?$>9:$>9:@D6:E$B<@;>$F;<G6A$
B>>:7>6@7Q$O96A
9$BD:$<BE:?$@7$=BEE
$A@==;76AB>6@7$B7?$67>:DF:DE@7BG$A@==;76AB>6@7e$*>$O6GG$<:$
!YcK!!!$=:B7678H;G$>@$9BC:$=@D:$H;>;D:E$E>;?6:E$>@$B7EO:D$>9:E:$I;:E>6@7EM$
$'(/10+7.(/!
!*7$A@7AG;E6@7Q$>9:$?6EE:D>B>6@7$A@7>D6<;>:E$>@$@;D$;7?:DE>B7?678$@H$>9:$A@7A:F>;BG6UB>6@7$@H$
F;<G6
A$B>>:7>6@7$B7?$O9@
$E9BF:E$>9:$?57B=6AE$@H$F;<G6A$B>>:7>6@7$BAD@EE$=:?6B$@C:D$>6=:M$4:E;G>E$
@H$>9:$?6EE:D>B>6@7$D:C:BG$>9B>$F;<G6A$B>>:7>6@7$6E$B$?6E>67A>6C:$AB>:8@D5$@H$B>>:7>6@7m$6>$6E$?6HH:D:7>$
HD@=$7:OE$B>>:7>6@7Q$!O6>>:D$B>>:7>6@7$B7?$F;<G6A$@F676@7$6
7$>:D=E$@H$C@GB>6G6
>5$B7?$67>:7E6>5M$!9:$
D:E;G>E$BGE@$D:C:BG$>9B>$>9:$FD@A:EE$>9D@;89$O96A9$F;<G6A$B>>:7>6@7$:C@GC:E$67$>9:$A@7>:=F@DBD5$
=:?6B$E5E>:=$6E$FG;DBG6E>6AM$!9:$B8:7?B$E:>>678Q$B8:7?B$<;6G?678Q$B7?$8B>:T::F678$>9:@D6:E$@7G5$
FBD>6BGG5$:SFGB67$>9:E:
$FD@A:EE:EQ$BE$<@>9
$>9:$@D8B76UB>6@7BG$BA>@DE$B7?$67?6C6?;BG$BA>@DE$67HG;:7A:$
>9:$:C@G;>6@7$@H$F;<G6A$B>>:7>6@7$BAD@EE$=:?6BM$!9:$D:E;G>E$E9@O$B$E>D@78$:C:7>$9:>:D@8:7:6>5$67$
>:D=E$@H$>9:$B>>:7>6@7$FB>>:D7E$B7?$>9:$B>>:7>6@7$?6HH;E6@7$FD@A:EEQ$O96A9$6E$B$>
9:@D:>6ABG$
@FF@D>;7
6>5$H@D$H;>;D:$D:E:BDA9$@7$F;<G6A$B>>:7>6@7M$!9:$D:E;G>E$E;88:E>$95F@>9:E:E$>9B>$>9:$
A@7E6E>:7>$67>:8DB>6@7$B7?$E57A9D@76UB>6@7$@H$BGG$>5F:E$@H$BA>@DE$@7$!O6>>:D$=B5$FD@?;A:$=@D:$
!O6>>:D$B>>:7>6@7$B7?$:SFB7?$>9:$67HG;:7A:$@H$@D8B76UB>6@7
BG$BA>@DE$>@$F;<G6A
$B>>:7>6@7$B7?$7:OE$
B>>:7>6@7$<:5@7?$!O6>>:DM$!96E$?6EE:D>B>6@7$BGE@$=BT:E$=:>9@?@G@86ABG$A@7>D6<;>6@7E$>@$>9:$
G6>:DB>;D:$<5$<;6G?678$B7$B;>@=B>:?$AGBEE6H6AB>6@7$BFFD@BA9$>@$?:>:A>$F@G6>6ABGQ$7:OEQ$B?C@ABA5Q$B7?$
@>9:D$@D8B76UB>6@7BG$BA>@
DE$@7$!O6>>:DM$!96E
$?6EE:D>B>6@7$;E:E$G@786>;?67BG$?686>BG$>DBA:$?B>B$>@$
=:BE;D:$?6HH:D:7>$H@D=E$@H$B>>:7>6@7Q$>9:$A9@6A:$@H$>:=F@DBG$B88D:8B>6@7$;E:?$>6=:E$E:D6:E$B7BG5E6EQ$
B7?$B7BG5E6E$@H$>9:$?57B=6A$7:>O@DTE$
i$BGG$@H$>9:=$9BC:$E9@O7$>9:$E>D:78>9$@H$>9:$
A@=F;>B>6@7BG$
E@A6B
G$EA6:7A:$B7BG5>6A$BFFD@BA9$67$E>;?5678$>9:$?57B=6AEQ$67>:D>O67678Q$B7?$:C:D
RA9B78678$
D:GB>6@7E96FE$<:>O::7$F;<G6A$B>>:7>6@7$B7?$@>9:D$H@D=E$@H$B>>:7>6@7M$.;>;D:$E>;?6:E$AB7$B?CB7A:$
>96E$<@?5$@H$G6>:DB>;D:$<5$E5E>:=B>6ABGG5$:SB=67678$=@D
:$:C:7>E$<BE:?$@7$>
9:6D$B>>:7>6@7$FB>>:D7EQ$
>9:$F;<G6A$?6EA@;DE:Q$B7?$>9:$?6HH;E6@7$@H$?6HH:D:7>$AG6=B>:$A9B78:$HDB=:EM
$!Yc[!!!$$$$$$$$$$$$$$$$$$$$$$$(//#'%*+#,
$$ !Yc\!!!$"99I<6F\
!"W!IJ*0-/-,.(/!(5!)2-7+32)2/,!(5!7+7,-./-:.0.,>!]'4-*,23!P^
!*$;E:?$(;8=:7>:?$%6AT:5
R.;GG:D$X(%.Z$>:E>$>@$:SB=67
:$>9:$E;E>B67B<6G6>5$@H$:BA9$>6=:$
E:D6:E$?B>BM$":D:$6E$>9:$G@86AW$!96E$>:E>$6E$=@E>$@H>:7$;E:?$>@$?6B87@E:$O9:>9:D$B$>6=:$E:D6:E$?B>B$
6E$E>B>6@7BD5M$*H$B$>6=:$E:D6:E$6E$E>B>6@7BD5Q$>9B>$=:B7E$>9:$6>E$96E>@
D6A$CBG;:E$AB7$FD:?6A>$>9:$H;>;D:$
CBG;:EQ$O6>9$B$=:
B7Q$CBD6B7A:Q$B7?$B;>@A@CBD6B7A:$D:=B67:?$>9:$EB=:$
X1@SR,>:HH:7E=:6:D$:>$BGMQ$
KLY\ZM$*7$@>9:D$O@D?EQ$>9:$>6=:$E:D6:E$9BE$B$=:=@D5M$1;>$6H$B$>6=:$E:D6:E$6E$7@7
RE>B>6@7BD5$X:M8MQ$
DB7?@=$OBGTZQ$>9B>$=:B7E$>9:$>6=:$E:D6:E$6E$;7FD:?6A>B<G:$O6>9$A9B78678$=:B7Q$CBD6B7A:Q$B7?$
B;>@A@CBD6B7A:M$*7$@>9:D$O@D?EQ$>9:$>6=:$E:D6:E$?@:E$7@>$9BC:$=:=@D5M$
$$(;8=:7>:?$%6AT:5
R.;GG:D$X(%.Z$6E$BA>;BGG5$B$>DB7EH@D=:?$B;>@D:8D:EE6C:$=@?:GM$1:
G@O$
6E$>9:$H@D=;GB$@H$(%.$>:E>$H@D$F
R>9$@D?:D$B;>@D:8D:EE6C:$FD@A:EEW$
$!!"#"$%&!!#$$%'(%&#$%'$)!!#%$*!($$N9B>$*$;E:?$>@$=:BE;D:$E;E>B67B<6G6>5$6E$>9:$CBG;:$@H$F$67$>96E$H@D=;GBM$!9:$CBG;:$H@D$F$
=:B7E$>9:$7;=<:D$@H$>9:$GB8$?6HH:D:7A:?$>:D=$$
)!!#%$$67$7::?:?$>@$ABF>;D:$>9:$E:D6BG$A@DD:
GB>6@7$
67$>6=:$E:D6:E$
!!M$)!!#%6E$>9:$?6HH:D:7A:?$>:D=$@H$>9:$>6=:$E:
D6:E$
!!$B7?$:I;BGE$>@$
!!#%+!!#%#$$M$.@D$:SB=FG:Q$86C:7$B$>6=:$E:D6:E
%!!$67?6AB>678$?B6G5$C@G;=:$@H$>O::>EQ$69:7$B??678$f$GB8$
?6HH:D:7A:?$>:D=E$A
BF>;D:E$>9:$?57B=6AE$67$>9:$>6=:$E:D6:E$
!!M$!9B>$=:B7EQ$>O::>E$67$>9:$FBE>$E6S$
?B5E$AB7$<:
E>$FD:?6A>$>9:$>O::>E$H@D$>@?B5M$,6=FG5$F;>Q$>9:$?57B=6AE$@H$>9:$>O::>$C@G;=:E$9BE$B$
=:=@D5$@H$f$?B5EM$,67A:$
(%$H@GG@OE$B$D:8;GBD$
*R?6E>D6<;>6@7Q$;E678$>9:$
E>B7?BD?$
*R>:E>$B7?$
XR>:E>$AB7$?:>:D=67:$>9:$BFFD@FD6B>:$CBG;:$H@D$
,M!!$$!!YcP!!!$"99I<6F\
!#W!_3-/G23!'-+7-0.,>!%27,7!&27+0,7!]'4-*,23!P^
!%-:02!
NQ$$3DB78:D$+B;EBG6>5$!:E>E$4:E;G>E$HD@=$+9BF>:D$[
$=6&)<%63:&/+&#,*-34%+*+3P%+/#*+3!6";3:5&9*%63`
3F"*%+G
3!9:$7;=<:DE$67$A@G;=7E$;7?:D$>9:$GB<:G$j3DB78:D$!:
E>$%:F:7?:7>$gBD6B<G:Ek$BD:$F
RCBG;:E$HD@=$3DB78:D$.
R>:E>E$HD@=$>9:$67?:F:7?:7>$CBD6B<G:E$>@$>9:$?:F:7?:7>$CBD6B<G:EM$!9:$
7;=<:DE$H@D$#C:7>EQ$O96A9$B??:?$BE$B7$:S@8:7@;E$CBD6B<G:Q$BD:$F
RCBG;:E$H@D$>9:$:C:7>E
$A@:HH6A6:7>E$67$:BA9$:E>6=B>:?$:I;B>6@7$67$>9:$g(
4$=@?:GM$!9:$A9@6A:$@H$GB8$6E$<BE:?$@7$>9:$
67H@D=B>6@7$AD6>:D6B$X(*+$B7?$"v*+Z$@H$:BA9$=@?:GM$
$$$$!*7?:F:7?:7>$gBD6B<G:
!3DB78:D$!:E>$%:F:7?:7>$
gBD6B<G:E
!!!O6>>:D$3@@8G:$!D:7?E
$/D:EE$4:G:BE:
$':OE$T&,#-3
XGB
!$$$$!O6>>:D3LMLL$LMLL$LMLL$LMLLK$3@@8G:$!D:7?E
!LMLL$LMLL$LMLL$LMLL[$/D:EE$D:G:BE:
!LMLL$LMLL$LMLL$LMLY$':OE!LMLL$LMLL$LMLL$LMLL$#C:7>E
!LMLL$LMYP$LMPd$LMPP$!S")*5#-3
XGB
!$$$$!O6>>:D3LMLL$LMLL$LMLL$LMLLK$3@@8G:$!D:7?E
!LMLL$LMLL$LMLY$LMLLc$/D:EE$
D:G:BE:
!LMd\$LMc\$LMLL$LMfc$':OE!LMLL\$LMLY$LMLL$LMLL\$#C:7>E
!LMLK$LMLc$LMfa$LMLLK$!Ycf!!!$"99I<6F\
!'W!$+*23?.72A!@-14./2!K2-3/./G!@(A20!C2-,+32!62713.*,.(/7!]'4-*,23!Q^
!%-:02!
NR!$+*23?.72A!@-14./2!K2-3/./G!@(A20!C2-,+32!627
13.*,.(/7
!./9%61,+%'3S&25,)%3O%&6),)<3S
"'%#3X%&*/6%3T%+26,9*,")+
3F"*%+G
$!9:$>B<G:$?:EAD6<:E$>9:$H:B>;D:EQ$O96A9$6E$>9:$FD:?6A>678$CBD6B<G:E$67$>9:$4B7?@=$.@D:E>$
=@?:G$;E:?$>@$
AGBEE6H5$!O6>>:D$;E:DEM$!9:$%:EAD6F>6@7$A@G;=7$:SFGB67E$>9:$=:>D6AE$>9B>$*$;E:?$>@$
ABGA;GB>:$@D$=:BE;D:$>9:$H:B>;D:M$
$$$$!.:B>;D:
$%:EAD6F>6@7$
$.@GG@O:DE$A@;7>
$!9:$7;=<:D$@H$H@GG@O:DE$B7$BAA@;7>$9BEM
$.D6:7?E$A@;7>
$!9:$7;=<:D$@H$;E:DE$B7$BAA@;7>$H@GG@OEM
$.@GG@O:D
i.D6:7?$4B>6@
$!96E$DB>6@$D:FD:E:7>E$B$;E:DVE$
H@GG@O:DE$A@;7>$?6C6?:?$<5$6>E$
HD6:7?E$A@;7>M
$.BC@D6>:E$A@
;7>$!9:$7;=<:D$@H$>O::>E$>9B>$B$;E:D$9BE$HBC@D6>:?M
$26E>:?$A@;7>
$!9:$7;=<:D$@H$>6=:E$B$;E:D$OBE$B??:?$>@$B$G6E>$<5$@>9:D$;E:DEM
$g:D6H6:?$
$($<67BD5$CBD6B<G:$67?6AB>678$O9:>9:D$!O6>>:D$9BE$@HH6A6BGG5$
C:D6H6:?$B7$BAA@;7>Q$O9:D:$B$CBG;:$@H$jYk$D:FD:E:7>E$>9:
$BAA@;7>$
6E$B7$@HH6A6BGG5$C:D6H6:?$BAA@;7>$B7?$B$CBG;:$@H$jLk$D:FD:E:7>E$>9:$
BAA@;7>$6E$7@>$@HH6A6BGG5$C:D6H6:?M$
$#S>:D7BG$042
$($<67BD5$CBD
6B<G:$67?6AB>678$6H$B7$BAA@;7>$9BE$B$G67T$67$>9:$
FD@H6G:$?:EAD6F>6@7M$
$(8:
$!9:$7;=<:D$@H$?B5E$E67A:$>9:$AD:B>6@7$@H
$B$;E:D$BAA@;7>M$
$(A>6C:$
$):BE;D:?$<5$BC:DB8:$>O::>E$F;<G6E9:?$F:D$?B5M$*>$6E$ABGA;GB>:?$BE$
>9:$DB>6@$<:>O::7$E>B>;E$BAA@;7>$B7?$B8:M
$16@$G:78>9
$!9:$7;=<:D$@H$A9BDBA>:DE$;E:?$67$B$;E:DVE$<6@M
$16@$E:7>6=:7>
$!9:$E:7>6=:7>$EA@D:$@H$B$;E:DVE$<6@$?:EAD6F>6@7
M$#=@^6
$($<67BD5$CBD6B<G:$67?6AB>678$6H$B$;E:DVE$EAD::7$7B=:$67AG;?:E$B7$
:=@^6M$($CBG;:$@H$jYk$67?6AB>:E$>9:$;E:DVE$EAD::7$7B=:$67AG;?:
$B7$:=@^6$B7?$B$CBG;:$@H$jYk$67?6AB>:E$>9:$;E:DVE$EAD::7$7B=:$
?@:E$7@>$67AG;?:$B7$:=@^6M$
$!Ycc!!!$!"99I<6F\
!6W!&-/A()!C(327,!C2-,+32!F)*(3,-/12!]'4-*,23!Q^
!$$C.G+32!
NR!&-/A()!C(327,!C2-,+32!
F)*(3,-/12
!P&)'";3X"6%+*3
X%&*/6%3(;9"6*&)2%
33$!!"##"$%&
'!&(%)*+,-.("
+/0.%&)-#+1,2
+!"##"$%&
3+4"5).
+!&(%)*3+4"5).
+64.(7%
+!-7"&(.%3
+4"5).
+2(3.%*+4"5).
+68%
+9%&(:(%*
+;("+2%)8.<
+;("+=%).(>%).
+/>"?(
+!%-.5&%+@>A"&.-)4%
+F"*%
M$!9:$CBG;:$67$S
RBS6E$6E$>9:$I;B7>6H6:?$6=FBA>$@H$>9:$H:B>;D:EM$!9:5$BD:$ABGA;GB>:?$<BE:?$
@7$>9:$D:?;A>6@7$@H$FD:?6A>6C:$BAA;DBA5$O9:7$>9:$H:B>;D:$6E$:SAG;?:?$HD@=$>9:$4B7?@=$.@D:E>$
=@?:GM$!9:$9689:D$>9:$CBG;:Q$>9:$=@D:$6=F@D>B7>$B
$H:B>;D:$<:A@=:E$67$>9:$4B7?@=$.@D:E>$
=@?:GM
3!Yca!!!$"99I<6F\
!IW!_3-/G23!'-+7-0.,>!%27,7!&27+0,7!]'4-*,23!R^
!%-:02!
NS!%42!_3-/G23!'-+7-0.,>!&27+0,7!5(3!,42!I-3,4!6->!I?2/,
!45%3
=6&)<%63:&/+&#,*-3P%+/#*+3!"63*5%3U&6*53T&-3U1%)*
3F"*%+G
$!9:$7;=<:DE$67$A@G;=7E$;7?:D$>9:$GB<:G$j3DB78:D$!:E>$%:F:7?:7>$gBD6B<G:Ek$BD:$
9RCBG;:E$HD@=$3DB78:D$.
R>:E>E$HD@=$>9:$67?:F:7?:7>$CBD6B<G:E$>@$>9:$?:F:7?:7>$CBD6B<G:EM$!@$E:G:A>$
>9:$7;=<:D$@H$GB8EQ$*
$D;7$varsoc A@==B7?$67$,>B>BM$*$D:H:DD:?$67H@D=B>6@7$AD6>
:D6B$(*+Q$"v*+$
B7?$,1*+$>@$E:G:A>$>9:$7;=<:D$@H$GB8EM$
$!$$$$$*7?:F:7?:7>$gBD6B<G:
$3DB78:D$!:E>$%:F:7?:7>$gBD6B<G:E
$!3@@8G:$!D:7?E
$-7G67:$':OE
$!O6>>:DW$/@G6>6ABG$BA>@DE$$$$
$$$$$$$$$$!$LML[$LMYP$$"!LMLLP$XGB
$LM[f$XGB
$!O6>>:DW$':OE$BA>@DE
$$$$$$$$$$$$$$$$$$!$LMLLY$LMLL\$"!LMLd$XGB
$LML[$XGB
$!O6>>:DW$(?C@ABA5$BA>@DE
$$$$$$$$$$$!$LMLLY$$LMLK$$"!LML\$XGB
$LMP[$XGB
$!O6>>:DW$->9:D$@D8B76UB>6@7E$
$$$$!$LMLLY$$LMLL[$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$"$$$$$$$$$$$$$$$$$$$!LMLPK$X7:8B>6C:Z
$XGB
$LML\$XGB
$!O6>>:DW$*7?6C6?;BG$BA>@DE$$
$$$$$$$!$$$!LMLLY$$LMLL\$$"!LMfP$XGB
$LMKf$XGB
$!Ycd!!!$%-:02!
NT!%42!_3-/G23!'-+7-0.,>!&27+0,7!5(3!92(*02`7!'0.)-,2!@(?2)2/,!I?2/,
!45%3=6&)<%63:&/+&#,*-
3P%+/#*+3!"637%"9#%R+3:#,;&*%3S"1%;%)*3U1%)*
3F"*%+G
$!9:$7;=<:DE$67$A@G;=7E$;7?:D$>9:$GB<:G$j3DB78:D$!:E>$%:F:7?:7>$gBD6B<G:Ek$BD:$
9RCBG;:E$HD@=$3DB78:D$.
R>:E>E$HD@=$>9:$67?:F:7?:7>$CBD6B<G:E$>@$>9:$?:F:7?:7>$CBD6B<G:EM$!@$E:G:A>$
>9:$7;=<:D$@H$GB8EQ$*$D;7$
varsoc A@==B7?$67$,>B>BM$*$D:H:DD:?$67H@D=B>6@7$AD6>
:D6B$(*+Q$"v*+$
B7?$,1*+$>@$E:G:A>$>9:$7;=<:D$@H$GB8EM$
$!$$$$$*7?:F:7?:7>$gBD6B<G:
$3DB78:D$!:E>$
%:F:7?:7>$gBD6B<G:E
$!3@@8G:$!D:7?E
$-7G67:$':OE
$!O6>>:DW$/@
G6>6ABG$BA>@DE$$
$$$$$$$$$$$$$$!$LMLL\$LMLc$$$"!LMLP$XGB
$LMdK$XGB
$!O6>>:DW$':OE$BA>@D
E$$$$$$$$$$$$$$$$$$$$!$LMLLY$LMLLY$"!LMLP$$$XGB
$$$LM[d$XGB
$!O6>>:DW$(?C@ABA5$BA>@DE
$$$$$$$$$$$!$LMYY$$$$$LMLLY$"!LMLY$XGB
$LMLd$XGB
$!O6>>:DW$
->9:D$@D8B76UB>6@7E$
$$$$$$$!$LMLLY$$LMLc$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$"$$$$$$$$$$$$$$$$$$$$!LMLLY$XGB
$LMf\$$$$XGB
$!O6>>:DW$*7?6C6?;BG$BA>@DE$
$$$$$$$$$$$!$$$!LMLLY$$LMLLY$"!LMLLY$XGB
$LML[\$XGB
$!YaL!!!$%-:02!
NV!%42!_3-/G23!'-+7-0.,>!&27+0,7!5(3!;:-)-!(/!C-12:((H!I?2/,
!45%3=6&)<%63:&/+&#,*-3P%+/#*+3!"6380&;&3")3X&2%0""[3U1%)*
3F"*%+G
$!9:$7;
=<:DE$67$A@G;=7E$;7?:D$>9:$GB<:G$j3DB78:D$!:E>$%:F:7?:7>$gBD6B<G:Ek$BD:$
9RCBG;:E$HD@=$3DB78:D$.
R>:E>E$HD@=$>9:$67?:F:7?:7>$CBD6B<G:E$>@$>9:$?:F:7?:7>$CBD6B<G:EM$!@$E:G:A>$
>9:$7;=<:D$@H$GB8EQ$*$D;7$
varsoc A@==B7?$67$,>B>BM$*$D:H:DD:?$67H@D=B>6@7$AD6>:D6B$(*
+Q$"v*+$
B7?$,1*+$>@$E:G:A>$>9:$7;=<:D$@H$GB8EM$
$!$$$$$$*7?:F:7?:7>$gBD6B<G:
$3DB78:D$!:E>$%:F:7?:7>$
gBD6B<G:E
$!3@@8G:$!D:7?E
$-7G67:$':OE
$!O6>>:DW$/@G6>6ABG$B
A>@DE$$
$$$$$$$$$!$LMfc$LMKL$$$"!LMLc$XGB
$LMYd$XGB
$!O6>>:DW$':OE$BA>@DE
$$$$$$$$$$$$$$$$!$LMYP$LMLLY$"!LMLd$$XGB
$$$LMLK$XGB
$!O6>>:DW$(?C@ABA5$BA>@DE
$$$$$$$$$!$LMPL$$$$$LMYK$"!LMLa$XGB
$LMY\$XGB
$!O6>>:DW$->9:D$@D8B76UB>6@7E
$$$$!$LMYL$$LMY$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$"$$$$$$$$$$$$$$$!LMLf$XGB
$LMf\$$$XGB
$!O6>>:DW$*7?6C6?;BG$BA>@DE
$$$$$$$$!$!LMLY$$LMLLY$"!LMLc$XGB
$LMLLY$XGB
$!YaY!!!$$$$$$$$$$$$$$$$$$$$$$1*12*-34(/"&
$$ !YaK!!!$1*12*-34(/"&
$!$(<<@>>Q$(M$XKLLYZM
$4,;%3;&**%6+G38)3*5%"6-3&)'3;%*5"'
M$076C:DE6>5$@H$+96AB8@$/D:EEM
$$(GUB9DB76Q$,MQ$3@D:Q$+MQ$,BG:96Q$(MQ$n$%BC;GA;Q$"M$XKLYaZM$.67?678$@
D8B76UB>6@7BG$BAA@;7>E$<BE:?$
@7$E>D;A>;DBG$B7?$<:9BC6@DBG$HBA>@DE$@7$>O6>>:DM$
O%2*/6%3F"*%+3,)3:";9/*%63.2,%)2%3
a()2#/',)<3./0+%6,%+3O%2*/6%3F"*%+3,)3J6*,!,2,&#3()*%##,<%)2%3&)'3O%2*/6%3F"
*%+3,)3
],",)!"6;&*,2+b
Q$@EBAA3OF:.
Q$Yf\iYcPM$9>>FEWyy?@6M@D8yYLMYLLc
ydca
R[R[YdRd[[cKRf|Ya$$(7Q$hMQ$3B78;G5Q$(M$4MQ$.B78Q$&MQ$,A5F9:DEQ$,M$1MQ$";7>:DQ$(M$)MQ$n$%5Q$_M$3M$XKLY\ZM$!DBAT678$
+G6=B>:$+9B78:$-F676@7E$HD@=$!O6>>:D$%B>BM$
\''Q$YiPM$$(7?:D:88Q$NM$4M$
2MQ$n$3@G?E=6>9Q$3M$4M$XKLY\ZM$/;<G6A$67>:D:E>$67$AG6=B>:$A9B78:$@C:
D$>9:$FBE>$
?:AB?:$B7?$>9:$:HH:A>E$@H$>9:$jAG6=B>:8B>:k$=:?6B$:C:7>M$
U)1,6");%)*&#3P%+%&6253O%**%6+
Q$AXPZM$9>>FEWyy?@6M@D8yYLMYL
aayYc\a
Rd[KfydyPyLP\LLP
$$(7?D:OEQ$]M$!MQ$n$+BD:7Q$'M$XKLYLZM$)BT678$
>9:$7:OEW$)@C:=:7>$@D8B76UB>6@7EQ$=:?6B$
B>>:7>6@7Q$B7?$>9:$F;<G6A$B8:7?BM$
J;%6,2&)3."2,"#"<,2&#3P%1,%$
Q$cYXfZQ$a\YiaffM$9>>FEWyy?@6M@D8yYLMYYccyLLL[YKK\YL[a
ffad$$(DA96<BG?Q$+M$2MQ$n$1;>>Q$'M$XKLYaZM$
0E678$3@@8G:$E:BDA9$?B>B$>@$67H@D=$8G@<BG$AG6=B>:$A9B78:$
B?BF>B>6@7$F@G6A5M$
:#,;&*,23:5&)<%
Q$@YEX[i\ZQ$\\ci\PfM$9>>FEWyy?@6M@D8yYLMYLLcyEYLPa\
RLYaRKKadRd$$1B6G@Q$.MQ$n$gD@=:7Q$(M$XKLYcZM$"5<D6?$E@A6
BG$B7?$7:OE$=:?6B$FD@>:E>$:C:7>EW$HD@=$
−)BDA967)BDA9$>@$−1;E>>9:1;?8:>$67$(;E>DBG6BM$
()!"6;&*,")3:";;/),2&*,")3&)'3."2,%*-
M$9>>FEWyy?@6M@D8yYLMYLaLyY[f
dYYahMKLYfMYKPK\YL
$$1BTE95Q$#MQ$"@H=B7Q$_M$
)MQ$NB>>EQ$%M$_MQ$n$)BE@7Q$NM$(M$X7M?MZM$*?:7>6H5678$}*7HG;:7A:DEV$@7$
!O6>>:DM$
>.TS3DE@@?3N")<3\")<
M$$1BTE95Q$#MQ$)BE@7Q$NM$(MQ$"@H=B7Q$_M$)MQ$n$NB>>EQ$%M$_M$XKLYYZM$#C:D5@7:VE$B7$67HG;:7A:DW$
v;B7>6H5678$67HG;:7A:
$@7$>O6>>:DM$
76"2%%',)<+3"!3*5%3I*53J:S3()*
%6)&*,")&#3:")!%6%)2%3")3
>%03.%&6253&)'3T&*&3S,),)<?3>.TS3DE@@
Q$X)B5$KLY\ZQ$fP
ic\M$9>>FEWyy?@6M@D8yYLMYY\PyYd[PaKfMYd[Pa\P
$$1BDB<rE6Q$(M$2M$XKLLPZM$!9:$@D6867$@H$<;DE>E$B7?$9:BC5$>B6GE$67$9;=B7$?57B=6
AEM$
F&*/6%
Q$I`YXcL[dZQ$KLciKYYM$9>>FEWyy?@6M@D8yYLMYL[ay7B>;D:L[\Pd
$$1BD<:DrQ$/MQ$NB78Q$'MQ$1@77:B;Q$4MQ$_@E>Q$_M$!MQ$'B8G:DQ$_M
Q$!;AT:DQ$_MQ$n$3@7UrG:U
R1B6Gs7Q$,M$
XKLYPZM$!9:$AD6>6ABG$F:D6F9:D5$67$>9:$8D
@O>9$@H$E@A6BG$FD@>:E>EM$
7O".38FU
Q$@EXYYZQ$YiYPM$9>>FEWyy?@6M@D8yYLMY[cYy^@;D7BGMF@7:MLY\[fYY
$$!Ya[!!!$1BDU6GB6
R'B9@7Q$]M$XKLLa
ZM$!@OBD?$B$>9:@D5$@H$7:>O@DT$8B>:T::F678W$($HDB=:O@DT$H@D$:SFG@D678$
67H@D=B
>6@7$A@7>D@GM$
_"/6)&#3"!3*5%3J;%6,2&)3."2,%*-3!"63()!"6;&*,")3.2,%)2%3&)'3
4%25)"#"<-
Q$YAXdZQ$Y\d[iYPYKM$9>>FEWyy?@6M@D8yYLMYLLKyBE
6MKLaPc
$$1BDU6GB6
R'B9@7Q$]M$XKLLdZM$3B>:T::F678W$($AD6>6ABG$D:C6:OM$
J))/&#3P
%1,%$3"!3()!"6;&*,")3
.2,%)2%3&)'34%25)"#"<-
Q$I`XYZQ$YicdM$9>>FEWyy?@6M@D8yYLMYLLKyBD6EMKLLdMY\\L\[LYYc
$$1:77:>>Q$NM$2MQ$n$*5:78BDQ$,M$XKLLaZM$($7:O$:DB$@H$=676=BG$:HH:A>Ee$!9:$A9B78678$H@;7?B>6@7
E$@H$F@G6>6ABG$A@==;76AB>6@7M$
_"/6)&#3"!3:";;/),2&*,")
Q$YBX\ZQ$cLcic[YM$9>>FEWyy?@6M@D8yYLMYYYYy^MY\fL
RK\ffMKLLaMLL\YLMS$$1:77:>>Q$NM$2MQ$n$/H:>EA9Q$1M$XKLYaZM$4:>967T678$F@G6>6ABG$A@==;76AB>
6@7$67$B$>6=:$@H$?6ED;F>:?$
F;<G6A$EF9:D:EM
$_"/6)&#3"!32";;/),2&*,")
Q$faXKZQ$K\[RKP[M$$1:77:>>Q$NM$2MQ$n$,:8:D<:D8Q$(M$X
KLYYZM$%686>BG$=:?6B$B7?$>9:$F:DE@7BG6UB>6@7$@H$A@GG:A>6C:$
BA>6@7W$,@A6BG$>:A97@G@85$B7?$>9:$@D8B76UB>6@7$@H$FD@>:E>E$B8B67E>$>9:$8G@<BG$
:A@7@=6A$
AD6E6EM$
()!"6;&*,")3:";;/),2&*,")3&)'3."2,%*-
Q$@IXfZQ$ccLicddM$9>>FEWyy?@6M@D8yYLMYLaLyY[fdYYahMKLYYMPcdY\Y
$$1:77:>>Q$NM$2MQ$n$,:8:D<:D8Q$(M$XKLYKZM$!9:$G@86A$@H$A@77:A>6C:$BA>6@7M$%686>
BG$=:?6B$B7?$>9:$
F:DE@7BG6EB>6@7$@H$A@7>:7>6@;E$F@G6>6AEM$
()!"6;&*,")?3:";;/),2&*,")3d3."2,%*-
Q$@YXPZQ$c[dicfaM$9>>FEWyy?@6M@D8yYLMYLaLyY[fdYYahMKLYKMfcLffY
$$1:77:>>Q$NM$2MQ$,:8:D<:D8Q$(MQ$n$NBGT
:DQ$,M$XKLY\ZM$-D8B76UB>6@7$67$>9:$AD@O?W$/::D$FD@?;A>6@7$
67$GBD8:
REABG:$7:>O@DT:?$FD@>:E>EM$
()!"6;&*,")3:";;/),2&*,")3
&)'3."2,%*-
Q$@cXKZQ$K[KiKfLM$9>>FEWyy?@6M@D8yYLMYLaLyY[fdYYahMKLY[MacL[cd
$$1:77:>>Q$NM$2MQ$,:8:D<:D8Q$(MQ$n$&B78Q$&M$XKLYaZM$!9:$E>D:78>9$@H$F:D6F9:DBG$7:>O@DTEW$
':8@>6B>678$B>>:7>6@7$B7?$=:B7678
$67$A@=FG:S$=:?6B$:A@G@86:EM$
_"/6)&#3"!3:";;/),2&*,")
Q$MBX\ZQ$a[LM$9>>FEWyy?@6M@D8yYLMY
Ld[y^@Ay^I5L[K
$$1@SR,>:HH:7E=:6:DQ$_M$)MQ$.D::=B7Q$_M$4MQ$"6>>Q$)M$/MQ$n$/:C:9@;E:Q$_M$+M$NM$XKLY\ZM$!6=:$E:D6:E$
B7BG5E6E$H@D$>9:$E@A6BG$EA6:7A:EM$
4,;%3.%6,%+3J)&#-+,+3!"63*5%3."2,&#3.2,%)2%+
Q$YiKaLM$9>>FEWyy?@6M@D8
yYLMYLYcy+1-dcaYY[dLKPKac
$$1@5?Q$%MQ$3@G?:DQ$,MQ$n$2@>B7Q$3M$XKLYLZM$!O::>Q$>O::>Q$D:>O::>W$+@7C:DEB>6@7BG$BEF:A>E$@H$
D:>O::>678$@7$>O6>>:DM$
76"2%%',)<+3"!3*5%3J))/&#3N&$&,,3()*%6)&*,")&#3:")!%6%)2%3")3
.-+*%;3.2,%)2%+
M$9>>FEWyy?@6M@D8yYLMYYLdy"*+,,MKLYLM\YK
$$1@5T@HHQ$)M$!M$XKLLaZM$):?6B$B7?$EA6:7>6H6A$A@==;76AB>6@7W$($ABE:$@H$AG6=B>:$A9B78:M$
=%"#"<,2&#3."2,%*-3.9%2,&#37/0#,2&*,")
Q$`EYQ$YYiYaM$9>>FEWyy?@6M@
D8yYLMYY\\y,/[LPM[
$$1@5T@HHQ$)M$!M$XKLYYZM
$>5"3+9%&[+3!"63*5%32#,;&*%eG3S&[,)<3+%)+%3"!3;%',&36%9"6*,)<3")3
2#,;&*%325&)<%
M$+B=<D6?8:$076C:DE6>5$/D:EEM$
$$1@5T@HHQ$)M$!M$XKLY\ZM$):?6B$?6EA@;DE:$@7$>9:$AG6=B>:$EG@O?@O7M$
F&*/6%3:#,;&*%3:5&)<%
M$!Ya\!!!$9>>FEWyy?@6M@D8yYLMYL[ay7AG6=B>:KYPf
$$1D@EEBD?Q$%MQ$,9B7B9B7Q$_MQ$)AA@=BEQ$]MQ$1D@EEBD?Q$%MQ$,9B7B9B7Q$_MQ$n$)AA@=BE
Q$]M$XKLLdZM$
(D:$*EE;:
R+5AG:E$+;G>;DBGG5$+@7E>D;A>:?‰e$($+@=FBD6E@7$@H$.D:7A9$B7?$(=:D
6AB7$
+@C:DB8:$@H$3G@<BG$+G6=B>:$+9B78:$(D:$*EE;:
R+5AG:E$+;G>;DBGG5$+@7E>D;A>:?‰e$($
+@=FBD6E@7$@H$.D:7A9$B7?$(=:D6AB7$+@C:DB8:$@H$3G@<BG$+G6=B>:$+9B78:Q$
YI`MM$9>>FEWyy?@6M@D8yYLMYKLcyEYP[KcaKP=AELcL[
$$1D;GG:Q$4M$_MQ$+BD=6A9B:GQ$_MQ$n$_:7T67EQ$_M$+M$XKLYKZM$,96H>678$F;<G6A$@F676@7$@7$AG6=B>:$A9B78:W$
(7$:=F6D6ABG$BEE:EE=:7>$@H$HBA>@DE$67HG;:7A678$A@7A:D7$@C:D$AG6=B>:$A9
B78:$67$>9:$0M,MQ$
KLLKRKLYLM$:#,;&*,23:5&)<%
Q$@@IXKZQ$YfdiYaaM$9>>FEWyy?@6M@D8yYLMYLLcyEYLPa\
RLYKRL\L[R5$$1;DEA9:DQ$1MQ$-?6^TQ$%MQ$gG6:8:7>9BD>Q$4MQ$?:$46^T:Q$)MQ$n$?:$gD::E:Q$+M$"M$XKLY\ZM$!:BA9678$>9:$
+@=F;>:D$>@$+@?:$.DB=:E$67$':OEW$+@=FBD678$!O@$,;F:DC6E:?$)BA967:$2:BD7678$
(FFD@B
A9:E$>@$.DB=:$(7BG5E6EM$
:";;/),2&*,")3S%*5"'+3&)'3S%&+/6%+
M$9>>FEWyy?@6M@D8yYLMYLaLyYd[YK\PaMKLY\Md[cPKc
$$+B=BD8@Q$+M$vMQ$"BG:Q$,M$(MQ$_@97Q$/MQ$n$)BD8:>>EQ$"M$bM$XKLYaZM$g@GB>6G6>5$67$>9:$*EE;:$
(>>:7>6@7$
#A@7@=5Q$Y
idM$4:>D6:C:?$HD@=$
9>>FWyyBDS6CM@D8yB<EyYaLaMLdL[c
$$+BDCBG9@Q$(M$XKLYLZM$):?6BX>:?Z$?6EA@;DE:E$B7?$AG6=B>:$A9B78:W$($H@A;E$@7$F@G6>6ABG$E;<^:A>6C6>5$
B7?$X?6EZ:78B8:=:7>M$
>,#%-3()*%6',+2,9#
,)&6-3P%1,%$+G3:#,;&*%3:5&)<%
Q$@XKZQ$YcKiYcdM$9>>FEWyy?@6M@D8yYLMYLLKyOAAMY[
$$+BE>6GG@Q$+MQ$#G
R"B??B?Q$)MQ$/H:HH:DQ$_MQ$n$,>:=F:ATQ$)M$XKLY\ZM$+9BDBA>:D6U678$>9:$G6H:$A5AG:$@H$
@7G67:$7:OE$E>@D6:E$;E678$E@A6BG$
=:?6B$D:BA>6@7EM$
76"2%%',)<+3"!3*5%3J:S3:")!%6%)2%3")3
:";9/*%63./99"6*%'3:""9%
6&*,1%3>"6[?3:.:>
Q$KYYiKK[M$9>>FEWyy?@6M@D8yYLMYY\PyKP[YfLKMKP[YfK[
$$+9B?O6ATQ$(M$XKLYcZM
$45%35-06,'3;%',&3+-+*%;G37"#,*,2
+3&)'39"$%6
M$-SH@D?$076C:DE6>5$/D:EEM
$$+9BQ$)MQ$"B??B?6Q$"MQ$1:7:C:7;>@Q$.MQ$n
$3;==B?6Q$]M$/M$XKLYLZM$):BE;D678$;E:D$67HG;:7A:$67$
>O6>>:DW$!9:$=6GG6@7$H@GG@O:D$HBGGBA5M$
(:>.S3DE@E3f376"2%%',)<+3"!3*5%3I*53()*%6)&*,")&#3
JJJ(3:")!%6%)2%3")3>%0#"<+3&)'3."2,&#
3S%',&
Q$YLiYcM$$+9@78Q$%MQ$n$%D;AT=B7Q$_M$'M$XKLYLZM$%57B=6A$F;<G6A$@F676@7W$+
@==;76AB>6@7$:HH:A>E$@C:D$
>6=:M$
J;%6,2&)37"#,*,2&#3.2,%)2%3P%1,%$
Q$@EIX\ZQ$ff[ifaLM$9>>FEWyy?@6M@D8yYLMYLYcy,LLL[LPP\YLLL
L\d[$$+G:C:GB7?Q$4M$1MQ$+G:C:GB7?Q$NM$,MQ$)A4B:Q$_M$#MQ$n$!:DF:77678Q$*M$XYddLZM$,!2W$($E:BE@7BG
R>D:7?$?:A@=F@E6>6@7M$
_"/6)&#3"!38!!,2,&#3.*&*,+*,2+
M$$+@?5Q$#M$)MQ$4:B8B7Q$(M$_MQ$)6>A9:GGQ$2MQ$%@??EQ$/M$,MQ$n$%B7H@D>9Q$+M$)M$XKLYPZM$+G6=B>:$
A9B78:$E:7>6=:
7>$@7$!
O6>>:DW$(7$;7E@G6A6>:?$F;<G6A$@F676@7$F@GGM$
7O".38FU
Q$@EXaZQ$YiYaM$9>>FEWyy?@6M@D8yYLMY[cYy^@;D7BGMF@7:MLY[fLdK
$$!YaP!!!$+@7OB5Q$1M$(MQ$]:7ET6Q$]MQ$n$NB78Q$%M$XKLYPZM$!9:$46E:$@H$!O6>>:D$67$>9:$/@
G6>6ABG$+B=FB687W$
,:BDA9678$H@D$*7>:D=:?6B$(8:7?B
R,:>>678$#HH:A>E$67$>9:$/D:E6?:7>6BG$/D6=BD5M$
_"/6)&#3"!3
:";9/*%6
fS%',&*%'3:";;/),2&*,")
Q$DEX\ZQ$[f[i[aLM$9>>FEWyy?@6M@D8yYLMYYYYy^AA\MYKYK\
$$%B@;B?6Q$]M$#M
Q$4:<B„Q$4M$bMQ$n$(=@;EQ$*M$XKLYaZM$-D8B76UB>6@7$CEM$67?6C6?;BGW$!O6>>:D$;E:D$
AGBEE6H6AB>6@7M$
:UQP3>"6[+5"9376"2%%',)<+
Q$DDcAQ$YiaM$$%BC6?$2M$(G>9:6?:M$XKLLcZM$!9:$=BEE$=:?6B$B7?$>:
DD@D6E=M$
T,+2"/6+%3d3:";;/),2&*,")
Q$@X[ZQ$Kaci[LaM$4:>D6:C:?$HD@=$
9>>FWyyOOOMA::@GMA@=yBEFSy8:>?@A;=:7>MBEFSeG@866Y[\dAH<[PaB\[[ca[?<HPc?LK
Lc<?YY$$%^:DH
R/6:DD:Q$)MQ$n$,9:9B>BQ$(M$XKLYcZM$,>6GG$B7$(8:7?B$,:>>:DW$!DB?6>6@7B
G$':OE$):?6B$B7?$
/;<G6A$-F676@7$%;D678$>9:$!DB7E6>6@7$.D@=$2@O$>@$"689$+9@6A:$):?6B$#7C6D@7=:7>EM$
_"/6)&#3"!3:";;/),2&*,")
Q$McXPZQ$c[[icPcM$9>>FEWyy?@6M@D8yYLMYYYYy^A@=MYK[Kc
$$%D;AT=B7Q$_M$'MQ$n$2::F:DQ$!M
$_M$XKLYKZM$*E$F;<G6A$@F676@7$E>B<G:e$4:E@GC678$>9:$=6AD@y=BAD@$
?6EA@77:A>$67$E>;?6:E$@H$F;<G6A$@F676@7M$
T&%'&#/+
Q$@I@X\ZQ$PLifaM$9>>FEWyy?@6M@D8yYLMYYfKy%(#%|B|LLYc[
$$#BD>9$%B5$X7M?MZM$(<@;>$0EM$4:>D6:C
:?$HD@=$
9>>FEWyyOOOM:BD>9?B5M@D8yB<@;>
R;Ey
$$#?8:DG5Q$,MQ$!9@DE@7Q$]MQ$n$N:GGEQ$+M$XKLYaZM$&@;78$+6>6U:7EQ$,@A6BG$):?6BQ$B7?$>9:$%57B=6AE$
@H$/@G6>6ABG$2:BD7678$67$>9:$0M,M$/D:E6?:7>6BG$/D6=BD5$#G:A>6@7M$
J;%6,2&)3]%5&1,"6&#3
.2,%)*,+*
Q$MDXaZQ$YL\KiYLfLM$9>>FEWyy?@6M@D8yYLMYYccyLLLKcf\KYacf\K[f
$$#?5Q$_M$(MQ$n$):6D6ATQ$/M$+M$XKLYaZM$!9:$.DB8=:7>678$/;<G6A$(8:7?BW$+BFBA6>5Q$%6C:DE6>5Q$B7?$
g@GB>6G6>5$67$4:EF
@7E:E$>@$>9:$j=@E>$*=F@D>B7>$/D@<G:=k$v;:E>6@7M$
7/0#,2389,),")3
g/&6*%6#-
Q$BDX\ZQ$ffYifaPM$9>>FEWyy?@6M@D8yYLMYLd[yF@Iy7H5L\[
$$#H>96=6@7Q$/M$3MQ$/B57:Q$,MQ$/D@H:D:EQ$'MQ$#H>96=6@7Q$/M$3MQ$n$/D@H:D:EQ$'M$XKL
YaZM$,;F:DC6E:?$
)BA967:$2:BD7678$1@>$%:>:A>6@7$!:A976I;:E$>@$*?:7>6H5$,@A6BG$!O6>>:D$1@>EM$
.SQ3
T&*&3
.2,%)2%3P%1,%$
Q$@XKZM$$#8B7Q$/M$_MQ$n$);GG67Q$)M$XKLYcZM$+G6=B>:$+9B78:W$0,$/;<G6A$-F676@7M$
J))/&#3P%1,%$3"!3
7"#,*,2&#3.2,%)2%
Q$DEXYZQ$KLdiKKcM$9>>FEWyy?@6M@D8yYLMYY\fyB77;D:C
RF@G6E
A6RLPYKYPRLKKaPc$$#D<D678Q$2MQ$3@G?:7<:D8Q$#M$'MQ$n$)6GG:DQ$(M$"M$XYdaLZM$.D@7>
R/B8:$':OE$B7?$4:BG
RN@DG?$+;:EW$
($':O$2@@T$B>$(8:7?B
R,:>>678$<5$>9:$):?6BM$
J;%6,2&)3_"/6)&#3"!37"#,*,2&#3.2,%)2%
Q$DIXYZQ$YfM$9>>F
EWyy?@6M@D8yYLMK[LcyKYYLdK[
$$.:G?=B7Q$2MQ$)B6<BA9Q$#M$NMQ$4@E:D
R4:7@;HQ$+MQ$n$2:6E:D@O6>UQ$(M$XKLYKZM$+G6=B>:$@7$AB<G:W$
!9:$7B>;D:$B7?$6=FBA>$@H$8G@<BG$OBD=678$A
@C:DB8:$@7$.@S$7:OEQ$+''Q$B7?$),'1+M$
()*%6)&*,")&#3_"/6)&#3"!376%++h7"#,*,2+
Q$@cXYZQ$[i[YM$9>>FEWyy?@6M@D8yYLMYYccyYd\LYfYKYY\KP\YL
$$!Yaf!!!$.:G?=B7Q$2MQ$)5:DEQ$!M$(MQ$"=6:G@OET6Q$_M$%MQ$n$2:6E:D@O6>UQ$(M$XK
LY\ZM$!9:$=;>;BG$
D:67H@DA:=:7>$@H$=:?6B$E:G:A>6C6>5$B7?$:HH:A>EW$!:E>678$>9:$D:67H@DA678$EF6DBGE$HDB=:O@DT$67$
>9:$A@7>:S>$@H$8G@<BG$OBD=678M$
_"/6)&#3"!3:";;/),2&*,")
Q$MIX\ZQ$PdLifYYM$9>>FEWyy?@6M@D8yYLMYYYY
y^A@=MYKYLa
$$.G:>A9:DQ$4MQ$n$'6:GE:7Q$4M$]M$XKLYcZM$(D:$':OE$(;?6:7A:E$*7AD:BE678G5$.DB8=:7>:?e$($+D@EE
R'B>6@7BG$+@=FBDB>6C:$(7BG5E6E$@H$+D@EE
R/GB>H@D=$':OE$(;?6:7A:$.DB8=:7>B>6@7$B7?$
%;FG6AB>6@7M$
_"/6)&#3"!3:";;/),2&*,")
Q$McX\ZQ$\cfi\daM$9>>FEWyy?@6M@D8yYLMYYYYy^A@=MYK[YP
$$.D::G@7Q$%MQ$)A*GOB67Q$+MQ$n$+GBDTQ$)M$XKLYaZM$v;B7>6H5678$>9:$F@O:D$B7?$A@7E:I;:7A:E$@H$
E@A6BG$=:?6B$FD@>:E>M$
F%$3S%',&3&)'3."2,%*-
Q$DEX[ZQ$ddLiYLYYM$9>>FEWyy?@6M@D8yYLMYYccyY\fY\\\aYffcff\f
$$.D::=B7Q$_M$4M$XYda[ZM$3DB78:D$+B;EBG6>5$B7?$>9:$!6=:E$,:D6:E$(7BG5E6E$@H$/@G6>6ABG$
4:GB>6@7E96FEM$
J;%6,2&)3_"/6)&#3"!37"#,*,2&#3.2,%)2%
Q$DcXKZQ$[KcM$9>>FEWy
y?@6M@D8yYLMK[LcyKYYYLKY
$$3BGG;FM$X7M?MZM$#7C6D@7=:7>M$4:>D6:C:?$HD@=
$9>>FEWyy7:OEM8BGG;FMA@=yF@GGyYfYPy:7C6D@7=:7>MBEFS
$$3BDAxB
R3BC6GB7:EQ$4MQ$)@GG8BBD?Q$(MQ$!EC:>T@CBQ$)MQ$n
$&BEE:D6Q$!M$X
KLYcZM$!9:$=:=@D5$D:=B67EW$
07?:DE>B7?678$A@GG:A>6C:$=:=@D5$67$>9:$?686>BG$B8:M$
.2,%)2%3J'1&)2%+
Q$`X\ZQ$YiaM$9>>FEWyy?@6M@D8yYLMYYKfyEA6B?CMYfLK[fa
$$3:6{Q$,M$XKLYdZM$!9:$):?6B$V$E$+@7?6>6@
7BG$(8:7?B
R,:>>678$/@O:D‰W$"@O$1BE:G67:E$B7?$,F6T:E$@H$
*EE;:$,BG6:7A:$(HH:A>$26T:G69@@?$B7?$,>D:78>9$@H$(8:7?B
R,:>>678Q$XYZQ$Y
iKaM$9>>FEWyy?@6M@D8yYLMYYccyLLd[f
PLKYdac\dfa$$367E<:D8Q$_MQ$)@9:<<6Q$)M$
"MQ$/B>:GQ$4M$,MQ$1DB==:DQ$2MQ$,=@G67ET6Q$)M$,MQ$n$1D6GG6B7>Q$2M$
XKLLdZM$%:>:A>678$67HG;:7UB$:F6?:=6AE$;E678$E:BDA9$:7867:$I;:D5$?B>BM$
F&*/6%
Q$IYcXcK[KZQ$YLYKiYLY\M$9>>FEWyy?@6M@D8yYLMYL[ay7B>;D:Lcf[\
$$3@:GQ$,MQ$(7?:DE@7Q$(MQ$"@H=B7Q$_MQ$n$NB>>EQ$%M$_M$XKLYPZM$!9:$,>D;A>;DBG$g6DBG6>5$@H$-7G67:$
%6HH;E6@7M$
S&)&<%;%)*3.2,%)2%
Q$@AEAQ$YPLcKKYYKaLdLLcM$9>>FEWyy?@6M@D8yY
LMYKacy=7EAMKLYPMKYPa
$$3@:GQ$,MQ$NB>>EQ
$%MQ$n$3@G?E>:67Q$%M$XKLYKZM$!9:$,>D;A>;D:$@H$-7G67:$%6HH;E6@7$':>O@DTEM
$$3@=:U
R4@?D68;:UQ$)MQ$2:ET@C:AQ$_MQ$n$]DB;E:Q$(M$XKLYLZM$*7H:DD678$7:>O@DTE$@H$?6HH;E6@7$B7?$
67HG;:7A:M$
76"2%%',)<+3"!3*5%3J:S3.(=\TT3()*%6)&*,"
)&#3:")!%6%)2%3")3\)"$#%'<%3
T,+2"1%6-3&
)'3T&*&3S,),)<
Q$YX\ZQ$YLYdiYLKaM$9>>FEWyy?@6M@D8yYLMYY\PyYa[PaL\MYa[Pd[[
$$3@7UrG:U
R1B6Gs7Q$,M$XKLYcZM$
T%2"',)<3*5%3+"2,&#3$"6#'G3T&*&3+2,%)2%3&)'3*5%3/),)*%)'%'3
2")+%i/%)2%+3"!32";;/),2&*,")
M$)*!$/D:E
EM$$!Yac!!!$3@7UrG:U
R1B6Gu7Q$,M$XKLY[ZM$,@A6BG$EA6:7A:$67$>9:$:DB$@H$<68$?B>BM$*7$
7"#,2-3&)'3()*%6)%*
$Xg@GM$PQ$
FFM$Y\ciYfLZM$9>>FEWyy?@6M@D8yYLMYLLKyYd\\
RKaffM/-*[Ka
$$3@7UrG:U
R1B6Gs7Q$,MQ$1@D8:
R"@G>9@:H:DQ$_
MQ$n$)@D:7@Q$&M$XKLY[BZM$1D@B?ABE>:DE$B7?$"6??:7$
*7HG;:7>6BGE$67$-7G67:$/D@>:E>$%6HH;E6@7M$
J;%6,2&)3]%5&1,"6&#3.2,%)*,+*
Q$YcXcZQ$d\[idfPM$9>>FEWyy?@6M@D8yYLMYYccyLLLKcf\KY[\cd[cY
$$3@7UrG:U
R1B6Gs7Q$,M
Q$1@D8:R"@G>9@:H:DQ$_MQ$46C:D@Q$(MQ$n$)@D:7@Q$&M$XKLYYZM$!9:$?57B=6AE$@H$
FD@>:E>$D:AD;6>=:7>$>9D@;89$B7$@7G67:$7:>O@DTM$
.2,%)*,!,23P%9"6*+
Q$@Q$YicM$9>>FEWyy?@6M@D8yYLMYL[ayED:FLLYdc
$$3@7U
rG:UR1B6G
s7Q$,MQ$]B
G>:7<D;77:DQ$(MQ$n$1B7A9EQ$4M$#M$XKLYLZM$!9:$E>D;A>;D:$@H$F@G6>6ABG$
?6EA;EE6@7$7:>O@DTEW$($=@?:G$H@D$>9:$B7BG5E6E$@H$@7G67:$?:G6<:DB>6@7M$
_"/6)&#3"!3()!"6;&*,")3
4%25)"#"<-
Q$DYXKZQ$K[LiK\[M$9>>FEWyy?@6M@D8yY
LMYLPcy^6>MKLYLMK
$$3@7UrG:U
R1B6Gs7Q$,MQ$NB78Q$'MQ$46C:D@Q$(MQ$1@D8:
R"@G>9@:H:DQ$_MQ$n$)@D:7@Q$&M$XKLY\ZM$
(EE:EE678$>9:$<6BE$67$EB=FG:E$@H$GBD8:$@7G67:$7:>O@DTEM$
."2,&#3F%*$"6[+
Q$`BXYZQ$YfiKcM$9>>
FEWyy?@6M@D8yYLMYLYfy^ME@A7:>MKLY\MLYMLL\
$$3DB78:DQ$+M$_M$NM$XYdfdZM$*7C:E>68B>678$+B;EBG$4:GB>6@7E$<5$#A@7@=:>D6A$)@?:GE$B7?$+D@EE
REF:A>DBG$):>9@?E$(;>9@DE$X$E$ZW$+$M$N$M$_$M$3DB78:D$/;<G6E9:?$<5‰W$!9:$#A@7@=:>D6A$,@A6:>5$
,>B<G:$042‰W$
9>>FWyyOOOM^E>@DM@D8yE>B<G:yYdYKcdY$(AA:EE:?‰W$KP
RL[RKLYf$Yd‰W$
Kf$0!+$&@;D$
;E:$@H$>9:$_,M$
U2")";%*6,2&
Q$`cX[ZQ$\K\i\[aM$$3DB7@C:>>:DQ$)M$XYdcaZM$!9D:E9@G?$=@?:GE$@H$A@GG:A>6C:$<:9BC6@DM
$J;%6,2&)3j"/6)&#3"!3
+"2,"#"<-
Q$a[XfZQ$Y\KLRY\\[M$$3;88:79:6=Q$2MQ$_B78
Q$,M$)MQ$1B:Q$,M$&MQ$n$':;=B7Q$NM$4M$XKLYPZM$!9:$%57B=6AE$@H$*E
E;:$
.DB=:$+@=F:>6>6@7$67$!DB?6>6@7BG$B7?$,@A6BG$):?6BM$
J))&#+3"!3*5%3J;%6,2&)3J2&'%;-3"!3
7"#,*,2&#3&)'3."2,&#3.2,%)2%
Q$MYAXYZQ$KLciKK\M$9>>FEWyy?@6M@D8yYLMYYccyLLLKcYfKYPPcLP\d
$$"BD?:DQ$4M$(MQ$,:C:7B
7EQ$_MQ$n$gB7$(:GE>Q$/M$XKLYcZM$*7>:D=:?6B$(8:7?B$,:>>678$67$>9:$,@A6BG$
):?6B$(8:W$"@O$!DB?6>6@7BG$/GB5:DE$%@=67B>:$>9:$':OE$(8:7?B$67$#G:A>6@7$!6=:EM$
()*%6)&*,")&#3_"/6)&#3"!376%++h7"#,*,2+
Q$DDX[ZQ$KcPiKd[M$9>>FEWyy?@6M@D8yYLMYYccyYd\LYfYKYccL\dfd
$$"BEB7Q$)MQ$n$,A9O6>>:DQ$4M$XKLYaZM$($E;DC:5$@7$D:BG
R>6=:$:C:7>$?:>:A>6@7$HD@=$>9:$!O6>>:D$?B>B$
E>D:B=Q$X'@C:=<:D$KLYPZM$
9>>FEWy
y?@6M@D8yYLMYYccyLYfPP
PYPYcfdaPf\$$":7D5Q$3M$!MQ$n$3@D?@7Q$+M$,M$XKLLYZM$!DBAT678$*EE;:$(>>:7>6@7W$,F:A6H5678$>9:$%57B=6AE$@H$>9:$
/;<G6A$(8:7?BM$
7/0#,2389,),")3g/&6*%6#-
Q$MYXKZQ$YPciYccM$9>>FEWyy?@6M@D8yYLMYLa
fy[KKYda
$$":DD7E>B?>Q
$#MQ$n$);:9G:88:DQ$#M$XKLY\ZM$N:B>9:DQ$EBG6:7A:$@H$AG6=B>:$A9B78:$B7?$A@78D:EE6@7BG$
C@>678M$
_"/6)&#3"!3U)1,6");%)*&#3U2")";,2+3&)'3S&)&<%;%)*
Q$MBX[ZQ$\[Pi\\aM$9>>FEWyy?@6M@D8yY
LMYLYfy^M^::=MKLY\MLaM
LLK$$!Yaa!!!$":E>D:EQ$2M$#M$XKLY\ZM$/D:BA9678$>@$>9:$A9@6DW$*7>:D7:>
R=:?6B>:?$B?C@ABA5Q$6EE;:$F;<G6A$
=@<6G6UB>6@7Q$B7?$AG6=B>:$A9B78:M$
F%$3S%',&3&)'3."2,%*-
Q$@MXKZQ$[K[i[[dM$9>>FEWyy?@6
M@D8yYLMYYccyY\fY\\\aY
[\aL[fY$$":E>D:EQ$2M$#M$XKLYPZM$+G6=B>:$A9B78:$B?C@ABA5$@7G67:W$>9:@D6:E$@H$A9B78:Q$>BD8:>$B;?6:7A:EQ$B7?$
@7G67:$E>DB>:85M$
U)1,6");%)*&#37"#,*,2+
Q$DIXKZQ$Yd[iKYYM$9>>FEWyy?@
6M@D8yYLMYLaLyLdf\\LYf
MKLYPMddKfLL$$"6G8BD>7:DQ$,MQ$n$1@ETQ$+M$2M$XYdaaZM$!9:$46E:$B7?$.BGG$@H$,@A6BG$/D@<G:=EW$($/;<G6A$(D:7BE$
)@?:GM$
J;%6,2&)3_"/6)&#3"!3."2,"#"<-
Q$AIXYZQ$P[icaM$9>>FEWyy?@6M@D8yYLMYLafyKKadP
Y$$"@G=<:D8Q$]MQ$n$":
GGE>:7Q$*M$XKLYfZM$!O6>>:D$+B=FB687E$(D@;7?$>9:$.6H>9$*/++$4:F@D>W$
+B=FB687$,FD:B?678Q$,9BD:?$"BE9>B8EQ$B7?$,:FBDB>:$+@==;76>6:EM$
.J=U389%)
Q$MX[ZM$9>>FEWyy?@6M@D8yYLMYYccyKYPaK\\LYffPdYYc
$$_B78Q$,M$)
MQ$n$"BD>Q$/M$,M$XKLYPZM$/@GBD6U:?$HDB=:E$@7$jAG6=B>:$A9B78:k$B7?$j8G@<BG$OBD=678k$
BAD@EE$A@;7>D6:E$B7?$E>B>:EW$#C6?:7A:$HD@=$!O6>>:D$<68$?B>BM$
=#"0&
#3U)1,6");%)*&#3:5&)<%
Q$`DQ$YYiYcM$9>>FEWyy?
@6M@D8yYLMYLYfy^M8G@:7CA9BMKLYPMLKMLYL
$$_B78Q$,M$)MQ$/BDTQ$&M$_MQ$n$2::Q$"M$XKLYcZM$4@;7?
R>D6F$B8:7?B$E:>>678W$!DBAT678$>9:$67>:D=:?6B$
FD@A:EE$@C:D$
>6=:$67$>9:$6A:$<;AT:>$A9BGG:78:M$
_"/6)&#,+;
Q$@BXYLZQ$YKdKiY[LaM$9>>FEWyy?@6M@D8yYLMYYccyY\f\aa\dYfffP\LP
$$_@7:E
R_B78Q$,M$)MQ$"BD>Q$/M$,MQ$.:G?=B7Q$2MQ$n$)@@7Q$NM$]M$XKLKLZM$%6C:DE6H5678$@D$4:67H@DA6
78$,A6:7A:$+@==;76AB>6@7e$#SB=67678$>9:$.G@O$@H$.DB=:$+@7>B86@7$(AD@EE$):?6B$
/GB>H@D=EM$
_"/6)&#,+;3&)'3S&++
3:";;/),2&*,")3g/&6*%6#-
Q$AcXYZQ$daiYYcM$9>>FEWyy?@6M@D8yYLMYYccyYLccfddLYdac\c[Y
$$_;789:DDQ
$(M$XKLY\ZM$!9:$2@86A$@H$/@G6>6ABG$+@C:DB8:$@7$!O6>>:DW$!:=F@DBG$%57B=6AE$B7?$
+@7>:7>M$
_"/6)&#3"!3:";;/),2&
*,")
Q$MIXKZQ$K[diKPdM$9>>FEWyy?@6M@D8yYLMYYYYy^A@=MYKLac
$$]B9B7Q$%M$)MQ$/:>:DEQ$#MQ$N6>>G67Q$)MQ$,
G@C6AQ$/MQ$-;:GG:>>:Q$2M$2MQ$1DB=B7Q$%MQ$n$)B7?:GQ$3M$
XKLYKZM$!9:$F@GBD6U678$6=FBA>$@H$EA6:7A:$G6>:DBA5$B7?
$7;=:DBA5$@7$F:DA:6C:?$AG6=B>:$
A9B78:$D6ETEM$
F&*/6%3:#,;&*%3:5&)<%
Q$DXYLZQ$c[Kic[PM$9>>FEWyy?@6M
@D8yYLMYL[ay7AG6=B>:YP\c
$$]BD<BE6B7Q$"MQ$/;D@96>Q$"MQ$"B7?BQ$4MQ$)BG6TQ$(MQ$n$_@9D6Q$(M$XKLYaZM$4:BG
R!6=:$*
7H:D:7A:$@H$
0E:D$!5F:E$>@$(EE6E>$O6>9$=@D:$*7AG;E6C:$B7?$%6C:DE:$,@A6BG$):?6B$(A>6C6E=$+B=FB687EM$
J(U.3DE@B3
f376"2%%',)<+3"!3*5%3DE@B3JJJ(hJ:S3:")!%6
%)2%3")3J(?3U*5,2+?3&)'3."2,%*-
Q$YcYiYccM$9>>FEWyy?@
6M@D8yYLMYY\Py[KcacKYM[KcacaY
$$]BDFHQ$%M$XKLYcZM$%686>BG$F@G6>6AE$BH>:D$!D;=FM$
J))&#+3"!3*5%3()*%6)&*,")&#3:";;/),2&*,")3
J++"2,&*,")
M$9>>FEWyy?@6M@D8yYLMYLaLyK[aLadaPMKLYcMY[YffcP
$$]B>UQ$#M$XYd
PcZM$!9:$>O@
RE>:F$HG@O$@H$A@==;76AB>6@7W$(7$;F
R>@R?B>:$D:F@D>$@7$B7$
95F@>9:E6EM
$7/0#,23"9,),")3i/&6*%6#-
Q$KYXYZQ$fYRcaM$!Yad!!!$$]6=Q$(MQ$)6B7@Q$!MQ$+9:OQ$4MQ$#88:DEQ$)MQ$n$'@77:=BT:DQ$_M$XKLYcZM$+GBEE6H6AB>6@7$@H$!O6>>:D$
0E:DE$N9@$!O::>$(<@;>$#
R+68BD:>>:EM$
_S(P37
/0#,23N%&#*53&)'3./61%,##&)2%
Q$`X[ZQ$:f[M$
9>>FEWyy?@6M@D8yYLMKY
dfyF;<G6A9:BG>9MaLfL
$$]6=Q$,M$)BAQ$/BD6EQ$+MQ$/@O:DQ$4MQ$n$NB7Q$,M$XKLYdZM$%6E>678;6E9678$67?6C6?;BGE$HD@=$
@D8B76EB>6@7E$@7$>O6>>:DM$
DM*53()*%6)&*,")&#3>"6#'3>,'%3>%03:")!%6%)2%3DE@c?3>>>3DE@c3
:";9&),")
Q$aLPiaLfM$9>>FEWyy?@6M@D8yYLMYY\Py[L\YLKYM[LP\KYc
$$]678Q$3MQ$/B7Q$_MQ$n$4@<:D>EQ$)M$#M$XKLY[ZM$"@O$A:7E@DE96F$67$+967B$BGG@OE$8@C:D7=:7>$
AD6>6A6E=$<;>$E6G:7A:E$A@GG:A>6C:$:SFD:EE6@7M$
J;%6,2&)37"#,*,2&#3.2,%)2%3P%1,%$
Q$@EcXKZQ$[Kfi[\[M$9>>FEWyy?@6M@D
8yYLMYLYcy,LLL[LPP\Y[LLLLY\
$$]6D6G:7T@Q$(M$/MQ$)@G@?>E@CBQ$!MQ$n$,>:FA9:7T@CBQ$,M$-M$XKLYPZM$/:@FG:$BE$E:7E@DEW$)BEE$=:?6B$
B7?$G@ABG$>:=F
:DB>;D:$67HG;:7A:$AG6=B>:$A9B78:$?6EA;EE6@7$@7$!O6>>:DM$
=#"0&#3
U)1,6");%)*&#3:5&)<%
Q$`EQ$dKiYLLM$9>>FEWyy?@6M@D8yYLMYLYfy^M8G@:7CA9BMKLY\MYYMLL[
$$]6D6G:7T@Q$(M$/MQ$n$,>:FA9:7T@CBQ$,M$-M$XKLY\Z
M$/;<G6A$=6AD@<G@88678$@7$AG6=B>:$A9B78:W$-7:$
5:BD$@H$!O6>>:D$O@DG?O6?:M$
=#"0&#3U)1,6");%)*&#3:5&)<%
Q$DMXYZQ$YcYiYaKM$9>>FEWyy?@6M@D8yYLMYLYfy^M8G@:7CA9BMKLY\MLKMLLa
$$]@@F=B7EQ$4MQ$n$-GUBTQ$,M
$XKLL\ZM$%6EA;DE6C:$@FF@D>;76>6:E$B7?$>9:$:C@G;>6@7$@H$D689>
RO678$
C6@G:7A:$67$3:D=B75M$
J;%6,2&)3_"/6)&#3"!3."2,"#"<-
Q$@@EXYZQ$YdaiK[LM$9>>FEWyy?@6M@D8yYLMYLafy[afKcY
$$]OBTQ$"MQ$(7Q$_MQ$,BG=67:7Q$_MQ$_;78Q$,M
R3MQ$n$_B7E:7Q$1M$_M$XKLYaZM$N9B>$N:$4:B?Q$N9B>$N:$
,:BDA9W$):?6B$(>>:7>6@7$B7?$/;<G6A$(>>:7>6@7$(=@78$Yd[$+@;7>D6:EM$4:>
D6:C:?$HD@=$
9>>FWyyBDS6CM@D8yB<EyYaLKMLf\[c
$$]OBTQ$"MQ$2::Q$+MQ$/BDTQ$"MQ$n$)@@7Q$,M$XKLYL
ZM$N9B>$6E$!O6>>:DQ$B$E@A6BG$7:>O@DT$@D$B$7:OE$
=:?6Be$
76"2%%',)<+3"!3*5%3@A*53()*%6)&*,")&#3:")!%6%)2%3")3>"6#'3>,'%3>
%0?3>>>3R@E
Q$PdYifLLM$9>>FEWyy?@6M@D8yYLMYY\PyYccKfdLMYccKcPY
$$]O@7Q$]M$"MQ$/D676E
T6Q$_M$"MQ$n$+9B?9BQ$)M$XKLYaZM$%6E:7>B78G678$0E:D$,B=FG:EW$($,;F:DC6E:?$
)BA967:$2:BD7678$(FFD@BA9$>@$/D@S5
RF@F;GB>6@7
$)6E=B>A9$67$!O6>>:D$4:E:BDA9M$
:";;/),2&*,")3S%*5"'+3&)'3S%&+/6%+
Q$@DXKi[ZQ$KYfiK[cM$9>>FEWyy?@6M@D8yYLMYLaLyYd[YK\PaMKLYaMY\[LcPP
$$2BC:Q$_MQ$n$N:78:DQ$#M$XYddYZM$
.,*/&*%'3#%&6),)<G3O%<,*,;&*%39
%6,95%6&#39&6*,2,9&*,")
M$+B=<D6?8:$;76C:DE6>5$FD:EEM
$$2BU:DQ$%M$XKLYdZM$':>O@DT$B7?$*7H@D=B>6@7$.G@OW$>9:$,:A@7?$3@G?$(8:M$*7$
N:GG:EQ$1M$.
MQ$n$
3@7UrG:U
R1B6Gs7Q$,M$X#?EMZM$XKLKLZM$
45%38V!"6'3N&)'0""[3"!3F%*$"6[%'3:";;/),2&*,")k3
8V!"6'3Q),1%6+,*-376%++
Q$0,(M
$$2BU:DQ$%MQ$]:77:?5Q$4MQ$]678Q$3MQ$n$g:EF687B76Q$(M$XKLY\ZM$!9:$FBDB<G:$@H$8@@8G:$HG;W$!DBFE$67$
!YdL!!!$<68$?B>B$B7BG5E6EM$
.2,%)2%
Q$`I`XfYcfZQ$YKL[iYKLPM$9>>FEWyy?@6M@D8yYLMYYKfyEA6:7A:MYK\aPLf
$$2:9=B77Q$_MQ$3@7wBGC:EQ$1MQ$4B=BEA@Q$_M$_MQ$n$+B>>;>@Q$+M$XKLYKZM$%57B=6ABG$AGBEE:E$@H$
A@GG:A>6C:$B>>:7>6@7$67$!O6>>:DM$
>>>R@D3f376"2%%',)<+3"!3*5%3D@
+*3J))/&#3:")!%6%)2%3")3
>"6#'3>,'%3>%0
Q$KPYiKfLM$9>>FEWyy?@6M@D8yYLMYY\PyKYaca[fMKYacacY
$$2:ET@C:AQ$_MQ$1BATE>D@=Q$2MQ$n$]G:67<:D8Q$_M$XKLLdZM$):=:
R>DBAT678$B7?$>9:$%57B=6AE$@H$>9:$
':OE$+5AG:M
$$26=Q$_
M$XKLLfZM$(7BG5E6E$@H$(8:7?B$':OE$):?6BM$
_"/6)&#,+;3&)'3S&++3:";;
/),2&*,")3
g/&6*%6#-
Q$B`XKZQ$Kdai[YKM$$267Q$&MQ$]::8B7Q$1MQ$)BD8@G67Q$%MQ$n$2BU:DQ$%M$XKLY\ZM$46E678$!6?:E$@D$46E678$,>BDE‰eW$%57B=6AE$
@H$,9BD:?$(>>:7>6@7$@7$!O6>>:D$?;D678$):?6B$#C:7>EQ$
AXPZM$9>>FEWyy?@6M@D8yYLMY[cYy^@;D7BGMF@7:MLLd\
Ld[$$26;Q$&MQ$!B78Q$)MQ$b9@;Q$!MQ$n$&@;789B:Q$%M$XKLYPZM$+@D:
RG6T:$8D@;FE$D:E;G>$67$67CBG6?B>6@7$@H$
6?:7>6H5678$E;F:D
REFD:B?:D$<5$T
RE9:GG$?:A@=F@E6>6@7M$
.2,%)*,!,23P%9"6*+
Q$YM$9>>FEWyy?@6M@D8yYLMYL[ayED:FLd
fLK$$2qDA9:DQ$*MQ$n$':C:DGBQ$*M$XKLYPZM$!9:$?57B=6AE$@H$6EE;:$B>>:7>6@7$67$@7G67:$A@==;76AB>6@7$@7$
AG6=B>:$A9B78:M$
S%',&3&)'3:";;/),2&*,")
Q$`XYZQ$Yci[[M$9>>FEWyy?@6M@D8yYLMYcf\Py=BAMC[6YMKP[
$$2@D:7U
R,FD
::7Q$/MQ$)“7E>:?Q$1M$)MQ$"qC:GQ$/MQ$n$2:9=B77Q$,M$XKLYdZM$(AA:G:DB>678$?57B=6AE$@H$
A@GG:A>6C:$B>>:7>6@7M$
F&*/6%3:";;/),2&*,")+
Q$@EXYZQ$YidM$9>>FEWyy?@6M@D8yYLMYL[ayE\Y\fc
RLYdRLd[YYRO$$2@>B7Q$3MQ$(7
B775Q$)MQ$3BHH7:5Q$%MQ$n$1@5?Q$%M$XKLYYZM$!9:$(DB<$,FD678”$!9:$4:C@G;>6@7E$
N:D:$!O::>:?W$*7H@D=B>6@7$.G@OE$?;D678$>9:$KLYY$!;76E6B7$B7?$#85F>6B7$4:C@G;>6@7EM$
()*%6)&*,")&#3_"/6)&#3"!3:";;/),2&*,")
Q$YXLZQ$[YM$$2@C:^@5Q$]MQ$n$,BS>@7Q$3M$%M$XKLYKZM$*7H@D=B>6@
7Q$+@==;76>5Q$B7?$(A>6@7W$"@O$'@7FD@H6>$
-D8B76UB>6@7E$0E:$,@A6BG$):?6BM$
_"/6)&#3"!3:";9/*%6
fS%',&*%'3:";;/),2&*,")
Q$@cX[ZQ$[[ci[P[M$9>>FEWyy?@6M@D8yYLMYYYYy^MYLa[
RfYLYMKLYKMLYPcfMS$$)BEE6A@>>
:M$XKLYdZM$/BATB8:$j8>D:7?E4kM$4:>D6:C:?$HD@=$
9>>FEWyyAD
B7MD
RFD@^:A>M@D8yO:<yFBATB8:Ey8>D:7?E4y8>D:7?E4MF?H
$$)BD8:>>EQ$"MQ$_@97Q$/MQ$"BG:Q$,MQ$n$&BEE:D6Q$!M$XKLYPZM
$7"#,*,2&#3*/6
0/#%)2%G3N"$3+"2,&#3;%',&3
+5&9%32"##%2*,1%3&2*,")
M$/D67A:>@7$076C:DE6>5$/D:EEM
$$)BD8@G67Q$%M$1M$XKLYdZM$+@=F;>B>6@7BG$+@7>D6<;>6@7EW$(
$,5=<6@>6A$(FFD@BA9$>@$*7>:8DB>678$168Q$
-<E:DCB>6@7BG$%B>B$,>;?6:E$67>@$>9:$+@==;76AB>6@7$.6:G?M$
:";;/),2&*,")3S%*5"'+3&)'
3S%&+/6%+
Q$EXLZQ$YiYdM$9>>FEWyy?@6M@D8yYLMYLaLyYd[YK\PaMKLYdMYf[dY\\
$$!YdY!!!$)A(?B=Q$%M$XKLYcZM$,@A6BG$)@C:=:7>$!9:@D5$B7?$>9:$/D@EF:A>E$H@D$+G6=B>:$+9B78:$(A>6C6E=$
67$>9:$076>:?$,>B>:EM$
J))/&#3P%1,%$3
"!37"#,*,2&#3.2,%)2%
Q$DEXYZQ$YadiKLaM$9>>FEWyy?@6M@D8yYLMYY\fyB77;D:C
RF@G6EA6
RLPKfYPRLKPaLY$$)A+@=<EQ$)M$#MQ$,9BOQ$%M$2MQ$n$N:BC:DQ$%M$"M$XKLY\ZM$':O$?6D:A>6@7E$67$B8:7?B
RE:>>678$>9:@D5$
B7?$D:E:BDA9M
$S&++32";;/),2&*,")3&)'3+"2,%*-
Q$@cXfZQ$caYRaLKM$$)A+@DD6E>@7Q$_MQ$_;D8:7EQ$%MQ$n$4;>9EQ$%M$XKL
YPZM$-D8B76UB>6@7E$BD:$;E:DE$!@@W$+9BDBA>:D6U678$
B7?$?:>:A>678$>9:$FD:E:7A:$@H$@D8B76UB>6@7E$@7$>O6>>:DM$
76"2%%',)<+3"!3*5%3A*53()*%6)&*,")&#3
:")!%6
%)2%3")3>%03&)'3."2,&#3S%',&?3(:>.S3DE@Y
Q$fPLifP[M$$)A3D:8@DQ$,M$+MQ$)@;D`@Q$4M$4MQ$n$)@G57:;SQ$2M$XKLYcZM$!
O6>>:D$BE$B$>@@G$H@D$B7?$@<^:A>$@H$
F@G6>6ABG$B7?$:G:A>@DBG$BA>6C6>5W$+@7E6?:D678$:G:A>@DBG$A@7>:S>$B7?$CBD6B7A:$B=@78$BA>@DEM$
_"/6)&#3"!3()!"6;&*,")
34%25)"#"<-3&)'37"#,*,2+
Q$@IXKZQ$YP\iYfcM$9>>F
EWyy?@6M@D8yYLMYLaLyYd[[YfaYMKLYcMY[LaKad
$$):GG@7Q$_M$XKLY[ZM$N9:D:$B7?$O9:7$AB7$O:$;E:$8@@8G:$>D:7?E$>@$=:BE;D:$6EE;:$EBG6:7A:e$
7.3
f37"#,*,2&#3.2,%
)2%3&)'37"#,*,2+
Q$IMXKZQ$KaLiKdLM$9>>FEWyy?@6M@D8yYLMYLYcy,YL\dLdfPY[LLLKcd
$$):GG@7Q$_M$XKLY\ZM$*7>:D7:>$,:BDA9$%B>B$B7?$*EE;:$,BG6:7A:W$!9:$/D@F:D>6:E$@H$3@@8G:$!D:7?E$BE$B$
):BE;D:$@H$*EE;:$,BG6:7A
:M$
_"/6)&#3"!3U#%2*,")+?37/0#,2389,)
,")3&)'37&6*,%+
Q$DIXYZQ$\PicKM$9>>FEWyy?@6M@D8yYLMYLaLyYc\PcKadMKLY[Ma\f[\f
$$):78Q$_MQ$/:78Q$NMQ$!B7Q$/M$'MQ$26;Q$NMQ$+9:78Q$&MQ$n$1B:Q$(M$XKLYaZM$%6HH;E6@7$E6
U:$B7?$
E>D;A>;DBG$C6DBG6>5W$!9:$:HH:
A>E$@H$=:EEB8:$B7?$7:>O@DT$H:B>;D:E$@7$EFD:B?678$9:BG>9$
67H@D=B>6@7$@7$>O6>>:DM$
:";9/*%6+3,)3N/;&)3]%5&1,"6
Q$BAX_;G5ZQ$YYY
iYKLM$9>>FEWyy?@6M@D8yYLMYLYfy^MA9<MKLYaM
LcML[d$$):DBUQ$,M$XKLLdZM$*E$>9:D:$B7$:G6>:$9@G?e$>DB?6>6@7BG$=:?6B$>@$E@A6BG$=:?6B$B8:7?B$E:>>678$
67HG;:7A:$67$<G@8$7:>O@DTEM$
_"/6)&#3"!3:";9/*%6
fS%',&*%'3:";;/),2&*,")
Q$@IX[ZQ$faKicLcM$9>>F
EWyy?@6M@D8yYLMYYYYy^MYLa[
RfYLYMKLLdMLY\PaMS$$):DBUQ$,MQ$n$/BFBA9BD6EE6Q$bM$XKLY[ZM$':>O@DT:?$3B>:T::F678$B7?$':>O@DT:?$.DB=678$@7$
−#85F>M$
()*%6)&*,")&#3_"/6)&#3"!376%++h7"#,*,2+
Q$@BXKZQ$Y[aiYffM$9>>
FEWyy?@6M@D8yYLMYYccyYd\LYfYKYK\c\\cK
$$)@DBG:EQ$(M$_MQ$1@D@7?@Q$_MQ$2@EB?BQ$_M$+MQ$n$1:76>@Q$4M$)M$X7M?MZM$#HH6A6:7A5$@H$";=B7$(A>6C6>5$
@7$*7H@D=B>6@7$,FD:B?678$BDh6C‰W$Y\YY$M$L\c[CY$o$F95E6AE$M$E@A
RF9$p$[$'@C$KLY\Q$
`AX-A
>@<:D$KLY\ZQ$Y
iYYM$$)@E:DQ$,M$+M$XKLYLZM$+@==;76AB>678$AG6=B>:$A9B78:W$"6E
>@D5Q$A9BGG:78:EQ$FD@A:EE$B7?$H;>;D:$
?6D:A>6@7EM$
>,#%-3()*%6',+2,9#,)&6-3P%1,%$+G3:#,;&*%3:5&)<%
Q$@XYZQ$[YiP[M$9>>FEWyy?@6M@D8yYLMYLLKy
OAAMYY
$$)@;D`@Q$4M$4M$XKLYPZM$!9:$<@5E$@7$>9:$>6=:G67:W$/@G6>6ABG$^@;D7BG6
E>EV$;E:$@H$!O6>>:D$H@D$<;6G?678$
67>:DFD:>6C:$A@==;76>6:EM$
_"/6)&#,+;
Q$@MXaZQ$YYLciYYK[M$!YdK!!!$9>>FEWyy?@6M@D8yYLMYYccyY\f\aa\dY\PP
KKfa$$);T:D^::Q$,MQ$)B^s
RgrUI;:UQ$,MQ$n$3@7UrG:U
R1B6Gs7Q$,M$XKLYaZM$4:EF@7
E:$>@$O:<E>:D$B7?$
>B7:^BVE$D:EF@7E:$>@$j7:>O@DTE$@H$B;?6:7A:$@C:DGBF$67$>9:$A@7E;=F>6@7$@H$?686>BG$7:OEMk$
_"/6)&#3"!3:";;/),2&*,")
Q$MBX[ZQ$#YP
i#YaM$
9>>FEWyy?@6M@D8yYLMYLd[y^@Ay^I5LKK
$$'B9@7Q$]MQ$n$":=EG:5Q
$_M$XKLY[ZM
$=",)<31,6&#
M$/@G6>5M
$$'B9@7Q$]MQ$":=EG:5Q$_MQ$)BE@7Q$4M$)MQ$NBGT:DQ$,MQ$n$#AT:D>Q$_M$XKLY[ZM$*7H@D=B>6@7$.G@OE$67$
#C:7>E$@H$/@G6>6ABG$07D:E>M$
(:")!%6%)2%3DE@`376"2%%',)<+
Q$XYK\[YcLZQ$\aLi\aPM$9>>FEWy
y?@6M@D8yYLMdccfyY[KPd
$$':;=B7Q$N
M$4M$XYddLZM$!9:$!9D:E9@G?$@H$/;<G6A$(>>:7>6@7M$
7/0#,2389,),")3g/&6*%6#-
Q$YIXKZQ$YPdM$9>>FEWyy?@6M@D8yYLMYLafyKfdYd\
$$':;=B7Q$NM$4M$XKLYfZM
$45%3',<,*&#3',!!%6%)2%G3S%',&3*%25)
"#"<-3&)'3*5%3*5%"6-3"!3
2";;/),2&*
,")3%!!%2*+
M$"BDCBD?$076C:DE6>5$/D:EEM
$$':O68Q$_M$XKLL\ZM$/;<G6A$B>>:7>6@7Q$F@G6>6ABG$BA>6@7W$!9:$:SB=FG:$@H$:7C6D@7=:7>BG$D:8;GB>6@7M$
P&*,")&#,*-3&)'3."2,%*-
Q$@MXKZQ$Y\diYdLM$9>>FEWyy?@6M@D8yYLMYYccyYL\[\f[YL\L\[cY[
$$-:7>BD5@Q$4M$_MQ$2@OQ$_M$NMQ$n$26=Q$#M$/M$XKLYPZM$+9BGT$B7?$A9::E:$67$!O6>>:DW$%6EAD6=67B>678$
F:DE@7BG$B7?$@D8B76UB>6@7$BAA@;7>EM$
U/6"9%&)3:")!%6%)2%3")3()!"6;
&*,")3P%*6,%1&#
Q$AEDDQ$\fPi\cfM$9>>FEWyy?@6M
@D8yYLMYLLcydca
R[R[YdRYf[P\R[|PY$$/B67>:DQ$_MQ$]D6E>6B7E:7Q$,MQ$n$,A9tH:DQ$)M$,M$XKLYaZM$"@O$}%686>BG
R<@D7V$=:?6B$A@C:D$AG6=B>:$
A9B78:$67$A@=FBD6E@7$>@$G:8BA5$=:?6BW$($ABE:$E>;?5$@H$>9:$+-/$KY$E;==6>$67$/BD6EM$
=#"0&#3
U)1,6");%)*&#3:5&)<%
Q$IBX'@C:=<:D$KLYcZ
Q$YiYLM$9>>FEWyy?@6M@D8yYLMYLYfy^M8G@:7CA9BMKLYcMYYMLL[
$$/:BDA:Q$NMQ$"@G=<:D8Q$]MQ$":GGE>:7Q$*MQ$n$':DG6A9Q$1M$XKLY\ZM$+G6=B>:$A9B78:$@7$>O6>>:DW$!@
F6AEQ$
A@==;76>6:E$B7?$A@7C:DEB>6@7E$B<@;>$>9
:$KLY[$*/++$N@DT678$3D@;F$Y$D:F@D>M$
7O".38FU
Q$AX\ZQ$YiYYM$9>>FEWyy?@6M@D8yYLMY[cYy^@;D7BGMF@7:MLLd\caP
$$/:78Q$!M
$vMQ$n$b9;Q$_M$_M$"M$XKLKLZM$)@<6G:$/9@
7:$0E:$BE$,:I;:7>6BG$/D@A:EE:EW$.D@=$%6EAD:>
:$1:9BC6@DE$>@$,:EE6@7E$@H$1:9BC6@DE$B7?$!DB^:A>@D6:E$@H$,:EE6@7EM$
_"/6)&#3"!3:";9/*%6
fS%',&*%'3:";;/),2&*,")
Q$DYXKZQ$YKdiY\fM$9>>FEWyy?@6M@D8yYLMYLd[y^A=AyU=ULKd
$$/:78Q$!M$vMQ$,;7Q$3MQ$n$N;Q$&M$XKLYcZM$*
7>:DFGB5$<:>O::7$F;<G6A$B>>:7>6@7$B7?$F;<G6A$:=@>6@7$
>@OBD?$=;G>6FG:$E@A6BG$6EE;:E$@7$>O6>>:DM$
7O".38FU
Q$@DXYZQ$YiKKM$9>>FEWyy?@6M@D8yYLMY[cYy^@;D7BGMF@7:MLYfcadf
$$/:77BAA96@>>6Q$)MQ$n$/@F:EA;Q$(
M$XKLYYZM$>@$!O6>>:D$0E:D$+GBEE6H6AB>6@7M$
76"2%%',)<+3"!3*5%3X,!*53
()*%6)&*,")&#3JJJ(3:")!%6%)2%3")3>%0#"<+3&)'3."2,&#3S%',&3J
Q$KaYiKaaM$$!Yd[!!!$/:@FG:VE$+G6=B>:$)@C:=:7>$X7M?MZM$($'@>:$HD@=$!9:$/:@FG:E$+G6=B>:$)@C:=:7>M$4:>D6:C:?$
HD@=$
9>>FEWyyF:@FG:EAG6=B>:M@D8y
$$/:O$4:E:BDA9M$XKLYdQ$(FD6G$YaZM$($G@@T$B>$9@O$F:@FG:$BD@;7?$>9:$O@DG?$C6:O$AG6=B>:$
A9B78:M$
4:>D6:C:?$HD@=$
9>>FEWyyOOOMF:OD:E:BDA9M@D8yHBA>
R>B7TyKLYdyL\yYayB
RG@@T
RB>R9@ORF:@FG:
RBD@;7?
R>9:
RO@DG?
RC6:O
RAG6=B>:RA9B78:y
$$/:O$4:E:BDA9M$XKLYdQ$-A>$YaZM$(=:D6AB7E$(D:$NBD5$@H$>9:$4@G:$,@A6BG$):?6B$,6>:E$/GB5$67$
%:G6C:D678$>9:$':OEM$4:>D6:C:?$HD@=$
9>>FEWyyOOOM^@;D7BG6E=M@D8yKLYdyYLyLKyB=:D6AB7E
RBD:
ROBD5
R@HR>9:
RD@G:
RE@A6BG
R=:?6B
RE6>:ERFGB5
R67R?:G6C:D678
R>9:
R7:OEy
$$/6:?DB96
>BQ$/MQ$1@D8:
R"@G>9@:H:DQ$_MQ$)@D:7@Q$&MQ$n$3@7UrG:U
R1B6Gs7Q$,M$XKLYaZM$!9:$A@7>B86@7$
:HH:A>E$@H$D:F:B>:?$BA>6CB>6@7$67$E@A6BG$7:
>O@DTEM$
."2,&#3F%*$"6[+
Q$YIQ$[Kfi[[PM$9>>FEWyy?@6M@D8yYLMYLYfy^ME@A
7:>MKLYcMYYMLLY
$$/;D@96>Q$"MQ$n$+9B7Q$_M$XKLYcZM$+GBEE6H5678$;E:D$>5F:E$@7$E@A6BG$=:?6B$>@$67H@D=$O9@
RO9B>
RO9:D:$
A@@D?67B>6@7$?;D678$AD6E6E$D:EF@7E:M$
76"2%%',)<+3"!3*5%3()*%6)&*,")&#3(.:PJS3:")!%6%)2%
Q$DE@cRS&-X)B5ZQ$fPf
iffPM$$v67Q$_MQ$n$/:78Q$!M$vM$XKLYf
ZM$3@@8G678$:7C6D@
7=:7>BG$6EE;:EW$N:<$E:BDA9$I;:D6:E$BE$B$
=:BE;D:=:7>$@H$F;<G6A$B>>:7>6@7$@7$:7C6D@7=:7>BG$6EE;:EM$
()*%6)%*3P%+%&625
Q$DMXYZQ$Pcic[M$9>>FEWyy?@6M@D8yYLMYYLay*7>4
RL\RKLY\RLYL\$$4::E:Q$
,M$%MQ$n$%B76:G6B7
Q$2M$"M$XYdadZM$*7>:D=:?6B$67HG;:7A:$B7?$>9:$?D;8$
6EE;:M
$:";;/),2&*,")32&;9&,<)+3&0"/*3'6/<+G3="1%6);%)*?3;%',&?3&)'3*5%39/0#,2
Q$KdR\fM$$46F<:D8:DQ$_M$!M$XKLYYZM$+BF>;D678$+;D6@E6>5W$0E678$*7>:D7:>$,:BDA9$!D:7?E$>@$):BE;D:$/;<G6A$
(>>:7>6C
:7:EEM$
7"#,2-3.*/'
,%+3_"/6)&#
Q$`AXKZQ$K[diKPdM$9>>FEWyy?@6M@D8yYLMYYYYy^MYP\Y
RLLcKMKLYYMLL\LfMS$$4@8:DEQ$#MQ$n$%:BD678Q$_M$NM$XYdaaZM$(8:7?B
R,:>>678$4:E:BDA9W$N9:D:$"BE$*>$1::7Q$N9:D:$*E$*>$
3@678e$
J))&#+3"!3*5
%3()*%6)&*,")&#3:";;/),2&*,")3J++"2,&*,")
M$9>>FEWyy?@6M@D8yYLMYLaLyK[aLadaPMYdaaMYYfcacLa
$$4@8:DEQ$#M$)MQ$%:BD678Q$_M$NMQ$n$1D:8=B7Q$%M$XYdd[ZM$!9:$(7B>@=5$@H$(8:7?B‘,:>>678$
4:E:BDA9M$
_"/6)&#3"
!3:";;/),2&*,")
Q$I`XKZQ$faia\M$9>>FEWyy?@6M@D8yYLMYYYYy^MY\fL
RK\ffMYdd[M><LYKf[MS
$$4@=:
D@Q$%M$)MQ$)::?:DQ$1MQ$n$]G:67<:D8Q$_M$XKLYYZM$%6HH:D:7A:E$67$>9:$=:A9B76AE$@H$67H@D=B>6@7$
?6HH;E6@7$BAD@EE$>@F6AEW$6?6@=EQ$F@G6>6ABG$9BE9>B8EQ$B7?$A@=FG:S$A@7>B86@7$@7$>O6>>:DM$
>>>R@@376"2%%',)<+3"!3*5%3DE*53()*%6)&*,")&#3:")!%6%)2%3")3>"6#'3>,'%3>%0
M$9>>FEWyy?@6M@D8yYLMYY\PyYdf[\LPMYdf[PL[
$$4;EE:GG$':;=B7Q$NMQ$3;88:79:6=Q$2MQ$)@$_B78Q$,MQ$n$1B:Q$,M$&M$XKLY\ZM$!9:$%57B=6AE$@H$
/;<G6A$(>>:7>6@7W$(8:7?B
R,:>>678$!9:@D5$)::>E$168$%B>BM$
_"/6)&#3"!3:";;/
),2&
*,")
Q$MIXKZQ$Yd[iKY\M$9>>FEWyy?@6M@D8yYLMYYYYy^A@=MYKLaa
$!Yd\!!!$$,BEB9BDBQ$]MQ$"6DB>BQ$&MQ$!@5@?BQ$)MQ$]6>E;D:8BOBQ$)MQ$n$(69BDBQ$]M$XKLY[ZM$v;B7>6H5678$
+@GG:A>6C:$(>>:7>6@7$HD@=$!O::>$,>D:B=M$
7O".38FU
Q$BX\ZQ$YiYLM$9>>FEWyy?@6M@D8yYLMY[cYy^@;D7BGMF@7:MLLfYaK[
$$,A9tH:DQ$)M$,MQ$*CB7@CBQ$(MQ$n$,A9=6?>Q$(M$XKLY\ZM$N9B>$?D6C:E$=:?6B$B>>:7>6@7$H@D$AG6=B>:$
A9B78:e$#SFGB67678$6EE;:$B>>:7>6@7$67$(;E>DBG6B7Q$3
:D=B
7$B7?$*7?6B7$FD67>$=:?6B$HD@=$Yddf$
>@$KLYLM$
()*%6)&*,")&#3:";;/),2&*,")3=&W%**%
Q$cMXKZQ$YPKiYcfM$9>>FEWyy?@6M@D8yYLMYYccyYc\aL\aPY[PL\Yfd
$$,A9tH:DQ$)M$,MQ$n$,A9G6A9>678Q$*M$XKLY\ZM$):?6B$D:FD:E:7
>B>6@7E$@H$AG6=B>:$A9B78:W$($=:>B
RB7BG5E6E$@H$>9:$D:E:BDA9$H6:G?M$
U)1,6");%)*&#3:";;/),2&*,")
Q$BXKZQ$Y\KiYfLM$9>>FEWyy?@6M@D8yYLMYLaLyYcPK\L[KMKLY\MdY\LPL
$$,A9D@:?:DQ$4M$XKLYaZM$
."2,&#345%"6-3&!*
%63*
5%3()*%6)%*
M$."2,&#345%"6-3&!*%63*5%3()*%6)%*
M$9>>FEWyy?@6M@D8yYLMK[Lcy^MA>>KLTDS?D
$$,AD;88EQ$2MQ$n$1:7:8BGQ$,M$XKLYKZM$%:AG67678$F;<G6A$A@7A:D7$B<@;>$AG6=B>:$A9B78:W$+B7$O:$
<GB=:$>9:$8D:B>$D:A:EE6@7
e$=#"0&#3U)1,6");%)*&#3:5&)<%
M$9>>FEWyy?@6M@D8yYLMYLYfy^M8G@:7CA9BMKLYKMLYMLLK
$$,:8:D<:D8Q$(MQ$n$1:77:>>Q$NM$2M$XKLYYZM$,@A6BG$=:?6B$B7?$>9:$@D8B76UB>6@7$@H$A@GG:A>6C:$BA>6@7W$
0E678$>O6>>:D$>@$:SF
G@D:$>9:$:A@G@86:E$@H$>O@$AG6=B>:$A9B78:$FD@>:E>EM$
:";;/),2&*,")3
P%1,%$Q$@IX[ZQ$YdciKYPM$9>>FEWyy?@6M@D8yYLMYLaLyYLcY\\KYMKLYYMPdcKPL
$$,9:GG=B7Q$,M$)M$XKLL\ZM$!6=:$E:D6:E$67>:DCBGE$B7?$E>B>6E>6AB
G$67H:D:7A:W$!9:$:HH:A>E$@H$>:=F@DBG$
B88D:8B>6@7$@7$:C:7>$?B>B$B7BG5E6EM$
7"#,*,2&#3J)&#-+,+
Q$@DXYZQ$dciYL\M$9>>FEWyy?@6M@D8yYLMYLd[yFB7y=F8LYc
$$,969Q$!M$_MQ$N6^B5BQ$4MQ$n$1D@EEBD?Q$%M$XKLLaZM$):?6B$A@C:DB8
:$@H$/;<G6A$":BG>9$#F6?:=6AEW$
267T678$HDB=678$B7?$6EE;:$B>>:7>6@7$A5AG:$>@OBD?$B7$67>:8DB>:?$>9:@D5$@H$FD67>$7:OE$
A@C:DB8:$@H$:F6?:=6AEM$
S&++3:";;/),2&*,")3&)'3."2,%*-
Q$@@XKZQ$Y\YiYfLM$9>>FEWyy?@6M@D
8yYLMYLaLyYPKLP\[LcLYffaYKY
$$,9@:=BT:DQ$/M$XYddYZM$
=&*%[%%9,)<
M$':O<;D5$/BDTQ$+(W$,B8:M$
$$,G;6^EQ$_M$/M$gB7$%:DM$XKLYKZM$07A:D>B67>5$B7?$%
6EE:7>$67$+G6=B>:$46ET$(EE:EE=:7>‰W$($/@E>
R'@D=BG$/:DEF:A>6C:Q$
cXKZQ$Yc\iYdPM$9>>FEWyy?@6M@D
8yYLM[Yfcy7AMKLYKMLcLKL\
$$,@D@TBQ$,M$'M$XKLLKZM$*EE;:$(>>D6<;>:E$B7?$(8:7?B
R,:>>678$<5$):?6BQ$>9:$/;<G6AQ$B7?
$/@G6A5=BT:DE$67$+B7B?BM$
()*%6)&*,")&#3_"/6)&#3"!37/0#,2389,),")3P%+%&625
Q$@IX[ZQ$Kf\iKaPM$9>>FEWyy?@6M@D8yYLMYLd[y6^F@DyY\M[MKf\
$$,>B>6E>BM$XKLKLZM$N@DG?O6?:$?:ET>@F$=BDT:>$E9BD:$@H$G:B?678$E:BDA9$:7867:E$HD@=$_B7;BD5$KLYL$
>@$(FD6G$KLKLM$4:>D6:C:?$HD@=$
9>>FEWyyOOOME>B>6E>BMA@=yE>B>6E>
6AEyKYfPc[yO@DG?O6?:
R=BDT:>
RE9BD:
R@HRE:BDA9
R:7867:Ey
$!YdP!!!$$,>6:DQ$,MQ$,A9’7:=B77Q$NM$_MQ$n$,>:68:DQ$,M$XKLYaZM$-H$BA>6C6E>E$B7?$8B>:T::F:DEW$!:=F@DBG$B7?$
E>D;A>;DBG$FD@F:D>6:E$@H$F@G6A5$7:>O@DTE$@7$!O6>>:DM$
F%$3S%',&3&)'3
."2,%*-
M$9>>FEWyy?@6M@D8yYLMYYccyY\fY\\\aYccLdKaK
$$,;Q$&MQ$n$1@DB9Q$/M$XKLYdZM$N9@$6E$>9:$B8:7?B$E:>>:De$#SB=67678$>9:$67>:D=:?6B$B8:7?B
RE:>>678$
:HH:A>$<:>O::7$!O6>>:D$B7?$7:OEFBF:DEM$
_"/6)&#3"!3()!"
6;&*,")34%25)"#"<-3&)'37"#,*,2+
Q$@MX[ZQ$K[fiK\dM$9>>FEWyy?@6M@D8yYLMYLaLyYd[[YfaYMKLYdMYf\Y\PY
$$,O:BD678:7Q$+M$%MQ$n$46F<:D8:DQ$_M$!M$XKLY\ZM$3@@8G:$*7E689>E$B7?$0$M$,$M$,:7B>:$#G:A>6@7E‰W$
%@:E$
,:BDA9$!DBHH6A$/D@C6?:$B$gBG6?$):BE;D:$@
H$/;<G6A$(>>:7>6@7$>@$/@G6>6ABG$+B7?6?B>:E‰e$
-Q$AYX[ZM$9>>FEWyy?@6M@D8yYLMYYYYyEEI;MYKLcP
$$!B9=BE:<6Q$'MQ$n$46EE:Q$!M$XKLYcZM$-7$>9:$;E:E$@H$O@D?$E:7E:$A9B78:$H@D$D:
E:BDA9$67$>9:$?686>BG$
9;=B76>6:EM$
O%2*/6
%3F"*%+3,)3:";9/*%63.2,%)2%3a()2#/',)<3./0+%6,%+3O%2*/6%3F"*%+3,)3
J6*,!,2,&#3()*%##,<%)2%3&)'3O%2*/6%3F"*%+3,)3],",)!"6;&*,2+b
Q$@EIYE3OF:.
Q$K\fiKPcM$9>>FEWy
y?@6M@D8yYLMYLLcydca
R[R[YdRfcLLaRd|KL$$!B7?@AQ$#M$+MQ$n$#78Q$'M$XKLYcZM$+G6=B>:$+9B78:$+@==;76AB>6@7$@7$.BA:<@@TQ$!O6>>:DQ$,67B$
N:6<@Q$B7?$->9:D$,@A6BG$):?6B$/GB>H@D=EM$
8V!"6'3P%+%&6253U)2-2#"9%',&3"!3:#,;&*%3
.2,%)2%
Q$X(FD6GZQ$Y
iYaM$9>>FEWyy?@6M@D8yYLMYLd[yBAD:H@D:ydcaLYdLKKafKLMLY[M[fY
$!BCBD:EQ$3MQ$n$.B6EBGQ$(M$XKLY[ZM$,ABG678
R2BOE$@H$";=B7$1D@B?ABE>$+@==;76AB>6@7$#7B<G:$
%6E>67A>6@7$<:>O::7$";=B7Q$+@DF@DB>:$B7?$4@<@>$!O6>>:D$0E:DEM$
7O".38FU
Q$BXcZM$9>>FEWyy?@6M@D8yYLMY[cYy^@;D7BGMF@7:MLLfPcc\
$!BCBD:EQ$3MQ$)BE>:G676Q$,MQ$n$_DMQ$,M$XKLYdZM$
Q+%63:#&++,!,2&*,")3")38)#,)%3."2,&#3F%*$"6[+30-3
7"+*3X6%i/%)2-
M$_/)%
Q$\f\i\cYM$9>>FEWyy?@6M@D8yYLMPcP[yE<E6MKLYcMfLcf
$$!9@DE@7Q$]MQ$#?8:DG5Q$,MQ$]G68G:
DRg6G:7A96TQ$'MQ$h;Q$&MQ$n$NB78Q$2M$XKLYfZM$,::T678$C6E6<6
G6>5$67$
B$<68$>:7>W$%686>BG$A@==;76AB>6@7$B7?$>9:$F:@FG:VE$AG6=B>:$=BDA9M$
()*%6)&*,")&#3_"/6)&#3"!3
:";;/),2&*,")
Q$@EQ$\ca\i\aLfM$$!9@DE@7Q$]MQ$n$NB78Q$2M$XKLYdZM$+@==6>>:?$/BD>6A6FB>6@7$@D$.GBE9:E$@
H$(A>6@7e$)@<6G6U678$
/;<G6A$(>>:7>6@7$>@$+G6=B>:$@7$!O6>>:
DQ$KLYYiKLYPM$U)1,6");%)*&#3:";;/),2&*,")
Q$EXLZQ$YiYcM$9>>FEWyy?@6M@D8yYLMYLaLyYcPK\L[KMKLYdMYfffcKc
$$!9@DE@7Q$]MQ$n$N:GGEQ$+M$XKLYfZM$+
;DB>:?$.G@OEW$($.DB=:O@DT$H@D$)BFF678$):?6B$#SF@E;D:$67$
>9:$%686>BG$(8:M$
:";;/),2&*,")345%"6-
Q$DMX[ZQ$[Ldi[KaM$9>>FEWyy?@6M@D8yYLMYYYYyA@=>MYKLac
$$!9DBGGQ$(M$!MQ$,>:A;GBQ$%MQ$n$,O::>Q$%M$XKLY\ZM$)B5$N:$"BC
:$&@;D$(>>:7>6@7$/G:BE:e$";=B7
R4689>E$'3-E$B7?$>9:$/D@<G:=
$@H$3G@<BG$+@==;76AB>6@7M$
()*%6)&*,")&#3_"/6)&#3"!3
76%++h7"#,*,2+
Q$@AXKZQ$Y[PiYPdM$9>>FEWyy?@6M@D8yYLMYYccyYd\LYfYKY[PYdY[K
$$!D6GG678Q$%MQ$!@
G@A9T@Q$/MQ$n$1;DEA9:DQ$1M$XKLYcZM$.D@=$':OEO@D>967:EE$>@$
,9BD:O@D>967:EEW$
!Ydf!!!$9@O$>@$FD:?6A>$7:OE$E9BD678$<BE:?$@7$BD>6AG:$A9BDBA>:D6E>6AEM$
_"/6)&#,+;3d3S&++3
:";;/),2&*,")3g/&6*%6#-
Q$AIXYZQ$[aifLM$9>>FEW
yy?@6M@D8yYLMYYccyYLccfddLYffP\faK
$$!;H:TA6Q$bM$XKLY[ZM$j'@>$!96E$-7:kW$,@A6BG$)@C:=:7>EQ$>9:$(>>:7>6@7$#A@7@=5Q$B7?$
)6AD@A:G:<D6>5$':>O@DT:?$(A>6C6E=M$
J;%6,2&)3]%5&1,"6&#3.2,%)*,+*
Q$YcXcZQ$a\aiacLM$9>>FEWyy?@6M@D8yYLMYYccyLLLKcf\KY[\c
d[fd$$!;DTQ$_M$gMQ$n$.DB7TG67Q$1M$XYdacZM$*7H@D=B>6@7$E;<E6?6:EW$(8:7?B
RE:>>678$>DB?6>6@7EM
$7/0#,23
P%#&*,")+3P%1,%$
Q$Y[X\ZQ$KdR\YM$$gBAABD6Q$+MQ$+9B?O6ATQ$(MQ$n$-V2@;89G67Q$1M$XKLYPZM$%;BG$,AD::7678$>9:$/@G6>6ABGW$):?6B
$#C:7>EQ$,@A6BG$):?6BQ$B7?$+6>6U:7$#7
8B8:=:7>M$
_"/6)&#3"!3:";;/),2&*,")
Q$MYXfZQ$YL\YiYLfYM$9>>FEWyy?@6M@D8yYLMYYYYy^A@=MYKYac
$$CB7$(>>:C:G?>Q$NMQ$n$/:78Q$!M$vM$XKLYaZM$N9:7$+@==;76AB>6@7$)::>E$+@=F;>B>6@7W
$-FF@D>;76>6:EQ$+9BGG:78:EQ$B7?$/6>HB
GGE$67$+@=F;>B>6@7BG$+@==;76AB>6@7$,A6:7A:M$
:";;/),2&*,")3S%*5"'+3&)'3S%&+/6%+
Q$@DXKi[ZQ$aYidKM$9>>FEWyy?@6M@D8yYLMYLaLyYd[YK\PaMKLYaMY\PaLa\
$$gBD8@Q$+M$_MQ$
3;@Q$2MQ$n$(=BU::7Q$)M$(M$XKLYaZM$!9:$B8:7?B
RE:>>678$F@O:D$@H$HBT:$7:OEW$($<68$
?B>B$B7BG5E6E$@H$>9:$@7G67:$=:?6B$GB7?EABF:$HD@=$KLY\$>@$KLYfM$
F%$3S%',&3&)'3."2,%*-
Q$DEXPZQ$KLKaiKL\dM$9>>FEWyy?@6M@D8yY
LMYYccyY\fY\\\aYccYKLaf
$$g:G>D6Q$3M$(MQ$n$(>B7BE@CBQ$%M$XKLYcZM$+G6=B>:$A9B78:$@7$!O6>>:DW$+@7>:7>Q$=:?6B$:A@G@85$B7?$
67H@D=B>6@7$E9BD678$<:9BC6@;DM$
7/0#,23Q)'%6+*&)',)<3"!3.2,%)2%
M$9>>FEWyy?@6M@D8yY
LMYYccyLdf[ffKPYPfY[cLK
$$g@7<;7Q$4MQ$]q768EGqOQ$]M$]M$g@7Q$n$,A9@:7<BA9Q$]M$XKLYfZM$*7>:D=:?6B$B8:7?B
RE:>>678$67$B$
=;G>6=:?6B$7:OE$:7C6D@7=:7>M$
_"/6)&#,+;
Q$@cXaZQ$YLP\iYLc[M$9>>FEWyy?@6M@D8yYLMYYccyY
\f\aa\dYPPdP\cP$$gDB8BQ$#M$]MQ$(7?:DE@7Q$(M$(MQ$]@>A9:DQ$_M$#MQ$n$)B6<BA9Q$#M$NM$XKLYPZM$*EE;:
R,F:A6H6A$
#78B8:=:7>W$"@O$.BA:<@@T$+@7>D6<;>:E$>@$-F676@7$2:B?:DE96F$B7?$#HH6ABA5$@7$#7:D85$
B7?$+G6=B>:$*EE;:EM$
_"/6)&#3"!3()!"6;&*,")34%
25)"#"<-3&)'37"#,*,2+
Q$@DXKZQ$KLLiKYaM$9>>FEWyy?@6M@D8yYLMYLaLyYd[[YfaYMKLYPMYL[\dYL
$$NB78Q$2MQ$&B78Q$(MQ$n$!9@DE@7Q$]M$XKLYdZM$,:D6BG$FBD>6A6FB7>E$@H$E@A6BG$=:?6B$AG6=B>:$?6EA;EE6@7$
BE$B$A@==;7
6>5$@H$FDBA>6A:W$B$G@786
>;?67BG$7:>O@DT$B7BG5E6EM$
()!"6;&*,")3:";;/),2&*,")3
&)'3."2,%*-
Q$EXLZQ$YiYdM$9>>FEWyy?@6M@D8yYLMYLaLyY[fdYYahMKLYdMYffa\Pc
$$NB78Q$bMQ$"BG:Q$,M$(MQ$(?:GB76Q$%MQ$3DB<@O6AUQ
$/M$(MQ$"BD>=B77Q$!MQ$.G
qATQ$.MQ$n$_;D8:7EQ$%M$
XKLYdZM$%:=@8DBF96A$67H:D:7A:$B7?$D:FD:E:7>B>6C:$F@F;GB>6@7$:E>6=B>:E$HD@=$=;G>6G678;BG$
E@A6BG$=:?6B$?B>BM$
45%3>%03:")!%6%)2%3DE@A3
f376"2%%',)<+3"!3*5%3>"6#'3>,'%3>%03
:")!%6%)2%?3>>>3DE@A
Q$KLPfiKLfcM$9>>FEWyy?@6M@D8yYLMYY\Py[[LaPPaM[[Y[fa\
$$NB>>EQ$%M$_MQ$n$%@??EQ$/M$,M$XKLLcZM$*7HG;:7>6BGEQ$':>O@DTEQ$B7?$/;<G6A$-F676@7$.@D=B>6@7M$
!Ydc!!!$_"/6)&#3"!3:")+/;%63P%+%&625
Q$`IX\ZQ$\\Yi\PaM$9>>FEWyy?
@6M@D8yYLMYLafyPYaPKc
$$NB>>EQ$%M$_M$XKLYYZM$
U1%6-*5,)<3,+3"01,"/+G38)2%3-"/3[)"$3*5%3&)+$%6
M$+;DD:7A5M
$$N:<E>:DQ$_M$3M$XKLYYZM$!9:$%;BG6>5$@H$):?6BW$($,>D;A>;DB>6@7BG$!9:@D5$@H$/;<G6A$(>>:7>6@7M$
:";;/),2&*,")345%"6-
Q$D@XYZQ$\[iffM$9>>FEWyy?@6M@D8yYLMYYYYy^MY\fa
RKaaPMKLYLMLY[cPMS$$N:<E>:DQ$_M$3MQ$n$]E6BU:TQ$!M$1M$XKLYKZM$!9:$%57B=6AE$@H$(;?6:7A:$.DB8=:7>B>6@7W$/;<G6A$
(>>:7>6@7$67$B7$(8:$@H$%686>BG$):?6BM$
_"/6)&#3"!3:";;/),2&*,")
Q$MDXYZQ$[diPfM$9>>FEWyy?@6M@D8yYLMYYYYy^
MY\fLRK\ffMKLYYMLYfYfMS$$N:6=B77Q$3MQ$n$1D@E6;EQ$"M
R1M$XKLYcZM$4:?6D:A>678$>9:$B8:7?BM$
45%3J<%)'&3.%**,)<3_"/6)&#45%3
J<%)'&3.%**,)<3_"/6)&#k345%"6-?376&2*,2%?3:6,*,i
/%Q$@XYZQ$f[iYLYM$9>>FEWyy?@6M@D8yYLM
YLcPyBE^MYMYMLfO:6
$$N:G<:DEQ$]MQ$gB7$(>>:C:G?>Q$NMQ$]G:6776^:79;6EQ$_MQ$4;68D@TQ$'MQ$n$,A9BF:DQ$_M$XKLYfZM$':OE$
E:G:A>6@7$AD6>:D6B$67$>9:$?686>BG$B8:W$/D@H:EE6@7BG$7
@D=E$C:DE;E$@7G67:$B;?6:7A:$=:>D6AEM$
_"/6)&#,+;
Q$@cXaZQ$YL[ciYLP[M$9>>FEWyy?@6M@D8yYLMYYccyY\f\aa\dYPPdP\c\
$$N:GGEQ$+MQ$/:C:9@;E:Q$_M$-M$'M$+MQ$.@G:5Q$_MQ$2;T6>@Q$_MQ$/:GG:?Q$(MQ$n$&B78Q$_M$XKLYdZM$
+@=F;>B>6@7BG$+@==;76AB>6@7$,A6:7A:”$!9:$!:=F@DBG$!;D7$67$+@==;76AB>6@7$4:E:BDA9W$
!6=:$,:D6:
E$(7BG5E:E$0E678$+@=F;>B>6@7BG$(FFD@BA9:EM$
()*%6)&*,")&#3_"/6)&#3"!3
:";;/),2&*,")
Q$@`XLZQ$K[M$$N:GGEQ$+MQ$,9B9Q$%M$gMQ$/:C:9@;E:Q$_M$+MQ$&B78Q$_M$"MQ$/:GG:?Q$(MQ$1@:
9=Q$.MQ$ƒ$,A9=6?>Q$_M$2M$
XKLYfQ$-A>@<:D$aZM$"@O$!D;=F$%D@C:$+@C:DB8:$>@$>9:$'@=67B>6@7W$"5<D6?$):?6B$
+B=FB687678M$
7"#,*,2&#3:";;/),2&*,")
M$9>>FEWyy?@6M@D8yYLMYLaLyYLPa\fLdMKLYfMYKK\\Yf
$$N:GG:EQ$
1M$.MQ$n$3@7UrG:U
R1B6Gs7Q$,M$X#?EMZM$XKLKLZM$
45%38V!"6'3N&)'0""[3"!3F%*$"6[%'3
:";;/),2&*,")k38V!"6'3Q),1%6+,*-376%++
Q$0,(M
$$N:78Q$2MQ$.GB==676Q$(MQ$g:EF687B76Q$(MQ$n$):7AU:DQ$.M$XKLYKZM$
+@=F:>6>6@7$B=@78$=:=:E$67$B$
O@DG?$O6>9$G6=6>:?$B>>:7>6@7M$
.2,%)*,!,23
P%9"6*+
Q$DQ$YidM$9>>FEWyy?@6M@D8yYLMYL[ayED:FLL[[P
$$N6GG6B=EQ$"M$!M$/MQ$)A);DDB5Q$_M$4MQ$];DUQ$!MQ$n$";8@$2B=<:D>Q$.M$XKLYPZM$':>O@DT$B7BG5E6E$
D:C:BGE$@F:7$H@D;=E$B7?$:A9@$A9B=<:DE$67$E@A6BG$=:?6B$?6EA;EE6@
7E$@H$AG6=B>:$A9B78:M$
=#"0&#3U)1,6");%)*&#3:5&)<%
Q$`DQ$YKfiY[aM$9>>FEWyy?@6M@D8yYLMYLYfy^M8G@:7CA9BMKLYPML[MLLf
$$N@@?
R%@;89>5Q$bMQ$)B9B^B7Q$/MQ$n$%D:?U:Q$)M$XKLYaZM$
_"5)+3N"9[,)+3"63j"5))-
f5"9[,)+G3
:#&++,!-,)<3()',1,'/&#+31%6+/+386<&),W&*,")+3")34$,**%6
M$PfifYM$9>>FEWyy?@6M@D8yYLMYafP[yCYyOYa
RYYLa$$N;Q$.MQ$n$";<:D=B7Q$1M$(M$XKLLcZM$'@C:G>5$B7?$+@GG:A>6C:$(>>:7>6@7M$
.+6)
Q$@EIX\PZM$9>>FEWyy?@6M@D
8yYLMKY[dyEED7MdadfcK
$$!Yda!!!$N;Q$,MQ$"@H=B7Q$_M$)MQ$)BE@7Q$NM$(MQ$n$NB>>EQ$%M$_M$XKLYYZM$N9@$EB5E$O9B>$>@$O
9@=$@7$
>O6>>:DM$*7$
76"2%%',)<+3"!3*5%3DE*53()*%6)&*,")&#3:")!%6%)2%3")3>"6#'3>,'%3>%0?3>>>3
DE@@$XFFM$cLPicY\ZM$9>>FEWyy?@6M@D8yYLMYY\PyYdf[\LPMYdf[PL\
$$&B78Q$(MQ$n$,BHH:DQ$(M$XKLYaZM$'3-EV$(?C@ABA5$67
$>9:$KLYP$4:H;8::$+D6E6EW$($,>;?5$@H$(8:7?B$
1;6G?678$67$>9:$%686>BG$(8:M$
J;%6,2&)3]%5&1,"6&#3.2,%)*,+*
Q$MDX\ZQ$\KYi\[dM$9>>FEWyy?@6M@D8yYLMYYccyLLLKcf\KYacPdPca
$$b9B78Q$&MQ$N:GGEQ$+MQ$NB78Q$,MQ$n$4@9
:Q$]M$XKLYaZM$(>>:7>6@7$B7?$B=FG6H6AB>6@7$67$>9:$95<D6?$
=:?6B$E5E>:=W$!9:$A@=F@E6>6@7$B7?$BA>6C6>5$@H$%@7BG?$!D;=FVE$!O6>>:D$H@GG@O678$?;D678$
>9:$KLYf$FD:
E6?:7>6BG$:G:A>6@7M$
F%$3S%',&3&)'3."2,%*-
M$9>>FEWyy?@6M@D8yYLMYYccyY\fY\\\aYcc\\[dL
$$b9B@Q$hMQ$2:6E:D@O6>UQ$(M$(MQ$)B6<BA9Q$#M$NMQ$n$4@E:D
R4:7@;HQ$+M$XKLYYZM$(>>:7>6@7$>@$
EA6:7A:y:7C6D@7=:7>$7:OE$F@E
6>6C:G5$FD:?6A>E$B7?$B>>:7>6@7$>@$F@G6>6ABG$7:OE$7:8B>6C:G5$
FD:?6A>E$8G@<BG$OBD=678$D6ET$F:DA:F>6@7E$B
7?$F@G6A5$E;FF@D>M$
_"/6)&#3"!3:";;/),2&*,")
M$9>>FEWyy?@6M@D8yYLMYYYYy^MY\fL
RK\ffMKLYYMLYPf[MS$$b9;Q$_M$"M$XYddKZM$*EE;:$A@=F:>6>6@7$B7?$B>>:7>6@7$?6E>DBA>6@7W$($U:D@
RE;=$>9:@D5$@H$B8:7?B
RE:>>678M$
_"/6)&#,+;3d3S&++3:";;/),2&*,")3g/&6*%6#-
Q$MAX\ZQ$aKPia[fM$9>>FEWyy?@6M@D8yYLMYYccyYLccfddL
dKLfdLL\L[$$b9;Q$_M$_M$"MQ$NB78Q$hMQ$v67Q$_MQ$n$N;Q$2M$XKLYKZM$(EE:EE678$/;<G6A$-F676@7$!D:7?E$<BE:?$@7$
0E:D$,:BDA9$v;:D6:EW$gBG6?6>5Q$4:G6B<6G6>5Q$B7?$/DBA>6ABG6>5M$
J))/&#3:")!%6%)2%3"!3*5%3>"6#'3
J++"2,&*,")3!"637/0#,2389,),")3P%+%&625?3N")<3\")<?3_/)%3@
If@MkQ$cM$$b9;Q$_MQ$NB>>Q$_M$"MQ$,75?:DQ$2M$1MQ$&B7Q$_MQ$n$_6B78Q$&M$XYdd[ZM$/;<G6A$*EE;:$/D6@D6>5$.@D=B>6@7W$
):?6B$(8:7?B‘,:>>678$B7?$,@A6BG$*7>:DBA>6@7M$
_"/6)&#3"!3:";;/),2&*,")
Q$I`XYZQ$aiKdM$9>>FEWyy?@6M@D8yYLMYYYYy^MY\fL
RK\ffMYdd[M><LYK\fMS
$$$