Plain-text annual report
ANNUAL REPORT 2024
STRATEGIC POSITIONING
FOR THE FUTURE
A HISTORY OF SUCCESS
A FUTURE OF OPPORTUNITY
OREGON
4 PROPERTIES
1 Retail
2 Office
1 Multifamily
WASHINGTON
4 PROPERTIES
4 Office
CALIFORNIA
19 PROPERTIES
8 Retail
6 Office
5 Multifamily
TEXAS
1 PROPERTY
1 Retail
HAWAII
3 PROPERTIES
2 Retail
1 Mixed-Use
* FFO and NOI are non-GAAP financial measures of real estate companies’ operating
performance. Please see discussion of calculation and reconciliation in Item 7 “Management’s
Discussion and Analysis of Financial Condition and Results of Operations” in our Form 10-K.
Retail square footage includes mixed-use retail.
As of December 31, 2024
SQ FT. OF OFFICE
4.1M
SQ FT. OF RETAIL
3.2M
• Achieved a record $197.5 million in funds from
operations (FFO), or $2.58 per diluted share/unit,
a 7.7% increase from 2023.
• 6.7% compounded annual growth in FFO per share
since our initial public offering in 2011.
• Reached a record $457.9 million in total revenue, a
3.8% increase from 2023.
• Achieved a record $290.1 million in net operating
income (NOI), a 4.7% increase from 2023.
• Paid out a record $1.34 per share in dividends, totaling
over $103 million, a 1.8% increase over 2023.
• Set records for average monthly base rent per square
foot for both our office and multifamily portfolios in
Q3 2024, and for our retail portfolio in Q4 2024.
• Multifamily portfolio realized 6.1% same-store cash
NOI growth year-over-year.
• Retail portfolio realized 5% same-store cash NOI
growth year-over-year.
• Comparable office leasing spreads increased
approximately 6% on a cash basis and 13%
on a GAAP basis in 2024.
• Comparable retail leasing spreads increased
approximately 4.5% on a cash basis and 25%
on a GAAP basis in 2024.
• Closed a $525 million public bond offering in
September 2024, which was initially oversubscribed
by more than four times, with proceeds used for
repayment of $300 million of debt and the remaining
proceeds used for working capital and general
corporate purposes.
• Maintained investment grade credit ratings from all
three major U.S. rating agencies.
• Held liquidity of $826 million, comprised of $426
million in cash and cash equivalents and $400 million
of availability on our revolving line of credit as of
December 31, 2024.
2024 HIGHLIGHTS*
PACIFIC RIDGE APARTMENTS
San Diego, CA
WAIKIKI BEACH WALK
Honolulu, HI
AMERICAN ASSETS TRUST, INC. is a full-service, vertically
integrated and self-administered real estate investment trust, or
REIT, headquartered in San Diego, California.
We have over 55 years of experience in acquiring, improving,
developing and managing premier office, retail and residential
properties throughout the United States in some of the nation’s
most dynamic, high-barrier-to-entry markets primarily in Southern
California, Northern California, Washington, Oregon and Hawaii.
GENESEE PARK
San Diego, CA
LOMA 21
San Diego, CA
One of the most significant contributors to our success is
our strategically diversified portfolio, which provides stability
across economic cycles. Our presence in multiple asset classes
— multifamily, retail, office and mixed-use properties — en-
sures that we are not overly reliant on any one sector, allowing
us to withstand market fluctuations while continuing to gener-
ate strong cash flows.
MULTIFAMILY
As affordability challenges in homeownership continue to
drive demand for rental housing, our multifamily properties
experienced record-high NOI growth in 2024. We are well-po-
sitioned to continue to benefit from constrained supply and
Our ability to capitalize on market opportunities during times
of economic uncertainty has been a hallmark of our success. In
2024, we achieved new highs in several key financial metrics:
• Funds from Operations (FFO) per diluted share reached its
highest level in our history at $2.58 per diluted share, under-
scoring the strength of our portfolio and disciplined finan-
cial management.
• Total revenue was $458 million, exceeding prior records and
demonstrating persistent tenant demand across our diversi-
fied property mix as well as our ability to capitalize on one-
off opportunities.
• Total dividends paid to stockholders were $1.34 per share
(over $103 million in the aggregate) – our highest ever since
our initial public offering (IPO) — reflecting our continued
commitment to returning value while maintaining a bal-
anced approach to growth.
Additionally, we successfully executed a $525 million public
bond offering of 6.150% senior notes due 2034. The strong
demand for this offering, which was initially more than four
times oversubscribed, reflects the market’s confidence in our
portfolio, our capital allocation and our long-term growth
potential. This transaction further strengthened our balance
sheet and enabled us to pay off existing debt.
A YEAR OF RECORD PERFORMANCE
THE STRENGTH OF
OUR DIVERSIFIED PORTFOLIO
DEAR FELLOW
STOCKHOLDERS
We are pleased to report that 2024 was another record
year for American Assets Trust, Inc. Despite an evolving
economic landscape and continued shifts in real estate
markets, our diversified asset strategy, strong balance
sheet and steadfast commitment to operational excellence
have once again delivered exceptional results. As we look
ahead to 2025, we anticipate a transitional period as we
position our portfolio for long-term, sustainable growth in
a changing environment, which we elaborate on below.
TORREY POINT
AAT CORPORATE HQ
San Diego, CA
2 | AMERICAN ASSETS TRUST, INC.
favorable demographics in the San Diego market. This is further
supported by the region’s low unemployment rates, steady income
growth, renowned universities and beautiful beaches, which continue
to attract new residents from around the globe.
In Portland, while there has been some supply shock that is still being
absorbed, we expect new completions to slow in 2025, setting the
stage for rent growth later in 2025 or 2026.
We remain focused on delivering lifestyle-enhancing improvements
across our multifamily portfolio such as upscale fitness centers, inviting
community gathering spaces, modernized interiors, native landscap-
ing and safety and security elements, to support strong rents, drive
long-term value and ensure high tenant retention rates.
RETAIL
Our well-located, high-traffic retail centers are in the heart of some of
the nation’s most affluent, densely populated communities. Retail leas-
ing spreads increased, foot traffic remained strong and tenant sales
grew, proving the continued value of in-person shopping experiences.
Our centers’ strategic high-barrier-to-entry positioning, combined with
a diverse tenant mix of best-in-class retailers, enables us to capitalize on
evolving consumer trends and enhance our properties’ values.
OFFICE
Despite ongoing macroeconomic concerns regarding office utiliza-
tion, our high-quality office properties in prime locations have con-
tinued to attract leading tenants. Leasing activity remained relatively
steady and office utilization rates in our markets have trended higher
than national averages due to demand for our well-amenitized spaces
in some of the country’s most desirable locations.
We have invested substantial capital into several office properties,
including La Jolla Commons – Tower III, One Beach Street, Timber
Ridge (formerly known as Corporate Campus East III) and 14Acres
(formerly known as Eastgate Office Park). Upon stabilization, these in-
vestments are expected to increase our FFO significantly over the next
one to two years. We believe these properties represent long-term
value drivers that will enhance our earnings profile and improve our
balance sheet metrics as occupancy levels increase.
Our ability to secure enduring tenant relationships has further bol-
stered our office segment’s resilience. With a focus on flexible leasing
structures, state-of-the-art amenities and exemplary customer service,
our office properties continue to attract high caliber companies, even
during times of economic uncertainty.
Understanding the value of in-office work to better collaborate, inno-
vate and connect, many of our tenants have instituted return-to-office
mandates. This has contributed to a gradual yet steady improvement
in office utilization across our portfolio.
MIXED-USE
Our mixed-use property in Waikiki, located on the island of Oahu,
Hawaii, is representative of our diversified approach, blending hospi-
tality and retail components to maximize property utilization. The re-
surgence in travel and hospitality in 2024 was evident in our Embassy
Suites hotel in Waikiki, where RevPAR exceeded pre-pandemic levels.
THE LANDMARK @ ONE MARKET
San Francisco, CA
ALAMO QUARRY MARKET
San Antonio, TX
2024 ANNUAL REPORT | 3
ERNEST RADY
Executive Chairman
ADAM WYLL
President and
Chief Executive Officer
JERRY GAMMIERI
Senior Vice President
of Construction and
Development
CHRIS SULLIVAN
Senior Vice President
of Retail Properties
EMILY MANDIC
Vice President,
Regional Manager,
Portland and Bellevue
STEVE CENTER
Senior Vice President
of Office Properties
ABIGAIL REX
Vice President of
Multifamily, San Diego
ROBERT F. BARTON
Executive Vice President
and Chief Financial Officer
The performance graph above compares the annualized stockholder return of our shares of common
stock since our initial public offering on January 13, 2011 through December 31, 2024 with the returns of
the same period for the MSCI US REIT Index and FTSE NAREIT Index. Returns reflect the reinvestment
of dividends. Past performance is not an indication or guarantee of future results.
TOTAL SHAREHOLDER RETURNS
FTSE // 8.2%
RMZ // 8.2%
AAT // 5.3%
While we celebrate our success in 2024, we recognize that 2025
will be a period of strategic recalibration. Macroeconomic condi-
tions — including fluctuating interest rates, inflationary pressures,
regulatory changes promulgated by the new administration and
evolving tenant needs — present both challenges and opportu-
nities. As a result, we are proactively positioning our portfolio for
long-term growth by focusing on the following:
Enhancing Asset Value:
We are continuously reinvesting in our properties, ensuring they
remain best-in-class. We expect our investments in smart technol-
ogy, modern amenities and sustainability to continue to support
tenant satisfaction and lease renewals, while attracting new ten-
ants across our portfolio.
Asset Recycling & Strategic Acquisitions:
In the first quarter of 2025, we successfully completed the sale of Del
Monte Center in Monterey, California for approximately $123.5 mil-
lion. This was a strategic decision that will allow us to focus on markets
where we can achieve greater economies of scale and operational
efficiencies while aligning with our long-term growth objectives.
Shortly after this sale, we acquired Genesee Park, a 192-unit apart-
ment community located in San Diego, California. Genesee Park
was approximately 93% leased at closing with rental rates that we
believe are significantly below prevailing market levels for the sub-
market. This acquisition presents a compelling opportunity to en-
hance the property’s value through thoughtful management and
development initiatives and underscores our focus on long-term
shareholder value.
Resilient Balance Sheet & Prudent Financial Strategy:
Our strong liquidity position and conservative debt management
ensure that we are well-prepared to face economic challenges while
capitalizing on new opportunities as they arise. Our public bond of-
fering both enhanced our liquidity and allowed us to address our
debt maturities until 2027, increasing our financial flexibility.
POSITIONING FOR
2025 AND BEYOND
At the beginning of 2025, we embarked on a leadership
transition. Ernest Rady has transitioned to the role of
Executive Chairman and Adam Wyll has stepped into the
position of President and Chief Executive Officer. This
transition represents a natural evolution of our leadership
team, ensuring continuity and stability as we advance
our strategic vision. Ernest’s deep industry experience
and visionary leadership will continue to be critical to
our company while Adam’s operational expertise and
proven execution capabilities will drive us into the next
phase of growth.
LEADERSHIP TRANSITION
LOOKING AHEAD
We remain firmly committed to disciplined decision-mak-
ing that drives the long-term growth of our earnings and
shareholder value. This strategy is supported by our
high-quality, irreplaceable and diverse portfolio, a robust
balance sheet, an exceptional management team, talent-
ed team members and an agile operating platform — all
of which enable us to successfully navigate evolving mar-
ket dynamics. We are confident that this approach will al-
low us to grow earnings sustainably and deliver consistent
outperformance over the long term.
On behalf of everyone at American Assets Trust, we
thank you for your continued trust and investment in our
company. We remain steadfast in our commitment to
creating long-term value and look forward to the exciting
opportunities ahead.
Sincerely,
4 | AMERICAN ASSETS TRUST, INC.
FFO Per Share 2
$1.62
$1.76
$1.85
$1.92
$2.09
$2.20
$1.89
$2.00
‘14
’15
’16
’17
’18
’19
’20
’21
$2.34
’22
$2.40
’23
$2.58
‘24
Rental Income
($ in millions)
$246
$262
$279
$299
$310
$344
$330
$360
‘14
’15
’16
’17
’18
’19
’20
’21
$403
’22
$419
$424
’23
’24
Real Estate Assets 3
(At cost, $ in millions)
$2,137
$2,246
$2,301
$2,614
$2,630
$3,189
$3,247
‘14
’15
’16
’17
’18
’19
’20
’21
$3,529
’22
$3,671
’23
’24
$3,742
$3,626
1 All capitalized terms used on this page, unless specifically defined herein, shall have the same meaning as the capitalized terms used in our Annual Report on Form 10-K.
2 FFO is defined as follows: net income, computed in accordance with GAAP plus depreciation and amortization of real estate assets and excluding extraordinary items, gains and losses on
sale of real estate and impairment losses. Comparison of our presentation of FFO may not be comparable to other REITs. A reconciliation of FFO to net income can be found in our Annual
Report on Form 10-K.
3 As reported in our Annual Report on Form 10-K.
COMPARATIVE METRICS
(As of December 31, 2024)
1
LA JOLLA COMMONS
San Diego, CA
PORTFOLIO SUMMARY
(As of December 31, 2024)*
* NOI is a non-GAAP financial measure of real estate companies operating performance. Please see discussion of calculation and reconciliation in Item 7
“Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Form 10-K. Percentage change of NOI listed above is
on a year-over-year basis.
1 Excludes One Beach Street, located in San Francisco, CA, due to significant redevelopment activity and land held for development.
• 31 office, retail, multifamily and mixed-use properties
• Approximately 7.3 million rentable square feet of office
and retail space (including mixed-use retail space),
2,110 residential units (including 120 RV spaces) and a
369-room hotel
• Land at three of our properties is classified as held for
development and construction in progress
RETAIL
94.5%
5.0%
Leased
Increase in same store cash NOI
MIXED-USE
90.5%
83.6%
Leased, Waikiki Beach Walk—Retail
Average Occupancy,
Waikiki Beach Walk—Embassy Suites
OFFICE
87.1%
1.7%
Leased 1
Decrease in same store cash NOI, excluding
properties held for redevelopment
MULTIFAMILY
91.8%
6.1%
Leased
Increase in same store cash NOI
WAIKIKI BEACH WALK
Honolulu, HI
6 | AMERICAN ASSETS TRUST, INC.
AMERICAN ASSETS TRUST
2024 FORM 10-K
2024 ANNUAL REPORT | 7
*#)())(
(*')(#-#$""(($#
,(#)$#
$'"
##*!'%$')%*'(*#))$()$#$'$)(*')(-#)
$
@CE967:D42=J62C6?565646>36C
@C
)'#()$#'%$')%*'(*#))$()$#$'$)(*')(-#
)$
@CE96EC2?D:E:@?A6C:@57C@>E@
"'#(()()'*()#
I24E#2>6@7'68:DEC2?E2D(A64:7:65:?:ED92CE6C
@>>:DD:@?7:=6?F>36C
"'#(()()'*()! %
I24E#2>6@7'68:DEC2?E2D(A64:7:65:?:ED92CE6C
@>>:DD:@?7:=6?F>36C
"2CJ=2?5 >6C:42?DD6ED)CFDE?4
>6C:42?DD6ED)CFDE?4
"2CJ=2?5 >6C:42?DD6ED)CFDE! %
>6C:42?DD6ED)CFDE! %
(E2E6@C@E96C;FC:D5:4E:@?@7:?4@CA@C2E:@?@C@C82?:K2E:@?
'(>A=@J6C56?E:7:42E:@?#@
2C>6="@F?E2:?'@25(F:E6
(2?:68@2=:7@C?:2
55C6DD@7%C:?4:A2=I64FE:G6$77:46D2?5/:A@56
'68:DEC2?EMD)6=6A9@?6#F>36C?4=F5:?8C62@56
(64FC:E:6DC68:DE6C65AFCDF2?EE@(64E:@?
3@7E964E
'68:DEC2?E
):E=6@7249=2DD
)C25:?8(J>3@=
#2>6$7249I492?86$?,9:49
'68:DE6C65
A9F=75BGG9HG-FIGH
"B7
CAACB,HC7?
D5FJ5@I9
D9FG<5F9
-
'9K2CF?,HC7?L7<5B;9
A9F=75BGG9HG-FIGH
%)
'CB9
'CB9
'CB9
(64FC:E:6DC68:DE6C65AFCDF2?EE@(64E:@?
8@7E964E
A9F=75BGG9HG-FIGH
"B7
'CB9
A9F=75BGG9HG-FIGH
%)
'CB9
"B8=75H96M7<97?A5F?=:H<9+9;=GHF5BH=G5K9@@?BCKBG95GCB98=GGI9F
5G89:=B98=B+I@9C:H<9,97IF=H=9G7H
A9F=75BGG9HG-FIGH
"B7
29G
'C
A9F=75BGG9HG-FIGH
%)
29G
'C
"B8=75H96M7<97?A5F?=:H<9+9;=GHF5BH=GBCHF9EI=F98HC:=@9F9DCFHGDIFGI5BHHC,97H=CBCF,97H=CB8C:H<97H
A9F=75BGG9HG-FIGH
"B7
29G
'C
A9F=75BGG9HG-FIGH
%)
29G
'C
"B8=75H96M7<97?A5F?K<9H<9FH<9+9;=GHF5BH<5G:=@985@@F9DCFHGF9EI=F98HC69:=@986M,97H=CBCF8C:H<9
,97IF=H=9GL7<5B;97HC:8IF=B;H<9DF9798=B;ACBH97HHCGI7<:=@=B;F9EI=F9A9BHG:CFH<9D5GH
85MG
A9F=75BGG9HG-FIGH
"B7
29G
'C
A9F=75BGG9HG-FIGH
%)
29G
'C
"B8=75H96M7<97?A5F?K<9H<9FH<9+9;=GHF5BH<5GGI6A=HH989@97HFCB=75@@M5B8DCGH98CB=HG7CFDCF5H9096G=H9
=:5BM
9J9FM"BH9F57H=J95H5=@9F9EI=F98HC69GI6A=HH985B8DCGH98DIFGI5BHHC+I@9C:+9;I@5H=CB,-8IF=B;H<9DF9798=B;
ACBH6C:42?DD6ED)CFDE?4
%5F;9779@9F5H98=@9F
779@9F5H98=@9F
'CB779@9F5H98=@9F
,A5@@9FF9DCFH=B;7CAD5BM
A9F;=B; FCKH<CAD5BM
":5B9A9F;=B;;FCKH<7CAD5BM
=B8=75H96M7<97?A5F?=:H<9F9;=GHF5BH<5G9@97H98BCHHCIG9H<99LH9B898HF5BG=H=CB
D9F=C8:CF7CAD@M=B;K=H<5BMB9KCFF9J=G98:=B5B7=5@577CIBH=B;GH5B85F8GDFCJ=898DIFGI5BHHC,97H=CB5C:H<9
L7<5B;97H
>6C:42?DD6ED)CFDE! %
%5F;9779@9F5H98=@9F
779@9F5H98=@9F
'CB779@9F5H98=@9F
,A5@@9FF9DCFH=B;7CAD5BM
A9F;=B; FCKH<CAD5BM
":5B9A9F;=B;;FCKH<7CAD5BM
=B8=75H96M7<97?A5F?=:H<9F9;=GHF5BH<5G9@97H98BCHHCIG9H<99LH9B898HF5BG=H=CB
D9F=C8:CF7CAD@M=B;K=H<5BMB9KCFF9J=G98:=B5B7=5@577CIBH=B;GH5B85F8GDFCJ=898DIFGI5BHHC,97H=CB5C:H<9
L7<5B;97H
"B8=75H96M7<97?A5F?K<9H<9FH<9F9;=GHF5BH<5G:=@985F9DCFHCB5B85HH9GH5H=CBHC=HGA5B5;9A9BHWG5GG9GGA9BHC:H<9
9::97H=J9B9GGC:=HG=BH9FB5@7CBHFC@CJ9F:=B5B7=5@F9DCFH=B;IB89F,97H=CB6C:H<9,5F65B9G(L@9M7H.,
66MH<9F9;=GH9F98DI6@=7577CIBH=B;:=FAH<5HDF9D5F98CF=GGI98=HG5I8=HF9DCFH
":G97IF=H=9G5F9F9;=GH9F98DIFGI5BHHC,97H=CB6C:H<97H
=B8=75H96M7<97?A5F?K<9H<9FH<9:=B5B7=5@GH5H9A9BHGC:
H<9F9;=GHF5BH=B7@I898=BH<9:=@=B;F9:@97HH<97CFF97H=CBC:5B9FFCFHCDF9J=CIG@M=GGI98:=B5B7=5@GH5H9A9BHG
"B8=75H96M7<97?A5F?K<9H<9F5BMC:HCFHF5BG57H=CBG
=B7@I8=B;57EI=G=H=CBG
8=GDCG=H=CBG5B8F9:=B5B7=B;G
5B875B75IG97<5B;9G=B=HG@=B9C:6IG=B9GG
75D=H5@GHFI7HIF95B88=GHF=6IH=CBDC@=7=9G
-<97CAD5BM69@=9J9GH<5H7CA6=B=B;H<95BBI5@F9DCFHGCBCFA$C:A9F=75BGG9HG-FIGH
"B75B8H<9(D9F5H=B;
)5FHB9FG<=D=BHC5G=B;@9F9DCFHK=@@F9GI@H=BH<9:C@@CK=B;69B9:=HG
P
69HH9FF9:@97HG6?ED
#)1%/)78%8)1)287-28,-76)43688,%8%6)*36;%6(033/-2+78%8)1)287;-8,-28,)1)%2-2+3*8,)6-:%8))'96-8-)7-8-+%8-32
)*361'83*7)8*368,-2)'8-32
3*8,))'96-8-)7'83*
%7%1)2()(368,))'96-8-)7'8%2()'8-32 3*
8,))'96-8-)7<',%2+)'83*
%7%1)2()(368,)<',%2+)'824%68-'90%678%8)1)2874)68%-2-2+83396'%4-8%0
6)7396')74368*30-34)6*361%2')%2(6)790873*34)6%8-327'328%-2*36;%6(033/-2+78%8)1)287-/);-7)39678%8)1)287
6)+%6(-2+%28-'-4%8)(+63;8,-2396*92(7*63134)6%8-327%2(%28-'-4%8)(1%6/)8'32(-8-327()13+6%4,-'7%2(6)790873*
34)6%8-327%6)*36;%6(033/-2+78%8)1)287$39'%2-()28-*=*36;%6(033/-2+78%8)1)287&=8,)97)3**36;%6(033/-2+
8)61-2303+=79',%7@&)0-):)7A@)<4)'87A@1%=A@;-00A@7,390(A@7))/7A@%4463<-1%8)0=A@-28)2(7A@40%27A
@)78-1%8)7A36@%28-'-4%8)7A368,)2)+%8-:)3*8,)7);36(7%2(4,6%7)7367-1-0%6;36(7364,6%7)7;,-',%6)46)(-'8-3273*
36-2(-'%8)*9896)):)2873686)2(7%2(;,-',(32386)0%8)730)0=83,-7836-'%01%88)67$39'%2%073-()28-*=*36;%6(033/-2+
78%8)1)287&=(-7'977-3273*786%8)+=40%2736-28)28-327
36;%6(033/-2+78%8)1)287-2:30:)291)63976-7/7%2(92')68%-28-)7%2(=397,390(2386)0=328,)1%746)(-'8-3273**9896)
):)28736;%6(033/-2+78%8)1)287()4)2(32%779148-327(%8%361)8,3(7;,-',1%=&)-2'366)'836-146)'-7)%2(;)1%=
238&)%&0)836)%0->)8,)1#)(3238+9%6%28))8,%88,)86%27%'8-327%2():)287()7'6-&)(;-00,%44)2%7()7'6-&)(368,%8
8,)=;-00,%44)2%8%00 ,)*3003;-2+*%'8367%132+38,)67'390('%97)%'89%06)79087%2(*9896)):)28783(-**)61%8)6-%00=
*6318,37)7)8*368,36'328)140%8)(-28,)*36;%6(033/-2+78%8)1)287
?
%(:)67))'3231-'366)%0)78%8)():)0341)287-23961%6/)87
?
()*%908732)%60=8)61-2%8-3273*362326)2);%03*0)%7)7&=8)2%287-2'09(-2+7-+2-*-'%288)2%287
?
()'6)%7)(6)28%06%8)736-2'6)%7)(:%'%2'=6%8)7
?
396*%-096)83+)2)6%8)79**-'-)28'%7,*03;7837)6:-')39639878%2(-2+-2()&8)(2)77
?
*09'89%8-327-2-28)6)786%8)7%2(-2'6)%7)(34)6%8-2+'3787
?
396*%-096)833&8%-22)')77%6=3987-()*-2%2'-2+
?
396-2%&-0-8=83():)034366)():)0343964634)68-)7(9)831%6/)8'32(-8-327
?
2:)781)286)89627*631396():)034)(4634)68-)71%=&)0)778,%2%28-'-4%8)(
?
+)2)6%0)'3231-''32(-8-327
?
*-2%2'-%01%6/)8*09'89%8-327
?
6-7/78,%8%**)'88,)+)2)6%03**-')6)8%-01908-*%1-0=%2(1-<)(97))2:-6321)28
?
8,)'314)8-8-:))2:-6321)28-2;,-',;)34)6%8)
?
7=78)1*%-096)7367)'96-8=-2'-()2878,639+,'=&)6%88%'/7
?
8,)-14%'83*)4-()1-'74%2()1-'73638,)6398&6)%/73*-002)77(-7)%7)36:-697%2(8,)%'8-3278%/)2&=
+3:)621)28%98,36-8-)7%2(38,)676)0%8)(8,)6)83-2'09(-2+8,)%&-0-8=3*396'314%2=3964634)68-)7%2(
3968)2%2878334)6%8)
?
(-**-'908-)7-2-()28-*=-2+4634)68-)783%'59-6)%2('3140)8-2+%'59-7-8-327
?
396*%-096)8379'')77*900=34)6%8)%'59-6)(4634)68-)7%2(34)6%8-327
?
6-7/76)0%8)(83.3-28:)2896)%66%2+)1)287
?
438)28-%00-8-+%8-32
?
(-**-'908-)7-2'3140)8-2+(-7437-8-327
?
'32*0-'873*-28)6)787;-8,3963**-')6736(-6)'8367
?
0%'/36-279**-'-)28%1392873*-2796%2')
?
)2:-6321)28%092')68%-28-)7%2(6-7/76)0%8)(83%(:)67);)%8,)6'32(-8-327%2(2%896%0(-7%78)67
?
38,)6*%'8367%**)'8-2+8,)6)%0)78%8)-2(9786=+)2)6%00=
?
0-1-8%8-327-1437)(32396&97-2)77%2(396%&-0-8=837%8-7*='3140)<690)7-236()6*361)6-'%277)87
69782'83'328-29)8359%0-*=%7%6)%0)78%8)-2:)781)288697836 *36!*)()6%0-2'31)8%<
496437)7%2(
?
',%2+)7-2+3:)621)28%06)+90%8-32736-28)646)8%8-3278,)6)3*79',%76)%0)78%8)%2(>32-2+0%;7%2(
-2'6)%7)7-26)%04634)68=8%<6%8)7%2(8%<%8-323* 7
#,-0)*36;%6(033/-2+78%8)1)2876)*0)'8396+33(*%-8,&)0-)*78,)=%6)238+9%6%28))73**9896)4)6*361%2')#)(-7'0%-1
%2=3&0-+%8-328349&0-'0=94(%8)366):-7)%2=*36;%6(033/-2+78%8)1)28836)*0)'8',%2+)7-292()60=-2+%779148-32736
*%'8367362);-2*361%8-32(%8%361)8,3(7*9896)):)2873638,)6',%2+)736%*968,)6(-7'977-323*8,)7)%2(38,)6*%'8367
8,%8'390(-14%'8396*9896)6)790874)6*361%2')3686%27%'8-3277))8,)7)'8-32)28-80)(@8)1-7/%'8367A
(F>>2CJ@7':D<24E@CD
2-2:)781)28-23967)'96-8-)7-779&.)'883291)63976-7/7%2(92')68%-28-)7-2'09(-2+8,37),-+,0-+,8)(-28,)7)'8-32)28-80)(
8)1-7/%'8367 ,)*3003;-2+-7%7911%6=3*731)3*8,)46-2'-4%06-7/76)0%8)(83%2-2:)781)28-2396'314%2=
P
(IFDCFH:C@=CC:DFCD9FH=9G=G89D9B89BHIDCBF9;=CB5@5B8@C75@97CBCA=77CB8=H=CBG5B8=G;9C;F5D<=75@@M
7CB79BHF5H98=B5@=:CFB=5
05G<=B;HCB
(F9;CB
-9L5G5B8!5K5==
K<=7<A5M75IG9IGHC69ACF9
GIG79DH=6@9HC58J9FG989J9@CDA9BHG=BHCFH9B5BHGHC5HHF57HG97HHCACFH;5;9896H
P
(IFH<=F85A9B8985B8F9GH5H987F98=H:57=@=HM
BCH9DIF7<5G95;F99A9BHG5B85A9B8985B8F9GH5H98H9FA@C5B
5;F99A9BHF9GHF=7HCIF56=@=HMHC9B;5;9=BGCA96IG=B9GG57H=J=H=9G
=B7@I8=B;CIF56=@=HMHC=B7IF588=H=CB5@
=B896H98B9GG
A5?975D=H5@9LD9B8=HIF9G5B8A5?979FH5=B=BJ9GHA9BHG
K<=7<7CI@858J9FG9@M5::97HCIF
:=B5B7=5@7CB8=H=CB
F9GI@HGC:CD9F5H=CBG
75G<:@CK5B8D9FG<5F9HF58=B;DF=79C:CIF7CAACBGHC7?
P
095F9GI6>97HHCF=G?GH<5H5::97HH<9;9B9F5@F9H5=@9BJ=FCBA9BH
GI7<5GK95?B9GG=BH<997CBCAM
H<9@9J9@
C:7CBGIA9FGD9B8=B;
H<958J9FG9:=B5B7=5@7CB8=H=CBC:@5F;9F9H5=@=B;7CAD5B=9G5B87CAD9H=H=CB:FCA
8=G7CIBH5B8=BH9FB9HF9H5=@9FG
5BMC:K<=7<7CI@858J9FG9@M5::97HA5F?9HF9BHG:CFF9H5=@GD5795B8H<9
K=@@=B;B9GGCF56=@=HMC:F9H5=@9FGHC@95G9GD579=BCIFG97HHCH<96IG=B9GG
:=B5B7=5@5B8CD9F5H=B;F=G?G=B<9F9BHHCH<997HHCF=G?GD5FH=7I@5FHC89J9@CDA9BH
GI7<5GIB5BH=7=D5H98
9LD9BG9G
89@5MG5B8CH<9F7CBH=B;9B7=9G
5BMC:K<=7<7CI@858J9FG9@M5::97HCIF:=B5B7=5@7CB8=H=CB
F9GI@HG
C:CD9F5H=CBG
75G<:@CK5B8H<9D9FG<5F9HF58=B;DF=79C:CIF7CAACBGHC7?
P
(IFGI779GG89D9B8GCB?9MD9FGCBB9@K97HHCF=G?G5GGC7=5H98K=H<F95@9GH5H95GG9HG5B8H<9F95@9GH5H9=B8IGHFM
=B7@I8=B;@C75@CJ9FGIDD@M
F98I7H=CB=B89A5B8CF58J9FG97<5B;9G=B:=B5B7=5@7CB8=H=CBGC:6IM9FG
G9@@9FG
5B8H9B5BHGC:DFCD9FH=9G
K<=7<7CI@8897F95G9F9J9BI9GCF=B7F95G97CGHG
K<=7<KCI@858J9FG9@M5::97HCIF
:=B5B7=5@7CB8=H=CB
F9GI@HGC:CD9F5H=CBG
75G<:@CK5B8H<9D9FG<5F9HF58=B;DF=79C:CIF7CAACBGHC7?
P
(IFDFCD9FHMH5L9G7CI@8=B7F95G98I9HCDFCD9FHMH5LF5H97<5B;9GCFF95GG9GGA9BH
K<=7<KCI@858J9FG9@M
=AD57HCIF75G<:@CKG
P
G5BCKB9FC:F95@9GH5H9
K97CI@8=B7IFG=;B=:=75BH7CGHG5B8@=56=@=H=9GF9@5H98HC9BJ=FCBA9BH5@A5HH9FG
P
5=@IF9HCA5=BH5=BCIFEI5@=:=75H=CB5G5+"-KCI@8<5J9G=;B=:=75BH58J9FG97CBG9EI9B79GHCIG5B8H<9
J5@I9C:CIF7CAACBGHC7?
P
-CA5=BH5=BCIF+"-GH5HIG
K9A5M69:CF798HC6CFFCK:IB8G8IF=B;IB:5JCF56@9A5F?9H7CB8=H=CBG
5B8
H<9IB5J5=@56=@=HMC:GI7<75D=H5@CB:5JCF56@9H9FAG5HH<989G=F98H=A9G
CF5H5@@
A5M75IG9IGHC7IFH5=@CIF
=BJ9GHA9BH57H=J=H=9G5B8
CFHC8=GDCG9C:5GG9HG5H=BCDDCFHIB9H=A9G
K<=7<7CI@858J9FG9@M5::97HCIF
:=B5B7=5@7CB8=H=CB
F9GI@HGC:CD9F5H=CBG
75G<:@CK5B8D9FG<5F9HF58=B;DF=79C:CIF7CAACBGHC7?
%')
)"
*(#((
6?6C2=
.B@9GGCH<9FK=G9=B8=75H98CFIB@9GGH<97CBH9LHF9EI=F9GCH<9FK=G9
F9:9F9B79GHCUK9
VUCIF
VUIGV5B8UCIF7CAD5BMV
F9:9FHCA9F=75BGG9HG-FIGH
"B7
5&5FM@5B87CFDCF5H=CB
HC;9H<9FK=H<CIF7CBGC@=85H98GI6G=8=5F=9G
=B7@I8=B;A9F=75B
GG9HG-FIGH
%)
5&5FM@5B8@=A=H98D5FHB9FG<=D
C:K<=7<K95F9H<9GC@9;9B9F5@D5FHB9F5B8K<=7<K9F9:9FHC=BH<=GF9DCFH
5GCIF(D9F5H=B;)5FHB9FG<=D"BGH5H9A9BHGF9;5F8=B;EI5@=:=75H=CB5G5+"-
GI7<H9FAGF9:9FGC@9@MHCA9F=75BGG9HG-FIGH
"B7
095F95:I@@G9FJ=79
J9FH=75@@M=BH9;F5H985B8G9@:58A=B=GH9F98F95@9GH5H9=BJ9GHA9BHHFIGH
CF+"-
H<5HCKBG
CD9F5H9G
57EI=F9G5B889J9@CDG<=;<EI5@=HMC::=79
F9H5=@
AI@H=:5A=@M5B8A=L98IG9DFCD9FH=9G=B5HHF57H=J9
<=;<65FF=9FHC9BHFM
A5F?9HG=B,CIH<9FB5@=:CFB=5
'CFH<9FB5@=:CFB=5
05G<=B;HCB
(F9;CB
-9L5G5B8!5K5==GC:979A69F
CIF
DCFH:C@=C=G7CADF=G98C:HK9@J9C::=79DFCD9FH=9GHK9@J9F9H5=@GA6E:E:G6(EC6?8E9D
0969@=9J9H<9:C@@CK=B;7CAD9H=H=J9GHF9B;H97H=J9G5F9HC=B7F95G9CD9F5H=B;75G<:@CKG
;9B9F5H9@CB;H9FA;FCKH<5B8A5L=A=N9
GHC7?97H=J9G
P
%4-8%0->-2+32
'59-7-8-324436892-8-)7-2-+,%66-)683286=%6/)8709=BH9B8HCDIFGI9;FCKH<
HIGH98F9HIFBG
P
-7'-40-2)(%4-8%0)'='0-2+86%8)+=(IFGHF5H9;M=GHCDIFGI95B9::=7=9BH5GG9H5@@C75H=CBGHF5H9;MH<5H
A5L=A=N9GH<9J5@I9C:CIF=BJ9GHA9BHG6MG9@97H=J9@M8=GDCG=B;C:DFCD9FH=9GK2?2A:E2=
H979A69F
K9<589AD@CM99G'CB9C:CIF9AD@CM99G5F9F9DF9G9BH986M57C@@97H=J965F;5=B=B;IB=H
0969@=9J9H<5HCIFF9@5H=CBG<=DK=H<CIF9AD@CM99G=G;CC80969@=9J9CIF7CAA=HA9BHHCCIF97HHC@=A=H5H=CBG=BJC@J=B;@5F;9
898I7H=6@9GCF7CD5MA9BHG5B8DC@=7M@=A=HGH<5HA5MBCH69GI::=7=9BHHC7CJ9F@CGG9G:CFGI7<9J9BHG"B588=H=CB
5@@CIF
DFCD9FH=9G9L79DHCIFDFCD9FHM@C75H98=B,5BBHCB=C
-9L5G5F9GI6>97HHC5B=B7F95G98F=G?C:95FHI8;A9BH
H<9J5@I9
C:H<97CJ9F5;98=G7CIBH98:CFH<9F=G?C:@CGG@GC
=:89GHFCM98
K9A5MBCH6956@9HCF96I=@879FH5=BC:CIFDFCD9FH=9G8I9HC
7IFF9BHNCB=B;5B8@5B8IG9F9;I@5H=CBGG5F9GI@H
K9A5M69F9EI=F98HC=B7IFG=;B=:=75BH7CGHG=BH<99J9BHC:58J9FG9
K95H<9F7CB8=H=CBG5B8B5HIF5@8=G5GH9FG"B588=H=CB
CIFH=H@9=BGIF5B79DC@=7=9GA5MBCH=BGIF9:CFH<97IFF9BH5;;F9;5H9A5F?9H
J5@I9C:CIFDCFH:C@=C
5B8K98CBCH=BH9B8HC=B7F95G9CIFH=H@9=BGIF5B797CJ9F5;9=:H<9A5F?9HJ5@I9C:CIFDCFH:C@=C
=B7F95G9G":K9CFCB9CFACF9C:CIFH9B5BHG9LD9F=9B79G5@CGGH<5H=GIB=BGIF98CFH<5H9L7998G5DD@=756@9DC@=7M@=A=HG
K9
7CI@8@CG9H<975D=H5@=BJ9GH98=BH<985A5;98DFCD9FH=9G5GK9@@5GH<95BH=7=D5H98:IHIF975G<:@CKG:FCAH97HHCF97CIFG9=B896H98B9GG
K9KCI@87CBH=BI9HC69@=56@9:CFH<9=B896H98B9GG
9J9B=:H<9G9DFCD9FH=9GK9F9=FF9D5F56@M85A5;98IFH<9FACF9
K9A5MBCH6956@9HCC6H5=B589EI5H9=BGIF5B797CJ9F5;95H
F95GCB56@97CGHG=BH<9:IHIF9=:H<97CGHG5GGC7=5H98K=H<DFCD9FHM5B875GI5@HMF9B9K5@G697CA9<=;<9FH<5B5BH=7=D5H98CF
=BGIF5B7975FF=9FGBC@CB;9FC::9F79FH5=B7CJ9F5;9
'68F=2E:@?
(IFDFCD9FH=9G5F9GI6>97HHCJ5F=CIG7CJ9B5BHG
@5KG
CF8=B5B79G5B8F9;I@5H=CBG
=B7@I8=B;@5KGGI7<5GH<9A9F=75BG
K=H<=G56=@=H=9G7HC:
CFH<9
5B8H<95=F!CIG=B;A9B8A9BH7HC:
CFH<9!
H<5H=ADCG9:IFH<9F
F9GHF=7H=CBGCBCIFDFCD9FH=9G5B8CD9F5H=CBG.B89FH<95B8H<9!
5@@DI6@=7577CAAC85H=CBGAIGHA99H:989F5@
F9EI=F9A9BHGF9@5H98HC5779GG5B8IG96M8=G56@98D9FGCBG,CA9C:CIFDFCD9FH=9GA5M7IFF9BH@M69=BBCB7CAD@=5B79K=H<
H<9CFH<9!":CB9CFACF9C:H<9DFCD9FH=9G=BCIFDCFH:C@=C=GBCH=B7CAD@=5B79K=H<H<9
H<9!CF5BM
CH<9FF9;I@5HCFMF9EI=F9A9BHG
K9A5M69F9EI=F98HC=B7IF588=H=CB5@7CGHGHC6F=B;H<9DFCD9FHM=BHC7CAD@=5B795B8K9A=;C=BH5B8G9J9F5@-<9G9@=56=@=H=9G7CI@869GI6GH5BH=5@5B8H<97CGHC:5BMF9EI=F98F9A98=5H=CB
F9ACJ5@
:=B9GCFCH<9F7CGHG
7CI@89L7998H<9J5@I9C:H<9DFCD9FHM5B8
CFCIF5;;F9;5H95GG9HG"B588=H=CB
H<9DF9G9B79C:7CBH5A=B5H=CBCFH<9:5=@IF9HC
F9A98=5H97CBH5A=B5H=CB5HCIFDFCD9FH=9GA5M9LDCG9IGHCH<=F8D5FHM@=56=@=HM:CF7CGHGC:F9A98=5H=CB5B8
CFD9FGCB5@CF
DFCD9FHM85A5;9CFA5H9F=5@@M58J9FG9@M5::97HCIF56=@=HMHCG9@@
@95G9CF89J9@CDCIFDFCD9FH=9GCFIG9CIFDFCD9FH=9G5G
7C@@5H9F5@:CF:IHIF96CFFCK=B;G"B588=H=CB
9BJ=FCBA9BH5@@5KGA5M7F95H9@=9BGCB7CBH5A=B5H98G=H9G=B:5JCFC:H<9
;CJ9FBA9BH:CF85A5;9G5B87CGHG=H=B7IFGHC588F9GGGI7<7CBH5A=B5H=CB&CF9CJ9F
=:7CBH5A=B5H=CB=G8=G7CJ9F98CBCIF
DFCD9FH=9G
9BJ=FCBA9BH5@@5KGA5M=ADCG9F9GHF=7H=CBGCBH<9A5BB9F=BK<=7<DFCD9FHMA5M69IG98CF6IG=B9GG9GA5M69
CD9F5H98
5B8H<9G9F9GHF=7H=CBGA5MF9EI=F9GI6GH5BH=5@9LD9B8=HIF9G
,CA9C:CIFDFCD9FH=9G<5J9699BCFA5M69=AD57H986M7CBH5A=B5H=CB5F=G=B;:FCA7IFF9BHCFDF=CFIG9GC:H<9DFCD9FHM
CF58>579BHDFCD9FH=9G
:CF7CAA9F7=5@CF=B8IGHF=5@DIFDCG9G,I7<7CBH5A=B5H=CBA5M5F=G9:FCAGD=@@GC:D9HFC@9IACF
<5N5F8CIGGI6GH5B79GCFF9@95G9G:FCAH5B?GIG98HCGHCF9GI7<A5H9F=5@GCF9L5AD@9
9@&CBH99BH9F=G7IFF9BH@M
IB89F;C=B;F9A98=5H=CBC:8FM7@95B=B;GC@J9BH7CBH5A=B5H=CB:FCA5:CFA9FCBG=H98FM7@95B9F-<99BJ=FCBA9BH5@=GGI9=G
7IFF9BH@M=BH<9:=B5@GH5;9GC:F9A98=5H=CBK<=7<9BH5=@GH<9@CB;H9FA;FCIB8ACB=HCF=B;6MH<95DDFCDF=5H9F9;I@5HCFM5;9B7M
CJ9FH<9B9LH:=J9HCG9J9BM95FG-<9DF=CFCKB9FC:9@&CBH99BH9F9BH9F98=BHC5:=L98:999BJ=FCBA9BH5@G9FJ=79G
5;F99A9BH=BDIFGI5BHHCK<=7<H<9F9A98=5H=CBK=@@697CAD@9H98:CF5DDFCL=A5H9@MA=@@=CB
K=H<H<9F9A98=5H=CB
7CGHGD5=8:CFH97HHCF9;I@5H=CB,I7<9BJ=FCBA9BH5@5B8<95@H<5B8G5:9HM@5KG5B8F9;I@5H=CBG7CI@8GI6>97HIGCFCIFH9B5BHGHC@=56=@=HM
F9GI@H=B;:FCAH<9G957H=J=H=9GCF588=H=CB5@=B:CFA5H=CB
G99H<9G97H=CBH=H@98U+=G?57HCFGS+=G?G+9@5H98HCH<9+95@GH5H9
"B8IGHFMSG5BCKB9FC:F95@9GH5H9
K97CI@8=B7IFG=;B=:=75BH7CGHG5B8@=56=@=H=9GF9@5H98HC9BJ=FCBA9BH5@A5HH9FGV
@>A6E:E:@?
097CAD9H9K=H<5BIA69FC:89J9@CD9FG
CKB9FG5B8CD9F5HCFGC:C::=79
F9H5=@
AI@H=:5A=@M5B8A=L98IG9F95@9GH5H9
A5BMC:K<=7<CKBDFCD9FH=9GG=A=@5FHCCIFG=BH<9G5A9A5F?9HG=BK<=7<CIFDFCD9FH=9G5F9@C75H985B8GCA9C:K<=7<<5J9
;F95H9F:=B5B7=5@F9GCIF79GH<5BK98C"BCD9F5H=B;5B8A5B5;=B;CIFDCFH:C@=C
K97CAD9H9:CFH9B5BHG65G98CB5BIA69FC:
:57HCFG
=B7@I8=B;@C75H=CB
F9BH5@F5H9G
G97IF=HM
:@9L=6=@=HM5B89LD9FH=G9HC89G=;BGD579HCA99HDFCGD97H=J9H9B5BHGB998G5B8
H<9A5BB9F=BK<=7<H<9DFCD9FHM=GCD9F5H98
A5=BH5=B985B8A5F?9H98G@95G9G5HCIFDFCD9FH=9G9LD=F9
K9A5M9B7CIBH9F
G=;B=:=75BH7CAD9H=H=CBHCF9B9KCFF9@9HGD579=B@=;6?ED
09CD9F5H9=B:CIF6IG=B9GGG9;A9BHGC::=79
F9H5=@
AI@H=:5A=@M5B8A=L98IG9"B:CFA5H=CBF9@5H98HCCIF6IG=B9GG
G9;A9BHG:CF
5B8=GG9H:CFH<=B'CH9HCCIF7CBGC@=85H98:=B5B7=5@GH5H9A9BHG=B"H9AC:H<=G+9DCFH
)6?2?ED44@F?E:?87@C@G6C@7'6G6?F6D
'CB9C:CIFH9B5BHG577CIBH98:CFACF9H<5BC:HCH5@F9J9BI9G=B5BMC:H<9M95FG9B898979A69F
CF%)%!C@8=B;G
"B75H%5#C@@5CAACBG577CIBH98:CF5DDFCL=A5H9@M
5B8C:HCH5@C::=79
G9;A9BHF9J9BI9G:CFH<9M95FG9B898979A69F
5B8
F9GD97H=J9@M CC;@9%%5H-<9%5B8A5F?5H(B9
&5F?9H577CIBH98:CF5DDFCL=A5H9@M
5B8C:HCH5@C::=79G9;A9BHF9J9BI9G:CFH<9M95FG9B898
979A69F
5B8
F9GD97H=J9@M
@C6:8?$A6C2E:@?D
098CBCH9B;5;9=B5BM:CF9=;BCD9F5H=CBGCF89F=J95BMF9J9BI9:FCA:CF9=;BGCIF79G
G2:=23=6?7@C>2E:@?
09:=@9CIF5BBI5@F9DCFHCBCFA$
EI5FH9F@MF9DCFHGCBCFA*
7IFF9BHF9DCFHGCBCFA$
5B85@@
5A9B8A9BHGHCH97H
P
K9A5MJ=C@5H9F9GHF=7H=J97CJ9B5BHG=BCIF@C5B8C7IA9BHG
K<=7<KCI@89BH=H@9H<9@9B89FGHC5779@9F5H9CIF
896HC6@=;5H=CBG5B8
P
CIF89:5I@HIB89F5BM@C5BK=H<7FCGG89:5I@HDFCJ=G=CBG7CI@8F9GI@H=B589:5I@HCBCH<9F=B896H98B9GG
":5BMCB9C:H<9G99J9BHGK9F9HCC77IF
CIF:=B5B7=5@7CB8=H=CB
F9GI@HGC:CD9F5H=CBG
75G<:@CK5B8D9FG<5F9HF58=B;
DF=79C:CIF7CAACBGHC7?7CI@86958J9FG9@M5::97H98IFH<9FACF9
:CF97@CGIF9G7CI@87F95H9H5L56@9=B7CA9K=H97H5B8H9FA=B5H9=HG@95G9K=H<IGBM7@5=A5;5=BGHGI7<
H9B5BH:CFIBD5=8
:IHIF9F9BHKCI@869GI6>97HHC5GH5HIHCFM75DH<5HA=;CFH9B5BHG
A5M:5=@HC7CAD@MK=H<H<9=F7CBHF57HI5@C6@=;5H=CBGHCIG
G99?
7CB79GG=CBG=BCF89FHC7CBH=BI9CD9F5H=CBGCF897@5F965B?FIDH7M
5BMC:K<=7<7CI@8F9GI@H=BH<9H9FA=B5H=CBC:GI7<H9B5BHG
@95G9G5B8H<9@CGGC:F9BH5@=B7CA95HHF=6IH56@9HCH<9H9FA=B5H98@95G9G"B588=H=CB
79FH5=BC:CIFH9B5BHGA5M795G9CD9F5H=CBG
K<=@97CBH=BI=B;HCD5MF9BH
K<=7<7CI@8897F95G97IGHCA9FHF5::=7
H<9F96M897F95G=B;G5@9G:CFCIFCH<9FH9B5BHG5HH<9
5DD@=756@9F9H5=@DFCD9FHM"B588=H=CBHCH<9G9DCH9BH=5@9::97HGC:56IG=B9GG8CKBHIFB
A9F;9FGCF7CBGC@=85H=CBG5ACB;@5F;9
F9H5=@9GH56@=GCFH9B5BH7CI@8G=;B=:=75BH@MF98I79CIFC77ID5B7M@9J9@CFH<9F9BHK9
F979=J9:FCACIFF9H5=@DFCD9FH=9G
5B8K9A5MBCH<5J9H<9F=;CFH9B5BHCF5B797HHC7CB8=H=CBGHC7@CG=B;
K<=7<K9A5M69IB56@9HCG5H=G:M5B8
K9A5M69IB56@9HC:=B5B79H<957EI=G=H=CBCB:5JCF56@9H9FAGCF5H5@@
":K95F9IB56@9HC:=B5B79DFCD9FHM57EI=G=H=CBGCF57EI=F9DFCD9FH=9GCB:5JCF56@9H9FAG
CF5H5@@
CIF:=B5B7=5@
7CB8=H=CB
F9GI@HGC:CD9F5H=CBG
75G<:@CK5B8D9FG<5F9HF58=B;DF=79C:CIF7CAACBGHC7?7CI@86958J9FG9@M5::97H98"B
588=H=CB
:5=@IF9HC=89BH=:MCF7CAD@9H957EI=G=H=CBGC:GI=H56@9DFCD9FH=9G7CI@8G@CKCIF;FCKH<
#)*%')7-+2-*-'%28'314)8-8-32*36%'59-7-8-3273*6)%04634)68-)7;,-',1%=6)(9')8,)291&)63*%'59-7-8-32
34436892-8-)7%:%-0%&0)8397%2(-2'6)%7)8,)'37873*8,)7)%'59-7-8-327
-<97IFF9BHA5F?9H:CF57EI=G=H=CBG7CBH=BI9GHC699LHF9A9@M7CAD9H=H=J9-<=G7CAD9H=H=CBA5M=B7F95G9H<989A5B8:CF
H<9HMD9GC:DFCD9FH=9G=BK<=7<K9HMD=75@@M=BJ9GH5B8
H<9F9:CF9
F98I79H<9BIA69FC:GI=H56@957EI=G=H=CBCDDCFHIB=H=9G
5J5=@56@9HCIG5B8=B7F95G9H<9DF=79GD5=8:CFGI7<57EI=G=H=CBDFCD9FH=9G095@GC:579G=;B=:=75BH7CAD9H=H=CB:CF5HHF57H=J9
57EI=G=H=CBCDDCFHIB=H=9G:FCA5B=B89H9FA=B5H9BIA69FC:=BJ9GHCFG
=B7@I8=B;DI6@=7@MHF58985B8DF=J5H9@M<9@8+"-G
DF=J5H99EI=HM=BJ9GHCFG5B8=BGH=HIH=CB5@=BJ9GHA9BH:IB8G
GCA9C:K<=7<<5J9;F95H9F:=B5B7=5@F9GCIF79GH<5BK98C
5;F95H9F
56=@=HMHC6CFFCK:IB8GHC57EI=F9DFCD9FH=9G5B8H<956=@=HMHC5779DHACF9F=G?H<5BK975BDFI89BH@MA5B5;9
=B7@I8=B;F=G?G
K=H<F9GD97HHCH<9;9C;F5D<=7DFCL=A=HMC:=BJ9GHA9BHG5B8H<9D5MA9BHC:<=;<9F57EI=G=H=CBDF=79G-<=G7CAD9H=H=CBK=@@
=B7F95G9=:=BJ9GHA9BHG=BF95@9GH5H9697CA9ACF95HHF57H=J9F9@5H=J9HCCH<9F:CFAGC:=BJ9GHA9BHCAD9H=H=CB:CF=BJ9GHA9BHG
A5MF98I79H<9BIA69FC:GI=H56@9=BJ9GHA9BHCDDCFHIB=H=9G5J5=@56@9HCIG5B8A5M<5J9H<99::97HC:=B7F95G=B;DF=79GD5=8:CF
GI7<57EI=G=H=CBDFCD9FH=9G5B8
CFF98I7=B;H<9F9BHGK975B7<5F;95B8
5G5F9GI@H
58J9FG9@M5::97H=B;CIFCD9F5H=B;F9GI@HG
#)1%=&)92%&0)836)2);0)%7)70)%7):%'%2874%')366)0)874%')%70)%7)7)<4-6)8,)6)&=-2'6)%7-2+36463032+-2+
:%'%2'-)7;,-','390(%(:)67)0=%**)'8396*-2%2'-%0'32(-8-326)790873*34)6%8-327'%7,*03;%2(4)67,%6)86%(-2+46-')
3*396'31132783'/
GC:979A69F
@95G9GF9DF9G9BH=B;C:H<9GEI5F9:CCH5;95B8C:H<95BBI5@=N9865G9F9BHC:H<9
DFCD9FH=9G=BCIFC::=79
F9H5=@5B8F9H5=@DCFH=CBC:CIFA=L98IG9DCFH:C@=CGK=@@9LD=F9=B
5B85B588=H=CB5@C:H<9
GEI5F9:CCH5;9C:H<9DFCD9FH=9G=BCIFC::=79
F9H5=@5B8F9H5=@DCFH=CBC:CIFA=L98IG9DCFH:C@=CGK5G5J5=@56@90975BBCH
5GGIF9MCIH<5H@95G9GK=@@69F9B9K98CFH<5HCIFDFCD9FH=9GK=@@69F9@9H5HF9BH5@F5H9G9EI5@HCCF56CJ9H<97IFF9BH5J9F5;9
F9BH5@F5H9GCFH<5HGI6GH5BH=5@F9BH565H9A9BHG
H9B5BH=ADFCJ9A9BHG
95F@MH9FA=B5H=CBF=;C6@CGG9G5B8IB9AD@CMA9BH@9J9@G
F979GG=CB
D9FGCB5@896H@9J9@G
H<98CKBHIFB=BH<997HHC5BCBF97CIFG9ACFH;5;9@C5BKCI@869HF95H985G5G5@9C:H<9DFCD9FHM:CF5DIF7<5G9DF=799EI5@HC
H<9CIHGH5B8=B;65@5B79C:H<9896HG97IF986MH<9ACFH;5;9":H<9CIHGH5B8=B;65@5B79C:H<9896HG97IF986MH<9ACFH;5;9
9L7998GCIFH5L65G=G=BH<9DFCD9FHM
K9KCI@8F97C;B=N9H5L56@9=B7CA9CB:CF97@CGIF9
6IHKCI@8BCHF979=J95BM75G<
DFC7998G
K<=7<7CI@8<=B89FCIF56=@=HMHCA99HH<9+"-8=GHF=6IH=CBF9EI=F9A9BHG=ADCG986MH<9C89
96*9896)%'59-7-8-3271%=238=-)0(8,)6)89627;))<4)'8%2(;)1%=38,)6;-7)&)92%&0)8334)6%8)8,)7)4634)68-)783
1))8396*-2%2'-%0)<4)'8%8-327;,-','390(%(:)67)0=%**)'8396*-2%2'-%0'32(-8-326)790873*34)6%8-327'%7,*03;%2(
4)67,%6)86%(-2+46-')3*396'31132783'/
(IF:IHIF957EI=G=H=CBG5B8CIF56=@=HMHCGI779GG:I@@MCD9F5H9H<9DFCD9FH=9GK957EI=F9=BGI7<57EI=G=H=CBGA5M69
9LDCG98HCH<9:C@@CK=B;G=;B=:=75BHF=G?G
P
9J9B=:K95F956@9HC57EI=F9589G=F98DFCD9FHM
7CAD9H=H=CB:FCACH<9FDCH9BH=5@57EI=F9FGA5MG=;B=:=75BH@M
=B7F95G9H<9DIF7<5G9DF=79
P
K9A5M57EI=F9DFCD9FH=9GH<5H5F9BCH577F9H=J9HCCIFF9GI@HGIDCB57EI=G=H=CB
5B8K9A5MBCHGI779GG:I@@M
A5B5;95B8@95G9H97HHC@=56=@=H=9G5B8K=H97H98H=A9C:8=GDCG=H=CBC:CIF5GG9HG"B588=H=CB
D5MA9BHGC:DF=B7=D5@5B8=BH9F9GHA589HCG9FJ=79CIF896HGA5M@95J9IGK=H<=BGI::=7=9BH75G<HCD5MH<98=GHF=6IH=CBGH<5HK9
5F9F9EI=F98HCD5MHCA5=BH5=BCIFEI5@=:=75H=CB5G5+"-
%-096)83,)(+))**)'8-:)0=%+%-278-28)6)786%8)',%2+)71%=%(:)67)0=%**)'8396*-2%2'-%0'32(-8-326)790873*34)6%8-327
'%7,*03;%2(4)67,%6)86%(-2+46-')3*396'31132783'/
+I@9G5B8F9;I@5H=CBG5DD@=756@9HC+"-G=ADCG979FH5=BF9GHF=7H=CBGCBCIF56=@=HMHCIH=@=N9<98;9G
GK5DG5B8CH<9F
HMD9GC:89F=J5H=J9GHC<98;9CIF@=56=@=H=9G,I6>97HHCH<9G9F9GHF=7H=CBG
K9A5M9BH9F=BHC<98;=B;HF5BG57H=CBGHCDFCH97HIG
:FCAH<99::97HGC:=BH9F9GHF5H9:@I7HI5H=CBGCB:@C5H=B;F5H9896H(IF<98;=B;HF5BG57H=CBGA5M=B7@I899BH9F=B;=BHC=BH9F9GH
F5H975D5;F99A9BHGCF=BH9F9GHF5H9GK5D5;F99A9BHGG89G7F=698IB89F'CH99F=J5H=J95B8!98;=B;7H=J=H=9G
HCH<9
577CAD5BM=B;7CBGC@=85H98:=B5B7=5@GH5H9A9BHG
K9<5J99BH9F98=BHCG9J9F5@=BH9F9GHF5H9GK5D5;F99A9BHGH<5H5F9=BH9B898HC
F98I79H<9=BH9F9GHF5H9J5F=56=@=HM9LDCGIF9K=H<F9GD97HHC79FH5=BC:CIF=B896H98B9GG-<9G95;F99A9BHG=BJC@J9F=G?G
GI7<5G
H<9F=G?H<5HGI7<5FF5B;9A9BHGKCI@8BCH699::97H=J9=BF98I7=B;CIF9LDCGIF9HC=BH9F9GHF5H97<5B;9GCFH<5H57CIFH7CI@8
FI@9H<5HGI7<5B5;F99A9BH=GBCH@9;5@@M9B:CF7956@9"B588=H=CB
=BH9F9GHF5H9<98;=B;75B699LD9BG=J9
D5FH=7I@5F@M8IF=B;
D9F=C8GC:F=G=B;5B8JC@5H=@9=BH9F9GHF5H9G!98;=B;7CI@8F98I79H<9CJ9F5@@F9HIFBGCBCIF=BJ9GHA9BHG5=@IF9HC<98;9
9::97H=J9@M5;5=BGH=BH9F9GHF5H97<5B;9G7CI@8A5H9F=5@@M58J9FG9@M5::97HCIF:=B5B7=5@7CB8=H=CB
F9GI@HGC:CD9F5H=CBG
75G<
:@CK5B8D9FG<5F9HF58=B;DF=79C:CIF7CAACBGHC7?"B588=H=CB
K<=@9GI7<5;F99A9BHGKCI@869=BH9B898HC@9GG9BH<9
=AD57HC:F=G=B;=BH9F9GHF5H9GCBIG
H<9M7CI@85@GC9LDCG9IGHCH<9F=G?H<5HH<9CH<9FD5FH=9GHCH<95;F99A9BHGKCI@8BCH
D9F:CFA
K97CI@8=B7IFG=;B=:=75BH7CGHG5GGC7=5H98K=H<H<9G9HH@9A9BHC:H<95;F99A9BHGCFH<5HH<9IB89F@M=B;HF5BG57H=CBG
7CI@8:5=@HCEI5@=:M5G<=;<@M9::97H=J975G<:@CK<98;9GIB89F=B5B7=5@77CIBH=B;,H5B85F8GC5F8
CF,
77CIBH=B;
,H5B85F8GC8=:=75H=CB
CF,
-CD=7
)6-:%8-:)7%2()(+-2+
968,-6(%1)2()(%2(6)78%8)('6)(-8*%'-0-8=238)496',%7)%+6))1)287%2(%1)2()(%2(6)78%8)(8)6103%2%+6))1)28
6)786-'8396%&-0-8=83)2+%+)-2731)&97-2)77%'8-:-8-)7-2'09(-2+396%&-0-8=83-2'96%((-8-32%0-2()&8)(2)771%/)'%4-8%0
)<4)2(-896)7%2(1%/)')68%-2-2:)781)287;,-','390(%(:)67)0=%**)'8396*-2%2'-%0'32(-8-326)790873*34)6%8-327'%7,
*03;%2(4)67,%6)86%(-2+46-')3*396'31132783'/
(IFH<=F85A9B8985B8F9GH5H987F98=H:57=@=HM
BCH9DIF7<5G95;F99A9BHG5B85A9B8985B8F9GH5H98H9FA@C5B5;F99A9BH
7CBH5=B7IGHCA5FMB9;5H=J97CJ9B5BHG5B8CH<9F:=B5B7=5@5B8CD9F5H=B;7CJ9B5BHGH<5H
5ACB;CH<9FH<=B;G
P
F9GHF=7HCIF56=@=HMHC=B7IF588=H=CB5@=B896H98B9GG
P
F9GHF=7HCIF56=@=HMHC=B7IF588=H=CB5@@=9BG
P
F9GHF=7HCIF56=@=HMHCA5?979FH5=B=BJ9GHA9BHG=B7@I8=B;79FH5=B75D=H5@9LD9B8=HIF9G
P
F9GHF=7HCIF56=@=HMHCA9F;9K=H<5BCH<9F7CAD5BM
P
F9GHF=7HCIF56=@=HMHCG9@@CF8=GDCG9C:5GG9HG
P
F9GHF=7HCIF56=@=HMHCA5?98=GHF=6IH=CBGHCA9F=75BGG9HG-FIGH
"B7GGHC7?97HHCG9J9F5@F=G?G
=B7@I8=B;
6CFFCK9FGA5M:5=@HCA5?9896HG9FJ=79D5MA9BHGCFD5MH<9DF=B7=D5@K<9B8I9
K<=7<A5MA5?9=HB979GG5FM:CFIG
HC:CF97@CG9CIFACFH;5;9GCF9B;5;9=B7CGH@MB9;CH=5H=CBG
H<9J5@I9C:H<9ACFH;5;98DFCD9FHMA5M69@9GGH<5BH<9DF=B7=D5@5ACIBHC:H<9ACFH;5;9BCH9G97IF=B;H<9
DFCD9FHM
=BH9F9GHF5H9GD5M56@9CBH<9ACFH;5;9GA5M69@CK9FH<5BCIF7CGH:CFH<9:IB8GHC57EI=F9H<9G9ACFH;5;9G5B8
H<9ACFH;5;9GA5M69CF697CA9GI6CF8=B5H98HCA97<5B=7GCFA5H9F=5@A9BG@=9BGCFDFCD9FHMH5L@=9BG
=B
K<=7<75G9K9KCI@8B998HCA5?9D5MA9BHGHCA5=BH5=BH<97IFF9BHGH5HIGC:5DF=CF@=9BCF8=G7<5F;9=H=B=HG
9BH=F9HMHCDFCH97HGI7<ACFH;5;9=BJ9GHA9BH
":5BMC:H<9G9F=G?GK9F9HC69F95@=N98
H<9HCH5@5ACIBHK9KCI@8F97CJ9F:FCACIFACFH;5;9F979=J56@9GA5M69@9GG
H<5BCIFHCH5@=BJ9GHA9BH
F9GI@H=B;=B5@CGG5B8CIFACFH;5;9F979=J56@9GA5M69A5H9F=5@@M5B858J9FG9@M5::97H98
(:)67))'3231-'%2(+)3430-8-'%0'32(-8-327%2((-703'%8-327-28,)'6)(-81%6/)87'390(,%:)%1%8)6-%0%(:)67))**)'832
396*-2%2'-%0'32(-8-326)790873*34)6%8-327'%7,*03;%2(4)67,%6)86%(-2+46-')3*396'31132783'/
(IF6IG=B9GGA5M695::97H986MA5F?9H5B897CBCA=77<5@@9B;9G9LD9F=9B7986MH<9.,97CBCAMCFF95@9GH5H9
=B8IGHFM5G5K97HHC:57HCFGH<5H5::97HH<9
F9H5=@G97HCF;9B9F5@@M
5GK9@@5GH<9A5F?9H:CFF9H5=@GD579-<9F9H5=@9BJ=FCBA9BH5B8H<9A5F?9H:CFF9H5=@GD579<5J9
DF9J=CIG@M699B
5B87CI@85;5=B69
58J9FG9@M5::97H986MK95?B9GG=BH<9B5H=CB5@
F9;=CB5@5B8@C75@97CBCA=9G
=B:@5H=CB
<=;<=BH9F9GHF5H99BJ=FCBA9BHG
H<9@9J9@C:7CBGIA9FGD9B8=B;5B87CBGIA9F7CB:=89B79
H<958J9FG9:=B5B7=5@7CB8=H=CBC:
GCA9@5F;9F9H5=@=B;7CAD5B=9G
H<9CB;C=B;7CBGC@=85H=CB=BH<9F9H5=@G97HCF
H<99L79GG5ACIBHC:F9H5=@GD579=B5BIA69FC:
A5F?9HG
=B7F95G=B;7CAD9H=H=CB:FCA8=G7CIBHF9H5=@9FG
CIH@9HA5@@G
=BH9FB9HF9H5=@9FG=B7@I8=B;A5NCB7CA5B8CH<9F
CB@=B96IG=B9GG9G5B87CAAIB=756@98=G95G9G"B7F95G9G=B7CBGIA9FGD9B8=B;J=5H<9=BH9FB9HA5MG=;B=:=75BH@M5::97HCIF
F9H5=@H9B5BHG56=@=HMHC;9B9F5H9G5@9G=BH<9=FGHCF9G5B87CI@85::97HH<9K5M:IHIF9H9B5BHG@95G9GD579"B588=H=CB
GCA9C:CIF
F9H5=@H9B5BHG:5797CAD9H=H=CB:FCAH<99LD5B8=B;A5F?9H:CF8=;=H5@7CBH9BH5B8<5F8K5F9'9K5B89B<5B798H97CF7CADCB9BHC:6CH<H<9@C75@97CBCA=9G=B!5K5==5B85@=:CFB=5
CIFDFCD9FH=9G=B
5@=:CFB=55B8!5K5==A5M69=AD57H986MH<9@C75@5B8;@C65@HCIF=GA=B8IGHFM-<9G9DFCD9FH=9G5F9GIG79DH=6@9HC5BM
:57HCFGH<5H5::97HHF5J9@5B8HCIF=GAF9@5H98HC!5K5==5B85@=:CFB=5
=B7@I8=B;7CGH5B85J5=@56=@=HMC:5=FG9FJ=79G5B8H<9
=AD57HC:5BM9J9BHGH<5H8=GFIDH5=FCFCH<9FHF5J9@HC5B8:FCAH<9G9F9;=CBG&CF9CJ9F
H<9G9DFCD9FH=9GA5M695::97H986M
F=G?GGI7<5G57HGC:H9FFCF=GA5B8B5HIF5@8=G5GH9FG
=B7@I8=B;A5>CF:=F9G
:@CC8G5B895FH97HH<9:F5B7<=GCFGC::9F-<99L=GH9B79C:H<=G
F=;97HHCH<9:C@@CK=B;F=G?G5GGC7=5H98K=H<GI7<89J9@CDA9BH5B8F989J9@CDA9BH57H=J=H=9G
P
IBGI779GG:I@89J9@CDA9BHCFF989J9@CDA9BHCDDCFHIB=H=9G7CI@8F9GI@H=B8=F97H9LD9BG9GHCIG
P
7CBGHFI7H=CBCFF989J9@CDA9BH7CGHGC:5DFC>97HA5M9L7998CF=;=B5@9GH=A5H9G
DCGG=6@MA5?=B;H<9DFC>97H
@9GGDFC:=H56@9H<5BCF=;=B5@@M9GH=A5H98
CFIBDFC:=H56@9
P
H=A9F9EI=F98HC7CAD@9H9H<97CBGHFI7H=CBCFF989J9@CDA9BHC:5DFC>97HCFHC@95G9IDH<97CAD@9H98DFC>97H
A5M69;F95H9FH<5BCF=;=B5@@M5BH=7=D5H98
H<9F96M58J9FG9@M5::97H=B;CIF75G<:@CK5B8@=EI=8=HM
P
7CBHF57HCF5B8GI67CBHF57HCF8=GDIH9G
GHF=?9G
@56CF8=GDIH9GCFGIDD@M8=GFIDH=CBG
P
:5=@IF9HC57<=9J99LD97H98C77ID5B7M5B8
CFF9BH@9J9@GK=H<=BH<9DFC>97H98H=A9:F5A9
=:5H5@@
P
89@5MGK=H<F9GD97HHCC6H5=B=B;CFH<9=B56=@=HMHCC6H5=BB979GG5FMNCB=B;
C77ID5B7M
@5B8IG95B8CH<9F
;CJ9FBA9BH5@D9FA=HG
5B87<5B;9G=BNCB=B;5B8@5B8IG9@5KG
P
C77ID5B7MF5H9G5B8F9BHGC:57CAD@9H98DFC>97HA5MBCH69GI::=7=9BHHCA5?9H<9DFC>97HDFC:=H56@9
P
CIF56=@=HMHC8=GDCG9C:DFCD9FH=9G89J9@CD98CFF989J9@CD98K=H<H<9=BH9BHHCG9@@7CI@869=AD57H986MH<9
56=@=HMC:DFCGD97H=J96IM9FGHCC6H5=B:=B5B7=B;;=J9BH<97IFF9BHGH5H9C:H<97F98=HA5F?9HG5B8
P
H<95J5=@56=@=HM5B8DF=7=B;C::=B5B7=B;HC:IB8CIF89J9@CDA9BH57H=J=H=9GCB:5JCF56@9H9FAGCF5H5@@
-<9G9F=G?G7CI@8F9GI@H=BGI6GH5BH=5@IB5BH=7=D5H9889@5MGCF9LD9BG9G5B8
IB89F79FH5=B7=F7IAGH5B79G
7CI@8DF9J9BH
7CAD@9H=CBC:89J9@CDA9BHCFF989J9@CDA9BH57H=J=H=9GCB79IB89FH5?9B
5BMC:K<=7<7CI@8<5J95B58J9FG99::97HCBCIF
:=B5B7=5@7CB8=H=CB
F9GI@HGC:CD9F5H=CBG
75G<:@CK5B8H<9D9FG<5F9HF58=B;DF=79C:CIF7CAACBGHC7?
9679'')77()4)2(732/)=4)67322)0;,37)'328-29)(7)6:-')-7238+9%6%28))(%2(8,)03773*32)36136)3*396/)=
4)67322)0'390(%(:)67)0=%**)'8396%&-0-8=831%2%+)396&97-2)77%2(83-140)1)28396+63;8,786%8)+-)736'390('6)%8)
%2)+%8-:)4)6')48-32-28,)'%4-8%01%6/)87
(IF7CBH=BI98GI779GG5B8CIF56=@=HMHCA5B5;95BH=7=D5H98:IHIF9;FCKH<89D9B8
=B@5F;9D5FH
IDCBH<99::CFHGC:?9M
D9FGCBB9@
D5FH=7I@5F@M&9GGFG+58M
0M@@5B85FHCBKCF=HMC:<=G6IG=B9GGH=A95B85HH9BH=CBHCIG
K9
75BBCH577IF5H9@MDF98=7HH<95ACIBHC:H=A95B85HH9BH=CBH<5HK=@@69F9EI=F98C:&F+58MHCD9F:CFAGI7<CB;C=B;8IH=9G-C
H<99LH9BHH<5H&F+58M=GF9EI=F98HC898=75H9H=A95B85HH9BH=CBHCA9F=75BGG9HG
"B75B8
CF"BGIF5B79CAD5BMC:H<9
09GH
<=G56=@=HMHC89JCH95A5>CF=HMC:<=G6IG=B9GGH=A95B85HH9BH=CBHCCIF6IG=B9GG5B85::5=FGA5M69@=A=H985B87CI@8
58J9FG9@M5::97HCIFCD9F5H=CBG
#)1%=&)79&.)'88332+3-2+36*9896)0-8-+%8-32%2(38,)6;-7)-28,)36(-2%6='3967)3*&97-2)77;,-','390(,%:)%
1%8)6-%0%(:)67))**)'832396*-2%2'-%0'32(-8-326)790873*34)6%8-327'%7,*03;%2(4)67,%6)86%(-2+46-')3*396
'31132783'/
09A5M69GI6>97HHCCB;C=B;@=H=;5H=CB5HCIFDFCD9FH=9G5B8CH<9FK=G9=BH<9CF8=B5FM7CIFG9C:6IG=B9GG,CA9C:
H<9G97@5=AGA5MF9GI@H=BG=;B=:=75BH89:9BG97CGHG5B8DCH9BH=5@@MG=;B=:=75BH>I8;A9BHG5;5=BGHIG
GCA9C:K<=7<5F9BCH
CF
75BBCH69
=BGIF985;5=BGH09;9B9F5@@M=BH9B8HCJ=;CFCIG@M89:9B8CIFG9@J9GI8;A9BHG
CFG9HH@9A9BHG
K<=7<
=:IB=BGIF98
CF=:H<9:=B9G
>I8;A9BHG
5B8
G9HH@9A9BHG9L7998=BGIF98@9J9@G
7CI@858J9FG9@M=AD57HCIF95FB=B;G5B875G<:@CKG
H<9F96M<5J=B;5B58J9FG99::97HCBCIF
:=B5B7=5@7CB8=H=CB
F9GI@HGC:CD9F5H=CBG
75G<:@CK5B8D9FG<5F9HF58=B;DF=79C:CIF7CAACBGHC7?9FH5=B@=H=;5H=CBCFH<9
F9GC@IH=CBC:79FH5=B@=H=;5H=CBA5M5::97HH<95J5=@56=@=HMCF7CGHC:GCA9C:CIF=BGIF5B797CJ9F5;9
K<=7<7CI@858J9FG9@M
=AD57HCIFF9GI@HGC:CD9F5H=CBG5B875G<:@CKG
9LDCG9IGHC=B7F95G98F=G?GH<5HKCI@869IB=BGIF98
5B8
CF58J9FG9@M=AD57H
CIF56=@=HMHC5HHF57HC::=79FG5B88=F97HCFG
38)28-%00377)7*631)%68,59%/)7*-6)7*033(73638,)62%896%0(-7%78)671%=238&)*900='3:)6)(&=-2796%2')
&5BMC:H<9DFCD9FH=9GK97IFF9BH@MCKB5F9@C75H98=B5F95G9GD97=5@@MGI6>97HHC95FH97HHC@=A=H5H=CBG=BJC@J=B;
@5F;9898I7H=6@9GCF7CD5MA9BHG"B588=H=CB
K9A5MF98I79CF8=G7CBH=BI979FH5=B=BGIF5B79DC@=7=9GCBGCA9CF5@@C:CIF
DFCD9FH=9G=BH<9:IHIF9=:H<97CGHC:DF9A=IAG:CF5BMGI7<DC@=7=9G9L7998G
=BCIF>I8;A9BH
H<9J5@I9C:H<97CJ9F5;9
8=G7CIBH98:CFH<9F=G?C:@CGGG5F9GI@H
=BH<99J9BHC:5B5HIF5@8=G5GH9F
K9A5M69F9EI=F98HC=B7IFG=;B=:=75BH7CGHG
5B8
HCH<99LH9BHH<5H5@CGG9L7998GDC@=7M@=A=HG
K97CI@8@CG9H<975D=H5@=BJ9GH98=BH<985A5;98DFCD9FH=9G5GK9@@5GH<9
5BH=7=D5H98:IHIF975G<:@CKG:FCAH97HHCF97CIFG9=B896H98B9GG
K9KCI@87CBH=BI9HC69@=56@9:CFH<9=B896H98B9GG
9J9B=:H<9G9DFCD9FH=9GK9F9=FF9D5F56@M85A5;98
#)1%=&)%(:)67)0=%**)'8)(&=0%;76)+90%8-3273638,)6-779)76)0%8)(83'0-1%8)',%2+)
09A5M697CA9GI6>97HHC@5KGCFF9;I@5H=CBGF9@5H98HC7@=A5H97<5B;9
K<=7<7CI@875IG9CIF6IG=B9GG
F9GI@HGC:
CD9F5H=CBG5B8:=B5B7=5@7CB8=H=CBHC69=AD57H9858J9FG9@M-<9:989F5@;CJ9FBA9BH<5G9B57H98
5B8GCA9C:H<9GH5H9G5B8
@C75@=H=9G=BK<=7<K9CD9F5H9A5M9B57H
79FH5=B7@=A5H97<5B;9@5KG5B8F9;I@5H=CBGCF<5J969;IBF9;I@5H=B;75F6CB
:CCHDF=BHG5B8;F99BC=BHJ9BHIF9GCFCH<9F9BH=H=9G
57EI=F=B;
BCB7CBHFC@@=B;=BH9F9GHG=BCFG<5F=B;F9GDCBG=6=@=HM:CFA5B5;=B;H<95::5=FGC:5DFCD9FHM
D5FHB9FG<=D
>C=BHJ9BHIF9CFCH<9F
9BH=HMCBG9EI9BH@M
K=H<F9GD97HHC5BMGI7<5FF5B;9A9BHK9A5M9BH9F=BHC=BH<9:IHIF9
K9KCI@8BCH69=B5DCG=H=CBHC
9L9F7=G9GC@9897=G=CBA5?=B;5IHC=BHJ9BHIF9CFCH<9F9BH=HM"BJ9GHA9BHG=B
D5FHB9FG<=DG
>C=BHJ9BHIF9GCFCH<9F9BH=H=9GA5M
IB89F79FH5=B7=F7IAGH5B79G
=BJC@J9F=G?GBCHDF9G9BHK9F95H<=F8D5FHMBCH
=BJC@J98
=B7@I8=B;H<9DCGG=6=@=HMH<5HD5FHB9FGCF7CJ9BHIF9FGA=;97H=J9G
5B8H<9MA5M
<5J97CAD9H=B;=BH9F9GHG=BCIFA5F?9HGH<5H7CI@87F95H97CB:@=7HC:=BH9F9GH=GGI9G,I7<=BJ9GHA9BHGA5M5@GC<5J9H<9
DCH9BH=5@F=G?C:=AD5GG9GCB897=G=CBG
GI7<5G5G5@9
6975IG9B9=H<9FK9BCFH<9D5FHB9FCF7CJ9BHIF9FKCI@8<5J9:I@@7CBHFC@
CJ9FH<9D5FHB9FG<=DCF>C=BHJ9BHIF9"B588=H=CB
5G5@9CFHF5BG:9F6MIGHC5H<=F8D5FHMC:CIF=BH9F9GHG=BH<9>C=BHJ9BHIF9A5M
69GI6>97HHC7CBG9BHF=;C=BHJ9BHIF9D5FHB9FG
K<=7<KCI@8=B957<75G9F9GHF=7HCIF
56=@=HMHC8=GDCG9C:CIF=BH9F9GH=BH<9>C=BHJ9BHIF90<9F9K95F95@=A=H98D5FHB9FCFBCBA5B5;=B;A9A69F=B5BM
D5FHB9FG<=DCF@=A=H98@=56=@=HM7CAD5BM
=:GI7<9BH=HMH5?9GCF9LD97HGHCH5?957H=CBGH<5H7CI@8>9CD5F8=N9CIFGH5HIG5G5+"-
CFF9EI=F9IGHCD5MH5L
K9A5M69:CF798HC8=GDCG9C:CIF=BH9F9GH=BGI7<9BH=HM=GDIH9G69HK99BIG5B8D5FHB9FGCF7C
J9BHIF9FGA5MF9GI@H=B@=H=;5H=CBCF5F6=HF5H=CBH<5HKCI@8=B7F95G9CIF9LD9BG9G5B8DF9J9BHCIFC::=79FG5B8
CF8=F97HCFG:FCA
:C7IG=B;H<9=FH=A95B89::CFHCBCIF6IG=B9GGCBG9EI9BH@M
57H=CBG6MCF8=GDIH9GK=H<D5FHB9FGCF7CJ9BHIF9FGA=;97H=B;DFCD9FH=9GCKB986MH<9D5FHB9FG<=DCF>C=BHJ9BHIF9HC588=H=CB5@F=G?"B588=H=CB
K9A5M=B79FH5=B7=F7IAGH5B79G
69@=56@9:CFH<957H=CBGC:CIFH<=F8D5FHMD5FHB9FGCF7CJ9BHIF9FG(IF>C=BHJ9BHIF9GA5M69GI6>97HHC896H5B8
=BH<97IFF9BH
JC@5H=@97F98=HA5F?9H
H<9F9:=B5B7=B;C:GI7<896HA5MF9EI=F99EI=HM75D=H5@75@@G
2'6)%7)('314)8-8-32%2(-2'6)%7)(%**36(%&-0-8=3*6)7-()28-%0,31)7'390(0-1-8396%&-0-8=836)8%-23966)7-()2870)%7)
%4%681)28,31)736-2'6)%7)361%-28%-26)287%83961908-*%1-0=%4%681)28'31192-8-)7
(IFAI@H=:5A=@M5D5FHA9BH7CAAIB=H=9G7CAD9H9K=H<BIA9FCIG97HHC:989F5@7CFDCF5H9=B7CA9H5LHCH<99LH9BHH<5HK98=GHF=6IH9@9GGH<5B
C:CIF+"-H5L56@9=B7CA9
=B7@I8=B;5BMB9H75D=H5@;5=BG975IG9C:H<9G98=GHF=6IH=CBF9EI=F9A9BHG
K9A5MBCH69
56@9HC:IB8:IHIF975D=H5@B998G
=B7@I8=B;5BMB979GG5FM57EI=G=H=CB:=B5B7=B;
:FCACD9F5H=B;75G<:@CKCBG9EI9BH@M
K9
=BH9B8HCF9@MCBH<=F8D5FHMGCIF79GHC:IB8CIF75D=H5@B998G09A5MBCH6956@9HCC6H5=BGI7<:=B5B7=B;CB:5JCF56@9H9FAG
CF5H5@@5B85BM588=H=CB5@896HK9=B7IFK=@@=B7F95G9CIF@9J9F5;95B8@=?9@=97HHCJ5F=CIG:989F5@
GH5H95B8@C75@
@5KG
F9;I@5H=CBG5B8=B8IGHFMGH5B85F8G-<9F9;I@5HCFM9BJ=FCBA9BHGIFFCIB8=B;=B:CFA5H=CBG97IF=HM5B8DF=J57M=G
=B7F95G=B;@M89A5B8=B;
K=H<:F9EI9BH=ADCG=H=CBC:B9K5B87<5B;=B;F9EI=F9A9BHGH<5H5F9GI6>97HHC8=::9F=B;
=BH9FDF9H5H=CBG"BH<9.B=H98,H5H9G
H<9F95F9BIA9FCIG:989F5@5B8GH5H985H5DF=J57M5B8G97IF=HM@5KG
FI@9G5B8F9;I@5H=CBG
;CJ9FB=B;H<97C@@97H=CB
IG9
GHCF5;9
G<5F=B;
HF5BGA=GG=CB5B8CH<9FDFC79GG=B;C:D9FGCB5@=B:CFA5H=CB
=B7@I8=B;:989F5@5B8
GH5H985H5DF=J57M@5KG
85H56F957<BCH=:=75H=CB@5KG5B87CBGIA9FDFCH97H=CB@5KGBM:5=@IF9CFD9F79=J98:5=@IF96MIGHC
7CAD@MK=H<@5KG
F9;I@5H=CBG
DC@=7=9GCFF9;I@5HCFM;I=85B79F9@5H=B;HCDF=J57MCF85H5G97IF=HMA5MF9GI@H=B;CJ9FBA9BH5@
=BJ9GH=;5H=CBG5B89B:CF79A9BH57H=CBG
@=H=;5H=CB
:=B9G5B8D9B5@H=9GCF58J9FG9DI6@=7=HM
5B87CI@875IG9CIF7IGHCA9FG5B8
7CBGIA9FGHC@CG9HFIGH=BIG
K<=7<7CI@8<5J95B58J9FG99::97HCBCIFF9DIH5H=CB5B86IG=B9GG
':D97H=J9G6MG5@9
CH<9F8=GDCG=H=CBCF
F9:=B5B7=B;5H5HHF57H=J9DF=79GK=H<=B5BM;=J9BD9F=C8C:H=A9CFA5MCH<9FK=G969IB56@9HC7CAD@9H95BM9L=HGHF5H9;M"B
D5FH=7I@5F
CIF56=@=HMHC8=GDCG9C:CB9CFACF9DFCD9FH=9GK=H<=B5GD97=:=7H=A9D9F=C8=GGI6>97HHCK95?B9GG=BCF9J9BH<9
@57?C:5B9GH56@=G<98A5F?9H:CF5DFCD9FHM
7<5B;9G=BH<9:=B5B7=5@7CB8=H=CBCFDFCGD97HGC:DFCGD97H=J9DIF7<5G9FG
7<5B;9G
=BB5H=CB5@CF=BH9FB5H=CB5@97CBCA=77CB8=H=CBG
GI7<5GH<9F979BH97CBCA=78CKBHIFB
5B87<5B;9G=B@5KG
F9;I@5H=CBGCF
:=G75@DC@=7=9GC:>IF=G8=7H=CBG=BK<=7<H<9DFCD9FHM=G@C75H98
"B588=H=CB
H<9C89=ADCG9GF9GHF=7H=CBGCB5+"-G56=@=HMHC8=GDCG9C:DFCD9FH=9GH<5H5F9BCH5DD@=756@9HCCH<9FHMD9G
C:F95@9GH5H97CAD5B=9G"BD5FH=7I@5F
H<9H5L@5KG5DD@=756@9HC+"-G9::97H=J9@MF9EI=F9H<5HK9C=BH5B8
G9J9F5@-<9G9@=56=@=H=9G7CI@869GI6GH5BH=5@5B8H<97CGHC:5BMF9EI=F98F9A98=5H=CB
F9ACJ5@
:=B9GCFCH<9F7CGHG7CI@8
9L7998H<9J5@I9C:H<9DFCD9FHM5B8
CFCIF5;;F9;5H95GG9HG"B588=H=CB
H<9DF9G9B79C:7CBH5A=B5H=CBCFH<9:5=@IF9HC
F9A98=5H97CBH5A=B5H=CB5HCIFDFCD9FH=9GA5M9LDCG9IGHCH<=F8D5FHM@=56=@=HM:CF7CGHGC:F9A98=5H=CB5B8
CFD9FGCB5@CF
DFCD9FHM85A5;9CFA5H9F=5@@M58J9FG9@M5::97HCIF56=@=HMHCG9@@
@95G9CF89J9@CDCIFDFCD9FH=9GCFHC6CFFCKIG=B;H<9
DFCD9FH=9G5G7C@@5H9F5@"B588=H=CB
9BJ=FCBA9BH5@@5KGA5M7F95H9@=9BGCB7CBH5A=B5H98G=H9G=B:5JCFC:H<9;CJ9FBA9BH:CF
85A5;9G5B87CGHG=H=B7IFGHC588F9GGGI7<7CBH5A=B5H=CB&CF9CJ9F
=:7CBH5A=B5H=CB=G8=G7CJ9F98CBCIFDFCD9FH=9G
9BJ=FCBA9BH5@@5KGA5M=ADCG9F9GHF=7H=CBGCBH<9A5BB9F=BK<=7<DFCD9FHMA5M69IG98CF6IG=B9GG9GA5M69CD9F5H98
5B8
H<9G9F9GHF=7H=CBGA5MF9EI=F9GI6GH5BH=5@9LD9B8=HIF9G
,CA9C:CIFDFCD9FH=9G<5J9699BCFA5M69=AD57H986M7CBH5A=B5H=CB5F=G=B;:FCA7IFF9BHCFDF=CFIG9GC:H<9DFCD9FHM
CF58>579BHDFCD9FH=9G
:CF7CAA9F7=5@CF=B8IGHF=5@DIFDCG9G,I7<7CBH5A=B5H=CBA5M5F=G9:FCAGD=@@GC:D9HFC@9IACF
<5N5F8CIGGI6GH5B79GCFF9@95G9G:FCAH5B?GIG98HCGHCF9GI7<A5H9F=5@GCF9L5AD@9
9@&CBH99BH9F=G7IFF9BH@M
IB89F;C=B;H<9:=B5@GH5;9GC:F9A98=5H=CBC:8FM7@95B=B;GC@J9BH7CBH5A=B5H=CB:FCA5:CFA9FCBG=H98FM7@95B9F
K<=7<
9BH5=@GH<9@CB;H9FA;FCIB8ACB=HCF=B;6MH<95DDFCDF=5H9F9;I@5HCFM5;9B7MCJ9FH<9B9LH:=J9HCG9J9BM95FG-<9DF=CF
CKB9FC:9@&CBH99BH9F9BH9F98=BHC5:=L98:999BJ=FCBA9BH5@G9FJ=79G5;F99A9BH=BDIFGI5BHHCK<=7<H<9
F9A98=5H=CBK=@@697CAD@9H98:CF5DDFCL=A5H9@MA=@@=CB
K=H<H<9F9A98=5H=CB7CGHGD5=8:CFH97HHCF9;I@5H=CB,I7<9BJ=FCBA9BH5@5B8<95@H<5B8G5:9HM@5KG5B8F9;I@5H=CBG7CI@8GI6>97HIGCFCIFH9B5BHGHC@=56=@=HM
F9GI@H=B;:FCAH<9G957H=J=H=9GBJ=FCBA9BH5@@=56=@=H=9G7CI@85::97H5H9B5BHG56=@=HMHCA5?9F9BH5@D5MA9BHGHCIG
5B8
7<5B;9G=B@5KG7CI@8=B7F95G9H<9DCH9BH=5@@=56=@=HM:CFBCB7CAD@=5B79-<=GA5MF9GI@H=BG=;B=:=75BHIB5BH=7=D5H98
9LD9B8=HIF9GCFA5MCH<9FK=G9A5H9F=5@@M5B858J9FG9@M5::97HCIFCD9F5H=CBG
CFHIFM=G5@@9;98HC
<5J9C77IFF98
#)1%=-2'967-+2-*-'%28'3787'3140=-2+;-8,:%6-397*)()6%078%8)%2(03'%00%;76)+90%8-327%2('3:)2%2878,%8%6)
%440-'%&0)833964634)68-)7
-<9DFCD9FH=9G=BCIFDCFH:C@=C5F9GI6>97HHCJ5F=CIG7CJ9B5BHG5B8:989F5@
GH5H95B8@C75@@5KG5B8F9;I@5HCFM
F9EI=F9A9BHG
=B7@I8=B;D9FA=HH=B;5B8@=79BG=B;F9EI=F9A9BHG%C75@F9;I@5H=CBG
=B7@I8=B;AIB=7=D5@CF@C75@CF8=B5B79G
NCB=B;F9GHF=7H=CBG5B8F9GHF=7H=J97CJ9B5BHG=ADCG986M7CAAIB=HM89J9@CD9FGA5MF9GHF=7HCIFIG9C:CIFDFCD9FH=9G5B8A5M
F9EI=F9IGHCC6H5=B5DDFCJ5@:FCA@C75@C::=7=5@GCFF9GHF=7HCIFIG9C:CIFDFCD9FH=9G5B8A5MF9EI=F9IGHCC6H5=B5DDFCJ5@:FCA
@C75@C::=7=5@GC:7CAAIB=HMGH5B85F8GCF;5B=N5H=CBG5H5BMH=A9K=H<F9GD97HHCCIFDFCD9FH=9G
=B7@I8=B;DF=CFHC57EI=F=B;5
DFCD9FHMCFK<9BIB89FH5?=B;F9BCJ5H=CBGC:5BMC:CIF9L=GH=B;DFCD9FH=9GACB;CH<9FH<=B;G
H<9G9F9GHF=7H=CBGA5MF9@5H9HC
:=F95B8G5:9HM
G9=GA=7CF<5N5F8CIGA5H9F=5@565H9A9BHF9EI=F9A9BHG-<9F975B69BC5GGIF5B79H<5H9L=GH=B;@5KG5B8
F9;I@5HCFMDC@=7=9GK=@@BCH58J9FG9@M5::97HIGCFH<9H=A=B;CF7CGHC:5BM:IHIF957EI=G=H=CBGCFF9BCJ5H=CBG
CFH<5H588=H=CB5@
F9;I@5H=CBGK=@@BCH6958CDH98H<5H=B7F95G9GI7<89@5MGCFF9GI@H=B588=H=CB5@7CGHG(IF;FCKH<GHF5H9;MA5M695::97H986M
CIF56=@=HMHCC6H5=BD9FA=HG
@=79BG9G5B8NCB=B;F9@=9:(IF:5=@IF9HCC6H5=BGI7<D9FA=HG
@=79BG9G5B8NCB=B;F9@=9:CFHC
7CAD@MK=H<5DD@=756@9@5KG7CI@8<5J95B58J9FG99::97HCBCIF:=B5B7=5@7CB8=H=CB
F9GI@HGC:CD9F5H=CBG
75G<:@CK5B8D9F
G<5F9HF58=B;DF=79C:CIF7CAACBGHC7?
"B588=H=CB
:989F5@5B8GH5H9@5KG5B8F9;I@5H=CBG
=B7@I8=B;@5KGGI7<5GH<95B8H<9!
=ADCG9:IFH<9F
F9GHF=7H=CBGCBCIFDFCD9FH=9G5B8CD9F5H=CBG.B89FH<95B8H<9!
5@@DI6@=7577CAAC85H=CBGAIGHA99H:989F5@
F9EI=F9A9BHGF9@5H98HC5779GG5B8IG96M8=G56@98D9FGCBG,CA9C:CIFDFCD9FH=9GA5M7IFF9BH@M69=BBCB7CAD@=5B79K=H<
H<9CFH<9!":CB9CFACF9C:H<9DFCD9FH=9G=BCIFDCFH:C@=C=GBCH=B7CAD@=5B79K=H<H<9
H<9!CF5BM
CH<9FF9;I@5HCFMF9EI=F9A9BHG
K9A5M69F9EI=F98HC=B7IF588=H=CB5@7CGHGHC6F=B;H<9DFCD9FHM=BHC7CAD@=5B795B8K9A=;97HHC79FH5=B9L79DH=CBG
5IH97HHCJ5F=CIG7CB8=H=CBG5B8
@=A=H5H=CBG-<9F9GHF=7H=CBGCBCKB9FG<=D5B8HF5BG:9FC:CIFGHC7?A5M58=G7CIF5;95H9B89FC::9FCFCH<9FHF5BG57H=CBGCF5
7<5B;9=BA5B5;9A9BHCFC:7CBHFC@H<5HA=;)(7,%6)73*783'/'0%77-*=%2(6)'0%77-*=92-779)(783'/%2(-779)783'/;-8,398
783'/,30()6%4463:%0
(IF6C5F8C:8=F97HCFG
K=H97HHC@=A=H5H=CBG
DFC<=6=H79FH5=B6IG=B9GG7CA6=B5H=CBG
69HK99BIG5B85BU=BH9F9GH98GHC7?CF=HM5B8GHC7?97HHCGI7<6IG=B9GG7CA6=B5H=CBDFCJ=G=CBGC:H<9& %=BH<9:IHIF9
9FH5=BDFCJ=G=CBGC:H<9& %D9FA=HCIF6C5F8C:8=F97HCFG
K=H97HHC79FH5=B
DFCJ=G=CBGH<9& %F9@5H=B;HCH<9:=@@=B;C:J575B7=9GCBCIF6C5F8C:8=F97HCFG
)68%-2463:-7-327-28,)4%682)67,-4%+6))1)283*3964)6%8-2+%682)67,-41%=()0%=3646):)2892730-'-8)(%'59-7-8-327
3*97
)FCJ=G=CBG=BH<9D5FHB9FG<=D5;F99A9BHC:CIF(D9F5H=B;)5FHB9FG<=DA5M89@5M
CFA5?9ACF98=::=7I@H
IBGC@=7=H98
57EI=G=H=CBGC:IGCF7<5B;9GC:CIF7CBHFC@-<9G9DFCJ=G=CBG7CI@88=G7CIF5;9H<=F8D5FH=9G:FCAA5?=B;DFCDCG5@G=BJC@J=B;
5BIBGC@=7=H9857EI=G=H=CBC:IGCF7<5B;9C:CIF7CBHFC@
5@HI8;A9BH65G98IDCB5:=B8=B;C:57H=J95B889@=69F5H98=GI8=75H98
G5F9GI@H
K95B8CIFGHC7?97HHCH<9JC@IA9
@=A=H5H=CBGC:+I@9C:H<9,97IF=H=9G7HG5@9C:D@98;98GHC7?CFIB=HG6MD@98;99G7CI@8F9GI@H=B5@CGGC:7CBHFC@C:CIF
7CAD5BM
89D9B8=B;IDCBH<9BIA69FC:G<5F9GC:GHC7?CFIB=HGGC@85B8H<9CKB9FG<=D=BH9F9GHGC:CH<9FGHC7?97HHCH<9F9;I@5F.,:989F5@7CFDCF5H9=B7CA9H5LF5H95B8
K97CI@869GI6>97HHCH<9:989F5@5@H9FB5H=J9A=B=AIAH5L:CFH5L56@9M95FGDF=CFHC
P
K95@GC7CI@869GI6>97HHC=B7F95G98GH5H95B8@C75@H5L9G5B8
P
IB@9GGK95F99BH=H@98HCF9@=9:IB89F5DD@=756@9GH5HIHCFMDFCJ=G=CBG
K97CI@8BCH9@97HHC69H5L985G5+"-
:CF:CIFH5L56@9M95FG:C@@CK=B;H<9M95F8IF=B;K<=7<K9K9F98=GEI5@=:=98
BMGI7<7CFDCF5H9H5L@=56=@=HM7CI@869GI6GH5BH=5@5B8KCI@8F98I79CIF75G<5J5=@56@9:CF
5ACB;CH<9FH<=B;G
CIF
CD9F5H=CBG5B88=GHF=6IH=CBGHCA9F=75BGG9HG-FIGH
"B7GGHC7?I8=7=5@5B858A=B=GHF5H=J9=BH9FDF9H5H=CBG-<97CAD@9L=HMC:H<9G9DFCJ=G=CBG5B8C:H<95DD@=756@9-F95GIFM
F9;I@5H=CBGH<5H<5J9699BDFCAI@;5H98IB89FH<9C89
CFH<9-F95GIFM+9;I@5H=CBG
=G;F95H9F=BH<975G9C:5+"-H<5H
@=?9
IG
97HHCGCA9:989F5@
GH5H9
5B8@C75@=B7CA9
DFCD9FHM5B89L7=G9H5L9GCBCIF=B7CA9CFDFCD9FHM5B8
=B79FH5=B75G9G
5D9B5@HMH5L
=BH<99J9BHK9
G9@@DFCD9FHM5G5895@9F"B588=H=CB
CIFH5L56@9+"-GI6G=8=5F=9GK=@@69GI6>97HHCH5L5GF9;I@5F7CFDCF5H=CBG=BH<9
>IF=G8=7H=CBGH<9MCD9F5H9
*3964)6%8-2+%682)67,-4*%-0)(8359%0-*=%7%4%682)67,-4*36*)()6%0-2'31)8%<496437)7;);390(')%7)8359%0-*=%7
% %2(79**)638,)6%(:)67)'327)59)2')7
0969@=9J9H<5HCIF(D9F5H=B;)5FHB9FG<=D=GHF95H985G5D5FHB9FG<=D:CF:989F5@=B7CA9H5LDIFDCG9GG5D5FHB9FG<=D
CIF(D9F5H=B;)5FHB9FG<=D=GBCHGI6>97HHC:989F5@=B7CA9H5LCB=HG=B7CA9"BGH958
957<C:=HGD5FHB9FG
=B7@I8=B;IG
=G
5@@C75H98
5B8A5M69F9EI=F98HCD5MH5LK=H<F9GD97HHC
=HGG<5F9C:CIF(D9F5H=B;)5FHB9FG<=DG=B7CA90975BBCH69
5GGIF98
97HHC:989F5@5B8GH5H97CFDCF5H9=B7CA9
H5L
K<=7<KCI@8F98I79G=;B=:=75BH@MH<95ACIBHC:75G<5J5=@56@9:CF896HG9FJ=795B8:CF8=GHF=6IH=CBHC=HGD5FHB9FG
=B7@I8=B;
IG
,)%77)88)787%440-'%&0)83 70-1-8396%&-0-8=833;28%<%&0) 79&7-(-%6-)7%2(;);-00&)6)59-6)(834%=%
4)2%08=8%<32')68%-2-2'31)36()(9'8-327-*39686%27%'8-327;-8,3968%<%&0) 79&7-(-%6-)7%6)238'32(9'8)(32
%6170)2+8,8)617
09CKB5B=BH9F9GH=BCB9H5L56@9+"-GI6G=8=5FM5B8A5M57EI=F9G97IF=H=9G=B588=H=CB5@H5L56@9+"-GI6G=8=5F=9G=B
H<9:IHIF9H5L56@9+"-GI6G=8=5FM=G57CFDCF5H=CBCH<9FH<5B5+"-=BK<=7<5+"-8=F97H@MCF=B8=F97H@MC=BH9@97H=CBK=H<GI7<+"-HC69HF95H985G5H5L56@9+"-GI6G=8=5FM":5H5L56@9+"-GI6G=8=5FMCKBG
ACF9H<5BC:H<9HCH5@JCH=B;DCK9FCFJ5@I9C:H<9CIHGH5B8=B;G97IF=H=9GC:5BCH<9F7CFDCF5H=CB
GI7<CH<9F7CFDCF5H=CB
K=@@5@GC69HF95H985G5H5L56@9+"-GI6G=8=5FM(H<9FH<5BGCA957H=J=H=9GF9@5H=B;HC@C8;=B;5B8<95@H<75F9:57=@=H=9G
5
H5L56@9+"-GI6G=8=5FMA5M;9B9F5@@M9B;5;9=B5BM6IG=B9GG
=B7@I8=B;H<9DFCJ=G=CBC:7IGHCA5FMCFBCB7IGHCA5FMG9FJ=79G
HCH9B5BHGC:=HGD5F9BH+"-H5L56@9+"-GI6G=8=5FM=GGI6>97HHC:989F5@=B7CA9H5L5G5F9;I@5F7CFDCF5H=CB"B588=H=CB
59L7=G9H5LK=@@69=ADCG98CB79FH5=BHF5BG57H=CBG69HK99B5H5L56@9+"-GI6G=8=5FM5B8=HGD5F9BH+"-H<5H5F9BCH
7CB8I7H98CB5B5FAG@9B;H<65G=G
'CHACF9H<5BC:H<9J5@I9C:5+"-WGHCH5@5GG9HGA5M69F9DF9G9BH986MH<9G97IF=H=9GC:CB9CFACF9H5L56@9
+"-GI6G=8=5F=9G+"-GCKB9FG<=DC:G97IF=H=9GC:5H5L56@9+"-GI6G=8=5FM=GBCHGI6>97HHCH<9CF5GG9HH9GHG
5DD@=756@9HC+"-G'CHACF9H<5BC:5+"-GHCH5@5GG9HGA5M69F9DF9G9BH986MG97IF=H=9G=B7@I8=B;G97IF=H=9GC:CB9CF
ACF9H5L56@9+"-GI6G=8=5F=9G
CH<9FH<5BH97HHCF9;I@5F.,:989F5@7CFDCF5H9=B7CA9H5L9GHCH<99LH9BHH<5H
K98=GHF=6IH9@9GGH<5BC:CIFB9HH5L56@9=B7CA9957<M95F
=B7@I8=B;B9H75D=H5@;5=BG"B588=H=CB
K9K=@@69GI6>97HHC
5BCB898I7H=6@99L7=G9H5LCBH<95ACIBH
=:5BM
6MK<=7<8=GHF=6IH=CBGD5=86MIG=B5BM75@9B85FM95F5F9@9GGH<5BH<9
GIAC:C:CIFCF8=B5FM=B7CA9
C:CIF75D=H5@;5=BB9H=B7CA95B8C:CIFIB8=GHF=6IH98=B7CA9:FCADF=CF
M95FG"BCF89FHCA5=BH5=BCIF+"-GH5HIG5B85JC=8H<9D5MA9BHC:=B7CA95B89L7=G9H5L9G
K9A5MB998HC6CFFCK9J9B=:
H<9H<9BDF9J5=@=B;A5F?9H7CB8=H=CBG5F9BCH:5JCF56@9:CFH<9G96CFFCK=B;G-<9G96CFFCK=B;B998G7CI@8F9GI@H:FCA
5ACB;
CH<9FH<=B;G
8=::9F9B79G=BH=A=B;69HK99BH<957HI5@F979=DHC:75G<5B8=B7@IG=CBC:=B7CA9:CF:989F5@=B7CA9H5LDIFDCG9G
CFH<99::97HC:BCB898I7H=6@975D=H5@9LD9B8=HIF9G
H<97F95H=CBC:F9G9FJ9GCFF9EI=F98896HCF5ACFH=N5H=CBD5MA9BHG-<9G9
GCIF79G
97HHC5D9B5@HMH5L"B;9B9F5@
DFC<=6=H98HF5BG57H=CBG5F9
G5@9GCFCH<9F8=GDCG=H=CBGC:DFCD9FHM
CH<9FH<5B:CF97@CGIF9DFCD9FHM
<9@8DF=A5F=@M:CFG5@9HC7IGHCA9FG=BH<9CF8=B5FM
7CIFG9C:6IG=B9GG@H97HHC5H5LCB5BMF9GI@H=B;;5=B=:GI7<
G5@9G7CBGH=HIH9DFC<=6=H98HF5BG57H=CBG
)+-70%8-:)3638,)6%'8-327%**)'8-2+ 7'390(,%:)%2)+%8-:))**)'832396-2:)783673697-2'09(-2+396%&-0-8=83
1%-28%-239659%0-*-'%8-32%7% 368,)*)()6%0-2'31)8%<'327)59)2')73*79',59%0-*-'%8-32
-<9FI@9G895@=B;K=H<:989F5@=B7CA9H5L5H=CB5F97CBGH5BH@MIB89FF9J=9K6MD9FGCBG=BJC@J98=BH<9@9;=G@5H=J9DFC79GG
5B86MH<9"+,5B8H<9.,9D5FHA9BHC:H<9-F95GIFM<5B;9GHCH<9H5L@5KG
K=H<CFK=H97HG
=G<=;<@MIBDF98=7H56@9G5F9GI@H
K9A5MBCH6956@9HC5JC=85BCH<9FD5B89A=7WG58J9FG9
=AD57HGCBCIF6IG=B9GG
:=B5B7=5@7CB8=H=CB
F9GI@HGC:CD9F5H=CBG
75G<:@CKG
@=EI=8=HM5B856=@=HMHCG5H=G:MCIF896HG9FJ=79
C6@=;5H=CBG5B8HCD5M8=J=89B8G5B88=GHF=6IH=CBGHCG97IF=HMC6@CGG9G=BH<9=B8IGHF=9GC:CIFH9B5BHG
K<=7<A5M897F95G989A5B8:CFCIFC::=795B8F9H5=@GD579
75IG=B;A5F?9HF9BH5@F5H9G5B8DFCD9FHMJ5@I9GHC69B9;5H=J9@M=AD57H98
P
=B7F95G98KCF?=B;:FCA97HG
F9B9K@95G9GCFF9@95G95J5=@56@9GD579=BCIFDFCDF=9H=9GCB
:5JCF56@9H9FAGCF5H5@@
=B7@I8=B;5G5F9GI@HC:5;9B9F5@897F95G9=B89A5B8:CFCIFC::=795B8F9H5=@GD5795B8
C77ID5B7M=BCIF6?E2?5(EC2E68J
09<5J989J9@CD985B8=AD@9A9BH9857M69FG97IF=HMF=G?A5B5;9A9BHDFC;F5A=BH9B898HCDFCH97HH<9G97IF=HM
7CB:=89BH=5@=HM
=BH9;F=HM
5B85J5=@56=@=HMC:CIF7F=H=75@GMGH9AG5B8=B:CFA5H=CB(IF7M69FG97IF=HMF=G?A5B5;9A9BHDFC;F5A
=B7@I89G57M69FG97IF=HM=B7=89BHF9GDCBG9D@5B
(IF7M69FG97IF=HMF=G?A5B5;9A9BHDFC;F5A=G=BH9;F5H98=BHCCIFCJ9F5@@9BH9FDF=G9F=G?A5B5;9A9BHDFC;F5A
5B8
G<5F9G7CAACBA9H
05=?=?=957<05@?TA65GGM,I=H9G-&
!CBC@I@I
!"
"F=E:72>:=J%@CE7@=:@
%C@A6CEJ
!@42E:@?
.62CF:=E
'6?@G2E65
*?:ED
%6C46?E286
!62D65
??F2=:K65
2D6'6?E
G6C286"@?E9=J
2D6'6?EA6C
!62D65*?:E
%CA5)5@=G589G
,5B=9;C
"AD9F=5@957< 5F89BG
"AD9F=5@957<
&5F=B9FWG)C=BH
"AD9F=5@957<
,5BH59)5F?+/+9GCFH
,5B=9;C
)57=:=7+=8;9D5FHA9BHG
,5B=9;C
!5GG5@CCB=;:=J
BBI5@=N9865G9F9BH=G75@7I@5H986MAI@H=D@M=B;65G9F9BH5@D5MA9BHG89:=B985G75G<65G9F9BHG69:CF9565H9A9BHGIB89F7CAA9B798@95G9G:CFH<9
ACBH<9B898979A69F
6M"BH<975G9C:HF=D@9B9HCFAC8=:=98;FCGG@95G9G
5BBI5@=N9865G9F9BH8C9GBCH=B7@I89H9B5BHF9=A6IFG9A9BHG:CF
F95@9GH5H9H5L9G
=BGIF5B79
7CAACB5F95CFCH<9FCD9F5H=B;9LD9BG9G-<9:CF9;C=B;BCHK=HIGH98:CFH<=GDF9G9BH5H=CBHCF9:@97HH<5HH<97CBHF57HI5@HF=D@9B9H@95G9GK9F9=BGH958
GHFI7HIF985GAC8=:=98;FCGG@95G9G
6M588=B;H<97CBHF57HI5@5BBI5@=N98HF=D@9B9H65G9F9BHC:
HCCIF9GH=A5H9C:5BBI5@HF=D@9B9H
CD9F5H=B;9LD9BG9GC:
:CF5B9GH=A5H985BBI5@=N9865G9F9BHCB5AC8=:=98;FCGG@95G965G=GC:
:CF%5#C@@5CAACBG
6
-<95BBI5@=N9865G9F9BH:CF7F9G<5G699B58>IGH98:CFH<=GDF9G9BH5H=CBHCF9:@97HH<5HH<97CBHF57HI5@HF=D@9B9H@95G9GK9F9=BGH958GHFI7HIF985G
AC8=:=98;FCGG@95G9G
6M588=B;H<97CBHF57HI5@5BBI5@=N98HF=D@9B9H65G9F9BHC:
HCCIF9GH=A5H9C:5BBI5@HF=D@9B9HCD9F5H=B;9LD9BG9G
C:
:CF5B9GH=A5H985BBI5@=N9865G9F9BHCB5AC8=:=98;FCGG@95G965G=GC:
:CF7F9G
7
-<95BBI5@=N9865G9F9BH:CF-=A69F+=8;9<5G699B58>IGH98:CFH<=GDF9G9BH5H=CBHCF9:@97HH<5HH<97CBHF57HI5@HF=D@9B9H@95G9GK9F9=BGH958
GHFI7HIF985GAC8=:=98;FCGG@95G9G
6M588=B;H<97CBHF57HI5@5BBI5@=N98HF=D@9B9H65G9F9BHC:
HCCIF9GH=A5H9C:5BBI5@HF=D@9B9H
CD9F5H=B;9LD9BG9GC:
:CF5B9GH=A5H985BBI5@=N9865G9F9BHCB5AC8=:=98;FCGG@95G965G=GC:
:CF-=A69F+=8;9
8
-<95BBI5@=N9865G9F9BH:CF-=A69F,DF=B;G<5G699B58>IGH98:CFH<=GDF9G9BH5H=CBHCF9:@97HH<5HH<97CBHF57HI5@HF=D@9B9H@95G9GK9F9=BGH958
GHFI7HIF985GAC8=:=98;FCGG@95G9G
6M588=B;H<97CBHF57HI5@5BBI5@=N98HF=D@9B9H65G9F9BHC:
HCCIF9GH=A5H9C:5BBI5@HF=D@9B9H
CD9F5H=B;9LD9BG9GC:
:CF5B9GH=A5H985BBI5@=N9865G9F9BHCB5AC8=:=98;FCGG@95G965G=GC:
:CF-=A69F,DF=B;G
5H5:CF%5#C@@5CAACBG8C9GBCH=B7@I89%5#C@@5CAACBG-CK9F"""
K<=7<F9A5=BGIB89F89J9@CDA9BH!CK9J9F
5GC:979A69F
CIHC:
F9BH56@9GEI5F9:99H
CF
C:%5#C@@5CAACBG-CK9F"""<5G699B@95G98
-<=GDFCD9FHM7CBH5=BG
B9HF9BH56@9GEI5F9:99H7CBG=GH=B;C:-<9%5B8A5F?5H(B9&5F?9H
B9HF9BH56@9GEI5F9:99H5GK9@@5G5G9D5F5H9
@CB;H9FA@95G9579BHG=LGHCFM@95G92??F2=:K65
*?56C(:8?65FE
??F2=:K65
'6?EA6C
2D6'6?EA6C
#@E@>>6?465!62D6D2
2D6'6?E3
!62D65(BF2C6@@E3
!62D65(BF2C6@@E4
(::=79)CFH:C@=C
+9H5=@)CFH:C@=C
-CH5@+9H5=@5B8(::=79)CFH:C@=C
5
(::=79DCFH:C@=C@95G9GG=;B986IHBCH7CAA9B798C:
5B8
5F99LD97H98HC7CAA9B798IF=B;H<9:=FGH5B8G97CB8EI5FH9FGC:
5B8H<9:=FGHEI5FH9FC:
F9GD97H=J9@M+9H5=@DCFH:C@=C@95G9GG=;B986IHBCH7CAA9B798C:
5B8
GEI5F9:99H5F9
9LD97H98HC7CAA9B798IF=B;H<9:=FGH
G97CB8
5B8:CIFH<EI5FH9FGC:
F9GD97H=J9@M
6 BBI5@=N9865G9F9BH=G75@7I@5H986MAI@H=D@M=B;65G9F9BH5@D5MA9BHG89:=B985G75G<65G9F9BHG69:CF9565H9A9BHG:CFG=;B986IHBCH
7CAA9B798@95G9G5GC:979A69F
6M"BH<975G9C:HF=D@9B9HCFAC8=:=98;FCGG@95G9G
5BBI5@=N9865G9F9BH8C9GBCH=B7@I89H9B5BH
F9=A6IFG9A9BHG:CFF95@9GH5H9H5L9G
=BGIF5B79
7CAACB5F95CFCH<9FCD9F5H=B;9LD9BG9GBBI5@=N9865G9F9BHD9F@95G98GEI5F9:CCH=G75@7I@5H98
6M8=J=8=B;5BBI5@=N9865G9F9BH
6MGEI5F9:CCH5;9:CFG=;B986MBCH7CAA9B798@95G9G
7 )FC:CFA55BBI5@=N9865G9F9BH=G75@7I@5H986M8=J=8=B;5BBI5@=N9865G9F9BH:CF7CAA9B798@95G9G5B8:CFG=;B986IHBCH7CAA9B798@95G9G5GC:
979A69F
6MGEI5F9:CCH5;9IB89F@95G95GC:979A69F
'9HF9BH56@9GEI5F9:99H5H79FH5=BC:CIFF9H5=@DFCD9FH=9G=B7@I89GGEI5F9:CCH5;9@95G98DIFGI5BHHC;FCIB8@95G9G
5G89G7F=698=BH<9:C@@CK=B;H56@9
%C@A6CEJ
#F>36C@7C@F?5!62D6D
(BF2C6@@E286
!62D65%FCDF2?EE@
C@F?5!62D6D
88C682E6??F2=:K652D6
'6?E
5FA9@&CIBH5=B)@5N5
,CIH<5M&5F?9HD@579
9@&CBH99BH9F
@5AC*I5FFM&5F?9H
-<9!5GG5@CCB=;97HHCG95GCB5@J5F=5H=CB
K=H<<=;<9FF5H9GC:C77ID5B7MC77IFF=B;8IF=B;H<9GIAA9FACBHIGH98:FCAH<9DF=CFD9F=C8HCF9:@97HF9A95GIF9A9BHC:@95G98GD5795HH<9DFCD9FH=9G
P
)9F79BH5;9@95G98:CF957<C:CIFF9H5=@5B8C::=79DFCD9FH=9G5B8H<9F9H5=@DCFH=CBC:H<9A=L98IG9DFCD9FHM=G
75@7I@5H985GGEI5F9:CCH5;9IB89F@95G9G5GC:979A69F
8=J=8986MB9HF9BH56@9GEI5F9:99H
9LDF9GG98
5G5D9F79BH5;9-<9GEI5F9:CCH5;9IB89F@95G9=B7@I89G@95G9GK<=7<A5MBCH<5J97CAA9B7985GC:
979A69F
)9F79BH5;9@95G98:CFCIFAI@H=:5A=@MDFCD9FH=9G=G75@7I@5H985GHCH5@IB=HGF9BH985GC:
979A69F
8=J=8986MHCH5@IB=HG5J5=@56@9
9LDF9GG985G5D9F79BH5;9
P
BBI5@=N9865G9F9BH=G75@7I@5H986MAI@H=D@M=B;65G9F9BH5@D5MA9BHG89:=B985G75G<65G9F9BHG
69:CF9
565H9A9BHG:CFH<9ACBH<9B898979A69F
6MBBI5@=N9865G9F9BHD9F@95G98GEI5F9:CCH=G
75@7I@5H986M8=J=8=B;5BBI5@=N9865G9F9BH
6MGEI5F9:CCH5;9IB89F@95G95GC:979A69F
"BH<975G9C:
HF=D@9B9HCFAC8=:=98;FCGG@95G9G
5BBI5@=N9865G9F9BH8C9GBCH=B7@I89H9B5BHF9=A6IFG9A9BHG:CFF95@9GH5H9
H5L9G
=BGIF5B79
7CAACB5F95CFCH<9FCD9F5H=B;9LD9BG9G-CH5@565H9A9BHG:CF@95G9G=B9::97H5GC:
979A69F
:CFCIFF9H5=@5B8C::=79DCFH:C@=C9EI5@985DDFCL=A5H9@MA=@@=CB:CFH<9M95F9B898
979A69F
-CH5@565H9A9BHG:CF@95G9G=B9::97H5GC:979A69F
:CFCIFA=L98IG9DCFH:C@=C
9EI5@985DDFCL=A5H9@MA=@@=CB:CFH<9M95F9B898979A69F
-CH5@565H9A9BHG:CF@95G9G=B9::97H5G
C:979A69F
:CFCIFAI@H=:5A=@MDCFH:C@=C9EI5@985DDFCL=A5H9@MA=@@=CB:CFH<9M95F9B898
979A69F
P
.B=HGF9DF9G9BHH<9HCH5@BIA69FC:IB=HG5J5=@56@9:CFG5@9CFF9BH5H979A69F
P
J9F5;9C77ID5B7MF9DF9G9BHGH<9D9F79BH5;9C:5J5=@56@9IB=HGH<5HK9F9GC@88IF=B;H<9ACBH<D9F=C89B898
979A69F
5B8=G75@7I@5H986M8=J=8=B;H<9BIA69FC:IB=HGGC@86MH<9DFC8I7HC:H<9HCH5@BIA69FC:
IB=HG5B8H<9HCH5@BIA69FC:85MG=BH<9D9F=C8J9F5;985=@MF5H9F9DF9G9BHGH<95J9F5;9F5H9D5=8:CFH<9IB=HG
GC@85B8=G75@7I@5H986M8=J=8=B;H<9HCH5@FCCAF9J9BI9=9
9L7@I8=B;:CC85B869J9F5;9F9J9BI9GCFCH<9F
36C@7
%C@A6CE:6D
#6E'6?E23=6(BF2C666E
%6C46?E286@7#6E
'6?E23=6(BF2C666E
,CIH<9FB5@=:CFB=5
'CFH<9FB5@=:CFB=5
05G<=B;HCB
(F9;CB
-9L5G
!5K5==
)@E2=
)9F79BH5;9C:'9H+9BH56@9,EI5F999H=G75@7I@5H9865G98CBH<9HCH5@B9HF9BH56@9GEI5F9:99H5J5=@56@9=BCIFF9H5=@DCFH:C@=C
C::=79DCFH:C@=C5B8
H<9F9H5=@DCFH=CBC:CIFA=L98IG9DCFH:C@=C
"B7@I89GH<9F9H5=@DCFH=CBF9@5H98HCH<9A=L98IG9DFCD9FHM
(68>6?E:G6CD:7:42E:@?
-<9:C@@CK=B;H56@9G9HG:CFH<=B:CFA5H=CBF9;5F8=B;H<9HCH5@DFCD9FHMCD9F5H=B;=B7CA9:CF957<C:CIFG9;A9BHG:CFH<9
M95F9B898979A69F
8C@@5FG=BH6?E
#F>36C@7
%C@A6CE:6D
%C@A6CEJ$A6C2E:?8
?4@>6
%6C46?E286@7%C@A6CEJ
$A6C2E:?8?4@>6
(::=79
+9H5=@
&=L98.G9
&I@H=:5A=@M
)@E2=
!62D6IA:C2E:@?D
-<9:C@@CK=B;H56@9G9HG:CFH<5GIAA5FMG7<98I@9C:H<9@95G99LD=F5H=CBG:CF@95G9G=BD@5795GC:979A69F
D@IG5J5=@56@9GD579
:CF957<C:H<9H9B75@9B85FM95FG69;=BB=B;#5BI5FM
5HH<9DFCD9FH=9G=BCIFF9H5=@DCFH:C@=C
C::=79
DCFH:C@=C5B8H<9F9H5=@DCFH=CBC:CIFA=L98IG9DCFH:C@=C-<9GEI5F9:CCH5;9C:5J5=@56@9GD5799L7@I89GH<9GD579:FCA
@95G9GH<5HH9FA=B5H98CB979A69F
"B
K99LD97H5G=A=@5F@9J9@C:@95G=B;57H=J=HM:CFB9K5B89LD=F=B;@95G9G
7CAD5F98HCDF=CFM95FGK=H<CJ9F5@@DCG=H=J9=B7F95G9G=BF9BH5@=B7CA9!CK9J9F
7<5B;9G=BF9BH5@=B7CA95GGC7=5H98K=H<
=B8=J=8I5@G=;B98@95G9GCB7CAD5F56@9GD579GA5M69DCG=H=J9CFB9;5H=J9
5B8K975BDFCJ=89BC5GGIF5B79H<5HH<9F9BHGCB
B9K@95G9GK=@@7CBH=BI9HC=B7F95G95HH<956CJ98=G7@CG98@9J9@G
=:5H5@@
-<9@95G99LD=F5H=CBG:CFCIFAI@H=:5A=@MDCFH:C@=C5B8H<9CF=HM
<5J=B;HK9@J9ACBH<@95G9H9FAG
5B86975IG9FCCAG=BH<997HHCCB;C=B;@=H=;5H=CB5B8K99LD97HHCCH<9FK=G969D5FHM:FCAH=A9
HCH=A9HCJ5F=CIG@5KGI=HG
7@5=AG5B8CH<9F@9;5@DFC7998=B;GH<5H5F=G9=BH<9CF8=B5FM7CIFG9C:CIF6IG=B9GG
)"
"#().(!$(*'(
'CH5DD@=756@9
%')
)"
"' )$'$*'$""$#&*).'!)()$ $!'"))'(#((*'
%*'(($&*).(*')(
>6C:42?DD6ED)CFDE?4 "2C<6E?7@C>2E:@?2?5@=56CD
,<5F9GC:A9F=75BGG9HG-FIGH
"B7G7CAACBGHC7?5F9@=GH98CBH<9'2,IB89FH<9GMA6C@U-V(B96FI5FM
K9<58GHC7?6C:42?DD6ED)CFDE! %
-<9F9=GBC9GH56@=G<98HF58=B;A5F?9H:CFA9F=75BGG9HG-FIGH
%)GCD9F5H=B;D5FHB9FG<=DIB=HGGC:96FI5FM
K9<58A6?D2E:@?%=2??7@C>2E:@?
"B:CFA5H=CB56CIHCIF9EI=HM7CAD9BG5H=CBD@5BG=G=B7CFDCF5H986MF9:9F9B79=B"H9AC:)5FH"""C:H<=G5BBI5@F9DCFH
CBCFA$
(E@4<%6C7@C>2?46C2A9
-<9=B:CFA5H=CB69@CKG<5@@BCH69899A98HC69UGC@=7=H=B;A5H9F=5@VCFHC69U:=@98VK=H<H<9,CFGI6>97HHC
+9;I@5H=CBCF
CH<9FH<5B5GDFCJ=898=B"H9AC:+9;I@5H=CB,$
CFHCH<9@=56=@=H=9GC:,97H=CBC:H<9
L7<5B;97H
9L79DHHCH<99LH9BHK9GD97=:=75@@MF9EI9GHH<5HGI7<=B:CFA5H=CB69HF95H985GGC@=7=H=B;A5H9F=5@CFGD97=:=75@@M
=B7CFDCF5H9=H6MF9:9F9B79=BHC5:=@=B;IB89FH<9,97IF=H=9G7HCFH<9L7<5B;97H
-<9;F5D<69@CK7CAD5F9GH<97IAI@5H=J9HCH5@F9HIFBCBH<97CAD5BMWG7CAACBGHC7?K=H<H<5HC:H<9,H5B85F8
)CCFG,HC7?"B89L
CF,)"B89L
5B85B=B8IGHFMD99F;FCID
,)+95@GH5H9"B89L:FCA979A69F
HIB7H=CBK=H<H<95I8=H98<=GHCF=75@7CBGC@=85H98:=B5B7=5@GH5H9A9BHG5B8
BCH9GH<9F9HC5DD95F=B;=BU"H9A=B5B7=5@,H5H9A9BHG5B8,IDD@9A9BH5FM5H5VC:H<=GF9DCFHGIG98=BH<=GG97H=CB
IB@9GG
H<97CBH9LHCH<9FK=G9F9EI=F9G
UK9
VUIG
VUCIF
V5B8UCIF7CAD5BMVA95BA9F=75BGG9HG-FIGH
"B7
5&5FM@5B8
7CFDCF5H=CB5B8=HG7CBGC@=85H98GI6G=8=5F=9G
=B7@I8=B;A9F=75BGG9HG-FIGH
%)"BGH5H9A9BHGF9;5F8=B;EI5@=:=75H=CB5G5
+"-
GI7<H9FAGF9:9FGC@9@MHCA9F=75BGG9HG-FIGH
"B7-<=G8=G7IGG=CBA5M7CBH5=B:CFK5F8@CC?=B;GH5H9A9BHG65G98
IDCB7IFF9BH9LD97H5H=CBGH<5H=BJC@J9F=G?G5B8IB79FH5=BH=9G(IF57HI5@F9GI@HGA5M8=::9FA5H9F=5@@M:FCAH97HHC:989F5@=B7CA9H5L5B8GH5H95B8@C75@=B7CA9H5LK<9F95DD@=756@95G5
F9;I@5F7CFDCF5H=CB
H<9=B7CA995FB986MCIFH5L56@9+"-GI6G=8=5F=9G;9B9F5@@MK=@@69GI6>97HHC5B588=H=CB5@@9J9@C:H5L5G
7CAD5F98HCH<9=B7CA995FB986MCIFCH<9FGI6G=8=5F=9G
$FE=@@<
09G99?;FCKH<=B95FB=B;G
:IB8G:FCACD9F5H=CBG
5B875G<:@CKGDF=A5F=@MH97HG=BCIF89J9@CDA9BHD=D9@=B9=B7@I8=B;:IHIF9D<5G9GC:%@CM8)CFH:C@=C
CH<9FF989J9@CDA9BHG5H05=?9@99BH9F
5GK9@@5GAI@H=:5A=@M89J9@CDA9BHCDDCFHIB=H=9GK=H<=BCIF9L=GH=B;DCFH:C@=C
B5A9@M5H%CA5G,5BH59)@5N5
,C@5B5957<-CKB99BHF95B85FA9@&CIBH5=B)@5N5-<97CAA9B79A9BHC:H<9G9
89J9@CDA9BHG=G65G98CB
5ACB;CH<9FH<=B;G
A5F?9H7CB8=H=CBG5B8CIF9J5@I5H=CBC:K<9H<9FGI7<CDDCFHIB=H=9GKCI@8
;9B9F5H95DDFCDF=5H9F=G?58>IGH98:=B5B7=5@F9HIFBG(IFF989J9@CDA9BH5B889J9@CDA9BHCDDCFHIB=H=9G5F9GI6>97HHCJ5F=CIG
:57HCFG
=B7@I8=B;A5F?9H7CB8=H=CBG5B8A5MBCHI@H=A5H9@M7CA9HC:FI=H=CB097CBH=BI9HCF9J=9K57EI=G=H=CBCDDCFHIB=H=9G
=BCIFDF=A5FMA5F?9HGH<5HKCI@87CAD@9A9BHCIFDCFH:C@=C5B8DFCJ=89@CB;H9FA;FCKH<CDDCFHIB=H=9G,CA9C:CIF
57EI=G=H=CBG8CBCH=B=H=5@@M7CBHF=6IH9G=;B=:=75BH@MHC95FB=B;G;FCKH<6DE@C6
09<5J9DFCJ=89879FH5=B=B:CFA5H=CBCB5HCH5@DCFH:C@=C
G5A9GHCF95B8F989J9@CDA9BHG5A9GHCF965G=G"B:CFA5H=CB
DFCJ=898CB5G5A9GHCF965G=G=B7@I89GH<9F9GI@HGC:DFCD9FH=9GH<5HK9CKB985B8CD9F5H98:CFH<99BH=F9HMC:6CH<D9F=C8G
69=B;7CAD5F989L79DH:CFDFCD9FH=9G:CFK<=7<G=;B=:=75BHF989J9@CDA9BHCF9LD5BG=CBC77IFF988IF=B;9=H<9FC:H<9D9F=C8G
69=B;7CAD5F98
DFCD9FH=9GIB89F89J9@CDA9BH
DFCD9FH=9G7@5GG=:=985G<9@8:CF89J9@CDA9BH5B8DFCD9FH=9G7@5GG=:=985G
8=G7CBH=BI98CD9F5H=CBG"B:CFA5H=CBDFCJ=898CB5F989J9@CDA9BHG5A9GHCF965G=G=B7@I89GH<9F9GI@HGC:DFCD9FH=9G
IB89F;C=B;G=;B=:=75BHF989J9@CDA9BH:CFH<99BH=F9HMCFDCFH=CBC:6CH<D9F=C8G69=B;7CAD5F98,5A9GHCF95B8
F989J9@CDA9BHG5A9GHCF9=G7CBG=89F986MA5B5;9A9BHHC695B=ADCFH5BHA95GIF96975IG9=H5GG=GHG=B9@=A=B5H=B;8=GD5F=H=9G
8I9HCH<989J9@CDA9BH
57EI=G=H=CBCF8=GDCG=H=CBC:DFCD9FH=9G8IF=B;H<9D5FH=7I@5FD9F=C8DF9G9BH98
5B8HI8;A9BHGIFFCIB8=B;7<5B;9G=B89G=;B5H=CBG
K9HMD=75@@MF97@5GG=:MG=;B=:=75BH89J9@CDA9BH
F989J9@CDA9BHCF9LD5BG=CBDFCD9FH=9GHCG5A9GHCF9DFCD9FH=9GCB79H<9M5F9GH56=@=N98)FCD9FH=9G5F9899A98GH56=@=N98
HMD=75@@M5HH<995F@=9FC:F957<=B;C77ID5B7MCF:CIFEI5FH9FG:C@@CK=B;5DFCD9FHMG=B7@IG=CB=BCD9F5H=B;F95@
9GH5H909HMD=75@@MF9ACJ9DFCD9FH=9G:FCAG5A9GHCF9DFCD9FH=9GK<9BH<989J9@CDA9BH
F989J9@CDA9BHCF9LD5BG=CB<5GCF
=G9LD97H98HC<5J95G=;B=:=75BH=AD57HCBH<9DFCD9FHMG5BBI5@=N9865G9F9BH
C77ID5B7M5B8CD9F5H=B;=B7CA9K=H<=BH<9
75@9B85FM95F7EI=F98DFCD9FH=9G5F97@5GG=:=98HCG5A9GHCF9DFCD9FH=9GCB79K9<5J9CKB98GI7<DFCD9FH=9G:CFH<99BH=F9HM
C:7CAD5F56@9D9F=C8G5B8H<9DFCD9FH=9G5F9BCHIB89FG=;B=:=75BH89J9@CDA9BHCF9LD5BG=CB
9@CK=G5GIAA5FMC:CIFG5A9GHCF97CADCG=H=CB:CFH<9M95FG9B898979A69F
5B8CFH<9M95F
9B898979A69F
K<9B7CAD5F98HCH<989G=;B5H=CBG:CFH<9M95F9B898979A69F
-=A69F,DF=B;G=G
7@5GG=:=985G5G5A9GHCF9DFCD9FHM:CFH<9M95F9B898979A69F
6975IG9H<9DFCD9FHMK5G57EI=F98CB&5F7<
-<96I=@8=B;K=H<=BH<9%@CM8)CFH:C@=C=G7@5GG=:=985G5G5A9GHCF9DFCD9FHMK<9B7CAD5F98HCH<989G=;B5H=CB:CFH<9
M95F9B898979A69F
6975IG9H<9DFCD9FHM<5G699B=BCD9F5H=CB:CF5:I@@M95FG=B79=HK5GD@5798=BG9FJ=79=B
'CJ9A69F(B9957<,HF99H7CBH=BI9GHC69=89BH=:=985G5G5A9GHCF9F989J9@CDA9BHDFCD9FHM8I9HCG=;B=:=75BH
F989J9@CDA9BH57H=J=HM88=H=CB5@@M
H<=GDFCD9FHMK5GD@5798=BHCCD9F5H=CBGCBI;IGH
5DDFCL=A5H9@MCB9M95F5:H9F
7CAD@9H=B;F9BCJ5H=CBG
CFH<9M95F9B898979A69F
K<9B7CAD5F98HCH<989G=;B5H=CBG:CFH<9M95F9B898979A69F
7F9G5B8-=A69F+=8;9K9F9F97@5GG=:=98HCG5A9GHCF9DFCD9FH=9G6975IG9H<9G9DFCD9FH=9GK9F957EI=F98CB#I@M
5B8,9DH9A69F
F9GD97H=J9@M-=A69F,DF=B;G=G7@5GG=:=985GBCBG5A9GHCF9G=B79=HK5G57EI=F98CB&5F7<
(B9957<,HF99H7CBH=BI9GHC69=89BH=:=985G5G5A9GHCF9F989J9@CDA9BHDFCD9FHM8I9HCG=;B=:=75BH7CBGHFI7H=CB57H=J=HM
646>36C
,5A9,HCF9
'CB,5A9,HCF9
-CH5@)FCD9FH=9G
+989J9@CDA9BH,5A9,HCF9
-CH5@9J9@CDA9BH)FCD9FH=9G
'6G6?F62D6
+9BH5@=B7CA97CBG=GHGC:G7<98I@98F9BH7<5F;9G
GHF5=;IGHA9BHG5B8H<95ACFH=N5H=CBC:56CJ9A5F?9H5B8
69@CKA5F?9HF9BHG57EI=F98095@GC89F=J9F9J9BI9:FCAH9B5BHF97CJ9F=9G5B8CH<9FDFCD9FHMF9J9BI9G
=B7@I8=B;D5F?=B;
=B7CA9
@95G9H9FA=B5H=CB:99G
@5H9:99G
GHCF5;9F9BHG5B8CH<9FA=G79@@5B9CIGDFCD9FHMF9J9BI9G
**-'))%7)7(IFC::=79DCFH:C@=C=B7@I898HK9@J9DFCD9FH=9GK=H<5HCH5@C:5DDFCL=A5H9@MA=@@=CBF9BH56@9GEI5F9
:99H5J5=@56@9:CF@95G95GC:979A69F
GC:979A69F
H<9G9DFCD9FH=9GK9F9@95G98CFH<9M95F
9B898979A69F
H<9C::=79G9;A9BH7CBHF=6IH98C:CIFHCH5@F9J9BI9!=GHCF=75@@M
K9<5J9@95G98C::=79
DFCD9FH=9GHCH9B5BHGDF=A5F=@MCB5:I@@G9FJ=79;FCGGCF5AC8=:=98;FCGG65G=G5B8HC5@=A=H989LH9BHCB5HF=D@9B9H@95G965G=G
099LD97HHC7CBH=BI9HC8CGC=BH<9:IHIF9:I@@G9FJ=79;FCGGCFAC8=:=98;FCGG@95G9<5G565G9M95F9LD9BG9GHCD
K<9F96M
H<9H9B5BHD5MG5GH5H985ACIBHC:79FH5=B9LD9BG9G5GD5FHC:H<9F9BHD5MA9BH
K<=@9:IHIF9=B7F95G9G=BDFCD9FHMCD9F5H=B;
9LD9BG9G56CJ9H<965G9M95FGHCD5F96=@@98HCH<9H9B5BH65G98CBGI7<H9B5BHGDFCDCFH=CB5H9GEI5F9:CCH5;9C:H<9DFCD9FHM
-<9=B7F95G98DFCD9FHMCD9F5H=B;9LD9BG9G6=@@985F9F9:@97H985GCD9F5H=B;9LD9BG9G5B85ACIBHGF97CJ9F98:FCAH9B5BHG5F9
F9:@97H985GF9BH5@=B7CA9=BH<9GH5H9A9BHGC:CD9F5H=CBG
IF=B;H<9M95F9B898979A69F
K9G=;B98C::=79@95G9G:CF
GEI5F9:99HK=H<5B5J9F5;9F9BHC:
D9FGEI5F9:CCH8IF=B;H<9=B=H=5@M95FC:H<9@95G9H9FA(:H<9@95G9G
F9DF9G9BH7CAD5F56@9@95G9GK<9F9H<9F9K5G5
DF=CFH9B5BH
K=H<5B=B7F95G9C:=B75G<65G=GF9BH5B85B=B7F95G9C:=BGHF5=;CF=HM
<5J=B;ACBH<@95G9H9FAG-9B5BHGBCFA5@@MD5M565G9F9BH5@5ACIBH
IGI5@@MEICH98=BH9FAGC:5ACBH<@MF5H9:CFH<9
F9GD97H=J9IB=H,D579G5HH<9+/F9GCFH75B69F9BH985H585=@M
K99?@M
CFACBH<@MF5H9-<95J9F5;9ACBH<@M65G9F9BHD9F
@95G98IB=H5GC:979A69F
K5G
7CAD5F98HC
5H979A69F
-<)(!7)634)68=):)29)(IFA=L98IG9DFCD9FHM7CBG=GHGC:5DDFCL=A5H9@M
F9BH56@9GEI5F9:99HC:F9H5=@
GD5795B85FCCA5@@GI=H997H=CBGC::=FGH@95G9M95FD9F79BH5;9F9BH
HC69D5=8CBH<9B9K@95G9"BGCA9=BGH5B79G
A5B5;9A9BH9L9F7=G9G>I8;A9BH5GHC2E6D
-<9DF9D5F5H=CBC::=B5B7=5@GH5H9A9BHG=B7CB:CFA=HMK=H< )F9EI=F9GA5B5;9A9BHHCA5?99GH=A5H9G5B8
5GGIADH=CBGH<5H=B79FH5=B7=F7IAGH5B79G5::97HH<9F9DCFH985ACIBHGC:5GG9HG5B8@=56=@=H=9G
8=G7@CGIF9C:7CBH=B;9BH5GG9HG
5B8@=56=@=H=9G
5B8F9J9BI9G5B89LD9BG9G-<9G99GH=A5H9G5F9DF9D5F98IG=B;A5B5;9A9BHG69GH>I8;A9BH
5:H9F7CBG=89F=B;
D5GH5B87IFF9BH9J9BHG5B897CBCA=77CB8=H=CBG"B588=H=CB
=B:CFA5H=CBF9@=98IDCB6MA5B5;9A9BH=BDF9D5F=B;GI7<
9GH=A5H9G=B7@I89G=BH9FB5@@M;9B9F5H98:=B5B7=5@5B8CD9F5H=B;=B:CFA5H=CB
9LH9FB5@A5F?9H=B:CFA5H=CB
K<9B5J5=@56@9
5B8
K<9BB979GG5FM
=B:CFA5H=CBC6H5=B98:FCA7CBGI@H5H=CBGK=H<H<=F8D5FHM9LD9FHG7HI5@F9GI@HG7CI@88=::9F:FCAH<9G9
9GH=A5H9G8=G7IGG=CBC:DCGG=6@9F=G?GK<=7<A5M5::97HH<9G99GH=A5H9G=G=B7@I898=BH<9G97H=CB56CJ99BH=H@98U"H9A
+=G?57HCFGV&5B5;9A9BH7CBG=89FG5B577CIBH=B;9GH=A5H9HC697F=H=75@=:7<5B;9G=BH<99GH=A5H97CI@8<5J95A5H9F=5@
=AD57HCBCIF7CBGC@=85H98F9GI@HGC:CD9F5H=CBGCF:=B5B7=5@7CB8=H=CB
(IFG=;B=:=75BH577CIBH=B;DC@=7=9G5F9ACF9:I@@M89G7F=698=BH<9BCH9GHCH<97CBGC@=85H98:=B5B7=5@GH5H9A9BHG=B7@I898
9@G9K<9F9=BH<=GF9DCFHIGHA9BHG
65G98CBA5B5;9A9BHG5GG9GGA9BHC:
7F98=H
7C@@97H=CB5B8CH<9F6IG=B9GGF=G?G0<9BK989H9FA=B9H<5HK95F9H<9CKB9FC:H9B5BH=ADFCJ9A9BHG5B8H<9H9B5BH<5G
F9=A6IFG98IG:CF5DCFH=CBCF5@@C:H<9H9B5BH=ADFCJ9A9BH7CGHG
K97CBG=89FH<95ACIBHD5=8HC69588=H=CB5@F9BH
K<=7<=G
F97C;B=N98CB5GHF5=;I8;A9BH6MA5B5;9A9BH-<97C@@97H56=@=HMC:F979=J56@9G=G5::97H986MBIA9FCIG8=::9F9BH:57HCFG
=B7@I8=B;7IFF9BH97CBCA=7HF9B8G
7<5B;9G=BH9B5BHGD5MA9BHD5HH9FBG
H9B5BH65B?FIDH7=9G
H<9GH5HIGC:7C@@97H56=@=HMC:
7IFF9BH75G<F9BHGF979=J56@9
H9B5BHGF979BH5B8<=GHCF=75@:=B5B7=5@5B8CD9F5H=B;F9GI@HG
7<5B;9G=BCIFH9B5BHG7F98=HF5H=B;G
7CAAIB=75H=CBG69HK99BCIFCD9F5H=B;D9FGCBB9@5B8H9B5BHG
H<99LH9BHC:G97IF=HM89DCG=HG5B8@9HH9FGC:7F98=HG<9@8K=H<
F9GD97HHCH9B5BHG
5B8H<956=@=HMC:H<9H9B5BHHCD9F:CFAIB89FH<9H9FAGC:H<9=F@95G95;F99A9BHK<9B9J5@I5H=B;H<9
589EI57MC:H<95@@CK5B79:CF8CI6H:I@577CIBHG":CIF5GG9GGA9BHC:H<9G9:57HCFG=B8=75H9G=H=GDFC656@9H<5HK9K=@@69
IB56@9HC7C@@97HGI6GH5BH=5@@M5@@F9BHG
K9F97C;B=N957<5F;9HCF9BH5@=B7CA95B8@=A=HCIFF9BH5@=B7CA9HCH<9@9GG9FC:@95G9
=B7CA9CB5GHF5=;IGHA9BHHCF9BH5@=B7CA9=B
H<9D9F=C8K9A5?957<5B;9HCCIFDF=CF7CB7@IG=CB
I9HCH<9B5HIF9C:H<9577CIBHGF979=J56@9:FCAGHF5=;CF=ADFCJ9A9BHG&=BCF=ADFCJ9A9BHG
:IFB=HIF95B8
9EI=DA9BH5F975D=H5@=N985B889DF97=5H98CJ9FIG9:I@@=J9GF5B;=B;:FCAHCM95FG&5=BH9B5B795B8F9D5=FGH<5H8CBCH
=ADFCJ9CF9LH9B8H<9IG9:I@@=J9GC:H<9F9@5H985GG9HG5F97<5F;98HCCD9F5H=CBG5G=B7IFF98-9B5BH=ADFCJ9A9BHG5F9
75D=H5@=N985B889DF97=5H98CJ9FH<9@=:9C:H<9F9@5H98@95G9CFH<9=F9GH=A5H98IG9:I@@=:9
K<=7<9J9F=GGI8;A9BH
5B8GCA9C:H<99GH=A5H9G=BJC@J97CAD@9L75@7I@5H=CBG-<9G95@@C75H=CB5GG9GGA9BHG<5J95
8=F97H=AD57HCBCIFF9GI@HGC:CD9F5H=CBG6975IG9=:K9K9F9HC5@@C75H9ACF9J5@I9HC@5B8
H<9F9KCI@869BC89DF97=5H=CBK=H<
F9GD97HHCGI7<5ACIBH":K9K9F9HC5@@C75H9ACF9J5@I9HCH<96I=@8=B;G
5GCDDCG98HC5@@C75H=B;HCH<9J5@I9C:H9B5BH
@95G9G
H<=G5ACIBHKCI@869F97C;B=N985G5B9LD9BG9CJ9F5AI7<@CB;9FD9F=C8C:H=A9
G=B79H<95ACIBHG5@@C75H98HC
6I=@8=B;G5F989DF97=5H98CJ9FH<99GH=A5H98@=J9GC:H<96I=@8=B;GK<9F95G5ACIBHG5@@C75H98HCH9B5BH@95G9G5F95ACFH=N98
CJ9FH<9F9A5=B=B;H9FAGC:H<9@95G9G
-<9J5@I95@@C75H98HC=BD@579@95G9G=G5ACFH=N98CJ9FH<9F9@5H98@95G9H9FA5B8F9:@97H985G89DF97=5H=CB5B8
5ACFH=N5H=CB=BH<97CBGC@=85H98GH5H9A9BHGC:7CADF9<9BG=J9=B7CA9-<9J5@I9C:56CJ95B869@CKA5F?9H@95G9G5GGC7=5H98
K=H<H<9CF=;=B5@BCB75B79@56@9@95G9H9FAG5F95ACFH=N98HCF9BH5@=B7CA9CJ9FH<9H9FAGC:H<9F9GD97H=J9BCB75B79@56@9@95G9
D9F=C8G5B85F9F9:@97H985G9=H<9F5B=B7F95G9:CF69@CKA5F?9H@95G9GCF5897F95G9:CF56CJ9A5F?9H@95G9GHCF9BH5@=B7CA9
=BH<97CBGC@=85H98GH5H9A9BHC:7CADF9<9BG=J9=B7CA9":5H9B5BHJ575H9G=HGGD579DF=CFHC7CBHF57HI5@H9FA=B5H=CBC:=HG@95G9
CFH<9@95G9=GBCHF9B9K98
H<9IB5ACFH=N9865@5B79C:5BM=BD@579@95G9J5@I9=GKF=HH9BC::HCF9BH5@=B7CA95B85ACFH=N5H=CB
9LD9BG9-<9J5@I9C:H<9@95G9G5GGC7=5H98K=H<69@CKA5F?9H@95G9F9B9K5@CDH=CBGH<5H5F9@=?9@MHC699L9F7=G985F9
5ACFH=N98HCF9BH5@=B7CA9CJ9FH<9F9GD97H=J9F9B9K5@D9F=C8G09A5?95GGIADH=CBG5B89GH=A5H9GF9@5H98HC69@CKA5F?9H
@95G9F9B9K5@CDH=CBG
K<=7<=AD57HF9J9BI9=BH<9D9F=C8=BK<=7<H<9F9B9K5@CDH=CBG5F99L9F7=G985B87CI@8F9GI@H=B
G=;B=:=75BH=B7F95G9GHCF9J9BI9=:H<9F9B9K5@CDH=CBG5F9BCH9L9F7=G985HK<=7<H=A9H<9F9@5H9869@CKA5F?9H@95G9@=56=@=H=9G
KCI@869KF=HH9BC::5G5B=B7F95G9HCF9J9BI9
-F5BG57H=CB7CGHGF9@5H98HCH<957EI=G=H=CBC:56IG=B9GG
GI7<5G6FC?9F:99G
HF5BG:9FH5L9G
@9;5@
577CIBH=B;
J5@I5H=CB
5B8CH<9FDFC:9GG=CB5@5B87CBGI@H=B;:99G
5F99LD9BG985G=B7IFF985B8=B7@I898=BU;9B9F5@5B858A=B=GHF5H=J99LD9BG9GV=B
CIF7CBGC@=85H98GH5H9A9BHGC:7CADF9<9BG=J9=B7CA9CF5GG9H57EI=G=H=CBGBCHA99H=B;H<989:=B=H=CBC:56IG=B9GG
HF5BG57H=CB7CGHG5F975D=H5@=N985GD5FHC:H<957EI=G=H=CB7CGH
%4-8%0->)(3787
9FH5=B9LH9FB5@5B8=BH9FB5@7CGHG8=F97H@MF9@5H98HCH<989J9@CDA9BH5B8F989J9@CDA9BHC:F95@9GH5H9
=B7@I8=B;DF9
7CBGHFI7H=CB7CGHG
F95@9GH5H9H5L9G
=BGIF5B79
=BH9F9GH
7CBGHFI7H=CB7CGHG5B8G5@5F=9G5B8F9@5H987CGHGC:D9FGCBB9@8=F97H@M
=BJC@J98
5F975D=H5@=N980975D=H5@=N97CGHGIB89F89J9@CDA9BHIBH=@7CBGHFI7H=CB=GGI6GH5BH=5@@M7CAD@9H95B8H<9DFCD9FHM=G
<9@85J5=@56@9:CFC77ID5B7M-<989H9FA=B5H=CBC:K<9B589J9@CDA9BHDFC>97H=GGI6GH5BH=5@@M7CAD@9H95B8K<9B
75D=H5@=N5H=CBAIGH795G9=BJC@J9G589;F99C:>I8;A9BH097CBG=89F57CBGHFI7H=CBDFC>97H5GGI6GH5BH=5@@M7CAD@9H95B8<9@8
5J5=@56@9:CFC77ID5B7MIDCBH<97CAD@9H=CBC:@5B8@CF8CKB98H9B5BH=ADFCJ9A9BHGCFK<9BH<9@9GG99H5?9GDCGG9GG=CBC:
H<9IB=ADFCJ98GD579:CF7CBGHFI7H=CBC:=HGCKB=ADFCJ9A9BHG
6IHBCH@5H9FH<5BCB9M95F:FCA79GG5H=CBC:A5>CF
7CBGHFI7H=CB57H=J=HM09795G975D=H5@=N5H=CBCBH<9DCFH=CBGI6GH5BH=5@@M7CAD@9H985B8C77ID=98CF<9@85J5=@56@9:CF
C77ID5B7M
5B875D=H5@=N9CB@MHCFF989J9@CDA9BHG5F975D=H5@=N985GD5FHC:89J9@CDA9BHG5B8F989J9@CDA9BHGBCH
M9HD@5798=BG9FJ=795D=H5@=N5H=CBC:=BH9F9GH7CAA9B79GK<9B89J9@CDA9BH57H=J=H=9G5B89LD9B8=HIF9G69;=B5B89B8IDCB
7CAD@9H=CB
K<=7<=GK<9BH<95GG9H=GF958M:CF=HG=BH9B898IG95GBCH9856CJ909A5?9>I8;A9BHG5GHCH<9H=A9D9F=C8CJ9F
K<=7<HC75D=H5@=N9GI7<7CGHG5B8H<9G95GGIADH=CBG<5J958=F97H=AD57HCBB9H=B7CA96975IG975D=H5@=N987CGHG5F9BCH
GI6HF57H98=B75@7I@5H=B;B9H=B7CA9":H<9H=A9D9F=C8:CF75D=H5@=N=B;=BH9F9GH=G9LH9B898
ACF9=BH9F9GH=G75D=H5@=N98
H<9F96M
897F95G=B;=BH9F9GH9LD9BG95B8=B7F95G=B;B9H=B7CA98IF=B;H<5HD9F=C80975D=H5@=N98=BH9F9GH7CGHGF9@5H98HC6CH<
89J9@CDA9BH5B8F989J9@CDA9BH57H=J=H=9G7CA6=B98C:A=@@=CB5B8A=@@=CB:CFH<9M95FG9B898979A69F
5B8
F9GD97H=J9@M
,9;A9BH75D=H5@9LD9B8=HIF9G:CFH<9M95FG9B898979A69F
5B85F95G:C@@CKG8C@@5FG=BH36C
,9;A9BH
-9B5BH
"ADFCJ9A9BHG5B8
%95G=B;
CAA=GG=CBG
5D=H5@
LD9B8=HIF9G
-CH5@-9B5BH
"ADFCJ9A9BHG
%95G=B;
CAA=GG=CBG5B8
5D=H5@
LD9B8=HIF9G
+989J9@CDA9BH
5B8LD5BG=CBG
'9K
9J9@CDA9BH
-CH5@5D=H5@
LD9B8=HIF9G
(::=79)CFH:C@=C
+9H5=@)CFH:C@=C
T
T
&I@H=:5A=@M)CFH:C@=C
T
T
T
&=L98.G9)CFH:C@=C
T
T
-CH5@
.62C?565646>36C
,9;A9BH
-9B5BH
"ADFCJ9A9BHG5B8
%95G=B;
CAA=GG=CBG
5D=H5@
LD9B8=HIF9G
-CH5@-9B5BH
"ADFCJ9A9BHG
%95G=B;
CAA=GG=CBG5B8
5D=H5@
LD9B8=HIF9G
+989J9@CDA9BH
5B8LD5BG=CBG
'9K
9J9@CDA9BH
-CH5@5D=H5@
LD9B8=HIF9G
(::=79)CFH:C@=C
+9H5=@)CFH:C@=C
T
T
&I@H=:5A=@M)CFH:C@=C
T
T
T
&=L98.G9)CFH:C@=C
T
T
-CH5@
-<9=B7F95G9=BH9B5BH=ADFCJ9A9BHG5B8@95G=B;7CAA=GG=CBG:CFH<9M95F9B898979A69F
7CAD5F98HCH<9
M95F9B898979A69F
K5GDF=A5F=@MF9@5H98HCH9B5BH6I=@8CIHG5H%5#C@@5CAACBG
%@CM8)CFH:C@=C
9@&CBH9
9BH9F
=HM9BH9F9@@9JI95B8@5AC*I5FFM&5F?9H8IF=B;H<9M95F9B898979A69F
D5FH=5@@MC::G9H6MH9B5BH
6I=@8CIHG7CAD@9H985H-CFF9M+9G9FJ95ADIG
-CFF9M)C=BH5B85FA9@&CIBH5=B)@5N58IF=B;H<9M95F9B898979A69F
-<9897F95G9=B75D=H5@9LD9B8=HIF9G:CFH<9M95F9B898979A69F
7CAD5F98HCH<9M95F9B898979A69F
K5GDF=A5F=@MF9@5H98HCH<9F9BCJ5H=CBG7CAD@9H985H=HM9BH9F9@@9JI95B8%5#C@@5CAACBG8IF=B;H<9M95F9B898
979A69F
D5FH=5@@MC::G9H6M5B=B7F95G95H@5AC*I5FFM&5F?9H8IF=B;H<9M95F9B898979A69F
-<9897F95G9=BB9K89J9@CDA9BH9LD9B8=HIF9G:CFH<9M95F9B898979A69F
7CAD5F98HCH<9M95F9B898
979A69F
K5GDF=A5F=@MF9@5H98HC7CGHG=B7IFF98:CFH<989J9@CDA9BHC:-CK9F5H%5#C@@5CAACBG8IF=B;H<9
M95F9B898979A69F
-<9897F95G9=BF989J9@CDA9BH9LD9B8=HIF9G:CFH<9M95F9B898979A69F
7CAD5F98
HCH<9M95F9B898979A69F
K5GDF=A5F=@MF9@5H98HCH<9A5>CF=HM7CAD@9H=CBC:H<9(B9957<,HF99HF989J9@CDA9BH
8IF=B;H<9M95F9B898979A69F
(IF75D=H5@9LD9B8=HIF9G:CFH<9M95F9B8=B;979A69F
K=@@89D9B8IDCB57EI=G=H=CBCDDCFHIB=H=9G
H<9@9J9@C:
=ADFCJ9A9BHG5B8F9BCJ5H=CBGCB9L=GH=B;DFCD9FH=9G5B8H<9H=A=B;5B87CGHC:89J9@CDA9BHC:CIF<9@8:CF89J9@CDA9BH5B8
7CBGHFI7H=CB=BDFC;F9GGDFCD9FH=9G0<=@9H<95ACIBHC::IHIF99LD9B8=HIF9GK=@@89D9B8CBBIA9FCIG:57HCFG
K99LD97H
9LD9B8=HIF9G=B7IFF98=BH<9M95F9B8=B;979A69F
HC897F95G9:FCAH<9M95F9B8=B;979A69F
5GK9
F957<987CAD@9H=CBC:H<989J9@CDA9BH57H=J=H=9G5H%5#C@@5CAACBG=BH<9M95F9B898979A69F
)6-:%8-:)278691)287
09A5MIG989F=J5H=J9=BGHFIA9BHGHCA5B5;99LDCGIF9HCJ5F=56@9=BH9F9GHF5H9F=G?09A5M9BH9F=BHC=BH9F9GHF5H9GK5DG
HCA5B5;9CIF9LDCGIF9HCJ5F=56@9=BH9F9GHF5H9F=G?5B8HF95GIFM@C7?GHCA5B5;9H<9F=G?C:=BH9F9GHF5H9GF=G=B;DF=CFHCH<9
=GGI5B79C:896H
BM=BH9F9GHF5H9GK5DG5GGC7=5H98K=H<CIF75G<:@CK<98;9G5F9F97CF8985H:5=FJ5@I9CB5F97IFF=B;65G=G095GG9GG
9::97H=J9B9GGC:CIF75G<:@CK<98;9G6CH<5H=B79DH=CB5B8CB5BCB;C=B;65G=G-<99::97H=J9DCFH=CBC:7<5B;9G=B:5=FJ5@I9
C:H<9=BH9F9GHF5H9GK5DG5GGC7=5H98K=H<CIF75G<:@CK<98;9G=GF97CF898=BCH<9F7CADF9<9BG=J9=B7CA9K<=7<=G=B7@I898=B
577IAI@5H98CH<9F7CADF9<9BG=J9=B7CA9CBCIF7CBGC@=85H9865@5B79G<99H5B8CIF7CBGC@=85H98GH5H9A9BHC:9EI=HM(IF75G<
:@CK<98;9G697CA9=B9::97H=J9=:7F=H=75@H9FAGC:H<9<98;=B;=BGHFIA9BH5B8H<9896H=BGHFIA9BH8CBCHA5H7<
GI7<5G
BCH=CB5@5ACIBHG
G9HH@9A9BH85H9G
F9G9H85H9G
75@7I@5H=CBD9F=C8G5B8H<9IG9C:,(+"B588=H=CB
K99J5@I5H9H<989:5I@H
F=G?C:H<97CIBH9FD5FHM6MACB=HCF=B;H<97F98=HKCFH<=B9GGC:H<97CIBH9FD5FHMK<=7<=B7@I89GF9J=9K=B;896HF5H=B;G5B8
:=B5B7=5@D9F:CFA5B79!CK9J9F
A5B5;9A9BH8C9GBCH5BH=7=D5H9BCBD9F:CFA5B796MH<97CIBH9FD5FHM":575G<:@CK<98;9=G
899A98=B9::97H=J9
H<9=B9::97H=J9DCFH=CBC:7<5B;9G=B:5=FJ5@I9C:H<9=BH9F9GHF5H9GK5DG5GGC7=5H98K=H<CIF75G<:@CK
<98;9G=GF97C;B=N98=B95FB=B;G=BH<9D9F=C85::97H98
14%-61)283*32+-:)(
77)87
09F9J=9K:CF=AD5=FA9BHCB5DFCD9FHM6MDFCD9FHM65G=G"AD5=FA9BH=GF97C;B=N98CBDFCD9FH=9G<9@8:CFIG9K<9BH<9
9LD97H98IB8=G7CIBH9875G<:@CKG:CF5DFCD9FHM5F9@9GGH<5B=HG75FFM=B;5ACIBH5HK<=7<H=A9H<9DFCD9FHM=GKF=HH9B8CKBHC
:5=FJ5@I9-<975@7I@5H=CBC:6CH<8=G7CIBH985B8IB8=G7CIBH9875G<:@CKGF9EI=F9GA5B5;9A9BHHCA5?99GH=A5H9GC::IHIF9
75G<:@CKG=B7@I8=B;F9J9BI9G
CD9F5H=B;9LD9BG9G
F9EI=F98A5=BH9B5B795B889J9@CDA9BH9LD9B8=HIF9G
A5F?9H7CB8=H=CBG
89A5B8:CFGD5796MH9B5BHG5B8F9BH5@F5H9GCJ9F@CB;D9F=C8G,=B79CIFDFCD9FH=9GHMD=75@@M<5J95@CB;@=:9
H<95GGIADH=CBG
IG98HC9GH=A5H9H<9:IHIF9F97CJ9F56=@=HMC:6CC?J5@I9F9EI=F9GG=;B=:=75BHA5B5;9A9BH>I8;A9BH7HI5@F9GI@HG7CI@869
G=;B=:=75BH@M8=::9F9BH:FCAH<99GH=A5H9G-<9G99GH=A5H9G<5J958=F97H=AD57HCBB9H=B7CA96975IG9F97CF8=B;5B=AD5=FA9BH
7<5F;9F9GI@HG=B5B9;5H=J958>IGHA9BHHCB9H=B7CA9-<99J5@I5H=CBC:5BH=7=D5H9875G<:@CKG=G<=;<@MGI6>97H=J95B8=G65G98
=BD5FHCB5GGIADH=CBGF9;5F8=B;:IHIF9C77ID5B7M
F9BH5@F5H9G5B875D=H5@F9EI=F9A9BHGH<5H7CI@88=::9FA5H9F=5@@M:FCA57HI5@
F9GI@HG=B:IHIF9D9F=C8G
)FCD9FH=9G<9@8:CFG5@95F9F97CF8985HH<9@CK9FC:H<975FFM=B;5ACIBHCFH<99LD97H98G5@9GDF=79@9GG7CGHGHCG9@@
@H97HHC7CFDCF5H9@9J9@=B7CA9H5LCBH<995FB=B;G8=GHF=6IH987IFF9BH@MHCCIFGHC7?97HHCF9;I@5F.,:989F5@7CFDCF5H9=B7CA9H5L
BMGI7<7CFDCF5H9H5L@=56=@=HM7CI@869GI6GH5BH=5@5B8KCI@8F98I79CIF75G<5J5=@56@9:CF
5ACB;CH<9FH<=B;G
CIF
CD9F5H=CBG5B88=GHF=6IH=CBGHCA9F=75BGG9HG-FIGH
"B7GGHC7?97HHC:989F5@5B8GH5H9=B7CA9H5L9G
%C@A6CEJ4BF:D:E:@?D2?5:DA@D:E:@?D
7EI=G=H=CBG5B8=GDCG=H=CBG
IF=B;H<9M95F9B898979A69F
H<9F9K9F9BC57EI=G=H=CBGCF8=GDCG=H=CBG
7EI=G=H=CBG5B8=GDCG=H=CBG
IF=B;H<9M95F9B898979A69F
H<9F9K9F9BC57EI=G=H=CBGCF8=GDCG=H=CBG
7EI=G=H=CBG5B8=GDCG=H=CBG
(B&5F7<
K957EI=F98-=A69F,DF=B;G
7CBG=GH=B;C:5B5DDFCL=A5H9@M
GEI5F9:99H
AI@H=H9B5BHC::=79
75ADIG=B9@@9JI9
05G<=B;HCB-<9DIF7<5G9DF=79K5G5DDFCL=A5H9@MA=@@=CB
@9GGG9@@9F7F98=HGC:5DDFCL=A5H9@M
A=@@=CBC::IHIF9F9BH565H9A9BH
5DDFCL=A5H9@MA=@@=CBC:7CBHF57HI5@H9B5BH=ADFCJ9A9BHG5B87@CG=B;7CGHGC:
5DDFCL=A5H9@MA=@@=CB
-<9DFCD9FHMK5G57EI=F98K=H<75G<CB<5B8
IF=B;H<9M95F9B898979A69F
H<9F9K9F9BC8=GDCG=H=CBG
'6DF=ED@7$A6C2E:@?D
CFCIF8=G7IGG=CBC:F9GI@HGC:CD9F5H=CBG
K9<5J9DFCJ=898=B:CFA5H=CBCB5HCH5@DCFH:C@=C5B8G5A9GHCF965G=G
CFCIF8=G7IGG=CBF9@5H98HCH<9F9GI@HGC:CD9F5H=CBG5B8@=EI=8=HM5B875D=H5@F9GCIF79G:CFH<9M95F9B898979A69F
7CAD5F98HCH<9M95F9B898979A69F
D@95G9F9:9FHC)5FH""
"H9A&5B5;9A9BHG=G7IGG=CB5B8B5@MG=GC:
=B5B7=5@CB8=H=CB5B8+9GI@HGC:(D9F5H=CBG=BCIF:=G75@CFA$
:=@98K=H<H<9,97IF=H=9G5B8L7<5B;9
CAA=GG=CBCB96FI5FM
314%6-7323*8,)$)%62()()')1&)6
838,)$)%62()()')1&)6
-<9:C@@CK=B;GIAA5F=N9GCIF7CBGC@=85H98F9GI@HGC:CD9F5H=CBG:CFH<9M95F9B898979A69F
7CAD5F98HCCIF
7CBGC@=85H98F9GI@HGC:CD9F5H=CBG:CFH<9M95F9B898979A69F
GC:979A69F
CIFCD9F5H=B;DCFH:C@=CK5G
7CADF=G98C:C::=79
F9H5=@
AI@H=:5A=@M5B8A=L98IG9DFCD9FH=9GK=H<5B5;;F9;5H9C:5DDFCL=A5H9@MA=@@=CBF9BH56@9
GEI5F9:99HC:C::=795B8F9H5=@GD579=B7@I8=B;A=L98IG9F9H5=@GD579
F9G=89BH=5@IB=HG=B7@I8=B;+/GD579G5B85
FCCA36C
92?86
'6G6?F6D
+9BH5@=B7CA9
(H<9FDFCD9FHM=B7CA9
-CH5@DFCD9FHMF9J9BI9G
IA6?D6D
+9BH5@9LD9BG9G
+95@9GH5H9H5L9G
-CH5@DFCD9FHM9LD9BG9G
'9HCD9F5H=B;=B7CA9
9B9F5@5B858A=B=GHF5H=J9
9DF97=5H=CB5B85ACFH=N5H=CB
"BH9F9GH9LD9BG9
B9H
(H<9F=B7CA9
B9H
#6E:?4@>6
'9H=B7CA95HHF=6IH56@9HCF9GHF=7H98G<5F9G
'9H=B7CA95HHF=6IH56@9HCIB=H62EEC:3FE23=6E@>6C:42?DD6ED)CFDE?4
DE@4<9@=56CD
):)29)
38%04634)68=6):)29)7-CH5@DFCD9FHMF9J9BI97CBG=GHGC:F9BH5@F9J9BI95B8CH<9FDFCD9FHM=B7CA9-CH5@DFCD9FHM
F9J9BI9=B7F95G98 A=@@=CB
CF
HCA=@@=CB:CFH<9M95F9B898979A69F
7CAD5F98HCA=@@=CB
:CFH<9M95F9B898979A69F
-<9D9F79BH5;9@95G98K5G5G:C@@CKG:CF957<G9;A9BH5GC:979A69F
5B8
%6C46?E286!62D65
.62C?565
646>36C
(::=79
+9H5=@
&I@H=:5A=@M
&=L98.G9
-<9D9F79BH5;9@95G98=B7@I89GH<9GEI5F9:CCH5;9IB89F@95G9
=B7@I8=B;@95G9GK<=7<A5MBCH<5J97CAA9B7985GC:979A69F
CF
979A69F
5G5DD@=756@9
"B7@I89GH<9F9H5=@DCFH=CBC:H<9A=L98IG9DFCD9FHMCB@M
-<9=B7F95G9=BHCH5@DFCD9FHMF9J9BI9K5G5HHF=6IH56@9DF=A5F=@MHCH<9:57HCFG8=G7IGG9869@CK
)28%06):)29)7+9BH5@F9J9BI9=B7@I89GA=B=AIA65G9F9BH
7CGHF9=A6IFG9A9BHG
D9F79BH5;9F9BHG5B8CH<9FF9BHG
+9BH5@F9J9BI9=B7F95G98 A=@@=CB
CF
HCA=@@=CB:CFH<9M95F9B898979A69F
7CAD5F98HC
A=@@=CB:CFH<9M95F9B898979A69F
+9BH5@F9J9BI96MG9;A9BHK5G5G:C@@CKG8C@@5FG=BH6(E@C6%@CE7@=:@
.62C?565646>36C
.62C?565646>36C
92?86
92?86
(::=79
+9H5=@
&I@H=:5A=@M
&=L98.G9
CFH<=GH56@95B8H56@9G:C@@CK=B;
H<9G5A9GHCF9DCFH:C@=C9L7@I89G(B9957<,HF99H8I9HCG=;B=:=75BHF989J9@CDA9BH5B8@5B8<9@8:CF
89J9@CDA9BH
-CH5@C::=79F9BH5@F9J9BI9897F95G98A=@@=CB:CFH<9M95F9B898979A69F
7CAD5F98HCH<9M95F9B898
979A69F
DF=A5F=@M8I9HC5897F95G9C:A=@@=CB=B7CGHF97CJ9F=9G8I9HC7<5B;9G=BH9B5BH65G9M95FG
5897F95G9
=BF97CJ9F56@9DFCD9FHM9LD9BG9G
DF=CFM95FH5LF9:IB8GF979=J98H<5HK9F9F9:IB898HCH9B5BHG
5B85897F95G9=BF9BH5@F9J9BI9
8F=J9BDF=A5F=@M6MH9B5BHACJ9CIHG5H%@CM8)CFH:C@=C5B8-=A69F,DF=B;G5B8@CK9FC77ID5B7M5H,C@5B5FCGG=B;
-CH5@F9H5=@F9BH5@F9J9BI9=B7F95G98A=@@=CB:CFH<9M95F9B898979A69F
7CAD5F98HCH<9M95F9B898
979A69F
DF=A5F=@M8I9HCB9KH9B5BH@95G9GG=;B98
G7<98I@98F9BH=B7F95G9G5B8H9B5BHGDF9J=CIG@MCB5@H9FB5H9F9BH
F9J9FH=B;657?HC65G=7ACBH<@MF9BH-<9G9=B7F95G9G5F9DF=A5F=@MF9@5H98HC5FA9@&CIBH5=B)@5N5
,C@5B5957<-CKB9
9BH9F
@5AC*I5FFM&5F?9H5B89@&CBH99BH9F88=H=CB5@@M
H<9F9K5G5B=B7F95G9C:A=@@=CB=B7CGHF97CJ9F=9G
&I@H=:5A=@MF9BH5@F9J9BI9=B7F95G98A=@@=CB:CFH<9M95F9B898979A69F
7CAD5F98HCH<9M95F9B898
979A69F
DF=A5F=@M8I9HC5BCJ9F5@@=B7F95G9=B5J9F5;9ACBH<@M65G9F9BH5B85B=B7F95G9=BC77ID5B7MJ9F5;9
ACBH<@M65G9F9BH5B8C77ID5B7MK5G
5B8:CFH<9M95F9B898979A69F
7CAD5F98HC
5B8
:CFH<9M95F9B898979A69F
&=L98IG9F9BH5@F9J9BI9=B7F95G98A=@@=CB:CFH<9M95F9B898979A69F
7CAD5F98HCH<9M95F9B898
979A69F
DF=A5F=@M8I9HC5B=B7F95G9=BF9BH5@F9J9BI95HH<9F9H5=@DCFH=CBC:CIFA=L98IG9DFCD9FHM
@5F;9@M
5HHF=6IH56@9HC5B=B7F95G9=B7CGHF97CJ9F=9G5B8B9KH9B5BH@95G9G7CAA9B7=B;5H<=;<9F65G9F9BHG88=H=CB5@@M
H<9F9K5G5
A=B=A5@=B7F95G9=BF9BH5@F9J9BI95HH<905=?=?=957<05@?6(E@C6%@CE7@=:@
.62C?565646>36C
.62C?565646>36C
92?86
92?86
(::=79
+9H5=@
&I@H=:5A=@M
&=L98.G9
-CH5@C::=79CH<9FDFCD9FHM=B7CA9=B7F95G98A=@@=CB:CFH<9M95F9B898979A69F
7CAD5F98HCH<9M95F
9B898979A69F
DF=A5F=@M8I9HC5B5DDFCL=A5H9@MA=@@=CB@95G9H9FA=B5H=CB:995B85B85B5DDFCL=A5H9@M
A=@@=CB@95G9G9HH@9A9BH:99F979=J985H-CFF9M+9G9FJ95ADIG
+9H5=@CH<9FDFCD9FHM=B7CA9=B7F95G98A=@@=CB:CFH<9M95F9B898979A69F
7CAD5F98HCH<9M95F9B898
979A69F
DF=A5F=@M8I9HC@95G9H9FA=B5H=CB:99GF979=J985H@5AC*I5FFM&5F?9H5B8,C@5B5957<-CKB99BH9F
=B
C::G9H6M@95G9H9FA=B5H=CB:99GF979=J985H5FA9@&CIBH5=B)@5N55B8,CIH<65M&5F?9HD@579=B
&I@H=:5A=@MCH<9FDFCD9FHM=B7CA9=B7F95G98A=@@=CB:CFH<9M95F9B898979A69F
7CAD5F98HCH<9M95F
9B898979A69F
DF=A5F=@M8I9HC5B=B7F95G9=BIH=@=H=9GA9H9F=B7CA9
D5FH=5@@MC::G9H6M@CK9FG97IF=HM89DCG=HG
95FB98
&=L98IG9CH<9FDFCD9FHM=B7CA9=B7F95G98A=@@=CB:CFH<9M95F9B898979A69F
7CAD5F98HCH<9M95F
9B898979A69F
DF=A5F=@M8I9HC5B=B7F95G9=BCH<9FFCCAF9BH5@=B7CA95HH<96(E@C6%@CE7@=:@
.62C?565646>36C
.62C?565646>36C
92?86
92?86
(::=79
+9H5=@
&I@H=:5A=@M
&=L98.G9
-CH5@C::=79F9BH5@9LD9BG9G=B7F95G98A=@@=CB:CFH<9M95F9B898979A69F
7CAD5F98HCH<9M95F9B898
979A69F
DF=A5F=@M8I9HC5B=B7F95G9=B:57=@=H=9GG9FJ=79G
F9D5=FG5B8A5=BH9B5B79G9FJ=79G
IH=@=H=9G9LD9BG9G5B8
=BGIF5B799LD9BG9G
-CH5@F9H5=@F9BH5@9LD9BG9G=B7F95G98A=@@=CB:CFH<9M95F9B898979A69F
7CAD5F98HCH<9M95F9B898
979A69F
DF=A5F=@M8I9HC5B=B7F95G9=B:57=@=H=9GG9FJ=79G
IH=@=H=9G9LD9BG9G5B8=BGIF5B799LD9BG9G
&I@H=:5A=@MF9BH5@9LD9BG9G=B7F95G98A=@@=CB:CFH<9M95F9B898979A69F
7CAD5F98HCH<9M95F9B898
979A69F
DF=A5F=@M8I9HC5B=B7F95G9=B:57=@=H=9GG9FJ=79G
IH=@=H=9G9LD9BG9G
=BGIF5B799LD9BG9G5B85B=B7F95G9=B
DFCD9FHM@9J9@D9FGCBB9@7CAD9BG5H=CB9LD9BG9G
&=L98IG9F9BH5@9LD9BG9G=B7F95G98A=@@=CB:CFH<9M95F9B898979A69F
7CAD5F98HCH<9M95F9B898
979A69F
DF=A5F=@M8I9HC5B=B7F95G9C:A=@@=CB=B6(E@C6%@CE7@=:@
.62C?565646>36C
.62C?565646>36C
92?86
92?86
(::=79
+9H5=@
&I@H=:5A=@M
&=L98.G9
-CH5@C::=79F95@9GH5H9H5L9G897F95G98A=@@=CB:CFH<9M95F9B898979A69F
7CAD5F98HCH<9M95F9B898
979A69F
DF=A5F=@M8I9HCF95@9GH5H9H5LF9:IB8GF979=J985H%5#C@@5CAACBG5B8=FGH&5=B
C::G9H6M<=;<9F
H5L7CBGI@H5BH:99G=B7IFF98=B7CBB97H=CBK=H<C6H5=B=B;H<9G9F9:IB8G
+9H5=@F95@9GH5H9H5L9G=B7F95G98A=@@=CB:CFH<9M95F9B898979A69F
7CAD5F98HCH<9M95F9B898
979A69F
DF=A5F=@M8I9HC5B=B7F95G9=BDFCD9FHMH5L5GG9GGA9BH5H@5AC*I5FFM&5F?9H5B8F95@9GH5H9H5LF9:IB8G
F979=J985H5FA9@&CIBH5=B)@5N58IF=B;
&I@H=:5A=@MF95@9GH5H9H5L9G897F95G98A=@@=CB:CFH<9M95F9B898979A69F
7CAD5F98HCH<9M95F9B898
979A69F
DF=A5F=@M8I9HC5H5LF9:IB8F979=J985H)57=:=7+=8;9D5FHA9BHG8IF=B;
D5FH=5@@MC::G9H6M<=;<9F
DFCD9FHMH5L5GG9GGA9BHG57FCGG5@@AI@H=:5A=@MDFCD9FH=9G
&=L98IG9F95@9GH5H9H5L9G=B7F95G98A=@@=CB:CFH<9M95F9B898979A69F
7CAD5F98HCH<9M95F9B898
979A69F
DF=A5F=@M8I9HC5B=B7F95G9=BDFCD9FHMH5L5GG9GGA9BH
634)68=4)6%8-2+2'31)
)FCD9FHMCD9F5H=B;=B7CA9=B7F95G98 A=@@=CB
CF
HCA=@@=CB:CFH<9M95F9B898979A69F
7CAD5F98HCA=@@=CB:CFH<9M95F9B898979A69F
)FCD9FHMCD9F5H=B;=B7CA96MG9;A9BHK5G5G:C@@CKG
8C@@5FG=BH6(E@C6%@CE7@=:@
.62C?565646>36C
.62C?565646>36C
92?86
92?86
(::=79
+9H5=@
&I@H=:5A=@M
&=L98.G9
T
T
-CH5@C::=79DFCD9FHMCD9F5H=B;=B7CA9=B7F95G98A=@@=CB:CFH<9M95F9B898979A69F
7CAD5F98HCH<9
M95F9B898979A69F
DF=A5F=@M8I9HC5B5DDFCL=A5H9@MA=@@=CB@95G9H9FA=B5H=CB:99F979=J985H-CFF9M
+9G9FJ95ADIG5B8@CK9FF95@9GH5H9H5L9G8I9HCH5LF9:IB8GF979=J985H%5#C@@5CAACBG5B8=FGH&5=B-<9G9
=B7F95G9GK9F9C::G9H6M5897F95G9=BF9BH5@F9J9BI98F=J9B6M@CK9FF9BH5@F5H9G5H%@CM8)CFH:C@=C5B8-=A69F,DF=B;G
@CK9F
C77ID5B7M5H,C@5B5FCGG=B;
5897F95G9=B7CGHF97CJ9F=9G
5B85B=B7F95G9=BF9BH5@9LD9BG9GF9@5H98HCIH=@=H=9G9LD9BG9G
=BGIF5B799LD9BG9G5B8F9D5=FG5B8A5=BH9B5B799LD9BG9G
+9H5=@DFCD9FHMCD9F5H=B;=B7CA9=B7F95G98A=@@=CB:CFH<9M95F9B898979A69F
7CAD5F98HCH<9M95F
9B898979A69F
DF=A5F=@M8I9HCB9KH9B5BH@95G9GG=;B98
G7<98I@98F9BH=B7F95G9G5B8H9B5BHGDF9J=CIG@MCB
5@H9FB5H9F9BHF9J9FH=B;657?HC65G=7ACBH<@MF9BH-<9G9=B7F95G9GK9F9D5FH=5@@MC::G9H6M5B=B7F95G9=BF9BH5@9LD9BG9G
F9@5H98HC:57=@=H=9GG9FJ=79G
IH=@=H=9G9LD9BG9G5B8=BGIF5B799LD9BG9G
&I@H=:5A=@MDFCD9FHMCD9F5H=B;=B7CA9=B7F95G98A=@@=CB:CFH<9M95F9B898979A69F
7CAD5F98HCH<9
M95F9B898979A69F
DF=A5F=@M8I9HC5BCJ9F5@@=B7F95G9=B5J9F5;9C77ID5B7M5B8ACBH<@M65G9F9BHC:5B8
F9GD97H=J9@M:CFH<9M95F9B898979A69F
7CAD5F98HC5B8
F9GD97H=J9@M:CFH<9M95F9B898
979A69F
-<9G9=B7F95G9GK9F9D5FH=5@@MC::G9H6M<=;<9FIH=@=H=9G9LD9BG9G
=BGIF5B799LD9BG9G5B8:57=@=H=9G
9LD9BG9G
&=L98IG9DFCD9FHMCD9F5H=B;=B7CA9897F95G98A=@@=CB:CFH<9M95F9B898979A69F
7CAD5F98HCH<9M95F
9B898979A69F
DF=A5F=@M8I9HC<=;<9FF9BH5@9LD9BG9GF9@5H98HCFCCA9LD9BG9G
D9FGCBB9@7CGHG
:57=@=H=9G9LD9BG9G
5B8F95@9GH5H9H5L9G-<9G9897F95G9GK9F9D5FH=5@@MC::G9H6M<=;<9FFCCAF9BH5@=B7CA95HH<9%8-329DF97=5H=CB5B85ACFH=N5H=CB9LD9BG9=B7F95G98A=@@=CB
CF
HCA=@@=CB
:CFH<9M95F9B898979A69F
7CAD5F98HCA=@@=CB:CFH<9M95F9B898979A69F
-<=GK5G8I9HCH<9
5779@9F5H=CBC:5GG9HGF9@5H98HC5H9B5BHJ575H=B;H<9=FGD57995F@M5H-CFF9M+9G9FJ95ADIG88=H=CB5@@M
H<9=B7F95G9K5G
5@GC8I9HCB9K6I=@8=B;=ADFCJ9A9BH5GG9HGK=H<(B9957<,HF99HD@5798=BHCCD9F5H=CBG5GC:I;IGH
5B8B9K
H9B5BH=ADFCJ9A9BH5GG9HGD@5798=BHCG9FJ=795H%5#C@@5CAACBG5B8@5AC*I5FFM&5F?9H
28)6)78)<4)27)2)8"BH9F9GH9LD9BG9
B9H=B7F95G98A=@@=CB
CF
HCA=@@=CB:CFH<9M95F9B898979A69F
7CAD5F98HCA=@@=CB:CFH<9M95F9B898979A69F
-<=G=B7F95G9K5GDF=A5F=@M8I9HCH<9=GGI5B79C:
CIF,9B=CF'CH9GCB,9DH9A69F
H<9A=@@=CB8F5KCBCIF+9JC@J9F%C5BCB#I@M
K<=7<K5G
GI6G9EI9BH@MF9D5=8CB,9DH9A69F
5B8<=;<9F=BH9F9GHCBCIFA=@@=CBA9B8985B8+9GH5H98-9FA%C5B
;F99A9BH-<9G9=B7F95G9GK9F9D5FH=5@@MC::G9H6M5897F95G9=B=BH9F9GH9LD9BG9F9@5H98HCH<9A5HIF=HM5B8F9D5MA9BHC:CIF
,9F=9G'CH9GCB#I@M
5B8,9F=9G'CH9GCB979A69F
8,)62'31))8(H<9F=B7CA9
B9H=B7F95G98A=@@=CB
CF
HCCH<9F=B7CA9
B9HC:A=@@=CB:CFH<9M95F
9B898979A69F
7CAD5F98HCCH<9F=B7CA9
B9HC:A=@@=CB:CFH<9M95F9B898979A69F
-<=G=B7F95G9
K5GDF=A5F=@M8I9HC5B=B7F95G9C:A=@@=CB=B=BH9F9GH5B8=BJ9GHA9BH=B7CA95HHF=6IH56@9HC5<=;<9FM=9@8CBCIF5J9F5;9
75G<65@5B7988=H=CB5@@M
H<9F9K5G5B=B7F95G9F9@5H98HCH<9@=H=;5H=CB=B7CA9C:5DDFCL=A5H9@MA=@@=CBF979=J98=B
F9@5H=B;HC6I=@8=B;GD97=:=75H=CBG:CFCB9C:H<99L=GH=B;6I=@8=B;G5HCIFC::=79DFC>97H=B.B=J9FG=HM-CKB9BH9F,5B
=9;C
7CAD5F98HCH<9@=H=;5H=CB=B7CA9C:5DDFCL=A5H9@MA=@@=CBF979=J98=BF9@5H98HC79FH5=B6I=@8=B;GMGH9AG5H
CIF!5GG5@CCB=;6C:42?DD6ED)CFDE?4
"BH<=GU%=EI=8=HM5B85D=H5@+9GCIF79GC:A9F=75BGG9HG-FIGH
"B7VG97H=CB
H<9H9FAH<9U7CAD5BMVF9:9FGCB@MHC
A9F=75BGG9HG-FIGH
"B7CB5BIB7CBGC@=85H9865G=G
5B89L7@I89GH<9(D9F5H=B;)5FHB9FG<=D5B85@@CH<9FGI6G=8=5F=9G
-<97CAD5BMWG6IG=B9GG=GCD9F5H98DF=A5F=@MHIB7H=CBK=H<H<=GG97H=CBHCIB89FGH5B8H<9@=EI=8=HM5B875D=H5@F9GCIF79GC:H<97CAD5BMCB
57CBGC@=85H9865G=G5B8CF
HF5BG57H=CBG
=B7@I8=B;57EI=G=H=CBG
8=GDCG=H=CBG5B8F9:=B5B7=B;G
5B875B75IG97<5B;9G=B=HG@=B9C:6IG=B9GG
75D=H5@
GHFI7HIF95B88=GHF=6IH=CBDC@=7=9G-<97CAD5BM75IG9GH<9(D9F5H=B;)5FHB9FG<=DHC8=GHF=6IH9GI7<DCFH=CBC:=HG5J5=@56@9
75G<5GH<97CAD5BMA5M=B=HG8=G7F9H=CB89H9FA=B9
=BH<9A5BB9FDFCJ=898=BH<9(D9F5H=B;)5FHB9FG<=DWGD5FHB9FG<=D
5;F99A9BH
-<9@=EI=8=HMC:H<97CAD5BM=G89D9B89BHCBH<9(D9F5H=B;)5FHB9FG<=DWG56=@=HMHCA5?9GI::=7=9BH8=GHF=6IH=CBGHCH<9
7CAD5BM-<9DF=A5FM75G<F9EI=F9A9BHC:H<97CAD5BM=G=HGD5MA9BHC:8=J=89B8GHC=HGGHC7?97HG
75D=H5@9LD9B8=HIF9G
H9B5BH=ADFCJ9A9BHG5B8@95G=B;7CAA=GG=CBG
-<97CAD5BMA5M:FCAH=A9HCH=A9G99?HCF9DIF7<5G9CFF9899AH<9(D9F5H=B;)5FHB9FG<=DWGCIHGH5B8=B;896H
H<9
7CAD5BMWGG<5F9GC:7CAACBGHC7?CFCH<9FG97IF=H=9G=BCD9BA5F?9HDIF7<5G9G
DF=J5H9@MB9;CH=5H98HF5BG57H=CBGCFCH<9FK=G9
,I7<F9DIF7<5G9GCFF989ADH=CBG
=:5BM
K=@@89D9B8CBDF9J5=@=B;A5F?9H7CB8=H=CBG
CIF@=EI=8=HMF9EI=F9A9BHG
7CBHF57HI5@
F9GHF=7H=CBG5B8CH<9F:57HCFG-<95ACIBHG=BJC@J98A5M69A5H9F=5@
CFH<97CAD5BMHCA5=BH5=B=HGEI5@=:=75H=CB5G5+"-
=HAIGHD5M8=J=89B8GHC=HGGHC7?6C:42?DD6ED)CFDE! %
"BH<=GU%=EI=8=HM5B85D=H5@+9GCIF79GC:A9F=75BGG9HG-FIGH
%)VG97H=CB
H<9H9FAGUK9
VUCIFV5B8UIGVF9:9FHC
H<9(D9F5H=B;)5FHB9FG<=DHC;9H<9FK=H<=HG7CBGC@=85H98GI6G=8=5F=9G
CFH<9(D9F5H=B;)5FHB9FG<=D5B8A9F=75BGG9HG-FIGH
"B7HC;9H<9FK=H<H<9=F7CBGC@=85H98GI6G=8=5F=9G
5GH<97CBH9LHF9EI=F9GA9F=75BGG9HG-FIGH
"B7=GCIFGC@9;9B9F5@D5FHB9F
5B87CBGC@=85H9GCIFF9GI@HGC:CD9F5H=CBG:CF:=B5B7=5@F9DCFH=B;DIFDCG9G975IG9K9CD9F5H9CB57CBGC@=85H9865G=GK=H<
A9F=75BGG9HG-FIGH
"B7
H<9G97H=CB9BH=H@98U%=EI=8=HM5B85D=H5@+9GCIF79GC:A9F=75BGG9HG-FIGH
"B7VGIB7H=CBK=H<H<=GG97H=CBHCIB89FGH5B8CIF@=EI=8=HM5B875D=H5@F9GCIF79GCB57CBGC@=85H9865G=G
I9HCH<9B5HIF9C:CIF6IG=B9GG
K9HMD=75@@M;9B9F5H9G=;B=:=75BH5ACIBHGC:75G<:FCACD9F5H=CBG-<975G<;9B9F5H98
:FCACD9F5H=CBG=GIG98:CFH<9D5MA9BHC:CD9F5H=B;9LD9BG9G
75D=H5@9LD9B8=HIF9G
896HG9FJ=795B88=J=89B8GHCA9F=75B
GG9HG-FIGH
"B7GGHC7?97HG5GK9@@5G@=A=H
:IHIF957EI=G=H=CBG
F98I79CIFCD9F5H=B;9LD9B8=HIF9G
CFF99J5@I5H9CIF8=J=89B8DC@=7M
(IFCJ9F5@@75D=H5@F9EI=F9A9BHGK=@@89D9B8IDCB57EI=G=H=CBCDDCFHIB=H=9G
H<9@9J9@C:=ADFCJ9A9BHG5B8
F989J9@CDA9BHGCB9L=GH=B;DFCD9FH=9G5B8H<9H=A=B;5B87CGHC:89J9@CDA9BHG(IF75D=H5@=BJ9GHA9BHGK=@@69:IB898CB5
G6?ED3J%6C:@5
@?EC24EF2=$3=:82E:@?D
)@E2=
,:E9:?
.62C
.62CD
.62CD
.62CD
.62CD
"@C6E92?
.62CD
)F=B7=D5@D5MA9BHGCB@CB;H9FA
=B896H98B9GG
T
T
"BH9F9GHD5MA9BHG
(D9F5H=B;@95G9
-9B5BHF9@5H987CAA=HA9BHG
T
T
CBGHFI7H=CBF9@5H987CAA=HA9BHG
T
T
T
T
T
)@E2=
-9FA%C5B
-9FA%C5B5B8,9F=9G'CH9G
HCH5@=B;A=@@=CB=BH<95;;F9;5H9
K9F9F9D5=8=B:I@@K=H6?ED
097IFF9BH@M8CBCH<5J95BMC::65@5B79G<99H5FF5B;9A9BHG
2D9=@HD
314%6-7323*8,)=)%6)2()()')1&)6
838,)=)%6)2()()')1&)6
-CH5@75G<
75G<9EI=J5@9BHG
5B8F9GHF=7H9875G<K9F9A=@@=CB5B8A=@@=CB5H979A69F
5B8
F9GD97H=J9@M
'9H75G<DFCJ=8986MCD9F5H=B;57H=J=H=9G=B7F95G98 A=@@=CBHCA=@@=CB:CFH<9M95F9B898979A69F
7CAD5F98HCA=@@=CB:CFH<9M95F9B898979A69F
-<9=B7F95G9=B75G<:FCACD9F5H=CBGK5GDF=A5F=@M
8I9HCH<9B9HG9HH@9A9BHF979=J98F9@5H=B;HCH<96I=@8=B;GD97=:=75H=CBG:CFCB9C:H<99L=GH=B;6I=@8=B;G5HCIFC::=79DFC>97H=B
.B=J9FG=HM-CKB9BH9F,5B=9;C
5B=B7F95G9=B@95G9H9FA=B5H=CB:99G5B8F9BH5@F9J9BI95B87<5B;9G=BCD9F5H=B;5GG9HG
5B8@=56=@=H=9G
'9H75G<IG98=B=BJ9GH=B;57H=J=H=9G897F95G98 A=@@=CBHCA=@@=CB:CFH<9M95F9B898979A69F
7CAD5F98HCA=@@=CB:CFH<9M95F9B898979A69F
-<9897F95G9=B75G<IG98K5GDF=A5F=@M8I9HCH<9897F95G9
=B75D=H5@9LD9B8=HIF9G5H%5#C@@5CAACBG"""5B8(B9957<,HF99H5GH<9G9DFC>97HG<5J97CAD@9H987CBGHFI7H=CB
C::G9H6M
5B=B7F95G9=BH9B5BH=ADFCJ9A9BH9LD9B8=HIF9GF9@5H98HCB9KC::=795B8F9H5=@@95G=B;57H=J=HM
'9H75G< DFCJ=8986M:=B5B7=B;57H=J=H=9G=B7F95G98 A=@@=CBHCA=@@=CB:CFH<9M95F9B898979A69F
7CAD5F98HCB9H75G<IG986M:=B5B7=B;57H=J=H=9GC:A=@@=CB:CFH<9M95F9B898979A69F
-<9=B7F95G9
=B75G<DFCJ=898=B:=B5B7=B;57H=J=H=9GK5GDF=A5F=@M8I9HCH<9DFC7998GF979=J98:FCAH<9=GGI5B79C:H<9,9B=CF
'CH9G
D5FH=5@@MC::G9H6MH<9F9D5MA9BHC:H<9H<9BCIHGH5B8=B;A=@@=CBCBCIF+9JC@J9F%C5B5B8F9D5MA9BH=B9BH=F9HM
C:CIF,9F=9G'CH9GCB979A69F
-<9A=@@=CB8F5KCBCIF+9JC@J9F%C5BK5GIG98HCF9D5MH<99BH=F9HMC:CIF
,9F=9G'CH9GIDCBH<9=FA5HIF=HMCB#I@M
#6E$A6C2E:?8?4@>6
'9H(D9F5H=B;"B7CA9
CF'("
=G5BCB ):=B5B7=5@A95GIF9C:D9F:CFA5B790989:=B9'("5GCD9F5H=B;F9J9BI9G
F9BH5@=B7CA9
H9B5BHF9=A6IFG9A9BHG
@95G9H9FA=B5H=CB:99G
;FCIB8@95G9F9BH5@=B7CA95B8CH<9FDFCD9FHM=B7CA9@9GG
DFCD9FHM5B8F9@5H989LD9BG9GDFCD9FHM9LD9BG9G
;FCIB8@95G99LD9BG9G
DFCD9FHMA5F?9H=B;7CGHG
F95@9GH5H9H5L9G5B8
=BGIF5B79'("9L7@I89G;9B9F5@5B858A=B=GHF5H=J99LD9BG9G
=BH9F9GH9LD9BG9
89DF97=5H=CB5B85ACFH=N5H=CB
57EI=G=H=CB
F9@5H989LD9BG9
CH<9FBCBDFCD9FHM=B7CA95B8@CGG9G
;5=BG5B8@CGG9G:FCADFCD9FHM8=GDCG=H=CBG
9LHF5CF8=B5FM=H9AG
H9B5BH
=ADFCJ9A9BHG5B8@95G=B;7CAA=GG=CBG(H<9F+"-GA5MIG98=::9F9BHA9HIB7H=CBK=H<B9H=B7CA97CADIH98=B577CF85B79K=H< )5B88=G7IGG=CBG9@G9K<9F9=BU&5B5;9A9BHG=G7IGG=CB5B8
B5@MG=GC:=B5B7=5@CB8=H=CB5B8+9GI@HGC:(D9F5H=CBGVF9;5F8=B;H<97CADCB9BHGC:B9H=B7CA9H<5H5F99@=A=B5H98=BH<9
75@7I@5H=CBC:'("(H<9F7CAD5B=9GA5MIG98=::9F9BHA9H36C
'9HCD9F5H=B;=B7CA9
9B9F5@5B858A=B=GHF5H=J9
9DF97=5H=CB5B85ACFH=N5H=CB
"BH9F9GH9LD9BG9
B9H
(H<9F=B7CA99LD9BG9
B9H
#6E:?4@>6
F?5D7C@>$A6C2E:@?D
09DF9G9BH(6975IG9K97CBG=89F(5B=ADCFH5BHGIDD@9A9BH5@A95GIF9C:CIFCD9F5H=B;D9F:CFA5B795B869@=9J9
=H=G:F9EI9BH@MIG986MG97IF=H=9G5B5@MGHG
=BJ9GHCFG5B8CH<9F=BH9F9GH98D5FH=9G=BH<99J5@I5H=CBC:+"-G
A5BMC:K<=7<
DF9G9BH(K<9BF9DCFH=B;H<9=FF9GI@HG0975@7I@5H9(=B577CF85B79K=H<H<9GH5B85F8G9GH56@=G<986MH<9'5H=CB5@
GGC7=5H=CBC:+95@GH5H9"BJ9GHA9BH-FIGHG
CF'+"-(F9DF9G9BHGB9H=B7CA9@CGG7CADIH98=B577CF85B79K=H<
)
9L7@I8=B;;5=BGCF@CGG9G:FCAG5@9GC:89DF97=56@9CD9F5H=B;DFCD9FHM
=AD5=FA9BH@CGG9G
F95@9GH5H9F9@5H98
89DF97=5H=CB5B85ACFH=N5H=CB9L7@I8=B;5ACFH=N5H=CBC:89:9FF98:=B5B7=B;7CGHG5B85:H9F58>IGHA9BHG:CFIB7CBGC@=85H98
D5FHB9FG<=DG5B8>C=BHJ9BHIF9G
(=G5GIDD@9A9BH5@BCB ):=B5B7=5@A95GIF9&5B5;9A9BHIG9G(5G5GIDD@9A9BH5@D9F:CFA5B79A95GIF9
6975IG9=H69@=9J9GH<5H(=G69B9:=7=5@HC=BJ9GHCFG5G5GH5FH=B;DC=BH=BA95GIF=B;CIFCD9F5H=CB5@D9F:CFA5B79,D97=:=75@@M
=B9L7@I8=B;F95@9GH5H9F9@5H9889DF97=5H=CB5B85ACFH=N5H=CB5B8;5=BG5B8@CGG9G:FCADFCD9FHM8=GDCG=H=CBG
K<=7<8CBCH
F9@5H9HCCF5F9BCH=B8=75H=J9C:CD9F5H=B;D9F:CFA5B79
(DFCJ=89G5D9F:CFA5B79A95GIF9H<5H
K<9B7CAD5F98M95FCJ9F
M95F
75DHIF9GHF9B8G=BC77ID5B7MF5H9G
F9BH5@F5H9G5B8CD9F5H=B;7CGHG095@GC69@=9J9H<5H
5G5K=89@MF97C;B=N98A95GIF9
C:H<9D9F:CFA5B79C:+"-G
(K=@@69IG986M=BJ9GHCFG5G565G=GHC7CAD5F9CIFCD9F5H=B;D9F:CFA5B79K=H<H<5HC:CH<9F
+"-G!CK9J9F
6975IG9(9L7@I89G89DF97=5H=CB5B85ACFH=N5H=CB5B875DHIF9GB9=H<9FH<97<5B;9G=BH<9J5@I9C:CIF
DFCD9FH=9GH<5HF9GI@H:FCAIG9CFA5F?9H7CB8=H=CBGBCFH<9@9J9@C:75D=H5@9LD9B8=HIF9G5B8@95G=B;7CAA=GG=CBGB979GG5FMHC
A5=BH5=BH<9CD9F5H=B;D9F:CFA5B79C:CIFDFCD9FH=9G
5@@C:K<=7<<5J9F95@97CBCA=79::97HG5B87CI@8A5H9F=5@@M=AD57HCIF
F9GI@HG:FCACD9F5H=CBG
H<9IH=@=HMC:(5G5A95GIF9C:CIFD9F:CFA5B79=G@=A=H98"B588=H=CB
CH<9F9EI=HM+"-GA5MBCH
75@7I@5H9(=B577CF85B79K=H<H<9'+"-89:=B=H=CB5GK98C
5B8
577CF8=B;@M
CIF(A5MBCH697CAD5F56@9HCGI7<
CH<9F+"-G(77CF8=B;@M
(G36C
'9H=B7CA9
)@IG+95@9GH5H989DF97=5H=CB5B85ACFH=N5H=CB
IB8G:FCACD9F5H=CBG
5G89:=B986M'+"-
%9GG'CB:CF:9=H56@98=J=89B8GCBF9GHF=7H98GHC7?5K5F8G
(5HHF=6IH56@9HC7CAACBGHC7?5B8IB=HG
(D9F8=@IH98G<5F9
IB=H
09=;97HHCH=A9J9GH=B;
5GH<9J9GH=B;C:H<9F9GHF=7H98GHC7?5K5F8G=G8=@IH=J9=BH<97CADIH5H=CBC:(D9F8=@IH98
G<5F9G
6IH=G5BH=8=@IH=J9:CFH<97CADIH5H=CBC:8=@IH98),:CFH<9D9F=C8G=@IH98G<5F9G9L7@I89=B79BH=J9F9GHF=7H98GHC7?5GH<9G95K5F8G5F9
7CBG=89F987CBH=B;9BH@M=GGI56@9
?7=2E:@?
,I6GH5BH=5@@M5@@C:CIFC::=795B8F9H5=@@95G9GDFCJ=89:CFG9D5F5H9F95@9GH5H9H5L5B8CD9F5H=B;9LD9BG99G75@5H=CBG"B
588=H=CB
A5BMC:H<9@95G9GDFCJ=89:CF:=L9865G9F9BH=B7F95G9G0969@=9J9H<5H=B:@5H=CB5FM=B7F95G9GA5M695H@95GH
D5FH=5@@MC::G9H6MH<97CBHF57HI5@F9BH=B7F95G9G5B89LD9BG99G75@5H=CBG89G7F=69856CJ9"B588=H=CB
CIFAI@H=:5A=@M@95G9G
CH<9FH<5B5HCIF+/F9GCFHK<9F9GD579G75B69F9BH985H585=@M
K99?@MCFACBH<@MF5H9;9B9F5@@M<5J9@95G9H9FAGF5B;=B;
:FCAG9J9BHCACBHCF=HM<5J=B;ACBH<@95G9H9FAG
5B8;9B9F5@@M5@@CK:CFF9BH58>IGHA9BHG5HH<9H=A9C:
F9B9K5@
K<=7<K969@=9J9F98I79GCIF9LDCGIF9HCH<99::97HGC:=B:@5H=CBCFH<9IGHFCCAF5H9G85=@MHCF9:@97HH<99::97HGC:=B:@5H=CB!CK9J9F
7CAD9H=H=J9DF9GGIF9GA5M@=A=HCIF
56=@=HMHCF5=G9FCCAF5H9G
)"
&*#)))+#&*!))+(!$(*'($*)"' )'(
(IF:IHIF9=B7CA9
75G<:@CKG5B8:5=FJ5@I9GF9@9J5BHHC:=B5B7=5@=BGHFIA9BHG5F989D9B89BHIDCBDF9J5@9BHA5F?9H
=BH9F9GHF5H9G&5F?9HF=G?F9:9FGHCH<9F=G?C:@CGG:FCA58J9FG97<5B;9G=BA5F?9HDF=79G5B8=BH9F9GHF5H9G
09A5M9BH9F=BHC79FH5=BHMD9GC:89F=J5H=J9:=B5B7=5@=BGHFIA9BHGHC:IFH<9FF98I79=BH9F9GHF5H9F=G?09IG9=BH9F9GHF5H9
GK5D5;F99A9BHG
:CF9L5AD@9
HC7CBJ9FHGCA9C:CIFJ5F=56@9F5H9896HHC5:=L98F5H965G=GCFHC<98;95BH=7=D5H98:=B5B7=B;
HF5BG57H=CBG09IG989F=J5H=J9G:CF<98;=B;DIFDCG9GF5H<9FH<5BGD97I@5H=CB5B88CBCH9BH9F=BHC:=B5B7=5@=BGHFIA9BHG:CF
HF58=B;DIFDCG9G,99H<98=G7IGG=CBIB89F'CH9
U9F=J5H=J95B8!98;=B;7H=J=H=9G
VHCH<9577CAD5BM=B;7CBGC@=85H98
:=B5B7=5@GH5H9A9BHG:CF79FH5=BEI5BH=H5H=J989H5=@GF9@5H98HCH<9=BH9F9GHF5H9GK5DG
?E6C6DE'2E6':D<
9878%2(-2+)&8
-<9:C@@CK=B;8=G7IGG9GH<99::97HC:I8;A9BH=GB979GG5FMHC9GH=A5H9H<9:5=FJ5@I9C::=B5B7=5@=BGHFIA9BHG-<=G5B5@MG=G8C9GBCHDIFDCFHHCH5?9=BHC577CIBH5@@
C:H<9:57HCFGH<5HA5M5::97HCIF896H
GI7<5GH<99::97HH<5H57<5B;=B;=BH9F9GHF5H99BJ=FCBA9BH7CI@8<5J9CBH<9CJ9F5@@
@9J9@C:97CBCA=757H=J=HMCFH<957H=CBH<5HCIFA5B5;9A9BHA=;97HHC=BH9F9GHF5H9
GK5DG5G89G7F=69856CJ909<5J9<=GHCF=75@@M9BH9F98=BHC:CFK5F8GH5FH=B;=BH9F9GHF5H9GK5DG=BCF89FHC97CBCA=75@@M<98;9
5;5=BGHH<9F=G?C:F=G=B;=BH9F9GHF5H9GH<5HKCI@85::97HCIF=BH9F9GH9LD9BG9F9@5H98HCCIF:IHIF95BH=7=D5H98896H=GGI5B79G5G
D5FHC:CIFCJ9F5@@6CFFCK=B;DFC;F5A,99H<98=G7IGG=CBIB89F'CH9HCH<9577CAD5BM=B;7CBGC@=85H98:=B5B7=5@GH5H9A9BHG
:CF89H5=@GF9@5H98HCH<9=BH9F9GHF5H9GK5DG5B8:CF58=G7IGG=CBCB6C:42?DD6ED)CFDE?4
:%09%8-323*-7'03796)3286307%2(63')(96)7
A9F=75BGG9HG-FIGH
"B7A5=BH5=BG8=G7@CGIF97CBHFC@G5B8DFC798IF9G5G89:=B98=B+I@959CF+I@989
IB89FH<9L7<5B;97HH<5H5F989G=;B98HC9BGIF9H<5H=B:CFA5H=CBF9EI=F98HC698=G7@CG98=B=HGL7<5B;97HF9DCFHG=G
F97CF898
DFC79GG98
GIAA5F=N985B8F9DCFH98K=H<=BH<9H=A9D9F=C8GGD97=:=98=BH<9,WGFI@9G5B8:CFAG
5B8H<5HGI7<
=B:CFA5H=CB=G577IAI@5H985B87CAAIB=75H98HC=HGA5B5;9A9BH
=B7@I8=B;=HG<=9:L97IH=J9(::=79F5B8<=9:=B5B7=5@
(::=79F
5G5DDFCDF=5H9
HC5@@CK:CFH=A9@M897=G=CBGF9;5F8=B;F9EI=F988=G7@CGIF9"B89G=;B=B;5B89J5@I5H=B;H<98=G7@CGIF9
7CBHFC@G5B8DFC798IF9G
A5B5;9A9BHF97C;B=N9GH<5H5BM7CBHFC@G5B8DFC798IF9G
BCA5HH9F97H=J9G
5B8A5B5;9A9BH=GF9EI=F98HC5DD@M=HG
>I8;A9BH=B9J5@I5H=B;H<97CGH69B9:=HF9@5H=CBG<=DC:DCGG=6@97CBHFC@G5B8DFC798IF9G
GF9EI=F986M+I@956IB89FH<9L7<5B;97H
A9F=75BGG9HG-FIGH
"B775FF=98CIH5B9J5@I5H=CB
IB89FH<9
GID9FJ=G=CB5B8K=H<H<9D5FH=7=D5H=CBC:=HGA5B5;9A9BH
=B7@I8=B;=HG<=9:L97IH=J9(::=79F5B8<=9:=B5B7=5@(::=79F
C:
H<99::97H=J9B9GGC:H<989G=;B5B8CD9F5H=CBC:=HG8=G7@CGIF97CBHFC@G5B8DFC798IF9G5G98CBH<9:CF9;C=B;
A9F=75BGG9HG
-FIGH
"B7WG<=9:L97IH=J9(::=79F5B8<=9:=B5B7=5@(::=79F7CB7@I898H<5H
5GC:H<99B8C:H<9D9F=C87CJ9F986MH<=G
F9DCFH
A9F=75BGG9HG-FIGH
"B7WG8=G7@CGIF97CBHFC@G5B8DFC798IF9GK9F99::97H=J95B8K9F9CD9F5H=B;5H5F95GCB56@9
5GGIF5B79@9J9@
%2%+)1)28B7)43683228)62%03286303:)6-2%2'-%0)4368-2+
"BH9FB5@7CBHFC@CJ9F:=B5B7=5@F9DCFH=B;F9:9FGHCH<9DFC79GG89G=;B986M
CFIB89FH<9GID9FJ=G=CBC:
A9F=75BGG9HG
-FIGH
"B7WG<=9:L97IH=J9(::=79F5B8<=9:=B5B7=5@(::=79F
5B89::97H986MA9F=75BGG9HG-FIGH
"B7WG6C5F8C:
8=F97HCFG
A5B5;9A9BH5B8CH<9FD9FGCBB9@
HCDFCJ=89F95GCB56@95GGIF5B79F9;5F8=B;H<9F9@=56=@=HMC::=B5B7=5@F9DCFH=B;5B8
H<9DF9D5F5H=CBC::=B5B7=5@GH5H9A9BHG:CF9LH9FB5@DIFDCG9G=B577CF85B79K=H< )
5B8=B7@I89GH97H=J9G
6975IG9C:=HG=B<9F9BH@=A=H5H=CBG"BH9FB5@7CBHFC@CJ9F:=B5B7=5@F9DCFH=B;=G5DFC79GGH<5H=BJC@J9G97HHC@5DG9G=B>I8;A9BH5B86F95?8CKBGF9GI@H=B;:FCA6C:42?DD6ED)CFDE! %
:%09%8-323*-7'03796)3286307%2(63')(96)7
-<9(D9F5H=B;)5FHB9FG<=DA5=BH5=BG8=G7@CGIF97CBHFC@G5B8DFC798IF9G5G89:=B98=B+I@959CF+I@989
IB89FH<9L7<5B;97HH<5H5F989G=;B98HC9BGIF9H<5H=B:CFA5H=CBF9EI=F98HC698=G7@CG98=B=HGL7<5B;97HF9DCFHG=G
F97CF898
DFC79GG98
GIAA5F=N985B8F9DCFH98K=H<=BH<9H=A9D9F=C8GGD97=:=98=BH<9,WGFI@9G5B8:CFAG
5B8H<5HGI7<
=B:CFA5H=CB=G577IAI@5H985B87CAAIB=75H98HCA5B5;9A9BH
=B7@I8=B;H<9<=9:L97IH=J9(::=79F5B8<=9:=B5B7=5@
(::=79FC:=HG;9B9F5@D5FHB9F
5G5DDFCDF=5H9
HC5@@CK:CFH=A9@M897=G=CBGF9;5F8=B;F9EI=F988=G7@CGIF9"B89G=;B=B;5B8
9J5@I5H=B;H<98=G7@CGIF97CBHFC@G5B8DFC798IF9G
A5B5;9A9BHF97C;B=N9GH<5H5BM7CBHFC@G5B8DFC798IF9G
BCA5HH9F97H=J9G
5B8A5B5;9A9BH
=GF9EI=F98HC5DD@M=HG>I8;A9BH=B9J5@I5H=B;H<97CGH69B9:=HF9@5H=CBG<=DC:DCGG=6@97CBHFC@G5B8DFC798IF9G
GF9EI=F986M+I@956IB89FH<9L7<5B;97H
H<9(D9F5H=B;)5FHB9FG<=D75FF=98CIH5B9J5@I5H=CB
IB89FH<9
GID9FJ=G=CB5B8K=H<H<9D5FH=7=D5H=CBC:A5B5;9A9BH
=B7@I8=B;H<9<=9:L97IH=J9(::=79F5B8<=9:=B5B7=5@(::=79FC:=HG
;9B9F5@D5FHB9F
C:H<99::97H=J9B9GGC:H<989G=;B5B8CD9F5H=CBC:H<9(D9F5H=B;)5FHB9FG<=DWG8=G7@CGIF97CBHFC@G5B8
DFC798IF9G5G98CBH<9:CF9;C=B;
H<9<=9:L97IH=J9(::=79F5B8<=9:=B5B7=5@(::=79FC:H<9(D9F5H=B;)5FHB9FG<=DG
;9B9F5@D5FHB9F7CB7@I898H<5H
5GC:H<99B8C:H<9D9F=C87CJ9F986MH<=GF9DCFH
H<9(D9F5H=B;)5FHB9FG<=DWG8=G7@CGIF9
7CBHFC@G5B8DFC798IF9GK9F99::97H=J95B8K9F9CD9F5H=B;5H5F95GCB56@95GGIF5B79@9J9@
%2%+)1)28B7)43683228)62%03286303:)6-2%2'-%0)4368-2+
"BH9FB5@7CBHFC@CJ9F:=B5B7=5@F9DCFH=B;F9:9FGHCH<9DFC79GG89G=;B986M
CFIB89FH<9GID9FJ=G=CBC:
H<9<=9:L97IH=J9
(::=79F5B8<=9:=B5B7=5@(::=79FC:H<9(D9F5H=B;)5FHB9FG<=DG;9B9F5@D5FHB9F5B89::97H986MH<9;9B9F5@D5FHB9FG6C5F8C:
8=F97HCFG
A5B5;9A9BH5B8CH<9FD9FGCBB9@
HCDFCJ=89F95GCB56@95GGIF5B79F9;5F8=B;H<9F9@=56=@=HMC::=B5B7=5@F9DCFH=B;5B8
H<9DF9D5F5H=CBC::=B5B7=5@GH5H9A9BHG:CF9LH9FB5@DIFDCG9G=B577CF85B79K=H< )
5B8=B7@I89GH97H=J9G
6975IG9C:=HG=B<9F9BH@=A=H5H=CBG"BH9FB5@7CBHFC@CJ9F:=B5B7=5@F9DCFH=B;=G5DFC79GGH<5H=BJC@J9G97HHC@5DG9G=B>I8;A9BH5B86F95?8CKBGF9GI@H=B;:FCA6?ED
(IF7CBGC@=85H98:=B5B7=5@GH5H9A9BHG5B8BCH9GH<9F9HC
HC;9H<9FK=H<+9DCFHC:"B89D9B89BH+9;=GH9F98
)I6@=777CIBH=B;=FA5F9=B7@I8985G5G9D5F5H9G97H=CBC:H<=G5BBI5@F9DCFHCBCFA$7CAA9B7=B;CBD5;9
:?2?4:2=(E2E6>6?E(4965F=6
(IF:=B5B7=5@GH5H9A9BHG7<98I@9=G=B7@I898=B5G9D5F5H9G97H=CBC:H<=G5BBI5@F9DCFHCBCFA$
7CAA9B7=B;CBD5;9
I9:3:ED
@=GHC:9L<=6=HGHCH<=G5BBI5@F9DCFHCBCFA$=GG9H:CFH<CBH<9L<=6=H"B89L=AA98=5H9@MDF9798=B;
GI7<9L<=6=HG5B8=G=B7CFDCF5H98<9F9=B6MF9:9F9B79
3,99L<=6=H"B89L
4'CHDD@=756@9
-)#-
FH=7@9GC:A9B8A9BH5B8+9GH5H9A9BHC:A9F=75BGG9HG-FIGH
"B7
A9B8985B8+9GH5H98M@5KGC:A9F=75BGG9HG-FIGH
"B7
9FH=:=75H9C:%=A=H98)5FHB9FG<=DC:A9F=75BGG9HG-FIGH
%)
CFAC:9FH=:=75H9C:CAACB,HC7?C:A9F=75BGG9HG-FIGH
"B7
"B89BHIF9
85H98#5BI5FM
6M5B85ACB;A9F=75BGG9HG-FIGH
%)
5G=GGI9F
A9F=75BGG9HG-FIGH
"B7
5G;I5F5BHCF
5B8.,5B?'5H=CB5@GGC7=5H=CB
5GHFIGH99
(::=79FGW9FH=:=75H9
85H98,9DH9A69F
DIFGI5BHHC,97H=CBG
5B8C:H<9"B89BHIF9
85H985GC:#5BI5FM
5ACB;A9F=75BGG9HG-FIGH
%)
5G=GGI9F
A9F=75BGG9HG-FIGH
"B7
5G
;I5F5BHCF
5B8.,5B?-FIGHCAD5BM
'5H=CB5@GGC7=5H=CB
5GGI779GGCF=B=BH9F9GHHC.,5B?'5H=CB5@
GGC7=5H=CB
5GHFIGH99
9GH56@=G<=B;5G9F=9GC:G97IF=H=9G9BH=H@98U,9B=CF'CH9G8I9
V=B7@I8=B;H<9
:CFAC:,9B=CF'CH98I95B8H<9:CFAC:F9@5H98;I5F5BH99
9G7F=DH=CBC:,97IF=H=9G
A9B8985B8+9GH5H98;F99A9BHC:%=A=H98)5FHB9FG<=DC:A9F=75BGG9HG-FIGH
%)
85H98#5BI5FM
+9;=GHF5H=CB+=;2?5E6>22?5
?56IE@@?D@=:52E65:?2?4:2=(E2E6>6?ED2?5(4965F=6
+9DCFHGC:"B89D9B89BH+9;=GH9F98)I6@=777CIBH=B;=FA)("
>6C:42?DD6ED)CFDE?4
CBGC@=85H985@5B79,<99HG5GC:979A69F
5B8
CBGC@=85H98,H5H9A9BHGC:CADF9<9BG=J9"B7CA9:CFH<9M95FG9B898979A69F
5B8
CBGC@=85H98,H5H9A9BHGC:EI=HM:CFH<9M95FG9B898979A69F
5B8
CBGC@=85H98,H5H9A9BHGC:5G<@CKG:CFH<9M95FG9B898979A69F
5B8
>6C:42?DD6ED)CFDE! %
CBGC@=85H985@5B79,<99HG5GC:979A69F
5B8
CBGC@=85H98,H5H9A9BHGC:CADF9<9BG=J9"B7CA9:CFH<9M95FG9B898979A69F
5B8
CBGC@=85H98,H5H9A9BHGC:)5FHB9FG5D=H5@:CFH<9M95FG9B898979A69F
5B8
CBGC@=85H98,H5H9A9BHGC:5G<@CKG:CFH<9M95FG9B898979A69F
5B8
'CH9GHCCBGC@=85H98=B5B7=5@,H5H9A9BHGC:A9F=75BGG9HG-FIGH
"B75B8A9F=75BGG9HG-FIGH
%)
,7<98I@9"""TCBGC@=85H98+95@GH5H95B877IAI@5H989DF97=5H=CB
'6A@CE@7?56A6?56?E'68:DE6C65%F3=:444@F?E:?8:C>
-CH<9,HC7?6?ED
09<5J95I8=H98H<9577CAD5BM=B;7CBGC@=85H9865@5B79G<99HGC:A9F=75BGG9HG-FIGH
"B7H<9CAD5BM5GC:979A69F
5B8
H<9F9@5H987CBGC@=85H98GH5H9A9BHGC:7CADF9<9BG=J9=B7CA9
9EI=HM
5B875G<:@CKG:CF957<C:H<9H97H=J9CF7CAD@9L>I8;A9BHG-<9
7CAAIB=75H=CBC:H<97F=H=75@5I8=HA5HH9F8C9GBCH5@H9F=B5BMK5MCIFCD=B=CBCBH<97CBGC@=85H98:=B5B7=5@GH5H9A9BHG
H5?9B
5G5K97H=J95I8=HCF>I8;A9BHB979GG5FM=B9J5@I5H=B;A5B5;9A9BHWG=89BH=:=75H=CBC:=B8=75HCFGC:
DCH9BH=5@=AD5=FA9BH5B8H<9F9@5H985GG9GGA9BHC:H<9G9J9F=HMC:GI7<=B8=75HCFG=B89H9FA=B=B;K<9H<9F
5HF=;;9F=B;9J9BH<5GC77IFF98H<5HF9EI=F9GH<9CAD5BMHC9J5@I5H9H<9F97CJ9F56=@=HMC:H<95GG9H
3;#)
((6)77)(8,)
%88)6-296
9(-8
09C6H5=B985BIB89FGH5B8=B;
9J5@I5H98H<989G=;B5B8H9GH98H<9CD9F5H=B;9::97H=J9B9GGC:7CBHFC@G
CJ9FH<9CAD5BMWGDFCD9FHM=AD5=FA9BHF9J=9KDFC79GGCF9L5AD@9
K9H9GH987CBHFC@GCJ9F
A5B5;9A9BHWGDFC79GG:CF=89BH=:M=B;5B89J5@I5H=B;DCH9BH=5@=AD5=FA9BH=B8=75HCFG
(IFH9GH=B;C:H<9CAD5BMWG=AD5=FA9BH5GG9GGA9BH=B7@I898
5ACB;CH<9FDFC798IF9G
9J5@I5H=B;
G=;B=:=75BH>I8;A9BHG5DD@=98=B89H9FA=B=B;K<9H<9F=B8=75HCFGC:=AD5=FA9BHK9F9DF9G9BH5H5BM;=J9B
DFCD9FHM6MC6H5=B=B;9J=89B79HC7CFFC6CF5H9GI7<>I8;A9BHG5B8G95F7<=B;:CF9J=89B797CBHF5FMHC
GI7<>I8;A9BHGCF9L5AD@9
K9G95F7<98:CFH9B5BHGCF;FCIDGC:H9B5BHGK=H<@5F;9F9G9FJ9865@5B79G
CFID7CA=B;@95G99LD=F5H=CBGH<5HC77IDM5GI6GH5BH=5@DCFH=CBC:5BMD5FH=7I@5FDFCD9FHM5B8G95F7<98
:CFG=;B=:=75BH897@=B9G=BCD9F5H=B;F9GI@HGC:5BMD5FH=7I@5FDFCD9FHM8I9HCC77ID5B7M7<5B;9G
H9B5BH
65B?FIDH7=9G
9BJ=FCBA9BH5@=GGI9G
58J9FG97<5B;9G=B@9;5@:57HCFGCFB5HIF5@8=G5GH9FG
G
FBGH2CIB;%%)
09<5J9G9FJ985GH<9CAD5BMWG5I8=HCFG=B79
,5B=9;C
5@=:CFB=5
96FI5FM
'6A@CE@7?56A6?56?E'68:DE6C65%F3=:444@F?E:?8:C>
-CH<9,HC7?:E2E:@?D@7?E6C?2=@?EC@=$G6C:?2?4:2='6A@CE:?8
7CAD5BMWG=BH9FB5@7CBHFC@CJ9F:=B5B7=5@F9DCFH=B;=G5DFC79GG89G=;B98HCDFCJ=89F95GCB56@95GGIF5B79F9;5F8=B;H<9
F9@=56=@=HMC::=B5B7=5@F9DCFH=B;5B8H<9DF9D5F5H=CBC::=B5B7=5@GH5H9A9BHG:CF9LH9FB5@DIFDCG9G=B577CF85B79K=H<;9B9F5@@M
5779DH98577CIBH=B;DF=B7=D@9G7CAD5BMWG=BH9FB5@7CBHFC@CJ9F:=B5B7=5@F9DCFH=B;=B7@I89GH97H=CBGC:5BM9J5@I5H=CBC:9::97H=J9B9GGHC:IHIF9D9F=C8G5F9GI6>97HHCH<9F=G?H<5H7CBHFC@GA5M697CA9=B589EI5H9
6975IG9C:7<5B;9G=B7CB8=H=CBG
CFH<5HH<989;F99C:7CAD@=5B79K=H<H<9DC@=7=9GCFDFC798IF9GA5M89H9F=CF5H9
G
FBGH2CIB;%%)
,5B=9;C
5@=:CFB=5
96FI5FM
'6A@CE@7?56A6?56?E'68:DE6C65%F3=:444@F?E:?8:C>
-CH<9)5FHB9FGC:A9F=75BGG9HG-FIGH
%)
$A:?:@?@?E96:?2?4:2=(E2E6>6?ED
09<5J95I8=H98H<9577CAD5BM=B;7CBGC@=85H9865@5B79G<99HGC:A9F=75BGG9HG-FIGH
%)H<9CAD5BM5GC:979A69F
5B8
H<9F9@5H987CBGC@=85H98GH5H9A9BHGC:7CADF9<9BG=J9=B7CA9
D5FHB9FGW75D=H5@
5B875G<:@CKG:CF957<C:
H<9H97H=J9CF7CAD@9L>I8;A9BHG-<9
7CAAIB=75H=CBC:H<97F=H=75@5I8=HA5HH9F8C9GBCH5@H9F=B5BMK5MCIFCD=B=CBCBH<97CBGC@=85H98:=B5B7=5@GH5H9A9BHG
H5?9B
5G5K97H=J95I8=HCF>I8;A9BHB979GG5FM=B9J5@I5H=B;A5B5;9A9BHWG=89BH=:=75H=CBC:=B8=75HCFGC:DCH9BH=5@
=AD5=FA9BH5B8H<9F9@5H985GG9GGA9BHC:H<9G9J9F=HMC:GI7<=B8=75HCFG=B89H9FA=B=B;K<9H<9F5
HF=;;9F=B;9J9BH<5GC77IFF98H<5HF9EI=F9GH<9CAD5BMHC9J5@I5H9H<9F97CJ9F56=@=HMC:H<95GG9H
3;#)
((6)77)(8,)
%88)6-296
9(-8
09C6H5=B985BIB89FGH5B8=B;
9J5@I5H98H<989G=;B5B8H9GH98H<9CD9F5H=B;9::97H=J9B9GGC:7CBHFC@G
CJ9FH<9CAD5BMWGDFCD9FHM=AD5=FA9BHF9J=9KDFC79GGCF9L5AD@9
K9H9GH987CBHFC@GCJ9F
A5B5;9A9BHWGDFC79GG:CF=89BH=:M=B;5B89J5@I5H=B;DCH9BH=5@=AD5=FA9BH=B8=75HCFG
(IFH9GH=B;C:H<9CAD5BMWG=AD5=FA9BH5GG9GGA9BH=B7@I898
5ACB;CH<9FDFC798IF9G
9J5@I5H=B;
G=;B=:=75BH>I8;A9BHG5DD@=98=B89H9FA=B=B;K<9H<9F=B8=75HCFGC:=AD5=FA9BHK9F9DF9G9BH5H5BM;=J9B
DFCD9FHM6MC6H5=B=B;9J=89B79HC7CFFC6CF5H9GI7<>I8;A9BHG5B8G95F7<=B;:CF9J=89B797CBHF5FMHCGI7<
>I8;A9BHGCF9L5AD@9
K9G95F7<98:CFH9B5BHGCF;FCIDGC:H9B5BHGK=H<@5F;9F9G9FJ9865@5B79GCF
ID7CA=B;@95G99LD=F5H=CBGH<5HC77IDM5GI6GH5BH=5@DCFH=CBC:5BMD5FH=7I@5FDFCD9FHM5B8G95F7<98:CF
G=;B=:=75BH897@=B9G=BCD9F5H=B;F9GI@HGC:5BMD5FH=7I@5FDFCD9FHM8I9HCC77ID5B7M7<5B;9G
H9B5BH
65B?FIDH7=9G
9BJ=FCBA9BH5@=GGI9G
58J9FG97<5B;9G=B@9;5@:57HCFGCFB5HIF5@8=G5GH9FG
G
FBGH2CIB;%%)
09<5J9G9FJ985GH<9CAD5BMWG5I8=HCFG=B79
,5B=9;C
5@=:CFB=5
96FI5FM
>6C:42?DD6ED)CFDE?4
@?D@=:52E652=2?46(966ED
?)9@FD2?5DI46AE(92C62E2
646>36C
646>36C
(()(
+95@9GH5H9
5H7CGH
(D9F5H=B;F95@9GH5H9
CBGHFI7H=CB=BDFC;F9GG
!9@8:CF89J9@CDA9BH
77IAI@5H9889DF97=5H=CB
'9HF95@9GH5H9
5G<5B875G<9EI=J5@9BHG
77CIBHGF979=J56@9
B9H
9:9FF98F9BHF979=J56@9G
B9H
(H<9F5GG9HG
B9H
+95@9GH5H95GG9HG<9@8:CFG5@9
-(-%,,-,
!!)(#&*).
%""%"-",
,97IF98BCH9GD5M56@9
B9H
.BG97IF98BCH9GD5M56@9
B9H
77CIBHGD5M56@95B8577FI989LD9BG9G
,97IF=HM89DCG=HGD5M56@9
(H<9F@=56=@=H=9G5B889:9FF987F98=HG
%=56=@=H=9GF9@5H98HCF95@9GH5H95GG9HG<9@8:CFG5@9
-CH5@@=56=@=H=9G
CAA=HA9BHG5B87CBH=B;9B7=9G'CH9
*."-2
A9F=75BGG9HG-FIGH
"B7GHC7?6C:42?DD6ED)CFDE?4
@?D@=:52E65(E2E6>6?ED@7@>AC696?D:G6?4@>6
?)9@FD2?5DI46AE(92C6D2?5%6C(92C62E2
.62C?565646>36C
'+#*
+9BH5@=B7CA9
(H<9FDFCD9FHM=B7CA9
-CH5@F9J9BI9
-%#((
+9BH5@9LD9BG9G
+95@9GH5H9H5L9G
9B9F5@5B858A=B=GHF5H=J9
9DF97=5H=CB5B85ACFH=N5H=CB
-CH5@CD9F5H=B;9LD9BG9G
$%')##$"
"BH9F9GH9LD9BG9
B9H
(H<9F=B7CA99LD9BG9
B9H
#)#$"
'9H=B7CA95HHF=6IH56@9HCF9GHF=7H98G<5F9G
'9H=B7CA95HHF=6IH56@9HCIB=H6C:42?DD6ED)CFDE?4
@?D@=:52E65(E2E6>6?ED@7BF:EJ
?)9@FD2?5DI46AE(92C62E2
>6C:42?DD6ED)CFDE?4 (E@4<9@=56CDBF:EJ
#@?4@?EC@==:?8
?E6C6DED
*?:E9@=56CD:?
E96$A6C2E:?8
%2CE?6CD9:A
)@E2=
@>>@?(92C6D
55:E:@?2=
%2:5:?
2A:E2=
44F>F=2E65
:G:56?5D:?
I46DD@7#6E
?4@>6
44F>F=2E65
$E96C
@>AC696?D:G6
?4@>6!@DD
(92C6D
>@F?E
5@5B795H979A69F
'9H=B7CA9
T
T
T
T
"GGI5B79C:F9GHF=7H98GHC7?
T
T
T
T
CF:9=HIF9C:F9GHF=7H98GHC7?
T
T
T
T
=J=89B8G897@5F985B8D5=8
T
T
T
T
,HC7?65G987CAD9BG5H=CB
T
T
T
T
T
,<5F9GK=H<<9@8:CF9AD@CM99
H5L9G
T
T
T
(H<9F7CADF9<9BG=J9=B7CA9
7<5B;9=BJ5@I9C:=BH9F9GHF5H9
GK5DG
T
T
T
T
+97@5GG=:=75H=CBC:5ACFH=N5H=CB
C::CFK5F8GH5FH=B;GK5DG
=B7@I898=B=BH9F9GH9LD9BG9
T
T
T
T
5@5B795H979A69F
'9H=B7CA9
T
T
T
T
"GGI5B79C:F9GHF=7H98GHC7?
T
T
T
T
CF:9=HIF9C:F9GHF=7H98GHC7?
T
T
T
T
=J=89B8G897@5F985B8D5=8
T
T
T
T
,HC7?65G987CAD9BG5H=CB
T
T
T
T
T
,<5F9GK=H<<9@8:CF9AD@CM99
H5L9G
T
T
T
T
(H<9F7CADF9<9BG=J9=B7CA9
7<5B;9=BJ5@I9GC:=BH9F9GHF5H9
GK5DG
T
T
T
T
+97@5GG=:=75H=CBC:5ACFH=N5H=CB
C::CFK5F8GH5FH=B;GK5DG
=B7@I898=B=BH9F9GH9LD9BG9
T
T
T
T
5@5B795H979A69F
'9H=B7CA9
T
T
T
T
"GGI5B79C:F9GHF=7H98GHC7?
T
T
T
T
CF:9=HIF9C:F9GHF=7H98GHC7?
T
T
T
T
T
T
=J=89B8G897@5F985B8D5=8
T
T
T
T
,HC7?65G987CAD9BG5H=CB
T
T
T
T
T
,<5F9GK=H<<9@8:CF9AD@CM99
H5L9G
T
T
T
(H<9F7CADF9<9BG=J9@CGG
7<5B;9=BJ5@I9C:=BH9F9GHF5H9
GK5DG
T
T
T
T
(H<9F7CADF9<9BG=J9@CGG
IBF95@=N98@CGGCBHF95GIFM
@C7?G
T
T
T
T
+97@5GG=:=75H=CBC:5ACFH=N5H=CB
C::CFK5F8GH5FH=B;GK5DG
=B7@I898=B=BH9F9GH9LD9BG9
B9H
T
T
T
T
5@5B795H979A69F
-<9577CAD5BM=B;BCH9G5F95B=BH9;F5@D5FHC:H<9G97CBGC@=85H98:=B5B7=5@GH5H9A9BHG
>6C:42?DD6ED)CFDE?4
@?D@=:52E65(E2E6>6?ED@72D9=@HD
?)9@FD2?5D
$%')#)+)(
'9H=B7CA9
8>IGHA9BHGHCF97CB7=@9B9H=B7CA9HCB9H75G<DFCJ=8986MCD9F5H=B;
57H=J=H=9G
9:9FF98F9BHF9J9BI95B85ACFH=N5H=CBC:@95G9=BH5B;=6@9G
9DF97=5H=CB5B85ACFH=N5H=CB
ACFH=N5H=CBC:896H=GGI5B797CGHG5B8896H8=G7CIBHG
)FCJ=G=CB:CFIB7C@@97H56@9F9BH5@=B7CA9
,HC7?65G987CAD9BG5H=CB9LD9BG9
,9HH@9A9BHC:HF95GIFM@C7?G
T
T
(H<9FBCB75G<=BH9F9GH9LD9BG9
B9H
(H<9F
B9H
<5B;9G=BCD9F5H=B;5GG9HG5B8@=56=@=H=9G
<5B;9=B577CIBHGF979=J56@9
<5B;9=BCH<9F5GG9HG
<5B;9=B577CIBHGD5M56@95B8577FI989LD9BG9G
<5B;9=BG97IF=HM89DCG=HGD5M56@9
<5B;9=BCH<9F@=56=@=H=9G5B889:9FF987F98=HG
#6E42D9AC@G:5653J@A6C2E:?824E:G:E:6D
#+()#)+)(
7EI=G=H=CBC:F95@9GH5H9
B9H
T
T
5D=H5@9LD9B8=HIF9G
%95G=B;7CAA=GG=CBG
#6E42D9FD65:?:?G6DE:?824E:G:E:6D
###)+)(
)FC7998G:FCAG97IF98BCH9GD5M56@9
T
T
+9D5MA9BHC:G97IF98BCH9GD5M56@9
T
T
)FC7998G:FCAIBG97IF98@=B9C:7F98=H
T
+9D5MA9BHC:IBG97IF98@=B9C:7F98=H
T
)FC7998G:FCAIBG97IF98H9FA@C5B
T
T
+9D5MA9BHC:IBG97IF98H9FA@C5B
T
T
)FC7998G:FCAIBG97IF98BCH9GD5M56@9
T
T
+9D5MA9BHC:IBG97IF98BCH9GD5M56@9
T
T
96H=GGI5B797CGHG
=J=89B8GD5=8HC7CAACBGHC7?5B8IB=H36C
-<9577CAD5BM=B;BCH9G5F95B=BH9;F5@D5FHC:H<9G97CBGC@=85H98:=B5B7=5@GH5H9A9BHG
>6C:42?DD6ED)CFDE! %
@?D@=:52E652=2?46(966ED
?)9@FD2?5DI46AE*?:E2E2
646>36C
646>36C
(()(
+95@9GH5H9
5H7CGH
(D9F5H=B;F95@9GH5H9
CBGHFI7H=CB=BDFC;F9GG
!9@8:CF89J9@CDA9BH
77IAI@5H9889DF97=5H=CB
'9HF95@9GH5H9
5G<5B875G<9EI=J5@9BHG
77CIBHGF979=J56@9
B9H
9:9FF98F9BHF979=J56@9G
B9H
(H<9F5GG9HG
B9H
+95@9GH5H95GG9HG<9@8:CFG5@9
-(-%,,-,
!!)(#%)!
%""%"-",
,97IF98BCH9GD5M56@9
B9H
.BG97IF98BCH9GD5M56@9
B9H
77CIBHGD5M56@95B8577FI989LD9BG9G
,97IF=HM89DCG=HGD5M56@9
(H<9F@=56=@=H=9G5B889:9FF987F98=HG
%=56=@=H=9GF9@5H98HCF95@9GH5H95GG9HG<9@8:CFG5@9
-CH5@@=56=@=H=9G
CAA=HA9BHG5B87CBH=B;9B7=9G'CH9
)"-%
%=A=H98D5FHB9FG75D=H5@
5B8
IB=HG=GGI985B8
CIHGH5B8=B;5GC:979A69F
5B8979A69F
F9GD97H=J9@M
9B9F5@D5FHB9FG75D=H5@
5B8
IB=HG=GGI985B8
CIHGH5B8=B;5GC:979A69F
5B8979A69F
F9GD97H=J9@M
77IAI@5H98CH<9F7CADF9<9BG=J9=B7CA9
-CH5@75D=H5@
-(-%%""%"-",')"-%
-<9577CAD5BM=B;BCH9G5F95B=BH9;F5@D5FHC:H<9G97CBGC@=85H98:=B5B7=5@GH5H9A9BHG
>6C:42?DD6ED)CFDE! %
@?D@=:52E65(E2E6>6?ED@7@>AC696?D:G6?4@>6
?)9@FD2?5DI46AE*?:ED2?5%6C*?:E2E2
.62C?565646>36C
'+#*
+9BH5@=B7CA9
(H<9FDFCD9FHM=B7CA9
-CH5@F9J9BI9
-%#((
+9BH5@9LD9BG9G
+95@9GH5H9H5L9G
9B9F5@5B858A=B=GHF5H=J9
9DF97=5H=CB5B85ACFH=N5H=CB
-CH5@CD9F5H=B;9LD9BG9G
$%')##$"
"BH9F9GH9LD9BG9
B9H
(H<9F=B7CA99LD9BG9
B9H
#)#$"
'9H=B7CA95HHF=6IH56@9HCF9GHF=7H98G<5F9G
#)#$"))'*)!)$"'#(()()'*()
! %
'##(%'*#)(
5FB=B;GD9FIB=H
65G=7
09=;6C:42?DD6ED)CFDE! %
@?D@=:52E65(E2E6>6?ED@7%2CE?6CD2A:E2=
?)9@FD2?5DI46AE*?:E2E2
!:>:E65%2CE?6CD2A:E2=
6?6C2=%2CE?6CD2A:E2=
44F>F=2E65
$E96C
@>AC696?D:G6
?4@>6!@DD
)@E2=2A:E2=
*?:ED
>@F?E
*?:ED
>@F?E
5@5B795H979A69F
'9H=B7CA9
T
T
T
"GGI5B79C:F9GHF=7H98IB=HG
T
T
T
T
T
CF:9=HIF9C:F9GHF=7H98IB=HG
T
T
T
T
T
=GHF=6IH=CBG
T
T
T
,HC7?65G987CAD9BG5H=CB
T
T
T
T
.B=HGK=H<<9@8:CF9AD@CM99H5L9G
T
T
T
(H<9F7CADF9<9BG=J9=B7CA9
7<5B;9=BJ5@I9C:=BH9F9GHF5H9
GK5DG
T
T
T
T
+97@5GG=:=75H=CBC:5ACFH=N5H=CBC:
:CFK5F8GH5FH=B;GK5DG=B7@I898=B
=BH9F9GH9LD9BG9
T
T
T
T
5@5B795H979A69F
'9H=B7CA9
T
T
T
"GGI5B79C:F9GHF=7H98IB=HG
T
T
T
T
T
CF:9=HIF9C:F9GHF=7H98IB=HG
T
T
T
T
T
=GHF=6IH=CBG
T
T
T
,HC7?65G987CAD9BG5H=CB
T
T
T
T
.B=HGK=H<<9@8:CF9AD@CM99H5L9G
T
T
T
(H<9F7CADF9<9BG=J9=B7CA9
7<5B;9=BJ5@I9C:=BH9F9GHF5H9
GK5DG
T
T
T
T
+97@5GG=:=75H=CBC:5ACFH=N5H=CBC:
:CFK5F8GH5FH=B;GK5DG=B7@I898=B
=BH9F9GH9LD9BG9
T
T
T
T
5@5B795H979A69F
'9H=B7CA9
T
T
T
"GGI5B79C:F9GHF=7H98IB=HG
T
T
T
T
T
CF:9=HIF9C:F9GHF=7H98IB=HG
T
T
T
T
T
=GHF=6IH=CBG
T
T
T
,HC7?65G987CAD9BG5H=CB
T
T
T
T
.B=HGK=H<<9@8:CF9AD@CM99H5L9G
T
T
T
(H<9F7CADF9<9BG=J9@CGG7<5B;9
=BJ5@I9C:=BH9F9GHF5H9GK5DG
T
T
T
T
(H<9F7CADF9<9BG=J9@CGG
IBF95@=N98@CGGCBHF95GIFM@C7?G
T
T
T
T
+97@5GG=:=75H=CBC:5ACFH=N5H=CBC:
:CFK5F8GH5FH=B;GK5DG=B7@I898=B
=BH9F9GH9LD9BG9
B9H
T
T
T
T
5@5B795H979A69F
CBG=GHGC:@=A=H98D5FHB9FG<=D=BH9F9GHG<9@86MH<=F8D5FH=9G
CBG=GHGC:;9B9F5@5B8@=A=H98D5FHB9FG<=D=BH9F9GHG<9@86MA9F=75BGG9HG-FIGH
"B7
-<9577CAD5BM=B;BCH9G5F95B=BH9;F5@D5FHC:H<9G97CBGC@=85H98:=B5B7=5@GH5H9A9BHG
>6C:42?DD6ED)CFDE! %
@?D@=:52E65(E2E6>6?ED@72D9=@HD
?)9@FD2?5D
$%')#)+)(
'9H=B7CA9
8>IGHA9BHGHCF97CB7=@9B9H=B7CA9HCB9H75G<DFCJ=8986MCD9F5H=B;
57H=J=H=9G
9:9FF98F9BHF9J9BI95B85ACFH=N5H=CBC:@95G9=BH5B;=6@9G
9DF97=5H=CB5B85ACFH=N5H=CB
ACFH=N5H=CBC:896H=GGI5B797CGHG5B8896H8=G7CIBHG
)FCJ=G=CB:CFIB7C@@97H56@9F9BH5@=B7CA9
,HC7?65G987CAD9BG5H=CB9LD9BG9
,9HH@9A9BHC:HF95GIFM@C7?G
T
T
(H<9FBCB75G<=BH9F9GH9LD9BG9
B9H
(H<9F
B9H
<5B;9G=BCD9F5H=B;5GG9HG5B8@=56=@=H=9G
<5B;9=B577CIBHGF979=J56@95B889:9FF98F9BHF979=J56@9G
<5B;9=BCH<9F5GG9HG
<5B;9=B577CIBHGD5M56@95B8577FI989LD9BG9G
<5B;9=BG97IF=HM89DCG=HGD5M56@9
<5B;9=BCH<9F@=56=@=H=9G5B889:9FF987F98=HG
#6E42D9AC@G:5653J@A6C2E:?824E:G:E:6D
#+()#)+)(
7EI=G=H=CBC:F95@9GH5H9
B9H
T
T
5D=H5@9LD9B8=HIF9G
%95G=B;7CAA=GG=CBG
#6E42D9FD65:?:?G6DE:?824E:G:E:6D
###)+)(
)FC7998G:FCAG97IF98BCH9GD5M56@9
T
T
+9D5MA9BHC:G97IF98BCH9GD5M56@9
T
T
)FC7998G:FCAIBG97IF98@=B9C:7F98=H
T
+9D5MA9BHC:IBG97IF98@=B9C:7F98=H
T
)FC7998G:FCAIBG97IF98H9FA@C5B
T
T
+9D5MA9BHC:IBG97IF98H9FA@C5B
T
T
)FC7998G:FCAIBG97IF98BCH9GD5M56@9
T
T
+9D5MA9BHC:IBG97IF98BCH9GD5M56@9
T
T
96H=GGI5B797CGHG
=GHF=6IH=CBG
,<5F9GK=H<<9@8:CF9AD@CM99H5L9G
#6E42D9AC@G:5653JFD65:?7:?2?4:?824E:G:E:6D
'9H=B7F95G9897F95G9=B75G<
75G<9EI=J5@9BHG
5G<5B875G<9EI=J5@9BHG
69;=BB=B;C:M95F
5G<5B875G<9EI=J5@9BHG
9B8C:M95F
.62C?565646>36C
-<9577CAD5BM=B;BCH9G5F95B=BH9;F5@D5FHC:H<9G97CBGC@=85H98:=B5B7=5@GH5H9A9BHG
>6C:42?DD6ED)CFDE?4 2?5>6C:42?DD6ED)CFDE! %
#@E6DE@@?D@=:52E65:?2?4:2=(E2E6>6?ED
#$) (*""'.$(##)$*#)#%$!(
97-2)77%2(6+%2->%8-32
A9F=75BGG9HG-FIGH
"B7K<=7<A5M69F9:9FF98HC=BH<9G9:=B5B7=5@GH5H9A9BHG5GH<9U7CAD5BM
VUK9
VUIG
VCF
UCIFV=G5&5FM@5B87CFDCF5H=CB:CFA98CB#I@M
H<5H8=8BCH<5J95BMCD9F5H=B;57H=J=HMIBH=@H<97CBGIAA5H=CBC:
CIF=B=H=5@DI6@=7C::9F=B;H<9U(::9F=B;V5B8H<9F9@5H9857EI=G=H=CBCB#5BI5FM
C:79FH5=B5GG9HGC:57CA6=B5H=CBC:
9BH=H=9GKI8;A9BH
5:H9F7CBG=89F=B;D5GH
7IFF9BH5B89LD97H989J9BHG5B8
97CBCA=77CB8=H=CBG7HI5@F9GI@HG7CI@88=::9F:FCAH<9G99GH=A5H9G
32730-(%8)(8%8)1)2873*%7,03;79440)1)28%0-7'03796)7
-<9:C@@CK=B;H56@9DFCJ=89GGIDD@9A9BH5@8=G7@CGIF9GF9@5H98HCH<9CBGC@=85H98,H5H9A9BHGC:5G<@CKG=B
H36C
(FAA=6>6?E2=42D97=@H:?7@C>2E:@?
-CH5@=BH9F9GH7CGHG=B7IFF98
"BH9F9GH75D=H5@=N98
"BH9F9GH9LD9BG9
B9H
5G<D5=8:CF=BH9F9GH
B9HC:5ACIBHG75D=H5@=N98
5G<D5=8:CF=B7CA9H5L9G
(FAA=6>6?E2=D4965F=6@7?@?42D9:?G6DE:?82?57:?2?4:?824E:G:E:6D
77CIBHGD5M56@95B8577FI98@=56=@=H=9G:CF7CBGHFI7H=CB=BDFC;F9GG
77FI98@95G=B;7CAA=GG=CBG
):)29))'3+2-8-32%2(
''39287)')-:%&0)
(IF@95G9GK=H<H9B5BHG5F97@5GG=:=985GCD9F5H=B;@95G9G,I6GH5BH=5@@M5@@GI7<@95G9G7CBH5=B:=L98F9BH9G75@5H=CBGK<=7<
C77IF5HGD97=:=98H=A9G8IF=B;H<9H9FAC:H<9@95G95G9F9BHG5F9F97C;B=N98CB5GHF5=;I8;A9BH6MA5B5;9A9BH-<97C@@97H56=@=HMC:F979=J56@9G=G5::97H986MBIA9FCIG8=::9F9BH:57HCFG
=B7@I8=B;7IFF9BH97CBCA=7HF9B8G
H9B5BH65B?FIDH7=9G
H<9GH5HIGC:7C@@97H56=@=HMC:7IFF9BH75G<F9BHGF979=J56@9
H9B5BHG
F979BH5B8<=GHCF=75@:=B5B7=5@5B8CD9F5H=B;F9GI@HG
7<5B;9G=BCIFH9B5BHG7F98=HF5H=B;G
7CAAIB=75H=CBG69HK99BCIF
CD9F5H=B;D9FGCBB9@5B8H9B5BHG
H<99LH9BHC:G97IF=HM89DCG=HG5B8@9HH9FGC:7F98=HG<9@8K=H<F9GD97HHCH9B5BHG
5B8H<956=@=HM
C:H<9H9B5BHHCD9F:CFAIB89FH<9H9FAGC:H<9=F@95G95;F99A9BHK<9B9J5@I5H=B;H<9589EI57MC:H<95@@CK5B79:CF8CI6H:I@
577CIBHG":CIF5GG9GGA9BHC:H<9G9:57HCFG=B8=75H9GH<5H=H=GBC@CB;9FDFC656@9H<5HK9K=@@6956@9HC7C@@97HGI6GH5BH=5@@M5@@
F9BHG
K9F97C;B=N957<5F;9HCF9BH5@=B7CA95B8@=A=HCIFF9BH5@=B7CA9HCH<9@9GG9FC:@95G9=B7CA9CB5GHF5=;IGHA9BHHCF9BH5@=B7CA9=BH<9D9F=C8K9A5?957<5B;9
HCCIFDF=CF7CB7@IG=CB
H979A69F
5B8979A69F
CIF5@@CK5B79:CF8CI6H:I@577CIBHGK5GA=@@=CB5B8A=@@=CB
F9GD97H=J9@M-CH5@7C@@97H56=@=HMF9@5H9858>IGHA9BHG:CFF9BH5@=B7CA9
K<=7<=B7@I89GH<95@@CK5B79:CF8CI6H:I@577CIBHG5B8
89:9FF98F9BHF979=J56@9G
K5GA=@@=CB
A=@@=CB5B8A=@@=CB:CFH<9M95FG9B898979A69F
5B8
F9GD97H=J9@M
)%078%8)
%5B8
6I=@8=B;G5B8=ADFCJ9A9BHG5F9F97CF8985H7CGH9DF97=5H=CB=G7CADIH98IG=B;H<9GHF5=;CF=ADFCJ9A9BHG&=BCF
=ADFCJ9A9BHG
:IFB=HIF95B89EI=DA9BH5F975D=H5@=N985B889DF97=5H98CJ9FIG9:I@@=J9GF5B;=B;:FCAM95FGHCM95FG
&5=BH9B5B795B8F9D5=FGH<5H8CBCH=ADFCJ9CF9LH9B8H<9IG9:I@@=J9GC:H<9F9@5H985GG9HG5F97<5F;98HCCD9F5H=CBG5G
=B7IFF98-9B5BH=ADFCJ9A9BHG5F975D=H5@=N985B889DF97=5H98CJ9FH<9@=:9C:H<9F9@5H98@95G9CFH<9=F9GH=A5H98IG9:I@@=:9
K<=7<9J9F=GG97H
CB@MHCH9FAGH<5H5F9IGI5@5B87IGHCA5FM:CFG5@9GC:GI7<5GG9HG
===5B57H=J9DFC;F5AHC@C75H956IM9F5B8CH<9F57H=CBG
F9EI=F98HC7CAD@9H9H<9D@5BHCG9@@H<95GG9HCF8=GDCG5@;FCID<5J9699B=B=H=5H98
=JH<9G5@9C:H<95GG9HCF8=GDCG5@;FCID=G
DFC656@9
5B8HF5BG:9FC:H<95GG9HCF8=GDCG5@;FCID=G9LD97H98HCEI5@=:M:CFF97C;B=H=CB5G57CAD@9H98G5@9K=H<=BCB9M95F
JH<95GG9HCF8=GDCG5@;FCID=G69=B;57H=J9@MA5F?9H98:CFG5@95H5DF=79H<5H=GF95GCB56@9=BF9@5H=CBHC=HG7IFF9BH:5=FJ5@I9
5B8J=57H=CBGF9EI=F98HC7CAD@9H9H<9D@5B=B8=75H9H<5H=H=GIB@=?9@MH<5HG=;B=:=75BH7<5B;9GHCH<9D@5BK=@@69A589CFH<5H
H<9D@5BK=@@69K=H<8F5KB!9@8:CFG5@9DFCD9FH=9G5F99J5@I5H98EI5FH9F@MHC9BGIF9H<5HDFCD9FH=9G7CBH=BI9HCA99HH<9<9@8
:CFG5@97F=H9F=5":DFCD9FH=9G5F9F9EI=F98HC69F97@5GG=:=98:FCA<9@8:CFG5@9HC<9@8:CFIG98I9HC7<5B;9GHC5D@5BC:G5@9
H<9M5F9F97CF8985HH<9@CK9FC::5=FJ5@I9CFH<975FFM=B;5ACIBH69:CF9H<9DFCD9FHMK5G7@5GG=:=985G<9@8:CFG5@9
58>IGH98
:CF5BM89DF97=5H=CB5B85ACFH=N5H=CB9LD9BG9H<5HKCI@8<5J9699BF97C;B=N98<58H<9DFCD9FHM699B7CBH=BICIG@M7@5GG=:=98
5G<9@85B8IG98)FCD9FH=9GH<5H8CBCHA99HH<9<9@8:CFG5@97F=H9F=55F9577CIBH98:CF5GCD9F5H=B;DFCD9FH=9G
.DCB89H9FA=B=B;H<5H5@CB;@=J985GG9HCF8=GDCG5@;FCIDA99HGH<97F=H9F=5HC697@5GG=:=985G<9@8:CFG5@9
H<97CAD5BM
F9DCFHGH<95GG9HG5B8@=56=@=H=9GC:H<98=GDCG5@;FCID
=:A5H9F=5@
=BH<9@=B9=H9AGUF95@9GH5H95GG9HG<9@8:CFG5@9V5B8
U@=56=@=H=9GF9@5H98HCF95@9GH5H95GG9HG<9@8:CFG5@9V
5G5DD@=756@9
CBH<97CBGC@=85H9865@5B79G<99HG@CB;@=J985GG9HCF
8=GDCG5@;FCIDH<5H=G7@5GG=:=985G<9@8:CFG5@9=GA95GIF985HH<9@CK9FC:=HG7CGHCF9GH=A5H98:5=FJ5@I9@9GG5BM7CGHGHCG9@@
-<9:5=FJ5@I9GC:5GG9HG<9@8:CFG5@95F95GG9GG98957<F9DCFH=B;D9F=C85B87<5B;9G=BGI7<:5=FJ5@I9G5F9F9DCFH985G5B
58>IGHA9BHHCH<975FFM=B;J5@I9C:H<95GG9HCF8=GDCG5@;FCIDK=H<5BC::G9HCBH<97CBGC@=85H98GH5H9A9BHGC:=B7CA9
HCH<9
9LH9BHH<5H5BMGI6G9EI9BH7<5B;9G=B:5=FJ5@I98CBCH9L7998H<97CGH65G=GC:H<95GG9HCF8=GDCG5@;FCIDBM@CGGF9GI@H=B;
:FCAH<9HF5BG:9FC:@CB;@=J985GG9HGCF8=GDCG5@;FCIDGHC5GG9HG<9@8:CFG5@9=GF97C;B=N98=BH<9D9F=C88IF=B;K<=7<H<9<9@8
:CFG5@97F=H9F=55F9A9H
%4-8%0->)(3787
0975D=H5@=N979FH5=B7CGHGF9@5H98HCH<989J9@CDA9BH5B8F989J9@CDA9BHC:F95@9GH5H9=B7@I8=B;DF97CBGHFI7H=CB7CGHG
F95@9GH5H9H5L9G
=BGIF5B795B87CBGHFI7H=CB7CGHG5B8G5@5F=9G5B8F9@5H987CGHGC:D9FGCBB9@8=F97H@M=BJC@J9888=H=CB5@@M
K9
75D=H5@=N9=BH9F9GH7CGHGF9@5H98HC89J9@CDA9BH5B8G=;B=:=75BHF989J9@CDA9BH57H=J=H=9G5D=H5@=N5H=CBC:H<9G97CGHG69;=BG
K<9BH<957H=J=H=9G5B8F9@5H989LD9B8=HIF9G7CAA9B795B8795G9K<9BH<9DFC>97H=GGI6GH5BH=5@@M7CAD@9H95B8F958M:CF=HG
=BH9B898IG9
5HK<=7<H=A9H<9DFC>97H=GD@5798=BG9FJ=795B889DF97=5H=CB7CAA9B79G88=H=CB5@@M
K9A5?99GH=A5H9G5GHC
H<9DFC656=@=HMC:79FH5=B89J9@CDA9BH5B8F989J9@CDA9BHDFC>97HG69=B;7CAD@9H98":K989H9FA=B9H<5HH<97CAD@9H=CBC:
89J9@CDA9BHCFF989J9@CDA9BH=GBC@CB;9FDFC656@9
K99LD9BG95@@75D=H5@=N987CGHGK<=7<5F9BCHF97CJ9F56@9
14%-61)283*32+-:)(
77)87
09F9J=9K:CF=AD5=FA9BHCB5DFCD9FHM6MDFCD9FHM65G=GK<9B9J9F9J9BHGCF7<5B;9G=B7=F7IAGH5B79G=B8=75H9H<5HH<9
75FFM=B;J5@I9C:5DFCD9FHMA5MBCH69:I@@MF97CJ9F56@9"AD5=FA9BH=GF97C;B=N98CBDFCD9FH=9G<9@8:CFIG9K<9BH<9
9LD97H98IB8=G7CIBH9875G<:@CKG:CF5DFCD9FHM5F9@9GGH<5B=HG75FFM=B;5ACIBH5HK<=7<H=A9H<9DFCD9FHM=GKF=HH9B8CKBHC
:5=FJ5@I9)FCD9FH=9G<9@8:CFG5@95F9F97CF8985HH<9@CK9FC:H<975FFM=B;5ACIBHCFH<99LD97H98G5@9GDF=79@9GG7CGHGHCG9@@
77CF8=B;@M
H<9F98I7H=CBC:9GH=A5H98:IHIF975G<:@CKG7CI@8F9GI@H=BH<9F97C;B=H=CBC:5B=AD5=FA9BH7<5F;9CB79FH5=BC:
CIF@CB;@=J985GG9HG&5B5;9A9BH<5GBCH=89BH=:=98=B8=75HCFGH<5HH<9J5@I9C:CIFF95@9GH5H9=BJ9GHA9BHGK5G=AD5=F985H
979A69F
CF979A69F
-<9F9K9F9BC=AD5=FA9BH7<5F;9G8IF=B;H<9M95FG9B898979A69F
5B8
-2%2'-%0278691)287
-<99GH=A5H98:5=FJ5@I9GC::=B5B7=5@=BGHFIA9BHG5F989H9FA=B98IG=B;5J5=@56@9A5F?9H=B:CFA5H=CB5B85DDFCDF=5H9
J5@I5H=CBA9HI8;A9BH=GB979GG5FMHC=BH9FDF9HA5F?9H85H55B889J9@CD9GH=A5H98:5=FJ5@I9G-<9IG9C:
8=::9F9BHA5F?9H5GGIADH=CBGCF9GH=A5H=CBA9HC=BHJ9BHIF9G
5B8BCCH<9F=BH9F9GHG=B/"G
HC699J5@I5H98:CF7CBGC@=85H98
83'/%7)(314)27%8-32
09;F5BHGHC7?65G987CAD9BG5H=CB5K5F8GHCCIF9AD@CM99G5B88=F97HCFGHMD=75@@M=BH<9:CFAC:F9GHF=7H98G<5F9GC:
7CAACBGHC7?
CDH=CBGHCDIF7<5G97CAACBGHC7?5B8
CFG<5F9GC:7CAACBGHC7?CFH<9;F5BHGC:D9F:CFA5B795B8A5F?9H
65G98F9GHF=7H98GHC7?5K5F8G=B979A69FH<9U;F5BHV
979A69FH<9U;F5BHV
5B8979A69F
H<9U;F5BHV
K9A95GIF9GHC7?65G987CAD9BG5H=CB9LD9BG965G98CBH<9:5=FJ5@I9C:H<95K5F8CBH<9;F5BH85H9
58>IGH98:CF7<5B;9GHCDFC656=@=H=9GC:57<=9J=B;D9F:CFA5B79H5F;9HG
5B8F97C;B=N99LD9BG9F5H56@MCJ9FH<9J9GH=B;D9F=C8
&C8=:=75H=CBGC:GHC7?65G987CAD9BG5H=CB5K5F8G5F9HF95H985G5B9L7<5B;9C:H<9CF=;=B5@5K5F8:CF5B9K5K5F8K=H<
H<9F9GI@H=B;HCH5@7CAD9BG5H=CB7CGH9EI5@HCH<9;F5BH85H9:5=FJ5@I9C:H<9CF=;=B5@5K5F8D@IGH<9=B7F9A9BH5@J5@I9C:H<9
AC8=:=75H=CBHCH<95K5F8-<975@7I@5H=CBC:H<9=B7F9A9BH5@J5@I9=G65G98CBH<99L79GGC:H<9:5=FJ5@I9C:H<9B9K
AC8=:=985K5F865G98CB7IFF9BH7=F7IAGH5B79GCJ9FH<9:5=FJ5@I9C:H<9CF=;=B5@5K5F8A95GIF98=AA98=5H9@M69:CF9=HG
H9FAG5F9AC8=:=98
)*)66)(314)27%8-32
(IF(D9F5H=B;)5FHB9FG<=D<5G58CDH98H<9A9F=75BGG9HG-FIGHL97IH=J99:9FF5@)@5B/U)/V5B8H<9
A9F=75BGG9HG-FIGHL97IH=J99:9FF5@)@5B/"U)/"V-<9G9D@5BGK9F958CDH986MCIF(D9F5H=B;)5FHB9FG<=D5G
GI779GGCFD@5BGHCHIGH98HC:5=FJ5@I95HH<99B8C:957<577CIBH=B;D9F=C865G98CBH<9D9F:CFA5B79C:H<969B7IGH=B;H<9@=56=@=HMHC:5=FJ5@I9=GF97CF8985G5B=B7F95G9CF897F95G9HC7CAD9BG5H=CB
7CGH
2'31) %<)7
099@97H98HC69H5L985G5+"-IB89FH<9"BH9FB5@+9J9BI9C89C:
5G5A9B898H<9UC89V
7CAA9B7=B;K=H<
H<9H5L56@9M95F9B898979A69F
-CA5=BH5=BCIFEI5@=:=75H=CB5G5+"-
K95F9F9EI=F98HC8=GHF=6IH95H@95GH
C:CIF+"-H5L56@9=B7CA9HCCIFGHC7?97HHC7CFDCF5H9@9J9@=B7CA9H5LCBH<995FB=B;G8=GHF=6IH98
7IFF9BH@MHCCIFGHC7?97HHCF9;I@5F.,:989F5@
=B7CA9H5L095F9GI6>97HHC79FH5=BGH5H95B8@C75@=B7CA9H5L9G
09
HC;9H<9FK=H<CB9C:CIFGI6G=8=5F=9G
<5J99@97H98HCHF95HGI7<GI6G=8=5FM5G5H5L56@9+"-GI6G=8=5FM5U-+,V
:CF:989F5@=B7CA9H5LDIFDCG9G9FH5=B57H=J=H=9GH<5HK9IB89FH5?9AIGH697CB8I7H986M5-+,
GI7<5GBCB7IGHCA5FM
G9FJ=79G:CFCIFH9B5BHG
5B897HHC:989F5@5B8GH5H9=B7CA9H5L9G
)+1)282*361%8-32
,9;A9BH=B:CFA5H=CB=GDF9D5F98CBH<9G5A965G=GH<5HCIFA5B5;9A9BHF9J=9KG=B:CFA5H=CB:CFCD9F5H=CB5@897=G=CB
A5?=B;DIFDCG9G09CD9F5H9=B:CIFF9DCFH56@9G9;A9BHGH<957EI=G=H=CB
F989J9@CDA9BH
CKB9FG<=D5B8A5B5;9A9BHC:
C::=79F95@9GH5H9
F9H5=@F95@9GH5H9
AI@H=:5A=@MF95@9GH5H95B8A=L98IG9F95@9GH5H9-<9DFC8I7HG:CFCIFF9H5=@G9;A9BH
DF=A5F=@M=B7@I89F9BH5@C:F9H5=@GD5795B8CH<9FH9B5BHG9FJ=79G
=B7@I8=B;H9B5BHF9=A6IFG9A9BHG
D5F?=B;5B8GHCF5;9GD579
F9BH5@-<9DFC8I7HG:CFCIFC::=79G9;A9BHDF=A5F=@M=B7@I89F9BH5@C:C::=79GD5795B8CH<9FH9B5BHG9FJ=79G
=B7@I8=B;H9B5BH
F9=A6IFG9A9BHG
D5F?=B;5B8GHCF5;9GD579F9BH5@-<9DFC8I7HG:CFCIFAI@H=:5A=@MG9;A9BH=B7@I89F9BH5@C:5D5FHA9BHG5B8
CH<9FH9B5BHG9FJ=79G-<9DFC8I7HGC:CIFA=L98IG9G9;A9BH=B7@I89F9BH5@C:F9H5=@GD5795B8CH<9FH9B5BHG9FJ=79G
=B7@I8=B;
H9B5BHF9=A6IFG9A9BHG
D5F?=B;5B8GHCF5;9GD579F9BH5@5B8CD9F5H=CBC:5FCCA5@@GI=H9IF=G8=7H=CB-<=GDFCBCIB79A9BH=G9::97H=J9:CF5BBI5@D9F=C8G=B:=G75@M95FG69;=BB=B;5:H9F
979A69F
5B8G:=J
":I65*D6
)@E2=
646>36C
%5B8
I=@8=B;G
%5B8=ADFCJ9A9BHG
-9B5BH=ADFCJ9A9BHG
T
IFB=HIF9
:=LHIF9G
5B89EI=DA9BH
CBGHFI7H=CB=BDFC;F9GG
77IAI@5H9889DF97=5H=CB
'9HF95@9GH5H9
646>36C
%5B8
I=@8=B;G
%5B8=ADFCJ9A9BHG
-9B5BH=ADFCJ9A9BHG
T
IFB=HIF9
:=LHIF9G
5B89EI=DA9BH
CBGHFI7H=CB=BDFC;F9GG
77IAI@5H9889DF97=5H=CB
'9HF95@9GH5H9
%5B8F9@5H98HC<9@8:CF89J9@CDA9BH5B87CBGHFI7H=CB=BDFC;F9GG=G=B7@I898=BH<9!9@8:CF9J9@CDA9BH5B8CBGHFI7H=CB=B)FC;F9GG7@5GG=:=75H=CBGCB
H<97CBGC@=85H9865@5B79G<99HG
L7@I89GB9HF95@9GH5H95GG9HG<9@8:CFG5@9
)%078%8)77)87)0(*36%0)
GC:979A69F
H<97CAD5BM<58CB9DFCD9FHMIB89F7CBHF57H:CFG5@9
7@5GG=:=985G<9@8:CFG5@9-<9
:C@@CK=B;H56@9DF9G9BHGH<95GG9HG5GGC7=5H98K=H<H<9DFCD9FHM7@5GG=:=985G<9@8:CFG5@9=BH36C
646>36C
DD6ED
I=@8=B;G5B8=ADFCJ9A9BHG
%5B8
-9B5BH=ADFCJ9A9BHG
CBGHFI7H=CB=B)FC;F9GG
77IAI@5H9889DF97=5H=CB
'9HF95@9GH5H95GG9HG
(H<9FGG9HG
+95@9GH5H95GG9HG<9@8:CFG5@9
#$) &*'#%!!((#$+
!$,"' )!((
-<9:C@@CK=B;GIAA5F=N9GCIF57EI=F98@95G9=BH5B;=6@9G
K<=7<5F9=B7@I898=BCH<9F5GG9HG5B8CH<9F@=56=@=H=9G5B8
89:9FF987F98=HG=BH36C
646>36C
"BD@579@95G9G
77IAI@5H985ACFH=N5H=CB
6CJ9A5F?9H@95G9G
77IAI@5H985ACFH=N5H=CB
7EI=F98@95G9=BH5B;=6@95GG9HG
B9H
9@CKA5F?9H@95G9G
77IAI@5H98577F9H=CB
7EI=F98@95G9=BH5B;=6@9@=56=@=H=9G
B9H
-<9J5@I95@@C75H98HC=BD@579@95G9G=G5ACFH=N98CJ9FH<9F9@5H98@95G9H9FA5G89DF97=5H=CB5B85ACFH=N5H=CB9LD9BG9=B
H<9GH5H9A9BHC:7CADF9<9BG=J9=B7CA96CJ95B869@CKA5F?9H@95G9G5F95ACFH=N98CJ9FH<9F9@5H98@95G9H9FA5G588=H=CB5@
F9BH5@=B7CA9:CF69@CKA5F?9H@95G9GCF5F98I7H=CBC:F9BH5@=B7CA9:CF56CJ9A5F?9H@95G9G=BH<9GH5H9A9BHC:
7CADF9<9BG=J9=B7CA9+9BH5@=B7CA9@CGG=B7@I89GB9H5ACFH=N5H=CB:FCA57EI=F9856CJ95B869@CKA5F?9H@95G9GC:
A=@@=CB
A=@@=CB5B8A=@@=CB=B
5B8
F9GD97H=J9@M-<9F9A5=B=B;K9=;36C
ACFH=N5H=CBC:=BD@579@95G9G
ACFH=N5H=CBC:56CJ9A5F?9H@95G9G
ACFH=N5H=CBC:69@CKA5F?9H@95G9G
GC:979A69F
H<95ACFH=N5H=CB:CF57EI=F98@95G9G8IF=B;H<9B9LH:=J9M95FG5B8H<9F95:H9F9L7@I8=B;H<9
F95@9GH5H95GG9HG<9@8:CFG5@9
5GGIA=B;BC95F@M@95G9H9FA=B5H=CBG
=G5G:C@@CKG=BHIGHA9BHGHC5DDFCDF=5H9@MF9:@97H6CH<CIFCKBBCBD9F:CFA5B79F=G?5B8H<9
F9GD97H=J97CIBH9FD5FHMWGBCBD9F:CFA5B79F=G?=BH<9:5=FJ5@I9A95GIF9A9BHG"B58>IGH=B;H<9:5=FJ5@I9C:CIF89F=J5H=J9
7CBHF57HG:CFH<99::97HC:BCBD9F:CFA5B79F=G?
K97CBG=89F98H<9=AD57HC:B9HH=B;5B85BM5DD@=756@97F98=H9B<5B79A9BHG
GI7<5G7C@@5H9F5@DCGH=B;G
HCF=HMC:H<9=BDIHGIG98HCJ5@I9CIF89F=J5H=J9G:5@@K=H<=B%9J9@C:H<9:5=F
J5@I9<=9F5F7IGHA9BHG5GGC7=5H98K=H<CIF89F=J5H=J9GIH=@=N9%9J9@=BDIHG
GI7<5G9GH=A5H9GC:
7IFF9BH7F98=HGDF958GHC9J5@I5H9H<9@=?9@=IGHA9BHGCBH<9CJ9F5@@J5@I5H=CBC:CIF89F=J5H=J9
DCG=H=CB5B8<5J989H9FA=B98H<5HH<97F98=HJ5@I5H=CB58>IGHA9BHG5F9BCHG=;B=:=75BHHCH<9CJ9F5@@J5@I5H=CBC:CIF89F=J5H=J9
G5F9GI@H
K9<5J989H9FA=B98H<5HCIF89F=J5H=J9J5@I5H=CB=B=HG9BH=F9HM=G7@5GG=:=98=B%9J9@C:H<9:5=FJ5@I9<=9F5F736C
646>36C
!6G6=
!6G6=
!6G6=
)@E2=
!6G6=
!6G6=
!6G6=
)@E2=
9:9FF987CAD9BG5H=CB@=56=@=HM
T
T
T
T
"BH9F9GHF5H9GK5D5GG9H
T
T
T
T
"BH9F9GHF5H9GK5D@=56=@=HM
T
T
T
T
T
T
T
T
-<9:5=FJ5@I9C:CIFG97IF98BCH9GD5M56@95B8IBG97IF98BCH9GD5M56@9=GG9BG=H=J9HC:@I7HI5H=CBG=B=BH9F9GHF5H9G
=G7CIBH9875G<:@CK5B5@MG=G%9J9@=G;9B9F5@@MIG98HC9GH=A5H9H<9:5=FJ5@I9C:CIFACFH;5;9G5B8BCH9GD5M56@9
IG=B;
F5H9GF5B;=B;:FCAHC
CBG=89F56@9>I8;A9BH=GB979GG5FMHC9GH=A5H9H<9:5=FJ5@I9C::=B5B7=5@=BGHFIA9BHG-<99GH=A5H9GC::5=FJ5@I9
DF9G9BH98<9F9=B5F9BCHB979GG5F=@M=B8=75H=J9C:H<95ACIBHGH<5H7CI@869F95@=N98IDCB8=GDCG=H=CBC:H<9:=B5B7=5@
=BGHFIA9BHG-<975FFM=B;J5@I9GC:CIF@=B9C:7F98=H5B8H9FA@C5BG9H:CFH<69@CK5F9899A98HC695H:5=FJ5@I9G=B79H<9
CIHGH5B8=B;896H=G8=F97H@MH=98HCACBH<@M,(+7CBHF57HGGIAA5FMC:H<975FFM=B;5ACIBH5B8:5=FJ5@I9C:CIF:=B5B7=5@
=BGHFIA9BHG
5@@C:K<=7<5F965G98CB%9J9@=BDIHG
=G5G:C@@CKG=BH36C
646>36C
2CCJ:?8+2=F6
2:C+2=F6
2CCJ:?8+2=F6
2:C+2=F6
,97IF98BCH9GD5M56@9
.BG97IF98H9FA@C5B
.BG97IF98G9B=CF;I5F5BH998BCH9G
,9B=CFIBG97IF98BCH9G
B9H
#$) $)'(()(
(H<9F5GG9HG7CBG=GHC:H<9:C@@CK=B;=BH36C
646>36C
%95G=B;7CAA=GG=CBG
B9HC:577IAI@5H985ACFH=N5H=CBC:
5B8
F9GD97H=J9@M
"BH9F9GHF5H9GK5D5GG9H
7EI=F9856CJ9A5F?9H@95G9G
B9H
7EI=F98=BD@579@95G9G
B9H
%95G9=B79BH=J9G
B9HC:577IAI@5H985ACFH=N5H=CBC:
5B8
F9GD97H=J9@M
(H<9F=BH5B;=6@95GG9HG
B9HC:577IAI@5H985ACFH=N5H=CBC:
5B8
F9GD97H=J9@M
96H=GGI5B797CGHGCB@=B9C:7F98=H
B9HC:577IAI@5H985ACFH=N5H=CBC:
5B8
F9GD97H=J9@M
+=;36C
646>36C
7EI=F9869@CKA5F?9H@95G9G
B9H
)F9D5=8F9BH5B889:9FF98F9J9BI9
,HF5=;36C
646>36C
2D@7646>36C
"BH9F9GHCB@M
-<9(D9F5H=B;)5FHB9FG<=D<5GDFCJ=898575FJ9CIH;I5F5BH99CBH<9B9KACFH;5;95H=HM9BH9F9@@9JI99FH5=B
@C5BGF9EI=F9H<9(D9F5H=B;)5FHB9FG<=DHC7CAD@MK=H<J5F=CIG:=B5B7=5@7CJ9B5BHGGC:979A69F
H<9(D9F5H=B;
)5FHB9FG<=DK5G=B7CAD@=5B79K=H<H<9G9:=B5B7=5@7CJ9B5BHG
*?D64FC65?@E6DA2J23=6
-<9:C@@CK=B;=G5GIAA5FMC:H<9(D9F5H=B;)5FHB9FG<=DGHCH5@IBG97IF98BCH9GD5M56@9CIHGH5B8=B;5GC:979A69F
5B8979A69F
=BH36C
646>36C
2D@7646>36C
-<9(D9F5H=B;)5FHB9FG<=D<5G9BH9F98=BHCHKC=BH9F9GHF5H9GK5D5;F99A9BHGH<5H5F9=BH9B898HC:=LH<9=BH9F9GHF5H95GGC7=5H98K=H<-9FA%C5B5H
5DDFCL=A5H9@MH97HHC58>IGHA9BHG65G98CBCIF7CBGC@=85H98@9J9F5;9F5H=C
(B#5BI5FM
K99LH9B898-9FA%C5B5B8-9FA%C5BHC5A5HIF=HM85H9C:#5BI5FM
K=H<CB9
HK9@J9ACBH<9LH9BG=CBCDH=CB5B8
=B7F95G98H<9:I@@M8F5KB6CFFCK=B;GH<9F9IB89FHCA=@@=CB5B8A=@@=CB
F9GD97H=J9@M(B#5BI5FM
K9F9D5=8H<99BH=F9HMC:-9FA%C5B
5B8-9FA%C5B
-<9(D9F5H=B;)5FHB9FG<=D9BH9F98=BHC=BH9F9GHF5H9GK5D5;F99A9BHGH<5H5F9=BH9B898HC:=LH<99::97H=J9=BH9F9GHF5H95GGC7=5H98K=H<-9FA%C5B5B8
-9FA%C5B
GI6>97HHC58>IGHA9BHG65G98CBCIF7CBGC@=85H98@9J9F5;9F5H=C
5H
:FCA#5BI5FM
HC#5BI5FM
5B85H:FCA
#5BI5FM
HC#5BI5FM
-<9(D9F5H=B;)5FHB9FG<=D9BH9F98=BHC5HF95GIFM@C7?7CBHF57HCB&5M
K<=7<K5GG9HH@98CB#IB9
5H5@CGGC:5DDFCL=A5H9@M
A=@@=CB-<9HF95GIFM@C7?7CBHF57HK5G899A98HC695<=;<@M9::97H=J975G<:@CK<98;9
577CF8=B;@M
H<99::97H=J9=BH9F9GHF5H9=G5DDFCL=A5H9@M
D9F5BBIA(B#I@M
K96CFFCK98A=@@=CBCBCIF+9JC@J9F%C5B5G89:=B9869@CKHCF9D5MH<99BH=F9HMC:CIF,9F=9G'CH9GIDCBH<9=F
A5HIF=HMCB#I@M
-<9,9B=CF'CH9GK9F9DF9D5=8=B:I@@CB979A69F
K=H97HHCH<9H9FAGC:H<9'CH9
)IF7<5G9;F99A9BH5B8H<9'CH9G
IDCB79FH5=B9J9BHGC:89:5I@H
=B7@I8=B;
6IHBCH@=A=H98HC
=589:5I@H=BH<9D5MA9BHC:
5BMDF=B7=D5@
&5?9097HHCHKC
G=LACBH<9LH9BG=CBCDH=CBG-9FA%C5BA5HIF9GCB#5BI5FM
K=H<BC
:IFH<9F9LH9BG=CBCDH=CBGGC:979A69F
H<99BH=F9HMC:H<9DF=B7=D5@5ACIBHC:-9FA%C5BK5GCIHGH5B8=B;
H<9F9K9F9BC5ACIBHGCIHGH5B8=B;IB89FH<9+9JC@J9F%C5B
5B8H<9(D9F5H=B;)5FHB9FG<=D<58=B7IFF985DDFCL=A5H9@M
A=@@=CBC:B9H896H=GGI5B797CGHGK<=7<5F9F97CF898=BCH<9F5GG9HG
B9HCBH<97CBGC@=85H9865@5B79G<99HCFH<9M95F
9B898979A69F
H<9K9=;IGHA9BH5B85GDF958K<=7<
F5B;9G:FCA5K=H<F9GD97HHCH<9+9JC@J9F%C5B5B86HCK=H<F9GD97HHC-9FA%C5B
=B
957<75G965G98CBCIF7CBGC@=85H98@9J9F5;9F5H=C
CF565G9F5H99EI5@HCH<9<=;<9GHC:5H<9DF=A9F5H9
6H<9:989F5@
:IB8GF5H9D@IG6DG
7H<9-9FA,(+,7F99B+5H9K=H<5H9FAC:CB9ACBH<D@IG6DG5B88
D@IG5GDF958
K<=7<F5B;9G:FCA=K=H<F9GD97HHCH<9+9JC@J9F%C5B5B8==HCK=H<F9GD97HHC-9FA%C5B
=B957<75G965G98CBCIF7CBGC@=85H98@9J9F5;9F5H=C(B#5BI5FM
H<9(D9F5H=B;)5FHB9FG<=D9BH9F98=BHC5B
=BH9F9GHF5H9GK5D5;F99A9BH=BH9B898HC:=LH<9=BH9F9GHF5H95GGC7=5H98K=H<H<9-9FA%C5B5H5DDFCL=A5H9@MH97HHC58>IGHA9BHG65G98CBCIF7CBGC@=85H98@9J9F5;9F5H=C
-<9-<=F8A9B8985B8+9GH5H98F98=H57=@=HM=B7@I89G5BIA69FC:7IGHCA5FM:=B5B7=5@7CJ9B5BHG
=B7@I8=B;
P
A5L=AIA@9J9F5;9F5H=C89:=B985GHCH5@=B896H98B9GGB9HC:79FH5=B75G<5B875G<9EI=J5@9BHGHCHCH5@5GG9H
J5@I9C:
P
A5L=AIAG97IF98@9J9F5;9F5H=C89:=B985GHCH5@G97IF98896HHCG97IF98HCH5@5GG9HJ5@I9C:
P
A=B=AIA:=L987<5F;97CJ9F5;9F5H=C89:=B985G7CBGC@=85H9895FB=B;G69:CF9=BH9F9GH
H5L9G
89DF97=5H=CB5B8
5ACFH=N5H=CBHC7CBGC@=85H98:=L987<5F;9GC:L
P
A=B=AIAIBG97IF98=BH9F9GH7CJ9F5;9F5H=CC:L
P
A5L=AIAIBG97IF98@9J9F5;9F5H=CC:
5B8
P
+97CIFG9=B896H98B9GG5H5BMH=A975BBCH9L7998C:HCH5@5GG9HJ5@I9
-<9-<=F8A9B8985B8+9GH5H98F98=H57=@=HM5@GCDFCJ=89GH<5HCIF5BBI5@8=GHF=6IH=CBGA5MBCH9L7998H<9;F95H9FC:
C:CIF(CFH<95ACIBHF9EI=F98:CFIGHC5EI5@=:M5B8A5=BH5=BCIF+"-GH5HIG5B865JC=8H<9D5MA9BHC:
:989F5@CFGH5H9=B7CA9CF9L7=G9H5L":79FH5=B9J9BHGC:89:5I@H9L=GHCFKCI@8F9GI@H:FCA58=GHF=6IH=CB
K9A5M69DF97@I898
:FCAA5?=B;8=GHF=6IH=CBGCH<9FH<5BH97HHC79FH5=B7CB8=H=CBGG
C:979A69F
H<99BH=F9HMC:H<9DF=B7=D5@5ACIBHGC:-9FA%C5B5B8-9FA%C5BK9F9CIHGH5B8=B;(B#5BI5FM
K9F9D5=8H<99BH=F9HMC:-9FA%C5B5B8-9FA%C5B
CFFCK=B;GIB89FH<9A9B8985B8+9GH5H98-9FA%C5B;F99A9BH695F=BH9F9GH5H:@C5H=B;F5H9G9EI5@HC
5HH<9
(D9F5H=B;)5FHB9FG<=DWGCDH=CB
9=H<9FH<95DD@=756@9,(+
D@IG5,(+58>IGHA9BH5B85GDF95865G98CBH<9(D9F5H=B;
)5FHB9FG<=DWG7CBGC@=85H98@9J9F5;9F5H=C5B85DD@=756@9M95FC:-9FA%C5B5B8-9FA%C5BF5B;=B;:FCAHC
CF565G9F5H99EI5@HCH<9<=;<9GHC:5
6H<9DF=A9F5H9
7H<9:989F5@:IB8GF5H9D@IG6DG5B88H<9CB9ACBH<
,(+
D@IG5,(+58>IGHA9BH5B86DG
D@IG
=B957<75G9
5GDF95865G98CBH<9(D9F5H=B;)5FHB9FG<=DWG7CBGC@=85H98
@9J9F5;9F5H=C5B85DD@=756@9M95FC:-9FA%C5B5B8-9FA%C5BF5B;=B;:FCAHC
88=H=CB5@@M
H<9(D9F5H=B;)5FHB9FG<=DA5M9@97H:CF6CFFCK=B;GHC695F=BH9F9GH65G98CB5F5H=B;G65G98DF=7=B;;F=8
65G98CBH<9(D9F5H=B;)5FHB9FG<=DWGH<9B5DD@=756@9=BJ9GHA9BH;F589896HF5H=B;GIB89FH<9H9FAGG9H:CFH<=BH<9A9B898
5B8+9GH5H98-9FA%C5B;F99A9BH)F=CFHC9BH9F=B;=BHCH<9A9B8985B8+9GH5H98-9FA%C5B;F99A9BH
H<9(D9F5H=B;
)5FHB9FG<=D9BH9F98=BHC=BH9F9GHF5H9GK5D5;F99A9BHGH<5H5F9=BH9B898HC:=LH<9=BH9F9GHF5H95GGC7=5H98K=H<-9FA%C5B5B8
-9FA%C5B5H5DDFCL=A5H9@M:CFH<9:=FGHM95FC:-9FA%C5B5B8-9FA%C5B5B8:CFH<9G97CB8M95F
C:-9FA%C5B5B8-9FA%C5B
GI6>97HHC58>IGHA9BHG65G98CBH<97CAD5BMWG7CBGC@=85H98@9J9F5;9F5H=C
-<9A9B8985B8+9GH5H98-9FA%C5B;F99A9BH7CBH5=BG5BIA69FC:7IGHCA5FM:=B5B7=5@7CJ9B5BHG
=B7@I8=B;
K=H97HHCH<9H9FAGC:H<9-9FA%C5B;F99A9BH
IDCB79FH5=B9J9BHGC:89:5I@H
=B7@I8=B;
6IHBCH@=A=H98HC
=589:5I@H=B
H<9D5MA9BHC:5BMDF=B7=D5@CF=BH9F9GHIB89F-9FA%C5BCF-9FA%C5B
5B8==589:5I@H=BH<9D5MA9BHC:79FH5=BCH<9F
=B896H98B9GGC:H<9(D9F5H=B;)5FHB9FG<=D
H<97CAD5BMCFH<9=FGI6G=8=5F=9G
H<9DF=B7=D5@5B8577FI985B8IBD5=8=BH9F9GH5B8
DF9D5MA9BHD9B5@H=9GCBH<9CIHGH5B8=B;-9FA%C5BCF-9FA%C5BK=@@697CA98I95B8D5M56@95HH<9CDH=CBC:H<9
@9B89FG
#$) '+)+##)+)(
(IFC6>97H=J9G=BIG=B;89F=J5H=J9G5F9HC588GH56=@=HMHC=BH9F9GH9LD9BG95B8HCA5B5;99LDCGIF9HC=BH9F9GHF5H9
ACJ9A9BH-C577CAD@=G<H<9G9C6>97H=J9G
K9IG9=BH9F9GHF5H9GK5DG5GD5FHC:CIF=BH9F9GHF5H9F=G?A5B5;9A9BH
GHF5H9;M"BH9F9GHF5H9GK5DG89G=;B5H985G75G<:@CK<98;9G=BJC@J9H<9F979=DHC:J5F=56@9F5H95ACIBHG:FCA57CIBH9FD5FHM=B
9L7<5B;9:CFIGA5?=B;:=L98F5H9D5MA9BHGCJ9FH<9@=:9C:H<95;F99A9BHGK=H@F?E
7764E:G62E6
"2EFC:EJ2E6
2:C+2=F6
5B?C:A9F=75
'
09@@G5F;C5B?
'
09@@G5F;C5B?
'
&=NI97HHC58>IGHA9BHG65G98CBCIF7CBGC@=85H98@9J9F5;9F5H=C
5GGC7=5H98K=H<
-9FA%C5B5H:FCA#5BI5FM
HC#5BI5FM
5B85H:FCA#5BI5FM
HC#5BI5FM
GI6>97H
HC58>IGHA9BHG65G98CBCIF7CBGC@=85H98896HF5H=C5B85GGC7=5H98K=H<-9FA%C5B5H:FCA#5BI5FM
HC
#5BI5FM
5B85H:FCA#5BI5FM
HC#5BI5FM
GI6>97HHC58>IGHA9BHG65G98CBCIF7CBGC@=85H98896H
F5H=C-<9:CFK5F8GH5FH=B;=BH9F9GHF5H9GK5D7CBHF57HG5GGC7=5H98K=H<-9FA%C5B
-9FA%C5B
5B8-9FA%C5B957<
<5J9577FI5@D9F=C8G89G=;B98HCA5H7<H<9F9GD97H=J9H9BCFGC:H<9G9H9FA@C5BG
)F=CFHCH<9=GGI5B79C:H<9,9B=CF'CH9G
H<9(D9F5H=B;)5FHB9FG<=D9BH9F98=BHC5HF95GIFM@C7?7CBHF57HCB
,9DH9A69F
:CFA=@@=CB5B8,9DH9A69F
:CF5B588=H=CB5@A=@@=CB
K<=7<K9F96CH<G9HH@98CB
,9DH9A69F
5H57CA6=B98@CGGC:5DDFCL=A5H9@MA=@@=CBG5F9GI@HC:H<9@CGGCBH<9G9HF95GIFM@C7?7CBHF57HG
5B8H<9896H8=G7CIBH
H<99::97H=J9F5H9CBCIF,9B=CF'CH9G=GD9F5BBIA-<9HF95GIFM@C7?7CBHF57HG<5J9
699B899A98HC69<=;<@M9::97H=J975G<:@CK<98;9G5B8<5J9699B89G=;B5H985G577CIBH=B;<98;9GBM;5=BGCF@CGG9G
=B7IFF98IDCBH<9G9HH@9A9BHC:H<9G9HF95GIFM@C7?7CBHF57HG5F9=B7@I898=B577IAI@5H98CH<9F7CADF9<9BG=J9=B7CA95B85F9
5ACFH=N98HC=BH9F9GH9LD9BG9CJ9FH<9@=:9C:H<9,9B=CF'CH9G
095@GCDF9J=CIG@M9BH9F98=BHC:CFK5F8GH5FH=B;=BH9F9GHF5H9GK5D7CBHF57HG=B7CBB97H=CBK=H<CIF,9F=9G'CH9GH<9
U,9F=9G"BH9F9GH+5H9,K5DGV
K<=7<K9GI6G9EI9BH@MG9HH@98-<9,9F=9G"BH9F9GH+5H9,K5DG:=L98H<99::97H=J9=BH9F9GH
F5H9C:H<9,9F=9G'CH9G5HD9F5BBIA@@C:H<9:CFK5F8GH5FH=B;=BH9F9GHF5H9GK5D7CBHF57HGH<5HK9<5J99BH9F98=BHC
<5J9699B899A98HC69<=;<@M9::97H=J975G<:@CK<98;9G5B8<5J9699B89G=;B5H985G577CIBH=B;<98;9G
"B588=H=CB
K9<5J99BH9F98=BHCHF95GIFM@C7?7CBHF57HG:FCAH=A9HCH=A9=B7CBB97H=CBK=H<H<9(D9F5H=B;)5FHB9FG<=DWG
'CH9GHCF98I79H<9=F=BH9F9GHF5H9J5F=56=@=HM9LDCGIF9G5F9GI@HC:H<9G9HF95GIFM@C7?7CBHF57HGH<99::97H=J9=BH9F9GHF5H9
C:CIF,9F=9G'CH9G=GD9F5BBIA
H<99::97H=J9=BH9F9GHF5H9C:CIF,9F=9G'CH9G=GD9F5BBIA
5B8H<9
9::97H=J9=BH9F9GHF5H9C:CIF,9F=9G 'CH9G=GD9F5BBIA-<9G9HF95GIFM@C7?7CBHF57HG<5J9699B899A98HC69<=;<@M
9::97H=J975G<:@CK<98;9G5B8<5J9699B89G=;B5H985G577CIBH=B;<98;9GBM;5=BGCF@CGG9G=B7IFF98IDCBH<9G9HH@9A9BHC:
H<9G9HF95GIFM@C7?7CBHF57HG5F9=B7@I898=B577IAI@5H98CH<9F7CADF9<9BG=J9=B7CA95B85F95ACFH=N98HC=BH9F9GH9LD9BG9
CJ9FH<9@=:9C:H<9F9@5H98G9F=9GC:'CH9G
-<99::97H=J9DCFH=CBC:7<5B;9G=BH<9:5=FJ5@I9C:H<989F=J5H=J9GH<5H5F989G=;B5H985G75G<:@CK<98;9G5F969=B;
F97CF8985G577IAI@5H98CH<9F7CADF9<9BG=J9=B7CA95B8K=@@69GI6G9EI9BH@MF97@5GG=:=98=BHC95FB=B;G8IF=B;H<9D9F=C8=B
K<=7<H<9<98;98:CF975GH98HF5BG57H=CB5::97HG95FB=B;GCFH<9B9LHHK9@J9ACBH)(,%6)7
09<5J9699B5IH@F?EA6C
(92C6
*?:E
%6C:@5@G6C65
:G:56?5%2:52E6
=FGH*I5FH9F
#5BI5FM
HC&5F7<
&5F7<
,97CB8*I5FH9F
DF=@
HC#IB9
#IB9
-<=F8*I5FH9F
#I@M
HC,9DH9A69F
,9DH9A69F
CIFH<*I5FH9F
(7HC69F
HC979A69F
979A69F
=FGH*I5FH9F
#5BI5FM
HC&5F7<
&5F7<
,97CB8*I5FH9F
DF=@
HC#IB9
#IB9
-<=F8*I5FH9F
#I@M
HC,9DH9A69F
,9DH9A69F
CIFH<*I5FH9F
(7HC69F
HC979A69F
979A69F
=FGH*I5FH9F
#5BI5FM
HC&5F7<
&5F7<
,97CB8*I5FH9F
DF=@
HC#IB9
#IB9
-<=F8*I5FH9F
#I@M
HC,9DH9A69F
,9DH9A69F
CIFH<*I5FH9F
(7HC69F
HC979A69F
979A69F
%<%&-0-8=3*-:-()2(7
5FB=B;G5B8DFC:=HG
K<=7<89H9FA=B9H<9H5L56=@=HMC:8=GHF=6IH=CBGHCGHC7?36C
%6C(92C6
%6C(92C6
%6C(92C6
(F8=B5FM=B7CA9
5D=H5@;5=B
T
T
T
T
T
T
+9HIFBC:75D=H5@
-CH5@
83'/%7)(314)27%8-32
-<97CAD5BM<5G9GH56@=G<98H<9EI=HM"B79BH=J9K5F8)@5B
K<=7<DFCJ=89G:CF;F5BHGHC8=F97HCFG
9AD@CM99G
5B87CBGI@H5BHGC:H<97CAD5BM5B8H<9(D9F5H=B;)5FHB9FG<=DC:GHC7?CDH=CBG
F9GHF=7H98GHC7?
8=J=89B89EI=J5@9BHG
GHC7?
D5MA9BHG
D9F:CFA5B79G<5F9G
%-")IB=HG
GHC7?5DDF97=5H=CBF=;36C
#IB9
979A69F
#IB9
979A69F
#IB9
979A69F
979A69F
+9GHF=7H987CAACBGHC7?=GGI98HCA9A69FGC:H<97CAD5BMGBCB9AD@CM998=F97HCFG-<9G95K5F8GC:F9GHF=7H98GHC7?K=@@J9GHGI6>97HHCH<98=F97HCFG
7CBH=BI98G9FJ=79CBH<9C5F8C:=F97HCFGCBH<995F@=9FC:=H<9CB9M95F5BB=J9FG5FMC:H<985H9C:;F5BHCF==H<985H9C:H<9B9LH5BBI5@A99H=B;C:
CIFGHC7?97HHCEI5BH=H5H=J95B8EI5@=H5H=J9
D9F:CFA5B797F=H9F=565G98J9GH=B;.DHCCB9H<=F8C:H<9G<5F9GC:F9GHF=7H98GHC7?A5MJ9GH65G98CBGI7<D9F:CFA5B797F=H9F=589H9FA=B985GC:
'CJ9A69F
5B8
GI6>97HHCH<99AD@CM99G7CBH=BI989AD@CMA9BHCBH97HHCEI5BH=H5H=J95B8EI5@=H5H=J9
D9F:CFA5B797F=H9F=565G98J9GH=B;.DHCCB9H<=F8C:H<9G<5F9GC:F9GHF=7H98GHC7?A5MJ9GH65G98CBGI7<D9F:CFA5B797F=H9F=589H9FA=B985GC:
'CJ9A69F
5B8
GI6>97HHCH<99AD@CM99G7CBH=BI989AD@CMA9BHCBH97HHCEI5BH=H5H=J95B8EI5@=H5H=J9
D9F:CFA5B797F=H9F=565G98J9GH=B;.DHCCB9H<=F8C:H<9G<5F9GC:F9GHF=7H98GHC7?A5MJ9GH65G98CBGI7<D9F:CFA5B797F=H9F=589H9FA=B985GC:
'CJ9A69F
5B8
GI6>97HHCH<99AD@CM99G7CBH=BI989AD@CMA9BHCBH97HHC&F0M@@G7CBH=BI989AD@CMA9BHCBH97HHCAI@H=D@9J9GH=B;7CB8=H=CBG5G:C@@CKG5G9FJ=797CB8=H=CBK<=7<
F9EI=F9G7CBH=BI989AD@CMA9BHC:H<99AD@CM995GC:957<J9GH=B;85H98IF=B;H<9HIGH98:CF7<5B;9GHCDFC656=@=H=9GC:57<=9J=B;D9F:CFA5B79H5F;9HG
5B8
F97C;B=N99LD9BG9CJ9FH<9J9GH=B;D9F=C8CFH<9F9GHF=7H98GHC7?;F5BHGH<5H5F9H=A9J9GH=B;
=GGI98HCCIFBCB9AD@CM99
8=F97HCFG
K99GH=A5H9H<9GHC7?7CAD9BG5H=CB9LD9BG965G98CBH<9:5=FJ5@I9C:H<9GHC7?5HH<9;F5BH85H9
-<9:C@@CK=B;H56@9GIAA5F=N9GH<957H=J=HMC:BCBJ9GH98F9GHF=7H98GHC7?5K5F8G8IF=B;H<9M95F9B898979A69F
*?:ED
,6:89E65G6C286
C2?E2E62:C
+2=F6
5@5B795H69;=BB=B;C:M95F
F5BH98
/9GH98
CF:9=H98
5@5B795H9B8C:M95F
09F97C;B=N9BCB75G<7CAD9BG5H=CB9LD9BG9F5H56@MCJ9FH<9J9GH=B;D9F=C8
5B8577CF8=B;@M
K9F97C;B=N98
A=@@=CB
A=@@=CB5B8A=@@=CB=BBCB75G<7CAD9BG5H=CB9LD9BG9:CFH<9M95FG9B898979A69F
5B8
F9GD97H=J9@M
957<C:K<=7<=G=B7@I898=B;9B9F5@5B858A=B=GHF5H=J99LD9BG9CBH<9GH5H9A9BHC:7CADF9<9BG=J9=B7CA9
.BF97C;B=N987CAD9BG5H=CB9LD9BG9K5GA=@@=CB5H979A69F
K<=7<K=@@69F97C;B=N98CJ9F5K9=;97HHCH=A9J9GH=B;5F95BH=8=@IH=J9:CF5@@D9F=C8GDF9G9BH985B8
577CF8=B;@M
<5J9699B9L7@I898:FCAH<9K9=;IGH98:CFH<99::97HC:
D5FH=7=D5H=B;G97IF=H=9G(D9F5H=B;)5FHB9FG<=DIB=HG;F5BH98=B9EI=HM65G98D5MA9BHHF5BG57H=CBG5F97CBG=89F98D5FH=7=D5H=B;
G97IF=H=9GDF=CFHCJ9GH=B;-<9=AD57HC:IBJ9GH98(D9F5H=B;)5FHB9FG<=DIB=H5K5F8GCB).<5G699B75@7I@5H98IG=B;H<9
HKC7@5GGA9H36C
#*"')$'
'9H=B7CA9
%9GG'9H=B7CA95HHF=6IH56@9HCF9GHF=7H98G<5F9G
%9GG"B7CA95HHF=6IH56@9HCIB=H62EEC:3FE23=6E@4@>>@?DE@4<9@=56CDL32D:4
"B7CA95HHF=6IH56@9HCA9F=75BGG9HG-FIGH
"B77CAACBGHC7?62EEC:3FE23=6E@4@>>@?DE@4<9@=56CDL5:=FE65
#$"#)$'
09=;>@?D92C632D:4
2C?:?8DA6C4@>>@?D92C65:=FE65
#$) #$")-(
099@97H98HC69H5L985G5+"-5B8CD9F5H9=B5A5BB9FH<5H5@@CKGIGHCEI5@=:M5G5+"-:CF:989F5@=B7CA9H5L
DIFDCG9G7CAA9B7=B;K=H<CIFH5L56@9M95F9B898979A69F
G5+"-
K95F9;9B9F5@@MBCHGI6>97HHC7CFDCF5H9
@9J9@=B7CA9H5LCBH<995FB=B;G8=GHF=6IH987IFF9BH@MHCCIFGHC7?97HHCGH5H95B8
@C75@=B7CA9H5L9G5B8CIF-+,=GGI6>97HHC:989F5@5B8GH5H9=B7CA9H5L9G
09@95G9CIF97HHC:989F5@5B8GH5H9=B7CA9H5L9G09577CIBH:CF
=B7CA9H5L9GIG=B;H<95GG9H5B8@=56=@=HMA9H36C
IFF9BH
989F5@
T
,H5H9
9:9FF98
989F5@
T
,H5H9
)FCJ=G=CB:CF=B7CA9H5L9G
#$)
$"")"#)(#$#)##(
)+%0
095F9GCA9H=A9G=BJC@J98=BJ5F=CIG8=GDIH9G
@5KGI=HG
K5FF5BHM7@5=AG
9BJ=FCBA9BH5@5B8CH<9FA5HH9FG5F=G=B;=BH<9
CF8=B5FM7CIFG9C:6IG=B9GG&5B5;9A9BHA5?9G5GGIADH=CBG5B89GH=A5H9G7CB79FB=B;H<9@=?9@=97HHC=B<9F9BHIB79FH5=BH=9G@GC
IB89FCIF@95G9G
H9B5BHG5F9HMD=75@@MC6@=;5H98HC
=B89AB=:MIG:FCA5B85;5=BGH5@@@=56=@=H=9G
7CGHG5B89LD9BG9G=ADCG98IDCBCF5GG9FH985;5=BGHIG5GCKB9FC:H<9DFCD9FH=9G
8I9HC79FH5=BA5HH9FGF9@5H=B;HCH<9H9B5BHGCD9F5H=CBG5HCIFDFCD9FH=9G
311-81)287
,99CCHBCH9:CF89G7F=DH=CBC:CIF@95G9G
5G5@9GG99
09<5J9A5B5;9A9BH5;F99A9BHGK=H<(IHF=;;9F!CH9@G+9GCFHGCF5B5::=@=5H9H<9F9C:U(IHF=;;9FVDIFGI5BHHCK<=7<
(IHF=;;9FA5B5;9G957<C:H<9F9H5=@5B897HHCH<9H9FAGC:5DFC8I7H=ADFCJ9A9BHD@5B
DIFGI5BHHCK<=7<K99LD97HHCIB89FH5?979FH5=B57H=CBGHC9BGIF9H<5HCIF97HHCH<9F=G?G5GGC7=5H98K=H<5B
=BJ9GHA9BH=BF95@9GH5H9K=H<57CB79BHF5H=CBC:H9B5BHG=BH<9C::=79=B8IGHFM
-9B5BHG=BH<9F9H5=@=B8IGHFM577CIBH98:CF5B8C:HCH5@F9J9BI9G:CFH<9M95FG979A69F
5B8
F9GD97H=J9@M-<=GA5?9GIGGIG79DH=6@9HC89A5B8:CFF9H5=@F9BH5@GD5795B8GI6>97HHCH<9F=G?G5GGC7=5H98K=H<5B
=BJ9GHA9BH=BF95@9GH5H9K=H<57CB79BHF5H=CBC:H9B5BHG=BH<9F9H5=@=B8IGHFM-KCF9H5=@DFCD9FH=9G
@5AC*I5FFM&5F?9H5B8
05=?9@99BH9F7CA6=B98577CIBH98:CF5B8C:HCH5@F9J9BI9G:CFH<9M95FG9B898979A69F
5B8
F9GD97H=J9@M
CFH<9M95FG9B898979A69F
5B8
BCH9B5BH577CIBH98:CFACF9H<5BC:CIFHCH5@F9BH5@F9J9BI9
H979A69F
CC;@9%%5H-<9%5B8A5F?5H(B9&5F?9H577CIBH98:CFC:HCH5@5BBI5@=N9865G9F9BH-I8;A9BHG09
@95G9F95@9GH5H9IB89FCD9F5H=B;@95G9G
(IF@95G9GK=H<C::=79
F9H5=@
A=L98IG95B8F9G=89BH=5@H9B5BHG5F97@5GG=:=985GCD9F5H=B;@95G9G%95G9G5HCIFC::=795B8
F9H5=@DFCD9FH=9G5B8H<9F9H5=@DCFH=CBC:CIFA=L98IG9DFCD9FHM;9B9F5@@MF5B;9:FCAHCF=HM<5J=B;ACBH<@95G9H9FAG+CCAG5HH<997HHCJ5F=CIGA5F?9HGD97=:=7
5GG9HGD97=:=7
5B8H9B5BHGD97=:=7F=G?G5B87<5F57H9F=GH=7G
H979A69F
CIFC::=79
F9H5=@5B8A=L98IG9DFCD9FH=9G5F9@C75H98=B:=J9GH5H9G5@=:CFB=5
05G<=B;HCB
(F9;CB
-9L5G5B8!5K5==H979A69F
K9<585DDFCL=A5H9@M@95G9GK=H<C::=795B8F9H5=@H9B5BHG
=B7@I8=B;
H<9F9H5=@DCFH=CBC:CIFA=L98IG9DFCD9FHM(IFAI@H=:5A=@MDFCD9FH=9G5F9@C75H98=B,CIH<9FB5@=:CFB=55B8)CFH@5B8
(F9;CB
5B8K9<58
@95G9GK=H<F9G=89BH=5@H9B5BHG5H979A69F
9L7@I8=B;,5BH59)5F?+/+9GCFH
GC:979A69F
A=B=AIA:IHIF9F9BH5@G:FCABCB75B79@56@9CD9F5H=B;@95G9G69:CF95BMF9G9FJ9:CF
IB7C@@97H=6@95ACIBHG5B85GGIA=B;BC95F@M@95G9H9FA=B5H=CBG
5HCIFC::=795B8F9H5=@DFCD9FH=9G5B8H<9F9H5=@DCFH=CBC:CIF
A=L98IG9DFCD9FHM9L7@I8=B;H<9F95@9GH5H95GG9HG<9@8:CFG5@95F95G:C@@CKG:CFH<9M95FG9B898979A69F=B
HI8;A9BHG09
@95G9F95@9GH5H9IB89FCD9F5H=B;@95G9G
H-<9%5B8A5F?5H(B9&5F?9H
K9@95G9
5G@9GG99
56I=@8=B;58>579BHHC-<9%5B8A5F?5H(B9&5F?9HIB89F5B
CD9F5H=B;@95G99::97H=J9H36C
(D9F5H=B;@95G97CGH
,I6@95G9=B7CA9
-CH5@@95G9=B7CA97CGH
09=;36C
(D9F5H=B;75G<:@CK=B:CFA5H=CB
5G<D5=8:CF5ACIBHG=B7@I898=BH<9A95GIF9A9BHC:@95G9@=56=@=H=9G
9&0)%7)7
H-<9%5B8A5F?5H(B9&5F?9H
K95GGI6@5B8@CF8GI6@95G9H<9BB9L%95G96I=@8=B;IB89FCD9F5H=B;@95G9G9::97H=J9
H97HHCCIF56=@=HMHC9LH9B8H<9BB9L%95G9
H<5H75B
9LH9B8H<9GI6@95G9GH36C
&=B=AIAF9BHG
(::=79
+9H5=@
&I@H=:5A=@M
&=L98.G9
)9F79BH5;9F9BH
!CH9@F9J9BI9
(H<9F
-CH5@F9BH5@=B7CA9
&=B=AIAF9BHG=B7@I89A=@@=CB
A=@@=CB5B8A=@@=CB:CFH<9M95FG9B898979A69F
5B8
F9GD97H=J9@M
HCF97C;B=N9A=B=AIAF9BHGCB5GHF5=;36C
+9BH5@CD9F5H=B;
!CH9@CD9F5H=B;
+9D5=FG5B8A5=BH9B5B79
&5F?9H=B;
+9BH
!5K5==9L7=G9H5L
&5B5;9A9BH:99G
-CH5@F9BH5@9LD9BG9G
#$) $)'-%#(#$"
-<9DF=B7=D5@7CADCB9BHGC:CH<9F9LD9BG9=B7CA9
B9H5F95G:C@@CKG=BH36C
"BH9F9GH5B8=BJ9GHA9BH=B7CA9
"B7CA9H5L9LD9BG969B9:=H
(H<9FBCBCD9F5H=B;=B7CA99LD9BG9
T
-CH5@CH<9F=B7CA99LD9BG9
CFH<9M95F9B898979A69F
CH<9FBCBCD9F5H=B;=B7CA9=B7@I89GH<9B9HG9HH@9A9BHD5MA9BHC:
5DDFCL=A5H9@MA=@@=CBF979=J98CB#5BI5FM
F9@5H98HC6I=@8=B;GD97=:=75H=CBG:CFCB9C:H<99L=GH=B;6I=@8=B;G5H
CIFC::=79DFC>97H=B.B=J9FG=HM-CKB9BH9F,5B=9;CCFH<9M95F9B898979A69F
CH<9FBCBCD9F5H=B;=B7CA9
=B7@I89GH<9G9HH@9A9BHD5MA9BHC:5DDFCL=A5H9@MA=@@=CBF979=J98CB#5BI5FM
F9@5H98HC79FH5=B6I=@8=B;GMGH9AG
5HCIF!5GG5@CCB=;CF=HM
CKB985B87CBHFC@@986M&F+58MIF=B;H<9:CIFH<EI5FH9FC:
K99BH9F98=BHC5@95G9H9FA=B5H=CB5;F99A9BHK=H<
BG=;579BH:57=@=H=9G-<9
CD9F5H=B;9LD9BG9GC:00!)%%5F9F97CJ9F98H36C
38%0**-')
)FCD9FHMF9J9BI9
+9BH5@LD9BG9G
+95@GH5H9-5L9G
)FCD9FHM9LD9BG9
,9;A9BHDFC:=H
38%0)8%-0
)FCD9FHMF9J9BI9
+9BH5@LD9BG9G
+95@GH5H9-5L9G
)FCD9FHM9LD9BG9
,9;A9BHDFC:=H
38%0908-*%1-0=
)FCD9FHMF9J9BI9
+9BH5@LD9BG9G
+95@GH5H9-5L9G
)FCD9FHM9LD9BG9
,9;A9BHDFC:=H
38%0-<)(!7)
)FCD9FHMF9J9BI9
+9BH5@LD9BG9G
+95@GH5H9-5L9G
)FCD9FHM9LD9BG9
,9;A9BHDFC:=H
-CH5@G9;A9BHGWDFC:=H
-<9:C@@CK=B;H56@9=G5F97CB7=@=5H=CBC:G9;A9BHDFC:=HHCB9H=B7CA95HHF=6IH56@9HCGHC7?36C
-CH5@G9;A9BHGDFC:=H
9B9F5@5B858A=B=GHF5H=J9
9DF97=5H=CB5B85ACFH=N5H=CB
"BH9F9GH9LD9BG9
B9H
%CGGCB95F@M9LH=B;I=G6
'9H=B7CA95HHF=6IH56@9HCF9GHF=7H98G<5F9G
'9H=B7CA95HHF=6IH56@9HCIB=H62EEC:3FE23=6E@>6C:42?DD6ED)CFDE?4 DE@4<9@=56CD
-<9:C@@CK=B;H56@9G36C
646>36C
#6EC62=6DE2E6
(::=79
+9H5=@
&I@H=:5A=@M
&=L98.G9
(64FC65#@E6D%2J23=6
(::=79
+9H5=@
T
T
2A:E2=IA6?5:EFC6D
(::=79
+9H5=@
&I@H=:5A=@M
&=L98.G9
L7@I89GH<9F95@9GH5H95GG9HG<9@8:CFG5@9
L7@I89GIB5ACFH=N98896H=GGI5B797CGHGC:A=@@=CB5B8A=@@=CB5GC:979A69F
5B8
F9GD97H=J9@M
5D=H5@9LD9B8=HIF9GF9DF9G9BH75G<D5=8:CF75D=H5@9LD9B8=HIF9G8IF=B;H<9M95F5B8=B7@I89G@95G=B;7CAA=GG=CBGD5=8
#$) &*')'!.##!#$'")$#*#*)
-<9H56@9G69@CKF9:@97HG9@97H98A9F=75BGG9HG-FIGH
"B7EI5FH9F@M=B:CFA5H=CB:CF5B8=BH36C
(6AE6>36C
F?6
"2C49
-CH5@F9J9BI9
(D9F5H=B;=B7CA9
'9H=B7CA9
'9H=B7CA95HHF=6IH56@9HCF9GHF=7H98G<5F9G
'9H=B7CA95HHF=6IH56@9HCIB=H36C
(6AE6>36C
F?6
"2C49
-CH5@F9J9BI9
(D9F5H=B;=B7CA9
'9H=B7CA9
'9H=B7CA95HHF=6IH56@9HCF9GHF=7H98G<5F9G
'9H=B7CA95HHF=6IH56@9HCIB=H36C
(6AE6>36C
F?6
"2C49
-CH5@F9J9BI9
(D9F5H=B;=B7CA9
'9H=B7CA9
'9H=B7CA95HHF=6IH56@9HCF9GHF=7H98G<5F9G
'9H=B7CA95HHF=6IH56@9HCA9F=75BGG9HG-FIGH
%)
IB=H36C
(6AE6>36C
F?6
"2C49
-CH5@F9J9BI9
(D9F5H=B;=B7CA9
'9H=B7CA9
'9H=B7CA95HHF=6IH56@9HCF9GHF=7H98G<5F9G
'9H=B7CA95HHF=6IH56@9HCA9F=75BGG9HG-FIGH
%)
IB=H3C2?46
2D@7
646>36C
?:E:2=@DE
@DE
2A:E2=:K65
(F3D6BF6?E
E@
4BF:D:E:@?
C@DD2CCJ:?8>@F?E
2E646>36C
44F>F=2E65
6AC64:2E:@?
2?5
>@CE:K2E:@?
.62CF:=E
"@DE'646?E
'6?@G2E:@?
2E6
4BF:C65
!:76@?H9:49
56AC64:2E:@?:?
=2E6DE:?4@>6
DE2E6>6?ED:D
4@>AFE65
6D4C:AE:@?
!2?5
F:=5:?82?5
>AC@G6>6?ED
!2?5
F:=5:?82?5
>AC@G6>6?ED
>6C:42?DD6ED)CFDE?4 2?5>6C:42?DD6ED)CFDE! %
(*!L@?D@=:52E65'62=DE2E62?544F>F=2E656AC64:2E:@?
?)9@FD2?5D
9
)57=:=7+=8;9D5FHA9BHG
T
M95FG
!5GG5@CCB=;3C2?46
2D@7
646>36C
?:E:2=@DE
@DE
2A:E2=:K65
(F3D6BF6?E
E@
4BF:D:E:@?
C@DD2CCJ:?8>@F?E
2E646>36C
44F>F=2E65
6AC64:2E:@?
2?5
>@CE:K2E:@?
.62CF:=E
"@DE'646?E
'6?@G2E:@?
2E6
4BF:C65
!:76@?H9:49
56AC64:2E:@?:?
=2E6DE:?4@>6
DE2E6>6?ED:D
4@>AFE65
6D4C:AE:@?
!2?5
F:=5:?82?5
>AC@G6>6?ED
!2?5
F:=5:?82?5
>AC@G6>6?ED
-<9H56@956CJ99L7@I89GH<9F95@9GH5H95GG9HG<9@8:CFG5@95GC:979A69F
CF989F5@H5LDIFDCG9G
H<95;;F9;5H9H5L65G=G=G5DDFCL=A5H9@M6=@@=CB5GC:979A69F
9L7@I8=B;H<9F95@9GH5H95GG9HG<9@8:CFG5@9
>6C:42?DD6ED)CFDE?4 2?5>6C:42?DD6ED)CFDE! %
(*!L@?D@=:52E65'62=DE2E62?544F>F=2E656AC64:2E:@?
?)9@FD2?5D
0
.62C?565646>36C
+95@9GH5H95GG9HG
5@5B79
69;=BB=B;C:D9F=C8
88=H=CBG
)FCD9FHM57EI=G=H=CBG
T
T
"ADFCJ9A9BHG
98I7H=CBG
+95@9GH5H95GG9HG<9@8:CFG5@9
T
T
(H<9F
5@5B79
9B8C:D9F=C8
77IAI@5H9889DF97=5H=CB
5@5B79
69;=BB=B;C:D9F=C8
88=H=CBGT89DF97=5H=CB
98I7H=CBG
+95@9GH5H95GG9HG<9@8:CFG5@9
T
T
(H<9F
5@5B79
9B8C:D9F=C8
(H<9F898I7H=CBG:CFH<9M95FG9B898979A69F
5B8F9DF9G9BHH<9KF=H9C::C::I@@M89DF97=5H985GG9HG5B879FH5=B=B7CAD@9H9
89J9@CDA9BH7CGHGKF=HH9BC::
(H<9F898I7H=CBG:CFH<9M95FG9B898979A69F
5B8F9DF9G9BHH<9KF=H9C::C::I@@M89DF97=5H985GG9HG
>6C:42?DD6ED)CFDE?4 2?5>6C:42?DD6ED)CFDE! %
(*!L@?D@=:52E65'62=DE2E62?544F>F=2E656AC64:2E:@?@?E:?F65
?)9@FD2?5D
[This page intentionally left blank]
[This page intentionally left blank]
NAMED EXECUTIVE OFFICERS
Ernest Rady
Executive Chairman
Adam Wyll
President and
Chief Executive Officer
Robert Barton
Executive Vice President
and Chief Financial Officer
Jerry Gammieri
Senior Vice President of
Construction and Development
BOARD OF DIRECTORS
Ernest Rady
Thomas Olinger
Joy Schaefer
Dr. Robert Sullivan
Nina Tran
CORPORATE HEADQUARTERS
3420 Carmel Mountain Road, Suite 100
San Diego, CA 92121
Phone: (858) 350-2600
Fax: (858) 350-2620
INDEPENDENT AUDITORS
Ernst & Young LLP
San Diego, CA
LEGAL COUNSEL
Latham & Watkins LLP
San Diego, CA
STOCK EXCHANGE LISTING
NYSE Symbol: AAT
REGISTRAR & TRANSFER AGENT
Equiniti Trust Company, LLC
55 Challenger Road 2nd Floor
Ridgefield Park, NJ 07660
Call Center: (800) 937-5449
equiniti.com/us/ast-access
WEBSITE
For additional information on the
Company, visit our website at
AmericanAssetsTrust.com
CORPORATE
INFORMATION
A HISTORY OF SUCCESS
A FUTURE OF OPPORTUNITY
3420 CARMEL MOUNTAIN ROAD, SUITE 100
SAN DIEGO, CA 92121
PHONE: (858) 350-2600 // FAX: (858) 350-2620
(NYSE: AAT)
AMERICANASSETSTRUST.COM
Continue reading text version or see original annual report in PDF
format above