Quarterlytics / Consumer Defensive / Education & Training Services / American Public Education, Inc. / FY2025 Annual Report

American Public Education, Inc.
Annual Report 2025

APEI · NASDAQ Consumer Defensive
Claim this profile
Ticker APEI
Exchange NASDAQ
Sector Consumer Defensive
Industry Education & Training Services
Employees 2493
Overview Research & Coverage Annual Reports FAQ Peers Earnings Calls Financials News
← All annual reports
FY2025 Annual Report · American Public Education, Inc.
Download report (PDF)
Loading PDF…
Annual
Report
2025


Dear Valued Stockholders,
On behalf of the Board of Directors and the entire leadership 
team at American Public Education, Inc. (“APEI”), I extend our 
sincere appreciation to our faculty and staff for their steadfast 
dedication to our students—their expertise and commitment 
are the cornerstone of our success. We are equally grateful to 
our approximately 109,000 students for choosing APEI to serve 
their educational journey, and to you, our stockholders, for your 
continued trust and support. 
As I reflect on 2025, I am proud of our financial results and the meaningful progress we made against our 
commitments. We believe we have established a stronger, more streamlined foundation for long-term 
growth and are better positioned than ever to deliver affordable, high-quality, relevant, and accessible 
education that transforms lives, advances careers, and strengthens communities. With leading positions 
in active-duty military, veteran, nursing, and healthcare education, we remain focused on executing our 
strategy and delivering sustained value to our stockholders.
•     Simplifying and Strengthening APEI: We continued to advance our mission and establish a very solid 
foundation for future growth. We redeemed all of our preferred stock, sold certain of our corporate 
buildings, and divested Graduate School USA. Significantly, we worked with the U.S. Department of 
Education to release the $23 million letter of credit and the growth restrictions that had prevented 
Rasmussen University from opening new campuses and adding new programs since before our 
acquisition. These actions meaningfully simplified our balance sheet, allowed us to refocus our 
resources on our three core institutions, and enabled a pathway to accelerate Rasmussen’s growth.
•     Expanding Our Healthcare Platform and Enhancing Student Outcomes: At Rasmussen University and 
Hondros College of Nursing (“HCN”), we continued to deliver enrollment growth and improve student 
outcomes. Rasmussen achieved its sixth consecutive quarter of year-over-year enrollment growth, 
ending the year with 15,900 students across 18 campuses in five states and online, while HCN grew to 
4,000 students across eight campuses. Rasmussen turned profitable in 2025, generating $4.1 million in 
segment income from operations in a swing of nearly $26 million. Rasmussen’s and HCN’s growth in 
2025 reflect the maturation of our strategy and demonstrate the earning power of these institutions. 
We continue to prioritize student outcomes that support achievement of career goals and delivery 
of a positive return on our students’ educational investment.
•     Improving Financial Performance: For 2025, consolidated revenue increased 3.9% to $648.9 million 
year-over-year, with each of our three institutions delivering revenue growth. In addition, net income 
available to common stockholders increased 151.6% to $25.3 million, adjusted EBITDA increased 
18.6% to $85.7 million, and diluted earnings per share increased to $1.36 from $0.55. Cash flows from 
operations increased 26.8% to $62.0 million in 2025, and we ended the year with $176.5 million of cash 
on our balance sheet.
Looking forward, I remain enthusiastic about our institutions and our significant opportunities as we 
complete our institutional combination and execute against our multi-year growth strategy. Each of our 
institutions is purpose-built to educate service-minded students in fields that are in high demand and 
resilient to disruption. Our strategic priorities for 2026 include:
•     Complete Our Institutional Combination: On March 2, 2026, we completed the merger of the legal 
entities that own and operate American Public University System (“APUS”), Rasmussen University, 
and HCN. We are working with the Department of Education and the Higher Learning Commission 
to complete the remaining step of the planned combination, which we expect to occur in the 
beginning of the third quarter of 2026. After 2026, we will report results in two segments: APU Global, 
our online education platform serving military, veteran, and service-minded students; and RU 
Health+, comprising Rasmussen and HCN. We believe this combination will allow us to leverage the 
strengths of each institution, operate with greater efficiency, and facilitate more direct collaboration 
across our campuses and online programs.

•     Expand Our Healthcare Education Platform: We expect RU Health+ to continue delivering enrollment 
growth and improving profitability in 2026, while maintaining quality educational outcomes. We 
are executing our “Fill the Back Row” strategy to drive high-margin growth from existing campus 
capacity and our “Leverage the Ladder” strategy to promote advanced degree progression across 
nursing and allied health programs. We plan to open two campuses per year as part of our four-
year growth strategy, addressing the large and enduring demand for nursing and healthcare 
professionals across the United States. Consistent with that plan, we are launching two new 
campuses in 2026: a Rasmussen University campus in Orlando, which is already enrolling students; 
and an HCN campus in Detroit, which we anticipate will open in early 2027. 
•     Accelerate APU Global Growth: Through American Military University and American Public University, 
APU Global serves approximately 88,700 active-duty military, veterans, extended military family 
members and other service-minded students. APU Global is the nation’s leading educator of 
active-duty military and veteran students and continues to generate strong operating margins and 
significant cash flow. We expect APU Global will accelerate its growth in the veterans and military 
families’ channels as we gain greater marketing flexibility.
•    Add New and Expand Existing Healthcare Provider Partnerships: We continue to seek new and  
expanded healthcare provider partnerships, such as those in place at HCN, which provide clinical 
training opportunities and a pipeline of employment for our graduates. Rasmussen University is 
actively pursuing similar employer and healthcare system partnerships, connecting our graduates 
with healthcare employers who are experiencing acute nursing shortages. These partnerships 
benefit our students, our institutional partners, and the communities they serve.
•     Strengthen Our Financial Position and Deliver Shareholder Value: We are proud of our achievements 
and believe we are well positioned for continued improvement and meaningful growth in the 
years ahead. We expect to build on our momentum through disciplined execution and a clear 
focus on driving revenue growth, expanding margins, increasing earnings, and a thoughtful capital 
allocation strategy. Notably, in March 2026, we completed a debt refinancing that will generate 
approximately $3.7 million in annual interest expense savings, and our Board authorized a $50 million 
share repurchase program. We aim to enhance enterprise-wide operating performance through 
the efficiencies of our planned institutional combination and continued execution of our multi-year 
growth strategy designed to drive sustained growth and margin expansion over time.
I am optimistic about APEI’s future and remain focused on executing our strategy to drive growth and 
create enduring value. Our leadership team is committed to strengthening our value proposition for 
students by fostering a supportive learning environment, empowering our faculty and staff, and making 
a positive impact in the communities we serve. We believe our priorities of completing the planned 
combination of our institutions, expanding our healthcare platform and enhancing our marketing 
strategy to accelerate military and veteran student growth position us to meet critical workforce needs, 
strengthen student outcomes, and enhance operational effectiveness, while delivering sustained value to 
our stockholders.
I look forward to updating you on our continued progress in the year ahead.
Sincerely,
Angela K. Selden
President, CEO & Director
American Public Education, Inc.

(!'&''&&(%'&!+!"  &&"!
*-?45:3@;:

;>9

 ->7":1
::A-8%1<;>@#A>?A-:@@;&1/@5;:
"%0;2@41&1/A>5@51?D/4-:31/@;2

 FIK?<=@J:8CP<8I-:?5@5;:>1<;>@?A-:@@;&1/@5;:
"%0;2@41&1/A>5@51?D/4-:31/@;2

 FIK?<KI8EJ@K@FEG5/-:#A.85/0A/-@5;::/
O8:KE8D<F=I<>@JKI8EK8JJG<:@=@<;@E@KJ:?8IK1




-K8K<FIFK?8E@Q8K@FE
#
,
-
DGCFP1??&@>11@4->81?';C:*1?@)5>35:5-

;;I@JKI8EK\JK8I<8:F;<



-<:LI@K@@JK-PD9FCJ
(8D<F=<8:?<FEN?@:?I<>@JK@JKF=K?<:K(FE<
#E;@:8K<9P:?<:BD8IB@=K?<I<>@JKI8EK@J8N@JKI8EK@JEFKI@JKI8EK?8J=@C<;8CCI<:KF=;LI@E>K?<GI<:<;@E>DFEK?JFI=FIJL:?J?FIK@JKI8EKN8JII@JKI8EK?8JJL9D@KK<;LC8K@FE-.S
F=K?@J:?8GKK?<GI<:<;@E>DFEK?JFI=FIJL:?J?FIK@JKI8EKN8JI@JKI8EK@J8C8I><8:::FDG8EPFI8E@E>>IFNK?:FDG8EP
-<<K?<;<=@E@K@FEJF=YC8I><8:::FDG8EPZ8E;Y@E>>IFNK?:FDG8EPZ@E,LC<9F=K?<O:?8E><:K

&8I><8:::FDG8EP

D@E>>IFNK?:FDG8EP

#=8E@E>>IFNK?:FDG8EP@E;@:8K<9P:?<:BD8IB@=K?<I<>@JKI8EK?8JN@K?8EPEJK8E;8I;JGIFM@;<;GLIJL8EKKF-<:K@FE8F=K?<O:?8E><:K


#E;@:8K<9P:?<:BD8IBN?@JKI8EK?8J=@C<;8ILE;@JK=@IDK?8KGI@JK@JKI8EK@E:CL;<;@EK?<=@C@E>I<=C<:KK?<:FII<:K@FEF=8E@JKI8EK\JK?<I@JKI8EK@J8J?>I<>8K<D8IB@JKI8EK\J:FDDFEJKF:B?@JKI8EK\JDFJKI<:8JF='8I:?N8J


"( !'&!"%#"%',%%!

@JKI8EK\J<=@E@K@M<*IFOP-K8KF=-KF:B?FC;@JKI8EK\J=@J:8CP<8I8I<@E:FIGFI8K<;9PI<=8C*IF:<<;@E>J

#K@JKI8EK\JFDDFEHL@KP,I<8E; @E8E:@8C@J:CFJLI<

#K8I;@E> FI<@>E$LI@J;@:K@FEJK?8K*I <K?<J<:K@FEJ
JK8KJK8KJK8KLC8KFIP=I8DK?<,LC<8E;=@E8E:@8CILC8K@FEJ8E;8::I<;@K@E>
8>>FM8K<@DG8:KJ@E:CL;@E>N@K?IFMI8DD8K@:8::I<;@KFIJ8E;JK8K<8LK?FI@Q@E>
8>8I;@E>K?<<==<:KJF=K?FJ<8:K@FEJ
T
FLI89@C@KPKFD8E8><>IFN8E;;@MP
T
K?<@DG8:KK@D@E>GIFA<:K<;9<F=(LIJ@E>FI"(@EKFFE<:FEJFC@;8K<;@EJK@KLK@FEK?8K
N@CC9<8JPJK8CC*/-,/8E;"(GIF>I8DJ:8DGLJ@JC8K@M<8E;I<>LC8KFIP:?8E>LC8KFIPGI@FI@K@8J8I8I;@E>>FMIFNFLIK<:?EFCF>P@E=I8JKIL:KLI<@E:CL;@E>N@K?IP@E=I8JKIL:KLI<8E;I<8C@Q<K?<98I;@E>:8J?=CFN=IFDFGK?<@DG8:KJF=FLI;<9KJ8I;@E>FLIJKL;@JKI8K@FEJ8E;K?<:FDGFJ@K@FEF=FLI
JKL;K?<G8:<F=JL:?:?8E>GIF>I8DJ8E;;I8DJKFD<@E>JKL;8E;D8IBF=FLI@EJK@KLK@FEJ
T
FLI89@C@KPKFC<FLI@EM8:K@FEJI@EFKL@K@FE8JJ@JK8E:<FI.GIF>I8DJFLII8I;@E>K?<
<==<:KJF=K?FJ<8:K@FEJ8E;II<<>I8EK@E>@EJK@KLK@FEJ8E;NFIB=FI:<E<<;J
T
K?<:FDGJ@E@K@8K@M<==FIKJ


T
K?<8E;FLKJFLI:@E>@E=FID8K@FEK<:?EFCF>PJ8I;@E>K8O8E;8::FLEK@E>D8KKJK8K
@EKF8::FLEK@E=FID8K@FE:LIIL8I8EK<JK8KJK8KFK?JK8K?KF=K?@EY,@JB 8:KFIJZ8E;Y'8E8>8GGC@:89C<
KF8CCIJK8K8JJLDGK@FEJGIFM<@E:FII<:KFLI8:KL8CIJK8KJK8K8K@FEKFGL9C@:CPLG;8K<8EP=FIN8I;CFFB@E>JK8KE;2%5?7-/@;>?

1<8I<JL9A<:KKF8M8I@I@JBJK?8K:FLC;?8M<8D8KJLDD8IPF=K?<GI@E:@G8C=8:KFIJK?8KD8B<8E
@EM
LJ
3FLJ?FLC;I<8;K?<=FCCFN@E>JLDD8IPKF>@EFLIJ<:LI@K@-/@5:3-:0%1@-5:5:3&@A01:@?
T
1<;I8DJ
#=N<8I<LE89C<KF
<==<:K@MI8DJFI8K@M@JKI8K@FEJ?8M<9<I8DJ@E:CL;@E>:?8E>FM:FDGJKL;I8DJFE::0A?@>E
T
#=N<FIFLI@EJK@KLK@FEJ=8@CKF:FDGCPN@K?I<>LC8KFIPIE@=@:8EK
ICFJJF=K?<89@C@KPKF>I8EK;<>I<I8DJ.
GIF>I8DJ8E;<;L:8K@FEGIF>I8DJ8;D@E@JK@9@C@KPKFG8IK@:@G8K<@E=<;I8DJ
T
.?<)E<@><8LK@=LC@CC:KD8P8;MI8DJN?@:?:FLC;?8M<8J@>E@=@:8EK8;M8@E=LCI8DJ\8GGC@:89C<(&2JK8E;8I;J:FLC;I<;L:<FLI8E;C@D@KFLI89@C@KPKFF==I8DJ

T
)LI#CC@EF@J(GIF>I8DN8JGILC8KFIP8:K@FE8E;D8P9<@EK?<=LKLI<
T
.?<@E89@C@KPF=FLI>I8;L8KI8DJ8E;GFK8K@FEK?8K:FLC;9<:FJKCPKFLJ

T
ILCE@=@:8EKC@89@C@KP


T
!FMLC8KFIP8>:C8@DJFI@E@K@8K<
@EM8K@FEJ8K@FE8>8@EJKLJ

%5?7?%18-@10@;"A>A?5:1??
T
)LIJKL;@JKI8K@FEJI0
<;L:8K@FE9I8DJ

T
:FEFD@:8E;D8IBI8K<;@JILGKFLI9LJ@EF@E>FG@:FIFGK?8K;<9K:FLC;8;M=FCCFN@E>@DGCJ
@E@K@8K@MJD8P9<LE8M8@C89C<KFLJ@E8E8DFLEKJL==@:@IFNK?GIFJG<:KJ:FLC;9<J'1/4:;8;3E:2>-?@>A/@A>1
T
.I8EJ@K@FE@E>FLKJFLI:<;,/@E=FID8K@FEK<:?EFCF>P=LE:K@FEJKF@EK<;JPN?@:?:FLC;8;M<==@:@E@=@:8EK@E=FID8K@FEK<:?EFCF>PJPJK8K@M<FLIIFLI89@C@KPKF8KKI8:K8E;IE@=@:8EK;8D8><
KFFLI9LJ@ELC8K@FEJ:FLC;?8M<8E8;M8CI<>LC8KFIP8E;:FDG?FLIJL9J@;@8IP@EJK@KLK@FEJ
)LI@EJK@KLK@FEJF==I8DJ
;E<;KFGIE<;
KF8;M8E:<JKL;)5?5;:-:0 5??5;:
)LIM@J@FE@J=FI<;L:8K@FEKFKI8EJ=FIDC@M8I<GLIGFJ<9L@CKKF
GI@E>NFIC;
'8EPF=FLIJKL;?D<;L:8K@FE=F:LJ<;FE8@GCFD8@E*I8:K@:8C(LIJ@E>FI*(;@GCFD88E;8EJJF:@8K<<>I<<@E(LIJ@E>FI
(K?IFL>?,8JDLJJ<F=(LIJ@E>8JNFI-(
;<>I<<K?IFL>?,8JDLJJ:?@5@A@5;:?
1<?8M<K?I<<JL9J@;@8IP@EJK@KLK@FEJD<F=(LIJ@E>
2*7.(&3:'1.(3.;*78.9>>89*2
D
>I8;L8K<C8E8;M8E:<;;<>I<<@ED@C@K8IPJKL;@K?FJ<N?FJJKL;:8I<8;LCKJN@K?8EGIF=@EJELIJ@E>GL9C@:?<8CK?GL9C@:8;D@E@JKI8K@FE8E;9LJ@EI8;L8K<CI8;L8K<8E;;F:KFI8CGIF>I8DJ
*/-@J?GLIGFJ<9L@CKKFD<LC8INFIBJ:?<;LC?*/-\J=F:LJ?8J9IF8;@K:FEK@EL8;LCKJKL;?FDD@JJ@FEFI"&8E@EJK@KLK@FE8C8::I<;@K@E>8>E@Q<;9PK?</
-
?LC8KFIPEM@IFED
,/GIFM@;8E;?<8CK?J:@@EE@E>F=@KJP<8I?@JKFIP,/=F:LJ<;FE<;L:8K@E>9LJ@EJ<:I
,/\J=FLE;8K@FEF=<;L:8K@FEK?8KKI8EJ=FIDJC@M?I8DJ8:IFJJ89IF8;
I8E><F=JKL;P@E:CL;@E>9LJ@EP8E;<;L:8K@FE@K?<8CK?:8I<
<;L:8K@FE@E
.F;8P,/F==;<>I<8GI<C@:I<<8JNI<<'8JK;<>I<<8E;F:KFI8K<F=
(LIJ@E>*I8:K@:<
#E8;;@K@FE,/8CJFF==I8;L8K<ELIJ@E>:I8D;GIF>I8D8K,/@E:FIGFI8KJ@;<C898E;:C@E@:8CFI:C8JJIFFD:FDGFEIFLE;ELIJ@E>;<>I<;<>I<<GIF>I8DJ
K<:E8K@FE8E;8CCF=,/\J(LIJ@E>GIF>I8DJ8I<
GIF>I8DD8K@:8CCP8::I<;@K<;9PJG<:@8CKPELIJ@E>8::I<;@K@E>9F;@?<;L:8K@FEKF8GGIFO@D8K?K:8DGLJGIF>I8DJK?8K8I<;E<;KFGI?9FK?8*(;@GCFD88E;
8E(8E;8@I<:KEKIP(FGK@FEK?8KF==I8;L8K@FEG8K?N8P=FIJKL;
JF=<:I8D8E;NI8D
"(@J@EJK@KLK@FE8CCP8::I<;@K<;9PK?<::I<;@K@E>LI<8LF="<8CK?;L:8K@FE-:?FFCJFI"-8E8K@FE8C
8::I<;@K@E>8>E@Q<;9P
"(\J*(GIF>I8D@J8::I<;@K<;9PK?<(8K@FE8C&<8>L<=FI(LIJ@E>FDD@JJ@FE=FI
(LIJ@E>;L:8K@FE::I<;@K8K@FEFI(&((
"A>&1391:@?
 FIK?<GDDDD8I;@E><8:?F=
FLIID@EE@E>@E=@J:8CP<8IN<N@CC?8M<KNFIDDDD@E=FID8K@FE=FIFLIJ<>D15:-:/5-8".61/@5B1?
-*1&33*)
42'.3&9.434+&3)

#EN<8EEFLE:<;K?<GC8EE<;:FD9@E8K@FEF=*/-,/8E;"(FIK?<FD9@E8K@FEN?@:?N@CCIGIF>I8DJ,/\J?<8CK?:8I<
GIF>I8DJ"(\J:8DGLJ98J<;ELIJ@E>8E;?<8CK?:8I<GIF>I8DJ8E;,/\JEFE?<8CK?:8I<GIF>I8DJ
.?<FD9@E8K@FE
:FEJK@KLK<F=FEKIFC-KIL:KLI<FI)I>8E@Q8K@FEGLIJL8EKKF"&GFC@:P8E;8::FI;@E>CPN<NK?<FD9@E8K@FE
#E<:<F=FEKIFC-KIL:KLI<FI)I>8E@Q8K@FEKF"&
-L9J8C=FCCFN@E>K?<D<"&I<F=FEKIFC-KIL:KLI<FI)I>8E@Q8K@FEKF"&@E-JL9JK8EK@8CCPK?<J8D<@E=FID8K@FEK?8K
?8;9<K?<KNFJK8CD8C8CK?<D;@I<:KCPFNE<;9PK?<J8D<C<>8CI8I;@E>I<>LC8KFIPKI<8KDLC8KFIPEM@IFEDLC8KFIPEM@IFED8I;@E>I@JBJI@EE@E>Y.?<GC8EE<;:FD9@E8K@FEF=*/-,/8E;"(



Z
*)*7&14;*732*39-:9)4<3
)E):KF9FMI@JC8K@FEI@E8DFE>FK?JJLJGI8DJ8E;LCK@D8KKFLJ<.8J8G8PD@JK@JK@JKI8K@FEJ;<:I<8J<;@EK?<=FLIK?HL8IK@JKI8K@FEJ8J8IFM@JKI8K@FEJN?@:?@DG8:K<;*/-\J8E;FLI:8J?=CFNJI
-FLI:LC8K@FEJ,LC8K@FEF=.@KC<#0 @E8E:@8C@;*IF>I8DJW
.?<,LC<=FIN8J
FDGC@8E:<N@K?K?<,LC<N@CC:FEK@EL<KF9<8E8I<8F==F:LJ8E;;@9@C@KPKFG8IK@:@G8K<@E=<;I8DJZY)LIJKL;@JKI8K@FEJIJPJKI8;0<;L:8K@FE9I8DJZ8E;
Y.?L8I8EK<<K?8KFLI9LJ@EJN@CC9<8M8@C89C<KFLJ@E8E8DFLEKJL==@:@8==FI;89C<;<>I<<8E;:I8DJ@J8E@DGFIK8EKP
#EL>LJK
,/@DGCJKL;GIF>I8DJ
#E$8EL8IP,/@DGCGIF>I8DJKL;I8DJ
.?<KL@K@FE8E;=<<@E:I<8JE<;KF9<
8==FI;89C<8E;:FDGK?<J8D<CI8;L8K<8E;>I8;L8K<JKL;<@EJK8K<:FJK8KGL9C@:LE@MI8DFI*K?8K@K@EKI8;L8K@FE;8K;8K<
 FI8;;@K@FE8C
@E=FID8K@FEJ<<K?<,@JB 8:KFI:8GK@FE<;Y,/\J8:KL8C8E;GC8EE<;:CFJLI<F=:8DGLJI8DJFE:J?8ILEG8@;8E;8::IL<;;@M@;CPK?8K<:8I;@E>K?<I<;J
CF:8K<;@E?8IC@E@8=FIE@EMFCME@=@:8EKJ?@=K@EFLIJKI8K<>@:=F:LJEFI@J@K:FEJ@;E@=@:8EK::FLEK@E>*FC@:@LJKK?<F8I;F=@I<:KFIJF=*#FIK?<F8I;8GGF@EK<;$8DJ98J#EKP)==@:J9IE<;=IFDJ8JF=K?<;8K<F=K?@JEEL8C,FM8GGIFO@D8KP F@E><==FIKJKFFGK@D@Q<:P=LE:K@FEJ
-<<Y'8E8> ->71@-:0;9<1@5@5;:
 ->71@4->-/@1>5?@5/?
.?<FM<N@K?DFI<K?8E@EJK@KLK@FEJF=?@>?;@MDE@=@:8EKD8IB=FIGIF=@KGFJKJ<:FE;8IP@EJK@KLK@FEJI<>8I;C8E@Q<;FI
N?FK?
T
;@E>@E;LJKI@@:8C:?8E><8E;JLGGFIKM@8HL?:FJKJ
T
:?8E>I<@E>I<>LC8KFIP@:8CKI8EJ=FID8K@FE@E:CL;@E>K?IFL>?@E:I<8J@E>;J8E;K?<LK@C@Q8K@FEF=
K<:?EFCF>PKF8E;@E:I<8J@E>LJ<F=8IK@=@:@8C@EK@FK?J
T
K?<HL8C@KPF=K?<8:8;I8D8E;8C@>ED?>IFNK?AF9J
T
8==FI;89@C@KP
T
9I<8;K?F=;<>I<<F==J
T
=CI8DJK8IKJ


T
=8:LCKP8E;GC8::FCC<><I<8;PJKL;9:)*398
*/-?8J=F:LJ<;FEJK?<D@C@K8IP:FDDLE@KPJ@E:<@KJ=FLE;@E>8E;K?<:FDDLE@KP:FEK@EL?G8IK@:@G8K@FE@EI8DJ@E:CL;@E>*/-
*/-\JGI@D8IP:FDGFEC@E<@EJKIL:K@FE8E;:FCC<>FE:8DGLJ@EJKIL:K@FEE<8ID@C@K8IP
@EJK8CC8K@FEJ

1<9K?IFL>?;@JK8E:<C<8IE@E>GIF>I8DJ
 FI<FIK?</-(@J8:FDDLE@KP:FCC<><JLGGFIK@E>E8M8C<;L:8K@FE=FIG8IKE@9C<G8IKEGIF>I8DJ8I<F==I8DJ@EK?<>I8G?@:8I<8JJLIIFLE;@E>K?<@I
:8DGLJIFLE;ELIJ@E>:8DGLJ:FCC<>J@D@C8IGI<C@:
GIF>I8DJ
<:8LJ<F=K?<II8DJFLI:FDGD
CF:8CJLGGCP8E;;J:?FFCJ
1<8I<8CJF:FEK@EL@E>KF=F:LJFE>IFN@E>FLIGFJKC@:
GIF>I8DJ=FIN?@:?K?<:FDGD9<:8LJ<,(KF-(
8E;FK?I<389.9:9.438
1@K?@EK?<9IF8;
GIF>I8DJ
L<KF8E@E:I<8J<@EFEC@E<GFJKJ<:FE;8IPF==JN<=8:<@E:I<8J<;:FDGI<<8E;
:I<;J
 FII<<GIF>I8DJ8E;;I8DJ
'FJKGL9C@:@EJK@KLK@FEJ8I<8@;<;9PJL9JK8EK@8C>FMI8EKJK8OJK8E;@E>E8D<I<:F>E@K@FE8E;8I<89C<KF;@I<:KCPI<:IL@KJKL;8JK?<@I:FJKF=KL@K@FE@J?@>?I8DJ=IFD:FDGJ:?FFCJ8E;FK?EFEKI8;@K@FE8C<;L:8K@FEGIF>I8DJF=K<FI8KCFN:FJKJ@E:CL;@E>
T
@EJK@KLK@FEJF==:FDGI8DJ8E;J@E>C<:FLIJ<FI:FLIJ<G8:B8>FLK:FDI<<FLK:FD8E;FK?N@K?LE@MFMFM:F;@E>9FFK:8DGJFID@:IF:I<;I<<>I8EK@E>@EJK@KLK@FEJJL:?8JD8JJ@M<FEC@E<:FLIJ<GIFM@;I8DJ

 FIDFI<@E=FID8K@FEFE:FDG8E;,-KL;"<<;>@A:5@51?-:0&@>1:3@4?
"A>"<<;>@A:5@51?
(9.;*:9>.1.9&7> *9*7&38&3)9-*.7&2.1.*8
.?</
-
D@C@K8IP:FDDLE@KPN@CC:FEK@EL<KF9<8E@DGFIK8EKD8IBD
1<9<;KF
1<9<8==FI;89@C@KP8E;FEC@E<F==J8I<8KKI8:K@M<KFMEJKF=8:@C@K8K<
K?<?@I@E>F=MEJI<;L:<98II@8I;C@ME<<;=FI?<8CK?:8I<:FLGC<;N@K?8ELIJ@E>J?FIK8><:FEK@ELE@=@:8EK;
<;L:8K@FE
*IFA<:K<;@JKIFN9P8GGIFO@D8KKFK?</
-
LI<8LF=&89FI-K8K@JK@:J\)::LG8K@FE8C)LKCFFB
"8E;9FFB
1?@EK?<E<<;KFIJ<8:?P<8I=FIELIJ?K?FL>?
K?<8DFLEKF=;I8G?P
.?E@=@:8EKLED<;L:8K@FE8CGIF>I8DJ
IFNK?HL8C@=@<;8GGC@:8EKJ8I<EFK8CN8PJ8::GIF>I8DJGI@D8I@CP;L<KFGIF>I8DJ<F=:C@E@:8CJ@K@MLC8KFIP8GGIFM8CJE<:I8DD8K@:BEFNC<;><8E;IIFNJ:?FFCJDLJKD<<;L:8K@FE
1<8CJF9L@J?FLIJ;@I<:K
G8IKE8E;KI8@E@E>K?<@I=LKLI<NFIB=FI:DCPIJ@>E@=@:8EK>8GJ98;LCKJ8CJFI<:F>E@Q<K?<E<<;KF9<C@=C<8IE?
?@>?GIF>I8DJN?@:?N<J<<8J8EFGGFIKLE@KPG8IK@:LC8ICP=FI,/8E;"(
1<8CJF9;9<1@5@5B1&@>1:3@4?
*9:7343):(&9.43&13;*892*39&3)++47)&'.1.9>
)LI@EJK@KLK@FEJ8I<:FDD@KK<;KF:FEK@EL8CCP8JJ8E;FLI8:8;I8DJ8E;JKL;?HL8C@KP<;L:8K@FE8E;=8:@C@K8K<JL::I8;L8KEN@K?KF;8==FI;89C<HL8C@KP;<>I<<8E;:I8DJ@J8E@DGFIK8EKP
1<
9<@EJK8K<:FJK8K8GL9C@:LE@MI8EKJ8E;9FFB>I8EKJGIFM@;<;KF8CCLE;I8;L8K<JKL;E@=@:8EKJ8M@E>J8E;D<8EK?8K*/-JKL;?K8K8EFK?E<;KF9<8==FI;89C<8E;:FDGK?<J8D<C?JJ9PGJKL;I8EKJKFN8I;K?<98C8E:<
F=K?<@IKL@K@FE
*C<8J<I<=@MKL@K@FE8E;JKL;?<I<8;PJKL;<F=8==FI;89@C@KP8E;M8CL<
*1*;&39++*7.3,81.,3*)<.9-*2&3)
)LI@EJK@KLK@FEJF==I8DJ8C@>E<;KFAF9JK?8K/
-
LI<8LF=&89FI-K8K@JK@:J;8K88E;EFE>FM8E@Q8K@FEJ?8M<@E;@:8K<;8J?@>?>IFNK?8I<8J
)LI@EJK@KLK@FEJ8I<8CJF:FDD@KK<;KF:FEK@EL8CCP8JJ8E;
FLI8:8;I8DJ8E;JKL;?HL8C@KP<;L:8K@FE8E;=8:@C@K8K<JL::I8;L8KEN@K?GIF>I8DF==J8I<
;E<;KF<==<:K@MI8DJN@K?M8JKCP;@==IFLE;J8E;>F8CJ
 FII8DJ8E;;<>I<?HL8C@KP8:8;E@=@:8EK@D98C8E:<F=JLGGCP8E;;8E;KI8@E@E>ELIJ@E>JKL;GIF=DF;8C@K@8;LCKJ
*/-F==JK?8K8I<@E;@M@;L8C@Q<;KFJKL;8E;FK?I8DJ8E;=CI8DJ
"(F==I8DJK?8K8::FDDF;8K<NFIB@E>8;LCKJ9PF==FE:8DGLJ
@EJKIL:K@FEFEC@E<@EJKIL:K@FE=FI:N<K?@EK?FJ<8I<8J

*/-@JK?<ELD9*/-?8J9IF8;K?FJ<N?FJ<;L:8K@FE
,/8E;"(?8M<
DFI<K?8EELIJ@E>JKL;?KJK8K
8GI<C@:I<<

=5&38.;*:78.3,44957.39
)LI@EJK@KLK@FEJKI8@EELIJ?KJK8KLC8KFIP8GGIFM8CJ
E<:I8DD8K@:BEFNC<;><8E;IIFNELIJ@E>
J:?FFCJDLJKD<<;L:8K@FEW8E;@EG8IK@:LC8I=@IJKFIGI<C@:<;L:8K@FEWGIFM@;L@J?FLIJ:LII@:LCLD=IFD*(;@GCFD8JKFF:KFI8C;<>I<89*2
K*/-FLIGLIGFJ<9L@CKK<:?EFCF>PGC8K=FID8CCFNJ=FIJ:8C<N@K?FLKJ@>E@=@:8EK8;;@K@FE8C:FJK8E;FLIJKL;JKL;@JK8@E8GGIFM8C=FIK?@J9A?5:1??&@>-@13E-:0;-8?
*5:C5@4&1>B5/1 5:010&@A01:@?-:0@415>-95851?
KFLI:FI<@J8I<:F>E@K@FEF=K?<@DGFIK8E:<F=@E;@M@;L8CJN?FJ<
1<8@DKF
;K?FJ<N?F
JGIF>I8DJ;E<;KFGIE
N@K?;-%1@A>:;:5341>0A/-@5;::B1?@91:@
1<J<=FI8GI8:K@:8C
JFCLK@FEK?8KGIFM@;<I<8;PJKL;<F=8==FI;89@C@KP8E;M8CL<

>;C-!-@5;:-8!A>?5:3#8-@2;>9
1<8I<=F:LJ<;FEELIJ@E>FGGFIKLE@K@?>I8G?@::8DGLJI8DJ8E;:FLIJ<F==J
.?@J=F:LJ@E:CL;I8DJ?8M<8CI<8;P9<:8I<IFNK?8E;;<=I8PJKL;8E@:
8E;@EFI>8E@:>IFNK?@E:CL;@E>9P8:HL@J@K@FEJF=FK?J:?FFCJ
A580-->11>1->:5:3#8-@2;>9
1<9GC8K=FID

*/-G8IKEI<<
GIF>I8DJ
K,/8E;"(N<J<GIFM@;ELIJ@E>GIFM@;FLI@EJK@KLK@FEJ\F==J8I<:GIF>I8DJ
/451B1&A?@-5:-.81>;C@4
1<8@DKF@E:I<8J<FLIGL9C@:D8IBIFN@E>K?<I8E@:8CCP8E;@EFI>8E@:8CCP8E;
;@DGIFM<;D8I>@EJ
1<N@CC:FEK@EL<KF;8E@:>IFNK?8E;
GC8EKF:FEK@EL<KF8JJ@:8:HL@J@K@FEJ8E;@EK<>I8K<8E;>IFNK?8E@:>IFNK?
 FIK?<KFG<;L:8KFI=FI8:K@M<;LKPD@C@K8IP8E;ME 1@>5/?
1<JKI@M<KF;F:FDGC@8E:<N@K?
M8I@FLJI<>LC8KFIPJK8E;8I;J8E;DGIF>I8DJN<:FEK@EL<KF=F:LJFE@DGIFM@E>M8I@FLJ
8:?@K?8KN<:FDGCPN@K?K?<,LC<
"<@595F1"A>;?@&@>A/@A>1'4>;A34@41&4->10&1>B5/1? ;018
1<8@DKF;
J?8I<;J@PFGGFIKLE@K@?K?<FG?K?I<<<;L:8K@FE8C@EJK@KLK@FEJF=?@>?*/-,/8E;"(

8:?@EJK@KLK@FE@JGI@D8I@CPI:?@5@A@5;:?
74,7&28&3)7*&84+9:)>
1<F==I<<GIF>I8DJ:I8DJ8E;=FLI;@GCFD8GIF>I8DJK?IFL>?FLI
@EJK@KLK@FEJ
1<F==I8DJ8:IFJJ89IF8;I8E><F==@GL9C@:J
E8K@FE8CJ<:LI@KPD@C@K8IPJKL;@PALJK@:<JKL;@;3>-9?
!A9.1>
"&$/1I<<*IF>I8DJ

.FK8C;3>-9?1>@525/-@1?-:05<8;9-?

*3*7&1(&)*2.(8
*/-F==I<<GIF>I8DJ8E;:I8DJ8:IFJJ=@M<J:?FFCJF=JKL;P
'FI<K?8E;@JK@E:K
:FLIJ?KFIJ@OK<@EFEK?<=@IJK'FE;8PF=<8:?
DFEK?
*/-\:I8DJ>I<<GIF>I8D
DFE>K?FJ<GIF>I8DJ8I<LE;I8;L8K<8E;>I8;L8K<(8EFI8DJN?@:?8I<
=F:LJ<;GIF>I8DJ:FDGI@J<;F=K?I<<8:8;I8DJ8:IFJJJ
,/F==@EE@E>@E$8EL8IPGI@C
$LCP8E;):KF9@EE@E>D@; <9IL8IPD@;'8PD@;L>LJK8E;D@;(FM;<>I<8GI<C@:I<<8JNI<<'8JK;<>I<<8E;F:KFI8K<F=(LIJ@E>
*I8:K@:<
#E8;;@K@FE,/8CJFF==I8;L8K<ELIJ@E>:KF8*(
;@GCFD8FI(8JNI8;L8K@FEG8K?N8P=FIJKL;I8DJ8I<K8L>?KFEC@E<
:8;I8DJ9<>@E=FLIK@D@E$8EL8IPGI@C$LCP8E;):KF9I8DJ8I<@9C<KFJ<K?<8GGC@:89C<(&2
)M?KJK8KFEK?<@EJK@KLK@FE
.?<JKL;K?FJ<N?FK8B<8E8GGIFM<;C<8M<F=89J8:FLIJ<FI?8M<:FDGCE<;KF
JJKFJLGGFIKK?K?<@I@E;@M@;L8C>F8CJ
JF=<:8;LCKJKL;E@=@:8EKGI@FI<;L:8K@FE8E;:8I<8;LCKJ8E;*/-JKL;<8><F=
,/GIFM@;K?FJ<N?FK8B<8E8GGIFM<;C<8M<F=89JI8DJ8:IFJJ89IF8;I8E><F==@<;L:8K@FE
K,/
F=JKL;<F=8E;8I<=
ELIJ@E>;<>I<I<<GIF>I8DJ

"(GIFM@;<;L:8K@FEKF8GGIFO@D8K?K:8DGLJ<
"(JKL;I8D8E;NI8D
((7*).9&9.43
)LI@EJK@KLK@FEJ?8M<@EJK@KLK@FE8C8::I<;@K8K@FE8E;K?<@IGIF>I8DJF=KI8DD8K@:FIJG<:@8C@Q<;
8::I<;@K8K@FE
#EJK@KLK@FE8C8::I<;@K8K@FE@J8E@DGFIK8EK8KKI@9LK<F=FLI@EJK@KLK@FEJ
FCC<>KI8EJ=I8;L8K<J:?FFCJ
-KL;I8DJCFFBKF8::I<;@K8K@FE=FIHL8C@KP8JJLI8E:<8E;8:8E;@;8K<\J:I<;E8K@FEN@K?K?<
EE8K@FEN@K?K?<EI8EK<;:FEK@EL<;8::I<;@K8K@FEK?IFL>? <9IL8IP=FI8CCGIF>I8DJ8K8CC:8DGLJ?"-
#E8;;@K@FEKF@EJK@KLK@FE8C8::I<;@K8K@FE:I8DJF==I8DJ8::I<;@KJ8GGIFO@D8KI8DJF==GIF>I8DLE;8::I<;@K8K@FE

.?<FDD@JJ@FEFEFCC<>@8K<(LIJ@E>;L:8K@FE8::I<;@KJK?<8:?GIF>I8DJ8K*/-
8E;,/
I8DJF==I8DJ8I<8::I<;@K<;9PK?<::I<;@K@E>FDD@JJ@FE=FI;L:8K@FE@E(LIJ@E>
"(\J*(GIF>I8D@J8::I<;@K<;9P(&(
(
,/8E;"(\JCF:8K@FEJ8E;GIF>I8DJ8I<8GGIFM<;9PJK8K<8><;L:8K@FE
GIF>I8DJF==
 FIDFI<@E=FID8K@FEFE8::I<;@K8K@FE8E;C@:LC8KFIPEM@IFEDLC8KFIPEM@IFEDI8DJ8E;:FEK@EL<KFNFIBKF@;<I<8;PJKL;?FEC@E<8GGC@:8K@FEGIF:I8;L8K<GIF>I8DJ@J8?@>?J:?FFC;@GCFD8FI!I8;L8K<GIF>I8DJDLJK?FC;898:?I<<=IFD8E8::I<;@K<;/
-
@EJK@KLK@FEFI8EE
@EJK@KLK@FE
I8DJD8P?8M<8;;@K@FE8C8;D@JJ@FEJJK8E;8I;J8E;IJKL;I8DJ
++47)&'.1.9>&3)
4894+99*3)&3(*
1<?8M<CFE>9<FLIJKL;I8DJ
==FI;89C<KL@K@FE?8J9<
*/-KL@K@FEIK?<CFN<@EJK8K<=LCCK@D<LE;I8;L8K<KL@K@FE=<?K?<#EK<>I8K<;*FJKJ<:FE;8IP;L:8K@FE
8K8-PJKI8EKJ8E;9FFB>I8EKJGIFM@;<;KF8CC
LE;I8;L8K<JKL;E@=@:8EKJ8M@E>JKF*/-JKL;E<;KF9<8==FI;89C<8E;:FDGK?<J8D<CFI@D@C@K8IPEFED@C@K8IP8E;MK?I8;L8K<:FLIJI<<D8P9<<8IE<;=FI@EKL@K@FE:FJKJ8K:LIII<I8;L8K<KL@K@FE
KFGI8;L8K<C<8E8;D@JJ@FE=<<FI=<@JKI8K@FE:FLIJ<;IFGJFI
J@D@C8I>=FF;J>I8;L8K<:FLIJ<;8K<:?EFCF>P=<<F=G<;:I8;L8K@FEC8K<I<>@JKI8K@FEKI8EJ:I@GKI@KJGIF>I8DJ8E;9I8DJ=FIEI8DJ@E
L>LJK8E;=FIIJKL;I8DJ@E):KF98
HL8C@KP<;L:8K@FE
,/@DGCJKL;LJK8E;@DGCGIF>I8DJ@E):KF9GIF>I8DJKL;I8DKPG@:8CCP:FJKJG<=IFDGI8;L8K<
GIF>I8DJ
KK?<>I8;L8K<CI8DJ=FIGP8E;I?,/=FI8=C8K
=<<F==FI<8:?K@KJGIF>I8DJ
#EK?<J<:FE;HL8IKI8DJKFF==J8HL8C@KP:FDGI8DJ@EKI8DD8P9<:FDGCI8DD8P9<:FDGCFK?PG8:B8><
.?I8D8E;8I<G8@;=FI9P"(\JJKL;I8DJ8JKL;I8D8E;=FIK?<(GIF>I8D


K,/8E;"(KL@K@FE@E:I<8JE<;KF9<8==FI;89C<8E;:FDGI8;L8K<8E;D8JK.8K
K?<LE;I8;L8K<CI8EK
=FIMI8;L8K<KL@K@FEI8KI8;L8K<8E;D8JKJKL;I8;L8K<JKL;?8E*/-=LE;<;@EJK@KLK@FE8C
9FFB>I8EKGIF>I8D
*/-8CJFLK@C@QI8;L8K<JKL;I8EK

K,/JKL;?JJ9P
GJKL;I8EKJKFN8I;K?<98C8E:<F=K?<@IKL@K@FE8=KJFLI:I8EKKFJKL;=@E8E:@8CE<<;KF:FM@9C<=@E8E:@8C8@;II8EK@J;E<;
KFC@D@K8JKL;?8E8N8I;F=LGKFGE<;KF8JJ@JKJKL;KL@K@FE8E;=<F@E>G8PDI8D8E;I8;L8K@FE
.FK?<I8DFI>I8;L8K@E8K@FE=<?8:FD9@E8K@FEF=@E;@M@;L8CII8DJGI@M8K<
CF8EJJK8K<8E;=<;I8EKJ@EJK@KLK@FE8C>I8EKJ.I8DJ
'FJKJKL;F\J.GIF>I8DJ8JK?<@IGI@D8IPJFLI:<F=G8PD0<;L:8K@FE9\J.@KC<#0GIF>I8DJ8E;K?FJ<LK@C@Q@E>:8J?8E;FK?\J.@KC<#0GIF>I8DJ8JK?<@IGI@D8IPJFLI:<F=G8PD:8J?8E;FK?0<;L:8K@FE9I8DJ@JI8DJ8;;JKFFLI@EJK@KLK@FEJ\I<>LC8KFIP9LI;LC8KFIPJ:ILK@EP8J;LC8KFIPEM@IFED
-FLI:LC8K@FEJ,@JC8K@M<8:K@M@KP8E;8:K@FEJ9PF8E;0D8P8;MN?@:?8JN@K?8EPFK?:FLC;?8M<
8D8K@E@K@8K@M8>F8CF=IHL8C@=@<;JKL;8>?8DFE>FK?J=8:LCKP8>8>K?JKL;JKL;<
8I<8JGIFM@;@E>:LJKFD@Q<;KLKFI@E>I8E;:I<8K@E>JKL;GIF>I8D
:LII@:LCLDLG>I8;JJKL;I8K<;(&2
KJ@DLC8K@FE8E;GI?FLKK?<:LII@:LCLD8E;:LII@:LCLD8JJ<JKL;I8;L8K@FE
"(:FEK@ELE@=@:8EK=8:LCKP;8E;C<8IE@E>I8DFLK:FDK?<(&2?FLK
K?<GIF>I8D8E;8E8CPQJKL;K?<@I:8I<I8DJFI:FLIJ:FDGC?;@I<:K@EK8E;@EJK@KLK@FEJGFEJFI<;FEC@E<AF9
9F8I;J
*/-8CJFF==KFFCJJL:?8J8E@EKL@;FEC@E<GIF=@C8::AF9GFJK@E>8:8I<8E;
@EKI8DD8K@:8;M@J@E>9P;<;@:8K<;:8I<
GIFM@;ELIJ@E>GIFM@;71@5:3-:0>-:05:3
1<JKI@M<KF8C@>EFLID8IB<==FIKJN@K?FLI9LJ@EP8E;KFK8@CFIFLID8IB8GGIF8:?KFFLI
<;L:8K@FE8CF==J8E;K?<JKL;DF;8C@K@I<<8E;C<8;@E>KFK?<:8I<?C@>?K:8E;9I8E;@E>DEN@K?FLIJKI8K<>P@E:CL;@E><;L:8K@E>K?FJ<N?FJ<==FIKJK?IFL>?9FK?;@I<:KKFJKL;
II8;L8K@FE8E;@E:CL;@E:I<8J<G?K?<@I:?FJ:?8EEI8G?@8JN@K8C
@E:CL;@E>J<8I:?:FDG8EPFNE<;8E;J<==FIKJ

1<8CJFNFIBN@K?G8IKEI8DJ
)MI<8E@Q8K@FEJ;@I<:KCP
;;@K@FE8CCPN<:FCC89FI8K<N@K?C<8;@E>KL@K@FE8JJ@JK8E:<8;D@E@JKI8KFIJ8E;MFLI@E;@I<:KI<8:?KFFM8E@Q8K@FEJ8E;8N8II8DJ8:IFJJ
;@MF@E>GIF=:FEJ@JKL@;8E:<=FID@C@K8IPC<8IE<==FIKJK8@CFI<;=FIFLI@EJK@KLK@FEJ:FEJ@;K?<@IIF8CJ
.FK?8K?8J?@JKFI@:8CCP?8;8ICFE>K8E@Q8K@FEJ8E;@E;@M@;L8CJ@EK?<D@C@K8IPD@C@K8IP8==@C@8K<;8E;GL9C@:JI8DJ8K*/-K?8K8@DKF8JJ@JKDGIF>I8DD8IB@E:CL;@E>IKFK?<?<8CK?:8I<
:FDDLE@KP8E;N<:FEK@EL<KF=F:LJFLID8IB<==FIKJFEEFEELIJ@E>@ED8IBI8DJ
#E(FMI@E>89FLK0<@KJD@C@K8IPFLKI<8:?K<8D
8E;JKL;E:?8EEIFNK?8DFE>MCF98C;@>@K8CLE@MI8K@E>K<:?EFCF>P
8E;8E;C<8IE@E>FGGFIKLE@K@@K8CJL8>@JGK<8DK?IFL>?8J?8I<;JK<8DN@K?JL9A<:KD8KK
D8IBK<:?EFCF>P;8K88E;8E8CPK@:J
.?@J@EKLIE8CCFNJLJKF@DGIFM<FLID8IBD<;@8D@O8L;@
:I<8K@M<D@E>8E;LJ9-@5;:'1/4:;8;3E
#E=FID8K@FEK<:?EFCF>PJPJKPJ?8J?8I<;JFM@EJK@KLK@FEJG<:@=@:IPJI<@J
&&@E:CL;@E>?FJK@E>8E;FGD8E8>7&38+472&9.43
1<8I<8DLCK@P<8IPKI8EJ=FID8K@FE@EKKPI@JB8E;@DGIFM<FG<;
K?IFL>?;<=@E<;JLE@EK?FLKN<@EJFLI:<;:FI<GC8K=FIDFNEI8K@FE8E;@EJK@KLK@FE8CJLGGFIK
:8G89@C@K@KFLJ<D8E8><;J
JKIL:KLI<@J@EK
=IFDIK?<J:8C89@C@KPF=8E@DGC8EFI>8E@Q8K@FE8CI<;EK?8K8C@>EJK<:?EFCF>PK<8DJ8E;=LE:K@FEJ@EKF
Y;FD8@EJ
Z8:?;FD8@E@JID8E;PC<8;@E<KF
GIFDFK<:FEJ@JK
)LI:FI<@JKI8K@FE
8:8;D8E8>8:P:LJKFD@Q<;-#-BEFNE8J*8IKEK@JK8><;KI8EJ@K@FE8GGIF8:?DFI<DF;P8DGLJ(8:P-#-GC8K=FID
#EN<N@CC9<DFM@E>EFE:FI<-#-;8K88E;NFIB=CFN=LE:K@FEJ=FI,/
8E;"(@EKF-8CLC8KFIP8E;8:8;JLIIFLE;@E>GIF:@ED@>I8K@E>"(KF8EPKFI<;L:<=I8>D?KJG8:<9P&8JK?<@I&'-GC8K=FID
,/:LIIP
#EN<GC8EKFKI8EJ@K@FE,/=IFDC8:B9F8I;/CKI8KF&KF:FEJFC@;8K<FLI&'-I8;L8I8EK<<K?8KK?LC8ICPP
JPJKP
KI8EJ=FID8K@FE
#E8;;@K@FEKFFLI-#-&'-8E;,'GC8K=FIDJN<D8@EK8@EJPJK
@EJK@KLK@FE8C=@E8E:<?LD8EI8E8CPK@:J8E;3+7&897:(9:7*
)LIK<:?EFCF>P@E=I8JKIL:KLI<:FEJ@JKJF=KNF:FCF:8K@FE;8K8:<;8E;K?@I;G8IKP
D8E8><;KFKI8EJ@K@FEKFN8I;8:CFL;98J<;FGDF;?K?<G?8J<;D@>I8K@FEF=8GGC@:8K@FEJ@EK<>I8K@FE
JK?@JKI8EJ@K@FE
)LI
F9A<:K@M<@JKF@DGIFM<J:8C89@C@KPII8I;@E>I@JBJIKFFLI@E=FID8K@FEK<:?EFCF>PJPJKP#E=I8JKIL:KLI&3) &1:*8
)LI89@C@KPKF;IFNK?@JK@>?KCP8C@>E<;N@K?
FLI?LD8E:8G@K8CJKI8K<>P
)LIG?GI@KP8E;I?GFK9FLIBK?<G8IKEKFD8E8>GC8K=FIDJ
.?FJ<K<8DJ:FCC<:K@M
-/A8@E 19.1>?
A88'591
"@41>
#>;21??5;:-8
&@-22A88'591
';@-8A88'591
9<8;E11?
-/A8@E 19.1>?
#->@'591
"@41>
#>;21??5;:-8
&@-22#->@'591
';@-8
*/-

 
 
 
 
 

,/

 
 
 
 
 

"(

 
 
 
 
 

FIGFI8K<

X 
 
 
X 
X 

.FK8C

 
 
 
 
 

.?<;@==IFLE;JF=FLII8G?P@EN?@:?FLI?<8;HL8IK:FDDLE@K@:FDGJ:?FFCJ8E;KI8;@K@FE8C=8:LCKPJ?FIK8><:FEK@ELFLI
89@C@KPKFI<:IL@K8E;I=8:LCKP8K,/8E;"(
1<9
CFNLE<F=?@I@E>8E;?N<:FEK@EL<KFK8B<JKF8CJ
)LIJKI8K<>@:@E@K@8K@M?CFI@
CC=8:LCKP?8M<8EEL8C;LC8ICPI@EK8E;;KF?HL8C@KPJKL;IFNFLIFG=LC;8E@Q8K@FE8JN
1?@C<GI8GGIF8:?8:IFJJK?<FI>8E@Q8K@FE
1<:FEK@EL<;
KFLJ<K?<C<8IE@E>D8E8>GC8K=FIDK?8KN<@DGCKF8E;FE8E8EEL8C98J@JK?J8EEL8CCP=FI:FDGII8DK?8KGIFM@;:FLIJ8E;IN<;FLI=LCCP:GI8:K@:K?GIF:E@=@:8EKI<;L:K@FE@EFLI
DI<<@EK?<@I=@I8;L8K<=LCCK@D<=8:LCKPDI8;L8K<;<>I<FM=8:LCKP
?8M<<8IE<;8-(FI?@>?K?<E<:



2514>**3,&,*2*39&3)*1&9.438
1<D<8JLI<8>=LCCK@D<=8:LCKPFE8EFE>F@E>98J@J9PJFC@:@K@E>=<<;98:B@E:CL;@E>
9PLJ@E>8E8EEL8C:FDG8EPN@;<8>8K?I8DJ8E;GIF:E<;KF8>8@E=<<;98:B
FEBP8E;N<8I<@DGC8:K@FEGC8EJKF8;;I8@E@E>8>I<FF;
*&19-&3)&+*9>
1<8I<:FDD@KK<;KFK?<?<8CK?8E;NF=FLI@E@K@8K@MF@E>98J@J
1<?8M<@E:I<8J<;FLI=F:LJFE8E;?8M<
#E8;;@K@FE@EN<8;;<;8=@KEPDDK@D<=FIMFCLEK<?FLII8D8E;:FEK@EL<;
=F:LJ<;<==FIKJKF<;L:8K<FLI25&(9
1<?8M<8M8I@8>9P
FI>8E@Q@E>MFCLEK<=8:LCKP8E;EFE=8:LCKPJK8==N@K?<@>?K
?FLIJF=8;;@K@FE8CG8@;K@D<F===FIMFCLEK<8E;>@M@E>98:BKFFLI:FDDLE@K@9-@5;:.;A@;A>D1/A@5B1"225/1>?

-FLI8JF=K?<;8K<F=K?@JEEL8C,<
 *FJ@K@FE
E>J9

#EKP)==@:)==@:PGIFM@;?<DCF98C:FEK8:K:?<:<D?K&&8>CF98CGIFM@;@:NFIB=FI:<D8E8>?K\J8:HL@J@K@FE9P8@I;8G@K8C*8IKE?K
*I@FIKF?LJK
8IC@J8JK?<'8E8>@E>*8IKE
::IFLGKFJ@>E@=@:8EK>IFNK?
.A+<.9.3=:9>3"AF@E<;LJ@E):KF9J&K;
=IFD'8PLEK@C$LE<8E;?@<=
 @E8E:@8C)==@:?@<= @E8E:@8C)==@:LJK?@<=::FLEK@E>)==@:=IFD-8E?@J:8I<LJK8JK?<#EKP)==@:P
)==@:*#'I
%J9N8JK?<=FLE;@E>?@<=.<:?EFCF>P)==@:LJKLEK@C
$8EL8IP
"<:FEK@EL<;KFJLGGFIK/\JJKI8K<>@:@E@K@8K@M@:;M@JFIK?IFL>?$8EL8IP
*I@FIKF
/'I
%J9JLJK
"<8CJF?PIFC@CMP'8K?>AF@E<;LJ@EGI@C8J@I<:KFI&<>8C==8@IJ=FI*/-@E$8EL8IP9<:8D<0@:<
*I8C==8@IJ8E;J@E:<$8EL8IP?8JJ*/-'I
<:B)==@:-G8C;@E>&&*8E;"FCC8E;%E@>?K&&*
'I
<:B8E?@J:8I<F==@:
*#'J
ON?@:?
;:8I<IK8C8CIFCP8EPGIFM@;?@<='8IB)==@:?@I<;=FIK?<IFC<=LCCK@D<@E
<:*#'J
!8==E)==@:@K8C8E;#EK<>I8K<;'8IB8KK?<J8D<:FDG8EP=IFDLEK@C
*I@FI
KFK?@J'J
!8==E@K8CFDDLJK8J*I*/-'I
 ??FLKK?<I<>@FE
8J*ILJKO<:LK@M<0@:<*I@:CC@8E:@:CC@8E:8E;)GEIFCCDEIFCCD,/'I
IEFC;J)==@:P=FIDEFJK@:#D8>@E>=IFDKF8E;??@<=P)==@:@FE8C0@:<
*IP8E;LJ@E;<1>@E
1<8E;FLI@EJK@KLK@FEJFNE8E;?KJ8JJF:@8K<;N@K?G8K?KJKI8;@JK:FLIJ<FI:LII@:LCLDII8EKJG?KFNE=8:LCKPI8EKGL9C@:8K@FEJN?8><;@E8E8>I<?KJKFKI8;I@>?KJ@EYD<F=(LIJ@E>Z8E;@EJK<8;F=Y(LIJ@E>Z8EPFK?
D<;@:@E<FI?<8CK?:8I<@E:FEE<:K@FEN@K?K?<9LJ@E<==FIKJ@E:CL;@E>?FNGIFJG<:K@M<JKL;?KJKF@EKKFK?<@I9I8E;E8DFIFLJCP;<=8@EJK@E=I@E>?KJ@E:CL;@E>KI8;?KJ
&1-?;:-85@E-:0$A->@1>8E8A/@A-@5;:?
1<I?I8;L8K@FEJJKL;GIF>I8DJ8E;FK?9-@5;:.;A@(?
*#N8J@E:FIGFI8K<;@E@E@8:FIGFI8K@FE@E:FIGFI8K<;@E
)LI
N<9J@K<@JNNN
8G<@
:FD
1<D8B<8M8@C89C<=I<<F=:?8I><K?IFL>?FLIN<9J@K<FLIEEL8C,<:K8JJFFE8JI<8JFE89CPGI8:K@:89C<8=K?FLIN<9J@K<@JEFK@E:FIGFI8K<;9PI<=LC8K<;9P@8::I<;@K@E>8>LC8KFIP9F;@FM?
*/-,/8E;"(8I<8GGIFM<;KFG8IK@:@G8K<@EKL@K@FE8JJ@JK8E:<FI.GIF>I8DJ8;D@E@JKI8DJ8;D@E@JK?K9PK?FJ<
8>LC8K@FEJJK8E;8I;J8E;GFC@:@FLI
<;L:8K@FE8CGIF>I8DJ=8:@C@K@I<:IL@K@E>8E;
=@E8E:@8CFGLC8K<;@EJFD<:8JK?<FEJLDLC8KFIPLC8K@FEJJK8E;8I;J8E;GFC@:@I8DJ
8E;:FJKF=;F@E>9LJ@ELC8KFIP<;8E;D8P:?8E><@EK?<=LKLI<
8J8II@JC8K@M<
8:K@M@KP8KK?<JK8K<C8I;@E>K?<I<>LC8KFIP8E;C<>@JC8K@M<105@-@5;:
389.9:9.43&1((7*).9&9.43
::I<;@K8K@FE@J8MFCLEK8IPEFE>FM?N?@:?8E@EJK@KLK@FEJL9D@KJKFII8DJ98J<;FEK?<JK8E;8I;JF=K?<8::I<;@K@E>8>I8D

::I<;@K@E>8>E@Q<K?FJ<
@EJK@KLK@FEJFIGIF>I8DJK?8KD<I8DJ

::I<;@K<;@EJK@KLK@FEJ8E;GIF>I8DJ8I<JL9A<:KKFGI8D@EK<>I@KPKF<
:FEK@EL<;?@>?GI8DK?8K;F8>E@Q<;9P@JE<:I8DJ8E;.
.F9<I<:F>E@Q<;9P8::I<;@K@E>8>E@K@FE8J8E8::I<;@K@E>8>E@K@FE=IFD8EFK?E@Q<;8::I<;@K@E>8>@9@C@KPKFG8IK@:@G8K<@E.@KC<#0
GIF>I8DJ8E;.
.?<CFJJF=89@C@KPF=FE<F=FLI@EJK@KLK@FEJKFG8IK@:@G8K<@E<@K?I8DJFI.:FLC;?8M<8
D8KE8K@FE
CC@EJK@KLK@FEJFEK?<-K8E;8I;
*8K?N8PDLJKLE;F8D@;:P:C<:FDGIFK?J"&:FE;L:K@E>8
D@;:P:C<8JJLI8E:<IE8K@FE
,/\JI<8==@ID8K@FEF=8::I<;@K8K@FE?8;
9<<F=FEKIFCJK8KLJ8E;KPG@:8CCPN@CCEFK9<IFIFLK@E<I8EK<;"(:FEK@EL<;8::I<;@K8K@FE
K?IFL>? <9IL8IP=FI8CCGIF>I8DJ8K@KJ:8DGLJ8E:8DGLJ@EKF@KJ>I8EKF=8::I<;@K8K@FE
/GFE:FDGC?"-
"-8EEL8CCPII8E;
:I<;I8D8GC8:I8D8E;8
G8JJ I8K< FE D8E;8KFIP C@: 8E; :I<; FIC@:I8DK?8K@JEFK
D<"-\FLK:FD:FDGC@8E:<@=8GIF>I8D;FF;:8LJ<
#EK?<IP<8IJI8DJ
8K:I8DJ8K:JK8KLJ8E;IP<8II8DJ8E;K?<BIFE)?@F(
GIF>I8DNI8DJFEFLK:FDJK8KLJ8E;II8DJ;K?<@II?K?<=@IJKK?I<<HL8IKP<8I9P'8P
.?I8DJDGK?<"-FDD@JJ@FEMFK<;KF
IIP<8II8DJ8E;K?<8PKFE)?@F'GIF>I8DNI8DJ8E;K?<
8PKFE)?@F'GIF>I8DFEFLK:FDJK8KLJ=FIK?FJ<GIF>I8DJ8E;@JI"(KFJL9D@KII8DJ;K?<@II?K?<=@IJKK?I<<HL8IK
P<8I@E'8P

 FIDFI<@E=FID8K@FEFEK?<I@JBJ8JJF:@8K<;N@K?K?LC8K@FEF=)LI#E;LJKIPZN@K?K?<:8GK@FE9<>@EE@E>Y=8@CLI<F="(KFJ8K@J=P"-8::I<;@K8K@FE
JK8E;8I;J


Z
#EJK@KLK@FE8C8::I<;@K8K@FE@J8E@DGFIK8EK8KKI@9LK<F=FLI@EJK@KLK@FEJ
FCC<>KI8EJ=I8;L8K<J:?FFCJ
'8EP@EJK@KLK@FEJN@CCFECP8::I8DJCFFBKF
8::I<;@K8K@FE=FIHL8C@KP8JJLI8E:<8E;8:8E;@;8K<\J
:I<;@9@C@KPKFG8IK@:@G8K<@E.@KC<#0
GIF>I8DJ8E;.
-*1&33*)
42'.3&9.434+&3)

)E$8EL8IPN<8EEFLE:<;K?<GC8EE<;:FD9@E8K@FEF=*/-,/8E;"(FIK?<FD9@E8K@FEN?@:?
N@CCIGIF>I8DJ
,/\J?<8CK?:8I<GIF>I8DJ"(\J:8DGLJ98J<;ELIJ@E>8E;?<8CK?:8I<GIF>I8DJ8E;,/\JEFE?<8CK?:8I<GIF>I8DJ
.?<
FD9@E8K@FE:FEJK@KLK<F=FEKIFC-KIL:KLI<FI)I>8E@Q8K@FEGLIJL8EKKF"&GFC@:P8E;8::FI;@E>CPN<NK?<FD9@E8K@FE
#E<:<F=FEKIFC-KIL:KLI<FI)I>8E@Q8K@FEKF"&
 FI"&GLIGFJ
@EJK@KLK@FE8E;K?<8GGC@:8K@FEJFL>?K8GGIFM8C=FIK?<FD9@E8K@FE8E;K?<I8DJ8E;CF:8K@FEJ
"&:FE;L:K<;8J@K<M@J@K@E'8I:?I"&8GGIFM<;K?<FD9@E8K@FE8E;:FEK@EL8K@FEF=8::I<;@K8K@FELGFE@DGC8C=FCCFN@E>K?<D<@EFNE@EJK@KLK@FEKFJ<I8DJ8E;CF:8K@FEJ
J8I<"&I<F=FEKIFC-KIL:KLI<FI)I>8E@Q8K@FEKF"&@E-JL9JK8EK@8CCPK?<J8D<@E=FID8K@FEK?8K
?8;9<K?<KNFJK8CD8C8C=FCCFN@E>K?<D;@I<:KCPFNE<;9PK?<J8D<C<>8C@EE@E>F=K?<K?@I;HL8IKI<F=FEKIFC-KIL:KLI<FI)I>8E@Q8K@FE*IF:<;LI<
#EFI;I8DJ8E;CF:8K@FEJ8E;K?8K*/-@J8GGIFM<;KFFGCP@E8;;@K@FEKFK?<"&8GGIFM8CGIF:JK8K<9F8I;JF=ELIJ@E>@EFI;I8DD8K@:8::I<;@K8K@FEFIGIF=E@K@FE=FI:I8DJ8J;FK?I8DD8K@:8::I<;@KFIJD8PLK@C@Q<9I8DJK?I8DD8K@:8::I<;@K@E>8>8E@Q8K@FEJ=FIK?<II8DJK?I8DD8K@:8::I<;@K8K@FEFIGIF=E@K@FE=FIK?FJ<GIF>I8DJN?@:?:FLC;IK?<GIF>I8DJ@E:I8DD8K@:
8::I<;@K8K@FE@JI8E;F9K8@E@E>C@:5F-@5;:	5/1:?A>1
)LI@EJK@KLK@FEJ8I<JL9A<:KKFI<>LC8K@FE9PK?<JK8K?KM8I@LC8K@FEJ:?8E><=II<:IL@K@E>=@E8E:@8CFGLC8K@FEJIF=JLILC8K@FEJD8P8==<:KFLI@EJK@KLK@FEJ\89@C@KPKFF==I8DJFGI<I8D
=LE;J8E;.=LE;J8KC<8JK=FIJKL;LC8K<8E@EJK@KLK@FE@=@KJ<;L:8K@FE8CGIF>I8DJ8I<F==8I;CIFNK?F=FEC@E<<;L:8K@FE?8JC<;8E;D8P
=LIK?LC8K@FEJ8E;EC8NJ8E;I<>LC8K@FEJ
(LC8K@FEJFI
@EKN@K?I9LJ@E8K@MLC8KFIPF9C@>8K@FEJ8E;K?<8JJF:@8K<;:FJKJ8E;J@>E@=@:8E:<8I<EFKBEFNE8K
K?@JK@D<
 LIK?E@=@:8EK8DFLEKF=K@D<KFD<LC8KFIPII8D@E@K@8K@M<FIN<D8PEFK9<89C<KF;FJF8K8CC
.?<-K8K<LK?FI@Q8K@FE,<:@GIF:@KP>I<I<DF=GFJKJ<:FE;8IP;@JK8E:<
<;L:8K@FE8E;@J@EK<II<GIFGFJ8CJ=FI:?8E>FK?JGL9C@:;@J:CFJLI<F=GIFM@J@FE8CJK8KLJ8E;DF;@=@:8K@FEJKFK?<GIF:=@E8E:@8C
ILC8K@FEJF=FIM8I@FLJJK8KC@:@@E;@M@;L8CDI8;L8K<@@N?I8DNI8;L8K<J<I8DD<I8D
*)*7&1*6:.7*2*398+479&9*:9-47.?&9.43.(*38:7*
@42*A9&9*:9-47.?&9.43
I<>LC8K@FEJJG<:@=P?FN8E@EJK@KLK@FED8P;I8DJ9PK?<JK8K<JN?K?<JK8K<N?@9C<KFG8IK@:@G8K<@E.@KC<#0GIF>I8DJ

#=FE<F=FLI@EJK@KLK@FEJNI8DJ@E:FEE<:K@FEN@K??FD<JK8K<8LK?FI@Q8K@FE
II8EK:I<;LC8K@FEJI?;@JK8E:<<;L:8K@FEKFJKL;8CCPF==GFJKJ<:FE;8IP;@JK8E:<<;L:8K@FE@EK?8KJK8K<FIDLJK9<
:FMI<LC8K@FEJ8CJFEFNJG<:@=PK?<IP
=FI;K?<JK8K<@EN?@:?8JKL;JK8K<8LK?FI@Q8K@FEII8DJC<8;@E>KFGIF=8I;CI8DDF;8C@KP

9&9*:9-47.?&9.43&3)74+*88.43&1.(*38:7*
I<>LC8K@FEJII8DJC<8;@E>KFI8DJKF
D8@EK8@E@9@C@KPKFG8IK@:@G8K<@E.@KC<#0GIF>I8DJ
#E<8:?JK8K<@EN?@:?K?<@EJK@KLK@FE@JCF:8K<;@EN?@:?JKL;I8DDLJK@D<8J8:FE;@K@FEF=I8DGI@E@88E;@J8LK?FI@Q<;KFF==I8DJ9PK?<1@E@8"@>?@KJ
8LK?FI@Q8K@FE=IFD10"*@KJ8::I<;@K8K@FE9P"&@KJ@9@C@KPKFG8IK@:@G8K<@E.@KC<#0GIF>I8DJ8E;.FI@KJ89@C@KP
KFF==I8DJ8EPF=N?@:?:FLC;=FI:<*/-KF:<8J<FG
-FLI:LC8K@FEJ,LC8K@FEF=.@KC<#0 @E8E:@8C@;*IF>I8DJW
 @E8E:@8C,@EK?<QFE<
#E<:K?<DFJKI<:I8DJ9PK?<'@EE?I8DJ9PK?<I?@EK?<QFE<
#E'8P,/GIFM@;<;*#\JE8E


'@EEI8DFI1*K?8K,/@EKI8;L8K@FE;8K;8K<
,/:CFJ<;K?<!I<I8DJ9PK?<)?@F-K8K<F8I;F=8I<8E8E;@J8CJF
8LK?FI@Q<;KFF==I8DJ9PK?<II8DJ@E8C@=FIE@8

 FI;<;L:8K@FEGIF>I8DJF==
.FD8@EK8@EI<>LC8KFIP8GGIFM8C=IFDK?<JK8K<9F8I;F=ELIJ@E>FII8DDLJKD8@EK8@E8:I8D;FI8DD8P=8:<M8I@FLJ:FEJ;

ELD9I8DJ8K:@KJ'FFI?<8;'@EEI8DJ8JNI8D?8M<EFKDN@K?FLKC@D@K8K@FEK?<
8:8;8GJ:?8E>K?<LJ<F=M@IKL8C
:FLIJ=8@CLI@EJN@K?K?<:8GK@FEY 8@CLI<KF@DGIFM<:I8DJ\
(&2G8JJI8K@JC8K@FE<==<:K@M<$8EL8IPK?8K:?8E><;K?<#CC@EF@J(&2G8JJI8K<I<K?8K@E:CL;GIF>I8DJ@E:CL;@E>=FI,/\J#CC@EF@J(GIF>I8D=IFDGIF98K@FE8IPJK8KLJLEK@C-I8D@J:LIILC8K@FEFI
# *,?8JGL9C@:CPII8D?8JEFKD8I;@E>,/\J#CC@EF@J(GIF>I8D8=K@JC8KLI<G8JJ<;C<>@JC8K@FE@E'8PK?8KNFLC;?8M<JL9A<:K<;,/ELIJ@E>GIF>I8DJKFJ@>E@=@:8EK
8;;@K@FE8CI<>LC8KFIPJ:ILK@EP9PK?< CFI@;8F8I;F=(LIJ@E>FI (8E;K?< CFI@;8@JC8K@FE
N8JMFM8E;IHL8C@=@<;
ELIJ@E>GIF>I8D;@I<:KFIJ8E;@E:I<8J<;@JC8K@FENFLC;?8M<
8CCFN<; (KF@DGFJ<;@J:@GC@E8IPII8D8>8@EJKN?@:?8E8;MLC8KFIPALI@J;@:K@FE@EK?</E@K<;-K8K@JC8K@FEG8JJ<;K?< CFI@;8"FLJ<F=,@KJN8PK?IFL>? CFI@;8-I8DFEGIF98K@FE;L<KFKNF:FEJ<:LK@M<P<8IJ
F=@KJ(&2G8JJI8KK?<JK8K<JK8E;8I;
#E <9IL8IP (EFK@=@<;,/K?8KK?<GIF>I8DNFLC;9<8CCFN<;
KF:FEK@EL<FEGIF98K@FE=FIFE<8;;@K@FE8CP<8I
,/8:?@
K@KJ'8PD<K?< CFI@;8FDD@JJ@FE=FI#E;<;L<KF=@E8E:@8CJK89@C@KP:FE:I8DJ9<@E>
GC8:<;FEGIF98K@FE9P (
 #JL9JI8DJKF #@E$LCP
,/\J8EEL8CII8EK<;8GIFM@J@FE8CC@:K?<(GIF>I8DJ\I:8G@K8C #DFM<;,/=IFD8GIFM@J@FE8CC@:<?8E><
@E)NE8II8D?8J9<K?<=@IJK
K@D<G8JJI8K<JK8E;8I;
.?<)?@FF8I;F=(LIJ@E>FI)(N@CC:FEJ@;8GIF>I8DKF=LCC8GGIFM8CJK8KLJN?I8DD<=@ELC8K@FEJ
@EK<;:@I:LDJK8E:I8DJ:FLC;@E:I<8J<FLI:FJKF=;F@E>
9LJ@EI8DJ@EG8IK@:LC8IJK8K8I;@E>K?<
:LII/1?-:0%18-@10%13A8-@5;:?	%1=A5>191:@?
)LIJKL;?8:FD9@E8K@FEF=.@KC<#0GIF>I8DJ.<;L:8K@FE9I8DJ@E;@M@;L8CII8EKJ8E;@EK?<:8J<F=
"(I8DJ@E:CL;@E>K?FJ<8;D@E@JKLC8K@FEF=FLIFG?LC8K@FEJJL9A<:KLJKFJ@>E@=@:8EK
J:ILK@EP@EK?<=FIDF=ELDI8DJ
.?<
=<;FM?K?<.@KC<#0GIF>I8DJ@EK?<=FIDF=>I8EKJ8E;CF8EJ
KF@9C<JKL;@9C<<;L:8K@FE8CGIF>I8D8K8EP@EJK@KLK@FEK?8K?8J9<I8DJFECP@=8DFE>FK?J@KI8DG8IK@:@G8K@FE8>I<I8DJLGFE:FDGC@8E:<N@K?
I<>LC8K@FEJ8E;8EP8;;@K@FE8C:FE;@K@FEJJG<:@=@<;@EK?<**
I<>LC8K@FEJDF;@=P8E;LC8K@FEJ@EJK@KLK@FEJ8I<I>
@EJK8E:
#=;?9FIIFNC<>8C8E;8;D@E@JKI8K@M<8:K@FEJ@KN@CCI>
8::I<;@K@E>8>FM?8EEL8C;IFGFLKI8K9FIIFN>>I8DJLE;I8DJJL:?8JII8DJFI8:HL@J@K@FEJ
.,-*7):(&9.43(9
.?<"DLJK9<GII8DDLJK9<=LE;<;K?IFL>?
8GGIFGI@8K@FEJ8:KJFE8E8EEL8C98J@J
.?<DFJKI<:II8DJK?IFL>?K?<=<;I@JC8K@FEKFI<8LK?FI@Q<K?<"@E:CL;@E>
GIFGFJ8CJ=IFD,<==FI;89@C@KP:K
II@JC8K@FE8>8@E@EK?<=LKLI<
1<:8EEFKGI<;@:KN?@JC8K@FEN@CC9<8K@MFLII5*84+.91* .3&3(.&1.)74,7&28
.@KC<#0GIF>I8D8@;@JGI@D8I@CP8N8I;<;KFJKL;8E@EJK@KLK@FE8E;K?<8DFLEK8JKL;I8EKJ8E;
CF8EJKF=LE;K?<@I<;L:8K@FELE;I8DJF=N?@:?K?<KNFC8I>@9C<=FIFK?I8EKGIF>I8DJJL:?8JK?< <;I8DJ8I<JL9A<:KKFFE>I@JC8K@FEK?8KD8P8==<:K=LE;@E>C@9@C@KP8E;FK?I8D:FLC;9<JL9A<:KKF:LKJFI:?8E>@9@C@KP;@E8K@FE8E;GIF:F==<;<8LK@=LC@CC:KFIK?<)N8JJ@>E<;@EKFC8N
DFE>FK?JK?<)8DI8DJ
;;@K@FE8C@E=FID8K@FEI<>8I;@E>JL:?:?8E>LC8KFIP-K8E;8I;J8E;K?<==<:KF=,<>LC8KFIP0@FC8K@FEJW)K?@JC8K@M<8E;,<>LC8KFIP
:K@M@KPW.?<)E<@><8LK@=LC@CC:KZ
*,:1&9.434+.91* .3&3(.&1.)74,7&28
.F9<@9C<8E;:I8DJ8E@EJK@KLK@FEDLJK9<8::I<;@K<;9P8E8::I<;@K@E>9F;P
I<:F>E@Q<;9PDLJK9<8LK?FI@Q<;KFFGLC8KFIP8LK?FI@KP@E<8:?JK8K<N?LC8K@FEJ
@JJL<;K?LC8K@FEJ8E;:?8E>C8NJ8E;I<>LC8K@FEJ
::I<;@K@E>
8>@EJK@KLK@FE8C:FDGC@8E:<N@K?:I8DII8DIKF@EJK@KLK@FE8CG8IK@:@G8K@FE@E.@KC<#08E;K?<GIF:F=.@KC<#08@;K?8K
:FLC;8;M
6313,363>C+8./<>303-+>398"<9-/.?I8DJ
,<:
N?F<@EFNE@E8:?8E><F=:FEKIFC
E@EJK@KLK@FED8P:FD<LE;8E8;;@K@FE8CCF:8K@FE8;;@E>8EI8DFI@E:LC8K@FEJ<==<:K@M<$LCP@DGCN?I8DJ
DFE>FK?8:K@M@K@8E;FK?I8D@J;E<;
KFD<8><I8KI8DD8P:FEJ@;<I8KF<@EFNE
@E8:?8E><F=:FEKIFC
LI@E>8GI8D8:HL@I<8EFK?E@=@:8EK:?8E><
#=;I8DJN@K?=I8DJ@E'8I:?
#E$LCPEFK@=@<;*/-
K?8K@K?8;8GGIFM<;*/-\J:FEK@EL<;G8IK@:@G8K@FE@EK?<.@KC<#0GIF>I8DJLE;I8D*8IK@:@G8K@FE
>I<I8EK<;8GGIFM8CFE8GIFM@J@FE8C98J@J
9<:8LJ<*/-N8JJL9A<:KKF8EFGI8DII8>FME<;K?<***GLIJL8EKKFI<>LC8K@FEJK?8KIEK?<***8E;8JJLD<AF@EK8E;J
@EJK@KLK@FE\J.@KC<#0C@89@C@K@I8DJEFC8K<@EFNEIFNK?IC@D@K8K@FEJFEEI8DJ8E;CF:8K@FEJ8E;8:8GFE
I8DJ
;;@K@FE8CCPI8
I<@EFNE8GGIFM8CKFG8IK@:@G8K<@EK?<.@KC<#0GIF>I8DJLE;I8D*8IK@:@G8K@FE>I<.@KC<#0
=LE;JN?@C<I<@EFNE<@EFNELJKEFK@=@<;,/K?8K@K?8;8GGIFM<;,/\J:FEK@EL<;
G8IK@:@G8K@FE@EK?<.@KC<#0GIF>I8DJLE;I
8>FMI8DJK?8KII8DJ
.?<***8CJFJG<:@=@I8DJK?8K8I<EFKI:LIII8DJ8E;FK?I8DJN?:LIII8DJ8E;FK?IFNK?C@D@K8K@FEJLE;LJK***EFCFE><@EFNEIFNK?I<@EFNEI8DJ
JL9JI8DJ<==<:K@M<L>LJK8E;N?@:?I8DJN@CC
9<LC8KFIPEM@IFED<+>3@/+:+,363>CI<>LC8K@FEJJG<:@=PI8DJ
.?FK?J
@EJK@KLK@FE8CJK8==@E>FG8E;J8=<>L8I;@E>.@KC<#0GIF>I8D=LE;JK@DKF\J)==@:<F=#EJG<:KFI!8><;@E=I8L;FI@CC<>8C:FE;L:K@E:FEE<:K@FEN@K?.@KC<#0
GIF>I8D8;D@E@JKI8K@FE8E;M8I@FLJFK?FI:8I<8K@M<8:K@FE9P8JK8K<FI=<;?J:?FFC;@GCFD8JFI;FI8G?@:8CCP8::I8D=LE;JKI8EJ=I8D=LE;JKF?<@>?KJK8KLJFIKFK?<YI<@D9LIJKF@DGFJ<8=@E<FIKF
C@D@KJLJGI8DJ
38+8-3+6#/=:98=3,363>C.?<"8E;I<>LC8K@FEJI8DJ
.?I8DJ@EN?@:?@K
G8IK@:@G8K8K@FEJ@E:CL;@E>D8B@E>I
8:FDGCI8DJ8J8
=@E8E:@8CCPI?K?<YQFE<8CKLC8K@FEJ
/E;?K
FII<@D9LIJ@E8;=FI.@KC<#08@;@@D8P9<I
<8ICPJL9D@JJ@FEF==@E8E:@8CJK8K8I;@E>:FDGC@8E:<
N@K?QFE<8CK8I;@E>:?K8E;=@E8E:@8C
K?8K@KI<:<@M<;;LI@E>@KJDFJKI<:@9C<
@EJK@KLK@FE
KK?<IK?<=@E8E:@8CIK?<
:FDGFJ@K<J:FI<:8C:LC8K@FEN<JLGGCP:FEJFC@;8K<;=@E8E:@8CJK8KI8D=LE;@E>FIIKF@KJ:8C:LC8K@FEJN<?8;8=@J:8CP<8I8K@FEJ@E:CL;@E>K?<?<@>?K
G8PD@9@C@KP=FI-,@J
;I8DJFI
;@J:FEK@EL<K?<8==<:K<;@EJK@KLK@FE\JF==JKFJKL;LC8KFIJFI8::I<;@KFIJ:FLC;:FEJ@;8K@M@EK?<QFE<
#E<:8GGIFM<;9P
#E-LC8K@FEJK?8KKFFB<==<:K
$LCPFIK?<FIIFNLC8K@FEJ
.?<FIIFNLC8K@FEJ8DFE>FK?>>8K@FEJ@=8E@EJK@KLK@FE>>>>>>>DFI<K?8E
F=@KJI98J@JI8DJ=FI8EP=@J:8CP<8I
#=8E@EJK@KLK@FE=8@CJKFJ8K@J=PK?<,LC<=FI8EP=@J:8CP<8IK?<@EJK@KLK@FE@JGC8:<;FE
GIFM@J@FE8CJK8KLJ=FIKNF=@J:8CP<8IJ
E@EJK@KLK@FEK?8K=8@CJKFJ8K@J=PK?<ILC<=FIKNF:FEJ<:LK@M<=@J:8CP<8IJ9<:FD@9C<KFG8IK@:@G8K<@E.@KC<#0GIF>I8DJ=FI8KC<8JKKNF=@J:8CP<8IJ8E;@JI@9@C@KP8E;:.@KC<#0GIF>I8D
G8IK@:@G8K@FE
-L:?@EJK@KLK@FENFLC;8CJFCFJ<K?<89@C@KPKFG8IK@:@G8K<@E.9<:8LJ<FII8DJ@EFI;@9@C@KPF=8EPFE<FIDFI<F=FLI@EJK@KLK@FEJKFG8IK@:@G8K<@E.@KC<#0
GIF>I8DJ8E;.NFLC;?8M<8D8KLC8K@FEJK?8K8;;I@EE@E>FEFI8=KK?<=<;I8EK=LE;J
GIFM@;<;9PFI8;D@E@JK@9@C@KPKFG8IK@:@G8K<@E=<;I8DJZ=FIDFI<@E=FID8K@FE

.?<=@E8CI<>LC8K@FEJ8CJF@E:CL;<FK?@EJK@KLK@FEJDLJKILE;?KD8II8E>I8DJ
@EK?<@I:8C:LC8K@FE8E;@EJK@KLK@FEJDLJKEFK@=P8E;JKL;I8DJF==?;@JK8E:<<;L:8K@FE@=JL:?GIF>I8DJJ8K@J=P:I8DJ@EK?<YZJ@;<F=K?<I8K@F

/J@E>K?<8GGC@:89C<=FIDLC8K?<=FCCFN@E>K89C<:FEK8@EJK?<G<F=:8J?98J@JII8D=LE;J






#(&



%(



!



8-/8>3@/"+C7/8>#?6/E@EJK@KLK@FEG8IK@:@G8K@E>@E.@KC<#0GIF>I8DJD8PEFKGIFM@;<8EP:FDD@JJ@FE9FELJFI
FK?8><;@E8EPJKL;
8:K@M@KP98J<;;@I<:KCPFI@E;@I<:KCPFEJL::K?<:FJK
KFF=8CC.@KC<#0=LE;J@DGIFGK?<:FJKKFF=8CCF=K?<.@KC<#0=LE;JI<:<@M<;
9PK?<@EJK@KLK@FEFM?@DGC@9@C@KPKFG8IK@:@G8K<@EK?<.@KC<#0GIF>I8DJ@=K?<
@EJK@KLK@FEM@FC8KE<;FLIL@K@?KGLIJL8EKKFK?< <;@E>K?8K8E@EJK@KLK@FE\J:FDG8K@FE:FLC;9<:FJKCP8E;:FLC;;@M8I;C/0+?6>#+>/.FI@9C<KFG8IK@:@G8K<@E.@KC<#0GIF>I8DJ8E<;L:8K@FE8C@EJK@KLK@FE\JJKL;C<P<8IFI@9@C@KPKFG8IK@:@G8K<@E.@KC<
#0GIF>I8DJ
#=8E@EJK@KLK@FE\J:F?FIK;<=8LCKI8K<@JI<8KK?<:F?FIK;<=8LCKI8K<
#E-8QLC8KFIPII8DJKL;K?@JG@EE@E>):KF9=IFD):KF9N?@:?9FIIFN??./8>9+8/0+?6>=!FM?IK@DFMK?K?<=I<CP@EK@EE@E>):KF9=IFD):KF9N?@:?
9FIIFN@9@C@KPKFG8IK@:@G8K<@E.@KC<#0GIF>I8DJ@=K?<@I
JKL;?8E;FLI=LKLI<>IFNK?:FLC;9<@DG8@I<;8J8I#/1?6+>398=
==<:K@M<$LCP>8@E=LCLC8K@FEJ@9@C@KPF=!GIF>I8DJ98J<;@EG8IKFEJ8K@J=8:K@FEF=JG<:@=@<;
GLC8K@FEJK?<;<9KKF<8IE@E>JI8KJI8K<8E;K?<8EEL8C;<9KKF<8IE@E>JI8K<8E;K?<<8IE@E>JGIKFK?I8D8E;JKL;;<8;C@E<KF-I8D8E;JKL;I8D
8E;JKL;E<;@EKFC8N
.?<)I8DCI8DKF:FEK@EL<KFI<:<@M<@I<:K
&F8EJIK?8K8ELE;I8;L8K<FI>I8;L8K<FIGIF=I8D9<@E@9C<=FI@I<:K&F8EJ@=@EKNFFLKF=K?I<<
:FEJ<:LK@M<P<8IJK?<D<;@8E<8IE@E>JF=8:F?FIKF=GIF>I8D:FDGCJF=NFIB@E>8;LCKJ


8><;N@K?FECP8?@>?J:?FFC;@GCFD8=FILE;I8;L8K<GIF>I8D:FDGCI<<=FI>I8;L8K<FI
GIF=I8D:FDGC<
#=8GIF>I8D=8@CJK?<<8IE@E>JKK?8KK?<GIF>I8D@J8KI@JBF=CFJ@E>@I<:K&F8E@9@C@KP

)E<:??FK@8K<;ILCGIF:LC8K@FEJK?8KNFLC;JI8K<JKL;IK?<<8IE@E>JGII8DJK?8KCFJ<.@KC<#0@9@C@KPLE;L8><8CJF
D8@EK8@EJK?<:LIILC8KFIPII8DC9LKEFKC@D@K<;
KFD<;@8ECF8E;<9K8E;D<;@8E<8IE@E>J
 LIK?L8><8E@EJK@KLK@FENFLC;CFJ<*I8EK@9@C@KP
=FI8GIF>I8D@=8KC<8JK?8C=F=K?<@EJK@KLK@FE\J.@KC<#0I<:@G@
GIF>I8DJ
)E$8EL8IPGL9C@J?<;GIFGFJ<;I<>LC8K@FEJKF@DGCL8><
.?<
GIFGFJ<;I<>LC8K@FEJNGIF:LC8K@FEJD8P;@==FK@8K<;ILC@E<:I8D
GJGII8DJ
.?I8DN@CCG8JJK?<<8IE@E>JGIGII8DJ\<8IE@E>J;8K8NI8DJ,/GIF>I8DJ8E;KNF"(GIF>I8DJK?8K8JJI8D=8@C<;K?<)<8IE@E>JGIC@JKI8K@FEJ=FIK?<K?I<<DFEK?JI8DJ8E;J@O,/GIF>I8DJ=8@C@E>K?<
!;<9KKF<8IE@E>JK
F=KFK8C*/-E@JKI8K@FEJ8E;
F=KFK8C,/JKL;LC8K@FEJN@CCIK?<GIFGFJ<;)
I<>LC8KFIP:?8E>FLC8K@FEJ9<>@EE@E>$LCP@EJK@KLK@FEJDLJK
@JJL<JKL;JKF:LIII8D:FLC;9<:FD<
@E@9C<98J<;FE@KJ=@E8C;<9KKF<8IE@E>JI8KJGI<I<:<@GKF=K?JFE\JGIF>I8D
@E=FID8K@FEN<9J@K<9<=FI<N<:8E;@J9LIJ<8EP.@KC<#0JKL;<;
9PK?<8EK@:@G8K<;GIFGFJ<;ILCKFK?<)
%23<."+<>C$/<@3-/<=I<>LC8K@FEJGI8DJ
)LI@EJK@KLK@FEJLK@C@Q<K?@I;G8IKP
JK?@I;G8IKPJ<;;@I<:KCP9PFLI@EJK@KLK@FEJ
.?@I;G8IKPJFK?8K@FEJ:FDGCPN@K?.@KC<#0IE@=@:8EKDF;@=@:8K@FEJKF:FEKI8:KJN@K?K?@I;G8IKPJ8><;9PFE<F=FLI@EJK@KLK@FEJ;FLC8K@FEJFLI@EJK@KLK@FED8P9<C@89C<=FI@KJ8:K@FEJ8E;FLI@EJK@KLK@FE:FLC;CFJ<@KJ@9@C@KPKF
G8IK@:@G8K<@E.@KC<#0GIF>I8DJ
%3>6/'#/>?<890?8.=1?I8D=LE;JKF
@E8K@DK?<=@IJKF=8EPGI8D=LE;J
K?8KK?<JKL;@9C<
#=K?<
JKL;I8D=LE;J
.?<@EJK@KLK@FE
DLJKII8DJ@E8JG<:@=@<;FI;I8D=LE;JFI
@@K?<@EJK@KLK@FE8C:?8I><F=LE<8IE<;.@KC<#0GIF>I8D
=LE;J
E@EJK@KLK@FEDLJKILC8K@FEJ@KD8P


K8B<8;M8@EJKK?<@EJK@KLK@FEFEK?<98J@JF=K?<IFID8P=@E;K?8KK?<@EJK@KLK@FE?8J=8@C<;KF
;+8>3+63=+>398/E;I<>LC8K@FEJD8PK8B<8:K@FE8>8@EJK8E
@EJK@KLK@FE@EK?<K?<E8KLI<F=@KJ<;L:8K@FE8CGIF>I8DJ@KJ
=@E8E:@8C:?8I>I8;L8KLC8K@FEJ8J;<=@E<;98><;@E
JL9JK8EK@8CD@JI8I;@E>K?<E8KLI<F=@KJ<;L:8K@FEGIF>I8D@KJ=@E8E:@8C:?8I>I8;L8KI8DG8IK@:@G8K@FE8>I<I8DJ@@;8>8@EJKK?<@EJK@KLK@FEKF=@E<K?<
@EJK@KLK@FEFIKFC@D@KJLJGI8DJ
%2/6/
)LI@EJK@KLK@FEJDLJK:FDGCPN@K?:IFK?JKFIK?<ELD9I8G?PZN?@:?:FDGI@JJ8E;GIFG=@E<;FI?8M@E>K?<@I@9@C@KPKFG8IK@:@G8K<@E.@KC<#0GIF>I8DJC@D@K<;JLJG8K@FEFI:FLC;?8IDFLI@EJK@KLK@FEJ\ILC8K@FEJN?@:?8:KJFIFD@JJ@FEJF=8E
@EJK@KLK@FEF=?@>?I8DFI8@I<:K&F8E

D8P@E@K@8K<8GIF:<<;@E>KF:FCC<:K=IFD8E@EJK@KLK@FEK?<8DFLEKF=I=IFD89FIIFNLC8K@FEJG@M<I@J<KF
8:8LJ<F=8:K@FE8>8@EJKK?<@EJK@KLK@FELE;LC8K@FEJK?8KJFK??IFLGF=9FIIFNLC8K@FEJ
.?<FIIFNLC8K@FEJNLC8K@FEJ:I<8K<;8ELC8K@FEJN?@:?8DFE>FK?JDF;@=PK?<JK8E;8I;=FI.,F=@I<:K&F8EJD8;<FEFI8=KLC8K@FEJ
:FEK@EL<KF8GGCPKF8CC@I<:K&F8EJD8;<FEFI8=KLC8K@FEJ
.?<FIIFNLC8K@FEJ8GGCPKF8CC@I<:K&F8EJD8;<FEFI8=KI8><;@E:I8EK<;FECPG8IK@8CCF8E
ILC8K@FEJ8E;K?<FIIFNLC8K@FEJ
D8P@E@K@8K<8JKF:FCC<:K=IFD8E@EJK@KLK@FEK?<8DFLEKF=II8EK<;98J<;FE8.,:C8@D
)E(FMLC8K@FEJN@K?8E<==<:K@M<;8K<F=$LCPKF8;;I<GI<;@JGLK<8I9@KI8K@FE8E;:C8JJ8:K@FEN8@MFK?LC8K@FEJ

.?<FIIFNLC8K@FEJ:I<8K<;8J@E>C<JK8E;8I;8E;JKI<8DC@E<;GIF:.,:C8@DJ8JF=$LCP@EJK<8;F=JK8E;8I;JM8IP@E>98J<;FEK?<;8K<F=K?<9FIIFN>ID<M:I<8K<8GIF:>IFLGJF=9FIIFN:C8@DJ98J<;FEK?<:FDDFE=8:KJF=K?FJ<>IFLG:C8@DJ8E;M@GIFM@;<8:C<8IK@DIFLG8E;@E;@M@;L8C:C8@DJ
.?<FIIFNLC8K@FEJ@E;@:8K<K?8KN@CC?FC;@EJK@KLK@FEJ8::FLEK89C<=FIK?<
:FJKF=;@J:?8I>9P8I<:FLGD8
I<:FLGDLC8K@FEJLEK@C$LCP
::FI;@E>CP.,I<>LC8K@FEJK?8KN,/9@EK?<8>>I<>8K<8;@J:?8I><F=
8GGIFO@D8K"(9@EK?<
8>>I<>8K<8;@J:?8I><F=8GGIFO@D8K*/-9@EK?<8>>I<>8K<8;@J:?8I><F=8GGIFO@D8KLJK8E;(FM,/9@EK?<8>>I<>8K<8;@J:?8I><F=8GGIFO@D8K*/-9@EK?<8>>I<>8K<8;@J:?8I><F=8GGIFO@D8K,/9@EK?<8>>I<>8K<8
;@J:?8I><F=8GGIFO@D8K"(9@EK?<8>>I<>8K<8;@J:?8I><F=8GGIFO@D8KI8EK.,IE@=@:8EKC@89@C@KPK?8K:FLC;?8M<8E8;MLC8K@FEJDF;@=@<;\JI@9C<=FI8CF8E;@J:?8I><@=8E@EJK@KLK@FEFICF:8K@FE:CFJLC8K@FEJGI<LE;LC8K@FEJ<=FIJ:?FFCJ:CFJ@E>FEFI8=K<ILC8K@M<C@89@C@K@LC8K@FEJ
@E:CL;<:CFJ<;J:?FFCCF8E;@J:?8I><GIFM@J@FEJK?8KN@CCGIFM@;<=FI8LKFD8K@:;@J:?8I>?8E8GGIFM<;
K<8:?FLK8>I<@E8CJ:?FFC
.?<I<>LC8K@FEJN@CCJ?FIK<JF9FIIFN<GIFM@J@FEJF=K?<FIIFNLC8K@FEJLEK@C$LCP

::FI;@E>CPK?<:CFJ<;J:?FFCCF8E;@J:?8I><GIFM@J@FEJK?8KN/#/=96?>398
.?<FIIFNLC8K@FEJN?@:?8GGCPKF8CC@I<:K&F8EJD8;<FEFI8=KJKL;8><@E8E@EJK@KLK@FEJ\@EKI<J
8E;8N8I;J=FI:C8@DJK?8KD8P=FIDK?<98J@J=FI8.,
.?<FIIFNLC8K@FEJN?@:?8GGCPKF8CC@I<:K
&F8EJD8;<FEFI8=KI<8JKL;8.,
8GGC@:8K@FEN@K?
.?<FIIFNLC8K@FEJGIF?@9@K@EJK@KLK@FEJ=IFDI9FIIFNED8E;8KFIP
GI<;@JGLK<8I9@KI8K@FE8>I<F=8@I<:K&F8EFIK?<GIFM@J@FEF=
<;L:8K@FE8CJLC8K@FEJLEK@C$LCP
::FI;@E>CP;@JGLK<ILC8K@FEJK?8KN*,:1&9.43
"<3@+-C90$>?./8>"/<=98+6809<7+>398+8.#/-9<.=.?< 8D@CP;L:8K@FE8C,@>?KJ8E;*I@M8:P:KF=FI
 ,*8E;\JI<>LC8K@FEJ@DGC ,*IFK?JC@D@K@E>;@J:CFJLI<F=8JKL;@9@C@KPKFG8IK@:@G8K<@E


.@KC<#0GIF>I8DJ
#E8;;@K@FE<;L:8K@FE@EJK@KLK@FEJ8><;@E=@E8E:@8C8:K@M@K@I8EK@E>F=JKL;8K<;KFJ8=<>L8I;JKL;I<>LC8K@FEJ
N?@:?8DFE>FK?JI
8E;FM?K
#EJK@KLK@FEJ8I<8CJFJL9A<:KKFK?< .\J>JKL;LJ@E>
J?8I@E>FIIGKF
I<8JFE89CPGIFK<:KK?<J<:LI@KPGI@M8:P8E;:FE=@;J,LC<8IE<;KF@;8K<@;=FI:J@D@C8II<>LC8K@FEJ@DGFJ<
;@J:CFJLI<8E;EFK@:<F9C@>8K@FEJFE@EJK@KLK@FEJ8E;GIFM@;<89IF8;8II8PF=:FEJLD?KJIKF8C@=FIE@8I8DFE>FK??KKF8::?KKFFGKFLKF=J8C?KKF:FII<:KFI;?KKFC@D@K:E@=@:8EK:@M@CGKF:FDGCP8JN?KF=8:K@FE
8E;JK8KLKFIP;8D8>IKF@E;@M@;L8CJ@EK?<LIFG<8E/E@FEFI/FIK?</E@K<;
%@E>;FDFI/%D8P@DGC@:8K<K?</\JFIK?</%\J!LC8K@FEFI!*,
(FE:FDGC@8E:<N@K?K?<
/!*,FI/%!*,:FLC;I8E@Q8K@FE\J>CF98C8EEL8CI?C09<$>?./8>=A3>23=+,363>3/=
-<:K@FEF=K?<,8@EJK8G8E@Q8K@FEK?8KI<:<@M?KJFI),N?@:?K?<LJ<F=K<:?EFCF>P@E8:C8JJIFFDP@J@E8::P@E8EI8K<;D8EE8@EJKJ?GI@D8I@CPFEC@E<@EJK@KLK@FEJ8=KK?8KK?<@IN<9J@KD8E8>D8E8>LJK),
@;N@K?),FE8I*/-@EKF:FDGC@8E:<
KK?@JK@D<N<:8EEFKGI<;@:K
N?JFIN?@E:CL;@E>K?<89@C@KPKF
G8IK@:@G8K<@EK?<.@KC<#0GIF>I8DJ8E;.
-<<K?<,@JB 8:KFI:8GK@FE<;YE=FI:P:FEK@ELP;6/)
.@KC<#2F=K?<;L:8K@FEDI8DJK?8KI<:<@M<=LE;@E>=IFDK?<=<;FMLC8K@FEJ<==<:K@M<L>LJKFIK?<,LC<
;<=@E<N?8K:FEJK@KLK>8K@FEKFI<;J8K@FEJF=JLC8K@FEJK?8KJ@>E@=@:8EKCPI?@>?J:8JFEFI8=KLJK<==<:K@M<;8K<
.?<ELC8K@FEJ8CJF8@EJK;@J:I@D@E8K@FE98J<;FEJLC8K@FEJLG;8K<GIFK<:K@FEJ8>8@EJK;@J:I@D@E8K@FE9<:8LJ<F=GI<>E8E:PIE8E:P
'LCK@GC<JK8K<;K?<ELC8K@FEJ8E;=<;I8EK<;
GI@8#;8?F#E;@8E8#FN8%8EJ8J%@E@81@E@88E;1PFD@E>
#EJFD<@EJK8E:8I;CE<8ICPJL:?J:?FFCJ@E8$LCPC@JK

%8EJ8JM
/E@K<;-K8KLC8K@FEJ
FK?LJK
#E$8EL8IP8=<;I8EK<;JLDD8IPAL;>D8@EJK
:FE:CL;@E>K?8KK?<ELC8K@FEJNK?<ILC<E8K@FEN@;<
.L<&9FK?K?8K@KN@CC8K@FEJ@E@K@8K<;LE;LC8K@FEJJ?FLC;I<8K@FEJ=FI:FEJ@JK+8-/.?-+>398I<>LC8K@FEJGIFM@;<@EJK@KLK@FEJ8;;@K@FE8C=C;@JK8E:<<;L:8K@FE8E;
:FDGI8DJ
<=@E@K@FEJ@EK?LC8K@FEJJG<:@=PK?<@EJKIL:K@FE8CII8DJDLJK89@;<@EFI;@9C<=FI.@KC<#0;@J9LIJLC8K@FEJK?8K;<=@E<8Y;@JK8E:<
<;L:8K@FE:FLIJLC8K@FEJ9<:FD<<==<:K@M<$LCP
*5&792*394+*+*38*
*,:1&9.434+:.9.43
-@9C<KFI<:<@M<.=IFDK?<@I9I8E:?F=J?K?<F\J
.GIF>I8D
-I<
8>E@Q<;9P
*/-,/8E;"(G8IK@:@G8K<@E.GIF>I8DJ
:K@M<;LKPD@C@K8IPJKL;I8;L8K<GIF>I8DJ8E;D8JKI8;L8K<GIF>I8DJ8K*/-8E;,/I<:<@M<G8K8
KL@K@FEI8K<K?8K@J:FDDKF8CCFNKL@K@FE:?8I>?I8DJ8KK?FJ<CF:8K@FEJ
<:8LJ<N<;FEFK?8M<:FEKI8:KJN@K?K?<FKFGIFM@;<@EJKIL:K@FE8K
FM@EK?<@I=@IJKGFJKJ<:FE;8IP<;L:8K@FEGIF>I8D8=KI8DJLEK@C8=KI8DJ8KK?8KFMI8DJ9<=FI<8II@M@E>8K8EFMII8D9LKK?<;KFI8DJ8KK?<8GGC@:89C<FM>8KC<8JKJKL;K?8KFLKC@EFK?JK?<JG<:@=@:GLIGFJ<F=K?<M@J@K@EFI;8E;>I<>LC8IFII<:LII@E>F==@:<?FLIJFE
@EJK8CC8K@FEJJFC
.?@JC@D@KJ*/-\J89@C@KPKFJLGGFIKJKL;JKL;@E.@JIE8'FI')/FLKC@E@E>:I<GFK?<
(8M@>8KFIZN<9J@K<8E;K?<Y*8P@E>=FIFCC<>
9<=FI<GI@M8K<JKL;I8D@EK<>I@KPZILCILC8>E@Q<;9P8GGIFM<;=FI0=LE;@E>8E;8G8IK@:@G8EK@E
.@KC<#0GIF>I8DJ
#E <9IL8IPK?<F0FCLEK8IP;L:8K@FE#EJK@KLK@FE8CFDGC@8E:<*IF>I8DFI#*EFK@=@<;*/-
K?8K@KN@CC:FE;L:K8IJF=EFE:FDGC@8E:<
;;@K@FE8C@E=FID8K@FEI<>8I;@E>K?<GFKFM8K@M<GIF>I8DJ8;D@E@JKK?<
*FJK!#@CC.8E;FK?I8DJ
E@EJK@KLK@FE?8M@E>I<:LII@E>JL9JK8EK@M<
:FDGC8@EKJFI;8ELEN@CC@E>E<F=GII8DJ
J@E:<=@J:8CP<8I8E;?8M<9<?=@J:8CP<8I
J8IJI8DJ
 FII8;L8K@FE=IFD;M8E:<;#E;@M@;L8C.I8@E@E>@E
FI;@9C<=FI.8E;K?<IDP8E;K?<F8JK!L8I;?8M<9FK?I<;L:<;K?<KFK8CG@EE@E>FE):KF9E@=@:8EKGFIK@FEF=K?@J8CCF:8K@FED8P?8M<9<8K<;FI
JGII@E>FMK?<>FM8EFE):KF9I8DJ8KF
=LKLI<>FMDF;@=@:8K@FEF=.GIF>I8DJ@E:CL;@E>@E:FEE<:K@FEN@K?K?<=8@CLI<KF@E:I<8J<FI8
;K?<=<;:FLC;?8M<8D8K@JKI8K@FEJ?8M<9<I8DJ@E:CL;@E>:?8E>FMJ?FIK=8CCJ?8M<8CJF8==<:K<;F.GIF>I8DJ
 FI.=LE;J=FI@9C<J8@CFIJLEK@CK?<JK8IKF=K?<
>FM@9C<KFLJ<.8E;:8EEFKLJ<.@EK?<@IC8JKP<8IF=J<*IF>I8D=FI=CF8KFCC<><;L:8K@FE=LE;@E>@J:8GG<;8KJ@J:8GG<;8KJ@9C<J8@CFIJ:8EFECPLJ<.KF=LE;KNF:FLIJ@9C<=FI.
)E<:8E;K?<
I:?8E>K?<'FEK>FD8>@E@8=FI*/-
#EFI;I8DJ
 FIK?<8:8;@9C<M8GIF>I8DF=
<;L:8K@FEFE8DFI<K?8E?8C=K@D<98J@J8K8EFE:8DGLJCF:8K@FE8I<@9C<=FI8DFEK?CP?FLJ@E>8CCFN8E:<8M8@C89C<KFJI8;<8E;?8M<
;8GIF>I8DF=<;L:8K@FEJFC?;@JK8E:<<;L:8K@FEFE8DFI<K?8E?8C=K@D<98J@J8I<
@9C<KFI<:<@M<8DFEK?CP?FLJ@E>8CCFN8E:<<FI
G@9C<J?K?<Y.FG/GZGIF>I8D
.?<Y.FG/GZGIF>I8D8CCFNJ/
-

'@C@K8IP8:K@M<;LKPJ<:FLIJ<8E;K?<8DFLEKF=.K?8K@JG8@;9PK?<D@C@K8IP=FIK?<:FLIJ<9LK@JC@D@K<;KFDFEK?JF=
G8PDE0
II8D8EI8;L8K@FE>I8;L8K@FEI8KE<;KFGIFM@;<GI@9@C@KPF==<;@E>FI8II8E>@E>GI@M8K<
JKL;GIF>I8DJ@@@8MF@;=I8L;LC>IFI8LKFD8K@:I8I;@E>>I8;L8K@FEI8>I8DJM@@@D8@EK8@E8GFC@:PKF8::FDDF;8K<J
.?<,8K@E>)GK@FEJ8E;.<:?E@:8COKFK?J:C8I@=@<;K?8KK?<
#J8BJFE,F<:K-<:K@FEGIF?@9@K@FEFE@E:EJKL;FLKJ@;<K?<
/E@K<;-K8K@9C<=FI=<;@E"@>?I8DJ=FLE;@E,*8E;K?<#J8BJFE,F<:K
.?<.",#0:KI?;8JJ@JK8E:<I8DJGLIJL<;JFC?;@JK8E:<C<8IE@E>FE8?8C=K@D<98J@JFICJK@GGIF>I8D8E;IGIF>I8DJ
.?<C<>@JC8K@FE8CJFII<JK?<LJ<F=09@E8GIF>I8D@EN?@:?DFI<K?8EF=JKL;I8D
?8M<8EPGFIK@FEF=K?<@IKL@K@FE=<FK?JK?<C8N:C8I@=@8JJF:@8K<;N@K?K?<,I8DJ=FIN?@:?=@E=FID8K@FEKFK?<0FE89@2*398
#E8;;@K@FEKFK?<.@KC<#0F8E;0GIF>I8DJ;@9C<JKL;I8DJFII<:<@M<JLGGFIK=IFDFK?FMI<?
N?@:?FLI@EJK@KLK@FEJ8>I<<KF8M8I@KI8EKJKF@9C<
F=<;L:8K@FE8CI8DJ=IFD8ELD9I8DJK?<@EJK@KLK@FE
DLJK8;FGK8:F;<F=:FE;L:KGKFJKL;8CKE<;KF8JJ@JKJKL;KL@K@FE8E;=<LC8K@FEJJL:?8JK?<.ILK?@E&:K8J@DGCLC8K@FE4K?<HL8CI<;@K)GGFIKLE@KP:K8J
@DGCLC8K@FE8E;K?</E=8@I<:#>;@1/@5;:



438:2*7.3&3(.&1749*(9.43:7*&:
.?< *?8JGLIJL<;8@EJK:??K?<8N8I;P<8I
.?< *@E;@:8K<;K?8KK?<D8AFI@KPF=:FDGC8@EKJ@EMFCM<;
GIF9CN@K?K?<@ICF8EJILC8K@E>=FIGIF=@K<;L:8K@FE=IFD8:FEJLDLC8K@FEJ9PJK8K<8KKFIEFMLJFIFLI@EJK@KLK@FEJ
:FLC;;8D8><FLIII8DJ8E;8;MLC8KFIP8LK?FI@K@K??KF=8E;8@EJKGFJKJ<:FE;8IP@EJK@KLK@FEJK?8KG8IK@:@G8K<@E=<;I8EK8E;NFIBJKL;PGIF>I8DJ
#E-:FE;L:KK?8K:I<8K8>@E>@EJL9JK8EK@8CD@JI8@EJK8E@EJK@KLK@FE
;9<85-:/1C5@4%13A8-@;>E&@-:0->0?-:0@41221/@;2%13A8-@;>E)5;8-@5;:?

4251.&3(**;.*<8
)LI@EJK@KLK@FEJ8E;:8K@FEJ9PM8I@FLJ)#!JK8K<C@:8>8>JKL;J=FIK?<8N8I;P<8I
.?<"8E;
I<>LC8K@FEJ8CJFI-K8E;8I;J8E;8GGC@:89C<)#!8L;@KJK8E;8I;J
#E8;;@K@FEKFLC8K@FEJ
#E$LCP9<>8E8GIF>I8DII8DJ;LI@E>K?<8E;
8N8I;P<8IJN?@:?@E:CL;FK?J8II8DICP8KK?@JK@D<N<:8EEFKGI<;@:KK?<FLK:FD<F=K?<*/-GIF>I8D
IJ@EK?<IGIF>I8DIJK?I<<KFG8IK@:@G8K<@EF\J0FCLEK8IP;L:8K@FE#EJK@KLK@FE8C
FDGC@8E:<*IF>I8DFI#*
E@EJK@KLK@FEK?8KK?IFL>?K?<#*@J=FLE;EFE:FDGC@8EKN@K?FIED8P9<JL9A<:KKF8I8E><F=GKFKJF=EFE:FDGC@8E:<



49*39.&1++*(94+*,:1&947> .41&9.438
#=FLI@EJK@KLK@FEJ=8@CKF:FDGCPN@K?K?<I<>LC8KFIPJK8E;8I;J>FM.@KC<#0GIF>I8DJ:FLC;@DGFJ<FE<FI
DFI<J8E:K@FEJ@E:CL;@E>KI8EJ=FLI@EJK@KLK@FEJKFK?<I<@D9LIJJPJKKF
II8D=LE;JIK?<GFJK@E>F=8E@II8@EJKFLI@EJK@KLK@FEJI<=K?<D8KKGIF:<<;@E>JKF@DGFJ<8=@E<FIKFC@D@K:FE;@K@FEJLJGI8DJ
#=FLI@EJK@KLK@FE\J8GGIFM8CKFG8IK@:@G8K<@E.@KC<#0GIF>I8DJ@JKJN8@EJKFLI@EJK@KLK@FEJ8E;II8DJK?@JNFLC;D8K@9@C@KPKFG8IK@:@G8K<@E.@KC<#0GIF>I8DJFI@=K?<8DFLEKF=8M8@C89C<
.@KC<#0GIF>I8D=LE;JN<FIGIFM@;<8CK?N<98E@Q8K@FEJNFLC;9<N@CC@E>KFGIFM@;<=@E8E:@8C8JJ@JK8E:<KF
JKL;FLI@EJK@KLK@FEJK??KEFK9<8J=8MFI89C<8JK?FJ<=FI.@KC<#0GIF>I8D=LE;J
1<D8P9<IL8I8EK<<8CCFIG8IKF=JL:?
8CK?K@E:LIFK?8CKCPK?<CFJJF=FLI@9@C@KPKFG8IK@:@G8K<@E.@KC<#0GIF>I8DJFI8I<;L:K@FE@EK?<8DFLEKF=8M8@C89C<=<;<FIGIFM@;<8CK?K8>8@EJKLJ8J8II8DJN<8CJFD8P9<JL9A<:K=IFDK@D<KFK@D<KF:FDGC8@EKJ8E;C8NJL@KJIKFI<>LC8KFIP:FDGC@8E:<9IFL>?KEFK
FECP9PFLII<>LC8KFIP8>FME/@5;:?-:0%1?@>5/@5;:?;:"<1>-@5;:?
'8EP8:K@FEJK?8KN<D8PN@J?KFK8B<@E:FEE<:K@FEN@K?FLIFGLC8K@FE=IFD8M8I@LC8K@FEJJK8K<I<>LC8KFIPI8>I8DJ
-@D@C8ICPD8EP
JK8KI8DJ:8DGLJCF:8K@FEJ
!8EEI8DJ
J;-FLI:LC8K@FEJ,LC8K@FEF=.@KC<#0 @E8E:@8C@;*IF>I8DJWC@>@9@C@KP8E;I8DJ8E;CF:8K@FEJ8E;@J:LIII8DJK?8K:8E9<LC8K@FEJJK8K<I<>LC8KFIPI<FI
J8KI8EJ8:K@FE
 FI<@E
FNE@E8:?8E><F=:FEKIFCF=*#FLI@EJK@KLK@FEJFI8EP@EJK@KLK@FEN<D8P8:HL@I<
.?IFN9P8:HL@J@K@FEFIKF;@JGFJ<F=8JJLC8KFIP<==<:KJF=8:?8E><F=:FEKIFC:FLC;@E=CL8I;@E>K?<J8C<
GLI:?8J<KI8EJ=LC8KFIP9LI;<F=:FEKIFC:FLC;;@J:FLI8><9@;J=FIFLIJ?8ILC8KFIP9F;@EFK@:<@EFNE8E;FK?LC8KFIJ8CJFILC8KFIJI<@EFNEF<@EFNE@E8:?8E><F=:FEKIFCCFJ@9@C@KPKFG8IK@:@G8K<@E
.@KC<#0GIF>I8DJ8E;DLJK8GGCPKF@EFI;@9@C@KP
I<>LC8K@FEJ;<=@E<N?8K:FEJK@KLK<
@EFNE8CLC8K@FEJGIFM@;<K?8K8:?8E><F=:FEKIFCF=8
GL9C@:CPKI8;<;:FDG8EPF::LIJ@EFE<F=KNFN8PJ@K?8K<K?<:FIGFI8K@FEKF=@C<8LII<FDD@JJ@FE;@J:CFJ@E>8:?8E><F=:FEKIFCFI@@K?<:FIGFI8K@FE?8J8
JKF:B?FC;MFK@E>JKF:BF=K?<:FIGFI8K@FE8E;@JK?<C8I>E@=@:8EKGLI:?8J<FI;@JGFJ@K@FEF=FLIMFK@E>JKF:B@E:CL;@E>8E8:HL@J@K@FEI@E8JKF:B?FC;8KC<8JK
F=FLIFLKJK8E;@E>JKF:B:FLC;9<;<@EFNEC@D@K<;C@89@C@KP:FDG8E@8C<@EFNE<@E
:FEKIFC8LKFD8K@:8CCPKI@>>\J8GGIFM8CGIF:<@E:FEKIFCF::LIJ
;K?<K?I<@EFNE<@E:FEKIFC8KC<8JK;8PJ@E8;M8E:<
#E8;;@K@FE@EJK@KLK@FEJ8I<JL9A<:KKF:F9C@>8K@FEJ=FI
:?8E><@E:FEKIFC@E:CL;@E>FNELC8K@FEJ8CJFI=@E8E:@8CJK8KF<@EFNE<
F::LII<;
D8P:FEK@EL<JL:?KEFKC8KK?<;8K<F=GIFM@J@FE8C:<@EFNEK?<=@E8E:@8C:FE;@K@FEF=K?<@EJK@KLK@FE@DD<;@8KK?<:?8E><@EFNE<@EFNEIFNK?IN@K?ICF:8K@FEJ8E;GIF>I8DJ
8E;8;;@K@FE8CDFE@KFI@E>I-FLI:LC8K@FEJ,LC8K@FEF=.@KC<#0 @E8E:@8C@;
*IF>I8DJW @E8E:@8C,,*3(.*8
'8EPJK8K?>FI8GGIFM8CM8IP9LKD8EPJK8K@EK<F=:FEKIFCI8GGIFM8C
:?8E><F=:FEKIFC
D8PI<@EFNE8>?KF=M<@EFNE8>"&I?8CJK8KLJFNE>FI8GGIFM8CM8IP
'8EP8::I<;@K@E>8>8>?KD8P8CJF?K:FLC;KI@>><@E8::I<;@K8K@FEJK8KLJ
-?FLC;N<8KKI8DJII8DJFI
FK?I8DJ8E@EJK@KLK@FED8P8;;
\JI<>LC8K@FEJII8DN@CC9<F==I8D=LE;JKF
JKL;N?I8DJ8E;;@J9LIJ<.@KC<#0GIF>I8D=LE;J@E:FEE<:K@FEN@K?K?FJ<CF:8K@FEJ8E;GIF>I8DJN@K?FLK?8M@E>
F9K8@E<;8EPE<:KFG8IK@:@G8K<@E.@KC<#0
GIF>I8DJ
"FNLC8K@FEJ@ED8EP:@I:LDJK8E:I8DJKF@9@C@KP@E:CL;@E>8GGIFM8C9PK?<I8>8>?I8DJ@9C<=FI.@KC<#0GIF>I8D=LE;J8E;KFFGI8D=LE;J
N@CC9<;@J9LIJ<;
=LCCP:I<<>I8EK@E>@EJK@KLK@FE>8K<;KFF9K8@E\JGI@FI8GGIFM8C=FI8EI8DC<8;@E>KF8;<>I<<8KK?<J8D<CI8DK?8K9FK?
GI8@E=LCE@Q<;F::LG8K@FE8J8E<;L:8K@FEGIF>I8DK?8K?8J
GIE8K<;8J8E@9C<GIF>I8D8KK?8K@EJK@KLK@FE8E;D<K?II8DJ8E;CF:8K@FEJ=FIGLIGFJI8DG8IK@:@G8K@FE
"@41>%1/1:@135?8-@5B1-:0%13A8-@;>E/@5B5@E
'8EPF=FLIJKL;I8DJ@E:CL;@E>.@KC<#0GIF>I8DJ.8E;<;L:8K@FE9?.@KC<#0GIF>I8DJ.8E;<;L:8K@FE9<ELD9@EK?I8DJ8E;J@>E@=@:8EKGFC@K@:8C@EKILC8K@FE8E;FM?KF=@EJK@KLK@FEJF=?@>?ILCJG<@EK?<*I@KJ=LE:K@FEJKFFECPK?FJ<K?8K8I<JK8KLKFI@CPIFM?K
F=:LC8KFIP<;8E;D8P:?8E><@EK?<=LKLI<8J8IE<;@EKFC8N
DFE>FK?JK?<)8D?I8DJ8E;ILC8K@FEJI<

.?<)N@CCFMI8DJ
==<:K@M<$LCP@KN@CCI8;L8K<8E;GIF=I8E;=8K?
.?<C8N8CJF@=@O>I<>8K<CF8EC@D@KJ=FI>I8;L8K<JKL;FEN?>I<>8K<8DFLEK=FI.@KC<#0CF8EJFK?I8D8E;@MI@9@C@KPKF9<I<;L:<;GIFGFIK@FE8KI<<KFN?@:?K?8KJKL;@E@E>8E;#DGIFM@E>-KL;FK@8K<;ILCGIF:8I;@E>8EK?<KI<8KDK8OFK?J
.?<)8CJFI8DCI8DKF:FEK@EL<KFI<:<@M<@I<:K&F8EJ
)E<:FK@8K<;ILCGIF:LC8K@FEJ
;;@K@FE8C@E=FID8K@FEI<>8I;@E>K?<GIFGFJ<;
DF;@=@:8K@FEJ@J8M8@C89C<89FM<LE;-FLI:LC8K@FEJ,LC8K@FEF=.@KC<#0 @E8E:@8C@;*IF>I8DJW!8@E=LCDGCFPDLC8K@FEJZ
)E$8EL8IP
GL9C@J?<;8EFK@:<F=GIFGFJ<;ILCK?8K@E:FIGFI8K<;K?<:FEJL8><8E;8::LEK@C'8I:?
.?<):I<8K@9C<NFIB=FI:<
GIF>I8DJK?8KJ8K@J=P:@9@C@KP=FI*/
-
K8OC8NJ@E:CL;@E>FID8B@E>G:P@E@K@8K@MF=D@CC@FE@E=LE;@E>=FI.K?8K@JJ?-E@=@:8EKGFIK@FEF=K?@J8CCF:8K@FED8P?8M<9<8K<;FIJGLC8K@FEJ8E;:CFJ<;J:?FFCCF8E
;@J:?8I><I<>LC8K@FEJLEK@C$LCP
::FI;@E>CP.,8E;:CFJ<;J:?FFCCF8E;@J:?8I><GIFM@J@FEJF=K?<FIIFNLC8K@FEJ8J;<=@E<;89FM<?8M<9<LC8K@FEJ>-FLI:LC8K@FEJ,LC8K@FEF=.@KC<#0 @E8E:@8C@;*IF>I8DJW
FIIFN381389?<-97798=>9-538@96@/=+2312./17/8>C9?=29?6.-+2/
09669A381<3=5=+=A/66+=>2/9>2/<3809<7+>398-98>+38/.38>23=88?+6#/:9<>38-6?.3819?<G38+8-3+6$>+>/7/8>=+8.
$?::6/7/8>++H+8.G+8+1/7/8>I=3=-?==398+8.8+6C=3=9038+8-3+698.3>398+8.#/=?6>=90!:/<+>398=H8C90
>2/<3=50+->9<=./=-<3,/.,/69A-9?6.=318303-+8>6C+8.+.@/<=/6C+00/->9?<,?=38/==038+8-3+6-98.3>398=909:/<+>398=
-+=2069A=+8.:<9=:/->=%2/<3=5=+8.?8-/<>+38>3/=./=-<3,/.,/69A+>2/986C98/=A/0+-/..3>398+6<3=5=+8.
?8-/<>+38>3/=89>:6C589A8>9?=9<>2+>A/-?<6C,/63/@/+7+>/<3+67+C+6=9+.@/<=/6C+00/->9?<,?=38/==
038+8-3+6-98.3>398=909:/<+>398=-+=2069A=+8.:<9=:/->==+90>2/<3=5=+8.?8-/<>+38>3/=./=-<3,/.,/69A
+=A/66+==?-2+..3>398+6<3=5=+8.?8-/<>+38>3/=>2/><+.381:<3-/909?<-97798=>9-5-9?6../-638/+8.C9?7+C69=/+669<
:+<>90C9?<38@/=>7/8>
%5?7?%18-@10@;@@>-/@5:3-:0%1@-5:5:3&@A01:@?
:78:((*88&3)+.3&3(.&15*7+472&3(*)*5*3)439-**++*(9.;*3*884+4:7&'.1.9>94&997&(989:)*398<-45*78.89.34:7
.389.9:9.438B574,7&28
L@C;@E>8N8IGFKI8DJK?I8DJ
#E8;;@K@FE9<:8LJ<FLI@EJK@KLK@FEJI8;L8K@FEKI8EJ=IFNN<E<<;KF=@IJK8KKI8:KJL==@:@HL8C@=@<;JKL;8K@M<<==<:KJI=IFDK?<F::LIILC8KFIJFI8::I<;@K@E>8>8E;D8IBFLI@EJK@KLK@FEJ\GIF>I8DJ8E;=IFDJL::8E;IHL8C@=@<;JKL;I8DJ
#=N<8I<LE89C<KF:FEK@EL<KF;I8DJN<
F==I8DJFM2&70*94:7574,7&2847*=5&3).3943*<2&70*984:77*8:1984+45*7&9.438<4:1)'*
3*,&9.;*1>&++*(9*)
)LID8IBJKI8K<>P=FI*/-?8JKI8;@K@FE8CCP=F:LJ<;FE9L@C;@E>CFE>K8E@Q8K@FEJ8E;@E;@M@;L8CJ@ED@C@K8IPMK?FJ<N?FJ:?8EE<I<8;PJKL;@EFI;JL:?
JKL;8E;8;MK?8E@KJ:FDGJKIL:KLI<8E;D8I>@EGIF=@C<D8PC@D@KK?<
8M8@C89@C@KPF==@E8E:@8CI8E;K8:K@:J8E;:?8EEK?FJ<N@K?N?@:?N<?8M<EFL8I8EK<<K?8KFLID8IB8E;9I8E;@E><==FIKJN@CC8:?@8E;8;MGIF>I8DJK?8K8I<<==<:K@M<@E;8N8II8DJN<F==CF98C;@>@K8CLE@MI8K@E>K<:?EFCF>@8E;C<8IE@E>FGGFIKLE@K@C@E<@>@K8C&<8IE@E>=FI,<8C&@=<.'8ECF98C=F:LJ8E;8JL@K<F=;@>@K8CJKL;?CP:FCC89FI8K@M<C<8IE@E>@K8CJ@E@K@8K@M<D8P9<;@==@:LCKKF:FDGC@E@K@8K@M<D8PEFKP@8K@M<<==<:KFEFLI
:FDGC@8E:<N@K?K?<,LC<
#=*/=8@CJKFJL::CF98C;@>@K8CLE@MCPFLI9LJ@ELC8KFIPEM@IFED@EJN@K?K?<:8GK@FEY.?<GC8EE<;:FD9@E8K@FE
F=*/-,/8E;"(ZK?<GC8EE<;FD9@E8K@FED8P@DG8:KFLI89@C@KPKFD8@EK8@E8E;@E:I<8J<JKL;I8DJ
JG8IKF=FLIJKI8K<>PKF:FEK@EL<KF9L@C;8E8K@FE8CELIJ@E>GC8K=FIDN<@EKCF:8K@FEJ?FNIFNI8G?@:8CD8IBCPK?P8K,/FI@=JL:?JKI8K<>PN@CC8:?@
GIF>I8DJ@EKFEI8G?@:8CD8IB@EN@K?K?<:8GK@FEJY#=FLI@EJK@KLK@FEJ8I<LE89C<KF
JL::LC8KFIPVZY 8@CLI<KF@DGIFM<:I8DJ\(&2G8JJI8KLC8KFIPEM@IFEDLC8KFIP:K@FEJ8E;,LC8KFIPEM@IFED-FLI:LC8K@FEJ,E8>F=E@E>I8G?@:8I<8J@EN?@:?FLI@EJK@KLK@FEJ;@;EFKGI
<==FIKJD8PEFK9<JL::I8DJ@EK?I8G?@8K@MI8DJ8KE<K?<FGGIF>I8DJ<==@:@I8D@E@K@8K@M8J8I=8@CLIIFNFLI9LJ@E.389&11&9.438&3).389&11&9.43*):(&9.43
(*39*784:7&'.1.9>942&.39&.3*374112*398+7422.1.9&7>89:)*398&3)4:7+:9:7*,74<9-2&>'*.25&.7*)
K*/-N<8I<?@>?CP;
@DG<;@D8E;>I<>@JKI8K@FEJ=IFDD@C@K8IPJKL;8E;>I<>LC8IFII<:LII@E>F==@:<?FLIJFE@EJK8CC8K@FEJJFC
 LIK?LC8KFIPEM@IFED-FLI:LC8K@FEJ,?KF=<;L:8K@FE8CGIFM@;I@E8E8;M.39-*+:9:7*'*&);*78*1>&++*(9*)'>&;&7.*9>4++&(9478349
).7*(91>7*1&9*)94*):(&9.43574,7&28.3(1:).3,(-&3,*8.32.1.9&7>&(9.;.9>':),*98&3),4;*732*398-:9)4<38
MI8DJ@E:CL;@E>8>FM@JKI8K@FEJ
 FIIFI?8JIFMI8DJ8KK?<F
J;@J:LJJ<;@E>I<8KI@JC8K@FE
N?@:?IFK?JK?<KI8DJ
.?<J:FG<8E;<==<:K@M8K@FE
D<8JLI@JKI8K@FEJ:8J?=CFNJIFMI8DJ
.?<)8CJF8GGIFGI@8K<;D@CC@FE@E=LE;@E>=FI.K?8K@JJ?-E@=@:8EKGFIK@FEF=K?@J
8CCF:8K@FED8P?8M<9<8K<;FIJGFM@E:FEE<:K@FEN@K?K?<=8@CLI<KF@E:I<8J<FI8;K?<=<;:FLC;E<>8K@MKF=FI:<I<;L:K@FEJFI:LKJKFJ8K@M?+.3&3(.&1(43).9.437*8:198
4+45*7&9.438&3)(&8-+14<8
,/J9P8::I<;@K@E>8>LC8KFIP9F;@I<8KLC8K@FEF=
)LI#E;LJKIPZ
#E8;;@K@FE,/I8K<;:LII@:LCLD
8E;KJN@K?8EPIJKL;JL:?:FDGC8@EKJ
<:C@EJKI8K<>@2&0*949-*.745*7&9.43894.2574;*9-*89:)*39*=5*7.*3(*&3)*3-&3(*4:7.389.9:9.438B&'.1.9>
94.)*39.+>&3)*3741189:)*398<-4&7*1.0*1>948:((**)2&>&);*78*1>&++*(94:7.389.9:9.438B*374112*39574+.9&'.1.9>
+.3&3(.&1(43).9.437*8:1984+45*7&9.438&3)(&8-+14<8
1<?8M<@;I8DJ
1<:FEK@EL<KFJLGGFIKK?FJ<JKL;K?IFL>?:?8E>8>K?
JKL;JKL;<8I<8JGIFM@;@E>:LJKFD@Q<;KLKFI@E>
I8E;D8B@E>:?8E>
T
8CKFLI@EJK@KLK@FEJ\D8IB<==FIKJKFK8I>@E>KL@K@FE:FJKJ8E;G8PD8;D@JJ@FEJJK8E;8I;J8E;IK<:?EFCF>PKF@DGIFM<JKL;:LII@:LCLD=FI8C@>ED
T
@E:I<8J@E>JK8==JLGGFIK8E;=8:LCKPI<8;@EK?<8;D@JJ@FEJGIF:DFI<JKI@E>IE@=@:8EKK@D<P8E;IFLI


F9A<:K@M8E@Q8K@FE8CFGLC8KFIPI&)/:8994+:9:7*2&70*9)*2&3)8'>:5)&9.3,&3)*=5&3).3,9-*(439*394+
*=.89.3,574,7&28&3))*;*145.3,3*<574,7&2885*(.&1.?&9.438&3)24)*84+9*&(-.3,43&9.2*1>'&8.8&3).3&(489
*++*(9.;*2&33*74:75*7+472&3(*2&>'*.25&.7*)
1<9GIF>I8DJ8E;
;I8DJJG<:@8C@Q8K@FEJ8E;DF;@EFI;
GIF>I8DJ8E;K?<;I8DJ8E;JG<:@8C@Q8K@FEJD8PEFK9<8::LC8KFIJJL:?8JFIGIFJG<:K@M<JKL;I8DJK?I8DJ8JHL@:BCP8JJKL;GIF>I8DJ

.FF==I8DFLI@EJK@KLK@FEJD8P9<I8>E@=@:8EKCP8==<:KFLI>IFNK?GC8EJ
#E8;;@K@FE>IFNK?
I<@EFNE.@KC<#0N?F:8E9<IFNK?FGGFIKLE@K@I@KJ89@C@KPKFJ@KJ89@C@KPKF:FEK@EL<KF
EI8DJ
#=N<8I<LE89C<KFILC8KFIPC@D@K8K@FEJFIFK?EI8DJJG<:@8C@Q8K@FEJ8E;DF;FIDF;@=P@E>FI
GIF>I8DJI=8:LCKP8E;:8G@K8C

:FLIJ@E:CL;@E>EFE;<>I<<:I<;@8E@Q8K@FEJKFGIFM@;<EI8DJ<==<:K@MI8DJ@E:I<8J<K?<ELD9@EEI8DJF==I8DJ@E8:FJK<==<:K@M<D8EEI8DJFI;<<==<:K@MI8DJFLII*):(&9.432&70*9(4:1))*(7*&8*4:7.389.9:9.438B2&70*98-&7*&3)
.3(7*&8*4:7(4894+&(6:.7.3,89:)*398
1@K?@EK?<GFJKJ<:FE;8IP<;L:8K@FED8IBFMFMI8EKJK8O;<;L:K@9C<:FEKI@9LK@FEJ
8E;FK?<K?<@I>I<8KE@K@FE
8E;=@E8E:@8C8E;FK?'@C@K8IP-KL;I8DJ
1@K?@EK?<ELIJ@E><;L:8K@FED8IBJ@D@C8I
GIF>I8DJ@E:CL;@E>=FIGIF=@K8E;EFK=FIGIF=@KGL9C@:8E;GI@M8K<:FCC<>I<8KI<8K
GIF>I8DJFLI:FDGCF:8CJLGGCP8E;;I8DJELIJJ:?FFCJ
,/\J8E;
"(\JIC<:FDGI8G?@:8C8I<8
 FI8GGIF8:?9P8EFK?FI:CFJ@E>F=8EFK?9FK?FEC@E<8E;EFEKI8;@K@FE8CGIF>I8DJ@E:CL;@E>GIFM@;N@K?)EC@E<*IF>I8D'8E8>I8;L8K<I8;L8K<8E;>I8;L8K<C>IFNK?
@EI<<>I8EK@E>@EJK@KLK@FEJ@JJCFN@E>
.?<:FD9@E8K@FEF=I<;L:<;>IFNK?FI;<:C@E;<:C@E<@EK?<ELD9<I<8;PJKL;@E
::?8EE:FJKJ8E;:FEK@EL<;@E:I<8J@E
::?8EE<I<8;PJKL;'49-*):(&9.43&1.389.9:9.438
&3)34397&).9.43&1574;.)*78
FDG@EJK@KLK@FEJ8E;FK?I8DJN@K?FLK:?8I><FI8KCFN:FJKJ@E:CL;@E>
GIF>I8DJ:F;@E>9FFK:8DGJD@:IF:I<;D8JJ@M<FGI8DJ
1<9I8DJ@E:CL;@E>CFNI8DJ
1<F==KF;I8DJK?8K8I<DFI<=LCCP;JD8PEFK9<8JJL::<?FII<:<@M<D8IB8@EJK:LIII8DJ:FLC;:I<8K<8;;@K@FE8C:FDGI8DJ
.?E@=@:8EKCP
:.9.43&3)+**.3(7*&8*8&9&3)
(4:1)-&;*&3&);*78*.25&(943*374112*394:7+.3&3(.&1(43).9.43&3)
4:77*8:1984+45*7&9.438
JDFI<=LCCP;I8DJ8JK?<:8J<D8P9<
ME<;KF9<8==FI;89C<8E;
:FDGK?<J8D<C?FILE89C<KFI8DJ8E;JKL;FILE89C<KFI@ECFN&);*78*1>.25&(9&3)
:8
#EL>LJK,/;<:@;<;KFMFCLEK8I@CPG8LJ<EKFE'@EEI8D
9<>@EE@E>@E(FM@E<:I8D,/
:CFJ<;K?<GIF>I8D<==<:K@M<$LE<
.?@JGIF>I8D?8;9<?KLC8KFIJ8J8ILC8KFIP8E;8::I<;@KFII8E'@EEI8DFI1*K?8K@KGC8EE<;KFMFCLEK8I@CP:CFJ<@KJ!I<I8;L8K<;NI8DJ@K:FLC;D8B<J@D@C8I:FEJFC@;8K@FE8E;:CFJLI<;<:@J@FEJ89FLK
FK?I8DJ
.?<:CFJLI<F=,/\JCFFD@E>KFE'@EEI8D!I<I8DJD8P?8M<8E8;MK?<:CFJ<;


:8DGLJE@=@:8EK@DG8:KFE,/\JFM:0A?@>E
!*&3)4:7.389.9:9.438&7*8:'/*(994*=9*38.;*7*,:1&947>7*6:.7*2*398+479-*45*7&9.434+54898*(43)&7>*):(&9.43
.389.9:9.438&3)(4:1)+&(*5*3&19.*8&3)8.,3.+.(&397*897.(9.4384345*7&9.438.+<*474:7.389.9:9.438+&.194(4251><.9-
9-*8*7*6:.7*2*398.3(1:).3,14884++*)*7&189:)*3914&38&3),7&398&3)&((*88944574,7&28&3)*):(&9.43
574,7&28&)2.3.89*7*)'>9-* 
1<8E;FLI@EJK@KLK@FEJ8I<I<>LC8K<;9P@8::I<;@K@E>8>LC8KFIP9F;@FM?
)LI@EJK@KLK@FEJ8I<8CJFJL9A<:KKFF8E;0FM?K9<:8LJ<FLI@EJK@KLK@FEJG8IK@:@G8K<@E.
8E;MI8DJ8;D@E@JKLC8K@FEJJK8E;8I;J8E;GFC@:@FLI<;L:8K@FE8CGIF>I8DJ=8:@C@K@I<:IL@K@E>8E;=@E8E:@8CFGLC8KFIPI<;L:8K@FE8CGIF>I8DJ:?8E><FLI
:FIGFI8K<JKIL:KLI<FIFNEJF=EFE:FDGC@8E:<N@K?K?LC8K@FEJJK8E;8I;J8E;GFC@:@LC8KFIP8>:@@DGFJ@E>DFE
FGIFLI@EJK@KLK@FEJ\89@C@KPKFF==I8DJF=JKL;PFIKFFG
C@D@KJFEFLI>IFNK?@@@C@D@K@E>FIKFLI89@C@KPKF>I8EK;<>I<FIIFLI@EJK@KLK@FEJ\
8::I<;@K8K@FEC@:JLJGFIKFLI@EJK@KLK@FEJ\@9@C@KP
KFG8IK@:@G8K<@E.@KC<#0GIF>I8DJ.FI0<;L:8K@FE9I8DJM@ILJKFII8DJK?8K8I<EFKK?<8;M8E:<G8PDLJ
KF:@M@CFI:I@D@E8CG@EJY!FMLC8KFIP8>@9@C@KPKFG8IK@:@G8K<@E.@KC<#0.FI0<;L:8K@FE9I8DJFI
@=K?<8DFLEKF=8M8@C89C<=LE;JLE;I8DJN<FIGIFM@;<8CK?N<98E@Q8K@FEJNFLC;9<N@CC@E>KFGIFM@;<
=@E8E:@8C8JJ@JK8E:<KFJKL;FLI@EJK@KLK@FEJK??KEFK9<8J=8MFI89C<8JK?FJ<=FI=LE;JLE;I8DJ
1<D8P9<
IL8I8EK<<8CCFIG8IKF=JL:?8CK?K@E:LIFK?
8CKCPK?<CFJJF=FLI@9@C@KPKFG8IK@:@G8K<@EK?I8DJFI8I<;L:K@FE@EK?<
8DFLEKF=8M8@C89C<=<;<FIGIFM@;<8CKLC8K@FEJJK8E;8I;J8E;GFC@:@LC8KFIP9F;@8><
=IL@K@:?8E>LC8K@FEJJK8E;8I;JFIGFC@:@LC8K@FEJJK8E;8I;JFIGFC@:@I8DJ89@C@KPKFG8IK@:@G8K<@E0<;L:8K@FE9I8DJFI:FJKJF=;F@E>
9LJ@ELC8KFIPIELIJ@E><;L:8K@FEC<>@JC8K@FE@E CFI@;8:FLC;@=G8JJ<;8E;EFKM8E;
IHL8C@=@<;ELIJ@E>GIF>I8D;@I<:KFIJ8E;@E:I<8J<;@JC8K@FENFLC;8CJF8CCFN (KF@DGFJ<;@J:@GC@E8IPII8D8>8@EJKN?@:?8E8;MLC8KFIPALI@J;@:K@FE@EK?</E@K<;-K8K<;EFE:FDGC@8E:<N<D8P9<JL9A<:KKFC8NJL@KJLE;LC8KFIP9F;P;FI<<N@K?K?<GC8@EK@==\JK?FME@=@:8EK=@E8E:@8CC@89@C@KPC@EB<;KFFLII<:<@GKF=>FM.@KC<#0=LE;J


8E;.=LE;J
(FE:FDGC@8E:<FI8CC<><;EFE:FDGC@8E:<D8P8CJFI8K@FEFIC@K@>8K@FE@EMFCM@E>FK?8K@FE:FLC;I<.11148*9-*&'.1.9>945&79.(.5&9*.3.91* 4
574,7&28&3) 574,7&28&3)4:789:)*39*374112*398<4:1))*(1.3*
::I<;@K8K@FE8KK?<@EJK@KLK@FE8CC8>E@Q<;9P@JE<:I8DJ
)LI@EJK@KLK@FEJ\8::I<;@K@E>8>KF8DFE>
FK?JGFMI@KP<;L:8K@FE8CHL8C@KP=8:LCKP8;D@E@JKI8K@M<:8G89@C@KPI8>:F=8KI8EJ8:K@FE@EFI;
.?<JK8E;8I;JF=8::I<;@K@E>8>I8DJ:8E8E;;FM8IP8E;8::I<;@K@E>
8>FIFLJJK8E;8I;JK?8E8I<:LIIN@K?DFI<I@>FIFLJ8::I<;@K8K@FE
JK8E;8I;J:FLC;IE@=@:8EK:?8E>@MI8DJNFLC;9<89C<KF:FDGCPN@K?DFI<I@>FIFLJ8::I<;@K8K@FEJK8E;8I;J
@E8K@D
8>FK?JI@9C<KFG8IK@:@G8K<@E.@KC<#0.8E;0GIF>I8DJ8E;?8M<8D8K9F;@LC8K<FIC@D@KK?<>IFNK?F=FLIGIF>I8DJFI=FIGIF=@K@EJK@KLK@FEJC@B<FLIJ
FCC<>KI8EJ=I8;L8K<
J:?FFCJ
'8EP@EJK@KLK@FEJN@CCFECP8::I8DJCFFBKF8::I<;@K8K@FE=FIHL8C@KP8JJLI8E:<8E;8:8E;@;8K<\J:I<;I8DJ8I<8::I<;@K<;9PGIF>I8DD8K@:
8::I<;@K@E>8>E@Q<;9PGIF=8E@Q8K@FEJ
#=FLI@EJK@KLK@FEJ=8@CKFJ8K@J=PK?<JK8E;8I;JF=K?I8DD8K@:8::I<;@K@E>8>8J@KI8E@Q8K@FEJK?<II8DJ:FLC;CFJ<K?<GIF>I8DD8K@:8::I<;@K8K@FEFIGIF=E@K@FEN?@:?:FLC;II8DJ8E;?8M<8D8KI8EK<;@=8E8GGC@:8EK=FIC@:I8DK?8KC8:BJ@EJK@KLK@FE8CFIGIF>I8DD8K@:8::I<;@K8K@FE
 8@CLI<KFF9K8@EFID8@EK8@E
GIF>I8DD8K@:8::I<;@K8K@FEFIGIF=E@K@FE=FI:I8DJ:FLC;GI8E;
F9K8@E@E>C@:I8DJ8E;?8M<8D8K<.9-9-*
:1*+479<4(438*(:9.;*>*&78.9479-*><.11148**1.,.'.1.9>
945&79.(.5&9*.3+*)*7&189:)*39+.3&3(.&1&.)574,7&28
.?<"I98J@J=IFD.@KC<
#0GIF>I8DJ.8E;0GIF>I8DJ8E;FK?LC8K@FEJ
J
DFI<=LCCP;LC8KFIPEM@IFED-FLI:LC8K@FEJ
,LC8K@FEF=.@KC<#0 @E8E:@8C@;*IF>I8DJW.?<[,LC<\Z=FI=@J:8CP<8IJ
9<>@EE@E>FEFI8=KI8DJ8E;8CCFK?K?<=<;I8EK=LE;JGIFM@;<;9PFI8;D@E@JKI8DJF==?;@JK8E:<<;L:8K@FE@=JL:?GIF>I8DJJ8K@J=P:I8DJ@EK?<YZJ@;<F=K?<I8K@F
1?@C<<8:?F=FLI@EJK@KLK@FEJN8J@E:FDGC@8E:<N@K?K?<,LC<=FIN@K?*/-\JI<=FI
9<@E>K?LC8KFIP:FEJ@;@EJY)LIJKL;@JKI8K@FEJI<KFK?<,LC<8E;IFNK?8DFE>J<KF@E:I<8J<
#E-<;@KJ8GGIF8:?KF@EMF@:@E>=FI.K8B@E>CFE>G8PD<@EK?<8GGIF8:?KF@EMF@:@E>.@EK?<=FLIK?HL8IK<@E9@CC@E>8GGIF8:?GFJ@K@MGFC@:P=FIJKL;
.=IFDKNFN<<@E9@CC@E>8GGIF8:?
GFJ@K@M8@E:?8E><;@KJ8GGIF8:?KF@EMF@:@E>=FI.K8B@E>CFE><@E*/-:FCC<:K<;8GGIFO@D8K<@E
9@CC@E>8GGIF8:?GFJ@K@M:8J?=CFN@E
#EK?<:?8E><@E
9@CC@E>8GGIF8:?@E:I<8J<;FG:8J?=CFN8E;98;;<9K<@E9@CC@E>8GGIF8:?:FLC;?8M<8E8;M<@E9@CC@E>GI8:K@:<8;;<;KFFLI8::FLEKJI<:<@M89C<8JF=<:<I8K@F8JF=<:I<K8@E;KF:G8PD8GGIF8:?@DGC@EE@E>@E$LCPN@CCI@EE@E>Y!FMLC8KFIP8>8I<>LC8IGIF>I8DIFK?J8II8DICP8KK?@JK@D<N<:8EEFK
GI<;@:KN?JFE*/-\J,LC<:FDGC@8E:<8E;II8DIIIGIFGFJ8CJKF;<:I<8J<K?<C@D@KFE.@KC<#0=LE;J=IFDKFFIGIF?@9@KK?<LJ<F=
=<;@JC8K@FEJ?FLC;K?LC8K@FEJ8I<8;FGK<;K?8K=LIK?I8DJ@E.0<;L:8K@FE9I8DJ
FI@E.@KC<#0GIF>I8DJFIK?8K=LIK?I8DJ8I<@9C<KFI<:<@M<FLI=@E8E:@8C:FE;@K@FE8E;I98J@J=IFD.@KC<#0GIF>I8DJ8E;8J8GGC@:89C<FK?LC8K@FEJ
#=FLI@EJK@KLK@FEJ8I<LE89C<KF8KKI8:KJKL;I8D8@;FI.FI
09FM<D8P@E:I<8J<
1?@C<<8:?F=FLI@EJK@KLK@FEJN8J@E:FDGC@8E:<N@K?K?<,LC<=FIK?LGN8I;N?@C<@:KI8EJ8:K@FEJ@E:CL;@E>9LJ@E@:KI8EJ8:K@FEJ:FLC;?8M<J<<K?<,@JB 8:KFIJN@K?K?<:8GK@FEJ9<>@EE@E>N@K?Y.?<GC8EE<;:FD9@E8K@FEF=*/-
,/8E;"(Z8E;YLJ@EI8K<VZ9@9@C@KPKFG8IK@:@G8K<@E.@KC<#0GIF>I8DJ@KNFLC;
8CJFCFJ<K?<89@C@KPKFG8IK@:@G8K<@E.9<:8LJ<FII8DJ@EFI;@9@C@KPF=<@K?I8DJ8E;.NFLC;?8M<8
D8KFEGIFM@J@FE8CJK8KLJ=FIKNF=@J:8CP<8IJ:FLC;JL9A<:KK?<@EJK@KLK@FEKF?<@>?KLC8KFIPJ:ILK@EP8E;GFJJ@9C<8;MLC8KFIP8:K@FE8E;:FLC;;8D8><K?<@EJK@KLK@FE\JI@E@9C<KFG8IK@:@G8K<@E.@KC<#0GIF>I8DJ=FI8KC<8JK
KNF=@J:8CP<8IJN?@:?NFLC;?8M<8D8K&);*78*1>.25&(9:8474:789:)*398B&'.1.9>945&79.(.5&9*.3+*)*7&189:)*39+.3&3(.&1&.)574,7&28<-.(-
(4:1)-&;*&8.,3.+.(&39&);*78*.25&(943*374112*398&3)4:7':8.3*8845*7&9.438&3)+.3&3(.&17*8:198
J;@J:LJJ<;@EYLJ@ELC8KFIP:K@FEJ8E;,LC8K@FEJW.?<)E<@>
<8LK@=LC@CC:KZFE$LCP*IE<;@EKFC8NK?<)N?@:?8DFE>FK?JD8BE@=@:8EK
:?8E>I8DJ8E;@9@C@KPII8DJ
(I8;L8K<8E;GIF=I8;L8KFGK@FEJ=FIFLIJKL;JKI8DJ;L<KF8GFK@9@C@KP
)E-FK@8K<;ILCGIF:8I;@E>K?<,K?<KI<8KDK8OFK?I<8K-FLI:LC8K@FEJ,LC8K@FEF=.@KC<#0
 @E8E:@8C@;*IF>I8DJW!8@E=LCDGCFPDLC8K@FEJZFE<:FK@8K<;ILCGIF:LC8K@FEJ
)E$8EL8IPGL9C@J?<;8EFK@:<F=GIFGFJ<;ILCK?8K@E:FIGFI8K<;
K?<:FEJL8><8E;8::LEK@C'8I:?
.?I8DJN?@:?D8P?8M<8J@>E@=@:8EK8;M7*6:.7*2*398434:7.389.9:9.438<.9-7*85*(9945&79.(.5&9.43.34
574,7&28&3)4:77*;*3:*&3)3:2'*74+89:)*398<4:1))*(7*&8*.+4:7.389.9:9.438<*7*34143,*7&'1*947*(*.;*+:3)8
:3)*74574,7&2847.+.87*):(*)*1.2.3&9*)478:85*3)*)
J;LC8KFIPEM@IFED-FLI:LC8K@FEJ
,LC8KFIPEM@IFEDLC8KFIP-K8E;8I;J8E;
K?<==<:KF=,<>LC8KFIP0@FC8K@FEJWFDGC@8E:<,@E.@JG8IKPKF8E')/@E8J@D@C8I
=FIDFLKC@E@E>:I<=LE;J=IFD.
 FII<I8DFI#*@EFI;?K?<#*8E;;ED8P9<JL9A<:KKF8I8E><F=GKFK8>E@Q<;9P8GGIFM<;=FI0=LE;@E>8E;8G8IK@:@G8EK@E.@KC<#0GIF>I8DJ
 8@CLI<KF:FDGCPN@K?K?<F')/
:FLC;I@KJ89@C@KPKFG8IK@:@G8K<@E.
1<8CJF98E@EJK@KLK@FEK?<89@C@KPKFG8IK@:@G8K<@E.@E:CL;@E>I
JKL;I8DJJLJG8E@EJK@KLK@FE=IFDE8::K?<@EJK@KLK@FEKF?<@>?K?KFIFK?8E@EJK@KLK@FE\J89@C@KPKF
G8IK@:@G8K<@E.
#E <9IL8IP#*EFK@=@<;*/-K?8K@KNFLC;:FE;L:K8IJ
#=8E
@EJK@KLK@FE=8@CJKF:FDGCPN@K?K?<IK?<89@C@KPKFG8IK@:@G8K<@E
.K?8K:FLC;?8M<8J@>E@=@:8EK8;M@E.:FEJK@KLK<;8GGIFO@D8K@JKI8K@FEJ=FI
1<
;FEFKBEFNK?<J:8C<FIE8KLI<F==LKLI<8:K@FEJK?8KD8P9<K8BK?FJ<
GIF>I8DJI<;L:@E>K?<=LE;J9@E>K?<@9@C@KP:I@KEFK?@9@C@KP:I@KI8DJ:FLC;8CJF?8M<E<>8K@M<
<==<:KJFEFLI@9@C@KPII:?8E>I@JC8K@FE?8JC@D@K<;K?<I8J8I

EEL8C.=LE;@E>@JC@D@K<;8E;:FLC;9<@M
 LIK?9PC8LE:?@E>FIK?<@IFNE@EJK@KLK@FEJ8J;@J:LJJ<;@E=LIK?@EJYFEK@EL<;JKIFE>:FDG8CCF:8K@FEJ
:FLC;?8M<8D8KI8DJ8I<DF;@=@<;I<;L:<;E@=@:8EKCPI<;L:<;N?@:?NFLC;I@JKI8K@FEJ
I)*+.(.*3(.*8):7.3,.982.)(>(1*(4257*-*38.;**;&1:&9.434+&3)9&0*&);*78*&(9.43&,&.389
'&8*)438:(-)*+.(.*3(.*8
#E*/-KI8EJ@K@FE<;=IFDK?<)GE8K@FEKFK?<-K8E;8I;*8K?N8P;E8K@FE9<:8LJ<F=K?<
;<:@J@FEKF:FE;L:K8=F:LJ<;M@J@K@E'8I:?;L<KF:FE:8I;@E>:FLIJ<8M8@C89@C@KP@EFE<GIF>I8D
/E;K?<FD9@E8K@FEJ<<YLJ@ELC8KFIPEM@IFEDK?<D@;:P:C<:FDGI8K@M<8::I<;@K8K@FEI8@EJK*/-8J8I2*397*6:.7*2*398(4:1)2&9*7.&11>&3)&);*78*1>&++*(94:7':8.3*88
J;@J:LJJ<;@E>I<8KLC8KFIPEM@IFED-FLI:LC8K@FEJ,LC8K@FEF=.@KC<#0 @E8E:@8C@;*IF>I8DJW!8@E=LCDGCFPDLC8K@FEJZ!
I<>LC8K@FEJ<==<:K@M<$LCP@9@C@KPF=!GIF>I8DJ
98J<;@EG8IKFEJ8K@J=8:K@FEF=JG<:@=@<;GLC8K@FEJK?<;<9KKF<8IE@E>J
I8KJI8K<8E;K?<8EEL8C;<9KKF<8IE@E>JI8K<8E;K?<<8IE@E>J
GIJKFK@8K<;ILCGIF:LC8K@FEJK?8KNFLC;JI8K<JKL;I
!K?<<8IE@E>JGII8DJK?8KCFJ<.@KC<#0@9@C@KPLE;L8><8E@EJK@KLK@FENFLC;CFJ<*I8EK@9@C@KP=FI8GIF>I8D@=8KC<8JK?8C=F=K?<
@EJK@KLK@FE\J.@KC<#0I<:@G@GIF>I8DJ
)E$8EL8IP
GL9C@J?<;8EFK@:<F=GIFGFJ<;ILCK?8K@E:FIGFI8K<;K?<:FEJL8><8E;8::LEK@C'8I:?
1<:8EEFKGI<;@:KK?<C8E>L8><KF9<@E:CL;<;@EK?<=@E8CILC<FI@=8=@E8CILC<N@CC
>F@EKF<==<:K
.?<:LIILC8K@FEJN@CCIK?<":FEJL8><@J
<==<:K@M<8E;K?<<==<:K@M<;8K<F=K?<)8::FLEK89@C@KP=I8DLC8K@FEJGIF>I8DJK?8K=8@CKF
J8K@J=PK?<JG<:@=@<;GJ
I8KJGI
KK?@JK@D<@K@J;@==@:LCKKFGI<;@:K


N?I8DJN@CCJ8K@J=P:LII?
?8JIGIJI8KJKP@KN@CCLJ<LE;LC8K@FEJFI
K?<)8::FLEK89@C@KP=I8DCP@K@J;@==@:LCKKFGI<;@:KK?<@DG8:K@=8EP
:LIILC8K@FEJFIK?<)8::FLEK89@C@KP=I8D8&9.8+>
"7*6:.7*2*398(4:1)
7*):(*4:7*374112*3987*;*3:*&3)(&8-+14<1*&)94&);*78*&(9.4389&0*3'>89&9*'4&7)84+3:78.3,&3)1.2.94:7&'.1.9>
944++*7*):(&9.43&1574,7&28
.?<D8AFI@KPF=,/\J>I8;L8KI8;L8KI8;L8K>I8;L8K@FEG8IK@:LC8ICP@EELIJ@E>
.?<@IJL::K?@@E;@M@;L8CDI8;L8K<@@N?I8DNI8;L8K<J<I8DD<I8D
 8@CLI<KF
J8K@J=P(&2G8JJI8K<I:8EI8E;FK?LC8KFIJK8B@E>:GC8:I8DFEGIFM@J@FE8C8GGIFM8CJK8KLJFIN@K?;I8N8CF=
8GGIFM8CGLIJL8EKKF8E8;AL;@:8K@FEGIF:<<;@E>8E;(&2I8G?@LC8KFIPEM@IFEDI8DJDI8DJ;@;EFKD<@EFE<
GIF>I8D:FEK@EL@E>@KJD8E;8K<;:FII<:K@M<8:K@FE
#=K?<8==<:K<;GIF>I8D@JLE89C<KF@DGIFM<@KJ(&2J:FI<9PK?<F8I;
F=(LIJ@E>@DGFJ<;;<8;C@E<K?@J:FLC;8;MK?<(GIF>I8D8KK?8K:8DGLJ
#E
8;;@K@FEFK?8K@M<@DG8:KJ:FLC;I;8D8><KFFLII@KDFI<;@==@:LCKKFI<:IL@KJKL;I8DJ;I8DJ
.?I?K?<GIF>I8DLE;JKIFE>K?I<8;@E@I8D@@JLJK8@E@E>8:8;?;8K8;I@M8E;@@@GI@FI@K@Q@E>K?<
CK?FL>?M8I@89@C@KP@EI<>LC8KFI8E;8::I<;@KFI8GGIF8:?KF8E;LJ<F=;@J:II8DJK8B<8GGIFGI@8K<:FII<:K@M<8:K@FEFII<8:?8GGC@:89C<K?II8DJKF8;;@K@FE8C8;MN@K?;I8N8CF=8GGIFM8C8E;N<:FLC;K8B<MFCLEK8IP8:K@FEKF:LIK8@C
FIKI8DJ8EPF=N?@:?NFLC;?8M<8E8;MI8DJ?8M<CFE>KN@K?(&2G8JJI8K<JK8E;8I;JK?<8:K@FEJN<
K8B<KF:FDGCP:FLC;IFF;N@CC@DG8@ID&);*78*1>.25&(9*)'>7*,:1&947>&(9.43.3(1:).3,&8&7*8:194+9-*+&.1:7*94
2**9&551.(&'1*
"5&887&9*8&3)+:79-*7&(9.43'>7*,:1&9478&3)&((7*).9478(4:1)7*8:19.3&)).9.43&1&);*78*
.25&(98
J;@J:LJJ<;DFI<=LCCP@EYLJ@ELC8KFIPEM@IFEDI8D?8;EFKDI8DN8JGC8:<;FEGIF98K@FE8IPJK8KLJ9P#CC@EF@JLC8K@FE FI # *, 8J 8 II8D 9P  8E; N8J >@M JKI8K<>@@JC8K@FE <==<:K@M< $8EL8IP  K?8K
:?8E><;K?<#CC@EF@J(&2G8JJI8K<I< K?8K @E:CL; GIF>I8DJ @E:CL;@E> ,/\J #CC@EF@J (
GIF>I8D=IFDGIF98K@FE8IPJK8KLJLEK@C-I8D@J:LIILC8K@FEFI# *,?8JGL9C@:CPII8D?8JEFK


D8I;@E>,/\J#CC@EF@J(GIF>I8D8=K4+4:7.389.9:9.438B,7&):&9*8944'9&.3574+*88.43&11.(*38:7**2514>2*394749-*74:9(42*8.39-*.7(-48*3
+.*1)84+89:)>5&79.(:1&71>.33:78.3,(4:1)7*):(*4:7*374112*398&3)7*;*3:*1.2.94:7&'.1.9>944++*7*):(&9.43&1
574,7&28&3)549*39.&11>1*&)941.9.,&9.439-&9(4:1)'*(4891>94:8
I8;L8K>I8;L8K@FE
G8IK@:LC8ICP@EELIJ@E>
-K8K<I<8J8I<GIF=LC8KFIPEM@IFEDLC8K@FEJII8DJC<8;@E>KFI8DJKFD8@EK8@E@9@C@KPKFG8IK@:@G8K<@E.@KC<#0GIF>I8DJ
#E<8:?JK8K<@EN?@:?K?<@EJK@KLK@FE@J
CF:8K<;@EN?@:?JKL;I8DDLJKJ8K@J=PK?<8GGC@:89C<JK8K<<;L:8K@FEIE@Q<FLI@EJK@KLK@FEJ\JKL;KFFLI@EJK@KLK@FEJFIGIF>I8DJK?<GFKIFNK?F=FLI@EJK@KLK@FEJ\GIF>I8DJ
NFLC;9<E<>8K@MI8;L8KI8DJK?<89@C@KPKFD8@EK8@EIFNK?F=FLI@EJK@KLK@FEJ\
GIF>I8DJNFLC;9<E<>8K@MI8;L8K8K@FE@E:CL;@E>:C8JJ8:K@FE
C@K@>8K@FE:C8@D@E>K?8KN<8I<8K=8LCK=FIJL:?=8@CLI<N?@:?NFLC;=FI:<LJKF@E:LIC<>8C8E;FK?&((7*).9&9.4389&3)&7)8.3(1:).3,85*(.+.(89:)*39&(-.*;*2*39.3).(&9478(4:1)-&;*&
2&9*7.&1&);*78*.25&(943
B889:)*39*374112*397*;*3:*7*8:1984+45*7&9.438&3)(&8-+14<8
"-8EEL8CCPII8E;
:I<;I8D8GC8:I8D8E;8
=@IJKK@D<G8JJI8K<FED8E;8KFIPC@:8E;:I<;FIC@:I8DKF:FD<@EKF
:FDGC@8E:<N@K?@E8G:FDGC@8E:<@=8
GIF>I8D;FF;:8LJ<

JDFI<=LCCP;LC8KFIPEM@IFEDI8DJ8K:I8DJFEGIF>I8DJG<:@=@:N8IE@E>FIFLK:FDJK8KLJ8E;II8DJG<:@=@:N8IE@E>JK8KLJ@J@EJL==@:@C@D@K@E>
GIF>I8DGIF>I8DI8DJ
"(@J8CJFII8DJG<:@=@:N8IE@E>JKF
:LIII8D=8@CJKFJ8K@J=P"-8:?@I8D:FLC;;<:C@E<FIN<:FLC;9<=FI:<;KF:<8J<I8DN?@:?:FLC;?8M<8
D8K@JJLI8DJK?N@K?II8DJ
-@D@C8ICPKN@K?K?FF;N@CC
+4:7.389.9:9.438+&.1942&.39&.389&9*&:9-47.?&9.43.39-*89&9*8<-*7*9-*>&7*5->8.(&11>14(&9*)9-*.389.9:9.438<4:1)
148*9-*.7&'.1.9>94,7&39)*,7**8&3)49-*7(7*)*39.&18&3)945&79.(.5&9*.3.91* 574,7&28&3)4574,7&28
J;@J:LJJ<;@EYLJ@ELC8KFIPEM@IFEDI8DJ8E;.8E@EJK@KLK@FEDLJK9<C<>8CCP8LK?FI@Q<;9PK?<I@E@8
&FJJF=Y?FD<JK8KI8DJ8E;K?I8EK:I<;LC8K@FEJGIFM@;<K?8K8E@EJK@KLK@FE@J:FEJ@;8CCP8LK?FI@Q<;9P8JK8K<@=K?<JK8K<?8J8GIF:K?<@EJK@KLK@FE@E:CL;@E>8GGC@:89C<JK8K<C8NJ8E;K?<@EJK@KLK@FE
:FDGC@LC8K@FEJFLI@EJK@KLK@FEJ\89@C@KPKFFGI8DJ:FLC;9<C@D@K<;FIK<.9-9-*7*6:.7*2*3984+477*,:1&9.4384+47;&7.4:889&9*87*1&9*)9489&9*
&:9-47.?&9.43(4:1)7*8:19.3&(9.4389-&9<4:1)-&;*&2&9*7.&1&);*78**++*(9434:7*374112*3987*;*3:*&3)7*8:1984+
45*7&9.438
08I@FLJJK8KLC8KFIPIN@K?@EK?<@I9FLE;8I@
I<>@JKI8K@FEILC8KFIPEM@IFEDI<8I;KFK?<@EKF=GFJKJ<:FE;8IP;@JK8E:<
<;L:8K@FE8E;FEC@E<<;L:8K@FE
.?FJ<I<=IFDK@D<KFK@D<8E;@EJFD<@EJK8E:LFLJFI8I<
C<=KKFK?<@EKLC8KFIJ

?8E>K?FJ<GFC@:P:?8E>
LC8K@FEJ8E;K?<@EKLC8K@FEJD8PC@D@KFLI89@C@KPKFG8IK@:@G8K<@EK?<I<:@GIF:@KP8>I<I8DJ8E;8N8I;;<>I<@9@C@KPFIK?<
@DG8:KK?8K=8@CLI<KFD<8**07*(*79.+.(&9.43945&79.(.5&9*.3.91* 574,7&28&3)2&>.3(*79&.3(.7(:289&3(*8
'*8:'/*(9947*;.*<'>57.47948**0.3,7*(*79.+.(&9.43&3)4:7+:9:7*8:((*882&>'*&);*78*1>&++*(9*).+4:7.389.9:9.438
&7*:3&'1*948:((*88+:11>2&.39&.3(*79.+.(&9.43474'9&.37*(*79.+.(&9.43
JDFI<=LCCP;LC8KFIPEM@IFED-FLI:LC8K@FEJ
,LC8K@FEF=.@KC<#0 @E8E:@8C@;*IF>I8DJWC@>@9@C@KP8E;I8DJ
8E;D8PI@9@C@KP8E;:I8DJFIK?<J:FG<K?F@E>J<:K@FEDLJK@EJFD<:8JGIFM@J@FE8C:I8DJK?I8DJ@EFI;I8DJ@EFI;@9C<KFG8IK@:@G8K<@EK?<0<;L:8K@FE9I8DJ
&FJJF=G8IK@:@G8K@FE@E.@KC<#0GIF>I8DJ.8E;K?<0<;L:8K@FE9I8DJNFLC;?8M<8D8K.389.9:9.438B+&.1:7*942**9+.3&3(.&17*85438.'.1.9>89&3)&7)82&>7*8:19.3&)).9.43&17*,:1&947>
7*6:.7*2*3989-&92&>3*,&9.;*1>.25&(9(&8-+14<479-*14884+*1.,.'.1.9>'>43*4+4:7.389.9:9.438945&79.(.5&9*.3.91* 
574,7&28
.FG8IK@:@G8K<@E.@KC<#0GIF>I8DJ8E@9C<@EJK@KLK@FEDLJKJ8K@J=PJG<:@=@:D<8JLIILC8KFIPFM?KF=@KJG8IK@:@G8K@FE@E.@KC<#0GIF>I8DJ
J;LC8KFIPEM@IFED-FLI:LC8K@FEJ,LC8K@FEF=.@KC<#0 @E8E:@8C@;*IF>I8DJW @E8E:@8C,I8DJ8J8=@E8E:@8CCPI?K?<YQFE<8CKLC8K@FEJ
#EGI@CEFK@=@<;LJK?8K8::FI;@E>KF@KJ:8C:LC8K@FEJN<?8;8=@J:8CP<8I8K@FEJ@E:CL;@E>"'
)E'8I:?
EFK@=@<;LJK?8K8JF=JL:?;8K<*/-,/8E;"(NLC8KFIP8E;8::I<;@KFI
IN@K?I@9@C@KPFI8:K@FEI@EK?<QFE<
 FIDFI<FEK?<=@E8E:@8CILC8KFIPEM@IFED-FLI:LC8K@FEJ,LC8K@FEF=.@KC<#0 @E8E:@8C@;
*IF>I8DJZ
+&.1:7*94)*243897&9*@&)2.3.897&9.;*(&5&'.1.9>A2&>7*8:19.39-*14884+*1.,.'.1.9>945&79.(.5&9*.3.91* 574,7&28
JDFI<=LCCP;@J:LJJ<;@EYLJ@ELC8KFIPEM@IFED-FLI:LC8K@FEJ
,LC8K@FEF=.@KC<#0 @E8E:@8C@;*IF>I8DJW;D@E@JKI8K@M<8G89@C@KPZ\J
I<>LC8K@FEJJG<:@=PI8DJ8E;K?<J8E:K@FEJD8P@DGFJ<@=8E@EJK@KLK@FE=8@CJKFJ8K@J=P8EPF=K?FJ<:I@KI8D
=LE;JKI8EJ=I8D=LE;JKF?<@>?K
JK8KLJFIKFK?<YI<@D9LIJKF@DGFJ<8=@E<FIKFC@D@KJLJGI8DJN?@:?
NFLC;8;M(7*&9*8.,3.+.(&391.&'.1.9>9-&9(4:1)-&;*&3&);*78**++*(9434:7':8.3*88&3)7*8:198
4+45*7&9.438
/E;LC8K@FEJN?@:?8:KJFIFD@JJ@FEJF=8E@EJK@KLK@FEF=?@>?LC8KFIP
EM@IFED-FLI:LC8K@FEJ,LC8K@FEF=
.@KC<#0 @E8E:@8C@;*IF>I8DJWFIIFNKF:FCC<:K=IFD8E@EJK@KLK@FEK?<8DFLEK
F=I=IFD89FIIFN?K9P8E@E;@M@;L8C9FIIFNLC8K@FEJLEK@C$LCP
::FI;@E>CP.,I<>LC8K@FEJK?8KNLC8KFIPEM@IFED-FLI:LC8K@FEJ,LC8K@FEF=.@KC<#0 @E8E:@8C@;*IF>I8DJWFIIFN8;@J:?8I><F=CF8EJ
8:?F=K?<
II8EK.,I*):(&9.437*,:1&947>*3;.7432*39-&8(-&3,*)&3)2&>(-&3,*.39-*+:9:7*&8&7*8:194+3.9*)9&9*8
+*)*7&1*1*(9.438
?8E>I@JC8K@FE8GGIFGI@8K@FEJI<>LC8K@FEJJK8E;8I;J
GFC@:@D8KI8DJ8E;:FJKF=;F@E>9LJ@E<8CKLC8K@FEJ8E;KF:?8E><GFC@:@I<FI@JC8K@FE8E;I<>LC8K@FEJ8E;KF@JC8K@FEKF8CKI<>LC8K@FEJN@K?I@KJ=LE:K@FEJKFFECPK?FJ<K?8K8I<JK8KLKFI@CPIFM?KF=:@EF==@:<JK8==8E;GIF>I8D
:LKJ
?8J:C8@D<;K?<,# N@CCEFK;@I<:KCP@DG8:KJKL;<FI;;@JGFJ@K@FEF=K?<8GG<8CK?LJ8CCFN@E>K?<,# KFGIF:<<;
,E<;8EO<:LK@M<)I;;L:8K@FE)LK:FD*8IFK?J@EJKIL:K<;K?<-<:II8DJ8E;9JKL;I8EKJ
1<:8EEFKGI<;@:KK?<8J@KIII<FILC8K@FEJJK8E;8I;JGFC@:@LC8K@FEJJK8E;8I;JGFC@:@LC8K@FEJ
GI8:K@:?.@KC<#0GIF>I8DJ.FI
0GIF>I8DJEFI:8EN<GI<;@:KN?D8;<KF.@KC<#0GIF>I8DJDFI<>F=.@KC<#0FIFK?E@=@:8EK:?8E>LC8K@FEF=?@>?4:7.389.9:9.43894(4251><.9-B8.3(*39.;*5&>2*397:1*(4:1)7*8:19.38&3(9.438&3)1.&'.1.9>:3)*79-*
&18*
1&.28(9
#=FE<F=FLI@EJK@KLK@FEJG8PJ89FELJ:FDD@JJ@FEFIFK?K?<:FJKKFF=8CC.@KC<#0=LE;J@DGIFGI8DJ
D8P8CJFJ<LC8KFIPEM@IFED-FLI:LC8K@FEJ,LC8K@FEF=.@KC<#0 @E8E:@8C@;*IF>I8DJW#E:I8DJ8E;8II8E>L@K@8K@M@E.?8M<GFC@:@LC8K@FEJ@JJL<;
9PI8I;KF09FM@E>M@FC8K@FEF=K?<@E:8K@FEJ8E;K?<
=<;FM?KF=K?<LE:@EKKF8E;K?<FLK:FD<F=JL:?JL@KJFI@EM8K@FEJ
:FLC;?8M<8D8KFLII8DJ8DFE>FK?J

J8I148**1.,.'.1.9>945&79.(.5&9*.3.91* 574,7&28.+9-*.789:)*3914&3)*+&:197&9*8&7*944-.,-&3)4:7
+:9:7*,74<9-(4:1)'*.25&.7*)&8&7*8:19
J;LC8KFIPEM@IFED-FLI:LC8K@FEJ,LC8K@FEF=.@KC<#0 @E8E:@8C@;*IF>I8DJW-KL;C<P<8IFI
@9@C@KPKFG8IK@:@G8K<@E.@KC<#0GIF>I8DJ
#=8E@EJK@KLK@FE\J
:F?FIK;<=8LCKI8K<@MK?<:F?FIK;<=8LCKI8K<

#E-8QLC8KFIPII8DJKL;K?@JG@EE@E>):KF9=IFD):KF9N?@:?9FIIFN?8E@9@C@KPKFG8IK@:@G8K<@E.@KC<#0GIF>I8DJ9<:8LJ<F=?@>?JKL;@9C<KFLJ<.@KC<#0GIF>I8D=LE;J8KK?8K@EJK@KLK@FE8E;K?<@EJK@KLK@FENFLC;EFCFE>@9C<KFG8IK@:@G8K<@EK?<.GIF>I8DN?@:?NFLC;J@>E@=@:8EKCPI<;L:<K?8K@EJK@KLK@FE\JI8K@MIG8K@M439-.7)5&79.*894&)2.3.89*7*1*2*3984+B8B8&3)
B85&79.(.5&9.43.3.91* 574,7&28&3)9-*.7
+&.1:7*945*7+4728*7;.(*8&8&,7**)4794(4251><.9-&551.(&'1*7*,:1&9.438(4:1)(&:8*:894148*4:7*1.,.'.1.9>94
5&79.(.5&9*.3.91* 574,7&28
\JI<>LC8K@FEJGI8DJ
.?<K?@I;G8IKPJFK?8K@FEJ:FDGCP
N@K?.@KC<#0IE@=@:8EKDF;@=@:8K@FEJKF:FEKI8:KJN@K?K?@I;
G8IKPJ8><;;FLC8K@FEJFLI@EJK@KLK@FEJD8P9<C@89C<=FI@KJ8:K@FEJ8E;FLI@EJK@KLK@FEJ:FLC;CFJ<
@9@C@KPKFG8IK@:@G8K<@E.@KC<#0GIF>I8DJ
.?<=8@CLI<F=FE<F=FLIK?@I;G8IKPJI<<;
D8P8;M@9@C@KPKFG8IK@:@G8K<@E.@KC<#0GIF>I8DJ8E;FLI=@E8E:@8C:FE;@K@FE

 LIK?(&1(:1&9*&3)9.2*1>7*9:73.91* 574,7&2+:3)8+4789:)*398<-4<.9-)7&<'*+47*
(4251*9.3,9-*.7*):(&9.43&1574,7&2
JDFI<=LCCP;LC8KFIPEM@IFED-FLI:LC8K@FEJ
,LC8K@FEF=.@KC<#0 @E8E:@8C@;*IF>I8DJW.@KC<#0,@E.@KC<
#0GIF>I8DJDLJK:8C:LC8K<LE<8IE<;.@KC<#0GIF>I8D=LE;JK?8K?8M<9<I8DJ9<=FI<:FDGCLC8K@FEJC8K<II8D=LE;J=FIFIDFI<F=JKL;<.9-B88:'89&39.&12.87*57*8*39&9.437:1*8(4:1)7*8:19.32&9*7.&18&3(9.438
JDFI<=LCCP;LC8KFIPEM@IFED-FLI:LC8K@FEJ
,LC8K@FEF=.@KC<#0 @E8E:@8C@;*IF>I8DJW-L9JK8EK@8C'@JII8DJ9P8E@EJK@KLK@FEK?8K8>8I;@E>K?<
E8KLI<F=@KJ<;L:8K@FEGIF>I8D@KJ=@E8E:@8C:?8I>I8;L8K8K@FE
:C8@D@E>JL9JK8EK@8CD@JI?K8>8@EJKFLI@EJK@KLK@FEJN<:FLC;@E:LIC<>8C:FJKJI8K@FE8E;;<=4+9*(-3414,>(439.3:*894*;41;*<-.(-(4:1)7*8:19.3.3(7*&8*)
.3+472&9.439*(-3414,>)*;*1452*39(4898&3)(4251.&3(*7.808
)LI@EJK@KLK@FEJD8B<:?G@:8C;I8G?@:JG@:KLI?FLIN<9J@K>8E;K?<?FNPJ?FLC;9<D8;<8::M@8JG<:@=@:K<:?E@:8CJK8E;8I;J
 FILC8KFIPEM@IFEDLC8K@FEF=.@KC<#0 @E8E:@8C@;*IF>I8DJW::?KJFI),?8J@EI<:8@EJK?@>?D8E8>D8E8>LJK),@;N@K?),FE8I*/-@EKF:FDGC@8E:<
KK?@JK@D<N<:8EEFKGI<;@:KN?JFIN?LC8K@FEJK?8KII<8KPKFJ8K@J=P8GGC@:89C<I@E>=8@CLI<KF:FDGCPN@K?C8NJK?8KGIF?@9@K;@J:I@D@E8K@FEFEK?<98J@JF=;@J89@C@KP
4;*732*39&3)7*,:1&947>&,*3(.*8&3)9-.7)5&79.*82&>(43):(9(4251.&3(*7*;.*<8'7.3,(1&.2847.3.9.&9*
.3;*89.,&9.438*3+47(*2*39&(9.438471.9.,&9.43&,&.389:8&3>4+<-.(-(4:1)).87:594:7.389.9:9.438B45*7&9.438&3)
&);*78*1>&++*(99-*.75*7+472&3(*
)LI@EJK@KLK@FEJ8I<JL9A<:KKF8L;@KJ:FDGC@8E:<I8K@FEJ:C8@DJF=
EFE:FDGC@8E:<J8E;C8NJL@KJ9P>FMLC8KFIP8>:C8@DJ9IFL>?K9PK?@I;G8IK@FMLC8ICP:FE;L:KJ
GIF>I8DI@E.@KC<#0GIF>I8DJ8E;)#!D8P:FE;L:K@EJG<:K@FEJ
8L;@KJ8E;@EM8K@FEJF=FLI@EJK@KLK@FEJ8E;:8E8GIF>I8DII8DJ;LI@E>K?<8E;
8N8I;P<8IJK?8K8DFE>FK?J@E:CL;I8DICP8KK?@JK@D<N<:8EEFKGI<;@:KK?<FLK:FD<F=K?<*/-GIF>I8D


IJ@EK?<IGIF>I8DIJK?8K<;8E;@EJFD<:8J?KC8NJL@KJ8>8@EJK=FI
GIF=@K@EJK@KLK@FEJ8CC<>@E>K?8KK?<@EJK@KLK@FEJ8><;@E;<:8>@E>@E8CC<><;CP@CC<>8CGI<;8KFIPCGI8:K@:@KJ?KF=<;L:8K@FE8C@EJK@KLK@FEJ
@E:CL;@E>\J)==@:<F= <;K??KF=8E;8@EJKGFJKJ<:FE;8IP@EJK@KLK@FEJK?8KG8IK@:@G8K<@E=<;I8EK8E;NFIBJKL;PGIF>I8DJ
EP:@M@C
GJ8I<LE=8MFI89C<KFFLI@EJK@KLK@FEJFI@=K?8@EJKE<>8K@M<I<>LC8KFIPFI8;D@E@JKI8K@M<8:K@FEJC8NJL@KJFI:C8@DJFLI@EJK@KLK@FEJD8P9<I@EALE:K@FEJFIFK?K?<
IE@=@:8EK=@E8E:@8C8E;D8E8>F@E>9LJ@E8@EJKK?FJ<C8NJL@KJFI:C8@DJ
C8@DJ8E;C8NJL@KJ9IFL>?K
8>8@EJKLJFIFE<F=FLI@EJK@KLK@FEJD8PI<E@=@:8EKI89&9*99473*>8*3*7&1
43,7*88&3),4;*732*39&1&,*3(.*8.3949-*(425&3>&3)49-*7+47574+.9
.389.9:9.4382&>7*8:19.3.3(7*&8*)7*,:1&947>':7)*38&3)(4898&3)2&>.25&(94:77*5:9&9.43
,<>LC8KFIP@EM8K@FEJ8E;:@M@CC@K@>8K@FE9IFL>?K8>8@EJKFK?<?8M<9<@JC8K@M<?<8I@E>J8E;?8M<@EJFD<:8J@JC8K@FEFIILC
#EJFD<:8JFM8K@FEJ

IF8;8K@FEJ8>8@EJKK?<FM8CC<>8K@FEJF=@DGIFG:FDGGI8:K@:FK?8K@MFLI@EJK@KLK@FEJ8E;K?@JKIGI8:K@:@EJK@KLK@FEJ8E;J:?FFCJ@E:CL;@E>=FIGIF=@KJ:?FFCJ8E;@EM8K@FEJ9P8ELD9IFM<F=GFJKJ<:FE;8IP8E;=FI
GIF=@K<;L:8K@FE
;M<I<>8I;@E>FK?<FLII8K@M<@DG8:KFEFLIJKF:BGI@:<
-L:?8CC<>8K@FEJ:FLC;8CJFILC8K@FE9P
FE>I9F;@@JC8KLIFMLJ8E;FLI@EJK@KLK@FEJ
-K8K<8KKFIE9P:?FFJ@E>EFKKF
LJFI9P=FIGIF=@K@EJK@KLK@FEJ=IFDDIFLGJ
-@D@C8ICPJFD<:FIGFI8K@FEJ?8M<:?FJI8DJ=FIK?<@IGLIGFJ&7*349
&17*&)>43574;.8.43&189&9:8&3)9-*9*7284+9-&9574;.8.43&1(*79.+.(&9.43(4:1)1.2.94:7.389.9:9.438B549*39.&1+47,74<9-
&3)&);*78*1>&++*(94:7.389.9:9.438B*374112*394:77*;*3:*&3)7*8:1984+45*7&9.438
J;LC8KFIPEM@IFEDLC8KFIP:K@FEJ8E;,F<@EFNE@E8:?8E><F=:FEKIFCCFJ@9@C@KPKF
G8IK@:@G8K<@E.@KC<#0GIF>I8DJ8E;DLJK8GGCPKF@EFI;@9@C@KP
 FILC8KFIPEM@IFED-FLI:LC8K@FEJ,LC8K@FEF=.@KC<#0 @E8E:@8C@;*IF>I8DJWC@>@9@C@KP8E;IFNK?
I<@EFNELC8KFIPEM@IFEDLC8KFIP:K@FEJ8E;,-FLI:LC8K@FEJ,IFNK?IIFNK?FGGFIKLE@K@I@KJ89@C@KPKFJJKL;<@EFNELC8K@FEJ8E;:FLC;:8LJ<KF
C<8M<GIFM@J@FE8C:?KFK?JFLI@EJK@KLK@FEJ\89@C@KPKF8;;<;L:8K@FE8CGIF>I8DJFI8;;@K@FE8C
CF:8K@FEJFLI89@C@KPKF8:HL@I<FK?E@=@:8EK:?8E>I8DJN@K?=I8DJNFLC;8CJFII8DJ8E;NFLC;8;M9-*.7&5574;&14+97&38&(9.438.3;41;.3,&(-&3,*4+(4397414+47.98.389.9:9.438
9-&9<*4<347&(6:.7*4:7&3)4:7.389.9:9.438B&'.1.9>9445*7&9*(4:1)'*.25&.7*)
#=N<FIFE<F=FLI@EJK@KLK@FEJ<F=FNELC8KFIP9F;@8>LC8KFIJN<FIK?<@EJK@KLK@FE>FMLC8KFIP8><F=:FEKIFC@E:CL;<
J@>E@=@:8EK8:HL@J@K@FEJFI;@JGFJ@K@FEJF=8E@EJK@KLK@FE\J:FDDFEJKF:BJ@>E@=@:8EK:?8E>J8:HL@J@K@FEJF=@EJK@KLK@FEJ@E:CL;@E>K?<,8JDLJJ8GGIFM8CF=8EP:?8E><F=:FEKIFC=IFDK?<ILC8KFIP8>8KI8EJ8:K@FE
@EMFCM@E>8:?8E><F=FNE8LK?FI@KPCFJJF=8::I<;@K8K@FEFI
JLJGI8DJFI:IFNK?IN@K?I
CF:8K@FEJ8E;GIF>I8DJN?@:?:FLC;?8M<8D8K8EP8GGIFM8CF=8EP:?8E><F=:FEKIFC=IFDFK?<F=:FEKIFC:FLC;@E=CLFK?J=LKLI<;<:@J@FEJ9PLJ8E;FLIJKF:B?FC;8I;@E>K?<J8C<GLI:?8J<KI8EJ=<@EFNELC8KFIPEM@IFEDLC8KFIP:K@FEJ8E;,-FLI:LC8K@FEJ,.39-*+:9:7*(-&3,**1.,.'.1.9>89&3)&7)8&3)+:3).3,1*;*18+47+*)*7&189:)*39
+.3&3(.&1&.)574,7&284&3)49-*7574,7&289-*7,4;*732*39&1477*,:1&947>'4).*82&>&184(-&3,*8.2.1&71&<8
477*,:1&9.4387*1&9.3,948:(-574,7&28<-.(-(4:1)&);*78*1>&++*(94:789:)*39545:1&9.437*;*3:*&3)+.3&3(.&1
(43).9.43
.@KC<#0GIF>I8DJ8I<D8;<8M8@C89C<GLIJL8EKKFK?<GIFM@J@FEJF=K?<"
.?<"DLJK9<GII8DDLJK9<=LE;<;K?IFL>?8GGIFGI@8K@FEJ8:KJFE8E8EEL8C98J@J
1<:8EEFK
GI<;@:KN?@JC8K@FEN@CC9<8K@MFLIII@EI<8LK?FI@Q8K@FEJFI8GGIFGI@8K@FEJ8:KJD8PI@JC8K@M<:?8E>I8DJ.8E;K?<8M8@C89@C@KPF=JL:?=LE;@E>
JFLI:I@JC8K@FEKF8CKI8DJ
EP8:K@FE9PFE>IE@=@:8EKCPI<;L:=FI.@KC<#0
GIF>I8DJFIK?<89@C@KPF=FLI@EJK@KLK@FEJFIJKL;I8DJ:FLC;D8KFMC<=FI8CK<8CK:FLC;8;MILC8KFIPI@JC8K@FEK?8K:FLC;8;MIE<;@EKFC8N@EK?<=LKLI<
.?<I<8CCF:8K@FEF==LE;@E>8DFE>.@KC<#0GIF>I8DJD8KI8DJFIK?<JL9JK@KLK@FEF=D8KI8DJ:FLC;I<;L:<K?<
89@C@KPF=:<.9-9-*;&7.4:8+*)*7&1&3)89&9*1&<8&3)7*,:1&9.438,4;*73.3,
B8*=9*3)*)5&>2*3951&3459.438
(4:1)8:'/*(9:894+.3*85*3&19.*84'1.,&9.43894).8(-&7,*14&38&3)49-*7.3/:3(9.;*7*6:.7*2*398
"(F==E<;KF8JJ@JKJKL;KL@K@FE8E;
=<LC8K@FEJ8J;@J:LJJ<;@EYLJ@ELC8KFIPEM@IFED-FLI:LC8K@FEJ,LC8K@FEJN<:FLC;9<JL9A<:KKF=@E8K@FEJKF;@J:?8I><
CF8EJ8E;FK?E@=@:8EKI8K@FE=@E;@E>FIFLK:FD<@E8EPF=K?@9@C@KPKFG8IK@:@G8K<@E.@KC<#0GIF>I8DJFIJ<:CFJJE@=@:8EKIA?5:1??
:789:)*397*,.897&9.4387*;*3:*&3)(&8-+14<-&;*'**3&);*78*1>.25&(9*)&3)<*(4:1)*=5*7.*3(*&)).9.43&1&);*78*
.25&(98&8&7*8:194+9-*72*)47(*8B574(*88.3,8>89*2:5,7&)*847&97&38.9.43943*<8>89*28+478*7;.(*2*2'*78
947*6:*8947&((*88.3, *):(&9.43'*3*+.9574,7&28
*/-II8DJ8E;=IFD
K@D<KFK@D<:?8E>I8DJ
.?<ID<;
 FI:F=
G8PDLJKK?<IDPKI8EJ@K@FE<;=IFD8E@E@K@8CME@KN@K?8K?@I;
G8IKPJI8;<;IDP#>E@K
N@K?8EE@K

JG8IKF=K?@J:?8E><K?<IDPJKFGG<;8CCFN@E>
@EJK@KLK@FEJKFJL9D@K@EMF@:I8;K?<II8K@FE:FLC;:8LJ<=LIK?F=@EMF@:FMI8;@E8E8GGIFO@D8K<KNFN<<

;;@K@FE8CCP0?8J8EEFLE:<;DLCK@P<8IGC8EJKFLG>I8;<JPJKI8;I8DJFIF=MI8DJFI:FEK@EL<;FI
8;;@K@FE8CC@D@K8K@FEJFEK?<@I89@C@KPKF8GGCP8E;G8IK@:@G8K<NFLC;?8M<8E8;MI@J@E>@EKE@=@:8EKGFIK@FEF=K?<@III8DJN?@:?@E:CL;<JKL;FM?GI@M8K<CF8EJK?8K8I<EFK>FM?I8DCF8EJ8E;GI@M8K<CF8EJ8J8I@E:I<8J<@E<;L:8K@FE8C:FJKJKFFLI8E;
GIFJG<:K@M<JKL;???@9@C@KPKFG8IK@:@G8K<@EJFD<.@KC<#0GIF>I8DJN?@:?:FLC;8;MI8;L8KF==E<K?8DFLEKJFN<;KFK?<@EJK@KLK@FE
GIFKI8:K<;<:FEFD@:JCFN;FNE:FLC;E<>8K@M;<9KJK?8KI94574(*88.91* +.3&3(.&1&.)
1<:FCC<:K<;8JL9JK8EK@8CGFIK@FEF=FLI=@J:8CP<8I:FEJFC@;8K<;II8D=LE;J
EPGIF:;@JILGK@FEJ9P9PFLI@EJK@KLK@FEJFI9PK?@I;G8IKPJI8DJK?8K8I<EFKK?<8;M8E:<G8PD349'*(4251*9*)472&>349'*(4251*9*)439-*9*728479.2*1.3*
(:77*391>(439*251&9*)&3).+.9.89-**=5*(9*)'*3*+.982&>349'*7*&1.?*)&3>4+<-.(-(4:1)-&;*&2&9*7.&1&);*78*
.25&(9434:7':8.3*88+.3&3(.&1(43).9.43&3)7*8:1984+45*7&9.438
J;@J:LJJ<;@E>I<8KLC8KFIPEM@IFEDGIF>I8DJ,/\J
?<8CK?:8I<GIF>I8DJ"(\J:8DGLJ98J<;ELIJ@E>8E;?<8CK?:8I<GIF>I8DJ8E;,/\JEFE?<8CK?:8I<GIF>I8DJ
J8I<;LC8KFIPEM@IFED<F=FEKIFC
-KIL:KLI<FI)I>8E@Q8K@FEKF"&@E-JL9JK8EK@8CCPK?<J8D<@E=FID8K@FEK?8K?8;9<K?<KNFJK8CD8C8CK?<D
;@I<:KCPFNE<;9PK?<J8D<C<>8C
1<D8P8E;@E:I<8J@E>JKL;=IFDCFJK
JPE@8K@M<D8IB=FIK?<FD9@E8K@FE8E;FK?FI
=FCCFN@E>K?<FD9@E8K@FEN?@:?:FLC;8;MI8E;DFK@M8K@E>BK?<G@KJ:FDGCF@E>9LJ@E@EJK@KLK@FEN@CCE<<;KFF9K8@EI
JK8K<9F8I;JF=ELIJ@E>@EFI;8GGIFM8CKFI8DJ8E;CF:8K@FEEFI:8EK?8K@M<I<8:K@FE=IFDJKL;LC8KFIPI'*).++.(:1994.39*,7&9*).87:594:7':8.3*88).1:9*894(0-41)*7;&1:*47).;*79
2&3&,*2*39&99*39.43&3)<*2&>3497*&1.?*9-**=5*(9*)'*3*+.984+&3>(438:22&9*)':8.3*88(42'.3&9.43847
&(6:.8.9.438
 IFDK@D<KFK@D<N<
T
=8@CLI<KF:FEJLDD8K<FI;K?<KI8EJ8:K@FEJ
T
C8:BF=LE;F=K?<K8I>I8K@FE
8E;@DG8:KFE:8J?=CFN
T
=8@CLI<KF8:?@@FGI8K@E>=@E8E:@8C@E=FID8K@FEK<:?EFCF>P8E;FK?LE@=FID<==<:K@M<FI:FDGC@8EKJK8E;8I;J:FEKIFCJGFC@:@
=@E8E:@8CIGIF:<;LIK?<8:HL@J@K@FE
8E;@EK<>I8K@FEGIF:8GGIFM8CF=K?<8:HL@J@K@FE=IFDK?<E<:LC8KFIP8>II8K@FE<==FIKJ
T
@E:I<8J<;:FJKJF=JKI8K<>@:KI8EJ8:K@FEJ8J8I?@DG8:K8E;
T
LE@;C<>8C8E;I<>LC8KFIP:FEK@E>I8K<:FDGC>FF;N@CC
#=8EP8:HL@J@K@FEJ=FIN?@:?N<
I<:FI;>FF;N@CC8I<EFKJL::FF;N@CCD8P9<:FD<@DG8@I<;8E;?8M<8E8;M<@EFNELC8KFIPJK8E;8I;J
 FIK?<
,8JDLJJ8>LC8KFIP9F;@8:HL@J@K@FEJN<
D8P@E:LIJL9JK8EK@8CE@=@:8EKD8E8>:FJKJ8M@E>J8E;FK?@IFNK?FGGFIKLE@K@K?<8EK@:@G8K<;K@D<=I8D<FI8K8CC8J?8JF::LII<;KF8ELC8K@FE8E;C8NJGL9C@:?<8CK?:I@J439-.7)5&79>;*3)478<-48*8*7;.(*2&>'*4+14<*76:&1.9>9-&34:78<-48*7*85438.;*3*882&>'*1*889.2*1>
9-&34:78&3)<-48*(4251.&3(*57&(9.(*82&>.3(7*&8*4:745*7&9.43&1&3)(4251.&3(*7.80


1<IPJD8E8>I8K<;:LII@:LCLD8E;KJ8E;N<D8PI?:CFL;:FDGLK@E>JK?@I;G8IKPMLC8K@FEJ
#EK?<FI=8@CKFGIFM@;<E<:@EE@E>Y-@>E@=@:8EKJPJKP@E=I8JKIL:KLI<FIFEC@E<:C8JJIFFD@E=I8JKIL:KLI<FIKFK?<E3**)8
CK?FL>?N<9:8J?8E;:8J?F@E>FG8K@FEJ8E;GC8EE<;:8G@K8CJD8PEFK9<8M8@C89C<KFLJ@E8E8DFLEKJL==@:@8J8ILC8KFIP8:K@FEFI8EP>FM*/-\J:?8E><KF@KJ9@CC@E>8GGIF8:?KF;=FI.8E;K?<FD9@E8K@FE:FLC;C<8;LJKFI<;L:<:8J?8M8@C89C<=FIFG&++*(94:7':8.3*88
&3)+.3&3(.&17*8:198&3)<*2&>349'*&'1*.39-*+:9:7*948*7;.(*9-&9)*'9
)LI89@C@KPKFD8B<J:?<;LC<;G8PDI<
GK?@J;<9KK?K?<8M8@C89@C@KPF=:8J?KF=LE;FK?8K@FEJFI=LE;FLIFK?8K@FEJ8E;@DG8@IFLIC@HL@;@KP
#E8;;@K@FELGFEK?<F::LII<F=
:FEKIFCN<:FLC;9<I@EJN@K?K?<:8GK@FEY#=FE<FIDFI<F=FLI@EJK@KLK@FEJ;F3**)&)).9.43&1(&5.9&1.39-*+:9:7*':99-*7*.834&88:7&3(*9-&9+:3)8<.11'*&;&.1&'1*43&((*59&'1*9*728
1<D8PE<<;8;;@K@FE8C:8G@K8C@EK?<=LKLI<=FIM8I@FLJI<8JFEJ@E:CL;@E>KF=@E8E:<9LJ@EPFIKF8:?@IFNK?FI=LE;FK?JKF:B?FC;?KJGI<=JKF:B?FC;=FI8;;@K@FE8C=LE;@E>KF8I;@E>K?<=FIGIF=@KGFJKJ<:FE;8IP<;L:8K@FE@E;LJKIP8J8N?FC<8CJFD8P@DG<;<FLI8::@:@E@K@8K@M89*28&3)574(*88*894)*9*(9&3)57*;*39+7&:):1*39&(9.;.9>.389:)*39
*374112*39&3)+.3&3(.&1&.)4:7.389.9:9.4382&>148*9-*&'.1.9>945&79.(.5&9*.3.91* 574,7&28474574,7&2847
-&;*5&79.(.5&9.43.39-*8*574,7&28(43).9.43*)471.2.9*)
)LI@EJK@KLK@FEJDLJKD8@EK8@EJPJKCPJFG?@JK@:8K<;=I8L;J:?@E>E8KLI<F=K?I8DJ?8M<9<II8D=LE;J
1<9
KFGI8D=LE;J8K*/-8E;,/FEC@E<@E:CL;@E>
8J8I?K8EFEC@E<<;L:8K@FEGIFM@;I8DJKFI<=8C:FE;L:K@EMFCM@E>.@KC<#0GIF>I8DJ8E;@EK?<G8JKFLI@EJK@KLK@FEJ?8M<I<=@9@C@KPKFG8IK@:@G8K<@E.@KC<#0GIF>I8DJZ
#E8;;@K@FEFLI@EJK@KLK@FEJ\89@C@KPKFG8IK@:@G8K<@E.@KC<
#0GIF>I8DJ8E;.@J:FE;@K@FE<;FED8@EK8@E@E>8::I<;@K8K@FE9P8E8::I<;@K@E>8>E@Q<;9P
EP
J@>E@=@:8EK=8@CLI<KF8;8>
FEC@E<GIF>I8DJDLJKI?N?@:?K?<@EJK@KLK@FE@JKI8D@JK?<J8D<JKL;I8D
 8@CLI<KFD<8>@9@C@KPKFG8IK@:@G8K<@E.@KC<#0GIF>I8DJ.FI9FK?
+<*&7*:3&'1*94&997&(97*9&.3&3))*;*14580.11*)5*78433*1&3)2&3&,*2*394:7':8.3*88&3),74<9-57485*(98(4:1)
'*8*;*7*1>-&72*)&3)(-&3,*8.32&3&,*2*39(4:1)(&:8*).87:59.43&3):3(*79&.39>
1<DLJK8KKI8:KI?CPHL8C@=@<;=8:LCKPD8E8>FLIIFNK?;F8CJF=FLI9LJ@E:FDGP8E;=@E8E:<
1<8CJF9CFNLE<F=?@I@E>8E;8E;IHL8C@=@<;ELIJ@E>=8:LCKPN?@:?D8P
@E=CLI8DJ8:IFJJFLIELIJ@E>8E;?<8CK?:8I<=F:LJ<;@EJK@KLK@FEJ
EJLI@E>8JK89C<HL8C@=@<;ELIJ@E>
=8:LCKP98J<@J8;D@JJ@FEJJK8E;8I;JFIC@D@K@E>:F?FIKJ@QC<8IE@E>
(&2FLK:FDI8DHL8C@KPK?K?<>IFNK?
8E;;K?IFL>?K?<LJ<F=JK8==G8E;
GIF=?K:FLC;?8M<8D8KN@K?@EK<>I@KPN<:FLC;E@=@:8EK@DG8:KKFFLI9I8E;8E;I8E;
IIK?<;8>@E>FLI?D<8E@E>=LC8><C<8;K?IFL>?FLKFLI9LJ@E@E:FEE<:K@FEN@K?8EK@:@G8K<;;<K?<KI8EJ=<
'8E8>8K@M<K?<CFJJF=B<:FLC;J@>E@=@:8EKCP@DG8:KFLI9LJ@E?:8C@9K?IFL>?M8I@FLJ?LD8EII8DJ8E;N?8K
N<9=8:LCKP
D8E8>I8DJFGP:FLC;9<
J349&(-.*;*9-*&39.(.5&9*)'*3*+.984+4:7(4898&;.3,8.3.9.&9.;*8.3(1:).3,7*):(9.438.3+47(*&3>'*3*+.982&>'*
4++8*9'>.3(7*&8*)(4898.349-*7&7*&8
1<?8M<@EK?<G8JK8E;D8P@EK?<=LKLI<:FE;L:K?<8;:FLEKI<;L:K@FEJFIFK?J8:K@M@K@JD<8JLI8I<;L:K@FE@E=FI:<?@I@E>=I<FK?E@Q<K?<9JI<8C@Q<;D8P9<F==J@=N<;J@E:CL;@E>;L<KF8JJF:@8K<;C<>8CI@JBJ8E;:FLC;;@JKI8:KD8E8>KF>944'9&.3*=(1:8.;*57457.*9&7>7.,-98&3)5749*(94:7.39*11*(9:&15745*79>&8<*11&8).85:9*8<*2&>
*3(4:39*7+7429.2*949.2*<.9-9-.7)5&79.*87*,&7).3,4:7:8*4+9-*.7.39*11*(9:&15745*79>(4:1)-&724:745*7&9.438&3)
57485*(98
#EK?<FI;@E8IP:FLIJ<F=9LJ@E?KJKI8;I<@JKI8K@FEJ
)LI@EJK@KLK@FEJ
II<?KJKFLJ<:FLIJ<:FEK?KJKF
K?<@EK?KJ@EK?</
-
FI=FI<@>EALI@J;@:K@FEJFIK?8KK?@I;G8IK@<LGFEFIM@FC8K<
K?<GIFGI@?KJF=FLI@EJK@KLK@FEJ
?KJK?@I;G8IK@GIF>I8DJFI:FGP8JG<:KJF=FLI@EJK@KLK@FEJ\:LII@:LCLDFEC@E<IK??KJ:8E9<;@==@:LCKG8IK@:LC8ICP8J@KI:FLIJI8DJ
)LI@EJK@KLK@FEJD8P?KJ8E;F9C@>8K@FEJ:FE:@EK8@EJKFLI@EJK@KLK@FEJ8CC<>@E>8E@E=I@E>?KJD8P9<8I;@E>K?FJ<@EK?KJ

EPJL:?;@JGLK<:FLC;JL9A<:KFLI@EJK@KLK@FEJKF:FJKCPC@K@>8K@FE8E;@DGFJ<8J@>E@=@:8EKJKI8@EFEFLI=@E8E:@8CI8I;CE@=@:8EK
!*2&>.3(:71.&'.1.9>+479-*:3&:9-47.?*)):51.(&9.4347).897.':9.434+(4:78*2&9*7.&185489*)431.3*+47(4:78*
).8(:88.438
#EJFD<@EJK8E:FMK?<=8@ILJ<F=K?@E>KF8;FGK8E;@DGCFMK?8@EJKLJFLI@EJK@KLK@FEJFIFLI@EJK@KLK@FEJ\=8:LCKPD8K@FE@DGFJ<8J@>E@=@:8EKJKI8@EFE=@E8E:@8CIFM8I;C43).;.)*3)8).897.':9.438&3)49-*75&>2*398&);&3(*8&3)97&38+*784++:3)8+7424:745*7&9.3,8:'8.).&7.*894
2**94:74'1.,&9.438&3)94+:3)&(6:.8.9.438&3)(*79&.3.3;*892*398
1<I
JL9J@;@8I@8K@FEJ8E;KF=LE;8:HL@J@K@FEJ8E;:@E:FD<
K?IFL>?FLIJL9J@;@8I@JL9J@;@8I@IFK?JK?<C8NJF=K?<@II8E@Q8K@FEI<>LC8KFIPI8K@FEJKFD8@EK8@E:I<JL9J@;@8I@8K@FEJK?8KN<FIFLIJL9J@;@8I@JL9J@;@8I@JL9J@;@8I@(1&88&(9.431&<8:.982&>7*6:.7*-:2&3&3)+.3&3(.&17*84:7(*8).897&(94:72&3&,*2*39
&3)3*,&9.;*1>&++*(94:77*5:9&9.43&3)7*8:1984+45*7&9.438
 IFDK@D<KFK@D<N<8E;FLI@EJK@KLK@FEJ?8M<9<8CGIF:<<;@E>J
1<?8M<
F9J8K@FE9IFL>?K8>8@EJK=FIGIF=@KJ:?FFCJ@E:CL;@E>:C8JJ8:K@FEJ9IFL>?K9PJKL;<;D@JII8DJYHL@K8DZC8NJL@KJ@EM8K@FEJ9PJK8K<8KKFIEJ9IFL>?K9PI<>LC8KFIP8>Y,@JBJ,LC8K@FEF=)LI#E;LJKIPZ
M8@EJKC8NJL@KJFI:C8@DJJL:?D8KKIE@=@:8EK?LD8E8E;=@E8E:@8C
I8K<8E;I?K@E8EP=LKLI<C@K@>8K@FE8E;D8P;@MFLI9LJ@E
8;MLC8KFIP8:K@FEDFE@EALE:K@FEJFIFK?K?<I8K@M'1/4:;8;3E:2>-?@>A/@A>1
!*-&;**=5*3)*)&3)3**)94(439.3:*94*=5*3)9.2*243*>&3)7*84:7(*8.3944:7&3)4:7.389.9:9.438B.3+472&9.43
9*(-3414,><-.(-2&>51&(*&897&.3434:745*7&9.43&1(&5&(.9>&3)':),*989-&9(4:1)&);*78*1>&++*(94:78>89*28
(4397418&3)45*7&9.3,*++.(.*3(>&3)9-48*4+4:7.389.9:9.438
1<?8M<@EMP@E:CL;@E>FLI?8I;N8I<8E;JKL;JPJKLJC<>8:P@E=I8JKIL:KLI<@EKIF;L:@E>E@K8C
:8G89@C@K@I8K@E>8:HL@I<;JPJKCF98C;@>@K8CLE@MI8K@E>K<:?EFCF>P8E;8E;C<8IE@E>FGGFIKLE@K@I8K<K?<K<:?EFCF>PJPJKI<8KPZ@EN<GC8EKF9<>@E@DGCJ@>E@=@:8EK:?8E>:PJPJKEFK8CCF=N?@:?:8E9<:8G@K8C@Q<;D8PK8B<CFE>PI@DFI<=II8;FLK;8K<;?8I;N8I<JF=KN8I<
K<:?EFCF>@PI<F=FLI:LIIPD8PC@D@KFLI9LJ@EPIPJPJK@@I@KP8JN:FCC<:K@E>D8E8>@E>LJ@E>8E;JKFI@E>;8K8D8P8;M8CFI:FEKI8:KL8CF9C@>8K@FEJ
 LIK?<K<:?EFCF>P
JPJK=<;LC8KFIPJ:ILK@EP8E;:@M@CC@K@>8K@FE
#=N<8I<LE89C<KFPIIFNK?8KKI8:KFII?D8PJK@CCE<>8K@M89*2).87:59.438944:7(425:9*73*9<47089*(-3414,>.3+7&897:(9:7*47431.3*(1&887442.3+7&897:(9:7*4794
9-*3*9<4708.3+7&897:(9:7*8>89*2847':8.3*884+9-.7)5&79.*8(4:1)3*,&9.;*1>.25&(94:7&'.1.9>94,*3*7&9*7*;*3:*&3)
(4:1))&2&,*4:77*5:9&9.431.2.9.3,4:7&'.1.9>94&997&(9&3)7*9&.389:)*398
.?<GP@E=I8JKIL:KLI<@E:CL;@E>K?FJ<F=
K?@I;G8IK@8J8IFI
IFEFLK;8K<;JPJKE@=@:8EK@E:I<8J<@E98E;N@;K?LJ8><:FLC;@EKJKL;
K?<@I:FLIJFLIIP@E=I8JKIL:KLI<8E;K?<
K<:?EFCF>P@E=I8JKIL:KLI<F=FLIK?@I;G8IKPME8KLI8C;@J8JKI8K<K?FJ<GIF;L:KJ@EKF8E;I8;I8K@FEF=K?@I;
G8IKPGIF;L:KJ@EKF*
.FK?<P:8G89@C@K@8E;JF=KN8I<8J8J<;JJK<:?EFCF>P=LE:K@FEJI<;L:<;:FEKIFCFM:FEJ@JK8E@Q8K@FE8CFIFK?9P;@J:FEK@EL@E>FIC@D@K@E>FLI8::FI@EKK?<@IKLJN@K?
HL8C@KPFIJG<<;F=JFI@E:@;E<;N@K?FLIGI8:K@:N@K?I8K@FEJFI@=JE@=@:8EKK@D<8E;<;J@E:I<8J
FI8M8@C89@C@KPF=FLKJFLI:<;JI<E@=@:8EKKI8EJ@K@FE:FJKJFI@DGCE@=@:8EK;FNEK@D<


FIFK?E@=@:8EK@EKE@=@:8EK@EK8J8I<D8PEFK9<GIE@=@:8EK@EK8E@EKI8;<JPJK<KI8EJ@K@FEJ8E;
@DGC<E@:8C@E=I8JKIL:KLI<N?@:?:FLC;8;MFLI
K<:?EFCF>P@E=I8JKIL:KLI<8E;D8P9<I'*78*(:7.9>.3(.)*398(4:1)(425742.8*8*38.9.;*.3+472&9.43.3(1:).3,5*7843&1.3+472&9.43&3)(&:8*8>89*2
).87:59.438&3)8.,3.+.(&39)&2&,*944:7':8.3*88&3)7*5:9&9.43
1<GIF:=@E8E:@8C8E;:FE=@;@E<@E:CL;@E>G?@J?@E>:P9I8EJFDN8I<D8CN8I<8KK8:BJLE8LK?FI@Q<;8::MLCE@E;@M@;L8CJFI?@>?CPJFG?@JK@:8K<;FI>8E@Q8K@FEJFI9PC@>IFLG<@K?<LJ<FIKI8EJD@JJ@FEF=:FE=@;JKL;
K?<@I:FLIJFLII8@ELE8LK?FI@Q<;8::?KF;8K<EFJL:?
@E:@;8@E
#KD8P9<;@==@:LCKKF8EK@:@G8K<FIKF
GIFDGKCP;<:8LJ<;K?<:8LJ<;9PGI@FI@E:@;I8;@E>FIG8K:?@E>FLIGIFK<:K@M<D<8JLI8><=FI:I@K@:8C9LJ@EE@=@:8EKI8K<II<>LC8KFIP
J:ILK@EPFI@EM8K@FEJ@E:CL;@E>8J8I8K@FED@JJK8K<;FILEI<KFFLII<KFFLIE:FLC;MK?<GIFK<:K@FEF=@E=FID8K@FEN<:8EEFK:FEKIFCK?L8I8EK<<K?8K8E@E:@;P@E=I8JKIL:KLI<8E;8JJFI@Q<8CCI8@EJK:P9?N<IFLIFEC@E<:FDGLKP@E=I8JKIL:KLI<FIFEC@E<
:C8JJIFFD@E=I8JKIL:KLI<FIKFK?<E8K@FEJKFLJ8EP8N8I;D8P9<@EJL==@:@ELD9LE8LK?FI@Q<;8:K@M@KP8E;
8::FK?@E;@M@;L8CFIFI>8E@Q<;:P98E;FK?C8E@Q8K@FE8E;@EEFM8K@FE
1<?8M<
;E@=@:8EKILC8KFIJFI:FLIKJ
.?I<8K8:KFIJD8P
LJ<#KFFCJKF8LKFD8K<8E;8@EJKLJ
1<E<;KF;#98J<;KFFCJ9LKK?E@=@:8EKI@JBJKFK?<J<:LI@KPF=FLI@E=FID8K@FEJPJKLC8KFIFI:FLIK=@E;@E>JF=@E8;?N<D8@EK8@E@EJLI8E:<
@EILC8K@FEF=;8K8:FCC<:K@FELJ<8E;IJLC8K@FE8E;@E;LJKIPJK8E;8I;J:?8E>C8NJ8E;I<>LC8K@FEJ@E:CL;@E>:?8E>LC8K@FEJ8E;@E:I<8J<;IFNFLI9LJ@E<.9-57.;&(>1&<8477*,:1&9.438(4:1)-&;*&3&);*78**++*(9434:7':8.3*88
J;@J:LJJ<;@E>I<8KLC8KFIPEM@IFED-FLI:LC8K@FEJ8E;,LC8K@FEZM8I@FLJ
=<;LC8K@FEJ>FM8E;J<:LI@KPF=GJKL;LC8K@FEJ;@==
-K8K<8E;=<;@JC8KLICF98CCP
?8M<9<8E;:FEJ@;E@JC8K@FE
.?C8NJ8E;@EKFILE:C<8IF9C@>8K@FEJ8E;:FLC;8;MN@K?FLKC@D@K8K@FE9P@E:I<8J@E>
:FDGC@8E:<:FJKJ9P=FILJ<FIJ?8I@E>F=:FEJLD=FID8IBFI8;MGLIGFJ8I;@E>FLI?8E;C@E>F=GLC8K@FEJ
:FLC;=FIDK?<98J@JF=>FM8@EJKLJ
-L:?:C8@DJ8E;8:K@FEJD8P:8LJ<;8D8><KFFLI
@EJK@KLK@FEJ\IC8NJ:FLC;IE@=@:8EK:FJKJ8E;I<JFD<F=FLI9LJ@E57*8*3945*7&9.43&17*5:9&9.43&11*,&17*,:1&947>&3)(425*9.9.;*7.808&3)(4:1)7*8:19.3
&)).9.43&1(4898*&(-4+<-.(-(4:1)2&9*7.&11>&3)&);*78*1>&++*(94:7':8.3*88+.3&3(.&1(43).9.43&3)7*8:1984+
45*7&9.438
)LI@E:I<8J<;LJ<F=#D8PGI8CI<>LC8KFIP8E;:FDG@EM@#>FM8K<K?<I@JBJ
8JJF:@8K<;N@K?I8G@;8;FGK@FEF=#
#@J8E@E>K<:?EFCF>P8E;8JJL:?GI@E?I8K<#8J8D<8EJKF=8:@C@K8K<9LJ@EIFNK?I<;L:<FG@8C:FDGC@8E:<GI@M8:PJ<:LI@KP8E;I<>LC8KFIP:FE;@K@FEJ8E;I8K@FEJ8E;FK?I<>8I;@E>GIFG?#K<:?EFCF>@K?<I@JBJF=@E:I<8J<;GC8>@8I@JD:?<8K@E>8E;8:8;I@KP@JJL9A<:KKFFE>F@E>
;<98K<@EK?<<;L:8K@FE@E;LJKIP

T
.?<LJ<F=#K<:?EFCF>@K?FJ<8==<:K@E>G@E>C8NJI<>LC8K@FEJ8E;@E;LJKIPJK8E;8I;JIE@=@:8EK
FG@8I;@E>#I8K@FEJF=@E8::LI8K<FID@JC<8;@E>JK8K8I;@E>FLI89@C@KPKF8M8@CFLIJ@@E=I8JKIL:KLI<:FLC;8;MF@E>I@JBJ:FLC;ILC8KFIP8:K@FEFI@E:I<8J<;I<>LC8KFIP
J:ILK@EPC@K@>8K@FEI;99;:&@;/7
-*57.(*4+4:7(42243894(02&>'*;41&9.1*&3)&8&7*8:197*9:73843&3.3;*892*39.34:7(42243894(02&>'*
;41&9.1*
.I8;@E>@EFLI:FDDFEJKF:B?8J?@JKFI@:8CCP9<D8IBGI@:<F=FLI:FDDFEJKF:BD8P=CL:KL8K<JL9JK8EK@8CCP
.?<GI@:<F=FLI
:FDDFEJKF:BD8P=CL:KL8K<8J8I
T
GI@:<8E;MFCLD<=CL:KL8K@FEJ@EK?<FME@=@:8EKMFC8K@C@KP@EK?<D8IBMFCLD<F=:FDG8I89C<:FDG8E@FMLC8K@FEJFIJ@D@C8I:?8E>9F;@JFI=@E;@E>J9PIFM9LKEFKC@D@K<;KF8:HL@J@K@FEJ@EM@:8CC@8E:JFLI@EJK@KLK@FEJ\E@JKI8K@FEJFIFMFM<F=FLI:FDG8EP
T
K?<;<9CF:BJF=FLIJKF:B
T
=LKLI<@JJL8E:LC8KFIP9LI;<F=:FEKIFCFIFNE@@EFLIJKF:B
#EK?<G8JK=FCCFN@E>G8K@FE
?8JF=K?K8>8@EJKK?8K:FDG8EP
<:8LJ<F=K?<GFK8K@FE@EK?<=LKLI<
-<:LI@K@8K@FE:FLC;I+&(*7.808&884(.&9*)<.9-894(0-41)*7&(9.;.82
*L9C@:CPKI8;<;:FDG8E@EJ9PJKF:B?FC;:FIGFI8K<8:K@FEJIFM@:;@I<:K@FE
1<?8M<GI;@JILGKFLIFG3492**94:7,:.)&3(*47*=5*(9&9.438
1<GIFM@;<>L@;8E:<FEFLIK?FJ<;L@;8E:<N?@:?D8PKLIEFLKKF9<
@E:FII<:K
:KL8CIE@=@:8EKCP=IFDFLI>L@;8E:<8E;:FLC;=8CCFLKJ@;<8EPI8E><F=LC8KFIP=I8DK?<,LC<JK8K<C8N8E;I<>LC8K@FEJ8E;8::I<;@K@E>8>D8KL@;8E:<N?@:?:FLC;?8M<8D8KGI@:<F=FLI:FDDFEJKF:B

*I@FIKFN<FECPGIFM@;<;HL8IKL@;8E:<9LK8I<EFNGIFM@;@E>8EEL8C>L@;8E:<KFKL@;8E:<N?@C<98J<;FEFLK:FDL@;8E:<@J
>@MI<8KL@;8E:<9<LE89C<KFI<=C<:KK?<@DG8:KF=:@JC8K@FE:?8E>FM8LK?FI@Q8K@FEJI<>LC8KFIP8:K@FEJFI8::I<;@K@E>8>8EPF=FLI@EJK@KLK@FEJFIFK?L@;8E:<


'  

(FE<
' 
#
#
:73+472&9.43*(:7.9>++4798

>'*78*(:7.9>.80&3&,*2*39&3)97&9*,>
.?<GP@E=I8JKIL:KLI<N<LJ<FIII8DK?8K@E:FIGFI8K8E;D8E8>@E>:P9K?<PJK8:B8E;GIF:8=LCCJ:8E8E;@;E<;KF:FM@K8C8E;
G?PJ@:8C8JJ8E@Q8K@FE:FM?8I;N8I<JF=KN8I<;8K88E;G@EK?<@IJ@>E@=@:8E:<8E;GFK

?8:B8><K?@I;G8IKP:FEJLCK8EKJKFG8EEL8CG8E;N<D8@EK8@E8I@JBI<>@JK@JK8K@FE<==FIKJ8E;K?<I@M?;FEK?<GIF989@C@KPF=F::LIIFLIGI8@EJKGFK8E;;@E>8K?@I;G8IKPK?8KGIFM@;F=8:K@M@KPK?8K@JFLKJ@;<K?<EFID8CG8KK?G8IKE8
:FDGIP8L;@KK<8DK?8KIFLK@ELC8K@FEJ8E;JK8E;8I;JK?8K>FML8I;J,LC<
P9@E>K<:?EFCF>@:P9?8IF9LJKKI8@E@E>
8E;<;L:8K@FEGIF>I8D
DGCFP<D8E;8K<;:P9FE8E8EEL8C98J@J
1<
8CJFILEG?@J?@E>E@Q<8E;I@E<8KKCFK?J
1<8CJF?8M<8K?@I;G8IKPI@JBD8E8>MF8JKIL:KLI<;I8K@M<@DG8:KJ=IFD:P98J8I
FLI9LJ@EPI<KFD@K@>8K<CFJJP8E;@E=FID8K@FE
JPJK<NFLC;9<8;I8K<;N@K?8E;@E=FIDJFLIFMI8D




>'*78*(:7.9>4;*73&3(*
*#\J#E=FID8K@FE-<:LI@KP-K<FDD@KK<<FIK?<-K<FDD@KK<<:FEJ@JK@E>F=K?<#EKP)==@:8J?@<=#E=FID8K@FE-<:LI@KP)==@:?KFMI8D
.?<-K<FDD@KK<<
D<FK?JFEFLI:P9I8D?FNN<8I<D@K@>8K@E>I@JBJ8EPEFK89C<
:8DG8@>EIFDD@KK<<II8D=FIK?<GIFG8E;JK8==@E>F=K?<@E=FID8K@FEK<:?EFCF>PJ<:LI@KP;EDI8DN@K?FLIJKI8K<>@:
F9A<:K@MFDD@KK<<I=FCCFN<;
.?<-K<FDD@KK<<@J8:I@K@:8CI8D8>8@EJK8GGC@:89C<=<;LC8K@FEJ8E;@KJGIF>IP)==@:8E;D8E8>@E>FLI
D8KP)==@:8E;D8E8>@E>8:P9I8D9FK?@E:FDDFM8E;
D8E8>@E>FLID8KP)==@:KFFCJ8C?G8E;
K89C<KFG@E:@;8E;8E;:FDDLE@:8K@FE@E:CL;@E>KFK?<?@<=O<:LK@M<)==@:@E:CL;@E>EFK@=P@E>K?<F8I;F=@I<:KFIJ8E;GIFGP)==@:E@=@:8EKI@JBJ=IFD:P9P)==@:E@=@:8EK
;P@EM8I;@E>I@JBJIPI<=P
#E=I8JKIL:KLI@E@8N?@:?8CJFJ@E@8
.?8GGIFO@D8K@E@8
KFK8C@E>8GGIFO@D8K8I;@E>8JJ?K:8DGLJ@E>=IFDKF
1<9=8:@C@K@FF;FG:FE;@K@FE8E;8I<8;8CGIF:<<;@E>J
1<:LII8CGIF:<<;@E>JG
' #

(FK8GGC@:89C<
#%'
' B
#


#

 ->71@:2;>9-@5;:
)LI:FDDFEJKF:BKI8;?
JF='8I:?K?I<J:8G@K8CI@E;<9K<;E2;>9-:/1>-<4
.?<>I8G?9IFLG
F=J@O:FDG8E@@:;L:8K@FE#E:
&@E:FCE;L:8K@FE8C-I8G?8JJLDIFLG
@E:CL;@E>I<@EM?<:



1/19.1>



1/19.1>



1/19.1>



1/19.1>



1/19.1>



*#


 

 

 

 

 


-*


 

 

 

 

 


(8J;8HFDGFJ@K<


 

 

 

 

 


*<9-5:<3-/:/<09<7+8-/38-6?./.38>2/1<+:2+8.>+,6/+,9@/3=89>8/-/==+<36C38.3-+>3@/900?>?9-5:<3-/
:/<09<7+8-/
%1/1:@&-81?;2(:>135?@1>10&1/A>5@51?
(FE<
#A>/4-?1?;2=A5@E&1/A>5@51?.E@41??A1>-:022585-@10#A>/4-?1>?
)E'8PFLIF8I;F=@I<:KFIJ8LK?FI@Q<;K?<II8DKFII8DKFI>I<>8K<GLI:?8J<
8DFLEKF=
D@CC@FE
#EK?<8>>I<>8K<@EN<I>I<>8K<GLI:?8J<8DFLEKF=
D@CC@FE
==<:K@M< <9IL8IPK?<FDG8EP:<8J<;GLI:?8JI<I8DF=LGKFD@CC@FE@EK?<
8>>I<>8K<
.?<GIF>I8DIK?<(FM@M8CIFK@8K<;KI8EJ8:K@FEJ
.?<8LK?FI@Q8K@FE;F8K<LJKF8:HL@I<8EPJ?8IK?<K?I<<DFEK?J8I;@E>FLIJ?8I<I5;0
';@-8
!A9.1>;2
&4->1?
#A>/4-?10
B1>-31
#>5/1#-50
<1>&4->1
';@-8
!A9.1>;2
&4->1?
#A>/4-?10-?
#->@;2
#A.85/8E
::;A:/10
#8-:?;>
#>;3>-9?
 -D59A9
!A9.1>;2
&4->1?@4-@
 -E,1@1
#A>/4-?10
(:01>@41
#8-:?;>
#>;3>-9?
<<>;D59-@1
;88->)-8A1;2
&4->1?@4-@ -E
,1@1
#A>/4-?10(:01>
@41#8-:?;>
#>;3>-9?

):KF9I8D=FIFLI:FDDFEJKF:BLE;I8DN8JKI8DN8JKK?<K?I<<DFEK?GIF=II8EKJ


' $ %
'   B 
  #  
 
   

*9?=29?6.2/09669A381.3=-?==398>91/>2/<A3>2>2/-98=963.+>/.038+8-3+6=>+>/7/8>=+8.>2//.89>/=38-6?./.
/6=/A2/23=88?+6#/:9<>%23=.3=-?==398-98>+38=09+>/7/8>=>2+>+I=-?<
/B:/->+>398=/=>37+>/=+8.:<94/->398=+,9?>9?<,?=38/==+8.9:/<+>398=+8.38@96@/=<3=5=+8.?8-/<>+38>3/=!?<+->?+6
=7+C.300/<7+>/<3+66C0<97>29=/-?<6C+8>3-3:+>/.+8./B:+>/7/8>=+=+90+
8?7,/<900+->9<=38-6?.381>29=/A/.3=-?==?8./<G#3=5+->9<=HG$:/-3+6 9>/#/1+<.3819+>/7/8>=H
+8./6=/A2/23=88?+6#/:9<>9<+.3=-?==398909?<038+8-3+6-98.3>398+8.=909:/<+>398=09<

-97:+9

9"+<>>/7909?<88?+6#/:9<>989<7	036/.A3>2>2/$98+<-2


A23-2.3=-?==3983=
38-9<:9<+>/.38>23=88?+6#/:9<>,C2/$=A/,=3>/+>AAA=/-19@
")%)*

1<8I<8GIFM@;?
K?I<<JL9J@;@8IP@EJK@KLK@FEJD<F=(LIJ@E>FI"(
)LIJL9J@;@8IP@EJK@KLK@FEJF==I8DJ;E<;KFGIE<;KF8;M8E:<JKL;I8DJKFK?<I8DJ
;;@K@FE8C@E=FID8K@FEI<>8I;@E>FLI
JL9J@;@8IP@EJK@KLK@FEJ8E;K?<@II<>LC8K@FE@J@E:CL;<;@EK?<YLJ@EI8DJJKL;8
D@CC@FEFI
@E:I<8J<=IFD
D@CC@FE@E
.?@J@E:CL;?$LCPFIK?<!-/--8C<8K<
J@>E@=@:8EKGFIK@FEF=FLIII8DJ8E;*/-\JG8IK@:@G8K@FE@EK?<F.GIF>I8DJ8E;0<;L:8K@FEGIF>I8DJ8E;K?@J:I<8KE@=@:8EKI@JBJKFFLIFG8E@Q<;@EKFK?I<<IJ<>DC$C=>/7FI"&$$/17/8>.?@JJ<>DC$/17/8>9<#&$/17/8>
.?@JJ<>DFI $/17/8>.?@JJ<>D@EE@E>@E=@J:8CP<8IN<N@CC?8M<KNFIJ<>DDDDGIF>I8DJ
,/\J?<8CK?:8I<GIF>I8DJ"(\J:8DGLJ98J<;ELIJ@E>8E;?<8CK?:8I<GIF>I8DJ8E;,/\JEFE?<8CK?:8I<GIF>I8DJ
.?<
FD9@E8K@FE:FEJK@KLK<F=FEKIFC-KIL:KLI<FI)I>8E@Q8K@FEGLIJL8EKKF"&GFC@:P8E;8::FI;@E>CPN<NK?<FD9@E8K@FE
#E<:<F=FEKIFC-KIL:KLI<FI)I>8E@Q8K@FEKF"&
-L9J8C=FCCFN@E>K?<D<"&I<F=FEKIFC-KIL:KLI<FI)I>8E@Q8K@FEKF"&@E-JL9JK8EK@8CCPK?<
J8D<@E=FID8K@FEK?8K?8;9<K?<KNFJK8CD8C8CK?<D;@I<:KCPFNE<;9PK?<J8D<C<>8CID8J8I@EE@E>Y.?<GC8EE<;:FD9@E8K@FEF=*/-,/8E;"(VZ8E;YLJ@ELC8KFIPEM@IFED$2?>.9A8)E):KF9FMI@JC8K@FEI@E8DFE>FK?JJLJGI8DJ8E;
LCK@D8KKFLJ<.8J8G8PD@JK@JK@JKI8K@FEJ;<:I<8J<;9P8GGIFO@D8K@JKI8K@FEJ8J8IFMN8JIFEFI9<=FI<<:.=LE;J8GGIFGI@8K<;8JG8IKF=K?<)FI). LE;J

CJFGI@FIKFK?<?KF=K?<MFCLEK8IP<;L:8K@FEGIF>I8DJ
8KK?<IDP@I FI:<(8MP8E;'8I@E8E
8GGIFM@E>.I). LE;J
JF=(FM@JKI8K@FEJ=FI(FM).=LE;J
J8IJD<8JLI8I<;L:K@FE@E=FI:<?@I@E>=I<30?6366->
J;@J:LJJ<;@EYLJ@ELC8KFIP:K@FEJ8E;,LC8K@FEJW.?<)E<@><8LK@=LC@CC:KZ*IE<;@EKFC8NK?<)N?@:?8DFE>FK?JD8BE@=@:8EK:?8E>I8DJ8E;I@9@C@KPIFGK@FEJ=FIFLIJKL;I8DJ;L<KF8GFKE@=@:8EK8;MLC8K@FEF=)LI#E;LJKIPWY.?<)E<@>
<8LK@=LC@CC:K



Z=FI8;;@K@FE8C@E=FID8K@FEI<>8I;@E>I@JBJIKFK?<)
$>?./8>9.CK*/-8E;=FI,/GIF>I8DJGI<C@:8E;8CC@<;?<8CK?GIF>I8DJ8CC
:FLIJI8DJ8E;K?<F9L;><K?8E
EFED@C@K8IPJKL;@JKI8K@FEK?8EJKL;FK?JFLI:E@=@:8EKGFIK@FEF=*/-\JI<>@JKI8K@FEJ@J8CJF8KKI@9LK89C<KFJKL;0<;L:8K@FE9I8DJ
,/ELIJ@E>JKL;I8D
=LE;J
 FIK?<=@J:8CP<8IGIF>I8DJ@E?<8CK?
J:@I8DJ@E9LJ@EI8DJN@K?K?<IP;E8E;ALJK@:<
JKL;@I8DJ
 FIK?<=@J:8CP<8II8DN?@C<NI8D
009<>=>9>><+->+8.#/>+38$>?./8>=1<9GIF>I8DJ8E;;I8DJ
JG<:@8C@Q8K@FEJ8E;DF;=8:LCKP8>8GGIFGI@8K<I<>LC8KFIP8GGIFM8CJ@E:LII@E>D8IB@EMK<:?EFCF>PIE@=@:8EK
K@D<P8E;I8E;IHL8C@=@<;JKL;8E;,-KL;398=389<-/#EK?<K?@I;HL8IK>I<>8K<F=8GGIFO@D8KF@E><==FIKJ
=F:LJ<;FEI<8C@>E@E>FLIFI>8E@Q8K@FE8CJKIL:KLI<I<;LE;8E:@:8GGIFO@D8KP F@E> <==FIKJ KF FGK@D@Q< :P =LE:K@FEJ
 1< @E:LII<; 8E
8>>I<>8K<F=8GGIFO@D8K-K8E;8I;JF8I;FI -::FLEK@E>-K8E;8I;JF;@=@:8K@FEFI-.FG@:B3>9<3=:9=+69=>
!,631+>398=
%?3>3988-8==FI;89C<;<>I<<8E;:I8DJ@J8E@DGFIK8EKP
JDFI<=LCCP;E<;KF9<8==FI;89C<8E;:FDGK?<J8D<C3+>3@/=)LIII8DJ
;;@K@FE8C@E@K@8K@MFID8P@DGC
T
8CKFLI@EJK@KLK@FEJ\D8IBGIF>I8DJKFK8I>EEEI<<GIF>I8DJ
T
@EM@EK<:?EFCF>PIPGIF>I8D@E:CL;@E>#KFJLGGFIKFLIJKL;@E>8;D@JJ@FEJJK8E;8I;JIDFI<JKI@E>I@E>KL@K@FE:FJKJ8E;G8PDKF@DGIFM<FLI,/-<>DJKL;D8CK;PJPJKPZ@EK?@JEEL8C,PJ?8J?8I<;JPFGE@=@:8EK:?8E>I8;@EMP@E:CL;@E>#@EI@E:I<8J<;;P
FG8E;:8G@K8CPJPJKI8;PJPJK
J@>E@=@:8EK:FJKJ@E:CL;@E>@EK?<J?FIKKC<GC8K=FID8E;8EEFLE:<;K?<
GC8EKFCF98C;@>@K8CLE@MI8K@E>K<:?EFCF>P8E;8E;
C<8IE@E>FGGFIKLE@K@PKI8EJ=FID8K@FEGIF>I8DN<KI8EJ@K@FE<;KF8D8E8><;JJF=@E=FID8K@FEK<:?EFCF>PKF*#=FI,/
1<@E:LII<;8GGIFO@D8KP
KI8EJ@K@FEJPJG:8E9<:8G@K8C@Q<;8E;FLI@EMFLK;8K<;K<:?EFCF>PJF=KN8I<FIFK?PIP@EN<GC8EKF9<>@E
D@>I8K@E>"(KF8EPKFI<;L:<=I8>DLC8KFIP9F;@<@EFNEI8DJLE;<@EFNE8GGIFM8CKFG8IK@:@G8K<@EK?<
.@KC<#0GIF>I8DJLE;.@KC<#0
=LE;J;LI@E>\JIIFNK?I<@EFNEC@D@K8K@FEJFEEI8DJ
8E;CF:8K@FEJ8E;8EIFNK?I<@EFNELC8KFIPI<@EFNELC8KFIPEM@IFED-FLI:LC8K@FEJ,LC8K@FEF=
.@KC<#0 @E8E:@8C@;*IF>I8DJWC@>@9@C@KP8E;LC8KFIP:K@FEJ8E;,<@E)NE@E8?8E><F=FEKIFCZ
97:/>3>398.?</
-
GFJKJ<:FE;8IP<;L:8K@FED8IB?
L<KFK?<@E:I<8J<@EFEC@E<GFJKJ<:FE;8IPF==J:FLGC<;N@K?K?<GIFJG<:KF=:FEK@EL<;
LE:I<<98J<;
GFJKJ<:FE;8IP<;L:8K@FE=IFD8N@;J
1<:?8E>@EE@E>FEFI8=KK?<=<;I8EK=LE;JGIFM@;<;9PFI8;D@E@JKI8DJ
F==?;@JK8E:<<;L:8K@FE@=JL:?GIF>I8DJJ8K@J=P:I8DJ
@EK?<YZJ@;<F=K?<I8K@F
1?@C<<8:?F=FLI@EJK@KLK@FEJN8J@E:FDGC@8E:<N@K?K?<,LC<=FIN@K?*/-\J
I<=FI9<@E>K?=FCCFN@E>K?<FD9@E8K@FE
J8I@EJY)LIJKL;@JKI8K@FEJI<KFK?<,LC<8E;IFNK?8DFE>J<KF@E:I<8J<
#E-<;@KJ8GGIF8:?KF@EMF@:@E>=FI.K8B@E>CFE>G8PD<@EK?<8GGIF8:?KF@EMF@:@E>.@EK?<=FLIK?HL8IK<@E9@CC@E>8GGIF8:?
GFJ@K@MGFC@:P=FIJKL;.=IFDKNFN<<@E9@CC@E>
8GGIF8:?GFJ@K@M8@E:?8E><;@KJ8GGIF8:?KF@EMF@:@E>=FI.K8B@E>CFE><@E*/-:FCC<:K<;8GGIFO@D8K<@E
9@CC@E>8GGIF8:?GFJ@K@M:8J?=CFN@E
#EK?<:?8E><
@E9@CC@E>8GGIF8:?@E:I<8J<;FG:8J?=CFN
#E$LCP*/-8>8@E;KF:G8PD8GGIF8:?@DGC@EE@E>@E$LCPN@CC
I<@E9@CC@E>8GGIF8:?:FLC;?8M<8E8;M8E;=FCCFN@E>K?<FD9@E8K@FE
.?<:?8E><@E9@CC@E>GI8:K@:<
8;;<;KFFLI8::FLEKJI<:<@M89C<8JF=<:<I8K@F8JF=<:I<K/.8.?=>?CPI<>LC8K<;@E;LJKIP
 FIDFI<@E=FID8K@FEFEK?<I<>LC8K@FEJKF
N?@:?FLI@EJK@KLK@FEJ8I<JL9A<:K8E;I<:LC8KFIP;LC8KFIPEM@IFEDLC8K@FEJD8P@DG8:KFLI=@E8E:@8CIFLII@JKI8K@FEJ8E;-9?<=/<+>398=+8./8<9667/8>
 FI=@E8E:@8CI8E;8E8CPJ@JGLIGFJ>I<>8K<:FLIJ<@JKI8K@FEJ
(@JKI8K@FEJN?@:?@E:CL;<FE<
:I<;@KC89:FLIJ>I<>8K<ELD9E@Q<IK?F=8:FLIJ<E@JKI8K@FEJ8E;JKL;GE@Q<;=IFD:FLIJE@Q<;@EK?<=@E8E:@8CIG@JKI8K@FEJFI8E@E8GI@FIHL8IK8E8E;8E9LK
;@;EFK@E8E;<ELD9<K?8E.JKL;I8DJ;<:I<8J<FIK?<ELD9.@E:I<8J<N<8EK@:@G8K<K?8K@KD8P:8LJ<K?<8M<ELD9@JKI8K@FEJ8K*/-
JKL;@E>D8IBMIFNFIN?8KCIFNK?
N<N@CC8:?@398<+>/*IFM@;@E>8==FI;89C<;<>I<<8E;:I8DJ@J8E@DGFIK8EKP

*/-@DGCFI@
D@C@K8IPEFED@C@K8IP8E;MI8;L8K<8E;>I8;L8K<JKL;<@EJK8K<:FJK8KGL9C@:LE@MI8DJ
@EK?<=@IJKHL8IKI8DJ@EL>LJK8E;=FIIJKL;I8DJ@E):KF9JKL;LJK
,/
@DGCGIF>I8DJ@E):KF9GIF>I8DJKL;I8DJ8E;@E):KF9I8DJ
.?<KL@K@FE8E;=<<@E:I<8JE<;KF9<8==FI;89C<8E;:FDGK?<J8D<C>?3>398.L@K@FEII8DJJKL;:FLIJK?<GF=:FLIJ<JK8IKJ<8:?DFEK?FIKI8EKJ8E;J:?FC8IJ?@GJKF:F8CJ
.?<:FJK
F=K?I8EKJ8E;J:?FC8IJ?@GJ@JI
E2/<0//=#E8;;@K@FEKFKL@K@FEGI@FIKFK?<J<:FE;HL8IK<;8K<:?EFCF>P=<<F=GP=<<@E:I<8J<;KFGP=<<GI8;L8K<JKL;<;:I8;L8K@FEC8K<I<>@JKI8K@FEKI8EJ:I@GKII8EKKF:FMP=<<=FI:P=<<
IP=<<>I8EKJN8J8GGIFO@D8K<;=<9FFBJ8E;JLGGC@P8E;>I8;L8K@FE
 FIP8E;II8DJLGKF=FI8CCE8E;GIF>I8DKI8EJ=?,/=FI8=C8K=<<F==FI<8:?KPK?8KM8IP9PGIF>I8D
.FI@Q<FLI:FJKJ8E;:8K<>FI@
8E;GIFDFK@FE8CFF;N@CC8E;
@EK8E>@9C<8JJC@M<;
8JJ398+6-9=>=+8.=/<@3-/=/B:/8=/=#EJKIL:K@FE8C:FJKJ8E;JI8;L8K@FE8E;
FK?KI8EJ:I@GKJ
#EJKIL:K@FE8C:FJKJ8E;JK<:?EFCF>PI8:8;8:8;I8DJ
K,/8E;"(@EJKIL:K@FE8C:FJKJ8E;JIP:FJKJ
K*/-
@EJKIL:K@FE8C:FJKJ8E;JII8EKGIF>I8D8E;@EJKIL:K@FE8CG8P=FIG8IKK@D<=8:LCKPK?8K8I<GI@D8I@CP;?K



$/66381+8.:<979>398+6/B:/8=/=-8E;GIFDFK@FE8C8><;@EJKL;:FJKJ8E;D8IBD8K8E;GIFDFK@FE8C
D<;@8K?<<==@:@<==FIKJJ8C8I@8E;8;D@JJ@FEJG@E@K@8K@M8:8;I8DJ
/8/<+6+8.+.7383=><+>3@//B:/8=/=!8><;@E:FIGFI8K<D8E8>@E=FID8K@FEK<:?EFCF>P?LD8EI8C
8E;:FDGC@8E:<8E;FK?8E;D8@EK8@E@E>8;D@E@JKI8K@M<=8:@C@K@P
98:BF==@:<JLGGFIK@E:CL;@E>K<:?EFCF>PJ@E=FID8K@FEK<:?EFCF>PD8E8><;J:FDG8EP
@E@K@8K@M398+8.+79<>3D+>3981<@E:LI;I8D;?KC@E<98J@JFM@9C<8JJ=IFDK?<,8JDLJJ90199.A366+8.38>+813,6/+==/>=
#DG8@IDFF;N@CC8E;@EK8E>@9C<8JJE@QM8CL<F=>FF;N@CC8E;@EK8E>@9C<8JJFF;N@CC8E;@EK8E>@9C<8JJ:FJKJ8E;:LJKFD8IP8;ALJKD=FIE:8G@K8C8E;:8J?
9==98+==/>=2/6.09<=+6/&FJJFE8JJE@Q<:FEFD@:9M8CL<F=C<8J<\JI@>?KF=LJ<8JJ=
&FJJFE;@JGFJ8CJF=CFE>C@M<;8JJC@M<;
8JJ//B:/8=/8/>#EKKC8@/=>7/8>9==HL@KP@EMM8CL<F=8E;=8@IM8CL<F=K?<@EMGI@E:@GCK?<GIF@E>98J@JN<K?FJ<IE@K@FE8E;K?<M8CL8K@FEF=>FF;N@CC8E;@E;<=@E@K<C@M<;
@EK8E>@9C<8JJ8JJLDGK@FEJ89FLKK?<
:8IIP@E>M8CL@E8C8JJLDGK@FEJFI;@J:LJJ@FEF=
FLI:I@K@:8C8::FLEK@E>GFC@:@E@=@:8EK::FLEK@E>
*FC@:@/63@/.38>+813,6/+==/>=



#E:FEE<:K@FEN@K?K?<8:HL@J@K@FEJF=,/8E;"(N<I<:FI;<;>FF;N@CC8E;@;@9C<8JJ@;@9C<8JJLE@KCJ<>DFF;N@CCI<:FI;<;@E:FEE<:K@FEN@K?K?<8:HL@J@K@FEF=!-/-IFF;N@CC@EFLI*/--<>D@9C<8JJ8E;
.@KC<#08E;8==@C@8K<8>I<I<@9C<8JJD@9C<8JJLE@K9
8DFLEK
.?<GIF:>FF;N@CC8E;@E;<=@E@K<C@M<;@EK8E>@9C<8JJE@=@:8EKAL;>D8EFGK@FE8CHL8C@K8K@M<8E8CPJ@JN<:FEJ@;
>KGC8EJ8E;GFKE@=@:8EK8JJLDGK@FEJ8E;
@E8C
8JJLDGK@FEJFI?K@E>K?<IL@;K?<?K<;8M<:FJKF=:8G@K8C

1<@E:FIGFI8K<K?<LJ<F=GIFA<:K<;=@E8E:@8C@E=FID8K@FE8E;8;@J:FLEKI8K<K?8K8I<;D8IBKI:8G@K8CKFJLGGFIK8EK@:@G8K<;IIFNK?N?@:?
8I<LG;8K<;8KC<8JK8EEL8CCP8E;8GGIFM<;9PD8E8>L@;DLCK@GC??K<;KF8DFLEKF=8ILE@KLE@K>FF;N@CC8J:FDG8I<;KF@KJ:8IIP@E>8DFLEKKF;<
CK?FL>?N<
9E@=@:8EKCP8E;D8PP=FI;=8@IM8CLFF;N@CC8E;@E;<=@E@K<C@M<;@EK8E>@9CDFF;N@CC=FI,/8E;"(
M8CLE@=@:8EK8JJLDGK@FEJ@EK?<=FI<:8JK
LJ<;@EK?<;@J:FLEK<;:8J?=CFNM8CL8K@FEDF;DDE@=@:8EK8JJLDGK@FEJ@EK?<=FI<:8JKIJ8E;KL@K@FE
@E:I<8J8K@M@E:CL;@E>9LKEFKC@D@K<;KF:?8E>LC8KFIP@E:CL;@E>D@9C<8JJI<8KM8CLDFF;N@CC8E;@E;<=@E@K<C@M<;@EK8E>@9C<8JJE@=@:8EK8JJLDGK@FEJ@E?@FF;N@CC8E;@E;<=@E@K<C@M<;@EK8E>@9C<8JJIFNK?I8K?D@EFI:?8E>E@=@:8EK8JJLDGK@FEFIFK?I@E:FD<M8CL8K@FEDLCK@GCEFE:8J?@DG8@IDDFF;N@CC8E;
@EK8E>@9C<8JJM8CL<F=,/8E;"(-<>DFF;N@CCN8J
D@CC@FE8E;
D@CC@FE
IM8CL<F=,/8E;"(-<>D@9C<8JJ8I;@E>>FF;N@CC8E;@E;<=@E@K<C@M<;@EK8E>@9C<8JJ@9C<JJ-K8E;8I;J/G;8KE@=@:8EK::FLEK@E>*FC@:@KFFLI;@J:LJJ@FE
F=K?<<==<:KJF=I<:GIFEFLE:-@5;:?
.?<=FCCFN@E>K89C<J<F=I:0101/19.1>





,8E;GIFDFK@FE8C




!C@M<;8JJ:0101/19.1>

;9<->10@;,1->:0101/19.1>


*;*3:*
 FIK?<P<8IDDD@JKI8K@FEJN?@JKI8K@FEJ@E:I<8J<;8GGIFO@D8K@JKI8K@FEJN8J
GI@D8I@CP;L<KF8E@E:I<8J<@EI<>@JKI8K@FEJ9PD@C@K8IP8==@C@8K<;JKL;09=@E8E:@8C8@;N?@:?N8JG8IK@8CCPF==J@JKI8K@FEJ=IFDD@C@K8IPJKL;.;L<KFK?<
>FM@JKI8K@FEJIIFLE;8E;
8;D@JJ@FEJ<==@:@EJ
,/KFK8CJKL;IFNK?8:IFJJ8CCF=FLI:8DGLJI8IKFK?<J8C<F=!-/-
D@CC@FE@EGIF=KFK?<FD9@E8K@FE
8E;K?<J8C<F=!-/-@EFIGFI8K<8E;)K?DDKFK?<
IDPKI8EJ@K@FEJDDKFK?<FD9@E8K@FE
D@CC@FECFJJFE8JJD
:8DGLJ:CFJLIDK?<@K:FJKJ98;;<9K=<P:FJKJF::LG8E:P:FJKJ;<F=I@K<F=ID8I>@E
@DGIFM<;KF
@E=IFD
:FDG8I<;KFK?<GI@FIP<8IGK?<:?8I>
D8I>@E@DGIFM<;KF
@E=IFD
:FDG8I<;KFK?<GI@FIP<8IG<F=ID8I>@EN8JGI@D8I@CP;L<KFK?<=8:KFIJ;@J:LJJ<;89FM<
8=>398+6-9=>=+8.=/<@3-/=/B:/8=/= FIK?<P<8IDP:FJKJGI@D8I@CPIKFK?<@EJFLI:@E>F=K<:?EFCF>P8E;
D@CC@FE@EF::LG8E:P:FJKJ
8E;JD<F=I398+6/B:/8=/= FIK?<P<8I8E;GIFDFK@FE8C8E;
GIFDFK@FE8C:FJKJ8E;
D@CC@FE@EKF8E@E:I<8J<@EIFNK?@E8CCJ<>DD8KD8E;GIFDFK@FE8C8E;GIFDFK@FE8C<F=I<+>3@//B:/8=/= FIK?<P<8IKFK?<FD9@E8K@FE8E;K?<



J8C<F=!-/-@EFIGFI8K<8E;)K?DKFK?<FD9@E8K@FE8E;
D@CC@FE@EJDDP:FJKJ
N?@:?@E:CL;<;:FJKJ8JJF:@8K<;N@K?FLIF==J?FI<@E@K@8K@MDD8C8E;:FEJLCK@E>J<F=
ID398+8.+79<>3D+>398
@9C<8JJD<F=IKFK?<J8C<F=!-/-
.?=2/6.09<=+6/ FIK?<P<8IJ@E@8@E
FLI*/--<>DDDD:CFJLI<F=81@J:FEJ@E:8DGLJ

9==98.3=:9=+690698163@/.+==/>=
.?<CFJJFE;@JGFJ8CF=CFE>C@M<;8JJ9-5,+=/.-97:/8=+>398-KF:B98J<;:FDG
8E;GIFDFK@FE8C8E;>@9C<:0101/19.1>





#EJKIL:K@FE8C:FJKJ8E;J8E;GIFDFK@FE8C

 

!//B:/8=/8/>#EK+B/B:/8=/
 FIK?<P<8IE@Q<;8E@E:FD<K8OC38@/=>7/8>69==.?@EKF8EI<J@EK?<
@EM<8E;8
D@CC@FECFJJFEJ8C<F=FLII
38-97/(9-5.3@3./8.=*I<=J?8I39890:9-5#E$LE<N<I<;<-LEG8@;8E;8::IL<;;@M@;@E8CFJJF=
D@CC@FEI38-97/+@+36+,6/>9-97798=>9-5296./<=(-@5:3%1?A8@?.E%1<;>@-.81&1391:@,1->:0101/19.1>

;9<->10@;,1->:0101/19.1>



.?<K89C<9ID:0101/19.1>





4-:31
4-:31
%1B1:A1
*/--<>DDD;9;<1>-@5;:?.12;>15:@1>1?@-:0
5:/;91@-D1?
*/--<>DDD;9;<1>-@5;:?.12;>15:@1>1?@-:05:/;91
@-D1?

 
 



*,2*39
)LI*/--<>D?@JKI8K@FEJ8J:FDG8I<;KFK?<GI@FIP<8I8E;K?<
@DG8:KF=K?<KL@K@FE@E:I<8J@JKI8K@FEJ8K*/-@E:I<8J<;
KF8GGIFO@D8K@JKI8K@FEJN8JGI@D8I@CP;L<KF8E@E:I<8J<@EI<>@JKI8K@FEJ9P
D@C@K8IP8==@C@8K<;JKL;09=@E8E:@8C8@;G8IK@8CCPF==J@JKI8K@FEJ=IFDJKL;.;L<KFK?<>FMP:FJKJ;:FJKJ98;;<9KDIFLE;,/IFLE;8E;FEC@E<DP:FJKJCFJJFEC<8J:FJKJ8E;98;;<9KDK?<P<8IIFNK?8:IFJJ8CCF=FLI:8DGLJI8IDD:FJKJ8J:FDG8I<;KFK?<GI@FIP<8IG/1?
8J?:8J?8E@E:I<8J<F=
D@CC@FEFI
@EK?<G8:K@M@K@8:K@M@K@?:8J?>8K@FEJGC<8J<I<=8K@FEJZ9E@=@:8EKGFIK@FEF=FLIII8DJ=FIN?@:?
;@J9LIJFMLC8K@FEJ
1<?8M<KPG@:8CCPI<:<@M<;;@J9LIJI8DJN@K?@E
;8PJF=K?<JK8IKF=K?<8GGC@:89C<:FLIJ<FIKE@=@:8EKJFLI:<F=II8DJ=IFDK?<0
!Z89FM<*/-?8JI<;@KJ8GGIF8:?KF
@EMF@:@E>=FI.K8B@E>CFE>G8PD8@E;KF:G8PD<@E.9@CC@E>GI8:K@:<8;;<;KF
FLI8::FLEKJI<:<@M89C<8JF=<:<I8K@F8JF=<:I<K8GGIF8:?
@DGC@EE@E>@E$LCPN@CCI@EJY)LIJKL;@JKI8K@FEJI
8:FDGCI8DJ8J8=@E8E:@8CCPI?K?<YQFE<8CKLC8K@FEJ
#EGI@C
EFK@=@<;LJK?8K8::FI;@E>KF@KJ:8C:LC8K@FEJN<?8;8=@J:8CP<8I8K@FEJ@E:CL;@E>"'
)E'8I:?EFK@=@<;LJ
K?8K8JF=JL:?;8K<*/-,/8E;"(NE@=@:8EK@DG8:KFEFLI
=@E8E:@8CI:FDGC@8E:<N@K?=@E8E:@8CI
9I<K<,8K@FF=EF>I<8K<,8K@FLE;I<8K@M<
II<I<<,8K@FF=EF>I<8KI8DJ
I<;L:K@FEJ@ED@C@K8IP=FI:@E:FEE<:K@FEN@K?:FE>IKFK?<=<;:FLC;?8M<8
D8K=FIK?<=<;FMK?<FI<8K@JKI8K@FEJD8P9<
8;MI8DJ@E:CL;@E>:?8E>FMFK?J8E
@E89@C@KPF=*/-JKL;KFLJ<.8J8G8PD@JK@JK@JKI8K@FE;IFGJ
.?<-?LK;FNE?8J8E;:FLC;:FEK@EL<KF?8M<8E;8EP=LKLI<>FMFMPJPJK8E;FK?P
KI8EJ=FID8K@FEGIF>I8DK?8KN<DF;8C@K@<;JPFGJF=@E=FID8K@FE
K<:?EFCF>PJP
KI8EJ@K@FEJ8E;:8G@K8CI<8KPZ@EN<GC8EKF
9<>@EDFM<EFE:FI<-#-;8K88E;NFIB=CFN=LE:K@FEJ=FI,/8E;"(@EKF-8CLC8KFIP8E;
8:8;JLIIFLE;@E>GIF:@ED@>I8K@E>"(KF8EPKFI<;L:<=I8>D?FK?J8;;@K@FE8CPFIFK?:8DGLJFI:CFJ@E>F=
:8DGLJ:8DGLJJKIL:KLIF@E>IFNK?
1<8CJFFI@EM@EFK?E@K?<FD9@E8K@FE=LCCP@EK?<K?@I;HL8IKI@EE@E>Y.?<GC8EE<;:FD9@E8K@FEF=*/-,/8E;"(VZ
YLJ@ELC8KFIPEM@IFEDJ?8ILEG8@;8E;8::IL<;;@M@;CPEFJ?8I
8K<:8I;@E>K?<I<;I<&&8J8;D@E@JKI8K@M<8>8K<:CF8E=8:@C@KP@E8E8>>I<>8K<
:FDD@KDI<I<CF8E=8:@C@KP@E8E8>>I<>8K<:FDD@KDCF8E
=8:@C@KP8E;ILE;.:8J?8E;:8J?F@E>FG8K@FEJ8E;GC8EE<;:8G@K8CL8I8EK<<K?8KFLI9LJ@EJN@CC9<8M8@C89C<KFLJ@E8E8DFLEKJL==@:@8J8ILC8KFIP8:K@FEFIKF:FDGCPN@K?K?<,LC<FID<FM:8J?8M8@C89C<=FI
FG<F=:FEKIFCN<:FLC;9<I:8J?8M8@C89C<=FIFG8:K@M@K@8:K@M@K@:8G@K8C;L<KFK?<K@D@E>F=I<:<@GKJ8E;G8PDJ@EFLI*/--<>DF=8:K@M@K@8:K@M@K@8:K@M@K@@E@8
*I@FIP<8IG?8:K@M@K@8:K@M@K@KKFK?</<7./,>
1<?8;CFE>KLE;I<K?<M8I@89C<@EK8E;8DFLEKF=FLI
=LKLI<GI@E:@G8C8E;@EK.398=
1<?8M<C<8J8K@FEJF=

D@CC@FEN@K?
D@CC@FEG8P89C<@E
 FIDFI<@E=FID8K@FEFEK?<K@D@E>8E;8DFLEKF=FLI=LKLI<C<8J<
F9C@>8K@FEJGC<8J<I<=2/<:?<-2+=/9,631+>398=
JF=<:8K@FEJF=
D@CC@FEN@K?
D@CC@FEG8P89C<@E
#E
$LCP,/GIF>I8D:LII@:LCLDLG>I8;JJKL;8EK?@I;G8IKPGIFM@;?<:?E@=@:8EK@E=C8K@FEI@JB@EFLI9LJ@E=IFD=CL:KL8K@FEJ@ED8IBN?@:?N<8I<LE89C<KF=LCCPI<:FM@E8CD8KLI@K@71@%5?7
1<?8;EFD8KE@=@:8EK:I<;@KI@JBFE:8J?8E;:8J?1?@%-@1%5?7
1<8I<JL9A<:KKFI@JB=IFD:?8E>KFFLI@EM<FLI8EP@DG8:KF==JI<@E>8II8E>I<I<.I<I<5/-:#A.85/0A/-@5;::/-:0&A.?505->51?
#-31
91>5/-:#A.85/0A/-@5;::/-:0&A.?505->51?
,@JK @ID*)#

FEJFC@;8K<;8C8E:<-?<:FEJFC@;8K<;98C8E:<J?<GI@E:@GC)M?KF8I;/E@K<;-K8K8JF=<:/<8+698><96F8>/1<+>/.<+7/A9<5
	@JJL<;9PK?<FDD@KK<<F=-GFEJFI@E>)I>8E@Q8K@FEJF=K?<.I<8;N8P
FDD@JJ@FE8E;FLII
-?5?2;>"<5:5;:
.?=@IDI<>@JKLC8K@FEJF=K?<-<:LI@K@<FDD@JJ@FE8E;K?<*)
1<:FE;L:K<;FLI8L;@KJ@E8::FI;8E:<N@K?K?<JK8E;8I;JF=K?<*)
.?FJ<JK8E;8I;JIGIF:<;LIGIF:<;LIFE8K8I;@E>K?<8DFLEKJ8E;;@J:CFJLIK?<8::FLEK@E>GI@E:@GCE@=@:8EKK?<FM5@5/-8A05@ -@@1>
.?<:I@K@:8C8L;@KD8KK=IFDK?<:LII@E>JL9A<:K@M<FI:FDGCDK?<:I@K@:8C8L;@KD8KK8J?5@E%1<;>@5:3(:5@G%121>@;!;@1?-:0@;@4125:-:/5-8
?@-@191:@?
<3>3-+6?.3>+>>/</=-<3:>398
#E:FEE<:K@FEN@K?K?<FDG8EP\J-FF;N@CCIK?<E<;KFE@9C<8JJK?<=@J:8CP<8IK?<:8IIP@E>M8CLFF;N@CC8E;@E;<=@E@K<C@M<;@EK8E>@9C<8JJ<:K?<:8IIP@E>M8CLFF;N@CC
8E;@E;<=@E@K<C@M<;@EK8E>@9C<8JJFF;N@CC8E;@E;<=@E@K<C@M<;@EK8E>@9C<8JJM8CL<
-L:?=8:KFIJ:FEJ@;LC8KFIP
LE@KFI@E;<=@E@K<C@M<;@EK8E>@9C<8JJ8DFLEK8E@DG8@IDM8CL<FMK?<=FLIK?HL8IKFF;N@CC8E;@E;<=@E@K<C@M<;@EK8E>@9CLE@K
.?<8EEL8C8JJFF;N@CC8E;@E;<=@E@K<C@M<;@EK8E>@9CM8CL<K?@EEF@DG8@IDE@=@:8EKLE@K
@E:CL;@E>K?<=8@IM8CL<F=@E;<=@E@K<C@M<;@EK8E>@9C<8JJ8L;@KGIF:<;LIIFNK?I8K?@E8E;K?<J?;<>I<<F=8L;@KFIAL;>DK?<E<<;KF@EMFCM<=8@IM8CL<JG<:@8C@JKJ
9A>2/<3>3-+6?.3>+>>/<(+=..2/?.3>
)LI8L;@KGIF:<;LID8E8>E@=@:8EK8JJLDGK@FEJ=FI<:8JKJF==LKLI<
I@E;@J:FLEKI8K<8E;IFP8CKPI8K<LJ<;9PD8E8>@K?<:LIILE@K@@K?<:FEJ@JK@E;@J:FLEKI8K<8E;IFP8CKPI8K<@E:CL;<;K?<=FCCFN@E>8DFE>FK?FF;N@CC8E;@E;<=@E@K<C@M<@EK8E>@9C<8JJK?FJ<FMLE@KJL:?8J:FEKIFCJI@EK?<J@E=FI<:8JKJ9P:FDG8I@E>
D8E8>IFLG
T
1<:FEJ@;LC8KFIPP
;@J:FLEKI8K<CFE>KIFNK?I8K<:FDG8I89C<DLCK@GC?K?<LE;JFLI:<@E=FID8K@FEK?<D8K?8I8E><F=@E;K?FJ<KFK?<;@J:FLEKI8K<8E;IFP8CKP
I8K<J<JB@CC8E;
89@C@KPF=K?<M8CL<=FIK?<ILE@K8E;@E;<=@E@K<C@M<;@EK8E>@9C<8JJ@E@8
'8I:?
1<?8M<J





:@4;A?-:0?1D/1<@<1>?4->1
-9;A:@?
??1@?
LIIC<8J<8JJ@9C<8JJ?H=A5@E
LIIKK@EI>I<>8K<=FII@E@JJL<;8E;FLKJK8E;@E>@E

 

;;@K@FE8CG8@;@E:8G@K8C

 

::LDLC8K<;FK?EFKI8CG8IKF=K?:0101/19.1>







:@4;A?-:0?1D/1<@<1>?4->1-9;A:@?
,8E;GIFDFK@FE8C

 
 

!FF;N@CC8E;@EK8E>@9C<8JJC@M<;8JJ?K<;8M<ELD9
8J@:

 
 

@CLK<;

 
 

.?<8::FDG8EP@E>EFKI8CG8IKF=K?141:?5B1:/;91






:@4;A?-:0?
(/;9<>141:?5B18;??5:/;91:1@;2@-D
/EI<8C@Q<;>8@ECFJJFE?<;>@E>;8@ECFJJFE?<;>@E>;8@EJCFJJKFE8@EJCFJJKFEEFKI8CG8IKF=K??H=A5@E
#EK?FLJ8E;J
;9<>141:?5B1
:/;918;??
%1@-5:10
->:5:3?
//A9A8-@10
125/5@
';@-8
&@;/74;801>?H
=A5@E
#>121>>10&@;/7
;99;:&@;/7
&4->1?
9;A:@
&4->1?
9;A:@
8C8E:<8JF=
<:

X

X

 
 
 
X

X


-KF:B98J<;
:FDG

X

X

 
 
 
X

X


-KF:B98J<;
:FDG

X

X

 
 
 
X

X


-KF:B98J<;
:FDGEFKI8CG8IKF=K?:0101/19.1>







"<1>-@5:3-/@5B5@51?
:@4;A?-:0?
(8:K@M@K@C@M<;8JJFF;N@CC8E;@EK8E>@9C<8JJ8JJC<8J<8JJ8:K@M@K@8:K@M@K@J8E;=@E8E:<C<8J8:K@M@K@@EE@E>F=G1?;2/-?428;C5:2;>9-@5;:
#EKEFKI8CG8IKF=K?1;2@41A?5:1??

D?K?<=FCCFN@E>JL9J@;@8IP@EJK@KLK@FEJ
T
D?D?FDD@JJ@FEFI"&

T
,8JDLJJ<&&N?@:?@JI<=8E;?<8CK?J:@<F=(LIJ@E>FI"(GIFM@;<;L:8K@FEKFJKL;?K:8DGLJLI<8L=FI"<8CK?;L:8K@FE-:?FFCJFI"-

T
D&&N?@:?@JI<=8E;C<8;@EGFEJFC@;8K<; @E8E:@8C
-K8K?K?<!-/--8C<8K<@EFIGFI8K<8E;)K?E@=@:8EK::FLEK@E>*FC@:@I8DJ KF K?< I8DJ8LK?FI@Q<;LE;?I8DJ

.?<FDG8EP\JFG8E@Q<;@EKFK?<=FCCFN@E>K?I<<
IDC$C=>/7$/17/8>FI"&$$/17/8>.?@JJ<>DC$/17/8>9<#&$/17/8>
.?@JJ<>DFI $/17/8>.?@JJ<>DDDDDJ<>DE@=@:8EK8::FLEK@E>GFC@:@+>398+8.+--9?8>381.?<8::FDG8EP@E>:FEJFC@;8K<;=@E8E:@8CJK8KGI@E:@GC398=.?<FDG8EP8::FLEKJ=FI9LJ@E
-K8E;8I;JF8I;::FLEK@E>-K8E;8I;JF;@=@:8K@FE?=38/==97,38+>398=FI --N?@:?IN@K?K?<=8@IM8CL<F=8:HL@I<;@EK8E>@9C<8JJE<;KFK?<8JJE<;KF@;@9C<8JJ3>?398)EK?<!-/--8C<8K<*#:FDGC=FIE:8G@K8C8E;:8J?8E;I<:FI;<;8

D@CC@FECFJJFEJ8C<F=JL9J@;@8IP
-L9J@EMFCME@=@:8EKJ?@=K@EK?<JKI8K<>@:=F:LJF=*#EFI@J@K
:FEJ@;398.?<8::FDG8EP@E>:FEJFC@;8K<;=@E8E:@8CJK8K37+>/=#EGI=@E8E:@8CJK8KK?<IGF@E>98J@J8E;98J=.?<FDG8EP:FEJ@;?CPC@HL@;@EM?@<3->/.-+=2,I8DJ
J8KILJK<<F=K?I8D=LE;JK?<FDG8EP@JII8DG8IK@:@G8K@FE8>I<:FDGC@8E:<N@K?=@E8E:@8CI9K?<I


1/19.1>


8J?:8J?=@E8:FLIJ<FIK
9I8DJ/
-
I8DJ/
-
I8DJG8PDLE8::FLEKJI<:<@M89C<@JI<;L:<;
#=
G8PDKFK?<
KI<<;LGFE@E8;M8E:<
.@J9@CC<;9P9I8E:?F=JI8DJ8I<9@CC<;98J<;FEK?<:FLIJ
GFC@:P=FIJKL;.N?@:?GI<;=IFDKNFN<=FIDFI<K?8E
;8PJ

669A+8-/09<.9?,>0?6+--9?8>=.?<8CCFN8E:<=FI;FL9K=LC8::FLEKJ@J98J<;FED8E8>8::FLEKJI<:<@M89C<
DFE>FK?<F=K?<I<:<@M89C<K?<8EK@:@G8K<;
JFLI:<F=G8PD@M
K?<8::FLEKJI<:<@M89C<98C8E:<@EKI8DLGFE>I8;L8K@FEFII8D
#EK<;9P"(FEG8PD=2/6.09<=+6/JJ@E@8=FIK?<FDG8EP\J*/--<>DC@M<;8JJM8CL<FI=8@IM8CL<C8I;@E>
8JJC+8./;?3:7/8>CCGIFG?KC@E<98J@JFM?KC@E<98J@JFM381
09<>2/9=>=9097:?>/<$90>A++38/.09<8>/<8+6&=/8E;K?I8D;C<8J<FI8=@E8E:<C<8J<
&<8J<8JJ?KF=LJ<8JJ?K
KFLJ<8ELE;8JJ8K@FEKFD8B<C<8J<G8PD=IFDK?<
C<8J<
,)/8JJE@Q<;8KK?<C<8J<:FDDI8K<98J<;FE@E=FID8K@FE8M8@C89C<8KC<8J<:FDDE@Q?KC@E<98J@JFMC<:FDGFEK?<,)/8JJ+813,6/+==/>=!FF;N@CCIE<;KFK?<8JJ@9C<8JJFF;N@CC8E;@E;<=@E@K<C@M<;@EK8E>@9C<8JJ+813,6/=99.A366+8.!>2/<8E;::FLEK@E>-K8E;8I;J/G;8K<FI-/8>+813,6/=E
99.A366+8.!>2/<%9:3-
$37:630C381>2/%/=>09<99.A3667:+3<7/8>
.?<FDG8EP\J>FF;N@CC8E;@EK8E>@9C<8JJFF;N@CC=FI@DG8@IDFF;N@CCD@>?K9<@DG8@I<;
!FF;N@CC@DG8@ID:FEJ@JKJF=8EFGK@FE8CHL8C@K8K@M<8JJLE@KKF@KJ:8IIP@E>M8CL<
#=K?<:8IIP@E>M8CL<F=
K?<ILE@K@J>I<8KI<8K8DFLEKK?M8CL<@J>I<8K@9C<8JJ@9C<8JJ?KC@E<98J@JFM@9C<8JJ8DFLEKF=8E8JJE@Q<;KFK?<8DFLEKF=K?<8JJ8I;@E>>FF;N@CC8E;@EK8E>@9C<8JJ@9C<
JJ39890698163@/.+==/>=.?<FDG8EP8::FLEKJ=FIK?<M8CL8K@FEF=CFE>C@M<;8JJ38109<>2/7:+3<7/8>9<3=:9=+6909813@/.==/>=-IC@M<;8JJ8DFLEKF=8E8JJC@M<;8JJ8DFLEKF=K?<8JJE@Q<;@JD<8JLI<;9PK?<8DFLEK9PN?@:?K?<
:8IIP@E>8DFLEKF=K?<8JJ8DFLEKFI=8@IM8CL<C7/8>=*I@FIKF<:7/8>=E;?3>C/>29.+8.938>'/8>?7/8>=;?3>C$/-?<3>3/=.?<FDG8EP8GGC@E@=@:8EK
@E=CL8E;=@E8E:@8CGFC@:@IK?<:FJK
DK?<K?@I;HL8IK8DFLEK8E;I<:FI;<;8E@EM@EKF
8E8>I<K?<=@IJKHL8IK8DFLEK8E;I<:FI;<;8E@EM@EKF8
EI<J@EK?<@EM<
.?<@EMK?<J<:FE;HL8IK@:@EMK?<P<8IFEJFC@;8K<;8C8E:<-?<3@/=+8.2/.1381;8K<
 FI;E8K<;8J:8J?=CFN?<;>8@EFICFJJFEK?<;J@EK?<
J8D<GN?@:?K?<?<;><;KI8EJ8:K@FE8==<:KJ<8IE@E>J

/0/<?./8>./:9=3>=<=9-5*I@FIKFK?<I<;J?8I381?3=23813+,363>3/=
0<97;?3>C8E;:C8JJ@=@<;@KJ-FEJFC@;8K<;8C8E:<
-?<8K<;8E;N398.?<FDG8EPI<:F>E@QJK8E;8I; --
#/@/8?/0<9798><+->=A3>2?=>97/<=
/E;E@Q<;N?E@Q<;8J@E=FID8K@FEFIJ8CCFK?E@K@FE
:I@K8I;@E>IE@K@FEGC<8J<I<=3=381-9=>=;M:FJKJ8I<K?<P<8I
;M8E;GIFDFK@FE8CFEJFC@;8K<;-K8K+B/=<=K?<C@89@C@KPDE@Q<;=FI
;<;L:K@9C<KE@Q<;=FIK8O89C<KE@Q<;N@K?@EK?<FDG8EP\J=@E8E:@8CJK8KE@QE@Q<;N?I<8K8LK?FI@KPK?8K?8J=LCCBEFNC<;><F=8CCIJLJK8@E<;
$>9-5,+=/.-97:/8=+>398.?<FDG8EP8::FLEKJ=FIJKF:B98J<;:FDG9-597:/8=+>398N?@:?I398$>9-597:/8=+>398%9:3-	7:<9@/7/8>=>97:69C//$2+--9?8>381
-KF:B98J<;
G8PD?KJI?KJGLEIF@E>

-KF:B98J<;:FDGE@Q<;8JGK?<JKI8@>?K
C@E<DI8;<;MDK?<FDG8EP\J:CFJ@E>JKF:BGI@:<FEK?<;8K<F=K?<>I8EK
E8::E@Q<JKF:B
98J<;:FDG@9@C@KP:I@KI8EK

.?<=8@IM8CL<F=<8:?FGK@FE8N8I;@JI8EKLJ@E>8C8:B-:?FCDF;<
?@JKFI@:8CMFC8K@C@KPF=K?<FDG8EP\J:FDDFEJKF:B
#E8;;@K@FEK?<FDG8EP;K?</
-
.I<8JLIP:FEJK8EKD8KLI@KP=FIK?<J8D<D8KLI@KP8JK?<I8EK=FIK?8K9LJ@EDK?<G<F=J?8I<98J<;8N8I;JK?8K8I<I8EK8E;I@E8CE@=@:8EKCP=IFDK??@E8C8I;@E>JKF:B98J<;:FDG69==38-97/:/<-97798=2+E?K<;8M<ELD9;LI@E>K?<GE?K<;8M<ELD9@E:I<8J<;9PK?<J?8I=.?<FDG8EPD<8JLI98J@JN?8E8JJ=8@IM8CL<


.?<FDG8EP\J:8J?:8J?8DFLEKJ8GGIFO@D8K<=8@IM8CL<8E;=8CCN@K?@E&?K @E8E:@E>,8K<FI.M8CL<F=CFE>K<+>39890-<3=5.?<FDG8EPD8@EK8@EJ@KJ:8J?:8J?--9?8>381"<989?8-/7/8>=.?<FDG8EP:FEJ@;=>98-97/%+B
3=-69=?FK?JK?<=FCCFN@E>=FIGL9C@:9LJ@EFI@@K::8LJ@KDFI@Q@E>K?EK8OK?<I+>/7/8>E#/:9<>38197:3983=-69=?>I<>8K<;;@J:CFJLI<F=:
GLI:?8JL@;8E:<@J<==<:K@M<=FI=@J:8CP<8IJ9<>@EE@E>8=K@EE@E>8=KK?@J-/KF;@J8;398+6=/<@3-/=#EJKIL:K@FE8CJP8E;C89FI8KFIP=<
.?<FDG8EP>E@Q?KFIJ@OK<K?F=K?<KI8@E@E>GIF>I8D
.L@K@FE@J:?8I><;9P:FLIJ<FIKP=<<;KF
*/-JKL;P8E;C89FI8KFIP=<<;KF,/8E;"(JKL;@EJ8E;G8@;N@K?@EK?@IKP;8PJF=
K?<9@CC;8K<
#E-P=<<=FILE;I8;L8K<JKL;3980//=
*/->I8;L8K@FE=<<II<<:?8I><;KF
JKL;I8D>I8;L8K@FE8GGC@:8K@FE
#EGI@CK?<=<<N8J@E:I<8J<;=IFDKF
.?<
>I8;L8K@FE=<<N8J@E:I<8J<;KF@E):KF98@EKF@E <9IL8IP=FI98:?I<8IGI@FIKF>I8;L8K@FE
.?<FDG8EPI<:F>E@QI8;L8K@FEII8;L8K@FE=<I8;L8K@FE8GGC@:8K@FE

%/B>,995+8.9>2/<-9?<=/7+>/<3+60//=
.E@Q<;8KK?<9<>@EE@E>F=K?<K2/<0//=
)K?E@Q<;N?<;KFK?<JKL;8K@FEKFK?<JKL;I8;L8K<8E;D8JK.8KK?<LE;I8;L8K<CI8EK=FIMI8;L8K<8
0I8;L8K<8E;D8JKI8EKKFJLGGFIKJKL;@E8;<>I<<;@GCFD8FI:I8D
,/8CJFI8EKKF
@9C<JGFLJI8EKJ8E;F==I8EKKF
JKL;=@E8E:@8CE<<;KF:FM@9C<=@E8E:@8C8@;II8EK@J;E<;KFC@D@K8JKL;?8E8N8I;F=LGKFGI8EKJ8E;J:?FC8IJ?@GJF=
D@CC@FE
D@CC@FE8E;
D@CC@FENFEJFC@;8K<;-K8KK89C<II8EKJ8E;J:?FC8IJ?@GJ@J;@J8>>I<>8K<;9PKPG<F=J>I<>8K<;ID:0101/19.1>


#(&
%(
!
;><;>-@1
-:0"@41>
;:?;850-@10
#EJKIL:K@FE8CJI8EKJ8E;
J:?FC8IJ?@GJ
 
 






!I8;L8K@FE=<:0101/19.1>


#(&
%(
!
;><;>-@1
-:0"@41>
;:?;850-@10
#EJKIL:K@FE8CJI8EKJ8E;
J:?FC8IJ?@GJ
 
 






!I8;L8K@FE=<:0101/19.1>


#(&
%(
!
;><;>-@1
-:0"@41>
;:?;850-@10
#EJKIL:K@FE8CJI8EKJ8E;
J:?FC8IJ?@GJ
 
 






!I8;L8K@FE=<I?K?<!-/--8C<;8K<
8E;K?<DDDE@Q@EJ8:FLIJ<@EK?<:8J<F=*/-
8E;!-/-FIJK8IKJ8KI8K@FEKFKI8EJ=I8K@FEJ=FI:FEKI8:KJN@K?JKL;@EJGIFM@;@E>K?<G8K@FEJ8:FEKI8:KI<:<@M89C<@J:I<8K<;I@E
8::FLEKJI<:<@M89C<FEK?<FDG8EP\JFEJFC@;8K<;8C8E:<-?<E@=@:8EK<

*+:3)41.(.*8
.?<FDG8EPGIFM@;N?@:?JKL;8K@FEI@E8I<=LE;C@89@C@KP
#=8JKL;K?<
8:8;E@Q
.?<FDG8EPLJDE@KL;<
F=8I8I;@E>8JKL;E@=@:8EKIE@Q<;@JEFKGE@=@:8EKI<:F>E@Q8;ALJKD;<1>@E-:0=A5<91:@
*IFG
?;21/19.1>

(?12A8
521




@EK?FLJ8E;J
&8E;
X




L@C;@E>8E;9L@C;@E>@DGIFMI8D;K?<P<8IJC@M<;8JJ@E8
CFJJF=
D@CC@FE
D@CC@FE8E;
D@CC@FEIC@M<;8JJC@M<;8JJK?<P<8IJ&-81
JJ@E@8=FI
K?<FDG8EP\J*/--<>DM8CL<FI=8@I
M8CL<C8E;8ELE;E8K<;8J?I<GIN8JI<:C8JJ@=@<;KF?I<M8CL<
*/-:FDGCI<:C8JJ@=@<;@E8JJFEJFC@;8K<;-K8K398=LJ@E>K?<8:HL@J@K@FED
.?<FDG8EPI<:FI;<;
D@CC@FE8E;
D@CC@FEF=
>FF;N@CC@E:FEE<:K@FEN@K?K?<,/8E;"(8:HL@J@K@FEJIK?<@;@9C<8JJK?<:8IIP@E>M8CL<F=
,/8E;"(>FF;N@CCKF
D@CC@FE8E;
D@CC@FEIFF;N@CCI<:FI;<;@E:FEE<:K@FEN@K?K?<
8:HL@J@K@FEF=!-/-
.?<FDG8EP8::FLEKJ=FI>FF;N@CC8E;@E;<=@E@K<C@M<;@EK8E>@9C<8JJ+813,6/=99.A366+8.!>2/<8E;-/8>+813,6/=99.A366+8.!>2/<%9:3-
-@DGC@=P@E>K?<.FF;N@CC=FI@DG8@IDFF;N@CCD@>?K9<@DG8@I<;
!FF;N@CC@DG8@ID:FEJ@JKJF=8EFGK@FE8CHL8C@K8K@M<
8JJLE@KKF@KJ:8IIP@E>M8CL<

#=K?<:8IIP@E>M8CL<F=K?<ILE@K@J>I<8KI<8K8DFLEKK?M8CL<@J>I<8KK?<J<:FE;HL8IKD8DFLEKI=IFD,/\JLE;K?<J<:FE;HL8IKDDFF;N@CCN8J
:8C:LC8K<;8E;:FDG8I<;KFK?<I<:FI;<;>FF;N@CCM8CL<
J8I<F=

D@CC@FE8E;K?<:FIIK8O@DG8:KF=
D@CC@FEKFI<;L:<K?<:8IIP@E>M8CL<F=,/-<>DFF;N@CCKF

D@CC@FE
.?<@DG8@ID<@J@E:CL;<;8J@DG8@IDFF;N@CC8E;@EK8E>@9C<8JJ<DFF;N@CC
LI@E>K?<=FLIK?HL8IKDFF;N@CC=FI
@DG8@IDI<8KM8CL<8E;K?DFF;N@CC8JF=K?<M8CL8K@FE;8K<N?@:?N8J):KF9FF;N@CC8E;
:FE:CL;<;K?8K,/\J=8@IM8CL<N8JDFI<K?8EK?<:8IIP@E>M8CL<:FEJFF;N@CC8E;:FE:CL;<;K?8K
"(\J=8@IM8CL<N8JDFI<K?8EK?<:8IIP@E>M8CL<:FEJK?<=FLIK?HL8IKM8CL8><;8E@E;?KJK?<IL@;K?<?K<;8M<:FJKF=:8G@K8C
/E;L@;
DLCK@GC??K<;KF@9C<8JJ8DFLEKF=>FF;N@CC9PIDK?<P<8IJ



X 
 
 

#DG8@ID



X 
 
 

#DG8@ID



X 
 
 

39&3,.'1*88*98
#E8;;@K@FEKF>FF;N@CC@E:FEE<:K@FEN@K?K?<8:HL@J@K@FEJF=,/8E;"(K?<FDG8EPI<:FI;<;@;@9C<8JJ>I<>8K<8DFLEKF=
D@CC@FE8E;
D@CC@FEI8E;.@KC<#08E;8==@C@8K<8>I<M8CL<F=,/@E;<=@E@K<C@M<;@EK8E>@9C<8JJ@9C<8JJ@9C<8JJ?KC@E<98J@JFM@9C<8JJK?<P<8IJ@9C<8JJK?<J<:FE;HL8IKD@9C<8JJ8DFLEKI=IFD,/\JLE;D@9C<8JJK?<J<:FE;HL8IK@9C<
8JJDM8CL<8E;,/-<>D8E;.@KC<#0N8J

D@CC@FEFI
D@CC@FECM8CL<;LI@E>K?<J<:FE;HL8IK<F=
D@CC@FEKFI<;L:<K?<:8IIP@E>M8CLD@9C<8JJ
.?<@DG8@ID<@J@E:CL;<;8J@DG8@IDFF;N@CC8E;@EK8E>@9C<8JJ<I<:FI;<;8E;.@KC<#0@E;<=@E@K<C@M<;@EK8E>@9C<8JJ@9C<8JJM8CL<:FEJ@9C<
8JJM8CL<:FEJK89C<I@9C<8JJ8E;.@KC<#0


==@C@8K@FE8>I<=8@IM8CL<IDE@=@:8EK=CL:KL8K@FEJ
@EIFNK?I8KD8I>@EJ;@J:FLEKI8KFK?LC8KFIP8I;@E>K?<IFF;N@CC8E;
@EK8E>@9C<8JJFF;N@CC8E;@EK8E>@9C<8JJ<NFLC;I<NFLC;9<D8KC<8JC<8JI8EKJ8EFGK@FEKFGLI:?8J<K?<8JJC<8JC<8J<K?8KDC<8J?'8I:?
,/:CFJ<;FE<
:8DGLJ@E1@J:FEJ@E@E<:DD?K:8DGLJC<8J?<:KFE

8E;"FEFCLCL"8N8@@
)GC<8J<8JJ?KKFLJ<8ELE;8JJC<8J<C@89@C@K@8K@FEKFD8B<C<8J<G8PD=IFDK?<C<8J<
)GC<8JC<8J<8JJC<8J<C@89@C@K@KE@Q<;8KK?<C<8J<:FDDI8K<
98J<;FE@E=FID8K@FE8M8@C89C<8KC<8J<:FDDC<8JE@Q<;FE8JKI8@>?KC@E<98J@JFMC<8J<KC<8JI<8KC<8J<C@89@C@K@K?<P<8IJ:8J?=CFNJ
9==986/+=/=
LI@E>K?<=@IJKHL8IKDD8E:FEJFC@;8K@E>KNF'@EEK?<J<:FE;HL8IKI8DK?8K@K@EKK?<J<:FE;HL8IKK?<K?@I;HL8IKK?<P<8IJ<;K?<8JJC<8J<F9C@>8K@FEJ
JF=<:<@EKK89CF=:8J?=CFNJ8I@J@E>=IFDK?<FDG8EP\J
FG8E;=@E8E:<C<8J5@E;21-?15-.585@51?
"<1>-@5:31-?1? 5:-:/11-?1?


 



 



 
X


 
X


 
X
8E;91?1:@B-8A1;2;<1>-@5:381-?185-.585@51?

 

&9

 

-8-:/1&411@8-??525/-@5;:
LIIC<8J<C@89@C@K@KC<8J<C@89@C@K@KK:2;>9-@5;:
1<@>?K<;8M<IC<8J<KC<8J?K<;8M<;@J:FLEKI8K<
)GC<8J91.@
#E:FEE<:K@FEN@K?K?<8:HL@J@K@FEF=,/FIK?<,8JDLJJI<&&FIK?<I<;@K>I<I<>I<>8K<FI@>@E8C


GI@E:@G8C8DFLEKF=
D@CC@FEFIK?<.CF8E=8:@C@KP@E8E8>>I<>8K<:FDD@KDI<;@K 8:@C@KP8E;
KF>I<;@K 8:@C@KP8CJF@E:CL;C@E<CF8EJ
.?<.8K<8E;@JGI=<=<8DFIK@Q<;LJ@E>K?<<==<:K@M<@EKLE8DFIK@Q<;;<=
=<=<I<;@K
 8:@C@KPN8DFIK@Q<;KF@EKI<;@K 8:@C@KP

.?JFLKJK8E;@E>FEK?<,I<;@K 8:@C@KP8JF=<:I<F9K8@E@E>
:FDD@KDI<;@K 8:@C@KP@E:I<8J<K?<
8DFLEKF=K?<.>I<>8K<8DFLEKEFKKFI<8K>I<>8K<8DFLEKF=:>I<>8K<8DFLEKF=MFCLEK8IPGI<,8K@FNFLC;EFK9<>I<8K<,8K@FNFLC;EFK9<>I<8K<,8K@FNFLC;EFK9<>I<8K<,8K@FNFLC;EFK9<>I<8K<,8K@FNFLC;EFK9<>I<8K<,8K@FNFLC;EFK9<C<,8K@FK?<-<:LI<;(<,8K@F8E;K?<.FK8C(<,8K@F8I<<8:?;<=@E<;@EK?<I<;@K>I<<,8K@F:FEJFC@;8K<;=@IJKC@<,8K@F:FEJFC@;8K<;J<:LI<;
@E;<9K<;E<,8K@F:FEJFC@;8K<;KFK8C@E;<9K<;E<,8K@F@J
8CJF;<=@E<;@EK?<I<;@K>I<9FIIFN@E>JLE;?K
 @E8E:@E>,8K<FI.@E>=IFD
KF
;
FEK?<@EK@M@E><==<:KKFJL:?8;ALJKD8K@FEJ@=*#=8@CJKFG8P8EP8DFLEKN?I8K<N8J
8EPF==JI<<;8@CPLELJ<;8DFLEKF=K?<
:FDD@KDI<;@K 8:@C@KP
.?<I<;@K>I<K?<P<8IJI<;@K 8:@C@KP
#E<:
D@CC@FEFEK?<.GI@E:@G8C8DFLEK8KD8KLI@KP@E-;<9KGIN@K?IJ<:FE;HL8IK8K@FE=FIK?<P<8IJL8I8EK<<;9P*#\JJL9J@;@8I@L8I8EKFIJFI!L8I8EKFIJ
.?<F9C@>8K@FEJF=*#8E;K?<!L8I8EKFIJ8I<J<:LI<;9P8
GC<;><F=JL9JK8EK@8CCP8CCF=K?<@III<8K<9P8E;8DFE>*#K?<>I<I<8K@M<:FMC@D@K8K@FEJFE*#\J8E;@KJ
JL9J@;@8I@FK?JKF@E:LI8;;@K@FE8C;<9K>I8EKFIG<FI:FEJFC@;8K<N@K?FK?8::?KJKF=FI<:CFJ<FEK?<:FCC8KK?< 8:@C@K@I<<,8K@FF=EF>I<8KK@EK?FLJ8E;J
?;21/19.1>





I<;@K8>I<=<K5@51?;2;:3'1>91.@
;-:#-E91:@?


.FK8C


*7.;&9.;*8&3)*),.3,
.?<FDG8EP@JJL9A<:KKF@EK9FIIFN@E>JLE;I<I<<@KJ
I<E8K<;8J8
:8J?=CFN?<;><N@K?K?<J8D<EFK@FE8CM8CL<KFGIFM@;<K?<FDG8EPN@K?@EKI<I<I<E8K<;8J8:8J?=CFN?<;><GIFM@;E8K<;8J8?<;>@E>@EJKILDK8K@FEJ8I<I<;@EKJ

 FIK?<P<8I:0101/19.1>







LII





<=@9CC<8J<C@89@C@KP

 

CCFN8E:<=FI;FL9K=LC8::FLEKJ

 

,IFJJ;<=C<8J<8JJCFJJ:8IIP=FIN8I;JF=
D@CC@FE
8E;
D@CC@FEI@EKF
CFJJ:8IIP=FIN8I;JN@CC9<>@EKF?
.?<8DFLEKF=JK8K<ECFJJCFJJ:8IIP=FIN8I;JD8P9<
JL9A<:KKF8EEL8CC@D@K8K@FEJ;L<KFFNE<GIFM@J@FEJF=-<:K@FEF=#EKK?</
-
=<;:0101/19.1>







9;A:@

9;A:@

9;A:@

/
-
=<;@88C@=FIE@88E;0@I>@E@8D8;<LGK?<D8AFI@KP>I<8KFIP
#EJK8K<K8O@8 CFI@;8'@EEI<8KFIP
#EJK8K<K8O@8'@JJ@JJ@GG@'8IPC8E;8E;.I<8KFIP
.?<FDG8EPG8@;:8J?K8O:0101/19.1>







8J?G8@;=FI/
-
=<;
ALI@J;@:K@FEJ@EK?FLJ8E;J
,1->:0101/19.1>







&@-@1
!@8 
 

	
'@EE8EPF=K?<P<8IJGI9<8;E111:125@?
.?<FDG8EP?8J@9C<
IFJJ8EEL8C<8IE@E>JEFKKF:FEKI@9LK@FEJ8KD8K:?@E>G@EE@E>$8EL8IP@9C<?K?<-**LEK@CJL:?K@D<8JK?<FDG8EPI<@EJK8KE@Q<;@E:FEE<:K@FEN@K?K?<-**N8J8GGIFO@D8K?H=A5@E
94(03(*39.;*1&38
.?<DE@Q@9@C@KP:I@KI8EK8E8::E@Q
GI@:<F=K?<FDG8EP\JJKF:BFEK?<;8K<F=>I8EK
.?<E@Q<;8JJKF:B98J<;
:FDGGK?<JKI8@>?KC@E<DI8;<;MDE@QK?<J8K@J=8:K@FEF=8EPGGLIGFJI8EK8E;DLCK@GCP@E>K?<:FII
ELD9GI@:<F=K?<FDG8EP\JJKF:BFEK?<;8K<F=>I8EK
.FK?<
F8CJ8I<EFKDE@Q<;8>8@EJKK?<>F8CJ8E;KFK?<E@Q<;:FDGI8EK8E;I@E8C
;2&4->1?
*1534@10
B1>-31>-:@
#>5/1-:0-5>)-8A1
(FEMI8EK<;
 


0
;2&4->1?
*1534@10
B1>-31>-:@
#>5/1-:0-5>)-8A1
(FEMI8EK<;
 


0
;2&4->1?
*1534@10
B1>-31>-:@
#>5/1-:0-5>)-8A1
(FEMI8EK<;
 


0E@Q<;:FDGE@Q<;FM?K<;8M<G:FDDFEJ?8II8EKLJ@E>8C8:B-:?FCDF;<?@JKFI@:8CMFC8K@C@KPF=K?<
FDG8EP\J:FDDFEJKF:B
#E8;;@K@FEK?<FDG8EP;K?</
-
.I<8JLIP


:FEJK8EKD8KLI@KP=FIK?<J8D<D8KLI@KP8JK?<I8EK=FIK?8K9LJ@E@E8CMI8EK

.?<K89C<9
;2"<@5;:?
*1534@10
B1>-31
D1>/5?1
#>5/1
*1534@10
B1>-31
;:@>-/@A-8
521E1->?
33>13-@1
:@>5:?5/
)-8A1
@EK?FLJ8E;J
)LKJK8E;@E><:I8EK<;







X
N8I;J<:
;2"<@5;:?
*1534@10
B1>-31
D1>/5?1
#>5/1
*1534@10
B1>-31
;:@>-/@A-8
521E1->?
33>13-@1
:@>5:?5/
)-8A1
@EK?FLJ8E;J
)LKJK8E;@E><:I8EK<;

X 
X 
X 
X
N8I;J<:
;2"<@5;:?
*1534@10
B1>-31
D1>/5?1
#>5/1
*1534@10
B1>-31
;:@>-/@A-8
521E1->?
33>13-@1
:@>5:?5/
)-8A1
@EK?FLJ8E;J
)LKJK8E;@E><:I8EK<;

X 
X 
X 
X
N8I;J<:K89C<JK?<>I8EK;8K<=8@IM8CL<F=<8:?FGK@FE8N8I;
>I8EK<;=FIK?<P<8II8EK<;;LI@E>K?<P<8IJ:010
1/19.1>



OG<:K<;MFC8K@C@KP


OG<:K<;;@M@;?K<;8M<=8@IM8CL<F=FGK@FEJ>I8EK<;;LI@E>K?<P<8I



 FIK?<P<8IJE@Q<;:FDGE@Q<;FM?K<;8M<GE@Q<;JKF:B98J<;:FDG:0101/19.1>







#EJKIL:K@FE8C:FJKJ8E;J8E;GIFDFK@FE8C

 
 

!E@Q<;@E:FD<K8O9I8D=FI:FDDFEJKF:BLE;D8IBFK@8K<;KI8EJ8:K@FEJ98J<;FE9LJ@EI8D;F8K<K?<FDG8EPKFI8M8@C89C<
:8J?
#E(FM8CIFK@8K<;KI8EJ8:K@FEJ@E
KI8EJ8:K@FEJJKIL:KLI<;K?IFL>?@EM@EJK@KLK@FEJFI8:FD9@E8K@FEK?8K<K?<FDG8EPKF8:HL@I<8EPJ?8IF=IC@HL@;@KP:8J?=CFNJKF:BGI@:<8E;>I8DN8J@E8;;@K@FEKFK?<FDG8EP\JII8DLE;I<K?<P<8IJK?<P<8ILE;K?<P<8IJ
IF=II8EKJ
.?I8DJ8LK?FI@Q<;9PK?<FDG8EP\JF8I;F=@I<:KFIJ8J;121>>10&@;/7
)E<::FDDFEJKF:B?FC;J?8I8E<8ICPI<;
D@CC@FE@E8::IL<;8E;LEG8@;;@M@;;@M@;FEJFC@;8K<;-K8K8K<:=IFDK?<?8IKE8K@FEN@K?IK?<P<8IJE8K@FE8E;@E:CL;<;8E<8ICP
I<;K89C<C@JKJK?<:FDGFEI@>?KJ=FI;@I<:KFIJFIFK?J?8IFK?J@@E:LI8EP@E;<9K<;E<,8K@F8J;<=@E<;@EK?<*LI:?8J<>I<>I<>8K<F=D@CC@FEF=K?<FDG8EP\J:FDDFEJKF:B
!;@1
;:@5:31:/51?
.?<FDG8EP8::IL9LKEFKC@D@K<;KFI<>LC8KFIP:FDGC@8E:<8E;
C<>8CD8KK<FI:FEK@E>8CD8KK-@5;:
-KL;I8DJKF=@E8E:<K?<@I<;L:8K@FE=LE;J=IFD.
GIF>I8DJ0<;L:8K@FE9I8DJ8E;=<;I8DJ8JN<K?8EEFED@C@K8IP
JKL;DJFLI:<@J8J=FCCFNJ
,1->:0101/19.1>







FKL@K@FE8JJ@JK8E:<GIF>I8DJ



0<;L:8K@FE9I8DJ



8J?8E;FK?DJFLI:<@J8J=FCCFNJ
,1->:0101/19.1>







.@KC<#0GIF>I8DJ



8J?8E;FK?DJFLI:<@J8J=FCCFNJ
,1->:0101/19.1>







.@KC<#0GIF>I8DJ



8J?8E;FK?I8DJ8E;FK?E@=@:8EK@DG8:KFEK?<FDG8EP\JFG9-@5;:
.?<FDG8EP\J?@<=O<:LK@M<)==@:;<:@J@FED8B8E@QK?I<<FG8E;IDDDDFI@Q<;DID@E:FD<CFJJ
.?<
)';FDD:0101/19.1>







#(&&1391:@
,8E;GIFDFK@FE8C






!;9;<1>-@5;:?.12;>15:@1>1?@-:05:/;91@-D1?







%(&1391:@
,8E;GIFDFK@FE8C






!;9;<1>-@5;:?.12;>15:@1>1?@-:05:/;91@-D1?



 
 



!&1391:@
,8E;GIFDFK@FE8C






!;9;<1>-@5;:?.12;>15:@1>1?@-:05:/;91@-D1?


 
 

;><;>-@1-:0"@41>
,8E;GIFDFK@FE8C






!;9;<1>-@5;:?.12;>15:@1>1?@-:05:/;91@-D1?

 



 


.FK8CID1B1:A1








.FK8CID;9;<1>-@5;:?.12;>15:@1>1?@-:05:/;91
@-D1?


 







#E:CL;C@M<;8JJFF;N@CC8E;@EK8E>@9C<8JJC@M<;8JJC@M<;8JJC@M<;8JJ:0101/19.1>







1<>1/5-@5;:-:0-9;>@5F-@5;:
*/--<>DDDD1/5-@5;:-:0-9;>@5F-@5;:








:@1>1?@1D<1:?1:1@
*/--<>DDDD1?@1D<1:?1:1@

 
 


:/;91@-D.1:125@1D<1:?1
*/--<>DDDDI<I<I<:I<;@K=8:@C@KP@E8E
8>>I<>8K<GI@E:@G8C8DFLEKF=LGKF
D@CC@FEFIK?<,I<;@K 8:@C@KP8E;KF>JK?@E>=IFD
KF
8E;9<8I@EK8E@EI8E>@E>=IFD
KF
<8:?;FEK?<FDG8EP\JFEJFC@;8K<;.FK8C(<,8K@F

.?<,I<;@K 8:@C@KPI
D@CC@FEJ:I<;@K=8:@C@KP
8E;K?<GIF:<<;JF=K?<.LE;K8CK?<D;@I<:KCPFNE<;9PK?<J8D<C<>8C@1>8E5:-:/5-8&A99->EA:-A05@10
.?<=FCCFN@E>LE8L;@K<;:FEJFC@;8K<;@EK
LE8L;@K<;:FEJFC@;8K<;=@E8E:@8C@E=FID8K@FEI<=C<:KJ8CC8;ALJKDK89C?KHL8IK@1>
:0$A->@1>

>0$A->@1>
@4$A->@1>


,1;:@>;8?-:0#>;/10A>1?
1<?8M<:8II@<;FLK8EFLI
GI@E:@G8C<:KF=8J8D<:K8JF=
<::-8;:@>;8"B1>5:-:/5-8%1<;>@5:3
.?@;<:KK?8KF::LII<;;LI@E>K?<=FLIK?HL8IK




 ! !'H&!!(%#"%'"!!'%!"!'%"")%!!%#"%'!
)LID8E8>8E;D8@EK8@E@E>8;=FI
K?<FDG8EP
#EK@J;<=@E<;@E,LC<8=FI;=GIFDLC>8K<;LE;<:K8J8GIF:E<;9PFILE;8I;@E>K?<I8E;K?<GIGI@E:@GCGI@E:@GCD8;<
FECP@E8::FI;8E:<N@K?8LK?FI@Q8K@FEJF=FLID8E8>8I;@E>GID8PEFKGII<<F=:FDGC@8E:<N@K?K?<GFC@:@8JF=<:K?@J
8JJ/<8+698><968>/1<+>/.<+7/A9<5@JJL<;9PK?<FDD@KK<<
F=-GFEJFI@E>)I>8E@Q8K@FEJF=K?<.I<8;N8PFDD@JJ@FE@E

8J<;FE@KJ8JJ@J<==<:K@M<98J<;FEK?FJ<:I@K@JK=@ID8JF=<::-8;:@>;8;B1>5:-:/5-8%1<;>@5:3
1<?8M<8L;@K<;K?<@EKF=D/<8+698><96F8>/1<+>/.<+7/A9<5
	@JJL<;
9PK?<FDD@KK<<F=-GFEJFI@E>)I>8E@Q8K@FEJF=K?<.I<8;N8PFDD@JJ@FE)-)
#EFLIFG@E@FEK?<FDG8EP
D8@EK8@E<;@E8CCD8K8JF=<:/<8+698><96F8>/1<+>/.<+7/A9<5
	@JJL<;9P)-)
1<?8M<8CJF8L;@K<;@E8::FI;8E:<N@K?K?<JK8E;8I;JF=K?<*L9C@:FDG8EP::FLEK@E>)M?KF8I;/E@K<;-K8K"<5:5;:
.?<FDG8EPJD8E8><==<:K@M<@EK8E;=FI@KJ
8JJ@E:CL;<;@EK?<8::FDG8EP@E>'8E8>
)LII98J<;FEFLI8L;@K
1<8I<8GL9C@:8::FLEK@E>=@IDI<>@JKLC8K@FEJF=K?<-<:LI@K@<FDD@JJ@FE8E;K?<*)
1<:FE;L:K<;FLI8L;@K@E8::FI;8E:<N@K?K?<JK8E;8I;JF=K?<*)
.?FJ<JK8E;8I;JIN8JD8@EK8@E<;@E8CC
D8K8ELE;F=@EK8JJK?<I@JB
K?8K8D8K8E;K?<;E8E;FG<==<:K@MJL:?FK?:-8;:@>;8;B1>5:-:/5-8%1<;>@5:3
:FDG8EPJ@EK@J8GIF:E<;KFGIFM@;<I<8JFE89C<8JJLI8E:<I<>8I;@E>K?<
I8E;K?<GIGI@E:@GC@E:CL;GI@E:@GCD8;<FECP@E8::FI;8E:<N@K?8LK?FI@Q8K@FEJF=D8E8>8I;@E>GID8PEFKGII<<F=:FDGC@8E:<N@K?K?<GFC@:@@E@8
'8I:?



' 
'>-05:3>>-:3191:@?
LI@E>K?<K?I<<DFEK?J8II8E>8II8E>LC8K@FE
-%-/@1>;2@>-05:3
3>1191:@
33>13-@1!A9.1>;2
&4->1?;2;99;:
&@;/7@;.1&;80
#A>/4-?10#A>?A-:@
@;'>-05:33>1191:@ A>-@5;:
.?FD8J
<:B
II8E>LI<GIF=8II8E>>I<>8K<ELD9J
.?@JKI8;@E>8II8E>@9C<J8CK?<=@E8CJ8C<
G?<:105@3>1191:@
)E'8I:?FIK?<CFJ@E>8K<N<I<I<K?<FDG8EP8J9FIIFNL8I8EKFIJ*(8EB(8K@FE8C
JJF:@8K@FE8J8;D@E@JKI8K@M<8>I<>I<>8K<FI@>@E8CGI@E:@G8C8DFLEKF=
D@CC@FEFIK?<.:I<;@K=8:@C@KP@E8E8>>I<>8K<GI@E:@G8C8DFLEKF=LGKF
D@CC@FEFIK?<,I<;@K
 8:@C@KP8E;KF>I<;@K 8:@C@KP8CJF@E:CL;C@E<CF8EJ
#E8;;@K@FEK?<
I<;@K>I<F9K8@E@E>:FDD@KDI<;@K 8:@C@KP@E:I<8J<K?<8DFLEKF=K?<
.>I<>8K<8DFLEKEFKKFI<8KI<;@K 8:@C@KP8I<=LIK?>I<>8K<8DFLEKF=
:FDD@KDI<;@K 8:@C@KPJ?8CCEFK>I<>8K<8DFLEKF=K?< 8:@C@K@I<I<I<K?<FDG8EP8J9FIIFN&&8J8;D@E@JKI8K@M<8>@E8CGI@E:@G8C8DFLEKF=
D@CC@FE8E;8
D@CC@FEJ:I<;@K=8:@C@KP
.?<
.@E;<9K<;EI<F=K?< 8:@C@K@8K<
JF=K?<
CFJ@E>8K<K?JFLKJK8E;@E>LE;I<;@K 8:@C@KP
8:?F=K?< 8:@C@K@8K<
)LKJK8E;@E>9FIIFN@E>JLE;8E@EI8E>@E>=IFD
KF

FI@@898J<I8K<GCLJ8D8I>@EI8E>@E>=IFD
KF
@E<8:?:8J<;FEFLIFEJFC@;8K<;.FK8C(<
,8K@F
:FDD@KD@E>=IFD
KF
;FEFLIFEJFC@;8K<;.FK8C(<,8K@F@JG8P89C<
HL8IK<;8@CPLELJ<;8DFLEKF=K?<:FDD@KDI<;@K 8:@C@KP
LEK@CK?<'8KLI@KP8K<
.?<FEJFC@;8K<;.FK8C(<,8K@F@J;<=@E<;@EK?<I<;@K>I<C@E=FI-) ,CF8EJGCLJ:N@K?
K?<HL8IK$LE<@E8E8DFLEK<@>?KHL8IK?KHL8IKGI@E:@G8C8DFLEKF=K?<.I<GI@E:@G8C8DFLEKF=8EP
9FIIFN@E>JLE;I<;@K 8:@C@KPKF>I<;@K 8:@C@KPN@CC9<IJLE;L8I8EK<<;9P*/-8E;8EPJL9J@;@8I@L8I8EKFIJFI:FCC<:K@M8K@FEJLE;I<L8I8EK<<F=JL:?F9C@>8K@FEJ8I<J<:LI<;9P8GC<;><F=JL9JK8EK@8CCP8CCF=FLI8JJ<F=
JL9JK8EK@8CCP8CCF=K?<8JJ<>I<8K<9P8E;8DFE>K?<FDG8EPK?<><>I<I<8K@M<:FMJF=K?@JKPG<
@E:CL;@E>C@D@K8K@FEJFEFLI8E;FLIJL9J@;@8I@FK?JKF@E:LI8;;@K@FE8C;<9K>I8EKFIG<FI:FEJFC@;8K<N@K?FK?I<<,8K@FF=EF>I<8K<,8K@FF=EFC<,8K@F@J;<=@E<;@EK?<I<;@K>I<I<JF=K?@JKPG<
.?<I<;@K>I<JF=
K?@JKPG<@E:N?@:?K?<>LE;F@E>;I<<>I<I<<>I<?
*LIJL8EKKF!LC8K@FE-%@E=FID8K@FE
I<>8I;@E>FLIFM<F=FLIN<9J@K<8KNNN
8G<@
:FD
1<@EK8I;@E>8E8DJL:?@E=FID8K@FEFEFLIN<9J@K<8K
K?<8;;I?FLIN<9J@K<@J9-@5;:
.?<8;;@K@FE8C@E=FID8K@FEIJF=K?<F8I;8E;@KJFDD@KK<F=-KF:B?FC;<FDD@JJ@FEFIK?<-EFC8K<:<:<:<:@JK @IDZ@EFLI*IFOP
-K8K<:::FLEKJ@E:CL;<;@EK?@JEEL8C,5<@5;:



 @=K?DK?<FDDFE-KF:B
G8IM8CL<GI<I<LJK9P8E;9I<I<LJK9P8E;8DFE>DI<DLJK9P8E;9I<I<D&<>I<DFIJG8IKPK?I<8G@K8C&&8G@K8C'8JKE@C%
-?I@M8JK8M88E;'@:?8=@C<;?<:KF=
8J8;FGK<;GLIJL8EKKF-<:K@FEF=K?<-8I98E<:KF=
8J8;FGK<;GLIJL8EKKF-<:K@FEF=K?<-8I98EJ8I<<#EKLC8K@FE-%#K@JKI8EK\JLII@JKI8EK\J,<>@JKI8K@FE-K8K@JKI8EK\J+L8IKLJK


#E:FIGFI8K<;9PI<=@JKI8EK\JLII@JKI8EK\JEEL8C,@JKI8EK\JLII@JKI8EK\JLIILJK


#E:FIGFI8K<;9PI<=@JKI8EK\JLII@JKI8EK\J+L8IK@JKI8EK\JEEL8C,@JKI8EK\JLII@JKI8EK\JLII@JKI8EK\JEEL8C,@JKI8EK\JLII@JKI8EK\J,<>@JKI8K@FE-K8K@JKI8EK\J+L8IKLJK
 
#E:FIGFI8K<;9PI<=@JKI8EK\JLII@JKI8EK\JEEL8C,@JKI8EK\JLII@JKI8EK\JLII5;0
005@5;:?	
%10A/@5;:?
*>5@1"22?
-8-:/1-@
:0;2#1>5;0
@EK?FLJ8E;J
,1->1:0101/19.1>


DDD<F=(LIJ@E>-<>D1:0101/19.1>


DDD<F=(LIJ@E>-<>D1:0101/19.1>



DDD<F=(LIJ@E>-<>D?K?<!-/--8C<8K<


&!'(%&
*LIJL8EKKFK?<I<:KF=K?<I<>@JKI8EK?8J;LCP
:8LJ<;K?@JIE<;FE@KJ9E<;K?<:KF=K?@JIE<;9G@JKI8EK8E;@EK?<:8G8:@K@)==@:8
	
'8I:?

@I<:KFI
,@:?8I;-K8KLKF
	;N8I;"
F;@JGFK@
9PJ@>E@E>?@JE8D<?EK?@JI@JKI8EK
89FM<N?FJ<KPG<;E8D<FDD@JJ@FE
P
J;N8I;"
F;@JGFK@
;N8I;"
F;@JGFK@
KKFIE