Quarterlytics / Consumer Cyclical / Specialty Retail / Barnes & Noble Education, Inc.

Barnes & Noble Education, Inc.

bned · NYSE Consumer Cyclical
Claim this profile
Ticker bned
Exchange NYSE
Sector Consumer Cyclical
Industry Specialty Retail
Employees 2520
Overview Coverage Annual Reports FAQ Peers Earnings Calls Financials News Management
← All annual reports
FY2024 Annual Report · Barnes & Noble Education, Inc.
Sign in to download
Loading PDF…




 Barnes & Noble Education. Inc.  
 

LETTER TO SHAREHOLDERS 



To our shareholders, 
  
We are excited to kick off fiscal year 2025 with a much stronger foundation for future 
growth and profitability. 
  
On June 10, 2024, we closed on our milestone equity investment and bank 
refinancing.  These transactions significantly improved our balance sheet by raising $95 
million of new equity capital and converting approximately $34 million of second-lien 
debt into equity.  We also entered into a new four-year, $325 million credit facility.  
  
As a result of these transactions, we have seen a significant boost in confidence on the 
part of our campus partners and vendors.  Moving forward, we anticipate a significant 
ongoing reduction in interest costs, bank amendment fees, and legal and advisory 
expenses that have weighed on the business over the past two years. 
  
We have also made important organizational changes.  We recently appointed Jonathan 
Shar as our new Chief Executive Officer.  We also appointed five new members to our 
Board of Directors: Chairman William C. Martin, Emily Hoffman, Sean Madnani, Elias 
Nader and Eric Singer, with William C. Martin and Eric Singer overseeing a new Strategy 
and Operational Review Committee of the Board.  We are also pleased to welcome 
returning directors Denise Warren and Kate Walker. 
  
We plan to strategically invest in innovation and improve the experiences and value we 
bring to our customers and partner institutions, including continuing the growth of First 
Day Complete and our general merchandise business.  We are also focused on 
productivity and cost efficiencies, while also making investments in technology.  Our goal 
is to drive material improvements in profitability and to further build upon the strong 
financial foundation that we have recently attained. 



We are deeply grateful for the support of our campus partners, vendors and strategic 
partners, as well as our BNED team members for their dedication, commitment and the 
role they play in our company’s success. 
We want to thank our shareholders for the fresh confidence they’ve shown in Barnes & 
Noble Education.  We look forward to executing our business plan in 2025 and beyond. 
Sincerely, 
GihXnaXhPaXl 
Chief Executive Officer 
TbeebXg?ҫJXlnbh 
Chairman of the Board 


(!'&''&
&(%'&!+!"  &&"!
*.@56;4A<;


"% 	
 .?8";2

!!(%#"%'#(%&(!''"&'"!	"%	
1"'&(%'&+!'"	
;9J
'6A92<39.@@
'?.16;4&F:/<9
!.:2<3E05.;42<;D5605?246@A2?21
ECCED-JE9A
F7HL7BK;F;HI>7H;
(
(;M3EHA-JE9AN9>7D=;
,?=>JIJE*KH9>7I;-;H?;I$KD?EH*7HJ?9?F7J?D=
*H;<;HH;:-JE9A
(
(;M3EHA-JE9AN9>7D=;
-;9KH?J?;IH;=?IJ;H;:FKHIK7DJJE-;9J?ED=	E<J>;9J(ED;
#D:?97J;8O9>;9AC7HA?<J>;H;=?IJH7DJ?I7M;BBADEMDI;7IED;:?IIK;H7I:;;-;9KH?J?;I9J
3;I(E
#D:?97J;8O9>;9AC7HA?<J>;H;=?IJH7DJ?IDEJH;GK?H;:JE;9J
3;I(E
#D:?97J;8O9>;9AC7HAM>;J>;HJ>;H;=?IJH7DJ	>7I;-;9KH?J?;I
N9>7D=;9JE<:KH?D=J>;FH;9;:?D=CEDJ>IEHI>EHJ;HF;H?E:J>7JJ>;H;=?IJH7DJM7IH;GK?H;:JE
H;FEHJI	7D:	>7I8;;DIK8@;9JJEIK9>;F7IJ:7OI
3;I(E
#D:?97J;8O9>;9AC7HAM>;J>;HJ>;H;=?IJH7DJ>7IIK8C?JJ;:;B;9JHED?97BBO;L;HO#DJ;H79J?L;7J7 ?B;H;GK?H;:JE8;IK8C?JJ;:
FKHIK7DJJE,KB;E<,;=KB7J?ED-.S
E<J>?I9>7FJ;H	:KH?D=J>;FH;9;:?D=CEDJ>IEHI>EHJ;HF;H?E:J>7JJ>;
H;=?IJH7DJM7IH;GK?H;:JEIK8C?JIK9>;9AC7HAM>;J>;HJ>;H;=?IJH7DJ?I7B7H=;799;B;H7J;:9ECF7DO
-;;:;9ECF7DOY?D,KB;8E<J>;N9>7D=;9J
&7H=;799;B;H7J;:ECF7DO

(ED99;B;H7J;: ?B;H
 -C7BB;HH;FEHJ?D=9ECF7DO

#<7D;C;H=?D==HEMJ>9ECF7DO?D:?97J;8O9>;9AC7HA?<J>;H;=?IJH7DJ>7I;B;9J;:DEJJEKI;J>;;NJ;D:;:JH7DI?J?EDF;H?E:7DOD;MEHH;L?I;:;N9>7D=;9J

#D:?97J;8O9>;9AC7HAM>;J>;HJ>;H;=?IJH7DJ>7I;;<<;9J?L;D;II
E<?JI?DJ;HD7B9EDJHEBEL;H;-7H87D;I)NB;O9J/
-

8		8OJ>;H;=?IJ;H;:
FK8B?9799EKDJ?D=7JFH;F7H;:EH?IIK;:?JI7K:?JH;FEHJ
#<I;9KH?J?;I7H;H;=?IJ;H;:FKHIK7DJJE-;9J?ED8	E<J>;9J?D:?97J;8O9>;9AC7HAM>;J>;HJ>;;
H;=?IJH7DJ?D9BK:;:?DJ>;;9EHH;9J?EDE<7D;HHEHJEFH;L?EKIBO?IIK;:;9AC7HAM>;J>;H7DOE<J>EI;;HHEH9EHH;9J?EDI7H;H;IJ7J;C;DJIJ>7JH;GK?H;:7H;9EL;HO7D7BOI?IE<?D9;DJ?L;87I;:
9ECF;DI7J?EDH;9;?L;:8O7DOE<J>;H;=?IJH7DJZI;N;9KJ?L;E<;H;B;L7DJH;9EL;HOF;H?E:FKHIK7DJJES
8	

#D:?97J;8O9>;9AC7HAM>;J>;HJ>;H;=?IJH7DJ?I7I>;BB9ECF7DO7I:;;N9>7D=;9J	
3;I(E
.>;7==H;=7J;C7HA;JL7BK;E<J>;LEJ?D=7D:DEDLEJ?D=IJE9A>;B:8ODED7<;H;=?IJH7DJM7I7FFHEN?C7J;BOC?BB?ED
87I;:KFEDJ>;9BEI?D=C7HA;JFH?9;E<
F;HI>7H;E<ECCED-JE9AEDJ>;(;M3EHA-JE9AN9>7D=;7IE<)9JE8;H

IE<$KD;I>7H;IE<ECCED-JE9AF7HL7BK;
F;HI>7H;M;H;EKJIJ7D:?D=
"( !'&!"%#"%',%%!
*EHJ?EDIE<J>;,;=?IJH7DJZI*HENO-J7J;C;DJ;DDK7B';;J?D=E<-JE9A>EB:;HI7H;?D9EHFEH7J;:8OH;<;H;D9;?DJE*7HJ###

%!&!"('"!!!&(&%&
!+'""% 	
#.42!<
?I9BEIKH;,;=7H:?D= EHM7H:&EEA?D=-J7J;C;DJI


















































L7?B78?B?JOE<#DEB:;H'7JJ;HID:#IIK;H*KH9>7I;I)<
GK?JO-;9KH?J?;I 































































#J;C
-;B;9J;: ?D7D9?7B7J75,;I;HL;:6 




















































#J;C
'7D7=;C;DJZI?I9KII?EDD:D7BOI?I)< ?D7D9?7BED:?J?EDD:,;IKBJI)<)F;H7J?EDI 






)L;HL?;M 






































































,;IKBJI)<)F;H7J?EDI 




























































(ED!*';7IKH;I 




























































&?GK?:?JOD:7F?J7B,;IEKH9;I




















































H?J?97B99EKDJ?D=*EB?9?;ID:IJ?C7J;I 











































#J;C
+K7DJ?J7J?L;D:+K7B?J7J?L;?I9BEIKH;I8EKJ'7HA;J,?IA 































#J;C
 ?D7D9?7B-J7J;C;DJID:-KFFB;C;DJ7HO7J7











































#J;C
>7D=;I#DD:?I7=H;;C;DJI1?J>99EKDJ7DJI)D99EKDJ?D=D: ?D7D9?7B?I9BEIKH; 






#J;C
EDJHEBID:*HE9;:KH;I 




























































#J;C
)J>;H#D7J*H;L;DJ#DIF;9J?EDI


























#%'
#J;C
?H;9JEHIN;9KJ?L;)<?F)<;HJ7?D;D;EB:;H
'7JJ;HI 






































































#J;C
;HJ7?D,;B7J?EDI>?FID:,;B7J;:.H7DI79J?EDID:?H;9JEH#D:;F;D:;D9; 


















#J;C
*H?D9?F7B99EKDJ7DJ ;;ID:-;HL?9;I 
















































#%')
#J;C
N>?8?JI ?D7D9?7B-J7J;C;DJ-9>;:KB;I 
















































#J;C
 EHC%-KCC7HO 































































-?=D7JKH;I










































































&"&(%%%!"%*%""!&'' !'&
.>?I 7DDK7B H;FEHJ ED  EHC % 9EDJ7?DI 9;HJ7?D X?D J>; C;7D?D= E< J>; *H?L7J;
-;9KH?J?;I&?J?=7J?ED,;7J7H;87I;:EDJ>;8;B?;;D KI;: ?D J>?I
9ECCKD?97J?EDJ>;MEH:IX7DJ?9?F7J;YX8;B?;L;YX;IJ?C7J;YX;NF;9JYX?DJ;D:YXFB7DYXM?BBYX;OH;B7J;JEKIEHEKHC7D7=;C;DJ?:;DJ?7D=?D=;DL?HEDC;DJ
(;MH?IAI;C;H=;;?CF79JE<7BB<79JEHIEDEKH8KI?D;IIEHJ>;;NJ;DJJEM>?9>7DO<79JEHEH9EC8?D7J?ED
E<<79JEHIC7O97KI;79JK7BH;IKBJIJE:?<<;HC7J;H?7BBOEI;9EDJ7?D;:?D7DOJE<J>;I;H?IAIKD9;HJ7?DJ?;I7D:7IIKCFJ?EDIJ>;?I EHC%C7ODEJE99KH
7D:79JK7BH;IKBJI9EKB::?<<;HC7J;H?7BBO7D:7:L;HI;BOEI;7DJ?9?F7J;:EH?CFB?;:?DJ>;IJ7J;C;DJIH;H;IF;9JJE;EKJ9EC;E<M>?9>?IIK8@;9JJE9;HJ7?DH?IAI
?D9BK:?D=7CED=EJ>;HI
T J>;7CEKDJE<EKH?D:;8J;:D;II7D:78?B?JOJE9ECFBOM?J>9EL;D7DJI7FFB?978B;JE9KHH;DJ7D:EH7DO;9H;:?J7D:97F?J7BC7HA;JI7JJ>;J?C;I7D:?DJ>;7CEKDJID;;:;:7D:ED799;FJ78B;J;HCI
T EKH78?B?JOJEC7?DJ7?D7:;GK7J;B?GK?:?JOB;L;BIJEIKFFEHJED=E?D=?DL;DJEHOFKH9>7I;I7D:H;B7J;:L;D:EHF7OC;DJI?D7
J?C;BOC7DD;H
T EKH78?B?JOJE7JJH79J7D:H;J7?D;CFBEO;;I
T J>; F79; E< ;GK?J78B; 7D: ?D9BKI?L; 799;II 7:EFJ?ED ?D J>; C7HA;JFB79; ?I IBEM;H J>7D 7DJ?9?F7J;: 7D: EKH 78?B?JO JE
IK99;II; C7@EH?JO E< EKH ?DIJ?JKJ?EDI JE EKH " 4=>? ,DU ;GK?J78B; 7D: ?D9BKI?L; 799;II 9EKHI;
C7J;H?7BCE:;BIEHIK99;IIJ>?H:F7HJ?;IJ>7JFHEL?:;I?C?B7H;GK?J78B;7D:?D9BKI?L;799;IIIEBKJ?EDI
T J>;/D?J;:-J7J;I;F7HJC;DJE<:K97J?ED>7IH;9;DJBOFHEFEI;:H;=KB7JEHO9>7D=;IJ>7J?<7:EFJ;:7IFHEFEI;:9EKB:
?CF79J;GK?J78B;7D:?D9BKI?L;799;IICE:;BI79HEIIJ>;>?=>;H;:K97J?ED?D:KIJHO
T J>;IJH7J;=?9E8@;9J?L;IIK99;II;H;NF;9J;:FEJ;DJ?7B8;D;7D;NF;9J;:
H :;F;D:;D9OEDIJH7J;=?9I;HL?9;FHEL?:;HH;B7J?EDI>?FIIK9>7IM?J>0?J7B-EKH9;.;9>DEBE=?;I#D9
7D:J>; 7D7J?9I
,;J7?B!HEKF KB;H;?D7IJ>;X &,;B7J?EDI>?FY	7D:J>;FEJ;DJ?7B7D=;IJEJ>;I;IJH7J;=?9
I;HL?9;FHEL?:;HH;B7J?EDI>?FIC7O7:L;HI;BO?CF79JEKH8KI?D;II
T DEDH;D;M7BE<C7D7=;:8EEAIJEH;F>OI?97B7D:EHEDB?D;IJEH;9EDJH79JI7D:>?=>;HJ>7D7DJ?9?F7J;:IJEH;9BEI?D=I
T :;9?I?EDI8O%I9>EEBI9EBB;=;I7D:KD?L;HI?J?;IJEEKJIEKH9;J>;?HF>OI?97B7D:EHEDB?D;8EEAIJEH;EF;H7J?EDIEH
9>7D=;J>;EF;H7J?EDE<J>;?H8EEAIJEH;I
T =;D;H7B9ECF;J?J?L;9ED:?J?EDI?D9BK:?D=79J?EDIEKH9ECF;J?JEHI7D:9EDJ;DJFHEL?:;HIC7OJ7A;JE=HEMJ>;?H
8KI?D;II;I
T J>;H?IAE<9>7D=;I?DFH?9;EH?D;HIM>?9>9EKB:D;=7J?L;BO?CF79JH;L;DK;I7D:
C7H=?D
T 9>7D=;IJEFKH9>7I;EHH;DJ7BJ;HCIF7OC;DJJ;HCIH;JKHDFEB?9?;IJ>;:?I9EKDJEHC7H=?DEDFHE:K9JIEHEJ>;HJ;HCI
M?J>EKHIKFFB?;HI
T FHE:K9J I>EHJ7=;I ?D9BK:?D= :;9H;7I;I ?D J>; KI;: J;NJ8EEA ?DL;DJEHO IKFFBO 7IIE9?7J;: M?J> J>; ?CFB;C;DJ7J?ED E<
FK8B?I>;HIZ:?=?J7BE<<;H?D=I7D::?H;9JJEIJK:;DJJ;NJ8EEA9EDI?=DC;DJH;DJ7BFHE=H7CI
T MEHAIJEFF7=;IEH?D9H;7I;I?DB78EH9EIJI
T FEII?8B;?D9H;7I;I?DI>?FF?D=H7J;IEH?DJ;HHKFJ?EDI?DI>?FF?D=I;HL?9;I
T 7:;9B?D;?D9EBB;=;;DHEBBC;DJEH:;9H;7I;:EH:;9B?D?D=I7B;I


T J>;=;D;H7B;9EDEC?9;DL?HEDC;DJ7D:9EDIKC;HIF;D:?D=F7JJ;HDI
T JH;D:I7D:9>7BB;D=;IJEEKH8KI?D;II7D:?DJ>;BE97J?EDI?DM>?9>M;>7L;IJEH;I
T H?IAI7IIE9?7J;:M?J>EF;H7J?EDEHF;H7D=;&&ZIFE?DJE<I7B;IIOIJ;CIJ>7J7H;IEB:
JE9EBB;=;8EEAIJEH;9KIJEC;HI
T J;9>DEBE=?97B9>7D=;I?D9BK:?D=J>;7:EFJ?EDE<7HJ?DEBE=?;I9EKDJ;H<;?J7D:F?H79OE<:?=?J7B7D:FH?DJC7J;H?7BI
T H?IAI7IIE9?7J;:M?J>J>;FEJ;DJ?7BBEIIE<9EDJHEBEL;HF;HIED7B?DJ>;FEJ;DJ?7BC?I7FFHEFH?7J?EDE<EKH?DJ;BB;9JK7BFHEF;HJO
T :?IHKFJ?EDI JE EKH ?DDEBE=O IOIJ;CI ?D79A?D=7D:F>?I>?D=7JJ79AIH;IKBJ?D=?D>7HCJEEKH8KI?D;II7D:
H;IKBJIE<EF;H7J?EDI
T :?IHKFJ?EDE<EH?DJ;H<;H;D9;M?J>J>?H:F7HJOI;HL?9;FHEL?:;HI7D:EKHEMDFHEFH?;J7HOJ;9>DEBE=O
T H?IAI7IIE9?7J;:M?J>J>;?CF79JJ>7JFK8B?9>;7BJ>9H?I;I;F?:;C?9I7D:F7D:;C?9IIK9>7IJ>;)0#F7D:;C?9
>7L;EDJ>;EL;H7BB:;C7D:;EF;H7J?EDIE<
EKHIKFFB?;HII;HL?9;FHEL?:;HI7D:97CFKIF7HJD;HI7D:J>;;<<;9J?L;D;IIE<EKHH;IFEDI;JEJ>;I;H?IAI
T B?D=;H?D=?CF79JIJ>7JFK8B?9>;7BJ>9H?I;IC7O>7L;EDJ>;78?B?JOE<EKHIKFFB?;HIJEC7DK<79JKH;EHIEKH9;FHE:K9JI
F7HJ?9KB7HBO;/D?J;:-J7J;I
T 9>7D=;I ?D 7FFB?978B; :EC;IJ?9 7D: ?DJ;HD7J?ED7B B7MI HKB;I EH H;=KB7J?EDI ?D9BK:?D= M?J>EKJ B?C?J7J?ED /
-
 J7N
H;7D=;I?DJ7NH7J;IB7MI7D:H;=KB7J?EDI7IM;BB7IH;B7J;:=K?:7D9;
T 9>7D=;I?D7D:;D79JC;DJE<7FFB?978B;B7MIHKB;IEHH;=KB7J?EDIEH9>7D=;I?D;DEKJ
B?C?J7J?EDM?J>H;=7H:JE7HJ?JIM>?9>C7OH;IJH?9JEHFHE>?8?JEKHKI;E<
9EDIKC;H F;HIED7B ?D7D=;I?D799EKDJ?D=IJ7D:7H:I7D:
T J>;EJ>;HH?IAI7D:KD9;HJ7?DJ?;I:;J7?B;:?DJ>;I;9J?EDJ?JB;:X,?IA 79JEHIY?D$,=??08E<J>?I EHC%
->EKB:ED;EHCEH;E<J>;I;H?IAIEHKD9;HJ7?DJ?;IC7J;H?7B?P;EHI>EKB:KD:;HBO?D=7IIKCFJ?EDIFHEL;?D9EHH;9J79JK7B
H;IKBJI EH EKJ9EC;I C7O L7HO C7J;H?7BBO EI; :;I9H?8;: 7I 7DJ?9?F7J;: 8;B?;L;: ;IJ?C7J;: ;NF;9J;: ?DJ;D:;: EH
FB7DD;:
-K8I;GK;DJMH?JJ;D7D:EH7B7B<7H;;NFH;IIBO
GK7B?;?H;DJ?H;JO8OJ>;97KJ?ED7HOIJ7J;C;DJI?DJ>?IF7H7=H7F>
1;KD:;HJ7A;DEE8B?=7J?EDJEFK8B?9BOKF:7J;EH
H;L?I;7DO;J>;H7I7H;IKBJE<D;M?D;HM?I;7;:7J;E<J>?I
 EHC%
)',"!"% '"!
)KH M;8I?J; 7::H;II ?I MMM
8D;:
9EC 7D: EKH #DL;IJEH ,;B7J?EDI M;8I?J; 7::H;II ?I ?DL;IJEH
8D;:
9EC
 )KH DDK7B
,;FEHJ ED  EHC % +K7HJ;HBO ,;FEHJI ED  EHC + KHH;DJ ,;FEHJI ED  EHC % 7D: 7C;D:C;DJI JE H;FEHJI ;-;9KH?J?;IN9>7D=;9JE<7I7C;D:;:J>;XN9>7D=;9JY	7H;
J>;/
-
-;9KH?J?;I7D:N9>7D=;ECC?II?ED-	M>?9>C7?DJ7?DI7D#DJ;HD;JI?J;7JMMM
I;9
=ELJE799;IIIK9>H;FEHJI

1;7H;IK8@;9JJEJ>;?D;N9>7D=;9J7D:H;FEHJIFHENOIJ7J;C;DJI7D:EJ>;H
?DJ>;-
-K9>H;FEHJI7D:EJ>;H?D;ECF7DOM?J>J>;-7H;7L7?B78B;7H=;
EDEKHM;8I?J;7J?DL;IJEH
8D;:
9ECM>;DIK9>H;FEHJI7H;7L7?B78B;EDJ>;-ZIM;8I?J;
1;KI;EKH?DL;IJEH
8D;:
9EC
M;8I?J; 7I 7 C;7DI E< :?I9BEI?D= C7J;H?7B DEDFK8B?9 ?D EKH :?I9BEIKH; E8B?=7J?EDI KD:;H
,;=KB7J?ED  
 99EH:?D=BO ?DL;IJEHI I>EKB: CED?JEH ?DL;IJEH
8D;:
9EC ?D 7::?J?ED JE ;9EDJ;DJIE<J>;M;8I?J;IH;<;HH;:JE78EL;7H;DEJ?D9EHFEH7J;:?DJEJ>?I;HEKHH;<;H;D9;IJEJ>;/,&I;I;M;8I?J;I7H;?DJ;D:;:JE8;?D79J?L;J;NJK7BH;<;H;D9;IEDBO


#%'
A2:	'% %%
(970>>?30.:9?0C?:?30=B4>049/4.,?0>=010=09.0>?:KB0LK@>LK:@=L,9/K?30:8;,9DL=010=?:,=90>":-70
/@.,?4:9 9.	 := K"L , 07,B,=0 .:=;:=,?4:9	 %010=09.0> ?: K,=90>  ":-70 :77020L := K"L =010= ?: :@=
>@->4/4,=D,=90>":-70:77020::6>0770=>  	%010=09.0>?:K!&L=010=?::@=>@->4/4,=D!&'0C?-::6C.3,920
  	
#@=14>.,7D0,=4>.:8;=4>0/:1:=
B006>09/492:9?30&,?@=/,D.7:>0>??:?307,>?/,D:1;=47	K4>.,7
L
80,9>?30B006>09/0/;=47
K4>.,7

L80,9>?30B006>09/0/;=47

,9/K4>.,7
L80,9>
?30B006>09/0/;=47

	
")%)*
2;2?.9
7HD;I(E8B;:K97J?ED#D9
X(Y	?IED;E<J>;B7H=;IJ9EDJH79JEF;H7JEHIE<F>OI?97B7D:L?HJK7B8EEAIJEH;I; /D?J;: -J7J;I
 1; 7H; 7BIE ED; E< J>; B7H=;IJ J;NJ8EEA
M>EB;I7B;HI 7D: ?DL;DJEHO C7D7=;C;DJ >7H:M7H; 7D: IEOI?97B L?HJK7B 7D: 9KIJEC
8EEAIJEH;I7D:I;HL;CEH;J>7D
C?BB?EDIJK:;DJI:;B?L;H?D=;II;DJ?7B;:K97J?ED7B9EDJ;DJJEEBI7D:=;D;H7BC;H9>7D:?I;
M?J>?D7:OD7C?9ECD?9>7DD;BH;J7?B;DL?HEDC;DJ

.>;IJH;D=J>IE<EKH8KI?D;II?D9BK:;EKH78?B?JOJE9ECF;J;8O:;L;BEF?D=D;MFHE:K9JI7D:IEBKJ?EDIJEC;;JC7HA;J
D;;:IEKHB7H=;EF;H7J?D=:?H;9J799;IIJEIJK:;DJI7D:<79KBJOEKHM;BB;IJ78B?I>;::;;FH;B7J?EDI>?FIM?J>
797:;C?9F7HJD;HI7D:IJ78B;BED=J;HC9EDJH79JI7D:EKHM;BBH;9E=D?P;:8H7D:I
1;FHEL?:;FHE:K9J7D:I;HL?9;E<<;H?D=I
:;I?=D;: JE 7::H;II J>; CEIJ FH;II?D= ?IIK;I ?D >?=>;H ;:K97J?ED ?D9BK:?D= ;GK?J78B; 799;II ;D>7D9;: 9EDL;D?;D9; 7D:
?CFHEL;:7<HEK=>?DDEL7J?L;9EKHI;C7J;H?7B:;B?L;HOCE:;BI:;I?=D;:JE:H?L;?CFHEL;:IJK:;DJ;NF;H?;D9;I7D:
EKJ9EC;I
1;E<<;HEKH"4=>?,DU;GK?J78B;7D:?D9BKI?L;799;IIFHE=H7CI9EDI?IJ?D=E<4=>?,D:8;70?07D:4=>?
,DM>?9>FHEL?:;<79KBJOH;GK?H;:9EKHI;C7J;H?7BIEDEH8;;;JEJ7BH;J7?BFH?9;;I7C;9EKHI;C7J;H?7BI?<FKH9>7I;:I;F7H7J;BO7B797HJ;	7D:IJK:;DJI7H;8?BB;:J>;8;BEMC7HA;J
H7J;:?H;9JBO8OJ>;?DIJ?JKJ?ED7I79EKHI;9>7H=;EH?D9BK:;:?DJK?J?ED
KH?D=J>;M;;AI;D:;:FH?B"4=>?
,DJEJ7BH;L;DK;?D9H;7I;:8OC?BB?EDEHJEC?BB?ED9ECF7H;:JEC?BB?ED:KH?D=J>;FH?EHO;7HF;H?E:

.>;I;FHE=H7CI>7L;7BBEM;:KIJEH;L;HI;>?IJEH?97BBED=J;HCJH;D:I?D9EKHI;C7J;H?7BIH;L;DK;:;9B?D;IM>?9>>7I8;;D
E8I;HL;:7JJ>EI;I9>EEBIM>;H;IK9>FHE=H7CI>7L;8;;D7:EFJ;:7D:?CFHEL;FH;:?9J78?B?JOE<EKH;=HEMJ>E<EKH"4=>?,DFHE=H7CIE<;:;9B?D;I?D7B797HJ;9EKHI;M7H;I7B;I7D:9BEI;:IJEH;I7B;I
1;
7H;CEL?D=GK?9ABOJE799;B;H7J;EKH4=>?,D:8;70?0IJH7J;=O
'7DO?DIJ?JKJ?EDI7:EFJ;:4=>?,D:8;70?0?D ?I97B
7D:M;FB7DJE9EDJ?DK;JEI97B;J>;DKC8;HE<I9>EEBI7:EFJ?D=4=>?,D:8;70?0?D ?I97B7D:8;OED:
1; ;NF;9J JE 9EDJ?DK; JE ?DJHE:K9; I97B78B; 7D: 7:L7D9;: IEBKJ?EDI ; IJK:;DJ 7D: 9KIJEC;H
;NF;H?;D9;;NF7D:EKH;9ECC;H9;97F78?B?J?;I7D:799;B;H7J;IK9>97F78?B?J?;IJ>HEK=>EKHI;HL?9;FHEL?:;HI 7D7J?9I,;J7?B
!HEKF KB;H;?D7I
J>;X &,;B7J?EDI>?FY	M?DD;M799EKDJI7D:;NF7D:EKHH;L;DK;EFFEHJKD?J?;IJ>HEK=>IJH7J;=?9H;B7J?EDI>?FI
1;;NF;9J
=HEII 9ECF7H78B; IJEH; =;D;H7B C;H9>7D:?I; I7B;I JE ?D9H;7I; EL;H J>; BED= J;HC 7I EKH FHE:K9J 7IIEHJC;DJI 9EDJ?DK; JE
;CF>7I?P;7D:H;7D=?D=9EDIKC;HJH;D:I7D:M;;LEBL;EKHFH;I;DJ7J?ED9ED9;FJI7D:C;H9>7D:?I?D=E<FHE:K9JI?D
IJEH;I7D:EDB?D;M>?9>M;;NF;9JJE8;;H;D>7D9;:7D:799;B;H7J;:J>HEK=>J>; &,;B7J?EDI>?F
 7D7J?9I7D:&?:I
79J?D=EDEKH8;>7B<7IEKHI;HL?9;FHEL?:;HIFHEL?:;KDF7H7BB;B;:FHE:K9J7IIEHJC;DJ;9ECC;H9;97F78?B?J?;I7D:FEM;HE<EKHBE=E=;D;H7BC;H9>7D:?I;8KI?D;II

.>; ,=90>  ":-70 8H7D: B?9;DI;:  EKH IK8I?:?7HO 8H7D:I " 7D: !& 7H;
IODEDOCEKIM?J>?DDEL7J?ED?D8EEAI;BB?D=7D:97CFKIH;J7?B?D=7D:7H;M?:;BOH;9E=D?P;:7D:H;IF;9J;:8H7D:I?DJ>;/D?J;:
-J7J;I
 )KH B7H=; 9EBB;=; ; C7HA;JFB79; DEJ EDBO IKFFEHJ EKH C7HA;J?D= ;<?FM?J>B;7:?D=FK8B?I>;HIM>EH;BOEDKI7IED;E<
J>;?HFH?C7HO:?IJH?8KJ?ED9>7DD;BI

6;.;06;4??.;42:2;A@
)D$KD;IK8I;GK;DJJEJ>;;D:E< ?I97BM;9ECFB;J;:L7H?EKIJH7DI79J?EDI?D9BK:?D=7D;GK?JOH?=>JI
E<<;H?D=FH?L7J;;GK?JO?DL;IJC;DJ.;HC&E7D:;8J9EDL;HI?ED7D:H;:?J 79?B?JOH;;;J
.>;I;JH7DI79J?EDIH7?I;:7::?J?ED7B97F?J7B?9>M?BB7BIE7BBEMKIJEIJH7J;=?97BBO?DL;IJ?D?DDEL7J?ED7D:9EDJ?DK;JE;N;9KJ;EKH
IJH7J;=?9?D?J?7J?L;I?D9BK:?D=8KJDEJB?C?J;:JEJ>;=HEMJ>E<EKH4=>?,D:8;70?0FHE=H7C
 EH7::?J?ED7B?D,9/&@;;70809?,=D,?,":?0	&@->0<@09?A09?>	


&24:2;A@
1; ?:;DJ? J>; M7O EKH 8KI?D;II ?I C7D7=;: ; ;C7DD;H?DM>?9>EKH9>?;<EF;H7J?D=:;9?I?EDC7A;H7BBE97J;IH;IEKH9;I7D:7II;II;I7L;JMEH;FEHJ78B;I;=C;DJI,;J7?B7D:1>EB;I7B;
::?J?ED7BBOKD7BBE97J;:I>7H;:I;HL?9;9EIJIM>?9>?D9BK:;
L7H?EKI9EHFEH7J;B;L;B;NF;DI;I7D:EJ>;H=EL;HD7D9;;;JMEI;=C;DJI
%'& !'
2;2?.9
.>;%0?,47&02809?EF;H7J;I9EBB;=;KD?L;HI?JO7D:%I9>EEB8EEAIJEH;I9ECFH?I;:E<F>OI?97B8EEAIJEH;I
7D:L?HJK7B8EEAIJEH;I
)KH8EEAIJEH;IJOF?97BBOEF;H7J;KD:;H7=H;;C;DJIM?J>J>;9EBB;=;IKD?L;HI?J?;IEH%I9>EEBI
JE8;J>;E<;;N9BKI?L;I;BB;HE<9EKHI;C7J;H?7BI7D:IKFFB?;I?D9BK:?D=F>OI?97B7D::?=?J7BFHE:K9JI

.>;C7@EH?JOE<J>;F>OI?97B97CFKI8EEAIJEH;I>7L;I9>EEB8H7D:;:;9ECC;H9;M;8I?J;IM>?9>M;EF;H7J;?D:;F;D:;DJBOEH
7BED=M?J>EKHC;H9>7DJI;HL?9;FHEL?:;HI7D:M>?9>E<<;HIJK:;DJI799;IIJEH;GK?H;:7D:H;9ECC;D:;:9EKHI;C7J;H?7BI7D:
7<;,;J7?B-;=C;DJE<<;HI;N?IJ?D=7D:FHEIF;9J?L;9B?;DJIJ>;OI?97BL?HJK7BEH9KIJECIJEH;IEBKJ?EDI

-JK:;DJI >7L; 799;II JE J>; H?=>J 9EKHI; C7J;H?7BI 7J J>; H?=>J J?C; 9EC8?D;: M?J> 7 IKF;H?EH ?D>EKI; 9KIJEC;H I;HL?9;
:;F7HJC;DJJE>;BFM?J>EH:;H?D=:;B?L;HO7D::?=?J7B9EDJ;DJ?DGK?H?;I
J9;HJ7?D?DIJ?JKJ?EDIIJK:;DJI7BIE>7L;J>;;?H9EKHI;C7J;H?7BFKH9>7I;I
.>;,;J7?B-;=C;DJE<<;HIEKH"4=>?,DU;GK?J78B;7D:?D9BKI?L;799;IIFHE=H7CI9EDI?IJ?D=E<4=>?,D:8;70?0
7D:4=>?,DM>?9>FHEL?:;<79KBJOH;GK?H;:9EKHI;C7J;H?7BIEDEH8;;;JEJ7BH;J7?BFH?9;;I7C;9EKHI;C7J;H?7BI?<FKH9>7I;:I;F7H7J;BO7B797HJ;	7D:IJK:;DJI7H;8?BB;:J>;
8;BEMC7HA;JH7J;:?H;9JBO8OJ>;?DIJ?JKJ?ED7I79EKHI;9>7H=;EH?D9BK:;:?DJK?J?ED
1;>7L;;DJ;H;:?DJEI;L;H7B7=H;;C;DJI
M?J>C7@EHFK8B?I>;HI?D9BK:?D=;D=7=;&;7HD?D='9!H7M"?BB:K97J?ED7D:*;7HIED:K97J?EDJE:?IJH?8KJ;J>;?H:?=?J7B
9EDJ;DJJ>HEK=>"4=>?,D
#D ?I97B"4=>?,DJEJ7BI7B;I?D9H;7I;:8O;FH?EHO;7H
-;;"4=>?
,D9.7@>4A0..0>>$=:2=,8>:?I9KII?ED8;BEM
#D7::?J?EDJE"4=>?,DFHE=H7CIJ>;,;J7?B-;=C;DJE<<;HI7IK?J;E<
:?=?J7B 9EDJ;DJ 7D: I;HL?9;I JE 9EBB;=;I 7D: KD?L;HI?J?;I ?D9BK:?D= 7 L7H?;JO E< EF;D ;:K97J?ED H;IEKH9;I X),Y	 9EKHI;
C7J;H?7B
#D ?I97B?DJ>;,;J7?B-;=C;DJM;I?=D;:9EDJH79JIOI?97B7D:L?HJK7B8EEAIJEH;I?9>?I=;D;H7BBO?;L;:7IJ>;IJEH;8;9EC;I;?H
;,;J7?B-;=C;DJM?J>;IJ?C7J;:7DDK7BI7B;IE<
C?BB?ED
 .>; ECF7DOZI IJH7J;=?9 ?D?J?7J?L; ?I JE 9BEI; KD:;HF;H7L;
7:EFJ;: 4=>? ,D :8;70?0 ?D  ?I97B  7D: M; FB7D JE 9EDJ?DK; JE I97B; J>; DKC8;H E< I9>EEBI 7:EFJ?D= 4=>? ,D
:8;70?0?D ?I97B7D:8;OED:
.>;I;FHE=H7CI>7L;7BBEM;:KIJEH;L;HI;>?IJEH?97BBED=J;HCJH;D:I?D9EKHI;C7J;H?7BI
H;L;DK;:;9B?D;I7IJ>;=HEMJ>E<EKH"4=>?,DFHE=H7CIE<7J 7FFHEN?C7J;BO  E< 9EBB;=; 7D: KD?L;HI?JO 7<; /D?J;: -J7J;I 7H;
EF;H7J;:8OJ>;?HH;IF;9J?L;?DIJ?JKJ?EDI
1;7DJ?9?F7J;J>7JI9>EEBIM?BB9EDJ?DK;JEEKJIEKH9;J>;?H97CFKI8EEAIJEH;7D:M;
?DJ;D:JE7==H;II?L;BOFKHIK;FHED;M
9EDJH79J87I;:ED;IJ78B?I>;:FHEOI?97BL?HJK7B7D:9KIJECIJEH;IEBKJ?EDI?I7A;O;B;C;DJE<EKH9ECF;J?J?L;IJH7J;=O
 6?@A.F>B6A./92.;1;09B@6C2002@@"?<4?.:@
1; FHEL?:; FHE:K9J 7D: I;HL?9; E<<;H?D=I :;I?=D;: JE 7::H;II J>; CEIJ FH;II?D= ?IIK;I ?D >?=>;H ;:K97J?ED ?D9BK:?D=
;GK?J78B; 799;II ;D>7D9;: 9EDL;D?;D9; 7D: ?CFHEL;: 7<HEK=> ?DDEL7J?L; 9EKHI; C7J;H?7B :;B?L;HO CE:;BI
:;I?=D;:JE:H?L;?CFHEL;:IJK:;DJ;NF;H?;D9;I7D:EKJ9EC;I
1;E<<;HEKH"4=>?,DU;GK?J78B;7D:?D9BKI?L;799;II
FHE=H7CI9EDI?IJ?D=E<4=>?,D:8;70?07D:4=>?,DM>?9>FHEL?:;<79KBJOH;GK?H;:9EKHI;C7J;H?7BIEDEH8;;
; JEJ7B H;J7?B FH?9; ; I7C; 9EKHI; C7J;H?7BI ?< FKH9>7I;:
I;F7H7J;BO7B797HJ;	7D:IJK:;DJI7H;8?BB;:J>;8;BEMC7HA;JH7J;:?H;9JBO8OJ>;?DIJ?JKJ?ED7I79EKHI;9>7H=;EH?D9BK:;:?D
JK?J?ED

T 4=>? ,D :8;70?0 ?I 7:EFJ;: 8O 7D ?DIJ?JKJ?ED 7D: ?D9BK:;I 7BB EH J>; C7@EH?JO E< KD:;H=H7:K7J; 9B7II;I 7D: ED
E997I?ED=H7:K7J;9B7II;I	FHEL?:?D=IJK:;DJI8EJ>F>OI?97B7D::?=?J7BC7J;H?7BI
.>;4=>?,D:8;70?0CE:;B:H?L;I
IK8IJ7DJ?7BBO=H;7J;HKD?JI7B;I7D:I;BBJ>HEK=>;8EEAIJEH;

H 4=>?,D?I7:EFJ;:8O7<79KBJOC;C8;HHEK=>J>;?HI9>EEBIB;7HD?D=C7D7=;C;DJIOIJ;CX&'-Y	



)<<;H?D= 9EKHI; C7J;H?7BI J>HEK=> EKH ;GK?J78B; 7D: ?D9BKI?L; 799;II 4=>? ,D :8;70?0 7D: 4=>? ,D CE:;BI ?I 7D
?CFEHJ7DJIJH7J;=?9?D?J?7J?L;E<EKHIJEC;;JJ>;C7HA;J:;C7D:IE<IK8IJ7DJ?7BBOH;:K9;:FH?9?D=JEIJK:;DJI7IM;BB7IJ>;
EFFEHJKD?JOJE?CFHEL; IJK:;DJ EKJ9EC;I M>?B; 7J J>; I7C; J?C; ?D9H;7I?D= EKH C7HA;J I>7H; H;L;DK; 7D: H;B7J?L; =HEII
FHE;>?=>;HLEBKC;IE<KD?JIIEB:?DIK9>CE:;BI7I9ECF7H;:JE>?IJEH?97BI7B;ICE:;BI
J>7JH;BOED?D:?L?:K7BIJK:;DJC7HA;J?D=7D:I7B;I
.>;I;FHE=H7CI>7L;7BBEM;:KIJEH;L;HI;>?IJEH?97BBED=J;HCJH;D:I?D
9EKHI;C7J;H?7BIH;L;DK;:;9B?D;IM>?9>>7I8;;DE8I;HL;:7JJ>EI;I9>EEBIM>;H;IK9>FHE=H7CI>7L;8;;D7:EFJ;:7D:
?CFHEL;FH;:?9J78?B?JOE<EKH;=HEMJ>E<EKH"4=>?,DFHE=H7CIE<;:;9B?D;I?D7B7
97HJ;9EKHI;M7H;I7B;I7D:9BEI;:IJEH;I7B;I
1;7H;CEL?D=GK?9ABOJE799;B;H7J;EKH4=>?,D:8;70?0IJH7J;=O
'7DO
?DIJ?JKJ?EDI7:EFJ;:4=>?,D:8;70?0?D ?I97B7D:M;FB7DJE9EDJ?DK;JEI97B;J>;DKC8;HE<I9>EEBI7:EFJ?D=4=>?
,D:8;70?0?D ?I97B7D:8;OED:

.>;?,DI7B;I;M;;AI;D:;:FH?B7D:FH?B
:77,=>4984774:9>
M;;AI;D:;:
FH?B
FH?B
#D9H;7I;
>7D=;
4=>?,D:8;70?0-7B;I 





















4=>?,D-7B;I






























.EJ7B"4=>?,D-7B;I


















4=>?,D:8;70?0
-FH?D=
-FH?D=
#D9H;7I;
>7D=;
(KC8;HE<97CFKIIJEH;I
















IJ?C7J;:;DHEBBC;DJ7	 

















7	.EJ7BKD:;H=H7:K7J;7D:=H7:K7J;IJK:;DJ;DHEBBC;DJ7IH;FEHJ;:8O(7J?ED7B;DJ;H; &,;B7J?EDI>?F
 7D7J?9I7D:&?:I79J?D=EDEKH8;>7B<7IEKHI;HL?9;FHEL?:;HI
FHEL?:;KDF7H7BB;B;:FHE:K9J7IIEHJC;DJ;9ECC;H9;97F78?B?J?;I7D:FEM;H E< EKH BE=E =;D;H7B C;H9>7D:?I; 8KI?D;II
  7D7J?9I EF;H7J;I 7I EKH I;HL?9; FHEL?:;H
?D9BK:?D= FHE9;II?D= 9EDIKC;H F;HIED7B ?D7B< KI?D= J>;?H 9KJJ?D=;:=; ;9ECC;H9; 7D: J;9>DEBE=O
;NF;HJ?I;JEE<<;HEKH97CFKIIJEH;M;8I?J;I;NF7D:;:FHE:K9JI;B;9J?ED7MEHB:9B7IIEDB?D;7D:CE8?B;;NF;H?;D9;7D:7
FHE=H;II?L; :?H;9JJE9EDIKC;H FB7J &?:I J>; B;7:?D= IJ7D:7BED; 8H?9A 7D: CEHJ7H H;J7?B;H 7L;?CFHEL;:799;IIJEJH;D:7D:I7B;IF;H?FI M?J> 97CFKI F7HJD;HI 7D: H;C7?D H;IFEDI?8B; ; :7OJE:7O
EF;H7J?EDI E< EKH 97CFKI 8EEAIJEH;I
 1; 7BIE MEHA 9BEI;BO M?J> EKH 97CFKI F7HJD;HI JE ;DIKH; J>7J ;79> 97CFKI IJEH;
C7?DJ7?DIKD?GK;7IF;9JIE<?DIJEH;C;H9>7D:?I?D=?D9BK:?D=BE97B?P;:FHE:K9J7IIEHJC;DJI7D:IF;9?7J
H;97CFKIZI8H7D:
1;B;L;H7=; 7D7J?9IZ;9ECC;H9;J;9>DEBE=O7D:;NF;HJ?I;;EF;H7J?ED7BC7D7=;C;DJE<
J>;;C8B;C7J?9C;H9>7D:?I;7D:=?7D:?I?D=E<;C8B;C7J?97FF7H;B>;7:M;7H7D:=?;?DL;DJEHO
?JC7D7=;IH;B?;L?D=KIE<J>;E8B?=7J?EDJE7I;I;BE=E7D:;C8B;C7J?9
=;D;H7BC;H9>7D:?I;I7B;I7H;;I;I7B;IED7D;J
87I?I?DEKH9EDIEB?:7J;:;H;9E=D?J?EDE<BE=E7D:;C8B;C7J?9=;D;H7BC;H9>7D:?I;
I7B;IED7=HEII87I?IFH?EHJEFH?B

<;A?.0A@
$3D>4.,7,9/@>?:8,8;@>::6>?:=0&:7@?4:9>
1; EF;H7J;  F>OI?97B 97CFKI 8EEAIJEH;I
 )KH F>OI?97B 8EEAIJEH;I 7H; JOF?97BBO EF;H7J;: KD:;H C7D7=;C;DJ
7=H;;C;DJIM?J>J>;9EBB;=;EHKD?L;HI?JOJE8;J>;E<;;N9BKI?L;I;BB;HE<9EKHI;
C7J;H?7BI7D:IKFFB?;I?D9BK:?D=F>OI?97B7D::?=?J7BFHE:K9JIIEB:?DIJEH;EDB?D;EHJ>HEK=>B;7HD?D=C7D7=;C;DJIOIJ;CI

1; F7O J>; I9>EEB 7 F;H9;DJ7=; E< I7B;I ; H?=>J JE 8; J>; E<; KI; E< J>;
FH;C?I;I7FFHEN?C7J;BO>7B<E<EKH7=H;;C;DJI:EDEJ>7L;7DOC?D?CKC=K7H7DJ;;:7CEKDJJE8;F7?:JEEKHF7HJD;HI
#D
7::?J?EDM;>7L;J>;DED;N9BKI?L;H?=>JJEI;BB7BB?J;CIJOF?97BBOIEB:?D79EBB;=;8EEAIJEH;8EJ>?DIJEH;7D:EDB?D;
1;7BIE


>7L;J>;78?B?JOJE?DJ;=H7J;J>;IJEH;IIOIJ;CIM?J>J>;9EBB;=;I7D:KD?L;HI?JOZIIOIJ;CI?DEH:;HJE799;FJIJK:;DJ;H;BE97B97CFKID;;:I7D:?FIM?J>EKHF7HJD;HI

 EH J>EI; ED97CFKI IJEH;I M?J> 7 B?C?J;: IJEH; 7D:?I;FHE:K9JI7JJ>;F>OI?97BED97CFKIIJEH;M?J>9EKHI;C7J;H?7BIE<<;H;:L?HJK7BBO7D:;HJE7D?D:?L?:K7B7::H;IIEH79;DJH7B97CFKIF?9AKFFE?DJ	

.>;F>OI?97B8EEAIJEH;C7D7=;C;DJ9EDJH79JIM?J>9EBB;=;I7D:KD?L;HI?J?;IJOF?97BBO?D9BK:;H;D;M7B
EFJ?EDI7D:7H;JOF?97BBO97D9;BB78B;8O;?J>;HF7HJOM?J>EKJF;D7BJOM?J>JE:7OIDEJ?9;
)KH97CFKI8EEAIJEH;I>7L;
7D7L;H7=;H;B7J?EDI>?FJ;DKH;E<O;7HI
 HEC ?I97BJ>HEK=> ?I97B7FFHEN?C7J;BOE<J>;I;9EDJH79JIM;H;
H;D;M;:EH;NJ;D:;:E;?HJ;HC?D7J?ED:7J;I

)4=?@,7,8;@>::6>?:=0&:7@?4:9>
1;EF;H7J;L?HJK7B97CFKI8EEAIJEH;I
)KHL?HJK7B8EEAIJEH;I=;D;H7BBOEF;H7J;KD:;H79EDJH79J7IJ>;?DIJ?JKJ?EDZI
E<;N9BKI?L;H?=>JIJE8EEAB?IJI7D:799;IIJEEDB?D;FHE=H7CIJ>7JB?DA9EKHI;C7J;H?7BIJE
J>;9EKHI;IE<<;H;:8OJ>;I9>EEB
)KHL?HJK7BEDBOIEBKJ?EDIJOF?97BBOI>?F9EKHI;C7J;H?7BI:?H;9JBOJEIJK:;DJI8KJ7BIE>7L;
J>;78?B?JOJEE<<;HI>?FJE97CFKIEFJ?EDI

0?HJK7B8EEAIJEH;7=H;;C;DJIJOF?97BBO>7L;J;HCI8;JM;;DJ>H;;7D:7KJEC7J?9H;D;M7BF;H?E:I
 EHJ>;
F7IJJ>H;;O;7HIM;>7L;H;J7?D;:7FFHEN?C7J;BOE<EKH9EDJH79JI7DDK7BBOM?J>J>;C7@EH?JOE<J>;9EDJH79JI7KJEC7J?97BBO
H;D;M;:7IF;HJ>;9EDJH79JJ;HCIEHH;D;M;:8;;?H;NF?H7J?ED:7J;I
1;F7OJ>;I9>EEB7F;H9;DJ7=;E<I7B;I;H?=>J
JE8;J>;E<	.:8-'M>?9>?IED;E<J>;B7H=;IJ;9ECC;H9;I?J;I?I
:?L?I?ED?IFH?C7H?BOOI?97B 9EBB;=; 7D: KD?L;HI?JO 8EEAIJEH; EF;H7J?EDI 7D:  L?HJK7B 8EEAIJEH;
EF;H7J?EDI%L?HJK7BIJEH;IEH7D:"?=>;H:K97J?EDL?HJK7BIJEH;IEH	BE97J;:?DJ>;/D?J;:-J7J;I?D
IJ7J;I7D:J>;?IJH?9JE<EBKC8?7
)KH,;J7?BD;M8KI?D;III7B;IJ;7C?IEH=7D?P;:8OIF;9?OI?97B L?HJK7B EH 9KIJEC IJEH; IEBKJ?EDI	 JE FK8B?9 IJ7J; FH?L7J; 9ECCKD?JO 9EBB;=; JH7:; 7D: J;9>D?97B ?DJ>;?HH;IF;9J?L;J;HH?JEH?;I
#?<1B0A.;1&2?C602"332?6;4@
1;E<<;H78HE7:IK?J;E<7<?9>7H;7L7?B78B;;H>EIJ;::?=?J7B9EKHI;M7H;7JEKHF>OI?97B7D:L?HJK7B8EEAIJEH;I7IM;BB7IE<<;H;:
:?H;9JBOJEIJK:;DJIJ>HEK=>'0C?-::6>	.:8
1;E<<;H7HE8KIJKI;:J;NJ8EEAI;B;9J?EDKD?GK;=K7H7DJ;;:8KO879AFHE=H7C
:OD7C?9FH?9?D=7D:C7HA;JFB79;E<<;H?D=I
)KH F>OI?97B 7D: L?HJK7B 8EEAIJEH;I FHEL?:; 7 9ECFH;>;DI?L; ;9ECC;H9; ;NF;H?;D9; 7D: 7 8HE7: IK?J; E< 7<OI?97B97CFKIIJEH;I7H;IE9?7B7D:797:;C?9>K8IJ>HEK=>M>?9>IJK:;DJI97D799;II
7<;C8B;C7J?97FF7H;B7D:=?DEBE=OI9>EEBIKFFB?;I97;C7@EH?JOE<F>OI?97B97CFKIIJEH;I7BIE>7L;I9>EEB8H7D:;:;
9ECC;H9; I?J;I M>?9> M; EF;H7J; ?D:;F;D:;DJBO EH 7BED= M?J> EKH C;H9>7DJ I;HL?9; FHEL?:;HI 7D: M>?9> E<<;H J>; I7C;
FHE:K9JI7IJ>;ED97CFKIIJEH;IFBKI7::?J?ED7B?J;CI

*HE:K9J7D:I;HL?9;E<<;H?D=I?D9BK:;
T :@=>0!,?0=4,7&,70>,9/%09?,7>
-7B;I7D:H;DJ7BIE<9EKHI;C7J;H?7BI7H;79EH;H;L;DK;:H?L;H7D:EKH<79KBJO7D:
IJK:;DJFB7JEEBIZH;=?IJH7J?EDIJK:;DJ?D7I;9EKHI;C7J;H?7BI?D9BK:?D=D;M7D:KI;:FH?DJ7L7?B78B;;H:?=?J7B9EKHI;M7H;FB7J<79KBJOJE;DIKH;J>;9EKHI;C7J;H?7BIJ>;O
>7L;9>EI;D;?H9EKHI;I7H;7L7?B78B;?D7BBH;GK?H;:;IJ7HJE<9B7II;I
)KHM>EB;I7B;:?IJH?8KJ?ED
9>7DD;B ;D78B;I EKH ,;J7?B -;=C;DJ JE EFJ?C?P; J;NJ8EEA IEKH9?D= IE J>;O 7H; 78B; JE CEH; ;<;DI?L; ?DL;DJEHO E< 7< /:;?4:9  9>423?>
$:=?,7X#*Y	?I7D?DDEL7J?L;FB7J7JFHEL?:;I;D>7D9;:IKFFEHJ?FJEH;I;7H9>
IK8C?J7D:CED?JEH9EKHI;C7J;H?7BI;B;9J?EDI;H:H?L?D=7<4A0..0>>	I:?I9KII;:78EL;M;E<<;HEKH"4=>?,DU;GK?J78B;7D:?D9BKI?L;799;IIFHE=H7CI
9EDI?IJ?D=E<4=>?,D:8;70?07D:4=>?,DM>?9>FHEL?:;<79KBJOH;GK?H;:9EKHI;C7J;H?7BIEDEH8;;;JEJ7BH;J7?BFH?9;;I7C;9EKHI;C7J;H?7BI?<FKH9>7I;:I;F7H7J;BO7
B797HJ;	7D:IJK:;DJI7H;8?BB;:J>;8;BEMC7HA;JH7J;:?H;9JBO8OJ>;?DIJ?JKJ?ED7I79EKHI;9>7H=;EH?D9BK:;:?DJK?J?ED

1;>7L;9EDJH79J;:M?J>0?J7B-EKH9;.;9>DEBE=?;I#D9
X0?J7B-EKH9;Y	JEKI;J>;?HJ;9>DEBE=OJEFEM;HEKH"4=>?


,D?D9BKI?L;799;IIFB7J;HI?D9BK:?D=;D=7=;&;7HD?D=
'9!H7M"?BB:K97J?ED7D:*;7HIED:K97J?ED7BBEM?D=KIJE799;B;H7J;7D:EFJ?C?P;"4=>?,D?CFB;C;DJ7J?EDI

.>;I;7CB;II:;B?L;HO?IC7:;FEII?8B;8OEKH"4=>?,DJ;9>DEBE=O7D:FK8B?I>;HIJ;9>DEBE=O?DJ;=H7J?EDIM?J>
97CFKI IOIJ;CI
 .>;I; ?D?J?7J?L;I FHEL?:; IJK:;DJI <79KBJO 7D: ?DIJ?JKJ?EDI =H;7J;H 799;II JE CEH; 7<?,D?IE<<;H;:ED79B7II8O9B7II87I?I7I7:EFJ;:8OJ>;?D:?L?:K7B?DIJHK9JEHIED797CFKI7I9ECF7H;:
JE4=>?,D:8;70?07D?DIJ?JKJ?ED7:EFJIJ>;FHE=H7C;L7IJC7@EH?JOE<KD:;H=H7:K7J;7D:EDE997I?ED
=H7:K7J;	9EKHI;I
#D ?I97B"4=>?,DFHE=H7CIJEJ7BI7B;I?D9H;7I;:8O;FH?EHO;7H
4=>?,D
:8;70?0E<<;HIJ>;:;B?L;HOE<8EJ>:?=?J7B7D:F>OI?97B9EKHI;C7J;H?7BIFH?9;:7J8;BEMC7HA;JH7J;I7I9ECF7H;:JEJ>;
JEJ7BH;J7?BFH?9;;I7C;9EKHI;C7J;H?7BI?<FKH9>7I;:I;F7H7J;BO7B797HJ;	
)<<;H?D=9EKHI;C7J;H?7BIJ>HEK=>EKH
;GK?J78B; 7D: ?D9BKI?L; 799;II FHE=H7CI ?I 7D ?CFEHJ7DJ IJH7J;=?9 ?D?J?7J?L; E< EKHI JE C;;J J>; C7HA;J :;C7D:I E<
IK8IJ7DJ?7BBOH;:K9;:FH?9?D=JEIJK:;DJIM>?B;7JJ>;I7C;J?C;?D9H;7I?D=EKHC7HA;JI>7H;H;L;DK;7D:H;B7J?L;=HEII
C7H=?DIE<9EKHI;C7J;H?7BII7B;I=?L;DJ>;>?=>;HLEBKC;IE<KD?JIIEB:?DIK9>CE:;BI7I9ECF7H;:JE>?IJEH?97BI7B;I
CE:;BIJ>7JH;BOED?D:?L?:K7BIJK:;DJC7HA;J?D=7D:I7B;I

H 0'0C?-::6>	1;>7L;9EDJH79J;:M?J>0?J7B-EKH9;7=BE87BB;7:;H?D8K?B:?D=;D>7D9?D=7D::;B?L;H?D=:?=?J7B9EDJ;DJED
EKH:?=?J7BH;7:?D=FB7J;IJH7J;=?9H;B7J?EDI>?FM?J>0?J7B-EKH9;7BBEMIKIJEKI;?JI
J;9>DEBE=OJEFEM;HEKH"4=>?,DFB7J?,D?CFB;C;DJ7J?EDI

T 090=,7!0=.3,9/4>0
 EHEKHF>OI?97B97CFKI8EEAIJEH;I7D:9KIJECIJEH;IEBKJ?EDIM;:H?L;=;D;H7BC;H9>7D:?I;I7B;I
J>HEK=>8EJ>?DIJEH;7D:EDB?D;9>7DD;BI7D:<;7JKH;9EBB;=?7J;7D:7J>B;J?97FF7H;BEJ>;H9KIJEC8H7D:;:I9>EEBIF?H?J
FHE:K9JIB?<;IJOB;7D:M;BBD;IIFHE:K9JIJ;9>DEBE=OFHE:K9JIIKFFB?;I=H7:K7J?EDFHE:K9JI7D:9EDL;D?;D9;?J;CI
1;
9EDJ?DK;JEI;;=HEMJ>?D=;D;H7BC;H9>7D:?I;I7B;IM>?9>>7I8;;D;H8EBIJ;H;:J>HEK=>EKH &,;B7J?EDI>?F7I
:?I9KII;: 78EL;
 1; 9EDJ?DK; JE ;D>7D9; J>; KI;H ;NF;H?;D9; 7D: FHE:K9J C?N E<<;H;: J>HEK=> EKH D;NJ =;D;H7J?ED ;
9ECC;H9; FB7J7D:?I; ?D9H;7I;: 8O 

C?BB?EDEH

1;EF;H7J;.HK;-F?H?J7FF7H;B7D:IF?H?JI>EF;9ECC;H9;M;8I?J;IJ>HEK=>EKH &,;B7J?EDI>?FM>?9>7H;L?HJK7B
IJEH;IJ>7J7FF;7BIF;9?;7BKCD?7D:IFEHJI<7D87I;
1;7BIEEF;H7J;FEFKFH;J7?BBE97J?EDI7JC7@EHIFEHJ?D=
;L;DJI IK9> 7I ; .HK; -F?H?J ;9ECC;H9;
M;8I?J;I B;J?9 8H7D:;: C;H9>7D:?I; 7D: J>; F>OI?97B FEFKF H;J7?B BE97J?EDI 8K?B: EKH F7HJD;H I9>EEBIZ 8H7D:I
J>HEK=>7BKCD?7D:7J>B;J?9IEEBIF?H?J7D:97FJKH?D=J>;;N9?J;C;DJE<9EBB;=?7J;IFEHJI
1;KJ?B?P;;L;DJ
:H?L;D:?H;9JC7HA;J?D=IJH7J;=?;I7IJEKHD7C;DJI7D:FB7OE<EC;9EC?D=;L;DJIJEJ7H=;J7DEDB?D;
FEFKB7J?EDE<IJK:;DJI7BKCD?7D:IFEHJI<7DIM?J>;C7?BIIE9?7BC;:?7FEIJI7D:I;7H9>;D=?D;C7HA;J?D=

T ,1F>,9/:9A09409.0&?:=0>	JEKHF>OI?97B97CFKIBE97J?EDIM;EF;H7J;9KIJEC?P;:97 ;I;E<<;H?D=I?D9H;7I;JH7<OI?97BIJEH;I
IC7HA;JD;;:I9>7D=;M;7H;7:7FJ?D=EKHCE:;B
JE?D9BK:;CEH;=H787D:=EFH;F79A;:DEBE=OJE
H;:K9;EF;H7J?D=9ECFB;N?JO7D:C7A;J>;9KIJEC;H;NF;H?;D9;CEH;;<	 .>HEK=> EKH KD?GK; H;B7J?EDI>?F M?J> IJK:;DJI 9EBB;=;I 7D: KD?L;HI?J?;I 7D: EKH FH;C?;H
BE97J?EDIED97CFKI7D:EDB?D;M;EF;H7J;7I7C;:?79>7DD;B;9EBB;=;:;CE=H7F>?97D:
:;H?L;H;L;DK;;I;C7HA;J?D=FHE=H7CI
1;7BIE CEH; F;HIED7B B;L;B
 1; 9H;7J; IJH7J;=?9 ?DJ;=H7J;: 97CF7?=DI M>?9>
?D9BK:;H;I;7H9>;C7?BIE9?7BC;:?7:?IFB7O7:L;HJ?I?D=ED97CFKI;L;DJII?=D7=;7D:I7CFB?D=
)KH9B?;DJB?IJ?D9BK:;I
8H7D:IIK9>7IB?D?GK;EBB;=;L;;BBEEH7I>";BBE H;I>";MB;JJ*79A7H:7D:17BB-JH;;J$EKHD7B
,;L;DK;
;I;I;HL?9;I>7L;>?=>C7H=?DH7J;I:K;JEJ>;H;B7J?L;BOBEM?D9H;C;DJ7B9EIJIJHK9JKH;JEFHEL?:;J>;I;I;HL?9;I
 2?05.;16@6;4.;1&B==9F5.6; .;.42:2;A
)KHFKH9>7I?D=FHE9;:KH;IL7HO87I;:EDJOF;E<8EEAIJEH;F>OI?97BEHL?HJK7B	7D:8OFHE:K9JJOF;?
;
9EKHI;C7J;H?7BI
=;D;H7BC;H9>7D:?I;EHJH7:;8EEAI	

:@=>0!,?0=4,7>,9/'=,/0::6>
*KH9>7I;I7H;C7:;7JJ>;8EEAIJEH;B;L;BM?J>IJH7J;=?99EHFEH7J;EL;HI?=>JJE:;J;HC?D;FKH9>7I;GK7DJ?J?;I7D:C7?DJ7?D
7FFHEFH?7J;?DL;DJEHOB;L;BI
EMCK9>?DL;DJEHOJEFKH9>7I;
87I;: ED I;L;H7B <79JEHI ?D9BK:?D= IJK:;DJ ;DHEBBC;DJ 7D: J>; FH;L?EKI J;HCZI 9EKHI; C7J;H?7B I7B;I >?IJEHO
  EH F>OI?97B
97CFKI8EEAIJEH;IM;KI;7D7KJEC7J;:IEKH9?D=IOIJ;CJE:;J;HC?D;?<7DEJ>;HIJEH;>7IJ>;D;9;II7HOD;MEHKI;:J;NJ8EEAI
ED>7D:7D:C7OJH7DI<;HJ>;?DL;DJEHOJEJ>;7FFHEFH?7J;IJEH;



.>; ,;J7?B -;=C;DJ EB;I7B; 8KI?D;II 8;;H IEKH9;I E< ?DL;DJEHO 7H;
KJ?B?P;:
 )KH M>EB;I7B; 8KI?D;II I?=D?HEK=> J>?I 9BEI; ?DL;DJEHO C7D7=;C;DJ M; 9EDIEB?:7J; J;NJ8EEA KD?JI ;HDEDJH7:?J?ED7BM>EB;I7B;IEKH9;I?DJE<;M;H8KJB7H=;HIJEH;I>?FC;DJIH;:K9?D=EKHI>?FF?D=
;NF;DI;I7D:FHEL?:?D=7D:B?D=M>?9>FKJIEKH8EEAIEDJ>;IJEH;II>;BL;I<7IJ;H
)KH8HE7:M>EB;I7B;
:?IJH?8KJ?ED9>7DD;B7D:M7H;>EKI?D=IOIJ;CI7BIE:H?L;?DL;DJEHO;<; ,;J7?B -;=C;DJ JE EFJ?C?P; ?JI 9EKHI; C7J;H?7B IEKH9?D= 7D:
FKH9>7I?D=FHE9;II;I

;8EEAIJEH;FKH9>7I;IH;C7?D?D=?DL;DJEHOD;;:I;HI
)KJE<
IJE9A?DL;DJEHO?IC?D?C?P;:8OC7D7=?D=?DL;DJEHOJ>HEK=>EKH1>EB;I7B;-;=C;DJ
 EH9EKHI;C7J;H?7BI7B;I7D:H;DJ7BIM;
KJ?B?P;IEF>?IJ?97J;:?DL;DJEHOC7D7=;C;DJFB7J;HI ?D9BK:?D= *;7HIED :K97J?ED ;D=7=; &;7HD?D= '9!H7M"?BB :K97J?ED '79C?BB7D
&;7HD?D=7D:$E>D1?B;O-EDI
EJ>KDIEB:J;NJ8EEAI7D:JH7:;8EEAI7H;=;D;H7BBOH;JKHD78B;JEFK8B?I>;HIHEK=>H;JKHDIE<FH;L?EKIBOH;DJ;:7D:FKH9>7I;:8EEAI
1;E<<;H
7X7I>?9>IJK:;DJI97DI;BBJ>;?H8EEAI879AJEJ>;F>OI?97BEHL?HJK7B8EEAIJEH;7JJ>;;D:E<J>;
I;C;IJ;HJOF?97BBO?D;9;C8;H7D:'7O
-JK:;DJIJOF?97BBOH;9;?L;KFJEE<J>;FH?9;J>;OEH?=?D7BBOF7?:;8EEA?<
?J>7I8;;D7:EFJ;:;9KHH;DJM>EB;I7B;FH?9;?<?J>7IDEJ
.>; B7H=;H F>OI?97B 8EEAIJEH;I <;7JKH; 7D ;NF7D:;: I;B;9J?ED E< JH7:; 8EEAI =;D;H7B H;7:?D=	
 ';H9>7DJI C;;J M?J>
FK8B?I>;HIED7H;=KB7H87I?IJE?:;DJ??I9>7D=?D=8KI?D;II

090=,7!0=.3,9/4>0
!;D;H7BC;H9>7D:?I;L;D:EHI7D:FHE:K9JI;B;9J?ED?I:H?L;D8OEKH9;DJH7BC;H9>7DJEH=7D?P7J?EDJ>7J?IH;IFEDI?8B;;EL;H7BBFHE:K9J7IIEHJC;DJ7IM;BB7I?D9ED@KD9J?EDM?J> 7D7J?9I7D:&?:IJ>HEK=>EKH &,;B7J?EDI>?F7D:?I;7IIEHJC;DJ?DIJEH;7D:EDB?D;H;IF;9J?L;BO
;D9>C7HAI7H;;IJ78B?I>;:79HEIII9>EEB
JOF;H;=?ED7D:J>;:;CE=H7F>?9IE<;79>E<EKHI9>EEBIJE7BBEMJI7D:9KIJEC?P7J?ED7J?IKD?GK;JE7::H;IIJ>;D;;:IE<;79>I9>EEBJ>7JM;I;HL;
)KH78?B?JOJEIKFFEHJ7D:FHECEJ;EKHF7HJD;H
I9>EEBIZ8H7D:IIJH;D=J>;DIEKHH;B7J?EDI>?FIM?J>J>;7:C?D?IJH7J?ED<79KBJO7BKCD?<7DIF7H;DJI7D:IJK:;DJI

)KH78?B?JOJEIEKH9;I9>EEBIKFFB?;I7D:=;D;H7BC;H9>7D:?I;IEB:?DEKH97CFKI8EEAIJEH;I?D9BK:?D=J;9>DEBE=OH;B7J;:
FHE:K9JI7D:;C8B;C7J?99BEJ>?D=?I?CF79J;:8OJ>;8HE7:;HC79HE;9EDEC?9=BE87BIKFFBO9>7?D
B@A<:2?;4.42:2;A.;1 .?82A6;4
,8;@>:88@94?D
)KH 97CFKI H;B7J?EDI>?FI 7D: 9EDJH79JK7B 7=H;;C;DJI 7BBEM KI JE I;7CB;IIBO ?DJ;=H7J; ?DJE J>; 9EBB;=; 7D: KD?L;HI?JO
9ECCKD?JO
1?J>:?H;9J799;IIJEEKH9KIJEC;H87I;J>HEK=>8EJ>F>OI?97B7D::?=?J7B9>7DD;BIM;:H?L;7M7H;D;IIH;L;DK;
7D:BEO7BJO;I9>EEBIJ>7JM;I;HL;
1;79J?L;BOC7HA;J7D:FHECEJ;JE7BBI;=C;DJIE<EKH9KIJEC;H87I;OI?97B
7D:L?HJK7B8EEAIJEH;I7IM;BB7I'0C?-::6>	.:8
1;:;L;BEF
J>;IJK:;DJIF7H;DJI7BKCD?7D:<7DIJEFHECEJ;7BBE<EKHFHE:K9J7D:I;HL?9;IM?J>7EEB IF?H?J IKFFBO =H7:K7J?ED 7D: J;9>DEBE=O 97J;=EH?;I
 '0C?-::6>	.:8 C7HA;J?D= IJH7J;=?;I J7H=;J 7D
EDB?D;FEFKB7J?EDE<IJK:;DJIB?<;BED=B;7HD;HIF7H;DJI7D:=;D;H7BJ;NJ8EEAI>EFF;HIJ>HEK=>7L7H?;JOE<9>7DD;BI?D9BK:?D=
;C7?BI;7H9>;D=?D;C7HA;J?D=7D:7<7L;HE8KIJH;I;7H9>97F78?B?J?;IJ>7JA;;FKI7>;7:E<J>;H7F?:BO9>7D=?D=D;;:I7D:8;>7L?EHIE<EKH9KIJEC;HI
M>?9>7BBEMKIJEFHE79J?L;BOH;IFED:M?J>H;B;L7DJ7D::OD7C?9IEBKJ?EDI
)KH,=90>":-70:770209>423?>HFB7J?9>=?L;IKIJ>;78?B?JOJEH;79>7FFHEN?C7J;BOC?BB?ED79J?L;IJK:;DJIF7H;DJI7D:7BKCD?L?7;C7?B7D:EKHED97CFKI
79J?L?J?;I7D:EFFEHJKD?J?;IM?J>IJK:;DJI7D:<79KBJO>;BFJE=K?:;7D:?D;  & ,;B7J?EDI>?F JI ED BE=E 7D: ;C8B;C7J?9 C;H9>7D:?I; 8H7D: I;B;9J?ED 7D: IJOB;
FH;<;H;D9;I7I&?:IC7O8;78B;JE?:;DJ??9I7JJ>;?HCEH;J>7D&?:I
H;J7?BBE97J?EDI
1;8;B?;L;&?:I>7I?JI;FKBI;E<J>;8KO;H8;>7L?EHE<J>;O;7HEB:IJK:;DJ9EDIKC;HJE
?:;DJ?;HH;J7?B;HI

)KH9KIJEC?P78B;J;9>DEBE=O:;B?L;HI7I;7CB;II;NF;H?;D9;FHEL?:?D=IJK:;DJI7D:<79KBJOM?J>J>;78?B?JOJEH;I;7H9>
BE97J;7D:FKH9>7I;J>;CEIJ7<HEK=>EKH7I?D=FHE9;IIIJK:;DJI97DFKH9>7I;J>;?H9EKHI;
C7J;H?7BI?DIJEH;EDB?D;EHM>;DH;=?IJ;H?D=?=,?:=>
1; IKFFEHJ <79KBJO 7D: 797:;C?9 B;7:;HI>?F M?J> EKH FHEFH?;J7HO EDB?D; FB7J?9> 7BBEMI :?I9EL;HO7D:9EKHI;C7J;H?7B7:EFJ?ED;D78B?D=J>;CJEE<<;H9EKHI;C7J;H?7BIJ>7J7H;8EJ>H;B;L7DJ7D:7<;?HIJK:;DJI
&2.@<;.96AF
)KHH;J7?B8KI?D;II?I>?=>BOI;7IED7BF7HJ?9KB7HBOM?J>H;IF;9JJEJ;NJ8EEAI7B;I7D:H;DJ7BIM?J>J>;C7@EHFEHJ?EDE<I7B;I
7D:EF;H7J?D=FHE; I;9ED: 7D: J>?H: ;D 9EBB;=; IJK:;DJI =;D;H7BBO FKH9>7I; 7D: H;DJ
J;NJ8EEAI;KF9EC?D=I;C;IJ;HI7D:BEM;IJ?DJ>;;J?C?D=E<J>;IJ7HJE<J>;L7H?EKII9>EEBIZI;C;IJ;HIJ>;H;L;DK;?CF79JE<799EKDJ?D=FH?D9?FB;IM?J>H;IF;9J
JEJ>;H;9E=D?J?EDE<H;L;DK;7IIE9?7J;:M?J>EKH;GK?J78B;7D:?D9BKI?L;799;IIFHE=H7CIJ>;78?B?JOJEI;9KH;?DL;DJEHOED7
J?C;BO87I?I7IM;BB7II>?;I;I>?;9ECF7H78?B?JOE<EKHH;IKBJI
79HEIIF;H?E:I

,;J7?BFHE:K9JH;L;DK;?IH;9E=D?P;:M>;DJ>;9KIJEC;HJ7A;IF>OI?97BFEII;II?EDE<EKHFHE:K9JIM>?9>E99KHI;?J>;H7J
J>;FE?DJE<I7B;7I;:7JF>OI?97BBE97J?EDIEHKFEDH;9;?FJE<EKHFHE:K9JI8OEKH9KIJEC;HIHEK=> EKH M;8I?J;I 7D: L?HJK7B 8EEAIJEH;I
 ,;L;DK; ; I7B; E< :?=?J7B J;NJ8EEAI M>?9> 9EDJ7?DI 7 I?D=B;
F;H;DJ>;9KIJEC;H799;II;IJ>;:?=?J7B9EDJ;DJ7IFHE:K9JH;L;DK;?DEKH9EDIEB?:7J;:
;H;DJ7BE<F>OI?97BJ;NJ8EEAI?I:;<;HH;:7D:H;9E=D?P;:EL;HJ>;H;DJ7BF;H?E:87I;:ED
J>;F7II7=;E<J?C;9ECC;D9?D=7JJ>;FE?DJE<I7B;M>;D9EDJHEBE<J>;FHE:K9JJH7DI<;HIJEJ>;9KIJEC;H7D:?IH;9E=D?P;:7I
H;DJ7B ?D9EC; ?D EKH 9EDIEB?:7J;: ; FHE:K9J C?N E<<;H;: KD:;H J>; " 4=>? ,D
E<<;H?D=IH;L;DK;H;9E=D?P;:?I9EDI?IJ;DJM?J>EKHFEB?9?;I;=HEMJ>E<"4=>?,DFHE=H7CIJ>;J?C?D=E<97I>9EBB;9J?EDEEBF7HJD;HIC7OI>?;D J>; H;L;DK; ?I H;9E=D?P;:
 1>;D 7 I9>EEB 7:EFJI EKH " 4=>? ,D ;GK?J78B; 7D: ?D9BKI?L; 799;II
E<<;H?D=I97I>9EBB;9J?ED;I9>EEB=;D;H7BBOE99KHI7;?DIJ?JKJ?EDZI:HEF7:::7J;IM>?9>?IB7J;H?DJ>;MEHA?D=
97F?J7B 9O9B; F7HJ?9KB7HBO ?D EKH J>?H: GK7HJ;H =?L;D J>; J?C?D= E< J>; -FH?D= .;HC 7D: EKH GK7HJ;HBO H;FEHJ?D= F;H?E: 7I
9ECF7H;:JE:?H;9JJEIJK:;DJFE?DJE<I7B;JH7DI79J?EDIM>;H;97I>?I=;D;H7BBO9EBB;9J;::KH?D=J>;FE?DJE<I7B;JH7DI79J?EDEH
M?J>?D7<;M:7OI;9H;:?J97H:FHE9;IIEH
I7>?=>;HF;H9;DJ7=;E<EKHI7B;II>??,D;GK?J78B;7D:
?D9BKI?L;799;IIE<<;H?D=IM;7H;;J?C?D=E<EKH97I>EKJ ?DEEBI
 I J>; 9ED9;DJH7J?ED E< :?=?J7B FHE:K9J I7B;I ?D9H;7I;I H;L;DK; M?BB 8;
H;9E=D?P;:;7HB?;H:KH?D=J>;797:;C?9J;HC7I:?=?J7BJ;NJ8EEAH;L;DK;?IH;9E=D?P;:M>;DJ>;9KIJEC;H799;II;IJ>;:?=?J7B
9EDJ;DJ9ECF7H;:JE?	J>;H;DJ7BE<F>OI?97BJ;NJ8EEAM>;H;H;L;DK;?IH;9E=D?P;:EL;HJ>;H;DJ7BF;H?E:7D:??	7B797HJ;
9EKHI;M7H;I7B;IM>;H;H;L;DK;?IH;9E=D?P;:M>;DJ>;9KIJEC;HJ7A;IF>OI?97BFEII;II?EDE<EKHFHE:K9JIM>?9>E99KHI;?J>;H
7JJ>;FE?DJE<I7B;7I;:7JF>OI?97BBE97J?EDIEHKFEDH;9;?FJE<EKHFHE:K9JI8OEKH9KIJEC;HIHEK=>EKHM;8I?J;I7D:L?HJK7B8EEAIJEH;I
*"&& !'
2;2?.9
.>;*3:70>,70&02809??I9ECFH?I;:E<J>;M>EB;I7B;7D:L?HJK7BH;J7?B; 1>EB;I7B; -;=C;DJ ;D78B;I J>; ECF7DO JE =;D;H7J; CEH; L7BK; ; J;NJ8EEA C7HA;JFB79; J>HEK=>
?DL;DJEHO7D:FHE9KH;C;DJIOD;H=?;I
-?D9;EKH79GK?I?J?EDE<'-?DM;>7L;79>?;L;:9;HJ7?DEF;H7J?ED7B7D:9EIJ
IOD;H=?;I8OEKHED=E?D=?DJ;=H7J?EDE<L7H?EKI79J?L?J?;I7D:7ID;M8KI?D;III7B;I?DL;DJEHOC7D7=;C;DJ
9KIJEC;HIKFFEHJ7D:?DDEBE=OIKFFEHJ7CED=IJEJ>;H79J?L?J?;I
1; 7H; ED; E< J>; B7H=;IJ J;NJ8EEA M>EB;I7B;HI ?D J>; 9EKDJHO FHEL?:?D= 7 9ECFH;>;DI?L; I;B;9J?ED E< D;M 7D: KI;:
J;NJ8EEAI7J7BEM;H9EIJE<IKFFBOJE7FFHEN?C7J;BOF>OI?97B8EEAIJEH;I?D9BK:?D=EKH,;J7?B-;=C;DJIF>OI?97B
97CFKI8EEAIJEH;I
)KHM>EB;I7B;8KI?D;II7BIEIEKH9;I7D::?IJH?8KJ;ID;M7D:KI;:J;NJ8EEAIJEEKHL?HJK7B8EEAIJEH;I

::?J?ED7BBOJ>HEK=>EKH1>EB;I7B;-;=C;DJM;I;BB>7H:M7H;7D:7IE7JFHEL?:;I?DL;DJEHO
C7D7=;C;DJ7D:FE?DJE<I7B;IEBKJ?EDIJE7FFHEN?C7J;BO9EBB;=;8EEAIJEH;I

)KH1>EB;I7B;8KI?D;IIFHEL?:;I79ECF;J?J?L;7:L7DJ7=;?,D:8;70?0FHE=H7CH;B7J?L;JEEJ>;H;GK?J78B;
799;IIFHE=H7CI?DJ>;?D:KIJHO7IM;7H;78B;JEIEKH9;CEH;KI;:F>OI?97BJ;NJ8EEAI?,D:8;70?0FHE=H7C
:?H;9JBOEB;I7B;-;=C;DJ7J7BEM;H9EIJ
::?J?ED7BBOEKH1>EB;I7B;-;=C;DJI;HL;I7I7A;O9EDIEB?:7J?ED7D:
IJ7=?D=FB7J?,D:8;70?0BE97B:?IJH?8KJ?EDFH;J?C;:I>?FF?D=;H; J>; 8EEAIJEH; 97DDEJ ; EH:;H
BE97BBO


#?<1B0A.;1&2?C602"332?6;4@
*HE:K9J7D:-;HL?9;E<<;H?D=I?D9BK:;
T *3:70>,70 '0C?-::6 4>?=4-@?4:9	 )KH B7H=; ?DL;DJEHO E< KI;: J;NJ8EEAI 9EDI?IJI E< 7FFHEN?C7J;BO  KD?GK;
J;NJ8EEAJ?JB;I?DIJE9A7D:KJ?B?P;I7>?=>BO7KJEC7J;::?IJH?8KJ?ED<79?B?JOJ>7J?I97F78B;E<FHE9;II?D=EL;HC?BB?ED
J;NJ8EEAI7DDK7BBO

::?J?ED7BBO M; 7H; 7 D7J?ED7B :?IJH?8KJEH HEK=> '9!H7M"?BB :K97J?EDI 9EDI?=DC;DJ
H;DJ7BFHE=H7CM>?9>?D9BK:;I7FFHEN?C7J;BOJ?JB;I	7D:*;7HIED:K97J?EDZI9EDI?=DC;DJH;DJ7BFHE=H7CM>?9>
?D9BK:;I 7FFHEN?C7J;BO  J?JB;I	
 .>HEK=> EKH 9;DJH7BBO BE97J;: 7:L7D9;: :?IJH?8KJ?ED 9;DJ;H M; E<<;H I;7CB;II
?DJ;=H7J?EDE<J>;I;9EDI?=DC;DJH;DJ7BFHE=H7CI7D:9;DJH7B?P;:7:C?D?IJH7J?ED7D::?IJH?8KJ?EDJEIJEH;I?D9BK:?D=
J>; ,;J7?B -;=C;DJ IJEH;I
 .>;I; 9EDI?=DC;DJ H;DJ7B FHE=H7CI 7H; 7L7?B78B; JE EKH M>EB;I7B; 9KIJEC;HI ?D9BK:?D=
?DIJ?JKJ?ED7BBOHKD7D:9EDJH79JC7D7=;:97CFKI8EEAIJEH;I7IM;BB7IEKHF>OI?97B7D:L?HJK7B8EEAIJEH;I
G *3:70>,709A09?:=D!,9,20809?,=/B,=0,9/$#&&:1?B,=0	1;I;BB>7H:M7H;7D:7IE7JFHEL?:;I?DL;DJEHOC7D7=;C;DJ7D:FE?DJE<I7B;IEBKJ?EDIJE7FFHEN?C7J;BO9EBB;=;8EEAIJEH;I
1;FHEL?:;ED
I?J;?DIJ7BB7J?EDD?97B7II?IJ7D9;J>HEK=>KI;HJH7?D?D=7D:EKHIKFFEHJ
9;DJ;H<79?B?JO
.>;9EIJI7L?D=I7D:;7I;E<:;FBEOC;DJ;DIKH;9B?;DJI=;JJ>;CEIJEKJE<J>;?HC7D7=;C;DJIOIJ;CI7D:
9H;7J;IJHED=9KIJEC;HBEO7BJO

&B==9F5.6; .;.42:2;A
)KH1>EB;I7B;-;=C;DJI;HL;I7IJ>;>K8E<(ZIF>OI?97B8EEA;9EIOIJ;C
-?D9;J>;:;C7D:7I
>?IJEH?97BBO8;;D=H;7J;HJ>7DJ>;7L7?B78B;IKFFBOEKH?=>BO:;F;D:;DJKFED1>EB;I7B;ZI78?B?JOJE8K?B:
?JIJ;NJ8EEA?DL;DJEHO;I;BB?D=I;7IED
)KHH;B7J?EDI>?FIM?J>?DIJ?JKJ?ED7B8EEAIJEH;IEJ>;H
8EEAIJEH;EF;H7JEHI8EEA:;7B;HIFK8B?I>;HI7D:EJ>;H:?IJH?8KJEHI7D:M>EB;I7B;HII;9KH;I7IKFFBOE<>?=>:;C7D:D;M7D:
KI;:J;NJ8EEAIM>?9>?I9H?J?97BJEJ>;IK99;IIE<J>;M>EB;I7B;8KI?D;II
.>;FHE:K9JIJ>7JM;I;BBEH?=?D7J;;8HE7:;H
C79HE;9EDEC?9=BE87BIKFFBO9>7?D
FH?C7HOIKFFB?;HE<KI;:J;NJ8EEAI7H;IJK:;DJIJ>HEK=>J>;H;JKHDE<FH;L?EKIBOH;DJ;:
7D:FKH9>7I;:8EEAIJEJ>;?H97CFKI8EEAIJEH;

.>HEK=>EKHFHEFH?;J7HO7J787I;KO?D=!K?:;M;>7L;799;IIJEJ>;8;IJC7?DJ7?D;:CEIJ799KH7J;7D:CEIJ9ECFB;J;
IEKH9;E<9EBB;=;J;NJ8EEA?D7J7BBEMIKIJE:;L;BEFIKF;H?EHIKFFBO7D::;C7D:?DI?=>JI
7D:H?IAC7D7=;C;DJ97F78?B?J?;I
)KH8HE7:M>EB;I7B;:?IJH?8KJ?ED9>7DD;B7D:M7H;>EKI?D=IOIJ;CI7BIE:H?L;I?DL;DJEHO
;<EB;I7B;:?IJH?8KJ?ED9>7DD;B7D:M7H;>EKI?D=IOIJ;CIJEEFJ?C?P;EKHBEM9EIJF>OI?97BJ;NJ8EEA7L7?B78?B?JO
?,D:8;70?0

B@A<:2? .?82A6;4&A?.A2462@
1;>7L;:;L;BEF;::;;FH;B7J?EDI>?FIM?J>EKHM>EB;I7B;9KIJEC;H87I;7I7H;IKBJE<EKHIK8IJ7DJ?7B?DL;DJEHOE<KI;:
J;NJ8EEAI79ECFH;>;DI?L;97J7BE=E<J;NJ8EEAI7D:IKF;H?EHI;HL?9;7D:IOIJ;CIIKFFEHJ
1;9EDJ?DK;JEC7?DJ7?D7FEHJ;:;C7D:7I>?IJEH?97BBO8;;D=H;7J;HJ>7DJ>;7L7?B78B;IKFFBO

&2.@<;.96AF
)KHM>EB;I7B;8KI?D;II?I>?=>BOI;7IED7B7I7C7@EHFEHJ?EDE<GK7HJ;HBOI7B;I7D:EF;H7J?D=FHE;
?H:;DJ;NJ8EEAI7H;IEB:?D 7 9ECF;J?J?L; 7D: H7F?:BO 9>7D=?D= 8KI?D;II ;DL?HEDC;DJ 7D: ;79> E< EKH B?D;I E< 8KI?D;II <79;
9ECF;J?J?ED ; FHE:K9JI 7D: I;HL?9;I J>;O E<<;H
 I ?J H;B7J;I JE EKH ;FH?C7HO9ECF;J?JEHEJ>;HL;D:EHI?D9BK:?D=;7CFKI
 -EBKJ?EDI /D?L;HI?JO !;7H ->EF 07BEH; 7CFKI .;NJ8EEA HEA;HI .;N7I EEA ECF7DO ?8B?/ -B?D=I>EJ
A7:;CEI7D:EDE997I?EDC87II7:EH:K97J?ED7B-EBKJ?EDI7DD;BI ?D9BK:?D= C7PED >;==
9EC FK8B?I>;HI ;
=
 ;D=7=; &;7HD?D= *;7HIED
:K97J?ED7D:'9!H7M"?BB:K97J?ED	J>7J8OF7IIJ>;H;J7?B:?IJH?8KJ?ED9>7DD;B8OI;BB?D=:?H;9JBOJEIJK:;DJI7D:?DIJ?JKJ?EDI
7D: EJ>;H J>?H:F7HJO M;8I?J;I 7D:EH BE97B 8EEAIJEH;I
 1; <79; 9ECF;J?J?ED DEBE=?;I#D9
7D:,;:->;B<M>?9>E<<;H?D:;F;D:;DJ8EEAIJEH;I797J7BE=E<:?=?J7B9EDJ;DJ7D::?IJH?8KJ?ED
I;HL?9;I 7D: 7BIE >7L; :?H;9JJEIJK:;DJ I;BB?D= 9>7DD;BI 7D:?I;E<<;H?D=I?D9BK:;-E:;NE7D:
H7C7HA
)KH=;D;H7BC;H9>7D:?I;8KI?D;II7BIE<79;I9ECF;J?J?ED;HJ>?H:F7HJOEDB?D;H;J7?B;HIF>OI?97B7D:EDB?D;E<7JE<<;H9EBB;=;J>;C;:7D:EJ>;H=;D;H7BC;H9>7D:?I;

ECF;J?JEHIEB;I7B;D;M7D:KI;:J;NJ8EEA?DL;DJEHO7D::?IJH?8KJ?ED?D9BK:;C7PED!E.;NJ8EEAI07BEH;
EEAI7D:.;N7IEEAECF7DO

'%!&!"'%(&!&&"!'"!&'!"(%(&!&&
.>;C7HA;J7D=;
IJK?J?ED7D:EJ>;H9EIJIH?I;9EBB;=;I7D:
KD?L;HI?J?;I<79;?D9H;7I?D=FH;IIKH;JE7JJH79J7D:H;J7?DIJK:;DJI7D:FHEL?:;J>;CM?J>?DDEL7J?L;7<7J IKFFEHJ J>;?H ;:K97J?ED7B :;L;BEFC;DJ
 KHH;DJ JH;D:I 9ECF;J?J?ED 7D: EJ>;H <79JEHI 7<<;9J?D= EKH
8KI?D;II?D9BK:;
T
#A0=,77,;4?,7!,=60?>.:9:84.9A4=:9809?:770209=:77809?,9/:9>@80=&;09/492$,??0=9>	)KH8KI?D;II?I
7<<;9J;:8O97F?J7BC7HA;JIJ>;EL;H7BB;9EDEC?9;DL?HEDC;DJ7D=;I?D
;DHEBBC;DJI7J9EBB;=;I7D:KD?L;HI?J?;I7D:IF;D:?D=ED9EKHI;C7J;H?7BI7D:=;D;H7BC;H9>7D:?I;
H
,;4?,7!,=60?'=09/>1;C7OH;GK?H;7::?J?ED7B97F?J7B?DJ>;;
7I;9EDEC?97D:C7HA;J9ED:?J?EDI7D:J>;7L7?B78?B?JOE<9H;:?J
.>;I;<79JEHI>7L;7D:9EKB:9EDJ?DK;JEC7J;H?7BBO
7:L;HI;BO 7<<;9J EKH 9EIJI E< 8EHHEM?D= 7D: EKH ;97F?J7BC7HA;JI7J7J?C;M>;D
M;MEKB:B?A;EHD;;:JEH7?I;97F?J7BM>?9>9EKB:>7L;7D?CF79JEDEKH78?B?JOJEH;79JJE9>7D=?D=;9EDEC?97D:
8KI?D;II9ED:?J?EDI
T
.:9:84.9A4=:9809?,;J7?B=;D;H7BC;H9>7D:?I;I7B;I7H;IK8@;9JJEI>EHJJ;HC;8HE7:;H
H;J7?B ;DL?HEDC;DJ 7D: EJ>;H ;9EDEC?9 <79JEHI IK9> 7I ?DJ;H;IJ H7J; 7?D?IIK;I9EKB:?CF79JEKH78?B?JOJEIEKH9;J;NJ8EEAII9>EEBIKFFB?;I7D:
=;D;H7BC;H9>7D:?I;IEB:?DEKH97CFKI8EEAIJEH;I?D9BK:?D=J;9>DEBE=OH;B7J;:FHE:K9JI7D:;C8B;C7J?99BEJ>?D=

/D?ED 7D: B78EH C7HA;J ?IIK;I C7O 7BIE ?CF79J EKH 78?B?JO JE FHEL?:; I;HL?9;I 7D: FHE:K9JI JE EKH 9KIJEC;HI
 
I?=D?.>;=HEMJ>E<EKH8KI?D;II:;F;D:IEDEKH78?B?JOJE7JJH79JD;M9KIJEC;HI7D:JE?D9H;7I;J>;
B;L;BE<;D=7=;C;DJ8OEKH9KHH;DJ9KIJEC;HI
#DJ>; 7BBE<7D:-FH?D=E<M;E8I;HL;:?D9H;7I;:O;7H
EL;HO;7H;DHEBBC;DJJH;D:I
DHEBBC;DJJH;D:IIF;9?9>7D=;I?D
J>; ;9EDECO 7D: KD;CFBEOC;DJ <79JEHI ;
=
 BEM KD;CFBEOC;DJ J;D:I JE B;7: JE BEM ;DHEBBC;DJ 7D: >?=>;H
KD;CFBEOC;DJH7J;IJ;D:JEB;7:JE>?=>;H;DHEBBC;DJJH;D:I7IIJK:;DJI=;D;H7BBO;DHEBBJEE8J7?DIA?BBIJ>7J7H;?D
:;C7D: ?D J>; MEHA; :?F ?D J>; /D?J;: -J7J;I 8?HJ> H7J;
H;IKBJ?D=?D<;M;HIJK:;DJI7JJ>;JH7:?J?ED7BO;7HEB:9EBB;=;7=;
)DB?D;:;=H;;FHE=H7C;DHEBBC;DJI9EDJ?DK;
JE=HEMM>?9>?CF79JIJ>;B;L;BE<?DIJEH;JH7<7D:?I;I7B;I@KIJ7I0/(>0:1#;09/@.,?4:9,7%0>:@=.0>#%#97490,9/424?,7$7,?1:=8>,>:8;,94:9>:=7?0=9,?4A0>?:
'=,/4?4:9,7:@=>0!,?0=4,7>9.7@/492=?414.4,79?0774209.0'0.39:7:240>	-JK:;DJI7D:<79KBJO97DDEM9>EEI;
7D;L;H8;FH?DJ7D::?=?J7BFB7J492:>?>>>:.4,?0/B4?30109/4922,49>?&0.@=4?D=0,.30>,9/#?30=,?, :>>9.7@/492D-0=??,.6>	1;
7H;?D9H;7I?D=BO:;F;D:;DJKFED?DDEBE=OIOIJ;CI?D;?H?IJ?97J?ED7D:?DJ;DI?JO7D:>7L;8;9EC;?D9H;7I?D=BO:?<DEBE=OJEFH;L;DJEHC?D?C?P;J>;I;H?IAI7D:JE:7J;M;>7L;DEJ
;NF;H?;D9;:7DOC7J;H?7BI;HL?9;?DJ;HHKFJ?EDI7D:7H;DEJ7M7H;E<7DOC7J;H?7B8H;79>;I
T
4>?=4-@?4:9"0?B:=6A:7A492	.>;M7O9EKHI;C7J;H?7BI7H;:?IJH?8KJ;:7D:9EDIKC;:?I9>7D=?D=I?=D?7J?I;NF;9J;:JE9EDJ?DK;
.>;C7HA;J7D=;

H
4>49?0=80/4,?4:9
 1; 7H; ;NF;H?;D9?D= =HEM?D= 9ECF;J?J?ED ;H9EKHI;C7J;H?7BI
#D7::?J?EDJEJ>;E<OI?97BEHL?HJK7B97CFKI8EEAIJEH;9EKHI;C7J;H?7BI
7H; 7BIE IEB: J>HEK=> E<<97CFKI 8EEAIJEH;I ;9ECC;H9; EKJB;JI :?=?J7B FB7J;HI
?D9BK:?D= ;D=7=; &;7HD?D= '9!H7M"?BB :K97J?ED 7D: *;7HIED :K97J?ED 8OF7II?D= J>; 8EEAIJEH; :?IJH?8KJ?ED
9>7DD;B8OI;BB?D=EHH;DJ?D=:?H;9JBOJEIJK:;DJI7D:;:K97J?ED7B?DIJ?JKJ?EDI?D9BK:?D=IJK:;DJJEIJK:;DJJH7DI79J?EDI
EL;HJ>;#DJ;HD;J7D:CKBJ?J?JB;IK8I9H?FJ?ED799;II


T
&@;;740=> &@;;7D 3,49 ,9/ 9A09?:=D	 .>; FHE:K9JI J>7J M; I;BB EH?=?D7J; EB;I7B;8KI?D;IIM>?9>
OI?97B 7D: L?HJK7B 8EEAIJEH;I 799EKDJ;: 7D:?I;
FKH9>7I;:M?J>J>;B7H=;IJIKFFB?;H799EKDJ?D=7D:?I;FKH9>7I;:
-?D9;J>;:;C7D:
7I>?IJEH?97BBO8;;D=H;7J;HJ>7DJ>;7L7?B78B;IKFFBOEKH?=>BO:;F;D:;DJ
KFED 1>EB;I7B;ZI 78?B?JO JE 8K?B: ?JI J;NJ8EEA ?DL;DJEHO ; I;BB?D= I;7IED
 -EC;
J;NJ8EEAFK8B?I>;HI>7L;8;=KDJEIKFFBOJ;NJ8EEAIFKHIK7DJJE9EDI?=DC;DJEHH;DJ7BFHE=H7CIM>?9>9EKB:?CF79J
KI;: J;NJ8EEA IKFFB?;I ?D J>; EB;I7B; ?I 7 D7J?ED7B :?IJH?8KJEH HEK=>'9!H7M"?BB:K97J?EDI7D:*;7HIED:K97J?EDZI9EDI?=DC;DJH;DJ7BFHE=H7C
1;:EDEJ>7L;BED=J;HC
7HH7D=;C;DJI M?J> CEIJ E< EKH IKFFB?;HI JE =K7H7DJ;; 7L7?B78?B?JO E< C;H9>7D:?I; 9EDJ;DJ EH I;HL?9;I F7HJ?9KB7H
F7OC;DJJ;HCIEHJ>;;NJ;DI?EDE<9H;:?JB?C?JI
#<EKH9KHH;DJIKFFB?;HIM;H;JEIJEFI;BB?D=C;H9>7D:?I;9EDJ;DJEH
I;HL?9;IJEKIED799;FJ78B;J;HCI?D9BK:?D=7I7H;IKBJE<ED;EHCEH;IKFFB?;H87DAHKFJ9?;I:K;JEFEEH;9EDEC?9
9ED:?J?EDIEHH;IKFFB?;HIJEI>?FFHE:K9JIJEKI:K;JE:;B7O;:EH;NJ;D:;:F7OC;DJM?D:EMI7I7H;IKBJ
E<EKHEMDB?GK?:?JO9EDIJH7?DJIM;C7O8;KD78B;JEFHE9KH;J>;I7C;C;H9>7D:?I;9EDJ;DJEHI;HL?9;I;H
IKFFB?;HI ?D 7 J?C;BO 7D: ;<;HI>?FC;DJIE<F>OI?97BJ;NJ8EEAEH:;HIEH:;B7OI?DH;9;?L?D=:?=?J7B9EKHI;M7H;799;II9E:;I9EKB:>7L;7D
7:L;HI;?CF79JEDI7B;I?D9BK:?D=EKH"4=>?,D:8;70?0;GK?J78B;799;IIFHE=H7CM>?9>H;B?;IKFEDJ?C;BO
H;9;?FJE<?DL;DJEHO?D7:L7D9;E<9B7IIIJ7HJ:7J;I;79>797:;C?9J;HC
.>;8HE7:;HC79HE;9EDEC?9=BE87BIKFFBO
9>7?D ?IIK;I C7O 7BIE ?CF79J EKH 78?B?JO JE IEKH9; I9>EEB IKFFB?;I 7D: =;D;H7B C;H9>7D:?I; IEB: ?D EKH 97CFKI
8EEAIJEH;I?D9BK:?D=J;9>DEBE=OH;B7J;:FHE:K9JI7D:;C8B;C7J?99BEJ>?D=
T
$=4.0:8;0?4?4:9	#D7::?J?EDJEJ>;9ECF;J?J?ED?DJ>;I;HL?9;IM;FHEL?:;JEEKH9KIJEC;HIEKHJ;NJ8EEA7D:EJ>;H
9EKHI;C7J;H?7BI8KI?D;II<79;II?=D?7I;J;NJ8EEAI7D:EJ>;H9EKHI;C7J;H?7BI
?=>BO FH?9; I;DI?J?L; 7D: 97D ;7I?BO I>?;H

H
4=>?,D:8;70?07D:4=>?,D'E:;BI	)<<;H?D=9EKHI;C7J;H?7BII7B;IJ>HEK=>EKH;GK?J78B;7D:?D9BKI?L;799;II
4=>?,D:8;70?07D:4=>?,DCE:;BI?I7A;O7D:?D9H;7I?D=BO?CFEHJ7DJIJH7J;=?9?D?J?7J?L;E<EKHIJEC;;JJ>;
C7HA;J :;C7D:I E< IK8IJ7DJ?7BBO H;:K9;: FH?9?D= JE IJK:;DJI
 )KH 4=>? ,D :8;70?0 7D: 4=>? ,D FHE=H7CI
9EDJH?8KJ; JE ?CFHEL;: IJK:;DJ EKJ9EC;I M>?B; ?D9H;7I?D= EKH C7HA;J I>7H; H;L;DK; 7D: H;B7J?L; =HEII FHE;>?=>;HLEBKC;IE<KD?JIIEB:?DIK9>CE:;BI7I9ECF7H;:JE>?IJEH?97BI7B;ICE:;BI
J>7JH;BOED?D:?L?:K7BIJK:;DJC7HA;J?D=7D:I7B;I
.>;I;FHE=H7CI>7L;7BBEM;:KIJEH;L;HI;>?IJEH?97BBED=J;HC
JH;D:I?D9EKHI;C7J;H?7BIH;L;DK;:;9B?D;I7IJ>;=HEMJ>E<EKH"4=>?,DFHE=H7CIE<?,D:8;70?0IJH7J;=O
'7DO
?DIJ?JKJ?EDI 7:EFJ;: 4=>? ,D :8;70?0 ?D  ?I97B  7D: M; FB7D JE 9EDJ?DK; JE I97B; J>; DKC8;H E< I9>EEBI
7:EFJ?D=4=>?,D:8;70?0?D ?I97B7D:8;OED:
1;97DDEJ=K7H7DJ;;J>7JM;M?BB8;78B;JE79>?;L;J>;I;
FB7DIM?J>?DJ>;I;J?C;;/D?J;:-J7J;I;F7HJC;DJE<:K97J?ED>7IH;9;DJBOFHEFEI;:
H;=KB7JEHO9>7D=;IJ>7J?<7:EFJ;:7IFHEFEI;:9EKB:?CF79J;GK?J78B;7D:?D9BKI?L;799;IICE:;BI79HEIIJ>;>?=>;H
;:K97J?ED?D:KIJHO

T
 ,=20"@8-0=:1'=,/4?4:9,7,8;@>::6>?:=0>,A0+0??:-0#@?>:@=.0/	
G
#@?>:@=.492 '=09/>	 1; 9EDJ?DK; JE I;; J>; JH;D: JEM7H:I EKJIEKH9?D= ?D J>; 97CFKI 8EEAIJEH; C7HA;J 7D: 7BIE
9EDJ?DK;JEI;;7L7H?;JOE<8KI?D;IICE:;BI8;?D=FKHIK;:;FHEL?I?EDE<9EKHI;C7J;H?7BIIK9>7I;GK?J78B;7D:
?D9BKI?L;799;IIFHE=H7CI7D:FK8B?I>;HIK8I9H?FJ?EDCE:;BI	7D:=;D;H7BC;H9>7D:?I;

T
"0B,9/C4>?492::6>?:=0:9?=,.?>
1;;NF;9J7M7H:IE<D;M799EKDJIH;IKBJ?D=?DD;MF>OI?97B7D:L?HJK7BIJEH;
EF;D?D=IM?BB9EDJ?DK;JE8;7D?CFEHJ7DJ:H?L;HE<?DEKH8KI?D;II
1;7BIE;NF;9JJ>7J9;HJ7?DB;II
FHE;FHE;=HEMJ>E<EKH"4=>?,DFHE=H7CIE<;:;9B?D;I?D7B797HJ;9EKHI;M7H;I7B;I7D:9BEI;:IJEH;
I7B;I
1;7H;CEL?D=GK?9ABO7D::;9?I?L;BOJE799;B;H7J;EKH4=>?,D:8;70?0IJH7J;=O

")%! !'*&!%('"!&
1;7H;IK8@;9JJE7DKC8;HE<B7MI7D:H;=KB7J?EDIJ>7J7<<;9J9ECF7D?;I9ED:K9J?D=8KI?D;IIEDJ>;#DJ;HD;J7D:?DJ>;
;:K97J?ED ?D:KIJHO C7DO E< M>?9> 7H; IJ?BB ;LEBL?D= 7D: 9EKB: 8; ?DJ;HFH;J;: ?D M7OI J>7J 9EKB: >7HC EKH 8KI?D;II
  EH
;N7CFB; M; EEM ;N?IJ?D= B7MI 7D: H;=KB7J?EDI EH D;M B7MI 7D: H;=KB7J?EDI M?BB 7FFBO ?D J>; ;
9ECC;H9; 7D: EDB?D; 9EDJ;NJ ?D9BK:?D= 8KJ DEJ B?C?J;: JE IK9> JEF?9I 7I FH?L79O 7DJ?JHKIJ 9H;:?J 97H: EB7HI>?FIIJK:;DJC7JH?9KB7J?ED7D:H;9HK?JC;DJGK7B?JO
E<FHE:K9JI7D:I;HL?9;I7D:?DJ;BB;9JK7BFHEF;HJOEMD;HI>?F7D:?D;C;I>7L;8;;D7:EFJ;:7JJ>;D7J?ED7B7D:IJ7J;B;L;B?DJ>;/D?J;:-J7J;I7D:?DIEC;
97I;I?DJ;HD7J?ED7BBOJ>7J>7L;7:?H;9J?CF79JEDEKH8KI?D;II7D:EF;H7J?EDI
 EH;N7CFB;


.>; EDJHEBB?D= 7D: II7KBJ E< (ED-EB?9?J;: *EHDE=H7F>O 7D: '7HA;J?D= 9J E<  X(-*' 9JY	 7D:
I?C?B7HB7MI7:EFJ;:8OCEIJ/
-
IJ7J;IM>?9>F;HJ7?D:?H;9JBOEH?D:?H;9JBOJE9ECC;H9?7B;C7?BH;=KB7J;KDIEB?9?J;:
9ECC;H9?7B ;C7?BI 9H;7J; 9H?C?D7B F;D7BJ?;I ;7:;HI 7D: 9EDJHEB EJ>;H 78KI?L; EDB?D;
C7HA;J?D=FH79J?9;I
-?C?B7HBOJ>;/
-
 ;:;H7B.H7:;ECC?II?EDX .Y	>7I=K?:;B?D;IJ>7J?CFEI;H;IFEDI?8?B?J?;IED
KIM?J>H;IF;9JJE9ECCKD?97J?EDIM?J>9EDIKC;HI7D:?CFEI;HKB;IM?J>
H;IF;9JJE7:L;HJ?I?D=EHC7HA;J?D=FH79J?9;IJ>;OC7O:;;CC?IB;7:?D=EH:;9;FJ?L;
.>;.;B;F>ED;EDIKC;H*HEJ;9J?ED9JE<X.*Y	H;IJH?9JIJ;B;C7HA;J?D=7D:J>;KI;E<7KJEC7J;:J;B;F>ED;
;GK?FC;DJ
 .>; .* B?C?JI J>; KI; E< 7KJEC7J?9 :?7B?D= IOIJ;CI 7HJ??D;I
#J7BIE7FFB?;IJEKDIEB?9?J;:J;NJC;II7=;I7:L;HJ?I?D=J>;9ECC;H9?7B7L7?B78?B?JOE<=EE:IEH
I;HL?9;I
::?J?ED7BBO7DKC8;HE<IJ7J;I>7L;;D79J;:IJ7JKJ;IJ>7J7::H;IIJ;B;C7HA;J?D=
 EH;N7CFB;IEC;IJ7J;IIK9>
7I7B?7L;9H;7J;::EDEJ97BBB?IJI
)J>;HIJ7J;IIK9>7I)H;=ED7D:17I>?D=JED>7L;
;D79J;:XDEH;8KJJ7BIJ7JKJ;IYJ>7JH;GK?H;J>;J;B;C7HA;J;HJE;D:J>;97BBM>;DJ>;9EDIKC;H?D:?97J;IJ>7J>;EHI>;?IDEJ
?DJ;H;IJ;:?DJ>;FHE:K9J8;?D=IEB:
,;IJH?9J?EDIEDJ;B;F>ED;C7HA;J?D=?D9BK:?D=97BBI7D:J;NJC;II7=;I7H;;D; .J>; ;:;H7BECCKD?97J?EDIECC?II?EDIJ7J;I7D:J>HEK=>J>;7L7?B78?B?JOE<IJ7JKJEHO:7C7=;I7D:9B7II
79J?EDB7MIK?JI;.*

.>;,;IJEH;)DB?D;->EFF;HED7J 7KJEC7J?97BBO 9>7H=; F7OC;DJ 97H:I ED 7 F;H?E:?9 87I?I JE H;D;M 7 IK8I9H?FJ?ED I;HL?9; ?< J>;
9EDIKC;H:E;IDEJ97D9;BJ>;I;HL?9;
&7MI7D:H;=KB7J?EDIH;B7J;:JEJ>;*HE=H7C*7HJ?9?F7J?ED=H;;C;DJE<J>;/
-
;F7HJC;DJE<:K97J?EDM>?9>
:;;J;HCI7D:9ED:?J?EDIJ>7J7D?DIJ?JKJ?EDCKIJC;;JJE8;=?D7D:9EDJ?DK;F7HJ?9?F7J?ED?DJ>;.?JB;#0<;:;H7B
IJK:;DJ7?:FHE=H7CI7D:EJ>;HI?C?B7HB7MIH;=KB7J;J>;H;9HK?JC;DJE<IJK:;DJIJE9EBB;=;I7D:EJ>;H?DIJ?JKJ?EDIE<>?=>;H
B;7HD?D=
.>;?=?J7B'?BB;DD?KCEFOH?=>J9JX'Y	FHEL?:;IH;B?;<JFHEJ;9J;:
J;9>DEBE=?;I7D:?D9BK:;I7I7<;>7H8EH?DJ;D:;:JEH;:K9;J>;B?78?B?JOE<EDB?D;I;HL?9;FHEL?:;HIEIJ?D=B?IJ?D=EH
B?DA?D=JEJ>?H:F7HJO9EDJ;DJJ>7J?DJIE<EJ>;HI
.>; ECCKD?97J?EDI ;9;D9O 9J FHEL?:;I J>7J EDB?D; I;HL?9; FHEL?:;HI M?BB DEJ 8; 9EDI?:;H;: J>; FK8B?I>;H EH
IF;7A;HE<9EDJ;DJFHEL?:;:8OEJ>;HIIK9>7I?D:?L?:K7BIM>EFEIJ9EDJ;DJED7DEDB?D;I;HL?9;FHEL?:;HZIM;8I?J;
.>; ECF7DO ?I IK8@;9J JE 9;HJ7?D B7MI H;B7J?D= JE J>; 9EBB;9J?ED KI; H;J;DJ?ED I;9KH?JO 7D: JH7DI<;H E< F;HIED7B
?D;I;B7MI7D:H;=KB7J?EDI7FFBOJEDEJEDBOJ>?H:F7HJOJH7DI<;HIE<F;HIED7B?D; 9ECF7DO 7D: ?JI 7<; 78I;D9; E< 7 <;:;H7B
9ECFH;>;DI?L;9EDIKC;H:7J7FH?L79OB7M/
-
IJ7J;I>7L;;D79J;:9ECFH;>;DI?L;9EDIKC;HFH?L79OB7MI7IE<FH?B
  ?D9BK:?D= 7B??H;(;M$;HI;O)H;=ED.;DD;II;;.;N7I/J7>7D:0?H=?D?7

( !#'
"C2?C62D
IE<FH?BM;>7:7FFHEN?C7J;BO:EC;IJ?9;CFBEO;;IE<M>?9>7FFHEN?C7J;BOM;H;; H;C7?D?D= M;H; H;=KB7HBO I9>;:KB;: F7HJJ?C; ;CFBEO;;I 7D: 7FFHEN?C7J;BO  EB;I7B;-;=C;DJ
7D:MEHA?D9EHFEH7J;IKFFEHJ ;N?IJ?D= 9EBB;9J?L; 87H=7?D?D= 7=H;;C;DJI 7D: 7FFHEN?C7J;BO  ;CFBEO;;I 7J 7 I?D=B; BE97J?ED ?9> 7D ?D?J?7B
9EBB;9J?L;87H=7?D?D=7=H;;C;DJ?IF;D:?D=D;=EJ?7J?EDI
1;8;B?;L;J>7JEKHH;B7J?EDI>?FM?J>EKH;CFBEO;;I?I=EE:

#2?@<;;29?20?B6A:2;A.;1A?.6;6;4
1;8;B?;L;EKH9EDJ?DK;:IK99;II?I:;F;D:;DJ?DF7HJEDEKH78?B?JOJE7JJH79JH;J7?D7D:CEJ?L7J;GK7B?JO;CFBEO;;I
)KH
IK99;II:;F;D:IEDEKH78?B?JOJEFHECEJ;7D:H;9HK?JGK7B??B;IJEH;
C7D7=;HI 7H; H;IFEDI?8B; ; >?H?D= 7D: JH7?D?D= E< IJEH; ;CFBEO;;I
 '7DO E< EKH F7HJJ?C; H;J7?B IJEH; ;CFBEO;;I 7H;
IJK:;DJI 7JJ;D:?D= J>; 9EBB;=;I 7D: KD?L;HI?J?;I M; I;HL;
 .E 7JJH79J 7D: H;J7?D CEJ?L7J;: 7D: J7B;DJ;: F;EFB; M; BEEA ?DJ>;ECF7DO

1;7H;7BM7OI79J?L;BOH;9HK?J?D=J7B;DJ;:F;EFB;M?J>7F7II?ED?FFHE=H7C
.EHEK=>7=;D9OH;B7J?EDI>?FI7D:9KHH;DJ;CFBEO;;IM>ECM;
CE8?B?P;7IXJ7B;DJI9EKJIY7D:8H7D:7C87II7:EHI



1;7H;9ECC?JJ;:JE:?L;HI?JO?DJ>;MEHAFB79;7IM;8;B?;L;EKH9ECF7DOZIJ7B;DJI>EKB:H;;<79KBJOIJK:;DJI7D:
9ECCKD?J?;I M; I;HL; ED ;79> E< EKH 97CFKI;I
 I M; 7?C JE >?H; 7 JHKBO :?L;HI; EL;H7BB MEHA7L; ?FIM?J>"?IJEH?97BBOB79AEBB;=;I7D:/D?L;HI?J?;IX"/IY	7D:"?IF7D?9-;HL?D=#DIJ?JKJ?EDIX"-#IY	7D:7H;
BEEA?D=JE9EDJ?DK;:;L;BEF?D=H;B7J?EDI>?FIM?J>L;J;H7D7=;D9?;I7D:EH=7D?P7J?EDIJ>7JIKFFEHJ?D:?L?:K7BIM?J>:?I78?B?J?;I
JE7II?IJM?J>J>;H;9HK?JC;DJE<J>;I;?D:?L?:K7BI

1;?DL;IJ?DEKH;CFBEO;;IJ>HEK=>IJHK9JKH;:JH7?D?D=FHE=H7CIJ>7JE<<;H7BB;CFBEO;;IEFFEHJKD?J?;I7J9EL;H7H7D=;E<IK8@;9JIIK9>7I=E7BI;JJ?D=>EM
JE8;7D;<<;9J?L;B;7:;HI?JK7J?ED7BB;7:;HI>?F7D:;<<;9J?L;9ECCKD?97J?ED
-JK:;DJ;CFBEO;;I>7L;J>;EFFEHJKD?JOJEF7HJ?9?F7J;?DEKHIF?H?D=&;7:;HI'7D7=;C;DJ;L;BEFC;DJ*HE=H7CM>?9>
?I=;7H;:JEM7H:EKH7CFKI-JEH;.;7C';C8;HI7D:-KF;HL?IEHIJ>7JI>EM?DJ;H;IJ?D:;L;BEF?D=J>;?HC7D7=;H?7BIA?BBI7I
M;BB7IB;7HD?D=CEH;78EKJJ>;?DI7D:EKJIE<HKDD?D=ED;E<EKHKD?GK;97CFKI8EEAIJEH;I
&;7HD?D=7D:;L;BEFC;DJ>7I
9H;7J;:79ECFH;>;DI?L;7D:?DJ;H79J?L;FHE=H7CEI;?DJ;H;IJ;:?D@E?D?D=
I7C7@EH;CFBEO;HE<'?BB;DD?7BI7D:!;D;H7J?ED4;CFBEO;;I7HD;I(E8B;EBB;=;>7I8;9EC;7DX;CFBEO;HE<
9>E?9;Y7CED=IJK:;DJID7J?EDM?:;7D:EKHM>EB;I7B;EF;H7J?EDI7BIEE<<;H;CFBEOC;DJEFFEHJKD?J?;IJEIJK:;DJI

<:=2;@.A6<;.;1/2;236A@
1;7H;9ECC?JJ;:JEFHEL?:?D=9ECF;J?J?L;F7O7D:8;D;87I;F7OFBKI7DDK7B8EDKI;I87I;:EDEKHBO87I?I?D7::?J?EDJEF;H?E:?99EDJ;IJI7D:H;M7H:I
'7DOE<EKH;CFBEO;;IF7HJ?9?F7J;?DED;E<EKH
L7H?EKI ?D9;DJ?L; FHE=H7CI M>?9> FHEL?:; J>; EFFEHJKD?JO JE H;9;?L; 7::?J?ED7B 9ECF;DI7J?ED 87I;: KFED :;F7HJC;DJ EH
ECF7DOF;H;EFFEHJKD?JOJEF7HJ?9?F7J;?D7A	H;J?H;C;DJI7L?D=IFB7DM>?9>?D9BK:;I
7D7DDK7B;D:E<
1;E<<;H79ECF;J?J?L;8;D;7D:?I;FKH9>7I;:7J FHEL?:;I ;CFBEO;;I 7D: J>;?H <7C?BO C;C8;HI ?CC;:?7J;
IKFFEHJ7D:=K?:7D9;?D9BK:?D=799;IIJEEHJJ;HCB?9;DI;:9EKDI;B?D=I;HL?9;I7IM;BB7I7II;IIC;DJI7D:H;<;HH7BI;HI;HL?9;I
CFBEO;;I>7L;>EKH799;II8OF>ED;7D:J>HEK=>7D?DJ;H79J?L;M;8I?J;JEKD:H;:IE<;L;HO:7OMEHA7D:B?<;?IIK;II;7H9>B6AF.;1;09B@6<;IJ
1;7H;D?97BBO:?L;HI;
1;>7L;H;GK?H;:7BB;CFBEO;;IJE9ECFB;J;JH7?D?D=7?C;:7JFH;L;DJ?D=>7H7IIC;DJ7D::?I9H?C?D7J?ED
.E;IJ78B?I>EKH
# FHE=H7C M; ;D=7=;: 7D EKJI?:; 9EDIKBJ7DJ JE ;L7BK7J; 9KHH;DJ FH79J?9;I 7D: ?CFH;II?EDI 7D: 7II?IJ KI ?D ;:K97J?D=
;CFBEO;;IED7IF;9JIE<:?L;HI?JO7D:?D9BKI?ED78EKJM>?9>J>;OC7ODEJ>7L;8;;D7M7H;

1;>7L;:;L;BEF;:7#8BK;FH?DJJE>;BFHEK=>;:K97J?ED
7D:8K?B:7IJHED=;HI;DI;E<8;BED=?D=8O79J?L;BO;D=7=?D=;CFBEO;;I7D:9EBB78EH7J?D=9BEI;BOM?J>J>;97CFKI;IM;I;HL;

1;KD:;HIJ7D:J>7JJE7<7JM?BB>;BFKIH;9E=D?P;
9>7D=?D=:;CE=H7F>?9I7D:I>?;?DIJ?JKJ?EDIIJK:;DJI<79KBJO7D:9ECCKD?J?;IM;I;HL;?DEH:;HJE79J?L;BO
H;IFED:7D:7:7FJ7ID;;:;:
)KH#FHE=H7C?IC7D7=;:8OEHFEH7J;ECCKD?97J?EDI7D:EKH>?;<"KC7D,;IEKH9;I)<;;#?D?J?7J?L;IM;>7L;KD:;HJ7A;D
T DIKH?D= EKH 9ECC?JC;DJ JE # ?I 9B;7H JE EKH ;CFBEO;;I 7D: J>; 9EDIJ?JK;DJI M; I;HL; 8O FHECEJ?D= J>; #
IJ7J;C;DJM;:;L;BEF;:?D ?I97B
T EDJ?DK?D=JEKF:7J;#FEB?9?;I7I7;M7OM;:E8KI?D;II
T *7HJD;H?D= M?J> ?BB?; $;7D %?D= DJ;HFH?I;I HEK=> '7H9>  JE >;BF ;IJ78B?I> #
FHE=H7CC?D=7D:?D?J?7J?L;I
T /J?B?P?D= ?DJ;HD7B 9>7DD;BI ?D9BK:?D= ;CFBEO;; FEHJ7BI JE 9;B;8H7J; 9KBJKH7B J>;C;I 7D: 97B;D:7HI JE >;BF :H?L; 7
=H;7J;HI;DI;E<8;BED=?D=?F
7D:ED?D=EKHECF7DOZICFBEO;;,;IEKH9;!HEKFX,!Y	FHE=H7CM?J>79ECF7DOM?:;,!IKHL;O?DJ;HD7B
B;7HD?D=I;II?EDFHEL?:?D=ED=E?D=IKFFEHJ;;FHE=H7CC?D=7D:J>;=HEKFIZ?D?J?7J?L;I
T *7HJD;H?D= M?J> EKH 97CFKI 9B?;DJI JE ;NFBEH; D;M M7OI JE ?D9H;7I; EKH HEB; 7I 7 CE:;B E< :?L;HI; 7D: ?D9BKI?L;
8KI?D;IIEF;H7J?EDI
T *HECEJ?D=97CFKIF7HJD;H79J?L?J?;I7D:
T #DH;9;DJO;7HIM;>7L;>EIJ;:;NJ;HD7BM;8?D7HI<;7JKH?D=F7HJD;H?DIJ?JKJ?EDI7D:?D:KIJHO;NF;HJIED>EMJEI;HL;J>;
;LEBL?D=D;;:IE<IJK:;DJI7D:J>;?H9ECCKD?J?;I
?I9KII?EDI>7L;?D9BK:;:;GK?J78B;799;IIIEBKJ?EDI;EMJE8;JJ;HI;HL;7:?L;HI;IJK:;DJFEFKB7J?ED"?IF7D?9-;HL?D=#DIJ?JKJ?EDI7D:IJK:;DJIM?J>?DJ;BB;9JK7B
7D::;L;BEFC;DJ7B:?I78?B?J?;I7D:C;DJ7B>;7BJ>7D:M;BBD;II
&.32AF
CFBEO;;I7<;JO?I7JEFFH?EH?JO
1;>7L;:;L;BEF;:FEB?9?;IJE;DIKH;J>;I7<;JOE<;79>;CFBEO;;7D:9ECFB?7D9;M?J>
)99KF7J?ED7B-7<;JO7D:";7BJ>:C?D?IJH7J?EDIJ7D:7H:I

!"% '"!"('"(%+(')"%&
.>;?D;?HFEI?J?EDI7=;I7IE<$KD;	
!.:2
42
#<@6A6<;
$ED7J>7D->7H 











>?;<N;9KJ?L;)<7;B
'?BB;H 








N;9KJ?L;0?9;*H;I?:;DJEHFEH7J;;L;BEFC;DJ<<7?HI>?;<
&;=7B)<?;< ?D7D9?7B)<?;<99EKDJ?D=)<?;<N;9KJ?L;)<7HI;HL;:7IEKHN;9KJ?L;
0?9;*H;I?:;DJ(,;J7?B7D:*H;I?:;DJ7HD;I(E8B;EBB;=;EEAI;BB;HI&&I?D9;)9JE8;H
*H?EHJEJ>7J>;
I;HL;:7IN;9KJ?L;0?9;*H;I?:;DJ,;J7?B
'H
->7H>7IEL;H7BBH;IFEDI?8?B?JO;=HEMJ>7D:FHE;ECF7DO
?D9BK:?D=J>;:;L;BEFC;DJ7D:?CFB;C;DJ7J?EDE<9B?;DJ7J:;B?L;H?DDEL7J?ED7D:?D9H;7I;:L7BK;JEJ>;
>?=>;H;:K97J?EDC7HA;JFB79;7D:FHEL?:?D=IJH7J;=?9:?H;9J?ED7D:EF;H7J?ED7BB;7:;HI>?F79HEIIJ>;ECF7DO
'H
->7H7BIE
B;7:IIJH7J;=O7D:;N;9KJ?ED7D:?I?D=C7HA;J?D=7D:8KI?D;II:;L;BEFC;DJI;HL?D=J>;>?=>;H;:K97J?ED7D:%
C7HA;JI
*H;L?EKIBO'H
->7HI;HL;:7I-;D?EH0?9;*H;I?:;DJ,;L;DK;7D:*HE:K9J;L;BEFC;DJ;ECF7DO
*H?EHJE
@E?D?D= ( ?D  'H
 ->7H M7I >?;< '7HA;J?D= )<7J FHEL?:;I EDB?D; 8EEAIJEH; I;HL?9;I ; !;D;H7B '7D7=;H E< ())%
?=?J7BEDJ;DJ7J7HD;I(E8B;#D9
M>;H;>;EL;HI7M8KI?D;II:;L;BEFC;DJFHE:K9J:;L;BEFC;DJ7D:C7HA;J?D=;
!BE87B())%(;MIIJ7D:())%0?:;E7D:())%FFI:?=?J7B8KI?D;II;I
*H?EHJE>?ID;7HBO())%>;
I;HL;: 7I -;D?EH 0?9; *H;I?:;DJ 7D: !;D;H7B '7D7=;H 7J (('ED;O H;IFEDI?8B; ; (('ED;O M;8I?J; 7D: CE8?B;
?I;
*H?EHJEJ>7J>;M7I0?9;*H;I?:;DJE<EDIKC;H'7HA;J?D=7J-FEHJI#BBKIJH7J;:!HEKF7D:?H;9JEHE<EDIKC;H
'7HA;J?D=?;<&;=7B)<; ECF7DO >; I;HL;: 7I N;9KJ?L; 0?9;
*H;I?:;DJ!;D;H7BEKDI;B7D:-;9H;J7HOE<'EDIJ;H1EHB:M?:;#D9
HEK=>;9;C8;H7I0?9;
*H;I?:;DJ 7D: ;FKJO !;D;H7B EKDI;B ;I;HL;:?DL7H?EKI97F79?J?;I7I-;D?EHEHFEH7J;EKDI;BDEBE=?;I #D9
 *H?EH JE @E?D?D= -OC8EB 'H
 '?BB;H M7I 7IIE9?7J;: M?J> 8EJ> -KBB?L7D  HECM;BB &&* 7D:
1?DJ>HEF-J?CIED*KJD7C,E8;HJI?D(;M3EHA
0A49	*,?>:97=;M7I7FFE?DJ;:7IN;9KJ?L;0?9;*H;I?:;DJ>?;< ?D7D9?7B)<?I
HEB; 'H
 17JIED ?I H;IFEDI?8B; ; 9ECF7DOZI ; 799EKDJ?D= JH;7IKHO J7N
;M7IN;9KJ?L;0?9;
*H;I?:;DJ7D:>?;< ?D7D9?7B)<;EL;HI7MJ>;;
ECF7DO ?D9BK:?D= 799EKDJ?D= J7N ?DJ;HD7B 7K:?J >KC7D H;IEKH9;I ?DDEBE=O IKFFBO 9>7?D 8KI?D;II
?DJ;BB?=;D9;H?IAC7D7=;C;DJ7D:C;H=;HI7D:79GK?I?J?EDI
;;I;HL;:7I7I;D?EHEB:I 7 79>;BEH E< KI?D;II :C?D?IJH7J?ED ?D
 ?D7D9;7II;HL;:7IEKH-;D?EH0?9;*H;I?:;DJ>?;<99EKDJ?D=)<?IHEB;I>;
C7D7=;IJ>;;NJ;HD7BH;FEHJ?D=J;9>D?97B799EKDJ?D=7D:9EHFEH7J;799EKDJ?D=;ECF7DO
*H?EHJE@E?D?D=J>;
ECF7DO'I
*7KB>;B:FEI?J?EDIE<?D9H;7I?D=H;IFEDI?8?B?JO7JEL7DJ7"EB:?D=EHFEH7J?ED?D9BK:?D=EHFEH7J;EDJHEBB;H
D?97B 99EKDJ?D= 7I >;B: L7H?EKI I;D?EH  I;L;H7B B7H=; 9ECF7D?;I
?D9BK:?D=(;J*>ED;-O87I;#D9
7D:&?8;HJO'KJK7B#DIKH7D9;ECF7DO



A2:	$%&!$%
'30=4>6>,9/@9.0=?,49?40>>0?1:=?3-07:B,>B077,>:?30==4>6>,9/@9.0=?,49?40>/0>.=4-0/07>0B30=049?34>99@,7
%0;:=?:9:=8
49.7@/49249:@=.:9>:74/,?0/149,9.4,7>?,?0809?>,9/=07,?0/9:?0>,9/K!,9,20809?M>4>.@>>4:9,9/
9,7D>4>:149,9.4,7:9/4?4:9,9/%0>@7?>:1#;0=,?4:9>L:=49:?30=147492>-D"B4?3?30&.:@7/,/A0=>07D,110.?
:@= -@>490>> 149,9.4,7 .:9/4?4:9 =0>@7?> :1 :;0=,?4:9> ,9/ ?30 ?=,/492 ;=4.0 :1 :@= .:88:9 >?:.6	 //4?4:9,7 =4>6> ,9/
@9.0=?,49?40>?3,?,=09:?.@==09?7D69:B9?:@>:=?3,?,=09:?.@==09?7D-0740A0/-D@>?:-08,?0=4,78,D,7>:3,=8:@=
-@>490>>:;0=,?4:9>,9/149,9.4,7=0>@7?>	0.,@>0:1?301:77:B492=4>6>,9/@9.0=?,49?40>,>B077,>:?30=1,.?:=>,110.?492:@=
149,9.4,7.:9/4?4:9,9/:;0=,?492=0>@7?>;,>?149,9.4,7;0=1:=8,9.0>3:@7/9:?-0.:9>4/0=0/?:-0,=074,-7049/4.,?:=:1
1@?@=0;0=1:=8,9.0,9/49A0>?:=>>3:@7/9:?@>034>?:=4.,7?=09/>?:,9?4.4;,?0=0>@7?>:=?=09/>491@?@=0;0=4:/>	
%6@8@%29.A6;4A<B616AF
;221@	
1;CKIJ>7L;IK<;9EC8?D7J?EDE<97I>ED>7D:97I>
EHJJ;HCL;D:EH; D;NJ JM;BL; CEDJ>I
 #< J>;I; IEKH9;I E<
B?GK?:?JO:EDEJI7J?I7IH;9;DJBO9ECFB;J;:.H7DI79J?EDI:;J7?B;:?D$,=??08	49,9.4,7&?,?0809?>,9/&@;;70809?,=D,?,":?0	
&@->0<@09? A09?>
 #D 7::?J?ED M; C7O H;GK?H; 7::?J?ED7B 97F?J7B ?D J>; ;7I
;9EDEC?97D:C7HA;J9ED:?J?EDI7D:J>;7L7?B78?B?JOE<9H;:?J
::?J?ED7B;D H;GK?H;: EH 7J 7BB
  7?BKH; JE I;9KH; 7:;GK7J; ;D H;GK?H;: 9EKB: B;7: JE =E?D= 9ED9;HD ?IIK;I J>;
9EDI;GK;D9;IE<M>?9>MEKB:>7L;7I;L;H;D;=7J?L;?CF79JKFEDEKH8KI?D;II
.>;I;<79JEHI9EKB:7BIEC7J;H?7BBO7:L;HI;BO
7<<;9JEKH9EIJIE<8EHHEM?D=7D:EKH;97F?J7BC7HA;JI7J7J?C;M>;DM;MEKB:B?A;EHD;;:JEH7?I;
97F?J7BM>?9>9EKB:>7L;7D?CF79JEDEKH78?B?JOJEH;79JJE9>7D=?D=;9EDEC?97D:8KI?D;II9ED:?J?EDI
99EH:?D=BO?<J>;
;9EDECOMEHI;DIEKH8KI?D;IIH;IKBJIE<EF;H7J?EDI7D:HEK=> J>; ?IIK7D9; E< ;GK?JO ;GK?JOB?DA;: EH :;8J I;9KH?J?;I J>EI; I;9KH?J?;I C7O >7L; H?=>JI
FH;<;H;D9;IEHFH?L?B;=;II;D?EHJEJ>;H?=>JIE<EKH9ECCEDIJE9A7D:EKHIJE9A>EB:;HIC7O;NF;H?;D9;IK8IJ7DJ?7B:?BKJ?ED

.>;H;97D8;DE7IIKH7D9;IJ>7JIK9>;;7L7?B78?B?JOE< J>; 9EL;D7DJI KD:;H EKH 9H;:?J 7=H;;C;DJI M; C7O D;;: JE I;;A 9EDI;DJI M7?L;HI 7D:EH
7C;D:C;DJI JE EKH 9H;:?J 7=H;;C;DJI ;H;KD:;H
 BJ>EK=> M; >7L; 8;;D
IK99;II;H9EDI;DJIM7?L;HI7D:EH7C;D:C;DJIJE7DOIK9>7=H;;C;DJI7IM;C7O:;;CD;9;II7HO
 KHJ>;HJ>;J;HCIE<7DO
IK9> 9EDI;DJI M7?L;HI 7D:EH 7C;D:C;DJI C7O 8; B;II <7LEH78B; J>7D J>; 9KHH;DJ J;HCI E< EKH 9H;:?J 7=H;;C;DJI EH C7O
?CFEI;7::?J?ED7BH;IJH?9J?EDIEDJ>;EF;H7J?EDIE<EKH8KI?D;II
/D:;HIK9>9?H9KCIJ7D9;IEKH8KI?D;II7D:B?GK?:?JO9EKB:8;
C7J;H?7BBO7D:7:L;HI;BO7<<;9J;:
-;;$,=??08	49,9.4,7&?,?0809?>,9/&@;;70809?,=D,?,":?0	&@88,=D:1
&429414.,9?..:@9?492$:74.40>	
)23.02@64;6360.;A0<:=2A6A6<;3?D79ECF;J?J?L;7D:H7F?:BO9>7D=?D=8KI?D;II;DL?HEDC;DJ?D=;D;H7B7D:;79>E<EKHB?D;IE<8KI?D;II
<79;I9ECF;J?J?ED;FHE:K9JI7D:I;HL?9;IJ>;OE<<;H
1;<79;9ECF;J?J?ED;H9EBB;=;8EEAIJEH;EF;H7JEHI7D:
;:K97J?ED7B9EDJ;DJFHEL?:;HI?D9BK:?D= EBB;JJEHFEH7J?ED79EDJH79JEF;H7JEHE<97CFKI8EEAIJEH;I.;NJ8EEAHEA;HI7
8EEAIJEH;C7D7=;C;DJ7D:EF;H7J?EDIFHEL?:;H-B?D=I>EJ?8B?/7D:-EBKJ?EDI79EBB;=;J;NJ8EEAH;J7?B;H
)KHEDB?D;
L?HJK7B 9EKHI; C7J;H?7B IJEH; EF;H7J?EDI 7BIE <79; 9ECF;J?J?ED ;HJ>?H:F7HJOI;BB;HI7D:BE97B8EEAIJEH;I7IM;BB7I:?H;9JJEIJK:;DJFB7J; ;9ECC;H9; FB7J;==
9EC 7D EDB?D; J;NJ8EEA H;DJ7B 9ECF7DO FK8B?I>;HI
?D9BK:?D=;D=7=;&;7HD?D=*;7HIED:K97J?ED7D:'9!H7M"?BB:K97J?EDM>?9>8OF7IIJ>;JH7:?J?ED7BH;J7?B:?IJH?8KJ?ED
9>7DD;B 8O I;BB?D= :?H;9JBO JE IJK:;DJI 7D: ?DIJ?JKJ?EDI
 1; <79; 9ECF;J?J?ED DEBE=?;I#D9
7D:,;:->;B<
)KHM>EB;I7B;8KI?D;II9ECF;J;IM?J>C7PED!E.;NJ8EEAI7D:.;N7IEEA
ECF7DO
ECF;J?JEHIJ>7J9ECF;J;M?J>EKH=;D;H7BC;H9>7D:?I;E<<;H?D=I?D9BK:;C7PED-E:;NE7D:H7C7HAEDB?D;
H;J7?B;HIF>OI?97B7D:EDB?D;E<7JE<<;H9EBB;=;J>;C;:7D:EJ>;H=;D;H7B
C;H9>7D:?I;
-JK:;DJIE7I;?=>BOFH?9;I;DI?J?L;7D:97D;7I?BOI>?;H
I79EDI;GK;D9;?D7::?J?EDJE8;?D=9ECF;J?J?L;?DJ>;I;HL?9;IM;FHEL?:;JEEKH
9KIJEC;HIEKHJ;NJ8EEA8KI?D;II<79;II?=D?7L;7:EFJ;:7D:C7O9EDJ?DK;


JE 7:EFJ 7==H;II?L; FH?9?D= FEB?9?;I 7D: :;LEJ; IK8IJ7DJ?7B H;IEKH9;I JE C7HA;J?D= M;8I?J; 7D: IOIJ;CI :;L;BEFC;DJ
 #D
7::?J?ED7L7H?;JOE<8KI?D;IICE:;BI7H;8;?D=FKHIK;:;FHEL?I?EDE<FH?DJ7D::?=?J7BJ;NJ8EEAIIEC;E<M>?9>C7O8;
CEH; FHE7D EKH 8KI?D;II CE:;B ?D9BK:?D= EKH " 4=>? ,D ;GK?J78B; 7D: ?D9BK:; 799;II CE:;BI

 KHJ>;HCEH;J>;C7HA;J7FJ;HIC7:;8OIJK:;DJIEHEJ>;HIKI;H=;D;H7J;:7D:<79KBJO9H;7J;:9EDJ;DJ7D:I>7H?D=EHDEDFKH9>7I;
E<H;GK?H;:9EKHI;C7J;H?7BI8OIJK:;DJI
1;>7L;;D9EKDJ;H;:7D:M?BB9EDJ?DK;JE;D9EKDJ;HJ>;I;H?IAI7D:?<M;:EDEJC7D7=;J>;CIK99;II7JEKH9EDJ?DK;:IK99;IIM?BB:;F;D:JE7I?=D?;;<EC >7L; I?=D??FI?DEKH?D:KIJHO7D:97F?J7BC7HA;JH;B7J?EDI>?FI
.>;BEIIE<7DOE<J>;I;?D:?L?:K7BI9EKB:>7HCEKH8KI?D;II
;H
;CFBEO;;I
NF;H?;D9;:C7D7=;C;DJ7D:J;9>D?97BC7HA;J?D=7D:IKFFEHJF;HIEDD;B?DEKH?D:KIJHO7H;?D>?=>:;C7D:7D:
9ECF;J?J?ED;?HJ7B;DJI?I?DJ;DI;

#D7::?J?ED9>7D=;IM;C7A;JEEKH9KHH;DJ7D:;D;;:IEH;NF;9J7J?EDIE<EKH
;CFBEO;;IEHC7O8;F;H9;?L;:7IB;II<7LEH78B;9ECF7H;:JEEJ>;H9ECF7D?;IZFEB?9?;IM>?9>9EKB:D;=7J?L;BO?CF79JEKH
78?B?JOJE>?H;7D:H;J7?DGK7B?;BEIIE<7DOE<EKH;N;9KJ?L;E<;HA;O;CFBEO;;IJ>;<7?BKH;JE
IK99;II;?D78?B?JOJE>?H;JH7?DH;J7?D7D:C7D7=;GK7B?7HCEKH8KI?D;II
1; 7BIE H;BO ED 7 I?=D?;H
EF;H7J?EDI
  7?BKH; JE IK99;II?H; JH7?D C7D7=; 7D: H;J7?D IK<;H9EIJI7D:>7HCEKH8KI?D;II7D:H;FKJ7J?ED
#D7::?J?ED9>7D=;I?DB7MI7D:H;=KB7J?EDI
7FFB?978B; JE ;CFBEO;;I ?D:;F;D:;DJ 9EDJH79JEHI 7D: J;CFEH7HO F;HIEDD;B 9EKB: ?D9H;7I; EKH F7OHEBB 9EIJI :;9H;7I; EKH
EF;H7J?ED7BEMM;7H;78B;JEIJ7<<EKHEF;H7J?EDI7D:IKFFB;C;DJEKHMEHA;I;EH=7D?P7J?ED7B
;<?9>9EKB:7:L;HI;BO7<<;9JEKHEF;H7J?D=;<7HCEKH8KI?D;II7D:H;FKJ7J?ED
)2:.F;OI?97B7D:EHL?HJK7B8EEAIJEH;IEEBI79HEII
J>;/D?J;:-J7J;I
)KH78?B?JOJEE8J7?DJ>EI;7::?J?ED7B9EDJH79JI?IIK8@;9JJE7DKC8;HE<<79JEHIJ>7JM;7H;DEJ78B;JE
9EDJHEB
 #D 7::?J?ED J>; 7DJ?9?F7J;: IJH7J;=?9 8;D;?DJ>;J?C;;EF;H7J?EDE<
F>OI?97B8EEAIJEH;I9EDJH79JIEHJ
J;HC ;<<;9JI ED EF;H7J?D= H;IKBJI :?L;HI?ED E< C7D7=;C;DJZI 7JJ;DJ?ED 7D: EJ>;H H;IEKH9;I IJ7D:7H:?P7J?ED E< 799EKDJ?D=
IOIJ;CI:;F;D:;D9;EDH;J7?D?D=>?H?D=7D:JH7?D?D=A;OF;HIEDD;BKD7DJ?9?F7J;:FHE8B;CIEHB;=7BB?78?B?J?;I7D:79J?EDIE<
EKH9ECF;J?JEHI7D:9KIJEC;HI
;97KI;9;HJ7?DJ;HCIE<7DO9EDJH79J7H;=;D;H7BBO;?D?J?7BJ;HCE<J>;9EDJH79J7D:
?DLEBL;@K:=C;DJI7D:;IJ?C7J;IJ>7JC7ODEJ8;799KH7J;?D9BK:?D=7L;9EDJH79JIJ>7J
7H;DEJFHE7L;IK9>9EDJH79JI?DJ>;;H;J7?BFH?9;9>7H=;:JEJ>;9EDIKC;H9EBB;=;I7D:KD?L;HI?J?;IJE8;7C7N?CKCC7HAKF87I;:EDJ>;FK8B?I>;HIZ9EIJI7D:7I9EBB;=;I9EDJ?DK;JE
EI; FH?9;I >7L; 8;;D H;:K9;: M>?9> >7I D;=7J?L;BO ?CF79J;: EKH H;L;DK; 7D: C7H=?D 7D: ;H
H;:K9J?EDI9EKB:9EDJ?DK;JE>7L;7D;=7J?L;?CF79J

#D 7::?J?ED M; C7O <79; I?=D?OI?97B 7D: L?HJK7B IJEH; 9EDJH79JI 7D: M>;D
H;D;M?D=J>EI;9EDJH79JI7IJ>;O;NF?H;
)KHF>OI?97B8EEAIJEH;9EDJH79JI7H;JOF?97BBOH;D;M7BEFJ?EDI7D:
CEIJ9EDJH79JI7H;97D9;BB78B;8O;?J>;HF7HJOM?J>EKJF;D7BJOM?J>JE:7OIDEJ?9;
)KHL?HJK7B8EEAIJEH;9EDJH79JI7H;
JOF?97BBOH;;JEEKJF;D7BJOM?J>DEJ?9;
;IF?J;J>;BEM;HIJ7HJKF7D:ED=E?D=
EF;H7J?D=;NF;DI;7IIE9?7J;:M?J>L?HJK7BIJEH;IJ>;BEIIE<IK9>9EDJH79JI9EKB:?CF79JH;L;DK;7D:FHE7J
FHEL?:; KI J>; EFFEHJKD?JO JE ?CFHEL; EH C7?DJ7?D J>; FHE7J 7H; J>; IK8@;9J C7JJ;H E< IK9>
9EDJH79JI


)23.02A52?6@8<316@?B=A6<;<3@B==962??29.A6<;@56=@	
.>;FHE:K9JIJ>7JM;I;BBEH?=?D7J;EB;I7B; 8KI?D;II M>?9> OI?97B 7D: L?HJK7B 8EEAIJEH;I
799EKDJ;:7D:?I;FKH9>7I;:M?J>J>;B7H=;IJIKFFB?;H799EKDJ?D=7D:?I; FKH9>7I;:
 )KH M>EB;I7B; 8KI?D;II IEKH9;I EL;H  E< ?JI ?DL;DJEHO 7DD;BI
7FFHEN?C7J;BO?H:F7HJOIKFFB?;HI7D:7FFHEN?C7J;BO?B;M;8;B?;L;J>7JEKHH;B7J?EDI>?FIM?J>EKHIKFFB?;HI7H;=EE:IKFFB?;HIC7OCE:?;J;HCIE<J>;I;H;B7J?EDI>?FI:K;
JE =;D;H7B ;9EDEC?9 9ED:?J?EDI EH EJ>;HM?I; EH ;IF;9?7BBO M?J> H;IF;9J JE M>EB;I7B; ?DL;DJEHO FK8B?I>;HI 9EKB: J;HC?D7J;
:?IJH?8KJ?EDJEM>EB;I7B;HI?D9BK:?D=EKHM>EB;I7B;8KI?D;II
1;:EDEJ>7L;BED=J;HC7HH7D=;C;DJIM?J>CEIJE<EKHIKFFB?;HIJE=K7H7DJ;;7L7?B78?B?JOE<C;H9>7D:?I;9EDJ;DJEH
I;HL?9;IF7HJ?9KB7HF7OC;DJJ;HCIEHJ>;;NJ;DI?EDE<9H;:?JB?C?JI
#<EKH9KHH;DJIKFFB?;HIM;H;JEIJEFI;BB?D=C;H9>7D:?I;
9EDJ;DJEHI;HL?9;IJEKIED799;FJ78B;J;HCI?D9BK:?D=7I7H;IKBJE<ED;EHCEH;IKFFB?;H87DAHKFJ9?;I:K;JEFEEH;9EDEC?9
9ED:?J?EDIEHH;IKFFB?;HIJEI>?FFHE:K9JIJEKI:K;JE:;B7O;:EH;NJ;D:;:F7OC;DJM?D:EMI7I7H;IKBJE<EKH
EMDB?GK?:?JO9EDIJH7?DJIM;C7O8;KD78B;JEFHE9KH;J>;I7C;C;H9>7D:?I;9EDJ;DJEHI;HL?9;I;HIKFFB?;HI?D7
J?C;BO7D:;<;HI>?FC;DJIE<
F>OI?97B J;NJ8EEA EH:;HI EH :;B7OI ?D H;9;?L?D= :?=?J7B 9EKHI;M7H; 799;II 9E:;I 9EKB: >7L; 7D 7:L;HI; ?CF79J ED I7B;I
?D9BK:?D=EKH"4=>?,D:8;70?0;GK?J78B;799;IIFHE=H7CM>?9>H;B?;IKFEDJ?C;BOH;9;?FJE<?DL;DJEHO?D7:L7D9;E<
9B7IIIJ7HJ:7J;I;79>797:;C?9J;HC

 KHJ>;HCEH; 9;HJ7?D E< EKH C;H9>7D:?I; ?I IEKH9;: ?D:?H;9JBO ; /D?J;: -J7J;I
 *EB?J?97B EH 7D:?I; GK7B?JO ?IIK;I FHE:K9J I7<;JO 9ED9;HDI JH7:; H;IJH?9J?EDI MEHA IJEFF7=;I J7H?<7D=;H7J;IJH7DIFEHJ7J?ED97F79?JO7D:9EIJI?D;7BJ>9H?I;I;F?:;C?9I7D:
F7D:;C?9I7D:EJ>;H<79JEHIH;B7J?D=JE7D:?I;

)2 3.02 A52 ?6@8 <3 39B0AB.A6;4 6;C2;AB2;02 <3 05.;42@ 6; A52 D.F =B/96@52?@ 16@A?6/BA2 0EB;I7B; 8KI?D;II;I 7H; :;F;D:;DJ ED J>; 9EDJ?DK;: IKFFBO E< J;NJ8EEAI
 .>; FK8B?I>?D=
?D:KIJHO =;D;H7BBO >7I IK<<;H;: H;9;DJBO :K; JE 7CED= EJ>;H J>?D=I 9>7D=?D= 9EDIKC;H FH;<;H;D9;I 7M7O ; FH?DJ
C;:?KC7D:J>;;9EDEC?99B?C7J;
I?=D??I?D:KIJHO=;D;H7BBOEH7I?=D?7D=;?DEKH
H;B7J?EDI>?FIM?J>A;OIKFFB?;HI9EKB:7:L;HI;BO?CF79JEKH8KI?D;II
#D7::?J?ED7DOI?=D?7D=;?DJ>;J;HCIJ>7JM;
>7L;M?J>EKHA;OIKFFB?;HI?D9BK:?D=FKH9>7I;EHH;DJ7BJ;HCIF7OC;DJJ;HCIH;JKHDFEB?9?;IJ>;:?I9EKDJEHC7H=?DED
FHE:K9JIEH9>7D=;IJEJ>;:?IJH?8KJ?EDCE:;BE<J;NJ8EEAI9EKB:7:L;HI;BO7<<;9JEKH;HI>7L;FHEFEI;:JEIKFFBOJ;NJ8EEAIED9EDI?=DC;DJJ;HCI?DIJ;7:E<I;BB?D=JEKIM>?9>
MEKB:;B?C?D7J;J>EI;J?JB;I;KI;:J;NJ8EEA?DL;DJEHOIKFFBO
1?J>H;IF;9JJEEKHM>EB;I7B;8KI?D;IIJ>;:;C7D:7DJ>;7L7?B78B;IKFFBO7D:EKHM>EB;I7B;8KI?D;II?I>?=>BO:;F;D:;DJKFED?JI
78?B?JO JE 8K?B: ?JI J;NJ8EEA ?DL;DJEHO ;HI 7D: IKFFB?;HI ?D 7:L7D9; E< J>; I;BB?D= I;7IED
 .>;I; FK8B?I>;H 7D:
IKFFB?;HH;B7J?EDI>?FI7H;DEJ=;D;H7BBO=EL;HD;:8OBED=J;HC9EDJH79JI7D:FK8B?I>;HI7D:IKFFB?;HI9EKB:9>EEI;DEJJEI;BBJE
KI
DOD;=7J?L;?CF79JEDEKH78?B?JOJE8K?B:EKHJ;NJ8EEA?DL;DJEHO9EKB:>7L;7D7:L;HI;?CF79JED7D=;I ?D J>; C7HA;J EL;H J>; B7IJ <;M O;7HI M; >7L; 7BIE I?=D?7I?D=J;NJ8EEAIM>?9>?I7BIEIK8@;9JJE9;HJ7?D?DL;DJEHOH?IAI
IK9>7IJ;NJ8EEAIDEJ8;?D=H;IEB:EHH;H;DJ;::K;JEJ;NJ8EEAI8;?D=H;JKHD;:B7J;EH?DFEEH9ED:?J?ED<79KBJOC;C8;HIDEJ
9EDJ?DK?D=JE7:EFJEHKI;9;HJ7?DJ;NJ8EEAIEH7I:?I9KII;:8;BEM9>7D=;I?DJ>;M7OFK8B?I>;HIIKFFBOJ;NJ8EEAIJEKI
-EC;J;NJ8EEAFK8B?I>;HIH;DJJ;NJ8EEAIED9EDI?=DC;DJJ;HCI:?H;9JBOJEIJK:;DJI
99EH:?D=BOM;>7L;;DJ;H;:?DJE
7=H;;C;DJIM?J>7DKC8;HE<J;NJ8EEAFK8B?I>;HIJE7:C?D?IJ;HJ>;?H9EDI?=DC;DJH;DJ7BFHE=H7CIM?J>:?IJH?8KJEHI7D:J>;?H
:?H;9JJEIJK:;DJJ;NJ8EEA9EDI?=DC;DJH;DJ7BFHE=H7CI
.>;I;FHE=H7CI?<IK99;II;IKFFBOE<J>EI;J?JB;I;KI;:J;NJ8EEA?DL;DJEHOIKFFBOM>?9>?CF79JIEKHM>EB;I7B;8KI?D;II

)KHM>EB;I7B;8KI?D;II?I7D7J?ED7B:?IJH?8KJEHHEK=>'9!H7M"?BB:K97J?EDI9EDI?=DC;DJ
H;DJ7B FHE=H7C M>?9> ?D9BK:;I 7FFHEN?C7J;BO  J?JB;I	 7D: *;7HIED :K97J?EDZI 9EDI?=DC;DJ H;DJ7B FHE=H7C M>?9>
?D9BK:;I7FFHEN?C7J;BOJ?JB;I	
.>HEK=>?JI9;DJH7BBOBE97J;:7:L7D9;::?IJH?8KJ?ED9;DJ;HEKHM>EB;I7B;8KI?D;IIE<<;HIJ>;
I;7CB;II?DJ;=H7J?EDE<J>;I;9EDI?=DC;DJH;DJ7BFHE=H7CI7D:9;DJH7B?P;:7:C?D?IJH7J?ED7D::?IJH?8KJ?EDJE7FFHEN?C7J;BO
IJEH;I?D9BK:?D=EKH,;J7?B-;=C;DJIJEH;I
.>;I;9EDI?=DC;DJH;DJ7BFHE=H7CI7H;7L7?B78B;JEEKHM>EB;I7B;9KIJEC;HI
?D9BK:?D=?DIJ?JKJ?ED7BBOHKD7D:9EDJH79JC7D7=;:97CFKI8EEAIJEH;I7IM;BB7IEKHF>OI?97B7D:L?HJK7B8EEAIJEH;I

#D7::?J?EDJ>;FHEJ>;JH7:?J?ED7B:?IJH?8KJ?EDCE:;B7H;<7?HBOFH;:?9J78B;7D:9EDIJ7DJ8KJJ>;
CEL;JE7CE:;BE<?D9H;7I;:9EDI?=DC;DJH;DJ7BFHE=H7CI9EC8?D;:M?J>FH;IIKH;JEFHEL?:;CEH;7<EB;I7B;7D:H;J7?B8KI?D;II


!B?D5<92@.92/B@6;2@@:.F;EB;I7B;8KI?D;IIIEKH9;ID;MJ;NJ8EEAI;HI7D:D;M7D:KI;:J;NJ8EEAI;HIKFFB?;HIJEH;I;BB
JE?JI9KIJEC;HI
#<?J?IKD78B;JE7FFHEFH?7J;BOC7D7=;?JI?DL;DJEHO7D:7DJ?9?F7J;J>;H;B;7I;E<D;M;:?J?EDIE<J?JB;I<79KBJOZI
9>7D=;?D9>E?9;E<J?JB;IH;JKHDH7J;EHKI;E<7BJ;HD7J?L;;:K97J?ED7BC7J;H?7BEKHM>EB;I7B;8KI?D;II9EKB:8;;NFEI;:JE
H?IAIE<;N9;II?DL;DJEHO7D:B;IIC7HA;J78B;EHE8IEB;J;?DL;DJEHO
.>?IC7OB;7:JE;N9;IIEHE8IEB;J;?DL;DJEHOJ>7JC?=>J
>7L;JE8;IEB:7J7:;;F:?I9EKDJM>?9>C7O?CF79J?JIH;L;DK;I7D:FHE7L;7D;=7J?L;?CF79JEDEKH
?FF?D= 9ECF7D?;I JE :;B?L;H ?DL;DJEHO JE KI 7D: :;B?L;H 9ECFB;J;: EH:;HI JE EKH
9KIJEC;HI
D?D78?B?JOJED;=EJ?7J;799;FJ78B;J;HCIM?J>J>;I;9ECF7D?;IEHF;H;H:?<;I;9ECF7D?;IEH8OEKHEMDJH7DIFEHJ7J?EDIOIJ;CI?D9BK:?D=7I7H;IKBJE<B78EH
C7HA;J9EDIJH7?DJI7D:H;B7J;:9EIJI9EKB:D;=7J?L;BO?CF79JEKHEF;H7J?D=H;IKBJI7D:9KIJEC;H;NF;H?;D9;
#D7::?J?EDEKH
78?B?JOJEH;9;?L;?D8EKD:?DL;DJEHO;<?F9ECFB;J;:EH:;HIJE9KIJEC;HI7BIEC7O8;D;=7J?L;BO7<<;9J;:8O
D7JKH7BEH>KC7D97KI;::?I7IJ;HI?D9BK:?D=FK8B?9>;7BJ>9H?I;I	EH;NJH;C;M;7J>;H?D9BK:?D=7I7H;IKBJE<9B?C7J;9>7D=;	
=;EFEB?J?97B;L;DJI7D:I;9KH?JO?IIK;IB78EHEHJH7:;:?IFKJ;I7D:I?C?B7H;L;DJI
1;9KHH;DJBOH;BOED7B?C?J;:DKC8;HE<J>?H:F7HJO=BE87BFHEL?:;HIJE:;B?L;H?DL;DJEHOJEKI7D::;B?L;H9ECFB;J;:
EH:;HIJEEKH9KIJEC;H
#<M;7H;DEJ78B;JED;=EJ?7J;799;FJ78B;FH?9?D=7D:EJ>;HJ;HCIM?J>J>;I;FHEL?:;HIEH?<J>;I;
FHEL?:;HI ;NF;H?;D9; F;H;H :?<;HCEH;9>7D=;IJEJ>;
J;HCIE<EKHI>?FF?D=7HH7D=;C;DJIEHJ>;?CFEI?J?EDE<IKH9>7H=;IEHIKH=;FH?9?D=>7L;?DJ>;F7IJ7D:C7O?DJ>;7L;?FF?D=9EIJI7I7H;IKBJ7D:
J>;I;9EIJIC7O9EDJ?DK;JE?D9H;7I;?DJ>;EEI;JEF7IIIK9>?D9H;7I;IEDJEEKH9KIJEC;HI
?DJ>;7?DI =BE87BBO FEJ;DJ?7BBO ?CF79J?D= J>; EF;H7J?EDI E< EKH J>?H:F7HJO I>?FF?D= FHEL?:;HI M>?9> 9EKB: D;=7J?L;BO
?CF79JEKH8KI?D;II7D:H;IKBJIE<EF;H7J?EDI
)KH78?B?JOJEH;9;?L;?D8EKD:?DL;DJEHO;<?FC;H9>7D:?I;JE9KIJEC;HI?D9BK:?D=7J9EIJIJEM>?9>M;7H;
799KIJEC;:C7O7BIE8;D;=7J?L;BO7<<;9J;:8OEJ>;H<79JEHI8;OED:EKH7D:EHJ>;I;FHEL?:;HIZ9EDJHEB?D9BK:?D=F7D:;C?9
M;7J>;HGK7A;I79JIE<M7HEHJ;HHEH?ICEHEJ>;H;L;DJIIF;9?;HI>?FF?D=
FHEL?:;HIIK9>7IB78EH:?IFKJ;IEHI>EHJ7=;I;H:?IHKFJ?EDIJEJ>;EF;H7J?EDIE<
J>;I>?FF?D=9ECF7D?;IEDM>?9>M;H;BO
 EH;N7CFB;7IJH?A;8O;CFBEO;;IE<7DOE<EKHJ>?H:F7HJO=BE87BFHEL?:;HIEH7
FEHJMEHA;HIJH?A;MEHAIBEM:EMDEHEJ>;HJH7DIFEHJ7J?ED:?IHKFJ?ED9EKB:I?=D?7L;?DJ>;
F7IJ;NF;H?;D9;:7D:C7O?DJ>;?FF?D=:;B7OI;9KHH;DJ;9EDEC?9;DL?HEDC;DJ9EKB:>7L;7C7J;H?7B7:L;HI;;<<;9JEDEKH7D:IJH7J;=?98KI?D;II?D?J?7J?L;I
)KH8KI?D;II?I7<<;9J;:8O7D=;I?D;DHEBBC;DJI7J9EBB;=;I7D:KD?L;HI?J?;I9>7D=;I?DIJK:;DJ;DHEBBC;DJI
7D:BEM;HIF;D:?D=ED9EKHI;C7J;H?7BI7D:=;D;H7BC;H9>7D:?I;
.>;=HEMJ>E<EKH8KI?D;II:;F;D:IEDEKH78?B?JOJE7JJH79J
D;MIJK:;DJI7D:JE?D9H;7I;J>;B;L;BE<;D=7=;C;DJ8O9KHH;DJIJK:;DJ9KIJEC;HI
.EJ>;;NJ;DJM;7H;KD78B;JE7JJH79JD;M
IJK:;DJIEHIJK:;DJIIF;D:B;II=;D;H7BBOEKH8KI?D;II9EKB:8;7:L;HI;BO7<<;9J;:
!B?/B@6;2@@6@@2.@<;.9	
)KH8KI?D;II?II;7IED7BF7HJ?9KB7HBOM?J>H;IF;9JJEJ;NJ8EEAI7B;I7D:H;DJ7BIM?J>I7B;I7D:H;DJ7BI7JJH?8KJ78B;JEEKH
H;J7?B8KI?D;II;I=;D;H7BBO>?=>;IJ?DJ>;I;9ED:7D:J>?H:;D9EBB;=;IJK:;DJIFKH9>7I;J;NJ8EEAI;
KF9EC?D=I;C;IJ;HI7D:BEM;IJ?DJ>;EB;I7B;8KI?D;II7H;=;D;H7BBO
>?=>;IJ?DEKH?H:GK7HJ;HI7I?JI;BBIJ;NJ8EEAI;=HEMJ>E<"4=>?,DFHE=H7CIJ>;J?C?D=E<97I>9EBB;9J?EDEEBF7HJD;HIC7OI>?;D J>; H;L;DK; ?I H;9E=D?P;:
 1>;D 7 I9>EEB 7:EFJI EKH " 4=>? ,D ;GK?J78B; 7D: ?D9BKI?L; 799;II
E<<;H?D=I97I>9EBB;9J?ED;I9>EEB=;D;H7BBOE99KHI7;?DIJ?JKJ?EDZI:HEF7:::7J;IM>?9>?IB7J;H?DJ>;MEHA?D=
97F?J7B 9O9B; F7HJ?9KB7HBO ?D EKH J>?H: GK7HJ;H =?L;D J>; J?C?D= E< J>; -FH?D= .;HC 7D: EKH GK7HJ;HBO H;FEHJ?D= F;H?E: 7I
9ECF7H;:JE:?H;9JJEIJK:;DJFE?DJE<I7B;JH7DI79J?EDIM>;H;97I>?I=;D;H7BBO9EBB;9J;::KH?D=J>;FE?DJE<I7B;JH7DI79J?EDEH
M?J>?D7<;M:7OI;9H;:?J97H:FHE9;IIEH
I7>?=>;HF;H9;DJ7=;E<EKHI7B;II>??,D;GK?J78B;7D:


?D9BKI?L;799;IIE<<;H?D=IM;7H;;J?C?D=E<EKH97I>EKJ ?DEEBI
 I J>; 9ED9;DJH7J?ED E< :?=?J7B FHE:K9J I7B;I ?D9H;7I;I H;L;DK; M?BB 8;
H;9E=D?P;:;7HB?;H:KH?D=J>;797:;C?9J;HC7I:?=?J7BJ;NJ8EEAH;L;DK;?IH;9E=D?P;:M>;DJ>;9KIJEC;H799;II;IJ>;:?=?J7B
9EDJ;DJ9ECF7H;:JE?	J>;H;DJ7BE<F>OI?97BJ;NJ8EEAM>;H;H;L;DK;?IH;9E=D?P;:EL;HJ>;H;DJ7BF;H?E:7D:??	7B797HJ;
9EKHI;M7H;I7B;IM>;H;H;L;DK;?IH;9E=D?P;:M>;DJ>;9KIJEC;HJ7A;IF>OI?97BFEII;II?EDE<EKHFHE:K9JIM>?9>E99KHI;?J>;H
7JJ>;FE?DJE<I7B;7I;:7JF>OI?97BBE97J?EDIEHKFEDH;9;?FJE<EKHFHE:K9JI8OEKH9KIJEC;HIHEK=>EKHM;8I?J;I7D:L?HJK7B8EEAIJEH;I
)KHGK7HJ;HBO97I>;J?C?D=E<J>;IJ7HJE<J>;L7H?EKII9>EEBII;C;IJ;HI7IM;BB
7II>?;I;I>?;9ECF7H78?B?JOE<EKHH;IKBJI79HEIIF;H?E:I
&;IIJ>7D
I7J?I<79JEHOD;JI7B;I:KH?D=EKHF;7A7L;7C7J;H?7B7:L;HI;;<<;9JEDEKH;O;7H7D:EKHH;IKBJIE<EF;H7J?EDIEI;GK7HJ;HIC7ODEJ8;IK<7JC7O8;
?D9KHH;:?DJ>;EJ>;H;O;7H

!B?6;A2?;.A6<;.9<=2?.A6<;@0; /D?J;: -J7J;I>EM;L;H M; >7L; EF;H7J?EDI ?D #D:?7 7D: 9EDJH79J M?J>
I;HL?9;FHEL?:;HIEKJI?:;J>;/D?J;:-J7J;I7D:C7O9EDJ?DK;JE;NF7D:?DJ;HD7J?ED7BBO?D799EH:7D9;M?J>7FFB?978B;B7MI7D:
H;=KB7J?EDI
-K9>?DJ;HD7J?ED7B;NF7DI?EDC7OH;IKBJ?D7::?J?ED7BH?IAIJ>7J7H;DEJFH;I;DJ:EC;IJ?97BBO7D:9EKB:7:L;HI;BO
7<<;9JEKH8KI?D;IIEHEKHH;IKBJIE<EF;H7J?EDI?D9BK:?D=9ECFB?7D9;M?J>7::?J?ED7B/D?J;:-J7J;IB7MI7D:H;=KB7J?EDI7D:
J>EI;E<EJ>;HD7J?EDI7FFB?978B;JE?DJ;HD7J?ED7BEF;H7J?EDI9KBJKH7B7D:B7D=K7=;:?<<;H;D9;I9KHH;D9O;/
-
:EBB7H7D:?9>7H;>7H:;HJEFH;:?9J?DJ>;9KHH;DJ7:L;HI;=BE87B;9EDEC?99B?C7J;H;IJH?9J?EDI
EDJ>;H;F7JH?7J?EDE<;7HD?D=IFEJ;DJ?7BBO7:L;HI;J7N9EDI;GK;D9;I7D:B?C?J7J?EDIEDEKH78?B?JOJEKJ?B?P;BEII;I=;D;H7J;:?D
EKH;H87HH?;HIJE9ED:K9J?D=8KI?D;II7D::?<<;H;DJEH
B;II IJ78B; FEB?J?97B 7D: ;9EDEC?9 ;DL?HEDC;DJI
  KHJ>;H 9ED:K9J?D= 8KI?D;II 78HE7: IK8@;9JI KI JE ?D9H;7I;: B;=7B 7D:
H;=KB7JEHO 9ECFB?7D9; 7D: EL;HI?=>J
  EH ;N7CFB; ?D 9EDD;9J?ED M?J> EKH ?DJ;HD7J?ED7B EF;H7J?EDI M; 7H; IK8@;9J JE B7MI
FHE>?8?J?D=9;HJ7?DF7OC;DJIJE=EL;HDC;DJ7BE<7IJ>; EH;?=DEHHKFJ*H79J?9;I9J
<7?BKH;JE9ECFBOM?J>
7FFB?978B;B7MI7D:H;=KB7J?EDI9EKB:H;IKBJ?DH;=KB7JEHO;DB616AF	
*K8B?9 >;7BJ> 9H?I;I ;F?:;C?9I 7D: F7D:;C?9I H;B7J;: =EL;HDC;DJ7B H;79J?EDI 7D: ;9EDEC?9 9ED:?J?EDI C7O >7L; 7
D;=7J?L;?CF79JEDEKH8KI?D;IIB?GK?:?JOH;IKBJIE<EF;H7J?EDI7D:IJE9AFH?9;:K;JEJ>;E99KHH;D9;E<IEC;EH7BBE<J>;
;9BEI?D=EHB?C?J;:EF;H7J?EDIE<EKH97CFKIH;J7?BIJEH;I
T H;:K9J?EDI?D=EL;HDC;DJ;8K:=;JIE<FK8B?9;:K97J?ED7B?DIJ?JKJ?EDI7D:
%I9>EEBIM>?9>9EKB:?CF79JJ>;:;C7D:;B79AE<IKFFBOE<KI;:J;NJ8EEAI7I7H;IKBJE<B?C?J;:ED97CFKI8KO879AEFFEHJKD?J?;I
T :?IHKFJ?EDIJEJ>;EF;H7J?EDIE<EKHBE=?IJ?9I7D::?IJH?8KJ?EDIKFFB?;HIM>?9>9EKB:?CF79JEKH78?B?JOJEJ?C;BO:;B?L;H
EKHFH?DJJ;NJ8EEAIJEIJK:;DJI
T EKHL;D:EHIZ?D78?B?JOJE7D:?I;EH:;HI:K;JE:?IHKFJ?EDIJEJ>;?HEF;H7J?EDIIKFFBO
9>7?DIEHEL;HM>;BC?D=:;C7D:;?HEMD9KIJEC;HI
T IOIJ;C ?DJ;HHKFJ?EDI J>7J IBEM EKH M;8I?J; EH C7A; EKH M;8I?J; KD7L7?B78B; 7I EKH J>?H:F7HJO IE?9>9EKB:B;7:JE:;9H;7I;:;DHEBBC;DJ
7D:9EDIKC;HIF;D:?D=
T J>;FEJ;DJ?7BD;=7J?L;?CF79JEDJ>;>;7BJ>E<EKH;CFBEO;;IF7HJ?9KB7HBO?<7I?=D?;C7H;?CF79J;:
9EKB:7<<;9JEKH78?B?JOJE;DIKH;8KI?D;II9EDJ?DK?JO:KH?D=J>;F;H?E:E<:?IHKFJ?EDH;B7J;:JEJ>;F7D:;C?97D:
T =EL;HDC;DJ7BEH:;HI>7L;?9>C7O
7:L;HI;BO ?CF79J EKH 78?B?JO JE ;<<;9J?L;BO C7D7=; EKH 8KI?D;II 7D: C7?DJ7?D EKH B6A./92.;16;09B@6C2.002@@07D=?D= 8KI?D;II ;DL?HEDC;DJ 7D: JE 7:7FJ JE ?D:KIJHO JH;D:I M; 7H; HEK=> EKH ;GK?J78B; 7D: ?D9BKI?L; 799;II 4=>? ,D :8;70?0 7D: 4=>? ,D CE:;BI JE C;;J J>; C7HA;J
:;C7D:I E< H;:K9?D= 9EIJI JE IJK:;DJI 7D: 9EDJH?8KJ?D= JE ?CFHEL;: IJK:;DJ EKJ9EC;I M>?B; ?D9H;7I?D= EKH C7HA;J I>7H;
H;L;DK;7D:H;B7J?L;=HEIIFHE;>?=>;HLEBKC;IE<KD?JIIEB:?DIK9>CE:;BI7I9ECF7H;:
JE >?IJEH?97B I7B;I CE:;BI J>7J H;BO ED ?D:?L?:K7B IJK:;DJ C7HA;J?D= 7D: I7B;I
 .>;I; FHE=H7CI >7L; 7BBEM;: KI JE H;L;HI;
>?IJEH?97BBED=J;HCJH;D:I?D9EKHI;C7J;H?7BIH;L;DK;:;9B?D;IM>?9>>7I8;;DE8I;HL;:7JJ>EI;I9>EEBIM>;H;IK9>FHE=H7CI
>7L;8;;D7:EFJ;:
1;7H;CEL?D=GK?9ABOJE799;B;H7J;EKH4=>?,D:8;70?0IJH7J;=O
'7DO?DIJ?JKJ?EDI7:EFJ;:4=>?,D
:8;70?0?D ?I97B7D:M;FB7DJE9EDJ?DK;JEI97B;J>;DKC8;HE<I9>EEBI7:EFJ?D=4=>?,D:8;70?0?D ?I97B
7D:8;OED:
1;97DDEJ=K7H7DJ;;J>7JM;M?BB8;78B;JE79>?;L;J>;I;FB7DIM?J>?DJ>;I;J?C;?B;M;8;B?;L;
M;>7L;J>;97F?J7BH;IEKH9;I;NF;H?;D9;C7D7=;C;DJH;IEKH9;I7D:?DJ;HD7BIOIJ;CIJEIK99;II?
,D;GK?J78B;7D:?D9BKI?L;799;IICE:;BI79HEIIEKH9B?;DJFEHJ?IIJH7J;=O

.>; ?CFB;C;DJ7J?ED E< J>?I IJH7J;=O ?I 7 9ECFB;N FHE9;II 7D: H;B?;I ED B;L;H7=?D= EKH I;HL?9;I 7D: H;B7J?EDI>?FI JE >;BF
799;B;H7J;J>;7:EFJ?EDE<EKH4=>?,D:8;70?0IJH7J;=O
.>;IK99;IIE<EKH?,D;GK?J78B;7D:?D9BKI?L;799;IICE:;BI7D:EKH78?B?JOJEI97B;EKH8KI?D;IIJEC;;J
9KIJEC;H :;C7D: 7FFHEFH?7J;BO
 #< 9EBB;=;I 7D: KD?L;HI?J?;I <79KBJO 7D: IJK:;DJI 7H; DEJ H;9;FJ?L; JE EKH " 4=>? ,D
;GK?J78B;7D:?D9BKI?L;799;IICE:;BIEHJ>;I;CE:;BI:EDEJC;;JJ>;;NF;9J7J?EDIE<J>;I;9EDIJ?JK;D9?;IJ>;H;9EKB:8;7
D;=7J?L;?CF79JEDJ>;?CFB;C;DJ7J?EDE<EKHIJH7J;=O
.EIK99;II?IIJH7J;=OM;D;;:JE9EDJ?DK;JE;H
;LEBL;J>;;:;B?L;HOE<9EIJ;<<;9J?L;7D:KD?GK;IEBKJ?EDI?IIJH7J;=O9EKB:7:L;HI;BO7<<;9JEKHEF;H7J?D=H;IKBJI

".?A <3 B6@6A6<;@ .;1 ?29.A6<;@56=@ 6;09B16;4 ;;H8KI?D;IIJH7DI79J?EDIJE=HEMEKH8KI?D;II7D:;NF7D:EKHFHE:K9J7D:I;HL?9;E<<;H?D=I
1;C7ODEJ8;78B;JE
?:;DJ? JH7DI79J?EDI E8J7?D D;9;II7HO H;=KB7JEHO 7FFHEL7BI ?< 7DO EH EJ>;HM?I; 9EDIKCC7J; IK9> JH7DI79J?EDI ED
799;FJ78B;J;HCIEH7J7BB
#D7::?J?EDM;9ECF;J;EJ>;HFEJ;DJ?7B79GK?H;HIIEC;E<M>?9>C7O>7L;
=H;7J;H7DM;:E
DOIJH7J;=?979GK?I?J?EDIEH?DL;IJC;DJIJ>7JM;7H;78B;JE?:;DJ?; :?L;HI?ED E< EKH C7D7=;C;DJZI 7JJ;DJ?ED ;
?DJ;=H7J?ED FHE9;II 8;9EC?D= IK8@;9J JE 9EDJ?D=;DJ EH EJ>;H B?78?B?J?;I ?D9BK:?D= B?78?B?J?;I 7H?I?D= ;79GK?I?J?EDJ>7JM;H;DEJADEMDJEKI7JJ>;J?C;E<J>;79GK?I?J?ED7D:EKHFEII?8B;?D78?B?JOJE79>?;L;J>;
?DJ;D:;:E8@;9J?L;IE<J>;JH7DI79J?ED?D9BK:?D=J>;?D78?B?JOJE79>?;L;9EIJI7L?D=I7D:IOD;H=?;I
9GK?I?J?EDIC7O7BIE>7L;
KD7DJ?9?F7J;:J7NB;=7BH;=KB7JEHO7D:799EKDJ?D=H7C?7J 7H; IK8@;9J JE ?CF7?HC;DJ J;IJ?D= ED 7 H;=KB7H 87I?I 7D: FEJ;DJ?7B F;H?E:?9 ?CF7?HC;DJ 9>7H=;I 7D: ?D9KHH?D=
7CEHJ?P7J?ED;NF;DI;IH;B7J;:JE9;HJ7?D?DJ7D=?8B;7II;JI
IJH7J;=?9I;HL?9;FHEL?:;HH;B7J?EDI>?F8;JM;;DJME?D:;F;D:;DJ8KI?D;II;I?I79ECFB;N9EIJBO7D:J?C;9EDIKC?D=
FHE9;II J>7J M?BB H;GK?H; I?=D?; 8;D;?FM?J>0-.7D:M?J>J>; &,;B7J?EDI>?FM?BB:;F;D:?DF7HJEDEKH78?B?JOJEMEHAM?J>EKHIJH7J;=?9I;HL?9;
FHEL?:;HIJE?DJ;=H7J;EKHIOIJ;CII?CFB?;9KIJEC;H;NF;H?;D9;E<<;H9ECF;BB?D=IEBKJ?EDIJEEKH9KIJEC;HI7D:C7?DJ7?D
;EF;H7J?EDI7D:FHE9;II;IE<J>;I;IJH7J;=?9H;B7J?EDI>?FIC7O97KI;
KIJE?D9KHI?=D?;;NF;9J;:8;D;;
<7?BKH; JE IK99;II?FI 9EKB: >7HC EKH 78?B?JO JE H;7B?P; J>;
7DJ?9?F7J;:8;D;;I;H;B7J?EDI>?FI7D:9EKB:7:L;HI;BO7<<;9JEKHH;IKBJIE<EF;H7J?EDI
)2 6;A2;1 A< <332? ;2D =?<1B0A@ .;1 @<9BA6<;@ A< @AB12;A@ A< 4?; ;H ?D?J?7J?L;I JE =;D;H7J; H;L;DK;I 8KJ J>;H; ?I DE
=K7H7DJ;; J>;I; 7FFHE79>;I M?BB 8; IK99;II?B;
:;L;BEFC;DJE<D;MFHE:K9JI7D:I;HL?9;I7D:;D>7D9;C;DJIJE;N?IJ?D=FHE:K9JI7D:I;HL?9;I?DLEBL;I?=D?7BB;D=;I?D9BK:?D=C7D7=?D=J>;B;D=J>E<J>;:;L;BEFC;DJ9O9B;;DJHO?DJE


D;MC7HA;JI?DJ;=H7J?ED?DJEEKH;N?IJ?D=8KI?D;IIB;=7B7D:H;=KB7JEHO9ECFB?7D9;;LEBKJ?ED?DI7B;I7D:C7HA;J?D=C;J>E:I
7D:C7?DJ;D7D9;7D:FHEJ;9J?EDE<?DJ;BB;9JK7BFHEF;HJO7D:FHEFH?;J7HOH?=>JI
#<M;7H;DEJIK99;IIEKHD;MFHE:K9JI
7D:I;HL?9;IM;C7ODEJ8;78B;JEC7?DJ7?DEH?D9H;7I;EKHH;L;DK;I7I7DJ?9?F7J;:EHH;9EL;H7DO7IIE9?7J;::;L;BEFC;DJ
9EIJI7D:EKH; H;9;?FJ IJEH7=; FHE9;II?D= 7D: JH7DIC?II?ED E< F;HIED7B ?DEKHFK8B?I>;:FH?L79OFEB?9?;IM;C7OI>7H;DED:;?:;DJ?
F;HIEDI8;JM;;DEKH7<9;HJ7?DL;D:EHI7D:J>?H:F7HJ?;IJ>7J7II?IJM?J>9;HJ7?D7IF;9JIE<EKH8KI?D;IIFKHIK7DJ
JEMH?JJ;D7=H;;C;DJI
BIE?D9EDD;9J?EDM?J>EKHIJK:;DJ;FHE9;II?D=E<9EBB;=;7D:KD?L;HI?JO
:;8?J97H:IM;>7L;799;IIJE9;HJ7?DIJK:;DJF;HIED7B?D7J>7I8;;DFHEL?:;:JEKI8OJ>;9EBB;=;I7D:KD?L;HI?J?;I
M; I;HL;
 )KH >7D:B?D= 7D: KI; E< F;HIED7B ?D7IJ>;*7OC;DJ7H:#D:KIJHO7J7-;9KH?JO-J7D:7H:
I7D;DJ?JO
J>7JFHEL?:;II;HL?9;IJE?DIJ?JKJ?EDIE<>?=>;H;:K97J?EDM;7H;9EDJH79JK7BBO8EKD:JE>7D:B;9;HJ7?DF;HIED7B?DJ>;H;GK?H;C;DJIE< 7C?BO:K97J?ED7B,?=>JI7D:*H?L79O9JX ,*Y	

*H?L79O7D:?DJ>;CC7OH;IKBJ?D9EIJ?D9H;7I;I:K;JED;9;II7HOIOIJ;CI9>7D=;I7D:J>;:;L;BEFC;DJE<D;MFHE9;II;I
M>?9>C7O8;:?<J>;I;7FFB?978B;B7MIH;=KB7J?EDI7D:?D:KIJHO
IJ7D:7H:I M; 9EKB: 8; IK8@;9J JE ?D9H;7I;: B;=7B H?IA
 #D 7::?J?ED ;L;D ?< M; C7J;H?7BBO 9ECFBO M?J> 7BB 7FFB?978B; B7MI
H;=KB7J?EDI 7D: ?D:KIJHO IJ7D:7H:I 7D: ;L;D J>EK=> M; >7L; J7A;D I?=D?F;HIED7B?D7D:
EKHH;FKJ7J?ED9EKB:8;:7C7=;:FEII?8BOH;IKBJ?D=?D7C7J;H?7B8H;79>E<9EDJH79JM?J>ED;EHCEH;E<EKH9B?;DJIB?J?=7J?ED
7D:EHBEIJ;H?DJ>;;L;DJJ>7JM;:?I9BEI;KD;D9HOFJ;:
DED:;?:;DJ?; /
-
 ;F7HJC;DJ E< :K97J?ED
9EKB:H;GK?H;79B?;DJJEIKIF;D:EKH799;IIJEJ>;?HIJK:;DJ?D;J;9>D?GK;IKI;:JEE8J7?DKD7KJ>EH?P;:
799;II:?I78B;EH:;=H7:;I;HL?9;EHI78EJ7=;IOIJ;CI9>7D=;;:7=7?DIJ7
J7H=;JM;C7O8;KD78B;JE7DJ?9?F7J;J>;I;J;9>D?GK;IEHJE?CFB;C;DJ7:;GK7J;FH;L;DJ7J?L;C;7IKH;I
F7HJOJ>7J?I78B;JE
9?H9KCL;DJEKHI;9KH?JOC;7IKH;I9EKB:C?I7FFHEFH?7J;EKHFHEFH?;J7HO?D; I9EF; EH B?C?JI E<
?DIKH7D9; 9EL;H7=; ?D9H;7I;: EF;H7J?D= 9EIJI 7IIE9?7J;: M?J> H;C;:?7J?ED ;GK?FC;DJ 79GK?I?J?EDI EH :?IFEI7B 7D: 7::;:
F;HIEDD;B7D:7BEIIE<9ED?9>9EKB:>7HCEKH8KI?D;IIEH7<<;9J?DL;IJEH9ED;I C7O 7BIE H;IKBJ D?97B C;7DI ;HE8B?=7J?EDIH;=7H:?D=:7J7
FHEJ;9J?ED
BJ>EK=>CEIJE<EKHF;HIEDD;B7D:9EDIKC;HI7H;?DJ>;/D?J;:-J7J;IM;:E>7L;IEC;F;HIEDD;B7D:9EDIKC;HIBE97J;:
EKJI?:;J>;/D?J;:-J7J;I
.>;I;?DJ;HD7J?ED7BEF;H7J?EDIC7OIK8@;9JKIJE79ECFB;N7HH7OE<?DJ;HD7J?ED7BB7MI7D:H;=KB7J?EDI
H;B7J?D= JE J>; 9EBB;9J?ED KI; H;J;DJ?ED :?I9BEIKH; I;9KH?JO 7D: JH7DI<;H E< F;HIED7BBO ?:;DJ?7L; F7II;: B7MI ?D J>?I 7H;7 7D: EJ>;H @KH?I:?9J?EDI 7H; 9EDI?:;H?D= ?CFEI?D= 7::?J?ED7B H;IJH?9J?EDI
 .>;
?DJ;HFH;J7J?ED7D:7FFB?97J?EDE<:7J7FHEJ;9J?EDB7MI?DJ>;/D?J;:-J7J;I7D:;BI;M>;H;7H;H7F?:BO;LEBL?D=
#J?IFEII?8B;J>7J
J>;I;B7MIC7O8;?DJ;HFH;J;:7D:7FFB?;:?D7C7DD;HJ>7J?I?D9EDI?IJ;DJM?J>EKH9KHH;DJ:7J7FH79J?9;I
ECFBO?D=M?J>
7FFB?978B;?DJ;HD7J?ED7BB7MI7D:H;=KB7J?EDI9EKB:97KI;KIJE?D9KHIK8IJ7DJ?7B9EIJIEHH;GK?H;KIJE9>7D=;EKH8KI?D;II
FH79J?9;I?D7C7DD;H7:L;HI;JEEKH8KI?D;II
 KHJ>;H 7BJ>EK=> M; 9EDJ?DK; JE ?CFB;C;DJ ?DJ;HD7B 9EDJHEBI 7D: FHE9;:KH;I :;I?=D;: JE FHEJ;9J EKH FHEFH?;J7HO 7D:
9EDFH?L79O7D:?D;I 7D: EJ>;H :7J7 BEII ?D9BK:?D= 9O8;H7JJ79AI
 -K9> 7 I;9KH?JO 8H;79> EH :7J7 BEII 9EKB: B;7: JE D;=7J?L; FK8B?9?JO
:7C7=;JEEKHH;FKJ7J?ED;NFEIKH;JEB?J?=7J?ED7D:B?78?B?JOJ>;;H I?=D??9> 9EKB: 7:L;HI;BO 7<<;9J EKH H;FKJ7J?ED DEBE=OIOIJ;CI?D;?H?IJ?97J?ED7D:?DJ;DI?JO7D:>7L;8;9EC;?D9H;7I?D=BO:?<; :;FBEOC;DJ E< >7HC;H C;7DI JE 7<<;9J
I;HL?9;H;B?78?B?JO7D:J>H;7J;D:7J79EDE<J>;?HIOIJ;CI9EKB:7:L;HI;BO7<<;9JEKHI;9KH?JOFEIJKH;
1>?B;M;9EDJ?DK;JE
?DL;IJ ?D :7J7 FHEJ;9J?ED 7D: ?DDEBE=O JE FH;L;DJ EH C?D?C?P; J>;I; H?IAI 7D: JE :7J; M; >7L; DEJ
;NF;H?;D9;:7DOC7J;H?7BI;HL?9;?DJ;HHKFJ?EDI7D:7H;DEJ7M7H;E<7DOC7J;H?7B8H;79>;IJ>;H;97D8;DE7IIKH7D9;J>7JEKH
;<;I ?D EKH IOIJ;CI J>7J 9EKB: 7:L;HI;BO 7<<;9J EKH 8KI?D;II 7D:
EF;H7J?EDI 7D:EH H;IKBJ ?D J>; BEII E< 9H?J?97B EH I;DI?J?L; ?D?9> 9EKB: H;IKBJ ?D 7HC
2320A@2??EB;I7B;8KI?D;III;BBI7D:I;HL?9;IFE?DJE<I7B;IIOIJ;CIJE?JI9EBB;=;8EEAIJEH;9KIJEC;HI
.>;I;IOIJ;CI7H;
9ECFB;N 7D: ?D9EHFEH7J; J>?H:F7HJO >7H:M7H; 7D: IE7J
:;<;9JIEH;HHEHIM?BBDEJ8;;I;IOIJ;CI
#D7::?J?ED8;97KI;J>;I;IOIJ;CI7H;?DIJ7BB;:?D:?<<;H;DJ;DL?HEDC;DJI
M;C7O;NF;H?;D9;:?<EJ>;H9ECFED;DJIEHIE;;L;DJJ>7JJ>;H;7H;:;<;9JIEH;HHEHI?JC7O8;:?<;EH?=?DE<:;<;9JIEH;HHEHI
::?J?ED7BBO7DO
:?<;EF;H7J?EDE<J>;I;IOIJ;CI9EKB:97KI;8KI?D;II:?IHKFJ?ED;I;H?IAI
C7J;H?7B?P;J>;O9EKB:H;IKBJ?D7::?J?ED7B9EIJI7D:;NF;DI;I;NFEIKH;JEB?78?B?JO9B7?CI:?L;HI?EDE<J;9>D?97B7D:EJ>;H
H;IEKH9;IJE;D=7=;?DH;C;:?7J?ED;<E<M>?9>9EKB:?CF79JEKH8KI?D;II7D:
EF;H7J?D=H;IKBJI
)2 ?29F B=<; A56?1 =.?AF D2/ @2?C602 =?;HJ>?H:F7HJOM;8I;HL?9;FHEL?:;HIFHEL?:;7:?IJH?8KJ;:9ECFKJ?D=?D7J?I9ECCEDBOH;<;HH;:JE7I7X9BEK:Y9ECFKJ?D=I;HL?9;
1;>7L;7H9>?J;9J;:EKH
IE;HI;HL?9;IFHEL?:;:8O1-7D:
EJ>;HFHEL?:;HI

1;H;BOEDJ>?H:F7HJOIE;DJ?97J?EDD?97BFHE8B;CM?J>9O8;H7JJ79AEDEHBEIIE<799;IIJEIK9>J>?H:F7HJ?;IZ
IOIJ;CII;HL;HIEHJ;9>DEBE=?;I9EKB:H;IKBJ?DJ>;?D78?B?JOE<EKHIJK:;DJIJEH;DJEHFKH9>7I;FH?DJJ;NJ8EEAI?DJ;H<;H;M?J>
799;IIJEEKH:?=?J7B9EDJ;DJ7D:EJ>;HEDB?D;FHE:K9JI7D:I;HL?9;IEHH;IKBJ?DJ>;J>;;HJ>?H:F7HJOFHEL?:;HIC7A;IKILKBD;H78B;JE7DO;HHEHI?DJ;HHKFJ?EDIEH:;B7OI?DJ>;?H
EF;H7J?EDI
DO:?IHKFJ?ED?DJ>;I;HL?9;IFHEL?:;:8O1-9EKB:>7HCEKHH;FKJ7J?EDEH8H7D:7:L;HI;BO?CF79J9EDIKC;HI
7D:EH97KI;KIJEBEI;H;L;DK;IEH?D9KHIK8IJ7DJ?7BH;9EL;HO9EIJI7D::?IJH79JC7D7=;C;DJEKHKI;E<1-EHEJ>;HJ>?H:F7HJOI;HL?9;FHEL?:;HIMEKB:?CF79JEKHEF;H7J?EDI
7D:EKH8KI?D;IIMEKB:8;C7J;H?7BBO7D:7:L;HI;BO?CF79J;:
1-C7OJ;HC?D7J;?JI7=H;;C;DJM?J>KIKFED:7OIDEJ?9;
/FED;NF?H7J?EDEHJ;HC?D7J?EDE<EKH7=H;;C;DJM?J>
1-M;C7ODEJ8;78B;JEH;FB79;J>;I;HL?9;IFHEL?:;:JEKI?D7J?C;BOC7DD;HEHEDJ;HCI7D:9ED:?J?EDI?D9BK:?D=
I;HL?9; B;L;BI 7D: 9EIJ J>7J 7H; <7LEH78B; JE KI 7D: 7 JH7DI?J?ED ;H L;D:EH 9EKB: IK8@;9J KI JE
EF;H7J?ED7B:;B7OI7D:?D;<;JH7DI?J?ED?I9ECFB;J;
%6@8@%29.A6;4A<==960./92.D@.;1%24B9.A6<;@
.D@.;1?24B9.A6<;@5.C2/22;.;1:.F/22;.0A216;A523BAB?2A5.A?2@A?60A?9> ?D9BK:;I ;D=7=;: ;C7?B
IK8I9H?8;HIJ;NJC;II7=?D=?DJ;H;IJ87I;:EDB?D;7:L;HJ?I?D=H;9KHH?D=8?BB?D=7D:EKH9EDJ?DKEKI:?7BE=K;M?J>9KIJEC;HIED
EKHI9>EEB9KIJEC?P;:IE9?7BC;:?79>7DD;BI
 EH;N7CFB;J>;; (-*' 9J E<  7D: I?C?B7H B7MI 7:EFJ;: 8O CEIJ /
-
 IJ7J;I F;HJ7?D?D= :?H;9JBO EH ?D:?H;9JBO JE
9ECC;H9?7B;C7?BH;=KB7J;KDIEB?9?J;:9ECC;H9?7B;C7?BI9H;7J;9?L?B7D:9H?C?D7BF;D7BJ?;I;7:;HI7D:9EDJHEBEJ>;H78KI?L;EDB?D;C7HA;J?D=FH79J?9;I


T J>;/
-
 ;:;H7B.H7:;ECC?II?EDJ>;X .Y	>7I=K?:;B?D;IJ>7J?CFEI;H;IFEDI?8?B?J?;IED9ECF7D?;IM?J>H;IF;9J
JE9ECCKD?97J?EDIM?J>9EDIKC;HI7D:?CFEI;HKB;IM?J>H;IF;9JJE7:L;HJ?I?D=
EHC7HA;J?D=EHI7B;IFH79J?9;IJ>;OC7O:;;CC?IB;7:?D=EH:;9;FJ?L;
T J>;.;B;F>ED;EDIKC;H*HEJ;9J?ED9JE<X.*Y	H;IJH?9JIJ;B;C7HA;J?D=7D:J>;KI;E<7KJEC7J;:J;B;F>ED;
;GK?FC;DJ
.>;.*B?C?JIJ>;KI;E<7KJEC7J?9:?7B?D=IOIJ;CI7HJ?; 9ECC;H9?7B 7L7?B78?B?JO E< =EE:I EH I;HL?9;I

::?J?ED7BBO 7 DKC8;H E< IJ7J;I >7L; ;D79J;: IJ7JKJ;I J>7J 7::H;II J;B;C7HA;J?D=
  EH ;N7CFB; IEC; IJ7J;I IK9> 7I
7B?7L;9H;7J;::EDEJ97BBB?IJI
)J>;HIJ7J;IIK9>7I)H;=ED7D:17I>?D=JED>7L;;D79J;:
XDEH;8KJJ7BIJ7JKJ;IYJ>7JH;GK?H;J>;J;B;C7HA;J;HJE;D:J>;97BBM>;DJ>;9EDIKC;H?D:?97J;IJ>7J>;EHI>;?IDEJ?DJ;H;IJ;:
?DJ>;FHE:K9J8;?D=IEB:
,;IJH?9J?EDIEDJ;B;F>ED;C7HA;J?D=?D9BK:?D=97BBI7D:J;NJC;II7=;I7H;;D; .
J>; ;:;H7BECCKD?97J?EDIECC?II?EDIJ7J;I7D:J>HEK=>J>;7L7?B78?B?JOE<IJ7JKJEHO:7C7=;I7D:9B7II79J?EDB7MIK?JI
;.*
T .>;,;IJEH;)DB?D;->EFF;HED7J 7KJEC7J?97BBO 9>7H=; F7OC;DJ 97H:I ED 7 F;H?E:?9 87I?I JE H;D;M 7 IK8I9H?FJ?ED I;HL?9; ?< J>;
9EDIKC;H:E;IDEJ97D9;BJ>;I;HL?9;
T #DJ>;78I;D9;E<7<;:;H7B9ECFH;>;DI?L;:7J7FH?L79OB7M/
-
IJ7J;I>7L;;D79J;:9ECFH;>;DI?L;9EDIKC;H
FH?L79OB7MI7IE<FH?B;
=
J>;7B??9>8;97C;;<<;9J?L;ED$7DK7HO
M?J>;D;H?=>JJE
ADEMM>7JF;HIED7B:7J79ECF7D?;I9EBB;9J>EM?J?IKI;:7D:J>;H?=>JJE799;II:;B;J;7D:EFJEKJE<I7B;E<J>;?HF;HIED7B
?D?H:F7HJ?;I
#J7BIE;NF7D:IJ>;:;JI7D:FHEJ;9J?EDI7J?D;7B?JI9JX*,Y	JEEA;<<;9JED;9;C8;H
7D: 8;97C; ;D?D= H?=>JI E< 7B?;HH;IJH?9J?D=8KI?D;IIKI;E<9EDIKC;HF;HIED7B?D?D=7D;M=EL;HDC;DJ7=;D9O;HIJ7J;I;D79J?D=9ECFH;>;DI?L;9EDIKC;HFH?L79OB7MI?D9BK:;EBEH7:EEDD;9J?9KJ;B7M7H;#D:?7D7
#EM7%;DJK9AO'EDJ7D7(;8H7IA7(;M"7CFI>?H;(;M$;HI;O)H;=ED.;DD;II;;.;N7I/J7>7D:0?H=?D?7
L;D?<DE7FFB?978B;B7MIEHH;=KB7J?EDI7H;;H;D79J;:M;C7O:?I9EDJ?DK;KI;EHIKFFEHJE<J>;I;79J?L?J?;I?<M;
8;9EC; 9ED9;HD;: J>7J 9EDIKC;HI :;;C J>;C ?DJHKI?L; EH J>;O EJ>;HM?I; 7:L;HI;BO 7<<;9J EKH =EE:M?BB 7D: 8H7D:
 #< EKH
C7HA;J?D=79J?L?J?;I7H;9KHJ7?B;:EKH78?B?JOJE7JJH79JD;M9KIJEC;HIC7O8;7:L;HI;BO7<<;9J;:
!B?/B@6;2@@0;I;B7MI7D:H;=KB7J?EDIC7O9EL;HJ7N7J?ED:7J7
FH?L79O?DJI:?IJH?8KJ?ED9EBB;=;:?IJH?8KJ?EDCE8?B;9ECCKD?97J?EDI;B;9JHED?99EDJH79JI7D:EJ>;H
9ECCKD?97J?EDI9EDIKC;HFHEJ;9J?ED7HJ?;FHEL?I?EDE<EDB?D;F7OC;DJI;HL?9;IKD;D9KC8;H;:#DJ;HD;J
799;IIJEEKHI;HL?9;IJ>;:;I?=D7D:EF;H7J?EDE<M;8I?J;I7D:CE8?B;7FFB?97J?ED?D9BK:?D=9ECFBO?D=M?J>J>;C;H?97DI
M?J>?I78?B?J?;I9J	:?=?J7B9EDJ;DJ?D9BK:?D==EL;HDC;DJ7B?DL;IJ?=7J?EDI7D:B?J?=7J?EDH;B7J?D=JEJ>;7=;D9OFH?9?D=CE:;B
; 9>7H79J;H?IJ?9I 7D: GK7B?JO E< FHE:K9JI 7D: I;HL?9;I 7D: B78EH 7D: ;CFBEO;; 8;D;;9EIJI7IIE9?7J;:M?J>9ECFBO?D=M?J>J>;*7J?;DJ*HEJ;9J?ED7D:<H;F;7BE<J>;<7D=;I?D7FFB?978B;<;:;H7BIJ7J;BE97BEH?DJ;HD7J?ED7BB7MIHKB;IEH
H;=KB7J?EDIH;B7J?D=JEJ>;I;C7JJ;HI9EKB:?D9H;7I;H;=KB7JEHO9ECFB?7D9;H;GK?H;C;DJI?D7::?J?EDJE?D9H;7I?D=EKH9EIJIE<
:E?D=8KI?D;IIEHEJ>;HM?I;?CF79JEKH8KI?D;II
 EH;N7CFB;9>7D=;I?D<;:;H7B7D:IJ7J;C?D?CKCM7=;B7MI9EKB:H7?I;J>;
M7=;H;GK?H;C;DJI?9>MEKB:?D9H;7I;EKHI;BB?D=9EIJI7D:C7O97KI;KI
JEH;;N7C?D;EKHM7=;IJHK9JKH;;CFBEO;;I
5.;42@6;A.E9.D@.;1?24B9.A6<;@:645A.1C2?@29F6:=.0A;C7@EH?JOE<J>;FHE:K9JI7D:I;HL?9;IJ>7JM;IEB:?DEKHH;IF;9J?L;FH?EH7J
M;H;IK8@;9JJEI7B;IJ7N7D:M;=;D;H7BBO>7L;9EDJ?DK;:J>;I7C;FEB?9?;I?DJ>;9KHH;DJ?B;
C7D7=;C;DJ8;B?;L;IJ>7JJ>;;H;?DJ>?I EHC%H;J7N?D=7KJ>EH?J?;IM;97DDEJ7IIKH;OEK
J>7JJ>;EKJ9EC;E<7DO:?I9KII?EDIM?J>7DOJ7N?D=7KJ>EH?JOM?BBDEJH;IKBJ?DJ>;F7OC;DJE<I7B;IJ7N;I;HM?I;EHJ>7JJ>;7CEKDJE<7DOIK9>F7OC;DJIM?BBDEJ8;C7J;H?7BBO?D;N9;IIE<7DOB?78?B?JO9KHH;DJBOH;9EH:;:
#DJ>;
;FHE:K9JI7D:I;HL?9;IM;9KHH;DJBOI;BB?9>I7B;IJ7N?IDEJ9EBB;9J;:
#D7::?J?EDEKHFHEL?I?ED7D=;IJEJ>;I;B7MI?DF7HJ?9KB7H7IJ>;OH;B7J;JE:;FH;9?7J?ED7CEHJ?P7J?ED7D:
9EIJE<=EE:IIEB:9EKB:>7L;7I?=D?J7NB?78?B?JOEH8EJ>


%6@8@%29.A6;4A<;A29920AB.9#?<=2?AF
)2?29F<;A56?1=.?AF1646A.90<;A2;A.;1.==960.A6<;@D5605:.F;9;HJ7?DJ>?H:F7HJ?;IJEE<<;HJ>;?H:?=?J7B9EDJ;DJ
)KHB?9;DI?D=7HH7D=;C;DJIM?J>J>;I;J>?H:F7HJ?;I:E
DEJ =K7H7DJ;; J>; 9EDJ?DK7J?ED EH H;D;M7B E< J>;I; 7HH7D=;C;DJI ED H;7IED78B; J;HCI ?< 7J 7BB
 -EC; J>?H:F7HJO 9EDJ;DJ
FHEL?:;HI9KHH;DJBOEH?DJ>;;;H9EDJ;DJEMD;HIFHEL?:;HIEH:?IJH?8KJEHIC7OI;;AJEB?C?JEKH
799;IIJEEH?D9H;7I;J>;JEJ7B9EIJE<IK9>9EDJ;DJ
#<M;7H;KD78B;JEE<<;H7M?:;L7H?;JOE<9EDJ;DJ7JH;7IED78B;FH?9;IM?J>
799;FJ78B;KI7=;HKB;IEKH8KI?D;IIC7O8;C7J;H?7BBO7:L;HI;BO7<<;9J;:
)2?29F52.C69F<;=?<=?62A.?FA205;<9<4F.;1@<=56@A60.A212>B6=:2;AA<:.;.4202?A.6;.@=20A@<3;H7IF;9JIE<EKH
EF;H7J?EDI ?D9BK:?D= IOIJ;CI JE 9EDI?:;H J>; C7HA;J FH?9?D= ;H
<79JEHI JE :;J;HC?D; >EM JE 8KO J;NJ8EEAI 7D: I;J FH?9;I ;H 9EDJ;DJ ?D H;7B J?C;
 1; >7L; ?DL;IJ;:
I?=D?; >7H:M7H; 7D: IE?I IOIJ;C
 1; H;BO ED J>; ;NF;HJ?I; E< EKH
;D=?D;;H?D=7D:IE7D9;J>;;GK?FC;DJ7D:IE7JJ>;C7?DJ;D7D9;7D:;D>7D9;C;DJIM;C7A;JEEKH:?IJH?8KJ?EDEF;H7J?EDIM?BB79>?;L;J>;
?DJ;D:;:H;IKBJIEHEJ>;HM?I;8;E<L7BK;JEIJK:;DJI
#<M;7H;KD78B;JEC7?DJ7?D7D:;D>7D9;EKHJ;9>DEBE=OJEC7D7=;
J;NJ8EEAIEKH9?D=:?IJH?8KJ?ED7D:?DL;DJEHO?J9EKB::?IHKFJEKH8KI?D;IIEF;H7J?EDI7D:>7L;7C7J;H?7B7:L;HI;?CF79JED
EKHH;IKBJI
)KHM>EB;I7B;8KI?D;II?I7BIE:;F;D:;DJEDIEF>?IJ?97J;:;GK?FC;DJ7D:H;B7J;:IEDEBE=O;M7H;>EKI?D=
7D::?IJH?8KJ?EDE<J>;L7IJC7@EH?JOE<KI;:J;NJ8EEAIIKFFB?;:JEEKHH;J7?B8KI?D;II7D:EJ>;HIM>?9>?IBE97J;:7J'-Z
M7H;>EKI;<79?B?JO?DEBKC8?7'?IIEKH?
)KH78?B?JOJE;<EB;I7B;8KI?D;II:;F;D:II?=D?;
H;B?78?B?JO 7D: 97F79?JO E< J>;I; IOIJ;CI
 .>; <7?BKH; E< J>;I; IOIJ;CI JE EF;H7J; ;<<;9J?L;BO FHE8B;CI M?J> C7?DJ;D7D9;
KF=H7:?D=EHJH7DI?J?ED?D=JEH;FB79;C;DJIOIJ;CI;IF;9?7BBO?<IK9>;L;DJIM;H;JEE99KH:KH?D=F;7AF;H?E:I9EKB:7:L;HI;BO
7<<;9J EKH EF;H7J?EDI J>; 78?B?JO JE I;HL; EKH 9KIJEC;HI 7D: EKH H;IKBJI E< EF;H7J?EDI
 #D 7::?J?ED IK8IJ7DJ?7BBO 7BB E< EKH
M>EB;I7B;?DL;DJEHO?IBE97J;:?DJ>;EBKC8?7M7H;>EKI;<79?B?JO
1;9EKB:;NF;H?;D9;I?=D?;EF;H7J?ED
E<J>?I<79?B?JOEH:7C7=;EH:;IJHK9J?EDE<EKH?DL;DJEHO:K;JEF>OI?97B:7C7=;JEJ>;<79?B?JO97KI;:8OD7JKH7B:?I7IJ;HI
799?:;DJI EH EJ>;HM?I;
 #< 7 C7J;H?7B FEHJ?ED E< EKH ?DL;DJEHO M;H; JE 8; :7C7=;: EH :;IJHEO;: M; MEKB: B?A;BO ?D9KH
I?=D?7HCJEEKH9KIJEC;HH;B7J?EDI>?FI
)2:.F;B.A29F=?JIF7J;DJIJH7:;:H;IIJH7:;I;9H;JIFHEFH?;J7HOJ;9>DEBE=O7D:I?C?B7H
?DJ;BB;9JK7BFHEF;HJO7I?CFEHJ7DJJEEKHIK99;II7D:M;H;BOEDJH7:;C7HA9EFOH?=>J7D:F7J;DJB7M:EC7?DD7C;H;=KB7J?EDI
JH7:; I;9H;J FHEJ;9J?ED 7D: 9EDJI ?D9BK:?D= EKH KI; E< J>;
,=90>":-70JH7:;C7HA
&7MI7D:H;=KB7J?EDIC7ODEJ7:;GK7J;BOFHEJ;9JEKHJH7:;C7HAI7D:I?C?B7HFHEFH?;J7HOH?=>JI
1;
C7O8;KD78B;JEFH;L;DJJ>?H:F7HJ?;I7J7H;I?C?B7HJE?DJ>;L7BK;E<
EKHJH7:;C7HAI7D:EJ>;HFHEFH?;J7HOEHB?9;DI;:H?=>JI
1;C7ODEJ8;78B;JE:?I9EL;HEH:;J;HC?D;J>;;NJ;DJE<7DOKD7KJ>EH?P;:KI;E<EKHFHEFH?;J7HOH?=>JI
.>;FHEJ;9J?EDE<
EKH?DJ;BB;9JK7BFHEF;HJOC7OH;GK?H;J>;;NF;D:?JKH;E<I?=D?;IJ;FIM;
J7A; JE FHEJ;9J EKH ?DJ;BB;9JK7B FHEF;HJO C7O DEJ 7:;GK7J;BO FHEJ;9J EKH H?=>JI EH FH;L;DJ J>?H: F7HJ?;I JI
 1; 7BIE 97DDEJ 8; 9;HJ7?D J>7J EJ>;HI M?BB DEJ ?D:;F;D:;DJBO :;L;BEF EH EJ>;HM?I;
79GK?H;;GK?L7B;DJEHIKF;H?EHJ;9>DEBE=OEHEJ>;H?DJ;BB;9JK7BFHEF;HJOH?=>JI
)J>;HF7HJ?;I7BIEC7O9B7?CJ>7JM;?D;?HFHEFH?;J7HOH?=>JI
;97KI;E<J>;9>7D=;I?D#DJ;HD;J9ECC;H9;7D:
:?=?J7B9EDJ;DJ8KI?D;II;I9KHH;DJ;NJ;DI?L;F7J;DJ9EL;H7=;7D:J>;H7F?:H7J;E<?IIK7D9;E<D;MF7J;DJI?J?IFEII?8B;J>7J
9;HJ7?DE<EKHFHE:K9JI9EDJ;DJ7D:8KI?D;IIC;J>E:IC7OKDADEM?D=BO?DJI
E< EJ>;HI
 -K99;II;9ED:K9JE<EKH8KI?D;II
1;97DDEJ8;9;HJ7?DJ>7JEKHFHE:K9JI9EDJ;DJ7D:8KI?D;IIC;J>E:I:EDEJEHM?BB
DEJ ?DJI EH EJ>;H ?DJ;BB;9JK7B FHEF;HJO H?=>JI >;B: 8O J>?H: F7HJ?;I
 1; ;NF;9J J>7J
?D;?DJ;BB;9JK7BFHEF;HJOE<EJ>;HI?DJ>;EH:?D7HO9EKHI;E<EKH8KI?D;II
#<M;M;H;7L;?D;
?DJ;BB;9JK7BFHEF;HJOH?=>JIE<7J>?H:F7HJOM;9EKB:8;B?78B;JEJ>7JF7HJO;H:7C7=;I7D:J>;EMD;HE<J>;?DJ;BB;9JK7BFHEF;HJOC?=>J8;78B;JEE8J7?D?D@KD9J?L;H;B?;<JEFH;L;DJKI;


J;9>DEBE=O EH IE; ; 7CEKDJI E< J>;I; F7OC;DJI M;H; I?=D?DEBE=OEHIE7HC;:
1;C7O?D9KHIK8IJ7DJ?7B;NF;DI;I?D:;<;D:?D=7=7?DIJJ>;I;J>?H:F7HJO?D;?HC;H?J
I
7H;IKBJ:K;JEJ>;:?L;HI?EDE<C7D7=;C;DJJ?C;J>;;NF;DI;H;GK?H;:JE:;<;D:7=7?DIJ7DO9B7?C7D:J>;FEJ;DJ?7BB?78?B?JO
7IIE9?7J;:M?J>7DOB7MIK?J7DOI?=D?7HCEKH8KI?D;IIJIC7D7=;C;DJJ;9>DEBE=OJE9EDJHEB799;IIJE:?=?J7B
9EDJ;DJ
 #< J>; :?=?J7B H?=>JI C7D7=;C;DJ J;9>DEBE=O J>7J M; KI; ?I 9ECFHEC?I;: EH EJ>;HM?I; C7B;?H9EDJ;DJ?DEKHI;HL?9;
#D7::?J?EDJ>;FK8B?I>?D=?D:KIJHO>7I8;;D7D:M;;NF;9J?DJ>;;J7H=;JE<9EKDJ;H<;?J?D=
7D: F?H79O
 1; >7L; ;DJ;H;: ?DJE 7=H;;C;DJI M?J> C7@EH J;NJ8EEA FK8B?I>;HI JE ?CFB;C;DJ J>; J;NJ8EEA ?D:KIJHOZI DJ?
EKDJ;H<;?J;IJ*H79J?9;I
.>;I;8;IJFH79J?9;IM;H;:;L;BEF;:7I7C;9>7D?ICJE7II?IJFK8B?I>;HI7D::?IJH?8KJEHI?DJ>;
;H7:?97J?EDE<9EKDJ;H<;?J9EF?;IE<J;NJ8EEAI?DJ>;C7HA;JFB79;
1>?B;M;>7L;7=H;;:JE?CFB;C;DJJ>;DJ?EKDJ;H<;?J;IJ
*H79J?9;I7D:>7L;?DFB79;EKH7DJ?9EKDJ;H<;?JFEB?9?;I7D:FHE9;:KH;IM>?9>?D9BK:;H;CEL?D=;FHEB?<;H7J?EDE<9EKDJ;H<;?JJ;NJ8EEAIM;C7O?D7:L;HJ;DJBOFKH9>7I;9EKDJ;H<;?JJ;NJ8EEAI
M>?9>C7OKDADEM?D=BO8;?D9BK:;:?DJ>;J;NJ8EEAIM;E<<;H7I;IK9>J;NJ8EEAI
J>HEK=>EKH8KO879AFHE=H7C
IIK9>M;C7O8;IK8@;9JJE7BB;=7J?EDIE<I;BB?D=9EKDJ;H<;?J8EEAI
1;>7L;?DJ>;F7IJ7D:
C7O9EDJ?DK;JEH;9;?L;9ECCKD?97J?EDI;HI7BB;=?D=J>7J9;HJ7?DJ;NJ8EEAIIEB:EHH;DJ;:8OKI7H;9EKDJ;H<;?J

1>;D H;9;?L?D= IK9> 9ECCKD?97J?EDI M; 9EEF;H7J; 7D: M?BB 9EDJ?DK; JE 9EEF;H7J; ?D J>;  IK9> FK8B?I>;HI ?D
?:;DJ?;C;I;FEJ;DJ?7BB?78?B?J?;IJ>7J9EKB:H;GK?H;KIJEIF;D:IK8IJ7DJ?7BH;IEKH9;I
DO9EIJI?D9KHH;:7I7H;IKBJE<B?78?B?JOEH
7II;HJ;:B?78?B?JOH;B7J?D=JEI7B;IE<9EKDJ;H<;?JJ;NJ8EEAI9EKB:>7HCEKH8KI?D;IIH;FKJ7J?ED7D:J>;-F?D)<<7HD;I(E8B;#D9
=H7DJ;:KI7D;N9BKI?L;F;HF;JK7B;JH7:;C7HAIX7HD;I(E8B;EBB;=;YX(EBB;=;YX7HD;I(E8B;:K97J?EDY7D:
X(:K97J?EDY7D:J>;DED;N9BKI?L;F;HF;JK7B;C7HAI
X7HD;I(E8B;YX(Y7D:X(YIEB;BO?D9EDD;9J?EDM?J>J>;9EDJH79JC7D7=;C;DJE<9EBB;=;7D:KD?L;HI?JO8EEAIJEH;I
7D:EJ>;H8EEAIJEH;I7IIE9?7J;:M?J>797:;C?9?DIJ?JKJ?EDI7D:H;B7J;:M;8I?J;I7IM;BB7I;:K97J?EDFHE:K9JI7D:I;HL?9;I
?D9BK:?D=:?=?J7B;:K97J?EDFHE:K9JI7D:I;HL?9;I	7D:H;B7J;:M;8I?J;I
.>;I;H;IJH?9J?EDIC7OC7J;H?7BBOB?C?JEKH78?B?JOJE
KI;J>;B?9;DI;:C7HAI?DJ>;;NF7DI?EDE<EKHEF;H7J?EDI?DJ>;;B?9;DI;:JH7:;C7HAI
%6@8@%29.A6;4A<B6?2:2;A.;1A5B@.?2.A?6@8<3A52 +%1296@A6;4
@5.?2@<3B616AF.;1:.?82A=?602<3
@5.?2@<37J;B7IJ9EDI;9KJ?L;8KI?D;II:7OIJ>;8?:
FH?9;E<EKH9ECCEDIJE9A>7:9BEI;:8;BEM
F;HI>7H;J>;C?D?CKC9BEI?D=8?:FH?9;H;GK?H;:8OJ>;9EDJ?DK;:B?IJ?D=
H;GK?H;C;DJIE<,KB;
E<J>;(3-&?IJ;:ECF7DO'7DK7B
*KHIK7DJJE,KB;
E<J>;(3-&?IJ;:ECF7DO
'7DK7B79ECF7DOM?BB8;9EDI?:;H;:JE8;8;BEM9ECFB?7D9;IJ7D:7H:I?<J>;7L;H7=;9BEI?D=FH?9;E<7I;9KH?JO<;BB8;BEM

 EL;H 7 F;H?E: E<  9EDI;9KJ?L; JH7:?D= :7OI
  9ECF7DO 97D H;=7?D 9ECFB?7D9; M?J> J>; C?D?CKC I>7H; FH?9;
H;GK?H;C;DJ7J7DOJ?C;:KH?D=J>;I?NCEDJ>9KH;F;H?E:?<EDJ>;B7IJJH7:?D=:7OE<7DO97B;D:7HCEDJ>:KH?D=J>;9KH;
F;H?E:J>;9ECF7DO>7I?	79BEI?D=I>7H;FH?9;E<7JB;7IJ
7D:??	7D7L;H7=;9BEI?D=I>7H;FH?9;E<7JB;7IJ
EL;H
J>;JH7:?D=:7OF;H?E:;D:?D=EDJ>;B7IJJH7:?D=:7OE<J>7JCEDJ>
#DJ>;;L;DJJ>7J7JJ>;;NF?H7J?EDE<J>;I?NCEDJ>9KH;
F;H?E:8EJ>7
9BEI?D=I>7H;FH?9;EDJ>;B7IJJH7:?D=:7OE<J>;9KH;F;H?E:7D:7
7L;H7=;9BEI?D=I>7H;FH?9;EL;H
J>;  JH7:?D=:7O F;H?E: ;D:?D= ED J>; B7IJ JH7:?D= :7O E< J>; 9KH; F;H?E: 7H; DEJ 7JJ7?D;: J>; (3- M?BB 9ECC;D9;
IKIF;DI?ED7D::;B?IJ?D=FHE9;:KH;I
1;>7L;J7A;DH;C;:?7B79J?EDIJE9KH;IK9>:;;ECF7DOZIEKJIJ7D:?D=I>7H;IE<9ECCEDIJE9A7J7H7J?EE<;X,;L;HI;-JE9A-FB?JY	
M>?9>M7IFH;L?EKIBO7FFHEL;:8OIJE9A>EB:;HI7J7IF;9?7BC;;J?D=>;B:ED$KD;
#D9EDD;9J?EDM?J>J>;,;L;HI;
-JE9A-FB?J;L;HOI>7H;IE<J>;9ECCEDIJE9A?IIK;:7D:EKJIJ7D:?D=M7I9EDL;HJ;:?DJEED;I>7H;E<J>;ECF7DOZI
9ECCED IJE9A
 "EM;L;H M; 97DDEJ 7IIKH; OEK J>7J M; M?BB 8; 78B; JE 9KH; J>?I :; EJ>;H (3-
9EDJ?DK;:B?IJ?D=IJ7D:7H:I
:;B?IJ?D=E<I>7H;IE<EKHECCED-JE9A;(3-9EKB:D;=7J?L;BO?CF79JKI7I?JMEKB:


B?A;BOH;:K9;J>;B?GK?:?JO7D:C7HA;JFH?9;E<I>7H;IE<EKHECCED-JE9AH;:K9;J>;DKC8;HE<?DL;IJEHIM?BB?D=JE>EB:EH
79GK?H;I>7H;IE<EKHECCED-JE9A7D:D;=7J?L;BO?CF79JEKH78?B?JOJE799;II;GK?JOC7HA;JI7D:E8J7?D;ECF7DOZIEKJIJ7D:?D=I>7H;IE<ECCED-JE9A
7I;:EDJ>;7L;9EDI?:;H78B;?D;
EKJ9EC; E< 7DO JH7DI79J?ED EH 79J?ED J>7J H;GK?H;I IJE9A>EB:;H 7FFHEL7B ?D9BK:?D= J>; ;B;9J?ED E< EKH E7H: E< ?H;9JEHI
C;H=;HI79GK?I?J?EDI7C;D:C;DJIJEEKH9>7HJ;H7D:L7H?EKI9EHFEH7J;=EL;HD7D9;79J?EDI
)KH E7H: E< ?H;9JEHI ?I 9ECFEI;: E< I;L;D C;C8;HI EC 7H; ;N;9KJ?L;I 7D: C;C8;HI E< J>; E7H: E<
?H;9JEHIE<#CC;HI?EDEHFEH7J?ED
#CC;HI?ED>7I7=H;;:JEC7?DJ7?D7JB;7IJJ>H;;:?H;9JEHIEDEKHE7H:E<?H;9JEHIJ>7J
I7J?I;?D:;F;D:;D9;IJ7D:7H:KD:;H(3-HKB;I7FFB?978B;JE7K:?J9ECC?JJ;;C;C8;HI
"EM;L;H#CC;HI?EDJ>HEK=>?JI
IJE9AEMD;HI>?FC7O>7L;I?=D?;;B;9J?EDE<7BBE7H:C;C8;HI?D9BKI?L;E<J>;?D:;F;D:;DJ:?H;9JEHI
79>E<#CC;HI?ED.EF&?:I7D:0?J7BC7O>7L;?DJ;H;IJI:?<<;H;DJJ>7DJ>EI;E<EJ>;HIJE9A>EB:;HI
 EH;N7CFB;J>;O
C7O:;B7OEHFH;L;DJ79>7D=;E<9EDJHEBE<KI;L;D?<IK9>79>7D=;E<9EDJHEBMEKB:8;D;;HIJE9A>EB:;HIEHFKHIK;
IJH7J;=?;IJ>7J7H;:?<<;H;DJ;M?I>;IE<EJ>;H?DL;IJEHI
.>;I?=D??FC7O7:L;HI;BO
7<<;9JJ>;JH7:?D=FH?9;E<EKHECCED-JE9A:K;JE?DL;IJEHIZF;H9;FJ?EDJ>7J9ED7H;IE<ECCED-JE9A?DJ>;FK8B?9C7HA;J9EKB:E99KH7J7DOJ?C;
#<EKH;N?IJ?D=
IJE9A>EB:;HII;BBIK8IJ7DJ?7B7CEKDJIE<ECCED-JE9A?DJ>;FK8B?9C7HA;JEHJ>;C7HA;JF;H9;?L;IJ>7JJ>;O?DJ;D:JE:EIE
J>; C7HA;J FH?9; E< EKH ECCED -JE9A 9EKB: :;9B?D;
 .>; H;=?IJH7J?ED E< I>7H;I E< ECCED -JE9A ;
FEII?8?B?JOE<7I?=D?;IKFFBOE<EKHECCED-JE9A?DJ>;C7HA;J
.>;?D9H;7I;:IKFFBO9EKFB;:M?J>J>;
FEJ;DJ?7B:?IF7H?JO?DFKH9>7I;FH?9;IC7OB;7:JE>;?=>J;D;:I;BB?D=FH;IIKH;M>?9>9EKB:D;=7J?L;BO7<<;9JJ>;FK8B?9JH7:?D=
FH?9;E<EKHECCED-JE9A
!B?@A<08=?602:.F39B0AB.A2@64;6360.;A9F	
1; 97DDEJ FH;:?9J J>; FH?9;I 7J M>?9> EKH ECCED -JE9A C7O JH7:;
 .>; C7HA;J FH?9; E< EKH ECCED -JE9A C7O
?9>C7O8;8;OED:EKH9EDJHEB?D9BK:?D=
T 79JK7BEH7DJ?9?F7J;:EI;E<EJ>;H9ECF7D?;I?DEKH?D:KIJH?;I
T EKH78?B?JOJEE8J7?D;DD;;:;:7D:ED<7LEH78B;J;HCI
T J>;J;HCIE<7DOHEK=>J>;?IIK7D9;E<7::?J?ED7B;GK?JOEH;GK?JOB?DA;:I;9KH?J?;I
T 7DDEKD9;C;DJI8OKIEHEKH9ECF;J?JEHIE<I?=D?7D=;I?D799EKDJ?D=IJ7D:7H:IFEB?9?;I=K?:7D9;?DJ;HFH;J7J?EDIEHFH?D9?FB;I
T J>;<7?BKH;E<I;9KH?J?;I7D7BOIJIJE9EL;HEKHECCED-JE9A
T 9>7D=;I?D;7HD?D=I;IJ?C7J;I8OI;9KH?J?;I7D7BOIJIEHEKH78?B?JOJEC;;JJ>EI;;IJ?C7J;I
T J>;EF;H7J?D=7D:IJE9AFH?9;F;H;H9ECF7H78B;9ECF7D?;I
T ?DL;IJEHF;H9;FJ?EDE<EKHECF7DO7D:J>;>?=>;H;:K97J?ED?D:KIJHO
T EL;H7BBC7HA;J7D=;I?DB7MI7D:H;=KB7J?EDI?D9BK:?D=J7NB7MI7D:H;=KB7J?EDI	7<<;9J?D=EKH8KI?D;II
T 9>7D=;I?D97F?J7B=7?DIJ7N;I7D:J7N;IED:?L?:;D:I7<<;9J?D=IJE9A>EB:;HI7D:
T =;D;H7B;9EDEC?99ED:?J?EDI7D:EJ>;H;NJ;HD7B<79JEHI
-JE9A C7HA;JI ?D =;D;H7B >7L; ;NF;H?;D9;: LEB7J?B?JO J>7J >7I E; EF;H7J?D= F;H;I;8HE7:C7HA;J;JH7:?D=FH?9;E<EKHECCED-JE9A
"?B6@6A6<;<3A52<:=.;FD56050?9>
JE=;J>;HM?J>7FFB?978B;;B7M7H;B7MC7O:?I9EKH7=;:;B7OEHFH;L;DJ7C;H=;HEH79GK?I?J?EDJ>7JEKHIJE9A>EB:;HI9EDI?:;H
<7LEH78B;?D9BK:?D=FHEL?I?EDIJ>7J


T 7KJ>EH?P;J>;?IIK7D9;E<X8B7DA9>;9AYFH;<;HH;:IJE9AJ>7J9EKB:8;?IIK;:8OEKHE7H:E<?H;9JEHIJE?D9H;7I;J>;
DKC8;HE<EKJIJ7D:?D=I>7H;IE<97F?J7BIJE9AC7A?D=7J7A;EL;HCEH;:?<;IJE9A>EB:;HIC7O8;97BB;:EDBO8OEH7JJ>;:?H;9J?EDE<7C7@EH?JOE<EKHE7H:EHJ>;
9>7?HC7DE<EKHE7H:E<?H;9JEHI7D:
T H;GK?H;7:L7D9;DEJ?9;JE8;=?L;D8OIJE9A>EB:;HIEB:;HFHEFEI7BIEH:?H;9JEHDEC?D7J?EDI
#D7::?J?ED-;9J?EDE<J>;!;D;H7BEHFEH7J?ED&7ME<J>;-J7J;E<;B7M7H;EHJ>;!&C7O7<<;9JJ>;78?B?JOE<
7DX?DJ;H;IJ;:IJE9A>EB:;HYJE;D=7=;?D9;HJ7?D8KI?D;II9EC8?D7J?EDIH;;O;7HI;J?C;J>7JJ>;
IJE9A>EB:;H8;9EC;I7DX?DJ;H;IJ;:IJE9A>EB:;HY
.>;I; FHEL?I?EDI C7O :?I9EKH7=; :;B7O EH FH;L;DJ 9;HJ7?D JOF;I E< JH7DI79J?EDI ?DLEBL?D= 7D 79JK7B EH 7 J>H;7J;D;:
79GK?I?J?EDEH9>7D=;?D9EDJHEBE<J>;ECF7DO?D9BK:?D=KDIEB?9?J;:J7A;EL;H7JJ;CFJI;L;DJ>EK=>J>;JH7DI79J?EDC7OE<<;H
EKHIJE9A>EB:;HIJ>;EFFEHJKD?JOJEI;BBJ>;?HECCED-JE9A7J7FH?9;78EL;J>;FH;L7?B?D=C7HA;JFH?9;

!B? @A<085<912? ?645A@ =9.; ;E7H:M?J>J?C;JEC7A;?D7J7H;?DJ>;8;IJBED=J;HC?DJ;H;IJIE<J>;ECF7DO
7D:?JIIJE9A>EB:;HIEDFH?BEKHE7H:7:EFJ;:7IJE9A>EB:;HIH?=>JIFB7DIK9>FB7DM>?9>9EKB::?I9EKH7=;:;B7O
EHFH;L;DJ7D79GK?I?J?EDE<J>;ECF7DO7J7FH;C?KCFH?9;
.>;H?=>JIFB7DFHEL?:;I7I;H?=>JI
7JJ79>;:JE;79>I>7H;E<EKHECCED-JE9AM>?9>M?BB97KI;IK8IJ7DJ?7B:?BKJ?EDJE7F;HIEDEH=HEKF79GK?H?D=EHCEH;
E<EKHIJE9A?<J>;79GK?I?J?ED?IDEJ7FFHEL;:8OEKHE7H:E<?H;9JEHI
I7H;IKBJJ>;EL;H7BB;<<;9JE<J>;H?=>JIFB7DC7O8;
JEH;D:;HCEH;:?<7D=;E<<;HEHEJ>;H8KI?D;II9EC8?D7J?ED?DLEBL?D=EKHECF7DO
J>7J?IDEJ7FFHEL;:8OJ>;E7H:E<?H;9JEHI;L;D?<J>;E<<;HC7O8;9EDI?:;H;:8;D;EB:;HI
.>;,?=>JI
M?BB;NF?H;DEB7J;HJ>7D$7DK7HO
!B?:2;121.;1$2@A.A21F9.D@12@64;.A207JIK8@;9JJEB?C?J;:;N9;FJ?EDIJ>;IJ7J;7D:<;:;H7B9EKHJIE<J>;-J7J;E<
;B7M7H;7H;J>;IEB;7D:;N9BKI?L;JEDEKH8;>7B<8	7DO79J?ED
7II;HJ?D= 7 9B7?C E< 8H;79> E< 7 ;H ;CFBEO;;I JE KI EH EKH
IJE9A>EB:;HI 9	 7DO 79J?ED 7II;HJ?D= 7 9B7?C 7H?I?D= FKHIK7DJ JE 7DO FHEL?I?ED E< J>; !& EKH C;D:;: 7D: ,;IJ7J;:
;HJ?;H79J?ED7II;HJ?D=79B7?CJ>7J?I=EL;HD;:8O
J>;?DJ;HD7B7<<7?HI:E9JH?D;
DOF;HIEDEH;DJ?JOFKH9>7I?D=EHEJ>;HM?I;79GK?H?D=EH>EB:?D=7DO?DJ;H;IJ?DI>7H;IE<EKH
97F?J7B IJE9A M?BB 8; :;;C;: JE >7L; DEJ?9; E< 7D: JE >7L; 9EDI;DJ;: JE J>;I; FHEL?I?EDI
 .>?I FHEL?I?ED C7O B?C?J 7
IJE9A>EB:;HZI78?B?JOJE8H?D=79B7?C?D7@K:?9?7B7J?JKIEHEKH:?H;9JEHIE<;H;CFBEO;;IM>?9>C7O:?I9EKH7=;IK9>B7MIK?JI7=7?DIJKI7D:EKH:?H;9JEHIE<?IFHEL?I?EDE<EKHC;D:;:7D:,;IJ7J;:OB7MI?D7FFB?978B;JEEHKD;D; IF;9?
H;IEBL?D=IK9>C7JJ;HI?DEJ>;H@KH?I:?9J?EDI
A2:	' $%!(%&! &%
(ED;
A2:	,%&(%',
F/2?@20B?6AF%6@8 .;.42:2;A.;1&A?.A2460==?<.05
.>;9ECF7DOZI?DD?97B7D:F>OI?97B
I7<;=K7H:I
 C8H79?D= 7 H?IA87I;: 7FFHE79> M; FHE79J?L;BO C?J?=7J; 9O8;HI;9KH?JO H?IAI JE ;DIKH; J>; 9ED?I9ECFH;>;DI?L;?FI7B?=D?D=M?J>J>;IF;9?;79>;D=7=;C;DJ
;FBEO?D= 7 CKBJ?J?;H;: :;<;DI; IJH7J;=O M;  B7O;HI E< 9EDJHEBI :;I?=D;: JE ?:;DJ??I ;< J>; 9H?J?97B J7IA E< IM?H;7JI
 !K?:;: 8O EKH
:E9KC;DJ;: ?D9?:;DJ H;IFEDI; FB7DI M; EH9>;IJH7J; 7 IM?EB:;HI7I:?9J7J;:8OJ>;D7JKH;7D:I;L;H?JOE<J>;?D9?:;DJ


%;O JE EKH 9O8;HI;9KH?JO H;I?B?;D9; M; IJH7J;=?97BBO B;L;H7=; J>?H:F7HJO ;NF;HJ?I; 7D: JEEBI JE 7K=C;DJ EKH :;<;DI;I
;DIKH?D=7FHE79J?L;IJ7D9;7=7?DIJ;LEBL?D=J>H;7JI
,?=EHEKI7II;IIC;DJI8OJ>?H:F7HJO7K:?JEHIL7B?:7J;J>;7B?=DC;DJE<
IF;9?DEBE=O;DL?HEDC;DJM?J>?D:KIJHOIJ7D:7H:IIK9>7IJ>;*7OC;DJ7H:#D:KIJHO7J7-;9KH?JO
-J7D:7H:I;DIKH?D=HE8KIJ9ECFB?7D9;7D:H;I?B?;D9;
#D:KIJHO IJ7D:7H:I IK9> 7I J>; (7J?ED7B #DIJ?JKJ; E< -J7D:7H:I 7D: .;9>DEBE=OI  H7C;MEHA ;87I?IEKH9ECFB?7D9;9ECC?JC;DJ
,;=KB7HC7JKH?JO7II;IIC;DJI
9ED:K9J;:8O;NJ;HD7B;NF;HJI;DIKH;J>7JEKH9O8;HI;9KH?JOFHE=H7CH;C7?DI7JJ>;EK=>9O8;HI;9KH?JOJ>H;7JI7H;7D?D>;H;DJF7HJE<J>;:?=?J7BB7D:I97F;M;IJ7D:H;I?B?;DJ
1>?B;F7IJ?D9?:;DJI>7L;
8;;DIM?EKJC7J;H?7B?CF79JEDEKHEF;H7J?EDIEH;ED=E?D=D7JKH;E<9O8;HI;9KH?JOH?IAI7D:EKH9ECC?JC;DJJEC?J?=7J?D=FEJ;DJ?7B?CF79JI
EDEKHEF;H7J?EDI8KI?D;IIIJH7J;=O7D:;7BJ>
F/2?@20B?6AF;9O8;HI;9KH?JOFHE9;II;IE<?:;DJ??;<#D?;<#D; 9>7H=; ;DIKH?D= J>7J EKH 9O8;HI;9KH?JO FEIJKH; H;C7?DI HE8KIJ 7D: 7:7FJ?L;
 .>HEK=> GK7HJ;HBO KF:7J;I JE J>; K:?J
ECC?JJ;;7D:F;H?E:?98H?;;E7H:E<?H;9JEHII;D?EHC7D7=;C;DJA;;FI=EL;HD7D9;IJHK9JKH;I?DEKH;LEBL?D=9O8;HI;9KH?JOB7D:I97F;
1?J>EL;H7:;97:;E<:;:?97J;:I;HL?9;JE(EKH9KHH;DJ#-)8H?D=I7M;7BJ>E<;NF;H?;D9;7D:;NF;HJ?I;JEJ>;
EH=7D?P7J?ED?D9BK:?D=EL;HJ>H;;:;97:;IE<#DDEBE=OX#.Y	 ;NF;H?;D9;
.>;B7IJJME:;97:;I>7L;;#-)M7IJ>;?H;9JEHE<#.-;9KH?JO7D:
#D;>?B:H;DZI*B79;#D9
.>;#-)?I;NF;H?;D9;:?D:;FBEO?D=74;HE.HKIJ7I:;L;BEF;:7D:
?DJHE:K9;:D;M?DDEBE=O(#-.	O8;HI;9KH?JO H7C;MEHA79HEIIDKC;HEKIFB7J7?DI
-KFFEHJ;:8O7:OD7C?9B;7:;HI>?FJ;7C9ECFH?I;:E<I;7IED;:FHE<;II?ED7BIEKH9O8;HI;9KH?JO?D?J?7J?L;I7H;DEJ@KIJ
FEB?9?;I J>;OH; 7 J;IJ7C;DJ JE EKH 9ECC?JC;DJ JE I;9KH?D= 9KIJEC;H ?DEB:?D= EKH FH?L79O FHEC?I;I

C8;::;:?DEKHE:;E<ED:K9JJ>?9I7D:H;?DHEK=>EKHI;9KH?JO7M7H;D;IIJH7?D?D=FHE=H7C9O8;HI;9KH?JO
7M7H;D;II?IDEJ@KIJ7J7IA?JI7I>7H;:H;IFEDI?8?B?JOMEL;D?DJEJ>;<78H?9E<EKH9EHFEH7J;9KBJKH;
A2:
"$!"$&%
.0696A62@
1;B;7I;L7H?EKIE<EKI;IF79;?D'?IIEKH?

 EHEKHF>OI?97B97CFKIH;J7?BEF;H7J?EDIM;JOF?97BBO>7L;J>;;N9BKI?L;H?=>JJEEF;H7J;J>;E<OI?97BI9>EEB
8EEAIJEH; ED 9EBB;=; 97CFKI;I J>HEK=> CKBJ?O;7H C7D7=;C;DJ I;HL?9; 7=H;;C;DJI M?J> EKH I9>EEBI
  #D JKHD M; F7O J>;
I9>EEB 7 F;H9;DJ7=; E< IJEH; I7B;I 7D: ?D IEC; 97I;I 7 C?D?CKC ;I; 9EDJH79JI M?J> 9EBB;=;I 7D:
KD?L;HI?J?;I7H;JOF?97BBOH;D;M7BEFJ?EDI8KJ97DH7D=;;HF7HJOM?J>EKJF;D7BJOM?J>JE:7OIDEJ?9;

IE<FH?BJ>;I;9EDJH79JI;F>OI?97BIJEH;IJ>7JM;EF;H7J;;NF?H;7I7J7H?I;;EH:?D7HO
9EKHI; E< EKH 8KI?D;II ?D9BK:?D= 79J?EDI M?J> H;IF;9J JE 9EDJH79JI ?DJ;BB;9JK7B FHEF;HJO J7N7J?ED ;CFBEOC;DJ 8;D;;HC7JJ;HI
1;H;9EH:7B?78?B?JOM>;DM;8;B?;L;J>7J?J?I8EJ>FHE878B;J>7J7BEII>7I8;;D?D9KHH;:
7D: J>; 7CEKDJ E< BEII 97D 8; H;7IED78BO ;IJ?C7J;:
 7I;: ED EKH 9KHH;DJ ADEMB;:=; M; :E DEJ 8;B?;L; J>7J J>;H; ?I 7
H;7IED78B; FEII?8?B?JO J>7J J>; H;7J;D;: B;=7B FHE9;;:?D=I JE M>?9> M; EH 7DO E< EKH
IK8I?:?7H?;I7H;7F7HJO;?J>;H?D:?L?:K7BBOEH?DJ>;7==H;=7J;M?BB>7L;7C7J;H?7B7:L;HI;;<<;9JEDEKH;H;DJBOKDFH;:?9J78B;7D:IK8@;9JJEI?=D??9>7H;8;OED:EKH
9EDJHEB
IIK9>J>;H;97D8;DE7IIKH7D9;J>7JJ>;;I;C7JJ;HIM?BBDEJC7J;H?7BBO7D:7:L;HI;BO7<<;9JEKH
8KI?D;IIEH?P;:97F?J7BIJE9A9EDI?IJ;:E<I>7H;IE<9ECCEDIJE9AF7HL7BK;
F;H
I>7H;7D:I>7H;IE<FH;<;HH;:IJE9AF7HL7BK;
F;HI>7H;
)KH9ECCEDIJE9AJH7:;IEDJ>;(;M3EHA-JE9A
N9>7D=;X(3-Y	KD:;HJ>;IOC8EBX(
Y
)D)9JE8;HEKHI>7H;>EB:;HI7FFHEL;:7D7C;D:C;DJ7D:H;IJ7J;C;DJE<J>;GK?JO#D9;DJ?L;*B7DJE?D9H;7I;J>;
DKC8;HE<I>7H;I7L7?B78B;7L;H;I;HL;:7D7==H;=7J;E<
I>7H;IE<9ECCEDIJE9AJ>;7HD;I(E8B;:K97J?ED#D9
GK?JO#D9;DJ?L;
*B7D
-;;?08	49,9.4,7&?,?0809?>,9/&@;;70809?,=D,?,":?0	 :92'0=89.09?4A0:8;09>,?4:9C;09>0
)D$KD;EKHI>7H;>EB:;HI7FFHEL;:7D7C;D:C;DJJEEKHC;D:;:7D:,;IJ7J;:;HJ?;7==H;=7J;DKC8;HE<7KJ>EH?P;:I>7H;IE<ECCED-JE9A7H;IJE
I>7H;I

)D$KD;IK8I;GK;DJJEJ>;;D:E< ?I97BM;9ECFB;J;:L7H?EKIJH7DI79J?EDI?D9BK:?D=7D;GK?JOH?=>JI
E<<;H?D=FH?L7J;;GK?JO?DL;IJC;DJ.;HC&E7D:;8J9EDL;HI?ED7D:H;:?J 79?B?JOH;;;J
.>;I;JH7DI79J?EDIH7?I;:7::?J?ED7B97F?J7B?9>M?BB7BIE7BBEMKIJEIJH7J;=?97BBO?DL;IJ?D?DDEL7J?ED7D:9EDJ?DK;JE;N;9KJ;EKH
IJH7J;=?9?D?J?7J?L;I?D9BK:?D=8KJDEJB?C?J;:JEJ>;=HEMJ>E<EKH4=>?,D:8;70?0FHE=H7C
 EH7::?J?ED7B?D,9/&@;;70809?,=D,?,":?0	&@->0<@09?A09?>	;97KI;J>;H?=>JI?IIK7D9;M7I
E<<;H;:JE7BB;N?IJ?D=IJE9A>EB:;HI7J7D;N;H9?I;FH?9;J>7JM7IB;IIJ>7DJ>;<7?HL7BK;E<EKHECCED-JE9A7IE<IK9>J?C;
J>;M;?=>J;:7L;H7=;I>7H;IEKJIJ7D:?D=7D:87I?97D::?BKJ;:;7HD?D=IBEII	F;HI>7H;M;H;7:@KIJ;:H;JHE79J?L;BOJEH;;
8EDKI;B;C;DJE<J>;H?=>JIE<<;H?D=;ECF7DOZIEKJIJ7D:?D=I>7H;IE<9ECCEDIJE9A7J7H7J?EE<
;X,;L;HI;-JE9A-FB?JY	M>?9>M7IFH;L?EKIBO7FFHEL;:8OIJE9A>EB:;HI7J7IF;9?7BC;;J?D=>;B:ED$KD;

#D9EDD;9J?EDM?J>J>;,;L;HI;-JE9A-FB?J;L;HOI>7H;IE<J>;9ECCEDIJE9A?IIK;:7D:EKJIJ7D:?D=M7I9EDL;HJ;:?DJE
ED; I>7H; E< J>; ECF7DOZI 9ECCED IJE9A
 (E 9>7D=; M?BB 8; C7:; JE J>; JH7:?D= IOC8EB ; ECF7DOZI I>7H;I E<
ECCED-JE9AX(Y?D9EDD;9J?EDM?J>J>;,;L;HI;-JE9A-FB?J
.>;,;L;HI;-JE9A-FB?J?IF7HJE<J>;ECF7DOZIFB7DJE
H;=7?D9ECFB?7D9;M?J>J>;C?D?CKC8?:FH?9;H;GK?H;C;DJE<
F;HI>7H;H;GK?H;:JEC7?DJ7?D9EDJ?DK;:B?IJ?D=EDJ>;
(3-

1;?=>J;:7L;H7=;I>7H;I87I?97D::?BKJ;:FH?EHJE=?L?D=;<<;9JJEJ>;8EDKI;B;C;DJE<J>;H?=>JIE<<;H?D=7D:
J>;,;L;HI;-JE9A-FB?JM7I;M;;AI;D:;:FH?B
<912?@
IE<FH?BJ>;H;M;H;7FFHEN?C7J;BOH;=?IJ;H;:>EB:;HIE<H;9EH:E<EKH9ECCEDIJE9A
IK8IJ7DJ?7BBO
=H;7J;HDKC8;HE<>EB:;HIE<EKH9ECCEDIJE9A7H;XIJH;;JD7C;YEH8;D;EB:;HIM>EI;I>7H;IE<H;9EH:7H;>;B:8O
87DAI8HEA;HI7D:EJ>;HEH?P;: 7 IJE9A H;FKH9>7I; FHE=H7C E< KF JE  C?BB?ED ?D J>;
7==H;=7J; E< EKH EKJIJ7D:?D= 9ECCED IJE9A
 .>; IJE9A H;FKH9>7I; FHE=H7C ?I 97HH?;: EKJ 7J J>; :?H;9J?ED E< C7D7=;C;DJ
M>?9>C7O?D9BK:;7FB7DKD:;H,KB;8E<J>;-;9KH?J?;IN9>7D=;9JE<	
.>;IJE9AH;FKH9>7I;FHE=H7CC7O8;
IKIF;D:;:J;HC?D7J;:EHCE:?7I;:I>7H;IM?BB8;>;B:7IJH;7IKHOIJE9A7D:M?BB8;7L7?B78B;7I;I>7H;IKD:;HJ>;IJE9AH;FKH9>7I;FHE=H7C
I
E<FH?B7FFHEN?C7J;BO
C?BB?EDH;C7?DI7L7?B78B;KD:;HJ>;IJE9AH;FKH9>7I;FHE=H7C

KH?D= J>; O;7HI ;D:;: FH?B   7D: FH?B   M; 7BIE H;FKH9>7I;:  I>7H;I 7D:  I>7H;I
H;IF;9J?L;BOE<EKH9ECCEDIJE9A?D9EDD;9J?EDM?J>;CFBEO;;J7NM?J>>EB:?D=E8B?=7J?EDI;H:?L?:;D:IJE9ECCEDIJE9A>EB:;HI:KH?D=J>;O;7HI;D:;:FH?B7D:FH?B
1;:EDEJ
?DJ;D:JEF7O:?L?:;D:IEDEKH9ECCEDIJE9A?DJ>;;7:EFJ?EDE<7I>EHJJ;HCIJE9A>EB:;HH?=>JIFB7D7D::;9B7H;:7
:?L?:;D::?IJH?8KJ?EDE<ED;FH;<;HH;:I>7H;FKH9>7I;H?=>JED;79>EKJIJ7D:?D=I>7H;E<J>;ECF7DOI9ECCEDIJE9A
79>
H?=>JM?BB;DJ?JB;IJE9A>EB:;HIJE8KOED;ED;J>EKI7D:J>E<7I>7H;E<EKHFH;<;HH;:IJE9A7J7D;IJ78B?I>;:;N;H9?I;FH?9;
.>;
:?L?:;D:M7IF7O78B;JE>EB:;HIE<H;9EH:7IE<J>;9BEI;E<8KI?D;IIEDFH?B
.>;H?=>JIM?BB8;;N;H9?I78B;EDBO?<7
F;HIEDEH=HEKF79GK?H;IEHCEH;E<EKHEKJIJ7D:?D=9ECCEDIJE9A7D:L7H?EKIEJ>;H9H?J;H?77H;C;JJ>;X?IJH?8KJ?ED
7J;Y	
 /DJ?B J>; ?IJH?8KJ?ED 7J; J>; H?=>JI M?BB DEJ 8; ;N;H9?I78B; J>; H?=>JI M?BB DEJ 8; ;L?:;D9;: 8O I;F7H7J; H?=>JI
9;HJ?;H?=>JIM?BB8;JH7DI<;H78B;8O7D:EDBO?D9EDD;9J?EDM?J>J>;JH7DI<;HE<9ECCEDIJE9A
.>;H?=>JIM?BB
;NF?H;DEB7J;HJ>7D$7DK7HO

A2:%&  &,$%$(-


A2:  &%%'%%!   +%%!  ! &!  $%'&%!
!"$&! %
(970>>?30.:9?0C?:?30=B4>049/4.,?0>=010=09.0>?:KB0LK@>LK:@=L,9/K?30:8;,9DL=010=?:,=90>":-70
/@.,?4:9 9.	 := K"L , 07,B,=0 .:=;:=,?4:9	 %010=09.0> ?: K,=90>  ":-70 :77020L := K"L =010= ?: :@=
>@->4/4,=D,=90>":-70:77020::6>0770=>  	%010=09.0>?:K!&L=010=?::@=>@->4/4,=D!&'0C?-::6C.3,920
  	
#@=14>.,7D0,=4>.:8;=4>0/:1:=
B006>09/492:9?30&,?@=/,D.7:>0>??:?307,>?/,D:1;=47	K4>.,7
L
80,9>?30B006>09/0/;=47
K4>.,7

L80,9>?30B006>09/0/;=47

	
"C2?C62D
2@0?6=A6<;<3B@6;2@@
7HD;I(E8B;:K97J?ED#D9
X(Y	?IED;E<J>;B7H=;IJ9EDJH79JEF;H7JEHIE<F>OI?97B7D:L?HJK7B8EEAIJEH;I; /D?J;: -J7J;I
 1; 7H; 7BIE ED; E< J>; B7H=;IJ J;NJ8EEA
M>EB;I7B;HI 7D: ?DL;DJEHO C7D7=;C;DJ >7H:M7H; 7D: IEOI?97B L?HJK7B 7D: 9KIJEC
8EEAIJEH;I7D:I;HL;CEH;J>7D
C?BB?EDIJK:;DJI:;B?L;H?D=;II;DJ?7B;:K97J?ED7B9EDJ;DJJEEBI7D:=;D;H7BC;H9>7D:?I;
M?J>?D7:OD7C?9ECD?9>7DD;BH;J7?B;DL?HEDC;DJ
 EH7:?I9KII?EDE<EKH8KI?D;III;;$,=??08	@>490>>	
.>;IJH;D=J>IE<EKH8KI?D;II?D9BK:;EKH78?B?JOJE9ECF;J;8O:;L;BEF?D=D;MFHE:K9JI7D:IEBKJ?EDIJEC;;JC7HA;J
D;;:IEKHB7H=;EF;H7J?D=:?H;9J799;IIJEIJK:;DJI7D:<79KBJOEKHM;BB;IJ78B?I>;::;;FH;B7J?EDI>?FIM?J>
797:;C?9F7HJD;HI7D:IJ78B;BED=J;HC9EDJH79JI7D:EKHM;BBH;9E=D?P;:8H7D:I
1;FHEL?:;FHE:K9J7D:I;HL?9;E<<;H?D=I
:;I?=D;: JE 7::H;II J>; CEIJ FH;II?D= ?IIK;I ?D >?=>;H ;:K97J?ED ?D9BK:?D= ;GK?J78B; 799;II ;D>7D9;: 9EDL;D?;D9; 7D:
?CFHEL;:7<HEK=>?DDEL7J?L;9EKHI;C7J;H?7B:;B?L;HOCE:;BI:;I?=D;:JE:H?L;?CFHEL;:IJK:;DJ;NF;H?;D9;I7D:
EKJ9EC;I
1;E<<;HEKH"4=>?,DU;GK?J78B;7D:?D9BKI?L;799;IIFHE=H7CI9EDI?IJ?D=E<4=>?,D:8;70?07D:4=>?
,DM>?9>FHEL?:;<79KBJOH;GK?H;:9EKHI;C7J;H?7BIEDEH8;;;JEJ7BH;J7?BFH?9;;I7C;9EKHI;C7J;H?7BI?<FKH9>7I;:I;F7H7J;BO7B797HJ;	7D:IJK:;DJI7H;8?BB;:J>;8;BEMC7HA;J
H7J;:?H;9JBO8OJ>;?DIJ?JKJ?ED7I79EKHI;9>7H=;EH?D9BK:;:?DJK?J?ED
KH?D=J>;M;;AI;D:;:FH?B"4=>?
,DJEJ7BH;L;DK;?D9H;7I;:8OC?BB?EDEHJEC?BB?ED9ECF7H;:JEC?BB?ED:KH?D=J>;FH?EHO;7HF;H?E:

.>;I;FHE=H7CI>7L;7BBEM;:KIJEH;L;HI;>?IJEH?97BBED=J;HCJH;D:I?D9EKHI;C7J;H?7BIH;L;DK;:;9B?D;IM>?9>>7I8;;D
E8I;HL;:7JJ>EI;I9>EEBIM>;H;IK9>FHE=H7CI>7L;8;;D7:EFJ;:7D:?CFHEL;FH;:?9J78?B?JOE<EKH;=HEMJ>E<EKH"4=>?,DFHE=H7CIE<;:;9B?D;I?D7B797HJ;9EKHI;M7H;I7B;I7D:9BEI;:IJEH;I7B;I
1;
7H;CEL?D=GK?9ABOJE799;B;H7J;EKH4=>?,D:8;70?0IJH7J;=O
'7DO?DIJ?JKJ?EDI7:EFJ;:4=>?,D:8;70?0?D ?I97B
7D:M;FB7DJE9EDJ?DK;JEI97B;J>;DKC8;HE<I9>EEBI7:EFJ?D=4=>?,D:8;70?0?D ?I97B7D:8;OED:
1; ;NF;9J JE 9EDJ?DK; JE ?DJHE:K9; I97B78B; 7D: 7:L7D9;: IEBKJ?EDI ; IJK:;DJ 7D: 9KIJEC;H
;NF;H?;D9;;NF7D:EKH;9ECC;H9;97F78?B?J?;I7D:799;B;H7J;IK9>97F78?B?J?;IJ>HEK=>EKHI;HL?9;FHEL?:;HI 7D7J?9I,;J7?B
!HEKF KB;H;?D7I
J>;X &,;B7J?EDI>?FY	M?DD;M799EKDJI7D:;NF7D:EKHH;L;DK;EFFEHJKD?J?;IJ>HEK=>IJH7J;=?9H;B7J?EDI>?FI
1;;NF;9J
=HEII 9ECF7H78B; IJEH; =;D;H7B C;H9>7D:?I; I7B;I JE ?D9H;7I; EL;H J>; BED= J;HC 7I EKH FHE:K9J 7IIEHJC;DJI 9EDJ?DK; JE
;CF>7I?P;7D:H;7D=?D=9EDIKC;HJH;D:I7D:M;;LEBL;EKHFH;I;DJ7J?ED9ED9;FJI7D:C;H9>7D:?I?D=E<FHE:K9JI?D
IJEH;I7D:EDB?D;M>?9>M;;NF;9JJE8;;H;D>7D9;:7D:799;B;H7J;:J>HEK=>J>; &,;B7J?EDI>?F
 7D7J?9I7D:&?:I
79J?D=EDEKH8;>7B<7IEKHI;HL?9;FHEL?:;HIFHEL?:;KDF7H7BB;B;:FHE:K9J7IIEHJC;DJ;9ECC;H9;97F78?B?J?;I7D:FEM;HE<EKHBE=E=;D;H7BC;H9>7D:?I;8KI?D;II

.>; ,=90>  ":-70 8H7D: B?9;DI;:  EKH IK8I?:?7HO 8H7D:I " 7D: !& 7H;
IODEDOCEKIM?J>?DDEL7J?ED?D8EEAI;BB?D=7D:97CFKIH;J7?B?D=7D:7H;M?:;BOH;9E=D?P;:7D:H;IF;9J;:8H7D:I?DJ>;/D?J;:
-J7J;I
 )KH B7H=; 9EBB;=; ; C7HA;JFB79; DEJ EDBO IKFFEHJ EKH C7HA;J?D= ;<?FM?J>B;7:?D=FK8B?I>;HIM>EH;BOEDKI7IED;E<
J>;?HFH?C7HO:?IJH?8KJ?ED9>7DD;BI

 6?@A.F>B6A./92.;1;09B@6C2002@@"?<4?.:@
1; FHEL?:; FHE:K9J 7D: I;HL?9; E<<;H?D=I :;I?=D;: JE 7::H;II J>; CEIJ FH;II?D= ?IIK;I ?D >?=>;H ;:K97J?ED ?D9BK:?D=
;GK?J78B; 799;II ;D>7D9;: 9EDL;D?;D9; 7D: ?CFHEL;: 7<HEK=> ?DDEL7J?L; 9EKHI; C7J;H?7B :;B?L;HO CE:;BI
:;I?=D;:JE:H?L;?CFHEL;:IJK:;DJ;NF;H?;D9;I7D:EKJ9EC;I
1;E<<;HEKH"4=>?,DU;GK?J78B;7D:?D9BKI?L;799;II
FHE=H7CI9EDI?IJ?D=E<4=>?,D:8;70?07D:4=>?,DM>?9>FHEL?:;<79KBJOH;GK?H;:9EKHI;C7J;H?7BIEDEH8;;
; JEJ7B H;J7?B FH?9; ; I7C; 9EKHI; C7J;H?7BI ?< FKH9>7I;:
I;F7H7J;BO7B797HJ;	7D:IJK:;DJI7H;8?BB;:J>;8;BEMC7HA;JH7J;:?H;9JBO8OJ>;?DIJ?JKJ?ED7I79EKHI;9>7H=;EH?D9BK:;:?D
JK?J?ED

T 4=>? ,D :8;70?0 ?I 7:EFJ;: 8O 7D ?DIJ?JKJ?ED 7D: ?D9BK:;I 7BB EH J>; C7@EH?JO E< KD:;H=H7:K7J; 9B7II;I 7D: ED
E997I?ED=H7:K7J;9B7II;I	FHEL?:?D=IJK:;DJI8EJ>F>OI?97B7D::?=?J7BC7J;H?7BI
.>;4=>?,D:8;70?0CE:;B:H?L;I


IK8IJ7DJ?7BBO=H;7J;HKD?JI7B;I7D:I;BBJ>HEK=>;8EEAIJEH;

T 4=>?,D?I7:EFJ;:8O7<79KBJOC;C8;HHEK=>J>;?HI9>EEBIB;7HD?D=C7D7=;C;DJIOIJ;C&'-	

)<<;H?D= 9EKHI; C7J;H?7BI J>HEK=> EKH ;GK?J78B; 7D: ?D9BKI?L; 799;II 4=>? ,D :8;70?0 7D: 4=>? ,D CE:;BI ?I 7D
?CFEHJ7DJIJH7J;=?9?D?J?7J?L;E<EKHIJEC;;JJ>;C7HA;J:;C7D:IE<IK8IJ7DJ?7BBOH;:K9;:FH?9?D=JEIJK:;DJI7IM;BB7IJ>;
EFFEHJKD?JOJE?CFHEL; IJK:;DJ EKJ9EC;I M>?B; 7J J>; I7C; J?C; ?D9H;7I?D= EKH C7HA;J I>7H; H;L;DK; 7D: H;B7J?L; =HEII
FHE;>?=>;HLEBKC;IE<KD?JIIEB:?DIK9>CE:;BI7I9ECF7H;:JE>?IJEH?97BI7B;ICE:;BI
J>7JH;BOED?D:?L?:K7BIJK:;DJC7HA;J?D=7D:I7B;I
.>;I;FHE=H7CI>7L;7BBEM;:KIJEH;L;HI;>?IJEH?97BBED=J;HCJH;D:I?D
9EKHI;C7J;H?7BIH;L;DK;:;9B?D;IM>?9>>7I8;;DE8I;HL;:7JJ>EI;I9>EEBIM>;H;IK9>FHE=H7CI>7L;8;;D7:EFJ;:7D:
?CFHEL;FH;:?9J78?B?JOE<EKH;=HEMJ>E<EKH"4=>?,DFHE=H7CIE<;:;9B?D;I?D7B7
97HJ;9EKHI;M7H;I7B;I7D:9BEI;:IJEH;I7B;I
1;7H;CEL?D=GK?9ABOJE799;B;H7J;EKH4=>?,D:8;70?0IJH7J;=O
'7DO
?DIJ?JKJ?EDI7:EFJ;:4=>?,D:8;70?0?D ?I97B7D:M;FB7DJE9EDJ?DK;JEI97B;J>;DKC8;HE<I9>EEBI7:EFJ?D=4=>?
,D:8;70?0?D ?I97B7D:8;OED:

.>;?,DI7B;I;M;;AI;D:;:FH?B7D:FH?B
:77,=>4984774:9>
M;;AI;D:;:
FH?B
FH?B
#D9H;7I;
>7D=;
4=>?,D:8;70?0-7B;I 


























4=>?,D-7B;I 


































.EJ7B"4=>?,D-7B;I 






















4=>?,D:8;70?0
-FH?D=
-FH?D=
#D9H;7I;
>7D=;
(KC8;HE<97CFKIIJEH;I 




















IJ?C7J;:;DHEBBC;DJ7	 





















7	.EJ7BKD:;H=H7:K7J;7D:=H7:K7J;IJK:;DJ;DHEBBC;DJ7IH;FEHJ;:8O(7J?ED7B;DJ;H; &,;B7J?EDI>?F
 7D7J?9I7D:&?:I79J?D=EDEKH8;>7B<7IEKHI;HL?9;FHEL?:;HI
FHEL?:;KDF7H7BB;B;:FHE:K9J7IIEHJC;DJ;9ECC;H9;97F78?B?J?;I7D:FEM;H E< EKH BE=E =;D;H7B C;H9>7D:?I; 8KI?D;II
  7D7J?9I EF;H7J;I 7I EKH I;HL?9; FHEL?:;H
?D9BK:?D= FHE9;II?D= 9EDIKC;H F;HIED7B ?D7B< KI?D= J>;?H 9KJJ?D=;:=; ;9ECC;H9; 7D: J;9>DEBE=O
;NF;HJ?I;JEE<<;HEKH97CFKIIJEH;M;8I?J;I;NF7D:;:FHE:K9JI;B;9J?ED7MEHB:9B7IIEDB?D;7D:CE8?B;;NF;H?;D9;7D:7
FHE=H;II?L; :?H;9JJE9EDIKC;H FB7J &?:I J>; B;7:?D= IJ7D:7BED; 8H?9A 7D: CEHJ7H H;J7?B;H 7L;?CFHEL;:799;IIJEJH;D:7D:I7B;IF;H?FI M?J> 97CFKI F7HJD;HI 7D: H;C7?D H;IFEDI?8B; ; :7OJE:7O
EF;H7J?EDI E< EKH 97CFKI 8EEAIJEH;I
 1; 7BIE MEHA 9BEI;BO M?J> EKH 97CFKI F7HJD;HI JE ;DIKH; J>7J ;79> 97CFKI IJEH;
C7?DJ7?DIKD?GK;7IF;9JIE<?DIJEH;C;H9>7D:?I?D=?D9BK:?D=BE97B?P;:FHE:K9J7IIEHJC;DJI7D:IF;9?7J
H;97CFKIZI8H7D:
1;B;L;H7=; 7D7J?9IZ;9ECC;H9;J;9>DEBE=O7D:;NF;HJ?I;;EF;H7J?ED7BC7D7=;C;DJE<
J>;;C8B;C7J?9C;H9>7D:?I;7D:=?7D:?I?D=E<;C8B;C7J?97FF7H;B>;7:M;7H7D:=?;?DL;DJEHO
?JC7D7=;IH;B?;L?D=KIE<J>;E8B?=7J?EDJE7I;I;BE=E7D:;C8B;C7J?9
=;D;H7BC;H9>7D:?I;I7B;I7H;;I;I7B;IED7D;J
87I?I?DEKH9EDIEB?:7J;:;H;9E=D?J?EDE<BE=E7D:;C8B;C7J?9=;D;H7BC;H9>7D:?I;
I7B;IED7=HEII87I?IFH?EHJEFH?B



6;.;06;4??.;42:2;A@
)D$KD;IK8I;GK;DJJEJ>;;D:E< ?I97BM;9ECFB;J;:L7H?EKIJH7DI79J?EDI?D9BK:?D=7D;GK?JOH?=>JI
E<<;H?D=FH?L7J;;GK?JO?DL;IJC;DJ.;HC&E7D:;8J9EDL;HI?ED7D:H;:?J 79?B?JOH;;;J
.>;I;JH7DI79J?EDIH7?I;:7::?J?ED7B97F?J7B?9>M?BB7BIE7BBEMKIJEIJH7J;=?97BBO?DL;IJ?D?DDEL7J?ED7D:9EDJ?DK;JE;N;9KJ;EKH
IJH7J;=?9?D?J?7J?L;I?D9BK:?D=8KJDEJB?C?J;:JEJ>;=HEMJ>E<EKH4=>?,D:8;70?0FHE=H7C
 EH7::?J?ED7B?D,9/&@;;70809?,=D,?,":?0	&@->0<@09?A09?>	
<@A%.C6;4@;6A6.A6C2
KH?D= ?I97BM;?CFB;C;DJ;:7I?=D?;7:9EKDJI7J7BBB;L;BI
?CFB;C;DJ;:?CFHEL;:IOIJ;C:;L;BEFC;DJFHE9;II;IJEH;:K9;C7?DJ;D7D9;9EIJIH;:K9;:97F?J7B;NF;D:?JKH;I7D:;L7BK7J;:
EF;H7J?D=9EDJH79JK7BE8B?=7J?EDI;9EKHI;E< ?I97BM;>7L;79>?;L;:7DDK7B?P;:I7L?D=IE<
7FFHEN?C7J;BO  C?BB?ED JE  C?BB?ED ;  ?I97B  9EIJ I7L?D=I ?D?J?7J?L;I
 ::?J?ED7BBO :KH?D=  ?I97B 
'7D7=;C;DJI ?CFB;C;DJ;: ;H 9EIJ I7L?D=I C;7IKH;I ?D9BK:?D= H;:K9J?ED E< =HEII 97F?J7B ;NF;D:?JKH;I 7CEKDJ?D= JE
7FFHEN?C7J;BOC?BB?ED?DI7L?D=I
&24:2;A@
1;>7L;JMEH;FEHJ78B;I;=C;DJI,;J7?B7D:1>EB;I7B;
::?J?ED7BBOKD7BBE97J;:I>7H;:I;HL?9;9EIJIM>?9>?D9BK:;
L7H?EKI9EHFEH7J;B;L;B;NF;DI;I7D:EJ>;H=EL;HD7D9;;;J>H;;I;=C;DJI
$2A.69%24:2;A
.>;%0?,47&02809?EF;H7J;I9EBB;=;KD?L;HI?JO7D:%I9>EEB8EEAIJEH;I9ECFH?I;:E<F>OI?97B8EEAIJEH;I
7D:L?HJK7B8EEAIJEH;I
)KH8EEAIJEH;IJOF?97BBOEF;H7J;KD:;H7=H;;C;DJIM?J>J>;9EBB;=;IKD?L;HI?J?;IEH%I9>EEBI
JE8;J>;E<;;N9BKI?L;I;BB;HE<9EKHI;C7J;H?7BI7D:IKFFB?;I?D9BK:?D=F>OI?97B7D::?=?J7BFHE:K9JI

.>;C7@EH?JOE<J>;F>OI?97B97CFKI8EEAIJEH;I>7L;I9>EEB8H7D:;:;9ECC;H9;M;8I?J;IM>?9>M;EF;H7J;?D:;F;D:;DJBOEH
7BED=M?J>EKHC;H9>7DJI;HL?9;FHEL?:;HI7D:M>?9>E<<;HIJK:;DJI799;IIJEH;GK?H;:7D:H;9ECC;D:;:9EKHI;C7J;H?7BI7D:
7<; ,;J7?B -;=C;DJ E<<;HI EKH " 4=>? ,DU ;GK?J78B; 7D:
?D9BKI?L;799;IIFHE=H7CI9EDI?IJ?D=E<4=>?,D:8;70?07D:4=>?,DM>?9>FHEL?:;<79KBJOH;GK?H;:9EKHI;C7J;H?7BIED
EH8;;;JEJ7BH;J7?BFH?9;;I7C;9EKHI;C7J;H?7BI?<
FKH9>7I;:I;F7H7J;BO7B797HJ;	7D:IJK:;DJI7H;8?BB;:J>;8;BEMC7HA;JH7J;:?H;9JBO8OJ>;?DIJ?JKJ?ED7I79EKHI;9>7H=;EH
?D9BK:;:?DJK?J?ED
::?J?ED7BBOJ>;,;J7?B-;=C;DJE<<;HI7IK?J;E<:?=?J7B9EDJ;DJ7D:I;HL?9;IJE9EBB;=;I7D:KD?L;HI?J?;I
?D9BK:?D=7L7H?;JOE<EF;D;:K97J?ED7BH;IEKH9;87I;:9EKHI;M7H;

KH?D=J>;M;;AI;D:;:FH?BM;EF;D;:IJEH;I7D:9BEI;:IJEH;I?DJ>;,;J7?B-;=C;DJM?J>;IJ?C7J;:
D;J7DDK7BI7B;IE<	C?BB?ED
.>;ECF7DOZIIJH7J;=?9?D?J?7J?L;?IJE9BEI;KD:;HF;H?,D:8;70?0?D ?I97B7D:M;FB7DJE9EDJ?DK;JEI97B;J>;DKC8;HE<I9>EEBI7:EFJ?D=
4=>?,D:8;70?0?D ?I97B7D:8;OED:
.>;I;FHE=H7CI>7L;7BBEM;:KIJEH;L;HI;>?IJEH?97BBED=J;HCJH;D:I?D9EKHI;
C7J;H?7BIH;L;DK;:;9B?D;I7IJ>;=HEMJ>E<EKH"4=>?,DFHE=H7CIE<;*3:70>,70&02809??I9ECFH?I;:E<EKHM>EB;I7B;J;NJ8EEA8KI?D;II7D:?IED;E<J>;B7H=;IJJ;NJ8EEAM>EB;I7B;HI?D
J>;9EKDJHO
.>;1>EB;I7B;-;=C;DJ9;DJH7BBOIEKH9;II;BBI7D::?IJH?8KJ;ID;M7D:KI;:J;NJ8EEAIJE7FFHEN?C7J;BO
F>OI?97B 8EEAIJEH;I ?D9BK:?D= EKH ,;J7?B -;=C;DJI  F>OI?97B 8EEAIJEH;I	 7D: IEKH9;I 7D: :?IJH?8KJ;I D;M 7D: KI;:
J;NJ8EEAI JE EKH  L?HJK7B 8EEAIJEH;I
 ::?J?ED7BBO J>; 1>EB;I7B; -;=C;DJ I;BBI >7H:M7H; 7D: 7 IE7JFHEL?:;I?DL;DJEHOC7D7=;C;DJ7D:FE?DJE<I7B;IEBKJ?EDIJE7FFHEN?C7J;BO9EBB;=;8EEAIJEH;I
EHFEH7J; -;HL?9;I H;FH;I;DJI KD7BBE97J;: I>7H;:I;HL?9; 9EIJI M>?9> ?D9BK:; 9EHFEH7J; B;L;B ;NF;DI;I 7D: EJ>;H
=EL;HD7D9;7I799EKDJ?D=B;=7BJH;7IKHO?DDEBE=O7D:>KC7D
H;IEKH9;I

&2.@<;.96AF
)KH8KI?D;II?I>?=>BOI;7IED7B
 EH;N7CFB;EKHH;J7?B8KI?D;II?II;7IED7BF7HJ?9KB7HBOM?J>H;IF;9JJEJ;NJ8EEAI7B;I7D:
H;DJ7BIM?J>J>;C7@EHFEHJ?EDE<I7B;I7D:EF;H7J?D=FHE;I;9ED:7D:J>?H:;D9EBB;=;
IJK:;DJI=;D;H7BBOFKH9>7I;7D:H;DJJ;NJ8EEAI;KF9EC?D=I;C;IJ;HI7D:BEM;IJ?DJ>;;J?C?D=E<J>;IJ7HJE<J>;L7H?EKII9>EEBIZI;C;IJ;HIJ>;H;L;DK;?CF79JE<
799EKDJ?D=FH?D9?FB;IM?J>H;IF;9JJEJ>;H;9E=D?J?EDE<H;L;DK;7IIE9?7J;:M?J>EKH;GK?J78B;7D:?D9BKI?L;799;IIFHE=H7CI


J>;78?B?JOJEI;9KH;?DL;DJEHOED7J?C;BO87I?I7IM;BB7II>?;I;I>?;9ECF7H78?B?JOE<EKHH;IKBJI79HEIIF;H?E:I
-7B;I7JJH?8KJ78B;JEEKHM>EB;I7B;8KI?D;II7H;=;D;H7BBO>?=>;IJ?DEKH?H:GK7HJ;HI7I?JI;BBIJ;NJ8EEAI7D:EJ>;H9EKHI;C7J;H?7BI;DJ>;9KIJEC;HJ7A;IF>OI?97BFEII;II?EDE<EKHFHE:K9JIM>?9>E99KHI;?J>;H7J
J>;FE?DJE<I7B;7I;:7JF>OI?97BBE97J?EDIEHKFEDH;9;?FJE<EKHFHE:K9JI8OEKH9KIJEC;HIHEK=> EKH M;8I?J;I 7D: L?HJK7B 8EEAIJEH;I
 ,;L;DK; ; I7B; E< :?=?J7B J;NJ8EEAI M>?9> 9EDJ7?DI 7 I?D=B;
F;H;DJ>;9KIJEC;H799;II;IJ>;:?=?J7B9EDJ;DJ7IFHE:K9JH;L;DK;?DEKH9EDIEB?:7J;:
;H;DJ7BE<F>OI?97BJ;NJ8EEAI?I:;<;HH;:7D:H;9E=D?P;:EL;HJ>;H;DJ7BF;H?E:87I;:ED
J>;F7II7=;E<J?C;9ECC;D9?D=7JJ>;FE?DJE<I7B;M>;D9EDJHEBE<J>;FHE:K9JJH7DI<;HIJEJ>;9KIJEC;H7D:?IH;9E=D?P;:7I
H;DJ7B ?D9EC; ?D EKH 9EDIEB?:7J;: ; FHE:K9J C?N E<<;H;: KD:;H J>; " 4=>? ,D
E<<;H?D=IH;L;DK;H;9E=D?P;:?I9EDI?IJ;DJM?J>EKHFEB?9?;I;=HEMJ>E<"4=>?,DFHE=H7CIJ>;J?C?D=E<97I>9EBB;9J?EDEEBF7HJD;HIC7OI>?;D J>; H;L;DK; ?I H;9E=D?P;:
 1>;D 7 I9>EEB 7:EFJI EKH " 4=>? ,D ;GK?J78B; 7D: ?D9BKI?L; 799;II
E<<;H?D=I97I>9EBB;9J?ED;I9>EEB=;D;H7BBOE99KHI7;?DIJ?JKJ?EDI:HEF7:::7J;IM>?9>?IB7J;H?DJ>;MEHA?D=
97F?J7B 9O9B; F7HJ?9KB7HBO ?D EKH J>?H: GK7HJ;H =?L;D J>; J?C?D= E< J>; -FH?D= .;HC 7D: EKH GK7HJ;HBO H;FEHJ?D= F;H?E: 7I
9ECF7H;:JE:?H;9JJEIJK:;DJFE?DJE<I7B;JH7DI79J?EDIM>;H;97I>?I=;D;H7BBO9EBB;9J;::KH?D=J>;FE?DJE<I7B;JH7DI79J?EDEH
M?J>?D7<;M:7OI;9H;:?J97H:FHE9;IIEH
I7>?=>;HF;H9;DJ7=;E<EKHI7B;II>??,D;GK?J78B;7D:
?D9BKI?L;799;IIE<<;H?D=IM;7H;;J?C?D=E<EKH97I>EKJ ?DEEBI
 I J>; 9ED9;DJH7J?ED E< :?=?J7B FHE:K9J I7B;I ?D9H;7I;I H;L;DK; M?BB 8;
H;9E=D?P;:;7HB?;H:KH?D=J>;797:;C?9J;HC7I:?=?J7BJ;NJ8EEAH;L;DK;?IH;9E=D?P;:M>;DJ>;9KIJEC;H799;II;IJ>;:?=?J7B
9EDJ;DJ9ECF7H;:JE?	J>;H;DJ7BE<F>OI?97BJ;NJ8EEAIM>;H;H;L;DK;?IH;9E=D?P;:EL;HJ>;H;DJ7BF;H?E:7D:??	7B797HJ;
9EKHI;M7H;I7B;IM>;H;H;L;DK;?IH;9E=D?P;:M>;DJ>;9KIJEC;HJ7A;IF>OI?97BFEII;II?EDE<EKHFHE:K9JIM>?9>E99KHI;?J>;H
7JJ>;FE?DJE<I7B;7I;:7JF>OI?97BBE97J?EDIEHKFEDH;9;?FJE<EKHFHE:K9JI8OEKH9KIJEC;HIHEK=>EKHM;8I?J;I7D:L?HJK7B8EEAIJEH;I
'?2;1@.;1"A52?.0A;H<79JEHI7<<;9J?D=EKH8KI?D;III;;$,=??08	@>490>>	
%2@B9A@<3"=2?.A6<;@
92:2;A@<3$2@B9A@<3!=2?.A6<;@
)KH9EDIEB?:7J;:799EKDJ?D=FH?D9?FB;I=;D;H7BBO799;FJ;:?DJ>;/D?J;:-J7J;IX!*Y	
.>;H;IKBJIE<EF;H7J?EDIH;7L;8;;D;B?C?D7J;:?D9EDIEB?:7J?ED

KH?D=J>;GK7HJ;HE< ?I97B7II;JIH;B7J;:JEEKH---;=C;DJC;JJ>;9H?J;H?7J>;---;=C;DJ7H;FH;I;DJ;:?DEKH
9EDIEB?:7J;:87B7D9;I>;;JI7I9KHH;DJII;JI";B:;H;IKBJIE<EF;H7J?EDI
H;B7J;:JEJ>;---;=C;DJ7H;?D9BK:;:?DJ>;9EDIEB?:7J;:IJ7J;C;DJIE<EF;H7J?EDI7I&EII;97I>;---;=C;DJ7H;7BIEFH;I;DJ;:I;F7H7J;BO?DEKH9EDIEB?:7J;:IJ7J;C;DJIE<97I>;I7B;E<9EKHI;C7J;H?7BIM>?9>?D9BK:;D;MKI;:H;DJ7B7D::?=?J7BJ;NJ8EEAI

::?J?ED7BBO 7J 9EBB;=; 7D: KD?L;HI?JO 8EEAIJEH;I M>?9> M; EF;H7J; M; I;BB =;D;H7B C;H9>7D:?I; ?D9BK:?D= ;C8B;C7J?9
7FF7H;B 7D: =?EEB 7D: :EHC IKFFB?;I 9EDL;D?;D9; 7D: 97;H;DJ7BE<F>OI?97BJ;NJ8EEAI
1;7BIE:;H?L;H;L;DK;;H
IEKH9;IIK9>7II7B;IE<?DL;DJEHOC7D7=;C;DJ>7H:M7H;7D:FE?DJE<I7B;IE;HI;HL?9;I
)KH9EIJE<I7B;IFH?C7H?BO?D9BK:;I9EIJIIK9>7IC;H9>7D:?I;9EIJIJ;NJ8EEAH;DJ7B7CEHJ?P7J?EDM7H;>EKI;9EIJIH;B7J;:
JE ?DL;DJEHO C7D7=;C;DJ 7D: EH:;H ;H<79?B?JOH;B7J;:;NF;DI;I

)KH I;BB?D= 7D: 7:C?D?IJH7J?L; ;NF;DI;I 9EDI?IJ FH?C7H?BO E< IJEH; F7OHEBB 7D: IJEH; EF;H7J?D= ;NF;DI;I
 -;BB?D= 7D:
7:C?D?IJH7J?L; ;NF;DI;I 7BIE ?D9BK:; BED=J;HC ?D9;DJ?L; FB7D 9ECF;DI7J?ED ;NF;DI; 7D: =;D;H7B E< 7I
C;H9>7D:?I?D=FHE9KH;C;DJ7H;:I;HL?9;9EIJIIK9>7I>KC7DH;IEKH9;IB;=7B
JH;7IKHO?DDEBE=O7D:L7H?EKIEJ>;H9EHFEH7J;B;L;B;NF;DI;I7D:EJ>;H=EL;HD7D9;;#A0=A40B&02809?>:?I9KII?ED
78EL;


%2@B9A@<3"=2?.A6<;@&B::.?F<;A6;B6;4"=2?.A6<;@.
 EH7:;J7?B;::?I9KII?EDE< ?I97B7D:O;7HEL;HO;7H9ECF7H?IEDJE ?I97BI;;%0>@7?>:1#;0=,?4:9>:9?49@492
#;0=,?4:9>B006>09/0/;=47
.:8;,=0/B4?3?30B006>09/0/;=47

8;BEM

M;;AI;D:;:
:77,=>49?3:@>,9/>
FH?B
FH?B7	
-7B;I
*HE:K9JI7B;I7D:EJ>;H 
























































,;DJ7B?D9EC; 































































.EJ7BI7B;I 






































































!HEII*HEEB;I7B;



































































EHFEH7J;-;HL?9;I

























































	 
	
B?C?D7J?EDI
































































	
.EJ7B:@KIJ;:#.DED!*	8	 













































	

KH?D= J>;  GK7HJ;H E<  ?I97B  7II;JI H;B7J;: JE EKH 424?,7 &?@/09? &:7@?4:9> && &02809? C;J J>; 9H?J;H?7 ; H;IKBJI E<
EF;H7J?EDIH;B7J;:JEJ>;---;=C;DJ0:1":9$
!0,>@=0>:?I9KII?ED8;BEM
.>;;F;H?E:I?D:?97J;:J>;F;H9;DJ7=;H;B7J?EDI>?FJ>7J9;HJ7?D?J;CI8;7HJEJEJ7BI7B;I
M;;AI;D:;:
<;A6;B6;4"=2?.A6<;@
FH?B
FH?B
-7B;I
*HE:K9JI7B;I7D:EJ>;H 























































 

 
,;DJ7B?D9EC; 

































































.EJ7BI7B;I 








































































EIJE<I7B;I;N9BKI?L;E<:;FH;9?7J?ED7D:7CEHJ?P7J?ED;NF;DI;	
*HE:K9J7D:EJ>;H9EIJE<I7B;I7	 


















































,;DJ7B9EIJE<I7B;I7	 



























































.EJ7B9EIJE<I7B;I 


































































!HEIIC7H=?D 



































































-;BB?D=7D:7:C?D?IJH7J?L;;NF;DI;I 
























































;FH;9?7J?ED7D:7CEHJ?P7J?ED;NF;DI; 





















































#CF7?HC;DJBEIIDED97I>	































































,;IJHK9JKH?D=7D:EJ>;H9>7H=;I 



























































)F;H7J?D=BEII;F;H9;DJ7=;J>;I;9EIJI8;7HJEJ>;H;B7J;:I7B;I?DIJ;7:E<JEJ7BI7B;I


$2@B9A@<3!=2?.A6<;@6@0<;A6;B21!=2?.A6<;@
KH?D=J>;GK7HJ;HE< ?I97B7II;JIH;B7J;:JEEKH424?,7&?@/09?&:7@?4:9>&&&02809?C;JJ>;9H?J;H?7
J>;---;=C;DJ7H;FH;I;DJ;:?DEKH9EDIEB?:7J;:87B7D9;I>;;JI7III;JI";B:;H;IKBJIE<EF;H7J?EDIH;B7J;:JEJ>;---;=C;DJ7H;?D9BK:;:?DJ>;9EDIEB?:7J;:IJ7J;C;DJIE<
EF;H7J?EDI7I&EII;97I>;---;=C;DJ7H;7BIEFH;I;DJ;:I;F7H7J;BO
?DEKH9EDIEB?:7J;:IJ7J;C;DJIE<97I>;I7B;E<J>;I;7II;JIH;B7J;:JEEKH---;=C;DJFHE9;;:IE<C?BB?EDD;J
E<9;HJ7?DJH7DI79J?ED<;;II;L;H7D9;9EIJI;I9HEM7D:EJ>;H9EDI?:;H7J?EDI
KH?D=J>;M;;AI;D:;:FH?BM;
H;9EH:;:7!7?DED-7B;E<KI?D;IIE<
C?BB?ED?D&EII;I7B;
(;J97I>
FHE9;;:I;I7B;M;H;KI;:49?3:@>,9/>
FH?B
FH?B
.EJ7BI7B;I 










































































EIJE<I7B;I7	 






































































!HEIIFHE	8	 


























































W
,;IJHK9JKH?D=9EIJI9	


































































.H7DI79J?ED9EIJI 




































































)F;H7J?D=BEII 
































































	 
	
#D9EC;J7N;NF;DI; 


































































&EII;---;=C;DJ?D9BK:;I7CEHJ?P7J?ED;NF;DI;DED97I>	H;B7J;:JE9EDJ;DJ:;L;BEFC;DJ9EIJIE<
C?BB?ED7D:
C?BB?ED;M;;AI;D:;:FH?B7D:FH?BH;IF;9J?L;BO
8	 KH?D=J>;M;;AI;D:;:FH?BM;H;9E=D?P;:7D?CF7?HC;DJBEIIDED97I>	E<
C?BB?ED8EJ>FH;J7N7D:7JE<KI; 7II;JI H;IF;9J?L;BO ED J>;
9EDIEB?:7J;:IJ7J;C;DJE<EF;H7J?EDI7IF7HJE<:?I9EDJ?DK;:EF;H7J?EDI
9	 KH?D=J>;M;;AI;D:;:FH?BM;H;9E=D?P;:H;IJHK9JKH?D=7D:EJ>;H9>7H=;IE<
C?BB?ED9ECFH?I;:E<I;L;H7D9;7D:
EJ>;H;CFBEO;;J;HC?D7J?ED9EIJIEDJ>;9EDIEB?:7J;:IJ7J;C;DJE<EF;H7J?EDI7IF7HJE<:?I9EDJ?DK;:EF;H7J?EDI


$2@B9A@<3!=2?.A6<;@<;A6;B6;4!=2?.A6<;@

D228@2;121=?69


0<:=.?21D6A5A52
D228@2;121=?69



M;;AI;D:;:FH?B7	
:77,=>49?3:@>,9/>
,;J7?B
1>EB;I7B;
EHFEH7J;
-;HL?9;I
B?C?D7J?EDI
.EJ7B
-7B;I
*HE:K9JI7B;I7D:EJ>;H 
















 




W

	 

,;DJ7B?D9EC; 























 


W

W

W


.EJ7BI7B;I 























 




W

	 

EIJE<I7B;I;N9BKI?L;E<:;FH;9?7J?ED7D:
7CEHJ?P7J?ED;NF;DI;	
*HE:K9J7D:EJ>;H9EIJE<I7B;I 










 




W

	 

,;DJ7B9EIJE<I7B;I 



















 


W

W

W


.EJ7B9EIJE<I7B;I 

















 




W

	 

!HEIIFHE	 















 


W

W

W


,;IJHK9JKH?D=7D:EJ>;H9>7H=;I












 


	 


W


)F;H7J?D=?D9EC;BEII	49?3:@>,9/>
,;J7?B
1>EB;I7B;
EHFEH7J;
-;HL?9;I
B?C?D7J?EDI
.EJ7B
-7B;I
*HE:K9JI7B;I7D:EJ>;H 

















 




W

	 

,;DJ7B?D9EC; 
























 


W

W

W


.EJ7BI7B;I 
























 




W

	 

EIJE<I7B;I;N9BKI?L;E<:;FH;9?7J?ED7D:
7CEHJ?P7J?ED;NF;DI;	
*HE:K9J7D:EJ>;H9EIJE<I7B;I 











 




W

	 

,;DJ7B9EIJE<I7B;I 




















 


W

W

W


.EJ7B9EIJE<I7B;I 


















 




W

	 

!HEIIFHE	 
















 


W

W

W


,;IJHK9JKH?D=7D:EJ>;H9>7H=;I













 






W


)F;H7J?D=BEII;  GK7HJ;H E<  ?I97B  7II;JI H;B7J;: JE EKH 424?,7 &?@/09? &:7@?4:9> && &02809? C;J J>; 9H?J;H?7 ;H;IKBJIE<
EF;H7J?EDIH;B7J;:JEJ>;---;=C;DJ;49?3:@>,9/>
FH?B
FH?B
#D9H;7I;
>7D=;
*HE:K9JI7B;I7D:EJ>;H 




















 





,;DJ7B?D9EC; 



























 





.EJ7B-7B;I 


























 





)KHJEJ7BI7B;I?D9H;7I;:8O
C?BB?EDEH
JE
C?BB?ED:KH?D=J>;M;;AI;D:;:FH?B;M;;AI;D:;:FH?BM>?9>?IFH?C7H?BOH;B7J;:JE>?=>;H9EKHI;C7J;H?7BI7B;IFH?C7H?BO
7JEKH"4=>?,DFHE=H7CI7D:>?=>;H=H7:K7J?EDFHE:K9JI7B;IE<;9ECFED;DJIE<J>;I7B;IL7H?7D9;I;M;;AF;H?E:7H;H;;J78B;
8;BEM
&.92@C.?6.;02@
M;;AI;D:;:
FH?B
:77,=>4984774:9>
,;J7?B-7B;I
(;MIJEH;I



















BEI;:IJEH;I















	
ECF7H78B;IJEH;I7	










.;NJ8EEAH;DJ7B:;<;HH7B 






	
-;HL?9;H;L;DK;8	












)J>;H9	 



















	
,;J7?B-7B;IIK8JEJ7B



1>EB;I7B;-7B;I

















B?C?D7J?EDI:	 
















	
.EJ7BI7B;IL7H?7D9;



7	 &E=E=;D;H7BC;H9>7D:?I;I7B;I;,;J7?B-;=C;DJ7H;H;9E=D?P;:ED7D;J87I?I7I9ECC?II?EDH;L;DK;?DJ>;9EDIEB?:7J;:?FF?D=7D:>7D:B?D=7D:H;L;DK;;HFHE=H7CI
9	 )J>;H?D9BK:;I?DL;DJEHOB?GK?:7J?EDI7B;IJEJ>?H:F7HJ?;IC7HA;JFB79;I7B;I7D:9;HJ7?D799EKDJ?D=7:@KIJ?D=?J;CIH;B7J;:JEH;JKHD
H;I;HL;I7D:EJ>;H:;<;HH;:?J;CI
:	 B?C?D7J;I1>EB;I7B;I7B;I7D:I;HL?9;<;;IJE,;J7?B7D:,;J7?B9ECC?II?EDI;7HD;:EB;I7B;
-;;:?I9KII?EDE<?DJ;H9ECF7DO
79J?L?J?;I7D:;B?C?D7J?EDI8;BEM
%0?,47
.>;OI?97BIJEH;I7D:L?HJK7BIJEH;I

 ?I97B
 ?I97B
"@8-0=:1&?:=0>
*>OI?97B
0?HJK7B
.EJ7B
*>OI?97B
0?HJK7B
.EJ7B
;=?DD?D=E<F;H?E: 







 
 


 
 

)F;D;: 

















 
 


 
 

BEI;: 


















 
 


 
 

D:E<F;H?E:













 
 


 
 

KH?D= J>;  M;;AI ;D:;: FH?B   M; EF;D;:  IJEH;I 7D: 9BEI;:  IJEH;I ?D J>; ,;J7?B -;=C;DJ M?J>
;IJ?C7J;:D;J7DDK7BI7B;IE<	C?BB?ED
.>;ECF7DOZIIJH7J;=?9?D?J?7J?L;?IJE9BEI;KD:;HF;H?,D:8;70?0?D ?I97B7D:M;FB7DJE9EDJ?DK;JEI97B;J>;DKC8;HE<I9>EEBI
7:EFJ?D=4=>?,D:8;70?0?D ?I97B7D:8;OED:


!;D;H7BBOI7B;I7H;?CF79J;:8OH;L;DK;?,DFHE=H7CI?D9H;7I;:
97CFKIJH7<;DKC8;HE<ED97CFKI79J?L?J?;I7D:;L;DJIIK9>7I=H7:K7J?EDI7J>B;J?9;L;DJI7BKCD?
;L;DJI7D:FHEIF;9J?L;IJK:;DJ97CFKIJEKHI

,;J7?BJEJ7BI7B;I?D9H;7I;:8O
C?BB?EDEH
JE
C?BB?ED:KH?D=J>;M;;AI;D:;:FH?B;M;;AI;D:;:FH?B

T *HE:K9JI7B;I7D:EJ>;H?D9H;7I;:8O
C?BB?EDEH
JE
C?BB?ED:KH?D=J>;M;;AI;D:;:FH?B
;M;;AI;D:;:FH?B

 EKHI;C7J;H?7BFHE:K9JI7B;I?D9H;7I;:8O
C?BB?EDEH
JE
C?BB?ED:KH?D=J>;M;;AI;D:;:
FH?B9ECF7H;:JE
C?BB?ED?DJ>;FH?EHO;7HF;H?E:
.>;?D9H;7I;M7IFH?C7H?BO:K;JEJ>;=HEMJ>E<
EKH"4=>?,DFHE=H7CIM>?9>?D9H;7I;:8O
C?BB?EDEH
JE
C?BB?EDE<4984774:9>
M;;AI;D:;:
FH?B
FH?B
#D9H;7I;
>7D=;
4=>?,D:8;70?0-7B;I



























4=>?,D-7B;I 



































.EJ7B"4=>?,D-7B;I 























4=>?,D:8;70?0
-FH?D=
-FH?D=
#D9H;7I;
>7D=;
(KC8;HE<97CFKIIJEH;I 





















IJ?C7J;:;DHEBBC;DJ7	 






















7	.EJ7BKD:;H=H7:K7J;7D:=H7:K7J;IJK:;DJ;DHEBBC;DJ7IH;FEHJ;:8O(7J?ED7B;DJ;H7D:?I;FHE:K9JD;JI7B;I:;9H;7I;:8O
C?BB?EDEH
JE
C?BB?ED9ECF7H;:JE

C?BB?ED?DJ>;FH?EHO;7HF;H?E:FH?C7H?BO:K;JE9BEI;:IJEH;I7D:BEM;H97<;7D:9EDL;D?;D9;JH7:;7D:IKFFBO
FHE:K9J I7B;I E<?=>;H =H7:K7J?ED FHE:K9J I7B;I 7D: >?=>;H ;C8B;C7J?9 FHE:K9J I7B;I
 ,;J7?B !HEII
ECF7H78B;-JEH;-7B;I7D:?I;?D9H;7I;:8O
C?BB?EDEH
9ECF7H;:JEJ>;FH?EHO;7H
F;H?E:7I:?I9KII;:8;BEM

L -;HL?9;7D:EJ>;HH;L;DK;?D9H;7I;:8O
C?BB?EDEHJE
C?BB?ED9ECF7H;:JE
C?BB?ED?DJ>;FH?EH
O;7HF;H?E:FH?C7H?BO:K;JE>?=>;HEJ>;H?D9EC;?F
C7HA;J?D=7D:C7HA;JFB79;I7B;I
H ,;DJ7B?D9EC;;M;;AI;D:;:
FH?B;M;;AI;D:;:FH?BFH?C7H?BO:K;JEJ>;=HEMJ>E<EKH"
4=>?,DFHE=H7CIE<;I>?>:8;,=,-70&?:=0&,70>
.EIKFFB;C;DJJ>;.EJ7B-7B;IJ78B;FH;I;DJ;:78EL;J>;ECF7DOKI;I,;J7?B!HEIIECF7H78B;-JEH;-7B;I7I7A;O
F;HOI?97B7D:L?HJK7BIJEH;IJ>7J>7L;8;;DEF;D
7D:?I; ;9KHH;DJ,;J7?B!HEIIECF7H78B;-JEH;-7B;I97B9KB7J?EDC;J>E:H;7JIK9>
9ECF7H78B;IJEH;I7B;I7H;7D?CFEHJ7DJC;7IKH;E<J>;=HEMJ>?DI7B;IM>;D;L7BK7J?D=>EM;IJ78B?I>;:IJEH;I>7L;F;H?IC;JH?97I7::?J?ED7BKI;;ECF7DOZIEF;H7J?ED7B7D:H;IF;9JJE?CFEHJ7DJC;JH?9IKI;:8OC7D7=;C;DJ;HIM?J>?DJ>;H;J7?B?D:KIJHO7D:
J>;C;J>E:E<97B9KB7J?D=9ECF7H78B;IJEH;I7B;IL7H?;I79HEIIJ>;H;J7?B?D:KIJHO
I7H;IKBJEKH97B9KB7J?EDE<9ECF7H78B;


IJEH; I7B;I ?I DEJ D;9;II7H?BO 9ECF7H78B; JE I?C?B7HBO J?JB;: C;7IKH;I H;FEHJ;: 8O EJ>;H 9ECF7D?;I 7D: ?I ?DJ;D:;: EDBO 7I
IKFFB;C;DJ7B?D!*
.>;?D9H;7I;?D9EKHI;C7J;H?7BI7B;IM7IFH?C7H?BO:K;JEJ>;=HEMJ>E<"4=>?,D;GK?J78B;7D:?D9BKI?L;799;II
FHE=H7CI7I:?I9KII;:78EL;	E<;:;9H;7I;?D=;D;H7BC;H9>7D:?I;I7B;I7H;
FH?C7H?BOH;B7J;:JEBEM;HBE=EFHE:K9JI7B;I7IM;BB7IBEM;HJH7:;8EEAI7D:97<;7D:9EDL;D?;D9;FHE:K9JI7B;IE<?=>;H=H7:K7J?ED7D:IKFFB?;IFHE:K9JI7B;I

,;J7?B!HEIIECF7H78B;-JEH;-7B;IL7H?7D9;I;M;;AF;H?E:7H;7I4984774:9>
M;;AI;D:;:
FH?B
FH?B
.;NJ8EEAIEKHI;'7J;H?7BI	 























!;D;H7B';H9>7D:?I; 






























.EJ7B,;J7?B!HEIIECF7H78B;-JEH;-7B;I 










*3:70>,70
1>EB;I7B;I7B;I?D9H;7I;:8O
C?BB?EDEH
JE
C?BB?ED:KH?D=J>;M;;AI;D:;:FH?B;M;;AI;D:;:FH?B
.>;?D9H;7I;?IFH?C7H?BO:K;JEBEM;HH;JKHDI7D:7BBEM7D9;IE<

C?BB?EDF7HJ?7BBOE<?OI?97BJ;NJ8EEAIJE:?=?J7BFHE:K9JI7D:BEM;H:;C7D:;HJ>?H:F7HJO9B?;DJI
<@A<3%.92@.;1?<@@.?46;
)KH9EIJE<I7B;I:;9H;7I;:7I7F;H9;DJ7=;E<I7B;IJE
:KH?D=J>;M;;AI;D:;:FH?B9ECF7H;:JE

:KH?D=J>;M;;AI;D:;:FH?B
)KH=HEIIC7H=?D?D9H;7I;:8O
C?BB?EDEH
JE
C?BB?EDEH
E<
I7B;I:KH?D=J>;M;;AI;D:;:FH?B;M;;AI;D:;:FH?B

.>;L7H?7D9;I8OI;=C;DJ7H;:?I9KII;:8OI;=C;DJ8;BEM

%0?,47
.>;;,;J7?B9EIJE<I7B;I
M;;AI;D:;:
M;;AI;D:;:
:77,=>49?3:@>,9/>
FH?B
E<
,;B7J;:-7B;I
FH?B
E<
,;B7J;:-7B;I
*HE:K9J7D:EJ>;H9EIJE<I7B;I

























,;DJ7B9EIJE<I7B;I


































.EJ7BEIJE<-7B;I 


































.>;;,;J7?B=HEIIC7H=?D
M;;AI;D:;:
M;;AI;D:;:
:77,=>49?3:@>,9/>
FH?B
E<
,;B7J;:-7B;I
FH?B
E<
,;B7J;:-7B;I
*HE:K9J7D:EJ>;H=HEIIC7H=?D 
























,;DJ7B=HEIIC7H=?D 

































!HEII'7H=?D 






































 EH J>;  M;;AI ;D:;: FH?B   J>; ,;J7?B =HEII C7H=?D 7I 7 F;H9;DJ7=; E< I7B;I H;C7?D;: ;H=HEIIC7H=?D:;9H;7I;:87I?IFE?DJI	:H?L;DFH?C7H?BO8OBEM;HC7H=?DH7J;I?=>;HC7HA:EMDI?D9BK:?D=C7HA:EMDIH;B7J;:JE9BEI;:IJEH;I87I?IFE?DJI	F7HJ?7BBOE<;I>?;
7:EFJ?EDE<EKH"4=>?,DCE:;BI7D:BEM;HH;D;M7BIEEB9EDJH79JI87I?IFE?DJI	7D:
<7LEH78B;FHE:K9JI7B;IC?N?D9BK:?D=>?=>;HC7H=?D4=>?,D:8;70?09EKHI;C7J;H?7BI7B;I87I?IFE?DJI	


H ,;J7?B,;DJ7B=HEIIC7H=?D7I7F;H9;DJ7=;E<I7B;I:;9H;7I;:87I?IFE?DJI	:H?L;DFH?C7H?BO8OBEM;HH;DJ7BC7H=?D
H7J;I >?=>;H C7HA:EMDI F7HJ?7BBO E<;I>?;7:EFJ?EDE<EKH"4=>?,DCE:;BI7D:BEM;HH;D;M7BIEEB9EDJH79JI7D:7<7LEH78B;H;DJ7BI7B;IC?N
*3:70>,70
.>;9EIJE<I7B;I7D:=HEIIC7H=?DEB;I7B;M;H;
C?BB?EDEH
E<I7B;I7D:
C?BB?EDEH
E<
I7B;IH;IF;9J?L;BO:KH?D=J>;M;;AI;D:;:FH?B
.>;9EIJE<I7B;I7D:=HEIIC7H=?DEB;I7B;M;H;

C?BB?EDEH
E<I7B;I7D:
C?BB?EDEH
E<I7B;IH;IF;9J?L;BO:KH?D=J>;M;;AI;D:;:FH?B
.>;
?D9H;7I;=HEIIC7H=?DM7IFH?C7H?BO:K;JEBEM;HH;JKHDI7D:7BBEM7D9;IE<
C?BB?EDF7HJ?7BBOE<?=>;H9EIJE<
FHE:K9JE<
C?BB?ED

9?0=.:8;,9D74849,?4:9>
KH?D=J>;M;;AI;D:;:FH?B7D:M;;AI;D:;:FH?BI7B;I;B?C?D7J?EDIM;H;
C?BB?ED7D:

C?BB?EDH;IF;9J?L;BO
.>;I;I7B;I;B?C?D7J?EDIH;FH;I;DJJ>;;B?C?D7J?EDE<1>EB;I7B;I7B;I7D:;;B?C?D7J?EDE<,;J7?B9ECC?II?EDI;7HD;:EB;I7B;

KH?D=J>;M;;AI;D:;:FH?B7D:M;;AI;D:;:FH?BJ>;9EIJE<I7B;I;B?C?D7J?EDIM;H;

C?BB?ED7D:
C?BB?EDH;IF;9J?L;BO
.>;I;9EIJE<I7B;I;B?C?D7J?EDIH;FH;I;DJ?	J>;H;9E=D?J?EDE<?DJ;H9ECF7DOFHE7JM7IFKH9>7I;:EB;I7B;?D7FH?EHF;H?E:J>7JM7IIK8I;GK;DJBOIEB:JE;NJ;HD7B9KIJEC;HI:KH?D=
J>;9KHH;DJF;H?E:7D:J>;;B?C?D7J?EDE<1>EB;I7B;I;HL?9;<;;I9>7H=;:;;B?C?D7J?EDE<?DJ;H9ECF7DOFHEEB;I7B;?DL;DJEHOFKH9>7I;I8O,;J7?BJ>7JH;C7?D?D;D:?D=?DL;DJEHO7JJ>;
;D:E<J>;9KHH;DJF;H?E:
KH?D=J>;M;;AIF;H?E:I;D:;:FH?B7D:M;;AI;D:;:FH?BJ>;=HEIIC7H=?D;B?C?D7J?EDIM;H;

C?BB?ED7D:
	C?BB?EDH;IF;9J?L;BO
.>;=HEIIC7H=?D;B?C?D7J?EDIH;;D;J?CF79JE<J>;I7B;I;B?C?D7J?EDI7D:
9EIJE<I7B;I;B?C?D7J?EDI:KH?D=J>;78EL;C;DJ?ED;:H;FEHJ?D=F;H?E:I

%2996;4.;11:6;6@A?.A6C2E=2;@2@
M;;AI;D:;:
M;;AI;D:;:
:77,=>49?3:@>,9/>
FH?B
E<
-7B;I
FH?B
E<
-7B;I
-;BB?D=7D::C?D?IJH7J?L;NF;DI;I




















KH?D=J>;M;;AI;D:;:FH?BI;BB?D=7D:7:C?D?IJH7J?L;;NF;DI;I:;9H;7I;:8O
C?BB?EDEH
JE

C?BB?ED;M;;AI;D:;:FH?B
.>;L7H?7D9;I8OI;=C;DJ7H;:?I9KII;:8O
I;=C;DJ8;BEM

%0?,47
 EH ,;J7?B I;BB?D= 7D: 7:C?D?IJH7J?L; ;NF;DI;I :;9H;7I;: 8O 
 C?BB?ED EH 
 JE 
 C?BB?ED :KH?D= J>; 
M;;AI;D:;:FH?B;M;;AI;D:;:FH?B
.>?I:;9H;7I;M7IFH?C7H?BO:K;JE
7 
 C?BB?ED :;9H;7I; ?D 9BEI;: IJEH;I F7OHEBB 7D: H;B7J;: EF;H7J?D= 9EIJI 9EIJ I7L?D=I ?D?J?7J?L;I 9ECFH?I;: E< 7 

C?BB?ED:;9H;7I;?D9ECF7H78B;IJEH;F7OHEBB;NF;DI;7D:H;B7J;:EF;H7J?D=9EIJI7D:7
C?BB?ED:;9H;7I;?D9EHFEH7J;
F7OHEBB;NF;DI;?D,70
 EH1>EB;I7B;I;BB?D=7D:7:C?D?IJH7J?L;;NF;DI;I:;9H;7I;:8O
C?BB?EDEH
JE
C?BB?ED:KH?D=J>;
M;;AI;D:;:FH?B;M;;AI;D:;:FH?B
.>;:;9H;7I;M7IFH?C7H?BO:K;JE
9EIJI7L?D=I?D?J?7J?L;I9ECFH?I;:E<BEM;HF7OHEBB;NF;DI;E<
C?BB?EDF7HJ?7BBOE<?=>;HEF;H7J?D=;NF;DI;IE<

C?BB?ED
:=;:=,?0&0=A4.0>
EHFEH7J;-;HL?9;II;BB?D=7D:7:C?D?IJH7J?L;;NF;DI;I:;9H;7I;:8O
C?BB?EDEH
JE
C?BB?ED:KH?D=J>;
M;;AI;D:;:FH?B;M;;AI;D:;:FH?B
.>;:;9H;7I;M7IFH?C7H?BO:K;JE
9EIJI7L?D=I?D?J?7J?L;I9ECFH?I;:E<BEM;HF7OHEBB;NF;DI;E<
C?BB?ED7D:BEM;HEF;H7J?D=9EIJIE<
C?BB?ED


2=?206.A6<;.;1:49?3:@>,9/>
FH?B
E<
-7B;I
FH?B
E<
-7B;I
;FH;9?7J?ED7D:CEHJ?P7J?EDNF;DI; 

















;FH;9?7J?ED7D:7CEHJ?P7J?ED;NF;DI;:;9H;7I;:8O
C?BB?EDJE
C?BB?ED:KH?D=J>;M;;AI;D:;:FH?B
;M;;AI;D:;:FH?B
7F?J7B;NF;D:?JKH;I:;9H;7I;:8O
C?BB?ED:KH?D=J>;
M;;AI;D:;:FH?B9ECF7H;:JEJ>;FH?EHO;7HF;H?E:7D::;FH;9?78B;7II;JI7D:?DJ7D=?8B;IM;H;BEM;H:K;JEJ>;
IJEH;?CF7?HC;DJBEIIH;9E=D?P;::KH?D= ?I97B7D: ?I97B
:=.6?:2;A9<@@;<;0.@5
1;H;L?;MEKHBED=B?L;:7II;JI;D;L;H;L;DJIEH9>7D=;I?D9?H9KCIJ7D9;I?D:?97J;J>7JJ>;97HHO?D=
7CEKDJE<7D7II;JC7ODEJ8;H;9EL;H78B;?D799EH:7D9;M?J>&


..:@9?4921:=?308;,4=809?:=4>;:>,7:1
 :92 4A0/>>0?>
 EH?D,9/&@;;70809?,=D,?,":?0	&@88,=D:1
&429414.,9?..:@9?492$:74.40>7D:":?0	,4=),7@0!0,>@=0809?>
KH?D=J>;M;;AI;D:;:FH?BM;;L7BK7J;:9;HJ7?DE<EKHIJEH;B;L;BBED=B?L;:7II;JI?DJ>;,;J7?BI;=C;DJ
;H;IKBJIE<J>;?CF7?HC;DJJ;IJIM;H;9E=D?P;:7D?CF7?HC;DJBEIIDED97I>	E<
C?BB?ED8EJ>
FH;J7N7D:7JE<KI;7II;JI7D:7CEHJ?P78B;?DJ7D=?8B;IH;IF;9J?L;BOEDJ>;9EDIEB?:7J;:IJ7J;C;DJE<EF;H7J?EDI
KH?D=J>;M;;AI;D:;:FH?BM;;L7BK7J;:9;HJ7?DE<EKHIJEH;B;L;BBED=B?L;:7II;JI?DJ>;,;J7?BI;=C;DJ
;H;IKBJIE<J>;?CF7?HC;DJJ;IJIM;H;9E=D?P;:7D?CF7?HC;DJBEIIDED97I>	E<
C?BB?ED8EJ>
FH;J7N7D:7JE<KI;7II;JI7D:7CEHJ?P78B;?DJ7D=?8B;IH;IF;9J?L;BOEDJ>;9EDIEB?:7J;:IJ7J;C;DJE<EF;H7J?EDI
$2@A?B0AB?6;4.;1;  M;;AI ;D:;: FH?B   M; H;9E=D?P;: H;IJHK9JKH?D= 7D: EJ>;H 9>7H=;I JEJ7B?D= 
 C?BB?ED
9ECFH?I;:FH?C7H?BOE<
C?BB?EDFH?C7H?BOFHE<;II?ED7BI;HL?9;9EIJI 8;BEM	 7D: 
 C?BB?ED ;H ;CFBEO;; J;HC?D7J?ED 7D:
8;D;;B?C?D7J?EDE<L7H?EKIFEI?J?EDI7IF7HJE<9EIJH;:K9J?EDE8@;9J?L;IF7HJ?7BBOE<	

*KHIK7DJ JE J>; $KBO   H;:?J =H;;C;DJ 7C;D:C;DJ J>; E7H: ;IJ78B?I>;: 7 9ECC?JJ;; 9EDI?IJ?D= E< J>H;;
?D:;F;D:;DJ :?H;9JEHI JE ;NFBEH; 9EDI?:;H IEB?9?J ;NFH;II?EDI E< ?DJ;H;IJ EH FHEFEI7BI ;H;:?J=H;;C;DJ	
,;IJHK9JKH?D=7D:EJ>;H;NF;DI;I?D9BK:;9EIJI7IIE9?7J;:M?J>J>;9EIJIE<J>?I9ECC?JJ;;7I
M;BB7IEJ>;HH;B7J;:FHE<;II?ED7BI;HL?9;9EIJI
)D$KD;IK8I;GK;DJJEJ>;;D:E< ?I97BM;9ECFB;J;:L7H?EKI
JH7DI79J?EDI?D9BK:?D=7D;GK?JOH?=>JIE<<;H?D=FH?L7J;;GK?JO?DL;IJC;DJ.;HC&E7D:;8J9EDL;HI?ED7D:H;:?J 79?B?JO
H;;;J
 .>;I; JH7DI79J?EDI H7?I;: 7::?J?ED7B 97F?J7B ,9/&@;;70809?,=D,?,":?0	&@->0<@09?A09?>	
KH?D= J>;  M;;AI ;D:;: FH?B   M; H;9E=D?P;: H;IJHK9JKH?D= 7D: EJ>;H 9>7H=;I JEJ7B?D= 
 C?BB?ED
9ECFH?I;:FH?C7H?BOE<
C?BB?ED;H;CFBEO;;J;HC?D7J?ED7D:8;D;;B?C?D7J?ED
E< L7H?EKI FEI?J?EDI 7I F7HJ E< 9EIJ H;:K9J?ED E8@;9J?L;I 7D: 
 C?BB?ED FH?C7H?BO 
FHE<;II?ED7BI;HL?9;9EIJI49?3:@>,9/>
FH?B
E<
-7B;I
FH?B
E<
-7B;I
)F;H7J?D=&EII






























	

	

	

	
)KH EF;H7J?D= BEII M7I 
	 C?BB?ED :KH?D= J>;  M;;AI ;D:;: FH?B   9ECF7H;: JE EF;H7J?D= BEII E<

	C?BB?ED:KH?D=J>;M;;AI;D:;:FH?B
.>;?CFHEL;C;DJI?DEF;H7J?D=H;IKBJIM;H;:K;JEJ>;C7JJ;HI
:?I9KII;:78EL;
 EHJ>;M;;AI;D:;:FH?B;N9BK:?D=J>;
C?BB?EDE<H;IJHK9JKH?D=7D:EJ>;H9>7H=;I7D:J>;
C?BB?ED
?CF7?HC;DJBEIIDED97I>	7BB:?I9KII;:78EL;EF;H7J?D=?D9EC;M7I
C?BB?EDEH
E<I7B;I	



 EHJ>;M;;AI;D:;:FH?B;N9BK:?D=J>;
C?BB?EDE<H;IJHK9JKH?D=7D:EJ>;H9>7H=;I7D:J>;
C?BB?ED
?CF7?HC;DJBEIIDED97I>	7BB:?I9KII;:78EL;EF;H7J?D=BEIIM7I
	C?BB?EDEH
	E<I7B;I	

;A2?2@AE=2;@2 2A
M;;AI;D:;:
:77,=>49?3:@>,9/>
FH?B
FH?B
#DJ;H;IJNF;DI;(;J












































 

(;J ?DJ;H;IJ ;NF;DI; ?D9H;7I;: 8O 
 C?BB?ED JE 
 C?BB?ED :KH?D= J>;  M;;AI ;D:;: FH?B   ;M;;AI;D:;:FH?B
#DJ;H;IJ;NF;DI;?D9H;7I;:FH?C7H?BO:K;JE>?=>;H8EHHEM?D=I>?=>;H
?DJ;H;IJ H7J;I 7D: 
 C?BB?ED H;IKBJ?D= ; ;M;;AF;H?E:
M;;AI;D:;:
:77,=>49?3:@>,9/>
FH?B
FH?B
#DJ;H;IJ#D9KHH;:
H;:?J 79?B?JO

























 

.;HC&E7D 



























 

.EJ7B#DJ;H;IJ#D9KHH;:















 

CEHJ?P7J?EDE<;<;HH;: ?D7D9?D=EIJI
H;:?J 79?B?JO

























 

.;HC&E7D 



























 

.EJ7BCEHJ?P7J?EDE<;<;HH;:
 ?D7D9?D=EIJI 


















 

#DJ;H;IJ#D9EC;D;JE<;NF;DI;















	 
	
.EJ7B#DJ;H;IJNF;DI; 






















 

7I>?DJ;H;IJF7?::KH?D=J>;M;;AI;D:;:FH?B7D:FH?BM7I
C?BB?ED7D:
C?BB?ED
H;IF;9J?L;BO
;0<:2&.EE=2;@2
M;;AI;D:;:
M;;AI;D:;:
:77,=>49?3:@>,9/>
FH?B
<<;9J?L;,7J;
FH?B
<<;9J?L;,7J;
#D9EC;.7NNF;DI;



























	



	
1; H;9EH:;: 7D ?D9EC; J7N ;NF;DI; E< 
 C?BB?ED ED 7 FH;J7N BEII E< 
	 C?BB?ED :KH?D= J>;  M;;AI ;D:;:
FH?BM>?9>H;FH;I;DJ;:7D;<<;9J?L;?D9EC;J7NH7J;E<
	7D:7D?D9EC;J7N;NF;DI;E<
C?BB?EDED7FH;
J7NBEIIE<
	C?BB?ED:KH?D=J>;M;;AI;D:;:FH?BM>?9>H;FH;I;DJ;:7D;<<;9J?L;?D9EC;J7NH7J;E<
	
.>;;<<;9J?L;J7NH7J;;M;;AI;D:;:FH?B?IC7J;H?7BBO9EDI?IJ;DJM?J>J>;FH?EHO;7H9ECF7H78B;F;H?E:
 2A<@@3?<:<;A6;B6;4!=2?.A6<;@
M;;AI;D:;:
:77,=>49?3:@>,9/>
FH?B
FH?B
(;J&EII;<79JEHI:?I9KII;:78EL;M;H;FEHJ;:7D;JBEII;
 M;;AI ;D:;: FH?B   9ECF7H;: M?J> 7 D;J BEII E< 
	 C?BB?ED :KH?D= J>;  M;;AI ;D:;: FH?B  

:@KIJ;: 7HD?D=I DED!*	  EDJ?DK?D= )F;H7J?EDI ?I 
	 C?BB?ED :KH?D= J>;  M;;AI ;D:;: FH?B  
9ECF7H;:M?J>
	C?BB?ED:KH?D=J>;M;;AI;D:;:FH?B
-;;/5@>?0/,=9492>9:9$:?I9KII?ED
8;BEM


(@2<3!<;# 2.@B?2@17B@A21.?;6;4@17B@A21'17B@A21'/F&24:2;A.;1?22.@5
9=;D;H7BBO799;FJ;:799EKDJ?D=FH?D9?FB;IX!*Y	M;KI;J>;
C;7IKH;E<:@KIJ;:7HD?D=I:@KIJ;:#.:@KIJ;:#.8O-;=C;DJ7D: H;;7I> BEMM>?9>7H;DED!*
7D=;ECC?II?EDJ>;X-Y	H;=KB7J?EDI
1;:;7J7H;IK8JH79J;:7J7H;IK8JH79J;: BEM7I7I> BEMI?DJ;H;IJ7D:97I>J7N;I
.E FHEF;HBO 7D: FHK:;DJBO ;L7BK7J; EKH 8KI?D;II M; ;D9EKH7=; OEK JE H;L?;M EKH 9EDIEB?:7J;: ;H;?DJ>?I EHC%J>;H;9ED9?B?7J?EDE<:@KIJ;:7HD?D=IJED;J?D9EC;BEII	;H;9ED9?B?7J?EDE<9EDIEB?:7J;::@KIJ;:#.JE9EDIEB?:7J;:D;J?D9EC;BEII	;
H;9ED9?B?7J?EDE<:@KIJ;:#.8O-;=C;DJJED;J?D9EC;BEII	;CEIJ:?H;9JBO
9ECF7H78B;!*I;J?DJ>;J78B;I8;BEM
BBE<J>;?J;CI?D9BK:;:?D
J>;H;9ED9?B?7J?EDI8;BEM7H;;?J>;H?	DED97I>?J;CIEH??	?J;CIJ>7JC7D7=;C;DJ:E;IDEJ9EDI?:;H?D7II;II?D=EKHED=E?D=
EF;H7J?D=F;H;I;DED!*EKB:DEJ8;9EDI?:;H;:IKF;H?EHJEC;7IKH;I
E<!*
#D7::?J?EDEKHKI;E<J>;I;DED!*;H9ECF7D?;IB?C?J?D=J>;?HKI;;I;DED!*7JJ>;I;C;7IKH;I7H;KI;?9>7H;
KI;:8OKIJE<79?B?J7J;79ECF7H?IEDE<EKHED=E?D=EF;H7J?D=F;H7JJ>;I;DED!*7DC;7IKH;IKD:;H!*97DFHEL?:;7BED;7IJ>;O;N9BK:;9;HJ7?D?J;CIJ>7JC7D7=;C;DJ8;B?;L;I:EDEJH;;EH:?D7HOF;H;FH?C7HOC;J>E:I
;NF;9J7J?EDI 7D: 7I 7 C;7IKH; 7JJ>;?D9BKI?EDE<:@KIJ;:7HD?D=I:@KIJ;:#.7D::@KIJ;:
#.8O-;=C;DJFHEL?:;I?DL;IJEHIKI;7J?I
9EDI?IJ;DJM?J>C7D7=;C;DJI;L7BK7J?EDE<8KI?D;IIF;H7J H;;7I> BEMFHEL?:;IKI;;?HKD:;HIJ7D:?D=E<EKHEF;H7J?D=FHE;8KI?D;IIJEC7N?C?P;C7H=?D7D:
97I>; -;7IED7B?JO E< EKH 8KI?D;II I;; !,9,20809? 4>.@>>4:9 ,9/ 9,7D>4>  &0,>:9,74?D
:?I9KII?ED78EL;
<;@<961.A2117B@A21.?;6;4@;<;#<;A6;B6;4"=2?.A6<;@
M;;AI;D:;:
:77,=>49?3:@>,9/>
FH?B
FH?B
(;JBEII	8	 











































 

EDJ;DJ7CEHJ?P7J?EDDED97I>	9	







































W 

,;IJHK9JKH?D=7D:EJ>;H9>7H=;I8	 








































 

,;9ED9?B?D=?J;CI:	 





















































 



<;@<961.A2117B@A21';<;#<;A6;B6;4"=2?.A6<;@
M;;AI;D:;:
:77,=>49?3:@>,9/>
FH?B
FH?B
(;JBEII	8	 











































 

EDJ;DJ7CEHJ?P7J?EDDED97I>	9	 






































W 

,;IJHK9JKH?D=7D:EJ>;H9>7H=;I8	








































 

:@KIJ;:#.(ED!*	EDJ?DK?D=)F;H7J?EDI 























 
	
:@KIJ;:#.(ED!*	?I9EDJ?DK;:)F;H7J?EDI 





















	 

:@KIJ;:#.(ED!*	.EJ7B 





































 
	
7	 KH?D= J>;  GK7HJ;H E<  ?I97B  7II;JI H;B7J;: JE EKH 424?,7 &?@/09? &:7@?4:9> && &02809? C;J J>; 9H?J;H?7 ; H;IKBJI E<
EF;H7J?EDIH;B7J;:JEJ>;---;=C;DJ.@>>4:9,9/9,7D>4>%0>@7?>:1#;0=,?4:9>:?I9KII?ED78EL;
9	 CEHJ?P7J?ED;NF;DI;DED97I>	H;B7J;:JE9EDJ;DJ:;L;BEFC;DJ9EIJI7H;?D9BK:;:?D9EIJE<=EE:IIEB:EDEKH9EDIEB?:7J;:IJ7J;C;DJI
E<EF;H7J?EDI
:	 .>;H;?IDEFHE;DED!*?J;CI
.>;49?3:@>,9/>
,;J7?B
1>EB;I7B;
EHFEH7J;
-;HL?9;I7	
B?C?D7J?EDI
.EJ7B
(;J?D9EC;BEII		9	





















W

W

W


,;IJHK9JKH?D=7D:EJ>;H9>7H=;I9	 

















	 


W


:@KIJ;:#.DED!*	






















	 





17B@A21'/F&24:2;A

D228@2;121=?69



:77,=>49?3:@>,9/>
,;J7?B
1>EB;I7B;
EHFEH7J;
-;HL?9;I7	
B?C?D7J?EDI
.EJ7B
(;JBEII	9	





















W

W

W


EDJ;DJ7CEHJ?P7J?EDDED97I>	:	

















W

W

W


,;IJHK9JKH?D=7D:EJ>;H9>7H=;I9	 





















W


:@KIJ;:#.DED!*	






















	 
	 
	
7	 #DJ;H;IJ;NF;DI;?IH;?9>
; EH=7D?P7J?ED
 #D9EC; J7N;I 7H; H;;  GK7HJ;H E<  ?I97B  7II;JI H;B7J;: JE EKH 424?,7 &?@/09? &:7@?4:9> && &02809? C;J J>; 9H?J;H?7 ; H;IKBJI E<
EF;H7J?EDIH;B7J;:JEJ>;---;=C;DJ.@>>4:9,9/9,7D>4>%0>@7?>:1#;0=,?4:9>:?I9KII?ED78EL;
:	 CEHJ?P7J?ED;NF;DI;DED97I>	H;B7J;:JE9EDJ;DJ:;L;BEFC;DJ9EIJI7H;?D9BK:;:?D9EIJE<=EE:IIEB:EDEKH9EDIEB?:7J;:IJ7J;C;DJI
E<EF;H7J?EDI
17B@A21';<;#6@0<;A6;B21"=2?.A6<;@
M;;AI;D:;:
FH?B
FH?B
&EII	 










































W 

!7?DEDI7B;E<8KI?D;II 


















































	 
W
#CF7?HC;DJBEIIDED97I>	
















































 
W
,;IJHK9JKH?D=7D:EJ>;H9>7H=;I












































 

.H7DI79J?ED9EIJI























































 

:@KIJ;:#.(ED!*	?I9EDJ?DK;:)F;H7J?EDI























	 

7	 KH?D= J>;  GK7HJ;H E<  ?I97B  7II;JI H;B7J;: JE EKH 424?,7 &?@/09? &:7@?4:9> && &02809? C;J J>; 9H?J;H?7 ; H;IKBJI E<
EF;H7J?EDI H;B7J;: JE J>; -- -;=C;DJ 	


?22.@5949?3:@>,9/>
FH?B
FH?B
(;J97I>?DJ;H;IJ 

























































 

7I>J7N;IH; BEMDED!*	 













































	 

7	 -;; 4<@4/4?D,9/,;4?,7%0>:@=.0>&:@=.0>,9/(>0>:1,>37:B:?I9KII?ED8;BEM

!?L;DJ>;=HEMJ>E<EKH"4=>?,DFHE=H7CIJ>;J?C?D=E<97I>9EBB;9J?EDEEBF7HJD;HIC7OI>?;DJ>;H;L;DK;?IH;9E=D?P;:
1>;D7I9>EEB7:EFJIEKH"4=>?,D;GK?J78B;7D:?D9BKI?L;
799;IIE<<;H?D=I97I>9EBB;9J?ED;I9>EEB=;D;H7BBOE99KHI7;?DIJ?JKJ?EDI:HEF7:::7J;IM>?9>?IB7J;H?DJ>;
MEHA?D=97F?J7B9O9B;F7HJ?9KB7HBO?DEKHJ>?H:GK7HJ;H=?L;DJ>;J?C?D=E<J>;-FH?D=.;HC7D:EKHGK7HJ;HBOH;FEHJ?D=
F;H?E:7I9ECF7H;:JE:?H;9JJEIJK:;DJFE?DJE<I7B;JH7DI79J?EDIM>;H;97I>?I=;D;H7BBO9EBB;9J;::KH?D=J>;FE?DJE<I7B;
JH7DI79J?EDEHM?J>?D7<;M:7OI;9H;:?J97H:FHE9;IIEH
I7>?=>;HF;H9;DJ7=;E<EKHI7B;II>??,D
;GK?J78B;7D:?D9BKI?L;799;IIE<<;H?D=IM;7H;;J?C?D=E<EKH97I>EKJ?DEEBI
8	 *KH9>7I;IE<FHEF;HJO7D:;GK?FC;DJ7H;7BIEH;<;HH;:JE7I97F?J7B;NF;D:?JKH;I
)KH?DL;IJ?D=79J?L?J?;I9EDI?IJFH?D9?F7BBO
E< 97F?J7B ;NF;D:?JKH;I  H;D;M?D= ;N?IJ?D= 9EDJH79JI D;M IJEH;
9EDIJHK9J?ED7D:;D>7D9;C;DJIJE?DJ;HD7BIOIJ;CI7D:EKHM;8I?J;
.>;;9ECFED;DJIE<JEJ7B
FKH9>7I;IE<FHEF;HJO7D:;GK?FC;DJ
.=6A.9E=2;16AB?2@<;A6;B6;4"=2?.A6<;@
M;;AI;D:;:
:77,=>49?3:@>,9/>
FH?B
FH?B
*>OI?97BIJEH;97F?J7B;NF;D:?JKH;I 






































 

*HE:K9J7D:IOIJ;C:;L;BEFC;DJ 







































 

)J>;H 





























































 

.EJ7B7F?J7BNF;D:?JKH;I









































 

6>B616AF.;1.=6A.9%2@7H;D;J97I>EHJJ;HCL;D:EH?=>BO:;F;D:;DJEDJ>;I;7IED7B
D7JKH;E<EKH8KI?D;IIF7HJ?9KB7HBOM?J>H;IF;9JJE9EKHI;C7J;H?7BI7B;I7II7B;I7H;=;D;H7BBO>?=>;IJ?DJ>;I;9ED:7D:J>?H:
;D 9EBB;=; IJK:;DJI FKH9>7I; J;NJ8EEAI ; KF9EC?D=  7BB 7D: -FH?D= I;C;IJ;HI H;IF;9J?L;BO
 I E<
FH?BM;>7:
C?BB?EDE<97I>ED>7D:?D9BK:?D=
C?BB?EDE<H;IJH?9J;:97I>FH?C7H?BOH;B7J;:JEI;=H;=7J;:
7D:?I;I7B;I7IF;HJ>; &,;B7J?EDI>?FH;B7J;:7=H;;C;DJI

:492:9.0=90A,7@,?4:949.:95@9.?4:9B4?3?304>>@,9.0:1?30;=47
:9>:74/,?0/49,9.4,7&?,?0809?>
.>;799ECF7DO?D=9EDIEB?:7J;:/
-
!*7FFB?978B;JE7=E?D=
9ED9;HD
 .>?I FH;I;DJ7J?ED 9EDJ;CFB7J;I J>; H;7B?P7J?ED E< 7II;JI 7D: J>; I7J?I<79J?ED E< B?78?B?J?;I ?D J>; DEHC7B 9EKHI; E<
8KI?D;II7D::E;IDEJ?D9BK:;7DO7:@KIJC;DJIH;B7J?D=JEJ>;H;9EL;H78?B?JO7D:9B7II?;
7CEKDJI7D:9B7II?7JC?=>JH;IKBJ;EKJ9EC;E<J>;KD9;HJ7?DJ?;I:;I9H?8;:8;BEM
*KHIK7DJJE-$=0>09?,?4:9:149,9.4,7&?,?0809?>J:492:9.0=9K&

LC7D7=;C;DJCKIJ
;L7BK7J;M>;J>;HJ>;H;7H;9ED:?J?EDI7D:;L;DJI9EDI?:;H;:?D7==H;=7J;J>7JH7?I;IK8IJ7DJ?7B:EK8J78EKJJ>;ECF7DOZI
78?B?JOJE9EDJ?DK;7I7=E?D=9ED9;HD;:7J;J>7JJ>;I;9EDIEB?:7J;:7H;D;J97I>?=>BO:;F;D:;DJEDJ>;I;7IED7BD7JKH;E<EKH8KI?D;IIF7HJ?9KB7HBOM?J>H;IF;9JJE9EKHI;C7J;H?7BI7B;I7II7B;I


7H; =;D;H7BBO >?=>;IJ ?D J>; I;9ED: 7D: J>?H: ;D 9EBB;=; IJK:;DJI =;D;H7BBO FKH9>7I; J;NJ8EEAI ;
KF9EC?D=  7BB 7D: -FH?D= I;C;IJ;HI H;IF;9J?L;BO
 .>; J?=>J;D?D= E< EKH 7L7?B78B; 9H;:?J 9ECC?JC;DJI ?D9BK:?D= J>;
;B?C?D7J?ED7D:H;F7OC;DJE<EKHI;7IED7B8EHHEM?D=<79?B?JO #&) 79?B?JO	E<
C?BB?ED>7I>7:7I?=D?EEB9ECC?II?ED
F7OC;DJI
)KHH;9KHH?D=BEII;I7D:FHE@;9J;:97I>D;;:I9EC8?D;:M?J>EKH9KHH;DJB?GK?:?JOB;L;BI7D:J>;C7JKH?JOE<EKH
H;:?J 79?B?JO7D:.;HC&E7DM>?9>M;H;EH?=?D7BBOI9>;:KB;:JE8;9EC;:K;ED;9;C8;H7D:FH?B
H;IF;9J?L;BOH7?I;:IK8IJ7DJ?7B:EK8J78EKJEKH78?B?JOJE9EDJ?DK;7I7=E?D=9ED9;HD8;OED:JM;BL;CEDJ>I;?IIK7D9;
E<EKHJ>?H:GK7HJ;H7I:?I9BEI;:?DEKHFH;L?EKIBO;;D:E< ?I97BM;9ECFB;J;:L7H?EKIJH7DI79J?EDI?D9BK:?D=7D;GK?JOH?=>JI
E<<;H?D=FH?L7J;;GK?JO?DL;IJC;DJ.;HC&E7D:;8J9EDL;HI?ED7D:H;:?J 79?B?JOH;;;J
.>;I;JH7DI79J?EDIH7?I;:7::?J?ED7B97F?J7B?9>M?BB7BIE7BBEMKIJEIJH7J;=?97BBO?DL;IJ?D?DDEL7J?ED7D:9EDJ?DK;JE;N;9KJ;EKH
IJH7J;=?9?D?J?7J?L;I?D9BK:?D=8KJDEJB?C?J;:JEJ>;=HEMJ>E<EKH4=>?,D:8;70?0FHE=H7C
 EH7::?J?ED7B?D,9/&@;;70809?,=D,?,":?0	0-?,9/":?0	&@->0<@09?A09?>	
I 7 H;IKBJ E< J>; ;GK?JO H?=>JI E<<;H?D= FH?L7J; ;GK?JO ?DL;IJC;DJ .;HC &E7D :;8J 9EDL;HI?ED 7D: H;:?J  79?B?JO
H;7J IK8IJ7DJ?7B :EK8J 78EKJ J>; ECF7DOI 78?B?JO JE
9EDJ?DK;7I7=E?D=9ED9;HDDEBED=;H;N?IJI

%49?3:@>,9/>
 ?I97B
 ?I97B
(;J97I>7D=;?D97I>97I>;GK?L7B;DJI7D:H;IJH?9J;:97I>7:97I>E<
C?BB?ED7D:
C?BB?EDH;IF;9J?L;BO
IE<FH?B
7D:FH?BM;>7:H;IJH?9J;:97I>E<
C?BB?ED7D:
C?BB?EDH;IF;9J?L;BO9ECFH?I;:E<
C?BB?ED
7D: 
 C?BB?ED H;IF;9J?L;BO ?D FH;F7?: 7D: EJ>;H 9KHH;DJ 7II;JI ?D J>; 9EDIEB?:7J;: 87B7D9; I>;;J FH?C7H?BO H;B7J;: JE
I;=H;=7J;: 7D:?I; I7B;I 7I F;H J>; &?:I I;HL?9; FHEL?:;H C;H9>7D:?I?D=
7=H;;C;DJ7D:
C?BB?ED7D:
C?BB?EDH;IF;9J?L;BO?DEJ>;HDED9KHH;DJ7II;JI?DJ>;9EDIEB?:7J;:87B7D9;I>;;JIH;B7J;:
JE7CEKDJI>;B:?DJHKIJ BEM?=>BOI;7IED7B
 EHEKHH;J7?BEF;H7J?EDI97I>
?DJ>;I;9ED:7D:J>?H:;DIJK:;DJI=;D;H7BBOFKH9>7I;7D:H;DJJ;NJ8EEAI7D:EJ>;H9EKHI;C7J;H?7BI;
KF9EC?D=I;C;IJ;HI87I;:EDJ>;JOF?97B797:;C?9I;C;IJ;H
!?L;DJ>;=HEMJ>E<EKH"4=>?,DFHE=H7CIJ>;J?C?D=E<
97I>9EBB;9J?EDEEBF7HJD;HIC7OI>?;DJ>;H;L;DK;?IH;9E=D?P;:
1>;D7I9>EEB
7:EFJIEKH"4=>?,D;GK?J78B;7D:?D9BKI?L;799;IIE<<;H?D=I97I>9EBB;9J?ED;I9>EEB=;D;H7BBOE99KHI7;
?DIJ?JKJ?EDI:HEF7:::7J;IM>?9>?IB7J;H?DJ>;MEHA?D=97F?J7B9O9B;F7HJ?9KB7HBO?DEKHJ>?H:GK7HJ;H=?L;DJ>;J?C?D=E<J>;
-FH?D= .;HC 7D: EKH GK7HJ;HBO H;FEHJ?D= F;H?E: 7I 9ECF7H;: JE :?H;9JJEIJK:;DJ FE?DJE<I7B; JH7DI79J?EDI M>;H; 97I> ?I
=;D;H7BBO 9EBB;9J;: :KH?D= J>; FE?DJE<I7B; JH7DI79J?ED EH M?J>?D 7 <;M :7OI ; 9H;:?J 97H: FHE9;IIEH
 I 7 >?=>;H
F;H9;DJ7=;E<EKHI7B;II>??,D;GK?J78B;7D:?D9BKI?L;799;IIE<<;H?D=IM;7H;;J?C?D=E<EKH97I>EKJ?DEEBI
 EHEKHM>EB;I7B;
EF;H7J?EDI 97I>  ?D J>; I;9ED: 7D: J>?H: ;IKCC;H7D:M?DJ;HI;BB?D=I;7IEDM>;DEKHM>EB;I7B;8KI?D;III;BBJ;NJ8EEAI7D:EJ>;H9EKHI;
C7J;H?7BIH;J7?B7D:M>EB;I7B;97I>?D
J>;;DI7B;ILEBKC;I7H;C7J;H?7BBOBEM;HJ>7DJ>;EJ>;HGK7HJ;HI
)KHGK7HJ;HBO97I>;J?C?D=E<J>;IJ7HJE<J>;L7H?EKII9>EEBII;C;IJ;HI7IM;BB7II>?;I;I>?;9ECF7H78?B?JOE<EKHH;IKBJI79HEIIF;H?E:I
7I>;?D9H;7I;?D


97I>;J?C?D=E<F7O78B;I

C?BB?ED	JEL;D:EHI7I;I7D:;NF;DI;I7BBE<M>?9>M;H;:;B7O;:H;IKBJ?D=;FH?EHO;7H7D:
>?=>;HF7OC;DJI?=>;H;7HD?D=I
C?BB?ED	

7I> BEM; :;9H;7I; ?D 97I> KI;: ?D ?DL;IJ?D= 79J?L?J?;I ?I FH?C7H?BO :K; JE BEM;H 97F?J7B
;NF;D:?JKH;I7D:9EDJH79JK7B97F?J7B?DL;IJC;DJI;D>7D9;C;DJIJE?DJ;HD7BIOIJ;CI7D:M;8I?J;I7D:D;MIJEH;9EDIJHK9J?ED

7F?J7B;NF;D:?JKH;IJEJ7B;:
	C?BB?ED7D:
	C?BB?ED:KH?D= ?I97B7D: ?I97BH;IF;9J?L;BO
7I> BEM;O;7HE<;;J9B7II?;;D:E< ?I97BM;9ECFB;J;:L7H?EKIJH7DI79J?EDI?D9BK:?D=7C;D:?D=7D:;NJ;D:?D=J>;
C7JKH?JO:7J;E<J>;H;:?J 79?B?JOJE$KD;7D:9EDL;HJ?D=7BBEKJIJ7D:?D=FH?D9?F7B7D:?DJ;H;IJ7CEKDJIEM;:KD:;HEKH.;HC
&E7DH;:?J=H;;C;DJ?DJEI>7H;IE<EKHECCED-JE9A
 EH7::?J?ED7B?D,9/
&@;;70809?,=D,?,":?0	&@->0<@09?A09?>	
8	  EH7::?J?ED7B?D?>8;BEM
B;2

>B6AF.;12/A&?.;@.0A6<;@
)D$KD;IK8I;GK;DJJEJ>;;D:E< ?I97BM;9ECFB;J;:L7H?EKIJH7DI79J?EDI?D9BK:?D=7D;GK?JOH?=>JI
E<<;H?D=FH?L7J;;GK?JO?DL;IJC;DJ.;HC&E7D:;8J9EDL;HI?ED7D:H;:?J 79?B?JOH;;;J
.>;I;JH7DI79J?EDIH7?I;:7::?J?ED7B97F?J7B?9>M?BB7BIE7BBEMKIJEIJH7J;=?97BBO?DL;IJ?D?DDEL7J?ED7D:9EDJ?DK;JE;N;9KJ;EKH
IJH7J;=?9?D?J?7J?L;I?D9BK:?D=8KJDEJB?C?J;:JEJ>;=HEMJ>E<EKH4=>?,D:8;70?0FHE=H7C
 EH7::?J?ED7B?D,9/&@;;70809?,=D,?,":?0	&@->0<@09?A09?>	
?216A.0696AF
IE<FH?BM;7H;F7HJOJE79H;:?J7=H;;C;DJJ>;XH;:?J=H;;C;DJY	M>?9>M7I7C;D:;:;9;C8;H)9JE8;H$KBO'7O'7H9>
'7H9>7D:'7H9>KD:;HM>?9>J>;B;D:;HIEH?=?D7BBO9ECC?JJ;:JEFHEL?:;KIM?J>7O;7H7II;J
879A;:H;LEBL?D=9H;:?J<79?B?JO?D7D7==H;=7J;9ECC?JJ;:FH?D9?F7B7CEKDJE<
C?BB?EDJ>;XH;:?J 79?B?JOY	;<<;9J?L;
;'7H9>7C;D:C;DJ
.>;7=H;;C;DJ?D9BK:;:7D?D9H;C;DJ7B;X #&)
 79?B?JOY	;C7N?CKC7L7?B78?B?JOKD:;HJ>;H;:?J=H;;C;DJ7J
C?BB?ED
IE<$KBO
J>; #&) 79?B?JOM7IH;F7?:7D:;B?C?D7J;:799EH:?D=JE?JIJ;HCI7D:; #&) 79?B?JO
M;H;H;:K9;:JE
*HE9;;:I;H;:?J 79?B?JO7H;KI;:;H;:?J 79?B?JO?II;9KH;:8OIK8IJ7DJ?7BBO7BBE<J>;?DL;DJEHO799EKDJIH;9;?L78B;7D:H;B7J;:7II;JIE<J>;
8EHHEM;HIKD:;HJ>;H;:?J 79?B?JO
.>?I?I9EDI?:;H;:7D7BB7II;JB?;D?D9BKI?L;E<FHE9;;:I;
ECF7DO7D:7FB;:=;E<;GK?JO;H;:?J=H;;C;DJ
7C;D:C;DJI:;<;HH;:,9/&@;;70809?,=D,?,":?0	
0-?	


IE<FH?B7D:J>HEK=>J>;:7J;E<J>?I7BB:;8J9EL;D7DJIKD:;HJ>;H;:?J
=H;;C;DJ

KH?D= J>;  M;;AI ;D:;: FH?B   M; 8EHHEM;: 
 C?BB?ED 7D: H;F7?: 
 C?BB?ED KD:;H J>; H;:?J
=H;;C;DJM?J>
C?BB?EDE<EKJIJ7D:?D=8EHHEM?D=I7IE<FH?BKD:;HJ>;H;:?J 79?B?JO
KH?D=J>;M;;AI
;D:;:FH?BM;8EHHEM;:
C?BB?ED7D:H;F7?:
C?BB?EDKD:;HJ>;H;:?J=H;;C;DJM?J>
C?BB?ED
E<EKJIJ7D:?D=8EHHEM?D=I7IE<FH?B9ECFH?I;:;DJ?H;BOE<8EHHEM?D=IKD:;HJ>;H;:?J 79?B?JO7D:KD:;HJ>;
 #&) 79?B?JOM>?9>M7IH;F7?:EDK=KIJ
IE<8EJ>FH?B7D:FH?BM;>7L;?IIK;:
C?BB?ED
7D:
C?BB?EDH;IF;9J?L;BO?DB;JJ;HIE<9H;:?JKD:;HJ>;H;:?J 79?B?JO

&2?:<.;
IE<FH?BM;7H;F7HJOJE7.;HC&E7DH;:?J=H;;C;DJJ>;X.;HC&E7DH;:?J=H;;C;DJY	M?J>.EF&?:I
&;D:E&&7D:0?J7B KD:9E&&JE?D9KHJ>;.;HC&E7D 79?B?JOM>?9>M7I7C;D:;:ED'7H9>7D:$KBO

.>;.;HC&E7DH;:?J=H;;C;DJC7JKH;IEDFH?B
.>;FHE9;;:IE<J>;.;HC&E7DIM;H;KI;:JE;.;HC&E7D 79?B?JO
 EH?D;.;HC&E7D
H;:?J =H;;C;DJ 7C;D:C;DJI :;<;HH;:  ,9/
&@;;70809?,=D,?,":?0	0-?	
KH?D= J>;  M;;AI ;D:;: FH?B   M; ?D9KHH;: 
 C?BB?ED ; .;HC &E7D H;:?J
=H;;C;DJ7D:H;F7?:KD:;HJ>;.;HC&E7DH;:?J=H;;C;DJM?J>
C?BB?EDE<EKJIJ7D:?D=8EHHEM?D=I7IE<FH?B

 KH?D= J>;  M;;AI ;D:;: FH?B   M; 8EHHEM;: 
 C?BB?ED 7D: H;F7?:  KD:;H J>; .;HC &E7D H;:?J
=H;;C;DJM?J>
C?BB?EDE<EKJIJ7D:?D=8EHHEM?D=I7IE<FH?B

232??216;.;06;4<@A@
.>;:;8J?IIK7D9;9EIJI>7L;8;;D:;<;HH;:7D:7H;FH;I;DJ;:7IDEJ;:8;BEM?DJ>;9EDIEB?:7J;:87B7D9;I>;;JI7D:7H;
IK8I;GK;DJBO7CEHJ?P;:H7J78BOEL;HJ>;J;HCE<H;IF;9J?L;:;8J
:77,=>49?3:@>,9/>
IE<
7B7D9;->;;J&E97J?ED
'7JKH?JO7J;
CEHJ?P7J?ED.;HC7	
FH?B
FH?B
H;:?J 79?B?JO*H;F7?:7D:)J>;HKHH;DJII;JI


;9;C8;H

W 

H;:?J 79?B?JO)J>;HDED9KHH;DJ7II;JI











 

H;:?J 79?B?JOIK8JEJ7B 




















 

.;HC&E7DEDJH7;8J 





















FH?B

 

.EJ7B:;<;HH;:;;D:E< ?I97BM;9ECFB;J;:L7H?EKIJH7DI79J?EDI?D9BK:?D=7C;D:?D=7D:;NJ;D:?D=J>;
C7JKH?JO:7J;E<J>;H;:?J 79?B?JOJE$KD;7D:9EDL;HJ?D=7BBEKJIJ7D:?D=FH?D9?F7B7D:?DJ;H;IJ7CEKDJIEM;:KD:;HEKH.;HC
&E7DH;:?J=H;;C;DJ?DJEI>7H;IE<EKHECCED-JE9A
 EH7::?J?ED7B?D,9/
&@;;70809?,=D,?,":?0	&@->0<@09?A09?>	


;A2?2@AE=2;@2
.>;;9EDIEB?:7J;:IJ7J;C;DJE<EF;H7J?EDI7D:97I>?DJ;H;IJF7?:
M;;AI;D:;:
FH?B
FH?B
#DJ;H;IJ#D9KHH;:
H;:?J 79?B?JO 




















































 

.;HC&E7D 























































 

.EJ7B#DJ;H;IJ#D9KHH;: 










































 

CEHJ?P7J?EDE<;<;HH;: ?D7D9?D=EIJI
H;:?J 79?B?JO 




















































 

.;HC&E7D 























































 

.EJ7BCEHJ?P7J?EDE<;<;HH;: ?D7D9?D=EIJI 





























 

#DJ;H;IJ#D9EC;D;JE<;NF;DI; 










































	 
	
.EJ7B#DJ;H;IJNF;DI; 

















































 

7I>#DJ;H;IJ*7?: 





















































 

;0<:2'.E:=960.A6<;@<;6>B616AF
IE<FH?BM;H;9E=D?P;:79KHH;DJ?D9EC;J7NH;9;?L78B;;H
9KHH;DJ7II;JIEDJ>;9EDIEB?:7J;:87B7D9;I>;;J
1;H;9;?L;:H;EH?P;: 7 IJE9A H;FKH9>7I; FHE=H7C E< KF JE  C?BB?ED ?D J>;
7==H;=7J; E< EKH EKJIJ7D:?D= 9ECCED IJE9A
 .>; IJE9A H;FKH9>7I; FHE=H7C ?I 97HH?;: EKJ 7J J>; :?H;9J?ED E< C7D7=;C;DJ
M>?9>C7O?D9BK:;7FB7DKD:;H,KB;8E<J>;-;9KH?J?;IN9>7D=;9JE<	
.>;IJE9AH;FKH9>7I;FHE=H7CC7O8;
IKIF;D:;:J;HC?D7J;:EHCE:?7I;:I>7H;IM?BB8;>;B:7IJH;7IKHOIJE9A7D:M?BB8;7L7?B78B;7I; I>7H;I KD:;H J>; IJE9A H;FKH9>7I;
FHE=H7C
IE<FH?B7FFHEN?C7J;BO
C?BB?EDH;C7?DI7L7?B78B;KD:;HJ>;IJE9AH;FKH9>7I;FHE=H7C

KH?D= ?I97B7D: ?I97BM;7BIEH;FKH9>7I;:I>7H;I7D:I>7H;IH;IF;9J?L;BOE<EKH9ECCED
IJE9A?D9EDD;9J?EDM?J>;CFBEO;;J7NM?J>>EB:?D=E8B?=7J?EDI;EKH9EDJH79JK7BE8B?=7J?EDI7IE<$KD;?DC?BB?EDI	
*7OC;DJIK;8O*;H?E:
.EJ7B
&;II.>7D
3;7H

3;7HI

3;7HI
'EH;.>7D
3;7HI
(;MH;:?J 79?B?JO7	 



















 
W 
W 

 
W
&;7I;E8B?=7J?EDI;N9BK:?D=?CFKJ;:
?DJ;H;IJ	8	



























 

 

 

 


*KH9>7I;E8B?=7J?EDI9	



















 

 

 
W 
W
)J>;HBED=J;HCB?78?B?J?;IH;;
87B7D9;I>;;JKD:;H!*:	 










W 
W 
W 
W 
W
.EJ7B 

































 

 

 

 


7	 )D$KD;IK8I;GK;DJJEJ>;;D:E< ?I97BM;9ECFB;J;:L7H?EKIJH7DI79J?EDI?D9BK:?D=7D;GK?JOH?=>JI
E<<;H?D=FH?L7J;;GK?JO?DL;IJC;DJ.;HC&E7D:;8J9EDL;HI?ED7D:H;:?J 79?B?JOH;;;J
 .>;I; JH7DI79J?EDI H7?I;: 7::?J?ED7B 97F?J7B ?9>M?BB7BIE7BBEMKIJEIJH7J;=?97BBO?DL;IJ?D?DDEL7J?ED7D:9EDJ?DK;
JE ;N;9KJ; EKH IJH7J;=?9 ?D?J?7J?L;I ?D9BK:?D= 8KJ DEJ B?C?J;: JE J>; =HEMJ> E< EKH 4=>? ,D :8;70?0 FHE=H7C
  EH
7::?J?ED7B?D,9/&@;;70809?,=D,?,":?0	&@->0<@09?A09?>	


8	 )KH9EDJH79JIOI?97B8EEAIJEH;IM?J>9EBB;=;I7D:KD?L;HI?J?;I7H;JOF?97BBOH;D;M7BEFJ?EDI8KJ97D
H7D=;;HF7HJOM?J>EKJF;D7BJOM?J>JE:7OIDEJ?9;
DDK7B
FHE@;9J?EDI7H;87I;:ED9KHH;DJC?D?CKC=K7H7DJ;;7CEKDJI
#D7FFHEN?C7J;BOE<EKH9EDJH79JIM?J>9EBB;=;I7D:
KD?L;HI?J?;IJ>7J?D9BK:;C?D?CKC=K7H7DJ;;IJ>;C?D?CKC=K7H7DJ;;:7CEKDJI7:@KIJ7DDK7BBOJE;GK7BB;IIJ>7DJ>;FH?EH
O;7HI9ECC?II?ED;7HD;:
-;;$,=??08	49,9.4,7&?,?0809?>,9/&@;;70809?,=D,?,J":?0	 0,>0>
9	 #D9BK:;I?DDEBE=O9EDJH79JI
:	 )J>;HBED=J;HCB?78?B?J?;I;N9BK:;I;NF;9J;:F7OC;DJIH;B7J;:JE;CFBEO;;8;D;,9/&@;;70809?,=D,?,J":?0
	%07,?0/$,=?D'=,9>,.?4:9>
?6A60.900;799ECF7DO?D=9EDIEB?:7J;:/
-
!*7FFB?978B;JE7=E?D=
9ED9;HD
 .>?I FH;I;DJ7J?ED 9EDJ;CFB7J;I J>; H;7B?P7J?ED E< 7II;JI 7D: J>; I7J?I<79J?ED E< B?78?B?J?;I ?D J>; DEHC7B 9EKHI; E<
8KI?D;II7D::E;IDEJ?D9BK:;7DO7:@KIJC;DJIH;B7J?D=JEJ>;H;9EL;H78?B?JO7D:9B7II?;
7CEKDJI7D:9B7II?7JC?=>JH;IKBJ;EKJ9EC;E<J>;KD9;HJ7?DJ?;I:;I9H?8;:8;BEM
*KHIK7DJJE
-$=0>09?,?4:9:149,9.4,7&?,?0809?>J:492:9.0=9K&

LC7D7=;C;DJCKIJ;L7BK7J;M>;J>;H
J>;H;7H;9ED:?J?EDI7D:;L;DJI9EDI?:;H;:?D7==H;=7J;J>7JH7?I;IK8IJ7DJ?7B:EK8J78EKJJ>;ECF7DOZI78?B?JOJE9EDJ?DK;7I
7=E?D=9ED9;HD;:7J;J>7JJ>;I;9EDIEB?:7J;:-
C7D7=;C;DJZI7D7BOI?I97DEDBO?D9BK:;J>;FEJ;DJ?7BC?J?=7J?D=?CF79JE<C7D7=;C;DJZIFB7DIJ>7J>7L;DEJ8;;D;?IIK7D9;:7J;E<J>;I;9EDIEB?:7J;:7JC7D7=;C;DJZIFB7DIM?BB
8;;<<;9J?L;BO?CFB;C;DJ;:ED7J?C;BO87I?I7D:8	?J?IFHE878B;J>7JJ>;FB7DIM>;D?CFB;C;DJ;:M?BB7BB;L?7J;J>;H;B;L7DJ
9ED:?J?EDIEH;L;DJIJ>7JH7?I;IK8IJ7DJ?7B:EK8J78EKJJ>;ECF7DOZI78?B?JOJE9EDJ?DK;7I7=E?D=9ED9;HD
#DFH;F7H?D=EKH9EDIEB?:7J;:!*M;7H;H;GK?H;:JEKI;@K:=C;DJ?DC7A?D=
;IJ?C7J;I 7D: 7IIKCFJ?EDI J>7J 7<<;9J J>; 7CEKDJI H;FEHJ;: ?D EKH 9EDIEB?:7J;: ;I;7IC7:;?JI8;IJ;IJ?C7J;I7D:@K:=C;DJIM?J>H;IF;9JJE9;HJ7?D7CEKDJI
?D9BK:;:?DJ>;;H;?I7=H;7JB?A;B?>EE:J>7J
C7J;H?7BBO:?<<;H;DJ7CEKDJIMEKB:8;H;FEHJ;:H;B7J;:JEJ>;799EKDJ?D=FEB?9?;I:;I9H?8;:8;BEM
"EM;L;H7FFB?97J?EDE<
J>;I;799EKDJ?D=FEB?9?;I?DLEBL;IJ>;;N;H9?I;E<@K:=C;DJ7D:KI;E<7IIKCFJ?EDI7IJE;I;;IJ?C7J;I
$2C2;B2$20<4;6A6<;.;1232??21$2C2;B2
$=:/@.?>,70>,9/=09?,7>
.>; C7@EH?JO E< EKH H;L;DK; ?I :;H?L;: ; I7B; E< FHE:K9JI J>HEK=> EKH 8EEAIJEH; BE97J?EDI ?D9BK:?D= L?HJK7B
8EEAIJEH;I7D:EKH8EEAIJEH;7<;FE?DJ?DJ?C;M>;D9EDJHEBE<J>;FHE:K9JI?IJH7DI<;HH;:JEEKH9KIJEC;HI?D7D7CEKDJ
J>7JH;;9EDI?:;H7J?EDM;;NF;9JJE8;;DJ?JB;:JE?D;N9>7D=;;FHE:K9JI
 EH7::?J?ED7B?D,9/&@;;70809?,=D,?,":?0
	%0A09@0	
,;J7?BFHE:K9JH;L;DK;?IH;9E=D?P;:M>;DJ>;9KIJEC;HJ7A;IF>OI?97BFEII;II?EDE<EKHFHE:K9JIM>?9>E99KHI;?J>;H7J
J>;FE?DJE<I7B;7I;:7JF>OI?97BBE97J?EDIEHKFEDH;9;?FJE<EKHFHE:K9JI8OEKH9KIJEC;HIHEK=> EKH M;8I?J;I 7D: L?HJK7B 8EEAIJEH;I
 1>EB;I7B; FHE:K9J H;L;DK; ?I H;9E=D?P;: KFED I>?FC;DJ E< F>OI?97B
J;NJ8EEAI 7J M>?9> FE?DJ J?JB; F7II;I 7D: H?IA E< BEII ?I JH7DI<;HH;: JE J>; 9KIJEC;H
 ::?J?ED7B H;L;DK; ?I H;9E=D?P;: ?FF?D=9>7H=;I8?BB;:JE9KIJEC;HI7D:I>?FF?D=9EIJI7H;799EKDJ;:?D9EIJE<=EE:IIEB:
,;L;DK; ; I7B; E< :?=?J7B J;NJ8EEAI M>?9> 9EDJ7?DI 7 I?D=B; F;H;D J>;
9KIJEC;H 799;II;I J>; :?=?J7B 9EDJ;DJ 7I FHE:K9J H;L;DK; ?D EKH 9EDIEB?:7J;: ?DJ>;9EDJ;DJE<EKH:?=?J7BJ;NJ8EEAIIK9>J>7JKFED;NF?H7J?EDE<J>;J;HCJ>;9KIJEC;H?IDEBED=;H78B;JE
799;IIJ>;9EDJ;DJ
1>?B;J>;I7B;E<J>;:?=?J7BJ;NJ8EEA7BBEMIJ>;9KIJEC;HJE799;II:?=?J7B9EDJ;DJ;:?=?J7B9EDJ;DJ?I:;B?L;H;:JEJ>;9KIJEC;HEKHF;H;H;DJ7BE<F>OI?97BJ;NJ8EEAI?I:;<;HH;:7D:H;9E=D?P;:EL;HJ>;H;DJ7BF;H?E:87I;:EDJ>;F7II7=;E<
J?C;9ECC;D9?D=7JJ>;FE?DJE<I7B;M>;D9EDJHEBE<J>;FHE:K9JJH7DI<;HIJEJ>;9KIJEC;H7D:?IH;9E=D?P;:7IH;DJ7B?D9EC;
?DEKH9EDIEB?:7J;:7DED;O;7H?D
:KH7J?ED
1;E<<;H78KOEKJEFJ?EDJE7BBEMJ>;FKH9>7I;E<7H;DJ;:F>OI?97BJ;NJ8EEA7JJ>;;D:E<J>;H;DJ7BF;H?E:?<J>;
9KIJEC;H:;I?H;IJE:EIE
1;H;9EH:J>;8KOEKJFKH9>7I;M>;DJ>;9KIJEC;H;N;H9?I;I7D:F7OIJ>;8KOEKJEFJ?EDFH?9;M>?9>
?I:;J;HC?D;:7JJ>;J?C;E<J>;8KOEKJ
#DJ>;I;?DIJ7D9;IM;799;B;H7J;7DOH;C7?D?D=:;<;HH;:H;DJ7BH;L;DK;7JJ>;FE?DJE<
I7B;


,;L;DK;H;9E=D?P;:?,DE<<;H?D=I?I9EDI?IJ;DJM?J>EKHFEB?9?;IEKJB?D;:78EL;;=HEMJ>E<"4=>?,DFHE=H7CIJ>;J?C?D=E<97I>
9EBB;9J?EDEEBF7HJD;HIC7OI>?;DJ>;H;L;DK;?IH;9E=D?P;:
1>;D7I9>EEB7:EFJI
EKH " 4=>? ,D ;GK?J78B; 7D: ?D9BKI?L; 799;II E<<;H?D=I 97I> 9EBB;9J?ED ; I9>EEB =;D;H7BBO E99KHI 7;
?DIJ?JKJ?EDI:HEF7:::7J;IM>?9>?IB7J;H?DJ>;MEHA?D=97F?J7B9O9B;F7HJ?9KB7HBO?DEKHJ>?H:GK7HJ;H=?L;DJ>;J?C?D=E<J>;
-FH?D= .;HC 7D: EKH GK7HJ;HBO H;FEHJ?D= F;H?E: 7I 9ECF7H;: JE :?H;9JJEIJK:;DJ FE?DJE<I7B; JH7DI79J?EDI M>;H; 97I> ?I
=;D;H7BBO9EBB;9J;::KH?D=J>;FE?DJE<I7B;JH7DI79J?EDEHM?J>?D7<;M:7OI;9H;:?J97H:FHE9;IIEH

1; ;IJ?C7J; H;JKHDI 87I;: ED 7D 7D7BOI?I E< >?IJEH?97B ;NF;H?;D9;
  FHEL?I?ED 7D:?I; H;JKHDI ?I
FHEL?:;:J>HEK=>7H;:K9J?EDE<I7B;I7D:9EIJE<=EE:IIEB:?DJ>;F;H?E:J>7JJ>;H;B7J;:I7B;I7H;H;9EH:;:
 EHI7B;I7D:H;DJ7BI?DLEBL?D=J>?H:F7HJOFHE:K9JIM;;L7BK7J;M>;J>;HM;7H;79J?D=7I7FH?D9?F7BEH7D7=;DJ
)KH
:;J;HC?D7J?ED?I87I;:EDEKH;L7BK7J?EDE<M>;J>;HM;9EDJHEBJ>;IF;9?;CJEJ>;
9KIJEC;H
.>;H;7H;I?=D?;J>;HM;9EDJHEBJ>;IF;9?;CJEJ>;9KIJEC;H?D9BK:?D=M>;J>;HM;>7L;J>;78?B?JOJE:?H;9JJ>;KI;E<J>;=EE:EHI;HL?9;7D:E8J7?D
IK8IJ7DJ?7BBO7BBE<J>;H;C7?D?D=8;D;;=EE:EHI;HL?9;
 EHJ>EI;JH7DI79J?EDIM>;H;M;7H;J>;FH?D9?F7BM;H;9EH:
H;L;DK;ED7=HEII87I?I7D:EI;JH7DI79J?EDIM>;H;M;7H;7D7=;DJJE7J>?H:F7HJOM;H;9EH:H;L;DK;ED7D;J87I?I

<<;9J?L; ?D FH?B  7I 9EDJ;CFB7J;: 8O J>;  & ,;B7J?EDI>?F H;B7J;: C;H9>7D:?I?D= 7=H;;C;DJ 7D: ;9ECC;H9;
7=H;;C;DJ M; 8;=7D JE JH7DI?J?ED J>; 7D:?I; I7B;I JE &?:I 7D:  7D7J?9I
 I J>; BE=E
=;D;H7BC;H9>7D:?I;I7B;I7H;;I;I7B;IED7D;J
87I?I?DEKH9EDIEB?:7J;:;H;9E=D?J?EDE<BE=E=;D;H7BC;H9>7D:?I;I7B;IED7=HEII87I?I
?DJ>;F;H?E:IFH?EHJEJ>;JH7DI?J?ED

1;:EDEJ>7L;=?;HH;L;DK;?IFH?C7H?BO:;H?L;:?9>?D9BK:;IFHECEJ?ED7B79J?L?J?;I7D:
7:L;HJ?I;C;DJIM?J>?DEKHF>OI?97B8EEAIJEH;I7D:M;8FHEF;HJ?;IF;H7B<E<J>?H:F7HJO9KIJEC;HII>?FF?D=7D:
>7D:B?D=DEDH;JKHDH;DJ7BF;D7BJO<;;I7D:H;L;DK;;HFHE=H7CI

2?05.;16@2;C2;A7D:?I;?DL;DJEH?;IM>?9>9EDI?IJE<;:=EE:I7H;IJ7J;:7JJ>;BEM;HE<9EIJEHC7HA;J
'7HA;JL7BK;E<EKH
?DL;DJEHOM>?9>?I7BBFKH9>7I;:;:=EE:I?I:;J;HC?D;:87I;:ED?JI;IJ?C7J;:D;JH;7B?P78B;L7BK;M>?9>?I=;D;H7BBO
J>;I;BB?D=FH?9;B;IIDEHC7BBOFH;:?9J78B;9EIJIE<:?IFEI7B7D:JH7DIFEHJ7J?ED

EIJ ?I :;J;HC?D;: FH?C7H?BO 8O J>; H;J7?B ?DL;DJEHO C;J>E: EB;I7B;-;=C;DJI7H;L7BK;:KI?D=J>;&# )C;J>E:7D:J>;H;B7J;:H;I;HL;M7IDEJC7J;H?7BJE
J>;H;9EH:;:7CEKDJE<EKH?DL;DJEH?;I
.>;H;M;H;DE&# )7:@KIJC;DJI?D ?I97B7D: ?I97B

,;I;HL;I ?IJEHO E< B?GK?:7J?D= DEDH;JKHD78B; ?DL;DJEHO
 ,;I;HL;
97B9KB7J?EDI 7H; I;DI?J?L; JE 9;HJ7?D I?=D?;H;?I7H;7IED78B;B?A;B?>EE:J>7JJ>;H;M?BB8;7C7J;H?7B9>7D=;?DJ>;; DEDH;JKHD78B; ?DL;DJEHO H;I;HL;
 "EM;L;H ?< 7IIKCFJ?EDI 87I;: ED EKH >?IJEHO E<
B?GK?:7J?D=DEDH;JKHD78B;?DL;DJEHO7H;?D9EHH;9JM;C7O8;;NFEI;:JEBEII;IEH=7?DIJ>7J9EKB:8;C7J;H?7B
9>7D=;
?D79JK7BDEDH;JKHD78B;?DL;DJEHOMEKB:>7L;7<<;9J;:FH;J7N;7HD?D=I8O7FFHEN?C7J;BO
C?BB?ED?D ?I97B

 EH EKH F>OI?97B 8EEAIJEH;I M; 7BIE ;IJ?C7J; 7D: 799HK; I>EHJ7=; ; F;H?E: 8;JM;;D J>; B7IJ F>OI?97B 9EKDJ E<
?DL;DJEHO7D:J>;87B7D9;I>;;J:7J;
->EHJ7=;H7J;I7H;;IJ?C7J;:7D:799HK;:87I;:ED>?IJEH?97BH7J;I7D:97D8;7<<;9J;:8O
9>7D=;I?DC;H9>7D:?I;C?N7D:9>7D=;I?D79JK7BI>EHJ7=;JH;D:I
1;:EDEJ8;B?;L;J>;H;?I7H;7IED78B;B?A;B?>EE:J>7JJ>;H;
M?BB8;7C7J;H?7B9>7D=;?DJ>;EHJ7=;H7J;I
"EM;L;H?<EKH;IJ?C7J;I
H;=7H:?D=I>EHJ7=;H7J;I7H;?D9EHH;9JM;C7O8;;NFEI;:JEBEII;IEH=7?DIJ>7J9EKB:8;C7J;H?7B
87I?IFE?DJ9>7D=;?D
79JK7BI>EHJ7=;H7J;IMEKB:>7L;7<<;9J;:FH;J7N;7HD?D=I8O7FFHEN?C7J;BO
C?BB?ED?D ?I97B

&2EA/<<8$2;A.9;C2;AOI?97B J;NJ8EEAI EKJ ED H;DJ 7H; 97J;=EH?P;: 7I J;NJ8EEA H;DJ7B ?DL;DJEH?;I
 J J>; J?C; 7 H;DJ7B JH7DI79J?ED ?I
9EDIKCC7J;:J>;8EEA?IH;CEL;:7D:?I;?DL;DJEH?;I7D:CEL;:JEJ;NJ8EEAH;DJ7B?DL;DJEH?;I7J9EIJ
.>;9EIJE<
J>;8EEA?I7CEHJ?P;::EMDJE?JI;IJ?C7J;:H;I?:K7BL7BK;EL;HJ>;H;DJ7BF;H?E:
.>;H;B7J;:7CEHJ?P7J?ED;NF;DI;?I?D9BK:;:
?D9EIJE<=EE:IIEB:
JJ>;;D:E<J>;H;DJ7BF;H?E:KFEDH;JKHDJ>;8EEA?IH;CEL;:7D:?I;?DL;DJEH?;I7J?JI7CEHJ?P;:9EIJ
1;:EDEJ8;B?;L;J>;H;?I7H;7IED78B;B?A;B?>EE:J>7JJ>;H;M?BB8;7
C7J;H?7B9>7D=;?DJ>;7J9EKB:8;C7J;H?7B
9>7D=;?DH;DJ7B9EIJ
E<=EE:IIEB:MEKB:>7L;7<<;9J;:FH;J7N;7HD?D=I8O7FFHEN?C7J;BO
C?BB?ED?D ?I97B

C.9B.A6<;<3!A52?<;46C21@@2A@:=.6?:2;A
I E< FH?B   EKH EJ>;H BED=B?L;: 7II;JI ?D9BK:; FHEF;HJO 7D: ;GK?FC;DJ EF;H7J?D= B;7I; H?=>JE<KI; 7II;JI
7CEHJ?P78B; ?DJ7D=?8B;I 7D: EJ>;H DED9KHH;DJ 7II;JI E< 
 C?BB?ED 
 C?BB?ED 
 C?BB?ED 7D: 
 C?BB?ED
H;IF;9J?L;BOEDEKH9EDIEB?:7J;:87B7D9;I>;;J

1;H;L?;MEKHBED=B?L;:7II;JI;D;L;H;L;DJIEH9>7D=;I?D9?H9KCIJ7D9;I?D:?97J;J>7JJ>;97HHO?D=
7CEKDJ E< 7D 7II;J C7O DEJ 8; H;9EL;H78B; 7D: 9EDI?:;H C7HA;J F7HJ?9?F7DJI ?D 799EH:7D9; M?J> ..:@9?492 &?,9/,=/>
:/414.,?4:9K&L


..:@9?4921:=?308;,4=809?:=4>;:>,7:1 :92 4A0/>>0?>
1;;L7BK7J;J>;BED=B?L;:
7II;JIE<J>;H;FEHJ?D=KD?JI;BEM;IJ7II;J=HEKFB;L;B?9>?D:?L?:K7B97I>;D;L7BK7J?D=BED=B?L;:7II;JI;97HHO?D=7CEKDJE<J>;7II;J=HEKFJEJ>;
;IJ?C7J;:;?CF7?HC;DJBEII97B9KB7J?ED9ECF7H;IJ>;97HHO?D=7CEKDJE<J>;7II;JIJEJ>;
<7?HL7BK;87I;:ED;IJ?C7J;::?I9EKDJ;:7JFEHJ?EDE<J>;
7II;JZI97HHO?D=L7BK;?D;N9;IIE<<7?HL7BK;

)KH 8KI?D;II >7I 8;;D I?=D?; )0# F7D:;C?9 7I C7DO I9>EEBI 7:@KIJ;: J>;?H
B;7HD?D= CE:;BI 7D: ED97CFKI 79J?L?J?;I
 BJ>EK=> CEIJ 797:;C?9 ?DIJ?JKJ?EDI >7L; I?D9; H;EF;D;: IEC; 7H; FHEL?:?D=
7BJ;HD7J?L;I JE JH7:?J?ED7B ?DF;HIED ?DIJHK9J?ED ?D9BK:?D= EDB?D; 7D: >O8H?: B;7HD?D= EFJ?EDI 7D: I?=D?7L;8;;DD;=7J?L;BO?CF79J;:EL;H7BB8O)0#9ED9;HDI7JF>OI?97B97CFKI;I
1>?B;
C7DO7J>B;J?99ED<;H;D9;IH;IKC;:J>;?HIFEHJ79J?L?J?;IEJ>;H;L;DJIIK9>7IF7H;DJ7D:7BKCD?M;;A;D:I7D:FHEIF;9J?L;
IJK:;DJ97CFKIJEKH79J?L?J?;IIEC;C7OIJ?BB8;9KHJ7?B;:EHE<<;H7L?HJK7BEFJ?ED
.>;I;9EC8?D;:;L;DJI9EDJ?DK;JE?CF79J
J>;ECF7DOZI9EKHI;C7J;H?7BI7D:=;D;H7BC;H9>7D:?I;8KI?D;II
KH?D= ?I97BM;;L7BK7J;:9;HJ7?DE<EKHIJEH;B;L;BBED=B?L;:7II;JI?DJ>;,;J7?BI;=C;DJ;H;IKBJIE<J>;?CF7?HC;DJJ;IJIM;H;9E=D?P;:7D?CF7?HC;DJBEIIDED97I>	E<
C?BB?ED8EJ>FH;J7N7D:7JE<KI;7II;JI7D:
7CEHJ?P78B;?DJ7D=?8B;IH;IF;9J?L;BOEDJ>;9EDIEB?:7J;:IJ7J;C;DJE<EF;H7J?EDI
KH?D= ?I97BM;;L7BK7J;:9;HJ7?DE<EKHIJEH;B;L;BBED=B?L;:7II;JI?DJ>;,;J7?BI;=C;DJ;H;IKBJIE<J>;?CF7?HC;DJJ;IJIM;H;9E=D?P;:7D?CF7?HC;DJBEIIDED97I>	E<
C?BB?ED8EJ>FH;J7N7D:7JE<KI;7II;JI7D:
7CEHJ?P78B;?DJ7D=?8B;IH;IF;9J?L;BOEDJ>;9EDIEB?:7J;:IJ7J;C;DJE<EF;H7J?EDI
.>;<7?HL7BK;E<J>;?CF7?H;:BED=B?L;:7II;JIM;H;:;J;HC?D;:KI?D=7D?D9EC;7FFHE79>&;L;B?DFKJ	KI?D=J>;
ECF7DOZI8;IJ;IJ?C7J;IE<J>;7CEKDJ7D:J?C?D=E<?IJEH?97B;NF;H?;D9;C7HA;J
9ED:?J?EDI9KHH;DJJH;D:I7D:F;H
,9/&@;;70809?,=D,?,":?0	,4=),7@0!0,>@=0809?>
.>; ?CF7?HC;DJ 7D7BOI?I FHE9;II H;GK?H;I I?=D? 7II;J =HEKF 7D: JE
:;J;HC?D;J>;<7?HL7BK;E<7II;J=HEKFIJ>7JM;H;DEJH;9EL;H78B;7IM;BB7IJ>;<7?HL7BK;IE<9;HJ7?DEF;H7J?D=H?=>JE<KI;
7II;JI?D9BK:;:M?J>?DJ>;7II;J=HEKFIJ>7JM;H;DEJH;9EL;H78B;
.>;I?=D?H7J;I=HEIIC7H=?DH7J;I7D:J>;;IJ?C7J;:H;B7J?EDI>?FE<I;BB?D=7D:7:C?D?IJH7J?L;9EIJIJEH;L;DK;KI;:JE;IJ?C7J;
J>;FHE@;9J;:97I>;;IJEH;I7IM;BB7IJ>;M;?=>J;:7L;H7=;9EIJE<97F?J7BKI;:
JE97B9KB7J;J>;<7?HL7BK;
-?=D?;<7?HL7BK;IE<9;HJ7?DEF;H7J?D=H?=>JE<KI;7II;JI
?D9BK:;:J>;9KHH;DJC7HA;JH;DJ7D::?I9EKDJH7J;
.>;I;7IIKCFJ?EDI7H;IK8@;9J?L;?DD7JKH;7D:7H;7<<;9J;:8O;NF;9J7J?EDI
78EKJ;;<<;9JIE<J>;=BE87BF7D:;C?9	
1;:EDEJ8;B?;L;J>;H;?I7H;7IED78B;B?A;B?>EE:J>7JJ>;H;M?BB8;7C7J;H?7B9>7D=;?DJ>;;IJ?C7J;IEH7IIKCFJ?EDIKI;:
JE97B9KB7J;BED=B?L;:7II;J?CF7?HC;DJBEII;I
"EM;L;H?<79JK7BH;IKBJI7H;DEJ9EDI?IJ;DJM?J>;IJ?C7J;I7D:7IIKCFJ?EDI
KI;:?D;IJ?C7J?D=7J9EKB:8;C7J;H?7B
:;9H;7I;
?DEKH;IJ?C7J;::?I9EKDJ;:97I>7L;C7J;H?7BBO7<<;9J;:J>;H;IKBJIE<EKHEF;H7J?EDI?D ?I97B

;0<:2&.E2@
;<;HH;: ?D9EC; J7N 87B7D9;I H;; ;<<;9JI E< J;CFEH7HO :?<<;H;D9;I 8;JM;;D J>; 97HHO?D= 7CEKDJI E< 7II;JI 7D:
B?78?B?J?;I 7D: J>;?H J7N 87I?I 7D: 7H; IJ7J;: 7J ;D79J;: J7N H7J;I ;NF;9J;: JE 8; ?D ;<<;9J M>;D J7N;I 7H; 79JK7BBO F7?: EH
H;9EL;H;:
 -=K?:7D9;ED799EKDJ?D=7J:;<;HH;:J7N7II;JI8;;L7BK7J;:;;NJ;DJM;8;B?;L;7FEHJ?EDM?BBDEJ8;H;7B?P;:
1;9EDI?:;HC7DO<79JEHIM>;D
7II;II?D= J>; B?A;B?>EE: E< ;97HHO;H H;B;L7DJ <79JEHI
 .>; 79JK7B H;7B?P7J?ED E< :;<;HH;:J7N 7II;JI C7O :?<<;H I?=D?; 7CEKDJI M; >7L;
H;9EH:;:
KH?D= J>; EH:?D7HO 9EKHI; E< 8KI?D;II J>;H; 7H; C7DO JH7DI79J?EDI 7D: 97B9KB7J?EDI ?9> J>; KBJ?C7J; J7N
:;J;HC?D7J?ED?IKD9;HJ7?D
99EKDJ?D=JEH;9E=D?P?D=7D:C;7IKH?D=KD9;HJ7?D
J7NFEI?J?EDI
.>;;J7NFEI?J?ED7DDEJJ>7JJ>;J7NFEI?J?EDM?BB8;EH?J?;I?D9BK:?D=H;IEBKJ?EDE<
H;B7J;:7FF;7BIEHB?J?=7J?EDFHE9;II;I?<7DO
.>;I;9ED:IJ;F?IJEC;7IKH;J>;J7N8;D;;B7H=;IJ7CEKDJM?J>7=H;7J;H
J>7DF;H9;DJB?A;B?>EE:E<8;?D=H;7B?P;:KFEDKBJ?C7J;I;JJB;C;DJ
 EHJ7NFEI?J?EDIJ>7J7H;F;H9;DJEHB;IIB?A;BOE<
8;?D=IKIJ7?D;:KFED7K:?JM;:EDEJH;9E=D?P;7DOFEHJ?EDE<J>7J8;D;;;D;L7BK7J?D=7D:;IJ?C7J?D=EKHJ7NFEI?J?EDI7D:J7N8;D;?9>C7OH;GK?H;F;H?E:?97:@KIJC;DJI7D:M>?9>
C7ODEJ799KH7J;BO7DJ?9?F7J;79JK7BEKJ9EC;I
)KH79JK7BH;IKBJI9EKB::?<<;HC7J;H?7BBO,9/&@;;70809?,=D,?,":?0	&@88,=D:1&429414.,9?..:@9?492$:74.40>
%0.09?..:@9?492$=:9:@9.0809?>;
9EDIEB?:7J;:;O;7HI;D:;:
FH?B7D:FH?B*)#	 
































EDIEB?:7J;:-J7J;C;DJIE<)F;H7J?EDI;O;7HI;D:;:FH?B7D:FH?B



EDIEB?:7J;:7B7D9;->;;JI7IE<FH?B7D:FH?B 






















EDIEB?:7J;:-J7J;C;DJIE<7I> BEMI;O;7HI;D:;:FH?B7D:FH?B 


EDIEB?:7J;:-J7J;C;DJIE<GK?JO;O;7HI;D:;:FH?B7D:FH?B 






(EJ;IJEEDIEB?:7J;: ?D7D9?7B-J7J;C;DJI
(EJ;
)H=7D?P7J?ED 






















































(EJ;
-KCC7HOE<-?=D?7H;








































(EJ;
 7?H07BK;';7IKH;C;DJI












































(EJ;
;8J 




























































(EJ;
&;7I;I 



























































(EJ;
-KFFB;C;DJ7HO#D;:KB;
-9>;:KB;##07BK7J?ED7D:+K7B?;-JE9A>EB:;HI7D:J>;E7H:E<?H;9JEHIE<7HD;I(E8B;:K97J?ED#D9
"=6;6<;<;A526;.;06.9&A.A2:2;A@
1; >7L; 7K:?J;: J>; 799ECF7DO?D= 9EDIEB?:7J;: 87B7D9; I>;;JI E< 7HD;I  (E8B; :K97J?ED #D9
 7D: IK8I?:?7H?;I J>;
ECF7DO	7IE<FH?B7D:FH?BJ>;H;B7J;:9EDIEB?:7J;:IJ7J;C;DJIE<EF;H7J?EDI;GK?JO7D:97I>E<J>;JMEO;7HI?DJ>;F;H?E:;D:;:FH?B7D:J>;H;B7J;:DEJ;I7D:;:KB;B?IJ;:?DJ>;
#D:;N7J#J;C7		9EBB;9J?L;BOH;<;HH;:JE7IJ>;X9EDIEB?:7J;:;9EDIEB?:7J;:
;;ECF7DO7JFH?B7D:FH?B
7D:J>;H;IKBJIE<?JIEF;H7J?EDI7D:?JI97I>E<J>;JMEO;7HI?DJ>;F;H?E:;D:;:FH?B?D
9ED/
-
=;D;H7BBO799;FJ;:799EKDJ?D=FH?D9?FB;I

.@6@3;I;;H;IFEDI?8?B?JOE<J>;ECF7DOIC7D7=;C;DJ
)KHH;IFEDI?8?B?JO?IJE;NFH;II7DEF?D?EDED
J>;ECF7DOZIJ>;*K8B?9ECF7DO
99EKDJ?D=)L;HI?=>JE7H:/D?J;:-J7J;I	*)	7D:7H;H;GK?H;:JE8;?D:;F;D:;DJM?J>H;IF;9JJEJ>;ECF7DO?D
799EH:7D9; M?J> J>; /
-
 <;:;H7B I;9KH?J?;I B7MI 7D: J>; 7FFB?978B; HKB;I 7D: H;=KB7J?EDI E< J>; -;9KH?J?;I 7D: N9>7D=;
ECC?II?ED7D:J>;*)
1;9ED:K9J;:EKH7K:?JI?D799EH:7D9;M?J>J>;IJ7D:7H:IE<J>;*)
.>EI;IJ7D:7H:IH;GK?H;J>7JM;FB7D7D:F;H;
7K:?JJEE8J7?DH;7IED78B;7IIKH7D9;78EKJM>;J>;HJ>;;J>;H:K;JE
;HHEHEH;ECF7DO?IDEJH;GK?H;:JE>7L;DEHM;H;M;;D=7=;:JEF;H;FKHFEI;E<;NFH;II?D=7DEF?D?EDEDJ>;;<<;9J?L;D;IIE<J>;ECF7DOI?DJ;HD7B9EDJHEBEL;HEF?D?ED

)KH7K:?JI?D9BK:;:F;H;H?IAIE<C7J;H?7BC?IIJ7J;C;DJE<J>;;J>;H:K;
JE;HHEHEH7JH;IFED:JEJ>EI;H?IAI
-K9>FHE9;:KH;I?D9BK:;:;N7C?D?D=ED7J;IJ87I?I
;L?:;D9;H;=7H:?D=J>;7CEKDJI7D::?I9BEIKH;I?DJ>;;799EKDJ?D=
FH?D9?FB;IKI;:7D:I?=D?;EL;H7BBFH;I;DJ7J?EDE<J>;7JEKH7K:?JIFHEL?:;7H;7IED78B;87I?I;9H?J?97B7K:?JC7JJ;HI9ECCKD?97J;:8;BEM7H;C7JJ;HI7H?I?D=;9KHH;DJF;H?E:7K:?JE<J>;7J
M;H;9ECCKD?97J;:EHH;GK?H;:JE8;9ECCKD?97J;:JEJ>;7K:?J9ECC?JJ;;7D:J>7J	H;B7J;JE799EKDJIEH:?I9BEIKH;IJ>7J
7H; C7J;H?7B JE J>; 7BB;D=?D= IK8@;9J?L; EH 9ECFB;N @K:=C;DJI
 .>;
9ECCKD?97J?EDE<9H?J?97B7K:?JC7JJ;HI:E;IDEJ7BJ;H?D7DOM7OEKHEF?D?EDEDJ>;9EDIEB?:7J;:EB;7D:M;7H;DEJ8O9ECCKD?97J?D=J>;9H?J?97B7K:?JC7JJ;HI8;BEMFHEL?:?D=I;F7H7J;EF?D?EDIEDJ>;9H?J?97B7K:?J
C7JJ;HIEHEDJ>;799EKDJIEH:?I9BEIKH;IJEM>?9>J>;OH;B7J;
!<;%2AB?;./92;C2;A.=4;?4:9
:1?30
!,??0=
I:;I9H?8;:?D(EJ;JEJ>;9EDIEB?:7J;:;ECF7DOH;I;HL;I?IJEHOE<B?GK?:7J?D=DEDH;JKHD78B;?DL;DJEHO

K:?J?D=C7D7=;C;DJZI;IJ?C7J;E<J>;H;I;HL;I;IJ?C7J;I7H;87I;:EDL7H?EKI<79JEHIJ>7J7H;7<<;9J;:8O9KHH;DJ7D:; H;I;HL; 97B9KB7J?EDI 7H; I;DI?J?L; JE 9;HJ7?D I?=D?>0/
?30!,??0=
49#@=@/4?
)KHFHE9;:KH;I?D9BK:;:7CED=EJ>;HI;L7BK7J?D=J>;I?=D?;799KH79O7D:9ECFB;J;D;IIE<J>;KD:;HBO?D=:7J7KI;:?DC7D7=;C;DJZI?DL;DJEHOH;I;HL;97B9KB7J?ED

1; H;97B9KB7J;: J>; H;I;HL; KI?D= C7D7=;C;DJZI C;J>E:EBE=O 7D: 7IIKCFJ?EDI 7D: M; ;L7BK7J;: J>;
C;J>E:EBE=O 7D: J>; I?=D?;C JE J>; H;B7J;: 79JK7B
>?IJEH?97B 79J?L?JO 7D: ;NF;9J;: ; ?CF79J E<
H;7IED78B;9>7D=;IJEJ>;I?=D?;H;9EH:;:?DL;DJEHOH;I;HL;I


<;46C21@@2A:=.6?:2;A
0>.=4;?4:9
:1?30
!,??0=
I:;I9H?8;:?D(EJ;JEJ>;9EDIEB?:7J;:;ECF7DOJ;IJI?JIBED=B?L;:7II;JI7D=;J>7JMEKB:?D:?97J;J>;97HHO?D=7CEKDJC7ODEJ8;
H;9EL;H78B;
#<J>;97HHO?D=7CEKDJE<7BED=B?L;:7II;J=HEKF	;N9;;:I?JI<7?HL7BK;J>;7II;J=HEKF	?I
MH?JJ;D :EMD JE ?JI <7?H L7BK; 7D: 7D ?CF7?HC;DJ 9>7H=; ?I H;9E=D?P;:
 KH?D= J>; ;
ECF7DOH;9E=D?P;:7D?CF7?HC;DJ9>7H=;E<
C?BB?EDH;B7J;:JEBED=B?L;:7II;JI7J9;HJ7?DE<?JIIJEH;I
K:?J?D=J>;ECF7DOI?CF7?HC;DJE<IJEH;BED=B?L;:7II;JIM7I9ECFB;N7D:>?=>BO@K:=C;DJ7B:K;JEJ>;
I?=D?7II;J=HEKF7D:JE:;J;HC?D;J>;<7?HL7BK;
E<7II;J=HEKFIJ>7JM;H;DEJH;9EL;H78B;7IM;BB7IJ>;<7?HL7BK;IE<9;HJ7?DEF;H7J?D=H?=>JE<KI;7II;JI
?D9BK:;:M?J>?DJ>;7II;J=HEKFIJ>7JM;H;DEJH;9EL;H78B;
.>;I?=D?H7J;I=HEIIC7H=?DH7J;I7D:J>;;IJ?C7J;:H;B7J?EDI>?FE<I;BB?D=7D:7:C?D?IJH7J?L;9EIJIJE
H;L;DK;KI;:JE;IJ?C7J;J>;FHE@;9J;:97I>;;IJEH;I7IM;BB
7I J>; M;?=>J;: 7L;H7=; 9EIJ E< 97F?J7B KI;: JE 97B9KB7J; J>; <7?H L7BK;
 -?=D?;<7?HL7BK;IE<9;HJ7?DEF;H7J?D=H?=>JE<KI;7II;JI?D9BK:;:J>;9KHH;DJC7HA;JH;DJ7D::?I9EKDJ
H7J;
 .>;I; 7IIKCFJ?EDI 7H; IK8@;9J?L; ?D D7JKH; 7D: 7H; 7<<;9J;: 8O ;NF;9J7J?EDI 78EKJ >0/
?30!,??0=
49#@=@/4?
)KH J;IJ?D= E< J>; ECF7DOI ?CF7?HC;DJ 7D7BOI?I ?D9BK:;: 7CED= EJ>;H FHE9;:KH;I ;L7BK7J?D= J>;
I?=D?;EF;H7J?D=:7J7KI;:JE97B9KB7J;J>;;IJ?C7J;:
;IJEH;I7D:JE:;J;HC?D;<7?HL7BK;I
1;J;IJ;:J>;9ECFB;J;D;II7D:799KH79OE<J>;:7J7KI;:8O
J>;ECF7DO?D?JI7D7BOI?I
1;7BIE9ECF7H;:J>;I?=D?;FHE@;9J;:
97I>?IJEH?97BEF;H7J?D=H;IKBJIE<J>;IJEH;IC7D7=;C;DJZI;NF;9J7J?EDIH;B7J;:JEH;9EL;HO; F7D:;C?9 7D: FK8B?I>;: J>?H:F7HJO ?D; 8KI?D;II ?D?J?7J?L;I IKFFEHJ?D= J>; 7IIKCFJ?EDI KI;: JE
;IJ?C7J; J>;  HEK=> ?DGK?H?;I E< C7D7=;C;DJ 7D: ?DIF;9J?ED E< ?DJ;HD7B 7D: ;NJ;HD7B
9ECCKD?97J?EDI

IHDIJ3EKD=&&*
1;>7L;I;HL;:7IJ>;ECF7DOI7K:?JEHI?D9;
#I;B?D(;M$;HI;O
$KBO


%!&!"('"!!!&(&%&
<;@<961.A21&A.A2:2;A@<3"=2?.A6<;@
;A5;H 













































 

,;DJ7B?D9EC; 




















































 

.EJ7BI7B;I 

























































 

EIJE<I7B;I;N9BKI?L;E<:;FH;9?7J?ED7D:7CEHJ?P7J?ED;NF;DI;	
*HE:K9J7D:EJ>;H9EIJE<I7B;I 







































 

,;DJ7B9EIJE<I7B;I 
















































 

.EJ7B9EIJE<I7B;I 



















































 

!HEIIFHE	
















































 

,;IJHK9JKH?D=7D:EJ>;H9>7H=;I 












































 

)F;H7J?D=BEII 



















































 
	 
	
#DJ;H;IJ;NF;DI;D;J 





















































 

&EII7H;E<ECCED-JE9A
7I?97D:?BKJ;:
EDJ?DK?D=EF;H7J?EDI 

















































	 

	
?I9EDJ?DK;:EF;H7J?EDI 















































	 

	
.EJ7B7I?97D:?BKJ;:7HD?D=IF;HI>7H; 




































	 

	
1;?=>J;:7L;H7=;I>7H;IE<9ECCEDIJE9AEKJIJ7D:?D=7I?97D:?BKJ;:









 
 

-;;799ECF7DO?D=DEJ;IJE9EDIEB?:7J;:7D:97I>;GK?L7B;DJI 













































 

,;9;?L78B;ID;J 





















































 

';H9>7D:?I;?DL;DJEH?;ID;J











































 

.;NJ8EEAH;DJ7B?DL;DJEH?;I 












































 

*H;F7?:;NF;DI;I7D:EJ>;H9KHH;DJ7II;JI

































 

II;JI>;B:JE<KI;7II;JI 










































 

#DJ7D=?8B;7II;JID;J 





















































 

;<;HH;:J7N7II;JID;J 


















































W 

)J>;HDED9KHH;DJ7II;JI



















































 

.EJ7B7II;JI

























































 

&##&#.#-(-.)%")&,-+/#.3
KHH;DJB?78?B?J?;I
99EKDJIF7O78B;




















































 

99HK;:B?78?B?J?;I 



















































 

KHH;DJEF;H7J?D=B;7I;B?78?B?J?;I 







































 

&?78?B?J?;I>;B:;HBED=J;HCB?78?B?J?;I

















































 

&ED=J;HC8EHHEM?D=I 



















































 

.EJ7BB?78?B?J?;I 


















































 

ECC?JC;DJI7D:9EDJ?D=;D9?;I 










































W 
W
-JE9A>EB:;HI;GK?JO
*H;<;HH;:IJE9A
F7HL7BK;7KJ>EH?P;:I>7H;II>7H;I?IIK;:7D:
I>7H;IEKJIJ7D:?D= 
















































W 
W
ECCEDIJE9A
F7HL7BK;7KJ>EH?P;:I>7H;I?IIK;:7D:
I>7H;IH;IF;9J?L;BOEKJIJ7D:?D=7D:I>7H;IH;IF;9J?L;BO 










 

::?J?ED7BF7?:?D97F?J7B 













































 

99KCKB7J;::;EB:;HI;GK?JO










































 

.EJ7BB?78?B?J?;I7D:IJE9A>EB:;HI;GK?JO 






























 

-;;799ECF7DO?D=DEJ;IJE9EDIEB?:7J;:	













































 

';H9>7D:?I;?DL;DJEHOBEII












































W 
W
EDJ;DJ7CEHJ?P7J?ED;NF;DI; 










































W 

CEHJ?P7J?EDE<:;<;HH;:?DJ;H;IJ;NF;DI;F7?:?DA?D:	 


































 
W
;<;HH;:J7N;I 























































	 

-JE9A87I;:9ECF;DI7J?ED;NF;DI; 






































 

>7D=;I?DEF;H7J?D=B;7I;H?=>JE<KI;7II;JI7D:B?78?B?J?;I


















 

>7D=;I?DEJ>;HBED=J;HC7II;JI7D:B?78?B?J?;I7D:EJ>;HD;J 

















	 

>7D=;I?DEJ>;HEF;H7J?D=7II;JI7D:B?78?B?J?;ID;J
,;9;?L78B;ID;J 


















































	 

';H9>7D:?I;?DL;DJEH?;I 











































	 
	
.;NJ8EEAH;DJ7B?DL;DJEH?;I 









































	 
	
*H;F7?:;NF;DI;I7D:EJ>;H9KHH;DJ7II;JI 






























 

99EKDJIF7O78B;7D:799HK;:B?78?B?J?;I































 

>7D=;I?DEJ>;HEF;H7J?D=7II;JI7D:B?78?B?J?;ID;J 

























 

(;J97I>7I;IE<FHEF;HJO7D:;GK?FC;DJ 





































	 
	
>7D=;I?DEJ>;HDED9KHH;DJ7II;JI7D:EJ>;H 






























 

(;J97I>7I;E<JH;7IKHOI>7H;I 













































	 
	
*HE9;;:I;;N;H9?I;E<IJE9AEFJ?EDID;J 



























W 
W
(;J97I>97I>;GK?L7B;DJI7D:H;IJH?9J;:97I> 

















	 

7I>97I>;GK?L7B;DJI7D:H;IJH?9J;:97I>7J8;=?DD?D=E<F;H?E: 



















 

7I>97I>;GK?L7B;DJI7D:H;IJH?9J;:97I>7J;D:E<F;H?E:

























 



&;II7I>7D:97I>;GK?L7B;DJIE<:?I9EDJ?DK;:EF;H7J?EDI7J;D:E<F;H?E: 










W 
	
7I>97I>;GK?L7B;DJI7D:H;IJH?9J;:97I>E<9EDJ?DK?D=EF;H7J?EDI7J;D:E<F;H?E:





 

-KFFB;C;DJ7B97I>F7?::KH?D=J>;F;H?E:B6AF
;A5B6AF
.9.;02.A=?69


 

 




	 
 
	 

-JE9A87I;:9ECF;DI7J?ED
;NF;DI; 


















0;IJ;:;GK?JO7M7H:I 





 


	

W
->7H;IH;FKH9>7I;:>EB:?D=I7H;IH;FKH9>7I;:>EB:?D=I>?30.:9?0C?:?30=B4>049/4.,?0>=010=09.0>49?30>0":?0>?:?30,..:8;,9D492.:9>:74/,?0/149,9.4,7>?,?0809?>?:
KB0L K@>L K:@=L ,9/ K?30 :8;,9DL =010= ?: ,=90>  ":-70 /@.,?4:9 9.	 := K"L , 07,B,=0 .:=;:=,?4:9	
%010=09.0>?:K,=90>":-70:77020L=010=?::@=.:77020-::6>?:=0-@>490>>:;0=,?0/?3=:@23:@=>@->4/4,=D,=90>
":-70 :77020 ::6>0770=>   	 %010=09.0> ?: K!&L =010= ?: :@= A4=?@,7 -::6>?:=0 ,9/ B3:70>,70 ?0C?-::6 /4>?=4-@?4:9
-@>490>>:;0=,?0/?3=:@23:@=>@->4/4,=D!&'0C?-::6C.3,920  	
!;B7H=;IJ9EDJH79JEF;H7JEHIE<F>OI?97B7D:L?HJK7B8EEAIJEH;I; /D?J;: -J7J;I
 1; 7H; 7BIE ED; E< J>; B7H=;IJ J;NJ8EEA
M>EB;I7B;HI 7D: ?DL;DJEHO C7D7=;C;DJ >7H:M7H; 7D: IEOI?97B L?HJK7B 7D: 9KIJEC
8EEAIJEH;I7D:I;HL;CEH;J>7D
C?BB?EDIJK:;DJI:;B?L;H?D=;II;DJ?7B;:K97J?ED7B9EDJ;DJJEEBI7D:=;D;H7BC;H9>7D:?I;
M?J>?D7:OD7C?9ECD?9>7DD;BH;J7?B;DL?HEDC;DJ

.>;IJH;D=J>IE<EKH8KI?D;II?D9BK:;EKH78?B?JOJE9ECF;J;8O:;L;BEF?D=D;MFHE:K9JI7D:IEBKJ?EDIJEC;;JC7HA;J
D;;:IEKHB7H=;EF;H7J?D=:?H;9J799;IIJEIJK:;DJI7D:<79KBJOEKHM;BB;IJ78B?I>;::;;FH;B7J?EDI>?FIM?J>
797:;C?9F7HJD;HI7D:IJ78B;BED=J;HC9EDJH79JI7D:EKHM;BBH;9E=D?P;:8H7D:I
1;FHEL?:;FHE:K9J7D:I;HL?9;E<<;H?D=I
:;I?=D;: JE 7::H;II J>; CEIJ FH;II?D= ?IIK;I ?D >?=>;H ;:K97J?ED ?D9BK:?D= ;GK?J78B; 799;II ;D>7D9;: 9EDL;D?;D9; 7D:
?CFHEL;:7<HEK=>?DDEL7J?L;9EKHI;C7J;H?7B:;B?L;HOCE:;BI:;I?=D;:JE:H?L;?CFHEL;:IJK:;DJ;NF;H?;D9;I7D:
EKJ9EC;I
1;E<<;HEKH"4=>?,DU;GK?J78B;7D:?D9BKI?L;799;IIFHE=H7CI9EDI?IJ?D=E<4=>?,D:8;70?07D:4=>?
,DM>?9>FHEL?:;<79KBJOH;GK?H;:9EKHI;C7J;H?7BIEDEH8;;;I;FHE=H7CI>7L;7BBEM;:KIJE
H;L;HI;>?IJEH?97BBED=J;HCJH;D:I?D9EKHI;C7J;H?7BIH;L;DK;:;9B?D;IM>?9>>7I8;;DE8I;HL;:7JJ>EI;I9>EEBIM>;H;IK9>
FHE=H7CI >7L; 8;;D 7:EFJ;: 7D: ?CFHEL; FH;:?9J78?B?JO E< EKH ? ,D <@4?,-70 ,9/ 9.7@>4A0
..0>>$=:2=,8>:?I9KII?ED8;BEM	
1; ;NF;9J JE 9EDJ?DK; JE ?DJHE:K9; I97B78B; 7D: 7:L7D9;: IEBKJ?EDI ; IJK:;DJ 7D: 9KIJEC;H
;NF;H?;D9;;NF7D:EKH;9ECC;H9;97F78?B?J?;I7D:799;B;H7J;IK9>97F78?B?J?;IJ>HEK=>EKHI;HL?9;FHEL?:;HI 7D7J?9I,;J7?B
!HEKF KB;H;?D7I
J>;X &,;B7J?EDI>?FY	M?DD;M799EKDJI7D:;NF7D:EKHH;L;DK;EFFEHJKD?J?;IJ>HEK=>IJH7J;=?9H;B7J?EDI>?FI
1;;NF;9J
=HEII 9ECF7H78B; IJEH; =;D;H7B C;H9>7D:?I; I7B;I JE ?D9H;7I; EL;H J>; BED= J;HC 7I EKH FHE:K9J 7IIEHJC;DJI 9EDJ?DK; JE
;CF>7I?P;7D:H;7D=?D=9EDIKC;HJH;D:I7D:M;;LEBL;EKHFH;I;DJ7J?ED9ED9;FJI7D:C;H9>7D:?I?D=E<FHE:K9JI?D
IJEH;I7D:EDB?D;M>?9>M;;NF;9JJE8;;H;D>7D9;:7D:799;B;H7J;:J>HEK=>J>; &,;B7J?EDI>?F
 7D7J?9I7D:&?:I
79J?D=EDEKH8;>7B<7IEKHI;HL?9;FHEL?:;HIFHEL?:;KDF7H7BB;B;:FHE:K9J7IIEHJC;DJ;9ECC;H9;97F78?B?J?;I7D:FEM;HE<EKHBE=E=;D;H7BC;H9>7D:?I;8KI?D;II

-;;%07,?4:9>34;B4?3,9,?4.>,9/ 4/>:?I9KII?ED8;BEM	
.>; ,=90>  ":-70 8H7D: B?9;DI;:  EKH IK8I?:?7HO 8H7D:I " 7D: !& 7H;
IODEDOCEKIM?J>?DDEL7J?ED?D8EEAI;BB?D=7D:97CFKIH;J7?B?D=7D:7H;M?:;BOH;9E=D?P;:7D:H;IF;9J;:8H7D:I?DJ>;/D?J;:
-J7J;I
 )KH B7H=; 9EBB;=; ; C7HA;JFB79; DEJ EDBO IKFFEHJ EKH C7HA;J?D= ;<?FM?J>B;7:?D=FK8B?I>;HIM>EH;BOEDKI7IED;E<
J>;?HFH?C7HO:?IJH?8KJ?ED9>7DD;BI

 6?@A.F>B6A./92.;1;09B@6C2002@@"?<4?.:@
1; FHEL?:; FHE:K9J 7D: I;HL?9; E<<;H?D=I :;I?=D;: JE 7::H;II J>; CEIJ FH;II?D= ?IIK;I ?D >?=>;H ;:K97J?ED ?D9BK:?D=
;GK?J78B; 799;II ;D>7D9;: 9EDL;D?;D9; 7D: ?CFHEL;: 7<HEK=> ?DDEL7J?L; 9EKHI; C7J;H?7B :;B?L;HO CE:;BI
:;I?=D;:JE:H?L;?CFHEL;:IJK:;DJ;NF;H?;D9;I7D:EKJ9EC;I
1;E<<;HEKH"4=>?,DU;GK?J78B;7D:?D9BKI?L;799;II
FHE=H7CI9EDI?IJ?D=E<4=>?,D:8;70?07D:4=>?,DM>?9>FHEL?:;<79KBJOH;GK?H;:9EKHI;C7J;H?7BIEDEH8;;
;M;;AI;D:;:FH?B"4=>?,DJEJ7BH;L;DK;?D9H;7I;:8OEHJE
9ECF7H;:JE:KH?D=J>;FH?EHO;7HF;H?E:

H 4=>? ,D :8;70?0 ?I 7:EFJ;: 8O 7D ?DIJ?JKJ?ED 7D: ?D9BK:;I 7BB EH J>; C7@EH?JO E< KD:;H=H7:K7J; 9B7II;I 7D: ED
E997I?ED=H7:K7J;9B7II;I	FHEL?:?D=IJK:;DJI8EJ>F>OI?97B7D::?=?J7BC7J;H?7BI
.>;4=>?,D:8;70?0CE:;B:H?L;I
IK8IJ7DJ?7BBO=H;7J;HKD?JI7B;I7D:I;BBJ>HEK=>;8EEAIJEH;
#DJ>;-FH?D=E<97CFKIIJEH;I7H;KJ?B?P?D=
4=>?,DH:8;70?0H;FH;I;DJ?D=;DHEBBC;DJE<D;7HBOKD:;H=H7:K7J;7D:FEIJ=H7:K7J;IJK:;DJI7IH;FEHJ;:8O
(7J?ED7B;DJ;H;  M;;AI ;D:;: FH?B   4=>? ,D :8;70?0 I7B;I ?D9H;7I;: 8O  EH 
 JE
7I9ECF7H;:JE?DJ>;FH?EHO;7HF;H?E:

%!&!"('"!!!&(&%&
!?,D?I7:EFJ;:8O7<79KBJOC;C8;HHEK=>J>;?HI9>EEBIB;7HD?D=C7D7=;C;DJIOIJ;C&'-	
KH?D=J>;M;;AI;D:;:FH?B4=>?,DI7B;I
?D9H;7I;:8OEH
JE7I9ECF7H;:JE?DJ>;FH?EHO;7HF;H?E:
)<<;H?D= 9EKHI; C7J;H?7BI J>HEK=> EKH ;GK?J78B; 7D: ?D9BKI?L; 799;II 4=>? ,D :8;70?0 7D: 4=>? ,D CE:;BI ?I 7D
?CFEHJ7DJIJH7J;=?9?D?J?7J?L;E<EKHIJEC;;JJ>;C7HA;J:;C7D:IE<IK8IJ7DJ?7BBOH;:K9;:FH?9?D=JEIJK:;DJI7IM;BB7IJ>;
EFFEHJKD?JOJE?CFHEL; IJK:;DJ EKJ9EC;I M>?B; 7J J>; I7C; J?C; ?D9H;7I?D= EKH C7HA;J I>7H; H;L;DK; 7D: H;B7J?L; =HEII
FHE;>?=>;HLEBKC;IE<KD?JIIEB:?DIK9>CE:;BI7I9ECF7H;:JE>?IJEH?97BI7B;ICE:;BI
J>7JH;BOED?D:?L?:K7BIJK:;DJC7HA;J?D=7D:I7B;I
.>;I;FHE=H7CI>7L;7BBEM;:KIJEH;L;HI;>?IJEH?97BBED=J;HCJH;D:I?D
9EKHI;C7J;H?7BIH;L;DK;:;9B?D;IM>?9>>7I8;;DE8I;HL;:7JJ>EI;I9>EEBIM>;H;IK9>FHE=H7CI>7L;8;;D7:EFJ;:7D:
?CFHEL;FH;:?9J78?B?JOE<EKH;=HEMJ>E<EKH"4=>?,DFHE=H7CIE<;:;9B?D;I?D7B7
97HJ;9EKHI;M7H;I7B;I7D:9BEI;:IJEH;I7B;I
1;7H;CEL?D=GK?9ABOJE799;B;H7J;EKH4=>?,D:8;70?0IJH7J;=O
'7DO
?DIJ?JKJ?EDI7:EFJ;:4=>?,D:8;70?0?D ?I97B7D:M;FB7DJE9EDJ?DK;JEI97B;J>;DKC8;HE<I9>EEBI7:EFJ?D=4=>?
,D:8;70?0?D ?I97B7D:8;OED:

$29.A6<;@56=D6A5.;.A60@.;161@
#D;9;C8;HM;;DJ;H;:?DJEJ>; &,;B7J?EDI>?F
 7D7J?9I7D:&?:I79J?D=EDEKH8;>7B<7IEKHI;HL?9;FHEL?:;HI
FHEL?:;KDF7H7BB;B;:FHE:K9J7IIEHJC;DJ;9ECC;H9;97F78?B?J?;I7D:FEM;H E< EKH BE=E =;D;H7B C;H9>7D:?I; 8KI?D;II
  7D7J?9I EF;H7J;I 7I EKH I;HL?9; FHEL?:;H
?D9BK:?D= FHE9;II?D= 9EDIKC;H F;HIED7B ?D7B< KI?D= J>;?H 9KJJ?D=;:=; ;9ECC;H9; 7D: J;9>DEBE=O
;NF;HJ?I;JEE<<;HEKH97CFKIIJEH;M;8I?J;I;NF7D:;:FHE:K9JI;B;9J?ED7MEHB:9B7IIEDB?D;7D:CE8?B;;NF;H?;D9;7D:7
FHE=H;II?L; :?H;9JJE9EDIKC;H FB7J &?:I J>; B;7:?D= IJ7D:7BED; 8H?9A 7D: CEHJ7H H;J7?B;H 7L;?CFHEL;:799;IIJEJH;D:7D:I7B;IF;H?FI M?J> 97CFKI F7HJD;HI 7D: H;C7?D H;IFEDI?8B; ; :7OJE:7O
EF;H7J?EDI E< EKH 97CFKI 8EEAIJEH;I
 1; 7BIE MEHA 9BEI;BO M?J> EKH 97CFKI F7HJD;HI JE ;DIKH; J>7J ;79> 97CFKI IJEH;
C7?DJ7?DIKD?GK;7IF;9JIE<?DIJEH;C;H9>7D:?I?D=?D9BK:?D=BE97B?P;:FHE:K9J7IIEHJC;DJI7D:IF;9?7J
H;97CFKIZI8H7D:
1;B;L;H7=; 7D7J?9IZ;9ECC;H9;J;9>DEBE=O7D:;NF;HJ?I;;EF;H7J?ED7BC7D7=;C;DJE<
J>;;C8B;C7J?9C;H9>7D:?I;7D:=?7D:?I?D=E<;C8B;C7J?97FF7H;B>;7:M;7H7D:=?;?DL;DJEHO
?JC7D7=;IH;B?;L?D=KIE<J>;E8B?=7J?EDJE7I;I; H;IKBJI E< EF;H7J?EDI H;7L;8;;D;B?C?D7J;:?D9EDIEB?:7J?ED
)KH9EDIEB?:7J;:  799EKDJ?D= FH?D9?FB;I
=;D;H7BBO 799;FJ;: ?D J>; /D?J;: -J7J;I X!*Y	
 (;J ?D9EC; BEII	 ?I ;GK7B JE 9ECFH;>;DI?L; ?D9EC; BEII	 ED EKH
9EDIEB?:7J;:IJ7J;C;DJE<EF;H7J?EDI
#DJ>;EF?D?EDE<J>;ECF7DOZIC7D7=;C;DJJ>;799ECF7DO?D=9EDIEB?:7J;:;ECF7DO9EDJ7?D7BB7:@KIJC;DJI9EDI?IJ?D=E<EDBODEHC7BH;9KHH?D=7:@KIJC;DJI	D;9;II7HOJEFH;I;DJ<7?HBO
?JI9EDIEB?:7J;:;H;IKBJIE<?JIEF;H7J?EDI7D:97I>;F;H?E:IH;FEHJ;:

)KH;-7JKH:7O9BEI;IJJEJ>;B7IJ:7OE<FH?B
.>;E<J>;B7IJJ>H;;;M;;AI;D:;:FH?BX ?I97BY	7D:M;;AI
;D:;:FH?BX ?I97BY	
)D$KD;IK8I;GK;DJJEJ>;;D:E< ?I97BM;9ECFB;J;:L7H?EKIJH7DI79J?EDI?D9BK:?D=7D;GK?JOH?=>JI
E<<;H?D=
;97KI;J>;H?=>JI?IIK7D9;M7IE<<;H;:JE7BB;N?IJ?D=IJE9A>EB:;HI7J7D;N;H9?I;FH?9;J>7JM7IB;IIJ>7DJ>;<7?H
L7BK;E<EKHECCED-JE9A7IE<IK9>J?C;J>;M;?=>J;:7L;H7=;I>7H;IEKJIJ7D:?D=7D:87I?97D::?BKJ;:;7HD?D=IBEII	F;H
I>7H;M;H;7:@KIJ;:H;JHE79J?L;BOJEH;;8EDKI;B;C;DJE<J>;H?=>JIE<<;H?D=; ;D: E<  ?I97B  M; 9ECFB;J;: 7 H;L;HI; IJE9A IFB?J E< EKH EKJIJ7D:?D= I>7H;I E<
9ECCEDIJE9A7J7H7J?EE<?9>;L;HOI>7H;IE<J>;9ECCEDIJE9A?IIK;:7D:EKJIJ7D:?D=M7I9EDL;HJ;:?DJE
ED;I>7H;E<EKH9ECCEDIJE9A
.>;M;?=>J;:7L;H7=;9ECCEDI>7H;I7D:BEIIF;H9ECCEDI>7H;H;;8EDKI;B;C;DJ
H;IKBJ?D=;;GK?JOH?=>JIE<<;H?D=7D:J>;H;L;HI;IJE9AIFB?J;9EDIEB?:7J;:IJ7J;C;DJIE<
EF;H7J?EDI
  EH 7::?J?ED7B ?D ,9/ &@;;70809?,=D ,?,  ":?0 	
&@->0<@09?A09?>	
%!&!"('"!!!&(&%&
!B616AF.;1<6;4<;02?;C.9B.A6<;6;0<;7B;0A6<;D6A5A526@@B.;02<3A52=?69


<;@<961.A216;.;06.9
&A.A2:2;A@
.>;799ECF7DO?D=9EDIEB?:7J;:/
-
!*7FFB?978B;JE7=E?D=
9ED9;HD
 .>?I FH;I;DJ7J?ED 9EDJ;CFB7J;I J>; H;7B?P7J?ED E< 7II;JI 7D: J>; I7J?I<79J?ED E< B?78?B?J?;I ?D J>; DEHC7B 9EKHI; E<
8KI?D;II7D::E;IDEJ?D9BK:;7DO7:@KIJC;DJIH;B7J?D=JEJ>;H;9EL;H78?B?JO7D:9B7II?;
7CEKDJI7D:9B7II?7JC?=>JH;IKBJ;EKJ9EC;E<J>;KD9;HJ7?DJ?;I:;I9H?8;:8;BEM
*KHIK7DJJE-$=0>09?,?4:9:149,9.4,7&?,?0809?>J:492:9.0=9K&

LC7D7=;C;DJCKIJ
;L7BK7J;M>;J>;HJ>;H;7H;9ED:?J?EDI7D:;L;DJI9EDI?:;H;:?D7==H;=7J;J>7JH7?I;IK8IJ7DJ?7B:EK8J78EKJJ>;ECF7DOZI
78?B?JOJE9EDJ?DK;7I7=E?D=9ED9;HD;:7J;J>7JJ>;I;9EDIEB?:7J;:7H;D;J97I>?=>BO:;F;D:;DJEDJ>;I;7IED7BD7JKH;E<EKH8KI?D;IIF7HJ?9KB7HBOM?J>H;IF;9JJE9EKHI;C7J;H?7BI7B;I7II7B;I
7H; =;D;H7BBO >?=>;IJ ?D J>; I;9ED: 7D: J>?H: ;D 9EBB;=; IJK:;DJI =;D;H7BBO FKH9>7I; J;NJ8EEAI ;
KF9EC?D=  7BB 7D: -FH?D= I;C;IJ;HI H;IF;9J?L;BO
 .>; J?=>J;D?D= E< EKH 7L7?B78B; 9H;:?J 9ECC?JC;DJI ?D9BK:?D= J>;
;B?C?D7J?ED7D:H;F7OC;DJE<EKHI;7IED7B8EHHEM?D=<79?B?JO #&) 79?B?JO	E<>7I>7:7I?=D?EEB9ECC?II?ED
F7OC;DJI
)KHH;9KHH?D=BEII;I7D:FHE@;9J;:97I>D;;:I9EC8?D;:M?J>EKH9KHH;DJB?GK?:?JOB;L;BI7D:J>;C7JKH?JOE<EKH
H;:?J 79?B?JO7D:.;HC&E7DM>?9>M;H;EH?=?D7BBOI9>;:KB;:JE8;9EC;:K;ED;9;C8;H7D:FH?B
H;IF;9J?L;BOH7?I;:IK8IJ7DJ?7B:EK8J78EKJEKH78?B?JOJE9EDJ?DK;7I7=E?D=9ED9;HD8;OED:JM;BL;CEDJ>I;?IIK7D9;
E<EKHJ>?H:GK7HJ;H7I:?I9BEI;:?DEKHFH;L?EKIBO;;D:E< ?I97BM;9ECFB;J;:L7H?EKIJH7DI79J?EDI?D9BK:?D=7D;GK?JOH?=>JI
E<<;H?D=FH?L7J;;GK?JO?DL;IJC;DJ.;HC&E7D:;8J9EDL;HI?ED7D:H;:?J 79?B?JOH;;;J
.>;I;JH7DI79J?EDIH7?I;:7::?J?ED7B97F?J7B;.H7DI79J?EDIED$KD; 
T
1;H;9;?L;:=HEIIFHE9;;:IE<E<D;M;GK?JO97F?J7BJ>HEK=>7D;M;GK?JO?DL;IJC;DJJ>;X*H?L7J;
#DL;IJC;DJY	B;:8O#CC;HI?EDEHFEH7J?EDX#CC;HI?EDY	7D:7JIE<<;H?D=J>;
X,?=>JI)<<;H?D=Y	
.>;.H7DI79J?EDI?DFHE9;;:I7;
JH7DI79J?EDH;IKBJ;:?D#CC;HI?EDE8J7?D?D=9EDJHEBB?D=;H;7D9;EKH; ;GK?JO H?=>JI E<<;H?D= FH?L7J; ;GK?JO ?DL;IJC;DJ .;HC &E7D :;8J 9EDL;HI?ED 7D: H;:?J  79?B?JO
H;7J IK8IJ7DJ?7B :EK8J 78EKJ J>; ECF7DOI 78?B?JO JE
9EDJ?DK;7I7=E?D=9ED9;HDDEBED=;H;N?IJI
 EH7::?J?ED7B?D;H?=>JIE<<;H?D=D;M;GK?JO?DL;IJC;DJ
.;HC&E7D9H;:?J7=H;;C;DJ:;8J9EDL;HI?ED7D:H;:?J 79?B?JOH;
,9/&@;;70809?,=D,?,":?0	0-?,9/":?0	&@->0<@09?A09?>	
&2.@<;.96AF
)KH8KI?D;II?I>?=>BOI;7IED7B
 EH;N7CFB;EKHH;J7?B8KI?D;II?II;7IED7BF7HJ?9KB7HBOM?J>H;IF;9JJEJ;NJ8EEAI7B;I7D:
H;DJ7BIM?J>J>;C7@EHFEHJ?EDE<I7B;I7D:EF;H7J?D=FHE;I;9ED:7D:J>?H:;D9EBB;=;
IJK:;DJI=;D;H7BBOFKH9>7I;7D:H;DJJ;NJ8EEAI;KF9EC?D=I;C;IJ;HI7D:BEM;IJ?DJ>;;J?C?D=E<J>;IJ7HJE<J>;L7H?EKII9>EEBIZI;C;IJ;HIJ>;78?B?JOJEI;9KH;
?DL;DJEHOED7J?C;BO87I?I7IM;BB7II>?;9ED9;DJH7J?EDE<:?=?J7BFHE:K9JI7B;I?D9H;7I;IH;L;DK;M?BB8;H;9E=D?P;:;7HB?;H:KH?D=J>;797:;C?9J;HC7I
:?=?J7BJ;NJ8EEAH;L;DK;?IH;9E=D?P;:M>;DJ>;9KIJEC;H799;II;IJ>;:?=?J7B9EDJ;DJ9ECF7H;:JE?	J>;H;DJ7BE<F>OI?97B
J;NJ8EEAM>;H;H;L;DK;?IH;9E=D?P;:EL;HJ>;H;DJ7BF;H?E:7D:??	7B797HJ;9EKHI;M7H;I7B;IM>;H;H;L;DK;?IH;9E=D?P;:
M>;DJ>;9KIJEC;HJ7A;IF>OI?97BFEII;II?EDE<EKHFHE:K9JIM>?9>E99KHI;?J>;H7JJ>;FE?DJE<I7B;7I;:7J
F>OI?97B BE97J?EDI EH KFED H;9;?FJ E< EKH FHE:K9JI 8O EKH 9KIJEC;HI HEK=> EKH M;8I?J;I 7D: L?HJK7B
8EEAIJEH;I
%!&!"('"!!!&(&%&
!;I; I>?; 9ECF7H78?B?JO E< EKH H;IKBJI 79HEII F;H?E:I
 -7B;I 7JJH?8KJ78B; JE EKH M>EB;I7B;
8KI?D;II7H;=;D;H7BBO>?=>;IJ?DEKH?H:GK7HJ;HI7I?JI;BBIJ;NJ8EEAI7D:EJ>;H9EKHI;C7J;H?7BI!*M;7H;H;GK?H;:JEC7A;;IJ?C7J;I7D:7IIKCFJ?EDIJ>7J7<<;9J
J>;H;FEHJ;:7CEKDJI?DJ>;9EDIEB?:7J;:EI;
;IJ?C7J;I
6@0<;A6;B21"=2?.A6<;@
KH?D=J>;GK7HJ;HE< ?I97B7II;JIH;B7J;:JEEKH424?,7&?@/09?&:7@?4:9>&&&02809?C;JJ>;9H?J;H?7
J>;---;=C;DJ7H;FH;I;DJ;:?DEKH9EDIEB?:7J;:87B7D9;I>;;JI7III;JI";B:;H;IKBJIE<EF;H7J?EDIH;B7J;:JEJ>;---;=C;DJ7H;?D9BK:;:?DJ>;9EDIEB?:7J;:IJ7J;C;DJIE<
EF;H7J?EDI7I&EII;97I>;---;=C;DJ7H;7BIEFH;I;DJ;:I;F7H7J;BO
?DEKH9EDIEB?:7J;:IJ7J;C;DJIE<97I>; 799ECF7DO?D= DEJ;I >7L; 8;;D H;9B7II?; II;J ";B: ;I7B;E<J>;I;7II;JIH;B7J;:JEEKH---;=C;DJFHE9;;:IE<D;JE<
9;HJ7?D JH7DI79J?ED <;;I I;L;H7D9; 9EIJI ;I9HEM 7D: EJ>;H 9EDI?:;H7J?EDI
 KH?D= J>;  M;;AI ;D:;: FH?B   M;
H;9EH:;: 7 !7?D ED -7B; E< KI?D;II E<  ?D &EII ; I7B;
 (;J 97I>
FHE9;;:I;I7B;M;H;KI;:;;EF;H7J?D=H;IKBJIE<J>;:?I9EDJ?DK;:EF;H7J?EDI;F;H?E:I?D:?97J;:
M;;AI;D:;:
:77,=>49?3:@>,9/>
FH?B
FH?B
.EJ7BI7B;I































































 

EIJE<I7B;I7	 


























































 

!HEIIFHE	8	
















































 
W
,;IJHK9JKH?D=9EIJI9	 






















































 

.H7DI79J?ED9EIJI 
























































 

)F;H7J?D=BEII 
























































	 
	
#D9EC;J7N;NF;DI; 






















































 

&EII;---;=C;DJ?D9BK:;I7CEHJ?P7J?ED;NF;DI;DED97I>	H;B7J;:JE9EDJ;DJ:;L;BEFC;DJ9EIJIE<
7D:;M;;AI;D:;:FH?B7D:FH?BH;IF;9J?L;BO
8	 KH?D= J>;  M;;AI ;D:;: FH?B   M; H;9E=D?P;: 7D ?CF7?HC;DJ BEII DED97I>	 E<  8EJ> FH;J7N 7D: 7JE<KI; 7II;JI H;IF;9J?L;BO ED J>; 9EDIEB?:7J;:
IJ7J;C;DJE<EF;H7J?EDI7IF7HJE<:?I9EDJ?DK;:EF;H7J?EDI
9	 KH?D=J>;M;;AI;D:;:FH?B7D:FH?BM;H;9E=D?P;:H;IJHK9JKH?D=7D:EJ>;H9>7H=;IE<7D:
H;IF;9J?L;BO9ECFH?I;:E<I;L;H7D9;7D:EJ>;H;CFBEO;;J;HC?D7J?ED9EIJI

%!&!"('"!!!&(&%&
!;;7II;JI7D:B?78?B?J?;IE<J>;II;JI";B:;9EDIEB?:7J;:87B7D9;
I>;;JI;F;H?E:I?D:?97J;:
IE<
FH?B
FH?B
7I>7D:97I>;GK?L7B;DJI














































W 

,;9;?L78B;ID;J





















































W 

*H;F7?:;NF;DI;I7D:EJ>;H9KHH;DJ7II;JI

































W 

*HEF;HJO7D:;GK?FC;DJD;J 











































W 

#DJ7D=?8B;7II;JID;J 

















































W 

!EE:M?BB 


























































W 

;<;HH;:J7N7II;JID;J 















































W 

)J>;HDED9KHH;DJ7II;JI 















































W 

II;JI>;B:;HBED=J;HCB?78?B?J?;I 













































W 
W
&?78?B?J?;I>;B:B6C.92;A@
1;9EDI?:;H7BBI>EHJJ;HC>?=>BOB?GK?:?DIJHKC;DJIFKH9>7I;:M?J>7DEH?=?D7BC7JKH?JOE<J>H;;CEDJ>IEHB;IIJE8;97I>
;GK?L7B;DJI
%2@A?60A21.@5
IE<FH?BM;>7:H;IJH?9J;:97I>E<9ECFH?I;:E<?DFH;F7?:7D:EJ>;H9KHH;DJ7II;JI?DJ>;
9EDIEB?:7J;:87B7D9;I>;;JH;B7J;:JEI;=H;=7J;:7D:?I;I7B;I7IF;HJ>;&?:I
I;HL?9; FHEL?:;H C;H9>7D:?I?D= 7=H;;C;DJ 7D:  ?D EJ>;H DED9KHH;DJ 7II;JI ?D J>; 9EDIEB?:7J;: 87B7D9; I>;;J H;B7J;: JE
7CEKDJI>;B:?DJHKIJ7:H;IJH?9J;:97I>E<9ECFH?I;:E<?DFH;F7?:7D:EJ>;H9KHH;DJ7II;JI?DJ>;
9EDIEB?:7J;:87B7D9;I>;;JH;B7J;:JEI;=H;=7J;:7D:?I;I7B;I7IF;HJ>;&?:I
I;HL?9; FHEL?:;H C;H9>7D:?I?D= 7=H;;C;DJ 7D:  ?D EJ>;H DED9KHH;DJ 7II;JI ?D J>; 9EDIEB?:7J;: 87B7D9; I>;;J H;B7J;: JE
7CEKDJI>;B:?DJHKIJ;H
;HH;9;?L78B;I:K;M?J>?D
ED;O;7H
ECFED;DJIE<799EKDJIH;9;?L78B;I7H;7I;HH;9;?L78B;I 



















































 

.EJ7BH;9;?L78B;ID;J
















































 

99EKDJI H;9;?L78B; 7H; FH;I;DJ;: ED EKH 9EDIEB?:7J;: 87B7D9; I>;;JI D;J E< 7BBEM7D9;I
 D 7BBEM7D9; HEK=> 7D 7D7BOI?I E< J>; 7=?D= E< 799EKDJI H;9;?L78B; 7D: 7II;IIC;DJI E< 9EBB;9J78?B?JO 87I;: ED
>?IJEH?97BJH;D:IJ>;7L;8;;D;N>7KIJ;:7D:H;9EH:87::;8J;NF;DI;IH;B7J;:JEJ;NJ8EEAH;DJ7BIJ>7J7H;
DEJH;JKHD;:7D:M;7H;KD78B;JEIK99;II7H=;J>;9KIJEC;H
BBEM7D9;7D:?I;?DL;DJEH?;IM>?9>9EDI?IJE<;:=EE:I7H;IJ7J;:7JJ>;BEM;HE<9EIJEHC7HA;J
'7HA;JL7BK;E<EKH
?DL;DJEHOM>?9>?I7BBFKH9>7I;:;:=EE:I?I:;J;HC?D;:87I;:ED?JI;IJ?C7J;:D;JH;7B?P78B;L7BK;M>?9>?I=;D;H7BBO
J>;I;BB?D=FH?9;B;IIDEHC7BBOFH;:?9J78B;9EIJIE<:?IFEI7B7D:JH7DIFEHJ7J?ED
,;I;HL;I?IJEHOE<B?GK?:7J?D=DEDH;JKHD78B;?DL;DJEHOM>?9>?D9BK:;I9;HJ7?DI?=D?; H;J7?B ?DL;DJEHO C;J>E: EB;I7B; 7H; L7BK;: KI?D= J>; &# ) C;J>E: 7D: J>; H;B7J;: H;I;HL; M7I DEJ C7J;H?7B JE J>;
H;9EH:;:7CEKDJE<EKH?DL;DJEH?;I
.>;H;M;H;DE&# )7:@KIJC;DJI?D ?I97B7D: ?I97B

 EH EKH F>OI?97B 8EEAIJEH;I M; 7BIE ;IJ?C7J; 7D: 799HK; I>EHJ7=; ; F;H?E: 8;JM;;D J>; B7IJ F>OI?97B 9EKDJ E<
?DL;DJEHO7D:J>;87B7D9;I>;;J:7J;
->EHJ7=;H7J;I7H;;IJ?C7J;:7D:799HK;:87I;:ED>?IJEH?97BH7J;I7D:97D8;7<<;9J;:8O
9>7D=;I?DC;H9>7D:?I;C?N7D:9>7D=;I?D79JK7BI>EHJ7=;JH;D:I
.>; ,;J7?B -;=C;DJ EB;I7B; 8KI?D;II 8;;H IEKH9;I E< ?DL;DJEHO 7H;
KJ?B?P;:
.>;FHE:K9JIJ>7JM;I;BBEH?=?D7J;;8EEAIJEH;FKH9>7I;IJ;NJ8EEAI;HI
.>;,;J7?B-;=C;DJI;IKFFBOIEKH9;:EB;I7B;-;=C;DJ799EKDJ;:7D:?I;FKH9>7I;::KH?D=J>;
M;;AI;D:;:FH?B
 EHEKH1>EB;I7B;-;=C;DJJ>;7I;:7D:?I;FKH9>7I;I:KH?D=J>;M;;AI
;D:;:FH?B

'2EA/<<8%2;A.9;C2;AOI?97B J;NJ8EEAI EKJ ED H;DJ 7H; 97J;=EH?P;: 7I J;NJ8EEA H;DJ7B ?DL;DJEH?;I
 J J>; J?C; 7 H;DJ7B JH7DI79J?ED ?I
9EDIKCC7J;:J>;8EEA?IH;CEL;:7D:?I;?DL;DJEH?;I7D:CEL;:JEJ;NJ8EEAH;DJ7B?DL;DJEH?;I7J9EIJ
.>;9EIJE<
J>;8EEA?I7CEHJ?P;::EMDJE?JI;IJ?C7J;:H;I?:K7BL7BK;EL;HJ>;H;DJ7BF;H?E:
.>;H;B7J;:7CEHJ?P7J?ED;NF;DI;?I?D9BK:;:
?D9EIJE<=EE:IIEB:
JJ>;;D:E<J>;H;DJ7BF;H?E:KFEDH;JKHDJ>;8EEA?IH;CEL;:7D:?I;?DL;DJEH?;I7J?JI7CEHJ?P;:9EIJ
9EIJ?D=7HH7D=;C;DJ	J>7J?I7I;HL?9;9EDJH79J7H;
7CEHJ?P;: JE >EIJ?D= ;NF;DI; EL;H J>; J;HC E< J>; 7HH7D=;C;DJ 8;=?DD?D= M>;D J>; CE:KB; EH 9ECFED;DJ E< J>; >EIJ?D=
7HH7D=;C;DJ ?I H;7:O ;H 7II;JI ?D J>;
9EDIEB?:7J;:87B7D9;I>;;JI7D:7CEHJ?P;:JEI;BB?D=7D:7:C?D?IJH7J?L;;NF;DI;?DJ>;9EDIEB?:7J;:IJ7J;C;DJE<EF;H7J?EDI

#CFB;C;DJ7J?ED 9EIJI ?D9KHH;: ?D 9BEK: 9ECFKJ?D= 7HH7D=;C;DJI H;;H 7II;JI ?D J>; 9EDIEB?:7J;:
87B7D9;I>;;JIM;H;7D:7IE<FH?B7D:FH?BH;IF;9J?L;BO
1;>7:7D:E<
7CEHJ?P7J?EDE<?CFB;C;DJ7J?ED9EIJI?DI;BB?D=7D:7:C?D?IJH7J?L;;NF;DI;?DJ>;9EDIEB?:7J;:IJ7J;C;DJE<EF;H7J?EDI;
M;;AI;D:;:FH?B7D:FH?BH;IF;9J?L;BO

#?<=2?AF.;1>B6=:2;A
*HEF;HJO7D:;GK?FC;DJ7H;97HH?;:7J9EIJB;II799KCKB7J;::;FH;9?7J?ED7D:7CEHJ?P7J?ED
;FH;9?7J?ED7D:7CEHJ?P7J?ED
?I 9ECFKJ;: KI?D= J>; IJH7?=>JB?D; C;J>E: EL;H ;IJ?C7J;: KI;EM;L;HC7@EHC7?DJ;D7D9;7D:H;CE:;B?D=9EIJI7H;97F?J7B?P;:?<J>;O;NJ;D:J>;KI;;7II;J
1;>7:7D:
 E< :;FH;9?7J?ED ;NF;DI; ?D J>; 9EDIEB?:7J;: IJ7J;C;DJ E< EF;H7J?EDI ;  M;;AI ;D:;: FH?B   7D:
FH?BH;IF;9J?L;BO
EDJ;DJ:;L;BEFC;DJ9EIJI7H;FH?C7H?BOH;B7J;:JE:;L;BEFC;DJE<9EKHI;M7H;
EDJ;DJ7CEHJ?P7J?ED?I9ECFKJ;:KI?D=J>;
IJH7?=>JB?D;C;J>E:EL;H;IJ?C7J;:KI;7:  7D:  E< 9EDJ;DJ 7CEHJ?P7J?ED ;NF;DI; ?D J>; 9EDIEB?:7J;: IJ7J;C;DJ E< EF;H7J?EDI ;  M;;AI ;D:;:
FH?B7D:FH?BH;IF;9J?L;BO

%!&!"('"!!!&(&%&
!EB:?CFHEL;C;DJI


































7	

 

'79>?D;HO;GK?FC;DJ7D::?IFB7O7H:M7H;7D:97F?J7B?P;:IE;H 



































 

EDJ;DJ:;L;BEFC;DJ9EIJI9	 
































W 

EDIJHK9J?ED?DFHE=H;II 



































 

.EJ7BFHEF;HJO7D:;GK?FC;DJ



































 

&;II799KCKB7J;::;FH;9?7J?ED7D:7CEHJ?P7J?ED 
















 

.EJ7BFHEF;HJO7D:;GK?FC;DJD;J 































 

7	 &;7I;>EB: ?CFHEL;C;DJI 7H; 97F?J7B?P;: 7D: :;FH;9?7J;: EL;H J>; I>EHJ;H E< J>; B;7I; J;HC EH J>; KI;;
?CFHEL;C;DJIH7D=?D=;?H;IJ?C7J;:KI;;:7J;J>;IOIJ;CI8;9EC;EF;H7J?ED7B

*KH9>7I;:IE?FI 






















 
	 

)J>;H7	 


































 
	 


 
	 

IE<FH?B
CEHJ?P78B;?DJ7D=?8B;7II;JI
IJ?C7J;:/I;?FI 






















 
	 

.;9>DEBE=O 






























 
	 
W
)J>;H7	 


































 
	 


 
	 

7	 )J>;H9EDI?IJIE<H;9E=D?P;:?DJ7D=?8B;I;?HKI;JB?D;87I?I
==H;=7J;CEHJ?P7J?EDNF;DI;
 EHJ>;M;;AI;D:;:FH?B


















































 

 EHJ>;M;;AI;D:;:FH?B


















































 

%!&!"('"!!!&(&%&
!>0?>8;BEM;9EDIEB?:7J;:87B7D9;I>;;J;FH;I;DJL7BK;E<:/414.,?4:9&':;4. 0,>0>
1;
:EDEJH;9E=D?P;B;7I;7II;JIEHB;7I;B?78?B?J?;IEHJJ;HCB;7I;I?
;
J>EI;M?J>7J;HCE<JM;BL;CEDJ>IEHB;II	
1;
H;9E=D?P;B;7I;;NF;DI;ED7IJH7?=>JB?D;87I?IEL;HJ>;B;7I;J;HCEI;M?J>
F;H?E:;H;J>;7DDK7B=K7H7DJ;;H;I;JI7JJ>;IJ7HJE<;79>
9EDJH79JO;7H?DEH:;HJE8;IJH;;F7JJ;HDE<KI7=;E<J>;KD:;HBO?D=B;7I;:7II;J
1;H;9E=D?P;B;7I;;NF;DI;H;B7J;:JE
EKH9EBB;=;7D:KD?L;HI?JO9EDJH79JI7I9EIJE<I7B;I?DEKH9EDIEB?:7J;:IJ7J;C;DJE<EF;H7J?EDI7D:M;H;9E=D?P;B;7I;;NF;DI;
H;B7J;:JEEKHL7H?EKIE<,9/&@;;70809?,=D,?,":?0	 0,>0>
:=.6?:2;A<3<;46C21@@2A@
I E< FH?B   EKH EJ>;H BED=B?L;: 7II;JI ?D9BK:; FHEF;HJO 7D: ;GK?FC;DJ EF;H7J?D= B;7I; H?=>JE<KI; 7II;JI
7CEHJ?P78B; ?DJ7D=?8B;I 7D: EJ>;H DED9KHH;DJ 7II;JI E<    7D:  H;IF;9J?L;BO ED EKH
9EDIEB?:7J;:87B7D9;I>;;J
IE<FH?BEKHEJ>;HBED=B?L;:7II;JI?D9BK:;FHEF;HJO7D:;GK?FC;DJEF;H7J?D=B;7I;
H?=>JE<KI; 7II;JI 7CEHJ?P78B; ?DJ7D=?8B;I 7D: EJ>;H DED9KHH;DJ 7II;JI E<    7D: 
H;IF;9J?L;BOEDEKH9EDIEB?:7J;:87B7D9;I>;;J

1;H;L?;MEKHBED=B?L;:7II;JI;D;L;H;L;DJIEH9>7D=;I?D9?H9KCIJ7D9;I?D9BK:?D=8KJDEJB?C?J;:JE
9EDJH79JK7B9>7D=;IH;D;M7BIEH7C;D:C;DJI7H;C7:;JE7=H;;C;DJIM?J>EKH9EBB;=;KD?L;HI?JOEH%I9>EEBI?D:?97J;
J>7JJ>;97HHO?D=7CEKDJE<7D7II;JC7ODEJ8;H;9EL;H78B;?D799EH:7D9;M?J>&


..:@9?4921:=?308;,4=809?:=
4>;:>,7:1 :92 4A0/>>0?>
1;;L7BK7J;J>;BED=B?L;:7II;JIE<J>;H;FEHJ?D=KD?JI;BEM;IJ7II;J=HEKF
B;L;B?9>?D:?L?:K7B97I>;D;L7BK7J?D=BED=B?L;:7II;JI; 97HHO?D= 7CEKDJ E< J>; 7II;J =HEKF JE J>; ;IJ?C7J;:  ; ?CF7?HC;DJ BEII
97B9KB7J?ED9ECF7H;IJ>;97HHO?D=7CEKDJE<J>;7II;JIJEJ>;<7?HL7BK;87I;:ED;IJ?C7J;::?I9EKDJ;:7JFEHJ?EDE<J>;7II;JZI97HHO?D=L7BK;?D;N9;IIE<<7?HL7BK;

'7DO9EBB;=;7D:KD?L;HI?J?;I7H;FHEL?:?D=7BJ;HD7J?L;IJEJH7:?J?ED7B?DF;HIED?DIJHK9J?ED?D9BK:?D=EDB?D;7D:>O8H?:
B;7HD?D=EFJ?EDI
::?J?ED7BBO;DHEBBC;DJJH;D:I>7L;8;;DD;=7J?L;BO?CF79J;:7JF>OI?97B97CFKI;I
'7DOEJ>;H;L;DJIIK9>
7IF7H;DJ7D:7BKCD?M;;A;D:I7D:FHEIF;9J?L;IJK:;DJ97CFKIJEKH79J?L?J?;IE<<;H7L?HJK7BEFJ?ED
.>;I;9EC8?D;:;L;DJI
>7L;H;:K9;:ED97CFKI79J?L?JO7IM;BB7I?D9H;7I;:9ECF;J?J?ED7D::?I?DJ;HC;:?7J?ED9EDJ?DK;JE?CF79JJ>;ECF7DOZI
9EKHI;C7J;H?7BI7D:=;D;H7BC;H9>7D:?I;8KI?D;II
KH?D= ?I97BM;;L7BK7J;:9;HJ7?DE<EKHIJEH;B;L;BBED=B?L;:7II;JI?DJ>;,;J7?BI;=C;DJ;H;IKBJIE<J>;?CF7?HC;DJJ;IJIM;H;9E=D?P;:7D?CF7?HC;DJBEIIDED97I>	E<8EJ>FH;J7N7D:7JE<KI; 7II;JI 7D: 7CEHJ?P78B;
?DJ7D=?8B;IH;IF;9J?L;BOEDJ>;9EDIEB?:7J;:IJ7J;C;DJIE<EF;H7J?EDI
KH?D= ?I97BM;;L7BK7J;:9;HJ7?DE<EKHIJEH;B;L;BBED=B?L;:7II;JI?DJ>;,;J7?BI;=C;DJ;H;IKBJIE<J>;?CF7?HC;DJJ;IJIM;H;9E=D?P;:7D?CF7?HC;DJBEIIDED97I>	E<8EJ>FH;J7N7D:7JE<KI; 7II;JI 7CEHJ?P78B;
?DJ7D=?8B;I7D:EJ>;HDED9KHH;DJ7II;JIH;IF;9J?L;BOEDJ>;9EDIEB?:7J;:IJ7J;C;DJE<EF;H7J?EDI
.>;<7?HL7BK;E<J>;?CF7?H;:BED=B?L;:7II;JIM;H;:;J;HC?D;:KI?D=7D?D9EC;7FFHE79>&;L;B?DFKJ	KI?D=J>;
ECF7DOZI8;IJ;IJ?C7J;IE<J>;7CEKDJ7D:J?C?D=E<?IJEH?97B;NF;H?;D9;C7HA;J
9ED:?J?EDI9KHH;DJJH;D:I7D:F;H;I?=D?;?D9EC;7FFHE79>?D9BK:;:
7DDK7BH;L;DK;=HEMJ>H7J;I=HEIIC7H=?DH7J;I7D:J>;;IJ?C7J;:H;B7J?EDI>?FE<I;BB?D=7D:7:C?D?IJH7J?L;9EIJIJEH;L;DK;
%!&!"('"!!!&(&%&
!;FHE@;9J;:97I>;;IJEH;I7IM;BB7IJ>;M;?=>J;:7L;H7=;
9EIJE<97F?J7BKI;:JE97B9KB7J;J>;<7?HL7BK;
-?=D?;<7?HL7BK;IE<9;HJ7?DEF;H7J?D=
H?=>JE<KI;7II;JI?D9BK:;:J>;9KHH;DJC7HA;JH;DJ7D::?I9EKDJH7J;
 EH7::?J?ED7B?D,9/&@;;70809?,=D,?,":?0	,4=),7@0!0,>@=0809?>

%2C2;B2%20<4;6A6<;.;1232??21%2C2;B2
$=:/@.?>,70>,9/=09?,7>
.>; C7@EH?JO E< EKH H;L;DK; ?I :;H?L;: ; I7B; E< FHE:K9JI J>HEK=> EKH 8EEAIJEH; BE97J?EDI ?D9BK:?D= L?HJK7B
8EEAIJEH;I7D:EKH8EEAIJEH;7<;FE?DJ?DJ?C;M>;D9EDJHEBE<J>;FHE:K9JI?IJH7DI<;HH;:JEEKH9KIJEC;HI?D7D7CEKDJ
J>7JH;;9EDI?:;H7J?EDM;;NF;9JJE8;;DJ?JB;:JE?D;N9>7D=;;FHE:K9JI
 EH7::?J?ED7B?D,9/&@;;70809?,=D,?,":?0
	%0A09@0	
,;J7?BFHE:K9JH;L;DK;?IH;9E=D?P;:M>;DJ>;9KIJEC;HJ7A;IF>OI?97BFEII;II?EDE<EKHFHE:K9JIM>?9>E99KHI;?J>;H7J
J>;FE?DJE<I7B;7I;:7JF>OI?97BBE97J?EDIEHKFEDH;9;?FJE<EKHFHE:K9JI8OEKH9KIJEC;HIHEK=> EKH M;8I?J;I 7D: L?HJK7B 8EEAIJEH;I
 1>EB;I7B; FHE:K9J H;L;DK; ?I H;9E=D?P;: KFED I>?FC;DJ E< F>OI?97B
J;NJ8EEAI 7J M>?9> FE?DJ J?JB; F7II;I 7D: H?IA E< BEII ?I JH7DI<;HH;: JE J>; 9KIJEC;H
 ::?J?ED7B H;L;DK; ?I H;9E=D?P;: ?FF?D=9>7H=;I8?BB;:JE9KIJEC;HI7D:I>?FF?D=9EIJI7H;799EKDJ;:?D9EIJE<=EE:IIEB:
,;L;DK; ; I7B; E< :?=?J7B J;NJ8EEAI M>?9> 9EDJ7?DI 7 I?D=B; F;H;D J>;
9KIJEC;H 799;II;I J>; :?=?J7B 9EDJ;DJ 7I FHE:K9J H;L;DK; ?D EKH 9EDIEB?:7J;: ?DJ>;9EDJ;DJE<EKH:?=?J7BJ;NJ8EEAIIK9>J>7JKFED;NF?H7J?EDE<J>;J;HCJ>;9KIJEC;H?IDEBED=;H78B;JE
799;IIJ>;9EDJ;DJ
1>?B;J>;I7B;E<J>;:?=?J7BJ;NJ8EEA7BBEMIJ>;9KIJEC;HJE799;II:?=?J7B9EDJ;DJ;:?=?J7B9EDJ;DJ?I:;B?L;H;:JEJ>;9KIJEC;HEKHF;H;H;DJ7BE<F>OI?97BJ;NJ8EEAI?I:;<;HH;:7D:H;9E=D?P;:EL;HJ>;H;DJ7BF;H?E:87I;:EDJ>;F7II7=;E<
J?C;9ECC;D9?D=7JJ>;FE?DJE<I7B;M>;D9EDJHEBE<J>;FHE:K9JJH7DI<;HIJEJ>;9KIJEC;H7D:?IH;9E=D?P;:7IH;DJ7B?D9EC;
?DEKH9EDIEB?:7J;:7DED;O;7H?D
:KH7J?ED
1;E<<;H78KOEKJEFJ?EDJE7BBEMJ>;FKH9>7I;E<7H;DJ;:F>OI?97BJ;NJ8EEA7JJ>;;D:E<J>;H;DJ7BF;H?E:?<J>;
9KIJEC;H:;I?H;IJE:EIE
1;H;9EH:J>;8KOEKJFKH9>7I;M>;DJ>;9KIJEC;H;N;H9?I;I7D:F7OIJ>;8KOEKJEFJ?EDFH?9;M>?9>
?I:;J;HC?D;:7JJ>;J?C;E<J>;8KOEKJ
#DJ>;I;?DIJ7D9;IM;799;B;H7J;7DOH;C7?D?D=:;<;HH;:H;DJ7BH;L;DK;7JJ>;FE?DJE<
I7B;
,;L;DK;H;9E=D?P;:?,DE<<;H?D=I?I9EDI?IJ;DJM?J>EKHFEB?9?;IEKJB?D;:78EL;;=HEMJ>E<"4=>?,DFHE=H7CIJ>;J?C?D=E<97I>
9EBB;9J?EDEEBF7HJD;HIC7OI>?;DJ>;H;L;DK;?IH;9E=D?P;:
1>;D7I9>EEB7:EFJI
EKH " 4=>? ,D ;GK?J78B; 7D: ?D9BKI?L; 799;II E<<;H?D=I 97I> 9EBB;9J?ED ; I9>EEB =;D;H7BBO E99KHI 7;
?DIJ?JKJ?EDI:HEF7:::7J;IM>?9>?IB7J;H?DJ>;MEHA?D=97F?J7B9O9B;F7HJ?9KB7HBO?DEKHJ>?H:GK7HJ;H=?L;DJ>;J?C?D=E<J>;
-FH?D= .;HC 7D: EKH GK7HJ;HBO H;FEHJ?D= F;H?E: 7I 9ECF7H;: JE :?H;9JJEIJK:;DJ FE?DJE<I7B; JH7DI79J?EDI M>;H; 97I> ?I
=;D;H7BBO9EBB;9J;::KH?D=J>;FE?DJE<I7B;JH7DI79J?EDEHM?J>?D7<;M:7OI;9H;:?J97H:FHE9;IIEH

1; ;IJ?C7J; H;JKHDI 87I;: ED 7D 7D7BOI?I E< >?IJEH?97B ;NF;H?;D9;
  FHEL?I?ED 7D:?I; H;JKHDI ?I
FHEL?:;:J>HEK=>7H;:K9J?EDE<I7B;I7D:9EIJE<=EE:IIEB:?DJ>;F;H?E:J>7JJ>;H;B7J;:I7B;I7H;H;9EH:;:

 EHI7B;I7D:H;DJ7BI?DLEBL?D=J>?H:F7HJOFHE:K9JIM;;L7BK7J;M>;J>;HM;7H;79J?D=7I7FH?D9?F7BEH7D7=;DJ
)KH
:;J;HC?D7J?ED?I87I;:EDEKH;L7BK7J?EDE<M>;J>;HM;9EDJHEBJ>;IF;9?;CJEJ>;
9KIJEC;H
.>;H;7H;I?=D?;J>;HM;9EDJHEBJ>;IF;9?;CJEJ>;9KIJEC;H?D9BK:?D=M>;J>;HM;>7L;J>;78?B?JOJE:?H;9JJ>;KI;E<J>;=EE:EHI;HL?9;7D:E8J7?D
IK8IJ7DJ?7BBO7BBE<J>;H;C7?D?D=8;D;;=EE:EHI;HL?9;
 EHJ>EI;JH7DI79J?EDIM>;H;M;7H;J>;FH?D9?F7BM;H;9EH:
H;L;DK;ED7=HEII87I?I7D:EI;JH7DI79J?EDIM>;H;M;7H;7D7=;DJJE7J>?H:F7HJOM;H;9EH:H;L;DK;ED7D;J87I?I

<<;9J?L;?DFH?B7I9EDJ;CFB7J;:8OJ>; &,;B7J?EDI>?FIC;H9>7D:?I?D=7=H;;C;DJ7D:;9ECC;H9;7=H;;C;DJ
M;8;=7DJEJH7DI?J?EDJ>;7D:?I;I7B;IJE&?:I7D: 7D7J?9I
IJ>;BE=E7D:;C8B;C7J?9
=;D;H7BC;H9>7D:?I;I7B;I7H;;I;I7B;IED7D;J
87I?I?DEKH9EDIEB?:7J;:;H;9E=D?J?EDE<BE=E7D:;C8B;C7J?9=;D;H7BC;H9>7D:?I;
I7B;IED7=HEII87I?IFH?EHJEFH?B

%!&!"('"!!!&(&%&
!7L;=?;HH;L;DK;?IFH?C7H?BO:;H?L;:?9>?D9BK:;IFHECEJ?ED7B79J?L?J?;I7D:
7:L;HJ?I;C;DJIM?J>?DEKHF>OI?97B8EEAIJEH;I7D:M;8FHEF;HJ?;IF;H7B<E<J>?H:F7HJO9KIJEC;HII>?FF?D=7D:
>7D:B?D=7D:H;L;DK;;HFHE=H7CI

H7D:C7HA;J?D=7=H;;C;DJIE?9>7H;?D:?L?:K7BBOD;=EJ?7J;:M?J>EKH
9KIJEC;HI
 EHJ>;I;7HH7D=;C;DJIJ>7J9EDJ7?D:?IJ?D9JF;H;JH7DI79J?EDFH?9;87I;:EDJ>;
H;B7J?L; IJ7D:7BED; I;BB?D= FH?9; C;J>E: 8O 9ECF7H?D= J>; IJ7D:7BED; I;BB?D= FH?9; X--*Y	 E< ;79> :?IJ?D9J F;H;JEJ7BL7BK;E<J>;9EDJH79J
.>;H;L;DK;?IH;9E=D?P;:7I;79>F;H;F7II7=;E<J?C;7J7H;87I;:ED7IJ7J;:F;H?E:E<J?C;EHJ>;DKC8;HE<?CFH;II?EDI:;B?L;H;:77IC;H9>7D:?I;9EIJIJ;NJ8EEAH;DJ7B7CEHJ?P7J?ED9EDJ;DJ:;L;BEFC;DJ
9EIJ7CEHJ?P7J?EDM7H;>EKI;9EIJIH;B7J;:JE?DL;DJEHOC7D7=;C;DJ7D:EH:;H;H<79?B?JO
H;B7J;:;NF;DI;I
&2996;4.;11:6;6@A?.A6C2E=2;@2@
)KH I;BB?D= 7D: 7:C?D?IJH7J?L; ;NF;DI;I 9EDI?IJ FH?C7H?BO E< IJEH; F7OHEBB 7D: IJEH; EF;H7J?D= ;NF;DI;I
 -;BB?D= 7D:
7:C?D?IJH7J?L; ;NF;DI;I 7BIE ?D9BK:; BED=J;HC ?D9;DJ?L; FB7D 9ECF;DI7J?ED ;NF;DI; 7D: =;D;H7B E< 7I
C;H9>7D:?I?D= FHE9KH;C;DJ 7H;:I;HL?9; 9EIJI IK9> 7I >KC7D H;IEKH9;I B;=7B
JH;7IKHO?DDEBE=O7D:L7H?EKIEJ>;H9EHFEH7J;B;L;B;NF;DI;I7D:EJ>;H=EL;HD7D9;7L; =H7DJ;: 7M7H:I ?D 799EH:7D9; M?J> J>; 7HD;I  (E8B; :K97J?ED #D9
 GK?JO #D9;DJ?L; *B7D J>; XGK?JO
#D9;DJ?L;*B7DY	
.OF;IE<;GK?JO7M7H:IJ>7J97D8;=H7DJ;:KD:;HJ>;GK?JO#D9;DJ?L;*B7D?D9BK:;EFJ?EDIH;IJH?9J;:IJE9A
H;IJH?9J;:IJE9AKD?JIF;H7H;IF;H7H;KD?JI7D:F>7DJECI>7H;KD?JI
-;;$,=??08	49,9.4,7
&?,?0809?> ,9/ &@;;70809?,=D ,?,  ":?0 	  :92'0=8 9.09?4A0 :8;09>,?4:9 C;09>0 JOF;E<7M7H:
1C2?A6@6;4<@A@
.>; 9EIJI E< 7:L;HJ?I?D= 7H; ;NF;DI;: 7I ?D9KHH;: :KH?D= J>; O;7H FKHIK7DJ JE & ":	 

 /A0=?4>492 :>?>

:L;HJ?I?D= 9EIJI 9>7H=;: JE I;BB?D= 7D: 7:C?D?IJH7J?L; ;NF;DI;I M;H;  7D:  ?D J>; 9EDIEB?:7J;: IJ7J;C;DJ E<
EF;H7J?EDI;M;;AI;D:;:FH?B7D:FH?BH;IF;9J?L;BO

;0<:2'.E2@
.>;FHEL?I?EDEI;:;<;HH;:8;97KI;
E<J;CFEH7HO:?<<;H;D9;I8;JM;;DJ>;;:;<;HH;:J7N7II;JI7D:
B?78?B?J?;I7H;C;7IKH;:KI?D=J>;;D79J;:J7NH7J;I7D:B7MIJ>7J7H;;NF;9J;:JE8;?D;<<;9JM>;DJ>;:?<<;H;D9;IH;L;HI;
1;
H;=KB7HBOH;L?;M:;<;HH;:J7N7II;JI7L7BK7J?ED7BBEM7D9;?<:;J;HC?D;:JE8;D;9;II7HO
 EH
7::?J?ED7B?D,9/&@;;70809?,=D,?,":?0
	9.:80',C0>	
%202;A00; ?D7D9?7B99EKDJ?D=-J7D:7H:IE7H: -	?IIK;:&(


9.:80',C0>':;4.

8;=:A0809?> ?: 9.:80 ',C 4>.7:>@=0> JE ?CFHEL; 7DDK7B ?D9EC; J7N :?I9BEIKH; H;GK?H;C;DJI FH?C7H?BO JE 	 :?I9BEI;
IF;9?;H7J;H;9ED9?B?7J?ED	FHEL?:;7::?J?ED7B?D7JC;;J7GK7DJ?J7J?L;
J>H;I>EB: 7D: 	 ;D>7D9; 97I> J7N F7OC;DJ :?I9BEIKH;I
 .>?I -/ M>?9> 97D 8; 7FFB?;: ;?J>;H FHEIF;9J?L;BO EH
H;JHEIF;9J?L;BO ?I ;<<;9J?L;  ;7HBO 7:EFJ?ED F;HC?JJ;:
 1; 7H;
9KHH;DJBO7II;II?D=J>?I=K?:7D9;7D::;J;HC?D?D=J>;?CF79JEDEKH9EDIEB?:7J;:; -?IIK;:&(


&02809?%0;:=?492':;4.
8;=:A0809?>?:%0;:=?,-70&02809?
4>.7:>@=0>JE?CFHEL;H;FEHJ78B;I;=C;DJ:?I9BEIKH;H;GK?H;C;DJIFH?C7H?BOJ>HEK=>;D>7D9;::?I9BEIKH;I78EKJI?=D??I=K?:7D9;M?BB8;;<<;9J?L;;ECF7DO;7DDK7BH;FEHJ;?I=K?:7D9;7D::;J;HC?D?D=J>;?CF79JEDEKH9EDIEB?:7J;:;H7JJ>;FE?DJ?DJ?C;M>;D9EDJHEBE<J>;FHE:K9JI?I
JH7DI<;HH;:JEEKH9KIJEC;HIEHEL;HJ?C;7II;HL?9;I7H;FHEL?:;:?D7D7CEKDJJ>7JH;;9EDI?:;H7J?EDM;;NF;9JJE8;
;DJ?JB;:JE?D;N9>7D=;;FHE:K9JIEHI;HL?9;I

-;; $,=?   ?08 	 49,9.4,7 &?,?0809?> ,9/ &@;;70809?,=D ,?,  ":?0 	 &@88,=D :1 &429414.,9? ..:@9?492
$=:9:@9.0809?>  ,9/ &@;;70809?,=D ,?,  ":?0 	 &02809? %0;:=?492  I;=C;DJI FHE:K9J 7D: I;HL?9;
E<<;H?D=I
6@.44?24.A6<;<3$2C2;B2
.>;;H;L;DK;7IIE9?7J;:M?J>EKHC7@EHFHE:K9J7D:I;HL?9;E<<;H?D=I
M;;AI;D:;:
FH?B
FH?B
,;J7?B
EKHI;'7J;H?7BI*HE:K9J-7B;I 



































 

!;D;H7B';H9>7D:?I;*HE:K9J-7B;I7	 






























 

-;HL?9;7D:)J>;H,;L;DK;8	 





































 

,;J7?B*HE:K9J7D:)J>;H-7B;IIK8JEJ7B 

























 

EKHI;'7J;H?7BI,;DJ7B#D9EC; 



































 

,;J7?B.EJ7B-7B;I 

















































 

1>EB;I7B;-7B;I 


















































 

B?C?D7J?EDI9	 



















































	 
	
.EJ7B-7B;I 






















































 

7	 &E=E =;D;H7B C;H9>7D:?I; I7B;I ; ,;J7?B -;=C;DJ 7H; H;9E=D?P;: ED 7 D;J 87I?I 7I 9ECC?II?ED H;L;DK; ?D J>;
9EDIEB?:7J;:;HH;L;DK;FH?C7H?BOH;B7J;IJE8H7D:C7HA;J?D=FHE=H7CI7D:EJ>;HI;HL?9;H;L;DK;I
9	 .>; I7B;I ;B?C?D7J?EDI H;FH;I;DJ J>; ;B?C?D7J?ED E< 1>EB;I7B; I7B;I 7D: ;
;B?C?D7J?EDE<,;J7?B9ECC?II?EDI;7HD;:EB;I7B;
<;A?.0A@@2A@.;1<;A?.0A6./696A62@
EDJH79J7II;JIH;FH;I;DJJ>;I7B;E<=EE:IEHI;HL?9;IJE79KIJEC;H8;7L;J>;H?=>JJEE8J7?D9EDI?:;H7J?ED;9KIJEC;H
EDJH79J7II;JI9EDI?IJE<KD8?BB;:7CEKDJI7JJ>;H;FEHJ?D=:7J;7D:7H;JH7DI<;HH;:JE799EKDJIH;9;?L78B;M>;D
J>;H?=>JI8;9EC;KD9ED:?J?ED7B
EDJH79J7II;JIKD8?BB;:H;9;?L78B;I	M;H;7IE<8EJ>FH?B7D:FH?BED
EKH9EDIEB?:7J;:87B7D9;I>;;JI
EDJH79J B?78?B?J?;I H;FH;I;DJ 7D E8B?=7J?ED JE JH7DI<;H =EE:I EH I;HL?9;I JE 7 9KIJEC;H ?9> M; >7L; H;9;?L;:
9EDI?:;H7J?ED7D:9EDI?IJIE<EKH:;<;HH;:H;L;DK;B?78?B?JO:;<;HH;:H;L;DK;	
;<;HH;:H;L;DK;9EDI?IJIE<J>;?9>7H;H;9E=D?P;:H7J78BO
EL;HJ>;J;HCIE<J>;H;B7J;:H;DJ7BF;H?E:
T KDI7J?I F7HJD;HI>?F C7HA;J?D= I;HL?9;I M>?9> 7H; H;9E=D?P;: M>;D J>;
9EDJH79J;:I;HL?9;I7H;FHEL?:;:JEEKHF7HJD;HI>?FC7HA;J?D=9KIJEC;HI7D:
%!&!"('"!!!&(&%&
!J>;FH;C?KCF7?:;I7B;E<JH;7IKHOI>7H;IM>?9>7H;;NF;9J;:
JE8;H;9E=D?P;:EL;HJ>;J;HCE<J>;C;H9>7D:?I?D=9EDJH79JI ,9/ &@;;70809?,=D ,?,  ":?0 	 <@4?D ,9/ ,=9492> $0= &3,=0  &,70 :1 '=0,>@=D
&3,=0>	
.>;7D=;I?D:;<;HH;:H;L;DK;7IIE9?7J;:M?J>EKH9EDJH79JB?78?B?J?;I
M;;AI;D:;:
FH?B
FH?B
;<;HH;:H;L;DK;7JJ>;8;=?DD?D=E<F;H?E:































 

::?J?EDIJE:;<;HH;:H;L;DK;:KH?D=J>;F;H?E: 

























 

,;:K9J?EDIJE:;<;HH;:H;L;DK;;F;H?E: 





	 
	
;<;HH;:H;L;DK;87B7D9;7JJ>;;D:E<F;H?E:





























 

7B7D9;->;;J9B7II?;HBED=J;HCB?78?B?J?;I












































 

;<;HH;:H;L;DK;87B7D9;7JJ>;;D:E<F;H?E:





























 

IE<FH?BM;;NF;9JJEH;9E=D?P;E<J>;:;<;HH;:H;L;DK;87B7D9;M?J>?DJ>;D;NJCEDJ>I
!;GK7HJ;HE< ?I97B7II;JIH;B7J;:JEEKH---;=C;DJC;JJ>;9H?J;H?7;I7B;E<
J>;I; 7II;JI H;B7J;: JE EKH -- -;=C;DJ
  EH 7::?J?ED7B ?D ,9/
&@;;70809?,=D,?,":?0	&@88,=D:1&429414.,9?..:@9?492$:74.40>	
1;>7L;JMEH;FEHJ78B;I;=C;DJI,;J7?B7D:1>EB;I7B;
::?J?ED7BBOKD7BBE97J;:I>7H;:I;HL?9;9EIJIM>?9>?D9BK:;
L7H?EKI9EHFEH7J;B;L;B;NF;DI;I7D:EJ>;H=EL;HD7D9; J>; M7O EKH 8KI?D;II ?I C7D7=;:
; ; C7DD;H ?D M>?9> EKH 9>?;< EF;H7J?D= :;9?I?ED C7A;H 7BBE97J;I
H;IEKH9;I7D:7II;II;I;;JMEI;=C;DJI
 EH7::?J?ED7B?D?II;=C;DJIEF;H7J?EDII;;$,=??08	@>490>>	
$2A.69%24:2;A
.>;%0?,47&02809?EF;H7J;I9EBB;=;KD?L;HI?JO7D:%I9>EEB8EEAIJEH;I9ECFH?I;:E<F>OI?97B8EEAIJEH;I
7D:L?HJK7B8EEAIJEH;I
)KH8EEAIJEH;IJOF?97BBOEF;H7J;KD:;H7=H;;C;DJIM?J>J>;9EBB;=;IKD?L;HI?J?;IEH%I9>EEBI
JE8;J>;E<;;N9BKI?L;I;BB;HE<9EKHI;C7J;H?7BI7D:IKFFB?;I?D9BK:?D=F>OI?97B7D::?=?J7BFHE:K9JI

.>;C7@EH?JOE<J>;F>OI?97B97CFKI8EEAIJEH;I>7L;I9>EEB8H7D:;:;9ECC;H9;M;8I?J;IM>?9>M;EF;H7J;?D:;F;D:;DJBOEH
7BED=M?J>EKHC;H9>7DJI;HL?9;FHEL?:;HI7D:M>?9>E<<;HIJK:;DJI799;IIJEH;GK?H;:7D:H;9ECC;D:;:9EKHI;C7J;H?7BI7D:
7<; ,;J7?B -;=C;DJ E<<;HI EKH " 4=>? ,DU ;GK?J78B; 7D:
?D9BKI?L;799;IIFHE=H7CI9EDI?IJ?D=E<4=>?,D :8;70?07D:4=>?,DM>?9>FHEL?:;<79KBJOH;GK?H;:9EKHI;C7J;H?7BIED
EH8;;;,;J7?B-;=C;DJE<<;HI7IK?J;E<:?=?J7B9EDJ;DJ7D:I;HL?9;IJE9EBB;=;I7D:
KD?L;HI?J?;I?D9BK:?D=7L7H?;JOE<EF;D;:K97J?ED7BH;IEKH9;87I;:9EKHI;M7H;

)5<92@.92%24:2;A
.>;*3:70>,70&02809??I9ECFH?I;:E<EKHM>EB;I7B;J;NJ8EEA8KI?D;II7D:?IED;E<J>;B7H=;IJJ;NJ8EEAM>EB;I7B;HI?D
J>;9EKDJHO
.>;1>EB;I7B;-;=C;DJ9;DJH7BBOIEKH9;II;BBI7D::?IJH?8KJ;ID;M7D:KI;:J;NJ8EEAIJE7FFHEN?C7J;BO
F>OI?97B 8EEAIJEH;I ?D9BK:?D= EKH ,;J7?B -;=C;DJI  F>OI?97B 8EEAIJEH;I	 7D: IEKH9;I 7D: :?IJH?8KJ;I D;M 7D: KI;:
J;NJ8EEAI JE EKH  L?HJK7B 8EEAIJEH;I
 ::?J?ED7BBO J>; 1>EB;I7B; -;=C;DJ I;BBI >7H:M7H; 7D: 7 IE7JFHEL?:;I?DL;DJEHOC7D7=;C;DJ7D:FE?DJE<I7B;IEBKJ?EDIJE7FFHEN?C7J;BO9EBB;=;8EEAIJEH;I
7H;:I;HL?9; 9EIJI M>?9> ?D9BK:; 9EHFEH7J; B;L;B ;NF;DI;I 7D: EJ>;H
=EL;HD7D9;7I799EKDJ?D=B;=7BJH;7IKHO?DDEBE=O7D:>KC7D
H;IEKH9;I

%!&!"('"!!!&(&%&
!;;B?C?D7J?EDI7H;FH?C7H?BOH;B7J;:JEJ>;; I7B;I ;B?C?D7J?EDI H;FH;I;DJ J>; ;B?C?D7J?ED E< 1>EB;I7B; I7B;I 7D: ;
;B?C?D7J?EDE<,;J7?B9ECC?II?EDI;7HD;:EB;I7B;7D:
T .>;I; 9EIJ E< I7B;I ;B?C?D7J?EDI H;FH;I;DJ ?	 J>; H;9E=D?J?ED E< ?DJ;H9ECF7DO FHE7J M7I
FKH9>7I;:EB;I7B;?D7FH?EHF;H?E:J>7JM7IIK8I;GK;DJBOIEB:JE;NJ;HD7B9KIJEC;HI:KH?D=J>;9KHH;DJF;H?E:
7D:J>;;B?C?D7J?EDE<1>EB;I7B;I;HL?9;<;;I9>7H=;:;
;B?C?D7J?EDE<?DJ;H9ECF7DOFHEEB;I7B;?DL;DJEHOFKH9>7I;I8O,;J7?BJ>7JH;C7?D?D;D:?D=?DL;DJEHO7JJ>;
;D:E<J>;9KHH;DJF;H?E:

)KH?DJ;HD7J?ED7BEF;H7J?EDI7H;DEJC7J;H?7B7D:J>;C7@EH?JOE<J>;H;L;DK;7D:JEJ7B7II;JI7H;M?J>?DJ>;/D?J;:-J7J;I
IE<
FH?B
FH?B
.EJ7BII;JI
,;J7?B























































 

1>EB;I7B; 



















































 

EHFEH7J;-;HL?9;I













































 

-K8.EJ7B


























































 

II;JI";B:EB;I7B;




















































 

EHFEH7J;-;HL?9;I













































 

.EJ7B7F?J7BNF;D:?JKH;I 













































 

%!&!"('"!!!&(&%&
!EB;I7B;





















































 

B?C?D7J?EDI 


















































	 
	
.EJ7B-7B;I 


























































 

!HEII*HEEB;I7B;





















































 

B?C?D7J?EDI 

















































 
	
.EJ7B!HEII*HEEB;I7B;





















































 

EHFEH7J;-;HL?9;I














































 

B?C?D7J?EDI


















































	 
	
.EJ7B-;BB?D=7D::C?D?IJH7J?L;NF;DI;I

































 

;FH;9?7J?ED7D:CEHJ?P7J?ED
,;J7?B 
























































 

1>EB;I7B;




















































 

EHFEH7J;-;HL?9;I













































 

.EJ7B;FH;9?7J?ED7D:CEHJ?P7J?ED 





































 

#CF7?HC;DJBEIIDED97I>	,;J7?B7	 




































 

,;IJHK9JKH?D=7D:)J>;H>7H=;I8	
,;J7?B 
























































 

1>EB;I7B;




















































	 

EHFEH7J;-;HL?9;I














































 

.EJ7B,;IJHK9JKH?D=7D:)J>;H>7H=;I




































 

)F;H7J?D=#D9EC;&EII	
,;J7?B 
























































 
	
1>EB;I7B; 



















































 
	
EHFEH7J;-;HL?9;I














































	 
	
B?C?D7J?EDI 

















































 
	
.EJ7B)F;H7J?D=&EII 

















































	 
	
.>;,9/&@;;70809?,=D,?,":?0	&@88,=D:1&429414.,9?..:@9?492$:74.40>8;,4=809?
:1 :92 4A0/>>0?>	
8	
-;;$,=??08	49,9.4,7&?,?0809?>,9/&@;;70809?,=D,?,":?0	&@;;70809?,=D91:=8,?4:9
!B6AF.;1.?;6;4@#2?&5.?2
>B6AF
IE<FH?BEKH7KJ>EH?P;:97F?J7BIJE9A9EDI?IJIE<I>7H;IE<9ECCEDIJE9AF7HL7BK;
F;H
I>7H; 7D:  I>7H;I E< FH;<;HH;: IJE9A F7H L7BK; 
 F;H I>7H;
 I E< FH?B    I>7H;I 7D:
I>7H;IE<EKH9ECCEDIJE9AM;H;?IIK;:7D:EKJIJ7D:?D=H;IF;9J?L;BO7D:I>7H;IE<EKHFH;<;HH;:IJE9AM;H;
8EJ> ?IIK;: 7D: EKJIJ7D:?D=
 )KH 9ECCED IJE9A JH7:;I ED J>; (;M 3EHA -JE9A N9>7D=; X(3-Y	 KD:;H J>; IOC8EB
X(Y

)D)9JE8;HEKHI>7H;>EB:;HI7FFHEL;:7D7C;D:C;DJ7D:H;IJ7J;C;DJE<J>;GK?JO#D9;DJ?L;*B7DJE?D9H;7I;J>;
DKC8;HE<I>7H;I7L7?B78B;7L;H;I;HL;:7D7==H;=7J;E<
I>7H;IE<9ECCEDIJE9AJ>;7HD;I(E8B;:K97J?ED#D9
GK?JO#D9;DJ?L;
*B7D
-;;?08	49,9.4,7&?,?0809?>,9/&@;;70809?,=D,?,":?0	 :92'0=89.09?4A0:8;09>,?4:9C;09>0
)D$KD;EKHI>7H;>EB:;HI7FFHEL;:7D7C;D:C;DJJEEKHC;D:;:7D:,;IJ7J;:;HJ?;7==H;=7J;DKC8;HE<7KJ>EH?P;:I>7H;IE<ECCED-JE9A7H;IJE
I>7H;I

)D$KD;IK8I;GK;DJJEJ>;;D:E< ?I97BM;9ECFB;J;:L7H?EKIJH7DI79J?EDI?D9BK:?D=7D;GK?JOH?=>JI
E<<;H?D=FH?L7J;;GK?JO?DL;IJC;DJ.;HC&E7D:;8J9EDL;HI?ED7D:H;:?J 79?B?JOH;;;J
.>;I;JH7DI79J?EDIH7?I;:7::?J?ED7B97F?J7B,9/&@;;70809?,=D
,?,":?0	&@->0<@09?A09?>	
)D$KD;M;9ECFB;J;:7H;L;HI;IJE9AIFB?JE<J>;ECF7DOZIEKJIJ7D:?D=I>7H;IE<9ECCEDIJE9A7J7H7J?EE<
;X,;L;HI;-JE9A-FB?JY	M>?9>M7IFH;L?EKIBO7FFHEL;:8OIJE9A>EB:;HI7J7IF;9?7BC;;J?D=>;B:ED$KD;

#D9EDD;9J?EDM?J>J>;,;L;HI;-JE9A-FB?J;L;HOI>7H;IE<J>;9ECCEDIJE9A?IIK;:7D:EKJIJ7D:?D=M7I9EDL;HJ;:?DJE
ED; I>7H; E< J>; ECF7DOZI 9ECCED IJE9A
 .>; ,;L;HI; -JE9A -FB?J H;:K9;: J>; DKC8;H E< I>7H;I E< J>; ECF7DOZI
EKJIJ7D:?D=9ECCEDIJE9A7H;I7IE<$KD;	JE7FFHEN?C7J;BOI>7H;I
IK8@;9JJE7:@KIJC;DJ,9/&@;;70809?,=D
,?,":?0	&@->0<@09?A09?>	
.>;>EB:;HIE<EKH9ECCEDIJE9A7H;;DJ?JB;:JEED;LEJ;I>7H;>;B:E<H;9EH:ED7BBC7JJ;HIIK8C?JJ;:JE7LEJ;E<
J>;IJE9A>EB:;HI
"EB:;HIE<I>7H;IE<EKH9ECCEDIJE9A:EDEJ>7L;9KCKB7J?L;LEJ?D=H?=>JI?DJ>;;B;9J?EDE<:?H;9JEHI
.>;
>EB:;HIE<EKH9ECCEDIJE9AM?BB8;;DJ?JB;:JEI>7H;H7J78BO?DEKH7II;JIB;=7BBO7L7?B78B;EB:;HI
IK8@;9JJEJ>;FH?EH:?IJH?8KJ?EDH?=>JIE<FH;<;HH;:IJE9A?<7DOJ>;DEKJIJ7D:?D=
.>;>EB:;HIE<EKH9ECCEDIJE9A:EDEJ>7L;
FH;;CFJ?L;H?=>JIEHFH;<;H;DJ?7BH?=>JIJEIK8I9H?8;7H;IE<EKH97F?J7BIJE9A
$2=B?05.@2<3%5.?2@
)D;9;C8;HEKHE7H:E<?H;9JEHI7KJ>EH?P;:7IJE9AH;FKH9>7I;FHE=H7CE<KFJE?DJ>;7==H;=7J;
E<EKHEKJIJ7D:?D=9ECCEDIJE9A
.>;IJE9AH;FKH9>7I;FHE=H7C?I97HH?;:EKJ7JJ>;:?H;9J?EDE<C7D7=;C;DJM>?9>C7O
?D9BK:;7FB7DKD:;H,KB;8E<J>;-;9KH?J?;IN9>7D=;9JE<	
.>;IJE9AH;FKH9>7I;FHE=H7CC7O8;IKIF;D:;:
J;HC?D7J;:EHCE:?7I;:I>7H;IM?BB8;>;B:7IJH;7IKHOIJE9A7D:M?BB8;7L7?B78B;7I;I>7H;IKD:;HJ>;IJE9AH;FKH9>7I;FHE=H7C
IE<
FH?B7FFHEN?C7J;BOH;C7?DI7L7?B78B;KD:;HJ>;IJE9AH;FKH9>7I;FHE=H7C
KH?D= ?I97B7D: ?I97BM;7BIEH;FKH9>7I;:I>7H;I7D:I>7H;IE<EKH9ECCEDIJE9A?D
9EDD;9J?EDM?J>;CFBEO;;J7NM?J>>EB:?D=E8B?=7J?EDI7D:?I?D=7=H;;C;DJM?J> 7D7J?9I7D:&?:IM>?9>?D9BK:;:7
IJH7J;=?9 ;GK?JO ?DL;IJC;DJ ?D J>; ECF7DO
  7D7J?9I #D9
 7D: &?:I "EB:?D=I #D9
 @E?DJBO 7I .EF&?:I &;D:E &&
X.EF&?:IY	FKH9>7I;:7D7==H;=7J;E<EKH9ECCEDI>7H;I?IIK;:7H;I	7H; FH?9; E< 
 F;H I>7H;
 .>; FH;C?KC FH?9; F7?: 78EL; J>; <7?H C7HA;J L7BK; E< EKH 9ECCED IJE9A 7J 9BEI?D= M7I
%!&!"('"!!!&(&%&
!?9>?IH;9E=D?P;:EL;HJ>;J;HCE<J>;C;H9>7D:?I?D=9EDJH79JI
;HBED=J;HCB?78?B?J?;IEKH9EDIEB?:7J;:87B7D9;I>;;J	M>?9>?I;NF;9J;:JE8;H;9E=D?P;:EL;H
J>; J;HC E< J>; C;H9>7D:?I?D= 9EDJH79JI  ,9/
&@;;70809?,=D,?,":?0	#=2,94E,?4:9%07,?4:9>34;B4?3,9,?4.>,9/ 4/>	 EH?D;;D:E< ?I97BI;;$,=??08	49,9.4,7&?,?0809?>,9/&@;;70809?,=D
,?,":?0
	%07,?0/$,=?D'=,9>,.?4:9>7D:":?0&@->0<@09?A09?>

6C612;1@
1; F7?: DE EJ>;H :?L?:;D:I JE 9ECCED IJE9A>EB:;HI :KH?D=  ?I97B  7D:  ?I97B 
  1; :E DEJ ?DJ;D: JE F7O
:?L?:;D:IEDEKH9ECCEDIJE9A?DJ>;,9/&@;;70809?,=D,?,":?00-?7D:":?0	
&@->0<@09?A09?;7:EFJ?EDE<7I>EHJJ;HCIJE9A>EB:;HH?=>JIFB7D7D::;9B7H;:7
:?L?:;D::?IJH?8KJ?EDE<ED;FH;<;HH;:I>7H;FKH9>7I;H?=>JED;79>EKJIJ7D:?D=I>7H;E<J>;ECF7DOI9ECCEDIJE9A
79>
H?=>JM?BB;DJ?JB;IJE9A>EB:;HIJE8KOED;ED;J>EKI7D:J>E<7I>7H;E<EKHFH;<;HH;:IJE9A7J7D;IJ78B?I>;:;N;H9?I;FH?9;
.>;
:?L?:;D:M7IF7O78B;JE>EB:;HIE<H;9EH:7IE<J>;9BEI;E<8KI?D;IIEDFH?B
.>;H?=>JIM?BB8;;N;H9?I78B;EDBO?<7
F;HIEDEH=HEKF79GK?H;IEHCEH;E<EKHEKJIJ7D:?D=9ECCEDIJE9A7D:L7H?EKIEJ>;H9H?J;H?77H;C;JJ>;X?IJH?8KJ?ED
7J;Y	
 /DJ?B J>; ?IJH?8KJ?ED 7J; J>; H?=>JI M?BB DEJ 8; ;N;H9?I78B; J>; H?=>JI M?BB DEJ 8; ;L?:;D9;: 8O I;F7H7J; H?=>JI
9;HJ?;H?=>JIM?BB8;JH7DI<;H78B;8O7D:EDBO?D9EDD;9J?EDM?J>J>;JH7DI<;HE<9ECCEDIJE9A
.>;H?=>JIM?BB
;NF?H;DEB7J;HJ>7D$7DK7HO

.?;6;4@#2?&5.?2
7I?9*-?I9ECFKJ;:87I;:KFEDJ>;M;?=>J;:7L;H7=;DKC8;HE<9ECCEDI>7H;IEKJIJ7D:?D=;O;7H
?BKJ;:*-
?I9ECFKJ;:87I;:KFEDJ>;M;?=>J;:7L;H7=;DKC8;HE<9ECCEDI>7H;IEKJIJ7D:?D=;O;7HFBKIJ>;:?BKJ?L;;<<;9JE<
9ECCEDIJE9A;GK?L7B;DJIKI?D=J>;JH;7IKHOIJE9AC;J>E:7D:J>;7L;H7=;C7HA;JFH?9;E<EKH9ECCEDIJE9A;O;7H
1;
?D9BK:; F7HJ?9?F7J?D= I;9KH?J?;I KDL;IJ;: I>7H;87I;: F7OC;DJ 7M7H:I J>7J 9EDJ7?D DEDJI JE :?L?:;D:I EH
:?L?:;D:;GK?L7B;DJI	?DJ>;9ECFKJ7J?EDE<*-FKHIK7DJJEJ>;JME9B7IIC;J>E:
)KHF7HJ?9?F7J?D=I;9KH?J?;I9EDI?IJIEB;BOE<
KDL;IJ;:H;IJH?9J;:IJE9A7M7H:IM>?9>>7L;9EDJH79JK7BF7HJ?9?F7J?EDH?=>JI;GK?L7B;DJJEJ>EI;E<IJE9A>EB:;HIE<KDH;IJH?9J;:
9ECCEDIJE9A
.>;JME9B7IIC;J>E:E<9ECFKJ?D=;7HD?D=IF;HI>7H;?I7D7BBE97J?EDC;J>E:J>7J97B9KB7J;I;7HD?D=IF;HI>7H;
; F7HJ?9?F7J?D= I;9KH?J?;I
8;97KI;J>;O:EDEJI>7H;?DJ>;BEII;IE<J>;ECF7DO
KH?D= ?I97B7D: ?I97B7L;H7=;I>7H;IE<7D:
 H;IF;9J?L;BO M;H; ;N9BK:;: ; :?BKJ;: ;7HD?D=I F;H I>7H; 97B9KB7J?ED KI?D= J>; JME9B7II C;J>E: 7I J>;?H
?D9BKI?EDMEKB:>7L;8;;D7DJ?:?BKJ?L;
)D$KD;IK8I;GK;DJJEJ>;;D:E< ?I97BM;9ECFB;J;:L7H?EKIJH7DI79J?EDI?D9BK:?D=7D;GK?JOH?=>JI
E<<;H?D=FH?L7J;;GK?JO?DL;IJC;DJ.;HC&E7D:;8J9EDL;HI?ED7D:H;:?J 79?B?JOH;;;J
 EH7::?J?ED7B?D,9/&@;;70809?,=D,?,
":?0	&@->0<@09?A09?>	;97KI;J>;H?=>JI?IIK7D9;M7IE<<;H;:JE7BB;N?IJ?D=IJE9A>EB:;HI7J7D;N;H9?I;FH?9;J>7JM7I
B;IIJ>7DJ>;<7?HL7BK;E<EKHECCED-JE9A7IE<IK9>J?C;J>;M;?=>J;:7L;H7=;I>7H;IEKJIJ7D:?D=7D:87I?97D::?BKJ;:
;7HD?D=IBEII	F;HI>7H;M;H;7:@KIJ;:H;JHE79J?L;BOJEH;;8EDKI;B;C;DJE<J>;H?=>JIE<<;H?D=;ECF7DOZIEKJIJ7D:?D=I>7H;IE<9ECCEDIJE9A7J7H7J?EE<
; X,;L;HI; -JE9A -FB?JY	 M>?9> M7I 7FFHEL;: 8O IJE9A>EB:;HI 7J 7 IF;9?7B C;;J?D= >;B: ED $KD;  
 #D
9EDD;9J?EDM?J>J>;,;L;HI;-JE9A-FB?J;L;HOI>7H;IE<J>;9ECCEDIJE9A?IIK;:7D:EKJIJ7D:?D=M7I9EDL;HJ;:?DJEED;
I>7H; E< J>; ECF7DOZI 9ECCED IJE9A
  EH 7::?J?ED7B ?D ,9/
&@;;70809?,=D,?,":?0	&@->0<@09?A09?>	
1;?=>J;:7L;H7=;I>7H;I87I?97D::?BKJ;:FH?EHJE=?L?D=;<<;9JJEJ>;8EDKI;B;C;DJE<J>;H?=>JIE<<;H?D=7D:
J>;,;L;HI;-JE9A-FB?JM7I;M;;AI;D:;:FH?B
.>;M;?=>J;:7L;H7=;9ECCEDI>7H;I7D:BEII
F;H9ECCEDI>7H;H;;8EDKI;B;C;DJH;IKBJ?D=;;GK?JOH?=>JIE<<;H?D=7D:J>;,;L;HI;-JE9A-FB?J;9EDIEB?:7J;:IJ7J;C;DJIE<EF;H7J?EDI

%!&!"('"!!!&(&%&
!;;87I?97D::?BKJ;:;7HD?D=IF;HI>7H;97B9KB7J?ED
M;;AI;D:;:
>3,=0>49?3:@>,9/>
FH?B
FH?B
!B:2?.A7H;>EB:;HI 




















 
	 
	
2;<:6;.AJ;:7L;H7=;I>7H;IE<ECCED-JE9A 








 

<@@=2?@5.?2<3<::<;&A<08
7I?97D:?BKJ;:
EDJ?DK?D=EF;H7J?EDI





































 

	 

	
?I9EDJ?DK;:EF;H7J?EDI 




































	 

	
7I?97D::?BKJ;:BEIIF;HI>7H;E<ECCED-JE9A


















 

	 

	
!&":	
,4=),7@0!0,>@=0809?>,9/4>.7:>@=0>J>;<7?HL7BK;E<7D7II;J?I9EDI?:;H;:JE8;
J>;FH?9;7JM>?9>J>;7II;J9EKB:8;IEB:?D7DEH:;HBOJH7DI79J?ED8;JM;;DKDH;B7J;:ADEMB;:=;78B;7D:M?BB?D=F7HJ?;I

B?78?B?JOZI<7?HL7BK;?I:;;7CEKDJJ>7JMEKB:8;F7?:JEJH7DI<;HJ>;B?78?B?JOJE7D;ME8B?=EHDEJJ>;7CEKDJJ>7J
MEKB:8;F7?:JEI;JJB;J>;B?78?B?JOM?J>J>;9H;:?JEH
II;JI7D:B?78?B?J?;IH;9EH:;:7J<7?HL7BK;7H;C;7IKH;:KI?D=7J>H;;J?;H
<7?HL7BK;>?;H7H9>OM>?9>FH?EH?J?P;IJ>;?DFKJIKI;:?DC;7IKH?D=<7?HL7BK;
.>;I;J?;HI?D9BK:;
&;L;BW)8I;HL78B;?DFKJIJ>7JH;;HJ>7DGKEJ;:FH?9;I?D79J?L;C7HA;JIJ>7J7H;;?J>;H:?H;9JBOEH?D:?H;9JBOE8I;HL78B;
&;L;BW/DE8I;HL78B;?DFKJI?DM>?9>B?JJB;EHDEC7HA;J:7J7;N?IJIJ>;H;7D:97I>;GK?L7B;DJIH;9;?L78B;I799HK;:B?78?B?J?;I7D:799EKDJIF7O78B;
.>;<7?H
L7BK;IE<97I>7D:97I>;GK?L7B;DJIH;9;?L78B;I799HK;:B?78?B?J?;I7D:799EKDJIF7O78B;7FFHEN?C7J;IJ>;?H97HHO?D=L7BK;I
8;97KI;E<J>;I>EHJJ;HCD7JKH;E<J>;I;?DIJHKC;DJIM>?9>7H;7BB9EDI?:;H;:&;L;B
.>;<7?HL7BK;E<I>EHJJ;HC7D:BED=
J;HC:;8J7FFHEN?C7J;I?JI97HHO?D=L7BK;

 <;6;.;06.9@@2A@.;16./696A62@
)KHDEDJE<KI;7II;JI7D:?DJ7D=?8B;7II;JI
-K9>
7II;JI7H;H;FEHJ;:7JJ>;?H97HHO?D=L7BK;I7D:7H;DEJIK8@;9JJEH;9KHH?D=<7?HL7BK;C;7IKH;C;DJI
1;H;L?;MEKHBED=B?L;:
7II;JI;D;L;H;L;DJIEH9>7D=;I?D9?H9KCIJ7D9;I?D:?97J;J>7JJ>;97HHO?D=7CEKDJE<7D7II;JC7ODEJ8;
H;9EL;H78B;?D799EH:7D9;M?J>&


..:@9?4921:=?308;,4=809?:=4>;:>,7:1 :92 4A0/>>0?>

KH?D=J>;M;;AI;D:;:FH?B7D:FH?BM;;L7BK7J;:9;HJ7?DE<EKHIJEH;B;L;BBED=B?L;:7II;JI?D
J>;,;J7?BI;=C;DJ	E<7D:H;IF;9J?L;BOEDJ>;
9EDIEB?:7J;: IJ7J;C;DJ E< EF;H7J?EDI
 .>; <7?H L7BK; E< J>; ?CF7?H;: BED=B?L;: 7II;JI M;H; :;J;HC?D;: KI?D= 7D ?D9EC;
7FFHE79>&;L;B?DFKJ	KI?D=EKH8;IJ;IJ?C7J;IE<J>;7CEKDJ7D:J?C?D=E<?IJEH?97B
;NF;H?;D9;C7HA;J9ED:?J?EDI9KHH;DJJH;D:I7D:F;H,9/&@;;70809?,=D,?,":?0	&@88,=D:1&429414.,9?..:@9?492$:74.40>	
%!&!"('"!!!&(&%&
!;EMIJ>;<7?HL7BK;IE<EKHDED7JM;H;H;GK?H;:JE8;H;C;7IKH;:7J
<7?H L7BK; ED 7 DEDH;9KHH?D= 87I?I  H;IF;9J?L; F;H?E: 7D: J>; JEJ7B ?CF7?HC;DJI H;9EH:;: 7I 7 H;IKBJ E< J>;
H;C;7IKH;C;DJFHE9;II
M;;AI;D:;:FH?B
M;;AI;D:;:FH?B
7HHO?D=
07BK;
*H?EHJE
#CF7?HC;DJ
 7?H07BK;
#CF7?HC;DJ
&EII
DED97I>	
7HHO?D=
07BK;
*H?EHJE
#CF7?HC;DJ
 7?H07BK;
#CF7?HC;DJ
&EII
DED97I>	
*HEF;HJO7D:;GK?FC;DJD;J 
















 
 
 
 


W 

)F;H7J?D=B;7I;H?=>JE<KI;7II;JI 











 
 
 
 


 

#DJ7D=?8B;7II;JID;J 






















 
 
 
 


W 

)J>;HDED9KHH;DJ7II;JI 




















 
W 
W 
W 


W 

.EJ7B 


































 
 
 
 


 

 <;6;.;06.96./696A62@
1;=H7DJ;:F>7DJECI>7H;KD?JI7IBED=J;HC?D9;DJ?L;7M7H:IM>?9>7H;I;JJB;:?D97I>87I;:EDJ>;<7?HC7HA;JL7BK;E<7
I>7H;E<9ECCEDIJE9AE<J>;ECF7DO7J;79>L;IJ?D=:7J;
.>;<7?HL7BK;E<J>;B?78?B?JO;97I>I;JJB;:F>7DJECI>7H;
KD?J 7M7H:I M?BB 8; H;C;7IKH;: 7J J>; ;D: E< ;79> H;FEHJ?D= F;H?E: J>HEK=> I;JJB;C;DJ JE H;?9> ?I H;;9EDIEB?:7J;:87B7D9;I>;;J
IE<FH?BM;H;9EH:;:7B?78?B?JOE<&;L;B?DFKJ	M>?9>?I
H;;HBED=J;HCB?78?B?J?;I	EDJ>;9EDIEB?:7J;:87B7D9;I>;;J
 EH7::?J?ED7B
?D,9/&@;;70809?,=D,?,":?0	 :92'0=89.09?4A0:8;09>,?4:9
C;09>0
!;;J9B7II?;;D:E< ?I97BM;9ECFB;J;:L7H?EKIJH7DI79J?EDI?D9BK:?D=7C;D:?D=7D:;NJ;D:?D=J>;
C7JKH?JO:7J;E<J>;H;:?J 79?B?JOJE$KD;7D:9EDL;HJ?D=7BBEKJIJ7D:?D=FH?D9?F7B7D:?DJ;H;IJ7CEKDJIEM;:KD:;HEKH.;HC
&E7DH;:?J=H;;C;DJ?DJEI>7H;IE<EKHECCED-JE9A
 EH7::?J?ED7B?D,9/
&@;;70809?,=D,?,":?0	&@->0<@09?A09?>	
8	  EH7::?J?ED7B?D?>8;BEM
)D$KD;IK8I;GK;DJJEJ>;;D:E< ?I97BM;9ECFB;J;:L7H?EKIJH7DI79J?EDI?D9BK:?D=7D;GK?JOH?=>JI
E<<;H?D=FH?L7J;;GK?JO?DL;IJC;DJ.;HC&E7D:;8J9EDL;HI?ED7D:H;:?J 79?B?JOH;;;J
.>;I;JH7DI79J?EDIH7?I;:7::?J?ED7B97F?J7B?9>M?BB7BIE7BBEMKIJEIJH7J;=?97BBO?DL;IJ?D?DDEL7J?ED7D:9EDJ?DK;JE;N;9KJ;EKH
IJH7J;=?9?D?J?7J?L;I?D9BK:?D=8KJDEJB?C?J;:JEJ>;=HEMJ>E<EKH4=>?,D:8;70?0FHE=H7C

%!&!"('"!!!&(&%&
!;.H7DI79J?EDIED$KD; 
T
1;H;9;?L;:=HEIIFHE9;;:IE<E<D;M;GK?JO97F?J7BJ>HEK=>7D;M;GK?JO?DL;IJC;DJJ>;X*H?L7J;
#DL;IJC;DJY	B;:8O#CC;HI?EDEHFEH7J?EDX#CC;HI?EDY	7D:7JIE<<;H?D=J>;
X,?=>JI)<<;H?D=Y	
.>;.H7DI79J?EDI?DFHE9;;:I7;
JH7DI79J?EDH;IKBJ;:?D#CC;HI?EDE8J7?D?D=9EDJHEBB?D=;H;7D9;EKH ,9/ &@;;70809?,=D ,?,  ":?0 	 &@->0<@09?
A09?>	
?216A.0696AF
IE<FH?BM;7H;F7HJOJE79H;:?J7=H;;C;DJJ>;XH;:?J=H;;C;DJY	M>?9>M7I7C;D:;:;9;C8;H)9JE8;H$KBO'7O'7H9>
'7H9>7D:'7H9>KD:;HM>?9>J>;B;D:;HIEH?=?D7BBO9ECC?JJ;:JEFHEL?:;KIM?J>7O;7H7II;J
879A;:H;LEBL?D=9H;:?J<79?B?JO?D7D7==H;=7J;9ECC?JJ;:FH?D9?F7B7CEKDJE<J>;XH;:?J 79?B?JOY	;<<;9J?L;;'7H9>7C;D:C;DJ
1;>7:J>;EFJ?EDJEH;GK;IJ7D?D9H;7I;?D9ECC?JC;DJIKD:;HJ>;H;:?J 79?B?JOE<KFJE
IK8@;9JJE9;HJ7?DH;IJH?9J?EDI
*HE9;;:I;H;:?J 79?B?JO7H;KI;:; 7=H;;C;DJ ?D9BK:;: 7D ?D9H;C;DJ7B ; X #&)
 79?B?JOY	;C7N?CKC7L7?B78?B?JOKD:;HJ>;H;:?J=H;;C;DJ7J
IE<$KBO
J>;  #&)  79?B?JO M7I H;F7?: 7D: ;B?C?D7J;: 799EH:?D= JE ?JI J;HCI 7D: ;  #&)  79?B?JO M;H;
H;:K9;:JE

)D$KD;IK8I;GK;DJJEJ>;;D:E< ?I97BM;9ECFB;J;:L7H?EKIJH7DI79J?EDI?D9BK:?D=7D;GK?JOH?=>JI
E<<;H?D=FH?L7J;;GK?JO?DL;IJC;DJ.;HC&E7D:;8J9EDL;HI?ED7D:H;:?J 79?B?JOH;;;J
-;;$,=??08	49,9.4,7&?,?0809?>,9/&@;;70809?,=D,?,":?0	&@->0<@09?A09?>	
.>;H;:?J 79?B?JO?II;9KH;:8OIK8IJ7DJ?7BBO7BBE<J>;?DL;DJEHO799EKDJIH;9;?L78B;7D:H;B7J;:7II;JIE<J>;8EHHEM;HI
KD:;HJ>;H;:?J 79?B?JO
.>?I?I9EDI?:;H;:7D7BB7II;JB?;D?D9BKI?L;E<FHE9;;:I;ECF7DO
7D:7FB;:=;E<;GK?JOHEK=>J>;:7J;E<J>?I7BB:;8J9EL;D7DJIKD:;HJ>;H;:?J
=H;;C;DJ

KH?D=J>;M;;AI;D:;:FH?BM;8EHHEM;:7D:H;F7?:KD:;HJ>;H;:?J=H;;C;DJM?J>
E<EKJIJ7D:?D=8EHHEM?D=IKD:;HJ>;H;:?J 79?B?JO7IE<FH?B
KH?D=J>;M;;AI;D:;:FH?B
M;8EHHEM;:7D:H;F7?:KD:;HJ>;H;:?J=H;;C;DJM?J>E<EKJIJ7D:?D=8EHHEM?D=I7IE<FH?B
9ECFH?I;:;DJ?H;BOE<8EHHEM?D=KD:;HJ>;H;:?J 79?B?JO7D:KD:;HJ>; #&) 79?B?JOM>?9>M7IH;F7?:ED
K=KIJ
IE<FH?B7D:FH?BM;?IIK;:7D:H;IF;9J?L;BO?DB;JJ;HIE<9H;:?JKD:;H
J>;H;:?J 79?B?JO

.>;;L7H?EKIH;:?J=H;;C;DJ7C;D:C;DJI

!,=.3

=0/4?2=00809?809/809?
)D'7H9>M;7C;D:;:EKH;N?IJ?D=H;:?J=H;;C;DJJE?	;NJ;D:J>;C7JKH?JO:7J;E<J>;H;:?J=H;;C;DJ8O
I?NCEDJ>IJEK=KIJ??	H;:K9;J>;9ECC?JC;DJIKD:;HJ>;H;:?J=H;;C;DJ8OJE???	?D9H;7I;
J>;7FFB?978B;C7H=?DM?J>H;IF;9JJEJ>;?DJ;H;IJH7J;KD:;HJ>;H;:?J=H;;C;DJJE
F;H7DDKC?DJ>;97I;E<?DJ;H;IJ
799HK?D=87I;:ED7-;9KH;:)L;HD?=>J ?D7D9?D=,7J;7D:
?DJ>;97I;E<?DJ;H;IJ799HK?D=87I;:ED7D7BJ;HD7J?L;
87I;H7J;?D;79>97I;M?J>EKJH;=7H:JE7FH?9?D==H?:?L	H;:K9;7:L7D9;H7J;IM?J>H;IF;9JJEJ>;8EHHEM?D=87I;N	8O
87I?I FE?DJI KFED J>; 79>?;L;C;DJ E< 9;HJ7?D B?GK?:?JO ;L;DJI M>?9> C7O ?D9BK:; 7 I7B; E< ;GK?JO ?DJ;H;IJI EH E< 7II;JI 7
X-F;9?7-F;9?7BBDEJ>7L;E99KHH;:DEB7J;HJ>7D'7OI;;:?I9KII?ED8;BEM	7D:
O	8O7D7::?J?ED7B87I?IFE?DJIED-;FJ;C8;HL	7C;D:9;HJ7?DD;=7J?L;9EL;D7DJI7D:7::9;HJ7?D7::?J?ED7B
9EL;D7DJIL?	7C;D:J>;;H;:?J=H;;C;DJ	JE8;7J
7BBJ?C;I=H;7J;HJ>7DJ>;=H;7J;HE<E<J>;==H;=7J;&E7D7F7I:;;H;:?J=H;;C;DJ	7D:7D:L??	
H;GK?H;H;F7OC;DJE<J>;BE7DIKD:;HJ>;H;:?J=H;;C;DJKFED7-F;9?;
%!&!"('"!!!&(&%&
!;ECF7DOZI,;FEHJED EHC%:7J;:'7H9>7D:J>;-ED'7H9>


IDEJ;:78EL;J>;7C;D:C;DJH;GK?H;:J>;79>?;L;C;DJE<7-F;9?7BL;DJ8ODEB7J;HJ>7D'7O7IIK9>:7J;
C7O8;;NJ;D:;:FKHIK7DJJEJ>;J;HCIE<J>;H;:?J=H;;C;DJ	
-;;":?0	&@88,=D:1&429414.,9?..:@9?492$:74.40>;I7B;E<EKH--I;=C;DJED'7O	
1; F7?: 7 <;; E< 
 E< J>; EKJIJ7D:?D= FH?D9?F7B 7CEKDJ E< J>; 9ECC?JC;DJI KD:;H J>; H;:?J =H;;C;DJ ED J>;
7C;D:C;DJ9BEI?D=:7J;7D:M;M?BBF7O7D7::?J?ED7B<;;E<
E<J>;EKJIJ7D:?D=FH?D9?F7B7CEKDJE<J>;9ECC?JC;DJI
KD:;HJ>;H;:?J=H;;C;DJED-;FJ;C8;HI;;@7D

=0/4?2=00809?809/809?8;BEM;9>7D=;?D
F7OC;DJJ;HCI	
KH?D=J>;M;;AI;D:;:FH?BM;?D9KHH;::;8J?IIK7D9;9EIJIJEJ7B?D=H;B7J;:JEJ>;'7H9>
H;:?J=H;;C;DJ7C;D:C;DJ
.>;:;8J?IIK7D9;9EIJI>7L;8;;D:;<;HH;:7D:7H;FH;I;DJ;:7IFH;F7?:7D:EJ>;H9KHH;DJ7II;JI
7D:EJ>;HDED9KHH;DJ7II;JI?DJ>;9EDIEB?:7J;:87B7D9;I>;;JI7D:IK8I;GK;DJBO7CEHJ?P;:H7J78BOEL;HJ>;J;HCE<J>;H;:?J
=H;;C;DJ
!,D

=0/4?2=00809?809/809?
)D'7OM;7C;D:;:EKH;N?IJ?D=H;:?J=H;;C;DJJE?	?D9H;7I;J>;7FFB?978B;C7H=?DM?J>H;IF;9JJEJ>;
?DJ;H;IJH7J;KD:;HJ>;H;:?J=H;;C;DJJE
F;H7DDKC?DJ>;97I;E<?DJ;H;IJ799HK?D=87I;:ED-) ,7D:
?DJ>;
97I;E<?DJ;H;IJ799HK?D=87I;:ED7D7BJ;HD7J?L;87I;H7J;?D;79>97I;M?J>EKJH;=7H:JE7FH?9?D==H?:??	:;<;HJ>;H;:K9J?ED
E<7:L7D9;H7J;IKI;:JE97B9KB7J;EKH8EHHEM?D=97F79?JO8O7D7CEKDJ;GK7BJE87I?IFE?DJIFH;L?EKIBOH;GK?H;:ED'7O
JE-;FJ;C8;H???	H;GK?H;97I>;J;HCBE7D;--I;=C;DJI7B;FHE9;;:IJE-;FJ;C8;H
1;:?:DEJ?D9KH:;8J?IIK7D9;
9EIJI H;B7J;: JE J>; '7O  H;:?J =H;;C;DJ 7C;D:C;DJ
  EH 7::?J?ED7B ?D; H;:?J =H;;C;DJ
7C;D:C;DJI;;J>;ECF7DOZI,;FEHJED EHC%:7J;:'7O7D:J>;-ED'7O

@7D

=0/4?2=00809?809/809?
)D$KBOM;7C;D:;:EKH;N?IJ?D=H;:?J=H;;C;DJJE?	;NJ;D:J>;C7JKH?JO:7J;E<J>;H;:?J=H;;C;DJJE
;9;C8;H??	H;:K9;7:L7D9;H7J;IM?J>H;IF;9JJEJ>;8EHHEM?D=87I;8O87I?IFE?DJIED-;FJ;C8;H?D
B?;KE<J>;H;:K9J?EDIFH;L?EKIBO9EDJ;CFB7J;:;9ED:?J?EDII;J?DIK9>7C;D:C;DJ
7::7,-9JJ7NH;;8EHHEM?D=87I;HEK=>$KBO?L	7C;D:J>;;H;:?J=H;;C;DJ	7J7BBJ?C;I=H;7J;HJ>7DJ>;=H;7J;HE<N	
E<J>;==H;=7J;&E7D7F7I:;;H;:?J=H;;C;DJ	7D:O		C?DKIIK8@;9JJEJ>;9ED:?J?EDII;J
?DIK9>7C;D:C;DJ	7	;F;H?E:E<FH?BJ>HEK=>7D:?D9BK:?D=FH?B8	;
F;H?E:E<'7OJ>HEK=>7D:?D9BK:?D='7O7D:9	7J7BBEJ>;HJ?C;IL	7::7C?D?CKCEDIEB?:7J;:
#.7I:;;H;:?J=H;;C;DJ	?DIK9>7C;D:C;DJ
.>;7C;D:C;DJ7BIE
H;GK?H;IJ>7JM;7FFE?DJ7>?;<,;IJHK9JKH?D=)<7J8OK=KIJM;?	7FFE?DJJME?D:;F;D:;DJC;C8;HI
JEJ>;8E7H:E<:?H;9JEHIE<J>;ECF7DO7J>7L;8;;DFH;L?EKIBO:?I9BEI;:JEJ>;:C?D?IJH7J?L;
=;DJ7D:J>;&;D:;HI7D:??	7FFE?DJ79ECC?JJ;;E<J>;8E7H:E<:?H;9JEHIE<J>;ECF7DOJE9EDI?IJE<J>H;;8E7H:C;C8;HI
JMEE<M>ECM?BB8;J>;D;M?D:;F;D:;DJ:?H;9JEHI	
.>;9ECC?JJ;;ZIH;IFEDI?8?B?J?;IM?BB?D9BK:;7CED=EJ>;HJ>?D=IJE
;NFBEH; 9EDI?:;H IEB?9?J ;NFH;II?EDI E< ?DJ;H;IJ EH FHEFEI7BI ; H;:?J
=H;;C;DJ	
.>;H;97D8;DE=K7H7DJ;;EH7IIKH7D9;IJ>7J7DOIK9>JH7DI79J?EDEHJH7DI79J?EDI8;9EDIKCC7J;:
1;CKIJF7O
?	7<;;E<
E<J>;EKJIJ7D:?D=FH?D9?F7B7CEKDJE<J>;9ECC?JC;DJIKD:;HJ>;H;:?J=H;;C;DJ'7H9>7C;D:C;DJ
7I:;;H;:?J=H;;C;DJ	EDJ>;9BEI?D=:7J;?DB?;KE<J>;:;<;HH;:<;;FH;L?EKIBO9EDJ;CFB7J;:?D9EDD;9J?EDM?J>
J>;'7H9>7C;D:C;DJ7I:;;H;:?J=H;;C;DJ		7D:??	7<;;E<
E<J>;EKJIJ7D:?D=FH?D9?F7B7CEKDJ
E<J>;9ECC?JC;DJIKD:;HJ>;H;:?J=H;;C;DJ7IE<J>;9BEI?D=:7J;EDJ>;;7HB?;HJEE99KHE<-;FJ;C8;H7D:7D
L;DJE<;<7KBJ7I:;;H;:?J=H;;C;DJ	
 EH7::?J?ED7B?D;H;:?J=H;;C;DJ7C;D:C;DJ
I;;J>;ECF7DOI,;FEHJED EHC%J>;-ED$KBO
KH?D=J>;M;;AI;D:;:FH?BM;?D9KHH;::;8J?IIK7D9;9EIJIJEJ7B?D=H;B7J;:JEJ>;$KBOH;:?J
=H;;C;DJ7C;D:C;DJ
.>;:;8J?IIK7D9;9EIJI>7L;8;;D:;<;HH;:7D:7H;FH;I;DJ;:7IFH;F7?:7D:EJ>;H9KHH;DJ7II;JI7D:
EJ>;H DED9KHH;DJ 7II;JI ?D J>; 9EDIEB?:7J;: 87B7D9; I>;;JI 7D: IK8I;GK;DJBO 7CEHJ?P;: H7J78BO EL;H J>; J;HC E< J>; H;:?J
=H;;C;DJ
%!&!"('"!!!&(&%&
!;
7:C?D?IJH7J?L;7=;DJ7D:B;D:;HIKD:;HJ>;H;:?J=H;;C;DJ
.>;7C;D:C;DJ?DJHE:K9;:7-F;9?7JMEKB:8;9EC;:K;7D:F7O78B;7JJ>;;7HB?;HJEE99KHE<7	$7DK7HOJEJ>;;NJ;DJ7-F;9?;H;:?J=H;;C;DJ	>7IDEJ8;;D9EDIKCC7J;:FH?EHJEIK9>:7J;EHIK9>B7J;H:7J;J>7J?IKFJE
J>?HJO:7OIJ>;H;7;;NJ;DJ7=H;;:JE?DMH?J?D=8OJ>;:C?D?IJH7J?L;=;DJ?D?JIIEB;:?I9H;J?ED	EH8	7DL;DJE<
;<7KBJ KD:;H J>; H;:?J =H;;C;DJ
 KH?D= J>;  M;;AI ;D:;: FH?B   M; ?D9KHH;: :;8J ?IIK7D9; 9EIJI JEJ7B?D=
H;B7J;:JEJ>;)9JE8;HH;:?J=H;;C;DJ7C;D:C;DJ
.>;:;8J?IIK7D9;9EIJI>7L;8;;D:;<;HH;:7D:7H;FH;I;DJ;:
7IFH;F7?:7D:EJ>;H9KHH;DJ7II;JI7D:EJ>;HDED9KHH;DJ7II;JI?DJ>;9EDIEB?:7J;:87B7D9;I>;;JI7D:IK8I;GK;DJBO7CEHJ?P;:
H7J78BOEL;HJ>;J;HCE<J>;H;:?J=H;;C;DJ
0.08-0=

=0/4?2=00809?809/809?
)D ;9;C8;H   M; 7C;D:;: EKH ;N?IJ?D= H;:?J =H;;C;DJ JE 7CED= EJ>;H J>?D=I ?	 7C;D: J>; ;H;:?J=H;;C;DJ	7J7BBJ?C;IJE8;=H;7J;HJ>7DJ>;=H;7J;HE<
N	E<J>;==H;=7J;&E7D7F7I:;;H;:?J=H;;C;DJ	7D:O		EHIK8@;9JJEJ>;I7J?I<79J?EDE<
9;HJ7?D9ED:?J?EDIH;B7J?D=JEJ>;H;F7OC;DJE<J>;H;:?J=H;;C;DJ?D;F;H?E:E<;9;C8;H
J>HEK=>$7DK7HO8	;F;H?E:HEK=> ;8HK7HO9	;
F;H?E:E<FH?BJ>HEK=>FH?B7D::	;F;H?E:E<'7OJ>HEK=>'7O7D:??	
H;L?I; 9;HJ7?D H;FEHJ?D= H;GK?H;C;DJI KD:;H J>; H;:?J =H;;C;DJ
 .>; 7C;D:C;DJ 7BIE H;L?I;: J>; -F;9?;)9JE8;HH;:?J=H;;C;DJC;D:C;DJIK9>J>7JJ>;8;97C;:K;7D:M7IF7?:
ED$7DK7HO
KH?D=J>;M;;AI;D:;:FH?BM;?D9KHH;::;8J?IIK7D9;9EIJIJEJ7B?D=H;B7J;:JEJ>;
;9;C8;HH;:?J=H;;C;DJ7C;D:C;DJ
.>;:;8J?IIK7D9;9EIJI>7L;8;;D:;<;HH;:7D:7H;FH;I;DJ;:7IFH;F7?:7D:
EJ>;H9KHH;DJ7II;JI7D:EJ>;HDED9KHH;DJ7II;JI?DJ>;9EDIEB?:7J;:87B7D9;I>;;JI7D:IK8I;GK;DJBO7CEHJ?P;:H7J78BOEL;HJ>;
J;HC E< J>; H;:?J =H;;C;DJ
  EH 7::?J?ED7B ?D; H;:?J =H;;C;DJ 7C;D:C;DJ I;; J>; ECF7DOZI
,;FEHJED EHC%:7J;:;9;C8;H7D:J>;-ED;9;C8;H
!,=.3
=0/4?2=00809?809/809?
)D '7H9>   M; 7C;D:;: EKH ;N?IJ?D= H;:?J =H;;C;DJ JE 7CED= EJ>;H J>?D=I ?	 H;L?I; 9;HJ7?D H;FEHJ?D=
H;GK?H;C;DJIKD:;HJ>;H;:?J=H;;C;DJ7D:??	I;J9;HJ7?DC?B;IJED;I
H;IF;9JJEM>?9>M;CKIJ;N;9KJ;78?D:?D=9ECC?JC;DJDEB7J;HJ>7DFH?B7IC7O8;;NJ;D:;:8OJ>;7:C?D?IJH7J?L;
7=;DJJEFH?B	
KH?D=J>;M;;AI;D:;:FH?BM;?D9KHH;::;8J?IIK7D9;9EIJIJEJ7B?D=H;B7J;:JE
J>;'7H9>H;:?J=H;;C;DJ7C;D:C;DJ

;=47
=0/4?2=00809?809/809?
)DFH?BM;7C;D:;:EKH;N?IJ?D=H;:?J=H;;C;DJJE7CED=EJ>;HJ>?D=IH;L?I;9;HJ7?DC?B;IJED;IH;B7J;:JE
J>; FH;L?EKIBO:?I9BEI;: B?GK?:?JO 7D: H; C?B;IJED;I M?J> J>; .H7DI79J?EDI
9EDJ;CFB7J;: 8O J>; *KH9>7I; =H;;C;DJ 7I :;0<@09? A09?>	 J>; X.M;B C;D:C;DJ JE H;:?J
=H;;C;DJY	 M>?9> C?B;IJED;I ?D9BK:; ?	 ;  EHC - DE B7J;H J>7D JME 	 8KI?D;II :7OI 7; :7J; E< IK9>
7C;D:C;DJ??	E8J7?D?D=H;9;?FJE<IKFFEHJB;JJ;HI?DIKFFEHJE<J>;.H7DI79J?EDI7DE<J>;
EKJIJ7D:?D= LEJ?D= IJE9A E< J>; ECF7DO 8O DE B7J;H J>7D '7O   EH IK9> B7J;H :7J; 7I 7=H;;: JE ?D MH?J?D= 8O J>;
7:C?D?IJH7J?L;7=;DJ?D?JIIEB;:?I9H;J?ED	???	E8J7?D?D=H;9;?FJE<J>;-;9KH?J?;I7D:N9>7D=;ECC?II?EDX-Y	7FFHEL7B
M?J>H;IF;9JJEIK9> EHC-EDEH8;B7J;H:7J;7I7=H;;:JE?DMH?J?D=8OJ>;7:C?D?IJH7J?L;7=;DJ
?D?JIIEB;:?I9H;J?ED	7D:?L	9BEI?D=J>;.H7DI79J?EDI9EDJ;CFB7J;:8OJ>;*KH9>7I;=H;;C;DJEDEH8;;:7J;J>7J?I
:7OI7;H;9;?FJE<-7FFHEL7BM?J>H;IF;9JJEJ>; EHC-
KH?D=J>;M;;AI;D:;:FH?BM;?D9KHH;:
:;8J?IIK7D9;9EIJIJEJ7B?D=H;B7J;:JEJ>;FH?BH;:?J=H;;C;DJ7C;D:C;DJ

)D$KD;IK8I;GK;DJJEJ>;;D:E<J>;GK7HJ;HM;7C;D:;:7D:;NJ;D:;:J>;H;:?J=H;;C;DJJEFHEL?:;799;II
JE7<79?B?JOJ>;X& 79?B?JOY	C7JKH?D=?D
.>;H;7D9;EKH
;H;,9/&@;;70809?,=D,?,":?0	&@->0<@09?A09?>	
&2?:<.;
)D$KD;M;;DJ;H;:?DJE7.;HC&E7DH;:?J=H;;C;DJJ>;X.;HC&E7DH;:?J=H;;C;DJY	M?J>.EF&?:I
&;D:E&&7D:0?J7B KD:9E&&7D:M;;DJ;H;:?DJE7D7C;D:C;DJJEEKH;N?IJ?D=H;:?J=H;;C;DJM>?9>F;HC?JJ;:KI
%!&!"('"!!!&(&%&
!;.;HC&E7D 79?B?JO7I:;;ECF7DOZI,;FEHJED EHC%:7J;:
$KD;7D:J>;-ED$KD;

.>;.;HC&E7DH;:?J=H;;C;DJFHEL?:;I;X.;HC&E7D 79?B?JOY7D:
J>;BE7DIJ>;H;KD:;HJ>;X.;HC&E7DIY	7D:C7JKH;IEDFH?B
.>;FHE9;;:IE<J>;.;HC&E7DI7H;8;?D=KI;:JE
;.;HC&E7D 79?B?JO
KH?D=J>;M;;AI;D:;:FH?B
M;?D9KHH;:;.;HC&E7DI7D:H;F7?:KD:;HJ>;.;HC&E7DH;:?J=H;;C;DJM?J>
E<EKJIJ7D:?D=8EHHEM?D=I7IE<FH?B
KH?D=J>;M;;AI;D:;:FH?BM;8EHHEM;:7D:
H;F7?:KD:;HJ>;.;HC&E7DH;:?J=H;;C;DJM?J>E<EKJIJ7D:?D=8EHHEM?D=I7IE<FH?B

.>;.;HC&E7DI799HK;?DJ;H;IJ7J7H7J;;GK7BJE
F7O78B;GK7HJ;HBO
BB?DJ;H;IJEDJ>;.;HC&E7DFH?EHJE$KBO
M7IF7?:?D97I>
-K8I;GK;DJJE$KBO7BB?DJ;H;IJ?D9KHH;:EDJ>;.;HC&E7DM7I?D9KHH;:?DA?D:7IF;HC?JJ;:
KD:;HJ>;$KBO.;HC&E7DC;D:C;DJ7D:?IF7HJE<J>;EKJIJ7D:?D=:;8J87B7D9;
.>;.;HC&E7DI:EDEJ7CEHJ?P;FH?EH
JEC7JKH?JO

.>; .;HC &E7D H;:?J =H;;C;DJ :E;I DEJ 9EDJ7?D 7 ;HM?I; 9EDJ7?DI H;FH;I;DJ7J?EDI 7D:
M7HH7DJ?;I 9EL;D7DJI 7D: ;L;DJI E< :;<7KBJ J>7J 7H; IK8IJ7DJ?7BBO J>; I7C; 7I J>EI; ?D J>; H;:?J =H;;C;DJ ?D9BK:?D=
H;IJH?9J?EDIEDJ>;78?B?JOE<J>;ECF7DO7D:?JIIK8I?:?7H?;IJE?D9KH7::?J?ED7B:;8J?D9KHEHF;HC?JB?;DIED7II;JIC7A;
?DL;IJC;DJI7D:79GK?I?J?EDI9EDIEB?:7J;EHC;H=;M?J>7DOEJ>;H9ECF7DO;D=7=;?D7II;JI7B;I7D:C7A;:?L?:;D:I7D:
:?IJH?8KJ?EDI
.>;.;HC&E7D 79?B?JO?II;9KH;:8OI;9ED:FH?EH?JOB?;DIED7BB7II;JII;9KH?D=J>;E8B?=7J?EDIKD:;HJ>;H;:?J
=H;;C;DJM>?9>?I7BBE<J>;7II;JIE<J>;ECF7DO7D:J>;!K7H7DJEHIIK8@;9JJE9KIJEC7HO;N9BKI?EDI7D:B?C?J7J?EDII;J
?DJ>;.;HC&E7DH;:?J=H;;C;DJ7D:J>;EJ>;HBE7D:E9KC;DJI;N;9KJ;:?D9EDD;9J?EDJ>;H;M?J>
.>;H;:?J=H;;C;DJ7C;D:C;DJF;HC?JJ;:KIJE?D9KHJ>;.;HC&E7D 79?B?JO7D:7BIEFHEL?:;IJ>7JKFEDH;F7OC;DJE<
J>;.;HC&E7DH;:?J=H;;C;DJ7D:?<7FFB?978B;7DOH;FB79;C;DJ9H;:?J<79?B?JOJ>;H;E<	M;C7O?D9KHI;9ED:B?;DI;9KH;:
:;8J?D7D7==H;=7J;FH?D9?F7B7CEKDJDEJJE;N9;;:
)D $KD;   IK8I;GK;DJ JE J>; ;D: E<  ?I97B  M; 9ECFB;J;: 9;HJ7?D ;GK?JO JH7DI79J?EDI JE IK8IJ7DJ?7BBO
:;B;L;H7=;EKH9EDIEB?:7J;:87B7D9;I>;;J?D9BK:?D=9EDL;HJ?D=7BBEKJIJ7D:?D=FH?D9?F7B7D:?DJ;H;IJ7CEKDJIEM;:KD:;HEKH
.;HC &E7D H;:?J =H;;C;DJ ?DJE I>7H;I E< EKH ECCED -JE9A
  EH ?D; .;HC &E7D H;:?J =H;;C;DJ
9EDL;HI?EDJH7DI79J?EDIK8I;GK;DJJEJ>;;D:E< ?I97BI;;$,=??08	49,9.4,7&?,?0809?>,9/&@;;70809?,=D,?,
":?0	&@->0<@09?A09?>	
.>;;L7H?EKI.;HC&E7DH;:?J=H;;C;DJ7C;D:C;DJI

!,=.3

'0=8 :,9=0/4?2=00809?809/809?
)D'7H9>M;7C;D:;:J>;.;HC&E7DH;:?J=H;;C;DJJE?	;NJ;D:J>;C7JKH?JO:7J;E<J>;.;HC&E7DH;:?J
=H;;C;DJ8OI?NCEDJ>IJE;9;C8;H??	F;HC?JJ>;7FFB?97J?EDE<9;HJ7?DFHE9;;:IJEJ>;H;F7OC;DJE<J>;BE7DI
KD:;HH;:?J=H;;C;DJ7D:???	7C;D:9;HJ7?DD;=7J?L;9EL;D7DJI7D:7::9;HJ7?D7::?J?ED7B9EL;D7DJIJE9ED;
H;:?J=H;;C;DJ
#D7::?J?EDJ>;7C;D:C;DJH;GK?H;IJ>;79>?;L;C;DJE<7-F;9?7D'7O7IIK9>:7J;C7O8;;NJ;D:;:KD:;HJ>;H;:?J=H;;C;DJ8KJDEB7J;HJ>7DK=KIJM?J>EKJ
9EDI;DJ;.;HC&E7DH;:?J=H;;C;DJ	
 EH7::?J?ED7B?D;ECF7DOI,;FEHJED EHC
%:7J;:'7H9>7D:J>;-ED'7H9>
KH?D=J>;M;;AI;D:;:FH?BM;?D9KHH;::;8J?IIK7D9;9EIJIJEJ7B?D=H;B7J;:JEJ>;'7H9>.;HC
&E7DH;:?J=H;;C;DJ7C;D:C;DJ
1;F7?:7<;;E<EDJ>;7C;D:C;DJ9BEI?D=:7J;JEJ>;B;D:;HIKD:;HJ>;.;HC&E7D
H;:?J=H;;C;DJ
.>;:;8J?IIK7D9;9EIJI>7L;8;;D:;<;HH;:7D:7H;FH;I;DJ;:7I7H;:K9J?EDJEBED=J;HC8EHHEM?D=I?DJ>;
9EDIEB?:7J;:87B7D9;I>;;JI7D:IK8I;GK;DJBO7CEHJ?P;:H7J78BOEL;HJ>;J;HCE<J>;.;HC&E7D 79?B?JO
@7D

'0=8 :,9=0/4?2=00809?809/809?
)D$KBOM;7C;D:;:EKH.;HC&E7DJE?	;NJ;D:J>;C7JKH?JO:7J;E<J>;.;HC&E7D=H;;C;DJJEFH?B
??	7BBEM;
7DD?L;HI7HO<;;JEH;9KHED$KD;
E<;79>O;7HJ>7JJ>;.;HC&E7D=H;;C;DJH;C7?DIEKJIJ7D:?D=M?J><;;:;<;HH;:JEJ>;;7HB?;HE<-;FJ;C8;H7D:
J>;.;HC?D7J?ED7J;7I:;;.;HC&E7D=H;;C;DJ	7D:?L	7C;D:9;HJ7?DD;=7J?L;9EL;D7DJI7D:7<;B;D:;HIKD:;HJ>;.;HC&E7D=H;;C;DJEDJ>;;7HB?;HE<
-;FJ;C8;H7D:J>;.;HC?D7J?ED7J;7I:;;.;HC&E7D=H;;C;DJ	
 EH7::?J?ED7B?D;
ECF7DOI,;FEHJED EHC%J>;-ED$KBO
%!&!"('"!!!&(&%&
!;M;;AI;D:;:FH?BM;?D9KHH;::;8J?IIK7D9;9EIJIJEJ7B?D=H;B7J;:JEJ>;$KBO.;HC
&E7DH;:?J=H;;C;DJ7C;D:C;DJ
.>;:;8J?IIK7D9;9EIJI>7L;8;;D:;<;HH;:7D:7H;FH;I;DJ;:7I7H;:K9J?EDJEBED=J;HC
8EHHEM?D=I?DJ>;9EDIEB?:7J;:87B7D9;I>;;JI7D:IK8I;GK;DJBO7CEHJ?P;:H7J78BOEL;HJ>;J;HCE<J>;.;HC&E7D 79?B?JO
232??216;.;06;4<@A@
.>;:;8J?IIK7D9;9EIJI>7L;8;;D:;<;HH;:7D:7H;FH;I;DJ;:7IDEJ;:8;BEM?DJ>;9EDIEB?:7J;:87B7D9;I>;;JI7D:7H;
IK8I;GK;DJBO7CEHJ?P;:H7J78BOEL;HJ>;J;HCE<H;IF;9J?L;:;8J
:77,=>49?3:@>,9/>
IE<
7B7D9;->;;J&E97J?ED
'7JKH?JO7J;
CEHJ?P7J?ED.;HC7	
FH?B
FH?B
H;:?J 79?B?JO*H;F7?:7D:)J>;HKHH;DJII;JI


;9;C8;H

W 

H;:?J 79?B?JO)J>;HDED9KHH;DJ7II;JI











 

H;:?J 79?B?JOIK8JEJ7B 




















 

.;HC&E7DEDJH7;8J 





















FH?B

 

.EJ7B:;<;HH;:;;D:E< ?I97BM;9ECFB;J;:L7H?EKIJH7DI79J?EDI?D9BK:?D=7C;D:?D=7D:;NJ;D:?D=J>;
C7JKH?JO:7J;E<J>;H;:?J 79?B?JOJE$KD;7D:9EDL;HJ?D=7BBEKJIJ7D:?D=FH?D9?F7B7D:?DJ;H;IJ7CEKDJIEM;:KD:;HEKH.;HC
&E7DH;:?J=H;;C;DJ?DJEI>7H;IE<EKHECCED-JE9A
 EH7::?J?ED7B?D,9/
&@;;70809?,=D,?,":?0	&@->0<@09?A09?>	
;A2?2@AE=2;@2
.>;;9EDIEB?:7J;:IJ7J;C;DJE<EF;H7J?EDI7D:97I>?DJ;H;IJF7?::KH?D=J>;
M;;AF;H?E:I
M;;AI;D:;:
FH?B
FH?B
#DJ;H;IJ#D9KHH;:
H;:?J 79?B?JO























































 

.;HC&E7D 

























































 

.EJ7B#DJ;H;IJ#D9KHH;: 












































 

CEHJ?P7J?EDE<;<;HH;: ?D7D9?D=EIJI
H;:?J 79?B?JO























































 

.;HC&E7D 

























































 

.EJ7BCEHJ?P7J?EDE<;<;HH;: ?D7D9?D=EIJI
























 

#DJ;H;IJ#D9EC;D;JE<;NF;DI;













































	 
	
.EJ7B#DJ;H;IJNF;DI;




















































 

7I>#DJ;H;IJ*7?: 























































 

!;9EDIEB?:7J;:87B7D9;I>;;JI; FH;I;DJ L7BK; E< 0> .EF?9 	
 )KH FEHJ?9>=H7DJKIJ>;H?=>JJEEF;H7J;ED97CFKI8EEAIJEH;I7J
9EBB;=;I7D:KD?L;HI?J?;IH;7B;IJ7J;B;7I;IEKI;EF;H7J?EDI7D:L;>?9B;B;7I;I
1;:EDEJ>7L;EHJJ;HCB;7I;I?
;
J>EI;M?J>7J;HCE<JM;BL;CEDJ>IEHB;II	

%!&!"('"!!!&(&%&
!JE<KI;X,)/Y	7II;J7D:B;7I;B?78?B?JO?DEKH9EDIEB?:7J;:87B7D9;I>;;JI7J;HC
=H;7J;HJ>7DJM;BL;CEDJ>I
)FJ?EDIJE;NJ;D:EHJ;HC?D7J;7B;7I;7H;?D9BK:;:?DJ>;:;J;HC?D7J?EDE<J>;,)/7II;J7D:B;7I;
B?78?B?JOM>;D?J?IH;7IED78BO9;HJ7?DJ>7JIK9>EFJ?EDIM?BB8;;N;H9?I;:
)KHB;7I;J;HCI=;D;H7BBOH7D=;?9>7H;7:@KIJ;:7JJ>;IJ7HJE<;79>
9EDJH79JO;7H87I;:EDJ>;79JK7BI7B;I79J?L?JOE<J>;B;7I;:FH;C?I;I;CEIJH;9;DJBO9ECFB;J;:9EDJH79JO;7H

*7OC;DJJ;HCI7H;87I;:EDJ>;;B;7I;?D9BK:?D=C?D?CKC7DDK7B=K7H7DJ;;I7D:EHL7H?78B;
H7J;I 87I;: ED ?	 7 F;H9;DJ7=; E< H;L;DK;I EH I7B;I 7H?I?D= 7J J>; H;B;L7DJ FH;C?I;I XL7H?78B; 9ECC?II?EDIY	 7D:EH ??	
EF;H7J?D=;NF;DI;IIK9>7I9ECCED7H;79>7H=;IH;7B;IJ7J;J7N;I7D:?DIKH7D9;
 EH9EDJH79JIM?J>EI;M?J>C?D?CKC7DDK7B=K7H7DJ;;IM;H;9E=D?P;B;7I;;NF;DI;ED7IJH7?=>JB?D;87I?IEL;HJ>;B;7I;J;HCEH
EL;HJ>;9EDJH79JO;7H?DEH:;HJE8;IJH;;F7JJ;HDE<KI7=;E<J>;KD:;HBO?D=B;7I;:7II;J7D:EKHC?D?CKCE8B?=7J?EDI
7H?I?D= ;I; JOF;I E< B;7I;I
 )KH B;7I; 7=H;;C;DJI :E DEJ 9EDJ7?D 7DO C7J;H?7B H;I?:K7B L7BK; =K7H7DJ;;I C7J;H?7B
H;IJH?9J?EDIEH9EL;D7DJI
1;KI;:EKH?D9H;C;DJ7B8EHHEM?D=H7J;IJE:;J;HC?D;J>;FH;I;DJL7BK;E<;?D;B;7I;9ECC;D9;C;DJ:7J;7IJ>;H7J;?CFB?9?J?DJ>;B;7I;?IDEJH;7:?BO:;J;HC?D78B;
1;KJ?B?P;:7D;IJ?C7J;:
9EBB7J;H7B?P;:?D9H;C;DJ7B8EHHEM?D=H7J;7IE<J>;;<<;9J?L;:7J;EHJ>;9ECC;D9;C;DJ:7J;E<J>;B;7I;M>?9>;L;H?IB7J;H
.>;;:;9H;7I;?DB;7I;;NF;DI;?IFH?C7H?BO:K;JEBEM;H9ECC?II?EDH7J;IH;B7J;:JEJ>;I>?OI?97BJE:?=?J7B9EKHI;
C7J;H?7BI9BEI;:IJEH;I7D:J>;?CF79JE<J>;J?C?D=:K;JE9EDJH79JH;D;M7BIF7HJ?7BBOE<?=>;HI7B;I;;H;77JM;H;;DJ;H;:?DJE8KJ:?:DEJ9ECC;D9;7IE<FH?BM;H;
DEJC7J;H?7B
%!&!"('"!!!&(&%&
!;J;:7L;H7=;H;C7?D?D=B;7I;J;HC?DO;7HI	




























O;7HI

O;7HI
1;?=>J;:7L;H7=;:?I9EKDJH7J; 













































-KFFB;C;DJ7B97I>F7OC;DJI?DEF;H7J?D=79J?L?J?;I






















,)/7II;JIE8J7?D;:?D;N9>7D=;;M;;AI;D:;:FH?BM;H;9E=D?P;:H;IJHK9JKH?D=7D:EJ>;H9>7H=;IJEJ7B?D=9ECFH?I;:
FH?C7H?BOE<FHE<;II?ED7BI;HL?9;9EIJI;H ;CFBEO;; J;HC?D7J?ED 7D: 8;D; ;B?C?D7J?ED E<
L7H?EKIFEI?J?EDI7IF7HJE<9EIJH;:K9J?EDE8@;9J?L;I?I?D9BK:;:?D799HK;:B?78?B?J?;I?DJ>;9EDIEB?:7J;:87B7D9;I>;;J7I
E<FH?B	F7HJ?7BBOE<	

*KHIK7DJ JE J>; $KBO   H;:?J =H;;C;DJ 7C;D:C;DJ J>; E7H: ;IJ78B?I>;: 7 9ECC?JJ;; 9EDI?IJ?D= E< J>H;;
?D:;F;D:;DJ :?H;9JEHI JE ;NFBEH; 9EDI?:;H IEB?9?J ;NFH;II?EDI E< ?DJ;H;IJ EH FHEFEI7BI ;H;:?J=H;;C;DJ	
,;IJHK9JKH?D=7D:EJ>;H9>7H=;I?D9BK:;9EIJI7IIE9?7J;:M?J>J>;9EIJIE<J>?I9ECC?JJ;;7I
M;BB7IEJ>;HH;B7J;:B;=7B7D:7:L?IEHOFHE<;II?ED7BI;HL?9;9EIJI
)D$KD;IK8I;GK;DJJEJ>;;D:E< ?I97BM;
9ECFB;J;:L7H?EKIJH7DI79J?EDI?D9BK:?D=7D;GK?JOH?=>JIE<<;H?D=FH?L7J;;GK?JO?DL;IJC;DJ.;HC&E7D:;8J9EDL;HI?ED7D:
H;:?J 79?B?JOH;;;J
7D:FHEL?:;7::?J?ED7B,9/&@;;70809?,=D,?,":?0
	&@->0<@09?A09?>	
KH?D=J>;M;;AI;D:;:FH?BM;H;9E=D?P;:H;IJHK9JKH?D=7D:EJ>;H9>7H=;IJEJ7B?D=9ECFH?I;:
FH?C7H?BO E<  ;H ;CFBEO;; J;HC?D7J?ED 7D: 8;D; ;B?C?D7J?ED E< L7H?EKI
FEI?J?EDI7IF7HJE<9EIJH;:K9J?EDE8@;9J?L;I?I?D9BK:;:?D799HK;:B?78?B?J?;I?DJ>;9EDIEB?:7J;:87B7D9;I>;;J7IE<
FH?B  	 7D:   FHE<;II?ED7B I;HL?9; 9EIJI ;79GK?I?J?EDE<'-ED ;8HK7HO'-M7I9EDI?:;H;:7H;B7J;:F7HJO7I?JM7IC7@EH?JOEMD;:8O
&;ED7H:,?==?EM>E?I7FH?D9?F7BEMD;H>EB:?D=IK8IJ7DJ?7BI>7H;IE<EKH9ECCEDIJE9A7D:EJ>;HC;C8;HIE<J>;,?==?E
<7C?BO
 -K8I;GK;DJ JE J>; 79GK?I?J?ED J>; 9EDIEB?:7J;: ; 799EKDJI E< '- 7D: 7BB C7J;H?7B
?DJ;H9ECF7DO799EKDJI7D:JH7DI79J?EDI>7L;8;;D;B?C?D7J;:?D9EDIEB?:7J?ED

'-B;7I;I?JIC7?DM7H;>EKI;7D::?IJH?8KJ?ED<79?B?JOBE97J;:?DEBKC8?7'?IIEKH??9>?IC7@EH?JOEMD;:8O&;ED7H:,?==?EM?J>J>;H;C7?D?D=EMD;HI>?F8OEJ>;HI;BB;HIE<'-
.>;B;7I;M7IEH?=?D7BBO
;DJ;H;:?DJE?D7D:?D9BK:;:7H;D;M7BEFJ?EDM>?9>;NJ;D:;:J>;B;7I;J>HEK=>-;FJ;C8;H
<<;9J?L;$7DK7HO
'-7C;D:;:J>;B;7I;7=H;;C;DJJEBEM;HJ>;H;DJ7D:;NJ;D:J>;J;HCJE;9;C8;H
,;DJF7OC;DJIJE'-
,;7BJO *7HJD;HI &
*
 M;H; 7FFHEN?C7J;BO  7D:  :KH?D= J>;  M;;AI ;D:;: FH?B   7D: FH?B  
H;IF;9J?L;BO

'<=61@2;1<
#D;9;C8;H ?I97B	M;;DJ;H;:?DJEJ>; &,;B7J?EDI>?FJE;N;9KJ;7C;H9>7D:?I?D=7=H;;C;DJM?J> 7D7J?9I
7D: &?:I M>?9> ?D9BK:;: 7 IJH7J;=?9 ;GK?JO ?DL;IJC;DJ ?D J>; ECF7DO
  7D7J?9I #D9
 7D: &?:I "EB:?D=I #D9
 @E?DJBO 7I
%!&!"('"!!!&(&%&
!7I;:7D7==H;=7J;E<EKH9ECCEDI>7H;I
)D$KD;M;;DJ;H;:
?DJE7.;HC&E7DH;:?J=H;;C;DJM?J>.EF&?:I&;D:E&&7D:0?J7B KD:9E&&I;;:?I9KII?ED8;BEM	
)D$KD;
IK8I;GK;DJJEJ>;;D:E< ?I97BM;9ECFB;J;:L7H?EKIJH7DI79J?EDI?D9BK:?D=7D;GK?JOH?=>JIE<<;H?D=FH?L7J;
;GK?JO?DL;IJC;DJ.;HC&E7D:;8J9EDL;HI?ED7D:H;:?J 79?B?JOH;;;J
.EF&?:IM?BBEMDCEH;J>7DE<EKHECCED-JE9AEKJIJ7D:?D=;9BEI?D=E<J>;JH7DI79J?EDI

.EJ7B9ECC?II?EDH;L;DK;; &,;B7J?EDI>?FM7I7D::KH?D=J>;M;;AI;D:;:FH?B
7D:FH?BH;IF;9J?L;BO
 EH7::?J?ED7B?D,9/&@;;70809?,=D,?,
":?0	#=2,94E,?4:9":?0	<@4?D,9/,=9492>$0=&3,=0":?0	0-?,9/":?0	&@->0<@09?A09?>	
)6A.9&.EF&?:I&;D:E&&I;;:?I9KII?ED78EL;	7D:
0?J7B KD:9E&&7IK8I?:?7HOE<0?J7B.;9>DEBE=?;I#D9
X0?J7B-EKH9;Y		
1;>7L;9EDJH79J;:M?J>0?J7B-EKH9;JEFHEL?:;
:?=?J7BBO ;HI
 )D $KD;   IK8I;GK;DJ JE J>; ;D: E<  ?I97B  M;
9ECFB;J;:L7H?EKIJH7DI79J?EDI?D9BK:?D=7D;GK?JOH?=>JIE<<;H?D=FH?L7J;;GK?JO?DL;IJC;DJ.;HC&E7D:;8J9EDL;HI?ED7D:
H;:?J 79?B?JOH;;;J
0?J7B-EKH9;M?BBEMDCEH;J>7DE<
EKHECCED-JE9AEKJIJ7D:?D=;9BEI?D=E<J>;JH7DI79J?EDI
.EJ7BFKH9>7I;I;0?J7B-EKH9;M;H;
7D::KH?D=J>;M;;AI;D:;:FH?B7D:FH?BH;IF;9J?L;BO
 EH7::?J?ED7B?D,9/&@;;70809?,=D,?,":?0	#=2,94E,?4:9":?0	<@4?D,9/,=9492>$0=&3,=0":?0
	0-?,9/":?0	&@->0<@09?A09?>	
!;8;D;;;CFBEO;;IE<(
'-C7?DJ7?DI7FHE7H?D=FB7D9EL;H?D=IK8IJ7DJ?7BBO7BB;;CFBEO;H
9EDJH?8KJ?EDI:?H;9JBO?<7DO
.EJ7B;CFBEO;;8;D;;I;FB7DIM7I7D::KH?D=J>;M;;AI
;D:;:FH?B7D:FH?BH;IF;9J?L;BO
ECC;D9?D=?D-;FJ;C8;HM;H;L?I;:J>;A	H;J?H;C;DJ
I7L?D=IFB7DJE7D7DDK7B;D:E<FB7DO;7H:?I9H;J?ED7HOC7J9>?DB?;KE<J>;9KHH;DJF7OF;H?E:C7J9>

!7L; H;I;HL;:  I>7H;I E< EKH 9ECCED IJE9A  J>; 7HD;I  (E8B;
:K97J?ED #D9
 GK?JO #D9;DJ?L; *B7D
 .OF;I E< ;GK?JO 7M7H:I J>7J 97D 8; =H7DJ;: KD:;H J>; GK?JO #D9;DJ?L; *B7D ?D9BK:;
EFJ?EDIH;IJH?9J;:IJE9AX,-Y	H;IJH?9J;:IJE9AKD?JIX,-/Y	F;H7H;IX*-Y	F;H7H;KD?JIX*-/Y	
7D:IJE9AEFJ?EDI
KH?D=J>;M;;AI;D:;:FH?BDE;GK?JOI>7H;7M7H:IM;H;=H7DJ;:JE;CFBEO;;IEH8E7H:
C;C8;HI
1;H;9E=D?P;9ECF;DI7J?ED;NF;DI;7H;7M7H:IH7J78BOEL;HJ>;H;GK?I?J;
I;HL?9;F;H?E:E<J>;7M7H:M>?9>?I=;D;H7BBOJ>H;;O;7HI
1;H;9E=D?P;9ECF;DI7J?ED;NF;DI;;I;7M7H:I87I;:EDJ>;
DKC8;HE<7M7H:I;NF;9J;:JEL;IJM>?9>?D9BK:;I7D;IJ?C7J;:7L;H7=;;<7?HL7BK;E<J>;I;
7M7H:I87I;:EDJ>;9BEI?D=IJE9AFH?9;EDJ>;:7J;J>;7M7H:M7I=H7DJ;:
 EHJ>EI;7M7H:IM?J>C7HA;J9ED:?J?EDIM;>7L;
:;J;HC?D;:J>;=H7DJ:7J;<7?HL7BK;KI?D=J>;'EDJ;7HBEI?CKB7J?EDCE:;B7D:9ECF;DI7J?ED;NF;DI;?IH;9E=D?P;:H7J78BO
EL;HJ>;H;GK?I?J;I;HL?9;F;H?E:H;=7H:B;IIE<M>;J>;HJ>;C7HA;J9ED:?J?ED?II7J?I?=4.?0/&?:.6B,=/>
,-7M7H:?I7D7M7H:E<9ECCEDIJE9AJ>7J?IIK8@;9JJE9;HJ7?DH;IJH?9J?EDI:KH?D=7IF;9?;H;B;7I;E<J>;H;IJH?9J?EDI
.>;=H7DJ;;97DDEJ
JH7DI<;HJ>;I>7H;I8;;H;IJH?9J;:I>7H;IL;IJ
->7H;IE<KDL;IJ;:H;IJH?9J;:IJE9A>7L;J>;I7C;LEJ?D=H?=>JI7I9ECCED
IJE9A7H;;DJ?JB;:JEH;9;?L;:?L?:;D:I7D:EJ>;H:?IJH?8KJ?EDIJ>;H;ED7BJ>EK=>F7OC;DJC7O8;:;<;HH;:KDJ?BJ>;I>7H;I>7L;
L;IJ;:	7D:7H;9EDI?:;H;:JE8;9KHH;DJBO?IIK;:7D:EKJIJ7D:?D=
,;IJH?9J;:IJE9A7M7H:IM?BB>7L;7C?D?CKCL;IJ?D=F;H?E:
E<ED;O;7H

,-/?I7=H7DJL7BK;:?DJ;HCIE<EKH9ECCEDIJE9A8KJDEIJE9A?I?IIK;:7JJ>;J?C;E<=H7DJ
79>H;IJH?9J;:IJE9A
KD?JC7O8;H;:;;C;:7H;E<EKH9ECCEDIJE9AED9;L;IJ;:
,;IJH?9J;:IJE9AKD?JI7H;=;D;H7BBOIK8@;9JJE;H;B;7I;E<J>;H;IJH?9J?EDI
.>;=H7DJ;;97DDEJJH7DI<;HJ>;KD?JI;N9;FJ?DL;HOB?C?J;:
9?H9KCIJ7D9;I7D:M?J>J>;9EDI;DJE<J>;9ECF;DI7J?ED9ECC?JJ;;
->7H;I7IIE9?7J;:M?J>KDL;IJ;:H;IJH?9J;:IJE9AKD?JI>7L;
DELEJ?D=H?=>JI8KJ7H;;DJ?JB;:JEH;9;?L;:?L?:;D:I7D:EJ>;H:?IJH?8KJ?EDIJ>;H;ED7BJ>EK=>F7OC;DJC7O8;:;<;HH;:KDJ?B
%!&!"('"!!!&(&%&
!;KD?JI>7L;L;IJ;:	
,;IJH?9J;:IJE9AKD?JI=;D;H7BBOL;IJEL;H7F;H?E:E<J>H;;O;7HI8KJM?BB>7L;7C?D?CKCL;IJ?D=
F;H?E:E<ED;O;7H

$3,9?:8&3,=0>
*>7DJECI>7H;KD?JIM;H;=H7DJ;:JE;CFBEO;;I
79>F>7DJECI>7H;H;FH;I;DJIJ>;;9EDEC?9;GK?L7B;DJJEED;I>7H;E<
J>;ECF7DOI9ECCEDIJE9A7D:M?BB8;I;JJB;:?D97I>87I;:EDJ>;<7?HC7HA;JL7BK;E<7I>7H;E<9ECCEDIJE9A7J;79>
L;IJ?D= :7J; ?D 7D 7CEKDJ DEJ JE ;N9;;: 7 IF;9?7H;
 .>; F>7DJEC I>7H;I L;IJ 7D: I;JJB; ?D J>H;; ;GK7B
?DIJ7BBC;DJI 9ECC;D9?D= ED; O;7H 7; :7J; E< =H7DJ
 .>; <7?H L7BK; E< J>; F>7DJEC I>7H;I M7I :;J;HC?D;: KI?D= J>;
9BEI?D=IJE9AFH?9;EDJ>;:7J;E<J>;7M7H:B;IIJ>;<7?HL7BK;E<J>;97BBEFJ?EDM>?9>M7I;IJ?C7J;:KI?D=J>;B79A-9>EB;I
CE:;B
.>;<7?HL7BK;E<J>;B?78?B?JO;97I>I;JJB;:F>7DJECI>7H;KD?J7M7H:IM?BB8;H;C;7IKH;:7JJ>;;D:E<;79>
H;FEHJ?D=F;H?E:J>HEK=>I;JJB;C;DJJEH;7DJECI>7H;KD?JI=H7DJIM>?9>?IH;;9EDIEB?:7J;:87B7D9;I>;;J
IE<FH?BM;H;9EH:;:7B?78?B?JOE<&;L;B?DFKJ	
H;B7J;:JEF>7DJECI>7H;KD?JI=H7DJIE<M>?9>7D:?IH;;HBED=J;HCB?78?B?J?;I
H;IF;9J?L;BOEDJ>;9EDIEB?:7J;:87B7D9;I>;;JH;IF;9J?L;BO
&?:.6#;?4:9>
 EHIJE9AEFJ?EDI=H7DJ;:M?J>7D7JC7HA;J;N;H9?I;FH?9;M;:;J;HC?D;:J>;=H7DJ<7?HL7BK;KI?D=J>;B79A-9>EB;I
CE:;B7D:7FH;C?KC;N;H9?I;FH?9;M;:;J;HC?D;:J>;=H7DJ:7J;<7?HL7BK;KI?D=J>;'EDJ;
7HBE I?CKB7J?ED CE:;B
 .>; <7?H L7BK; CE:;BI 7J ?D9BK:; J>; H?IA;EFJ?EDI
.>;H?IA;:7J;E<=H7DJ;;NF;9J;:IJE9AEFJ?EDJ;HC
.>;;NF;9J;:
IJE9AEFJ?EDJ;HCH;FH;I;DJIJ>;M;?=>J;:7L;H7=;F;H?E:E<J?C;J>7JIJE9AEFJ?EDI=H7DJ;:7H;;NF;9J;:JE8;EKJIJ7D:?D=
87I;:EDL;IJ?D=I9>;:KB;I7D:J>;9EDJH79JK7BJ;HCE<J>;IJE9AEFJ?EDI
0EB7J?B?JO?I87I;:EDJ>;>?IJEH?97BLEB7J?B?JOE<J>;
ECF7DOZI 9ECCED IJE9A EL;H 7 F;H?E: E< J?C; 9EHH;IFED:?D= JE J>; ;NF;9J;: IJE9A EFJ?ED J;HC
 .>; IJE9A EFJ?EDI 7H;
;N;H9?I78B;?D;:7J;E<=H7DJ7D:>7L;7J;DO;7HJ;HC
"EB:;HI7H;
DEJ;DJ?JB;:JEH;9;?L;:?L?:;D:I?<7DO	FH?EHJEL;IJ?D=7D:;N;H9?I;E<J>;EFJ?EDI

 :92'0=89.09?4A0:8;09>,?4:9.?4A4?D
)D$KD;M;9ECFB;J;:7H;L;HI;IJE9AIFB?JE<J>;ECF7DOZIEKJIJ7D:?D=I>7H;IE<9ECCEDIJE9A7J7H7J?EE<
; X,;L;HI; -JE9A -FB?JY	 M>?9> M7I 7FFHEL;: 8O IJE9A>EB:;HI 7J 7 IF;9?7B C;;J?D= >;B: ED $KD;  
 #D
9EDD;9J?EDM?J>J>;,;L;HI;-JE9A-FB?J;L;HOI>7H;IE<J>;9ECCEDIJE9A?IIK;:7D:EKJIJ7D:?D=M7I9EDL;HJ;:?DJEED;
I>7H; E< J>; ECF7DOZI 9ECCED IJE9A
  EH 7::?J?ED7B ?D ,9/
&@;;70809?,=D,?,":?0	&@->0<@09?A09?>	.>;;,;L;HI;-JE9A-FB?J7DJEC->7H;I
(KC8;HE<
->7H;I
1;?=>J;:
L;H7=;
!H7DJ7J;
 7?H07BK;
(KC8;HE<
->7H;I
1;?=>J;:
L;H7=;
!H7DJ7J;
 7?H07BK;
(KC8;HE<
->7H;I
1;?=>J;:
L;H7=;
!H7DJ7J;
 7?H07BK;
7B7D9;FH?B 

















 


!H7DJ;:
















W

W

W

W

W 
W
0;IJ;:

















	 



	 



	 


 EH<;?J;: 















W

W

	 



	 


7B7D9;FH?B 







W

W






 


%!&!"('"!!!&(&%&
!7H;I
1;?=>J;:
L;H7=;
!H7DJ7J;
 7?H07BK;
1;?=>J;:
L;H7=;
N;H9?I;*H?9;
7B7D9;FH?B 














!H7DJ;:
















W

W

W
N;H9?I;:7	 












W

W

W
 EH<;?J;: 














W

W

W
NF?H;: 
















	 





7B7D9;FH?B 














N;H9?I78B;FH?B 











7	KH?D=J>;F;H?E:;D:;:FH?BDEEFJ?EDIM;H;;N;H9?I;:M?J>7JEJ7B?DJH?DI?9L7BK;E<

.>;7==H;=7J;=H7DJ:7J;<7?HL7BK;E<IJE9AEFJ?EDIJ>7JL;IJ;::KH?D=J>;M;;AI;D:;:FH?B7D:FH?B
M7I7D:H;IF;9J?L;BO

.EJ7B<7?HL7BK;E<L;IJ;:I>7H;7M7H:I:KH?D=J>;F;H?E:I;D:;:FH?B7D:FH?BM7I7D:
H;IF;9J?L;BO

<;4'2?:;02;A6C2<:=2;@.A6<;E=2;@2
1; H;9E=D?P;: 9ECF;DI7J?ED ;NF;DI; 0/,B,=/>
,;IJH?9J;:IJE9A;NF;DI; 















































 
 

,;IJH?9J;:IJE9AKD?JI;NF;DI; 










































 

*;H7H;KD?JI;NF;DI;7	 






































W 

-JE9AEFJ?ED;NF;DI;


















































 

-K8JEJ7BIJE9A87I;:7M7H:I






































 
 

,>3>0??70/,B,=/>
*>7DJECI>7H;KD?JI;NF;DI; 











































 
	 
	
.EJ7B9ECF;DI7J?ED;NF;DI;7D=;I JE J>; ;NF;9J;: B;L;B E<
79>?;L;C;DJE<J>;H;IF;9J?L;=H7DJI
.EJ7BKDH;9E=D?P;:9ECF;DI7J?ED9EIJH;B7J;:JEKDL;IJ;:7M7H:I7IE<FH?BM7I7D:?I;NF;9J;:JE8;
H;9E=D?P;:EL;H7M;?=>J;:7L;H7=;F;H?E:E<
O;7HI
!7:DEC7J;H?7BH;L;DK;EH;NF;DI;?D@KH?I:?9J?EDIEKJI?:;J>;/D?J;:-J7J;IEJ>;H
J>7D#D:?7
:=.0A<3(&'.E%23J>;EHED7L?HKI?:,;B?;<7D:9EDEC?9-;9KH?JO9J.>;X,-9JY	M7I;D79J;:
1;>7L;
7D7BOP;: J>; FHEL?I?EDI M>?9> FHEL?:; D?97B 9EHH;9J?ED JE 7BBEM EB:
?CFHEL;C;DJI CE:?7H?J78B; 9EDJH?8KJ?ED 7D: D;J EF;H7J?D= BEII B?C?J7J?EDI X()&IY	 CE:?;
:;:K9J?8?B?JO E< 8KI?D;II ?DJ;H;IJ ;NF;DI; 7I M;BB 7I BJ;HD7J?L; '?D?CKC .7N X'.Y	 9H;:?J 799;B;H7J?ED
 .>; CEIJ
I?=D?;B;=?IB7J?ED;ECF7DOM7I7D?D9EC;J7N8;D;;97HHO879AE<()&IJE>?=>;H
%!&!"('"!!!&(&%&
!;H9KHH;DJ7II;JIEDJ>;9EDIEB?:7J;:87B7D9;I>;;J
1;H;9;?L;:7H;;;<<;9J?L;?D9EC;J7NH7J;7D:J>;<;:;H7BIJ7JKJEHO?D9EC;J7NH7J;?I7I7D=;I?DL7BK7J?ED7BBEM7D9; 









































	

	
)J>;HD;J 



























































	


<<;9J?L;?D9EC;J7NH7J;















































	

	
.>;;<<;9J?L;J7NH7J;J>;FH?EHO;7H
)D; F;H9;DJ7=; FE?DJ ED EKH  ?I97B  ;<<;9J?L; J7N H7J; ?I 7FFHEN?C7J;BO 
 .>; EJ>;H F;HC7D;DJ 8EEAJ7N
:?<<;H;D9;I7H;FH?D9?F7BBO9ECFH?I;:E<DED:;:K9J?8B;E<; 7II;J 7D: B?78?B?JO C;J>E:
 ;<;HH;: J7N;I 7H; H;9EH:;: 87I;: ED :?<<;H;D9;I
8;JM;;DJ>;;I?=D?;;H


























































 

!HEII:;<;HH;:J7N7II;JI 















































 

07BK7J?ED7BBEM7D9; 


















































	 
	
(;J:;<;HH;:J7N7II;JI

















































 

;<;HH;:J7NB?78?B?J?;I
#DJ7D=?8B;7II;J7CEHJ?P7J?ED 








































	 
	
)F;H7J?D=B;7I;H?=>JE<KI;7II;JI




































	 
	
&# )?DL;DJEHOL7BK7J?ED











































	 
	
*HEF;HJO7D:;GK?FC;DJ 











































W 
	
!HEII:;<;HH;:J7NB?78?B?J?;I 












































	 
	
(;J:;<;HH;:J7NB?78?B?JO 















































	 
	
IE<FH?B7D:FH?BM;>7:E<KDH;9E=D?P;:J7N8;D;FH?B
7D:FH?BM;>7:799HK;:;H;7B?P78?B?JOE<J>;:;<;HH;:J7N7II;JIC7D7=;C;DJ9EDI?:;H;:M>;J>;H?J?ICEH;B?A;BOJ>7DDEJJ>7JIEC;
EH7BBE<J>;:;<;HH;:J7N7II;JIMEKB:8;H;7B?P;:
#D;L7BK7J?D=EKH78?B?JOJEKJ?B?P;EKH:;<;HH;:J7N7II;JIM;9EDI?:;H;:7BB
7L7?B78B;;L?:;D9;8EJ>FEI?J?L;7D:D;=7J?L;?D:;J;HC?D?D=7:IJ7J;D;JEF;H7J?D=BEII97HHO?9>M?BB8;=?D
JE;NF?H;?DIJ7J;J7N9H;:?J97HHO?9>M?BB8;=?DJE;NF?H;?D<;:;H7BJ7N9H;:?J97HHO?9> M?BB 8;=?D JE ;NF?H; ?D  7D: <;:;H7B ()&I E< 7FFHEN?C7J;BO  M>?9> >7L; 7D ?D:;>EB:?D=J7NH;B7J;:JEH;F7JH?7J?EDIE<;7HD?D=I;I; ; >EB:?D=J7N;NF;DI;MEKB:8;?D9KHH;:
::?J?ED7B?D9EC;7D:M?J>>EB:?D=J7N;NF;DI;ED7DO7D
1;7H;IK8@;9JJE/
-
<;:;H7B?D9EC;J7N7IM;BB7I?D9EC;J7N?D@KH?I:?9J?EDIE<;79>IJ7J;>7L?D=7D?D9EC;J7N
.>;
J7NO;7HIJ>7JH;C7?DIK8@;9JJE;N7C?D7J?ED7H;FH?C7H?BO ?I97B7D:;#DJ;HD7B,;L;DK;E:;E<7I7C;D:;:EHJ>;E:;?<79EHFEH7J?EDKD:;H=E;I7D
XEMD;HI>?F9>7D=;Y=;D;H7BBO:;7D=;?DEKHEMD;HI>?F8OXF;H9;DJI>7H;>EB:;HIYJ>7J;N9;;:I
%!&!"('"!!!&(&%&
!H;;O;7H F;H?E:	 J>; 9EHFEH7J?EDZI 78?B?JO JE KI; ?JI FH;9>7D=; D;J EF;H7J?D= BEII;I 7D:
9;HJ7?DEJ>;HFH;9>7D=;J7N7JJH?8KJ;IJEE<7D=;?D9EC;7D:J7N;IC7O8;B?C?J;:
-?C?B7HHKB;IC7O7FFBOKD:;H
IJ7J;J7NB7MI
I7H;IKBJE<J>;H?=>JIE<<;H?D=879AIJEF9ECC?JC;DJFH?L7J;?DL;IJC;DJ7D::;8J9EDL;HI?ED9ECFB;J;:ED
$KD;M;C7O>7L;;NF;H?;D9;:7DEMD;HI>?F9>7D=;I7I:;;ECF7DO?DJ;D:IJE
F;H?F9>7D=;>7IE99KHH;:
#<?J?I:;J;HC?D;:J>7J7DEMD;HI>?F9>7D=;>7IE99KHH;:
KD:;H-;9J?ED7D:M;;NF;9J7DO9EHH;IFED:?D=7DDK7BB?C?J7J?EDIJEI;L;H;BO?CF79JJ>;,9/
&@;;70809?,=D,?,":?0	&@->0<@09?A09?>	
!7J7H?I;;EH:?D7HO
9EKHI; E< EKH 8KI?D;II ?D9BK:?D= 79J?EDI M?J> H;IF;9J JE 9EDJH79JI ?DJ;BB;9JK7B FHEF;HJO J7N7J?ED ;CFBEOC;DJ 8;D;;HC7JJ;HI
.>;H;IKBJIE<J>;I;FHE9;;:?D=I?DJ>;EH:?D7HO9EKHI;E<8KI?D;II7H;DEJ;NF;9J;:JE>7L;
7C7J;H?7B7:L;HI;;<<;9JEDEKH9EDIEB?:7J;:OI?97B8EEAIJEH;IFKHIK7DJJECKBJ?O;7HI9>EEBC7D7=;C;DJ9EDJH79JIKD:;HM>?9>7I9>EEB
:;I?=D7J;IKIJEEF;H7J;J>;E<EEBF>OI?97B8EEAIJEH;ED97CFKI7D:M;FHEL?:;J>;I9>EEBM?J>H;=KB7HF7OC;DJIJ>7J
H;FH;I;DJ7F;H9;DJ7=;E<IJEH;I7B;I7D:?DIEC;97I;I?D9BK:;7C?D?CKC;I;
I;HL?9;7=H;;C;DJIOI?97B8EEAIJEH;IKD:;HB;7I;799EKDJ?D=
1;H;9E=D?P;B;7I;7II;JI7D:B;7I;B?78?B?J?;IEDJ>;
9EDIEB?:7J;:87B7D9;I>;;JI7J;HC=H;7J;H
J>7D JM;BL; CEDJ>I
  EH 7::?J?ED7B ?D,9/&@;;70809?,=D,?,":?0	 0,>0>
*KH9>7I;E8B?=7J?EDIM>?9>?D9BK:;I?DDEBE=O9EDJH79JI7IE<FH?B7H;7I7D3;7H






































































 

3;7HI 













































































.EJ7B 















































































 

!;M;;AI;D:;:FH?B7D:FH?B?I7I7H;;	
7I?97D:?BKJ;:
EDJ?DK?D=EF;H7J?EDI



















	 

 

	 

	 

	
?I9EDJ?DK;:EF;H7J?EDI

















	 

	 

 

 

	
.EJ7B7I?97D:?BKJ;:7HD?D=IF;HI>7H; 


	 

 

	 

	 

	
1;?=>J;:7L;H7=;9ECCEDI>7H;IEKJIJ7D:?D=
7I?9 






























 
 
 
 

1;?=>J;:7L;H7=;9ECCEDI>7H;IEKJIJ7D:?D=
?BKJ;: 




























 
 
 
 

%!&!"('"!!!&(&%&
!;HL7H?7D9;9ECFED;DJII;;$,=??08	!,9,20809?4>.@>>4:9,9/9,7D>4>%0>@7?>
:1#;0=,?4:9>7D:?08	49,9.4,7&?,?0809?>,9/&@;;70809?,=D,?,":?0	&@88,=D:1&429414.,9?..:@9?492$:74.40>&0,>:9,74?D

8	 #D9BK:;I7D:E<H;IJHK9JKH?D=7D:EJ>;H9>7H=;I;M;;AI;D:;:$KBO)9JE8;H$7DK7HO
7D:FH?BH;IF;9J?L;BO7D:;M;;AI;D:;:FH?B

9	 #D9BK:;I7D:E<?CF7?HC;DJBEIIDED97I>	;M;;AI;D:;:$KBO)9JE8;H$7DK7HO7D:FH?B
H;IF;9J?L;BO7D:;M;;AI;D:;:FH?B

:	 #D9BK:;I7D:E<?DJ;H;IJ;NF;DI;;M;;AI;D:;:$KBO)9JE8;H$7DK7HO7D:FH?B
H;IF;9J?L;BO7D:;M;;AI;D:;:FH?B
.>;?D9H;7I;?D?DJ;H;IJ;NF;DI;?IFH?C7H?BO:K;JE>?=>;H8EHHEM?D=I>?=>;H
?DJ;H;IJH7J;I7D:?D9H;7I;:7CEHJ?P7J?EDE<:;<;HH;:;;D:E< ?I97BM;9ECFB;J;:L7H?EKIJH7DI79J?EDI?D9BK:?D=7D;GK?JOH?=>JIE<<;H?D=
;97KI;J>;H?=>JI?IIK7D9;
M7IE<<;H;:JE7BB;N?IJ?D=IJE9A>EB:;HI7J7D;N;H9?I;FH?9;J>7JM7IB;IIJ>7DJ>;<7?HL7BK;E<EKHECCED-JE9A7IE<IK9>J?C;J>;M;?=>J;:7L;H7=;
I>7H;IEKJIJ7D:?D=7D:87I?97D::?BKJ;:;7HD?D=IBEII	F;HI>7H;M;H;7:@KIJ;:H;JHE79J?L;BOJEH;;8EDKI;B;C;DJE<J>;H?=>JIE<<;H?D=;;D:E< ?I97BM;9ECFB;J;:7H;L;HI;IJE9AIFB?JE<EKHEKJIJ7D:?D=I>7H;IE<9ECCEDIJE9A7J7H7J?EE<
?9>;L;HOI>7H;IE<J>;9ECCEDIJE9A?IIK;:7D:EKJIJ7D:?D=M7I9EDL;HJ;:?DJEED;I>7H;E<EKH9ECCEDIJE9A

.>;M;?=>J;:7L;H7=;9ECCEDI>7H;I7D:BEIIF;H9ECCEDI>7H;H;;8EDKI;B;C;DJH;IKBJ?D=;;GK?JOH?=>JIE<<;H?D=7D:J>;H;L;HI;IJE9A
IFB?J;9EDIEB?:7J;:IJ7J;C;DJIE<EF;H7J?EDI
 EH7::?J?ED7B?D,9/
&@;;70809?,=D,?,":?0	&@->0<@09?A09?>	
M;;AI;D:;:7	
M;;AI;D:;:
$KBO
)9JE8;H
$7DK7HO
FH?B
FH?B
-7B;I


































 
 
 
 

!HEIIFHE7H;;	
7I?9
EDJ?DK?D=EF;H7J?EDI



















	 

 

	 

	 

	
?I9EDJ?DK;:EF;H7J?EDI

















	 

	 

	 

	 

	
.EJ7B7I?97HD?D=IF;HI>7H;












	 

 

	 

	 

	
1;?=>J;:7L;H7=;9ECCEDI>7H;IEKJIJ7D:?D=
7I?9 






























 
 
 
 

?BKJ;:
EDJ?DK?D=EF;H7J?EDI



















	 

 

	 

	 

	
?I9EDJ?DK;:EF;H7J?EDI

















	 

	 

	 

	 

	
.EJ7B?BKJ;:7HD?D=IF;HI>7H; 










	 

 

	 

	 

	
1;?=>J;:7L;H7=;9ECCEDI>7H;IEKJIJ7D:?D=
?BKJ;: 




























 
 
 
 

7	  EH?D;HL7H?7D9;9ECFED;DJII;;$,=??08	!,9,20809?4>.@>>4:9,9/9,7D>4>%0>@7?>
:1#;0=,?4:9>7D:?08	49,9.4,7&?,?0809?>,9/&@;;70809?,=D,?,":?0	&@88,=D:1&429414.,9?..:@9?492$:74.40>&0,>:9,74?D

8	 #D9BK:;I7D:E<H;IJHK9JKH?D=7D:EJ>;H9>7H=;I;M;;AI;D:;:$KBO)9JE8;H$7DK7HO7D:
FH?BH;IF;9J?L;BO7D:;M;;AI;D:;:FH?B

9	 #D9BK:;I7D:E<?CF7?HC;DJBEIIDED97I>	;M;;AI;D:;:$KBO)9JE8;H$7DK7HO7D:FH?B
H;IF;9J?L;BO7D:;M;;AI;D:;:FH?B

:	 #D9BK:;I7D:E<?DJ;H;IJ;NF;DI;;M;;AI;D:;:$KBO)9JE8;H$7DK7HO7D:FH?B
H;IF;9J?L;BO7D:;M;;AI;D:;:FH?B

;	 )D$KD;IK8I;GK;DJJEJ>;;D:E< ?I97BM;9ECFB;J;:L7H?EKIJH7DI79J?EDI?D9BK:?D=7D;GK?JOH?=>JIE<<;H?D=
;97KI;J>;H?=>JI?IIK7D9;
M7IE<<;H;:JE7BB;N?IJ?D=IJE9A>EB:;HI7J7D;N;H9?I;FH?9;J>7JM7IB;IIJ>7DJ>;<7?HL7BK;E<EKHECCED-JE9A7IE<IK9>J?C;J>;M;?=>J;:7L;H7=;
I>7H;IEKJIJ7D:?D=7D:87I?97D::?BKJ;:;7HD?D=IBEII	F;HI>7H;M;H;7:@KIJ;:H;JHE79J?L;BOJEH;;8EDKI;B;C;DJE<J>;H?=>JIE<<;H?D=;;D:E< ?I97BM;9ECFB;J;:7H;L;HI;IJE9AIFB?JE<EKHEKJIJ7D:?D=I>7H;IE<9ECCEDIJE9A7J7H7J?EE<
%!&!"('"!!!&(&%&
!?9>;L;HOI>7H;IE<J>;9ECCEDIJE9A?IIK;:7D:EKJIJ7D:?D=M7I9EDL;HJ;:?DJEED;I>7H;E<EKH9ECCEDIJE9A

.>;M;?=>J;:7L;H7=;9ECCEDI>7H;I7D:BEIIF;H9ECCEDI>7H;H;;8EDKI;B;C;DJH;IKBJ?D=;;GK?JOH?=>JIE<<;H?D=7D:J>;H;L;HI;IJE9A
IFB?J;9EDIEB?:7J;:IJ7J;C;DJIE<EF;H7J?EDI
 EH7::?J?ED7B?D,9/
&@;;70809?,=D,?,":?0	&@->0<@09?A09?>	
!B2;AC2;A@
)D$KD;EKHI>7H;>EB:;HI7FFHEL;:7D7C;D:C;DJJEEKHC;D:;:7D:,;IJ7J;:;HJ?;7==H;=7J;DKC8;HE<7KJ>EH?P;:I>7H;IE<ECCED-JE9A7H;IJE
I>7H;I7D:7FFHEL;:J>;JH7DI79J?EDIJ>;X.H7DI79J?EDIY	7IEKJB?D;:8;BEMFKHIK7DJJE7-J7D:8O-;9KH?J?;I*KH9>7I;7D:
;8JEDL;HI?ED=H;;C;DJ:7J;:7IE<FH?B8O7D:7CED=J>;ECF7DO7D:9;HJ7?D?DL;IJEHIJ>;X*KH9>7I;
=H;;C;DJY	

)D$KD;IK8I;GK;DJJEJ>;;D:E< ?I97BM;9ECFB;J;:L7H?EKI.H7DI79J?EDIJEIK8IJ7DJ?7BBO:;B;L;H7=;EKH
9EDIEB?:7J;:87B7D9;I>;;J
.>;I;.H7DI79J?EDIH7?I;:7::?J?ED7B97F?J7B?9>M?BB7BIE7BBEMKIJEIJH7J;=?97BBO?DL;IJ?D?DDEL7J?ED7D:9EDJ?DK;JE;N;9KJ;EKH
IJH7J;=?9?D?J?7J?L;I?D9BK:?D=8KJDEJB?C?J;:JEJ>;=HEMJ>E<EKH4=>?,D:8;70?0FHE=H7C
.>;FHE9;;:IM?BB8;KI;:JE
H;:K9;J>;87B7D9;KD:;HJ>;ECF7DOZI;N?IJ?D=H;:?J 79?B?JO7D:F7O;NF;DI;I?D9EDD;9J?EDM?J>J>;.H7DI79J?EDI
 EH7::?J?ED7B?D;.H7DI79J?EDII;;J>;ECF7DOZI,;FEHJED EHC%:7J;:$KD;
 EH
?D;H;:?J=H;;C;DJ7D:.;HC&E7DH;:?J=H;;C;DJFH?EHJEJ>;;N;9KJ?EDE<J>;I;.H7DI79J?EDI;;
$,=??08	49,9.4,7&?,?0809?>,9/&@;;70809?,=D,?,":?0	0-?	
/FED9BEI?D=E<J>;.H7DI79J?EDIED$KD; 
T
1;H;9;?L;:=HEIIFHE9;;:IE<E<D;M;GK?JO97F?J7BJ>HEK=>7D;M;GK?JO?DL;IJC;DJJ>;X*H?L7J;
#DL;IJC;DJY	B;:8O#CC;HI?EDEHFEH7J?EDX#CC;HI?EDY	7D:7JIE<<;H?D=J>;
X,?=>JI)<<;H?D=Y	
.>;.H7DI79J?EDI?DFHE9;;:I7;
JH7DI79J?EDH;IKBJ;:?D#CC;HI?EDE8J7?D?D=9EDJHEBB?D=?809?%423?>#110=492,9/
,.6>?:;:884?809?8;BEM

T
)KH ;N?IJ?D= .;HC &E7D H;:?J =H;;C;DJ B;D:;HI .EF&?:I &;D:E && X.EF&?:IY	 7D: 0?J7B  KD:9E &&
X0?J7B-EKH9;Y	9EDL;HJ;:7FFHEN?C7J;BOE<EKJIJ7D:?D=FH?D9?F7B7D:7DO799HK;:7D:KDF7?:?DJ;H;IJ?DJE
I>7H;IE<EKH9ECCEDIJE9A
-;;'0=8 :,9=0/4?2=00809?0-?:9A0=>4:98;BEM7D:
T
1;7C;D:;:7D:;NJ;D:;:EKH;N?IJ?D=7II;J87I;:BE7D<79?B?JOJ>;XH;:?J 79?B?JOY	FHEL?:?D=799;IIJE7
H;LEBL?D=BE7D<79?B?JOJ>;X,;IJ7J;:& 79?B?JOY	C7JKH?D=?D
.>;7C;D:;:& 79?B?JOM?BBC;7D?D=7D9;EKH?,?0/ ,.474?DJ;HCI8;BEM
#?6C.A2;C2@A:2;A%645A@"332?6;4.;1.08@A<=<::6A:2;A
#CC;HI?ED7D:0?J7B-EKH9;FKH9>7I;:7FFHEN?C7J;BO7D:H;IF;9J?L;BO?DI>7H;IE<EKHECCED-JE9A7J
J>;-K8I9H?FJ?ED*H?9;:;;H;=?IJH7J?EDH;GK?H;C;DJIKD:;HJ>;-;9KH?J?;I
9J 7D: I;F7H7J; ; ,?=>JI )<<;H?D= J>; X*H?L7J; #DL;IJC;DJY	
 .>; *H?L7J; #DL;IJC;DJ ?I ?D 7::?J?ED JE I>7H;I E<
ECCED-JE9AFKH9>7I;:8O#CC;HI?EDFKHIK7DJJEJ>;79AIJEFECC?JC;DJ:?I9KII;:8;BEM

.>HEK=> J>; ,?=>JI )<<;H?D= M; ?IIK;:  I>7H;I E< EKH 9ECCED IJE9A 7J 7 97I> IK8I9H?FJ?ED FH?9; J>;
X-K8I9H?FJ?ED*H?9;Y	E<
F;HI>7H;
#DJ>;,?=>JI)<<;H?D=M;:?IJH?8KJ;:JE;79>>EB:;HE<ECCED-JE9AED;DED
JH7DI<;H78B;IK8I9H?FJ?EDH?=>J;79>7X-K8I9H?FJ?ED,?=>JY	7H;E<ECCED-JE9AEMD;:8OIK9>>EB:;HED'7O
J>;X,;9EH:7J;Y	7D:;79>-K8I9H?FJ?ED,?=>J;DJ?JB;:J>;>EB:;HJEFKH9>7I;I>7H;IE<ECCED-JE9A
79>
>EB:;HJ>7J;?H-K8I9H?FJ?ED,?=>JIM7I;DJ?JB;:JE)L;H-K8I9H?FJ?ED,?=>JIJEIK8I9H?8;7H;I
E<ECCED-JE9AJ>7JH;C7?DKDIK8I9H?8;:7I7H;IKBJE<7DOKD;N;H9?I;:-K8I9H?FJ?ED,?=>JIM>?9>7BBEM;:IK9>>EB:;HJE
IK8I9H?8;7H;IE<ECCED-JE9AKFJEJ>;DKC8;HE<I>7H;IFKH9>7I;:KD:;HIK9>>EB:;HZI87I?9-K8I9H?FJ?ED
,?=>J7J
F;HI>7H;
1;H;9;?L;:7FFHEN?C7J;BO?D=HEIIFHE9;;:I;;N;H9?I;E<-K8I9H?FJ?EDI,?=>JI7D:
)L;H-K8I9H?FJ?ED,?=>JI;ECF7DOIIJE9A>EB:;HI

 EHJ>EI;-K8I9H?FJ?ED,?=>JIM>?9>H;C7?D;:KD;N;H9?I;:KFEDJ>;;NF?H7J?EDE<J>;,?=>JI)<<;H?D=7JI ;N;H9?I;: J>; IJ7D:8O FKH9>7I;HI B;: 8O #CC;HI?ED )KJ;H8H?:=; 7F?J7B '7D7=;C;DJ &&
X)KJ;H8H?:=;Y	 7D: -;BP  7C?BO  .HKIJ X-;BPY	 9EBB;9J?L;BO FKH9>7I;: J>; KD;N;H9?I;: -K8I9H?FJ?ED ,?=>JI 7J J>;
-K8I9H?FJ?ED *H?9; X79AIJEF ECC?JC;DJY	
 1; H;9;?L;: 7FFHEN?C7J;BO  ?D =HEII FHE9;;:I ; ;N;H9?I; E<
-K8I9H?FJ?ED,?=>JIDEJIK8I9H?8;:;ECF7DOZIIJE9A>EB:;HI
1;F7?:#CC;HI?ED7D:-;BP7FFHEN?C7J;BO
%!&!"('"!!!&(&%&
!; 79AIJEF ECC?JC;DJ 7D: ;NF;DI;
H;?C8KHI;C;DJI  J>; .H7DI79J?EDI 7D: M; F7?:
)KJ;H8H?:=; 7FFHEN?C7J;BO  J>;.H7DI79J?EDI

.>;,?=>JI)<<;H?D=M7IE<<;H;:JE7BB;N?IJ?D=IJE9A>EB:;HI7J7D;N;H9?I;FH?9;J>7JM7IB;IIJ>7DJ>;<7?HL7BK;E<EKH
ECCED-JE9A7IE<IK9>J?C;J>;M;?=>J;:7L;H7=;I>7H;IEKJIJ7D:?D=7D:87I?97D::?BKJ;:;7HD?D=IBEII	F;HI>7H;M;H;
7:@KIJ;:H;JHE79J?L;BOJEH;;8EDKI;B;C;DJE<J>;H?=>JIE<<;H?D=;,?=>JI)<<;H?D=M;9EDL;HJ;:7BBEKJIJ7D:?D=FH?D9?F7B7D:7DO799HK;:7D:KDF7?:?DJ;H;IJKD:;HJ>;
.;HC&E7DH;:?J=H;;C;DJJEJ7B?D=?DJEI>7H;IE<EKHECCED-JE9A

%2@A.A21.0696AF
)D$KD;J>;XBEI?D=7J;Y	M;7C;D:;:7D:H;IJ7J;:7D:;NJ;D:;:J>;C7JKH?JOE<EKH;N?IJ?D=7II;J87I;:
H;:?J 79?B?JOM?J>7DAE<C;H?97(

7I7:C?D?IJH7J?L;7=;DJ9EBB7J;H7B7=;DJ7D:IM?D=B?D;B;D:;H7D:EJ>;HB;D:;HI
;H;JE IK9> 7C;D:;: 7D: H;IJ7J;: 9H;:?J <79?B?JO J>; X,;IJ7J;: &  79?B?JOY	
 *KHIK7DJ JE J>;
,;IJ7J;:& 79?B?JOJ>;B;D:;HIJ>;H;KD:;H>7L;9ECC?JJ;:JEFHEL?:;7;,;IJ7J;:& 79?B?JO>7I7C7JKH?JO:7J;E<$KD;
#DJ;H;IJKD:;HJ>;,;IJ7J;:& 79?B?JO799HK;I7JJ>;;B;9J?EDE<J>;ECF7DO;?J>;HN	87I;:EDJ>;-;9KH;:)L;HD?=>J
 ?D7D9?D=,7J;X-) ,Y	M>?9>?IIK8@;9JJE7?9>?IIK8@;9JJE77J?DJ>;
;L;DJJ>;ECF7DOC;;JI9;HJ7?DF;H?E:8;=?DD?D=7D:;D:?D=7;ED;O;7H
7DD?L;HI7HOE<J>;BEI?D=7J;J>;7BB8;H;:K9;:8O
F;H7DDKC
.>; H;:?J =H;;C;DJ 9EDJ7?DI 9KIJEC7HO D;=7J?L; 9EL;D7DJI J>7J B?C?J J>; ECF7DOZI 78?B?JO JE ?D9KH EH 7IIKC;
7::?J?ED7B ?D:;8J;:D;II =H7DJ EH F;HC?J B?;DI C7A; ?DL;IJC;DJI C7A; H;IJH?9J;: F7OC;DJI 7D: EJ>;H IF;9? EJ>;H ;DJ?J?;I :?IFEI; E< EH 79GK?H; 7II;JI EH ;D=7=; ?D JH7DI79J?EDI M?J> 7<;H J>?D=I

::?J?ED7BBOJ>;,;IJ7J;:& 79?B?JO?D9BK:;IJ>;; :7J; J>7J ?I I?N CEDJ>I ; BEI?D= 7J; J>; ECF7DO ?I H;GK?H;: JE C7?DJ7?D 7 C?D?CKC
L7?B78?B?JO7I:;;H;:?J=H;;C;DJ	E<N	;?HJO	CEDJ>I7;BEI?D=7J;7D:
O	7;:7J;J>7J?IJ>?HJO	CEDJ>I7;BEI?D=7J;

T 9ECC;D9?D=M?J>J>;CEDJ>;D:?D='7OJ>;ECF7DO?IH;GK?H;:JEC7?DJ7?D7EDIEB?:7J;: ?N;:>7H=;
EL;H7=;,7J?E7I:;;,;IJ7J;:& 79?B?JO	E<DEJB;IIJ>7D
JE
M>?9>M?BB8;J;IJ;:CEDJ>BOEDJ>;
B7IJ:7OE<;79>;JH7?B?D=CEDJ>F;H?E:7D:


T 9ECC;D9?D=M?J>J>;GK7HJ;H;D:?D=)9JE8;HJ>;ECF7DO?IH;GK?H;:JEC7?DJ7?D7C?D?CKCEDIEB?:7J;:
#.7I:;;,;IJ7J;:& 79?B?JO	M>?9>M?BB8;J;IJ;:GK7HJ;HBOEDJ>;B7IJ:7OE<;79>;JH7?B?D=I?NCEDJ>F;H?E:;;JH7?B?D=D?D;CEDJ>F;H?E:E<J>;I;9ED:J;IJ:7J;7D:9	;JH7?B?D=CEDJ>F;H?E:J>;H;7;,;IJ7J;:& 79?B?JO:E;IDEJH;GK?H;J>;H;J;DJ?EDE<79>?;<H;IJHK9JKH?D=E<;;8E7H:E<:?H;9JEHIE<J>;9ECF7DO
.>;H;:?J=H;;C;DJ9EDJ7?DI9KIJEC7HO;L;DJIE<:;<7KBJ?D9BK:?D=;
,;IJ7J;:& 79?B?JOC7J;H?7B8H;79>;IE<H;FH;I;DJ7J?EDI7D:M7HH7DJ?;I<7?BKH;JEF;H;HC7J;H?7B?D:;8J;:D;II9KIJEC7HO,#-;L;DJIE<:;<7KBJ87DAHKFJ9O7D:?DIEBL;D9OC7J;H?7B@K:=C;DJI?DL7B?:?JOE<
B?;DI ED 9EBB7J;H7B 9>7D=; E< 9EDJHEB EH 9;II7J?ED E< 8KI?D;II
 .>; H;:?J =H;;C;DJ 7BIE 9EDJ7?DI 9KIJEC7HO 7<J>;,;IJ7J;:& 79?B?JOJ>;
<;;F7O78B;?D9EDD;9J?EDM?J>J>;;?=>J>7C;D:C;DJJEJ>;
,;IJ7J;:& 79?B?JOFH?EHJE?JI>7L?D=8;;DH;IJ7J;:	?I:K;7D:F7O78B;N	ED-;FJ;C8;H7D:O	ED$KD;

%!&!"('"!!!&(&%&
!;ECF7DOZIEKJIJ7D:?D=I>7H;IE<9ECCEDIJE9A7J7H7J?EE<
;X,;L;HI;-JE9A-FB?JY	M>?9>M7IFH;L?EKIBO7FFHEL;:8OIJE9A>EB:;HI7J7IF;9?7BC;;J?D=>;B:ED$KD;

#D9EDD;9J?EDM?J>J>;,;L;HI;-JE9A-FB?J;L;HOI>7H;IE<J>;9ECCEDIJE9A?IIK;:7D:EKJIJ7D:?D=M7I9EDL;HJ;:?DJE
ED; I>7H; E< J>; ECF7DOZI 9ECCED IJE9A
 (E 9>7D=; M?BB 8; C7:; JE J>; JH7:?D= IOC8EB ; ECF7DOZI I>7H;I E<
ECCED-JE9AX(Y?D9EDD;9J?EDM?J>J>;,;L;HI;-JE9A-FB?J
.>;,;L;HI;-JE9A-FB?J?IF7HJE<J>;ECF7DOZIFB7DJE
H;=7?D9ECFB?7D9;M?J>J>;C?D?CKC8?:FH?9;H;GK?H;C;DJE<
F;HI>7H;H;GK?H;:JEC7?DJ7?D9EDJ?DK;:B?IJ?D=EDJ>;
(3-
.>;,;L;HI;-JE9A-FB?JH;:K9;:J>;DKC8;HE<I>7H;IE<J>;ECF7DOZIEKJIJ7D:?D=9ECCEDIJE9A7H;I7IE<J>;:7J;$KD;M>;D?D9BK:?D=?IIK7D9;IFKHIK7DJJEJ>;.H7DI79J?EDI	JE7FFHEN?C7J;BO
I>7H;IIK8@;9JJE7:@KIJC;DJ; ,;L;HI; -JE9A -FB?J 7<<;9J;: 7BB ?IIK;: 7D: EKJIJ7D:?D= I>7H;I E< ECCED -JE9A
 BB EKJIJ7D:?D= EFJ?EDI 7D:
H;IJH?9J;:IJE9AKD?JI7D:EJ>;HI;9KH?J?;I;DJ?JB?D=J>;?H>EB:;HIJEFKH9>7I;EHEJ>;HM?I;H;9;?L;I>7H;IE<ECCED-JE9AM;H;
7:@KIJ;:7I7H;IKBJE<J>;,;L;HI;-JE9A-FB?J7IH;GK?H;:8OJ>;J;HCIE<;79>I;9KH?JO
.>;DKC8;HE<I>7H;I7L7?B78B;JE8;
7M7H:;:KD:;HJ>;ECF7DOZI;GK?JO9ECF;DI7J?EDFB7DIM?BB7BIE8;7FFHEFH?7J;BO7:@KIJ;:
 EBBEM?D=J>;,;L;HI;-JE9A
-FB?JJ>;F7HL7BK;E<J>;ECCED-JE9AM?BBH;C7?DKD9>7D=;:7J
F;HI>7H;
.>;,;L;HI;-JE9A-FB?JM?BBDEJ9>7D=;
J>;7KJ>EH?P;:DKC8;HE<I>7H;IE<ECCED-JE9AEHFH;<;HH;:IJE9A
(E7H;IM?BB8;?IIK;:?D9EDD;9J?EDM?J>J>;
H;L;HI;IFB?J?DIJ;7:7DO7H;I7I7H;IKBJE<J>;,;L;HI;-JE9A-FB?JM?BB8;HEKD:;:KFJEJ>;D;NJM>EB;DKC8;HE<
FEIJIFB?JI>7H;IE<ECCED-JE9A
%!&!"('"!!!&(&%&
!;H I9>;:KB;I 7H; EC?JJ;: 8;97KI; J>; 9ED:?J?EDI H;GK?H?D= J>;?H ; H;GK?H;:
?D;9EDIEB?:7J;:;DEJ;IJ>;H;JE


A2: %  %$ &%)&!' & &%! !' &    
%!%'$
.>;H;M;H;DE:?I7=H;;C;DJIM?J>799EKDJ7DJIED799EKDJ?D=7D:;ECF7DO;IJ78B?I>;:7D:C7?DJ7?DI:?I9BEIKH;9EDJHEBI7D:FHE9;:KH;IJ>7J7H;:;I?=D;:JE;DIKH;J>7J
C7J;H?7B ?D; ECF7DO 7D: ?JI IK8I?:?7H?;I H;GK?H;: JE 8; :?I9BEI;: ?D J>; H;FEHJI J>7J 7H; ;N9>7D=;9J7H;H;9EH:;:FHE9;II;:IKCC7H?P;:7D:H;FEHJ;:M?J>?DJ>;J?C;F;H?E:IIF;9?;
-ZIHKB;I7D:?D;ECF7DOZI>?;<
N;9KJ?L;)<;;D:E<J>;F;H?E:9EL;H;:8OJ>?IH;FEHJJ>;ECF7DOZIC7D7=;C;DJ9ED:K9J;:7D;L7BK7J?ED7IH;GK?H;:KD:;H,KB;I
78	7D::8	KD:;HJ>;N9>7D=;9J	KD:;HJ>;IKF;HL?I?ED7D:M?J>J>;F7HJ?9?F7J?EDE<J>;FH?D9?F7B;N;9KJ?L;
E<;ECF7DOZIX:?I9BEIKH;9EDJHEBI7D:FHE9;:KH;IY7IIK9>J;HC?I:;;N9>7D=;9J	
9EDJHEBIOIJ;CDEC7JJ;H>EMM;BB:;I?=D;:7D:EF;H7J;:97DFHEL?:;
EDBO H;7IED78B; DEJ 78IEBKJ; 7IIKH7D9; J>7J ?J M?BB :;J;9J EH KD9EL;H <7?BKH;I M?J>?D J>; ECF7DO JE :?I9BEI; C7J;H?7B
?D;HM?I; H;GK?H;: JE 8; I;J  ?D J>; ECF7DOZI F;H?E:?9 H;FEHJI
 7I;: ED C7D7=;C;DJZI ;L7BK7J?ED 7D:
9EDI?:;H?D=J>;?J;CIDEJ;:8;BEMJ>;FH?D9?F7B;N;9KJ?L;E<7J7IE<J>;;D:E<
J>;F;H?E:9EL;H;:8OJ>?IH;FEHJJ>;ECF7DOZI:?I9BEIKH;9EDJHEBI7D:FHE9;:KH;IM;H;;<<;9J?L;7JJ>;H;7IED78B;7IIKH7D9;
B;L;B7IE<FH?B

/ .;.42:2;AK@;;B.9%2=?D=7D:C7?DJ7?D?D=7:;GK7J;?DJ;HD7B9EDJHEBEL;H7D=;9J,KB;7<	?DJ;HD7B9EDJHEBEL;H;IKF;HL?I?EDE<
J>;FH?D9?F7B;N;9KJ?L;7D:FH?D9?F7B;8E7H:E<:?H;9JEHIC7D7=;C;DJ7D:EJ>;HF;HIEDD;B
JEFHEL?:;H;7IED78B;7IIKH7D9;H;=7H:?D=J>;H;B?78?B?JOE<;FH;F7H7J?EDE<=;D;H7BBO799;FJ;:799EKDJ?D=FH?D9?FB;I7D:?D9BK:;IJ>EI;FEB?9?;I7D:FHE9;:KH;IJ>7J
?	F;HJ7?DJEJ>;C7?DJ;D7D9;E<H;9EH:IJ>7J?DH;7IED78B;:;J7?B799KH7J;BO7D:<7?HBOH;;JH7DI79J?EDI7D::?IFEI?J?EDI
E<J>;7II;JIE<J>;ECF7DO??	FHEL?:;H;7IED78B;7IIKH7D9;J>7JJH7DI79J?EDI7H;H;9EH:;:7ID;9;II7HOJEF;HC?JFH;F7H7J?ED
E<=;D;H7BBO799;FJ;:799EKDJ?D=FH?D9?FB;I7D:???	J>7JH;9;?FJI7D:;NF;D:?JKH;IE<
J>;ECF7DO7H;8;?D=C7:;EDBO?D799EH:7D9;M?J>7KJ>EH?P7J?EDIE<C7D7=;C;DJ7D::?H;9JEHIE<J>;ECF7DO7D:?L	
FHEL?:;H;7IED78B;7IIKH7D9;H;=7H:?D=FH;L;DJ?EDEHJ?C;BO:;J;9J?EDE<KD7KJ>EH?P;:79GK?I?J?EDKI;EH:?IFEI?J?EDE<J>;
ECF7DOZI7II;JIJ>7J9EKB:>7L;7C7J;H?7B;<<;9JEDJ>;; IKF;HL?I?ED 7D: M?J> J>; F7HJ?9?F7J?ED E< C7D7=;C;DJ ?D9BK:?D= J>; >?;< N;9KJ?L; )<;ECF7DO9ED:K9J;:7D;L7BK7J?EDE<J>;;<<;9J?L;D;IIE<J>;ECF7DOZI?DJ;HD7B9EDJHEBEL;H; ; ECC?JJ;; E< -FEDIEH?D=
)H=7D?P7J?EDI E< J>; .H;7:M7O ECC?II?ED )-)  ; ECF7DOZI ;L7BK7J?ED KD:;H J>?I
7JJ>;ECF7DOZI?DJ;HD7B9EDJHEBEL;H;H;>7L;8;;DDE9>7D=;I?DJ>;ECF7DOZI?DJ;HD7B9EDJHEBEL;H;CEIJH;9;DJGK7HJ;H
;D:;:FH?BJ>7J>7L;C7J;H?7BBO7<<;9J;:EH7H;H;7IED78BOB?A;BOJEC7J;H?7BBO7<<;9JJ>;ECF7DOI?DJ;HD7B9EDJHEB
EL;H;C7D7=;C;DJE<7HD;I(E8B;:K97J?ED#D9
?IH;IFEDI?8B;;9EDJ;DJIE<J>;EDIEB?:7J;: ?D7D9?7B-J7J;C;DJI
M>?9> 7H; FH;F7H;: ?D 9ED 799EKDJ?D= FH?D9?FB;I =;D;H7BBO 799;FJ;: ?D J>; /D?J;: -J7J;I E< C;H?97
 .>;
EDIEB?:7J;:  ?D7D9?7B -J7J;C;DJI D;9;II7H?BO ?D9BK:; 7CEKDJI 87I;: ED @K:=C;DJI 7D: ;IJ?C7J;I
  ?D7D9?7B ?D;H;?DJ>;DDK7B,;FEHJ?I9EDI?IJ;DJM?J>J>7J?DJ>;EDIEB?:7J;: ?D7D9?7B-J7J;C;DJI

.>;ECF7DOC7?DJ7?DI79ECFH;>;DI?L;799EKDJ?D=IOIJ;CM>?9>?D9BK:;I9EDJHEBI:;I?=D;:JEFHEL?:;H;7IED78B;7IIKH7D9;
7IJEJ>;?DJ;=H?JO7D:H;B?78?B?JOE<J>;;FHEJ;9J?EDE<7II;JI
D?DJ;HD7B7K:?JIJ7<<?I;CFBEO;:JE
H;=KB7HBO J;IJ 7D: ;L7BK7J; 8EJ> ?DJ;HD7B 799EKDJ?D= 9EDJHEBI 7D: EF;H7J?D= FHE9;:KH;I ?D9BK:?D= 9ECFB?7D9; M?J> J>;
ECF7DOZIE:;E<KI?D;IIED:K9J7D:J>?9I
.>;K:?JECC?JJ;;E<J>;E7H:E<?H;9JEHI9ECFEI;:E<:?H;9JEHIM>E
7H;DEJC;C8;HIE<C7D7=;C;DJC;;JIH;=KB7HBOM?J>C7D7=;C;DJJ>;?D:;F;D:;DJH;=?IJ;H;:FK8B?9799EKDJ7DJI7D:J>;
?DJ;HD7B7K:?JEHIJE;DIKH;J>7JJ>;?HH;IF;9J?L;H;IFEDI?8?B?J?;I7H;FHEF;HBO:?I9>7H=;:

HDIJ3EKD=&&*7D:J>;?DJ;HD7B7K:?JEHI>7L;;K:?JECC?JJ;;
.>;HEB;E<HDIJ
3EKD=&&*7D?D:;F;D:;DJH;=?IJ;H;:FK8B?9799EKDJ?D=;EDIEB?:7J;:
 ?D7D9?7B -J7J;C;DJI 7D: J>; KD:;HBO?D= JH7DI79J?EDI ?D 799EH:7D9; M?J> J>; IJ7D:7H:I E< J>; *K8B?9 ECF7DO 99EKDJ?D=
)L;HI?=>J E7H:
 .>; H;FEHJ E< HDIJ  3EKD= &&* 7FF;7HI ED F7=;  E< J>?I H;FEHJ ED  EHC % ; O;7H ;D:;:
FH?B

).",#( ),'.#)(
.>;ECF7DO>7I?D9BK:;:J>;-;9J?ED9;HJ?;>?;<N;9KJ?L;)<;*H?D9?F7B ?D7D9?7B)<; ECF7DO 7I N>?8?JI 
 7D: 
 JE ?JI DDK7B ,;FEHJ ED  EHC %  J>; -;9KH?J?;I 7D:
N9>7D=;ECC?II?ED7D:J>;ECF7DOM?BBIK8C?JJEJ>;(;M3EHA-JE9AN9>7D=;79;HJ?;>?;<N;9KJ?L;
)<; ECF7DO 9;HJ?7J >; ?I DEJ 7M7H; E< 7DO L?EB7J?ED 8O J>; ECF7DO E< (;M 3EHA -JE9A N9>7D=;
9EHFEH7J;=EL;HD7D9;B?IJ?D=IJ7D:7H:I



A2:!&$ !$&! 
&20B?6A62@'?.16;4#9.;@<36?20A; F;H?E: 9EL;H;: 8O J>?I DDK7B ,;FEHJ ED  EHC % DE :?H;9JEH EH E<; ECF7DO 7:EFJ;: EH
J;HC?D7J;:7X,KB;8JH7:?D=7HH7D=;C;DJYEHXDED,KB;8JH7:?D=7HH7D=;C;DJY7I;79>J;HC?I:;;H;?D;:?I9KII?EDKD:;H$,=??08	
@>490>>  C0.@?4A0 #114.0=> E< J>?I DDK7B ,;FEHJ ED  EHC %
 .>; H;C7?D?D= ?D H;IF;9J JE :?H;9JEHI
;N;9KJ?L; E<; 9E:; E< ;J>?9I 7D: 9EHFEH7J; =EL;HD7D9; E< J>; ECF7DO ?I ?D9EHFEH7J;: >;H;?D 8O H;<;H;D9; JE J>;
ECF7DOZI:;;ECF7DOZIDDK7B';;J?D=E<-JE9A>EB:;HIJE8;J>;
-M?J>?D:7OIE<J>;ECF7DOZI;X*HENO-J7J;C;DJY	

.>;?DH;IF;9JJE9ECFB?7D9;M?J>-;9J?ED7	E<J>;N9>7D=;9J?I?D9EHFEH7J;:>;H;?D8OH;<;H;D9;JE
J>;*HENO-J7J;C;DJ

A2:		*'&(!" %&! 
.>;?DH;IF;9JJE;N;9KJ?L;9ECF;DI7J?ED?I?D9EHFEH7J;:>;H;?D8OH;<;H;D9;JEJ>;*HENO-J7J;C;DJ

.>;?DH;IF;9JJE9ECF;DI7J?EDE<:?H;9JEHI?I?D9EHFEH7J;:>;H;?D8OH;<;H;D9;JEJ>;*HENO-J7J;C;DJ

A2:	
%'$&+!) $%"!$&  !) $%   & $&
%&!!$&&$%
>B6AF<:=2;@.A6<;#9.;;3;;GK?JO9ECF;DI7J?EDFB7D?DB6AF
0<:=2;@.A6<;=9.;@
2E09B16;4@20B?6A62@
6;0<9B:;.
7	
8	
9	
GK?JO9ECF;DI7J?EDFB7DI
7FFHEL;:8OI;9KH?JO>EB:;HI 


 

 

GK?JO9ECF;DI7J?EDFB7DIDEJ
7FFHEL;:8OI;9KH?JO>EB:;HI 


(
(
(
.EJ7B 























 

 

.>;?DH;IF;9JJEI;9KH?JOEMD;HI>?FE<9;HJ7?D8;D;;H;?D8O
H;<;H;D9;JEJ>;*HENO-J7J;C;DJ

A2:	$& $&! %"% $&&$ %&! % $&!$ "  
.>;?DH;IF;9JJE9;HJ7?DH;B7J?EDI>?FI7D:H;B7J;:JH7DI79J?EDI7D::?H;9JEH?D:;F;D:;D9;?I?D9EHFEH7J;:
>;H;?D8OH;<;H;D9;JEJ>;*HENO-J7J;C;DJ



A2:	"$ "!' & % %$(%
.>;?DH;IF;9JJEFH?D9?F7B799EKDJ7DJ<;;I7D:I;HL?9;I?I?D9EHFEH7J;:>;H;?D8OH;<;H;D9;JEJ>;*HENO
-J7J;C;DJ

#%')
A2:	
*&%  %&& &%'%
7	E9KC;DJI?IH;FEHJ

EDIEB?:7J;: ?D7D9?7B-J7J;C;DJIE<7HD;I(E8B;:K97J?ED#D9

#D9BK:;:?D*7HJ##E<J>?I,;FEHJ
EDIEB?:7J;:-J7J;C;DJIE<)F;H7J?EDI;O;7HI;D:;:FH?B7D:FH?B
EDIEB?:7J;:7B7D9;->;;JI7IE<FH?B7D:FH?B
EDIEB?:7J;:-J7J;C;DJIE<7I> BEMI;O;7HI;D:;:FH?B7D:FH?B
EDIEB?:7J;:-J7J;C;DJIE<GK?JO;O;7HI;D:;:FH?B7D:FH?B
(EJ;IJEEDIEB?:7J;: ?D7D9?7B-J7J;C;DJI;O;7HI;D:;:FH?B7D:FH?B
,;FEHJ E< HDIJ  3EKD= &&* #D:;F;D:;DJ ,;=?IJ;H;: *K8B?9 99EKDJ?D=  ?HC ED J>; 9EDIEB?:7J;: ;O;7HI;D:;:FH?B7D:FH?B

 ?D7D9?7B-J7J;C;DJ-9>;:KB;IE<7HD;I(E8B;:K97J?ED#D9

#D9BK:;:?D*7HJ##E<J>?IH;FEHJ-9>;:KB;##07BK7J?ED7D:+K7B?;HI9>;:KB;I7H;EC?JJ;:8;97KI;J>;O7H;DEJ7FFB?978B;DEJI?=D?;H;GK?H;:
?D;;H;JE

N>?8?JI
+'!+
E56/6A
!B:/2?

E56/6A2@0?6=A6<;
?A6092@<3;0?8?J
JE
,;FEHJED EHC%J>;-EDK=KIJ7D:?D9EHFEH7J;:>;H;?D8OH;<;H;D9;

 






;HJ??8?J
JE,;FEHJED EHC%J>;-ED-;FJ;C8;H7D:
?D9EHFEH7J;:>;H;?D8OH;<;H;D9;

 






;HJ??8?J
JEJ>;KHH;DJ,;FEHJED EHC%J>;-ED$KD;
7D:?D9EHFEH7J;:>;H;?D8OH;<;H;D9;

 






;HJ??8?J
JEJ>;KHH;DJ,;FEHJED EHC%J>;-ED$KD;
7D:?D9EHFEH7J;:>;H;?D8OH;<;H;D9;

 






-;9ED:C;D:;:7D:,;IJ7J;:O&7MI7IC;D:;:<<;9J?L;7IE<)9JE8;HE<7HD;I(E8B;
:K97J?ED#D9
?8?J
JE,;FEHJED EHC%J>;-ED)9JE8;H7D:
?D9EHFEH7J;:>;H;?D8OH;<;H;D9;
;@A?B:2;A@236;6;4A52%645A@<3&20B?6A62@2@0?6=A6<;<3%246@A?.;AK@&20B?6A62@

 






;HJ?JIE<-;H?;I$KD?EH*7HJ?9?F7J?D=*H;<;HH;:-JE9AE<7HD;I
(E8B;:K97J?ED#D9
:7J;:7IE<'7H9>?8?J
JE,;FEHJED EHC%
J>;-ED'7H9>7D:?D9EHFEH7J;:>;H;?D8OH;<;H;D9;


 





;I9H?FJ?EDE<7F?J7B-JE9A



 






 EHCE<,?=>JI;HJ??8?J
JE,;=?IJH7J?ED-J7J;C;DJED EHC-J>;-ED
FH?B7D:?D9EHFEH7J;:>;H;?D8OH;<;H;D9;

 






,?=>JI=H;;C;DJ8O7D:8;JM;;DJ>;ECF7DO7D:ECFKJ;HI>7H;.HKIJECF7DO(

7IH?=>JI7=;DJ
M>?9>?D9BK:;I7IN>?8?JJ>; EHCE<,?=>JI;HJ??8?J
JE
J>;ECF7DOZIKHH;DJ,;FEHJED EHC%J>;-EDFH?B7D:?D9EHFEH7J;:>;H;?D
8OH;<;H;D9;

R 





 EHCE<-K8I9H?FJ?ED=;DJ=H;;C;DJ7CED=7HD;I(E8B;:K97J?ED#D9
ECFKJ;HI>7H;#D9
7D:
ECFKJ;HI>7H;.HKIJECF7DO(

?8?J
JE,;=?IJH7J?ED-J7J;C;DJED EHC-
J>;-EDFH?B7D:?D9EHFEH7J;:>;H;?D8OH;<;H;D9;
 .A2?6.90<;A?.0A@

 





H;:?J=H;;C;DJ:7J;:7IE<K=KIJ8O7D:7CED=7HD;I(E8B;:K97J?ED#D9
7I8EHHEM;H
J>;B;D:;HIF7HJOJ>;H;JE7DAE<C;H?97(

7I7:C?D?IJH7J?L;7=;DJ7D:J>;EJ>;H7=;DJIF7HJOJ>;H;JE
?8?J
JE,;FEHJED EHC%J>;-EDK=KIJ7D:?D9EHFEH7J;:>;H;?D
8OH;<;H;D9;

 





 ?HIJ C;D:C;DJ JE H;:?J =H;;C;DJ :7J;: 7I E<  ;8HK7HO   8O 7D: 7CED= J>; ECF7DO J>;
&;D:;HI7D:J>;=;DJ?8?J
JE,;FEHJED EHC%J>;-ED ;8HK7HO
7D:?D9EHFEH7J;:>;H;?D8OH;<;H;D9;

 





-;9ED:C;D:C;DJ17?L;H7D:EDI;DJJEH;:?J=H;;C;DJ:7J;:7IE<'7H9>7CED=7HD;I
(E8B;:K97J?ED#D9
7IJ>;B;7:8EHHEM;HJ>;EJ>;H8EHHEM;HIF7HJOJ>;H;JEJ>;B;D:;HIF7HJOJ>;H;JE7D:
7DAE<C;H?97(

7I7:C?D?IJH7J?L;7=;DJ7D:9EBB7J;H7B7=;DJ;B;D:;HIJEJ>;H;:?J=H;;C;DJ
:7J;:7IE<K=KIJ?8?J
JE,;FEHJED EHC%J>;-ED'7H9>
7D:?D9EHFEH7J;:>;H;?D8OH;<;H;D9;

 





.>?H:C;D:C;DJ7D:17?L;HJEH;:?J=H;;C;DJ7D: ?HIJC;D:C;DJJE-;9KH?JO=H;;C;DJ:7J;:7IE<
'7H9>7CED=7HD;I(E8B;:K97J?ED#D9
7IJ>;B;7:8EHHEM;HJ>;EJ>;H8EHHEM;HIF7HJO
J>;H;JEJ>;B;D:;HIF7HJOJ>;H;JE7D:7DAE<C;H?97(

7I7:C?D?IJH7J?L;7=;DJ7D:9EBB7J;H7B7=;DJ;B;D:;HIJEJ>;H;:?J=H;;C;DJ:7J;:7IE<K=KIJ?8?J
JE,;FEHJED EHC%
J>;-EDFH?B7D:?D9EHFEH7J;:>;H;?D8OH;<;H;D9;

 





 EKHJ>C;D:C;DJ7D:17?L;HJEH;:?J=H;;C;DJ:7J;:7IE<'7H9>7CED=7HD;I(E8B;
:K97J?ED#D9
7IJ>;B;7:8EHHEM;HJ>;EJ>;H8EHHEM;HIF7HJOJ>;H;JEJ>;B;D:;HIF7HJOJ>;H;JE7D:7DAE<
C;H?97(

7I7:C?D?IJH7J?L;7=;DJ7D:9EBB7J;H7B7=;DJ;B;D:;HIJEJ>;H;:?J=H;;C;DJ:7J;:7I
E<K=KIJ?8?J
JE,;FEHJED EHC+J>;-ED'7H9>7D:
?D9EHFEH7J;:>;H;?D8OH;<;H;D9;

 





.;HC&E7DH;:?J=H;;C;DJ:7J;:7IE<$KD;7CED=7HD;I(E8B;:K97J?ED#D9
7I8EHHEM;H
J>; =K7H7DJEHI F7HJO J>;H;JE .EF&?:I &;D:E && 7D: 0?J7B  KD:9E && 7I B;D:;HI 7D: .EF&?:I
&;D:E&&7I7:C?D?IJH7J?L;7=;DJ7D:9EBB7J;H7B7=;DJ?8?J
JE,;FEHJED EHC%J>;-ED$KD;7D:?D9EHFEH7J;:>;H;?D8OH;<;H;D9;

 





&?C?J;:17?L;H=H;;C;DJ:7J;:7IE<$KD;7CED=7HD;I(E8B;:K97J?ED#D9
7I8EHHEM;H
J>; =K7H7DJEHI F7HJO J>;H;JE .EF&?:I &;D:E && 7D: 0?J7B  KD:9E && 7I B;D:;HI 7D: .EF&?:I
&;D:E && 7I 7:C?D?IJH7J?L; 7=;DJ 7D: 9EBB7J;H7B 7=;DJ ; B;D:;HI JE J>; .;HC &E7D H;:?J
=H;;C;DJ:7J;:7IE<$KD;?8?J
JEDDK7B,;FEHJED EHC%J>;
-ED$KD;7D:?D9EHFEH7J;:>;H;?D8OH;<;H;D9;

 





 ?C;D:C;DJJEH;:?J=H;;C;DJ:7J;:7IE<$KD;7CED=7HD;I(E8B;:K97J?ED#D9
7I
J>;B;7:8EHHEM;HJ>;EJ>;H8EHHEM;HIF7HJOJ>;H;JEJ>;B;D:;HIF7HJOJ>;H;JE7D:7DAE<C;H?97(

7I
7:C?D?IJH7J?L;7=;DJ7D:9EBB7J;H7B7=;DJ;B;D:;HIJEJ>;H;:?J=H;;C;DJ:7J;:7IE<K=KIJ
?8?J
JE,;FEHJED EHC%J>;-ED$KD;7D:?D9EHFEH7J;:>;H;?D8O
H;<;H;D9;

 





&?C?J;:17?L;H=H;;C;DJ:7J;:7IE<$KD;7CED=7HD;I(E8B;:K97J?ED#D9
7IJ>;B;7:
8EHHEM;H J>; EJ>;H 8EHHEM;HI F7HJO J>;H;JE J>; B;D:;HI F7HJO J>;H;JE 7D: 7DA E< C;H?97 (

 7I
7:C?D?IJH7J?L;7=;DJ7D:9EBB7J;H7B7=;DJ;B;D:;HIJEJ>;H;:?J=H;;C;DJ:7J;:7IE<K=KIJ
?8?J
JEDDK7B,;FEHJED EHC%J>;-ED$KD;7D:?D9EHFEH7J;:
>;H;?D8OH;<;H;D9;

 




-?NJ> C;D:C;DJ JE H;:?J =H;;C;DJ :7J;: 7I E< '7H9>   7CED= J>; ECF7DO 7I J>; B;7:
8EHHEM;H J>; EJ>;H 8EHHEM;HI F7HJO J>;H;JE J>; B;D:;HI F7HJO J>;H;JE 7D: 7DA E< C;H?97 (

 7I
7:C?D?IJH7J?L;7=;DJ7D:9EBB7J;H7B7=;DJ;B;D:;HIJEJ>;H;:?J=H;;C;DJ:7J;:7IE<K=KIJ
?8?J
JEDDK7B,;FEHJED EHC%J>;-ED$KBO7D:?D9EHFEH7J;:
>;H;?D8OH;<;H;D9;



 




 ?HIJ C;D:C;DJ JE .;HC &E7D H;:?J =H;;C;DJ :7J;: 7I E< '7H9>   7CED= J>; ECF7DO 7I
8EHHEM;H9;HJ7?DIK8I?:?7H?;IE<J>;ECF7DOF7HJOJ>;H;JE7I=K7H7DJEHI.EF&?:I&;D:E&&7D:0?J7B
 KD:9E&&7IB;D:;HI7D:.EF&?:I&;D:E&&7I7:C?D?IJH7J?L;7=;DJ7D:9EBB7J;H7B7=;DJ;
B;D:;HIJEJ>;.;HC&E7DH;:?J=H;;C;DJ:7J;:7IE<$KD;H;<;H;D9;:?DJ>;,;FEHJED EHC%
J>;-ED'7H9>7D:?8?J
JE,;FEHJED EHC%J>;-
ED$KBO7D:?D9EHFEH7J;:>;H;?D8OH;<;H;D9;

 




-;L;DJ> C;D:C;DJ JE H;:?J =H;;C;DJ :7J;: 7I E< '7O   7CED= J>; ECF7DO 7I J>; B;7:
8EHHEM;H J>; EJ>;H 8EHHEM;HI F7HJO J>;H;JE J>; B;D:;HI F7HJO J>;H;JE 7D: 7DA E< C;H?97 (

 7I
7:C?D?IJH7J?L;7=;DJ7D:9EBB7J;H7B7=;DJ;B;D:;HIJEJ>;H;:?J=H;;C;DJ:7J;:7IE<K=KIJ
H;<;H;D9;:?DJ>;,;FEHJED EHC%J>;-ED'7O
?8?J
JE,;FEHJ
ED EHC%J>;-ED$KBO7D:?D9EHFEH7J;:>;H;?D8OH;<;H;D9;

 




-;9ED:C;D:C;DJJE.;HC&E7DH;:?J=H;;C;DJ:7J;:7IE<'7O7CED=J>;ECF7DO7I
8EHHEM;H9;HJ7?DIK8I?:?7H?;IE<J>;ECF7DOF7HJOJ>;H;JE7I=K7H7DJEHI.EF&?:I&;D:E&&7D:0?J7B
 KD:9E&&7IB;D:;HI7D:.EF&?:I&;D:E&&7I7:C?D?IJH7J?L;7=;DJ7D:9EBB7J;H7B7=;DJ;
B;D:;HIJEJ>;.;HC&E7DH;:?J=H;;C;DJ:7J;:7IE<$KD;H;<;H;D9;:?DJ>;,;FEHJED EHC%
J>;-ED'7O7D:?8?J
JE,;FEHJED EHC%J>;-ED
$KBO7D:?D9EHFEH7J;:>;H;?D8OH;<;H;D9;

 




?=>J> C;D:C;DJ JE H;:?J =H;;C;DJ :7J;: 7I E< $KBO   7CED= J>; ECF7DO 7I J>; B;7:
8EHHEM;H J>; EJ>;H 8EHHEM;HI F7HJO J>;H;JE J>; B;D:;HI F7HJO J>;H;JE 7D: 7DA E< C;H?97 (

 7I
7:C?D?IJH7J?L;7=;DJ7D:9EBB7J;H7B7=;DJ;B;D:;HIJEJ>;H;:?J=H;;C;DJ:7J;:7IE<K=KIJ
H;<;H;D9;:?DJ>;,;FEHJED EHC%J>;-ED$KBO7D:?8?J
JE
,;FEHJED EHC%J>;-ED$KBO7D:?D9EHFEH7J;:>;H;?D8OH;<;H;D9;

 




.>?H: C;D:C;DJ JE .;HC &E7D H;:?J =H;;C;DJ :7J;: 7I E< $KBO   7CED= J>; ECF7DO 7I
8EHHEM;H9;HJ7?DIK8I?:?7H?;IE<J>;ECF7DOF7HJOJ>;H;JE7I=K7H7DJEHI.EF&?:I&;D:E&&7D:0?J7B
 KD:9E&&7IB;D:;HI7D:.EF&?:I&;D:E&&7I7:C?D?IJH7J?L;7=;DJ7D:9EBB7J;H7B7=;DJ;
B;D:;HIJEJ>;.;HC&E7DH;:?J=H;;C;DJ:7J;:7IE<$KD;H;<;H;D9;:?DJ>;,;FEHJED EHC%
J>;-ED$KBO7D:?8?J
JE,;FEHJED EHC%J>;-ED
$KBO7D:?D9EHFEH7J;:>;H;?D8OH;<;H;D9;

 




(?DJ> C;D:C;DJ JE H;:?J =H;;C;DJ :7J;: 7I E< )9JE8;H   7CED= J>; ECF7DO 7I J>; B;7:
8EHHEM;H J>; EJ>;H 8EHHEM;HI F7HJO J>;H;JE J>; B;D:;HI F7HJO J>;H;JE 7D: 7DA E< C;H?97 (

 7I
7:C?D?IJH7J?L;7=;DJ7D:9EBB7J;H7B7=;DJ;B;D:;HIJEJ>;H;:?J=H;;C;DJ:7J;:7IE<K=KIJ
?8?J
JEJ>;ECF7DOZI+K7HJ;HBO,;FEHJED EHC+J>;-ED;9;C8;H
7D:?D9EHFEH7J;:>;H;?D8OH;<;H;D9;

 




.;DJ>C;D:C;DJJEH;:?J=H;;C;DJ:7J;:7IE<;9;C8;H7CED=J>;ECF7DO7IJ>;B;7:
8EHHEM;H J>; EJ>;H 8EHHEM;HI F7HJO J>;H;JE J>; B;D:;HI F7HJO J>;H;JE 7D: 7DA E< C;H?97 (

 7I
7:C?D?IJH7J?L;7=;DJ7D:9EBB7J;H7B7=;DJ;B;D:;HIJEJ>;H;:?J=H;;C;DJ:7J;:7IE<K=KIJ
?8?J
JEJ>;ECF7DOZIKHH;DJ,;FEHJED EHC%J>;-ED;9;C8;H
7D:?D9EHFEH7J;:>;H;?D8OH;<;H;D9;


 



B;L;DJ>C;D:C;DJJEH;:?J=H;;C;DJ:7J;:7IE<'7H9>7CED=J>;ECF7DO7IJ>;B;7:
8EHHEM;H J>; EJ>;H 8EHHEM;HI F7HJO J>;H;JE J>; B;D:;HI F7HJO J>;H;JE 7D: 7DA E< C;H?97 (

 7I
7:C?D?IJH7J?L;7=;DJ7D:9EBB7J;H7B7=;DJ;B;D:;HIJEJ>;H;:?J=H;;C;DJ:7J;:7IE<K=KIJ

 




.M;BC;D:C;DJJEH;:?J=H;;C;DJ8O7D:7CED=7DAE<C;H?97(

J>;&;D:;HIF7HJOJ>;H;JE
7HD;I  (E8B; :K97J?ED #D9
 J>; EJ>;H 8EHHEM;HI F7HJO J>;H;JE 7D: J>; EJ>;H F7HJ?;I F7HJO J>;H;JE 7I
X!K7H7DJEHIY:7J;:FH?B?8?J
JEJ>;ECF7DOZIKHH;DJ,;FEHJED EHC%J>;-EDFH?B7D:?D9EHFEH7J;:>;H;?D8OH;<;H;D9;

 




C;D:;: 7D: ,;IJ7J;: H;:?J =H;;C;DJ :7J;: 7I E< $KD;   8O 7D: 7CED= 7HD;I  (E8B;
:K97J?ED#D9
7I8EHHEM;HJ>;B;D:;HIF7HJOJ>;H;JE7DAE<C;H?97(

7I7:C?D?IJH7J?L;7=;DJ7D:
J>;EJ>;H7=;DJIF7HJOJ>;H;JE?8?J
JEJ>;KHH;DJ,;FEHJED EHC%J>;-ED
$KD;7D:?D9EHFEH7J;:>;H;?D8OH;<;H;D9;

 




.H7:;C7HA&?9;DI;=H;;C;DJ:7J;:7IE<K=KIJ8;JM;;D7HD;I(E8B;:K97J?ED#D9
7D:
7HD;I(E8B;#D9
?8?J
JE,;FEHJED EHC%J>;-EDK=KIJ7D:
?D9EHFEH7J;:>;H;?D8OH;<;H;D9;

 




7HD;I(E8B;:K97J?ED#D9
C;D:;:7D:,;IJ7J;:GK?JO#D9;DJ?L;*B7D7C;D:;:7D:H;IJ7J;:7IE<
-;FJ;C8;H?8?J
JE,;FEHJED EHC+J>;-ED(EL;C8;H
7D:?D9EHFEH7J;:>;H;?D8OH;<;H;D9;

 




7HD;I  (E8B; :K97J?ED #D9
  EHC E< *;H?8?J 
 JE
,;FEHJED EHC-J>;-ED$KD;7D:?D9EHFEH7J;:>;H;?D8OH;<;H;D9;



 




  7HD;I(E8B;:K97J?ED#D9
 EHCE<*;H?8?J

JE,;FEHJED EHC-J>;-ED$KD;7D:?D9EHFEH7J;:>;H;?D8OH;<;H;D9;

 




  7HD;I(E8B;:K97J?ED#D9
 EHCE<*;H?8?J

JE,;FEHJED EHC+J>;-ED;9;C8;H7D:?D9EHFEH7J;:>;H;?D8OH;<;H;D9;

 




7HD;I  (E8B; :K97J?ED #D9
  EHC E< *;H7H; M7H: =H;;C;DJ ?8?J 
 JE
,;FEHJED EHC+J>;-ED-;FJ;C8;H7D:?D9EHFEH7J;:>;H;?D8OH;<;H;D9;

 




  7HD;I(E8B;:K97J?ED#D9
 EHCE<,;IJH?9J;:-JE9A/D?JM7H:=H;;C;DJ?8?J
JE
,;FEHJED EHC-J>;-ED$KD;7D:?D9EHFEH7J;:>;H;?D8OH;<;H;D9;

 




7HD;I(E8B;:K97J?ED#D9
 EHCE<,;IJH?9J;:-JE9A/D?JM7H:=H;;C;DJ?8?J
JE
,;FEHJED EHC+J>;-ED;9;C8;H7D:?D9EHFEH7J;:>;H;?D8OH;<;H;D9;

 




  7HD;I(E8B;:K97J?ED#D9
 EHCE<,;IJH?9J;:-JE9AM7H:=H;;C;DJ?8?J
JE,;FEHJ
ED EHC-J>;-ED$KD;7D:?D9EHFEH7J;:>;H;?D8OH;<;H;D9;

 




  7HD;I(E8B;:K97J?ED#D9
 EHCE<,;IJH?9J;:-JE9AM7H:=H;;C;DJ?8?J
JE,;FEHJ
ED EHC+J>;-ED;9;C8;H7D:?D9EHFEH7J;:>;H;?D8OH;<;H;D9;

 




7HD;I(E8B;:K97J?ED#D9
 EHCE<*>7DJEC->7H;/D?JIM7H:=H;;C;DJ?8?J
JE
DDK7B,;FEHJED EHC%J>;-ED$KD;7D:?D9EHFEH7J;:>;H;?D8OH;<;H;D9;

 




7HD;I(E8B;:K97J?ED#D9
 EHCE<(ED+K7B??8?J

JEDDK7B,;FEHJED EHC%J>;-ED$KD;7D:?D9EHFEH7J;:>;H;?D8O
H;<;H;D9;

 



C;D:;:7D:,;IJ7J;:CFBEOC;DJ=H;;C;DJ:7J;:$KBO8;JM;;D7HD;I(E8B;:K97J?ED
#D9
7D:'?9>7;B*
"KI;8O?8?J
JE,;FEHJED EHC%J>;-ED$KBO
7D:?D9EHFEH7J;:>;H;?D8OH;<;H;D9;

 



&;JJ;H=H;;C;DJ:7J;:7IE<FH?B8;JM;;DJ>;ECF7DO7D:'?9>7;B*
"KI;8O?8?J

JE,;FEHJED EHC%J>;-EDFH?B7D:?D9EHFEH7J;:>;H;?D8OH;<;H;D9;

 



C;D:C;DJJECFBEOC;DJ=H;;C;DJ:7J;:-;FJ;C8;HM?J>'?9>7;B*
"KI;8O?8?J

JE,;FEHJED EHC%J>;-ED-;FJ;C8;H7D:?D9EHFEH7J;:>;H;?D8OH;<;H;D9;

 



C;D:C;DJJECFBEOC;DJ=H;;C;DJ:7J;:$KD;M?J>'?9>7;B*
"KI;8O?8?J

JE,;FEHJED EHC%J>;-ED$KD;7D:?D9EHFEH7J;:>;H;?D8OH;<;H;D9;

 



*;H7;B*
"KI;8O7D:7HD;I
(E8B;:K97J?ED#D9
?8?J
JEJ>;ECF7DOZIKHH;DJ,;FEHJED EHC%J>;
-ED-;FJ;C8;H7D:?D9EHFEH7J;:>;H;?D8OH;<;H;D9;

 



&;JJ;H=H;;C;DJ8;JM;;D'?9>7;B*
"KI;8O7D:7HD;I(E8B;:K97J?ED#D9
:7J;:FH?B
7D:?8?J
JEJ>;ECF7DOZIKHH;DJ,;FEHJED EHC%J>;-EDFH?B
7D:?D9EHFEH7J;:>;H;?D8OH;<;H;D9;

 



C;D:;: 7D: ,;IJ7J;: CFBEOC;DJ &;JJ;H ;<<;9J?L; 7I E< $KD;   8;JM;;D 7HD;I  (E8B;
:K97J?ED#D9
7HD;I(E8B;EBB;=;EEAI;BB;HI&&7D:'?9>7;B
'?BB;H?8?J
JE
DDK7B,;FEHJED EHC%J>;-ED$KD;7D:?D9EHFEH7J;:>;H;?D8OH;<;H;D9;

 



,;J;DJ?ED=H;;C;DJC;D:C;DJ:7J;:-;FJ;C8;H8;JM;;D'?9>7;B
'?BB;H7D:7HD;I(E8B;
:K97J?ED#D9
?8?J
JEJ>;ECF7DOZIKHH;DJ,;FEHJED EHC%J>;-ED
-;FJ;C8;H7D:?D9EHFEH7J;:>;H;?D8OH;<;H;D9;

 



CFBEOC;DJ&;JJ;H:7J;:K=KIJ8;JM;;D7HD;I(E8B;:K97J?ED#D9
7D:%;L?D17JIED
?8?J
JEJ>;ECF7DOZIKHH;DJ,;FEHJED EHC%J>;-ED-;FJ;C8;H
7D:?D9EHFEH7J;:>;H;?D8OH;<;H;D9;

 



C;D:C;DJJE)<<;H&;JJ;H=H;;C;DJ:7J;:$7DK7HOM?J>%;L?D17JIED?8?J
JE
J>;ECF7DOZIKHH;DJ,;FEHJED EHC%J>;-ED ;8HK7HO7D:?D9EHFEH7J;:>;H;?D
8OH;<;H;D9;

 



C;D:;: 7D: ,;IJ7J;: CFBEOC;DJ &;JJ;H :7J;: $KD;   8;JM;;D ( :K97J?ED && 7
IK8I?:?7HOE<7HD;I(E8B;:K97J?ED#D9
7D:$ED7J>7D->7H?8?J
JE EHC+J>;-ED-;FJ;C8;H7D:?D9EHFEH7J;:>;H;?D8OH;<;H;D9;



 



,;J;DJ?ED=H;;C;DJC;D:C;DJ:7J;:-;FJ;C8;H8;JM;;D$ED7J>7D->7H7D:7HD;I(E8B;
:K97J?ED#D9
?8?J
JEJ>;ECF7DOZIKHH;DJ,;FEHJED EHC%J>;-ED
-;FJ;C8;H7D:?D9EHFEH7J;:>;H;?D8OH;<;H;D9;

 



 EHCE<?H;9JEH7D:EH)<?8?J
JE,;FEHJED EHC-
J>;-ED$KD;7D:?D9EHFEH7J;:>;H;?D8OH;<;H;D9;

 



 EHCE<,;J;DJ?ED=H;;C;DJ:7J;:7IE<$KBOE<7HD;I(E8B;EBB;=;EEAI;BB;HI&&
H;B7J?D=JE,;J;DJ?ED=H;;C;DJI;DJ;H;:?DJEM?J>;79>E<'?9>7;B
'?BB;H7D:$ED7J>7D->7H?8?J 
 JE ,;FEHJ ED  EHC %  J>; - ED $KBO   7D: ?D9EHFEH7J;: >;H;?D 8O
H;<;H;D9;

 



 EHC E< ,;J;DJ?ED =H;;C;DJ E< 7HD;I  (E8B; EBB;=; EEAI;BB;HI && H;B7J?D= JE ,;J;DJ?ED
=H;;C;DJI;DJ;H;:?DJEM?J>;79>E<'?9>7;B
'?BB;H7D:$ED7J>7D->7H?8?J
JE,;FEHJED
 EHC%J>;-ED'7O7D:?D9EHFEH7J;:>;H;?D8OH;<;H;D9;

 



#D:;F;D:;DJ?H;9JEH=H;;C;DJ:7J;:K=KIJ8;JM;;D-J;L;D!
*7D7=EI7D:7HD;I(E8B;
:K97J?ED#D9
?8?J
JEJ>;ECF7DOZIKHH;DJ,;FEHJED EHC%J>;-ED
K=KIJ7D:?D9EHFEH7J;:>;H;?D8OH;<;H;D9;

 



#D:;F;D:;DJ?H;9JEH=H;;C;DJ:7J;:K=KIJ8;JM;;D,7F>7;B.
17BB7D:;H7D:7HD;I(E8B;
:K97J?ED#D9
?8?J
JEJ>;ECF7DOZIKHH;DJ,;FEHJED EHC%J>;-ED
K=KIJ7D:?D9EHFEH7J;:>;H;?D8OH;<;H;D9;

 




-J7D:8O-;9KH?J?;I*KH9>7I;7D:;8JEDL;HI?ED=H;;C;DJ7CED=J>;ECF7DO.EHE"EB:?D=I&&
0?J7B KD:9E&&.EF&?:I&;D:E&&)KJ;H8H?:=;7F?J7B'7D7=;C;DJ&&7D:-;BP 7C?BO
.HKIJ:7J;:FH?B?8?J
JEJ>;ECF7DOZIKHH;DJ,;FEHJED EHC%
J>;-EDFH?B7D:?D9EHFEH7J;:>;H;?D8OH;<;H;D9;
"A52?


 




#DI?:;HJH7:?D=FEB?9?;I7D:FHE9;:KH;I


 




  &?IJE<IK8I?:?7H?;IE<7HD;I(E8B;:K97J?ED#D9


 




  EDI;DJE<HDIJ3EKD=&&*


 




;HJ?;>?;<N;9KJ?L;)<;
-;9KH?J?;IN9>7D=;9JE<7I7:EFJ;:FKHIK7DJJE-;9J?EDE<J>;-7H87D;I)NB;O9JE<


 




;HJ?;>?;< ?D7D9?7B)<;
-;9KH?J?;IN9>7D=;9JE<7I7:EFJ;:FKHIK7DJJE-;9J?EDE<J>;-7H87D;I)NB;O9JE<



 



;HJ??;<N;9KJ?L;)<;-;9KH?J?;IN9>7D=;9JE<
7D:/
-

-;9J?ED7I7:EFJ;:FKHIK7DJJE-;9J?EDE<J>;-7H87D;I)NB;O9JE<



 



;HJ??;< ?D7D9?7B)<;-;9KH?J?;IN9>7D=;9JE<
7D:/
-

-;9J?ED7I7:EFJ;:FKHIK7DJJE-;9J?EDE<J>;-7H87D;I)NB;O9JE<


 




*EB?9O,;B7J?D=JE,;9EL;HOE<HHED;EKIBOM7H:;:ECF;DI7J?ED

#(- 


2,&#DIJ7D9;E9KC;DJ

-" 

2,&.7NEDECONJ;DI?ED-9>;C7E9KC;DJ

& 

2,&.7NEDECONJ;DI?ED7B9KB7J?ED&?DA87I;E9KC;DJ

  

2,&.7NEDECONJ;DI?ED;?8?J	
'7D7=;C;DJ9EDJH79JEH9ECF;DI7JEHOFB7DEH7HH7D=;C;DJ

 ?B;:>;H;M?J>


 KHD?I>;:>;H;M?J>


R
;HJ7?D;N>?8?JI7D:I9>;:KB;I>7L;8;;DEC?JJ;:FKHIK7DJJE#J;C8		?L	E<,;=KB7J?ED-%KD:;HJ>;-;9KH?J?;I
9JE<7I7C;D:;:8;97KI;J>;O7H;8EJ>?	DEJC7J;H?7B7D:??	J>;JOF;E<?D7JJ>;,;=?IJH7DJJH;7JI7I
9ED;,;=?IJH7DJ7=H;;IJE79EFOE<7BBEC?JJ;:;N>?8?JI7D:I9>;:KB;IJEJ>;-KFED?JIH;GK;IJ
A2:	!$%'$+
(ED;


&!'(%&
*KHIK7DJJEJ>;H;GK?H;C;DJIE<-;9J?EDEH:	E<J>;-;9KH?J?;IN9>7D=;9JE<7HD;I(E8B;:K97J?ED
#D9
>7I:KBO97KI;:J>?IH;FEHJJE8;I?=D;:ED?JI8;>7B<8OJ>;KD:;HI?=D;:J>;H;KDJE:KBO7KJ>EH?P;:
%!&!"('"!!
,;=?IJH7DJ	
O
I$ED7J>7D->7H
$ED7J>7D->7H
3401C0.@?4A0#114.0=
7J;$KBO
*KHIK7DJJEJ>;H;GK?H;C;DJIE<J>;-;9KH?J?;IN9>7D=;9JE<J>?IH;FEHJ>7I8;;DI?=D;:8;BEM8OJ>;7B<E<J>;H;=?IJH7DJ7D:?DJ>;97F79?J?;I7D:EDJ>;:7J;I?D:?97J;:

!.:2

'6A92
.A2
I$ED7J>7D->7H
>?;<N;9KJ?L;)<7D->7H
I%;L?D 
17JIED
>?;< ?D7D9?7B)<?;<99EKDJ?D=)<7?HC7D7D:?H;9JEH
$KBO
1?BB?7C
'7HJ?D
IC?BO-
"E<HOD8;HB;17BA;H
?H;9JEH
$KBO
%7J>HOD8;HB;17BA;H
I;D?I;17HH;D
?H;9JEH
$KBO
;D?I;17HH;D


(%&#&'		
!
 
	
	"	"	
$	"


 !

+*0%*%. ".00%0

%2"."2&"3"!0%&/**1(",+.0+*+.)
+#.*"/+("!1 0&+** 

/"!+*)5'*+3("!$"0%&/.",+.0!+"/*+0 +*0&**51*0.1"/00")"*0+#)0".&(# 0+.+)&00+/00")0".&(
# 0*" "//.50+)'"0%"/00")"*0/)!"&*(&$%0+#0%" &. 1)/0* "/1*!".3%& %/1 %/00")"*0/3".")!"*+0
)&/("!&*$3&0%."/," 00+0%",".&+! +2"."!50%&/.",+.0


/"!+*)5'*+3("!$"0%"#&** &(/00")"*0/*!+0%".#&** &(&*#+.)0&+*&* (1!"!&*0%&/.",+.0#&.(5,."/"*0
&*(()0".&(."/," 0/0%"#&** &( +*!&0&+*."/1(0/+#+,".0&+*/*! /%#(+3/+#0%"."$&/0.*0/+#*!#+.0%"
,".&+!/,."/"*0"!&*0%&/.",+.0

%"."$&/0.*0/+0%". ".0&*$+##& ".*!."."/,+*/&("#+."/0(&/%&*$*!)&*0&*&*$!&/ (+/1." +*0.+(/*!
,.+ "!1."//!"#&*"!&*4 %*$" 01("/
"*!!"*!&*0".*( +*0.+(+2".#&** &(.",+.0&*$
/!"#&*"!&*4 %*$" 01("/
#*!!##+.0%"."$&/0.*0*!%2"

!"/&$*"!/1 %!&/ (+/1." +*0.+(/*!,.+ "!1."/+. 1/"!/1 %!&/ (+/1." +*0.+(/*!,.+ "!1."/0+"
!"/&$*"!1*!".+1./1,".2&/&+*0+"*/1."0%0)0".&(&*#+.)0&+*."(0&*$0+0%"."$&/0.*0&* (1!&*$&0/
 +*/+(&!0"!/1/&!&.&"/&/)!"'*+3*0+1/5+0%"./3&0%&*0%+/""*0&0&"/,.0& 1(.(5!1.&*$0%",".&+!
&*3%& %0%&/.",+.0&/"&*$,.",."!

!"/&$*"!/1 %&*0".*( +*0.+(+2".#&** &(.",+.0&*$+. 1/"!/1 %&*0".*( +*0.+(+2".#&** &(
.",+.0&*$0+"!"/&$*"!1*!".+1./1,".2&/&+*0+,.+2&!"."/+*("//1.* "."$.!&*$0%"."(&&(&05+#
#&** &(.",+.0&*$*!0%",.",.0&+*+##&** &(/00")"*0/#+."40".*(,1.,+/"/&*  +.!* "3&0%
$"*".((5  ",0"!  +1*0&*$,.&* &,("/
 
"2(10"!0%""##" 0&2"*"//+#0%"."$&/0.*07/!&/ (+/1." +*0.+(/*!,.+ "!1."/*!,."/"*0"!&*0%&/.",+.0
+1. +* (1/&+*/+100%""##" 0&2"*"//+#0%"!&/ (+/1." +*0.+(/*!,.+ "!1."//+#0%""*!+#0%",".&+!
 +2"."!50%&/.",+.0/"!+*/1 %"2(10&+**!
!
!&/ (+/"!&*0%&/.",+.0*5 %*$"&*0%"."$&/0.*07/&*0".*( +*0.+(+2".#&** &(.",+.0&*$0%0+  1.."!
!1.&*$0%"."$&/0.*07/)+/0." "*0#&/ (-1.0".0%"."$&/0.*07/#+1.0%#&/ (-1.0".&*0%" /"+#***1(
.",+.00%0%/)0".&((5##" 0"!+.&/."/+*(5(&'"(50+)0".&((5##" 00%"."$&/0.*07/&*0".*( +*0.+(
+2".#&** &(.",+.0&*$*!

%"."$&/0.*0/+0%". ".0&*$+##& ".*!%2"!&/ (+/"!/"!+*+1.)+/0." "*0"2(10&+*+#&*0".*( +*0.+(
+2".#&** &(.",+.0&*$0+0%"."$&/0.*07/1!&0+./*!0%"1!&0 +))&00""+#0%"."$&/0.*07/+.!+#!&." 0+./+.
,"./+*/,".#+.)&*$0%""-1&2("*0#1* 0&+*/

((/&$*&#& *0!"#& &"* &"/*!)0".&(3"'*"//"/&*0%"!"/&$*+.+,".0&+*+#&*0".*( +*0.+(+2".
#&** &(.",+.0&*$3%& %."."/+*(5(&'"(50+!2"./"(5##" 00%"."$&/0.*07/&(&050+." +.!,.+ "//
/1)).&6"*!.",+.0#&** &(&*#+.)0&+**!

*5#.1!3%"0%".+.*+0)0".&(0%0&*2+(2"/)*$")"*0+.+0%"."),(+5""/3%+%2"/&$*&#& *0.+("
&*0%"."$&/0.*07/&*0".*( +*0.+(+2".#&** &(.",+.0&*$
0"1(5

5 
	/	+*0%*%.
+*0%*%.




	



'$%"%&	
 

	
	!	!	
#	!


 

"2&*0/+* ".00%0

%2"."2&"3"!0%&/**1(",+.0+*+.)
+#.*"/+("!1 0&+** 

/"!+*)5'*+3("!$"0%&/.",+.0!+"/*+0 +*0&**51*0.1"/00")"*0+#)0".&(# 0+.+)&00+/00")0".&(
# 0*" "//.50+)'"0%"/00")"*0/)!"&*(&$%0+#0%" &. 1)/0* "/1*!".3%& %/1 %/00")"*0/3".")!"*+0
)&/("!&*$3&0%."/," 00+0%",".&+! +2"."!50%&/.",+.0


/"!+*)5'*+3("!$"0%"#&** &(/00")"*0/*!+0%".#&** &(&*#+.)0&+*&* (1!"!&*0%&/.",+.0#&.(5,."/"*0
&*(()0".&(."/," 0/0%"#&** &( +*!&0&+*."/1(0/+#+,".0&+*/*! /%#(+3/+#0%"."$&/0.*0/+#*!#+.0%"
,".&+!/,."/"*0"!&*0%&/.",+.0

%"."$&/0.*0/+0%". ".0&*$+##& ".*!."."/,+*/&("#+."/0(&/%&*$*!)&*0&*&*$!&/ (+/1." +*0.+(/*!
,.+ "!1."//!"#&*"!&*4 %*$" 01("/
"*!!"*!&*0".*( +*0.+(+2".#&** &(.",+.0&*$
/!"#&*"!&*4 %*$" 01("/
#*!!##+.0%"."$&/0.*0*!%2"

!"/&$*"!/1 %!&/ (+/1." +*0.+(/*!,.+ "!1."/+. 1/"!/1 %!&/ (+/1." +*0.+(/*!,.+ "!1."/0+"
!"/&$*"!1*!".+1./1,".2&/&+*0+"*/1."0%0)0".&(&*#+.)0&+*."(0&*$0+0%"."$&/0.*0&* (1!&*$&0/
 +*/+(&!0"!/1/&!&.&"/&/)!"'*+3*0+1/5+0%"./3&0%&*0%+/""*0&0&"/,.0& 1(.(5!1.&*$0%",".&+!
&*3%& %0%&/.",+.0&/"&*$,.",."!

!"/&$*"!/1 %&*0".*( +*0.+(+2".#&** &(.",+.0&*$+. 1/"!/1 %&*0".*( +*0.+(+2".#&** &(
.",+.0&*$0+"!"/&$*"!1*!".+1./1,".2&/&+*0+,.+2&!"."/+*("//1.* "."$.!&*$0%"."(&&(&05+#
#&** &(.",+.0&*$*!0%",.",.0&+*+##&** &(/00")"*0/#+."40".*(,1.,+/"/&*  +.!* "3&0%
$"*".((5  ",0"!  +1*0&*$,.&* &,("/
 
"2(10"!0%""##" 0&2"*"//+#0%"."$&/0.*07/!&/ (+/1." +*0.+(/*!,.+ "!1."/*!,."/"*0"!&*0%&/.",+.0
+1. +* (1/&+*/+100%""##" 0&2"*"//+#0%"!&/ (+/1." +*0.+(/*!,.+ "!1."//+#0%""*!+#0%",".&+!
 +2"."!50%&/.",+.0/"!+*/1 %"2(10&+**!
!
!&/ (+/"!&*0%&/.",+.0*5 %*$"&*0%"."$&/0.*07/&*0".*( +*0.+(+2".#&** &(.",+.0&*$0%0+  1.."!
!1.&*$0%"."$&/0.*07/)+/0." "*0#&/ (-1.0".0%"."$&/0.*07/#+1.0%#&/ (-1.0".&*0%" /"+#***1(
.",+.00%0%/)0".&((5##" 0"!+.&/."/+*(5(&'"(50+)0".&((5##" 00%"."$&/0.*07/&*0".*( +*0.+(
+2".#&** &(.",+.0&*$*!

%"."$&/0.*0/+0%". ".0&*$+##& ".*!%2"!&/ (+/"!/"!+*+1.)+/0." "*0"2(10&+*+#&*0".*( +*0.+(
+2".#&** &(.",+.0&*$0+0%"."$&/0.*07/1!&0+./*!0%"1!&0 +))&00""+#0%"."$&/0.*07/+.!+#!&." 0+./+.
,"./+*/,".#+.)&*$0%""-1&2("*0#1* 0&+*/

((/&$*&#& *0!"#& &"* &"/*!)0".&(3"'*"//"/&*0%"!"/&$*+.+,".0&+*+#&*0".*( +*0.+(+2".
#&** &(.",+.0&*$3%& %."."/+*(5(&'"(50+!2"./"(5##" 00%"."$&/0.*07/&(&050+." +.!,.+ "//
/1)).&6"*!.",+.0#&** &(&*#+.)0&+**!

*5#.1!3%"0%".+.*+0)0".&(0%0&*2+(2"/)*$")"*0+.+0%"."),(+5""/3%+%2"/&$*&#& *0.+("
&*0%"."$&/0.*07/&*0".*( +*0.+(+2".#&** &(.",+.0&*$
0"1(5

5 
	/	"2&*0/+*
"2&*0/+*



	

)&'%'(
	
" !  
 
$%  "

 

  

"#		
/%0//'%5+0/8+5*5*'#//6#-3'10350(#3/'40$-'&6%#5+0//%5*';0.1#/:<0/03.
	(035*'1'3+0&
'/&'&13+-	
#4(+-'&8+5*5*' '%63+5+'4#/&9%*#/)'0..+44+0/0/5*''*'3'0(5*';'1035<0/#5*#/
 *#3*+'(9'%65+7'((+%'30(5*'0.1#/:%'35+(:505*'$'450(.:,/08-'&)'16346#/5506-'
#

$6/&'35*'
 '%63+5+'49%*#/)'%50(

#/&
"  '%5+0/
	#4#&015'&16346#/550 '%5+0/	0(5*' #3$#/'49-':%50(
		5*#5

 !*''1035(6--:%0.1-+'48+5*5*'3'26+3'.'/540( '%5+0/
#03
&0(5*' '%63+5+'49%*#/)'%50(

#/&
 !*'+/(03.#5+0/%0/5#+/'&+/5*''1035(#+3-:13'4'/54+/#--.#5'3+#-3'41'%545*'(+/#/%+#-%0/&+5+0/#/&3'46-540(
01'3#5+0/40(5*'0.1#/:
40/#5*#/ *#3
0/#5*#/ *#3




	


6-:
	
4+)/'&03+)+/#-0(5*+483+55'/45#5'.'/53'26+3'&$: '%5+0/	0305*'3&0%6.'/5#65*'/5+%#5+/)#%,/08-'&)+/)03
05*'38+4'#&015+/)5*'4+)/#563'5*#5#11'#34+/5:1'&(03.8+5*+/5*''-'%530/+%7'34+0/0(5*+483+55'/45#5'.'/53'26+3'&$:
 '%5+0/	*#4$''/1307+&'&505*'0.1#/:#/&8+--$'3'5#+/'&$:5*'0.1#/:#/&(63/+4*'&505*' '%63+5+'4#/&
9%*#/)'0..+44+0/03+5445#((610/3'26'45

(%&$&'
		
  
 
#$  !

 

  

!"		
0&100(&6,109,6+6+($007$.4(21461)$40(51%.('7&$6,100&6+(<1/2$0;=1014/
	)146+(2(4,1'
(0'('24,.	
$5),.('9,6+6+( (&74,6,(5$0':&+$0*(1//,55,10106+('$6(+(4(1)6+(<(2146=(8,0
#$6510+,(),0$0&,$.)),&(41)6+(1/2$0;&(46,);616+(%(561)/;-019.('*(27457$06617.(
$

%70'(46+(
 (&74,6,(5:&+$0*(&61)

$0'
"  (&6,10
	$5$'126('27457$0661 (&6,10	1)6+( $4%$0(5:.(;&61)
		6+$6

 !+((2146)7..;&1/2.,(59,6+6+(4(37,4(/(0651) (&6,10
$14
'1)6+( (&74,6,(5:&+$0*(&61)

$0'
 !+(,0)14/$6,10&106$,0(',06+((2146)$,4.;24(5(065,0$../$6(4,$.4(52(&656+(),0$0&,$.&10',6,10$0'4(57.651)
12(4$6,1051)6+(1/2$0;
5(8,0#$6510
(8,0#$6510



	
7.;
	
5,*0('14,*,0$.1)6+,594,66(056$6(/(064(37,4('%; (&6,10	1416+(4'1&7/(06$76+(06,&$6,0*$&-019.('*,0*14
16+(49,5($'126,0*6+(5,*0$674(6+$6$22($45,06;2(')14/9,6+,06+((.(&6410,&8(45,101)6+,594,66(056$6(/(064(37,4('%;
 (&6,10	+$5%((02418,'('616+(1/2$0;$0'9,..%(4(6$,0('%;6+(1/2$0;$0')740,5+('616+( (&74,6,(5$0'
:&+$0*(1//,55,1014,6556$))72104(37(56

 
 
 
[THIS PAGE INTENTIONALLY LEFT BLANK]

 
 
 
[THIS PAGE INTENTIONALLY LEFT BLANK]

 
 
 
[THIS PAGE INTENTIONALLY LEFT BLANK]

 
 
 
[THIS PAGE INTENTIONALLY LEFT BLANK]

• STOCK PERFORMANCE •
The Stock Price Performance Chart below compares the cumulative 
stockholder return of the Company with that of the S&P 500 Index 
and the Dow Jones US Specialty Retailers Index from April 30, 2019 
to April 30, 2024. The comparison assumes $100 was invested on 
April 30, 2019 in shares of our common stock and in each of the 
indices show and assumes that all of the dividends were reinvested.
COMPARISON OF 5 YEAR CUMULATIVE TOTAL RETURN*
Among Barnes & Noble Education, the S&P 500 Index
and the Dow Jones US Specialty Retailers Index
Barnes & Noble Education, Inc.
• BOARD OF DIRECTORS •
William C. Martin 
Chairman, BNED
Chief Strategy Officer, Immersion Corporation
Emily S. Hoffman
Chief Marketing Officer, SmartPak Equine LLC
Sean V. Madnani
Chief Executive Officer, Twist Capital LLC
Elias N. Nader
Chief Financial Officer, QuickLogic Corporation
Eric B. Singer
President, Chief Executive Officer, and 
Chairman of the Board, Immersion Corporation
Kathryn Eberle Walker 
Chief Executive Officer, Presence Learning Inc. 
Denise Warren
Founder and Chief Executive Officer, Netlyst, LLC
Barnes & Noble Education, Inc.
• LEADERSHIP TEAM •
Jonathan Shar
Chief Executive Officer
Michael C. Miller
Executive Vice President, 
Corporate Development & Affairs, 
Chief Legal Officer, and Secretary
Kevin F. Watson
Executive Vice President, Chief Financial Officer
Stephen Culver
Senior Vice President, Chief Information Officer
Cynthia Origlio
Senior Vice President, Chief Human Resources Officer
Seema C. Paul
Senior Vice President, Chief Accounting Officer
Jason Snagusky
Senior Vice President, Treasurer, Loss Prevention & 
Procurement
INFORMATION
CORPORATE
INFORMATION
STOCKHOLDER
Corporate Headquarters
Barnes & Noble Education, Inc.
120 Mountain View Blvd., Basking Ridge, NJ 07920
Common Stock
New York Stock Exchange, 
Symbol: BNED
First Class, Registered, Certified Mail:
Computershare
C/O: Shareholder Services 
P.O. Box 43078 
Providence, RI 02940-3078
Independent Registered 
Public Accountants
BDO USA, P.C.
One Bush Street, Suite 1800
San Francisco, CA 94104
Stock Transfer & Registrar
Stockholder Inquiries: 
866-484-7158 (Non-US: 781-575-2758)
Overnight, Courier Mail:
Computershare
C/O: Shareholder Services 
150 Royall Street, Suite 101 
Canton, MA 02021
Investor & Media Contact
Kevin F. Watson
Executive Vice President, 
Chief Financial Officer
kwatson@bned.com
*$100 invested on 4/30/19 in stock or index, including reinvestment of dividends.
Fiscal year ending April 30.
Copyright© 2023 Standard & Poor’s, a division of S&P Global. All rights reserved.
Copyright© 2023 S&P Dow Jones Indices LLC, a division of S&P Global. All rights reserved.
Stockholder Services
General financial information, as well as copies of our Annual Reports 
and Form 10-K and Form 10-Q documents, can be obtained free of charge 
on the Company’s corporate website: www.bned.com.
Annual Stockholder Meeting
Virtual Meeting
September 18, 2024 – 9:00 a.m. ET
$0
$20
$40
$60
$80
$100
$120
$140
$160
$180
$200
4/19
4/20
4/21
4/22
4/23
4/24
Barnes & Noble Education
S&P 500
Dow Jones US Specialty Retailers

Serving all who work to elevate
their lives through education