Plain-text annual report
NCR Voyix Corporation
2024 Annual Report
+$*)**)
)+(*)$.$%##))%$
-4F;%A8
$$+"(&%(*&+()+$**%)*%$
%(
7%*)+(*).$*%
BEG;8986I:7N8=:8@B6G@>;I=:G:<>HIG6CI>H6L:AA
@CDLCH:6HDC:9>HHJ:G 6H9:;>C:9>C+JA:
D;I=:,:8JG>I>:H8I2:H'D
"C9>86I:7N8=:8@B6G@>;I=:G:<>HIG6CI>HCDIG:FJ>G:9ID;>A:G:EDGIHEJGHJ6CIID,:8I>DCDG,:8I>DC9D;I=:8I2:H'D
"C9>86I:7N8=:8@B6G@L=:I=:GI=:G:<>HIG6CI=6H;>A:96AAG:EDGIHG:FJ>G:9ID7:;>A:97N,:8I>DCDG9D;I=:,:8JG>I>:HM8=6C<:
8ID;9JG>C<I=:EG:8:9>C<BDCI=HDG;DGHJ8=H=DGI:GE:G>D9I=6II=:G:<>HIG6CIL6HG:FJ>G:9ID;>A:HJ8=G:EDGIH 6C9=6H7::CHJ7?:8I
IDHJ8=;>A>C<G:FJ>G:B:CIH;DGI=:E6HI
96NH2:H'D
"C9>86I:7N8=:8@B6G@L=:I=:GI=:G:<>HIG6CI=6HHJ7B>II:9:A:8IGDC>86AAN:K:GN"CI:G68I>K:6I6>A:G:FJ>G:9ID7:HJ7B>II:9EJGHJ6CIID
+JA:
D;+:DC,
-P
D;I=>H8=6EI:G9JG>C<I=:EG:8:9>C<BDCI=HDG;DGHJ8=H=DGI:GE:G>D9I=6II=:G:<>HIG6CIL6HG:FJ>G:9ID
HJ7B>IHJ8=;>A:H2:H'D
-67A:D;DCI:CIH
"C9>86I:7N8=:8@B6G@L=:I=:GI=:G:<>HIG6CI>H6A6G<:688:A:G6I:9;>A:G 6C688:A:G6I:9;>A:G 6CDC
688:A:G6I:9;>A:G 6HB6AA:GG:EDGI>C<
8DBE6CN DG6C:B:G<>C<C>I>DCHD;TA6G<:688:A:G6I:9;>A:G UT688:A:G6I:9;>A:G UTHB6AA:GG:EDGI>C<8DBE6CN U6C9
T:B:G<>C<C+JA:7
D;I=:M8=6C<:8I
%6G<:688:A:G6I:9;>A:G
88:A:G6I:9;>A:G
'DC
688:A:G6I:9;>A:G
,B6AA:GG:EDGI>C<8DBE6CN
B:G<>C<C<C9>86I:7N8=:8@B6G@>;I=:G:<>HIG6CI=6H:A:8I:9CDIIDJH:I=::MI:C9:9IG6CH>I>DCE:G>D9;DG8DBEAN>C<
L>I=6CNC:LDGG:K>H:9;>C6C8>6A688DJCI>C<HI6C96G9HEGDK>9:9EJGHJ6CIID,:8I>DC6D;I=:M8=6C<:8I
"C9>86I:7N8=:8@B6G@L=:I=:GI=:G:<>HIG6CI=6H;>A:96G:EDGIDC6C96II:HI6I>DCID>IHB6C6<:B:CIWH6HH:HHB:CID;I=::;;:8I>K:C:HHD;>IH
>CI:GC6A8DCIGDADK:G;>C6C8>6AG:EDGI>C<JC9:G,:8I>DC
7D;I=:,6G76C:H
(MA:N8I.,77NI=:G:<>HI:G:9EJ7A>8688DJCI>C<
;>GBI=6IEG:E6G:9DG>HHJ:9>IH6J9>IG:EDGI
";H:8JG>I>:H6G:G:<>HI:G:9EJGHJ6CIID,:8I>DC7D;I=:8I >C9>86I:7N8=:8@B6G@L=:I=:GI=:;>C6C8>6AHI6I:B:CIHD;I=:G:<>HIG6CI
>C8AJ9:9>CI=:;>A>C<G:;A:8II=:8DGG:8I>DCD;6C:GGDGIDEG:K>DJHAN>HHJ:9;>C6C8>6AHI6I:B:CIH
"C9>86I:7N8=:8@B6G@L=:I=:G6CND;I=DH::GGDG8DGG:8I>DCH6G:G:HI6I:B:CIHI=6IG:FJ>G:96G:8DK:GN6C6ANH>HD;>C8:CI>K:
76H:9
8DBE:CH6I>DCG:8:>K:97N6CND;I=:G:<>HIG6CIWH:M:8JI>K:D;;>8:GH9JG>C<I=:G:A:K6CIG:8DK:GNE:G>D9EJGHJ6CIIDP
7
"C9>86I:7N8=:8@B6G@L=:I=:GI=:G:<>HIG6CI>H6H=:AA8DBE6CN6H9:;>C:9>C+JA:7
D;I=:8I2:H'D
-=:6<C<6C9CDC
KDI>C<8DBBDC:FJ>IN=:A97NCDC
6;;>A>6I:HD;I=:G:<>HIG6CI6HD;#JC:
I=:A6HI
7JH>C:HH96ND;'+/DN>MDGEDG6I>DCWHBDHIG:8:CIAN8DBEA:I:9H:8DC9;>H86AFJ6GI:G L6H6EEGDM>B6I:AN7>AA>DC
HD;:7GJ6GN
I=:G:L:G: H=6G:HD;8DBBDCHID8@>HHJ:96C9DJIHI6C9>C<
-67A:D;DCI:CIH
%+#$*)$%(&%(*/(($
)6GI""" )DGI>DCHD;I=:+:<>HIG6CIWH:;>C>I>K:)GDMN,I6I:B:CI;DG>IHCCJ6A&::I>C<D;,ID8@=DA9:GHID7:;>A:9
EJGHJ6CIID+:DCL>I=>C
96NH6;I:GI=:+:<>HIG6CIWH;>H86AN:6G:C9D;:8:B7:G
6G:
>C8DGEDG6I:97NG:;:G:C8:>CID)6GI"""D;I=>H+:EDGI
*"%%$*$*)
G8@
8F6EC<,I6I:B:CIH
>
&(*
JH>C:HH
+>H@68IDGH
.CG:HDAK:9,I6;;DBB:CIH
N7:GH:8JG>IN
)GDE:GI>:H
%:<6A)GD8::9>CC:,6;:IN>H8ADHJG:H
&(*
&6G@:I;DGI=:+:<>HIG6CIWHDBBDCFJ>IN +:A6I:9,ID8@=DA9:G&6II:GH6C9"HHJ:G)JG8=6H:HD;FJ>IN
,:8JG>I>:H
3+:H:GK:94
&6C6<:B:CIWH>H8JHH>DC6C9C6ANH>HD;>C6C8>6ADC9>I>DC6C9+:HJAIHD;(E:G6I>DCH
*J6CI>I6I>K:6C9*J6A>I6I>K:>H8ADHJG:H67DJI&6G@:I+>H@
>C6C8>6A,I6I:B:CIH6C9,JEEA:B:CI6GN6I6
=6C<:H>C6C9>H6I=88DJCI6CIHDC88DJCI>C<6C9>C6C8>6A>H8ADHJG:
DCIGDAH6C9)GD8:9JG:H
(I=:G"C;DGB6I>DC
>H8ADHJG:+:<6G9>C<DG:>H9>8I>DC-=6I)G:K:CI"CHE:8I>DCH
&(*
>G:8IDGH M:8JI>K:(;;>8:GH6C9DGEDG6I: DK:GC6C8:
M:8JI>K:DBE:CH6I>DC
,:8JG>IN(LC:GH=>ED;:GI6>C:C:;>8>6A(LC:GH6C9&6C6<:B:CI6C9+:A6I:9,ID8@=DA9:G&6II:GH
:GI6>C+:A6I>DCH=>EH6C9+:A6I:9-G6CH68I>DCH6C9>G:8IDG"C9:E:C9:C8:
)G>C8>E6A88DJCI6CI::H6C9,:GK>8:H
&(*,
M=>7>IH6C9>C6C8>6A,I6I:B:CI,8=:9JA:
DGB
$,JBB6GN
-=>H+:EDGI8DCI6>CHIG69:B6G@H H:GK>8:B6G@H6C9G:<>HI:G:9B6G@HD;'+/DN>MDGEDG6I>DC6C9>IHHJ7H>9>6G>:H 6C9D;DI=:G
8DBE6C>:H 6H>C9>86I:9.CA:HHDI=:GL>H:>C9>86I:9 I=:I:GBHT'+/DN>M UT'+ UI=:TDBE6CN UTL: UTJH U6C9TDJGUG:;:G
ID'+/DN>MDGEDG6I>DC6C9>IHHJ7H>9>6G>:H
-67A:D;DCI:CIH
+*%$(/$%*(($%(-( "%%!$)**#$*)
-=>HCCJ6A+:EDGIDCDGB
$8DCI6>CHT;DGL6G9
ADD@>C<HI6I:B:CIHUL>I=>CI=:B:6C>C<D;,:8I>DCD;I=:,:8JG>I>:H8I
D; 6H6B:C9:9 6C9,:8I>DCD;I=:,:8JG>I>:HM8=6C<:8ID; 6H6B:C9:9 EJGHJ6CIIDI=:H6;:=6G7DGEGDK>H>DCH
D; I=: )G>K6I: ,:8JG>I>:H %>I><6I>DC +:;DGB 8I D; I=: T8IU DGL6G9
ADD@>C< HI6I:B:CIH JH: LDG9H HJ8= 6H T:ME:8I U
T6CI>8>E6I: UTDJIADD@ UT>CI:C9 UTEA6C UT8DC;>9:CI UT7:A>:K: UTL>AA UTH=DJA9 UTLDJA9 UTEDI:CI>6A UTEDH>I>DC>C< UTEGDEDH:9 U
TEA6CC:9 UTD7?:8I>K: UTA>@:AN UT8DJA9 UTB6N U6C9LDG9HD;H>B>A6GB:6C>C< 6HL:AA6HDI=:GLDG9HDG:MEG:HH>DCHG:;:G:C8>C<
;JIJG::K:CIH 8DC9>I>DCHDG8>G8JBHI6C8:H0:>CI:C9I=:H:;DGL6G9
ADD@>C<HI6I:B:CIHID7:8DK:G:97NI=:H6;:=6G7DGEGDK>H>DCH
;DG;DGL6G9
ADD@>C<HI6I:B:CIH8DCI6>C:9>CI=:8I,I6I:B:CIHI=6I9:H8G>7:DGG:A6I:IDI=:DBE6CNWHEA6CH CI:CI>DCH
HIG6I:<>:H DG ;>C6C8>6A DJIADD@ 6C9 HI6I:B:CIH I=6I 9D CDI G:A6I: ID =>HIDG>86A DG 8JGG:CI ;68I 6G: :M6BEA:H D; ;DGL6G9
ADD@>C<
HI6I:B:CIHM6BEA:HD;;DGL6G9
ADD@>C<HI6I:B:CIH>CI=>HCCJ6A+:EDGI>C8AJ9: L>I=DJIA>B>I6I>DC HI6I:B:CIHG:<6G9>C<I=:
DBE6CNWHEA6CH HIG6I:<>:HDGD7?:8I>K:H;DG;JIJG:DE:G6I>DCH:ME:8I6I>DCHG:<6G9>C<I=:><>I6A6C@>C<,6A:6C9I=:!6G9L6G:
JH>C:HH-G6CH>I>DC >C8AJ9>C< 7JICDIA>B>I:9ID HI6I:B:CIHG:<6G9>C<I=:G:HJAIHD;I=:;JIJG:8DBB:G8>6ADG;>C6C8>6AE:G;DGB6C8:
D;I=:DBE6CN;DAADL>C<HJ8=IG6CH68I>DCH6C9K6AJ:8G:6I>DC6C9I=:67>A>INID>CCDK6I:6C99G>K:DCHI=::HI>B6I:9DG6CI>8>E6I:9;JIJG:G:HJAIH6C97:C:;>IHD;I=:DBE6CNWHEA6CH6C9DE:G6I>DCHI=:DBE6CNWH
:ME:8I6I>DCHD;9:B6C9;DG>IHHDAJI>DCH6C9I=:>BE68II=:G:D;DCI=:DBE6CNWH;>C6C8>6AG:HJAIH>C
I=:DBE6CNWH67>A>INID
9:A>K:G >C8G:6H:9 K6AJ: ID 8JHIDB:GH 6C9 HID8@=DA9:GH 6C9 HI6I:B:CIH G:<6G9>C< I=: HE>C
D;; D; '+ IA:DH DGL6G9
ADD@>C<
HI6I:B:CIH 6G: 76H:9 DC DJG 8JGG:CI 7:A>:;H :ME:8I6I>DCH 6C9 6HHJBEI>DCH L=>8= B6N CDI EGDK: ID 7: 688JG6I: 6C9 >CKDAK: 6
CJB7:G D; @CDLC 6C9 JC@CDLC G>H@H 6C9 JC8:GI6>CI>:H B6CN D; L=>8= 6G: DJI D; I=: DBE6CNWH 8DCIGDA DGL6G9
ADD@>C<
HI6I:B:CIH6G:CDIBEDGI6CI;68IDGHI=6I8DJA986JH:68IJ6ADJI8DB:H
6C9G:HJAIHID9>;;:GB6I:G>6AAN;GDBI=:G:HJAIH8DCI:BEA6I:97NHJ8=;DGL6G9
ADD@>C<HI6I:B:CIH >C8AJ9>C<I=DH:;68IDGHG:A6I>C<ID
Q
,IG6I:6I:9 L>I= HJ88:HH;JAAN :M:8JI>C< DJG C8AJ9>C< DJG 67>A>IN ID 6IIG68I C:L
8JHIDB:GH >C8G:6H: JH: D; DJG EA6I;DGB 7N :M>HI>C< 8JHIDB:GH 6C9 8GDHH
H:AA 699>I>DC6A EGD9J8IH 6C9 HDAJI>DCH
9:K:ADEB:CI6C9>CIGD9J8I>DCD;C:L 8DBE:I>I>K:HDAJI>DCHDC6I>B:AN 8DHI
:;;:8I>K:76H>HDJG67>A>INIDB6>CI6>C6
8DCH>HI:CIAN =><= A:K:A D; 8JHIDB:G H:GK>8: DJG 67>A>IN ID HJ88:HH;JAAN B6C6<: DJG EGD;>I67>A>IN 6C9 8DHI G:9J8I>DC
>C>I>6I>K:H DJG HIG6I:<>8 G:A6I>DCH=>EH L>I= I=>G9 E6GI>:H >CI:DC D; 68FJ>H>I>DCH 6C9 B6C6<:B:CI D; DI=:G HIG6I:<>8
IG6CH68I>DCH6CNJC;DG:H::CA>67>A>I>:HG:HJAI>C<;GDBI=:H6A:D;DJG9><>I6A76C@>C<7JH>C:HHI=:6CI>8>E6I:98DHIH6K>CIHG:A6I:9IDI=:IG6CH>I>DCD;DJG=6G9L6G:7JH>C:HHID6CDJIHDJG8:99:H>C<7JH>C:HH
BD9:AB6NCDI7:G:6A>O:9DC6I>B:AN76H>HDG6I6AA
Q
JH>C:HH(E:G6I>DCHDJG67>A>INID8DBE:I::;;:8I>K:AN6<6>CHIC:L6C9:M>HI>C<8DBE:I>IDGH9>HGJEI>DCH>CDJG96I68:CI:G
=DHI>C< 6C9 EJ7A>8 8ADJ9 ;68>A>I>:H 9:;:8IH :GGDGH >CHI6AA6I>DC 9>;;>8JAI>:H DG 9:K:ADEB:CI 9:A6NH 9>;;>8JAI>:H 6C9 G>H@H
6HHD8>6I:9 L>I= 9:K:ADE>C< 6C9 H:AA>C< 8DBEA:M C:L HDAJI>DCH 6C9 :C=6C8:B:CIH >C8AJ9>C< I=DH: JH>C< 6GI>;>8>6A
>CI:AA><:C8:DJGG:A>6C8:DCI=:6K6>A67>A>IND;I=>G9
E6GINA>8:CH:H8=6C<:H>C.,DG;DG:>8>:H9DB:HI>86C9
88DC9>I>DCH6CN;6>AJG:HDG9:A6NH>CDJG:;;DGIHIDBD9:GC>O:DJG>C;DGB6I>DCI:8=CDADC;G6HIGJ8IJG:
G:I:CI>DC6C96IIG68I>DCD;@:N:BEADN::H;6>AJG:D;I=>G9
E6GINHJEEA>:GHJC8:GI6>CI>:HG:<6G9>C<G:DCH A6LHJ>IH6C9
DI=:GG:A6I:9B6II:GHG>H@H6C9JC8:GI6>CI>:H6HHD8>6I:9L>I=DJGE6NB:CIH
G:A6I:97JH>C:HH8=6C<:HIDDJGI6MG6I:H6C9
699>I>DC6A>C8DB:I6MA>67>A>I>:HG>H@H6HHD8>6I:9L>I=DJG>CI:GC6I>DC6A7JH>C:HHDE:G6I>DCHDJGG>H@B6C6<:B:CI:;;DGIH6
B6?DGC6IJG6A9>H6HI:GDG86I6HIGDE=>8:K:CI<:DEDA>I>86A6C9B68GD:8DCDB>88=6AA:C<:HDG:K:CIHDG68IHD;I:GGDG>HB
:CK>GDCB:CI6A:MEDHJG:H;GDB=>HIDG>86AB6CJ;68IJG>C<68I>K>I>:H
Q
,E>C
(;;D;'+IA:DH6CNJC;DG:H::CI6MA>67>A>I>:HDG>BE68IHG:HJAI>C<;GDBI=:HE>C
D;;G:FJ:HIH G:FJ>G:B:CIHDG
E:C6AI>:H>BEDH:97N6CNI>:HG:A6I:9ID8:GI6>C:M>HI>C<A>67>A>I>:H
Q
N7:GH:8JG>IN 6I6)G>K68N"CI:AA:8IJ6A)GDE:GINI=:>BE68ID;8N7:GH:8JG>IN>C8>9:CIHDCDJG7JH>C:HH6C9:;;DGIHID
EG:K:CI DG B>I><6I: HJ8= >C8>9:CIH 6C9 6CN G:A6I:9 >BE68IH DC DJG DE:G6I>DCH :;;DGIH ID 8DBEAN L>I= 6EEA>867A: 96I6
EGDI:8I>DC6C996I6EG>K68NA6LHEGDI:8I>DCD;DJG>CI:AA:8IJ6AEGDE:GIN6AA:<6I>DCHDG8A6>BH7NI=>G9E6GI>:HI=6IDJG
EGD9J8IHDGH:GK>8:H>C;G>C<:DC>CI:AA:8IJ6AEGDE:GING><=IHD;DI=:GH >C8AJ9>C<8A6>BH6<6>CHIDJG8JHIDB:GH6C98A6>BH7N
DJG8JHIDB:GHID9:;:C96C9>C9:BC>;NI=:BL>I=G:HE:8IIDHJ8=8A6>BH
Q
>C6C8:6C988DJCI>C<DJGA:K:AD;>C9:7I:9C:HHI=:I:GBHC<DJG>C9:7I:9C:HH>C8JGG:C8:D;699>I>DC6A9:7IDG
DI=:G A>67>A>I>:H DG D7A><6I>DCH DJG 86H= ;ADL HJ;;>8>:C8N ID H:GK>8: DJG >C9:7I:9C:HH I=: >BE68I D; 8:GI6>C 8=6C<:H >C
8DCIGDA G:A6I>C< ID 688:A:G6I>DC D; DJG >C9:7I:9C:HH DJG D7A><6I>DCH JC9:G DI=:G ;>C6C8>C< 6GG6C<:B:CIH DG G:FJ>G:9
G:EJG8=6H:D;DJGH:C>DGJCH:8JG:9CDI:H6CNADL:G>C<DGL>I=9G6L6AD;I=:G6I>CI>:H7N
G6I>C< 6<:C8>:H JC;DG:H::C I6M A>67>A>I>:H DG 8=6C<:H >C I6M A6L DJG ;6>AJG: ID B6>CI6>C :;;:8I>K: >CI:GC6A 8DCIGDA DK:G
;>C6C8>6AG:EDGI>C<6C99>H8ADHJG:8DCIGDAH6C9EGD8:9JG:H6C9DJG67>A>INIDG:B:9>6I:B6I:G>6AL:6@C:HH:H>CDJG>CI:GC6A
8DCIGDADK:G;>C6C8>6AG:EDGI>C<
Q
DK:GC6C8:G><=IH EG:;:G:C8:H6C9EG>K>A:<:HD;DJG,:G>:HDCK:GI>7A:)G:;:GG:9T,:G>:HUHID8@=DA9:GH8DBE6G:9
IDI=:G><=IHD;DJG8DBBDCHID8@=DA9:GHI=:>BE68ID;I=:I:GBHD;DJG,:G>:HHID8@G:A6I>C<IDKDI>C<EDL:G H=6G:
-67A:D;DCI:CIH
>
9>AJI>DC6C9B6G@:IEG>8:D;DJG8DBBDCHID8@6C968I>DCHDGEGDEDH6AH;GDBHID8@=DA9:GHI=6I9DCDI6A>I=DJG
7JH>C:HHHIG6I:<>:HDGI=:>CI:G:HIHD;DJGDI=:GHID8@=DA9:GH
,=DJA9DC:DGBDG:D;I=:H:G>H@HDGJC8:GI6>CI>:HB6I:G>6A>O: DGH=DJA9JC9:GAN>C<6HHJBEI>DCHEGDK:>C8DGG:8I 68IJ6AG:HJAIHB6N
K6GNB6I:G>6AAN;GDBI=DH:H:I;DGI=>CI=:;DGL6G9
ADD@>C<HI6I:B:CIH99>I>DC6A>C;DGB6I>DC8DC8:GC>C<I=:H:6C9DI=:G;68IDGH
86C7:;DJC9>CI=:DBE6CNWH;>A>CI=I=:.,,:8JG>I>:H6C9M8=6C<:DBB>HH>DC >C8AJ9>C<I=>H6CCJ6AG:EDGIDCDGB
$ FJ6GI:GANG:EDGIHDCDGB
*6C98JGG:CIG:EDGIHDCDGB
$CN;DGL6G9
ADD@>C<HI6I:B:CIHE:6@HDCAN6HD;I=:96I:DC
L=>8=>I>HB69:-=:DBE6CN9D:HCDIJC9:GI6@:6CND7A><6I>DCIDEJ7A>8ANJE96I:DGG:K>H:6CN;DGL6G9
ADD@>C<HI6I:B:CIH
L=:I=:G6H6G:HJAID;C:L>C;DGB6I>DC ;JIJG::K:CIHDGDI=:GL>H: :M8:EI6HG:FJ>G:97NA6L
-67A:D;DCI:CIH
>
&(*
.CA:HHI=:8DCI:MI>C9>86I:HDI=:GL>H: G:;:G:C8:H>CI=>HG:EDGIIDTL: UTJH UTDJG UI=:TDBE6CN U6C9T'+/DN>MUB:6C'+
/DN>M DGEDG6I>DC 6C9 >IH 8DCHDA>96I:9 HJ7H>9>6G>:H 6C9 G:;:G:C8:H ID T'+ IA:DHU B:6C '+ IA:DH DGEDG6I>DC 6C9 '+
IA:DHWH8DCHDA>96I:9HJ7H>9>6G>:H
G8@
+)$))
8A8E4?
'+/DN>M>H6A:69>C<9:GD;9><>I6A8DBB:G8:HDAJI>DCH;DGG:I6>AHIDG:H6C9G:HI6JG6CIH!:69FJ6GI:G:9>CIA6CI6
:DG<>6L>I=6EEGDM>B6I:AN
:BEADN::H68GDHH
8DJCIG>:H L:6G:6HD;IL6G:6C9H:GK>8:H
A:9I:8=CDAD9:GD;GJC
I=:
HIDG:6C99><>I6A8=6CC:A86E67>A>I>:H;DGG:I6>A6C9G:HI6JG6CIH H:GK>C<7JH>C:HH:HD;6AAH>O:H(JGEA6I;DGB L=>8=GJCH>CI=:
8ADJ9 6C9 >C8AJ9:H B>8GDH:GK>8:H 6C9 6EEA>86I>DC EGDC< >CI:G;68:H T)"HU I=6I >CI:I= DJG 8JHIDB:GHW HNHI:BH
8DB7>C:H L>I= DJG H:GK>8:H 6C9 =6G9L6G: D;;:G>CA>I>:H ;DG DJG 8JHIDB:GH (JG
D;;:G>CC8AJ9:EA6I;DGB
76H:9HD;IL6G:6C9H:GK>8:H;DGG:I6>A:GH6C9G:HI6JG6CIH 6HL:AA6HE6NB:CI688:EI6C8:HDAJI>DCH BJAI>
K:C9DG 8DCC:8I:9 9:K>8: H:GK>8:H H:A;
8=:8@DJI T,(U @>DH@H 6C9 G:A6I:9 I:8=CDAD<>:H 6ADC< L>I= DI=:G H:A;
H:GK>8:
I:8=CDAD<>:H(JGHDAJI>DCH6G:9:H>FJ:C::9HD;G:I6>A:GH6C9G:HI6JG6CIH G6C<>C<;GDBHB6AA6C9B:9>JB
H>O:9
7JH>C:HH:HIDBJAI>C6I>DC6A:CI:GEG>H:H :C67A>C<I=:BIDH:6BA:HHANIG6CH68I6C9:C<6<:L>I=I=:>G:C98JHIDB:GHL=>A:9G>K>C<
:;;>8>:C8>:HL>I=>CI=:>GDE:G6I>DCH
(C(8ID7:G
L:8DBEA:I:9I=:HE>C
D;;D;DJG-&
;D8JH:97JH>C:HH L=>8=>C8AJ9:9DJGH:A;
H:GK>8:76C@>C< E6NB:CIH
C:ILDG@ 6C9 I:A:8DBBJC>86I>DCH 6C9 I:8=CDADC:HH:H >CID 6C >C9:E:C9:CI EJ7A>8AN IG69:9 8DBE6CN '+ IA:DH
DGEDG6I>DCT'+IA:DHU L=>8=L6H:;;:8I:9I=GDJ<=6EGDG6I69>HIG>7JI>DCD;6AADJIHI6C9>C<H=6G:HD;'+IA:DH8DBBDC
HID8@ID=DA9:GHD;I=:DBE6CNWH8DBBDCHID8@6HD;I=:8ADH:D;7JH>C:HHDC(8ID7:G
HJ8=IG6CH68I>DC I=:T,E>C
(;;U
"C 8DCC:8I>DC L>I= I=: ,E>C
(;; I=: DBE6CN 8=6C<:9 >IH C6B: ;GDB '+ DGEDG6I>DC ID '+ /DN>M DGEDG6I>DC 6C9 DJG
8DBBDCHID8@7:<6CIG69>C<DCI=:':L2DG@,ID8@M8=6C<:JC9:GI=:HID8@HNB7DAT/21UDC(8ID7:G
-=:DBE6CN
G:I6>CHCDDLC:GH=>E>CI:G:HI>C'+IA:DH-=:=>HIDG>86A;>C6C8>6AG:HJAIHD;'+IA:DH6G:G:;A:8I:96H9>H8DCI>CJ:9DE:G6I>DCH
>CI=:DBE6CNWH8DCHDA>96I:9;>C6C8>6AHI6I:B:CIH
(C ,:EI:B7:G
L: 8DBEA:I:9 I=: H6A: D; DJG ><>I6A 6C@>C< H:C:HH:H I=: T><>I6A 6C@>C< ,6A:U ID 6C
6;;>A>6I:D;-=:/:G>I6H6E>I6AJC9/""" %)I=:TJN:GU-=:EJG8=6H:EG>8:;DGI=:IG6CH68I>DCL6H7>AA>DC>C86H=
HJ7?:8I ID 6 EDHI
8ADH>C< 69?JHIB:CI 6H L:AA 6H 8DCI>C<:CI 8DCH>9:G6I>DC D; JE ID 6C 699>I>DC6A
B>AA>DC >C 86H= JEDC I=:
68=>:K:B:CID;6HE:8>;>:9G:IJGCDCI=:JN:GWH>CK:HI:986E>I6A6II=:I>B:D;6CN;JIJG:H6A:-=:=>HIDG>86A;>C6C8>6AG:HJAIHD;I=:
><>I6A6C@>C<H:C:HH:H6G:G:;A:8I:96H9>H8DCI>CJ:9DE:G6I>DCH>CI=:DBE6CNWH8DCHDA>96I:9;>C6C8>6AHI6I:B:CIH
(CJCID68DBB:G8>6A6I=CCD8DCCDGEDG6I>DCTCCD8DCCUIDIG6CH>I>DC
DJGH:A;
8=:8@DJI6C9ED>CI
D;
H6A:=6G9L6G:7JH>C:HH:HID6CDJIHDJG8:99:H>C<BD9:A >C8AJ9>C<I=:H6A:D;
8:GI6>C6HH:IHG:A6I>C<IDI=:H:7JH>C:HH:HI=:T!6G9L6G:JH>C:HH-G6CH>I>DCU.C9:GI=:I:GBHD;I=:6AA
9:H>EH:A;
8=:8@DJI6C9ED>CI
D;H6A:=6G9L6G:9>G:8IANIDDJG8JHIDB:GH6C9L:L>AAH:AA
=6G9L6G:IDDJG8JHIDB:GH6H6H6A:H6<:CI;DGCCD8DCC6C98DCI>CJ:IDEGDK>9:DJGED>CI
D;H6A:6C9H:A;
8=:8@DJIHD;IL6G:6H
L:AA6H@:NHJEEDGI6C9B6>CI:C6C8:H:GK>8:HH6G:HJAID;I=:!6G9L6G:JH>C:HH-G6CH>I>DC L::ME:8IIDG:8DG98DBB>HH>DC
G:K:CJ:;GDBED>CI
D;
H6A:6C9H:A;
8=:8@DJI=6G9L6G:H6A:H6H6C6<:CI;DGCCD8DCCDC6C:I76H>H :M8AJ9>C<I=:8DHIHE6>9ID
CCD8DCC 0: 6G: LDG@>C< L>I= CCD8DCC ID >BEA:B:CI I=: C:L =6G9L6G: BD9:A >C8AJ9>C< I=: B>DC D; 6HE:8IH D; DJG
=6G9L6G:7JH>C:HH 6C9L::ME:8II=:!6G9L6G:JH>C:HH-G6CH>I>DCID7:8DB::;;:8I>K:9JG>C<
5*7&9.3, *,2*398
)G>DG ID I=: ,E>C
(;; I=: DBE6CN B6C6<:9 6C9 G:EDGI:9 DE:G6I>DCH >C I=: ;DAADL>C< H:A !DHE>I6A>IN ><>I6A
6C@>C< )6NB:CIH ':ILDG@ 6C9 ,:A;
,:GK>8: 6C@>C< ,J7H:FJ:CI ID I=: ,E>C
(;; I=: DBE6CN B6C6<:9 6C9 G:EDGI:9
DE:G6I>DCH>CI=G::G:EDGI67A:H:A +:HI6JG6CIH;DGB:GANG:EDGI:96H!DHE>I6A>IN 6C9><>I6A6C@>C<DAADL>C<I=:
><>I6A6C@>C<,6A: I=:DBE6CNB6C6<:H6C9G:EDGIHDE:G6I>DCH>CILDG:EDGI67A:H:A6C9+:HI6JG6CIH
-67A:D;DCI:CIH
Q
*9&.1
(JG+:I6>AH:H;D8JH:9DCH:GK>C<:CI:GEG>H:6C9B>9
B6G@:IG:I6>A:GH68GDHHI=:DCK:C>:C8:J:A+:I6>A
DD9GJ<&6HH&:G8=6CIT&&U 6C9:E6GIB:CI,E:8>6AIN+:I6>A>C9JHIG>:H(JG&&8JHIDB:GH>C8AJ9:< 7DM G:I6>A:GH 0: D;;:G :C9
ID
:C9 HD;IL6G: H:GK>8:H 6C9 =6G9L6G: HDAJI>DCH I=6I B::I I=:
JC>FJ:C::9HD;G:I6>A:GH 9:E:C9>C<DCI=:H>O:D;I=:>G:HI67A>H=B:CI6C9I=:>C9JHIGN>CL=>8=I=:NDE:G6I: JAI>B6I:AN
9G>K>C<DE:G6I>DC6A:;;>8>:C8N :A:K6I:98JHIDB:G:ME:G>:C8:H6C9:C=6C8:9H:GK>8:A:K:AH
Q
*89&:7&398
(JG +:HI6JG6CIH H:H ;D8JH:9 DC H:GK>C< G:HI6JG6CIH 6C9 ;DD9 H:GK>8: :HI67A>H=B:CIH D; 6AA H>O:H
>C8AJ9>C<FJ>8@H:GK>8: I67A:H:GK>8:6C9;6HI86HJ6AG:HI6JG6CIH(JGG:HI6JG6CIHD;IL6G:HDAJI>DCH >C8AJ9>C<DJGEA6I;DGB
6C9 G:A6I:9 I:8=CDADC: DG9:G 6C9 IG6CH68I>DC EGD8:HH>C< >C8G:6H: 8DCHJB:G :C<6<:B:CI
>C8G:6H: @>I8=:C EGD9J8I>K>IN 6C9 G:9J8: DE:G6I>C< 8DHIH (JG :C9
ID
:C9 H:GK>8: D;;:G>CDCH6C99>;;:G:CI>6I:JHL>I=>CI=:B6G@:I
DGEDG6I:6C9(I=:G>C8AJ9:H>C8DB:6C9:ME:CH:HG:A6I:9ID8DGEDG6I:;JC8I>DCHI=6I6G:CDIHE:8>;>86AAN6IIG>7JI67A:ID6CND;DJG
ILD>C9>K>9J6AG:EDGI67A:H:I>DC DGEDG6I:6C9(I=:G>C8AJ9:H8:GI6>CCDC
HIG6I:<>87JH>C:HH:HI=6I6G:8DCH>9:G:9
>BB6I:G>6ADE:G6I>C<H:CA:<68N-&DE:G6I>DCH>C;DG:>:HI=6I6G::ME:8I:9IDIG6CH;:GID'+IA:DH
>C
6HL:AA6H8DBB:G8>6A6I='+IA:DH
DAADL>C<I=:HIG6I:<>868I>DCH:M:8JI:97NI=:DBE6CN>C
ID>BEGDK:I=:76A6C8:H=::I HIG:6BA>C:DE:G6I>DCH6C9>BEGDK:
86H=;ADLH L:6G:CDL;D8JH:9DC9G>K>C<HJ7H8G>EI>DC
76H:9G:8JGG>C<G:K:CJ:6C9:6GC>CC<:M>HI>C<
HD;IL6G: 8JHIDB:GH ID DJG EA6I;DGB 6C9 :ME6C9>C< I=:>G JH: D; DJG EGDEG>:I6GN 8ADJ9 HDAJI>DCH B6C6<:9 H:GK>8:H 6C9 6II68=:9
E6NB:CIHDAJI>DCH 6HL:AA6HH>C<C:LHD;IL6G:6C9H:GK>8:H8JHIDB:GHIDDJGEA6I;DGB(JGHIG6I:H7J>AIDCI=:;DAADL>C<
@:NE>AA6GH
Q
4(:8434:7(:8942*73**)80::C8DJG6<:DJG:BEADN::HIDIG:6I:K:GN8JHIDB:G6H>;I=:N6G:DJGDCAN8JHIDB:G";L:
EGDK>9:HJE:G>DGH:GK>8:6C9FJ6A>INEGD9J8IHI=6CDJG8DBE:I>IDGH L:7:A>:K:I=6IDJG8JHIDB:GHL>AA7:BDG:A>@:ANID
7JN BDG: ;GDB '+ /DN>M 0: 68I 6H HIG6I:<>8 69K>HDGH ID DJG 8JHIDB:GH =:AE>C< I=:B G:H=6E: 6C9 G:>CK:CI I=:>G
7JH>C:HH-=>H8JHIDB:G;D8JHA:69HID>C8G:6H:9688:HHID=><=:GA:K:A8JHIDB:G8DCI68IH :6GA>:G:CIG6C8:>CIDI=:H6A:H
8N8A:H 6C9 699>I>DC6A DEEDGIJC>I>:H ;DG JEH:AA>C< 6C9 8GDHH
H:AA>C< HD;IL6G: H:GK>8:H 6C9 E6NB:CIH ID DJG :M>HI>C<
8JHIDB:G76H:(JG8JHIDB:G:C<6<:B:CII:6BH8DCHJAIL>I=DJG8A>:CIHID>9:CI>;NI=:>GBDHIJG<:CI7JH>C:HHC::9H6C9ID
9:K:ADE+("
9G>K:CBD9:AHL>I=I6G<:I:99:A>K:GND;699>I>DC6AHD;IL6G:HDAJI>DCHDGH:GK>8:H;DG7DI=C:L6C9:M>HI>C<
8JHIDB:GH
Q
*;*7&,*4:7'7&3)&3),14'&1).897.':9.4394*3-&3(*4:7,4942&70*9DAADL>C<I=:,E>C
(;; L:G:7G6C9:9;GDB
'+ID'+/DN>M A:K:G6<>C<DC:D;I=:7:HI
@CDLC6C9G:HE:8I:97G6C9H>CI=:>C9JHIG>:HL:H:GK:0:7G>C<DK:G
N:6GHD;:ME:G>:C8:68GDHHG:HI6JG6CIH6C9G:I6>A 6C9DJG7G6C9G:EG:H:CIHDJG>C9JHIGN
HE:8>;>8:ME:GI>H:6C9ADC<:K>IN6H
:CI:GEG>H:I:8=CDADCK:HI>CDJG7G6C96C9:HL>I=HD;IL6G:
6H
6
H:GK>8:T,66,U6C9
E68@6<>C<HDAJI>DCH6H6AA
>C
DC:7JC9A:H9:H>C<>I:6H>:G;DGDJG8JHIDB:GHID7JN6C9;DG
DJGI:6BHIDH:AA-=:H:>CK:HIB:CIH:C67A:JHIDB6>CI6>CDJGHIGDC<8DBE:I>I>K:9>;;:G:CI>6I>DC6C9H>;>86CI:FJ>IN>C
I=:CL=>8=L:DE:G6I:
Q
3;*89.3.334;&9.;*574):(98&3)1*&).3,2&3&,*)8*7;.(*80:>CK:HI>CG:H:6G8=6C99:K:ADEB:CIID7G>C<C:LHDAJI>DCH
ID B6G@:I 6C9 :A:K6I: EGD9J8I FJ6A>IN 6C9 ID :C=6C8: DJG EA6I;DGB L=>8= :C67A:H DJG C:MI
<:C:G6I>DC 6G8=>I:8IJG:
>C8AJ9>C<DJGJC>FJ:8ADJ9
76H:9ED>CI
D;
H6A:6C9H:A;
8=:8@DJIHDAJI>DCH 6C9DJG7JC9A:9HD;IL6G:HDAJI>DCHJHIDB:G
C::9H9G>K:I=:>CK:HIB:CI>C>CCDK6I>K:EGDEG>:I6GNHDAJI>DCH6C9E6GIC:G>CI:DCH0:6AHD>CK:HI>CDJG7GD69H:GK>8:H
D;;:G>C< >C8AJ9>C< H:GK>8: 9:H@H 6C9 =6G9L6G: B6>CI:C6C8: 6C9 >CHI6AA6I>DC ID EGDK>9: 7DI= G:BDI: 6C9 DC
H>I:
HJEEDGII=GDJ<=DJII=:N:6G >C8AJ9>C<9JG>C<8G>I>86A=DA>96NE:G>D9H
Q
114(&9*4:7(&5.9&1897&9*,.(&11>9-74:,-&(489).8(.51.3*)&5574&(-9445*7&9.4380:EG>DG>I>O:I=:6AAD86I>DCD;86E>I6A
ID I=: EGDHE:8IH I=6I EGDK>9: I=: 7:HI DEEDGIJC>I>:H ID 6IIG68I 6C9 G:I6>C 8JHIDB:GH 9:A>K:G ADC<
I:GB K:G HIG6I:<>8 K6AJ: ;DG H=6G:=DA9:GH 6H:9 DC DJG HIG6I:AA EG>DG>I>O: B6>CI6>C>C< 6 HI67A:
A:K:G6<:G6I>DL>I=6BEA:A>FJ>9>IN >CK:HIB:CIH>CDJGEA6I;DGB6C9G:A6I:9C:MI
<:C:G6I>DCI:8=CDADC8AJ9>C<DJG,:G>:HDCK:GI>7A:)G:;:GG:9,ID8@6C98DBBDCHID8@0:B6N6AHDEJGHJ:68FJ>H>I>DCH6C9DG
9>K:HI>IJG:H,>B>A6GAN L:H::@ID7:9>H8>EA>C:9>CDJG8DHIB6C6<:B:CII=GDJ<=DCC<>C>I>6I>K:HI=6I7:C:;>I7DI=DJG
ADC<
I:GBG:A6I>DCH=>EHL>I=DJG8JHIDB:GH6HL:AA6HDJGEGD;>I67>A>INI6G<:IHI=GDJ<=HIG:6BA>C>C<6C9H>BEA>;N>C<DJG
EGD9J8ID;;:G>C< >C8G:6H>C<EGD8:HH6JIDB6I>DC6C9LDG@;DG8:DEI>B>O6I>DC
-67A:D;DCI:CIH
&EB7H6GF4A7)8EI<68F
1&9+472),*
Q
1&9+472 (JG 8ADJ9
C6I>K: )" EA6I;DGB EDL:GH 6C >CI:C
HIDG: 6C9 9><>I6A HDAJI>DC ;DG G:I6>A 6C9 G:HI6JG6CI
8JHIDB:GH(JG=><=ANG:A>67A:6C9H:8JG:EA6I;DGB:C67A:HDJG8JHIDB:GHID:6H>AN6C9:;;>8>:CIANB6C6<:I=:>GI:8=CDADK: 9:8>H>DC B6@>C< G:9J8: I=: 8DHI D; "- :;;DGIH 6C9 G6E>9AN >CCDK6I: 6C9 I:HI C:L
I:8=CDADK: 9><>I6A IG6CH;DGB6I>DC 6C9 >CCDK6I>DC 6I H86A: ;DG G:I6>A:GH 6C9 G:HI6JG6CIH DJG EA6I;DGB
EGDK>9:HDJG8JHIDB:GH
Z
GD7JHIH:ID;'+/DN>MHD;IL6G:6EEA>86I>DCHI=6I6G:9:H>8=6CC:A6C9)(,68
Z
H>CCI;DG6AADE:G6I>DC6A96I6>C8AJ9>C<G:6AI>B:IG6CH68I>DC96I6
Z
,NHI:B>CI:DC68GDHHI=:>G:CI>G:>C
HIDG:6C99><>I6AI:8=CDADC8AJ9>C<I=>G9E6GI>:H6C9
Z
,D;IL6G:8DBEDC:CIH6C9)"HIDBDG::;;>8>:CIANEDL:G6C9>CI:GDLCHD;IL6G:9:K:ADEB:CI:;;DGIH
Q
),*9<:>H6BD9:GCHD;IL6G:>C;G6HIGJ8IJG:;DG>C
HIDG:6EEA>86I>DCH:<)(, ,(9<::C67A:HG:I6>A:GHIDGJC
6EEA>86I>DCH>CE=NH>86AHIDG:HL>I=I=:6<>A>IN6C9>CH><=ID;9><>I6A8=6CC:AH+:I6>A:GH86CB6@:HD;IL6G:8=6C<:H68GDHH
I=:>G:HI6I:>CG:HEDCH:IDB6G@:I6C9H=DEE:G7:=6K>DG6I6;6HI:GE68:L>I=ADL:G8DHI9<:G:EA68:HIG69>I>DC6ADE:G6I>C<
HNHI:BHHJ8=6H&>8GDHD;I0>C9DLHGJCC>C<DC)(,DG,(9:K>8:H JH>C<DE:C8DCI6>C:GHI6C96G9H 6C98G:6I:H6O:GD
IGJHI H:8JG>IN :CK>GDCB:CI H L:AA 6H 8G>I>86A HNHI:BH HJ8= 6H )(, ,( 6C9 $>DH@ 9<: >H 6C :C67A:G D; C:ILDG@
>CI:CH>K:6EEA>86I>DCHDCHIDG:H:GK:GH HJ8=6H=><=76C9L>9I=K>9:D6C6ANI>8H " 6C9G:6AI>B:;G6J99:I:8I>DC
74394+8947* 41:9.438
@
4.394+8&1* (JG JC>;>:9 8ADJ9
76H:9 6C9 =N7G>9 8ADJ9 ED>CI
D;
H6A: HD;IL6G: HDAJI>DCH :C67A:H 7DI= ;GDCI 6C9
768@
D;
=DJH:86E67>A>I>:H;DGDJGG:I6>A:GH6C9G:HI6JG6CIHD;6AAH>O:H G6C<>C<;GDBHB6AA
6C9B:9>JB
H>O:97JH>C:HH:HID
>CI:GC6I>DC6A6C9BJAI>C6I>DC6A:CI:GEG>H:H0:D;;:G68DCH>HI:CI:ME:G>:C8:68GDHH6AAIDJ8=ED>CIHD;6G:HI6JG6CIDGG:I6>A
HIDG: >C8AJ9>C<DE:G6I>DCH 8JHIDB:G:ME:G>:C8: HI6;;6C9:BEADN::B6C6<:B:CI CDB6II:G=DLG:HI6JG6CIH6C9G:I6>A:GH
8=DDH: ID :C<6<: L>I= 8DCHJB:GH 6AADL>C< G:HI6JG6CIH 6C9 G:I6>A:GH ID H>BJAI6C:DJHAN 9G>K: DE:G6I>DC6A :;;>8>:C8>:H
>C8G:6H:EGD;>I67>A>IN 6C9:A:K6I:I=::C8:
Q
*1+(-*(04:9 (JGH:A;
8=:8@DJIHDAJI>DCH >C8AJ9>C<DJGC:MI
<:C:G6I>DCI:8=CDADAC9:E:C9:CIAN G:9J8>C< I=: HI6;; G:FJ>G:9 ;DG IG69>I>DC6A EGD8:HH:H (JG H:A;
8=:8@DJI I:8=CDADCI:C< 8DBEJI:GK>H>DC +"6C9BDG:IDG:9J8:H=DEE:G;G>8I>DC6C9>BEGDK:I=::C8:0:D;;:GH:A;
-67A:D;DCI:CIH
8=:8@DJI;DGHI6C96ADC:JC>IHDG>C6=N7G>9BD96A>IN 6AADL>C<G:I6>A:GHIDE>KDIFJ>8@AN7:IL::C6HH>HI:96C9H:A;
8=:8@DJI
A6C:HDG86H=6C986H=A:HHA6C:H 9:E:C9>C<DCI=:>GHIDG:C::9H
&(0++.(* 41:9.438
@
&>2*398 0: D;;:G H:8JG: E6NB:CI 688:EI6C8: HDAJI>DCH >C8AJ9>C< <6I:L6N EGD8:HH>C< 6C9 68FJ>G>C< ID :C67A:
G:HI6JG6CIH6C9G:I6>A:GHID688:EI:A:8IGDC>8E6NB:CIHDCA>C:6C96II=:E=NH>86AED>CI
D;
H6A:
@
&9&3&1>9.(80:D;;:G6C6C6ANI>8HEA6I;DGBI=6IEGDK>9:HDJG8JHIDB:GHL>I=B:6C>C<;JA C:6GG:6A
I>B:>CH><=IHID
>BEGDK::;;>8>:C8N6C99:8>H>DC
B6@>C<"I;:6IJG:H6HIG:6BA>C:9 8ADJ9
C6I>K:96I6E>E:A>C:9:H>C<
I>B:6C9IG6CHB>HH>DC;6>AJG:H99>I>DC6AAN DJGEA6I;DGB>C8AJ9:H8ADJ9
C6I>K:BDC>IDG>C<6C96A:GI86E67>A>I>:H 6HL:AA6H
H86A>C< 6C9 G:HDJG8: B6C6<:B:CI (JG EA6I;DGB :C67A:H 6C6ANI>8H 6C9 G:EDGI>C< 96I6 K>HJ6A>O6I>DC BD7>A: G:69>C:HH
H:6BA:HH>CI:DC 6C98JHIDB>O6I>DC
@
3;*3947>(JG>CK:CIDGNHDAJI>DCH6AADLG:HI6JG6CIH6C9G:I6>A:GHIDB:6HJG: 8DCIGDA6C9G:9J8::ME:CH:H 6C9>C8G:6H:
EGD;>I67>A>IN-=:H:HDAJI>DCHJH:7DI=IG:C9H6C99:A>K:GNH8=:9JA:HIDG:8DBB:C9EJG8=6H:H C:6I:8DCIG68IEG>8>C<
6C9HIG:6BA>C:8DBBJC>86I>DCHL>I=HJEEA>:GH I6@>C<I=:C< 6C9HDAJI>DC96I6
@
(-*):1.3,&'47&3&,*2*39(JGH8=:9JA>C<6C9A67DGB6C6<:B:CIHDAJI>DCH=:AEG:HI6JG6CIH6C9G:I6>A:GHB6C6<:
:BEADN::H :;;>8>:CIAN L>I= HJBB6GN G:EDGIH :6HN
ID
G:69 >CI:G68I>K: H8=:9JA:H BD7>A: H8=:9JA>C< CDI>;>86I>DCH 6C9
8JHIDBE6NGDAA96I6(JGDE:G6I>DC6A>CI:AA><:C8:;:6IJG:H86C>BEGDK::BEADN::EGD9J8I>K>IN6C9:C67A:DJG8JHIDB:GHID
;DG:86HI;JIJG:688JG6I:ANL=>A::C;DG8>C<8DBE6CNA67DGHI6C96G9H
.,.9&1-&33*1
Q
31.3*7)*7.3,0:D;;:GI=:>C;G6HIGJ8IJG:6C9EG:
7J>AI8DBEDC:CIGNDCDJGEA6I;DGBI=6I:C67A:HG:HI6JG6CIHID7J>A9
I=:>GDLCL:76C99><>I6A6EEA>86I>DCHIDDLCI=:8DCHJB:G:ME:G>:C8:6C98DAA:8I8GJ8>6A96I6ED>CIHI=6I=:AE>BEGDK:
H;68I>DC99>I>DC6AAN G:HI6JG6CIH86CD;;:G9>G:8IDG9:G>C<;DG8JG7H>9:E>8@JE6C99:A>K:GN :C67A:GDLC9:K>8:HJH>C<*+8D9:H>CI=:G:HI6JG6CI 6C98G:6I:HE:8>;>8B:CJH;DG9>C:
>C E>8@JE6C9
9:A>K:GNIDB6C6<:KDAJB:6C9HIG:6BA>C:DG9:GH
@
.,.9&1&3)4'.1*551.(&9.4380:D;;:GL=>I:
A67:A:9L:7H>I:H6C9BD7>A:6EEA>86I>DCHIDG:I6>A:GH6C9G:HI6JG6CIHI=6I
6AADLI=:BIDDLCI=:>GDCH=>EH6C9>CI:I='+/DN>MHNHI:BH;DG6C:;;>8>:CI6C98DCH>HI:CI:C8:68GDHHI=:E=NH>86A6C99><>I6A8=6CC:AH
&70*9.3,4>&19>
@
438:2*7 &70*9.3, '+ /DN>M DCHJB:G &6G@:I>C< HDAJI>DC >CI:C<6C9>CH><=IH BD7>A:6C9:B6>A86E67>A>I>:H :C67A>C<G:I6>A:GH6C9G:HI6JG6CIHID:A:K6I:I=::C8:6C9IG6CH;DGBI=:>G7G6C9HCG>8=:96C98DCI>CJDJHAN>C;DGB:97N96I6 I=:'+/DN>MDCHJB:G&6G@:I>C<
HDAJI>DC6AADLHJH:GHIDDEI>B>O:6C96JIDB6I:B6G@:I>C<86BE6>C<:;;DGIHDC=><=K6AJ:8JHIDB:GH6C9
JC>;NHIDG:96I6ID9G>K:ADN6AIN6C9G:K:CJ:
))43 41:9.438
@
&793*7(48>89*2(JGE6GIC:G:8DHNHI:B6AADLHG:HI6JG6CIH6C9G:I6>A:GHID8DCC:8II=:>GEGDEG>:I6GNHNHI:BH6C9I=>G9
E6GINH:GK>8:HIDDJGEA6I;DGBI=GDJ<=E6GIC:GH=>EH6C9I=:JH:D;DE:C)"H(JG8JHIDB:GH=6K:688:HHIDDJGHDAJI>DC
E6GIC:GHL=:C8DCC:8I:9IDDJGEA6I;DGB 6AADL>C<I=:BIDA:K:G6<:6G>8=HJ>I:D;699
DC6EEA>86I>DCHID9G>K:>C8G:6H:9
8DCHJB:G:C<6<:B:CI(JG@:NHDAJI>DCE6GIC:GHW7JH>C:HH6G:6H>C8AJ9:E=6GB68N H=G>C@B6C6<:B:CI 9><>I6A8DJEDCH
9><>I6A8DBB:G8:6C9I=>G9
E6GIN9:A>K:GNH:GK>8:H
Q
14-&.480(JGH:A;
H:GK>8:@>DH@HDAJI>DCH:C67A:G:HI6JG6CIC9:E:C9:CIAN 6AADL>C<G9>C>C<:ME:G>:C8:6C9G:9J8>C<I=:HI6;;G:FJ>G:9;DGIG69>I>DC6ADG9:G
I6@>C<6C98=:8@DJIEGD8:HH:H-=:
AD=6 $>DH@ HDAJI>DC :C67A:H G:HI6JG6CIH ID :C=6C8: I=: >C
HIDG: DG9:G>C< EGD8:HH G:9J8: A67DG :ME:CH:H 6C9 9G>K:
DE:G6I>DC6A:;;>8>:C8N
Q
14-&&>&9!&'1*AD=6)6N
6I
-67A:9G6B6I>86AAN>BEGDK:HDE:G6I>DCH;DG6AAG:HI6JG6CII:6BB:B7:GH ;GDBH:GK:GHID
688DJCI>C<E:GHDCC:A0>I=AD=6)6N
6I
-67A:G:HI6JG6CII6C9E6NI=:>G8=:8@H 6998JHIDB>O:9I>EH6C9
G6I:I=:>GH:GK>8:
6AA7N?JHIH86CC>C<6*+8D9:6II=:I67A:
-67A:D;DCI:CIH
*7;.(*8
@
74+*88.43&1 *7;.(*80:LDG@L>I=DJG8JHIDB:GHDCI=:8D
>CCDK6I>DC6C9DCC<B6C6<:B:CID;HD;IL6G:HDAJI>DCH
6C9G:A6I:96EEA>86I>DCH6C9DE:G6I:I=:>G7JH>C:HHEGD8:HH:H0:D;;:GHD;IL6G:>BEA:B:CI6I>DC >CI:DC AD86A>O6I>DC
6C9DEI>B>O6I>DCH:GK>8:H ID=:AEG:HI6JG6CIH6C9G:I6>A:GHIG6CH;DGBDE:G6I>DCH :A:K6I:I=::C8:6C9B6M>B>O:
I=:K6AJ:D;I=:>GI:8=CDAD:A9H:GK>8:HI:6BEGDK>9:HEG:K:CI6I>K:B6>CI:C6C8:6C97G:6@;>MH:GK>8:H;DGDJG
8JHIDB:GWH>C8>9:CIHI=6I86CCDI7:HDAK:9G:BDI:AN7NDJG8JHIDB:GHJEEDGI9:H@
Q
433*(9*) *7;.(**80(JG8JHIDB:GHJEEDGI9:H@H:GK>8:9:A>K:GH"-"%
76H:9H:GK>8:H;DG7DI='+/DN>M6C9
CDC
'+ /DN>M I:8=CDAD9>C< 6 H>CCI
D;
8DCI68I ;DG H:GK>8: 9:H@ C::9H (JG 8DBEG:=:CH>K: HNHI:B
B6C6<:B:CI HDAJI>DCH L=>8= >C8AJ9: >C8>9:CI B6C6<:B:CI EGD7A:B B6C6<:B:CI 6C9 8=6C<: B6C6<:B:CI =:AE
8JHIDB:GH >C8G:6H: I:8=CDADA67>A>IN 6C9 HI67>A>IN 6C9 B6C6<: >C
HIDG: I:8=CDADH <>I6AAN8DCC:8I>C<IDDJG8JHIDB:GHH>I:HID:C67A:=><=G:BDI:G:HDAJI>DC
Q
*89&:7&39&3&,*) *7;.(*80:D;;:GH:GK>8:HL>I=>CDJG+:HI6JG6CIEDGI;DA>DIDB6C6<:I=:=><=;G:FJ:C8N KDAJB:H
6C98DBEA:M>IND;B:CJDEI>DCH6C9EG>8>C<8=6C<:H;DGDJG8JHIDB:GH68GDHHI=:>GAD86I>DCH
Q
389&11&9.43 *7;.(*8(JG:A9H:GK>8:HI:6B>CHI6AAH7DI=HD;IL6G:6C9=6G9L6G:6IDJG8JHIDB:GHWH>I:H>C8AJ9>C<
7DI='+/DN>M7G6C9:9=6G9L6G:6C9CDC
'+/DN>M=6G9L6G:
&7)<&7*
Q
4.394+ &1*-&7)<&7*0:D;;:GG:HI6JG6CIH6C9G:I6>A:GH;>M:96C9BD7>A:ED>CI
D;
H6A:6C98DCHJB:G9>HEA6NI:GB>C6AH
I=6I6G:9JG67A:6C9=><=;JC8I>DC>C< H86A67A:6C9:6H>AN>CI:H;A:M>7A:6C98DC;>IG:I6>A:GHWHIDG:C::9H6C99:A>K:G
I=:;G>8I>DCA:HH:ME:G>:C8:I=:>GA:GH86C8=DDH:;GDB86G9
DCANB68=>C:H B68=>C:HI=6IHJEEDGI86H=
IG6CH68I>DCH I67A:IDE9:K>8:H DG;JAA
;JC8I>DC=6G9L6G: 9:E:C9>C<DCI=:>GHE:8>;>8HIDG:C::9H
Q
38947*5*7.5-*7&180:D;;:G>C
HIDG:E:G>E=:G6AH >C8AJ9>C<@>DH@H @>I8=:C9>HEA6NHNHI:BH EG>CI:GH6C9DG9:G>C<@>DH@H
0: 6AHD E6GIC:G L>I= I=>G9 E6GI>:H ID 9:A>K:G E6NB:CI 9:K>8:H :C67A>C< JH ID EGDK>9: G:HI6JG6CIH 6C9 G:I6>A:GH L>I= 6
8DBEG:=:CH>K::C9
ID
:C9HDAJI>DC
)4?8F4A7#4E>8GC<DJG7G6C9G:8DI>DC6C9DJGHIG>7JI>DCC:ILDG@ L:I6G<:I7DI=C:L6C9:M>HI>C<8JHIDB:GHG:EG:H:CI>C<6
L>9:K6G>:IND;H>O:H >C9JHIG>:H6C9<:D:H0:B6@:HIG6I:<>8>CK:HIB:CIH>CC:LEGD9J8IH 86E67>A>I>:H6C9B6G@:I
A:69>C<
H:GK>8:HIDB6>CI6>CI=:8DBE:I>I>K:C:HHD;DJGD;;:G>C<0:=6K::HI67A>H=:96HIGDC<C:ILDG@D;9>G:8IH6A:H6C9>C9>G:8I8=6CC:A
G:A6I>DCH=>EH HJ8=6HK6AJ:
699:9G:H:AA:GH6C9HNHI:BH>CI:C<EGD9J8IH6C9H:GK>8:HID9G>K:
I=69>K:GH:6GG6ND;8DBE6C>:H>CI=:G:I6>A6C9G:HI6JG6CIH>C9JHIG>:H>CL=>8=L:H:AADJGEDGI;DA>DD;HD;IL6G:
H:GK>8:H E6NB:CIH 6C9 =6G9L6G: HDAJI>DCH -=: 8DBE:I>I>K: A6C9H86E: K6G>:H 7N <:D8 6G:6 L=:G: L: DE:G6I: 6GDJC9 I=:
LDGA9 7JI 8DBBDC ;68IDGH >C8AJ9: EGD9J8I K6AJ: 6C9 FJ6A>IN IDI6A 8DHI D; DLC:GH=>E >C9JHIGN :ME:GI>H: :C9
ID
:C9 HDAJI>DC
HJEEDGI HNHI:B>CI:DC86E67>A>I>:H HIG6I:<>86A>I=I=:8JHIDB:GH6C9H:GK>8:FJ6A>IN
0:;68:6K6G>:IND;8DBE:I>IDGH68GDHH6AA<:D:H>CL=>8=L:DE:G6I:(JG8DBE:I>IDGHK6GN7NB6G@:IH:8:D;;:G>C<6C9<:D86G:6$:N8DBE:I>IDGH>C8AJ9:EIDH "C8 AD8@"C8 >:7DA9'>M9DG; "C8 >H:GK"C8 ADD>9
J?>IHJ %>B>I:9 $ ,D;IL6G: , AD76A )6NB:CIH "C8 !) "C8 %><=IHE::9 (AD "C8 (G68A: DGEDG6I>DC )+ -:8=CDADDC ,) , -D6HI "C8 -DH=>76 -:8 DGEDG6I>DC 6BDC< DI=:GH 0: 6AHD 8DBE:I: L>I= 8:GI6>C H:
I:8=CDAD:H>C8AJ9>C<"&DGEDG6I>DC6C9DBEJDBIDEGDK>9:I:8=CDAD8:H
(8F84E6;4A78I8?BC@8AG
0:G:B6>C;D8JH:9DC9:H>C<6C99:K:ADE>C<HDAJI>DCHI=6I6CI>8>E6I:DJG8JHIDB:GHW:KDAK>C<C::9H6C98DCHJB:GEG:;:G:C8:H
(JG :ME:CH:H ;DG G:H:6G8= 6C9 9:K:ADEB:CI L:G: B>AA>DC >C
B>AA>DC >C
6C9 B>AA>DC >C
0:
6CI>8>E6I:I=6IL:L>AA8DCI>CJ:ID=6K:H>;>86CIG:H:6G8=6C99:K:ADEB:CI:ME:C9>IJG:H>CI=:;JIJG:IDEGDK>9:68DCI>CJ>C<;ADL
D;>CCDK6I>K: =><=
FJ6A>INEGD9J8IH6C9H:GK>8:H6C9ID=:AEB6>CI6>C6C9:C=6C8:DJG8DBE:I>I>K:EDH>I>DC"C;DGB6I>DCG:<6G9>C<
-67A:D;DCI:CIH
I=: 688DJCI>C< 6C9 8DHIH >C8AJ9:9 >C G:H:6G8= 6C9 9:K:ADEB:CI 68I>K>I>:H >H >C8AJ9:9 >C 'DI: T6H>H D; )G:H:CI6I>DC 6C9
,>;>86CI 88DJCI>C< )DA>8>:HU D; I=: 'DI:H ID DCHDA>96I:9 >C6C8>6A ,I6I:B:CIH >C "I:B D; )6GI "" D; I=>H +:EDGI JC9:G
T+:H:6G8=6C9:K:ADEB:CIDHIH U6C9>H>C8DGEDG6I:9=:G:>C7NG:;:G:C8:
AG8??86GH4?&EBC8EGL
0:H::@E6I:CIEGDI:8I>DC;DGDJG>CCDK6I>DCH :HE:8>6AANI=DH:G:A6I:9IDDJGHD;IL6G: H:GK>8:H EGD9J8IH6C9HDAJI>DCH L=:G:HJ8=
EGDI:8I>DC>HA>@:ANIDEGDK>9:B:6C>C<;JAK6AJ:IDJH0:DLC6EEGDM>B6I:ANE6I:CIH>CI=:.C>I:9,I6I:H6C9B6CNDI=:G
E6I:CIH >C ;DG:>:H (JG ;DG:>86I>DCHE:C9>C<>CI=:.C>I:9,I6I:H6C9>C;DG:>:H(JGEDGI;DA>DD;E6I:CIH6C9E6I:CI6EEA>86I>DCH>HD;H>;>86CI
K6AJ:IDJHH6EEGDEG>6I: L:ADD@ID9G>K:699>I>DC6AK6AJ:;GDBDJGE6I:CIEDGI;DA>D
0:=6K:G:<>HI:G:96C9JCG:<>HI:G:9IG69:B6G@H >C8AJ9>C<H:GK>8:B6G@H >CI=:.C>I:9,I6I:H6C9>C;DG:>:H0:8DCH>9:G
DJGT'+/DN>MUIG69:B6G@H 6HL:AA6HDJGDI=:GIG69:B6G@H ID=6K:H>;>86CIK6AJ:IDJH%DHHD;DJGG><=IIDJH:T'+
/DN>MUDGDJGT'+/DN>MUIG69:B6G@DG;6>AJG:IDG:<>HI:GI=6IIG69:B6G@8DJA97:B6I:G>6A
0:A>8:CH:>CI:AA:8IJ6AEGDE:GIN;GDBI=>G9E6GI>:H6HL:9::B6EEGDEG>6I:0:6AHDA>8:CH:DJG>CI:AA:8IJ6AEGDE:GINIDDI=:GHL=:C
6C9IDI=::MI:CI L:8DCH>9:G9D>C<HDID7:>CDJG>CI:G:HI
)84FBA4?HIDG>86AANH:6HDC6A L>I=ADL:GG:K:CJ:>CI=:;>GHI=6A;6C9=><=:GG:K:CJ:>CI=:H:8DC9=6A;D;:68=N:6G
,J8=H:6HDC6A>IN 6HL:AA6HG:8JGG>C<6CCJ6A86H=
G:A6I:9>I:BH6AHD86JH:DJGLDG@>C<86E>I6A86H=;ADLG:FJ>G:B:CIHIDK6GN;GDB
FJ6GI:GIDFJ6GI:G9:E:C9>C<DCK6G>67>A>IN>CI=:KDAJB: I>B>C<6C9B>MD;H6A:H"C699>I>DC G:K:CJ:>CI=:I=>G9BDCI=D;:68=
FJ6GI:G>HINE>86AAN=><=:GI=6C>CI=:;>GHI6C9H:8DC9BDCI=H!DL:K:G 6HL:8DCI>CJ:IDIG6CH>I>DCDJGG:K:CJ:B>MIDL6G9HBDG:
G:8JGG>C<HD;IL6G:6C9H:GK>8:HG:K:CJ: L::ME:8II=6IDJGH6A:HL>AA7:8DB:BDG:A>C:6GDK:GI>B:
)HCC?L
"C BDHI 86H:H I=:G: 6G: 6 CJB7:G D; K:C9DGH EGDK>9>C< I=: H:GK>8:H 6C9 EGD9J8>C< I=: E6GIH 6C9 8DBEDC:CIH I=6I L: JI>A>O:
!DL:K:G I=:G:6G:HDB:H:GK>8:H6C98DBEDC:CIHI=6I6G:EJG8=6H:9;GDBH>C8: FJ6A>IN I:8=CDADC6C69:FJ6I:HJEEAND;G6LB6I:G>6AH6C98DBEDC:CIH;DGK>GIJ6AAN6AAB6I:G>6AHJH:9
>CI=:EGD9J8I>DCEGD8:HH0:8JGG:CIAN7:A>:K:L:=6K:69:FJ6I:G:HDJG8:HD;G6LB6I:G>6AH6C98DBEDC:CIH6C9I=6IDJGEDGI;DA>D
D;K:C9DGHEGDK>9>C<H:GK>8:H6C9EGD9J8>C<E6GIH=6HI=:G:HDJG8:H6C9;68>A>I>:HIDDK:G8DB:BDHIJC;DG:H::C>CI:GGJEI>DCHD;
HJEEAN
!>HIDG>86AAN L:=6K:A:K:G6<:96C:ILDG@D;I=>G9
E6GINE6GIC:GH68GDHHI=:C<
I=:!6G9L6G:JH>C:HH-G6CH>I>DC L=>8=L::ME:8IID8DBEA:I:9JG>C<
L:L>AAJI>A>O:CCD8DCC6HDJGH>C6AAN6AAD;DJG=6G9L6G:EGD9J8IH
DG699>I>DC6A>C;DGB6I>DCG:<6G9>C<I=:EDI:CI>6A>BE68ID;I=:H:G:A6I>DCH=>EHDCDJG7JH>C:HHDE:G6I>DCH 6C9G:<6G9>C<HDJG8:H
6C96K6>A67>A>IND;G6LB6I:G>6AH G:;:GIDI=:G>H@H9:H8G>7:9JC9:GT";I=>G9
E6GINHJEEA>:GHJEDCL=>8=L:G:ANIDB6CJ;68IJG:DJG
EGD9J8IH6C9IDHJEEAN@:N8DBEDC:CIHC:8:HH6GN;DGDJGEGD9J8IH6C9H:GK>8:H6G:CDI67A:ID;JA;>AADJGC::9H DJG67>A>INIDI>B:AN
7G>C<DJGEGD9J8IHIDB6G@:I8DJA97:6;;:8I:9U>C)6GI" "I:BD;I=>HCCJ6A+:EDGI
&EB7H6GF4A7)8EI<68F46>?B:
68@AD<>C8AJ9:HDG9:GH8DC;>GB:9;DGEGD9J8IHH8=:9JA:9ID7:H=>EE:9 6HL:AA6H8:GI6>CEGD;:HH>DC6A6C9IG6CH68I>DCH:GK>8:HID
7:EGDK>9:9AI=DJ<=L:7:A>:K:I=6II=:DG9:GH>C8AJ9:9>CI=:768@AD<6G:;>GB8DBB>IB:CIH L:B6N6AADLHDB:DG9:GHID7:
86C8:A:97NI=:8JHIDB:GL>I=DJIE:C6AINK:CL=:CE:C6AI>:H;DG86C8:AA6I>DC6G:EGDK>9:9;DG>C68JHIDB:G8DCIG68I L:B6N
:A:8IIDE:GB>I86C8:AA6I>DCD;DG9:GHL>I=DJIE:C6AINL=:G:L:7:A>:K:>I>H>CDJG7:HI>CI:G:HIID9DHDJGI=:G L:=6K:EGD9J8I
G:K:CJ:9:G>K:9;GDBI:GB
76H:9HD;IL6G:A>8:CH:6GG6C<:B:CIHI=6I>C8AJ9:8JHIDB:GI:GB>C6I>DCG><=IH6C9H:GK>8:HG:K:CJ:I=6I>H
G:8JGG>C<DGIG6CH68I>DC
76H:97JH>C:HH6C9L:9DCDIB:6HJG:768@AD<>C;DGB6I>DC;DGI=:H:INE:HD;IG6CH68I>DCH-=:G:;DG: L:9D
CDI7:A>:K:I=6IDJG768@AD< 6HD;6CNE6GI>8JA6G96I: >HC:8:HH6G>AN>C9>86I>K:D;G:K:CJ:;DG6CN;JIJG:E:G>D9!DL:K:G 768@AD<>H
>C8AJ9:96H68DBEDC:CID;DJGG:B6>C>C<E:G;DGB6C8:D7A><6I>DCIDI=::MI:CIL:9:I:GB>C:I=6II=:DG9:GH6G:CDC
86C8:A67A:
+:;:GID'DI: T6H>HD;)G:H:CI6I>DC6C9,>;>86CI88DJCI>C<)DA>8>:HU D;I=:'DI:HIDDCHDA>96I:9>C6C8>6A,I6I:B:CIH>C
"I:BD;)6GI""D;I=>H+:EDGI;DG699>I>DC6A>C;DGB6I>DCDCG:B6>C>C<E:G;DGB6C8:D7A><6I>DCH
-67A:D;DCI:CIH
H@4A4CI>86A ID DJG HJ88:HH 6C9 L: HIG>K: ID 6IIG68I 9:K:ADE 6C9 G:I6>C E:GHDCC:A
8DBB:CHJG6I:L>I=I=:C::9HD;DJG7JH>C:HH:HHD;:8:B7:G
L:=69C:6GAN
;JAA
I>B::BEADN::HLDGA9L>9:
L>I= 6EEGDM>B6I:AN >C I=: H>6 )68>;>8 6C9 #6E6C G:<>DC
>C I=: JGDE: &>99A: 6HI 6C9 ;G>86 G:<>DCH >C I=:
B:G>86H :M8AJ9>C<I=:.C>I:9,I6I:H6C9>CI=:.C>I:9,I6I:H0:6AHD:C<6<:8DCHJAI6CIH6C98DCIG68IDGH6HC::9:9ID
HJEEA:B:CI DJG E:GB6C:CI LDG@;DG8: 0: B6C6<: DJG LDG@;DG8: A:K:AH ID 6A>I= DJG 7JH>C:HH HIG6I::K:H>I=6HHJ;;>8>:CI=JB6C86E>I6AIDDE:G6I:DJG7JH>C:HH:HHJ88:HH;JAANJG>C<;>H86A
DJGDK:G6AA=:698DJCI9:8G:6H:9
6HL:8DCI>CJ:9ID:M:8JI:DCDJGHIG6I:BEGDK:DG<6C>O6I>DC6A:;;:8I>K:C:HH
0: 8DCI>CJDJHAN >CK:HI >C DJG LDG@;DG8: 7N H::@>C< ID 8G:6I: 6C >C8AJH>K: :CK>GDCB:CI L=:G: 9>K:GH>IN >H 8:A:7G6I:9 6C9 DJG
:BEADN::H ;::A K6AJ:9 6C9 G:HE:8I:9 0: 7:A>:K: I=6I EGDK>9>C< 6 LDG@ :CK>GDCB:CI 76H:9 DC G:HE:8I IGJHI 6C9 8DAA67DG6I>DC
8G:6I:H6C:M8:EI>DC6A:BEADN:::ME:G>:C8:L=:G::BEADN::H86C7G>C<I=:>GL=DA:H:AK:HIDLDG@6C9I=G>K:>CI=:>G86G::GH0:
H::@ID>C8AJ9::K:GNDC: A:69L>I=:BE6I=N 6C9B6@:DJG8DBBJC>I>:H7:II:G
0:8DCI>CJ:IDG:K>:LDJGEDA>8>:H EG68I>8:H6C9EGD9:CI>;NDEEDGIJC>I>:H;DGC:L>C8AJH>K:>C>I>6I>K:H
(JG8JGG:CI>C>I>6I>K:H>CI=>HHE68:>C8AJ9:I=:;DAADL>C<
Q
:K:ADEB:CID;9>K:GH:I6A:CII=GDJ<=HEDCHDGH=>E>C>I>6I>K:H6C9I6G<:I:99:K:ADEB:CI
Q
(JGI6G<:I:9JC>K:GH>IN9>K:GH>INC:ILDG@ID6IIG68I =>G: 6C9K:GH:I6A:CII=GDJ<=@:NE6GIC:GH=>EH
Q
DCI>CJ:9;JC9>C<6C9>CK:HIB:CI>CDJGJH>C:HH+:HDJG8: GDJEHT+ UI=GDJ<=DJG+ A:69:GH=>E8DJC8>A;D8JH:9
DCC8AJH>DCL>I=I=:B>HH>DCID>CHE>G:68I>DCI=6I6IIG68IH 9:K:ADEH6C9G:I6>CHIDE9>K:GH:I6A:CI6C9;DHI:GH6C
>C8AJH>K:LDG@:CK>GDCB:CI
BI8EA@8AG(8:H?4G:IND;A6LH6C9G:DCH>CI=:.C>I:9,I6I:H6C9DI=:G?JG>H9>8I>DCH>CL=>8=L:DE:G6I:DGL=:G:DJG
EGD9J8IHDGH:GK>8:H6G:D;;:G:9&6CND;I=:H:G:DCH6C9A6LH6G::KDAK>C<6C9I=:>G6EEA>867>A>IN6C9H8DE: 6H>CI:GEG:I:97N
8DJGIH6C9G:CJC8:GI6>C-=:H:G:DCH6C9A6LH>CKDAK:6K6G>:IND;B6II:GH >C8AJ9>C<EG>K68N6C9>C;DGB6I>DC
H:8JG>IN 96I66C9E:GHDC6A>C;DGB6I>DCEGDI:8I>DC 8DCHJB:GEGDI:8I>DCA6LH 6CI>
8DGGJEI>DCA6LHHJ8=6HI=:.C>I:9,I6I:HDG:>8:H8I6C9.C>I:9$>C<9DBG>7:GN8I :BEADN::B6II:GH >BEDGI6C9:MEDGI8DCIGDAH I6M 6C9:CK>GDCB:CI6A
HJHI6>C67>A>IN>C8AJ9>C<8A>B6I:8=6C<:
CN68IJ6ADGE:G8:>K:9;6>AJG:ID8DBEANL>I=I=:H:G:FJ>G:B:CIHB6NG:HJAI>C 6BDC<DI=:GI=>CK6I:A>I><6I>DC G:CK:HI><6I>DCH 69B>C>HIG6I>K: :C;DG8:B:CI 68I>DCH H6C8I>DCH 8>K>A 6C9 8G>B>C6A A>67>A>IN BDC:I6GN E:C6AI>:H 6C9
8DCHIG6>CIHDCDJG67>A>INID8DCI>CJ:IDDE:G6I:DJG7JH>C:HH:H"I>H6AHDEDHH>7A:I=6I8JGG:CIDG;JIJG:A6LHDGG:DCH8DJA97:
>CI:GEG:I:9DG6EEA>:9>C6B6CC:GI=6ILDJA9EGD=>7>I 6AI:G DG>BE6>GDJG:M>HI>C<D;;:G>CG:8DHIAN I>B:
8DCHJB>C< DGDI=:GL>H:7JG9:CHDB:8DBEA>6C8:B:6HJG:H;GDBJHHL:8DCI>CJ:IDC:HH 699>I>DC6AA6LH GJA:H
6C9G:DCHB6N7:8DB:G:A:K6CIDG699>I>DC6A>C;DGB6I>DC67DJIDC6C9A6LH6EEA>867A:IDDJG7JH>C:HH
G:;:GIDI=:G>H@H9:H8G>7:9>C)6GI" "I:BD;I=>HCCJ6A+:EDGI
(JG=>HIDG>86AB6CJ;68IJG>C<68I>K>I>:H6C9DE:G6I>DCH6G:HJ7?:8IID6L>9:G6C<:D;:CK>GDCB:CI6AEGDI:8I>DCA6LH6C9L:=6K:
>CK:HI><6IDGN6C9G:B:9>6A68I>K>I>:HJC9:GL6N6I6CJB7:GD;;68>A>I>:HI=6IL:8JGG:CIANDLCDG;DGB:GANDLC:9DGDE:G6I:9 ID
8DBEAN DGID9:I:GB>C:8DBEA>6C8: L>I=HJ8=A6LH9:I6>A:99>H8JHH>DCD;I=:G:6A:CK>GDCB:CI6AEGDI:8I>DC
68I>DCHI=6I>BE68II=:DBE6CN >C8AJ9>C<:HI>B6I:HG:<6G9>C<I=:EDI:CI>6A;>C6C8>6A>BE68ID;I=:H:B6II:GH E6GI>8JA6GANI=:DM
+>K:G 6C9 $6A6B6ODD +>K:G B6II:GH >H >C8AJ9:9 >C "I:B D; )6GI "" D; I=>H +:EDGI 6H E6GI D; 'DI: TDBB>IB:CIH 6C9
DCI>C<:C8>:HU D;I=:'DI:HIDDCHDA>96I:9>C6C8>6A,I6I:B:CIH6C9>H>C8DGEDG6I:9=:G:>C7NG:;:G:C8:JGI=:G>C;DGB6I>DC
G:<6G9>C<I=:EDI:CI>6A>BE68ID;8DBEA>6C8:L>I=:CK>GDCB:CI6AA6LH6C9G:DCH>H6AHD>C8AJ9:9>C)6GI" "I:BD;I=>H
+:EDGI
I445?8A9BE@4GA67A: I=GDJ<= >IH L:7H>I: 6I =IIEH>CK:HIDGC8GKDN>M8DB ;G:: D; 8=6G<: I=: G:EDGIH >I ;>A:H L>I= I=:
,:8JG>I>:H6C9M8=6C<:DBB>HH>DCI=:T,U >C8AJ9>C<>IHCCJ6A+:EDGIDCDGB
$ *J6GI:GAN+:EDGIHDCDGB
*
9:;>C>I>K:EGDMNHI6I:B:CIHDC,8=:9JA:6C9JGG:CI+:EDGIHDCDGB
$ 6C96AA6B:C9B:CIHIDHJ8=G:EDGIH6C9H8=:9JA:H
6HHDDC6HG:6HDC67ANEG68I>867A:6;I:GI=:H:G:EDGIH6G::A:8IGDC>86AAN;>A:9DG;JGC>H=:9IDI=:,EJGHJ6CIID,:8I>DC6DG
9D;I=:,:8JG>I>:HM8=6C<:8ID;I=:TM8=6C<:8IU-=:,6AHDB6>CI6>CH6L:7H>I:=IIELLLH:8CH I=: G:EDGIH EGDMN HI6I:B:CIH 6C9 >C;DGB6I>DC HI6I:B:CIH 6C9 DI=:G >C;DGB6I>DC G:<6G9>C< >HHJ:GH I=6I ;>A: DG ;JGC>H=
-67A:D;DCI:CIH
:A:8IGDC>86AANL>I=I=:,-=:DBE6CNL>AA;JGC>H= L>I=DJI8=6G<:ID6H:8JG>IN=DA9:GJEDCLG>II:CG:FJ:HI I=:'DI>8:D;
&::I>C<6C9)GDMN,I6I:B:CI;DGI=:
CCJ6A&::I>C<D;,ID8@=DA9:GHI=:
)GDMN,I6I:B:CI EDGI>DCHD;L=>8=6G:
>C8DGEDG6I:9=:G:>C7NG:;:G:C8:
:GI6>CB6I:G>6AHG:A6I>C<IDDJG8DGEDG6I:C8AJ9>C<DJGD9:D;DC9J8I6EEA>867A:IDDJG9>G:8IDGH H:C>DG;>C6C8>6A
D;;>8:GH6C9DI=:G:BEADN::H 6G:6AHD6K6>A67A:DCI=:8DGEDG6I:DCD;DJGL:7H>I:6I=IIEHLLLC8GKDN>M8DB
8DBE6CN8DGEDG6I:
:HD;DJG;>A>C;>:9:M=>7>IH6C98DGEDG6I:6AH6G:6AHD6K6>A67A: ;G::
D;8=6G<:7N86AA>C<DGLG>I>C<ID
'+/DN>MS"CK:HIDG+:A6I>DCH
,EG>C<,IG::I'0
IA6CI6
)=DC:
&6>A>CK:HIDGG:A6I>DCHC8GKDN>M8DB
0:7H>I:=IIEH>CK:HIDGC8GKDN>M8DB
-=:DBE6CNWHL:7H>I: LLLC8GKDN>M8DB 8DCI6>CH6H>;>86CI6BDJCID;>C;DGB6I>DC67DJII=:DBE6CN >C8AJ9>C<;>C6C8>6A
6C9DI=:G>C;DGB6I>DC;DG>CK:HIDGH'+/DN>M:C8DJG6<:H>CK:HIDGHIDK>H>I>IHL:7H>I:G:C;DGB6I>DCB6N7:JE96I:9
6C9C:L>C;DGB6I>DCB6N7:EDHI:96I6CNI>B:-=:8DCI:CIHD;I=:DBE6CNWHL:7H>I:6G:CDI>C8DGEDG6I:97NG:;:G:C8:>CIDI=>H
DGB
$6C9H=6AACDI7:9::B:9T;>A:9UJC9:GI=:M8=6C<:8I
-67A:D;DCI:CIH
G8@
()!*%()
!-* 7.808 &3) :3(*79&.39.*8 )*8(7.'*) '*14< &7* (*79&.3 4+ 9-* 7.808 &3) :3(*79&.39.*8 +&(.3, 4:7 ':8.3*88 !-*8* 7.808 &3)
:3(*79&.39.*894,*9-*7<.9-49-*77.808&3):3(*79&.39.*8349(:77*391>034<347349(:77*391>)**2*)2&9*7.&1(4:1)2&9*7.&11>
&3)&);*78*1>&++*(94:7':8.3*88+.3&3(.&1(43).9.437*8:1984+45*7&9.438(4:1)(&:8*&(9:&17*8:19894).++*72&9*7.&11>+7424:7
*=5*(9&9.438&3)574/*(9.438&3)(4:1)(&:8*9-*2&70*9;&1:*4+4:7894(094)*(1.3*%4:8-4:1)(438.)*79-*8*7.80+&(9478<-*3
7*&).3,9-*7*894+9-.833:&1*547943472 .3(1:).3,B&3&,*2*39D8.8(:88.43&3)3&1>8.84+.3&3(.&143).9.43
&3)*8:1984+5*7&9.438C&3)4:7+.3&3(.&189&9*2*398&3)7*1&9*)349*8.3(1:)*)*18*<-*7*.39-.8)4(:2*39!-*8*7.80+&(9478
2&>349.3(1:)*&114+9-*.25479&39+&(94789-&9(4:1)&++*(94:7':8.3*88474:7.3):897>479-&9(4:1)(&:8*4:7+:9:7*+.3&3(.&1
7*8:19894).++*72&9*7.&11>+742-.8947.(47*=5*(9*)7*8:19847(&:8*9-*2&70*957.(*4+4:7(42243894(094+1:(9:&9*47)*(1.3*
()!*%()+##(/
-=:;DAADL>C<>H6HJBB6GND;8:GI6>CG>H@H6C9JC8:GI6>CI>:HI=6I8DJA9B6I:G>6AAN6C969K:GH:AN6;;:8IDJG7JH>C:HH ;>C6C8>6A
8DC9>I>DC 6C9G:HJAIHD;DE:G6I>DCH2DJH=DJA9G:69I=>HHJBB6GNID<:I=:GL>I=I=:BDG:9:I6>A:99:H8G>EI>DCD;:68=G>H@;68IDG
8DCI6>C:97:ADL
(FFFB6<4G87JC<G:HJAIH8DJA97:C:<6I>K:AN>BE68I:9
Q
"; L: 9D CDI HJ88:HH;JAAN 9:K:ADE C:L HDAJI>DCH I=6I 68=>:K: B6G@:I 688:EI6C8: 6C9 @::E E68: L>I= I:8=CDAD<>86A
9:K:ADEB:CIH DJG7JH>C:HH G:HJAIHD;DE:G6I>DCH6C9;>C6C8>6A8DC9>I>DC8DJA97:=6GB:9
Q
"; L: ;6>A ID B6>CI6>C 6 8DCH>HI:CIAN =><= A:K:A D; 8JHIDB:G H:GK>8: DG >; L: ;6>A ID B6C6<: DJG G:EJI6I>DC DJG 7G6C9
7JH>C:HH6C9;>C6C8>6AG:HJAIHB6N7:=6GB:9
Q
0:B6NCDI68=>:K:HDB:DG6AAD;I=::ME:8I:97:C:;>IHD;DJG8DHIG:9J8I>DC>C>I>6I>K:H6C9DJGDE:G6I>C<G:HJAIH8DJA97:
69K:GH:AN6;;:8I:9
Q
(JGCE6GIDCI=:HJ88:HHD;DJGHIG6I:<>8G:A6I>DCH=>EHL>I=I=>G9E6GI>:H6C9DJG67>A>INID>CI:I=
I=>G9
E6GIN6EEA>86I>DCH6C9HD;IL6G:
Q
(JG68FJ>H>I>DCH 9>K:HI>IJG:H6C9DI=:GHIG6I:<>8IG6CH68I>DCHDG;JIJG:68FJ>H>I>DCHB6NCDIEGD9J8:6CI>8>E6I:9G:HJAIH
L=>8=8DJA9=6K:6B6I:G>6A69K:GH::;;:8IDCDJG7JH>C:HH ;>C6C8>6A8DC9>I>DCDGG:HJAIHD;DE:G6I>DCH
Q
0:B6N7:=:A9A>67A:IDI=:7JN:GD;DJG><>I6A6C@>C<7JH>C:HH>;L:;6>AIDE:G;DGBJC9:GDJG68:HB6NC:<6I>K:AN6;;:8IDJG7JH>C:HH6C9DE:G6I>DCH
Q
0:B6NCDIG:6A>O:I=:6CI>8>E6I:98DHIH6K>CIHG:A6I:9IDI=:!6G9L6G:JH>C:HH-G6CH>I>DCDC6I>B:AN
76H>HDG6I6AA
(FFFB6<4G87JC
(;;;6>AHIDFJ6A>;N;DGI6M
;G::IG:6IB:CI >I8DJA9G:HJAI>CHJ7HI6CI>6AI6MA>67>A>IN;DGJH6C9DJGHID8@=DA9:GH
Q
0:B6N7:=:A9A>67A:ID'+IA:DH>;L:;6>AIDE:G;DGBJC9:GDJG6I='+IA:DH 6C9I=:E:G;DGB6C8:D;
HJ8=H:GK>8:HB6NC:<6I>K:AN6;;:8IDJG7JH>C:HH6C9DE:G6I>DCH
Q
)DI:CI>6A>C9:BC>;>86I>DCD7A><6I>DCHID'+IA:DHDG6G:;JH6AD;'+IA:DHID>C9:BC>;NJHEJGHJ6CIID6CI=:,E>C
(;;8DJA9B6I:G>6AAN69K:GH:AN6;;:8IJH
(F(8?4G87GBL58EF86HEC67>A>INIDEGDI:8IDJGHNHI:BH6C996I6;GDB8N7:GH:8JG>INI=G:6IHDGDI=:GI:8=CDAD<>86AG>H@H8DJA969K:GH:AN6;;:8I
DJG7JH>C:HHDE:G6I>DCHDGHID8@EG>8:6C996B6<:DJG7G6C96C9G:EJI6I>DC
Q
0:6G:HJ7?:8IID:KDAK>C<DCHG:A6I>C<ID96I6EG>K68N 96I6EGDI:8I>DC6C9>C;DGB6I>DCH:8JG>IN
L=>8=B6NG:FJ>G:JHID>C8JGHJ7HI6CI>6A8DBEA>6C8:8DHIHDG=6GBDJG7JH>C:HHDE:G6I>DCH
Q
(JG>CI:AA:8IJ6AEGDE:GIN>HK6AJ67A:6C9DJG>C67>A>INIDEGDI:8I>I8DJA9G:9J8:I=:K6AJ:D;DJGEGD9J8IH H:GK>8:H6C9
7G6C96C9=6GBDJG8DBE:I>I>K:EDH>I>DC
Q
A6>BH7NDI=:GHI=6IL:>C;G>C<:JEDC B>H6EEGDEG>6I:DGDI=:GL>H:K>DA6I:I=:>G>CI:AA:8IJ6AEGDE:GINDGDI=:GEGDEG>:I6GN
I:8=CDAD6A6C969K:GH::;;:8IDCDJG7JH>C:HH G:HJAIHD;DE:G6I>DCH6C9;>C6C8>6A8DC9>I>DC
(FFFB6<4G87JK:8DBE:I>I>DC>CDJGB6G@:IH6C9>;L:9DCDI8DBE:I::;;:8I>K:AN L:B6NCDI7:HJ88:HH;JA
Q
>HGJEI>DCH>CDJG96I68:CI:G=DHI>C<6C9EJ7A>88ADJ9;68>A>I>:H8DJA969K:GH:AN6;;:8IDJG7JH>C:HH
Q
:;:8IH :GGDGH >CHI6AA6I>DC9>;;>8JAI>:HDG9:K:ADEB:CI9:A6NH8DJA9:MEDH:JHIDEDI:CI>6AA>67>A>IN =6GBDJGG:EJI6I>DC
6C9C:<6I>K:AN>BE68IDJG7JH>C:HH
Q
(JG6GI>;>8>6A>CI:AA><:C8:86E67>A>I>:HB6NCDIDE:G6I:6H6CI>8>E6I:9 L=>8=8DJA969K:GH:AN6;;:8IDJGG:EJI6I>DC G:K:CJ:H
6C9EGD;>I67>A>IN
-67A:D;DCI:CIH
Q
0:G:ANDCI=:6K6>A67>A>IND;I=>G9
E6GINA>8:CH:H 6C9DJG>C67>A>INIDB6>CI6>CI=DH:A>8:CH:H8DJA9=6GBDJG7JH>C:HH
Q
=6C<:H>C.,DG;DG:>8>:H6C9DI=:G;68IDGH7:NDC9DJG8DCIGDAB6N69K:GH:AN>BE68IDJG7JH>C:HH6C9
DE:G6I>C<G:HJAIH
Q
";L:6G:JC67A:IDB6>CI6>C6C9JE96I:DJG>C;DGB6I>DCI:8=CDADC:HH DJG7JH>C:HH
8DJA97:69K:GH:AN>BE68I:9
Q
";L:9DCDIG:I6>C@:N:BEADN::H DG>;L:6G:JC67A:IDG:8GJ>I 9:K:ADE6C9G:I6>CFJ6A>;>:9:BEADN::H L:B6NCDI7:
67A:IDB::IDJG7JH>C:HHD7?:8I>K:H
Q
";I=>G9
E6GINHJEEA>:GHJEDCL=>8=L:G:ANIDB6CJ;68IJG:DJGEGD9J8IH6C9IDHJEEAN@:N8DBEDC:CIHC:8:HH6GN;DGDJG
EGD9J8IH6C9H:GK>8:H6G:CDI67A:ID;JA;>AADJGC::9H DJG67>A>INIDI>B:AN7G>C<DJGEGD9J8IHIDB6G@:I8DJA97:6;;:8I:9
Q
0:;68:JC8:GI6>CI>:HL>I=G:<6G9IDG:DCH A6LHJ>IH6C9DI=:GG:A6I:9B6II:GH
Q
(JGE6NB:CIH
G:A6I:97JH>C:HHHJ7?:8IHJHID699>I>DC6AG:G:B:CIH6C9DI=:GG>H@H6C9JC8:GI6>CI>:HI=6I8DJA9
7:8DHIAN6C99>;;>8JAIID8DBEANL>I=DGI=6I8DJA9=6GBDJG7JH>C:HH
Q
=6C<:HIDDJGI6MG6I:H6C9699>I>DC6A>C8DB:I6MA>67>A>I>:H8DJA9>BE68IEGD;>I67>A>IN
Q
(JG>CI:GC6I>DC6ADE:G6I>DCHHJ7?:8IJHID699>I>DC6AG>H@HI=6I86C69K:GH:AN6;;:8IDJG7JH>C:HH ;>C6C8>6A8DC9>I>DC6C9
G:HJAIHD;DE:G6I>DCH
Q
(JGG>H@B6C6<:B:CI:;;DGIHB6NCDI7:;JAAN:;;:8I>K:>CB>I><6I>C<DJGG>H@:MEDHJG: L=>8=8DJA9:MEDH:JHIDADHH:H
6C9A>67>A>IN6C9DI=:GL>H:=6GBDJG7JH>C:HH
Q
B6?DGC6IJG6A9>H6HI:GDG86I6HIGDE=>8:K:CI8DJA9=6K:6B6I:G>6AAN69K:GH::;;:8IDCDJG7JH>C:HH ;>C6C8>6A8DC9>I>DC
6C9G:HJAIHD;DE:G6I>DCH DG=6K:DI=:G69K:GH:8DCH:FJ:C8:H
Q
(JG=>HIDG>86AB6CJ;68IJG>C<68I>K>I>:HHJ7?:8IJHID:CK>GDCB:CI6A:MEDHJG:H
(FFFB6<4G87JC9:7I:9C:HH 8DJA9 A>B>I DJG ;>C6C8>6A 6C9 DE:G6I>C< 68I>K>I>:H 6C9 69K:GH:AN 6;;:8I DJG 67>A>IN ID >C8JG
699>I>DC6A9:7IID;JC9;JIJG:C::9H
Q
-=:I:GBHD;I=:9D8JB:CIHC<DJG>C9:7I:9C:HH>C8AJ9:;>C6C8>6A6C9DI=:G8DK:C6CIHI=6I8DJA9G:HIG>8IDGA>B>I
DJG;>C6C8>6A6C97JH>C:HHDE:G6I>DCH
Q
:HE>I:DJG8JGG:CIA:K:AHD;9:7I L:B6NHI>AA>C8JGHJ7HI6CI>6AANBDG:9:7I >C8AJ9>C<H:8JG:99:7I 6C9DI=:GA>67>A>I>:H
L=>8=LDJA9>C8G:6H:I=:G>H@H9:H8G>7:9>CI=:H:G>H@;68IDGHG:A6I>C<ID>C9:7I:9C:HH
Q
";L:6G:JC67A:ID8DCI>CJ:ID688:HHDGG:C:L;>C6C8>C<HDJG8:H6C9D7I6>C86E>I6A DJG67>A>INIDB6>CI6>C6C9C:HHB6N7:>BE6>G:9
Q
(JG86H=;ADLHB6NCDI7:HJ;;>8>:CIIDH:GK>8:DJG>C9:7I:9C:HH 6C9>;L:6G:JC67A:IDH6I>H;NDJGD7A><6I>DCHJC9:GDJG
>C9:7I:9C:HH L:B6N7:G:FJ>G:9IDH::@DI=:G;>C6C8>C<6AI:GC6I>K:H L=>8=B6NCDI7:HJ88:HH;JA
Q
:GI6>C 8=6C<:H >C 8DCIGDA B6N G:HJAI >C 6C 688:A:G6I>DC D; DJG >C9:7I:9C:HH DG DJG D7A><6I>DCH JC9:G DI=:G ;>C6C8>C<
6GG6C<:B:CIH DGB6NG:FJ>G:JHIDG:EJG8=6H:DJGH:C>DGJCH:8JG:9CDI:HDGDJG,:G>:HDCK:GI>7A:)G:;:GG:9,ID8@
Q
ADL:G>C<DGL>I=9G6L6AD;I=:G6I>CI>:H7NG6I>C<6<:C8>:HB6N>C8G:6H:DJG;JIJG:
86E>I6A8DHIH6C9G:9J8:DJG688:HHID86E>I6A
Q
0:B6N7:G:FJ>G:9IDLG>I:9DLCI=:K6AJ:D;8:GI6>CH>;>86CI6HH:IH L=>8=LDJA969K:GH:AN6;;:8IDJGDE:G6I>C<
G:HJAIH
Q
(JG ;6>AJG: ID B6>CI6>C :;;:8I>K: >CI:GC6A 8DCIGDA DK:G ;>C6C8>6A G:EDGI>C< DG DJG ;6>AJG: ID G:B:9>6I: DJG B6I:G>6A
L:6@C:HH:H >C DJG >CI:GC6A 8DCIGDA DK:G ;>C6C8>6A G:EDGI>C< 8DJA9 =6K: 6 B6I:G>6A 69K:GH: :;;:8I DC DJG G:HJAIH D;
DE:G6I>DCH ;>C6C8>6A8DC9>I>DC6C986H=;ADLH
(FFFB6<4G87J:HDCK:GI>7A:)G:;:GG:9,ID8@=6HG><=IH EG:;:G:C8:H6C9EG>K>A:<:HI=6I6G:CDI=:A97N 6C96G:EG:;:G:CI>6AID
I=:G><=IHD;DJG8DBBDCHID8@=DA9:GH L=>8=8DJA969K:GH:AN6;;:8IDJGA>FJ>9>IN6C9;>C6C8>6A8DC9>I>DC 6C9B6NG:HJAI
>C I=: >CI:G:HIH D; I=: =DA9:GH D; DJG ,:G>:H DCK:GI>7A: )G:;:GG:9 ,ID8@ 9>;;:G>C< ;GDB I=DH: D; DJG 8DBBDC
HID8@=DA9:GH
Q
-=:>HHJ6C8:D;H=6G:HD;DJG,:G>:HDCK:GI>7A:)G:;:GG:9,ID8@G:9J8:HI=:G:A6I>K:KDI>C<EDL:GD;=DA9:GHD;DJG
8DBBDCHID8@ 6C9I=:8DCK:GH>DC6C9H6A:D;I=DH:H=6G:HLDJA99>AJI:I=:DLC:GH=>ED;HJ8==DA9:GH6C9B6N69K:GH:AN
6;;:8II=:B6G@:IEG>8:D;DJG8DBBDCHID8@
Q
0:8DJA97:HJ7?:8IID68I>DCHDGEGDEDH6AH;GDBHID8@=DA9:GHI=6I9DCDI6A>I=DJG7JH>C:HHHIG6I:<>:HDGI=:>CI:G:HIH
D;DJGDI=:GHID8@=DA9:GH
()!)))%*-*%+()*(*/
! 2 * )*/ .0 ..!0''4 3 0/ *0- "-*2/# ./-/ "4 *0- *+ -/$)" - .0'/. *0' ) "/$1 '4 $(+/ 0: =6K: I6@:C
H>;>86CIHI:EH >C8AJ9>C<I=:,E>C
(;;D;DJG-&
;D8JH:97JH>C:HH6C9I=:H6A:D;DJG><>I6A6C@>C<7JH>C:HH IDIG6CH;DGBI=:
DBE6CNID6EA6I;DGB
A:9HD;IL6G:6C9H:GK>8:HEGDK>9:G;DGI=:G:I6>A6C9G:HI6JG6CI>C9JHIG>:H6C9=6K:H=>;I:9DJGHIG6I:<>8;D8JH
-67A:D;DCI:CIH
IDL6G9H688:A:G6I>C<I=:69DEI>DCD;DJGEA6I;DGB,J88:HH;JA:M:8JI>DCD;DJG;;:G:CI
;68IDGH>C8AJ9>C< 6BDC<DI=:GH DJG67>A>INID8DCK:GI:M>HI>C<8JHIDB:GHIDDJGEA6I;DGB6C96IIG68IC:L8JHIDB:GHID9:K:ADE6C9
9:EADNC:LDG:C=6C8:9HD;IL6G:HDAJI>DCH6C9I:8=CDAD<>:HID;68>A>I6I:69DEI>DC7NDJG8JHIDB:GHD;DJGE6NB:CIHDAJI>DCHID
:ME6C9 DJG H:GK>8:H 86E67>A>I>:H 6C9 <:D8 8DK:G6<: ID IG6CH;DGB DJG H:GK>8:H E:G;DGB6C8: 86E67>A>I>:H 6C9 8DK:G6<: ID
>BEGDK::;;>8>:C8NID>C8DGEDG6I:G:BDI:9>686C9DI=:GI:8=CDAD<>:HI=6I6A>I=6C9HJEEDGIDJGHDAJI>DCH6C9ID8GDHH
H:AA699>I>DC6AEGD9J8IH6C9H:GK>8:HIDDJG:M>HI>C<8JHIDB:G76H:
"C 699>I>DC L: 8DCI>CJ: ID EJGHJ: I= HB6AA
6C9 B:9>JB
H>O:9 6C9 B>9
B6G@:I 8JHIDB:GH 7N >C8G:6H>C< DJG JH: D;
>C9>G:8IH6A:H8=6CC:AH 6C97N9:K:ADE>C< B6G@:I>C<6C9H:AA>C<HDAJI>DCH6>B:9;DGHJ8=7JH>C:HH:H"I>HCDIN:I8:GI6>CL=:I=:G
I=:H:>C>I>6I>K:HL>AAN>:A9I=:6CI>8>E6I:97:C:;>IH DGL=:I=:GDJGHDAJI>DCHL>AA7:8DBE:AA>C<6C96IIG68I>K:IDHB6AA
6C9B:9>JB
H>O:97JH>C:HH:H
";L:6G:CDIHJ88:HH;JA>C6IIG68I>C<8JHIDB:GHIDDJGEA6I;DGB :ME6C9>C<DJG8JHIDB:G76H:6II=:G6I:I=6IL:6CI>8>E6I: DG>;I=:
8DHIH ID 8DBEA:I: I=:H: >C>I>6I>K:H >H =><=:G I=6C 6CI>8>E6I:9 L: B6N CDI B::I DJG C EGD?:8I>DCH 6C9
DE:G6I>C<G:HJAIH8DJA97:C:<6I>K:AN>BE68I:9
!2 *)*/.0 ..!0''4 1 '*+) 2.*'0/$*)./#/#$ 1 (-& / +/) )& ++ 2$/#/ #)*'*"$' 1 '*+( )/.
*0- 0.$) .. - .0'/. *! *+ -/$*). ) !$))$' *)$/$*) *0' #-( -=: G:I6>A 6C9 G:HI6JG6CI B6G@:IH >C L=>8= L:
8DBE:I: 6G: 8=6G68I:G>O:9 7N G6E>9 I:8=CDAD<>86A 69K6C8:B:CI >C8G:6H>CHI>86I:9 8DCHJB:G C::9H 6C9 EG:;:G:C8:H
:KDAK>C< H:8JG>IN I:8=CDADC9JHIGN HI6C96G9H 6C9 ;G:FJ:CI C:L EGD9J8I >CIGD9J8I>DCH 6C9 :C=6C8:B:CIH (JG HJ88:HH
9:E:C9H>CE6GIDCDJG67>A>INID9:K:ADEC:LDGHJ;;>8>:CIAN9>;;:G:CI>6I:9HDAJI>DCH6C9>CIGD9J8::C=6C8:B:CIHIDDJGEGD9J8I
D;;:G>CB:AN6C98DHI
:;;:8I>K:76H>H-=:9:K:ADEB:CIEGD8:HH;DGDJGHDAJI>DCHG:FJ>G:H=><=A:K:AHD;>CCDK6I>DC;GDBDJG
EGD9J8I 9:K:ADEB:CI I:6BH 6H L:AA 6H HJEEA>:GH D; I=: 8DBEDC:CIH :B7:99:9 DG >C8DGEDG6I:9 >C DJG HDAJI>DCH -D HJEEDGI DJG
CJ:IDHE:C986E>I6A6C9B6NC::9ID>C8G:6H:DJG86E>I6A:ME:C9>IJG:HID:C=6C8:DJGEGD9J8IH6C9
EA6I;DGB86E67>A>I>:H"C699>I>DC 8:GI6>CD;DJGHDAJI>DCH >C8AJ9>C<DJG8ADJ9HDAJI>DCH B6NG:FJ>G:JHID7J>A9 A:6H: :ME6C9 6C9
B6>CI6>C >C;G6HIGJ8IJG:HJ8=6H=DHI>C<8:CI:GHIDHJEEDGII=:B-=:9:K:ADEB:CIEGD8:HH86C7:A:CG:H
JHID8DBB>I6H>;>86CI6BDJCID;G:HDJG8:HID7G>C<DJG7JH>C:HHHDAJI>DCHIDB6G@:I"C699>I>DC DJGHJ88:HHB6N7:>BE68I:9
7NH6;:IN6C9H:8JG>INI:8=CDADC9JHIGNHI6C96G9H0:B6NCDI7:67A:ID6CI>8>E6I:DJG8JHIDB:GHWC::9H6C9I:8=CDAD<>86A
6C9>C9JHIGNIG:C9H688JG6I:AN DGID8DBEA:I:9:K:ADEB:CID;C:LHDAJI>DCH:;;>8>:CIANJGI=:G DC8:L:=6K:9:K:ADE:9C:L
HDAJI>DCH >;L:86CCDIHJ88:HH;JAANB6G@:I6C9H:AAI=DH:HDAJI>DCH DJG7JH>C:HH6C9DE:G6I>C<G:HJAIH8DJA97:C:<6I>K:AN>BE68I:9
"C699>I>DC 8DCIG68II:GBH B6G@:I8DC9>I>DCHDG8JHIDB:GEG:;:G:C8:HB6N6;;:8IDJG67>A>INIDA>B>I HJCH:IDG:C9
D;
A>;:DJGDA9:G
EGD9J8IH >C 6 I>B:AN DG 8DHI
:;;:8I>K: ;6H=>DC 0: HDB:I>B:H B6@: 6HHJG6C8:H ID 8JHIDB:GH G:<6G9>C< I=: DE:G67>A>IN 6C9
HE:8>;>86I>DCHD;C:LI:8=CDAD<>:H 6C9DJGG:HJAIH8DJA97:>BE68I:9>;L:6G:JC67A:ID9:A>K:GHJ8=I:8=CDAD<>:H DG>;HJ8=
I:8=CDAD<>:H9DCDIE:G;DGB6HEA6CC:9
!2 !$'/*($)/$)*).$./ )/'4#$"#' 1 '*!0./*( -. -1$ *-$!2 !$'/*()" *0-- +0//$*)*0--)0.$) ..
)!$))$'- .0'/.(4 #-( 0:7:A>:K:DJG;D8JHDC8JHIDB:GH:GK>8:6C9HJEEDGI>H8G>I>86AID6IIG68I6C9DC7D6G9C:L
8JHIDB:GH G:I6>CDJG:M>HI>C<8JHIDB:GH6C9C:HH";L:6G:JC67A:IDB6>CI6>C68DCH>HI:CIAN=><=A:K:AD;8JHIDB:G
H:GK>8: >C8AJ9>C< I=GDJ<= DJG JH: D; I=>G9
E6GIN H:GK>8: EGDK>9:GH DG 7N A:K:G6<>C< :KDAK>C< I:8=CDAD;>8>6A
>CI:AA><:C8: DJG7JH>C:HHB6N7:C:<6I>K:AN>BE68I:9"C699>I>DC >CDG9:GIDB6>CI6>C69:FJ6I:A:K:AHD;H:GK>8: L:B6NC::9ID
=>G:699>I>DC6AHJEEDGIE:GHDCC:A L=>8=8DJA9>C8G:6H:DJG8DHIH(JGH6A:H6G:=><=AN9:E:C9:CIDCDJG7JH>C:HHG:EJI6I>DC6C9DC
EDH>I>K: G:8DBB:C96I>DCH ;GDB DJG :M>HI>C< 8JHIDB:GH CN ;6>AJG: ID B6>CI6>C =><=
FJ6A>IN 8JHIDB:G HJEEDGI DG 6 B6G@:I
E:G8:EI>DCI=6IL:9DCDIB6>CI6>C=><=
FJ6A>IN8JHIDB:GHJEEDGI 8DJA969K:GH:AN6;;:8IDJGG:EJI6I>DC6C97G6C9 DJG67>A>INID
7:C:;>I ;GDB G:;:GG6AH 7N :M>HI>C< 8JHIDB:GH DJG 67>A>IN ID 8GDHH
H:AA DJG EGD9J8IH 6C9 H:GK>8:H ID :M>HI>C< 6C9 EGDHE:8I>K:
8JHIDB:GH 6C9DJG7JH>C:HH ;>C6C8>6A8DC9>I>DC DGG:HJAIHD;DE:G6I>DCH"C699>I>DC 8:GI6>CD;DJG8JHIDB:G6C8AJ9:
H:GK>8:A:K:A8DBB>IB:CIHDGB>A:HIDC:H";L:;6>AIDB::II=:H:8DCIG68IJ6A8DBB>IB:CIH DG>;L:HJ;;:G:MI:C9:9E:G>D9HD;
JC6K6>A67>A>IN;DGDJGHDAJI>DCH L:8DJA9;68:8DCIG68II:GB>C6I>DCHDG 6H6G:HJAID;HJ8=;6>AJG:H E6N96B6<:HDG>HHJ:8G:9>IHID
DJG8JHIDB:GH&DG:DK:G DJG;6>AJG:IDB::IDJG8DBB>IB:CIH8DJA9G:HJAI>C8JHIDB:G9>HH6I>H;68I>DC G:EJI6I>DC6A=6GB DGI=:
ADHHD;8JHIDB:GH 6C969K:GH:AN6;;:8IDJG7JH>C:HH6C9G:HJAIHD;DE:G6I>DCH
(4)*/#$ 1 .*( *-''*!/# 3+ / ) !$/.*!*0-*./- 0/$*)$)$/$/$1 .)*0-*+ -/$)"- .0'/.*0'
1 -. '4!! / HE6GID;DJGCI=:;JIJG:8DHIG:9J8I>DC68I>DCH>C
DG9:GIDG:9J8:8DHIH0:B6NCDID7I6>CI=:6CI>8>E6I:98DHIH6K>CDC6A>BEGDK:B:CIHDGG:6A>O:I=:7:C:;>IHI=6IL:G:
6CI>8>E6I:9>C8DCC:8I>DCL>I=I=:H:>C>I>6I>K:HL>I=>CI=:EGD?:8I:9I>B>C<DG6I6AAJGI=:G HJ8=7:C:;>IHB6N7:G:6A>O:9A6I:GI=6C
:ME:8I:9 6C9 I=: 9>;;>8JAI>:H >C >BEA:B:CI>C< I=:H: B:6HJG:H B6N 7: 8>E6I:9 L=>8= 8DJA9 86JH: JH ID >C8JG
699>I>DC6A8DHIHDGG:HJAI>C7JH>C:HH9>HGJEI>DCH99>I>DC6AAN 6H6G:HJAID;G:HIGJ8IJG>C<>C>I>6I>K:H L:B6N:ME:G>:C8:6ADHHD;
8DCI>CJ>IN ADHHD;688JBJA6I:9@CDLA:9<: ADHHD;@:N:BEADN::H6C9DGDI=:GG:I:CI>DC>HHJ:HDG>C:;;>8>:C8>:H9JG>C<IG6CH>I>DC6A
E:G>D9HDHIG:9J8I>DC>C>I>6I>K:H86CG:FJ>G:6H>;>86CI6BDJCID;I>B:6C9;D8JH L=>8=B6N9>K:GI6II:CI>DC;GDBDE:G6I>C<6C9
-67A:D;DCI:CIH
C<DJG7JH>C:HH&DG:DK:G EGD?:8I>DCHD;6CN8DHIH6K>CIH6HHD8>6I:9L>I=DJG>C>I>6I>K:H6G:76H:9DC6
CJB7:GD;6HHJBEI>DCH6C9HJ7?:8IID:8DCDB>8 8DBE:I>I>K: 6C9DI=:GJC8:GI6>CI>:H HDB:D;L=>8=6G:7:NDC9DJG8DCIGDA";L:
6G:JC67A:ID:M:8JI:I=:H:>C>I>6I>K:H6HEA6CC:9 L:B6NCDIG:6A>O:6AADG6CND;I=:6CI>8>E6I:97:C:;>IH L=>8=8DJA9=6K:6C
69K:GH::;;:8IDCDJG7JH>C:HH ;>C6C8>6A8DC9>I>DC G:HJAIHD;DE:G6I>DCH6C986H=;ADLH
0-"-*2/# + ).$)+-/*)/# .0 ..*!*0-./-/ "$- '/$*).#$+.2$/#/#$-+-/$ .)*0-$'$/4/*$)/ "-/ 2$/#/#$-
+-/4++'$/$*).).*!/2- -=:HJ88:HHD;DJGEA6I;DGB9:E:C9H >CE6GI DCDJG67>A>INID>CI:G9
E6GIN6EEA>86I>DCH
HD;IL6G: 6C9DI=:GD;;:G>CCIDDJGEA6I;DGB6C9L:6CI>8>E6I:I=6II=:C:HHL>AA8DCI>CJ:ID9:E:C9DCI=:H:
I=>G9
E6GING:A6I>DCH=>EH >C8AJ9>C<G:A6I>DCH=>EHL>I=DG9:G>C<H:GK>8:EGDK>9:GH E6NB:CIEGD8:HHDGH ADN6AINEGDK>9:GH 6C9DI=:G
E6GIC:GH "CI:C< I=>G9
E6GIN 8DCI:CI 6C9 I:8=CDADG:H H>;>86CI I>B: 6C9 G:HDJG8:H 6C9 I=>G9
E6GIN EGDK>9:GH B6N
8=DDH:ID8=6C<:I=::8DCDB>8HD;DGI:GB>C6I:I=:>GG:A6I>DCH=>EHL>I=JH ID8DBE:I:9>G:8IAN6<6>CHIJH ID:CI:G>CID:M8AJH>K:
6GG6C<:B:CIHL>I=DJG8DBE:I>IDGH DGIDB6@:B6I:G>6A8=6C<:HIDI=:>G7JH>C:HH:H HDAJI>DCH DGH:GK>8:HI=6I8DJA97:9:IG>B:CI6A
IDDJG7JH>C:HH-=>G9
E6GIN9:K:ADE:GHB6N8=6C<:I=:;:6IJG:HD;I=:>G6EEA>86I>DCH6C9HD;IL6G:DG6AI:GI=:I:GBHC<I=:
JH:D;I=:>GD;;:G>CC6B6CC:GI=6I>H69K:GH:IDJH0:B6N6AHD7:JC67A:IDB6>CI6>CDJGG:A6I>DCH=>EHL>I=8:GI6>CI=>G9E6GI>:H
>;L:6G:JC67A:ID>CI:GD;;:G>CCIDDJGEA6I;DGB"C699>I>DC I=>G9E6GI>:HB6NG:;JH:IDE6GIC:GL>I=JHDGA>B>IDG
G:HIG>8IDJG688:HHIDI=:>GD;;:G>CG:B:CIHD;I=>G9
E6GIND;;:G>CA
ID>CI:G9
E6GIND;;:G>CCIDDJGEA6I;DGBI=6IDJG8JHIDB:GHC::9IDDE:G6I:I=:>G7JH>C:HH:H DGIDEGDK>9:I=:EGDE:G
HJEEDGIDG:6H:D;I=>G9
E6GIN>CI:DCHDJG8JHIDB:GHG:FJ>G: L:B6NADH:7JH>C:HHDG7:JC67A:ID8DBE:I:";L:ADH:688:HHID
HDAJI>DCHDGH:GK>8:H;GDB6E6GI>8JA6GE6GIC:G DG:ME:G>:C8:6H>;>86CIG:9J8I>DCDG9>HGJEI>DC>CI=:HJEEAND;H:GK>8:H;GDB6
8JGG:CIE6GIC:G >I8DJA9=6K:6C69K:GH::;;:8IDCDJG7JH>C:HH6C9DE:G6I>C<G:HJAIH
0-,0$.$/$*).$1 ./$/0- .)*/# -./-/ "$/-)./$*).*-!0/0- ,0$.$/$*).(4)*/+-*0 )/$$+/ - .0'/.2#$#
*0'#1 (/ -$'1 -. !! /*)*0-0.$) ..!$))$'*)$/$*)*-- .0'/.*!*+ -/$*).0:=6K:B69:6C9:ME:8IID
8DCI>CJ:IDB6@:68FJ>H>I>DCH 9>K:HI>IJG:H6C9DI=:GHIG6I:<>8IG6CH68I>DCHIDHIG:CC:HH6C9C(8ID7:G
L:8DBEA:I:9I=:,E>C
(;;D;'+IA:DH6C9>C,:EI:B7:G
L:8DBEA:I:9I=:H6A:D;DJG><>I6A
6C@>C<H: