Quarterlytics / Real Estate / REIT - Office / Postal Realty Trust, Inc. / FY2024 Annual Report

Postal Realty Trust, Inc.
Annual Report 2024

PSTL · NYSE Real Estate
Claim this profile
Ticker PSTL
Exchange NYSE
Sector Real Estate
Industry REIT - Office
Employees 45
← All annual reports
FY2024 Annual Report · Postal Realty Trust, Inc.
Loading PDF…
2025 PROXY STATEMENT - 1
POSTALREALTYTRUST.COM
POSTALREALTYTRUST.COM
POSTAL REALTY TRUST
2025 Annual Report


3267$/5($/7<75867&20
$SULO, 2025   
Dear Fellow Stockholders: 
2024 was an important year for Postal Realty Trust. We continued to execute our growth strategy and brought our 
acquisition total to over $600 million since our 2019 IPO. Last year, we acquired 197 last-mile and flex properties for 
approximately $91 million at a weighted average cap rate of 7.6%, exceeding our annual acquisition target. Additionally, we 
continued to advance and accelerate our re-leasing progress with the United States Postal Service (“USPS”). While 2024 was, at 
times, a challenging year as we navigated shifting trends in capital markets, we remained committed to our strategy of pursuing 
sustainable growth with accretive acquisitions as well as internal growth driven by marking rents to market, incorporating 
annual rent escalations in new leases and achieving operating efficiencies at the property level. In doing so, we were able to 
deliver AFFO per share growth of ~8.4% while lowering our net debt to annualized adjusted EBITDA ratio year-over-year.1  
During 2024, our portfolio occupancy remained above 99%. The USPS remains a reliable tenant, a critical part of our 
nation’s infrastructure, and an important strategic partner to us. Their tenancy provides our company the reliable credit and 
sustainable cash flows to deliver returns in all economic conditions. The strength of this partnership and our relationship was 
critical in underwriting the important enhancements to our re-leasing process. Importantly, the new leases we signed contain 3% 
annual rent escalations and include a mix of five and ten-year terms. The introduction of ten-year leases with rent escalations 
further reinforces the commitment of the USPS to our properties. A meaningful portion of our portfolio is now tied to these new 
terms, and this will continue to grow over time as we renegotiate expiring leases.  
We maintained conservative leverage during the year while fueling our growth. At the end of 2024, our debt 
outstanding had a weighted average interest rate of 4.35% and a weighted average maturity of 3 years. Net debt to annualized 
adjusted EBITDA decreased from 5.6x at the end of 2023 to 5.2x at the end of 2024. Acquisitions were funded with a 
combination of debt and equity (both common shares and Operating Partnership Units) as we were able to navigate a complex 
market. As a result of this financial diligence and strong operating performance, we delivered quarterly dividend payments 
aggregating to $0.96 per share on an annual basis, and we have increased our dividend each year we have been a public 
company.  
We remain confident in our long-term strategy and the opportunities afforded to us. Our successes in 2024 have 
provided us with the visibility to provide AFFO guidance for the first time as a public company. With a proven track record of 
external growth, exceptional internal growth, and a strong balance sheet, we remain well-positioned to deliver stockholder 
value.  
We are always thankful for the continued support of our stockholders and remain committed to honoring your 
confidence in us. We look forward to sharing additional updates throughout the year.  
Respectfully,   
Andrew Spodek 
1Each of “AFFO” and “net debt to annualized adjusted EBITDA” represent non-GAAP financial measures which are reconciled in the 
“Comments on Regulation G” section below.

 
 
 
[THIS PAGE INTENTIONALLY LEFT BLANK]

POSTALREALTYTRUST.COM
Comments on Regulation G
An explanation of certain non-GAAP financial measures used in this Annual Report, including, Funds From Operation (“FFO”)
and Adjusted Funds From Operation (“AFFO”), Net Debt and Earnings before Interest Tax and Depreciation and Amortization 
(“EBITDA”) and Adjusted EBITDA, as well as reconciliations of those non-GAAP financial measures, to the most directly comparable 
GAAP financial measure, is included below. 
We calculate FFO in accordance with the current National Association of Real Estate Investment Trusts (“NAREIT”) 
definition. NAREIT currently defines FFO as follows: net income (loss) (computed in accordance with GAAP) excluding depreciation 
and amortization related to real estate, gains and losses from the sale of certain real estate assets, gains and losses from change in control, 
and impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to 
decreases in the value of depreciable real estate held by an entity. Other REITs may not define FFO in accordance with the NAREIT 
definition or may interpret the current NAREIT definition differently than we do and therefore our computation of FFO may not be 
comparable to such other REITs.
We calculate AFFO by starting with FFO and adjusting for recurring capital expenditures (defined as all capital expenditures 
and leasing costs that are recurring in nature, excluding expenditures that (i) are for items identified or existing at the time a property 
was acquired or contributed (including through our formation transactions), (ii) are part of a strategic plan intended to increase the value 
or revenue-generating ability of a property, (iii) are considered infrequent or extraordinary in nature, or (iv) for casualty damage),  
acquisition-related expenses (defined as expenses that are incurred for investment purposes and business acquisitions and do not 
correlate with the ongoing operations of our existing portfolio, including due diligence costs for acquisitions not consummated and 
certain professional fees incurred that were directly related to completed acquisitions or dispositions and integration of acquired 
business) that are not capitalized, and certain other non-recurring expenses and then adding back non-cash items including: write-off 
and amortization of deferred financing fees, straight-line rent and other adjustments (including lump sum catch up amounts for increased 
rents, net of any lease incentives), fair value lease adjustments, income/(expenses) on insurance recoveries from casualties, casualty 
losses, non-real estate depreciation and amortization and non-cash components of compensation expense. AFFO is a non-GAAP 
financial measure and should not be viewed as an alternative to net income calculated in accordance with GAAP as a measurement of 
our operating performance. We believe that AFFO is widely used by other REITs and is helpful to investors as a meaningful additional 
measure of our ability to make capital investments. Other REITs may not define AFFO in the same manner as we do and therefore our
calculation of AFFO may not be comparable to such other REITs.
We calculate Net Debt as total debt less cash and property-related reserves. Net Debt as of December 31, 2024 is calculated as 
total debt of approximately $298 million less cash and property-related reserves of approximately $2.4 million. Net Debt as of 
December 31, 2023 is calculated as total debt of approximately $242 million less cash and property-related reserves of approximately 
$2.8 million.
We compute EBITDA as earnings before interest, income taxes, depreciation and amortization. We present EBITDA as it is a 
measure commonly used in its industry and we believe that this measure is useful to investors and analysts because they provide 
important supplemental information concerning its operating performance, exclusive of certain non-cash items and other costs. We use 
EBITDA as a measure of its operating performance and not as a measure of liquidity. We compute Adjusted EBITDA by starting with 
EBITDA and adjusting for acquisition-related expenses (as defined above) and certain other non-recurring expenses, gain on sale of real 
estate assets, casualty and impairment losses, net and non-cash components of compensation expense. EBITDA and Adjusted EBITDA 

POSTALREALTYTRUST.COM
are not measures of financial performance under GAAP. You should not consider EBITDA or Adjusted EBITDA as alternatives to net 
income or cash flows from operating activities determined in accordance with GAAP. Additionally, our computations of EBITDA and 
Adjusted EBITDA may differ from the methodology for calculating these metrics used by other equity REITs and, therefore, may not 
be comparable to similarly titled measures reported by other equity REITs
These metrics are non-GAAP financial measures and should not be viewed as an alternative measurement of our operating 
performance to net income. Management believes that accounting for real estate assets in accordance with GAAP implicitly assumes 
that the value of real estate assets diminishes predictably over time. Since real estate values have historically risen or fallen with market 
conditions, many industry investors and analysts have considered the presentation of operating results for real estate companies that use 
historical cost accounting to be insufficient by themselves. As a result, we believe that the additive use of FFO and AFFO, EBITDA and 
Adjusted EBITDA together with the required GAAP presentation, is widely-used by our competitors and other REITs and provides a 
more complete understanding of our performance and a more informed and appropriate basis on which to make investment decisions. 
Reconciliation of Net Income to FFO and AFFO
Postal Realty Trust, Inc.
Reconciliation of Net Income to FFO and AFFO
(Unaudited, in thousands, except share data)
For the Twelve 
Months Ended 
December 31, 
2024
For the Twelve 
Months Ended 
December 31, 2023
Net income
$     8,321
$        
4,583
Depreciation and amortization of real estate assets
22,095
19,584
Gain on sale of real estate assets
(2,393)
— 
Impairment charges
68
— 
FFO
$    28,091
$       
24,167
Recurring capital expenditures
(723)
(508)
Write-off and amortization of deferred financing fees and amortization of debt discount
749
686
Straight-line rent and other adjustments
1,585
(374)
Fair value lease adjustments 
(3,178)
(2,551)
Acquisition-related and other expenses
396
624
Expenses (income) on insurance recoveries from casualties
(21)
(679)
Non-real estate depreciation and amortization 
107
104
Casualty losses, net
336
— 
Non-cash components of compensation expense
6,377
5,833
AFFO
   $    33,719
$
              27,302
FFO per common share and common unit outstanding
$     0.97
$
0.95
AFFO per common share and common unit outstanding
$     1.16
$
1
.
07
Weighted average common shares and common units outstanding, basic and diluted
29,036,504
25,542,680

POSTALREALTYTRUST.COM
Reconciliation of EBITDA and Adjusted EBITDA
Postal Realty Trust, Inc.
Reconciliation of EBITDA and Adjusted EBITDA
(Unaudited, in thousands)
Reconciliation of Net Debt to Annualized Adjusted EBITDA
Postal Realty Trust, Inc.
Reconciliation of Net Debt to Annualized Adjusted EBITDA
(Unaudited, in thousands)
For the Quarter 
Ended December 
31, 2024
For the Quarter 
Ended December 
31, 2023
Net Debt
$295,831
$239,208
Annualized Adjusted EBITDA
56,488
43,036
Net Debt / Annualized Adjusted EBITDA
5.2x
5.6x
For the Three 
Months Ended 
December 31, 
2024
For the Three 
Months Ended 
December 31, 2023
Net income
$      5,685
$     
1,484
Contractual interest expense
3,268
2,546
Write-off and amortization of deferred financing fees and amortization of debt discounts
206
182
Income tax expense
42
16
Depreciation and Amortization
5,627
$5,161
EBITDA
$       14,828
$     
9,349
Acquisition-related and other expenses
122
105
Casualty and impairment losses, net
188
— 
Gain on sale of real estate assets 
(2,393)
— 
Non-cash components of compensation expense
1,377
1,305
Adjusted EBITDA
$      14,122
$        10,759

 
 
 
[THIS PAGE INTENTIONALLY LEFT BLANK]

*#)())(
(*')(#-#$""(($#
,(#)$#		

$'" 

))0'- +*-/+0-.0)//*. /$*)*-9	*!/# . 0-$/$ . 3#)" /*!
?BD8569C31<I51B5>454535=25B


$'

/-).$/$*)- +*-/+0-.0)//*. /$*)*-9	*!/# . 0-$/$ . 3#)" /*!
?BD85DB1>C9D9?>@5B9?46B?=000000000D?000000000
?==9CC9?>69<5>?
%$()!'!).)'*()#	
H13D>1=5?6B579CDB1>D1CC@53969549>9DC381BD5B
"1BI<1>4


(D1D5?B?D85B:EB9C493D9?>?6
9>3?B@?B1D9?>?B?B71>9J1D9?>
'(=@D96931D9?>#?	
?E5
541B8EBCD#. 
44B5CC?6@B9>39@1<5H53ED9F5?66935C/9@?45
'579CDB1>DLCD5<5@8?>5>E=25B9>371B513?45	

(53EB9D95CB579CD5B54@EBCE1>DD?(53D9?>
2?6D853D
)9D<5?6138<1CC
)B149>7(I=2?<
#1=5?6138H381>75?>,8938
'579CD5B54
<1CC?==?>(D?3;@1BF175
(53EB9D95CB579CD5B54@EBCE1>DD?(53D9?>
7?6D853D#?>5
$C9>86I: 7N 8=:8@ B6G@ >; I=: G:<>HIG6CI >H 6 L:AA
@CDLC H:6HDC:9 >HHJ:G 6H 9:;>C:9 >C -JA:  D; I=: .:8JG>I>:H
8I4:H)D 
$C9>86I: 7N 8=:8@ B6G@ >; I=: G:<>HIG6CI >H CDI G:FJ>G:9 ID ;>A: G:EDGIH EJGHJ6CI ID .:8I>DC  DG .:8I>DC 9	 D; I=:
8I4:H)D 
$C9>86I:7N8=:8@B6G@L=:I=:GI=:G:<>HIG6CI	=6H;>A:96AAG:EDGIHG:FJ>G:9ID7:;>A:97N.:8I>DCDG9	D;I=:
.:8JG>I>:H M8=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?:8IIDHJ8=;>A>C<G:FJ>G:B:CIH;DGI=:E6HI96NH4:H)D
$C9>86I: 7N 8=:8@ B6G@ L=:I=:G I=: G:<>HIG6CI =6H HJ7B>II:9 :A:8IGDC>86AAN :K:GN $CI:G68I>K: 6I6 !>A: G:FJ>G:9 ID 7:
HJ7B>II:9EJGHJ6CIID-JA:D;-:DC.
/QD;I=>H8=6EI:G	9JG>C<I=:EG:8:9>C<BDCI=HDG;DGHJ8=
H=DGI:GE:G>D9I=6II=:G:<>HIG6CIL6HG:FJ>G:9IDHJ7B>IHJ8=;>A:H	4:H)D
$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6
HB6AA:GG:EDGI>C<8DBE6CNDG6C:B:G<>C<C>I>DCHD;UA6G<:688:A:G6I:9;>A:GVU688:A:G6I:9;>A:GV
UHB6AA:GG:EDGI>C<8DBE6CNV6C9U: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>DC
E:G>D9 ;DG 8DBEAN>C< L>I= 6CN C:L DG G:K>H:9 ;>C6C8>6A 688DJCI>C< HI6C96G9H EGDK>9:9 EJGHJ6CI ID .:8I>DC 6	 D; 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:HH D; >IH >CI:GC6A 8DCIGDA DK:G ;>C6C8>6A G:EDGI>C< JC9:G .:8I>DC 7	 D; I=: .6G76C:H
*MA:N 8I  0.
7		7NI=:G:<>HI:G:9EJ7A>8688DJCI>C<;>GBI=6IEG:E6G:9DG>HHJ:9>IH6J9>IG:EDGI
$; H:8JG>I>:H 6G: G:<>HI:G:9 EJGHJ6CI ID .:8I>DC 7	 D; I=:  M8=6C<: 8I >C9>86I: 7N 8=:8@ B6G@ L=:I=:G ;>C6C8>6A
HI6I: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: 7N 8=:8@ B6G@ L=:I=:G 6CN D; I=DH: :GGDG 8DGG:8I>DCH 6G: G:HI6I:B:CIH I=6I G:FJ>G:9 6 G:8DK:GN 6C6ANH>H D;
>C8:CI>K:
76H:9 8DBE:CH6I>DC G:8:>K:9 7N 6CN D; I=: G:<>HIG6CIWH :M:8JI>K: D;;>8:GH 9JG>C< I=: G:A:K6CI G:8DK:GN E:G>D9
EJGHJ6CIIDQ
7	
$C9>86I:7N8=:8@B6G@L=:I=:GI=:G:<>HIG6CI>H6H=:AA8DBE6CN6H9:;>C:9>C-JA:7
D;I=:8I	4:H)D
HD;%JC:I=:6<HIG6CIWHA6HH8DBBDCHID8@=:A97NCDC
6;;>A>6I:HD;I=:
G:<>HIG6CIL6H6EEGDM>B6I:ANB>AA>DC76H:9DCI=:8ADH>C<H6A:HEG>8:D;E:GH=6G:DC%JC:6HG:EDGI:9
DCI=:):L4DG@.ID8@ M8=6C<:
HD;!:7GJ6GNI=:G:<>HIG6CI=69H=6G:HD;A6HH8DBBDCHID8@DJIHI6C9>C<
$*"#)(#$'%$').''#
+DGI>DCHD;I=:G:<>HIG6CIWH:;>C>I>K:+GDMN.I6I:B:CI;DGI=:CCJ6A(::I>C<D;.=6G:=DA9:GHID7:;>A:9L>I=I=:
.:8JG>I>:H6C9 M8=6C<:DBB>HH>DCCDA6I:GI=6C96NH6;I:GI=::C9D;I=:G:<>HIG6CIWH;>H86AN:6G:C9	6G:>C8DGEDG6I:97N
G:;:G:C8:>CI=>HCCJ6A-:EDGIDC!DGB
&>CG:HEDCH:ID+6GI$$$I:B6C9+6GI$$$$I:BH6C9
/67A:D;DCI:CIH

%$()!'!).)'*()#	
##*!'%$')$#$'" 
$')(!.'#"'


)!$$#)#)(
%175
0/$*)-4.// ( )/- "-$)"!*-2-
'**&$)".// ( )/.
>>
%')
$/ (
0.$) ..

$/ (
-$.&!/*-.

$/ (
0)- .*'1 ./!!*(( )/.

$/ (
4 -. 0-$/4

$/ (
+-*+ -/$ .

$/ (
' "'+-*  $)".

$/ (
($) .! /4$.'*.0- .

%')
$/ (
(-& /!*-- "$./-)/W.*((*) ,0$/4- '/ ./*&#*' -(// -.
)$..0 -+0-#. .*! ,0$/4. 0-$/$ .

$/ (
- . -1 

$/ (
()" ( )/W.$.0..$*)))'4.$.*!!$))$'*)$/$*))- .0'/.
*!*+ -/$*).

$/ (
,0)/$//$1 ),0'$//$1 $.'*.0- .*0/(-& /-$.&

$/ (
!$))$'.// ( )/.).0++' ( )/-4/
!

$/ (
#)" .$))$."-  ( )/.2$/#*0)/)/.*)*0)/$)")
!$))$'$.'*.0- 

$/ (
*)/-*'.)+-* 0- .

$/ (
*/# -$)!*-(/$*)

$/ (
$.'*.0- - "-$)"!*- $")%0-$.$/$*)./#/+- 1 )/$).+ /$*).

%')
$/ (
$- /*-. 3 0/$1 *!!$ -.)*-+*-/ "*1 -)) 

$/ (
 3 0/$1 *(+ )./$*)

$/ (
. 0-$/4*2) -.#$+*! -/$) ) !$$'*2) -.)()" ( )/)
- '/ ./*&#*' -(// -.

$/ (
 -/$)- '/$*).#$+.)- '/ /-)./$*).)$- /*-
$) + ) ) 

$/ (
+-$)$+'*0)/)/!  .). -1$ .

%')+
$/ (
 3#$$/.)!$))$'.// ( )/.# 0' .

$/ (
!*-(
&.0((-4

/67A:D;DCI:CIH
>

*)$#'.())"#)''#$','!$$ #())"#)(
/=>HCCJ6A-:EDGIDC!DGB
&8DCI6>CHU;DGL6G9
ADD@>C<HI6I:B:CIHVL>I=>CI=:B:6C>C<D;;:9:G6AH:8JG>I>:H
A6LH/=:H:;DGL6G9
ADD@>C<HI6I:B:CIH6G:>C8AJ9:9I=GDJ<=DJII=>HCCJ6A-:EDGIDC!DGB
&>C8AJ9>C<>CI=:H:8I>DCH
:CI>IA:9 U->H@ !68IDGHV U(6C6<:B:CIWH >H8JHH>DC 6C9 C6ANH>H D; !>C6C8>6A DC9>I>DC 6C9 -:HJAIH D; *E:G6I>DCHV 6C9
UJH>C:HHV6C9G:A6I:IDB6II:GHHJ8=6HDJG>C9JHIGN7JH>C:HHHIG6I:DCH8DC8:GC>C<DJGB6G@:IEDH>I>DC
;JIJG:DE:G6I>DCHB6G<>CHEGD;>I67>A>IN86E>I6A:ME:C9>IJG:H;>C6C8>6A8DC9>I>DCA>FJ>9>IN86E>I6AG:HDJG8:H86H=;ADLHG:HJAIH
D;DE:G6I>DCH6C9DI=:G;>C6C8>6A6C9DE:G6I>C<>C;DGB6I>DC2:=6K:JH:9I=:LDG9HU6EEGDM>B6I:ANVU6CI>8>E6I:VU6HHJB:V
U7:A>:K:VU7J9<:IVU8DCI:BEA6I:VU8DCI>CJ:VU8DJA9VU:HI>B6I:VU:ME:8IVU;JIJG:VU>CI:C9VUB6NVUDJIADD@VUEA6CV
UEDI:CI>6AVUEG:9>8IVUEGD?:8IVUH::@VUH=DJA9VUI6G<:IVUL>AAV6C9H>B>A6GI:GBH6C9E=G6H:HID>9:CI>;N;DGL6G9
ADD@>C<
HI6I:B:CIH>CI=>HCCJ6A-:EDGIDC!DGB
&
!DGL6G9
ADD@>C<HI6I:B:CIH>CKDAK:CJB:GDJHG>H@H6C9JC8:GI6>CI>:H6C9NDJH=DJA9CDIG:ANDCI=:B6HEG:9>8I>DCH
D;;JIJG::K:CIH!DGL6G9
ADD@>C<HI6I:B:CIH9:E:C9DC6HHJBEI>DCH96I6DGB:I=D9HL=>8=B6N7:>C8DGG:8IDG>BEG:8>H:6C9
L:B6NCDI7:67A:IDG:6A>O:I=:B$C699>I>DC>BEDGI6CI;68IDGHI=6I8DJA986JH:68IJ6AG:HJAIHID9>;;:GB6I:G>6AAN;GDBHJ8=
;DGL6G9
ADD@>C<HI6I:B:CIH>C8AJ9:I=:G>H@;68IDGH>C$I:BU->H@!68IDGHV6C9:AH:L=:G:>CI=>HCCJ6A-:EDGIDC!DGB

&2=>A:;DGL6G9
ADD@>C<HI6I:B:CIHG:;A:8IDJGI=7:A>:;HI=:N6G:CDIH@H
6C9JC8:GI6>CI>:H6G>H:;GDBI>B:IDI>B:6C9L:86CCDIEG:9>8II=DH::K:CIHDG=DLI=:NB><=I6;;:8IJH2:6HHJB:CD
D7A><6I>DCIDJE96I:6CN;DGL6G9
ADD@>C<HI6I:B:CIH6;I:GI=:96I:D;I=>HCCJ6A-:EDGIDC!DGB
&:M8:EI6HG:FJ>G:97N
6EEA>867A:A6L">K:CI=:H:G>H@H6C9JC8:GI6>CI>:H>CK:HIDGHH=DJA9CDIEA68:JC9J:G:A>6C8:DC;DGL6G9
ADD@>C<HI6I:B:CIH6H
6EG:9>8I>DCD;68IJ6AG:HJAIH
2=:CL:JH:I=:I:GBHUL:VUJHVUDJGVI=:UDBE6CNV6C9UDJG8DBE6CNV>CI=>HCCJ6A-:EDGIDC!DGB
&
L:6G:G:;:GG>C<ID+DHI6A-:6AIN/GJHI$C86(6GNA6C98DGEDG6I>DCID<:I=:GL>I=DJG8DCHDA>96I:9HJ7H>9>6G>:H>C8AJ9>C<
+DHI6A -:6AIN '+ 6 :A6L6G: A>B>I:9 E6GIC:GH=>E D; L=>8= L: 6G: I=: HDA: <:C:G6A E6GIC:G 6C9 L=>8= L: G:;:G ID 6H DJG
*E:G6I>C<+6GIC:GH=>EV
AA D; DJG ;DGL6G9
ADD@>C<HI6I:B:CIH6G:HJ7?:8IIDG>H@H6C9JC8:GI6>CI>:H I=6I B6N 86JH: 68IJ6A G:HJAIH ID 9>;;:G
B6I:G>6AAN;GDBI=DH:I=6IL:6G::ME:8I>C<>C8AJ9>C<
R
8=6C<:>CI=:HI6IJHD;I=:0C>I:9.I6I:H+DHI6A.:GK>8:I=:0.+.	6H6C>C9:E:C9:CI6<:C8ND;I=::M:8JI>K:
7G6C8=D;I=:0.;:9:G6ACI=:9:B6C9;DGEDHI6AH:GK>8:H9:A>K:G:97NI=:0.+.
R
DJG67>A>INID8DB:ID6C6I=I=:0.+.G:<6G9>C<C:LA:6H:HDGA:6H:G:C:L6AHDCI=:I:GBH6C9I>B>C<
L::ME:8IDG6I6AA
R
I=:HDAK:C8N6C9;>C6C8>6A=:6AI=D;I=:0.+.
R
9:;6JAIHDC:6GANI:GB>C6I>DCHD;DGCDC
G:C:L6AD;A:6H:HDG68IJ6AEDI:CI>6ADGI=G:6I:C:9G:AD86I>DC8ADHJG:DG
8DCHDA>96I>DCD;EDHI6AD;;>8:HDG9:A>K:GNGDJI:H7NI=:0.+.
R
I=:8DBE:I>I>K:B6G@:I>CL=>8=L:DE:G6I:
R
8=6C<:H>CI=:6K6>A67>A>IND;68FJ>H>I>DCDEEDGIJC>I>:H
R
DJG>C67>A>INIDHJ88:HH;JAAN8DBEA:I:G:6A:HI6I:68FJ>H>I>DCHDG9>HEDH>I>DCHDCI=:I:GBH6C9I>B>C<L::ME:8IDG
6I6AA
R
DJG;6>AJG:IDHJ88:HH;JAANDE:G6I:9:K:ADE:96C968FJ>G:9EGDE:GI>:H
R
69K:GH: :8DCDB>8 DG G:6A :HI6I: 9:K:ADEB:CIH :>I=:G C6I>DC6AAN DG >C I=: B6G@:IH >C L=>8= DJG EGDE:GI>:H 6G:
AD86I:9
R
9:8G:6H:9G:CI6AG6I:HDG>C8G:6H:9K686C8NG6I:H
R
8=6C<:>CDJG7JH>C:HH;>C6C8>C<DG>CK:HIB:CIHIG6I:CL=>8=L:DE:G6I:
/67A:D;DCI:CIH
>>

R
;AJ8IJ6I>DCH >C >CI:G:HI G6I:H 6C9 >C8G:6H:9 DE:G6I>C< 8DHIH G:E6>G 6C9 B6>CI:C6C8: :ME:CH:H 6C9 86E>I6A
:ME:C9>IJG:H
R
<:C:G6A :8DCDB>8 8DC9>I>DCH >C8AJ9>C< >C;A6I>DC G>H>C< >CI:G:HI G6I:H JC8:GI6>CIN G:<6G9>C< DCC< 8DC;A>8I
7:IL::C-JHH>66C90@G6>C:6C9I=:>GG:A6I:9>BE68IDCB68GD:8DCDB>88DC9>I>DCH	
R
;>C6C8>6AB6G@:I;AJ8IJ6I>DCH
R
DJG;6>AJG:ID<:C:G6I:HJ;;>8>:CI86H=;ADLHIDH:GK>8:DJGDJIHI6C9>C<>C9:7I:9C:HH
R
DJG;6>AJG:IDD7I6>CC:8:HH6GNDJIH>9:;>C6C8>C<DC;6KDG67A:I:GBHDG6I6AA
R
;6>AJG:ID=:9<::;;:8I>K:AN6<6>CHI>CI:G:HIG6I:8=6C<:H
R
DJGG:A>6C8:DC@:NE:GHDCC:AL=DH:8DCI>CJ:9H:GK>8:>HCDIBH6C9A>I><6I>DC>CKDAK>C<DG6;;:8I>C<JH
R
8=6C<:H>CG:6A:HI6I:I6M6I>DCODC>C<A6LH6C9DI=:GA:<>HA6I>DC6C9K>IN6C98=6C<:HIDG:6A
EGDE:GINI6MG6I:H6C9I=:I6M6I>DCD;G:6A:HI6I:>CK:HIB:CIIGJHIHU- $/HV	>C<:C:G6A
R
DE:G6I>DCHI=GDJ<=?D>CIK:CIJG:H6C9G:A>6C8:DCDG9>HEJI:HL>I=8D
K:CIJG:GH
R
8N7:GH:8JG>INI=G:6IH
R
JC8:GI6>CI>:H6C9G>H@HG:A6I:9ID69K:GH:L:6I=:G8DC9>I>DCHC6IJG6A9>H6HI:GH6C98A>B6I:8=6C<:
R
:MEDHJG:IDA>67>A>ING:A6I>C<ID:CK>GDCB:CI6A6C9=:6AI=6C9H6;:INB6II:GH
R
DCH 6C9 >C>I>6I>K:H >C8AJ9>C< I=: C::9 ;DG 8DBEA>6C8: L>I= :CK>GDCB:CI6A
G:FJ>G:B:CIH
R
A68@DG>CHJ;;>8>:CI6BDJCIHD;>CHJG6C8:
R
A>B>I6I>DCH>BEDH:9DCDJG7JH>C:HH>CDG9:GIDB6>CI6>CDJGHI6IJH6H6- $/6C9DJG;6>AJG:IDB6>CI6>CHJ8=
HI6IJH
R
EJ7A>8=:6AI=I=G:6IHHJ8=6HI=:8DGDC6K>GJH*1$
	E6C9:B>86C9
R
699>I>DC6A ;68IDGH 9>H8JHH:9 JC9:G I=: H:8I>DCH 86EI>DC:9 $I:B  U->H@ !68IDGHV $I:B  U(6C6<:B:CIWH
>H8JHH>DC6C9C6ANH>HD;!>C6C8>6ADC9>I>DC6C9-:HJAIHD;*E:G6I>DCHV6C9$I:BUJH>C:HHV
/67A:D;DCI:CIH
>>>

 
 
 
[THIS PAGE INTENTIONALLY LEFT BLANK]

%')
)"	*(#((
5>5B1<
2:6G:6C>CI:GC6AANB6C6<:9- $/L>I=6;D8JHDC68FJ>G>C<6C9B6C6<>C<EGDE:GI>:HA:6H:9EG>B6G>ANIDI=:0.+.
G6C<>C<;GDBA6HI
B>A:EDHID;;>8:HID>C9JHIG>6A;68>A>I>:H2:7:A>:K:I=6IL:6G:I=:A6G<:HIDLC:G6C9B6C6<:GB:6HJG:97N
C:IA:6H67A:HFJ6G:;DDI6<:D;EGDE:GI>:HI=6I6G:A:6H:9IDI=:0.+.
2:L:G:DG<6C>O:9>CI=:HI6I:D;(6GNA6C9DC)DK:B7:G6C98DBB:C8:9DE:G6I>DCHJEDC8DBEA:I>DCD;
DJG>C>I>6AEJ7A>8D;;:G>C<$+*	DC(6N6C9I=:G:A6I:9;DGB6I>DCIG6CH68I>DCH*JGA6HH8DBBDCHID8@IG69:H
DCI=:):L4DG@.ID8@ M8=6C<:JC9:GI=:HNB7DAU+./'V2::A:8I:9ID7:I6M:96H6- $/;DG0.;:9:G6A>C8DB:I6M
EJGEDH:H8DBB:C8>C<L>I=DJGH=DGII6MN:6G:C9:9:8:B7:G
2:8DC9J8IDJG7JH>C:HHI=GDJ<=6IG69>I>DC6A0+- $/HIGJ8IJG:>CL=>8=DJGEGDE:GI>:H6G:DLC:97NDJG*E:G6I>C<
+6GIC:GH=>E9>G:8IANDGI=GDJ<=A>B>I:9E6GIC:GH=>EHA>B>I:9A>67>A>IN8DBE6C>:HDGDI=:GHJ7H>9>6G>:H2:6G:I=:HDA:<:C:G6A
E6GIC:GD;DJG*E:G6I>C<+6GIC:GH=>EI=GDJ<=L=>8=DJGEGDE:GI>:H6G:9>G:8IANDG>C9>G:8IANDLC:9HD;:8:B7:G
L:DLC:96EEGDM>B6I:AND;I=:DJIHI6C9>C<8DBBDCJC>IHD;A>B>I:9E6GIC:GH=>E>CI:G:HI>CDJG*E:G6I>C<+6GIC:GH=>E
I=:U*+0C>IHV	>C8AJ9>C<ADC<I:GB>C8:CI>K:JC>IHD;DJG*E:G6I>C<+6GIC:GH=>EI=:U'/$+0C>IHV	*JGD6G9D;>G:8IDGH
DK:GH::HDJG7JH>C:HH6C96;;6>GH
'51<CD1D5>F5CD=5>DC
HD;:8:B7:GL:=69C:I>CK:HIB:CIHD;6EEGDM>B6I:ANB>AA>DC>CG:6A:HI6I:EGDE:GI>:H
>C8AJ9>C<ILDEGDE:GI>:H688DJCI:9;DG6H;>C6C8>C<A:6H:H	/=:EGDE:GI>:H6G:AD86I:9>CHI6I:H6C9DC:I:GG>IDGNIDI6A>C<
6EEGDM>B6I:ANB>AA>DCC:IA:6H67A:>CI:G>DGHFJ6G:;::I>CI=:6<:96HD;:8:B7:G
L>I=6L:><=I:96K:G6<:G:B6>C>C<A:6H:I:GBD;6EEGDM>B6I:AN;DJGN:6GHHD;:8:B7:GL:B6C6<:I=GDJ<=DJG
I6M67A:- $/HJ7H>9>6GN/-.	6C699>I>DC6AEGDE:GI>:HDLC:97NDJG8=>:;:M:8JI>K:D;;>8:GC9G:L.ED9:@6C9=>H
6;;>A>6I:HJG>C<I=:N:6G:C9:9:8:B7:GL:68FJ>G:9;GDBDJG8=>:;:M:8JI>K:D;;>8:GC9G:L.ED9:@6C9=>H
6;;>A>6I:H6EDGI;DA>DD;EGDE:GI>:H8JGG:CIANA:6H:9IDI=:0.+.;DG6EEGDM>B6I:ANB>AA>DC>C86H=:M8AJ9>C<8ADH>C<
8DHIH2:=6K:6G:B6>C>C<G><=ID;;>GHID;;:GIDEJG8=6H:D;DJGB6C6<:9EGDE:GI>:H
/=: B6?DG>IN D; DJG A:6H:H 6G: BD9>;>:9 9DJ7A:
C:I A:6H:H L=:G:7N I=: 0.+. >H G:HEDCH>7A: ;DG JI>A>I>:H 8:GI6>C
B6>CI:C6C8:D7A><6I>DCH6C9G:>B7JGH:B:CID;EGDE:GINI6M:H6C9I=:A6C9ADG9>HG:HEDCH>7A:;DG>CHJG6C8:GDD;6C9HIGJ8IJG:
2:7:A>:K:I=>HHIGJ8IJG:=:AEH>CHJA6I:JH;GDB>C8G:6H:H>C8:GI6>CDE:G6I>C<:ME:CH:H6C9EGDK>9:H6BDG:EG:9>8I67A:86H=
;ADL2:7:A>:K:I=:DK:G6AADEEDGIJC>IN;DG8DCHDA>96I>DCI=6I:M>HIHL>I=>CI=:EDHI6AAD<>HI>8HC:ILDG@>HK:GN6IIG68I>K:2:
8DCI>CJ:ID:M:8JI:DJGHIG6I:G:6C98DCHDA>96I:EDHI6AEGDE:GI>:HI=6IL:7:A>:K:L>AA<:C:G6I:HIGDC<:6GC>CB:IDI>B:IDG:8N8A:86E>I6A


978<978DC
R
*JGDLC:9EDGI;DA>DL6HD88JE>:96HD;:8:B7:G
R
2:68FJ>G:9EGDE:GI>:HA:6H:9EG>B6G>ANIDI=:0.+.IDI6A>C<6EEGDM>B6I:ANC:IA:6H67A:>CI:G>DG
HFJ6G:;::I;DG6EEGDM>B6I:ANB>AA>DC:M8AJ9>C<8ADH>C<8DHIH9JG>C<
A
2:HDA9ILDG:6A:HI6I:EGDE:GI>:H;DGC:IEGD8::9HD;B>AA>DC6C9G:8DG9:96C:I<6>CD;B>AA>DC
A
2:6B:C9:9DJG:M>HI>C<G:9>I!68>A>I>:H6H9:;>C:97:ADL	>C*8ID7:GID6BDC<DI=:GI=>CI=/GJ>HI6C@6HI=:69B>C>HIG6I>K:6<:CIA:II:GD;8G:9>I>HHJ:G6C9HL>CC:A:C9:G$C
699>I>DCL:>C8G:6H:9I=:/:GB'D6C8DBB>IB:CIH>C6C6<C8>E6A6BDJCID;JEIDB>AA>DC
L=>8=L:;JAAN:M:G8>H:9
R
2: >HHJ:9  H=6G:H D; A6HH  8DBBDC HID8@ JC9:G DJG 6I
I=:
B6G@:I :FJ>IN D;;:G>C< EGDC<G6>H>C<6EEGDM>B6I:ANB>AA>DC>C4C
R
2:=6K:>C8G:6H:9DJGFJ6GI:GAN9>K>9:C9;GDB;DGI=:;DJGI=FJ6GI:G9>K>9:C9ID;DGI=:
;DJGI=FJ6GI:G9>K>9:C9*JG9>K>9:C9E:GH=6G:=6H>C8G:6H:9:K:GNN:6GH>C8:DJG$+*AI=DJ<=L::ME:8I
ID8DCI>CJ:DJGEDA>8ND;E6N>C<G:K>9:C9HL:86CCDIAAB6>CI6>CDJG8JGG:CIA:K:AD;
9>K>9:C9HI=6IL:L>AA8DCI>CJ:DJGG:8:CIE6II:GCD;>C8G:6H>C<9>K>9:C9HE:GH=6G:DGL=6IDJG68IJ6A9>K>9:C9
N>:A9L>AA7:>C6CN;JIJG:E:G>D9
)5>1>D?>35>DB1D9?>
2:68FJ>G:6C9B6C6<:EDHI6AEGDE:GI>:H6C9G:EDGIDJG7JH>C:HH6H6H>C:H6G:
A:6H:9EG>B6G>ANIDI=:0.+..::I=:9>H8JHH>DCHJC9:G$I:B->H@!68IDGHT->H@H-:A6I:9IDI=:0.+.$CI=>HCCJ6A
-:EDGIL:B6@:G:;:G:C8:ID8:GI6>C;>C6C8>6A6C9DE:G6I>DC6A96I6>CI=:EJ7A>8G:EDGIHD;I=:0.+.;>A:9L>I=I=:+DHI6A
-:HH>DCI=:+-	6K6>A67A:6ILLLJHEH8DBDGLLLEG8DCDCDG688:HH>7A:I=GDJ<=I=:
0.+.WL:7H>I:DGI=:+-WHL:7H>I:>HCDI6E6GID;6C9>HCDI>C8DGEDG6I:9>CIDI=>HCCJ6A-:EDGIDG6CNDI=:G;>A>C<L:;>A:
DG;JGC>H=L>I=I=:.:8JG>I>:H6C9 M8=6C<:DBB>HH>DCI=:U. V	
?F5B>=5>D'57E<1D9?>C
DBEA>6C8:L>I=K6G>DJHDCH=6H6C>BE68IDCDJG7JH>C:HH>C8AJ9>C<DJG86E>I6A:ME:C9>IJG:H
:6GC>CI>K:EDH>I>DC/=:>BE68ID;I=:H:DCH86C7:B6I:G>6AIDDJG7JH>C:HH2:>C8JG
8DHIHIDBDC>IDG6C9I6@:68I>DCID8DBEANL>I=DCHI=6I6G:6EEA>867A:IDDJG7JH>C:HHL=>8=>C8AJ9:
6BDC<DI=:GH;:9:G6AH:8JG>I>:HA6LH6C9G:DCH- $/6C9DI=:GI6MA6LH6C9G:DCH:CK>GDCB:CI6A6C9=:6AI=6C9
H6;:INA6LH6C9G:DCHA:<6AG:FJ>G:B:CIH;DG;:9:G6AC<JH6<:6C9DI=:GG:DCH
G:A6I>C<IDG:6AEGDE:GIN6C9I=:B:G>86CHL>I=>H67>A>I>:H8ID;6H6B:C9:9I=:	
*JGEGDE:GI>:HBJHI8DBEANL>I=/>IA:$$$D;I=:IDI=::MI:CII=6IHJ8=EGDE:GI>:H6G:UEJ7A>8688DBBD96I>DCHV
6H9:;>C:97NI=:/=:B6NG:FJ>G:G:BDK6AD;HIGJ8IJG6A76GG>:GHID688:HH7NE:GHDCHL>I=9>H67>A>I>:H>C8:GI6>C
EJ7A>86G:6HD;DJGEGDE:GI>:HL=:G:HJ8=G:BDK6A>HG:69>AN68=>:K67A:2:7:A>:K:I=::M>HI>C<EGDE:GI>:H6G:>CHJ7HI6CI>6A
8DBEA>6C8:L>I=I=:6C9I=6IL:L>AACDI7:G:FJ>G:9IDB6@:HJ7HI6CI>6A86E>I6A:ME:C9>IJG:HID699G:HHI=:G:FJ>G:B:CIH
D;I=:#DL:K:GCDC8DBEA>6C8:L>I=I=:8DJA9G:HJAI>C>BEDH>I>DCD;;>C:HDG6C6L6G9D;96B6<:HIDEG>K6I:
A>I><6CIH/=:D7A><6I>DCIDB6@:G:69>AN68=>:K67A:688DBBD96I>DCH>H6CDCC<DC:6C9L:L>AA8DCI>CJ:ID6HH:HHDJG
EGDE:GI>:H6C9IDB6@:6AI:G6I>DCH6H6EEGDEG>6I:>CI=>HG:HE:8I
E=1>1@9D1<'5C?EB35"1>175=5>D
HD;:8:B7:GL::BEADN:9;JAA
I>B::BEADN::H*JG:BEADN::H6G:EG>B6G>ANAD86I:96IDJG8DGEDG6I:
D;;>8:>C:96G=JGHI):L4DG@*JG:BEADN::H6G:CDIB:B7:GHD;6CNA67DGJC>DC6C9L:8DCH>9:GDJGG:A6I>DCHL>I=DJG
:BEADN::HID7:H6I>H;68IDGNHD;:8:B7:GD;DJG:BEADN::HD;DJGC6B:9:M:8JI>K:D;;>8:GH6C9@:N
:BEADN::H 9:;>C:9 6H 6AA :BEADN::H L>I= 6 I>IA: D; K>8: EG:H>9:CI 6C9 =><=:G	 6C9  D; I=: B:B7:GH D; DJG D6G9 D;
>G:8IDGHL:G:;:B6A:6C9D;DJG:BEADN::H>9:CI>;>:96H6B:B7:GD;6C:I=C>86C9DGG68>6AB>CDG>INI6A9:CI>;N>C<G:8GJ>I>C<G:I6>C>C<9:K:ADE>C<>C8:CI>K>O>C<6C9>CI:C<DJG
:M>HI>C<6C9EGDHE:8I>K::BEADN::H2::C9:6KDGIDB6>CI6>CLDG@EA68:HI=6I6G:;G::;GDB9>H8G>B>C6I>DCDG=6G6HHB:CIDC
I=: 76H>H D; 8DADG G68: H:M C6I>DC6A DG><>C :I=C>8>IN G:A><>DC 6<: 9>H67>A>IN H:MJ6A DG>:CI6I>DC <:C9:G >9:CI>;>86I>DC DG
:MEG:HH>DC DG 6CN DI=:G HI6IJH EGDI:8I:9 7N 6EEA>867A: A6L /=: 76H>H ;DG 6CN G:8GJ>IB:CI =>G>C< 9:K:ADEB:CI IG6>C>C<
8DBE:CH6I>DC 6C9 69K6C8:B:CI 6I I=: DBE6CN 6G: FJ6A>;>86I>DCH E:G;DGB6C8: H@>AAH 6C9 :ME:G>:C8: 2: 7:A>:K: DJG
:BEADN::H6G:;6>GAN8DBE:CH6I:96C98DBE:CH6I>DC6C9EGDBDI>DC9:8>H>DCH6G:B69:L>I=DJIG:<6G9ID<:C9:GG68:6C9
:I=C>8>IN BEADN::H6G:GDJI>C:ANG:8DO:9;DGDJIHI6C9>C<E:G;DGB6C8:
2: B6>CI6>C 7DI= 86H=
 6C9 :FJ>IN
76H:9 8DBE:CH6I>DC EGDC 6C9 BDI>K6I: DJG
:BEADN::H 2: G:8DO: I=: >BEDGI6C8: D; I=: =:6AI= H6;:IN 6C9 :CK>GDCB:CI6A L:AA
7:>C< D; DJG :BEADN::H 6C9 6G:
8DBB>II:9IDEGDK>9>C<6C9B6>CI6>C>C<6=:6AI=NLDG@:CK>GDCB:CI2:D;;:G68DBEG:=:CH>K:7:C:;>IHEGD7A:HE:C9>C<688DJCIH>C8DB:EGDI:8I>DCI=GDJ<=DJGH>8@E6N6C9ADC<
I:GB9>H67>A>INEDA>8>:HE6>9
K686I>DC E6>9 E6G:CI6A A:6K: 6C9 =DA>96N 6C9 E:GHDC6A 96NH ID76A6C8: LDG@ 6C9 E:GHDC6A A>;: $C 699>I>DC ID DJG 7:C:;>IH
EGD;::C=6C8:B:CIH6IDJG8DGEDG6I:=:69FJ6GI:GH>C8AJ9>C<7JICDIA>B>I:9ID=:6AI=N
HC68@H6C9:G8LDG@HI6I>DCH2::C8DJG6<:DJG:BEADN::HIDI6@:69K6CI6<:D;K6G>DJH>CI:GC6AIG6>C>C<DEEDGIJC>I>:H
6C9I=DH:EGDK>9:97NDJIH>9:H:GK>8:EGDK>9:GHIDI=::MI:CII=:H:6G:7JH>C:HHG:A6I:9AA8DGEDG6I::BEADN::H>C8AJ9>C<
/67A:D;DCI:CIH


B:B7:GHD;DJGB6C6<:B:CII:6BG:8:>K:E:G>D9>8IG6>C>C<67DJIDJG7JH>C:HHI=:DBE6CNWHHIGJ8IJG:6C9I=:>BEDGI6CI
A6LH6C9EDA>8>:HI=6I6;;:8II=:DBE6CN$C699>I>DCB6CND;DJG:BEADN::H=DA9EGD;:HH>DC6AA>8:CH:H6C9L::C8DJG6<:
I=:B ID 6II:C9 6C9 G:>B7JGH: I=:B ;DG FJ6A>;>:9 DCC< 8DCI>CJ>C< EGD;:HH>DC6A :9J86I>DC 2: 6AHD EGDK>9: 6AA D; DJG
:BEADN::HL>I=7>6CCJ6AE:G;DGB6C8:6C986G::G9:K:ADEB:CIG:K>:LH
>F9B?>=5>D1<"1DD5BC
0C9:GK6G>DJH;:9:G6AHI6I:6C9AD86AA6LHDG9>C6C8:H6C9G:DCH6H68JGG:CIDG;DGB:GDLC:GD;G:6AEGDE:GIN
L:B6N7:A>67A:;DG8DHIHD;I=:G:BDK6ADGG:B:9>6I>DCD;8:GI6>C=6O6G9DJHHJ7HI6C8:HL6HI:DGE:IGDA:JBEGD9J8IH6IDC>C
DGJC9:GI=:EGDE:GI>:HI=6IL:DLC>C8AJ9>C<8DHIH;DG>CK:HI><6I>DCDGG:B:9>6I>DCC6IJG6AG:HDJG8:96B6<:HDGI=>G9
E6GIN
A>67>A>IN;DGE:GHDC6A>C?JGNDGEGDE:GIN96B6<:/=:H:A6LHD;I:C>BEDH:A>67>A>INL>I=DJIG:<6G9ID;6JAI>C8AJ9>C<L=:I=:GI=:
DLC:GDGDE:G6IDG@C:LD;DGL:G:G:HEDCH>7A:;DGI=:EG:H:C8:DGG:A:6H:D;HJ8=B6I:G>6AH6C9I=:G:;DG:>I>HEDHH>7A:I=6I
L:8DJA9>C8JGI=:H:8DHIH:K:C6;I:GL:H:AAHDB:D;I=:EGDE:GI>:H.DB:D;DJGEGDE:GI>:H=6K:7::CDGB6N>CI=:;JIJG:7:
>BE68I:97N8DCI6B>C6I>DC6G>H>C<;GDB8JGG:CIDGEG>DGJH:HD;I=:EGDE:GINDG69?68:CIEGDE:GI>:H;DG8DBB:G8>6A>C9JHIG>6ADG
DI=:G EJGEDH:H $C 699>I>DC ID I=: 8DHIH D; 8A:6CJE :CK>GDCB:CI6A 8DCI6B>C6I>DC 86C 6;;:8I I=: K6AJ: D; 6 EGDE:GIN 6C9
I=:G:;DG:6CDLC:GWH67>A>INID7DGGDLJH>C<I=:EGDE:GIN6H8DAA6I:G6ADGIDH:AAI=:EGDE:GIN
=6C<:H>CA6LH>C8G:6H>C<I=:EDI:CI>6AA>67>A>IN;DG:CK>GDCB:CI6A8DC9>I>DCH:M>HI>C<DCEGDE:GI>:HDG>C8G:6H>C<I=:
G:HIG>8I>DCHDC9>H8=6G<:HDGDI=:G8DC9>I>DCHB6NG:HJAI>CH>;>86CIJC6CI>8>E6I:9:ME:C9>IJG:HDGB6NDI=:GL>H:69K:GH:AN
6;;:8II=:DE:G6I>DCHD;I=:I:C6CIHD;DJGEGDE:GI>:HL=>8=8DJA9B6I:G>6AAN6C969K:GH:AN6;;:8IJH2:B6>CI6>C6C>CHJG6C8:
EDA>8N;DG:CK>GDCB:CI6AA>67>A>I>:H6I6AAD;DJGEGDE:GI>:H#DL:K:G6CNEDI:CI>6ADG:M>HI>C<:CK>GDCB:CI6A8DCI6B>C6I>DC
A>67>A>I>:HB6N7:>C:M8:HHD;I=:8DK:G6<:A>B>IHD;DGCDI8DK:G:97NHJ8=>CHJG6C8:EDA>8N2:B6N6AHDCDI7:6L6G:D;6AA
EDI:CI>6ADG:M>HI>C<:CK>GDCB:CI6A8DCI6B>C6I>DCA>67>A>I>:H6II=:EGDE:GI>:H>CDJGEDGI;DA>DDGI=:EGDE:GI>:HI=6IL:68FJ>G:>C
I=:;JIJG:H6G:HJAIL:8DJA9EDI:CI>6AAN>C8JGB6I:G>6AA>67>A>IN;DGI=:H:>HHJ:H
$C699>I>DCHDB:D;DJG7J>A9>CCDG6IDC:I>B:8DCI6>C:9A:69
76H:9E6>CI6H7:HIDH8DCI6>C>C<B6I:G>6AH
JC9:G6AAN=6O6G9DJHDGIDM>8HJ7HI6C8:HL=>8=8DJA9A:69
IDA>67>A>IN;DG69K:GH:=:6AI=:;;:8IHDGEGDE:GIN96B6<:DG8DHIH;DGG:B:9>6I>DC.DB:D;DJGEGDE:GI>:H=6K:6AHD6IDC:I>B:
9:K:ADE:96C9B6N>C;JIJG:9:K:ADE=6GB;JABDA9DGDI=:G>C9DDG6>GFJ6A>IN>HHJ:H$C9DDG6>GFJ6A>IN>HHJ:H86C6AHDHI:B
;GDB>C69:FJ6I:K:CI>A6I>DC8=:B>86A8DCI6B>C6I>DC;GDB>C9DDGDGDJI9DDGHDJG8:H6C9DI=:G7>DAD<>86A8DCI6B>C6CIHHJ8=6H
EDAA:CK>GJH:H6C9768I:G>6$C9DDG:MEDHJG:IDA:696H7:HIDHDG6>G7DGC:IDM>CHDG>GG>I6CIH67DK:8:GI6>CA:K:AH86C7:6AA:<:9
ID86JH:6K6G>:IND;69K:GH:=:6AI=:;;:8IH6C9HNBEIDBH>C8AJ9>C<6AA:G<>8DGDI=:GG:68I>DCHH6G:HJAII=:EG:H:C8:D;A:69
6H7:HIDHJC9:GG7DGC:8DCI6B>C6CIHDGDI=:GEDI:CI>6AAN=6O6G9DJHDGIDM>8HJ7HI6C8:H6I
6CND;DJGEGDE:GI>:H8DJA9G:FJ>G:JHIDJC9:GI6@:68DHIANG:B:9>6I>DCEGDCDGG:BDK:HJ8=8DCI6B>C6CIH;GDB
I=:6;;:8I:9EGDE:GIN$C699>I>DCI=:EG:H:C8:D;EDI:CI>6AAN=6O6G9DJHDGIDM>8HJ7HI6C8:H8DJA9:MEDH:JHIDA>67>A>IN;GDBDJG
I:C6CIH:BEADN::HD;DJGI:C6CIHDGDI=:GH>;EGDE:GIN96B6<:DGE:GHDC6A>C?JGND88JGH
F19<129<9DI?6'5@?BDC9<54G9D8D85(53EB9D95C1>4H381>75?==9CC9?>
 8DEN D; I=>H CCJ6A -:EDGI DC !DGB 
& 6H L:AA 6H DJG FJ6GI:GAN G:EDGIH DC !DGB 
, 8JGG:CI G:EDGIH DC
!DGB
&6C96CN6B:C9B:CIHIDHJ8=G:EDGIH;>A:9DG;JGC>H=:9EJGHJ6CIID.:8I>DC6	DG9	D;I=:.:8JG>I>:H M8=6C<:
8I D;  6H 6B:C9:9 I=: U M8=6C<: 8IV	 6G: 6K6>A67A: ;G:: D; 8=6G<: DC DJG $CI:GC:I L:7H>I:
LLLEDHI6AG:6AINIGJHI8DB	AAD;I=:H:G:EDGIH6G:B69:6K6>A67A:DCDJGL:7H>I:6HHDDC6HG:6HDC67ANEG68I>867A:6;I:GI=:N
6G::A:8IGDC>86AAN;>A:9L>I=DG;JGC>H=:9IDI=:. *JGDGEDG6I:"DK:GC6C8:"J>9:A>C:H6C9D9:D;JH>C:HHDC9J8I6C9
 I=>8H6C9I=:8=6GI:GHD;I=:J9>I6C9DGEDG6I:"DK:GC6C8:6C9DBE:CH6I>DCDBB>II::HD;DJGD6G9D;>G:8IDGH6G:
6AHD 6K6>A67A: DC DJG L:7H>I: 6I =IIEH>CK:HIDGEDHI6AG:6AINIGJHI8DBA67A: >C EG>CI ID 6CN HID8@=DA9:G
JEDCLG>II:CG:FJ:HIID+DHI6A-:6AIN/GJHI$C88D$CK:HIDG-:A6I>DCHDAJB7>6K:CJ::96G=JGHI):L4DG@
*JGI:A:E=DC:CJB7:G>H	
/=:>C;DGB6I>DCDCDG688:HH>7A:I=GDJ<=DJGL:7H>I:>HCDI6C9H=6AACDI7:9::B:9
ID7:6E6GID;I=>HCCJ6A-:EDGIDG>C8DGEDG6I:9>CID6CNDI=:G;>A>C<L:;>A:DG;JGC>H=L>I=I=:. /=:. 6AHDB6>CI6>CH
6L:7H>I:I=6I8DCI6>CHG:EDGIHEGDMN6C9>C;DGB6I>DCHI6I:B:CIH6C9DI=:G>C;DGB6I>DCL:;>A:L>I=I=:. 6ILLLH:8C:HH>HHJ7HI6CI>6AAN9:E:C9:CIDCI=:9:B6C9;DGA:6H:9EDHI6AEGDE:GI>:H
R
/=:0.+.W>C67>A>INIDB::I>IH;>C6C8>6AD7A><6I>DCHB6N=6K:6B6I:G>6A69K:GH::;;:8IDCDJG7JH>C:HH
R
/=:0.+.=6H6HJ7HI6CI>6A6BDJCID;>C9:7I:9C:HH6C9>HHJ7?:8IIDG>H>C<:ME:CH:H
R
/=:0.+.>HHJ7?:8IID8DCDC6ADK:GH><=I6C9G:DC7NI=:+-6C9DI=:G6<:C8>:H
R
$CI:CH:8DBE:I>I>DC;68:97NI=:0.+.
R
/=:0.+.WEDI:CI>6A>CHDAK:C8N>C67>A>INIDE6NG:CIDG76C@GJEI8N
R
/=:>BEA:B:CI6I>DCD;0.+.H/:C
4:6G+A6C
R
*JGEGDE:GI>:HB6N=6K:6=><=:GG>H@D;I:GGDG>HI6II68@H
R
'>I><6I>DC6C986I6HIGDE=>8:K:CIH>CKDAK>C<I=:0.+.B6N9>HGJEIDJG7JH>C:HH
'9C;C'5<1D54D?$EBEC9>5CC1>4$@5B1D9?>C
R
2:B6N7:JC67A:ID68FJ>G:6C9DGB6C6<:699>I>DC6A0.+.
A:6H:9EGDE:GI>:H6I8DBE:I>I>K:EG>8:HDG6I6AA
R
*JG68FJ>H>I>DCHB6NCDI68=>:K:I=:G:IJGCHL::ME:8I
R
DC8:CIG6I>DCD;DJGEDHI6AEGDE:GI>:H>C8:GI6>CG:<>DCH
R
2:B6N7:JC67A:IDG:C:LA:6H:HDGH:AAK686I:9EGDE:GI>:HDC;6KDG67A:I:GBHDG6I6AA6HA:6H:H:ME>G:
R
2:B6N>C8JGH>;>86CIB6>CI:C6C8:G:E6>G6C986E>I6A:ME:CH:HJC9:GDJGA:6H:H
R
+GDE:GINK686C8>:H8DJA9G:HJAI>CH>;>86CI86E>I6A:ME:C9>IJG:H6C9>AA>FJ>9>IN
A
HD;!:7GJ6GNI=:A:6H:H6IH:K:CD;DJGEGDE:GI>:HL:G::ME>G:9
R
*JGJH:D;*+0C>IH6H8DCH>9:G6I>DCID68FJ>G:EGDE:GI>:H
R
DBB:G8>6AG:6A:HI6I:>CK:HIB:CIHB6N7:>AA>FJ>9
R
C>C8G:6H:>CI=:6BDJCID;0.+.DG0.:HL=:G:L:6G:CDIG:>B7JGH:98DJA9>C8G:6H:
R
2:B6N7::MEDH:9IDG>H@H6HHD8>6I:9L>I=EGDE:GIN9:K:ADEB:CI6C9G:9:K:ADEB:CI
R
$C8G:6H:H>C>CI:G:HIG6I:HDGJC6K6>A67>A>IND;9:7I;>C6C8>C<
R
(DGI<6<:9:7ID7A><6I>DCH:MEDH:JHIDI=:EDHH>7>A>IND;;DG:8ADHJG:
R
DK:C6CIH>CDJG9:7I>CHIGJB:CIH8DJA969K:GH:AN6;;:8IDJG;>C6C8>6A8DC9>I>DC
R
!6>AJG:ID=:9<::;;:8I>K:AN6<6>CHI>CI:G:HIG6I:8=6C<:HB6N=6K:6B6I:G>6A69K:GH::;;:8IDCDJG7JH>C:HH
R
*JGHJ88:HH9:E:C9HDC@:NE:GHDCC:AL=DH:8DCI>CJ:9H:GK>8:>HCDIH@H6HHD8>6I:9L>I=DC
C<DG;JIJG:A>I><6I>DC
R
$CHJG6C8:DCDJGEGDE:GI>:HB6NCDI69:FJ6I:AN8DK:G6AAADHH:H
R
->H@H6HHD8>6I:9L>I=EDI:CI>6A?D>CIK:CIJG:>CK:HIB:CIH
R
DBE:I>I>DC;DGH@>AA:9E:GHDCC:A8DJA9>C8G:6H:DJGA67DG8DHIH
R
*JGI6A
R
2:8DJA9>C8JGH>;>86CI8DHIH6C9A>67>A>I>:HG:A6I:9ID:CK>GDCB:CI6AB6II:GH
R
*JGEGDE:GI>:HB6N8DCI6>CDG9:K:ADE=6GB;JABDA9DGHJ;;:G;GDBDI=:G6>GFJ6A>IN>HHJ:H
R
2:6G:HJ7?:8IIDG>H@H;GDBC6IJG6A9>H6HI:GH6C9G>H@H6HHD8>6I:9L>I=8A>B6I:8=6C<:
R
*JGEGDE:GI>:HB6N7:HJ7?:8IID>BE6>GB:CI8=6G<:HDGG:9J8I>DC>CK6AJ:
R
*JGI>IA:>CHJG6C8:EDA>8>:HB6NCDI8DK:G6AAI>IA:9:;:8IH
R
2: B6N >C8JG H>;>86CI 8DHIH ;DG 8DBEAN>C< L>I= K6G>DJH ;:9:G6A HI6I: 6C9 AD86A A6LH G:DCH 6C9
8DK:C6CIH
R
2:B6NCDI7:67A:ID696EIIDEDI:CI>6AC:L7JH>C:HHBD9:AH
R
/=:>C8G:6H:9JH:D;6GI>;>8>6A>CI:AA><:C8:6C96JIDB6I>DC68I>K>I>:H7NDJG0.+.6C9CDC
EDHI6AI:C6CIHB6N
6;;:8IDJGDLC:9EGDE:GI>:H>C8JGG:CIANJC;DG:H::CL6NH
R
2:=6K:68FJ>G:9EGDE:GI>:HI=6I6G:HJ7?:8IIDEJG8=6H:DEI>DCH>C;6KDGD;I=:0.+.
R
2:B6N>C8JGAA6C9DI=:G>CI6C<>7A:6HH:I>BE6>GB:CI8=6G<:H
R
2:B6N=6K:9>;;>8JAIN>BEA:B:CI>C<8=6C<:HIDDJG>C;DGB6I>DCI:8=CDADC8DGEDG6I>C<6GI>;>8>6A
>CI:AA><:C8:>CIDDJG7JH>C:HH
R
2:B6NCDI7:6HHJ88:HH;JA6HDJG8DBE:I>IDGH>C8DGEDG6I>C<6GI>;>8>6A>CI:AA><:C8:>CIDDJG7JH>C:HH
R
0H:D;HD8>6AB:9>6B6N69K:GH:AN>BE68IDJGG:EJI6I>DC6C97JH>C:HH
R
*JG67>A>INIDE6N9>K>9:C9H>CI=:;JIJG:
/67A:D;DCI:CIH


'9C;C'5<1D54D?$EB$B71>9J1D9?>1<(DBE3DEB5
R
(G.ED9:@6C9=>H6;;>A>6I:HDLC9>G:8IANDG>C9>G:8IAN6HJ7HI6CI>6A7:C:;>8>6A>CI:G:HI>CDJG8DBE6CN
R
DC;A>8IH D; >CI:G:HI B6N :M>HI DG 8DJA9 6G>H: >C I=: ;JIJG: 7:IL::C I=: >CI:G:HIH D; DJG HID8@=DA9:GH 6C9 I=:
>CI:G:HIHD;=DA9:GHD;JC>IH>CDJG*E:G6I>C<+6GIC:GH=>E
R
*JG8=6GI:G8DCI6>CH8:GI6>CEGDK>H>DCHG:HIG>8I>C<I=:DLC:GH=>E6C9IG6CH;:GD;DJGHID8@
R
2:8DJA9>C8G:6H:DJG:FJ>IN>HHJ6C8:L>I=DJIHID8@=DA9:G6EEGDK6A
R
:GI6>CEGDK>H>DCHD;I=:(6GNA6C9":C:G6ADGEDG6I>DC'6L8DJA9>C=>7>I8=6C<:HD;8DCIGDA
R
*JG8=D>8:D;K:CJ:;DG8:GI6>CINE:HD;68I>DCH6C9EGD8::9>CB>IDJGHID8@=DA9:GH67>A>INIDD7I6>C6
;6KDG67A:?J9>8>6A;DGJB;DG9>HEJI:HL>I=JHDGDJG9>G:8IDGHD;;>8:GHDG:BEADN::H
R
:GI6>CEGDK>H>DCHD;DJG*E:G6I>C<+6GIC:GH=>EB6N9:A6NDGEG:K:CIJCHDA>8>I:968FJ>H>I>DCHD;JH
R
/6MEGDI:8I>DC6B>IDJG67>A>INIDH:AADGDI=:GL>H:9>HEDH:D;8:GI6>CEGDE:GI>:H6C9B6NG:FJ>G:
DJG*E:G6I>C<+6GIC:GH=>EIDB6>CI6>C8:GI6>C9:7IA:K:AHI=6IDI=:GL>H:LDJA9CDI7:G:FJ>G:9
R
AI=DJ<=L:6G:CDADC<:G6CU:B:G<>C<AA6UHB6AA:GG:EDGI>C<8DBE6CNVL>I=
G:9J8:99>H8ADHJG:G:FJ>G:B:CIH
R
*JGD6G9D;>G:8IDGHB6N8=6C<:DJGHIG6I:<>:HEDA>8>:H6C9EGD8:9JG:HL>I=DJIHID8@=DA9:G6EEGDK6A6C9L:
B6N7:8DB:BDG:=><=ANA:K:G6<:9L=>8=B6N>C8G:6H:DJGG>H@D;9:;6JAIJC9:GDJG9:7ID7A><6I>DCH
R
*JGG><=IH6C9I=:G><=IHD;DJGHID8@=DA9:GHIDI6@:68I>DC6<6>CHIDJG9>G:8IDGH6C9D;;>8:GH6G:A>B>I:9
R
2: 6G: 6 =DA9>C< 8DBE6CN L>I= CD 9>G:8I DE:G6I>DCH 6C9 I=: >CI:G:HIH D; DJG HID8@=DA9:GH 6G: HIGJ8IJG6AAN
HJ7DG9>C6I:9ID6AAA>67>A>I>:H6C9D7A><6I>DCHD;DJG*E:G6I>C<+6GIC:GH=>E6C9>IHHJ7H>9>6G>:H
R
*JG*E:G6I>C<+6GIC:GH=>EB6N>HHJ:699>I>DC6A*+0C>IHIDI=>G9E6GI>:HL>I=DJII=:8DCH:CID;DJGHID8@=DA9:GH
'9C;C'5<1D54D?$EB(D1DEC1C1')
R
!6>AJG:IDG:B6>CFJ6A>;>:96H6- $/LDJA986JH:JHID7:I6M:96H6G:DC
R
!6>AJG:IDB6@:G:FJ>G:99>HIG>7JI>DCHLDJA9HJ7?:8IJHID;:9:G6A8DGEDG6I:>C8DB:I6M
R
DBEAN>C<L>I=- $/G:FJ>G:B:CIHB6N86JH:JHID;DG:CDEEDGIJC>I>:HDG>CK:HIB:CIH
R
/=:EGD=>7>I:9IG6CH68I>DCHI6MB6NA>B>IDJG67>A>INID9>HEDH:D;DJGEGDE:GI>:H
R
2:8DJA97:6;;:8I:97NI6MA>67>A>I>:HDG:6GC>CIHD;DJGEG:9:8:HHDG
R
/=:G: 6G: JC8:GI6>CI>:H G:A6I>C< ID I=: :HI>B6I: D; I=: 688JBJA6I:9 :6GC>CIH 6IIG>7JI67A: ID 0C>I:9
+DHI6A#DA9>CG:96HE6GID;I=:B:G<:G7:IL::CJH6C90+#L>I=>C;>K:N:6GH6;I:GI=:B:G<:GLDJA9G:HJAI
>C8DGEDG6I:>C8DB:I6M
R
/=:67>A>IND;DJGD6G9D;>G:8IDGHIDG:KD@:DJG- $/FJ6A>;>86I>DCL>I=DJIHID8@=DA9:G6EEGDK6AB6N86JH:
69K:GH:8DCH:FJ:C8:HIDDJGHID8@=DA9:GH
R
*JGIG6CH68I>DCHL>I=DJG/-.L>AA86JH:JHID7:HJ7?:8IID6E:C6AINI6MDC8:GI6>C>C8DB:DG9:9J8I>DCH>;
I=DH:IG6CH68I>DCH6G:CDI8DC9J8I:9DC6GBWH
A:C8I>DCHDC68FJ>G>C<DGIG6CH;:GG>C<8:GI6>C6BDJCIHD;DJGA6HH8DBBDCHID8@
R
>K>9:C9HE6N67A:7N- $/H<:C:G6AAN9DCDIFJ6A>;N;DGI=:G:9J8:9I6MG6I:HDC9>K>9:C9>C8DB:;GDBG:DCH
R
$;DJG*E:G6I>C<+6GIC:GH=>E;6>A:9IDFJ6A>;N6H6E6GIC:GH=>E;DG;:9:G6A>C8DB:I6MEJGEDH:HL:LDJA98:6H:ID
FJ6A>;N6H6- $/
R
/DB6>CI6>CDJG- $/HI6IJHL:B6N7:;DG8:9ID7DGGDL;JC9H9JG>C<JC;6KDG67A:B6G@:I8DC9>I>DCHDGDC
JC;6KDG67A:I:GBH6I9:H>G:9I>B:H
R
DK:C6CIH>CDJG9:7I>CHIGJB:CIHB6NG:HIG>8IDJG67>A>INIDE6N9>HIG>7JI>DCH
R
):LA:<>HA6I>DCDG69B>C>HIG6I>K:DG?J9>8>6A68I>DC8DJA969K:GH:AN6;;:8IJHDGDJGHID8@=DA9:GH
5>5B1<'9C;13D?BC
R
C>C8G:6H:>CB6G@:I>CI:G:HIG6I:HB6N=6K:6C69K:GH::;;:8IDCI=:B6G@:IEG>8:D;DJGH:8JG>I>:H
R
$C;A6I>DCB6N69K:GH:AN6;;:8IDJG;>C6C8>6A8DC9>I>DC6C9G:HJAIHD;DE:G6I>DCH
R
=6C<:H>C688DJCI>C<EGDCDJC8:B:CIH8DJA969K:GH:AN>BE68IDJGG:EDGI:9;>C6C8>6AE:G;DGB6C8:
R
2:8DJA97:69K:GH:AN>BE68I:9>;I=:G:6G:9:;>8>:C8>:H>CDJG9>H8ADHJG:8DCIGDAHDG>CI:GC6A8DCIGDAH
R
!JIJG:D;;:G>CINH:8JG>I>:HB6N69K:GH:AN6;;:8II=:B6G@:IEG>8:D;DJGA6HH8DBBDCHID8@
R
/=:B6G@:IEG>8:D;DJGA6HH8DBBDCHID8@B6N7:KDA6I>A:6C9B6N9:8A>C:
R
2:;68:8N7:GH:8JG>ING>H@H6C9G>H@H6HHD8>6I:9L>I=H:8JG>IN7G:68=:H
R
->H@H6HHD8>6I:9L>I=I=>G9
E6GIN:ME:8I6I>DCHG:A6I>C<ID:CK>GDCB:CI6AHD8>6A6C96AAN6AAD;DJGG:K:CJ:8DB:;GDBEGDE:GI>:HA:6H:9IDI=:0.+.CNH>;>86CI9:8G:6H:>CI=:9:B6C9;DG
A:6H:9EDHI6AEGDE:GI>:H8DJA9=6K:6B6I:G>6A69K:GH::;;:8IDCDJG7JH>C:HH/=:CJB7:GD;EDHI6AAD86I>DCHC6I>DCL>9:=6H
7::C9:8G:6H>C<DK:GI=:EG>DG9:869:99>I>DC6AANDC(6G8=I=:0.+.G:A:6H:9I=:296C2?6;438=>C8AJ9:H
:K6AJ6I>C< I=: ;68>A>IN 8DCHDA>96I>DCH I=6I L:G: 9:;:GG:9 >C  6C9 EDI:CI>6AAN 8DCHDA>96I>C< I=: ;68>A>I>:H I=6I G:B6>C
JC9:GJI>A>O:9/=:0.+.=6H7:DC6AG:;DGBH6C98DHI
G:9J8I>DC B:6HJG:H JC9:G I=: /:C
4:6G +A6C 6C9 DI=:G 0.+. >C>I>6I>K:H HJ8= 6H =><=:G G6I:H HADL:G 9:A>K:G>:H ;DG 8:GI6>C
H:GK>8:H;DGB6I>DCD;A6G<:HDGI>C<6C99:A>K:GN8:CI:GH6C98ADHJG:G:AD86I>DCDG8DCHDA>96I>DCD;8:GI6>C;68>A>I>:H6C99:A>K:GN
GDJI:HDCHDA>96I>DCD;DJGEDHI6AEGDE:GI>:HDG9:A>K:GNGDJI:H6II68=:9IDDJGEDHI6AEGDE:GI>:HJC9:GI=:/:C
4:6G+A6CDG
DI=:G0.+.>C>I>6I>K:HB6NA:69IDI=:0.+.K686I>C<DG9:8A>C>C<IDG:C:LA:6H:HDCHJ8=EGDE:GI>:H6C9B6I:G>6AAN69K:GH:AN
6;;:8I DJG DE:G6I>DCH H E6GI D; >IH A6G<:G BJAI>
E=6H:9 EA6C I=: 0.+. =6H >C8AJ9:9 6 CJB7:G D; DJG EGDE:GI>:H DC A>HIH
>9:CI>;N>C<EDHI6A;68>A>I>:HJC9:G8DCH>9:G6I>DCIDG:AD86I:9:A>K:GNGDJI:H>CIDA6G<:GHDGI>C<6C99:A>K:GN8:CI:GHHD;I=:96I:
D;I=>HG:EDGII=:0.+.=69CDIK686I:9DGCDI>;>:9JHD;>IH>CI:CI>DCIDK686I:6CNEGDE:GI>:HG:A6I:9IDGDJI:G:AD86I>DCH
!JGI=:GG:9J8I>DCH>CI=:CJB7:GD;EDHI6AEGDE:GI>:HDG9DLCH>O>C<D;DE:G6I>DCH>C:M>HI>C<EDHI6AEGDE:GI>:HJC9:GI=:/:C
4:6G+A6CDGDI=:G0.+.>C>I>6I>K:H8DJA9G:HJAI>C:CI:G>C<>CIDA:6H:HL>I=I=:0.+.>CI=:;JIJG:DCA:HH;6KDG67A:I:GBHI=6C
8JGG:CIA:6H:HI=:;6>AJG:D;I=:0.+.IDG:C:LA:6H:HDGI=:I:GB>C6I>DC7NI=:0.+.D;:M>HI>C<A:6H:H;DGDJGEGDE:GI>:HI=:
9:8G:6H:>CK6AJ:D;I=:6;;:8I:9EGDE:GI>:HJEDCH6A:6C9I=:G:9J8I>DCD;I=:CJB7:GD;68FJ>H>I>DCDEEDGIJC>I>:H6K6>A67A:ID
JH
/=:A:K:AD;9:B6C9;DGEDHI6AEGDE:GI>:HB6N6AHD7:>BE68I:97N6K6G>:IND;;68IDGHDJIH>9:D;DJG8DCIGDA>C8AJ9>C<
8=6C<:H>C0.;:9:G6A8>:HDG;JC9>C<8=6C<:H>CEDEJA6I>DC9:CH>INI=:=:6AI=6C9HJHI6>C67>A>IN
D;AD86AG:<>DC6A6C9C6I>DC6A:8DCDB>:HI=::M>HI:C8:D;:E>9:B>8H6C9E6C9:B>8HHJ8=6HI=:*1$
E6C9:B>88=6C<:H
>C9:B6C9;DGI=:EGD9J8IH6C9H:GK>8:HD;I=:0.+.7N>IH8JHIDB:GH6C9I=:8=6C<>C<9:B6C9H6C9JH:HD;I=:0.+.>IH:A;;DG
EDHI6AEGDE:GI>:H(DG:DK:GI:8=CDAD<>86A>CCDK6I>DCHHJ8=6H6JIDCDBDJH9:A>K:GN9:K>8:HB6N9:8G:6H:I=:C::9;DG=6C9
9:A>K:GN DG >C
E:GHDC E>8@ JE I=:G:7N 9:8G:6H>C< I=: 9:B6C9 ;DG G:I6>A EDHI D;;>8:H DG DI=:G EDHI6A EGDE:GI>:H $C 699>I>DC
E68@6<:9:A>K:GNH:GK>8:EGDK>9:GHHJ8=6H!:9 MB6ODC0+.6C9#'7:<6C>BEA:B:CI>C<6JIDCDBDJH9:A>K:GN9:K>8:H
ID6HH>HIG:I6>A8DBE6C>:HL>I=H6B:
96N6C9A6HI
B>A:9:A>K:G>:H>C699>I>DCIDH>;>86CIAN:ME6C9>C<I=:>GDLCA6HI
B>A:
9:A>K:GN 86E67>A>I>:H /=: 9:K:ADEB:CI >BEA:B:CI6I>DC 6C9 7GD69 69DEI>DC D; I=:H: 9:K>8:H B6N 9:8G:6H: I=: 9:B6C9 ;DG
EDHI6AH:GK>8:H
/=:0.+.>H;68>C<A:<>HA6I>K:8DCHIG6>CIHI=6I6G:=>C9:G>C<>IH67>A>INIDB6>CI6>C69:FJ6I:A>FJ>9>INIDHJHI6>C>IH
8JGG:CIDE:G6I>DCH$;I=:0.+.WG:K:CJ:H9:8G:6H:9J:IDG:9J8:99:B6C9;DGEDHI6AH:GK>8:HI=:CI=:0.+.B6NG:9J8:>IH
CJB7:GD;EDHI6AEGDE:GI>:H
".+#!!D/4'(/2/:?:53++:/:9,/4'4)/'25(2/-':/5493'?8+4*+8/:/4952<+4:58/4)8+'9+:.+2/1+2/.55*5,54-8+99/54'258
8+-;2':58?8+,5835,:.+#!!=./).3'?.'<+'3':+8/'2'*<+89++,,+):545;8(;9/4+99'4*56+8':/549
H>;>86CIEDGI>DCD;I=:0.+.WA>67>A>I>:H8DCH>HID;JC;JC9:9;>M:97:C:;>IHHJ8=6HE:CH>DCH6C9=:6AI=86G:ID
G:I>G:90.+.LDG@:GHAI=DJ<=DCHJCA>@:ANID7:67A:IDG:I>G:>IH
:M>HI>C<A>67>A>I>:HL>I=DJIG:DC6AG:A>:;$;I=:0.+.7:8DB:HJC67A:IDB::I>IH;>C6C8>6AD7A><6I>DCH
B6CND;DJGA:6H:HB6N7:K686I:97NI=:0.+.L=>8=LDJA9=6K:6B6I:G>6A69K:GH::;;:8IDCDJG7JH>C:HH6C9DE:G6I>DCH
CNDCDC6ADGG:DCI=6I9:8G:6H:H9:B6C97NI=:0.+.;DGA:6H:9EDHI6AEGDE:GI>:HLDJA96AHD=6K:6
B6I:G>6A69K:GH::;;:8IDCDJG7JH>C:HH6C9DE:G6I>DCH2:86CCDIEG:9>8IL=:I=:G6CN8JGG:CIAN8DCI:BEA6I:9G:;DGBHDG6CN
/67A:D;DCI:CIH


G:;DGBHEJGHJ:97NI=:0.;:9:G6AAAJAI>B6I:ANI6@::;;:8I6C9>;HD=DLHJ8=G:;DGBHLDJA9HE:8>;>86AAN
6;;:8IJH
".+#!!.'9'9;(9:'4:/'2'35;4:5,/4*+(:+*4+99'4*/99;(0+)::58/9/4-+>6+49+9
/=:0.+.=6HH>;>86CIDJIHI6C9>C<9:7ID7A><6I>DCHIDI=:!:9:G6A!>C6C8>C<6C@I=:U!!V	0C9:GI=:CDI:
EJG8=6H:6HHJ:H=DGI
I:GBDGADC<
I:GBCDI:HIDI=:!!
6C9G:8:>K:;JC9HL>I=>CILD7JH>C:HH96NH$;I=:!!:A:8IHCDIIDEJG8=6H:I=:0.+.CDI:HI=:0.+.LDJA9C::9ID>HHJ:
6C9H:AAHJ8=CDI:HEDI:CI>6AAN>CI=:EJ7A>8DGEG>K6I:9:7IB6G@:IHIDDI=:GE6GI>:HDGH::@;>C6C8>C<I=GDJ<=DI=:GB:6CH/=:
)+L>AA:ME>G:DC.:EI:B7:G/=:G:86C7:CD6HHJG6C8:I=6II=:0.+.L>AA7:67A:ID:MI:C9I=:I:GBD;I=:)+
7:NDC9:ME>G6I>DCDG>;I=:!!9:8A>C:HIDEJG8=6H:I=:CDI:H>HHJ:97NI=:0.+.D7I6>C6AI:GC6I>K:HDJG8:HD;;>C6C8>C<DC
I=:I:GBHDGI>B>C<I=6I>I:ME:8IHDG6I6AA$;I=:0.+.>HJC67A:ID:MI:C9I=:)+7:NDC9:ME>G6I>DCI=:0.+.B6NCDI7:
67A:IDG:;>C6C8:9:7IL>I=I=:!!>CI=:;JIJG:6I8DBE6G67A:I:GBHIDI=DH:8JGG:CIAN6K6>A67A:
/=:0.+.6AHD=6H6H>;>86CIJC9:G;JC9:9+DHI6A.:GK>8:-:I>G::#:6AI=:C:;>I!JC9I=:+.-#!	A>67>A>IN
L=>8=I=:0.+.>HG:FJ>G:9ID;JC9>C;JIJG:E:G>D9H99>I>DC6AANI=:0.+.=6HH>;>86CIANJC9:G;JC9:9G:I>G:B:CI7:C:;>IH
6BDGI>O6I>DCE6N67A:IDI=:>K>A.:GK>8:-:I>G:B:CI.NHI:BI=:.-.	6C9!:9:G6A BEADN::H-:I>G:B:CI.NHI:BI=:
! -.	;JC9HL=>8=I=:0.+.>HG:FJ>G:9ID;JC9>C;JIJG:E:G>D9H*C(6G8=DC8:
-:;DGB8IL=>8=H>;>86CIAN6AA:K>6I:9I=:D7A><6I>DCHD;I=:0.+.7NG:E:6A>C<I=:G:FJ>G:B:CI;DG0.+.IDEG:
;JC9I=:
+.-#!;DG<>K>C<I=:0.+.7>AA>DCDJIHI6C9>C<A>67>A>INJC9:GI=:+.-#!6C9G:FJ>G>C<;JIJG:EDHI6AG:I>G::HID:CGDAA
>C(:9>86G:6AI=DJ<=H>;>86CIJC9:G;JC9:9A>67>A>ING:B6>CHJC9:GI=:+.-#!>CI=:ADC<I:GB/=:0.+.WHJ7HI6CI>6A
D7A><6I>DCHJC9:GI=:)+6C9I=:.-.6C9! -.;JC9H6AHDG:B6>CDJIHI6C9>C<
$C699>I>DCI=:0.+.8DAA:8I>K:76G<6>C>C<6C8AJ9:EGDK>H>DCH;DGB6C96IDGN8DHID;A>K>C<69?JHIB:CIH
L=>8=>CG:8:CIN:6GH8DJEA:9L>I=8DCI>CJ:9>BE68IHID8DCHJB:G>C;A6I>DC=6K:G:HJAI:9>CH>;>86CI>C8G:6H:>CA67DG8DHIH
;DGI=:0.+./=:0.+.=6H6AHD7::C:MEDH:9IDG>H>C<8DBBD9>INEG>8:HEG>B6G>AN;DG9>:H:A;J:AJCA:69:9<6HDA>C:6C9
6>G8G6;I;J:A;DGIG6CHEDGI6I>DCD;B6>A6C9C6IJG6A<6H6C9=:6I>C<D>A;DG>IH;68>A>I>:H
/=:0.+.WH>;>86CI9:7I6C9JCE6>9=:6AI=6C9G:I>G:B:CID7A><6I>DCH=6K:>CI=:E6HIG:FJ>G:96C98DJA9>CI=:
;JIJG:G:FJ>G:I=:0.+.ID9:9>86I:6HJ7HI6CI>6AEDGI>DCD;>IH86H=;ADL;GDBDE:G6I>DCHIDE6NB:CIHDC9:7I6C9=:6AI=6C9
G:I>G:B:CI D7A><6I>DCH I=JH G:9J8>C< I=: 6K6>A67>A>IN D; 86H= ;ADL ID ;JC9 DE:G6I>C< :ME:CH:H >C8AJ9>C< A:6H: E6NB:CIH
LDG@>C< 86E>I6A 86E>I6A :ME:C9>IJG:H 6C9 DI=:G 7JH>C:HH 68I>K>I>:H $; I=: 0.+. 7:8DB:H JC67A: ID B::I >IH 9:7I 6C9 DI=:G
D7A><6I>DCHDG8DCIGDA>IH:ME:CH:H6C9<:C:G6I:HJ;;>8>:CIA>FJ>9>IN;DG>IH7JH>C:HHI=:0.+.B6NG:9J8:>IH9:B6C9;DGA:6H>C<
EDHI6AEGDE:GI>:HL=>8=LDJA9=6K:6B6I:G>6A69K:GH::;;:8IDCDJG7JH>C:HH6C9DE:G6I>DCH
".+#!!/99;(0+)::5)54-8+99/54'25<+89/-.:'4*8+-;2':/54(?:.+ '4*5:.+8-5<+843+4:'-+4)/+9
/=:0.+.=6H6L>9:K6G>:IND;HI6@:=DA9:GHL=DH:>CI:G:HIH6C9C::9H6G:HDB:I>B:H>C8DC;A>8I/=:0.+.DE:G6I:H
6H6C>C9:E:C9:CI:HI67A>H=B:CID;I=::M:8JI>K:7G6C8=D;I=:0.HHJ7?:8IID6K6G>:IND;
G:DCH6C9DI=:GA>B>I6I>DCH6EEA>867A:ID;:9:G6A6<:C8>:H/=:0.+.>H8DCHIG6>C:97NA6LH6C9G:DCHI=6IG:HIG>8I
G:K:CJ:HDJG8:H6C9B6C96I:8:GI6>C:ME:CH:H/=:67>A>IND;I=:0.+.IDG6>H:G6I:H;DG>IHEGD9J8IH6C9H:GK>8:H6C9H:AAC:L
EGD9J8IH6C9H:GK>8:H>CC:LDG:M>HI>C<B6G@:IH>HHJ7?:8IIDI=:G:<=I6C96EEGDK6AD;I=:+-#DL:K:GI=:
0.+.8DHIH6G:CDIH>B>A6GAN8DCHIG6>C:9DG86EE:9A6G<:EDGI>DCD;I=:0.+.8DHIHIGJ8IJG:86CCDI7:6AI:G:9:ME:9>I>DJHAN
9J:ID>IHJC>K:GH6AH:GK>8:B>HH>DC(6CND;>IH:BEADN::8DHIHHJ8=6H8DBE:CH6I>DC6C9:BEADN::=:6AI=7:C:;>IEG:B>JBH
6G:HJ7?:8IID8DCIG68IJ6A6GG6C<:B:CIH*I=:G:BEADN::8DHIHHJ8=6HLDG@:GH8DBE:CH6I>DC8DHIH6C9G:I>G::E:CH>DC7:C:;>I
6BDGI>O6I>DC8DHIH6G:B6C96I:97NA6L'>B>I6I>DCHDCI=:0.+.W67>A>INIDI6@:68I>DC8DJA969K:GH:AN6;;:8I>IHDE:G6I>C<6C9
;>C6C8>6AG:HJAIH6C96H6G:HJAIG:9J8:9:B6C9;DGA:6H>C<EDHI6AEGDE:GI>:H
!JGI=:GBDG:68=6C<:>CI=:HIGJ8IJG:B>HH>DCDGA:6H>C<G:FJ>G:B:CIHD;I=:0.+.6H>;>86CIG:9J8I>DC>CI=:
0.+.WLDG@;DG8:G:AD86I>DCD;E:GHDCC:AG:HDJG8:H9:A>K:GNGDJI:HDGEDHI6AD;;>8:HDI=:G>CI:GC6AG:DG<6C>O6I>DCDG68=6C<:
>CI=:9:A>K:GNGDJI:HH:GK>8:97NDJGEGDE:GI>:H8DJA96;;:8IDJGA:6H:G:C:L6ADEEDGIJC>I>:H6C9=6K:6B6I:G>6A69K:GH::;;:8I
DCDJG7JH>C:HH!DG:M6BEA:DC%6CJ6GN+G:H>9:CIDC6A9%/GJBE6CCDJC8:96C:M:8JI>K:DG9:G:HI67A>H=>C<I=:
:E6GIB:CID;"DK:GCB:CI ;;>8>:C8N*" 	IDB6M>B>O:8>:C8N6C9EGD9J8I>K>IN2=>A:>I>H8JGG:CIAN
JC8A:6GL=6I>;6CNEDI:CI>6A*" DGDI=:GG:;DGB6I>DCHID;:9:G6AO6I>DCEGD8:HH:H6C9:ME:C9>IJG:H6H>I
G:A6I:HIDI=:0.+.L>AA7:>BEA:B:CI:96CN8=6C<:>CI=:0.;:9:G6AC9:E:C9:CI
6<:C8N>C8AJ9>C<7JICDIA>B>I:9IDI=:EG>K6I>O6I>DCDGDJIHDJG8>C<D;6AADG6EDGI>DCD;I=:0.+.7JH>C:HHDE:G6I>DCHB6N
=6K:6B6I:G>6A69K:GH::;;:8IDCDJG7JH>C:HH
/67A:D;DCI:CIH


".+(;9/4+99'4*8+9;2:95,56+8':/5495,:.+#!!'8+9/-4/,/)'4:2?',,+):+*(?)536+:/:/54,853(5:.)536+:/:589/4:.+
*+2/<+8?3'81+:62')+'9=+22'99;(9:/:;:+685*;):9'4**/-/:'2)533;4/)':/54
!6>AJG:D;I=:0.+.ID8DBE:I::;;:8I>K:AN6C9DE:G6I::;;>8>:CIANC<B6>A6C9E68@6<:9:A>K:GNH:GK>8:H
6C9>C8G:6H:G:K:CJ:6C98DCIG>7JI>DC;GDBDI=:GHDJG8:HL>AA69K:GH:AN>BE68II=:0.+.W;>C6C8>6A8DC9>I>DC6C9I=>H69K:GH:
>BE68IL>AA7:8DB:BDG:HJ7HI6CI>6ADK:GI>B:/=:0.+.WB6G@:IEA68:8DBE:I>IDGH>C8AJ9:7DI=AD86A6C9C6I>DC6AEGDK>9:GH
D;E68@6<:9:A>K:GNH:GK>8:H/=:0.+.W8DBE:I>IDGH=6K:9>;;:G:CI8DHIHIGJ8IJG:H6C9;:L:GG:8I>DCH6C96G:
67A:IDD;;:G9>;;:G>C<H:GK>8:H6C9EG>8>C<L=>8=B6N=>C9:GI=:0.+.W67>A>INIDG:B6>C8DBE:I>I>K:>CI=:H:H:GK>8:6G:6H$C
699>I>DCBDHID;I=:0.+.W8DBE:I>IDGH=6K:688:HHID86E>I6AB6G@:IHL=>8=6AADLHI=:B7>A>IN>CI=:;>C6C8>C<
6C9 :ME6CH>DC D; I=:>G 7JH>C:HH JHIDB:G JH6<: D; EDHI6A H:GK>8:H 8DCI>CJ:H ID H=>;I ID HJ7HI>IJI: EGD9J8IH 6C9 9><>I6A
8DBBJC>86I>DC/=:JH:D;:
B6>A6C9DI=:G;DGBHD;:A:8IGDC>88DBBJC>86I>DC=6K:G:9J8:9;>GHI8A6HHB6>AKDAJB:6H=6K:
:A:8IGDC>8 7>AA>C< 6C9 E6NB:CI (6G@:I>C< B6>A 8DCI>CJ:H ID :ME:G>:C8: 9:8A>C:H 9J: ID B6>A:GHW C< JH: D; 9><>I6A
69K:GI>H>C<>C8AJ9>C<9><>I6ABD7>A:69K:GI>H>C<6C968N8A>86A9:8A>C:>C69K:GI>H>C<HE:C9>C<9J:ID:8DCDB>8EG:HHJG:H/=:
KDAJB:D;E:G>D9>86AHH:GK>8:H8DCI>CJ:HID9:8A>C:6H8DCHJB:GH>C8G:6H>C8B:9>6;DGC:LH6C9>C;DGB6I>DC
+:G>D9>86A69K:GI>H>C<=6H6AHD:ME:G>:C8:969:8A>C:6H6G:HJAID;BDK:ID:A:8IGDC>8B:9>6
/=: C I=: 0.+.W 8DBE:I>I>K: H:GK>8: KDAJB:H HJ8= 6H +G>DG>IN (6>A +G>DG>IN (6>A  MEG:HH !>GHI
A6HH
+68@6<:.:GK>8:+6G8:A.:A:8I+6G8:A-:IJGC.:GK>8:6C9HDB:INE:HD;$CI:GC6I>DC6A(6>A>HA6G<:AN6IIG>7JI67A:ID8:GI6>CD;
I=: 0.+.W A6G<:HI 8JHIDB:GH >C8AJ9>C< 0+. !:9 M 6C9 B6ODC $C G:8:CI N:6GH :68= D; I=:H: 8JHIDB:GH =6H 7::C
H>;>86CIAN:ME6C9>C<>IHDLC9:A>K:GN86E67>A>INI=6I:C67A:H>IID9>K:GIKDAJB:6L6N;GDBI=:0.+.DK:GI>B:$;I=:H:
8JHIDB:GH8DCI>CJ:ID9>K:GIH>;>86CIKDAJB:6L6N;GDBI=:0.+.I=:CI=:0.+.W8DBE:I>I>K:H:GK>8:KDAJB:H
B6NCDI8DCI>CJ:6C9I=:G:B6N7:G:9J8:99:B6C9;DGA:6H>C<EDHI6AEGDE:GI>:H7NI=:0.+.L=>8=LDJA9=6K:6B6I:G>6A
69K:GH::;;:8IDCDJG7JH>C:HH6C9DE:G6I>DCH
".+#!!D65:+4:/'2/4952<+4)?/4'(/2/:?:56'?8+4:58('418;6:)?=5;2*.'<+'3':+8/'2'*<+89++,,+):545;8,/4'4)/'2
)54*/:/548+9;2:95,56+8':/549)'9.,25=)'9.'<'/2'(2+,58*/9:8/(;:/54'4*5;8'(/2/:?:59+8HA>@:ANID86JH:6H>;>86CIDG8DBEA:I:G:9J8I>DC>CI=:DE:G6I>C<86H=;ADL<:C:G6I:97NDJG
EGDE:GI>:H/=:G:86C7:CD6HHJG6C8:I=6II=:0.+.L>AA7:67A:ID6KD>9>CHDAK:C8NB6@:I>B:ANG:CI6AE6NB:CIHDG6KD>9
9:;6JAI>C<JC9:GDGI:GB>C6I>C<>IHA:6H:H$;I=:0.+.9:;6JAIHL:B6N:ME:G>:C8:9:A6NH>C:C;DG8>C<DJGG><=IH6HA6C9ADG9
6C9 B6N >C8JG HJ7HI6CI>6A 8DHIH >C EGDI:8I>C< DJG >CK:HIB:CI :86JH: L: 9:E:C9 DC G:CI6A E6NB:CIH ;GDB I=: 0.+. I=:
>C67>A>IN D; I=: 0.+. ID B6@: >IH A:6H: E6NB:CIH 8DJA9 69K:GH:AN 6;;:8I JH 6C9 DJG 67>A>IN ID B6@: 9>HIG>7JI>DCH ID DJG
HID8@=DA9:GH
AI=DJ<=L:9DCDI7:A>:K:I=6I76C@GJEI8NEGDI:8I>DCJC9:GI=:0C>I:9.I6I:H76C@GJEI8N8D9:>H6K6>A67A:IDI=:
0.+.I=:A6L>HJC8A:6G$;I=:0.+.L:G:ID;>A:;DG76C@GJEI8NL:LDJA97:8DB:68G:9>IDG7JIL:B6NCDI7:67A:ID
8DAA:8I6AADG6CND;I=:EG:
76C@GJEI8N6BDJCIHDL:9IDJH7NI=:0.+.$C699>I>DC>;I=:0.+.L:G:ID;>A:;DG76C@GJEI8N
EGDI:8I>DC>IEDI:CI>6AAN8DJA9I:GB>C6I:>IHA:6H:HL>I=JHJC9:G;:9:G6AA6L>CL=>8=:K:CIL:LDJA9=6K:6<:C:G6AJCH:8JG:9
8A6>B6<6>CHII=:0.+.I=6ILDJA9A>@:AN7:LDGI=A:HHI=6CI=:;JAA6BDJCIDL:9IDJH;DGI=:G:B6>C9:GD;I=:A:6H:I:GB/=>H
LDJA9=6K:6H:K:G:69K:GH::;;:8IDCDJG7JH>C:HH;>C6C8>6A8DC9>I>DC6C9G:HJAIHD;DE:G6I>DCH
362+3+4:':/54 5, :.+ "+4&+'8 2'4 685659+* (? :.+ #!! )5;2* .'<+ ' 3':+8/'2 '*<+89+ +,,+): 54 5;8 56+8':/549
,/4'4)/'2659/:/54'4*8+9;2:95,56+8':/549
/=:0.+.=6HEJ7A>H=:9>IH/:C
4:6G+A6CID699G:HHI=:8=6AA:C<:HD;I=:H=>;I;GDBIG69>I>DC6AA:II:G
B6>AIDE68@6<:
9:A>K:GNJC9:GE:G;DGB6C8:>CEGD8:HH>C<IG6CHEDGI6I>DC9:A>K:GN6C9G:I6>ADE:G6I>DCH;6>AJG:IDB::IH:GK>8:E:G;DGB6C8:
HI6C96G9H6C96E:G>ADJH6C9LDGH:C>C<;>C6C8>6AH>IJ6I>DCI=6I=6HG:HJAI:9>CH>;>86CIADHH:H/=:HIG6I:<>8>C>I>6I>K:H6G:
9:H>I>K: C:I >C8DB: >C I=: ADC< I:GB /=: /:C
4:6G +A6C >C8AJ9:H
G:6A>A>I>:H :ME6CH>DC D; :M>HI>C< ;68>A>I>:H 6C9 8DCHDA>96I>DC D; JC9:GJH:9 ;68>A>I>:H 6C9
9:A>K:GN GDJI:H 6H L:AA 6H BD9:GC>O6I>DC D; G:I6>A AD77>:H ID :C67A: :ME6C9:9 9><>I6A HB6AA B:9>JB
H>O:9 7JH>C:HH 6C9
8:HL=>8=8DJA96;;:8IDJGDE:G6I>DCH>;DJGEDHI6AEGDE:GI>:H6G:8DCHDA>96I:9
/=:0.+.=6HG:8:CIAN7:DC6AG:;DGBH6C98DHIG:9J8I>DCB:6HJG:HJC9:GI=:
/:C
4:6G+A6CHJ8=6H=><=:GG6I:HHADL:G9:A>K:G>:H;DG8:GI6>CH:GK>8:H;DGB6I>DCD;A6G<:HDGI>C<6C99:A>K:GN8:CI:GH6C9
8ADHJG:G:AD86I>DCDG8DCHDA>96I>DCD;8:GI6>C;68>A>I>:H6C99:A>K:GNGDJI:H/=::MI:CIIDL=>8=I=:>BEA:B:CI6I>DCD;I=>H/:C
4:6G+A6CL>AA6;;:8IDJG7JH>C:HHA>FJ>9>IN;>C6C8>6A8DC9>I>DC6C9G:HJAIHD;DE:G6I>DCHL>AA9:E:C9DCCJB:GDJH;68IDGHI=6I
L:B6NCDI7:67A:ID688JG6I:ANEG:9>8IDG6HH:HH+DGI>DCHD;I=:/:C
4:6G+A6CG:FJ>G:DCDC6A6EEGDK6AL=>8=L:
/67A:D;DCI:CIH


86CCDIEG:9>8I6II=>HI>B:6C9I=:G:L>AA7:699>I>DC6A8DCK:GH6I>DCHL>I=HI6@:=DA9:GH67DJI>BEA:B:CI6I>DC6C98=6C<:HIDI=:
/:C
4:6G+A6C/=:0.+.W;6>AJG:ID>BEA:B:CII=:/:C
4:6G+A6CDGG:8:>K:DCDC6A6EEGDK6AB6N6;;:8I>IH67>A>INID
B6>CI6>C 69:FJ6I: A>FJ>9>IN ID HJHI6>C >IH 8JGG:CI DE:G6I>DCH L=>8= B6N G:HJAI >C I=: 0.+. G:9J8>C< >IH CJB7:G D; EDHI6A
AD86I>DCH6C969K:GH:AN6;;:8I>C<DJG7JH>C:HH6C9G:HJAIHD;DE:G6I>DCH
+)';9+ :.+ #!! /9 '4 /4*+6+4*+4: '-+4)? 5, :.+ #! ,+*+8'2 -5<+843+4: 5;8 6856+8:/+9 3'? .'<+ ' ./-.+8 8/91 5,
:+8858/9:'::')19:.'49/3/2'86856+8:/+92+'9+*:5454-5<+843+4:'2:+4'4:9
/:GGDG>HI6II68@HB6NB6I:G>6AAN69K:GH:AN6;;:8IDJGDE:G6I>DCH6HL:AA6H9>G:8IANDG>C9>G:8IAN96B6<:DJG6HH:IH
7DI=E=NH>86AAN6C9;>C6C8>6AAN:86JH:I=:0.+.>H6C9>H:ME:8I:9ID8DCI>CJ:ID7:6C>C9:E:C9:CI6<:C8ND;I=:0.
;:9:G6A:H6G:EG:HJB:9ID=6K:6=><=:GG>H@D;I:GGDG>HI6II68@I=6CH>B>A6GEGDE:GI>:HI=6I6G:A:6H:9ID
CDC
A>6I:9I:C6CIH/:GGDG>HI6II68@HIDI=::MI:CII=6II=:H:EGDE:GI>:H6G:JC>CHJG:9DGJC9:G>CHJG:98DJA9
=6K:6B6I:G>6A69K:GH::;;:8IDCDJG7JH>C:HH;>C6C8>6A8DC9>I>DC6C9G:HJAIHD;DE:G6I>DCH
/:/-':/54'4*)':'9:856./)+<+4:9/4<52DC6AB6C6<:G>6A6C9HIG6I:<>88=6C<:HL>I=>CI=:0.+.>C8AJ9>C<I=:
/:C
4:6G+A6CI=:0.+.>HI=:;D86AED>CID;H>;>86CIEJ7A>88G>I>8>HB6C9A>I><6I>DCHD;I=:96I:D;I=>HG:EDGIH:K:G6A
A6LHJ>IH=6K:7::C;>A:96C9G:B6>CE:C9>C<6<6>CHII=:0.+.E:GI6>C>C<IDDE:G6I>DC6A8=6C<:6II=:0.+.HJ8=6H=><=:G
G6I:H6C9HADL:G9:A>K:G>:H;DG8:GI6>CH:GK>8:H$;6H6G:HJAID;HJ8=8G>I>8>HBDGA>I><6I>DCI=:0.+.HJ;;:GHG:EJI6I>DC6ADG
;>C6C8>6A=6GBDG6C>C8G:6H:>CG:CNI=:9:B6C9;DG0.+.H:GK>8:HB6N9:8A>C:L=>8=B6NA:69IDG:9J8:9
9:B6C9;DG0.+.EGDE:GI>:H/=:G:HJAIHD;I=:H:8=6C<:HDG6CN;JIJG:8=6C<:H8DJA9A:69ID699>I>DC6A9:A6NHDG;>C6C8>C<
H=DGI;6AAH;DGI=:0.+./=:0.+.>H6AHD6IG>H@D;I=:69K:GH:>BE68ID;6CDI=:GG:<>DC6A:E>9:B>88DGDI=:G
69K:GH: EJ7A>8 =:6AI=9:K:ADEB:CIH>CI=:;JIJG:HJ8=6HI=DH::ME:G>:C8:99JG>C<I=:*1$
E6C9:B>8L=>8=8DJA9
G:9J8:9:B6C9;DG0.+.EGDE:GI>:H6C969K:GH:AN6;;:8IDJG7JH>C:HH;>C6C8>6A8DC9>I>DC6C9G:HJAIHD;DE:G6I>DCH
'9C;C'5<1D54D?$EBEC9>5CC1>4$@5B1D9?>C
%+3'?(+;4'(2+:5')7;/8+'4*	583'4'-+'**/:/54'2#!!2+'9+*6856+8:/+9':)536+:/:/<+68/)+958':'22
H>;>86CIEDGI>DCD;DJG7JH>C:HHEA6C>HID68FJ>G:699>I>DC6AEGDE:GI>:HI=6I6G:A:6H:9IDI=:0.+./=:G:6G:6
A>B>I:9CJB7:GD;HJ8=EGDE:GI>:H6C9L:L>AA=6K:;:L:GDEEDGIJC>I>:HIDCK:HIB:CIHI=6C- $/HI=6IEJG8=6H:
EGDE:GI>:HI=6I6G:A:6H:9ID6K6G>:IND;I:C6CIHDGI=6I6G:CDIA:6H:9L=:CI=:N6G:68FJ>G:9$C699>I>DCI=:8JGG:CIDLC:GH=>E
D;EGDE:GI>:HA:6H:9IDI=:0.+.>H=><=AN;G6I=I=:DK:GL=:AB>C<B6?DG>IND;DLC:GH=DA9>C<6H>CCI=:;JIJG:8DCI>CJ:ID:ME:C9H>;>86CIG:HDJG8:HIDHDJG8:68FJ>H>I>DCDEEDGIJC>I>:H
6C9 8DBEA:I: DJG 9J: 9>A><:C8: JC9:GLG>I>C< 6C9 68FJ>H>I>DC 688DJCI>C< EGD8:HH DC B6CN >C9>K>9J6A EGDE:GI>:H I=:G:7N
>C8G:6H>C<DJG68FJ>H>I>DC8DHIHA:CC<I=:68FJ>H>I>DCI>B:A>C:6C9EDHH>7ANG:9J8>C<I=:6BDJCII=6IL:6G:67A:IDE6N
;DG 6 E6GI>8JA6G EGDE:GIN H>I>DCH D; EDHI6A EGDE:GI>:H 6G: 6AHD HJ7?:8I ID 8JHIDB6GN 8DC9>I>DCH ID
8ADH>C<>C8AJ9>C<8DBEA:I>DCD;9J:9>A><:C8:>CK:HI><6I>DCH6C9DI=:G8DC9>I>DCHI=6I6G:CDIL>I=>CDJG8DCIGDA6C9B6NCDI
7:H6I>H;>:9$CI=>H:K:CIL:B6N7:JC67A:ID8DBEA:I:6C68FJ>H>I>DC6;I:G>C8JGG>C<H>;>86CI68FJ>H>I>DC
G:A6I:98DHIH
88DG9>CC:HHA6G<:AN7N68FJ>G>C<699>I>DC6AEGDE:GI>:HI=6I6G:A:6H:9IDI=:0.+.6C9B6C6<>C<
EGDE:GI>:HA:6H:9IDI=:0.+.7NI=>G9E6GI>:HB6NCDIHJ88::9
2:6AHD;68:G:;>86CI8DBE:I>I>DC;DG68FJ>H>I>DCDEEDGIJC>I>:H;DGEGDE:GI>:HA:6H:9IDI=:0.+.;GDB
DI=:G B6G@:I E6GI>8>E6CIH >C8AJ9>C< EG>K6I: >CK:HIB:CI ;JC9H>C9>K>9J6A >CK:HIDGH 6C9 DI=:GH 6C9 6H 6 G:HJAI L: B6N 7:
JC67A:ID68FJ>G:69:H>G:9EGDE:GIN6I8DBE:I>I>K:EG>8:DG6I6AA/=>H8DBE:I>I>DC8DJA96AHD>C8G:6H:EG>8:H;DGEGDE:GI>:HL:
B6NEJGHJ:6C969K:GH:AN6;;:8IDJGEGD;>I67>A>IN6C9>BE:9:DJGI>DC7:86JH:D;DJGEJ7A>8EGD;>A:6HI=:DCAN
EJ7A>8ANIG69:9- $/9:9>86I:9ID0.+.EGDE:GI>:HDJGDE:G6I>DCHB6N<:C:G6I:C:L>CI:G:HI>C0.+.
A:6H:9EGDE:GI>:H;GDB
DI=:G- $/HG:6A:HI6I:8DBE6C>:H6C9DI=:G>CK:HIDGHL>I=BDG:G:HDJG8:HI=6CL:=6K:I=6I9>9CDIEG:K>DJHAN;D8JHDC
>CK:HIB:CIDEEDGIJC>I>:HL>I=0.+.
A:6H:9EGDE:GI>:H
;8')7;/9/:/5493'?45:')./+<+:.+8+:;849=++>6+):
*JG7JH>C:HH=6H;>86CIANI=GDJ<=68I>K:68FJ>H>I>DCHD;EDHI6AEGDE:GI>:H#DL:K:GDJG68FJ>H>I>DCH6C9
DJG67>A>INIDHJ88:HH;JAAN>CI:G:9EGDE:GI>:H6G:HJ7?:8IIDI=:;DAADL>C<H>;>86CIG>H@H
R
L:B6N68FJ>G:EGDE:GI>:HI=6I6G:CDI688G:I>K:IDDJGG:HJAIHJEDC68FJ>H>I>DC
/67A:D;DCI:CIH


R
L: B6N CDI HJ88:HH;JAAN B6C6<: 6C9 A:6H: C:LAN 68FJ>G:9 EGDE:GI>:H ID B::I DJG ;>C6C8>6A DG HIG6I:<>8 O:I=:6CI>8>E6I:97:C:;>IH
R
L: B6N =6K: ID HE:C9 BDG: I=6C 7J9<:I:9 ID B6@: C:8:HH6GN >BEGDK:B:CIH ID 68FJ>G:9 EGDE:GI>:H 6C9 L: B6N
JC9:G:HI>B6I:I=:G:E6>GB6>CI:C6C8:6C986E>I6A:ME:CH:H;DGI=:68FJ>G:9EGDE:GI>:H
R
L:B6NCDI7:67A:IDD7I6>CHJ;;>8>:CI6C9:8DCDB>86A>CHJG6C8:8DK:G6<:;DGI=:68FJ>G:9EGDE:GI>:H
R
DJG86H=;ADLH;GDBI=:68FJ>G:9EGDE:GI>:HB6N7:>CHJ;;>8>:CIIDB::II=:G:FJ>G:9EG>C8>E6A6C9>CI:G:HIE6NB:CIHDC
I=:EGDE:GIN
A:K:A;>C6C8>C<>;6CN
R
I=:>CI:DCD;68FJ>G:9EGDE:GI>:H>CIDDJG:M>HI>C<EDGI;DA>DB6NG:FJ>G:H>;>86CI:ME:CH:H6C9I>B:;GDBDJG
B6C6<:B:CII:6B6C9B6N9>K:GI6II:CI>DC;GDBDI=:G>BEDGI6CI6G:6HD;DJG7JH>C:HH
R
8=6C<>C<B6G@:I6C9G:I>DCHE6GI>8JA6GANI=DH:6HHD8>6I:9L>I=I=:0.+.B6NG:HJAI>C=><=:G
I=6C
:ME:8I:9K686C8NG6I:H6C9ADL:GI=6C:ME:8I:9G:CI6AG6I:HDCC:LAN68FJ>G:9EGDE:GI>:H6C9
R
L:B6N68FJ>G:EGDE:GI>:HHJ7?:8IIDA>67>A>I>:H6C9L>I=DJI6CNG:8DJGH:DGL>I=DCANA>B>I:9G:8DJGH:L>I=G:HE:8IID
JC@CDLC A>67>A>I>:H HJ8= 6H JC9>H8ADH:9 :CK>GDCB:CI6A 8DCI6B>C6I>DC 8A6>BH 7N I:C6CIH K:C9DGH DG DI=:G E:GHDCH
9:6A>C<L>I=I=:;DGB:GDLC:GHD;I=:EGDE:GI>:H6C9A>67>A>I>:H>C8JGG:9>CI=:DG9>C6GN8DJGH:D;7JH>C:HH
$;L:86CCDI>CI:G:9EGDE:GI>:HIDB::IDJG;>C6C8>6ADGHIG6I:<>8C6C8>6A8DC9>I>DC
G:HJAIH D; DE:G6I>DCH 86H= ;ADL 86H= 6K6>A67A: ;DG 9>HIG>7JI>DCH 6C9 DJG 67>A>IN ID H:GK>8: DJG 9:7I D7A><6I>DCH 8DJA9 7:
B6I:G>6AAN69K:GH:AN6;;:8I:9
%+);88+4:2?.'<+')54)+4:8':/545,659:'26856+8:/+9/4)+8:'/48+-/549'4*'8++>659+*:5).'4-+9/48+-/54'25825)'2
)54*/:/549/4:.+9+9:':+9
*JG7JH>C:HHB6N7:69K:GH:AN6;;:8I:97NG:<>DC6ADGAD86A8DC9>I>DCH6C9:K:CIH>CI=:6G:6H>CL=>8=L:DE:G6I:
E6GI>8JA6GAN >C +:CCHNAK6C>6 2>H8DCH>C /:M6H 6A>;DGC>6 6C9 )DGI= 6GDA>C6 L=:G: B6CN D; DJG EDHI6A EGDE:GI>:H 6G:
8DC8:CIG6I:9:K:ADEB:CIHDG8DC9>I>DCH>CI=:H:G:<>DCHI=6IB6N69K:GH:AN6;;:8IDJGD88JE6C8NA:K:AH6C9G:C:L6AHDJG
G:CI6AG:K:CJ:HDJG;JC9H;GDBDE:G6I>DCHDGI=:K6AJ:D;DJGEGDE:GI>:H>C8AJ9:I=:;DAADL>C<6BDC<DI=:GH
R
9DLCIJGCH>C:8DCDB>88DC9>I>DCH
R
JC;DG:H::C :K:CIH 7:NDC9 DJG 8DCIGDA >C8AJ9>C< 6BDC< DI=:GH C6IJG6A 9>H6HI:GH I:GGDG>HI 6II68@H 6C9 IG6K:A
G:A6I:9=:6AI=8DC8:GCH>C8AJ9>C<E6C9:B>8H6C9:E>9:B>8H
R
EDHH>7A:G:9J8I>DCD;I=:0.+.LDG@;DG8:G:AD86I>DCD;EDHI6AD;;>8:HDG8DCHDA>96I>DCD;9:A>K:GNGDJI:H7NI=:
0.+.6C9
R
:8DCDB>88DC9>I>DCHI=6I8DJA986JH:6C>C8G:6H:>CDJGDE:G6I>C<:ME:CH:H>CHJG6C8:6C9GDJI>C:B6>CI:C6C8:
%+3'?(+;4'(2+:58+4+=2+'9+9589+22<')':+*6856+8:/+954,'<58'(2+:+83958':'22'92+'9+9+>6/8+=./).)5;2*
3':+8/'22?'*<+89+2?',,+):;9
2:86CCDI6HHJG:NDJI=6I6CNA:6H:HL>AA7:G:C:L:9DGI=6IK686I:9EGDE:GI>:HL>AA7:HDA9DC;6KDG67A:I:GBHDG6I
6AA.DB:D;DJGA:6H:H6AHDEGDK>9:I=:I:C6CIHL>I=6G><=IIDK686I:I=:>GHE68:9JG>C<6HE:8>;>:9E:G>D97:;DG:I=:HI6I:9
I:GBHD;I=:>GA:6H:H:ME>G:$;I=:NL:G:IDD88JG6C9L:L:G:CDI67A:IDA:6H:I=:K686CIHE68:ID6CDI=:GI:C6CI>C6I>B:AN
B6CC:GDG6I6AAHJ8=:K:CI8DJA9=6K:6B6I:G>6A69K:GH::;;:8IDCDJG7JH>C:HH;>C6C8>6A8DC9>I>DC6C9G:HJAIHD;DE:G6I>DCH
HD;I=:96I:D;I=>HG:EDGII=:0.+.=6HK686I:9ILDEGDE:GI>:H>CDJGEDGI;DA>D!DGA:6H:HL=>8=>C8AJ9:G:C:L6ADEI>DCH
I=6IHE:8>;N6B6M>BJBG6I:I=:G:C:L6AB6NG:HJAI>C7:ADL
B6G@:IA:6H:G6I:HDK:GI>B:$C699>I>DCL=:CL:G:C:LA:6H:H
L>I=I=:0.+.L:B6N=6K:IDHE:C9HJ7HI6CI>6A6BDJCIH;DG>BEGDK:B:CIH6C9DI=:G>C9J8:B:CIH>CDG9:GIDG:C:LHJ8=
A:6H:H$;L:6G:HJ7?:8IID7:ADL
B6G@:IA:6H:G6I:HDC6H>;>86CICJB7:GD;DJGEGDE:GI>:HG:CI6AG6I:H;DGDJGEGDE:GI>:H
9:8G:6H:DJG:M>HI>C<I:C6CIH9DCDIG:C:LI=:>GA:6H:HDGL:9DCDIH:AAK686I:9EGDE:GI>:HDC;6KDG67A:I:GBHDJG;>C6C8>6A
8DC9>I>DCG:HJAIHD;DE:G6I>DCH86H=;ADL86H=6K6>A67A:;DG9>HIG>7JI>DCH6C9DJG67>A>INIDH:GK>8:DJG9:7ID7A><6I>DCH8DJA9
7:B6I:G>6AAN69K:GH:AN6;;:8I:9
/67A:D;DCI:CIH


%+3'?/4);89/-4/,/)'4:3'/4:+4'4)+8+6'/8'4*)'6/:'2+>6+49+9;4*+85;82+'9+9
0C9:GHDB:D;DJGA:6H:HL:G:I6>C8:GI6>CD7A><6I>DCHL>I=G:HE:8IIDI=:EGDE:GIN>C8AJ9>C<6BDC<DI=:GI=>C7>A>IN;DG8:GI6>CB6>CI:C6C8:6C9G:E6>GD7A><6I>DCHD;I=:EGDE:GIN6C986E>I6A>BEGDK:B:CIHHJ8=6HGDD;DGE6G@>C<
ADIG:EA68:B:CI6H7:HIDH
G:A6I:9EGD?:8IHG:EA68:B:CID;=:6I>C<DGK:CI>A6I>DC:FJ>EB:CI6C9B6?DGHIGJ8IJG6A>BEGDK:B:CIH
/=::ME:C9>IJG:D;6CNHJBH>C8DCC:8I>DCI=:G:L>I=L>AAG:9J8:I=:86H=6K6>A67A:;DG9>HIG>7JI>DC6C9B6NG:FJ>G:JHID;JC9
9:;>8>IHG:HJAI>C<;GDBDE:G6I>C<6EGDE:GIN$C699>I>DCG>H@H7:NDC9DJG8DCIGDAHJ8=6HL:6I=:GA67DG8DC9>I>DCHB6I:G>6A
H=DGI6<:H 86JH:9 7N HJEEAN 8=6>C 9>HGJEI>DCH DG >C;A6I>DC6GN EG>8: >C8G:6H:H ;DG B6I:G>6AH 8DJA9 A:69 ID 8DHI DK:GGJCH 6C9
JCI>B:AN8DBEA:I>DCD;EGD?:8IHL=>8=8DJA96AHD96B6<:DJGG:A6I>DCH=>EL>I=I:C6CIH(::I>C<I=:H:D7A><6I>DCH6AHDG:FJ>G:
JH ID =>G: 6C9 B6>CI6>C 6 H>O67A: EGD?:8I B6C6<:B:CI I:6B 6C9 >C8JG H>;>86CI EGDE:GIN B6C6<:B:CI 6C9 69B>C>HIG6I>K:
:ME:CH:HL=>8=B6N8DCI>CJ:IDG:BDG:EGDE:GI>:HE6GI>8JA6GANI=DH:L>I=A6C9ADG97:>C<G:HEDCH>7A:;DG
8:GI6>CB6>CI:C6C8:6C986E>I6A>BEGDK:B:CIH$C699>I>DCL:B6N>C8JGJC:ME:8I:9>C8G:6H:>CB6>CI:C6C8:G:E6>GDG86E>I6A
:ME:CH:H6HI:C6CIH69?JHII=:>GHI6C96G9HG:FJ>G:B:CIH9:B6C9H6C9:ME:8I6I>DCH;DGI=:DE:G6I>DCD;I=:A:6H:9EGDE:GI>:H
>C8G:6H:I=:>G>CHE:8I>DC:;;DGIH6C9G:FJ>G:8:GI6>CJEG:BDG:EGDE:GI>:HL>I=A6C9ADG97:>C<G:HEDCH>7A:
;DG8:GI6>CB6>CI:C6C8:6C986E>I6A>BEGDK:B:CIH$;L:L:G:ID;6>AIDB::II=:H:D7A><6I>DCHI=:CI=:I:C6CI8DJA9676I:G:CI
DGI:GB>C6I:I=:6EEA>867A:A:6H:L=>8=8DJA9=6K:6B6I:G>6A69K:GH::;;:8IDCDJG7JH>C:HH;>C6C8>6A8DC9>I>DC6C9G:HJAIHD;
DE:G6I>DCH
856+8:?<')'4)/+9)5;2*8+9;2:/49/-4/,/)'4:)'6/:'2+>6+4*/:;8+9'4*/22/7;/*/:?
/=:ADHHD;6I:C6CII=GDJ<=A:6H::ME>G6I>DCB6NG:FJ>G:JHIDHE:C9H>;>86CI6BDJCIHD;86E>I6AIDG:CDK6I:I=:
EGDE:GIN 7:;DG: >I >H HJ>I67A: ;DG 6 C:L I:C6CI .J7HI6CI>6AAN 6AA D; I=: EGDE:GI>:H L: 68FJ>G: 6G: HE:8>;>86AAN HJ>I:9 ID I=:
E6GI>8JA6G7JH>C:HHD;I=:0.+.6C96H6G:HJAI>;I=:0.+.K686I:H6EGDE:GIN9D:HCDIG:C:L>IHA:6H:DG9:8>9:HIDG:AD86I:6
EDHI6AD;;>8:ID6CDI=:GAD86I>DCL:B6N7:G:FJ>G:9IDG:CDK6I:I=:EGDE:GIN6IHJ7HI6CI>6A8DHIH9:8G:6H:I=:G:CIL:8=6G<:DG
EGDK>9:DI=:G8DC8:HH>DCH>CDG9:GIDA:6H:I=:EGDE:GINID6CDI=:GI:C6CI$CI=::K:CIL:6G:G:FJ>G:9DG:A:8IIDH:AAI=:
EGDE:GIN L: B6N =6K: 9>;;>8JAIN H:AA>C< >I ID 6 E6GIN DI=:G I=6C I=: 0.+. L=>8= B6N G:HJAI >C 6C >BE6>GB:CI ADHH /=>H
EDI:CI>6A >AA>FJ>9>IN B6N A>B>I DJG 67>A>IN ID FJ>8@AN BD9>;N DJG EDGI;DA>D >C G:HEDCH: ID 8=6C<:H >C :8DCDB>8 DG DI=:G
8DC9>I>DCHL=>8=B6NB6I:G>6AAN6C969K:GH:AN6;;:8IJH
95,+(8;'8?
:.+2+'9+9':9+<+45,5;86856+8:/+9=+8++>6/8+*'4*:.+#!!/95));6?/4-9;).6856+8:/+9'9'
.52*5<+8:+4'4:,=+'8+45:9;))+99,;2/48+4+=/4-:.+9++>6/8+*2+'9+9=+=/222/1+2?+>6+8/+4)+8+*;)+*5));6'4)?
8+4:'2/4)53+'4*4+:56+8':/4-/4)53+'4*65:+4:/'2/36'/83+4:2599
HD;!:7GJ6GNI=:A:6H:H6IH:K:CD;DJGEGDE:GI>:HG:EG:H:CI>C<6EEGDM>B6I:ANC:IA:6H67A:>CI:G>DG
HFJ6G:;::IL:G::ME>G:96C9I=:0.+.>HD88JEN>C<HJ8=EGDE:GI>:H6H6=DA9DK:GI:C6CI2=:C6A:6H::ME>G:HI=:0.+.
7:8DB:H6=DA9DK:GI:C6CIDC6BDCI=
ID
BDCI=76H>HINE>86AANE6N>C<I=:B6I:9B6G@:IG:CIDGI=:G:CI6BDJCI
JC9:GI=::ME>G:9A:6H:2=>A:L:8JGG:CIAN6CI>8>E6I:I=6IL:L>AAG:C:LI=:A:6H:HI=6I=6K::ME>G:9DGL>AA:ME>G:I=:G:86C
7:CDAA7:HJ88:HH;JA>CG:C:L>C<I=:H:A:6H:HD7I6>C>C<EDH>I>K:G:CIG:C:L6AHEG:69HDGG:C:L>C<I=:
A:6H:H>C6C:ME:9>I>DJHB6CC:GDCI:GBH8DBE6G67A:IDI=DH:D;I=::ME>G>C<A:6H:H K:C>;L:6G:67A:IDG:C:LI=:H::ME>G:9
A:6H:HI=:A:6H:I:GBHB6NCDI7:8DBE6G67A:IDI=DH:D;I=:EG:K>DJHA:6H:H$;L:6G:CDIHJ88:HH;JAL:L>AAA>@:AN:ME:G>:C8:
G:9J8:9D88JE6C8NG:CI6A>C8DB:6C9C:IDE:G6I>C<>C8DB:6C9EDI:CI>6A>BE6>GB:CIADHH6HL:AA6H9>B>C>H=:97DGGDL>C<
86E68>INJC9:GDJGG:9>I!68>A>I>:HL=>8=8DJA9=6K:6B6I:G>6A69K:GH::;;:8IDCDJG;>C6C8>6A8DC9>I>DCG:HJAIHD;DE:G6I>DCH
6C967>A>INIDB6@:9>HIG>7JI>DCHIDHID8@=DA9:GH
;8;9+5,#4/:9'9)549/*+8':/54:5')7;/8+6856+8:/+9)5;2*8+9;2:/49:5)1.52*+8*/2;:/54'4*	582/3/:5;8'(/2/:?:59+22
9;).6856+8:/+9
2:=6K:68FJ>G:96C9B6N8DCI>CJ:ID68FJ>G:EGDE:GI>:HDGEDGI;DA>DHD;EGDE:GI>:HI=GDJ<=I6M9:;:GG:98DCIG>7JI>DC
IG6CH68I>DCH>C:M8=6C<:;DG*+0C>IHL=>8=B6NG:HJAI>CHID8@=DA9:G9>AJI>DC/=>H68FJ>H>I>DCHIGJ8IJG:B6N=6K:I=::;;:8I
D;6BDC<DI=:GI=>CC<I=:6BDJCID;I6M9:EG:8>6I>DCL:8DJA99:9J8IDK:GI=:I6MA>;:D;I=:68FJ>G:9EGDE:GI>:H6C9
>C8G:6H>C<DJGI6M8DBEA>6C8:6C9DI=:G69B>C>HIG6I>K::ME:CH:H6C9B6NG:FJ>G:I=6IL:67JIDGHW
67>A>INID9:;:GG:8DI>DCD;I6M67A:<6>CI=GDJ<=G:HIG>8I>DCHDCDJG67>A>INID9>HEDH:D;I=:68FJ>G:9EGDE:GI>:H6C9DGI=:
6AAD86I>DCD;E6GIC:GH=>E9:7IIDI=:8DCIG>7JIDGHIDB6>CI6>CI=:>GI6M76H:H/=:H:G:HIG>8I>DCH8DJA9A>B>IDJG67>A>INIDH:AA
EGDE:GI>:H6I6I>B:DGDCI:GBHI=6ILDJA97:;6KDG67A:67H:CIHJ8=G:HIG>8I>DCH
/67A:D;DCI:CIH


22/7;/*/:?5,)533+8)/'28+'2+9:':+)5;2*9/-4/,/)'4:2?/36+*+5;8'(/2/:?:58+9654*:5'*<+89+).'4-+9/4:.+6+8,583'4)+
5,5;86856+8:/+9'4*.'835;8,/4'4)/'2)54*/:/54
*JG67>A>INIDEGDBEIANH:AADC:DGBDG:EGDE:GI>:H>CDJGEDGI;DA>D>CG:HEDCH:ID8=6C<>C<:8DCDB>8;>C6C8>6A6C9
>CK:HIB:CI 8DC9>I>DCH 6C9 8DC9>I>DCH D; I=: 0.+. B6N 7: A>B>I:9 :GI6>C INE:H D; G:6A :HI6I: 6C9 >C E6GI>8JA6G EDHI6A
EGDE:GI>:HB6N=6K:A>B>I:96AI:GC6I>K:JH:H6C9I=JH6G:G:A6I>K:AN>AA>FJ>9-:IJGCD;86E>I6A6C9G:6A>O6I>DCD;<6>CH>;6CN
;GDB 6C >CK:HIB:CI <:C:G6AAN L>AA D88JG JEDC 9>HEDH>I>DC DG G:;>C6C8>C< D; I=: JC9:GAN>C< EGDE:GIN 2: B6N 7: JC67A: ID
G:6A>O:DJG>CK:HIB:CID7?:8I>K:H7NH6A:DI=:G9>HEDH>I>DCDGG:;>C6C8>C<6I6IIG68I>K:EG>8:HL>I=>C6CN<>K:CE:G>D9D;I>B:DG
B6NDI=:GL>H:7:JC67A:ID8DBEA:I:6CN:M>IHIG6I:8JA6GDJG67>A>INID9>HEDH:D;DC:DGBDG:EGDE:GI>:HL>I=>C6
HE:8>;>8I>B:E:G>D9>HHJ7?:8IID8:GI6>CA>B>I6I>DCH>BEDH:97NDJGI6MEGDI:8I>DC6CDG:K:C
I=:A68@D;6C:HI67A>H=:9B6G@:I;DG6EGDE:GIN8=6C<:H>CI=:;>C6C8>6A8DC9>I>DCDGEGDHE:8IHD;EGDHE:8I>K:EJG8=6H:GH
8=6C<:H>CC6I>DC6ADG>CI:GC6I>DC6A:8DCDB>88DC9>I>DCH6C98=6C<:H>CA6LHG:DCHDG;>H86AEDA>8>:HD;?JG>H9>8I>DCH>C
L=>8=I=:EGDE:GIN>HAD86I:9!JGI=:GBDG:>;L:9>HEDH:6CNEGDE:GIN>CIG6CH68I>DCHI=6I6G:>CI:C9:9IDFJ6A>;N;DG;:9:G6A
>C8DB:I6M9:;:GG6A6H6UA>@:
@>C9:M8=6C<:VJC9:G.:8I>DCD;I=:D9:>I>HEDHH>7A:I=6IHJ8=IG6CH68I>DC8DJA9A6I:G7:
9:I:GB>C:9ID=6K:7::CI6M67A:DGI=6IL:B6N7:JC67A:ID>9:CI>;N6C98DBEA:I:I=:68FJ>H>I>DCD;6HJ>I67A:G:EA68:B:CI
EGDE:GINID8DBEA:I:6:M8=6C<:6C9I=:G:;DG:;68:69K:GH:I6M8DCH:FJ:C8:H
$C699>I>DCI=:$CI:GC6A-:K:CJ:D9:D;6H6B:C9:9I=:D9:	>BEDH:HG:HIG>8I>DCHDC6- $/WH67>A>INID
9>HEDH:D;EGDE:GI>:HI=6I6G:CDI6EEA>867A:IDDI=:GINE:HD;G:6A:HI6I:8DBE6C>:H$CE6GI>8JA6GI=:I6MA6LH6EEA>867A:ID
- $/H:;;:8I>K:ANG:FJ>G:I=6IL:=DA9DJGEGDE:GI>:H;DG>CK:HIB:CIG6I=:GI=6CEG>B6G>AN;DGH6A:>CI=:DG9>C6GN8DJGH:D;
7JH>C:HH;JGI=:GA>B>I>C<DJG67>A>INIDFJ>8@AN69?JHIDJGEDGI;DA>D>CG:HEDCH:ID8=6C<>C<:8DCDB>8;>C6C8>6A6C9>CK:HIB:CI
8DC9>I>DCH6C98DC9>I>DCHD;I=:0.+.
4/4)8+'9+/4:.+'35;4:5,#!!58#!-5<+843+4:5=4+*8+'2+9:':+3'?'*<+89+2?',,+):;9
$CG:8:CIN:6GHI=:0.+.8DBEA:I:96C96AHD6CCDJC8:9EA6CHID;JGI=:G8DCHIGJ8I6H>;>86CICJB7:GD;C:LHDGI>C<
6C99:A>K:GN6C9DI=:G;68>A>I>:H68GDHHI=:8DJCIGN$;I=:G:>H6A6G<:>C8G:6H:>CI=:6BDJCID;G:6A:HI6I:8DCHIGJ8I:96C9
DLC:97NI=:0.+.DGDI=:G0.:HI=:0.+.B6NG:AD86I:;GDBDJGEGDE:GI>:HIDHJ8=0.+.DG0.
A>I>:H6II=::ME>G6I>DCD;I=:>GG:HE:8I>K:A:6H:H.>B>A6GAN>IB6N7:8DB:BDG:9>;;>8JAI;DGJHIDG:C:L
DJGA:6H:HL>I=I=:0.+.L=:CI=:N:ME>G:DG>9:CI>;N699>I>DC6AEGDE:GI>:HI=6I6G:A:6H:9IDI=:0.+.>CDG9:GIDD
;8 8+'2 +9:':+ :'>+9 ,58 6856+8:/+9 =.+8+ =+ '8+ 45: 8+/3(;89+* )5;2* /4)8+'9+ *;+ :5 6856+8:? :'> 8':+ ).'4-+9 58
8+'99+993+4:
 K:CI=DJ<=L:8JGG:CIANFJ6A>;N6H6- $/;DG0.;:9:G6A>C8DB:I6MEJGEDH:HL:6G:G:FJ>G:9IDE6NHI6I:6C9
AD86AI6M:HDCHDB:D;DJGEGDE:GI>:H/=:G:6AEGDE:GINI6M:HDCDJGEGDE:GI>:H=6K:>C8G:6H:9>CI=:E6HI6C9B6N>C8G:6H:>C
I=:;JIJG:6HEGDE:GINI6MG6I:H8=6C<:DG6HDJGEGDE:GI>:H6G:6HH:HH:9DGG:6HH:HH:97NI6M>C<6JI=DG>I>:H/=:G:;DG:I=:
6BDJCID;EGDE:GINI6M:HL:E6N>CI=:;JIJG:B6N>C8G:6H:HJ7HI6CI>6AAN;GDBL=6IL:=6K:E6>9>CI=:E6HI$;I=:EGDE:GIN
I6M:HL:E6N>C8G:6H:DJG;>C6C8>6A8DC9>I>DCG:HJAIHD;DE:G6I>DCH86H=;ADLHE:GH=6G:IG69>C<EG>8:D;DJGA6HH8DBBDC
HID8@6C9DJG67>A>INIDH6I>H;NDJGEG>C8>E6A6C9>CI:G:HID7A><6I>DCH6C9IDB6@:9>HIG>7JI>DCHIDDJGHID8@=DA9:GH8DJA97:
69K:GH:AN6;;:8I:9
/67A:D;DCI:CIH


%+3'?(++>659+*:58/919'995)/':+*=/:.6856+8:?*+<+2563+4:'4*8+*+<+2563+4:
2:B6N:C<6<:>C9:K:ADEB:CI6C9G:9:K:ADEB:CI68I>K>I>:HL>I=G:HE:8IIDDJGEGDE:GI>:H>C8AJ9>C<7J>A9
ID
HJ>I
G:CDK6I>DCH6C9C:L9:K:ADEB:CIH;DGDJG:M>HI>C<DGEGDHE:8I>K:I:C6CIH6C96H6G:HJAIL>AA7:HJ7?:8IID8:GI6>CG>H@HL=>8=
8DJA969K:GH:AN6;;:8IJH>C8AJ9>C<DJG;>C6C8>6A8DC9>I>DC6C9G:HJAIHD;DE:G6I>DCH/=:H:G>H@H>C8AJ9:
R
9:K:ADEB:CI8DHIHI=6IB6N7:=><=:GI=6C6CI>8>E6I:9
R
8DHIDK:GGJCH6C99:A6NHD;8DCHIGJ8I>DC
R
I=:6K6>A67>A>IND;;>C6C8>C<DC;6KDG67A:I:GBHDG6I6AA
R
K6G>DJH AD86A HI6I: 6C9 ;:9:G6A HI6IJI:H DG9>C6C8:H GJA:H 6C9 G:DCH 8DC8:GC>C< ODC>C< 7J>A9>C< 9:H>DC6C9H>B>A6GB6II:GH
R
G:<>HIG6I>DC6C9;>A>C<G:FJ>G:B:CIH>C8DCC:8I>DCL>I=I=:H:9:K:ADEB:CIH>C8:GI6>CHI6I:H6C9AD86A>I>:H
R
I=:EDI:CI>6AI=6IL:B6N:ME:C9;JC9HDC6C99:KDI:B6C6<:B:CII>B:IDEGD?:8IHI=6IL:9DCDI8DBEA:I:6C9
R
I=:>C67>A>INID8DBEA:I:8DCHIGJ8I>DC6C9A:6H>C<D;6EGDE:GINDCH8=:9JA:G:HJAI>C<>C>C8G:6H:99:7IH:GK>8::ME:CH:
6C99:K:ADEB:CI6C9G:CDK6I>DC8DHIH
/=:H: G>H@H 8DJA9 G:HJAI >C HJ7HI6CI>6A JC6CI>8>E6I:9 9:A6NH DG :ME:CH:H 6C9 8DJA9 EG:K:CI I=: >C>I>6I>DC DG I=:
8DBEA:I>DC D; 9:K:ADEB:CI 6C9 G:CDK6I>DC 68I>K>I>:H 6CN D; L=>8= 8DJA9 =6K: 6 B6I:G>6A 69K:GH: :;;:8I DC DJG 7JH>C:HH
;>C6C8>6A8DC9>I>DC6C9G:HJAIHD;DE:G6I>DCH
4)8+'9+9/4/4:+8+9:8':+958;4'<'/2'(/2/:?5,*+(:,/4'4)/4-3'?3'1+/:*/,,/);2:,58;9:5,/4'4)+588+,/4'4)+5;8*+(:
$;9:7I;>C6C8>C<>C8AJ9>C<BDGI<6<:AD6CH>HJC6K6>A67A:IDJH6IG:6HDC67A:G6I:HDG6I6AAL:B6NCDI7:67A:ID
;>C6C8:I=:EJG8=6H:D;699>I>DC6AEGDE:GI>:HDGG:;>C6C8::M>HI>C<9:7IL=:C>I7:8DB:H9J:$;>CI:G:HIG6I:H6G:=><=:GL=:C
L:G:;>C6C8:DJG:M>HI>C<9:7IDJG>C8DB:6C986H=;ADL8DJA97:G:9J8:9L=>8=LDJA9G:9J8:86H=6K6>A67A:;DG9>HIG>7JI>DC
IDDJGHID8@=DA9:GH6C9B6N=>C9:GDJG67>A>INIDG6>H:BDG:86E>I6A7N>HHJ>C<BDG:HID8@DG7N7DGGDL>C<BDG:BDC:N$C
699>I>DC ID I=: :MI:CI L: 6G: JC67A: ID G:;>C6C8: DJG 9:7I L=:C >I 7:8DB:H 9J: L: L>AA =6K: ;:L:G 9:7I I>:H 6K6>A67A: ID D;;:G JC9:G DJG I6M EGDI:8I>DC 68= 8DJA9 IG><<:G 6C D7A><6I>DC ID >C9:BC>;N I=:
EGDI:8I:9E6GI>:HJC9:GI=:I6MEGDI:8I>DC6659+;9:5:.+6599/(/2/:?5,,58+)259;8+=./).)5;2*8+9;2:/4:.+25995,5;8/4<+9:3+4:/4'
6856+8:?58-85;65,6856+8:/+99;(0+)::5358:-'-+*+(:
(DGI<6<:6C9DI=:GH:8JG:99:7ID7A><6I>DCH>C8G:6H:DJGG>H@D;EGDE:GINADHH:H7:86JH:9:;6JAIHDC>C9:7I:9C:HH
H:8JG:97NEGDE:GI>:HB6NG:HJAI>C;DG:8ADHJG:68I>DCH>C>I>6I:97NA:C9:GH6C9JAI>B6I:ANDJGADHHD;I=:EGDE:GINH:8JG>C<6CN
AD6CH;DGL=>8=L:6G:>C9:;6JAICN;DG:8ADHJG:DC6BDGI<6<:9EGDE:GINDG:H8DJA969K:GH:AN6;;:8II=:
DK:G6AA K6AJ: D; DJG EDGI;DA>D D; EGDE:GI>:H !DG I6M EJGEDH:H 6 ;DG:8ADHJG: DC 6CN D; DJG EGDE:GI>:H I=6I >H HJ7?:8I ID 6
CDCG:8DJGH:BDGI<6<:AD6CLDJA97:IG:6I:96H6H6A:D;I=:EGDE:GIN;DG6EJG8=6H:EG>8::FJ6AIDI=:DJIHI6C9>C<76A6C8:D;
I=:9:7IH:8JG:97NI=:BDGI<6<:$;I=:DJIHI6C9>C<76A6C8:D;I=:9:7IH:8JG:97NI=:BDGI<6<::M8::9HDJGI6M76H>H>CI=:
EGDE:GINL:LDJA9G:8DO:I6M67A:>C8DB:DC;DG:8ADHJG:7JILDJA9CDIG:8:>K:6CN86H=EGD8::9HL=>8=8DJA9=>C9:GDJG
67>A>INIDB::II=:- $/9>HIG>7JI>DCG:FJ>G:B:CIH>BEDH:97NI=:D9:!DG:8ADHJG:H8DJA96AHDIG><<:GDJGI6M>C9:BC>;>86I>DC
D7A><6I>DCHJC9:GI=:I:GBHD;DJGI6MEGDI:8I>DC6I=G:HE:8IIDI=:H6A:HD;8:GI6>CEGDE:GI>:H
$C699>I>DCHDB:D;DJG;>C6C8>C<6GG6C<:B:CIHG:FJ>G:JHIDB6@:6AJBE
HJBDGU76AADDCVE6NB:CI6IB6IJG>IN*JG
67>A>INIDH6I>H;N676AADDCE6NB:CI6IB6IJG>IN>HJC8:GI6>C6C9B6N9:E:C9JEDCDJG67>A>INIDD7I6>C699>I>DC6A;>C6C8>C<DG
DJG67>A>INIDH:AAI=:EGDE:GINII=:I>B:I=:76AADDCE6NB:CI>H9J:L:B6NDGB6NCDI7:67A:IDG:;>C6C8:I=::M>HI>C<
;>C6C8>C<DCI:GBH6H;6KDG67A:6HI=:DG><>C6AAD6CDGH:AAI=:EGDE:GIN6I6EG>8:HJ;;>8>:CIIDH6I>H;NI=:76AADDCE6NB:CI.J8=
6G:;>C6C8>C<DGH6A:8DJA96;;:8II=:G6I:D;G:IJGCIDHID8@=DA9:GH6C9I=:EGD?:8I:9I>B:D;9>HEDH>I>DCD;DJG6HH:IH
/67A:D;DCI:CIH


5<+4'4:9/45;8*+(:/49:8;3+4:9)5;2*'*<+89+2?',,+):5;8,/4'4)/'2)54*/:/54
*JG G:9>I !68>A>I>:H 6C9 DI=:G 9:7I >CHIGJB:CIH 8DCI6>C 8:GI6>C 8JHIDB6GN G:HIG>8I>DCH G:FJ>G:B:CIH 6C9 DI=:G
A>B>I6I>DCH DC DJG 67>A>IN ID >C8JG >C9:7I:9C:HH 0C9:G DJG G:9>I !68>A>I>:H L: BJHI B6>CI6>C 8:GI6>C G6I>DH >C8AJ9>C< 6
B>C>BJB;>M:98=6G<:8DK:G6<:G6I>DB6M>BJBIDI6AA:K:G6<:G6I>DB>C>BJBI6C<>7A:C:ILDGI=B6M>BJBH:8JG:9A:K:G6<:
G6I>D B6M>BJB JCH:8JG:9 A:K:G6<: G6I>D B>C>BJB JCH:8JG:9 9:7I H:GK>8: 8DK:G6<: G6I>D 6C9 B6M>BJB H:8JG:9 G:8DJGH:
A:K:G6<:G6I>D*JG67>A>INID7DGGDLJC9:GDJGG:9>I!68>A>I>:H6C9DI=:G9:7I>CHIGJB:CIH>HHJ7?:8IID8DBEA>6C8:L>I=DJG
;>C6C8>6A6C9DI=:G8DK:C6CIH
!6>AJG:ID8DBEANL>I=6CND;I=:8DK:C6CIHJC9:GDJGG:9>I!68>A>I>:HDGDI=:G9:7I>CHIGJB:CIH8DJA9G:HJAI>C6
9:;6JAIJC9:GDC:DGBDG:D;DJG9:7I>CHIGJB:CIH$CE6GI>8JA6GL:8DJA9HJ;;:G69:;6JAIJC9:G6H:8JG:99:7I>CHIGJB:CII=6I
8DJA9 :M8::9 6 8GDHH
9:;6JAI I=G:H=DA9 JC9:G DJG G:9>I !68>A>I>:H 86JH>C< 6C :K:CI D; 9:;6JAI I=:G:JC9:G 0C9:G I=DH:
8>G8JBHI6C8:HDI=:GHDJG8:HD;86E>I6AB6NCDI7:6K6>A67A:IDJHDG7:6K6>A67A:DCANDCJC6IIG68I>K:I:GBH$C699>I>DC>;L:
7G:68=8DK:C6CIH>C6CND;DJG9:7I6;I=:9:7I>HH:8JG:9I6@:EDHH:HH>DCD;
I=:8DAA6I:G6AH:8JG>C<I=:9:;6JAI:9AD6C
AI:GC6I>K:AN:K:C>;6H:8JG:99:7I>CHIGJB:CI>H7:ADLI=:8GDHH
9:;6JAII=G:H=DA9;DGCDC
G:8DJGH:H:8JG:99:7I
JC9:G DJG G:9>I !68>A>I>:H 6 9:;6JAI JC9:G HJ8= H:8JG:9 9:7I >CHIGJB:CI B6N HI>AA 86JH: 6 8GDHH 9:;6JAI JC9:G DJG G:9>I
!68>A>I>:H7:86JH:HJ8=H:8JG:99:7I>CHIGJB:CIB6NCDIFJ6A>;N6HUCDC
G:8DJGH:VJC9:GDJGG:9>I!68>A>I>:HCDI=:GEDHH>7A:
8GDHH9:;6JAI8DJA9D88JG7:IL::CI=:8G:9>I;68>A>I>:HI=6IL::CI:G>CID6C96CNH:C>DGJCH:8JG:9CDI:HI=6IL:>HHJ:CND;
I=:;DG:C<9:;6JAIDG8GDHH
9:;6JAI:K:CIH8DJA986JH:DJGA:C9:GHID688:A:G6I:I=:I>B>C<D;E6NB:CIH6C9DGEGD=>7>I;JIJG:
7DGGDL>CI=:GD;L=>8=LDJA9=6K:6B6I:G>6A69K:GH::;;:8IDCDJG7JH>C:HHDE:G6I>DCH;>C6C8>6A8DC9>I>DC6C9A>FJ>9>IN
'/2;8+:5.+*-++,,+):/<+2?'-'/49:/4:+8+9:8':+).'4-+93'?'*<+89+2?',,+):5;8,/4'4)/'2)54*/:/548+9;2:95,56+8':/549
)'9.,25=)'9.'<'/2'(2+,58*/9:8/(;:/54'4*5;8'(/2/:?:59+8CI6>C>C<DJGFJ6A>;>86I>DC6H6- $/L:B6C6<:DJGB6G@:IG>H@DCK6G>67A:G6I:9:7II=GDJ<=I=:JH:D;
>CI:G:HIG6I:HL6EHI=6I;>MI=:G6I:DC6AADG6EDGI>DCD;DJGK6G>67A:G6I:9:7I;DGK6GN>C<E:G>D9HJEIDB6IJG>IN.::)DI:
:G>K6I>K:H6C9#:9<>C<8I>K>I>:H>CI=:)DI:HIDDJGDCHDA>96I:9!>C6C8>6A.I6I:B:CIH>C8AJ9:9=:G:>C;DG;JGI=:G9:I6>AH$C
I=:;JIJG:L:B6NJH:DI=:G9:G>K6I>K:>CHIGJB:CIHHJ8=6H>CI:G:HI86E6C:;;:8I86EI=:>CI:G:HIG6I:DC6AADG6
EDGI>DCD;I=:9:7I;DGK6GN>C<E:G>D9HJEIDB6IJG>IN/=:H:6CKDAK:G>H@HHJ8=6HI=:G>H@I=6IHJ8=6GG6C<:B:CIH
LDJA9CDI7::;;:8I>K:>CG:9J8>C<DJG:MEDHJG:ID>CI:G:HIG6I:8=6C<:HDGI=6I68DJGI8DJA9GJA:I=6IHJ8=6C6HCDI
A:<6AAN :C;DG8:67A: $C 699>I>DC >CI:G:HI G6I: =:9<>C< 86C 7: :ME:CH>K: E6GI>8JA6GAN 9JG>C< I=: G:8:CI E:G>D9 D; G>H>C< 6C9
KDA6I>A:>CI:G:HIG6I:H#:9<>C<8DJA9>C8G:6H:DJG8DHIH6C9G:9J8:I=:DK:G6AAG:IJGCHDCDJG>CK:HIB:CIH$C699>I>DCL=>A:
=:9<>C<6CI:C9:9IDA:HH:CI=:>BE68ID;G>H>C<>CI:G:HIG6I:HDCJHI=:N8DJA96AHD:MEDH:JHIDI=:G>H@
I=6II=:DI=:GE6GI>:HIDI=:6C8JGH>;>86CI8DHIH6HHD8>6I:9L>I=I=:H:IIA:B:CID;I=:
6C< IG6CH68I>DCH 8DJA9 ;6>A ID FJ6A>;N 6H =><=AN
:;;:8I>K: 86H= ;ADL =:9<:H JC9:G !>C6C8>6A
88DJCI>C<.I6C96G9HD6G9!.	88DJCI>C<.I6C96G9HD9>;>86I>DC.	/DE>8:G>K6I>K:H6C9#:9<>C<
/=:- $/EGDK>H>DCHD;I=:D9:6AHDA>B>IDJG67>A>INID=:9<:DJGA>67>A>I>:H":C:G6AAN>C8DB:;GDB6=:9<>C<
IG6CH68I>DCL::CI:G>CID>	IDB6C6<:I=:G>H@D;>CI:G:HIG6I:8=6C<:HL>I=G:HE:8IID7DGGDL>CC8JGG:9DGID7:>C8JGG:9ID
68FJ>G:DG86GGNG:6A:HI6I:6HH:IH>>	IDB6C6<:I=:G>H@D;8JGG:C8N;AJ8IJ6I>DCHL>I=G:HE:8IID6CN>I:BD;>C8DB:DG<6>CI=6I
8DCHI>IJI:HUFJ6A>;N>C<>C8DB:V;DGEJGEDH:HD;I=:DGC8DB:I:HIH6EEA>867A:ID- $/HDG6CNEGDE:GINI=6I
<:C:G6I:HHJ8=>C8DB:DG<6>C	DG>>>	I=6I=:9<:H6<6>CHIIG6CH68I>DCH9:H8G>7:9>C8A6JH:H>	6C9>>	6C9>H:CI:G:9>CID>C
8DCC:8I>DCL>I=I=::MI>CH=B:CID;9:7IDGH6A:D;EGDE:GINI=6I>H7:>C<=:9<:96<6>CHI7NI=:IG6CH68I>DCH9:H8G>7:9>C
8A6JH:H>	6C9>>	9D:HCDI8DCHI>IJI:UC8DB:V;DGEJGEDH:HD;I=:DGC8DB:I:HIHEGDK>9:9I=6IL:
8DBEANL>I=8:GI6>C>9:CI>;>86I>DCG:FJ>G:B:CIHEJGHJ6CIIDI=:6EEA>867A:H:8I>DCHD;I=:D9:6C9/G:6HJGN-:DCH/D
I=::MI:CII=6IL::CI:G>CIDDI=:GINE:HD;=:9<>C<IG6CH68I>DCHI=:>C8DB:;GDBI=DH:IG6CH68I>DCH>HA>@:ANID7:IG:6I:96H
CDC
FJ6A>;N>C<>C8DB:;DGEJGEDH:HD;7DI=C8DB:I:HIHH6G:HJAID;I=:H:GJA:HL:B6NC::9IDA>B>IDJGJH:D;
DI=:GL>H:69K6CI6<:DJH=:9<>C<I:8=C>FJ:HDG>BEA:B:CII=DH:=:9<:HI=GDJ<=6/-./=:JH:D;6/-.8DJA9>C8G:6H:I=:
8DHID;DJG=:9<>C<68I>K>I>:HDG:MEDH:JHIDH@HI=6CL:LDJA9DI=:GL>H:L6CIID7:6G
;89;))+99*+6+4*9541+?6+89544+2=.59+)54:/4;+*9+8CJ:9HJ88:HH6C9DJG67>A>INIDB6C6<:6CI>8>E6I:9;JIJG:CA6G<:E6GIJEDCI=::;;DGIHD;
@:NE:GHDCC:AE6GI>8JA6GAN(:HHGH.ED9:@"6G7:G6C9&A:>CL=D=6K::MI:CH>K:B6G@:I@CDLA:9<:6C9G:A6I>DCH=>EH6C9
/67A:D;DCI:CIH


:M:G8>H: HJ7HI6CI>6A >C;AJ:C8: DK:G DJG 68FJ>H>I>DC DE:G6I>DC6A 6C9 ;>C6C8>C< 68I>K>I>:H BDC< I=: G:6HDCH I=6I I=:H:
>C9>K>9J6AH6G:>BEDGI6CIIDDJGHJ88:HH>HI=6I:68==6H6C6I>DC6ADGG:<>DC6A>C9JHIGNG:EJI6I>DCI=6I6IIG68IH7JH>C:HH6C9
>CK:HIB:CIDEEDGIJC>I>:H6C96HH>HIHJH>CC:6I>DCHL>I=>CK:HIDGHA:C9:GHI=:0.+.6C9DLC:GHD;EDHI6AEGDE:GI>:H$;L:
ADH: I=:>G H:GK>8:H HJ8= G:A6I>DCH=>EH 8DJA9 9>B>C>H= DG 7: 69K:GH:AN 6;;:8I:9 *JG :BEADNB:CI 6I= (:HHGH
.ED9:@"6G7:G6C9&A:>C9DCDIG8DCI>CJ:9:BEADNB:CIL>I=JH
(6CND;DJGDI=:GH:C>DG:M:8JI>K:H6AHD=6K::MI:CH>K::ME:G>:C8:6C9HIGDC<G:EJI6I>DCH>CI=:G:6A:HI6I:>C9JHIGN
E6GI>8JA6GAN>CI=:EDHI6AG:6A:HI6I:H:8IDGL=>8=6>9JH>C>9:CI>;N>C<DEEDGIJC>I>:H=6K>C<DEEDGIJC>I>:H7GDJ<=IIDJH6C9
C:6I>C<(6CND;I=:H:>C9>K>9J6AH=6K:9:K:ADE:9HE:8>6A>O:9@CDLA:9<:6C9H@>AAH>CI=:EDHI6AG:6A:HI6I:H:8IDG/=:ADHH
D;H:GK>8:HD;DC:DGBDG:B:B7:GHD;DJGH:C>DGB6C6<:B:CII:6BDGDJG>C67>A>INID6IIG68I6C9G:I6>C=><=ANFJ6A>;>:9
E:GHDCC:A 8DJA9 69K:GH:AN 6;;:8I DJG 7JH>C:HH 9>B>C>H= DJG >CK:HIB:CI DEEDGIJC>I>:H 6C9 L:6@:C DJG G:A6I>DCH=>EH L>I=
>CK:HIDGHA:C9:GHDLC:GHD;EDHI6AEGDE:GI>:H7JH>C:HHE6GIC:GH:M>HI>C<6C9EGDHE:8I>K:I:C6CIH6C9>C9JHIGNE6GI>8>E6CIH
L=>8=8DJA9B6I:G>6AAN69K:GH:AN6;;:8IDJG;>C6C8>6A8DC9>I>DCG:HJAIHD;DE:G6I>DCH86H=;ADL6C9I=:E:GH=6G:IG69>C<EG>8:
D;DJGA6HH8DBBDCHID8@
%+3'?(+9;(0+)::554-5/4-58,;:;8+2/:/-':/54/4)2;*/4-+>/9:/4-)2'/398+2':/4-:5:.++4:/:/+9:.':5=4+*:.+6856+8:/+9
68+CI=:;JIJG:7:HJ7?:8IIDK6G>DJH8A6>BH9>HEJI:H6C9A>I><6I>DCL=>8=B6N>C8AJ9::M>HI>C<8A6>BH
G:A6I>C< ID I=: :CI>I>:H I=6I DLC:9 I=: EGDE:GI>:H EG:K>DJHAN 9>HEJI:H 9JG>C< I=: 68FJ>H>I>DC EGD8:HH 6C9 DI=:GL>H: >C I=:
DG9>C6GN8DJGH:D;7JH>C:HH.DB:D;I=:H:8A6>BHB6NG:HJAI>CH>;>86CI9:;:CH:8DHIH6C9EDI:CI>6AANH>;>86CI?J9CHIJHHDB:D;L=>8=6G:CDIDG86CCDI7:>CHJG:96<6>CHI$C699>I>DCL>I=G:HE:8IID6CN8A6>BHJC9:GDJGA:6H:HL>I=
I=:0.+.I=:EGD8:9JG:H;DGH:IIA>C<HJ8=9>HEJI:HL>I=I=:0.+.JC9:GI=:DCIG68I>HEJI:H8ID;8DJA97:8DHIAN
I>B:8DCHJB>C<6C9B6N9>K:GII=:6II:CI>DCD;B6C6<:B:CI;GDBDI=:GDE:G6I>DCHD;DJG7JH>C:HH.E:8>;>86AANI=:8A6>B
EGD8:HH;>GHIG:FJ>G:H68DCIG68IDGID;>A:68A6>BL>I=60.+.
6HH>C<D;;>8:G;I:GI=:8DCIG68I>C<D;;>8:G=6H
>HHJ:96;>C6A9:8>H>DCI=:8DCIG68IDGB6N6EE:6AHJ8=9:8>H>DC7:;DG:I=:+DHI6A.:GK>8:D6G9D;DCIG68IEE:6AHDGI=:0.
DJGID;!:9:G6AA6>BH/=:0.CHI>IJI:8DC9:BC6I>DCEGD8::9>CCHIJH6C9H::@IDI6@:DJG
EGDE:GINDG6A:6H:=DA9>CI:G:HII=:G:>CI=GDJ<=>IHEDL:GD;:B>C:CI9DB6>CL=>8=B6NG:HJAI>C68DHIAN6C9I>B:8DCHJB>C<
9>HEJI:L>I=I=:CI:C9IDK>BH#DL:K:GL:86CCDI7:
8:GI6>CD;I=:JAI>B6I:DJI8DB:HD;6CN8JGG:CIAN6HH:GI:98A6>BHDGD;I=DH:I=6IB6N6G>H:>CI=:;JIJG:-:HDAJI>DCD;I=:H:
INE:HD;B6II:GH6<6>CHIJHB6NG:HJAI>CDJG=6K>C<IDE6NH>;>86CI;>C:H?J98=>;
JC>CHJG:9DG>;I=:;>C:H?J9CHJG:9A:K:AH8DJA969K:GH:AN>BE68I
DJG:6GC>CC<6C69K:GH::;;:8IDCDJG;>C6C8>6A8DC9>I>DCG:HJAIHD;DE:G6I>DCH86H=;ADL86H=
6K6>A67A:;DG9>HIG>7JI>DC6C9DJG67>A>INIDH:GK>8:DJG9:7ID7A><6I>DCH:GI6>CA>I><6I>DCDGI=:G:HDAJI>DCD;8:GI6>CA>I><6I>DC
B6N69K:GH:AN6;;:8IDJGG:A6I>DCH=>EL>I=I:C6CIHK:C9DGH6C9DI=:GE6GI>:H>CKDAK:9>CI=:9>HEJI:H6C9>BE68II=:6K6>A67>A>IN
DG8DHID;HDB:D;DJG>CHJG6C8:8DK:G6<:L=>8=8DJA9B6I:G>6AAN69K:GH:AN6;;:8IDJGG:HJAIHD;DE:G6I>DCH6C986H=;ADLH
:MEDH:JHID>C8G:6H:9G>H@HI=6ILDJA97:JC>CHJG:96C9DG69K:GH:AN>BE68IDJG67>A>INID6IIG68ID;;>8:GH6C99>G:8IDGH
$C 699>I>DC 6HH:IH I=6I L: =6K: 68FJ>G:9 DG B6N 68FJ>G: >C I=: ;JIJG: B6N 7: HJ7?:8I ID JC@CDLC DG 8DCI>C<:CI
A>67>A>I>:H;DGL=>8=L:B6N=6K:A>B>I:9G:8DJGH:6<6>CHII=:H:AA:GH0C@CDLCDG8DCI>C<:CIA>67>A>I>:HB><=I>C8AJ9:A>67>A>I>:H
;DG 8A:6C
JE DG G:B:9>6I>DC D; :CK>GDCB:CI6A 8DC9>I>DCH 8A6>BH D; 8JHIDB:GH K:C9DGH DG DI=:G E:GHDCH 9:6A>C< L>I= I=:
68FJ>G:9:CI>I>:HI6MA>67>A>I>:H6C9DI=:GA>67>A>I>:HL=:I=:G>C8JGG:9>CI=:DG9>C6GN8DJGH:D;7JH>C:HHDGDI=:GL>H:$CI=:
;JIJG:L:B6N:CI:G>CIDIG6CH68I>DCHL>I=A>B>I:9G:EG:H:CI6I>DCH6C9L6GG6CI>:HDGL>I=G:EG:H:CI6I>DCH6C9L6GG6CI>:HI=6I9D
CDIHJGK>K:I=:8ADH>C<D;I=:IG6CH68I>DCH>CL=>8=:K:CIL:LDJA9=6K:CDDGA>B>I:9G:8DJGH:6<6>CHII=:H:AA:GHD;HJ8=
EGDE:GI>:H /=: IDI6A 6BDJCI D; 8DHIH 6C9 :ME:CH:H I=6I L: B6N >C8JG L>I= G:HE:8I ID A>67>A>I>:H 6HHD8>6I:9 L>I= 68FJ>G:9
EGDE:GI>:H B6N 6AHD :M8::9 DJG :ME:8I6I>DCH L=>8= B6N 69K:GH:AN 6;;:8I DJG 7JH>C:HH ;>C6C8>6A 8DC9>I>DC 6C9 G:HJAIH D;
DE:G6I>DCH
49;8'4)+545;86856+8:/+93'?45:'*+7;':+2?)5<+8'222599+9'4*;4/49;8+*2599+9/,=++>6+8/+4)+'9;(9:'4:/'258
)5368+.+49/<+25995,9;).6856+8:/+9
2:86GGN8DBB:G8>6AEGDE:GINA>67>A>IN:CK>GDCB:CI6A:6GI=FJ6@:6C9I:GGDG>HB8DK:G6<:DCDJGEGDE:GI>:H>CDJG
EDGI;DA>DHDB:D;L=>8=6G:>CHJG:9HJ7?:8IIDA>B>I6I>DCH>CKDAK>C<H>;>86CI9:9J8I>7A:HDG8D
E6NB:CIH6C9EDA>8NA>B>IH
I=6IB6NCDI7:HJ;;>8>:CIID8DK:GADHH:H$C;A6I>DC8=6C<:H>C7J>A9>C<8D9:H6C9DG9>C6C8:H:CK>GDCB:CI6A8DCH>9:G6I>DCH
6C9DI=:G;68IDGH>C8AJ9>C<I:GGDG>HBDG68IHD;L6GB6N6AHDB6@:6CN>CHJG6C8:EGD8::9HL:G:8:>K:>CHJ;;>8>:CIIDG:E6>GDG
G:EA68:6EGDE:GIN>;>I>H96B6<:9DG9:HIGDN:9$CI=DH:8>G8JBHI6C8:HI=:>CHJG6C8:EGD8::9HG:8:>K:9B6NCDI7:69:FJ6I:ID
G:HIDG:DJG:8DCDB>8EDH>I>DCL>I=G:HE:8IIDI=:6;;:8I:9G:6AEGDE:GIN6C9>IH<:C:G6I>DCD;G:CI6AG:K:CJ::GI6>CINE:HD;
/67A:D;DCI:CIH


ADHH:H <:C:G6AAN D; 6 86I6HIGDE=>8 C6IJG: HJ8= 6H :6GI=FJ6@:H HIDGBH =JGG>86C:H 6C9 ;ADD9H 6G: D;I:C HJ7?:8I ID B6I:G>6A
9:9J8I>7A:H B6N 7: JC>CHJG67A: DG 6G: CDI :8DCDB>86AAN >CHJG67A: 7N JH $C 699>I>DC >C I=: :K:CI I=6I L: :ME:G>:C8: 6
HJ7HI6CI>6A DG 8DBEG:=:CH>K: ADHH D; DC: D; DJG EGDE:GI>:H L: B6N CDI 7: 67A: ID G:7J>A9 HJ8= EGDE:GIN ID >IH :M>HI>C<
HE:8>;>86I>DCHL>I=DJIH>;>86CI86E>I6A:ME:C9>IJG:HL=>8=B6N:M8::96CN6BDJCIHG:8:>K:9EJGHJ6CIID>CHJG6C8:EDA>8>:H
!JGI=:G G:8DCHIGJ8I>DC DG >BEGDK:B:CI D; HJ8= 6 EGDE:GIN LDJA9 A>@:AN G:FJ>G: H>;>86CI JEC< 6C9
7J>A9>C< 8D9: G:FJ>G:B:CIH /=: ADHH D; DJG 86E>I6A >CK:HIB:CI >C DG 6CI>8>E6I:9 ;JIJG: G:IJGCH ;GDB DJG EGDE:GI>:H 9J: ID
B6I:G>6AJC>CHJG:9ADHH:H8DJA9B6I:G>6AAN6C969K:GH:AN6;;:8IJH
$C699>I>DC>;6CNDC:D;>CHJG6C8:86GG>:GHDG>CHJG6C8:EGDI=L:G:ID7:8DB:>CHDAK:CIL:
LDJA97:;DG8:9IDG:EA68:I=::M>HI>C<>CHJG6C8:8DK:G6<:L>I=6CDI=:GHJ>I67A:86GG>:G6C96CNDJIHI6C9>C<8A6>BHLDJA97:6I
H>;>86CIG>H@;DG8DAA:8I>DC$CHJ8=6C:K:CIL:86CCDI7:8:GI6>CI=6IL:LDJA97:67A:IDG:EA68:I=:8DK:G6<:6IH>B>A6GDG
DI=:GL>H:;6KDG67A:I:GBHDG6I6AA
5:+4:/'2,;:;8+05/4:<+4:;8+/4<+9:3+4:9)5;2*(+'*<+89+2?',,+):+*(?5;82')15,952+*+)/9/543'1/4-';:.58/:?5;8
8+2/'4)+54)5<+4:;8+89D,/4'4)/'2)54*/:/54'4**/96;:+9(+:=++4;9'4*5;8)5<+4:;8+89
$CI=:;JIJG:L:B6N8D
>CK:HIL>I=I=>G9E6GI>:HI=GDJ<=E6GIC:GH=>EH?D>CIK:CIJG:HDGDI=:G:CI>I>:H68FJ>G>C<CDC
8DCIGDAA>C<>CI:G:HIH>C6C9B6C6<>C<I=:6;;6>GHD;6EGDE:GINE6GIC:GH=>E?D>CIK:CIJG:DGDI=:G:CI>IN2>I=G:HE:8IID6CN
HJ8=6GG6C<:B:CIDG6CNH>B>A6G6GG6C<:B:CII=6IL:B6N:CI:G>CID>CI=:;JIJG:L:B6NCDI7:>C6EDH>I>DCID:M:G8>H:HDA:
9:8>H>DC
B6@>C< 6JI=DG>IN G:<6G9>C< I=: 9:K:ADEB:CI EGDE:GIN E6GIC:GH=>E ?D>CI K:CIJG: DG DI=:G :CI>IN $CK:HIB:CIH >C
E6GIC:GH=>EH?D>CIK:CIJG:HDGDI=:G:CI>I>:HB6NJC9:G8:GI6>C8>G8JBHI6C8:H>CKDAK:G>H@HCDIEG:H:CIL=:G:6I=>G9E6GIN>H
CDI >CKDAK:9 >C8AJ9>C< I=: EDHH>7>A>IN I=6I E6GIC:GH DG 8D
K:CIJG:GH B><=I 7:8DB: 76C@GJEI DG ;6>A ID ;JC9 I=:>G H=6G: D;
G:FJ>G:9 86E>I6A 8DCIG>7JI>DCH +6GIC:GH DG 8D
K:CIJG:GH B6N =6K: :8DCDB>8 DG DI=:G 7JH>C:HH >CI:G:HIH DG 8= 6G:
>C8DCH>HI:CIL>I=DJG7JH>C:HH>CI:G:HIHDGC6EDH>I>DCIDI6@:68I>DCH8DCIG6GNIDDJGEDA>8>:HDGD7?:8I>K:H
6C9I=:NB6N=6K:8DBE:I>C<>CI:G:HIH>CDJGB6G@:IHI=6I8DJA98G:6I:8DC;A>8IHD;>CI:G:HI.J8=>CK:HIB:CIHB6N6AHD=6K:
I=:EDI:CI>6AG>H@D;>BE6HH:HDC9:8>H>DCHHJ8=6H6H6A:DG;>C6C8>C<7:86JH:C:>I=:GL:CDGI=:E6GIC:GH	DG8D
K:CIJG:GH	
LDJA9=6K:;JAA8DCIGDADK:GI=:E6GIC:GH=>EDG?D>CIK:CIJG:$C699>I>DC6H6A:DGIG6CH;:G7NJHID6I=>G9E6GIND;DJG>CI:G:HIH
>CI=:?D>CIK:CIJG:B6N7:HJ7?:8IID8DCH:CIG><=IHDGG><=IHD;;>GHIG:;JH6A>C;6KDGD;DJG?D>CIK:CIJG:E6GIC:GHL=>8=LDJA9
>C:68=86H:G:HIG>8IDJG67>A>INID9>HEDH:D;DJG>CI:G:HI>CI=:?D>CIK:CIJG:2=:G:L:6G:6A>B>I:9E6GIC:GDGCDC
B6C6<>C<
B:B7:G>C6CNE6GIC:GH=>EDGA>B>I:9A>67>A>IN8DBE6CN>;HJ8=:CI>INI6@:HDG:ME:8IHIDI6@:68I>DCHI=6I8DJA9?:DE6G9>O:DJG
HI6IJH 6H 6 - $/ DG G:FJ>G: JH ID E6N I6M L: B6N 7: ;DG8:9 ID9>HEDH: D; DJG >CI:G:HI >C HJ8= :CI>IN 2: B6N >C 8:GI6>C
8>G8JBHI6C8:H7:A>67A:;DGI=:68I>DCHD;6E6GIC:G6C9I=:68I>K>I>:HD;6E6GIC:G8DJA969K:GH:AN6;;:8IDJG67>A>INIDB6>CI6>C
DJGFJ6A>;>86I>DC6H6- $/DGDJG:M8AJH>DCDG:M:BEI>DC;GDBG:<>HIG6I>DCJC9:GI=:$CK:HIB:CIDBE6CN8ID;6H
6B:C9:9:K:C>;L:9DCDI8DCIGDAI=:?D>CIK:CIJG:>HEJI:H7:IL::CJH6C9E6GIC:GHDG8D
K:CIJG:GHB6NG:HJAI>CA>I><6I>DC
DG6G7>IG6I>DCI=6ILDJA9>C8G:6H:DJG:ME:CH:H6C9EG:K:CIDJGD;;>8:GH6C99>G:8IDGH;GDB;D8JH>C<I=:>GI>B:6C9:;;DGIDCDJG
7JH>C:HHDCH:FJ:CIAN68I>DCH7NDG9>HEJI:HL>I=E6GIC:GHDG8D
K:CIJG:GHB><=IG:HJAI>CHJ7?:8I>C<EGDE:GI>:HDLC:97NI=:
E6GIC:GH=>EDG?D>CIK:CIJG:ID699>I>DC6AG>H@$C699>I>DCL:B6N>C8:GI6>C8>G8JBHI6C8:H7:A>67A:;DGI=:68I>DCHD;DJGI=>G9
E6GINE6GIC:GHDG8D
K:CIJG:GH*JG?D>CIK:CIJG:HB6N7:HJ7?:8IID9:7I6C99JG>C<E:G>D9HD;KDA6I>A:8G:9>IB6G@:IHI=:
G:;>C6C8>C<D;HJ8=9:7IB6NG:FJ>G::FJ>IN86E>I6A86AAH
536+:/:/54,5891/22+*6+89544+2)5;2*/4)8+'9+5;82'(58)59:9
2:8DBE:I:>CI:CH:ANL>I=K6G>DJHG:6A:HI6I:6C9DI=:G8DBE6C>:H>C6IIG68I>C<6C9G:I6>C>C<FJ6A>;>:96C9H@>AA:9
E:GHDCC:A2:9:E:C9DCDJG67>A>INID6IIG68I6C9G:I6>CH@>AA:9B6C6<:B:CIE:GHDCC:A>CDG9:GIDHJ88:HH;JAANB6C6<:I=:
96N
ID
96NDE:G6I>DCHD;DJG8DBE6CN6C9:M:8JI:DJG7JH>C:HHEA6CHL:8DCI>CJ:IDCJ:
ID;68:>C8G:6H:98=6AA:C<:H>C=>G>C<6C9G:I6>C>C<FJ6A>;>:96C9H@>AA:9E:GHDCC:A:HE:8>6AAN9JG>C<E:G>D9HD;A67DGH=DGI6<:
6C9 >CI:CH: 8DBE:I>I>DC ;DG I6A:CIH DBE:I>I>K: EG:HHJG:H B6N G:FJ>G: I=6I L: :C=6C8: DJG E6N 6C9 7:C:;>IH E68@6<: ID
8DBE:I::;;:8I>K:AN;DGHJ8=E:GHDCC:A2:B6NCDI7:67A:IDD;;H:IHJ8=699:98DHIH7N>C8G:6H>C<I=:G6I:HL:8=6G<:I=:
0.+.$;I=:G:>H6C>C8G:6H:>CI=:H:8DHIHDG>;L:;6>AID6IIG68I6C9G:I6>CFJ6A>;>:96C9H@>AA:9E:GHDCC:ADJG7JH>C:HH6C9
DE:G6I>C<G:HJAIH8DJA97:=6GB:9
;8 -85=:. *+6+4*9 54 +>:+84'2 95;8)+9 5, )'6/:'2 :.': '8+ 5;:9/*+ 5, 5;8 )54:852 '4* 3'? 45: (+ '<'/2'(2+ :5 ;9 54
)533+8)/'22?8+'954'(2+:+83958':'22=./).)5;2*2/3/:5;8'(/2/:?:5'354-5:.+8:./4-93++:5;8)'6/:'2'4*56+8':/4-
4++*9583'1+:.+)'9.*/9:8/(;:/549:55;89:5)1.52*+894+)+99'8?:57;'2/,?'4*3'/4:'/45;87;'2/,/)':/54'9' "
$CDG9:GIDFJ6A>;N6C9B6>CI6>CDJGFJ6A>;>86I>DC6H6- $/L:6G:G:FJ>G:9JC9:GI=:D9:ID6BDC<DI=:GI=>CHIG>7JI:6CCJ6AAN6IA:6HID;DJG- $/I6M67A:>C8DB:9:I:GB>C:9L>I=DJIG:<6G9IDI=:9>K>9:C9HE6>99:9J8I>DC6C9
:M8AJ9>C<6CNC:I86E>I6A<6>CH$C699>I>DCL:L>AA7:HJ7?:8IID>C8DB:I6M6IG:HIG>7JI: A:HH I=6C  D; DJG - $/ I6M67A: >C8DB: >C8AJ9>C< 6CN C:I 86E>I6A <6>CH :86JH: D; I=:H: 9>HIG>7JI>DC
G:FJ>G:B:CIHL:B6NCDI7:67A:ID;JC9;JIJG:86E>I6AC::9H>C8AJ9>C<6CNC:8:HH6GN86E>I6A:ME:C9>IJG:H;GDBDE:G6I>C<
86H=;ADLDCH:FJ:CIANL:G:ANDCI=>G9
E6GINHDJG8:HID;JC9DJG86E>I6AC::9H2:B6NCDI7:67A:IDD7I6>CHJ8=;>C6C8>C<
DC;6KDG67A:I:GBHDG6I6AA6C96CN699>I>DC6A9:7IL:>C8JGL>AA>C8G:6H:DJGA:K:G6<:6C9A>@:A>=DD9D;9:;6JAI*JG688:HHID
I=>G9
E6GINHDJG8:HD;86E>I6A9:E:C9H>CE6GIDC
R
<:C:G6AB6G@:I8DC9>I>DCH6C9I=:8DC9>I>DCHD;I=:0.+.
R
I=:B6G@:IWHE:G8:EI>DCD;DJG6A
R
DJG8JGG:CI9:7IA:K:AH
R
DJG8JGG:CI6C9:ME:8I:9E:G;DGB6C8:6C9;JIJG::6GC>CHIG>7JI>DCH6C9
R
I=:B6G@:IEG>8:E:GH=6G:D;DJGA6HH8DBBDCHID8@
#>HIDG>86AANI=:86E>I6AB6G@:IH=6K:7::CHJ7?:8IIDH>;>86CI9>HGJEI>DCH$;L:86CCDID7I6>C86E>I6A;GDBI=>G9
E6GINHDJG8:HDC8DHI:;;:8I>K:I:GBHL:B6NCDI7:67A:ID68FJ>G:DG9:K:ADEEGDE:GI>:HL=:CHIG6I:<>8DEEDGIJC>I>:H:M>HI
B::I I=: 86E>I6A 6C9 DE:G6I>C< C::9H D; DJG :M>HI>C< EGDE:GI>:H H6I>H;N DJG 9:7I H:GK>8: D7A><6I>DCH DG B6@: I=: 86H=
9>HIG>7JI>DCHIDDJGHID8@=DA9:GHC:8:HH6GNIDFJ6A>;N6C9B6>CI6>CDJGFJ6A>;>86I>DC6H6- $//DI=::MI:CII=6IL:6G:67A:DG
8=DDH:ID688:HH86E>I6A6I6=><=:G8DHII=6CL:=6K::ME:G>:C8:9>CG:8:CIN:6GH6HG:;A:8I:9>C=><=:G>CI:G:HIG6I:H;DG9:7I
;>C6C8>C<DG6ADL:GHID8@EG>8:;DG:FJ>IN;>C6C8>C<DJG:6GC>CDJH;:9:G6AHI6I:6C9AD86AA6LH6C9G:DCHG:A6I>C<IDI=::CK>GDCB:CI6H68JGG:CIDG;DGB:GDLC:GD;
G:6AEGDE:GINL:B6N7:A>67A:;DG8DHIH6C996B6<:HG:HJAI>C<;GDBI=:EG:H:C8:DGG:A:6H:D;=6O6G9DJHDGIDM>8HJ7HI6C8:H
L6HI:DGE:IGDA:JBEGD9J8IH6IDC>CJC9:GDGB>C<;GDBHJ8=EGDE:GIN>C8AJ9>C<8DHIHID>CK:HI><6I:8A:6CJEHJ8=
8DCI6B>C6I>DC6C9A>67>A>IN;DG6CN6AA:<:9=6GBID=JB6C=:6AI=EGDE:GINDGC6IJG6AG:HDJG8:H.J8=A6LHD;I:C>BEDH:HIG>8I
A>67>A>INL>I=DJIG:<6G9ID;6JAI>C8AJ9>C<L=:I=:GI=:DLC:GDGDE:G6IDG@C:LD;DGL6HG:HEDCH>7A:;DGI=:EG:H:C8:D;HJ8=
8DCI6B>C6I>DC6C9I=:A>67>A>INB6N7:?D>CI6C9H:K:G6A/=:H:A>67>A>I>:H8DJA97:HJ7HI6CI>6A6C9I=:8DHID;6CNG:FJ>G:9
>CK:HI><6I>DCG:B:9>6I>DCG:BDK6A;>C:HDGDI=:G8DHIH8DJA9:M8::9I=:K6AJ:D;I=:EGDE:GIN6C9DGDJG6<I>DCI=:EG:H:C8:D;8DCI6B>C6I>DCDGI=:;6>AJG:IDG:B:9>6I:8DCI6B>C6I>DC6IDJGEGDE:GI>:HB6N:MEDH:JHIDI=>G9
E6GIN
A>67>A>IN;DG8DHIHD;G:B:9>6I>DC6C9DGE:GHDC6ADGEGDE:GIN96B6<:DGB6I:G>6AAN69K:GH:AN6;;:8IDJG67>A>INIDH:AAA:6H:DG
9:K:ADEDJGEGDE:GI>:HDGID7DGGDLJH>C<I=:EGDE:GI>:H6H8DAA6I:G6A$C699>I>DC:CK>GDCB:CI6AA6LHB6N8G:6I:A>:CHDC
8DCI6B>C6I:9H>I:H>C;6KDGD;I=:I>C8JGHID699G:HHHJ8=8DCI6B>C6I>DC(DG:DK:G>;
8DCI6B>C6I>DC>H9>H8DK:G:9DCDJGEGDE:GI>:H:CK>GDCB:CI6AA6LHB6N>BEDH:G:HIG>8I>DCHDCI=:B6CC:G>CL=>8=EGDE:GIN
B6N7:JH:9DG7JH>C:HH:HB6N7:DE:G6I:96C9I=:H:G:HIG>8I>DCHB6NG:FJ>G:HJ7HI6CI>6A:ME:C9>IJG:H.::$I:BJH>C:HH
T CK>GDCB:CI6A(6II:GHV
2:<:C:G6AAND7I6>C:CK>GDCB:CI6A6HH:HHB:CIH7N>C9:E:C9:CI:CK>GDCB:CI6A8DCHJAI6CIH6II=:I>B:D;68FJ>H>I>DCD;
6EGDE:GIN$;I=:8DCHJAI6CI>9:CI>;>:H6CNJC:MEA6>C:9G:8DO:9:CK>GDCB:CI6A8DC8:GCHI=:CI=:8DCHJAI6CIB6NG:8DBB:C9
;JGI=:G>CK:HI><6I>DCJHJ6AANI=GDJ<=HE:8>;>8>CK6H>K:EGDE:GINI:HIH$CK6H>K:I:HI>C<B6NDGB6NCDI>C8AJ9:6>GHD>AHD>A
K6EDGDGC<99>I>DC6AAN>IB6NDGB6NCDI>C8AJ9:6C6H7:HIDH6C9DGA:69
76H:9E6>CIHJGK:N/=:H:
:CK>GDCB:CI6A6HH:HHB:CIHB6NCDIG:K:6A6AA:CK>GDCB:CI6AG>H@HI=6IB><=I=6K:6B6I:G>6AAN69K:GH::8DCDB>8:;;:8IDCDJG
7JH>C:HH 6HH:IH 6C9 G:HJAIH D; DE:G6I>DCH DG A>FJ>9>IN 6C9 B6N CDI >9:CI>;N 6AA EDI:CI>6A :CK>GDCB:CI6A A>67>A>I>:H 6C9 DJG
EDGI;DA>D:CK>GDCB:CI6A6C96CNH>I:
HE:8>;>8>CHJG6C8:EDA>8>:HB6N7:>CHJ;;>8>:CIID8DK:G6CNHJ8=:CK>GDCB:CI6A8DHIH6C9
A>67>A>I>:H
.DB:D;DJGEGDE:GI>:H=6K:7::CDGB6N>CI=:;JIJG:7:>BE68I:97N8DCI6B>C6I>DC6G>H>C<;GDB8JGG:CIDGEG>DGJH:H
D; I=: EGDE:GIN DG 69?68:CI EGDE:GI>:H ;DG 8DBB:G8>6A DG >C9JHIG>6A EJGEDH:H .J8= 8DCI6B>C6I>DC 86C 6G>H: ;GDB HE>AAH D;
E:IGDA:JBDG=6O6G9DJHHJ7HI6C8:HDGG:A:6H:H;GDBI6C@HJH:9IDHIDG:HJ8=B6I:G>6AH2:B6NCDI7:6L6G:D;6AAEDI:CI>6ADG
:M>HI>C<:CK>GDCB:CI6A8DCI6B>C6I>DCA>67>A>I>:H6II=:EGDE:GI>:H>CDJGEDGI;DA>DDG6II=:EGDE:GI>:HL:68FJ>G:H6G:HJAIL:
8DJA9EDI:CI>6AAN>C8JGB6I:G>6AA>67>A>IN;DGI=:H:>HHJ:H
/67A:D;DCI:CIH


HI=:DLC:GD;I=:7J>A9>C:HL:8DJA9;68:A>67>A>IN;DGI=:EG:H:C8:D;=6O6G9DJHB6I:G>6AHHJ8=6H
6H7:HIDHA:69DGJC9:G6AAN=6O6G9DJHDGIDM>8HJ7HI6C8:H
DG DI=:G 69K:GH: 8DC9>I>DCH HJ8= 6H EDDG >C9DDG 6>G FJ6A>IN >C DJG 7J>A9>CGDCB:CI6A A6LH CI:C6C8:6C9G:BDK6AD;=6O6G9DJHB6I:G>6AH>C7J>A9>C;L:9DCDI8DBEANL>I=HJ8=A6LHL:8DJA9;68:;>C:H;DG
HJ8=CDC8DBEA>6C8:6C98DJA97:G:FJ>G:9ID676I:G:BDK:DGDI=:GL>H:699G:HHI=:=6O6G9DJHB6I:G>6AID68=>:K:8DBEA>6C8:
L>I=6EEA>867A::CK>GDCB:CI6AA6LH6C9G:DCHAHDL:8DJA97:A>67A:IDI=>G9E6GI>:HHJ8=6HD88JE6CIHDG:BEADN::HD;
I=:7J>A9>C6AHDG69K:GH:8DC9>I>DCH>CDJG7J>A9>CC8JG
B6I:G>6A:ME:CH:HL>I=G:HE:8IID676I:B:CIDGG:B:9>6I>DCD;=6O6G9DJHB6I:G>6AHDGDI=:G69K:GH:8DC9>I>DCH>CDJG7J>A9>CC8JGB6I:G>6A:CK>GDCB:CI6AA>67>A>I>:H>CI=:;JIJG:L:B6N;>C9>I9>;;>8JAIIDH:AADGA:6H:6CN6;;:8I:9EGDE:GI>:H
;86856+8:/+93'?)54:'/458*+<+256.'83,;2352*589;,,+8,8535:.+8'/87;'2/:?/99;+9=./).)5;2*2+'*:52/'(/2/:?,58
'*<+89+.+'2:.+,,+):9'4*)59:95,8+3+*/':/54
2=:C:M8:HH>K:BD>HIJG:688JBJA6I:H>C7J>A9>CA9>C<B6I:G>6AHBDA98JA6GAN>;
I=:BD>HIJG:EGD7A:BG:B6>CHJC9>H8DK:G:9DG>HCDI699G:HH:9DK:G6E:G>D9D;I>B:.DB:BDA9HB6NEGD9J8:6>G7DGC:IDM>CH
DG>GG>I6CIH$C9DDG6>GFJ6A>IN>HHJ:H86C6AHDHI:B;GDB>C69:FJ6I:K:CI>A6I>DC8=:B>86A8DCI6B>C6I>DC;GDB>C9DDGDGDJI9DDG
HDJG8:H6C9DI=:G7>DAD<>86A8DCI6B>C6CIHHJ8=6HEDAA:CK>GJH:H6C9768I:G>6$C9DDG:MEDHJG:ID6>G7DGC:IDM>CHDG>GG>I6CIH
67DK: 8:GI6>C A:K:AH 86C 7: 6AA:<:9 ID 86JH: 6 K6G>:IN D; 69K:GH: =:6AI= :;;:8IH 6C9 HNBEIDBH >C8AJ9>C< 6AA:G<>8 DG DI=:G
G:68I>DCHH6G:HJAII=:EG:H:C8:D;H>;>86CIBDA9DGDI=:G6>G7DGC:8DCI6B>C6CIH6I6CND;DJGEGDE:GI>:H8DJA9G:FJ>G:JH
IDJC9:GI6@:68DHIANG:B:9>6I>DCEGDCDGG:BDK:I=:BDA9DGDI=:G6>G7DGC:8DCI6B>C6CIH;GDBI=:6;;:8I:9
EGDE:GIN DG >C8G:6H: >C9DDG K:CI>A6I>DC $C 699>I>DC I=: EG:H:C8: D; H>;>86CI BDA9 DG DI=:G 6>G7DGC: 8DCI6B>C6CIH 8DJA9
:MEDH:JHIDA>67>A>IN;GDBI=:0.+.:BEADN::HD;I=:0.+.DGDI=:GH>;EGDE:GIN96B6<:DGE:GHDC6A>C?JGN>H6AA:<:9ID=6K:
D88JGG:9
%+'8+9;(0+)::58/919,8534':;8'2*/9'9:+89'4*:.+8/919'995)/':+*=/:.)2/3':+).'4-+
)6IJG6A9>H6HI:GH6C9H:K:G:L:6I=:GHJ8=6H;ADD9>C<L>A9;>G:H:6GI=FJ6@:HIDGC69D:HDG=JGG>86C:H=6K:G:HJAI:9>C
I=:E6HI6C9B6N>CI=:;JIJG:G:HJAI>C96B6<:HIDDJGEGDE:GI>:H(6CND;DJGEGDE:GI>:H6G:AD86I:9>CHI6I:HA>@:*@A6=DB6
/:M6H(>HHDJG>'DJ>H>6C66C9!ADG>96I=6I=>HIDG>86AAN=6K::ME:G>:C8:9=:><=I:C:9G>H@;DGC6IJG6A9>H6HI:GHA>@:IDGC69DH6C9
=JGG>86C:H/=::MI:CID;DJG86HJ6AINADHH:H6C9ADHH>CDE:G6I>C<>C8DB:>C8DCC:8I>DCL>I=HJ8=:K:CIH>H6;JC8I>DCD;I=:
H:K:G>IND;I=::K:CI6C9I=:IDI6A6BDJCID;:MEDHJG:>CI=:6;;:8I:96G:62=>A:L:86GGN>CHJG6C8:ID8DK:G6HJ7HI6CI>6A
EDGI>DCD;I=:8DHID;HJ8=:K:CIHDJG>CHJG6C8:>C8AJ9:HH>;>86CI9:9J8I>7A:6BDJCIH6C98:GI6>C>I:BH6G:CDI8DK:G:97N
>CHJG6C8:2=:CL:=6K:<:D88DC8:CIG6I>DCD;:MEDHJG:H6H>CK:
L:6I=:G :K:CI HJ8= 6H 6 IDGC69D DG =JGG>86C:	 6;;:8I>C< 6 G:<>DC B6N =6K: 6 H>;>86CI C:<6I>K: :;;:8I DC DJG ;>C6C8>6A
8DC9>I>DC6C9G:HJAIHD;DE:G6I>DCH*JG;>C6C8>6AG:HJAIHB6N7:69K:GH:AN6;;:8I:97NDJG:MEDHJG:IDADHH:H6G>H>C<;GDB
C6IJG6A9>H6HI:GHDGH:K:G:L:6I=:G
2:6AHD6G::MEDH:9IDG>H@H6HHD8>6I:9L>I=>C8A:B:CIL>CI:GL:6I=:GE6GI>8JA6GAN>CI=:)DGI=:6HI(>9
IA6CI>86C9
(>9
2:HI >C8AJ9>C< >C8G:6H:9 8DHIH ;DG I=: G:BDK6A D; HCDL 6C9 >8: $C8A:B:CI L:6I=:G 6AHD 8DJA9 >C8G:6H: I=: C::9 ;DG
B6>CI:C6C8:6C9G:E6>GD;DJGEGDE:GI>:H
'6HIANL:86CCDIEG:9>8II=:G6I:6IL=>8=8A>B6I:8=6C<:L>AAEGDB6I:8=6C<:8DJA9
=6K: 6 B6I:G>6A 69K:GH: :;;:8I DC DJG EGDE:GI>:H DE:G6I>DCH 6C9 7JH>C:HH /D I=: :MI:CI 8A>B6I: 8=6C<: 86JH:H 8=6C<:H >C
L:6I=:GE6II:GCHDJGB6G@:IH8DJA9:ME:G>:C8:>C8G:6H:H>C:MIG:B:6C9H:K:G:L:6I=:G>C8AJ9>C<;ADD9H=JGG>86C:HH:K:G:
L>CI:G HIDGBH 6C9 IDGC69D:H 6C9 JCEG:9>8I67A: L:6I=:G E6II:GCH /=:H: 8DC9>I>DCH 8DJA9 G:HJAI >C E=NH>86A 96B6<: ID DJG
EGDE:GI>:H DG 9:8A>C>C< 9:B6C9 ;DG HE68: >C DJG 7J>A9>CC67>A>IN D; JH ID DE:G6I: I=: 7J>A9>CC I=: 6G:6H
6;;:8I:97NI=:H:8DC9>I>DCHA>B6I:8=6C<:6AHDB6N=6K:>C9>G:8I69K:GH::;;:8IHDCDJG7JH>C:HH7N>C8G:6H>C<I=:8DHID;DG
B6@>C<JC6K6>A67A:	EGDE:GIN>CHJG6C8:DCI:GBHL:;>C9688:EI67A:>C8G:6H>C<I=:8DHID;:C:GCI:C6C8:G:E6>GD;L6I:G
6C9DGL>C996B6<:8DHID;HCDLG:BDK6ADGG:A6I:98DHIH6IDJGEGDE:GI>:HDG86JH>C<I=:0.+.IDG:AD86I:>IHEDHI6AD;;>8:HID
DI=:GAD86I>DCH$CG:8:CIN:6GH6CJB7:GD;HI6I:H6C9BJC>8>E6A>I>:H=6K:69DEI:9A6LH6C9EDA>8>:HDC8A>B6I:8=6C<:6C9
:B>HH>DC G:9J8I>DC I6G<:IH =6C<:H >C ;:9:G6A HI6I: 6C9 AD86A A:<>HA6I>DC 6C9 G:DC 76H:9 DC 8DC8:GCH 67DJI 8A>B6I:
8=6C<:8DJA9G:HJAI>C>C8G:6H:986E>I6A:ME:C9>IJG:HDCDJGEGDE:GI>:H;DG:M6BEA:ID>BEGDK:I=:>G:C:G8>:C8N6C9DG
G:H>HI6C8: ID H:K:G: L:6I=:G DG A>B>I HH>DCH	 6C9 69B>C>HIG6I>K: :ME:CH:H HJ8= 6H I=: 8A>B6I: 8=6C<:
9>H8ADHJG:GJA:HEGDEDH:97NI=:. 	L>I=DJI68DGG:HEDC9>C<>C8G:6H:>CG:K:CJ:L=>8=B6NG:HJAI>C69K:GH:>BE68IHIDDJG
C:I>C8DB:.=DJA9I=:>BE68ID;8A>B6I:8=6C<:7:B6I:G>6A>CC6IJG:DGD88JG;DGA:CD9HD;I>B:DJGEGDE:GI>:H
DE:G6I>DCHDG7JH>C:HHLDJA97:69K:GH:AN6;;:8I:9
/67A:D;DCI:CIH


;86856+8:/+93'?(+9;(0+)::5/36'/83+4:).'8-+9'4*=+'8+9;(0+)::58/9198+2':+*:5)533+8)/'28+'2+9:':+5=4+89./6
:.':)5;2*8+*;)+:.+<'2;+5,5;86856+8:/+9
2:L>AA6HH:HHL=:I=:GI=:G:6G:6CN>C9>86IDGHI=6II=:K6AJ:D;DJGEGDE:GI>:HB6N7:>BE6>G:9EGDE:GINWHK6AJ:>H
8DCH>9:G:9ID7:>BE6>G:9DCAN>;I=::HI>B6I:96<H8DJCI:96C9L>I=DJI>CI:G:HI8=6G<:H	ID7:
<:C:G6I:97NI=:EGDE:GIN6G:A:HHI=6CI=:86GGN>C<K6AJ:D;I=:EGDE:GIN$CDJG:HI>B6I:D;86H=;ADLHL:L>AA8DCH>9:G;68IDGH
HJ8=6H:ME:8I:9;JIJG:DE:G6I>C<>C8DB:IG:C9H6C9EGDHE:8IHI=::;;:8IHD;9:B6C98DBE:I>I>DC6C9DI=:G;68IDGH$;L:6G:
:K6AJ6I>C<I=:EDI:CI>6AH6A:D;6C6HH:IDG9:K:ADEB:CI6AI:GC6I>K:HI=:JC9>H8DJCI:9;JIJG:86H=;ADLH6C6ANH>HL>AA8DCH>9:G
I=:BDHIA>@:AN8DJGH:D;68I>DC6II=:76A6C8:H=::I96I:76H:9DC8JGG:CIEA6CH>CI:C9:9=DA9>C<E:G>D9H6C96K6>A67A:B6G@:I
>C;DGB6I>DC 2: L>AA 7: G:FJ>G:9 ID B6@: HJ7?:8I>K: 6HH:HHB:CIH 6H ID L=:I=:G I=:G: 6G: >BE6>GB:CIH >C I=: K6AJ: D; DJG
EGDE:GI>:H/=:H:6HH:HHB:CIHB6N7:>C;AJ:C8:97N;68IDGH7:NDC9DJG8DCIGDAHJ8=6H:6GANK686I>C<DGG:AD86I>DC7N6I:C6CI
DG96B6<:IDEGDE:GI>:H9J:ID;ADD9>C<:6GI=FJ6@:HIDGC69D:H=JGG>86C:H6C9DI=:GC6IJG6A9>H6HI:GH688>9:CIH;>G:8>K>A
JCG:HI I:GGDG>HI 68IH DG 68IH D; L6G /=:H: 6HH:HHB:CIH B6N =6K: 6 9>G:8I >BE68I DC DJG :6GC>CC< 6C
>BE6>GB:CI8=6G<:G:HJAIH>C6C>BB:9>6I:C:<6I>K:69?JHIB:CIID:6GC>CAACDII6@:
>BE6>GB:CI 8=6G<:H >C I=: ;JIJG: G:A6I:9 ID I=: >BE6>GB:CI D; DJG EGDE:GI>:H CN HJ8= >BE6>GB:CI 8DJA9 =6K: 6 B6I:G>6A
69K:GH::;;:8IDCDJG7JH>C:HH;>C6C8>6A8DC9>I>DC6C9G:HJAIHD;DE:G6I>DCH>CI=:E:G>D9>CL=>8=I=:8=6G<:>HI6@:C
$C699>I>DCDJG8DG:7JH>C:HH>HI=:DLC:GH=>ED;H>C6AG:6A:HI6I:88DG9>CHHJ7?:8IIDG>H@H>C8>9:CIIDI=:DLC:GH=>ED;8DBB:G8>6AG:6A:HI6I:L=>8=>C8AJ9:I=:>C67>A>INID8DAA:8IG:CIH;GDBI:C6CIH
9J:ID;>C6C8>6A=6G9H=>E>C8AJ9>C<76C@GJEI8N8=6C<:H>CAD86AG:6A:HI6I:8DC9>I>DCH>CI=:B6G@:IH>CL=>8=L:DE:G6I:
8=6C<:H>C8DCHJB:GIG:C9H6C9EG:;:G:C8:HI=6I6;;:8II=:9:B6C9;DGEGD9J8IH6C9H:GK>8:HD;;:G:97NDJGI:C6CIH>C67>A>INID
A:6H: DG H:AA EGDE:GI>:H JEDC :ME>G6I>DC DG I:GB>C6I>DC D; :M>HI>C< A:6H:H :CK>GDCB:CI6A G>H@H >C8AJ9>C< I=: EG:H:C8: D;
=6O6G9DJHDGIDM>8HJ7HI6C8:HDGB6I:G>6AHDCDJGEGDE:GI>:HI=:HJ7?:8I>K>IND;G:6A:HI6I:K6AJ6I>DCH6C98=6C<:H>CHJ8=
K6AJ6I>DCH DK:G I>B: I=: >AA>FJ>9 C6IJG: D; G:6A :HI6I: 8DBE6G:9 ID BDHI DI=:G ;>C6C8>6A 6HH:IH 8=6C<:H >C A6LH 6C9
DCH>C8AJ9>C<I=DH:C<G:6A:HI6I:JH6<:6C9ODC>C<8=6C<:H>C>CI:G:HIG6I:H6C9I=:6K6>A67>A>IN
D;;>C6C8>C<6C98=6C<:H>CI=:<:C:G6A:8DCDB>86C97JH>C:HH8A>B6I:/=:D88JGG:C8:D;6CND;I=:H:B6N86JH:I=:K6AJ:D;
DJGG:6A:HI6I:ID9:8A>C:L=>8=8DJA9B6I:G>6AAN6C969K:GH:AN6;;:8IJH
;8:/:2+/49;8'4)+652/)/+93'?45:)5<+8'22:/:2+*+,+):9
*JGEGDE:GI>:H6G:>CHJG:97NI>IA:EDA>8>:H2:=6K:CDI=DL:K:GD7I6>C:9C:LDLC:GWHI>IA:>CHJG6C8:EDA>8>:H>C
8DCC:8I>DCL>I=I=:68FJ>H>I>DCD;DJG>C>I>6AEGDE:GI>:H>CDJG;DGB6I>DCIG6CH68I>DCH6C98:GI6>C68FJ>H>I>DCHHJ7H:FJ:CIIDI=:
;DGB6I>DC IG6CH68I>DCH $C HDB: >CHI6C8:H I=:H: >CHJG6C8: EDA>8>:H 6G: :;;:8I>K: 6H D; I=: I>B: D; I=: 68FJ>H>I>DC DG A6I:G
G:;>C6C8>C<HHJ8=>I>HEDHH>7A:I=6II=:G:B6N7:I>IA:9:;:8IHI=6I=6K:6G>H:CH>C8:HJ8=68FJ>H>I>DCDGG:;>C6C8>C<;DGL=>8=
L: L>AA =6K: CD I>IA: >CHJG6C8: 8DK:G6<: $; I=:G: L:G: 6 B6I:G>6A I>IA: 9:;:8I G:A6I:9 ID 6CN D; DJG EGDE:GI>:H I=6I >H CDI
69:FJ6I:AN8DK:G:97N6I>IA:>CHJG6C8:EDA>8NL:8DJA9ADH:HDB:DG6AAD;DJG86E>I6A>CK:HI:9>C6C9DJG6CI>8>E6I:9EGD;>IH
;GDBHJ8=EGDE:GIN
%+3'?/4);89/-4/,/)'4:)59:9)5362?/4-=/:.<'8/5;9,+*+8'29:':+'4*25)'22'=98+-;2':/549'4*)5<+4'4:9:.':'8+
'662/)'(2+:55;86856+8:/+9
+GDE:GI>:H6G:HJ7?:8IIDK6G>DJH8DK:C6CIH6C9;:9:G6AHI6I:6C9AD86AA6LH6C9G:G:B:CIH>C8AJ9>C<
E:GB>II>C< 6C9 A>8:CH>C< G:FJ>G:B:CIH 'D86A G:DCH >C8AJ9>C< BJC>8>E6A DG AD86A DG9>C6C8:H ODC>C< G:HIG>8I>DCH 6C9
G:HIG>8I>K:8DK:C6CIH>BEDH:97N8DBBJC>IN9:K:ADE:GHB6NG:HIG>8IDJGJH:D;DJGEGDE:GI>:H6C9B6NG:FJ>G:JHIDD7I6>C
6EEGDK6A;GDBAD86AD;;>8>6AHDGG:HIG>8IDJGJH:D;DJGEGDE:GI>:H6C9B6NG:FJ>G:JHIDD7I6>C6EEGDK6A;GDBAD86AD;;>8>6AHD;
8DBBJC>INHI6C96G9HDG<6C>O6I>DCH6I6CNI>B:L>I=G:HE:8IIDDJGEGDE:GI>:H>C8AJ9>C<EG>DGID9:K:ADE>C<DG68FJ>G>C<6
EGDE:GINDGL=:CJC9:GI6@>C<G:CDK6I>DCHD;6CND;DJG:M>HI>C<EGDE:GI>:HBDC<DI=:GI=>C8I>DCHB6NG:A6I:ID
;>G: 6C9 H6;:IN H:>HB>8 DG =6O6G9DJH B6I:G>6A 676I:B:CI G:FJ>G:B:CIH /=:G: 86C 7: CD 6HHJG6C8: I=6I :M>HI>C< A6LH 6C9
G:8>:HL>AACDI69K:GH:AN6;;:8IJHDGI=:I>B>C<DG8DHID;6CN;JIJG:9:K:ADEB:CI68FJ>H>I>DCHDGG:CDK6I>DCHDG
I=6I699>I>DC6AG:DCHL>AACDI7:69DEI:9I=6I>C8G:6H:HJ8=9:A6NHDGG:HJAI>C699>I>DC6A8DHIH*JGA>INIDD7I6>CE:GB>IHA>8:CH:H6C9ODC>C<G:A>:;
$C699>I>DC;:9:G6A6C9HI6I:A6LH6C9G:DCH>C8AJ9>C<A6LHHJ8=6HI=:6C9I=:!6>G#DJH>C<B:C9B:CI
8ID;!#	>BEDH:;JGI=:GG:HIG>8I>DCHDCDJGEGDE:GI>:H6C9DE:G6I>DCH0C9:GI=:6C9I=:!#6AAEJ7A>8
688DBBD96I>DCHBJHIB::I;:9:G6AG:FJ>G:B:CIHG:A6I:9ID688:HH6C9JH:7N9>H67A:9E:GHDCH.DB:D;DJGEGDE:GI>:HB6N
8JGG:CIAN 7: >C CDC
8DBEA>6C8: L>I= I=:  DG I=: !# $; DC: DG BDG: D; I=: EGDE:GI>:H >C DJG EDGI;DA>D >H CDI >C
8DBEA>6C8:L>I=I=:I=:!#DG6CNDI=:GG:G:B:CIHL:B6N>C8JG699>I>DC6A8DHIHID7G>C<I=:EGDE:GIN
>CID8DBEA>6C8:>C8JGC:H6L6G996B6<:HIDEG>K6I:A>I><6CIHDG7:JC67A:IDG:;>C6C8:HJ8=EGDE:GI>:H$C
/67A:D;DCI:CIH


699>I>DCL:9DCDI@CDLL=:I=:G:M>HI>C<G:FJ>G:B:CIHL>AA8=6C<:DGL=:I=:G;JIJG:G:FJ>G:B:CIHL>AAG:FJ>G:JHIDB6@:
H>;>86CIJC6CI>8>E6I:9:ME:C9>IJG:HI=6IL>AA69K:GH:AN>BE68IDJG;>C6C8>6A8DC9>I>DCG:HJAIHD;DE:G6I>DCH6C986H=;ADL
2: 6G: 6AHD HJ7?:8I ID 8DBEA>6C8: L>I= 6 L>9: K6G>:IN D; 8DBEA:M A:<6A G:FJ>G:B:CIH 7:86JH: L: 6G: 6 ;:9:G6A
8=6G:<:C:G6AAN>C8DGEDG6I:9>CIDDJGA:6H:HL>I=I=:0.+.G:C:HHG:FJ>G:JHID69B>C>HI:GK6G>DJH8DBEA>6C8:EGDG:JHID>BEDH:8DBEA>6C8:G:HEDCH>7>A>I>:HDCHDB:
D;DJG8DCIG68IDGH*JG;6>AJG:ID8DBEANL>I=I=:H:A6LH8DJA9HJ7?:8IJHID;>C:HE:C6AI>:H6C996B6<:H86JH:JHID7:>C
9:;6JAID;DJGA:6H:HL>I=I=:0.+.6C976GJH;GDB:CI:G>C<>CID;JIJG:A:6H:HL>I=I=:0.+./=:G:86C7:CD6HHJG6C8:I=6I
I=:H: EDI:CI>6A 8DHIH 6C9 ADHH:H D; G:K:CJ: L>AA CDI =6K: 6 B6I:G>6A 69K:GH: :;;:8I DC DJG G:HJAIH D; DE:G6I>DCH ;>C6C8>6A
8DC9>I>DC6C986H=;ADL
%+.'<+')7;/8+*'4*3'?)54:/4;+:5')7;/8+6856+8:/+9:.':'8+/2+'9+*:5(5:.:.+#!!'4*454659:'2:+4'4:9//
2+'9+*952+2?:5454659:'2:+4'4:958////43'81+:9:.':'8+4+=:5;9'4*=+3'?45:(+'(2+:5'*'6::5:.+9+4+=
(;9/4+9935*+29
2:=6K:68FJ>G:96C9B6N8DCI>CJ:ID68FJ>G:EGDE:GI>:HI=6I6G:>	A:6H:9ID7DI=I=:0.+.6C9CDC
EDHI6AI:C6CIH
>>	A:6H:9HDA:ANIDCDC
EDHI6AI:C6CIHDG>>>	>CB6G@:IHI=6I6G:C:LIDJH6C9L:B6NCDI7:67A:ID696EIIDI=:H:C:L
7JH>C:HHBD9:AH2=:CL:68FJ>G:HJ8=EGDE:GI>:HL:B6N;68:G>H@H6HHD8>6I:9L>I=A68@D;B6G@:IDGI:C6CI@CDLA:9<:DG
JC9:GHI6C9>C<D;I=:AD86A:8DCDBNDGDE:G6I>DCHD;I=:C:LI:C6CI.J7?:8IIDB6>CI6>C>C<DJGFJ6A>;>86I>DC6H6- $/L:B6N
6AHDEGDK>9:DI=:GH:GK>8:HI=GDJ<=DJG/-.HJ8=6H8DCHJAI>C<H:GK>8:H;DGEDHI6AEGDE:GINDLC:GHID8DBEA:B:CIDJG8DG:
7JH>C:HH 99>I>DC6AAN L: B6N ;68: G>H@H 6HHD8>6I:9 L>I= ;DG<>C< C:L 7JH>C:HH G:A6I>DCH=>EH 6C9 JC;6B>A>6G>IN L>I= AD86A
;>8E:GB>II>C<EGD8:9JG:H2:LDG@IDB>I><6I:HJ8=G>H@HI=GDJ<=:MI:CH>K:9>A><:C8:6C9
G:H:6G8=6C96HHD8>6I>DCHL>I=:ME:G>:C8:9H:GK>8:EGDK>9:GH#DL:K:GI=:G:86C7:CDH@HL>AA7:
:A>B>C6I:9
".+ /4)8+'9+* ;9+ 5, '8:/,/)/'2 /4:+22/-+4)+ BC '4* ';:53':/54 '):/H8JGG:CIANJC@CDLC=DLI=:DCC<69DEI>DCD;69K6C8:9I:8=CDAD<>:H6C96JIDB6I>DC7NDJG0.+.6C9CDC
EDHI6AI:C6CIHL>AA>BE68II=:DEI>B6AHE68:8DC;>DCH6C9>C;G6HIGJ8IJG:;:6IJG:HD;I=:EGDE:GI>:HL:DLC6C9L:B6N
;68: C:L I:C6CI G:FJ>G:B:CIH 6C9 G:FJ:HIH I=6I L>AA G:FJ>G: H>;>86CI :ME:C9>IJG:H I=6I B6N CDI 7: :CI>G:AN G:8DK:G67A:
I=GDJ<= >C8G:6H:9 G:CIH !DG :M6BEA: I=: 69DEI>DC D; $ 7N DJG I:C6CIH B6N A:69 ID >C;G6HIGJ8IJG: G:FJ>G:B:CIH I=6I DJG
7J>A9>CC8G:6H:9EDL:GC::9H9J:ID=><=
E:G;DGB6C8:8DBEJI>C<$C;G6HIGJ8IJG:
JEI6I: HJ7HI6CI>6A 86E>I6A :ME:C9>IJG:H 6C9 8DJA9 EDI:CI>6AAN >BE68I I=: :CK>GDCB:CI6A ;DDIEG>CI D; DJG
7J>A9>C<DE:G6I>DCH$;I:8=CDAD<>86A9:K:ADEB:CIHG:HJAI>C6G:9J8I>DCDGG:8DC;>DC>CHE68:G:FJ>G:B:CIH7NDJGI:C6CIH
9:B6C9 7N >C9>K>9J6A I:C6CIH 6C9 EGDHE:8I>K: I:C6CIH ;DG HE68: B6N 9:8G:6H: DK:G I>B: $; L: 6G: CDI 67A: ID D;;H:I 6CN
G:9J8I>DC>C9:B6C9;GDBI=:;DG:C<9:K:ADEB:CIHI=GDJ<=G:EJGEDH>C<HE68:EGDE:GIN9>HEDH>I>DCHDGDI=:GB:6CHI=:
G:6A>O6I>DCD;6CND;I=:6;DG:B:CI>DC:9G>H@H8DJA9=6K:6B6I:G>6A69K:GH:>BE68IDCDJGG:K:CJ:HC:IDE:G6I>C<>C8DB:
G:HJAIH D; DE:G6I>DCH ;JC9H ;GDB DE:G6I>DCH DE:G6I>C< B6G<>CH D88JE6C8N :6GC>CC:HH6C9I=:B6G@:IK6AJ:D;DJG8DBBDCHID8@
%+.'<+')7;/8+*'4*3'?)54:/4;+:5')7;/8+6856+8:/+9:.':'8+9;(0+)::56;8).'9+56:/549/4,'<585,:.+#!!
:GI6>CD;DJGA:6H:HEGDK>9:I=:0.+.L>I=I=:G><=IIDEJG8=6H:I=:JC9:GAN>C<EGDE:GIN6I;6>GB6G@:IK6AJ:DG6I
;>M:9EG>8:H6HD;96I:H6HH:I;DGI=>CI=:A:6H:6CI=:;JIJG:68FJ>G:699>I>DC6AEGDE:GI>:HI=6IEGDK>9:I=:
0.+.L>I=H>B>A6GEJG8=6H:DEI>DCH$;I=:0.+.9:8>9:HID:M:G8>H:6EJG8=6H:DEI>DCL:LDJA9ADH:I=:G><=IID;JIJG:G:CI
;GDBI=:EGDE:GIN$;I=:EJG8=6H:EG>8:L:6G::CI>IA:9IDG:8:>K:>HA:HHI=6CI=:EG>8:L:E6>9;DGI=:G:A6I:9EGDE:GINL:B6N
>C8JGADHH:H2:B6N6AHDCDI7:67A:IDG:>CK:HII=:EJG8=6H:EG>8:L:G:8:>K:>C8DBE6G67A:>CK:HIB:CIHI=6IEGD9J8:H>B>A6G
DG7:II:GG:IJGCH6C96H6G:HJAI:ME:G>:C8:69:8A>C:>CA:6H:G:K:CJ:H6C9EGD;>I67>A>IN
%+ 3'? /4);8 -55*=/22 '4* 5:.+8 /4:'4-/(2+ '99+: /36'/83+4: ).'8-+9 =./). )5;2* '*<+89+2? ',,+): 5;8 +'84/4-9 '4*
,/4'4)/'2)54*/:/54
$C688DG96C8:L>I=0.<:C:G6AAN688:EI:9688DJCI>C<EG68I>8:H"+	L:6G:G:FJ>G:9ID6HH:HH6CNAA
6C9>C9:;>C>I:
A>K:9>CI6C<>7A:6HH:IH6HHJB:9>C6CN68FJ>H>I>DCIG6CH68I>DCH6CCJ6AANDGBDG:;G:FJ:CIANL=:C:K:G:K:CIHDG
8=6C<:H >C 8>G8JBHI6C8:H >C9>86I: EDI:CI>6A >BE6>GB:CI HJ8= 6H 8=6C<>C< B6G@:I 8DC9>I>DCH DG 6CN 8=6C<:H >C @:N
6HHJBEI>DCH$;I=:I:HI>C<E:G;DGB:9>C9>86I:HI=6I6C6HH:IB6NCDI7:G:8DK:G67A:L:6G:G:FJ>G:9IDG:8DG96CDC
86H=
>BE6>GB:CI8=6G<:;DGI=:9>;;:G:C8:7:IL::CI=:86GGN>C<K6AJ:D;I=:AADG>C9:;>C>I:
A>K:9>CI6C<>7A:6HH:IH6C9I=:
>BEA>:9;6>GK6AJ:D;I=:AADG>CI6C<>7A:6HH:IH>CI=:E:G>D9I=:9:I:GB>C6I>DC>HB69:2:6AHD8DCI>CJ6AAN:K6AJ6I:
/67A:D;DCI:CIH


L=:I=:G:K:CIHDG8>G8JBHI6C8:H=6K:D88JGG:9I=6I>C9>86I:I=:G:B6>C>C<:HI>B6I:9JH:;JAA>K:HD;9:;>C>I:
A>K:9>CI6C<>7A:
6HH:IH:M8AJ9>C<AA6C9DI=:GADC<
A>K:96HH:IHB6NL6GG6CIG:K>H>DCDGL=:I=:GI=:G:B6>C>C<76A6C8:D;HJ8=6HH:IH
B6NCDI7:G:8DK:G67A:2:JH:6C:HI>B6I:D;I=:G:A6I:9JC9>H8DJCI:986H=;ADLDK:GI=:G:B6>C>C<A>;:D;HJ8=6HH:I>C
B:6HJG>C< L=:I=:G I=: 6HH:I >H G:8DK:G67A: /=:H: >BE6>GB:CI 8=6G<:H 8DJA9 7: H>;>86CI 6C9 8DJA9 69K:GH:AN 6;;:8I DJG
;>C6C8>6A8DC9>I>DCG:HJAIHD;DE:G6I>DCH6C986H=6K6>A67A:;DG9>HIG>7JI>DC
%+ 3'? .'<+ */,,/);2:? /362+3+4:/4- ).'4-+9 :5 5;8 /4,583':/54 :+).4525-? 9?9:+39 '4* /4)58658':/4-  /4:5 5;8
(;9/4+99
2: =6K: B69: H>;>86CI >CK:HIB:CIH ID JE96I: 6C9 >BEGDK: DJG >C;DGB6I>DC I:8=CDAD8>E6I:
8DCI>CJ>C<  HJ8= >CK:HIB:CIH 6H L:AA 6H 699>I>DC6A >CK:HIB:CIH >C $  >C DG9:G ID B::I DJG 7JH>C:HH C::9H >C8AJ9>C< ;DG
HDJG8>C<68FJ>H>I>DCDEEDGIJC>I>:HB6C6<>C<I=:B6>CI:C6C8:6C9G:E6>GD;DJGEGDE:GI>:H6C9:C=6C8>C<DJG8N7:GH:8JG>IN
/G6CH>I>DC>C<ID6C9>BEA:B:CI>C<C:LDGJE;;>8JAI>:H>C8AJ9>C<EDI:CI>6A9>HGJEI>DCHID8JGG:CI
EGD8:HH:H6C9H:8JG>IN8DBEA:M>I>:H$C699>I>DCDJG>C;DGB6I>DCI:8=CDADG:;JGI=:G
BD9>;>86I>DC6HL:C:HHC::9H8=6C<:L=>8=8DJA9EGDADC<9>;;>8JAI>:HL::ME:G>:C8:L>I=IG6CH>I>DCH
.J8=H>;>86CI>CK:HIB:CIH>CDJGHNHI:BHB6NI6@:ADC<:GID9:EADN6C98DHIBDG:I=6CDG><>C6AANEA6CC:9$C699>I>DCL:
B6NCDIG:6A>O:I=:;JAA7:C:;>IHL:=DE:9ID68=>:K:6C9L:B6NC::9ID:ME:C9H>;>86CI6II:CI>DCI>B:6C9G:HDJG8:HID
8DGG:8IEGD7A:BHDG;>C96AI:GC6I>K:HDJG8:H;DGE:G;DGB>C<K6G>DJH;JC8I>DCH>;;>8JAI>:H>C>BEA:B:CI>C<C:LDGJEC;DGB6I>DC I:8=CDAD;>86CI HNHI:B ;6>AJG:H DG 9:A6NH DG I=: ;6>AJG: ID HJ88:HH;JAAN BD9>;N DJG
HNHI:BH6C9G:HEDC9ID8=6C<:H>CDJG7JH>C:HHC::9H8DJA969K:GH:AN6;;:8IDJG7JH>C:HH6C9G:HJAIHD;DE:G6I>DCH
%+ 3'? 45: (+ '9 9;))+99,;2 '9 5;8 )536+:/:589 /4)58658':/4-  /4:5 5;8 (;9/4+99 58 '*'6:/4- :5 ' 8'6/*2? ).'4-/4-
3'81+:62')+
*JG8DBE:I>IDGHB6N=6K:688:HHIDBDG:69K6C8:9I:8=CDADC8AJ9>C<$/=:H:8DBE:I>I>K:69K6CI6<:HB6N
:C67A:DJG8DBE:I>I>DCID>CCDK6I:7:II:G6C9BDG:FJ>8@ANID8DBE:I:BDG::;;:8I>K:ANDC68FJ>G>C<EGDE:GI>:H6I7:II:G
EG>8:H86JH>C<JHIDADH:7JH>C:HH6C9EGD;>I67>A>INJG<:DC>C<>CI:G:HI>C$B6N>C8G:6H:DJG8DBE:I>I>DC6C99>HGJEIDJG
7JH>C:HHBD9:A$B6NADL:G76GG>:GHID:CIGN>CDJG>C9JHIGN6C9L:B6N7:JC67A:ID:;;:8I>K:AN8DBE:I:L>I=C:L
8DBE:I>IDGH
#9+5,95)/'23+*/'3'?'*<+89+2?/36'):5;88+6;:':/54'4*(;9/4+99
/=: JH: D; HD8>6A B:9>6 EA6I;DGBH >C8AJ9>C< 7AD6A B:9>6 L:7H>I:H 6C9 DI=:G ;DGBH D; >CI:GC:I
76H:9
8DBBJC>86I>DC=6H7:8DB:8DBBDCEA68:):<6I>K:8DBB:CI6GNG:<6G9>C<JH7NI=>G9E6GI>:HB6N7:EDHI:9DCHD8>6AB:9>6
EA6I;DGBH DG H>B>A6G 9:K>8:H 6I 6CN I>B: 6C9 B6N =6GB DJG G:EJI6I>DC DG 7JH>C:HH 2: 6AHD JH: HD8>6A B:9>6 EA6I;DGBH ID
9>HH:B>C6I:>C;DGB6I>DC6C9HDJG8:68FJ>H>I>DCDEEDGIJC>I>:HHA6LH6C9G:DCHG6E>9AN:KDAK:ID8:HI=:;6>AJG:7NJHDJG:BEADN::HDGI=>G9E6GI>:H68I>C<6IDJG9>G:8I>DCID67>9:7N6EEA>867A:A6LH6C9
G:DCH >C I=: JH: D; I=:H: EA6I;DGBH 6C9 9:K>8:H 8DJA9 69K:GH:AN >BE68I DJG 7JH>C:HH DG HJ7?:8I JH ID ;>C:H DG DI=:G
E:C6AI>:H
!JGI=:GBDG: DJG G:EJI6I>DC 6C9 DJG I:C6CIHW G:EJI6I>DCH 6G: >BEDGI6CI ID DJG 7JH>C:HH *JG G:EJI6I>DC 6;;:8IH DJG
67>A>INID688:HH86E>I6A68FJ>G:699>I>DC6AEGDE:GI>:H6C9G:8GJ>I6C9G:I6>CI6A:CI:9:BEADN::H*JGI:C6CIHWG:EJI6I>DCH6;;:8I
I=:>G 67>A>IN ID 8DCI>CJ: ID DE:G6I: EGD;>I67AN 6C9 B6@: E6NB:CIH JC9:G I=:>G A:6H: 6I= JH DC I>B: /=:G: 6G:
CJB:GDJHL6NHDJGG:EJI6I>DCDGDJGI:C6CIHWG:EJI6I>DC8DJA97:96B6<:9/=:H:>C8AJ9:JC:I=>86A7:=6K>DGDGB>H8DC9J8I
LDG@EA68:H6;:IN>C8>9:CIH:CK>GDCB:CI6A>BE68I8DGEDG6I:HHJ:H96I67G:68=:HDG=JB6CG><=IHG:8DG9H2:DG
DJGI:C6CIHB6N:ME:G>:C8:768@A6H=;GDB8JHIDB:GHI>:H69KD868NH6I=DJGDE:G6I>C<9:8>H>DCHDGEJ7A>8EDA>8NEDH>I>DCH$;DJGDGDJGI:C6CIHWG:EJI6I>DC>H96B6<:9>I8DJA9
69K:GH:AN6;;:8IDJG7JH>C:HHG:HJAIHD;DE:G6I>DCH;>C6C8>6A8DC9>I>DCDG67>A>INID6IIG68II=:BDHI=><=ANFJ6A>;>:9:BEADN::H
%+)'445:'99;8+9.'8+.52*+895,5;8'(/2/:?:56'?*/A>INIDE6N9>K>9:C9HB6N7:69K:GH:AN6;;:8I:97N6CJB7:GD;;68IDGH>C8AJ9>C<I=:G>H@;68IDGH9:H8G>7:9>C
I=>HCCJ6A-:EDGIDC!DGB
&>K>9:C9H6C9DI=:G9>HIG>7JI>DCHB69:7NJHL>AA7:6JI=DG>O:96C99:I:GB>C:97NDJG
D6G9D;>G:8IDGH>C>IHHDA:9>H8G:I>DCDJID;;JC9HA:<6AAN6K6>A67A:I=:G:;DG6C9L>AA7:9:E:C9:CIJEDC6CJB7:GD;;68IDGH
>C8AJ9>C<G:HIG>8I>DCHJC9:G6EEA>867A:A6L6C9DI=:G;68IDGH9:H8G>7:97:ADL2:86CCDI6HHJG:NDJI=6I;JIJG:9>K>9:C9HL>AA
7:B69:DGHJHI6>C:9DGI=6IDJG7D6G9D;9>G:8IDGHL>AACDI8=6C<:DJG9>K>9:C9EDA>8N>CI=:;JIJG:CN9>K>9:C9HDGDI=:G
9>HIG>7JI>DCHI=6IL:E6N>CI=:;JIJG:L>AA9:E:C9JEDCDJG68IJ6AG:HJAIHD;DE:G6I>DCH:8DCDB>88DC9>I>DCH9:7IH:GK>8:
/67A:D;DCI:CIH


G:FJ>G:B:CIH86E>I6A:ME:C9>IJG:H6C9DI=:G;68IDGHI=6I8DJA99>;;:GB6I:G>6AAN;GDBDJG8JGG:CI:ME:8I6I>DCH2:B6N6AHDE6N
6EDGI>DCD;DJG9>K>9:C9H>C8DBBDCHID8@
'9C;C'5<1D54D?$EB$B71>9J1D9?>1<(DBE3DEB5
8!65*+1'4*./9',,/2/':+95=4*/8+):2?58/4*/8+):2?'9;(9:'4:/'2(+4+,/)/'2/4:+8+9:/45;8)536'4?54',;22?*/2;:+*
('9/9'4*.'<+:.+'(/2/:?:5+>+8)/9+9/-4/,/)'4:/4,2;+4)+545;8)536'4?'4*5;86+8':/4-'8:4+89./6/4)2;*/4-:.+
'6685<'25,9/-4/,/)'4:)58658':+:8'49'):/549
(G.ED9:@6C9=>H6;;>A>6I:H=:A96EEGDM>B6I:AND;I=:8DB7>C:9KDI>C<EDL:GD;DJGDJIHI6C9>C<H=6G:HD;
8DBBDCHID8@6HD;!:7GJ6GN+JGHJ6CIID=>HDLC:GH=>ED;A6HH8DBBDCHID8@6C9A6HH8DBBDCHID8@
E6GK6AJ:E:GH=6G:I=:U1DI>C< FJ>K6A:C8NHID8@V	(G.ED9:@6C9=>H6;;>A>6I:H=6K:I=:67>A>INID>C;AJ:C8:I=:DJI8DB:D;
B6II:GHEG:H:CI:9IDDJGHID8@=DA9:GH>C8AJ9>C<I=::A:8I>DCD;DJGD6G9D;>G:8IDGH6C96EEGDK6AD;H>;>86CI8DGEDG6I:
IG6CH68I>DCH >C8AJ9>C< 7JH>C:HH 8DB7>C6I>DCH 8DCHDA>96I>DCH 6C9 B:G<:GH /=:G:;DG: (G .ED9:@ =6H HJ7HI6CI>6A >C;AJ:C8:
DK:GJH6C98DJA9:M:G8>H:>C;AJ:C8:>C6B6CC:GI=6I>HCDI>CI=:7:HI>CI:G:HIHD;DJGDI=:GHID8@=DA9:GH/=>H8DC8:CIG6I>DCD;
KDI>C< EDL:G B><=I 6AHD =6K: I=: :;;:8I D; 9:A6N>C< DG EG:K:CI>C< 6 8=6C<: D; 8DCIGDA I=6I DJG HID8@=DA9:GH B6N K>:L 6H
7:C:;>8>6A
54,2/):95,/4:+8+9:3'?+>/9:58)5;2*'8/9+/4:.+,;:;8+(+:=++4:.+/4:+8+9:95,5;89:5)1.52*+89'4*:.+/4:+8+9:95,
.52*+895,;4/:9/45;86+8':/4-'8:4+89./6=./).3'?/36+*+(;9/4+99*+)/9/549:.':)5;2*(+4+,/:5;89:5)1.52*+89
DC;A>8IHD;>CI:G:HIB6N:M>HIDG8DJA96G>H:>CI=:;JIJG:6H6G:HJAID;I=:G:A6I>DCH=>EH7:IL::CJH6C9DJG6;;>A>6I:H
DCI=:DC:=6C96C9DJG*E:G6I>C<+6GIC:GH=>EDG6CNE6GIC:GI=:G:D;DCI=:DI=:G*JG9>G:8IDGH6C9D;;>8:GH=6K:9JI>:HID
DJG8DBE6CNJC9:G(6GNA6C9A6L>C8DCC:8I>DCL>I=I=:>GB6C6<:B:CID;DJG8DBE6CNII=:H6B:I>B:L:6HI=:<:C:G6A
E6GIC:GD;DJG*E:G6I>C<+6GIC:GH=>E=6K:;>9J8>6GN9JI>:H6C9D7A><6I>DCHIDDJG*E:G6I>C<+6GIC:GH=>E6C9>IHA>B>I:9E6GIC:GH
JC9:G:A6L6G:A6L6C9I=:E6GIC:GH=>E6C<+6GIC:GH=>E>C8DCC:8I>DCL>I=I=:B6C6<:B:CID;DJG
*E:G6I>C<+6GIC:GH=>E*JG;>9J8>6GN9JI>:H6C9D7A><6I>DCH6HI=:<:C:G6AE6GIC:GD;DJG*E:G6I>C<+6GIC:GH=>EB6N8DB:>CID
8DC;A>8IL>I=I=:9JI>:HD;DJG9>G:8IDGH6C9D;;>8:GHIDDJG8DBE6CN(G.ED9:@DLCH6H>;>86CI>CI:G:HI>CDJG*E:G6I>C<
+6GIC:GH=>E6H6A>B>I:9E6GIC:G6C9B6N=6K:8DC;A>8IHD;>CI:G:HI>CB6@>C<9:8>H>DCHI=6I6;;:8I7DI=DJGHID8@=DA9:GH6C9I=:
A>B>I:9E6GIC:GHD;DJG*E:G6I>C<+6GIC:GH=>E$C699>I>DC8:GI6>CD;DJG:M:8JI>K:D;;>8:GH6C99>G:8IDGH=6K:DJIH>9:7JH>C:HH
>CI:G:HIH>C8AJ9>C<>CI=:G:6A:HI6I:>C9JHIGN/=:>G>CKDAK:B:CI>CDI=:G7JH>C:HH:H6C9G:6A:HI6I:
G:A6I:968I>K>I>:H8DJA9
9>K:GI I=:>G 6II:CI>DC ;GDB DJG 96N
ID
96N DE:G6I>DCH 6C9 6AHD 8G:6I: 8DC;A>8IH D; >CI:G:HI >C EDI:CI>6A 68FJ>H>I>DCH DG DI=:G
7JH>C:HHIG6CH68I>DCH
/=:E6GIC:GH=>E69:HI=6I>CI=::K:CID;68DC;A>8I7:IL::CI=:>CI:G:HIHD;DJG*E:G6I>C<+6GIC:GH=>E
DG6CNE6GIC:GDCI=:DC:=6C96C9I=:H:E6G6I:>CI:G:HIHD;DJG8DBE6CNDGDJGHID8@=DA9:GHDCI=:DI=:G=6C9L:>CDJG
86E68>IN6HI=:<:C:G6AE6GIC:GD;DJG*E:G6I>C<+6GIC:GH=>E6G:JC9:GCDD7A><6I>DCCDIID<>K:EG>DG>INIDI=:H:E6G6I:>CI:G:HIH
D;DJG8DBE6CNDGDJGHID8@=DA9:GH6C9I=6I6CN68I>DCDG;6>AJG:ID68IDCDJGE6GIDGDCI=:E6GID;DJGD6G9D;>G:8IDGHI=6I
<>K:HEG>DG>INIDI=:H:E6G6I:>CI:G:HIHD;DJG8DBE6CNDGDJGHID8@=DA9:GHI=6I9D:HCDIG:HJAI>C6K>DA6I>DCD;I=:8DCIG68I
G><=IHD;I=:A>B>I:9E6GIC:GHD;I=:*E:G6I>C<+6GIC:GH=>EJC9:G>IHE6GIC:GH=>E6DA6I:I=:9JIND;ADN6AIN
I=6IL:>CDJG86E68>IN6HI=:<:C:G6AE6GIC:GD;DJG*E:G6I>C<+6GIC:GH=>EDL:IDI=:*E:G6I>C<+6GIC:GH=>E6C9>IHE6GIC:GH
99>I>DC6AANI=:E6GIC:GH=>E69:HI=6IL:L>AACDI7:A>67A:IDI=:*E:G6I>C<+6GIC:GH=>EDG6CNE6GIC:G
;DG BDC:I6GN 96B6<:H ;DG ADHH:H HJHI6>C:9 A>67>A>I>:H >C8JGG:9 DG 7:C:;>IH CDI 9:G>K:9 7N I=: *E:G6I>C< +6GIC:GH=>E DG 6CN
A>B>I:9E6GIC:G:M8:EI;DGA>67>A>IN;DGDJG>CI:CI>DC6A=6GBDG<:C8:*JG*E:G6I>C<+6GIC:GH=>EBJHI>C9:BC>;NJH
DJG9>G:8IDGH6C9D;;>8:GHD;;>8:GHD;DJG*E:G6I>C<+6GIC:GH=>E6C9DJG9:H>CHI6CN6C96AA8A6>BHI=6I
G:A6I:IDI=:DE:G6I>DCHD;DJG*E:G6I>C<+6GIC:GH=>EJCA:HH	6C68IDGDB>HH>DCD;I=:E:GHDCL6HB6I:G>6AIDI=:B6II:G
<>K>C<G>H:IDI=:68I>DC6C9:>I=:GL6H8DBB>II:9>C769;6>I=DGL6HI=:G:HJAID;68I>K:6C99:A>7:G6I:9>H=DC:HIN	I=:
E:GHDC68IJ6AANG:8:>K:96C>BEGDE:GE:GHDC6A7:C:;>I>CK>DA6I>DCDG7G:68=D;I=:E6GIC:GH=>E6CI=:86H:D;6
8G>B>C6A EGD8::9>C< I=: >C9:BC>;>:9 E:GHDC =69 G:6HDC67A: 86JH: ID 7:A>:K: I=6I I=: 68I DG DB>HH>DC L6H JCA6L;JA *JG
*E:G6I>C<+6GIC:GH=>EBJHI6AHDE6NDGG:>B7JGH:I=:G:6HDC67A::ME:CH:HD;6CNHJ8=E:GHDCJEDC>IHG:8:>EID;6LG>II:C
6;;>GB6I>DCD;I=:E:GHDCWHI=7:A>:;I=6II=:HI6C96G9D;8DC9J8IC:8:HH6GN;DG>C9:BC>;>86I>DC=6H7::CB:I6C96
LG>II:C JC9:GI6@>C< ID G:E6N 6CN 6BDJCIH E6>9 DG 69K6C8:9 >; >I >H JAI>B6I:AN 9:I:GB>C:9 I=6I I=: E:GHDC 9>9 CDI B::I I=:
HI6C96G9D;8DC9J8I;DG>C9:BC>;>86I>DC*JG*E:G6I>C<+6GIC:GH=>EL>AACDI>C9:BC>;NDG69K6C8:;JC9HID6CNE:GHDCL>I=
G:HE:8IID6CN68I>DC>C>I>6I:97NI=:E:GHDCH::@>C<>C9:BC>;>86I>DCL>I=DJIDJG6EEGDK6A:M8:EI;DG6CNEGD8::9>C<7GDJ<=IID
:C;DG8:HJ8=E:GHDCWHG><=IID>C9:BC>;>86I>DCJC9:GI=:E6GIC:GH=>E6;I=:E:GHDC>H;DJC9ID7:A>67A:IDDJG
*E:G6I>C<+6GIC:GH=>EDC6CNEDGI>DCD;6CN8A6>B>CI=:68I>DC
/67A:D;DCI:CIH


;8).'8:+8)54:'/49)+8:'/4685CH 8:GI6>C DLC:GH=>E A>B>IH L>I= G:HE:8I ID DJG HID8@ *JG 8=6GI:G 6BDC< DI=:G G:HIG>8I>DCH
EGD=>7>IHHJ7?:8IID8:GI6>C:M8:EI>DCHI=:7:C:;>8>6ADG8DCHIGJ8I>K:DLC:GH=>E7N6CNE:GHDCD;BDG:I=6C>CK6AJ:DG
CJB7:GD;H=6G:HL=>8=:K:G>HBDG:G:HIG>8I>K:D;I=:6<C<H=6G:HD;DJG8DBBDCHID8@DGBDG:I=6CD;
I=:DJIHI6C9>C<H=6G:HD;6CN8A6HHDGH:G>:HD;DJGEG:;:GG:9HID8@*JGD6G9D;>G:8IDGH>C>IHHDA:6C967HDAJI:9>H8G:I>DC
B6N :M:BEI 6 E:GHDC EGDHE:8I>K:AN DG G:IGD68I>K:AN ;GDB I=>H DLC:GH=>E A>B>I >; 8:GI6>C 8DC9>I>DCH 6G: H6I>H;>:9 /=>H
DLC:GH=>EA>B>I6HL:AA6HDI=:GG:HIG>8I>DCHDCDLC:GH=>E6C9IG6CH;:GD;DJGHID8@>CDJG8=6GI:GB6N
R
9>H8DJG6<:6I:C9:GD;;:GEGDMN8DCI:HIDGDI=:GIG6CH68I>DCHDG68=6C<:>CB6C6<:B:CIDGD;8DCIGDAI=6IB><=I
G:HJAI>C6EG:B>JBEG>8:;DGDJGA6HH8DBBDCHID8@DGI=6IDJGHID8@=DA9:GHDI=:GL>H:7:A>:K:ID7:>CI=:>G
7:HI>CI:G:HIH6C9
R
G:HJAI >C I=: IG6CH;:G D; H=6G:H 68FJ>G:9 >C :M8:HH D; I=: G:HIG>8I>DCH ID 6 IGJHI ;DG I=: 7:C:;>I D; 6 8=6G>I67A:
7:C:;>8>6GN6C96H6G:HJAII=:;DG;:>IJG:7NI=:68FJ>G:GD;8:GI6>CD;I=:7:C:;>IHD;DLC>C<I=:699>I>DC6AH=6G:H
%+)5;2*/4)8+'9+:.+4;3(+85,';:.58/@+*9.'8+95,9:5)1)2'99/,?'4*8+)2'99/,?;4/99;+*9:5)1'4*/99;+9:5)1=/:.5;:
9:5)1.52*+8'6685<'2
*JG D6G9 D; >G:8IDGH L>I=DJI HID8@=DA9:G 6EEGDK6A =6H I=: EDL:G JC9:G DJG 8=6GI:G ID 6B:C9 DJG 8=6GI:G ID
>C8G:6H:DG9:8G:6H:I=:6<:HI=6IL:6G:
6JI=DG>O:9ID>HHJ:EGDK>9:9I=6IDJG7D6G9B6NCDI>C8G:6H:I=:CJB7:GD;H=6G:HD;1DI>C< FJ>K6A:C8NHID8@I=6IL:=6K:
6JI=DG>INID>HHJ:DGG:8A6HH>;N6CNH=6G:HD;DJG86E>I6AHID8@6H1DI>C< FJ>K6A:C8NHID8@L>I=DJII=:6EEGDK6AD;I=:=DA9:GH
D; 6 B6?DG>IN D; I=: DJIHI6C9>C< H=6G:H D; A6HH  8DBBDC HID8@ $C 699>I>DC JC9:G DJG 8=6GI:G DJG D6G9 D; >G:8IDGH
L>I=DJIHID8@=DA9:G6EEGDK6A=6HI=:EDL:GID6JI=DG>O:JHID>HHJ:6JI=DG>O:97JIJC>HHJ:9H=6G:HD;DJGA6HH8DBBDC
HID8@DGEG:;:GG:9HID8@6C9ID8A6HH>;NDGG:8A6HH>;N6CNJC>HHJ:9H=6G:HD;DJGA6HH8DBBDCHID8@DGEG:;:GG:9HID8@>CID
DC:DGBDG:8A6HH:HDGH:G>:HD;HID8@6C9H:II=:EG:;:G:C8:8DCK:GH>DCDGDI=:GG><=IHKDI>C<EDL:GHG:HIG>8I>DCHA>B>I6I>DCH
6H ID 9>K>9:C9H 6C9 DI=:G 9>HIG>7JI>DCH FJ6A>;>86I>DCH DG I:GBH DG 8DC9>I>DCH D; G:9:BEI>DC ;DG HJ8= C:LAN 8A6HH>;>:9 DG
G:8A6HH>;>:9H=6G:HH6G:HJAIL:B6N>HHJ:H:G>:HDG8A6HH:HD;8DBBDCHID8@DGEG:;:GG:9HID8@L>I=EG:;:G:C8:H9>K>9:C9H
EDL:GH 6C9 G><=IH KDI>C< DG DI=:GL>H: I=6I 6G: H:C>DG ID DG DI=:GL>H: 8DC;A>8I L>I= I=: G><=IH D; =DA9:GH D; DJG A6HH 
8DBBDCHID8@AI=DJ<=DJGD6G9D;>G:8IDGH=6HCDHJ8=>CI:CI>DC6II=:EG:H:CII>B:>I8DJA9:HI67A>H=68A6HHDGH:G>:HD;
EG:;:GG:9HID8@I=6I8DJA99:E:C9>C<DCI=:I:GBHD;HJ8=H:G>:H9:A6N9:;:GDGEG:K:CI6IG6CH68I>DCDG68=6C<:D;8DCIGDA
I=6IB><=I>CKDAK:6EG:B>JBEG>8:;DGDJGA6HH8DBBDCHID8@DGI=6IDJGHID8@=DA9:GHDI=:GL>H:7:A>:K:ID7:>CI=:>G7:HI
>CI:G:HIH
+8:'/4685CEGDK>H>DCHD;I=:(6GNA6C9":C:G6ADGEDG6I>DC'6L("'	B6N=6K:I=::;;:8ID;>C=>7>I>C<6I=>G9E6GIN
;GDBB6@>C<6EGDEDH6AID68FJ>G:JHDGD;>BE:9>C<68=6C<:D;8DCIGDAJC9:G8>G8JBHI6C8:HI=6IDI=:GL>H:8DJA9EGDK>9:I=:
=DA9:GHD;H=6G:HD;DJGA6HH8DBBDCHID8@L>I=I=:DEEDGIJC>INIDG:6A>O:6EG:B>JBDK:GI=:I=:C
EG:K6>A>C<B6G@:IEG>8:
D;HJ8=H=6G:H>C8AJ9>C<
R
U7JH>C:HH8DB7>C6I>DCVEGDK>H>DCHI=6IHJ7?:8IIDA>B>I6I>DCHEGD=>7>I8:GI6>C7JH>C:HH8DB7>C6I>DCH7:IL::CJH
6C9 6C U>CI:G:HI:9 HID8@=DA9:GV 9:;>C:9 <:C:G6AAN 6H 6CN E:GHDC L=D 7:C:;>8>6AAN DLCH  DG BDG: D; I=:
KDI>C<EDL:GD;DJGH=6G:HDG6C6;;>A>6I:I=:G:D;DG6C6;;>A>6I:DG6HHD8>6I:D;DJGHL=DL6HI=:7:C:;>8>6ADLC:G
9>G:8IANDG>C9>G:8IAND;DGBDG:D;I=:KDI>C<EDL:GD;DJGI=:CDJIHI6C9>C<KDI>C<HID8@6I6CNI>B:L>I=>C
I=:ILD
N:6GE:G>D9>BB:9>6I:ANEG>DGIDI=:96I:>CFJ:HI>DC	;DG;>K:N:6GH6;I:GI=:BDHIG:8:CI96I:DCL=>8=
I=:HID8@=DA9:G7:8DB:H6C>CI:G:HI:9HID8@=DA9:G6C9I=:G:6;I:G>BEDH:H8:GI6>C;6>GEG>8:6C9DGHJE:GB6?DG>IN
HID8@=DA9:GKDI>C<G:FJ>G:B:CIHDCI=:H:8DB7>C6I>DCH6C9
R
U8DCIGDAH=6G:VEGDK>H>DCHI=6IEGDK>9:I=6I=DA9:GHD;U8DCIGDAH=6G:HVD;DJG8DBE6CN9:;>C:96HH=6G:HI=6I
L=:C6<I=DI=:GH=6G:H8DCIGDAA:97NI=:HID8@=DA9:G:CI>IA:I=:HID8@=DA9:GID:M:G8>H:DC:D;I=G::
>C8G:6H>C<G6C<:HD;KDI>C<EDL:G>C:A:8I>C<9>G:8IDGH	68FJ>G:9>C6U8DCIGDAH=6G:68FJ>H>I>DCV9:;>C:96HI=:
9>G:8IDG>C9>G:8I68FJ>H>I>DCD;DLC:GH=>EDG8DCIGDAD;>HHJ:96C9DJIHI6C9>C<U8DCIGDAH=6G:HV	=6K:CDKDI>C<
/67A:D;DCI:CIH


G><=IHL>I=G:HE:8IIDI=:>G8DCIGDAH=6G:H:M8:EIIDI=::MI:CI6EEGDK:97NDJGHID8@=DA9:GH7NI=:6;;>GB6I>K:
KDI:D;6IA:6HIILD
I=>G9HD;6AAI=:KDI:H:CI>IA:9ID7:86HIDCI=:B6II:G:M8AJ9>C<6AA>CI:G:HI:9H=6G:H
NG:HDAJI>DCD;DJGD6G9D;>G:8IDGHL:=6K:DEI:9DJID;I=:7JH>C:HH8DB7>C6I>DCEGDK>H>DCHD;I=:("'6C9
EGDK>9:I=6I6CN7JH>C:HH8DB7>C6I>DC7:IL::CJH6C96CNDI=:GE:GHDC>H:M:BEI;GDBI=:7JH>C:HH8DB7>C6I>DCEGDK>H>DCHD;
I=: ("' EGDK>9:9 I=6I I=: 7JH>C:HH 8DB7>C6I>DC >H ;>GHI 6EEGDK:9 7N DJG D6G9 D; >G:8IDGH >C8AJ9>C< 6 B6?DG>IN D;
9>G:8IDGHL=D6G:CDI6;;>A>6I:HDG6HHD8>6I:HD;HJ8=E:GHDCH	$C699>I>DCEJGHJ6CIID6EGDK>H>DC>CDJG7NA6LHL:=6K:DEI:9
DJID;I=:8DCIGDAH=6G:EGDK>H>DCHD;I=:("'#DL:K:GDJGD6G9D;>G:8IDGHB6N7NG:HDAJI>DC:A:8IIDDEI>CIDI=:
7JH>C:HH8DB7>C6I>DCEGDK>H>DCHD;I=:("'6C9L:B6N7N6B:C9B:CIIDDJG7NA6LHDEI>CIDI=:8DCIGDAH=6G:EGDK>H>DCH
D;I=:("'>CI=:;JIJG:
:GI6>CEGDK>H>DCHD;I=:("'E:GB>IDJGD6G9D;>G:8IDGHL>I=DJIHID8@=DA9:G6EEGDK6A6C9G:<6G9A:HHD;L=6I>H
8JGG:CIANEGDK>9:9>CDJG8=6GI:GDG7NA6LHID>BEA:B:CI8:GI6>C8DGEDG6I:H>DCHHDB:D;L=>8=;DG:M6BEA:
6 8A6HH>;>:9 7D6G9	 6G: CDI 8JGG:CIAN 6EEA>867A: ID JH $; >BEA:B:CI:9 I=:H: EGDK>H>DCH B6N =6K: I=: :;;:8I D; A>B>I>C< DG
EG:8AJ9>C<6I=>G9E6GIN;GDBB6@>C<6CJCHDA>8>I:968FJ>H>I>DCEGDEDH6A;DGJHDGD;9:A6N>C<9:;:GG>C<DGEG:K:CI>C<68=6C<:
>C8DCIGDAD;JHJC9:G8>G8JBHI6C8:HI=6IDI=:GL>H:8DJA9EGDK>9:I=:=DA9:GHD;H=6G:HD;DJGA6HH8DBBDCHID8@L>I=I=:
DEEDGIJC>INIDG:6A>O:6EG:B>JBDK:GI=:I=:C8JGG:CIB6G@:IEG>8:*JG8=6GI:G8DCI6>CH6EGDK>H>DCL=:G:7NL::A:8I6IHJ8=
I>B:6HL:7:8DB::A><>7A:ID9DHDID7:HJ7?:8IIDI=:EGDK>H>DCHD;/>IA:.J7I>IA:D;I=:("'G:A6I>C<IDI=:;>AA>C<D;
K686C8>:HDCDJGD6G9D;>G:8IDGH
;8(?2'=9*+9/-4':+:.+/8);/:5;8:,58'2:/358+/:?'8?2'4*'9:.+952+'4*+>)2;9/<+,58;3,58)+8:'/4:?6+95,
'):/549'4*685)++*/4-9:.':3'?(+/4/:/':+*(?5;89:5)1.52*+89=./).)5;2*2/3/:5;89:5)1.52*+89D'(/2/:?:55(:'/4'
,'<58'(2+0;*/)/'2,58;3,58*/96;:+9=/:.;9585;8*/8+):5895,,/)+8958+3625?++9
*JG7NA6LH<:C:G6AANEGDK>9:I=6IJCA:HHL:8DCH:CI>CLG>I>C<IDI=:H:A:8I>DCD;6C6AI:GC6I>K:;DGJBI=:>G8J>I
DJGI;DG6AI>BDG:>IN(6GNA6C9DG>C8:GI6>C8>G8JBHI6C8:HI=:0C>I:9.I6I:H>HIG>8IDJGI;DGI=:>HIG>8ID;(6GNA6C9
)DGI=:GC>K>H>DC	H=6AA7:I=:HDA:6C9:M8AJH>K:;DGJB;DG8:GI6>CINE:HD;68I>DCH6C9EGD8::9>CC>I>6I:97N
DJGHID8@=DA9:GHL>I=G:HE:8IIDDJG8DBE6CNDJG9>G:8IDGHDJGD;;>8:GHDGDJG:BEADN::H/=>H8=D>8:D;;DGJBEGDK>H>DCB6N
A>B>I6HID8@=DA9:GWH67>A>INID7G>C<68A6>B>C6?J9>8>6A;DGJBI=6II=:HID8@=DA9:G7:A>:K:H>H;6KDG67A:;DG9>HEJI:HL>I=JHDG
DJG9>G:8IDGHD;;>8:GHDG:BEADN::HL=>8=B6N9>H8DJG6<:B:G>IDG>DJH8A6>BH;GDB7:>C<6HH:GI:96<6>CHIJH6C9DJG9>G:8IDGH
D;;>8:GH6C9:BEADN::HAI:GC6I>K:AN>;68DJGIL:G:ID;>C9I=>HEGDK>H>DCD;DJG7NA6LH>C6EEA>867A:IDDGJC:C;DG8:67A:>C
G:HE:8ID;DC:DGBDG:D;I=:HE:8>;>:9INE:HD;68I>DCHDGEGD8::9>CC8JG699>I>DC6A8DHIH6HHD8>6I:9L>I=G:HDAK>C<
HJ8=B6II:GH>CDI=:G?JG>H9>8I>DCHL=>8=8DJA969K:GH:AN6;;:8IDJG7JH>C:HH;>C6C8>6A8DC9>I>DCDGG:HJAIHD;DE:G6I>DCH2:
69DEI:9I=>HEGDK>H>DC7:86JH:(6GNA6C9?J9<:H=6K:BDG::ME:G>:C8:>C9:6A>C<L>I=>HHJ:HD;(6GNA6C98DGEDG6I:A6LI=6C
?J9<:H >C 6CN DI=:G HI6I: 6C9 L: 7:A>:K: >I B6@:H >I A:HH A>@:AN I=6I L: L>AA 7: ;DG8:9 ID >C8JG I=: :ME:CH: D; 9:;:C9>C<
9JEA>86I>K:68I>DCH>CBJAI>EA:;DGJBH6C9A:HHA>@:ANI=6IEA6>CI>;;HW6IIDGC:NHL>AA7:67A:ID:BEADNHJ8=A>I><6I>DCID8D:G8:JH
>CIDDI=:GL>H:JC?JHI>;>:9H:IIA:B:CIH
+8:'/4685H>DCH>CI=:E6GIC:GH=>E6C<+6GIC:GH=>EB6N9:A6NDGB6@:BDG:9>;;>8JAIJCHDA>8>I:9
68FJ>H>I>DCHD;JHDG8=6C<:HD;DJG8DCIGDA/=:H:EGDK>H>DCH8DJA99>H8DJG6<:I=>G9E6GI>:H;GDBB6@>C<EGDEDH6AH>CKDAK>C<
6CJCHDA>8>I:968FJ>H>I>DCD;JHDG8=6C<:D;DJG8DCIGDA6AI=DJ<=HDB:D;DJGHID8@=DA9:GHB><=I8DCH>9:GHJ8=EGDEDH6AH>;
B69:9:H>G67A:/=:H:EGDK>H>DCH>C8AJ9:6BDC<DI=:GH
R
G:9:BEI>DCG><=IH
R
6 G:FJ>G:B:CI I=6I L: B6N CDI 7: G:BDK:9 6H I=: <:C:G6A E6GIC:G D; DJG *E:G6I>C< +6GIC:GH=>E L>I=DJI DJG
8DCH:CI
R
IG6CH;:GG:HIG>8I>DCHDC*+0C>IH
R
DJG67>A>IN6H<:C:G6AE6GIC:G>CHDB:86H:HID6B:C9I=:E6GIC:GH=>E6C<
+6GIC:GH=>EID>HHJ:JC>IHL>I=I:GBHI=6I8DJA99:A6N9:;:GDGEG:K:CI6B:G<:GDGDI=:G8=6C<:D;8DCIGDAD;JHDG
DJG*E:G6I>C<+6GIC:GH=>EL>I=DJII=:8DCH:CID;I=:A>B>I:9E6GIC:GH6C9
/67A:D;DCI:CIH


R
I=: G><=I D; I=: A>B>I:9 E6GIC:GH ID 8DCH:CI ID 9>G:8I DG >C9>G:8I IG6CH;:GH D; I=: <:C:G6A E6GIC:GH=>E >CI:G:HI
>C8AJ9>C<6H6G:HJAID;6B:G<:GDG6H6A:D;6AADGHJ7HI6CI>6AAN6AAD;DJG6HH:IH>CI=::K:CII=6IHJ8=IG6CH;:G
G:FJ>G:H6EEGDK6A7NDJG8DBBDCHID8@=DA9:GH
H D; !:7GJ6GN   (G .ED9:@ 6C9 =>H 6;;>A>6I:H DLC:9 6EEGDM>B6I:AN  D; I=: DJIHI6C9>C< *+ 0C>IH
>C8AJ9>C<'/$+0C>IH	I=6I6G:CDIDLC:97NJH6C96EEGDM>B6I:AND;I=:DJIHI6C9>C<H=6G:HD;DJGA6HH8DBBDC
HID8@6C96AAD;I=:1DI>C< FJ>K6A:C8NHID8@L=>8=ID<:I=:GG:EG:H:CI6C6EEGDM>B6I:7:C:;>8>6A:8DCDB>8>CI:G:HI>C
DJGDBE6CNDC6;JAAN9>AJI:976H>H
"'> 685:+):/54 '-8++3+4:9 3'? 2/3/: 5;8 '(/2/:? :5 9+22 58 5:.+8=/9+ */9659+ 5, )+8:'/4 6856+8:/+9 '4* 3'? 8+7;/8+ 5;8
6+8':/4-'8:4+89./6:53'/4:'/4)+8:'/4*+(:2+<+29:.':5:.+8=/9+=5;2*45:(+8+7;/8+*:556+8':+5;8(;9/4+99
$C8DCC:8I>DCL>I=8DCIG>7JI>DCHD;EGDE:GI>:HIDDJG*E:G6I>C<+6GIC:GH=>EDJG*E:G6I>C<+6GIC:GH=>E=6H:CI:G:96C9
B6N >C I=: ;JIJG: :CI:G >CID I6M EGDI:8I>DC 68= >I 6C>B>O: I=: I6M 8DCH:FJ:C8:H ID I=:
8DCIG>7JI>C<E6GIC:GHG:HJAI>C<;GDBI=:H6A:DGDI=:G9>HEDH>I>DCD;I=:8DCIG>7JI:9EGDE:GI>:H/6MEGDI:8I>DC6I:8DCDB>86AANEGD=>7>I>K:IDH:AA6CNEGDE:GI>:HI=6I6G:HJ7?:8IIDHJ8=6IB6NDI=:GL>H:7:>C
DJG HID8@=DA9:GHW 7:HI >CI:G:HIH ID 9D HD $C 699>I>DC L: B6N 7: G:FJ>G:9 ID B6>CI6>C 6 B>C>BJB A:K:A D; >C9:7I:9C:HH
I=GDJ<=DJII=:I:GBD;6CNI6MEGDI:8I>DC6H:G:FJ>G:9IDDE:G6I:
DJG 7JH>C:HH DG EGDK>9: 8:GI6>C D; DJG 8DCIG>7JIDGH I=: DEEDGIJC>IN ID CID 6 9:;>8>I G:HIDG6I>DC
D7A><6I>DCHJEDC6;JIJG:G:E6NB:CIG:I>G:B:CIG:;>C6C8>C<DGDI=:GG:9J8I>DCDI=:GI=6CH8=:9JA:96BDGI>O6I>DC	D;8JGG:CIAN
DJIHI6C9>C< 9:7I EG>DG ID I=: I:CI= 6CC>K:GH6GN D; I=: 8DBEA:I>DC D; DJG ;DGB6I>DC IG6CH68I>DCH $; L: ;6>A ID B6@: HJ8=
DEEDGIJC>I>:H6K6>A67A:L:L>AA7:G:FJ>G:9ID9:A>K:GID:68=HJ8=8DCIG>7JIDG686H=E6NB:CI>CI:C9:9ID6EEGDM>B6I:I=:
8DCIG>7JIDGWH I6M A>67>A>IN G:HJAI>C< ;GDB DJG ;6>AJG: ID B6@: HJ8= DEEDGIJC>I>:H 6K6>A67A: ID I=6I 8DCIG>7JIDG 6C9 I=: I6M
A>67>A>I>:H>C8JGG:96H6G:HJAID;HJ8=I6MEGDI:8I>DCE6NB:CI):K:GI=:A:HHL:=6K::CI:G:96C9B6N>CI=:;JIJG::CI:G>CIDI6M
EGDI:8I>DC6HI8DCIG>7JIDGHD;EGDE:GI>:HIDDJG*E:G6I>C<+6GIC:GH=>E>C9:;:GG>C<I=:G:8DI>DCD;I6M67A:
<6>C6H6G:HJAID;6C96;I:G6CNHJ8=8DCIG>7JI>DC
2:.5;-. =+ '8+ 45 254-+8 '4 B+3+8-/4- -85=:. )536'4?C =+ '8+ 9:/22 ' B93'22+8 8+658:/4- )536'4?C =/:. 8+*;)+*
*/9)259;8+8+7;/8+3+4:9
AI=DJ<=L:8:6H:9ID7:6CU:B:G<>C<C:9>CI=:%JBEHI6GI*JGJH>C:HH
.I6GIJEH8ID;DG%*.8IL:G:B6>C6UHB6AA:GG:EDGI>C<8DBE6CNV2:B6N8DCI>CJ:ID7:6HB6AA:GG:EDGI>C<
8DBE6CN>;:>I=:G>	I=:B6G@:IK6AJ:D;DJGHID8@=:A97NCDC
6;;>A>6I:H>HA:HHI=6CB>AA>DCDG>>	DJG6CCJ6AG:K:CJ:>H
A:HHI=6CB>AA>DC9JG>C<I=:BDHIG:8:CIAN8DBEA:I:9;>H86AN:6G6C9I=:B6G@:IK6AJ:D;DJGHID8@=:A97NCDC
6;;>A>6I:H
>HA:HHI=6CB>AA>DCH6HB6AA:GG:EDGI>C<8DBE6CNL:B6N8DCI>CJ:IDG:ANDC:M:BEI>DCH;GDB8:GI6>C9>H8ADHJG:
G:FJ>G:B:CIHI=6I6G:6K6>A67A:IDHB6AA:GG:EDGI>C<8DBE6C>:H.E:8>;>86AANL:B6N8=DDH:IDEG:H:CIDCANI=:ILDBDHIG:8:CI
;>H86AN:6GHD;6J9>I:9;>C6C8>6AHI6I:B:CIH>CDJGCCJ6A-:EDGIDC!DGB
&6C9H>B>A6GID:B:G<>C<:H
HB6AA:G G:EDGI>C< 8DBE6C>:H =6K: G:9J8:9 9>H8ADHJG: D7A><6I>DCH G:<6G9>C< :M:8JI>K: 8DBE:CH6I>DC 2: 86CCDI EG:9>8I >;
>CK:HIDGHL>AA;>C9DJG8DBBDCHID8@A:HH6IIG68I>K:7:86JH:L:B6NG:ANDCI=:H::M:BEI>DCH
;8 5'8* 5, /8+):589 3'? ).'4-+ 5;8 9:8':+-/+9 652/)/+9 '4* 685)+*;8+9 =/:.5;: 9:5)1.52*+8 '6685<'2 '4* =+ 3'?
(+)53+358+./-.2?2+<+8'-+*=./).3'?/4)8+'9+5;88/915,*+,';2:;4*+85;8*+(:5(2/-':/549
*JG >CK:HIB:CI ;>C6C8>C< A:K:G6<: 6C9 9>HIG>7JI>DC EDA>8>:H 6C9 DJG EDA>8>:H L>I= G:HE:8I ID 6AA DI=:G 68I>K>I>:H
>C8AJ9>C<I6A>O6I>DC6C9DE:G6I>DCHL>AA7:9:I:GB>C:9:M8AJH>K:AN7NDJGD6G9D;>G:8IDGH6C9B6N7:6B:C9:9
DG G:K>H:9 6I 6CN I>B: 7N DJG D6G9 D; >G:8IDGH L>I=DJI CDI>8: ID DG 6 KDI: D; DJG HID8@=DA9:GH /=>H 8DJA9 G:HJAI >C JH
8DC9J8I>C<DE:G6I>DC6AB6II:GHB6@>C<>CK:HIB:CIHDGEJGHJ>C<9>;;:G:CI7JH>C:HHDG:HI=6CI=DH:8DCI:BEA6I:9
>CI=>HG:EDGI!JGI=:GDJG8=6GI:G6C97NA6LH9DCDIA>B>II=:6BDJCIDGE:G8:CI6<:D;>C9:7I:9C:HH;JC9:9DGDI=:GL>H:I=6I
L:B6N>C8JG*JGD6G9D;>G:8IDGHB6N6AI:GDG:A>B>C6I:DJG8JGG:CIEDA>8NDC7DGGDL>C<6I6CNI>B:L>I=DJIHID8@=DA9:G
6EEGDK6A$;I=>HEDA>8N8=6C<:9L:8DJA97:8DB:BDG:=><=ANA:K:G6<:9L=>8=8DJA9G:HJAI>C6C>C8G:6H:>CDJG9:7IH:GK>8:
#><=:GA:K:G6<:6AHD>C8G:6H:HI=:G>H@D;9:;6JAIDCDJGD7A><6I>DCH$C699>I>DC68=6C<:>CDJG>CK:HIB:CIEDA>8>:H>C8AJ9>C<
I=:B6CC:G>CL=>8=L:6AAD86I:DJGG:HDJG8:H68GDHHDJGEDGI;DA>DDGI=:INE:HD;6HH:IH>CL=>8=L:H::@ID>CK:HIB6N
>C8G:6H:DJG:MEDHJG:ID>CI:G:HIG6I:G>H@G:6A:HI6I:B6G@:I;AJ8IJ6I>DCH6C9A>FJ>9>ING>H@=6C<:HIDDJGEDA>8>:HL>I=G:<6G9H
IDI=:;DG:C<8DJA9B6I:G>6AAN69K:GH:AN6;;:8IDJG;>C6C8>6A8DC9>I>DCG:HJAIHD;DE:G6I>DCH6C986H=;ADL
/67A:D;DCI:CIH


;88/-.:9'4*:.+8/-.:95,5;89:5)1.52*+89:5:'1+'):/54'-'/49:5;8*/8+):589'4*5,,/)+89'8+2/3/:+*
0C9:G(6GNA6C9A6L<:C:G6AAN69>G:8IDGL>AACDI7:A>67A:>;=:DGH=:E:G;DGBH=>HDG=:G9JI>:H>CI=>C6
B6CC:G=:DGH=:G:6HDC67AN7:A>:K:HID7:>CDJG7:HI>CI:G:HIH6C9L>I=I=:86G:I=6I6CDG9>C6G>ANEGJ9:CIE:GHDC>C6A>@:
EDH>I>DCLDJA9JH:JC9:GH>B>A6G8>G8JBHI6C8:H$C699>I>DCDJG8=6GI:GA>B>IHI=:A>67>A>IND;DJG9>G:8IDGH6C9D;;>8:GHIDJH
6C9DJGHID8@=DA9:GH;DGBDC:N96B6<:H:M8:EI;DGA>67>A>ING:HJAI>C<;GDB
R
68IJ6AG:8:>EID;6C>BEGDE:G7:C:;>IDGEGD;>I>CBDC:NEGDE:GINDGH:GK>8:HDG
R
68I>K: 6C9 9:A>7:G6I: 9>H=DC:HIN 7N I=: 9>G:8IDG DG D;;>8:G I=6I L6H :HI67A>H=:9 7N 6 ;>C6A ?J9C<
B6I:G>6AIDI=:86JH:D;68I>DC69?J9>86I:9
*JG 8=6GI:G G:FJ>G:H JH ID >C9:BC>;N 6C9 69K6C8: :ME:CH:H ID :68= 9>G:8IDG 6C9 D;;>8:G ID I=: B6M>BJB :MI:CI
E:GB>II:97N(6GNA6C9A6L>CI=:9:;:CH:D;6CNEGD8::9>C<IDL=>8==:DGH=:>HB69:DGI=G:6I:C:9ID7:B69:6E6GIN7N
G:6HDCD;=>HDG=:GH:GK>8:IDJH2:=6K::CI:G:9>CID>C9:BC>;>86I>DC6I=:68=D;DJG:M:8JI>K:D;;>8:GH6C9
9>G:8IDGH L=:G:7N L: L>AA >C9:BC>;N DJG 9>G:8IDGH 6C9 :M:8JI>K: D;;>8:GH ID I=: ;JAA:HI :MI:CI E:GB>II:9 7N (6GNA6C9 A6L
6<6>CHI6AA:ME:CH:H6C9A>67>A>I>:H>C8JGG:9>CI=:>G86E68>IN6H6CD;;>8:G6C9DG9>G:8IDGHJ7?:8IIDA>B>I:9:M8:EI>DCHH6
G:HJAIL:6C9DJGHID8@=DA9:GHB6N=6K:BDG:A>B>I:9G><=IH6<6>CHIDJG9>G:8IDGH6C9D;;>8:GHI=6CB><=IDI=:GL>H::M>HI
67H:CII=:8JGG:CIEGDK>H>DCH>CDJG8=6GI:GDGI=6IB><=I:M>HIL>I=DI=:G8DBE6C>:H
%+ '8+ ' .52*/4- )536'4? =/:. 45 */8+): 56+8':/549 '4* '9 9;). =+ 8+2? 54 ,;4*9 8+)+/<+* ,853 5;8 6+8':/4-
'8:4+89./6 :5 6'? 2/'(/2/:/+9 '4* :.+ /4:+8+9:9 5, 5;8 9:5)1.52*+89 '8+ 9:8;):;8'22? 9;(58*/4':+* :5 '22 2/'(/2/:/+9 '4*
5(2/-':/5495,5;86+8':/4-'8:4+89./6'4*/:99;(9/*/'8/+9
2:6G:6=DA9>C<8DBE6CN6C98DC9J8IHJ7HI6CI>6AAN6AAD;DJGDE:G6I>DCHI=GDJ<=DJG*E:G6I>C<+6GIC:GH=>E2:9D
CDI =6K: 6E6GI ;GDB 6C >CI:G:HI >C DJG *E:G6I>C< +6GIC:GH=>E 6CN >C9:E:C9:CI DE:G6I>DCH H 6 G:HJAI L: G:AN DC 86H=
9>HIG>7JI>DCH;GDBDJG*E:G6I>C<+6GIC:GH=>EIDE6N6CN9>K>9:C9HL:9:8A6G:DCH=6G:HD;DJGA6HH8DBBDCHID8@2:6AHD
G:AN DC 9>HIG>7JI>DCH ;GDB DJG *E:G6I>C< +6GIC:GH=>E ID B::I 6CN D; DJG D7A><6I>DCH >C8AJ9>C< 6CN I6M A>67>A>IN DC I6M67A:
>C8DB: 6AAD86I:9 ID JH ;GDB DJG *E:G6I>C< +6GIC:GH=>E $C 699>I>DC 7:86JH: L: 6G: 6 =DA9>C< 8DBE6CN NDJG 8A6>BH 6H 6
HID8@=DA9:GL>AA7:HIGJ8IJG6AANHJ7DG9>C6I:9ID6AA:M>HI>C<6C9;JIJG:A>67>A>I>:H6C9D7A><6I>DCHL=:I=:GDGCDI;DG7DGGDL:9
BDC:N	 D; DJG *E:G6I>C< +6GIC:GH=>E 6C9 >IH HJ7H>9>6G>:H /=:G:;DG: >C I=: :K:CI D; DJG 76C@GJEI8N A>FJ>96I>DC DG
G:DG<6C>O6I>DCDJG6HH:IH6C9I=DH:D;DJG*E:G6I>C<+6GIC:GH=>E6C9>IHHJ7H>9>6G>:HL>AA7:6K6>A67A:IDH6I>H;NI=:8A6>BHD;
DJGHID8@=DA9:GHDCAN6;I:G6AAD;DJG6C9DJG*E:G6I>C<+6GIC:GH=>EWH6C9>IHHJ7H>9>6G>:HWA>67>A>I>:H6C9D7A><6I>DCH=6K:7::C
E6>9>C;JAA
;86+8':/4-'8:4+89./63'?/99;+'**/:/54'2#4/:9:5:./8*6'8:/+9=/:.5;::.+)549+4:5,5;89:5)1.52*+89=./).
=5;2*8+*;)+5;85=4+89./66+8)+4:'-+/45;86+8':/4-'8:4+89./6'4*)5;2*.'<+'*/2;:/<++,,+):54:.+'35;4:5,
*/9:8/(;:/549 3'*+ :5 ;9 (? 5;8 6+8':/4- '8:4+89./6 '4* :.+8+,58+ :.+ '35;4: 5, */9:8/(;:/549 =+ )'4 3'1+ :5 5;8
9:5)1.52*+89
H D; !:7GJ6GN   6EEGDM>B6I:AN  D; I=: DJIHI6C9>C< *+ 0C>IH >C8AJ9>C< I=: '/$+ 0C>IH	 D; DJG
*E:G6I>C< +6GIC:GH=>E L:G: =:A9 7N I=>G9 E6GI>:H 2: B6N >C 8DCC:8I>DC L>I= DJG 68FJ>H>I>DC D; EGDE:GI>:H DG DI=:GL>H:
8DCI>CJ:ID>HHJ:699>I>DC6A*+0C>IHIDI=>G9E6GI>:H.J8=>HHJ6C8:HLDJA9G:9J8:DJGDLC:GH=>EE:G8:CI6<:>CDJG*E:G6I>C<
+6GIC:GH=>E6C98DJA96;;:8II=:6BDJCID;9>HIG>7JI>DCHB69:IDJH7NDJG*E:G6I>C<+6GIC:GH=>E6C9I=:G:;DG:I=:6BDJCID;
9>HIG>7JI>DCHL:86CB6@:IDDJGHID8@=DA9:GH#DA9:GHD;*+0C>IH9DCDI=6K:6CNKDI>C<G><=IHL>I=G:HE:8IID6CNHJ8=
>HHJ6C8:HDGDI=:GE6GIC:GH=>EA:K:A68I>K>I>:HD;DJG*E:G6I>C<+6GIC:GH=>E
'9C;C'5<1D54D?$EB(D1DEC1C1')
'/2;8+ :5 8+3'/4 7;'2/,/+* '9 '  " =5;2* )';9+ ;9 :5 (+ :'>+* '9 ' 8+-;2'8 )58658':/54 =./). =5;2* 9;(9:'4:/'22?
8+*;)+,;4*9'<'/2'(2+,58*/9:8/(;:/549:55;89:5)1.52*+89
2:=6K::A:8I:96C9>CI:C9ID8DCI>CJ:IDDE:G6I:>C6B6CC:GI=6IL>AA6AADLJHIDFJ6A>;NID7:I6M:96H6- $/JC9:G
.:8I>DCH
D;I=:D9:8DBB:C8>C<L>I=DJGH=DGII6M67A:N:6G:C9:9:8:B7:G,J6A>;>86I>DC6H6- $/
>CKDAK:HI=:6EEA>86I>DCD;=><=ANI:8=C>86A6C98DBEA:MI6MGJA:H;DGL=>8=I=:G:6G:DCANA>B>I:9?J9>8>6A6C969B>C>HIG6I>K:
>CI:GEG:I6I>DCH/=:;68II=6IL:=DA9HJ7HI6CI>6AAN6AADJG6HH:IHI=GDJ<=6E6GIC:GH=>E;JGI=:G8DBEA>86I:HI=:6EEA>86I>DCD;I=:
- $/G:FJ>G:B:CIH K:C6H::B>CCDGI:8=C>86ADG>C69K:GI:CIB>HI6@:8DJA9?:DE6G9>O:DJG- $/HI6IJH*JG- $/
HI6IJH 9:E:C9H JEDC K6G>DJH ;68IJ6A B6II:GH 6C9 8>G8JBHI6C8:H I=6I B6N CDI 7: :CI>G:AN L>I=>C DJG 8DCIGDA (DG:DK:G DJG
/67A:D;DCI:CIH


FJ6A>;>86I>DC6C9I6M6I>DC6H6- $/9:E:C9JEDCDJG67>A>INIDB::IDC68DCI>CJ>C<76H>HI=GDJ<=68IJ6A6CCJ6ADE:G6I>C<
G:HJAIH8:GI6>CFJ6A>;>86I>DCI:HIHH:I;DGI=>CI=:;:9:G6AI6MA6LH!DG:M6BEA:>CDG9:GIDFJ6A>;N6H6- $/6IA:6HID;
DJGC8DB:>C6CNN:6GBJHI7:9:G>K:9;GDBFJ6A>;N>C<HDJG8:HHJ8=6HG:CIH;GDBG:6AEGDE:GIN6C9L:BJHIH6I>H;N6
CJB7:GD;G:FJ>G:B:CIHG:<6G9>C<I=:8DBEDH>I>DCD;DJG6HH:IHAHDL:BJHIB6@:9>HIG>7JI>DCHIDHID8@=DA9:GH6<C<
6CCJ6AAN6IA:6HID;DJG- $/I6M67A:>C8DB::M8AJ9>C<C:I86E>I6A<6>CH)D6HHJG6C8:H86C7:<>K:CI=6IDJG68IJ6A
G:HJAIHD;DE:G6I>DCH;DG6CNE6GI>8JA6GI6M67A:N:6GL>AAH6I>H;NHJ8=G:FJ>G:B:CIH$C699>I>DCC:LA:<>HA6I>DCG:DCH
69B>C>HIG6I>K:>CI:GEG:I6I>DCHDG8DJGI9:8>H>DCH:68=D;L=>8=8DJA9=6K:G:IGD68I>K::;;:8IB6NB6@:>IBDG:9>;;>8JAIDG
>BEDHH>7A:;DGJHIDFJ6A>;N6H6- $/DG8DJA9G:9J8:I=:9:H>G67>A>IND;6C>CK:HIB:CI>C6- $/G:A6I>K:IDDI=:G>CK:HIB:CIH
2:=6K:CDIG:FJ:HI:96C99DCDIEA6CIDG:FJ:HI6GJA>C<;GDBI=:$CI:GC6A-:K:CJ:.:GK>8:HI=:$-.	I=6IL:FJ6A>;N6H6
- $/6C9I=:HI6I:B:CIH>CI=>HCCJ6A-:EDGIDC!DGB
&6G:CDI7>C9>C<DCI=:$-.DG6CN8DJGI88DG9>CCI=6IL:L>AA7:HJ88:HH;JA>CFJ6A>;N>C<6H6- $/
$;L:;6>AIDB6>CI6>CDJGFJ6A>;>86I>DC6H6- $/>C6CNI6M67A:N:6GL:L>AA;68:H:G>DJHI6M8DCH:FJ:C8:HI=6IL>AA
HJ7HI6CI>6AANG:9J8:I=:;JC9H6K6>A67A:;DG9>HIG>7JI>DCHIDDJGHID8@=DA9:GH7:86JH:
R
L:LDJA9CDI7:6AADL:969:9J8I>DC;DG9>K>9:C9HE6>9IDHID8@=DA9:GH>C8DBEJI>C<DJGI6M67A:>C8DB:6C9
LDJA97:HJ7?:8IID;:9:G6A>C8DB:I6M6IG:C8G:6H:9HI6I:6C9AD86AI6M:H6C9
R
JCA:HHL:6G::CI>IA:9IDG:A>:;JC9:G8:GI6>C;:9:G6A>C8DB:I6MA6LHL:8DJA9CDIG:
:A:8I- $/HI6IJHJCI>AI=:
;>;I=86A:C96GN:6G6;I:GI=:N:6G>CL=>8=L:;6>A:9IDFJ6A>;N6H6- $/
$C699>I>DC>;L:;6>AIDFJ6A>;N6H6- $/L:L>AACDADC<:G7:G:FJ>G:9IDB6@:9>HIG>7JI>DCHIDDJGHID8@=DA9:GHH
6G:HJAID;6AAI=:H:;68IDGHDJG;6>AJG:IDFJ6A>;N6H6- $/8DJA9>BE6>GDJG67>A>INID:ME6C9DJG7JH>C:HH6C9G6>H:86E>I6A
6C9>ILDJA969K:GH:AN6;;:8II=:K6AJ:D;DJGA6HH8DBBDCHID8@
 K:C>;L:FJ6A>;N6H6- $/L:B6N7:HJ7?:8IIDHDB:0.;:9:G6AHI6I:6C9AD86A>C8DB:EGDE:GIN6C9:M8>H:
I6M:HDCDJG>C8DB:DGEGDE:GIN>C8AJ9>C<I6MDC>C8DB:;GDBHDB:68I>K>I>:H8DC9J8I:96H6G:HJAID;;DG:8ADHJG:6C9HI6I:DG
AD86A>C8DB:EGDE:GIN6C9IG6CH;:GI6M:H6C9>C8:GI6>C86H:H6E:C6AINI6M>CI=::K:CIL:H:AAEGDE:GINI=6IL:=DA9
EG>B6G>AN;DGH6A:ID8JHIDB:GH>CI=:DG9>C6GN8DJGH:D;7JH>C:HH$C699>I>DCDJG/-.>HHJ7?:8IIDI6M6H6G:DC
>CI=:?JG>H9>8I>DCH>CL=>8=>IDE:G6I:HL=>8=LDJA99:8G:6H:86H=6K6>A67A:;DG9>HIG>7JI>DCHIDHID8@=DA9:GH
'/2;8+:53'1+8+7;/8+**/9:8/(;:/549=5;2*9;(0+):;9:5,+*+8'2)58658':+/4)53+:'>
2:=6K:DE:G6I:96C9>CI:C9ID8DCI>CJ:IDDE:G6I:HD6HIDB6>CI6>CDJGFJ6A>;>86I>DC6H6- $/;DG;:9:G6A>C8DB:
I6MEJGEDH:H$CDG9:GIDB6>CI6>CDJGFJ6A>;>86I>DC6H6- $/L:<:C:G6AAN6G:G:FJ>G:9ID9>HIG>7JI:6IA:6HID;DJG- $/
I6M67A:>C8DB:9:I:GB>C:9L>I=DJIG:<6G9IDI=:9>K>9:C9HE6>99:9J8I>DC6C9:M8AJ9>C<6CNC:I86E>I6A<6>CH:68=N:6GIDDJG
HID8@=DA9:GH /D I=::MI:CII=6IL:H6I>H;NI=>H9>HIG>7JI>DCG:FJ>G:B:CI7JI9>HIG>7JI:A:HHI=6CD;DJG- $/ I6M67A:
>C8DB:L:L>AA7:HJ7?:8IID;:9:G6A8DGEDG6I:>C8DB:I6MDCDJGJC9>HIG>7JI:9I6M67A:>C8DB:$C699>I>DCL:L>AA7:HJ7?:8I
ID6CDC
9:9J8I>7A::M8>H:I6M>;I=:68IJ6A6BDJCII=6IL:E6NDJIIDDJGHID8@=DA9:GH>C686A:C96GN:6G>HA:HHI=6C6
B>C>BJB 6BDJCI HE:8>;>:9 JC9:G I=: D9: >;;:G:C8:H >C I>B>C<7:IL::C I=: G:8DI>DC D; >C8DB: 6C9 I=: G:A6I:9 86H=
G:8:>EIHA>B>I6I>DCHDCDJG67>A>INDGI=:67>A>IND;DJGHJ7H>9>6G>:HID9:9J8I>CI:G:HI:ME:CH:;GDB7DGGDL>CDC
?	D;I=:D9:DGI=::;;:8ID;G:FJ>G:99:7I6BDGI>O6I>DCE6NB:CIH8DJA9G:FJ>G:JHID7DGGDLDGG6>H:86E>I6ADCI:GBHL:
G:<6G96HJC;6KDG67A:DGH:AA6HH:IH6IEG>8:HDG6II>B:HL:G:<6G96HJC;6KDG67A:ID9>HIG>7JI:DJI:CDJ<=D;DJGI6M67A:
>C8DB:IDH6I>H;NI=:9>HIG>7JI>DCG:FJ>G:B:CI6C9ID6KD>98DGEDG6I:>C8DB:I6M6C9I=:CDC9:9J8I>7A::M8>H:I6M>C6
E6GI>8JA6GN:6G
5362?/4- =/:.  " 8+7;/8+3+4:9 3'? )';9+ ;9 :5 ,58+-5 5:.+8=/9+ '::8'):/<+ 56658:;4/:/+9 58 2/7;/*':+ 5:.+8=/9+
'::8'):/<+/4<+9:3+4:9
/DB6>CI6>CFJ6A>;>86I>DC6H6- $/;DG;:9:G6A>C8DB:I6MEJGEDH:HL:BJHI8DCI>CJ6AANH6I>H;NI:HIH8DC8:GC>C<
6BDC<DI=:GI=>CC8DB:I=:C6IJG:6C99>K:GH>;>86I>DCD;DJG6HH:IHI=:6BDJCIHL:9>HIG>7JI:IDDJG
HID8@=DA9:GH6C9I=:DLC:GH=>ED;DJG86E>I6AHID8@$CDG9:GIDB::II=:H:I:HIHL:B6N7:G:FJ>G:9ID;DG:CK:HIB:CIHL:
B><=IDI=:GL>H:B6@:/=JH8DBEA>6C8:L>I=I=:- $/G:FJ>G:B:CIHB6N=>C9:GDJGE:G;DGB6C8:
$CE6GI>8JA6GL:BJHI:CHJG:I=6I6II=::C9D;:68=86A:C96GFJ6GI:G6IA:6HID;I=:K6AJ:D;DJG6HH:IH8DCH>HIHD;
86H=86H=>I:BHI>:H6C9FJ6A>;>:9G:6A:HI6I:6HH:IH/=:G:B6>C9:GD;DJG>CK:HIB:CI>CH:8JG>I>:HDI=:G
/67A:D;DCI:CIH


I=6CI>:HH:8JG>I>:HD;/-.H6C9FJ6A>;>:9G:6A:HI6I:6HH:IH	<:C:G6AAN86CCDI>C8AJ9:BDG:I=6CD;I=:
DJIHI6C9>C<KDI>C<H:8JG>I>:HD;6CNDC:>HHJ:GDGBDG:I=6CD;I=:IDI6AK6AJ:D;I=:DJIHI6C9>C<H:8JG>I>:HD;6CNDC:
>HHJ:G$C699>I>DC>C<:C:G6ACDBDG:I=6CD;I=:K6AJ:D;DJG6HH:IHDI=:GI=6CI>:HH:8JG>I>:HD;/-.H
6C9FJ6A>;>:9G:6A:HI6I:6HH:IH	86C8DCH>HID;I=:H:8JG>I>:HD;6CNDC:>HHJ:G6C9CDBDG:I=6CD;I=:K6AJ:D;DJGIDI6A
6HH:IH86C7:G:EG:H:CI:97NI=:H:8JG>I>:HD;DC:DGBDG:/-.H$;L:;6>AID8DBEANL>I=I=:H:G:FJ>G:B:CIH6II=::C9D;6CN
86A:C96GFJ6GI:GL:BJHI8DGG:8II=:;6>AJG:L>I=>C96NH6;I:GI=::C9D;I=:86A:C96GFJ6GI:GDGFJ6A>;N;DG8:GI6>CHI6IJIDGN
G:A>:; EGDK>H>DCH ID 6KD>9 ADH>C< DJG - $/ FJ6A>;>86I>DC 6C9 HJ;;:G>C< 69K:GH: I6M 8DCH:FJ:C8:H H 6 G:HJAI L: B6N 7:
G:FJ>G:9IDA>FJ>96I:DI=:GL>H:6IIG68I>K:>CK:HIB:CIH/=:H:68I>DCH8DJA9=6K:I=::;;:8ID;G:9J8>C<DJG>C8DB:6C96BDJCIH
6K6>A67A:;DG9>HIG>7JI>DCIDDJGHID8@=DA9:GH
".+685./(/:+*:8'49'):/549:'>3'?2/3/:5;8'(/2/:?:5*/9659+5,5;86856+8:/+9
- $/WHC:I>C8DB:;GDBEGD=>7>I:9IG6CH68I>DCH>HHJ7?:8IID6I6M$C<:C:G6AEGD=>7>I:9IG6CH68I>DCH6G:
H6A:H DG DI=:G 9>HEDH>I>DCHD;EGDE:GINDI=:GI=6C;DG:8ADHJG:EGDE:GIN=:A9EG>B6G>AN;DGH6A:ID8JHIDB:GH>CI=: DG9>C6GN
8DJGH:D;7JH>C:HH2:B6N7:HJ7?:8IIDI=:EGD=>7>I:9IG6CH68I>DCI6M:FJ6AIDD;C:I<6>CJEDC69>HEDH>I>DCD;G:6A
EGDE:GINAI=DJ<=6H6;:=6G7DGIDI=:8=6G68I:G>O6I>DCD;I=:H6A:D;G:6AEGDE:GIN7N6- $/6H6EGD=>7>I:9IG6CH68I>DC>H
6K6>A67A:L:86CCDI6HHJG:NDJI=6IL:86C8DBEANL>I=I=:H6;:=6G7DGDGI=6IL:L>AA6KD>9DLC>C<EGDE:GINI=6IB6N7:
8=6G68I:G>O:96H=:A9EG>B6G>AN;DGH6A:ID8JHIDB:GH>CI=:DG9>C6GN8DJGH:D;7JH>C:HHDCH:FJ:CIANL:B6N8=DDH:CDIID
:C<6<:>C8:GI6>CH6A:HD;DJGEGDE:GI>:HDGB6N8DC9J8IHJ8=H6A:HI=GDJ<=DJG/-.L=>8=LDJA97:HJ7?:8IID;:9:G6A6C9
HI6I:>C8DB:I6M6I>DC
%+)5;2*(+',,+):+*(?:'>2/'(/2/:/+958+'84/4-9'4*685,/:95,5;868+*+)+9958
EDGI>DCD;DJGEG:9:8:HHDG0+#I=6IL6HI6M67A:6H68DGEDG6I>DCB:G<:9>CIDJH6H6E6GID;DJG;DGB6I>DC
IG6CH68I>DCHH6G:HJAID;I=:B:G<:G6CNJCE6>9I6MA>67>A>I>:HD;HJ8=I6M67A:8DGEDG6I>DCL:G:IG6CH;:GG:9IDJH0C9:G6C
>C9:BC>;>86I>DC6H6;;>A>6I:H6G:G:FJ>G:9IDB6@:6E6NB:CIIDJH>CI=::K:CII=6II=:G:>H6;>C6A
9:I:GB>C6I>DCD;6CNHJ8=I6MA>67>A>I>:H$;(G.ED9:@6C9=>H6;;>A>6I:H9DCDIB6@:HJ8=E6NB:CIL:LDJA97:G:HEDCH>7A:
;DGE6N>C<HJ8=I6MA>67>A>I>:HL=>8=LDJA99:8G:6H:86H=6K6>A67A:;DG9>HIG>7JI>DCHIDHID8@=DA9:GH
".+8+'8+;4)+8:'/4:/+98+2':/4-:5:.++9:/3':+5,:.+'));3;2':+*+'84/4-9'4*685,/:9'::8/(;:'(2+:5#
:86JH:6EDGI>DCD;DJGEG:9:8:HHDG0+#L6H68DGEDG6I>DCIDFJ6A>;N6H6- $/L:L:G:G:FJ>G:9ID9>HIG>7JI:
IDDJGHID8@=DA9:GHEG>DGIDI=::C9D;I=:I6M67A:N:6G:C9:9:8:B7:G6AAD;0+#WH688JBJA6I:9:6GC>CIH
6IIG>7JI67A: I6M67A: N:6GH EG>DG ID DJG ;DGB6I>DC IG6CH68I>DCH 6H:9 DC 6C :6GC>CIH HIJ9N L: D7I6>C:9 ;GDB 6C
688DJCI>C<;>GBL:9DCDI7:A>:K:I=6IL:=696CN688JBJA6I:9:6GC>CIH6IIG>7JI67A:ID0+#2=>A:L:7:A>:K:I=6I
L:H6I>H;>:9I=:G:FJ>G:B:CIHG:A6I>C<IDI=:9>HIG>7JI>DCD;0+#WH:6GC>CIHI=:9:I:GB>C6I>DCD;I=:6BDJCID;
688JBJA6I:9 :6GC>CIH 6IIG>7JI67A: ID 0+# >H 6 8DBEA:M ;68IJ6A 6C9 A:<6A 9:I:GB>C6I>DC /=:G: 6G: HJ7HI6CI>6A
JC8:GI6>CI>:H G:A6I>C< ID I=: 8DBEJI6I>DC D; DJG 688JBJA6I:9 :6GC>CIH 6IIG>7JI67A: ID 0+# >C8AJ9>C< DJG
>CI:GEG:I6I>DCD;I=:6EEA>867A:A6L9>;;:G:CIAN;GDBI=:$-.$C699>I>DCI=:$-.8DJA9>C6J9>I>C<0+#WHI6MN:6GHI=GDJ<=I=:
:;;:8I>K:96I:D;I=:B:G<:GL>I=JHHJ88:HH;JAAN6HH:GII=6IDJGI6M67A:>C8DB:H=DJA97:>C8G:6H:9L=>8=8DJA9>C8G:6H:DJG
:6GC>CIH6IIG>7JI67A:ID0+#AI=DJ<=I=:G:6G:EGD8:9JG:H6K6>A67A:ID8JG:6;6>AJG:ID9>HIG>7JI:6AAD;DJGCDC
- $/:6GC>CIHL:86CCDI9:I:GB>C:CDLL=:I=:GL:L>AA7:67A:IDI6@:69K6CI6<:D;I=:BDGI=::8DCDB>8>BE68I
IDJHD;9D>C<HD$;>I>H9:I:GB>C:9I=6IL:=69JC9>HIG>7JI:9CDC
- $/:6GC>CIH6HD;I=::C9D;6CNI6M67A:N:6G
>CL=>8=L::A:8IIDFJ6A>;N6H6- $/6C9L:6G:JC67A:ID8JG:I=:;6>AJG:ID9>HIG>7JI:HJ8=:6GC>CIHI=:CL:
LDJA9;6>AIDFJ6A>;N6H6- $/JC9:GI=:D9:
9'2+5,'99+:9')7;/8+*'96'8:5,:.+3+8-+8(+:=++4;9'4*#=/:./4,/<+?+'89',:+8:.+3+8-+8=5;2*8+9;2:/4
)58658':+/4)53+:'>=./).=5;2*8+*;)+:.+)'9.'<'/2'(2+,58*/9:8/(;:/54:55;89:5)1.52*+89
$;L:H:AA6CN6HH:II=6IL:68FJ>G:96HE6GID;I=:B:G<:G7:IL::CJH6C90+#L>I=>C;>K:N:6GH6;I:GI=:B:G<:G6C9
G:8DO:6I6M67A:<6>CDCI=:H6A:L:L>AA7:I6M:96II=:=><=:HI8DGEDG6I:G6I:DC6C6BDJCI:FJ6AIDI=:A:HH:GD;
R
I=:6BDJCID;<6>CI=6IL:G:8DO:6II=:I>B:D;I=:H6A:DG
R
I=:6BDJCID;<6>CI=6IL:LDJA9=6K:G:8DO:9>;L:=69HDA9I=:6HH:I6II=:I>B:D;I=:B:G<:G;DG>IHI=:C
;6>GB6G@:IK6AJ:
/67A:D;DCI:CIH


/=>HGJA:EDI:CI>6AAN8DJA9>C=>7>IJH;GDBH:AA>C<6HH:IH68FJ>G:96HE6GID;I=:B:G<:GL>I=>C;>K:N:6GH6;I:GI=:
B:G<:G
".+'(/2/:?5,5;85'8*5,/8+):589:58+<51+5;8 "7;'2/,/)':/54=/:.5;:9:5)1.52*+8'6685<'23'?)';9+'*<+89+
)549+7;+4)+9:55;89:5)1.52*+89
*JG8=6GI:GEGDK>9:HI=6IDJGD6G9D;>G:8IDGHB6NG:KD@:DGDI=:GL>H:I:GB>C6I:DJG- $/:A:8I>DCL>I=DJII=:
6EEGDK6AD;DJGHID8@=DA9:GH>;>I9:I:GB>C:HI=6I>I>HCDADC<:G>CDJG7:HI>CI:G:HIHID8DCI>CJ:IDFJ6A>;N6H6- $/$;L:
8:6H:IDFJ6A>;N6H6- $/L:LDJA97:8DB:HJ7?:8IID;:9:G6A>C8DB:I6MDCDJGI6M67A:>C8DB:6C9LDJA9CDADC<:G7:
G:FJ>G:9ID9>HIG>7JI:BDHID;DJGI6M67A:>C8DB:IDDJGHID8@=DA9:GHL=>8=B6N=6K:69K:GH:8DCH:FJ:C8:HDCDJGIDI6AG:IJGC
IDDJGHID8@=DA9:GH
;8:8'49'):/549=/:.5;8" !=/22)';9+;9:5(+9;(0+)::5'

6+4'2:?:'>54)+8:'/4/4)53+58*+*;):/549/,:.59+
:8'49'):/549'8+45:)54*;):+*54'83D92+4-:.:+839
*K:G6AACDBDG:I=6CD;I=:K6AJ:D;6- $/WH6HH:IHB6N8DCH>HID;HID8@DGH:8JG>I>:HD;DC:DGBDG:/-.H$C
699>I>DCI=:D9:A>B>IHI=:9:9J8I>7>A>IND;>CI:G:HIE6>9DG688GJ:97N6/-.ID>IHE6G:CI- $/ID6HHJG:I=6II=:/-.>H
HJ7?:8IID6C6EEGDEG>6I:A:K:AD;8DGEDG6I:I6M6I>DC6C9>C8:GI6>C8>G8JBHI6C8:HDI=:GA>B>I6I>DCHDC9:9J8I>7>A>INB6N6EEAN
/=:D9:6AHD>BEDH:H6:M8>H:I6MDC8:GI6>CIG6CH68I>DCH7:IL::C6/-.6C9>IHE6G:CI- $/I=6I6G:CDI8DC9J8I:9DC
6C6GBWH
A:CH
*JG/-.L>AA7:HJ7?:8IID6EEA>867A:;:9:G6A;DG:>C8DB:I6MDC>IHI6M67A:>C8DB:6C9>IH6;I:G
I6MC:I>C8DB:L>AA7:6K6>A67A:;DG9>HIG>7JI>DCIDJH7JI>HCDIG:FJ>G:9ID7:9>HIG>7JI:9IDJH2:7:A>:K:I=6II=:6<I>:HD;DJG/-.L>AA7:A:HHI=6CD;I=:K6AJ:D;DJGIDI6A6HH:IH>C8AJ9>C<DJG/-.HID8@6C9
H:8JG>I>:H	 !JGI=:GBDG: L: L>AA BDC>IDG I=: K6AJ: D; DJG G:HE:8I>K: >CK:HIB:CIH >C DJG /-. ;DG I=: EJGEDH: D; :CHJG>C<
8DBEA>6C8:L>I=/-.DLC:GH=>EA>B>I6I>DCH6C9L>AAHIGJ8IJG:DJGIG6CH68I>DCHL>I=DJG/-.DCI:GBHI=6IL:7:A>:K:6G:6GBWH
A:C9>C8JGG>C<I=::M8>H:I6M9:H8G>7:967DK:/=:G:86C7:CD6HHJG6C8:=DL:K:GI=6IL:L>AA7:67A:ID
8DBEANL>I=I=:A>B>I6I>DC9>H8JHH:967DK:DGID6KD>96EEA>86I>DCD;I=::M8>H:I6M
&5;3'?(+8+9:8/):+*,853')7;/8/4-58:8'49,+88/4-)+8:'/4'35;4:95,5;82'99)533549:5)1
/=:G:HIG>8I>DCHDCDLC:GH=>E6C9IG6CH;:G>CDJG8=6GI:GB6N>C=>7>IB6G@:I68I>K>IN>CDJG86E>I6AHID8@6C9G:HIG>8I
DJG7JH>C:HH8DB7>C6I>DCDEEDGIJC>I>:H
$CDG9:GIDB6>CI6>CDJGFJ6A>;>86I>DC6H6- $/;DG:68=I6M67A:N:6G;>K:DG;:L:G>C9>K>9J6AH6H9:;>C:9>CI=:
D9:B6NCDIDLC7:C:;>8>6AANDG8DCHIGJ8I>K:ANBDG:I=6C>CK6AJ:D;DJG>HHJ:96C9DJIHI6C9>C<HID8@6I6CNI>B:
9JG>C< I=: A6HI =6A; D; 6 I6M67A: N:6G IIG>7JI>DC GJA:H >C I=: D9: 9:I:GB>C: >; 6CN >C9>K>9J6A DG :CI>IN 7:C:;>8>6AAN DG
8DCHIGJ8I>K:AN DLCH DJG 86E>I6A HID8@ JC9:G I=>H G:FJ>G:B:CI 99>I>DC6AAN 6I A:6HI  E:GHDCH BJHI 7:C:;>8>6AAN DLC DJG
86E>I6AHID8@9JG>C<6IA:6HI96NHD;6I6M67A:N:6G;DG:68=I6M67A:N:6G/D=:AE:CHJG:I=6IL:B::II=:H:I:HIHDJG8=6GI:G
G:HIG>8IHI=:68FJ>H>I>DC6C9DLC:GH=>ED;H=6G:HD;DJG86E>I6AHID8@
*JG 8=6GI:G L>I= 8:GI6>C :M8:EI>DCH 6JI=DG>O:H DJG D6G9 D; >G:8IDGH ID I6@: HJ8= 68I>DCH 6H 6G: C:8:HH6GN ID
EG:H:GK:DJGFJ6A>;>86I>DC6H6- $/0CA:HH:M:BEI:97NDJGD6G9D;>G:8IDGHDJG8=6GI:GEGD=>7>IH6CNE:GHDCDI=:GI=6C
(G .ED9:@ ;GDB 7:C:;>8>6AAN DG 8DCHIGJ8I>K:AN DLC>C< BDG: I=6C  >C K6AJ: DG CJB7:G D; H=6G:H L=>8=:K:G >H BDG:
G:HIG>8I>K:D;I=:6<C<H=6G:HD;DJG8DBBDCHID8@DGBDG:I=6C>CK6AJ:D;I=:DJIHI6C9>C<H=6G:HD;
6CN8A6HHDGH:G>:HD;DJGEG:;:GG:9HID8@*JG8=6GI:GE:GB>IH(G.ED9:@IDDLCJEID>CK6AJ:DGCJB7:GD;H=6G:H
L=>8=:K:G>HBDG:G:HIG>8I>K:D;DJGDJIHI6C9>C<H=6G:HD;8DBBDCHID8@*JGD6G9D;>G:8IDGHB6NCDIDC
;GDBI=>HG:HIG>8I>DCID6CNEGDEDH:9IG6CH;:G::L=DH:DLC:GH=>ELDJA9G:HJAI>CDJG;6>A>C<IDFJ6A>;N6H6- $//=>H6HL:AA
6HDI=:GG:HIG>8I>DCHDCIG6CH;:G67>A>IN6C9DLC:GH=>EL>AACDI6EEAN=DL:K:G>;DJGD6G9D;>G:8IDGH9:I:GB>C:HI=6I>I>HCD
ADC<:G>CDJG7:HI>CI:G:HIHID8DCI>CJ:IDFJ6A>;N6H6- $/
/ 8':+9 54 */;>:99>K>9:C9>C8DB:E6N67A:ID0.HID8@=DA9:GHI=6I6G:>C9>K>9J6AHIGJHIH6C9:HI6I:H>HHJ7?:8IIDI=:G:9J8:9
B6M>BJBI6MG6I:6EEA>867A:ID86E>I6A<6>CH>K>9:C9HE6N67A:7N- $/H=DL:K:G<:C:G6AAN6G:CDI:A><>7A:;DGI=:G:9J8:9
FJ6A>;>:99>K>9:C9G6I:H!DGI6M67A:N:6GH7:<>CC>C<7:;DG:%6CJ6GNCDC
8DGEDG6I:I6ME6N:GHB6N9:9J8IJEIDD;
8:GI6>C E6HH
I=GDJ<= 7JH>C:HH >C8DB: >C8AJ9>C< UFJ6A>;>:9 - $/ 9>K>9:C9HV <:C:G6AAN 9>K>9:C9H G:8:>K:9 7N 6 - $/
/67A:D;DCI:CIH


H=6G:=DA9:G I=6I 6G: CDI 9:H>I6A <6>C 9>K>9:C9H DG FJ6A>;>:9 9>K>9:C9 >C8DB:	 HJ7?:8I ID 8:GI6>C A>B>I6I>DCH
AI=DJ<=I=:G:9J8:9;:9:G6A>C8DB:I6MG6I:6EEA>867A:IDFJ6A>;>:99>K>9:C9>C8DB:9D:HCDI69K:GH:AN6;;:8II=:I6M6I>DCD;
- $/HDG9>K>9:C9HE6N67A:7N- $/HI=:BDG:;6KDG67A:G6I:H6EEA>867A:IDG:K>9:C9H8DJA986JH:>CK:HIDGH
L=D6G:>C9>K>9J6AHIGJHIH6C9:HI6I:HIDE:G8:>K:>CK:HIB:CIH>C- $/HID7:G:A6I>K:ANA:HH6IIG68I>K:I=6C>CK:HIB:CIH>CI=:
HID8@HD;CDC
- $/8DGEDG6I>DCHI=6IE6N9>K>9:C9HL=>8=8DJA969K:GH:AN6;;:8II=:K6AJ:D;I=:H=6G:HD;- $/H>C8AJ9>C<
DJGA6HH8DBBDCHID8@/6MG6I:H8DJA97:8=6C<:9>C;JIJG:A:<>HA6I>DC
,5;86+8':/4-'8:4+89./6,'/2+*:57;'2/,?'9'6'8:4+89./6,58,+*+8'2/4)53+:'>6;8659+9=+=5;2*)+'9+:57;'2/,?'9
' "'4*9;,,+85:.+8'*<+89+)549+7;+4)+9
2: 7:A>:K: I=6I DJG *E:G6I>C< +6GIC:GH=>E =6H 7::C 6C9 L>AA 7: IG:6I:9 6H 6 E6GIC:GH=>E ;DG ;:9:G6A >C8DB: I6M
EJGEDH:HH6E6GIC:GH=>EDJG*E:G6I>C<+6GIC:GH=>E<:C:G6AANL>AACDI7:HJ7?:8IID;:9:G6A>C8DB:I6MDC>IH>C8DB:$CHI:69
:68=D;>IHE6GIC:GH>C8AJ9>C<JHL>AA7:6AAD86I:96C9B6N7:G:FJ>G:9IDE6NI6ML>I=G:HE:8IID>IHH=6G:D;DJG*E:G6I>C<
+6GIC:GH=>EWH>C8DB:2:86CCDI6HHJG:NDJ=DL:K:GI=6II=:$-.L>AACDI8=6AA:C<:I=:HI6IJHD;DJG*E:G6I>C<+6GIC:GH=>EDG
6CNDI=:GHJ7H>9>6GNE6GIC:GH=>E>CL=>8=L:DLC6C>CI:G:HI6H6E6GIC:GH=>E;DG;:9:G6A>C8DB:I6MEJGEDH:HDGI=6I68DJGI
LDJA9 CDI HJHI6>C HJ8= 6 8=6AA:C<: $; I=: $-. L:G: HJ88:HH;JA >C IG:6I>C< DJG *E:G6I>C< +6GIC:GH=>E DG 6CN HJ8= DI=:G
HJ7H>9>6GNE6GIC:GH=>E6H6C:CI>INI6M67A:6H68DGEDG6I>DC;DG;:9:G6A>C8DB:I6MEJGEDH:HL:8DJA9;6>AIDB::II=:C8DB:I:HIH6C98:GI6>CD;I=:6HH:II:HIH6EEA>867A:ID- $/H6C9688DG9>C@:AN8:6H:IDFJ6A>;N6H6- $/
AHDI=:;6>AJG:D;DJG*E:G6I>C<+6GIC:GH=>EDG6CNHJ7H>9>6GNE6GIC:GH=>EHIDFJ6A>;N6H6E6GIC:GH=>E8DJA986JH:>IID7:8DB:
HJ7?:8I ID ;:9:G6A 6C9 HI6I: 8DGEDG6I: >C8DB: I6M L=>8= LDJA9 G:9J8: H>;>86CIAN I=: 6BDJCI D; 86H= 6K6>A67A: ;DG 9:7I
H:GK>8:6C9;DG9>HIG>7JI>DCID>IHE6GIC:GH>C8AJ9>C<JH
"5 3'/4:'/4 5;8  " 9:':;9 =+ 3'? (+ ,58)+* :5 (5885= ,;4*9 *;8/4- ;4,'<58'(2+ 3'81+: )54*/:/549 '4* :.+
;4'<'/2'(/2/:? 5, 9;). )'6/:'2 54 ,'<58'(2+ :+839 ': :.+ *+9/8+* :/3+9 58 ': '22 3'? )';9+ ;9 :5 );8:'/2 5;8 /4<+9:3+4:
'):/;N6H6- $/L:<:C:G6AANBJHI9>HIG>7JI:IDDJGHID8@=DA9:GHDC6C6CCJ6A76H>H6IA:6HID;DJG
U- $/ I6M67A: >C8DB:V 9:I:GB>C:9 L>I=DJI G:<6G9 ID I=: 9:9J8I>DC ;DG 9>K>9:C9H E6>9 6C9 :M8AJ9>C< C:I 86E>I6A <6>CH $C
699>I>DCL:L>AA7:HJ7?:8IID0.;:9:G6A>C8DB:I6M6II=:G:HIG>7JI:A:HHI=6C
D;DJGC:II6M67A:>C8DB:>C8AJ9>C<C:I86E>I6A<6>CH	6C9L>AA7:HJ7?:8IID6CDC
9:9J8I>7A::M8>H:I6MDCI=:
6BDJCI7NL=>8=DJG9>HIG>7JI>DCH>C6CN86A:C96GN:6G6G:A:HHI=6C6B>C>BJB6BDJCIHE:8>;>:9JC9:G0.;:9:G6A>C8DB:
I6MA6LH2:>CI:C9ID8DCI>CJ:ID9>HIG>7JI:DJGC:I>C8DB:IDDJGHID8@=DA9:GH>C6B6CC:G>CI:C9:9IDH6I>H;NI=:- $/
9>HIG>7JI>DCG:FJ>G:B:CI6C9ID6KD>90.;:9:G6A>C8DB:I6M6C9I=:CDC
9:9J8I>7A::M8>H:I6M
$C699>I>DC;GDBI>B:IDI>B:DJGI6M67A:>C8DB:B6N:M8::9DJGC:I>C8DB:6H9:I:GB>C:97N"+/=>HB6N
D88JG ;DG >CHI6C8: 7:86JH: G:6A>O:9 86E>I6A ADHH:H 6G: 9:9J8I:9 >C 9:I:GB>C>C< DJG "+ C:I >C8DB: 7JI B6N CDI 7:
9:9J8I>7A:>C8DBEJI>C<DJGI6M67A:>C8DB:$C699>I>DCL:B6N>C8JGCDC
9:9J8I>7A:86E>I6A:ME:C9>IJG:HDG7:G:FJ>G:9ID
B6@:9:7IDG6BDGI>O6I>DCE6NB:CIHH6G:HJAID;I=:;DG:C<L:B6N<:C:G6I:A:HH86H=;ADLI=6CI6M67A:>C8DB:>C6
E6GI>8JA6GN:6G6C9L:B6N>C8JG0.;:9:G6A>C8DB:I6M6C9I=:CDC
9:9J8I>7A::M8>H:I6MDCI=6I>C8DB:>;L:9DCDI
9>HIG>7JI:HJ8=>C8DB:IDHID8@=DA9:GH>CI=6IN:6G$CI=6I:K:CIL:B6N7:G:FJ>G:9ID>	JH:86H=G:H:GK:H>>	>C8JG9:7I6I
G6I:HDGI>B:HI=6IL:G:<6G96HJC;6KDG67A:>>>	H:AA6HH:IH>C69K:GH:B6G@:I8DC9>I>DCH>K	9>HIG>7JI:6BDJCIHI=6ILDJA9
DI=:GL>H:7:>CK:HI:9>C;JIJG:68FJ>H>I>DCH86E>I6A:ME:C9>IJG:HDGG:E6NB:CID;9:7IDGK	B6@:6I6M67A:9>HIG>7JI>DCD;DJG
H=6G:H 6H E6GI D; 6 9>HIG>7JI>DC >C L=>8= HID8@=DA9:GH B6N :A:8I ID G:8:>K: DJG H=6G:H DG HJ7?:8I ID 6 A>B>I B:6HJG:9 6H 6
E:G8:CI6<:D;I=:IDI6A9>HIG>7JI>DC	86H=>CDG9:GIDH6I>H;NI=:- $/9>HIG>7JI>DCG:FJ>G:B:CI6C9ID6KD>90.;:9:G6A
>C8DB:I6M6C9I=:CDC
9:9J8I>7A::M8>H:I6M>CI=6IN:6G/=:H:6AI:GC6I>K:H8DJA9>C8G:6H:DJG8DHIHDGG:9J8:DJG:FJ>IN
/=JH 8DBEA>6C8: L>I= I=: - $/ G:FJ>G:B:CIH B6N =>C9:G DJG 67>A>IN ID 8= 8DJA9 69K:GH:AN 6;;:8I DJG 7JH>C:HH
;>C6C8>6A8DC9>I>DC6C9G:HJAIHD;DE:G6I>DCH
5<+4'4:9/45;8'-8++3+4:9,585;88+*/:')/2/:/+9585:.+8(5885=/4-93'?8+9:8/):5;8'(/2/:?:56'?*/9:8/(;:/549=./).
)5;2*)';9+;9:5,'/2:57;'2/,?'9' "
$CDG9:GIDB6>CI6>CDJGFJ6A>;>86I>DC6H6- $/L:6G:<:C:G6AANG:FJ>G:9JC9:GI=:D9:ID9>HIG>7JI:6CCJ6AAN6I
A:6HID;DJGC:II6M67A:>C8DB:9:I:GB>C:9L>I=DJIG:<6G9IDI=:9:9J8I>DC;DG9>K>9:C9HE6>96C9:M8AJ9>C<6CNC:I
86E>I6A<6>CH$C699>I>DCL:L>AA7:HJ7?:8IID>C8DB:I6M6IG:HIG>7JI:A:HHI=6C
 D; DJG C:I I6M67A: >C8DB: >C8AJ9>C< 6CN C:I 86E>I6A <6>CH 0C9:G 6I !68>A>I>:H DG DI=:G
7DGGDL>CDJH ;>C6C8>6A 8DK:C6CIH I=6I B6N >C=>7>I DJG 67>A>IN ID B6@: 9>HIG>7JI>DCH ID DJG
HID8@=DA9:GHL=>8=8DJA9G:HIG>8IJH;GDBB6@>C<HJ;;>8>:CI9>HIG>7JI>DCHIDB6>CI6>CDJG- $/HI6IJH
/67A:D;DCI:CIH


+= 2+-/92':/54 58 '*3/4/9:8':/<+ 58 0;*/)/'2 '):/54 /4 +'). /49:'4)+ 65:+4:/'22? =/:. 8+:85'):/<+ +,,+): )5;2* '*<+89+2?
',,+):;9585;89:5)1.52*+89
/=:;:9:G6A>C8DB:I6MIG:6IB:CID;- $/HB6N7:BD9>;>:9EDHH>7ANL>I=G:IGD68I>K::;;:8I7NA:<>HA6I>K:?J9>8>6ADG
69B>C>HIG6I>K: 68I>DC 6I 6CN I>B: L=>8= 8DJA9 6;;:8I I=: ;:9:G6A >C8DB: I6M IG:6IB:CI D; 6C >CK:HIB:CI >C JH /=: ;:9:G6A
>C8DB:I6MGJA:H9:6A>C<L>I=- $/H8DCHI6CIAN6G:JC9:GG:K>:L7NE:GHDCH>CKDAK:9>CI=:A:<>HA6I>K:EGD8:HHI=:$-.6C9I=:
0. /G:6HJGN :E6GIB:CI L=>8= 8DJA9 G:HJAI >C HI6IJIDGN 8=6C<:H 6H L:AA 6H ;G:FJ:CI G:K>H>DCH ID G:DCH 6C9
>CI:GEG:I6I>DCH 2: 6C9 DJG HID8@=DA9:GH 8DJA9 7: 69K:GH:AN 6;;:8I:9 7N 6CN C:L ;:9:G6A >C8DB: I6M A6L G:DC DG
69B>C>HIG6I>K:>CI:GEG:I6I>DC
5>5B1<'9C;13D?BC
4/4)8+'9+/43'81+:/4:+8+9:8':+93'?.'<+'4'*<+89++,,+):54:.+3'81+:68/)+5,5;89+);8/:/+9
*C:D;I=:;68IDGHI=6I>CK:HIDGHB6N8DCH>9:G>C9:8>9>C<L=:I=:GID7JNDGH:AADJGH:8JG>I>:H>HDJG9>K>9:C9G6I:6H6
E:G8:CI6<:D;DJGH=6G:DGJC>IEG>8:G:A6I>K:IDB6G@:I>CI:G:HIG6I:H$;B6G@:I>CI:G:HIG6I:H>C8G:6H:EGDHE:8I>K:>CK:HIDGH
B6N9:H>G:6=><=:G9>K>9:C9DG>CI:G:HIG6I:DCDJGH:8JG>I>:HDGH::@H:8JG>I>:HE6N>C<=><=:G9>K>9:C9HDG>CI:G:HI/=:B6G@:I
EG>8: D; DJG A6HH  8DBBDC HID8@ A>@:AN L>AA 7: 76H:9 EG>B6G>AN DC I=: :6GC>CK: ;GDB DJG
>CK:HIB:CIH6C9>C8DB:L>I=G:HE:8IIDDJGEGDE:GI>:H6C9DJGG:A6I:99>HIG>7JI>DCHIDHID8@=DA9:GH6C9CDI;GDBI=:B6G@:I
K6AJ: DG JC9:GAN>C< 6EEG6>H:9 K6AJ: D; I=: EGDE:GI>:H DG >CK:HIB:CIH I=:BH:AK:H H 6 G:HJAI >CI:G:HI G6I: ;AJ8IJ6I>DCH 6C9
86E>I6AB6G@:I8DC9>I>DCH86C6;;:8II=:B6G@:IEG>8:D;DJGA6HH8DBBDCHID8@!DG>CHI6C8:>;>CI:G:HIG6I:HG>H:L>I=DJI6C
>C8G:6H:>CDJG9>K>9:C9G6I:I=:B6G@:IEG>8:D;DJGA6HH8DBBDCHID8@8DJA99:8G:6H:7:86JH:EDI:CI>6A>CK:HIDGHB6N
G:FJ>G:6=><=:G9>K>9:C9N>:A9DCDJGA6HH8DBBDCHID8@6HB6G@:IG6I:HDC>CI:G:HI
7:6G>C<H:8JG>I>:HHJ8=6H7DC9HG>H:
$C699>I>DCG>H>C<>CI:G:HIG6I:HLDJA9G:HJAI>C>C8G:6H:9>CI:G:HI:ME:CH:DCDJGK6G>67A:G6I:9:7II=:G:7N69K:GH:AN6;;:8I>C<
86H=;ADL6C9DJG67>A>INIDH:GK>8:DJG>C9:7I:9C:HH6C9E6N9>K>9:C9H
4,2':/543'?'*<+89+2?',,+):5;8,/4'4)/'2)54*/:/54'4*8+9;2:95,56+8':/549
$CG:8:CIN:6GHI=:8DCHJB:GEG>8:>C9:M=6H>C8G:6H:9HJ7HI6CI>6AAN!:9:G6AEDA>8>:H6C9G:8:CIH>C<EG>8:D;D>A6C9I=:8DC;A>8I7:IL::C-JHH>66C90@G6>C:B6N=6K::M68:G76I:96C9B6N8DCI>CJ:ID:M68:G76I:
>C8G:6H:H>CI=:8DCHJB:GEG>8:>C9:MHJHI6>C:9>C8G:6H:>C>C;A6I>DC8DJA9=6K:6C69K:GH:>BE68IDCDJGDE:G6I>C<6C9
<:C:G6A6C969B>C>HIG6I>K::ME:CH:H>CI:G:HI:ME:CH:6C9G:6A:HI6I:68FJ>H>I>DC8DHIH.>B>A6GANEGD;:HH>DC6AH:GK>8:;::H6G:
6AHDHJ7?:8IIDI=:>BE68ID;>C;A6I>DC6C9:ME:8I:9ID>C8G:6H:EGDEDGI>DC6I:ANL>I=>C8G:6H>C<B6G@:IEG>8:H;DGHJ8=H:GK>8:H
JG>C<>C;A6I>DC6GNE:G>D9HI=:H:8DHIH8DJA9>C8G:6H:6I6G6I:=><=:GI=6CDJGG:CI6AG:K:CJ:$C;A6I>DC8DJA96AHD=6K:6C
69K:GH::;;:8IDC8DCHJB:GHE:C9>C<L=>8=8DJA969K:GH:AN>BE68I9:B6C9;DGEDHI6AH:GK>8:H6C9I=:G:;DG:I=:9:B6C9;DG
EDHI6A EGDE:GI>:H $C8G:6H:9 8DHIH B6N 6AHD =6K: 6C 69K:GH: >BE68I DC DJG I:C6CIH >; >C8G:6H:H >C I=:>G DE:G6I>C< :ME:CH:H
:M8::9>C8G:6H:H>CG:K:CJ:L=>8=B6N69K:GH:AN6;;:8II=:I:C6CIHW67>A>INIDE6NG:CIDL:9IDJH2=>A:8:GI6>CD;DJGA:6H:H
8DCI6>CEGDK>H>DCHHJ8=6HG:CI:H86A6IDGH9:H>I><6I:I=:69K:GH:>BE68ID;>C;A6I>DCI=:>C8G:6H:H>CG:CIEGDK>9:9
7NB6CND;DJGA:6H:HB6NCDI@::EJEL>I=I=:G6I:D;>C;A6I>DC.>B>A6GANE:G>D9>8G:CI6A>C8G:6H:HI=GDJ<=A:6H:G:C:L6AB6N
CDI69:FJ6I:ANEGDI:8IJH;GDBI=:>BE68ID;>C;A6I>DC$;DJGDE:G6I>C<6C9DI=:G:ME:CH:H6G:>C8G:6H>C<;6HI:GI=6C6CI>8>E6I:9
9J: ID >C;A6I>DC DJG ;>C6C8>6A 8DC9>I>DC G:HJAIH D; DE:G6I>DCH 86H= ;ADL 86H= 6K6>A67A: ;DG 9>HIG>7JI>DCH 6C9 DJG 67>A>INID
H:GK>8:DJG9:7ID7A><6I>DCH8DJA97:B6I:G>6AAN69K:GH:AN6;;:8I:9
$C699>I>DC=>HIDG>86AAN9JG>C<E:G>D9HD;>C8G:6H>C<>CI:G:HIG6I:HG:6A:HI6I:K6AJ6I>DCH=6K:<:C:G6AAN9:8G:6H:96H6
G:HJAID;G>H>C<86E>I6A>O6I>DCG6I:HL=>8=I:C9ID7:EDH>I>K:AN8DGG:A6I:9L>I=>CI:G:HIG6I:HDCH:FJ:CIANEGDADC<:9E:G>D9H
D;=><=:G>CI:G:HIG6I:HB6NC:<6I>K:AN>BE68II=:K6AJ6I>DCD;DJGEDGI;DA>D6C9G:HJAI>CI=:9:8A>C:D;I=:FJDI:9IG69>C<EG>8:
D;DJGH:8JG>I>:H6C9B6G@:I86E>I6A>O6I>DC6HL:AA6HADL:GH6A:HEGD8::9H;GDB;JIJG:9>HEDH>I>DCH
.'4-+9/4'))5;4:/4-68545;4)+3+4:9)5;2*'*<+89+2?/36'):5;88+658:+*,/4'4)/'26+8,583'4)+
88DJCI>C<EDA>8>:H6C9B:I=D9H6G:;JC96B:CI6AID=DLL:G:8DG96C9G:EDGIDJG;>C6C8>6A8DC9>I>DC6C9G:HJAIHD;
DE:G6I>DCH!GDBI>B:IDI>B:I=:!>C6C8>6A88DJCI>C<.I6C96G9HD6G96C9I=:. L=>8=8G:6I:6C9>CI:GEG:I6EEGDEG>6I:
688DJCI>C<HI6C96G9HB6N8=6C<:I=:;>C6C8>6A688DJCI>C<6C9G:EDGI>C<HI6C96G9HDGI=:>G>CI:GEG:I6I>DC6C96EEA>86I>DCD;
I=:H:HI6C96G9HI=6IDCD;DJG;>C6C8>6AHI6I:B:CIH/=:H:8=6C<:H8DJA9=6K:6B6I:G>6A>BE68IDCDJG
/67A:D;DCI:CIH


G:EDGI:9;>C6C8>6A8DC9>I>DC6C9G:HJAIHD;DE:G6I>DCH$CHDB:86H:HL:8DJA97:G:FJ>G:9ID6EEAN6C:LDGG:K>H:9HI6C96G9
G:IGD68I>K:ANG:HJAI>C<>CG:8A6HH>;N>C<DGG:HI6I>C<EG>DGE:G>D9;>C6C8>6AHI6I:B:CIH
%+)5;2*(+'*<+89+2?/36'):+*/,:.+8+'8+*+,/)/+4)/+9/45;8*/9)259;8+)54:8529'4*685)+*;8+958/4:+84'2)54:8525<+8
,/4'4)/'28+658:/4-
*JG 9>H8ADHJG: 8DCIGDAH 6C9 EGD8:9JG:H 6C9 >CI:GC6A 8DCIGDA DK:G ;>C6C8>6A G:EDGI>C< B6N CDI EG:K:CI 6AA :GGDGH
B>HHI6I:B:CIH DG B>HG:EG:H:CI6I>DCH /=:G: 86C 7: CD CI:GC6A 8DCIGDA DK:G ;>C6C8>6A G:EDGI>C< L>AA 7:
:;;:8I>K:>C688DBEA>H=>C<6AA8DCIGDAD7?:8I>K:H6AAD;I=:I>B::;>8>:C8>:H>CDJG>CI:GC6A8DCIGDAHDK:G;>C6C8>6AG:EDGI>C<
I=6IB6ND88JG>CI=:;JIJG:8DJA9G:HJAI>CB>HHI6I:B:CIHD;DJGG:HJAIHD;DE:G6I>DCHG:HI6I:B:CIHD;DJG;>C6C8>6AHI6I:B:CIH
DGDI=:GL>H:69K:GH:AN>BE68IDJG;>C6C8>6A8DC9>I>DCG:HJAIHD;DE:G6I>DCH86H=;ADLHDGI=:B6G@:IEG>8:D;DJGA6HH
8DBBDCHID8@6C9DJG67>A>INIDH6I>H;NDJG9:7IH:GK>8:D7A><6I>DCH6C9IDE6N9>K>9:C9H6C99>HIG>7JI>DCHIDI=:=DA9:GHD;DJG
A6HH8DBBDCHID8@
;:;8+ 5,,+8/4-9 5, +7;/:? 9+);8/:/+9 =./). =5;2* */2;:+ 5;8 +>/9:/4- 9:5)1.52*+89 '4* 3'? (+ 9+4/58 :5 5;8 2'99 
)533549:5)1,58:.+6;8659+95,*/C8G:6H:DJG86E>I6AG:HDJG8:H7NB6@>C<699>I>DC6AD;;:G>CINH:8JG>I>:H
>C8AJ9>C< 8A6HH:H D; EG:;:GG:9 DG 8DBBDC HID8@ 99>I>DC6A :FJ>IN D;;:G>CAJI: I=: =DA9>CHI>C<
HID8@=DA9:GHDGG:9J8:I=:B6G@:IEG>8:D;DJGA6HH8DBBDCHID8@DG7DI=+G:;:GG:9HID8@DGJC>IH8DJA9=6K:6EG:;:G:C8:
DCA>FJ>96I>C<9>HIG>7JI>DCHDG6EG:;:G:C8:DC9>K>9:C9DG9>HIG>7JI>DCE6NB:CIHI=6I8DJA9A>B>IDJG67>A>INIDB6@:69>K>9:C9
9>HIG>7JI>DC ID I=: =DA9:GH D; DJG 8DBBDC HID8@ 6C9 8DBBDC JC>IH :86JH: DJG 9:8>H>DC ID >HHJ: H:8JG>I>:H >C 6CN ;JIJG:
D;;:G>C<L>AA9:E:C9DCB6G@:I8DC9>I>DCH6C9DI=:G;68IDGH7:NDC9DJG8DCIGDAL:86CCDIEG:9>8IDG:HI>B6I:I=:6BDJCI
I>B>C<DGC6IJG:D;DJG;JIJG:D;;:G>CI>DCL:86CCDIEG:9>8IL=:I=:G;JIJG:H6A:HD;DJGA6HH8DBBDCHID8@
EG:;:GG:9HID8@DGH:8JG>I>:H8DCK:GI>7A:>CIDDG:M8=6C<:67A:DG:M:G8>H67A:;DGDJGA6HH8DBBDCHID8@DGI=:6K6>A67>A>IN
D; I=:H: H:8JG>I>:H ;DG G:H6A: >C I=: DE:C B6G@:I L>AA 9:8G:6H: I=: B6G@:I EG>8: D; DJG A6HH  8DBBDC HID8@ .6A:H D; 6
HJ7HI6CI>6ACJB7:GD;I=:H:H:8JG>I>:H>CI=:EJ7A>8B6G@:I>C8AJ9>C<H6A:HJEDCI=:G:9:BEI>DCD;*+0C>IHDGI=:E:G8:EI>DC
I=6II=:H:H6A:HB><=ID88JGB6N86JH:I=:B6G@:IEG>8:D;DJG8DBBDCH=6G:HID9:8A>C:6C9NDJ8DJA9ADH:6AADG6EDGI>DCD;
NDJG >CK:HIB:CI !JIJG: >HHJ6C8:H D; DJG A6HH  8DBBDC HID8@ EG:;:GG:9 HID8@ DG DI=:G H:8JG>I>:H 8DCK:GI>7A: >CID DG
:M8=6C<:67A: DG :M:G8>H67A: ;DG DJG A6HH  8DBBDC HID8@ >C8AJ9>C< L>I=DJI A>B>I6I>DC *+ 0C>IH >C 8DCC:8I>DC L>I=
EGDE:GINEDGI;DA>DDG7JH>C:HH68FJ>H>I>DCH6C9>HHJ6C8:HD;:FJ>IN
76H:96L6G9HIDE6GI>8>E6CIH>CDJG FJ>IN$C8:CI>K:
+A6C8DJA9=6K:6C69K:GH::;;:8IDCI=:B6G@:IEG>8:D;DJGA6HH8DBBDCHID8@!JIJG:>HHJ6C8:HD;I=:H:H:8JG>I>:H6AHD
8DJA969K:GH:AN6;;:8II=:I:GBHJEDCL=>8=L:D7I6>C699>I>DC6A86E>I6AI=GDJ<=I=:H6A:D;:FJ>INH:8JG>I>:H$C699>I>DC;JIJG:
H6A:HDG>HHJ6C8:HD;DJGA6HH8DBBDCHID8@B6N7:9>AJI>K:ID:M>HI>C<HID8@=DA9:GH
".+ 3'81+: 68/)+ 5, 5;8 2'99  )53354 9:5)1 .'9 (++4 '4* 3'?)54:/4;+ :5 (+ <52':/2+ '4* .'9 *+)2/4+* '4* 3'?
)54:/4;+:5*+)2/4+=./).3'?8+9;2:/4'9;(9:'4:/'258)5362+:+25995,?5;8/4<+9:3+4:/45;82'99)533549:5)1
/=:HID8@B6G@:IH=6K:EG:K>DJHAN6C9G:8:CIAN:ME:G>:C8:9H>;>86CIEG>8:6C9KDAJB:;AJ8IJ6I>DCHH6G:HJAII=:
B6G@:IEG>8:D;DJGA6HH8DBBDCHID8@=6H7::C6C98DJA97:H>B>A6GANKDA6I>A:>CI=:;JIJG:6C9>CK:HIDGH>CDJGA6HH
8DBBDCHID8@B6N:ME:G>:C8:69:8G:6H:>CI=:K6AJ:D;I=:>G>CK:HIB:CIH>C8AJ9>C<9:8G:6H:HJCG:A6I:9IDDJGDE:G6I>C<
E:G;DGB6C8:DGEGDHE:8IH/=:B6G@:IEG>8:D;DJGA6HH8DBBDCHID8@8DJA97:HJ7?:8IIDL>9:;AJ8IJ6I>DCH>CG:HEDCH:ID6
CJB7:GD;;68IDGH>C8AJ9>C<
R
DJGDE:G6I>C<E:G;DGB6C8:6C9I=:E:G;DGB6C8:D;DI=:GH>B>A6G8DBE6C>:H
R
I=:DE:G6I>C<E:G;DGB6C8:D;I=:0.+.
R
68IJ6ADG6CI>8>E6I:99>;;:G:C8:H>CDJGDE:G6I>C<G:HJAIH
R
8=6C<:H>CDJGG:K:CJ:HDG:6GC>CB6I:HDGG:8DBB:C96I>DCH7NH:8JG>I>:H6C6ANHIH
R
EJ7A>86I>DCD;G:H:6G8=G:EDGIH67DJIJHDGDJG>C9JHIGN7NH:8JG>I>:H6C6ANHIH
R
699>I>DCH6C99:E6GIJG:HD;@:NE:GHDCC:A
/67A:D;DCI:CIH


R
HIG6I:<>89:8>H>DCH7NJHDGDJG8DBE:I>IDGHHJ8=6HB:G<:GH6C968FJ>H>I>DCH9>K:HIB:CIHHE>C
D;;H?D>CI
K:CIJG:HHIG6I:<>8>CK:HIB:CIHDG8=6C<:H>C7JH>C:HHHIG6I:HA6I>DCDGDI=:GG:K:EDA>8>:HI=6I69K:GH:AN6;;:8IJHDGDJG
>C9JHIGN
R
HE:8JA6I>DC>CI=:EG:HHDG>CK:HIB:CI8DBBJC>IN
R
68I>DCH7N>CHI>IJI>DC6AHID8@=DA9:GH
R
8=6C<:H>C688DJCI>C<EG>C8>EA:H
R
I:GGDG>HI68IH
R
<:C:G6AB6G@:I8DC9>I>DCH>C8AJ9>C<;68IDGHJCG:A6I:9IDDJGE:G;DGB6C8:6C9
R
E6C9:B>8H6C9:E>9:B>8HHJ8=6HI=:*1$
E6C9:B>86C9I=:G:A6I:98
G:HEDCH:HI=:G:ID
$C699>I>DCL=>A:L::ME:8IID8DCI>CJ:IDB6@:G:HIG>7JI>DCHIDI=:=DA9:GHD;DJGA6HH8DBBDC
HID8@>;HJ;;>8>:CI86H=>HCDI6K6>A67A:;DG9>HIG>7JI>DC;GDBDJGDE:G6I>DCHL:B6N=6K:ID;JC99>HIG>7JI>DCH;GDBLDG@>C<
86E>I6A DG C:I EGD8::9H ;GDB 6HH:I H6A:H 7DGGDL ID EGDK>9: ;JC9H ;DG HJ8= 9>HIG>7JI>DCH DG G:9J8: I=: 6BDJCI D; HJ8=
9>HIG>7JI>DCH /D I=: :MI:CI L: 7DGGDL ID ;JC9 9>HIG>7JI>DCH DJG ;JIJG: >CI:G:HI 8DHIH LDJA9 >C8G:6H: I=:G:7N G:9J8>C< DJG
:6GC>CA67A: ;DG 9>HIG>7JI>DC ;GDB L=6I I=:N DI=:GL>H: LDJA9 =6K: 7::C $; 86H= 6K6>A67A: ;DG 9>HIG>7JI>DC
<:C:G6I:97NDJG6HH:IH>HA:HHI=6C:ME:8I:9DG>;HJ8=86H=6K6>A67A:;DG9>HIG>7JI>DC9:8G:6H:H>C;JIJG:E:G>D9H;GDB:ME:8I:9
A:K:AHDJG>C67>A>INIDB6@:9>HIG>7JI>DCHDGIDB6@:9>HIG>7JI>DCH6I:ME:8I:9A:K:AH8DJA9G:HJAI>C69:8G:6H:>CI=:B6G@:I
EG>8:D;DJGA6HH8DBBDCHID8@
$CI=:E6HIH:8JG>I>:H8A6HH68I>DCA>I><6I>DC=6HD;I:C7::C>CHI>IJI:96<6>CHI8DBE6C>:H;DAADL>C<E:G>D9HD;KDA6I>A>IN
>CI=:>GHID8@EG>8:/=>HINE:D;A>I><6I>DC8DJA9G:HJAI>CHJ7HI6CI>6A8DHIH6C99>K:GIDJGB6C6<:B:CIWH6II:CI>DC6C9G:HDJG8:H
%+,')+)?(+89+);8/:?8/919'4*8/919'995)/':+*=/:.9+);8/:?(8+').+9
2:;68:8N7:GH:8JG>ING>H@H6C9G>H@H6HHD8>6I:9L>I=H:8JG>IN7G:68=:HDG9>HGJEI>DCHHJ8=6HI=GDJ<=E=NH>86ADG
:A:8IGDC>8 7G:6@
>CH 8N7:G
6II68@H DG 8N7:G >CIGJH>DCH DK:G I=: $CI:GC:I B6AL6G: 8DBEJI:G K>GJH:H 6II68=B:CIH ID :B6>AH
HD8>6A :C<>C::G>C< 6C9 E=>H=>C< H8=:B:H DG E:GHDCH >CH>9: DJG DG<6C>O6I>DC /=: G>H@ D; 6 H:8JG>IN 7G:68= DG 9>HGJEI>DC
E6GI>8JA6GANI=GDJ<=8N7:G
6II68@HDG8N7:G>CIGJH>DCH>C8AJ9>C<7N8DBEJI:G=68@:GHC6I>DC
HI6I:6;;>A>6I:968IDGH6C98N7:G
I:GGDG>HIH=6H<:C:G6AAN>C8G:6H:96HI=:CJB7:G>CI:CH>IN6C9HDE=>HI>86I>DCD;6II:BEI:96II68@H6C9>CIGJH>DCH;GDB6GDJC9
I=:LDGA9=6K:>C8G:6H:9/=:H:>C8>9:CIHB6NG:HJAI>C9>HGJEI>DCD;DJGDE:G6I>DCH9:A6NHDG>CI:GGJEI>DCHIDDJG67>A>INID
B::I I:C6CI C::9H B6I:G>6A =6GB ID DJG ;>C6C8>6A 8DC9>I>DC 86H= ;ADLH 6C9 I=: B6G@:I EG>8: D; DJG 8DBBDC H=6G:H
B>H6EEGDEG>6I>DCD;6HH:IH8DBEGDB>H:DG8DGGJEI>DCD;8DC;>9:CI>6A>C;DGB6I>DC8DAA:8I:9>CI=:8DJGH:D;8DC9J8I>C<DJG
7JH>C:HH A>67>A>IN ;DG HIDA:C >C;DGB6I>DC DG 6HH:IH >C8G:6H:9 8N7:GH:8JG>IN EGDI:8I>DC 6C9 >CHJG6C8: 8DHIH G:I><6I>DC>C67>A>INID688:HHDGG:ANJEDC8G>I>86A7JH>C:HHG:8DG9H6C996B6<:IDDJGHI6@:=DA9:GG:A6I>DCH=>EH
/=:H:G>H@HG:FJ>G:8DCI>CJDJH6C9A>@:AN>C8G:6H>C<6II:CI>DC6C9DI=:GG:HDJG8:H;GDBJHID6BDC<DI=:G68I>DCH>9:CI>;N6C9
FJ6CI>;N I=:H: G>H@H JE:H HNHI:BH 6C9 EGD8:HH:H ID 69:FJ6I:AN 699G:HH I=:B 6C9 EGDK>9:
E:G>D9>8IG6>C>C<;DGDJG:BEADN::H6C98DCIG68IDGHID6HH>HII=:B>C9:I:8I>C<E=>H=>C<B6AL6G:6C9DI=:GH8=:B:H.J8=
6II:CI>DC9>K:GIHI>B:6C9DI=:GG:HDJG8:H;GDBDI=:G68I>K>I>:H6C9I=:G:>HCD6HHJG6C8:I=6IDJG:;;DGIHL>AA7::;;:8I>K:/=:G:
86C7:CD6HHJG6C8:I=6IDJGH:8JG>IN:;;DGIH6C9B:6HJG:HL>AA7::;;:8I>K:DGI=6I6II:BEI:9H:8JG>IN7G:68=:HDG9>HGJEI>DCH
LDJA9 CDI 7: HJ88:HH;JA DG 96B6<>C< N7:G I=G:6IH 6C9 I=: I:8=C>FJ:H JH:9 >C 8N7:G6II68@H 8=6C<: 9:K:ADE 6C9 :KDAK:
G6E>9AN>C8AJ9>C<;GDB:B:G<>C<I:8=CDAD<>:HHJ8=6H69K6C8:9;DGBHD;$6C9FJ6CIJB8DBEJI>C< K:CI=:BDHIL:AA
EGDI:8I:9 >C;DGB6I>DC C:ILDG@H HNHI:BH 6C9 ;68>A>I>:H G:B6>C EDI:CI>6AAN KJAC:G67A: 7:86JH: I=: I:8=C>FJ:H JH:9 >C HJ8=
6II:BEI:9H:8JG>IN7G:68=:H:KDAK:6C9<:C:G6AAN6G:CDIG:8DO:9JCI>AA6JC8=:96<6>CHI6I6G<:I6C9>CHDB:86H:H6G:
9:H>C;68IB6NCDI7:9:I:8I:988DG9>C8>E6I:I=:H:I:8=C>FJ:HDG
ID>BEA:B:CI69:FJ6I:H:8JG>IN76GG>:GHDGDI=:GEG:K:CI6I>K:B:6HJG:H6C9I=JH>I>H>BEDHH>7A:;DGJHID:CI>G:ANB>I><6I:I=>H
G>H@99>I>DC6AANL:G:ANDCI=>G9
E6GINH:GK>8:EGDK>9:GH>CDJG8DC9J8ID;96N
ID
96NEGDE:GINB6C6<:B:CIA:6H>C<6C9
DI=:G68I>K>I>:H6IDJGEGDE:GI>:H6C9L:86CEGDK>9:CD6HHJG6C8:I=6II=:C:ILDG@H6C9HNHI:BHI=6IDJGI=>G9
E6GINK:C9DGH
=6K::HI67A>H=:9DGJH:9L>AA7::;;:8I>K:
/67A:D;DCI:CIH


$C I=: CDGB6A 8DJGH: D; 7JH>C:HH L: 6C9 DJG H:GK>8: EGDK>9:GH >C8AJ9>C< H:GK>8: EGDK>9:GH :C<6<:9 >C EGDK>9>C<
EGDE:GINB6C6<:B:CIA:6H>C<688DJCI>C<6C9DGE6NGDAAH:GK>8:H	8DAA:8I6C9G:I6>C8:GI6>CE:GHDC6A>C;DGB6I>DCEGDK>9:97N
DJGI:C6CIH:BEADN::H6C9K:C9DGH2:6AHDG:AN:MI:CH>K:ANDC8DBEJI:GHNHI:BHIDEGD8:HHIG6CH68I>DCH6C9B6C6<:DJG
7JH>C:HH2:86CEGDK>9:CD6HHJG6C8:I=6II=:96I6H:8JG>INB:6HJG:H9:H>9:CI>6A>C;DGB6I>DCDCDJG
HNHI:BH:HI67A>H=:97NJH6C9DJGH:GK>8:EGDK>9:GHL>AA7:67A:IDEG:K:CIJC6JI=DG>O:9688:HHIDI=>HE:GHDC6A>C;DGB6I>DC2:
B6>CI6>C 8N7:G A>67>A>IN >CHJG6C8: =DL:K:G I=>H >CHJG6C8: B6N CDI 7: HJ;;>8>:CI ID 8DK:G I=: ;>C6C8>6A A:<6A 7JH>C:HH DG
G:EJI6I>DC6AADHH:HI=6IB6NG:HJAI;GDB6C>CI:GGJEI>DCDG7G:68=D;DJGHNHI:BH.DB:D;DJG:BEADN::H6AHDLDG@G:BDI:AN
L=>8=8DJA9>CIGD9J8:699>I>DC6A8N7:GH:8JG>ING>H@H/=:G:86C7:CD6HHJG6C8:I=6IDJG:;;DGIHIDB6>CI6>CI=:H:8JG>IN6C9
>CI:IND;I=:>C;DGB6I>DCL:6C9DJGH:GK>8:EGDK>9:GH8DAA:8I6C9DJG6C9I=:>G8DBEJI:GHNHI:BHL>AA7::;;:8I>K:DGI=6I
6II:BEI:9 H:8JG>IN 7G:68=:H DG 9>HGJEI>DCH LDJA9 CDI 7: HJ88:HH;JA DG 96B6<>C< L>I= I=: EDI:CI>6A ;DG 9>HGJEI>DC >C DJG
DE:G6I>DCH B6I:G>6A =6GB ID DJG ;>C6C8>6A 8DC9>I>DC 86H= ;ADLH 6C9 I=: B6G@:I EG>8: D; DJG 8DBBDC H=6G:H >C8G:6H:9
8N7:GH:8JG>INEGDI:8I>DC6C9>CHJG6C8:8DHIHG:I><6I>DC6C996B6<:IDDJGHI6@:=DA9:GG:A6I>DCH=>EH
"./8*6'8:?+>6+):':/5498+2':/4-:5+4659+
;9:54+=8/919
:GI6>C>CK:HIDGHB6NJH::CK>GDCB:CI6AHD8>6A6C99:I=:>G>CK:HIB:CIHIG6I:<>:H6C9>C
HDB: 86H:H B6N 8=DDH: CDI ID >CK:HI >C DJG H:8JG>I>:H >; I=:N 7:A>:K: DJG EDA>8>:H G:A6I>C< ID 8DGEDG6I: G:HEDCH>7>A>IN 6G:
>C69:FJ6I: /=>G9
E6GIN EGDK>9:GH D; 8DGEDG6I: G:HEDCH>7>A>IN G6I>C:H =6K: >C8G:6H:9 >C CJB7:G
G:HJAI>C<>CK6G>:96C9>CHDB:86H:H>C8DCH>HI:CIHI6C96G9H$C699>I>DCI=:8G>I:G>67NL=>8=8DGEDG6I:G:HEDCH>7>A>INEG68I>8:H
6G:6HH:HH:96G::KDAK>C<L=>8=8DJA9G:HJAI>CDCHD;JH6C986JH:JHIDJC9:GI6@:8DHIAN>C>I>6I>K:HIDH6I>H;N
HJ8=C:L8G>I:G>62:B6N;68:G:EJI6I>DC6A96B6<:>CI=::K:CII=6IDJG8DGEDG6I:G:HEDCH>7>A>INEGD8:9JG:HDGHI6C96G9H9D
CDIB::II=:HI6C96G9HH:I7NK6G>DJH8DCHI>IJ:C8>:H$C699>I>DC>CI=::K:CII=6IL:8DBBJC>86I:8:GI6>C>C>I>6I>K:H6C9C<:CK>GDCB:CI6AHD8>6A6C9ADG7:E:G8:>K:9ID;6>A>CDJG68=>:K:B:CID;HJ8=
>C>I>6I>K:HDGI>8>O:9;DGI=:H8DE:D;HJ8=>C>I>6I>K:HDGAIDH6I>H;NI=::ME:8I6I>DCHD;
>CK:HIDGHI:C6CIH6C9DI=:GHI6@:=DA9:GHDGDJG>C>I>6I>K:H6G:CDI:M:8JI:96HEA6CC:9DJGG:EJI6I>DC6C9;>C6C8>6AG:HJAIH8DJA9
7:69K:GH:AN6;;:8I:9
)"	*#'($!+()$""#)(
)DC:
)"	.'(*').
 /91'4'-+3+4:'4*!:8':+-?
*JGK6G>DJH8DGEDG6I:>C;DGB6I>DCI:8=CDADC<6C9;>C6C8>6AG:EDGI>C<EA6I;DGBH:CI:GEG>H:6EEA>86I>DCH
6C9 G:A6I:9 HNHI:BH DJG U$C;DGB6I>DC .NHI:BHV	 6G: C:8:HH6GN ;DG DJG 7JH>C:HH 2: JH: I=:H: HNHI:BH 6BDC< DI=:GH ID
B6C6<:@:N6HE:8IHD;DJG7JH>C:HH>C8AJ9>C<G:A6I>DCH=>EHL>I=DJGI:C6CIH6C9K:C9DGH688DJCI>C<68FJ>H>I>DCH>CI:GC6A6C9
:MI:GC6A8DBBJC>86I>DCH6C9EGDE:GIN6C96HH:IB6C6<:B:CI2:6AHDG:ANDCI=:H:8JG:8DAA:8I>DCHIDG6<:IG6CHB>HH>DC6C9
EGD8:HH>C<D;EGDEG>:I6GN8DC;>9:CI>6A6C9H:CH>I>K:96I6G:A6I:9IDDJG7JH>C:HHDJGU.:CH>I>K:6I6V	2:JI>A>O:6I=>G9
E6GIN
B6C6<:9 >C;DGB6I>DC I:8=CDAD8: EGDK>9:G I=: U(.+V	 ;DG 8N7:GH:8JG>IN H:GK>8:H >C8AJ9>C< I=G:6I 9:I:8I>DC 6C9
G:HEDCH:KJAC:G67>A>IN6HH:HHB:CI6C9BDC>IDG>C<H:8JG>IN>C8>9:CIG:HEDCH:6C9G:8DK:GN6C9<:C:G6A8N7:GH:8JG>IN:9J86I>DC
6C9 6L6G:C:HH *JG 8N7:GH:8JG>IN G>H@ B6C6<:B:CI >H >CI:CID DJG DK:G6AA :CI:GEG>H: G>H@ B6C6<:B:CI 6C9 H=6G:H
8DBBDCB:I=D9DAD<>:HG:EDGI>C<8=6CC:AH6C9H:G>H@B6C6<:B:CI
2:6C9DJG(.+>9:CI>;N6HH:HH6C9B6C6<:B6I:G>6A8N7:GH:8JG>INI=G:6IH6C9G>H@HIDDJG$C;DGB6I>DC.NHI:BH6C9
.:CH>I>K:6I6I=GDJ<=I=:;DAADL>C<6BDC<DI=:GH
R
6 BJAI>9>H8>EA>C6GN I:6B >C8AJ9>C< 6 9:9>86I:9 I:8=CDADII:: I=: U/:8=CDADII::V	 8DBEG>H>C<
B:B7:GH;GDBH:C>DGB6C6<:B:CI6HH:IB6C6<:B:CI6C9688DJCI>C<6C9A:<6A;JC8I>DCH>C8DC?JC8I>DCL>I=DJG
(.+6C9DI=:GI=>G9
E6GINH:GK>8:K:C9DGHID>9:CI>;N6HH:HH6C9B6C6<:8N7:GH:8JG>INI=G:6IH6C9G>H@H
R
K6G>DJH >CI:GC6A EGD8:HH:H 6C9 EGD8:9JG:H ID BDC>IDG 6C9 :K6AJ6I: I=G:6I :CK>GDCB:CI 6C9 DJG G>H@ EGD;>A: JH>C<
B:I=D9H HJ8= 6H B6CJ6A 6C9 6JIDB6I:9 IDDAH HJ7H8G>7>C< ID G:EDGIH 6C9 H:GK>8:H I=6I >9:CI>;N 6C9 6C6ANO:
8N7:GH:8JG>IN I=G:6IH 8DC9J8I>C< H86CH D; I=: I=G:6I :CK>GDCB:CI :K6AJ6I>C< DJG >C9JHIGNWH G>H@ EGD;>A: JI>A>O>C<
>CI:GC6A6C9:MI:GC6A6J9>IH6C98DC9J8I>C<I=G:6I6C9KJAC:G67>A>IN6HH:HHB:CIH
/67A:D;DCI:CIH


R
K6G>DJHI:8=C>86AE=NH>86A6C9DG<6C>O6I>DC6AEGD8:HH:H6C9EDA>8>:HIDB6C6<:6C9B>I><6I:B6I:G>6A8N7:GH:8JG>IN
G>H@H HJ8= 6H G>H@ 6HH:HHB:CIH >C8>9:CI 9:I:8I>DC 6C9 G:HEDCH: KJAC:G67>A>IN B6C6<:B:CI 9>H6HI:G G:8DK:GN 6C9
7JH>C:HH8DCI>CJ>INEA6CH>CI:GC6A8DCIGDAHL>I=>CDJG688DJCI>C<6C9;>C6C8>6AG:EDGI>C<;JC8I>DCH:C8GNEI>DCD;96I6
C:ILDG@ H:8JG>IN 8DCIGDAH 688:HH 8DCIGDAH E=NH>86A H:8JG>IN 6HH:I B6C6<:B:CI HNHI:BH BDC>IDG>C< K:C9DG G>H@
B6C6<:B:CIEGDC>C<6C9E:C:IG6I>DCI:HI>C<6C9
R
LDG@>C<L>I=I=>G9
E6GINK:C9DGH;GDBI>B:IDI>B:I=6I6HH>HIJHID>9:CI>;N6HH:HH6C9B6C6<:8N7:GH:8JG>ING>H@H
HJ8=6HEGD;:HH>DC6AH:GK>8:H;>GBH6C9E:C:IG6I>DCI:HI>C<;>GBH
!DG I=>G9
E6GIN H:GK>8: K:C9DGH I=6I E:G;DGB 6 K6G>:IN D; >BEDGI6CI ;JC8I>DCH ;DG DJG 7JH>C:HH L: H::@ ID :C<6<:
G:A>67A: G:EJI67A: H:GK>8: K:C9DGH I=6I B6>CI6>C 8N7:GH:8JG>IN EGDC< DC I=: C6IJG: 6C9 G>H@ EGD;>A: D; I=:
H:GK>8:HEGDK>9:96C9I=:H:CH>I>K>IND;>C;DGB6I>DCEGD8:HH:9L:B6N;GDBI>B:IDI>B:8DC9J8I6G:K>:LD;I=:8N7:GH:8JG>IN
EG68I>8:HD;HJ8=K:C9DG8DCIG68IJ6AAN>BEDH>C<D7A><6I>DCHDCI=:K:C9DG6C98DC9J8I>C<E:G>D9>8G:6HH:HHB:CIH9JG>C<I=:>G
:C<6<:B:CI2:6G:8JGG:CIANCDI6L6G:D;6CNG>H@H;GDB8N7:GH:8JG>INI=G:6IH>C8AJ9>C<6H6G:HJAID;6CN8N7:GH:8JG>IN
>C8>9:CIHL=>8==6K:B6I:G>6AAN6;;:8I:9DGIDDJG@CDLA:9<:6G:G:6HDC67ANA>@:ANIDB6I:G>6AAN6;;:8IDJG7JH>C:HH;>C6C8>6A
8DC9>I>DC6C9G:HJAIHD;DE:G6I>DCH.::ID$I:BU->H@!68IDGHV>CI=>H6CCJ6AG:EDGIDC!DGB
&>C8AJ9>C<U2:;68:
8N7:GH:8JG>ING>H@H6C9G>H@H6HHD8>6I:9L>I=H:8JG>IN7G:68=:HV;DG699>I>DC6A9>H8JHH>DC67DJI8N7:GH:8JG>IN
G:A6I:9G>H@H
5<+84'4)+
*JGD6G9D;>G:8IDGHDK:GH::HDJGHIG6I:H@B6C6<:B:CI>C8AJ9>C<B6I:G>6A8N7:GH:8JG>ING>H@H/=:J9>I
DBB>II:: D; I=: D6G9 D; >G:8IDGH I=: UJ9>I DBB>II::V	 DK:GH::H DJG 8N7:GH:8JG>IN 6C9 >C;DGB6I>DC I:8=CDADH@
:MEDHJG:H6HL:AA6HDJG8N7:GH:8JG>IN6C9>C;DGB6I>DCI:8=CDAD8>:H6C9EGDC688DG96C8:L>I=>IH8=6GI:G/=:
J9>IDBB>II::=DA9HFJ6GI:GANB::I>CK:HE:G>D9>8G:EDGIH;GDB6C96AHD:C<6<:H>CG:H8JHH>DCHL>I=
B6C6<:B:CI6C96AHDDJG(.+G:<6G9>C<DJGH>;>86CI8N7:GH:8JG>ING>H@:MEDHJG:H6C9I=:B:6HJG:H>BEA:B:CI:9IDBDC>IDG
6C98DCIGDAI=:H:G>H@H*JG/:8=CDADII::6AHDB::IH6IA:6HIFJ6GI:GANID6HH:HH8N7:GH:8JG>ING>H@H6C9EG:E6G:H
G:EDGIHIDI=:J9>IDBB>II::CJB7:GD;B:B7:GHD;DJG/:8=CDADII::=6K:<6>C:9G:A:K6CI@CDLA:9<:H@>AAH
6C9:ME:G>:C8:>C>C;DGB6I>DCI:8=CDADING>H@B6C6<:B:CI>C8AJ9>C<DK:GH::>C<I=>G9
E6GINK:C9DGH>CHJ8=
6G:6HDK:GI=:>G86G::GH6II=:DBE6CNDGDI=:GDG<6C>O6I>DCH
(6C6<:B:CI >H G:HEDCH>7A: ;DG =>G>C< 6C9 DK:GH::>C< I=>G9
E6GIN K:C9DGH G:A6I:9 ID 8N7:GH:8JG>IN 6C9 >CI:C<
8N7:GH:8JG>IN G>H@ 8DCH>9:G6I>DCH >CID DJG DK:G6AA G>H@ B6C6<:B:CI HIG6I:CI:GC6A 8N7:GH:8JG>IN >C8>9:CI G:HEDCH:
EGD8:HH:H6G:9:H>IN>C8>9:CIHIDB:B7:GHD;B6C6<:B:CI9:E:C9>C<DCI=:8>G8JBHI6C8:H6C9
G:EDGI>C< ID I=: J9>I DBB>II:: ;DG 8:GI6>C 8N7:GH:8JG>IN >C8>9:CIH L=>8= 6AHD 6AADLH 9:8>H>DCH G:<6G9>C< I=: EJ7A>8
9>H8ADHJG:6C9G:EDGI>C<D;HJ8=>C8>9:CIHID7:B69:7NB6C6<:B:CII=:J9>IDBB>II::6C9I=:D6G9>C6I>B:ANB6CC:G
/67A:D;DCI:CIH


)"
	%'$%')(
HD;:8:B7:GL:DLC:96EDGI;DA>DD;EGDE:GI>:HAD86I:9>CHI6I:H6C9DC:I:GG>IDGN8DBEG>H>C<
6EEGDM>B6I:AND;B>AA>DCC:IA:6H67A:>CI:G>DGHFJ6G:;::I*JGEGDE:GI>:H6G:A:6H:9EG>B6G>ANIDI=:0.+./=:;DAADL>C<
B6EH=DLHDJG;DDIEG>CID;DLC:9EGDE:GI>:H6HD;:8:B7:GHD;:8:B7:GL:6AHDB6C6<:9
EGDE:GI>:HDLC:97NDJG8=>:;:M:8JI>K:D;;>8:G6C9=>H6;;>A>6I:H
$C;DGB6I>DC G:<6G9>C< DJG EGDE:GI>:H 6H D; :8:B7:G   6G: >C8AJ9:9 >C $I:B  U M=>7>IH 6C9 !>C6C8>6A
.I6I:B:CI.8=:9JA:HT.8=:9JA:$$$-:6A HI6I:6C988JBJA6I:9:EG:8>6I>DCVD;I=>HCCJ6A-:EDGIDC!DGB
&
/67A:D;DCI:CIH


!).+*;2+*+'9+>6/8':/549
HD;:8:B7:GI=:L:><=I:96K:G6<:G:B6>C>C<N:6GHIDB6IJG>INEJGHJ6CIIDDJGA:6H:HL>I=I=:0.+.L6H
6EEGDM>B6I:AN;DJGN:6GHL>I=:ME>G6I>DCHI=GDJ<=6HHJB>C<I:C6CIH9DCDI:M:G8>H:6CN:M>HI>C<G:C:L6AI:GB>C6I>DCDG
EJG8=6H:DEI>DCH/=:I67A:7:ADL9:I6>AHH8=:9JA:9A:6H::ME>G6I>DCH6HD;:8:B7:G;DGDJGEGDE:GI>:H;DGI=:
E:G>D9H>C9>86I:9
#E=25B?6
!51C5C
H@9B9>7
)?D1<!51C5
(AE1B5??D175
>>E1<9J54!51C5
'5F5>E5
.51B
=?E>D

=?E>D

	



 






 






  





  





  





 






 






 






 






 






 






 


/DI6AH



  

>62'4':58?5:+9
 ;;B.96G210<;A?.0AB.9?2;A6;23320A<;202:/2?

3B.?23<9>6G>:H6G:;GDBI>B:IDI>B:E6GI>:HIDA>I><6I>DC6G>H>C<;GDBI=:DG9>C6GN8DJGH:D;I=:>G7JH>C:HH
2:6G:CDIEG:H:CIANHJ7?:8IID6CNB6I:G>6AA>I><6I>DCCDGIDDJG@CDLA:9<:>H6CNDI=:GA>I><6I>DCI=G:6I:C:96<6>CHIJHDI=:G
I=6CGDJI>C:68I>DCH;DGC:<:C8:DGDI=:G8A6>BH6C969B>C>HIG6I>K:EGD8::9>CH>C<>CI=:DG9>C6GN8DJGH:D;7JH>C:HH
HDB:D;L=>8=6G::ME:8I:9ID7:8DK:G:97NA>67>A>IN>CHJG6C8:6C96AAD;L=>8=8DAA:8I>K:AN6G:CDI:ME:8I:9ID=6K:6B6I:G>6A
69K:GH::;;:8IDCDJGA>FJ>9>ING:HJAIHD;DE:G6I>DCHDG7JH>C:HHDG;>C6C8>6A8DC9>I>DC
)"	"#().(!$(*'(
)DIEEA>867A:
/67A:D;DCI:CIH


%')
)" 	 "' ) $' '()'#)L( $""$# &*). '!) ()$ $!' "))'( #
((*'%*'(($&*).(*')(
"1B;5D>6?B=1D9?>
*JGA6HH8DBBDCHID8@IG69:HDCI=:):L4DG@.ID8@ M8=6C<:JC9:GI=:HNB7DAU+./'VHD;!:7GJ6GN
I=:G:L:G:H=6G:HD;A6HH8DBBDCHID8@>HHJ:96C9DJIHI6C9>C<6C9;>K:HID8@=DA9:GHD;G:8DG9/=>H
CJB7:GD;HID8@=DA9:GHD;G:8DG99D:HCDIG:EG:H:CII=:68IJ6ACJB7:GD;7:C:;>8>6ADLC:GHD;DJGA6HH8DBBDCHID8@
7:86JH:H=6G:HD;DJGA6HH8DBBDCHID8@6G:;G:FJ:CIAN=:A9>CUHIG::IC6B:V7NH:8JG>I>:H9:6A:GH6C9DI=:GH;DGI=:7:C:;>I
D;7:C:;>8>6ADLC:GHL=DB6NKDI:I=:H=6G:H
$C699>I>DC6HD;!:7GJ6GNI=:G:L:G:H=6G:HD;1DI>C< FJ>K6A:C8NHID8@>HHJ:96C9DJIHI6C9>C<6C9
 *+ 0C>IH 6C9 '/$+ JC>IH =:A9 7N A>B>I:9 E6GIC:GH DI=:G I=6C I=: DBE6CN DJIHI6C9>C< AA H=6G:H D; 1DI>C<
 FJ>K6A:C8NHID8@>HHJ:96C9DJIHI6C9>C<6G:=:A97N(G.ED9:@6C9=>H6;;>A>6I:H)DEJ7A>8IG69>C<B6G@:I:M>HIH;DGHJ8=
H=6G:HDGJC>IH
2:>CI:C9ID8DCI>CJ:ID9:8A6G:FJ6GI:GAN9>K>9:C9HDCDJGA6HH8DBBDCHID8@/=:68IJ6A6BDJCI6C9I>B>C<D;
9>K>9:C9H=DL:K:GL>AA7:6II=:9>H8G:I>DCD;DJGD6G9D;>G:8IDGH6C9L>AA9:E:C9JEDCDJG;>C6C8>6A8DC9>I>DC>C699>I>DC
IDI=:G:FJ>G:B:CIHD;I=:D9:6C9CD6HHJG6C8:86C7:<>K:C6HIDI=:6BDJCIHDGI>B>C<D;;JIJG:9>HIG>7JI>DCH
(53EB9D95CED8?B9J546?BCCE1>35*>45BAE9DI?=@5>C1D9?>%<1>C
/=:>C;DGB6I>DCG:FJ>G:97N$I:B>H>C8DGEDG6I:97NG:;:G:C8:IDDJG:;>C>I>K:+GDMN.I6I:B:CI;DGDJG6CCJ6A
HID8@=DA9:GHWB::I>C<
)"	'('+
)" 	 "#"#)L( (*(($# # #!.(( $ ##! $#)$# # '(*!)( $
$%')$#(
)523<99DCDC)DK:B7:G6C98DBB:C8:9DE:G6I>DCHJEDC8DBEA:I>DCD;
DJG$+*6C9I=:G:A6I:9;DGB6I>DCIG6CH68I>DCH2:8DC9J8IDJG7JH>C:HHI=GDJ<=6IG69>I>DC6A0+- $/HIGJ8IJG:>CL=>8=DJG
EGDE:GI>:H6G:DLC:97NDJG*E:G6I>C<+6GIC:GH=>E9>G:8IANDGI=GDJ<=A>B>I:9E6GIC:GH=>EHA>B>I:9A>67>A>IN8DBE6C>:HDGDI=:G
HJ7H>9>6G>:H!DGI=:N:6G:C9:9:8:B7:GL:68FJ>G:9EGDE:GI>:HA:6H:9IDI=:0.+.;DG6EEGDM>B6I:AN
B>AA>DC:M8AJ9>C<8ADH>C<8DHIHHD;:8:B7:GDJGEDGI;DA>D8DCH>HIHD;DLC:9EGDE:GI>:HAD86I:9>C
HI6I:H6C9DC:I:GG>IDGN6C98DBEG>H>C<6EEGDM>B6I:ANB>AA>DCC:IA:6H67A:>CI:G>DGHFJ6G:;::I
2:6G:I=:HDA:<:C:G6AE6GIC:GD;DJG*E:G6I>C<+6GIC:GH=>EI=GDJ<=L=>8=DJGEGDE:GI>:H6G:9>G:8IANDG>C9>G:8IAN
DLC:9HD;!:7GJ6GNL:DLC:96EEGDM>B6I:AND;DJGDJIHI6C9>C<*+0C>IH>C8AJ9>C<'/$+0C>IH*JG
D6G9D;>G:8IDGHDK:GH::HDJG7JH>C:HH6C96;;6>GH
/67A:D;DCI:CIH


"85-8'3
*C )DK:B7:G   L: :CI:G:9 >CID H:E6G6I: DE:C B6G@:I H6A: 6I= :68= D; %:;;:G>:H '' (*
6E>I6A(6G@:IHDGE%6CC:N(DCI;:A)>8DA6JHDBE6CN$C8DGEDG6I:96C9/GJ>HI.:8JG>I>:H$C86H
6<:CIHEJGHJ6CIIDL=>8=L:B6ND;;:G6C9H:AA;GDBI>B:IDI>B:H=6G:HD;DJGA6HH8DBBDCHID8@=6K>C<6C6<8: D; JE ID  B>AA>DC *C JC8G:6H: I=: 6<C<
6BDJCIJC9:GI=:EGDAA>DCIDJEIDB>AA>DC*C)DK:B7:GL::CI:G:9>CIDH:E6G6I:
DE:CB6G@:IH6A:H6I=:68=D;(>OJ=D.:8JG>I>:H0.''U(>OJ=DV	6C9(/.:8JG>I>:H$C8U(/V	6H
699>I>DC6AH6A:H6<:CIH(>OJ=D(6G@:IHB:G>86H''6H699>I>DC6A;DGL6G9EJG8=6H:G6C9(>OJ=D6H699>I>DC6A;DGL6G9
H:AA:G>C>IH86E68>IN6H6<:CI;DG>IH6;;>A>6I:9;DGL6G9EJG8=6H:G	*C)DK:B7:GL:6AHD6B:C9:9I=::M>HI>C<DE:C
B6G@:IH6A:6I>DCD;(>OJ=D6C9(/6HH6A:H6<:CIH(>OJ=D(6G@:IHB:G>86H''6H;DGL6G9
EJG8=6H:G 6C9 (>OJ=D 6H ;DGL6G9 H:AA:G /=: 69: I=6I L: B6N :CI:G >CID DC: DG BDG: ;DGL6G9 H6A:
6GB6I>DCH 6C9 G:A6I:9 HJEEA:B:CI6A 8DC;>GB6I>DCH L>I= 6;;>A>6I:H D; 8:GI6>C
6<:CIH JG>C< I=: N:6G :C9:9 :8:B7:G    H=6G:H L:G: >HHJ:9 JC9:G I=: /( +GDH>C<
6EEGDM>B6I:ANB>AA>DC>CB6I:ANB>AA>DCD;6K6>A67>A>IN
G:B6>C>C<JC9:GI=:/(+GD+);:/<+<+8CI:GC6AANB6C6<:9- $/L>I=6;D8JHDC68FJ>G>C<6C9B6C6<>C<EGDE:GI>:HA:6H:9EG>B6G>ANIDI=:0.+.
G6C<>C<;GDBA6HI
B>A:EDHID;;>8:HID>C9JHIG>6A;68>A>I>:H2:7:A>:K:I=:DK:G6AADEEDGIJC>IN;DG8DCHDA>96I>DCI=6I:M>HIHL>I=>C
I=:EDHI6AAD<>HI>8HC:ILDG@>HK:GN6IIG68I>K:2:8DCI>CJ:ID:M:8JI:DJGHIG6I:G:6C98DCHDA>96I:EDHI6AEGDE:GI>:H
I=6IL:7:A>:K:L>AA<:C:G6I:HIGDC<:6GC>CDD;EGDE:GI>:HAD86I:9>CHI6I:H6C9DC:I:GG>IDGN6C9A:6H:9
EG>B6G>AN ID I=: 0.+. !DG I=: N:6G :C9:9 :8:B7:G   6EEGDM>B6I:AN  D; DJG IDI6A G:CI6A >C8DB: L6H
8DC8:CIG6I:9>C+:CCHNAK6C>6
 +-/9:8'4:2+):/549
2:6G:6UHB6AA:GG:EDGI>C<8DBE6CNV6H9:;>C:9>C-:DC.
&JC9:GI=:.:8JG>I>:H8I6C9=6K::A:8I:9IDI6@:
69K6CI6<:D;8:GI6>CH86A:99>H8ADHJG:H6K6>A67A:IDHB6AA:GG:EDGI>C<8DBE6C>:H
2:=6K:6AHD:A:8I:9ID7:IG:6I:96H6- $/JC9:GI=:D9:7:<>CC>C<L>I=DJGH=DGII6M67A:N:6G:C9:9:8:B7:G
6C9>CI:C9ID8DCI>CJ:IDFJ6A>;N6H6- $/HADC<6HL:FJ6A>;N6H6- $/L:<:C:G6AANL>AACDI7:HJ7?:8IID
;:9:G6A>C8DB:I6MIDI=::MI:CII=6IL:9>HIG>7JI:DJGI6M67A:>C8DB:;DG:68=I6MN:6GIDDJGHID8@=DA9:GH
13D?BC)81D"1I>635EDEB5'5CEC
".+#!!
2: 6G: 9:E:C9:CI DC I=: 0.+.W ;>C6C8>6A 6C9 DE:G6I>DC6A HI67>A>IN /=: 0.+. >H 8JGG:CIAN ;68>C< 6 K6G>:IN D;
8>G8JBHI6C8:H I=6I 6G: I=G:6I:C>C< >IH 67>A>IN ID ;JC9 >IH DE:G6I>DCH 6C9 DI=:G D7A><6I>DCH 6H 8JGG:CIAN 8DC9J8I:9 L>I=DJI
>CI:GK:CI>DC7NI=:;:9:G6AH8DCHIG6>C:97NA6LH6C9G:DCHI=6IG:HIG>8IG:K:CJ:HDJG8:H6C9
EG>8>C<B6C96I:8:GI6>C:ME:CH:H6C986E>IH7DGGDL>C<86E68>INH6G:HJAI6BDC<DI=:G8DCH:FJ:C8:HI=:0.+.>HJC67A:
ID;JC9>IHB6C96I:9:ME:CH:H6C98DCI>CJ:HID7:HJ7?:8IIDB6C96I:9E6NB:CIHID>IHG:I>G:B:CIHNHI:B6C97:C:;>IH2=>A:
I=:0.+.=6HG:8:CIANJC9:GI6@:C6C9EGDEDH:HIDJC9:GI6@:6CJB7:GD;DE:G6I>DC6AG:;DGBH6C98DHIG:9J8I>DCB:6HJG:H
HJ8=6H=><=:GG6I:H6C9HADL:G9:A>K:G>:H;DG8:GI6>CH:GK>8:H6C98ADHJG:G:AD86I>DCDG8DCHDA>96I>DCD;8:GI6>C;68>A>I>:H6C9
9:A>K:GNGDJI:HI=:0.+.=6HI6@:CI=:EDH>I>DCHJ8=B:6HJG:H6ADC:L>AACDI7:HJ;;>8>:CIIDB6>CI6>C>IH67>A>INIDB::I6AAD;
>IH:M>HI>C<D7A><6I>DCHL=:C9J:DG6AADL>IIDB6@:I=:8G>I>86A>C;G6HIGJ8IJG:>CK:HIB:CIHI=6I=6K:7::C9:;:GG:9>CG:8:CI
N:6GH/=:H:B:6HJG:H=6K:6AHDA:9IDH>;>86CI8G>I>8>HB6C9A>I><6I>DCL=>8=B6NG:HJAI>CG:EJI6I>DC6ADG;>C6C8>6A=6GBDG
>C8G:6H:9G:CND;I=:0.+.DGG:9J8:99:B6C9;DG>IHH:GK>8:H/=:D88JGG:C8:D;6G:<>DC6A:E>9:B>8DG68 HJ8= 6H I=: *1$
 E6C9:B>8 6C9 B:6HJG:H I6@:C ID EG:K:CI >IH HEG:69 B6N 6AHD =6K: 6 B6I:G>6A 6C9
JCEG:9>8I67A: :;;:8I DC I=: 0.+.W DE:G6I>DCH 6C9 A>FJ>9>IN >C8AJ9>C< H>;>86CI 699>I>DC6A DE:G6I>C< :ME:CH:H 86JH:9 7N
E6C9:B>8
G:A6I:99>HGJEI>DCH/=:A>C<:G>C<:;;:8ID;I=:*1$
E6C9:B>86C9DI=:G<:DEDA>I>86A6C9:8DCDB>8;68IDGH
=6K:6AHD8G:6I:9H>;>86CI>C;A6I>DC6GNEG:HHJG:HG:HJAI>C<>C=><=:G8DBE:CH6I>DC7:C:;>IHIG6CHEDGI6I>DC6C9;J:A8DHIH;DG
/67A:D;DCI:CIH


I=:0.+.$;I=:0.+.7:8DB:HJC67A:IDB::I>IH;>C6C8>6AD7A><6I>DCHDG>IHG:K:CJ:9:8A>C:H9J:IDG:9J8:99:B6C9;DG>IH
H:GK>8:HI=:0.+.B6NG:9J8:>IH9:B6C9;DGA:6H>C<EDHI6AEGDE:GI>:HL=>8=LDJA9=6K:6B6I:G>6A69K:GH::;;:8IDCDJG
7JH>C:HH6C9DE:G6I>DCH!DG699>I>DC6A>C;DGB6I>DCG:<6G9>C<I=:G>H@H6HHD8>6I:9L>I=I=:0.+.H::$I:B->H@!68IDGHT
->H@H-:A6I:9IDI=:0.+.
 +<+4;+9
2:9:G>K:G:K:CJ:HEG>B6G>AN;GDBG:CI6C9I:C6CIG:>B7JGH:B:CIHJC9:GA:6H:HL>I=I=:0.+.;DGDJGEGDE:GI>:H6C9
;:: 6C9 DI=:G ;GDB I=: B6C6<:B:CI D; EDHI6A EGDE:GI>:H DLC:9 7N (G .ED9:@ 6C9 =>H 6;;>A>6I:H >C8DB: G:8DO:9 ;GDB
EGDE:GI>:H688DJCI:9;DG6H;>C6C8>C<A:6H:H6C9G:K:CJ:;GDBEGDK>9>C<8:GI6>C69K>HDGNH:GK>8:H-:CI6A>C8DB:G:EG:H:CIHI=:
A:6H:G:K:CJ:G:8DO:9JC9:GI=:A:6H:HEG>B6G>ANL>I=I=:0.+.L=>8=>C8AJ9:HI=:>BE68ID;67DK:6C97:ADLB6G@:IA:6H:
>CI6C<>7A:H6HL:AA6HG:>B7JGH:B:CIHIDJHB69:7NDJGI:C6CIH;DGI=:G:6A:HI6I:I6M:HE6>96I:68=EGDE:GINL=:G:I:C6CIH6G:
G:HEDCH>7A: ;DG HJ8= I6M:H JC9:G I=: A:6H:H :GI6>C D; DJG A:6H:H >C8AJ9: 6CCJ6A G:CI :H86A6IDGH !:: 6C9 DI=:G EG>C8>E6AAN
G:EG:H:CIH >	 G:K:CJ: DJG /-. G:8:>K:9 ;GDB EDHI6A EGDE:GI>:H DLC:9 7N (G .ED9:@ 6C9 =>H 6;;>A>6I:H EJGHJ6CI ID I=:
B6C6<:B:CI6H6E:G8:CI6<:D;I=:A:6H:G:K:CJ:;DGI=:B6C6<:9EGDE:GI>:H>>	G:K:CJ:DJG/-.G:8:>K:9
;GDB EGDK>9>C< 69K>HDGN H:GK>8:H ID I=>G9
E6GIN DLC:GH D; EDHI6A EGDE:GI>:H 6C9 >>>	 >C8DB: G:8DO:9 ;GDB EGDE:GI>:H
688DJCI:9;DG6H;>C6C8>C<A:6H:HHD;:8:B7:GEGDE:GI>:HA:6H:9IDDJGI:C6CIH=696C6K:G6<:G:B6>C>C<A:6H:
I:GBD;6EEGDM>B6I:AN;DJGN:6GH!68IDGHI=6I8DJA96;;:8IDJGG:CI6A>C8DB:6C9;::6C9DI=:G>CI=:;JIJG:>C8AJ9:7JI6G:CDI
A>B>I:9 ID >	 DJG 67>A>IN ID G:C:L DG G:EA68: :ME>G>C< A:6H:H 6C9 B6C6<:B:CI 6>	 AD86A G:<>DC6A DG C6I>DC6A
:8DCDB>88DC9>I>DCH>>>	6CDK:GHJEEAND;DG6G:9J8I>DC>C9:B6C9;DGEDHI6AHE68:>K	8=6C<:H>CB6G@:IG:CI6AG6I:HK	
8=6C<:HIDI=:0.+.W8JGG:CIEGDE:GINA:6H>C<EGD	DJG67>A>INIDEGDK>9:69:FJ6I:H:GK>8:H6C9
B6>CI:C6C8:6IDJGEGDE:GI>:H6C9B6C6<:9EGDE:GI>:H
6+8':/4->6+49+9
2:A:6H:DJGEGDE:GI>:HEG>B6G>ANIDI=:0.+./=:B6?DG>IND;DJGA:6H:H6G:BD9>;>:99DJ7A:
C:IA:6H:HL=:G:7NI=:
I:C6CI >H G:HEDCH>7A: ;DG JI>A>I>:H 8:GI6>C B6>CI:C6C8: D7A><6I>DCH 6C9 G:>B7JGH:B:CI D; EGDE:GIN I6M:H 6C9 I=: A6C9ADG9 >H
G:HEDCH>7A:;DG>CHJG6C8:GDD;6C9HIGJ8IJG:/=JH6C>C8G:6H:>C8DHIHG:A6I:9IDI=:A6C9ADG9WHG:HEDCH>7>A>I>:HJC9:GI=:H:
A:6H:H8DJA9C:<6I>K:AN>C;AJ:C8:DJGDE:G6I>C<G:HJAIH-:;:GIDU':6H:-:C:L6AV7:ADL;DG;JGI=:G9>H8JHH>DC
*E:G6I>C<:ME:CH:H<:C:G6AAN8DCH>HID;G:6A:HI6I:I6M:HEGDE:GINDE:G6I>C<:ME:CH:HL=>8=8DCH>HID;>CHJG6C8:
G:E6>GH 6C9 B6>CI:C6C8: DI=:G I=6C I=DH: ;DG L=>8= I=: I:C6CI >H G:HEDCH>7A:	 EGDE:GIN B6>CI:C6C8:
G:A6I:9 E6NGDAA 6C9
9:EG:8>6I>DC6C96BDGI>O6I>DC!68IDGHI=6IB6N6;;:8IDJG67>A>INID8DCIGDAI=:H:DE:G6I>C<8DHIH>C8AJ9:7JI6G:CDIA>B>I:9ID
I=:8DHID;E:G>D9>8G:E6>G6<:6C99JG67>A>IND;DJGEGDE:GI>:HG:CDK6I>DC8DHIHA6C9ADG9WHG:HEDCH>7>A>I>:HJC9:GI=:A:6H:HI=:
8DHID;G:
A:6H>C<HE68:>C;A6I>DC6C9I=:EDI:CI>6A;DGA>67>A>INJC9:G6EEA>867A:A6LH-:8DK:G>:H;GDBI=:I:C6CI6G:G:8DO:9
6HG:K:CJ:DC6C688GJ6A76H>HDK:GI=:E:G>D9H>CL=>8=I=:G:A6I:9:ME:C9>IJG:H6G:>C8JGG:9/:C6CIG:>B7JGH:B:CIH6C9I=:
G:A6I:9EGDE:GINDE:G6I>C<:ME:CH:H6G:G:8DO:9DC6H7:86JH:>	<:C:G6AANL:6G:I=:EG>B6GND7A>I=
G:HE:8IIDI=:G:6A:HI6I:I6M:H6C9>>	L:7:6GI=:8G:9>IG>H@>CI=::K:CII=:I:C6CI9D:HCDIG:>B7JGH:I=:G:6A:HI6I:I6M:H
/=::ME:CH:HD;DLC>C<6C9DE:G6I>C<6EGDE:GIN6G:CDIC:8:HH6G>ANG:9J8:9L=:C8>G8JBHI6C8:HHJ8=6HB6G@:I
;68IDGH6C98DBE:I>I>DC86JH:6G:9J8I>DC>C>C8DB:;GDBI=:EGDE:GIN$;G:K:CJ:H9GDEL:B6NCDI7:67A:IDG:9J8:DJG
:ME:CH:H688DG9>C6I:9L>I=G:6A:HI6I:>CK:HIB:CIH<:C:G6AANL>AACDI7:B6I:G>6AANG:9J8:9:K:C>;6EGDE:GIN
>HCDI;JAAND88JE>:9DGDI=:G8>G8JBHI6C8:H86JH:DJGG:K:CJ:HID9:8G:6H:H6G:HJAI>;G:K:CJ:H9:8G:6H:>CI=:;JIJG:HI6I>8
DE:G6I>C<8DHIHB6N69K:GH:AN6;;:8IDJG;JIJG:86H=;ADL6C9G:HJAIHD;DE:G6I>DCH
+4+8'2'4**3/4/9:8':/<+>6+49+
":C:G6A6C969B>C>HIG6I>K::ME:CH:G:EG:H:CIHE:GHDCC:A8DHIHEGD;:HH>DC6A;::HA:<6A;::H>CHJG6C8:8DCHJAI>C<;::H
>C;DGB6I>DCI:8=CDADK>I>:HD;7:>C<6EJ7A>88DBE6CN2=>A:L:
:ME:8II=6IDJG<:C:G6A6C969B>C>HIG6I>K::ME:CH:HL>AA8DCI>CJ:IDG>H:6HDJGEDGI;DA>DAA9:8G:6H:DK:GI>B:9J:ID:;;>8>:C8>:H6C9:8DCDB>:HD;H86A:
7;/:?'9+*536+49':/54>6+49+
AA :FJ>IN
76H:9 8DBE:CH6I>DC :ME:CH: >H G:8DO:9 >C DJG DCHDA>96I:9 .I6I:B:CIH D; *E:G6I>DCH 6C9
DBEG:=:CH>K:$C8DB:6H8DBEDC:CIHD;<:C:G6A6C969B>C>HIG6I>K::ME:CH:6C9EGDE:GINDE:G6I>C<:ME:CH:H2:>HHJ:H=6G:
76H:96L6G9HID6A>G:8IDGHW6C9:BEADN::HW>CI:G:HIHL>I=I=DH:D;DJG>CK:HIDGH
/67A:D;DCI:CIH


4*+(:+*4+99'4*4:+8+9:>6+49+
*CJCID6B>AA>DCH:C>DGJCH:8JG:9G:KDAK>C<8G:9>I;68>A>INI=:-:KDAK>C<G:9>I
!68>A>IN	6C96B>AA>DCH:C>DGJCH:8JG:9I:GBAD6C;68>A>INI=:/:GB'D6C	*C(6NL:6B:C9:9I=:
G:9>I!68>A>I>:HI=:!>GHIB:C9B:CI	ID6BDC<DI=:GI=>CAA>DCH:C>DGJCH:8JG:99:A6N:99G6LI:GB
AD6C;68>A>INI=:/:GB'D6C6C9ID<:I=:GL>I=I=:-:KDAK>C<G:9>I!68>A>IN6C9I=:/:GB'D6CI=:UG:9>I
!68>A>I>:HV	G:EA68:'$*-L>I=.*!-6HI=:7:C8=B6G@>CI:G:HIG6I:6C96AADL;DG69:8G:6H:>CI=:6EEA>867A:B6G<>C7N
>;L:68=>:K:8:GI6>CHJHI6>C67>A>INI6G<:IH*C:8:B7:GL::M:G8>H:9B>AA>DCD;I:GBAD6C688DG9>DC
JC9:GI=:/:GB'D6C*C%JANL:;JGI=:G6B:C9:9I=:G:9>I!68>A>I>:HI=:.:8DC9B:C9B:CI	ID6BDC<
DI=:GI=>CANH>BEA:.*!-
76H:9DEI>DCIDI=:I:GB.*!-
76H:9;AD6I>C<>CI:G:HIG6I:DEI>DC6H67:C8=B6G@G6I:
;DG7DGGDL>CI!68>A>I>:H6C9:M:G8>H:9B>AA>DCD;688DG9>DCJC9:GI=:I:GBAD6CH*C*8ID7:G
L:6B:C9:9I=:G:9>I!68>A>I>:HI=:/=>G9B:C9B:CI	ID6BDC<DI=:GI=>CI=/GJ>HI
6C@6HI=:69B>C>HIG6I>K:6<:CIA:II:GD;8G:9>I>HHJ:G6C9HL>CC:A:C9:G$C699>I>DCI=:I=>G96B:C9B:CI>C8G:6H:HI=:
/:GB'D6C8DBB>IB:CIH>C6C6<C8>E6A6BDJCID;JEIDB>AA>DC>CL=>8=L:;JGI=:G:M:G8>H:9
B>AA>DCJC9:GI=:/:GB'D6CDCI=:8ADH>C<96I:D;I=:IG6CH68I>DC6C9DC69:A6N:9
9G6L76H>HB>AA>DC*C
)DK:B7:GL:;JGI=:G:M:G8>H:9I=:G:B6>C>C<B>AA>DCJC9:GI=:/:GB'D6C
2: >CI:C9 ID JH: I=: G:9>I !68>A>I>:H ;DG LDG@>C< 86E>I6A EJGEDH:H L=>8= B6N >C8AJ9: G:E6NB:CI D; BDGI<6<:
>C9:7I:9C:HH EGDE:GIN 68FJ>H>I>DCH 6C9 DI=:G <:C:G6A 8DGEDG6I: EJGEDH:H 2: 6BDGI>O: DC 6 CDC
86H= 76H>H I=: 9:;:GG:9
;>C6C8>C<8DHIH6HHD8>6I:9L>I=DJG9:7IID>CI:G:HI:ME:CH:JH>C<I=:HIG6><=I
A>C:B:I=D9L=>8=6EEGDM>B6I:HI=::;;:8I>K:
>CI:G:HIG6I:B:I=D9DK:GI=:I:GBHD;I=:G:A6I:9AD6CHCN8=6C<:HIDI=:9:7IHIGJ8IJG:>C8AJ9>C<9:7I;>C6C8>C<6HHD8>6I:9
L>I=EGDE:GIN68FJ>H>I>DCH8DJA9B6I:G>6AAN>C;AJ:C8:I=:DE:G6I>C<G:HJAIH9:E:C9>C<DCI=:I:GBHD;6CNHJ8=>C9:7I:9C:HH
4)53+"'>+4+,/:>6+49+
H 6 - $/ L: <:C:G6AAN L>AA CDI 7: HJ7?:8I ID ;:9:G6A >C8DB: I6M DC DJG C:I I6M67A: >C8DB: I=6I L: 9>HIG>7JI:
8JGG:CIANIDDJGHID8@=DA9:GH0C9:GI=:D9:- $/H6G:HJ7?:8IIDCJB:GDJHDG<6C>O6I>DC6A6C9DE:G6I>DC6AG:FJ>G:B:CIH
>C8AJ9>C<6G:FJ>G:B:CII=6II=:N9>HIG>7JI::68=N:6G6IA:6HID;I=:>G- $/I6M67A:>C8DB:9:I:GB>C:9L>I=DJIG:<6G9ID
I=:9:9J8I>DC;DG9>K>9:C9HE6>96C9:M8AJ9>C<6CNC:I86E>I6A<6>CH$;L:;6>AIDFJ6A>;N;DGI6M6I>DC6H6- $/>C6CNI6M67A:
N:6G6C99DCDIFJ6A>;N;DG8:GI6>CHI6IJIDGNG:A>:;EGDK>H>DCHDJG>C8DB:;DGI=6IN:6GL>AA7:I6M:96IG:HFJ6A>;>:9;GDBI6M6I>DC6H6- $/;DGI=:;DJGI6M67A:N:6GH;DAADL>C<I=:N:6G9JG>C<L=>8=L:8:6H:9ID
FJ6A>;N6H6- $/ K:CI=DJ<=L:FJ6A>;N6H6- $/;DG;:9:G6A>C8DB:I6MEJGEDH:HL:B6NHI>AA7:HJ7?:8IIDHI6I:6C9AD86A
I6M:HDCDJG>C8DB:6C96HH:IH6C9ID;:9:G6A>C8DB:6C9:M8>H:I6M:HDCDJGJC9>HIG>7JI:9>C8DB:99>I>DC6AAN6CN>C8DB:
:6GC:97NDJG:M>HI>C</-.6C96CNDI=:G/-.L:B6N;DGB>CI=:;JIJG:L>AA7:HJ7?:8IID;:9:G6AHI6I:6C9AD86A8DGEDG6I:
>C8DB:I6M
+'9+ +4+='2
HD;!:7GJ6GNI=:A:6H:H6IH:K:CD;DJGEGDE:GI>:HG:EG:H:CI>C<6EEGDM>B6I:ANC:IA:6H67A:>CI:G>DG
HFJ6G:;::I=69:ME>G:96C9I=:0.+.L6HD88JEN>C<HJ8=EGDE:GI>:H6H6=DA9DK:GI:C6CI.::$I:B+GDE:GI>:HT':6H:
 ME>G6I>DC.8=:9JA:VHD;I=:96I:D;I=>HG:EDGII=:0.+.=69CDIK686I:9DGCDI>;>:9JHD;>IH>CI:CI>DCIDK686I:6CND;
I=:H:EGDE:GI>:H2=:C6A:6H::ME>G:HI=:0.+.7:8DB:H6=DA9DK:GI:C6CIDC6BDCI=
ID
BDCI=76H>HINE>86AANE6N>C<I=:
B6I:9B6G@:IG:CIDGI=:G:CI6BDJCIJC9:GI=::ME>G:9A:6H:2=>A:L:8JGG:CIAN6CI>8>E6I:I=6IL:L>AAG:C:L
I=: A:6H:H I=6I =6K: :ME>G:9 DG L>AA :ME>G: I=:G: 86C 7: CD AA 7: HJ88:HH;JA >C G:C:L>C< I=:H: A:6H:H
D7I6>C>C<EDH>I>K:G:CIG:C:L6AHEG:69HDGG:C:L>C<I=:A:6H:HDCI:GBH8DBE6G67A:IDI=DH:D;I=::ME>G>C<A:6H:H K:C>;L:
6G:67A:IDG:C:LI=:H::ME>G:9A:6H:HI=:A:6H:I:GBHB6NCDI7:8DBE6G67A:IDI=DH:D;I=:EG:K>DJHA:6H:H$;L:6G:CDI
HJ88:HH;JA L: L>AA A>@:AN :ME:G>:C8: G:9J8:9 D88JE6C8N G:CI6A >C8DB: 6C9 C:I DE:G6I>C< >C8DB: 6H L:AA 6H 9>B>C>H=:9
7DGGDL>C<86E68>INJC9:GDJGG:9>I!68>A>I>:HL=>8=8DJA9=6K:6B6I:G>6A69K:GH::;;:8IDCDJG;>C6C8>6A8DC9>I>DCG:HJAIHD;
DE:G6I>DCH6C967>A>INIDB6@:9>HIG>7JI>DCHIDHID8@=DA9:GH!DG699>I>DC6A>C;DGB6I>DCG:<6G9>C<I=:G>H@H6HHD8>6I:9L>I=I=:
0.+.H::$I:B->H@!68IDGHT->H@H-:A6I:9IDI=:0.+.
/67A:D;DCI:CIH


'5CEC
?=@1B9C?>?6D85I51BC5>454535=25B

1>4535=25B


35;4:9/4:.5;9'4*9
?BD85.51B>454
535=25B






81>75
81>75
'5F5>E5C
-:CI6A>C8DB:

 
 


!::6C9DI=:G

 
 


)?D1<B5F5>E5C

 
 


$@5B1D9>75H@5>C5C
-:6A:HI6I:I6M:H

 
 


+GDE:GINDE:G6I>C<:ME:CH:H

 
 


":C:G6A6C969B>C>HIG6I>K:

 
 


6HJ6AIN6C9>BE6>GB:CIADHH:HC:I

 
T 

)
:EG:8>6I>DC6C96BDGI>O6I>DC

 
 


)?D1<?@5B1D9>75H@5>C5C

 
 


"6>CDCH6A:D;G:6A:HI6I:6HH:IH

 
T 

)
>3?=56B?=?@5B1D9?>C

 
 


$D85B9>3?=5

 
 
	
	
>D5B5CD5H@5>C5>5D
DCIG68IJ6A>CI:G:HI:ME:CH:

	 
	 
	

2G>I:
D;;6C96BDGI>O6I>DCD;9:;:GG:9;>C6C8>C<;::H

	 
	 
	

$CI:G:HI>C8DB:

 
 


)?D1<9>D5B5CD5H@5>C5>5D

	 
	 
	

>3?=5256?B59>3?=5D1H5H@5>C5

 
 


$C8DB:I6M:ME:CH:

	 
	 
	

#5D9>3?=5

 
 


 +<+4;+9
'2;A.9 6;0<:2 S -:CI6A >C8DB: >C8AJ9:H C:I G:CI6A >C8DB: 6H L:AA 6H I=: G:8DK:GN D; 8:GI6>C DE:G6I>C< 8DHIH 6C9
EGDE:GINI6M:H;GDBI:C6CIH-:CI6A>C8DB:>C8G:6H:97NB>AA>DCIDB>AA>DC;DGI=:N:6G:C9:9:8:B7:G
;GDBB>AA>DC;DGI=:N:6G:C9:9:8:B7:GEG>B6G>AN9J:IDI=:KDAJB:D;DJG68FJ>H>I>DCH
22.;1C8G:6H:97NB>AA>DCIDB>AA>DC;DGI=:N:6G:C9:9:8:B7:G
;GDB  B>AA>DC ;DG I=: N:6G :C9:9 :8:B7:G   EG>B6G>AN 9J: ID 6C >C8G:6H: >C >C8DB: G:8:>K:9 ;GDB 69K>HDGN
H:GK>8:H6C9B6C6<:B:CI;::H
6+8':/4->6+49+9
'2.92@A.A2A.E2@S-:6A:HI6I:I6M:H>C8G:6H:97NB>AA>DCIDB>AA>DC;DGI=:N:6G:C9:9:8:B7:G
;GDBB>AA>DC;DGI=:N:6G:C9:9:8:B7:GEG>B6G>AN9J:IDI=:KDAJB:D;DJG68FJ>H>I>DCH
/67A:D;DCI:CIH


&?<=2?AF <=2?.A6;4 2E=2;@2@ S +GDE:GIN DE:G6I>C< :ME:CH:H >C8G:6H:9 7N  B>AA>DC ID  B>AA>DC ;DG I=: N:6G
:C9:9 :8:B7:G   ;GDB  B>AA>DC ;DG I=: N:6G :C9:9 :8:B7:G   +GDE:GIN B6C6<:B:CI :ME:CH:H 6G:
>C8AJ9:9L>I=>CEGDE:GINDE:G6I>C<:ME:CH:H6C9>C8G:6H:97NB>AA>DCIDB>AA>DC;DGI=:N:6G:C9:9:8:B7:G
;GDBB>AA>DC;DGI=:N:6G:C9:9:8:B7:G/=:G:B6>C9:GD;I=:>C8G:6H:D;B>AA>DC>HG:A6I:9ID
:ME:CH:H;DGG:E6>GH6C9B6>CI:C6C8:6C9>CHJG6C8:L=>8=>C8G:6H:>HEG>B6G>AN9J:IDI=:KDAJB:D;DJG68FJ>H>I>DCH
2;2?.9.;1.1:6;6@A?.A6C2S":C:G6A6C969B>C>HIG6I>K::ME:CH:H>C8G:6H:97NB>AA>DCIDB>AA>DC;DGI=:
N:6G:C9:9:8:B7:G;GDBB>AA>DC;DGI=:N:6G:C9:9:8:B7:GEG>B6G>AN9J:ID:ME6C9>C<DJGHI6;;
6C >C8G:6H: >C >C;DGB6I>DC I:8=CDADCJ:9 C8G:6H: >C :FJ>IN
76H:9
8DBE:CH6I>DC:ME:CH:G:A6I:9ID6L6G9HI=6I=6K:7::CBE6>GB:CIADHH:HC:I;DGI=:N:6G:C9:9:8:B7:GL6H
B>AA>DCL=>8=EG>B6G>ANG:;A:8IH686HJ6AINADHH;DG6C6HH:I96B6<:96H6G:HJAID;K6C96A>HB)D86HJ6AIN6C9>BE6>GB:CI
ADHH:HC:ID88JGG:9;DGI=:N:6G:C9:9:8:B7:G
2=?206.A6<;.;1.:6I>DC6C96BDGI>O6I>DC:ME:CH:>C8G:6H:97NB>AA>DCIDB>AA>DC;DG
I=:N:6G:C9:9:8:B7:G;GDBB>AA>DC;DGI=:N:6G:C9:9:8:B7:GEG>B6G>AN9J:IDI=:KDAJB:D;
DJG68FJ>H>I>DCH
'/4549'2+5,8+'2+9:':+'99+:9
"6>CDCH6A:D;G:6A:HI6I:6HH:IH>C8AJ9:HI=:H6A:D;ILDEGDE:GI>:H9JG>C<I=:N:6G:C9:9:8:B7:G)D
EGDE:GI>:HL:G:HDA99JG>C<I=:N:6G:C9:9:8:B7:G
:.+84)53+
*I=:G>C8DB:EG>B6G>AN>C8AJ9:H>CHJG6C8:G:8DK:G>:HG:A6I:9IDEGDE:GIN96B6<:8A6>BH*I=:G>C8DB:9:8G:6H:97N
B>AA>DCIDB>AA>DC;DGI=:N:6G:C9:9:8:B7:G;GDBB>AA>DC;DGI=:N:6G:C9:9:8:B7:G
EG>B6G>AN9J:IDADL:G>CHJG6C8:G:8DK:G>:H;GDB8A6>BH
"5:'24:+8+9:>6+49++:
JG>C<I=:N:6G:C9:9:8:B7:GL:>C8JGG:9IDI6A>CI:G:HI:ME:CH:C:ID;B>AA>DC8DBE6G:9ID
B>AA>DC;DGI=:N:6G:C9:9:8:B7:G/=:>C8G:6H:>C>CI:G:HI:ME:CH:D;B>AA>DCL6HEG>B6G>AN9J:ID699>I>DC6A
7DGGDL>CI!68>A>I>:H6C9>C8G:6H:9>CI:G:HIG6I:H
1C8AA>DCD;86H=6C9B>AA>DCD;:H8GDLH6C9G:H:GK:H6HD;:8:B7:G8DBE6G:9ID
B>AA>DCD;86H=6C9B>AA>DCD;:H8GDLH6C9G:H:GK:H6HD;:8:B7:G
6H=;ADLH;GDBDE:G6I>C<68I>K>I>:HS):I86H=EGDK>9:97NDE:G6I>C<68I>K>I>:H>C8G:6H:97NB>AA>DCID
B>AA>DC;DGI=:N:6G:C9:9:8:B7:G8DBE6G:9IDB>AA>DC;DGI=:N:6G:C9:9:8:B7:G/=:>C8G:6H:
>H9J:IDI=:KDAJB:D;DJG68FJ>H>I>DCH6C9I=::M:8JI>DCD;C:LA:6H:HL>I=G:CI6A:H86A6I>DCH6AAD;L=>8==6K:<:C:G6I:9
699>I>DC6AG:CI6A>C8DB:6C9G:A6I:98=6C<:H>CLDG@>C<86E>I6A
6H= ;ADLH ;GDB >CK:HI>C< 68I>K>I>:H S ):I 86H= JH:9 >C >CK:HI>C< 68I>K>I>:H D;  B>AA>DC ;DG I=: N:6G :C9:9
:8:B7:GEG>B6G>AN8DCH>HI:9D;B>AA>DCD;68FJ>H>I>DCH6C986E>I6A>BEGDK:B:CIHD;;H:I7NB>AA>DC>C
EGD8::9HG:8:>K:9;GDBI=:H6A:D;G:6A:HI6I:6HH:IH):I86H=JH:9>C>CK:HI>C<68I>K>I>:HD;B>AA>DC;DGI=:N:6G:C9:9
:8:B7:GEG>B6G>AN8DCH>HI:9D;B>AA>DCD;68FJ>H>I>DCH6C986E>I6A>BEGDK:B:CIHD;;H:I7NB>AA>DCD;
>CHJG6C8:EGD8::9HI=6IL:G:G:8:>K:9
6H= ;ADLH ;GDB ;>C6C8>C< 68I>K>I>:H S ):I 86H= EGDK>9:9 7N ;>C6C8>C< 68I>K>I>:H 9:8G:6H:9 7N 	 B>AA>DC ID
B>AA>DC;DGI=:N:6G:C9:9:8:B7:G8DBE6G:9IDB>AA>DC;DGI=:N:6G:C9:9:8:B7:G/=:
9:8G:6H:L6HEG>B6G>ANG:A6I:9ID6C>C8G:6H:>CE6NB:CIHD;9>K>9:C9H6C99>HIG>7JI>DCH6C969:8G:6H:>CC:IEGD8::9H;GDB
>HHJ6C8:D;H=6G:HE6GI>6AAND;;H:I7N6C>C8G:6H:>C7DGGDL>CC<G:9>I!68>A>IN9JG>C<I=:
N:6G:C9:9:8:B7:G
/67A:D;DCI:CIH


!9AE949DI1>41@9D1<'5C?EB35C
2:=696EEGDM>B6I:ANB>AA>DCD;86H=6C9B>AA>DCD;:H8GDLH6C9G:H:GK:H6HD;:8:B7:G
'2C<9C6;4?216A.0696AF.;1)2?:"<.;@
*CJCIDI=:G:9>I!68>A>I>:HL=>8=>C>I>6AAN>C8AJ9:9I=:B>AA>DC-:KDAK>C<G:9>I
!68>A>IN6C9I=:B>AA>DC/:GB'D6CL>I=6C@D;(DCIG:6A6H69B>C>HIG6I>K:6<:CI6C9(*6E>I6A(6G@:IH
DGE (/ 6C@ %+(DG<6C=6H:6C@)6C9/GJ>HI.:8JG>I>:H$C86H?D>CIA:696GG6C<:GH6C9?D>CI7DD@ GJCC:GH
99>I>DC6AE6GI>8>E6CIH>CI=:G:9>I!68>A>I>:H>C8AJ9:.I>;:A6C@/GJHI6C9/G>.I6I:6E>I6A6C@*C(6NL:
:CI:G:9>CIDI=:!>GHIB:C9B:CIID6BDC<DI=:GI=>CI=I=:/:GB'D6CI=:
/:GB'D6CH	*C:8:B7:GL::M:G8>H:9B>AA>DCD;688DG9>DC;:6IJG:JC9:GI=:/:GB'D6C*C%JAN
L::CI:G:9>CIDI=:.:8DC9B:C9B:CI6C9;JGI=:G:M:G8>H:9B>AA>DCD;688DG9>DCJC9:GI=:/:GB'D6CH*C
*8ID7:GL::CI:G:9>CIDI=:/=>G9B:C9B:CI6C9>C8G:6H:9DJG8DBB>IB:CIHDCI=:/:GB'D6C6C9;JGI=:G
:M:G8>H:9B>AA>DCHD;:8:B7:GL:=69B>AA>DCD;6<C8>E6A6BDJCIDJIHI6C9>C<JC9:GDJG
G:9>I!68>A>I>:HL>I=B>AA>DC9G6LCDCI=:/:GB'D6CB>AA>DC9G6LCDCI=:/:GB'D6C6C9
B>AA>DC9G6LCDCI=:-:KDAK>C<G:9>I!68>A>IN
/=:G:9>I!68>A>I>:H>C8AJ9:6C688DG9>DC;:6IJG:L=>8=E:GB>IJHID7DGGDLJEID6C699>I>DC6A>	B>AA>DC
JC9:GI=:-:KDAK>C<G:9>I!68>A>IN6C9>>	B>AA>DCJC9:GI=:/:GB'D6CHHJ7?:8IID8JHIDB6GNI:GBH6C98DC9>I>DCH
/=:-:KDAK>C<G:9>I!68>A>INB6IJG:H>C%6CJ6GNL=>8=B6N7::MI:C9:9;DGILDH>M
BDCI=E:G>D9HHJ7?:8IID8JHIDB6GN
8DC9>I>DCHI=:/:GB'D6CB6IJG:H>C%6CJ6GN6C9I=:/:GB'D6CB6IJG:H>C!:7GJ6GNDGGDL>CI!68>A>I>:H86GGN6C>CI:G:HIG6I:D;>	>CI=:86H:D;I=:-:KDAK>C<G:9>I!68>A>IN:>I=:G676H:G6I:EAJH6
B6G<>CG6C<>C<;GDBIDE:G6CCJBDG9?JHI:9/:GB.*!-6H9:;>C:97:ADL	EAJH6B6G<>CG6C<>C<;GDBID
E:G6CCJBDG>>	>CI=:86H:D;I=:/:GB'D6CH:>I=:G676H:G6I:EAJH6B6G<>CG6C<>C<;GDBIDE:G6CCJB
DG9?JHI:9/:GB.*!-EAJH6B6G<>CG6C<>C<;GDBIDE:G6CCJB>C:68=86H:9:E:C9>C<DC68DCHDA>96I:9
A:K:G6<:G6I>D2>I=G:HE:8IIDI=:-:KDAK>C<G:9>I!68>A>INL:L>AAE6N>;I=:JH6<:>H:FJ6AIDDGA:HHI=6C6CJCJH:9
;68>A>IN;::D;E:G6CCJBDG>;I=:JH6<:>HA>IN;::D;E:G6CCJB>C:68=86H:DC
I=:6K:G6<:96>ANJCJH:98DBB>IB:CIHJC9:GI=:-:KDAK>C<G:9>I!68>A>IN
/=:G:9>I!68>A>I>:H6G:CIAN6C9H:K:G6AAN7NJH6C98:GI6>CD;DJG>C9>G:8IHJ7H>9>6G>:H6C98DCI6>C
8JHIDB6GN8DK:C6CIHI=6I6BDC<DI=:GI=>C8IHJ7?:8IID8:GI6>C:M8:EI>DCHDJG67>A>INID>C8JG>C9:7I:9C:HH:CHDC6HH:IHB6@:8:GI6>CINE:HD;>CK:HIB:CIH:C<6<:>C68FJ>H>I>DCHB:G<:GHDG8DCHDA>96I>DCHH:AA6HH:IH:CI:G>CID
8:GI6>C IG6CH68I>DCH L>I= 6;;>A>6I:H 6C9 E6N 9>K>9:C9H DG B6@: 9>HIG>7JI>DCH /=: G:9>I !68>A>I>:H G:FJ>G: 8DBEA>6C8: L>I=
8DCHDA>96I:9 ;>C6C8>6A B6>CI:C6C8: 8DK:C6CIH ID 7: I:HI:9 FJ6GI:GAN >C8AJ9>C< 6 B>C>BJB ;>M:9 8=6G<: 8DK:G6<: G6I>D
B6M>BJBIDI6AA:K:G6<:G6I>DB>C>BJBI6C<>7A:C:ILDGI=B6M>BJBH:8JG:9A:K:G6<:G6I>DB6M>BJBJCH:8JG:9A:K:G6<:
G6I>DB>C>BJBJCH:8JG:99:7IH:GK>8:8DK:G6<:G6I>D6C9B6M>BJBH:8JG:9G:8DJGH:A:K:G6<:G6I>D/=:G:9>I!68>A>I>:H6AHD
8DCI6>C8:GI6>C8JHIDB6GN:K:CIHD;9:;6JAI>C8AJ9>C<I=:;6>AJG:IDB6@:I>B:ANE6NB:CIHJC9:GI=:G:9>I!68>A>I>:H6CN:K:CI
DG8DC9>I>DCI=6IB6@:HDI=:GB6I:G>6A>C9:7I:9C:HH9J:EG>DGID>IHH8=:9JA:9B6IJG>INI=:;6>AJG:IDH6I>H;N8:GI6>C8DK:C6CIH
6C9HE:8>;>:9:K:CIHD;76C@GJEI8N6C9>CHDAK:C8NHD;:8:B7:GL:L:G:>C8DBEA>6C8:L>I=6AAD;I=:G:9>I
!68>A>I>:HW9:7I8DK:C6CIH
HD;:8:B7:GL:=69C>C:>CI:G:HIG6I:HL6EHL>I=6IDI6ACDI>DC6A6BDJCID;B>AA>DCI=6I6G:JH:9
IDB6C6<:DJG>CI:G:HIG6I:G>H@6C9;>MI=:.*!-8DBEDC:CIDCI=:/:GB'D6CHD;I=:G:9>I!68>A>I>:HID<:I=:GI=:$CI:G:HI
-6I:.L6EH	.::)DI::G>K6I>K:H6C9#:9<>C<8I>K>I>:H>CI=:)DI:HIDDJGDCHDA>96I:9!>C6C8>6A.I6I:B:CIH>C8AJ9:9
JC9:G$I:B=:G:>C;DG;JGI=:G9:I6>AHG:<6G9>C<I=:$CI:G:HI-6I:.L6EH
.=6A.9'2@FJ>9>ING:FJ>G:B:CIHEG>B6G>AN8DCH>HID;DE:G6I>C<:ME:CH:H6C9DI=:G:ME:C9>IJG:H6HHD8>6I:9L>I=
DJGEGDE:GI>:H9>HIG>7JI>DCHIDDJGA>B>I:9E6GIC:GH6C99>HIG>7JI>DCHIDDJGHID8@=DA9:GHG:FJ>G:9IDFJ6A>;N;DG- $/HI6IJH
86E>I6A :ME:C9>IJG:H 6C9 EGDE:GIN 68FJ>H>I>DCH 2: :ME:8I ID B::I DJG H=DGI
I:GB A>FJ>9>IN G:FJ>G:B:CIH I=GDJ<= C:I 86H=
EGDK>9:9 7N DE:G6I>DCH 86H= 7DGGDL>CI !68>A>I>:H 6C9 I=: EDI:CI>6A >HHJ6C8: D; H:8JG>I>:H 2: =6K: 6C
:;;:8I>K:H=:A;G:<>HIG6I>DCHI6I:B:CIDC;>A:L>I=I=:. JC9:GL=>8=L:B6N>HHJ::FJ>IN;>C6C8>C<I=GDJ<=I=:>CHIGJB:CIH
6C9DCI=:I:GBHBDHI6IIG68I>K:IDJH6IHJ8=I>B:>C8AJ9>C<I=GDJ<=DJGB>AA>DC/(+GDFJ>9>IN G:FJ>G:B:CIH EG>B6G>AN 8DCH>HI D; ;JC9H C:8:HH6GN ;DG I=: G:E6NB:CI D; 9:7I 6I B6IJG>IN
9>HIG>7JI>DCH ID DJG A>B>I:9 E6GIC:GH 6C9 9>HIG>7JI>DCH ID DJG HID8@=DA9:GH G:FJ>G:9 ID FJ6A>;N ;DG - $/ HI6IJH EGDE:GIN
/67A:D;DCI:CIH


68FJ>H>I>DCH6C9CDC
G:8JGG>C<86E>I6A>BEGDK:B:CIH2::ME:8IIDB::IDJGADC<
I:GBA>FJ>9>ING:FJ>G:B:CIHL>I=C:I86H=
;GDBDE:G6I>DCHADC<
I:GB>C9:7I:9C:HH>C8AJ9>C<DJGG:9>I!68>A>I>:H6C9BDGI<6<:;>C6C8>C<I=:>HHJ6C8:D;:FJ>IN6C99:7I
H:8JG>I>:H6C9EGD8::9H;GDBH:A:8IH6A:HD;DJGEGDE:GI>:H2:6AHDB6N;JC9EGDE:GIN68FJ>H>I>DCH6C9CDC
G:8JGG>C<86E>I6A
>BEGDK:B:CIHJH>C<DJGG:9>I!68>A>I>:HE:C9>C<E:GB6C:CIEGDE:GIN
A:K:A;>C6C8>C<
2:7:A>:K:L:=6K:688:HHIDBJAI>EA:HDJG8:HD;86E>I6AID;JC9DJGADC<
I:GBA>FJ>9>ING:FJ>G:B:CIH>C8AJ9>C<I=:
>C8JGG:C8:D;699>I>DC6A9:7I6C9I=:>HHJ6C8:D;699>I>DC6A:FJ>INH:8JG>I>:H#DL:K:G>CI=:;JIJG:I=:G:B6N7:6CJB7:GD;
;68IDGH I=6I 8DJA9 =6K: 6 B6I:G>6A 6C9 69K:GH: :;;:8I DC DJG 67>A>IN ID 688:HH I=:H: 86E>I6A HDJG8:H >C8AJ9>C< JC;6KDG67A:
8DC9>I>DCH>CI=:DK:G6AA:FJ>IN6C98G:9>IB6G@:IHDJG9:C<G:HIG>8I>DCH
>BEDH:97NDJGA:C9:GH<:C:G6AB6G@:I8DC9>I>DCH;DG- $/HDJGDE:G6I>C<E:G;DGB6C8:A>FJ>9>IN6C9B6G@:IE:G8:EI>DCH
67DJIJH/=:HJ88:HHD;DJG7JH>C:HHHIG6I:AA9:E:C9ID6H>;>86CI9:A>INID688:HHI=:H:K6G>DJH86E>I6A
HDJG8:H$C699>I>DCL:8DCI>CJDJHAN:K6AJ6I:EDHH>7A:68FJ>H>I>DCHD;EDHI6AEGDE:GI>:HL=>8=A6G<:AN9:E:C9DC6BDC<DI=:G
I=>CC<6C9A:6H>C<EDHI6AEGDE:GI>:H6C9I=:I:GBHDCL=>8=I=:0.+.L>AA:CI:G>CIDC:LDGG:C:L:9
A:6H:H
/DB6>CI6>CDJGFJ6A>;>86I>DC6H6- $/L:BJHIB6@:9>HIG>7JI>DCHIDDJGHID8@=DA9:GH6<C<6CCJ6AAN6IA:6HI
D;DJG- $/I6M67A:>C8DB:9:I:GB>C:9L>I=DJIG:<6G9IDI=:9:9J8I>DC;DG9>K>9:C9HE6>96C9:M8AJ9>C<86E>I6A<6>CHH
6G:HJAID;I=>HG:FJ>G:B:CIL:86CCDIG:ANDCG:I6>C:9:6GC>CC:HHC::9HIDI=:H6B::MI:CI6HDI=:G:CI>I>:H
I=6I6G:CDI- $/H$;L:9DCDI=6K:HJ;;>8>:CI;JC9H6K6>A67A:IDJH;GDBDJGDE:G6I>DCHID;JC9DJG7JH>C:HHC::9HL:L>AA
C::9ID;>C96AI:GC6I>K:L6NHID;JC9I=DH:C::9H.J8=6AI:GC6I>K:HB6N>C8AJ9:6BDC<DI=:GI=>CK:HI>C<DJGH:AK:HD;
EGDE:GI>:H L=:I=:G DG CDI I=: H6A:H EG>8: >H DEI>B6A DG DI=:GL>H: B::IH DJG HIG6I:<>8 ADC<
I:GB D7?:8I>K:H	 >C8JGG>C<
>C9:7I:9C:HHDG>HHJ>C<:FJ>INH:8JG>I>:H>CEJ7A>8DGEG>K6I:IG6CH68I>DCHI=:6K6>A67>A>IN6C96IIG68I>K:C:HHD;I=:I:GBHD;
L=>8=86CCDI7:6HHJG:9
<;@<961.A21;12/A21;2@@
HD;:8:B7:GL:=696EEGDM>B6I:ANB>AA>DCD;DJIHI6C9>C<8DCHDA>96I:9EG>C8>E6A>C9:7I:9C:HH
/=:;DAADL>C<I67A:H:IH;DGI=>C;DGB6I>DC6HD;:8:B7:G6C9L>I=G:HE:8IIDDJGDJIHI6C9>C<>C9:7I:9C:HH>C
I=DJH6C9H	
=?E>D
$EDCD1>49>7
1C?6
535=25B



=?E>D
$EDCD1>49>7
1C?6
535=25B



>D5B5CD
'1D5
1C?6
535=25B



"1DEB9DI1D5
'5F?7B549D139<9DI
-:KDAK>C<G:9>I!68>A>IN

 

.*!-7EH	
%6CJ6GN


)5B=!?1>

 

.*!-7EH	
%6CJ6GN



)5B=!?1>

 

.*!-7EH	
!:7GJ6GN
(53EB54?BB?G9>7C
1>H>DC6C@	

 


.:EI:B7:G
!>GHI*@A6=DB66C@	

 


:8:B7:G
1>H>DC6C@S	

 


.:EI:B7:G
.:AA:G!>C6C8>C<	

 


%6CJ6GN
$"	

 


%6CJ6GN
.:AA:G!>C6C8>C<
	

 
T

.:EI:B7:G
)?D1<%B9>39@1<

 

>62'4':58?5:+9
 (22./B2;A36C2	F2.?=2?6<1A52?2.3A2?D6A5=?6;06=.9.;1
6;A2?2@A=.F:2;A@A<A52?.A2/.@21<;A5236C2	F2.?D2289F.C2?.42F6291<;*;6A21(A.A2@)?2.@B?F@20B?6A62@.17B@A21A<.
0<;@A.;A:.AB?6AF<336C2F2.?@.@:.12.C.69./92A<A52<.?1<3B2;A36C2	F2.?=2?6<1A52?2.3A2?D6A5=?6;06=.9.;16;A2?2@A=.F:2;A@A<A52?.A2/.@21<;A526C2	
-2.?)?2.@B?F'.A2=9B@.:.?46;<3
D6A5.:6;6:B:.;;B.9?.A2<3

 ;0<;;20A6<;D6A5A52.0>B6@6A6<;<3.=?<=2?AFD2B6?6;436C2.;;B.9=.F:2;A@<3=?6;06=.9.;16;A2?2@A<3
:6996<;D6A5A5236?@A6;@A.99:2;A1B2<; .;B.?F



/.@21<;.
6;A2?2@A?.A2=2?.;;B:A5?B6@6A6<;<3AD<=?<=2?A62@A52<:=.;FB6I:ANB>AA>DCD;H:8JG:97DGGDL>CC<6AAD;L=>8=6G:
8JGG:CIAN;>M:9
G6I:9:7IL>I=6L:><=I:96K:G6<:>CI:G:HIG6I:D;E:G6CCJB
54:8'):;'2(2/-':/549'4*:.+854-"+83/'(/2/:/+9
/=:;DAADL>C<I67A:EGDK>9:H>C;DGB6I>DCL>I=G:HE:8IIDDJG8DBB>IB:CIH6HD;:8:B7:G>C8AJ9>C<6CN
C>BJB8DBB>IB:CIHJC9:G8DCIG68IJ6AD7A><6I>DCH>CI=DJH6C9H	
%1I=5>DCE52I%5B9?4
?>DB13DE1<$2<971D9?>C
)?D1<





D?




D?


"?B5D81>
69F5I51BC
G:9>I!68>A>I>:H

 
T 
 
 
T
+G>C8>E6AE6NB:CIHDCBDGI<6<:AD6CH

 
 
 
 

$CI:G:HIE6NB:CIH	

 
 
 
 

*E:G6I>C<A:6H:D7A><6I>DCH	

 
 
 
 

)?D1<

 
 
 
 

>62'4':58?5:+9
 )52.:B.?A2?@.;14?4C
/DB6>CI6>CDJGFJ6A>;>86I>DC6H6- $/L:6G:G:FJ>G:9IDE6N9>K>9:C9HIDHID8@=DA9:GH6IA:6HI:FJ6AIDD;DJG
- $/I6M67A:>C8DB:9:I:GB>C:9L>I=DJIG:<6G9IDI=:9:9J8I>DC;DG9>K>9:C9HE6>96C9:M8AJ9>C<C:I86E>I6A<6>CHJG>C<I=:
N:6G:C9:9:8:B7:GL:E6>986H=9>K>9:C9HD;E:GH=6G:
(E2C5AE5>DF5>DC

/4'4)/4-):/HG:EDGIL:=69B>AA>DC9G6LCDCI=:-:KDAK>C<G:9>I!68>A>IN

 +'29:':+"8'49'):/549
.J7H:FJ:CIID:8:B7:GL:=6K:68FJ>G:9EGDE:GI>:H>C>C9>K>9J6ADGHB6AAEDGI;DA>DIG6CH68I>DCH;DG
6EEGDM>B6I:ANB>AA>DC:M8AJ9>C<8ADH>C<8DHIH
.J7H:FJ:CIID:8:B7:GL:HDA9DC:K686CIEGDE:GIN;DG6IDI6AH6A:HEG>8:D;6EEGDM>B6I:ANB>AA>DC
/G:8IDGH6EEGDK:96C9DC%6CJ6GNL:9:8A6G:96;DJGI=FJ6GI:G8DBBDCHID8@9>K>9:C9
D;E:GH=6G:L=>8=>HE6N67A:DC!:7GJ6GNIDHID8@=DA9:GHD;G:8DG9DC!:7GJ6GN
!.'8+ +6;8).'9+85-8'3
*C !:7GJ6GN   I=: D6G9 D; >G:8IDGH 6JI=DG>O:9 I=: 8G:6I>DC D; 6 H=6G: G:EJG8=6H: EGD8=L:B6NG:EJG8=6H:JEIDB>AA>DCD;DJGA6HH8DBBDCHID8@-:EJG8=6H:HD;
DJGA6HH8DBBDCHID8@8DC9J8I:9JC9:GI=:.=6G:-:EJG8=6H:+GDDCH
7AD8@IG69:HDGDI=:GB:I=D9H9:H>I=-JA:7
D;I=: M8=6C<:8IHD;!:7GJ6GNCDH=6G:H
D;DJGA6HH8DBBDCHID8@L:G:G:EJG8=6H:9EJGHJ6CIIDI=:.=6G:-:EJG8=6H:+GDC:96K6>A67A:ID7:G:EJG8=6H:9JC9:GI=:.=6G:-:EJG8=6H:+GDAA>DC/=:
.=6G:-:EJG8=6H:+GD<6I:JHIDG:EJG8=6H:6CNHE:8>;>89DAA6G6BDJCIDGID68FJ>G:6CNHE:8>;>8CJB7:GD;
H=6G:HD;DJGA6HH8DBBDCHID8@6C9B6N7:HJHE:C9:9DG9>H8DCI>CJ:96I6CNI>B:6II=:9>H8G:I>DCD;I=:D6G9D;
>G:8IDGH
B9D931<33?E>D9>7CD9=1D5C
*JG 9>H8JHH>DC 6C9 6C6ANH>H D; DJG ;>C6C8>6A 8DC9>I>DC 6C9 G:HJAIH D; DE:G6I>DCH 6G: 76H:9 JEDC I=: =>HIDG>86A
8DCHDA>96I:9;>C6C8>6AHI6I:B:CIHD;I=:DBE6CNI=6I=6K:7::CEG:E6G:9>C688DG96C8:L>I="+/=:EG:E6G6I>DCD;I=:H:
;>C6C8>6AHI6I:B:CIHG:FJ>G:HJHID:M:G8>H:DJG7:HI?J9CB6@>C<:HI>B6I:HI=6I6;;:8II=:G:EDGI:96BDJCIHD;6HH:IH
A>67>A>I>:HG:K:CJ:H6C9:ME:CH:H.:I;DGI=7:ADL>H6HJBB6GND;688DJCI>C<EDA>8>:H6C9:HI>B6I:HI=6IL:7:A>:K:6G:8G>I>86A
IDI=:EG:E6G6I>DCD;DJGDCHDA>96I:9!>C6C8>6A.I6I:B:CIH2:7:A>:K:I=6I6AAD;I=:9:8>H>DCH6C96HH:HHB:CIH6EEA>:9L:G:
G:6HDC67A:6II=:I>B:B69:76H:9JEDC>C;DGB6I>DC6K6>A67A:IDJH6II=6II>B:J:IDI=:>C=:G:CIAN?J9DJHEGD?:8I>DCH6C96HHJBEI>DCHJH:96C9JCEG:9>8I67>A>IND;:8DCDB>86C9B6G@:I8DC9>I>DCH68IJ6AG:HJAIHB6N9>;;:G
;GDB:HI>B6I:H6C98=6C<:H>C:HI>B6I:H6C96HHJBEI>DCH8DJA9=6K:6B6I:G>6A:;;:8IDCDJG;>C6C8>6AHI6I:B:CIH>CI=:;JIJG:
*JG688DJCI>C<EDA>8>:H6C9:HI>B6I:H6G:BDG:;JAAN9>H8JHH:9>C)DI:.JBB6GND;.>;>86CI88DJCI>C<+DA>8>:H>CI=:
)DI:HIDI=:DCHDA>96I:9!>C6C8>6A.I6I:B:CIH
4<+9:3+4:9/4 +'29:':+856+8:/+9
0EDCI=:68FJ>H>I>DCD;G:6A:HI6I:I=:EJG8=6H:EG>8:>H6AAD86I:976H:9JEDCI=:G:A6I>K:;6>GK6AJ:D;I=:6HH:IH
68FJ>G:96C9A>67>A>I>:H6HHJB:9/=:6AAD86I>DCD;I=:EJG8=6H:EG>8:IDI=:G:A6I>K:;6>GK6AJ:D;I=:I6C<>7A:6C9>CI6C<>7A:
6HH:IHD;6C68FJ>G:9EGDE:GIN>H9:G>K:97NK6AJ>C<I=:EGDE:GIN6H>;>IL:G:K686CIAAG:6A:HI6I:68FJ>H>I>DCH>CI=:E:G>D9H
EG:H:CI:9FJ6A>;>:96H6HH:I68FJ>H>I>DCH6C96HHJ8=68FJ>H>I>DC
G:A6I:9;::H6C968FJ>H>I>DC
G:A6I:9:ME:CH:HG:A6I:9IDI=:H:
6HH:I68FJ>H>I>DCH6G:86E>I6A>O:96HE6GID;I=:68FJ>H>I>DC
/67A:D;DCI:CIH


$CK:HIB:CIH>CG:6A:HI6I:<:C:G6AAN>C8AJ9:A6C97J>A9>CBEGDK:B:CIH6C9>9:CI>;>:9>CI6C<>7A:6HH:IHHJ8=
6H>C
EA68:A:6H:>CI6C<>7A:H6C967DK:DG7:ADL
B6G@:IA:6H:>CI6C<>7A:H>G:8I6C98:GI6>C>C9>G:8I8DHIH8A:6GAN6HHD8>6I:9
L>I=I=:9:K:ADEB:CI8DCHIGJ8I>DCA:6H>C<DG:ME6CH>DCD;G:6A:HI6I:6HH:IH6G:86E>I6A>O:96H68DHID;I=:EGDE:GIN-:E6>GH
6C9B6>CI:C6C8:8DHIH6G::ME:CH:96H>C8JGG:9
2:68FJ>G:9EGDE:GI>:H;DG6EEGDM>B6I:ANB>AA>DC:M8AJ9>C<8ADH>C<8DHIH9JG>C<6C9EGDE:GI>:H
;DG 6EEGDM>B6I:AN  B>AA>DC :M8AJ9>C< 8ADH>C< 8DHIH 9JG>C<  /=:H: IG6CH68I>DCH L:G: 688DJCI:9 ;DG 6H 6HH:I
68FJ>H>I>DCH6C9I=:EJG8=6H:EG>8:D;:68=L6H6AAD86I:976H:9DCI=:G:A6I>K:;6>GK6AJ:D;I=:6HH:I68FJ>G:96C9A>67>A>I>:H
6HHJB:9
 +<+4;+ +)5-4/:/54
2:=6K:DE:G6I>C<A:6H:6I=I:C6CIHHDB:D;L=>8=8DCI6>CEGDK>H>DCH;DG;JIJG:G:CI6A>C8G:6H:H-:CI6A
>C8DB: >H G:8DO:9 DC 6 HIG6><=I
A>C: 76H>H DK:G I=: I:GB D; I=: A:6H: $C 699>I>DC 8:GI6>C A:6H: 69: ;DG
G:>B7JGH:B:CIH;GDBI:C6CIH;DGG:6A:HI6I:I6M:H6C9DI=:GG:8DK:G67A:8DHIHL=>8=6G:G:8DG9:9DC6C688GJ6A76H>H6HE6GID;
U-:CI6A>C8DB:V>CDJGDCHDA>96I:9.I6I:B:CIHD;*E:G6I>DCH6C9DBEG:=:CH>K:$C8DB:/=:DBE6CNWH9:I:GB>C6I>DCD;
I=:EGD767>A>INID8DAA:8IA:6H:E6NB:CIH>H>BE68I:97NCJB:GDJH;68IDGH>C8AJ9>C<I=:DBE6CNH6HH:HHB:CID;I=:I:C6CIWH
8G:9>ILDGI=>C:HH:8DCDB>88DC9>I>DCH=>HIDG>86A:ME:G>:C8:L>I=I=:I:C6CI;JIJG:EGDHE:8IH;DGI=:I:C6CI6C9I=:A:C;>:96HEGD767A:6G:HJ7H:FJ:CIANG:8A6HH>;>:96HCDIEGD767A:6CNDJIHI6C9>C<A:6H:
G:8:>K67A:H>C8AJ9>C<HIG6><=I
A>C:G:CIG:8:>K67A:H	LDJA97:LG>II:C
D;;L>I=68DGG:HEDC9>C<9:8G:6H:>CG:CI6A>C8DB:
!::6C9DI=:GEG>B6G>AN8DCH>HID;>	EGDE:GINB6C6<:B:CI;::H>>	>C8DB:G:8DO:9;GDBEGDE:GI>:H688DJCI:9;DG
6H ;>C6C8>C< A:6H:H 6C9 >>>	 ;::H :6GC:9 ;GDB EGDK>9>C< 69K>HDGN H:GK>8:H ID I=>G9
E6GIN DLC:GH D; EDHI6A EGDE:GI>:H /=:
B6C6<:B:CI ;::H 6G>H: ;GDB 8DCIG68IJ6A 6I= :CI>I>:H I=6I 6G: 6;;>A>6I:9 L>I= DJG 8=>:; :M:8JI>K: D;;>8:G
(6C6<:B:CI ;:: >C8DB: >H G:8DO:9 6H :6GC:9 JC9:G I=: G:HE:8I>K: 6G:8I ;>C6C8>C< A:6H:H >H
G:8DO:9 DK:G I=: A:6H: I:GB JH>C< I=: :;;:8I>K: >CI:G:HI G6I: B:I=D9 I A:6H: >C8:EI>DC L: G:8DG9 6C 6HH:I L>I=>C
>CK:HIB:CIHDCI=:DCHDA>96I:96A6C8:.=::IHL=>8=G:EG:H:CIHDJGC:I>CK:HIB:CI>CI=:9>G:8I;>C6C8>C<A:6H:/=>H>C>I>6A
C:I >CK:HIB:CI >H 9:I:GB>C:9 7N 6<C< I=: IDI6A ;JIJG: B>C>BJB A:6H: E6NB:CIH 6IIG>7JI67A: ID I=: 9>G:8I ;>C6C8>C<
A:6H:6C9I=::HI>B6I:9G:H>9J6AK6AJ:D;I=:EGDE:GIN>;6CNA:HHJC:6GC:9>C8DB:*K:GI=:A:6H:I:GBI=:>CK:HIB:CI>CI=:
9>G:8I;>C6C8>C<A:6H:>HG:9J8:96C9>C8DB:>HG:8DO:96HG:K:CJ:>CU!::6C9DI=:GV>CI=:DCHDA>96I:9.I6I:B:CIHD;
*E:G6I>DCH6C9DBEG:=:CH>K:$C8DB:6C9EGD9J8:H68DCHI6CIE:G>D9>8G6I:D;G:IJGCDCI=:>CK:HIB:CI>C;>C6C8>C<A:6H:H
C:I
36'/83+4:5,54-/<+*99+:9
/=: 86GGN>C< K6AJ: D; G:6A :HI6I: >CK:HIB:CIH 6C9 G:A6I:9 >CI6C<>7A: 6HH:IH 6G: G:K>:L:9 ;DG >BE6>GB:CI L=:C:K:G
:K:CIHDG8=6C<:H>C8>G8JBHI6C8:H>C9>86I:I=6II=:86GGN>C<6BDJCIB6NCDI7:G:8DK:G67A:C>BE6>GB:CI:M>HIHL=:CI=:
86GGN>C< 6BDJCI D; 6C 6HH:I :M8::9H I=: 6<8>E6I:9 =DA9>C< E:G>D9 DC 6C
JC9>H8DJCI:976H>HC>BE6>GB:CIADHH>HB:6HJG:976H:9DCI=::M8:HHD;I=:6HH:IWH86GGN>C<6BDJCIDK:G>IH:HI>B6I:9;6>G
K6AJ:$BE6>GB:CI6C6ANH:HL>AA7:76H:9DC8JGG:CIEA6CH>CI:C9:9=DA9>C<E:G>D9H6C96K6>A67A:B6G@:I>C;DGB6I>DC6II=:
I>B:I=:6C6ANH:H6G:EG:E6G:9$;:HI>B6I:HD;I=:EGD?:8I:9;JIJG:86H=;ADLH6CI>8>E6I:9=DA9>C<E:G>D9HDGB6G@:I8DC9>I>DCH
8=6C<: I=: :K6AJ6I>DC D; >BE6>GB:CI ADHH:H B6N 7: 9>;;:G:CI 6C9 HJ8= 9>;;:G:C8:H B6N 7: B6I:G>6A /=: :K6AJ6I>DC D;
6CI>8>E6I:986H=;ADLH>HHJ7?:8I>K:6C9>H76H:9>CE6GIDC6HHJBEI>DCHG:<6G9>C<;JIJG:D88JE6C8NG:CI6AG6I:H6C986E>I6A
G:FJ>G:B:CIHI=6I8DJA99>;;:GB6I:G>6AAN;GDB68IJ6AG:HJAIH
JG>C<I=:N:6G:C9:9:8:B7:G76H:9JEDC6C688JBJA6I>DCD;8DHIH>C:M8:HHD;L=6IL6HDG><>C6AAN
:ME:8I:9 L: 6HH:HH:9 I=: G:8DK:G67>A>IN D; I=: 86GGN>C< 6BDJCI D; DJG G:6A :HI6I: 6C9 G:A6I:9 >CI6C<>7A:H /=: 6HH:HHB:CI
G:HJAI:9>CI=:G:B:6HJG:B:CID;DC:EGDE:GINL=>8=L6HLG>II:C9DLCID>IH:HI>B6I:9;6>GK6AJ:6C9L6H8A6HH>;>:96H':K:A
>CI=:;6>GK6AJ:=>:G6G8=N*JG:HI>B6I:D;I=:;6>GK6AJ:L6H76H:9DC69>H8DJCI:986H=;ADL6C6ANH>H2:JH:9ILDH>;>86CI
JCD7H:GK67A: >CEJIH L=>8= L6H I=: 86H= ;ADL 9>H8DJCI G6I: 	 6C9 I=: I:GB>C6A 86E>I6A>O6I>DC G6I: 	  /=:
G:B:6HJG:B:CIG:HJAI:9>C6C>BE6>GB:CIADHHD;B>AA>DCL=>8=>H>C8AJ9:9>C6HJ6AIN6C9>BE6>GB:CIADHHC:I>CI=:
DCHDA>96I:9 .I6I:B:CIH D; *E:G6I>DCH 6C9 DBEG:=:CH>K: $C8DB:  )D >BE6>GB:CI L6H G:8DG9:9 9JG>C< I=: N:6G :C9:9
:8:B7:G
#5G33?E>D9>7%B?>?E>35=5>DC
!DG 6 9>H8JHH>DC D; DJG 69DEI>DC D; C:L 688DJCI>C< EGDCDJC8:B:CIH EA:6H: H:: )DI:  .JBB6GN D; .>;>86CI
88DJCI6CI+DA>8>:H>CI=:)DI:HIDI=:DCHDA>96I:9!>C6C8>6A.I6I:B:CIH
/67A:D;DCI:CIH


>6<1D9?>
:86JH: BDHI D; DJG A:6H:H EGDK>9: ;DG ;>M:9 6CCJ6A G:CI6A E6NB:CIH L>I=DJI 6CCJ6A G:CI :H86A6I>DCH DJG G:CI6A
G:K:CJ:H6G:;>M:9L=>A:DJGEGDE:GINDE:G6I>C<:ME:CH:H6G:HJ7?:8IID>C;A6I>DC6GN>C8G:6H:HB6?DG>IND;DJGA:6H:HEGDK>9:
;DGI:C6CIG:>B7JGH:B:CID;G:6A:HI6I:I6M:H6C9I=JHI=:I:C6CIBJHIG:>B7JGH:JH;DGG:6A:HI6I:I6M:H2:7:A>:K:I=6I>;
>C;A6I>DC>C8G:6H:H:ME:CH:HDK:GI>B:>C8G:6H:H>CA:6H:G:C:L6AG6I:HL>AAB6I:G>6AAND;;H:IHJ8=>C8G:6H:
)"	&*#)))+#&*!))+(!$(*'($*)"' )'( 
(6G@:IG>H@>HI=:G>H@D;ADHH;GDB69K:GH:8=6C<:H>CB6G@:IEG>8:H6C9>CI:G:HIG6I:H*JG;JIJG::6GC>CGK6AJ:HG:A:K6CIID;>C6C8>6A>CHIGJB:CIH6G:9:E:C9:CIJEDCEG:K6>A>C<B6G@:I>CI:G:HIG6I:H*JGEG>B6GNB6G@:IG>H@
G:HJAIH;GDBDJG>C9:7I:9C:HHL=>8=7:6GH>CI:G:HI6I7DI=;>M:96C9K6G>67A:G6I:HHD;:8:B7:GDJG>C9:7I:9C:HH
L6H6EEGDM>B6I:ANB>AA>DC8DCH>HI>C<D;6EEGDM>B6I:ANB>AA>DCD;K6G>67A:
G6I:9:7I6C96EEGDM>B6I:AN
B>AA>DCD;;>M:9
G6I:9:7I*;I=:B>AA>DCK6G>67A:
G6I:9:7IB>AA>DCG:A6I:HIDI=:/:GB'D6CHL=>8==6K:7::C
;>M:9I=GDJ<=I=:$CI:G:HI-6I:.L6EH2=:C;68IDG>C<>CI=:/:GB'D6CH6H;>M:9
G6I:9:7II=GDJ<=I=:$CI:G:HI-6I:.L6EH6H
D; :8:B7:G   6EEGDM>B6I:AN  B>AA>DC D; DJG >C9:7I:9C:HH L6H K6G>67A:
G6I: 9:7I 6C9 6EEGDM>B6I:AN
B>AA>DCL6H;>M:9
G6I:9:7IHHJB>C<CD>C8G:6H:>CI=:6BDJCID;DJGDJIHI6C9>C<K6G>67A:
G6I:>C9:7I:9C:HH>;I=:
DC:
BDCI= 9?JHI:9 /:GB .*!- L:G: ID >C8G:6H: DG 9:8G:6H: 7N  DJG 86H= ;ADLH LDJA9 9:8G:6H: DG >C8G:6H: 7N
6EEGDM>B6I:ANB>AA>DCDC6C6CCJ6A>O:976H>H
.J7?:8IIDB6>CI6>C>C<DJGHI6IJH6H6- $/;DG;:9:G6A>C8DB:I6MEJGEDH:HL:B6C6<:DJGB6G@:IG>H@DCK6G>67A:
G6I:9:7II=GDJ<=I=:JH:D;>CI:G:HIG6I:HL6EHI=6I;>MI=:G6I:DC6AADG6EDGI>DCD;DJGK6G>67A:G6I:9:7I;DGK6GN>C<E:G>D9H
JEIDB6IJG>INHJ8=6HI=:$CI:G:HI-6I:.L6EH$CI=:;JIJG:L:B6NJH:DI=:G9:G>K6I>K:>CHIGJB:CIHHJ8=6H>CI:G:HI86E
6C:;;:8I86EI=:>CI:G:HIG6I:DC6AADG6EDGI>DCD;I=:9:7I;DGK6GN>C<E:G>D9HJEIDB6IJG>IN/=>H>CIJGC
G:9J8:HI=:G>H@HD;K6G>67>A>IND;86H=;ADLH8G:6I:97NK6G>67A:G6I:9:7I6C9B>I><6I:HI=:G>H@D;>C8G:6H:H>C>CI:G:HIG6I:H
*JG D7?:8I>K: L=:C JC9:GI6@>C< HJ8= 6GG6C<:B:CIH L>AA 7: ID G:9J8: DJG ;AD6I>C< G6I: :MEDHJG: #DL:K:G L: EGDK>9: CD
6HHJG6C8:I=6IDJG:;;DGIHIDB6C6<:>CI:G:HIG6I:KDA6I>A>INL>AAHJ88:HH;JAANB>I><6I:I=:G>H@HD;HJ8=KDA6I>A>IN>CDJGEDGI;DA>D
6C9L:9DCDI>CI:C9ID:CI:G>CID=:9<>C<6GG6C<:B:CIH;DGHE:8JA6I>K:EJGEDH:H
/67A:D;DCI:CIH


 
 
 
[THIS PAGE INTENTIONALLY LEFT BLANK]

%$()!'!).)'*()#	
#-)$##!())"#)(
)"	##!())"#)(#(*%%!"#)'.)
9>1>391<(D1D5=5>DC
%175
-:EDGID;$C9:E:C9:CI-:<>HI:G:9+J7A>888DJCI>C<!>GB :AD>II:/DJ8=:''+):L4DG@):L
4DG@+*$	
!

DCHDA>96I:96A6C8:.=::IH6HD;:8:B7:G6C9
!

DCHDA>96I:9.I6I:B:CIHD;*E:G6I>DCH6C9DBEG:=:CH>K:$C8DB:;DGI=:4:6GH C9:9:8:B7:G
6C9
!

DCHDA>96I:9.I6I:B:CIHD;=6C<:H>C FJ>IN;DGI=:4:6GH C9:9:8:B7:G6C9
!

DCHDA>96I:9.I6I:B:CIHD;6H=!ADLH;DGI=:4:6GH C9:9:8:B7:G6C9
!

)DI:HIDDCHDA>96I:9!>C6C8>6A.I6I:B:CIH
!

.8=:9JA:$$$S-:6A HI6I:6C988JBJA6I:9:EG:8>6I>DC

/67A:D;DCI:CIH
!


'%$')$#%##)'()'%*!$*#)#'"
/DI=:H=6G:=DA9:GH6C9I=:D6G9D;>G:8IDGHD;+DHI6A-:6AIN/GJHI$C8
$@9>9?>?>D859>1>391<(D1D5=5>DC
2:=6K:6J9>I:9I=:688DBE6CN>C<8DCHDA>96I:976A6C8:H=::IHD;+DHI6A-:6AIN/GJHI$C8I=:DBE6CN	6H
D; :8:B7:G   6C9  I=: G:A6I:9 8DCHDA>96I:9 HI6I:B:CIH D; DE:G6I>DCH 6C9 8DBEG:=:CH>K: >C8DB:
8=6C<:H>C:FJ>IN6C986H=;ADLH;DG:68=D;I=:ILDN:6GH>CI=:E:G>D9:C9:9:8:B7:G6C9I=:G:A6I:9
CDI:H6C9I=:H8=:9JA:A>HI:9>CI=:$C9:M6I$I:B8DAA:8I>K:ANG:;:GG:9ID6HI=:;>C6C8>6AHI6I:B:CIH	$CDJG
DE>C>DCI=:;>C6C8>6AHI6I:B:CIHEG:H:CI;6>GAN>C6AAB6I:G>6AG:HE:8IHI=:;>C6C8>6AEDH>I>DCD;I=:DBE6CN6HD;
:8:B7:G6C96C9I=:G:HJAIHD;>IHDE:G6I>DCH6C9>IH86H=;ADLH;DG:68=D;I=:ILDN:6GH>CI=:
E:G>D9:C9:9:8:B7:G>C8DC;DGB>INL>I=688DJCI>C<EG>C8>EA:H<:C:G6AAN688:EI:9>CI=:0C>I:9.I6I:H
D;B:G>86
1C9C6?B$@9>9?>
/=:H:;>C6C8>6AHI6I:B:CIH6G:I=:G:HEDCH>7>A>IND;I=:DBE6CNHB6C6<:B:CI*JGG:HEDCH>7>A>IN>HID:MEG:HH
6CDE>C>DCDCI=:DBE6CNH;>C6C8>6AHI6I:B:CIH76H:9DCDJG6J9>IH2:6G:6EJ7A>8688DJCI>C<;>GBG:<>HI:G:9
L>I=I=:+J7A>8DBE6CN88DJCI>C<*K:GH><=ID6G90C>I:9.I6I:H	+*	6C96G:G:FJ>G:9ID7:>C9:E:C9:CI
L>I= G:HE:8I ID I=: DBE6CN >C 688DG96C8: L>I= I=: 0. ;:9:G6A H:8JG>I>:H A6LH 6C9 I=: 6EEA>867A: GJA:H 6C9
G:DCHD;I=:.:8JG>I>:H6C9 M8=6C<:DBB>HH>DC6C9I=:+*
2:8DC9J8I:9DJG6J9>IH>C688DG96C8:L>I=I=:HI6C96G9HD;I=:+*/=DH:HI6C96G9HG:FJ>G:I=6IL:EA6C
6C9E:G;DGBI=:6J9>IIDD7I6>CG:6HDC67A:6HHJG6C8:67DJIL=:I=:GI=:;>C6C8>6AHI6I:B:CIH6G:;G::D;B6I:G>6A
B>HHI6I:B:CIL=:I=:G9J:ID:GGDGDG;G6J9/=:DBE6CN>HCDIG:FJ>G:9ID=6K:CDGL:G:L::C<6<:9IDE:G;DGB
6C 6J9>I D; >IH >CI:GC6A 8DCIGDA DK:G ;>C6C8>6A G:EDGI>C< H E6GI D; DJG 6J9>IH L: 6G: G:FJ>G:9 ID D7I6>C 6C
JC9:GHI6C9>C<D;>CI:GC6A8DCIGDADK:G;>C6C8>6AG:EDGI>C<7JICDI;DGI=:EJGEDH:D;:MEG:HH>C<6CDE>C>DCDCI=:
:;;:8I>K:C:HHD;I=:DBE6CNWH>CI:GC6A8DCIGDADK:G;>C6C8>6AG:EDGI>C<88DG9>CC>DC
*JG 6J9>IH >C8AJ9:9 E:G;DGB>C< EGD8:9JG:H ID 6HH:HH I=: G>H@H D; B6I:G>6A B>HHI6I:B:CI D; I=: ;>C6C8>6A
HI6I:B:CIHL=:I=:G9J:ID:GGDGDG;G6J96C9E:G;DGB>C<EGD8:9JG:HI=6IG:HEDC9IDI=DH:G>H@H.J8=EGD8:9JG:H
>C8AJ9:9:M6B>C>C<DC6I:HI76H>H:K>9:C8:G:<6G9>C<I=:6BDJCIH6C99>H8ADHJG:H>CI=:;>C6C8>6AHI6I:B:CIH*JG
6J9>IH6AHD>C8AJ9:9:K6AJ6I>C<I=:688DJCI>C<EG>C8>EA:HJH:96C9H>;>86CI:HI>B6I:HB69:7NB6C6<:B:CI6H
L:AA 6H :K6AJ6I>C< I=: DK:G6AA EG:H:CI6I>DC D; I=: ;>C6C8>6A HI6I:B:CIH 2: 7:A>:K: I=6I DJG 6J9>IH EGDK>9: 6
G:6HDC67A:76H>H;DGDJGDE>C>DC
B9D931<E49D"1DD5B
/=:8G>I>86A6J9>IB6II:G8DBBJC>86I:97:ADL>H6B6II:G6G>H>C<;GDBI=:8JGG:CI
E:G>D96J9>ID;I=:;>C6C8>6A
HI6I:B:CIHI=6IL6H8DBBJC>86I:9DGG:FJ>G:9ID7:8DBBJC>86I:9IDI=:6J9>I8DBB>II::6C9I=6I	G:A6I:HID
688DJCIHDG9>H8ADHJG:HI=6I6G:B6I:G>6AIDI=:;>C6C8>6AHI6I:B:CIH6C9	>CKDAK:9DJG:HE:8>6AAN8=6AA:C<>C<
HJ7?:8I>K: DG 8DBEA:M ?J986I>DC D; 8G>I>86A 6J9>I B6II:GH 9D:H CDI 6AI:G >C 6CN L6N DJG
DE>C>DCDCI=:;>C6C8>6AHI6I:B:CIHI6@:C6H6L=DA:6C9L:6G:CDI7N8DBBJC>86I>C<I=:8G>I>86A6J9>IB6II:G
7:ADLEGDK>9>C<6H:E6G6I:DE>C>DCDCI=:8G>I>86A6J9>IB6II:GDGDCI=:688DJCIHDG9>H8ADHJG:HIDL=>8=>IG:A6I:H
/67A:D;DCI:CIH
!


<?6%EB381C5%B9356?B>F5CD=5>DC9>'51<CD1D5K'565BD?#?D5
1>4#?D5D?D8569>1>391<
CD1D5=5>DC
G>I>86AJ9>I(6II:G:H8G>EI>DC
0EDCI=:68FJ>H>I>DCD;G:6A:HI6I:I=:DBE6CN6AAD86I:HI=:EJG8=6H:EG>8:D;I=:G:6A:HI6I:68FJ>G:976H:9
DCI=:G:A6I>K:;6>GK6AJ:D;6HH:IH68FJ>G:96C9A>67>A>I>:H6HHJB:96II=:96I:D;68FJ>H>I>DC6H:9DCI=:>GC6IJG:
I=:H:68FJ>H>I>DCH<:C:G6AANFJ6A>;N6H6HH:I68FJ>H>I>DCH88DG9>C8:E6>9;DG6HH:IH68FJ>G:9
6C9A>67>A>I>:H6HHJB:96G:6AAD86I:976H:9DCI=:>GG:A6I>K:;6>GK6AJ:HIDA6C97J>A9>C<>C
EA68:A:6H:H6C9DI=:G
>CI6C<>7A: 6HH:IH 6C9 6HHJB:9 A>67>A>I>:H 16AJ6I>DC 6HHJBEI>DCH JI>A>O:9 >C 9:I:GB>C>C< I=: G:A6I>K: ;6>G K6AJ:H
>C8AJ9:8DBE6G67A:H6A:HIG6CH68I>DCH8DHIHIDG:EA68:8:GI6>C6HH:IHB6G@:I
76H:9G:CI6AG:K:CJ:H9>H8DJCIG6I:H
6C9I:GB>C6A86E>I6A>O6I>DCG6I:H2:>9:CI>;>:9I=:6AAD86I>DCD;EJG8=6H:EG>8:;DG>CK:HIB:CIH>CG:6A:HI6I:6H6
8G>I>86A6J9>IB6II:G7:86JH:D;I=:H>;>86CI:HI>B6I:HB6C6<:B:CIB6@:HID9:I:GB>C:I=:;6>GK6AJ:HD;6HH:IH
68FJ>G:96C9A>67>A>I>:H6HHJB:9/=>HG:FJ>G:96=><=9:IDG?J9C8G:6H:9:MI:CID;:;;DGI
>C8AJ9>C< I=: C::9 ID >CKDAK: DJG ;6>G K6AJ: HE:8>6A>HIH L=:C E:G;DGB>C< 6J9>I EGD8:9JG:H ID :K6AJ6I: I=:
G:6HDC67A:C:HHD;B6C6<:B:CIH6HHJBEI>DCH
#DLI=:G>I>86AJ9>I(6II:G26H99G:HH:9>CI=:J9>I
*JG6J9>IEGD8:9JG:HG:A6I:9IDI=:6HH:HHB:CID;I=:DBE6CNWH6AAD86I>DCD;EJG8=6H:EG>8:;DG>CK:HIB:CIH>C
G:6A:HI6I:>C8AJ9:9I=:;DAADL>C<6BDC<DI=:GH

2:<6>C:96CJC9:GHI6C9>C<D;I=:DBE6CNWH8DCIGDAHDK:GI=:G:K>:LD;I=:EJG8=6H:EG>8:6AAD86I>DC
>C8AJ9>C<8DCIGDAHDK:GI=:K6AJ6I>DCB:I=D9DADDCH;DG:HI>B6I>C<I=:;6>GK6AJ:D;6HH:IH
68FJ>G:96C9A>67>A>I>:H6HHJB:9
R
2: 9:K:ADE:9 6 G6C<: D; >C9:E:C9:CI :HI>B6I:H ;DG I=: 6HHJBEI>DCH JH:9 >C I=: ;6>G K6AJ: :HI>B6I:
>C8AJ9>C< I=: 9>H8DJCI G6I: 86E>I6A>O6I>DC G6I: 6C9 B6G@:I
76H:9 G:CI6A G:K:CJ:H JH>C< :MI:GC6A B6G@:I
HDJG8:H6C98DBE6G:9I=DH:IDI=:6HHJBEI>DCHJH:97NB6C6<:B:CI
R
2: I:HI:9 I=: 6AAD86I>DC D; I=: G:A6I>K: ;6>G K6AJ:H ID I=: 6HH:IH 68FJ>G:9 6C9 A>67>A>I>:H 6HHJB:9 7N
8DBE6G>C<I=:BIDI=:6K:G6<:=>HIDG>86A6AAD86I>DCH9:I:GB>C:97NI=:DBE6CNID>9:CI>;NDJIA>:GH;DG
;JGI=:G>CK:HI><6I>DC
R
2>I=I=:6HH>HI6C8:D;DJG;6>GK6AJ:HE:8>6A>HIH;DG8:GI6>CD;I=:68FJ>H>I>DCHL:I:HI:9L:
S
 K6AJ6I:9I=:G:6HDC67A:C:HHD;I=:K6AJ6I>DC6C96AAD86I>DCB:I=D9DADDCH
JH:97NB6C6<:B:CI>C8AJ9>C<9>H8DJCIG6I:H86E>I6A>O6I>DCG6I:HB6G@:I
76H:9G:CI6AG:K:CJ:H
8DHIHIDG:EA68:8:GI6>C6HH:IH6C98DBE6G67A:H6A:HIG6CH68I>DCH
S
/:HI:9 I=: B6I=:B6I>86A 688JG68N D; I=: 86A8JA6I>DCH 6C9 8DBE6G:9 I=: @:N >CEJIH JH:9 >C I=:
EGD?:8I>DCHID:MI:GC6AB6G@:IHDJG8:H
H:AD>II:/DJ8=:''+
):L4DG@):L4DG@
!:7GJ6GN
2:=6K:H:GK:96HI=:DBE6CNH6J9>IDGH>C8:
/67A:D;DCI:CIH
!


%$()!'!).)'*()#	
$#($!)!#()(
>D8?EC1>4C5H35@D@1BF14C81B541D1
535=25B



535=25B



CC5DC
$CK:HIB:CIH
-:6A:HI6I:EGDE:GI>:H6I8DHI
'6C9

 

J>A9>C<6C9>BEGDK:B:CIH

 

/:C6CI>BEGDK:B:CIH

 

/DI6AG:6A:HI6I:EGDE:GI>:H6I8DHI

 

':HH88JBJA6I:99:EG:8>6I>DC

	 
	
/DI6AG:6A:HI6I:EGDE:GI>:HC:I

 

$CK:HIB:CI>C;>C6C8>C<A:6H:HC:I

 

/DI6AG:6A:HI6I:>CK:HIB:CIHC:I

 

6H=

 

 H8GDL6C9G:H:GK:H

 

-:CI6C9DI=:GG:8:>K67A:H

 

+G:E6>9:ME:CH:H6C9DI=:G6HH:IHC:I

 

"DD9L>AA

 

:;:GG:9G:CIG:8:>K67A:

 

$C
EA68:A:6H:>CI6C<>7A:HC:I

 

7DK:B6G@:IA:6H:HC:I

 

)?D1<CC5DC

 

!9129<9D95C1>4AE9DI
!9129<9D95C
/:GBAD6CHC:I

 

-:KDAK>C<8G:9>I;68>A>IN

 

.:8JG:97DGGDL>CDC1>4?>D9>75>395C
AE9DI
A6HH8DBBDCHID8@E6GK6AJ:E:GH=6G:H=6G:H6JI=DG>O:9
6C9H=6G:H>HHJ:96C9DJIHI6C9>C<6HD;:8:B7:G6C9
:8:B7:GG:HE:8I>K:AN

 

A6HH8DBBDCHID8@E6GK6AJ:E:GH=6G:H=6G:H6JI=DG>O:9
H=6G:H>HHJ:96C9DJIHI6C9>C<6HD;:8:B7:G6C9:8:B7:G

T 
T
99>I>DC6AE6>9
>C86E>I6A

 

88JBJA6I:9DI=:G8DBEG:=:CH>K:>C8DB:

 

88JBJA6I:99:;>8>I

	 
	
)?D1<(D?3;8?<45BCLAE9DI

 

*E:G6I>C<E6GIC:GH=>EJC>I=DA9:GHWCDC
8DCIGDAA>C<>CI:G:HIH

 

)?D1<AE9DI

 

)?D1<!9129<9D95C1>4AE9DI

 

)52.00<:=.;F6;4;D8?EC1>4C5H35@DC81B51>4@5BC81B541D1
?BD85.51B>454
535=25B






'5F5>E5C
-:CI6A>C8DB:

 

!::6C9DI=:G

 

)?D1<B5F5>E5C

 

$@5B1D9>75H@5>C5C
-:6A:HI6I:I6M:H

 

+GDE:GINDE:G6I>C<:ME:CH:H

 

":C:G6A6C969B>C>HIG6I>K:

 

6HJ6AIN6C9>BE6>GB:CIADHH:HC:I

 
T
:EG:8>6I>DC6C96BDGI>O6I>DC

 

)?D1<?@5B1D9>75H@5>C5C

 

"6>CDCH6A:D;G:6A:HI6I:6HH:IH

 
T
>3?=56B?=?@5B1D9?>C

 

*I=:G>C8DB:

 

>D5B5CD5H@5>C5>5D
DCIG68IJ6A>CI:G:HI:ME:CH:

	 
	
2G>I:
D;;6C96BDGI>O6I>DCD;9:;:GG:9;>C6C8>C<;::H

	 
	
$CI:G:HI>C8DB:

 

)?D1<9>D5B5CD5H@5>C5>5D

	 
	
>3?=5256?B59>3?=5D1H5H@5>C5

 

$C8DB:I6M:ME:CH:

	 
	
#5D9>3?=5

 

):I>C8DB:6IIG>7JI67A:IDDE:G6I>C<E6GIC:GH=>EJC>I=DA9:GHWCDC
8DCIGDAA>C<>CI:G:HIH

	 
	
#5D9>3?=51DDB92ED12<5D?3?==?>CD?3;8?<45BC

 

#5D9>3?=5@5BC81B5
6H>86C9>AJI:9

 

,5978D541F5B1753?==?>C81B5C?EDCD1>49>7
6H>86C9>AJI:9

 

?=@B585>C9F59>3?=5
#5D9>3?=5

 

0CG:6A>O:9<6>CADHH	DC9:G>K6I>K:>CHIGJB:CIH

 
	
?=@B585>C9F59>3?=5

 

DBEG:=:CH>K:>C8DB:6IIG>7JI67A:IDDE:G6I>C<E6GIC:GH=>EJC>I=DA9:GHWCDC
8DCIGDAA>C<
>CI:G:HIH

	 
	
?=@B585>C9F59>3?=51DDB92ED12<5D?3?==?>CD?3;8?<45BC

 

)52.00<:=.;F6;4;D8?EC1>4C5H35@DC81B541D1
#E=25B?6
C81B5C?6
?==?>
(D?3;
?==?>
(D?3;
449D9?>1<
%1949>
1@9D1<
33E=E<1D54
$D85B
?=@B585>C9F5
>3?=5
33E=E<1D54
56939D
)?D1<
(D?3;8?<45BCL
5AE9DI
$@5B1D9>7
%1BD>5BC89@
E>9D8?<45BCL
>?>3?>DB?<<9>7
9>D5B5CDC
)?D1<AE9DI
1<1>35535=25B


 







	 





):IEGD8::9H;GDBH6A:D;8DBBDCHID8@







T

T



T


$HHJ6C8:D;DE:G6I>C<E6GIC:GH=>EJC>IH>C
8DCC:8I>DCL>I=68FJ>H>I>DCIG6CH68I>DCH

T

T

T

T

T

T




.=6G:H>HHJ:9JEDCG:9:BEI>DCD;DE:G6I>C<
E6GIC:GH=>EJC>IH







T

T



	 
T
6H=G:9:BEI>DC;DGCDC
8DCIGDAA>C<>CI:G:HIH

T

T

T

T

T

T

	 
	
$HHJ6C8:6C96BDGI>O6I>DCD;:FJ>IN
76H:9
8DBE:CH6I>DC







T

T






$HHJ6C8:6C96BDGI>O6I>DCJC9:G .++



T



T

T



T


-:HIG>8I:9HID8@L>I==DA9>CK>9:C9H6C99>HIG>7JI>DCH

T

T

T

T

	 
	 
	 
	
0CG:6A>O:9ADHHDC9:G>K6I>K:>CHIGJB:CIH

T

T

T

	

T

	 
	 
	
):I>C8DB:

T

T

T

T








-:6AAD86I>DCD;CDC
8DCIGDAA>C<>CI:G:HI

T

T

	 
T

T

	 


T
1<1>35K535=25B


 







	 





):IEGD8::9H;GDBH6A:D;8DBBDCHID8@







T

T



T


$HHJ6C8:D;DE:G6I>C<E6GIC:GH=>EJC>IH>C
8DCC:8I>DCL>I=68FJ>H>I>DCIG6CH68I>DCH

T

T

T

T

T

T




.=6G:H>HHJ:9JEDCG:9:BEI>DCD;DE:G6I>C<
E6GIC:GH=>EJC>IH







T

T



	 
T
$HHJ6C8:6C96BDGI>O6I>DCD;:FJ>IN
76H:9
8DBE:CH6I>DC







T

T






$HHJ6C8:6C96BDGI>O6I>DCJC9:G .++



T



T

T



T


-:HIG>8I:9HID8@L>I==DA9>CK>9:C9H6C99>HIG>7JI>DCH

T

T

T

T

	 
	 
	 
	
0CG:6A>O:9<6>CDC9:G>K6I>K:>CHIGJB:CIH

T

T

T



T






):I>C8DB:

T

T

T

T








-:6AAD86I>DCD;CDC
8DCIGDAA>C<>CI:G:HI

T

T

	 
T

T

	 


T
1<1>35K535=25B


 







	 





)52.00<:=.;F6;4;D8?EC1>4C
?BD85.51B>454
535=25B






1C86713D9F9D95C
):I>C8DB:

 

9?JHIB:CIHIDG:8DC8>A:C:I>C8DB:IDC:I86H=EGDK>9:97NDE:G6I>C<68I>K>I>:H
:EG:8>6I>DC6C96BDGI>O6I>DC

 

2G>I:
D;;6C96BDGI>O6I>DCD;9:;:GG:9;>C6C8>C<8DHIH6C99:7I9>H8DJCIH

 

BDGI>O6I>DCD;67DK:7:ADLB6G@:IA:6H:H

	 
	
BDGI>O6I>DCD;>CI6C<>7A:A>67>A>IN

	 
	
6HJ6AIN6C9>BE6>GB:CIADHH:H

 
T
"6>CDCH6A:D;G:6A:HI6I:6HH:IH

	 
T
"6>CDC>CHJG6C8:EGD8::9HG:8:>K:9;DG96B6<:9J:IDEGDE:GIN

	 
	
 FJ>IN76H:98DBE:CH6I>DC

 

*I=:G

 

:;:GG:9G:CIG:8:>K67A:

	 
	
=6C<:H>C6HH:IH6C9A>67>A>I>:H
-:CI6C9DI=:GG:8:>K67A:H

	 

+G:E6>9:ME:CH:H6C9DI=:G6HH:IH

 
	
88DJCIHE6N67A:688GJ:9:ME:CH:H6C9DI=:G

 

#5D31C8@B?F94542I?@5B1D9>713D9F9D95C

 

1C86F5CD9>713D9F9D95C
8FJ>H>I>DCD;G:6A:HI6I:

	 
	
+GD8::9H;GDBH6A:D;G:6A:HI6I:6HH:IH

 
T
 H8GDLH;DG68FJ>H>I>DC6C98DCHIGJ8I>DC9:EDH>IH

	 
	
$CHJG6C8:EGD8::9HG:A6I:9IDEGDE:GIN96B6<:8A6>BH

 

6E>I6A>BEGDK:B:CIH

	 
	
*I=:G>CK:HI>C<68I>K>I>:H

	 
	
#5D31C8EC549>9>F5CD9>713D9F9D95C

	 
	
1C861>39>713D9F9D95C
-:E6NB:CIHD;H:8JG:97DGGDL>CC<8G:9>I;68>A>IN

 

-:E6NB:CIHD;G:KDAK>C<8G:9>I;68>A>IN

	 
	
-:9:BEI>DCD;DE:G6I>C<E6GIC:GH=>EJC>IH

T 
	
):IEGD8::9H;GDB>HHJ6C8:D;H=6G:H

 

:7I>HHJ6C8:8DHIH

	 
	
:;:GG:9D;;:G>C<8DHIH

T 
	
+GD8::9H;GDB>HHJ6C8:D; .++H=6G:H

 

.=6G:HL>I==:A9;DGE6NB:CID;I6M:HDCG:HIG>8I:9H=6G:K:HI>C<

	 
	
>HIG>7JI>DCH6C99>K>9:C9H

	 
	
#5D31C8@B?F94542I69>1>39>713D9F9D95C

 

#5D9>3B51C5453B51C59>1C81>4C3B?GC1>4'5C5BF5C

	 

6H=6C9 H8GDLH6C9-:H:GK:H6II=:7:<>CC>C<D;N:6G

 

1C81>4C3B?G1>4'5C5BF5C1DD855>4?6I51B

 

(E@@<5=5>D1<9C31C8>F5CD9>71>49>1>39>73D9F9D95C
*E:G6I>C<E6GIC:GH=>EJC>IH>HHJ:9;DGEGDE:GIN68FJ>H>I>DCH

 

HHJBEI>DCD;H:AA:G;>C6C8>C<

 
T
0CG:6A>O:9<6>CADHH	DC9:G>K6I>K:>CHIGJB:CIH

 
	
/67A:D;DCI:CIH
!


-:6AAD86I>DCD;CDC
8DCIGDAA>C<>CI:G:HI

 

.=6G:H>HHJ:9JEDCG:9:BEI>DCD;DE:G6I>C<E6GIC:GH=>EJC>IH

 

-:8A6HH>;>86I>DCD;68FJ>H>I>DC9:EDH>IH6C9DI=:G9:;:GG:98DHIH

 

2G>I:
D;;D;;>M:96HH:IHCDADC<:G>CH:GK>8:

 

88GJ:986E>I6A:ME:C9>IJG:H>C8AJ9:9>C688DJCIHE6N67A:6C9688GJ:9:ME:CH:H

 

88GJ:9I6M:HL>I==:A9>C8AJ9:9>C688DJCIHE6N67A:6C9688GJ:9:ME:CH:H

 

-><=ID;JH:6HH:IH

 

88GJ:98DHIHD;86E>I6A>C8AJ9:9>C688DJCIHE6N67A:6C9688GJ:9:ME:CH:H

T 

)52.00<:=.;F6;4;9J1D9?>1>45C3B9@D9?>?6EC9>5CC
+DHI6A-:6AIN/GJHI$C8I=:UDBE6CNV	L6HDG<6C>O:9>CI=:HI6I:D;(6GNA6C9DC)DK:B7:G*C(6N
I=:DBE6CN8DBEA:I:9>IH>C>I>6AEJ7A>8D;;:G>C<U$+*V	D;I=:DBE6CNWHA6HH8DBBDCHID8@E6GK6AJ:E:G
H=6G:I=:UA6HH8DBBDCHID8@V	/=:DBE6CN8DCIG>7JI:9I=:C:IEGD8::9H;GDBI=:$+*ID+DHI6A-:6AIN'+6:A6L6G:
A>B>I:9E6GIC:GH=>EI=:U*E:G6I>C<+6GIC:GH=>EV	>C:M8=6C<:;DG8DBBDCJC>IHD;A>B>I:9E6GIC:GH=>E>CI:G:HI>CI=:*E:G6I>C<
+6GIC:GH=>EI=:U*+0C>IHV	DI=I=:DBE6CN6C9I=:*E:G6I>C<+6GIC:GH=>E8DBB:C8:9DE:G6I>DCHJEDC8DBEA:I>DCD;I=:
$+*6C98:GI6>CG:A6I:9;DGB6I>DCIG6CH68I>DCH+G>DGIDI=:8DBEA:I>DCD;I=:$+*6C9I=:;DGB6I>DCIG6CH68I>DCHI=:DBE6CN
=69CDDE:G6I>DCH
/=: DBE6CNWH >CI:G:HI >C I=: *E:G6I>C< +6GIC:GH=>E :CI>IA:H I=: DBE6CN ID H=6G: >C 9>HIG>7JI>DCH ;GDB 6C9
6AAD86I>DCHD;EGD;>IH6C9ADHH:HD;I=:*E:G6I>C<+6GIC:GH=>E>CEGDEDGI>DCIDI=:DBE6CNWHE:G8:CI6<:DLC:GH=>ED;*+
0C>IHHI=:HDA:<:C:G6AE6GIC:GD;I=:*E:G6I>C<+6GIC:GH=>EI=:DBE6CN=6HI=::M8AJH>K:EDL:GJC9:GI=:E6GIC:GH=>E
6C<+6GIC:GH=>EWH7JH>C:HHHJ7?:8IIDA>B>I:96EEGDK6A6C9KDI>C<G><=IHD;I=:
A>B>I:9E6GIC:GHHD;:8:B7:GI=:DBE6CN=:A96C6EEGDM>B6I:AN>CI:G:HI>CI=:*E:G6I>C<+6GIC:GH=>E
HI=:HDA:<:C:G6AE6GIC:G6C9I=:B6?DG>IN>CI:G:HI=DA9:GI=:DBE6CN8DCHDA>96I:HI=:;>C6C8>6AEDH>I>DC6C9G:HJAIHD;
DE:G6I>DCHD;I=:*E:G6I>C<+6GIC:GH=>E/=:*E:G6I>C<+6GIC:GH=>E>H8DCH>9:G:96K6G>67A:>CI:G:HI:CI>INU1$ V	>CL=>8=I=:
DBE6CN>HI=:EG>B6GN7:C:;>8>6GN
HD;:8:B7:GI=:DBE6CNDLC:96EDGI;DA>DD;EGDE:GI>:HAD86I:9>CHI6I:H6C9DC:I:GG>IDGN
/=:DBE6CNHEGDE:GI>:H6G:A:6H:9EG>B6G>ANID6H>CI:9.I6I:H+DHI6A.:GK>8:I=:0.+.	/=:DBE6CN
6AHDDLCHH:K:G6A6C9B6N>CI=:;JIJG:;JGI=:G68FJ>G:A6C9E6G8:AHI=6IB6N7:699:9ID:M>HI>C<DG;JIJG:A:6H:HL>I=I=:
0.+.DGJH:9;DGDI=:GEJGEDH:HI=6I6G:8DCH>HI:CIL>I=I=:DBE6CNWH>CK:HIB:CIHIG6I:I>DC I=GDJ<= >IH I6M67A: - $/ HJ7H>9>6GN U/-.V	 -:6A  HI6I: HH:I DJCH:A>C< '' U- V	 I=:
DBE6CNEGDK>9:H;::
76H:9I=>G9E6GINEGDE:GINB6C6<:B:CIH:GK>8:H;DG6C699>I>DC6AEGDE:GI>:HL=>8=6G:DLC:97N
C9G:L.ED9:@I=:DBE6CNH8=>:;:M:8JI>K:D;;>8:G *	6C9=>H6;;>A>6I:H6C98:GI6>C69K>HDGNH:GK>8:HIDI=>G9
E6GIN
DLC:GHD;EDHI6AEGDE:GI>:H
+JGHJ6CIIDI=:DBE6CNWH6GI>8A:HD;6B:C9B:CI6C9G:HI6I:B:CII=:DBE6CN>H8JGG:CIAN6JI=DG>O:9ID>HHJ:JEID
H=6G:HD;A6HH8DBBDCHID8@H=6G:HD;A6HH8DBBDCHID8@E6GK6AJ:E:GH=6G:I=:U1DI>C<
 FJ>K6A:C8NHID8@V	6C9JEIDH=6G:HD;EG:;:GG:9HID8@
/=:DBE6CN:A:8I:9ID7:I6M:96H6G:6A:HI6I:>CK:HIB:CIIGJHIU- $/V	JC9:GI=:$CI:GC6A-:K:CJ:D9:D;
6H 6B:C9:9 I=: UD9:V	 8DBB:C8>C< L>I= I=: DBE6CNH H=DGI I6M67A: N:6G :C9:9 :8:B7:G   6C9 >CI:C9H ID
8DCI>CJ:IDFJ6A>;N6H6- $/H6- $/I=:DBE6CN<:C:G6AANL>AACDI7:HJ7?:8IID;:9:G6A>C8DB:I6MIDI=::MI:CII=6I>I
9>HIG>7JI:H>IH- $/I6M67A:>C8DB:;DG:68=I6MN:6GID>IHHID8@=DA9:GH- $/H6G:HJ7?:8IID6CJB7:GD;DG<6C>O6I>DC6A6C9
DE:G6I>DC6AG:FJ>G:B:CIH99>I>DC6AAN6CN>C8DB::6GC:97NI=:/-.6C96CNDI=:G/-.I=:DBE6CNB6N;DGB>CI=:;JIJG:
L>AA7:HJ7?:8IID;:9:G6AHI6I:6C9AD86A8DGEDG6I:>C8DB:I6M
#?D5
	(E==1BI?6(97>96931>D33?E>D9>7%?<9395C
'9/95,8+9+4:':/54
/=:688DBE6CN>C<DCHDA>96I:9!>C6C8>6A.I6I:B:CIH>C8AJ9:I=:;>C6C8>6AEDH>I>DC6C9G:HJAIHD;DE:G6I>DCHD;I=:
DBE6CNI=:*E:G6I>C<+6GIC:GH=>E6C9>IHL=DAANDLC:9HJ7H>9>6G>:H
/=: DBE6CN 8DCHDA>96I:H I=: *E:G6I>C< +6GIC:GH=>E 6 1$  >C L=>8= I=: DBE6CN >H 8DCH>9:G:9 I=: EG>B6GN
7:C:;>8>6GN/=:EG>B6GN7:C:;>8>6GN>HI=::CI>INI=6I=6H>	I=:EDL:GID9>G:8II=:68I>K>I>:HI=6IBDHIH>;>86CIAN>BE68II=:
:CI>INWH:8DCDB>8E:G;DGB6C8:6C9>>	I=:D7A><6I>DCID67HDG7ADHH:HD;I=:1$ DGI=:G><=IIDG:8:>K:7:C:;>IH;GDBI=:1$ 
I=6I 8DJA9 7: H>;>86CI ID I=: 1$  .J7HI6CI>6AAN 6AA D; I=: 6HH:IH 6C9 A>67>A>I>:H D; I=: DBE6CN G:A6I: ID I=: *E:G6I>C<
+6GIC:GH=>E
/67A:D;DCI:CIH
!


CDC
8DCIGDAA>C<>CI:G:HI>H9:;>C:96HI=:EDGI>DCD;I=::FJ>IN>C6C:CI>INCDI6IIG>7JI67A:9>G:8IANDG>C9>G:8IANID
I=:DBE6CN)DC
8DCIGDAA>C<>CI:G:HIH6G:G:FJ>G:9ID7:EG:H:CI:96H6H:E6G6I:8DBEDC:CID;:FJ>IN>CI=:DCHDA>96I:9
6A6C8:.=::IH88DG9>CDCD;C:I>C8DB:G:;A:8IHI=:>C8DB:6IIG>7JI:9ID8DCIGDAA>C<6C9CDC
8DCIGDAA>C<
>CI:G:HIH
#9+5,9:/3':+9
/=:EG:E6G6I>DCD;;>C6C8>6AHI6I:B:CIH>C8DC;DGB>INL>I=I=:0.<:C:G6AAN688:EI:9688DJCI>C<EG>C8>EA:HG:FJ>G:H
B6C6<:B:CIIDB6@::HI>B6I:H6C96HHJBEI>DCHI=6I6;;:8II=:G:EDGI:96BDJCIHD;6HH:IH6C9A>67>A>I>:HI=:9>H8ADHJG:D;
8DCI>C<:CI6HH:IH6C9A>67>A>I>:H6C9I=:G:EDGI:96BDJCIHD;G:K:CJ:H6C9:ME:CH:H9JG>C<I=:G:EDGI>C<E:G>D9H9>H8JHH:9>C
I=:6EEA>867A:H:8I>DCH:AH:L=:G:>CI=:DCHDA>96I:9!>C6C8>6A.I6I:B:CIHI=:DBE6CNWHBDHIH>;>86CI6HHJBEI>DCH6C9
:HI>B6I:H6G:G:A6I:9IDI=:K6AJ6I>DCD;>CK:HIB:CIH>CG:6A:HI6I:EGDE:GI>:H6C9>BE6>GB:CID;ADC<
A>K:96HH:IHAI=DJ<=
B6C6<:B:CI7:A>:K:H>IH:HI>B6I:H6G:G:6HDC67A:68IJ6AG:HJAIH8DJA99>;;:G;GDBI=DH::HI>B6I:H
,,+8/4-'4*:.+859:9
*;;:G>C<8DHIH6G:G:8DG9:9>CU/DI6A.ID8@=DA9:GHW FJ>INVDCI=:DCHDA>96I:96A6C8:.=::IH6H6G:9J8I>DCD;
699>I>DC6AE6>9
>C86E>I6A
!+-3+4: +658:/4-
/=:DBE6CNA:6H:H>IHEGDE:GI>:HEG>B6G>ANIDI=:0.+.6C9G:EDGIH>IH7JH>C:HH6H6H>C:; M:8JI>K:*;;>8:G>HI=:=>:;*E:G6I>C<:8>H>DC(6@:G*(	L=D6AAD86I:HG:HDJG8:H6C96HH:HH:H
;>C6C8>6AE:G;DGB6C8:/=:*(G:K>:LHC:I>C8DB:6C96HH:HH:HI=:E:G;DGB6C8:D;I=:DBE6CNH8JGG:CIEDGI;DA>DD;
EGDE:GI>:H EG>B6G>AN A:6H:9 ID I=: 0.+. 6C9 B6@:H DE:G6I>C< 9:8>H>DCH 688DG9>CC8DB: >H JH:9 7N I=: *( >C
6HH:HH>C<I=:DE:G6I>C<E:G;DGB6C8:D;I=:H:IDG7J9<:IK:GHJH68IJ6AG:HJAIH/=:B:6HJG:D;H:H G:EDGI:9 DC I=: DCHDA>96I:9 6A6C8: .=::IH 6H IDI6A 6HH:IH H 6 G:HJAI I=: DBE6CN 8DC9J8IH >IH 7JH>C:HH 6H 6 H>CC<H::HDCI=:8DCHDA>96I:9HI6I:B:CID;DE:G6I>DCH6G:H>;>86CIH6E6GID;=>HG:K>:L
6H I=: *( I=:  * 6AHD H:E6G6I:AN :M6B>C:H I=: :FJ>IN
76H:98DBE:CH6I>DC 8DBEDC:CI D; <:C:G6A 6C9 69B>C>HIG6I>K:
:ME:CH:HL=>8=>H6AHD8DCH>9:G:96H>;>86CIH:H>I>DCD;G:6A:HI6I:I=:EJG8=6H:EG>8:>H6AAD86I:976H:9JEDCI=:G:A6I>K:;6>GK6AJ:D;I=:6HH:IH
68FJ>G:96C9A>67>A>I>:H6HHJB:9/=:6AAD86I>DCD;I=:EJG8=6H:EG>8:IDI=:G:A6I>K:;6>GK6AJ:D;I=:I6C<>7A:6C9>CI6C<>7A:
6HH:IHD;6C68FJ>G:9EGDE:GIN>H9:G>K:97NK6AJ>C<I=:EGDE:GIN6H>;>IL:G:K686CIAAG:6A:HI6I:68FJ>H>I>DCH>CI=:E:G>D9H
EG:H:CI:9FJ6A>;>:96H6HH:I68FJ>H>I>DCH6C96HHJ8=68FJ>H>I>DC
G:A6I:9;::H6C968FJ>H>I>DC
G:A6I:9:ME:CH:HG:A6I:9IDI=:H:
6HH:I68FJ>H>I>DCH6G:86E>I6A>O:96HE6GID;I=:68FJ>H>I>DC
$CK:HIB:CIH>CG:6A:HI6I:<:C:G6AAN>C8AJ9:A6C97J>A9>CBEGDK:B:CIH6C9>9:CI>;>:9>CI6C<>7A:6HH:IHHJ8=
6H>C
EA68:A:6H:>CI6C<>7A:H6C967DK:DG7:ADL
B6G@:IA:6H:>CI6C<>7A:H>G:8I6C98:GI6>C>C9>G:8I8DHIH8A:6GAN6HHD8>6I:9
L>I=I=:9:K:ADEB:CI8DCHIGJ8I>DCA:6H>C<DG:ME6CH>DCD;G:6A:HI6I:6HH:IH6G:86E>I6A>O:96H68DHID;I=:EGDE:GIN-:E6>GH
6C9B6>CI:C6C8:8DHIH6G::ME:CH:96H>C8JGG:9
:EG:8>6I>DCDG6BDGI>O6I>DC:ME:CH:>H8DBEJI:9JH>C<I=:HIG6><=I
A>C:B:I=D976H:9JEDCI=:;DAADL>C<:HI>B6I:9
JH:;JAA>K:H
.51BC
J>A9>CBEGDK:B:CIH
ID
 FJ>EB:CI6C9;>MIJG:H
ID
/:C6CI>BEGDK:B:CIH
.=DGI:GD;JH:;JAA>;:DG6EEA>867A:A:6H:I:GB
$C
EA68:A:6H:K6AJ:
-:B6>C>C<CDC
86C8:AA67A:I:GBD;I=:>C
EA68:A:6H:
/=: 68FJ>G:9 67DK: DG 7:ADL
B6G@:I A:6H: >CI6C<>7A:H 6G: 6BDGI>O:9 ID U-:CI6A >C8DB:V DK:G I=: 6EEA>867A: A:6H:
I:GB>C8AJH>K:D;6CNDEI>DCE:G>D9H;DG7:ADL
B6G@:IA:6H:H
/67A:D;DCI:CIH
%$()!'!).)'*()#	
#$)()$$#($!)##!())"#)(
$#)#*
!


+,+88+*59:9
!>C6C8>C<8DHIHG:A6I:9IDI=:>HHJ6C8:D;I=:DBE6CNWHADC<
I:GB9:7I>C8AJ9>C<I=:I:GBAD6C;68>A>IN8DBEDC:CID;
I=:DBE6CNH:M>HI>C<8G:9>I;68>A>I>:HI=:UG:9>I!68>A>I>:HV	6G:9:;:GG:96C96BDGI>O:96H6C>C8G:6H:ID>CI:G:HI:ME:CH:
DK:G I=: I:GB D; I=: G:A6I:9 9:7I >CHIGJB:CI JH>C< I=: HIG6><=I
A>C: B:I=D9 L=>8= 6EEGDM>B6I:H I=: :;;:8I>K: >CI:G:HI G6I:
B:I=D96C96G:G:EDGI:96H6G:9J8I>DCD;I=:G:A6I:99:7I76A6C8:DCI=:DCHDA>96I:96A6C8:.=::IH:;:GG:9;>C6C8>C<
8DHIHG:A6I:9IDI=:G:KDAK>C<8G:9>I;68>A>IN8DBEDC:CII=:-:KDAK>C<G:9>I!68>A>IN	D;I=:G:9>I!68>A>I>:H6G:9:;:GG:96C9
6BDGI>O:9 6H 6C >C8G:6H: ID >CI:G:HI :ME:CH: DK:G I=: I:GBH D; I=: -:KDAK>C< G:9>I !68>A>IN 6C9 6G: >C8AJ9:9 >C U+G:E6>9
:ME:CH:H6C9DI=:G6HH:IHC:IVDCI=:DCHDA>96I:96A6C8:.=::IH
'9.'4*9)85=9'4* +9+8<+9
6H=>C8AJ9:HJCG:HIG>8I:986H=L>I=6B6IJG>IND;I=G::BDCI=HDGA:HH H8GDLH6C9G:H:GK:H8DCH>HID;G:HIG>8I:9
86H= /=:;DAADL>C<I67A:EGDK>9:H6G:8DC8>A>6I>DCD;86H=6C9:H8GDLH6C9G:H:GK:HG:EDGI:9L>I=>CI=:DCHDA>96I:96A6C8:
.=::IH6C9DCHDA>96I:9.I6I:B:CIHD;6H=!ADLH
C?6
535=25B



535=25B



9>D8?EC1>4C
6H=

 

 H8GDLH6C9G:H:GK:H
(6>CI:C6C8:G:H:GK:

 

-:6A:HI6I:I6MG:H:GK:

 

 .++G:H:GK:

 

/DI6A:H8GDLH6C9G:H:GK:H

 

6H=6C9:H8GDLH6C9G:H:GK:H

 

 +<+4;+ +)5-4/:/54
/=: DBE6CN =6H DE:G6I>C< A:6H: 6I= I:C6CIH HDB: D; L=>8= 8DCI6>C EGDK>H>DCH ;DG ;JIJG: G:CI6A
>C8G:6H:H-:CI6A>C8DB:>HG:8DO:9DC6HIG6><=I
A>C:76H>HDK:GI=:I:GBD;I=:A:6H:$C699>I>DC8:GI6>CA:6H:69:;DGG:>B7JGH:B:CIH;GDBI:C6CIH;DGG:6A:HI6I:I6M:H6C9DI=:GG:8DK:G67A:8DHIHL=>8=6G:G:8DG9:9DC6C688GJ6A
76H>H6HE6GID;U-:CI6A>C8DB:V>CI=:DCHDA>96I:9.I6I:B:CIHD;*E:G6I>DCH6C9DBEG:=:CH>K:$C8DB:/=:DBE6CNWH
9:I:GB>C6I>DC D; I=: EGD767>A>IN ID 8DAA:8I A:6H: E6NB:CIH >H >BE68I:9 7N CJB:GDJH ;68IDGH >C8AJ9>C< I=: DBE6CNH
6HH:HHB:CID;I=:I:C6CIWH8G:9>ILDGI=>C:HH:8DCDB>88DC9>I>DCH=>HIDG>86A:ME:G>:C8:L>I=I=:I:C6CI;JIJG:EGDHE:8IH;DGI=:
I:C6CI6C9I=:A:C;>:96HEGD767A:D;8DAA:8I>DC6G:HJ7H:FJ:CIANG:8A6HH>;>:96H
CDI EGD767A: 6CN DJIHI6C9>C< A:6H: G:8:>K67A:H >C8AJ9>C< HIG6><=I
A>C: G:CI G:8:>K67A:H	 LDJA9 7: LG>II:C
D;; L>I= 6
8DGG:HEDC9>C< 9:8G:6H: >C G:CI6A >C8DB: !DG 8:GI6>C A:6H:H L>I= A:6H: >C8:CI>K: 8DHIH HJ8= 8DHIH 6G: >C8AJ9:9 >C U+G:E6>9
:ME:CH:H6C9DI=:G6HH:IHC:IVDCI=:DCHDA>96I:96A6C8:.=::IH6C96BDGI>O:9DC6HIG6><=I
A>C:76H>HDK:GI=:G:HE:8I>K:
A:6H:I:GBH6H6G:9J8I>DCD;G:CI6AG:K:CJ:H
!::6C9DI=:GEG>B6G>AN8DCH>HIHD;>	EGDE:GINB6C6<:B:CI;::H>>	>C8DB:G:8DO:9;GDBEGDE:GI>:H688DJCI:9;DG
6H;>C6C8>C<A:6H:H6C9>>>	;::H:6GC:9;GDBEGDK>9>C<69K>HDGNH:GK>8:HIDI=>G9
E6GINDLC:GHD;EDHI6AEGDE:GI>:H
/=:B6C6<:B:CI;::H6G>H:;GDB8DCIG68IJ6A6I=:CI>I>:HI=6I6G:6;;>A>6I:9L>I=I=:DBE6CNWH *
(6C6<:B:CI;::>C8DB:>HG:8DO:96H:6GC:9JC9:GI=:G:HE:8I>K:6G:8I;>C6C8>C<A:6H:H>HG:8DO:9DK:GI=:A:6H:I:GBJH>C<I=::;;:8I>K:>CI:G:HIG6I:B:I=D9I
A:6H:>C8:EI>DCI=:DBE6CNG:8DG9H6C6HH:IL>I=>C$CK:HIB:CI>C;>C6C8>C<A:6H:HC:IDCI=:DCHDA>96I:96A6C8:.=::IH
L=>8= G:EG:H:CIH I=: DBE6CNWH C:I >CK:HIB:CI >C I=: 9>G:8I ;>C6C8>C< A:6H: /=>H >C>I>6A C:I >CK:HIB:CI >H 9:I:GB>C:9 7N
6<C<I=:IDI6A;JIJG:B>C>BJBA:6H:E6NB:CIH6IIG>7JI67A:IDI=:9>G:8I;>C6C8>C<A:6H:6C9I=::HI>B6I:9G:H>9J6AK6AJ:
D;I=:EGDE:GIN>;6CNA:HHJC:6GC:9>C8DB:*K:GI=:A:6H:I:GBI=:>CK:HIB:CI>CI=:9>G:8I;>C6C8>C<A:6H:>HG:9J8:96C9
>CI:G:HI>HG:8DO:96HG:K:CJ:>CU!::6C9DI=:GV>CI=:DCHDA>96I:9.I6I:B:CIHD;*E:G6I>DCH6C9DBEG:=:CH>K:$C8DB:
6C9EGD9J8:H68DCHI6CIE:G>D9>8G6I:D;G:IJGCDCI=:$CK:HIB:CI>C;>C6C8>C<A:6H:HC:I
/67A:D;DCI:CIH
%$()!'!).)'*()#	
#$)()$$#($!)##!())"#)(
$#)#*
!


-:K:CJ: ;GDB 69K>HDGN H:GK>8:H >H <:C:G6I:9 ;GDB H:GK>8: 8DCIG68IH <:C:G6AAN 76H:9 DC >	 I>B: 6C9 :ME:CH:
6GG6C<:B:CIH L=:G: I=: DBE6CN G:8DO:H G:K:CJ:H 76H:9 DC =DJGH >C8JGG:9 6C9 8DCIG68I:9 G6I:H	 >>	 ;>M:9
;::
6GG6C<:B:CIHL=:G:I=:DBE6CNG:8DO:HG:K:CJ:H:6GC:9ID96I:7N6EEAN>C<I=:EGDEDGI>DC6AE:G;DGB6C8:B:I=D9	DG
>>>	E:G;DGB6C8:
76H:9DG8DCI>C<:CI6GG6C<:B:CIHL=:G:I=:DBE6CNG:8DO:HG:K:CJ:H6I6ED>CI>CI>B:L=:CI=:8A>:CI
G:8:>K:H I=: 7:C:;>I D; I=: EGDB>H:9 H:GK>8:	 -:>B7JGH67A: :ME:CH:H ;DG I=: 69K>HDGN H:GK>8:H >C8AJ9>C< I=DH: G:A6I>C< ID
IG6K:ADJI
D;
ED8@:I:ME:CH:HDJIH>9:8DCHJAI6CIH6C9DI=:GDJIH>9:H:GK>8:8DHIH6G:<:C:G6AAN>C8AJ9:9>CG:K:CJ:H6C9>C
<:C:G6A6C969B>C>HIG6I>K::ME:CH:H>CI=:E:G>D9>CL=>8=I=::ME:CH:>H>C8JGG:9
;9/4+9953(/4':/54955*=/22'4*4:'4-/(2+99+:9
/=:DBE6CN688DJCIH;DG7JH>C:HH8DB7>C6I>DCHJH>C<I=:68FJ>H>I>DCB:I=D9L=>8=G:FJ>G:HI=:>9:CI>;>86I>DCD;
I=: 68FJ>G:G I=: 9:I:GB>C6I>DC D; I=: 68FJ>H>I>DC 96I: 6C9 I=: 6AAD86I>DC D; I=: EJG8=6H: EG>8: E6>9 7N I=: 68FJ>G:G ID I=:
>9:CI>;>67A:I6C<>7A:6C9>CI6C<>7A:6HH:IH68FJ>G:9I=:A>67>A>I>:H6HHJB:9>C8AJ9>C<6CN8DCI>C<:CI8DCH>9:G6I>DC6C96CNCDC
8DCIGDAA>C<>CI:G:HI>CI=:68FJ>G::6II=:>G68FJ>H>I>DC96I:;6>GK6AJ:H"DD9L>AAG:EG:H:CIHI=::M8:HHD;I=:EJG8=6H:EG>8:DK:G
I=: ;6>G K6AJ: D; C:I 6HH:IH 68FJ>G:9 >C8AJ9>C< I=: 6BDJCI 6HH>9:CI>;>67A: >CI6C<>7A: 6HH:IH $CI6C<>7A: 6HH:IH B6N
>C8AJ9:8JHIDB:GG:A6I>DCH=>EHIG69:B6G@H6C968FJ>G:9HD;IL6G:$9:CI>;>67A:>CI6C<>7A:6HH:IHL>I=;>C>I:A>K:H6G:6BDGI>O:9
DK:GI=:>G:ME:8I:9JH:;JAA>K:H8FJ>H>I>DC
G:A6I:98DHIH6G::ME:CH:9>CI=:E:G>D9H>CL=>8=I=:8DHIH6G:>C8JGG:9/=:
G:HJAIH D; DE:G6I>DCH D; 68FJ>G:9 7JH>C:HH:H 6G: >C8AJ9:9 >C I=: DBE6CNWH DCHDA>96I:9 !>C6C8>6A .I6I:B:CIH ;GDB I=:
68FJ>H>I>DC96I:
/=:DBE6CN:K6AJ6I:HAA;DG>BE6>GB:CI6IA:6HI6CCJ6AANDG6H8>G8JBHI6C8:HL6GG6CI"DD9L>AA>H:K6AJ6I:96I
I=: G:EDGI>C< JC>I A:K:A 7N 8DBE6G>C< I=: ;6>G K6AJ: D; I=: G:EDGI>C< JC>I L>I= >IH 86GGN>C< 6BDJCI >C8AJ9>C< AA C
>BE6>GB:CID;AA:M>HIH>;I=:86GGN>C<6BDJCID;I=:G:EDGI>C<JC>I:M8::9H>IH;6>GK6AJ:/=:>BE6>GB:CIADHH>HI=:
6BDJCI7NL=>8=I=:86GGN>C<6BDJCI:M8::9HI=:G:EDGI>C<JC>IWH;6>GK6AJ:A>B>I:9IDI=:IDI6A6BDJCID;AA6AAD86I:9
IDI=6IG:EDGI>C<JC>I
$CI6C<>7A:6HH:IHL>I=;>C>I:A>K:H6G:6BDGI>O:9DK:GI=:>G:HI>B6I:9JH:;JAA>K:H6C9G:K>:L:9;DG>BE6>GB:CIL=:C:K:G
:K:CIHDG8=6C<:H>C8>G8JBHI6C8:H>C9>86I:I=6II=:86GGN>C<6BDJCID;6C6HH:IB6NCDI7:G:8DK:G67A:$;6C>BE6>GB:CI
>C9>86IDG>HEG:H:CII=:DBE6CN:K6AJ6I:HG:8DK:G67>A>IND;6HH:IHID7:=:A96C9JH:97N68DBE6G>HDCD;I=:86GGN>C<K6AJ:
D;I=:6HH:IHL>I=;JIJG:JC9>H8DJCI:9C:I86H=;ADLH:ME:8I:9ID7:<:C:G6I:97NI=:6HH:IH/=:DBE6CN8=I=:G:6G:>9:CI>;>67A:86H=;ADLHI=6I6G:A6G<:AN>C9:E:C9:CID;I=:86H=;ADLH<:C:G6I:97NDI=:G6HH:I
H8DJCI:9;JIJG:86H=;ADLH>HA:HHI=6CI=:86GGN>C<6BDJCID;I=:6HH:IAA :HI>B6I: I=: ;6>G K6AJ: D; I=: 6HH:I C: I=: 6BDJCI D; 6C >BE6>GB:CI ADHH I=6I H=DJA9 7:
G:8DO:9
4)53+"'>+9
H6- $/I=:DBE6CN>H<:C:G6AANCDIHJ7?:8IID;:9:G6A8DGEDG6I:>C8DB:I6MDCI=:C:I>C8DB:ADHH	I=6II=:
DBE6CN9>HIG>7JI:HID>IHH=6G:=DA9:GH/=:*E:G6I>C<+6GIC:GH=>EL=>8==DA9HI=:DBE6CNHEGDE:GI>:H>H6E6GIC:GH=>E;DG
0.;:9:G6A>C8DB:I6MEJGEDH:H6C9>HCDIHJ7?:8IID0.;:9:G6A>C8DB:I6M:H6HI=:G:K:CJ:H6C9:ME:CH:HE6HHI=GDJ<=ID
I=:G:HE:8I>K:DLC:GHL=:G:I=:N6G:I6M:9/=:HI6I:H6C98>I>:H>CL=>8=I=:*E:G6I>C<+6GIC:GH=>EDE:G6I:H<:C:G6AAN;DAADLH
I=:0.;:9:G6A>C8DB:I6MIG:6IB:CI
K6AJ6I>DC6AADL6C8:>H:HI67A>H=:9;DG9:;:GG:9I6M6HH:IHL=:CB6C6<:B:CI6CI>8>E6I:HI=6I>I>HBDG:A>@:ANI=6C
CDII=6I6AADG6EDGI>DCD;I=:H:6HH:IHLDJA9CDI7:G:6A>O:9$C9:I:GB>C>C<L=:I=:G6K6AJ6I>DC6AADL6C8:>HL6GG6CI:96AA
EDH>I>K: 6C9 C:<6I>K: :K>9:C8: 6C9 6AA HDJG8:H D; I6M67A: >C8DB: HJ8= 6H EG>DG :6GC>CHIDGN :ME:8I:9 ;JIJG: :6GC>CD9H6C9I6MHIG6I:<>:H6G:8DCH>9:G:9ID:HI>B6I:>;HJ;;>8>:CI;JIJG:I6M67A:>C8DB:L>AA7:
<:C:G6I:9IDG:6A>O:I=:9:;:GG:9I6M6HH:I/=:6HH:HHB:CID;I=:69:FJ68ND;6K6AJ6I>DC6AADL6C8:>H76H:9DC:HI>B6I:HD;
I6M67A:>C8DB:7N?JG>H9>8I>DC6C9I=:E:G>D9DK:GL=>8=9:;:GG:9I6M6HH:IHL>AA7:G:8DK:G67A:
/=:I6M:;;:8IHD;JC8:GI6>CI6MEDH>I>DCHI6@:CDG:ME:8I:9ID7:I6@:C>C>C8DB:I6MG:IJGCH6G:G:8DO:9DCAN>;
I=:N6G:UBDG:A>@:AN
I=6C
CDIVID7:HJHI6>C:9DC:M6B>C6I>DC7NI=:I6M>C<6JI=DG>I>:H76H:9DCI=:I:8=C>86AB:G>IH6HD;I=:
G:EDGI>C<96I:/=:I6M7:C:;>IHG:8DO:9>CI=:;>C6C8>6AHI6I:B:CIH;GDBHJ8=EDH>I>DCH6G:B:6HJG:976H:9DCI=:A6G<:HI
7:C:;>II=6I=6H6;INE:G8:CIA>@:A>=DD9D;7:>C<G:6A>O:9JEDCJAI>B6I:H:IIA:B:CI/=:DBE6CNG:8DO:H
:HI>B6I:9688GJ:9>CI:G:HI6C9E:C6AI>:HG:A6I:9IDJC8:GI6>CI6MEDH>I>DCH>C>C8DB:I6M:ME:CH:
/67A:D;DCI:CIH
%$()!'!).)'*()#	
#$)()$$#($!)##!())"#)(
$#)#*
!


'/8$'2;++'9;8+3+4:9
/=:;DAADL>C<9>H8ADHJG:D;:HI>B6I:9;6>GK6AJ:L6H9:I:GB>C:97NB6C6<:B:CIJH>C<6K6>A67A:B6G@:I>C;DGB6I>DC
6C96EEGDEG>6I:K6AJ6I>DCB:I=D9DAD<>:H#DL:K:G8DCH>9:G67A:?J9HC:8:HH6GNID>CI:GEG:IB6G@:I96I66C99:K:ADE
:HI>B6I:9;6>GK6AJ:88DG9>CB6I:HEG:H:CI:9=:G:>C6G:CDIC:8:HH6G>AN>C9>86I>K:D;I=:6BDJCIHI=:DBE6CN
8DJA9=6K:G:6A>O:9DC9>HEDH>I>DCD;I=:6HH:IH6C9A>67>A>I>:H6HD;:8:B7:G6C9/=:JH:D;9>;;:G:CIB6G@:I
6HHJBEI>DCH6C9DG:HI>B6I>DCB:I=D9DAD<>:HB6N=6K:6B6I:G>6A:;;:8IDCI=::HI>B6I:9;6>GK6AJ:6BDJCIH6H=:H8GDLH
6C9G:H:GK:HG:8:>K67A:HEG:E6>9:ME:CH:H6C9DI=:G6HH:IH:M8AJ9>C<9:G>K6I>K:H	688DJCIHE6N67A:6C9688GJ:9:ME:CH:H6G:
86GG>:9 6I 6BDJCIH L=>8= G:6HDC67AN 6EEGDM>B6I: I=:>G ;6>G K6AJ:H 6H D; :8:B7:G   6C9  9J: ID I=:>G H=DGI
B6IJG>I>:H
/=: ;6>G K6AJ: D; I=: DBE6CNWH 7DGGDL>CIH G:9>I !68>A>I>:H 6EEGDM>B6I:H 86GGN>C< K6AJ: 7:86JH: HJ8=
7DGGDL>C67A:B6G@:IG6I:L=>8=G:EG>8:H;G:FJ:CIAN/=:;6>GK6AJ:L6H9:I:GB>C:9JH>C<I=:9?JHI:9
/:GB.*!-6H9:;>C:97:ADL	6HD;:8:B7:G6C9:8:B7:GEAJH6C6EEA>867A:HEG:69JC9:GI=:G:9>I
!68>A>I>:H6':K:A8A6HH>;>86I>DC>CI=:;6>GK6AJ:=>:G6G8=N/=:;6>GK6AJ:D;I=:DBE6CNWHH:8JG:97DGGDL>CB6I:ANB>AA>DC6C9B>AA>DC6H8DBE6G:9IDI=:EG>C8>E6A76A6C8:D;B>AA>DC6C9B>AA>DC6HD;
:8:B7:G6C9G:HE:8I>K:AN/=:;6>GK6AJ:D;I=:DBE6CNWHH:8JG:97DGGDL>CO:96H6':K:A
;6>GK6AJ::HI>B6I:6HEGDK>9:97N.!6>G16AJ:(:6HJG:B:CIH6C9>H8ADHJG:H	6C9L6H9:I:GB>C:97N9>H8DJCI>C<
I=:;JIJG:8DCIG68IJ6A>CI:G:HI6C9EG>C8>E6AE6NB:CIH7N6B6G@:IG6I:
/=:DBE6CNH9:G>K6I>K:6HH:IH6C9A>67>A>I>:H8DBEG>H:9D;>CI:G:HIG6I:HL6E9:G>K6I>K:>CHIGJB:CIH:CI:G:9>CID>C
8DCC:8I>DCL>I=I=:G:9>I!68>A>I>:H6G:G:8DG9:96I;6>GK6AJ:76H:9DC6K6G>:IND;D7H:GK67A:>CEJIH>C8AJ9>C<8DCIG68IJ6A
I:GBH >CI:G:HI G6I: 8JGK:H N>:A9 8JGK:H B:6HJG: D; KDA6I>A>IN 6C9 8DGG:A6I>DCH D; HJ8= >CEJIH /=: DBE6CN B:6HJG:H >IH
9:G>K6I>K:H6I;6>GK6AJ:DC6G:8JGG>C<76H>H76H:9DCI=::ME:8I:96BDJCID;;JIJG:86H=;ADLHDC69>H8DJCI:976H>H6C9
>C8DGEDG6I>C< 6 B:6HJG: D; CDC
E:G;DGB6C8: G>H@ /=: ;6>G K6AJ: D; I=: DBE6CNH 9:G>K6I>K: 6HH:IH 6C9 A>67>A>I>:H L6H
86I:O:9 6H 6 ':K:A  ;6>G K6AJ: :HI>B6I: 6H EGDK>9:9 7N .  !6>G 16AJ: (:6HJG:B:CIH 6C9 >H8ADHJG:H	 /=:
DBE6CN8DCH>9:GH>IHDLC8G:9>IG>H@6HL:AA6HI=:8G:9>IG>H@D;>IH8DJCI:GE6GI>:HL=:C:K6AJ6I>C<I=:;6>GK6AJ:D;>IH
9:G>K6I>K: 6HH:IH 6C9 A>67>A>I>:H H D; :8:B7:G   6C9  I=: ;6>G K6AJ: D; I=: DBE6CNWH >CI:G:HI G6I: HL6E
9:G>K6I>K:6HH:IHL6H6EEGDM>B6I:ANB>AA>DC6C9B>AA>DCG:HE:8I>K:AN>C8AJ9:9>CU+G:E6>9:ME:CH:H6C9DI=:G6HH:IH
C:IVDCI=:DCHDA>96I:96A6C8:.=::IHHD;:8:B7:G6C9I=:;6>GK6AJ:D;I=:DBE6CNH>CI:G:HIG6I:
HL6E 9:G>K6I>K: A>67>A>I>:H L6H 6EEGDM>B6I:AN  B>AA>DC 6C9  B>AA>DC G:HE:8I>K:AN  >C8AJ9:9 >C 88DJCIH E6N67A:
688GJ:9:ME:CH:H6C9DI=:GC:IDCI=:DCHDA>96I:96A6C8:.=::IH
>H8ADHJG:H67DJI;6>GK6AJ:D;6HH:IH6C9A>67>A>I>:H6G:76H:9DCE:GI>C:CI>C;DGB6I>DC6K6>A67A:IDB6C6<:B:CI6HD;
:8:B7:G6C9AI=DJ<=B6C6<:B:CI>HCDI6L6G:D;6CN;68IDGHI=6ILDJA9H>;>86CIAN6;;:8II=:;6>GK6AJ:
6BDJCIHHJ8=6BDJCIH=6K:CDI7::C8DBEG:=:CH>K:ANG:K6AJ:9;DGEJGEDH:HD;I=:H:;>C6C8>6AHI6I:B:CIHH>C8::8:B7:G
6C98JGG:CI:HI>B6I:HD;;6>GK6AJ:B6N9>;;:GH>;>86CIAN;GDBI=:6BDJCIHEG:H:CI:9=:G:>C
+8/<':/<+49:8;3+4:9'4*+*-/4-):/I= .  :G>K6I>K:H 6C9 #:9<>C< I=: DBE6CN G:8DG9H 6AA 9:G>K6I>K: >CHIGJB:CIH DC I=:
DCHDA>96I:96A6C8:.=::IH6I;6>GK6AJ:/=:688DJCI>C<;DG8=6C<:H>CI=:;6>GK6AJ:D;9:G>K6I>K:H9:E:C9HDCI=:>CI:C9:9
JH:D;I=:9:G>K6I>K:L=:I=:GI=:DBE6CN=6H:A:8I:9ID9:H>K6I>K:>C6=:9<>C<G:A6I>DCH=>E6C96EEAN=:9<:
688DJCI>C<6C9L=:I=:GI=:=:9<>C<G:A6I>DCH=>E=6HH6I>H;>:9I=:8G>I:G>6C:8:HH6GNID6EEAN=:9<:688DJCI>C<:G>K6I>K:H
9:H>;N>C<6H6=:9<:D;I=::MEDHJG:IDK6G>67>A>IN>C:ME:8I:9;JIJG:86H=;ADLH6G:8DCH>9:G:986H=;ADL
=:9<:H #:9<: 688DJCI>C< <:C:G6AAN EGDK>9:H ;DG I=: B6I8=>C< D; I=: I>B>C< D; <6>C DG ADHH G:8DI>DC DC I=: =:9<>C<
>CHIGJB:CIL>I=I=:G:8DI>DCD;I=:8=6C<:H>CI=:;6>GK6AJ:D;I=:=:9<:96HH:IDGA>67>A>INI=6I6G:6IIG>7JI67A:IDI=:=:9<:9
G>H@>C6;6>GK6AJ:=:9<:DGI=::6GC>CDCH>C686H=;ADL=:9<:/=:DBE6CNB6N
:CI:G>CID9:G>K6I>K:8DCIG68IHI=6I6G:>CI:C9:9ID:8DCDB>86AAN=:9<:8:GI6>CD;>IHG>H@H:K:CI=DJ<==:9<:688DJCI>C<9D:H
CDI6EEANDGI=:DBE6CN:A:8IHCDIID6EEAN=:9<:688DJCI>C<.::)DI::G>K6I>K:H6C9#:9<>C<8I>K>I>:H;DG;JGI=:G
9:I6>AH
/67A:D;DCI:CIH
%$()!'!).)'*()#	
#$)()$$#($!)##!())"#)(
$#)#*
!


99+:9+2*,58!'2+
/=:DBE6CNB6NH:AAEGDE:GI>:H;GDBI>B:IDI>B:;DGK6G>DJHG:6HDCH>C8AJ9>C<I=::M:G8>H:D;EJG8=6H:DEI>DCH7N
DJG I:C6CIH /=: DBE6CN 8A6HH>;>:H ADC<
A>K:9 6HH:IH 6H =:A9 ;DG H6A: DC8: 8:GI6>C 8G>I:G>6 =6K: 7::C B:I /=: DBE6CN
8A6HH>;>:H6G:6A:HI6I:EGDE:GINDGEDGI;DA>D6H=:A9;DGH6A:L=:C>	B6C6<:B:CI=6H6EEGDK:9I=:9>HEDH6A>>	I=:EGDE:GIN
>H6K6>A67A:;DGH6A:>C>IHEG:H:CI8DC9>I>DC>>>	6C68I>K:EGDC>I>6I:9>K	>I>HEGD767A:I=6I
I=:EGDE:GINL>AA7:9>HEDH:9D;L>I=>CDC:N:6GK	I=:EGDE:GIN>H7:>C<B6G@:I:96I6G:6HDC67A:EG>8:G:A6I>K:ID>IH8JGG:CI
;6>GK6AJ:6C9K>	>I>HJCA>@:ANI=6II=:9>HEDH6AEA6CL>AAH>;>86CIAN8=6C<:DG7:L>I=9G6LC!DAADL>C<I=:8A6HH>;>86I>DCD;
6EGDE:GIN6HU=:A9;DGH6A:VCD;JGI=:G9:EG:8>6I>DCDG6BDGI>O6I>DC>HG:8DG9:9DCI=:6HH:IH6C9I=:6HH:IH6G:G:8DG9:96II=:
ADL:G D; 86GGN>C< K6AJ: DG ;6>G B6G@:I K6AJ: A:HH 8DHI ID H:AA /=:G: L:G: CD EGDE:GI>:H 8A6HH>;>:9 6H =:A9 ;DG H6A: 6H D;
:8:B7:G6C9
36'/83+4:5,54-/<+*99+:9
/=: 86GGN>C< K6AJ: D; G:6A :HI6I: >CK:HIB:CIH 6C9 G:A6I:9 >CI6C<>7A: 6HH:IH 6G: G:K>:L:9 ;DG >BE6>GB:CI L=:C:K:G
:K:CIHDG8=6C<:H>C8>G8JBHI6C8:H>C9>86I:I=6II=:86GGN>C<6BDJCIB6NCDI7:G:8DK:G67A:C>BE6>GB:CI:M>HIHL=:CI=:
86GGN>C< 6BDJCI D; 6C 6HH:I :M8::9H I=: 6<8>E6I:9 =DA9>C< E:G>D9 DC 6C
JC9>H8DJCI:976H>HC>BE6>GB:CIADHH>HB:6HJG:976H:9DCI=::M8:HHD;I=:6HH:IWH86GGN>C<6BDJCIDK:G>IH:HI>B6I:9;6>G
K6AJ:$BE6>GB:CI6C6ANH:HL>AA7:76H:9DC8JGG:CIEA6CH>CI:C9:9=DA9>C<E:G>D9H6C96K6>A67A:B6G@:I>C;DGB6I>DC6II=:
I>B:I=:6C6ANH:H6G:EG:E6G:9$;:HI>B6I:HD;I=:EGD?:8I:9;JIJG:86H=;ADLH6CI>8>E6I:9=DA9>C<E:G>D9HDGB6G@:I8DC9>I>DCH
8=6C<: I=: :K6AJ6I>DC D; >BE6>GB:CI ADHH:H B6N 7: 9>;;:G:CI 6C9 HJ8= 9>;;:G:C8:H B6N 7: B6I:G>6A /=: :K6AJ6I>DC D;
6CI>8>E6I:986H=;ADLH>HHJ7?:8I>K:6C9>H76H:9>CE6GIDC6HHJBEI>DCHG:<6G9>C<;JIJG:D88JE6C8NG:CI6AG6I:H6C986E>I6A
G:FJ>G:B:CIHI=6I8DJA99>;;:GB6I:G>6AAN;GDB68IJ6AG:HJAIH
JG>C<I=:N:6G:C9:9:8:B7:G76H:9JEDC6C688JBJA6I>DCD;8DHIH>C:M8:HHD;L=6IL6HDG><>C6AAN
:ME:8I:9 I=: DBE6CN 6HH:HH:9 I=: G:8DK:G67>A>IN D; I=: 86GGN>C< 6BDJCI D; >IH G:6A :HI6I: 6C9 G:A6I:9 >CI6C<>7A:H /=:
6HH:HHB:CIG:HJAI:9>CI=:G:B:6HJG:B:CID;DC:EGDE:GINL=>8=L6HLG>II:C9DLCID>IH:HI>B6I:9;6>GK6AJ:6C9L6H8A6HH>;>:9
6H':K:A>CI=:;6>GK6AJ:=>:G6G8=N/=:DBE6CNH:HI>B6I:D;I=:;6>GK6AJ:L6H76H:9DC69>H8DJCI:986H=;ADL6C6ANH>H
/=: DBE6CN JH:9 ILD H>;>86CI JCD7H:GK67A: >CEJIH L=>8= L6H I=: 86H= ;ADL 9>H8DJCI G6I: 	 6C9 I=: I:GB>C6A
86E>I6A>O6I>DCG6I:	/=:G:B:6HJG:B:CIG:HJAI:9>C6C>BE6>GB:CIADHHD;B>AA>DCL=>8=>H>C8AJ9:9>C6HJ6AIN
6C9 >BE6>GB:CI ADHH C:I >C I=: DBE6CNH DCHDA>96I:9 .I6I:B:CIH D; *E:G6I>DCH 6C9 DBEG:=:CH>K: $C8DB:  )D
>BE6>GB:CIL6HG:8DG9:99JG>C<I=:N:6G:C9:9:8:B7:G
54)+4:8':/545,8+*/: /919
HD;:8:B7:GI=:DBE6CNWHEGDE:GI>:HL:G:A:6H:9EG>B6G>ANID6H>CB6I:AND;I=:DBE6CNHIDI6AG:CI6A>C8DB:DGB>AA>DCL6H8DC8:CIG6I:9>C
+:CCHNAK6C>6!DGI=:N:6G:C9:9:8:B7:G6EEGDM>B6I:AND;I=:DBE6CNHIDI6AG:CI6A>C8DB:DG
B>AA>DC L6H 8DC8:CIG6I:9 >C +:CCHNAK6C>6 /=: 67>A>IN D; I=: 0.+. ID =DCDG I=: I:GBH D; >IH A:6H:H >H 9:E:C9:CI JEDC
G:8:CK>GDCB:CI6ADG8DBE:I>I>K:8DC9>I>DCH>C+:CCHNAK6C>6DGDI=:GG:<>DCHL=:G:I=:DBE6CNDE:G6I:H
>C6C98DJA9=6K:6B6I:G>6A:;;:8IDCI=:DBE6CNWHDK:G6AA7JH>C:HHG:HJAIH
/=:DBE6CN=6H9:EDH>I:986H=6C9B6>CI6>CH>IH76C@9:EDH>IHL>I=A6G<:;>C6C8>6A>CHI>IJI>DCH>C6BDJCIHI=6I;GDB
I>B:IDI>B::M8::9;:9:G6AAN>CHJG:9A>B>IH/=:DBE6CN=6HCDI:ME:G>:C8:96CNADHH:H>CHJ8=688DJCIH
54)54:8522/4-4:+8+9:9
)DC
8DCIGDAA>C<>CI:G:HIH>CI=:DBE6CNG:EG:H:CI*+0C>IH=:A97NI=:DBE6CNWHEG>DG>CK:HIDGH6C98:GI6>CH:AA:GH
D;EGDE:GI>:HIDI=:DBE6CN6C9ADC<I:GB>C8:CI>K:JC>IHD;I=:*E:G6I>C<+6GIC:GH=>E'/$+0C>IH	=:A97NI=:DBE6CNWH
 *6C98:GI6>CDI=:G:BEADN::H6C9I=:DBE6CNHD6G9D;>G:8IDGH.::)DI:.ID8@=DA9:GHW FJ>IN;DG;JGI=:G9:I6>AH
7;/:?'9+*536+49':/54
/=:DBE6CN688DJCIH;DG:FJ>IN
76H:98DBE:CH6I>DC>C688DG96C8:L>I=./DE>8DBE:CH6I>DCS.ID8@
DBE:CH6I>DC L=>8= G:FJ>G:H I=: DBE6CN ID G:8DO: 6C :ME:CH: ;DG I=: G K6AJ: D; :FJ>IN
76H:9 6L6G9H
/67A:D;DCI:CIH
%$()!'!).)'*()#	
#$)()$$#($!)##!())"#)(
$#)#*
!


 FJ>IN
8A6HH>;>:9HID8@6L6G9H8:8DC9>I>DC6C9DG6B6G@:I8DC9>I>DC
6G:B:6HJG:96I;6>GK6AJ:6I96I:D;GK6AJ:DCANJEDC6BD9>;>86I>DCD;I=:6L6G9/=:DBE6CN
G:8DG9H;DG;:>IJG:H6H6G:9J8I>DCD;:FJ>IN
76H:98DBE:CH6I>DC:ME:CH:6HHJ8=;DG;:>IJG:HD88JG
/=: DBE6CN G:8DO:H 8DBE:CH6I>DC :ME:CH: DC 6 HIG6><=I
A>C: 76H>H DK:G I=: G:FJ>H>I: H:GK>8: E:G>D9 D; :68=
6L6G9L>I=I=:6BDJCID;8DBE:CH6I>DC:ME:CH:G:8DO:96II=::C9D;6G:EDGI>C<E:G>D96IA:6HI:FJ6AIDI=:EDGI>DCD;;6>G
K6AJ:D;I=:G:HE:8I>K:6L6G96I;>86I>DC96I:6H6EEA>867A:I=6I=6HK:HI:9I=GDJ<=I=6I96I:!DG6L6G9H
L>I=6B6G@:I8DC9>I>DC8DBE:CH6I>DC8DHI>HCDIG:K:GH:9>;6B6G@:I8DC9>I>DC>HCDIB:IHDADC<6HI=:G:FJ>H>I:H:GK>8:=6H
7::CG:C9:G:96H6B6G@:I8DC9>I>DC9D:HCDIG:EG:H:CI6K:HI>C<8DC9>I>DC
.::)DI:.ID8@=DA9:GHW FJ>IN;DG;JGI=:G9:I6>AH
49;8'4)+))5;4:/4-
/=:DBE6CN86GG>:HA>67>A>IN>CHJG6C8:IDB>I><6I:>IH:MEDHJG:ID8:GI6>CADHH:H>C8AJ9>C<I=DH:G:A6I>C<IDEGDE:GIN
96B6<:6C97JH>C:HH>CI:GGJEI>DC/=:DBE6CNG:8DG9HI=::HI>B6I:96BDJCID;:ME:8I:9>CHJG6C8:EGD8::9H;DGEGDE:GIN
96B6<:6C9DI=:GADHH:H>C8JGG:96H6C6HH:IINE>86AAN6G:8:>K67A:;GDBI=:>CHJG:G	6C9>C8DB:JEIDI=:6BDJCID;I=:ADHH:H
>C8JGG:9 L=:C I=: 6BDJCI >H 9:I:GB>C67A: 6C9 6EEGDK:9 7N I=: >CHJG6C8: 8DBE6CN CN 6BDJCI D; >CHJG6C8: G:8DK:GN >C
:M8:HHD;I=:6BDJCID;I=:ADHH:H>C8JGG:9>H8DCH>9:G:96<6>C8DCI>C<:C8N6C9>HCDIG:8DG9:9>CDI=:G>C8DB:JCI>AI=:
6BDJCI>H9:I:GB>C67A:6C96EEGDK:97NI=:>CHJG6C8:8DBE6CN$CHJG6C8:G:8DK:G>:H;DG7JH>C:HH>CI:GGJEI>DC;DGADHIG:K:CJ:
DGEGD;>I6G:688DJCI:9;DG6H<6>C8DCI>C<:C8>:H>CI=:>G:CI>G:IN6C9I=:G:;DG:6G:CDIG:8DG9:9>C>C8DB:JCI>AI=:6BDJCI>H
9:I:GB>C67A:6C96EEGDK:97NI=:>CHJG6C8:8DBE6CN
'84/4-9+8!.'8+
/=:DBE6CN86A8JA6I:H:6GC>C<=I:96K:G6<:H=6G:HDJIHI6C9>C<A:HH>HHJ:9
6C9DJIHI6C9>C<CDC
K:HI:9H=6G:HD;A6HH8DBBDCHID8@HD;:8:B7:G6C9I=:DBE6CN=69JCK:HI:9
G:HIG>8I:9H=6G:HD;A6HH8DBBDCHID8@'/$+0C>IH6C98:GI6>CG:HIG>8I:9HID8@JC>IHU-.0H	L=>8=EGDK>9:;DGCDC
;DG;:>I67A: G><=IH ID 9>K>9:C9 6C9 9>K>9:C9
:FJ>K6A:CI E6NB:CIH 88DG9>C8I:9 H=6G:H D; A6HH 
8DBBDCHID8@'/$+0C>IH6C9-.0H6G:8DCH>9:G:9E6GI>8>E6I>C<H:8JG>I>:H6C96G:>C8AJ9:9>CI=:8DBEJI6I>DCD;76H>86C9
9>AJI:9  +. EJGHJ6CI ID I=: ILD
8A6HH B:I=D9 >AJI:9  +. >H 86A8JA6I:9 6;I:G <>K>C< :;;:8I ID 6AA EDI:CI>6A 9>AJI>K: H=6G:H
DJIHI6C9>C<9JG>C<I=:E:G>D9.::)DI: 6GC>CAH
'535>D33?E>D9>7(D1>41B4C
$C)DK:B7:GI=:!>C6C8>6A88DJCI>C<.I6C96G9HD6G9>HHJ:9.0
.:C</DE>8H	
$BEGDK:B:CIHID-:EDGI67A:.:H8ADHJG:HU.0
V	.0
>BEGDK:H8JGG:CIH:H8ADHJG:H6C9
G:FJ>G:H699>I>DC6A9>H8ADHJG:HD;H:H>DCHD;.0
6HD;:8:B7:G
L=>8=9>9CDIB6I:G>6AAN>BE68II=:DBE6CNWH8DCHDA>96I:9;>C6C8>6AHI6I:B:CIH6C9I=:G:FJ>G:9H:H8ADHJG:H
6G:>C8AJ9:967DK:
$C)DK:B7:GI=:!.>HHJ:9.0
$C8DB:.I6I:B:CI
-:EDGI>C<DBEG:=:CH>K:$C8DB:
 ME:CH:
>H6<DC>H8ADHJG:H.J7IDE>8
	>H6<DCD;$C8DB:.I6I:B:CI ME:CH:HU.0
V	/=:
6B:C9B:CIH>C.0
6EEANID6AAEJ7A>87JH>C:HH:CI>I>:H6C9G:FJ>G:9>H8ADHJG:D;HE:8>;>:9>C;DGB6I>DC67DJI8:GI6>C
8DHIH6C9:ME:CH:H.0
>H:;;:8I>K:;DG6CCJ6AG:EDGI>C<E:G>D9H7:<>CC>C<6;I:G:8:B7:G6C9>CI:G>B
E:G>D9HL>I=>C;>H86AN:6GH7:<>CC>C<6;I:G:8:B7:GL>I=:6GAN69DEI>DCE:GB>II:92:6G:8JGG:CIAN:K6AJ6I>C<I=:
EDI:CI>6A>BE68ID;69DEI>C<.0

#?D5	'51<CD1D5)B1>C13D9?>C
/=:;DAADL>C<I67A:HHJBB6G>O:HI=:DBE6CNWH68FJ>H>I>DCH;DGI=:N:6GH:C9:9:8:B7:G6C9/=:
EJG8=6H: EG>8:H >C8AJ9>C< IG6CH68I>DC 8DHIH L:G: 6AAD86I:9 ID I=: H:E6G6I:AN >9:CI>;>67A: I6C<>7A: 6C9 >CI6C<>7A: 6HH:IH 6C9
/67A:D;DCI:CIH
%$()!'!).)'*()#	
#$)()$$#($!)##!())"#)(
$#)#*
!


A>67>A>I>:H76H:9DCI=:>GG:A6I>K:;6>GK6AJ:H6II=:96I:D;68FJ>H>I>DC/=:IDI6AEJG8=6H:EG>8:>C8AJ9>C<IG6CH68I>DC8DHIHL6H
6AAD86I:96H;DAADLH>CI=DJH6C9H:M8:EI;DGI=:CJB7:GD;EGDE:GI>:H	
)8B55"?>D8C>454
#E=25B?6
%B?@5BD95C
!1>4
E9<49>71>4
=@B?F5=5>DC
)5>1>D
=@B?F5=5>DC
>@<135
<51C5
9>D1>792<5C
2?F5
=1B;5D
<51C5C
5D8C>454
#E=25B?6
%B?@5BD95C
!1>4
E9<49>71>4
=@B?F5=5>DC
)5>1>D
=@B?F5=5>DC
>@<135
<51C5
9>D1>792<5C
2?F5
=1B;5D
<51C5C
562'4':58?5:+9
 ;09B12@.;6;A.;46/9296./696AF?29.A21A<B;3.CB6@6A6<;<3
=?<=2?A62@6;C.?6B6@6A6<; <3  =?<=2?A62@ 6; C.?6B6?213?<:.?29.A21=.?AF
(22$B6@6A6<; <3  =?<=2?A62@ 6; C.?6B6@6A6<; <3  =?<=2?A62@ 6; C.?6B6@6A6<;<3=?<=2?A62@6;C.?6B6@6A6<; <3  =?<=2?A62@ 6; C.?6B6@6A6<; <3  =?<=2?A62@ 6; C.?6B6@6A6<; <3  =?<=2?A62@ 6; C.?6B.?A2?6;09B12@@2C2?.99.;1=.?029@A5.AA52<:=.;F
.0>B6?213C<I=:N:6G:C9:9:8:B7:GI=:DBE6CNHDA9ILDG:6A:HI6I:EGDE:GI>:H;DGC:IEGD8::9HD;B>AA>DC
6C9G:8DG9:96C:I<6>CD;B>AA>DC
'9;'2:?599
JG>C<I=:N:6G:C9:9:8:B7:GI=:DBE6CNG:8DG9:9686HJ6AINADHHD;B>AA>DCG:;A:8I>C<I=:C:I7DD@
K6AJ:D;HJ8=6HH:I96B6<:96H6G:HJAID;K6C96A>HB>C8AJ9:9L>I=>C6HJ6AIN6C9>BE6>GB:CIADHH:HC:I>CI=:DCHDA>96I:9
.I6I:B:CID;*E:G6I>DCH6C9DBEG:=:CH>K:$C8DB:/=:DBE6CN:ME:8IH>CHJG6C8:EGD8::9HID8DK:GHJ7HI6CI>6AAN6AAD;HJ8=
ADHHHJ7?:8IID6EEA>867A:9:9J8I>7A:H
/=:DBE6CN=6H8DBEG:=:CH>K:6AAG>H@EGDE:GIN>CHJG6C8:8DK:G6<:DC>IHEGDE:GINHJ7?:8IIDI=:86HJ6AINADHH>C8AJ9>C<
;DG7JH>C:HH>CI:GGJEI>DCL>I=6B>AA>DCA>B>ID;A>67>A>INHJ7?:8IID8DC9>I>DCH:M8AJH>DCH9:9J8I>7A:H6C9HJ7
A>B>IH
/DI=::MI:CI>CHJG6C8:EGD8::9HJAI>B6I:AN:M8::9I=:9>;;:G:C8:7:IL::CG:EA68:B:CI8DHI6C9C:I7DD@K6AJ:D;I=:
96B6<:9 6HH:IH 6C9 6CN G:A6I:9 :ME:CH:H >C8JGG:9 I=: :M8:HH L>AA 7: G:;A:8I:9 6H >C8DB: >C I=: E:G>D9 I=DH: 6BDJCIH 6G:
9:I:GB>C67A:6C96EEGDK:97NI=:>CHJG6C8:8DBE6CN
)D9:I:GB>C6I>DC=6H7::CB69:6HIDI=:IDI6A6BDJCID;I>B>C<D;>CHJG6C8:E6NB:CIHI=6IB6N7:G:8:>K:96H6G:HJAID;
I=::K:CI
/67A:D;DCI:CIH
%$()!'!).)'*()#	
#$)()$$#($!)##!())"#)(
$#)#*
!


#?D5	>D1>792<5CC5DC1>4!9129<9D95C
/=:;DAADL>C<I67A:HJBB6G>O:HI=:DBE6CNH>CI6C<>7A:6HH:IH6C9A>67>A>I>:H
C?6
B?CCCC5D
!9129<9DI
33E=E<1D54
=?BD9J1D9?>
#5D
1BBI9>7
=?E>D
535=25B


9>D8?EC1>4C
$C
EA68:A:6H:>CI6C<>7A:H

 
	 

7DK:
B6G@:IA:6H:H

 
	 

:ADL
B6G@:IA:6H:H

	 
 
	
535=25B


$C
EA68:A:6H:>CI6C<>7A:H

 
	 

7DK:
B6G@:IA:6H:H

 
	 

:ADL
B6G@:IA:6H:H

	 
 
	
BDGI>O6I>DCD;>C
EA68:A:6H:>CI6C<>7A:HL6HB>AA>DC6C9B>AA>DC;DGI=:N:6GH:C9:9:8:B7:G
6C9G:HE:8I>K:AN/=>H6BDGI>O6I>DC>H>C8AJ9:9>CU:EG:8>6I>DC6C96BDGI>O6I>DCV>CI=:DCHDA>96I:9.I6I:B:CIHD;
*E:G6I>DCH6C9DBEG:=:CH>K:$C8DB:
BDGI>O6I>DCD;68FJ>G:967DK:B6G@:IA:6H:HL6HB>AA>DC6C9B>AA>DC;DGI=:N:6GH:C9:9:8:B7:G
 6C9  G:HE:8I>K:AN 6C9 >H >C8AJ9:9 >C U-:CI6A >C8DB:V >C I=: DCHDA>96I:9 .I6I:B:CIH D; *E:G6I>DCH 6C9
DBEG:=:CH>K:$C8DB:BDGI>O6I>DCD;68FJ>G:97:ADLB6G@:IA:6H:HL6HB>AA>DC6C9B>AA>DC;DGI=:N:6GH:C9:9
:8:B7:G6C9G:HE:8I>K:AN6C9>H>C8AJ9:9>CU-:CI6A>C8DB:V>CI=:DCHDA>96I:9.I6I:B:CIHD;*E:G6I>DCH
6C9DBEG:=:CH>K:$C8DB:
H D; :8:B7:G   I=: L:><=I:9 6K:G6<: 6BDGI>O6I>DC E:G>D9 ;DG I=: DBE6CNWH >CI6C<>7A: 6HH:IH L6H
6EEGDM>B6I:ANN:6GHN:6GH6C9N:6GH;DG>C
EA68:A:6H:>CI6C<>7A:H67DK:
B6G@:IA:6H:H6C97:ADL
B6G@:IA:6H:H
G:HE:8I>K:AN
!JIJG:6BDGI>O6I>DC688G:I>DCD;I=:H:>CI6C<>7A:H>H7:ADL>CI=DJH6C9H	
.51B>49>7535=25B
>@<135<51C5
9>D1>792<5C
2?F5=1B;5D
<51C5C
5C< I67A: HJBB6G>O:H I=: DBE6CNWH >C9:7I:9C:HH 6H D; :8:B7:G   6C9 :8:B7:G  
9DAA6GH>CI=DJH6C9H	
$EDCD1>49>7
1<1>351C?6
535=25B



$EDCD1>49>7
1<1>351C?6
535=25B



>D5B5CD'1D51D
535=25B



"1DEB9DI1D5
'5F?7B549D139<9DI
-:KDAK>C<G:9>I!68>A>IN

 

.*!-7EH	
%6CJ6GN


)5B=!?1>

 

.*!-7EH	
%6CJ6GN



)5B=!?1>

 

.*!-7EH	
!:7GJ6GN
(53EB54?BB?G9>7C
1>H>DC6C@	

 


.:EI:B7:G
!>GHI*@A6=DB66C@	

 


:8:B7:G
1>H>DC6C@S	

 


.:EI:B7:G
.:AA:G!>C6C8>C<	

 


%6CJ6GN
$"	

 


%6CJ6GN
.:AA:G!>C6C8>C<
	

 
T

.:EI:B7:G
/DI6A+G>C8>E6A

 

0C6BDGI>O:99:;:GG:9;>C6C8>C<8DHIH

	 
	
0C6BDGI>O:99:7I9>H8DJCI

	 
T
/DI6A:7I

 

>62'4':58?5:+9
 %; B4B@A  

 A52 <:=.;F 5.1 2;A2?21 6;A< A52 ?216A .0696A62@ D5605 6;6A6.99F 6;09B121 A52 
 :6996<;
'2C<9C6;4?216A.0696AF.;1A52
:6996<;

)2?:"<.;
%;#.F


A52<:=.;F.:2;121A52?216A
.0696A62@A526?@A:2;1:2;AA<.:<;4B.9A<B2;A36C2	F2.?=2?6<1A52?2.3A2?D6A5=?6;06=.9.;1
6;A2?2@A=.F:2;A@A<A52?.A2/.@21<;A5236C2	F2.?D2289F.C2?.42F6291<;*;6A21(A.A2@)?2.@B?F@20B?6A62@.17B@A21A<.
0<;@A.;A:.AB?6AF<336C2F2.?@.@:.12.C.69./92A<A52<.?1<3B2;A36C2	F2.?=2?6<1A52?2.3A2?D6A5=?6;06=.9.;16;A2?2@A=.F:2;A@A<A52?.A2/.@21<;A526C2	
-2.?)?2.@B?F'.A2=9B@.:.?46;<3
D6A5.:6;6:B:.;;B.9?.A2<3

 ;0<;;20A6<;D6A5A52.0>B6@6A6<;<3.=?<=2?AFA52<:=.;FB6?6;436C2.;;B.9=.F:2;A@<3=?6;06=.9.;16;A2?2@A<3
:6996<;D6A5A5236?@A6;@A.99:2;A
1B2<; .;B.?F


/.@21<;.
6;A2?2@A?.A2=2?.;;B:A5?B6@6A6<;<3AD<=?<=2?A62@A52<:=.;F<=I:9 6K:G6<: B6IJG>IN 96I: ;DG I=: DBE6CNH >C9:7I:9C:HH 6H D; :8:B7:G   6C9  L6H
6EEGDM>B6I:ANN:6GH6C9N:6GHG:HE:8I>K:AN
6H= E6>9 ;DG >CI:G:HI 9JG>C< I=: N:6GH :C9:9 :8:B7:G   6C9  L6H  B>AA>DC 6C9  B>AA>DC
G:HE:8I>K:AN
/67A:D;DCI:CIH
%$()!'!).)'*()#	
#$)()$$#($!)##!())"#)(
$#)#*
!


/=:H8=:9JA:9EG>C8>E6AG:E6NB:CIHD;>C9:7I:9C:HH6HD;:8:B7:G6G:6H;DAADLH>CI=DJH6C9H	
.51B>49>7535=25B
=?E>D















/=:G:6;I:G


/DI6A


#?D5	5B9F1D9F5C1>45479>73D9F9D95C
HD;:8:B7:GI=:DBE6CN=69C>C:>CI:G:HIG6I:HL6EHL>I=6IDI6ACDI>DC6A6BDJCID;B>AA>DC
I=6I6G:JH:9IDB6C6<:>IH>CI:G:HIG6I:G>H@6C9;>MI=:.*!-8DBEDC:CIDCI=:I:GBAD6CHD;I=:G:9>I!68>A>I>:H
#?D9?>1<=?E>D/4:.5;9'4*9
9H54'1D5
6653D9F51D5
"1DEB9DI1D5


(6N
%6CJ6GN


(6N
!:7GJ6GN


(6N
!:7GJ6GN


%JAN
!:7GJ6GN


:8:B7:G
!:7GJ6GN


%JAN
%6CJ6GN


.:EI:B7:G
!:7GJ6GN


*8ID7:G
!:7GJ6GN


)DK:B7:G
!:7GJ6GN
>62'4':58?5:+

'23920A@A52.99	6;23320A6C26;A2?2@A?.A23K:H>CJH>C<I=:>CI:G:HIG6I:9:G>K6I>K:H6G:ID699HI67>A>INID>CI:G:HI:ME:CH:6C9IDB6C6<:
>IH:MEDHJG:ID>CI:G:HIG6I:BDK:B:CIH/D688DBEA>H=I=:H:D7?:8I>K:HI=:DBE6CNJH:HI=:>CI:G:HIG6I:HL6EH6HE6GID;>IH
>CI:G:HI G6I: G>H@ B6C6<:B:CI HIG6I:CI:G:HI G6I: HL6EH 6G: 9:H>I= 6CN <6>C DG ADHH
G:8DG9:9>CU88JBJA6I:9DI=:G8DBEG:=:CH>K:>C8DB:VDCI=:DCHDA>96I:96A6C8:.=::IH6C9HJ7H:FJ:CIANG:8A6HH>;>:9>CID
>CI:G:HI:ME:CH:6H>CI:G:HIE6NB:CIH6G:B69:DCI=:G:9>I!68>A>I>:HJG>C<I=:C:MIIL:AK:BDCI=HI=:DBE6CN:HI>B6I:H
I=6I6C699>I>DC6AB>AA>DCL>AA7:G:8A6HH>;>:9;GDBU88JBJA6I:9DI=:G8DBEG:=:CH>K:>C8DB:V6H69:8G:6H:ID>CI:G:HI
:ME:CH:
/=:DBE6CN9D:HCDIJH:9:G>K6I>K:H;DGIG69>C<DGHE:8JA6I>K:EJGEDH:H6C98JGG:CIAN9D:HCDI=6K:6CN9:G>K6I>K:H
I=6I6G:CDI9:H>CI:G:HIG6I:HL6E9:G>K6I>K:>CHIGJB:CIH>CI=:DCHDA>96I:9
.I6I:B:CIHD;*E:G6I>DCH6C9DBEG:=:CH>K:$C8DB:;DGI=:N:6GH:C9:9:8:B7:G6C9>CI=DJH6C9H	
/67A:D;DCI:CIH
%$()!'!).)'*()#	
#$)()$$#($!)##!())"#)(
$#)#*
!


.51BC>454535=25B
5B9F1D9F5C9>1C87'5<1D9?>C89@C>D5B5CD'1D5
(G1@C






BDJCI D; <6>C G:8DO:9 DC 9:G>K6I>K: >C 88JBJA6I:9 DI=:G
8DBEG:=:CH>K:>C8DB:

 

BDJCI D; >C8DB: ADHH	 G:8A6HH>;>:9 ;GDB 88JBJA6I:9 DI=:G
8DBEG:=:CH>K:>C8DB:>CID>CI:G:HI:ME:CH:

 
	
$CI:G:HI:ME:CH:C:IEG:H:CI:9>CI=:DCHDA>96I:9.I6I:B:CIHD;*E:G6I>DCH6C9DBEG:=:CH>K:$C8DB:>CL=>8=
I=::;;:8IHD;86H=;ADL=:9<:H6G:G:8DG9:9IDI6A:9B>AA>DC6C9B>AA>DC;DGI=:N:6GH:C9:9:8:B7:G
6C9G:HE:8I>K:AN
HD;:8:B7:GI=:DBE6CN6AHD=699:G>K6I>K:H>C6C:IA>67>A>INEDH>I>DC6C99>9CDIEDHI6CN8DAA6I:G6A
G:A6I:9IDI=:H:6H>DCH6HD;:8:B7:G>I8DJA9=6K:7::C
G:FJ>G:9IDH:IIA:>IHD7A><6I>DCHJC9:GI=:6CI:G:HIG6I:HL6E>C6C:IA>67>A>INEDH>I>DC;DG6EEGDM>B6I:AN
B>AA>DCL=>8=>H6II=:>GI:GB>C6I>DCK6AJ:
#?D5	!51C5C
+9958))5;4:/4-
HD;:8:B7:GI=:DBE6CNHEGDE:GI>:HL:G:A:6H:9EG>B6G>ANIDI=:0.+.L>I=A:6H:H:ME>G>C<6IK6G>DJH
96I:HI=GDJ<=!:7GJ6GN:GI6>CA:6H:H=69:ME>G:96C9L:G:>C=DA9DK:GHI6IJH6HD;:8:B7:G6H9>H8JHH:9
7:ADL:GI6>CA:6H:H8DCI6>CG:C:L6AI:GB>C6I>DC6C9DGEJG8=6H:DEI>DCH:M:G8>H67A:6II=:A:HH::WH:A:8I>DC/=:G:;DG:HJ8=
DEI>DCH6G:DCANG:8DO:9DC8:I=:N6G:9::B:9G:6HDC67AN8:GI6>CINE>86AAN6II=:I>B:I=:DEI>DC>H:M:G8>H:9AAD;I=:
DBE6CNWHA:6H:H6G:DE:G6I>C<A:6H:HL>I=I=::M8:EI>DCD;ILDI=6I6G:9>G:8I;>C6C8>C<A:6H:H/=:DBE6CNHDE:G6I>C<
A:6H:H6C99>G:8I;>C6C8>C<A:6H:H6G:9:H8G>7:97:ADL
-:CI6A>C8DB:G:A6I:9IDI=:DBE6CNWHA:6H:H>HG:8DO:9DC6HIG6><=I
A>C:76H>HDK:GI=:G:B6>C>C<A:6H:I:GB
/=: DBE6CNWH IDI6A G:K:CJ: >C8AJ9:H ;>M:9 76H: G:CI6A E6NB:CIH EGDK>9:9 JC9:G I=: A:6H: 6C9 K6G>67A: E6NB:CIH L=>8=
EG>C8>E6AAN8DCH>HID;I:C6CI:ME:CH:G:>B7JGH:B:CIH;DG8:GI6>CEGDE:GINDE:G6I>C<:ME:CH:H>C8AJ9>C<G:6A:HI6I:I6M:H/=:
DBE6CN:A:8I:9I=:EG68I>86A:ME:9>:CIID688DJCI;DG>IHA:6H:6C9CDC
A:6H:8DBEDC:CIH6H6H>CC:9DE:G6I>C<A:6H:
8DBEDC:CIJC9:G/DE>8H6G:HJAIG:CI6A>C8DB:6C9I:C6CIG:>B7JGH:B:CIHL:G:6<CID6H>CC:L>I=>C
G:CI6A>C8DB:>CI=:DCHDA>96I:9.I6I:B:CIHD;*E:G6I>DCH6C9DBEG:=:CH>K:$C8DB:
/=: ;DAADL>C< I67A: G:EG:H:CIH G:CI6A G:K:CJ: I=6I I=: DBE6CN G:8DO:9 G:A6I:9 ID >IH DE:G6I>C< A:6H:H >C
I=DJH6C9H	
.51BC>454535=25B






!>M:9E6NB:CIH

 

16G>67A:E6NB:CIH

 


 

/67A:D;DCI:CIH
%$()!'!).)'*()#	
#$)()$$#($!)##!())"#)(
$#)#*
!


!JIJG:B>C>BJBA:6H:E6NB:CIHID7:G:8:>K:96HD;:8:B7:GJC9:GCDC
86C8:AA67A:DE:G6I>C<A:6H:H;DG
I=:C:MI;>K:N:6GH6C9I=:G:6;I:G6G:6H;DAADLH>CI=DJH6C9H		
.51B>49>7535=25B
=?E>D
	














/=:G:6;I:G


/DI6A


>62'4':58?5:+9
 )52./C<A:6H:H;DGD;I=:DBE6CNWHEGDE:GI>:HEGDK>9:9I=:0.+.L>I=I=:DEI>DCID
EJG8=6H:I=:JC9:GAN>C<EGDE:GIN:>I=:G6I;6>GB6G@:IK6AJ:DG6I;>M:9EG>8:H>C:68=86H:6HD;96I:HH:I;DGI=>CI=:A:6H:
6:H=696C6<C<K6AJ:D;6EEGDM>B6I:ANB>AA>DC
L>I=6C6<DCEG>8:D;6EEGDM>B6I:ANB>AA>DC6C9I=:G:B6>C>C<;DJGEGDE:GI>:H=696C6<C<K6AJ:D;6EEGDM>B6I:ANB>AA>DCL>I=EJG8=6H:DEI>DCH:M:G8>H67A:6I;6>GB6G@:IK6AJ:
4<+9:3+4:/4/4'4)/4-+'9+9+:
HD;:8:B7:G6C9;>C6C8>C<A:6H:H;DGILDD;I=:DBE6CNWHEGDE:GI>:HEGDK>9:I=:0.+.L>I=I=:
DEI>DCIDEJG8=6H:I=:JC9:GAN>C<EGDE:GIN6I;>M:9EG>8:H6HD;96I:HH:I;DGI=>CI=:A:6H:6CK:HIB:CI >C ;>C6C8>C< A:6H:H 6H D; :8:B7:G   6C9  6G: HJBB6G>O:9 >C I=: I67A: 7:ADL >C
I=DJH6C9H	
C?6535=25B






/DI6AB>C>BJBA:6H:E6NB:CIG:8:>K67A:

 

':HHJC:6GC:9>C8DB:

	
	
$CK:HIB:CI>C;>C6C8>C<A:6H:HC:I

 

/67A:D;DCI:CIH
%$()!'!).)'*()#	
#$)()$$#($!)##!())"#)(
$#)#*
!


-:K:CJ::6GC:9JC9:G9>G:8I;>C6C8>C<A:6H:H;DGI=:N:6GH:C9:9:8:B7:G6C9L:G:B>AA>DC6C9
 B>AA>DC G:HE:8I>K:AN L=>8= >H G:8DG9:9 >C !:: 6C9 DI=:G >C I=: DCHDA>96I:9 .I6I:B:CIH D; *E:G6I>DCH 6C9
DBEG:=:CH>K:$C8DB:
!JIJG:A:6H:E6NB:CIHID7:G:8:>K:9JC9:GI=:DBE6CNWH9>G:8I;>C6C8>C<A:6H:H6HD;:8:B7:G;DGI=:
C:MI;>K:N:6GH6C9I=:G:6;I:G6G:6H;DAADLH>CI=DJH6C9H	
.51B>49>7535=25B
=?E>D















/=:G:6;I:G


/DI6A


+99++))5;4:/4-
H6A:HH::I=:DBE6CN=6H8:A:6H:HL=>8=L:G:8A6HH>;>:96HDE:G6I>C<A:6H:HHD;:8:B7:G
I=:H:A:6H:H=69G:B6>C>C<I:GBH>C8AJ9>C<G:C:L6ADEI>DCHD;N:6GHIDN:6GH6C96L:><=I:96K:G6<:G:B6>C>C<
A:6H:I:GBD;N:6GH*E:G6I>C<G><=ID;JH:-*0	6HH:IH6C9A:6H:A>67>A>I>:H6G:>C8AJ9:9>CU+G:E6>9:ME:CH:H6C9DI=:G
6HH:IH C:IV 6C9 U88DJCIH E6N67A: 688GJ:9 :ME:CH:H 6C9 DI=:G C:IV DC I=: DCHDA>96I:9 6A6C8: .=::IH 6H ;DAADLH >C
I=DJH6C9H	
C?6
535=25B



C?6
535=25B



-*06HH:ISDE:G6I>C<A:6H:H

 

':6H:A>67>A>INSDE:G6I>C<A:6H:H

 

/=:9>;;:G:C8:7:IL::CI=:G:8DG9:9-*06HH:IH6C9A:6H:A>67>A>I>:H>HB6>CAN9J:IDI=:G:8A6HH>;>86I>DCD;I=:7:ADL
B6G@:ICI6C<>7A:6HH:IL=>8=L6H>C8AJ9:9L>I=>CI=:-*06HH:IHG:8DO:9JEDCIG6CH>I>DC
*E:G6I>C<A:6H:6HH:IH6C9A>67>A>I>:H6G:B:6HJG:96II=:8DBB:C8:B:CI96I:76H:9DCI=:EG:H:CIK6AJ:D;;JIJG:
A:6H:E6NB:CIHHBDHID;I=:DBE6CNWHA:6H:H9DCDIEGDK>9:6C>BEA>8>IG6I:I=:DBE6CNJH:H>IH>C8G:B:CI6A7DGGDL>C<
G6I:76H:9DCI=:>C;DGB6I>DC6K6>A67A:6II=:8DBB:C8:B:CI96I:>C9:I:GB>C>C<I=:EG:H:CIK6AJ:D;;JIJG:E6NB:CIH/=:
DBE6CNJH:969>H8DJCIG6I:G6C<>C<;GDBID76H:9DCI=:N>:A9D;>IH8JGG:CI7DGGDL>CC9:I:GB>C>C<>IH
A:6H:A>67>A>I>:H
':6H::ME:CH:;DGB>C>BJBA:6H:E6NB:CIH>HG:8DO:9DC6HIG6><=I
A>C:76H>HDK:GI=:A:6H:I:GB/=:A:6H:I:GBH
B6N>C8AJ9:DEI>DCHID:MI:C9DGI:GB>C6I:I=:A:6H:>;>I>HG:6HDC67AN8:GI6>CI=6II=:DBE6CNL>AA:M:G8>H:I=6IDEI>DC
*E:G6I>C< A:6H: :ME:CH: ;DG I=: N:6GH :C9:9 :8:B7:G   6C9  L:G:  B>AA>DC 6C9  B>AA>DC
G:HE:8I>K:AN.::)DI:-:A6I:9+6GIN/G6CH68I>DCH;DGBDG:9:I6>AH
/67A:D;DCI:CIH
%$()!'!).)'*()#	
#$)()$$#($!)##!())"#)(
$#)#*
!


!JIJG:B>C>BJBA:6H:E6NB:CIHID7:E6>97NI=:DBE6CN6H6A:HH::;DGDE:G6I>C<A:6H:H6HD;:8:B7:G
;DGI=:C:MI;>K:N:6GH6C9I=:G:6;I:G6G:6H;DAADLH>CI=DJH6C9H	















/=:G:6;I:G


/DI6A;JIJG:B>C>BJBA:6H:E6NB:CIH


$CI:G:HI9>H8DJCI

	
/DI6A


#?D5	>3?=5)1H5C
" !
$C 8DCC:8I>DC L>I= I=: $+* I=: DBE6CN 6C9 -  ?D>CIAN :A:8I:9 ID IG:6I -  6H 6 /-. -  E:G;DGBH
B6C6<:B:CIH:GK>8:H>C8AJ9>C<;DGEGDE:GI>:HI=:DBE6CN9D:HCDIDLC6C969K>HDGNH:GK>8:HIDI=>G9
E6GINDLC:GHD;EDHI6A
EGDE:GI>:H- <:C:G6I:H>C8DB:G:HJAI>C<>C;:9:G6A6C9HI6I:8DGEDG6I:>C8DB:I6MA>67>A>IN;DG- !DGI=:N:6GH:C9:9
:8:B7:G6C9>C8DB:I6M:ME:CH:6C9>C8DB:I6M7:C:;>IG:A6I:9ID- L6HB>AA>DC6C9B>AA>DC
G:HE:8I>K:AN
:.+8
$C8DCC:8I>DCL>I=I=:$+*I=:>C9>G:8IHDA:H=6G:=DA9:GD;0C>I:9+DHI6A#DA9>CDCD;I=:
DBE6CNHEG:9:8:HHDG6B7JGH:I=:DBE6CN;DGJCG:8DO:9I6M7:C:;>IHEG>B6G>ANG:A6I:9IDI=:JI>A>O6I>DCD;
8:GI6>CADHH86GGN;DGL6G9H6I0+#/=:DBE6CNG:8DG9:96C>C9:BC>;>86I>DC6HH:I>CI=:H6B:6BDJCI6HI=:JCG:8DO:9I6M
7:C:;>IH/=:>C9>G:8IHDA:H=6G:=DA9:GD;0+#L>AA7:G:HEDCH>7A:;DG6AAI6MG:A6I:9B6II:GHG:A6I:9ID0+#
 JG>C< I=: N:6G :C9:9 :8:B7:G   I=: DBE6CN G:K:GH:9  B>AA>DC D; JCG:8DO:9 I6M 7:C:;>IH
>C8AJH>K: D; >CI:G:HI 6C9 E:C6AI>:H 9J: ID I=: :ME>G6I>DC D; HI6IJI: D; A>B>I6I>DCH L>I= 6C D;;H:II>C< 69?JHIB:CI ID I=:
>C9:BC>;>86I>DC6HH:I
G:8DC8>A>6I>DCD;I=:7:<>CC>C<6C9:C9>C<6BDJCIHD;JCG:8DO:9I6M7:C:;>IH>H6H;DAADLH>CI=DJH6C9H	
?BD85.51BC
>454?B
D85.51B
>454
535=25B



"GDHHJCG:8DO:9I6M7:C:;>IH7:<>CC>C<D;N:6G


-:9J8I>DCHIDJCG:8DO:9I6M7:C:;>IH6H6G:HJAID;6A6EH:D;I=:6EEA>867A:HI6IJI:D;
A>B>I6I>DCH

	
)?D1<

T
/=:DBE6CN6C9- 6G:HJ7?:8IID:M6B>C6I>DCH7N;:9:G6A6C9HI6I:6C9AD86AI6M6JI=DG>I>:H7:<>CC>C<L>I=I=:
I6MN:6G:C9:9:8:B7:G0+#L6HHJ7?:8IID:M6B>C6I>DCH7N;:9:G6AI6M6JI=DG>I>:H;DGI6MN:6GHI=GDJ<=

6H=E6>9;DGI6M:H;DG:68=D;I=:N:6GH:C9:9:8:B7:G6C9L6HB>AA>DC6C9B>AA>DC
G:HE:8I>K:AN
/67A:D;DCI:CIH
%$()!'!).)'*()#	
#$)()$$#($!)##!())"#)(
$#)#*
!


#?D5	'5<1D54%1BDI)B1>C13D9?>C
"1>175=5>D55>3?=5
- G:8DO:9B6C6<:B:CI;::>C8DB:D;B>AA>DC6C9B>AA>DC;DGI=:N:6GH:C9:9:8:B7:G
6C9G:HE:8I>K:AN;GDBK6G>DJHE6GI>:HL=>8=L:G:6;;>A>6I:9L>I=I=:DBE6CNH */=:H:6BDJCIH6G:>C8AJ9:9>C
U!:: 6C9 DI=:GV >C I=: DCHDA>96I:9 .I6I:B:CIH D; *E:G6I>DCH 6C9 DBEG:=:CH>K: $C8DB: 88GJ:9 B6C6<:B:CI ;::H
G:8:>K67A:D;B>AA>DC6C9B>AA>DC6HD;:8:B7:G6C9G:HE:8I>K:AN6G:>C8AJ9:9>CU-:CI6C9DI=:G
G:8:>K67A:HVDCI=:DCHDA>96I:96A6C8:.=::IH
'5<1D54%1BDI!51C5
$C8DCC:8I>DCL>I=I=:DBE6CNH$+*6C9I=:G:A6I:9;DGB6I>DCIG6CH68I>DCHI=:DBE6CN:CI:G:9>CID6A:6H:;DG
D;;>8:HE68:>C:96G=JGHI):L4DG@L>I=6C:CI>IN6;;>A>6I:9L>I=I=:DBE6CNWH *I=:U*;;>8:':6H:V	+JGHJ6CIIDI=:
*;;>8:':6H:I=:BDCI=ANG:CI>HHJ7?:8IID:H86A6I>DCH/=:I:GBD;I=:*;;>8:':6H:>H;>K:N:6GH8DBB:C8>C<DC(6N
6C9:ME>G:9DC(6N$C(6NI=:*;;>8:':6H:L6H:MI:C9:9IDI=::8:B7:G6II=:H6B:
G:CI6AG6I:-:CI6A:ME:CH:H6HHD8>6I:9L>I=I=:*;;>8:':6H:;DGI=:N:6GH:C9:9:8:B7:G6C9L:G:
B>AA>DC 6C9  B>AA>DC G:HE:8I>K:AN 6C9 L6H G:8DG9:9 >C U":C:G6A 6C9 69B>C>HIG6I>K: :ME:CH:HV >C I=: DCHDA>96I:9
.I6I:B:CIHD;*E:G6I>DCH6C9DBEG:=:CH>K:$C8DB:/=:DBE6CN9:I:GB>C:9I=>H*;;>8:':6H:L6H6CDE:G6I>C<A:6H:!DG
;JGI=:G9:I6>AHH::)DI:':6H:H
$C :8:B7:G  I=: DBE6CN :CI:G:9 >CID 6 C:L A:6H: L>I= I=: DBE6CNH  * I=:  *;;>8: ':6H:	
+JGHJ6CIIDI=:*;;>8:':6H:I=:BDCI=ANG:CI>HHJ7?:8IID:H86A6I>DCH/=:I:GBD;I=:*;;>8:':6H:>H;>K:
N:6GH8DBB:C8>C<DC%6CJ6GN6C9L>AA:ME>G:DC:8:B7:G
'978D?69BCD$665B)B1>C13D9?>C
$C8DCC:8I>DCL>I=I=:DBE6CNH$+*6C9I=:G:A6I:9;DGB6I>DCIG6CH68I>DCHI=:DBE6CN:CI:G:9>CID6-><=ID;
!>GHI*;;:GI=8:GI6>CB:B7:GHD;I=:;6B>ANI=:U-:A6I:9+6GINV	D;C9G:L.ED9:@
I=:DBE6CNWH *+JGHJ6CIIDI=:-*!*<=ID;;>GHID;;:GID68FJ>G:;GDBI=:-:A6I:9
+6GINEGDE:GI>:HI=6I6G:8JGG:CIANB6C6<:97NI=:DBE6CN*C(6NI=:DBE6CN68FJ>G:9;GDBI=:-:A6I:9
+6GIN6EDGI;DA>DD;EGDE:GI>:H8JGG:CIANA:6H:9IDI=:0.+.;DG6EEGDM>B6I:ANB>AA>DC>C86H=:M8AJ9>C<8ADH>C<8DHIH
/=:IG6CH68I>DCL6H6EEGDK:97N6HE:8>6A8DBB>II::D;I=:DBE6CNWHD6G9D;>G:8IDGH8DCH>HI>C<D;;DJG>C9:E:C9:CI
9>G:8IDGH/=:DBE6CN=6H6G:B6>C>C<G><=ID;;>GHID;;:GIDEJG8=6H:D;I=:B6C6<:9EGDE:GI>:H
E1B1>D55C
H9>H8ADH:967DK:>C)DI::7I(G.ED9:@E:GHDC6AANDCD;DGI=::CI>G:6BDJCIDJIHI6C9>C<
JC9:G I=: DBE6CNH AD6CH L>I= !>GHI *@A6=DB6 6C@ 6C9 1>H>DC 6C@ IDI6A>C<  B>AA>DC 6C9  B>AA>DC 6H D;
:8:B7:G6C9:8:B7:GG:HE:8I>K:ANH6CI:G:HIHL>I=G:HE:8IIDI=:6BDJCID;
9:7I=:>HC<6C9I=:I:GBHD;6CNG:E6NB:CIDG9:;6JAI	B6NCDI6A>I=I=:DBE6CNH>CI:G:HIH6C98DJA9G:HJAI
>C68DC;A>8ID;>CI:G:HI
#?D5	1B>9>7C%5B(81B5
 +.>H86A8JA6I:97N9>K>9>C<C:I>C8DB:6IIG>7JI67A:ID8DBBDCHID8@=DA9:GH7NI=:L:><=I:96K:G6<:CJB7:GD;
H=6G:HDJIHI6C9>C<;DGI=:E:G>D9
/=:;DAADL>C<I67A:EG:H:CIH6G:8DC8>A>6I>DCD;>C8DB:;GDBDE:G6I>DCHJH:9>CI=:76H>86C99>AJI:9 +.86A8JA6I>DCH
9DAA6GH>CI=DJH6C9H:M8:EIH=6G:6C9E:GH=6G:96I6	
/67A:D;DCI:CIH
%$()!'!).)'*()#	
#$)()$$#($!)##!())"#)(
$#)#*
!


?BD85.51BC>454
535=25B






#E=5B1D?B6?B51B>9>7C@5BC81B5K21C931>449C8DB:6IIG>7JI67A:ID8DBBDCHID8@=DA9:GH

 

':HH$C8DB:6IIG>7JI67A:IDE6GI>8>E6I>C<H:8JG>I>:H

	 
	
)JB:G6IDG;DG:6GC>C86C99>AJI:9

 

5>?=9>1D?B6?B51B>9>7C@5BC81B5K21C931>4494499>7C@5BC81B5

 

>62'4':58?5:+
 69BA21 &( ?23920A@ A52 =B6AF;02;A6C2&9.;A52I&9.;J
(22$B6AF
)5223320A<3@B05@5.?2@.;1'(*@DCIDH:E6G6I:DE:CB6G@:IH6A:6IH6II=:B6G@:ID;;:G>C<
EGDI= :68= D; %:;;:G>:H '' (* 6E>I6A (6G@:IH DGE %6CC:N (DCI;:A )>8DA6JH 
DBE6CN$C8DGEDG6I:96C9/GJ>HI.:8JG>I>:H$C86H6<:CIHI=:/(+GD8=I=:DBE6CNB6ND;;:G
6C9H:AA;GDBI>B:IDI>B:H=6G:HD;>IHA6HH8DBBDCHID8@=6K>C<6C6<8:D;JEIDB>AA>DC/=:
69:I=6II=:DBE6CNB6N:CI:G>CIDDC:DGBDG:;DGL6G9H6A:6GB6I>DCH 6C9 G:A6I:9 HJEEA:B:CI6A 8DC;>GB6I>DCH L>I= 6;;>A>6I:H D; 8:GI6>C 6<:CIH *C JC8G:6H:I=:6<C<6BDJCIJC9:GI=:EGDAA>DCIDJEID
B>AA>DC*C)DK:B7:GI=:DBE6CN:CI:G:9>CIDH:E6G6I:DE:CB6G@:IH6A:6I=:68=D;(>OJ=D.:8JG>I>:H0.''U(>OJ=DV	6C9(/.:8JG>I>:H$C8U(/V	6H699>I>DC6AH6A:H6<:CIH(>OJ=D
(6G@:IHB:G>86H''6H699>I>DC6A;DGL6G9EJG8=6H:G6C9(>OJ=D6H699>I>DC6A;DGL6G9H:AA:G>C>IH86E68>IN6H6<:CI;DG
>IH6;;>A>6I:9;DGL6G9EJG8=6H:G	/=:G:L6HCD8=6C<:IDI=:6<C<6BDJCID;B>AA>DC
/=:;DAADL>C<I67A:HJBB6G>O:HI=:68I>K>INJC9:GI=:/(+GDD9HEG:H:CI:99DAA6GH6C9H=6G:H
>HHJ:9>CI=DJH6C9H:M8:EIE:GH=6G:6BDJCIH	JG>C<I=:N:6G:C9:9:8:B7:GH=6G:HL:G:>HHJ:9JC9:G
I=:/(+GDB6I:ANB>AA>DCG:B6>C>C<I=6IB6N7:>HHJ:9
JC9:GI=:/(+GD454535=25B






.=6G:H>HHJ:9	

 

"GDHHEGD8::9HG:8:>K:9

 

!::H>HHJ6C8:6C9DI=:G8DHIH

	
	
):IEGD8::9HG:8:>K:9

 

K:G6<:8:E:GH=6G:

 

/67A:D;DCI:CIH
%$()!'!).)'*()#	
#$)()$$#($!)##!())"#)(
$#)#*
!


>62'4':58?5:+
 B?6;4A52F2.?2;121202:/2?

A52<:=.;F2;A2?216;A<3B2;A9F@2AA9211B?6;4


/C<I=:N:6G:C9:9:8:B7:GI=:DBE6CNHD6G9D;>G:8IDGH6EEGDK:96C9I=:DBE6CN9:8A6G:9
6C9 E6>9 9>K>9:C9H DG 9>HIG>7JI>DCH 6H 6EEA>867A: D;  B>AA>DC ID A6HH  8DBBDC HID8@=DA9:GH 1DI>C<  FJ>K6A:C8N
HID8@=DA9:GH*+JC>I=DA9:GH6C9'/$+JC>I=DA9:GHDGE:GH=6G:DGJC>I6HH=DLC>CI=:I67A:7:ADL
53<1B1D9?>1D5
'53?B41D5
1D5%194
=?E>D%5B(81B5?B*>9D
!:7GJ6GN
!:7GJ6GN
!:7GJ6GN


EG>A
(6N
(6N


%JAN
JC<I=:N:6G:C9:9:8:B7:GI=:DBE6CNHD6G9D;>G:8IDGH6EEGDK:96C9I=:DBE6CN9:8A6G:9
6C9 E6>9 9>K>9:C9H DG 9>HIG>7JI>DCH 6H 6EEA>867A: D;  B>AA>DC ID A6HH  8DBBDC HID8@=DA9:GH 1DI>C<  FJ>K6A:C8N
HID8@=DA9:GH*+JC>I=DA9:GH6C9'/$+JC>I=DA9:GHDGE:GH=6G:DGJC>I6HH=DLC>CI=:I67A:7:ADL
53<1B1D9?>1D5
'53?B41D5
1D5%194
=?E>D%5B(81B5?B*>9D
!:7GJ6GN
!:7GJ6GN
!:7GJ6GN


EG>A
(6N
(6N


%JAN
JC<>CI:G:HIH>CI=:DBE6CNG:EG:H:CI*+0C>IH=:A97NI=:DBE6CNWHEG>DG>CK:HIDGH6C98:GI6>CH:AA:GH
D;EGDE:GI>:HIDI=:DBE6CN6C9'/$+0C>IHEG>B6G>AN>HHJ:9IDI=:DBE6CNH:BEADN::H6C9I=:D6G9D;>G:8IDGH>C
8DCC:8I>DCL>I=I=:$+*6C9DG6H6E6GID;I=:>G8DBE:CH6I>DCJG>C<I=:N:6G:C9:9:8:B7:GI=:DBE6CN>HHJ:9
'/$+0C>IHIDI=:DBE6CNH *;DG=>H>C8:CI>K:7DCJH=>H:A:8I>DCID9:;:GD;=>H6CCJ6AH6A6GN
6C9;DGADC<I:GB>C8:CI>K:8DBE:CH6I>DC'/$+0C>IHIDI=:DBE6CNWHEG:H>9:CI;DG=>H>C8:CI>K:7DCJH
'/$+0C>IHIDI=:DBE6CNH=>:;!>C6C8>6A*;;>8:G;DG=>H>C8:CI>K:7DCJH6C9;DGADC<I:GB>C8:CI>K:8DBE:CH6I>DC
 '/$+ 0C>IH >C (6N  ID I=: D6G9 D; >G:8IDGH ;DG I=:>G 6CCJ6A G:I6>C:GH 6H 8DBE:CH6I>DC ;DG I=:>G H:GK>8:H 6H
9>G:8IDGH6C9;DGADC<I:GB>C8:CI>K:8DBE:CH6I>DC'/$+0C>IHID8:GI6>CDI=:G:BEADN::H;DGI=:>G>C8:CI>K:
7DCJH6C9;DGADC<I:GB>C8:CI>K:8DBE:CH6I>DC6C9'/$+0C>IHID68DCHJAI6CIJC9:GI=:8DCHJAI6C8N6I=I=:
DBE6CN$C699>I>DC9JG>C<I=:N:6GH:C9:9:8:B7:G6C9I=:DBE6CN>HHJ:96C9*+
0C>IHG:HE:8I>K:ANID8:GI6>C8DCIG>7JIDGH>C8DCC:8I>DCL>I=EDGI;DA>D68FJ>H>I>DCH;DG;JGI=:G9:I6>AHH::)DI:-:6A HI6I:
8FJ>H>I>DCH	
HD;:8:B7:G6C9:8:B7:GCDC
8DCIGDAA>C<>CI:G:HIH8DCH>HI:9D;*+0C>IH6C9
'/$+0C>IH6C9*+0C>IH6C9'/$+0C>IHG:HE:8I>K:AN/=>HG:EG:H:CI:96EEGDM>B6I:AN
6C9D;I=:DJIHI6C9>C<*E:G6I>C<+6GIC:GH=>EJC>IH6HD;:8:B7:G6C9G:HE:8I>K:AN*+0C>IH6C9H=6G:H
D;A6HH8DBBDCHID8@<:C:G6AAN=6K:I=:H6B::8DCDB>88=6G68I:G>HI>8H6HI=:NH=6G::FJ6AAN>CI=:IDI6AC:I>C8DB:DGADHH
6C99>HIG>7JI>DCHD;I=:*E:G6I>C<+6GIC:GH=>E:<>CC>C<DCDG6;I:GI=:96I:L=>8=>HBDCI=H6;I:GI=:96I:DCL=>8=6
E:GHDC;>GHI7:86B:=DA9:GD;8DBBDCJC>IH:68=A>B>I:9E6GIC:G6C96HH>B>I:9E6GIC:GHL>AA<:C:G6AAN=6K:I=:G><=I
HJ7?:8IIDI=:I:GBH6C98DC9>I>DCHH:I;DGI=>CI=:E6GIC:GH=>E6G:I=:*E:G6I>C<+6GIC:GH=>EIDG:9::B6AADG6
EDGI>DCD;I=:*+0C>IH=:A97NHJ8=A>B>I:9E6GIC:GDG6HH>C:M8=6C<:;DG86H=DG6II=:DBE6CNWHHDA:9>H8G:I>DC
H=6G:HD;A6HH8DBBDCHID8@DC6CDC:
;DG
DC:76H>H9:I:GB>C:9>C688DG96C8:L>I=6C9HJ7?:8IID69?JHIB:CIJC9:GI=:
E6GIC:GH=>E6C<I=:N:6G:C9:9:8:B7:G*+0C>IHL:G:G:9::B:9;DGH=6G:HD;A6HH8DBBDC
HID8@JG>C<I=:N:6G:C9:9:8:B7:G*+0C>IH6C9'/$+0C>IHL:G:G:9::B:9;DGH=6G:H
D;A6HH8DBBDCHID8@!DGG:9:BEI>DCD;*+0C>IHJH>C<H=6G:HD;A6HH8DBBDCHID8@I=:DBE6CN69?JHI:9I=:
86GGN>C<K6AJ:D;CDC
8DCIGDAA>C<>CI:G:HIHIDG:;A:8I>IHH=6G:D;I=:7DD@K6AJ:D;I=:*E:G6I>C<+6GIC:GH=>EG:;A:8I>C<I=:
8=6C<:>CI=:DBE6CNWHDLC:GH=>ED;I=:*E:G6I>C<+6GIC:GH=>E.J8=69?JHIB:CIH6G:G:8DG9:9ID699>I>DC6AE6>9
>C86E>I6A6H
6 G:6AAD86I>DC D; CDC
8DCIGDAA>C< >CI:G:HI >C I=: DCHDA>96I:9 .I6I:B:CIH D; =6C<:H >C  FJ>IN JG>C< I=: N:6G :C9:9
:8:B7:G*+0C>IHL:G:6AHDG:9::B:9;DG86H=;DGI=:IDI6A6BDJCID;B>AA>DC
/=:*E:G6I>C<+6GIC:GH=>EJC>I=DA9:GH6G::CI>IA:9IDH=6G:>C86H=9>HIG>7JI>DCH;GDBI=:*E:G6I>C<+6GIC:GH=>E>C
EGDEDGI>DCIDI=:>GE:G8:CI6<:DLC:GH=>ED;*+0C>IH
 +9:8/):+*!:5)1'4*:.+8='8*9
+JGHJ6CIIDI=:DBE6CNWH FJ>IN$C8:CI>K:+A6CI=:U FJ>IN$C8:CI>K:+A6CVDGI=:U+A6CV	I=:DBE6CNB6N
IN>C8:CI>K:6L6G9HID>IH9>G:8IDGHD;;>8:GH:BEADN::H6C98DCHJAI6CIHHD;:8:B7:GI=:G:B6>C>C<
H=6G:H6K6>A67A:JC9:GI=:+A6C;DG;JIJG:>HHJ6C8:L6H/=:+A6CEGDK>9:H;DGDCHHID8@6L6G9H
HID8@6EEG:8>6I>DCG><=IHE:G;DGB6C8:JC>IH>C8:CI>K:6L6G9HDI=:G:FJ>IN
76H:96L6G9H>C8AJ9>C<'/$+0C>IH	6C99>K>9:C9
:FJ>K6A:CIH>C8DCC:8I>DCL>I=I=:IH6C9DI=:G:FJ>IN
76H:96L6G9H
/=:;DAADL>C<I67A:EG:H:CIH6HJBB6GND;I=:DBE6CNHDJIHI6C9>C<G:HIG>8I:9H=6G:HD;A6HH8DBBDCHID8@
'/$+0C>IH6C9-.0H/=:76A6C8:6HD;:8:B7:GG:EG:H:CIHJCK:HI:9G:HIG>8I:9H=6G:HD;A6HH8DBBDCHID8@
6C9'/$+0C>IH6C9-.0HI=6I6G:DJIHI6C9>C<L=:I=:GK:HI:9DGCDI
'5CDB93D54
(81B5C

!)%
*>9DC
'(*C
)?D1<
(81B5C
*>9DC
'(*C
,5978D54
F5B175
B1>D1D5
19B+149>71C?61>E1BI



 
 
 
 

"G6CI:9

 
 
 
 

1:HI>C<D;G:HIG>8I:9H=6G:H6C9-.0H	

	 
T 
	 
	 

!DG;:>I:9

	 
T 
	 
	 

$EDCD1>49>71C?6535=25B




 

 
 



 
	
>62'4':58?5:+9
 '2=?2@2;A@?2@A?60A21@5.?2@.D.?1@6;09B1216;9.@@0<::<;@A<08

 )52A6:2	/.@21?2@A?60A21@5.?2.D.?1@4?.;A21A<A52<:=.;F@<33602?@.;12:=9B6?2:2;A@

$C%6CJ6GNI=:DBE6CN>HHJ:9'/$+0C>IHIDI=:DBE6CNWH *;DG=>H>C8:CI>K:7DCJH6C9=>H
:A:8I>DCID9:;:GD;=>H6CCJ6AH6A6GN6C9'/$+0C>IHIDI=:DBE6CNWH+G:H>9:CI;DG=>H>C8:CI>K:
7DCJH '/$+ 0C>IH >HHJ:9 ID I=: DBE6CNWH  * 6C9 +G:H>9:CI >C A>:J D; 86H= 8DBE:CH6I>DC L>AA 8A>;; K:HI DC I=: :><=I=
6CC>K:GH6GND;!:7GJ6GN
$C699>I>DC>C%6CJ6GNI=:DBE6CN>HHJ:9G:HIG>8I:9H=6G:HD;A6HH8DBBDCHID8@;DG6CCJ6AIH6C9G:HIG>8I:9H=6G:HD;A6HH8DBBDCHID8@IDDI=:G:BEADN::H
;DGI=:>G>C8:CI>K:7DCJH-.0HG:;A:8II=:G><=IIDG:8:>K:H=6G:HD;A6HH8DBBDCHID8@-.0H6C98:GI6>C'/$+0C>IH
>HHJ:9ID:BEADN::H;DG>C8:CI>K:7DCJH:HK:HI:9;JAANDCI=:96I:D;CG:HIG>8I:9H=6G:HD;A6HH8DBBDC
HID8@>HHJ:9ID:BEADN::H6C98DCHJAI6CIHL>AAK:HI>CI=G:::FJ6A6CCJ6A>CHI6AAB:CIHDC:68=D;I=:;>GHII=G::6CC>K:GH6G>:HD;
!:7GJ6GNL=>A:DI=:GG:HIG>8I:9H=6G:HD;A6HH8DBBDCHID8@6C9'/$+0C>IH>HHJ:9ID:BEADN::H>CA>:JD;86H=
8DBE:CH6I>DC L>AA 8A>;; K:HI DC I=: I=>G9 ;>;I= DG :><=I= 6CC>K:GH6GN D; !:7GJ6GN   /=: DBE6CN 6AHD >HHJ:9 
G:HIG>8I:9H=6G:HD;A6HH8DBBDCHID8@>C%6CJ6GNID8:GI6>C:BEADN::H;DGLDG@6CC>K:GH6G>:HL=>8=H=6G:HK:HI:9
;JAANDCI=:96I:D;HHJ:96C6<IH6C9D;G:HIG>8I:9H=6G:HD;A6HH
8DBBDCHID8@ID8:GI6>CD;;>8:GH6C9:BEADN::HD;I=:DBE6CN/=:'/$+0C>IH6C9G:HIG>8I:9H=6G:HD;A6HH8DBBDC
HID8@L>AAK:HI>CI=G:::FJ6A6CCJ6A>CHI6AAB:CIHDK:GI=:6EEGDM>B6I:ANI=G::
N:6GE:G>D9:C9>C<!:7GJ6GNHJ7?:8IID
8DCI>CJ:9 :BEADNB:CI L>I= I=: DBE6CN $C !:7GJ6GN  I=: DBE6CN >HHJ:9  -.0H ID 8:GI6>C D;;>8:GH 6C9
:BEADN::HD;I=:DBE6CN/=:-.0H6G:B6G@:I
76H:96L6G9H6C96G:HJ7?:8IIDI=:68=>:K:B:CID;E:G;DGB6C8:
76H:9
=JG9A:H G:A6I>C< ID I=: DBE6CNWH 67HDAJI: 6C9 G:A6I>K: IDI6A HID8@=DA9:G G:IJGC CJ:9 :BEADNB:CI L>I= I=:
DBE6CNDK:GI=:6EEGDM>B6I:ANI=G::
N:6GE:G>D9;GDBI=:E>:CIHB6N
:6GCJEIDD;I=:-.0HI=6IL:G:>HHJ:90EDCK:HI>C<EJGHJ6CIIDI=:I:GBHD;I=:-.0HI=:-.0HI=6IK:HIL>AA7:
H:IIA:9>CH=6G:HD;A6HH8DBBDCHID8@6C9I=:G:8>E>:CIHL>AA7::CI>IA:9IDG:8:>K:I=:9>HIG>7JI>DCHI=6ILDJA9=6K:7::C
E6>9L>I=G:HE:8IID6H=6G:D;A6HH8DBBDCHID8@;DG:68=H=6G:I=6IK:HIH	9JG>C<I=:E:G;DGB6C8:E:G>D9D;I=:-.0H
JG>C< I=: N:6G :C9:9 :8:B7:G   I=: DBE6CN >HHJ:9  -.0H I=: U +:G;DGB6C8:
6H:9
L6G9HV	ID8:GI6>C:BEADN::HI=6IL:G:B6G@:I
76H:96L6G9H6C9HJ7?:8IIDI=:68=>:K:B:CID;E:G;DGB6C8:
76H:9=JG9A:H
G:A6I>C< ID I=: DBE6CNWH 67HDAJI: IDI6A HID8@=DA9:G G:IJGC CJ:9 :BEADNB:CI L>I= I=: DBE6CN DK:G I=:
6EEGDM>B6I:AN I=G::
N:6G E:G;DGB6C8: E:G>D9 :C9:9 :8:B7:G   $C %6CJ6GN  I=: DBE6CNH DGEDG6I:
"DK:GC6C8:6C9DBE:CH6I>DCDBB>II::D;I=:D6G9D;>G:8IDGH"DBB>II::	9:I:GB>C:9I=6II=:DBE6CNHIDI6A
HID8@=DA9:G G:IJGC ;DG HJ8= I=G::
N:6G E:G;DGB6C8: E:G>D9 :M8::9:9 I=: I=G:H=DA9 E:G;DGB6C8: =JG9A:H ;DG I=: 
+:G;DGB6C8:
6H:9L6G9H6C96H6G:HJAI6EEGDK:9I=:E6NDJID;>	-.0H;DGHJ8=6L6G9HL=>8=L:G:H:IIA:9JH>C<
I=:DBE6CNWHH=6G:HD;A6HH8DBBDCHID8@6C9>>	I=:>G86H=9>K>9:C9H;DGI=:I=G::
N:6GE:G;DGB6C8:E:G>D9
JG>C< I=: N:6G :C9:9 :8:B7:G   I=: DBE6CN >HHJ:9  -.0H I=: U +:G;DGB6C8:
6H:9
L6G9HV	ID8:GI6>C:BEADN::HI=6IL:G:B6G@:I
76H:96L6G9H6C9HJ7?:8IIDI=:68=>:K:B:CID;E:G;DGB6C8:
76H:9=JG9A:H
G:A6I>C< ID I=: DBE6CNWH 67HDAJI: IDI6A HID8@=DA9:G G:IJGC CJ:9 :BEADNB:CI L>I= I=: DBE6CN DK:G I=:
6EEGDM>B6I:ANI=G::
N:6GE:G;DGB6C8:E:G>D9:C9:9:8:B7:G$C!:7GJ6GNI=:DBE6CNH"DBB>II::
9:I:GB>C:9I=6II=:DBE6CNHIDI6AHID8@=DA9:GG:IJGC;DGHJ8=I=G::
N:6GE:G;DGB6C8:E:G>D9B:II=:I=G:H=DA9E:G;DGB6C8:
=JG9A:H;DGI=:+:G;DGB6C8:
6H:9L6G9H6C96H6G:HJAI6EEGDK:9I=:E6NDJID;>	-.0H;DGHJ8=6L6G9H
L=>8= L:G: H:IIA:9 JH>C< I=: DBE6CNWH H=6G:H D; A6HH  8DBBDC HID8@ 6C9 >>	 I=:>G 86H= 9>K>9:C9H ;DG I=: I=G::
N:6G
E:G;DGB6C8:E:G>D9
JG>C< I=: N:6G :C9:9 :8:B7:G   I=: DBE6CN >HHJ:9  -.0H I=: U +:G;DGB6C8:
6H:9
L6G9HV	ID8:GI6>C:BEADN::HI=6IL:G:B6G@:I
76H:96L6G9H6C9HJ7?:8IIDI=:68=>:K:B:CID;E:G;DGB6C8:
76H:9=JG9A:H
G:A6I>C< ID I=: DBE6CNWH 67HDAJI: IDI6A HID8@=DA9:G G:IJGC CJ:9 :BEADNB:CI L>I= I=: DBE6CN DK:G I=:
6EEGDM>B6I:ANI=G::
N:6GE:G;DGB6C8:E:G>D9:C9:9:8:B7:G$C%6CJ6GNI=:DBE6CNH"DBB>II::
9:I:GB>C:9 I=6I I=: DBE6CNH IDI6A HID8@=DA9:G G:IJGC ;DG HJ8= I=G::
N:6G E:G;DGB6C8: E:G>D9 9>9 CDI B::I I=: I=G:H=DA9
/67A:D;DCI:CIH
%$()!'!).)'*()#	
#$)()$$#($!)##!())"#)(
$#)#*
!


E:G;DGB6C8:=JG9A:H;DGI=:+:G;DGB6C8:
6H:9L6G9H6C96H6G:HJAI6EEGDK:9I=:86C8:AA6I>DCD;-.0H;DG
HJ8=6L6G9H
JG>C<I=:N:6G:C9:9:8:B7:GI=:DBE6CNG:8DO:98DBE:CH6I>DC:ME:CH:D;B>AA>DC6C9
B>AA>DC >C U":C:G6A 6C9 69B>C>HIG6I>K: :ME:CH:HV 6C9 +GDE:GIN DE:G6I>C< :ME:CH:H >C I=: DCHDA>96I:9 .I6I:B:CIH D;
*E:G6I>DCH6C9DBEG:=:CH>K:$C8DB:G:HE:8I>K:ANG:A6I:9ID6AA6L6G9HJG>C<I=:N:6G:C9:9:8:B7:GI=:
DBE6CNG:8DO:98DBE:CH6I>DC:ME:CH:D;B>AA>DC6C9B>AA>DC>CU":C:G6A6C969B>C>HIG6I>K::ME:CH:HV6C9
+GDE:GINDE:G6I>C<:ME:CH:H>CI=:DCHDA>96I:9.I6I:B:CIHD;*E:G6I>DCH6C9DBEG:=:CH>K:$C8DB:G:HE:8I>K:AN
/=:;6>GK6AJ:D;G:HIG>8I:9H=6G:HI=6IK:HI:99JG>C<I=:N:6GH:C9:9:8:B7:G6C9L6HB>AA>DC
6C9B>AA>DCG:HE:8I>K:AN/=:L:><=I:96K:G6<:GK6AJ:;DG6L6G9H>HHJ:9>C6C9L6H6C9
G:HE:8I>K:ANHD;:8:B7:GI=:G:L6HB>AA>DCD;IDI6AJCG:8DO:98DBE:CH6I>DC8DHIG:A6I:9ID
JCK:HI:96L6G9HL=>8=>H:ME:8I:9ID7:G:8DO:9DK:G6L:><=I:96K:G6<:E:G>D9D;N:6GH
3625?++!:5)1;8).'9+2'4
$C8DCC:8I>DCL>I=I=:$+*I=:DBE6CN:HI67A>H=:9I=:+DHI6A-:6AIN/GJHI$C8,J6A>;>:9 BEADN::.ID8@
+JG8=6H:+A6CU .++V	L=>8=6AADLHI=:DBE6CNWH:BEADN::HIDEJG8=6H:H=6G:HD;I=:DBE6CNWHA6HH8DBBDCHID8@
6I69>H8DJCIIDI6AD;H=6G:HD;A6HH8DBBDCHID8@L6HG:H:GK:9;DGH6A:6C96JI=DG>O:9;DG>HHJ6C8:JC9:GI=:
 .++/=:D9:E:GB>IHI=:DBE6CNIDEGDK>9:JEID69>H8DJCIDCI=:A:HH:GD;I=:;6>GB6G@:IK6AJ:D;HJ8=H=6G:HD;
A6HH8DBBDCHID8@6II=:7:<>CC>C<D;I=:D;;:G>C<E:G>D96C9I=:8ADH:D;I=:D;;:G>C<E:G>D9HD;:8:B7:G
6C96C9H=6G:H=6K:7::C>HHJ:9JC9:GI=: .++H>C8:8DBB:C8:B:CIG:HE:8I>K:ANJG>C<I=:N:6GH
:C9:9 :8:B7:G   6C9  I=: DBE6CN G:8DO:9 8DBE:CH6I>DC :ME:CH: D;  B>AA>DC 6C9  B>AA>DC
G:HE:8I>K:ANG:A6I:9ID .++
#?D5
	?==9D=5>DC1>4?>D9>75>395C
HD;:8:B7:GI=:DBE6CNL6HCDI>CKDAK:9>C6CNA>I><6I>DCCDGID>IH@CDLA:9<:>H6CNA>I><6I>DC
I=G:6I:C:96<6>CHII=:DBE6CNI=6I>CB6C6<:B:CIWHDE>C>DCLDJA9G:HJAI>C6CNB6I:G>6A69K:GH::;;:8IDCI=:DBE6CNWH
;>C6C8>6AEDH>I>DC6C9G:HJAIHD;DE:G6I>DCHDGL=>8=>HCDI8DK:G:97N>CHJG6C8:
$C I=: DG9>C6GN 8DJGH: D; I=: DBE6CNWH 7JH>C:HH I=: DBE6CN :CI:GH >CID CDC
7>C9>C< :M8:EI L>I= G:<6G9 ID
:M8AJH>K>IN6C98DC;>9:CI>6A>IN	A:II:GHD;>CI:CI>C9>86I>C<6L>AA>C6I:;DG68FJ>H>I>DCH/=:G:86C7:CD6HHJG6C8:
I=6I9:;>C>I>K:8DCIG68IHL>AA7::CI:G:9>CIDL>I=G:HE:8IID6CNB6II:G8DK:G:97NA:II:GHD;>CI:CII=6II=:DBE6CNL>AA8ADH:
I=:IG6CH68I>DCH8DCI:BEA6I:97NHJ8=8DCIG68IHDCI>B:DGI=6II=:DBE6CNL>AA8DCHJBB6I:6CNIG6CH68I>DC8DCI:BEA6I:9
7N6CN9:;>C>I>K:8DCIG68I
#?D5	(E2C5AE5>DF5>DC
$C699>I>DCIDI=:HJ7H:FJ:CI:K:CIH9>H8JHH:9:AH:L=:G:>CI=:CDI:HIDI=:DCHDA>96I:9!>C6C8>6A.I6I:B:CIHI=:
;DAADL>C<:K:CIHD88JGG:9HJ7H:FJ:CIID:8:B7:G
/=:DBE6CNHD6G9D;>G:8IDGH6EEGDK:96C9DC%6CJ6GNI=:DBE6CN9:8A6G:96;DJGI=FJ6GI:G
8DBBDC HID8@ 9>K>9:C9 D;  E:G H=6G: L=>8= >H E6N67A: DC !:7GJ6GN   ID HID8@=DA9:GH D; G:8DG9 6H D;
!:7GJ6GN
HD;!:7GJ6GNI=:DBE6CN=69B>AA>DC9G6LCDCI=:-:KDAK>C<G:9>I!68>A>IN
H D; !:7GJ6GN   6C9 9JG>C< I=: E:G>D9 HJ7H:FJ:CI ID :8:B7:G   I=: DBE6CN 8ADH:9 DC I=:
68FJ>H>I>DCHD;EGDE:GI>:H;DG6EEGDM>B6I:ANB>AA>DC:M8AJ9>C<8ADH>C<8DHIH
HD;!:7GJ6GNI=:DBE6CNHDA9DC:K686CIEGDE:GIN;DG6IDI6AH6A:HEG>8:D;6EEGDM>B6I:ANB>AA>DC
/67A:D;DCI:CIH
%$()!'!).)'*()#	
#$)()$$#($!)##!())"#)(
$#)#*
!


HD;!:7GJ6GN6C99JG>C<I=:E:G>D9HJ7H:FJ:CIID :8:B7:GI=:DBE6CN=69:CI:G:9 >CID
9:;>C>I>K: 6G:  EGDE:GI>:H ;DG 6EEGDM>B6I:AN  B>AA>DC /=: B6?DG>IN D; I=:H: IG6CH68I>DCH 6G:
6CI>8>E6I:9ID8ADH:9JG>C<I=:H:8DC96C9I=>G9FJ6GI:GHD;HJ7?:8IIDI=:H6I>H;68I>DCD;8JHIDB6GN8ADH>C<8DC9>I>DCH
#DL:K:GI=:DBE6CN86CEGDK>9:CD6HHJG6C8:HI=6II=:EGDE:GI>:HL>AA7:8DCHJBB6I:9DCI=:I:GBHD;I>B:;G6B:9:H8G>7:9
=:G:>CDG6I6AA
/67A:D;DCI:CIH
%$()!'!).)'*()#	
#$)()$$#($!)##!())"#)(
$#)#*
!


 
 
 
[THIS PAGE INTENTIONALLY LEFT BLANK]

)"	#(##('"#)(,)$*#)#)($#$*#)####!
(!$(*'
)DC:
)"	$#)'$!(#%'$*'(
<'2;':/545,/9)259;8+54:8529'4*85)+*;8+9
2:B6>CI6>C9>H8ADHJG:8DCIGDAH6C9EGD8:9JG:H6HHJ8=I:GB>H9:;>C:9>C-JA:6
:	6C99
:	JC9:GI=:
 M8=6C<:8II=6I6G:9:H>C;DGB6I>DCG:FJ>G:9ID7:9>H8ADH:9>CDJGG:EDGIHJC9:GI=: M8=6C<:8I>H
EGD8:HH:9G:8DG9:9HJBB6G>O:96C9G:EDGI:9L>I=>CI=:I>B:E:G>D9HHE:8>;>:9>CI=:GJA:H6C9G:DCHD;I=:. 6C9I=6I
HJ8= >C;DGB6I>DC >H 688JBJA6I:9 6C9 8DBBJC>86I:9 ID B6C6<:B:CI >C8AJ9>C< DJG =>:;  M:8JI>K: *;;>8:G +G>C8>E6A
 M:8JI>K: *;;>8:G	 6C9 =>:; !>C6C8>6A *;;>8:G +G>C8>E6A !>C6C8>6A *;;>8:G	 6H 6EEGDEG>6I: ID 6AADL ;DG I>B:AN 9:8>H>DCH
G:<6G9>C<G:FJ>G:99>H8ADHJG:$C9:H>C<6C9:K6AJ6I>C<I=:9>H8ADHJG:8DCIGDAH6C9EGD8:9JG:HB6C6<:B:CIG:8DO:HI=6I
6CN8DCIGDAH6C9EGD8:9JG:HCDB6II:G=DLL:AA9:H>9:DCANG:6HDC67A:6HHJG6C8:D;68=>:K>C<I=:
9:H>G:9 8DCIGDA D7?:8I>K:H 6C9 B6C6<:B:CI >H G:FJ>G:9 ID 6EEAN >IH ?J9C :K6AJ6I>C< I=: 8DHI
7:C:;>I G:A6I>DCH=>E D;
EDHH>7A:8DCIGDAH6C9EGD8:9JG:H
2:=6K:86GG>:9DJI6C:K6AJ6I>DCJC9:GI=:HJE:GK>H>DC6C9L>I=I=:E6GI>8>E6I>DCD;B6C6<:B:CI>C8AJ9>C<DJG
+G>C8>E6A  M:8JI>K: *;;>8:G 6C9 +G>C8>E6A !>C6C8>6A *;;>8:G G:<6G9>C< I=: :;;:8I>K:C:HH D; DJG 9>H8ADHJG: 8DCIGDAH 6C9
EGD8:9JG:H 6H D; :8:B7:G   I=: :C9 D; I=: E:G>D9 8DK:G:9 7N I=>H CCJ6A -:EDGI DC !DGB 
& 6H:9 DC I=:
;DG:C<DJG+G>C8>E6A M:8JI>K:*;;>8:G6C9+G>C8>E6A!>C6C8>6A*;;>8:G=6K:8DC8AJ9:96HD;:8:B7:GI=6IDJG
9>H8ADHJG:8DCIGDAH6C9EGD8:9JG:HL:G::;;:8I>K:>C:CHJG>C<I=6I>C;DGB6I>DCG:FJ>G:9ID7:9>H8ADH:97NJH>CG:EDGIH;>A:9DG
HJ7B>II:9JC9:GI=: M8=6C<:8I>	>HEGD8:HH:9G:8DG9:9HJBB6G>O:96C9G:EDGI:9L>I=>CI=:I>B:E:G>D9HHE:8>;>:9>CI=:
. WHGJA:H6C9;DGBH6C9>>	>H688JBJA6I:96C98DBBJC>86I:9IDDJGB6C6<:B:CI>C8AJ9>C<DJG+G>C8>E6A M:8JI>K:*;;>8:G
6C9+G>C8>E6A!>C6C8>6A*;;>8:G6H6EEGDEG>6I:ID6AADL;DGI>B:AN9:8>H>DCHG:<6G9>C<G:FJ>G:99>H8ADHJG:
'4'-+3+4:D9 +658:544:+84'254:852<+8/4'4)/'2 +658:/4-
*JG B6C6<:B:CI >C8AJ9>C< DJG +G>C8>E6A  M:8JI>K: *;;>8:G 6C9 +G>C8>E6A !>C6C8>6A *;;>8:G >H G:HEDCH>7A: ;DG
:HI67A>H=>C<6C9B6>CI6>C>C<69:FJ6I:>CI:GC6A8DCIGDADK:G;>C6C8>6AG:EDGI>C<6HHJ8=I:GB>H9:;>C:9>C-JA:H6
;	6C9
9
;	JC9:GI=: M8=6C<:8I0C9:GI=:HJE:GK>H>DC6C9L>I=I=:E6GI>8>E6I>DCD;DJGB6C6<:B:CI>C8AJ9>C<DJG+G>C8>E6A
 M:8JI>K:*;;>8:G6C9+G>C8>E6A!>C6C8>6A*;;>8:GL:8DC9J8I:96C:K6AJ6I>DCD;I=::;;:8I>K:C:HHD;DJG>CI:GC6A8DCIGDADK:G
;>C6C8>6A G:EDGI>C< 76H:9 DC I=: DG><>C6A ;G6B:LDG@ >C $CI:GC6A DCIGDA 
 $CI:HHJ:9 >C  7N I=:
DBB>II:: D; .EDCHDG>C< *G<6C>O6I>DCH D; I=: /G:69L6N DBB>HH>DC 6H:9 DC DJG :K6AJ6I>DC JC9:G I=: ;G6B:LDG@ >C
$CI:GC6A DCIGDA 
 $CI:CI:GC6A 8DCIGDA DK:G ;>C6C8>6A G:EDGI>C< L6H
:;;:8I>K:6HD;:8:B7:G
.'4-+9/44:+84'254:8525<+8/4'4)/'2 +658:/4-
/=:G:L6HCD8=6C<:>CDJG>CI:GC6A8DCIGDADK:G;>C6C8>6AG:EDGI>C<I=6ID88JGG:99JG>C<DJGBDHIG:8:CI;>H86AFJ6GI:G
I=6I=6HB6I:G>6AAN6;;:8I:9DG>HG:6HDC67ANA>@:ANIDB6I:G>6AAN6;;:8IDJG>CI:GC6A8DCIGDADK:G;>C6C8>6AG:EDGI>C<
)"	$)'#$'")$#
)"	(!$(*'''#$'#*'()$#())%'+#)#(%)$#(
)DI6EEA>867A:
/67A:D;DCI:CIH


%')
)"	')$'(-*)+$'(#$'%$')$+'##
/=: >C;DGB6I>DC G:FJ>G:9 7N $I:B  >H >C8DGEDG6I:9 7N G:;:G:C8: ID DJG 9:;>C>I>K: +GDMN .I6I:B:CI ;DG DJG 
6CCJ6AHID8@=DA9:GHWB::I>C<
)"	-*)+$"%#()$#
/=: >C;DGB6I>DC G:FJ>G:9 7N $I:B  >H >C8DGEDG6I:9 7N G:;:G:C8: ID DJG 9:;>C>I>K: +GDMN .I6I:B:CI ;DG DJG 
6CCJ6AHID8@=DA9:GHWB::I>C<
)" 
	 (*'). $,#'(% $ ')# #! $,#'( # "#"#) #
'!)()$ $!'"))'(
/=: >C;DGB6I>DC G:FJ>G:9 7N $I:B  >H >C8DGEDG6I:9 7N G:;:G:C8: ID DJG 9:;>C>I>K: +GDMN .I6I:B:CI ;DG DJG 
6CCJ6AHID8@=DA9:GHWB::I>C<
)"	')#'!)$#(%(#'!))'#()$#(#')$'#%##
/=: >C;DGB6I>DC G:FJ>G:9 7N $I:B  >H >C8DGEDG6I:9 7N G:;:G:C8: ID DJG 9:;>C>I>K: +GDMN .I6I:B:CI ;DG DJG 
6CCJ6AHID8@=DA9:GHWB::I>C<
)"	%'#%!$*#)#)(#('+(
/=: >C;DGB6I>DC G:FJ>G:9 7N $I:B  >H >C8DGEDG6I:9 7N G:;:G:C8: ID DJG 9:;>C>I>K: +GDMN .I6I:B:CI ;DG DJG 
6CCJ6AHID8@=DA9:GHWB::I>C<
/67A:D;DCI:CIH


%')+
-)(###!())"#)(*!(
 9>1>391<(D1D5=5>DC
*JG8DCHDA>96I:9;>C6C8>6AHI6I:B:CIH6C9CDI:HI=:G:IDID<:I=:GL>I=I=:-:EDGIHD;$C9:E:C9:CI-:<>HI:G:9+J7A>8
88DJCI>C<!>GB6G:>C8AJ9:9>C$I:BD;I=>HCCJ6A-:EDGIDC!DGB
&8DBB:C8>C<DCE6<:!


 9>1>391<(D1D5=5>D(3854E<5C
*JG;>C6C8>6AHI6I:B:CIH8=:9JA:>H>C8AJ9:9>C+6GI$1D;I=>HCCJ6A-:EDGIDC!DGB
&
 H8929DC
A>HID;:M=>7>IHIDI=>HCCJ6A-:EDGIDC!DGB
&>HH:I;DGI=DCI=:$C9:MID M=>7>IH8DBB:C8>C<DCE6<:6C9
>H>C8DGEDG6I:9=:G:>C7NG:;:G:C8:
/67A:D;DCI:CIH


%?CD1<'513	
(3854E<5'51<CD1D51>433E=E<1D545@B5391D9?>
C?6535=25B


#E=25B?6
%B?@5BD95C
>3E=2B1>35C
>9D91<?CDD??=@1>I
?CD
1@9D1<9J54
(E2C5AE5>DD?
3AE9C9D9?>
B?CC=?E>D1BB9541D
1D53AE9B54
5@B53912<5
!965
.BC
(D1D5
)5BB9D?BI
!1>4
E9<49>7C
=@B?F5=5>DC
!1>4
E9<49>7C
=@B?F5=5>DC
)?D1<
A676B6


T













	



A6H@6


T





T







	



G>ODC6


T













	



G@6CH6H


T













	



6A>;DGC>6


T













	



DADG69D


T













	



DCC:8I>8JI


T













	



:A6L6G:


T





T







	



!ADG>96


T













	



":DG<>6


T













	



#6L6>>


T













	


$96=D


T





T







	



$AA>CD>H


T













	



$C9>6C6


T













	



$DL6


T













	



&6CH6H


T













	



&:CIJ8@N


T













	



'DJ>H>6C6


T













	



(6>C:


T













	



(6GNA6C9


T













	



(6HH68=JH:IIH


T













	



(>8=><6C


T













	



(>CC:HDI6
















	



(>HH>HH>EE>


T













	



(>HHDJG>


T













	



(DCI6C6
















	



):7G6H@6


T













	



):K696


T





T







	



):L
#6BEH=>G:


T













	



):L%:GH:N


T













	



):L(:M>8D


T





T







	



):L4DG@


T













	



)DGI=
6GDA>C6


T













	



)DGI=6@DI6


T





	







	



*=>D
















	



*@A6=DB6


T













	



*G:6
















	



+J:GID->8D


T





T







	


.DJI=
6GDA>C6
















	



.DJI=6@DI6


T













	



/:CC:HH::


T













	



/:M6H


T













	



0I6=


T





T







	



1:GBDCI


T













	



1>G<>C>6


T













	



26H=>CG<>C>6


T













	



2>H8DCH>C


T













	



2NDB>C<


T





T







	



















	
>62'4':58?5:+9
E09B12@AD<=?<=2?A62@.00C<I67A:G:8DC8>A:HG:6A:HI6I:;DGI=:N:6GH:C9:9:8:B7:G6C9
?BD85.51BC>454
535=25B






:<>CC>C<6A6C8:

 

8FJ>H>I>DCH

 

6E>I6A>BEGDK:B:CIH

 

6HJ6AIN6C9>BE6>GB:CIADHH:H

	 
T
DHID;EGDE:GINHDA9

	 
T
2G>I:
D;;H

	 
	
*I=:G

 
	
 C9>C<6A6C8:

 

>62'4':58?5:+
 %A52?6;09B12@?209.@@6360.A6<;.17B@A:2;A@
/=:;DAADL>C<I67A:G:8DC8>A:H688JBJA6I:99:EG:8>6I>DC;DGI=:N:6GH:C9:9:8:B7:G6C9
?BD85.51BC>454
535=25B






:<>CC>C<6A6C8:

	 
	
:EG:8>6I>DC:ME:CH:

	 
	
+GDE:GI>:HHDA9

 
T
2G>I:
D;;H6C9DI=:G

 
	
 C9>C<6A6C8:

	 
	
/67A:D;DCI:CIH


-)#-

GI>8A:HD;B:C9B:CI6C9-:HI6I:B:CID;I=:DBE6CN96I:96HD;(6N>C8DGEDG6I:97NG:;:G:C8:ID M=>7>I
IDI=:DBE6CNWH,J6GI:GAN-:EDGIDC!DGB
,;>A:9DC%JC:	

B:C9:96C9-:HI6I:9NA6LHD;I=:DBE6CN:;;:8I>K:6HD;JC8DGEDG6I:97NG:;:G:C8:ID M=>7>IID
I=:DBE6CNH,J6GI:GAN-:EDGIDC!DGB
,;>A:9DCJ;>86I:D;A6HHDBBDC.ID8@D;I=:DBE6CN>C8DGEDG6I:97NG:;:G:C8:ID M=>7>IIDI=:DBE6CNWH
-:<>HIG6I>DC.I6I:B:CIDC!DGB.
;>A:9DC(6N	

:H8G>EI>DCD;.:8JG>I>:H-:<>HI:G:9+JGHJ6CIID.:8I>DCD;I=:.:8JG>I>:H M8=6C<:8ID;6H6B:C9:9>C8DGEDG6I:9
7NG:;:G:C8:ID M=>7>IIDI=:DBE6CNWHCCJ6A-:EDGIDC!DGB
&;>A:9L>I=I=:DBB>HH>DCDC(6G8=	

!>GHIB:C9:96C9-:HI6I:9B>I:9+6GIC:GH=>ED;I=:+DHI6A-:6AIN'+96I:9(6N>C8DGEDG6I:97N
G:;:G:C8:ID M=>7>IIDI=:DBE6CNWH,J6GI:GAN-:EDGIDC!DGB
,;>A:9DC%JC:	

+DHI6A-:6AIN/GJHI$C8B:C9:96C9-:HI6I:9A>C8DGEDG6I:97NG:;:G:C8:ID M=>7>IID
I=:DBE6CNWHJGG:CI-:EDGIDC!DGB
&;>A:9DCEG>A	P

-:EG:H:CI6I>DC26GG6CIN6C9$C9:BC>INC8DGEDG6I:97NG:;:G:C8:ID M=>7>IIDI=:DBE6CNWH,J6GI:GAN-:EDGIDC!DGB
,;>A:9
DC%JC:	P

/6M$C9:BC>;>86I>DCI:9+GDE:GI>:H#DA9>C<$C8
0C>I:9 +DHI *;;>8: $CK:HIB:CIH $C8 6C9 C9G:L .ED9:@ >C8DGEDG6I:9 7N G:;:G:C8: ID  M=>7>I  ID I=: DBE6CNWH
,J6GI:GAN-:EDGIDC!DGB
,;>A:9DC%JC:	P

!DGBD;-><=ID;!>GHI*;;:GC8DGEDG6I:97NG:;:G:C8:ID M=>7>IIDI=:DBE6CNWH-:<>HIG6I>DC.I6I:B:CI
DC!DGB.
;>A:9DC(6N	P

/6M +GDI:8I>DC CCC8DGEDG6I:9 7N G:;:G:C8: ID  M=>7>I  ID I=: DBE6CNWH ,J6GI:GAN
-:EDGIDC!DGB
,;>A:9DC%JC:	P

/6M+GDI:8I>DCDCL>9:+DHI6A
(6C6<:B:CI#DA9>CC8DGEDG6I:97NG:;:G:C8:ID M=>7>IIDI=:DBE6CNWH,J6GI:GAN-:EDGIDC!DGB
,
;>A:9DC%JC:	P

/6M+GDI:8I>DCB>I:9+DHI6A
#DA9>CC8DGEDG6I:97NG:;:G:C8:ID M=>7>IIDI=:DBE6CNWH,J6GI:GAN-:EDGIDC!DGB
,;>A:9DC%JC:
	P

!DGBD;/=>G9+6GIN(6C6<:B:CIC8DGEDG6I:97NG:;:G:C8:ID M=>7>ID;I=:DBE6CNWH-:<>HIG6I>DC
.I6I:B:CIDC!DGB.
;>A:9DC(6N	

$C9:BC>;>86I>DC8@DC6=J:>C8DGEDG6I:97N
G:;:G:C8:ID M=>7>IIDI=:DBE6CNWH,J6GI:GAN-:EDGIDC!DGB
,;>A:9DC%JC:	P

$C9:BC>;>86I>DCCC8DGEDG6I:97N
G:;:G:C8:ID M=>7>IIDI=:DBE6CNWH,J6GI:GAN-:EDGIDC!DGB
,;>A:9DC%JC:	P

$C9:BC>;>86I>DCC8DGEDG6I:97N
G:;:G:C8:ID M=>7>IIDI=:DBE6CNWH,J6GI:GAN-:EDGIDC!DGB
,;>A:9DC%JC:	P

$C9:BC>;>86I>DCC8DGEDG6I:9
7NG:;:G:C8:ID M=>7>IIDI=:DBE6CNWH,J6GI:GAN-:EDGIDC!DGB
,;>A:9DC%JC:	P

$C9:BC>;>86I>DCIO>C8DGEDG6I:97N
G:;:G:C8:ID M=>7>IIDI=:DBE6CNWH,J6GI:GAN-:EDGIDC!DGB
,;>A:9DC%JC:	P

$C9:BC>;>86I>DCC8DGEDG6I:97N
G:;:G:C8:ID M=>7>IIDI=:DBE6CNWH,J6GI:GAN-:EDGIDC!DGB
,;>A:9DC%JC:	P

$C9:BC>;>86I>DCC>C8DGEDG6I:97N
G:;:G:C8:ID M=>7>IIDI=:DBE6CNWH,J6GI:GAN-:EDGIDC!DGB
,;>A:9DCJ;>86I>DCC>C8DGEDG6I:97N
G:;:G:C8:ID M=>7>IIDI=:DBE6CNWH,J6GI:GAN-:EDGIDC!DGB
,;>A:9DC%JC:	P

B:C9:96C9-:HI6I:9 BEADNB:CIC8DGEDG6I:97NG:;:G:C8:ID M=>7>IIDI=:DBE6CNWHJGG:CI-:EDGIDC!DGB
&;>A:9DC*8ID7:G	P

B:C9:96C9-:HI6I:9 BEADNB:CIC8DGEDG6I:97NG:;:G:C8:ID M=>7>IIDI=:DBE6CNWHJGG:CI-:EDGIDC!DGB
&;>A:9DC*8ID7:G	P

B:C9:96C9-:HI6I:9 BEADNB:CIC
>C8DGEDG6I:97NG:;:G:C8:ID M=>7>IIDI=:DBE6CNWHJGG:CI-:EDGIDC!DGB
&;>A:9DC*8ID7:G	P

  FJ>IN $C8:CI>K: +A6C D; I=: DBE6CN >C8DGEDG6I:9 7N G:;:G:C8: ID  M=>7>I  ID I=: DBE6CNWH -:<>HIG6I>DC
.I6I:B:CIDC!DGB.
;>A:9DC(6N	P

B:C9B:CI)DIDI=:+DHI6A-:6AIN/GJHI$C8 FJ>IN$C8:CI>K:+A6C:;;:8I>K:6HD;%JC:>C8DGEDG6I:97N
G:;:G:C8:ID M=>7>IIDI=:DBE6CNWHJGG:CI-:EDGIDC!DGB
&;>A:9DC%JAN	P

B:C9B:CI)DIDI=:+DHI6A-:6AIN/GJHI$C8 FJ>IN$C8:CI>K:+A6C:;;:8I>K:6HD;%JC:>C8DGEDG6I:97N
G:;:G:C8:ID M=>7>IIDI=:DBE6CNWHJGG:CI-:EDGIDC!DGB
&;>A:9DC%JC:	P

!DGBD; FJ>IN$C8:CI>K:+A6C.ID8@L6G98:>C8DGEDG6I:97NG:;:G:C8:ID M=>7>ID;I=:
DBE6CNWH-:<>HIG6I>DC.I6I:B:CIDC!DGB.
;>A:9DC(6N	P
H8929D
#E=25B
5C3B9@D9?>
/67A:D;DCI:CIH



!DGBD; BEADN::.ID8@+JG8=6H:+A6CD;I=:DBE6CN>C8DGEDG6I:97NG:;:G:C8:ID M=>7>IIDI=:DBE6CNWH
-:<>HIG6I>DC.I6I:B:CIDC!DGB.
;>A:9DC(6N	P

!DGBD;'/$+0C>I1:HI>C<C8DGEDG6I:97NG:;:G:C8:ID M=>7>ID;I=:DBE6CNWH-:<>HIG6I>DC.I6I:B:CI
DC!DGB.
;>A:9DC(6N	P

G:9>ICHJ7H>9>6G>:H;GDBI>B:ID
I>B: E6GIN I=:G:ID 6H C>HIG6I>K: 6<:CI 6C9 I=: H:K:G6A 76C@H 6C9 ;>C6C8>6A
>CHI>IJI>DCHE6GINI=:G:ID6HA:C9:GH>C8DGEDG6I:97NG:;:G:C8:ID M=>7>IIDI=:DBE6CNWHJGG:CI-:EDGIDC!DGB
&
;>A:9DCJGHI B:C9B:CI ID G:9>I C
HJ7H>9>6G>:H;GDBI>B:IDI>B:E6GINI=:G:ID6HC>HIG6I>K:6<:CI6C9I=:H:K:G6A
76C@H6C9;>C6C8>6A>CHI>IJI>DCHE6GINI=:G:ID6HA:C9:GH>C8DGEDG6I:97NG:;:G:C8:ID M=>7>IIDI=:DBE6CNWHJGG:CI
-:EDGIDC!DGB
&;>A:9DC(6N	

.:8DC9B:C9B:CIIDG:9>IC
HJ7H>9>6G>:H;GDBI>B:IDI>B:E6GINI=:G:ID6HC>HIG6I>K:6<:CI6C9I=:H:K:G6A
76C@H6C9;>C6C8>6A>CHI>IJI>DCHE6GINI=:G:ID6HA:C9:GH>C8DGEDG6I:97NG:;:G:C8:ID M=>7>IIDI=:DBE6CNHJGG:CI
-:EDGIDC!DGB
&;>A:9DC%JAN	

-:H>DC6C9EED>CIB:CID;9B>C>HIG6I>K:<:CI'$HHJ:G6C9.L>CC:':C9:G6C9/=>G9B:C9B:CIIDG:9>I
CHJ7H>9>6G>:H;GDB
I>B: ID I>B: E6GIN I=:G:ID 6H HI 6C@ 6H 69B>C>HIG6I>K: 6<:CI 6C9 I=: H:K:G6A 76C@H 6C9 ;>C6C8>6A
>CHI>IJI>DCHE6GINI=:G:ID6HA:C9:GH>C8DGEDG6I:97NG:;:G:C8:ID M=>7>IIDI=:DBE6CNHJGG:CI-:EDGIDC!DGB
&
;>A:9DC*8ID7:G	

*E:C
 C9(DGI<6<:.:8JG>INMIJG:!>A>C<!>C6C8>C<.I6I:B:CI6C9HH>AA+DHI6A-:6AIN#DA9>CI:9.I6I:H'>;:$CHJG6C8:DBE6CN>C
I=:>IND;):L4DG@6C9)6I>DC6A0C>DC!>G:$CHJG6C8:DBE6CND;+>IIH7JG<=+>C8DGEDG6I:97NG:;:G:C8:ID M=>7>I
IDI=:DBE6CNWHJGG:CI-:EDGIDC!DGB
&;>A:9DC:8:B7:G	

+GDB>HHDGN)DI:0.'$	96I:9:8:B7:GB69:7N/=DGC#>AA+DHI6A-:6AIN#DA9>CI:9.I6I:H
'>;: $CHJG6C8: DBE6CN >C I=: >IN D; ):L 4DG@ >C8DGEDG6I:9 7N G:;:G:C8: ID  M=>7>I  ID I=: DBE6CNWH JGG:CI
-:EDGIDC!DGB
&;>A:9DC:8:B7:G	

+GDB>HHDGN)DI:0.'$S!DGI>IJ9:	96I:9:8:B7:GB69:7N/=DGC#>AA+DHI6A-:6AIN#DA9>CI:9.I6I:H'>;:$CHJG6C8:DBE6CN>CI=:>IND;):L4DG@>C8DGEDG6I:97NG:;:G:C8:ID M=>7>IIDI=:DBE6CNWH
JGG:CI-:EDGIDC!DGB
&;>A:9DC:8:B7:G	

+GDB>HHDGN)DI:)0!$	96I:9:8:B7:GB69:7N/=DGC#>AA+DHI6A-:6AIN#DA9>CDC6A0C>DC
!>G:$CHJG6C8:DBE6CND;+>IIH7JG<=+>C8DGEDG6I:97NG:;:G:C8:ID M=>7>IIDI=:DBE6CNWHJGG:CI-:EDGIDC
!DGB
&;>A:9DC:8:B7:G	

.JG:INH=>EC;6KDGD;/=:0C>I:9.I6I:H'>;:$CHJG6C8:DBE6CN>CI=:>IND;):L
4DG@ 6C9 )6I>DC6A 0C>DC !>G: $CHJG6C8: DBE6CN D; +>IIH7JG<= + >C8DGEDG6I:9 7N G:;:G:C8: ID  M=>7>I  ID I=:
DBE6CNWHJGG:CI-:EDGIDC!DGB
&;>A:9DC:8:B7:G	

$CH>9:G/G69>C<+DA>8N

.J7H>9>6G>:HD;I=:DBE6CN

DCH:CID;:AD>II:/DJ8=:''+

:GI>;>86I>DCD;CCJ6A-:EDGI7N=>:; M:8JI>K:*;;>8:GJC9:G.:8I>DCD;I=:.6G76C:H
*MA:N8ID;

:GI>;>86I>DCD;CCJ6A-:EDGI7N=>:;!>C6C8>6A*;;>8:GJC9:G.:8I>DCD;I=:.6G76C:H
*MA:N8ID;

:GI>;>86I>DCD;=>:; M:8JI>K:*;;>8:G;JGC>H=:9EJGHJ6CIID0..:8I>DC6H9DEI:9+JGHJ6CIID.:8I>DCD;
I=:.6G76C:H
*MA:N8ID;

:GI>;>86I>DCD;=>:;!>C6C8>6A*;;>8:G;JGC>H=:9EJGHJ6CIID0..:8I>DC6H9DEI:9+JGHJ6CIID.:8I>DCD;
I=:.6G76C:H
*MA:N8ID;

$C8:CI>K:DBE:CH6I>DC-:8DJEB:CI+DA>8N>C8DGEDG6I:97NG:;:G:C8:ID M=>7>IIDI=:DBE6CNHCCJ6A-:EDGIDC
!DGB
&;>A:9DC!:7GJ6GN	
$).
$)./) *0( )/

.#
.# (*0( )/

'
'0'/$*)'$)&. *0( )/

'
' '.'$)&. *0( )/

+- 
+- . )//$*)'$)&. *0( )/

 !
 !$)$/$*)'$)&. *0( )/


DK:G+6<:$CI:G68I>K:6I6!>A:;DGB6II:96H$CA>C:3-'6C98DCI6>C:9>C M=>7>I	
H8929D
#E=25B
5C3B9@D9?>
55555555555555555555555

!>A:9=:G:L>I=
P
DBE:CH6IDGNEA6CDG6GG6C<:B:CI


 .J7B>II:9:A:8IGDC>86AAN=:G:L>I=II68=:96H M=>7>IIDI=>HG:EDGI6G:I=:;DAADL>C<9D8JB:CIH;DGB6II:9>C3-'
:3I:CH>7A:JH>C:HH-:EDGI>C<'6C	DCHDA>96I:96A6C8:.=::IH>>	DCHDA>96I:9.I6I:B:CIHD;*E:G6I>DCH
/67A:D;DCI:CIH


6C9DBEG:=:CH>K:$C8DB:>>>	DCHDA>96I:9.I6I:B:CIHD;=6C<:H>C FJ>IN>K	DCHDA>96I:9.I6I:B:CIHD;6H=
!ADLH6C9K	)DI:HIDDCHDA>96I:9!>C6C8>6A.I6I:B:CIH
)"	$'" (*""'.
)DC:
(#)*'(
+JGHJ6CIIDI=:G:FJ>G:B:CIHD;.:8I>DCDG9	D;I=:.:8JG>I>:H M8=6C<:8ID;I=:G:<>HIG6CI=6H9JAN
86JH:9I=>HG:EDGIID7:H>IH7:=6A;7NI=:JC9:GH>O:9
%$()!'!).)'*()#	
6I:!:7GJ6GN
N
HC9G:L.ED9:@
C9G:L.ED9:@
=>:; M:8JI>K:*;;>8:G
+JGHJ6CI ID I=: G:FJ>G:B:CIH D; I=: .:8JG>I>:H  M8=6C<: 8I D;  I=>H G:EDGI =6H 7::C H>C<E:GHDCHDC7:=6A;D;I=:G:<>HIG6CI6C9>CI=:86E68>I>:H6C9DCI=:96I:H>C9>86I:9
)6B:
/>IA:
6I:
HC9G:L.ED9:@
=>:; M:8JI>K:*;;>8:G6C9>G:8IDG
!:7GJ6GN
C9G:L.ED9:@
+G>C8>E6A M:8JI>K:*;;>8:G	
H-D7:GI&A:>C
=>:;!>C6C8>6A*;;>8:G
!:7GJ6GN
-D7:GI&A:>C
+G>C8>E6A!>C6C8>6A*;;>8:G	
H(6IIG6C9L:>C
 M:8JI>K:1>8:+G:H>9:CI=>:;88DJCI>C<*;;>8:G
!:7GJ6GN
(6IIG6C9L:>C
+G>C8>E6A88DJCI>C<*;;>8:G	
H+6IG>8@DC6=D:
$C9:E:C9:CI>G:8IDG=6>GD;
!:7GJ6GN
+6IG>8@DC6=D:
D6G9D;>G:8IDGH
H6GGN':;@DL>IO
$C9:E:C9:CI>G:8IDG
!:7GJ6GN
6GGN':;@DL>IO
H%6C:"JG6A
.:C9:GH
$C9:E:C9:CI>G:8IDG
!:7GJ6GN
%6C:"JG6A
.:C9:GH
HCIDC!:>CG:8IDG
!:7GJ6GN
CIDC!:>C