Quarterlytics / Financial Services / Financial - Conglomerates / Voya Financial

Voya Financial

voya · NYSE Financial Services
Claim this profile
Ticker voya
Exchange NYSE
Sector Financial Services
Industry Financial - Conglomerates
Employees 5001-10,000
Overview Coverage Annual Reports FAQ Peers Earnings Calls Financials News Management
← All annual reports
FY2024 Annual Report · Voya Financial
Sign in to download
Loading PDF…
2024
Annual Report

About Voya Financial and Chart 
2024 Annual Report 
 
ABOUT VOYA FINANCIAL 
Voya Financial, Inc. (NYSE: VOYA) is a leading health, wealth and investment company with approximately 10,000 
employees who are focused on achieving Voya’s aspiraƟonal vision: "Clearing your path to financial confidence and a 
more fulfilling life." Through products, soluƟons and technologies, Voya helps its approximately 15.7 million individual, 
workplace and insƟtuƟonal clients become well planned, well invested and well protected. Benefiƞocus, a Voya company 
and a leading benefits administraƟon provider, extends the reach of Voya’s workplace benefits and savings offerings by 
engaging directly with approximately 11.9 million employees in the U.S. CerƟfied as a “Great Place to Work” by the Great 
Place to Work® InsƟtute, Voya is purpose-driven and commiƩed to conducƟng business in a way that is economically, 
ethically, socially and environmentally responsible. Voya has earned recogniƟon as one of the World’s Most Ethical 
Companies® by Ethisphere; a member of the Bloomberg Gender-Equality Index; and a “Best Place to Work for Disability 
Inclusion” on the Disability Equality Index. For more informaƟon, visit voya.com. Follow Voya Financial on Facebook, 
LinkedIn and Instagram. 
 
 

 
 
Dear Fellow Shareholders:  
Retirement plans are at the heart of Voya’s business.  When we became a public company in 2013, and for 
several years thereafter, the tagline “America’s Retirement Company” helped define Voya in the minds of our 
customers and investors.  While we have since moved on to new marketing campaigns, retirement remains our 
largest business and we are proud to be entrusted with the retirement savings of over eight million American 
workers. 
The retirement industry has been an essential part of Americans’ financial security for decades.  Defined 
contribution plans have played a significant role for more than forty years.  401(k) plans first appeared in 
significant numbers in the early 1980s, taking advantage of a provision of the tax code first included in the 
Revenue Act of 1978.  That same legislation also established 457 plans for governmental employees (the 403(b) 
plans used by tax-exempt organizations date back further, to the early 1960s).  Today, defined contribution 
retirement plans have amassed over $12 trillion in assets under administration, and have become the primary 
retirement savings vehicle for the majority of U.S. employees.  
When defined contribution retirement plans emerged into the mainstream in the 1980s, the baby boomer 
generation represented the younger part of the workforce.  In 1985, the oldest boomers turned 40, while the 
youngest (born in 1964, under the most common definition) were just entering their employment years.  Over 
the ensuing four decades, defined contribution plans enabled many boomers to build the wealth needed to 
assure a dignified retirement.  A saver who began making contributions in 1985 would have seen their plans 
weather a stock market crash in 1987, the inflation and eventual bursting of the tech bubble in the 1990s, the 
global financial crisis of 2008-09, and the market gyrations brought on by the COVID pandemic in 2020.  In 
recent days, we have seen significant market volatility brought on by changing U.S. trade policy.  Yet despite 
these periodic downturns, a consistent and steady approach to investing has proven to be a winning strategy.  A 
boomer who saved just $5000 per year over a forty-year career between 1985 and 2024, and invested it 
prudently in a diversified portfolio, could today retire with approximately $2 million of savings. 
More than four million Americans will turn 65 this year, making 2025 the apex of what is often called the "Peak 
65" window. From 2024 to 2027, more than 11,000 Americans will reach retirement age daily, a demographic 
shift that is profoundly impacting labor markets, healthcare, and financial services.  We know all too well that, 
for many boomers, financial security in retirement remains an unfulfilled aspiration.  But the availability of 
workplace retirement savings throughout their career has helped bring the goal of a secure retirement closer for 
many baby boomers. 
The challenges faced by younger generations 
For the generations that have followed the baby boomers, the story can be more complicated.  For both 
Millennials and Generation X, the path to financial security has often been beset with challenges.   
Consider a millennial, born in 1985 (we will call her Jessica, the most popular name for a baby girl in that year).  
Jessica’s baby boomer parents, born in 1957 (the peak year for boomer births), had just started their careers 
when Jessica was born.  The parents entered the workforce as asset prices – especially real estate and stocks – 
began a historic run that has lasted from the 1980s well into the 2020s.  For those parents, who were able to get 

 
 
in on the ground floor of this trend, asset values have provided a consistent tailwind to their financial condition 
throughout their working lives.   
Jessica, on the other hand, entered the job market in 2008, just as the global financial crisis was leading to mass 
layoffs and stagnant wages, and banks were tightening access to mortgages.  Without the ability to acquire real 
estate or invest in the stock market early in her career, many of Jessica’s cohort missed out on the significant 
rise in the value of both types of assets in the decade after the crisis.  The cost of Jessica’s college education, 
dramatically more expensive than what her parents paid in the late 1970s, burdened Jessica with student debt 
that could easily take ten years or more to pay off. 
Reflecting on this history in 2025, it is clear that Jessica and others of her generation continue to experience the 
negative financial impact of these early-career headwinds.  Now entering their 40s, this generation’s slow start 
up the wealth ladder continues to weigh on their savings and financial net worth.  
Beyond these economic headwinds, Jessica and her peers also encounter a unique set of caregiving 
responsibilities that their parents largely didn’t experience at the same life stage.  Over 50% of adults belonging 
to the “sandwich generation” are in their 40s, simultaneously caring for aging parents and their own children. 
The burden of increasing healthcare costs and the rise in neurodiversity diagnoses are creating additional 
financial strain. Caregiving responsibilities often result in reduced work hours and increased out-of-pocket 
expenses — funds that might otherwise contribute to retirement security.  
Reasons for optimism 
These intersecting challenges create a perfect storm for today’s workers. Jessica and her millennial peers 
entered adulthood with higher education costs, missed early wealth-building opportunities, and now face 
unprecedented caregiving demands that affect both their current finances and long-term financial security.  
Despite this adversity, however, there is still good reason to believe that these younger generations of American 
workers will, by the time they retire, have had the opportunity to build the same level of retirement security as 
their boomer parents and grandparents. 
What reasons do I have to be optimistic?  The first factor to consider is the immense generational wealth 
transfer unfolding over the next two decades. The numbers are enormous: an estimated $84 trillion in assets 
will change hands by 2045.  
The reality of this transfer, of course, is more complicated than the headline.  A disproportionate amount of that 
wealth is concentrated in the hands of a relatively small fraction of the overall population.  Nevertheless, the 
sheer scale of the assets in motion ensures that many in younger generations will benefit financially.  For the 
retirement industry, this phenomenon provides an opportunity to up our game and become increasingly 
relevant to our younger customers, with solutions that meet their unique financial needs and changing lifestyles. 
The second factor is the increasing availability of financial advice, helped in significant part by the emergence of 
new technology.  Today, outside of the high-net worth segment, most retirement savers lack access to sufficient 
financial advice.  But as robo-advisors and similar digital tools gain increasing sophistication, driven in large part 
by innovations in AI, we will undoubtedly see a dramatic increase in the use of financial advice even by less 

 
 
affluent savers.  Technology also helps human financial advisors be more efficient and productive with their 
time, increasing their capacity to take on more accounts. 
At Voya, we believe in the power of both human and robo-advice, and seek to provide all of our customers with 
the advice and guidance they need to make smart choices about their finances, regardless of income.  Financial 
advice helps savers of all levels make the right decisions about their money.  Voya has been a market leader in 
ensuring that advice is comprehensive, accounting not only for financial savings but also the employee benefit 
choices that can have a significant effect on the medical and other expenses that often adversely affect wealth.  
For more specialized challenges, our Voya Cares® program provides specialized planning resources for families 
balancing caregiving responsibilities with retirement goals, while our emergency savings solutions help maintain 
consistent retirement contributions during financial setbacks. These innovations recognize that retirement 
security depends on successfully navigating life’s immediate financial challenges.  As financial advice becomes 
more widespread, savers will make better financial choices, benefit from better financial outcomes, and be 
better prepared for retirement.   
The third and final factor I will mention is the increasing amount of innovation we are seeing in defined 
contribution plans, which can make it easier for workers to maximize the value of their savings over the course 
of their careers and well into retirement.  Some of these changes are regulatory, such as those encouraging 
auto-enrollment and auto-escalation provisions in plans, while others are market-driven. 
Among the more promising developments for retirement savings is the prospect for greater inclusion of private 
asset classes within defined contribution plans.  Today, the vast majority of defined contribution savings are 
invested in public assets – listed stock and publicly traded fixed income.  These assets have several advantages, 
with liquidity and a readily ascertainable market price being among the most important.  But they do not 
capture the full capacity of the economy to generate investment returns. 
For many years, the pension fund managers who administer defined benefit plans have invested a significant 
portion of their plans into private assets – real estate, infrastructure, and private lending, for example.  While 
less liquid than tradable securities, these assets generate returns that often exceed those of public investments, 
and which are not highly correlated to traditional equity and debt investments.  These investments might seem 
like a good fit for all types of retirement plans, given that retirement savings should be among the longest-term 
investments that investors hold.  Yet they have not generally been available in defined contribution plans. 
This circumstance is gradually changing, with the market beginning to develop new financial products that help 
ordinary investors gain access to private assets within their defined contribution retirement plans.  We are likely 
to see significant expansion of this market opportunity in the next several years.  I mentioned earlier in this 
letter that over $12 trillion of retirement savings are invested in defined contribution plans.  With even a small 
allocation to these private investment options in-plan, the potential for a dramatic asset rotation should be 
clear.  For a company like Voya, which provides both defined contribution plans and asset management 
solutions that include private asset strategies, the opportunity is significant.  So too is the responsibility to 
provide the right plan administration solutions alongside these new investment classes so that our plan sponsor 
and participant customers can realize the full benefit these possibilities entail. 

 
 
Thus far, plan sponsors and their advisors have engaged with these new investment options with an appropriate 
level of caution.  Illiquid assets have specific risks that must be appropriately accounted for, and fee levels for 
these investments can be significantly higher than for other options.  It is incumbent on private asset managers 
to demonstrate that the investments they provide, net of fees, enhance the value of a long-term portfolio.  But 
as market norms around these assets become established, expanded in-plan investment options represent a 
potential path to narrowing the wealth gap for those younger generations that could not fully participate in the 
asset value increases of the past four decades. 
As the baby boomers pass the wealth mantle to their children and grandchildren, the time could not be better 
for the entire retirement industry to consider what innovations will drive the next cycle of growth and wealth 
creation for American workers.  For more than forty years, defined contribution plans have been the bedrock of 
workplace savings and retirement for Jessica’s parents.  Our responsibility over the next forty years is to ensure 
that we provide the solutions to deliver that same promise for Jessica and her children. 
Looking Forward 
Voya’s Purpose remains unchanged: Together we fight for everyone’s opportunity for a better financial future. As 
retirement landscapes transform, we're committed to being more than observers, but instead architects of a 
more inclusive and innovative retirement ecosystem. This means creating solutions that don’t just manage 
money, but truly support individual financial journeys, especially for those facing the most significant economic 
headwinds. 
This commitment extends beyond our investment strategies. Our culture of purpose, integrity, and a customer-
first approach continues to distinguish Voya in the marketplace. We remain focused on careful stewardship of 
shareholder capital, disciplined expense management, and a relentless pursuit of profitable growth. 
To our shareholders, thank you for your continued trust and support. As we continue to navigate the changing 
retirement landscape, we remain committed to creating sustainable, long-term value, not just for our 
shareholders, but for the millions of Americans who are counting on us to help them build a more secure 
financial future. 
Very truly yours,  
 
Heather Lavallee 
Chief Executive Officer 
Voya Financial, Inc. 
 
 
 
 

/(#.-..--/,#.#-(2"(!)''#--#)(
1-"#(!.)(

VVVVVVVVVVVVVVVVVVVVVV
 ),'%
'5F?)B9

((/&,*),.*/,-/(..)-.#)(),8) ."-/,#.#-2"(!.) 
"FIK?<=@J:8CP<8I@JKI8EK8JJG<:@=@<;@E@KJ:?8IK8E@Q8K@FE
%./!DGCFP@JKI8EKYJK8I<8:F;<
-97IF=H=9GF9;=GH9F98DIFGI5BHHC-97H=CB6C:H<97H
.=H@9C:957<7@5GG
.F58=B;-MA6C@G
(5A9C:957<9L7<5B;9CBK<=7<F9;=GH9F98
FDDFE/KF:B
,8I28CL<
2+5
0?<*<
 8K?
2+5,I
0?<*<
@EK@JKI8EK@J8N@JKI8EK@JEFKI@JKI8EK?8J=@C<;8ILE;@JK=@IDK?8KGI@JKI8EK?8J=@C<;8CCI<:KF=;LI@E>K?<GI<:<;@E>
DFEK?JFI=FIJL:?J?FIK@JKI8EKN8JII@JKI8EK?8JJL9D@KK<;LC8K@FE/0
R
F=K?@J:?8GKK?<GI<:<;@E>DFEK?JFI=FIJL:?J?FIK@JKI8EKN8JI@JKI8EK@J8C8I><8:::FDG8EPFI8E@E>>IFNK?
:FDG8EP
/<<K?<;<=@E@K@FEJF=C8I><8:::FDG8EP8E;@E>>IFNK?:FDG8EP@E.LC<9F=K?<!O:?8E><
:K
(8I><8:::FDG8EP

!D@E>>IFNK?:FDG8EP

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

%=J<:LI@K@@JK@JKI8EK@E:CL;<;@EK?<=@C@E>I<=C<:KK?<
:FII<:K@FEF=8E@JKI8EKYJK?<I@JKI8EK@J8J?<:K

5>I<>8K<D8IB@JKI8EK?@JKI8EKN8J8GGIFO@D8K@JKI8EKJ:FDDFEJKF:BFLKJK8E;@E>
C7IA9BHG=B7CFDCF5H986MF9:9F9B79,FIK@FEJF=2FP8"@E8E:@8C%E:
J,IFOP/K8KF=/?8I8C,IF:<<;@E>J 






























































%K@JKI8EKJFDDFE!HL@KP.I<8E;"@E8E:@8C @J:CFJLI< 





%K"<E8KLI LJ@E JK8K F= K?< ,I@M8K<
/<:LI@K@8K@FE.<=FID:KF=
"FIN8I;CFFB@E>JK8KKF=LKLI<;8?@JKFI@:8C=8:K
"FIN8I;CFFB@E>
JK8K@E:FEE<:K@FEN@K?8;@J:LJJ@FEF==LKLI<FGFI=@E8E:@8CG JK8K FK?J @ >CF98C
D8IB><JL:?I@JBJ8E;@EK=@E8E:@8CJKIK?FI:I<;@KI8K@E>J;FNE>I8;?
;@M@;GIF>I8DJ@@@JKI8K<>@:8E;9LJ@EFLI89@C@KPKFD8@EK8@ED8IB<FLIK?@I;G8IKPIK?<89@C@KPKF8:?@
:P9LC8KFIP8E;C<>8CI@JBJ@E:CL;@E>C@D@KJFE
FLI 89@C@KP KF LJ< ;<=LC8K@FE FI 8::FLEK@E> JK8E;8I;J 8E; FLI 89@C@KP KF :FDGCP N@K?
I<>LC8K@FEJ8E;M@@FK?< FDD@JJ@FE /! @E:CL;< 8;;@K@FE8C =8:KFIJ K?8K :FLC; 8==<:K FLI 9LJ@E@E>8E;:FDG<=IFDK@D<KFK@D<8E;@K@J
EFKGFJJ@9C<=FID8E8>8E@Q8K@FE
=FI $<8CK? /FCLK@FEJ D8IBJK8I =LE; ;8K8 8E; <2E@Q<;GL9C@:8K@FEJ8E;N<9J@K@E=FID8K@FE@J>JI<=C<:KK?<I8EB@E>JFECPF=K?FJ<:FDG8E@CPFLI
D8IB 8DFE> 8CC :FDG @E K?@I;G8IKP JLIMJN@K?FLIFNEBEFNC<;><JL:?8JN?F=G8IK@:LC8I:FDG8E@IFLGJ F== 0>:1?34>/4>.@>>4:9?30?0=8>*:D,?30:8;,9DB0:@=,9/@>=010=?:*:D,49,9.4,79.
,9/
4?>>@->4/4,=40>
3<8I<8C<8;@E>GIFM@;JJFCLK@FEJ8E;K<:?EFCF>@9?FLII@EK@<8E;>IFN@E>9LJ@E@E>I@K?<E<<;JF=8GGIFO@D8KL?FLKK?<1
/
8E;@EFLI>CF98CJ?K=FI?89IF8;>IFLGF==@E8E:@8C@EK?FLKK?<1
/
8E;8CJFF==J GIF;L:KJ KF D?FLII<
@EMGIFM@;?N?@:?N<8><;@I<:KCPN@K?8GGIFO@D8KEFJK@:;@K8C:8G89@C@K@:LJKFD =@E8E:@8C NL@;8E:<=FIJD8BI8K<;IJN@K?>IFLG98DFI<@EK<>I8K<;9J
2FP8YJ8N8I;N@EE@E>I8E;GIFDFK<8?<8CK?@:LCKLI<F=:C@D8E8>K?@EGI@M8K<=@O<;@E:FD<8E;J<:FE;8IPGI@M8K<
;@JKI@9LK@FE:8G89@C@K@L@J?LJ@E9FK?K?<@EJK@KLK@FE8C8E;@EKK?@E@EK?CP:FDG@?FLICF98C;@JKI@9LK@FEE8E@:>IFNK?GIL; =FI FLI :LJKFD?K >IFNK?
FI@?=I<<:8J?=CFN:FDG8EP9L@CK=FII?M8I@FLJ<:FEFD@::P:CE@=@:8EK;@MI8G?@:D8IB=<<98J<;JGI<8;98J<;8E;LE;


)IF-9;A9BHG
3<IDDGIFM@;P=FIGC8E
8;D@E@JKI8K@FEJ8GGIFO@D8KD
%.8::FLEKJ=@E8E:@8CGC8EE@E>8E;
8;M@:<KF@E;@M@;L8CJK?IFL>?K?<
NFIBGC8:<8E;KFIGIFM@;IFLG9
8GGIFO@D8K8
:FDGIN@K??<8CK?J8M@E>J8E;
JG8::FLEKJ
0?IFL>?
@EKCF98C;@JKI@9LK@FE:8G89@C@K@@E>GL9C@:8E;GI@M8K<=@O<;
@E:FD<@ 8::LDLC8K<; FK?@EKFG<8IE@E>J9<=FI<@E:FD<K8O<8IE@E>J9<=FI<@E:FD<K8O<8IE@E>J9<=FI<@E:FD<K8OFG*FK<KFFLIFEJFC@;8K<;"@E8E:@8C/K8K@E)8PN<NCF98C=@E8E:@8C@EJK@KLK@FE98J<;@EK?<*? %*# #IFLG N< E@=@:8EKCP,@C>I@D8G@K8CFIGFI8K@FE?K?<;@M8:PEFEIEN@K?FLIJKI8K<>@:=F:LJFE8:8G@K8C
C@>?K?@>?=I<<:8J?=CFN9LJ@E?:8G@K8CIIFNK?N?@C<GIF8:K@M@E>I@JB



)IF)F;5B=N5H=CB5@-HFI7HIF9
3<8I<8?FC;@E>:FDG8EP@E:FIGFI8K<;@E ?8ELD9 FI>8E@Q8K@FE8C :?8IK GI :FDG8EP 2FP8 $FC;@E>J FLI GI@E:@G8C @EJLI8E:< FG ? N?@:? N< FGD?8E@EKI<?K?<GLI:?8J<F=C<>8CI<@E:I@E> 8E; D@;D8IBD8E;:FEK@E>9P
:FDG8EPK?8KJ8E@Q8K@FEJJ@DGC@=PK?<:FDGCE<; =FI GIFN@E>;JJFCLK@FEJ8E;@E:I<8J<;@KJ89@C@KPKF
;490>>,>4>:1$=0>09?,?4:9,9/'429414.,9?..:@9?492$:74.40>*FK<@EFLIFEJFC@;8K<;
"@E8E:@8C/K8KDDP 8E; J?FLI.L@;8E:<GC8EE@E>8E;
8;M@JFIPJ?FLI3<8CK?)8E8>8E;8;M@JFIP=<E@=@:8EKGFIK@FEF=FLII:C@I8K <8IE@E>J 9<=FI< @E:FD< K8ODK?<.,9/'0=A4.0>
+LI . FM?8E@Q8K@FEJ 8E; JK8K< 8E; CF:8C
>FM?FLI"LCC/ 8E; /K89C< 28CL< 9LJ@E I8DJKF?<GC8EG8IK@:@G8K@FE8E;=@E8E:@8CNL@;8E:<8E;G8E;@EM?8K?@I;G8IKP;@>@K8C
J@JKIFLG
%E8;;@K@FE
KFJFCLK@FEJGIFM@;<;;@I<:KCP=IFDK?? FLI IJ
 "LIK?@K8C :8G89@C@K@
:LJKFDK?IFL>?FLI!D*:D,20DF9@C<8GGC@:8K@FEN?@:?GIFM@;L@;8E:<KFFC=FI8><N@K?K?<@INFIBGC8:<9J

@77	'0=A4.0
"LCCJ8E;GC8E8;D@E@JKI8K@FEJLGGFIKKILJK<<JJ@E:CL;<K8O8;M8EK8><;IJGC8EJF==?8EEL@KP:FEKI8:KJ>IFLG=LE;@E>
8>I<8JJK?<@IFNEFI@K?<2FP8=8D@CPF=DLKL8C
=LE;JD8E8><;9P2FP8%)
EFGJ8E;GC8E8;D@E@JKI8K@FEJLGGFIK8CFE>J@;<8=LCCPFG J @E:CL;L8I8EK<<; @EM<; 9P <@K? :?8IK GI 1) 8E; 1 8J F=
 <:D?
LJ@E<FIGFI8K<
B
;D@E@JKI8K@FEJDLKL8C
=LE;J:FDD@E>C<;KILJKJ8E;JE8E;=@E8E:@E>
JKI8K<>@FGK@FEJ8E;
K8@CFI<;G8IK@:@G8EKJD8:P8JJL8I8EK<<;G8PFLKGIF;L:KJ
%E:CL;
8JJI8D=FIHL8C@=@<;IIFLG=LE;@E>8>I<IFLG8EEL@KP:FEKI8:KKF=LE;HL8C@=@<;I
S
*:D, &0?4=0809? 3:4.0  ,9/ &0?4=070C	! DLKL8C =LE; GIF;L:KJ GIFM@;@E> =C ME<;KFGIFM@;<8;@ML8I8EK<<;FGK@FE8M8@C89C<K?IFL>?8>IFLG
=@O<;8EEL@KP:FEKI8:KFIJK89C<M8CL<GIF;L:K
F
*:D,&0?4=0809?$7@>,9/*:D,@>?:83:4.0I<>@JKIFLG8EEL@KPGIF;L:KJ=<8KLI@E>M8I@89C<@EM@JKIFLG8EEL@KPGIF;L:K=<8KLI@E>M8I@89C<@EML8I8EK<<;FGK@FE8M8@C89C<K?IFL>?8>IFLG=@O<;8EEL@KP:FEKI8:KFIJK89C<M8CL<GIF;L:K


;;@K@FE8CGIF;L:KJ8E;J?FLI2FP88II8DN?@:?J@E>G@M,9/4>?=4-@?4:9
+LI.JJK89C<M8CL<
JFCLK@FEJ
S
!O<:LK@M<9L@;8E:<8E;8;M@:<
J<)8IB? DLCK@GC< LE8==@C@8K<; :?8EE?FK?G8IK@:@G8EK'
<;L:8K@FEJ<>D@FE8C8E;CF:8C9IFB@JKFMGC8EJN?@:?GC8EML@;8E:<JFML@;8E:<8E;IFCCFM8E;JKIK?IJ
 <;@:8K<;2FP8
/8C
=@IDJ@E:CL;@E>E8K@FE8C8>>I<>8KFIJN@K?9FK?8==@C@8K<;8E;LE8==@C@8K<;=@IDCIFNK?C8I><D<>8IJ


:8;0?4?4:9
+LI .< NJK<:?E@:8C8E;I<>LC8KFIPJ?FLIJ@Q<8E;J:8C<JKIFE>JGFEJFI
IN@K?JKIFE>
K<:?E@:8C8E;I<>LC8KFIP:?8IKGI<
$@>?<FIGFI8K<
.<:FI;B<
FDGJ@EJK@KLK@FEJ
,IL;,9/'0=A4.0>
+LI3<8CK?)8E8>N@K?8;M@:<8E;>L@;8E:<
;?=@<;8::FLEKJ8E;8;M@JFIPGIF>I8DJ8E;9IFB<
8::FLEKJ
0?<%.GIF;L:KJ@E:CL;<:KI8K<; 8GGIF8:? KF 8E @E;@M@;L8C :LJKFD=FIFIC@M@E>@EII<8JFE=FIG8IK@:@G8EKJKFG8IKE?FLI9IF8;I8E><F=8;M@JFIPGIF>I8DJFLI=@E8E:@8C8;M@JK?<@I:C@JKF:BJ9FE;J8E;DLKL8C
=LE;J8JN<;8::FLEKJ

!,=60?>,9/4>?=4-@?4:9
3<8CK?)8E8>?I?
2"FLI9IFBIFLG<;@EKFKNFGI@D8IP:8K<>FI@@JKI

%. GIF;L:KJ 8J N 8E; 8;M@JFIP JFCLK@FEJ
 $FD< F==@:< G?FE<98J<; I
G8IK@:@G8EKJ@EFLINFIBGC8:<IGC8EJN@K?IFCCFM?C@=<JK8><8E;AF9I8@EJK @EK<>I8K<; =@E8E:@8C J<,F@EK "@E8E:@8C 'DJ ::FLEK
$/"C ::FLEK "/$<8CK? .<@D9LIJ<:FIGFI8K<DJKFGCFJJ
:FM< KF DK?<C8I><@EK?<1
/
:LIIK?@I;8DFE>;@I<:KGIFM@;8E;8I<8KFGGIFM@;IFLGC@=<@EJLI8E:<

JF= <:D?
FLI9?N?@:?EFJK@:
8E;8;D@E@JK9?K?<?FLI!D*:D,20
DF9@C<8GGC@:8K@FEN?@:?GIFM@;L@;8E:<KFFC=FI
K?<@INFIBGC8:<9J
3<JLGGFIKFEK?<8;D@E@JKI8K@M<9LI;8K@FEJ
0?<$<8CK?/FCLK@FEJJ<>D@E:FD<:FDGI@JDIFLG C@=< JKFG CFJJ 8E;
MFCLEK8IP9D<8IE@E>J9<=FI<@E:FD<K8O,9/'0=A4.0>
'?:; :>>
+LIJKFGCFJJ@EJLI8E:<GIFM@;<=FID@;J@Q<;KFC8I><<K?<@I?<8CK?JG<:@=@<;:C8@D8DFLEKJ
89FM<::C8@DJK?8K?@E;@M@;L8C
JKFGCFJJ@EJLI8E:<8E;8>>I<>8K<JKFGCFJJ@EJLI8E:<N?@:?8I<9FK?I<GI@:<;8E;I>I<>8K< JKFGCFJJ @EJLI8E:<
I<@D9LIJ@9C<:C8@DJF=K?<>IFLG8JG<:@=@<;C@D@KGFK< L8I8EK<<; @JJL< :FM< :FEM,-474?D
#IFLG;@J89@C@KP@E:CL;IFLGCFE>KK<@JKPG@:8CCPG8:B8><;=FIJ8C<


N@K? >IFLG C@=< GIF;L:KJ IFLG;@J89@C@KP
*:7@9?,=D09014?>
+LIMFCLEK8IP9LE@M?G8PIFCC;<;L:K@FE

09014?> /8494>?=,?4:9
 0?IFL>? N@K?K8E;8;D@E@JKI8K@FEJ?N?@:??N?@:?D9J
=FI:FDGIL@;8E:<FEK?<9
0,7?3..:@9?':7@?4:9>
0?@JGIF;L:KC@E<@EMFCMJ>,9/0.4>4:9'@;;:=?
3@K?FLI!D*:D,208:-4708GGC@:8K@FEN<F==L@;8E:<KFFCK?8K
8JJ@JKJ< ;J
 ,I:?8IKGIN@K?8EEL8C@Q<;@E=FI:<GI
BBI5@=N98#B CF79*F9A=IAG5B8 99G
"95@H<-C@IH=CBG*FC8I7HG
395FB898979A69F

/KFG(FJJ 






















































 

#IFLG(@=< 






















































#IFLG @J89@C@KP


















































2FCLEK8IP8E;+K?,9/4>?=4-@?4:9
+LI$<8CK?/FCLK@FEJJ<>D@FE8C9PG8IKE8E@Q8K@FEGIFM@;<<ELD9D8I<
@DGFIK8EK:FDGIFLGC@=<D8IBDJ@;<;@J89@C@KP8E;@E:I<8J@E>CP
JLGGC8E;8;;@K@FE8C8;D@E@JKI8K@M<:8G89@C@K@IFN@E>I8G@;CP8E;N<:FDG8E;GIF;L:K@EEFM8K@FEN@K?FLI
GI@E:@G8C:FDG@>E88E;K?<8M8@C89@C@KP
F=  :C@E@=@:8EK :FDD@KD
 +LI GI@E:@G8C
:FDG?KLJ@E K?< DFJK @DGFIK8EK :FDGIFN8K8I8G@;G8:<8E;@E:CL;JI<=C<:KJK?<IFLGYJ:C8@DJIFLG

0?<  @E FE>F@E>
GI@:@E>8;ALJKDL8I8EK<<G8E;LE;:I@KIFLGYJ;I8G?@::FDGFJ@K@FEK?<@E;LJKIP>I8G?@:CF:8K@FEI<>@FE8C8E;E8K@FE8C
<:FEFD@: KIE 8E; GI@FI :C8@DJ  =FI FLI >IFLG ;@J89@C@KP GIF;L:KJ @J ;I@JB@E:FEE<:K@FEN@K?JL:?GIF;L:KJ

/KFGCFJJ @EJLI8E:< GI@:@E> I<=C<:KJ K?< I@JB :?8I8:KIFLG
 0?< GIF;L:K @J
8EEL8CCPI@E=FID8K@FE@JI8E;LE;:I@KIFLGYJ ;I8G?@: :FDGFJ@K@FE K?< @E;LJKIP >I8G?@:
CF:8K@FEGC8E;E8E;GI@FI:C8@DJ@=,9.0
+LI$<8CK?/FCLK@FEJI<@EJLI8E:<JKI8K<>PJ<< KF 8
I<@EJLI0KF80,8E;I<@EJLII8DK?8KC@D@KJFLI>I<>8K<JKFGCFJJI<@EJLI8E:<K?8KC@D@KJFLI>I<>8K<
!O:.7:>@=0>-:@?!,=60?&4>6H&4>6!,9,20809?@E,8IK%%%KDCF98C ;@JKI@9LK@FE :8G89@C@K@? FLI 8:K@M<; =LCCJD<;
9@CC@FE=FIK?@I;G8IKP
@EJK@KLK@FE8C8E;@E;@M@;L8C@EMK?@I;G8IKPM8I@89C<8EEL@KPJFLI:<;8JJ<F=GI@M8KJG<:@=@<;JKI8K<>@<;
9P CC@8EQ#%
 0?< CC@8EQ#% 0I8EJ8:K@FE ?8J @E:I<8J<; %EM@CF98C:C@CF98CG8I@I8G?@?FLI@EJK@KLK@FE8C;@JKI@9LK@FE:?8EE GL9C@: :FIGFI8K< 8E; DLCK@K?@I;G8IKP>@FLIDLKL8C=LE;JJ<;8::FLEKJ8E;GI@M8K<8E;8CK?8E@EK?8==@C@8K<
8E;K?@I;G8IKPIIFN@E>@EK?JL98;M@JFIP
8>I<<
0?< F= 1)
 %E :<; 8JJD<;FE8D8IB
98J@J
 "@E8CCP %EM8K@FEJ 8E; M8I@FLJ =LE;J
 !O:CL;@E> CC@8EQJ EFE:FEKIFCC@E> @EK<8IE@E>J9<=FI<@E:FD<K8O,9/'0=A4.0>
%EM? FLI KI8;@K@FE8C GI@M8K< 8JJ@@I8;<8E;?@>?P@8><CF8EJDFIK>8><;<;:I<;@K8E;:FCC8K8K@FEJ (+J
 0?< FE9F8I;@E> F= =FID@ 8:IFJJ
K?J
4C0/9.:80
%EM?K?<=@O<;@E:FD<GC8K=FID:C@@DFEI8;<:FIGFI8K<;<9K>FM8><98:B<; J<:LI@K@8><98:B<; J<:LI@K@? P@<;:I<;@KJKIL:KLI<;GIF;L:KJ<
>
(+J:FDD8><;9PJ<8JFE<;@EME@=@:8EK:I<;@KHL8EK@K8K@M<
8E;D8:IFI
0?<K?@9FK?;FDIFNK? M8CL< 8E; :FI< JKI8K<>@< D@; 8E; JD8CC :8G JG8:@
 %EM@EGI@M8K<J<:FE;8IP@EKG8IKE@EE 8CFE>J@;< 9LPFLK =LE;J @E @E;@M@;L8C :FDG8E@<; 8JJ
9@CC@FE8:IFJJ8JL@K<F=C@D@K<;G8IKE@JKJKI8K<>@<FLI:FI<GI@M8K<:I<;@K8E;DFIK>8><CF8E@EM@8JJF8CJF=@EM<FM@E>D8IB:FI<:8G89@C@K@I@JBD8E8>@E<K?<)//K<8D?8J;?FLI
3<8CK? /FCLK@FEJ J<>D@:8E;K8:K@:8C8JJJFCLK@FEJ
8E;@EM@<FLKJG<:@=@:D8IB
GFIK89C<8CG?8=FI:C@K89C<GID
4984774:9>
#BJ9GHA9BH*@5H:CFA
"@O<;@E:FD<,L9C@: 








































 





"@O<;@E:FD<,I@M8KFI@<;9PK?@I;G8IK@<;9P
K?@I;G8IK@,9/4>?=4-@?4:9
3<J?8;<;@:8K<;J8C@:
;@JKI@9LK@FEG8IKEE@=@:8EKCPCF98CCP
3<J?8E@EKF=9LJ@E@D02809? 0?@J J<>D@JK<;
::FLEKJK?IFL>?8==@C@8K<8E;K?@I;G8IKP;@JKI@9LK@FEGC8K=FIDJ@E:CL;@E>N8I<=@IDJI<>@JK@FE8C 9IFB?JL98;M@JFIP8II8E>
9@CC@FEF=1)D8E8><;FE9?4?@?4:9,7 .7409? >02809? 0?@J J<>D ;<=@E<; 98E;I 
 9@CC@FE F= 1)
GI@D8I@CP@EJ<;8::FLEKJ8E;:FCC<:K@M<@EM?CP =I8>DCF98C @EMD FK?J @EM
%EMPJKI@ME<<;JF=
FLI ;@M 8E; I 8 ?@>?G 8E; ;@M 8E @E:CLJ@M< :LCKLI< 8I<  FLI :LJKFD 2FP8J GLIGFJ< F= =@>?K@E>
KF>:FEE<:K@FEJ9?JLGGFIKF=@M@E>

JF= <:F8E;8CLIL%E;@8
GGIFO@D8K@E8EF==@:<CF:8K@FE=FIG8IKF=K?<@IK@D<8E;8GGIFO@D8K?IF9LJKC<8IE@E>GIF>I8DJ
+LIK8CP=F:LJDGIF>I8DJG 8E; =<<;98:B
 2FP8J (<8IE@E>  8E; KFFCJ KF ?K?IFL>?KI8EJ@K@FEJ@EKF;@==E8E;K?<
89@C@KPKF:I<8K<; @J D8;< LG F= ;@I<:K :FDGKJ?<8CK?8E;NI8DJ8E;;E@=@:8EKELD9LC8K@FEJ8E;8;D@E@JKI8K@M<
;@J8;8C8E;I<>LC8KFIP=I8D:FDG8EP=FI8CCF=FLI9LJ@E?FLIJL9J@;@8I@LC8K<;@EJLILC8K@FE8J8E@EJLI8E:<?FC;@E>:FDG8EP
#BGIF5B79,9;I@5H=CB
3<?8M<K?I<<1
/
@EJLI8E:<JL9J@;@8I@LC8KFIPD8KKLC8K@FE8E;JLGLC8KFIF=8E@EJLI8E:<:FDG8EP@J@KJJK8K<F=;FD@:@C<

!8:?F=FLI@EJLI8E:<JL9J@;@8I@LC8K<;@E<8:?JK8K<@EN?@:?@K:FE;L:KJ@EJLI8E:<9LJ@ELC8K@FEJ>I8EK@EJLI8E:<I<>LC8KFIJ9IF8;I<>LC8KFIP8E;8;D@E@JKI8K@M<GFNLC8KFIJLC8K@FEJK?IFL>?GLC8K@FEJ ILC8KFIJ LC8KFIJ8K8EPK@D<
+LI@EJLI8E:<JL9J@;@8I@GI8:K@:LC8KFIJKFDFE@KFI8E;I<>LC8K<K?<JFCM8K@FEJ
 0?< *8K@FE8C JJF:@8K@FE F= %EJLI8E:< FDD@JJ@FEGI@E:@GCLC8KFIJ
+LI @EJLI8E:< JL9J@;@8I@8K@FEJ 9P K?<@I
ILC8KFIJ8E;FK?:FDG8EPC8NJF=K?<JK8K :FDG8EP KF I<>@JKLC8KFI @E K?< @EJLI8E:< :FDG8EPYJ JK8K< F= ;FD@:@C< 8E; KF =LIE@J?
8EEL8CCP=@E8E:@8C8E;FK?:FDG8EPJPJK,.?4:9>
 # K?< @EJLI :FDG8EP JPJKK?<D8K:FDG8EPI<>LC8K@FEJ> @EKLC8KFI
1E; ;@I<:KCP FI @E;@I<:KCP  FI DFI< F= K?< MFK@E>
J<:LI@K@K?8K:FEKIFC;FLC8KFIJ?FNJ<:LI@K@FIDFI<F=K?<MFK@E>GFN 8GGC@:8K@FE 9P K?8K GLI:?8J
0?<*%@EJLI8E:<?FC;@E>:FDG8EPDF;LC8K@FEJM :FDG8EP JPJK GLC8KFI 8E  FE< FI DFI< 8==@C@8K:FDG8EPJPJKLC8ICPGILC8KFIJ?8M<8;FGK<;K?<FIGFI8K<#FM)F;2FP8KFD8B<8E8EEL8C:FE=@;I<>8I;@E>K?<@I:FIGFI8K<>FM?=4.?4:9>
 J 8 ?FC;@E> :FDG8EP N@K? EF J@>E@=@:8EK 9LJ@E8K@FEJ@E:CL;@E>K?<
G8PD;<9KF9C@>8K@FEJ
0?<
JK8K
KFG8PK?<;@M@;J@E8E;8E;8;@J:LJJ@FEF=FI;@E8IP;@M@;:@=.0>H&0>?=4.?4:9> :9 4A4/09/> ,9/ &0?@=9> :1 ,;4?,7 1=:8 '@->4/4,=40> @E )8E8>0=A0'@114.409.D9,7D>4>
1E;LC8K@FEJF=K?<@IJK8K>I<>8K<JK8KLKFIPI?K
F=K?<8JJ8K@FEJ8E;I=LE;J=IFD
8M8@C89C< JK8KLKFIP JLIGCLJ
 +LI @EJLI8E:< JL9J@;@8I@LC8KFIP
8LK?FI@K@ ,9/ ,;4?,7 &0<@4=0809?>
 %EJLI8E:< I<>LC8KFIJ ?8M< K?< ;@J:IF@E>
C@:F=FLI@EJLI8E:<JL9J@;@8I@LC8KFIJ
AL;>D 8 D@E@DLD 8DFLEK F= JLIGCLJ FI @J @E ?8Q8I;FLJ =@E8E:@8C :FE;@K@FE
 %EJLI8E:<
I<>LC8KFIJD8P8CJFC@D@KK?<89@C@KPF=8E@EJLILC8KFINFLC;C@D@KK?<8DFLEKF=E6	,>0/,;4?,7
0?<*%?8J8;FGK<;.IK?<D@E@DLD8DFLEKF=8;ALJK<;:8G@K8CJK8KLKFIP:8G@K8C8E;JLIGCLJGCLJ
FK? K?< I@JB
:?8I8:KLC8KFIJ LJ< .
ICLC8KFIPFM?K;FEK?<CLC8KFIPFI:FII<:K@M<8:K@FE
:9/,.?:=>
%EK?<*%8;FGK<;K?<)FF;PYJE8CPK@:JGIFGFJ<;IK?<:LIIE8K@FEJLJ<;@EK?<
.:8C:LC8K@FE=IFDJ@O9FE;JKIL:KLI8J<:FE;G?8J<F=K?@JGIFA<:KKFI<=@E<:8G@K8C:?8I>
0?<>L@;8E:<;@==8D8:IFGIL;LC8KFIJY89@C@KPKFDFE@KFI8E;I=IFDFI8DGC@=@<;9P@EJLI?K9<KI8EJD@KK<; 8E; JKI I 8E;
:FLEK?>
 0?< *% ?8J ;LC8KFIP %E=FID8K@FE /PJKLC8KFIJ @E
DFE@KFI@E>K?<=@E8E:@8C:FE;@K@FEF=1
/
@EJLI8E:<:FDG8E@:FDG8E@JG<:@8C8KKGI FLKJ@;< K?< GI< @J EFK :FEJ@; ILC8KFIP<8ICPDFE@KFI@E>JPJK<
.<>LC8KFIJKPG@:8CCP@EM8K<FIDFE@KFI8E@EJLI8E:<
:FDG8EP@=@KJ%.%/I8K@FJ=8CCFLKJ@;<K?<GI<=FI=FLIFIDFI<F=K?<I8K@FJ9LK<8:?JK8K<?8JK?<I@>?KKF
@EHL@I<89FLK8EPI8K@FJ=8CC@E>FLKJ@;<K?<LJL8CI8E><

3<;FEFK8EK@:@G8K<I<>LC8KFIP8:K@FE8J8I@=,9.0 @,=,9?D >>:.4,?4:9>
 !8:? JK8K< ?8J @EJLI8E:< >L8I8EKP 8JJF:@8K@FE C8NJ I @EJLI8E:< :FDG8E@
9LJ@EL8I8EKP8JJF:@8K@FEJFIFK?E<;KF
GIFK<:KGFC@:P?FC;=LCLGKFGI8><;
 /FD< ALI@J;@:K@FEJ G?=LCCFIG8IK@8CGIIFLGM8I@89C<8EEL@K@@JKLC8K<;9PK?</!8JJ<:LI@K@?J@JKLC8K<;9PJK8K<@EJLI8E:<C8N
!8:?JDLKL8C=LE;N?@:?@J@KJ@JK 8E; FK?LC8K@FEJ 8I< GI@D8I@CP @EKI8EK 9IF8; ILC 8E; LC8KFIP8>FMLC8K<K?<@EJLI8E:<9LJ@E@JC8K@FE8E;8;D@E@JKI8K@M<
GFC@:@E@=@:8EKCP8==<:K@EJLI8E:<:FDG8E@LC8K@FE =@E8E:@8C JLC8K@FE =<; KF C@=< @EJLI8E:< :FDG8E@ 8DFE> FK?J K?< 
DFE@KFI@E>GIF>I8DJ8E;=<;K?<!DGCFPDLC8K@FEJ
0?</!
K?<"@E8E:@8C%E;LJKIP.<>LC8KFIPLK?FI@KP"%*.K?<1
/
FDDF;@K@FDD@JJ@FE"0JK8K<
J<:LI@K@ 8E; @EJLI8E:< ;LC8KFIJK?8KI<>LC8K<K?LC8K@FEJ 8I< GI@D8I@CP @EKI8EK I<>LC8KFIP 8> GFN K?< GFNLC8K@FEJ
"<;LC8KFIP
8LK?FI@K@8I;@E> :FDGC@8E:< 9P LJ 8E; FLI
JL9J@;@8I@LC8K@FEJ
)4%681)283*%&3690)7)+%6(-2+-(9'-%6-)7
%E <:?K FK?C<>8C:?8CC<
3<;FEFK9LC8KFIJD8P=FCCFNN@K?K?<@IFNE
ILCKFFK?@EMLC8K@FELC8K@FE%8J=LIK?,9/9A0>?809?/A4>0=>8E;FI
GIFGFJ<; +(ILCLC8K@FE%FIFIGIFGFJ<; +(ILC FE K?< -,) !OEIE<; @EKF C8N
 /!1.! 
 @E:CL; I< =8:@C@K8K< K?< J8::FLEKJ8E;FGGFIKLE@K@@E
9L@C;@E> IJ 8E; J@DGC@=P GC8E 8;D@E@JKI8K@FE
 0?E@=@:8EK <==<:K FE
I>JPJK8K@FEJF=/!1.!
@EFLI3<8CK?/FCLK@FEJ9LJ@E@JKLC8K<;GI@E:@G8CCP9PK?</!K?<"0JK8K<J<:LI@K@ F8I; 8E; J@D@C8I 8LK?FI@K@@JK< :K F=  8J
8D<:K8E;KFI<>LC8K@FE8E;FMLC8KFIPFI>8E@Q8K@FEJ8JNJK?8K:8EILC8K<;LC8K@FEJK?8K:FM8DFE>FK?JJ8CGI8:K@:
F=:LJKFD=@E8E:@8CI8E;K?<:FE;L:KF=;@I<:KFIJF==@:<@E:FEKIFCI<8GGIFM8C9PJ?8I@JKFMD8E8>
DLKL8C=LE;J@E:CL;<;@E8EEL@KPGIF;L:KJ
%EMI<<@E:FEKIFC
%E8;;@K@FE9IFBJN@K?"%*.@E:CL;@E>DFEK?CP"+1/IFK?J=@E8E:@8CILC8K@FE%
DFE>FK?J.<>LC8K@FE%8GGC@ FLI I@JKLC8KFIPFI>8E@Q8K@FEJFLII<>@JKE<;KF
D<8JLI<K?<=@E8E:@8CJFLE;E89IFBFIN@K?;I8N@E>:8G@K8C8E;D8PILC8KFIJ9<GIFM@;<;GI@FIKFD8B@E>:8G@K8CN@K?;I8N8CJ

/FD< F= FLI JL9J@;@8I@@JK@JKDLKL8C=LE;JLJ<;@EFLI8EEL@KPGIF;L:KJ8JN@JK<@E:FEKIFCF=8
=LE;YJ8;M@J<@E:FEKIFCF=K?<8;M@JLC8K@FELE;<
:KF=8J8D<:K
0?<"0@J:?8I><;N@K?K?<8;D@E@JKI8K@FEF=K?<FDDF;@KP
!O:?8E><:K8E;K?<I<>LC8K@FEJ8;FGK<;LE;@JK8;M@JFIJ
+LI=LKLILC8K<;9PK?<*8K@FE8C"LKLIGC8EJ8E;N?<8CK?C@=<8E;;@J89@C@KP


GC8EJ
DFE>FK?J!.%/@DGFJ8E;;@J:CFJLI<F9C@>8K@FEJGI 8E; : J@M@E>I@J<KFG8IKP@E@EK8E;JL9A<:KKF@KJI<>LC8K@FEJLG<M8I@FLJ:FCC<:K@M<8E;:FDDFEKILJK
=LE;J
2%*0+@J8CJFJL9A<:KKFJK8K<=@;L:@8IP;LKPC8NJ8E;K?<:FCC<:K@M<KILJK=LE;J@KD8E8>LC8KFIP 9F;@LC8KFIP FI>8E@Q8K@FEJ C@B< "%*. 8I< =F:LJ<; FE
:P9@JC8K@FE 8E; I<>LC8K@FEJ 8E; @JJL<; >L@;8E:< I<>8I;@E> :P98K<;DFI<GI8I;@E>:P9FMFM@JKE<; KF  8E; 8>>II8DJ KF GIFK<:K K?<
GLC8K<;9PK?<*5 "/@E:CL;@E>:I8D
0?<*5 "/IKFK?<>FMI8D@@I@JB98J<;D@E@DLDJK8E;8I;J=FIK<:?EFCF>PJPJK
EFK@:<KFK?<*5 "/F=D8KLC8KFIP:FDGC@8E:<N@K?K?<*5 "/
+E*FMLC8K@FEJ@E:I<8J@E>D8E;8KFIP:FEKIFCJ8E;8;;@E>=LIK?LC8K@FEJ8E;;@I<:K@M?<8CK?IKFK?<:FCC<:K@FELJ<8E;;@J:CFJLI<F=:LJKFDLC8K@FEJ8E;;@I<:K@MK?<:IFJJ9FI;LC8K@FEJ8E;;@I<:K@M8I;@E>K?<LJ<8E;;@J:CFJLI<F=:
/F:@8C/<:LI@KPELD9LC8KFIJ8E;FK?I8DJKF;8K<@;LC8K< K?< 89@C@KP F= =@E8E:@8C @EJK@KLK@FEJ KF D8B< K :8CCJ 8E; J?KF=K?@I;G8IK@:LJKFD@E:FLEKIP;8K8GIF:8E;FI@E:FLEKIPJKFI8><F=K?<GLC8K@FEJF=K?<#I8DD(<8:?C@C
N@K? @KJ @DGC I<>LC8K@FEJ N?@:? I JKFI8>< LJ< 8E; ;@J:CFJLI< F= G?KJKFGI8CCPGIFK<:K<;@E=FID8K@FE8E;@DGFJL8I;@E>8E;
GIFG?K?<@JJL8E:<F=;8K8J<:LI@KPJK8E;8I;JFI>L@; K?< 8C@=FIE@8 FEJLD?KJF=8::8I;@E>K?<@IGG?KJ:KK?<.,8GGIFM<;
9P8C@=FIE@8MFK8K<
ELC8K@FEJ

FML8I;J KF I@KP 8M8@C89@C@KP 8E; GI@M8:P F= JL:? @E=FID8K@FE
 2FP8 D8P =LE:K@FE 8J 8
FMLC8K@FE# ,.N?@:?I<>LC8K=FI<@>E:FDG8E@;8K8F=!1I@E
K?<!1
0?<1E@K<;'@E>;FD?8J8CJF@DGCK?<GK?<F9C@>8K@FEKF8GGF@EK;8K8GIFK<:K@FEF==@:?KJ=FI@E;@M@;L8CJKF
9<=FI>FKK?KJKF;8K8GFIK89@C@KPK?<GI@E:@GC<F=8::FLEK89@C@KP8E;K?<F9C@>8K@FEKFD8B<GL9C@:EFK@=@:8K@FEF=
J@>E@=@:8EK;8K89I<8:?#IFLG=FID<;9PK?<*%@EKFI8I;@E>
K?<:FCC<:K@FELJ<8E;;@J:CFJLI<F=@E=FID8K@FE>8K?8ELC8KFIP F9C@>8K@FEJ F= K?@I; G8IK@@D@E> =<;LC8K@FEJ 8E; C<>@JC8K@FE K?8K 8;;I ;8K8 8E; 8IK@=@:@8C @EKD8:?@E<C<8IE@E>@EK?<9LJ@E8I;@E>K?<1J<F=IK@=@:@8C
%EKLC8K@FEJ>FM8:FDG8EPJLJ<F=8IK@=@:@8C@EK@JC8K@FE@JG@E
D8EPJK8K<C<>@JC8KLILC8K@FEJ8E;C<>@JC8K@FE>8I@JBD8E8>8@EJK;@J:I@D@E8K@FE


28-32)=%92()6-2+%2'8-327%2(28-366948-32%;7
0?< 8EB /<:I<:P :K 8J 8D 8E; =@E8E:@8C KI8EJG8I 8DFE> FK?@JK8;M@J:FLEKK?<=@E8E:@E>F=KI8DJGLIJL8EKKFK?<
8EB/<:I<:P:K8E;KFIK8E;FK??K?<@EM=@E8E:@8C@EJK@KLK@FEJI<>LC8KFIJ8E;C8NG8IK@
EK@DFEC8NJFLKJ@;<F=K?<1
/
:FEK8@EGIFM@J@FEJK?8KD8P9<
;@== FI DFI< I@>FIFLJ
 %EK8K@FEJ F=
=@E8E:@8C @EJK@KLK@FEJ KF @;LC8KFIP8LK?FI@K@I8DJ8;D@E@JKEJJFMLC8K@FEJ>FM9I@98>< CF8E GFIK=FC@F @J JL9A<:K KF
=<;LC8K@FEJ
 .@JBJ F= ?@;; 8E; FG I<8C GIFG@M<I@J<KF8C@8><CF8EJN<?FC;
%EJDFIK>8><8>8@EJKJL:?GIFGLG I8><;KFLJLE;8EPE8><CF8EJFIKFK8B@E>K@KC<KFI<8C
? LE K?N@K?FLI@EK<8E;K?<E<<;KF;LC8KFIPKFFCJKF@E>K?<GFK@JC8KLILC8KFIJK?<*%JK8K<@EJLI8E:<I<>LC8KFIJJL:?8JK?<*5 "/8E;
FK?LC8KFIP8>8>I<>LC8KFIPKFFCJKF8;;I@E>K?<"@E8E:@8C.@JBJ=IFDC@D8K<?8E><;8K<;*FMI8K@E> K?< :FEJ@;< @EKF K?<@I >FM@FME<; @EKF C8N :C@D8K< ;@J:CFJLI< 8E; =@E8E:@8C I C<>@JC8K@FE 
I9LJ@EIFJJ8EEL8CII<8J#$#@EE@E>@E8E;/:FG<
#$#@EE@E>@E
3<8I<DFE@KFI@E>=LIK?L@;8E:<I<>8I;@E>@DGC :FDG8E@F@E>C@K@>8K@FEN?@:?D8P8==<:KK?<@I@DGC?K?<
/!JN<9J@K<NNN
J<:
>FM
5FLD8P8CJF8::<8E;I D8IB@:
FG8CI<>LC8KFIP8E;I@J8JLDD8IPF=K?<D8KCF98C:8G@K8CD8IB@EK?<;>@E>GIF>I8DJ
O
&=EI=8=HM
F98=H5B8#BJ9GHA9BH,=G?G
\
;FNE>I8;<FIGFKI8;<@EFLI=@E8E:@8CJKIK?FI:I<;@KI8K@E>J
\
0?<@E89@C@KPF=:FLEK8K@FEJ
\
.8E;II8DJ
\
.@JBJ8JJF:@8K<;N@K?FLI@EJK@KLK@FE8C=LE;@E>N@K?K?<"<;8K@FEJ
\
.@JBF=8;<:I<8J<@EK?<M8CL<F=FLI@EME@=@:8EK D8IB@?CP:FDGI<I<IFI8:KL8I@8C8JJLDGK@FEJ
\
I<;@KI@JB8JJF:@8K<;N@K?I<@EJLI8E:<8JNPFIKF8;8GKKF;@JILGK@M<K<:?EFCF>PFI@EEFM8K@FEJ
\
+LI89@C@KPKFD8@EK8@E:C@P 8E;
FK?=IFDFLKJFLI:@E>I M8CL< F= FLI ;<=8@EJKK?K8OC8N
\
,FKLC8K@FEJ>FMFLI9LJ@ELC8K@FEJ>FMFLI@EJLI8E:<9LJ@ELC8KFIP@EM8K@FEJ

\
;<:I<8J<@EK?<.I8K@FF=FLI@EJLI8E:<JL9J@;@8I@8K@FEFIGFK8K@FE
\
?8E>JK8E;8I;J
!@C65@'5F?9H,=G?G
32(-8-327-28,)+03&%0'%4-8%01%6/)87%2(8,))'3231=+)2)6%00=%7;)00%7+)3430-8-'%0):)287,%:)%**)'8)(%2(1%=
'328-29)83%**)'8396&97-2)77%2(6)790873*34)6%8-327	
+LI9LJ@ECF98C:8G@K8CD8IB >CF98C :8G@K8C D8IB@E> D8IB > N8I 8E; KFMFMFM<I8KK?F=K?<:8G@K8CD8IBFLIC@HL@;@KP8E;:8G@K8CC;@M@E>@DG8:KJFEK?<M8CL<
F=FLI8JJ8I<J FLI 89@C@KP KF
JLGGFIKFI>IFNFLI9LJ@E8:K@M@K@8K@FEJN@K?I C@89@C@K@<FLI:8G@K8CJKIL:KLI<NFLC;9<8;M8K@M? 8JJLDGK@FEJ D8P I F= FLI
GIF;L:KJN?@:?:FLC;D8KF@E>I@JBJN<@E8D8EEK?<<I8K@FJ

E@E:I<8J<@ED8IBI@E>GIF>I8DJ8E;"<;8>I<?@EK8G@EK<;GJD8P
;<:I<8J<9<:8LJ<K?<@EKJFEFLII<:<;CFN@EK?< : CFNCP ;LI@E>
G@EKFI
GIFCFE><;CFN@EK@E> @EK< 8K
;@==CP :?8E>@E

?8E>8K@M8@EJFI8MF@;CFJJJ

!2*%:36%&0) ():)0341)287 -2 -28)6)78 6%8)7 '6)(-8 746)%(7 %2( 430-'=,30()6 &),%:-36 1%= 6)7908 -2 %(:)67) *-2%2'-%0
'327)59)2')7 6)0%8)( 83 396 78%&0) :%09) 463(9'87 %2( 396 ,)(+-2+ 463+6%1 %2( 6-7/ 1-8-+%8-32 *)%896)7 1%= 238
79'')77*900=3**7)88,)7)'327)59)2')7	
3< F==GC8EJF==L8I8EK<<;8EEL8C:I<;@K<;I8K<FEG8IK@:@G8EK8::FLEKM8CL@9C<G8IK@:@G8EKN@K?;I8N8CJ
8E;KI8EJ=FEK?<D8>E@KL;<F=K?L8I8EK<<;:I<;@K<;I8KL8I8EK<<;8EEL8C:I<;@K<;I8K@EK?N<D8@EK8@E8?<;>@E>GIF>I8D8E;FK?8K@E>=<8KLII8D8E;=<8KLI ?<;>@E> GIF>I8DJ K?8K LK@C@Q< ;<I@JBJD8PEFK9<=LCCP<==<:K@M<G8IK@:LC8ICP;LI@E>KLI9LC@E>
I@JB8E;E@=@:8EKCP>I<8K@?<;>@E>8E;I<@EJLI8E:<N@K?K?<F9A<:K@M<F=D@K@>8K@E>I@JBJ@E?FK?J
@EKFI<@EJLI8E:<:FEKI8:KJ8E;;@=,9.0>@-50.?>@>?:?30.=0/4?=4>6:1=049>@=0=>,9/8,D9:?-0,A,47,-70,11:=/,-70:=,/0<@,?0?:;=:?0.?@>,2,49>?
7:>>0>=FII@JBJ8JJF:@8K<;N@K?FLILJ<F=I<@EJLI8E:<
 8E<==<:K@M<JKI8K<>P=FI;<8C@E>N@K?K?P:8E:FDGC@E>JKI8K<>@8I;@E>FLI8JJ@E>JKI8K<>@8K<FIF==J<;I@JB8E;FLI?<;>@E>KI8EJ8:K@FEJD8PI8>I8;< I8K@E> N@K? I8E;K?<:FJKF=JL:?=@E8E:@E>;J
:I<;@KI8K@E>;FNE>I8;<:FLC;E<>8K@M8E;@E:I<8J<9FIIFN@E>:FJKJ
%EKLIED8@EK8@E@E>FLI:I<;@KI8K@E>J;=@E8E:@8CIK?<FLKCFFBF=K?<I8K@E>8>K?I8K@E>JN?@:?M8I@FLJI8K@E>FI>8E@Q8K@FEJGL9C@J?8J8D<8JLI<F=8E@EJLI8E:<:FDG8EPJ89@C@KPKFD<8K@FEJ8I<@DGFIK8EKKFD8@EK8@EGL9C@::FE=@;I8;<@EFLI=@E8E:@8CJKIK?I8K@E>JFIK?<8EEFLE:<;GFKI8;<:FLC;?8M<8J@>E@=@:8EK8;M
9P@I<;L:@E>EFLII K?< ELD9LJKFI<;L:<GI@:FLI89@C@KPKFF9K8@EI<@EJLI8E:<FIF9K8@EI<8JFE89C<GI@:@E>FE
I<@EJLI8E:<
%E8;;@K@FEI8K@E>8>J

3<:8EEFK8JJLI<PFLK?8KK?JN@CCI@MN@CCEFK9<CFNJ8I<EFK8I<:FDDJ?FLC;9<

 ,)-2%&-0-8=3*'3928)64%68-)7831))88,)-6*-2%2'-%03&0-+%8-327'390(,%:)%2%(:)67))**)'8323966)790873*34)6%8-327	
0?@I;G8IK@8K@FEJ
0?L8I8EKFIJF=J<:LI@K@:FLEK8E;I8>
?FLJ8K@FEJKFLJ;L<KF98EBILGK:P
C8:BF=C@HL@;@KP;FNEKLIEJ@EK?<<:FEFDPFII<8CI8;J @E:CL;@E> 8EP
8EEFLE:J8I<LE;I8;<:FLC;@E:I<8J<FLI:FIGFI8K<9FIIFN@E>:FJKJ8E;C@D@KFLI
8::?MFCLD<F=KI8EJ8:K@FEJJL:?8JLEJ<:LI<;;<9K@EJKILD@EC8I><GJ@>E@=@:8EK:I<;@K<M8I@FLJI@JBJ@E:CL;@E>8K@FEJLE;<;9PFLI?<;>@E>8:K@M@K@8K@FEJM8CL<F=K??KJ8>8@EJKK?@I;G8IK@8K@FEJN<?FC;:FLC;I8K@FEJ=FIC@HL@;@KPGLIGFJ<;8JJG?KJLE;I8;8>I<<@EK?<D8IBI<>8K<;=IFDK?<:FLEKI<I<8E;IE@=@:8EK8DFLEKJF=:8J?:FCC8K8K@FEN<D8P
?8M<;@==@:LCKPJJL:?:FCC8K:@=.0>H'0.@=4?40>$70/20/@E)8E8>FI@>@E8K8>I<<=FI@9C<:FCC8K8><98:B<;
J<:LI@K@8>I<<K?<@I;<=@E@K@FEF=@9C<:FCC8K<K?<C8@EJKJL:?:FCC8K<; :FCC8KJ N< D8P 9<
I@9C<:FCC8KN<D8P9<I:FJKJ
0?@J:FLC;F::LI@=FLI
:I<;@KNFIK?@E@JC8K@M<FIFK?@9@C@KPF=C@=<@EJLI8E:<:FDG8E@:FDG8EP=FI8CCFLIFG@E;<9K<;E8K@FEJ
 0?< JL9J@;@8I@8CCP
;@JK@E:K=IFD2FP8"@E8E:@8C%E:
8E;JN?@:?@JK?<>L8I8EKFIF=:
@E;<9K<;E8K@FEKFG8P8DFLEKJ;L<FEK?<;<9KF=2FP8"@E8E:@8C%E:
FIKFD8B<=LE;J8M8@C89C<KF2FP8
"@E8E:@8C %E:
 =FI JL:? G8PDJK8O:FEJ@;FIFK?I<LC8KFIPI8@EJKFLI
JL9J@;@8I@JLGGC@LC8K<;9PJK8K<@EJLI8E:<C8NJ8E;I<>LC8K@FEJ8E;N@CC
;LC8KFIPJK8E;8I;J8E;I<:<@M<I<>LC8KFIP8GGIFM8CJ
"FI8;;@K@FE8C@E=FID8K@FEFE
K?< I<>LC8K@FEJ >FM FLI JL9J@;@8I@@=,9.0&02@7,?4:9@E,8IK%%KJ@JN?FCCPFNE<;9P2FP8"@E8E:@8C%E:
8E;@J8CJF8?FC;@E>:FDG8EP8E;8::FI;@E>CP@KJ89@C@KPKFD8B<
G8PDL8I8EK<FI@JJL9A<:KKFIJ;FEFK?8M<J@>E@=@:8EK
JFLI:L8I8EK<<JL:?@E;<9K<;EJ @J D8KLC8KFIP IK?I8K@E>JF=FLI@EJLI8E:<JL9J@;@8I@?K?<@E:LIIJKFG8PK?<@IF9C@>8K@FEJ
"FI8JLDD8IPF=FI;@E8IP;@M@;J@E8E;8E;8;@J:LJJ@FEF=FI;@E8IP;@M@;:@=.0>H&0>?=4.?4:9> :9 4A4/09/> ,9/ &0?@=9> :1 ,;4?,7 1=:8 '@->4/4,=40> @E )8E8>@=,9.0'@->4/4,=40>*FK<@EFLIFEJFC@;8K<;"@E8E:@8C/K8KE@=@:8EKGFIK@FEF=FLI@EML8I8EKFIJF==@O<;@E:FD<J<:LI@K@:FCC8KDFIK>8><98:B<;J<:LI@K@8E8;M<@E:8J?=CFNJ
0?<F::LIIDFIK>8><FI:I<;@KJGI<8;JFIFK?L8I8EKFIJFI
LE;:FCC8KJ KF ;<:C@E< 8E; K?< ;<=8LCK I8K< F= K?< =@O<; @E:FD< J<:LI@K@J
;FNE>I8;<8==<:K@E>@JJLL8I8EKFIJF=J<:LI@K@L8I8EKFIJ:FLC;8CJF?8M<8J@D@C8I<==<:K
/@D@C8ICP8I8K@E>J;FNE>I8;<8==<:K@E>8J<:LI@KPN<
?FC;:FLC;@E;@:8K<K?8KK?<:I<;@KHL8C@KPF=K?8KJ<:LI@KP?8J;049?30&=,?4:,>,=0>@7?:1,=0/@.?4:949>?,?@?:=D
>@=;7@>,9/:=49.=0,>049&=0<@4=0809?>:1:@=49>@=,9.0>@->4/4,=40>.:@7/=0>@7?4949.=0,>0/>.=@?49D-D49>@=,9.0


=02@7,?:=> ,9/ =,?492 ,209.40> ,9/ 3,A0 , 8,?0=4,7 ,/A0=>0 0110.? :9 :@= -@>490>> =0>@7?> :1 :;0=,?4:9> ,9/ 149,9.4,7
.:9/4?4:9
3<8I<8CJFJL9A<:KKFK?<I@JBK?8K:8J?=CFNJI=IFDK?<G8PD8>8K@FEJ
K?8KJK?<DFIK>8><FI8JJ
FIJ@Q<
8J?=CFNM8I@89@C@KP8I@J@E>=IFD8ELE8><GIE@=@:8EK8E;
:FLC;:8LJ<8;<:C@E<@EK?<8><98:B<;J<:LI@K@K?<< 8 GFIK=FC@F F= M8I@FLJ :FCC8K8>< F9C@>8K@FE )+ KI8E:?P N< I<=?809?>H!#	
$:=?1:74:@E)8E8>@EK8><9FIIFNFM I 8E; I =@E8E:< JL:? 8J >FMFMGIF>I8DJ8E;"<;8><J<:LI@K@P@K@JGFJJ@9C<K?8KFLI?<;>@E>8E;I@JBD8E8>@<K??FLI)+GFIK=FC@F?8J?@JKFI@:8CCPGFM
GIIPFI@EM< =FI FLI
:LJKFD<;N@K?K?@I;G8IKP;<9K=@E8E:@E>
EP;<:I<8J<@EK?<M8CL<F=JL:?
@EM8K@M8><CF8EJ
GFC@:PCF8EJC@D@K<;G8IKEE@=@:8EK8DFLEKJF=:8J?FEJ?FIK
EFK@:<@E8:K@M@K@K? F= @E:FD< =IFD 8CK F= ;@JKI@9LK@FEJ =IFD JL:?
@EM KF
LE; @EM ;@JKI@9LK@FEJ 8E; K?<@I E<<;J =FI :8J?
 J 8 IGG@E>:I<;@KJGI<8;JFI@CC@HL@;@KP@KD8P9<;@==@:LCKKF
M8CL< :8><98:B<; J<:LI@K@ 9<:FD? :LIIE@=@:8EK
F9JI<8K@EM8CL@E>8E;LEGI<:<;E@=@:8EKCP
 <:I<8J?;<>I<<F=AL;>D<8E;E=IFD9IFBP:FDG8E@?@E;9I8E;I<:F>E@K@FEIK? 8E; :I<;@K I8K@E>J J:8C< 8E; C< 8E; NI<8K< F= GIF;L:KJ JI<8KI<8K?FI:I<;@KI8K@E>JK?8EN<;F
"LIK? 8J 8 I@:8C @EEFM8K@FEJ 8==<:K@E> K?< D8IBEP8E;8;8GK@E>KFK?<
:?8E>@E>GI<=8>GIF:?KF=8EP@E=C8K@FE8IP:@I:LDJK8E: :FDG8E@ @E
@E:I<8J<;:FDG<N?D:FJKJ8E;8E89@C@KPKF89JFI9>I<8KK?=@E8E:@8CJKIK?I8K@E>J
0?F=:?:=D,9/'?=@.?@=0G&0.09?.<@4>4?4:9>@E,8IK%%K?N<9I8K@E> K? K?<@I
@E=FID8K@FE K<:?EFCF>P ;8K8 D8E8>I8K@E>K?I8K@FE:FJKJKI8EJ@K@FEJ=IFDK?<


8:HL@J@K@FEJ :I<8K< LE8EK@:@G8K<; ;@==@:LCK@@DG8@IDFF;N@CC8E;@EK8E>@9C<8JJJN@K?CC@8EQN?@:??FC;JK?IFL>?8E8==@C@8K<;J
3?@C<N<D8@EK8@E=LCCFGJN<D8P?8M<C8><@EJKI8K<>@:
KI8EJ8:K@FEJ@EMFCM@E>2FP8%)FI@KJJL9J@;@8I@J:LII@:;@JKI@9LK@FEG8IKE8K@M?@EK D8KLC8KFIP8:K@FEJFIC@K@>8K@FE
3<;@JKI@9LK<:I<=FIJ8C?K?JK?<JKIK?F=FLI9I8E;FLIGK?I8K@E>J8E;K?<D8IB8E;JK?F=K?<IE@=@:8EK:?8E><@E:=FIJL:?I<8JFEJ
8J:?8E>P8;M8>I<<@E:FEKIFCF=FE<F=JL:?;@JKI@9LKFIJN?@:?:FLC;I<;L:<J8C< FI :?8E>< K?<@I 9LJ@E@E>9LJ@ELC8KFIPJLGLC8K@FEJ I<>8I;@E> JK8E;8I;J F= :FE;L:K 8GGC@:89C< KF ;@JKI@9LKFIJ N?
@EM)(	
3< ; I @EM<F=K?<M8CL<F=1)
EP;<:I<8J<@EK?<M8CL<FI
8DFLEK F= FLI 1) 9<:8LJ< F= D8IB8K@M< D8P 9< JL9A<:K KF 8E LE8EK@:@G8K<; C8I>< ELD9K?<=LE;JKFJ@E>D8IB?<
EP;<:I<8J<@EK?<
C=IFDGI@:<;<:C@E8K@M<8E;C<8;KFI<;
8JJK?<FMK?<D8E8><N@CC9<@E;@:8K@M<F==LKLI<G8K@MI<DI<E@=@:8EKCPFIK?K
II<ED<@E
:FEKIFCF=K?<@EMED<@E:FEKIFCK?<@E89@C@KPKFF9K8@E
:FEJE@=@:8EK
I<;L:K@FE@E8;M@JFIP=<8
JG<:@=@<;@EME@=@:8EKK?<C@=<F=K?<=LE;N<D8PI<:<@M<FI8::IL<:8II@<;@EK8@EJCFJJDK?<G8@EJ CFJJ K?< GDK?FJ<I@7?>:1#;0=,?4:9>8E;=4?4.,7..:@9?492@/2809?>,9/>?48,?0>@E)8E8>8JJLDGK@FEJ=FI
DFIK8C@KP I8KE@=@:8EK:?8E><
>I8;L8CCPFM;L<KFK?<@DG8:KJF=:C@D8K<:?8E><JL:?8J:?8E>@
0?<CFE>K 8JJLDGK@FEJ 8J NK8I>? =FI ?@>???
GI@:@E> :FDGI<<; FI J?K EFK F==<8K8CC
%=N<8I<LE89C<KFD8@EK8@EFLI:LIIKFI<=C<:K?@>?


,I@:@E>F=:??E@=@:8EKCP
;@== 8JJLDGK@FEJ FLI I?JFD<F=FLIGIF;L:KJGK?<C@=<F=
K?<GFC@:PK?<8;ALJKDK?<C@=<F=K?<GFC@:PFI;LI@E>
K?<@E@K@8C>L8I8EK<<KKFI8@J<GILC8KFIPFI:FDGF=FLIGIF;L:KJ@J8CJF98J<;FECFE>K8I;@E>@EK:FJKJ

)8E8>8JJLDGK@FEJEFK<;89FM<
8E;K?<8M<8DFLEKF=I<>LC8KFIP8E;I8K@E>8><GI@:@E>8E;J8C
FEK?<E8KLI<8E;C@=<F=K?<GIF;L:K8E;@JJL9A<:KKFM8I@89@C@KP8J8:KL8CI8JJLDGK@FEJ
+LI
GIF=@K89@C@KP;K?<:FDG8I@JFEF=8:KL8CDFIK8C@KPDFI9@;@KP8E;G@EJFLID8E8>:FJKJ8E; M8I@FLJ =FIDJ F= I<@EJLI8E:< @E:CL;@E> :F@EJLI8E:< DF;@=@<;
:F@EJLI8E:<:F@EJLI8E:<N@K?=LE;JN@K??GFC@:P?FC;8K@FEJN@K?I8K@FEJLE;FLII@JB98J<;:8G@K8CIFLI<I<@EJLI8E:<8>I<D8:P9LJ@E8K@FEJKFLJ8I<:FCC8K?8JJ8K@FEJKFLJFI8EPCFJJF=:I<;@K=FIJL:?I<@EJLI8E:<K?:FCC8K8JJKILJKFIHL8C@=P@E>CI<8JJ
KILJKFIHL8C@=P@E>(+J@JJL<;9PHL8C@=P@E>C98EBJ
%=K? JFLI:
I<@EJLI8E:<:FCC8K?KEFK9<89C<KFF9K8@E=LCCJK8KLKFIPI=IFD8ELD9N?
:FE;@K@FEJF=K?<I<@EJLI8E:<:FEKI8:KN?EI<< KF N?@:? FLI I<@EJLI8E:< 98C8E: 8JJ KILJKJ FI HL8C@=P@E> (+J @JJL<; 9P HL8C@=P@E> C @EJK@KLK@FEJ
 CK?FL>? 8
JL9JK8EK@8CGFIK@FEF=FLII<@EJLI8E:<8I;@E> FLI LEJ<:LI<; I<@EJLI8E:< I<:FM.7:>@=0>,-:@?!,=60?&4>6H!,=60?&4>6&07,?0/?:=0/4?&4>6@E,8IK%%%K<8I<98J<;@EG8IKFEK?<8JJLDGK@FEK?8KI<@EJLI8E:<N@CC9<8M8@C89C<8K8
:8K@M F= K?< 9LJ@EI<8K<FEE8K@M<@DG8:KFEFLI:FDG@EEFM8K@FE:?8E>P@E;LJKIPJK8E;8I;J8E;:C@:?8E>;8K88E8CPK@:J
.8G@;;@E>KFB<FII
KFK?P@E:CL;@E>8IK@=@:@8C@EK;8K88E8CPK@:JD8P;I<>LC8KFIPJ:ILK@EP
;;@K@FE8CCP
K?<<==FIKKF>8@EK<:?EFCF>@:8C@E@=@:8EK8><@E> KF FLI 9LJ@ECPGFFIJ8K@M8K@FEJN<:FLC;9<JL9A<:KKFC<>8CC@89@C@KPFICFJJF=:C@?CP ;P JPJK F==GIFLI:LJKFDP JPJK;L<KFI8;<;@JILGK@FEJ8E;:8G8:@KP:FEJKI8@EKJ
%E8;;@K@FEJL:?;@JILGK@FEJ:FLC;9<K?<ICP9<:FD<K?<K8I>?8:B@E>FIJ@D@C8I@CC<>8CFI
LE8LK?FI@Q<;@EKILJ@FEJ@EKF:FDGLK?CPGL9C@:@Q<;:8EIE@=@:8EK
;@JILGK@FEJKF@E=FID8K@FEK<:?EFCF>PJPJKE@=@:8EK8DFLEKJF=@E=FID8K@FE8JN< KF K?< IE@=@:8EK 8K@FE ILC8KFIP J:ILK@EP 8E; :LJKFD?N<J<? K<:?EFCF>@:8C 8E; FK?L8I8EK<<FLI89@C@KPKF=LCCP;<=8@EJK8CCJL:?8KK8:BJ
%E8;;@K@FE;L<KFK?<J

3<I@FLIJ<:LI@KPD<8JLIFLIJPJK G PJPJK<FLII?KLC8KFIPJ:ILK@EP
J8E:K@FEJ J@>E@=@:8EK :@M@C 8E; :I@D@E8C C@89@C@KP FI FK?8C :FEJE@=@:8EK
K<:?EFCF>@:8CC<>8C8E;FK?
JGIFM@;;L<KFE@=@:8EK @EK8K@M<:FEJ FI ?8M< 8 D8KLC8K@FEJ K?8K N< 8I< JL9A<:K KF J<< H&02@7,?4:9H#?30=  ,B> ,9/
&02@7,?4:9>HD-0=>0.@=4?D&02@7,?:=D.?4A4?D@E,8IK%%KFLI:P9@EK<>I8K@FE
F=8:HL@I<;9LJ@E8I;@E>D8IB8I;@E>FLIFG8C8E;I<>LC8KFIPI@JBJIFK?JGFC@:@< ELD9P GFC@:@<
@E:I<8J@E>CP:FDGC<8DFLEKJF=@E=FID8K@FE@E:CL;@E>LEJKIL:KLI<;;8K8I :LJKFD8I;@E> K?< GI@M8:P 8E; J<:LI@KP F= GE@=@:8EKCP =IFD ALI@J;@:K@FE KF ALI@J;@:K@FE

*LDLC8KFIP9F;@@JC8K@FE8E;I<>LC8K@FEJI<>8I;@E>GI@M8:P
JK8E;8I;J8E;GIFKF:FCJ
J;8K8GI@M8:P8E;GIFK<:K@FEC8NJ:FEK@EL<KFGIFC@=;L<KF@E:I<8J<;=F:LJFE;8K8
LJ<9P8IK@=@:@8C@EKPN<D8P@E:LIJ@>E@=@:8EKK<:?EFCF>@:8C8;D@E@JKI8K@M<8E;FK?N@K?8E@E:I<8J@E>ELD98CF9C@>8K@FEJN@K?I:FDGIFEC<>8:PJPJKI8K<;@EFLIJPJK8EP=8@CLI<KF@DGCI8K@E> 8:HL@I<; 9LJ@E<FLIILC8KFIP8:K@FEFIC<8;KF:@M@CFI
:I@D@E8CG49?070.:88@94.,?4:9.D-0=>0.@=4?D491:=8,?4:9?0.39:7:2D,9/:?30=:;0=,?4:9,7
>D>?08>49.7@/492,>,=0>@7?:13@8,9,9/;=:.0>>0==:=:=,1,47@=0?:8,49?,49?30>0.@=4?D49?02=4?D.:914/09?4,74?D:=
;=4A,.D:1>@.3>D>?08>.:@7/3,=8:@=-@>490>>
96&97-2)7779'')77()4)2(732396%&-0-8=83%886%'8%2(6)8%-259%0-*-)()1403=))7	
+LI 89@C@KP KF 8KKI8:K 8E; I8E@Q8K@FE FLI
@:G8IKEM@:JFLI:@E>G8IKE
JL:: =IFD E8KLI8C ;@J8JK ?LII@:8E< =CFF;J <8IK?HL8B8:KJF=KI@; 8E; K8DFE>FK?J
S
CFJJE@=@:8EK MFC8K@C@KP @E >CF98C =@E8E:@8C D8IBI8G?@K?<89@C@KPKF@EKFIGFK<CFJJF=C@=<FI;@JILGK@FEF=GL9C@:8E;GI@M8K<@E=I8JKIL:KLI<@E:CL;@E>:FDDLE@:8K@FEJ
8E;=@E8E:@8CJE@=@:8EK<==<:KJFEFLII8K@E>8EPE<>8K@M<<==<:KJFEFG8K@E> 8EP
E<>8K@M<<==<:KJFEK?<GIFM@J@FEF=JL:?J K?<  JKI8K<>@E@=@:8EK GFIK@FE F= FLI @E=FID8K@FE K<:?EFCF>P 8E; 9LJ@E8K@FEJ@E:CL;@E>F9C@>8K@FEJKFGFC@:P?FC;49?070.:88@94.,?4:9


.D-0=>0.@=4?D491:=8,?4:9?0.39:7:2D,9/:?30=:;0=,?4:9,7>D>?08>49.7@/492,>,=0>@7?:13@8,9,9/;=:.0>>0==:=:=,
1,47@=0?:8,49?,49?30>0.@=4?D49?02=4?D.:914/09?4,74?D:=;=4A,.D:1>@.3>D>?08>.:@7/3,=8:@=-@>490>>
#)()4)2(320-')27)73*8,-6(4%68=73*8;%6)83463:-()3967)6:-')7	 ,)-2%&-0-8=831%-28%-28,)7)0-')27)736)66367-2
8,)73*8;%6);)0-')27)'390(6)7908-2-2'6)%7)('3787366)(9')(7)6:-')0):)07;,-',;390(%(:)67)0=%**)'8396&97-2)77	
+LI8GGC@:8K@FEJ@E:FIGFI8K<:?N<9KFII8K@FEF=K?<JF=KN8I<LJ<;@E
FLI8GGC@:8K@FEJN@K?EE@=@:8EKNFIB8E;I<FLIII<FLIFG8CFG:?8E>I<>LC8KFIPILC8K@FEJ
;@M@;< :FEKIFCJ FI FK?< I:FEKI8:KJE8K@FE8C@Q8K@FEFIEFNE?KF=K?<DFI<C@BJKI8K<>@E@=@:8EK:?8E>E@=@:8EK;<:C@E<@EK?<=8@ID8IBJKI8K<>@8
I<;L:K@FE@E=<;M8CL<F=FLI;<=M8CL<F=FLI
;<=E@=@:8EK;<=P:FLC;I8I I8@EJFE@EME@K@FEF=FLI;<=8@EJ;<:I<8J<K?<K8O98I<;L:K@FE8JJF:@8K<;N@K?8;<:I<8J<@E
K8OI8K<@EFLI;<=@EK8OCFJJ8I;


KFN?KI8EJ8:K@FEF::LIJFI@J@EK>>< P<8I N?@:? D8P 9< F==J< CFJJ @J JL9A<:K KF 8E 8EEL8C C@D@K8K@FE
 0?@J C@D@K8K@FE @J > K?< =8@I D8IBKE@=@:8EK;<=K8OC8NJ:FLC;@E:I<8J<FLI=LKLI<K8O
:FJKJ I<;L:@E> FLI GIF=@K89@C@KP
 "FI <:FIGFI8K@FEJ
%E/LC8K@FEJGIFM@;@E>8;;@K@FE8C>L@;8E:<FEK?<)0
"@E8C@Q@E>I<>LC8K@FEJN@CCK8B<K@D<8E;
K?<=@E8CI<>LC8K@FEJD8P;@==LC8K@FEJ
3?@C<N<;FEFKKFILC8K@FEJ8E;FLI)0;?K
F==LKLI<>L@;8E:<
%=K?<)08GGC@ CFJJ :8IIP=FIN8I;J N?@:? :FLC; 8;M @E I
GIFM@J@FEJF=K?<08OLKJ8E;&F9J:KD8P8CJF@DG8:KK?<K8O8K@FEF=FLIFG8E;C@B8K@M:LII@E>K?<K8OKI<8KD>I<>8K< 8DFLEK F= K8O;<=J :FLC; D8B< FLI 3<8CK? /FCLK@FEJ GIF;L:KJ CFMLC8K@FE
 +LI
GIF;L:KJ8I<JL9A<:KKF8:FDGCLC8K@FEJN?@:?8I<8;D@E@JKFMLC8KFIP8LK?FI@K@
JK8K<@EJLI8E:<I<>LC8KFIJJK8K<J<:LI@K@8LK?FI@K@LC8K<;9PK?<@EJLI8E:<;LC8KFIJK?<*%8E;FK?LC8KFIP9F;@LC8ICPI<C8NJ8E;
I<>LC8K@FEJ8GGC@:89C<KF@EJLI8E:<:FDG8E@@=,9.0&02@7,?4:9@E,8IK%%KLC8K@FEJFI@E@EK:FEJLD KF @EJLI8E:< 8E; 8EEL@KP GIF;L:K ;E 8;D@E@JKI8K@FE 8E;
@EM KF @EMEF==;@JKI@9LK@FE8E;8;D@E@JKI8K@FE
"8@CLI<KFD8E8><FI8;D@E@JKFMLC8KFIP8LK?FI@KPLE8EK@:@G8K<;:FJKJ8JJF:@8K<;N@K?
IJL:?=8@CLI<FIFK?LC8KFIP8>LC8KFIJD8P
IL8I8EKP
8JJF:@8K@FEJN?@:?I8@J<=LE;JKFG8P:FEKI8:KL8C9LC8K<;D8P@E:CL;<8E;D8IB8E;J8CLC8KFIJ8E;FK?8E;FK?LC8K@FEJ>FMJL:?D8KKGIF?@9@K<;KI8EJ8:K@FEJN@K?:FLEKI@LC8K@FEJ @J K@D< :FEJLD@E> 8E; GLC8K@FEJD8PD8K9LJ@ELC8K@FEJ D8P 9< LE:C<8I JL9A<:K KF DLCK@GC< @EKLC8K@FEJ D8P
:FE=C@:KN@K?FE<8EFK?LC8KFIJD8PIL@;8E:<FI:FLIKJD8PFMJ8CCF=N?@:?
:FLC;8==<:KFLI89@C@KPKFD<LC8K@FEJ8KK?<=<;GIF;L:KJ
%E8;;@K@FE
GFC@:PD8B@E>8K9FK?K?<=<;LC8K@FE8==<:K@E>FLI9LJ@ECP
JL9A<:K KF GFC@K@:@Q8K@FE K?8K :FLC; JL9A<:K LJ KF GFK I :C@FM8C:?8CC KF :FDGLC8KFIP 8E; K8O IE@=@:8EKCP@EK?<G8JKJ>ILC8KFIP JLG< JF:@8C D<;@8
:FDD;F@E>I<>8I;CD8;<:8EC<8;KF@E:I<8J<;@EHL@I@8K@FE9PI<>LC8KFIJC<>@JC8KFIJFIC8N8K@M<@DG8:KFEFLIILC8KFIJ8E;FK?8;D@E@JKI8K@M<FIAL;@:@8CGIF:<<;@E>J8>8@EJKLJN?@:?:FLC;IFK?J@EJLJG8CI@JBN?@:?:FLC;@E:I<8J<K?<J@Q<8E;ELD98@EJKLJFIJL9A<:KLJKF
LC8KFIPJ8E:K@FEJFI
J?N<E<;KFDFE@KFI 8I;CI8D 9LK @K @J GFJJ@9C< K?8K JL:? :FDG
 %= FLI @JC8K@FE FI
I<>LC8K@FE FI >FM :FDGLC8KFIP @EHL@I@ K?< FDG8EP J<< K?< (@K@>8K@FE .<>LC8KFIP )8KK,9/:9?49209.40>*FK<@EFLIFEJFC@;8K<;"@E8E:@8C/K8KLC8K@FEJK?8KGIFM@;<D@E@DLD:8G@K8C@Q8K@FEIKF8JJ@=,9.0
&02@7,?4:9H49,9.4,7&02@7,?4:9H&4>6	,>0/,;4?,7@E,8IK%%KFE8M8I@K? 8E; :I<;@K I8K@E>J 8I< J@>E@=@:8EKCP @E=CL8>FI;<:I<8J@E>K?<8DFLEKF=JK8KLKFIP:8G@K8CN<FI
FLI@EJLI8E:<JL9J@;@8I@8>8>J;FNE>I8;<

0?<=8@CLI<F=8EPF=FLI@EJLI8E:<JL9J@;@8I@LC8KFIJ@E:CL;@E>C@D@K8K@FEJFE@KJ89@C@KPKF
NI@K< 8;;@K@FE8C 9LJ@ELC8KFIJ FI J<@QLI< FI C@HL@;8K@FE
 EP :FII<:K@M< 8:K@FE @DGFJ<; :FLC; ?8M< 8
D8K
I8K@E>J8>I8;<K?<@EJLIK?I8K@E>J<8:?F=N?@:?:FLC;?8M<8D8K8C8:K@FEJ@EK?<FI;@E8IP:FLIJ<F=FLI9LJ@E8C
GIF:<<;@E>JD8P9<9IFL>?KFE9<FI@E;<@E:CL;@E>
:FDG8K@FED8PGIFM<KF9<@E8;<D8PEFK9<8M8@C89C<FID8P9<;<:C@E<;=FI:C@K@>8K@FE
; @E G8IK FE K?< I< FI @E;?K8E;K?<@E?8K@FE@K@J8CJFGFJJ@9C<K?8K@E:C@K@>8K@FED8KKCP
=IFDK@D<KFK@D<N<8I<IJK8E;8I;J@JJL<;9PI<:F>E@Q<;8LK?FI@K8K@M<9F;@K?<"@E8E:@8C::FLEK@E>/K8E;8I;JF8I;"/
%K@JGFJJ@9C<K?8K=LKLI<8::FLEK@E>JK8E;8I;JN<8I<I<K?<:LIIKI<8KD8I;@E> E JK8E;8I;J J<< K?< @>490>> ,>4> :1 $=0>09?,?4:9 ,9/ '429414.,9?
..:@9?492$:74.40>*FK<@EFLIFEJFC@;8K<;"@E8E:@8C/K8KI8DK?8KJ<LC8KFIPIE<;KFJ8=<>L8I;
J8@EJK:P98E;P8E;;@>@K8C@E=I8JKIL:KLI<N@K?K?<>F8CF=@;8E;8JJ
K?I<8KJ 8E; GIF8:K@M8K@E> GFKLC8I LG;8K0.@=4?D:A0=9,9.09P2FP8?8J8EI8K<;:P9?K89C8JJ8E;D8E8>@E>:P9L@;8E:<F=K?<
%/+N?F@J;E8K<;LE;8K@FEF=
@E=FID8K@FEJ<:LI@KPI@JBJ
%E=FID8K@FEJ<:LI@KPD8E8>I8K<;@EKF2FP8YJFM:P9I8DN<D8P8><8E;IE<;N@K?@E;LJKIP98I;KFI@JBJGFJ<;9PK?@I;G8IKPM8JJ8E;8;;IK?FJ<I@JBJN@K?K?<LCK@D8K<>F8CF=GIFK<:K@E>J8I@JB98J<;8GGIF8:?
0?@JK<8D:FE;L:KJ;L<
;@C@>  K?<@I @E=FID8K@FE J<:LI@KP :FEKIFCJ 8E; IP I@JBJ @E:CL;@E> :P9F 8 K?FIFL>? I@JB D8E8>P I 49 ?070.:88@94.,?4:9 .D-0=>0.@=4?D 491:=8,?4:9
?0.39:7:2D ,9/ :?30= :;0=,?4:9,7 >D>?08> 49.7@/492 ,> , =0>@7? :1 3@8,9 ,9/ ;=:.0>> 0==:= := , 1,47@=0 ?: 8,49?,49 ?30
>0.@=4?D 49?02=4?D .:914/09?4,74?D := ;=4A,.D :1 >@.3 >D>?08> .:@7/ 3,=8 :@= -@>490>> @E .@JB "8:KFIJ @E %KLC8ICP 8JJ< :P9P8E;@E=FID8K@FEJ<:LI@KP@E=FID8K@FEJ<:LI@KP:8E@Q8K@FEJ

0?<%/+N?FFM8E@Q8K@FEJLGGFIK@E>K?<;8PKF;8PFGI8D9I@E>J
FM?@J:LIIP+==@:P8E;+G8K<; 8LK?FI@KP 9P 2FP8J )8E8>?K F= FG
@E=FID8K@FE 8E; K<:?EFCF>P I@JB 8J N8C :FDGC@8E:< 8E; I<>LC8KFIP I@JBJ
 )P@E=FID8K@FEJ<:LI@KPC<>8C:FDGC@8E:<;8K8GI@M8:P8E;
FGJKF;@J:LJJ:P98K@FE KI<8KDL@;8E:< 8E; ;@I<:K@FE @E 8JJ 8;;I D@K@>8K@E> 8E; DFE@KFI@E>
:P9?KF=@E=FID8K@FE
K<:?EFCF>P @E:CL;@E> :P9 @KJ FM?K =LE:K@FE K?< .@JB FDD@KK<< @J
I:P9LC8ILG;8KLC8ICPKFK?<=LCCF8I;

#H9A
*FCD9FH=9G
JF= <:8GGIFO@D8K8K@FE.<>LC8KFIP)8KK,9/:9?49209.40>*FK<@EFLI
FEJFC@;8K<;"@E8E:@8C/K8K8C
GIF:<<;@E>J
#H9A
'=B9-5:9HM=G7@CGIF9G
*FKGGC@:89C<
*,.##
#H9A 
'5F?9H :CF ,9;=GHF5BHG CAACB EI=HM
 ,9@5H98 -HC7?<LE;LC8KFIPI ;@M@;:@=.0> @E )8E8>8I;@E>:FDDFEJKF:B;@M@;@EM K89C< JLDD8I@Q
+:KF9F= F9C@>8K@FEJ 8E; FGK@FE 
"FIK?<K?I<<DFEK?J8:K@M@K@I<I<D8IB?K<;8M<GI@:<F=K?<FDG8EPJ:FDDFEJKF:B
+E+:KF98K<K?<FDG8EPKFGLI:?8J<8EPJ?8II8DD8P9<K0/ 9.09?4A0 :8;09>,?4:9 $7,9> *FK< @E FLI FEJFC@;8K<;
"@E8E:@8C /K8K0>:1?34>/4>.@>>4:9?30?0=8>*:D,?30:8;,9DB0:@=,9/@>=010=?:*:D,49,9.4,79.
,9/
4?>>@->4/4,=40>
(301:77:B492/4>.@>>4:9,9/,9,7D>4>;=0>09?>,=0A40B:1:@==0>@7?>:1:;0=,?4:9>1:=?30D0,=>09/0/0.08-0=

,9/  ,9/ 149,9.4,7 .:9/4?4:9 ,> :1 0.08-0= 
  ,9/ 
 (34> 4?08 >3:@7/ -0 =0,/ 49 4?> 09?4=0?D ,9/ 49
.:95@9.?4:9B4?3?30:9>:74/,?0/49,9.4,7'?,?0809?>,9/=07,?0/9:?0>.:9?,490/49$,=??08
:1?34>99@,7&0;:=?:9
:=8
	
:=/4>.@>>4:9,9/,9,7D>4>:1:@==0>@7?>:1:;0=,?4:9>1:=?30D0,=>09/0/0.08-0=
,9/=010=?:
:@=99@,7&0;:=?:9:=8
	1470/B4?3?30':90-=@,=D
9,//4?4:9?:34>?:=4.,7/,?,?34>/4>.@>>4:9.:9?,49>1:=B,=/	7::6492>?,?0809?>,-:@?:@=-@>490>>:;0=,?4:9>,9/149,9.4,7
;0=1:=8,9.0 -,>0/ :9 .@==09? 0C;0.?,?4:9> ?3,? 49A:7A0 =4>6> @9.0=?,49?40> ,9/ ,>>@8;?4:9>
 .?@,7 =0>@7?> 8,D /4110=
8,?0=4,77D1=:8?3:>0/4>.@>>0/49?301:=B,=/	7::6492>?,?0809?>,>,=0>@7?:1A,=4:@>1,.?:=>
'00?30":?0:9.0=9492
:=B,=/	 ::6492'?,?0809?>

)J9FJ=9K
3<8I<8C<8;@E>GIFM@;JJFCLK@FEJ8E;K<:?EFCF>@9?FLII@EK@<8E;>IFN@E>9LJ@E@E>I@?K?<;@M8:PEFEIEN@K?FLIJKI8K<>@:=F:LJFE8:8G@K8C
C@>?K?@>?=I<<:8J?=CFN9LJ@E?:8G@K8CIIFNK?N?@C<GIF8:K@M@E>I@JB
3<?8M<I? J?8I< I  N?@C<
D8B@E>JKI8K<>@:@EMFLID@JJ@FEKFD8B<8J<:LI<=@E8E:@8C=LKLI<GFJJ@9C=I<<:8J?=CFN> =I<< :8J? =CFN > <8IE@E>J >IFNK? M@8 EIFNK?
D8I>@E ? FLI
3FIBGC8:</FCLK@FEJ9LJ@ED?FLI%EMDDP8E;JFECP;<=@E<;:FEKI@9LK@FEGC8E8;D@E@JKI8K@FEJK89C<M8CL<
8E; =@O<; >L@;8E:< 8E;
J 8E; IL@;8E:<8E;8;M@JFIPJ8E;8;M@JFIP=<E@=@:8EKGFIK@FEF=FLII:C@I8KDJ ::FLEK
$/"C ::FLEK "/$<8CK? .<@D9LIJ<:FIGFI8K<DJKFGCFJJ
:FM<KFD?
FLI9?N?@:?EFJK@:
8E;8;D@E@JK9?K?<?FLI!D*:D,20
DF9@C<8GGC@:8K@FEN?@:?GIFM@;L@;8E:<KFFC=FI
K?<@INFIBGC8:<9J
3<JLGGFIKFEK?<8;D@E@JKI8K@M<9LI;8K@FEJ
0?<$<8CK?/FCLK@FEJJ<>D@E:FD<:FDGI@JDIFLG C@=< JKFG CFJJ 8E;
MFCLEK8IP9CF98C ;@JKI@9LK@FE :8G89@C@K@? FLI 8:K@M<; =LCCJ@I8G?@?FLI@EJK@KLK@FE8C;@JKI@9LK@FE:?8EE GL9C@: :FIGFI8K< 8E; DLCK@K?@I;G8IKP>@FLIDLKL8C=LE;JJ<;8::FLEKJ8E;GI@M8K<8E;8CK?8E@EK?8==@C@8K<
8E;K?@I;G8IKPIIFN@E>@EK?JL98;M@JFIP
8>I<<
0?< F= 1)
 %E :<; 8JJD<;FE8D8IB
98J@J
 "@E8CCP %EM8K@FEJ8E;M8I@FLJ=LE;J

97-2)77!4(%8)
+E /I<?K?<GLI:?8J<F=C<>8CI<@E:I@E> 8E; D@;D8IBD8E;:FEK@E>LJKN<8:HL@I<;8CCII<LJK
N@K?LJ8E;/('?FC;@E>8E;F=FNEP 8E; 9LJ@E@:8E;FG
3<I<:FI;<;8>8@EF=D@CC@FE@EI
@EM8@EJCFJJFF;N@CCF=D@CC@FE
+E&8EL8IPN<:FDGC9P
:FDG8EPK?8KJ8E@Q8K@FEJJ@DGC@=PK?<:FDGCE<;=FIGI8K@FE8E;9LJ@EI8K@FEID?FLK K?@J )8E8>=8:KFIJI9LJ@ECF98C<:FEFDPE<>8K@MLENFLE;
%E=C8K@FE8IPGIDFE=C8K@FE8IP8E;>CF98CJLGGCP:?8@E=I@:K@FEJ?8M<9<?K?KCF98CDFE?
K?<I<8C<:FEFDP8E@E:I<8J<@ED8IBK?IFL>?<==<:KJFEK?<I8K<8E;JGI<8;
:FDGFELC8K@FECCF98CKI8;<8E;> <:FEFD@: >IFNK? :8E GI@E>:FJKJ
@E:I<8J<8E;II KDFIK8C@KPI8K.7:>@=0>-:@?
!,=60?&4>6@E,8IK%%%KK?<=FCCFN@E>
S +LI>@EK? G @EKK?<:LII??=,?0>8,D,/A0=>07D,110.?
:@= ;=:14?,-474?D ;,=?4.@7,=7D /@=492 , ;0=4:/ :1 =,;4/7D 49.=0,>492 49?0=0>? =,?0> := 49 ?30 0A09? :1 , =0.@==09.0 :1 , 7:B
49?0=0>? =,?0 09A4=:9809? @E .@JB "8:KFIJ @E ,8IK % %K.7:>@=0>-:@?!,=60?&4>6@E,8IK%%%KD?@>?I8EKJ8E;:
S
0?<=@IJKHL8IK?;:FEKI@9LK@FEJD8;<9PD8EPJGFEJFIJ:?8E><GIFM@;;F=M8:8K@FEJ:?<;LC?C<KI8EJ=
;?K?<8EEL8CD8O@DLDJ8CCFN<;=FIK?<P<8I
"@E8CCPFIGFI8K<)8IBJGFEJFIJ
0,7?3':7@?4:9>
S
0?<=@IJKHL8IK??ED?<ELD9ED?G8JK@E:@;8EEL8CFG?809?!,9,20809?
S
%E K?< =FLIK? HL8IK?
8JJF:@8K<;N@K?:8C8@EJK,9/>?48,?0>
@E,8IK%%%K<8IE@E>J9<=FI<@E:FD<K8OID
*FK<KFFLIFEJFC@;8K<;"@E8E:@8C/K8K@EJ 8I< 98J<; FE 1)
 1) I :LJKFD<;9PFLI%EMD<; 9P FLI %EMD<; 9P K?@I;G8IKP @EMD@E>8==@C@8K<;8JJD<;=FIK?@I;G8IK@<I8E;GIF;L:K>L8I8EK<<;9PK?@I;G8IK@L8I8EK<<;9PFLI%EMDDDK89C<GI


/'5B8/
3<8CK?/FCLK@FEJ 






















































 
 

$<8CK?/FCLK@FEJ























































 
 

%EM<;9PFLI%EMDD@7?>:1#;0=,?4:9>H'02809?-D'02809?N<JFDJK8K@JK@:JLE;FLI=@E8E:@8C
G8I<;9=FI$<8CK?/FCLK@FEJGIF;L:KJ8I<98J<;FE8:8C:LC8K@FEF=8EEL8CGILC8IGIC<GI> ;=084@8> ,9/ /0;:>4?> 8I< ;<=@E<; 8J GIIFNK?8E;G .,9/100>8I<;<=@E<;8J8=LCCP<8IF=GIIFNK?8E;G? ,/5@>?0/ 7:>> =,?4:> 8I< ;<=@E<; 8J K?< I8K@F F= 9< @E 97:>>0>8E;"0?49A0>?809?2,49>7:>>0>@E:CL;<:?8E>8@EJ
 <:I<8JK89C<GI


<5B;9
,9J9BI9G
*8@EJCFJJ@EK@E:I<8J<;D@CC@FE=IFDD@CC@FEKFD@CC@FE
0?<=FCCFN@E>@K?809?49.:80 ;<:I<8J<;D@CC@FE=IFDD@CC@FEKFD@CC@FEGI@D8I@CP;L<KF
S
CFN< MFCLD< 8E; @EK??<?=IFDGFJ@K@M<:8G@K8CD8IBIFNK?@EK?<
:LII@E:I<8J<;D@CC@FE=IFDD@CC@FEKFD@CC@FEGI@D8I@CP;L<KF
S
?@>?IFNK?8:IFJJ8CC9CF:BJF=9LJ@E7:>>0>@DGIFM<;D@CC@FE=IFD8CFJJF=D@CC@FEKF8CFJJF=D@CC@FEGI@D8I@CP;L<KF
S
E8@EI<:F>E@Q<;@EK?<GI@FIG<@ED8IBKFD8IBGI@D8I@CP
;L<KF@EKI<E@Q<;@EK?<GI@FIG:74/,?0/49A0>?809?09?4?40>;<:I<8J<;D@CC@FE=IFDD@CC@FEKFD@CC@FEGI@D8I@CP;L<KF
S
FM8K@FEJ
 38%0)2)*-87%2(<4)27)7
(:?,7-09014?>,9/0C;09>0>@E:I<8J<;9PD@CC@FE=IFDD@CC@FEKFD@CC@FE
0?<=FCCFN@E>@K?.=0/4?0/,9/:?30=-09014?>?:.:9?=,.?:B90=>;:74.D3:7/0=>@E:I<8J<;D@CC@FE=IFDD@CC@FEKF
D@CC@FEGI@D8I@CP;L<KF
S
8E@E:I<8J<@E98?@>??I<8KIFNK?@E$<8CK?/FCLK@FEJ


0?<@E:I<8J<N8JG8IK@8CCPF==J?I8K<
S
8JD8CC8DFLEK@E*8@EJCFJJ<=IFDK?<8EEL8C8JJLDGK@FELG;8K<@E$<8CK?/FCLK@FEJ8E;
S
8C@K@>8K@FEI0>;<:I<8J<;D@CC@FE=IFDD@CC@FEKFD@CC@FEGI@D8I@CP;L<KF
S
8:K@FEJKF<==@:@<JG:FJKJ@E:LII<;@EK?<GI@FIGI8K@FE:FJKJ8JJF:@8K<;N@K?I<:8@EI8K@FEJI<:FI;<;@EK?<:LII ,9/ >?48,?0> 	 8;7:D00 09014?> $7,9> @E
)8E8>KI8EJ@K@FEJI<
0?<;<:I<8J<N8JG8IK@8CCPF==JJ<>DIFNK?8E;@EM?KJ8JJF:@8K<;N@K?8GI@FI8:HL@J@K@FE@EK?<:LII0> =07,?0/ ?: .:9>:74/,?0/ 49A0>?809? 09?4?40> @E:I<8J<;  D@CC@FE =IFD  D@CC@FE KF  D@CC@FE
GI@D8I@CP;L<KF
S
8E@E:I<8J<@E@EK0-09014?:?8E><;D@CC@FE=IFD89*FK<KFFLIFEJFC@;8K<;"@E8E:@8C/K8K8@E@E8E;
S
8;<:I<8J<@EEFE:FEKIFCC@E>@EK*FK<KFFLIFEJFC@;8K<;"@E8E:@8C
/K8K8@EJCFJJ?
I<@EJLI8E:<FI;@M@EK<8IE@E>J9<=FI<@E:FD<K8O<8IE@E>J9<=FI<@E:FD<K8ODCC@8EQEFE:FEKIFCC@E>@EKCFJJ8KKI@9LK89C<KFCC@8EQEFE:FEKIFCC@E>@EKI8K@FE:FJKJ8JJF:@8K<;N@K?I<:@9C<8JJ@9C<8JJPGIFA<:KN?@:?@JEFCFE>GLIJL<;8E;
 D@CC@FE GI<K8O IL8I8EKP =LE; 8JJ8@EI8K@FEJ
"FIK?<P<8I
"0?49A0>?809?2,49>7:>>0>:?8E><;D@CC@FE=IFD8CFJJF=D@CC@FEKF8>8@EF=D@CC@FEGI@D8I@CP;L<KF
S
E<N8JG8IK@8CCPF==J8@EI<:F>E@Q<;@EK?<GI@FIG<@ED8IBKFD8IBGI@D8I@CP
;L<KF@EK>=07,?0/?:-@>490>>0>0C4?0/?3=:@23=049>@=,9.0:=/4A0>?809?@DGIFM<;D@CC@FE=IFD8CFJJF=D@CC@FE
KF8CFJJF=D@CC@FEGI@D8I@CP;L<KF
S
8JD8CC8K@FEI?809?>@DGIFM<;D@CC@FE=IFD8CFJJF=D@CC@FEKF8CFJJF=D@CC@FEGI@D8I@CP;L<KF
S
K?<89J:FJKJ@E:LII<;@EK?<GI@FIGI8K@FE:FJKJ8JJF:@8K<;N@K?I<:8@EI8K@FEJI<:FI;<;@EK?<:LII
0?<@DGIFM?KJ8JJF:@8K<;N@K?8GI@FI8:HL@J@K@FE@EK?<:LIIF@E>GPGIFA<:KN?@:?@JEFCFE>GLIJL<;8E;8>L8I8EKP=LE;
8JJ<8IE@E>J9<=FI<@E:FD<K8ODD<8IE@E>J9<=FI<@E:FD<K8OD<8IE@E>J9<=FI<@E:FD<K8O F= FLI 9LJ@E K?< LE; G8DFI<D<8E@E>=LCKI*FK<KFFLIFEJFC@;8K<;"@E8E:@8C/K8KD<8IE@E>J9<=FI<@E:FD<K8OK89C<GI<8IE@E>J9<=FI<@E:FD<K8OD


8>IGH98CD9F5H=B;F9J9BI9G
*8@EJCFJJI9IGH98CD9F5H=B;95FB=B;G69:CF9=B7CA9H5L9G 
 



0?<=FCCFN@E>K89C<GID8I>@E=FIFLI3<8CK?/FCLK@FEJJ<>D


8>IGH98CD9F5H=B;95FB=B;G69:CF9=B7CA9H5L9G




.CH5@58>IGH98CD9F5H=B;F9J9BI9G 



(IGH98CD9F5H=B;A5F;=B




;ALJK<;FG<8IE@E>J9<=FI<@E:FD<K8O K89CIFLG N?@:? :FDGI@J< KFK8C 1) 8E; 1 =FI FLI 3<8CK?
/FCLK@FEJJ<>D


"LCC/ 
























































 
 

0FK8C <=@E<;FEKI@9LK@FE 















































 
 

%EML8I8EK<<;G8PFLKGIF;L:KJ8E;EFEHL8C@=@<;IK89C<GIJN?@:?:FDGI@J<KFK8C1)8E;1=FIFLI3<8CK?
/FCLK@FEJJ<>D


"<<98J<; 




























































 
 

/GI<8;98J<;
























































 
 

%EML8I8EK<<;G8PFLKGIF;L:KJ


0?<=FCCFN@E>K89C<GI8E;/K89C<28CL<ED


 I@@-9FJ=79CFDCF5H9A5F?9HG
 *?0/:;0=,?4920,=9492>-01:=049.:80?,C0>@E:I<8J<;D@CC@FE=IFDD@CC@FEKFD@CC@FEGI@D8I@CP;L<KF
S
?@>??<<JG
=IFDG8IK@:@G8EKJLII?K89C<GI<8IE@E>J9<=FI<@E:FD<K8OD


8>IGH98CD9F5H=B;F9J9BI9G
*8@EJCFJJI9IGH98CD9F5H=B;95FB=B;G69:CF9=B7CA9H5L9G  
 

0?<P<8IJ,9/>?48,?0>
@E,8IK%%%KK89C<GID8I>@E=FIFLI$<8CK?/FCLK@FEJJ<>D


8>IGH98CD9F5H=B;95FB=B;G69:CF9=B7CA9H5L9G




.CH5@58>IGH98CD9F5H=B;F9J9BI9G 



(IGH98CD9F5H=B;A5F;=B




;ALJK<;FG<8IE@E>J9<=FI<@E:FD<K8OK89C<GIIFJJGID


-5@9G6M*FC8I7H&=B9
#IFLG(@=<8E; @J89@C@KP
















































 



/KFG(FJJ 




























































 



0FK8C>IFLGGIF;L:KJ





















































 



2FCLEK8IP8E;+K?IFJJGI>I<>8K<(FJJ.8K@F 


















































%E:CL;I?0/:;0=,?4920,=9492>-01:=049.:80?,C0> ;<:I<8J<; D@CC@FE=IFDD@CC@FEKFD@CC@FEGI@D8I@CP;L<KF
S
?@>??IFNK?8E;?@>?I<8K?IFNK?8E;@EM<JG?IFNK?8:IFJJ8CCK?I<<C@E<=IFDK?<8EEL8C8JJLDGK@FELG;8K<8E;
S
?@>?IFNK?8E;?@>?K89C<GI<8IE@E>J9<=FI<@E:FD<K8OD


8>IGH98CD9F5H=B;F9J9BI9G
*8@EJCFJJI9IGH98CD9F5H=B;95FB=B;G69:CF9=B7CA9H5L9G=B7@I8=B;@@=5BNBCB7CBHFC@@=B;
=BH9F9GH 
 

(JCFJJ8KKI@9LK89C<KFCC@8EQEFE:FEKIFCC@E>@EKIGH98CD9F5H=B;95FB=B;G69:CF9=B7CA9H5L9G  
 

0?<=FCCFN@E>K89C<GID8I>@E=FIFLI%EMD


8>IGH98CD9F5H=B;95FB=B;G69:CF9=B7CA9H5L9G=B7@I8=B;@@=5BNBCB7CBHFC@@=B;
=BH9F9GH  



.CH5@58>IGH98CD9F5H=B;F9J9BI9G 



(9HF9J9BI9  



8>IGH98CD9F5H=B;A5F;=B




;ALJK<;FG<8IE@E>J9<=FI<@E:FD<K8OD @EKD F= 8JJ


%EMDK89C<GID


!OK<;8::FLEKJGIDDK89C<GID


**?0/:;0=,?4920,=9492>-01:=049.:80?,C0>49.7@/492774,9E9:9.:9?=:7749249?0=0>?@E:I<8J<;D@CC@FE=IFD
D@CC@FEKFD@CC@FEGI@D8I@CP;L<KF
S
?@>? =IFD 9LJ@EIFNK? GFJ@K@M< :8G@K8C D8IB?IFNK?G8IK@8CCPF==J<JGK89C<GI<8IE@E>JCFJJ9<=FI<@E:FD<K8O


8>IGH98CD9F5H=B;F9J9BI9G
*8@EJCFJJI9IGH98CD9F5H=B;95FB=B;G@CGG69:CF9=B7CA9H5L9G=B7@I8=B;@@=5BN
BCB7CBHFC@@=B;=BH9F9GH 
 

(JCFJJ8KKI@9LK89C<KFCC@8EQEFE:FEKIFCC@E>@EKIGH98CD9F5H=B;95FB=B;G@CGG69:CF9=B7CA9H5L9G 
 

%E:CL;D?0/:;0=,?4920,=9492>7:>>-01:=049.:80?,C0>49.7@/492774,9E9:9.:9?=:7749249?0=0>?@DGIFM<;D@CC@FE=IFD8
CFJJF=D@CC@FEKF8CFJJF=D@CC@FEGI@D8I@CP;L<KF
S
CFN 
KI8EJ@K@FEJI<I<E@Q<; @E K?< GI@FI G<@EK?<8CCF:8K@FEF=@E:FD<FE:8J?98C8E:J<>DK89C<
GID<8IE@E>J9<=FI<@E:FD<K8O<CD?I<@EJLI8E:<FI;@MKK89C<GI<8JJ


195@H<-C@IH=CBG
CK<8CK<8CK<8CK@EM8E;
=@E8E:@E> 8:K@M@K@KIFNK?
 +LI 89@C@KP KF >F=:8J?=CFNJFE@EM GI>I<>8K<FEKI8:KL8C+9C@>8K@FEJK89C<@E:CL;<;=LIK?=8:@C@K@I<
,I@D8IPLJ
JL9J@;@8I@8K@FEJ
0?<GI@E:@G8C
JFLI:JL9J@;@8I@=8:@C@K@:I<;@KJL9C@D@KF=FLIJ =8:@C@K@:FDG8EPC@HL@;@KP89FM<FLID@CC@FEK8I> K?<
8EK@:@G8K<; G8PD "<9IL8IP  
 /<< K?< 49,9.492 2=00809?> *FK< KF FLI
FEJFC@;8K<;"@E8E:@8C/K8K
;<9K


2FP8"@E8E:@8C%E:
JGI@D8IPJFLI:K89C<
395FB898979A69F
4984774:9>


9;=BB=B;75G<5B875G<9EI=J5@9BHG65@5B79  
 

-CIF79G
 @M@;8>I<>@,9.09I<8KI<8K:FDG8EPJC@HL@;@KPK8I>< C@HL@;@KP K?IFL>? 8:::FDD@KK<;:I<;@K=8:@C@K@8E;II<8JJ%8-32
0?<GI@D8IP:FDGFEJL9J@;@8I@IFNK?F=K?<9LJ@E<FLI:8G@K8CGFJ@K@FE98J<;FE8
M8I@ 9LK EFK C@D@K<; KF FLI =@E8E:@8C JKIK? K?< :I<;@K I8K@E> F= 2FP8 "@E8E:@8C %E:
 8E; F= @KJ
@EJLI8E:<:FDG8EPJL9J@;@8I@FK@8K<;I;<9K
8E;FGGFIKLE@JK@:I<=@E8E:@E>F=;<9K
0?<8DFLEKK?8KD8P9<IC:74/,?0/,9/":9.:9>:74/,?0/9A0>?809?9?4?40>*FK<KFFLIFEJFC@;8K<;"@E8E:@8C/K8K @EK K?< P<8I 8E; @DG8:K@E>
:8G@K8C@Q8K@FE
,%6))496',%7)63+6%1%2(-:-()2(78331132,%6),30()67
/<<K?< '3,=03:7/0=><@4?D*FK<KFFLIFEJFC@;8K<;"@E8E:@8C/K8KKF8LK?FI@Q8K@FEJ9PK?<F8I;F= @I<:KFIJKFIIK89C<GIFM@;
395FB898979A69F


 @M@;;@M@;K?<P<8I K?< P<8I <@4?D*FK<KFFLIFEJFC@;8K<;"@E8E:@8C/K8KJFLKJK8E;@E>:FEJ@JK@E>KK89C<JLDD8I@Q8:K@M@K@
9;=BB=B;
5@5B79
#GGI5B79
'5HIF=H=9G5B8
,9D5MA9BH
)H<9F
<5B;9G
B8=B;5@5B79
0FK8CCFE>K@EG8IK@8CCPF==JJ FLKJK8E;@E> :FEJ@JK@E> KK89C<JLDD8I@Q8:K@M@K@
9;=BB=B;
5@5B79
#GGI5B79
'5HIF=H=9G5B8
,9D5MA9BH
)H<9F<5B;9G
B8=B;5@5B79
0FK8CCFE>K*FK<KFFLIFEJFC@;8K<;"@E8E:@8C/K8KK?<P<8I8E;@DG8:K@E>:8G@K8C@Q8K@FE
9848-32+6))1)28*36)2-36)&8779%2')
/<<K?<49,9.4922=00809?> *FK<KFFLIFEJFC@;8K<;"@E8E:@8C/K8K *FK<KFFLIFEJFC@;8K<;"@E8E:@8C/K8KL8I8EK<L8I8EK<8K@FEJF=2FP8$FC;@E>JLE;L8I8EK<<KF%*##IFLG@E
IL8I8EK<<F=D@CC@FE:FD9@E<;GI@E:@G8C8DFLEKF=JGIFM@;<8>L8I8EK<<F=G8PD8K@FEJKF:E@Q<8EP8JJL8I8EK<I<L8I8EK<I<8>< @E ;FCC8I II<8><98:B<; J<:LI@K@I<8>< @E J<:LI@K@ N?490>>,>4>:1$=0>09?,?4:9,9/'429414.,9?..:@9?492$:74.40>8E;9A0>?809?>0C.7@/492:9>:74/,?0/9A0>?809?
9?4?40>*FKI<GIF>I8D

3<8I<:LII8><@EKI8EJ8:K@FEJN@K?"$(
=FI@EM8>I<=IFDK?<"$(J@EK?<=FIDF=EFEGLK89C<
=LE;@E>8>I<<F=K?<M8CL<F=FLI8JJ@9C<:FCC8K<; @E:CL;< DFIK>8>< J<:LI@K@:8G8:@KP@J8CJFC@D@K<;9PK?<CM8CL<F=FLI8JJ<;KFK?<"$(
JF= <::8G8:@KP8JG<;8JJ8>I<8>I<I<:@GIF:8CCF8E8>I<I<I<I<JFEK?<JK8K<F=;FD@:@C<
JF=
 <:>I<>8K<8DFLEKK?8KD8P9<9FIIFN<;FICI<I<9FIIFN@E>J=IFDJL9J@;@8I@?=@809?> *FK< KF FLI FEJFC@;8K<; "@E8E:@8C /K8K 8E; FLI I :FCC8KJ8E;@EJLI8E:<=@E8E:@8CJKIK?I8K@E>J
N?@:? 8I< G 8>K? I8K@E>J 8E; :I<;@K I8K@E>J 8I< @DGFIK8EK =8:KFIJ
8==<:K@E>GL9C@::FE=@;GIF;L:KJ
I<;@KI8K@E>J8I<8CJF@DGFIK8EKKF
FLI89@C@KPKFI8@J<:8G@K8CK?IFL>?K?<@JJL8E:<F=;<9K8E;=FIK?<:FJKF=JL:?=@E8E:@E>

;FNE>I8;<@EFLI:I<;@KI8K@E>JFIK?<:I<;@KFI=@E8E:@8CJKIK?I8K@E>JF=FLII8K<;JL9J@;@8I@?=092?3:=.=0/4?=,?492>8,D=0>@7?49,7:>>:1-@>490>>,9/,/A0=>07D,110.?:@==0>@7?>:1:;0=,?4:9>,9/149,9.4,7.:9/4?4:9
@E.@JB"8:KFIJ@E,8IK%%KK?I8K@E>JI8>8I;@E>K?<=@E8E:@8C89@C@KPF=8E@EJLI8E:<:FDG8EPKF
D<8K@FEJLE;JI8>8I;@E>8EJ8I<EFK8I<:FDDFI>8E@Q8K@FE
.8K@E>8>
8>K?8KK?<I8K@E>@JEFKC@B<FMK?8E;:I<;@KI8K@E>JF=2FP8"@E8E:@8C%E:
8E;@KJGI@E:@G8CJL9J@;@8I@K89C<
,5H=B;;9B7M
'9GH
 =H7<
#B7
'CC8MG#BJ9GHCFG
-9FJ=79
#B7
-H5B85F8
*CCFG
'9GH
 =H7<
'CC8MG
-*
&CB;H9FA#GGI9FF98=H,5H=B;
)IH@CC?
2FP8"@E8E:@8C%E:


























JK89C<
88JK89C<

JK89C<
 =B5B7=5@-HF9B;H<,5H=B;
)IH@CC?
2FP8.K?I8K@E>J=FI@EJLI8E:<:FDG8E@<=IFD

JLGKJI8E><=IFD888
K?I8K@E>J=FI@EJLI8E:<:FDG8E@<=IFDKF;@JKIKJI8E><=IFD
?@>?:8G8:@KP=FIK@DK?I8K@E>J=FI@EJLI8E:<:FDG8E@<=IFD88N@K?@EK?<>IFLGN@K?9<@E>K?<?@>?K?<CFNK?N@K?@E8:8K<>FIP
(FE>KJI8E><=IFD88?@>?K?I8K@E>J=FI@EJLI8E:<:FDG8E@<=IFDKF ;<=8LCK
(FE>KJI8E><=IFD
KF ;<=8LCK

 !==<:K@M< GI@C   
)
 K? I8K@E>J N@K? II8;<;2FP8"@E8E:@8C%E:
JC@=<@EJLI8E:<JL9J@;@8I@K?KF
=IFD
CFE>KKF=IFD
8E;JI8;<"@K:?I<;@KJFLKCFFB=IFD@DGIFM@E>KFJK89C<
=FIK?<*FIK?D?8;@MIFLGF=N?CPI8K<;I<@EJLI8K@FEJLE;I< I8K@E>J 8E;  K?< =@E8E:@8C JKIK? F= FLI I<@EJLI< I<@EJLI8E:< I<:FM?M8I@FLJ=FIDJF=:FCC8KJ<:LI<;
KILJKJ =LE;J N@K??8I;@E> FLI I<@EJLI8E:< I<:FM.7:>@=0>-:@?!,=60?&4>6@E,8IK%%%K@=,9.0*FK<@EFLI
FEJFC@;8K<;"@E8E:@8C/K8K KF FLI HL8C@=@<; IK8I><F=K?<GC8EK?<M8I@89C<I8K<GII?K9<IJL9J@;@8IP:FDG8EP8J9*FK<
@EFLIFEJFC@;8K<;"@E8E:@8C/K8K8K@FEJ

0?LC8K@FEJ
0?LC8KFIP 8GGIFM8C
 +K?K?<;@M@;LC8K@FEJ >FM ;@M@;@=,9.0
'@->4/4,=40>*FK<@EFLIFEJFC@;8K<;"@E8E:@8C/K8K:FDG8E@J=IFDEFEC@=<JL9J@;@8I@KF8JJFE8M8I@@E:FD<FICFJJLC8KFIJLJ<K?<.IK?<
D@E@DLD8DFLEKF=:8G@K8C98J<;LGFE.ICLC8KFIPFM?K
J
F= <:K89C<JLDD8I@Q"<9IL8IP
/<<K?<49,9.4922=00809?>*FK<KFFLIFEJFC@;8K<;"@E8E:@8C/K8K;<9K
4984774:9>
4984774:9>
GC:979A69F

GC:979A69F

&
.
,5H=C
&
.
,5H=C

 



 


"FI 8;;@K@FE8C @E=FID8K@FE I<>8I;@E> . J<< @>490>>	&02@7,?4:9	49,9.4,7 &02@7,?4:9 @E ,8IK % %K@=,9.0
'@->4/4,=40>*FK<@EFLIFEJFC@;8K<;"@E8E:@8C/K8K<.8K@FJ8I<8D<8JLI<K?8KN<LJ<KFDFE@KFIK?<C
K89C<GI<I8K@FJ=FIK?<G


 =B5B7=5@96H
0FK8C=@E8E:@8C;<9K





















































 



+K?8K@FEJ 













































 



0FK8C=@E8E:@8CF9C@>8K@FEJ 
















































 



'9NN5B=B99EI=HM
CC@8EQEFE:FEKIFCC@E>@EK+%









































 



0FK8C+% 













































 



+% 































































 



0FK8C2FP8"@E8E:@8C%E:
J?8I@EK+% 


































 



&9J9F5;9,5H=CG
 <9KKF8G@K8C 


























































"@E8E:@8C(<+% 









































%E:CL;C<8J8K@FEJ)+%
0FK8C"@E8E:@8C <9K;@M@;<;9P8G@K8C@Q8K@FE
0FK8C"@E8E:@8C+9C@>8K@FEJ8E;,I<=+%
+LI"@E8E:@8C(<.8K@F+%@E:I<8J<;=IFD
8K <:GI@E:@G8C
8DFLEKF=
/K89C<GI8K@FEJ;L<@EM8I@FLJG8K@FEJ 8E;
:FEJ
.CH5@
&9GGH<5B
395F
395FG
395FG
'CF9H<5B
395FG
CBHF57HI5@)6@=;5H=CBG
,LI:?8J<F9C@>8K@FEJ 



















 
 
 
 
V 
V
.8K@FEJ







 
 
 
 
 

.K8K@FEJ 


 
 
 
 
 

+GC<8JII<8K@FEJ






















 
 
 
 
V 
V
0FK8C 
































 
 
 
 
 

,LI:?8J<F9C@>8K@FEJ:FEJ@JKGI@D8I@CPF=FLKJK8E;@E>:FDD@KD?FNK?FIP(8K@FEJ:FEJ@JKF=8DFLEKJI8K@FEJ=FI=LKLI<GFC@:P9J@>E@=@:8EK8JJLDGK@FEJIIFNK?8E;@EK8JJLDGK@FEJ
!JK@D8K<;:8J?G8PDCPK?<JLDF=:8J?
=CFNJGIE@=@:8EKCPIFJJF=I<@EJLI8E:<
 L<KFK?<J@>E@=@:8E:<F=K?<
8JJLDGK@FEJLJ<;K?<8DFLEKJGI8K@FEJI?I<@EJLI8E:<KFK?@I;G8IK@?N<8I<EFKI8CC@89@C@KPKFK?<:FEKI8:K?FC;8K@FEJ
0?<JL==@:@<I<
0?<K*FK<@EFLIFEJFC@;8K<;"@E8E:@8C/K8KK?<
J?FIKKK8K@FEJ

+GC<8J:FDD@KD8K@FE@J8JJF:@8K<;N@K?F==@:<JG8:<C<8J 8>I<I<8>I<8K@FEJIJLE;I<8>I<CPK?<G8P89C<@J:C8JJ@=@<;8J
?8M@E>8K8>I<8K@FEJ:FEJ@JKF=:FEK@E>E@Q<;K8O9*FKI<GI@E:@GC K?< I GF@E> 98J@J 98J<; FE ?@JKFI@:8C
;8;ALJKD<8E;8:KL8CIFEJFC@;8K<;"@E8E:@8C/K8K 8::FLEK@E> AL;>D?I<< F=
AL;>DE@=@:8EK;<>I<<F=M8I@89@C@KP
S
.@9C<8JJK?D? M8I@89@C@KP @J @E?490>>,>4>:1$=0>09?,?4:9,9/'429414.,9?..:@9?492$:74.40>
*FK<@EFLIFEJFC@;8K<;"@E8E:@8C/K8K8E;EFEG8IK@:@G8K@E>N?FC<C@=<@EJLI8E:<8E;
KI8;@K@FE8C>IFLGC@=<@EJLI8E:<8E;8::@;;LI8K@FE:FEKI8:KJ8I<@EJLI8E:<:FEKI8:KJK?8KGIFM@;<@EJLI8E:<:FM<8E;I;LI8K@FE :FEKI8:KJ @E:CL;< DFIK8C@KP
DFI9@;@KP GFC@:P C8GJ< :FEKI8:K I8@EJK @E;LJKIP JK8E;8I;J
 0?< 8JJLDGK@FEJ LJ<; IDE@=@:8EKCP8==<:KFLIIGFC@:P?FC;>K?<G8PD@EJLI8E:<:FM<9P
K?<@EJLIF=G8PDFLIDFIK8C@KP8JJLDGK@FEJ

S
C8GJ<I8K<@JK?<G<F=@E=FI:<GFC@:@I8;<CFN:I<;@KI@JB=@O<;@E:FD<@EJKILD
@E;@M@;L8C =IFDK?>@8;?4:9>,9/$0=4:/4.&0A40B
JJLDGK@FEJ =FI CFE>;LI8K@FE :FEKI8:KJ 8I< I8@EJK 8:KL8C E@=@:8EK@DG8:KFEFLII<8IE@E>J9<=FI<@E:FD<K8O<8IE@E>JN8JGI@D8I@CPID<8IE@E>J9<=FI<@E:FD<K8O <8IE@E>J N8J ID8@EJCFJJ@7?>:1#;0=,?4:9>	
:9>:74/,?0/@E!,9,20809?I>4>.@>>4:9,9/9,7D>4>:149,9.4,7:9/4?4:9,9/&0>@7?>:1#;0=,?4:9>@E,8IK%%%K4?4A4?D
3<G;LI8K@FEIK89C<GI>I<>8K< @DG8:KJ K?8K :FLC; I
GC:979A69F

E8JJLD<;@E:I<8J<@E=LKLI<DFIK8C@KP9P



































 


E8JJLD<;@E:I<8J<@E=LKLI<DFI9@;@KP9P 




































E8JJLD<;@E:I<8J<@E=LKLI<G@E:FD<
9<=FI<@E:FD<K8O
0?<8JJLDGK@FEJLJ<;KFL8I8EK<DE@=@:8EKCP8==<:K
FLII<; :LJKF;P >L8I8EK<< GIF;L:K )# @J 8 JK8E;8CFE<
;L8I8EK<<;GIL8I8EK<<;GI8:KL8I@8C8E;:8G@K8CD8IB9
F9J@E KF :8GKLI<
LE:@EI8K@FEJN@CCEFK9<=LC=@CC<;EFEG:FDG8EP:I<;@KJGI<8;J
8;ALJK<;KFI<=C<:KK?<:I<;@KHL8C@KPF=FLI@E;@M@;L8C@EJLI8E:<JL9J@;@8IPK?8K@JJL<;K?<>L8I8EK<<8JN,7 ,9/ *,=4,-70 )94A0=>,7  410 .L8I8EK<L8I8EK<K?<E@Q@E>
K?FJ< 9E@QK?0=A0> 1:= @?@=0 $:74.D 09014?> ,9/ :9?=,.? #B90= ..:@9? ,7,9.0> *FK< @E FLI FEJFC@;8K<; "@E8E:@8C
/K8K.7:>@=0>-:@?!,=60?&4>6@E
,8IK%%%K8I;@E>JG<:@=@:?<;>@E>JKI8K<>@8K< I@JB =FI K?< GIF;L:K >L8I8EK<8><8E;FK?JN8GJ=LKLI<M8I@FLJI@JBJ8JJF:@8K<;N@K?:?8E><I8K<I@JBJ8JJF:@8K<;N@K?
FLILE@M?809?>0C.7@/492:9>:74/,?0/9A0>?809?9?4?40>*FK<8E;K?<0=4A,?4A049,9.4,79>?=@809?>*FK<@EFLI
FEJFC@;8K<;"@E8E:@8C/K8K?809?>
3<D<8JLI<K?<=8@IM8CL<F=FLI=@E8E:@8C8JJK?<
8JJ
FLIFNE:I<;@KI@JB
0?<HLFK<;D8IBJK<:?E@HLFI@Q< FLI =@E8E:@8C @EJKILD@M?FIP CE@=@:8EK KF K?< =8@I M8CL<
D<8JLILC8ICP
F9K8@E89C<
3?@;@J:FLEK<;:8J?=CFNJD8KI@OGI@:@E>FIFK?@L8I8EK<GI@:<M8I@8E:<IDF;F=I<:F=
KI8;@E>MFCLDDD8E8>E@=@:8EKCP8==<:KFLIIE@=@:8EKDFMGI@:<
K?8K:8E9<I<8C@Q<;=FIFLIJ<:LI@K@
 K?<FDG8EPYJ;JPJK< I8K?K%E;?K"@E8E:@E>.8K<
FLEK?:FLEKIF=FM DF;E@EKK<I8KJJGI<8;J
0?<=8@IM8CLGI@:E@=@:8EKKFK?<FM8I;@E>K?<
M8CL8K@FE F= 8E; J@>E@=@:8EK 8JJLDGK@FEJ 8JJF:@8K<; N@K? < @E K?< =8@I M8CL< F= K?<
LE;8JJK?<M8CL8K@FEDD
D8E8>E@=@:8EK<==<:KFEK?<I8I;@E> K?< =8@I M8CL< F= FLI @EM@=0809?>
0C.7@/492:9>:74/,?0/9A0>?809?9?4?40>*FK<@EFLIFEJFC@;8K<;"@E8E:@8C/K8K8I;@E>K?<J.7:>@=0>-:@?!,=60?&4>6@E,8IK%%%K8><CF8EJFEI<8CE@=@:8EK<==<:KFEK?<I490>>,>4>:1$=0>09?,?4:9,9/'429414.,9?..:@9?492$:74.40>
*FK<@EFLIFEJFC@;8K<;"@E8E:@8C/K8KF=
FLI DP 8E; J@>E@=@:8EK @EGLKJ :FEJ@;8I;@E> K?< ?809?> 0C.7@/492 :9>:74/,?0/
9A0>?809?9?4?40>*FK<@EFLIFEJFC@;8K<;"@E8E:@8C/K8K@9C<8JJ@ >FF;N@CC 8E; FK?@9C< 8JJD<
#FF;N@CC8E;FK?@9C<8JJ@9CFF;N@CC8E;FK?@9C<8JJ?K9<@DG8@I<;



::/B477
#FF;N@CC K @J G LE@K CE@=@:8EK@EGLKJLJ<;KF;LE@K
%=N?K?<HL8C@K8K@M<=8:KFIJ@K@J;LE@K@JC8DFLEK8HL8EK@K8K@M<@DG8@IDLE@KJ@JGI@D8I@CP98J<;FE8E@E:FD<8GGIF8:?N?LE@K
3<8GGCPJ@>E@=@:8EKAL;>DK?<LE@KJ
0?<BD  LE@KJ @E:CL;< GIFA<:K<; 8;ALJK<;
<8IE@E>J:LIIKIFNK?I8K@EJFEJL:?9LJ@ELE@K

J 8 I K?< =FLIK? HL8IK8HL8EK@K8K@M<8JJ>0?>
0?<FDG8EPYJ@E;<=@E@K<C@M<;@EK8E>@9C<8JJ?KKFD8E8><:C@
@E;<=@E@K<C@M<; @EK8E>@9C 8GGIF8:? 8GGC@<; KF >FF;N@CC  @J
G8DFLEK8E;=8@IM8CL<F=K?<@EK8E>@9C<8JJ@9C<8JJ?KJ:LJKFD<@ELJ<=LCC@M>M8CL<F=K?<8JJM8CL<F=K?<8JJ;@J:FLEK<;:8J?=CFNJ
/@>E@=@:8EK@9C<8JJ=8@IM8CL<
0?<FDG8EP?8;EF@DG8@ID@9C<8JJK?<
=FLIK?HL8IKE@Q<;8E@DG8@ID?KJ
8JJF:@8K<;N@K?8GI@FI8:HL@J@K@FEN@K?@EK?<%EMD <8IE@E>J 9<=FI< @E:FD< K8O>0?>*FK<@EFLIFEJFC@;8K<;"@E8E:@8C/K8K
3< LJ< : K?< @E:FD< K8OE@Q<; ;@== K?LC8K@FEJ@E:CL;@E>K?<CFJJC@D@K8K@FEILC<@E:FEKIFC
3<
DK?<8DFLEK8E;K@D@E>F=I<:F>E@K@FEF=K?<I@E:FD<K8OC@89@C@K@DLC8KFIP8E;9LJ@E<
3<?8;=<;CFJJJKI8K<>P
"LKLI<;<:I<8JP:FLC;I8
I FM490>> ,>4> :1 $=0>09?,?4:9 ,9/
'429414.,9?..:@9?492$:74.40>*FK<@EFLIFEJFC@;8K<;"@E8E:@8C/K8KI<KFK?<%EK@E=FID8K@FEFEK?<M8CL8K@FE8CCFN8E:<J<<K?<9.:80(,C0>*FK<@E
FLIFEJFC@;8K<;"@E8E:@8C/K8K
3<I<:F>E@Q<K?<K8O98LK?FI@KP
3<8CJF:FEJ@;I<<;KF8JG8IKF=8E 8LK?FI@KP
 "FI @KE@K@FE K?I< F= 8CC IE@Q<;
3,920>49 ,B
@JC8K@FE>I8G?@:D@OF=<8IE@E>J:FDGC FGGFIKLE@K@LJK  ,IE<; @EKF C8N K?< %E=C8K@FE .<;L:K@FE :K F=  N?@:? @E:CL;@EE@E>8=KLC8K@FEJ GIFM@;@E> 8;;@K@FE8C >L@;8E:< FE K?< )0
 "@E8C@Q@E>
I<>LC8K@FEJ N@CC K8B< K@D< 8E; K?< =@E8C I<>LC8K@FEJ D8P ;@==LC8K@FEJ
 3?@C< N< ;F EFK
 KF ILC8K@FEJ 8E; FLI )0
;?KF==LKLI<>L@;8E:<
328-2+)2'-)7
"FI @E=FID8K@FE I<>8I;@E> FLI :FEK@E> ,9/ :9?49209.40> *FK< @E FLI FEJFC@;8K<; "@E8E:@8C
/K8K@9C<GFC@:@*FK<@EFLIFEJFC@;8K<;"@E8E:@8C/K8KL8I8EK<<;
N@K?@E:8CC@D@KJ9PK?<,@EE@E>&8EL8IPK?<
.<G8P",=FIDLC88CCFN@E>8CC@9C<
@9C< :FDGL>LJK
F=<8:?P<8I
0?<8::IL<;M8@EJ CFJJ8K@FEJ
I<:F>E@Q<;N@K?@E+G>&0.:294E0/4984774:9>


 @J:FLEK.8K<




































 
 

JJI8G?@: 8K88E;FK?E@Q<; 











 
 

"FIK?<P<8I@E8;<:I<8J<@EFLI98K@FEJ8E;8:FII8:KL8I@8C>8@EF=D@CC@FE
0?@J@E:I<8J<@EK?<;@J:FLEKI8K<N8J;I@M@E8E
@E:I<8J<@EFLI98K@FEJ8E;8:FII8:KL8I@8CCFJJF=D@CC@FE
0?@J;<:I<8J<@EK?<;@J:FLEKI8K<N8J
;I@MKP<8I=FIN8I;CFFB@E>8JJLDGK@FEJ
98J<;FEK?<CFE>K@E8E8:KL8I@8CCFJJF=D@CC@FED8@ECP;L<KF?@>?GIFGFIK@FEF==@O<;@E:FD<@EM@E8E8:KL8I@8C>8@EF=D@CC@FE

'09>4?4A4?D
0?<;@J:FLEKI8K<8E;KFFLI;<=@E<;9E@=@:8EK <==<:K FE FLI E8K@FEJ
8JJF:@8K<;N@K?K? GIF:8GFIK=FC@FF=?@>?HL8C@KPEFE:8CC89C<9FE;JK?8KN@CCD8K:?K?<:8J?=CFNJF=K?<;<=@E<;9?K<;8M<;@J:FLEKI8K<@E=FIK?<E8K@FEF=K?<,C8EJN8J


JF= <:<@EK?<;@J:FLEKI8K<8I<8JGI8@EJCFJJE@Q<;@DD<;@8K?+G
#B7F95G997F95G9=B
(9H*9F=C8=79B9:=H
CGH*9BG=CB*@5BG
%E:I<8J<@E;@J:FLEKI8K<9P98J@JGF@EKJ 



























 

 <:I<8J<@E;@J:FLEKI8K<9P98J@JGF@EKJ




























4984774:9>
#B7F95G997F95G9=B
*9BG=CB9B9:=H)6@=;5H=CB
%E:I<8J<@E;@J:FLEKI8K<9P98J@JGF@EKJ 



























 

 <:I<8J<@E;@J:FLEKI8K<9P98J@JGF@EKJ




























0?<;@J:FLEKI8K<KF9<LJ<;KF;<8JN8@EFE;@J:FLEKI8K<@J<G<GKK<@EK?<8:KL8CI8K<F=I8@EJCFJJE@Q<;@DD<;@8K?+G

#B7F95G997F95G9=B(9H*9F=C8=7
9B9:=HCGH*9BG=CB*@5BG
%E:I<8J<@E8:KL8CI8K<F=I8I;@E> K?< @DG8:K F= E GIFEFLE:490>> ,>4> :1 $=0>09?,?4:9 ,9/
'429414.,9?..:@9?492$:74.40>*FK<@EFLIFEJFC@;8K<;"@E8E:@8C/K8K<;9PFLIN?FCCPFNE<;8JJI<IFLGD8E8>
:FDG8EPC@HL@;@KP@EMPJ<FEGI@E:@G8CGIF=8JJKF@EML@;LC8K@FEJ
.@JBKFC8K<K?<@DG8:KF=:8J?=CFN
M8I@89@C@KP8I@J@E>=IFDK?DIFLGJ F= GIF;L:KJ N@K? J@D@C8I C@89@C@KP :?8I8:K? HL8C@KP =@O<; D8KLI@K@8>< CF8EJ
8CK8JD8CC8DFLEKF=J
"@O<;D8KLI@K@FM8>< F9C@>8K@FE )+ KI8E:?<; @E :FD9@E8K@FE N@K? =@E8E:@8C
;PBEFNE8J)+
3<LJ<;@E>GLIGFJ:I<;@K@JJL?809?>0C.7@/492:9>:74/,?0/9A0>?809?9?4?40>*FK<@EFLIFEJFC@;8K<;"@E8E:@8C/K8K:74/,?0/ ,7,9.0
'300?>KFFLIFEJFC@;8K<;"@E8E:@8C/K8KLC8KFIPI8E;:8G@K8C8JJEJJ<:LI@K@FI@E8K@FEJ
E@EK@JLJ<;8JG@J8M8@C89C<
0?E8K@FEJ8I<


>E8K@FEJF=K?<*%8::FI>8E@Q8K@FEJ.+=FID8IB 8>E8K@FEJ E8K@FEJF=?@>??HL8C@KP@E:CL;<=@O<;D8KLI@KPJ<:LI@K@I8;<9PJL:?I8K@E>FI>8E@Q8K@FEJ
*%;E8K@FEJK?IFL>?@E:CL;<=@O<;D8KLI@KPJ<:LI@K@I8;<9PJL:?I8K@E>FI>8E@Q8K@FEJ
0?<*%;E8K@FEJ=FIJKIL:KLI<;J<:LI@K@JL9GI@D<8E;CK.)/8I<98J<;LGFE8:FDG8I@JFEF=K?<
9FE;J8DFIK@Q<;:FJKKFK?<*%JCFJJI?E8K@FEF=*%
C8I><G<F=FLI.)/J<:LI@K@E8K@FEN?@C<K?<.+I8K@E>@E;@:8KI8;<
0?@J@JGI@D8I@CP;L<KFK?<:I<;@K8E;@EK@EEFE8K@FE
0?<DPI<;L:LC8KFIPI8>I<8KLC8KFIP@EGLK@EKFK?<8JJLDGK@FEJLJ<;KFF=JKIL:KLI<;J<:LI@K@J=IFDK?<*%D@ 8>E8K@FEJ
 *% ;E8K@FEJ <
>
 *%  8I< 98J<; FE K?< *%
D@J9F=@EM8C;F:LDGIF:I<:<@GKF=/2+I8K@E>JK?<:8K<>FI@Q8K@FEF=K?E8K@FE@J98J<;FEK?<J@E;@:8K<;9P@EKJ9PK?<*%;E8K@FE@JJK89CI8K@E>8>E8K@FE;FE8K@FE9LKIJ=IFDI8K@E>8>)FF;PJ/,8E;"@K:?
%=EFI8K@E>@J8M8@C89C<=IFD8I8K@E>8>@JLJ<;
JF= <:?K<;8M<*%HL8C@KPI8K@E>F=FLI
=@O<;D8KLI@K@K89CJ<:LI@K@<;LJ@E>*%;E8K@FEJ8JF=K?<
;8K
979A69F

(#+I5@=HM9G=;B5H=CB






.CH5@ 5=F
05@I9
1
/
0I<8JLI@E:FIGFI8K<GL9C@:
J<:LI@K@E
>FME:FIGFI8K<GI@M8K<
J<:LI@K@8><98:B<;
J<:LI@K@8><98:B<;
J<:LI@K@
979A69F

(#+I5@=HM9G=;B5H=CB






.CH5@ 5=F
05@I9
1
/
0I<8JLI@E:FIGFI8K<GL9C@:
J<:LI@K@E
>FME:FIGFI8K<GI@M8K<
J<:LI@K@8><98:B<;
J<:LI@K@8><98:B<;
J<:LI@K@8>8>?K<;8M<HL8C@KPI8K@E>F=
FLI=@O<;D8KLI@K@J8I<;J8E;8I<8GGC@<;8J=FCCFNJ98J<;FEK?<
ELD9JI<:<@M<;
SN?J8I<I<:<@M<;K?@J8GGC@<;
SN?J8I<I<:<@M<;K?@J8GGC@<;
SN?C<I8K@E>@JI<:<@M<;K?<.+I8K@E>@J8GGC@<;8E;
SN?J8I<LE8M8@C89C<K?@J8GGC@<;


0?<=FCCFN@E>K89CJ<:LI@K@<;LJ@E>.+I8K@E>J8JF=K?<;8K
979A69F

,)+I5@=HM,5H=B;G




5B8
9@CK
.CH5@ 5=F
05@I9
1
/
0I<8JLI@E:FIGFI8K<GL9C@:J<:LI@K@E>FME:FIGFI8K<GI@M8K<J<:LI@K@8><98:B<;J<:LI@K@8><98:B<;J<:LI@K@
979A69F

,)+I5@=HM,5H=B;G




5B8
9@CK
.CH5@ 5=F
05@I9
1
/
0I<8JLI@E:FIGFI8K<GL9C@:J<:LI@K@E>FME:FIGFI8K<GI@M8K<J<:LI@K@8><98:B<;J<:LI@K@8><98:B<;J<:LI@K@I8;<;K?<1E@K<;/K8KK=IFDKF

J8IJFE8CC0I<8JLIP8E;>L8I8EK<<;DFIK>8><98:B<;J<:LI@K@???KKF?@>?P@?)(%4-8%0377)G
JF= <:?809?>0C.7@/492:9>:74/,?0/9A0>?809?9?4?40>*FK<@EFLIFEJFC@;8K<;"@E8E:@8C/K8K@E8GIFGI@8><;P
BEFNE8J)+N?@:?@EM8
JG<:@=@:KPG<F=8><D8IB8JFLI:<F=GFKP
0?<)+J<:LI@K@8>C<=8D@CPI@EKI8K<GI@E:@G8C
J<:LI@K@P?8J9<E@=@:8EKJFLI:<F=@EMI?N<:8EEFKGI<;@:KN?8@EJK K?< GFKFM8><
JJF:@8K@FE "8EE@< )8< K?< "<;8>< FIGFI8K@FE "I<;;@< )8: FI #FM8><JJF:@8K@FE#@EE@<)8<
<:8LJ<K?<K@D@E>F=K?<I<:<@GKF=K?<LE;:8J?=CFN@J?@>?CP;<;KF8;<=@E<;K8I>
@EK<;LJ@E>@EK=IFD:?8E>8><
GI:FE;@K@FEJ@E9FK?:I<;@K
D8IBD8IB<F=K?<LE:FII8><
3<:?FFJ<:FCC8KK89C<GI8JF=K?<;8K
979A69F

979A69F

(#+I5@=HM9G=;B5H=CB
ACFH=N98
CGH
 5=F05@I9
 5=F
05@I9
ACFH=N98
CGH
 5=F05@I9
 5=F
05@I9
 






























 


 
 



 






























 


 
 



 






























V 
V
V 
V 



 






























V 


 
V 
V
V
 






























 


 
 



 






























 


 
 



0FK8C



























 


 
 



"FI)+J<:LI@K@E8K@FEDPJ<<"@O<;)8KLI@K@J89FM<
0?< =FCCFN@E> K89C< GI =FI ?<;><
8::FLEK@E>8E;LJ<;@EFLI)+GFIK=FC@F8JF=K?<;8K
(CH=CB5@
ACIBH
GG9H 5=F
05@I9
&=56=@=HM
 5=F05@I9
(CH=CB5@
ACIBH
GG9H 5=F
05@I9
&=56=@=HM
 5=F05@I9
%EK<@EKK89C<GI
979A69F

979A69F

.F5B7<9.MD9
ACFH=N98
CGH
 5=F05@I9
 5=F
05@I9
ACFH=N98
CGH
 5=F05@I9
 5=F
05@I9
%EMK?<P<8I KI8E:?< KPG @E KK89C<GI



*8@EJCFJJ8@EJCFJJ8@EJCFJJK?<;ALJK<;FG<8IE@E>J9<=FI<@E:FD<K8O)+GFIK=FC@F@E:FD<
CFJJI?I<@EJLI8E:<FI;@ME@Q<;
0?<E@E> )+ J<:LI@K@8@EJ CFJJ<@E=8@IM8CL<=FIJ<:LI@K@E8K<;LE;8@EJ
CFJJ8@EJCFJJ=FIK?<KNF@KK89C<GI<8IE@E>J9<=FI<@E:FD<K8O



%E:FD<CFJJ9<=FI<@E:FD<K8O8@EJCFJJ@DG8@ID<8IE@E>J9<=FI<@E:FD<K8OK89C8><98:B<;J<:LI@K@
ACFH=N98CGH
!FCGG/BF95@=N98
5D=H5@!5=BG
!FCGG/BF95@=N98
5D=H5@&CGG9G
A698898
9F=J5H=J9G
 5=F05@I9
,I@D<>
ACFH=N98CGH
!FCGG/BF95@=N98
5D=H5@!5=BG
!FCGG/BF95@=N98
5D=H5@&CGG9G
A698898
9F=J5H=J9G
 5=F05@I9
,I@D<>K89C8><98:B<;J<:LI@K@@E8K@FE8JF=K?<;8K




5B89@CK
.CH5@
ACFH=N98
CGH
 5=F
05@I9
ACFH=N98
CGH
 5=F
05@I9
ACFH=N98
CGH
 5=F
05@I9
ACFH=N98
CGH
 5=F
05@I9
ACFH=N98
CGH
 5=F
05@I9
ACFH=N98
CGH
 5=F
05@I9
 
 
V 
V 
 
 
V  V 
V 
V 
V  V 
 

 
 
V 
V 
 
 
 
 
V 
V 
V 
V 
 

 
 
 
 
 
 
   
 
 
V 
V 
  
 
 
 
 
   
   
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
  
,I@FI

 
 
 
  
   
 
 
   
 
0FK8C 
 
   
  
  
   
   
 
979A69F

49
84774:9>




5B89@CK
.CH5@
ACFH=N98
CGH
 5=F
05@I9
ACFH=N98
CGH
 5=F
05@I9
ACFH=N98
CGH
 5=F
05@I9
ACFH=N98
CGH
 5=F
05@I9
ACFH=N98
CGH
 5=F
05@I9
ACFH=N98
CGH
 5=F
05@I9
 
 
V 
V 
 
 
 
 
V 
V 
V  V 
 

 
 
 
 
 
 
   
 
 
V 
V 
  
 
 
 
 
   
   
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
   
 
 
 
 
 
 
  
,I@FI

 
 
 
   
   
 
 
   
 
0FK8C 
 
   
  
  
   
   
 
JF= <:E8K<;8J*%8E;*%IE8K<;8J*%8E;*%IK89C




5B89@CK
.CH5@
ACFH=N98
CGH
 5=F
05@I9
ACFH=N98
CGH
 5=F
05@I9
ACFH=N98
CGH
 5=F
05@I9
ACFH=N98
CGH
 5=F
05@I9
ACFH=N98
CGH
 5=F
05@I9
ACFH=N98
CGH
 5=F
05@I9
FCC8K8K@FE 

 
  
  
  
  
   
 
LKF(F8EJ 
V 
V 
V 
V 
V 
V 
V 
V 
V 
V 
V 
V
/KL;




5B89@CK
.CH5@
ACFH=N98
CGH
 5=F
05@I9
ACFH=N98
CGH
 5=F
05@I9
ACFH=N98
CGH
 5=F
05@I9
ACFH=N98
CGH
 5=F
05@I9
ACFH=N98
CGH
 5=F
05@I9
ACFH=N98
CGH
 5=F
05@I9
FCC8K8K@FE 

 
  
  
  
  
   
 
LKF(F8EJ 
 
 
V 
V 
V 
V 
V 
V 
V 
V 
 

/KL;E8K<;8J*%8E;*%IE8K<;8J*%8E;*%I8><CF8EJFEI<8C?K<;8M<;<9KJ<
I8K@F  / F= 
 K@D?K<; 8M< CF8EKFM8CL< (02 I8K@F F= 
 8E; 

I?809?>0C.7@/492:9>:74/,?0/9A0>?809?9?4?40>*FK<8E;@>490>>,>4>:1$=0>09?,?4:9,9/
'429414.,9?..:@9?492$:74.40>*FK<@EFLIFEJFC@;8K<;"@E8E:@8C/K8K8><CF8EJFEI<8CLC8I98J@J
0?<8JJ I<8JFEJ =FI K?< ;<:C@E< @E 490>>,>4>:1$=0>09?,?4:9,9/'429414.,9?..:@9?492$:74.40>*FK<@EFLIFEJFC@;8K<;"@E8E:@8C/K8K?809?>0C.7@/492:9>:74/,?0/9A0>?809?9?4?40>*FK<@EFLIFEJFC@;8K<;"@E8E:@8C/K8K@E>GLIGFJ490>>,>4>:1$=0>09?,?4:9,9/'429414.,9?..:@9?492$:74.40>*FK<8E;0=4A,?4A0
49,9.4,79>?=@809?>*FK<@EFLIFEJFC@;8K<;"@E8E:@8C/K8K@FE9P8KKKF@;@FEFI:FLEKIPI@JBKFN?@:?N<
8I<K?<=8:KFIJN<:FEJ@;8C8E;<:FEFD@:K?@J8JJI8G?@:I@JBN@K?8DFI<@EK<>I8K<;LE;F=:FEKI@9LK@E>=8:KFIJKFK?<=LCCI@JBGIF=@C<F=K?<@JJLF@E>I@JB8E;GFIK=FC@FD8E8>E<;KFD@E@D@Q<FMI8G?PJ<:KFI8E;@JJLJ :8G@K8C <==@:@@E>K?<
@EM;FD F=  D@CC@FE @E 0?<
*@LDF=D@CC@FE

CBGC@=85H985B8(CB7CBGC@=85H98#BJ9GHA9BHBH=H=9G
3<LJ<D8EP=FIDJF=;<>I<E8E;
=FID8K@FE F= K? @EKJFEK?<8JJ@EK@EK %EK490>> ,>4> :1 $=0>09?,?4:9 ,9/
'429414.,9?..:@9?492$:74.40>*FK<KFFLIFEJFC@;8K<;"@E8E:@8C/K8K:74/,?0/ ,9/ ":9.:9>:74/,?0/ 9A0>?809? 9?4?40> *FK< KF FLI FEJFC@;8K<; "@E8E:@8C
/K8K%8-327
3< @EM .)/ )/ 8E; /
 .<=:74/,?0/ ,9/
":9.:9>:74/,?0/9A0>?809?9?4?40>*FK<8E;,4=*,7@0!0,>@=0809?>0C.7@/492:9>:74/,?0/9A0>?809?9?4?40>*FK<@E
FLIFEJFC@;8K<;"@E8E:@8C/K8KFM?809?>0C.7@/492:9>:74/,?0/9A0>?809?9?4?40>*FK<KFFLIFEJFC@;8K<;
"@E8E:@8C/K8K8I;@E>K?<:8IIP@E>8DFLEKJ8E;
:C8JJ@=@:8K@FEJF=K?@JK>I<>8K<
GI@E:@G8C8DFLEKF=
9@CC@FE:FCC<:K@MI8K<ALE@FIJL9FI;@E8K<;
EFK@JK>I<>8K<GI@E:@G8C8DFLEK
F= 
 9@CC@FE 8E; @@ K?< 
 =@O<;KF=CF8K@E> I8K< ALE@FI JL9FI;@E8K<; EFKJ%E:
K?</L9J@;@8IP#L8I8EKFI8N?FCCPFNE<;JL9J@;@8IPF=K?<,8IL8I8EK<<;<8:?F=K?<
.<>@JKL8I8EK<<; 8EP F= K?<
.<>@JKFI#IFLG

0?<=LCC8E;LE:FE;@K@FE8C>L8I8EK<8K@FEJF=K?<>L8I8EK<<;J<:LI@KP
@DD<;@8KL8I8EK<<;J<:LI@KPD8P@DD<;@8KJL@K;@I<:KCP8>8@EJKK?</L9J@;@8IP
#L8I8EKFI=FIG8PDFI#IFLG8JGIFI#IFLG?8M<9<L8I8EKFIJL9J@;@8I@GI@E:@GCFI#IFLG=FIK?<G


-IAA5F=N98-H5H9A9BHGC:)D9F5H=CBG#B:CFA5H=CB
0FK8CIJCFJJFI#IFLG 

























 

-IAA5F=N985@5B79-<99HG#B:CFA5H=CB
0FK8C@EM8K<;JL9J@;@8I@8K<;JL9J@;@8I@8K<;JL9J@;@8I@8K<;JL9J@;@8I@KE@=@:8EK?FC;@E>J@E=@E8E:@8C@EJKILD8:K@M@K@
D<8JLI<;I@JBJ@JG8IKF=FLI9LJ@EN<?8M<@EK<>I8K<;I@JBD8E8>@:GC8EE@E>

3< GC8:< 8 ?@>? GI@FI@KP FE I@JB D8E8>@
FLIFM?K8E;JLGGFIK=LE:K@FEJFEI@JBIE<;N@K??FNFLI9LJ@E<;8E;8EK@:@G8KLC8KFIP;E<;N@K?I<>LC8KFIP:8G@K8CILC8K<;@EJLI8E:<JL9J@;@8I@E<;N@K?M8I@FLJI8K@E>J8>FM>I<>8K<I@JBJ8E;GIFM@;<8JJLI8E:<K?8K
I@JBJ 8I< 9<@E> D<8JLI<; DFE@KFI<; 8E; I N< ?8M<
@EK<>I8K<;I@JBD8E8>@:GC8EE@E>

!8:?I@JBK?8K@JD8E8><;?8J9<?K9PK?<.@JBFDD@KK<<F=K?<F8I;F= @I<:KFIJ
0?<?@<=.@JB
+==@:LC8I98J@J
0?<FDG8EPYJ
F8I;F= @I<:KFIJ8E;F8I;FDD@KK<@E>8E;8>>I<>8K@E>I@JB8K8:FDG8EPN@;<
C <8IE@E>J 8E; M8CL< FM<I@JB
!O8DGC
S
KI@JBC@D@KJFEJJ8E;I<>LC8KFIP:8G@K8C
S
 LI8K@FED@JD8K:?C@D@KJ
S
I<;@KI@JBC@D@KJ
S
(@HL@;@KPC@D@KJ
S
)FIK8C@KPDFI9@;@KP:FE:L@;<FLII@JB8GG
S
KI@JBDJ8E;I<>LC8KFIP:8G@K8C
S
/KIK?<@DG8:KF=:?8E>GLIJL8EKKFI<>LC8KFIPI8E;8DFLEKF=I<;L8I8EK<L8I8EK< I@E:LII<I8K<D8IB8:K@M@K@;@E>8E;?<;><GIF>I8DJI<=<8::FLEK@E>KI<8KD490>>,>4>:1$=0>09?,?4:9,9/'429414.,9?..:@9?492$:74.40>*FK<@EFLIFEJFC@;8K<;"@E8E:@8C/K8K8I;@E>K?<FDG8EPJ?<;><8::FLEK@E>GFC@:@J@E@EKC@=<@EJLI8E:<GIL8I8EK<<; @EM K?L8I8EK<<LE@M<;G?L8I8EK<<;
9@E>:FJKJFEK?FJ<GIF;L:KJK?8K8I<9<@E>?<;><;
%E8I@J@E>@EK?8GFK@E>:FJKJCFNL8I8EK<<;9@EJ
3<LJ<GIF;L:K;EGI@:@E>8E;()JKI8K<>@E8E;
GI@:@E>JKI8K<>@@?
=,?0>8,D,/A0=>07D,110.?:@=;=:14?,-474?D;,=?4.@7,=7D/@=492,;0=4:/:1=,;4/7D49.=0,>49249?0=0>?=,?0>:=49?300A09?:1,
=0.@==09.0:1,7:B49?0=0>?=,?009A4=:9809?@E.@JB"8:KFIJ,8IK%%K?=@809?>*FK<@EFLIFEJFC@;8K<;"@E8E:@8C/K8K8I;@E>;@?PGFK?FI;<:I<8J@E>98J@JGF@EKG8I8CCK?8@EJ
8E;CFJJ8I;@E> =LKLI< @EK<@EM8CL<K?8K:FLC;I<@E=8@IM8CL<=IFD8
98J@JGF@EK:?8E><@E@EKK89C<JLDD8I@Q<@E=8@IM8CL<=IFD?PGFK?
(CH=CB5@
 5=F05@I9
	5G=G
*C=BHG3=9@8
IFJ9-<=:H
5G=G
*C=BHG3=9@8
IFJ9-<=:H
"@E8E:@8C8JJJ<:LI@K@<; 



































 
V 
 
 

)FIK>8><CF8EJFEI<8C8>I<8>I<K8>I<?PGFK?K?8@EJ8E;
CFJJ8I;@E>K?<=LKLI<GE@Q<;8JIK?<M8I@89C<
8EEL@KPGIF;L:KJIFLI?<;>@E>JKI8K<>P
0?<@DG8:KF=
98J@JI@JB:FLC;I<@E=8@IM8CL<F=K?<9K89C<JLDD8I@Q<@E=8@IM8CL<=IFD8E@EJK8EK8E
(CH=CB5@
 5=F05@I9
	
EI=HM-M8CL<F=FLI=@O<;D8KLI@KP@E:CL;@E>J<:LI@K@<;8E;CFJJN?@:?@DG8@IDE@=@:8EKCP?@>?K<
0?@J@J
F==JK<

I<;@KI@JB@EK?<GFIK=FC@F:8E8CJFD8K;FNE>I8;D@>I8K@FEFEFLI:8G@K8CIF?8E;@E?8E;N@K?@E:I<8J<;8JJ<K?<I@JBF=;<=8LCK8E;I8K@E>D@>I8K@FE9P8GGCP@E>;@J:@GC@E<;:I<;@KJK8E;8I;J8E;
GIL;8CCF:8K@FEJKFCFN?I8K@E>98J<;@JJLDJG<:@=@:@EMJL:?C@D@KM@FC8K@FEJ
3<8CJF?8M<:I<;@KI@JBI8K@FEJKFG8P
K?<:FEKI8:K8DFLEKJLE;I< J
 "FI DFJK
:FLEKI<FI89FM<
3?8K<FLII@JBF=CFJJ
"FI
;KI8EJ8:K@FEJN<D<8JLI<8E;
DFE@KFI FLI I@JBJ FE 8 D8IB?=@809?> *FK< @E FLI FEJFC@;8K<;
"@E8E:@8C/K8K =IFD K?K89C<JLDD8I@Q:FCC8KK?I8K@E>J=FIFLIC8I>
*5F9BHCAD5BM
*F=B7=D5@,9=BGIF9FG
.J(, 











/<:LI@KP(@=<F= (K;

























88
K?E8FIG 






























88
FEE<:K@:LK#>I<>8K<;8K
K?<I<@EJLI@JK"@ID,+% 

FEJFC@;8K<;"@E8E:@8C/K8KE@=@:8EK::FLEK@E>,FC@:@FEJFC@;8K<;%EMFEJFC@;8K<;%EMD@9C<JJJG>I<::FLEKJ 


















































,9DCFHC:#B89D9B89BH,9;=GH9F98*I6@=777CIBH=B; =FA
0FK?</?8I:FEJFC@;8K<;98C8E:<J?<GI@E:@GC+M?KF8I;1E@K<;/K8K8JF= <:I8K<;"I8D+I>8E@Q8K@FEJF=K?<0I<8;N8PFDD@JJ@FE
=I8D=@IDI<>@JKLC8K@FEJF=K?</<:LI@K@<FDD@JJ@FE8E;K?<,+
3<:FE;L:K<;FLI8L;@KJ@E8::FI;8E:<N@K?K?<JK8E;8I;JF=K?<,+
0?FJ<JK8E;8I;JI GIF:<;LIGIF:<;LIFE8K8I;@E>K?<8DFLEKJ8E;;@J:CFJLIK?<8::FLEK@E>GI@E:@GCE@=@:8EKK?<FM=IFDK?<:LII@E> JL9A<:K@M< FI :FDGCDK?<:I@K@:8C8L;@KD8KKJ.=4;?4:9:1?30!,??0=
 JL9J?=8@IM8CL<
0?<=@O<;@E:FD<J<:LI@K@CP8I<:8II@<;8K=8@IM8CL<@EK?<:FEJFC@;8K<;JK8K? DF;? K?< =8@I M8CL< F= J<:LI@K@?@E>9<:8LJ<;K?<=8@IM8CL<@J:FDGC?CPAL;>D@EGLKJ8E;8JJLDGK@FEJK?8K8I<EFK;@I<:KCPF9J>0/?30
!,??0=49#@=@/4?
3<F9K8@E<;8ELE;E8E;K<==<:K@M? FK? K?< D8KI@O98J<; GI@:@E> DF; K?< @EGLKJ 8E;
8JJLDGK@FEJLJ<;
0F K? <@K?DF;
FK?  M8CL8K@FE JG<:@8C@JKJ KF G 8 I<8JFE89C< I8E>< F= =8@I M8CL ?@>?8:8J?=CFNDF;%&-0-8=3*()*)66)(8%<%77)87
0>.=4;?4:9:1?30!,??0=
J; CFJJ
:8IIP=FIN8I;J 8E; K8O :I<;@K :8IIP=FIN8I;J
  <=?KF=8CC8M8@C89C< K?< E<<; =FI 8
M8CL8K@FE 8CCFN8E:< K?< FDG8EP :FEJ@; K?< =LKLI< IKJKI8K<>@E@=@:8EK
D8E8>DD8E8>@E>8E;:FDGC8JJLDGK@FEJN?@:?8I<@E?D>0/?30
!,??0=49#@=@/4?
3<F9K8@E<;8ELE;E8E;K<==<:K@MK?<
I<8C@Q89@C@KPF=;<=FK?FK?K?<GIFA<:K@FEJF==LKLI<K8O89C<@E:FD<N@K?K?<8:KL8C
IFK?K?<DP
LK@C@Q<; N@K?@E K?< FDG8EPYJ =LKLI< K8O89C< @E:FD< GIFA<:K@FEJ DF; KF K?<
DPLJ<;@EGI@FIGK?<:8C:LC8K@FEJN@K?@EK?<DF;.=4;?4:9:1?30!,??0=
J;DE@=@:8EK
:?8E>
8:KL8I@8C D@E@=@:8EKD8E8>D K?< %*. LEG8@; :C8@D C@89@C@KP @J :8LJ<; 9P M8I@FLJ =8:KFIJ
@E:CL;@E>LE: P<8I
 , 8L;@K GIF:<;LI?;<>I<<F=8L;@KFI
AL;>D K?< @EMFCM>0/?30
!,??0=49#@=@/4?
3<F9K8@E<;8ELE;E8E;K<==<:K@M FK?K?<C@89@C@KP
DFE> FK?DK?<9<F=I<8JFE89C<LEG8@;:C8@DC@89@C@K@:LII((,
3<?8M<JK?<=8@IM8CL<FGK@FE






















 
 

!HL@KPJ<:LI@K@8><CF8EJFEI<8C<;8DFIK@Q<;:FJKF=8E;8JF=8E;
II<:FCC8K@9CK?<=8@IM8CL<FGK@FE 






















 

+K?,=0,949?02=,7;,=?:1?30>0:9>:74/,?0/49,9.4,7'?,?0809?>


0CM5 =B5B7=5@
#B7
CBGC@=85H985@5B79-<99HG
979A69F
5B8
%ED@CC@FEJI<:FCC8KK8K@FEJEFKK?<=8@IM8CL<FGK@FE 





 
 

+K?@EK>I<>8K<C@HL@;8K@FEGI<=8JF=8E;IJ
1E8GGIFGI@8K<; 






















































 

0FK8C2FP8"@E8E:@8C%E:
J?8I@EK,=0,949?02=,7;,=?:1?30>0:9>:74/,?0/49,9.4,7'?,?0809?>


0CM5 =B5B7=5@
#B7
CBGC@=85H98-H5H9A9BHGC:)D9F5H=CBG
 CFH<9395FB898979A69F

5B8
%ED@CC@FEJ8@EJCFJJ@EK@EK,=0,949?02=,7;,=?:1?30>0:9>:74/,?0/49,9.4,7'?,?0809?>


0CM5 =B5B7=5@
#B7
CBGC@=85H98-H5H9A9BHGC:CADF9<9BG=J9#B7CA9
 CFH<9395FB898979A69F

5B8
%ED@CC@FEJ
395F9B898979A69F



*<@E:LII8@EJCFJJ@EK@EK,=0,949?02=,7;,=?:1?30>0:9>:74/,?0/49,9.4,7'?,?0809?>


0CM5 =B5B7=5@
#B7
CBGC@=85H98-H5H9A9BHGC:<5B;9G=B-<5F9J(( 





























V
V

V
V

V


FDGI@EK@EK@EK,=0,949?02=,7;,=?:1?30>0:9>:74/,?0/49,9.4,7'?,?0809?>


0CM5 =B5B7=5@
#B7
CBGC@=85H98-H5H9A9BHGC:5G< @CKG
 CFH<9395FB898979A69F

5B8
%ED@CC@FEJ
5G< @CKG:FCA)D9F5H=B;7H=J=H=9G
*8:K@M@K@8@EJCFJJ8JJ8:K@M@K@8><CF8EJFEI<8C8><CF8EJFEI<8C8:K@M@K@KK:LIIJF=%!J 











































 
 
 

.JF=%!J 































 
 
 

FEKI@9LK@FEJ=IFD;@JKI@9LK@FEJKFG8IK@:@G8EKJ@E%!JE;@M@;8:K@M@K@:8J?@E%!J
 
 
 

8J?8E;:8J?:8J?@E%!J9<>@EE@E>F=G:8J?@E%!J:8J?@E%!J





























 

395FB898979A69F








(30,..:8;,9D4929:?0>,=0,949?02=,7;,=?:1?30>0:9>:74/,?0/49,9.4,7'?,?0809?>



IG=B9GG
5G=GC:*F9G9BH5H=CB5B8-=;B=:=75BH77CIBH=B;*C@=7=9G
97-2)77
2FP8"@E8E:@8C%E:
KF>8E@Q8K@FEK?8KF==<F=IIFLG@EJLI8E:<8E;JLGGC? K?I<< J<>DD=LCKFK?<FDG8EPJ9LJ@EP8I<@E:CL;<;N@K?@EFIGFI8K<
/<<K?<
'02809?>*FK<KFK?I<?K?<GLI:?8J<F=C<>8CI<@E:I@E>8E;D@;D8IBD8E;:FEK@E>LJKK?<FDG8EP8:HL@I<;8CCII<LJKN@K?K?<FDG8EP8E;/('?FC;@E>8E;
F=FNEP8E;9LJ@E@:8E;FG
0?<FDG8EPI<:FI;<;8>8@EF=@EI@EM8@EJCFJJFF;N@CCF=
+E &8EL8IP   K?< FDG8EP 8:HL@I<; 8CC FLKJK8E;@E> J?8II<IFN@E>;JJFCLK@FEJ8E;@E:I<8JFF;N@CC F=  @EK8E>@9C< 8JJ@9C<8JJ FEJFC@;8K<; "@E8E:@8C /K8K
GI@E:@GC
@EK=@E8E:@8C@EK:74/,?0/ ,9/ ":9.:9>:74/,?0/ 9A0>?809? 9?4?40> *FK< KF K?:C8JJ@=@:8K@FEJ
0??48,?0>,9/>>@8;?4:9>
0?< GIK?<IG<8E;8:KL8CI8::FLEKJ8E;GFC@:@E@=@:8EK@EK?8KK??I<<F=
AL;>DE@=@:8EK;<>I<<F=M8I@89@C@KP8E;FI:FEK8@EJ@>E@=@:8EK8::FLEK@E>@9C<8JJ@=0809?
0?<FDG8EPD<8JLIK?<8JJK?<FDG8EPJFNE:I<;@KI@JB
0?<HLFK<;D8IB JK<:?E@HL?809?>
0?<8::FLEK@E>GFC@:@,9/<@4?D'0.@=4?40>0?<FDG8EPD<8JLIE@QE8K<;8J8M8@C89C<=FIJ8C<
%E8;;@K@FEK?<FDG8EP?8J=@O<;D8KLI@K@K?<=8@IM8CL<FGK@FE"2+
M8@C89C<=FIJ8C<J<:LI@K@8@EJCFJJJ<:LI@K@8@EJ
CFJJ8><F9C@>8K@FEJ)+JGI@D8I@CP@EK8@EJCFJJ<)+J8I<8CJFI<:FI;<;@E*8@EJCFJJGI@M8K<GC8:8><CF8EJ8I<I<:FI;<;FEK?<:CFJ@E>;8K<
%EM8@EJ8E;CFJJ8E<==<:K@M<P@@M@E><==<:KKF8DFIK@Q8K@FEF=
GI I8><98:B<; J<:LI@K@8><98:B<; J<:LI@K@8E;8DFLEKF=GI
CF8EJ
 :KL8C GI@E8CCP 8EK@:@G8K<; 8E; K?< 8:KL8C GIC<:C8JJ8E;DLCK@:C8JJDFIK>8><98:B<;J<:LI@K@
@EGLKJF9K8@E<;=IFDK?@I;G8IKPJG<:@8C@JKJ@E:CL;@E>9IFB<F=K?<:LII?:I<;@KHL8C@KPFI
K?8K ?8M< 9<?809?>/?FIKKD8KLI@K@I<8K:9&0,7>?,?00?<FDG8EPJDFIK>8><CF8EJFEI<8C8><CF8EJN?@:?8I<
I E8><CF8EJ8I<8E8GGI8@J8CF=CF8EJG<:@=@::I<;@KHL8C@KP
GIFG?FLKK?<
P<8I
0?<FDG8EPJIJK8KFK?8K8:FEJ@JK8=8:KFI98J<;D@MKFG8JK< I8K@FJ
W /XCF8EKFM8CL<W(02X:FCC8KD<@EK?<8CCFN8E:<=FI:I<;@KCFJJ8@EJCFJJ8@EJKK?<8CCFN8E:<N?>I<>8K<F=8DFLEKJGI8>K?<C?8><CF8EJ:FEJ@JK8><CF8EJ8I<GC8:<;FEEFE8::IL8CJK8KLJN?8I;@E>
K?<:FCC<:K89@C@KPF==LKLI<G8PDG8@;F==FI8@EJKK?<9FFBM8CL<FI8GGCP8::FI;@E>KFK?<:FEKI8:KL8CK@E;FL9KJ89FLK:FCC<:K89@C@KP?8M<@DGIFM<;

"FI K?FJ< DFIK>8>:FCC8K8><CF8EJ@JI<:FI;<;@E+K?,FC@:PCF8EJ8I<:8II@<;8K8E8DFLEK K?<:FEKI8:KL8CCP 8>I<<;LGFE @EK34;>:=;:=,?4:9>0?<FDG8EPLJ=FI@EM<=LE;J8E;FK?J LJ@E> 8 C8>
DPIFEK?<DFJKI<:J=IFDC@D@K<;G8IKE?809?> +K?8><CF8EJ8JNJ8E;FK?$70/20/0?<FDG8EP8>N??8C8>?KKF8GGIFM<8EP@EJK@KLK@FEN@K?N?FD
K?<C8>I<<;LGFEG<F=K?<D8IB8>8>8@EJKCFJJ=IFDK?<=8@CLI<F=8:FLEK<;N?02=00809?>9?809?8;,4=809?>
0?< FDG8EP DJF=K?<J<:LI@KP
JK?<FDG8EPJ@EK:?8I><@JI<:FI;<;
@E*8@EJCFJJDP8E;J@>E@=@:8EK@EGLKJ@E;N? :FCC<:K89@C@KP 8E; K?< GE
:FIGFI8K<J<:LI@K@E>FM8I;@E> K?< JG<:@=@: J<:LI@KP K?< @E;LJKIP 8E; >I8G?@: 8I<8 @E N?@:? K?< @JJL8JJLDGK@FEJ;@M@E>:FEJ@;JFI8JJF=K?<
J<:LI@KPFIK?<@JJL8>K?<LE@HL<=<8KLI :FCC8K<I8K@FJ:LII
8JJ8G8IK@:LC8IJ<:LI@KP8E;K?<G8PD K?< 8DFLEK F= K?< :I<;@K CFJJ =FI 1
/
 8E; =FI<@>E :FIGFI8K< J<:LI@K@E >FM8I;@E>K?<JG<:@=@:J<:LI@KP8E;
@JJLJ FI 8JJI8G?@:8I<8@EN?@:?K?<J<:LI@KP@JJLK?<:LII8@EJCFJJ<;8>8@EJKK?<
8CCFN8E:<N?8I;@E>@EK
0?< FDG8EPJ LJ< F= ;@E> KF I<;L:< K?< FDG8EPJ <I8K<I@JB8E;D8IBE@Q<;=FI;E@Q<;=FIK?<I@>?KKFI<:C8@D:8J?:FCC8K8K@FEKFI=IFD;8II8E>8CI@>?KF=F==JF
)<)!ILC@EG8PD@EG8PD?)!

0CM5 =B5B7=5@
#B7
(CH9GHCH<9CBGC@=85H98 =B5B7=5@-H5H9A9BHG
 FCC8I8DFLEKJ@ED@CC@FEJLECJN8GJ=LKLI< M8I@FLJ I@JBJ 8JJF:@8K<; N@K? :?8E><I8K<I@JBJ
8JJF:@8K<;N@K?@KJLE@M8@EJ
CFJJ8:K@M@K@8:K@M@K@ 8E; =@E8E:@E>
8:K@M@K@< 8::FLEK@E> 8K K?< @E:@E> IP=FILE;K?<?<;>@E>KI8EJ8:K@FE8JNE8K@FEF=K?<?<;><8J<@K?<F=K?<E@Q<;8JJ<FI98?<;><F=8=FI<:8JK<;KI8EJ8:K@FEFIF=K?<M8I@89@C@KP
F=:8J?=CFNJK?8K@J8KKI@9LK89C<KF@EKE@Q<;8JJ<
%EK?@J;F:LD@E>@EJKILD<K?<;E8K<;I@JBJ
I<;@K@E>
@EJKILDE8K<;8J8?<;>@E>
@EJKILD?@>?CP<==<:K@M<@EF==JK?<;E8K<;I@JBF=K?<?<;><;@K<<==<:K@M?FLKK?<C@=<F=K?<;E8K<;?<;>@E>IE8K<;8E;HL8C@=P8J8=8@IM8CL<?<;><K?<<@E
K?<=8@IM8CL<F=K?<?<;>@E>@EJKILD<<==<:K@M<;@K37:B0/20"FI;E8K<;8E;HL8C@=P8J8:8J?=CFN?<;><K?<<@E
K?<=8@IM8CL<F=K?<?<;>@E>@EJKILD<<==<:K@MJN?<;@KJ8E;8I<
I<;@K<8::FLEK@E>KI<8KD<
0?<
@E<==<:K@M<GFIK@FEF=8?<;>@E>I<8::FLEK@E>@JI<:F>E@Q<;@E*8@EJCFJJ<8::FLEK@E>@J;@J:FEK@EL<;9<:8LJ<@K@J;?CP<==<:K@M<
@EF==J:?8E><;@KE@Q<;:LII8@EJCFJJM8CL<F=K?<?<;><;8JJ<@JEFCFE><;I@JB8E;K?<:LDLC8K@M<8;ALJKDM8CL<@J8DFIK@Q<;@EKF@E:FD<
FM C@=< F= K?< ?<;><; @K<; =FI<:8JK<; KI8EJ8:K@FE @J JK@CC GIF989C< F= F::LIIJ8I<8==<:K<;9PK?<M8I@89@C@KP
@E:8J?=CFNJF=K?<?<;><;@K< 8::FLEK@E> @J ;@J:FEK@EL<; 9<:8LJ< @K @J EF CFE>E@Q<;:LII8@EJCFJJ8@EJ8E;
CFJJ<F=8=FI<:8JK<;KI8EJ8:K@FE
K?8K@JEFCFE>E@Q<;@DD<;@8K8@EJCFJJE
@EKK<I8KJJGI<8;J
!D9<;;<;
;8@EJCFJJ8@EJCFJJ<@EK?<=8@IM8CL<F=K?<LE;8JJ3,9/,>3<@4A,709?>
8J?8E;:8J??CPC@HL@;@EM4?4:9:>?>,9/*,7@0:1@>490>>.<@4=0/
 <=J8C <; KF M8CL<F=@E=FI:<9LJ@E@IFLG<;=FI8DFIK@Q8K@FEGLIGFJK?<8JJF:@8K<;C@89@C@KPFIFK?8@EJK8:KL8C@EE@E>F=K?<I
G<@JD8;<

2+@JJL9A<:KKFI<:FM @JEFK
0?<FDG8EPGKF8JJE@K@FE@JJL<8@EJKK?<2+98C8E:<9<=FI<8E8;;@K@FE8CI< FE< :FEKI8:K =FI 8EFK? :FEKI8:K
 0?<;:FEKI8:KJ8I<8::FLEK<;=FI8J:FEK@EL8K@FEJF=K?<I<;8I<8::FLEK<;=FI8JL@J?D>0?>
#FF;N@CC
#FF;N@CC8I@J?K9<@DG8@I<;
#FF;N@CC@J8JJ@>E<;KF8ILE@K8KK?<;8K<K?<
>FF;N@CC@J@E@K@8CCPI<:FI;<;8E;@JKLE@K@J8EFGJ<>DJ<>DLC8ICPIFF;N@CC?8J9<E<;KF8ILE@K@K@JEFCFE>LE@KN?8E@:8CCP>IFNE8I<8M8@C89C<KFJLGGFIKK?<M8CL<F=>FF;N@CC

0?<FDG8EPKFF;N@CC=FI@DG8@ID8HL8C@K8K@M<8JJLE@K@JC8DFLEK@E:CL;@E>>FF;N@CC
0?<
FDG8EPD8PLE@KJ8E;@EJK<8;
G8ILE@KYJ=8@IM8CL<KF@KJ:8IIP@E>M8CL<@E:CL;@E>
>FF;N@CC
 %= K?< :8IIP@E> M8CL< F= 8 I LE@K E@Q<; @E 8E
8DFLEK8DFLEKF=>FF;N@CC8CCF:8K<;KFK?<ILE@K
/L9JFF;N@CC@DG8@IDK?<HL8EK@K8K@M<@DG8@IDE@=@:8EK  K?< =8@I M8CL< F= 8 I LE@K @E:CL;@E> 9LK EFK C@D@K<; KF GIFA<:K<; ID8I>@EJ8GGC@:89C<;@J:FLEK8E;>IFNK?I8K@9C<JJ@9C<8JJ@9C<8JJ?K 9< @DG8@I<;
 %DG8@ID =FI @E;<=@E@K<C@M<; @EK8E>@9C< 8JJ@9C< 8JJ M8CL<
 %= 8 HL8EK@K8K@M< 8JJ 8DFLEK F= K?<
@EK8E>@9C< 8JJE@Q<; @E 8E 8DFLEK K?<HL8EK@K8K@M<@DG8@IDE@=@:8EKK?<=8@IM8CL<
F=8E@E;<=@E@K<C@M<;@EK8E>@9C<8JJ9LKEFKC@D@K<;KFGIFA<:K<;I@9C< 8JJ< 8E; 8I< I<@ELJ<=LCC@M>
M8CL<F=K?<8JJM8CL<F=K?<8JJ;@J:FLEK<;:8J?=CFNJ
%DG8@ID@9C<8JJE@Q<;@E+G?>>>:.4,?0/B4?30=?,49&0A09@0:9?=,.?>
FEKI8:K :FJK 8JJ8:FEKI8:K8E;=LC=@CCD8K@FEJ
8G@K8C@Q<;:FEKI8:K:FJKJ
8I<8DFIK@Q<;FE8JKI8@>?KC@E<98J@JFM<=IFDKFP<8IJ

8G@K8C@Q<;:FEKI8:K:FJKJ8I<@E:CL;<;@E+K?,9/:9?=,.?#B90=..:@9?,7,9.0>
"LKLI<,FC@:P8K@FEJ@E:CL;@E>
;LI8K@FE KI8;@K@FE8C C@=< @EJLI8E:< :FEKI8:KJ K 8E; EFEG8IK@:@G8K@E>
N?FC<C@=<@EJLI8E:<8E;KI8;@K@FE8C>IFLGC@=<@EJLI8E:<8E;8::@;8@EJK@E;LJKIPJK8E;8I;J
0?<FDG8EPIE@=@:8EKCP8==<:KK?<FDG8EPJIE@Q<;@E,FC@:P?FC;K?<II8;<CFN:I<;@KI@JB=@O<;@E:FD<@EJKILD:?8E><I<:FI;<;@E+%
(F:B<;
@E@EKI8;<
CFN:I<;@KI@JB=@O<;@E:FD<@EJKILD LI8K@FEFEKI8:KJ8I<
98J<;FEK?<CF:B<;@E@EKD@E;@M@;L8C:C8@DJ@E:CL;@E>:C8@DJK?8K?8M<9<8:KL8I@8CD@ JG<<;J 8J N
LE;8E;:C8@DJK<8DJ8I<8CJF=8:KFI<;@EK?<I=IFDK?E@Q<;@E,FC@:P?FC;E@=@:8EK :?8E>@=8GI8>I<K?<8DFLEK;M8CL8K@FE;8K<
%EKM8I@89C<LE@M<LGKF


::FLEK98C8E:IFLG@DD<;@8K<8EEL@K@L8I8EK<<;9GIF;L:KJ
0?<FDG8EPG<FI:I<;@KKF9>E@=@:8EKCP8==<:KK?<FDG8EPJI,7 ,9/ *,=4,-70 )94A0=>,7  410 0?< FDG8EP L8I8EK<L8I8EK<K?<E@Q@E>K?FJ<9@EK:FEKI8:KJ@EKI8KL8I8EK<<;8;<8K?9L8I8EK<< 8E; FK?8@EJ=IFDK?<@EJLI8E:<9@M<I@J<KF8E<;:LJKF;P>L8I8EK<<GIF;L:KJ)#
0?8@EJCFJJL8I8EK<<;GIL8I8EK<<; GI8:KL8I@8C8E;:8G@K8CD8IB9F9J@EKF:8GKLI<
LE:@EI8K@FEJN@CCEFK9<=LC=@CC<;EFEG
/L8I8EK<<;I8K8@EJ 8E; CFJJ8CCP
J<>I<>8K<;8E;8I<EFKJL9A<:KKF:C8@DJK?8K8I@J<FLKF=8EPFK?M8I@89C<FGK@FEJLE;E8K<;9PK?<:FEKI8:K
FNE<;9PK?<FDG8EPFI@EFK?<;9PK?<FDG8EP

0CM5 =B5B7=5@
#B7
(CH9GHCH<9CBGC@=85H98 =B5B7=5@-H5H9A9BHG
 FCC8I8DFLEKJ@ED@CC@FEJLEC8CCPI<:F>E@Q<;
S
JJK?<:FEKI8:KC@89@C@K@8CCP@EJLC8K<;=IFDK?<FDG8EPJ>?KFK?<:FEKI8:KFNE @EM @EM8@EJCFJJKLE8DFIK@Q<;;@J:FLEKFIGIK?<<==<:K@M<@EK02=00809?>
0?< FDG8EP 8>I<I<8II8E>  )/ 8E; :FE:LII @EKF 8E 8>I<I<I<<;LGFE@EKI<<;LGFEK@D<=I8D<8E;GC<;>I<N@K?K?<8;;@K@FE8C8>I<<;LGFE@EKK?<KI<II< :FCC8K F9C@>8K@FE KF II<:FCC8KM8CL<F=K?<J<:LI@K@<;@E;FCC8IIFCCJ8E;II<<;
FEK?<FEJFC@;8K<;8C8E:</?<E@Q<;@E,IE@=@:8EKCP
J?FIKIFJJGIIFJJGIE@Q<;@EKF
I8@EJKK?<:FEKI8:KFNE:LDLC8K@M<=LE;G8@EJKK?<JK8K<;G8K@FE

.E@Q<;N?8K@FELECE@Q8E;8;D@E@JKI8K@FE.JE@QE@Q @J I<:F>E@Q<; 8J J<F=:CFL;98J<;
9E@Q<;FMD*FK<@EK? B4?3 @>?:80=> *FK< @E K?>I<>8K<;9PKPG<F=J
0?< FDG8EPYJ GIFM@J@FE =FI @E:FD< K8O @EKE@Q<; N@K?@E +K? CFJJ
:8IIP=FIN8I;J8E;K8O:I<;@K:8IIP=FIN8I;J
0?<FDG8EPJ;<=?KF=DN?K?<E<<;=FI8M8CL8K@FE8CCFN8E:<K?<FDG8EP
:FEJ@;K?<E8KLI<8E;:?8I8:K JKI8K<>@ LELJ<; 8E; K?< CK? F= K@D<
:8IIP=FIN8I;J:8E9<LK@C@Q<;
0?<FDG8EPI<:F>E@Q8LK?FI@KP
0?<FDG8EP8CJF:FEJ@;I<<;KF8J
G8IKF=8E8LK?FI@KP
"FI@KE@K@FEK?I<F=8CCI@=,9.0
0?<FDG8EPLK@C@QI<<CFJJ?@K;F<K?<GI@D8IPC@89@C@KPF=
K?<FDG8EP8J;@I<:K@EJLII<I<8@EJKCFJJ
FIC@89@C@KPIKF@EJLI8E:<I@JB
0?<FDG8EPI8E;J?FIK;LI8K@FEI<@EJLI8E:<8>I<:FEKI8:KJ
N@K?K?<IFJJFEK?<FEJFC@;8K<;8C8E:</?<;LI8K@FE :FEKI8:KJ K?8K KI8EJ=E@=@:8EK @EJLI8E:< I@JB K?< ;@== :FEKI8:KJ @J @E:CL;<; @E K?< 
8DFLEKJG8@;8I<I<:FI;<;8J:<;<;GI? GI :FEKI8:K GI<E@=@:8EKCFJJ=IFD@EJLI8E:<I@JBK?<FDG8EPI<:FI;JK?<8>I<K?<;
 :FEKI8:KJK?<;=FII<@EJLI8E:<I9LJ@EKF:<;<;8E;8JJLD<;I<@EJLI8E:<8KC<8JK8EEL8CCP8E;LG;8KK? F= GFK 8 =8:KFI98J<; D@M KF G8JK J 8E; I<@EJLI8E:<
8>I<K?
0?<8CCFN8E:<=FI:I<;@KCFJJ<@EK?<8CCFN8E:<=FI:I<;@KCFJJI<KFI<@EJLI8E:<8>I<?KF=
F==JI<M8CL<@J<@EK?<=8@IM8CL<F=K?<8JJK?<=LE;JN@K??I<$7,9>
0?<FDG8EPJGFEJFIJ8E;FI8;D@E@JK @9C< ?
G8PD<P<8IJF=JE@Q<;
@E I8K@FE ,+ 8K K?<
98C8E:<J?<E@Q<;G8JKJE@Q8K@FE,+=FIFK?D8E8> 8K@FEJ 8E; 8I;@E> G8IK@:@G8EK ;I8G?@:J JL:? 8J 8>< F= IE@=@:8EKCP
=IFD8JJLDGK@FEJ98J<;FE:?8E>I8G?@:JF=G8IK@:@G8EKJ@EK?<GC8EJ8E;
8DE@=@:8EK <==<:K FE K?< FDG8EPJ
FEJFC@;8K<;"@E8E:@8C/K8K8@EJCFJJE@Q<;@E+G8E8::FLEK@E>DPJ@D@C8IKFK?8K=FI;<=@E<;98@EJCFJJE@Q<;@E+G0/:8;09>,?4:9
0?< FDG8EP >I8EKJ ::FE;@K@FEJ
0?<FDG8EPD<8JLII8EK;8K<=8@IM8CL<N?@:?@EK?<:8J<F=II8EK
0?<FDG8EP>I8EKJ:IFLG
0?<ELD9I8EK;8K<
)FEK< 8ICF M8CL8K@FE =FI K?< 8N8I;
 "8@I M8CL< F= JKF:B FGK@FEJ @J ; 8 C8:B/:?FCP
FDGI8EK@E>F=GE@Q<;@E+GI8EK<;8I<GIFM@;<;@EK?<=@IJKHL8IKI8EK;8K<=8@IM8CL<K?<=8@IM8CL<F=LEMG;0=:88:9'3,=0
8J@:<8IE@E>JG<8IE@E>J8M8@C89C<KF:FDDFEJ?8I?K<;
8M<ELD9;LI@E>K?<GK?<@JJL8E:<F=IK?<KI<8JLIPJKF:BDJG LEIFLE;<; 8:KL8C 8DFLEKJ
 1E;<
D8IBFG;@CLK<;J?8I@=D'?:.6
CC 8DFLEKJ G8@; KF II<8KJ;<=@:@K
/?8I:74/,?4:9,9/":9.:9?=:774929?0=0>?>
%EK?<EFID8C:FLIJ<F=9LJ@E8K@FE (+ < =LE;J
J@E>C<JKI8K<>P?<;><=LE;J@EJLI8E:< ;8PKF;8P @EM K?< 8JJL@;8E:<IAL;>D??FC;@E>@EK?FK?
D8E8>@M<@K8:FEKIFCC@E>=@E8E:@8C@EK=@E8E:@8C@EKIFLGC8:BK?<:?8I8:K=@E8E:@8C
@EKE@=@:8EKCP@DG8:KK?<8K@FEKF89JFI9CFJJ?KKF
I<:<@M<9E@=@:8EKKFK?<I<8K@EK?KJK?IFL>?MFK@E>@EK @EK@EKJ8E;CFJJ@EKJN?@:?
@JI<=C<:K<;N@K?@E)@EK<@E:FEKIFCF=K?<FDG8EPN?@:?@JEFKJFC@EK< @E :FEKIFC F= K?< FDG8EP @J EFK :FEJ@;@EK
CFJJ:FEK@E>:FE;@K@FEJ@KL8K@FEFIJLE:FI
K?I<8K8K@FEK?I<8KF=/K8E;8I;JF8I;"/@JJL<;::FLEK@E>/K8E;8I;J1G;8K</1
"8@I 28CL< )<8JLIK?<=8@IM8CL<
%E8;;@K@FEK?<IE@Q<;8E;D<8JLI<;8JJDD0FG@:%DGIFMDDE@=@:8EKJ<>D*FK<KFK?E@=@:8EKJ<>DFI@D>I<>8K@FEF=%E:FD</K8K FDGI>I<>8K@FE  @J:CFJLI>I<>8K@FE F= %E:FD< /K8K;@J:CFJLI@9C<8JJ>I<>8K@FEI @E I>I<>8K<;HL8EK@K8K@M  G
@EE@E> 8=K@EE@E> 8=KK?<;@J:CFJLI@EE@E> 8=KFGFG
JG<:@=@::8K<>FI@@K>I<>8K<;9P=<;E8JN>I<>8K<;@E=FID8K@FE
FEE@EE@E>8=K K?<
;@J:CFJLII<8J FM?K8E;K?<=@E8E:@8C<==<:KJF=J@EE@E>N@K?K?<FDG8EPJ8EEL8CI <:K?<FLK:FD<F=C<>8C:?8CCK?<;@J:CFJLI
M8@C89C<=FIJ8C<8E;"2+=@O<;D8KLI@K@E:FIGFI8K<GL9C@:J<:LI@K@E>FME:FIGFI8K<GI@M8K<J<:LI@K@8><98:B<;J<:LI@K@8><98:B<;
J<:LI@K@
J<:LI@K@<; 
















 
 
 
 
 
 

(<; 











 
 
V 
 
V 
V 

0FK8C=@O<;D8KLI@K@8@EJCFJJE:FIGFI8K<GL9C@:J<:LI@K@E>FME:FIGFI8K<GI@M8K<J<:LI@K@8><98:B<;
J<:LI@K@8><98:B<;
J<:LI@K@
J<:LI@K@<; 















 
 
 
 
 
 

(<;










 
 
V 
 
V 
V 

0FK8C=@O<;D8KLI@K@8@EJCFJJJ<:LI@K@<;8JF= <:C<D8KLI@KP;8K<
ACFH=N98
CGH
 5=F
05@I9
 L<KFD8KLI<
+E<P<8IFIC?=@M<P<8IJ 







































 
 

=K?K8><98:B<;J<:LI@K@J<:LI@K@<;































 
 

JF= <:C<@JJL8K@FEJF=K?<
1
/
 #FMFM M8CL< @E 02=00809?>,9/'0.@=4?40>$70/20/
JF= <:<;@E;FCC8IIFCCJFIII<<;@E:CL;<;=@O<;D8KLI@KPJ<:LI@K@<;@E:CL;<;=@O<;D8KLI@K@8>N?8>?HL8C@KPC@HL@;8JJ8>8@EJKCFJJ=IFDK?<=8@CLI<F=8:FLEK<;N?8>8><;K89C<GI<;8JF=K?<;8K<;F9C@>8K@FEJLE;I<8><;8J:FCC8K<;8E;,8P89CI<
:FCC8K<;FEK?<FEJFC@;8K<;8C8E:</?<?=@809?>*FK<KFK?K89C<GI<;LE;8JF=K?<;8KE:FIGFI8K<GL9C@:J<:LI@K@E>FMI<:FCC8K8:K@M@K@?K98J@J8E;8CCJ<:LI@K@GIF>I8D
0CM5 =B5B7=5@
#B7
(CH9GHCH<9CBGC@=85H98 =B5B7=5@-H5H9A9BHG
 FCC8I8DFLEKJ@ED@CC@FEJLEC>0>
0?<=FCCFN@E>K89C<GIK?<GK?<GP8E;J@>E@=@:8EK@EGLKJLJ<;@E;N?490>> ,>4> :1 $=0>09?,?4:9 ,9/ '429414.,9? ..:@9?492 $:74.40> *FK< KF K?>0>
0?<=FCCFN@E>K89CJ<:LI@K@<;=FIN?@:?8E8CCFN8E:<=FI:I<;@K
CFJJFIP8E;;LI8K@FE8JF=K?<;8KE:FIGFI8K<GL9C@:
J<:LI@K@E
>FME:FIGFI8K<GI@M8K<
J<:LI@K@8><98:B<; 
 
 
 
 
 

FDD8><98:B<; 
 
V 
 
 
 

+K?E:FIGFI8K<GL9C@:
J<:LI@K@E
>FME:FIGFI8K<GI@M8K<
J<:LI@K@8><98:B<; 
 
 
 
 
 
 

FDD8><98:B<;

 
 
 
 
 

+K?<;LI8K@FEF=K?<FDG8EPJ=@O<;D8KLI@K@J<:LI@K@<;@J
91:=8;,4=809?>
0?< FDG8EP GLC8I J
@E:CL;@E>=@O<;D8KLI@KPJ<:LI@K@K?<G:?8E><K?<FDG8EPYJGI8J<:LI@KP
::FI;@E>CPK?
0?<FDG8EPCF8E
 @J:CFJLI=@E8E:@8C;@==@:LCKP
"FIK?<P<8IJ
:9&0,7>?,?0
0?< FDG8EP ;@M8>< CF8E GFIK=FC@F 9P >I8G?@: I<>@FE 8E; GIFG@E8K@E>:FDD8><CF8EJ9P>FECPLGKF
F=K?<I<8C8><
CF8EJ 98J<; FE I 8 I?K?<I
JK8KFK?8K8
:FEJ@JK<8I<I<:<@M<;8E;I8><CF8EJ
0?<(02I8K@F@J<F=K?<8DFLEKF=K?<CF8EIGIFG@E8K@FE
E(02I8K@F@E:FCC8K< F= K?< 8DFLEK F= 8 GIFGK89C8><CF8EJ9PP<8IF=FI@>@E8K@FE8E;(02I8K@F8JF=K?<;8KK89C8><CF8EJ9PP<8IF=FI@>@E8K@FE8E; /I8K@F8JF=K?<;8K8><CF8EJN8><CF8EJNK89C8><CF8EJ9PP<8IF=FI@>@E8K@FE8E;1
/
I<>@FE8JF=K?<;8KK89C8><CF8EJ9PP<8IF=FI@>@E8K@FE8E;GIFGK89C<JLDD8I@Q8><CF8EJ=FIK?<G@EE@E>F=G8><CF8EJ=FIN?@:?:I<;@KCFJJ8><CF8EJN@K?8E8CCFN8E:<I<:FI;<;@EGIK89C<GI8><CF8EJ8JF=K?<;8K8>< CF8EJ 8I< GC8:<; FE EFE8::IL8C JK8KLJ N?8I;@E> K?< :FCC<:K89@C@KP F= =LKLI< G8PD G8@; F== FI 8>< CF8EJ @E EFE8::IL8C
JK8KLJ
0?<8DFLEKF=@EKE@Q<;FECF8EJ@EEFE8::IL8CJK8KLJ=FIK?<P<8IJ?809?9.:80
0?<=FCCFN@E>K89C<JLDD8I@Q8><CF8EJFEI<8C :>>0>
*8@EJCFJJ8@EJCFJJ8::IL8CJFE;8@EJCFJJ;<9KJ<:LI@K@P
*8@EJCFJJJ<:LI@K@<; 






 
 
 

"@O<;D8KLI@K@<;:LJKF;P>L8I8EK<8><CF8EJ 













































 
 
V
+K?8@EJCFJJIFJJI<8C@Q<;>8@EJ8E;
CFJJ8@EJ

















































 
 
 

#IFJJCFJJKPG?=,?0>B,;>0?<FDG8EPLJ=IFDD@JD8K:?<
K?<@EKK?@EKI<<8KJG<:@=@<;@EK
I8K<@EKI<<;LGFEEFK@FE8CGI@E:@G8C8DFLEK
0?I<C<E?<;>@E>I?<;>@E>IB,;>0?<FDG8EPLJE<FI:LII<@EK?<M8CL<
P@E;E<JN8GJI<F==FI<@>E:LII8@EJK1
/
;FCC8I:8J?=CFNJ8KI<>LC8IG ?<;>@E> I ?<;>@E>
IB,;>0?<FDG8EPLJ<F=@EK8:PEEL@KP8E;
.<F=FK?KFK8CII<<8KJG<:@=@<;@EKDLCK@GC@<;9PI<=I<<;LGFEEFK@FE8C8DFLEK
*F:8J?@J
<;8KK?<FEJ?<;>@E>I"LKLI<8>8@EJK8;<:I<8J<@E:8EL8I8EK<<;9<@KJ< KI8;<; =LKLILC8K<; =LKLI<
0?<FDG8EP8CJFGFJKJ@E@K@8C8E;M8I@8K@FED8I>@EJN@K?K?<<FE8
;8@CP98J@J
0?<FDG8EPLK@C@Q<KI8;<;=LKLI?<;>@E>I<8>8@EJK8E@E:I<8J<@E:0?<FDG8EP8CJF@EM FK?J CE@EKK<I8KJJGI<8;J
%E8;;@K@FEK?<FDG8EP?8J<E<I@JB 8E; E8K<; 8J GIF;L:K
?<;>< K?<  =IFD @EJLI8E:< C@89@C@K@L8I8EK<? M8I@FLJ GIF;L:K C@E< @KJ E8K<;FI;@;EFKHL8C@=P=FI?<;><8::FLEK@E>8JG8IKF=8?<;>@E>
IE<:FEKI8:KJ 








 
 
 
V 
 
V 

8J?=CFN?<;>E<:FEKI8:KJ 








 
 
 
 
 
 

9F=J5H=J9G(CBEI5@=:M=B;:CF<98;9577CIBH=B;
%EKE<:FEKI8:KJ 









 
 
 
 
 

!HL@KP:FEKI8:KJ 


















 
 
 
 
 
 

I<;@K:FEKI8:KJ 


















 
 
V 
 
 
V 

A69889889F=J5H=J9G5B8'!G
3@K?@E=@O<;D8KLI@KP@EMI<8DFLEKF=?<;><;8JJ@E>8;ALJKD8DFLEKF=?<;><;8JJ@E>8;ALJKD@E>I@=0809?> 0C.7@/492 :9>:74/,?0/ 9A0>?809? 9?4?40> *FK< KF K? < KI8;<;
:FEKI8:KJJL9A<:KKFD8JK8>I<I<IFJJ8DFLEKJ<KI8;<;:FEKI8:KJF=8E;IIFJJ
8DFLEKJ<KI8;<;:FEKI8:KJF=8E;IF=I<:<@M89C<N@K?G8P89C<98C8E:@9C<E8>I<I<I<8I;KFK?<I<;@K/LGGFIKEEI< :FCC8KI<:FCC8K8K@FEJ
%EMI8;<9FE;JFNE<;9P
K?<FDG8EP8I<K?<JFLI:<F=EFE:8J?:FCC8K<;FEK?<FEJFC@;8K<;8C8E:<
/?<<;F=E =FI ?<;>< 8::FLEK@E> FE K?< FEJFC@;8K<; /K8K8@EJ
CFJJ8@EJ
CFJJ8@EJ
CFJJE@Q<;@E+K?4A09.:80 :>>*FK<KFK?8@ECFJJI<:F>E@Q<;@EK?<FEJFC@;8K<;/K8K=FI
?<;><8::FLEK@E>8I<8J=FCCFNJ=FIK?<G<;@KE8K<;8J?<;>@E>
@EJKILDE<:FEKI8:KJ
$<;><;@KE8K<;8J?<;>@E>
@EJKILDE<:FEKI8:KJ
#8@ECFJJI<:C8JJ@=@<;=IFD+%@EKF
@E:FD< 























 
 
 
 
V 
 
V
"FIK?<P<8IJ<@E;E8K<;8E;HL8C@=P@E>8J=8@I
M8CL<?<;><<==<:K@ME@Q<;:LIIJ

/<<K?<..@8@7,?0/#?30=:8;=0309>4A09.:80 :>>*FK<KFK?E8K<;8J?<;>@E>@EJKILD8@EJCFJJE<:FEKI8:KJ 










*8@EJCFJJ8@EJCFJJ8@EJCFJJ8@EJCFJJI<8@EJCFJJ8@EJCFJJ8@EJCFJJE@Q<;@E*8@EJCFJJ@=0809?
0?<=FCCFN@E>K89C<GI98J@J8J
F= <:J<:LI@K@<;
1
/
0I<8JLI@E:FIGFI8K<GL9C@:J<:LI@K@E
>FME:FIGFI8K<GI@M8K<J<:LI@K@8><98:B<;J<:LI@K@8><98:B<;J<:LI@K@J<:LI@K@<;




 







!HL@KPJ<:LI@K@E<:FEKI8:KJ






















 
V



V


!HL@KP:FEKI8:KJ































 
V



V


!D9<;;<;;I<E<:FEKI8:KJ






















 
V



V


!HL@KP:FEKI8:KJ































 
V



V


I<;@K:FEKI8:KJ 































V



V


!D9<;;<;;@ME8KLI<F=K?<98C8E:<8E;K?<I@>?KF=F==JK89C<GI98J@J8J
F= <:J<:LI@K@<;
1
/
0I<8JLI@E:FIGFI8K<GL9C@:J<:LI@K@E
>FME:FIGFI8K<GI@M8K<J<:LI@K@8><98:B<;J<:LI@K@8><98:B<;J<:LI@K@J<:LI@K@<;




 







!HL@KPJ<:LI@K@E<:FEKI8:KJ






















 
V



V


!HL@KP:FEKI8:KJ































 
V



V


!D9<;;<;;I<E<:FEKI8:KJ






















 
V



V


!HL@KP:FEKI8:KJ































 
V



V


I<;@K:FEKI8:KJ 































V



V


!D9<;;<;;@ME8KLI<F=K?<98C8E:<8E;K?<I@>?KF=F==J>0?>,9/ 4,-474?40>,?,4=*,7@0
E@K@FE@ED8EP:@I:LDJK8E:
 "8@I M8CL< @J I@MD<8JLI<;8E;K?<8M8@C89@C@KPF=JL==@:@@JJ
0?<
FDG8EPIJGJ@E;K?<F9J? K?< @EKDF;KFI<:F=KI8;@E>MFCLDFIP F= 8JJ8D8KI@O98J<;D8IBJDF;@=40>"8@IM8CL<@J;K?@I;G8IKP:FDDJ
JKI@GG<;@EK,9/,@?3:=4?40>'?,?08@94.4;,74?40>,9/;:74?4.,7>@-/4A4>4:9>"8@IM8CL<@J;
K?@I;G8IKP:FDDJ1
/
0I<8JLIPP@J
)
'
.:=;:=,?0;@-74.>0.@=4?40>:=0429.:=;:=,?0;@-74.>0.@=4?40>,9/1:=04292:A0=9809?>"8@IM8CL<@J; K?@I;G8IKP :FDD J 9J9@;J8E;:I<;@KJGI<8;JF==90.@=4?40>,9/:=0429.:=;:=,?0;=4A,?0>0.@=4?40>"8@IM8CL8D8KI@O8E;
8E8CPK@:J98J<;GI@:@E>DF;L8I8EK<K?@I;G8IKP:FDDJ :I<;@K JGI<8;J F== 9<I8K@FJ:FCC8K<F=K?<CF8EJLE;K?<J<:LI@KP
0CM5 =B5B7=5@
#B7
(CH9GHCH<9CBGC@=85H98 =B5B7=5@-H5H9A9BHG
 FCC8I8DFLEKJ@ED@CC@FEJLECJJJ@E;8D8KI@O98J<;GI@:@E>DF;L8I8EK<K?@J;8K8K?<DF;0.@=4?40>(<
8I<M8CL<;9PFK? K?<FDG8EPJ;JPJK<I8K?K %E;?K "@E8E:@E> .8K< /+".
 0?< FDG8EP LJ=FIM8CL8K@FEJF=@EK8:PGFJ@K@FEJD8P:FEK@EL<KF9<;@J:FLEK<;FE+%/

0?<FDG8EPLJJPJK?
:FLEKIF=FMI8;<:FLEKF=FI9 DF;;?=@809?>*FK<KFK?4/0=,?4:90?<=8@IM8CL<F=K?<:FEK@E>0?<FDG8EPI<:FI;JI>L8I8EK<<;:I<;@K<;I8KL8I8EK<<@JKI<8K<;8J8EFEK?<LE;GIF;L:K8E;@J
IL8I8EK<<;GIL8I8EK<<;
GII9F9J8K@FEJN@CCEFK9<=LC=@CC<;EFEG:FDG8EP:I<;@KJGI<8;J
8;ALJK<;KFI<=C<:KK?<:I<;@KHL8C@KPF=K?<@E;@M@;L8C@EJLI8E:<JL9J@;@8IPK?8K@JJL<;K?<>L8I8EK<<8JN:9=049>@=,9.00?<:8IIP@E>M8CL<F=<@EK?<
=8@IM8CL<F=K?<8JJK?<=LE;JN@K??I<;K?<@E:FD<8GGIF8:?
0?<=8@IM8CL<@J:8C:LC8K<;9P=LKLI<:8J?=CFNJ=FI8
:K?<KK??=@809?>
0?<=8@IM8CLGI@:E@=@:8EKKFK?<FM
9LK EFK C@D@K<; KF C@HL@;@KP JGI<8;J =FI @EM K?< 8JJE@=@:8EK@EGLKKF;?KF=K?<D@0=A,-709;@?>
0?< FDG8EPJ (8K@E>K?<89@C@KPKFG8DFEK?CPGI@:<M8I@8E:<:FDG8I@JFE8E;98:BKK89C<JLDD8I@Q<@E=8@IM8CL<F=K?<FDG8EPJ(J<:LI@K@<;
1
/
#FME:FIGFI8K<GL9C@:J<:LI@K@E>FME:FIGFI8K<GI@M8K<
J<:LI@K@8><98:B<;
J<:LI@K@
J<:LI@K@<;


















V







!HL@KPJ<:LI@K@I<8@EJ8E;CFJJ8@EJCFJJ8@EJCFJJ8@EJCFJJ8@EJCFJJ8@EJCFJJ8@EJCFJJ<@ELEI<8C@Q<;>8@EJCFJJJ<:LI@K@<;
1
/
#FME:FIGFI8K<GL9C@:J<:LI@K@E>FME:FIGFI8K<GI@M8K<
J<:LI@K@8><98:B<;
J<:LI@K@
J<:LI@K@<; 


















V







!HL@KPJ<:LI@K@8@EJ8E;CFJJ8@EJCFJJ8@EJCFJJ8@EJCFJJ8@EJCFJJ8@EJCFJJ8@EJCFJJ<@ELEI<8C@Q<;>8@EJCFJJD<@J@E:CL;<;N@K?@E+G@E; JDFI<N@;?=@809?>
0?<=FCCFN@E>;@J:CFJLIE@Q<;8K=8@IM8CL<FEK?<FEJFC@;8K<;8C8E:</?< @EJLI8E:< :FEKI8:KJ 8E; 8CC EFE=@E8E:@8C @EJKILDCPK?<8>>I<>8K<=8@IM8CL<8DFLEKJGIM8CL<F=K?<
FDG8EP
0?<:8IIP@E>M8CLJ<:LI@K@<;








 
 
 
 

!HL@KPJ<:LI@K@8><CF8EJFEI<8CI<J<:LI@K@<; 






 
 
 
 

JJ8>I<8>I<K8>I<K89C<GI8><CF8EJFEI<8C8>I<8>I<KK89C<GIK?<J<:FE;HL8IKD<
0?<=FCCFN@E>K89C<J?FNJ8I<:FE:@C@8K@FEF= 8E;2+98C8E:K?<E
K89C<
:KL8C8DFIK@Q8K@FE@E:LII<;;LI@E>K?;LI8K@FEKK;LI8K@FEN?FC<C@=<@EJLI8E:<:I@K@:8C@CCE K89C@EE@E>98C8E:<8KFI@>@E8C
;@J:FLEKI8K< 















 
 
 
 
 
 

.<:C8JJ@=@:8K@FEJ









 

V 
 
V 
V 
V
!==<:KF=:?8E><@E:8J?=CFN
8JJLDGK@FEJ 














 

 

 
 

!==<:KF=8:KL8CM8I@8E:98C8E:<8KFI@>@E8C
;@J:FLEKI8K< 















 
 
 
 
 
 

!==<:KJF=:?8E>@EE@E>98C8E:<8KFI@>@E8C
;@J:FLEKI8K< 
















 
 
 
 
 
 

.<:C8JJ@=@:8K@FEJ










 

V
 
V 
V 
V
!==<:KF=:?8E><@E:8J?=CFN
8JJLDGK@FEJ 
















 

 
 

!==<:KF=8:KL8CM8I@8E:98C8E:<8KFI@>@E8C
;@J:FLEKI8K< 
















 
 
 
 
 
 

!==<:KJF=:?8E>IFJJGIK?<J<:FE;HL8IKK89C<GI@EE@E>F=G<@E:8J?=CFN8JJLDGK@FEJ 


























 

!==<:KF=8:KL8CM8I@8E:DK89C<GILE;8E;IFEK?<D<;@:8CJKFGCFJJGIF;L:KJ8I<G<;8E;I
"FIK?<P<8I
0?<FDG8EPKI8:BJ:C8@D=IK89CIGHA9BH9LD9BG9G
#B7IFF986IH
BCHF9DCFH98
7@5=AG
IAI@5H=J9
BIA69FC:
F9DCFH98
7@5=AG
979A69F





*C@=7MM95F
 
































 
 
 
 

 
































 
 
 

 
































 
 

0FK8C 

































LDLC8K@M<G8@;:C8@DJ8E;G8@;:C8@D
8;ALJKDIGHA9BH9LD9BG9G
979A69F



*C@=7MM95F 
 








































 
 

 







































 

 








































0FK8C:LDLC8K@M<EIFJJGIIFJJGIIFJJGIK89C<GI?K<;8M<;LI8K@FEF=K?<C@89@C@KP=FI=LKLI<GFC@:P9?K<;8M<
@EK?K<;8M<;LI8K@FE
@EP<8IJ 



















%EK?K<;8M<;LI8K@FE@EP<8IJ=FILJ@E?K<;8M<@EKK89C<GI8C8E:<















 
 
 
 

3<@>?K<;8M<:I<;@K@E>I8K<










*<;@EJK@KLK@FE8CDLKL8C=LE;GC8E8JJL8I8EK<L8I8EK<<;D@E@DLD;<8K?
99>I<>8K?K89C<GIIFLG8E;@E;@M@;L8C8EEL@KP 

















 
 

LJ@E8>I<K89C<JLDD8I@Q:I<;@K<;KF:FEKI8:K?FC;L8I8EK<<;D@E@DLD@EKGIF;L:KJ 








 













GC:979A69F

1GKF
 









 
























 
























 








V















 




V



V

V



8E;9FM< 





 




V

V

V

V


.GIF;L:KJ 








 













%E:CL;I8KL8I8EK<<;8EEL@KP)5#:FEKI8:KJN@K?I?8;@MIFLGF=I<@EJLI8K@FEJLE;I<I8K@E>J8E;K?<=@E8E:@8CJKIK?F=@KJI<@EJLI<I<@EJLI8E:<I<:FM?M8I@FLJ=FIDJF=:FCC8KJ<:LI<;KILJKJ=LE;J
N@K??8I;@E>K?<<==<:KF=I<@EJLI8E:<FEK?<FEJFC@;8K<;8C8E:</?<I<I<8I;@E> K?< <==<:K F= I<@EJLI8E:< FE K?< FEJFC@;8K<; /K8KI<I<8K@FEJ8CK?FL>?K?<FDG8EPI8K<;KF:FEKI8:KFNEI<I<I<E@=@:8EK CFJJ =IFD @EJLI8E:< I@JB K?< FDG8EP I<:FI;J K?< 8>I< K?< ;
 J F=
 <:K89C8I<:FE:@C@8K@FEKFK?<FEJFC@;8K<;8C8E:</?<K?<@E:FD<8GGIF8:?
8J?JLII>I<>8K<=8@IM8CL<F=8JJFIPJLGGFIK@E>J8K@FEJF=1/>FME;<9KJ<:LI@K@8><98:B<;J<:LI@K@DLKL8C=LE;J 






































 
 

8J?:8J??K?I<<J<>D;<:@J@FED8B J<>DD;ALJK<;FG<8IE@E>J9<=FI<@E:FD<K8O8@EJK@EK
HL8IKDFM;<=@E<;:FEKI@9LK@FEGIF;L:KJ8E;JDIFLGC@=<MFCLEK8IP<9LJ@ED< F=
>I8G?@GL9C@::FIGFI8K<8E;LE@FEI?K?<FDG8EPJ
;@I<:K J8C<8IE@E>J9<=FI<@E:FD<K8O8K@FEJ=@E8E:@E>8E;@EKDKD?0/:;0=,?4920,=9492>-01:=049.:80?,C0>@J8D<8E@E>=LCD<8JLI<LJ<;9PD8E8>D F= K?< FDG8EPYJ =@E8E:@8C I FE K?<
FGG:FI<9LJ@ED?CPM8I@89C<=IFDG=LC D GFC@:@D<8IE@E>J9<=FI<@E:FD<K8O<8IE@E>J9<=FI<@E:FD<K8O K?< FDG8EPYJ =@E8E:@8C 8E; FG
GD<8IE@E>J9<=FI<@E:FD<K8O%E:FD<CFJJ9<=FI<
@E:FD<K8O@K8@EJCFJJ8@EJCFJJK?<=8@IM8CL<FGK@FELEIE@K@FE=FI
:8><98:B<;F9C@>8K@FEJ8E;:?8E>>8@EJCFJJ<;:LJKF;P>L8I8EK<?I<@EJLI8E:<FI;@M8@EJ8E;
CFJJ@9C<8JJ @EKJ (( I<= @EK@EK
<8IE@E>J9<=FI<@E:FD<K8O@KL@J?DFF;N@CC8E;@EK8E>@9C<8JJ@9C<8JJE@K@FEF=E8@EJCFJJ8K@FEJ 8E; >8@EJ CFJJD8E@Q8K@FE8C IJ @E:CL;@E> :J8:HL@J@K@FEDI8K@FE?0/:;0=,?492=0A09@0>@J8D<8JLI<F=K?<FDG8EPJJ<>DDI0FK8CI@K8@EJCFJJ?I<@EJLI8E:<FI;@M @EKD
IIP8E;FK?K89CI<8IE@E>J9<=FI<@E:FD<
K8O8@EJCFJJDIGH98CD9F5H=B;F9J9BI9G 

 

 
 
 


(@9C:FJKJ8E;GI<=<8IE@E>J9<=FI<@E:FD<K8OCC@8EQEFE:FEKIFCC@E>@EKJCFJJ8KKI@9LK89C<KFCC@8EQ
EFE:FEKIFCC@E>@EKIGH98CD9F5H=B;95FB=B;G69:CF9=B7CA9H5L9G 
 
 
 
 

,CLJ8;ALJKD8@EJCFJJ?I<@EJLI8E:<FI;@M@EKD8@EJCFJJ?I<@EJLI8E:<FI;@M@EK8@EJCFJJDIGH98CD9F5H=B;F9J9BI9G 

 

 
 
 


(@9C:FJKJ8E;GI<=<8IE@E>J9<=FI<@E:FD<K8OCC@8EQEFE:FEKIFCC@E>@EKJCFJJ8KKI@9LK89C<KFCC@8EQ
EFE:FEKIFCC@E>@EKIGH98CD9F5H=B;95FB=B;G69:CF9=B7CA9H5L9G 
 
 
 
 

,CLJ8;ALJKD8@EJCFJJ?I<@EJLI8E:<FI;@M@EKD8@EJCFJJ?I<@EJLI8E:<FI;@M@EK8@EJCFJJDIGH98CD9F5H=B;F9J9BI9G 

 

 
 
 


(@9C:FJKJ8E;GI<=<8IE@E>J9<=FI<@E:FD<K8OCC@8EQEFE:FEKIFCC@E>@EKJCFJJ8KKI@9LK89C<KFCC@8EQ
EFE:FEKIFCC@E>@EKIGH98CD9F5H=B;95FB=B;G69:CF9=B7CA9H5L9G 
 
 
 
 

,CLJ8;ALJKD8@EJCFJJ?I<@EJLI8E:<FI;@M@EKD8@EJCFJJ?I<@EJLI8E:<FI;@M@EKDK?<8DFLEKF=>FF;N@CCIJ<>DFF;N@CCK?8KN8J8:HL@I<;9PK?<G8IDM8CL<F=>FF;N@CCN@K?@EFIGFI8K<@J8CCF:8K<;KF3<8CK?/FCLK@FEJ$<8CK?/FCLK@FEJ8E;%EMLE@KJ8J8E;
I490>>,>4>:1$=0>09?,?4:9,9/'429414.,9?..:@9?492$:74.40>*FK<=FI@E=FID8K@FEFEI<:K?<=FLIK?HL8IKFF;N@CC@DG8@IDFF;N@CC@DG8@IDFF;N@CC8JF=
 <:>0?>
0?<FDG8EPYJ@E;<=@E@K<C@M<;@EK8E>@9C<8JJ?KKFD8E8><:C@K?<
DLCK@GJDE@=@:8EK8JJLDGK@FEJ@E:CL;@E>K?<
GIFA<:K<;I?KKFD8E8><:C@?KKFD8E8><8E;K?<89@C@KPKF:FEK@EL<KFD8E8><K?<8JJK?<=FLIK?HL8IK@9C<
8JJM8CL<N8JI<:FMK?<=FLIK?HL8IK8;@J:FLEK<;:8J?=CFN
8GGIF8:?K?<FDG8EPI<:F>E@Q<;8E@DG8@ID?KJN?@:?N8J@E:CL;<;@E
+GK89C<GI@9C<8JJ?KJ
















*

 
V 
 
 
V 

0FK8C@E;<=@E@K<C@=<
@EK8E>@9C?KJ













P<8IJ

 
 
 
 
 

LJKFDK?<P<8IK?<
=FLIK?HL8IKE@Q<;8E;K?<I D@9C<8JJ@9C<8JJ9.09?4A0$7,9>
0?< FDG8EP GII8EKJJ?8CC9<D8;<GLIJL8EKKFK?<+DE@9LJ,C8EJ
0?<+DE@9LJ,C8EGIFM@;I8EK<;LE;I8EK@E>F=8N@;<I8E><F=./1J
N?@:?I?KKFI<:<@M<8ELD9I:FE;@K@FEJ8I<D:FE;@K@FEJ8E;LE;M8I@@EI8E;=FI=<@KLI<JL9A<:KKF:?KJGLIJL8EKKFN?@:?EFK@FE8C;@M@;
!O:8E;
8N8I;JD8;<LE;?KJ
 @M@;<8:?F=K?<P<8IJ8ELD9FEK?<C@9@C@KP =FI N?@:? @J 98J<; FE K?<
< 8E; P<8IJ F= JI<  8E;  /KF:B +GK@FEJ 8I< MK?8K8N8I;N@CC9<:FD<8M8@C89C<=FI@JJL8E:<
/?8I=IFD8N8I;JFK?,?4:9:>?
0?<=8@IM8CL<F=JKF:BFGK@FEJN8JK?<C8:B/:?FCDF;@J8JLDD8IPF=K?<
8JJLDGK@FEJLJ<;@EK?@JDF;I8EK<;@E8E;
-HC7?)DH=CBG
-HC7?)DH=CBG
!OG<:K<;MFC8K@C@KP 








































!OG<:K<;K?K<;8M<I8EKK?<FDG8EP;@;EFK?8M<?@JKFI@:8CKF
8N<@>?K<;8M<:FEJ@JK@E>F=?@JKFI@:8CG<IFLGMFC8K@C@KP8E;
F=K?<?@JKFI@:8CMFC8K@C@KPF=K?<FDG8EP:FDDFEJKF:B
0?<:FEKI8:KL8CKK?<FGK@FEJ@JKF=K?</KF:B+GK@FEJN8J:FEK@E>I8EKK?<FDG8EP;@;EFK
?8M<?@JKFI@:8CKFK?<FGK@FEJ@JK8)FEK<8ICFJ@DLC8K@FE
0?<=FCCFN@E>@J8
JLDD8IPF=K?<J@>E@=@:8EK8JJLDGK@FEJLJ<;KF:8C:LC8K<K?<=8@IM8CL<F=K?<0/.:FDGFEI8EK<;
;LI@E>K?<G<<:FIIK89C<JLDD8I@QI8EK<;LE; K89C< JLDD8I@QE@Q<; :FDG N<@>?K<;8M< GE@K@FE8JF= <:E@Q<;:FDGN<@>?K<;8M<GE@K@FE@E
P<8IJ
























































B,=/>#@?>?,9/492
0?<=FCCFN@E>K89C<JLDD8I@Q4984774:9>
(IA69FC:
K5F8G
19=;8K&8EL8IP
















 




 





;ALJK<;=FI,/1G8K <:?K<;8M<>I8EK;8K<=8@IM8CL<=FI./18N8I;J>I8EK<;;LI@E>K?<P<8IJ?K<;8M<>I8EK;8K<=8@IM8CL<=FI,/18N8I;J>I8EK<;;LI@E>K?<
P<8IJK89C<JLDD8I@Q4984774:9>
(IA69FC:
K5F8G
19=;8JF=&8EL8IP 










 










#I8EK<; 































 
V

V
!O8JF= <:K?<P<8IJ
0?<=FCCFN@E>K89C<GIK?<N<@>?K<;8M<J?8IJG3,=0>4984774:9>
#GGI98
"9@8=B
.F95GIFM
)IHGH5B8=B;
5@5B79
$5BI5FM
 








FDDFE/?8II8DJ






























0I<8JLIP/KF:BII8DJ






























0I<8JLIP/KF:BII8DJ






























5@5B79
979A69F
  








0CM5 =B5B7=5@
#B7
(CH9GHCH<9CBGC@=85H98 =B5B7=5@-H5H9A9BHG
 FCC8I8DFLEKJ@ED@CC@FEJLEC0$=:2=,8
"IFDK@D<KFK@D<K?<FDG8EPJF8I;F= @I<:KFIJ8LK?FI@Q?M8I@FLJ
D<8EJ @E:CL;@E> N@K?FLK C@D@K8K@FE FGFK@8K<; KI8EJ8:K@FEJ =FIN8I; ; 9 GC8EJ FI K>I<>8K<8DFLEKILE;8K< K?< FDG8EP KF
GLI:?8J<8EPJ?8II8DD8P9<KK89C<GI?J?8I<II<I<K89C<GI?FG
+E)8PK?<FDG8EP@JJL<;N8II8EKJKFGLI:?8J<LGKFJ?8I>I<>8K<KF
F=K?<@JJL<;8E;FLKJK8E;@E>J?8I@EK?<@JJL8E:<F=
D@CC@FE:FDDFEJ?8I8JF= <:>I<>8K<
EI<K?@EK>I<>8K<E;@M@;=LE;I8>K?<I<;LC8KFIP:8G@K8CJL:?I<;8>JL:?I<;LC8KFIP:8G@K8CJL:?I<;8>E@Q<;JK8K@JK@:8CI8K@E>FI>8E@Q8K@FEK?8KK?=FIK?<
FDG8EP8DEF=K?<E<;KFK?<GI<=K?F=K@D<K?8KK?<
GI<=E<;8G8IK@:LC8ICLC8KFIP:8G@K8CLC8KFI
8E;K?<:8G@K8C8;L@;JFJL9A<:KJL@;8I<8J=FCCFNJ
979A69F

979A69F

-9F=9G
#GGI98
)IHGH5B8=B;
#GGI98
)IHGH5B8=B;

*FE:LDLC8K@M<,I<=>I<>8K<NK89C<GI98J@:8E;;@CLK<;E0C.0;?1:=;0=>3,=0/,?,
395FB898979A69F
,=9492>



*@EK@EK3,=0>:@?>?,9/492
8J@: 














































 

 


 @CLK@M<!==<:KJ
38II8EKJ








































V 

 


./1J













































 

 


,/1J 













































 

 


/KF:B+GK@FEJ 






































 

 


 @CLK<;












































 

 

 


"0?49.:807:>>,A,47,-70?:*:D,49,9.4,79.
>.:88:9
>3,=03:7/0=>;0=.:88:9>3,=0
8J@: 














































 

 

 


 @CLK<; 













































 

 

 


/<<K?<'3,=03:7/0=><@4?D*FK<KFK?JGLEIFLE;<;8:KL8C8DFLEKJ
0?JGKFK8C
 @CLK<;<8IE@E>JGK?<@JJL8E:<F=IK?<KI<8JLIPJKF:BD@=,9.0'@->4/4,=40>'?,?@?:=D<@4?D,9/9.:80
!8:? F= 2FP8 "@E8E:@8C %E:
J KNF GI@E:@G8C @EJLI8E:< JL9J@;@8I@ K?< 8DFLEK F= . JG<:@=P M8I@FLJ N<@>?K@E> =8:KFIJ K?8K 8I< 8GGC@<; KF =@E8E:@8C
98C8E:I<<F=I@JB
.<>LC8KFIP:FDGC@8E:<@J;LC8KFIPFI:FII<:K@M<8:K@FE=FI8CCGGI8:K@:GI8:K@:@E>GFC@:P8:HL@J@K@FE:FJKJKF=LKLI<GFC@:P9;@==@EM=FI;<=GI@E:@GC<;;@I<:KCPKFJLIGCLJ
 FEK?<I<>LC8K@FEJF=K?<@EJLI8E:<;8I;@E> 8;D@JJ@9@C@KP
 "FI K?< P<8IJ LC8KFIP
D@E@DLDI@=,9.0'@->4/4,=40>4A4/09/&0>?=4.?4:9>
0?< JK8KKFG8PK?<;@M@;KNI<8K <:8@E=IFDFGK?<GI<:<;@E>
 <:GI@E:@GC8E8DFLEKLC8KFIJGI@FI8GGIFM8C

0?<FDG8EPJ,I@E:@G8C%EJLI8E:</L9J@;@8I@LC8KFIP8GGIFM8CN?@:?
:8E9<>I8EK<;FIN@K??LC8KFI
0CM5 =B5B7=5@
#B7
(CH9GHCH<9CBGC@=85H98 =B5B7=5@-H5H9A9BHG
 FCC8I8DFLEKJ@ED@CC@FEJLEC@=,9.0'@->4/4,=40>	4A4/09/>,9/&0?@=9:1,;4?,7
0?<=FCCFN@E>K89C<JLDD8I@QJ N@K?FLK K?< E<<; =FI @EJLI8E:< I<>LC8KFIP 8GGIFM8C 8E; ;@M@;4:9#?30=$:>?=0?4=0809?09014?$7,9>,9/#?30=09014?$7,9>
2FP8"@E8E:@8C%E:
JJL9J@;@8I@@9@C@KP I:FDGK?F=J8CILC8K@FEJ:FE:@EMCL8I8EK<<;
N@K?@E:8CC@D@KJ9PK?<,@EE@E>&8EL8IPK?<
.<G8P",=FIDLC88CCFN@E>8CC@9C<
@9C< :FDGL>LJKF=<8:?P<8I
0?<8::IL<;M@9C<I<:FDG8EP
0?<FDG8EP8CJFF==:8I<@9@C@KP:I@K@9C<;8K@FE8E;LE=LE;<;JK8KLJKFK8C<;8E;8JF= <:@9/0/'?,?@>,9/"0?$0=4:/4.09014?:>?>
0?<FDG8EPJ.L@;
0CM5 =B5B7=5@
#B7
(CH9GHCH<9CBGC@=85H98 =B5B7=5@-H5H9A9BHG
 FCC8I8DFLEKJ@ED@CC@FEJLECK89C@EE@E>8E;98C8E:8K@FE8E;=8@IM8CL<F=
GC8E8JJ
G8K@FEJ 8J F=  <:8K@FEJ&8EL8IP 

























 



/8@EJCFJJ8K@FEJ <:8@ECFJJF=8E;;L<KF:?8E><@E;@J:FLEKI8K<=FIK?<P<8I;I@M;I@M8K@FEJ F=  8E;  8J F=  <:8K@FEJF=8E;8JF= <:F@E>G8K@FEKF=LE;I=FIHL8C@=@<;GC8EJ@J;LC8K@FEJ

%E;K?<;@J:FLEKI8K<8JJLDGK@FEK?<FDG8EPLK@C@Q;@J:FLEK<;:8J?=CFN8E8CPJGIF:8GFIK=FC@FF=?@>?HL8C@KPEFE:8CC89C<9FE;JK?8KN@CCD8K:?K?<:8J?
=CFNJF=K?<G K89C< JLDD8I@QE@Q<; FE K?< FEJFC@;8K<; 8C8E:< /?<8K@FEJF=8E;8JF= <:E@Q<;@E+%8JF= <: K89C< JLDD8I@Q8K@FE 8E; 8E 8::LDLC8K<; 98K@FE@E8K@FE 





























 
 

::LDLC8K<;98K@FE 


























 

"8@IM8CL<F=GC8E8JJ:1"0?$0=4:/4.09014?:>?
0?<:FDGFEE@Q<;@E+G?K<;8M<8JJLDGK@FEJLJ<;@E;E8K@FEJ I<:F>E@Q<; @E +K?E@Q<;;L<KF:LIK8@CD8@ECFJJI<:F>E@K@FE





























*K?<=8@IM8CL<F=GC8E8JJ@EKF:FEJ@;<G<GKK>0?>
0?<.K?<
=LE;<; JK8KLJ JLIGCLJ
 0?< @EMP =FI K?< "LE; 98C8E:E@Q<;8JK?<GI@D8IPD<:?8E@JDKF@E=CLF9A<:K@MJK@;@MK?<GFIK=FC@F8DFE>@E;LJKIPJ<:KFIJ>I8G?@IFNK?:LII@EM<;9P
GIF=8@EJK9@MJ<:LI@KP:FE:@FK?LC8I98J@J
#<@EM;@==@E>GLIGFJ<K?<@EK<8::FLEK@E>

0?< =FCCFN@E> K89C< JLDD8I@Q< 8E; 8:KL8C 8JJFIP8JF= <:<:8G;FDC<;=LE;J 












































(@D@K<;,8IKEEJ<:LI@K@<=LE;J




























































.<8CK89C<JLDD8I@QEJ<:LI@K@FIP@E:CL;<F=?@>?HL8C@KPJ?FIKK;8P
 !HL@KPJ<:LI@K@
%E;K?<GFKIFLE;:FDG<D8E8>K? 8E; M8CL8K@FE
 0?KIFNK?GI@D8I@CP9P@EM@E8;@M<;:FI<GFIK=FC@FF=@ME<;KFI<8C@Q<8GGI<:@8K@FE@EM8CL<GI@D8I@CPK?IFL>?K?<8CCF:8K@FEF=
:8G@K8C;@I<:KCP8E;@E;@I<:KCP8DFE>@EME@=@:8EKI<;K89C<JLDD8I@QEJ<:LI@K@FI@Q<;@EKF8K?I<<C<8:?F=
K?<8JJK?<*2G?@3,9/.,>30<@4A,709?>0?<:8IIP@E>8DFLEKJ=FI:8J?8E;:8J??809? @9/> /?FIK K0.@=4?40> .:=;:=,?0 -:9/> ,9/ 9:?0> ,9/ 1:=0429 >0.@=4?40> "8@I M8CLEJ<:LI@K@DD8IBFI@EGLKJJL:?8JP@0.@=4?40>"8@IM8CLD
D8IBFI@EGLKJJL:?8JP@C<; =LE;J 8I< ?809?>+K?,9/09014?$,D809?>
0?< =FCCFN@E> K89C< JLDD8I@Q
J ,C8E K?< /8M@E>J ,C8E
 0?< 8JJJ ,C8E 8I< ?@9C<KFG8IK@:@G8K<FK?J,C8E@J8
K8OHL8C@=@<;;<=@E<;:FEKI@9LK@FEGC8E
/8M@E>J,C8E9L8I8EK<<;9PK?<,#
0?</8M@E>J,C8E8CCFNJ@9C<
G8IK@:@G8EKJKF;<=J,C8E8JG<:@=@<;G<F=@9C<:FDG@9C< :FDG
:FEKI@9LK@FEJ8I<JL9A<:KKF8P<8I>I8;<;MJ:?<;LC<
FEKI@9LK@FEJD8;<KFK?</8M@E>J,C8E8I<JL9A<:KKF:@M<I@J<KF98C8E:<J?<KFJ?FIKK;@==E@Q<;=FIK?<;<=@E<;:FEKI@9LK@FEG:FDGFE<@E:LII<KI8EJ8:K@FEJK?8KIJ@EK?<J8D<
GN?@:?K?<8JJJ
JF= <:J N@K?@E K?< E?=@809?> *FK< KF K?K?<I<:C8JJ@=@:8K@FE8;ALJKDE@Q<;@EK?<FEJFC@;8K<;/K8KE@Q<;@E*8@EJCFJJ<@ELEI<8C@Q<;>8@EJCFJJE@Q<;@E*<@ELEI<8C@Q<;>8@EJCFJJ<@E:LIIE@Q<;@E+G
<@EG<@E+% 




































 





/<<K?< 0=4A,?4A049,9.4,79>?=@809?>*FK<KFK?*FK<KFK?E@Q<;@E*8@EJCFJJ<@ELEI<8C@Q<;>8@EJCFJJE@Q<;@E*<@ELEI<8C@Q<;>8@EJCFJJ<@E:LIIE@Q<;@E+G
<@EG<@E+% 




































 





/<<K?<0=4A,?4A049,9.4,79>?=@809?>*FK<KFK?*FK<KFK?E@Q<;@E*8@EJCFJJ<@ELEI<8C@Q<;>8@EJCFJJE@Q<;@E*<@ELEI<8C@Q<;>8@EJCFJJ<@E:LII<@E+% 




































 


 

/<<K?< 0=4A,?4A049,9.4,79>?=@809?>*FK<KFK?>I<>8K<;9PKPG<F=JK89C<
395FB898979A69F



195@H<-C@IH=CBG
;M@JFIP8E;.



































 
 



 @JKI@9LK@FE8E;J?8I




















 



#BJ9GHA9BH'5B5;9A9BH
;M@JFIP8JJ




















 



"95@H<-C@IH=CBG
. 














































 



/F=KN8I<JL9J:I@GK@FEJ8E;J=FIK?<GE














































 
 

/K8K< 
















































 
 

0FK8C:LIIK?<=<;I<8JFEJ=FIK?<G@EK8@E



























 
V



V
+K?J<:K@FE9@M<I@J<KF;<=IFJJ8JJIFJJC@89@C@K@K89C<JCFJJ:8IIP=FIN8I;




































 

 

/K8K<ECFJJ:8IIP=FIN8I;






































 

 

I<;@K:8IIP=FIN8I; 






















































GGIFO@D8KCFJJCFJJFGE@=@:8EK AL;>D8@EJK  0J
 0?< FDG8EP I8K@M<?@JKFI@:8C8E;GIFA<:K<;
GI<K8O9FFB@E:FD<K8OGC8EE@E>JKI8K<>@JKI8K<>P
;;@K@FE8CCP@E:FD<9<=FI<@E:FD<K8OK?<GFJ@K@M<8E;E<>8K@M<<@KJ
AL;>D8I;@E>K?<I<8C@Q8K@FEF= 0J@E
0?<M8CL8K@FE8CCFN8E:<8JF= <:8@EJK:CFJJ
=LKLI<GI<J%E:
.@E8;<:I<8J<KFK?<<==<:K@M<K8OI8K<
+EL>LJKK?<FDG8EP8:HL@I<;8CCILJK
8:HL@J@K@FE ;8K< @J GE
N@K??FC;@E>K8OJNFLC;9<;@JKI@9LK<;8E;I<:FI;<;N@K??FC;@E>K8OJ

!26)'3+2->)( %<)2)*-87
.<:FE:@C@8K@FEJF=K?<:?8E><@EK?<LEI<:F>E@Q<;@E:FD<K8O9@EE@E>F=GE@Q<; K8O 9E@Q<;

28)6)78%2()2%08-)7
0?<FDG8EPI<:F>E@QE@Q<;K8O9IFJJ8::IL<;@EKE@Q<;EF>IFJJ@EKE@Q<;
K8O@E@KJFEJFC@;8K<;/K8KF=K?<G8PD8::IL<;@EK?K?<FDG8EPG8IK@:@G8KI8DGIFM@;<;9PK?<%./
"FIK?<K8OP<8IK?<FDG8EP@J@EK?<
FDGC@8E:<)8@EK<I@;><G?8J<F=,
%EK?<I@;><G?8J<K?<%./;@;EFK:FE;L:K8EPI<,CLJ
I@;><,CLJG?8J<F=,
%EK?<I@;><,CLJG?8J<K?<%./N@CCI?KF:C8@D8=FI<@>EK8O:I<;@K@EJK<8;F=
LK@C@Q@E>8=FI<@>EK8O;<;L:K@FE
0?<FDG8EP;FF@E>
 %<)+-70%8-:)%88)67
%EL>LJKK?<%E=C8K@FE.<;L:K@FE:KN8JJ@>E<;@EKFC8N:I<8K@E>K?<:FIGFI8K<8CKLC8K@FEJGIFM@;@E>8;;@K@FE8C>L@;8E:<FEK?<)0
3?@C<
K?<FDG8EP;FLC8K@FEJ
8E;@KJ)0;?KF==LKLI<>L@;8E:<

 =B5B7=B;;F99A9BHG
,3688)61)&8
J F=  <:J FLKJK8E;@E>
:FEJ@JK@E>K K89C< JLDD8I@Q M8CL< F= K?< FDG8EPYJ ;<9K @JJL<; FI 9FIIFN<; 8E; FLKJK8E;@E> 8J F=
 <:.8K<&LE@FI/L9FI;@E8K<;
*FKJ%E:
;<9J%E:


 


2FP8$FC;@E>J%E:
;<9J%E:


 


!HL@K89C<F=%FN8FDG8E@KJ
/<<K?<&LE@FI/L9FI;@E8K<;*FKL8I8EK<?>I<>8K<8DFLEKJF==LKLI<GI@E:@G8CG8PDK>I<>8K<8DFLEKJF==LKLI<GI@E:@G8CG8PDK>:90-?C?492@4>3809?
0?<FDG8EP;@;EFK@E:LI8CFJJFE;<9KL@J?DL@J?D9L@J?D
+E/L8I8EK<<; 9P 2FP8 $FC;@E>J %E:
 %EKFE)8I:?
0?<F==I>I<>8K<E:FDD@JJ@FEJ8E;GI@E:@G8C8DFLEKF=@KJ
/
+LKJK8E;@E>ALE@FIJL9FI;@E8K<;EFK@EG8P89C<HL8IK.8K<&LE@FI/L9FI;@E8K<;*FKL8I8EK<<;FE8ELEJ<:LI<;ALE@FIJL9FI;@E8K<;98J@J9P
2FP8$FC;@E>J
 LI@E>K?<P<8IGI@E:@G8C8DFLEKF=
@KJ
"@O<;KF"CF8K@E>.8K<&LE@FI/L9FI;@E8K<;*FK<;L<8KG8I
 LI@E>K?<P<8I
.8K<&LE@FI/L9FI;@E8K<;*FK<;L<8E;
"@O<;KF"CF8K@E>.8K<&LE@FI/L9FI;@E8K<;*FK<;L<I?KKF;<=@E8;<=8LCK;LI@E>N?@:?K@D<@EKI<;< I<;<FMK?<&LE@FI/L9FI;@E8K<;*FKEFK@:<F=K?<FDG8EPJGC8EKF;<=K?<GL8I8EK<
%*##IFLG>L8I8EK<J%E:
;<9J%E:
;<9J @E :FEE<:K@FE N@K? K?< FDG8EPYJ
8:HL@J@K@FEF=I<FM
II<8K<;KFI<;L:<K?<8>>I<>8K<FLKJK8E;@E>GI@E:@G8C8DFLEKF=
L8I8EK<<F=8EP
FLKJK8E;@E>8K@FE KF %*# #IFLG N@K? I?
I<;:FCC8K8K@FEJKF%*##IFLGK?<FDG8EP?8J8>I<<;KFG8P8GIGI@E:@G8C8DFLEKF=GI@E:@G8C8DFLEKF=K?<>@,9.0
 LI@E>K?<FDG8EPI<?K8K8EPK@D<FM<8:FIIGI@E:@G8C8DFLEKF=1
/
0I<8JLIPJ<:LI@K@
L8I8EK<<;9P
2FP8$FC;@E>J
1GFE8E?KKFLEN@E;8
GI@FI MFCLEK8IP  8CC F= K?< 
 /I<8KI<>I<>8K<GI@E:@G8C8DFLEKF=
/<=FI8:FII8DFLEKF=1
/
0I<8JLIPJ<:LI@K@>I<>8K<GI@E:@G8C8DFLEKF=
/.8K<&LE@FI/L9FI;@E8K<;*FK89FM<
JF= <:I<I<
0?<FDG8EPLJK89C<FLKC@E@E=IFDKF
0?@JI<;L:K@FEN8J;L<KFK?<I<;L:<;
:FCC8K=IFDK?<D8KLI@KPF=8GFIK@FEF=K?<?@KJ
0.@=0/=0/4?,.474?D
JF= <:CF8E9FIIFN@E>J8E;C8JL9C@D@K=FIJN@E>C@E<J?FIKK>I<>8K<8DFLEKF=LGKF
JF= <:8JI:I<;@K9FIIFN@E>JEF8DFLEKJF=(+JFLKJK8E;@E>8E;EF8DFLEKJF=JN@E>C@E<CF8EJ
FLKJK8E;@E>LE;C<8J?K F= LJ< 8JJK?<P<8IJ?KF=LJ<8JJ K89C< GI 8E; =@E8E:< C<8JC<8J<:FJKJ 




























 
 
 

"@E8E:<C<8J<:FJKJ 






























 
 

DFIK@Q8K@FEF=K?<I@>?KF=LJ<8JJC<8J<C@89@C@K@?K?<EFID8C :FLIJ<F=@EM8><
CF8EJFIDFE?<@EK?<
M8CL<F=K?<J<:LI@K@K?<:FDD@KD8><CF8EJF=8E;GLI:?8J<
C@D@K<;G8IKEL8I8EKP =LE;8JJ8E@Q8K@FE F= (@=< 8E; $<8CK? %EJLI8E:< #L8I8EKP JJF:@8K@FEJ 8E; K?< 8DFLEK F= GIL8I8EKP 8JJF:@8K@FE C8NJ
 0?< FDG8EP 9KF@EJLI8E:<:FDG8E@J

0CM5 =B5B7=5@
#B7
(CH9GHCH<9CBGC@=85H98 =B5B7=5@-H5H9A9BHG
 FCC8I8DFLEKJ@ED@CC@FEJLECLC8KFIP8LK?FI@K@ II<
8>I<<;KF"$( 































 
 

"$(I<; 



















































 
 

0FK8CII<<;FEK?<FEJFC@;8K<;8C8E:</?<<:FCC8K 8>I<8>I<<;KFK?<"$(8I<I<=C<:K<;@EK?<K89C<89FM<
-8-+%8-32)+90%836=%88)67%2(377328-2+)2'-)7
(@K@>8K@FEI<>LC8KFIP8E;FK?8K@FED8KK=IFDK?<:FE;L:KF=@KJ9LJ@E<FI@E;:FDGIFMLC8KFIP FI>8E@Q8K@FEJ @E :FEE<:K@FE N@K? @EHL@I@8K@FEJF=K?<GIF;L:KJ8E;GI8:K@:N@K?8GL9C@:CPI8K@FE9PK?</!I<>8I;@E>:FDGC@8E:<N@K?:
I C@K@>8K@FE 8E;
I<>LC8KFIPD8KK@M<8E;@E;?K@E:8K@FE8E;K?<@E?8K@FEFII<>LC8KFIPD8KK=IFDFK?<F=CFJJ
"FIJL:?D8KK<F=CFJJ@E
<F=CFJJ>I<>8K<I8E><F=
I<8JFE89CPGFJJ@9C<CFJJ<F=CFJJ
(@K@>8K@FE8CJF@E:CL;<K?8KK?<E8D<;;<=J,C8E
0?<GC8@EK@==J:C8@DK?8KK?<E8D<;;<=<;CPGFFICPG@EMGIFGI@<K?8KK?<;<=8><;@EJK?IFL>?K?<@E:CLJ@FEF=K?<2FP8
/K89C<28CL<+GK@FE@EKFK?<GC8EF==J8E;9PJK?<:I<;@K@E>I8K<=FIG8IK@:@G8EKJY@EMFI>>I8EK@E>@EG8IK8E;;@EG8IK2FP8JDFK@FEKF;@JD@JJ
0?<:FLIKC8I>:C8@DJ:FE:8K@FEJF=9I<8:?8K@FEJ
N?@:?@K9FIFLJCP
%E*FMI<JL:?K?FLKK?<IC@=<F=K?<8==<:K<;=LE;J


CBGC@=85H985B8(CB7CBGC@=85H98#BJ9GHA9BHBH=H=9G
0?<FDG8EP?FC;JM8I@89C<@EK?KKFI<:<@M<D8E8>L@;8E:<N?L@;8E:<N??MFK@E>I@>?KJ
.<=?KKFK?<99?4?40> #>
0?<FDG8EP@J@EMFCM<;@EK?<;E:I<8K@FE8E;K?<FE>F@E>D8E8> ;@M I8K< C<; CF8EJ 8E; J<:LI@K@Q@E> K?DLCK@GC<KI8E:?@EM :FCC8K=<<@E:FD<K?<FDG8EPF=KJ;LI@E>K?<@IN8IJ8I<@JJL<;
0?<FDG8EPGF@E>DFE@KFI@E>F=K?<
:FEJFC@;8K@FE 8JJ 8E; 8=KF@E>:FEJFC@;8K@FE
8JJ34;> $>
0?<FDG8EP@EMGI@M8K<<=LE;J
0?<(,J
>N?@:?@EM8;@M?J<:FE;8IPD8IBIFLGC8:B@E>K?<:?8I8:K=@E8E:@8C@EK8JK?<>@EMF@E>:FEJFC@;8K@FE8E8CPJ@J=FI<8:?C@D@K<;
G8IKE @EK@EK<@EEFE:FEKIFCC@E>@EK@EK8
C8>DPIFEK?<DFJKI<:8K@FEJ@JJL<;9P(+J8K=8@IM8CL<@E
JL9JE @KJ 8::FLEK@E> N@K? K?< <:FEFD@:J F= @KJ
KI8EJ8:K@FEJ8E;8CCFNJK?<FDG8EPKFDFI<<==<:K@ME:?8E><@EK?<=8@IM8CL<F=(+C@89@C@K@P=FID<8JLI@E>K?<=8@IM8CL<F==@E8E:@8C8JJP8E;:C8JJ@=@:8K@FE8GGC@<;9P
K?<FDG8EPKF@KJ@EM@=0809?>0C.7@/492:9>:74/,?0/9A0>?809?
9?4?40>*FK<KFK?JJ
0?FEK?<@EM=LE;@EM=LE;JI=LIK?J@E;J? 8E @EK DF;KFI<:F=KI8;@E>MFCLD3,9/,>3<@4A,709?>
0?<:8IIP@E>8DFLEKJ=FI:8J?I<=C<:KK?<8JJ
:=;:=,?07:,9>FIGFI8K<CF8E@EM8KM8I@FLJ;8K@EK@E;JJFEK?<KPG<:FDGCD<8JLI<;
0?<@EGLKJLJ<;9P@E;JJ 0?< (+ EFK GI@D8I@CP F= J I8K<
C<; CF8EJ
 .DJ F= K? 9FK? K?< :I<;@K
HL8C@KPF=LE;:FCC8K@M?K<;8M<D8KLI@KPF=
P<8IJ8JF= <:=@E8E:@8C8JJ:FDG8I@JFEJKFGI@FIG:?8CC<GIF:N?@:?K@D<K?<M<@JN8II8EK<;
0?<=FCCFN@E>E8II8K@M<@E;@:8K@E
@E:I<8J<I@JBGI?K<;8M<C@=<3(NFLC;
@E:I<8J<;<:I<8J<
S
 @J:FLEK )8I>@E JGI<8; FM@E LJ<; KF M8CL< K?< (+
@EM
JGIGI@M8K<LEI<8C@Q<;:8G@K8C
>8@EJCFJJGL9C@:D8IB;8K<
S
.GL9C@:D8IB
;8K<;FEK?<:@I:LDJK8E:K?<GI@:<F=I<:JIE@Q@EKF8::FLEKFK??JL9JK?<GC@EC@EK?<P<8IC@E@9C<=FIIKI8EJ8:K@FEJ9<=FI<:8G@K8C@J
:8CC<; =IFD @EM F= :
9FIIFN@E>J 8DFLEK KF  8E;  IJ 8I< I<=C<:K<; @E (@89@C@K@J8I<:8II@<;8K8E8DFLEK
K89C<JLDD8I@QK89C<JLDD8I@Q@EE@E>F=K?<GG=@E8E:@8C@EK<@E(+YJ:FEJFC@;8K@FEJK8KLJ;L<KFK?<:CFJ<F=K?<N8I=@E8E:@8C@EK
JF= <:
JF= <:%8-327
0?<FDG8EP@EM.)/)/8E;/
0?IFL>?@KJ@EM8K<;KFGIFM@;<8EP=@E8E:@8CFIFK?E8E;:FEJ@;?KKF8GGF@EKFIIE@=@:8EKCP@DG8:KK?<J<:LI@K@Q8K@FE
?@KJ@EM8K@FEKF89JFI9CFJJ?KKFI<:<@M<9E@=@:8EKKFK?<@=0809?>0C.7@/492:9>:74/,?0/9A0>?809?9?4?40>*FK<
KFK?8@EJCFJJ<@E=8@IM8CL<@JI<=C<:K<;@E*8@EJ
CFJJ?809?>0C.7@/492:9>:74/,?0/9A0>?809?9?4?40>
*FK<KFK?8I;@E>K?<:8IIP@E>8DFLEKJ8E;:C8JJ@=@:8K@FEJF=K?E:FIGFI8K<GL9C@:J<:LI@K@E>FME:FIGFI8K<GI@M8K<J<:LI@K@8><98:B<;J<:LI@K@8><98:B<;J<:LI@K@J<:LI@K@<; 










 
 
 

!HL@KPJ<:LI@K@8><CF8EJFEI<8CJ<:LI@K@<; 















 
 

0FK8C@EMI<:FCC8KI<:FCC8KK>I<>8K<C@HL@;8K@FEGI<=8JF=8E;IJ
1E8GGIFGI@8K<; 





























































 



0FK8C2FP8"@E8E:@8C%E:
J?8I,=0,949?02=,7;,=?:1?34>:9/09>0/49,9.4,791:=8,?4:9


0CM5 =B5B7=5@
#B7
-7<98I@9##
CB89BG98 =B5B7=5@#B:CFA5H=CBC:*5F9BH
-H5H9A9BHGC:)D9F5H=CBG
 CFH<9395FB898979A69F

5B8
%ED@CC@FEJ
395FB898979A69F



,9J9BI9G
*8@EJCFJJJCFJJJCFJJJCFJJ,=0,949?02=,7;,=?:1?34>:9/09>0/49,9.4,791:=8,?4:9
CB89BG98 =B5B7=5@#B:CFA5H=CBC:*5F9BH
-H5H9A9BHGC:CADF9<9BG=J9#B7CA9
 CFH<9395FB898979A69F

5B8
%ED@CC@FEJ
395FB898979A69F




*,=0,949?02=,7;,=?:1?34>:9/09>0/49,9.4,791:=8,?4:9


0CM5 =B5B7=5@
#B7
-7<98I@9##
CB89BG98 =B5B7=5@#B:CFA5H=CBC:*5F9BH
-H5H9A9BHGC:5G< @CKG
 CFH<9395FB898979A69F

5B8
%ED@CC@FEJ
395FB898979A69F



5G< @CKG:FCA)D9F5H=B;7H=J=H=9G
*8:K@M@K@JCFJJ8@EJCFJJ<@E
+K?,=0,949?02=,7;,=?:1?34>:9/09>0/49,9.4,791:=8,?4:9


0CM5 =B5B7=5@
#B7
-7<98I@9##
CB89BG98 =B5B7=5@#B:CFA5H=CBC:*5F9BH
-H5H9A9BHGC:5G< @CKGCBH=BI98
 CFH<9395FB898979A69F

5B8
%ED@CC@FEJ
395FB898979A69F



5G< @CKG:FCA =B5B7=B;7H=J=H=9G
,IF:<<;J=IFD@JJL8E:<F=;<9KN@K?D8KLI@K@@EE@E>F=G,=0,949?02=,7;,=?:1?34>:9/09>0/49,9.4,791:=8,?4:9



IG=B9GG5B85G=GC:*F9G9BH5H=CB
0?< :FE;=@E8E:@8C@E=FID8K@FEI<=C<:KJK?<I GI@E:@GCGFC@:@K?<

&C5BGHC-I6G=8=5F=9G
2FP8 "@E8E:@8C %E:
 D8@EK8@EJ I<:@GIF:8C CF8E 8>I<K89C<JLDD8I@QM8CL<F=2FP8"@E8E:@8C%E:
JCF8EJKFJL9J@;@8I@J%E:































V 

2FP8$FC;@E>J%E:































V 

2FP8$FC;@E>J%E:































 
V
.K89C<JLDD8I@QJ=FIK?<G/L9J@;@8I@KI<<;8KK?<GID8IBJ=FIJ<:LI@K@
*FK<KFK?<FEJFC@;8K<;"@E8E:@8C/K8K8I;@E>CFE>KK>I<>8K<:8G8:@KP8M8@C89C<2FP8"@E8E:@8C
%E:
LK@C@Q<;@E:I<;@K=8:@C@K@8JF= <:I<8K@FED8KKL8I8EK<L8I8EK<8K@FEJ F= 2FP8 $FC;@E>J LE;L8I8EK<<KF%*##IFLG@E
IL8I8EK<<F=:FD9@E<;GI@E:@G8C8DFLEKF=JGIFM@;<8>L8I8EK<<F=G8PD8K@FEJKF:E@Q<;9P2FP8"@E8E:@8C%E:
8JF= <:L8I8EK<I<L8I8EK<JL9J@;@8I@J%E:







































 
 
 

0FK8C 

















































 
 
 


#B7CA9.5L9G
JF= <: 8>I<CFJJJK8K<ECFJJ8E;:I<;@K:8IIP=FIN8I;J
28CL8K@FE 8CCFN8E:*FK<KFK?<FEJFC@;8K<;"@E8E:@8C/K8KE@Q<;;<=CFJJ:8IIP=FIN8I;J
0CM5 =B5B7=5@
#B7
-7<98I@9##
(CH9GHCCB89BG98 =B5B7=5@#B:CFA5H=CBC:*5F9BH
 FCC8I8DFLEKJ@ED@CC@FEJLEC8>I<IFLG8J;<=@E<;@E/<:K@FE
 F= K?< %EKI< F= K?< G8PD F=
:FEJFC@;8K<; =<; 8>I<IFLG8:KL8CCPLJ8>I<I<I<F=8JK8K<FICF:8C=I8E:?@J<@E:FD<K8OFIFK?DF=8JJ<;9P%EMID8><CF8EJFEI<8C
8><CF8EJFEI<8C
8><CF8EJFEI<8C
*FK<KFK?<8::FDG8EP@E>FEJFC@;8K<;"@E8E:@8C/K8K?809?>0C.7@/492:9>:74/,?0/9A0>?809?9?4?40>*FK<KFK?<8::FDG8EP@E>FEJFC@;8K<;"@E8E:@8C/K8K@KJ?@<=
!O<:LK@M<+==@:E8E;FG< :K F=  8J 8D<:K8JF=K?<K?8KD8KKFK?<FDG8EPIJN@K?K?<
/<:LI@K@<FDD@JJ@FE/!@JD8;<BEFNEKFK?8E;D8@EK8@E@E>8;8J;<=@E<;@E
.LC< :K =FI K?< FDG8EP
 0?< FDG8EPJ @EK@J;E<;KFGIFM@;<I<8JFE89C<8JJLI8E:<I<>8I;@E>K?<I8E;K?<GIGI@E:@GC@E:CL;GI@E:@GCD8;<
FECP@E8::FI;8E:<N@K?8LK?FI@Q8K@FEJF=K?<FDG8EPJD8E8>8I;@E>GID8PEFKGII<<F=:FDGC@8E:<N@K?K?<GFC@:@8JF= <:KF=@E8E:@8CI@E8::FI;8E:<N@K?K?<:I@K+I>8E@Q8K@FEJF=K?<0I<8;N8PFDD@JJ@FE
%EK?<FG@E@FEF=D8E8>8JF=
 <:@JK =@ID !IEJK  5FLE> ((, ?8J @JJL<; K?<@I 8KKN?@:?@JJ8J;<=@E<;@E.LC<8=F=K?<!O:?8E><
:KK?8KF::LII<;;LI@E>K?<P<8I


,9DCFHC:#B89D9B89BH,9;=GH9F98*I6@=777CIBH=B; =FA
0FK?</?8I8JF= <:I8K<;"I8D+I>8E@Q8K@FEJF=K?<0I<8;N8P
FDD@JJ@FE=I8D8JF= <:+M?KF8I;1E@K<;/K8K <==<:K@M< @EK 8E; =FI @KJ
8JJ@E:CL;<;@EK?<8::FDG8EP@E>)8E8>
+LII 98J<; FE FLI 8L;@K
 3< 8I< 8 GL9C@: 8::FLEK@E> =@ID I<>@JKLC8K@FEJF=K?</<:LI@K@<FDD@JJ@FE8E;K?<,+
3<:FE;L:K<;FLI8L;@K@E8::FI;8E:<N@K?K?<JK8E;8I;JF=K?<,+
0?FJ<JK8E;8I;JIN8JD8@EK8@E<;@E8CC
D8K8ELE;F=@EK8JJK?<I@JBK?8K8D8K8E;K?<;E8E;FG<==<:K@M JL:? FK? @J 8 GIF:E<; KF GIFM@;< I<8JFE89C< 8JJLI8E:< I<>8I;@E> K?<
I8E;K?<GIGI@E:@GC@E:CL; GI@E:@GC D8;< FECP @E 8::FI;8E:< N@K? 8LK?FI@Q8K@FEJ F= D8E8>8I;@E>GID8PEFKGII<<F=:FDGC@8E:<N@K?K?<GFC@:@((,
/8EEKFE@F0K?<K?I<<DFEK?JGC8EJ@EK8I;KFK?<ELD9CGC8EN?@:?N8J8;FGK<;FE/:FEK@EL?*FMGC8EGIFM@;KFK?<FDG8EPJEEL8C)<F=/?8IKFK?<FDG8EPJEEL8C)<F=/?8I K89C< GIFM@;8I;@E> J<:LI@K@8N8I;JI0/9.09?4A0:8;09>,?4:9$7,9>*FK<@EFLIFEJFC@;8K<;"@E8E:@8C/K8K3,=0>4984774:9>
)AB=6IG*@5B
)AB=6IG*@5B
LK?FI@Q<;=FI@JJL8E:< 



























%JJL<;8E;I
./1J 



































V 	 


,/18N8I;J




























V



/?8I8ELD9FEK?<CI8EKJJ?8CC9<D8;<GLIJL8EKKFK?<+DE@9LJ,C8EJ
0?<
+DE@9LJ,C8EGIFM@;I8EK<;LE;K?8K8N8I;N@CC9<:FD<8M8@C89C<=FI
@JJL8E:<
/?8I=IFD8N8I;JFK?KFK?<FDG8EPJEEL8C)<F=/?8IKFK?<FDG8EPJEEL8C)<F=/?8IKFK?<FDG8EPJEEL8C)<F=/?8I@JK"@ID





/:?<;LC<%/LDD8IPF=%EM::FLEKJ
CCFK?I<>LC8K@FEF=K?</<:LI@K@<FDD@JJ@FE8I<EFKII<2FP8"@E8E:@8C%E:
2FP8%EMJ (( ;8K<; 8J F= &LE<   @E:FIGFI8K<; 9P
I<=LJK


DI<8D@ /HL@II@JKI8K@FE/K8KE8K@FEJN@K?IE8K@FEJN@K?I@JKI8K@FE/K8K@JKI8K@FE/K8K%*#1
/
%E:
(@FEFEE<:K@:LK$FC;@E>J%E:
8E;1
/
8EB
*8K@FE8CJJF:@8K@FE8JKILJK<<@E:FIGFI8K<;9PI<=@JKI8K@FE/K8K%*#1
/
%E:
(@FEFEE<:K@:LK$FC;@E>J
%E:
 8E; 1
/
 8EB *8K@FE8C JJF:@8K@FE 8J KILJK<< @E:FIGFI8K<; 9P I<=2FP8"@E8E:@8C%E:
2FP8$FC;@E>J%E:

8E;1
/
8EB*8K@FE8CJJF:@8K@FEK?<GI<;<:2FP8"@E8E:@8C%E:
2FP8$FC;@E>J%E:
8E;
1
/
8EB*8K@FE8CJJF:@8K@FE8JKILJK<<@E:FIGFI8K<;9PI<=2FP8"@E8E:@8C%E:
2FP8$FC;@E>J%E:
8E;
1
/
8EB*8K@FE8CJJF:@8K@FE8JKILJK<<@E:FIGFI8K<;9PI<=?K?/LGGC2FP8"@E8E:@8C%E:
2FP8$FC;@E>J
%E:
8E;1
/
8EB0ILJKFDG8EP*8K@FE8CJJF:@8K@FE8J0ILJK<<@E:FIGFI8K<;9PI<=%*#1
/
%E:
(@FEFEE<:K@:LK$FC;@E>J
%E:
 8E; 1
/
 8EB *8K@FE8C JJF:@8K@FE 8J KILJK<< @E:FIGFI8K<; 9P I<=2FP8"@E8E:@8C%E:
2FP8$FC;@E>J
%E:
8E;1
/
8EB*8K@FE8CJJF:@8K@FE8JKILJK<<@E:FIGFI8K<;9PI<=@JKI8EK @E:FIGFI8K<; 9P I<=LJK9@JKI8K@FE /K8KLJK9@JKI8K@FE/K8K@JKI8K@FE/K8K@JKI8K@FE /K8K@JKI8K@FE /K8K@JKI8K@FE/K8KJ%E:
8J
JL::@JKI8K@FE/K8KI<;@K>I<2FP8"@E8E:@8C
%E:
8EBF=DI<<8E;/<:LI@KP>I<I<@JKI8K@FE/K8KI<@JKI8K@FE /K8KI<@JKI8K@FE/K8KI<@JKI8K@FE/K8KI<@JKI8K@FE /K8K>I<J%E:
8E;M8I@FLJJL9J@;@8I@@JKI8K@FE/K8K>I<J%E:
8E;M8I@FLJJL9J@;@8I@@JKI8K@FE/K8KI<I<J
%E:
 8E; %*# %EJLI8E:< !LI8J@8 *
2
 @E:FIGFI8K<; 9P I<=@JKI8K@FE/K8KI<@JKI8K@FE/K8KJ ,C8E DLJK


"FID F= N8I; >I<LJK

		
)8JKI<E@Q8EK 3FIC;N@;<
(@D@K<; ;8K<; 8J F= &LCP   @E:FIGFI8K<; 9P I<=I<J((;8K<;8JF=&LCP
@E:FIGFI8K<;9PI<=LJK


+==I<I<I<I<I<I<LJK


	
/KI8K<>@:;M@JFI>I<,FC@:P

	
(@JKF=/L9J@;@8I@((,


,FNE8KLI<G8>J8I<<:KF=K?<I<>@JKI8EK?8J;LCP:8LJ<;K?@JIE<;FE
@KJ9E<;K?@JKI8EK
P
J
)@:?8E8KLI<9EK?@J
EEL8C.<FDD@JJ@FE>I8EK@E>LEKFJ8@;8KKFIEI?K FI :FLC; ;F @E G 8E;
:FE=@ID@E>8CCK?8KJ8@;8KKFIE< :K F=  K?@J IE<; 9
G@JKI8EK8E;@EK?<:8G8:@K@>8I
 @I<:KFI
"<9IL8IP
(PEE<@>>8I
P
J /K+==@: