Quarterlytics / Technology / Software - Application / Workiva

Workiva

wk · NYSE Technology
Claim this profile
Ticker wk
Exchange NYSE
Sector Technology
Industry Software - Application
Employees 1001-5000
Overview Coverage Annual Reports FAQ Peers Earnings Calls Financials News Management
← All annual reports
FY2024 Annual Report · Workiva
Sign in to download
Loading PDF…
Annual
Report
2024


Letter from the CEO
Dear Stockholders -
As we move into our next decade as a publicly traded company, I continue to be optimistic about the future of our business and our industry. 
With the shifting technology landscape around AI, an evolving regulatory environment, and continued pressure to realize operational efficiencies, 
business leaders increasingly turn to Workiva as the trusted platform for transparency and disclosure of financial and non-financial data. The stakes 
are high, and accuracy, speed, and productivity are not optional. Our customers rely on Workiva’s platform to ensure data integrity while complying 
with global regulations.
Fiscal 2024 was another strong year for Workiva, and I’m incredibly proud of our team’s execution, all while navigating a shifting global political and 
economic environment. We achieved 20% year-over-year subscription revenue growth, improved operating margins, and generated record cash flow. 
A healthy balance of new logo growth and solution expansion with existing customers speaks to the significant opportunity we still have ahead of us. 
We now have a global customer base of over 6,300 organizations that trust Workiva with their most sensitive data.
A Focus on Growth and Productivity
We deliver a unified platform offering financial and non-financial investor-grade business reporting, which is a unique and key differentiator that 
separates us from the competition. We shine where data consistency, integrity, and accuracy are critical and narrative is required. We remain 
focused on our future opportunities as we continue to address a large and growing global market.
At our Investor Day in September 2024, we provided a revised TAM of $35 billion, reflecting the growing opportunity we see to power transparency, 
trust, and accountability. The growth in our market opportunity reflects our expanded global reach and our investment in our platform, solutions, 
and technology innovation.
We are confident we can maintain our top-line momentum while at the same time improving productivity. We have shown margin expansion in 
recent years and have committed to the operating targets in our 2027 model. We are focused on driving efficiency and scale across the business, 
while at the same time aiming for high teens-to-20% subscription growth over the coming years. 
Executing Our Strategy
Workiva continues to deliver on the four pillars of our strategy: platform, solutions, partners, and global expansion. We are winning with our assured 
integrated reporting platform, which now includes carbon accounting – the most consistently regulated part of sustainability management. We are 
demonstrating continued success across our diverse and growing portfolio of best-of-breed solutions. This is highlighted by the success in selling 
new solutions to our existing installed base. In 2024, we delivered a 26% increase in contracts valued at over $100 thousand and a 32% increase in 
contracts valued at over $500 thousand. 
We are also effectively executing on our global expansion strategy. As highlighted in our most recent 10-K, 18% of our 2024 total worldwide revenue 
now comes from outside the Americas, up 285 basis points from 2023. And finally, our high-performing partner ecosystem continues to extend our 
value and accelerate our growth. Partners are engaged globally in deals of all sizes, and their value and contribution have increased throughout 2024. 
A Values-Driven Culture
One of the differentiators that makes Workiva so special is our continued focus on our values-driven culture. We are a company of over 2,800 
talented professionals dedicated to amazing our customers and making a positive daily impact. Our company’s guiding principles inspire everything 
we do - from building our software and exceeding our customers’ expectations to how we treat our employees, foster a culture of innovation, and 
make a difference in our world.  Our focus on culture is why we continue to be recognized among the 100 Best Companies to Work For by Fortune 
magazine for the 7th year in a row and among PEOPLE’s 100 Companies That Care.
In conclusion, I want to express my gratitude to the entire Workiva team for their dedication and accomplishments throughout 2024. This is an 
exciting time for Workiva, and we have a remarkable global opportunity ahead of us. We are strategically positioned to help companies enhance 
building trust, transparency, and accountability.
2024 Company Highlights
•	
Exceeded full-year guidance, resulting in 20% subscription revenue growth and 17% total revenue growth
•	
Achieved a gross retention rate above our 96% target
•	
Grew our global customer base to over 6,300 organizations and achieved a 32% year-over-
year growth of customers with an annual contract value of over $500K
•	
Named one of the Fortune 100 Best Companies to Work For ® — for the seventh 
consecutive year
•	
Launched Workiva Carbon, a new offering that enables organizations to support the 
requirements of global climate regulations while simplifying the management of net 
zero targets that thousands of organizations have established voluntarily to meet 
international guidelines
•	
Received a rating of AAA in the MSCI ESG Ratings assessment for the third year in a row 
•	
Launched enhancements to the core platform and generative AI 
•	
Added 10 new innovation patents, bringing our total to 86
Julie Iskow
President and Chief Executive Officer

The Workiva Platform
Where your most 
important work 
comes together.

*#)())(
(*')(#-#$""(($#
,1C89>7D?>		

77777777777777777777777777777777777
$'" 
77777777777777777777777777777777777
"1B;$>5
##*!'%$')%*'(*#))$()$#$'4$)(*')(-#)$
?BD8569C31<I51B5>454535=25B


$'
)'#()$#'%$')%*'(*#))$()$#$'4$)(*')(-#)$
?BDB1>C9D9?>@5B9?46B?=D?
?==9CC9?>9<5#E=25B
77777777777777777777777777777777777
,$' +#	
 O8:KE8D<F=I<>@JKI8EK8JJG<:@=@<;@E@KJ:?8IK8E@Q8K@FE	



$-. DGCFP9F5BC9DI39@1<5H53ED9F5?66935C1>4J9@3?45



'579CDB1>DKCD5<5@8?>5>E=25B9>371B513?45
77777777777777777777777777777777777
(53EB9D95CB579CD5B54@EBCE1>DD?(53D9?>
2?6D853D
)9D<5?651383<1CC
)B149>7(I=2?<
#1=5?651385H381>75?>G8938B579CD5B54
<1CC3?==?>CD?3;@1BF175
(53EB9D95CB579CD5B54@EBCE1>DD?C53D9?>
7?6D853D
#?>5
77777777777777777777777777777777777
$E;@:8K<9P8:?<:BD8IB@=K?<-<>@JKI8EK@J8N@JKI8EK@JEFKI@JKI8EK	?8J=@C<;8CCI<:KF=;LI@E>K?<GI<:<;@E>DFEK?JFI=FIJL:?J?FIK@JKI8EKN8JII@JKI8EK ?8J JL9D@KK<; LC8K@FE.
/RF=K?@J:?8GKK?<GI<:<;@E>DFEK?JFI=FIJL:?J?FIK@JKI8EKN8JI@JKI8EK @J 8 C8I>< 8:: :FDG8EP FI 8E @E> >IFNK? :FDG8EP .<< K?< ;<=@E@K@FEJ F= WC8I>< 8:::FDG8EPX8E;W@E>>IFNK?:FDG8EPX@E-LC<9
F=K?< O:?8E><:K

'8I><8:::FDG8EP
 D@E>>IFNK?:FDG8EP
$=8E@E>>IFNK?:FDG8EP@E;@:8K<9P:?<:BD8IB@=K?<-<>@JKI8EK?8JN@K?8EPEJK8E;8I;JGIFM@;<;GLIJL8EKKF.<:K@FE8	F=K?< O:?8E><:K
$E;@:8K<9P:?<:BD8IBN?@JKI8EK?8J=@C<;8ILE;@JK=@IDK?8KGI@JK@JKI8EK@E:CL;<;@EK?<=@C@E>I<=C<:KK?<:FII<:K@FEF=8E@JKI8EKYJ  K?< I@JKI8EK@J8J?<:K	4>I<>8K<D8IBJKF:B?@JKI8EKFE%LE<98J<;FEK?<:CFJ@E>
GI@:<F==FIJ?8I@JKI8EKYJC8JJ:FDDFEJKF:B8JI<N8J8GGIFO@D8K@JKI8EKYJ C8JJ  :FDDFE JKF:B
8E;J?8I@JKI8EKYJC8JJ:FDDFEJKF:BFLKJK8E;@E>
$*"#)(#$'%$').''#
$E=FID8K@FEI@JKI8EKYJ+IFOP.K8KF=.KF:B?FC;@JKI8EKN@K?K?<.<:LI@K@<FDD@JJ@FEEFC8K@JKI8EKYJ=@J:8CP<8I
454535=25B


)!$$#)#)(
%175
+8IK$
$K8C+IF:<<;@E>J

$K@JKI8EKYJFDDFE HL@KP-I<8E;!@E8E:@8C@J:CFJLI< 
$K8I;@E>!FI<@>E%LI@J;@:K@FEJK?8K+I!<JK8KF=.<:K@FE F=K?<.<:LI@K@<:KF=8J8D<:KX	8E;
8I<JL9A<:KKFK?<J8=<?8I9FI:I<8K<;K?JK8K8I;@E>FLI=LKLI<IP 8E; GC8EJ 8E; FLI F9A<:K@M JK8KJK8KJK8KPJ?FIK
K
K JK8K
K?FJ< ;@E><=IFDK@D<KFK@D<$K@JEFKGFJJ@9C<=FIFLID8E8> JK8K?K F= K?JK8K? N< 9 JK8KL8I8EK<<=LKLI<IJK8KJK8KFLI@E;LJKIP8E;
K?< D8IB8E@Q8K@FEJ FK? @E;LJKIP GL9C@:8K@FEJ JLIMJL:?;8K88E;FLIBEFNC<;><F=JL:?@E;LJKIP8E;
D8IB?N<95CC
$F5BF95G
2FIB@M8YJD@JJ@FE@JKFGFN=FI89J :LJKFD JLJK8@E89@C@KP
D8E8>FM 8E;
KI8EJ=FID@E>;8K8=IFD?LE;I<;JF=W -+X	?LD8E:8G@K8CD8E8>I<8K<K?<@I
9LJ@EI8K<; I I8E@Q8K@FEJ8:IFJJK?<>CF9<N@K?.88.GC8K=FIDJFCLK@FEJKF
?8E;;@J:CFJLI<:?8CC8E@Q<FLIJ8C IIFLGJ =@E8E:@8C I JLJK8@E89@C@KP
D8E8>GI@D8I@CPFEK?<F==@:IIFNK?J@E:<N<II8:FDGFLE;
8EEL8C>IFNK?I8K<2<@E:LII<;EK?<
P<8IJI978<978DC1>4"9<5CD?>5C
S $EGI@CN<NK?<8Q@E<
=FIK?<K?K@D<8E;@EL>LJK2FIB@M8N8JE8D<;8DFE>+ *+' JFDG8E@K?8K8E@Q8K@FEJKFJLGGFIK
K?<ICF98C:C@D8K<I<>LC8K@FEJ@E:CL;@E>K?<FIGFI8K<.LJK8@E89@C@KP-
@I<:K@M< W.-X	 N?@C< J@DGC@=P@E> K?< D8E8>8E@Q8K@FEJ?8M<L@;F=@EK?<(.$ ."-8K@E>J8JJI?8E;J@>E@=@@E>K?<DFJKJ@>E@=@:8EK EM@IFED LJ G =FI =8JKED:P:CI8D=FILGKFD@CC@FEF=FLI
FLKJK8E;@E>C8JJ:FDDFEJKF:B
S $EK?<J<:FE;?8C=F=2FIB@M8C8LE:?<;FLI
JFCLK@FEJ@E:CL;@E>C@EB@E>8E@Q8K@FEJ 8E; > FM LJ <@K?8><; ;LI@E> C@D8K< 2<LC8KFIJ
:LJKFDK?<:FDG8EP@EK?<
KFGF=8CC:FDG8E@$.. ."8N8I;J8GI@D<JK8KLJKF:FDG8E@KFK?<@II8K@E>GIF:N<8;;<;E@E>FLIKFK8CKF


"13B?)B5>4C
.@OD8:IFKI;LC8KFIP ;8CN8PJ;FLI:CFL;JFCLK@FEJ8E;9I@E
I<:LC8KFIP ILC8K@FEJK?8KII8K<;I8E;K?< -+LG>I8;<:P:C<LE;8E;;@J:CFJLI< 8:?F=FLI=@K
=FI
GLIGFJ<JFCLK@FEJ?8E;;@J:CFJLI<
'/16' #0& ;$4+& !14- 08+410/'065 /F 8KKI8:K 8E; I<NFIBDFI<=C<8
>IFN@E> ELD9@K8C NFIBGC8:<  :FCC89FI8K@M< K<:?EFCF>@8:K@FEJ8E;I8E@Q8K@FEJ:8GKLI<8E;:FCC<:KDFI<;8K8@EDFI<JPJK>I<>8K@FE8E;:FEJFC@;8K@FEF=K?8K;8K89<:FDI8K@E>N@K?8E;
:FEE<:K@E>KFJFLI:<JPJK8E;;@J:CFJLI<8E;@J8?@>?GI@FI@KP=FIK?<FI>8E@Q8K@FEJN<JCF98C I<>LC8KFIP  KF @E:I<8J@E> ;LC8KFIJ8I<8CJF;>I<8KLC8KFIJ?8M<8CI<8;PFIN@CC9<@DGCJKIL:KLI<;;8K8D8E;8K
:FDG8E@ ;8K8 @E K?<@I =@E8E:@8C JK8K <3K '8E>L8><
W3-'X	/?<2FIB@M8GC8K=FID?8JJLGGFIK<;3-';@J:CFJLI@E@DGFIK8E:<8E;K?CP@DGFIK8EK=FI:FDG8E@  F= =@E8E:@8C 8E; EFE
=@E8E:@8C ;8K8 =IFD D8EP ;@JG8I8K< JFLI:FLI@EMIFNK?FGGFIKLE@K@I8K@FE @EKF  NFIB JKI<8DJ KF J@DGC@=P K?<@I DFJK :FDGC:?8CCJ:LJKFD
JLJK8@E89@C@KPD8E8><8E;GFJ@K@FEJLJKFN@E@EK?<9LJ@ED8IBGIFM@;JFCLK@FEJK?8K
8I<;E<;KFJFCM<=@E8E:@8C8E;EFE
=@E8E:@8C9LJ@E @EKF EI8G?@IFN@E>FLI9LJ@E?JDLCK@
JFCLK@FE;<8CJ8E;8::FLEKIFLGJ K?8K 8I< G8IK F= K?@J >IFNK? JKI8K<>P 8I< =@E8E:@8C I JLJK8@E89@C@KP
D8E8>IFLGF=JFCLK@FEJ8E;:FEK@ELE@=@:8EK >CF98C FGGFIKLE@KP =FI 2FIB@M8 8DFE> GI@M8K< 8E; GL9C@: :FDG8E@GIF:E@=@:8EKCPKF
8::FDDF;8K< =8:KFIJ JL:? 8J @E:I<8J@E> I<>LC8KFIP GII8K@FE F= EFE
=@E8E:@8C
;8K88E;;@J:CFJLIJL:?
8J<:FEFD@:MFC8K@C@KP8E;>>@E>@J
9LC8KFIP=@C@E>J2<9GIF:JFCLK@FE:8G89@C@K@8E@E:I<8J<@EJFLI:<
;8K8@EK<>I8K@FEJI8K<; " FLI IF9LJK =@E8E:@8C I
:8G89@C@K@ FLI 8C@>EDJ JL:? 8J JLJK8@E89@C@KP
D8E8>IFNK?FGGFIKLE@K@IFNK? 8E; N< GC8E KF :FEK@EL< KF 8::IFN@E> E<<; =FI JLJK8@E89@C@KP @E=FID8K@FE $E 8E @E:I<8J@E>CP KI8EJG8I8E@Q8K@FEJ 8:IFJJ K?< >CF9< 8I< ;@J:CFJ@E> EFE
=@E8E:@8C B@EE@E> KF 8GG<8I @E
D8@EJKI<8D=@E8E:@8CIP<8IJ
2FIB@M8YJ=@K
=FI
GLIGFJ<JLJK8@E89@C@KPD8E8>8E@Q8K@FEJD8E8><:FCC89FI8K<8E;;@J:CFJ<K?<@IJLJK8@E89@C@KP@E=FID8K@FEKF
JK8B< N?8K N< 9IFNFLI9LJ@ED @EK?GI@FI@KP=FI *J
8E; 8:IFJJ 9F8I;IFFDJ 8CC FMCF9< 2FIB@M8YJ "- JFCLK@FE JL@K< <I@JBJFK?8K:LJKFD8CCPLC8K@FEJ$EK?<J<:FE;HL8IK "- GC8K=FIDJ 9P @E;<FLI"-C<8;IFNFLI9LJ@EIFNK? FLKJ@;< F= )FIK? D K?< E<<; KF D8E8>< :FDGCLC8KFIPICF98CD8IBG<F=KFK8CII8G?@: I<8:?
8::<8E;8;FGK@FEF=FLIGC8K=FID8E;CF98C8E;I<>@FE8CG8IKE
>CF98C :FEJLCK@E> =@IDJ JPJKI8KFIJ C8I>< 8E; D@;
J@Q<; @E;P8E;J<F=
;FD8@E8E;=LE:K@FE8C@K8CKI8EJ=FID8K@FEGIFA<:KJK?@FEJNFIC;N@;<
*LIGC8K=FID9L@CKGI@D8I@CPFED8QFE2<9.@:?8I8:K?C@>?KFLIGC8K=FIDYJB
8E;
;IFG ;8K8 KI8EJ=FID8K@FE 8E; GI?KJ@EJK8EK8E8E@Q8K@FEJ:8EJ@DGCP<8E;J<8DCLLC8KFIP=@C@E>J
2@K?FLIGC8K=FIDYJ;8K8
C@EB@E>:8G89@C@K@<@J8LKFD8K@:8CCPLG;8K<;@E8CCC@EB<;
@EJK8E: E8II8K@M< 8E; ELD9?FLK JGI<8;J?< ;F:LDI8G?JGIN@K?K?<DFJK:LII <D8;<9P8K<I@JB>8@E@EJ@>?KJ8E;D8B<9<8::I8EK
8::LI<;9PK?<:LJKFDE ;I8;<J:8C89@C@KP8M8@C89@C@KP8E;J<:LI@KP/?<G8EE<;KFJLGGFIKD@CC@FEJF=C<JFLI:<F=;8K88DFE>DLCK@GC<;F:LDI@KP 8E; GI@M8:P GI8:K@:LC8I
:LJKFD8><@E:FEK@ELFLJ8E;FE>F@E>G
D8EL8C8E;8LKFD8K@:@EKI8DW!<;-(+X	8E;$.*2<8CJF8><
K?@I;
G8IKP8L;@KFIJKF8@EJKK?<J8E@Q8K@FE:FEKIFCJW.*X	:FDGC@8E:<
=I8D:FEK8E;:FCC89FI8K@FE2@K?K?<:FDGCJLJK8@E89@C@KPD8E8><@J
G8I8DFLEKVG8IK@:LC8ICPN??K
$EN<I<=@E<;8E;K?<>L@;<F=$8E;(8:?@E<'<8IE@E>W('X	K<:?EFCF>@8E@Q8K@FEJ2<9L@;<;9PGI@E:@GC K?< "?KG8IKE8E@Q8K@FEJKFJKI<8DC@E<GIF:DFI<K?8EI<8;P
D8;<KJ@E:CL;<GIF:8E@Q<;8E;C@EB<;
IL@; JLJK8@E89@C@KP 8L;@K
=@E8E:@8CGC8EE@E>8E;8E8CPJ@J=@E8E:@8CJ8CK<8DJ:8E<8J@CP8;;K2FIB@M8NFIBJG8:<8E;FGK@D@Q<NFIB=CFNN@K?GIF:C
2< D8IBFI@Q<; @EKF =FLI I
>IFLGJ=@E8E:@8CIJLJK8@E89@C@KPD8E8>IFN@E> ; N?@:? @J 8 :FDGC?FLK;@==8:P
NFI;
GIF: ;F:LD@K8C 8L;@K KI8@C /?@J ;@J:FEE<:K<; D8EL8C
GIF: @E:FEJ@JK8C
?K :FDG8E@?KF89=@IDJ
N?@:?N<8B#0&;56'/(14.'%6410+%1%7/'060#.;5+5#0&
'64+'8#. => '2146+0) *LI GC8K=FID >@M
GIF:KFJLGGFIK@E>;F:LDN@K?
$EC@E<3-'*LI. IJFCLK@FE8CCFNJFLI:LJKFD@JKI8K@FEJK8K GIF:FEK?<. YJ C<:KIFE@:
8K8"8K?E8CPJ@J8E;->@E>8J
NE+I@M8K<$JJL>@E>@EK?<@I
!8E;
!=@C@E>JN@K?K?<. 2FIB@M88CJFJGIJ:8CCJ:I@GKJGI=@C@E>8E8;@8E@JJL?. -
#2+6#. #4-'65 2FIB@M8 F==P GC8K=FID JLGGFIK@E> FLI :LJKFD?FLKK?<@IAFLIE8GI@M8KGL9C@:CPKI8;<;2<
9D8E8>8E;:FEKIFCJD8E8> W$+*X	 ;8K< J K?F K?IFL>? K?< $+* GIF:<K?<:I<8K@FEF=K?<@I!FID.

KFI<>@JK<FDD@JJ@FEIFLE;K?<K@D<K?F
GL9C@: D8EP F= K?GIF:KFJLGGFIK@E>;F:LD
K?<@I =@E8E:@8C JK8K<K?<@I=@E8E:@8CJK8K?
:FEE<:K@E>;@I<:KCPKFK?<@I=@E8E:@8CJFLI:<JPJK=@E8E:@8CJK8K? 8LKFD8K@FE N?@:? I<;L: JKI8K? =@E8E:@8C ;8K8
=I<<@E>PFLIK@D<=FIKPFLI=@E8E:@8CJKFIP
7412'#0 +0).' .'%6410+% 14/#6 => 2< 9 @E  LIFG<  . ! @J 8E 8EEL8C =@E8E:@8C I I<>LC8K@FE
JG<:@=@<;9PK?< LIFG<8E.<:LI@K@;FD I<>LC8K<; D8IB@K8C=FID8KLJ@E>@3-'/?<BI<8K:FEJ@JK @K 8E @;<8C =@K =FI 2FIB@M8 (FI< K?8E   LIFG<8E @JJLFM?8E@Q8K@FEJ
F=8CCJ@Q<8E;I<F=FGD8E@Q8K@FEJ
@E:CL;@E>!@E8E:@8C+C8EE@E>8E;E8CPJ@JW!+X	9F8I;:FDD@KK<<8E;HL8IK
.L@K<
IJKI8K<>@:9LJ@E@E> 8E; KI8:B@E> B8E;8E@Q8K@FEJ KF ;?
HL8C@KP
;@J:CFJLI @EMLC8KFIP 8>@E=FID8K@FE;@I<:KCP8:IFJJJLJK8@E89@C@KPIJ:8CCJ:I@GKJ8E;I<>LC8KFIP=@C@E>JN@K?JLGGFIK=FI3-'K8>>@E>
*LIGC8K=FID8CJF?8E@Q8K@FEJGIF8:K@M@E>I<>LC8KFIP
C8E;J:8G< KF :I<8K< @EK<>I8K<; 8E; 8JJLI<; IE N@K?
JK8BC<JFLI:<F=KILK?=FIJLJK8@E89@C@KPDL@; "CF98C - $E@K@8K@M< W"-$X	 .K8E;8I;J .LJK8@E89@C@KP
::FLEK@E>.K8E;8I;JF8I;W..X	/8JB!FI:<FEC@D8K<
II8D K?< ;@>@K8C ?L9 FE NFIB@M8:FD :I<8K8E@Q< K?< KFG@:J K?8K 8I< D8K8E@Q8K@FE :I<8K< 8LKFD8K<; GIF:JL9D@KK@E>I@EK?8K8;M8E:8E@Q8K@FEJYI@E:CL;@E>K?<KI8:B@E>8E;;@J:CFJLI<F=
:8I9FE 8E@Q8K@FEJ KF D<8JLI< D8E8>< :FCC89FI8K< 8E; ILC8KFIPII
@DGC8E;8JJ@EKW$!-X	8JI*M?KF8I;FE
8L;@KJF=D8E8>@EKGL9C@::FDG8E@L@E.*3I@JB8E;:FEKIFCJ8:IFJJ8EFI>8E@Q8K@FE$EK?FLK 8E FI>8E@Q8K@FE 8KKI8:K@E> 2FIB@M8 :LJKFD< F=
; GIF: @JJLIFLG2FIB@M8I8EK8::2@K?FLIGC8K=FIDFLI:LJKFDI8K<K?<@II@JB
D8E8>?FLKK?<FI>8E@Q8K@FEN?@C<D8@EK8@E@E>@E=FID8K@FEGI@M8:P8L;@KKI8@CJ8E;
J<:LI@KPI@E?@>?CP<==@:@E@KL;< GC8E JKI8K<>@:
I<8CC:FEKL@;< FE>F@E> GFC@:P I?FLK K?< P<8I LJKFDLC8K@FEJ 8E; :I<8K< 8 :FEJ@JKICF98CCPKF98EBJ@EJLI8E:<8E;@EMLC8KFIP=@E8E:@8CI@JB8E;JLJK8@E89@C@KP
D8E8>I<>LC8K@FEJFLI:LJKFDCF98CI<>LC8KFIPJK8E;8I;J
8J@FE8CI<>LC8KFIPI!<;LK?FI@KP8E; LIFG<8E LC8K@FEJ :FMLC8KFIJ 8E;
@EK
*LIGC8K=FID8@;J@EJLI8E:<:LJKFDLC8KFIPICF98CCP!FILC8K<;9FK?@EK?<@IJK8K<F=;FD@:@C<8E;@EFK?9PJK8K<
8E;FK?LC8KFIP I II<>LC8K@FEJ=FII<>LC8KFIP:8G@K8CILC8KFIJ8E;@EK
2<8CJFD8IB@E:CL;@E>=@E8E:@8CI<>LC8KFIP8E;@EM
7$.+% '%614 .K8K< 8E; CF:8C >FM2<8I<8CJF8;FGK@FEF=FLIGC8K=FID
8:IFJJ 0. >FM JFCLK@FEJ K?8K @DGIFM< ;8K8
8::LI8:P =FI P 8E; LK@C@K@J LK@C@KP I8K< D8B@E>
;F:LDJ =@E8E:@8C 8E; GP-<>LC8KFIPFDD@JJ@FEW! -X	3-'
D8E;8K<(FI<K?8ELK@C@KPE8KLI8C>8JF@CG@G3-'
'5C51B381>45F5D
*LII8E@Q8K@FE@JIE;
8E;M8C@;8K@FEF=FLIGC8K=FID8E;=@K
=FI
GLIGFJ<JFCLK@FEJ2<=F:LJFE@EEFM8K@E>8E;;EK?<FGEI8CG8IKF=FLIGIF;L:KJKI8K<>P8E;GIFM@;K?<@II;@J:CFJLI<8E;
;@>@K8CKI8EJ=FID8K@FE<==FIKJ2<?8M<@EMPGC8K=FID=FIFLI:LJKFD@:
@EMK?
JFCLK@FEJI8K@FEJ8E;;8>89FLKEJFCLK@FEJKFD8IB8E@Q8K@FEJ @E:CL;@E> >CF98C LIFMIFJJI
/?<@EKE@=@:8EKCP8:IFJJFLI;@==LC8K@FE 8E; D8IB :LJKFD8:PJF=KN8I<GIF;L:K@M@KPKFFCJ
S
@M:FEJLCK8EKJ8E;=@E8E:@8CGI@EK?CPJG<:@8C@Q<;JF=KN8I<MI8K<N@K?FK?P@E=I8JKIL:KLIK?F=J8C<==FIKJ8E;9I8E;8N8I4"1B;5D9>7
!,%3
2<JCF98CCPGI@D8I@CPK?IFL>?FLI;@I<:KJ8C8E@Q8K@FEN?@:?8E@Q8K@FE :FDGI@J@E<@E<8E@Q8K@FEJ
*LI:LJKFD:LJKFD8;M@:<8E;9K?FLIJ8C<@EFLI:LIIIFNK?N<GC8E
KF :FEK@EL< ?@I@E> DFK@M8K<; J8CI8G?@:8C I<>@FEJ 2< 9 J8C N@K? 8 GIF>I :LCKLI< 8E; :FDG< N@CC 8CCFN LJ KF IIFNK?
$EN<:FEK@EL<;KF>CF98C:FEJLCK@E>=@IDJ
JPJKI8K@FE 8E; K<:?EFCF>P =@IDJ 8E; C<8;@E> I<>@FE8C :FEJLCK@E> =@IDJ *LI ?@>?CP JB@CC<;
8;M@JFIP8E;@DGC<F=JL9A<:K
D8KK@K8C KI8EJ=FID8K@FE GIFA<:KJ K?PG8IKEI8K@FEJ
K?8K<:FJPJK?D8IB8E;GIFDFK@FE8E;? FI>8E@Q8K@FE GIFDFKJ 8E;
I K<8D 8JJK<8D;F
KF
D8IBP=FI2FIB@M8JFCLK@FEJ8E;D8E8>8E;C@:JKI8K<>@K<8D8CJFJLGGFIKJFLIJ8C@I8DJ8I<:8K<>FI@Q<;9PK<:?EFCF>PJFCLK@FE8E;@E;LJKIP8E;8I<
=F:LJ<; FE 8>@E> 9LJ@EP K<8DJ 2< LJ< 8 M8I@GIF>I8DJ8:IFJJKI8;@K@FE8C8E;JF:@8C:?8EEK<8D?FJKJM@IKL8C8E;@E
G4%B?65CC9?>1<(5BF935C
*LI :LJKFD 8;M@:< K?8K @K8C D@E> 8E; N<9
98J<; :FE= 2< GIFM@;< @EKKFFLI:LJKFDDK8>>@E>8E;I*LI3-'
K<8D F= 8::FLEK@E> 8E; =@E8E:@8C I GIF= K8>>@E> 8E; ILC8I:FDG8EP
N@;<P8E;NFIBGC8:<KFG@:J


>D5<<53DE1<%B?@5BDI
*LI@EK?KJ8I<@DGFIK8EKKFFLI9LJ@EL8I;K??KJK?IFL>?G8K?KJKI8;<J<:IIKF
FLIGC8K=FIDFIIP#FNL8I8EK<<K?8KG8GGC@:8K@FEJN@CCII8K<K?@I;
G8IKP
JF=KN8I<@E:CL;@E>FGK?<@IJF=KN8I<
2<J<:LI<8::?@EK?K C8NJ KF:I<8K<J@D@C8IJFCLK@FEJFI@E=I@E><FEFLIGIFGI@?KJ'@B?K:C8@DK?8KFLIGC8K=FID@E=I@E>< G8K8><@E9FK?F==8C8:K@FEJ
*LI@E;LJKIP@J:?8I8:K<ELD98K@FE I<>8I;@E> G8K?KJ /?@I; G8IK@
C<8;@E> I<< FI K?8K N< N@CC EFK @E K?< =LKLI< @E=I@E>< LGFE 8EP K?@I;
G8IKP G8K?KJFIFK??KJ
2< ?8M< I<>@JKFJ @E:CL;@E> W2FIB@M8X W2;
!IFDK@D<KFK@D<N<D8P9<:FD<@EMFCM<;@EC<>8CGIF:<<;@E>JFI9<JL9A<:KKF:C8@DJ8I@J@E>
@EK?<FI;@E8IP:FLIJ<F=FLI9LJ@E?K?<I8K@FE8E;:C8@DJ:8EEFK9<GI<;@:K<;
N@K?:C<>8CGIF:<<;@E>JKF
N?@:?N<8I<8G8IKPN@CCEFK?8M<8D8KI8I;C8K@FE:8E?8M<8E8;M=5>D'57E<1D9?>C
18I@FLJ0.=<;EC8NJ8E;I<>LC8K@FEJ@E:CL;@E>LC8K@FEJ8GGC@:89C<KFLJ?8M<9<:FD<<==<:K@M<FI8I<LE;LC8K@FEJ @DGFJ<
J@>E@=@:8EK FG8K@M129<9DI?==9D=5>DC
 2< 8I< :FDD@KK<; KF 8;M8E:@E> FLI JLJK8@E89C< 9LJ@ECF98C
:FDGC@8E:< 8E; MFCLEK8IP =I8D9F8I; KF DFM< LJ KFN8I;J 8 ?FC@JK@: JLJK8@E89@C@KP
JKI8K<>P@E:CL;@E>D8K8>KFJLJK8@E89@C@KPK?IFL>?@EEFM8K@FE8E;:FCC89FI8K@FEN@K?8?@>?CFME@=@:8EK GIF>II<8J J@;< FK?CF98C !*J KF >L@;< :FDG8E@E@E> K?<@I
JLJK8@E89@C@KP :FDD@KD@ :FDG8E@>KF
BI8K<;GC8K=FID9CJLJK8@E89@C@KPD8E8>
8E; "- >I<>8K@FE8E;8JJLI8E:<8E;F==?CP=CI8K<;I:8G89@C@K@@ FLI
GC8K=FID =FI JLJK8@E89@C@KP D8E8>?FLI ."GIF=IFLGJLJK8@E89@C@KP<;L:8K@FE8E;
KI8@E@E> NFIBJ?FGJ 8K DGC@=P N<9@E8IJ 9CF>J 8E  ." /8CB GF;:8JK 8E; FLI >CF98C
JLJK8@E89@C@KPGI8:K@K@FEP @J 8E:?FI<; 9P 8 IF9LJK >FM
S
"?K9P8E;8::FLEK89@C@KPKFK?<)FD@E8K@E>8E;"FM KF JLJK8@E89@C@KP FM?K 8J 8GGC@:89C< KF <8:? F= FLI L;@K
FDG 8E; "FMIED?KF=M8I@FLJGI@FI@KPJLJK8@E89@C@KP@JJLIFLGF=<89C<
89FLK >CF98C JLJK8@E89@C@KP I<>LC8K@FE JKI8K<>P GI8:K@: '@E> K?<
I=FIN8I;
CFFB@E>K8I>FKF?KKGJNNNNFIB@M8:FD89FLKFLI
JLJK8@E89@C@KP
E=1>1@9D1<
2< 9I<8K GC8:< KF NFIB 8E; 2FIB@M8 ?8J KILJK<; 8E; ?CPDFK@M8K<;8E;<==<:K@M<
 8CC CF98C NFIB=FI:< 8E;  F= FLI C<8;IFLGJ &NFIB=FI:<JB@CCJ8E;:8G89@C@K@8>8E@Q8K@FE FI 8I< 8 G8IKP KF 8EP
:FCC<:K@M<98I>8@E@E>8II8E><8E;N<
:FEJ@;FF;
?B@?B1D5>6?B=1D9?>
2FIB@M8 $E: @J 8 <:K8I<8M8@C89C<=I<<F=:?8I><FEFLIN<9J@K<8JJFFE8JI<8JFE89CPGI8:K@:89C<8=KJ/?<8;;IFM


D5=	'9C;13D?BC
74 12'4#6+105 #0& (+0#0%+#. 4'57.65 #4' 57$,'%6 61 8#4+175 4+5-5 #0& 70%'46#+06+'5 +0%.7&+0)
6*15'&'5%4+$'&$'.19"175*17.&%#4'(7..;%105+&'46*'(1..19+0)4+5-5#0&#..1(6*'16*'4+0(14/#6+10
%106#+0'& +0 6*+5 4'2146 +0%.7&+0) 174 %1051.+'& (+0#0%+#. 56#6'/'065 #0& 4'.#6'& 016'5 $'(14'
+08'56+0)+0#0;1(1745'%74+6+'5*'4+5-5#0&70%'46#+06+'5&'5%4+$'&$'.19#4'0166*'10.;10'59'
(#%' &&+6+10#. 4+5-5 #0& 70%'46#+06+'5 6*#6 9' #4' 70#9#4' 1( 14 6*#6 9' %744'06.; $'.+'8' #4' 016
/#6'4+#./#;#.51$'%1/'+/2146#06(#%61456*#6#&8'45'.;#(('%6174$75+0'55(#0;1(6*'(1..19+0)
4+5-51416*'44+5-5#0&70%'46#+06+'56*#6#4'016;'6+&'06+(+'&146*#69'%744'06.;6*+0-#4'+//#6'4+#.
#%67#..; 1%%74 174 $75+0'55 (+0#0%+#. %10&+6+10 4'57.65 1( 12'4#6+105 #0& (7674' 24152'%65 %17.& $'
/#6'4+#..;#0&#&8'45'.;#(('%6'&06*#6'8'066*'/#4-'624+%'1(174.#55%1//10561%-%17.&
&'%.+0'!'/#;#/'0&5722.'/'0614#&&616*'4+5-(#%6145&'5%4+$'&$'.19(41/6+/'616+/'+0(7674'
4'21465(+.'&9+6*6*'
(E==1BI?6'9C;13D?BC
2< 8I< GIFM@;@E> K?< =FCCFN@E> JLDD8IP F= K?< I@JB =8:KFIJ :FEK8@E<; @E K?@J !FID 
& KF
<FLIJKF:B?FC;8I;@E>K?<I@JBJ8E;LE: FLI GC8K=FID =FI . 
=@C@E>J
S
2<:8EEFK8::LI8KI8;<I8K<FLI>IFNK?D8P8;MIFNK?I8K<@EI<:E@=@:8EKCP

'<>@JC8K@M<8E;I<>LC8KFIP:?8E>IFNK?N@CC;DIP JG D8P 8;MIFNN<:FLC;CFJ<K?<@EEFM8K@FEK<8DNFIB
G8JJ@FE8E;=F:LJFEE@=@:8EK=CL:KL8K@FE9IK?<:FE=C@:K98>8>@IE@Q<II8K@FEK?8KD8PD8K
S
*LII?@JKFIPD8BIP8E;$EK:P9<KFFLI9I8E;JI8C?
HL8C@KPK<:?E@:8CJLGGFIKJP
F==J8E;JF=KN8I<@EK<>I8K@FEJ:FLC;C@D@KFLI89@C@KPKF>IFNFLI9LJ@E@:8C:?8E>KFK?<;8E;FK?@:8C:8G89@C@K@JD8PI< FLI K<:?E@:8C FG :LJKFD8K@MLC8K@FEJ IP K?< @EKE;8K8GI@M8:P8E;GIFK<:K@FEC8NJ8E;I<>LC8K@FEJ8JN8K@FEJ

EP =8@CLI< KF GIFK<:K FLI @EK?KJ FI ;<=8@EJK 8::LJ8K@FEJ F=
@E=I@E>?KJ :FLC; @DG8@I FLI 89@C@KP KF GIFK<:K FLI
GIFGI@P8E;FLI9I8E;

.FD<F=FLIJFCLK@FEJLK@C@Q<FG8K@M@JC8K@FE:FLC;8;MFLI@E:FD<K8OI8K<@J:FDGCCFJJ:8IIP=FIN8I;JKFF==J8I;CG;L<KF=8:KFIJFLKJ@;<F=FLI:FEKIFC

$= K? :FEKIFC N@K? :J?8I8K@ML8I8EK<<K?8K
N<N@CC=LCCP:FEJLDD8K<FLIJ?8I<I
KGI@:<F=FLI
JKF:B8E;N@CC;@D@E@J?FLI:8J?IIFLI;<9KIE@=@:8EK8DFLEKF=:8J?
'9C;C'5<1D54D?$EBEC9>5CC1>4>4ECDBI
%$%2)6%-/2%4(!./&/524/4!,2%6%.5%&2/-#534/-%2353).'/520,!4&/2-&/2&),).'3
2< ; FLI GC8K=FID =FI . 
=@C@E>J 2< J JLJK8@E89@C@KP D8E8>CF98C JK8KLKFIP
I.*3:8G@K8CD8IB?EFE
. JFCLK@FEJ>J@E@K@JLE: J8C ILC8KFIP
;I K?<@I JL9J:I@GK@FEJ N@K? LJ 8E;
K?<@ILJ<F=FLIJ8K@FEKFIIFJJII<8KIFJJIK?J CFN
I:LJKFDC >FK@8K<8CFNCP JFG?@JK@:8K<; 8E; :FJKCP J8CIFNK?8E;FGE@=@:8EK >IFNK? @E FLI 9LJ@EIFNK?GC8:E@=@:8EKJKI8@EFEFLID8E8>8E;=@E8E:@8CJPJK<FLI=LKLI<>IFNK?N<DLJK:FEK@EL<KFJ:8C<FLI9LJ@EJPJKIN@CC9<IJFCLK@FEJ8E;F==J
S
;P8E;
S
 @EKF EI8G?@:8I<8J
2<:8EEFK8JJLI<PFLK?8KFLI:FEKIFCJJPJK<FLI>IFNK?<==<:K@M@FE8E;
FK?<>IFNK?:FLC;I:LJKFDEIFNK? I8KIFNK?I8KIFNK?8E;N<D8PEFK
8:?@IFNK?I8KIFNK? =FI 8EP GI@FI HL8IKIFNK? $= N< 8I< LE89C< KF D8@EK8@E :FEJ@JKIFNK? FLI JKF:B GI@:< :FLC; 9<
MFC8K@C<8E;@KD8P9<;@==@:LCKKF8:?@8EFGEIFNK?@EI<:??MFCLD<F=JL9J:I@GK@FEJKFJLJK8@EFI@E:I<8J<FLI>IFNK?
FI 8:?@ 8E; 8J 8 I
@E8EK@:@G8K@FEF=K?<II<8K K?< CIFJJ D8I>@E
GIF=@K89@C@KP :8J? =CFN 8E; ;<=E@=@:8EKCP @E K?< =LKLI< ;L< KF 8 M8I@K?<I@JBJ8E;LE:I=LC::FI;@E>CPK?<I8K@ME@=@:8EKG<F=FLI. :LJKFDJ >IFN 8 J@>E@=@:8EK GFIK@FE F= FLI IIE I<>LC8KFIP 9F;@@JC8K@FEFIILC<D8B@E>JL9JK8EK@8CCP8==<:K@E>K?<:FEKLC8KFIP9F;@< @E K?< 0. 8E; 2?KLC8KFIP LE:LC8K@FEJ FI ;<
I<>LC8K@FE N?@:? :FLC; @DG8:K ;D8IB8I;@E>JLJK8@E89@C@KP:FDGC@8E:<8E;ID8P8CJF@DG8:KK?<;@JC8K@FE FI 8 J@>E@=@:8EK :?8E>< @E ILCLC8K@FEJ ;@I<:K@M8J8I8C:?8CCLC8K@FEJD8PGFJ<:?8CCHL@:BCP8E;<==<:K@M8K@FEFI;8I;@E>>FMILC8K@FEJ @K D8P AFMI<FM8K@FEJIKFK?FMI<FM?8GGIFM8CI<;L:K@FEJ:8E:8K@MFM@JC8K@M<9F;@LC8KFIJ8E;8;D@E@JKI8K@M<8>
@EKF GC8:< I<>LC8KFIP ;@J:CFJLI< I8I;@E> :C@D8K< :?8E>< 8E; JLJK8@E89@C@KP I
;LC8KFIJ ?8M< @E:I<8J@E>CP M@@JC8K@FE8E;@EM K?IFL>? I<:8C 8E;
I<>LC8KFIPJK8E;8I;J8E;8E;@E
G8IK@:LC8IK?<C ;<:@J@FEJ F= FLI
GIFJG<:KJ8E;:LJKFDIFNK?:FLC;9<E<>8K@M@I<:K@M<N?@:?
.K8E;8I;J@JJK@CC;8E;LE:CP:FDG8E;=I8>D@E>K<:?EFCF>P8E;J?@=K@E>:LJKFD?N<9J8E;N< JFCLK@FEJ 8E; K?;@MFMJF=KN8I<GIFM@;@E>FGGFIKLE@K@@@: 8CC@8E:I<8K
:FDG 8 :FDG
JFCLK@FE K?< :LJKFD KF JN@K:? KF FLI JFCLK@FEJ N@K?FLK 8::KFLK@C@Q<FLIJFCLK@FEJ$=FLI:FDG@@E>K?<@IGIF;L:KJFIJ@:8CCP:8G89C<K?8EFLIJK? GI@EJ CFJJ@:ICF98C8;M@JFIP=@IDJI<>@FE8C:FEJLCK@E>8E;
@DGCP G8IKEIFNK?
K?IFL>? I<= GLI:?8J FLI M8CL< GIFGFJ@K@FE K?IFL>? 8;M@JFIP 8E;
@DGCG8IKEFK@8K@E>8E;JLGGFIK@E>I
K?FJ<=@IDJ@EKFFLI<:FJPJKIE@=@:8EK:FDD@KDE@=@:8EK I FI D8@EK8@E@E> FLI I FI J FLI JFCLK@FEJ FI 8I< LE89C< FI LEN@CC@E> KF ;IFNFLIII?CPJB@CC<;8E;KI8@E<;GIF= J8E;I8DJ=FIFLIG8IKE<F=FLIJFCLK@FEJ8E;FLIGC8K=FIDN<D8PJL==;JEFKKFEFKKFIFLI:FDG@E> K<:?EFCF>@@:8C KI K?<@I ;<8C@E>J N@K? LJ FI 9<:FD@E>
GFKP8E;FEK?<<:FEFD@:?<8CK?F=FLI
:LIICF98C?<8CK?:I@J ;@JILGK@FEJ FI ICF98C<:FEFD@::FE;@K@FEJ@E:CL;@E>K?FJ<=IFD@E=C8K@FEK8I@==J@EK9CF98C<:FEFD@::FE;@K@FEJFI8I<;L:K@FE@EK<:?EFCF>PJG:FLC;8;MCFE>J 8E; CFNIFNK? ;;@K@FE8CCP FLI :8G@K8C D8IBIFNK?F=FLI:8G@K8CD8IBK?F=K?<$+*JG<:@8C
GLIGFJ<8:HL@J@K@FE:FDG8EP
W.+X	 D8IBE@=@:8EK ;<:C@E< @E K?< $+*.+ D8IBFLIK<8DJN<>IFN8E;;CF98C
GL9C@::FDG8EP8E;:FEK@EL<KFFG 8 C8I>I8G?@:I<>@FEJ@EK8K@M FLI 89@C@KP KF I=IFDK?<?@I@E>FI;E@=@:8EKC<8;<FIJIFNK? GC8E N< DLJK 8KKI8:K 8E; I?CP HL8C@=@<; G@E<?CE@E>8E;;JF=KN8I<8E;@EK 8E;II<8K8CF9C@>8K@FEJFIK?8K
N<?8M<@E;L:<;JL:?9I<8:?@E8;@MIFNK?GIFJG<:KJ
:FLC;9<8;M?FM JL:? D8KK< I
:FE;@K@FEJ :@K@Q:C8JJ8:K@FEC8NJL@KJ8CC<>@E>M@FC8K@FEJF=
=<;8I;@E> NFIBGC8:< 8E; < GFC@:@8@EJKLJ=IFDK@D<KFK@D<
8E;N<D8P@E:LIJL9JK8EK@8C;8D8>=IFDC8NJL@KJF=K?@JKPG<N?@:?:FLC;
?8M<8D8KIFNK?JKI8K<>P@JKFIFN@E>GFIK@FEF=FLII @E @EKE@=@:8EK ILC8KFIP<:FEFD@:8E;GFC@K@:8CI@JBJK?8K8I<;@==8;;@K@FE8C;
JL9J:I@GK@FEJKFFLIJFCLK@FEJ@E8CCF=K?<@EK9LJ@E

K?<E<<;KFCF:8C@Q<8E;8;8GKFLIJFCLK@FEJ=FIJG<:@=@::FLEKI@KI8EJC8K@FE@EKF
=FI<@>EC8E>L8>8C :FDGC@8E:< 8E; I<>LC8K@FE :FJKJ
8JJF:@8K<;N@K??8M@E>DLCK@GC<@EK@E;@==E8K<;
K8E;D8E8>@E>=FI<@>EFG:FDGC@8E:<N@K?CF:8CC89FI8E;LC8K@FEJ

;@==@EK?KJFLKJ@;<F=K?<0.

C8NJ8E;9LJ@ECF:8C:FDG 8E; :?8E>@E>
>FMLC8K@FEJ

@E:I<8J<;=@E8E:@8C8::FLEK@E>8E;I9LI;@FE8C <:FEFD@: 8E; GFC@K@:8C :FE;@K@FEJ @E:CL;@E> GFC@K@:8C LEI ;L< KF GFC@K@:8C 8:K@FEJ 9P JFME E8K@FEJ N@K? 8 :FEKIFCC<;
:LIIFLI=FI<@>E8JJCF:8CF9C@>8K@FEJ

;@==@:LCK@PK8I@==JHLFK8J8E;FK? =IFD FG?I8K@E>8:HL@J@K@FEJN@K?=FI<@>EFG<K??FLI=@E8E:@8CI
:FJKJ8I<8E;N@CC:FEK@EL<KF9<I<8C@Q<;@EFK?E
J8C @E  LIFG<	 2< 8EK@:@G8K< K?8K FM GFIK@FE F= FLI @EKE :LII ICF98C  K?< :LII8><@E:LII@E>8:K@M@K@<I8K<=CL:KL8K@FEJ.@>E@=@:8EKCFE>
K8@EJK=FI<@>E:LIII@FEJFLKJ@;<K?<0.@E:CL;@E>@E
 LIFG<J8ICF98CFGE:FLEKI@F@E>:FE=C@:K9KFN<@>?FE>CF98C:8G@K8CD8IBCF9<8I<:FEK@EL@E>K?<@IJ8E:K@FEJ
8E;FK?8@EJK-LJJ@8/?<ICF98CJ<:LI@KP:FE:@FE8C
8E;>CF98C<:FEFD@F@E>


:FE=C@:KJ@EK?<(@;;C< 8JK8E;FIG@FED8P=LIK?CF98C
D8IBKF;@JILGK@FEJ@EFLI:LJKFDK?<@I89@C@KPKFG8P=FIFLIJFCLK@FEJ
)8%$&%%%.'!'%-%.437)4(#534/-%23-!9./4-%%4/52%80%#4!4)/.3)&7%5.$%2%34)-!4%4(%#/34/&
4(%3%%.'!'%-%.43
2<GIFM@;<:GIFGFJ8CJ=FI=@O<;
=<< 8> =FI :FDGC K?< 8>FLI=@E8E:@8CJI8K<;
I@JB>CF98CJK8KLKFIPI8E;! -IJFCLK@FEJ+IF=IFJJD8I>@EJ@E
N8PJ K?8K N< :8EEFK GI<;@:K $= N< 8I< I<; KF FLI :LJKFD8>E@Q< 8 CFJJ FE 8 :FEKI8:K N?@:? NFLC; 8;MIIE@=@:8EKCP?8ID<;
&7%&!),4/#/.4).5%4/$%6%,/0/52"2!.$/52"53).%33-!935&&%2
2< 9 KF ;N@;8E;I
:LJKFDE@=@:8EKFLI
9I8E;
+IFDFK@FE8E;89C<KFGIFM@;<?@>?HL8C@KPIK?<@IE<<;JFI@=N<=8@CKFD8IBK?<9I8E;8N8IIK?<JL::K<:?EFCF>@:8C8E;D8IB
FE=8MFI89C<KF9K8@E<;9PLJ@EK?<=LKLI<:FLC;@EMFCM<IKFFLI:8G@K8CI8@J@E>8:K@M@K@8E;MFC8K@C@KP@EK?<=@E8E:@8CD8IBF9K8@E<;9PLJ@EK?<=LKLI<
$= N< I8@J< 8;;@K@FE8C =LE;J K?IFL>? =LIK? JKF:B?FC;E@=@:8EK ;@CLK@FE @E K?<@I
G< FNE?KJ
GI<=@IFNK?FGGFIKLE@K@@EM8K@E>8E;GLIJL@E>
JL@K89C<8:HL@J@K@FEJN? FK?I8K< K?< 8:HL@I<; :LJKFD@<K?<:FD9@E<;9LJ@EK?<8:HL@J@K@FE
%#!53%7%2%#/'.):%2%6%.5%/6%24(%4%2-/&%!#(35"3#2)04)/.$/7.452.3/250452.3).3!,%3-!9
./4"%)--%$)!4%,92%&,%#4%$)./52/0%2!4).'2%35,43
2<>E@Q<JL9J:I@GK@FE8E;JLGGFIKII<E@K@FEF=;<=KFJL9J:I@GK@FE8>I<
GICPK?<<==<:KF=8EPJ@>E@=@:8EK
;FNEKLIEJ@EJ8CLC8KFIP @EHL@I@E@=@:8E:<F=K?IFNJC8I>I< =IFD FLI JFCLK@FEJ N< :8EEFK
8JJLI<PFLK?8KK??N<:8IIP><FLI@EJLI8E:<D8PEFK:FM8@EJKLJN?I8K@FE IE@=@:8EK 8DFLEKJ F= D8E8>E@=@:8EK
FG8K@FE@J@E?F9C@>8K@FEJ(FIFK?JK?8KN<D8@EK8@E
<==<:K@M<;@J:CFJLI<:FEKIFCJ8E;GIF:<;LI$=N<?8M<8
D8KN<D8PEFK;LJ9<@E>JL9A<:KKFI<>LC8KFIP8:K@FE8E;8CFJJF=@EM?@JKFIP2<9<>8EF==FLI
=@IJKJFCLK@FE@E8E;C8LE:?<;FLIGC8K=FID@EJ8I?@JKFIPFLI
89@C@KP KF =FI<:8JK FLI =LKLI< FG IFLI89@C@KPKFGC8E=FI8E;DF;IFNK?2<?8M<IFN@E>:FDG8E@@E>@E;LJKI@8I;@E>K?<;L<KF:?8E> 8E; =@E8E:@8C I?4>D5<<53DE1<%B?@5BDI
%&!#%#/.4).5!,,9%6/,6).'#9"%23%#52)492)3+37()#(#/5,$2%35,4).4(%,/334(%&4-)353%
5.!54(/2):%$$)3#,/352%!##%33/2$%3425#4)/./&#/.&)$%.4)!,).&/2-!4)/./2$!4!$)32504)/./&/52
3/,54)/.3$!-!'%4//52"2!.$32%054!4)/.!.$2%,!4)/.3()037)4(#534/-%23,%'!,%80/352%!.$
&).!.#)!,,/33%3
<:8LJ< ;8K8 J<:LI@KP @J 8 :I@K@:8C :FDGI<?FLI:D8K8JJLI8E::LJKFDE@=@:8EK;8D8>:P9<JPJK<=I8@EJK8K8I> @E
=ICF98CCP N@K? K?I<8KJ I8E>@E> =IFD @E;@M@;L8CJ KF JFG?@JK@:8K<;
FI>8E@Q8K@FEJ@E:CL;@E>JK8K<
JGFEJFI<;8:KFIJ8E;FI>8E@Q8K@FEJ2<D8PEFK9<89C<KF;:P9E@=@:8EK;8K8CFJJJ@>E@=@:8EK:FJKJ8E;C@89@C@K@ N@K?FLK C@D@K8K@FE ?FJK@E> =8:@C@K@<;8E;N<D8PCFJ<=LKLI<J8C@E;<:C8@DJ@E:8K@FEJ9P8GGIFGI@8K<8LK?FI@K@I< =FI K?E@=@:8EKELD98K@FEJN<:FLC;9<JL9A<:K
KF@E;<FI@E:I<8J<;:FJKJ=FIJL:?@EJLI8E:<


(%35##%33/&/52#,/5$"!3%$3/&47!2%,!2'%,9$%0%.$3/./52!"),)494/02/6)$%2%,)!",%3/,54)/.34/
/52#534/-%23
<:8LJ<FLIJFCLK@FEJ8I<:FDGC@E KF LJ< FLI JFCLK@FEJ /?@J :FLC; IJ ;@JILGK@FEJ @E 8::<FLI:LJKFD8@EJKLJ M=@O<FI@E8;M8E@Q8K@FEKF
I KF FLI JFCLK@FEJ 2< D8P 9< LE89C< KF I? KF
8::FDDF;8K<J?FIK
K8;;@K@FE8C
II?CP;:LJKFDIFNK? JKI8K<>P @E:CL; K?< LJ< F= FLI GC8K=FID K?IFL>? :FDGCPF==J8E;JF=KN8I<@EK<>I8K@FEJJL:?8JK?@I;
G8IKP8GGC@:8K@FEGIF>I8DD@E>@EKP
F==J 8E; JF=KN8I< @EK<>I8K@FEJ N< :8EEFK 8JJLI< PFL K?8K N< N@CC 9< JL::
G8IKE 8;;@K@FE8C G8IKE<K?<=<8KLIFMLJ<F=K?<@I8GGC@:8K@FEJ8E;
+$J 8E; 8::I8K<K?<2FIB@M8GC8K=FIDN@K?EE@K@FE I@FLIJFCLK@FEJ
&7%$/./4+%%00!#%7)4(4%#(./,/')#!,#(!.'%3/523/,54)/.3-!9"%#/-%,%33#/-0%4)4)6%
*LI D8IB@:8C :?8E>< JL:? 8J K?< LJ< F= $ 8E; ('	
=I @E;LJKIP JK8E;8I;J $= N< 8I< LE89C< KF GIFM@;<
JFCLK@FEJFIE@:8C;K?<=<8KLICF98CFGK?<K@DFLIGC8K=FID8J8IIFNK?D8P9<8;ME<; KF FG@K?@E>K?@K8C
KI8EJ=FID8K@FE8::I8;<LJCPIE<<;J/?<LE: 8E; E8KLI< F= E@ GC8K=FIDJ FI K<:?EFCF>@@:8C:?8E>@ KF K?< LJ< F= $ @E FLI JFCLK@FEJ 8E;
F==J D8P I@J$=FLI$;FM 8J @EK LELC8KFIP8I;@E>$@J8E;D8P@E:I<8J<FLII
GFK8I;@E>@EK C<>8C =I8DFI
I@JJLLJKF8;;@K@FE8C:FDGC@8E:<ILC8KFIP8:K@FE
:FDG8C C@89@C@KP ;;@K@FE8CCP K?< LJ< F= $ @E 9LJ@EE@=@:8EK >IFNK? @E K?< ELD9 :LJKFD<FLIK<:?EFCF>@:8CFGE@=@:8EKC<8;K@D<*LIGC8K=FID@EKPGIFM@;<;9P2.
8E; FK?I<<@EK@E=I8JKIL:KLI<:?8E><8E;;:LJKFDI8K@FE F= K?<
JF=KN8I<LJ<;@EFLIJFCLK@FEJN@K?EE@=@:8EKNFIB8E;I<FLII IE<;KFFG ;8K8 :K<:?EFCF>P$K@J?FJK<;GLIJL8EKKFJI<N@K?2.2<;FEFK:FEKIFCK?<FG<@EKK?P @EK GIFM@;E >FMLC8K@FEJ8==<:K@E>K?<
LJ<F=K?<@EKLC8K@FEJ:FLC;IFM8E@Q8K@FEJD8P9<>@EKF@DGFJ<K8OK?<@EKI8DJ8E;K?<@EK< KF GFIK@FEJ F= @KJ @E=I8JKIL:KLI< $= K?< LJ< F= K?< @EKP >< GI@M8K< 8E; :FE=@;?CP
I<>LC8K<;@EK?<0.8E;89IF8;8E;M@FC8K@FEJF=J<:LI@K@LC8K@FEJD8PILC8K@FEJ
8;FGK<;9P=<;EC<>@JC8KLIFM<LJ<GIF:;@J:CFJLI<KI8EJ= FLI N<9J@KLC8KFIP
=I8D8E;E@JC8K@FE
8E;I<>LC8K@FEJ:FLC;8CJFJ@>E@=@:8EKCP8==<:KFLI9LJ@ELC8K@FEJ8JN8K@FEJFI8EPFK?FM8K@M< GL9C@:@KP @E:I<8J< FLI
FG:FJKJIE@=@:8EKD8E8> =@E 9LJ@ELC8K@FEJK?8K;@==LC8K@FE W"+-X	 /?< "+-
@E:CL;8K@FEJ FE ;8K8 GIF:I8DJ9P:FDG8E@E@=@:8EKGLC8KFIJ:FLC;;LC8K@FEJ
8I<LE:<!FI8C98J;8K8=IFD 0KFK?<0.:FLC;8==<:KK?<D8EEFMP@E;LJKIP8E;FK?
M8I@FLJELC8KFIPJK8E;8I;JK?8KD8PGC8:<8;;@K@FE8C9LI;F=G8K@FEJ@EFLI:FEKI8:KJN@K?
FLI:LJKFDLC8K@FEJ F= K?< 0.
=FI<@>EFI@EKLC8KFIP8LK?FI@K@FLIJ8K@FEJ
8E;FK?8CI=LCCPLJ<;FI>8K?@E>GI@M8:PC<>@JC8K@FE
@E:CL;@E>"+-N<8I<JL9A<:KKFFLI:LIILC8KFIJN@CC8GGCPGI@M8:PC8NJ@E;@==LEKFI
8>I<8>I<8I;@E>GI@M8:P8E;FIJ<:LI@KP:FDGC@8E:<GI@FIKF
:FE;L:K@E>EFK@8K@E>K?:LJKFDIFN8E;:I<8K<=F:LJFE:FDGC@8E:<
GF@EKJ8JFGGFJ<;KFEJLC8K@FEJ JLC8KFIP IL@;8K@FEJFIFLIFNEGI@M8:PGFC@:@8K@FEFI>FMJFIM@FC8K@FEJ:FLC;=FI:<LJ
KFJGE@=@:8EK8DFLEKJ@E;<=JI9LJ@EFMLC8K@FEJIKF>FM8E;:FDGC@8E:<N@K?JL:?C8NJ
8E;I<>LC8K@FEJ:FLC;C@D@K8;FGK@FEF=FLIJ8K@FEJ@EKFFLI:FDGC@8E:<N@K?GI@M8:P
I8K@FEJ:FLC;@E:I<8J<FLI:FJKJ
8E;;@M@?KJ0E8LK?FI@Q<;LJ<F=FLI@EK<FLI9I8E;8E;
FLII
8E;N<?K
KI8;I<PKF;8I;@E>K?<G8KFI=LKLI<G8K?K9<IE@=@:8EK I8K@FE9IFL>?KKFGIFK<:K8E;?KJ:FLC;9<:FJKCPK@D<
:FEJLD@E>8E;;@JKI8:K@E>KFD8E8>?KJ D8P 9< D K?<
M8C@;@KP8E;?KJEP=8@CLI<KFJ<:LI<GIFK<:K8E;?KJ :FLC; J@E>LGFEK?<@EK?KJF=FK?JFD<F=FLI:FDG<ELD9?KJ8E;KI8;8@EJKLJJN<>IFN8E;IFN@E> ELD9IFNJ8E;K?<=LE:K@FE8C@KPF=GIF;L:KJ@E;@==D?KJ8>8@EJKLJ2<:8EEFK8JJLI<PFLK?8K@E=I@E>8@EJKLJ
@EK?<=LKLI<FIK?8K@=8JJ8@EJKLJ:FLC;IF@E>IFP8CKPG8PDFLIJ8K<;
KF @E; IFP8CKP
G8PD8K@FE8E;KFF9K8@EC@:8K@FEI<>8I;@E>
FLI@EK8E;;@M@E<@F=FLIK<:?EFCF>@@<F=FGI<8K@EF=FILG;8K<F=FG8K@M?N<:8EEFK
GI<;@:KN?I8G?@:CF:8K@FEJ8:IFJJ
K?<0.8E;@EKALI@J;@:K@FEJ8E;IE@=@:8EKAL;>DFM
8::FLEK@E> =FI K8O GIFM@J@FEJ LE; GI@E:@GC8E;E=@E8E:@8CGIFA<:K@FEJ@E:CL;@E>K?<
I8G?@:8CD@OF=FLI
GIF=@KJ8E;CFJJ8E;8:HL@J@K@FEJ:?8E>>L@;8E:<8E;FK?LC8KFIPC<>@JC8K@M<FIAL;@:@8C;E <8IE@E>J :?8E> GI8:K@:
JK8K< 8E; CF:8C K8O@E> 8LK?FI@K@8K<; KF G8P
8;;@K@FE8C K8O
IFMI8EKJK?8KN<@EKLC8ICPK?98J@J8I<:?8CC<;8E;JL::F<N@K?@EK?<D<8E@E>F=.<:K@FEF=K?<F;<8E;K?<
LE;I<>LC8K@FEJ@JJL9A<:KKFC@D@K8K@FEJFE@KJ89@C@KPKFLK@C@Q<@KJGI<
:?8E><ECFJJ)*'J8I<JL9A<:KKFC@D@K8K@FEJ8I@J@E>=IFD
GI< LE;LC8K@FEJFI;L<KFFK?5BC89@?6$EB(53EB9D95C
5234/#+02)#%(!3"%%.!.$7),,,)+%,9#/.4).5%4/"%6/,!4),%/2-!9$%#,).%2%'!2$,%33/&/52
/0%2!4).'0%2&/2-!.#%).#,5$).'$5%4/&!#4/23/543)$%/&/52#/.42/,
/?<KI8;@E>GI@:<=FIJ?8IGI@:<F=FLIC8JJ:FDDFEJKF:BD8P=CL:KL8K<@E
IGI@:<F=FLIC8JJ:FDDFEJKF:BD8P9<J@>E@=@:8EKCP8==<:K<;9PK?<FG@E@FEJI8K@E>J8E;
I D8IB@: ;@I<:K@FE FI CFE>
K8K@M< II8;<@EJK@KLK@FE8C@EM8I;CGI8;KF8;;@K@FE8CMFC8K@C@KP
!LIK?P:FDG8E@G8K@M8K@FE2<D8P9<K?<K8I>8K@FE@EK?<=LKLI<.<:LI@K@8K@FE8>8@EJKLJ:FLC;I<J?FIKJ9PD8IB8><
@E?<;>@E>FI8I9@KI8><8:K@M@KP
/?<D8IB 9P LJ FLI
;@I<:KFIJE@=@:8EKJ?8I8@EI@>?KJGI<= GFN:8G@K8CJKF:B/?@JJ@>E@=@:8EK:FE:GFN;<=FIGI8:?8E><@E:FEKIFC@DG<;@E>8DLJFI;@J:FLI8>@E>8GFK8KKFF9K8@E:FEKIFCF=FLI9LJ@E FI
GI8:?8E><F=:FEKIFCFI:?8E>
K?I<<
P<8IJK8>>?C8E;EFK9PNI@KKJF=FLIJKF:B?FC;?K 9<=FI< 8E
8EEL8C D< @E:CL;@E> GIFGFJ<; EFD@E8K@FEJ F= GE8K<;GI<= J?8IFMFLI:FEMFM8>@E> @E 8EP F= 8 9IF8; I8E>< F= 9LJ@E  FI DFI< F= FLI
FLKJK8E;@E>MFK@E>JKF:B=FI8GK?<;8K<FEN?@:?K?<JKF:B?FC; I:8G@K8CJG
8:HL@J@K@FEJ8E;I:?8E>? FLI 9F8I; F= ;@I<:KFIJ ?8J 8LK?FI@Q<; J?8I< IC8JJ:FDDFEJKF:BK?<8LK?FI@Q8K@FE;F8K<LJKFIL8I8EK<<K?8KFLIJ?8I<I
KGI@:<F=FLIJKF:B8E;@E:I<8J<MFC8K@C@KP+I@:<MFC8K@C@KPD8P:8LJ<
K?<8M<GI@:<8KN?@:?N<I@M@MJGFK?@:FGGFIKLE@K@JKF=@E8E:<K?<FG8@EJFE
K?<@I@EM452D54>5CC
(%#/.$)4)/.!,#/.6%23)/.&%!452%/&/52#/.6%24)",%3%.)/2./4%3-!9!$6%23%,9!&&%#4/52&).!.#)!,
#/.$)4)/.!.$/0%2!4).'2%35,43
2<:FDGCJF=:FEMLJK8E;L>LJK$EK?<>JG<:@=@<;G8K@FE9P;JFC:8J?@E
C@8EP=I8:K@FE8CJ?8I<	N<NFLC;9<I8K@FEK?IFL>?K?<G8PDILCGI@E:@G8CF=K?<:FEM
K
:8G@K8C
%26)#).'/52$%"42%15)2%3!3)'.)&)#!.4!-/5.4/&#!3(
*LI89@C@KPKFD8B<J:?<;LC<;G8PD FLI :FEM?K KF I:8J?@EC@8EP=I8:K@FE8CJ?8I<	
N<N@CC9<I:FEMB5C?DC
)FE<
D5=	I25BC53EB9DI
'9C;"1>175=5>D1>4(DB1D57I
2<8I<JL9A<:KKFM8I@FLJ:P9E@Q< K?< @DGFIK8E:< F= ;
@DGC 8E; D8@EK8@E@E> :FDGII8DKFJ8=<>L8I;FLI@E=FID8K@FEJPJKI@KP8E;
8M8@C89@C@KP F= FLI ;8K8*LI I@JB D8E8>P 8E;
$E=FID8K@FE.<:LI@KPW$E=F.<:X	;EDI8D@E:FIGFI8KC<J@>E
FE8E;DLCK@
=8:KFI8LK?EN@K?@E;LJKIPJK8E;8I;J8E;=I8DL8I8EK<<K?8K@EE@Q@E>K?<:FDGCE8KLI<F=:P9LC8ICP8><
N@K?8I8E><F=:P9
8E;KFLII@JBD8E8><JG<:@8C@Q<;BEFNC<;><
8E;@EJ@>?KJ@EFI;LC8I8L;@KJI@JB8E;MLCEF8I@JB
98J<;M8>F@E>8EEL8C
DFE@KFI@E>KFD@K@>8K<I@JBJIKF;8K89I<8:?@E8K@E>=IFDK?@I;
G8IK@8J8IPI?N<?8M<EFKP@EK?<I@JB=8:KFI:P9< KF FLI 9I8E;J I8C1>35
/?<F8I;F=@I<:KFIJK?<WF8I;X	?8J?KD<:?8E@JDJ;E<;KFD8E8><
I@JBJ8JJF:@8K<;N@K?:P9 I@JB 8E; =@E8E:@8C
D8E8>P:P9K?<F8I;N@K?K?<E<:K?<F8I;8E;
K?<L;@KFDD@KK<<FE:P9JFE8I<>LC8I98J@JN@K?
8D@E@DLD=I:FDD@KK<<IE@=@:8EK:P9J<F=KFG@:J@E:CL;@E>
S
LII@E>K?I<8KJ
S
.K8KLJF=FE>F@E>:P9@<>C<8E<;=IFD8EP:P9LC8KFIPIJK?<$.*8E;?@<= O<:LK@M<*==@:8I;@E>8EPJ@>E@=@:8EK;
GFKLC8IDFE@KFI@E>F=FLI@E=FID8K@FEJPJKLC8IJPJK8K<K?<@DG8:KF=8EP
:LII
K@ @:+C8EE@E>
+FC@:P8E;'<8;FK?LC8ICP@E=FIDJK?< *?@<='<>8C*==@:8I;@E>:P92FIB@M8!LIK?E@=@:8EK:P9@: I@JB D8E8>?K8E;>L@;8E:<FE8EP:I@K@:8C:P9?FLKK?<0.8E;@EK7C
!IFDK@D<KFK@D<N<D8P9<:FD<@EMFCM<;@EC<>8CGIF:<<;@E>JFI9<JL9A<:KKF:C8@DJ8I@J@E>
@EK?<FI;@E8IP:FLIJ<F=FLI9LJ@E8CGIF:<<;@E>JK?8K@EK?<
FG@E@FEF=FLID8E8>I8I;C8K@FE:8E
?8M<8E8;M5(165DI9C3DKC?==?>AE9DI'5<1D54(D?3;8?<45B"1DD5BC1>4CCE5B
%EB381C5C?6AE9DI(53EB9D95C
*LIC8JJ:FDDFEJKF:B@JC@JK<;FEK?<)4. LE;<
(D?3;8?<45BC
JF=<:/?<4C
2<?8M<EJ8E;;FEFK35B1@8
/?<=FCCFN@E>J?8CCEFK9<;<JLE;<:KFIK?<.<:LI@K@I8G?9I8G?9?6E=E<1D9F5)?D1<'5DEB>?6,?B;9F1>3	
2FIB@M8$E:
.+$E;I
>45H





























2FIB@M8$E: 

 
 
 
 
 

.+$E;175=5>DKC9C3ECC9?>1>4>11>391<?>49D9?>1>4'5CEC
*'(1..19+0)&+5%755+10#0&#0#.;5+51(174(+0#0%+#.%10&+6+10#0&4'57.651(17412'4#6+1055*17.&$'
4'#&+0%10,70%6+109+6*6*'%1051.+'&(+0#0%+#.56#6'/'065#0&4'.#6'&016'5+0%.7&'&'.5'9*'4'+06*+5007#.
'2146 0 #&&+6+10 61 *+5614+%#. %1051.+'& (+0#0%+#. +0(14/#6+10 6*+5 &+5%755+10 %106#+05 (149#4&.11-+0)
56#6'/'065 6*#6 +081.8' 4+5-5 #0& 70%'46#+06+'5 74 #%67#. 4'57.65 %17.& &+(('4 /#6'4+#..; (41/ 6*15' &+5%755'&
$'.19#%61456*#6%17.&%#75'14%1064+$76'616*'5'&+(('4'0%'5+0%.7&'$76#4'016.+/+6'&616*15'+&'06+(+'&
$'.19#0&6*15'&+5%755'&+0='%6+10
+5-#%6145>+0%.7&'&'.5'9*'4'+06*+5007#.'2146
$F5BF95G
2FIB@M8YJ D@JJ@FE @J KF GFN =FI 8 9:FEJLDLC8KFIJ :CFL; GC8K=FID =FI 8JJLI<; @EK<>I8K<; I
;;@K@FE8CCPN<F==J:LJKFDJLJK8@E89@C@KPD8E8> 8E;
KI8EJ=FID@E>;8K8=IFD?LE;I<;JF=W -+X	?LD8E:8G@K8CD8E8>I<8K<K?<@I
9LJ@E8E@Q8K@FEJ8:IFJJK?<>CF9<N@K?.88.GC8K=FIDJFCLK@FEJKF
?8E;;@J:CFJLI<:?8CC8E@Q<FLIJ8C IIFLGJ =@E8E:@8C I JLJK8@E89@C@KP
D8E8>GI@D8I@CPFEK?<F==@:<F=K?<?@<=!@E8E:@8C*==@:8@E8::@J98J<;GI@D8I@CPFE8JFCLK@FE
98J<;C@:DF;D<:LJKFD>@E>J?FLI;@I<:KJ8CD<F=;FD8@E8E;
=LE:K@FE8C @E> J:8C< 8E; JLGGFIK KF
:LJKFDP G8IKEI8K@FEJ KF ?
KF;I@M<CFE>
KIFNK?*LI=LCC
K@D<E@=@:8EK IIFNK? @E I<:IIFNK? 8E; 8I< =F:LJ<; FE J
=F:LJ@E> FE DLCK@
JFCLK@FE 8;FGK@FE 9P E :LJKFD FLI G8IKEI8D 8:: @EKIFNK? ;I@MF
KF
D8IB :LJKFD
8;;@K@FE8CJ8C35BD19>DI?>(1<5C?6(ECD19>129<9DI(?C
.8C2FIB@M88I9FE-:FLC;9<
D8KCF98C GFC@:P LE: KF J?@=KJ @E I<>LC8KFIP
GI@FI@K@@E> KICF98CKFC<>8C:?8CCLC8K@FEJ D8P 8==<:K FLI D8IB@I<:K@M<W.-X	JK8E;8I;J
LJ<;KF@;FE
K?<:FDG8EPJ@Q<8E;>I8G?@:CF:8K@FE8I<JK@CC;8E;LE:LC8KFIPLE:8K@FEJFIIIFNK?F=FLIJLJK8@E89@C@KPJFCLK@FEJ/?<IFNK?KI8A<:KFIP:8EEFK9<8::LI8KD85%$
(%"1B;5DC
$E K?< 0. MFC8K@C@KP @E K?< GL9C@: D8IBJW$+*JX	8E;JG<:@8C
GLIGFJ<8:HL@J@K@FE:FDG8E@?7$EB%5B6?B=1>35
'0'4#6' 4196* 41/ :+56+0) 7561/'45 /?< 2FIB@M8 GC8K=FID :8E K?8KK?<LJ<=LCE F==K?<@I:FCC<8>L8E@Q8K@FEJ K?8K D8E8>< C8I>< :FDGC@E:CL;@E>I<>LC8KFIP
DLCK@
$E8;;@K@FEN<D8IBFM8E;>FMI8DJ2<@EKFI>8E@Q8K@FE8E;C<FLI9I8E;IFN@E>;;8E;IEE<;KF?8M<@DD<;@8K<9IF8;8GGC@:89@C@KP8JKIFE>M8CL<GIFGFJ@K@FE8E;8?@>?IK<8D8JJ GIF::LJKFD DLCK@GC< JFCLK@FEJ ?8J :I<8K<; ;FLIK<:?EFCF>P8E;I<8C@>E@E>J8CKF:8G@K8C@Q<FEFLI>IFN@E>? IK?CF98C 8E; I<>@FE8C
G8IKE :FEJLCK@E> =@IDJ JPJKI8KFIJ C8I>< 8E; D@;
J@Q<; @E;<F=;FD8@E
8E;=LE:K@FE8C@K8CKI8EJ=FID8K@FEGIFA<:KJK?PG8IKEI8K@FEJ KF ?8L;@K89@C@KP8E;:FEKIFC=<8KLICF98CI<8:?8::<8E;8;FGK@FEF=FLIGC8K=FID8E;J8E;9L@C;E GIF=8E@Q8K@FEJKF;I@M<8;;@K@FE8CIIFN@E>:LJKFD<F=FGGFIKLE@K@I<<F=J<8JFE8C@KP(8EPF=FLI
:LJKFDI<<F=J<8JFE8C@KP.8C?F=K?<G8PDK?<=@IJK8E;
=FLIK?:8C:8J?=CFN


 5I%5B6?B=1>35>4931D?BC
.51B5>454535=25B









4?<<1BC9>D8?EC1>4C
+0#0%+#./'64+%5
/FK8CI<@E:I<8J<@EKFK8CI<@E:I<8J<@EJL9J:I@GK@FE8E;JLGGFIK
IE@=@:8EK
JL9J@;@8IPK?8KNFIBJN@K?LJ;@I<:KCPFDG8E@?FLI.LJK8@E'@=<8:HL@J@K@FE@EIIFJJIIFJJI@E 9P 8EEL8C@Q@E> K?< JL9J:I@GK@FE 8E; JLGGFIK
IIFJJIIFJJ I8?@>?I8K<F=IP GC8K=FID 8E; JKIFE> :LJKFD@JKFI:IFJJ
J8;;@K@FE8CJFCLK@FEJ8E;GI@:@E>:?8E>
:LJKFD DLCK@
P<8I :FEKI8:KJ I G K K?< JL9J:I@GK@FE 8E; JLGGFIK I
KI<K?<JL9J:I@GK@FE8E;JLGGFIKIE@Q<;;LI@E><8:?HL8IKI FLI :LJKFD?FLI.LJK8@E'@=<8:HL@J@K@FE@EIK89C<
.51B5>454535=25B









.L9J:I@GK@FE8E;JLGGFIKI5>DC?6'5CEC
%6%.5%
2< >? K?< J8C< F= JL9J:I@GK@FEJ KF FLI :CFL;
98J<; JF=KN8I< 8E; K?<
;<F=:LJKFDC<:LJKFDIFLGF=:LJKFDC<:LJKFD>I<>8K<
2< >? FLI J8C:LJKFD?FLI:LJKFD<@ECK?=IFDKN?KJF=IE@Q<JL9J:I@GK@FE8E;JLGGFIKI@EE@E>FEK?<;8K<K?8KFLIJ>@E>8E;:FEJLCK@E>KF?FLIGC8K=FID*LIGIF=E@Q< I>@E>8E;:FEJLCK@E>JE@Q<;8JK?<
J G J8C8I@<9PFLI:LJKFDP:FJKJ8E;=8:@C@KP:FJKJFJKJF=J<8I<
:FDGI@J<;GI@D8I@CPF==< 
J8C8I@8E;GIFDFK@FE8CGIF;L:K
D8IB @E=FID8K@FE K<:?EFCF>P :FJKJ 8E; =8:@C@KP :FJKJ 2< G8P J8C:LJKFD8:FEKI8:KN@K?8:LJKFD?K
C@E<98J@JFM
J8C8I@<9PFLI;P:FJKJ8E;=8:@C@KP:FJKJ
%.%2!,!.$
$-).)342!4)6%80%.3%3
" C<>8C ?LD8E I
J8C8I@8C8::FLEK@E>8E;FK?P:FJKJ8E;=8:@C@KP:FJKJ


'5CEC
/?<=FCCFN@E>K89C<J454535=25B









9>D8?EC1>4C
-	 
 
 

"454535=25B









9>D8?EC1>4C
FJKF=I  
 
 

"K89C<J<F=
I454535=25B









-



"454535=25B
%5B9?4D?@5B9?4381>75






=?E>D
81>75
4?<<1BC9>D8?EC1>4C
-; 8E; FK?IFNK? I8K< =IFD
JL9J:I@GK@FE8E;JLGGFIKKF:FEK@EL<KFFLKG8:<IIFNK?=IFDGIF=454535=25B
%5B9?4D?@5B9?4381>75






=?E>D
81>75
4?<<1BC9>D8?EC1>4C
FJKF=I?@9C<8JJ8E;FK?454535=25B
%5B9?4D?@5B9?4381>75






=?E>D
81>75
4?<<1BC9>D8?EC1>4C
*G 
 
 


"?
N<I<:F>E@Q<;8E8;;@K@FE8CD@CC@FE@E:8J?
98J<;8E;JKF:B
98J<;:FDG8K@FEJ/?<I@E:I<8J<@E:FDG?8E;8;MLI@E>N<I<:F>E@Q<;8E
8;;@K@FE8C  D@CC@FE @E :8J?
98J<; 8E; JKF:B
98J<; :FDG8K@FEJ /?< I @E:I<8J< @E :FDGF
KF
D8IB8E;8;MNN<I<:FI;<;8FE<
K@D<9FF;J8E;JE@K@FE F=  D@CC@FE 8E;  D@CC@FE @E :8J?
98J<; 8E; JKF:B
98J<; :FDGI<K?<=@IJKHL8IK454535=25B
%5B9?4D?
@5B9?4
381>75






=?E>D
4?<<1BC9>D8?EC1>4C
$EK?F*K?8@EJFE
=FI<@>E:LIIC6?B9C31<

?=@1B54D?


!FI8:FDG8I@JFEF=FLII41@9D1<'5C?EB35C
6%26)%7/&/52#%3!.$3%3/&!3(
J F= <:D@CC@FEN?@:?N:8G@K8CGLIGFJ?:8J?>E@=@:8EK FG CFJJCFJJ8K@M<:8J?=CFNJ=IFDFG8:K@M@K@LJK  N< @JJL<;  D@CC@FE 8>>I<>8K< GI@E:@G8C 8DFLEK F=  :FEMKFIFK@8K<; KI8EJ8:K@FEJ N@K? :;<9KIKFFLI)FKD8KLI@KP;8KLJK8E;L>LJKII8D =FI LG KF
D@CC@FEF=FLIFLKJK8E;@E>C8JJ:FDDFEJKF:BK?<W-?GI@M8KFK@8K<;KI8EJ8:K@FEJGLIJL8EKKF-LC<9

KI8;@E>GC8EJFIFK?<:K
/?< K@D@E> D8EEK89C<JLDD8I@QK?<P<8IJ454535=25B









8J?=CFNGIFM@;<;9PFG8:K@M@K@8:K@M@K@8:K@M@K@<I8K :8J? @J :8J? :FCC<:K@FEJ =IFD :LJKFD 8:K@M@K@8:K@M@K@8:K@M@K@8JJ<@EFG8JJF=9@CC@E>J
8E; >IFNK? @E FLI :LJKFDIFNK? @E
JL9J:I@GK@FE 9FFB@E>J 8E; :FDD@JJ@FE GC8E 8:?@F=FLI9@CC@E>J:8J?:FCC<:K@FEJ8E;:8J?G8PD8:K@M@K@8JJ<@EFG8JJIFNK? /?< @E:I<8JF=FLI9@CC@E>J:8J?:FCC<:K@FEJ8E;:8J?G8PD8:K@M@K@FLI@E=I8JKIL:KLI<8E;NFIB
=FI:<
8J? LJ<; @E @EM 8:K@M@K@FLI@E=I8JKIL:KLI<8E;NFIB=FI:</? 8:K@M@K@ 8:K@M@K@K89C<I8K@FEJ8JF=<:>I<>8K<;
9PKPG<
%1I=5>DC4E52I@5B9?4
)?D1<
!5CCD81>
I51B
I51BC
I51BC
"?B5D81>
I51BC
9>D8?EC1>4C
FEMC<8J
@DGLK<;@EK@EK8K@FEJ 
  
 
 
 

/FK8C=LKLI<G8PD>I<>8K< GI@E:@G8C 8DFLEK 8E; =LKLI< @EK
EFKJ 8E; C8E; N@K? M8I@FLJ C<8J< KC<8JI<@ED8K8EPK@D<9<>@EE@E>
K?I<<P<8IJ=IFD%LE<K?<:FDD=IFDK?<C8E;CFI;LGFE:< @E
:FEKIFC
2<I<I<D9>7%?<9395C1>4CD9=1D5C
*LI :FEJFC@;8K<; =@E8E:@8C JK8K GI@E:@GCF@E> 98J@J N< E@=@:8EK 8::FLEK@E> GFC@:@8::FLEK@E>GFC@:@I<8KI<<F=AL;>DCP K?8E;FLI:FEJFC@;8K<;=@E8E:@8C:FE;@K@FE8E;I? K?< J8C< F= FLI :CFL;
98J<; JF=KN8I< 8E; K?< ;E@Q<; N?<=FIK?FJ<
JE@K@FEK?IFL>?K?<=FCCFN@E>JK8K@FEJ@EK?<:FEKI8:K
S
8K@FEJ@EK?<:FEKI8:K
S
-<:F>E@K@FEF=I8K@FE
7$5%4+26+10#0&722146'8'07'
2< I<:F>E@Q< JL9J:I@GK@FE 8E; JLGGFIK I@EE@E>FEK?<;8K<K?8KFLIJC<G8K@FE9<:8LJ<K?>@E>8E;
:FEJLCK@E>N@K?FLI:LJKFDFLIGC8K=FID2<?8M<
;I<I<?KJ 8E;
F9C@>8K@FEJ9<:8LJ<F=K?<:LJKFD?KKF:8E:I<?KN<8CCF:8K<8GFIK@FEF=K?<KI8EJ8:K@FEGI@:<KFK?<D8K?K98J<;LGFEK?<IGI@:<+IF=I<?K8I<8::FLEK<;=FIN?E@Q<; =FI ;F:LD>@E>8E;:FEJLCK@E>JE@Q<;8JK?<
J?8K@FEJ !FI K?8K@FEJ J8K@FEJFE8IGI@:<
98J@J 2< ; GI@: F9A<:K@M @EKF
:FEJ@; K?< M8CL< F= FLI 8II8E>K?F=KI8G?@:J8E;K?<ELD9DE@=@:8EK9<:8LJ<FLII<:LII@E>I .K8E;8I;J F;@=@:8K@FE  LJ@E IK?<=8@IM8CL<F=8JJE@=@:8EKAL;>DK?<J@J9<=FI<
@EK@EJ8E;;@J:FLEKI8K8><K?<8JJ@JK8E:<F=K?@I;
G8IKPM8CL8K@FEJG<:@8C@JKJ@E:FE:CL;@E>FE=8@IM8CL<D<8JLI=8@I
M8CLFF;N@CC@E
FLI:FEJFC@;8K<;98C8E:<J?<8E@Q<8:HL@I<;:FDG8E@?N<9D<@=N<8I<LE89C<KFI<:FMGIFEFLE:D9D1D9F51>4&E1<9D1D9F59C3E:LII?N<8CJF?8M<JFD<GLIGFJ 8E@J? BIFE< 8E; %8G8EJ ;E :LIIE :LII< I@JB 
GFIK@FEF=FLIFGE:LIIE:LII<
I8K8E@J?BIFE<.@E>8GFI<
;FCC8I LJKI8C@8E ;FCC8I #FE> &FE> ;FCC8I 8E; %8G8EE
:LII< I8KE@Q< KI8EJ8:K@FE >8@EJ 8E; CFJJ@E> KI8EJ8:K@FEJ 8J FLI E:LII<I8KIE:LIIE@=@:8EK!FI<@>E:LII8@EJCFJJ?N<;FEFK9<F=I  D@CC@FE 8J F=
<::8G@K8C
GLIGFJFIJG<:LC8K@M<GLIGFJ:8G@K8CGLIGFJCPFLI=LKLI<
@EM8@EJFICFJJE@Q<;;L<KF:?8E>< @E @EK8@EJ FI CFJJ M8CL<	 8I< I<:FI;<; @E FK?J<:LI@K@LJK  N< @JJL<;  D@CC@FE 8>>I<>8K< GI@E:@G8C 8DFLEK F= FLI  )FKLJKN<@JJL<;D@CC@FE8>>I<>8K<GI@E:@G8C8DFLEKF=FLI)FK<;;@K@FE8CCPK?<=8@IM8CL<:8E9<8==<:K<;N?EFKC?<941D549>1>391<(D1D5=5>DC1>4(E@@<5=5>D1BI1D1
#-)$$#($!)##!())"#)(
%175
-@JK!@ID+*$	

FEJFC@;8K<;8C8E:<.?<45@5>45>D'579CD5B54%E2<9333?E>D9>79B=
/FK?<.KF:B?FC;9?>?>D859>1>391<(D1D5=5>DC
2< ?8M< 8L;@K<; K?< 8::FDG8EP@E> :FEJFC@;8K<; 98C8E:< J?<GI@E:@GC*M?KF8I;
0E@K<;.K8K8JF=<:I8K<; !I8D*I>8E@Q8K@FEJF=K?</I<8;N8PFDD@JJ@FE=I8D9?>
/?
=@ID I<>@JKLC8K@FEJF=K?<.<:LI@K@<FDD@JJ@FE8E;K?<+*
2<:FE;L:K<;FLI8L;@KJ@E8::FI;8E:<N@K?K?<JK8E;8I;JF=K?<+*/?FJ<JK8E;8I;JIGIF:<;LI
GIF:<;LI FE 8 K8I;@E>K?<8DFLEKJ8E;;@J:CFJLIK?<
8::FLEK@E>GI@E:@GCE@=@:8EKK?<FM =IFD K?< :LII@E> JL9A<:K@M< FI :FDGCD K?< :I@K@:8C 8L;@K D8KK 8 JE5'53?7>9D9?>
'5%4+26+101(6*'
#66'4
J;E@Q<=FIK?FJ<JI<?KJ 8E; F9C@>8K@FEJ FI 8E FGK@FE KF GLI:?8J< $E 8;;@K@FE K?<
FDG8EP@;8K@FEJ8E;N?8K@FEJFE8
IGI@:<98J@J/?<8JJ8K@FEJD8P@EMFCM<AL;>D K?< FDG8EPYJ 8::FLEK@E> =FI IE@K@FE N8J :?8CC@E>
>@ME@=@:8EK 8L;@K <==FIK KF 8K@FEJ@E:LJKFD E 8E; K
<==<:K@ME@K@FEGIF:D8E8>8K@FEJ@E:LJKFD=FIIE@K@FEN<GFK?D8E8>8K@FEJN@K?@EK?<8II8E>E@K@FE 8::FLEK@E> IE@=@:8EK
JJKF;8K@FEJ@;''+
2<?8M<JF$CC@EF@J
!<9IL8IP


'5@?BD?6>45@5>45>D'579CD5B54%E2<9333?E>D9>79B=
/FK?<.KF:B?FC;9?>?>>D5B>1<?>DB?<$F5B9>1>391<'5@?BD9>7
2<?8M<8L;@K<;2FIB@M8$E:YJ@EK8JF=<:I8K<; !I8D
*I>8E@Q8K@FEJF=K?</I<8;N8PFDD@JJ@FE=I8D8J
F=<:*M?KF8I;
0E@K<;.K8K9?>
/?<FDG8EPYJD8E8><==<:K@M<@EK
8E; =FI @KJ 8JJ @E:CL;<; @E K?<
8::FDG8EP@E> (8E8> *LI
I98J<;FE
FLI8L;@K2<8I<8GL9C@:8::FLEK@E>=@IDI<>@JKLC8K@FEJF=K?<.<:LI@K@<FDD@JJ@FE8E;K?<+*
2<:FE;L:K<;FLI8L;@K@E8::FI;8E:<N@K?K?<JK8E;8I;JF=K?<+*/?FJ<JK8E;8I;JIN8JD8@EK8@E<;@E8CCD8K8ELE;F=@EK8JJK?<I@JB
K?8K 8 D8K 8E;  K?< ;E 8E; FG <==<:K@MJL:?FK?9D9?>1>4!9=9D1D9?>C?6>D5B>1<?>DB?<$F5B9>1>391<'5@?BD9>7
:FDG8EPYJ@EK@J8GIF:E<;KFGIFM@;<I<8JFE89C<8JJLI8E:<
I<>8I;@E> K?< I 8E; K?< GIGI@E:@GC@E:CL;GI@E:@GCD8;<FECP@E8::FI;8E:<N@K?8LK?FI@Q8K@FEJF=D8E8>8I;@E>GI D8P EFK GII<<F=:FDGC@8E:<N@K?
K?<GFC@:@''+
?@:8>F$CC@EF@J
!<9IL8IP


(()(
LIIC<8J<I@>?K
F=
LJ<8JJ@9C<8JJD8?EC1>4C5H35@DC81B51>4@5BC81B51=?E>DC
C?6535=25B








!!)(#()$ $!'(K)
LII8K@FEJ 
 

/FK8C:LII
KC<8J<C@89@C@K@8K@FEJEFE
:LII8K
<:8K
<: 
V 
V
;;@K@FE8CG8@;
@E
:8G@K8C 
 

::LDLC8K<;;<=@:@K 
	 
	
::LDLC8K<;FK?D9>E54
9>D8?EC1>4C5H35@DC81B51>4@5BC81B51=?E>DC
C?6535=25B






''#%%1/2#0;+0)016'5


,$' +#	
$#($!)())"#)($$%')$#(
9>D8?EC1>4C5H35@DC81B51>4@5BC81B51=?E>DC
.51B5>454535=25B









- 
 
 

"?K<;
8M<:FDDFEJ?8I
98J@:8E;
;@CLK<;  
 
 

''#%%1/2#0;+0)016'5


,$' +#	
$#($!)())"#)($$"%'#(+!$((
9>D8?EC1>4C
.51B5>454535=25B









)E:LII8@EFE8M8@C89C<
=FI
J8C<J<:LI@K@JIJIJID8?EC1>4C
?==?>(D?3;<1CC1>4

449D9?>1<
%1949>
1@9D1<
33E=E<1D54
$D85B
?=@B585>C9
F5!?CC
>3?=5
33E=E<1D54
56939D
)?D1<
(D?3;8?<45BC
AE9DI
56939D
(81B5C
=?E>D
''#%%1/2#0;+0)016'5


1C86713D9F9D95C
)8:K@M@K@C<8J<I@>?K
F=
LJ<8JJC<8J<C@89@C@KP 
	 
	 
	
::IL<;8:K@M@K@F5CD9>713D9F9D95C
+LI:?8J<F=GIFG@9C<8JJ8:K@M@K@D8?EC1>4C
.51B5>454535=25B











1C861>39>713D9F9D95C
+IF:<<;J=IFDFGK@FE8K@FEJ  
	 
	 
	
)8:K@M@K@E<I8K@EE@E>F=P<8I  
 
 

8J?:8J?D9>E54
9>D8?EC1>4C
.51B5>454535=25B









.51B5>454535=25B









(E@@<5=5>D1<31C8631C89>F5CD9>71>469>1>39>713D9F9D95C
+LI:?8J454535=25B









'53?>39<91D9?>?631C831C85AE9F1<5>DC1>4B5CDB93D5431C8
D?D853?>C?<941D5421<1>35C855DC
8J?8E;:8J?9J1D9?>1>4(97>96931>D33?E>D9>7%?<9395C
2'!.):!4)/.
2FIB@M8 $E: 8 =FI89 :FEJLDLC8KFIJ :CFL;GC8K=FID=FI8JJLI<;@EK<>I8K<;I*LI
FG@FE8E;8E8;8
!3)3/&2%3%.4!4)/.!.$2).#)0,%3/&/.3/,)$!4)/.
/?< :FEJFC@;8K<; =@E8E:@8C JK8K GI@E:@GC?I<<F=J<8JFE8C@KP.8C? F= :8J? 9FELJ G8PD K?< =@IJK 8E; =FLIK?
:8C:8J?=CFN
%'-%.43
*LI:?@<=FG;<:@J@FED8B I
=@E8E:@8CGD
;<:@J@FED8BI=FICCP N< ; 8E; IDE JL9J@;@8I@DFEK?
<I8K<<I8K8@EJ8E;
CFJJ=IFD=FI<@>E:LII GI@E:@GC EFKGI@:?KJ?<8CK?@EJLI8E:<:C8@DJ@E:LII<;9LKEFKP@9C<
8JJFF;N@CC@E:FD<K8O?K
F=
LJ<8JJ<F=:LII?CPC@HL@;DFE?CPC@HL@;@EM?CPC@HL@;@EMI<8KI< @E IPE>FMJ<:LI@K@ :FEJFC@;8K<; 98C8E:< J?<G8@EJ8E;CFJJJ8E;I<:FI;<;8J8JE@Q<;8J8:?8I><@EFK? LEI<8C@Q<; CFJJ8@EJ8E;CFJJ8@EJ8E;CFJJ 98J@J *LI FK? M8CL< ;L< KF K?<@I J?FIK
K?
:I<;@K
HL8C@KP=@E8E:@8C@EJK@KLK@FEJ.L:?;F=K?<=@E8E:@8C@EJK@KLK@FEJ
2< GF@E> :I<;@K E@=@:8EK:FE:C<:LJKFDC<:FLEKIPFLKJ@;<F=K?<0.
8K<: :FEKI8:KJ N@K?
:LJKFD8:FEKI8:KN@K?8:LJKFD?K
C@E<98J@JFM @EKF :FEJ@;@:8C:?8E><8E;FK?:FEJFC@;8K<;JK8KK?<JKI8@>?K
C@E<D I? K?< J8C< F= JL9J:I@GK@FEJ KF FLI :CFL;
98J<; JF=KN8I< 8E; K?<
;E@Q<I<=FI
K?FJ<JE@K@FEK?IFL>?K?<=FCCFN@E>JK8K@FEJ@EK?<:FEKI8:K
S
8K@FEJ@EK?<:FEKI8:K
S
-<:F>E@K@FEF=I8K@FE
2< IFME@Q< JL9J:I@GK@FE 8E; JLGGFIK I@EE@E>FEK?<;8K<K?8KFLIJC<G8K@FE9<:8LJ<K?>@E>8E;
:FEJLCK@E> N@K? FLI :LJKFDI< .K8E;8I;J F8I; W!.X	 ::FLEK@E> .K8E;8I;J F;@=@:8K@FE )F 
'8'07'(41/1064#%659+6*7561/'45.	I8K?I<?KJ8E;F9C@>8K@FEJ9<:8LJ<F=K?<:LJKFD?KKF:8E:I<?KN<8CCF:8K<8GFIK@FEF=K?<KI8EJ8:K@FEGI@:<KFK?<D8K?K98J<;LGFEK?<I GI@:< +IF=I<?K 8I<
8::FLEK<; =FI N?E@Q<;=FI;F:LD>@E>8E;:FEJLCK@E>JE@Q<;8JK?<J8K@FEJ !FI K?8K@FEJ J8K@FEJFE8IGI@:<
98J@J 2< ; GI@: F9A<:K@M @EKF
:FEJ@; K?< M8CL< F= FLI 8II8E>K?F=KI8G?@:J8E;K?<ELD9E@Q<;8=KKNGFIK@FE@JI<:FI;<;8J:LIII<G@E=LKLI<G G J8C8I@<9PFLI:LJKFDP:FJKJ8E;=8:@C@KP:FJKJ
!,%3!.$!2+%4).'80%.3%3
.8CJ8C8I@8E;GIFDFK@FE8CGIF;L:K
D8IB@E=FID8K@FEK<:?EFCF>P:FJKJ8E;=8:@C@KP:FJKJ
;M:FJKJ8I<:?8I><;KFJ8C
J8C8I@<9PFLI;P:FJKJ8E;=8:@C@KP:FJKJ
%.%2!,!.$
$-).)342!4)6%80%.3%3
"8C ?LD8E I J8C8I@8C 8::FLEK@E> 8E; FK?P:FJKJ8E;=8:@C@KP:FJKJ
%!3%3
2< ; C<8J C<8J< I@>?K
F=
LJ< W-*0X	 8JJ C<8J<
C@89@C@K@8K@FEJ8E;=@E8E:<C<8J<F9C@>8K@FEJEFE
:LII?KKFLJ<8ELE;8JJ8K@FE KF D8B< C<8J< G8PD =IFD K?< C<8J< '<8J< -*0 8JJE@Q<;98J<;FEK?<GIE@Q<;
@EK?<G8K@FE=FIK?FJ<G8PD I8K< 98J<; FE K?< @E=FID8K@FE 8M8@C89C< 8K K?<
:FDDK?<GIE@Q< I C<8J?K
C@E< 98J@J !FI =@E8E:< C<8JK?<I@>?K
F=
LJ<8JJ?K
C@E<	FM?K
F=
LJ<8JJI<C< C<8J< :FDGFEE@Q< I@>?K
F=
LJ<
8JJE@Q<C<8J<G8PD?K
C@E<98J@JFMK?<D<8JLIF==JFF;N@CC0GFEK?<:FE:CLJ@FE
F= K?< D<8JLILE@KC<K?8KNFLC;DFI<C@BLE@K9M8CL<2<GFF;N@CC@DG8@IDM8CL<F=8ILE@K@9C<8JJ@9C<8JJP:LJKFD8C8GGC@:8K@FEGIF:8DFIK@Q<;$EK8E>@9C<8JJ
C@M<; 8JJ?K
F=
LJ< 8JJ@9C< 8JJ8DFLEK
F=8E8JJIFLGD8PEFK9<I<:FM
C@M<;8JJIFLG9<K
C@M<;8JJIFLGKF@KJ:8IIP@E>8DFLEK$=K?<:8IIP@E>8DFLEKF=K?<
CFE>
C@M<;8JJIFLG@JEFKI<:FME@Q<;KFK?<8DFLEK
C@M<;8JJ>I8EKJF=FGK@FEJKFGLI:?8J<:FDDFEJKF:B8E;
K?<@JJL8E:<F=I 8 =8@I
M8CL< 98J<; D<=FI8N8I;JF=E@Q<;@EK?<:FEJFC@;8K<;JK8KI8EK;8K<FII;8K<@=I?K
C@E<98J@J
FMDF;GI@:<F=FLI:FDDFE
JKF:BFEK?<>I8EK;8K<
%4/33%2(!2%
442)"54!",%4//--/.4/#+(/,$%2
8J@: 8E; ;@CLK<; EJ<:LI@K@ K?< E?K<;
8M< ELD9;LI@E>K?<GJGJGCP 98J@: EEALI@J;@:K@FEJ
N?K?<8JJE@K@FE
F=;<=< @E K8O I8KE@Q<; @E @E:FD< @E K?< G@9C<'FN
/8O<;$E:FD<@EK?<GE@Q<;<=JL:?8;8K@M<
=LKLI<IK8O89C<KJKI8K<>@E@Q<K?<C8I>E@Q<@EKE@Q<;K8O9:FEJFC@;8K<;JK8KE@=@:8EK;LI@E>K?<P<8IJLC8ICP I G8JK K?<@I 8GGC@:89C<
G8PD =8:KFIJ JL:? 8J
?@JKFI@:8C<F=K?<8::FLEKJI<:<@M89C<98C8E:<;8>8@EJKK?<8CCFN8E:<FE:<:FCC<:K@FE<==FIKJ?8M<9<LJK  K?< !. @JJL<; .0 
 %%1706+0) (14 108'46+$.' 05647/'065 #0&
1064#%65+0#006+6;59037+6P0E;C< C@89@C@KP D<8JLI<; 8K
8DFIK@Q<;:FJK/?@JIE@Q<;=FI:FEML@;8E:<8CJFI<8IE@E>JG@EE@E>8=K K?< DF;@=@<; IDDD;<:@J@FED8BD J<>D I@EE@E> 8=K@EE@E>FE%8EL8IP/?<8;FGK@FEF=
K?@J JK8E;8I; ;@; EFK ?8M< 8 D8K8I;@E>:8J?K8OEALI@J;@:K@FEJ/?<JK8E;8I;@J<==<:K@M<=FI8EEL8C
G@EE@E>8=KK?<<==<:KF=
K?@J LG;8K< FE FLI I
<:GL9C@:
9LJ@E>I<>8K<;;@J:CFJLI 9P  KI8EJG8I8I;@E>FI@ G@EE@E> 8=K G@EE@E>
8=K K?< <==<:K F= K?@J LG;8K< FE FLI :FEJFC@;8K<; =@E8E:@8C
JK8KL@;8E:< @E . 
 =FI @E;L:<; :FEMKI<8KD8I;CG@EE@E>8=KK?<<==<:KF=K?@JLG;8K<FE
FLI:FEJFC@;8K<;=@E8E:@8CJK8KDC1>4"1B;5D12<5(53EB9D95C
K<:@E
K?FLJ8E;J	
=?BD9J54
?CD
*>B51<9J54
19>C
*>B51<9J54
!?CC5C
77B571D5
19B+1FM@E
K?FLJ8E;J	
=?BD9J54
?CD
*>B51<9J54
19>C
*>B51<9J54
!?CC5C
77B571D5
19B+1FME>FMK89C<GIIFJJLEI<8C@Q<;CFJJ>I<>8K<;9P
@EMFIP 8E; K?< CK? F= K@D< K?8K @E;@M@;L8C J<:LI@K@I<8KB51<9J54
!?CC
19B+1B51<9J54
!?CC
0.KI<8JLIP;<9KJ<:LI@K@FMD1<?>C?<941D541<1>35(855D>6?B=1D9?>
2/0%249!.$15)0-%.4.%4
+IFGLE;C<8J<C@89@C@K@DC
2<;=8@IM8CL<!8@IM8CL<@J;<=@E<;8JK?<GI@:<K?8KNFLC;9<I<:<@M<;KFJK?<
8JJE@=@:8EKKFK?<=8@IM8CL<D<8JLI? D8IB?KC@HL@;@KP
8E;EFJK8K<;D8KLI@K@HLFK<;GI@:HLFK<;GI@:9IFBHLFK<;GI@:K89C<GI98J@JLJ@E>K?<89FM<@EGLK:8K<>FI@DC1C
?6535=25B


19B+1DC1C
?6535=25B


5C3B9@D9?>
)?D1<
!5F5<
!5F5<
)?D1<
!5F5<
!5F5<
(FEFME>FM ;8P F= K?< I
GDC1>4?>D9>75>395C
52#(!3%/--)4-%.43
2<I<I<8CGIF:<<;@E>JFI9<JL9A<:KKF:C8@DJ8I@J@E>
@EK?<FI;@E8IP:FLIJ<F=FLI9LJ@E8CD8KKLC8I98J@J
8E;8::IL<8C@89@C@KPN??K?<I8K@FE8E;:C8@DJ:8EEFK9<GI<;@:K<;N@K?:C<>8CGIF:<<;@E>JKFN?@:?N<8I<8G8IKPN@CCEFK?8M<8
D8KI8I;C8K@FE :8E ?8M< 8E 8;MJ8E;C8E;N@K?M8I@FLJC<8J<K?(8P
:FJKJ@E
8;;@K@FEKF898J<FI=@O<;IE@Q<;@EK?<:FEJFC@;8K<;JK8K454535=25B









*GC<8J<:FJK 
 
 

!@E8E:<C<8J<:FJK
DFIK@Q8K@FEF=I@>?K
F=
LJ<8JJ8K@FEJ 
 
 

.?FIK
K454535=25B









8J?G8@;=FI8DFLEKJ@E:CL;<;@EK?<D<8JLI:8J?=CFNJ=IFDFGC<8J?K
F=
LJ<8JJ<=FIC<8J<
F9C@>8K@FEJ
*GC<8J?K<;M<-'<8J</C<8J?K<;M<@J:FLEK-8K<
*GC<8J>I<>8K<8EEL8CC<8J<F9C@>8K@FEJN7
!51C5C
9>1>35!51C5C
  
 

  
 

  
 

  
 

  
 

/?8K@FEJ  
 

'@EK8K@FEJ 
 

	 52D
/.6%24)",%%.)/2/4%3
/?<=FCCFN@E>K89C<GI@E8CGI@E:@G8C@EK?FLJ8E;J	
"?>D8
CCE54
"1DEB9DI
1D5
B55
?>F5BD929<9DI
1D5
'545=@D9?>
1D5
$B979>1<
%B9>39@1<
9>37
?F5B1<D
>9D91<
?>F5BC9?>
'1D5@5B

%B9>39@1<
>9D91<
?>F5BC9?>
%B935
)FKLJK

L>LJK

(8P
L>LJK






)FKLJK

L>LJK

(8P
L>LJK






$E L>LJK  N< @JJL<;  D@CC@FE 8>>I<>8K< GI@E:@G8C 8DFLEK F=  :FEMK?<8K@FEJF=K?<FDG8EP/?<)FKLJK
F=<8:?P<8I:FDDFE!<9IL8IP+IF:<<;J=IFDK?<@JJL8E:<F=K?<)FKLJK  N< @JJL<;  D@CC@FE 8>>I<>8K< GI@E:@G8C 8DFLEK F=  :FEMK?<G8IK@8CLJKF=<8:?P<8I:FDDFE!<9IL8IP+IF:<<;J=IFD
K?< @JJL8E:< F= K?<  )FK8K@FEJ F= K?<
FDG8EP /?<  )FK 8E; =LKLI< JK?<FDG8EPYJFLKJK8E;@E>)FK:@I:LDJK8E:8EP:8C8=KJL:?:8C
D;8PJN?8G;8PJFE8E;@E:CL;@E>K?<C8JK
KI8;@E>;8PF=K?<@DD<;@8K:8CI<8K;8P
S
;LI@E>K?<=@M<:FEJ<:LK@M<9LJ@E8EPK;8PGGI@:<8J;<=@E<;9;8PF=K?<D<8JLI;8P
S
@=N<:8CC8EPFI8CCF=K?<)FK;8P@DD<;@8KK?<-<; ;8P @DD<;@8K K?<
D8KLI@KP;8K<F=K?<)FKF 8 =LE;8D< 8J ;<=@E<; @E K?< @E;<IK?<=LE;8D<I:;8PJN?8EP:FEJ<:LK@M<KI8;@E>;8PGK?<C8JKKI8;@E>;8PF=JL:?GFE
8E;@E:CL;@E>K?<KI8;@E>;8P@DD<;@8KK?<;8K<FEN?@:?K?<FDG8EPGIFM@;K?<IC< C@89@C@KP D<8JLI<; 8K 8DFIK@Q<; :FJK $EK K?<
8DFIK@Q8K@FEF=@JJL8E:<:FJKJ8JNK?<
8DFIK@Q8K@FEF=K?<;<9K;@J:FLEK8E;@JJL8E:<:FJKJ8JNC@=<F=K?<)FK8DFLEKF=K?<)FK8DFLEK

 
 
 

$EK454535=25B









FEKI8:KL8C@EK?KJ F= K?< ?FC; 8E; :FEMC1D9?>
2<>I8EKJKF:B
98J<;@E:EK?<@I=@E8E:@8C@EK?KJ+I@FIKFFLI:FIGFI8K<:FEMI8EK<;LE;I8EK<;LE;I8EKJ F= 8EP FK?I8EKLE;@9C<I8EK<;FGK@FEJKFGLI:?8J<J?8II8EKFIF=K?<=8@I
D8IBI8EK<;KN@:<P<8ICPFEFI89FLK%LCP
8E;%8EL8IP8E;8I<%8EL8IP8E;%LCPIGC1D9?>H@5>C5
.KF:B
98J<;:FDG:FJK8E;FI@454535=25B









FJKF=I 
 
 

"N<I<:F>E@Q<;8E8;;@K@FE8CD@CC@FE@EJKF:B
98J<;:FDGI<K?<GC
/?< =FCCFN@E> K89C< JLDD8I@QC
,5978D54
F5B175
H5B39C5
%B935
,5978D54
F5B175
'5=19>9>7
?>DB13DE1<
)5B=.51BC
77B571D5
>DB9>C93+1D8?EC1>4C
*LKJK8E;@E>8K<:8K<:I8EK<;=FI8KK?<
P<8IJ I8EK<; ;LI@E> K?< P<8IJ  FGK@FEJ ?8M< ME@Q<;:FDG9DC1>4%5B6?B=1>35'5CDB93D54(D?3;*>9DC
-I8EK<;KF-I8EK<;KFEFE
 =IFD K?< ;8K< F= >I8EK
+?KJ8J8JKF:B?FC; I@>?KJ 8E; D8P EFK 9< 9FL>?K FI JFC; /?< =8@I M8CL< =FI
II8EK/FK8CG K?< M G K?< P<8IJ K89C<JLDD8I@QD1D519B
+1 K?< P<8I E@Q<;FE8JKI8@>?K
C@E<98J@JFMGE@Q<;:FDGE@Q<; FM?K<;
8M<
G
/?<=8@IM8CL<F=<8:?FGK@FE>I8EK@JJL<;LE;I8EKLJ@E>
K?<C8:B
.:?FCDF;?KJ8I<
8E;8GGIFO@D8KGF=-<>@JK?KJ


/?<=8@IM8CL<F=FLI .++GLI:?8J<I@>?KJN8JEFN<@>?K<;
8M<8JJLDGK@FEJ
.51B5>454535=25B









 .++
 OG<:K<;K K89C< JLDD8I@Q454535=25B









.?8I?K<;
8M<GLI:?8J<GI@:<

 
 

/FK8CGIF:<<;J@EK?FLJ8E;J	

 
 

FDG?KJ @J I<:F>E@Q<; FE 8 JKI8@>?K
C@E<
98J@J FM GE@Q<; :FDGE@Q<; FM?K<;
8M<GC9F5!?CC>3?=5
/?<=FCCFN@E>K89C<JLDD8I@QK?<P<8IJ
3EBB5>3IDB1>C<1D9?>
14:ECD=5>D
33E=E<1D54
E>B51<9J548?<49>7
719>
1F19<12<56?BC1<5
C53EB9D95C
33E=E<1D54?D85B
3?=@B585>C9F53?=5
8C8E:<8K<:C
9C31<.51B


534!).)&%.#
*E%LE<N<8:HL@I<;8CCF=K?<@JJL<;8E;FLKJK8E;@E> GIFM@; JFCLK@FEJ =FI D@CC@FE E
JFCLK@FE K?8K ?8E@Q8K@FEJ D<8JLI< D8E8>< KI8:B 8E; I ;8K8
=IFD K?@I;
G8IKP JLGGCP :?8@E G8IKEPD<8JLI<GIF>IFF;N@CC8E;;<=@E@K<
C@M<;@EK8E>@9C<8JJ<FMFF;N@CC/?<
>FF;N@CCI<:F>E@Q<;N8JGI@D8I@CP8KKI@9LK89C<KFK?<8JJ@@:9 K89C< GI@9C<8JJ
KK?<P<8IJFCLK@FEGIFM@;C< C<:KIFE@:!FID8K
W . !X	=@E8E:@8CID8E;8K<N?@:?:FDGCFF;N@CC /?<>FF;N@CCI<:F>E@Q<;N8JGI@D8I@CP8KKI@9LK89C<KFK?<8JJ@@:9 K89C< GI@9C<8JJK?<P<8I4>D1>792<5CC5DC
//$7),,
/?<:?8E>8DFLEKF=>FF;N@CCNE:LIIE:LIIK89C<GI@9C<8JJ7
=?E>D
33E=E<1D54
=?BD9J1D9?>
#5D
1BBI9>7
=?E>D
B?CC
1BBI9>7
=?E>D
33E=E<1D54
=?BD9J1D9?>
#5D
1BBI9>7
=?E>D
:HL@I<;K<:?EFCF>P


 
	 
 
 
	 

:HL@I<;:LJKFD@9C<8JJIFJJ :8IIP@E> 8DFLEK 8E; 8::LDLC8K<; 8DFIK@Q8K@FE 8I< I
K89C<
DFIK@Q8K@FE@9C<8JJ8DFIK@Q8K@FE@9C<8JJ6?B=1D9?>
-I8G?@:8CI<>@FE:FEJ@JK<;F=K?<=FCCFN@E>@EK?FLJ8E;J	


.51B5>454535=25B









.L9J:I@GK@FE8E;JLGGFIKII8G?P8I<><8:?F=K?<P<8IJK?<P<8IJGI
C@M<; 8JJ C<8J<
I@>?K
F=
LJ< 8JJ>I<>8K<
CFE>
C@M<;8JJI8G?@:8CI<>@FE:FEJ@JK<;F=K?<=FCCFN@E>@EK?FLJ8E;J	
C?6535=25B






0E@K<;.K8K;FD 
 

*K?E5'53?7>9D9?>
)3!''2%'!4)/./&%6%.5%
/?< =FCCFN@E> K89C< GI>I<>8K<; 9P KPG< F= >FF; FI J454535=25B









.L9J:I@GK@FE8E;JLGGFIK 
 
 

3-'GIF=K?<P<8IE@Q<;D@CC@FEF=I@EE@E>F=K?<GE@Q<;
=IFD I G8K@FEJ =FI JL9J:I@GK@FE :FEKI8:KJ 2< E@Q<
8GGIFO@D8KG8K@FEJFME@Q<;K?569D%<1>C
2< ?8M< 8 HL8C@=@<; ;<=@E<; :FEKI@9LK@FE GC8E LE;8ED8K:?@E>8:<F=3?=5)1H5C
'FJJ9<=FI<@E:FD<K8OGIFM@J@FE9@EK?FLJ8E;J	
.51B5>454535=25B









0E@K<;.K8KE  
 
 

/FK8C  
	 
	 
	
/?<GIFM@J@FE9@EK?FLJ8E;J	
.51B5>454535=25B









LIIE  
 
 

/FK8CLIIE  
	 
	 

/FK8C<==FIK?<;@==@EK?FLJ8E;J	
.51B5>454535=25B









!<;CF98C@EK8E>@9C<CFN
K8O<;@E:FD<@E:CLJ@FE 





$E;L:<;:FEMEFGCFJJ8E;:I<;@KJ  
 

$-8G@K8C@Q8K@FE 
 

*K??K
F=
LJ<8JJ@9C8K@M<;<=E@=@:8EK
G@<:< F= F9A<:K@M< E<>8K@M< IFNK?*EK?<98J@JF=K?@JE@Q<;8=LCC
M8CL8K@FE8CCFN8E:<8>8@EJKFLIE@EE@E> @E  K?< /8O LKJ 8E; %F9J :K F=  W/%X	 8DCFJJ:8IIP=FIN8I;J8E;=<; CFJJ :8IIP=FIN8I;J F=
8GGIFO@D8KCFJJCFJJ:8IIP=FIN8I;JN@CC8DFLEKJ9<>@EE@E>@E;;@K@FE8CCPN<
?8M< KFK8C E CFJJ :8IIP=FIN8I;J =IFD @EK8DFLEKJ9@EE@E>@E0K@C@Q8K@FEF=FLIECFJJ8E;
K8O:I<;@K:8IIP=FIN8I;JD8P9<JL9A<:KKFJL9JK8EK@8C8EEL8CC@D@K8K@FEJ;L<KFK?<FNE<


C@D@K8K@FEJ GIFM@;<; 9P .<:K@FE  F= K?< $EKIFJJLEI<:F>E@Q<;K8O9454535=25B









0EI<:F>E@Q<;K8O9@EE@E>F=
GE:LIIE@Q<;K8O9IFJJLEI<:F>E@Q<;K8O9E@Q<;NFLC;EFKD8KE ALI@J;@:K@FEJ J F=
<:?8I<JL9A<:KKFE
?KKFCFJJCFJJFI:I<;@K
:8IIP=FIN8I;


	 #5D!?CC%5B(81B5
)?KJF=K?<C8JJ8E;
C8JJ:FDDFEJ?8I?KJ8I<@;454
535=25B


535=25B


535=25B


<1CC
<1CC
<1CC
<1CC
<1CC
<1CC
7/'4#614
)?K<;
8M<:FDDFE
J?8I
98J@:8E;
;@CLK<;         
8J@:8E;;@CLK<;E?K<;
8M< J?8I:FDDFEJKF:B
FGK@FEJ 
 
 

.?8IFLI:FEM75C9>1>49C17B55=5>DCG9D833?E>D1>DC?>33?E>D9>71>49>1>391<9C3DB?4%B?354EB5C
F1?69C3DB?4%B?354EB5C
0E;E 8E;
FG< :K 8J F= K?< <:K@JI<:FI;<;GIF: FLI ?@<=  O<:LK@M< *==@:8I;@E>IE@E>8E;FLI;@J:CFJLI<:FEKIFCJ8E;GIF:<;LIE@QE<; 8E; FG K?< ;E F= ;@J:CFJLI<
:FEKIFCJ8E;GIF:<;LIDK?<9E<; KF 8E; 8I< <==<:K@M< KF GIFM@;<
8JJLI8E:<8K8I<8JFE89C<C<:K@JI<:FI;<;GIF:FLI?@<= O<:LK@M<*==@:8I;@E>I175=5>DKC>>E1<'5@?BD?>>D5B>1<?>DB?<$F5B9>1>391<'5@?BD9>7
*LID8E8>8E;D8@EK8@E@E>8;8J;<=@E<;@E-LC<8
=	LE;<:K	(8E8>98J<;FEK?<:I@KI8K<;!I8D*I>8E@Q8K@FEJF=
K?</I<8;N8PFDD@JJ@FE=I8D @J EFK @EKN8J<==<:K@M<8JF=<:8I;@E>K?<I8E;K?<GI@JK=@ID IEJK4FLE>''+?8J
@JJL<;8E8L;@KIN?@:?8GG<8IJ@E+8IK
$$$K75C9>>D5B>1<?>DB?<$F5B9>1>391<'5@?BD9>7
/?<@EFLI@EK@;<:KK?8KF::LII<;;LI@E>K?<
K?I<<DFEK?J
D5=	$D85B>6?B=1D9?>
(8?BD)5B=>35>D9F5%<1>
*E !<9IL8IP   K?< FDG<:IFNK? FG :8J? =CFN FI FG CFJJ  JKF:B
:FDG@9C< 8JJ<F=98J<J8C8IP!FCCFN@E>K?<4$66935B)B149>7BB1>75=5>DC
LI@E> K?< K?I<< DFEK?J  8II8E>
8II8E>LC8K@FE.
&
)85?=@1>I9CB5@?BD9>7D856?<79>6?B=1D9?>9><95E?6B5@?BD9>7?>1EBB5>D'5@?BD?>
?B= 
$K<@E!@J:8C4<8I
*E!<9IL8IPK?<F8I;F=@I<:KFIJ8DF@E>JLDD8IP;7?B597>EB9C493D9?>CD81D%B5F5>D>C@53D9?>C
)FK8GGC@:89C<


%1BD	
D5=	9B53D?BCH53ED9F5$66935BC1>4?B@?B1D5?F5B>1>35
8	
@I<:KFIJF=K?<FDG8EP
/?@J @E=FID8K@FE @J @E:CL;<; @E FLI ;<=@E@K@M< GIFOP JK8K F=
.KF:B?FC;W C<:K@FEF=@I<:KFIJX8E;@J@E:FIGFI8K<;? F=
.KF:B?FC;W O<:LK@M<*==@: F=
.KF:B?FC; W F=
.KF:B?FC;WFIGFI8K<"FM8I;@E>FLIL;@KFDD@KK<<8E;)FD@E8K@E>8E;"FMF=.KF:B?FC;
WFIGFI8K<"FM+FC@:P
/?<FDG8EP?8J8;FGK<;8E@EJ@;GFC@:PN?@:?>FME<;KFGIFDFK<:FDGC@8E:<
N@K?@EJ@;C8NJILCLC8K@FEJ8GGC@:89C<KFK?<FDG8EP:FGPF=FLI@EJ@;
GFC@:P@J=@C<;N@K?K?@JEEL8C-C1D9?>
/?@J@E=FID8K@FE@J@E:CL;<;@EFLI;<=@E@K@M<GIFOPJK8KF=
.KF:B?FC;J W O<:LK@M< FDG5BC89@?65BD19>5>569391<$G>5BC1>4"1>175=5>D1>4'5<1D54
(D?3;8?<45B"1DD5BC
/?@J@E=FID8K@FE@J@E:CL;<;@EFLI;<=@E@K@M<GIFOPJK8KF=
.KF:B?FC;J W*NE'5<1D9?>C89@C1>4'5<1D54)B1>C13D9?>C1>49B53D?B>45@5>45>35
/?@J@E=FID8K@FE@J@E:CL;<;@EFLI;<=@E@K@M<GIFOPJK8KF=
.KF:B?FC;JW39@1<33?E>D9>755C1>4(5BF935C
*LI@E;@JK=@ID@J IEJK4FLE>''+?@:8>F$CC@EF@J
/?@J@E=FID8K@FE@J@E:CL;<;@EFLI;<=@E@K@M<GIFOPJK8KF=
.KF:B?FC; W-8K@=@:8K@FE F= K?< GGF@EKD@JK!@IDX8E;@J@E:FIGFI8K<;?49>1>391<(D1D5=5>D(3854E<5C
/?<=FCCFN@E>;F:LDI<K?<FDG8EP.LJK8@E
(@JKI8K@FE.K8KLJK9LJK

!FIDF=FEMLJK


LJK9LJK

!FIDF=FEMLJK

D@JKI8K@FE.K8K



!FIDF=-@JKI8K@FE.K8KI<LJK9P8E;9I<@JKI8K@FE.K8KI<@JKI8K@FE.K8KI<II<II<I<I<I<



!FIDF=+I<I<@E:FIGFI8K<;9PI<=I<+FC@:P=@C<;?''+$E;@JK!@ID=@C<;
?E8KLI<G8><F=K?@JEEL8C-=@E8E:@8C@E=FID8K@FE=IFD2FIB@M8$E:JEEL8C-
'8E>L8><	@E:CL;<$EK

$E;@:8K<FDD@JJ@FE8E;8I<EFK@E:FIGFI8K<;9PI<=F=2FIB@M8$E:LE;<:KF=N?L8><@EJL:?=@C@E>J


(#)*'(
+LIJL8EKKFK?<I<:KF=K?<
-<>@JKI8EK ?8J ;LCP :8LJ<; K?@J IE<; FE @KJ 9E<; K?E<;F==@:E=FILJ@EFLIE8DJ@EFLIE8D<8E;FEFLI9<FDD@JJ@FE?
8E;:FE=@ID@E>FLIJ@>E8KLIE<;9PFLIJ8@;8KKFIE<:KF=K?@JIE<;
9G@JKI8EK8E;@EK?<:8G8:@K@1DEB5
)9D<5
1D5
J%LC@<$JBFN
+I@;FEE@;FEE+?
@I<:KFI
!<9IL8IP
(8IK@E%18E;+?
.


Our Leadership
 
 Executive Management
 
Julie Iskow President and Chief Executive Officer
 
Penny Ashley-Lawrence EVP, Chief Customer Officer
 
David Haila EVP, Chief Technology Officer
 
Michael Hawkins EVP, Chief Sales Officer
 
Jill Klindt EVP, Chief Financial Officer
 
Yasser Mahmud EVP, Chief Marketing Officer
 
Brandon Ziegler EVP, Chief Legal and Administrative Officer and Corporate Secretary
 
 Board of Directors
 
Brigid A. Bonner Principal, Bonner Consulting 
 
Michael M. Crow President, Arizona State University
 
Robert H. Herz President, Robert H. Herz LLC
 
Julie Iskow President and Chief Executive Officer, Workiva Inc.
 
David S. Mulcahy Lead Independent Director, Workiva Inc. and Chair, Monarch Materials Group Inc.
 
Suku Radia Retired Chief Executive Officer, President, and Director, Bankers Trust Company
 
Martin J. Vanderploeg Non-Executive Chair, Workiva Inc.
 
Transfer Agent 
Computershare 
 
 
By Regular Mail 
By Overnight Delivery 
computershare.com/investor 
 
 
P. O. Box 43006 
150 Royall St., Suite 101 
877-373-6374 
 
 
Providence, RI 02940-3006 
Canton, MA 02021 
781-575-3100
 
Stock Listing 
Our Class A common stock is listed on the New York Stock Exchange (NYSE) under the symbol WK.
Note on Forward-Looking Statements
This Annual Report contains forward-looking statements within the meaning of the federal securities laws.  The words “may,” “will,” “could,” “would,” “should,” “expect,” 
“plan,” “assume,” “anticipate,” “intend,” “believe,” “estimate,” “predict,” “potential,” “outlook,” “guidance,” “target,” “goal,” “project,” “continue to,” “confident,” or the negative 
of those terms, and similar expressions are intended to identify such forward-looking statements. These forward-looking statements are subject to risks and uncertainties 
and are based on our assumptions as to the macroeconomic, political, and regulatory environment today, and reflect our best judgement based on factors currently 
known to us. It is not possible for management to predict all risks, nor can we assess the impact of all factors on our business. We caution that these forward-looking 
statements are not guarantees of future performance, and actual results could differ materially from these forward-looking statements. We undertake no obligation to 
update or revise these statements to conform to actual results or revised expectations. For a discussion of certain important risk factors that relate to these forward-
looking statements, please refer to the Risk Factors included in our Form 10-K. 

Copyright Information
Copyright ©2024, Workiva Inc. All rights reserved. Workiva and workiva.com are registered trademarks of Workiva Inc.
Workiva owns other registered and unregistered trademarks. Other names used herein may be trademarks of their respective owners.
2900 University Blvd.
Ames, IA 50010
888-275-3125
workiva.com