The Ventriloquism of Blackness

!#!" ! " &
!!
!!B
}
}
O<L;% );>>
}
}
}
1B?MCM-L?M?HN?>NINB?$L;>O;N?#;=OFNSI@
0;CHN)IOCM2HCP?LMCNSCH-;LNC;F#OF@CFFG?HN
I@NB?/?KOCL?G?HNM@ILNB?!?AL??I@
*;MN?LI@LNM

}
}
[ IJSLCABN<S
O<L;%;CF?S);>>
))/&$%10/"0"/3"!

C

,**&11""&+ %/$",# +!&! 6

-LI@?MMILG<?L'IBHMIH-B !
B;CLJ?LMIH;H>>PCMIL

MMI=C;N?-LI@?MMIL!;H(ITFIQMEC-B !

-LI@?MMIL(;LF;0=INN-B !

CC

!
#IL;FFI@NB?F;=E=IHN?HN=L?;NILMQBIM?QILEB;M<??H?L;M?> }
1BCMCM@ILG=C
CCC

$!
4IL>M=;HHIN?RJL?MMGSAL;NCNO>?NIGS@LC?H>G?HNILJLI@?MMIL;H>=B;CLI@GS
=IGGCNN??!L G<?L'IBHMIH@ILNB?CLCHP;FO;<F?J;NC?H=?;H>@??><;=E 1B;HESIO@IL
<?FC?PCHACHG?QB?H&=IOF>HcN<?FC?P?CHGSM?F@ &;FMI=IOF>HINB;P?OH>?LN;E?HNBCMDIOLH?S
QCNBIONGS>?@?HM?=IGGCNN??!L !;H(ITFIQMEC;H>!L (;LF;0=INNQBIA?H?LIOMFS
JLIPC>?>EHIQF?>A??RJ?LNCM?FIP?;H>MOJJILN }
&IQ?GO=BI@GSMO==?MMNINB?G?G<?LMI@NB?!?J;LNG?HNI@ IGGOHC=;NCIH;N0;CHN
)IOCM2HCP?LMCNS 1BCM>?J;LNG?HNB;M<??H@;GCFC;FMCH=?GSNCG?CHOH>?LAL;>;H>@ILNB;N&
;G@IL?P?LCH>?<N?> H;>>CNCIH;FNB;HEMNIGS=F;MMG;N?M;H>=IBILNG?G<?LM@ILNB?CLGIL;F
MOJJILN
);MNFS&QIOF><?L?GCMMCHHING?HNCIHCHAGS@;GCFS?MJ?=C;FFSGSGINB?L$Q?H;?
;H>GS=IOMCHMQBIB;P?F?HNGO=BI@NB?CLNCG?FCMN?HCHANIGSC>?;M;H>B?FJCHAG?L?@CH?
NB?G 1B?CL<?FC?@CHG?B;ME?JNGSMJCLCNM;H>GINCP;NCIHBCAB>OLCHANBCMJLI=?MM &QIOF>
;FMIFCE?NINB;HEGS>IA;CF?S@ILNB??HN?LN;CHG?HNI@Q;FECHA;=LIMMGSF;JNIJIHF;N?
HCABNM;H>NB??GINCIH;FMOJJILN=O>>FCHAM?MMCIHM>OLCHANBCMJLI=?MM
CP

!!!

!

#

!

%'#"#!!,#'#&000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000066
&&"---2&
"'',%&& %('000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000068
(*,.#(%%''/
,*,0000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000006:
3 &/'"%"%#"'#!,% %"000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000006<
###$2&&#" 000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000075

!$ '#"&000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000079

% 2! #"0000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000007;
&&%(&2&1 000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000007<
#*""' /3'#$(&& #)%<00000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000085
*,##"00000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000086
%'',% & '&000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000089

!$ '#"&00000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000008;

3(&' #*"#&$ ,0000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000008=
!# /3)"-%#)000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000095
+%#&/3% &%0000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000097
" % &/3! +)&000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000009;
%"#&$ ,/ %*0'0000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000009=

!$ '#"&0000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000:5

%/3 ,"000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000:7

"&(!!#",/ %(& "000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000:8
"'#!&'#%"/3"'%%0000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000:9
!*,
&#( "2''%#*'&%"/3"#'"%#00000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000::
&#,"!, /3'&&%##&00000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000:;
P

!$ '#"&0000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000:=

#''#% 00000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000;4
"#)%%&', /%%, #0000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000;5
&%"#(''''#/3 0,!,,00000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000;7
",#(")%&"&#!#"''#/3!% -000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000;8
%)##)%/3#&!#000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000;9

!$ '#"&0000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000;;
"

$&

%!

%#

"

PC

!#!

3" @LC=;HG?LC=;H3?LH;=OF;L"HAFCMB
! !;H=? L?>CN
#6- #IL6IO-;A?
% $ %IN B??NI$CLF
PCC

!!"!

`0OL?FSNB?H?NMJ;=?DOMNG;E?MNB?M;G?IF><OLHN=ILE<F;=E@;=?LIONCH??;MC?L a
^(?CNB,<;>CE?#OM=I
1B?CHN?LM?=NCIHI@L;=CMG;FIHACHAH?MMNICGCN;N?;H>;@;M=CH;NCIHQCNB<F;=EH?MMB;M
<??H;NNB?@IL?@LIHNI@JIJOF;L=OFNOL?MCH=?G?>C;?RJIMOL??RCMN?>!CLEM*O?FF?L
4CNBNB?2HCN?>0N;N?McPCIF?HNBCMNILSI@<F;=EH?MM;MNB?<ONNI@NB?DIE?^F;=E?HMF;P?>
J?IJF?G;>?NIJ?L@ILGNIG;E?NB?CLG;MN?LMF;OABL;=CMN=IHN?GJNC<F?=IFF?=NC<F?M;H>L;=CMN
NB?;NLC=;F?HN?LN;CHG?HNPC;GCHMNL?FMBIQM^CNCMHI>IO<NNB;NNB?GI=E?LS;H>J?L@ILG;H=?I@
<F;=EH?MMB;M?G<?>>?>CNM?F@CHG?LC=;HG;CHMNL?;GJIJOF;L=OFNOL? 4BCF?N?=BHIFIASB;M
;>P;H=?>;H>IJJILNOHCNC?M@ILGIL?G?>C;Q?L?=L?;N?>NB?;<CFCNSNIOM?<F;=EH?MM@IL
?HN?LN;CHG?HNB;M<IFMN?L?>A?H?L;NCIHMI@=L?;N?>=IHN?HN
?=;OM?J?L@ILGCHA`<F;=EH?MMa@IL?HN?LN;CHG?HNB;MNL;HM=?H>?>NB?MJ;=?I@GCHMNL?F
MBIQM;H>B;MNL;HM@ILG?>IP?LNB?S?;LMNBCMJ?L@ILG;H=?B;M=LIMM?>CHNINB?CHN?LH?N
F;H>M=;J? 1BCMH?Q@IOH>NL;HM=?H>?H=?B;M<??HF;<?F?>2757B/:0:/194/13>?@CH?>;M`NB?I>>
;H>;FFNIIJL?P;F?HNJL;=NC=?I@QBCN?;H>HIHF;=EJ?IJF?G;ECHA;HIHSGIOM=F;CGMNIF;=E
C>?HNCNSNBLIOAB=IHN?GJIL;LSN?=BHIFIAC=;FG?>COGMMO=B;MMI=C;FG?>C;a';=EMIH
4BCF?';=EMIH MJ?=C@C=;FFSNC?M>CACN;F<F;=E@;=?CHNINB?OM?I@G?G?MAL;JBC=M
CHN?L=B;HA?@ILG;NMAC@M ;H>HIH<F;=EMG;MKO?L;>CHA<?BCH>;@C=NCIH;FF;=EJLI@CF?JC=NOL?
H?QMI=C;FG?>C;;JJMB;P?<?AOHNI?PIFONCIHCT?QB;NGCABN<?=;FF?>NB?=IOMCHI@GCHMNL?FMS
IL>CACN;F<F;=E@;=?cM@ONOL? 4CNBNB?LCM?I@NB?>CACN;FOHCP?LM?;H>MI=C;FG?>C;NB?OM?I@
<F;=EH?MM;H>F;=EC>?;M;M?HN?LN;CHG?HNB;MHIN=B;HA?>;MF;=E=L?;NILMIHGIMNMI=C;F
G?>C;JF;N@ILGMB;P?=IGG?H=?>NL?H>M 1BCMOMB?LCHACHI@QB;NCMNL?H>CHAB;M<??H
JLIGCH?HNIHMI=C;FG?>C;cMH?Q?MN;H>GIMNJIJOF;LPC>?IMB;LCHA;JJ1CE1IE

HCHN?LH;NCIH;FP?LMCIHI@NB? BCH?M?;JJ!IOSCH1CE1IECM;HCHN?LH;NCIH;FMBILN
@ILGPC>?IMB;LCHA;JJNB;NBIMNM;P;LC?NSI@OM?LMO<GCNN?>PC>?IMNB;NMJ;HMM?P?L;FA?HL?MHIN
FCGCN?>NINL?H>M>;H=?=IIECHABOGIL=B;FF?HA?M;H>G;E?OJ 0CH=?CNM?G?LA?H=?CHNB?
G?LC=;HG;LE?NCHNB?JF;N@ILGB;MM??HL;JC>OM?LALIQNB;H>AFI<;FJIJOF;LCNSMCH=?CNM
F;OH=B MI@1CE1IEB;M;G;MM?>IP?LIH?<CFFCIH;=NCP?OM?LM;=LIMM=IOHNLC?M
G;ECHA1CE1IEIH?I@NB?GIMNJIJOF;LMI=C;FG?>C;JF;N@ILGM/O<S 4BCF?1CE1IECM
BCABFSL?A;L>?>;MNB?GIMNJIJOF;LMI=C;FG?>C;;JJNB?JF;N@ILGB;MHINAIH?QCNBION
=LCNC=CMGMO=B;M<?CHA=IGJ;L?>NI`>CACN;F=L;=E=I=;CH?aPC;CNM;>>C=NCP?KO;FCNC?M(I?NMC?L
GCMCH@ILG;NCIHMJL?;>CHA1O=E?L =?HMILMBCJ;==BC ;H>HIQ>CACN;F
<F;=E@;=?-;LB;G 4BCF?NB?<?FIP?>;JJCMJL;CM?>@ILCNMCH=?JNCIH;H>CHHIP;NCIHI@
G;LE?NCHAL?G;ECHA;H>L?GCRCHA=IHN?HN1CE1IE>I?MHIN=IG?QCNBION@F;QM 1B?P?LS@;=?N
I@1CE1IENB?;<CFCNS;M;`PC>?I@CLMNJF;N@ILGa-;LB;G ;FFIQM@IL`F;=EH?MMQCNB;H
;ON?OL>LCP?HPCLNOIMCNS^N;ECHAIHF;=ELBSNBGMA?MNOL?M;@@?=NMF;HAa-;LB;G
&H@;=NMCH=?CNM=IH=?JNCIHM?P?L;FOM?LMB;P?<??H=IH>?GH?>>O?NINB?=IHN?HNNB?S
B;P?=BIM?HNIOJFI;> ,H?L?=?HN?R;GJF?I@NB?GI=E?LSG;>?CMNB?PCL;FPC>?II@*CMMIOLC;H
1CE1IEMN;L;H>;MJCLCHAL;JJ?LLCNN;L<C?ILLCNN;L<C?IH1CE1IE LCNN;L<C?IH
0?JN?G<?LOJFI;>?>;PC>?IL?=CNCHA`-?LCI>;BBJ?LCI>OBBaL?J?;N?>FSIP?L;EHIQH
L;JMIHA;G;MMCHAGIL?NB;HGCFFCIHPC?QM 4BCF?MIG?DICH?>NB?NL?H>I@>O?NCHAB?L;H>
=L?;NCHADICHNL;JMINB?LMCHNB?=IGGOHCNSJICHN?>IONLCNN;L<C?cM=;LC=;NOL?I@<F;=EH?MM<S
CH=ILL?=NFSMJ?;ECHA@LC=;HG?LC=;H3?LH;=OF;L"HAFCMB3" ;H>B?L;JJ;L?HN=IMJF;S
;H>J?L@ILG;H=?I@`;=NCHAa;H>`>L?MMCHAa;M;F;=EQIG;H 4CNBQB;NM??GMFCE?Q??EFS
M=;H>;FMI@HIHF;=E=L?;NILM<?CHA=;FF?>ION<SF;=E1CE1IE=L?;NILM@IL>CACN;F<F;=E@;=?
PC;PIC=?IP?LMMNIF?H=IHN?HN<F;==?HNM;H>NB?OM?I@3"1CE1IE=;H<?KO?MNCIH?>;M;

>CACN;FL?G;ECHANB;NJIMCNCIHMCNM?F@;M;P?BC=F?@IL>CACN;F<F;=E@;=? 1BCMMCGJF?;JJ<OCFNIH
NB?CHHI=?HN>?MCAHI@L?G;ECHAMBILNPC>?IMNIMB;L?B;MF?>CHNI;GIL;MMI@=OFNOL;F
;JJLIJLC;NCIH
&HNBCMNB?MCM&?R;GCH?NB?J?LP;MCP?H?MMI@>CACN;F<F;=E@;=?IH1CE1IEPC;@CP?NB?G?M
^<F;==?HNMILGCMOM?I@3" =BIL?IAL;JBS<F;=E@;=?PIC=?IP?LM;H>;?MNB?NC=M MM??H
MCH=?NB?NL;>CNCIH;F@ILGMI@GCHMNL?FMS;H>GCHMNL?FMBIQMCHNB??;LFSNB=?HNOLSNB?
=IHNCHO?>=;LC=;NOL?;H>MN?L?INSJ?I@F;=EJ?IJF?B;ML?;FFC@??@@?=NM<FOLLCHA<IOH>;LC?MI@
QB;N<F;=EH?MMCM*;B;L 0IIHNI<??RJFIL?>CHNB?FCN?L;NOL?L?PC?QNBCMMNO>SQCFF
?R;GCH?NBCMBCMNILSNB;NB;MGIP?>CHNINB?`H?NMJ;=?a#OM=I IL>CACN;FOHCP?LM? 1BCM
JLID?=N;CGMNI?RJ;H>NB?>?@CHCNCIHI@>CACN;F<F;=E@;=?;H>CHN?LLIA;N?BIQ1CE1IE?H;<F?M
=OFNOL;F;JJLIJLC;NCIHPC;=L?;NCHAMI=C;F;H>@CM=;F=;JCN;F@ILHIHF;=EJ?IJF?CHQ;SMNB;N
F;=EJ?IJF?>IHINB;P?;==?MMNI 1B?L?CM;=;FFNI?RJFIL?NB?CHN?LM?=NCIHI@GCHMNL?FMScMJ;MN
CH=IHH?=NCIHNI>CACN;F<F;=E@;=?;H>CNM=IHN?GJIL;LS=IOHN?LJ;LNM;MNB?CHN?LH?NB;M;FFIQ?>
>CACN;F<F;=E@;=?NI<?QC>?MJL?;>
1I>IMI&QCFF@I=OMIHNB?H?Q?MN;H>GIMNMO==?MM@OFMI=C;FG?>C;JF;N@ILGNB;NJ;P?M
NB?Q;S@IL>CACN;F<F;=E@;=?1CE1IE;GIL?MO==?MM@OF;H>=IGJ?FFCHACN?L;NCIHI@J;MNMI=C;F
G?>C;;JJM3CH?!O<MG;MB;H>*OMC=;F FS @N?L?R;GCHCHANB?FCN?L;NOL?IHNB?BCMNILSI@
1CE1IE;H>BIQCNM@IOH>;NCIHB;MJ;P?>NB?J;NB@IL>CACN;FNBC?P?LSL;=CMN;FAILCNBGM;H>NB?
CH=?JNCIHI@>CACN;F<F;=E@;=?;H>CNM=IHH?=NCIHNIGCHMNL?FMSNBCMG;MN?LcMNB?MCMQCFFOM?NB?
G?NBI>I@=LCNC=;F>CM=IOLM?;H;FSMCM@IL;JOLJIMCP?M;GJF?I@QC>?FSPC?Q?>;H>MB;L?>
1CE1IEMIP?LNB?MJ;HI@NQIS?;LM 1B?M?MBILN@ILGPC>?IM=IFF?=N?>@LIGB?FJNI
<?NN?LOH>?LMN;H>BIQ1CE1IEB;M=L?;N?>NB??HPCLIHG?HN@IL>CACN;F<F;=E@;=?NIMO==??>>O?
NIL;=CMN;FAILCNBGM;H>=OFNOL;F;JJLIJLC;NCIH

!#$!!"
5:0-*-/15515/:0-8-=)9#15-
3CH?Q;M;GI<CF?;JJFC=;NCIH@IOH>?>CH'OH?<S!IG%I>G;HH/OM6OMOJIP
;H> IFCH(LIFFNB;N;FFIQ?>@ILMCRM?=IH>MBILN@ILGPC>?IMNB;N=IHNCHOIOMFSFIIJ?>NB?MBILN
@ILGPC>?IM=L?;N?>;H>JIMN?>IHNB?;JJQ?L?=;FF?>`PCH?Ma0=B?FFQ;F> =KOCL?><S
1QCNN?LCH,=NI<?L3CH?KOC=EFS<?=;G?NB?GIMNOM?>PC>?IMB;LCHA;JJCHNB?G;LE?N
QCNBALIQCHAJIJOF;LCNS NCNMJ?;EIP?LGCFFCIHJ?IJF?Q?L?;==?MMCHA3CH??P?LSGIHNB
QCNBGIL?NB;HGCFFCIH;=NCP?OM?LM%?H>?FG;HHH > 1B?@IOH>?LMI@3CH?@IOH>MO==?MM
CHNB?MNLO=NOL?I@NB?3CH?=L?;NCHA;H?Q;<CFCNSNIG;E?MBILN@ILG=IHN?HNIHNB?C>?;I@;
=IGGOH;F;JJPC;FCE?MMB;L?M=IGG?HNM;H>L?JIMNMQBC=BJLIJ?FF?>3CH?CHNIJIJOF;L
=OFNOL? +INIHFSQ?L?PCH?M<?CHAQC>?FSMB;L?>;=LIMM;JJM<ONNB?;JJQ;MCGJ;=N@OFCH
NOLHCHA?P?LS>;SJ?IJF?CHNI`NL;>CNCIH;FG?>C;a=?F?<LCNC?M;MM??H<SN;F?HNMMO=B;M$L;GGS
HIGCH;N?>L;JJLI>O=?L';S3?LM;=?$L;GGSHIGCH;N?>MCHA?L0B;QH*?H>?M"GGS
HIGCH;N?>;=NL?MM)CT;(IMBS;H>INB?LM 1B?3CH?=IGGOHCNSQ;MBCABFSN;F?HN?>GCFF?HHC;F
;H>=L?;NCP?
0CH=?3CH?cM=IGGOHCNSME?Q?>B?;PCFSNIQ;L>N??H;H>JL?N??HOM?LMG;HSI@NB?G
<F;=ECN@L?KO?HNFSFIIE?>FCE?HIINB?LMI=C;FG?>C;JF;N@ILGIHNB?CHN?LH?N !??G?>NB?
`=ILHO=IJC;I@F;=E=L?;NCPCNSa!;CF?>;.O;LN?S 3CH?Q;M;MJ;=?@ILF;=E
=L?;NILMNI<LCHANB?CLQBIF?M?FP?MNINB?=IHN?HNNB;NNB?SQ;HN?>NI=L?;N?^NB?GI>?LHF;=E
=OFNOL;FJLI>O=NCIH;H>/?H;CMM;H=? 1BCMQ;MM??HCHPC>?IMMO=B;M`>ICN@ILNB?3CH?a`*L
-IMNG;Ha;H>ÌLH;B a!?MJCN?NB?=LCNCKO?I@L;=C;FMN?L?INSJ?MLOHHCHAL;GJ;HNIHNB?;JJ
;H><?CHA;JF;N@ILG@ILGI>?LHGCHMNL?FMBIQMNBLIOABNB?FCE?H?MMI@=L?;NILMMO=B;M(CHA
;=B;H>'?LLS-OLJ>L;HE=LCNC=MB;P?HIN?>NB;NNB?M?=IGJ;LCMIHMOH>?L?MNCG;N?NB?Q;SMNB;N

3CH?JLIPC>?>MJ;=?@ILF;=E=L?;NILMNIDIE?;H>JOMB<;=E;A;CHMNNB?CLIQHMN?L?INSJ?M
/IG;HI 4BCF?NBCM=LCNCKO?>I?MB;L<ILMIG?P;FC>CNSCH=L?;NILMN;ECHA;A?H=SCHMI=C;F
=IGG?HN;LSCN>I?MHcNN;E?CHNI;==IOHNNB?Q;SMNB;NF;=E=L?;NILMQ?L?MNIF?H;H>B;LG?>
PC;NB?;JJ
!?MJCN?NB?@;=NNB;N3CH?Q;M;JF;=?I@B;JJCH?MM;H>=L?;N?>MJ;=?@IL=L?;NCPCNSCN>C>
HINAIQCNBIONCNMJLI<F?GMI@;JJLIJLC;NCIH +INCHAP;LCIOM=;M?MNO>C?MI@PCH?M=LIMMCHACHNI
JIJOF;L=OFNOL?;H>F?RC=IHM=BIF;LM;H>DIOLH;FCMNMB;P?;LAO?>3CH?cMJF;=?CHF;=E=OFNOL?
Q;M=IIJN?><SG;CHMNL?;GMI=C?NS!;CF?>; ,H?HIN;<F??R;GJF?CM=L?;NIL
-?;=B?M*IHLI??IL(;SF;+?QG;HcMMCRM?=IH>=FCJNB;N=B;HA?>NB?M=IJ?I@=OFNOL?^`4?
CH>CM<CN=B@CHH;A?N=LOHE?S?<LIQMIH@F??E>;@OKa+?QG;H 1BCMPCH?A;CH?>IP?L
GCFFCIHFIIJM<CLNBCHA=IOHNF?MMG?G?M;H>M?P?L;F=ILJIL;NCIHM;>IJNCHANB?QIL>MÌH
@F??Ea@ILG;LE?NCHA!;CF?>; &HMJCN?I@=ILJIL;NCIHM<?H?@CNCHA@LIGF;=E=OFNOL?;H>
B?L=IHNLC<ONCIHNIF;HAO;A?+?QG;HH?P?LL?=?CP?>?H>ILM?G?HNMJ;SG?HNM;H>;<;H>IH?>
NL;>?G;LECHANB?N?LG!;CF?>; 1BCMMNILSCMIHFSIH??R;GJF?I@BIQ=IOHNF?MMF;=E
PCH?LM<OCFN=OFNOL?PC;NB?3CH?JF;N@ILG;H>`;==IGJ;HSCHAMI=CIFCHAOCMNC=JB?HIG?H;a<ONCH
NOLHL?=?CP?>HINBCHA!;CF?>; F<?CN3CH?Q;MGOFNC@;=?N?>=IGJF?R<ONMNCFF;JF;=?
I@A;G?=B;HACHAG?>C;=IHN?HN;NNB?B;H>MI@?P?LS>;SJ?IJF?
4CNBGO=B>CM=IHN?HN1QCNN?L>CM=IHNCHO?>NB?3CH?;JJFC=;NCIHCH,=NI<?L
!?MJCN?CNM>?=FCH?NB?MO==?MMI@3CH?CMOH>?HC;<F? 3CH?MQ?L?@ILG;HSJ?IJF?J;MN;H>
JL?M?HN;HIJJILNOHCNS@IL;H?QM?HM?I@=L?;NCPCNSNB;N=;JCN;FCT?>IH;O>C?H=?McFCGCN?>
;NN?HNCIHMJ;H>O?NIMI=C;FG?>C;;H>NB?H??>@ILCHMN;HNAL;NC@C=;NCIHPC;NB?>CACN;FQILF>
LIQH? FNBIOAB3CH?Q;MM;P?>CH;H;L=BCP;FMN;N?QB?L??P?LS3CH?PC>?IJO<FCMB?>
Q;M=;N;FIA?>;H>;P;CF;<F?@IL>IQHFI;>NB?L?Q;MMNCFFJOMB<;=EQCNBCHNB?=IHMOG?LG;LE?N

1B?L?Q?L?J?NCNCIHMNI`LCHA;=E3CH?a;MGCFF?HHC;FM;H>@;HM;FCE?>??G?>NB;N1QCNN?L
ÈCFF?>NB?;JJa ;H;F?M 4CNBNB?OH@ILNOH;N?>?=FCH?;H>>?;NBI@NBCMQ?FF=?F?<L;N?>
;JJ3CH?F?@N;MJ;=?CHNB?G;LE?N@ILMBILN@ILGPC>?I=IHN?HNNB;N;JJMFCE?&HMN;AL;G;H>
0H;J=B;NNLC?>NI@CFF<ONNB?L?Q;MIHFSIH?;JJNB;NMI@;LB;M<??HMO==?MM@OF?HIOABNI@CFFNB?
PIC>%?H>?FG;HHH >
!0-19:68?6.!12!62
?@IL?1CE1IE<?=;G?BCMNILC=;FCHNB?H;LL;NCP?I@AFI<;FCH@FO?H=?=IHH?=N?>H?MM;H>
@CFF?>NB?PIC>NB;N3CH?F?@NNB?L?Q;M*OMC=;F FS *OMC=;F FSQ;M;M?=IH>;JJ=IGJ;L;<F?
NI3CH?QB?L?NB?NSJC=;F=IHN?HNCHPIFP?>=L?;NILMIL`*OM?LMaFCJMSH=CHAIL>;H=CHANINIJ
MIHAM 1B?;JJQ;M@IOH>?><SF?R7BO;H>)OSO6;HA ;LMIH 1B?@CLMNCN?L;NCIHI@
NBCM;JJQ;M;MBILN@ILG?>O=;NCIHPC>?I;JJFC=;NCIHNB;N;FFIQ?>@ILOM?LMNIMB;L?NB?CL
?RJ?LNCM?CHNBL??NI@CP?GCHON?M 1B?=L?;NILMQ;HN?>NI=L?;N?;H?>O=;NCIHMI=C;FH?NQILE;JJ
QB?L?OM?LM=IOF>N?;=B;H>F?;LH>C@@?L?HNMO<D?=NM ;LMIH %IQ?P?LQCNBNB?F;=EI@
;>?KO;N?=IHN?HNNCG?@ILPC>?IMNINLOFSN?;=B;H>MO==??>7BO;H>INB?L=I@IOH>?LML?ALIOJ?>
QCNBNBCM@;CF?>GCMMCIH;H>L?MNLO=NOL?>NB?;JJCHNINB?MO==?MMI@*OMC=;F FS S=IG<CHCHA
GOMC=PC>?IM;MI=C;FH?NQILE;H>?P?HNO;FFS;FCP?MNL?;GCHA=IGJIH?HNNI;NNL;=NNB?N??H
>?GIAL;JBC=*OMC=;F FS<?=;G?;BCNCH;=;J;=CNSNB;N3CH?Q;MOH;<F?NI?MN;<FCMB 1QI
GIHNBM;@N?LCNM=B;HA?@LIG?>O=;NCIH;FNIMI=C;FNB?;JJFC=;NCIH<?=;G?NB?HOG<?L;JJCH
NB?C1OH?M;JJMNIL?;H>B;>HIN@;FF?HIONI@NB?NIJM<?@IL?CNM?H> ;LMIH
-LCILNICNMG?LA?LCHGIL?NB;HGCFFCIHJ?IJF?OM?>NB?;JJ>;CFS;H>JLI>O=?>
;LIOH>NB?M;G?HOG<?LI@PC>?IM?P?LSMCHAF?>;S ;LMIH 7BO=I@IOH>?LI@
*OMC=;F FS>??G?>NB?;JJFC=;NCIHcMJOLJIM?;M;MJ;=?NI=L?;N?=IGGOHCNS;H>;MI=C;F
H?NQILEQB?L?=IHMOG?LMQIOF>HcNQ;HNNIF?;P?NB?;JJ FNBIOABG;HS=IHMOG?LMCHNB?

G;LE?N=IGJ;L?>NB?;JJNICNMJL?>?=?MMIL3CH?7BOQ;M;>;G;HNNB;N*OMC=;F FSQ;MHINDOMN
;HINB?LFCJMSH=BCHA;JJ<ONQ;MCHFCH?;MNB?H?RNMI=C;FH?NQILENIOM?PC>?I@ILG ;LMIH
)CE?3CH?*OMC=;F FS?MN;<FCMB?>;<LC>A?<?NQ??HGOM?LM;H>CH@FO?H=?LM 1BCML;>C=;FFS
H?QC>?;I@@ILACHAGOMC=MBILN@ILGPC>?IM>;H=CHAFCP?MNL?;GM;H>FCJMSH=BCHA=B;HA?>
NB?F;H>M=;J?I@MBILN@ILGMI=C;FG?>C;;H>NL;HM@ILG?>CHNI;<CAA?L;H>GIL?CH@FO?HNC;F;JJ
1CE1IE
?CDCHASN?!;H=?1?=BHIFIAS I ;=KOCL?>NB?;JJFC=;NCIH*OMC=;F FSCH+IP?G<?L
@IL<CFFCIH;H>G?LA?>CN;M;HOJAL;>?>;JJFC=;NCIHIHNISN?!;H=?cMINB?L<OMCH?MM
P?HNOL?H;G?>1CE1IE LI;>?HCHANB?CLG;LE?NIONMC>?I@ BCH;SN?!;H=?M;QJIN?HNC;FQCNB
1CE1IE +INIHFSQ;MNB?CL BCH?M??KOCP;F?HNI@1CE1IE!IOSCHP?LSMO==?MM@OFNB?;=KOCL?>
;JJI@*OMC=;F FSB;>;H?MN;<FCMB?>;H>FIS;F@;H<;M?;FFIQCHASN?!;H=?NI=LIMMCHNI
G?LC=;H;H>"OLIJ?;H=IOHNLC?M)C ==IL>CHANI1CE1IEcMMN;N?G?HNNB?;JJMOHC@C?>
NB?<?MNJ;LNMI@?;=B;JJ;FFIQCHA@IL;GIL?AFI<;FL?;=B)C1CE1IE &H;MBILN
NCG?J?LCI>1CE1IEcM;JJFC=;NCIH<?=;G?NB?GIMNMO==?MM@OF;JJ@LIG BCH?M?ILCACHCHN?LGM
I@AFI<;F>CMNLC<ONCIH*IHN;A6;HA"FB;C MI@*;L=BNB?;JJB;MIP?L
<CFFCIHGIHNBFSOM?LM;H>GCFFCIH>IQHFI;>MDOMNF;MNGIHNBQCNB;HCH=L?;M?I@@ILNSMCR
J?L=?HN@LIG;S?;L;AI!ISF? 4CNBCHNB?<CFFCIHGIHNBFSOM?LM1CE1IECM$?H?L;NCIH
7cM$?H7 @;PILCN?;JJQCNBJ?L=?HNI@CNMOM?LM<?NQ??HNB?;A?M;H>J?L=?HNI@
NB?G;A?>^!ISF?
)CE?3CH?!IOSCH;H>*OMC=;F FSNB?1CE1IE;JJFC=;NCIH?H;<F?M=L?;NCIHI@MBILN
PC>?IMCHCNC;FFSM?=IH>MQB?L?OM?LM=;HJ?L@ILGFCJMSH=;H>INB?L@ILGMI@?HN?LN;CHG?HN
=IHN?HN<?CHAL?Q;L>?>QCNB;`)CE? a1B?G;CH@OH=NCIHI@1CE1IECMNB?`#IL6IO-;A?aIL
#6-QBC=BM?LP?M;MNB?BIG?M=L??H@ILNB?;JJ 1B?#6-B;M;H?H>F?MMMNL?;GI@PC>?IM

OHCKO?FSN;CFIL?>NI?;=BOM?LcMCHN?L?MNM<;M?>IH;OHCKO?;FAILCNBGNB;N@CLMNMBIQMPC>?IMNI;
MG;FFOM?L<;M?*;NM;ECM &H=IHDOH=NCIHQCNBNB?CGJILN;H=?I@NB?#IL6IO-;A?;H>
PCMO;FMCMNB?CHNLI>O=NCIHI@`MIOH>M a,H1CE1IEMIOH>M;L?NL;=EMNB;N;==IGJ;HSPCMO;FM
0IOH>M=;H<?OM?>@LIGNB?1CE1IEFC<L;LSOJFI;>?><S1CE1IEOM?LMGOMC=IL@IOH>@LIG;
FCMNI@`NL?H>CHAMIOH>M aM;=IHM?KO?H=?1CE1IEOM?LMCGCN;N?NB?=IHN?HNILCHN?L;=NQCNBNB?
ILCACH;FPC>?I*IHN;A?N ;F ==IL>CHANINB?Q?<MCN?1CE1IEcMGCMMCIHCM`NICHMJCL?
=L?;NCPCNS;H><LCHADISa1CE1IE ;H>QBCF?1CE1IE>I?MDOMNNBCMCN;FMIB;MCNM@;CL
MB;L?I@=IHNLIP?LMC?M>O?NICHB?L?HNKO;FCNC?MI@NB?;JJ^MB;LCHAC>?;M;H>OMCHANL?H>CHA
MIOH>M
4CNBOH=;HHSL?M?G<F;H=?MNINB?-?;=B?M*IHLI??MI@3CH?F;=E=L?;NILMB;P?
BCMNILC=;FFS<?AOHNIMNLCE?IH1CE1IE;H>MJ?;EION;A;CHMNNB?JF;N@ILG &HOM?L
@OREG; NNA;CH?>;NN?HNCIHOMCHANB?B;MBN;A`F;=E L?;NILM#?>2Ja?FF
F;=E L?;NILM#?>2J>L?QQC>?MJL?;>;NN?HNCIHNIF;=E=L?;NILML?=?CPCHA;F;=EI@
L?=IAHCNCIH@ILNB?CLILCACH;FQILE;H>;H;<M?H=?I@NB?;FAILCNBGJLIGINCHANB?GIHNB?`#IL
6IO-;A? a@OREG; NNcMPC>?IL?A;L>CHANB?MNLCE?>?N;CF?>NB?BCD;=E?>`0;P;A?a>;H=?
=L?;N?><SE?E? D;H;D;B;F;=E@?G;F?=L?;NILQBIM?>;H=?Q;M=L?>CN?>;H>;NNLC<ON?>NI
INB?LMIHNB?;JJQBCF?MB?G;>?HIGIH?SCH=IGJ;LCMIHNIJIJOF;L1CE1IE?LM?FF
*;HS>C@@?L?HNF;=E=L?;NILMB;P?M;C>CHMJCL;NCIH=B;L;=N?LCT?>;MCHMJICH=;JNCIH
>?M=LCJNCIHM IL>;H=?=L?>CNI@N?H=B;L;=N?LCT?>;M`! aCH=;JNCIH>?M=LCJNCIHM CMNB?P?LS
F?;MN1CE1IE?LM=;H>INIMOJJILN=L?;NILMMINB?;JJ=;HJLIJ?FF;=E1CENIE?LM;H>ILCACH;NILM
I@NL?H>MNINB?NIJI@NB?MIOH>J;A? #OLNB?LGIL?NB?=IHNCHO?>MNLOAAF?I@F;=E=L?;NILM
J?LMCMNMNBLIOABNB?H?Q?MNGIP?G?HNI@1CE1IEF;=E1CE1IE0NLCE?

A;CHNCL?>I@HINL?=?CPCHA=L?>CN@ILNB?CL=L?;NCPCNS;H>ILCACH;FQILEQBCF?Q;N=BCHA
QBCN?CH@FO?H=?LML?Q;L>?>QCNBPC?QM;H>@CH;H=C;FA;CHM<SL?=L?;NCHA=IHN?HN;H>NL?H>MNB;N
Q?L?HINNB?CLMG;HSF;=E=L?;NILMIH1CE1IEQ?HNIHMNLCE? 1BCMMNLCE?CH=FO>?>L?@OMCHANI
=L?;N?;HSH?Q>;H=?MOHNCF=L?>CNQ;MACP?H F;=E1CE1IE0NLCE?B;M<??HPC?Q?>GIL?NB;H
GCFFCIHNCG?MIH1CE1IEQCNBOM?LMMB;LCHAPC>?IMI@=BIL?IAL;JBS;NN?GJNM<SHIHF;=E
1CENIE?LMCHNB?;<M?H=?I@F;=E=L?;NILM-LOCNN6IOHA 0IG?QBCN?=L?;NILM
;=EHIQF?>A?>NB?MNLCE?;H>NB?F;=EI@F;=ECH@FO?H=?QCNBIH?JIMNCHA`4B?H;L?NB?F;=E
=L?;NILM@CHCMBCHANB?CLMNLCE?1BCM;JJCMHcN@OH;HSGIL?a?FF?PCPC=;-LOCNN6IOHA
4BCF?NB?MNLCE?Q;MMO==?MM@OFCHL;CMCHA;Q;L?H?MM;H>B?FJ?>QBCN?=L?;NILML?;FCT?NB?
CHB?L?HN@;=?NI@NB?;JJC@SIOPC?Q1CE1IENI>;SCNcM;JJ;L?HNNB;NNB?MNLOAAF?I@=IHN?HN
ILCACH;NIL;H>F;=E=OFNOL?<?CHA;F?;>?L@IL=L?;NCHANL?H>MCMIHAICHA
)+19:3/681:049
IHMN;HNFSCH?P?LS>;SFC@?Q?;L?MOLLIOH>?><SN?=BHIFIASNB;NOM?M;FAILCNBGMNI
<?NN?LIOLFCP?M FAILCNBGM>?N?LGCH?NB?M?;L=BL?MOFNMIH$IIAF?QB;NNQ??NM;JJ?;LIHSIOL
1QCNN?L;H>QB;N@;=?M;L?L?=IAHCT?><?=;OM?G;=BCH?F?;LHCHACM;>;JN;<F?<;M?>IHBIQCNM
JLIAL;GG?> ONQB;NB;JJ?HMQB?HNB?G;=BCH?F?;LHM<;M?>IHNB?<C;M;H>>CM=LCGCH;NCIH
JL?M?HNCHNB?QILF>#F;Q?>J?IJF?B;P?=L?;N?>@F;Q?>;H>L;=CMN;FAILCNBGMI@IJJL?MMCIHNB;N
B;P?L?CH@IL=?>L;=CMG<;M?>IHQBI<OCF>MNB?G;H>BIQNB?ScL?>?P?FIJ?>=I>?>;H>
CGJF?G?HN?> ==IL>CHANI0;@CS;+I<F? I#IOH>?L;H> I!CL?=NILI@NB?2 ) ?HN?L@IL
LCNC=;F&HN?LH?N&HKOCLS ;FAILCNBGC=<C;M;FFO>?MNINB?OH@;CLION=IG?MNB;NJLCPCF?A?IH?
ALIOJI@OM?LMIP?L;HINB?L FAILCNBG<C;M;FMII==OLMQB?H;H;FAILCNBGJLI>O=?ML?MOFNMNB;N
;L?JL?DO>C=?>>O?NI;MMOGJNCIHM 1B?F;NN?LB;M<??H>??G?>G;HSN?LGMCH=FO>CHANB?`+?Q
'CG I>?a?HD;GCH

&HNB?N?=BCH>OMNLSNB?L?CM;FIHAMN;H>CHABCMNILSI@;FAILCNBGM;H>@;=C;FL?=IAHCNCIH
NL;CHCHANB;N;L?JL?DO>C=?> +IN;<FS;H>I@N?H=LCNCKO?>Q;M$IIAF?cMCG;A?M?;L=B@ILL;=C;FFS
>CP?LM?L?MOFNM &H$IIAF?OJ>;N?>CNM;FAILCNBGMNIJLIGIN?GIL?L;=C;FFS>CP?LM?CG;A?
M?;L=B?MNB;N;>>?>CH=FOMCIHNICG;A?M?;L=BN?LGMMO=B;M`<?;ONC@OFMECHa`JLI@?MMCIH;F
B;CLMNSF?Ma;H>`B;JJS@;GCFSa$L;HN -LCILNINBCMOJ>;N?;MNO>SCHL;TCFM?;L=B?>NB?
NIJCG;A?M@IL`<?;ONC@OFQIG;Ha;H>ÒAFSQIG;HaIP?LCHN?LH;NCIH;FP?LMCIHMI@$IIAF?
;H>CHA 1B?L?M?;L=B?LMNB?HOJFI;>?>NBIM?CG;A?MNBLIOAB;JLIAL;G=;FF?>#;=?
QBC=B
?MNCG;N?>NB?MO<D?=NcM;A?L;=?;H>A?H>?L 1B?L?M?;L=B?LM@IOH>NB;NCH;FGIMN?P?LS=IOHNLS
;H;FST?>QBCN?QIG?H;JJ?;L?>GIL?CHNB?`<?;ONC@OFaL?MOFNM;H>F;=E;H>MC;HQIG?H
;JJ?;L?>CHNB?ÒAFSaIH?ML;ZDI?N;F 1BCMMNO>SMBIQ?>NB??RCMNCHA<C;M?MCHB?L?HN
CHM?;L=B?HACH?;FAILCNBGM;H>CNM;<CFCNS@IL<C;M?MNI<?F?;LH?>
1I=IOHN?L;=NNB?B;LG>IH?<SL;=CMN;FAILCNBGMM=C?HNCMNM;H>>CACN;F;=NCPCMNMB;P?
=IG?NIA?NB?LCHG;HS>C@@?L?HNILA;HCT;NCIHMCH=FO>CHA<ONHINFCGCN?>NIF;=ECH&);NCH5CH
&.O??LCH&;H>4IG?HCH*;=BCH?)?;LHCHA;A;CHMNNB?=L?;NCIH;H>CGJF?G?HN;NCIHI@
<C;M?>&N?=BHIFIAS#FILC>;0N;N?2HCP?LMCNS)C<L;LC?M ,H?HIN;<F?ILA;HCT;NCIH@ILNB?
MOJJILNI@;FAILCNBGC=DOMNC=?CMNB?FAILCNBGC='OMNC=?)?;AO? #IOH>?>CH<S'IS
OIF;GQCHCNB?FAILCNBGC='OMNC=?)?;AO?MNLCP?MNI`L;CM?;Q;L?H?MM;<IONNB?CGJ;=NMI@&
?KOCJ;>PI=;N?MQCNB?GJCLC=;FL?M?;L=B<OCF>NB?PIC=?;H>=BIC=?I@NB?GIMNCGJ;=N?>
=IGGOHCNC?M;H>A;FP;HCT?L?M?;L=B?LMJIFC=SG;E?LM;H>CH>OMNLSJL;=NCNCIH?LMNIGCNCA;N?&
B;LGM;H><C;M?MaDF 1B?CLGIP?G?HNCMNIMBC@N&MSMN?GMNI<?=IG?GIL??KOCN;<F?
;H>;==IOHN;<F? MNB?FAILCNBGC='OMNC=?)?;AO?M;SM`QBI=I>?MG;NN?LMBIQQ?=I>?
G;NN?LM;H>NB;NQ?=;H=I>?;<?NN?L@ONOL?DF

159:8-39?!0-18:06.)54-81+)5 :-8-6:?7-
1B?GCHMNL?FMBIQILGCHMNL?FMSQ;M;HG?LC=;H@ILGI@L;=CMNNB?;NLC=;F
?HN?LN;CHG?HNNB;NCH=FO>?>>??JLIIN?>MN?L?INSJ?MNB;N@O?F?>;HNCF;=EJL?DO>C=?/CAAM
?N ;F #IL?HN?LN;CHG?HNCH@LIHNI@QBCN?;O>C?H=?MQBCN?J?L@ILG?LMQIOF><F;=E?HNB?CL
@;=?MQCNB<OLHN=ILE;H>J?L@ILG;MF;=EJ?IJF?>?JC=N?>CHP;LCIOMQ;SM*;B;L
1BLIOABNB?M?>?JC=NCIHMFIS;F1IGM=;L?@L??0;G<IM@;CNB@OF*;GGC?MALCHHCHA IIHM
M;P;A?LON?M;H>QC>??S?>-C=E;HCHHC?MQ?L??G<?>>?>CHNI=OFNOL?PC;=;LNIIHM@?;NOL?
@CFGMJIJOF;LMIHAMGCHMNL?FMBIQM;>P?LNCM?G?HNM@IFEFIL?BIOM?BIF>;LNC@;=NM;H>
=BCF>L?HcMLBSG?M/CAAM?N ;F 1B?M?>?BOG;HCTCHA=;LC=;NOL?MJ?LG?;N?>JIJOF;L
=OFNOL?@LIGNB?MNINB? CPCF/CABNMJ?LCI> 1B?>?JC=NCIHMI@NB?M?=;LC=;NOL?MCGJF;HN?>
NB?GM?FP?M>??JCHNB?G?LC=;HJMS=B?;H>>O?NINB?NB?;NLC=;F;H>?HN?LN;CHCHAH;NOL?I@NB?
GCHMNL?FMBIQMNB?=;LC=;NOL?MQ?L?QC>?MJL?;>;H>=IGGIHFS<?FC?P?>;MNLONBI@QB;NF;=E
J?IJF?Q?L?FCE?
1B?;<CFCNSNIMBIQ=;M?QB;N`<F;=EH?MMaQ;MMJ;HH?>;=LIMMM?P?L;F>C@@?L?HNM?=NILM
*CHMNL?FJ?L@ILG?LMM;HA>;H=?>J?L@ILG?>MN;H>OJ=IG?>S;H>NIF>N;F?MQCNBF;HAO;A?
<?CHA;HCGJILN;HN@;=NIL 4BCN?;=NILMCH<F;=E@;=?OM?>F;HAO;A?;M;JLCG;LSG?;HMNIGI=E
F;=EG?LC=;HMOMCHA<ON=B?L?>@ILGMI@F;=EMF;P?>C;F?=N;FIHAQCNBGCMN;E?HQIL>MNI
=B;L;=N?LCT?<F;=EM;MOHCHN?FFCA?HN;H>CH@?LCIL%;LLCMJJ >>CNCIH;FFSNB?@;=NNB;N
GCHMNL?FL;>CIMBIQMMO=B;MGIMHcH>SQBC=B@?;NOL?>NQIF;=E=B;L;=N?LMPIC=?><S
QBCN?G?HQ?L?MIMO==?MM@OFJLIP?MNB;NFCHAOCMNC=L?JL?M?HN;NCIHMI@<F;=EH?MMQ?L??MM?HNC;F
NIGCHMNL?FMS;H>NB;NPIC=?M?LP?>;M;G;LE?LI@<F;=EH?MM MNCG?B;MJLIAL?MM?>
=IHN?GJIL;LSHINCIHMI@<F;=E@;=?B;P?HIQ?R=??>?>NB?NL;>CNCIH;FNB?;NLC=MI@NB?J;MN

!0-6;9156.159:8-39?1/1:)33)+2.)+-
!CACN;F<F;=E@;=?CM=FIM?FSL?F;N?>NI<F;=E@;=?GCHMNL?FMS MNB?H?Q=IHN?GJIL;LS
N?LGNB;N>?M=LC<?MNB?>CACN;FF;H>M=;J?NB;NCH=FO>?MMI=C;FG?>C;>CACN;F<F;=E@;=?B;M<??H
NB?ILCT?><SM?P?L;F>C@@?L?HN;=;>?GC=M G?LC=;HDIOLH;FCMN>;G F;SNIH-IQ?FF&&&=ICH?>
NB?N?LG`BCABN?=B<F;=E@;=?a?RJFILCHANB?Q;SNB;NMJILNMA;G?ML?@F?=N;BCMNILSI@
GCHMNL?FMSACPCHAQBCN?=L?;NILM;H>JF;S?LMNB?IJJILNOHCNSNI<?=IG?F;=E*;LLCINN
4IHA 1B?ILCT?>M?P?HS?;LMF;N?L'IMBO;)OGJECH$L??H@CLMNOM?>NB?N?LG>CACN;F
<F;=E@;=?NI>?M=LC<?NB?Q;SCHQBC=BN?=BHIFIAS;FFIQMHIHF;=EJ?IJF?NI`NLSIONaF;=E
C>?HNCNC?MIHFCH?J 0CGCF;LFSNI-IQ?FF&&&$L??H =LCNC=;FFS;H;FST?><F;=E@;=?
NBLIOABNB?F?HMI@A;G?MFIIECHA;NBIQ@/<2*634BCB=)/<<2@3/AMN?L?INSJ?>NB?G;F?
S;M;H;HCG;F>;HA?LIOM;H>;MMI=C;N?>QCNBH?A;NCP?L?JL?M?HN;NCIHMI@F;=EG?H
MNCG?B;MJLIAL?MM?>NB?C>?;I@BCABN?=B<F;=E@;=?NOLH?>CHNI>CACN;F<F;=E@;=?B;M
<??H?RJIOH>?>IH;H>CHNLI>O=?>CHNB?L?;FGI@MI=C;FG?>C;JIJOF;LCT?><S@?GCHCMNQLCN?L
);OL?H*C=B?F?';=EMIH M>?M=LC<?><S';=EMIH >CACN;F<F;=E@;=?CMNB?JL;=NC=?I@
QBCN?;H>HIHF;=EJ?IJF?G;ECHA=F;CGMNI;F;=EC>?HNCNSNBLIOABN?=BHIFIAC=;FG?>COGM
#ILGMI@>CACN;F<F;=E@;=?CH=FO>CHAL?;=NCIHAC@MCHN?LH?NG?G?M;H>E?S<I;L>MNC=E?LMB;P?
<?=IG?;J;LNI@NB?MI=C;F?RJ?LC?H=?I@CHN?LH?N=OFNOL?;H>`$?H7MJ?;E a%IQ?P?LNB?M?
H?QG?;HMI@>?M=LC<CHAIOLM?FP?M;H>@??FCHAM;L?IP?LQB?FGCHAFS<F;=E /?;=NCIHG?G?M;H>
AC@MI@F;=EJ?IJF?;L?QC>?MJL?;>;=LIMMNB?CHN?LH?N@?;NOLCHANB?GIMN=IGGIH=?F?<LCNC?M
MO=B;M1;HCMB;1BIG;M+?+?)?;E?M,JL;B4CH@L?S1SL;;HEM*;LC;B ;L?S+C=E
6IOHA;H>NB?FCMNAI?MIH 2H@ILNOH;N?FS>CACN;F<F;=E@;=?>I?MHINMNIJNB?L?
!CACN;F<F;=E@;=?B;ML?PIFONCIHCT?>NICH=FO>?H?QG?>COGMMO=B;MNB?CH@FORI@&
L;JJ?LMCHJIJOF;LG?>C;;H>;MMOGCHA;F;=EC>?HNCNSIHFCH? ,H?L?=?HN?R;GJF?I@NBCMCM
PCLNO;FL;JJ?L#+*?E; &HL?=IL>F;<?F ;JCNIF/?=IL>MMCAH?>;H;LNC@C=C;FFSCHN?FFCA?HN

L;JJ?LH;G?>#+*?E; #+*?E;M??JJ?H>CR CM>?M=LC<?>;M;F;=E<ON;L;=C;FFS
;G<CAOIOM&L;JJ?LNB;NOM?>NB?+QIL>CHBCMMIHAMQBCF?>CMJF;SCHA;JBSMC=;F;JJ?;L;H=?
MJILNCHAAL??H>L?;>FI=EM 1B??NBC=MI@NB?=L?;NCIH;H>GOMC=;FMNSF?I@#+*?E;
Q?L?=;FF?>CHNIKO?MNCIH<SMI=C;FG?>C;OM?LM;H>;=NCPCMNMCHNB?F;=E=IGGOHCNS4;SN
#CLMN#+*?E;CM;L;JJ?LPIC=?><S;F;=EG;F?<ON=IH=?JNO;FCT?><SQBCN?@IOH>?LM
;N#;=NILS+?Q;PCLNO;FGOMC==IGJ;HS )CMN?H?LM=LCNCKO?>NB?&cMOM?I@NB?QIL>`HCAA;a
>O?NIBCML;=C;FFS;G<CAOIOM<;=EALIOH>;H>CNM>?MCAH<?CHA=IHMNLO=N?><SQBCN?=IOHN?LJ;LNM
,HFIIE?LM<?=;G??P?HGIL?@OLCIOMQB?H(SF?NB?%IIFCA;HNB?PIC=?I@#+*?E;=;G?
@ILQ;L>;H>MB;L?>BCMMNILSI@<?CHAABIMN?>QCNBION;HS@ILGI@J;SG?HN<S#;=NILS+?Q
=NCPCMNM;H>=LCNCKO?LML;FFC?>IHFCH?@IL#+*?E;NI<?>LIJJ?>@LIG ;JCNIF/?=IL>MQBCF?
MCGOFN;H?IOMFS=IH@LIHNCHA#;=NILS+?QcM;<CFCNSNI=;JCN;FCT?IHF;=E=OFNOL?QCNBIONJ;SCHA
(SF?NB?%IIFCA;HQBI=F;CGMNB;NB?CMNB?PIC=?<?BCH>#+*?E; >>CNCIH;FFSIH?J;LNC=OF;L
JIMNI@#+*?E;cMNB;NQ;MBCABFS=LCNC=CT?>;H>JIMCNCIH?>;M;JJLIJLC;NCP?CM;>CACN;FCG;A?I@
#+*?E;CHD;CFNB;N>?JC=N?>JIFC=?<LON;FCNSM??;JJ?H>CR MJIFC=?<LON;FCNSCMNB?L?;FCNSI@
G;HSF;=EJ?IJF?;=LIMMNB?AFI<?NB?L?Q;M;=;FF@IL#+*?E;NI<?OHMCAH?>;MNBCMCG;A?
JILNL;S?>G;HSJ?IJF?cM>??J?MN@?;LMFCPCHACH;BCABFSL;=CMNQBCN?MOJL?G;=CMN;H>L;=C;FCT?>
MI=C?NS *;HS=;FF?>NBCMION;M>CACN;F<F;=E@;=?HINCHAQBCN?=L?;NILM;H>=ILJIL;NCIHMc
=IG@ILN;<CFCNSQCNBOMCHA<F;=EH?MM;M;ACGGC=E
MMQC@NFS;M#+*?E;Q;MMCAH?>NB?&L;JJ?LQ;M>LIJJ?>@IFFIQCHANB?=IHNLIP?LMS
;H>;=;FFION@LIG&H>OMNLSF;=EION;HILA;HCT;NCIHJIJOF;LCT?>IH&HMN;AL;GI@F;=EJ?IJF?
Q;HNCHANI=B;HA?NB?=IGGOHCNS !CACN;F<F;=E@;=?CMIJJL?MMCP?NIMI=C?NS;MCNB;M
L?@ILGOF;N?>L?J;=E;A?>;H>OJ>;N?>CNM?F@;M;H?Q;H>CGJLIP?>@ILGI@GCHMNL?F<F;=E@;=?
NB;N`;JJLIJLC;N?MNB?F;HAO;A?;H>?RJL?MMCIHMI@F;=EJ?IJF?@IL?HN?LN;CHG?HNQBCF?

>CMGCMMCHANB?M?P?LCNSI@?P?LS>;SCHMN;H=?MI@L;=CMGF;=EJ?IJF??H=IOHN?La4IHAJ
!CACN;F<F;=E@;=?CH=FO>?MG;HSL;=C;FCGJFC=;NCIHM;MCNB;MMIFC>C@C?>CNMJF;=?CHNB?>CACN;F
L?;FG
68415/3)+25-99:086;/0$01:-5-9915/;19:1+159:8-39?
,H?;MJ?=NI@>CACN;F<F;=E@;=?<?CHAMNO>C?>CMF;HAO;A?ILNB?OM;A?I@@LC=;H
G?LC=;H3?LH;=OF;L"HAFCMB &H=IHH?=NCIHNINBCMCMNB??RN?HMCP?M=BIF;LFSL?M?;L=BIH
FCHAOCMNC=GCHMNL?FMS 1BCMJB?HIG?HIHB;MN;E?HG;HSH;G?MCH=FO>CHA<ILLIQ?>F;=EH?MM
O=BIFNT FCHAOCMNC=;JJLIJLC;NCIH%CFF GI=E"<IHC=M/IHECH(;LH
;H>FCHAOCMNC=GCHMNL?FMS)IJ?T NB?F;NN?LL?@?LLCHANIIH?I@NB??;LFC?MNG?LC=;H@ILGM
I@NBCMJB?HIG?HIHCHGCHMNL?FMBIQM*;B;L "7<5C7AB71;7<AB@3:AG;M>?@CH?><S
O=BIFNT;H>)IJ?TCM`;@ILGI@GI=EF;HAO;A?NB;NL?CHM=LC<?MMN?L?INSJ?M;<ION@LC=;H
G?LC=;HM;H>NB?CLF;HAO;A?QBCF?J;LNC=CJ;NCHACH;FIHAMN;H>CHA;H>I@N?H=IHNLIP?LMC;F
J;NN?LHI@"OLIJ?;HG?LC=;H;JJLIJLC;NCIHI@F;=E=OFNOL;F@ILGMaJ
FNBIOABNBIOABN<SQBCN?J;LNC=CJ;HNMNI<?;L?;FCT?>P?LMCIHI@F;=EF;HAO;A?NB?M?
<?B;PCILM`>IHIN=ILL?MJIH>NIGIMN@LC=;HG?LC=;HMcFCHAOCMNC=J;NN?LHMaO=BIFNT
JJ ,@N?HF;=EF;HAO;A?CM<ILLIQ?>;H>>?L;=C;FCT?>OH>?LNB?AOCM?I@<?CHAMF;HA
?P?HNBIOABMF;HA=;H<?>?@CH?>;MMBILNFCP?>QIL>MCH`NB?PI=;<OF;LSI@;>C;F?=NIL
F;HAO;A?a/C=E@IL> F;=E"HAFCMBIL3"CM;@OFFS@ILG?>FCHAOCMNC=MSMN?GM??HCH
;FF>C;F?=NM;H>F;HAO;A?M +IH?NB?F?MMCHE??JCHAQCNBNB?IJJL?MMILcMF;HAO;A?BIIEM
;H>;JJLIJLC;NCIH3"CM<?CHA=IIJN?>CHNIG;CHMNL?;G=OFNOL?;M`$?H7MJ?;E a1B?
QIL>M;H>JBL;M?MNB;NF;=EJ?IJF?OM?@IL=OFNOL;FL?JL?M?HN;NCIH;H>=IGGOHCNS<OCF>CHA
;=LIMMMI=C;FG?>C;JF;N@ILGMB;P?G;>?NB?CLQ;SCHNIG;LE?NCHA=;GJ;CAHMJIFCNC=;FJOH>CN
MJ??=B?M;H>F;N?HCABNMBIQGIHIFIAO?M^QBCN?MJ;=?MNB;NB;P?NL;>CNCIH;FFSCAHIL?>F;=E

G?LC=;HM 1B?P?LSF;HAO;A?=L?;N?>@ILCH=FOMCIHCM<?CHAOM?>NI@OLNB?LJOMBNINB?G;LACHM
&HNBCMNB?IJJL?MMILCMMN?;FCHA@LIGF;=E=OFNOL?;A;CHOH>?LNB?AOCM?I@JIJ=OFNOL? S
NLCPC;FCTCHAF;=EP?LH;=OF;LMJ??=BNB?IJJL?MMILM;L?MNCFFG;H;ACHANIIJJL?MMQCNBNB?P?LS
F;HAO;A?F;=EG?LC=;HM=L?;N?> H>;M>?M=LC<?><SBIIEMQBCN?EC>M;L?MNCFFOMCHAF;=E
F;HAO;A?I@L?MCMN;H=?;M<?CHA@OHHSIL?HN?LN;CHCHABIIEMJ M>?M=LC<?><S)INN
CH"=D3*634B:/194/13#7<AB@3:AG/<2B63;3@71/<-=@97<5:/AA`"P?LSNCG?SIOB?;L
;H?RJ;HMCP?QBCN?G;H>LIJCHNIBCMP?LMCIHI@F;=E"HAFCMBSIO;L?CHNB?JL?M?H=?I@
<F;=E@;=?cMOH=IHM=CIOML?NOLHaJ
1B?M?;L?NB?>;HA?LMNB;NBIIEM>?M=LC<?>S?;LM;AICH`1?;=BCHA+?Q4ILF>M+?Q
4IL>M a1B?M?G;LE?LMI@<F;=EH?MMB;P?NL;HM=?H>?>=IHN?GJIL;LSGCHMNL?FMS;H>B;P?@IOH>
MJ;=?CHNB?>CACN;F;NGIMJB?L? 4BCF?<?CHA;J;LNI@NB?;JJ1CE1IEG;S@CLMNM??GCHHI=?HN
MIKOC=EFS=;H=L?;NCHA1CE1IEMF?;>>IQH;L;<<CNBIF?NI>CACN;F<F;=E@;=?>O?NINB?@;=NILM
>CM=OMM?>;<IP?

!!&
1I;H;FST?NB?JF;N@ILGI@1CE1IENB?G?NBI>IFIASOM?>QCFF<?>CM=IOLM?;H;FSMCM
*;HSQLCN?LMB;P?=IHNLC<ON?>NINB?@C?F>I@>CM=IOLM?;H;FSMCMCH=FO>CHA*C=B?F#IO=;OFN;H>
+ILG;H#;CL=FIOABNB?#;NB?LI@ LCNC=;F!CM=IOLM?H;FSMCM ! ;MNB?GIMNJLIGCH?HN
!CM=IOLM?;H;FSMCML?@?LMNI`;L?M?;L=B;JJLI;=BCHQBC=BF;HAO;A?G;N?LC;FMO=B;MN;FEIL
QLCNN?HN?RNM]CM?R;GCH?>;M?PC>?H=?I@JB?HIG?H;<?SIH>NB?CH>CPC>O;FJ?LMIHa1;SFIL
,P?L;FFCNL?@?LMNII<M?LPCHANB?BOG;HOM?I@F;HAO;A?CH>C@@?L?HN=;J;=CNC?MCH=FO>CHA
QLCNN?H;H>MJIE?H=IHN?RNM &HNB?J;MN>CM=IOLM?;H;FSMCMQ;MNL;>CNCIH;FFS@I=OM?>IHN?RNO;F
GIG?HNMQB?L?QLCNCHAM>?M=LC<?>NB?CH>CPC>O;FJ?LMIH;H>>CM=IOLM?;H;FSMCM;FFO>?>NINB?
MNLO=NOL?M;H>NB?=IHN?RNMOLLIOH>CHANB?QLCNCHA1;SFIL 1B?=IHN?RNI@NB?
=IHP?LM;NCIH;MQ?FF;MQB;NCM<?CHAM;C>CMN;E?HCHNI=IHMC>?L;NCIH &HN?RNO;FCG;A?M
>CM=IOLM?;H;FSMCMCH=FO>?MCG;A?M;H>MSG<IFM;M=IGGOHC=;NCP??@@ILNM1;SFIL
M>CM=IOLM?;H;FSMCMNL;HM@ILG?>CHNI;H;=;>?GC=@C?F>>CM=IOLM?;H;FSMCM<?=;G?
QC>?FSOM?>;M;KO;FCN;NCP?G?NBI>IFIASMJ;HHCHA>C@@?L?HN>CM=CJFCH?M 4CNBNBCMCHNLI>O=NCIH
;H>?RJ;HMCIHCHNB?MN=?HNOLS>CM=IOLM?;H;FSMCMB;M=LIMM?>NB?<IOH>;LC?MCHNINB??RCMNCHA
H?NMJ;=?QCNBNB?CGJF?G?HN;NCIHI@HIHP?L<;F=O?MNB?FI=;NCIHI@NB?MJ?;E?L;H>NB?=OFNOL;F
;H>JIFCNC=;FMOLLIOH>CHACN1;SFIL 0=BIF;LMCHNB?>CACN;FMJB?L?B;P?OM?>>CM=IOLM?
;H;FSMCM;=LIMMM?P?L;F>C@@?L?HNMI=C;FG?>C;JF;N@ILGMCH=FO>CHA&HMN;AL;G;H>GIMNL?=?HNFS
1CE1IE ;N;F>I OM?>=LCNC=;F>CM=IOLM?;H;FSMCMIH+CE?cM&HMN;AL;GJIMNMNI;H;FST?
NB?CLHIHNL;>CNCIH;F;>P?LNCMCHANBLIOAB?GINCP?JIMNMNB;N>?FCP?LG?MM;A?MNB;NL?@F?=NNB?CL
<L;H>NI<??GJIQ?LCHA ;N;F>I 0=BIF;LMB;P?;FMIOM?>1CE1IENI;H;FST?NB?
#L??-;F?MNCH?*IP?G?HN;M;G?;HMI@`JF;S@OF;=NCPCMGa;H?Q@ILGI@;=NCPCMG ?LPC
*;LXH)F;>Y 4CNBNB?CHNLI>O=NCIHI@H?QG?>C;;H?QNSJ?I@>CM=IOLM?;H;FSMCMB;M
<LC>A?>CHNI=LCNC=;FJ?>;AIAS

!0-68-:1+)38)4-=682
#ILNB?JOLJIM?I@NBCMMNO>S&QCFF>L;QIH+ILG;H#;CL=FIOABcM=LCNC=;F>CM=IOLM?
;H;FSMCM ! @L;G?QILECHQBC=BNB?L?;L?NBL??F?P?FMI@;H;FSTCHAN?RNM>?M=LCJNCIH
CHN?LJL?N;NCIH;H>?RJF;H;NCIH#;CL=FIOAB LCNC=;F>CM=IOLM?;H;FSMCM@I=OM?MIHNB?LIF?
I@F;HAO;A?CHMI=C?NS;H>NB?Q;SMJ?IJF?OM?F;HAO;A?NI;=BC?P?G?;HMCHL?F;NCIHNIF;HAO;A?
;H>JIQ?L 1L;>CNCIH;FFSCN;CGMNIOH>?LMN;H>BIQF;HAO;A?CMOM?>CHNL;>CNCIH;FH?QMMIOL=?M
BIQ?P?LQCNBNB?CHNLI>O=NCIHI@NB?CHN?LH?N;H>MI=C;FG?>C;NB?L?CM;H??>NI?HA;A?QCNB
!CHH?Q=IHN?RNMIOPC?L*;=BCH /;NB?LNB;H@I=OMCHAIHMG;FF?L=IGJIH?HNM
I@F;HAO;A?MO=B;MMIOH>MQIL>MILJBL;M?MMSHN;RGILJBIFIASM?G;HNC=MJBIHIFIAS
!CMOM?>NIMNO>S=IHP?LM;NCIHMN?RNMILC>?IFIAS<?BCH>G?MM;A?MIOPC?L*;=BCH

):)633-+:165
1B?>;N;@ILNBCMMNO>SCM?RNL;=N?>@LIGP;LCIOM1CE1IE;==IOHNM 1B?>;N;=IHMCMNI@
1CE1IEPC>?IMMJ;HHCHA@CP?=;N?AILC?M^<F;==?HN<F;=E@;=?=BIL?IAL;JBS;?MNB?NC=M;H>
PIC=?IP?LM^NB;NCH=FO>?;MMI=C;N?>=;JNCIHMGOMC=;H>PIC=?IP?LM 1B?M?=;N?AILC?MQ?L?
=BIM?H<;M?>IHNB?G?M;H;FST?>PC;NB?L?PC?QI@FCN?L;NOL? FFPC>?IMQ?L?JO<FCMB?>JO<FC=FS
IH1CE1IE@LIGP;LCIOMOM?LMc;==IOHNM &;H;FST?>HINIHFSQLCNN?HN?RNCHNB?=;JNCIHI@?;=B
JIMN<ON;FMIINB?L=IHN?HN;MMI=C;N?>QCNBNB?JIMNMMO=B;MMIOH>MGOMC=;H>PIC=?IP?LM ;H>
NB?=IHN?HNI@NB?PC>?I 1B?=LCN?LC;@ILCH=FOMCIHCHNB?MNO>SCM;M@IFFIQM
f 1CGCHA1CE1IEMOLJ;MM?>#;=?<IIE&HMN;AL;G0H;J=B;N;H>6IO1O<?CH>IQHFI;>MCH
,=NI<?LI@ &H1CE1IE@I=OM?>IH<?=IGCHA;MN;JF?I@IHFCH?=OFNOL?;MCNM
OM?L<;M?QC>?H?>)C;I0BO &QCFF=IHMC>?LPC>?IMJIMN?>@LIG#?<LO;LS
QB?H1CE1IEL?;=B?>IH?<CFFCIHCHMN;FFMNINB?QLCNCHAI@NBCMNB?MCM

f B;L;=N?LHIHF;=EILF;=EJ?LMIHJ?L@ILGCHA>CACN;F<F;=E@;=?
f -OLJIM?1B?PC>?IMBIOF>HIN<?;J;LI>SILM;NCL?I@NB?>CACN;F<F;=E@;=?JB?HIG?HIH
<ON=IHN?HN=L?;N?><S;OM?L@ILNB?JOLJIM?I@J?L@ILGCHA>CACN;F<F;=E@;=? 4BCF?&
=;HHIN;MM?MMOM?LCHN?HNQCNBION;MECHA>CL?=NFS&QCFF<?;<F?NIA;OA?JOLJIM?<S
FIIECHA;NINB?LPC>?IM<SNB?OM?LB;MBN;AM;H>=;JNCIHM
f IHN?HN1B?=IHN?HNI@NB?PC>?IGOMNL?@F?=N;HNC<F;=EH?MMCHNB?@ILGI@@?NCMBCT;NCIH
=;LC=;NOL?MN?L?INSJ?MGI=E?LSGCHMNL?FMSIL>OJFC=;NCIHQCNBION=CN;NCIH
FNBIOABOM?>;M;G?;MOL?CHJLCILL?M?;L=B ?LPC) *;LXH)F;>Y &>C>HIN
CH=FO>?PCL;FCNS;M;=LCN?LC;<?=;OM?1CE1IEcMJF;N@ILGCM=IO=B?>QCNBCH;=OFNOL?I@L?GCRCHA
ILL?G;ECHA=IHN?HN;H>NB?;GIOHNI@PC?QMILFCE?MCMCLL?F?P;HNNIL?GCRCHA >>CNCIH;FFSNB?
>?@CHCNCIHI@PCL;FCNSCM?FOMCP?;H>=IHMN;HNFS=B;HACHA /?=?HNFS>CM=IP?L?><S#IL<?M
DIOLH;FCMNM1CE1IEcMPCL;FCNSCMCH;ONB?HNC=;H>=IH=?;F?>OH>?LNB?AOCM?I@G;HO@;=NOL?>
JIJOF;LCNS ==IL>CHANINB?H?QL?JILN<S#IL<?M 1CE1IE;H>SN?!;H=?MN;@@=;H
B;H>JC=EMJ?=C@C=PC>?IMNIAIPCL;F<S;M?F?=NCIH<ONNIH=;FF?>`B?;NCHA a1B?B?;NCHA@?;NOL?
L?@?LMNI<IIMNCHAPC>?IMNBLIOABNB?`#IL6IO-;A?aCHN?LP?HCHA;H>G;HO@;=NOLCHAPCL;FCNSNI
;=BC?P?;=?LN;CHHOG<?LI@PC>?IPC?QM -C=ECHAIL`B?;NCHAaMJ?=C@C=PC>?IMNIAIPCL;F;FFIQM
1CE1IENI=IOLNCH@FO?H=?LM;H><L;H>M?HNC=CHANB?GCHNIJ;LNH?LMBCJM<SCH@F;NCHANB?CLPC>?IMc
PC?Q=IOHN 1BCMMOAA?MNMNB;NB?;NCHAB;MJIN?HNC;FFS<?H?@CNN?>MIG?CH@FO?H=?LM;H><L;H>M
NB;N1CE1IEB;MMIOABN<OMCH?MML?F;NCIHMBCJMQCNB 1BCMB;M=IG?;NNB??RJ?HM?I@INB?LMQCNB
QBIG1CE1IEB;MHI<OMCH?MML?F;NCIHMBCJMQCNB 4CNBNBCMH?Q@IOH>CH@ILG;NCIHI@NB?
=IOHN?L@?CNH;NOL?I@PCL;FCNSIH1CE1IE=OLL?HNFSNB?L?CMHIQ;SNI>CMNCHAOCMB<?NQ??HQB;NCM
=BIM?H<SNB?J?IJF?ILNB?=IGJ;HS 1B?L?@IL?PCL;FCNSMBIOF>HIN<?CH=FO>?>;M=LCN?LC;<;M?>
IHCNM=OLL?HNMJOLCIOMH;NOL?

!L;QCHAIH=LCNC=;F>CM=IOLM?;H;FSMCMNB?JOLJIM?I@NBCMMNO>SCMNI;H;FST?1CE1IE
OM?LMCHNB?L?CG;ACHCHAI@=OFNOL;F;JJLIJLC;NCIHNI;H;FST?@ILGIG?HNMI@>CACN;F<F;=E@;=?
QCNBNB?@IFFIQCHANB?G?MF;==?HN BIL?IAL;JBSF;=E@;=?3IC=?IP?LM;H>?MNB?NC=MCH
J;LNC=OF;LQCNBNB?J?L@ILG;H=?I@<F;=EH?MM S?R;GCHCHA1CE1IE&JLIPC>?;@CLMN;H;FSMCMI@
NB?FCHEM<?NQ??H>CACN;F<F;=E@;=?GCHMNL?FMS;H>L;=CMN;FAILCNBGM;H;FSTCHACNNBLIOAB
#;CL=FIOABcMNBL??>CG?HMCIH;F@L;G?QILEI@;H;FSMCM>?M=LCJNCIHMCHN?LJL?N;NCIH;H>
?RJF;H;NCIHJ?LM?=NCIHI@L?MOFNM1;SFIL 1B?=OFGCH;NCIHI@NB?BCMNILSI@GCHMNL?FMS
;H>NB?JL?P;F?H=?I@NB?OM?I@>CACN;F<F;=E@;=?CHHIHF;=EMJ;=?MF?>NINB?@IFFIQCHA
KO?MNCIHM
('%IQ>I?M1CE1IEcML?GCR?=IHIGS@IMN?L;=OFNOL?I@>CACN;F<F;=E@;=?
(' %IQ>I?M1CE1IEcML?GCR?=IHIGSL?Q;L>;=OFNOL?I@>CACN;F<F;=E@;=?
141:):1659
!O?NINB?H;NOL?I@NB?L?M?;L=BKO?MNCIH;H>NB?;FAILCNBGC=<OCF>I@1CE1IENBCMMNO>S
B;MJIN?HNC;FFCGCN;NCIHM ,ONMC>?I@GS=OLL?HNCHN?L?MNM@ILNBCMJ;J?LCH=FO>?MFIIECHA;N>CACN;F
<F;=E@;=?@LIGCNMGIL?`NL;>CNCIH;Fa>?@CHCNCIHNB;N?H=;JMOF;N?MG?G?MAC@M;H>HIHF;=E
OM?LMB;PCHAJLI@CF?JC=NOL?M>?>C=;N?>NIF;=EJ?IJF? 4BCF?NB?NL;>CNCIH;F>?@CHCNCIHI@>CACN;F
<F;=E@;=?BIF>MP;FC>CNS;MQ?=LIMMCHNINB?=IHNCHOCHAJIJOF;LCNSI@MBILN@ILGPC>?IMB;LCHA
=IHN?HN?RJ;H>CHANB?>?@CHCNCIHI@>CACN;F<F;=E@;=?CMCGJILN;HN 1B??RJ;HMCIHI@>CACN;F
<F;=E@;=?CH=FO>CHAPC>?IMMB;L?><SSIOHAJ?IJF?CHNB?;A?I@<F;=EH?MM>CMAOCM?><S`MN;H
=OFNOL?a;H>`$?H7=OFNOL?aMB;L?M;AL?;N>?;FI@CGJILN;H=? ?=;OM?1CE1IECMN;CFIL?>
NIQ;L>M=L?;NCHA;FAILCNBGC==IHN?HNNB;NCM`#IL6IOa&B;P?=BIM?HJOLJIMCP?M;GJFCHACHNB?
?P?HNNB;NGSJ?LMIH;FCT?>1CE1IEJ;A?>I?MHINL?@F?=N>CACN;F<F;=E@;=?<?=;OM?I@NB?=IHN?HN
NB;N&B;P?M?F?=N?>;MHIN`CHN?L?MN?>aCHNB?J;MN %?L?CH;@N?LCNQIOF><?=IGJ?FFCHANI=L?;N?;

H?Q1CE1IEJ;A?NIM??QB;NILA;HC=;FFSCMMB;L?>QCNBH?QOM?LM );MNFSQBCF?NB?=IGJF?RCNS
I@NBCMNIJC=CM?PC>?HN>O?NIM?P?L;FIJ?>JC?=?MQLCNN?H<SP;LCIOMH?QMMIOL=?M>CACN;F
<F;=E@;=??MJ?=C;FFSNBLIOABNB?F?HMI@1CE1IECMH?QCH;=;>?GC; ?=;OM?I@NBCMNB?L?
=IOF><?GIL??@@?=NCP?G?NBI>IFIAC?MNI@IFFIQNB;NQIOF>CGJLIP?NB?L?M?;L=B>?MCAH
691:165)31:?
%IFG?M MN;N?MNB;N`8J9IMCNCIH;FCNSL?@F?=NMNB?JIMCNCIHNB;NNB?L?M?;L=B?LB;M
=BIM?HNI;>IJNQCNBCH;ACP?HL?M?;L=BMNO>S a%IFG?M =IHNCHO?M<S?GJB;MCTCHANB?
CGJILN;H=?I@L?@F?RCPCNSIH?cMLIF?CH?R;GCHCHANB?CL<?FC?@M;H>CH@FO?H=?CHL?M?;L=BQBCF?
=IHMNLO=NCHA;JIMCNCIH;FCNSMN;N?G?HN ?@IL?&JL?M?HNNB?@CH>CHAM;H>CHNB?MJCLCNI@M?F@
L?@F?RCPCNS&;=EHIQF?>A?GSMN;H>JICHN;M;SIOHA?>O=;N?>F;=EG?LC=;HQIG;H M;
$?H?L;NCIH7<ILHSIOHAF;=EQIG;HQBICM;@L?KO?HNOM?LI@1CE1IECNQIOF><?L?GCMM@IL
GSJ;LNC;FCNSNIL?G;CHOH;=EHIQF?>A?> &DICH?>1CE1IE>OLCHA,=NI<?LH?;LNB?IHM?NI@
NB? IPC>J;H>?GC= MGSNCG?IH1CE1IEB;MCH=L?;M?>QCNB>;CFSPC?QCHA&B;P?
J?LMIH;FFS?RJ?LC?H=?>NB??L;MOL?I@<F;=EH?MM;H>QBCN?=L?;NILMOMCHA>CACN;F<F;=E@;=?IHNB?
;JJ &;GCHNLCAO?><SNB?J?L@ILG;H=?I@`<F;=EH?MMa<INB<SHIHF;=EC>?HNCNC?M;H>F;=E
C>?HNCNC?M;H>BIQNBCMCMNL;HMF;N?>CHNB?<OLA?IHCHA>CACN;FMJB?L? 1BIOABQ?;FFB;P?
P;LSCHA?RJ?LC?H=?MQ?=;HH?P?L?L;M?BIQQ?C>?HNC@SL;=C;FFS ?=;OM?I@NBCM&
;=EHIQF?>A?NB;NGSJIMCNCIH;FCNSCH@FO?H=?>NBCMJLID?=N<?=;OM?GSC>?HNCNS;H>GS
?RJ?LC?H=?M;L?CGJILN;HNNIIFMNB;NB?FJ?>G?G;E?G?;HCHAI@NB?PC>?IMCHFCABNI@NB?F;=E
G?LC=;H=OFNOL;F=IHN?RN &HNBCM=;M?GS<F;=EH?MMQ;M;H;MM?NNI>CMM?=NCHANB?@;=NCNCIOM
H;NOL?I@G;HSI@NB?M?PC>?IM

! "!
!B;M<?=IG?CGJILN;HNCHGIPCHA<?SIH>NB?MOL@;=?F?P?F;FFIQCHA@ILNB?
?R;GCH;NCIHI@>CM=IOLM?NI?RJIM?>??JMNLO=NOL;FL?F;NCIHMI@JIQ?L;H>CH?KO;FCNS ?=;OM?
F;HAO;A?CMMI=C;F;=NCIHCNCM;HCHM?J;L;<F?J;LNI@NB?AL?;N?LMI=C;F;H>MI=C?N;FMNLO=NOL?
#;CL=FIOAB !O?NIF;HAO;A?>CM=IOLM? <?CHANB?@;<LC=I@MI=C?NS !?RJIM?M;H>
L?MCMNMNB?GCMOM?I@JIQ?L;MCNCM` =IGGCNN?>NINB?=;OM?I@MI=C;FDOMNC=?;H>CNMJOLJIM?CM
NI?RJIM??RJFICN;NCIH;H>NB?;<OM?I@JIQ?La4C>>IQMIHJ &HNBCMM?HM?I@
MI=C;F@OH=NCIH=LCNC=;F>CM=IOLM?;H;FSMCMQCFF<?OM?>NI=LCNC=;FFS?R;GCH?NB?OM?I@>CACN;F
<F;=E@;=?IH1CE1IE;H>CNMCGJFC=;NCIHMPC;NBL??;L?;MI@>CM=OMMCIH^>?M=LCJNCIH
CHN?LJL?N;NCIH;H>?RJF;H;NCIH^;=LIMM@CP?=;N?AILC?M&C>?HNC@C?>PC;;NB?G;NC=;H;FSMCMI@
>CACN;F<F;=E@;=?IH1CE1IE^F;==?HN BIL?IAL;JBSF;=E@;=?3IC=?IP?LM;H>?MNB?NC=M
M??JJ?H>CRNIQ;N=BNB?PC>?IMM?F?=N?>
3)++-5:
&HL?=?HNS?;LMF;=E=OFNOL?B;M<??HA;CHCHA;NN?HNCIHAFI<;FFS;H>B;M<?=IG?J;LNI@
JIJOF;L=OFNOL?CHG?LC=; FNBIOABI@N?H;LAO?>NB;NNB?;>IJNCIHI@F;=E=OFNOL?@LIGHIH
QBCN?=IOHN?LJ;LNMCMB;LGF?MM;H>CMG?LC=;H=OFNOL?INB?LM<?FC?P?NB;NCNcMCHP;MCP?;H>
?L;M?MNB?BCMNILSI@<F;=EH?MM;H>CNMCGJILN;H=?NIF;=EJ?IJF? 1B?;>IJNCIHI@F;=E=OFNOL?
B;M<??HJL?P;F?HNIH1CE1IE;H>M??HQC>?FSNBLIOABNB?OM?I@F;=E`MJ?;EaCHN?LJL?N?>;M;
<F;==?HN ML?=?HNFS>?@CH?>;<F;==?HNCMNB?G;HH?LCHQBC=B;HIHF;=EJ?LMIHMJ?;EM
CH>C=;NCP?I@QB;NNB?S<?FC?P?CMMN?L?INSJC=;FFSF;=E ++0N;@@ F;==?HNMI@N?H
CHPIFP?NB?OM?I@MF;HA;H>;MO<>C;F?=NI@"HAFCMB=IGGIHFSOM?><?NQ??HF;=EG?LC=;HM
H;G?>@LC=;HG?LC=;H3?LH;=OF;L"HAFCMB3" 1B?@CP?PC>?IM&C>?HNC@C?>@ILNBCM

=;N?AILSCH=FO>?1CE1IE?LM'CGGS0INIM';MM;H=B?TTT&=SEC>QS<F;CM?????????????;H>
4I;B IIJ?
"&+-#)() #''2)-),

-9+817:165+;NCP? BC=;AI;H;H>,BCI0N;N?=IFF?A?<;ME?N<;FFJF;S?L'CGGS0INIMCM
;JIJOF;L1CE1IE=IHN?HN=L?;NILQBIL?=?HNFS;>>L?MM?>NB?=IHNLIP?LMSI@BCGOMCHA3"CH
;1CE1IEPC>?I;>>L?MMCHA=IGGIH=IGG?HNM;<IONBCM;==?HN ,LCACH;FFSJIMN?>IHBCM1CE1IE
;==IOHNDCGGSMINIM0INIM>?N;CFMNB?ILCACHMI@BCM;==?HN;NNLC<ONCHACNMMIOL=?NIG??NCHA
P;LCIOM BC=;AI;H@LC?H>MPC;<;ME?N<;FF>?MJCN?ALIQCHAOJCHNB?MO<OL<M &HNBCMPC>?I0INIM
=B;FF?HA?MNB?;LAOG?HNNB;NBCM;==?HNCMJ?L@ILG;NCP?IL;GI=E?LSI@@LC=;HG?LC=;H
3?LH;=OF;L"HAFCMB3" ;H>NB;NNBCMCMBCMOHL?MNLC=N?>Q;SI@MJ?;ECHABIQ?P?LB?>I?M
;=EHIQF?>A?BCM;<CFCNSNIM?;GF?MMFS`P?LH;=OF;L=B;HA?a;H>N;FE`MNLO=NOL?>aQCNBJ;L?HNM
NB??F>?LFS;H>@L;N?LHCNS<LINB?LM 1BLIOABIONNB?PC>?I0INIM=IHMN;HNFS>;QHMI<M=?HCNC?M
;H>?HA;A?MCH=IGGIHQIL>MOM?>CH3"MO=B;M`@IFEMa;H>`BII>SBII a0INIMCM;<F?NI
@FIQCH;H>IONI@BCM;==?HNQB?HACPCHA?R;GJF?MI@BIQB?MJ?;EMNIBCMJ;L?HNM 0INIM
?RJF;CHMNB;NB?`QIOF><?;L?AOF;LGINB?L@O=E?LN;FECHAFCE?;L?AOF;LGINB?L@O=E?LaC@CN
Q?L?HcN@ILBCM@LC?H>M;H>NB;NB?CMMILLS@ILHIN`@CNNCHANB?GIF>I@QB;N;QBCN?>O>?CM
MOJJIM?>NIN;FEFCE? a%CMF;MN=FIMCHA=IGG?HNCMNB;NBCMLIIGALIQCHAOJQ;M@CFF?>QCNB
FF?H&P?LMIH;H>*C=B;?F3C=EJIMN?LM;FFO>CHANINB?CLJL?M?H=?;M;H?RJF;H;NCIH@ILBCM
MJ??=BJ;NN?LHM
>73)5):165FNBIOABNB?=IHNLIP?LMC;FPC>?IB;MMCH=?<??H>?F?N?>@LIGBCMJ;A?
OM?LM;L?MNCFF=IHP?LMCHA;<IONNB?PC>?II@BCM;JJ;L?HN;==?HN &H;HOHL?F;N?>PC>?IJIMN?>
1BOLM>;S!?=?G<?LIH0INIMc;==IOHNOM?LMQ?L??HA;ACHACH=IHP?LM;NCIH;<IONNB?
NIJC=;H>QB?NB?LCNQ;M=IH@ILGCNSIL`=IFIHCT;NCIH a0?P?L;FOM?LMQ?L?OJM?NQCNBNB?PC>?I

QCNBOM?LMMO=B;MB;CFMNI<?=IGG?HNCHA`-F?;M?<?'CGGSa;FFO>CHANINB?HINCIHNB;NNB?
PIC=?;H>>C;F?=NNB;NB?B;M=BIM?HNIMJ?;ECMOH;ONB?HNC= ,NB?LOM?LM>C>HINOH>?LMN;H>NB?
<;=EF;MBI@NB?JL?PCIOMPC>?IG;LCGOF;;;=IGG?HN?>`+I=;OM?J?IJF?H??>;L?;FCT?NB;N
SIO=;HJC=EOJMNO@@FCE?MJ??=B@LIGNB?J?IJF?SIOB;HAIONQCNB aM;L?<ONN;FNI
😂😂
G;LCGOF;;;OM?LFIECMF?@@N?QLIN?`&FIP?? QB?HHIHF;=E@IFEMNLSNIMJ?;E@ILOM😂
JC=ECHAOJFCHAI;H>=B;HACHASIOL?HNCL?MJ??=BNI@CN;H;LL;NCP?;L?>C@@?L?HNNBCHAM aM
L?@F?=N?>CHNB?=IGG?HNM?=NCIHNB?L?Q?L?NQIPC?QM>CM=OMM?>;JJLIJLC;NCIHIL;JJL?=C;NCIH
1BCMPC>?I=;JNOL?M;FIHAMN;H>CHA=IHP?LM;NCIHIH1CE1IEIHNB?OM?I@3"&MCN
3"IL$?H7F;HAO;A?H>CMCN;JJLIJLC;N?@ILHIHF;=EJ?IJF?NIOM?CN?=;OM?I@NB?
>CACN;FFCH?<FOLL?>IHNB?CHN?LH?NMIG?3"B;M<?=IG?;MJ;=?I@FCHAIIH1CE1IE
1CE1IE?L;H>Q?FFEHIQH CH@FO?H=?LMFCE?LCNH?SLIMECL?=?HNFS?KO;N?>NB?F;HAO;A?NI
G?G?M<?=;OM?`0N;H=OFNOL?B;MCNMIQHF;HAO;A?a,P?LM "PC>?H=?>CHNBCMPC>?II@
0INIMB?<?FC?P?MNB;N>O?NI<?CHA;LIOH>>C@@?L?HNJ?IJF?CH BC=;AIB?CM;<F?NI`=B;HA?BCM
P?LH;=OF;La;FFO>CHANINB?=IL?I@`MBC@NCHAa0=INN IL`=I>?MQCN=BCHA aML?M?;L=B?>
<S*;LNCH;H>+;E;S;G; =I>?MQCN=BCHAB;MNBL??E?SL?;MIHM NICH=FO>?INB?LM
?R=FO>?INB?LM ?RJL?MM=OFNOL;FC>?HNCNS SOMCHANB?>C;F?=NI@3"0INIMCMHINCH=FO>CHA
INB?LM?R=FO>CHAINB?LM;H>CNCMHINCHB?L?HNNIBCM=OFNOL;FC>?HNCNS;M;QBCN?G;F?;ECHNI
FCHAOCMNC=GCHMNL?FMSCHQBCN?%IFFSQII>CHNB?J;MNO=BIFNT)IJ?T #IL<CJI=
F;=ECH>CA?HIOM;H>J?IJF?I@=IFIL J?IJF?=I>?MQCN=BCHACM;Q;SI@MOLPCP;FCHNB?
OHH;G?>JIFCNC=;FMSMN?GI@QBCN?MOJL?G;=S*CFFMJ NB;NB;MIJJL?MM?>G;LACH;FCT?>
ALIOJM;H>>?GIHCT?M;HIJJIMCNCIH;F=OFNOL?@LIGNB?`HILG a
H><?=;OM?I@NBCMF;=E J?IJF?B;P?ALIQHOJF?;LHCHAHINNIMJ?;ENB?CL>C;F?=N
=;OMCHANB?H??>@IL F;=EJ?IJF?NIMBC@N0=INN CHNINB?G;DILCNS 4BCF?NB?M?JLI<F?GM

;L?MNCFFJL?M?HNCHNB?F;=E=IGGOHCNSNB?L?CMMNCFF;JOMB@ILNB?F;HAO;A?I@F;=EP?LH;=OF;L
MJ??=BNI<?OM?>;H>;==?JN?> &>??GNB?L?<L;H>CHAI@3";M;PCIF?HNOH>?LN;ECHA;H>
L?J?NCNCIHI@BCMNILS;MQBCN?J?IJF?B;P?;M=LC<?>3";M`$?H7MF;HAa`CHN?LH?NFCHAIa
;H>`MN;H=OFNOL? aM?PC>?H=?>3"CM<?CHA?L;M?>@LIGIOL=IFF?=NCP?=OFNOL?;H>
MQ;FFIQ?><SNB?G;MM?M
,,("3334,(-#-2
+#,#,#+.-
-9+817:165';M0;H=B?TCM;HMC;HG?LC=;H=IHN?HN=L?;NIL;H>;MJCLCHAGI>?F@LIG
)IMHA?F?MQBIB;M;G;MM?>;HIHFCH?@IFFIQCHA@ILB?LJ?LMIH;FCNS 1CE1IE?LQBIB;MHIN
MBC?>;Q;S@LIG=LCNCKO?I@;=IHMJC=OIOM;==?HNMB?B;MJIMN?>PC>?IM;H>=IGG?HNM
L?MJIH>CHANINB?`C>?HNCNS=LCMCMaNB;NPC?Q?LM?RJ?LC?H=?QB?HQ;N=BCHAB?L1CE1IEM &HNBCM
PC>?I';MN;E?MB?L@IFFIQ?LMIHB?L`C>?HNCNS=LCMCMaB;CL;JJICHNG?HNNIL?=?CP?;B;CL=ON;H>
=IFIL ?ACHHCHANB?PC>?I';MM;SM`B?SSc;FFaNIB?L@IFFIQ?LM;H><?ACHMNI>?M=LC<?BIQB?L
B;CLMNSFCMN`$INMIG?;KO;FCNSaL?@?LLCHANINB?M?LPC=?NB;NNB?B;CLMNSFCMNCMJLIPC>CHA ';M
>?N;CFMBIQMB?CMCGJL?MM?>QCNBNB?M?LPC=?NB;NCH=FO>?M;=IGJFCG?HN;LS=B;LA?L;H>(IL?;H
MH;=EMNB;N`MG;=E a1IA?NB?LJICHN;=LIMMMB?OM?MJLI@;HCNSM?P?L;FNCG?MCHM?HN?H=?MNI
?R;AA?L;N?;JICHNMO=B;MNB?;JJICHNG?HNN;ECHA`M?P?H@O=ECHABIOLMa>??GCHANB;NB?L
L?;MIHI@CH>OFACHACHM?P?L;F`GINB?L@O=ECHAMH;=EM a';M>?M=LC<?M<?CHA@;>?>;NNB?
;JJICHNG?HNQBC=BMB?=;HcNN?FFC@CNM>O?NINB?B;CL<F?;=BILNB?Q??>NB;NMB?JL?PCIOMFS
MGIE?> ';MQ;MIP?L;FFCGJL?MM?>QCNBNB?KO;FCNSI@NB?;JJICHNG?HN;H>B?L<F?;=B?>B;CL;H>
?RJL?MM?>MB?Q;M`@??FCHcGSM?F@ a!?MJCN?FIPCHANB?M?LPC=?MB?I@N?H>?N;CFMBIQCNNIIE;
QBCF?NI=IGJF?N?<?=;OM?I@B?LB?;FNBSB;CL;H>CHNOLHNB?<F?;=BNIIE;`#;N@O=ECHAGCHON?a
NI>?JIMCN ';MCM;FMIMOL?NIACP?B?LMC;HB;CLMNSFCMNG;DIL;==IF;>?M<SN?FFCHANB?MNILSI@
BIQ;JL?PCIOMQBCN?MNSFCMN`>C>HINOH>?LMN;H>NB?;MMCAHG?HNaNB?F;MNNCG?';MQ?HNNI;M;FIH

>O?NIMC;HB;CL<?CHA>C@@?L?HN &HNBCMNQIGCHON?PC>?I';M=IHNCHOIOMFSOM?M3";H>
JLI@;HCNS;M;>D?=NCP?MNI>?M=LC<?NB??RJ?LC?H=?MMB?CMAICHANBLIOAB ';M?H>MNB;NPC>?I
=IGJFCG?HNCHANB?B;CLMNSFCMN'CGCH?R=F;CGCHA`MB?>C>NB;N S;Ma
>73)5):165M?PC>?HNCHNB?=IGG?HNM?=NCIH';McOJFI;><LIOABNCHNIKO?MNCIHNB?
>?<;N?I@=OFNOL;F;MMCGCF;NCIHP?LMOM=OFNOL;F;JJLIJLC;NCIH IGG?HN?LMKO?MNCIH?>B?L;==?HN
;H>MNSF?I@MJ??=BF?;PCHAI<M?LP;NCIHMMCGCF;LNIOM?LE?MBOH;NBI`0B?M;C>MB?B;PCHA;
😭 a,NB?LOM?LML?@?L?H=?>B?LFCHAOCMNC=MNSF?CH
C>?HNCNS=LCMCM;H>NB;NcMQB;N&B?;L😭
=IGJ;LCMIHNIF;=E=OFNOL? 2M?LS;>IH;JIFIL?G;LE?>`&B?;LNB?G<ON>IHcNM??NB?Ga
L?@?L?H=CHA;JIJOF;L1CE1IE;O>CI`&E??JB?;LCHAGSJ?IJF?<ON&cGHINM??CHAGSJ?IJF?a
<SF;=E=L?;NIL;SI;OMNCGOM 1BCMFIHAMN;H>CHA =CL=OF;L=IHP?LM;NCIH=IHNCHO?MNIJF;SION
CHB?L=IGG?HNM?=NCIH;M';MMN;H>MB?LALIOH> 4BCF?';MH?P?L?RJFC=CNFSL?MJIH>?>NI
=IGG?HNMKO?MNCIHCHAB?LC>?HNCNSMJ??=B;H>FCHAOCMNC=J;NN?LHMMB?>C>L?MJIH><SFCECHA
=IGG?HNM;NNLC<ONCHAB?LMJ??=BNIFCPCHACH;L?;MI@ ;FC@ILHC;`QB?L??P?LSIH?MIOH>MFCE?
NBCMaMCGJFS;FCH; &HL?MJIHM?NI=IGG?HN?LF ;OL?H=?F?MN?JIMNCHA`Sc;FF>IHNQ;HH;
😭a';ML?MJIH>?>`)CE?>IHcN?P?H=IG?
=IG?NINB?<;SC@SIOJL?MM?>;<IONBIQMB?N;FECHA😭
😭💀 a
IONNI ;FC1))😭
*;HSCHNB?=IGG?HNMB;P?;NNLC<ON?>';McPI=;FJ;NN?LHM;H>;==?HNNIFCPCHACH
;FC@ILHC; QCNBG;HS=CNCHANB;NMB?MJ?H>M=IHMC>?L;<F?NCG?CH)IMHA?F?M 4BCF? ;FC@ILHC;
CMC>IFCT?>@ILCNMJIFSAFIN?R=B;HA?;H><?CHA;BINMJIN@ILG?FNCHAJIN=OFNOL?CH NB?2HCN?>
0N;N?MNB?L?CMHINIH?;==?HNNB;NCM=?HNL;FNINB?MN;N?;M';M;H>MOJJILN?LMG;SB;P?
MOAA?MN?> %IQ?P?LQBCF?';MGCABN;JJL?=C;N?3";H>CNMJIJOF;LCT;NCIHCH ;FC@ILHC;H
=OFNOL?>O?NINB?JIJOF;NCIHI@F;=EG?LC=;HMOMCHA;F;HAO;A?MCGJFS@IL;?MNB?NC=JOLJIM?M
NI@CN;J?LMIH;CM=OFNOL;F;JJLIJLC;NCIH /IA?LM >?@CH?M=OFNOL;F;JJLIJLC;NCIHCHNI@IOL

=;N?AILC?M?R=B;HA?>IGCH;H=??RJFICN;NCIH;H>NL;HM=OFNOL;NCIH SQ;SI@NB?>?@CHCNCIHI@
=OFNOL;F?RJFICN;NCIH/IA?LM ';McOM?I@3">??GMCN;FCHAOCMNC=L?MIOL=?<?CHA
GCH?>QCNBIONOH>?LMN;H>CHAIL;JJL?=C;NCIH &HNB?=;M?I@B?L1CE1IE;H>MI=C;FG?>C;
J?LMIH;FCNSOMCHA3";M;H;?MNB?NC=CMGCH?>@ILNB?JOLJIM?MI@<?CHA=IIFNL?H>S;H>
=IG?>C=;MM??HCHNB?PC>?IQ;N=B?> MMBIQHNBLIOAB';McCH;<CFCNSNIFCMN?HNIB?L
=IGG?HN?LM;H>NI;NNLC<ON?B?LMJ??=BNIB?LA?IAL;JBC=FI=;NCIH;H>JLIRCGCNSNI<F;=EH?MM
NB?L?CMHIGONO;FOH>?LMN;H>CHAI@NB?L?MIOL=?GCH?>NB?L?@IL?>??GCHAB?LOM?I@3";M
=OFNOL;F;JJLIJLC;NCIH
.02)%%.++--2%#02
-9+817:165&=S4S;NNIL4S;NN6?;A?LCM;=IHNLIP?LMC;FMBILN@ILG=IHN?HN=L?;NIL
@LIG ;F;<;M;M ;FC@ILHC; 4BCF?B?G;>?BCM>?<ONCHMCH=?NB?H4S;NNcM;==IOHNMB;P?
<??HL?GIP?>M?P?L;FNCG?M@LIGNB?JF;N@ILG;H>Q?L?L?=?HNFSL?CHMN;N?>CH #LIGBCM
=IHN?HN4S;NNA;CH?>JIJOF;LCNS;H>CMEHIQH@ILMB;LCHAFCJMSH=J?L@ILG;H=?MFC@?MNSF?
=IHN?HN;H>GOE<;HAM 1B?PC>?IJL?M?HN?>CMOJFI;>?>PC;;HINB?L1CE1IEOM?L>O?NI&=S
4S;NNcM;==IOHN<?CHA>?F?N?><S1CE1IE 1B?PC>?I;L=BCP?>IH;==IOHNI@OM?L
C;GE?HT;;MBF?SMNCN=BCHACN&=S4S;NNCMMCNNCHACHBCMBIG?MBCLNF?MMQCNBFIHA@;FM?H;CFM
4S;NN<?ACHMBCMPC>?I<SN?FFCHANB?;O>C?H=?NB;NB?<IOABNMIG?0O<Q;S`4;MMOJSc;FF&AIN
G?MIG?MO<Q;S,(2//111 a&HNB?@CLMN@CP?M?=IH>MI@NBCMM?=IH>PC>?IB?OM?M;
=;N=BJBL;M?JIJOF;LCT?><S@LI);NCH;L;JJ?L ;L>CQBC=BMB?CMEHIQH@ILM;SCHACH;BCAB
JCN=B?>NLCFFQBC=B4S;NNCGCN;N?M "R=CN?>FS4S;NNGIP?M=FIM?LNINB?=;G?L;JOMBCHANB?
0O<Q;SM;H>QC=BCHNINB?F?HMQBCF??R=F;CGCHACH;NBC=E;==?HN`)IIEFIIEFIIEFIIEFIIE
&AIN^&AIN^&;CHcN?P?HJONHIcG;SIHH;CM?IH>;NBI?<??=B &;CHcN?P?HJONHIcG;SIHH;CM?
IH>;NBI?<??=B a1BLIOABIONNB?PC>?I4S;NNCMB?;PCFSL?FSCHAIHMJ??=BJ;NN?LHMNB;N<L?;E

BCMM?HN?H=?;J;LNOMCHAMF;HA;H>JLI@;HCNSNIIP?L>?M=LC<?NB?JLI=?MMI@BCMM;H>QC=BNB?
CN?GMIHCN;H>CNMN;MN? A;CHOMCHA;MIOH>JIJOF;LCT?><S ;L>C4S;NN?RJL?MM?MNB;NB?
`>C>A?NMIG?);SM",444<?=;OM?8B?9Q;HN?>;FCNNF?<CNI@=LOH=B -?LCI> a4S;NN@CH;FFS
<CN?MCHNINB?M;H>QC=B;H>>?M=LC<?MCNNIBCM;O>C?H=?`$CLFNBCMMBCNJIJJCHG;HaG?;HCHANB;N
NB?@II>CM>?FC=CIOM ?SIH>NB?PI=;FOM?I@MF;HA4S;NNCMOMCHABCMB;H>MNI<??R;AA?L;N?>FS
@OHHS &=S4S;NNcMOM?I@BCM;=LSFC=H;CFMNI;==?HNO;N?=?LN;CHM?HN?H=?M?MJ?=C;FFSMQCJCHABCM
B;H>@LIGIH?MC>?NI;HINB?LNI?GJB;MCT?BCMOM?I@NB?QIL>`J?LCI> a4B?H?;NCHA4S;NN
SLIFFM;H>LIFFMBCM?S?M;A;CH?H>CHANB?PC>?I<SA?NNCHABCMJICHN;=LIMMNB;NNB?@II>CM
`<OMMCH<OMMCHIEOLNNN a
>73)5):165&=S4S;NN>IHMMN?L?INSJC=;FF;=E@?G;F??RJL?MMCIHM;H>OM?M3";M
;=IG?>C=J?L@ILG;H=?CHNBCM1CE1IE 4BCF?HIN;FFCGCN;NCIHCHN?H>MNIB;LGQBCN?CGCN;NCIH
I@NB?F;=E?RJ?LC?H=?NB;NCM>?PIC>I@NB?F;=EG?LC=;H=OFNOL;F=IHN?RN<?ACHMNI@IMN?L;
=OFNOL?I@MN?L?INSJC=;F<?B;PCIL 4S;NNcM=BIC=?I@;>IJNCHA3"NB;NCMJ;LNC=OF;LFSMJIE?H
<SF;=E@?GG?M;H>LIIN?>CHA;S=OFNOL?MBIQMNB;NNB?=OFNOL;F=IHN?RNCM>CPIL=?>@LIGBCM
OM? %CMAL;H>CIM?J?L@ILG;H=?G;LLC?>NINB?OM?I@3"J;H>?L?>NINB?JIJOF;L
L?JL?M?HN;NCIHMI@F;=EQIG?HJ;CHN?>;M;AAL?MMCP?FIO>;H>;O>;=CIOM 1BCM<?B;PCILCM
J;LNC=OF;LFS>;HA?LIOMNIF;=E@?GG?M;MCNJOMB?MNB?LB?NILC=NB;NF;=EQIG?H;L??RNL?G?FS
BSJ?L<IFC=
M>CM=OMM?><S';=EMIH ;L?MOFNI@>CACN;F<F;=E@;=?CMOM?LMOMCHAF;=E
?RJL?MMCIH;M;Q;SNIIP?LMB;L?NB?CL?GINCIHM SOM?I@PIC=?IP?LMIH1CE1IENB;N;L?
=L?;N?><SF;=EOM?LMQBCN?=IOHN?LJ;LNM;L?JOMBCHAF;=E@?GG?MCHNIH?QMN?L?INSJC=;F
B?CABNM;MNB?S;L??KO;N?>NINB?CLG?G?>L?;FCNC?M;MM??HQCNB4S;NNcMCHN?HNCIH;F=BIC=?NI
OM?=;N=BJBL;M?M<S ;L>C 4BCF? ;L>COM?MB?L=;N=BJBL;M?MCHJ?L=?CP?>;ONB?HNC=CNS>O?

NIB?LF;LA?LNB;HFC@?J?LMIH;FCNS;H>B?LJLIRCGCNSNI<F;=EH?MM4S;NNCMMCGJFSJ;LN;ECHACH
3"@IL=IG?>C=JOLJIM?M 1B?J?L@ILG;H=?I@<F;=EH?MM>CM=IHH?=NMNB??RJ?LC?H=?M@LIG
NB?=IGGOHCNS &HNOLHQ?;L?F?@NQCNBJ?L@ILG;H=?MI@<F;=EH?MMNB;N@OLNB?LJ?LJ?NO;N?NB?
<?FC?@NB;NF;=E<?B;PCILM;L?OH?>O=;N?>;<HILG;FIL=F;MMF?MM
&HN?L?MNCHAFSNBCM;=NI@F;=E=OFNOL?@LIG4S;NNB;M=IG?NI;H?H> 4B?H=IGJ;LCHA
NBCM1CE1IENI4S;NNcMH?Q?MNPFIAIH6IO1O<?`!ISIOQ;HNNI?;N=B?=E?LMQCNG?U)C@?
2J>;N?MaCN;JJ?;LMNB;NNB?0O<Q;SPC>?IG;S<?;DIE?ILJ?LMIH;NB;NB?NIIEIH@ILNB?NCG?
<?CHA &H=IGJ;L;<F?PC>?IMQBCF?3"CMMNCFFOM?>NBCM?R;AA?L;N?>NIH?B;M<??H>LIJJ?>
@OLNB?LJLIPCHANB;NNBCMQ;M=OFNOL;F;JJLIJLC;NCIHCH;B;LG@OF=IHN?RN>O?NINB?;==?HN<?CHA
JC=E?>OJ;H>>LIJJ?>I@@;MQ;HN?>
&#,-#(!"+#( +)(-) '2!#+& +#(

-9+817:165&HNBCMM?=IH>PC>?IG?LC=;H1CE1IE?L<F;CM?????????????
J;LNC=CJ;N?MCH;JL;HENL?H>QB?L?SIO;=N`B;L>aCH@LIHNI@>C@@?L?HNMN;E?BIF>?LM #ILNB?
=IHN?RNI@NBCMPC>?I;=NCHAB;L>CM>?@CH?>;MNLSCHANIJL?M?HNNB?GM?FP?M;MNIOABIL
CHNCGC>;NCHANBLIOABNB?CL;=NCIHMQIL>M;H>;JJ?;L;H=? &HNBCM1CE1IEF;CM?;MMOG?MNBCM
`B;L>aJ?LMIH;FCNSCH@LIHNI@BCMACLF@LC?H>F?R=C; &H;MN;LE=IHNL;MNNIJL?PCIOMPC>?IMIHBCM
J;A?F;CM?CM>L?MM?>CH;<CAAL?SF;=EJO@@?LD;=E?N;MH;J<;=EB;NNCHN?>MOHAF;MM?MAL?S
MQ?;NJ;HNM;H>;QBCN?OH>?LMBCLN ?ACHHCHANB?PC>?IF?R=C;A?NMCHNB?=;LQB?L?F;CM?CM
M??GCHAFSIHNB?JBIH?QCNB;HINB?L@LC?H>QB?L?NB?IJ?HCHA=IHP?LM;NCIHFCH?CM`)CF1I1I
;H>'IBH'IBHAIHc<?BIG?NIIMIIH@ILL?;F 'OMNE??JSIOLB?;>OJ<IC &GG;M?H>SIOMIG?
GIH?SMIIH a%?NB?HN?FFMNB?J?LMIHIHNB?INB?L?H>I@NB?JBIH?`CABN<?N<?N<?N (??J
SIOLB?;>OJ CABN@;cMBIa;H>B;HAMOJ !OLCHANB?GC>MNI@NBCM@;E?>=IHP?LM;NCIHF;CM?cM
ACLF@LC?H>CMCHNB?<;=E;MECHAQBIB?CMM?H>CHAGIH?SNI;H>QBSB?CM;=NCHAIONMC>?I@BCM

HILG;F<?B;PCIL &HL?MJIHM?F;CM?;=NMOJM?N;H>;MEMBCMACLF@LC?H>`1B?@O=ECMSIOMN;LCHA
;NFCFBI?a;H>N?FFMB?LNIMNIJ;H><?ACH>LCPCHA;MB?B;MJF;=?MNIAI;H>NBCHAMNI>I %CM
ACLF@LC?H><?=IG?MPCMC<CFCNSOJM?N;H>N?FFMBCGNIMNIJ`=NCHAFCE?;HC>CIN aF;CM??R=F;CGM
`@O=ECMSION;FECHc<IONa;H><?ACHMNIMCHA;H>>;H=?QBCF??RJL?MMCHANB;NBCMGCRN;J?CM
>LIJJCHAMIIH 1B?>C;FIAO?<?=IG?MGIL?B?;N?>;MB?N?FFMF?R=C;NB;NMB?CM`MOJJIM?>NI<?
;MN;S>IQH<CN=BaQBCF?JICHNCHABCM@CHA?LM;NB?LNI;==?HNO;N?NB?L?J?;N?>M?HN?H=?M N
@CLMNF?R=C;JOMB?MNB?JO@@?LD;=E?NIHF;CM?NIA?NBCGNIMNIJ<ONIH=?B?L?J?;NMNB?
JBL;M?`0N;S>IQH<CN=BaMB?MF;JMBCGMI@NFSNIA?NBCGNIMNIJ F;CM?CMM??GCHAFSMBI=E?>
;MB?AL;<MBCM=B??E;H>;MEMB?L`!C>SIODOMNMF;J;JF;S;JF;S;JCGJ!#2 (a1B?
PC>?I?H>MMBILNFS;@N?LNBCMKO?MNCIHQCNBF?R=C;F;OABCHACHNB?<;=EALIOH>
>73)5):165!<?EcMJL;HEQ;MG?NQCNBJL;CM?CHNB?=IGG?HNM?=NCIHQCNBG;HS
PC?Q?LMF?;PCHAL?G;LEMI@NB?CL@;PILCN?KOIN?M ,@N?HNCG?MNB;HHINNB?KOIN?ML?=CN?>CH=FO>?>
3" FNBIOABNBCMJL;HECMI<PCIOMFSMN;A?>NB?CGJFC=;NCIHMI@><?EcM=IG?>C==BIC=?M;L?
AF;LCHA 4BCF?NB?=B;L;=N?LcML;=?CMH?P?LMB;L?>CHNB?PC>?ICNCMQCNBION;>IO<NNB;N><?EcM
=B;L;=N?LCM=I>?>;M;F;=EG;F?>O?NINB?OM?I@3";H>NB?MN?L?INSJC=;F?F?G?HNM
JL?M?HNCHNB?PC>?I 1B?=I>CHAI@<F;=EH?MMCM;FMI?PC>?HNNIPC?Q?LM;M=IGG?HN?L
NCENIE:P?LC@C?>QLIN?`H>GSH;G?CM';KO;P?IHN;P?OMaJ?LJ?NO;NCHANB?FIHAMN;H>CHA
BCMNILSI@F;=EH;G?M<?CHAIONF;H>CMBOHOMO;F;H>AB?NNI 1BCM@CLMNCHN?L;=NCIH<?NQ??HNB?
=B;L;=N?L;H>NB?PC?Q?LMMBIQMNB;N<F;=EH?MMCMNL?;N?>;M?PC>?H=?I@=OFNOL;FCH@?LCILCNS;H>CM
QILNBSI@<;HN?L
"P?HGIL?HIN;<FS><?EBCGM?F@JF;SMCHNIMN?L?INSJ?M<S=BIIMCHA;=B;L;=N?LNB;NCM
P?LM?>CHD;CF=OFNOL?B;M;MJCL;NCIHMI@<?CHA;L;JJ?LCMGCMIASHCMNC=;H>PCIF?HN ';CF
=OFNOL?1B?;=NCHAB;L>JL;HEJ?L@?=NFSIONFCH?MNB?JCJ?FCH?I@NB?=;LC=;NOL?I@NB?F;=EG;F?

<LON?;H>NB?CHB?L?HN=LCGCH;FCNSI@F;=EG;F?MPC;GCHMNL?FMBIQMNI=IHH?=NNINB?GI>?LH
>;SNBOA !<?F?RJL?MM?M;HCHB?L?HN=LCGCH;FCNSNIBCM=B;L;=N?L;H>QBIBCM=B;L;=N?L;MMI=C;N?M
QCNB NNB?=IL?I@!<?EcM=B;L;=N?LCM;H;=NCP?OH>?LMN;H>CHAI@D;CF=OFNOL?QBC=BFC?MCH;
JILNL;S;FNB;NL?CH@IL=?MMN?L?INSJ?M;<IONF;=EG?HL;HACHA@LIGNB?>?JC=NCIHI@<LON?@IL=?
NI?G<L;=CHANB?CG;A?I@;GI>?LH>;SNBOA !<?EcM=B;L;=N?LCM@OFFS;Q;L?I@D;CF=OFNOL?;M
B?;=EHIQF?>A?MNB;NBCM@LC?H>MQCFF<?BIG?MIIH;H>;FFO>?MNIJONNCHAGIH?SIHNB?<IIEM
QBC=B<LC>A?MNB?=IHH?=NCIHNI<F;=EH?MMEHIQCHA;<IONCGJLCMIHG?HN /;JJ?L,@N?H
>CM=OMM?>CHF;=E=OFNOL?CMNB?<?FC?@NB;NL;JCM;HI<N;CH;<F?=;L??LNI=B;HA?NB?FCP?MI@
F;=E@;GCFC?M 0??H;M;Q;SÌONI@NB?BII>aMN?GGCHA@LIGMSMN?GC=<;LLC?LMNI@CH;H=?ML;J
B;M<?=IG?CHN?LFI=E?>QCNBNB?F;=EG;F?C>?HNCNS;M;F;TSQ;SI@A?NNCHAGIH?S
*CMIASHCMNC=;H>PCIF?HN1B?J;NLC;L=BSB;M@IMN?L?>;<?FC?@CHNIRC=G;M=OFCHCNSQB?L?NB?
F;=EG;F?H??>MNI;=NB;L> 1B?;=NI@<?CHAB;L>CH=FO>?M;NBL?;NI@PCIF?H=?;H>;H;NNCNO>?
I@>C@@C=OFNS I>CHA;F;=EG;F?CHNBCMPC>?ICML?F;NCHABCGNI<?CHA;AAL?MMCP? !O?NINB?
BCMNILC=;F@;=NILM;NJF;SNB;NCH=FO>?MNB?<LON?M;P;A?MN?L?INSJ?I@JCF;ACHA;H>L;JCHAQBCN?
QIG?HCNCMNB?<?FC?@NB;NF;=EG?H;L?PCIF?HNNIQ;L>MQIG?H 1B?;=NCIHI@L;CMCHABCMB;H>
NIBCMACLF@LC?H>CM;L?JL?M?HN;NCIHI@NB?;HCG;FCMNC=;H>CHB?L?HN`>;HA?LIOMaKO;FCNSI@F;=E
G?H 4CNBNB?M?NB?G?MNB?<LC>A?I@NB?GCHMNL?FJ?L@ILG;H=?G;ECHA<F;=E@;=?;@;GCFS
;GOM?G?HNCHJ;MNA?H?L;NCIHMB;MGILJB?>CHNINB?GI>?LH>;SPC;=I>?>J?L@ILG;H=?MFCE?
><?EcM
);MNFS?HN;HAF?>CM><?EcMOM?I@3"NIOHJOLJIM?@OFFSJ?LJ?NO;N?NB?>?GIHCT;NCIH
;H>=LCGCH;FCT;NCIHI@F;=EG?H MB??KO;N?MNB?F;=EG;F??RJ?LC?H=?QCNBCGJLCMIHG?HN
HIGINCP;NCIHL;JJ?L GCMIASHS;H>;AAL?MMCIHCHN?LGCR?>CM;F;=EI@L?MJ?=NPC;F;HAO;A?
!<?E=IHNCHOIOMFSOM?MJLI@;HCNS=IOJF?>QCNB3"NI<?P?L<;FFSPCIF?HNNIQ;L>MBCM

ACLF@LC?H>;H>B?JF;SMIHNB?MN?L?INSJC=;FH;NOL?I@F;=EJ?IJF?<?CHAOHCHN?FFCA?HN>O?NINB?
F;=EI@`JLIJ?L"HAFCMB a0CGOFN;H?IOMFS><?EG;E?MNB?=IHH?=NCIHNB;N;=NCHAB;L>?KO;FM
;=NCHAF;=E;H>;=NCHAF;=E?KO;FM<?CHA>CML?MJ?=N@OFOHAL;GG;NC=;FFS=ILL?=NGCMIASHCMNC=
CGJLCMIH?>;H>PCIF?HN 4CNBNBCM<?CHAM;C>CN=;FFMCHNIKO?MNCIHQB;NCMCHNOCNCP?FSNB?L?;MIH
NB;N3"CMOM?>QB?H;=NCHAB;L>1BCMCM;HNCF;=ELB?NILC=;NJF;SCHL?;FNCG?
)"
))*4,!,)( &%
-9+817:1652MCHANB?1CE1IE)CP?@?;NOL?OM?L4I;B IIJ?Q?HNFCP?QCNBBCM@;HM
MBIQCHANB?GBIQB?>I?MBCM?>A?M 1B?FCP?@IIN;A?I@4I;B IIJ?CMM=L??HL?=IL>?>;H>
OJFI;>?><S1CE1IEOM?LD;?=F;LE? ';?=F;LE?N;E?M;MHCJJ?NI@4I;B IIJ?cMFCP?;H>
QLCN?MNB?N?RN`4BS>C>BCMFCP?=IG?IHGS@SJ]a1B?PC>?INB?H<?ACHM<S4I;B IIJ?
Q?;LCHA;<?;ONS@CFN?LNB;N;==?HNO;N?MBCM?S?F;MB?M;H>GIP?MBCMH?=EF?@NNILCABNMBIQCHA
NB??>A?MF;C>IH<INBMC>?MI@BCM@IL?B?;> IIJ??RJF;CHMNINB?PC?Q?LMNB;N`6IO;CHcNDOMN
AIHA?NNB?J?L@?=N?>A?MDOMNFCE?>;N a@N?L=IH=?HNL;NCHACHN?HNFS;H>OMCHA;NIINB<LOMBNI
QILEIHBCM?>A?MKOC?NFS IIJ??RJL?MM?MNB;NB?Q;HN?>BCMH?Q?MN?>A?NI<?`MG;FF;H>
=ON?aCHMN?;>I@<CA +IN;<FSNB?L?CM;>C@@?L?H=?CHBCMPIC=?;MB?CMHIQF;=ECHANB?;==?HN
NB;NQ;MJL?PCIOMFSOM?>CHNB?JLCILM?HN?H=? M4I;B IIJ?=IHNCHO?MNIQILEIHBCM?>A?M
NB?=B;N>OLCHABCMFCP?CMFCP?FSQCNBM?P?L;FJ?IJF?=IGG?HN;NCHAIHBCM;=NCIHM %?;N?>
>CM=IOLM?CHNB?=IGG?HNMJL?>IGCH;HNFSMBIQM>CM;JJLIP;FI@BCM;=NCIHM=;FFCHAIONNB?
<F;==?HNNB;NCM;JJ;L?HNQCNB?;=BM?HN?H=?=;FFCHABCGCHMOFNMMO=B;M`NBCHFCJJ?>=B;FE=BCF>a
BCML;=?<?CHAKO?MNCIH?>C@B?CM`GCR?>aILDIECHANB;NB?MBIOF>J?LGBCM?>A?M;EHIQH@;=N
CHNB?F;=E=IGGOHCNSNB;NJ?LGM=;H=;OM?B;CLFIMM ,H?=IGGIH=IGG?HNCM`4BI>LCPCHA
>CM<OMaQBC=BCM;=;FF<;=ENI;JIJOF;L1CE1IEPC>?I<SQBCN?=IG?>C;H ;LN?L13MN;L
G?G?CHA;L;N=B?NQBCN?ACLFIH;M=BIIF<OMN;FECHAQCNB;<F;==?HN ,HNB?INB?LB;H>NB?L?;L?

=IGG?HN?LM>?@?H>CHABCM;=NCIHM;H>=LCNCKOCHAHOG?LIOMF;=E=IGG?HN;NILM=;FFCHAIONBCM
;=NCIHM`,BGSAI> %?cMQBCN? 0IB?=;HcN>IBCMB;CL%;CL<?FIHAMNIF;=EJ?IJF?NIIa
1BCM>CM=IOLM?CMCHN?LLOJN?>;M4I;B IIJ?NB;HEM;PC?Q?L1;NN?>1?R;M*IGG;@ILNB?AC@N
ACP?HIHBCMFCP? 1OLHCHANB?<F;==?HN<;=EIH IIJ?N?FFMBCM@IFFIQ?LMNIAI@IFFIQ
1;NN?>1?R;M*IGG;`/CABNH?IQ aNNB??H>I@NB?PC>?ID;?=F;LE?AI?MNI
4I;B IIJ?cM1CE1IEJ;A?NI<FI=EBCG;H>QLCN?MNB?N?RNIHNB?M=L??H`-LIN?=NSIOLJ?;=? a
>73)5):1651B?>CM=IOLM?CH4I;B IIJ?cM=IGG?HNM;H>NB?;=NCIHMJ?LJ?NO;N?><S
IIJ?>CML?A;L>NB?=OFNOL;FMCAHC@C=;H=?I@F;SCHA?>A?MCHNB?F;=E=IGGOHCNS %CMNILC=;FFS
NB?L?B;M<??H;>??JM?;N?>BIMNCFCNS;H>L?AOF;NCIHI@F;=EB;CL;H>C>?HNCNSCHG?LC=;H
BCMNILS MQBCN?J?IJF?MIOABNNI@CH>H?QQ;SMNI?HA;A?CHL;=C;FIJJL?MMCIH;H>
?R=FOMCIH;LSN;=NC=MNIQ;L>MF;=EJ?IJF?>CM=LCGCH;NCIH;H>JIFC=CHAPC;B;CLQ;MCHNLI>O=?>
F;=EB;CLB;M<??HIP?LJIFC=?>;M;H?RN?HMCIHI@;HNC<F;=EH?MM;H>;PCFC@C=;NCIHI@F;=E
J?IJF?<?CHA>?PC;HN@LIGNB?`HILGaI@"OLI=?HNLC=<?;ONSMN;H>;L>M OFNOL;FFSF;=E
QIG?HcMB;CLB;M<??H;MSG<IFI@L?MCMN;H=?C>?HNCNS;H><?;ONS !OLCHANB?NL;HM;NF;HNC=
MF;P?NL;>?F;=EQIG?HcMB;CLQ;MI@N?HMB;P?>I@@;M;Q;SNI>?BOG;HCT?>CM?GJIQ?L;H>
?L;M?NB?=IHH?=NCIHI@NB?@LC=;HJ?IJF?NINB?CLMJCLCNO;F;H>=OFNOL;F<?FC?@M,>?F??;ONS
&H;@N?LNB?CH=L?;MCHAHOG<?LMI@@L??<F;=EMNB?1CAHIHF;QQ;MCHNLI>O=?>@IL
=L?IF?MJ?IJF?I@=IFIL;H>F;=EQIG?HG;ECHACNJOHCMB;<F?@ILQIG?HNIQ?;L@?;NB?LM
D?Q?FMILMCFEM;H>JLIBC<CNCHANB?G@LIGQ?;LCHA;FF"OLIJ?;HMNSF?B?;>>L?MM?M 1B?
>?=L??L?KOCL?>QIG?HI@=IFIL`NIQ?;LNB?CLB;CL<IOH>CH;NCAHIHE?L=BC?@ ;M;<;>A?I@
NB?CLFIQFSMN;NOMCH=IFIHC;FMI=C?NSa#L?H=B L?IF?MH > 1BCM=IHH?=NCIHNIB;CL;H>
"OLIJ?;H<?;ONSMN;H>;L>MF?>NIF;=EQIG?HcMB;CLILF;=ENB?L?I@NI<?MSHIHSGIOMQCNB
OH>?MCL;<CFCNS

%;CLB;M<??H;NNB?@IL?@LIHNI@JIFCNC=;FGIP?G?HNM;M>?M=LC<?>CHNB?NL;HM;NF;HNC=
MF;P?J?LCI>M;MQ?FF;MNB?MCHNB?F;=EJIQ?LGIP?G?HN H>CHNB?=OLL?HN?L;NB?
JIFC=CHAI@F;=EB;CLOH>?LNB?AOCM?I@JLI@?MMCIH;FCMGB;MF?>NIF;QM<?CHA=L?;N?> 1B?
/,4+=NQBC=BMN;H>M@IL L?;NCHA;/?MJ?=N@OF;H>,J?H4ILF>@IL+;NOL;F%;CL`CM;
F;QNB;NJLIBC<CNML;=?<;M?>B;CL>CM=LCGCH;NCIHQBC=BCMNB?>?HC;FI@?GJFISG?HN;H>
?>O=;NCIH;FIJJILNOHCNC?M<?=;OM?I@B;CLN?RNOL?ILJLIN?=NCP?B;CLMNSF?MCH=FO>CHA<L;C>MFI=M
NQCMNMIL<;HNOEHINM1B? LIQH=NH > 1B? /,4+=NM??EMNIG?LA?NB?J?LMIH;F;H>
JIFCNC=;F@ILF;=EB;CLNI?HMOL?;A;CHMNMNSF?>CM=LCGCH;NCIH;H>N?RNOLCMGI@F;=EB;CL
)?ACMF;NCIHB;M<??HJ;MM?>;NNB?MN;N?F?P?F;H>CMHIQGIPCHAH;NCIH;FFS
/?F;NCHANB?JIFCNC=;FH;NOL?I@F;=EQIG?HcMB;CLNI4I;B IIJ??>A?M;L?EHIQH;M
<;<SB;CLMILNB?MBILN?LB;CLNB;N?RN?H>M;NSIOLB;CLFCH? F;=E=OFNOL?CMEHIQH@IL`F;SCHA
?>A?MaQCNBA?FIL?>A?=IHNLIFILMFC=ECHANB?<;<SB;CLMCH>C@@?L?HN>?MCAHM #ILF;=EQIG?H
NB?JIFCNC=MI@B;CLGCR?M<INBNB?J?LMIH;F;H>JIFCNC=;F;MNB?CL?RJ?LC?H=?MQCNBB;CL
>CM=LCGCH;NCIHL?F;N?MNINB?F;LA?LMI=C?N;FMNLO=NOL?MI@QBCN?MOJL?G;=S;H>;HNC<F;=EH?MM &H
GIL?L?=?HNBCMNILSQ?;LCHAH;NOL;FB;CLMNSF?M;H>?G<L;=CHAF;=EB;CLB;M<??H;Q;S@IL
F;=EG?LC=;HQIG?HNIL?=F;CGNB?CLJIQ?L;H>;MM?LNNB?CL=OFNOL;FC>?HNCNS^;HC>?HNCNSNB;N
4I;B IIJ?cM;=NCIHMMN;H>CHIJJIMCNCIHNI &HNB?=IGG?HNMBCMMOJJILN?LM;L?F;SCHANB?
@IOH>;NCIH@IL=OFNOL;F;JJLIJLC;NCIHNI<?;==?JN;<F?PC;NB?ALIOH>MI@G;ECHA?R=OM?M@ILBCM
=BIC=?I@F;SCHA?>A?M;MQ?FF;MBCMJ?L@ILG;H=?I@NB?F;=E@?GG?C>?HNCNS 1B?=OFNOL;F
=F;MBCM?PC>?HNCHBCM=IGG?HNM?=NCIHPC;=IGG?HNM=;FFCHAION=OFNOL;F;JJLIJLC;NCIH;MQ?FF
;MOMCHA;<F;==?HN &HIJJIMCNCIHMOJJILN?LMF?@N=IGG?HNMMOAA?MNCHANB;NF;=EJ?IJF?>IHcN
IQHB;CL;H>NB;NB?CM;FFIQ?>NIJ;LNC=CJ;N?CHNBCMJL;=NC=? 4BCF? IIJ?>C>HIN=IGG?HNIH
NB?>CM=IOLM?CHBCM=IGG?HNMJ?LJ?NO;NCHAMN?L?INSJ?M<;M?>IH;<F;==?HN;H>F;SCHA?>A?M

=L?;N?MNB?MJ;=?@ILINB?LMNI@CH>NBCM<?B;PCILIE;S &HNBCMM?HM? IIJ?CM`JF;SCHAaNIQ;L>M
;=OFNOL;FC>?HNCNSNB;NB?G;SH?P?LOH>?LMN;H>CNM=OFNOL;FMCAHC@C=;H=? 4BCF?MOJJILN?LM
F?;PCHA=IGG?HNMG;S;LAO?NB;NNBCM=IOF><?;H;=NI@=OFNOL;F;JJL?=C;NCIHNB?;=NI@
;=NCP;NCHA;<F;==?HNCH=?LN;CHGIG?HNMMBIQMNB?GI=ECHAH;NOL?I@BCM<?B;PCIL M?PC>?HNCH
NBCMMBILN=FCJ IIJ?Q;HNMNI<?CHPIFP?>CH;=OFNOL;FFSMCAHC@C=;HN?RJ?LC?H=?;>D;=?HNNINB?
F;=E=IGGOHCNSQBCF?MCGOFN;H?IOMFSJ?LJ?NO;NCHANB?MSMN?GNB;NJIFC=?MF;=EB;CL;H>
F;HAO;A?
5:-878-:):165 &HG;HS=OFNOL?MNB?Q;SJ?IJF?MJ?;EL?@F?=NMNB?CLC>?HNCNS;H>=OFNOL;F
<;=EALIOH> %IQ?P?LCHMIG?=;M?MJ?IJF?G;SB;P?;=B;L;=N?LCMNC=Q;SI@MJ?;ECHANB;N
CH=FO>?MC>?HNCNSG;LE?LMNB;NQIOF>MCAH;FNIINB?LMQBIMB;L?NB?CL=OFNOL;F?RJ?LC?H=? 1BCM
JB?HIG?HIHCMJ;LNC=OF;LFSJL?P;F?HN;GIHAF;=EQIG?HQBII@N?H?HA;A?CH=I>?MQCN=BCHA
;M;G?;HMI@G;LECHANB?CLMB;L?>C>?HNCNS;=LIMMF;HAO;A?M;MM??HQCNBNB?QIL>MÀCLFa;H>
`FIIEa0=INN I>?MQCN=BCHACHPIFP?MMQCN=BCHA<?NQ??H>C@@?L?HNFCHAOCMNC=MNSF?M
>?J?H>CHAIHNB?MI=C;F=IHN?RN;H>CNCMI@N?HOM?>;M;Q;SNIH;PCA;N?NB?=IGJF?RCNC?MI@
=OFNOL;FC>?HNCNSCHP;LCIOM=OFNOL;F?HPCLIHG?HNM
0=INNcM MNO>SIHF;=E@?G;F?=OFNOL?@IOH>NB;N=I>?MQCN=BCHACM;MCAHC@C=;HN
Q;SCHQBC=BF;=EQIG?HG;LENB?CLMB;L?>=OFNOL;FC>?HNCNSPC;>CM=IOLM? 1B?G;LE?LM
>?M=LC<?>CH>C=;N?>;Q;L?H?MMI@F;HAO;A?=BIC=?CHH?AINC;NCHAC>?HNCNS0=INNJ
%IQ?P?LCH=IHNL;MNNI0=INNcM@CH>CHAMNB?L?CMHICH>C=;NCIHNB;NNB?=L?;NILMI@1CE1IEPC>?IM
?HA;A?CH3";H>;<F;==?HN;M;Q;SNIH?AINC;N?C>?HNCNS;H>MB;L?=OFNOL;FC>?HNCNSPC;
>CM=IOLM? &HMN?;>NB?S?RBC<CN;>O;FCNSCHNB?CLMJ??=BNB;NCMMSHIHSGIOMQCNB`N;FECHAFCE?;
F;=EJ?LMIHa@ILNB?M;E?I@;=NCHA 4BCF?NBCM>O;FCNSG;SM??GFCE?=I>?MQCN=BCHAIHNB?

MOL@;=?CNCM>CMNCH=NCHNB;NCN>I?MHINCHPIFP?;H;NOL;FMQCN=B<?NQ??H>C@@?L?HNFCHAOCMNC=MNSF?M
<ONL;NB?L;HIONQ;L>;=N
,P?L;FFNB?=L?;NILMcOM?I@F;HAO;A?IH1CE1IECM;L?@F?=NCIHI@NB?>SH;GC=H;NOL?I@
=OFNOL;FC>?HNCNSCH;>CACN;F;A? S<F?H>CHA>C@@?L?HNFCHAOCMNC=MNSF?M;FNBIOABCNG;SL?MIH;N?
QCNBNB?CL;O>C?H=?NB?CLOM?I@;<F;==?HNCHHIQ;SBCABFCABNMNB?=OFNOL;FCGJILN;H=?M??HCH
NB?F;=E=IGGOHCNSHILCNM=ILL?=NOM? );HAO;A?;H>=OFNOL?CHN?LM?=N;H>3"CMCGJILN;HN
OH>?L;MB;L?>=OFNOL;FOH>?LMN;H>CHA
'*&#-#)(,
1B?=L?;NILMc?R=OM?M@ILCGCN;NCHAF;=E=OFNOL?;H>F;HAO;A?;L?<;M?>IHMN?L?INSJC=;F
OH>?LMN;H>CHAMI@QB;NCNG?;HMNI<?F;=EI@N?HNBLIOAB;=LO>?J?L@ILG;H=?I@@LC=;H
G?LC=;H3?LH;=OF;L"HAFCMB3" H;FSTCHANB?=L?;NILMOM?I@3"GIMNQ?L?
=IHH?=N?>NI;=IG?>C=J?L@ILG;H=?;H>L?F;N;<F? &HG;HSI@NB?PC>?IM>CM=OMM?>;<IP?NB?L?
Q;M;FMI;=IHH?=NCIHNI3";H>NB?;JJLIJLC;NCIHI@F;=E@?GG?F;HAO;A?;H>?RJL?MMCIHM
NB;NF?;>MNIL?CH@IL=?MB;LG@OFMN?L?INSJ?MI@NB?F;=EQIG;H;H>BIQNB?S;L?NL?;N?>
!?MJCN?F;=EPIC=?M?>O=;NCHA;H>JOMBCHA<;=E;A;CHMNNB?>CACN;F<F;=E@;=?OJFI;>?>=L?;NILM
;H>MOJJILN?LM>CML?A;L>?>NB?=IH=?LHM?L;MCHANB?F;=EPIC=?M;H>NB?CL?RJ?LC?H=?MI@QBS
NB?OM?I@;<F;==?HNCMB;LG@OF &HMN?;>NB?1CE1IE?LM=IHNCHO?>NIOM?3";MNB?=LORI@
NB?CLDIE?L?CH@IL=CHAH?A;NCP?MN?L?INSJ?M;H>NLCPC;FCTCHANB?F;=E?RJ?LC?H=?
2MCHA3";M;G?;HMI@`MIOH>CHA<F;=EaB;MH?A;NCP?CGJFC=;NCIHM@ILF;=EJ?IJF?
;H>L?CH@IL=?ML;=C;FMN?L?INSJ?M;H>?RJ?=N;NCIHMIH;JJ?;L;H=?;H><?B;PCIL &H@;=N/IHECH
;H>(;LHcMMNO>S @IOH>NB;NNB?OM?I@3"<SHIHF;=ECH>CPC>O;FM` CH>?RL;=CMN
MN?L?INSJ?M<SL?>O=CHA@LC=;HG?LC=;HMNIMNI=EIONALIOJCG;A?I@GCHMNL?FMSaJ 1BCM
F?;>MNINB?CHPI=;NCIHI@;F;=EJ?LMIH;NB;NL?JLI>O=?M;H>HILG;FCT?MH?A;NCP?MN?L?INSJ?MI@

3"MJ?;E?LML?MOFNCHACH>CACN;F<F;=E@;=? ";=B=L?;NILOM?>;<F;==?HNI@MN?L?INSJC=;F
F;=EF;HAO;A?;H>;`BII>;==?HNa@ILNB?CLIQHA;CHL;HACHA@LIG<OCF>CHAL?F;NCIHMBCJMQCNB
NB?F;=E=IGGOHCNSBOGILIL?R=OM?MI@L?F;N;<CFCNS<;M?>IHL?ACIH
1B?=L?;NILMcOM?I@3"MCGJFS;M;=OFNOL;F;>>IH>CPIL=?>@LIGNB?FCP?>
?RJ?LC?H=?I@F;=EG?LC=;HMCMMCGJFCMNC=;H>I@@?HMCP? 1BCM?RJFICN;NCIHI@NB?=IGJF?R
FCHAOCMNC=MNSF?M;H>>C;F?=NMBIQMNB;NNB?L?CMHIL?A;L>@ILCNM=OFNOL;FMCAHC@C=;H=?;MQ?FF;MHI
OH>?LMN;H>CHAI@F;=EG?LC=;HM=IHH?=NCIHNINB?>C;F?=N +IHF;=E=L?;NILML?>O=?3"
MNSFCT;NCIHMNIBOGIL !O?NINB?=IGC=GCMG;N=B<?NQ??HNB?=L?;NILMc?NBHC=?>O=;NCIH;F
MI=CI?=IHIGC=;H>=OFNOL;F<;=EALIOH>NB?CLOM?I@3"M??GMJ?L@ILG;NCP? /?A;L>F?MMI@
NB?=L?;NILMcCHN?HNCIHMNB?CLOM?I@3"CH<F;==?HNM;H>DIE?MCMMSHIHSGIOMQCNBGI=ECHA
3" 1B?=IMN<?H?@CN;H;FSMCMI@NB?CL<?B;PCILMBIQMNB;NCN=IMNMNB?F;=E=IGGOHCNS;H>
<?H?@CNMNB?=L?;NILM 1B?J?L=?CP?>F;=EI@=;L?ACP?HNINB?=IH=?LH;H>BCMNILC=;F=IHH?=NCIHI@
NB?CGJILN;H=?I@3"NINB?F;=E=IGGOHCNSOHP?CFMNB?>;HA?LI@>CACN;F<F;=E@;=?PC;NB?
G?;HMI@<F;==?HN 4BCF?G;HS=L?;NILM;H>OM?LM;FCE?B;P?=IGG?HN?>IH3"<?CHA`$?H
7F;HAO;A?aNB;NCMHING;LLC?>NINB?F;=E=IGGOHCNSNBCML?CH@IL=?MNB?=L?;NILMcB?A?GIHC=
MI=C;FJIMCNCIH;MHIHF;=EJ?IJF?CH;MSMN?GI@QBCN?MOJL?G;=SNB;N;FFIQMNB?GNIGI=E
3";M;HIHMN;H>;L>F;HAO;A?@?;NOL? #LIGNBCMHIHF;=E=L?;NILM=;H<?H?@CN@LIGNB?
MIHC=;?MNB?NC=MI@<F;=EH?MMQCNBION?RJ?LC?H=CHANB?J;CH;H>NL;OG;I@<?CHA<F;=E 1BCM
J?LJ?NO;N?M;HNCF;=EL;=CMG;H>L?CH@IL=?MNB?<?FC?@NB;NF;=E=OFNOL?=;H<?=IGGI>C@C?>
;JJLIJLC;N?>;H>J?L@ILG?>CHMN?;>I@<?CHA;FCP?>?RJ?LC?H=?
068-6/8)70?
0CH=?NB?;JJ@CLMNF;OH=B?>!;H=?1IEB;M<??HIH?I@NB?GIMNJIJOF;L=;N?AILC?MIH
1CE1IE SB;MBN;APC?QMNB?M?=IH>GIMNPC?Q?>=IHN?HN=;N?AILSIHNB?;JJCM>;H=?QCNB

<CFFCIHPC>?IMJIMN?>$?SM?L F;LA?J;LNI@NB?;JJ=BIL?IAL;JBSB;M<?=IG?;
JIJOF;LQ;S@IL=L?;NILMNIMBIQ=;M?NB?CL>;H=?MECFFM;H>=IHH?=NQCNB;F;LA?;O>C?H=? 4CNB
CNM?;MSNIOM?PC>?I?>CNCHANIIFM;H>P;MNGOMC=FC<L;LS1CE1IEB;MJLIPC>?>;JF;N@ILG@IL
>;H=?LMNI?RJL?MMNB?GM?FP?M;H>=L?;N?PCL;F>;H=?=B;FF?HA?MNB;NKOC=EFSMJL?;>NBLIOABION
NB?;JJ;H>AFI<;FFS *;HS1CE1IE>;H=?M;L?BCABFS=BIL?IAL;JB?>LIONCH?M<ONNB?L?CM;FMI
LIIG@ILMCGJF?L>;H=?MNI<?=IG?NL?H>CHAMO<M?KO?HNFS<?=IGCHA;=OFNOL;FJB?HIG?HIHNB;N
CM?HDIS?><SGCFFCIHMI@OM?LM;LIOH>NB?QILF> 4BCF?NB?IONL?;=BI@>;H=?NL?H>MCM<?;ONC@OF
CN>I?MHINAIQCNBION=IHNLIP?LMS>O?NINB?ALIQCHA=IH=?LH;<IONNB?CMMO?MI@MN?;FCHA
=BIL?IAL;JBS@LIGF;=E=L?;NILMQCNBIONJLIJ?L=L?>CNCHAIL=IGJ?HM;NCIHI@NB?CLQILE 1B?
@CP?PC>?IM&C>?HNC@C?>@ILNBCM=;N?AILSCH=FO>?1CE1IE?LM B;LFC!cG?FCI'?MMC?/OME
,=NIJOMMFIP?L!?QS=BII;H>G;LNCHAOLEIPMES
"+&#4'&#)(!
-9+817:165+IQ>?F?N?>@LIGB?L1CE1IE;==IOHN@;G?>>;H=?L;H>OM?L
=B;LFC>;G?FCIJIMN?>;>;H=?=;FF?>NB?`/?H?A;>?aNINB?( ;GJMIHA`)INN?LSaCH &H
NB?M?=IH>PC>?I;L=BCP?><SINB?L1CE1IEOM?LM B;LFCCMCHNB?GC>>F?I@;<?>LIIGQCNB
NB?=;G?L;MIF?FS@I=OM?>IHB?L MNB?@CLMN<?;NI@NB?MIHA>LIJMMB?<?ACHMNB?@CLMNGIP?
QBCF?NOLHCHAB?LB?;>@ILB?LA;T?NIG??NNB?=;G?L; 1B?/?H?A;>?LIONCH?<?ACHMQCNBNB?
>;H=?LJF;=CHANB?CLLCABNB;H>IHNB?CLBCJQBCF?NB?CLF?@N;LGCM?RN?H>?>MNL;CABNIONNINB?
MC>? 1B?>;H=?LNB?HJ?L@ILGM;M?LC?MI@KOC=E;LGGIP?G?HNM@IFFIQ?><S;BCJMQ;S;H>;
=F;J 1B?>;H=?;FMICH=ILJIL;N?M;M?LC?MI@@IINMNIGJM;H>F?AEC=EM;FF>IH?CHLBSNBGNINB?
GOMC= !cG?FCICMP?LS;HCG;N?>B?L@;=??RJL?MMCP?;MMB?=IGJF?N?MNB?GIP?M !cG?FCI
MECFF@OFFS=IGJF?N?MNB?>;H=?QCNBHICHN?LLOJNCIHMILGCMN;E?M 0B?ACP?MNB?>;H=?;FINI@
?H?LAS;MMB?@I=OM?MIHBCNNCHA?P?LS<?;NCHNB?MIHA

>73)5):165!cG?FCIQ;MMO<M?KO?HNFS=L?>CN?>QCNBNB?>;H=?IHNB?1CE1IE
JF;N@ILG;H>Q;ML?@?LL?>NI;MNB?` ",aI@NB?>;H=? &HNB?=IGCHAGIHNBM@IFFIQCHA;+?Q
6ILE1CG?M;LNC=F?NB?ILCACH;F=L?;NILI@NB?>;H=?';F;C;B%;LGIHQ;ML?P?;F?> !cG?FCI
L?=?CP?>CHMN;HN<;=EF;MB@ILHIN=L?>CNCHA%;LGIH M;L?MJIHM?F;=E=L?;NILM<?A;HNIMJ?;E
IONCH=FO>CHA1CE1IE?LE;S>>CILMBIQCHANB?HIN;<F?>;H=?>C@@?L?H=?M<?NQ??HNB?ILCACH;F
=BIL?IAL;JB?>`/?H?A;>?a;H>NB?=IIJN?>P?LMCIHNB;NQ?HNPCL;FIH1CE1IE;MJ?L@ILG?><S
B;LFC!cG?FCI @N?LNB?<;=EF;MB@LIGNB?JIJOF;LCNS;H>L?JIMNCHAI@NB?>;H=?;H>
!cG?FCI<?CHACHPCN?>NIF;N?HCABNN?F?PCMCIH;MQ?FF;M?P?HNMNIJ?L@ILG!cG?FCI=L?>CN?>
%;LGIH;MNB?=L?;NILI@NB?>;H=?>OLCHANB?+FF0N;LA;G?CH 1B?MCNO;NCIH;FMIF?>
NI>CM=OMMCIHM;<IONNB?IQH?LMBCJI@>;H=?LIONCH?MIH1CE1IE;H>NB?H??>@IL=F?;L?L
AOC>?FCH?MIH=L?>CNCHA;H>;NNLC<ONCIH !?<;N?MMJ;LE?>;<IONQBIMBIOF><?H?@CN@LIGNB?
PCL;FCNSI@>;H=?MNB?=L?;NILMILNB?1CE1IE?LMQBI=IJC?>;>;H=?QCNBIONACPCHA=CN;NCIH
,,#+.,%4,
&%
-9+817:165G?LC=;H1CE1IEOM?L'?MMC?LOMEOJFI;>?>;PC>?IIH!?=?G<?L
&H'?MMC?LOMEcMMBILNM?=IH>PC>?I'?MMC?CMM??GCHAFSCHNIRC=;N?>J?L@ILGCHAQB;N
MB?=;FFMNB?=LCJQ;FE>IQHNB?MC>?Q;FE &HNB?<;=EALIOH>CM;@?G;F?PIC=?N?FFCHA'?MMC?NI
`!INB?1CE1IEQ;FE<;<Sa'?MMC?<?ACHMNIGIP?NIQ;L>MNB?=;G?L;@F;CFCHAB?L;LGM;H>
GIPCHAB?LB??FMCH;F?@NNILCABNGINCIH 2HFCE?NB?ILCACH;F LCJ4;FE>;H=?B?L@??N;L?HIN
HCG<F?;H>'?MMC?CMHINGIPCHAB?L@??NNIMJ?FFIONNB?QIL>` /&-aL;NB?LMB?CMJICHNCHA
B?LNI?MIONCH;=FOGMCFSQ;SCHMN?;>I@JICHNCHAB?LB??FMNIA?NB?L;H>B?LNI?MNB?HJICHNCHA
IONQ;L>M &HMN?;>MB?MBO@@F?MB?L@??N;MCN;JJ?;LMNB;NMB?>I?MHcNNLOFSEHIQBIQNI=IGJF?N?
NB?>;H=? M'?MMC?=IHNCHO?MNI LCJ4;FEIL>INB?1CE1IE4;FENB?J?LMIHCHNB?
<;=EALIOH>M;SM`,BS?;BNB;NcMCNNB;NcMCN a0B?NB?HL?J?;NM`$IHH;<?@;GIOMaNQC=?<?@IL?

NB?PC>?I?H>M MNB?M?F;MNQIL>M;L?ONN?L?>'?MMC?MJCHM;LIOH><?@IL?L;CMCHAB?LB;H>
MQCMBCHAB?LB;H>QBCF?B?LCH>?R@CHA?LJICHNM>IQH 1B?=;JNCIHL?;>M` LCJQ;FE=LCGJQ;FE
ELCGJNQ;FE@SJ@OJ@;GIOM a
>73)5):165 LCJQ;FECHACM;MNSF?I@>;H=?NB;NILCACH;N?>CHNB?MCHNB? LCJ
A;HA=OFNOL?I@)IMHA?F?M ;FC@ILHC; &NCM=B;L;=N?LCT?><SCHNLC=;N?@IINQILES
GIP?G?HNM;H>B;H>A?MNOL?MNB;N=IGGOHC=;N?NB?CH>CPC>O;FcMA;HAM?N 1I>;SNB?IH=?
@?;L?>;H>L?P?L?>>;H=?B;MGIP?>CHNIJIJ=OFNOL?OMB?L?>CH<S;LNCMNM;H>EHIQHA;HA
;@@CFC;N?> LCJMMO=B;M0HIIJ!IAA&=N1;H>,1$?H;MCM 4BCF? LCJQ;FECHAB;M<??H;J;LN
I@BCJBIJ=OFNOL?@IL>?=;>?MCNGIMNL?=?HNFSB;M<??HCHNLI>O=?>NINB?SIOHA;H>I@N?H
QBCN?$?H7OM?LMI@1CE1IE &HF;N?;H>NB?=OMJI@';HO;LSNB? LCJ4;FENL?H>
MQ?JNNB?JF;N@ILGQCNBM?P?L;F LCJ4;FENONILC;FM<?CHAJIMN?>;H>OM?LM=Q;FECHANI#O=ECN
2J<S(;GCS;B@N6$CLIHC=;FFS;G?G<?LI@NB?FII>M 1BCMNL?H>MQ?JNNB?JF;N@ILGQCNB
OM?LMJIMNCHAPC>?IMQCNBB;MBN;AM LCJ4;FE;H> 4;FE #LIGNB?GCFFCIHMI@PC>?IMJIMN?>
OH>?LNB?B;MBN;AMHIN;<FSHIHF;=E=L?;NILMJ?L@ILGCHANB?>;H=?B;P?GCML?JL?M?HN?>;H>
IP?LMCGJFC@C?> LCJQ;FECHAQCNBMIG?HIHF;=E=L?;NILML?>O=CHACNNI;M?LC?MI@NL?H>S
GIP?G?HNMQCNBIONOH>?LMN;H>CHACNM=OFNOL;FMCAHC@C=;H=? &H'?MMC?cMPC>?IB?LM?F@MB?
@;=CFCN;N?MNB??L;MOL?I@NB?BCMNILC=;F<;=EALIOH>I@NB? LCJ4;FECHNB?F;=E=IGGOHCNS<S
?KO;NCHACNNINB?`1CE1IEQ;FE a1IB?L;H>G;HSINB?LM=Q;FECHACMHINBCHAGIL?NB;H;@?Q
MBILN;H>@;MNMN?JMNB;N<?=;G?;NL?H>
1B? LCJ4;FECMHINDOMN;>;H=?CNCM;Q;SNI=IHH?=NQCNBINB?LMCHNB?F;=EA;HA
=IGGOHCNS &NCM;JIQ?L@OFMSG<IFI@C>?HNCNSJLC>?;H>OHCNSNB;N;FFIQM LCJMNIC>?HNC@S
NB?GM?FP?M;H>NB?CL@?FFIQA;HAG?G<?LM 1B?>;H=?B;M;OHCKO?MNSF?;H>LBSNBGNB;NCM
CHMN;HNFSL?=IAHCT;<F?NINBIM?QBIEHIQCN;H>CNB;M<?=IG?;HCGJILN;HNJ;LNI@F;=E

=OFNOL? 1B?ILCACHMI@NB? LCJ4;FE=;H<?NL;=?><;=ENINB??;LFSMCH)IMHA?F?M
QB?L?CNQ;M=L?;N?><SNB? LCJMA;HA;M;Q;SNI=IGGOHC=;N?QCNB?;=BINB?L;H>NIG;LE
NB?CLN?LLCNILS;H>;M;N?=BHCKO?@IL;=IGGOHCNSI@F;=EJ?IJF?NIL?=IAHCT?IH?;HINB?L
-BCFFCJM M>CM=OMM?><S-BCFFCJM NB?L?CM;LC=B;H>CHN?L?MNCHABCMNILSCH=LCJ
Q;FECHANB;N>?N;CFMNB?=IGGOHC=;NCIH;H>QLCNCHACH@LC=;HG?LC=;HA;HA>;H=?NB;N
=IHN;CHMLCNO;FCMNC=;MJ?=NM LCJQ;FECHACM;S=?HN?L?>?RJL?MMCIHNB;NB;MLIINMNI
J?L@ILG;NCP?J;NN?LHM?RJL?MM?>CHMF;P?LS-BCFFCJM MMF;P?MQ?L?@IL=?>NIOM?IL;FCNS
;H>J?L@ILG;H=?>O?NINB?F;Q;A;CHMNMF;P?M<?=IGCHAFCN?L;N?NB?M?FCHAOCMNC=NL;>CNCIHMB;P?
<??HJ;MM?>>IQHNIF;=EG?LC=;MN;SCHANLO?NINB?LIINMI@IOL;H=?MNILM M-BCFCJM
J >?HIN?M`1I>;SGO=BI@@LC=;HG?LC=;HA;HA?RJL?MMCIH^>;H=?>ILINB?LQCM?^
=IHMNCNON?M;HIJJIMCNCIHNINB?F;LA?LMI=C?NSNB;NL?=;FFMNB?MO<NF?NS;H>?JB?G?L;FCNSI@NBCM
BCMNILC=;FCHB?LCN;H=? a LCJMQLCN?QCNBNB?CLB;H>MHINIHFSNIMJ?FFIONNB?CLA;HA<ONNIMJ?FF
IONG?GILC;FCT?;H>=IGG?GIL;N?NB?CL>?;>=IGJ;HCIHMNB;NQ?L?A;HA;@@CFC;N?>-BCFFCJM
J ,P?LNCG?NB?>;H=??PIFP?>;H><?=;G?GIL?=IGJF?RCH=ILJIL;NCHAH?QGIP?M
;H>MNSF?MNB;NL?@F?=N?>NB?=B;HACHA=OFNOL?;H>;NNCNO>?MI@NB?F;=E=IGGOHCNS
!?MJCN?CNM;MMI=C;NCIHQCNBA;HAPCIF?H=?NB? LCJ4;FEB;M;FMI<?=IG?;MSG<IFI@
BIJ?;H>L?MCFC?H=?@ILG;HSCHNB?F;=E=IGGOHCNS &NCM;Q;SNIL?=F;CGNB?CLC>?HNCNS;H>
;MM?LNNB?CLJL?M?H=?CH;QILF>NB;NI@N?HM??EMNIMCF?H=?NB?G;H>;NNCG?MCN<?=IG?M;MJ;=?
@ILL?=F;CGCHADIS `1B? 4;FECM;L?@F?=NCIHI@;F;LA?LJC=NOL?_I@;=OFNOL?I@;BCMNILSI@
;J?IJF?I@;J;CHI@;MO@@?LCHAaM;C>/;JJ?L*;FCE6I<;!CHIH %IQ?P?LCNCM
CGJILN;HNNIL?=IAHCT?NB;NNB? LCJ4;FEB;M;=IGJF?RBCMNILSNB;NCMNC?>NINB?MI=C;F;H>
JIFCNC=;F=IH>CNCIHMI@NB?NCG?CHQBC=BCNQ;M=L?;N?> 3CIF?H=?;H>B;LGB;M<??H;MMI=C;N?>
QCNBNB? LCJ4;FE;H>NB?A;HAMNB;N=L?;N?>CN 1B?>;H=?MBIOF>HIN<?AFILC@C?>IL

LIG;HNC=CT?>IHJF;N@ILGMMO=B;M1CE1IE<ONL;NB?LOH>?LMNII>CHCNMBCMNILC=;F;H>=OFNOL;F
=IHN?RN &NCM;=IGJF?R;H>GOFNC@;=?N?>?RJL?MMCIHI@NB?F;=E?RJ?LC?H=?NB;N>?M?LP?MNI<?
L?MJ?=N?>;H>=?F?<L;N?>QBCF?;FMIL?=IAHCTCHANB?B;LGCNB;M=;OM?>
)0(#(-"-)*.,,&)/+
-9+817:165 L?;NIL';E?0B;H?IL,=NIJOMMFIP?LCM;EHIQH1CE1IE?LQBIB;M
;G;MM?>IP?L *@IFFIQ?LM@ILBCMMBILN=IG?>SPC>?IM ';E?;G;MM?>;@IFFIQCHA;@N?L>;CFS
JIMNMI@;=NCHAIONBCMNILC=;FGIG?HNM;H>@CAOL?M;MC@NB?SI==OLL?>CHNB?JL?M?HN>;S
/?=?HNFS';E?OJFI;>?>;PC>?INI6I$INNCcM!IQHCHNB?!* &HNBCMPC>?I';E?<?ACHM<S
GIPCHABCM;LGMIONQC>?CH;NL;>CNCIH;FG;DIL?NN?GIP? %?NB?HNQCMNMBCM;LGMCH;=CL=F?
<?@IL?JF;=CHABCMB;H>MIHBCMQ;CMN ';E?@F;CFMBCM;LGMIH?<SIH?<SQ;FECHANIQ;L>MNB?
=;G?L; %?NB?HNOLHMNINB?MC>?;H>MNC=EMBCMB;H>MIHBCMQ;CMN<?@IL?JIJJCHABCM=B?MN %CM
>?G?;HILCMIH?I@<?CHAMCFFS;MSIO=;HN?FFNB;NB?CMHINM?LCIOM;<IONNB?>;H=?J?L@ILG?>
%??R;AA?L;N?MBCMGIP?MCH;MCFFSQ;SCHMN?;>I@N;ECHANB?>;H=?M?LCIOMFS 1B?PC>?I?H>M;M
B?JIJMBCM=B?MNION 1B?=;JNCIHCMMCGJF?;MCNL?;>M`>=G? a
>73)5):165';E?cM>;H=?IH1CE1IEG;SHINB;P?A;CH?>GO=B;NN?HNCIHCHN?LGMI@
>;H=?=L?>CNCHA<ONCNCM=IHMC>?L?>;FCABNB?;LN?>>;H=? FNBIOAB';E?CMHIN>CL?=NFS
;JJLIJLC;NCHA;@OFFS=BIL?IAL;JB?>>;H=?@LIG;F;=E=L?;NILNB?OM?I@G;DIL?NN?GIP?M
QCNBION=L?>CNCHANB?=L?;NILQBIJIJOF;LCT?>NB?GIH1CE1IECMKO?MNCIH;<F? !OLCHANB?NCG?
';E?=L?;N?>NBCM>;H=?NB?G;DIL?NN?NL?H>NI`+IFIP?aQ;MN;ECHAIP?LNB?JF;N@ILG>O?NI
F;=E=IHN?HN=L?;NILGIOL 'IL>SHHNB?ILCACH;F! @ILNB?G;DIL?NN?=B;FF?HA? MB?L
=BIL?IAL;JBS<?=;G?QC>?MJL?;>IHNB?;JJ>C@@?L?HN=L?;NILM<?A;HL?JFC=;NCHAB?L>;H=?NI;
QC>?L;HA?I@MIHAMCH=FO>CHA`(CHAMF;S?La<SLCHA*?1B?%ILCTIH` O@@&N4?NN?L/?GCRa
<S?SIH=W`#;H?NIa<S BC?@(??@;H>GIMNHIN;<FS;L?GCRI@`!& "aEHIQHIH1CE1IE

;MCA4;P? <S(JIJALIOJ+*&55 !OLCHANBCMNCG?I@QC>?MJL?;>PCL;FCNS>CM=IOLM?;<ION
NB?ILCACHMI@G;DIL?NN?>;H=CHA<?A;HNI?G?LA?IH1CE1IE 2JM?N(JIJ@;HM?P?H=;FF?>NB?
GIP?M;`MCFFS>;H=?aNB;NMBIOF>HIN<?;MMI=C;N?>QCNB(JIJMIHAM?MJ?=C;FFS`!& " a&HNB?
=IHN?RNI@NB?>CM=IOLM?MOLLIOH>CHANB?ILCACHMI@G;DIL?NN?>;H=CHA;H>CNMMCAHC@C=;H=?NINB?
F;=E=IGGOHCNS';E?cM>?=CMCIHNI=L?;N?;H?Q>;H=?OMCHAG;DIL?NN?GIP?MQCNBIONACPCHA
=L?>CNNINB?=L?;NILQBI<LIOABNPCL;FG;DIL?NN?=OFNOL?NI1CE1IE=;H<?M??H;M=OFNOL;FFS
CHM?HMCNCP? #;CFOL?NI;=EHIQF?>A?GIOL DIL>SHHcMCH@FO?H=?CMHIN;==?JN;<F?CHNB?=OLL?HN
=IHP?LM;NCIHMN;LN?><SF;=E=L?;NILMQBI;L??H=IOL;ACHAINB?LOM?LMNI<?=IG?;Q;L?I@
G;DIL?NN?=OFNOL?;H>CNMCGJILN;H=?NINB?F;=E=IGGOHCNS;H>% 2%CMNILC=;FFSF;=E
IFF?A?MIL2HCP?LMCNS =OFNOL? L?;NCHA;@OFF=CL=F?GIG?HN;@N?L';E?cM>;H=?A;CH?>
;NN?HNCIH B;LFC!cG?FCIJIMN?>B?LM?F@>;H=CHANI`!IQH&HNB?!*aQCNB>;H=?=L?>CNMNI
';E? MQ?EHIQ!cG?FCIBIF>M;FINI@CH@FO?H=? &@';E?QIOF>B;P?=L?>CN?>
GIOL 'IL>SHH@IL=IIJNCHA;H>L?OMCHAG;DIL?NN?GIP?MNB;NMB?CHNLI>O=?>NI1CE1IE
!cG?FCIQIOF>B;P?;FMI=L?>CN?>NBCMF;=E@?G;F?=L?;NIL
"02
"))(
-9+817:165!?QS BIICM;*;F;SMC;H1CE1IE?LL;CM?>CH0CHA;JIL?QBI<?=;G?Q?FF
EHIQH@IL>ICHA;>;H=?NL?H>NI$CP?&NNI*?<S1CG<;F;H> ?=;OM?I@B?L=IHNCHO;FOJFI;>M
NINBCMMIOH>NB?>;H=?MN;LN?>NI<?=IG?;NNLC<ON?>NI!?QS BIIQCNBCH0CHA;JIL?;H1CE1IE
;H>B?L@;H<;M? #;HM;FCE?I@N?H=;FF?>NB?M?KO?H=?I@GIP?MNB?!?QS BII>;H=?;H>
@L?KO?HNFSL?KO?MN?>B?LNIL?OJFI;>NB?>;H=?CH>C@@?L?HN>;H=?M?NNCHAM @N?LLCMCHAJIJOF;LCNS
!?QSIL`*;G;=CN;!?QSa;MMB?=;FFMB?LM?F@OJFI;>?>;PC>?IQB?L?MB?MB;L?>;NONILC;F@IL
NB?>;H=? &HNB?<?ACHHCHAI@NB?PC>?IMB?Q?F=IG?MNB?PC?Q?LM;H>M;SMNB;N`1I>;S&cG
AIHH;N?;=BSIOBIQNI>IGS>;H=? a0B?NB?HJLI=??>MNIN?;=BNB?>;H=?CHJ;LNM<?ACHHCHA

QCNBNB?@CLMNMN?JMI@B;H>MLO<<CHAOJ;H>>IQHSIOL=B?MNOHNCFNB??H>CHAGIP?I@NBLIQCHA
SIOL;LGMIONCH@LIHNI@SIOMPC?Q?LMQ;N=B?>NB?PC>?I;H>=FC=E?>IHNB?=IGG?HNM?=NCIH
NIQLCN?NB?CLNBIOABNMNB?SQ?L?G?NQCNBG?LC=;H1CE1IEOM?LMM;SCHANB;NNBCM>;H=?Q;M
MNIF?H@LIG;@?G;F?F;=E=L?;NILH?FFT;H>NB;N!?QSQ;MHINNB?ILCACH;F=BIL?IAL;JB?L
>73)5):165&H+?FFT;F;=E1CE1IE=L?;NILQBIJL?PCIOMFSQ?HN<S
MB?H?FF:MRIHNB?JF;N@ILG=L?;N?>;>;H=?NI`$CP?&N1I*?a<S1CG<;F;H>;H>JIMN?>;
PC>?II@B?LM?F@J?L@ILGCHACN MNB?>;H=?MOL@;=?>IHNB?JF;N@ILGG;HS>C@@?L?HN=L?;NILM
<?A;HNIJ?L@ILG+?FFTcM>;H=? ,H?I@NBIM?OM?LMQ;M!?QS BII;JIJOF;L*;F;SMC;H
1CE1IEJ?LMIH;FCNSFCPCHACH0CHA;JIL?QBIB;M;F;LA?L@IFFIQCHANB;H+?FFT 2M?L!?QS BII
NB?H<?A;HNIJIMNPC>?IMI@B?LM?F@J?L@ILGCHANB?M;G?>;H=?IH1CE1IEQCNBION=L?>CNCHA
+?FFTCHNB?=IGG?HNM M!?QS=IHNCHO?>NIJIMNPC>?IMI@NB?>;H=?CNMN;LN?>NI<?=IG?
;NNLC<ON?>NIB?L=IHN?HNQCNBG;HS>??GCHAB?L;MÌQHCHAaNB?>;H=? -F;SCHACHNINB?>;H=?
<?CHA;NNLC<ON?>NIB?L!?QSJIMN?>;PC>?INONILC;FQB?L?MB?L?@?LL?>NINB?>;H=?;MB?LIQH
MJ;LECHAOJM?N=IGG?HNM@LIGPC?Q?LMQBI@?FNNB;NCN?L;M?>+?FFTcM=L?;NCIH MH?QMI@NBCM
NL;P?F?>IONMC>?I@0CHA;JIL?;H1CE1IE=IGG?HN?LM<?A;HNI@FII>+?FFT;H>!?QScM
=IGG?HNM;<IONNB?MCNO;NCIH @N?LG;HS=IGG?HNM?P?HNO;FFS!?QS;JIFIACT?>@IL=;FFCHACN
B?L>;H=?;H>=L?>CN?>+?FFT;MNB?LCABN@OF=L?;NIL !?MJCN?!?QS;JIFIACTCHA;H>+?FFTcM
;=EHIQF?>ACHAB?L;JIFIASNB?=IHNLIP?LMSMJ;LE?>;B?;N?>>?<;N?IHMI=C;FG?>C;QCNBMIG?
;==OMCHA!?QS BIII@JF;AC;LCMG;H>INB?LM>?@?H>CHAB?LLCABNNIJ?L@ILGNB?>;H=?QCNBION
=L?>CNCHA+?FFT
4BCF?NB?=IHNLIP?LMSOH@IF>?>!?QScM@;HMCH0CHA;JIL?;LAO?>NB;NNB?>;H=?MBIOF>
<?=;FF?>NB?!?QS!;H=?CH0CHA;JIL?;H>NB?+?FFT>;H=?CHG?LC=;
`JIN?HNC;FFSJCHESJ?;LFM&NM0$ +ING?LC=; !?QS BII>;H=?CH0$+?FFT>;H=?CH

G?LC=; a2H@ILNOH;N?FS;HNC<F;=EH?MM;FMIMOL@;=?>CHNB?=IHP?LM;NCIHMQCNBMIG?
0CHA;JIL?;H;H>G?LC=;H=IGG?HN?LM>CMGCMMCHANB?CGJILN;H=?I@>;H=?=L?>CNM;H>
>IQHJF;SCHANB?=L?;NCPCNSI@F;=E1CE1IE=L?;NILM `=ONC?JI=EMMBIH?MNFSQBSLJJFNLCJJCHA
💀 a0OJJILN?LMI@
IONCMHINFCE?>?QS=IJS;HMQ?LMIHMIG?G;DIL?R;GCMDMMIG?NN>;H=?💀
!?QS;FMIG;>?PC>?IM CHMOJJILNI@B?L >IQHJF;SCHANB?CGJILN;H=?I@=L?>CNCHA;>;H=?;M
G;HSINB?LMIH1CE1IE>IHIN?HA;A?CHNBCM;=NCPCNS 4BCF?NBCMH;LL;NCP?Q;MJL?M?HNNB?L?Q;M
JOMB<;=E<SMOJJILN?LMI@+?FFT 2M?L ;HCG?MBIQ M;C>`+?FFTC@MB?B;>H?P?LCHP?HN?>
NBCM>;H=?NB?HNBCM>;H=?QIOF>H?P?LB;P?<??H>CM=IP?L?>;H>;HSIH?QBINLC?MNI=IJSNBCM
>;H=?L?G;CHM;=IJS a);MNFSOM?L:M;PPC?:IF< F;MB?MM;C>` ;FFCHACNB?L>;H=?MNCFFCMDOMN
Q?CL> 0BIQL?MJ?=NNINB?;=NO;F! 0BIOF>HcN<?NB;NB;L> aINBI@NB?M?=IGG?HNM?HA;A?
CH;QC>?L=IHP?LM;NCIH;<ION1CE1IE=L?>CNCHA;H>CHP?HNCIHQBI>?M?LP?MNI<?=;FF?>NB?
ILCACH;NIL^ QBI=L?;N?>NB?>;H=?ILQBIJIJOF;LCT?>CN
1B?;HMQ?LCMI<PCIOM;NF?;MNNINB?F;=E=L?;NILMI@NL?H>MIH1CE1IE 1B?CGJILN;H=?
I@ACPCHAJLIJ?L;NNLC<ONCIHNINB?ILCACH;NILI@;NL?H>CM?PC>?HN?MJ?=C;FFSCHNB?=IHN?RNI@NB?
=IHNLIP?LMS<?NQ??H!?QS;H>+?FFTIH1CE1IE 4B?H1CE1IE?LM;L?<?CHACHPCN?>NIJIJ
=OFNOL?GIG?HNMA;CHCHANL;=NCIH;H>GIH?N;LSMO==?MM;H>ALIQCHANB?CL`MCFFS>;H=?MaCHNI;
<L;H>;H>MO==?MMACPCHA=L?>CN;<MIFON?FSG;NN?LM -LIJ?L=L?>CN;H>L?=IAHCNCIHHINIHFS
;=EHIQF?>A?NB?N;F?HN;H>=L?;NCPCNSI@F;=E=L?;NILM<ON;FMI=L?;N?J;NBQ;SM@ILNB?GNI
;==?MMGIL?IJJILNOHCNC?M<OCF>NB?CL;O>C?H=?;H>JIN?HNC;FFSG;E?;FCPCHA@LIGNB?CLQILE
1B?@;CFOL?NI=L?>CNF;=E1CE1IE=L?;NILM@ILNB?CLQILECM;G;HC@?MN;NCIHI@;HNC<F;=EH?MM
;H>NB?F;=EI@L?MJ?=N@ILF;=E;LN;MCNJ?LJ?NO;N?M;FIHABCMNILSI@?L;MOL?;H> ?RJFICN;NCIH
I@F;=E=L?;NCPCNS;H>=OFNOL? MM??HNCG?;H>NCG?;A;CHQCNBMNILC?MMO=B;M B;LFC

!cG?FCINB?F;=EI@=L?>CNCHAFCGCNMNB?IJJILNOHCNC?M@ILALIQNB;H>MO==?MM@ILF;=E=L?;NILM
;MNB?S;L?HIN;NNB?@IL?@LIHNI@NB?NL?H>MAICHAPCL;F
#OLNB?LGIL?=L?>CNCHAF;=E=L?;NILM@ILNB?CLQILE=B;FF?HA?MNB?C>?;NB;NF;=E;LN
;H>=OFNOL?;L?IHFSP;FO;<F?QB?H;JJLIJLC;N?><SHIHF;=E=L?;NILM 4B?HHIHF;=E
=L?;NILM;JJLIJLC;N?F;=E>;H=?LIONCH?MILINB?L=L?;NCP?=IHN?HNQCNBIONJLIJ?L=L?>CNNB?S;L?
=IHNLC<ONCHANI;<LI;>?LJ;NN?LHI@=OFNOL;FNB?@NNB;NB;MBCMNILC=;FFS<??HOM?>NIDOMNC@SNB?
?RJFICN;NCIH;H>G;LACH;FCT;NCIHI@F;=E=IGGOHCNC?M 1B?L?;L?FIHAMN;H>CHANL;>CNCIHMI@
F;=ENL;>CNCIHM;H>;LNCMNC=?RJL?MMCIHM<?CHA;JJLIJLC;N?>@ILGIH?N;LSA;CH 4CNBNBCM=IHN?RN
CNCMCGJILN;HNNIM??QBS+?FFT;H>B?LMOJJILN?LMQIOF>@CABN@ILB?LNI<?;=EHIQF?>A?> +IN
IHFS>I?MNB?F;=EI@=L?>CN>?JLCP?F;=E=L?;NILMI@L?=IAHCNCIH;H>IJJILNOHCNC?M<ONCN;FMI
L?CH@IL=?MB;LG@OF=OFNOL;FH;LL;NCP?MNB;NJ?LJ?NO;N?MN?L?INSJ?M;H>GSNBM;<IONF;=E
=L?;NCPCNS;H>N;F?HN
+--2#+&,&%&#%-"#,
-9+817:165*;LNCHCM;);NPC;H=BIL?IAL;JB?L;H>J?L@ILG?LQBICMJIJOF;L@ILMB;LCHA
BCM>C@@?L?HNMNSF?MI@>;H=?NIP;LCIOMMIHAM 4CNBIP?L(@IFFIQ?LMBCML?;=BCMAFI<;F 2M?L
G;LNCHAOLEIPMESJIMN?>;PC>?IIH!?=?G<?LNINB?MIHA`-L?NNS$CLFM4;FEa<S
CAIMM3?NN? &HNBCMPC>?I*;LNCH;H>;@LC?H>;L?>;H=CHANINB?MIHA MNB?MIHA<?ACHM
`-L?NNSACLFMQ;FEFCE?NBCMNBCMNBCMNBCMNBCMS?;BJL?NNSACLFMQ;FEFCE?NBCMa*;LNCH;H>BCM
@LC?H>MQCHANB?CL;LGMCH@LIHNI@NB?CLC?M<?@IL?=LIMMCHANB?CL;LGMIHNB?CLMBIOF>?LM
1B?SACP?NB?>;H=?;FINI@?H?LAS;H>MECFF;MNB?SG;E??S?=IHN;=NQCNBNB?=;G?L; 1B?ScL?
MGCFCHA;MNB?S=IHNCHO?NI>;H=?<ONSIO=;HN?FFNB;NNB?ScL?N;ECHANB?=BIL?IAL;JBSM?LCIOMFS
G;ECHAMOL?NIBCN?P?LS<?;NCHNB?MIHA 1B?SNCG?NB?CLGIP?MNINB?<?;N MNB?PC?Q?L

Q;N=B?MNB?=BIL?IAL;JBSCM@;GCFC;LCNCMNB?NL?H>CHA>;H=?NB;NMIG?IH??FM?IHNB?JF;N@ILG
😂 <ONNB?NL?H>CM;PC<?🔥
B;MJIMN?> 1B?=;JNCIHL?;>M`FIFNB?FSLC=M😂 🔥 a
>73)5):1654CNBHIG?HNCIHI@NB?! CHNB?=;JNCIHILCHNB?=IGG?HNM=L?;NILI@
NB?-L?NNS$CLFM4;FE=B;FF?HA?NIIENB?IJJILNOHCNSNIN;AB?LM?F@ &H;=IGG?HNJIMN?>IH
🔥 >=G?
';HO;LS=L?;NILI@NB?NL?H>:J;CA? H QBCN?=IGG?HN?>`6c;FF;L?DCAACH🔥
🙋💕 a@N?LM??CHANBCM=IGG?HN*;LNCHL?MJIH>?>`6IOH;CF?>NBCMNL?H>🔥
🔥🔥🔥 aM NBCM
>CM=IOLM?<?A;HNIB;JJ?HCHNB?=IGG?HNMINB?LOM?LM<?A;HNIMB;L?NB?CL@??FCHAM;<IONNB?
F;=EI@! ,H?F;=E1CE1IE?LOM?L<O=EH?L;LNC=OF;N?> NB?CL>CMG;S`1B?HSIOMBIOF>
B;P?N;AA?>B?L;M>=I@@LCJ aMNB?=IGG?HNM<?A;HNIALIQFIHA?LQCNBOM?LM;MECHA*;LNCH
NI?>CNBCM=;JNCIHNI;>>:J;CA? H QBCN?;M;N;AQBC=BB??P?HNO;FFS>C>>I INB?L
=IGG?HN?LM=;G?NIBCM;C> ,H?QBCN?OM?L MCGJFS=BLCMNCH;:?RJL?MM?>BIQ>C@@C=OFNCN
=;H<?NI@CH>NB?=L?;NILMI@NL?H>M `4?FFCNcMB;L>NIEHIQQBI=L?;N?>;>;H=?C@SIO=FC=EIH
NB?MIOH>;H>CN>I?MHcNMBIQNB?J?LMIH &=FC=E?>IHNB?MIOH>;H>CN>I?MHcNMBIQNB?NB?HSIO
🙄🙄🙄 a
QCFFA?NCN +IN?P?LSNBCHACM>IH?CHN?HNCIH;FFS🙄
5:-878-:):1651B?;=NI@CHMNLO=NCHA@IFFIQ?LMNIN;A>;H=?=L?>CNM@ILNL?H>MCM;
=IGGIHN;=NC=OM?><S1CE1IE=L?;NILMNI>CMN;H=?NB?GM?FP?M@LIG;==OM;NCIHMI@MN?;FCHA
>;H=?M %IQ?P?LQBCF?NBCM;JJLI;=B>I?M;=EHIQF?>A?NB;NNB?>;H=?Q;MHIN=L?;N?><SNB?G
CN;FMIJONMNB?IHOMIHNB?=IGGOHCNSNIACP?=L?>CNQB?L?=L?>CNCM>O? 2H@ILNOH;N?FSNBCM
>I?MHN;FQ;SMB;JJ?H;H>IH?I@NB?G;DILCMMO?MQCNBMNIF?H>;H=?MIH1CE1IECMNB;NCN=;H
L?MOFNCHNB?ILCACH;F=L?;NILM<?CHA?L;M?> 1BCMCM?MJ?=C;FFSNLO?@ILF;=E=L?;NILMQBI;L?
I@N?HNB?CHHIP;NILM<?BCH>G;HSI@NB?JF;N@ILGcMGIMNJIJOF;L>;H=?M !?MJCN?NB?CLMCAHC@C=;HN
=IHNLC<ONCIHMNINB?=OFNOL?I@1CE1IENB?M?=L?;NILM@L?KO?HNFS>IHNL?=?CP?NB?=L?>CN;H>
L?=IAHCNCIHNB?S>?M?LP?

HINB?LJLI<F?GQCNB1CE1IEcM=OFNOL?CMNB;NCNI@N?HJLCILCNCT?MJIJOF;LCNS;H>PCL;FCNS
IP?LILCACH;FCNS;H>=L?;NCPCNS 1BCM=;H=L?;N?;<L??>CHAALIOH>@ILJF;AC;LCMGQB?L?OM?LM@??F
=IGJ?FF?>NI=IJS;H>J;MN?=IHN?HNCHIL>?LNICH=L?;M?NB?CLPC?QM;H>@IFFIQ?LM
2H@ILNOH;N?FSNBCM;JJLI;=BHINIHFSJ?LJ?NO;N?MNB?=S=F?I@?L;MCHAF;=E=L?;NILMc
=IHNLC<ONCIHM<ONCN;FMIMNC@F?MCHHIP;NCIH;H>FCGCNMNB?>CP?LMCNSI@=IHN?HNIHNB?JF;N@ILG
F;=E1CE1IE?LM;L?NB?=L?;NCP?M>LCPCHANB?;JJS?NNB?SI@N?H>IHcNL?;JNB?<?H?@CNMI@NB?CL
PCL;FCNS;MNB?CLQILECM@L?KO?HNFS>OJFC=;N?>QCNBIONJLIJ?L=CN;NCIHIL=L?>CN &HIL>?L@IL
1CE1IENINLOFSNBLCP?;M;=L?;NCP?;H>CH=FOMCP?MJ;=?CNcM=LO=C;FNB;NNB?JF;N@ILG;H>CNMOM?LM
;=NCP?FSQILENIACP?=L?>CNQB?L?=L?>CNCM>O?;H>OJFC@NNB?PIC=?MI@OH>?LL?JL?M?HN?>
=L?;NILM
'*&#-#)(,
1CE1IECM;JF;=?@IL=OFNOL;F?RJL?MMCIH<ONCN<L??>M;MJ;=?>?PIC>I@=OFNOL;F=IHN?RN
ICH?><S1L?PILI@@IH?CH/?H?A;>?M!CACN;F!;H=? OFNOL?M@LIG!O<MG;MBNI1CE1IE
J NB?`!cG?FCI"@@?=Na?H=IGJ;MM?MBIQNB?=OFNOL;FJLI>O=NCIHI@N??H;A?MN;LM
MO=B;M B;LFC!cG?FCICH@FO?H=?MNB?=OFNOL;F;=NCIHMI@GCFFCIHMI@J?IJF?CHNB?2HCN?>
0N;N?M M1CE1IEcMM?=IH>GIMN@IFFIQ?>;==IOHNQILF>QC>?QCNBIP?LGCFFCIH@IFFIQ?LM
!cG?FCIB;M;HÒHJ;L;FF?F?>F?P?FI@CH@FO?H=?aI@@IH?J ;H>;M;L?MOFN
>C=N;N?MNB?=OFNOL?I@NB?;JJ !cG?FCI?G<?>>?>B?LM?F@CHNINB?=OFNOL;F@;<LC=I@JIJ=OFNOL?
CH=FO>CHANL?H>CHA=B;FF?HA?MMIHAM;H>>;H=?MHINNIG?HNCIHB?L<LI;>?LMI=C?N;FCH@FO?H=?
NB;NB;MF?>NIIJJILNOHCNC?MMO=B;MMN;LLCHAIH cM!;H=CHAQCNBNB?0N;LM?;LHCHA;G;DIL
L?;FCNS13>?;FQCNBNB?MNL?;GCHAJF;N@ILG%OFO;H>MN;LLCHACH@?;NOL?@CFGM0N;L!IA;H>
1OL@ILNB?=IHN?HN=L?;NILMNB;N!cG?FCIB;M>L;QHCHMJCL;NCIH
@LIGL?=L?;NCHANB?CL>;H=?M;H>F?;LHCHANIACP?=L?>CN;MNCG?JLIAL?MM?>

4BCF?NB?`!cG?FCI"@@?=NaG;SM??G;M;H?QQ;S@IL=L?;NILMNIA?H?L;N?@;G?;H>
CH@FO?H=?CNCMHINQCNBION=IGJFC=;NCIHM MM??HQCNB!cG?FCIcMNOGOFNOIOML?F;NCIHMBCJQCNB
1CE1IE;H>@;G?NB?`!cG?FCI?@@?=Na<INB>C=N;N?MG;CHMNL?;G1CE1IE=OFNOL?;H>L?CH@IL=?M
QBCN?H?MMIHNB?;JJJ?LJ?NO;NCHAMSMN?GMI@L;=CMG;H>QBCN?MOJL?G;=SNB;N?RCMNI@@FCH? M
>CM=OMM?><S@?GCHCMNNB?ILCMN0;L;BBG?>`4BCN?H?MMbBIF>McNBLIOABB;<CN -O<FC=MJ;=?M
N;E?MB;J?NBLIOABNB?B;<CNO;F;=NCIHMI@C?M] 4?H??>NI?R;GCH?HINIHFSBIQC?M
<?=IG?QBCN?IL@;CFNI>IMI<ON;FMIBIQMJ;=?M=;HN;E?IHNB?P?LSbKO;FCNC?McNB;N;L?ACP?H
NIMO=BC?MaBG?>J I@@IH?J 1B?MSMN?GC==IHN?RNI@1CE1IECM
?PC>?H=?><SNB?@;=NNB;NQBCN?=L?;NILM>IGCH;N?NB?;JJQBC=B?GC?M;H>L?@F?=NMQBCN?
MOJL?G;=S=OFNOL?MN;H>;L>CT?>CHG?LC=; 4BCN?H?MMJLIFC@?L;N?MNB?;JJ=L?;NCHANB?
=IH>CNCIHMQB?L?OM?LMFCE?!cG?FCI;L?JIMCNCIH?>NI<?=IG?GIL?FCE?>;H>Q?FFEHIQH
?P?HOH>?LNB?B;MBN;AM;H>NL?H>MNB;N;L?JLIJ?LFS=L?>CN?>NIF;=E=L?;NILM +INIHFSCMCN;H
CHN?LJ?LMIH;FJLI<F?G@LIG=L?;NILNI=L?;NIL=L?;NCHA;=IH>CNCIHI@F;=EI@;==IOHN;<CFCNS<ONCN
CM;MNLO=NOL;FCMMO?IH1CE1IE
1B?JF;N@ILGCNM?F@=L?;N?MNB?=IH>CNCIHM@ILQBCN?H?MMNI<?SC?F>?>;MNB?MN;H>;L>
1B?L?CMHI<OCFNCHMSMN?GC=Q;SNI?;MCFS@CH>NB?=L?;NILMI@NL?H>M &NCMIHOM?LMNIM??EION
NB?CH@ILG;NCIHNB?GM?FP?MIL;MENB?CLPC?Q?LMNI;C>CHCH@ILG;NCIHMB;LCHA H>I@N?HNCG?M
QB?HM?F?=NCHANB?MIOH>MOM?>@ILNB?PCL;FNL?H>NB?=L?;NILM;L?HIN;NNB?@IL?@LIHN>O?NI
NB?CLF;=EI@FCE?M &NCMNB?!cG?FCIM;H>INB?LM;FCE?QBI>IGCH;N?NB?NIJMJ;=?MI@GIMN
FCE?>PC>?IM@ILG;HSNL?H>M 1B?F;=EI@L?JL?M?HN;NCIHI@F;=E=L?;NILMHINIHFS?L;M?MNB?CL
=OFNOL;F=IHNLC<ONCIHM<ON;FMIL?CH@IL=?MNB?C>?;NB;NQBCN?=L?;NILM;L?NB?A;N?E??J?LMI@
=OFNOL?IHNB?;JJ^NB?HINCIHNB;NQBCN?=L?;NILM;L?NB?MIF?>LCP?LMI@=OFNOL;FNL?H>M;FNBIOAB
NB?NL?H>M;L?HcN=L?;N?>CHNB?CLQB??FBIOM? 1CE1IEB;MNB?JIN?HNC;FNI<?;JF;N@ILGNB;N

=?F?<L;N?M;H>OJFC@NM>CP?LM?PIC=?M;H>=OFNOL;FC>?HNCNC?M<ONCNGOMN>I<?NN?LCHL?=IAHCTCHA
;H>;GJFC@SCHANB?=IHNLC<ONCIHMI@=L?;NILM@LIG;FF<;=EALIOH>M;H>NB;NMN;LNMQCNBMIG?NBCHA
`;MMCGJF?a;MACPCHA=L?>CN;H>;JF;N@ILG@ILINB?LMNIEHIQQB?L?NL?H>MILCACH;N?>
3)+2.)+-
F;=E@;=?CM;N?LGOM?>NI>?M=LC<?NB?L;=CMNJL;=NC=?I@;JJFSCHAG;E?OJNICGCN;N?NB?
;JJ?;L;H=?I@;F;=EJ?LMIH /IIN?>CHL;=CMGNBCMJL;=NC=?ILCACH;N?>@LIGGCHMNL?FMBIQMNB;N
>?BOG;HCT?>F;=EJ?IJF?;H>Q;MJIJOF;LCT?>@LIGNB?MOHNCFNB?GC>NB=?HNOLS
1I>;S<F;=E@;=?CMQC>?FS=IHMC>?L?>BCABFSI@@?HMCP? MGCHMNL?FMSB;M<?=IG?MI=C;FFS
IONF;Q?>;H>HIFIHA?LMI=C;FFS;==?JN;<F?;H?Q@ILGI@=;LC=;NOL?B;MN;E?HCNMJF;=?^
<F;=E@CMBCHA F;=E@CMBCHAL?@?LMNIHIHF;=EJ?IJF?OMCHAG;E?OJ=IMG?NC=MOLA?LSIL>CACN;F
?>CNCHANI;FN?LNB?CL;JJ?;L;H=?;H>J;MM;MF;=EILGCR?>L;=? 4CNBNB?JL?P;F?H=?I@=OFNOL;F
;JJLIJLC;NCIHIHMI=C;FG?>C;<F;=E@;=?B;MM??H;L?MOLA?H=?CH<INBNL;>CNCIH;F;H>H?Q@ILGM
MMO=BPC>?IM@?;NOLCHACH>CPC>O;FMQBI?HA;A?CH<F;=E@;=?;H><F;=E@CMBCHAB;P?<??H
C>?HNC@C?>@ILNBCM=;N?AILSCH=FO>CHANBIM?@LIG'OMNFC=D;;<"PA?HC;>T;@?LIPC=
;>?L;FM;@;LG?CF;R>;PC?M;H>*;LQ;L;N?<
.,-&#$&&)0(
),*&2
-9+817:165-IFCMB1CE1IECH@FO?H=?LDOMN;FC=D;;<JIMN?>B?L%;FFIQ??H=IMNOG?
CH &HNBCMPC>?IMB?MN;H>M;>DOMNCHAB?LB;CL;H>JIMCHA@ILNB?=;G?L; FC=D;CMQ?;LCHA
;H"F;MNCACLF=IMNOG?@LIGNB?!CMH?S-CR;LGIPC?1B?&H=L?>C<F?M FC=D;;>DOMNMB?LION@CN
MFC>CHAAFIP?MIHNIB?LB;H>M;H>IHB?L@IL?;LGMQBCF?MNC=ECHAB?LFCJMIONCH;>O=EFCJJIM?
&HNB?<;=EALIOH>I@NB?PC>?ICM?SIH=WcM O@@&N;MMB?JIM?M@LIGNB?=;G?L; 1B?GIMN
HIN;<F?J;LNI@NB?PC>?ICMFC=D;cMD?N<F;=EQ;PSB;CLF;C>QCNB?>A?M;H>?RNL?G?FSN;HH?>

MECHNB;N=L?;N?>=IH@OMCIH@ILPC?Q?LM &MFC=D;;F;=EQIG;H2JIHFIIECHA;N;>>CNCIH;F
PC>?IMIHB?LJ;A?NB?;HMQ?L<?=IG?M;JJ;L?HN^MB?CMHIN
>73)5):1651B?PC>?IJIMN?><SDOMN;FC=D;;<CMHINCHB?L?HNFSQLIHA;MMB?CMMCGJFS
GI>?FCHAB?LION@CN<ONCNB;M=;OM?>;FINI@=IHNLIP?LMSCHNB?1CE1IE=IGGOHCNS;@N?LINB?LM
L?;FCT?>MB?CMHIN;QIG;HI@=IFIL 0IG?OM?LMB;P?;==OM?>B?LI@<F;=E@CMBCHA>O?NIB?LOM?
I@N;HHCHA=IMG?NC=MOLA?LS;H>=B;HA?MCHB?L;JJ?;L;H=?NB;NL?M?G<F?NBIM?I@F;=E
QIG?H @N?LOM?LM<?A;HNI=CL=OF;N?B?LPC>?IMJIMN?>@IL&HMN;AL;GMB?<?A;HNIL?=?CP?;FIN
I@<;=EF;MB &HL?MJIHM?FC=D;>CM;<F?>NB?=IGG?HNMIHB?LPC>?IMQBC=BB;M@OLNB?L@O?F?>
;==OM;NCIHM;H>IONL;A? @N?LCHN?LH?NMF?ONBCHAOM?LMFCE?MCHMQ??N?MNB;P?=L?;N?>
MFC>?MBIQMOMCHAPC>?IM@LIGB?L1CE1IEJ;A?;H>IF>&HMN;AL;GJIMNMNICFFOMNL;N?NB?=B;HA?M
CHB?L;JJ?;L;H=? 1B?M?MFC>?MBIQMMBIQNB?>L;G;NC=NL;HM@ILG;NCIHMCHB?L;JJ?;L;H=?
CH=FO>CHA>;LE?LMECH=OLPSNBCABM;H>BCJM;H>@OFFFCJMQBC=B;L?I@N?H=IGGIHFS;NNLC<ON?>
NINBIM?I@F;=EQIG?H 1B?=IHNLIP?LMS;LIOH>NBCMPC>?IBCABFCABNMNB?IHAICHACMMO?I@
=OFNOL;F;JJLIJLC;NCIH;H><F;=E@CMBCHACHMI=C;FG?>C; FC=D;cM<F;=E@CMBCHA=IOJF?>QCNBB?L
;==?HNO;N?>SNSJ?M=L?;N?MNB?=IH>CNCIHMI@NB?BSJ?LM?RO;FCT?>P?LMCIHI@NB?F;=E
@?GCHCH?S FC=D;cMOHH;NOL;FFS;==?HNO;N?>=OLP;=?IOMBCJM;H><L?;MNM=IHH?=NNIB?L
;JJLIJLC;NCIHI@F;=E@?GCHCHCNSOH@ILNOH;N?FS?=BICHANB?'?T?<?FMN?L?INSJ? %?LPC>?IMF?;>
NI@?NCMBCTCHANB?F;=E@?G;F?@ILG<SMI@NFS?GJB;MCTCHAB?LGIMN>?MCL;<F?;H>?RINC=NL;CNM
%?LIP?LM?RO;FCT?>L?JL?M?HN;NCIHJF;SMCHNINB?C>?;NB;NNB?F;=E@?G;F?SCMFO=L;NCP?
1B?J?L@ILG;H=?I@<F;=E@CMBCHACHPIFP?MJ;LLINCHANB?;?MNB?NC=MI@F;=EQIG?H;H>
;>ILHCHANB?J;F;N;<F?;?MNB?NC=MI@<F;=EH?MMQCNBIONNB?FCP?>?RJ?LC?H=?I@L;=CMG;H>NB?
=BLIHC=H?A;NCP??RJ?LC?H=?MNB;N=IG?QCNBCN 1B?J?L@ILG;H=?I@<F;=EH?MMNBLIOAB
<F;=E@CMBCHAMOAA?MNMNB;N<F;=EH?MMCM;=IMNOG?NB;NIH?=;HJONIH;H>Q?;LQB?HCNCM

=IHP?HC?HNQCNBIONOH>?LMN;H>CHANB?JFCABNI@F;=EJ?IJF?QBI=;HHIN>?=C>?QB?H;H>QB?H
HINNI;JJ?;LI@=IFIL N;FFNCG?MF;=EJ?IJF?;L?>CM=LCGCH;N?>;A;CHMN;H>>IHIN;>ILH
JLCPCF?A?MNI;=NCHNB?=OFNOL?;MQ?M??@CN F;=E@CMBCHACM;G;HC@?MN;NCIHI@JLCPCF?A?^=B?LLS
JC=ECHA=OFNOL?NI;>ILHQB;NM=IHMC>?L?>NB?<?MNQCNBIONFCPCHA;M;H;ONB?HNC=F;=EQIG;H
*IL?IP?L<F;=E@CMBCHA=IGGI>C@C?MNB??RJ?LC?H=?I@<?CHA<F;=EJ?LJ?NO;N?M=IFILCMG;H>
JF;SM;@;=NILCHQB;NMI=C?NSJ?L=?CP?M;M;ÀII>FIIECHAaF;=EQIG;H<;M?>IH;J?LMIHcM
JLIRCGCNSNIQBCN?H?MM FC=D;B?LM?F@J?LJ?NO;N?MNBCMCHNB?PC>?I FC=D;;JJ?;LM;M;FCABN
MECHH?>=OLFSB;CLF;=EQIG;H;H>CHNB?=IHN?RNI@=IFILCMGFCABNMECHH?>FIIM?=OLF?>
L?JL?M?HN;NCIHMI@F;=EQIG?HB;P?<??H;H;FST?>;M;GIL?J;F;N;<F?@ILGI@F;=EC>?HNCNS
<?=;OM?I@CNMJLIRCGCNSNIQBCN?H?MM 1BCM>?JC=NCIHI@<F;=EH?MM=L?;N?M;G;LE?N@ILHIHF;=E
J?IJF?NIJLI@CNI@@NB?@?NCMBCT;NCIHNB;NF;=EQIG?H@;=?OH>?LNB?MSMN?GI@QBCN?
MOJL?G;=S 1BCM@OLNB?LJ?LJ?NO;N?MNB?MI=C?N;F<?FC?@NB;NJLIRCGCNSNIQBCN?H?MM<?;LM<?NN?L
MI=C?N;FNL?;NG?HN=;OMCHAB;LGNISIOHAF;=EACLFMQBIB;P?F?;LH?>NBLIOAB?RJ?LC?H=?NB;N
NB?SH??>NI<?=FIM?LNIQBCN?H?MMNI<?J?L=?CP?>;MAII>FIIECHA
4CNB<F;=E@CMBCHAHIHF;=EJ?IJF?B;P?NB?;<CFCNSNIB;P?NB?;?MNB?NC=MI@<F;=EH?MM
<ONN;JCHNINB?JLCPCF?A?I@NB?CLQBCN?C>?HNCNSQBCF?MCGOFN;H?IOMFSB;PCHANB?;<CFCNSNIMBC@N
<;=ENIQBCN?H?MM;N;HSACP?HNCG? 4B?H;NN;=B?>NIHIHF;=EJ?IJF?;@LI=?HNLC=@?;NOL?M
;L?FO=L;NCP?;H>J;F;N;<F? 1BCMJLCPCF?A?NI=BIIM?QB?HNI;JJ?;LF;=E;H>QB?HHINNI
@OLNB?LBCABFCABNMNB?>CM=L?J;H=C?MCHMI=C?N;FNL?;NG?HNNIQ;L>MF;=ECH>CPC>O;FMP?LMOMHIH
F;=ECH>CPC>O;FM
&%')&/!(#3 +)/#

-9+817:1652JFI;>?>NI1CE1IEQCNBHI?RJF;H;NCIHI@NB??P?HNILNB?L?;MIH@ILNBCM
GI>?FcM`=B;L;=N?L=B;HA?aOM?L"PA?HC;>T;@?LIPC=MB;L?M;PC>?II@;M??GCHAFSF;=E

@?G;F?GI>?F NNB?<?ACHHCHAI@NB?PC>?IPC?Q?LM;L?G?NQCNB;GI>?FQCNB<LIQHMECH
NBC=E?S?<LIQM>?@CH?>=B??E<IH?M<CAL?>FCJM;H>ECHESB;CL;FGIMNMB;J?>CH;<IR@;>?
B;CL=ON 1B?GI>?FCMMN;LCHA>CL?=NFSCHNINB?=;G?L;;MNB?PC>?IAL;JB?LMBC@NMNB?;HAF?NCFN?>
@LIGF?@NNILCABN 1B?J?LMIH@CFGCHANB?QIG;H<?ACHMNIJ??FI@@B?L?S?F;MB?M 4CNB?P?LS=ON
NI;H?QPC>?IM=?H?;J;LNI@NB?GI>?FcM;JJ?;L;H=?CM<?CHAL?P?;F?> @N?LNB??S?F;MB?M;L?
FC@N?>NB?PC>?ICM=ONNI;M=?H?QB?L?NB?ECHESB;CL<IR@;>?CM<?CHAFC@N?>@LIGB?LM=;FJ M
NB?QCACM<?CHAFC@N?>L?P?;F?>OH>?LH?;NBCMMNL;CABN<FIH>?B;CLGIF>?>NINB?GI>?FcMB?;> &H
NB?H?RNM=?H?;JLIMNB?NC=@;=?G;MECMNB?HJ??F?>I@@NB;NL?P?;FMNB?GI>?FCM;=NO;FFS;QBCN?
QIG;HQCNB<FIH>?B;CL MNB?PC>?I=IG?MNI;=FIM?Q?A?N;MBILNMBINI@B?FJ?LM=F?;HCHA
NB?<LIQHJ;CHNI@@I@NB?GI>?FMcF?AM<?@IL?;=FIM?OJI@NB?>CMNILN?>JLIMNB?NC=G;MEDOMN
QILH &HMN?;>I@NB?>;LEMECHECHESB;CL?>@OFFFCJJ?>F;=EQIG;HCHNB?<?ACHHCHAI@NB?
PC>?IPC?Q?LM;L?MOLJLCM?>NIM??NB;N@LIGNB?MN;LNCNQ;M;QBCN?<FIH>?B;CL?>QIG;H
>73)5):1651B?;=NI@;QBCN?GI>?F>CMJIMCHAI@B?L<F;=EH?MM<SQ?;LCHA;F;=E
QIG;HcMG;ME@IL;GI>?FCHAMBIQCM>??JFSJLI<F?G;NC= &H>ICHAMIMB?CM;LAOCHANB;N
<F;=EH?MMCM>CMJIM;<F?;H>=;H<?MB?>;H>OM?>QB?HH?=?MM;LS &NL?CH@IL=?MNB?C>?;NB;N
<F;=EH?MMCM;=IMNOG?NB;N=;H<?JONIH;H>N;E?HI@@;NQCFF 1B?GI>?FCHACH>OMNLSM?LP?M;M
NB?A;N?E??J?LMNINB?NL?H>M;H>NB?HILGMI@QB;NCM;==?JN;<F?;H>CMHcNCHMI=C?NS<SQ;SI@
NB?CLCH@FO?H=?I@QB;NCMNL?H>S^NB?H??>NIG;HO@;=NOL?<F;=EH?MMCHMN?;>I@BCLCHA;F;=E
QIG;H 1BCM<?B;PCILCMJ;LNC=OF;LFSCHMC>CIOMCHNB?GI>?FCHACH>OMNLSQB?L?GI>?FCHA
;A?H=C?M;L?IP?LQB?FGCHAFSQBCN? &HNOLHNB?BCLCHA;H>G;E?IP?LI@NBCMGI>?FQ;MOM?>;M;
Q;SNIMBIQ`>CP?LMCNSaQCNBIONB;PCHANIBCL?F;=EJ?IJF? 1BCM;JJLI;=BIHFSL?CH@IL=?MNB?
HINCIHNB;NF;=EC?M;L?CHN?L=B;HA?;<F?;H>=;H<?=IGGI>C@C?>@ILJLI@CN &HNBCM=;M?NB?
QBCN?GI>?FcMOM?I@;F;=EQIG;HcMG;MEIHFSM?LP?MNI@OLNB?LG;LACH;FCT?;H>NIE?HCT?

F;=EC?MJ?LJ?NO;NCHAB;LG@OFMN?L?INSJ?M;H>=IHNLC<ONCHANINB??L;MOL?I@F;=EPIC=?MCH
NB?@;MBCIHCH>OMNLS 1BCM@OLNB?L=IGGI>C@C?MNB?F;=EGI>?F@ILGIH?N;LSA;CH@ILNBCM
GI>?FCHAMBIQJ?LJ?NO;NCHA;=S=F?I@?RJFICN;NCIHNB;NB;M?RCMN?>CHNB?CH>OMNLS@IL@;LNII
FIHA M+?QG;H HIN?M`,H;P?L;A?F;=EGI>?FMG;E?OJ@ILMCRJ?L=?HNI@GI>?FM
OM?>IHNB?LOHQ;S>OLCHANB?@;MBCIHGIHNB=;F?H>;L 1BCMMG;FFJ?L=?HN;A?CM;FMIGCLLIL?>CH
;>P?LNCM?G?HNM;H>?>CNILC;FM@?;NOL?>CHJIJOF;L@;MBCIHG;A;TCH?M a1B?GI>?FCHNB?PC>?I
JF;S?>CHNINB??L;MOL?I@<F;=EH?MM;H>JL?P?HN?>L?JL?M?HN;NCIH<S;FFIQCHAB?LM?F@NIN;E?IH
;?MNB?NC=MI@<F;=EH?MM;H>FCN?L;FFS>L?MMCHACH<F;=E@;=?JL?P?HNCHA;H;=NO;FF;=EGI>?FNI
M?=OL?NB?DI<

1
+), +&, +
-9+817:1652JFI;>?>IHJLCFGIHNBM;@N?LNB?(# LI=ML?F?;M?>L;<
OM?L;>?L;FM;@;LOJFI;>?>;PC>?IMBIQCHAI@@NB?(# R LI=M=IFF;<IL;NCIHI@;@LC?>
=BC=E?HNB?G?>MBI? ,HM=L??H;>?LCMMCNNCHACH;=;LBIF>CHA;H?GJNS(# @LC?>=BC=E?H
<O=E?N &HNB?@CLMNB;F@I@NB?PC>?IB??RJL?MM?MBIQ;`+ILG;F-?LMIHa?;NM=BC=E?HQBCF?
<CNCHA>IQHCHNI;L?;F>LOGMNC=E ;>?L?;NMNB?=BC=E?HJOFFCHANB??HNCL?>LOGMNC=ECHNIBCM
GIONB;H>=B?QCHA 1B?HNB?PC>?INB?H=ONMNI;H?QM=?H? NNB?NIJI@NB?M=?H?CMNB?PC>?I
=;JNCIH?>`%SJ?<?;MNaL?@?LLCHANINB?=OFNOL?I@;=KOCLCHAB;L>NIA?N@;MBCIH;<F?;H>NL?H>S
CN?GMIL`BSJ?>MNL??NQ?;LaMO=B;MNB?MBI?CHBCMPC>?I
#LIGCHMC>?NB?<O=E?N;>?LN;E?MIONNB?L?>=LI=QCNB;@LC?>=BC=E?HJLCHN?>>?MCAH
;H>;!GI>?FI@;(# @LC?>=BC=E?H>LOGMNC=E=B;LGIHNIJ %?M;SMNB;NNB?=LI=MFIIE
`0C=EIGI>?aL?@?L?H=CHA;1L;PCM0=INNMIHA M;>?LJL?N?H>MNI<CN?>IQHIHNB?@LC?>
=BC=E?HNB?PC>?IIH=?;A;CH=ONM;MB?CMHIQQ?;LCHA;G;MEI@;>;LEMECHF;=EG;HQCNB
FI=MCHNB?FCE?H?MMI@1L;PCM0=INNQBC=BCMMIF><SNB?L;JJ?LBCGM?F@ M;>?LN;E?M;<CN?

;H>M;SM`*GGaMBIQCHAM;NCM@;=NCIHQCNBNB?;LNC@C=C;F>LOGMNC=EB?MB;E?MBCMB?;>@LIGF?@N
NILCABN?R=CN?>FS 2H>?LNB?PC>?I;>?L=;JNCIH?>CN`+ILG;F-?LMIHPM%SJ?<?;MN(#
🍗 @ILSIOJ;A?@ILSIO@SJMH?;E?LB?;>BSJ?<?;MN<;>?L;FM;@;LE@==LI=M
LI=M">CNCIH 🍗
@LC?>=BC=E?HMOJL?G? A
>73)5):165 &GG?>C;N?FS;@N?LNBCMOJFI;>;>?LQ;MG?N QCNB<;=EF;MB 3C?Q?LM
IHFCH?KOC=EFSL?OJFI;>?>;>?LcMPC>?IQCNB=IGG?HNM;MECHAC@NBCMCM=IHMC>?L?><F;=E@;=?IL
;NNB?P?LSF?;MN`JLI<F?G;NC= a,H=?NB?=IGG?HNM?HMO?>;>?LF0;@;L>?F?N?>NB?PC>?I
;H>JIMN?>;L?MJIHM?M;SCHANB;NB?`+?P?LCHN?H>?>;HS<F;=E@;=?L;=CMGB;N?IL
😔1BCMCM;=NO;FFS;G;ME=L?;N?>L?F?;M?><S1L;PCM0=INNBCGM?F@
>CM=LCGCH;NCIH😔
<;>?L;FM;>;L a4BCF?BCM;JIFIAS@FII>?>NB?;JJNB?B;LGB;>;FL?;>S<??H>IH?QCNBG;HS
=IGG?HNMMBIQCHANB?CL>CMG;S IGG?HNMQ?L?GOFNC@;=?N?>>?GIHMNL;NCHA>CP?LM?
J?LMJ?=NCP?MIHNBCMNIJC= `C;GMJC>?LL1B?AOS=F?;LFS>I?MHcNOH>?LMN;H>QB;N<F;=E@;=?
L?;FFSCM&cG<F;=E;H>CNcMHINI@@?HMCP?OFDH>&G<F;=E;H>&Q;McNLFFSI@@?H>?>':0-
+8-):68312-,:019+644-5:(>?FCF;BM>CM=B;LA?6;MM;A;MFCABN>L?QMEC:>?FA;>IMIQ?
>?@?H>CHAMIG?IH?FCN?L;FFSJONNCHAIH;<F;=E@;=?;H>JL?N?H>CHANI<?;I@@?HMCP?MN?L?INSJ?
;H>?;NCHA@LC?>=BC=E?HLFSa4B?NB?L;>?LOH>?LMNII>NB?CGJ;=NI@BCM=L?;NCP?=BIC=?MIL
HINCNcM=F?;LNB;NB?>C>HcN@LIGBCMQLCNN?H;H>PC>?IL?MJIHM?BCMPC>?INSJ?=;MN?>F;=E
C>?HNCNSCHNIMN?L?INSJC=;FNLIJ?MH;G?FSNB?NLIJ?I@L;=CMN@II>MN?L?INSJ?M
1B?CGJ;=NI@NB?PC>?IQ;M=F?;L 1B?L?Q;MCHN?HNCIH;FCNSQCNBL?F;NCHANB?1L;PCM0=INN
G;MENI(# @LC?>=BC=E?H 4BCF?OM?LMG;S;LAO?NB;N;>?LOM?>NB?1L;PCM0=INNG;ME
<?=;OM?CN=IOF><?>??G?>;BSJ?<?;MNCN?GCNMIF>IONP?LSKOC=EFS;H>CMMIF>OJ=B;LA?>IH
G;LE?NJF;=?M ;>?LCHN?HNCIH;FFS>?=C>?>NIQ?;LNB?1L;PCM0=INNG;MEQB?H=L?;NCHANBCM
PC>?IF?;>CHANINB?CGJ;=NI@M?P?L;FF;=EOM?LML?F;NCHANB?PC>?ININB?BCMNILSI@<F;=E@;=?

-;LNC=OF;LFSNB?>?=CMCIHNIF;<?FNB?M?=IH>=B;L;=N?L;MBSJ?<?;MNCMGOFNCF?P?F?>CHNB?=IHN?RN
I@NB?PC>?IMBIQH %SJ?<?;MN=OFNOL?CMCH@ILG?><SF;=E=OFNOL?NB?MNSF?M;H>NL?H>MNB;N
>IGCH;N?BSJ?<?;MN=OFNOL?I@N?HB;P?NB?CLLIINMCHF;=E=OFNOL?;H>G;HSI@NB?GIMN
CH@FO?HNC;F@CAOL?MCHNB?=OFNOL?;L?F;=E %SJ?<?;MN=OFNOL?CM>??JFSLIIN?>CHBCJBIJ=OFNOL?
QCNBG;HSL;JJ?LMMBIONCHAIONNB?CL@;PILCN?<L;H>M;H><?=IGCHA<L;H>;G<;MM;>ILM@ILQ?FF
EHIQHMNL??NQ?;L=FINBCHA &HL?NOLHBCJBIJGOMC=@;MBCIH;H>;LNB;P?<??H;>LCPCHA@IL=?CH
JIJOF;L=OFNOL?@IL>?=;>?M;H>NB?SB;P?B;>;MCAHC@C=;HNCGJ;=NIHNB?>?P?FIJG?HNI@
BSJ?<?;MN=OFNOL? *;HSI@NB?GIMNJIJOF;LMNL??NQ?;L<L;H>MFCE?0OJL?G?;H>,@@4BCN?
B;P?NB?CLLIINMCHNB?BCJBIJ=IGGOHCNS;H>NB?S=IHNCHO?NI<?B?;PCFSCH@FO?H=?><SF;=E
=OFNOL? 1BCM=OFNOL;FNC?I@NB?BSJ?<?;MNNINB?F;=E=IGGOHCNS@OLNB?LF?;>MNINB?OJM?NI@
>IHHCHA;L;=CMNMN?L?INSJC=;FNLIJ?
;>?L<F;N;HNFSJILNL;S?>;L;=CMNNLIJ?NB;N=ILL?F;N?>F;=EJ?IJF?;H>@LC?>=BC=E?H
;>?LcMOM?I@;L;=CMNNLIJ?NB;NFCHEMF;=EJ?IJF?QCNB@LC?>=BC=E?HJ?LJ?NO;N?M;B;LG@OF;H>
I@@?HMCP?MN?L?INSJ?NB;NB;MCNMLIINMCHMF;P?LS;H>M?AL?A;NCIHCHNB?2HCN?>0N;N?M #LC?>
=BC=E?HB;M<??H;G;CHMN;SCHG?LC=;HNSJ?=;MN?>=OFNOL?QB?H>?M=LC<CHAF;=EJ?IJF?
#LIGNB?MNINB?M@LC?>=BC=E?HB;>ONCFCNS@IL?HMF;P?>J?IJF? ,@N?HNCG?MMF;P?
G;MN?LM;FFIQ?>?HMF;P?>J?IJF?NIL;CM?=BC=E?HM;H><;LN?L@IL?AAM ?=;OM?NB?L?Q?L?HcN
G;HSIJNCIHM@IL?HMF;P?>J?IJF?NI?;N@LC?>=BC=E?HQ;M=IHMC>?L?>;AII>JC?=?I@G?;N>O?
NICNM=B?;JJLC=?JICHN;H;==?MMC<F?JICHNI@JLIN?CH;H>CNM;<CFCNSNI?;MCFS@??> %IQ?P?L
! 4 $LC@@CNBcMCLNBI@;+;NCIH=B;HA?>NB?NL;D?=NILSI@NB?@LC?>=BC=E?HMN?L?INSJ? `,H?
M=?H?@?;NOL?M;ALIOJI@;=NILMJILNL;SCHAMBC@NF?MMF;=E?F?=N?>I@@C=C;FM;=NCHALIQ>S;H>
=LO>?FSCH;F?ACMF;NCP?B;FF 1B?G?MM;A?NINB?;O>C?H=?1B?M?;L?NB?>;HA?LMI@F?NNCHA
<F;=EMPIN? 0IG?I@NB?F?ACMF;NILM;L?MBIQH>LCHECHA ,NB?LMB;>NB?CL@??NEC=E?>OJIHNB?CL

>?MEM H>IH?I@NB?GQ;MP?LSIMN?HN;NCIOMFS?;NCHA@LC?>=BC=E?Ha!?G<S 1B?IH=?
JLIN?CH?@@C=C?HN@II>NL;HMF;N?>CHNI;MN?L?INSJ?NB;NJILNL;S?>F;=EJ?IJF?;MJLCGCNCP?
OHMIJBCMNC=;N?>;H>OH=CPCFCT?>;H>NI>;SCNCMI@N?HOM?>NIDOMNC@SL;=CMG;H>>CM=LCGCH;NCIH
;A;CHMNNB?G
,HFIIE?LM=;H;LAO?NB;N;>?LCMOHEHIQCHAFSJILNL;SCHANB?NLIJ?I@JLCGCNCP?F;=E
J?IJF?<SBCM>?=CMCIHNI?R=CN?>FS<CN?CHNINB?!>LOGMNC=E 4CNB;H?R=CN?G?HNNB;NCMHIN
JL?M?HNCHNB?`HILG;FJ?LMIHa;=N;>?LKOC=EFSJL?N?H>MNI?;NQBCF?Q?;LCHANB?G;MEI@;
F;=EG;H IHH?=NCHANB?BCMNILSI@@LC?>=BC=E?HNINB??HMF;P?G?HNI@F;=EJ?IJF?NB?
MN?L?INSJ?I@?HMF;P?>J?IJF??;NCHAFCE?;HCG;FMCM;>?BOG;HCTCHA;H>>?LIA;NILSJILNL;S;F
NB;NB;M<??HOM?>NIDOMNC@SNB?GCMNL?;NG?HN;H>?RJFICN;NCIHI@?HMF;P?>J?IJF?NBLIOABION
BCMNILS 1BCMMN?L?INSJ?MOAA?MNMNB;NMF;P?MF;=E?><;MC=BOG;HKO;FCNC?MMO=B;MM?F@=IHNLIF;H>
>CAHCNS;H>Q?L?GIL?;ECHNIQCF>;HCG;FMNB;HNIBOG;H<?CHAM 1B?C>?;I@MF;P?M?;NCHAFCE?
;HCG;FMCM<;M?>IHNB?;MMOGJNCIHNB;NNB?SQ?L?ACP?HIHFSG?;A?LL;NCIHMI@@II>;H>Q?L?
@IL=?>NIM=;P?HA?;H>@IL;A?FCE?;HCG;FMCHIL>?LNIMOLPCP? ;>?LcM>?=CMCIHNIQ?;LNB?G;ME
QBCF??;NCHAF?;HMCHNINBCMMN?L?INSJ?;MB?;=NMIONNB??R=CN?G?HN;H>KOC=E?;NCHA;M;H
OHL?@CH?>J?LMIHGCABN>I >>CNCIH;FFSQBCF?;>?LMG;MEQ;MCHN?H>?>NIL?JL?M?HN1L;PCM
0=INNCN=;H?;MCFS<?GCMN;E?H@IL;A?H?LC=F;=EG;F?QCNBFI=M@OLNB?LJ?LJ?NO;NCHANB?
MN?L?INSJ? 3C?Q?LM>CM=IHH?=N?>@LIGBCM=B;HH?F;H>BSJ?<?;MN=OFNOL?IH@CLMNAF;H=?QIOF>
HIN;MMI=C;N?NB?G;MEQCNB1L;PCM0=INN 1B?HINCIHI@OMCHA;G;MEI@;F;=EG;F??;NCHA
=BC=E?HL;=C;FCT?MNB??RJ?LC?H=?QB?NB?LNB?L?Q;MCHN?HNCIHILHIN H>>?MJCN?OM?LM<?CHA
I@@?H>?>NB?PC>?ICMMNCFFOJFI;>?>

(! &%#+&,'#&1/#,
-9+817:1651B?H?RNPC>?ICMOJFI;>?><SG?CF;R>;PC?M;QBCN?=IHN?HN=L?;NIL
QBIQ?HNPCL;F@ILC>?HNC@SCHA;MF;=E;H>M;SCHANB;NMB?`=;H>I<F;=E=OFNOL?a<?=;OM?`QBI
AIH=B?=EaB?L G?CF;OJFI;>?>;PC>?IQCNB;HINB?LQBCN?QIG;H>;H=CHA;H>FCJMSH=CHANI
-?HAF;=E$CLFM/?GCR<S"++6;H>'ILD;0GCNBNQIF;=E@?G;F?MCHA?LM &HNB?PC>?ISIO
M??G?CF;;H>B?L=IOHN?LJ;LNCH;>??JN;HQCNB;1CE1IE<?;ONS@CFN?LIP?LNB?CL@;=?M MNB?
ACLFMMBIQNB?GM?FP?MI@@;H>@;CFNIFCJMSH=NB?=ILL?=NFSLC=MNB?S=FIM?FSMN;H>H?RNNIIH?
;HINB?L;MNB?SMGCF?CHNINB?=;G?L; 1B?FSLC=ML?=CN?>CHNB?<;=EALIOH>I@NB?PC>?IL?@F?=N
NB?<?;ONSI@F;=EQIG?H;=LIMMNB?>C;MJIL;QCNBFSLC=MMO=B;M`"++6M;C>NB?L?cMJ?HA
F;=EACLFMCHIOL;L?;=I>?M1B?M?F;=EACLFMH??>NI<?CHNB?MBIQM?IHNB?LOHQ;SMHIN
DOMNGII><I;L>M,HNIJI@NB;N&Q;HH;M??NB?GCHSIOLN?;G)IIE;NSIOL=LIQHH;NOL;F
L?F;R?>%;>;'B?LC=OLFIH?NCG?MI@N;H>MB??H4B?L?F;=EACLFG;AC=CMMIG?NCG?M<FO?a
"++6'ILD;0GCNB MNB?MIHA?RJL?MM?M;FIP?@IL>C@@?L?HNNSJ?MI@F;=EQIG?H
G?CF;;H>B?L=IOHN?LJ;LNFIIECHNINB?=;G?L;MBIQCHANB?CL`<F;=Ea<?;ONS;MNB?PC>?I?H>M
>73)5):1651I<?F;=ECM;<IONGIL?NB;HDOMNMECH=IFILB;CLN?RNOL?IL?RJ?LC?H=?M
I@L;=CMGCNCM;FMINI<?B?CLNI;LC=B=OFNOL;FF?A;=S #IL=?HNOLC?MQIG?HI@@LC=;H>?M=?HN
B;P?<??H=IH>CNCIH?>NI<?FC?P?NB;NNB?CLFIIEM;L?CH;>?KO;N?;H>CH@?LCILNIQBCN?QIG?HcM
6?NCH=IHMNLO=NCIHMI@<?;ONSF;=EQIG?HcMJBSMC=;FCNSQ;MOM?>NIJLIPC>?NB?L;NCIH;F?@IL
QBCN?QIG?HcM<?;ONSNBLIOABION<CH;LSNBCHECHAI@<F;=EH?MM;H>QBCN?H?MM<?CHAOAFSIL
JL?NNSQCNBIONNB?INB?L^F?;HCHANIQ;L>MNB?Q;HNNI<?;>D;=?HNNIQBCN?H?MMNI<?>??G?>
<?;ONC@OF %IQ?P?LCHNB?J;MN>?=;>?NB?MN;H>;L>I@QBCN?H?MM;M<?;ONSB;M<??HMIG?QB;N
>CMJF;=?>;MGIL?J?IJF?;L?=?F?<L;NCHANB?CL=OFNOL;FB?LCN;A?;H>NB?CL?NBHI=?HNLC=@?;NOL?M &H
NOLHQBCF?<F;=EH?MMCM<?CHA=?F?<L;N?>NB?GCR?>C>?HNCNSB;MMOL@;=?>@ILHIHF;=EJ?IJF?

;H>QBCN?MNIJIMCNCIHNB?GM?FP?MNI;FMI<?>??G?>QILNBS<;M?>IH;NNL;=NCP?H?MM;H>
JLIRCGCNSNI<F;=EH?MM
1B?Q;SMI=C?NSG?;MOL?M;NNL;=NCP?H?MMCML;=CMN;H>>CM=LCGCH;NILS;H>NB?JIQ?LI@
<F;=E@CMBCHAF?;>MNINB?C>?;NB;NF;=EQIG?HcM>?MCL;<CFCNSCMP;FC>;H>JLI@CN;<F?<ON?P?H
GIL?MIQB?HJL?M?HN?>IH;QBCN?S 2M?LMFCE?G?CF;JIMCNCIHNB?GM?FP?M;MF;=E
QIG?HILGCR?>L;=?QIG?HNI@CNCHNI>?MCL;<CFCNS@OLNB?LG;HC@?MNCHANB?JIQ?L>SH;GC=M;N
JF;SCHIOLMI=C?NS FNBIOABG?CF;B;MAIH?IHL?=IL>M;SCHANB;NMB?CMHINQBCN?;H>CMCHNB?
=OFNOL?NBCMCMHIN;<ION@F;NN?LS;H>=OFNOL;F;JJL?=C;NCIH NCNM=IL?G?CF;cM<F;=E@CMBCHA;H>
OM?I@-?HAF;=EACLFMCM;<IONJIQ?L;H>IQH?LMBCJ -;LNC=OF;LFSL?F?P;HNCHNBCM=IHN?RNCMNB?
Q;SCHQBC=BNB?M?;=NCIHM;L?HINGINCP;N?><SA?HOCH?;>GCL;NCIHIL;JJL?=C;NCIH<ONL;NB?L;
>?MCL?NI;JJLIJLC;N?;H>=IHNLIF;MJ?=NMI@F;=EC>?HNCNS 1BCM;JJLIJLC;NCIHCM?MJ?=C;FFS
CHMC>CIOMACP?HNB?BCMNILC=;F=IHN?RNI@F;=EIJJL?MMCIH;H>NB?IHAICHAMNLOAAF?@ILL;=C;F
?KO;FCNS &NM?LP?M;M;L?GCH>?LNB;N?P?H;MJLIAL?MMCMG;>?CHMIG?;L?;MNB?L?;L?MNCFF>??J
M?;N?>N;<IIM;H>CH?KO;FCNC?MNB;N=IHNCHO?NI>?@CH?L;=?L?F;NCIHM<?NQ??HF;=E;H>QBCN?CH
NB?MN=?HNOLS 1B?@;=NNB;NMIG?J?IJF?@??F?HNCNF?>NI;>IJN;MJ?=NMI@F;=E=OFNOL?IL
;JJ?;L;H=?QCNBION@;=CHANB?M;G?MSMN?GC=>CM=LCGCH;NCIH;H>JL?DO>C=?CM;N?MN;G?HNNINB?
IHAICHAJIQ?LCG<;F;H=?MCHIOLMI=C?NS
>>CNCIH;FFS>CM=OMM?>@OLNB?LCHNB?PIC=?IP?LM?=NCIHQBCN?ACLFMMBIOF>HINOM?NB?
-?HAF;=EACLFM;O>CIIH1CE1IE<?=;OM?CN;JJLIJLC;N?MF;=E=OFNOL? 1B?;O>CICM;
=?F?<L;NCIHI@<F;=EH?MM;H>CMLIIN?>CHNB??RJ?LC?H=?M;H>MNLOAAF?MI@F;=EQIG?H S
OMCHANBCM;O>CIQBCN?ACLFM;L??MM?HNC;FFS=IIJNCHA;=OFNOL;F?RJL?MMCIHNB;NCMHINNB?CLMNI
OM? 1BCM<?B;PCILJ?LJ?NO;N?M;FIHABCMNILSI@=OFNOL;F;JJLIJLC;NCIHQB?L??F?G?HNMI@F;=E
=OFNOL?;L?N;E?H;H>L?J;=E;A?>@ILNB?<?H?@CNI@HIHF;=EJ?IJF?

+#(
),*&2+0-
-9+817:165*;LQ;/;N?<CM;0SLC;H1CE1IEMN;L;H>;=NL?MM 4BCF?B?L=IHN?HN
L?PIFP?M;LIOH>FC@?MNSF?;H>@;MBCIHOM?LMIH1CENIEB;P?JOMB?>*;LQ;CHNINB?FCG?FCABN>O?
NIB?LMOLAC=;F;FN?L;NCIHM;H>=IMJF;SCHA;M;H@LC=;HQIG;HIHM?P?L;FI==;MCIHM &HNB?PC>?I
>IQHFI;>?>*;LQ;CMMN;H>CHACH@LIHNI@;AL??H?LS<;=E>LIJQCNB>C@@?L?HNJF;HNM;H>F?;P?M
;NN;=B?>NIIH?;HINB?L &HNB?GC>>F?I@NB?<;=E>LIJCM;<I;L>I@=B??N;BJLCHNQCNB;H
?HF;LA?>=ONIONI@;NCEC;H>NQINCECNIL=B?MFCH?>;=LIMMNB?LCABNMC>?NI>?=IL;N?NB?<I;L>
*;LQ;CMMN;H>CHACH@LIHNI@NB?<;=E>LIJQCNBB?LMECHJ;CHN?><LIQH=OLFS@LIB;CLIHB?L
B?;>NB;NCM=IP?L?><S;AL??H;H>IL;HA?B?;>QL;J;H>;AL??H;H>IL;HA?>L?MMBOAACHAB?L
S MNB?PC>?I<?ACHM*;LQ;<?ACHM>;H=CHANI;H;@LI<?;NMIHANCNF?> ;FG!IQH<S
+CA?LC;H;LNCMN/?G; *;LQ;<?ACHMB?L>;H=?LIONCH?<SMN?JJCHAIH?@IINNI?;=BMC>?I@B?L
S;MMB?=F;JM MMB?MN?JMB?L@??NIONPC?Q?LM=;HM??NB;NMB?;FMIJ;CHN?>B?L@??N<LIQH
1B?=;JNCIHCMQLCNN?HCHL;<C=QBC=BNL;HMF;N?MNI`$L??NCHAMI@FIP?;H>;JJL?=C;NCIHNI;FFNB?
@LC=;HJ?IJF? a
>73)5):1651B?=IGG?HNM?=NCIHCHL?MJIHM?NI*;LQ;cM=IHNLIP?LMC;FJIMNBCABFCABNM
NB?>CPCMCIHI@OH>?LMN;H>CHANB;N?RCMNM;=LIMM=OFNOL?MQB?HCN=IG?MNIOH>?LMN;H>CHANB?
>C@@?L?H=?<?NQ??H;JJL?=C;NCIH;H>;JJLIJLC;NCIH ,HIH?B;H>NB?L?;L?=IGG?HNM?RJL?MMCHA
>CM>;CH@IL*;LQ;cM;=NCIHMMOAA?MNCHANB;NMB?B;>L?;>;H>OH>?LMNII>NB?=LCNC=CMGM<ONMNCFF
>?=C>?>NI=IHNCHO?QCNBB?LJIMN `>;NMMIB?L@N?LMB?=F?;LFSL?;>J?IJF?=IGG?HNM;H>MNCFF
>?=C>?>NIE??JNBCMOJ a,HNB?INB?LB;H>INB?LMCH*C>>F?";MN?LH=OFNOL?B;P?F?@N=IGG?HNM
FCE?nqkzs{pr|gtyvugjlghwgQBC=BNL;HMF;N?MNI`&FIP?NB?@LC=;HFIIES?Na;FC;;FC; NB;N
>IHcN@OFFSAL;MJNB?OH>?LMN;H>CHAI@*;LQ;J;LN;ECHACH=OFNOL;F;JJLIJLC;NCIH 1BCM
>CM=IHH?=NCMHINFCGCN?>NI*C>>F?";MN?LH=OFNOL?<ONL;NB?LBCABFCABNM;<LI;>?LCMMO?I@
=OFNOL;FGCMOH>?LMN;H>CHA;H>CHM?HMCNCPCNS 1LO?;JJL?=C;NCIHCHPIFP?M;MCH=?L??@@ILNNIF?;LH

;<ION;H>OH>?LMN;H>;HINB?L=OFNOL?CHIL>?LNI=IHH?=NQCNBINB?LM=LIMM=OFNOL;FFSQB?L?;M
;JJLIJLC;NCIHN;E?M;H;MJ?=NI@;=OFNOL?;H>OM?MCN@ILJ?LMIH;FA;CH;H>CHN?L?MN *;LQ;M
;=NCIHM=;H<?M??H;M;=F?;L?R;GJF?I@;JJLIJLC;NCIH;MMB?OM?M<F;=E@;=?;H>=IMJF;SM;M;H
@LC=;HQCNBION@OFFSOH>?LMN;H>CHAILL?MJ?=NCHANB?=OFNOL;FMCAHC@C=;H=?I@NB?M?;=NCIHM
&H;>>CNCIH*;LQ;CMOMCHANB?@LC=;H;?MNB?NC=@ILJ?LMIH;FA;CH;H>CHN?L?MN *;LQ;
B;M<??H=;FF?>IONIHHOG?LIOMI==;MCIHM@ILJIMNCHAB?LM?F@;JJLIJLC;NCHAM?P?L;F=OFNOL?M
!?MJCN?=IGG?HN?LM?>O=;NCHAB?L;<IONB?L=IMJF;SI@>C;>?FIMGO?LNIMB?L=IHNCHOIOMOM?I@
<F;=E@;=?;H>*;LQ;cM?PC>?HN<;NNF?QCNB=OFNOL;F;JJLIJLC;NCIHMB?=IHNCHO?MNBCM=IHN?HN
*;LQ;A;CHM;NN?HNCIH;MB?L*C>>F?";MN?LH@;HM=IHMN;HNFSBSJ?NBCM<?B;PCILCHB?L=IGG?HN
M?=NCIH;H>MBIQ?LB?LQCNB;>IL;NCIH
5:-878-:):1651B?JB?HIG?HIHI@GCHMNL?FMS;H>NB??R;AA?L;N?>ONCFCT;NCIHI@
<F;=EH?MM;L?CHB?L?HNFSFCHE?>NINB?J?LJ?NO;NCIHI@L;=C;F>?LCMCIH;H>MN?L?INSJCHA;NCNM=IL?
*CHMNL?FMSJ?L@ILG;H=?ML?FC?>B?;PCFSIHNB?JL?M?HN;NCIHI@=;LC=;NOL?>L?JL?M?HN;NCIHMI@
F;=ECH>CPC>O;FM;M<?CHACH@?LCILCAHIL;HN;H>=IGC=;F 4BCN?J?L@ILG?LM?GJFIS?>
?R;AA?L;N?>;==?HNMJBSMC=;FA?MNOL?M;H>INB?L>?PC=?MNIL?CH@IL=?NB?M?MN?L?INSJ?MQBC=B
Q?L?@OLNB?L;GJFC@C?><SNB?CLOM?I@<F;=E@;=?G;E?OJ 1BCMM?LP?>NI=L?;N?;HCFFOMCIHI@
;ONB?HNC=CNS;H>F?ACNCGCT?>NB?JILNL;S;FI@F;=ECH>CPC>O;FM;M=IGC=;F;H>OHQILNBSI@
L?MJ?=N
&H=IHN?GJIL;LSNCG?MNB?H??>@IL<F;=E@;=?B;MN;E?HIH;H?QAOCM?QCNBCH>CPC>O;FM
?GJFISCHACNOH>?LNB?JL?N?HM?I@;ONB?HNC=CNS;H>C>?HNCNS 1BCMGI>?LH>;S>CACN;FGCHMNL?FMS
MOAA?MNMNB;N<F;=EH?MMCMG?L?FS;H;NN?HNCIHA?NN?LNB;NCMOM?>@ILJ?LMIH;FA;CH /;NB?LNB;H
?GJFISCHA<F;=E@;=?@IL=IG?>C=JOLJIM?MCH>CPC>O;FMHIQOM?CN@ILCNMJ?L=?CP?>
?HN?LN;CHG?HN;H>M?HM;NCIH;F;JJ?;FQBC=BA?H?L;N?MPCL;FCNS;H>;GJFC@C?MCNMJL?M?H=?IH

MI=C;FG?>C;JF;N@ILGM 1B?=L?;NILM;L?L?Q;L>?>QCNBFCE?M=IGG?HNMPC>?IMNCN=B?M;H>
;FAILCNBGC=JOMB?MQBC=BM?LP?;M=OLL?H=S@ILMNL?HANB?HCHANB?CLJF;N@ILGM
%IQ?P?L>?MJCN?NB?;NN?HNCIHA;LH?L?><S<F;=E@;=?IH1CE1IENB?=IMNM;L?I@N?H
H?A;NCP?=IGG?HNM;H>=IHNLIP?LMC?MMOLLIOH>CHANB?PC>?IM +IH?NB?F?MMNB?JLIGCM?I@
PCL;FCNS;H>;NN?HNCIHCMNIIAL?;N@ILMIG?NIL?MCMN ,HMI=C;FG?>C;;NN?HNCIHCM;P;FO;<F?
=IGGI>CNSNB;N=;HJLIJ?FCH>CPC>O;FMNIAL?;N?LB?CABNMI@CH@FO?H=?;H>PCMC<CFCNS
'*&#-#)(,
1B?OM?I@<F;=E@;=?;M;G?;HMI@LC>C=OF?;H>GI=E?LS>?GIHMNL;N?MNB?J?LP;MCP?
<?FC?@NB;NF;=ECH>CPC>O;FM;L?;JJLIJLC;N?N;LA?NM@ILMO=B<?B;PCIL 1INLOFS;>>L?MMNB?CMMO?
I@<F;=E@CMBCHA;H>=IG<;NNB?>;G;ACHAF?A;=SI@<F;=E@;=?CNCMH?=?MM;LSNI;=EHIQF?>A?;H>
=B;FF?HA?NB?MSMN?GMI@JIQ?L;H>IJJL?MMCIHNB;N;FFIQ@ILNB??RJFICN;NCIHI@F;=E=OFNOL?
;H>C?M H>MO=BMSMN?GM;L?;NJF;SIH1CE1IE 1I<?=F?;LQBCN?;H>HIHQBCN?=L?;NILM
;L?OMCHANB?CLJIMCNCIHI@JIQ?LCHMI=C?NSNIIJJL?MMF;=EJ?IJF?PC;>CACN;F<F;=E@;=?NBLIOAB
<F;=E@CMBCHAILFCN?L;F<F;=E@;=?<SQ?;LCHAG;E?OJ;H>;@LI=?HNLC=@CAOL?M 4BCF?NB?;LAOG?HN
=;H<?G;>?NB;NNB?S;L?OH;Q;L?I@NB?BCMNILSCGJFC=;NCIHM>?MJCN?NB?CL=IGG?HNMG;ECHA
NB?GJLCPS CHHIQ;SCM<F;=E@;=??P?L;==?JN;<F? 1B?P?LS;=NI@=L?;NILMQ?;LCHA<F;=E@;=?
@ILNB?CLIQHA;CHCMMSMN?GC=PCIF?H=?;A;CHMNF;=EJ?IJF? 1B?OM?I@<F;=E@;=?@IL
?HN?LN;CHG?HNILPCL;F@;G?IHFSM?LP?MNI@OLNB?LJ?LJ?NO;N?B;LG@OFMN?L?INSJ?M;H>>CGCHCMB
NB?P;FO?I@<F;=EH?MM<S?RJFICNCHANB?F;=ES
`F;=E@;=?CMJ;LNI@;BCMNILSI@>?BOG;HCT;NCIHI@>?HC?>=CNCT?HMBCJ;H>I@?@@ILNMNI

?R=OM?;H>DOMNC@SMN;N?PCIF?H=? #LIGFSH=BCHAMNIG;MMCH=;L=?L;NCIHQBCN?MB;P?
ONCFCT?><F;=E@;=?;H>NB?L?MOFNCHA>?BOG;HCT;NCIH ;MJ;LNI@CNMGIL;F;H>F?A;F
DOMNC@C=;NCIH@ILPCIF?H=? &NCMNCG?NIMNIJQCNBNB?>CMGCMMCP?;LAOG?HNMNBIM?NB;N
>?M=LC<?NB?M?I@@?HMCP?;=NM;MJL;HEMCAHIL;H=?;H>SIONB@OFCH>CM=L?NCIHM a)?IH;L>

4BCF??R;GJF?M;<IP?>?N;CF@CFN?LM;H>NBCMH?QJB?HIG?HIHI@<F;=E@CMBCHACNCMMNCFF;
MO<M?=NI@NB?<F;=E@;=?GCHMNL?FMSM??HCHNB?NB=?HNOLS 1B?JB?HIG?HIHI@<F;=E@CMBCHACM
;HINB?L?R;GJF?I@NB?=IGGI>C@C=;NCIHI@F;=E=OFNOL?;H>;?MNB?NC=M 4BCF?NB?;=NI@
J?L@ILGCHA<F;=EH?MMCM>??G?>;==?JN;<F?NB?CH>CPC>O;FMNB?GM?FP?M;L?HIN F;=E@CMBCHACM
?RJFC=CNFSNC?>NI=;JCN;FCTCHAIHL;=C;FCT?>C?M=OFNOL?;H>;?MNB?NC=M 1BLIOABNB?JF;N@ILG
CNM?F@PC;NB?=L?;NILMc;<CFCNSNIJIMNNB?GM?FP?MCH<F;=E@;=?L;=C;FCT?>C?M;L?;>ILH?>;H>
>CM=;L>?>@ILNB?CL;==?MMILS;H>GIH?N;LSA;CH FNBIOABNB?L?G;S<?<;=EF;MB@LIGOM?LMNB?
L?Q;L>IONQ?CABMNB?=IMN 1BCM=IGGI>C@C=;NCIHI@OL<;H;?MNB?NC=MJ?LJ?NO;N?MB;LG@OF
MN?L?INSJ?M;H>L?CH@IL=?M;MSMN?GNB;NP;FO?MF;=E=OFNOL?IHFSCHMI@;L;MCN=;H<??RJFICN?>
@ILJLI@CN
#61+-6<-89
NNB?@IOH>;NCIHI@1CE1IEcMMO==?MMCMNB?;<CFCNS@ILOM?LMNI=L?;N?=IHN?HNNB;NCM
G?GIL;<F??HN?LN;CHCHA;H>=;JNCP;NCHA@IL1CE1IEcM;FAILCNBG M;L?MOFNI@1CENIEcMH??>@IL
PC?Q?LMNIMN;SAFO?>NINB?;JJ1CE1IEMIOH>MB;P?<?=IG?;MN;JF?CHNB?JF;N@ILGcMMO==?MM
MIOH>IH1CE1IECM;@?;NOL?NB;N;FFIQMOM?LMNIL?=IL>NB?CLIQH;O>CIIP?L;PC>?INB?S
B;P?=L?;N?>IL>IQHFI;>?>@LIG1CE1IEcMFC<L;LS 1B?;O>CI=;H<?;HSNSJ?I@MIOH>
CH=FO>CHAGOMC=>C;FIAO?ILMIOH>?@@?=NM;H>=;H<?L?=IL>?>OMCHA1CE1IEcM<OCFNCH
L?=IL>CHANIIF 2MCHA;PIC=?IP?L=;H;>>;H?Q>CG?HMCIHNI;1CE1IEPC>?I;MCN;FFIQMOM?LM
NI;>>NB?CLIQHJ?LMIH;F=IGG?HN;LSDIE?MILCHMCABNMNINB?=IHN?HN;H>=;H;FMI;>>=IHN?RN
NI;PC>?IILJLIPC>?;H?RJF;H;NCIH@ILQB;NcMB;JJ?HCHAIHM=L??H %IQ?P?LQB?HNB?M?
NL?H>CHAMIOH>M;L?JIJOF;N?><SF;=E=L?;NILM;O>CI=FCJM=;HCHMJCL?P;MNFS>C@@?L?HN
CHN?LJL?N;NCIHM>?GIHMNL;NCHA;H;JJLIJLC;NCIHI@F;=EPIC=?M 1B?@CP?PC>?IMC>?HNC@C?>@ILNB?

=;N?AILSI@PIC=?IP?LMCH=FO>?F;>S>C;HE;G;L=OMIFCHQCCHNLLHIN;H>C?LBI?;H>
N?MM;<LIIEM
&% +#&2#(%
-9+817:165NNB?NIJI@NB?F;=E;L<C?M?;L=B;H>OJFI;>?>CH'OFSQCNBIP?L
EFCE?M=L?;NILF;>S>C;HE;JIMN?>;PC>?I &HNBCMPC>?I);>S>C;HE;FCJMSH=MNI;MIOH>
I@/;?0L?GGOL>cM;H>+C=EC*CH;DcMMIHA`F;=E;L<C?M a&HNB?PC>?I2EL;CHC;H1CE1IE
OM?L);>S!C;HE;CMMCNNCHA>IQHMOLLIOH>?><SQBCN?>?=IL M/;?0L?GGOL>L;JM`1B?L?CM
HINBCHANI?RJF;CHa);>S!C;H;FIIEMCHNINB?=;G?L;JOLMCHAB?LG;NN?JCHEFCJM<?@IL?
TIIGCHACHNIB?L@;=C;F@?;NOL?M;NNB?H?RNP?LM? 7IIGCHACHNIB?L@;=?;H>FCJMSH=CHAPC?Q?LM
B?;L+C=EC*CH;DL;J`&cG;@O=ECHcF;=E<;L<C?-L?NNS@;=?-?L@?=NS-CHEM?;NMCHNB?
/;LCFQ;SM@O=EBCGFCE?&cGMILLSaM??;JJ?H>CR
>73)5):1651B?NL?H>I@`F;=E;L<C?MaB;MG;HSF;=EQIG?HFCJMSH=BCHANINB?
MIHAOJFC@NCHANB?GM?FP?M;H>NB?CL=IGGOHCNC?M &HNOLH;M1CE1IEJLIGIN?MJIJOF;LNL?H>M
;H>?H=IOL;A?MOM?LMNIOM?NB?GQBCN?=L?;NILM<?A;HNIFCJMSH=NINB?MIOH> ,P?LNB?MJ;HI@
>;SMQBCN?=L?;NILM<?A;HNI@FII>NB?NIJI@NB?MIOH>;JJ?;LCHA@CLMN<?@IL?F;=EQIG?H
4BCN?OM?LM<?A;HNIA?HNLC@SNB?MIOH>;H>;JJ?;L;NNB?NIJCHMN?;>I@NB?F;=E=L?;NILMQBI
Q?L?=?F?<L;NCHANB?GM?FP?M 1BCMCMJ;LNC=OF;LFSJLI<F?G;NC=CHNB?=IHN?RNI@;MI=C?NSNB;N
OJFC@NM?OLI=?HNLC=@?;NOL?MIP?L<F;=EH?MM 1B?=L?;NILMQBINB?MIHAM;JJFSNI;H>NB?
<?ACHH?LMI@NB?NL?H>MBIOF>B;P?<??H;NNB?@IL?@LIHNIH1CE1IE /;NB?LNB?JF;N@ILGCNM?F@
FC@N?>OJQBCN?=L?;NILMMO=B;M);>S!C;HE;>O?NI1CE1IEcM;FAILCNBG
1B?=IHNLIP?LMC;F=IHP?LM;NCIH;<IONQB?NB?LQBCN?=L?;NILM=IOF>OM?NBCMMIOH>Q;M
?PC>?HNCHF;>S>C;HE;cM=IGG?HNM 0?P?L;FOM?LMQ?L?OJM?NQCNBNB?PC>?IQCNBOM?LMMO=B;M
MI;S;=IGG?HNCHA`+I<F;=EaILG?????FCH;;;;`>ISIONBCHESIOFIIEFCE?;F;=E

<;L<C?a,NB?LOM?LM>C>HINOH>?LMN;H>NB?<;=EF;MBI@OMCHANBCMMJ?=C@C=J;LNI@NB?MIHA
B T & H &=IGG?HN?>ÌIJACLF`NB?JJFa;L?A?NNCHAG;> a1BCM=IGG?HNL?@?LMNIF;=E
J?IJF?QCNBIH?OM?L=IGG?HNCHACHL?MJIHM?`&@OM;SCHANB?JJFaGCABN;MQ?FFM;SNB?L?;F
<F;=E <;L<C?MaH?FFS
(,.'')(2+.,&#(
-9+817:165*;L=OM,FCHCM;QBCN?G?LC=;H1CE1IEMN;L;H>MI=C;FG?>C;J?LMIH;FCNS
QC>?FSL?=IAHCT?>@ILBCM=IG?>SMECNMFCJMSH=M;H>>;H=?PC>?IM 1B?PC>?IJIMN?>CMNINB?
PCL;F;H>NL?H>CHAMIOH>&+??>0OG*IH?S@N ';HCS;B<SF;=EG?LC=;HMCHA?L
MIHAQLCN?L0OGG?L4;FE?L 1B?PC>?I<?ACHMQCNB*;L=OM,FCH;H>BCMACLF@LC?H>0N?JB;HC?
*;LA;LO==CEHIQH;M?;MN";N?LIHFCH? @;=CHAIH?;HINB?L;MNB?=;JNCIH`4B?HCNcMNB;NNCG?
+😳😩😳aCM=?HN?L?>IHNB?NIJI@NB?M=L??H QC>??S?>0N?JB;HC?@FCJMB?L

I@GIHNB $&+
B;CL;H>?LL;NC=;FFS<?ACHMNIFCJMSH=`&H??>MIG?GIH?SHCAA;1B?#O=E&cG;>IQCNBNQI
BOH>L?>4B;NcMHIN=FC=ECH0N?P?H ;MBJJG?LCABNHIQ%OLLSOJ aM0N?JB;HC?;MEM@IL
GIH?SCH;==IL>;H=?QCNBNB?MIHAHINFIIECHAB?LCHNB??S?*;L=OM<?ACHMNI?RNL;=N;<OH>F?
I@<;HEHIN?M@LIGBCMMC>?;H><?ACHMJ;MMCHANB?GNI0N?JB;HC? 0N?JB;HC?;==?JNMNB?=;MB
FIIEM>CMJF?;M?>QCNBNB?;GIOHN;H>JLI=??>MNI;ME @ILGIL?GIH?S;M `1B?#&GG;>IQCNB
aMIHAFSLC=MJF;SCHNB?<;=EALIOH> M*;L=OMB;H>M0N?JB;HC?;HINB?LQ;>I@GIH?S
MB?<?ACHMNIMH;JB?L@CHA?LM;LIOH>B?LB?;>;MMB?L?KO?MNMBCGNI` ;MBJJG?LCABNHIQ a
*;L=OM;JJ?;LMNIGIONBNB?QIL>M`,E0ILLSa<?@IL?N;ECHABCMJBIH?IONNI=;MB;JJB?L
1B?PC>?I?H>MQCNB0N?JB;HC?JOMBCHAB?L@;=?CHNI*;L=OMc@;=?L?KO?MNCHANB;NB?`%OLLSOJ a
>73)5):165&AHILCHANB?=IG?>C=;H>OHM?LCIOMH;NOL?I@NB?MIHA*;L=OM;H>
?;MN";MN?LN;E?NB?;=NCHACH;>C@@?L?HN>CL?=NCIHOMCHA?RNL?G??R;AA?L;NCIHNB;NCMI@N?H
;MMI=C;N?>QCNBF;=EJ?IJF?NI=L?;N?;M?HM?I@?HN?LN;CHG?HNIL;GOM?G?HN #ILCHMN;H=?

F;=EMNILSN?FF?LM;H>DIE?MN?LMOM?;HCG;N?>MNILSN?FFCHA;H>BSJ?L<IF?NI>LCP?BIG?;JICHN
1B?MNILC?M=;H<?FIO>;H>?R=CNCHA<ONNB;N;HCG;NCIHCMH?P?L;BCH>L;H=?ILH?A;NCP?
J?L@ILG;H=?I@<F;=EH?MM %IQ?P?LCHNB?=IHN?HNI@1CE1IEOMCHA;F;=EJ?LMIHcMPIC=?IP?L
*;L=OM;H>?;MN";MN?L;L??HA;ACHACH>??JFSI@@?HMCP?<?B;PCIL<?=;OM?CNL?CH@IL=?MNB?C>?;
NB;NF;=EJ?IJF?;L?CHB?L?HNFS>L;G;NC=;H>;HCG;N?> 1BCMCM?MJ?=C;FFSJL?M?HNCHNB?
>L;G;NCT;NCIH;LIOH>NBCHAMNB;N;L?J?L=?CP?>;M@LCPIFIOM;H>OH=OFNOL?>FCE?M=B?GCHA@IL
GIH?S;H>BOMNFCHA;J?LMIHcMFC@?J;LNH?L@IL@OH>M 1BCM=IHH?=NMNINB?FIHAQCNBMN;H>CHA
MN?L?INSJ?I@F;=EQIG?H<?CHAAIF>>CAA?LMQB?HNB?S>;N?MIG?IH?I@;BCAB?L=F;MM
"(#-)',-)+#(%##(-++
-9+817:1651CE1IEOM?L4CCHNLLJIMN?>;PCL;FPC>?I;=BC?PCHAGIL?NB;H*FCE?MCH
,=NI<?L 0CNNCHA;NNB?MJINCH BOHES BC=;cM=L?;NCIHI@NB?MIOH>4CCHNLLcMPC>?I
A;CH?>;FINI@PC>?IM 1B?PC>?I>?M=LC<?>CM;FCJMSH=I@;O>CIJLIPC>?><SMI=C;FG?>C;
J?LMIH;FCNSLC#F?N=B?L<?NN?LEHIQH;M1B?/?;F(SF?0CMN?L 4CCHNLL<?ACHMNB?PC>?IQCNB;
0N;L<O=EM=I@@??CHB;H>;H>JIMCHACH;@CAOL?BOAACHA<F;=E>L?MM MNB?;O>CI<?ACHMQCNB
`6?;B;H>;H>;H>;H>;H> a4CCHNLLNO=EMB?LB;CL<?BCH>B?L?;L;H>=FIM?MB?L?S?M;MMB?
OM?MB?L@CHA?LMQCNBFIHA;=LSFC=H;CFMNI;==?HNO;N?NB?L?J?NCNCIHCHNB?;O>CI;H><LCHA
;NN?HNCIHNINB?QIL>MM;C> M#F?N=B?LM;SMCHNB?H?RNM?HN?H=?`4B?HCN=IG?MNI;>LCHE
CGG;B;P?CNa4CCHNLLIJ?HMNB?J;FGI@B?LB;H>CH;AL;H>CIM?@;MBCIH<?@IL?=FIMCHACN 0B?
NB?HFC@NMB?L>LCHEOJNIMBIQNB;NMB?cMAICHANI`B;P?CNa<?@IL?N;ECHA;MCJ ;JNCIH?>IHNB?
PC>?IM=L??HCM`*?>LCHECHAC=?=I@@??EHIQCHA&G;<?0BNCHAGS<L;CHMIONGCHON?MF;N?L a
>73)5):1654CCHNLLCM;P?LSFCABNMECHH?>L;=C;FFS;G<CAOIOM@?GG?JL?M?HNCHA
J?LMIH 1B?PIC=?IP?LMB?OM?M<?FIHAMNI;F;=EQIG;HQBICHNB?ILCACH;FPC>?ICMHIN
B?;PCFS;HCG;N?>IL?R;AA?L;NCHAB?LJ?L@ILG;H=? &HMN?;>MB?CMMJ?;ECHAJF;CHFS;<ION

=BIIMCHANI>LCHEQB?HMB?CMIONQCNBB?L@LC?H>M MNB?PC>?I=FCG<?>CHJIJOF;LCNSCN<?A;H
NINL?H>;GIHAHIHF;=EJ?IJF?OMCHANB?PIC=?IP?L<ON;>>CHA?RNL?G?FS;HCG;N?>;H>
?R;AA?L;N?>A?MNOL?MNIN;FE;<IONM??GCHAFSOHL?F;N?>NBCHAM 4CCHNLLOM?MNB?PIC=?IP?LNIN;FE
;<ION>LCHECHA=I@@??>?MJCN?EHIQCHACNG;S=;OM?>C;LLB?;QCNBCHNB?H?RNNQ?HNSGCHON?M
4B;NNBCMPC>?IMBIQ=;M?MCMNB?OM?I@F;=EQIG?HcMPIC=?MNI<IFMN?L;ECH>I@MI=C;F
=OLL?H=SOMCHA?R;AA?L;NCIHNB;NCMJ?L=?CP?>;MOHJLI@?MMCIH;F>?MJCN?NB;N?R;AA?L;NCIHHIN
<?CHA;=IGJIH?HNI@NB?ILCACH;FPC>?I &HNBCMM?HM?HIHF;=E;H>QBCN?J;MMCHA=L?;NILM;L?
;<F?NI=;JCN;FCT?IH;<?B;PCILNB;NCMNC?>NIF;=EH?MMCHNB?ILS<ONHINJ?L@ILG?>CHNB?
=IH=L?N?;H>?L;M?NB?ILCACH;F=IHN?HN<SA?HNLC@SCHANB?;FAILCNBG
&&'0"2,").&(4--"+)0-"#,+#(%()-(#+")
-9+817:165H>SILHIN;H>C?LBI?CM;);NCHIG?LC=;H1CE1IE?LQBIA;CH?>
JIJOF;LCNS@ILBCM=IG?>SPC>?IM G;MMCHAIP?LE@IFFIQ?LMH>SL?AOF;LFSJIMNM=IHN?HN
OMCHANL?H>CHAMIOH>MIHNB?JF;N@ILG 1B?PC>?ICHKO?MNCIHCM;1CE1IEG;MBOJMIOH>I@NB?
MIHA$LCFFCHA+CAA;M<S OJ=;EE?F;S?L?><S;H;O>CIMHCJJ?NI@ IIEC?)SIH@LIGNB?
G?LC=;HGOMC=;F>L;G;"GJCL? &HNB?PC>?IJIMN?>H>SCMMCNNCHA;N;N;<F?CH;L?MN;OL;HN
QCNB;MNSLI@I;GJF;N?CH@LIHNI@BCG &HBCMB;H>CM;<INNF?I@0JLCN? 1BLIOABNB?>OL;NCIHI@
😭aL?@?L?H=CHABCM=IHNCHO?>PC>?IOJFI;>MNINBCM
NBCMPC>?ICNCM=;JNCIH?>`,EF;MNIH?😭
G;MBOJMIOH> MNB?PC>?I<?ACHMNB?;O>CI`1?FFG?QBS&MBIOF>HcNNBLIQNBCM>LCHECHSI
<CN=B;MM@;=?aJF;SM;MCNNL;HMCNCIHMCHNINB?MIHA$LCFFCHA+CAA;M 1BLIOABNB?NL;HMCNCIH NB?
;LNCMN OJ=;EE?M;SM`&@SIOJCMMG?I@@CNcM;MBCNMBIQ0G;=E;<CN=BCHNI BLCMNG;M"P?OB
BOB 4B?H&@CABN&>IHINJOFFQ?;P?,HFSNBCHA&G JOFFCHAIONCMN??NB aMNB?;O>CIJF;SM
H>SFCJMSH=M;H>FIIEMCHNINB?=;G?L;;MB??R=?MMCP?FSMB;E?MBCMB?;>QBCF?MQCLFCHANB?

<INNF?I@0JLCN?CHBCMB;H> H>SNB?HJICHNMNINB?=;G?L;<?@IL?NQCN=BCHA;MNB?;O>CI=IG?M
NI;=FIM? %CM?R;AA?L;N?>G;HH?LCMGMM?LP?;MNB?JOH=BFCH?NINB?DIE?
>73)5):1650CGCF;LFSNINB?PC>?I;H;FST?>;<IP?H>SIP?L>L;G;NCT?>;N?F?PCMCIH
GIG?HN<S=IOJFCHA;F;=EQIG;HcMPIC=?QCNB?R;AA?L;N?>A?MNOL?M 4B;NG;E?MNBCMPC>?I
MN;H>IONCMH>ScMCH=?MM;HNOM?I@NB?NQCN=BNIMOAA?MNNB;N<F;=EQIG?H;L?CH@?LCILMFIQ
MJ?=C;FILINB?LMN?L?INSJC=;FQIL>MOM?>NI>?M=LC<?J?IJF?QCNB>CM;<CFCNC?M 1BCMCM;>CL?=N
;AAL?MMCIHNIQ;L>M<INBF;=EQIG?H;H>J?IJF?QCNB>CM;<CFCNC?M 4BCF?H>SBCGM?F@CMHIN
F;=EILPCMC<FS>CM;<F?>B?=BIIM?MNIOM?NB??R;AA?L;N?>NQCN=BA?MNOL?IHFSQB?HOMCHA
F;=EQIG?HcMPIC=?IP?LM
"#,)2#('2-,,+))%,
-9+817:1651B?F;MNPC>?ICHNBCM=;N?AILSQ;MJIMN?><S1?MM;LIIEMMI=C;FG?>C;
J?LMIH;FCNSEHIQH@ILB?LNCG?CH';E?-;OFcM1?;G1?H=IHN?HNBIOM? 2JFI;>?>CHNINB?
PCL;FJI?G<S1;HE;H>NB?;HA;M1?MM;MNOHMCH;F;=E=ONION>L?MMMBIQCHAB?L<?;ONS;H>
@CAOL?NINB?;O>C?H=? 1B?I<D?=NI@NBCMPC>?ICMB?L>?MCL?;H>;NNL;=NCP?H?MM 1?MM;JL?MM?M
MN;LNIHNB?PC>?I;H>CGG?>C;N?FS<?ACHMNI<;=EOJ@LIGNB?=;G?L;QBCF?FCJMSH=CHA`1BCM
<IS<?CHGS>GMM;S&cGJL?NNS aMNB?M?HN?H=?L?J?;NM1?MM;OM?MB?LB;H>NIN?;M?B?LB;CL
NB?HOM?MB?LNBOG<NIJOFFNB?=ONIONIHB?LFIQ?LQ;CMN>IQH;<CN@OLNB?L ,H=?;A;CH1?MM;
LOHM<INBI@B?L@CHA?LMNBLIOABB?LB;CLQBCF?FCJMSH=CHA`&QIH>?LC@B?EHIQM&cP?<??H
EH?QNB;NMBCN a0B?NB?HQ;FEMI@@=;G?L;QCNB;MGCF?
>73)5):1651B?L?CM;F;=EI@=IHN?RNMOLLIOH>CHANBCMNL?H>;MNB?L?MNI@NB?JI?GCM
=ONI@@ 2M?LM;L?OHEHIQCHAFS?HA;ACHAQCNBNBCMMIOH>CH;>CMCHA?HOIOMQ;S;MCNCM;<ION
F;=EQIG?HcMI<D?=NC@C=;NCIHNB;NCM=IOJF?>QCNB>CMCHA?HOIOMCHN?HN &HNB?JI?G1;HE;H>
NB?;HA;ML?=CN?MJ3;/93;G:=<3:G:3AA:=<3:G
3;/93;G0=2G433:<713/<21C@DG
<2

;GA97<1:3/@/<2233>
)/G:==9<713@3/:<713
<B6=A31=;0/B0==BA
<2;G/4@=/<2;GB
A67@B
3B=:2;3E6/B631=C:2<MBA/G7<B63 #
A74B3::7<5/:/1957@:B6/BA637A03/CB74C:
/<2A3FG
/<=<:G032=<37<B63& #
-63<7BMA2/@9/<27BMA<756B/<2<==<39<=EA K1BCM
JI?G>?M=LC<?MNB??RJ?LC?H=?NB;NJ?IJF?;L?;MB;G?>NIFIP?F;=EQIG?HIONCHNB?IJ?H>O?
NIGCMIASHICL<ONM?=L?NFSJCH?@ILNB?G 1B?HINCIHI@1CE1IEOM?LM=IIJNCHANBCMF;HAO;A?@IL
NBCLMNNL;JMCM;GCML?JL?M?HN;NCIHI@NB?>CM=IOLM?NB;NNB?;O>CIQ;MG?;HNNI=L?;N? 1BCMCM;H
I<PCIOM>?JC=NCIHNB;NHIHF;=EOM?LM;L?;J;NB?NC=;MNB?SGCH>F?MMFSOM?NL?H>CHAMIOH>M
PIC=?><SF;=EQIG?HQCNBIONFIIECHA;NNB?MIOL=?ILNBCHECHAI@BIQNB?SMBIOF>?HA;A?
QCNBNB?;O>CI
5:-878-:):1651B?MO==?MMI@PCL;FNL?H>MIHNB?1CE1IEJF;N@ILGCMI@N?H;NNLC<ON?>NI
NB?;O>CIM=L?;N?><SF;=ECH>CPC>O;FM 1B?G;HH?LCMGM;H>;HNC=M;L?<ILLIQ?>@LIG
GCHMNL?FcMMN;A?IP?L;=NCHA<F;=EH?MMCH;H?R;AA?L;N?>C>?HNCNS 1B?;=NI@IP?L;HCG;NCHA;H>
>L;G;NCTCHA=IHN?HN<;M?>MIF?FSIHNB?MIOH><?CHA=L?;N?><SF;=EJ?IJF?CMBCABFS
JLI<F?G;NC= 1B?L?CM;J;LNC=OF;LF?P?FI@<C;MNB;NCM=I>?>QB?HG;ECHANB?>?=CMCIHNIIP?L;=N
NI;O>CIMNB;N>IHcN=;FF@ILNB;N<?B;PCIL?MJ?=C;FFSQB?HNB?ILCACH;NILI@NB?MIOH>CMHcN
;HCG;N?>;MQ?FF &NMOAA?MNMNB;NNB?F;=E=IGGOHCNSCM<?CHA?RJFICN?>@ILNB?M;E?I@
?HN?LN;CHG?HN;H>NB?CL=OFNOL;F=IHNLC<ONCIHM;L?<?CHAL?>O=?>NIG?L?MIOL=?MI@PCL;F=IHN?HN
1BCMJL;=NC=?HINIHFSJ?LJ?NO;N?MB;LG@OFMN?L?INSJ?M<ON;FMI=IHNLC<ON?MNINB?MSMN?GC=
?L;MOL?I@F;=EJ?IJF?M=IHNLC<ONCIHMNIJIJOF;L=OFNOL?IH1CE1IE
1B?CMMO?QCNB1CE1IECMHINCHB?L?HNNINB?@?;NOL?MI@NB?JF;N@ILG<ONL;NB?L;
L?@F?=NCIHI@NB?=OFNOL;FJ?L=?JNCIHNB;N<F;=EH?MMCMBOGILIOM B;HACHANBCMJ?L=?JNCIH
L?KOCL?M;MBC@NCH=OFNOL?;N;MENB;NB;M<??H;NN?GJN?>@IL=?HNOLC?M 1B?DIOLH?SNIQ;L>MNBCM
=B;HA?QCFF<?FIHA;H>G;SHINI==OLCHNB?=OLL?HNA?H?L;NCIH +?P?LNB?F?MMCNCM?MM?HNC;FNI

CH=L?;M?;Q;L?H?MMI@NB?=OFNOL;FNIIFM<?CHAOM?>@ILMO==?MM &NCMOH@;CLNIJF;=?NB?<OL>?HI@
N?;=BCHAINB?LMBIQNI<?B;P?IHF;=E=L?;NILM &HMN?;>CNCMNB?L?MJIHMC<CFCNSI@HIHF;=E
OM?LMNI=OFNCP;N?;H?HPCLIHG?HNCHQBC=BF;=E=L?;NILMB;P?NB?@L??>IGNI=L?;N?=IHN?HN
QCNBION@?;LI@;JJLIJLC;NCIH
'*&#-#)(,
1B?JF;N@ILGI@1CE1IE;FFIQM@IL;L?CG;ACHCHAI@NL?H>MG;>?<SF;=EJ?IJF?;<ION
F;=EJ?IJF?;H>F?NMCN<?=IIJN?><SHIHF;=EC?M ,HNB?JF;N@ILGNB?L?CM;QCFF@OF
CAHIL;H=?NINB??R;AA?L;N?>H;NOL?I@;O>CIMNB;N=IHN;CHF;=EJ?IJF? 1BCMJ;NN?LHI@<?B;PCIL
>CMJF;SMNB?<F;N;HN>CML?A;L>QBCN?1CE1IEOM?LMI@N?H?RBC<CNNIQ;L>NB?ILCACHMI@;O>CI;H>
NL?H>M 1B?=OFNOL;F;JJLIJLC;NCIH;H>A?HNLC@C=;NCIHNB;NN;E?JF;=?IH1CE1IE?RN?H><?SIH>
>;H=?NI;FMI;@@?=NF;=EMF;HA;H>GOMC= 1BCM;JJ@IMN?LMNB?>?L;=C;FCT;NCIHI@F;=EMF;HA
;H>GOMC=<S`QBCN?Q;MBCHAa;H>A?HNLC@SCHA;O>CIM 1CE1IEI<M=OL?MNB?ILCACH;H>IQH?LMBCJ
I@MIOH>MQB?HJIJOF;LQBCN?=L?;NILM<?=IG?;MMI=C;N?>QCNBNB?G 0IOH>M;L?P;FO;<F?;MM?NM
IH1CE1IE;MNB?SI@N?HBIF>NB?E?SNIPCL;FCNS;H>NL?H>CHA;O>CI 1BLIOABNB?JLI=?MMI@
L?GCRCHAJIJOF;LMIOH>M;H>>L;G;NCTCHAQB;NB;M<??HM;C>MIOH>MB;P?<??HA?HNLC@C?>;H>
GCH?><SQBCN?H?MMNB;N>?=?HNL;FCT?MNB?PIC=?MNB;NMBIOF><?;NNB?@IL?@LIHN FNBIOAB
A?HNLC@SCHA;MIOH>CMHIN;H?QJB?HIG?HIHNB?JL;=NC=?CMJ;LNC=OF;LFSB;LG@OFCHNB?=IHN?RN
I@1CE1IEQB?L?NB?;JJcM;FAILCNBGI@N?HL?Q;L>MJIJOF;L=IHN?HN=L?;NILMQCNBAL?;N?L
?RJIMOL?;H>L?;=B 4B?HQBCN?=L?;NILM<?=IG?FCHE?>NI;MIOH>NB?S=;HKOC=EFS
IP?LMB;>IQNB?F;=E=L?;NILMQBIILCACH;N?>NB?MIOH>;H>=IHNLC<ON?>NICNM=OFNOL;F
MCAHC@C=;H=? 1B?OM?I@;MIOH>J?LJ?NO;N?MNBCML?=OLLCHA=S=F?I@=OFNOL;F;JJLIJLC;NCIH;H>
A?HNLC@C=;NCIH 1BCMCMMO?BCABFCABNMNB?CGJILN;H=?I@;=EHIQF?>ACHANB?ILCACHMI@;O>CI;H>
NL?H>ML?=IAHCTCHA=OFNOL;FIQH?LMBCJ;H>ACPCHA=L?>CNQB?L?CNCM>O?

-9:0-:1+9
1CE1IEB;M<?=IG?;BO<@IL=L?;NILMNIMBIQ=;M?NB?CL=IG?>C=N;F?HNM;H>G;HSI@
NB?GB;P?CH=ILJIL;N?>;?MNB?NC=MCHNINB?CL=IHN?HN 2MCHA@CFN?LM=IMNOG?M;H>JLIJM=L?;NILM
B;P?<??H;<F?NI<OCF>=B;L;=N?LMNB;NL?MIH;N?QCNBNB?CL;O>C?H=?M;H>;>>;F;S?LI@BOGILNI
NB?CL=IHN?HN #LIG=F?P?LFS?>CN?>PC>?IMNIIP?LNB?NIJ=IMNOG?MOM?LMB;P?@IOH>=L?;NCP?
Q;SMNIG;E?NB?CL;O>C?H=?MF;OABQBCF?MBIQ=;MCHANB?CLOHCKO?J?LMIH;FCNC?M;H>N;F?HNM
?MNB?NC=MCH=ILJIL;N?M@CFN?LM=IMNOG?MMO=B;MB;CL;H>G;E?OJ;H>JLIJMNIL?F;N?;=B;L;=N?L
NINB?=L?;NILMc;O>C?H=? 2H@ILNOH;N?FS;FFNIII@N?H;?MNB?NC==BIC=?MGCGC==IMJF;SCHA;M;
AB?NNI;L=B?NSJ?I@F;=EQIG?HcM@;MBCIH 1B?=L?;NILMC>?HNC@C?>@ILNBCM=;N?AILSNL?;NF;=E
QIG?HcM;?MNB?NC==BIC=?M=IOJF?>QCNBF;HAO;A?;H><?B;PCIL;M;=IMNOG?;H>CH=FO>?M
>RHC?FJROF1?LLS/?FI;>?>FCF S;GSSC;G=B;LF?T;H>D;E?IMGI
)-
"-)#+&
-9+817:165,H*;L=B4BCN?1CE1IE=L?;NIL>RHC?FJROFOJFI;>?>;PC>?I
JILNL;SCHANB?`BIN=B??NIACLFaMN?L?INSJ?M??;JJ?H>CR !RHC?FJROF>IHM;H;LNM;H>=L;@NM
J?L@ILG;H=?I@NBCMBIN=B??NIACLFMJILNCHA;<;AI@BIN=B??NIMQCNBFIHAAL??HH;CFM;H>FIHA
?S?F;MB?MG;>?IONI@=IHMNLO=NCIHJ;J?L &HNB?PC>?INB?=B;L;=N?L%IFFSCMMJ?;ECHANI;
@LC?H>M??GCHAFSI@@M=L??H ;<IONNB?=ILIH;PCLOMCHG?LC=;QB?L?MB??RJL?MM?M`4?CHNB?
AB?NNI a1BCMMCGJF?=IGG?HNCM;=;FF<;=ENI;PCL;FPC>?I<SF;=E=L?;NIL
GOEBN;LBOB <;=EOJL?=CNCHA`&cGCHNB?AB?NNIL;N;N;N;L;N;N;N;aCHNB?NIH?I@+C=EC*CH;DcM
*?A;NLIHOJFI;>?>CH!?=?G<?L %IFFSNB?H=IHNCHO?MNB?=IHP?LM;NCIHQCNBB?L@LC?H>
ACPCHANB?=ILIH;PCLOM;HC=EH;G?`*M ILHCE; a%IFFS?RJF;CHMNB;NC@MB?Q?L?NIA?N
=ILIH;PCLOMMB?QIOF>@CABN*M ILHCE;;H><?ACHMNIMBIQ=;M?QB;NNBCMCG;ACH;LS@CABN
QIOF>FIIEFCE? *C>@CABN%IFFSM;SM`1BCMBI?FCN a0OLJLCMCHAFSNB?L?Q?L?HI=IGG?HNM

=LCNCKOCHANB?PC>?IOJFI;>?><ONL;NB?LF;OABM;H>N;AMNI@LC?H>M^=;NB?LCH?J;LCM?`NBCMCM
;LNa;H>OM?LFCH>M?ST?H`4%6!&!2*("1%&0%%% a
>73)5):1654BCF?NB?=B;L;=N?LI@%IFFSCMHIN>CL?=NFS?RJL?MM?>;M<F;=ENB?
=B;L;=N?LI@%IFFSCMOMCHA;MN?L?INSJ?NB;NCMI@N?H;NNLC<ON?>NISIOHAF;=EACLFM;H>QIG?H
;FIHAMC>?NB?@?Q3"JBL;M?M?RJF;CH?>;<IP? 2JFI;>?>IH2L<;H!C=NCIH;LS<SM?P?L;F
J;NLIHMCH=FO>CHAOM?LÒGQN@CM;JM?O>IHSGa;`%IN B??NI$CLFaCM`;ACLFOMO;FFSF;NCH;IL
<F;=E 0B?=;HOMO;FFS<?@IOH>Q?;LCHABIIJ?;LLCHAMFIHA;=LSFC=M;H>;<;AI@N;ECMILBIN
=B??NIM 0B?cM;FMIEHIQHNI?;NNB?GIONFIO>CH=F;MM;H>NIM;SbJ?LCI>N ca%?L?&>IHIN
CHPIE?2L<;H!C=NCIH;LS;M;M=BIF;LFSMIOL=?<ONL;NB?L;M;MIOL=?NB;NMI=C;FG?>C;OM?LM
I@N?HL?FSIHNIOH>?LMN;H>FCHAINB;NGIP?M@;MN?LNB;H;=;>?GC=L?MIOL=?MILJO<FCMB?>
>C=NCIH;LC?M 2L<;H>C=NCIH;LS=IH@CLGM@ILMI=C;FG?>C;OM?LMQB;N&;FL?;>SEH?Q;M;F;=E
QIG;HQ;N=BCHANB?M?MN?L?INSJ?MOM?>;A;CHMNGSS;H>INB?LC?MQBIFIIEFCE?GCH?
`%IN B??NI$CLFaCM;H?QMN?L?INSJ?Q?;JIHCT?>;M;>CL?=NCHMOFN@ILF;=E;H>);NCH;QIG?H
#(!)/+"#+,-2&++2&)
-9+817:1651?LLS/?FI;>?>CM;F;=EG;F??HN?LN;CH?LEHIQH@ILBCMP;LCIOM=IG?>S
ME?N=B?M &HNB?1CE1IE>IQHFI;>?>1?LLSCMNB?=?HN?LI@;NN?HNCIH>L?MM?>;MBCM=B;L;=N?L
1;<CH;QBIQ?;LM;G;NN?>L?>QCANB;NB;HAM=LIIE?>FSI@@B?LB?;>CH;Q;SNB;NBCABFCABNM
NB?Q?@N 0OLLIOH>CHANB?=B;L;=N?L1;<CH;;L?M?P?L;FF;=EG?H>L?MM?>;MF;=EQIG?HQBI
JF;SNB?LIF?I@B?L@LC?H>M 1B?PC>?I=;JNCIHL?;>M`-,34%"+$&/)0""#,3"/
$"11&+$1%"0*"%&/016)" a1B?PC>?I<?ACHMQCNB;@?G;F?=B;L;=N?L<?BCH>NB?
=;G?L;N?FFCHA1;<CH;NB;NMB?CMNQCHHCHAQCNB;=F;MMG;N?H;G?>/;FJBCH; 1;<CH;<?=IG?M
;HHIS?>?R=F;CGCHANB;N/;FJBCH;CM;FQ;SM=IJSCHAB?L &HMNCA;NCHANB?MCNO;NCIH<;=EALIOH>
?RNL;M;MEC@NB?ScL?NQCHHCHA;H>DIE?NB;N/;FJBCH;CMB?L<?MN@LC?H> 1;<CH;<?=IG?MCLLCN;N?>

QL;JMB?LQ?;P?CH;MC>?JIHSN;CFN;E?MI@@B?LMBI?M;H>JLI@?MM?M`&cG@CHH;@CABN a1;<CH;
MNILGMIP?LNI/;FJBCH;QBICMJIMCNCIH?><SNB??HNL;H=?I@;MGIINBC?MBIJQBC=BCMMOJJIM?>
NIM?LP?;MM=BIIFALIOH>M@ILNB?M;E?I@NB?MECN 4BCF?1;<CH;;JJLI;=B?M/;FJBCH;;H>
@LC?H>M;L?N;JCHANB?GM?FP?MJ?L@ILGCHANB?MNC@@BCJM>;H=? 1;<CH;JOMB?M/;FJBCH;cM@LC?H>M
IONI@NB?Q;S;H>;==IMNM/;FJBCH; 1;<CH;=IH@LIHNM/;FJBCH;;MECHAQBSMB?L?J?;N?>FS
=IJC?MB?L ?@IL?/;FJBCH;=;HL?MJIH>1;<CH;JOFFM/;FJBCH;>IQHNINB?ALIOH><SB?LH?=E
;H><?ACHMNIJOH=BB?L 1;<CH;cM@LC?H>MJOFFB?L;Q;S@LIGNB?@CABN;MMB?JLI=F;CGM`&<?;N
B?L;MMa
>73)5):1653347<5=D3@//7@ABG:3CM;>CL?=N=;FFIONNIF;=EQIG?HNB?CL@;MBCIH
;?MNB?NC=M;H>NB?`HALSF;=E4IG;HMN?L?INSJ?a>O?NINB?J?L=?JNCIHNB;NF;=EQIG?H
IP?LL?;=N;H>=BIIM?JBSMC=;FPCIF?H=?IP?LMIG?NBCHAMIMG;FF;M;B;CLMNSF? 1B?HI>NIF;=E
QIG?HCMCH<INBNB?JBSMC=;F=IMJF;SCHA<SNB??RNL;M;H>NB?G;CH=B;L;=N?LQBI;L?F;=E
G?HJILNL;SCHANB?GM?FP?M;MF;=EQIG?H;H>NB?SOM?=IMNOG?MNI@OLNB?L>?@CH?NB?
;L=B?NSJ?I@AB?NNI@;<OFIOM
1BCMPC>?I;FMIJF;SMIH=L?;NCHANB?=IH>CNCIHM@IL;H?@@?GCHCTCHAL;=CMNMJ?=N;=F?NB;N
G;LACH;FCT?MF;=EQIG?H &HNB?PC>?I1;<CH;;=NM;MNB?;AAL?MMILJF;SCHACHNINB?;HALS
;AAL?MMCP?;H>LO>?F;=EQIG;HMN?L?INSJ? /IIN?>CHIF>M=BIIF>?JC=NCIHMI@F;=EQIG?H
>OLCHAMF;P?LSNB?0;JJBCL?=;LC=;NOL?JILNL;SMF;=EQIG?H;MLO>?FIO>G;FC=CIOMMNO<<ILH
;H>IP?L<?;LCHA)INN MNBCMMN?L?INSJ??G<?>>?>CNM?F@CHNIG;CHMNL?;GG?>C;NB?
HINCIHI@NB?;HALSF;=EQIG;HQ;M=L?;N?> IHN?HNFCE?1?LLScM=L?;N?><SF;=EG?H=L?;N?M
NB?=IH>CNCIHM;H>NB?<?FC?@NB;NCNCM,ENIJLI@CN;NNB??RJ?HM?I@F;=EJ?IJF?;H>QIG?H
=L?;NCHANB?=IH>CNCIHM@ILNB?M?C>?HNCNC?MNICHN?LM?=N 3C>?IMMO=B;MNBCMM;SNB;NCNCM,ENI<?
GCMIASHCMNC=?MJ?=C;FFSQB?HCNF;OH=B?MSIOCHNI@;G?QBC=BCMNB?=;M?@IL1?LLS;H>BCM

=B;L;=N?L1;<CH; 1BCM=B;L;=N?LCMQ?FFEHIQHIH;H>I@@NB?JF;N@ILG;H>B;M=;OM?>1?LLSNI
<?JLIJ?FF?>CHNIMN;L>IG 4B?HF;=EG?HGI=EF;=EQIG?HHIN IHFS;L?NB?S?HA;ACHACH
GCMIASHS<ONNB?S;FMI IJ?HOJNB?>IIL@ILHIHF;=EJ?IJF?NI<?L;=CMNGCMIASHCMNC=;H>
?HA;A?CHGC=LI;AAL?MMCIHM
#&,+#(!).--"!"--)&#&2'22
-9+817:1652M?LFCF S;GSSJIMN?>;PC>?INI;HIF>PCL;F3CH?`4B?H&F?;P?SIO
Q;HH;E??J>ICHANBCM<ON>?HQB?H&=IG?;LIOH>SIO>IHcNQ;HH;JIMNOJ 0Ia?BCH>NBCM
PCL;FMIOH>CM;GC>>F?M=BIIF;A?>F;=EACLF=IH@LIHNCHAQBINB?;O>C?H=?=;HIHFS;MMOG?CM
;@ILG?L@LC?H> 1B?C=IHC=3CH?;O>CI<?A;HG;ECHACNMLIOH>MIH1CE1IECHQCNBG;HS
OM?LML?=L?;NCHANB?=IH@LIHN;NCIH;FH;NOL?I@NB?PC>?I )CF 6;GSScML?=L?;N?>NB?PC>?ICHB?L
=;LQCNB;JOLJF?;=LSFC=H;CF@CFN?LIHB?L@CHA?LM MNB?;O>CI<?ACHM)CF 6;GGSFCJMSH=M
N;ECHAIHNB?J?LMIH;I@MIG?IH?QCNB;H;NNCNO>? 0B?N;JMNB?@CFN?L?>;=LSFC=H;CFMNIA?NB?L;H>
J?L@ILGM&=? O<?cMNL;>?G;LEM=IQF 1B?=;JNCIHIHNB?PC>?IL?;>M`4B?HNB?H;CFM<LCHANB?
AB?NNICHSIO a4B?HG?NQCNBKO?MNCIHMCHNB?=IGG?HNM?=NCIH;<IONB?LQIL>=BIC=?I@
AB?NNIFCF S;GSSL?MJIH>?>QCNB;KOIN?@LIGF;=E1CE1IE?L*CEB;?F;'?HHCHAM`1B?IH?M
😅🤷a
NB;NA?NCNA?NCNNB?IH?MNB;N>IHcN] >IHN😅
>73)5):165)IHA;=LSFC=H;CFMB;P?;FIHABCMNILSI@<?CHA;NN;=B?>NIMN?L?INSJ?MI@
F;=EQIG?H;NNB?CHN?LM?=NCIHI@ =F;MMCMGL;=C;F>CM=LCGCH;NCIHJLI@?MMCIH;FCMG;H>JIFCNC=M
)IHA;=LSFC=H;CFMB;P?<??H;MMI=C;N?>QCNBJIIL;H>QILECHA=F;MM F;=EQIG?HQBI;L?
N;=ESFIQ=F;MM;H>OHJLI@?MMCIH;F ?F?<LCNC?MMO=B;M#FIL?H=?$LC@@CNB'ISH?LB;P?<??H
DO>A?>@IL Q?;LCHAFIHAH;CFMQBCF?IHNB?DI<?P?H;M;JLI@?MMCIH;F;NBF?N? 1I>;SFIHA
M=OFJNOL?>;CL<LOMB?>H;CFM;L?G;LE?LMI@F;=E@?GCHCHCNS;H>GIL?F;LA?FS;==?JN?>BIQ?P?L
FCF S;GGScM=;JNCIH`QB?HNB?H;CFM<LCHAIONNB?AB?NNICHSIOaMOAA?MNMMB?CMHIN

;JJL?=C;NCHAF;=E@?GCHCHCNS<ONL;NB?L?RJFICNCHANB?MN?L?INSJ?NB;NH;CFM;L?AB?NNINL;MBS
;H>OHJLI@?MMCIH;F %?LOM;A?I@NB?QIL>AB?NNI=IOJF?>QCNBNB?;O>CII@;SIOHAF;=EACLF
JF;SMCHNINB?MN?L?INSJ?NB;NF;=EQIG?H;L?;HALS;AAL?MMCP?;H>;ACN;NCHA 1B?OM?I@NB?
;O>CINB? ;?MNB?NC=@OH=NCIHI@NB?H;CF@CFN?L;H>NB?J?L=?CP?>=IH@LIHN;NCIHCHNB?PIC=?IP?L
=L?;N?;HCHN?LM?=NCIH;FMN?L?INSJ?NB;N<LC>A?M=F;MM;AAL?MMCIH;H>AB?NNIC>?HNCNSCHNI;
G?FNCHAJINI@GCMIASHICL %?LF;HAO;A?MOAA?MNMNB;NNB?AB?NNICMMIG?NBCHANB;NFCP?MCHMC>?I@
SIO;M;H;=NG?;HNNI<?@FCJJ?>IHILI@@ >>CNCIH;FFSAB?NNI=;LLC?M;H?A;NCP?=IHHIN;NCIH
I@<?CHA<;>IL>C@@?L?HNQBC=BCMCHB?L?HNFS=F;MMCMNQB?HFIIECHA;NNB?BCMNILSI@AB?NNI<?CHA
NC?>NIJIP?LNS;H>CHMCHO;NCHANB;NJIILJ?IJF?>?GIHMNL;N?JIIL<?B;PCIL
"(2).(/+,(,)')(!"--)#'"+&3
-9+817:165 B;LFC?CM;HIJ?HFS<F;=EA;SG;F?MI=C;FG?>C;J?LMIH;FCNSQBICM
EHIQH@ILBCMJIJ=OFNOL?=IGG?HN;LS;H>=IG?>C=MECNM %CMGIMNEHIQHPC>?IM@IFFIQ;
AB?NNIACLFJ?LMIH;CHHOG?LIOMM=?H;LCIMNBLIOABIONB?L>;SNI>;S FC@? 2JFI;>?>CH
🤣💀
B;LFC?JIMN?>;PC>?I>?M=LC<?>;M`QB?HSIOH?P?LM??H;AB?NNIJ?LMIH<?@IL?🤣
AB?NNIACLFM@SJ @OHHS a&HNB?=FCJ B;LFC?CM>L?MM?>;MNBCMAB?NNIJ?LMIH;MJ?;ECHANI;H
CH>CPC>O;FQBI B;MH?P?LG?NMIG?IH?AB?NNI ?@IL?NB?>C;FIAO?<?ACHMNB?PC?Q?L
CGG?>C;N?FSHINC=?M B;LFC?cM=IMNOG? NN;=B?>NINB?AB?NNIACLFcM@CHA?LH;CFM;L?BIN=B??NIM
M?=OL?>QCNBN;J?MCAHC@SCHAFIHA;=LSFC=H;CFM 0B?;FMIB;M;J;LNC;FFSOH>IH?;H>>CMB?P?F?>
F?IJ;L>JLCHNM=;L@IHB?LB?;>QCNBQBCN?=IHMNLO=NCIHJ;J?L=ONCHNIFIHAMNLCJM;NN;=B?>NIBCM
@;=?NIL?JL?M?HN?S?F;MB?M 1B?=B;L;=N?LCM;FMI>LCHECHA;=;HI@(CQC0NL;Q<?LLSLCTIH;N?;
QBCF?;M=;L@CM@IF>?>;H>NC?>CHNI;<;H>?;ONIJ MNB?>C;FIAO?<?ACHMCNCM;MMOG?>NB;NNB?
J?LMIH<?BCH>NB?=;G?L;NB?J?LMIHQBIB;MH?P?LM??HMIG?IH?@LIGNB?AB?NNICMMN;LCHA &H
L?MJIHM?NB?=B;L;=N?LcMIJ?HCHAFCH?CMÌI6IO;=NFCE?SIOH?P?LM??HMIG?S@ILGNB?

AB?NNI a1B?;O>C?H=?;MMOG?MNB;N;=IHP?LM;NCIH<?NQ??HNB?NQI=B;L;=N?LMCMN;ECHAJF;=?
;<ION=FINBCHA;MNB?AB?NNIACLFL?MJIH>M`,BGSMBCLN*SG;<CAG;GGSF?NG?Q?;L=FINB?M
FCE?NBCMMCH=?&Q;M 1B;NcMIHJ?LCI>JIIB>;@O=E a0B?NB?H<?ACHMNI?;NNB?BIN=B??NIM
NB;N;L?L?JL?M?HNCHAB?LH;CFM 1B?J?LMIH<?BCH>NB?=;G?L;M??GCHAFSKO?MNCIHMNB;N=BIC=?;M
NB?AB?NNIACLFL?MJIH>M`6?;B&?;NGSH;CFMQB?H&A?NBOHALS 6IO>IHcNa1B?PC>?I?H>M;M
NB?PC?Q?LMB?;LNB?=B;L;=N?LcMF;MNM?HN?H=?`,HJ?LCI> a
>73)5):165*O=BFCE?NB?@CLMNNQIPC>?IM>CM=OMM?>?;LFC?L B;LFC?cMOM;A?I@BIN
=B??NIMOHE?GJN;H>CH;JJLIJLC;N?=FINBCHA;H>OM?I@3"F;HAO;A?JF;SIHNB?JIQ?L@OF
CHN?LM?=NCIHI@=F;MMCH;JJLIJLC;N?<?B;PCILL;=CMG;H>GCMIASHICL ?CHA;F;=EJ?LMIH>I?M
HIN;<MIFP? B;LFC?I@=L;@NCHANB?M;G?MN?L?INSJC=;FJILNL;S;FMI@F;=EQIG?HNIA?H?L;N?
PC?QM;H>@IFFIQ?LM IO=B?>CHBOGIL<ONMNCFFB;LG@OF B;LFC?cMPC>?ICM;>CL?=NJILNL;S;FI@
;=IH@LIHN;NCIH;F;AAL?MMCP?OHJLI@?MMCIH;FOHE?GJNF;=EACLF;H>QIG;H
+# /)#)/+$%),')
-9+817:165';E?,MGICM;1CE1IE=L?;NILQBIA;CH?>CH=L?;M?>JIJOF;LCNS>OLCHANB?
IHM?NI@NB? IPC>J;H>?GC= #;HMI@';E?F;OH=B?>BCGCHNINB?MJINFCABN;@N?L<?CHA
CGJL?MM?>QCNBNB?KO;FCNSI@BCMFCJMSH=CHA;H>;<CFCNSNI;=NIONNL?H>CHAMIOH>M &HNB?HIQ
>?F?N?>1CE1IE';E?CM;=NCHAION;H;O>CI@LIG;@;GIOM&HMN;AL;GFCP?MNL?;GMB;L?><SL;JJ?L
;L>C !L?MM?>CH;=B;L;=N?L';E?CMQ?;LCHA;AL;SNMBCLNJIM?>;M;B?;>QL;J;H>MNL;QM
=IHH?=N?>NIBCM@CHA?LML?JL?M?HNCHAFIHA;=LSFC=H;CFM MNB?;O>CI<?ACHM`0I&GQ;MBCHAGS
;MM;H>&cGQ;MBCHACNP?LS@;MNa';E?NB?;NLC=;FFS<?ACHMOMCHABCM@;E?@CHA?LH;CFMNI>?JC=N
Q;MBCHABCM<INNIG %?GIP?MBCMB;H>MCH;=CL=OF;LGINCIHF?NNCHANB??GJB;MCM@;FFIHNIBCM
@;E?;=LSFC=H;CFM MNB?;O>CI=IHNCHO?M`H>&DOMNAINGSH;CFM>IH?;H>NB?SQ?L?MI
JICHNS]a';E?JICHNMNB?;=LSFC=H;CFMNIA?NB?LBCM@;=C;F;=NCHABSJ?L<IFC=QB?HL?=CNCHANB?FCJ

MSH= M ;L>C@CHCMB?MB?LF;MNM?HN?H=?`!ISIOEHIQNB;N&MN;<<?>GS;MMBIF?a';E?=F;JM
BCMB;H>MNIA?NB?L;H><?ACHM;MN;<<CHAGINCIH
>73)5):165&HBCM>L;G;NC=L?GCRI@ ;L>CcMPC>?I';E?,MGIL?MILNMNINB?M;G?
N;=NC=M>?M=LC<?>CHNB?@CLMNPC>?IM;H;FST?>CHNBCMM?=NCIH %?OM?M>L;G;NC=G;N?LC;FMNI=L?;N?
FIHA;H>@;E?H;CFMFCJMSH=MNI ;L>CcMJLIGCH?HNPIC=?;H>OM?MMN?L?INSJC=;FA?MNOL?MNIL?
?H;=N ;L>CcMMNILSCH;BOGILIOMQ;S %CMJ?L@ILG;H=?IH=?;A;CHMCNM;NNB?CHN?LM?=NCIHI@
=F;MMCH;JJLIJLC;N?<?B;PCIL;H>N;=ES;?MNB?NC=M ONQB;NG;E?MNBCMPC>?I>C@@?L?HN@LIGNB?
INB?LMCMNB?OM?I@=?F?<LCNS;H>NB?>CL?=NB;LG=;OM?>NIIH?M?F@<?=;OM?I@JICHNSMB;LJFIHA
H;CFM %?L?NB?PC>?IL?GCRN;E?M;NOLHL?MOFNCHACHNB?;=NO;F;H>JBSMC=;FB;LGI@IH?M?F@@IL
NB?M;E?I@;?MNB?NC=M 1BCM;LAOG?HNB;M;FMI<??HQ?;JIHCT?>;A;CHMNF;=EJ?IJF?;H>GIL?
MJ?=C@C=;FFSF;=EQIG?H FNBIOABNB?PIC?CM ;L>CMB;LCHA;HCHNCG;N?;H>BILLC@SCHA
?RJ?LC?H=?@ILF;OABMCNCMHINMOLJLCMCHANB;NQBCN?J?IJF?B;P?OM?>NBCMNL?H>CHAMIOH>;M;
Q;S@ILF;=EQIG?HNI<?=IG?NB?PC=NCGMI@GCMIASHICL
5:-878-:):1651B?N?LG`%IN B??NIACLFMaB;M<?=IG?;JIJOF;LF;<?F@ILSIOHA
QIG?HQBI?GS;=?LN;CHNSJ?I@;?MNB?NC=IHMI=C;FG?>C; %IQ?P?LNBCMF;<?FCM>??JFS
L;=C;FCT?>QB?NB?LNB?L;=?I@NB?CH>CPC>O;FCM?RJFC=CNFSMN;N?>ILHIN 0CGCF;LNINB?JL;=NC=?I@
<F;=E@CMBCHANB?`%IN B??NIACLFa;?MNB?NC=>L;QMB?;PCFS@LIGNB?L;=C;FCT?>CG;A?I@NB?
ÀB?NNIINB?La;H>L?J;=E;A?MCN@ILG;MM=IHMOGJNCIH 1BCMCMJ;LNC=OF;LFS?PC>?HNCHNB?Q;S
NB;N=IG?>SPC>?IMIHMI=C;FG?>C;I@N?H>L;Q@LIGNB?@?GG?F;=E;H>);NCHR=OFNOL?NB;N
F;=EG?H;H>A;SQBCN?G;F?MG?G?C@S;H>IP?LN;E?NB?CLG;HH?LCMGM@IL=IG?>S
1B?J?LJ?NO;NCIHI@NB?`%IN B??NI$CLFaMN?L?INSJ?CM;HCHMC>CIOM@ILGI@L;=C;F;H>
?NBHC=MN?L?INSJCHANB;NM?LP?MNI>?G?;H;H>>?BOG;HCT?;GCHILCNSQIG;H@LIG;HOL<;H;L?;
1BCMMN?L?INSJ?QBC=BCMI@N?HOM?>NI>?M=LC<?QIG?HQBI;L?J?L=?CP?>;M<?CHAÀB?NNIaIL

`L;N=B?NaL?CH@IL=?MH?A;NCP?MN?L?INSJ?M;<IONNB?M?=IGGOHCNC?MQBCF?;FMI?L;MCHANB?CL
=IGJF?RCNS SL?>O=CHAGCHILCNSQIG?HNI;M?NI@PCMO;F;H><?B;PCIL;F>?M=LCJNILMNB?% $
MN?L?INSJ?L?CH@IL=?MNB?C>?;NB;NNB?M?QIG?H;L?;FFNB?M;G?;H>NB;NNB?CL`M;G?H?MMaCM
CHB?L?HNFSH?A;NCP? #OLNB?LGIL?=L?;NILM;LAO?NB;NNB?OM?I@NBCMMN?L?INSJ?CMHINFCGCN?>NI
;HSJ;LNC=OF;LL;=?IL?NBHC=CNSG?;HCHANB;N;HSQIG;H=;H<?MO<D?=N?>NICN %IQ?P?LF;=E
;H>);NCHRQIG?H;L?>CMJLIJILNCIH;N?FS;@@?=N?><SCN;MNB?S;L?GIL?FCE?FSNI<?N;LA?N?><S
H?A;NCP?MN?L?INSJ?M>O?NINB?MSMN?GC=L;=CMG;H>>CM=LCGCH;NCIHNB;NNB?S@;=?;H>>O?NINB?
;?MNB?NC=MI@NB?% $<?CHALIIN?>CHNB?CHN?LM?=NCIHI@F;=E;H>);NCHROL<;H=OFNOL? S
=IGGI>C@SCHA;H>;JJLIJLC;NCHANB?M?=OFNOL;F?F?G?HNMNB?`%IN B??NIACLFa;?MNB?NC=?L;M?M
NB?BCMNILC?M;H>?RJ?LC?H=?MI@NB?=IGGOHCNC?M@LIGQBC=BNB?S;L?>L;QH
'*&#-#)(,
1B?% $MN?L?INSJ?J?LJ?NO;N?MNB?BSJ?LPCMC<CFCNS;H>=IGGI>C@C=;NCIHI@F;=E;H>
);NCH;QIG?HcMC?MIH1CE1IE 1B?JF;N@ILG?R;=?L<;N?MNB?@?NCMBCT;NCIH;H>I<D?=NC@C=;NCIH
I@F;=EQIG?HMC?MJLIGINCHAGC=LI;AAL?MMCIHM 1BCMBSJ?LMOLP?CFF;H=?L?MOFNMCH
GCMIASHCMNC=L;=CMN;H>=F;MMCMNGC=LI;AAL?MMCIHMNB;NCHN?LNQCH?L;=?;H>MI=CI?=IHIGC=M
*CMIASHICLCMNB?MJ?=C@C=B;NL?>;H>JL?DO>C=?NIQ;L>F;=EQIG?HQB?L?L;=?;H>A?H>?L
CHN?LFI=E 4?M??NBCMOH@IF>NBLIOABNB?OM?I@NB?QIL>AB?NNI=IOJF?>QCNBNB??R;AA?L;N?>
J?L@ILG;H=?I@MN?L?INSJC=;F;?MNB?NC=M;H>3"
1B?OM;A?I@ÀB?NNIa;M=I>?>F;HAO;A?L?CH@IL=?MH?A;NCP?=IHHIN;NCIHM;H>
>CM?H@L;H=BCM?MNBIM?CN>?M=LC<?MJ?LJ?NO;NCHA;HNC<F;=EH?MM 1B?OM;A?I@ÀB?NNIa;M=I>?>
F;HAO;A?L?CH@IL=?MH?A;NCP?=IHHIN;NCIHM;H>>CM?H@L;H=BCM?MNBIM?CN>?M=LC<?M 1BCMMOAA?MNM
NB;N<?=;OM?`NB?AB?NNIaM??GCHAFSF;=EMJIMCNCP?IP?LNIH?M;H>CM>CMNCH=NFS=IHH?=N?>NIF;=E
J?IJF?NB?OM;A?I@NB?N?LG=IOF>M?LP?NI>CM?H@L;H=BCM?NBIM?CNCMOM?>NI>?M=LC<? 1B?

=IHMN;HNNL?H>MI@GI=ECHAF;=EQIG?HIHNB?JF;N@ILG?H=IOL;A?INB?LMNI?HA;A?CH;HNC
F;=E<?B;PCILJ?LJ?NO;NCHAGCMIASHS;H>GCMIASHICLQBC=BCMNB?CHN?LM?=NCIH;FB;NL?>;H>
JL?DO>C=?NIQ;L>MF;=EQIG?H *CMIASHS?KO;N?MF;=EQIG?HNIFIO>;H>;AAL?MMCP?ACLFM
;H>>L;QM<F;=EH?MM;M;=;LC=;NOL? *C=LI;AAL?MMCP?<?B;PCILMQBCF?HIN=;FF?>L;=CMNIONLCABN
;L?CH@;=N;=NMI@L;=C;F>CM=LCGCH;NCIH;H>@OLNB?LJL?M=LC<?NB?M;MMS;NNCNO>?;M;F;=E@?GG?
S?RJ?LC?H=?NB;NH??>MNI<?N;G?>M;HCNCT?>;H>=F?;H?>OJ@IL>CA?MNC<CFCNS ?CHA;F;=E
QIG;HIL;F;=EJ?LMIHQBICM;@@?=N?><SGCMIASHSCMMBIQHNBLIOABNB?M?=IHMN;HNNL?H>M
I@GI=ECHAF;=EQIG?H;H>QB;NQ?>I 1BCM;HNC<F;=EH?MM<?B;PCILCMQB;N?H=IOL;A?M
INB?LMNIGI=E;H>;<OM?OM

! "
65+3;9165
1BCMNB?MCMJLID?=NM?NIONNI;HMQ?LNB?@IFFIQCHAL?M?;L=BKO?MNCIHM
('%IQ>I?M1CE1IEcML?GCR?=IHIGS@IMN?L;=OFNOL?I@>CACN;F<F;=E@;=?
(' %IQ>I?M1CE1IEcML?GCR?=IHIGSL?Q;L>;=OFNOL?I@>CACN;F<F;=E@;=?
*S@CH>CHAMMOAA?MNNB;N1CE1IEcM=OFNOL?I@L?GCRCHAQBC=BJLIGIN?MNB?L?OM?I@JL?PCIOMFS
JO<FCMB?>=IHN?HNCM;>CL?=N=;N;FSMN@IL?H=IOL;ACHA>CACN;F<F;=E@;=? 1B?L?GCR=OFNOL?
=IOJF?>QCNBL;=CMN;FAILCNBGML?Q;L>HIHF;=E=L?;NILM@ILJ?LJ?NO;NCHAMN?L?INSJ?MI@F;=E
J?IJF?QBCF?CAHILCHAF;=E=L?;NILMQBIA?H?L;N?NB?ILCACH;F=IHN?HN;H>QBIL?GCR;H>
J?LJ?NO;N?MN?L?INSJ?M INB;HMQ?LMNINB?L?M?;L=BKO?MNCIHM=IH@CLGNB;NQBCN?MOJL?G;=SCM
HINIHFSQ?FFCHAL;CH?>CHNIIOLMI=C;FG?>C;MSMN?GM<ON=IHNCHO?MNIL?Q;L>;HNC<F;=EH?MM
&NCMHIN=IHNLIP?LMC;FNIM;SNB;N;F;LA?JILNCIHI@G?LC=;HJIJOF;L=OFNOL?=IG?M@LIG
F;=E=OFNOL?;H>NB;NG?LC=;HJIJOF;L=OFNOL?IQ?M;MCAHC@C=;HN>?<NNIF;=E=OFNOL? 4BCF?
N?=BHIFIAC=;F;>P;H=?G?HNB;M<IFMN?L?>IJJILNOHCNC?M@ILG?>C;NI<?=IJC?>L?GCR?>;H>
L?J;=E;A?>NB?=IGGI>C@C=;NCIHI@F;=EC>?HNCNS;H>F;=E=OFNOL?@ILM?F@M?LPCHA=IHN?HN;H>
@CH;H=C;FA;CHB;ML?G;CH?>;J?LP;MCP?CMMO? F;=E=OFNOL?CM=IGGI>C@C?>;H>MNLCJJ?>I@CNM
=IGJF?RCNSL?>O=CHACNNI;M?NI@=;LC=;NOL?M;H>MN?L?INSJ?MNB;NJ?LJ?NO;N?L;=CMG>?BOG;HCT?
F;=EJ?IJF?;H>JCA?IHBIF?<F;=EH?MMCHNIINB?LH?MM 1B?L?>O=NCIHCMGI@F;=E=OFNOL?CM
@?;NOL?>PC;NB?=L?;NILMCHNBCMNB?MCM;MNB?S;L?HIP?FCHJ?LJ?NO;NCHA>CACN;F<F;=E@;=? M
?PC>?HNCHNB?PC>?IMM?F?=N?>NB?CGJFC=CN<C;M?MMBIQHNBLIOABNB?=;N?AILC?MI@<F;==?HN
=BIL?IAL;JBS<F;=E@;=?PIC=?IP?L;H>;?MNB?NC=MMBIQNB;NNB?L?CMHI=;L?;H>=IH=?LHI@NB?
F;=EC>?HNCNSCHNB?=IHN?HNJIMN?>F?;>CHANINB?=IGJ;LCMIHI@;H;=NI@<F;=EH?MM@IL
J?L=?CP?>MI=C;F;==?JN;H=?;H>MO==?MM 1BCM;=NI@?GSCHA;b<F;=EMIH;cB?FJMNI?GJFIS

>CACN;FN?=BHIFIASNI=IIJN;J?L=?CP?>F;=E=IIFJF;S;=NCHA<F;=EH?MMCH;GCHMNL?FFCE?
NL;>CNCIH^GCHCHA<F;=EH?MM@IL=OFNOL;F;H>?=IHIGC=P;FO?
+IHF;=EJ?IJF?B;P?@L??;==?MMNIP;FO;<F?=IHN?HN=L?;N?><SF;=EJ?IJF?>O?NINB?
CHB?L?HNJIFCNC=;FMSMN?GI@QBCN?MOJL?G;=SQBC=B;MM?LNMNB?C>?;FI@QBCN?MOJ?LCILCNS;H>
J?LJ?NO;N?ML?F;NCIHMI@QBCN?>IGCH;H=?;=LIMMCHMNCNONCIHM;H>MI=C;FM?NNCHAM*CFFMJ
1BCMMSMN?G;FFIQM@ILJF;N@ILGMFCE?1CE1IENI@OH=NCIH;M;`F;=E=OFNOL?@;LGa@ILNB?
<?H?@CNI@HIHF;=EJ?IJF?QBIJLI@CN@LIGNB??RJFICN;NCIHI@F;=E=OFNOL;F?RJL?MMCIHQCNBCH
NB?=;JCN;FCMNMSMN?GI@QBCN?MOJL?G;=S MCHMNCNONCIHMB;P?<??H?G<?>>?>QCNBQBCN?H?MM
NB??RJFICN;NCIHI@F;=E=OFNOL;F?RJL?MMCIH@ILNB?<?H?@CNI@INB?LMB;M@ILG?>IONI@=;JCN;FCMN
?RJFICN;NCIHCHNB?MSMN?GI@QBCN?MOJL?G;=S *IL?IP?LNB?M;G?=;JCN;FCMNMSMN?GMNB;N
=IGGI>C@SF;=E=OFNOL?;FMIL?CH@IL=?J;NN?LHMI@CH?KO;FCNS;H>IJJL?MMCIHNB;N;L?;NNB?LIIN
I@>CACN;F<F;=E@;=? NCNM=IL?>CACN;F<F;=E@;=?CM;G;HC@?MN;NCIHI@QBCN?MOJL?G;=SOH>?L
NBCMMSMN?G MQBCN?H?MMJLIFC@?L;N?MNB?;JJNL?H>M;H>=IHN?HN<?=IG?IHFS;==?JN;<F?;H>
GIH?NCT;<F?OH>?L;HIHF;=EC>?HNCNS 1B?L?@IL?HIHF;=E=L?;NILM;L?GCHCHANB?L?MIOL=?M
I@NB?=OFNOL?NIL?J;=E;A?;H>M?FF<?=;OM?I@NB?MSMN?GI@QBCN?MOJL?G;=S 2H>?LNBCM
MSMN?G?L;MOL?@ILF;=E=L?;NILMQCFF;FQ;SM?RCMN<?=;OM?`1B?QBIF?MSMN?GCM;<ION
A;GC@SCHAIOLBOGCFC;NCIHF;OABN?L?G<;LL;MMG?HNMB;G?=LSCHA]&NcM;FF;<IONGIH?NCTCHA
;H>A;GCHANB;NMNO@@@IL;NN?HNCIHa4;FE*ILLCM 1B?P?LSMSMN?G=IHMNLO=N?>CMHIN
<OCFN@ILF;=E=L?;NILMNIQCH
1CE1IECNM?F@@IMN?LM;=OFNOL?I@>CACN;F<F;=E@;=?<?=;OM?NB?JF;N@ILGCNM?F@CM;FFIQCHA
HIHF;=E=L?;NILML?GCRCHA;H>L?J;=E;ACHA=IHN?HNNIL?=?CP?;==?MMNIQ?;FNB@;G?;H>
MO==?MMQBCF?F;=E=L?;NILM;L?PSCHA@ILL?=IAHCNCIH &HNB?>CACN;FL?;FGQCNBNB?F;=EI@
<IOH>;LC?MQBCN?J?IJF?HIFIHA?LB;P?NIJONCH?@@ILNNICH@CFNL;N?F;=EMJ;=?M 1B?

=B;L;=N?LCMNC=MI@1CE1IEcMJF;N@ILG;H>NB?F;=EI@<IL>?L?>=IHN?HN=L?;N?M;>CL?=NFCH?
<?NQ??H;JJLIJLC;NCIHL;=CMG;H>CH?KO;FCNSCHL?A;L>NINB?C>?;I@=L?>CN M';=EMIH
M;SMCNCMHINDOMN;G;NN?LI@=L?>CN<ONQBICML?=?CPCHANB?GIH?N;LS<?H?@CNM@LIGNB?MO==?MM
M;L?MOFNHIHF;=E=L?;NILM;JJLIJLC;N?=OFNOL?CH?R=B;HA?@IL=;JCN;FCH@FO?H=?JIJOF;LCNS
;H>MO<M?KO?HNFSJIQ?L 1CE1IE?LM>CMGCMMNB?=OFNOL;F=IHN?RNI@1CE1IE=IHN?HN?MJ?=C;FFS
>CACN;F<F;=E@;=?;H>DIE?ML?F;NCHANI;HNC<F;=EH?MMQBC=B;C>MCHNL?H>M<?CHA=IIJN?>@LIG
NB?LCABN@OF=L?;NILM 4BCF?HIH<F;=EMcCHN?HNG;SHIN<?G;FC=CIOMNB?PCL;FCNS;H>=FION=OFNOL?
NB;NMOLLIOH>M>CACN;F<F;=E@;=?J?LJ?NO;N?MMN?L?INSJ?M;H>CM?H=IOL;A?><SNB?;FAILCNBG H>
CH;H;NN?GJNNIA;CHNB?M;G?HINILC?NSMIG?F;=E=L?;NILMB;P?MO==OG<?>NIJ?LJ?NO;NCHA
NB?M;G?B;LG@OF<?B;PCIL?R?GJFC@C?><SNB?CLHIHF;=E=IOHN?LJ;LNM
JJLIJLC;NCIH;M;G?;HMI@L?Q;L>NBLCP?MIH1CE1IE;H>NB??RJFICN;NCIHI@F;=E
=L?;NILMCM<IFMN?L?><SNB?>CM=IP?LSNB;N1CE1IEcM;FAILCNBG;H>=IHN?HNLOF?MMSMN?G;NC=;FFS
@;PILQBCN?=L?;NILMIP?LF;=E=L?;NILM 1B?1CE1IE;FAILCNBGNB;NL?=IGG?H>MPC>?IM?F?P;N?M
QBCN?=L?;NILMNBLIOAB;<C;M?>@??><;=EFIIJ^C@;PC?Q?LFCE?M;QBCN?;LNCMNGIL?=L?;NILMQBI
;L?QBCN?QCFF<?L?=IGG?H>?>NINB?GM;L? IHM?KO?HNFSQBCF?F;=E=IHN?HN
=L?;NILMG;SB;P?=L?;N?>;NL?H>;H><??HNB?=;N;FSMNNICNMJIJOF;LCT;NCIH1CE1IEcMGIMN
JIJOF;LQBCN?=L?;NILM;L?=IHNCHOIOMFS;GJFC@C?>>O?NINB?CGJ;=NI@J?LMIH;F;FAILCNBGM<?CHA
=;FC<L;N?>NIQ;L>MQBCN?;LNCMNM IIE?N ;F 4CNB;GJFC@C=;NCIH;H>?F?P;NCIHNINB?
G;MM?M=IG?MGIH?N;LSMO==?MM MIH??R;GJF?1CE1IEcMGIMNHIN;<F?>;H=?=L?;NIL B;LFC
!cG?FCI=B;LA?M;H?MNCG;N?>J?LMJIHMIL?>JIMNIHH?L/I<?LNM S?NNB?
L;=C;FJ;SA;J<?NQ??HQBCN?;H>F;=ECH@FO?H=?LMCMH?;LFS*0)0N;@@ ;H>F;=E
=L?;NILMIH1CE1IE;L?<?CHAMB;>IQ<;HH?>@ILNB?CL=IHN?HN

!?MJCN?1CE1IE;>>L?MMCHA=L?;NILMc=IH=?LHMCH;G?MM;A?NINB?CLF;=E=IGGOHCNS;H>
JLIPC>CHAAL;HNMNIF;=ECH@FO?H=?LM1CE1IE JLI<F?GMJ?LMCMNIHNB?JF;N@ILG F;=E
=L?;NILMB;P?MB;L?>NB?CLMNILC?MI@1CE1IEMB;>IQ<;HHCHANB?CL=IHN?HNQBC=BL?@?LMNINB?
JL;=NC=?I@L?>O=CHANB?PCMC<CFCNSI@;OM?LcM=IHN?HNQCNBIONHINC@C=;NCIHIL?RJF;H;NCIH &HNOLH
F;=E=L?;NILMB;P?L?MOFN?>CH@?Q?LPC?QMFCE?M;H>@IFFIQ?LMG;ECHACNGIL?>C@@C=OFN@IL
NB?GNI<OCF>NB?CL;O>C?H=?;H>ALIQIHNB?JF;N@ILG ?=;OM?I@F;=E=L?;NILMc=L?;NCPCNS;H>
NB?MNIF?HMO==?MM<SHIHF;=E=L?;NILM1CE1IEcMJ?LJ?NO;NCIHI@NB?M?MSMN?GMI@CHDOMNC=?
?HMOL?MJLI@CN;<CFCNS=IHNLC<ONCHANB??HLC=BG?HNI@;FFJ;LNC?MCHPIFP?> 4BCF?L?MJIHMC<CFCNSCM
IHOM?LMNIBIF>NB?GM?FP?M;==IOHN;<F?1CE1IEGOMN;FMI<?=;FF?>CHNIKO?MNCIH@IL
?MN;<FCMBCHA;H;FAILCNBGNB;N>I?MHIN=?HN?LNB?=L?;NILMI@NL?H>MNB?GM?FP?M
2H@ILNOH;N?FS`J?L@ILGCHAa;H>GCM;JJLIJLC;NCHA<F;=EH?MMCM;FO=L;NCP?<OMCH?MM;H>
CN;FQ;SMB;M<??H )CE?GCHMNL?FMBIQMCHNB?NB=?HNOLS1CE1IECMLIIN?>CHPCLOF?HNL;=CMG^
<F;=E@;=?;H>L;=C;FMN?L?INSJ?M>CMJLIJILNCIH;N?L?GIP;FI@=IHN?HN;H>;FAILCNBGC=<C;M
4BCF?NB?;=NI@>CACN;F<F;=E@;=?G;SHIN<?@LIG;JF;=?I@B;N?CNMCGJ;=NCMNB?M;G?
?=;OM?I@HIHF;=E=L?;NILMcMO==?MM1CE1IEQCFF;FQ;SM<?MO==?MM@OF;H>B?FJJLIJ?FNB?M?
MSMN?GM<?=;OM?CN@O?FMNB?CLJI=E?NM 1BCMCMBIQ1CE1IEcML?GCR?=IHIGSL?Q;L>M;=OFNOL?I@
>CACN;F<F;=E@;=? "P?LSMBILN@ILGPC>?IOJFI;>?>IH1CE1IECMJIMN?>CHNB?CHN?L?MNI@A;CHCHA
=FION;H>=;JCN;F HS;=NCPCNS^@LIGDOGJCHAIHNL?H>MFCJMSH=CHANIPCL;F;O>CIMJ?L@ILGCHA
<F;=E@;=?ILMJ?;ECHACH;<F;==?HN^CMCHMN;HNFSDOMNC@C?><SCNMONCFCNS 1B;NQBC=BA?H?L;N?M
L?P?HO?CMCHB?L?HNFSAII>OH>?LNB?1CE1IE=;JCN;FCMNMSMN?G 1CE1IECMHIN;J;MMCP?;=NIL
L;NB?L1CE1IECM@O?FCHANB??HPCLIHG?HN@ILNB?L?GCR?=IHIGSNB;NL?Q;L>M<INBNB?=L?;NIL
;H>NB?=ILJIL;NCIHCNM?F@ 1CE1IECMNB?@IOLNBGIMNP;FO;<F?G?>C;<L;H>QILF>QC>?;H>CH

NB?<L;H>P;FO?I@1CE1IECM<CFFCIH2 0 >IFF;LMA;CHCHA<CFFCIHGIL?MCH=?NB?
JL?PCIOMS?;L1BIG;F;
IHN?GJIL;LSG?LC=;CMHIN=ONI@@@LIGCNML;=CMNJ;MN;H>BCMNILC=;FL;=CMNJL;=NC=?M
CH@FO?H=?GI>?LHG?>C;>?JC=NCIHM;MM??HCH>CACN;FMJ;=?MMO=B;M1CE1IE 1B?JF;N@ILGI@
1CE1IE;H>CNMOM?LM;L?=IGJFC=CNCHCGG?LMCHA>CACN;F<F;=E@;=?CHNINB?@;=?NI@NB?
;JJFC=;NCIH 1B?L?CMHI1CE1IEQCNBIONNB?NL?H>MI@F;=E=L?;NILMF;=EMF;HA;H>F;=E
=OFNOL?CGJ?>CHANB?NL?H>CHAMIOH>M;H>NB?=IHN?HNIHNB?;JJ 1B?@CP?NB?G?M;H;FST?>^
<F;==?HN=BIL?IAL;JBS<F;=E@;=?PIC=?IP?L;H>;?MNB?NC=M^<OCF>NB?N?H?NMI@>CACN;F
<F;=E@;=?IH1CE1IE<?=;OM?NB?M?HIHF;=E=L?;NILMQBIB;P?;M?G<F;H=?I@JIQ?L;H>
JLCPCF?A?;L?LC>CHANB?=I;NN;CFMI@F;=E=OFNOL?NIMO==?MMQB?NB?LCN<?PC;@;G?GIH?S
PCN;FCNSIL=FIONPC;NB?G?;HMI@=OFNOL;F?RJFICN;NCIH/IA?LM

%

1/;8-JC=NOL?I@;LNC@C=C;FFSCHN?FFCA?HNL;JJ?L#+*?E;

1/;8-0=L??HMBINI@@HG?E;cMCHMN;AL;G;==IOHN>?JC=NCHABCMNCG?CHD;CF ;JNCIHL?;>M
`-,)& "/21)&164B;N0BIOF>&!I1BCM$O;L>E??JM<?;NCHAG?QBCM1,+

<?=;OM?&8QIHcN9MHCN=B &8;CHcN9+,/1 )C@?CH-LCMIHCMMI!?JL?MMCHA &QCMB&=IOF>A?NION
MI&=IOF>MN;LNG;ECHAGOMC=;A;CH a

%!!!! !
1BCM;JJ?H>CR=IHMCMNMI@1CE1IEPC>?IMNB;NQ?L?;H;FST?>NBLIOABNB?@CP?NB?G?MI@>CACN;F
<F;=E@;=?<F;==?HN=BIL?IAL;JBS<F;=E@;=?PIC=?IP?LM;H>;?MNB?NC=M !O?NINB?=IHMNL;CHNM
I@*C=LIMI@N4IL>>I=OG?HNM@OFFPC>?I=FCJMNB;NMOJJILNNB?NB?G?MCHNLI>O=?>=;H<?
L?NLC?P?>;NBNNJMNCHSOLF =IG!CACN;FF;=E@;=?CH;$IIAF?!LCP?@IF>?L
!
1/;8-3C>?IM=L??HMBINI@H;NCP? BC=;AI;H;H>,BCI0N;N?=IFF?A?<;ME?N<;FFJF;S?L'CGGS
0INIMILCACH;FFSJIMN?>IHBCM1CE1IE;==IOHNDCGGSMINIM &HNBCMPC>?I0INIM>?N;CFMNB?
ILCACHMI@BCM;==?HN;NNLC<ONCHACNMMIOL=?NIG??NCHAP;LCIOM BC=;AI;H@LC?H>MPC;<;ME?N<;FF
&HNBCMPC>?I0INIM=B;FF?HA?MNB?;LAOG?HNNB;NBCM;==?HNCMJ?L@ILG;NCP?IL;GI=E?LSI@
@LC=;HG?LC=;H3?LH;=OF;L"HAFCMB3" BIQ?P?LB?>I?M;=EHIQF?>A?BCM;<CFCNSNI
M?;GF?MMFS`P?LH;=OF;L=B;HA?a;H>N;FE`MNLO=NOL?>aQCNBJ;L?HNMNB??F>?LFS;H>@L;N?LHCNS
<LINB?LM 1BCMBCABFS=IHNLIP?LMC;FPC>?IQ;MJIMN?>IH*IH>;S!?=?G<?L;H>CMHIQ
>?F?N?>IHNB?JF;N@ILG;MI@4?>H?M>;S!?=?G<?L

1/;8-3C>?IM=L??HMBINI@1CE1IEJ?LMIH;FCNS;H>GI>?F';M0;H=B?T 1BCMPC>?I>?N;CFMB?L
`C>?HNCNS=LCMCMB;CL=ONa;H>CM;PIC=?IP?LI@B?L?RJ?LC?H=?QCNB;H?QB;CL>L?MM?L 1B?PC>?I
;G;MM?>IP?L *PC?QMQCNB (GCFFCIHFCE?M

1/;8-&H;HIQ>?F?N?>PC>?I&=S4S;NNMBIQMBCM@;HMBCM0O<Q;SM;H>QC=B 1B?
M=L??HMBIN;=KOCL?>CM@LIG1CE1IEOM?LF;=E?&N;<? &HNB?PC>?IM=L??HMBINOM?LM=;HM??
NB;N4S;NNcMPC>?IB;>FCE?M;H>=IGG?HNM;NNB?NCG?I@F;=E?&N;<?cM
L?=IL>CHA
1/;8-=NCHAB;L>CH@LIHNI@GSACLF@LC?H><SOM?L><?EQ;MOJFI;>?>IH+IP?G<?L
1BCMPC>?I@IFFIQ?>;JL;HENL?H>;NNB?NCG?I@OJFI;> NNB?NCG?I@NB?PC>?I
M=L??HMBIN<F;CM????????????B;MIP?L *PC?QM 1B?PC>?I;FMIMO==?MM@OFFS=IFF?=N?>
*FCE?M;H> (=IGG?HNM

1/;8- 1B?PC>?II@QI;B=IIJ?IH1CE1IE)&3"Q;MM=L??HL?=IL>?><SD;?=F;LE? ,H
QI;B=IIJ?cMFCP?MNL?;GNB?L?Q?L?J?IJF?;MB?>?GIHMNL;N?>BIQB?>C>BCM?>A?M
4BCF?NB?MO<D?=NI@NB??HNCL?FCP?MNL?;GCMOHEHIQHNBCMPC>?I@IFFIQMBCGMNSFCHABCMB;CL
&

1/;8-
3C>?IM=L??HMBINI@@;G?>MI=C;FG?>C;J?LMIH;FCNS;H>IH=?NB?GIMN@IFFIQ?>
=L?;NILIHNB?1CE1IEJF;N@ILG=B;LFC>;G?FCIJ?L@ILGCHANB?`/?H?A;>?a<S';F;C;B%;LGIH
!cG?FCIMBINNI@;G?;H>=;JCN;FCT?>I@@`/?H?A;>?aQCNB1CE1IEOM?LM>??GCHAB?LNB?
` " , aI@NB?NL?H> +?RNNI!cG?FCIcMPC>?ICMF;=E=IHN?HN=L?;NIL;H>1CE1IE?L
E;S>>CILMBIQCHANB?HIN;<F?>;H=?>C@@?L?H=?M<?NQ??HNB?ILCACH;F=BIL?IAL;JB?>
`/?H?A;>?a;H>NB?=IIJN?>P?LMCIHNB;NQ?HNPCL;FIH1CE1IE;MJ?L@ILG?><S B;LFC
!cG?FCI
1/;8-3C>?IM=L??HMBINI@'?MMC?LOMEcM 4;FE 2M?LCMHIN;EHIQH1CE1IEJ?LMIH;FCNS
;H>CM;=;MO;FOM?LJ;LNC=CJ;NCHACH;NL?H>

1/;8--C=NOL?>CM,=NIJOMMFIP?LcMPC>?INB;NA;CH?>IP?L *PC?QMQCNB (FCE?M
1B?@CLMNJ;LNI@NBCM>;H=?CM;HCHN?L;=NCIHI@;GIOL DIL>SHHcMPCL;FG;DIL?NN?>;H=?NI+I
)IP? ,=NIJOMMFIP?LcMILCACH;F>;H=?B;M<??HJ?L@ILG?>CHM?P?L;FPC>?IMMCH=?OJFI;>

1/;8- 1BCMCM;PC>?IM=L??HMBINI@NB?>?F?N?>!?QS BII>;H=?NONILC;F 1BCMPC>?IQ;M
@CLMNJIMN?>IH!?QScMJ;A?;M;NONILC;FI@BIQNIJ?L@ILGQB;NB?L@;HM=;FF?>`1B?!?QS
BII>;H=? a&NQ;MF;N?L@IOH>NB;N+?FFT;F;=E1CE1IE?L=L?;N?>NB?>;H=? 1BCMPC>?I
B;M<??HL?OJFI;>?><SOM?LMIH1CE1IEQCNB=IGG?HN;LS;<IONNB?MCNO;NCIH

1/;8-1BCMCM;PC>?IM=L??HMBINI@G;LNCHOLEIPMES;H>@LC?>NI`-L?NNS$CLFM4;FEa<S
CAIMM3?NN? IGG?HNMQ?L?N;AACHA! @ILNB?=L?;NILI@NB?>;H=?QBI?P?HNO;FFS
=IGG?HN?>NB;NMB?Q;MNB?>= @N?L=IGG?HNMN?FFCHANB?GNI?>CNNB?=;JNCIH;H>;>>;N;A
NB?OM?LG;LNCHOLEIPMES>C>

1/;8--C=NOL?>CMA;LTIMNIQME;DOMN;FC=D;;<IH1CE1IENB?-IF;H><ILH=IHN?HN
=L?;NILQBIB;M<??H=LCNC=CT?>@IL`<F;=E@CMBCHAaNB?HINCIHI@HIHF;=EJ?IJF?=B;HACHANB?CL
;JJ?;L;H=?QCNBG;E?OJ=IMG?NC=MOLA?LSIL>CACN;F?>CNCHANI;JJ?;LF;=E +?RNNI
LTIMNIQME;cMPC>?ICM;PC>?IOJFI;>?><SF;=E1CE1IE?LI@@NB?=FI=EH?L>;H>L?JIMN?><S
MCHMQ??N?MN>?N;CFCHANB?=B;HA?I@B?L;JJ?;L;H=?IP?LNB?S?;LMCH=FO>CHA>;LE?H?>MECH
=IMG?NC=MOLA?LS;H>NL?H>SG;E?OJNB;NI@N?HF;=EQIG?H@IFFIQ 1B?=;JNCIHI@NB?
=LCNC=CMGPC>?IM;SM`1BCMCM;JIFCMB`QBCN?aQIG;H IMJF;SCHA<?CHA<F;=E]a

1/;8-0=L??HMBINN?>CM;HOHEHIQHGI>?FNB;NQ;MJIMN?>NI1CE1IE &HNBCMPC>?INB?
GI>?FcMG;E?OJCM<?CHAN;E?HI@@L?P?;FCHA;QBCN?QIG;HOH>?LH?;NB

1/;8-1B?PC>?I;<IP?CMI@<;>?L;FM;@;L;1CE1IE?LQBI=L?;N?M;H;LL;SI@PC>?IM
CH=FO>CHAPCL;FFC@?B;=EM;H>@II>;MGL &HNB?PC>?I;<IP?;>?LCM=IGJ;LCHA;HILG;FJ?LMIH
?;NCHA=BC=E?HNI;BSJ?<?;MNQBCF?Q?;LCHA;1L;PCM0=INN1?R;M B;CHM;Q*;MM;=L?*;ME
1/;8-0BIQHCMG?CF;R>;PC?M;1CE1IE?LOM?LQBIM?;==IOHNCMHIQOH;P;CF;<F?
G?CF;cMPC>?IM;L?;L=BCP?>NBLIOABINB?L1CE1IE?LOM?LMcJ;A?MG;CHFSNBLIOABNB?CL;<CFCNS
NIMNCN=BB?LPC>?IM &HNB?PC>?IMBIQHG?CF;;H>;HINB?LQIG;H;L?FCJMSH=CHANI-?HA
F;=E$CLFM/?GCR<S"HHS;H>'ILD;0GCNB

1/;8- 3CMO;FCT?>CM0SLC;H1CE1IEOM?L;H>;=NL?MM*;LQ;/;N?< M>?M=LC<?><S*;LQ;
MB?CM>L?MM?>;M;H@LC=;HQIG;HNIMBIQB?L` FIP?;H>;JJL?=C;NCIHNI;FFNB?@LC=;H
J?IJF? a
##

1/;8-
1BCMMH;JMBINCMI@1CE1IE?LF;>S>C;HE; &HNBCMPC>?I);>S>C;HE;FCJMSH=MNI;
MIOH>I@/;?0L?GGOL>cM;H>+C=EC*CH;DcMMIHAF;=E;L<C?M 1B?1CE1IE;O>CICMI@+C=EC
*CH;DL;JJCHA`&cG;@O=ECHcF;=E<;L<C?-L?NNS@;=?J?L@?=NS -CHEM?;NMCHNB?/;LC a
1/;8-*;L=OM,FCH;H>BCMACLF@LC?H>?;MN";N?LFCJMSH=MNINB?PCL;F;O>CI`&H??>MIG?
GIH?SHCAA;1B?#O=E&cG;>IQCNBNQIBOH>L?>4B;NMHIN=FC=ECH0N?P?H ;MBJJG?
LCABNHIQ%OLLSOJ a1B?=;JNCIHL?@?LMNIQIG?HIHNB?CLG?HMNLO;F=S=F?

1/;8-2M?LQCCHNLLFCJMSH=MNINB?PCL;FMIOH>`6?;B;H>;H>;H>;H>;H>QB?HCN=IG?M
NI;>LCHECGG;B;P?CN a

1/;8- 1CE1IEOM?LH>SJ?L@ILGMBCMGIMNQ?FFEHIQH1CE1IEFCJMSH=CHANI;H;O>CI
G;MBOJI@NB?L;JJ?L OJ=;EE?;H> IIEC?)SIH@LIG"GJCL? 1B?;O>CIM;SM`1?FFG?QBS&
MBIOF>HcNNBLIQNBCM>LCHECHSI<CN=B;MM@;=? &@SIOJCMMG?I@@CNcM;MBCNMBIQ0G;=E;<CN=B
CHNI BLCMNG;M"P?OBBOB 4B?H&@CABN&>IHINJOFFQ?;P?,HFSNBCHA&GJOFFCHAIONCM
N??NB a
1/;8-1?MM;LIIEMFCJMSH=MCHNI;PCL;FJI?G<S1;HE;H>NB?;HA;M 1B?JI?G
L?;>M@1BCM<IS<?CHGS>GMM;S&cGJL?NNS a1B?PC>?IB;MIP?L (PC?QM (FCE?M
;H>=IGG?HNM

!!
1/;8-!?JC=N?>CM=L?;NIL>RHC?FJROFJILNL;SCHANB?`BIN=B??NIACLFaMN?L?INSJ?
2JFI;>?>IH2L<;H!C=NCIH;LS<SM?P?L;FJ;NLIHMCH=FO>CHAOM?LOGQN@CM;JM?O>IHSG;BIN
=B??NIACLFCM`;ACLFOMO;FFSF;NCH;IL<F;=E 0B?=;HOMO;FFS<?@IOH>Q?;LCHABIIJ?;LLCHAM
FIHA;=LSFC=M;H>;<;AI@N;ECMILBIN=B??NIM 0B?cM;FMIEHIQHNI?;NNB?GIONFIO>CH=F;MM
;H>NIM;SbJ?LCI>N ca!RHC?FJROF>IHM;H;LNM;H>=L;@NMJ?L@ILG;H=?I@NBCMBIN=B??NIACLF
MJILNCHA;<;AI@BIN=B??NIMQCNB=IHMNLO=NCIHJ;J?LAL??HH;CFM;H>FIHA?S?F;MB?M

1/;8--C=NOL?>CMQ?FFEHIQH=IG?>C;H1?LLS/?FI;>?>cM=B;L;=N?L1;<CH; &HNBCMPC>?I
1;<CH;=IH@LIHNM;ACLFQBICMQ?;LCHANB?M;G?B;CLMNSF?;MB?L 1B?=B;L;=N?LMJLI=??>NI@CABN
1B?PC>?IB;MIP?L *FCE?M;H> (=IGG?HNM

1/;8--IMN?>CHOAOMNFCF S;GSSFCJMSH=MNI;HIF>PCH? )CF S;GSS=;JNCIHMNB?
PC>?I`4B?HNB?H;CFM<LCHAIONNB?AB?NNICHSIO a1B?PC>?IB;M;G;MM?> (FCE?M;H>
=IGG?HNM
1/;8-&;G=B;LF?T;=NMION;AB?NNIACLFJ?LMIH; 1B?-,3CMNB;NNB?J?LMIHIHNB?INB?L
MC>?I@NB?=;G?L;B;MHING?NMIG?IH?AB?NNI<?@IL? B;LFC?B;MG?HNCIH?>CH;L?JIMNIH
NB;NNBCMCMBCMGIMNPCL;FPC>?I

1/;8- ';E?,MGICM;1CE1IE=L?;NILQBIA;CH?>CH=L?;M?>JIJOF;LCNS>OLCHANB?IHM?NI@
NB? IPC>J;H>?GC= &HNB?HIQ>?F?N?>1CE1IE';E?CM;=NCHAION;H;O>CI@LIG;@;GIOM
&HMN;AL;GFCP?MNL?;GMB;L?><SL;JJ?L ;L>C 1B?;O>CIM;SM`0I&GQ;MBCHAGS;MM;H>&cG
Q;MBCHACNP?LS@;MN H>&DOMNAINGSH;CFM>IH?;H>NB?SQ?L?MIJICHNS]!ISIOEHIQNB;N&
MN;<<?>GS;MMBIF?a

&
BG?>0 JB?HIG?HIFIASI@QBCN?H?MM 3;7<7AB*63=@G ^
BNNJM>IC ILA
FAILCNBGC='OMNC=?)?;AO? H > #7AA7=<*3/;/<2)B=@G*63:5=@7B6;71 CAB713"3/5C3
') BNNJMQQQ ;DF ILA;<ION
L;ZDI 0 *?CL;4 FG?C>;3 &>?HNC@SCHA0N?L?INSJ?MCHNB?,HFCH?-?L=?JNCIH
I@-BSMC=;FNNL;=NCP?H?MM &H0JCLI" BH66 ?>M )=17/:<4=@;/B71AJJ ^
0JLCHA?L B;G BNNJM>IC ILA :
;==BC2 0?JN?G<?L *79*=9/>=:=57A3A4=@13<A=@7<5"*1=<B320)+$'
;E?L4BCN?" ';HO;LS 1CE1IEcM0?=L?Nb%?;NCHAcONNIH ;H*;E?HSIH?$I
3CL;F =@03A BNNJMQQQ @IL<?M =IGMCN?M?GCFS<;E?LQBCN?NCENIEMM?=L?N
B?;NCHA<ONNIH=;HG;E?;HSIH?AIPCL;FMB@><@>
?FF" JLCF F;=E=L?;NILM=;FFION1CE1IEcM>CM=LCGCH;NILSb#IL6IOcJ;A? /7:G
=B BNNJMQQQ >;CFS>IN =IGCLFNCENIEL;=CMN@ILSIOJ;A?<F;=E=L?;NILM
?HD;GCH/ (/13/4B3@B316<=:=5G0=:7B7=<7AB*==:A4=@B63<3E87;1=23 -IFCNS
I@@IH?1 /?H?A;>?M!CACN;F!;H=? OFNOL?M@LIG!O<MG;MBNI1CE1IEJJ
2HCN?>0N;N?M,R@IL>2HCP?LMCNS-L?MM
I@@IH?1 *79B=91C:BC@3A7<B63+<7B32)B/B3A /IONF?>A?1;SFIL?N#L;H=CM$LIOJ
IHH?L* /I<?LNM( 6/@:7;3:7=A<3BE=@B67A0/A71/::G3F>:=27<53D3@G
A7<5:3;=<B6 IMGIJIFCN;H
BNNJMQQQ =IMGIJIFCN;H =IG?HN?LN;CHG?HN=?F?<M;=B;LFC>;G?FCIH?N
QILNB

IOPC?L$ *;=BCH! LCNC=;F!CM=IOLM?H;FSMCM;H>NB?=B;FF?HA?M;H>
IJJILNOHCNC?MI@MI=C;FG?>C;(3D73E=4=;;C<71/B7=< ^!,&

LIQH?/ ';HO;LS 1B?!?;NBI@PCH?;H>NB?PIF;NCF?H;NOL?I@H?QG?>C; *63
"=<2=<)16==:=41=<=;71A/<2&=:7B71/:)173<13
BNNJM<FIAM FM? ;= OEL?M?;L=BCHAMI=CIFIASNB?>?;NBI@PCH?;H>NB?
PIF;NCF?H;NOL?I@H?QG?>C;
O=BIFNT* 6IO>;G;H+;LL;NCHANB?L;=C;FINB?LCHNB?JLI>O=NCIHI@QBCN?
G;M=OFCHCNS =C@</:=4)=17=:7<5C7AB71A ^
BNNJMQ?< MN;H@IL> ?>OV?=E?LN&HMNCNON?/?;>CHAM<O=BIFNT J>@
;H;F?M( JLCF ';=E!ILM?SM;SMBCMb<CAA?MNL?AL?NcCMNQCNN?LMBONNCHA>IQHPCH?
<A723@ BNNJMQQQ <OMCH?MMCHMC>?L =IGD;=E>ILM?S<CAA?MNL?AL?NECFFCHAI@@PCH?

;LMIH *;S %IQ;@;CF?>?>O=;NCIHMN;LNOJNOLH?>CHNI*OMC=;F FSNB?GIMN
JIJOF;L;JJSIOcP?JLI<;<FSH?P?LB?;L>I@ <A723@
BNNJMQQQ <OMCH?MMCHMC>?L =IGQB;NCMGOMC=;FFS
;N;F>I' CAB&=ABB@7B71/:7A1=C@A3</:GA7A=<$793MA<AB/5@/;80?HCIL
%IHILM1B?MCM2HCP?LMCNSI@+?Q%;GJMBCL?9 %IHILM1B?M?M;H> ;JMNIH?M
BNNJMM=BIF;LM OHB ?>OBIHILM
?LPC) *;LXH)F;>Y #L??J;F?MNCH?IH1CE1IE@LIGJ?L@ILG;NCP?;=NCPCMG
NIG?;HCHA@OF JF;S@OF;=NCPCMG =C@</:=4<B3@</B7=</:/<2<B3@1C:BC@/:
IGGOHC=;NCIH ^BNNJM>IC ILA
++0N;@@#?<LO;LS 4B;N;b<F;==?HNcCM;H>QBSCNcMQLIHA $$

BNNJMQQQ =HH =IG?HN?LN;CHG?HN<F;==?HN?RJF;CH?L=?=CH>?R BNGF
!;CF?>; ,=NI<?L "3BMA<=B4=@53BB63:/19D7<3AB/@AB6/BBC@<32B63/>>7<B=/<
/@B *;MB;<F? BNNJMG;MB;<F? =IG;LNC=F?PCH?<F;=EOM?LM=L?;NCP?M
!?G<S$ *;S 4B?L?>C>NB;N@LC?>=BC=E?HMN?L?INSJ?=IG?@LIG+-/
BNNJMQQQ HJL ILAM?=NCIHM=I>?MQCN=BQB?L?>C>NB;N@LC?>
=BC=E?HMN?L?INSJ?=IG?@LIG
!CGIH) !?=?G<?L @7>-/:9*63>=>1C:BC@3A3<A/B7=<B6/B1/;34@=;D7=:3-IJOF;L OFNOL? /<20==9=4B63)=17=:=5G=4
(/17/:/<2B6<71(3:/B7=<A 0JLCHA?L
!ISF? +IP?G<?L *79*=9AB/B7AB71AIC>2/B32$=D 4;FF;LII*?>C;
BNNJMQ;FF;LIIG?>C; =IG<FIAMI=C;FG?>C;NCENIEMN;NCMNC=M
"FF? 8?FF?PCPC=;9 'OH? QB?H;L?NB?F;=E=L?;NILM@CHCMBCHANB?CLMNLCE?NBCM
;JJCMHcN@OH;HSGIL? 81CE1IE9 1CE1IE
BNNJMQQQ NCENIE =IG?FF?PCPC=;PC>?ICM:@LIG:Q?<;JJP
CN?G:C>
#;CL=FIOAB+ );HAO;A?;H>-IQ?LL>?> +?Q6ILE/IONF?>A?
#FILC>;0N;N?2HCP?LMCNS)C<L;LC?M 0?JN?G<?L :5=@7B6;7/A #FILC>;0N;N?
2HCP?LMCNS)C<L;LC?M BNNJMAOC>?M FC< @MO ?>O;FAILCNBG
@3<161@3=:3%@757<A=4B63*75<=< #L?H=B L?IF?U,LCACHMI@NB?1CAHIH H >
BNNJQQQ @L?H=B=L?IF?M =IGLN1B?;N?LNCAHIHILCACHMI@NCAHIH BNG
#OM=I ::*==(3/:*63*/:3=4:/19)/:3=1=CA1=7<B3@D73EA!37B6*=E<A3<2

%0/2793 1BCHA/?PC?QM BNNJ<F;=EH?N;LN =IG=I=I BNGF
$?S?L4 #?<LO;LS *=>*79*=9)B/B7AB71A.=C$332B=!<=E7< &H@FO?H=?L
*;LE?NCHA%O< BNNJMCH@FO?H=?LG;LE?NCHABO< =IGNCENIEMN;NM
$L;HN+ ,=NI<?L $IIAF?.OC?NFS1Q?;EM&G;A?0?;L=B?M@IL/;=C;FFS!CP?LM?
/?MOFNM :==;03@5 BNNJMQQQ <FIIG<?LA =IGH?QM;LNC=F?MAIIAF?
KOC?NFSNQ?;EMCG;A?M?;L=B@ILL;=C;FFS>CP?LM?L?MOFNMF?;>0IOL=?OP?LC@SQ;FF
$L??H' ) 757B/::/194/13*63(3>/19/57<5=4B63:/19#/A1C:7<3;/538*;MN?LcM
NB?MCM*C;GC2HCP?LMCNS9 ,BCI)&+("F?=NLIHC=1B?M?M;H>!CMM?LN;NCIHM ?HN?L
BNNJL;P? IBCIFCHE ?>O?N>=PC?Q;==:HOGGC;GC
%?H>?FG;HH3 H > -6/B6/>>3<32B=D7<3-6GB63=<3>=>C:/@/>>A6CB2=E<
-LI>O=NGCHN BNNJMJLI>O=NGCHN =IGQB;NB;JJ?H?>NIPCH?
%IFG?M $ ! /?M?;L=B?L-IMCNCIH;FCNS^ IHMC>?L;NCIHI@&NM&H@FO?H=?;H>-F;=?CH
.O;FCN;NCP?/?M?;L=B^+?Q/?M?;L=B?L$OC>? )6/<:/F<B3@</B7=</: =C@</:=4
2C1/B7=< BNNJMIL=C> ILA
BIIEM< 1?;=BCHA+?Q4ILF>M+?Q4IL>M *3/167<5B=*@/<A5@3AA ^
%CFF' *63D3@G2/G"/<5C/53=4-67B3(/17A; ,R@IL>F;=EQ?FF-O<FCMBCHA
';=EMIH) * OAOMN -3$332B=*/:90=CB757B/::/194/137<(3/1B7=<)
1??H3IAO? BNNJMQQQ N??HPIAO? =IGMNILS>CACN;F<F;=E@;=?L?;=NCIHAC@M
';=EMIH) * OAOMN #3;3A/<2#7A=5G<=7@ 1B?QF
BNNJMQQQ NB?;QF =IGG?G?M;H>GCMIASHICL
';=EMIH) * -67B3$35@=3A-63<1=@<@=EAE3@37<D=5C3 /<2=B63@B6=C56BA=<
1C:BC@/:/>>@=>@7/B7=< ?;=IH-L?MM
(I?NMC?L' ';HO;LS !CACN;F=L;=E=I=;CH?1B?M=C?H=?<?BCH>1CE1IEcMMO==?MM

=@03A BNNJMQQQ @IL<?M =IGMCN?MDIBHEI?NMC?L>CACN;F=L;=E=I=;CH?NB?
M=C?H=?<?BCH>NCENIEMMO==?MMMB;@<?
)?IH;L>! ! ' ,=NI<?L CABA/G<=B=0:/194/13$3=;7<AB@3:AG/<2B63>=E3@B=
236C;/<7H3 %O@@-IMN BNNJMQQQ BO@@JIMN =IG?HNLSDOMNM;SHINI
<F;=E@;=?:<:
)C$ OAOMN #CA71/: :G/<2*79*=9;3@53B=031=;3=<3>:/B4=@; -;H>;CFS
BNNJMJ;H>;CFS =IGGOMC=;FFS;H>NCENIEG?LA?NI<?=IG?IH?JF;N@ILG
)C;/ 0BO 179*=9MA3>71@7A3/<2ABC;0:3 1?=B LOH=B
BNNJMN?=B=LOH=B =IGNCENIENCG?FCH?
)IJ?T. &GCN;NCIHILCH@FO?H=?4BCN?;=NILM;H>F;=EF;HAO;A?CH@CFG *3F/A
"7<5C7AB71=@C; ^
*;B;L4 F;=E"HAFCMBCH?;LFS<F;=E@;=?GCHMNL?FMSH?QCHN?LJL?N;NCIHI@NB?
MIOL=?MI@GCHMNL?FMBIQ>C;F?=N ;3@71/<'C/@B3@:G ^
BNNJM>IC ILA
*;LLCINN* ,=NI<?L :==2=@3)3F/<2$=E(/13 1B?+?Q6ILE1CG?M
BNNJMQQQ HSNCG?M =IGN?=BHIFIAS<FII>AIL?M?R;H>HIQL;=? BNGF
*;NM;ECM) 'OH? *79B=947</::G3F>:/7<A6=EB63L4=@G=CM/:5=@7B6;E=@9A 4CL?>
BNNJMQQQ QCL?> =IGMNILSNCENIE@CH;FFS?RJF;CHM@ILSIO;FAILCNBGQILEM
*CFFM 1B?/;=C;F IHNL;=N 5C^
BNNJM;<IFCNCIHDIOLH;F ILAQJ=IHN?HNOJFI;>M*CFFML;=C;F=IHNL;=RN J>@
*IHN;A 6;HA% "FB;C' ! ,HNB?-MS=BIFIASI@1CE1IE2M?#CLMN$FCGJM?
#LIG"GJCLC=;F#CH>CHAM @=<B73@A7<>C0:7163/:B6
BNNJM>IC ILA @JO/G5/>7<<4:C3<13@#/@93B7<5#)"5:=0/: *0) !?=?G<?L

BNNJMGMFALIOJ =IGQB;NMH?Q;NGMFGMFMNO>SL?P?;FML;=C;FJ;SA;JCH@FO?H=?L
G;LE?NCHA
+?QG;H( 8-?;=B?M*IHLI??9 4?CH>CM<CN=B@CHH;A?N=LOHE?S?<LIQMIH@F??E
>;@OK83CH?9 3CH? BNNJMQQQ SIONO<? =IGQ;N=BP>@>JL( I
+?QG;H0 F;=E*I>?FM*;NN?L B;FF?HACHANB?/;=CMGI@?MNB?NC=M;H>NB?#;=;>?
I@&H=FOMCIHCHNB?#;MBCIH&H>OMNLS +$.1/23;71-=@9A
BNNJM;=;>?GC=QILEM =OHS ?>OA=:?N>M
%44717/:1@=E</1B 1B?,@@C=C;F /,4+=N H > BNNJMQQQ NB?=LIQH;=N =IG
-;LB;G' OAOMN *79*=9/<2B633D=:CB7=<=42757B/:0:/194/13 4CL?>
BNNJMQQQ QCL?> =IGMNILSNCENIE?PIFONCIH>CACN;F<F;=E@;=?
-BCFFCJM0 LCJ4;FE3CFF;CH!;H=?-O?<FI0NLIFF1B?"GCG?HNI@4LCNCHACH
@LC=;HG?LC=;H$;HA!;H=? HNBLIJIFIAC=;F.O;LN?LFS^
BNNJQQQ DMNIL ILAMN;<F?
-LOCNN6IOHA0 'OFS :/19*79*=9@3/B=@A@3%<)B@793*=&@=B3AB"/19%4
@327B=@*637@-=@9 +-/ BNNJMQQQ HJL ILA<F;=ENCENIE
=L?;NILM;L?IHMNLCE?NIJLIN?MN;F;=EI@=L?>CN@ILNB?CLQILE
.O;LN?S" 8?KO;LN?S9 ,=NI<?L PCH?Q;M;=ILHO=IJC;I@F;=E=L?;NCPCNS
0IG?I@NB?M?EC>M=IOF>N?FF<?NN?LMNILC?MCHM?=IH>MNB;HGIMN@OFFF?HANBGIPC?M 81Q??N9
1QCNN?L BNNJMNQCNN?L =IG?KO;LN?SMN;NOM
/C=E@IL>/ 4@71/<;3@71/<,3@</1C:/@<5:7A6 *;F>?HF;=EQ?FF-O<FCMB?LM
&H=

/CAAM* 1 /IFF?" %I@@G;HH! B6<71<=B7=<A 8PC>?IL?=IL>CHA9 ;FC@ILHC;
+?QML??F
/IA?LM/ #LIG=OFNOL;F?R=B;HA?NINL;HM=OFNOL;NCIHL?PC?Q;H>
L?=IH=?JNO;FCT;NCIHI@=OFNOL;F;JJLIJLC;NCIH =;;C<71/B7=<*63=@G^
BNNJM>ICILA ?TJ MFO ?>O D R
/IHECH* (;LH% *I=E"<IHC=M)CHAOCMNC=L;=CMGCHJ;LI>C?MI@"<IHC=MIHNB?
CHN?LH?N =C@</:=4)=17=:7<5C7AB71A ^
/O<S! +IP?G<?L =E;/<G*79*=9CA3@A/@3B63@37< !?G;H>M;A?
BNNJMQQQ >?G;H>M;A? =IGNCENIEOM?LMN;NCMNC=M
0=B?FF?Q;F> IGGOHC=;NCP?@ILGMIH1CE1IE-?LMJ?=NCP?M@LIG>CACN;F
?NBHIAL;JBS <B3@</B7=</: =C@</:=4=;;C<71/B7=< ^
0 ,11( ! LIMMCHA=OFNOL;F<IL>?LMÀCLFa;H>`FIIEa;MG;LE?LMI@C>?HNCNS
CHF;=EQIG?HcMF;HAO;A?OM? 7A1=C@A3)=173BG ^
BNNJQQQ DMNIL ILAMN;<F?
0=INN( ! 6IOHA0BC@NCHA;H>F;=E)?;PCHANB?);HAO;A?I@%IG?;H>;=E
A;CH_ ;ONCIH;LS1;F?I@ LIMMCHA/;=?;H>$?H>?LIL>?LM 'C/:7B/B7D3<?C7@G
^ BNNJM>IC ILA
1;SFIL0 -6/BA7A1=C@A3</:GA7AFIIGM<OLS=;>?GC=
1BIG;F;) ) *;L=B *79*=9@/<2,/:C3 0N;NCMN;
BNNJMQQQ MN;NCMN; =IGMN;NCMNC=MNCENIE<L;H>P;FO?
1CE1IE OAOMN ;CA71/: :G/<2*79*=9C<7B3B=230CB<3EE=@:2E723A6=@B4=@;
D723=>:/B4=@;C>5@/232/>>B7B:32*79*=9<=E/D/7:/0:35:=0/::G 1CENIE
BNNJMH?QMLIIG NCENIE =IG?HOMGOMC=;FFS;H>

1CE1IE OAOMN &HNLI>O=CHANB?1CE1IE@ILF;=E L?;NCP?M&H=O<;NIL-LIAL;G
+?QMLIIG BNNJMH?QMLIIG NCENIE =IG?HOMNCENIE@IL<F;=E=L?;NCP?MCH=O<;NIL
JLIAL;G
1O=E?L" 0?JN?G<?L 1CE1IEcMM?;L=B?HACH?L?J?;N?>FS>?FCP?LMGCMCH@ILG;NCIHNI
CNMG;DILCNSSIOHAOM?L<;M?L?JILNM;SM $$
BNNJMQQQ =HH =IG<OMCH?MMNCENIEM?;L=B?HACH?
GCMCH@ILG;NCIHCH>?R BNGF
4;FE*ILLCM1 #?<LO;LS *79*=9A2757B/:0:/194/13>@=0:3; *?>COG
BNNJMIH?T?LI G?>COG =IGNCENIEM>CACN;F<F;=E@;=?JLI<F?G;
4;SN1 OAOMN ;JCNIF/?=IL>MM?P?LMNC?MQCNBbPCLNO;FL;JJ?Lc#+*?E;;@N?L
+QIL>=IHNLIP?LMS $3E.=@9&=AB
BNNJMHSJIMN =IG=;JCNIFL?=IL>MM?P?LMNC?MQCNBPCLNO;FL;JJ?L@H*?E;
;@N?LION=LS
4C>>IQMIH% $ JJLI;=B;H>G?NBI> &H*3FB1=<B3FB>@3B3FB@7B71/:7AAC3A7<
27A1=C@A3/</:GA7AJJ ^ ?MM;SF;=EQ?FF
4IHA" 757B/::/194/13=E AB3<BC@G<B3@<3B"/<5C/53(37<4=@13A(/17A;
BNNJM?M=BIF;LMBCJ ILAO=CN?G>ET

#!"!
O<L;% );>>Q;M<ILHCHFO?&MF;H>&)IH*;L=B 0B?L?=?CP?>B?L
?F?G?HN;LSNL;CHCHA;N'?MM?,Q?HM IGGOHCNS=;>?GSCH BC=;AI&);H>NL;HM@?LL?>NI
0;H>LC>A?"F?G?HN;LS0=BIIFCH)SHQII>&FFCHICMCH O<L;AL;>O;N?>@LIG$Q?H>IFSH
LIIEM IFF?A?-L?J;L;NILS=;>?GSQCNBBIHILMCH'OH? 1B?@IFFIQCHAOAOMNMB?
?HN?L?>0;CHN)IOCM2HCP?LMCNS;H>CH*;SL?=?CP?>NB?>?AL??I@;=B?FILI@LNMCH
IGGOHC=;NCIHPC;0OGG; OG);O>? 0B?NB?H;A;CH?HN?L?>0;CHN)IOCM2HCP?LMCNSCH
OAOMN;H>QCFFL?=?CP?;*;MN?LI@LNM!?AL??CH IGGOHC=;NCIHCH*;S O<L;
=OLL?HNFSQILEMCHNB?!CPCMCIHI@!CP?LMCNS;H>&HHIP;NCP? IGGOHCNS"HA;A?G?HN!& " ;M
;-LIAL;G IIL>CH;NILIH0;CHN)IOCM2HCP?LMCNScM=;GJOM

ProQuest Number: 30493405
INFORMATION TO ALL USERS

The quality and completeness of this reproduction is dependent on the quality
and completeness of the copy made available to ProQuest.
Distributed by ProQuest LLC ( 2023 ).

Copyright of the Dissertation is held by the Author unless otherwise noted.
This work may be used in accordance with the terms of the Creative Commons license
or other rights statement, as indicated in the copyright statement or in the metadata
associated with this work. Unless otherwise specified in the copyright statement
or the metadata, all rights are reserved by the copyright holder.
This work is protected against unauthorized copying under Title 17,

United States Code and other applicable copyright laws.
Microform Edition where available © ProQuest LLC. No reproduction or digitization

of the Microform Edition is authorized without permission of ProQuest LLC.
ProQuest LLC
789 East Eisenhower Parkway
P.O. Box 1346
Ann Arbor, MI 48106 - 1346 USA

The Ventriloquism of Blackness

Uploaded by

Document Information

Original Description:

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

The Ventriloquism of Blackness

Uploaded by

Copyright:

Available Formats

!#!"  ! " & 

4IL>M=;HHIN?RJL?MMGSAL;NCNO>?NIGS@LC?H> G?HNIL JLI@?MMIL ;H>=B;CLI@GS

=IGGCNN?? !L G<?L'IBHMIH @ILNB?CLCHP;FO;<F?J;NC?H=?;H>@??><;=E 1B;HESIO@IL

QCNBIONGS>?@?HM?=IGGCNN?? !L !;H(ITFIQMEC;H>!L (;LF;0=INN QBIA?H?LIOMFS

JLIPC>?>EHIQF?>A? ?RJ?LNCM? FIP? ;H>MOJJILN }

)IOCM2HCP?LMCNS 1BCM>?J;LNG?HNB;M<??H@;GCFC;FMCH=?GSNCG?CHOH>?LAL;> ;H>@ILNB;N &

);MNFS &QIOF><?L?GCMMCHHING?HNCIHCHAGS@;GCFS ?MJ?=C;FFSGSGINB?L $Q?H;?

NB?G 1B?CL<?FC?@CHG?B;ME?JNGSMJCLCNM;H>GINCP;NCIHBCAB>OLCHANBCMJLI=?MM &QIOF>

;FMIFCE?NINB;HEGS>IA ;CF?S @ILNB??HN?LN;CHG?HNI@Q;FECHA;=LIMMGSF;JNIJIHF;N?

1B?CHN?LM?=NCIHI@L;=CMG ;FIHACHAH?MMNICGCN;N? ;H>;@;M=CH;NCIHQCNB<F;=EH?MMB;M

J?IJF?G;>?NIJ?L@ILGNIG;E?NB?CLG;MN?LMF;OAB L;=CMN=IHN?GJNC<F?=IFF?=NC<F?M ;H>L;=CMN

;>P;H=?> ;H>IJJILNOHCNC?M@ILGIL?G?>C;Q?L?=L?;N?> NB?;<CFCNSNIOM?<F;=EH?MM@IL

F;H>M=;J? 1BCMH?Q@IOH>NL;HM=?H>?H=?B;M<??HF;<?F?>2757B/:0:/194/13 >?@CH?>;M`NB?I>>

;H>;FF NII JL?P;F?HNJL;=NC=?I@QBCN?;H>HIH F;=EJ?IJF?G;ECHA;HIHSGIOM=F;CGMNIF;=E

4BCF?';=EMIH MJ?=C@C=;FFSNC?M>CACN;F<F;=E@;=?CHNINB?OM?I@G?G?M AL;JBC=M

CHN?L=B;HA?@ILG;NMAC@M ;H>HIH <F;=EMG;MKO?L;>CHA<?BCH>;@C=NCIH;FF;=EJLI@CF?JC=NOL?

IL>CACN;F<F;=E@;=?cM@ONOL? 4CNBNB?LCM?I@NB?>CACN;FOHCP?LM?;H>MI=C;FG?>C; NB?OM?I@

JLIGCH?HNIHMI=C;FG?>C;cMH?Q?MN;H>GIMNJIJOF;LPC>?I MB;LCHA;JJ 1CE1IE

HCHN?LH;NCIH;FP?LMCIHI@NB? BCH?M?;JJ!IOSCH 1CE1IECM;HCHN?LH;NCIH;FMBILN

FCGCN?>NINL?H>M >;H=? =IIECHA BOGIL =B;FF?HA?M ;H>G;E? OJ 0CH=?CNM?G?LA?H=?CHNB?

F;OH=B MI@ 1CE1IEB;M;G;MM?>IP?LIH?<CFFCIH;=NCP?OM?LM;=LIMM=IOHNLC?M

G;ECHA1CE1IEIH?I@NB?GIMNJIJOF;LMI=C;FG?>C;JF;N@ILGM/O<S  4BCF?1CE1IECM

 GCMCH@ILG;NCIHMJL?;>CHA1O=E?L  =?HMILMBCJ;==BC  ;H>HIQ >CACN;F

<F;=E@;=?-;LB;G  4BCF?NB?<?FIP?>;JJCMJL;CM?>@ILCNMCH=?JNCIH;H>CHHIP;NCIHI@

G;LE?NCHA L?G;ECHA ;H>L?GCRCHA=IHN?HN 1CE1IE>I?MHIN=IG?QCNBION@F;QM 1B?P?LS@;=?N

I@1CE1IE NB?;<CFCNS;M;`PC>?I @CLMNJF;N@ILGa-;LB;G  ;FFIQM@IL`F;=EH?MMQCNB;H

;ON?OL >LCP?HPCLNOIMCNS^N;ECHAIHF;=ELBSNBGM A?MNOL?M ;@@?=N MF;HAa-;LB;G 

&H@;=N MCH=?CNM=IH=?JNCIH M?P?L;FOM?LMB;P?<??H=IH>?GH?>>O?NINB?=IHN?HNNB?S

1CE1IEMN;L;H>;MJCLCHAL;JJ?LLCNN;L<C? ILLCNN;L<C?IH1CE1IE LCNN;L<C?IH

0?JN?G<?L  OJFI;>?>;PC>?IL?=CNCHA`-?LCI>;BB J?LCI>OBBaL?J?;N?>FSIP?L;EHIQH

L;JMIHA ;G;MMCHAGIL?NB;HGCFFCIHPC?QM 4BCF?MIG?DICH?>NB?NL?H>I@>O?NCHAB?L;H>

CH=ILL?=NFSMJ?;ECHA@LC=;H G?LC=;H3?LH;=OF;L"HAFCMB3" ;H>B?L;JJ;L?HN=IMJF;S

PC;PIC=?IP?LM MNIF?H=IHN?HN <F;==?HNM;H>NB?OM?I@3" 1CE1IE=;H<?KO?MNCIH?>;M;

^<F;==?HNMILGCMOM?I@3" =BIL?IAL;JBS <F;=E@;=? PIC=?IP?LM ;H>;?MNB?NC=M MM??H

=IHNCHO?>=;LC=;NOL?;H>MN?L?INSJ?I@F;=EJ?IJF?B;ML?;F FC@??@@?=NM <FOLLCHA<IOH>;LC?MI@

QB;N<F;=EH?MMCM*;B;L  0IIHNI<??RJFIL?>CHNB?FCN?L;NOL?L?PC?Q NBCMMNO>SQCFF

?R;GCH?NBCMBCMNILSNB;NB;MGIP?>CHNINB?`H?NMJ;=?a#OM=I  IL>CACN;FOHCP?LM? 1BCM

G?>C;;JJM3CH? !O<MG;MB ;H>*OMC=;F FS @N?L?R;GCHCHANB?FCN?L;NOL?IHNB?BCMNILSI@

1CE1IE;H>BIQCNM@IOH>;NCIHB;MJ;P?>NB?J;NB@IL>CACN;FNBC?P?LS L;=CMN;FAILCNBGM ;H>NB?

1CE1IEMIP?LNB?MJ;HI@NQIS?;LM 1B?M?MBILN @ILGPC>?IM=IFF?=N?>@LIG B?FJNI

;H> IFCH(LIFFNB;N;FFIQ?>@ILMCRM?=IH>MBILN @ILGPC>?IMNB;N=IHNCHOIOMFSFIIJ?>NB?MBILN

@ILGPC>?IM=L?;N?>;H>JIMN?>IHNB?;JJQ?L?=;FF?>`PCH?Ma0=B?FFQ;F>  =KOCL?><S

QCNBALIQCHAJIJOF;LCNS NCNMJ?;E IP?LGCFFCIHJ?IJF?Q?L?;==?MMCHA3CH??P?LSGIHNB

QCNBGIL?NB;HGCFFCIH;=NCP?OM?LM%?H>?FG;HH H > 1B?@IOH>?LMI@3CH?@IOH>MO==?MM

CHNB?MNLO=NOL?I@NB?3CH? =L?;NCHA;H?Q;<CFCNSNIG;E?MBILN @ILG=IHN?HNIHNB?C>?;I@;

=IGGOH;F;JJPC;FCE?M MB;L?M =IGG?HNM ;H>L?JIMNM QBC=BJLIJ?FF?>3CH?CHNIJIJOF;L

=OFNOL? +INIHFSQ?L?PCH?M<?CHAQC>?FSMB;L?>;=LIMM;JJM <ONNB?;JJQ;MCGJ;=N@OFCH

HIGCH;N?>L;JJLI>O=?L';S3?LM;=? $L;GGS HIGCH;N?>MCHA?L0B;QH*?H>?M "GGS

HIGCH;N?>;=NL?MM)CT;(IMBS ;H>INB?LM 1B?3CH?=IGGOHCNSQ;MBCABFSN;F?HN?> GCFF?HHC;F

<F;=E CN@L?KO?HNFSFIIE?>FCE?HIINB?LMI=C;FG?>C;JF;N@ILGIHNB?CHN?LH?N !??G?>NB?

`=ILHO=IJC;I@F;=E=L?;NCPCNSa!;CF?>; .O;LN?S  3CH?Q;M;MJ;=?@ILF;=E

=OFNOL;FJLI>O=NCIH;H>/?H;CMM;H=? 1BCMQ;MM??HCHPC>?IMMO=B;M`>ICN@ILNB?3CH? a`*L

-IMNG;H a;H>`ILH;B a!?MJCN?NB?=LCNCKO?I@L;=C;FMN?L?INSJ?MLOHHCHAL;GJ;HNIHNB?;JJ

/IG;HI  4BCF?NBCM=LCNCKO?>I?MB;L<ILMIG?P;FC>CNSCH=L?;NILMN;ECHA;A?H=SCHMI=C;F

Q;M=I IJN?><SG;CHMNL?;GMI=C?NS!;CF?>;  ,H?HIN;<F??R;GJF?CM=L?;NIL

-?;=B?M*IHLI?? IL(;SF;+?QG;HcM MCR M?=IH>=FCJNB;N=B;HA?>NB?M=IJ?I@=OFNOL?^`4?

CH>CM<CN=B @CHH;A?N=LOHE ?S?<LIQMIH@F??E >;@OKa+?QG;H  1BCMPCH?A;CH?>IP?L

@F??Ea@ILG;LE?NCHA!;CF?>;  &HMJCN?I@=ILJIL;NCIHM<?H?@CNCHA@LIGF;=E=OFNOL?;H>

B?L=IHNLC<ONCIHNIF;HAO;A? +?QG;HH?P?LL?=?CP?>?H>ILM?G?HNM J;SG?HNM ;H>;<;H>IH?>

NL;>?G;LECHANB?N?LG!;CF?>;  1BCMMNILSCMIHFSIH??R;GJF?I@BIQ=IOHNF?MMF;=E

NOLHL?=?CP?>HINBCHA!;CF?>;  F<?CN 3CH?Q;MGOFNC @;=?N?> =IGJF?R <ONMNCFF;JF;=?

!?MJCN?CNM>?=FCH? NB?MO==?MMI@3CH?CMOH>?HC;<F? 3CH?MQ?L? @ILG;HSJ?IJF?J;MN;H>

LIQH?  FNBIOAB3CH?Q;MM;P?>CH;H;L=BCP;FMN;N?QB?L??P?LS3CH?PC>?IJO<FCMB?>

!#!" ! " &

4IL>M=;HHIN?RJL?MMGSAL;NCNO>?NIGS@LC?H>G?HNILJLI@?MMIL;H>=B;CLI@GS

=IGGCNN??!L G<?L'IBHMIH@ILNB?CLCHP;FO;<F?J;NC?H=?;H>@??><;=E 1B;HESIO@IL

QCNBIONGS>?@?HM?=IGGCNN??!L !;H(ITFIQMEC;H>!L (;LF;0=INNQBIA?H?LIOMFS

JLIPC>?>EHIQF?>A??RJ?LNCM?FIP?;H>MOJJILN }

)IOCM2HCP?LMCNS 1BCM>?J;LNG?HNB;M<??H@;GCFC;FMCH=?GSNCG?CHOH>?LAL;>;H>@ILNB;N&

);MNFS&QIOF><?L?GCMMCHHING?HNCIHCHAGS@;GCFS?MJ?=C;FFSGSGINB?L$Q?H;?

;FMIFCE?NINB;HEGS>IA;CF?S@ILNB??HN?LN;CHG?HNI@Q;FECHA;=LIMMGSF;JNIJIHF;N?

1B?CHN?LM?=NCIHI@L;=CMG;FIHACHAH?MMNICGCN;N?;H>;@;M=CH;NCIHQCNB<F;=EH?MMB;M

J?IJF?G;>?NIJ?L@ILGNIG;E?NB?CLG;MN?LMF;OABL;=CMN=IHN?GJNC<F?=IFF?=NC<F?M;H>L;=CMN

;>P;H=?>;H>IJJILNOHCNC?M@ILGIL?G?>C;Q?L?=L?;N?>NB?;<CFCNSNIOM?<F;=EH?MM@IL

F;H>M=;J? 1BCMH?Q@IOH>NL;HM=?H>?H=?B;M<??HF;<?F?>2757B/:0:/194/13>?@CH?>;M`NB?I>>

;H>;FFNIIJL?P;F?HNJL;=NC=?I@QBCN?;H>HIHF;=EJ?IJF?G;ECHA;HIHSGIOM=F;CGMNIF;=E

4BCF?';=EMIH MJ?=C@C=;FFSNC?M>CACN;F<F;=E@;=?CHNINB?OM?I@G?G?MAL;JBC=M

CHN?L=B;HA?@ILG;NMAC@M ;H>HIH<F;=EMG;MKO?L;>CHA<?BCH>;@C=NCIH;FF;=EJLI@CF?JC=NOL?

IL>CACN;F<F;=E@;=?cM@ONOL? 4CNBNB?LCM?I@NB?>CACN;FOHCP?LM?;H>MI=C;FG?>C;NB?OM?I@

JLIGCH?HNIHMI=C;FG?>C;cMH?Q?MN;H>GIMNJIJOF;LPC>?IMB;LCHA;JJ1CE1IE

HCHN?LH;NCIH;FP?LMCIHI@NB? BCH?M?;JJ!IOSCH1CE1IECM;HCHN?LH;NCIH;FMBILN

FCGCN?>NINL?H>M>;H=?=IIECHABOGIL=B;FF?HA?M;H>G;E?OJ 0CH=?CNM?G?LA?H=?CHNB?

F;OH=B MI@1CE1IEB;M;G;MM?>IP?LIH?<CFFCIH;=NCP?OM?LM;=LIMM=IOHNLC?M

G;ECHA1CE1IEIH?I@NB?GIMNJIJOF;LMI=C;FG?>C;JF;N@ILGM/O<S 4BCF?1CE1IECM

GCMCH@ILG;NCIHMJL?;>CHA1O=E?L =?HMILMBCJ;==BC ;H>HIQ>CACN;F

<F;=E@;=?-;LB;G 4BCF?NB?<?FIP?>;JJCMJL;CM?>@ILCNMCH=?JNCIH;H>CHHIP;NCIHI@

G;LE?NCHAL?G;ECHA;H>L?GCRCHA=IHN?HN1CE1IE>I?MHIN=IG?QCNBION@F;QM 1B?P?LS@;=?N

I@1CE1IENB?;<CFCNS;M;`PC>?I@CLMNJF;N@ILGa-;LB;G ;FFIQM@IL`F;=EH?MMQCNB;H

;ON?OL>LCP?HPCLNOIMCNS^N;ECHAIHF;=ELBSNBGMA?MNOL?M;@@?=NMF;HAa-;LB;G

&H@;=NMCH=?CNM=IH=?JNCIHM?P?L;FOM?LMB;P?<??H=IH>?GH?>>O?NINB?=IHN?HNNB?S

1CE1IEMN;L;H>;MJCLCHAL;JJ?LLCNN;L<C?ILLCNN;L<C?IH1CE1IE LCNN;L<C?IH

0?JN?G<?LOJFI;>?>;PC>?IL?=CNCHA`-?LCI>;BBJ?LCI>OBBaL?J?;N?>FSIP?L;EHIQH

L;JMIHA;G;MMCHAGIL?NB;HGCFFCIHPC?QM 4BCF?MIG?DICH?>NB?NL?H>I@>O?NCHAB?L;H>

CH=ILL?=NFSMJ?;ECHA@LC=;HG?LC=;H3?LH;=OF;L"HAFCMB3" ;H>B?L;JJ;L?HN=IMJF;S

PC;PIC=?IP?LMMNIF?H=IHN?HN<F;==?HNM;H>NB?OM?I@3"1CE1IE=;H<?KO?MNCIH?>;M;

^<F;==?HNMILGCMOM?I@3" =BIL?IAL;JBS<F;=E@;=?PIC=?IP?LM;H>;?MNB?NC=M MM??H

=IHNCHO?>=;LC=;NOL?;H>MN?L?INSJ?I@F;=EJ?IJF?B;ML?;FFC@??@@?=NM<FOLLCHA<IOH>;LC?MI@

QB;N<F;=EH?MMCM*;B;L 0IIHNI<??RJFIL?>CHNB?FCN?L;NOL?L?PC?QNBCMMNO>SQCFF

?R;GCH?NBCMBCMNILSNB;NB;MGIP?>CHNINB?`H?NMJ;=?a#OM=I IL>CACN;FOHCP?LM? 1BCM

G?>C;;JJM3CH?!O<MG;MB;H>*OMC=;F FS @N?L?R;GCHCHANB?FCN?L;NOL?IHNB?BCMNILSI@

1CE1IE;H>BIQCNM@IOH>;NCIHB;MJ;P?>NB?J;NB@IL>CACN;FNBC?P?LSL;=CMN;FAILCNBGM;H>NB?

1CE1IEMIP?LNB?MJ;HI@NQIS?;LM 1B?M?MBILN@ILGPC>?IM=IFF?=N?>@LIGB?FJNI

;H> IFCH(LIFFNB;N;FFIQ?>@ILMCRM?=IH>MBILN@ILGPC>?IMNB;N=IHNCHOIOMFSFIIJ?>NB?MBILN

@ILGPC>?IM=L?;N?>;H>JIMN?>IHNB?;JJQ?L?=;FF?>`PCH?Ma0=B?FFQ;F> =KOCL?><S

QCNBALIQCHAJIJOF;LCNS NCNMJ?;EIP?LGCFFCIHJ?IJF?Q?L?;==?MMCHA3CH??P?LSGIHNB

QCNBGIL?NB;HGCFFCIH;=NCP?OM?LM%?H>?FG;HHH > 1B?@IOH>?LMI@3CH?@IOH>MO==?MM

CHNB?MNLO=NOL?I@NB?3CH?=L?;NCHA;H?Q;<CFCNSNIG;E?MBILN@ILG=IHN?HNIHNB?C>?;I@;

=IGGOH;F;JJPC;FCE?MMB;L?M=IGG?HNM;H>L?JIMNMQBC=BJLIJ?FF?>3CH?CHNIJIJOF;L

=OFNOL? +INIHFSQ?L?PCH?M<?CHAQC>?FSMB;L?>;=LIMM;JJM<ONNB?;JJQ;MCGJ;=N@OFCH

HIGCH;N?>L;JJLI>O=?L';S3?LM;=?$L;GGSHIGCH;N?>MCHA?L0B;QH*?H>?M"GGS

HIGCH;N?>;=NL?MM)CT;(IMBS;H>INB?LM 1B?3CH?=IGGOHCNSQ;MBCABFSN;F?HN?>GCFF?HHC;F

<F;=ECN@L?KO?HNFSFIIE?>FCE?HIINB?LMI=C;FG?>C;JF;N@ILGIHNB?CHN?LH?N !??G?>NB?

`=ILHO=IJC;I@F;=E=L?;NCPCNSa!;CF?>;.O;LN?S 3CH?Q;M;MJ;=?@ILF;=E

=OFNOL;FJLI>O=NCIH;H>/?H;CMM;H=? 1BCMQ;MM??HCHPC>?IMMO=B;M`>ICN@ILNB?3CH?a`*L

-IMNG;Ha;H>`ILH;B a!?MJCN?NB?=LCNCKO?I@L;=C;FMN?L?INSJ?MLOHHCHAL;GJ;HNIHNB?;JJ

/IG;HI 4BCF?NBCM=LCNCKO?>I?MB;L<ILMIG?P;FC>CNSCH=L?;NILMN;ECHA;A?H=SCHMI=C;F

Q;M=IIJN?><SG;CHMNL?;GMI=C?NS!;CF?>; ,H?HIN;<F??R;GJF?CM=L?;NIL

-?;=B?M*IHLI??IL(;SF;+?QG;HcMMCRM?=IH>=FCJNB;N=B;HA?>NB?M=IJ?I@=OFNOL?^`4?

CH>CM<CN=B@CHH;A?N=LOHE?S?<LIQMIH@F??E>;@OKa+?QG;H 1BCMPCH?A;CH?>IP?L

@F??Ea@ILG;LE?NCHA!;CF?>; &HMJCN?I@=ILJIL;NCIHM<?H?@CNCHA@LIGF;=E=OFNOL?;H>

B?L=IHNLC<ONCIHNIF;HAO;A?+?QG;HH?P?LL?=?CP?>?H>ILM?G?HNMJ;SG?HNM;H>;<;H>IH?>

NL;>?G;LECHANB?N?LG!;CF?>; 1BCMMNILSCMIHFSIH??R;GJF?I@BIQ=IOHNF?MMF;=E

NOLHL?=?CP?>HINBCHA!;CF?>; F<?CN3CH?Q;MGOFNC@;=?N?>=IGJF?R<ONMNCFF;JF;=?

!?MJCN?CNM>?=FCH?NB?MO==?MMI@3CH?CMOH>?HC;<F? 3CH?MQ?L?@ILG;HSJ?IJF?J;MN;H>

LIQH? FNBIOAB3CH?Q;MM;P?>CH;H;L=BCP;FMN;N?QB?L??P?LS3CH?PC>?IJO<FCMB?>

`ECFF?>NB?;JJa ;H;F?M 4CNBNB?OH@ILNOH;N?>?=FCH?;H>>?;NBI@NBCMQ?FF=?F?<L;N?>

;JJ3CH?F?@N;MJ;=?CHNB?G;LE?N@ILMBILN@ILGPC>?I=IHN?HNNB;N;JJMFCE?&HMN;AL;G;H>

@CFF?>NB?PIC>NB;N3CH?F?@NNB?L?Q;MOMC=;F FS OMC=;F FSQ;M;M?=IH>;JJ=IGJ;L;<F?

NI3CH?QB?L?NB?NSJC=;F=IHN?HNCHPIFP?>=L?;NILMIL`*OM?LMaFCJMSH=CHAIL>;H=CHANINIJ

MIHAM 1B?;JJQ;M@IOH>?><SF?R7BO;H>)OSO6;HA ;LMIH 1B?@CLMNCN?L;NCIHI@

QB?L?OM?LM=IOF>N?;=B;H>F?;LH>C@@?L?HNMO<D?=NM ;LMIH %IQ?P?LQCNBNB?F;=EI@

GOMC=PC>?IM;MI=C;FH?NQILE;H>?P?HNO;FFS;FCP?MNL?;GCHA=IGJIH?HNNI;NNL;=NNB?N??H

>?GIAL;JBC=*OMC=;F FS<?=;G?;BCNCH;=;J;=CNSNB;N3CH?Q;MOH;<F?NI?MN;<FCMB 1QI

NB?C1OH?M;JJMNIL?;H>B;>HIN@;FF?HIONI@NB?NIJM<?@IL?CNM?H> ;LMIH

;LIOH>NB?M;G?HOG<?LI@PC>?IM?P?LSMCHAF?>;S ;LMIH 7BO=I@IOH>?LI@

G;LE?N=IGJ;L?>NB?;JJNICNMJL?>?=?MMIL3CH?7BOQ;M;>;G;HNNB;N*OMC=;F FSQ;MHINDOMN

;HINB?LFCJMSH=BCHA;JJ<ONQ;MCHFCH?;MNB?H?RNMI=C;FH?NQILENIOM?PC>?I@ILG ;LMIH

)CE?3CH?*OMC=;F FS?MN;<FCMB?>;<LC>A?<?NQ??HGOM?LM;H>CH@FO?H=?LM 1BCML;>C=;FFS

H?QC>?;I@@ILACHAGOMC=MBILN@ILGPC>?IM>;H=CHAFCP?MNL?;GM;H>FCJMSH=BCHA=B;HA?>

NB?F;H>M=;J?I@MBILN@ILGMI=C;FG?>C;;H>NL;HM@ILG?>CHNI;<CAA?L;H>GIL?CH@FO?HNC;F;JJ

?CDCHASN?!;H=?1?=BHIFIAS I ;=KOCL?>NB?;JJFC=;NCIH*OMC=;F FSCH+IP?G<?L

P?HNOL?H;G?>1CE1IE LI;>?HCHANB?CLG;LE?NIONMC>?I@ BCH;SN?!;H=?M;QJIN?HNC;FQCNB

1CE1IE +INIHFSQ;MNB?CL BCH?M??KOCP;F?HNI@1CE1IE!IOSCHP?LSMO==?MM@OFNB?;=KOCL?>