Professional Documents
Culture Documents
Nyse Tmo 2021
Nyse Tmo 2021
Nyse Tmo 2021
Complementary Segments
15% 35%
Analytical Instruments Life Sciences Solutions
15%
Specialty Diagnostics
$39.2B
Revenue
35%
Laboratory Products
& Biopharma Services
To our shareholders,
customers and colleagues
Thank you for your ongoing support of to $39.21 billion. We also generated exceptional
Thermo Fisher Scientific. We are all partners in earnings growth. Our GAAP diluted earnings
our collective success, and together we are per share (EPS) increased 22 percent to $19.46,
building a brighter future for all. I’m extremely and adjusted EPS¹ grew 28 percent to $25.13.
proud of what we achieved in 2021, as we Additionally, we generated very strong free cash
continued to fulfill our Mission and delivered for flow¹ of $6.81 billion.
all our stakeholders. It’s a testament to the strength
of our global team and our proven growth strategy. At the same time, we returned significant capital
to our shareholders through $2.4 billion of stock
I’m deeply grateful to our more than 100,000 buybacks and dividends.
colleagues, who are incredibly passionate about
enabling our customers to make the world healthier, Our success during the year enabled us to advance
cleaner and safer. We know what we do matters, our growth strategy, which consists of three pillars:
and that fuels our success. That’s why we measure • Developing high-impact, innovative new products
our performance, not only by our financial metrics
– but also by how well we serve the needs of our • Leveraging our scale in high-growth and
customers, by the kind of work experience and emerging markets
career opportunities we provide for our colleagues,
• Delivering a unique value proposition to our
by the value we create for our shareholders, and
customers
by the positive impact we have for society. On
all of these fronts, 2021 stands out as another I’ll provide a few highlights of our progress in that
exceptional year for our company. framework.
Marc N. Casper
Chairman, President and CEO
¹ Adjusted EPS and free cash flow are non-GAAP financial measures. For a
reconciliation of these non-GAAP measures to comparable GAAP measures,
see pages 6 and 7 of this annual report.
As always, our Practical Process Improvement (PPI) • We also continued to invest in our Foundation
Business System and our Mission-driven culture for Science, extended our support for COVID-19
were major factors in our success during the year. testing at historically Black colleges and
They enabled the rapid execution of our capital universities, committed to investing $25 million
investments and helped us to find a better way in Black communities and businesses, and
every day so we can continue to bring innovative supported global health equity through COVID-19
new solutions to our customers, work more testing donations to India and a number of low-
efficiently and effectively, and create even greater income countries.
value for all of our stakeholders.
These are only a few of the actions we took in
2021 to expand our ESG initiatives and amplify our
Doing right for the global community social impact.
We realize that our industry leadership position
comes with an obligation to make the world a better Enhancing our vibrant culture
place – not only through the way we enable our
customers – but also through involvement in our Our commitment to doing business the right
communities, through environmental stewardship way extends to the environment we create inside
and through responsible business practices. I’m Thermo Fisher. We continue to build a vibrant
very proud that in 2021 we significantly advanced and inclusive culture, where our colleagues
our environmental, social and governance (ESG) are inspired to bring their best every day and
initiatives: can achieve their career aspirations within our
company. There are many ways we gather
• We committed to achieving carbon neutrality feedback from our colleagues, and one of them is
by 2050, building on our earlier goal to reduce our annual Employee Involvement Survey. It helps
greenhouse gas emissions by 30% across our us understand our strengths as an employer and
operations by 2030. where we can do better. I’m very pleased that our
2021 results were our best yet. Our colleagues
(a) Adjusted results exclude inventory charges, principally for the sale of inventories revalued at the date of acquisition;
accelerated depreciation on assets to be abandoned as a result of real estate consolidation; and in 2017 charges/credits
to conform the accounting policies of recently acquired businesses to the company's accounting policies.
(b) Adjusted results exclude significant transaction/integration costs (including reimbursements thereof) related to
recent/terminated acquisitions and a divestiture; charges/credits for changes in estimates of contingent acquisition
consideration; charges/income associated with product liability litigation; accelerated depreciation on fixed assets to
be abandoned due to integration synergies and facility consolidations; and in 2017, charges to conform the accounting
policies of recently acquired businesses to the company's accounting policies.
(c) Adjusted results exclude severance and retention costs; abandoned facility and other expenses of headcount
reductions and real estate consolidation; impairments of long-lived assets; significant gains and losses on litigation-
related matters; gains on the sale of businesses, product lines and property; in 2021, charges for compensation due to
employees of acquired businesses at the date of acquisition and net charges for pre-acquisition related matters; in 2021
and 2018, charges/credits for environmental-related matters; in 2018 and 2017, hurricane response costs; and in 2017,
curtailments/settlements of pension plans.
(d) Adjusted results exclude gains and losses on investments; losses on the extinguishment of debt; beginning in 2018,
curtailments/settlements of pension plans; in 2020, charges related to terminated interest rate swaps; and in 2021, 2020,
and 2017, costs to obtain short-term financing commitments related to recent/terminated acquisitions.
(e) Adjusted tax benefit/provision excludes the tax benefits/provisions related to the above excluded items, the impact of
the resolution of significant tax audits, the tax effects from adjusting the company's deferred tax balances as a result of
tax rate changes, and in 2019, 2018, and 2017, adjustments to the impacts of U.S. tax reform legislation.
In addition to the financial measures prepared in accordance with generally accepted accounting principles (GAAP), we
use certain non-GAAP financial measures such as adjusted EPS. We believe that the use of these non-GAAP financial
measures, in addition to GAAP financial measures, helps investors to gain a better understanding of our core operating
results and future prospects, consistent with how management measures and forecasts the company’s core operating
performance, especially when comparing such results to previous periods, forecasts, and to the performance of our
competitors. Such measures are also used by management in their financial and operating decision-making and for
compensation purposes. To calculate adjusted EPS we exclude, as applicable:
• Certain acquisition-related costs, including charges for the sale of inventories revalued at the date of acquisition,
significant transaction/acquisition-related costs, including changes in estimates of contingent acquisition-related
consideration, and other costs associated with obtaining short-term financing commitments for pending/recent
acquisitions. We exclude these costs because we do not believe they are indicative of our normal operating costs.
• Costs/income associated with restructuring activities, such as reducing overhead and consolidating facilities. We
exclude these costs because we believe that the costs related to restructuring activities are not indicative of our
normal operating costs.
• Discontinued operations; equity in earnings of unconsolidated entities; impairments of long-lived assets; and
certain other gains and losses that are either isolated or cannot be expected to occur again with any predictability,
including gains/losses on investments, the sale of businesses, product lines, and real estate, significant litigation-
related matters, curtailments/settlements of pension plans, and the early retirement of debt. We exclude these items
because they are outside of our normal operations and/or, in certain cases, are difficult to forecast accurately for
future periods.
• The expense associated with the amortization of acquisition-related intangible assets because a significant portion
of the purchase price for acquisitions may be allocated to intangible assets that have lives of up to 20 years.
Exclusion of the amortization expense allows comparisons of operating results that are consistent over time for both
our newly acquired and long-held businesses and with both acquisitive and non-acquisitive peer companies.
• The tax impacts of the above items and the impact of significant tax audits or events (such as changes in deferred
taxes from enacted tax rate changes), the latter of which we exclude because they are outside of our normal
operations and difficult to forecast accurately for future periods.
We report free cash flow, which is cash flow from continuing operations, excluding net capital expenditures to provide
a view of the continuing operations’ ability to generate cash for use in acquisitions and other investing and financing
activities. The company uses this measure as an indication of the strength of the company and its ability to generate
cash for use in acquisitions and other investing and financing activities. Free cash flow is not a measure of cash available
for discretionary expenditures since we have certain non-discretionary obligations such as debt service that are not
deducted from the measure.
The non-GAAP financial measures of Thermo Fisher Scientific’s results of operations and cash flows included above are
not meant to be considered superior to or a substitute for Thermo Fisher Scientific’s results of operations prepared in
accordance with GAAP. Reconciliations of such non-GAAP financial measures to the most directly comparable GAAP
financial measures are set forth in the tables above.
7
Shareholder Services
Shareholders of Thermo Fisher Scientific who desire information about the company are invited to contact
the Investor Relations Department, Thermo Fisher Scientific Inc., 168 Third Avenue, Waltham, MA 02451,
(781) 622-1111. You may also send an email to investorrelations@thermofisher.com. Material of interest to
shareholders is available from the company’s website at thermofisher.com, under “Investors.”
Annual Meeting
The annual meeting of shareholders will be held in a virtual meeting format only, via the internet, on
Wednesday, May 18, 2022, at 1:00 p.m. Eastern Time. Please log in to virtualshareholdermeeting.com/
TMO2022 to participate.
Forward-Looking Statements
This annual report contains “forward-looking statements” within the meaning of Section 21E of the Securities
Exchange Act of 1934. Any statements contained herein that are not statements of historical fact may be
deemed to be forward-looking statements, including, without limitation, statements regarding: projections
of revenues, expenses, earnings, margins, tax rates, tax provisions, cash flows, pension and benefit
obligations and funding requirements, and our liquidity position; cost reductions, restructuring activities, new
product and service developments, competitive strengths or market position, acquisitions or divestitures;
growth, declines and other trends in markets we sell into; new or modified laws, regulations and accounting
pronouncements; outstanding claims, legal proceedings, tax audits and assessments and other contingent
liabilities; foreign currency exchange rates and fluctuations in those rates; general economic and capital
markets conditions; the timing of any of the foregoing; assumptions underlying any of the foregoing; the
expected impact of the COVID-19 pandemic on the company’s business; and any other statements that
address events or developments that Thermo Fisher intends or believes will or may occur in the future. Without
limiting the foregoing, the words “believes,” “anticipates,” “plans,” “expects,” “seeks,” “estimates” and similar
expressions are intended to identify forward-looking statements, although not all forward-looking statements
are accompanied by such words. While the company may elect to update forward-looking statements in the
future, it specifically disclaims any obligation to do so, even if the company’s estimates change, and readers
should not rely on those forward-looking statements as representing the company’s views as of any date
subsequent to the date of the filing of this report.
A number of important factors could cause the results of the company to differ materially from those indicated
by such forward-looking statements, including those detailed under the heading, “Risk Factors” in Part I,
Item 1A, in the accompanying Annual Report on Form 10-K for the fiscal year ended December 31, 2021.
'% "&%&!'!
<%'82%1)3*)+-786%28%774)'-*-)(-2-87',%68)6
:A6L6G:
8%8)3*-2'36436%8-32 1403=)6()28-*-'%8-323
-=>G9K:CJ:
06AI=6B &6HH68=JH:IIH
((6)773*46-2'-4%0)<)'98-:)3**-')7$-43()
+:<>HIG6CIWHI:A:E=DC:CJB7:G >C8AJ9>C<6G:68D9:
,:8JG>I>:HG:<>HI:G:9EJGHJ6CIID,:8I>DC7D;I=:8I
->IA:D;:68=8A6HH -G69>C<,NB7DAH '6B:D;:68=:M8=6C<:DCL=>8=G:<>HI:G:9
DBBDC,ID8@ E6GK6AJ: -&( ':L2DG@,ID8@M8=6C<:
'DI:H9J: -&( ':L2DG@,ID8@M8=6C<:
'DI:H9J: -&( ':L2DG@,ID8@M8=6C<:
'DI:H9J: -&( ':L2DG@,ID8@M8=6C<:
'DI:H9J: -&( ':L2DG@,ID8@M8=6C<:
'DI:H9J: -&( ':L2DG@,ID8@M8=6C<:
'DI:H9J: -&( ':L2DG@,ID8@M8=6C<:
'DI:H9J: -&( ':L2DG@,ID8@M8=6C<:
'DI:H9J: -&( ':L2DG@,ID8@M8=6C<:
'DI:H9J: -&( ':L2DG@,ID8@M8=6C<:
'DI:H9J: -&( ':L2DG@,ID8@M8=6C<:
'DI:H9J: -&( ':L2DG@,ID8@M8=6C<:
'DI:H9J: -&( ':L2DG@,ID8@M8=6C<:
'DI:H9J: -&( ':L2DG@,ID8@M8=6C<:
'DI:H9J: -&( ':L2DG@,ID8@M8=6C<:
,:8JG>I>:HG:<>HI:G:9EJGHJ6CIID,:8I>DC<D;I=:8I'DC:
"C9>86I:7N8=:8@B6G@>;I=:G:<>HIG6CI>H6L:AA @CDLCH:6HDC:9>HHJ:G 6H9:;>C:9>C+JA:D;I=:,:8JG>I>:H8I 2:H'D
"C9>86I:7N8=:8@B6G@>;I=:G:<>HIG6CI>HCDIG:FJ>G:9ID;>A:G:EDGIHEJGHJ6CIID,:8I>DCDG9D;I=:8I 2:H'D
"C9>86I:7N8=:8@B6G@L=:I=:GI=:+:<>HIG6CI=6H;>A:96AAG:EDGIHG:FJ>G:9ID7:;>A:97N,:8I>DCDG9D;I=:,:8JG>I>:HM8=6C<:8ID;
9JG>C<I=:EG:8:9>C<BDCI=H6C9=6H7::CHJ7?:8IIDHJ8=;>A>C<G:FJ>G:B:CIH;DGI=:E6HI96NH 2:H'D
"C9>86I:7N8=:8@B6G@L=:I=:GI=:+:<>HIG6CI=6HHJ7B>II:9:A:8IGDC>86AAN:K:GN"CI:G68I>K:6I6>A:G:FJ>G:9ID7:HJ7B>II:9EJGHJ6CIID+JA:
D;+:<JA6I>DC, -9JG>C<I=:EG:8:9>C<BDCI=H 2:H'D
"C9>86I:7N8=:8@B6G@L=:I=:GI=:+:<>HIG6CI>H6A6G<:688:A:G6I:9;>A:G 6C688:A:G6I:9;>A:G 6CDC 688:A:G6I:9;>A:G 6HB6AA:GG:EDGI>C<8DBE6CN
DG6C:B:G<>C<<GDLI=8DBE6CN ,::I=:9:;>C>I>DCHD;UA6G<:688:A:G6I:9;>A:G VU688:A:G6I:9;>A:G VUHB6AA:GG:EDGI>C<8DBE6CNV6C9U:B:G<>C<
<GDLI=8DBE6CNV>C+JA:7 D;I=:M8=6C<:8I %6G<:688:A:G6I:9;>A:G88:A:G6I:9;>A:G'DC 688:A:G6I:9;>A:G
,B6AA:GG:EDGI>C<8DBE6CNB:G<>C<<GDLI=8DBE6CN
"C9>86I:7N8=:8@B6G@L=:I=:GI=:G:<>HIG6CI=6H;>A:96G:EDGIDC6C96II:HI6I>DCID>IHB6C6<:B:CIWH6HH:HHB:CID;I=::;;:8I>K:C:HHD;>IH
>CI:GC6A8DCIGDADK:G;>C6C8>6AG:EDGI>C<JC9:G,:8I>DC7D;I=:,6G76C:H (MA:N8I. , 77NI=:G:<>HI:G:9EJ7A>8688DJCI>C<
;>GBI=6IEG:E6G:9DG>HHJ:9>IH6J9>IG:EDGI
"C9>86I:7N8=:8@B6G@L=:I=:GI=:G:<>HIG6CI>H6H=:AA8DBE6CN6H9:;>C:9>C+JA:7 D;I=:M8=6C<:8I 2:H'D
HD;#JAN I=:6<<G:<6I:B6G@:IK6AJ:D;I=:KDI>C<HID8@=:A97NCDC6;;>A>6I:HD;I=:+:<>HIG6CIL6H6EEGDM>B6I:AN
76H:9DCI=:A6HIG:EDGI:9H6A:D;8DBBDCHID8@DCI=:':L2DG@,ID8@M8=6C<:DBEDH>I:-6E:G:EDGI>C<HNHI:BDC#JAN
HD;:7GJ6GN I=:+:<>HIG6CI=69 H=6G:HD;DBBDC,ID8@DJIHI6C9>C<
"( !'&!"%#"%',%%!
,:8I>DCHD;-=:GBD>H=:GWH9:;>C>I>K:)GDMN,I6I:B:CI;DGI=:CCJ6A&::I>C<D;,=6G:=DA9:GH6G:>C8DGEDG6I:97NG:;:G:C8:>CID)6GIH""
6C9"""D;I=>HG:EDGI
'% "&%&!'!
!!(%#"%'"!"%
"%'&,%! %
'""!'!'&
#-31
#%'
"I:B JH>C:HH
"I:B +>H@68IDGH
"I:B .CG:HDAK:9,I6;;DBB:CIH
"I:B )GDE:GI>:H
"I:B %:<6A)GD8::9>C<H
"I:B &>C:,6;:IN>H8ADHJG:H
#%'
"I:B +:H:GK:9
"I:B &6C6<:B:CIWH>H8JHH>DC6C9C6ANH>HD;>C6C8>6ADC9>I>DC6C9+:HJAIHD;(E:G6I>DCH
"I:B *J6CI>I6I>K:6C9*J6A>I6I>K:>H8ADHJG:H7DJI&6G@:I+>H@
"I:B >C6C8>6A,I6I:B:CIH6C9,JEEA:B:CI6GN6I6
"I:B =6C<:H>C6C9>H6<G::B:CIHL>I=88DJCI6CIHDC88DJCI>C<6C9>C6C8>6A>H8ADHJG:
"I:B DCIGDAH6C9)GD8:9JG:H
"I:B (I=:G"C;DGB6I>DC
"I:B >H8ADHJG:+:<6G9>C<DG:><C#JG>H9>8I>DCHI=6I)G:K:CI"CHE:8I>DCH
#%'
"I:B ,:8JG>IN(LC:GH=>ED;:GI6>C:C:;>8>6A(LC:GH6C9&6C6<:B:CI6C9+:A6I:9,ID8@=DA9:G&6II:GH
"I:B )G>C8>E6A88DJCI6CI::H6C9,:GK>8:H
#%')
"I:B M=>7>IH6C9>C6C8>6A,I6I:B:CI,8=:9JA:H
#%'
@19 A?5:1??
1:1>-81B18;<91:@;2A?5:1??
-=:GBD>H=:G,8>:CI>;>8"C8 6AHDG:;:GG:9ID>CI=>H9D8JB:CI6HU-=:GBD>H=:G VUL: VI=:U8DBE6CN VDGI=:
UG:<>HIG6CIV>HI=:LDGA9A:69:G>CH:GK>C<H8>:C8: (JG&>HH>DC>HID:C67A:DJG8JHIDB:GHIDB6@:I=:LDGA9=:6AI=>:G 8A:6C:G
6C9H6;:G 0:H:GK:8JHIDB:GHLDG@>C<>CE=6GB68:JI>86A6C97>DI:8=8DBE6C>:H =DHE>I6AH6C98A>C>86A9>6<CDHI>8A67H
JC>K:GH>I>:H G:H:6G8=>CHI>IJI>DCH6C9<DK:GCB:CI6<:C8>:H 6HL:AA6H:CK>GDCB:CI6A >C9JHIG>6AFJ6A>IN6C9EGD8:HH8DCIGDA
H:II>C<H (JG<AD76AI:6B9:A>K:GH6CJCG>K6A:98DB7>C6I>DCD;>CCDK6I>K:I:8=CDAD<>:H EJG8=6H>C<8DCK:C>:C8:6C9
E=6GB68:JI>86AH:GK>8:HI=GDJ<=DJG>C9JHIGN A:69>C<7G6C9H >C8AJ9>C<-=:GBD,8>:CI>;>8 EEA>:9>DHNHI:BH "CK>IGD<:C
>H=:G,8>:CI>;>8 .C>IN%67,:GK>8:H )6I=:DC6C9))
0:8DCI>CJDJHAN>C8G:6H:DJG9:EI=D;86E67>A>I>:H>CI:8=CDAD<>:H HD;IL6G:6C9H:GK>8:H 6C9A:K:G6<:DJG:MI:CH>K:
<AD76A8=6CC:AHID699G:HHDJG8JHIDB:GHW:B:G<>C<C::9H 0:9DI=>HI=GDJ<=DG<6C>8>CK:HIB:CIH>CG:H:6G8=6C9
9:K:ADEB:CI6C9I=GDJ<=68FJ>H>I>DCH (JG<D6A>HIDB6@:DJG8JHIDB:GHBDG:EGD9J8I>K:>C6C>C8G:6H>C<AN8DBE:I>I>K:
7JH>C:HH:CK>GDCB:CI 6C9:C67A:I=:BIDHDAK:I=:>G8=6AA:C<:H ;GDB8DBEA:MG:H:6G8=ID>BEGDK:9E6I>:CI86G:
:CK>GDCB:CI6A >C9JHIG>6AFJ6A>IN6C9EGD8:HHBDC>IDG>C< 6C98DCHJB:GH6;:IN
(C:8:B7:G I=:8DBE6CN68FJ>G:9)) "C8 6A:69>C<<AD76AEGDK>9:GD;8A>C>86AG:H:6G8=H:GK>8:HIDI=:
E=6GB66C97>DI:8=>C9JHIGN -=:699>I>DCD;))WH8A>C>86AG:H:6G8=H:GK>8:H:C=6C8:HDJGD;;:G>C<ID7>DI:8=6C9E=6GB6
8JHIDB:GH7N:C67A>C<I=:BID688:A:G6I:>CCDK6I>DC6C9>C8G:6H:I=:>GEGD9J8I>K>INL>I=>CI=:9GJ<9:K:ADEB:CIEGD8:HH ))
>HCDLE6GID;DJG%67DG6IDGN)GD9J8IH6C9>DE=6GB6,:GK>8:HH:<B:CI
;>C->08;;75:3&@-@191:@?
DGL6G9 ADD@>C<HI6I:B:CIH L>I=>CI=:B:6C>C<D;,:8I>DCD;I=:,:8JG>I>:HM8=6C<:8ID;I=:M8=6C<:
8I 6G:B69:I=GDJ<=DJII=>HCCJ6A+:EDGIDCDGB $ CNHI6I:B:CIH8DCI6>C:9=:G:>CI=6I6G:CDIHI6I:B:CIHD;
=>HIDG>86A;68IB6N7:9::B:9ID7:;DGL6G9 ADD@>C<HI6I:B:CIH >C8AJ9>C<L>I=DJIA>B>I6I>DCHI6I:B:CIHG:<6G9>C<EGD?:8I>DCH
D;G:K:CJ:H :ME:CH:H :6GC>C<H B6G<>CH I6MG6I:H I6MEGDK>H>DCH 86H=;ADLH E:CH>DC6C97:C:;>ID7A><6I>DCH6C9;JC9>C<
G:FJ>G:B:CIH 6C9DJGA>FJ>9>INEDH>I>DC8DHIG:9J8I>DCH G:HIGJ8IJG>C<68I>K>I>:H C:LEGD9J8I6C9H:GK>8:9:K:ADEB:CIH
8DBE:I>I>K:HIG:C<I=HDGB6G@:IEDH>I>DC 68FJ>H>I>DCHDG9>K:HI>IJG:H<GDLI= 9:8A>C:H6C9DI=:GIG:C9H>CB6G@:IHL:H:AA>CID
C:LDGBD9>;>:9A6LH G:<JA6I>DCH6C9688DJCI>C<EGDCDJC8:B:CIHDJIHI6C9>C<8A6>BH A:<6AEGD8::9>C<H I6M6J9>IH6C9
6HH:HHB:CIH6C9DI=:G8DCI>C<:CIA>67>A>I>:H;DG:><C8JGG:C8N:M8=6C<:G6I:H6C9;AJ8IJ6I>DCH>CI=DH:G6I:H<:C:G6A:8DCDB>8
6C986E>I6AB6G@:IH8DC9>I>DCHI=:I>B>C<D;6CND;I=:;DG:<D>C<6HHJBEI>DCHJC9:GAN>C<6CND;I=:;DG:<D>C<I=::ME:8I:9
>BE68ID;I=:(/" E6C9:B>8DCI=:8DBE6CNWH7JH>C:HH6C96CNDI=:GHI6I:B:CIHI=6I699G:HH:K:CIHDG9:K:ADEB:CIH
I=6I-=:GBD>H=:G>CI:C9HDG7:A>:K:HL>AADGB6ND88JG>CI=:;JIJG: 0>I=DJIA>B>I>C<I=:;DG:<D>C< I=:LDG9HU7:A>:K:H V
U6CI>8>E6I:H VUEA6CH VU:ME:8IH VUH::@H VU:HI>B6I:H V6C9H>B>A6G:MEG:HH>DCH6G:>CI:C9:9ID>9:CI>;N;DGL6G9 ADD@>C<
HI6I:B:CIH 6AI=DJ<=CDI6AA;DGL6G9 ADD@>C<HI6I:B:CIH6G:688DBE6C>:97NHJ8=LDG9H 0=>A:I=:8DBE6CNB6N:A:8IID
JE96I:;DGL6G9 ADD@>C<HI6I:B:CIH>CI=:;JIJG: >IHE:8>;>86AAN9>H8A6>BH6CND7A><6I>DCID9DHD :K:C>;I=:8DBE6CNWH
:HI>B6I:H8=6C<: 6C9G:69:GHH=DJA9CDIG:ANDCI=DH:;DGL6G9 ADD@>C<HI6I:B:CIH6HG:EG:H:CI>C<I=:8DBE6CNWHK>:LH6HD;
6CN96I:HJ7H:FJ:CIIDI=:96I:D;I=:;>A>C<D;I=>HG:EDGI CJB7:GD;>BEDGI6CI;68IDGH8DJA986JH:I=:G:HJAIHD;I=:8DBE6CN
ID9>;;:GB6I:G>6AAN;GDBI=DH:>C9>86I:97NHJ8=;DGL6G9 ADD@>C<HI6I:B:CIH >C8AJ9>C<I=DH:9:I6>A:9JC9:GI=:=:69>C< U+>H@
68IDGHV>C)6GI" "I:B
A?5:1??&1391:@?-:0#>;0A/@?
0:G:EDGIDJG7JH>C:HH>C;DJGH:<B:CIHS%>;:,8>:C8:H,DAJI>DCH C6ANI>86A"CHIGJB:CIH ,E:8>6AIN>6<CDHI>8H 6C9
%67DG6IDGN)GD9J8IH6C9>DE=6GB6,:GK>8:H
JG>C< I=:%>;:,8>:C8:H,DAJI>DCH6C9,E:8>6AIN>6<CDHI>8HH:<B:CIH6HL:AA6HI=:A67DG6IDGNEGD9J8IH7JH>C:HH
8DCI>CJ:9IDHJEEDGI(/" 9>6<CDHI>8I:HI>C< H86A>C<6C9:KDAK>C<I=:>GBDA:8JA6G9>6<CDHI>8HHDAJI>DCH6C9EA6HI>8
8DCHJB67A:H7JH>C:HH:HIDG:HEDC9IDI=:DC <D>C<(/" E6C9:B>8 -=:7>DH8>:C8:H6C97>DEGD9J8I>DC7JH>C:HH:H6AHD
:ME6C9:9I=:>G86E68>INIDB::II=:C::9HD;E=6GB66C97>DI:8=8JHIDB:GH6HI=:NG6E>9AN:ME6C9:9I=:>GDLCEGD9J8I>DC
KDAJB:HIDB::I<AD76AK688>C:B6CJ;68IJG>C<G:FJ>G:B:CIH 99>I>DC6AAN I=GDJ<=DJGE=6GB6H:GK>8:H7JH>C:HH L:EGDK>9:9
DJGE=6GB66C97>DI:8=8JHIDB:GHL>I=I=:H:GK>8:HI=:NC::9:9ID9:K:ADE6C9EGD9J8:K688>C:H6C9I=:G6E>:H<AD76AAN
#%$#$
-=GDJ<=DJG%>;:,8>:C8:H,DAJI>DCHH:<B:CI L:EGDK>9:6C:MI:CH>K:EDGI;DA>DD;G:6<:CIH >CHIGJB:CIH6C98DCHJB67A:H
JH:9>C7>DAD<>86A6C9B:9>86AG:H:6G8= 9>H8DK:GN6C9EGD9J8I>DCD;C:L9GJ<H6C9K688>C:H6HL:AA6H9>6<CDH>HD;>C;:8I>DC
'% "&%&!'!
A?5:1??/;:@5:A10
'% "&%&!'!
A?5:1??/;:@5:A10
'% "&%&!'!
A?5:1??/;:@5:A10
'% "&%&!'!
A?5:1??/;:@5:A10
P 0)'8632-'637'34=278691)287>C8AJ9:IG6CHB>HH>DC:A:8IGDCB>8GDH8DE:HL=>8=EGDK>9:>B6<>C<6C9
8=6G68I:G>O6I>DC6II=:6IDB>8H86A: L>I=6EEA>86I>DCH>CH:B>8DC9J8IDG9:K:ADEB:CI B6I:G>6AHH8>:C8:G:H:6G8=6C9
I=:8=6G68I:G>O6I>DCD;EGDI:>CHIGJ8IJG:6C9;JC8I>DC 0:6AHDD;;:GH86CC>C<:A:8IGDCB>8GDH8DE:HL=>8=G:HDAK:
;:6IJG:H;GDBI=:DEI>86AG:<>B:9DLCIDI=:C6CDB:I:GA:C<I=H86A:6C96G:JH:9;DG6L>9:K6G>:IND;6EEA>86I>DCH
;GDBB6I:G>6AH8=6G68I:G>O6I>DC>CH8>:C8:6C9:C<>C::G>C<ID6EEA>86I>DCH>CC6IJG6AG:HDJG8:H B6CJ;68IJG>C< 6C9
7>DAD<>86AHNHI:BH (JGJ6A:6B;D8JH:9>DC7:6B H86CC>C<:A:8IGDCB>8GDH8DE:HNHI:BH6G:JH:9;DGH6BEA:
EG:E6G6I>DC 8=6G68I:G>O6I>DC C6CDEGDIDINE>C< 6C9>C9JHIG>6A;6>AJG:6C6ANH>H (JG;D8JH:9>DC7:6BB>8GDH8DE:H
6G:JH:9>C6G6C<:D;EGD8:HH8DCIGDA ;6>AJG:6C6ANH>H 6C9B6I:G>6AHG:H:6G8=6EEA>86I>DCH 0:6AHDD;;:G:A:8IG>86A
;6>AJG:6C6ANH>H>CHIGJB:CIHL=>8=6G:JH:9>CGDDI86JH:;6>AJG:6C6ANH>H6C9FJ6A>IN8DCIGDAB>8GD->CHIGJB:CIH
L=>8=6G:B>8GD 8DBEJI:9IDBD<G6E=NHDAJI>DCH;DGFJ6CI>I6I>K:6C6ANH>HD;67GD69G6C<:D;B6I:G>6AH EGDK>9>C<
K>HJ6A>O6I>DCD;A6G<:KDAJB:HCDC 9:HIGJ8I>K:AN6C96G6C<:D;HJG;68:6C6ANH>H>CHIGJB:CIH8DBBDCANJH:9>CI=:
H:B>8DC9J8IDG B:I6AH 8D6I>C<H 6C9EDANB:G>C9JHIG>:H6H6EGD9J8I9:K:ADEB:CI6C9;6>AJG:6C6ANH>HIDDA 0:6AHD
EGDK>9:K>HJ6A>O6I>DCHD;IL6G:I=6IIJGCHI=:96I66C9>B6<:H<:C:G6I:97N67GD69G6C<:D;>CHIGJB:CIH>CID
K>HJ6A>O6I>DCHD;I=:B>8GDH8DE>8H6BEA: 6AADL>C<;DGFJ6CI>I6I>K:6C6ANH>HD;B6I:G>6AEGDE:GI>:H
? 30)'90%64)'8637'34=278691)2876G:9>K>9:9>CID;DJGEG>B6GNI:8=C>FJ:H-"+ +6B6C '"+6C9JAIG6K>DA:I
K>H>7A:./ />HHE:8IGDH8DEN -=:H:I:8=CDAD<>:H6G:INE>86AANJH:9>CI=:A67DG6IDGNIDEGDK>9:>C;DGB6I>DCDCI=:
HIGJ8IJG:D;BDA:8JA:HID>9:CI>;N K:G>;N6C9FJ6CI>;NDG<6C>8B6I:G>6AH>CE=6GB68:JI>86A 7>DI:8=CDAD<N EDANB:G
8=:B>86A 6C9;DG:CH>8H8>:C8:H (JGB6I:G>6A8=6G68I:G>O6I>DC>CHIGJB:CIH>C8AJ9:G=:DB:I:GH6C9:MIGJ9:GHI=6I
B:6HJG:K>H8DH>IN :A6HI>8>IN EGD8:HH67>A>IN 6C9I:BE:G6IJG: G:A6I:9B:8=6C>86A8=6C<:HD;K6G>DJHB6I:G>6AH
P 90/0)1)28%02%0=7-7278691)2876C96C6ANO:GHJH:1+ 1 G6N9>;;G68I>DC1+ 6C96G8HE6G@DEI>86A:B>HH>DC
(,I:8=C>FJ:H;DG688JG6I:6C9EG:8>H:6C6ANH>HD;7JA@B6I:G>6AH>CI=:B:I6AH 8:B:CI B>C:G6AH 6C9
E:IGD8=:B>86AH>C9JHIG>:H
$(#$#$
(JG,E:8>6AIN>6<CDHI>8HH:<B:CID;;:GH6L>9:G6C<:D;9>6<CDHI>8I:HI@>IH G:6<:CIH 8JAIJG:B:9>6 >CHIGJB:CIH6C9
6HHD8>6I:9EGD9J8IH>CDG9:GIDH:GK:8JHIDB:GH>C=:6AI=86G: 8A>C>86A E=6GB68:JI>86A >C9JHIG>6A 6C9;DD9H6;:INA67DG6IDG>:H
(JG=:6AI=86G:EGD9J8IH6G:JH:9ID>C8G:6H:I=:HE::96C9688JG68ND;9>6<CDH:H L=>8=>BEGDK:HE6I>:CI86G:>C6BDG:8DHI
:;;>8>:CIB6CC:G -=>HH:<B:CI=6H;>K:EG>B6GN7JH>C:HH:HSA>C>86A>6<CDHI>8H "BBJCD>6<CDHI>8H &>8GD7>DAD<N
-G6CHEA6CI>6<CDHI>8H6C9DJG!:6AI=86G:&6G@:I=6CC:A
A>C>86A>6<CDHI>8H
(JG8A>C>86A9>6<CDHI>8HEGD9J8IH>C8AJ9:67GD69D;;:G>C<D;A>FJ>9 G:69N ID JH:6C9ANDE=>A>O:9>BBJCD9>6<CDHI>8
G:6<:CI@>IH 86A>7G6IDGH 8DCIGDAH6C986A>7G6I>DCK:G>;>86I>DC;AJ>9H "CE6GI>8JA6G L:EGDK>9:EGD9J8IHJH:9;DG(/"
I:HI>C<9GJ<H D; 67JH:I:HI>C<I=:G6E:JI>89GJ<BDC>IDG>C< >C8AJ9>C<>BBJCDHJEEG:HH6CI9GJ<I:HI>C<I=NGD>9=DGBDC:
I:HI>C<H:GJBIDM>8DAD<N8A>C>86A8=:B>HIGN>BBJCDAD<N=:B6IDAD<N8D6<JA6I>DC<AJ8DH:IDA:G6C8:I:HI>C<;>GHIIG>B:HI:G
H8G::C>C<IJBDGB6G@:GHI:HI>C<6C97>DB6G@:GHI:HI>C<;DGH:EH>H 68JI:BND86G9>6A>C;6G8I>DC6C98DC<:HI>K:=:6GI;6>AJG:
0:6AHDEG>K6I: A67:AB6CND;DJGG:6<:CIH6C98DCIGDAH;DGB6?DG-2:-8639>6<CDHI>8H8DBE6C>:HI=GDJ<=(&6GG6C<:B:CIH
"CB6CN>CHI6C8:H L:L>AALDG@L>I=8JHIDB:GHDGE6GIC:GHID9:K:ADEC:LEGD9J8IH6C96EEA>86I>DCH;DGI=:>G>CHIGJB:CI
EA6I;DGBH
0:=6K:9:K:ADE:9DC:D;I=:7GD69:HIB:CJH;DG9GJ<H D; 67JH:>BBJCD6HH6NH 0:6AHDEGDK>9:67GD69D;;:G>C<D;
>BBJCDHJEEG:HH6CI9GJ<>BBJCD6HH6NHI=6I86C7:JH:9DC6K6G>:IND;8A>C>86A8=:B>HIGN6C6ANO:GH
(JG8A>C>86A8=:B>HIGNHNHI:BH>C8AJ9:6C6ANO:GH6C9G:6<:CIHID6C6ANO:6C9B:6HJG:GDJI>C:7ADD96C9JG>C:8=:B>HIGN
HJ8=6H<AJ8DH:6C98=DA:HI:GDA6C969K6C8:9I:HI>C<;DGHE:8>;>8EGDI:>CH I=:G6E:JI>89GJ<BDC>IDG>C<6C99GJ<H D; 67JH:
(JG9>6<CDHI>8I:HIG6C<:8JGG:CIAN8DK:GH6EEGDM>B6I:AN9>;;:G:CIK6A>96I:9B:I=D9H 0:6AHDEGDK>9:EG: 6C9EDHI
6C6ANI>86A6JIDB6I>DC;DGEG:E6G6I>DCD;7ADD9HE:8>B:CH7:;DG:6C96;I:G6C6ANH>H 6C9HE:8>6AIN9>6<CDHI>8I:HIH76H:9DC
E6I:CI:97>DB6G@:GH;DGH:EH>H 86G9>DK6H8JA6G6C9EJABDC6GN9>H:6H:H 6HL:AA6H>CI:CH>K:86G:IG:6IB:CIH6C9EG:C6I6A
H8G::C>C<
"BBJCD>6<CDHI>8H
(JG>BBJCD9>6<CDHI>8HD;;:G>C<H>C8AJ9:9:K:ADE>C< B6CJ;68IJG>C<6C9B6G@:I>C<8DBEA:I:7ADD9 I:HIHNHI:BHID
HJEEDGII=:8A>C>86A9>6<CDH>H6C9BDC>IDG>C<D;6AA:G<N 6HI=B66C96JID>BBJC:9>H:6H:H 0:D;;:G6CI>7D9NI:HIH;DG
6EEGDM>B6I:AN>C9>86I>DCHID=:AE9>6<CDH:6JID>BBJC:9>H:6H:HHJ8=6HG=:JB6ID>96GI=G>I>H 8:A>689>H:6H: AJEJH6C9
H8A:GD9:GB6 (JGEGD9J8IH>C8AJ9:"BBJCD);DG6AA:G<N6C96HI=B6I:HIH6C9A>;DG6JID>BBJC>INI:HIH
'% "&%&!'!
A?5:1??/;:@5:A10
&>8GD7>DAD<N
(JGB>8GD7>DAD<ND;;:G>C<H>C8AJ9:9:=N9G6I:96C9EG:E6G:98JAIJG:B:9>6 8DAA:8I>DC6C9IG6CHEDGIHNHI:BH
>CHIGJB:CI6I>DC6C98DCHJB67A:HID9:I:8IE6I=D<:CH>C7ADD9 9>6<CDHI>86C9G6E>99>G:8IHE:8>B:CI:HIH FJ6A>IN 8DCIGDA
EGD9J8IH6C96HHD8>6I:9EGD9J8IH;DGI=:B>8GD7>DAD<NA67DG6IDGN (JGEGD9J8IH=:AE8JHIDB:GHLDGA9L>9:ID9>6<CDH:
>C;:8I>DJH9>H:6H:9:I:GB>C:6EEGDEG>6I:6CI>B>8GD7>6AI=:G6EN>BEA:B:CI:;;:8I>K:>C;:8I>DC8DCIGDAEGD<G6BH6C99:I:8I
B>8GD7>6A8DCI6B>C6I>DCD;I=:>GEGD9J8IHDGB6CJ;68IJG>C<;68>A>I>:H
0>I=>CI=:;DD96C9E=6GB68:JI>86A>C9JHIG>:H DJGEGD9J8IH6G:JH:9ID6HHJG:I=:H6;:IN6C9FJ6A>IND;8DCHJB:GEGD9J8IH
7NBDC>IDG>C<EGD9J8I>DC:CK>GDCB:CIHG6LB6I:G>6AH6C9:C9EGD9J8IH;DG768I:G>6A8DCI6B>C6I>DC6C96C>B6A=:6AI=>CI=:
96>GN>C9JHIGN
-G6CHEA6CI>6<CDHI>8H
(JGIG6CHEA6CI9>6<CDHI>8HEGD9J8IH>C8AJ9:=JB6CA:J@D8NI:6CI><:C!%INE>C<6C9I:HI>C<;DGI=:DG<6CIG6CHEA6CI
B6G@:I (JG9>6<CDHI>8I:HIH6G:JH:97NIG6CHEA6CI8:CI:GH;DGI>HHJ:INE>C< EG>B6G>ANID9:I:GB>C:I=:8DBE6I>7>A>IND;9DCDGH
6C9G:8>E>:CIHEG: IG6CHEA6CI 6C9ID9:I:8II=:EG:H:C8:D;6CI>7D9>:HEDHI IG6CHEA6CII=6I86CA:69IDIG6CHEA6CIG:?:8I>DC -=:H:
IG6CHEA6CI9>6<CDHI>8I:HIH6G:L>9:ANJH:968GDHHI=:IG6CHEA6CI I:HI>C<LDG@;ADLID>BEGDK:E6I>:CIDJI8DB:H (JGIG6CHEA6CI
9>6<CDHI>8D;;:G>C<H>C8AJ9:H:K:G6AA>C:HD;!%INE>C<6C96CI>7D9N9:I:8I>DC6HH6NHJI>A>O>C<H:GDAD<>86A BDA:8JA6G
:CONB: A>C@:9>BBJCDHDG7:CI6HH6NH%", ;ADL 6C9BJAI>EA:M>C<I:8=CDAD<>:H
!:6AI=86G:&6G@:I=6CC:A
(JG=:6AI=86G:B6G@:I8=6CC:AD;;:G>C<H>C8AJ9:67GD696GG6ND;8DCHJB67A:H 9>6<CDHI>8@>IH6C9G:6<:CIH :FJ>EB:CI
>CHIGJB:CIH HDAJI>DCH6C9H:GK>8:H;DG=DHE>I6AH 8A>C>86AA67DG6IDG>:H G:;:G:C8:A67DG6IDG>:H E=NH>8>6CHWD;;>8:H6C9DI=:G
8A>C>86AI:HI>C<;68>A>I>:H -=:H:EGD9J8IH6G:B6CJ;68IJG:97N-=:GBD>H=:G6C9I=>G9E6GI>:H6C96G:EG>B6G>ANJH:9>C8A>C>86A
9>6<CDH>H 0:<DIDB6G@:II=GDJ<=DJG:ME:GIH6A:H;DG8: H:<B:CI G:A:K6CIEG>CI:98DAA6I:G6A6C99><>I6A8DCI:CI 6C96HI6I:
D; I=: 6GIL:7H>I: LLL ;>H=:GH8> 8DB =:6AI=86G: 8DCI6>C>C<;JAAEGD9J8I8DCI:CI;DGBDG:I=6C B>AA>DCEGD9J8IH
"$"( "%$# ""&#$
(JG%67DG6IDGN)GD9J8IH6C9>DE=6GB6,:GK>8:HH:<B:CI;DGB:GAN@CDLC6H%67DG6IDGN)GD9J8IH6C9,:GK>8:HD;;:GH
K>GIJ6AAN:K:GNI=>C<C::9:9;DGI=:A67DG6IDGN (JGJC>FJ:8DB7>C6I>DCD;H:A; B6CJ;68IJG:96C9HDJG8:9EGD9J8IH6C9
:MI:CH>K:H:GK>8:D;;:G>C<:C67A:HDJG8JHIDB:GHID;D8JHDCI=:>G8DG:68I>K>I>:H6C9=:AEHI=:BID7:BDG::;;>8>:CI EGD9J8I>K:
6C98DHI :;;:8I>K: -=:H:<B:CI6AHD>C8AJ9:H68DBEG:=:CH>K:D;;:G>C<D;DJIHDJG8:9H:GK>8:HJH:97NI=:E=6GB68:JI>86A6C9
7>DI:8=>C9JHIG>:H;DG9GJ<9:K:ADEB:CI 8A>C>86AG:H:6G8= 8A>C>86AIG>6AHH:GK>8:H6C98DBB:G8>6A9GJ<B6CJ;68IJG>C< 0:H:GK:
I=:E=6GB68:JI>86A 7>DI:8=CDAD<N 6869:B>8 B:9>86A9:K>8: <DK:GCB:CI6C9DI=:GG:H:6G8=6C9>C9JHIG>6AB6G@:IH 6HL:AA6H
I=:8A>C>86AA67DG6IDGNB6G@:II=GDJ<=;>K:@:N7JH>C:HH:H%67DG6IDGN)GD9J8IH %67DG6IDGN=:B>86AH +:H:6G8=6C9,6;:IN
&6G@:I=6CC:A )=6GB6,:GK>8:H6C9A>C>86A+:H:6G8=
%67DG6IDGN)GD9J8IH
(JGA67DG6IDGNEGD9J8IH6G:JH:9EG>B6G>AN7NE=6GB68:JI>86A8DBE6C>:H;DG9GJ<9>H8DK:GN6C99:K:ADEB:CI6C97N
7>DI:8=CDAD<N8DBE6C>:H6C9JC>K:GH>I>:H;DGA>;:H8>:C8:G:H:6G8=ID69K6C8:I=:EG:K:CI>DC6C98JG:D;9>H:6H:H6C9:C=6C8:
FJ6A>IND;A>;: -=>HD;;:G>C<8DCH>HIHD;:FJ>EB:CI 688:HHDG>:H 6C9H:GK>8:H;DGH6BEA:EG:E6G6I>DC HIDG6<:6C9EGDI:8I>DC 6C9
6C6ANH>H
P %&36%836=59-41)28 )',2303+-)7>C8AJ9:HDJGA:69>C<A67DG6IDGNG:;G><:G6IDGH6C9;G::O:GH JAIG6ADL I:BE:G6IJG:
;G::O:GH6C98GNDEG:H:GK6I>DCHIDG6<:I6C@H;DGB6>CI6>C>C<H6BEA:H>C68DA9:CK>GDCB:CIIDEGDI:8II=:B;GDB
9:<G696I>DC 0:6AHDD;;:GI:BE:G6IJG:8DCIGDAEGD9J8IHHJ8=6H=:6I:976I=8>G8JA6IDGH >BB:GH>DC8DDA:GH
G:8>G8JA6I>C<8=>AA:GH L6I:G76I=H 6C99GN76I=H>C6G6C<:D;H>O:H I:BE:G6IJG:H6C98DC;><JG6I>DCH;DGA>;:H8>:C8:
6C6ANI>86A8=:B>HIGN B6CJ;68IJG>C<6C9FJ6A>IN 8DCIGDA6EEA>86I>DCH "C699>I>DC L:D;;:GH6BEA:EG:E6G6I>DC6C9
EG:H:GK6I>DC:FJ>EB:CI L=>8=EGDI:8IHDJG8JHIDB:GHW8=:B>86A6C97>DAD<>86AH6BEA:H6C9HJEEDGIHI=:<GDLI=D;
8:AAH6C9DG<6C>HBH>CDEI>B6A8DC9>I>DCHHJ8=6HI:BE:G6IJG: 86G7DC9>DM>9:6C9=JB>9>IN 6HL:AA6H>C8J76IDGH6C9
G:A6I:9EGD9J8IH 0:6AHDD;;:G8:CIG>;J<6I>DCEGD9J8IH L=>8=6G:JH:9IDH:E6G6I:7>DAD<>86AB6IG>8:H6C9>CDG<6C>8
B6I:G>6AH >C8AJ9>C<B>8GD8:CIG>;J<:H <:C:G6AJH:7:C8= IDE8:CIG>;J<:H6C9;ADDGBD9:AH 99>I>DC6AAN L:D;;:G
7>DAD<>86AH6;:IN867>C:IH L=>8=:C67A:I:8=C>8>6CHID=6C9A:H6BEA:HL>I=DJIG>H@IDI=:BH:AK:HDGI=:>G:CK>GDCB:CI
6C9L>I=DJIG>H@D;8GDHH 8DCI6B>C6I>DCD;H6BEA:H
? #%8)6%2(%&36%836=63(9'87>C8AJ9:L6I:G6C6ANH>H>CHIGJB:CIHHJ8=6HB:I:GH :A:8IGD9:H6C9HDAJI>DCH;DGI=:
B:6HJG:B:CID;E! >DCH 8DC9J8I>K>IN 9>HHDAK:9DMN<:C IJG7>9>IN6C9DI=:G@:NE6G6B:I:GH>CI=:A676C9EGD9J8I>DC
'% "&%&!'!
A?5:1??/;:@5:A10
'% "&%&!'!
A?5:1??/;:@5:A10
'% "&%&!'!
A?5:1??/;:@5:A10
EDANB:G6H:8=6>CG:68I>DCI:HI>C<ID9:I:8II=:67H:C8:D;E6I=D<:CHDGID8=6G68I:G>O:6II:CJ6I:9K688>C:HIG6>CH
;DAADL>C<69B>C>HIG6I>DCD;6K688>C: 0:EGDK>9::6GANEG:8A>C>86A9:K:ADEB:CII=GDJ<=EDHI 6EEGDK6AI:HI>C<
H:GK>8:H6C9EGD9J8I6C6ANH>HA67DG6IDGNH:GK>8:HI=6I6G:9:H><C:9ID7:8DBEA>6CIL>I=8 &)H 6C9DJG8:CIG6A
A67DG6IDG>:HEGDK>9:=><=ANHI6C96G9>O:9H6;:IN6C97>DB6G@:GI:HI>C<H:GK>8:HL>I=8JHIDB>O:9G:HJAIH96I676H:H;DG
DJG8JHIDB:GH
&-81?-:0 ->71@5:3
0:B6G@:I6C9H:AADJGEGD9J8IH6C9H:GK>8:HI=GDJ<=69>G:8IH6A:H;DG8: 8JHIDB:G H:GK>8:EGD;:HH>DC6AH :A:8IGDC>8
8DBB:G8: I=>G9 E6GIN9>HIG>7JIDGH6C9K6G>DJH86I6AD<H
0:D;;:GDJGEGD9J8IH6C9H:GK>8:HI=GDJ<=A:69>C<7G6C9H>C8AJ9>C<
P -=:-=:GBD,8>:CI>;>87G6C9D;;:GH8JHIDB:GH>CG:H:6G8= 9>6<CDHI>8H >C9JHIG>6A 6C96EEA>:9B6G@:IH68DBEA:I:
G6C<:D;=><= :C96C6ANI>86A>CHIGJB:CIH6HL:AA6HA67DG6IDGN:FJ>EB:CI HD;IL6G: H:GK>8:H 8DCHJB67A:H6C9
G:6<:CIH (JGEDGI;DA>DD;EGD9J8IH>C8AJ9:H>CCDK6I>K:I:8=CDAD<>:H;DGB6HHHE:8IGDB:IGN 8=GDB6ID<G6E=N
:A:B:CI6A6C6ANH>H :A:8IGDCB>8GDH8DEN BDA:8JA6GHE:8IGDH8DEN H6BEA:EG:E6G6I>DC >C;DGB6I>8H 8=:B>86AG:H:6G8=
6C96C6ANH>H 8:AA8JAIJG: 7>DEGD8:HHEGD9J8I>DC 8:AAJA6G EGDI:>C6C9BDA:8JA6G7>DAD<NG:H:6G8= 6AA:G<NI:HI>C<
9GJ<H D; 67JH:I:HI>C< I=:G6E:JI>89GJ<BDC>IDG>C<I:HI>C< B>8GD7>DAD<N 6HL:AA6H:CK>GDCB:CI6ABDC>IDG>C<6C9
EGD8:HH8DCIGDA
P -=:EEA>:9>DHNHI:BH7G6C9D;;:GH8JHIDB:GH>CG:H:6G8= 8A>C>86A6C96EEA>:9B6G@:IH>CI:<G6I:9>CHIGJB:CI
HNHI:BH G:6<:CIH 6C9HD;IL6G:;DG<:C:I>86C6ANH>H (JGEDGI;DA>D>C8AJ9:H>CCDK6I>K:I:8=CDAD<>:H;DG<:C:I>8
H:FJ:C8>C<6C9G:6A I>B: 9><>I6A6C9:C9ED>CI)+ I=6I6G:JH:9ID9:I:GB>C:B:6C>C<;JA<:C:I>8>C;DGB6I>DC>C
6EEA>86I>DCHHJ8=6H(/" I:HI>C< 86C8:G9>6<CDHI>8H =JB6C>9:CI>;>86I>DCI:HI>C< 6C96C>B6A=:6AI= 6HL:AA6H
>C=:G>I:96C9>C;:8I>DJH9>H:6H:
P -=:"CK>IGD<:C7G6C9D;;:GHA>;:H8>:C8:8JHIDB:GH67GD69G6C<:D;8DCHJB67A:H6C9>CHIGJB:CIHI=6I688:A:G6I:
G:H:6G8=6C9:CHJG:8DCH>HI:C8ND;G:HJAIH (JGEDGI;DA>DD;EGD9J8IH>C8AJ9:H>CCDK6I>K:HDAJI>DCH;DG8:AAJA6G6C6ANH>H
6C97>DAD<N ;ADL8NIDB:IGN 8:AA8JAIJG: EGDI:>C:MEG:HH>DC HNCI=:I>87>DAD<N BDA:8JA6G7>DAD<N6C9EGDI:>C
7>DAD<N
P >H=:G,8>:CI>;>8>HDJG8=6CC:AH7G6C9 D;;:G>C<8JHIDB:GH68DBEA:I:EDGI;DA>DD;A67DG6IDGN:FJ>EB:CI6C9
8DCHJB67A:H 8=:B>86AH HJEEA>:H6C9H:GK>8:HJH:9>CH8>:CI>;>8G:H:6G8= =:6AI=86G: H6;:IN 6C9:9J86I>DCB6G@:IH
-=:H:EGD9J8IH6G:D;;:G:9I=GDJ<=6C:MI:CH>K:C:ILDG@D;9>G:8IH6A:HEGD;:HH>DC6AH H:<B:CI G:A:K6CIEG>CI:9
8DAA6I:G6A6C99><>I6A8DCI:CI 6HI6I: D; I=: 6GIL:7H>I: 6C9HJEEAN 8=6>CB6C6<:B:CIH:GK>8:H
P .C>IN%67,:GK>8:H>HDJG>CHIGJB:CI6C9:FJ>EB:CIH:GK>8:H7G6C9 D;;:G>C<68DBEA:I:EDGI;DA>DD;H:GK>8:H;GDB
:CI:GEG>H: A:K:A:C<6<:B:CIHID>C9>K>9J6A>CHIGJB:CIH6C9A67DG6IDGN:FJ>EB:CI G:<6G9A:HHD;I=:DG><>C6A
B6CJ;68IJG:G -=GDJ<=DJGC:ILDG@D;LDGA9 8A6HHH:GK>8:6C9HJEEDGIE:GHDCC:A L:EGDK>9:H:GK>8:HI=6I6G:
9:H><C:9ID=:AEDJG8JHIDB:GH>BEGDK:EGD9J8I>K>IN G:9J8:8DHIH 6C99G>K:9:8>H>DCHL>I=7:II:G96I6
P )6I=:DC>HDJG8DCIG68I9:K:ADEB:CI6C9B6CJ;68IJG>C<7G6C9 G:EG:H:CI>C<I=:8DBEG:=:CH>K:D;;:G>C<D;H:GK>8:H
I=6IL:EGDK>9:ID8JHIDB:GHG6C<>C<;GDBHB6AA7>DI:8=IDA6G<:E=6GB68:JI>86A8DBE6C>:H 0:HJEEDGIDJG
8JHIDB:GHW9:K:ADEB:CID;>CCDK6I>K:B:9>8>C:H >C8AJ9>C<7>DAD<>8H <:C:I=:G6E>:H6C9K688>C:H NA:K:G6<>C<DJG
:ME6C9>C<<AD76AC:ILDG@D;;68>A>I>:H L:9:A>K:G=><= FJ6A>INH:GK>8:H6I6AAHI6<:HD;I=:9GJ<A>;:8N8A: ;GDB
9>H8DK:GNID9:K:ADEB:CII=GDJ<=8A>C>86AIG>6AHH:GK>8:H6C98DBB:G8>6AB6CJ;68IJG>C<
P ))>HDJG8A>C>86AG:H:6G8=H:GK>8:H7G6C9 =:AE>C<8JHIDB:GH>CI=:7>DE=6GB68:JI>86A>C9JHIGN7G>C<I=:>GB:9>8>C:H
6C9DI=:GIG:6IB:CIHIDE6I>:CIH6GDJC9I=:LDGA9 (JG8A>C>86A9:K:ADEB:CIH:GK>8:H>C8AJ9:6AAE=6H:HD;9:K:ADEB:CI
> : )=6H:H" "/ E:G> 6C9EDHI 6EEGDK6A6C9H>I:6C9E6I>:CI688:HHH:GK>8:H (JG6C6ANI>86AH:GK>8:HD;;:G6G6C<:D;
=><= K6AJ: 69K6C8:9I:HI>C<H:GK>8:H >C8AJ9>C<7>D6C6ANI>86A 7>DB6G@:G K688>C: 8 &)6C98:CIG6AA67DG6IDGN
H:GK>8:H
0:=6K:6EEGDM>B6I:AN H6A:HE:GHDCC:A>C8AJ9>C<=><=ANIG6>C:9I:8=C>86AHE:8>6A>HIHL=D:C67A:JHID7:II:GB::I
I=:C::9HD;DJGBDG:I:8=C>86A:C9 JH:GH 0:6AHDEGDK>9:8JHIDB:GHL>I=EGD9J8IHI6C96G9>O6I>DC6C9DI=:GHJEEAN 8=6>C
B6C6<:B:CIH:GK>8:HIDG:9J8:EGD8JG:B:CI8DHIH
!1C#>;0A/@?-:0%1?1->/4-:01B18;<91:@
(JG7JH>C:HH>C8AJ9:HI=:9:K:ADEB:CI6C9>CIGD9J8I>DCD;C:LEGD9J8IH6C9B6N>C8AJ9::CIGN>CIDC:L7JH>C:HH
H:<B:CIH 0:6CI>8>E6I:I=6IL:L>AA8DCI>CJ:IDB6@:H><C>;>86CI:ME:C9>IJG:H;DGG:H:6G8=6C99:K:ADEB:CI6HL:H::@ID
EGDK>9:68DCI>CJ>C<;ADLD;>CCDK6I>K:EGD9J8IHIDB6>CI6>C6C9>BEGDK:DJG8DBE:I>I>K:EDH>I>DC
'% "&%&!'!
A?5:1??/;:@5:A10
%1?;A>/1?
%;%8)6-%07
(JGB6C6<:B:CII:6B7:A>:K:HI=6IL:=6K:6G:69>AN6K6>A67A:HJEEAND;G6LB6I:G>6AH;DG6AAD;DJGH><C>;>86CIEGD9J8IH
;GDBK6G>DJHHDJG8:H 'DH>C<A:HJEEA>:G>HB6I:G>6A 6AI=DJ<=;DGG:6HDCHD;FJ6A>IN6HHJG6C8: G:<JA6IDGNG:FJ>G:B:CIH 8DHI
:;;:8I>K:C:HH 6K6>A67>A>INDGJC>FJ:C:HHD;9:H><C 8:GI6>CB6I:G>6AH8DBEDC:CIHB6N7:HDJG8:9;GDB6H>C<A:HJEEA>:GDG6
A>B>I:9CJB7:GD;HJEEA>:GHI=6I86CG:69>ANEGDK>9:HJ8=B6I:G>6AHDG8DBEDC:CIH
+6LB6I:G>6A6C9;J:AEG>8:H6G:HJ7?:8IID;AJ8IJ6I>DCH9J:IDB6G@:I8DC9>I>DCH 0::BEADNB6CNHIG6I:<>:H >C8AJ9>C<
I=:JH:D;6AI:GC6I>K:B6I:G>6AH IDB>I><6I:I=::;;:8ID;I=:H:;AJ8IJ6I>DCHDCDJGG:HJAIH
DG69>H8JHH>DCD;G>H@HG:A6I:9IDDJGHJEEAN8=6>C6C9G6LB6I:G>6A6C9;J:AEG>8:H G:;:GIDU+>H@68IDGHV>C)6GI" "I:B
%8)287-')27)7%2( 6%()1%6/7
)6I:CIH6G:>BEDGI6CI>CB6CN6HE:8IHD;DJG7JH>C:HH 'DE6GI>8JA6GE6I:CI DGG:A6I:9<GDJED;E6I:CIH >HHD>BEDGI6CI
=DL:K:G I=6I >IH ADHH LDJA9 H><C>;>86CIAN 6;;:8I DJG DE:G6I>DCH 6H 6 L=DA: 0=:G: 6EEGDEG>6I: L: H::@ E6I:CI EGDI:8I>DC ;DG
>CK:CI>DCH6C99:K:ADEB:CIHB69:7NDJGE:GHDCC:AI=6I6G:>C8DGEDG6I:9>CIDDJGEGD9J8IHDGDI=:GL>H:;6AAL>I=>CDJG;>:A9H
D;>CI:G:HI )6I:CIG><=IHG:HJAI>C<;GDBLDG@HEDCHDG:97NDJIH>9:E6GI>:H9DCDI6AL6NH688GJ::M8AJH>K:ANIDI=:8DBE6CN6C9
B6N7:A>B>I:97N6<G::B:CIHDG8DCIG68IH
0:EGDI:8IHDB:D;DJGI:8=CDAD<N6HIG69:H:8G:IH6C9 L=:G:6EEGDEG>6I: L:JH:IG69:B6G@HDGG:<>HI:GIG69:B6G@HJH:9
>C8DCC:8I>DCL>I=EGD9J8IH 0:6AHD:CI:G>CIDA>8:CH:6<G::B:CIHL>I=DI=:GHID<G6CI6C9 DGG:8:>K:G><=IHID>CI:AA:8IJ6A
EGDE:GING><=IH
AAIG69:B6G@H IG69:C6B:H EGD9J8IC6B:H <G6E=>8H6C9AD<DHD;-=:GBD>H=:G8DCI6>C:9=:G:>C6G:IG69:B6G@HDG
G:<>HI:G:9IG69:B6G@HD;-=:GBD>H=:GDG>IHHJ7H>9>6G>:H 6H6EEA>867A: >CI=:.C>I:9,I6I:H6C9 DGDI=:G8DJCIG>:H ,DA:AN;DG
8DCK:C>:C8: L:B6NG:;:GIDIG69:B6G@H>CI=>HCCJ6A+:EDGIDCDGB $L>I=DJII=:R6C9QHNB7DAH ,J8=G:;:G:C8:H
6G:CDI>CI:C9:9ID>C9>86I: >C6CNL6N I=6IL:L>AACDI6HH:GI IDI=:;JAA:HI:MI:CIE:GB>II:97NA6L DJGG><=IHIDDJG
IG69:B6G@H -DI=::MI:CIDI=:GIG69:B6G@H6EE:6G>CI=>HCCJ6A+:EDGIDCDGB $ I=:N6G:I=:EGDE:GIND;I=:>GG:HE:8I>K:
DLC:GH
&1-?;:-8:28A1:/1?
+:K:CJ:H>CI=:;DJGI=FJ6GI:G6G:=>HIDG>86AANHIGDC<:GI=6C>CDI=:GFJ6GI:GH9J:IDI=:86E>I6AHE:C9>C<E6II:GCHD;
>C9JHIG>6A E=6GB68:JI>86A6C9<DK:GCB:CI8JHIDB:GH ,6A:HD;;AJI:HIH6C9G:A6I:99>6<CDHI>8EGD9J8IHK6GNFJ6GI:GIDFJ6GI:G
6C9N:6GIDN:6G76H:9DCI=:H:K:G>IN6C99JG6I>DCD;:68=E:G>D9WH;AJH:6HDC ,6A:HD;6AA:G<NI:HIHK6GNFJ6GI:GIDFJ6GI:G6C9
N:6GIDN:6G76H:9DCI=:H:K:G>IN6C99JG6I>DCD;:68=E:G>D9WH6>G7DGC:EDAA:C6AA:G<:CH
;B1>:91:@;:@>-/@?
AI=DJ<=I=:8DBE6CNIG6CH68IH7JH>C:HHL>I=K6G>DJH<DK:GCB:CI6<:C8>:H CD<DK:GCB:CI8DCIG68I>HD;HJ8=B6<C>IJ9:
I=6I6G:C:<DI>6I>DCD;EGD;>IHDGI:GB>C6I>DCD;I=:8DCIG68I6II=::A:8I>DCD;I=:<DK:GCB:CI6<:C8NLDJA9=6K:6B6I:G>6A
69K:GH::;;:8IDCI=:8DBE6CNWH;>C6C8>6AG:HJAIH
;9<1@5@5;:
-=:8DBE6CN:C8DJCI:GH6<<G:HH>K:6C967A:8DBE:I>I>DC>CK>GIJ6AAN6AAD;I=:B6G@:IHL:H:GK: :86JH:D;I=:9>K:GH>IN
D;DJGEGD9J8IH6C9H:GK>8:H L:;68:B6CN9>;;:G:CIINE:HD;8DBE:I>IDGH6C98DBE:I>I>DC (JG8DBE:I>IDGH>C8AJ9:67GD69
G6C<:D;B6CJ;68IJG:GH I=>G9 E6GIN9>HIG>7JIDGH6C9H:GK>8:EGDK>9:GH DBE:I>I>K:8A>B6I:H>CB6CND;I=:B6G@:IHL:H:GK:
6G:8=6G68I:G>O:97N8=6C<>C<I:8=CDAD<N6C98JHIDB:G9:B6C9HI=6IG:FJ>G:8DCI>CJ>C<G:H:6G8=6C99:K:ADEB:CI (JG
HJ88:HHEG>B6G>AN9:E:C9HDCI=:;DAADL>C<;68IDGH
P I:8=C>86AE:G;DGB6C8:6C969K6C8:H>CI:8=CDAD<NI=6IG:HJAI>CC:LEGD9J8IH6C9>BEGDK:9EG>8: E:G;DGB6C8:G6I>DH
P EGD9J8I9>;;:G:CI>6I>DC 6K6>A67>A>IN6C9G:A>67>A>IN
P I=:9:EI=D;DJG86E67>A>I>:H
P DJGG:EJI6I>DC6BDC<8JHIDB:GH6H6FJ6A>INEGDK>9:GD;EGD9J8IH6C9H:GK>8:H
P 8JHIDB:GH:GK>8:6C9HJEEDGI
P 68I>K:G:H:6G8=6C96EEA>86I>DC 9:K:ADEB:CIEGD<G6BH6C9
P G:A6I>K:EG>8:HD;DJGEGD9J8IH6C9H:GK>8:H
'% "&%&!'!
A?5:1??/;:@5:A10
;B1>:91:@%13A8-@5;:
2:-6321)28%0)+90%8-327
0:6G:HJ7?:8IIDK6G>DJHA6LH6C9<DK:GCB:CI6AG:<JA6I>DCH8DC8:GC>C<:CK>GDCB:CI6AB6II:GH6C9:BEADN::H6;:IN6C9
=:6AI=>CI=:.C>I:9,I6I:H6C9DI=:G8DJCIG>:H . , ;:9:G6A:CK>GDCB:CI6AA:<>HA6I>DCI=6I6;;:8IHJH>C8AJ9:HI=:-DM>8
,J7HI6C8:HDCIGDA8I I=:+:HDJG8:DCH:GK6I>DC6C9+:8DK:GN8I I=:A:6C>G8I I=:A:6C06I:G8I I=:,6;:
G>C@>C<06I:G8I 6C9I=:DBEG:=:CH>K:CK>GDCB:CI6A+:HEDCH:DBE:CH6I>DC6C9%>67>A>IN8I+% 0:6G:
6AHDHJ7?:8IIDG:<JA6I>DC7NI=:(88JE6I>DC6A,6;:IN6C9!:6AI=9B>C>HIG6I>DC(,!8DC8:GC>C<:BEADN::H6;:IN6C9
=:6AI=B6II:GH -=:.C>I:9,I6I:HCK>GDCB:CI6A)GDI:8I>DC<:C8N.,) (,! 6C9DI=:G;:9:G6A6<:C8>:H=6K:I=:
6JI=DG>INIDEGDBJA<6I:G:<JA6I>DCHI=6I=6K:6C:;;:8IDCDJGDE:G6I>DCH
"C699>I>DCIDI=:H:;:9:G6AA6LH6C9G:<JA6I>DCH K6G>DJHHI6I:H=6K:7::C9:A:<6I:98:GI6>C6JI=DG>INJC9:GI=:
6;DG:B:CI>DC:9;:9:G6AHI6IJI:H6C9=6K:6JI=DG>INDK:GI=:H:B6II:GHJC9:GHI6I:A6LH &6CNHI6I:6C9AD86A<DK:GCB:CIH=6K:
69DEI:9:CK>GDCB:CI6A6C9:BEADN::H6;:IN6C9=:6AI=A6LH6C9G:<JA6I>DCH HDB:D;L=>8=6G:H>B>A6GID;:9:G6AG:FJ>G:B:CIH
CJB7:GD;DJGDE:G6I>DCH>CKDAK:I=:=6C9A>C< B6CJ;68IJG>C< JH:DGH6A:D;HJ7HI6C8:HI=6I6G:DG8DJA97:8A6HH>;>:96H
IDM>8DG=6O6G9DJHB6I:G>6AHL>I=>CI=:B:6C>C<D;6EEA>867A:A6LH DCH:FJ:CIAN HDB:G>H@D;:CK>GDCB:CI6A=6GB>H>C=:G:CI
>CDJGDE:G6I>DCH6C9EGD9J8IH 6H>I>HL>I=DI=:G8DBE6C>:H:C<6<:9>CH>B>A6G7JH>C:HH:H
(JG:ME:CH:H;DG:CK>GDCB:CI6AG:FJ>G:B:CIH6G:>C8JGG:9<:C:G6AAN;DGDC<D>C<8DBEA>6C8:6C9=>HIDG>86AG:B:9>6I>DC
B6II:GH 6H:9DC8JGG:CI>C;DGB6I>DC L:7:A>:K:I=6II=:H:8DBEA>6C8:8DHIH6G:CDIB6I:G>6A DG=>HIDG>86AG:B:9>6I>DC
D7A><6I>DCH DJG:ME:C9>IJG:HG:A6I:EG>B6G>ANIDI=:8DHID;E:GB>II>C< >CHI6AA>C< 6C9DE:G6I>C<6C9B6>CI6>C>C<<GDJC9L6I:G
IG:6IB:CIHNHI:BH6C9DI=:GG:B:9>6AB:6HJG:H
(JG6>G%6LC6C9,DB:GK>AA: ':L#:GH:N;68>A>I>:H:CI:G:9>CID69B>C>HIG6I>K:8DCH:CIDG9:GHL>I=I=:':L#:GH:N
:E6GIB:CID;CK>GDCB:CI6A)GDI:8I>DC>CIDB6>CI6>C<GDJC9L6I:G G:B:9>6I>DC68I>K>I>:H6II=:H:H>I:H 6C96G:8JGG:CIAN
JC9:GI=:,I6I:WH%>8:CH:9,>I:+:B:9>6I>DC)GD;:HH>DC6A)GD<G6B HI=:DLC:GD;I=:6>G%6LC;68>A>IN L:6G:A>HI:96H6
EDI:CI>6AANG:HEDCH>7A:E6GIN;DGG:B:9>6I>DCL>I=>C6C6G:686AA:9I=:6>G%6LC0:AA;>:A9H,JE:G;JC9,>I: 6C9 >C I=:
8DBE6CN6C98:GI6>CDI=:GE6GI>:H:CI:G:9>CID68DCH:CIDG9:GL>I=I=:.,)ID8DBEA:I:6+:B:9>6A"CK:HI><6I>DC
:6H>7>A>IN,IJ9N "C I=:.,)>HHJ:96+:8DG9D;:8>H>DC H:II>C<;DGI=I=:H8DE:D;G:FJ>G:9G:B:9>6I>DCLDG@6II=:
H>I: L=>8=>C8AJ9:HJE<G69>C<6L6I:GIG:6IB:CIEA6CIID699G:HH8DCHI>IJ:CIHHJ8=6H8=ADG>C6I:9DG<6C>88DBEDJC9H
9>DM6C: 6C9E:G;AJDGDD8I6CD>868>9 E:G;AJDGDD8I6C:HJA;DC6I:)( )(, "C I=:8DJGI6EEGDK:968DCH:CI9:8G::I=6I
G:FJ>G:HI=:8DBE6CN6C96CDI=:GG:HEDCH>7A:E6GINID;>C6C8:6C9E:G;DGBI=:G:FJ>G:9G:B:9>6I>DCLDG@L>I=.,)
DK:GH><=I
"C DJG%>;:-:8=CDAD<>:HHJ7H>9>6GN:CI:G:9>CID68DCH:CI9:8G::L>I=I=:.,)6C9DI=:GG:HEDCH>7A:E6GI>:HID
>BEA:B:CI6<GDJC9L6I:GG:B:9N6II=:;DGB:G6K>H%6C9;>AA,JE:G;JC9H>I:>C,B>I=;>:A9 +=D9:"HA6C9 ;I:GN:6GHD;
699>I>DC6AHIJ9N >C,:EI:B7:G .,)G:K>H:9>IH8A:6CJEEA6C7NH:A:8I>C<6C>CI:G>BG:B:9>6A6EEGD68=I=6I>C8AJ9:H
<GDJC9L6I:GIG:6IB:CI;DAADL:97N699>I>DC6ABDC>IDG>C<D;H>I:8DC9>I>DCH :E:C9>C<DCI=:G:HJAIHD;I=:H:IG:6IB:CI6C9
BDC>IDG>C<68I>K>I>:HDK:GI=:C:MIH:K:G6AN:6GH .,)6CI>8>E6I:HH:A:8I>C<6;>C6A<GDJC9L6I:GG:B:9N;DGI=:H>I: "C
'DK:B7:G I=:8DCH:CI9:8G::L6H6B:C9:9IDG:;A:8II=:E6GI>:HWD7A><6I>DCHID>BEA:B:CI.,)WH>CI:G>B
G:B:9N
0:G:8DG9688GJ6AH;DG:CK>GDCB:CI6AA>67>A>I>:H76H:9DC8JGG:CI>CI:GEG:I6I>DCHD;:CK>GDCB:CI6AA6LH6C9G:<JA6I>DCH
L=:C>I>HEGD767A:I=6I6A>67>A>IN=6H7::C>C8JGG:96C9I=:6BDJCID;HJ8=A>67>A>IN86C7:G:6HDC67AN:HI>B6I:9 0:86A8JA6I:
:HI>B6I:H76H:9JEDCH:K:G6A;68IDGH >C8AJ9>C<G:EDGIHEG:E6G:97N:CK>GDCB:CI6AHE:8>6A>HIH6C9B6C6<:B:CIWH@CDLA:9<:
6C9:ME:G>:C8:L>I=I=:H::CK>GDCB:CI6AB6II:GH 0:>C8AJ9:>CI=:H::HI>B6I:HEDI:CI>6A8DHIH;DG>CK:HI><6I>DC G:B:9>6I>DC
6C9DE:G6I>DC6C9B6>CI:C6C8:D;8A:6CJEH>I:H 88GJ:9A>67>A>I>:H;DG:CK>GDCB:CI6AB6II:GHIDI6A:9B>AA>DC6I:8:B7:G
-=:H::CK>GDCB:CI6AA>67>A>I>:H9DCDI>C8AJ9:I=>G9 E6GING:8DK:G>:HIDL=>8=L:B6N7::CI>IA:9 0:7:A>:K:I=6IDJG
688GJ6A>H69:FJ6I:;DGI=::CK>GDCB:CI6AA>67>A>I>:HL:8JGG:CIAN:ME:8IID>C8JG H6G:HJAIL:7:A>:K:I=6IDJGJAI>B6I:
A>67>A>INL>I=G:HE:8IID:CK>GDCB:CI6AB6II:GHL>AACDI=6K:6B6I:G>6A69K:GH::;;:8IDCDJG;>C6C8>6AEDH>I>DC G:HJAIHD;
DE:G6I>DCHDG86H=;ADLH !DL:K:G L:B6N7:HJ7?:8IIDG:B:9>6ADG8DBEA>6C8:8DHIH9J:ID;JIJG::K:CIH HJ8=6H8=6C<:H>C
:M>HI>C<A6LH6C9G:<JA6I>DCH 8=6C<:H>C6<:C8N9>G:8I>DCDG:C;DG8:B:CIEDA>8>:H 9:K:ADEB:CIH>CG:B:9>6I>DCI:8=CDAD<>:H
8=6C<:H>CI=:8DC9J8ID;DJGDE:G6I>DCH 6C9I=::;;:8ID;8=6C<:H>C688DJCI>C<GJA:H L=>8=8DJA9=6K:6B6I:G>6A69K:GH:
:;;:8IDCDJG;>C6C8>6AEDH>I>DC G:HJAIHD;DE:G6I>DCHDG86H=;ADLH DG69>H8JHH>DCD;I=::CK>GDCB:CI6AA6LH6C9G:<JA6I>DCH
I=6II=:DBE6CNWHDE:G6I>DCH EGD9J8IH6C9H:GK>8:H6G:HJ7?:8IID6C9DI=:G:CK>GDCB:CI6A8DCI>C<:C8>:H G:;:GID'DI:ID
DJGDCHDA>96I:9>C6C8>6A,I6I:B:CIHSDBB>IB:CIH6C9DCI>C<:C8>:H
'% "&%&!'!
A?5:1??/;:@5:A10
8,)6%;7%2()+90%8-327
(JGDE:G6I>DCH 6C9HDB:D;I=:EGD9J8IH6C9H:GK>8:HL:D;;:G 6G:HJ7?:8IID6CJB7:GD;8DBEA:M6C9HIG>C<:CIA6LH6C9
G:<JA6I>DCH<DK:GC>C<I=:9:K:ADEB:CI I:HI>C< 6EEGDK6A EGD9J8I>DC =6C9A>C< IG6CHEDGI6I>DC6C99>HIG>7JI>DCD;8=:B>86AH
9GJ<H6C9DI=:GH>B>A6GEGD9J8IH >C8AJ9>C<I=:DE:G6I>C<6C9H:8JG>INHI6C96G9HD;I=:DD96C9GJ<9B>C>HIG6I>DC I=:GJ<
C;DG8:B:CI9B>C>HIG6I>DC I=:JG:6JD;A8D=DA -D7688D >G:6GBH6C9MEADH>K:H 6C9K6G>DJHHI6I:7D6G9HD;E=6GB68N
6HL:AA6H8DBE6G67A:HI6I:6C9;DG:><C6<:C8>:H H-=:GBD>H=:GWH7JH>C:HH:H6AHD>C8AJ9::MEDGI6C9>BEDGI68I>K>I>:H L:
6G:HJ7?:8IIDE:GI>C:CIA6LH:C;DG8:97NI=:. , :E6GIB:CIHD;DBB:G8: ,I6I:6C9-G:6HJGN "C699>I>DC DJGAD<>HI>8H
68I>K>I>:HBJHI8DBEANL>I=I=:GJA:H6C9G:<JA6I>DCHD;I=::E6GIB:CID;-G6CHEDGI6I>DC I=::9:G6AK>6I>DC9B>C>HIG6I>DC
6C9H>B>A6G;DG:><C6<:C8>:H 0=>A:L:7:A>:K:L:6G:>C8DBEA>6C8:>C6AAB6I:G>6AG:HE:8IHL>I=HJ8=A6LH6C9G:<JA6I>DCH
6CNCDC8DBEA>6C8:8DJA9G:HJAI>CHJ7HI6CI>6A;>C:HDGDI=:GL>H:G:HIG>8IDJG67>A>INIDEGDK>9:8DBE:I>I>K:9>HIG>7JI>DCH:GK>8:H
6C9I=:G:7N=6K:6C69K:GH::;;:8IDCDJG;>C6C8>6A8DC9>I>DC -D96I: CDHJ8=A6LHDGG:<JA6I>DCH=6K:=696B6I:G>6A>BE68I
DCDJGDE:G6I>DCH
0:6G:HJ7?:8IIDA6LH6C9G:<JA6I>DCH<DK:GC>C<<DK:GCB:CI8DCIG68IH 6C9;6>AJG:ID699G:HHI=:H:A6LH6C9G:<JA6I>DCH
DG 8DBEAN L>I= <DK:GCB:CI 8DCIG68IH 8DJA9 =6GB DJG 7JH>C:HH 7N A:69>C< ID 6 G:9J8I>DC >C G:K:CJ:H 6HHD8>6I:9 L>I= I=:H:
8JHIDB:GH 0:=6K:6<G::B:CIHG:A6I>C<IDI=:H6A:D;DJGEGD9J8IHID<DK:GCB:CI:CI>I>:H6C9 6H6G:HJAI L:6G:HJ7?:8IID
K6G>DJH HI6IJI:H 6C9 G:<JA6I>DCH I=6I 6EEAN ID 8DBE6C>:H 9D>C< 7JH>C:HH L>I= I=: <DK:GCB:CI 0: 6G: 6AHD HJ7?:8I ID
>CK:HI><6I>DC;DG8DBEA>6C8:L>I=I=:G:<JA6I>DCH<DK:GC>C<<DK:GCB:CI8DCIG68IH ;6>AJG:ID8DBEANL>I=I=:H:G:<JA6I>DCH
8DJA96AHDG:HJAI>CHJHE:CH>DCD;I=:H:8DCIG68IH 8G>B>C6A 8>K>A6C969B>C>HIG6I>K:E:C6AI>:HDG9:76GB:CI
DG69>H8JHH>DCD;G>H@HG:A6I:9ID8=6C<:H>C<DK:GCB:CI6AG:<JA6I>DCH G:;:GIDU+>H@68IDGHV>C)6GI" "I:B
A9-:-<5@-8
-=:HJ88:HHD;-=:GBD>H=:G>H;J:A:97N8DAA:6<J:HL=D6G:=><=AN:C<6<:96C9;::A:BEDL:G:9ID68=>:K:I=:>G<D6AH
K:GNI=>C<L:9DHI6GIHL>I=DJG&>HH>DCSID:C67A:DJG8JHIDB:GHIDB6@:I=:LDGA9=:6AI=>:G 8A:6C:G6C9H6;:G (JG
8DAA:6<J:HJC9:GHI6C9I=:GDA:I=:NEA6N>C;JA;>AA>C<I=6I&>HH>DC6C9I=6I>CHE>G:HI=:BID7G>C<I=:>G7:HIIDLDG@:68=96N
(JG&>HH>DC>HCDIDCAN69>;;:G:CI>6IDG;DGJH:MI:GC6AAN 7JI6BDI>K6IDG;DGJH>CI:GC6AAN
(JG8JAIJG:>HGDDI:9>CDJG>/6AJ:HD;"CI:<G>IN "CI:CH>IN "CCDK6I>DC6C9"CKDAK:B:CI 0>I=>CI=>H;G6B:LDG@ L:HIG>K:
ID8G:6I:6H6;: ;6>G6C9EDH>I>K:LDG@>C<:CK>GDCB:CI;DGDJG8DAA:6<J:H6GDJC9I=:LDGA9 0:L6CIDJGI:6BHID;::AI=:N
=6K:6HI6@:>CDJGHJ88:HH 6KD>8:>CDJG9>G:8I>DC6C9ID7::BEDL:G:9IDB6@:69>;;:G:C8:;DGI=:@:NHI6@:=DA9:GHL:
H:GK:
K:GNN:6G L:8DC9J8I6CBEADN::"CKDAK:B:CI,JGK:NIDHDA>8>I9>G:8I;::9768@;GDBDJG8DAA:6<J:HDCL=6IL:WG:
9D>C<L:AA6C9L=:G:L:C::9ID>BEGDK: 0:I=:C8DBE>A:I=:;::9768@IDB:6HJG:DJGEGD<G:HHJH>C<I=G::@:N>C9>8:H
%:69:GH=>E "CKDAK:B:CI6C9"C8AJH>DC "C E:G8:CID;DJGLDG@;DG8:8DBEA:I:9I=:HJGK:N 6C9L:H6LB6G@:9
>BEGDK:B:CI>C:68=>C9:M6C968GDHHC:6GAN:K:GNHJGK:NFJ:HI>DC 9:HE>I:I=:8=6AA:C<:HD;6HJHI6>C:9E6C9:B>8
:CK>GDCB:CI (JG8DCI>CJ:9;D8JHDC:C=6C8>C<DJG8JAIJG:=:AEHEDH>I>DCDJG8DBE6CNID7:6C:K:C7:II:GEA68:IDLDG@
0:6G:8DBB>II:9IDB6>CI6>C>C<I=:HIGDC<:HII:6B>CDJG>C9JHIGN ;D8JH>C<DC9:K:ADE>C<6C9G:I6>C>C<DJG8DAA:6<J:H
L=>A:A:K:G6<>C<DJGA:69:GH=>EID6IIG68IC:L8DAA:6<J:HIDDJG8DBE6CN HD;:8:B7:G L::BEADN:9
6EEGDM>B6I:AN 8DAA:6<J:H<AD76AAN L>I=6C6EEGDM>B6I:G:<>DC6A9>HIG>7JI>DC6H;DAADLH 76H:9>CI=:
B:G>86H >CI=:H>6)68>;>8G:<>DC 6C9C:6GAN >CJGDE: I=:&>99A:6HI6C9;G>86&
-:)67-8=%2(2'097-32
0:G:8D<C>O:I=6II=:;JIJG:6HE>G6I>DCHDJIA>C:9>CDJG/>H>DC;DG L=>8=H:GK:H6HDJGADC< I:GBGD69B6E L>AADCAN
7:68=>:K67A:>;L:=6K:68JAIJG:I=6IK6AJ:H9>K:GH>IN6C9>C8AJH>DC 0=>A:9>K:GH>IND;<:C9:G6C9:I=C>8>IN6G:>BEDGI6CIS
6C9L:WG:;D8JH:9DC8DCI>CJDJHAN>BEGDK>C<S;DGJH 9>K:GH>IND;768@<GDJC9H :ME:G>:C8:H6C9K>:LED>CIH>H:FJ6AANK>I6AID
DJGADC< I:GBHJ88:HH 0=:CI=DH:9>;;:G:C8:H6G:L:A8DB:96C9HJEEDGI:9 L:8G:6I:6C>C8AJH>K:LDG@EA68:I=6IJCAD8@HI=:
IGJ:7:C:;>IHD;9>K:GH>IN
>K:GH>IN6C9"C8AJH>DC">HCDI6C>C>I>6I>K:6I-=:GBD>H=:G "IWHLDK:C>CIDI=:;67G>8D;DJG8JAIJG: 6C9DJG
8DAA:6<J:H6G::C8DJG6<:9IDDE:CANH=6G:I=:L>9:G6C<:D;E:GHE:8I>K:HI=:NG:EG:H:CI 0:LDG@ID<:I=:GID8G:6I:6C
>C8AJH>K:8JAIJG:L=:G:DJG8DAA:6<J:H;::AI=:N7:ADC<6C96G::BEDL:G:9ID8DCIG>7JI: 8DAA67DG6I:6C9>CCDK6I: B7G68>C<
>C9>K>9J6A9>;;:G:C8:H>H8G>I>86AIDDJGHJ88:HH DG:M6BEA: -=:GBD>H=:GL6HC6B:96H6-DE:B6A:G>:C9AN
BEADN:G7NDG7:H>C6HL:AA6H6:HI)A68:ID0DG@;DG% -*FJ6A>IN;DGI=:H:K:CI=8DCH:8JI>K:N:6G
HI67A>H=>C<I=>H@>C9D;:CK>GDCB:CI>H8G>I>86A>C:BEDL:G>C<DJG8DAA:6<J:HHDI=:N86C8DCIG>7JI:I=:>G7:HI>9:6H6C97G>C<
I=:>GIGJ:H:AK:HIDLDG@:68=96N
'% "&%&!'!
A?5:1??/;:@5:A10
(JG";D8JH>H:B7:99:9>C:K:GNHI6<:D;DJG8DAA:6<J:A>;:8N8A:S;GDBG:8GJ>I>C<IDDC7D6G9>C< IG6>C>C<
9:K:ADEB:CI6C9ADC<:G I:GB86G::GEA6CC>C< 0:IG68@DJGEGD<G:HHDCDJG"HIG6I:<>8D7?:8I>K:HI=GDJ<=68DG:H:ID;
B:IG>8HI=6I6G:G:K>:L:99JG>C<GDJI>C:7JH>C:HHDE:G6I>C<B:8=6C>HBH >C8AJ9>C<*J6GI:GANJH>C:HH+:K>:LH !JB6C
+:HDJG8:+:K>:LH D6G9+:K>:LH6C9I=GDJ<=I:6B96H=7D6G9HI=6I6G:H=6G:9:68=BDCI=L>I=A:69:GH68GDHHI=:8DBE6CN
-=>H:C67A:H;G:FJ:CI B:6C>C<;JA 96I6 9G>K:C9>H8JHH>DCH68GDHHDJG7JH>C:HH:H6C9;JC8I>DCHDC6G6C<:D;";68IDGH
>C8AJ9>C<<:C9:G6C9:I=C>8G:EG:H:CI6I>DC -=>H6EEGD68=6AHD:CHJG:HL:8DCH>HI:CIANEG>DG>I>O:DJGDEEDGIJC>I>:HID>BEGDK:
0:JC9:GHI6C9I=:8G>I>86AGDA:9>K:GH>INEA6NH>CHJHI6>C:97JH>C:HHHJ88:HH 6C9DJGI:6BH6G::BEDL:G:9ID:CHJG:DJG
LDG@;DG8:G:EG:H:CIHI=:8JHIDB:GHL:H:GK: JGI=:G IDEGDK>9:699>I>DC6AIG6CHE6G:C8NIDDJG. , LDG@;DG8:9:BD<G6E=>8H
>C ;DAADL>C<DJGG:EDGIHJ7B>HH>DCIDI=:. , FJ6ABEADNB:CI(EEDGIJC>INDBB>HH>DC L:9>H8ADH:9DJG(
G:EDGIDCDJGL:7H>I:6C9L:EA6CID8DCI>CJ:ID9DHDDC6C6CCJ6A76H>H
0:6G:8DBB>II:9ID:CHJG>C<DJG8DAA:6<J:H=6K:688:HHIDG:HDJG8:H 6L6G:C:HHIG6>C>C<6C9>CI:GC6AC:ILDG@HI=6ID;;:G
HJEEDGI6C9<J>96C8: (JG"HIG6I:<N>H<G:6IAN:C67A:97NDJGBEADN::+:HDJG8: GDJEH+ H L=>8=7G>C<ID<:I=:G
>C9>K>9J6AHL>I=H>B>A6G>CI:G:HIHIDH=6G::ME:G>:C8:H A:6GC;GDB:68=DI=:G6C98DAA67DG6I:ID>9:CI>;NHDAJI>DCHID7JH>C:HH
8=6AA:C<:H (JG+ HG:>C;DG8:I=6I6AA8DAA:6<J:H86CB6@:69>;;:G:C8:;DGDJG8JHIDB:GH ;DG:68=DI=:G6C9;DGDJG
8DBE6CN HD;:8:B7:G L:=69+ H<AD76AAN L>I=BDG:I=6CAD86A+ 8=6EI:GH
%0)28):)0341)28
(JGDK:G6G8=>C<<D6A;GDB6I6A:CIE:GHE:8I>K:>HID8G:6I:DEEDGIJC>I>:H;DGDJG8DAA:6<J:HID68=>:K:I=:>G;JAAEDI:CI>6A
6C986G::G6HE>G6I>DCH=:G:6I-=:GBD>H=:G 0:6G:8DBB>II:9ID8G:6I>C<6C:M8:EI>DC6A8DAA:6<J::ME:G>:C8:;GDBI=:>G;>GHI
96NI=GDJ<=DJII=:>G86G::GL>I=JH 0:;D8JHDCI=::CI>G:A>;:8N8A:D;68DAA:6<J:WH86G::G ;GDBI=:>G>C>I>6AG:8GJ>IB:CI ID
DC7D6G9>C< I=GDJ<=DC<D>C<9:K:ADEB:CI6C9IG6>C>C<ID:C=6C8:I=:>GH@>AAHHDI=:N6G:>CI=:7:HIEDH>I>DCID9:A>K:GDCI=:>G
<D6AH6C968=>:K:I=:>G86G::G6HE>G6I>DCH
"CID96NWH:CK>GDCB:CI L:@CDLI6A:CI>H6@:N8DBE:I>I>K:69K6CI6<: 6C9I=6I7J>A9>C<I=:HIGDC<:HII:6B>CI=:>C9JHIGN
>H8G>I>86AIDDJG;JIJG: GDBDJG8DAA:6<J:G:;:GG6AEGD<G6B HJBB:G>CI:GCH=>EH JC>K:GH>ING:A6I>DCH IDDJG G69J6I:
%:69:GH=>E:K:ADEB:CI)GD<G6B L:8DCI>CJ:ID7J>A9HIGDC<>CI:GC6A6C9:MI:GC6AHDJG8>C<8=6CC:AH
(C8:DC7D6G9 I6A:CI9:K:ADEB:CI6I-=:GBD>H=:G>H6@:NDG<6C>O6I>DC6A86E67>A>IN 0:8DCI>CJ:IDB6@:H><C>;>86CI
>CK:HIB:CIHIDHJEEDGIDJG8DAA:6<J:H6ADC<:K:GNHI:ED;I=:>G86G::G?DJGC:NID=:AEHJEEDGII=:>GHJ88:HH (JGI6A:CI
9:K:ADEB:CI;G6B:LDG@>C8DGEDG6I:H6BJAI> ;68:I:96EEGD68= >C8AJ9>C<;DGB6A6C9H:A; E68:9IG6>C>C< C:ILDG@>C<
DEEDGIJC>I>:H DC I=: ?D7HIG:I8=A:6GC>C< 8D68=>C< B:CIDG>C<6C9B6C6<:GIG6>C>C<JI>A>O>C<8DCI:BEDG6GNI:8=CDAD<N
HDAJI>DCHIDHJEEDGII=:7GD69C::9HD;DJGLDG@;DG8:
0:EGDK>9:BJAI>EA:EGD<G6BH6I6AA86G::GA:K:AH ;GDBDCA>C:A:6GC>C<;DG6AA8DAA:6<J:HI=GDJ<=-=:GBD>H=:G
.C>K:GH>IN ID;D8JH:9IG6>C>C<H;DGB6C6<:GH6IK6G>DJH:ME:G>:C8:A:K:AH IDDJG AD76A%:69:GH=>E)GD<G6B;DG:M:8JI>K:H
0:6AHDHJEEDGIDJG8DAA:6<J:HW86G::G69K6C8:B:CII=GDJ<=DJGIJ>I>DCG:>B7JGH:B:CIEGD<G6B
"C68DBE6CNDJGH>O: L:86C6AHD68I>K:ANB6C6<:DJGI6A:CII=GDJ<=GDI6I>DC6ADEEDGIJC>I>:H68GDHHDJG7JH>C:HH:H
;JC8I>DCH6C9<:D<G6E=>:HI=6I=:AEDJG8DAA:6<J:H<6>CC:L:ME:G>:C8:H H=6G:@CDLA:9<:6C97GD69:CI=:>GH@>AAH (JG
:M:8JI>K:H6C9A:69:GHE6GI>8>E6I:>C;G:FJ:CII6A:CI9>H8JHH>DCH6HL:AA6H;DGB6AG:K>:LH A:K:G6<>C<LDG@;DG8:96I66C9
EG:9>8I>K:6C6ANI>8HID7:II:G6CI>8>E6I:I=:I6A:CIG:FJ>G:B:CIHD;DJG7JH>C:HH76H:9DCDJG<GDLI=DEEDGIJC>I>:H6C9B6G@:I
9:B6C9
-=:GBD>H=:G>H9:9>86I:9IDI6A:CI9:K:ADEB:CIIDB::IDJG:KDAK>C<7JH>C:HHC::9H6C9IDEGDK>9:DJG8DAA:6<J:HL>I=
DEEDGIJC>I>:H;DGADC<6C9;JA;>AA>C<86G::GH (JG8DAA:6<J:H6G:E6HH>DC6I:67DJIDJG8DBE6CN 6C9I=:>GGDA:>CDJGHJ88:HH 6C9
>IWHDJGG:HEDCH>7>A>INID=:AEI=:BG:68=I=:>G;JAAEDI:CI>6A
38%0);%6(7
0:D;;:G68DBEG:=:CH>K:IDI6AG:L6G9HE68@6<:I=6IL:G:<JA6GAN:K6AJ6I:6C9B:6HJG:6<6>CHI:HI67A>H=:97:C8=B6G@HID
:CHJG:>IH:;;:8I>K:C:HH>CG:8GJ>I>C<6C9G:I:CI>DC 6C9IDEDH>I>DC-=:GBD>H=:G6H6C:BEADN:GD;8=D>8: "C L:
G:>CK:HI:96C>C8G:B:CI6A7>AA>DC768@>CIDDJG<AD76ALDG@;DG8:>CI=:;DGBD;E6N 7:C:;>IH 6C9LDG@EA68::C=6C8:B:CIH
(JG=:6AI=6C9L:AAC:HHEGD<G6BHEGDK>9:8DBE:I>I>K: ;A:M>7A:EGD<G6BHI=6IDJG<AD76A8DAA:6<J:H6C9I=:>G;6B>A>:H86C
8DJCIDC DG:M6BEA: ;DG. , 8DAA:6<J:H L:D;;:G68=D>8:D;8DBEG:=:CH>K:C6I>DC6AB:9>86A 9:CI6A6C9K>H>DCEA6CH6
L:AAC:HHEGD<G6B >C8AJ9>C<K6AJ67A:=:6AI=>C8:CI>K:DEEDGIJC>I>:H6C9I6M 69K6CI6<:9H6K>C<H6C9HE:C9>C<688DJCIH6HL:AA
6H8DBBJI:G7:C:;>IH :BEADN::6HH>HI6C8:EGD<G6BH DEI>DC6A<GDJEA:<6A8DK:G6<: 6C98DBE6CN E6>99>H67>A>IN 688>9:CI6C9
A>;:>CHJG6C8: 0:6AHDD;;:G68DBE6CN E6>9EGDEG>:I6GNEGD<G6B;DG86C8:G86G:86AA:9I=:"BE68I)GD<G6B L=>8=<>K:HDJG
8DAA:6<J:H6C9I=:>G;6B>A>:H688:HHIDE:GHDC6A>O:9HJEEDGI6C99>G:8IA>C:HD;8DBBJC>86I>DCID:ME:GIH>C86C8:G<:C:I>8H6C9
<:CDB>8H ,>B>A6G7:C:;>IH6G:6K6>A67A:>C6AA8DJCIG>:H6GDJC9I=:LDGA9L=:G:L:DE:G6I:
'% "&%&!'!
A?5:1??/;:@5:A10
#%%)6GIC:GH>H6EG>K6I::FJ>IN;>GB;D8JH:9DC=:6AI=86G:
HHJB:9699>I>DC6AGDA:D;,:8G:I6GN:;;:8I>K:'DK:B7:G
'% "&%&!'!
'% "&%&!'!
%5?7-/@;>?/;:@5:A10
'% "&%&!'!
%5?7-/@;>?/;:@5:A10
86E67>A>I>:H6C9I=:67>A>INIDB::II=:HE:8>6AG:FJ>G:B:CIHD;8JHIDB:GH (JG8DBE:I>IDGHB6N696EIBDG:FJ>8@ANIDC:L
I:8=CDAD<>:H6C98=6C<:H>C8JHIDB:GHWG:FJ>G:B:CIHI=6CL:86C 0>I=DJII=:I>B:AN>CIGD9J8I>DCD;C:LEGD9J8IH H:GK>8:H
6C9:C=6C8:B:CIH DJGEGD9J8IH6C9H:GK>8:HL>AAA>@:AN7:8DB:I:8=CDAD<>86AAND7HDA:I:DK:GI>B: >CL=>8=86H:DJGG:K:CJ:H
6C9DE:G6I>C<G:HJAIHLDJA9HJ;;:G
&6CND;DJG:M>HI>C<EGD9J8IH6C9I=DH:JC9:G9:K:ADEB:CI6G:I:8=CDAD<>86AAN>CCDK6I>K:6C9G:FJ>G:H><C>;>86CI
EA6CC>C< 9:H><C 9:K:ADEB:CI6C9I:HI>C<6II=:I:8=CDAD<>86A EGD9J8I6C9B6CJ;68IJG>C< EGD8:HHA:K:AH (JG8JHIDB:GHJH:
B6CND;DJGEGD9J8IHID9:K:ADE I:HI6C9B6CJ;68IJG:I=:>GDLCEGD9J8IH H6G:HJAI L:BJHI6CI>8>E6I:>C9JHIGNIG:C9H6C9
9:K:ADEEGD9J8IH>C69K6C8:D;I=:8DBB:G8>6A>O6I>DCD;DJG8JHIDB:GHWEGD9J8IH ";L:;6>AID69:FJ6I:ANEG:9>8IDJG
8JHIDB:GHWC::9H6C9;JIJG:68I>K>I>:H L:B6N>CK:HI=:6K>AN>CG:H:6G8=6C99:K:ADEB:CID;EGD9J8IH6C9H:GK>8:HI=6I9DCDI
A:69IDH><C>;>86CIG:K:CJ:H
@9-E.105225/A8@2;>A?@;59<8191:@;A>?@>-@1351?2;>59<>;B5:35:@1>:-83>;C@4(JG<GDLI=9:E:C9H>CE6GIDC
I=:<GDLI=D;I=:B6G@:IHL=>8=L:H:GK: CN9:8A>C:DGADL:GI=6C:ME:8I:9<GDLI=>CDJGH:GK:9B6G@:IH8DJA99>B>C>H=
9:B6C9;DGDJGEGD9J8IH6C9H:GK>8:H L=>8=LDJA969K:GH:AN6;;:8IDJGG:HJAIHD;DE:G6I>DCH6C9;>C6C8>6A8DC9>I>DC -D
699G:HHI=>H>HHJ: L:6G:EJGHJ>C<6CJB7:GD;HIG6I:<>:HID>BEGDK:DJG>CI:GC6A<GDLI= >C8AJ9>C<
P HIG:C<I=:C>C<DJGEG:H:C8:>CH:A:8I:9<:D<G6E=>8B6G@:IH
P 6AAD86I>C<G:H:6G8=6C99:K:ADEB:CI;JC9>C<IDEGD9J8IHL>I==><=:G<GDLI=EGDHE:8IH
P 9:K:ADE>C<C:L6EEA>86I>DCH;DGDJGI:8=CDAD<>:H
P :ME6C9>C<DJGH:GK>8:D;;:G>C<H
P 8DCI>CJ>C<@:N8JHIDB:G>C>I>6I>K:H
P 8DB7>C>C<H6A:H6C9B6G@:I>C<DE:G6I>DCH>C6EEGDEG>6I:B6G@:IHID8DBE:I:BDG::;;:8I>K:AN
P ;>C9>C<C:LB6G@:IH;DGDJGEGD9J8IH6C9
P 8DCI>CJ>C<I=:9:K:ADEB:CID;8DBB:G8>6AIDDAH6C9>C;G6HIGJ8IJG:ID>C8G:6H:6C9HJEEDGI8GDHH H:AA>C<DEEDGIJC>I>:H
D;EGD9J8IH6C9H:GK>8:HIDI6@:69K6CI6<:D;DJG9:EI=>CEGD9J8ID;;:G>C<H
0:B6NCDI7:67A:IDHJ88:HH;JAAN>BEA:B:CII=:H:HIG6I:<>:H 6C9I=:H:HIG6I:<>:HB6NCDIG:HJAI>CI=::ME:8I:9<GDLI=
D;DJG7JH>C:HH
1/-A?1C1/;9<1@105>1/@8EC5@4/1>@-5:;2;A>8->31>/A?@;91>?-:0<>;0A/@?A<<851>?;A>>1?A8@?;2;<1>-@5;:?
/;A80.1-0B1>?18E-221/@105:@41?4;>@@1>952@41?1/A?@;91>?;>?A<<851>?-.>A<@8E05?/;:@5:A1;>?53:525/-:@8E9;052E
@415>>18-@5;:?45<C5@4A?(JGA6G<:HI8JHIDB:G>CI=:A67DG6IDGNEGD9J8IH7JH>C:HH>H6AHD6H><C>;>86CI8DBE:I>IDG (JG
7JH>C:HHB6N7:=6GB:9>CI=:H=DGII:GB>;DJG8DBE:I>I>K:G:A6I>DCH=>E>CI=:B6G@:IEA68:L>I=8:GI6>CD;DJGA6G<:8JHIDB:GH
G:HJAIH>C69>H8DCI>CJ6I>DCD;I=:>GEJG8=6H:H;GDBJH "C699>I>DC L:B6CJ;68IJG:EGD9J8IHI=6I8DBE:I:9>G:8IANL>I=EGD9J8IH
I=6IL:HDJG8:;GDBI=>G9 E6GINHJEEA>:GH 0:6AHDHDJG8:8DBE:I>I>K:EGD9J8IH;GDBBJAI>EA:HJEEA>:GH (JG7JH>C:HH8DJA97:
69K:GH:AN6;;:8I:9>CI=:H=DGII:GB>;6CND;DJGA6G<:I=>G9 E6GINHJEEA>:GH67GJEIAN9>H8DCI>CJ:HH:AA>C<EGD9J8IHIDJH
:@13>-@5:3##5:@;;A>.A?5:1??9-E.19;>105225/A8@/;?@8E;>@591/;:?A95:3@4-:1D<1/@10-:0@41
-:@5/5<-@10.1:125@?-:0/;?@?-B5:3?;2@41@>-:?-/@5;:9-E:;@.12A88E>1-85F10-=:HJ88:HHD;I=:))68FJ>H>I>DC
>C8AJ9>C<I=:G:6A>O6I>DCD;6CI>8>E6I:97:C:;>IH6C98DHIH6K>C<H 9:E:C9H >CE6GI DCDJG67>A>INIDHJ88:HH;JAAN>CI:<G6I:))
>CIDDJG7JH>C:HH -=:>CI:<G6I>DC>H69>;;>8JAI 8DHIAN6C9I>B: 8DCHJB>C<EGD8:HH "I>HEDHH>7A:I=6II=:>CI:<G6I>DCEGD8:HH
8DJA9G:HJAI>CI=:ADHHD;@:N:BEADN::HDGI=:9>HGJEI>DCD;DJGDC<D>C<7JH>C:HHDGI=6II=:6A><CB:CID;HI6C96G9H 8DCIGDAH
EGD8:9JG:H6C9EDA>8>:HB6N69K:GH:AN6;;:8IDJG67>A>INIDB6>CI6>CG:A6I>DCH=>EHL>I=8A>:CIH 8JHIDB:GH HJEEA>:GH6C9
:BEADN::HDGID;JAAN68=>:K:I=:6CI>8>E6I:97:C:;>IH6C98DHIH6K>C<HD;I=:IG6CH68I>DC -=:ADHHD;@:N:BEADN::H8DJA9
69K:GH:AN6;;:8IDJG67>A>INIDHJ88:HH;JAAN8DC9J8IDJG7JH>C:HH>CI=:B6G@:IH>CL=>8=))CDLDE:G6I:H L=>8=8DJA9=6K:
6C69K:GH::;;:8IDCDJG;>C6C8>6AG:HJAIH
";L::ME:G>:C8:9>;;>8JAI>:HL>I=I=:>CI:<G6I>DCEGD8:HH I=:6CI>8>E6I:97:C:;>IH6C98DHIH6K>C<HD;I=:))68FJ>H>I>DC
B6NCDI7:G:6A>O:9;JAANDG6I6AA DGB6NI6@:ADC<:GIDG:6A>O:I=6C:ME:8I:9 6C9DJG7JH>C:HHB6N7:JC67A:ID<GDL6H
EA6CC:9 L=>8=8DJA9B6I:G>6AAN>BE68IDJG7JH>C:HH 86H=;ADL ;>C6C8>6A8DC9>I>DCDGG:HJAIHD;DE:G6I>DCH6HL:AA6H69K:GH:AN
>BE68IDJGH=6G:EG>8: -=:>CI:<G6I>DCEGD8:HHB6N6AHDG:HJAI>CH><C>;>86CI:ME:CH:H6C98=6G<:H 7DI=86H=6C9CDC86H=
"A>5:-.585@E@;/;9<81@1-:E<1:05:3-/=A5?5@5;:?;>@;?A//1??2A88E5:@13>-@1-:E:1C;><>1B5;A?-/=A5?5@5;:?
/;A804-B1-9-@1>5-8-0B1>?11221/@;:;A>.A?5:1??(JG7JH>C:HHHIG6I:<N>C8AJ9:HI=:68FJ>H>I>DCD;I:8=CDAD<>:H6C9
7JH>C:HH:HI=6I8DBEA:B:CIDG6J<B:CIDJG:M>HI>C<EGD9J8IH6C9H:GK>8:H :GI6>C68FJ>H>I>DCHB6N7:9>;;>8JAIID8DBEA:I:;DG
6CJB7:GD;G:6HDCH >C8AJ9>C<I=:C::9;DG6CI>IGJHI6C9 DGDI=:GG:<JA6IDGN6EEGDK6AH 6HL:AA6H9>HEJI:HDGA>I><6I>DC CN
'% "&%&!'!
%5?7-/@;>?/;:@5:A10
68FJ>H>I>DCL:B6N8DBEA:I:B6N7:B69:6I6HJ7HI6CI>6AEG:B>JBDK:GI=:;6>GK6AJ:D;I=:C:I>9:CI>;>67A:6HH:IHD;I=:
68FJ>G:98DBE6CN JGI=:G L:B6NCDI7:67A:ID>CI:<G6I:68FJ>G:97JH>C:HH:HHJ88:HH;JAAN>CIDDJG:M>HI>C<7JH>C:HH:H B6@:
HJ8=7JH>C:HH:HEGD;>I67A: DGG:6A>O:6CI>8>E6I:98DHIH6K>C<HDGHNC:G<>:H >;6CN ;GDBI=:H:68FJ>H>I>DCH L=>8=8DJA9
69K:GH:AN6;;:8IDJG7JH>C:HH
&DG:DK:G L:=6K:68FJ>G:9B6CN8DBE6C>:H6C97JH>C:HH:H H6G:HJAID;I=:H:68FJ>H>I>DCH L:G:8DG9:9H><C>;>86CI
<DD9L>AA6C9>C9:;>C>I: A>K:9>CI6C<>7A:6HH:IHEG>B6G>ANIG69:C6B:HDCDJG76A6C8:H=::I L=>8=6BDJCIID6EEGDM>B6I:AN
7>AA>DC6C9 7>AA>DC G:HE:8I>K:AN 6HD;:8:B7:G "C699>I>DC L:=6K:9:;>C>I: A>K:9>CI6C<>7A:6HH:IH
IDI6A>C< 7>AA>DC6HD;:8:B7:G 0:6HH:HHI=:G:6A>O67>A>IND;<DD9L>AA6C9>C9:;>C>I: A>K:9>CI6C<>7A:6HH:IH
6CCJ6AAN6HL:AA6HL=:C:K:G:K:CIHDG8=6C<:H>C8>G8JBHI6C8:H>C9>86I:I=6II=:H:6HH:IHB6N7:>BE6>G:9 0:6HH:HHI=:
G:6A>O67>A>IND;9:;>C>I: A>K:9>CI6C<>7A:6HH:IHL=:C:K:G:K:CIHDG8=6C<:H>C8>G8JBHI6C8:H>C9>86I:I=6II=:H:6HH:IHB6N7:
>BE6>G:9 -=:H::K:CIHDG8>G8JBHI6C8:HLDJA9<:C:G6AAN>C8AJ9:DE:G6I>C<ADHH:HDG6H><C>;>86CI9:8A>C:>C:6GC>C<H6HHD8>6I:9
L>I=I=:68FJ>G:97JH>C:HHDG6HH:I (JG67>A>INIDG:6A>O:I=:K6AJ:D;I=:<DD9L>AA6C9>CI6C<>7A:6HH:IHL>AA9:E:C9DCI=:
;JIJG:86H=;ADLHD;I=:H:7JH>C:HH:H -=:H:86H=;ADLH>CIJGC9:E:C9>CE6GIDC=DLL:AAL:=6K:>CI:<G6I:9I=:H:7JH>C:HH:H
";L:6G:CDI67A:IDG:6A>O:I=:K6AJ:D;I=:<DD9L>AA6C9>CI6C<>7A:6HH:IH L:B6N7:G:FJ>G:9ID>C8JGB6I:G>6A8=6G<:H
G:A6I>C<IDI=:>BE6>GB:CID;I=DH:6HH:IH
"$##
"A>>185-:/1A<;:?;81;>8595@10?;A>/1?;2?A<<8E2;>/1>@-5:9-@1>5-8?;>/;9<;:1:@?/;A80/-A?1<>;0A/@5;:
5:@1>>A<@5;:?018-E?-:05:1225/51:/51?,DB:D;DJG7JH>C:HH:HEJG8=6H:8:GI6>CB6I:G>6AH;GDBHDA:DGA>B>I:9HDJG8:
HJEEA>:GH;DGG:6HDCHD;FJ6A>IN6HHJG6C8: G:<JA6IDGNG:FJ>G:B:CIH 8DHI:;;:8I>K:C:HH 6K6>A67>A>INDGJC>FJ:C:HHD;9:H><C ";
I=:H:DGDI=:GHJEEA>:GH:C8DJCI:G;>C6C8>6A DE:G6I>C<DGDI=:G9>;;>8JAI>:HDG>;DJGG:A6I>DCH=>EL>I=I=:B8=6C<:H L:B><=I
CDI7:67A:IDFJ>8@AN:HI67A>H=DGFJ6A>;NG:EA68:B:CIHDJG8:HD;HJEEAN -=:HJEEAN8=6>CH;DGDJG7JH>C:HH:H8DJA96AHD7:
9>HGJEI:97NHJEEA>:G86E68>IN8DCHIG6>CIH 76C@GJEI8NDG:M>I>C<D;I=:7JH>C:HH;DGDI=:GG:6HDCH 9:8G:6H:96K6>A67>A>IND;@:N
G6LB6I:G>6AHDG8DBBD9>I>:H6C9:MI:GC6A:K:CIHHJ8=6HC6IJG6A9>H6HI:GH E6C9:B>8=:6AI=>HHJ:HHJ8=6H(/" L6G
I:GGDG>HI68I>DCH <DK:GCB:CI6A68I>DCH6C9A:<>HA6I>K:DGG:<JA6IDGN8=6C<:H CND;I=:H:;68IDGH8DJA9G:HJAI>CEGD9J8I>DC
>CI:GGJEI>DCH 9:A6NH :MI:C9:9A:69I>B:H6C9>C:;;>8>:C8>:H
?53:525/-:@05?>A<@5;:5:;>.>1-/45:?1/A>5@E;2;A>5:2;>9-@5;:@1/4:;8;3E?E?@19?;>B5;8-@5;:;20-@-<>5B-/E
8-C?/;A80-0B1>?18E-221/@;A>.A?5:1??H6E6GID;DJGDC<D>C<:;;DGIIDJE<G69:DJG8JGG:CI>C;DGB6I>DCHNHI:BH L:
E:G>D9>86AAN>BEA:B:CIC:L:CI:GEG>H:G:HDJG8:EA6CC>C<HD;IL6G:6C9DI=:GHD;IL6G:6EEA>86I>DCHIDB6C6<:8:GI6>CD;DJG
7JH>C:HHDE:G6I>DCH HL:>BEA:B:CI6C9699;JC8I>DC6A>IN EGD7A:BH8DJA96G>H:I=6IL:=6K:CDI;DG:H::C ,J8=EGD7A:BH
8DJA99>HGJEIDJG67>A>INIDEGDK>9:FJDI:H I6@:8JHIDB:GDG9:GH6C9DI=:GL>H:GJCDJG7JH>C:HH>C6I>B:ANB6CC:G 0=:CL:
JE<G69:DG8=6C<:HNHI:BH L:B6NHJ;;:G>CI:GGJEI>DCH>CH:GK>8: ADHHD;96I6DGG:9J8:9;JC8I>DC6A>IN "C699>I>DC >;DJGC:L
HNHI:BH;6>AIDEGDK>9:688JG6I:EG>8>C<6C98DHI96I6DJGG:HJAIHD;DE:G6I>DCH6C986H=;ADLH8DJA97:69K:GH:AN6;;:8I:9
0:6AHDG:ANDCDJG>C;DGB6I>DCI:8=CDAD<NHNHI:BHIDEGD8:HH IG6CHB>I6C9HIDG::A:8IGDC>8>C;DGB6I>DC>C8AJ9>C<
H:CH>I>K:96I6HJ8=6H8DC;>9:CI>6A7JH>C:HH>C;DGB6I>DC6C9E:GHDC6AAN>9:CI>;>67A:96I6G:A6I>C<ID:BEADN::H 8JHIDB:GH6C9
DI=:G7JH>C:HHE6GIC:GH6C9IDB6C6<:DGHJEEDGI6K6G>:IND;8G>I>86A7JH>C:HHEGD8:HH:H6C968I>K>I>:HHJ8=6H>CI:G68I>C<L>I=
HJEEA>:GH H:AA>C<DJGEGD9J8IH6C9H:GK>8:H ;JA;>AA>C<DG9:GH6C97>AA>C< 8DAA:8I>C<6C9B6@>C<E6NB:CIH H=>EE>C<EGD9J8IH
EGDK>9>C<H:GK>8:H6C9HJEEDGIID8JHIDB:GH IG68@>C<8JHIDB:G68I>K>IN ;JA;>AA>C<8DCIG68IJ6AD7A><6I>DCH6C9DI=:GL>H:
8DC9J8I>C<7JH>C:HH (JGHNHI:BHB6N7:KJAC:G67A:ID96B6<:DG>CI:GGJEI>DC;GDBC6IJG6A9>H6HI:GH EDL:GADHH
I:A:8DBBJC>86I>DC;6>AJG:H I:GGDG>HI6II68@H 8DBEJI:G=68@:GH 8DBEJI:GK>GJH:H G6CHDBL6G: E=>H=>C< 8DBEJI:G9:C>6A D;
H:GK>8:6II68@H JC6JI=DG>O:9688:HHID8JHIDB:GDG:BEADN::96I6DG8DBE6CNIG69:H:8G:IH 6C9DI=:G6II:BEIHID=6GBDJG
HNHI:BH :GI6>CD;DJGHNHI:BH6G:CDIG:9JC96CI 6C9DJG9>H6HI:GG:8DK:GNEA6CC>C<>HCDIHJ;;>8>:CI;DG:K:GN:K:CIJ6A>IN
:HE>I:6CNEG:86JI>DCHL:B6NI6@: HJ8=EGD7A:BH8DJA9G:HJAI>C 6BDC<DI=:G8DCH:FJ:C8:H >CI:GGJEI>DCH>CDJGH:GK>8:H
L=>8=8DJA9=6GBDJGG:EJI6I>DC6C9;>C6C8>6AG:HJAIH (JG@:N7JH>C:HHE6GIC:GH;68:H>B>A6GG>H@H6C96CNH:8JG>IN7G:68=D;
I=:>GHNHI:BH8DJA969K:GH:AN6;;:8IDJGH:8JG>INEDHIJG: CND;I=:8N7:G 6II68@H 7G:68=:HDGDI=:G9>HGJEI>DCHDG96B6<:
9:H8G>7:967DK: >;H><C>;>86CI 8DJA9B6I:G>6AAN>CI:GGJEIDJGDE:G6I>DCH 9:A6NEGD9J8I>DC6C9H=>EB:CIH G:HJAI>CI=:;ID;DJG
6C9DJG8JHIDB:GHW>CI:AA:8IJ6AEGDE:GIN6C9IG69:H:8G:IH 96B6<:8JHIDB:G 7JH>C:HHE6GIC:G6C9:BEADN::G:A6I>DCH=>EH6C9
DJGG:EJI6I>DCDGG:HJAI>C9:;:8I>K:EGD9J8IHDGH:GK>8:H A:<6A8A6>BH6C9EGD8::9>C<H A>67>A>IN6C9E:C6AI>:HJC9:GEG>K68N
A6LH6C9>C8G:6H:98DHI;DGH:8JG>IN6C9G:B:9>6I>DC :68=D;L=>8=8DJA969K:GH:AN6;;:8IDJG7JH>C:HH6C9;>C6C8>6AG:HJAIH
(JGA>67>A>IN>CHJG6C8:B6NCDI7:HJ;;>8>:CI>CINE:DG6BDJCIID8DK:GJH6<6>CHI8A6>BHG:A6I:9IDH:8JG>IN7G:68=:H 8N7:G
6II68@H6C9DI=:GG:A6I:97G:68=:H
";L:6G:JC67A:IDB6>CI6>CG:A>67A:>C;DGB6I>DCI:8=CDAD<NHNHI:BH6C96EEGDEG>6I:8DCIGDAHL>I=G:HE:8IID<AD76A96I6
EG>K68N6C9H:8JG>ING:FJ>G:B:CIH6C9EG:K:CI96I67G:68=:H L:B6NHJ;;:GG:<JA6IDGN8DCH:FJ:C8:H>C699>I>DCID7JH>C:HH
8DCH:FJ:C8:H H6<AD76ADG<6C>O6I>DC L:6G:HJ7?:8IID96I6EG>K68N6C9H:8JG>INA6LH G:<JA6I>DCH 6C98JHIDB:G >BEDH:9
'% "&%&!'!
%5?7-/@;>?/;:@5:A10
'% "&%&!'!
%5?7-/@;>?/;:@5:A10
'% "&%&!'!
%5?7-/@;>?/;:@5:A10
*1->1>1=A5>10@;/;9<8EC5@4-C501B->51@E;28-C?-:0>13A8-@5;:?-:0->1?A.61/@@;>13A8-@5;:.EB->5;A?
2101>-8?@-@1-:02;>153:-31:/51?0:6G:HJ7?:8IIDK6G>DJHAD86A HI6I: ;:9:G6A ;DG:><C6C9IG6CHC6I>DC6AA6LH6C9
G:<JA6I>DCH L=>8=>C8AJ9:I=:DE:G6I>C<6C9H:8JG>INHI6C96G9HD;I=: I=:. , GJ<C;DG8:B:CI<:C8NI=:
K6G>DJHHI6I:7D6G9HD;E=6GB68N HI6I:=:6AI=9:E6GIB:CIH I=:. , :E6GIB:CID;!:6AI=6C9!JB6C,:GK>8:HI=:!!,
I=:JGDE:6C&:9>8>C:H<:C8NI=:& I=:.B:B7:GHI6I:H6C9DI=:G8DBE6G67A:6<:C8>:H6C9 >CI=:;JIJG: 6CN
8=6C<:HIDHJ8=A6LH6C9G:<JA6I>DCH8DJA969K:GH:AN6;;:8IJH "CE6GI>8JA6G L:6G:HJ7?:8IIDA6LH6C9G:<JA6I>DCH8DC8:GC>C<
8JGG:CI<DD9B6CJ;68IJG>C<EG68I>8:H6C99GJ<H6;:IN (JGHJ7H>9>6G>:HB6N7:G:FJ>G:9IDG:<>HI:G;DGE:GB>IH6C9 DGA>8:CH:H
L>I= 6C9B6N7:G:FJ>G:9ID8DBEANL>I=I=:A6LH6C9G:<JA6I>DCHD;I=: I=: I=:!!, ;DG:><C6<:C8>:H
>C8AJ9>C<I=:& 6C9DI=:GK6G>DJHHI6I:7D6G9HD;E=6GB68N HI6I:=:6AI=9:E6GIB:CIH6C9 DG8DBE6G67A:HI6I:6<:C8>:H6H
L:AA6H8:GI6>C688G:9>I>C<7D9>:H9:E:C9>C<JEDCI=:INE:D;DE:G6I>DCH6C9AD86I>DCD;EGD9J8I9>HIG>7JI>DC B6CJ;68IJG>C<
6C9H6A:
-=:B6CJ;68IJG: 9>HIG>7JI>DC6C9B6G@:I>C<D;B6CND;DJGEGD9J8IH6C9H:GK>8:H >C8AJ9>C<B:9>86A9:K>8:H 6C9DJG
E=6GB66C98A>C>86A9:K:ADEB:CIH:GK>8:H 6G:HJ7?:8IID:MI:CH>K:DC<D>C<G:<JA6I>DC7NI=: I=: I=:& 6C9
DI=:G:FJ>K6A:CIAD86A HI6I: ;:9:G6A6C9CDC . , G:<JA6IDGN6JI=DG>I>:H "C699>I>DC L:6G:HJ7?:8IID>CHE:8I>DCH7NI=:H:
G:<JA6IDGN6JI=DG>I>:H 6>AJG:7NJHDG7NDJG8JHIDB:GHID8DBEANL>I=I=:G:FJ>G:B:CIHD;I=:H:G:<JA6IDGN6JI=DG>I>:H
>C8AJ9>C<L>I=DJIA>B>I6I>DC G:B:9>6I>C<6CN>CHE:8I>DC6AD7H:GK6I>DCHIDI=:H6I>H;68I>DCD;I=:H:G:<JA6IDGN6JI=DG>I>:H 8DJA9
G:HJAI>CL6GC>C<A:II:GH EGD9J8IG:86AAHDGH:>OJG:H BDC:I6GNH6C8I>DCH >C?JC8I>DCHID=6AIB6CJ;68IJG:6C99>HIG>7JI>DC
G:HIG>8I>DCHDCDJGDE:G6I>DCH 8>K>ADG8G>B>C6AH6C8I>DCH DGL>I=9G6L6AD;:M>HI>C<DG9:C>6AD;E:C9>C<6EEGDK6AH >C8AJ9>C<
I=DH:G:A6I>C<IDEGD9J8IHDG;68>A>I>:H "C699>I>DC HJ8=6;6>AJG:8DJA9:MEDH:JHID8DCIG68IJ6ADGEGD9J8IA>67>A>IN8A6>BH
8DCIG68IJ6A8A6>BH;GDBDJG8JHIDB:GH >C8AJ9>C<8A6>BH;DGG:>B7JGH:B:CI;DGADHIDG96B6<:968I>K:E=6GB68:JI>86A
>C<G:9>:CIHDGE:GHDC6A>C?JGN 6HL:AA6HDC<D>C<G:B:9>6I>DC6C9>C8G:6H:98DBEA>6C8:8DHIH 6CNDG6AAD;L=>8=8DJA97:
H><C>;>86CI 0:6G:I=:HDA:B6CJ;68IJG:GD;6CJB7:GD;E=6GB68:JI>86AH;DGB6CND;DJG8JHIDB:GH6C96C:<6I>K:G:<JA6IDGN
:K:CI8DJA9>BE68IDJG8JHIDB:GH67>A>INIDEGDK>9:EGD9J8IHIDI=:>G8JHIDB:GH
0:6G:6AHDHJ7?:8IID6K6G>:IND;;:9:G6A HI6I: AD86A6C9>CI:GC6I>DC6AA6LH6C9G:<JA6I>DCHI=6I<DK:GC 6BDC<DI=:G
I=>C<H I=:=6C9A>C< IG6CHEDGI6I>DC6C9B6CJ;68IJG:D;HJ7HI6C8:HI=6I8DJA97:8A6HH>;>:96H=6O6G9DJH 6C9L:6G:G:FJ>G:9ID
8DBEANL>I=K6G>DJH>BEDGIA6LH6C9:MEDGI8DCIGDA6C9:8DCDB>8H6C8I>DCHA6LH L=>8=B6N6;;:8IDJGIG6CH68I>DCHL>I=
8:GI6>C8JHIDB:GH "C8:GI6>C8>G8JBHI6C8:H :MEDGI8DCIGDA6C9:8DCDB>8H6C8I>DCHG:<JA6I>DCHB6NEGD=>7>II=::MEDGID;
8:GI6>CEGD9J8IH H:GK>8:H6C9I:8=CDAD<>:H "CDI=:G8>G8JBHI6C8:H L:B6N7:G:FJ>G:9IDD7I6>C6C:MEDGIA>8:CH:7:;DG:
:MEDGI>C<I=:8DCIGDAA:9>I:B DBEA>6C8:L>I=I=:K6G>DJH>BEDGIA6LHI=6I6EEANIDDJG7JH>C:HH:H86CG:HIG>8IDJG688:HHID
6C9>C8G:6H:I=:8DHID;D7I6>C>C< 8:GI6>CEGD9J8IH6C96II>B:H86C>CI:GGJEIDJGHJEEAND;>BEDGI:9>CK:CIDGN CN
CDC8DBEA>6C8:7NJHL>I=6EEA>867A:A6LH6C9G:<JA6I>DCHDGI=:;6>AJG:IDB6>CI6>C G:C:LDGD7I6>CC:8:HH6GNE:GB>IH6C9
A>8:CH:H8DJA9G:HJAI>C8G>B>C6A 8>K>A6C969B>C>HIG6I>K:E:C6AI>:H6C98DJA9=6K:6C69K:GH::;;:8IDCDJGG:HJAIHD;DE:G6I>DCH
"A>>1<A@-@5;:-.585@E@;0;.A?5:1??-:025:-:/5-8?@-@191:@?9-E.159<-5>10.E59<>;<1>/;:0A/@.E-:E;2;A>
19<8;E11?-31:@?;>.A?5:1??<->@:1>?0:=6K:>CI:GC6A8DCIGDAH6C98DBEA>6C8:HNHI:BHIDEGDI:8II=:8DBE6CN6<6>CHI
68IH8DBB>II:97N:BEADN::H 6<:CIHDG7JH>C:HH:HI=6IL:68FJ>G:I=6ILDJA9K>DA6I:. , 6C9 DGCDC . , A6LH >C8AJ9>C<I=:
A6LH<DK:GC>C<E6NB:CIHID<DK:GCB:CID;;>8>6AH 7G>7:GN ;G6J9 @>8@768@H6C9;6AH:8A6>BH EG>8>C< H6A:H6C9B6G@:I>C<
EG68I>8:H 8DC;A>8IHD;>CI:G:HI 8DBE:I>I>DC :BEADNB:CIEG68I>8:H6C9LDG@EA68:7:=6K>DG :MEDGI6C9>BEDGI8DBEA>6C8:
BDC:NA6JC9:G>C<6C996I6EG>K68N 7JII=:H:8DCIGDAH6C9HNHI:BHB6NCDI7:HJ;;>8>:CIIDEG:K:CI:K:GNHJ8=LGDC<;JA68I "C
E6GI>8JA6G I=:. , DG:><CDGGJEI)G68I>8:H8I I=:. $ G>7:GN8I6C9H>B>A6G6CI> 7G>7:GNA6LH>CDI=:G?JG>H9>8I>DCH
<:C:G6AANEGD=>7>I8DBE6C>:H6C9I=:>G>CI:GB:9>6G>:H;GDBB6@>C<>BEGDE:GE6NB:CIHID<DK:GCB:CID;;>8>6AH;DGI=:EJGEDH:
D;D7I6>C>C<DGG:I6>C>C<7JH>C:HH 6C9L:DE:G6I:>CB6CNE6GIHD;I=:LDGA9I=6I=6K::ME:G>:C8:9<DK:GCB:CI6A8DGGJEI>DCID
HDB:9:<G:: CNHJ8=>BEGDE:G68I>DCHDG6AA:<6I>DCHD;HJ8=68IH8DJA996B6<:DJGG:EJI6I>DC6C9HJ7?:8IJHID8>K>ADG
8G>B>C6A>CK:HI><6I>DCH>CI=:. , 6C9>CDI=:G?JG>H9>8I>DCH6C9G:A6I:9H=6G:=DA9:GA6LHJ>IH 8DJA9A:69IDHJ7HI6CI>6A8>K>A6C9
8G>B>C6A BDC:I6GN6C9CDCBDC:I6GNE:C6AI>:H6C98DJA986JH:JHID>C8JGH><C>;>86CIA:<6A6C9>CK:HI><6IDGN;::H "C699>I>DC
I=:<DK:GCB:CIB6NH::@ID=DA9JHA>67A:;DGK>DA6I>DCH8DBB>II:97N8DBE6C>:HL=>8=L:68FJ>G: 0:6AHDG:ANDCDJG
HJEEA>:GHID69=:G:IDDJGHJEEA>:GHI6C96G9HD;8DC9J8I 6C9B6I:G>6AK>DA6I>DCHD;HJ8=HI6C96G9HD;8DC9J8I8DJA9D88JGI=6I
8DJA9=6K:6B6I:G>6A:;;:8IDCDJG7JH>C:HH G:EJI6I>DC6C9;>C6C8>6AHI6I:B:CIH
"A>5:-.585@E@;<>;@1/@;A>5:@1881/@A-8<>;<1>@E/;A804-B1-9-@1>5-8-0B1>?11221/@;:;A>.A?5:1??:-005@5;:
@45>0<->@51?9-E/8-59@4-@C15:2>5:31@415>5:@1881/@A-8<>;<1>@E-:0C1/;A80?A221>?53:525/-:@85@53-@5;:;>85/1:?5:3
1D<1:?1-?->1?A8@0:EA68:8DCH>9:G67A::BE=6H>HDCD7I6>C>C<E6I:CI6C9IG69:H:8G:IEGDI:8I>DC;DGH><C>;>86CIC:L
I:8=CDAD<>:H EGD9J8IH6C9EGD8:HH:H7:86JH:D;I=:A:C<I=D;I>B:6C9:ME:CH:6HHD8>6I:9L>I=7G>C<>C<C:LEGD9J8IHI=GDJ<=
I=:9:K:ADEB:CIEGD8:HH6C9>CIDI=:B6G@:IEA68: (JGHJ88:HH9:E:C9H>CE6GIDCDJG67>A>INID9:K:ADEE6I:CI67A:EGD9J8IH
6C9D7I6>C6C9:C;DG8:E6I:CIEGDI:8I>DC;DGDJGEGD9J8IH7DI=>CI=:. , 6C9>CDI=:G8DJCIG>:H 0:DLCCJB:GDJH. , 6C9
;DG:><CE6I:CIH 6C9L:>CI:C9ID;>A:699>I>DC6A6EEA>86I>DCH 6H6EEGDEG>6I: ;DGE6I:CIH8DK:G>C<DJGEGD9J8IH )6I:CIHB6NCDI
'% "&%&!'!
%5?7-/@;>?/;:@5:A10
7:>HHJ:9;DG6CNE:C9>C<DG;JIJG:E6I:CI6EEA>86I>DCHDLC:97NDGA>8:CH:9IDJH 6C9I=:8A6>BH6AADL:9JC9:G6CN>HHJ:9
E6I:CIHB6NCDI7:HJ;;>8>:CIAN7GD69IDEGDI:8IDJGI:8=CDAD<N CN>HHJ:9E6I:CIHDLC:97NDGA>8:CH:9IDJHB6N7:
8=6AA:C<:9 >CK6A>96I:9DG8>G8JBK:CI:9 6C9I=:G><=IHJC9:GI=:H:E6I:CIHB6NCDIEGDK>9:JHL>I=8DBE:I>I>K:69K6CI6<:H "C
699>I>DC 8DBE:I>IDGHB6N9:H><C6GDJC9DJGI:8=CDAD<NDG9:K:ADE8DBE:I>C<I:8=CDAD<>:H "CI:AA:8IJ6AEGDE:GING><=IHB6N
6AHD7:JC6K6>A67A:DGA>B>I:9>CHDB:;DG:><C8DJCIG>:H L=>8=8DJA9B6@:>I:6H>:G;DG8DBE:I>IDGHID86EIJG:>C8G:6H:9B6G@:I
EDH>I>DC 0:8DJA9>C8JGHJ7HI6CI>6A8DHIHID9:;:C9DJGH:AK:H>CHJ>IH7GDJ<=I6<6>CHIJHDG>CHJ>IH>CL=>8=L:B6N6HH:GIDJG
E6I:CIG><=IH6<6>CHIDI=:GH CJC;6KDG67A:DJI8DB:D;6CNHJ8=A>I><6I>DC8DJA9B6I:G>6AAN69K:GH:AN6;;:8IDJG7JH>C:HH6C9
G:HJAIHD;DE:G6I>DCH
0:6AHDG:ANDCIG69:H:8G:IH6C9EGDEG>:I6GN@CDL =DLL>I=L=>8=L:H::@IDEGDI:8IDJGEGD9J8IH >CE6GI 7N
8DC;>9:CI>6A>IN6<G::B:CIHL>I=DJG8DAA67DG6IDGH :BEADN::H6C98DCHJAI6CIH -=:H:6<G::B:CIHB6NCDI69:FJ6I:ANEGDI:8IDJG
IG69:H:8G:IH6C9DI=:GEGDEG>:I6GNG><=IH -=:H:6<G::B:CIHB6N7:7G:68=:96C9L:B6NCDI=6K:69:FJ6I:G:B:9>:H;DG6CN
7G:68= "C699>I>DC DJGIG69:H:8G:IHB6NDI=:GL>H:7:8DB:@CDLCDG7:>C9:E:C9:CIAN9:K:ADE:97NDJG8DBE:I>IDGH
-=>G9E6GI>:HB6N6HH:GI8A6>BH6<6>CHIJHIDI=::;;:8II=6IL:6G:>C;G>C<>C<DCI=:>G>CI:AA:8IJ6AEGDE:GING><=IH "CI=:
:K:CII=6I68A6>BG:A6I>C<ID>CI:AA:8IJ6AEGDE:GIN>H6HH:GI:96<6>CHIJH DGI=>G9E6GI>:HCDI6;;>A>6I:9L>I=JH=DA9E:C9>C<DG
>HHJ:9E6I:CIHI=6IG:A6I:IDDJGEGD9J8IHDGI:8=CDAD<N L:B6NH::@A>8:CH:HIDHJ8=>CI:AA:8IJ6AEGDE:GINDG8=6AA:C<:I=DH:
E6I:CIH !DL:K:G L:B6N7:JC67A:IDD7I6>CI=:H:A>8:CH:HDC8DBB:G8>6AANG:6HDC67A:I:GBH >;6I6AA 6C9DJG8=6AA:C<:D;
I=:E6I:CIHB6N7:JCHJ88:HH;JA (JG;6>AJG:IDD7I6>CI=:C:8:HH6GNA>8:CH:HDGDI=:GG><=IH8DJA9EG:K:CII=:H6A: B6CJ;68IJG:
DG9>HIG>7JI>DCD;DJGEGD9J8IH6C9 I=:G:;DG: 8DJA9=6K:6B6I:G>6A69K:GH::;;:8IDCDJG7JH>C:HH ;>C6C8>6A8DC9>I>DC6C9
G:HJAIHD;DE:G6I>DCH
##$$ "
8A/@A-@5;:?5:;A>1221/@5B1@-D>-@19-E-0B1>?18E-221/@;A>>1?A8@?;2;<1>-@5;:?-:0/-?428;C?H6<AD76A
8DBE6CN L:6G:HJ7?:8IIDI6M6I>DC>CCJB:GDJH8DJCIG>:H HI6I:H6C9DI=:G?JG>H9>8I>DCH "CEG:E6G>C<DJG;>C6C8>6AHI6I:B:CIH
L:G:8DG9I=:6BDJCID;I6MI=6I>HE6N67A:>C:68=D;I=:8DJCIG>:H HI6I:H6C9DI=:G?JG>H9>8I>DCH>CL=>8=L:DE:G6I: (JG
;JIJG::;;:8I>K:I6MG6I: =DL:K:G B6N7:ADL:GDG=><=:GI=6C:ME:G>:C8:9>CI=:E6HI9J:IDCJB:GDJH;68IDGH >C8AJ9>C<6
8=6C<:>CI=:B>MD;DJGEGD;>I67>A>IN;GDB8DJCIGNID8DJCIGN 8=6C<:H>C688DJCI>C<;DG>C8DB:I6M:H I=:G:HJAIHD;
:M6B>C6I>DCH6C96J9>IHD;DJGI6M;>A>C<H6C9G:8:CIAN:C68I:96C9;JIJG:8=6C<:H>CI6MA6LH>C?JG>H9>8I>DCH>CL=>8=L:
DE:G6I: CND;I=:H:;68IDGH8DJA986JH:JHID:ME:G>:C8:6C:;;:8I>K:I6MG6I:H><C>;>86CIAN9>;;:G:CI;GDBEG:K>DJHE:G>D9HDG
DJG8JGG:CI:ME:8I6I>DCH L=>8=8DJA9=6K:6C69K:GH::;;:8IDCDJG7JH>C:HH G:HJAIHD;DE:G6I>DCH6C986H=;ADLH
"A>1D5?@5:3-:02A@A>15:01.@10:1??9-E>1?@>5/@;A>5:B1?@91:@;<<;>@A:5@51?;>8595@;A>-/@5B5@51?-:0
:13-@5B18E59<-/@;A>/>105@>-@5:3?HD;:8:B7:G L:=696EEGDM>B6I:AN 7>AA>DC>CDJIHI6C9>C<
>C9:7I:9C:HH "C699>I>DC L:=6K:6K6>A67>A>INID7DGGDLJC9:G6G:KDAK>C<8G:9>I;68>A>INI=6IEGDK>9:H;DGJEID 7>AA>DC
6HD;#6CJ6GN D;JCH:8JG:9BJAI> 8JGG:C8NG:KDAK>C<8G:9>II=:68>A>IN 0:B6N6AHDD7I6>C699>I>DC6AADC< I:GB
9:7I6C9A>C:HD;8G:9>IIDB::I;JIJG:;>C6C8>C<C::9H L=>8=LDJA9=6K:I=::;;:8ID;>C8G:6H>C<DJGIDI6AA:K:G6<:
(JGA:K:G6<:8DJA9=6K:C:<6I>K:8DCH:FJ:C8:H >C8AJ9>C<>C8G:6H>C<DJGKJAC:G67>A>INID69K:GH::8DCDB>86C9>C9JHIGN
8DC9>I>DCH A>B>I>C<DJG67>A>INIDD7I6>C699>I>DC6A;>C6C8>C<6C9A>B>I>C<DJG67>A>INID68FJ>G:C:LEGD9J8IH6C9I:8=CDAD<>:H
I=GDJ<=HIG6I:<>868FJ>H>I>DCH
(JG67>A>INIDB6@:H8=:9JA:9E6NB:CIH G:;>C6C8:DJGD7A><6I>DCHDGD7I6>C699>I>DC6A;>C6C8>C<L>AA9:E:C9DCDJG;JIJG:
DE:G6I>C<E:G;DGB6C8:6C9DC:8DCDB>8 ;>C6C8>6A 8DBE:I>I>K:6C9DI=:G;68IDGH7:NDC9DJG8DCIGDA (JG7JH>C:HHB6NCDI
<:C:G6I:HJ;;>8>:CI86H=;ADLIDB::IDJGD7A><6I>DCH ";L:6G:JC67A:IDH:GK>8:DJG9:7I G:;>C6C8:DJG:M>HI>C<9:7IDGD7I6>C
699>I>DC6A;>C6C8>C< L:B6N7:;DG8:9ID9:A6NHIG6I:<>868FJ>H>I>DCH 86E>I6A:ME:C9>IJG:HDGG:H:6G8=6C99:K:ADEB:CI
:ME:C9>IJG:H
99>I>DC6AAN I=:6<G::B:CIH<DK:GC>C<DJG9:7IG:FJ>G:I=6IL:B6>CI6>C6;>C6C8>6AG6I>D 6C98DCI6>C6;;>GB6I>K:6C9
C:<6I>K:8DK:C6CIHI=6IG:HIG>8IDJG68I>K>I>:H7N 6BDC<DI=:GA>B>I6I>DCH A>B>I>C<DJG67>A>INID>C8JG699>I>DC6A>C9:7I:9C:HH
B:G<:DG8DCHDA>96I:L>I=DI=:G:CI>I>:H6C98G:6I:A>:CH -=:8DK:C6CIH>CI=:68>A>IN>C8AJ9:6DCHDA>96I:9':I"CI:G:HI
DK:G6<:+6I>DDCHDA>96I:9"-IDDCHDA>96I:9':I"CI:G:HIME:CH: 6HHJ8=I:GBH6G:9:;>C:9>CI=:68>A>IN
,E:8>;>86AAN I=:8DBE6CN=6H6<G::9I=6I HDADC<6H6CNA:C9:G=6H6CN8DBB>IB:CIJC9:GI=:68>A>IN 6CNA:II:GD;8G:9>I>H
DJIHI6C9>C<JC9:GI=:68>A>IN DG6CNAD6CDGDI=:GD7A><6I>DC>HDJIHI6C9>C<JC9:GI=:68>A>IN >IL>AAB6>CI6>C6B>C>BJB
DCHDA>96I:9"CI:G:HIDK:G6<:+6I>DD; 6HD;I=:A6HI96ND;6CN;>H86AFJ6GI:G
(JG67>A>INID8DBEANL>I=I=:H:;>C6C8>6AG:HIG>8I>DCH6C98DK:C6CIH>H9:E:C9:CIDCDJG;JIJG:E:G;DGB6C8: L=>8=>H
HJ7?:8IIDEG:K6>A>C<:8DCDB>88DC9>I>DCH6C9DI=:G;68IDGH >C8AJ9>C<;68IDGHI=6I6G:7:NDC9DJG8DCIGDAHJ8=6HI=:>BE68ID;
;DG:><C:M8=6C<:G6I:H6C9>CI:G:HIG6I:H (JG;6>AJG:ID8DBEANL>I=6CND;I=:H:G:HIG>8I>DCHDG8DK:C6CIHB6NG:HJAI>C6C
:K:CID;9:;6JAIJC9:GI=:6EEA>867A:9:7I>CHIGJB:CI L=>8=8DJA9E:GB>I688:A:G6I>DCD;I=:9:7IJC9:GI=6I>CHIGJB:CI6C9
'% "&%&!'!
%5?7-/@;>?/;:@5:A10
@19 #>;<1>@51?
-=:8DBE6CNDLCH6C9A:6H:HD;;>8: :C<>C::G>C< A67DG6IDGN EGD9J8I>DC6C9L6G:=DJH:HE68:I=GDJ<=DJII=:LDGA9
@19 13-8#>;/1105:3?
-=:G:6G:K6G>DJHA6LHJ>IH6C98A6>BH6<6>CHII=:8DBE6CN>CKDAK>C<EGD9J8IA>67>A>IN >CI:AA:8IJ6AEGDE:GIN :BEADNB:CI
6C98DBB:G8>6A>HHJ:H ,::U'DI:IDDJGDCHDA>96I:9>C6C8>6A,I6I:B:CIHSDBB>IB:CIH6C9DCI>C<:C8>:H V
@19 5:1&-21@E5?/8;?A>1?
'DI6EEA>867A:
#%'
@19 ->71@2;>@41%135?@>-:@?;99;:=A5@E%18-@10&@;/74;801> -@@1>?-:0??A1>#A>/4-?1?;2=A5@E
&1/A>5@51?
%6/)86-')3*3113283'/
(JG8DBBDCHID8@>HIG69:9DCI=:':L2DG@,ID8@M8=6C<:JC9:GI=:HNB7DA-&(
30()673*3113283'/
HD;:7GJ6GN I=:8DBE6CN=69 =DA9:GHD;G:8DG9D;>IH8DBBDCHID8@ -=>H9D:HCDI>C8AJ9:=DA9>C<H>C
HIG::IDGCDB>C::C6B:H
779)696',%7)73*59-8=)'96-8-)7
-=:G:L6HCDH=6G:G:EJG8=6H:68I>K>IN;DGI=:8DBE6CNWH;DJGI=FJ6GI:GD; (C,:EI:B7:G I=:D6G9D;
>G:8IDGH6JI=DG>O:9I=:G:EJG8=6H:D;JEID 7>AA>DCD;I=:8DBE6CNWH8DBBDCHID8@ 6GAN>CI=:;>GHIFJ6GI:GD;
I=:8DBE6CNG:EJG8=6H:9 7>AA>DCD;I=:8DBE6CNH8DBBDCHID8@ I:7GJ6GN 7>AA>DCL6H6K6>A67A:;DG
;JIJG:G:EJG8=6H:HD;I=:8DBE6CNWH8DBBDCHID8@JC9:GI=>H6JI=DG>O6I>DC
@19 %1?1>B10
'DI6EEA>867A:
'% "&%&!'!
@19 -:-3191:@G?5?/A??5;:-:0:-8E?5?;25:-:/5-8;:05@5;:-:0%1?A8@?;2"<1>-@5;:?
+:;:G:C8:>HB69:I=GDJ<=DJII=>H&6C6<:B:CIWH>H8JHH>DC6C9C6ANH>HD;>C6C8>6ADC9>I>DC6C9+:HJAIHD;
(E:G6I>DCHID'DI:HIDI=:DCHDA>96I:9>C6C8>6A,I6I:B:CIH L=>8=7:<>CDCE6<: D;I=>HG:EDGI &6C6<:B:CIH9>H8JHH>DC
6C96C6ANH>HD;;>C6C8>6A8DC9>I>DC6C9G:HJAIHD;DE:G6I>DCH;DG>H>C8AJ9:9>C"I:BD;I=:8DBE6CNWHCCJ6A
+:EDGIDCDGB $;>A:9L>I=I=:,:8JG>I>:H6C9M8=6C<:DBB>HH>DC
-=:8DBE6CNG:;:GHIDK6G>DJH6BDJCIHDGB:6HJG:HCDIEG:E6G:9>C688DG96C8:L>I=<:C:G6AAN688:EI:9688DJCI>C<
EG>C8>EA:HCDC )B:6HJG:H -=:H:CDC )B:6HJG:H6G:;JGI=:G9:H8G>7:96C9G:8DC8>A:9IDI=:>GBDHI9>G:8IAN
8DBE6G67A:6BDJCIDGB:6HJG:JC9:GI=:H:8I>DCU'DC )&:6HJG:HVA6I:G>CI=>HU&6C6<:B:CIWH>H8JHH>DC6C9C6ANH>H
D;>C6C8>6ADC9>I>DC6C9+:HJAIHD;(E:G6I>DCHV
"B1>B51C
-=:GBD>H=:G,8>:CI>;>8"C8 :C67A:H8JHIDB:GHIDB6@:I=:LDGA9=:6AI=>:G 8A:6C:G6C9H6;:G7N=:AE>C<I=:B688:A:G6I:
A>;:H8>:C8:HG:H:6G8= HDAK:8DBEA:M6C6ANI>86A8=6AA:C<:H >BEGDK:E6I>:CI9>6<CDHI>8H6C9I=:G6E>:H 6C9>C8G:6H:A67DG6IDGN
EGD9J8I>K>IN &6G@:IHH:GK:9>C8AJ9:E=6GB68:JI>86A6C97>DI:8= 6869:B>86C9<DK:GCB:CI >C9JHIG>6A6C96EEA>:9 6HL:AA6H
=:6AI=86G:6C99>6<CDHI>8H -=:8DBE6CNWHDE:G6I>DCH;6AA>CID;DJGH:<B:CIH'DI:%>;:,8>:C8:H,DAJI>DCH C6ANI>86A
"CHIGJB:CIH ,E:8>6AIN>6<CDHI>8H6C9%67DG6IDGN)GD9J8IH6C9>DE=6GB6,:GK>8:H
-2%2'-%0-+,0-+,87 314%6)(#-8,
DAA6GH>CB>AA>DCH:M8:EIE:GH=6G:6BDJCIH =6C<:
+:K:CJ:H
)DE:G6I>C<>C8DB:
)DE:G6I>C<>C8DB:B6G<>C EI
9?JHI:9DE:G6I>C<>C8DB:2321)%796)
9?JHI:9DE:G6I>C<>C8DB:B6G<>C2321)%796) EI
)9>AJI:9:6GC>C<HE:GH=6G:6IIG>7JI67A:ID-=:GBD>H=:G,8>:CI>;>8"C8
9?JHI:9:6GC>C<HE:GH=6G:2321)%796)
6+%2-'):)29)63;8,
+:K:CJ:<GDLI=
"BE68ID;68FJ>H>I>DCH
"BE68ID;8JGG:C8NIG6CHA6I>DC
(G<6C>8G:K:CJ:<GDLI=2321)%796)
+:HJAIHB6NCDIHJB9J:IDGDJC9>C<
-=:8DBE6CNBD7>A>O:9>C:6GANIDHJEEDGII=:(/" E6C9:B>8G:HEDCH:L>I=EGD9J8IH6C9H:GK>8:HI=6I=:AE
6C6ANO: 9>6<CDH:6C9EGDI:8I;GDBI=:K>GJH !DL:K:G 6H6G:HJAID;I=:E6C9:B>8WH>BE68IDCK6G>DJHB6G@:IH I=:8DBE6CN
H6L6H><C>;>86CIG:9J8I>DC>C8JHIDB:G68I>K>IN>CH:K:G6A7JH>C:HH:H7NA6I:&6G8=I=6IB6I:G>6AAN69K:GH:AN6;;:8I:9
EG>B6G>ANI=:G:HJAIHD;I=:C6ANI>86A"CHIGJB:CIHH:<B:CI6C9 ID6A:HH:G:MI:CI HDB:7JH>C:HH:HL>I=>CI=:8DBE6CNWH
DI=:GI=G::H:<B:CIH -=:C:<6I>K:>BE68IH><C>;>86CIANA:HH:C:9>C 7JI8DJA9LDGH:C>C9:E:C9:CIDCI=:HJ88:HHD;
<AD76A:;;DGIHID8DCIGDA6C9JCL>C9;GDBI=:E6C9:B>86C9:8DCDB>868I>K>ING6BE>C<JE JG>C< I=:%>;:,8>:C8:H
,DAJI>DCH6C9,E:8>6AIN>6<CDHI>8HH:<B:CIH6HL:AA6HI=:A67DG6IDGNEGD9J8IH7JH>C:HH8DCI>CJ:9IDHJEEDGI(/"
9>6<CDHI>8I:HI>C< H86A>C<6C9:KDAK>C<I=:>GBDA:8JA6G9>6<CDHI>8HHDAJI>DCH6C9EA6HI>88DCHJB67A:H7JH>C:HH:HIDG:HEDC9ID
I=:DC <D>C<(/" E6C9:B>8 -=:7>DH8>:C8:H6C97>DEGD9J8I>DC7JH>C:HH:H6AHD:ME6C9:9I=:>G86E68>INIDB::II=:
C::9HD;E=6GB66C97>DI:8=8JHIDB:GH6HI=:NG6E>9AN:ME6C9:9I=:>GDLCEGD9J8I>DCKDAJB:HIDB::I<AD76AK688>C:
B6CJ;68IJG>C<G:FJ>G:B:CIH 99>I>DC6AAN I=GDJ<=DJGE=6GB6H:GK>8:H7JH>C:HH L:EGDK>9:9DJGE=6GB66C97>DI:8=
8JHIDB:GHL>I=I=:H:GK>8:HI=:NC::9:9ID9:K:ADE6C9EGD9J8:K688>C:H6C9I=:G6E>:H<AD76AAN 0=>A:I=:H:EDH>I>K:>BE68IH
6G::ME:8I:9ID8DCI>CJ:I=GDJ<= I=:9JG6I>DC6C9:MI:CID;;JIJG:G:K:CJ:H;GDBHJ8=H6A:H6G:JC8:GI6>C6C99:E:C9:CI
EG>B6G>ANDC8JHIDB:GI:HI>C<6HL:AA6HI=:G6EN6C9K688>C:9:B6C9 ,6A:HD;EGD9J8IHG:A6I:9ID(/" G:HEDCH:L:G:
7>AA>DC6C9 7>AA>DC>C6C9 G:HE:8I>K:AN
DC9>I>DCHL:G:HIGDC<>C:68=D;I=:8DBE6CNWH:C9B6G@:IH9JG>C< +:K:CJ:HL:G:E6GI>8JA6GANHIGDC<>CE=6GB6
6C97>DI:8=9G>K:C7NHIGDC<B6G@:I9NC6B>8H6C9I=:8DBE6CNWHGDA:>CHJEEDGI>C<8JHIDB:GH68GDHH6L>9:G6C<:D;
I=:G6E:JI>86G:6H >C8AJ9>C<DJGGDA:>CHJEEDGI>C<(/" K688>C:H6C9I=:G6E>:H JHIDB:GH>CI=:6869:B>86C9
'% "&%&!'!
! !'&&(&&"!!!,&&"!!"!'"!
!%&('&""#%'"!&
"B1>B51C/;:@5:A10
<DK:GCB:CIB6G@:I>C8G:6H:99:B6C96H6G:HJAID;EDH>I>K:;JC9>C<IG:C9H6GDJC9I=:<AD7:6C96G:IJGCIDEG: E6C9:B>8
A:K:AHD;68I>K>IN JHIDB:G68I>K>IN>CI=:>C9JHIG>6A6C96EEA>:9B6G@:IG:IJGC:9IDEG: E6C9:B>8A:K:AH>C +:K:CJ:H
;GDB8JHIDB:GH>CI=:9>6<CDHI>8H6C9=:6AI=86G:B6G@:IL:G:9G>K:C7N<GDLI=>C(/" I:HI>C< G:A6I:9EGD9J8IH6HI=:
8DBE6CN8DCI>CJ:9IDHJEEDGII=:HD8>:I6AG:HEDCH:IDI=:E6C9:B>8 ,6A:H<GDLI=L6HHIGDC<68GDHH6AA<:D<G6E=>8G:<>DCH
9JG>C< -=:8DBE6CN8DCI>CJ:HID:M:8JI:>IHEGDK:C<GDLI=HIG6I:<NL=>8=8DCH>HIHD;I=G::E>AA6GH
P :K:ADE>C<=><= >BE68I >CCDK6I>K:C:LEGD9J8IH
P %:K:G6<>C<DJGH86A:>C=><= <GDLI=6C9:B:G<>C<B6G@:IH 6C9
P :A>K:G>C<6JC>FJ:K6AJ:EGDEDH>I>DCIDDJG8JHIDB:GH
)DE:G6I>C<>C8DB:B6G<>C6C969?JHI:9DE:G6I>C<>C8DB:B6G<>C>C8G:6H:9>C9J:EG>B6G>ANIDEGD;>IDC=><=:G
H6A:H6C9H6A:HB>M D;;H:I>CE6GI7NHIG6I:<>8<GDLI=>CK:HIB:CIHIDHJEEDGII=:8DBE6CNWHC:6G6C9ADC< I:GB<GDLI=
-=:8DBE6CNWHG:;:G:C8:HIDHIG6I:<>8<GDLI=>CK:HIB:CIH<:C:G6AANG:;:GIDI6G<:I:9HE:C9>C<;DG:C=6C8>C<8DBB:G8>6A
86E67>A>I>:H >C8AJ9>C<:ME6CH>DCD;<:D<G6E=>8H6A:HG:68=6C9: 8DBB:G8:EA6I;DGBH B6G@:I>C<>C>I>6I>K:H :ME6C9:9H:GK>8:
6C9DE:G6I>DC6A>C;G6HIGJ8IJG: G:H:6G8=6C99:K:ADEB:CIEGD?:8IH6C9DI=:G:ME:C9>IJG:HID:C=6C8:I=:8JHIDB:G:ME:G>:C8:
6HL:AA6H>C8:CI>K:8DBE:CH6I>DC6C9G:8D<C>I>DC;DG:BEADN::H -=:8DBE6CNWHG:;:G:C8:HI=GDJ<=DJII=>H9>H8JHH>DCID
EGD9J8I>K>IN>BEGDK:B:CIH<:C:G6AANG:;:GID>BEGDK:98DHI:;;>8>:C8>:H;GDB>IH)G68I>86A)GD8:HH"BEGDK:B:CI))"7JH>C:HH
HNHI:B>C8AJ9>C<G:9J8:98DHIHG:HJAI>C<;GDB>BEA:B:CI>C<8DCI>CJDJH>BEGDK:B:CIB:I=D9DAD<>:H <AD76AHDJG8>C<
>C>I>6I>K:H 6ADL:G8DHIHIGJ8IJG:;DAADL>C<G:HIGJ8IJG>C<68I>DCH >C8AJ9>C<=:698DJCIG:9J8I>DCH6C98DCHDA>96I>DCD;;68>A>I>:H
6C9ADL8DHIG:<>DCB6CJ;68IJG>C< )GD9J8I>K>IN>BEGDK:B:CIH6G:86A8JA6I:9C:ID;>C;A6I>DC6GN8DHI>C8G:6H:H
38%&0))')28'59-7-8-327
(C#6CJ6GN I=:8DBE6CN68FJ>G:9 L>I=>CI=:%67DG6IDGN)GD9J8IH6C9>DE=6GB6,:GK>8:HH:<B:CI I=:
:A<>JB 76H:9JGDE:6CK>G6AK:8IDGB6CJ;68IJG>C<7JH>C:HHD; GDJE:'DK6H:E,,;DGB>AA>DC>CC:I86H=
8DCH>9:G6I>DC -=:JGDE:6CK>G6AK:8IDGB6CJ;68IJG>C<7JH>C:HHEGDK>9:HB6CJ;68IJG>C<H:GK>8:H;DGK688>C:H6C9I=:G6E>:HID
7>DI:8=CDAD<N8DBE6C>:H6C9A6G<:7>DE=6GB68JHIDB:GH -=:68FJ>H>I>DC:ME6C9HI=:H:<B:CIWH86E67>A>I>:H;DG8:AA6C9<:C:
K688>C:H6C9I=:G6E>:H
(C:7GJ6GN I=:8DBE6CN68FJ>G:9 L>I=>CI=:%>;:,8>:C8:H,DAJI>DCHH:<B:CI &:H6>DI:8= "C8 6. ,
76H:9BDA:8JA6G9>6<CDHI>88DBE6CN ;DGB>AA>DC>CC:I86H=8DCH>9:G6I>DC6C98DCI>C<:CI8DCH>9:G6I>DCL>I=6C>C>I>6A;6>G
K6AJ:D;B>AA>DC9J:JEDCI=:8DBEA:I>DCD;8:GI6>CB>A:HIDC:H &:H6>DI:8==6H9:K:ADE:96C98DBB:G8>6A>O:96)+
76H:9G6E>9ED>CI D; 86G:I:HI>C<EA6I;DGB6K6>A67A:;DG9:I:8I>C<>C;:8I>DJH9>H:6H:H>C8AJ9>C<(/" -=:68FJ>H>I>DC
:C67A:HI=:8DBE6CNID688:A:G6I:I=:6K6>A67>A>IND;G:A>67A:6C9688JG6I:69K6C8:9BDA:8JA6G9>6<CDHI>8H6II=:ED>CID;86G:
(C,:EI:B7:G I=:8DBE6CN6HHJB:9DE:G6I>C<G:HEDCH>7>A>IN L>I=>CI=:%67DG6IDGN)GD9J8IH6C9>DE=6GB6
,:GK>8:HH:<B:CI D;6C:LHI6I: D; I=: 6GI7>DAD<>8HB6CJ;68IJG>C<;68>A>IN>C%:C<C6J ,L>IO:GA6C9;GDB,%%>B>I:9ID
E:G;DGBE=6GB6H:GK>8:H;DG,%L>I=86E68>INIDH:GK:DI=:G8JHIDB:GH6HL:AA -=:8DBE6CN:ME:8IHIDB6@:;>M:9A:6H:
E6NB:CIH6<<G:<6I>C<IDB>AA>DC:M8AJ9>C<G:C:L6AH;GDBID L>I=699>I>DC6A6BDJCIH9:E:C9:CIDCI=:
:MI:CID;G:K:CJ:H;GDB8JHIDB:GHD;I=:;68>A>INDI=:GI=6C,%
(C:8:B7:G I=:8DBE6CN68FJ>G:9 L>I=>CI=:%67DG6IDGN)GD9J8IH6C9>DE=6GB6,:GK>8:HH:<B:CI )) "C8
6. , 76H:9<AD76AEGDK>9:GD;8A>C>86AG:H:6G8=H:GK>8:HIDI=:E=6GB66C97>DI:8=>C9JHIGN ;DG 7>AA>DC>CC:I86H=
8DCH>9:G6I>DC6C9B>AA>DCD;:FJ>IN6L6G9H:M8=6C<:9 -=:699>I>DCD;))WH8A>C>86AG:H:6G8=H:GK>8:H:C=6C8:HDJG
D;;:G>C<ID7>DI:8=6C9E=6GB68JHIDB:GH7N:C67A>C<I=:BID688:A:G6I:>CCDK6I>DC6C9>C8G:6H:I=:>GEGD9J8I>K>INL>I=>CI=:
9GJ<9:K:ADEB:CIEGD8:HH "C ))<:C:G6I:9G:K:CJ:HD; 7>AA>DC
(C:8:B7:G I=:8DBE6CN68FJ>G:9 L>I=>CI=:%>;:,8>:C8:H,DAJI>DCHH:<B:CI ):EGD-:8= "C8 6. , 76H:9
9:K:ADE:G6C9B6CJ;68IJG:GD;G:8DB7>C6CIEGDI:>CH ;DG 7>AA>DC>CC:I86H=8DCH>9:G6I>DC ):EGD-:8=EGDK>9:H7>DH8>:C8:
G:6<:CIH@CDLC6HG:8DB7>C6CIEGDI:>CH >C8AJ9>C<8NID@>C:H6C9<GDLI=;68IDGH -=:68FJ>H>I>DC:ME6C9HI=:H:<B:CIWH
7>DH8>:C8:D;;:G>C<H
%1?A8@?;2"<1>-@5;:?
-=:8DBE6CNWHB6C6<:B:CI:K6AJ6I:HH:<B:CIDE:G6I>C<E:G;DGB6C8:JH>C<DE:G6I>C<>C8DB:7:;DG:8:GI6>C8=6G<:H
8G:9>IH6H9:;>C:9>C'DI: 88DG9>C<AN I=:;DAADL>C<H:<B:CI96I66G:G:EDGI:9DCI=>H76H>H
'% "&%&!'!
! !'&&(&&"!!!,&&"!!"!'"!
!%&('&""#%'"!&
%1?A8@?;2"<1>-@5;:?/;:@5:A10
-*)'-)2')73098-327
(G<6C>8
-DI6A JGG:C8N 8FJ>H>I>DCH 232
DAA6GH>CB>AA>DCH =6C<: -G6CHA6I>DC >K:HI>IJG:H 1)%796)
+:K:CJ:H
,:<B:CI>C8DB:
,:<B:CI>C8DB:B6G<>C EI
+:HJAIHB6NCDIHJB9J:IDGDJC9>C<
-=:>C8G:6H:>CH:<B:CIG:K:CJ:H6I:M>HI>C<7JH>C:HH:H>CL6H9G>K:C7N68DB7>C6I>DCD;>C8G:6H:99:B6C9;DG
I:HI>C<ID9>6<CDH:(/" L>I==><=:GH6A:HD;7>DH8>:C8:HEGD9J8IH6C9HIGDC<9:B6C9>C:68=D;I=:H:<B:CIWH
7JH>C:HH:H -=:9:8G:6H:>CH:<B:CI>C8DB:B6G<>CG:HJAI:9EG>B6G>AN;GDBHIG6I:<>8<GDLI=>CK:HIB:CIH D;;H:I>CE6GI7N
EGD;>IDC=><=:GH6A:H
2%0=8-'%0278691)287
(G<6C>8
-DI6A JGG:C8N 8FJ>H>I>DCH 232
DAA6GH>CB>AA>DCH =6C<: -G6CHA6I>DC >K:HI>IJG:H 1)%796)
+:K:CJ:H T
,:<B:CI>C8DB:
,:<B:CI>C8DB:B6G<>C EI
+:HJAIHB6NCDIHJB9J:IDGDJC9>C<
-=:>C8G:6H:>CH:<B:CIG:K:CJ:H6I:M>HI>C<7JH>C:HH:H>CL6H9J:ID>C8G:6H:99:B6C9;DGEGD9J8IHHDA97N:68=D;
I=:H:<B:CIWHEG>B6GN7JH>C:HH:HL>I=E6GI>8JA6GHIG:C<I=>C:A:8IGDCB>8GDH8DEN>CHIGJB:CIH6HL:AA6H8=GDB6ID<G6E=N6C9
B6HHHE:8IGDB:IGN>CHIGJB:CIH -=:>C8G:6H:>CH:<B:CI>C8DB:B6G<>CL6HEG>B6G>AN9J:IDEGD;>IDC=><=:GH6A:H6C9 ID6
A:HH:G:MI:CI 6B>AA>DC8=6G<:>CG:A6I:9ID6ADC< I:GBHJEEAN8DCIG68I9>H8JHH:9>C'DI: D;;H:I>CE6GI7N
HIG6I:<>8<GDLI=>CK:HIB:CIH
4)'-%08=-%+2378-'7
(G<6C>8
-DI6A JGG:C8N 8FJ>H>I>DCH 232
DAA6GH>CB>AA>DCH =6C<: -G6CHA6I>DC >K:HI>IJG:H 1)%796)
+:K:CJ:H T
,:<B:CI>C8DB:
,:<B:CI>C8DB:B6G<>C EI
+:HJAIHB6NCDIHJB9J:IDGDJC9>C<
-=:>C8G:6H:>CH:<B:CIG:K:CJ:H6I:M>HI>C<7JH>C:HH:H>CL6H9J:ID=><=:G9:B6C9EG>B6G>AN9G>K:C7NEGD9J8IH
699G:HH>C<IG:6IB:CID;(/" L>I=E6GI>8JA6GHIG:C<I=>CH6A:HD;EGD9J8IHHDA9I=GDJ<=I=:H:<B:CIH=:6AI=86G:B6G@:I
8=6CC:A >BBJCD9>6<CDHI>8H6C98A>C>86A9>6<CDHI>8HEGD9J8IH -=:9:8G:6H:>CH:<B:CI>C8DB:B6G<>CL6HEG>B6G>AN9J:ID
H6A:HB>M6C9HIG6I:<>8>CK:HIB:CIH D;;H:I>CE6GI7NEGD;>IDC=><=:GH6A:H6C9 ID6A:HH:G:MI:CI 6B>AA>DC8G:9>IID8DHID;
EGD9J8IG:K:CJ:6H6G:HJAID;8=6C<>C<I=:B:I=D9D;688DJCI>C<;DG>CK:CIDG>:H9>H8JHH:9>C'DI:
'% "&%&!'!
! !'&&(&&"!!!,&&"!!"!'"!
!%&('&""#%'"!&
%1?A8@?;2"<1>-@5;:?/;:@5:A10
%&36%836=63(9'87%2(-34,%61%)6:-')7
(G<6C>8
-DI6A JGG:C8N 8FJ>H>I>DCH 232
DAA6GH>CB>AA>DCH =6C<: -G6CHA6I>DC >K:HI>IJG:H 1)%796)
+:K:CJ:H
,:<B:CI>C8DB:
,:<B:CI>C8DB:B6G<>C EI
+:HJAIHB6NCDIHJB9J:IDGDJC9>C<
-=:>C8G:6H:>CH:<B:CIG:K:CJ:H6I:M>HI>C<7JH>C:HH:H>CL6HEG>B6G>AN9J:ID>C8G:6H:99:B6C9>C:68=D;I=:
H:<B:CIWHEG>C8>E6A7JH>C:HH:HL>I=E6GI>8JA6GHIG:C<I=>CEGD9J8IHHDA9I=GDJ<=>IHE=6GB6H:GK>8:H7JH>C:HH6C9G:H:6G8=6C9
H6;:INB6G@:I8=6CC:A6C9 ID6A:HH:G:MI:CI A67DG6IDGNEGD9J8IH7JH>C:HH:H -=:>C8G:6H:>CH:<B:CI>C8DB:B6G<>CL6H
EG>B6G>AN9J:IDEGD;>IDC=><=:GH6A:H6C9H6A:HB>M 6C9 ID6A:HH:G:MI:CI 68FJ>H>I>DCH6C96B>AA>DC8G:9>IID8DHID;
EGD9J8IG:K:CJ:6H6G:HJAID;8=6C<>C<I=:B:I=D9D;688DJCI>C<;DG>CK:CIDG>:H9>H8JHH:9>C'DI: D;;H:I>CE6GI7N
HIG6I:<>8<GDLI=>CK:HIB:CIH
3234)6%8-2+8)17
DAA6GH>CB>AA>DCH
':I>CI:G:HI:ME:CH:
)DI=:G>C8DB: :ME:CH:
9?JHI:9DI=:G>C8DB: :ME:CH:2321)%796)
)I6MG6I:
9?JHI:9I6MG6I:2321)%796)
':I>CI:G:HI:ME:CH:>CI:G:HI:ME:CH:A:HH>CI:G:HI>C8DB:>C8G:6H:99J:EG>B6G>ANIDI=:>C8G:6H:>C9:7IID;>C6C8:I=:
68FJ>H>I>DCD;))6C9;DG<:C:G6A8DGEDG6I:EJGEDH:H D;;H:I>CE6GI7NADL:G6K:G6<:>CI:G:HIG6I:H ,::699>I>DC6A9>H8JHH>DC
JC9:GI=:86EI>DCU%>FJ>9>IN6C96E>I6A+:HDJG8:HV7:ADL
)DI=:G>C8DB: :ME:CH:6C969?JHI:9DI=:G>C8DB: :ME:CH:>C8AJ9:H8JGG:C8NIG6CH68I>DC<6>CH6C9ADHH:HDCCDC
DE:G6I>C<BDC:I6GN6HH:IH6C9A>67>A>I>:H6C9C:IE:G>D9>8E:CH>DC7:C:;>I8DHI >C8DB: :M8AJ9>C<I=:H:GK>8:8DHI8DBEDC:CI
)DI=:G>C8DB: :ME:CH:>C6AHD>C8AJ9:HB>AA>DCD;ADHH:HDCI=::6GAN:MI>C<J>H=B:CID;9:7I'DI:6C9
B>AA>DCD;;>C6C8>C<8DHIH6HHD8>6I:9L>I=D7I6>C>C<7G>9<:;>C6C8>C<8DBB>IB:CIH>C8DCC:8I>DCL>I=I=:6<G::B:CIID
68FJ>G:))'DI: D;;H:I>CE6GI7NB>AA>DCD;C:I<6>CHDC>CK:HIB:CIH )DI=:G>C8DB: :ME:CH:>C>C8AJ9:H
B>AA>DCD;;>C6C8>C<8DHIH;DG6I:GB>C6I:968FJ>H>I>DC EG>B6G>AN;DGAD6C8DBB>IB:CI;::H6C9:CI:G>C<>CID=:9<>C<
8DCIG68IH6C9B>AA>DCD;:ME:CH:G:8A6HH>;>:9;GDB688JBJA6I:9DI=:G8DBEG:=:CH>K:>I:BHG:A6I:9ID6=:9<:6GG6C<:B:CI
'DI: D;;H:I>CE6GI7NB>AA>DCD;C:I<6>CHDC>CK:HIB:CIH
-=:8DBE6CNWH )6C969?JHI:9I6MG6I:H>C8G:6H:9>C8DBE6G:9ID EG>B6G>AN9J:ID=><=:GEGD;>IH6I
9>;;:G:CIB6G<>C6AG6I:H D;;H:I>CE6GI7NI=:7:C:;>IHD;DJGI6MEA6CC>C<>C>I>6I>K:H -=:8DBE6CNWH )6C969?JHI:9
I6MG6I:HL:G:6AHD>BE68I:97N>C8DB:I6M7:C:;>IHDC>CIG6 :CI>INIG6CH68I>DCHIDI6A>C<B>AA>DC "C I=:8DBE6CNWH
)6C969?JHI:9I6MG6I:HL:G:>BE68I:97N;DG:><CI6M8G:9>IEA6CC>C<>C,L:9:CL=>8=G:HJAI:9>CB>AA>DCD;;DG:><C
I6M8G:9>IH L>I=CDG:A6I:9>C8G:B:CI6A. , >C8DB:I6M:ME:CH:6C:I>C8DB:I6M7:C:;>ID;B>AA>DC;GDB69DB:HI>86I>DC
IG6CH68I>DC>CKDAK>C<I=:IG6CH;:GD;CDC . , HJ7H>9>6G>:HIDI=:. , 6C96B>AA>DC>C8DB:I6M7:C:;>IG:A6I:9ID6;DG:><C
:M8=6C<:ADHH;DGI6MEJGEDH:HDC8:GI6>C>CI:G8DBE6CN;>C6C8>C<6GG6C<:B:CIH 99>I>DC6AAN I=: )I6MG6I:>C8AJ9:9
6B>AA>DCI6M7:C:;>I;GDBI6M6J9>IH:IIA:B:CIH
-=::;;:8I>K:I6MG6I:>C7DI=6C9L6H6AHD6;;:8I:97NG:A6I>K:ANH><C>;>86CI:6GC>C<H>CADL:GI6M?JG>H9>8I>DCH
J:EG>B6G>ANIDI=:CDC 9:9J8I>7>A>IND;>CI6C<>7A:6HH:I6BDGI>O6I>DC;DGI6MEJGEDH:H I=:8DBE6CNWH86H=E6NB:CIH;DG
>C8DB:I6M:HL:G:=><=:GI=6C>IH>C8DB:I6M:ME:CH:;DG;>C6C8>6AG:EDGI>C<EJGEDH:H6C9IDI6A:9 7>AA>DC6C9
7>AA>DC>C6C9 G:HE:8I>K:AN
-=:8DBE6CN:ME:8IH>IH ):;;:8I>K:I6MG6I:>CL>AA7:7:IL::C6C976H:9DC8JGG:CIAN;DG:86HI:9G6I:H
D;EGD;>I67>A>IN>CI=:8DJCIG>:H>CL=>8=I=:8DBE6CN8DC9J8IH7JH>C:HH6C9:ME:8I:9<:C:G6I>DCD;;DG:><CI6M8G:9>IH -=:
:;;:8I>K:I6MG6I:86CK6GNH><C>;>86CIAN;GDBE:G>D9IDE:G>D96H6G:HJAID;9>H8G:I:>C8DB:I6M;68IDGH6C9:K:CIH -=:8DBE6CN
:ME:8IH>IH69?JHI:9I6MG6I:L>AA7:6EEGDM>B6I:AN>C
'% "&%&!'!
! !'&&(&&"!!!,&&"!!"!'"!
!%&('&""#%'"!&
%1?A8@?;2"<1>-@5;:?/;:@5:A10
-=:8DBE6CN=6HDE:G6I>DCH6C96I6M67A:EG:H:C8:>C6EEGDM>B6I:AN8DJCIG>:HDJIH>9:I=:. , ,DB:D;I=:H:
8DJCIG>:H=6K:ADL:GI6MG6I:HI=6CI=:. , -=:8DBE6CNWH67>A>INIDD7I6>C67:C:;>I;GDBADL:GI6MG6I:HDJIH>9:I=:. , >H
9:E:C9:CIDC>IHG:A6I>K:A:K:AHD;>C8DB:>C8DJCIG>:HDJIH>9:I=:. , 6C9DCI=:HI6IJIDGNI6MG6I:H>CI=DH:8DJCIG>:H 6H:9
DCI=:9>HE:GH>DCD;I=:8DBE6CNWHCDC . , >C8DB:I6MEGDK>H>DC6BDC<B6CN8DJCIG>:H I=:8DBE6CN7:A>:K:HI=6I68=6C<:
>CI=:HI6IJIDGNI6MG6I:>C6CN>C9>K>9J6A8DJCIGN>HCDIA>@:ANIDB6I:G>6AAN6;;:8II=:8DBE6CNWH>C8DB:I6MEGDK>H>DCDGC:I
>C8DB: 6H>9:;GDB6CNG:HJAI>C<DC: I>B:69?JHIB:CIIDI=:8DBE6CNWH9:;:GG:9I6M76A6C8:HIDG:;A:8I6C:LG6I:
5=A505@E-:0-<5@-8%1?;A>/1?
-=:8DBE6CNWHEGDK:C<GDLI=HIG6I:<N=6H:C67A:9>IID<:C:G6I:;G::86H=;ADL6HL:AA6H688:HHI=:86E>I6AB6G@:IH -=:
8DBE6CN9:EADNH>IH86E>I6AEG>B6G>ANK>6B:G<:GH6C968FJ>H>I>DCH6C9H:8DC96G>ANK>6H=6G:7JN768@H6C99>K>9:C9H
:8:B7:G :8:B7:G
"CB>AA>DCH
6H=6C986H=:FJ>K6A:CIH
-DI6A9:7I
EEGDM>B6I:AN=6A;D;I=:8DBE6CNWH86H=76A6C8:H6C986H=;ADLH;GDBDE:G6I>DCH6G:;GDBDJIH>9:I=:. , -=:
8DBE6CNJH:H>IHCDC . , 86H=;DGC::9HDJIH>9:D;I=:. , >C8AJ9>C<68FJ>H>I>DCH 86E68>IN:ME6CH>DC 6C9G:E6NB:CID;
I=>G9 E6GIN;DG:><C9:7I7N;DG:><CHJ7H>9>6G>:H "C699>I>DC I=:8DBE6CN6AHDIG6CH;:GH86H=IDI=:. , JH>C<CDC I6M67A:
G:IJGCHD;86E>I6A6HL:AA6H9>K>9:C9HL=:G:I=:G:A6I:9. , 9>K>9:C9G:8:>K:99:9J8I>DCDG;DG:><CI6M8G:9>I:FJ6AH6CNI6M
8DHI6G>H>C<;GDBI=:9>K>9:C9H H6G:HJAID;JH>C<HJ8=B:6CHD;IG6CH;:GG>C<86H=IDI=:. , I=:8DBE6CN9D:HCDI:ME:8I
6CNB6I:G>6A69K:GH:A>FJ>9>IN:;;:8IH;GDB>IHH><C>;>86CICDC . , 86H=76A6C8:H;DGI=:;DG:H::67A:;JIJG:
-=:8DBE6CN7:A>:K:HI=6I>IH:M>HI>C<86H=6C986H=:FJ>K6A:CIH6C9>IH;JIJG:86H=;ADL;GDBDE:G6I>DCHID<:I=:GL>I=
6K6>A67A:7DGGDL>C<86E68>INJC9:G>IHG:KDAK>C<8G:9>I6<G::B:CIL>AA7:HJ;;>8>:CIIDB::II=:86H=G:FJ>G:B:CIHD;>IH:M>HI>C<
7JH>C:HH:H;DGI=:;DG:H::67A:;JIJG: >C8AJ9>C<6IA:6HII=:C:MIBDCI=H
HD;:8:B7:G I=:8DBE6CNWHH=DGI I:GB9:7IIDI6A:9 7>AA>DC (C#6CJ6GN I=:8DBE6CNG:EA68:9
>IHEG>DG8G:9>I;68>A>INL>I=6C:LG:KDAK>C<8G:9>I;68>A>INL>I=676C@<GDJEI=6IEGDK>9:HJEID 7>AA>DCD;JCH:8JG:9
BJAI> 8JGG:C8NG:KDAK>C<8G:9>I'DI: ";I=:8DBE6CN7DGGDLHJC9:GI=>H;68>A>IN >I>CI:C9HIDA:6K:JC9G6LC6C6BDJCI
:FJ>K6A:CIIDDJIHI6C9>C<8DBB:G8>6AE6E:GIDEGDK>9:6HDJG8:D;;JC9H>CI=::K:CII=6I8DBB:G8>6AE6E:GB6G@:IH6G:CDI
6K6>A67A: HD;:8:B7:G CD7DGGDL>C<HL:G:DJIHI6C9>C<JC9:GI=:8DBE6CNWHG:KDAK>C<8G:9>I;68>A>IN 6AI=DJ<=
6K6>A67A:86E68>INL6HG:9J8:97N6EEGDM>B6I:ANB>AA>DC6H6G:HJAID;DJIHI6C9>C<A:II:GHD;8G:9>I
'% "&%&!'!
! !'&&(&&"!!!,&&"!!"!'"!
!%&('&""#%'"!&
5=A505@E-:0-<5@-8%1?;A>/1?/;:@5:A10
JG>C< >HHJ6C8:D;H:C>DGCDI:HEGDK>9:9 7>AA>DCD;86H= C:I>C8G:6H:>C8DBB:G8>6AE6E:GD7A><6I>DCH
EGDK>9:986H=D; 7>AA>DC +:E6NB:CID;9:7IJH:986H=D; 7>AA>DC >C8AJ9>C< 7>AA>DCIDG:E6NI=:9:7I
6HHJB:9>CI=:68FJ>H>I>DCD;)) -=:8DBE6CNWH;>C6C8>C<68I>K>I>:H6AHD>C8AJ9:9I=:G:EJG8=6H:D; 7>AA>DCD;I=:
8DBE6CNH8DBBDCHID8@ B>AA>DCH=6G:H6C9I=:E6NB:CID;B>AA>DC>C86H=9>K>9:C9H (C,:EI:B7:G I=:
D6G9D;>G:8IDGH6JI=DG>O:9I=:G:EJG8=6H:D;JEID 7>AA>DCD;I=:8DBE6CNWH8DBBDCHID8@ 6GAN>CI=:;>GHIFJ6GI:GD;
I=:8DBE6CNG:EJG8=6H:9 7>AA>DCD;I=:8DBE6CNH8DBBDCHID8@ B>AA>DCH=6G:H I:7GJ6GN
6JI=DG>O6I>DCG:B6>C:9;DG 7>AA>DCD;;JIJG:G:EJG8=6H:HD;I=:8DBE6CNWH8DBBDCHID8@ H9>H8JHH:9>C'DI: >CI=:
;>GHIFJ6GI:GD;I=:8DBE6CNG:9::B:9>IH ,:C>DG'DI:H9J:;DG6IDI6A86H=DJIA6ND;B>AA>DC
JG>C< >HHJ6C8:D;H:C>DGCDI:HEGDK>9:986H=D; 7>AA>DC +:E6NB:CID;H:C>DGCDI:HJH:986H=D;B>AA>DC
-=:8DBE6CNWH;>C6C8>C<68I>K>I>:H6AHD>C8AJ9:9I=:G:EJG8=6H:D; 7>AA>DCD;I=:8DBE6CNWH8DBBDCHID8@ B>AA>DC
H=6G:H6C9I=:E6NB:CID;B>AA>DC>C86H=9>K>9:C9H
-=:8DBE6CN:ME:8IHI=6I;DG6AAD; :ME:C9>IJG:H;DGEGDE:GIN EA6CI6C9:FJ>EB:CI C:ID;9>HEDH6AH L>AA7:7:IL::C
6C9 7>AA>DC
"C699>I>DCIDI=:D7A><6I>DCHDCI=:76A6C8:H=::I6I:8:B7:G L=>8=>C8AJ9: 7JI6G:CDIA>B>I:9ID 9:7I'DI:
JCG:8D<C>O:9I6M7:C:;>IH'DI: DE:G6I>C<A:6H:H'DI:E:CH>DCD7A><6I>DCH'DI:6C98DCI>C<:CI8DCH>9:G6I>DC
'DI: I=:8DBE6CN=6H:CI:G:9>CIDJC8DC9>I>DC6AEJG8=6H:D7A><6I>DCH >CI=:DG9>C6GN8DJGH:D;7JH>C:HH I=6I>C8AJ9:
6<G::B:CIHIDEJG8=6H:<DD9H H:GK>8:HDG;>M:96HH:IH6C9IDE6NGDN6AI>:H'DI:
-=:8DBE6CN>H8DCI>C<:CIANA>67A:L>I=G:HE:8IID8:GI6>CA:<6AEGD8::9>C<H6C9G:A6I:9B6II:GH CJC;6KDG67A:DJI8DB:
I=6I9>;;:GHB6I:G>6AAN;GDB8JGG:CI688GJ6A:HI>B6I:H >;6CN ;DGDC:DGBDG:D;I=:B6II:GH9:H8G>7:9JC9:GI=:=:69>C<
U63(9'8-%&-0-8=#36/)67314)27%8-32%2(8,)6)6732%02.96=%88)67V>C'DI:8DJA9=6K:6B6I:G>6A69K:GH::;;:8I
DCI=:8DBE6CNWH;>C6C8>6AEDH>I>DC6HL:AA6H>IHG:HJAIHD;DE:G6I>DCH6C986H=;ADLH
!;:# 1-?A>1?
"C699>I>DCIDI=:;>C6C8>6AB:6HJG:HEG:E6G:9>C688DG96C8:L>I=<:C:G6AAN688:EI:9688DJCI>C<EG>C8>EA:H ) L:
JH:8:GI6>CCDC );>C6C8>6AB:6HJG:HHJ8=6HDG<6C>8G:K:CJ:<GDLI= L=>8=>HG:EDGI:9G:K:CJ:<GDLI= :M8AJ9>C<I=:
>BE68IHD;G:K:CJ:H;GDB68FJ>G:9 9>K:HI:97JH>C:HH:H6C9I=::;;:8IHD;8JGG:C8NIG6CHA6I>DC 0:G:EDGIDG<6C>8G:K:CJ:
<GDLI=7:86JH:-=:GBD>H=:GB6C6<:B:CI7:A>:K:HI=6I>CDG9:GIDJC9:GHI6C9I=:8DBE6CNWHH=DGI I:GB6C9ADC< I:GB
;>C6C8>6AIG:C9H >CK:HIDGHB6NL>H=ID8DCH>9:GI=:>BE68ID;68FJ>H>I>DCH6C9;DG:><C8JGG:C8NIG6CHA6I>DCDCG:K:CJ:H
-=:GBD>H=:GB6C6<:B:CIJH:HDG<6C>8G:K:CJ:<GDLI=ID;DG:86HI6C9:K6AJ6I:I=:DE:G6I>DC6AE:G;DGB6C8:D;I=:8DBE6CN
6HL:AA6HID8DBE6G:G:K:CJ:HD;8JGG:CIE:G>D9HIDEG>DGE:G>D9H
0:G:EDGI69?JHI:9DE:G6I>C<>C8DB: 69?JHI:9DE:G6I>C<>C8DB:B6G<>C 69?JHI:9DI=:G>C8DB: :ME:CH: 69?JHI:9I6M
G6I: 6C969?JHI:9), 0:7:A>:K:I=6II=:JH:D;I=:H:CDC );>C6C8>6AB:6HJG:H >C699>I>DCID );>C6C8>6A
B:6HJG:H =:AEH>CK:HIDGHID<6>C67:II:GJC9:GHI6C9>C<D;DJG8DG:DE:G6I>C<G:HJAIH6C9;JIJG:EGDHE:8IH 8DCH>HI:CIL>I==DL
B6C6<:B:CIB:6HJG:H6C9;DG:86HIHI=:8DBE6CNWH8DG:DE:G6I>C<E:G;DGB6C8: :HE:8>6AANL=:C8DBE6G>C<HJ8=G:HJAIHID
EG:K>DJHE:G>D9H ;DG:86HIH 6C9IDI=:E:G;DGB6C8:D;DJG8DBE:I>IDGH ,J8=B:6HJG:H6G:6AHDJH:97NB6C6<:B:CI>CI=:>G
;>C6C8>6A6C9DE:G6I>C<9:8>H>DC B6@>C<6C9;DG8DBE:CH6I>DCEJGEDH:H -D86A8JA6I:I=:H:B:6HJG:HL::M8AJ9: 6H6EEA>867A:
P :GI6>C68FJ>H>I>DC G:A6I:98DHIH >C8AJ9>C<8=6G<:H;DGI=:H6A:D;>CK:CIDG>:HG:K6AJ:96II=:96I:D;68FJ>H>I>DC
H><C>;>86CIIG6CH68I>DC 68FJ>H>I>DC G:A6I:98DHIH >C8AJ9>C<8=6C<:H>C:HI>B6I:HD;8DCI>C<:CI68FJ>H>I>DC G:A6I:9
8DCH>9:G6I>DC 6C9DI=:G8DHIH6HHD8>6I:9L>I=D7I6>C>C<H=DGI I:GB;>C6C8>C<8DBB>IB:CIH;DGE:C9>C< G:8:CI
68FJ>H>I>DCH 0::M8AJ9:I=:H:8DHIH7:86JH:L:9DCDI7:A>:K:I=:N6G:>C9>86I>K:D;DJGCDGB6ADE:G6I>C<8DHIH
P DHIH >C8DB:6HHD8>6I:9L>I=G:HIGJ8IJG>C<68I>K>I>:H HJ8=6HG:9J8>C<DK:G=:696C98DCHDA>96I>C<;68>A>I>:H 0:
:M8AJ9:I=:H:8DHIH7:86JH:L:7:A>:K:I=6II=:8DHIHG:A6I:9IDG:HIGJ8IJG>C<68I>K>I>:H6G:CDI>C9>86I>K:D;DJGCDGB6A
DE:G6I>C<8DHIH
P FJ>IN>C:6GC>C<HD;JC8DCHDA>96I:9:CI>I>:H>BE6>GB:CIHD;ADC< A>K:96HH:IH6C98:GI6>CDI=:G<6>CH6C9ADHH:HI=6I
6G::>I=:G>HDA6I:9DG86CCDI7::ME:8I:9IDD88JG6<6>CL>I=6CNEG:9>8I67>A>IN >C8AJ9>C<<6>CH ADHH:HDC>CK:HIB:CIH
I=:H6A:D;7JH>C:HH:H EGD9J8IA>C:H 6C9G:6A:HI6I: H><C>;>86CIA>I><6I>DC G:A6I:9B6II:GH 8JGI6>AB:CIH H:IIA:B:CIHD;
E:CH>DCEA6CH 6C9I=::6GANG:I>G:B:CID;9:7I 0::M8AJ9:I=:H:>I:BH7:86JH:I=:N6G:DJIH>9:D;DJGCDGB6A
DE:G6I>DCH6C9 DG >C8:GI6>C86H:H 6G:9>;;>8JAIID;DG:86HI688JG6I:AN;DG;JIJG:E:G>D9H
P -=::ME:CH:6HHD8>6I:9L>I=I=:6BDGI>O6I>DCD;68FJ>H>I>DC G:A6I:9>CI6C<>7A:6HH:IH7:86JH:6H><C>;>86CIEDGI>DCD;
I=:EJG8=6H:EG>8:;DG68FJ>H>I>DCHB6N7:6AAD86I:9ID>CI6C<>7A:6HH:IHI=6I=6K:A>K:HD;JEIDN:6GH M8AJH>DCD;
'% "&%&!'!
! !'&&(&&"!!!,&&"!!"!'"!
!%&('&""#%'"!&
!;:# 1-?A>1?/;:@5:A10
I=:6BDGI>O6I>DC:ME:CH:6AADLH8DBE6G>HDCHD;DE:G6I>C<G:HJAIHI=6I6G:8DCH>HI:CIDK:GI>B:;DG7DI=DJGC:LAN
68FJ>G:96C9ADC< =:A97JH>C:HH:H6C9L>I=7DI=68FJ>H>I>K:6C9CDC 68FJ>H>I>K:E::G8DBE6C>:H
P -=:I6M>BE68IHD;I=:67DK:>I:BH6C9I=:>BE68ID;H><C>;>86CII6M6J9>IHDG:K:CIHHJ8=6H8=6C<:H>C9:;:GG:9I6M:H
;GDB:C68I:9I6MG6I:8=6C<:H I=:A6II:GD;L=>8=L::M8AJ9:7:86JH:I=:N6G:DJIH>9:D;DJGCDGB6ADE:G6I>DCH6C9
9>;;>8JAIID;DG:86HI688JG6I:AN;DG;JIJG:E:G>D9H
0:G:EDGI;G::86H=;ADL L=>8=>HDE:G6I>C<86H=;ADL :M8AJ9>C<C:I86E>I6A:ME:C9>IJG:HIDEGDK>9:6K>:LD;I=:
8DCI>CJ>C<DE:G6I>DCHW67>A>INID<:C:G6I:86H=;DGJH:>C68FJ>H>I>DCH6C9DI=:G>CK:HI>C<6C9;>C6C8>C<68I>K>I>:H -=:8DBE6CN
JH:HI=>HB:6HJG:6H6C>C9>86I>DCD;I=:HIG:C<I=D;I=:8DBE6CN6C9>IH67>A>INID<:C:G6I:86H=;DGJH:>C68FJ>H>I>DCH6C9
DI=:G>CK:HI>C<6C9;>C6C8>C<68I>K>I>:H G::86H=;ADL>HCDI6B:6HJG:D;86H=6K6>A67A:;DG9>H8G:I>DC6GN:ME:C9>IJG:HH>C8:
L:=6K:8:GI6>CCDC 9>H8G:I>DC6GND7A><6I>DCHHJ8=6H9:7IH:GK>8:I=6I6G:CDI9:9J8I:9;GDBI=:B:6HJG:
-=:CDC );>C6C8>6AB:6HJG:HD;-=:GBD>H=:G,8>:CI>;>8WHG:HJAIHD;DE:G6I>DCH6C986H=;ADLH>C8AJ9:9>CI=>HDGB
$6G:CDIB:6CIID7:8DCH>9:G:9HJE:G>DGIDDG6HJ7HI>IJI:;DG-=:GBD>H=:G,8>:CI>;>8WHG:HJAIHD;DE:G6I>DCHEG:E6G:9>C
688DG96C8:L>I= ) +:8DC8>A>6I>DCHD;HJ8=CDC );>C6C8>6AB:6HJG:HIDI=:BDHI9>G:8IAN8DBE6G67A: )
;>C6C8>6AB:6HJG:H6G:H:I;DGI=L>I=>CI=:U(K:GK>:LV6C9U+:HJAIHD;(E:G6I>DCHVH:8I>DCH6C97:ADL
%1/;:/585-@5;:;2-06A?@10;@41>5:/;911D<1:?1
)DI=:G>C8DB: :ME:CH:
9?JHIB:CIH9
9?JHI:9DI=:G>C8DB: :ME:CH:2321)%796)
%1/;:/585-@5;:;2-06A?@10@-D>-@1
)I6MG6I:
9?JHIB:CIH:
9?JHI:9I6MG6I:2321)%796)
%1/;:/585-@5;:;2-06A?@101->:5:3?<1>?4->1
)9>AJI:9:6GC>C<HE:GH=6G:),6IIG>7JI67A:ID-=:GBD>H=:G,8>:CI>;>8"C8
DHID;G:K:CJ:H8=6G<:H6
,:AA>C< <:C:G6A6C969B>C>HIG6I>K:8=6G<:H8G:9>IH7
+:HIGJ8IJG>C<6C9DI=:G8DHIH8
BDGI>O6I>DCD;68FJ>H>I>DC G:A6I:9>CI6C<>7A:6HH:IH
(I=:G>C8DB: :ME:CH:69?JHIB:CIH9
:C:;>I;GDB>C8DB:I6M:H:
FJ>IN>CADHH:HD;JC8DCHDA>96I:9:CI>I>:H
9?JHI:9),2321)%796)
'% "&%&!'!
! !'&&(&&"!!!,&&"!!"!'"!
!%&('&""#%'"!&
!;:# 1-?A>1?/;:@5:A10
69?JHI:9G:HJAIH>C:M8AJ9:8=6G<:H;DGI=:H6A:D;>CK:CIDG>:HG:K6AJ:96II=:96I:D;68FJ>H>I>DC 9?JHI:9G:HJAIH>C:M8AJ9:
B>AA>DCD;688:A:G6I:99:EG:8>6I>DCDCB6CJ;68IJG>C<6HH:IHID7:676C9DC:99J:ID;68>A>IN8DCHDA>96I>DCH6C9B>AA>DCD;8=6G<:H
ID8DC;DGBI=:688DJCI>C<EDA>8>:HD;G:8:CIAN68FJ>G:97JH>C:HH:HL>I=I=:8DBE6CNWH688DJCI>C<EDA>8>:H
79?JHI:9G:HJAIH>C6C9:M8AJ9:8:GI6>CI=>G9 E6GIN:ME:CH:H8G:9>IH EG>C8>E6AANIG6CH68I>DC >CI:<G6I>DC8DHIH>C8AJ9>C<
G:>B7JGH:B:CII=:G:D;G:A6I:9IDG:8:CI I:GB>C6I:968FJ>H>I>DCH8G:9>IH;GDB8=6C<:H>C:HI>B6I:HD;8DCI>C<:CI68FJ>H>I>DC
8DCH>9:G6I>DC6C98=6G<:H6HHD8>6I:9L>I=EGD9J8IA>67>A>INA>I><6I>DC
89?JHI:9G:HJAIH>C6C9:M8AJ9:G:HIGJ8IJG>C<6C9DI=:G8DHIH8DCH>HI>C<EG>C8>E6AAND;H:K:G6C8: 676C9DC:9;68>A>IN6C9DI=:G
:ME:CH:HD;=:698DJCIG:9J8I>DCHL>I=>CH:K:G6A7JH>C:HH:H6C9G:6A:HI6I:8DCHDA>96I>DCH 6C98=6G<:H;DG>BE6>GB:CID;68FJ>G:9
I:8=CDAD<N 9?JHI:9G:HJAIH>C:M8AJ9:B>AA>DCD;8=6G<:H;DG8DBE:CH6I>DC9J:ID:BEADN::HD;G:8:CIAN68FJ>G:97JH>C:HH:H
6II=:96I:D;68FJ>H>I>DC
99?JHI:9G:HJAIH>C6C9:M8AJ9:C:I<6>CHDC>CK:HIB:CIH6C98=6G<:H;DG6BDGI>O6I>DCD;7G>9<:AD6C8DBB>IB:CI;::H6C9
:CI:G>C<=:9<>C<8DCIG68IH;DGG:8:CI I:GB>C6I:968FJ>H>I>DCH 9?JHI:9G:HJAIH>C:M8AJ9:B>AA>DCD;ADHH:HDCI=::6GAN
:MI>C<J>H=B:CID;9:7I 9?JHI:9G:HJAIH>C:M8AJ9:B>AA>DCD;8=6G<:HG:A6I:9IDI:GB>C6I:9>CI:G:HIG6I:HL6EH6C9B>AA>DC
D;C:I8=6G<:H;DGI=:H:IIA:B:CI 8JGI6>AB:CID;E:CH>DCEA6CH
:9?JHI:9EGDK>H>DC;DG>C8DB:I6M:H>C6C9:M8AJ9:HI=:>C8G:B:CI6AI6M7:C:;>I;DGI=:EG: I6MG:8DC8>A>C<>I:BH7:IL::C
)6C969?JHI:9C:I>C8DB: >C8G:B:CI6AI6M>BE68IH;GDB6J9>IH:IIA:B:CIH6C9>C8G:B:CI6AI6M>BE68IH;GDB69?JHI>C<I=:
8DBE6CNHCDC . , 9:;:GG:9I6M76A6C8:H6H6G:HJAID;I6MG6I:8=6C<:H
>5@5/-8//;A:@5:3#;85/51?-:0?@59-@1?
-=:8DBE6CNWH9>H8JHH>DC6C96C6ANH>HD;>IH;>C6C8>6A8DC9>I>DC6C9G:HJAIHD;DE:G6I>DCH>H76H:9JEDC>IH;>C6C8>6A
HI6I:B:CIH L=>8==6K:7::CEG:E6G:9>C688DG96C8:L>I=688DJCI>C<EG>C8>EA:H<:C:G6AAN688:EI:9>CI=:.C>I:9,I6I:HD;
B:G>86 -=:EG:E6G6I>DCD;I=:H:;>C6C8>6AHI6I:B:CIHG:FJ>G:HB6C6<:B:CIIDB6@::HI>B6I:H6C96HHJBEI>DCHI=6I6;;:8II=:
G:EDGI:96BDJCIHD;6HH:IH A>67>A>I>:H G:K:CJ:H6C9:ME:CH:H6C9G:A6I:99>H8ADHJG:D;8DCI>C<:CIA>67>A>I>:H (C6CDC <D>C<
76H>H B6C6<:B:CI:K6AJ6I:H>IH:HI>B6I:H >C8AJ9>C<I=DH:G:A6I:9ID68FJ>H>I>DC G:A6I:9B:6HJG:B:CIH6C9>C8DB:I6M:H
&6C6<:B:CI7:A>:K:HI=:BDHI8DBEA:M6C9H:CH>I>K:?J9<B:CIH 7:86JH:D;I=:>GH><C>;>86C8:IDI=:8DCHDA>96I:9;>C6C8>6A
HI6I:B:CIH G:HJAIEG>B6G>AN;GDBI=:C::9IDB6@::HI>B6I:H67DJII=::;;:8IHD;B6II:GHI=6I6G:>C=:G:CIANJC8:GI6>C
&6C6<:B:CI76H:H>IH:HI>B6I:HDC=>HIDG>86A:ME:G>:C8: 8JGG:CIB6G@:I6C9:8DCDB>88DC9>I>DCH6C9DI=:G6HHJBEI>DCHI=6I
B6C6<:B:CI7:A>:K:H6G:G:6HDC67A: -=:G:HJAIHD;I=:H::HI>B6I:H;DGBI=:76H>H;DG?J9<B:CIH67DJII=:86GGN>C<K6AJ:D;
6HH:IH6C9A>67>A>I>:HL=:G:I=:K6AJ:H6G:CDIG:69>AN6EE6G:CI;GDBDI=:GHDJG8:H 8IJ6AG:HJAIHB6N9>;;:G;GDBI=:H:
:HI>B6I:HJC9:G9>;;:G:CI6HHJBEI>DCHDG8DC9>I>DCH
-=:8DBE6CN7:A>:K:HI=:;DAADL>C<G:EG:H:CI>IH8G>I>86A688DJCI>C<EDA>8>:H6C9:HI>B6I:HJH:9>CI=:EG:E6G6I>DCD;>IH
;>C6C8>6AHI6I:B:CIH
!%#$"$ #%"$#
JH>C:HHDB7>C6I>DCH
-=:8DBE6CNJH:H6HHJBEI>DCH6C9:HI>B6I:H>C9:I:GB>C>C<I=:;6>GK6AJ:D;6HH:IH68FJ>G:96C9A>67>A>I>:H6HHJB:9>C6
7JH>C:HH8DB7>C6I>DC -=:9:I:GB>C6I>DCD;I=:;6>GK6AJ:D;>CI6C<>7A:6HH:IH L=>8=G:EG:H:CI6H><C>;>86CIEDGI>DCD;I=:
EJG8=6H:EG>8:>CB6CND;I=:8DBE6CNWH68FJ>H>I>DCH G:FJ>G:HI=:JH:D;H><C>;>86CI?J9<B:CIL>I=G:<6G9ID>I=:;6>GK6AJ:
6C9>>L=:I=:GHJ8=>CI6C<>7A:H6G:6BDGI>O67A:DGCDC 6BDGI>O67A:6C9 >;I=:;DGB:G I=:E:G>D96C9I=:B:I=D97NL=>8=I=:
>CI6C<>7A:6HH:IL>AA7:6BDGI>O:9 -=:8DBE6CN:HI>B6I:HI=:;6>GK6AJ:D;68FJ>H>I>DC G:A6I:9>CI6C<>7A:6HH:IHEG>C8>E6AAN
76H:9DCEGD?:8I>DCHD;86H=;ADLHI=6IL>AA6G>H:;GDB>9:CI>;>67A:>CI6C<>7A:6HH:IHD;68FJ>G:97JH>C:HH:H L=>8=>C8AJ9:
:HI>B6I:HD;8JHIDB:G6IIG>I>DC6C9I:8=CDAD<ND7HDA:H8:G6I:H -=:EGD?:8I:986H=;ADLH6G:9>H8DJCI:9ID9:I:GB>C:I=:EG:H:CI
K6AJ:D;I=:6HH:IH6II=:96I:HD;68FJ>H>I>DC ,::'DI:;DG699>I>DC6A>C;DGB6I>DC67DJIDJGG:8:CI7JH>C:HH8DB7>C6I>DCH
'% "&%&!'!
! !'&&(&&"!!!,&&"!!"!'"!
!%&('&""#%'"!&
>5@5/-8//;A:@5:3#;85/51?-:0?@59-@1?/;:@5:A10
DD9L>AA6C9"C9:;>C>I: A>K:9"CI6C<>7A:HH:IH
-=:8DBE6CN:K6AJ6I:H<DD9L>AA6C9>C9:;>C>I: A>K:9>CI6C<>7A:6HH:IH;DG>BE6>GB:CI6CCJ6AAN6C9L=:C:K:CIHD88JGDG
8>G8JBHI6C8:H8=6C<:I=6ILDJA9BDG:A>@:ANI=6CCDIG:9J8:I=:;6>GK6AJ:D;I=:6HH:I7:ADL>IH86GGN>C<6BDJCI K:CIHDG
8>G8JBHI6C8:HI=6IB><=IG:FJ>G:6C>CI:G>B:K6AJ6I>DC>C8AJ9:JC:ME:8I:969K:GH:7JH>C:HH8DC9>I>DCH :8DCDB>8;68IDGH
JC6CI>8>E6I:9I:8=CDAD<>86A8=6C<:HDG8DBE:I>I>K:68I>K>I>:H ADHHD;@:NE:GHDCC:A6C968IH7N<DK:GCB:CIH6C98DJGIH
DD9L>AA6C9>C9:;>C>I: A>K:9>CI6C<>7A:6HH:IHIDI6A:9 7>AA>DC6C9 7>AA>DC G:HE:8I>K:AN 6I:8:B7:G H::
'DI:;DG699>I>DC6A>C;DGB6I>DC HI>B6I:HD;9>H8DJCI:9;JIJG:86H=;ADLHG:FJ>G:6HHJBEI>DCHG:A6I:9IDG:K:CJ:6C9
DE:G6I>C<>C8DB:<GDLI=G6I:H 9>H8DJCIG6I:H6C9DI=:G;68IDGH DGI=:<DD9L>AA>BE6>GB:CII:HIH I=:8DBE6CN8DCH>9:GH>
E::GG:K:CJ:H6C9:6GC>C<HIG69>C<BJAI>EA:H;GDB8DBE6C>:HI=6I=6K:DE:G6I>DC6A6C9;>C6C8>6A8=6G68I:G>HI>8HI=6I6G:H>B>A6G
IDI=:G:HE:8I>K:G:EDGI>C<JC>IH6C9>>:HI>B6I:9L:><=I:96K:G6<:8DHIHD;86E>I6A >;;:G:CI6HHJBEI>DCH;GDBI=DH:B69:>C
I=:8DBE6CNWH6C6ANH>H8DJA9B6I:G>6AAN6;;:8IEGD?:8I:986H=;ADLH6C9I=:8DBE6CNWH:K6AJ6I>DCD;<DD9L>AA6C9>C9:;>C>I:
A>K:9>CI6C<>7A:6HH:IH;DG>BE6>GB:CI
-=:8DBE6CNE:G;DGB:9I=:FJ6CI>I6I>K:<DD9L>AA>BE6>GB:CII:HI;DG6AAD;>IHG:EDGI>C<JC>IH6C9>C9:;>C>I: A>K:9
>CI6C<>7A:6HH:IH "C9>86I>DCHD;;6>GK6AJ:76H:9DCEGD?:8I>DCHD;86H=;ADLH L=>8=>C8G:6H:9DK:GI=:EG>DGN:6GEGD?:8I>DCH6I
=><=:GG6I:HI=6CI=:>C8G:6H:H>C86GGN>C<K6AJ:H 6C9DCE::GG:K:CJ:H :6GC>C<HIG69>C<BJAI>EA:H6C99>H8DJCIG6I:H L=>8=
L:G:G:A6I>K:AN8DCH>HI:CIL>I=I=:EG>DGN:6G L:G:HJ;;>8>:CIID8DC8AJ9:I=6ICD>BE6>GB:CID;<DD9L>AADG>C9:;>C>I: A>K:9
>CI6C<>7A:6HH:IH:M>HI:96II=::C9D;I=:I:CI=;>H86ABDCI=D; I=:96I:D;I=:8DBE6CNWH6CCJ6A>BE6>GB:CII:HI>C<
-=:G:L:G:CD>CI:G>B>BE6>GB:CIHD;<DD9L>AADG>C9:;>C>I: A>K:9>CI6C<>7A:6HH:IH>C -=:G:86C7:CD6HHJG6C8:
=DL:K:G I=6I6C:8DCDB>89DLCIJGCL>AACDIB6I:G>6AAN69K:GH:AN6;;:8IE::GIG69>C<BJAI>EA:H6C9I=:8DBE6CNWH7JH>C:HH:H
HJ8=I=6II=:N9DCDI68=>:K:I=:>G;DG:86HI:9EGD;>I67>A>IN6C9I=:H:6HH:IH7:8DB:>BE6>G:9 ,=DJA9I=:;6>GK6AJ:D;I=:
8DBE6CNWH<DD9L>AADG>C9:;>C>I: A>K:9>CI6C<>7A:6HH:IH9:8A>C:7:86JH:D;G:9J8:9DE:G6I>C<E:G;DGB6C8: B6G@:I9:8A>C:H DG
DI=:G>C9>86IDGHD;>BE6>GB:CI DG6H6G:HJAID;8=6C<:H>CI=:9>H8DJCIG6I: 8=6G<:H;DG>BE6>GB:CIB6N7:C:8:HH6GN
:;>C>I: A>K:9"CI6C<>7A:HH:IH
:;>C>I: A>K:9>CI6C<>7A:6HH:IHIDI6A:9 7>AA>DC6I:8:B7:G H::'DI:;DG699>I>DC6A>C;DGB6I>DC -=:
8DBE6CNG:K>:LH9:;>C>I: A>K:9>CI6C<>7A:6HH:IH;DG>BE6>GB:CIL=:C>C9>86I>DCD;EDI:CI>6A>BE6>GB:CI:M>HIH HJ8=6H6
H><C>;>86CIG:9J8I>DC>C86H=;ADLH6HHD8>6I:9L>I=I=:6HH:IH 8IJ6A86H=;ADLH6G>H>C<;GDB6E6GI>8JA6G>CI6C<>7A:6HH:I8DJA9
K6GN;GDBEGD?:8I:986H=;ADLHL=>8=8DJA9>BEAN9>;;:G:CI86GGN>C<K6AJ:H;GDBI=DH::HI67A>H=:96II=:96I:HD;68FJ>H>I>DC
6C9L=>8=8DJA9G:HJAI>C>BE6>GB:CID;HJ8=6HH:I -=:8DBE6CNG:8DG9:9>BE6>GB:CIHD; 7>AA>DC>CH::'DI:
;DG699>I>DC6A>C;DGB6I>DC
DCI>C<:CIDCH>9:G6I>DC
-=:;6>GK6AJ:D;8DCI>C<:CI8DCH>9:G6I>DCA>67>A>I>:H L=>8=L:G:>C>I>6AAN:M8=6C<:9;DG8DCIGDAD;7JH>C:HH:HDG6HHJB:9
;GDB68FJ>G:97JH>C:HH:H L6H 7>AA>DC6I:8:B7:G I:68=G:EDGI>C<E:G>D9 I=:;6>GK6AJ:D;8DCI>C<:CI
8DCH>9:G6I>DC>H9:I:GB>C:9JH>C<:>I=:G9>H8DJCI:986H=;ADL6C6ANH:H &DCI:6GADH>BJA6I>DCH DG;6>GK6AJ:HD;6C
JC9:GAN>C<G:86E>I6A>O6I>DC>CK:HIB:CIEDGI;DA>D =6C<:H>CI=:;6>GK6AJ:D;8DCI>C<:CI8DCH>9:G6I>DCA>67>A>I>:H86CG:HJAI;GDB
8=6C<:H>C:HI>B6I:HD;G:K:CJ:DGDE:G6I>C<G:HJAIHDG>CI=:I>B>C<DGA>@:A>=DD9D;68=>:K>C<B>A:HIDC:H 6HL:AA6H8=6C<:H>C
I=:;6>GK6AJ:HD;I=:>CK:HIB:CIHJC9:GAN>C<I=:G:86E>I6A>O6I>DC>CK:HIB:CIEDGI;DA>D -=:H:8=6C<:HG:HJAI:9>C7:C:;>IH
8=6G<:HD; 7>AA>DC9JG>C<H::'DI:;DG699>I>DC6A>C;DGB6I>DC
'#
.CG:8D<C>O:9-6M:C:;>IH
"CI=:DG9>C6GN8DJGH:D;7JH>C:HHI=:G:>H>C=:G:CIJC8:GI6>CIN>CFJ6CI>;N>C<I=:8DBE6CNWH>C8DB:I6MEDH>I>DCH -=:
8DBE6CN6HH:HH:H>C8DB:I6MEDH>I>DCH6C9G:8DG9HI6M7:C:;>IH;DG6AAN:6GHHJ7?:8IID:M6B>C6I>DC76H:9JEDCB6C6<:B:CIWH
:K6AJ6I>DCD;I=:;68IH 8>G8JBHI6C8:H6C9>C;DGB6I>DC6K6>A67A:6II=:G:EDGI>C<96I: DGI=DH:I6MEDH>I>DCHL=:G:>I>HBDG:
A>@:ANI=6CCDII=6I6I6M7:C:;>IL>AA7:HJHI6>C:9 I=:8DBE6CN=6HG:8DG9:9I=:A6G<:HI6BDJCID;I6M7:C:;>IL>I=6<G:6I:G
I=6CE:G8:CIA>@:A>=DD9D;7:>C<G:6A>O:9JEDCJAI>B6I:H:IIA:B:CIL>I=6I6M>C<6JI=DG>INI=6I=6H;JAA@CDLA:9<:D;6AA
G:A:K6CI>C;DGB6I>DC DGI=DH:>C8DB:I6MEDH>I>DCHL=:G:>I>HCDIBDG:A>@:ANI=6CCDII=6I6I6M7:C:;>IL>AA7:HJHI6>C:9 CD
I6M7:C:;>I=6H7::CG:8D<C>O:9>CI=:;>C6C8>6AHI6I:B:CIH ,=DJA9I6MG:IJGCEDH>I>DCHI=6II=:8DBE6CN:ME:8IH6G:HJHI6>C67A:
CDI7:HJHI6>C:9JEDC6J9>I I=:8DBE6CN8DJA97:G:FJ>G:9IDG:8DG96C>C8G:B:CI6AI6MEGDK>H>DC;DGHJ8=I6M:H -=:
8DBE6CNWHA>67>A>IN;DGI=:H:JCG:8D<C>O:9I6M7:C:;>IHIDI6A:9 7>AA>DC6I:8:B7:G H::'DI:;DG699>I>DC6A
>C;DGB6I>DC
'% "&%&!'!
! !'&&(&&"!!!,&&"!!"!'"!
!%&('&""#%'"!&
>5@5/-8//;A:@5:3#;85/51?-:0?@59-@1?/;:@5:A10
-=:8DBE6CNDE:G6I:H>CCJB:GDJH8DJCIG>:HJC9:GB6CNA:<6A;DGBH6C9 6H6G:HJAI >HHJ7?:8IIDI=:?JG>H9>8I>DCD;
CJB:GDJH9DB:HI>86C9CDC . , I6M6JI=DG>I>:H 6HL:AA6HIDI6M6<G::B:CIH6C9IG:6I>:H6BDC<I=:H:<DK:GCB:CIH
:I:GB>C6I>DCD;I6M67A:>C8DB:>C6CN?JG>H9>8I>DCG:FJ>G:HI=:8DBE6CNID>CI:GEG:II=:G:A6I:9I6MA6LH6C9G:<JA6I>DCH6C9
I=:JH:D;:HI>B6I:H6C96HHJBEI>DCHG:<6G9>C<H><C>;>86CI;JIJG::K:CIH HJ8=6HI=:6BDJCI I>B>C<6C98=6G68I:GD;
9:9J8I>DCH E:GB>HH>7A:G:K:CJ:G:8D<C>I>DCB:I=D9HJC9:GI=:I6MA6L6C9I=:HDJG8:H6C98=6G68I:GD;>C8DB:6C9I6M8G:9>IH
=6C<:H>CI6MA6LH G:<JA6I>DCH 6<G::B:CIH6C9IG:6I>:H 8JGG:C8N:M8=6C<:G:HIG>8I>DCHDGI=:8DBE6CNWHA:K:AD;DE:G6I>DCH
DGEGD;>I67>A>IN>C:68=I6M>C<?JG>H9>8I>DC8DJA9=6K:6C>BE68IJEDCI=:6BDJCID;8JGG:CI6C99:;:GG:9I6M76A6C8:H6C9=:C8:
I=:8DBE6CNWHC:I>C8DB:
/6AJ6I>DCAADL6C8:H
-=:8DBE6CN:HI>B6I:HI=:9:<G::IDL=>8=I6M6HH:IHL>AAG:HJAI>C67:C:;>I 6;I:G8DCH>9:G6I>DCD;6AAEDH>I>K:6C9
C:<6I>K::K>9:C8: 6C9EGDK>9:H6K6AJ6I>DC6AADL6C8:;DGI6M6HH:IHI=6I>I7:A>:K:HL>AABDG:A>@:ANI=6CCDI<DJCJH:9 "C
H>IJ6I>DCH>CL=>8=I=:8DBE6CN=6H7::C67A:ID9:I:GB>C:I=6I>IH9:;:GG:9I6M6HH:IHL>AA7:G:6A>O:9 I=6I9:I:GB>C6I>DC
<:C:G6AANG:A>:HDC;JIJG:G:K:GH6AHD;I6M67A:I:BEDG6GN9>;;:G:C8:H6C9:ME:8I:9;JIJG:I6M67A:>C8DB: ";>I7:8DB:HBDG:
A>@:ANI=6CCDII=6I6I6M6HH:IL>AA7:JH:9 I=:8DBE6CNG:K:GH:HI=:G:A6I:9K6AJ6I>DC6AADL6C8: CNHJ8=G:K:GH6AH6G:
G:8DG9:96H6G:9J8I>DCD;I=:8DBE6CNWHI6MEGDK>H>DC -=:8DBE6CNWHI6MK6AJ6I>DC6AADL6C8:IDI6A:9 7>AA>DC6I
:8:B7:G H::'DI:;DG699>I>DC6A>C;DGB6I>DC ,=DJA9I=:8DBE6CNWH68IJ6A;JIJG:I6M67A:>C8DB:7NI6M
?JG>H9>8I>DCK6GN;GDB:HI>B6I:H 699>I>DC6A6AADL6C8:HDGG:K:GH6AHI=:G:D;B6N7:C:8:HH6GN
.C9>HIG>7JI:96GC>C<H
-=:8DBE6CN=6HCDIEGDK>9:9. , HI6I:>C8DB:I6M:HDG699>I>DC6ACDC . , I6M:HDC8:GI6>CD;>IHCDC . , HJ7H>9>6G>:HW
JC9>HIG>7JI:9:6GC>C<H 6HHJ8=6BDJCIH6G:>CI:C9:9ID7:G:>CK:HI:9DJIH>9:I=:.C>I:9,I6I:H>C9:;>C>I:AN>CI=:G:HE:8I>K:
?JG>H9>8I>DCH76H:9DCHE:8>;>87JH>C:HHEA6CH6C9I6MHIG6I:<>:HH::'DI:;DG699>I>DC6A>C;DGB6I>DC -=:H:7JH>C:HHEA6CH
6C9I6MHIG6I:<>:H8DCH>9:GH=DGI I:GB6C9ADC< I:GB;DG:86HIH6C97J9<:IHD;I=:. , E6G:CI6C9CDC . , HJ7H>9>6G>:H
LDG@>C<86E>I6A6C9DI=:GC::9H>CAD86I>DCHL=:G::6GC>C<H6G:<:C:G6I:9I=:8DBE6CNWHE6HIEG68I>8:HG:<6G9>C<CDC . ,
HJ7H>9>6GN9>K>9:C9HHDJG8:HD;;>C6C8>C<7NI=:. , E6G:CI HJ8=6H>HHJ>C<9:7IDG:FJ>IN6C9JH:HD;86H=7NI=:. , E6G:CI
I=6I6G:BDG:9>H8G:I>DC6GN>CC6IJG: HJ8=6H7JH>C:HH8DB7>C6I>DCH6C9H=6G:G:EJG8=6H:EGD<G6BH !DL:K:G H=DJA9I=:
8DBE6CN8=6C<:>IH7JH>C:HHEA6CH6C9I6MHIG6I:<>:H>CI=:;JIJG:6C99:8>9:IDG:E6IG>6I:6EDGI>DCD;I=:H::6GC>C<HIDDC:D;
>IH. , HJ7H>9>6G>:H >C8AJ9>C<86H=B6>CI6>C:97NI=:H:CDC . , HJ7H>9>6G>:H I=:8DBE6CNLDJA9G:8D<C>O:699>I>DC6AI6M
A>67>A>I>:H "I>HCDIEG68I>867A:ID:HI>B6I:I=:6BDJCID;699>I>DC6A. , HI6I:>C8DB:I6M6C9CDC . , I6MA>67>A>I>:HI=6II=:
8DBE6CNLDJA9>C8JG -=:8DBE6CNWH>CI:CI>HIDDCANB6@:9>HIG>7JI>DCH;GDBCDC . , HJ7H>9>6G>:H>CI=:;JIJG:L=:CI=:N
86C7:B69:6ICDC:II6M8DHIH
%1/1:@//;A:@5:3#>;:;A:/191:@?
9:H8G>EI>DCD;G:8:CIAN>HHJ:9688DJCI>C<HI6C96G9H>H>C8AJ9:9JC9:GI=:=:69>C<U)')28''3928-2+632392')1)287V
>C'DI:
'% "&%&!'!
$A-:@5@-@5B1-:0$A-85@-@5B15?/8;?A>1?.;A@ ->71@%5?7/;:@5:A10
@19 5:-:/5-8&@-@191:@?-:0&A<<8191:@->E-@-
-=>H96I6>HHJ7B>II:96H6H:E6G6I:H:8I>DCIDI=>HG:EDGI ,::"I:BUM=>7>IH6C9>C6C8>6A,I6I:B:CI,8=:9JA:H V
@19 4-:31?5:-:05?-3>1191:@?C5@4//;A:@-:@?;://;A:@5:3-:05:-:/5-85?/8;?A>1
'DI6EEA>867A:
@19 ;:@>;8?-:0#>;/10A>1?
%2%+)1)28A7:%09%8-323*-7'03796)3286307%2(63')(96)7
-=:8DBE6CNWHB6C6<:B:CI L>I=I=:E6GI>8>E6I>DCD;I=:8DBE6CNWH8=>:;:M:8JI>K:D;;>8:G6C98=>:;;>C6C8>6AD;;>8:G =6H
:K6AJ6I:9I=::;;:8I>K:C:HHD;I=:8DBE6CNWH9>H8ADHJG:8DCIGDAH6C9EGD8:9JG:H6HHJ8=I:GB>H9:;>C:9>C+JA:H6 :6C9
9 :JC9:GI=:M8=6C<:8I6HD;I=::C9D;I=:E:G>D98DK:G:97NI=>HG:EDGI &6C6<:B:CIG:8D<C>O:HI=6I6CN8DCIGDAH
6C9EGD8:9JG:H CDB6II:G=DLL:AA9:H><C:96C9DE:G6I:9 86CEGDK>9:DCANG:6HDC67A:6HHJG6C8:D;68=>:K>C<I=:>GD7?:8I>K:H
6C9B6C6<:B:CIC:8:HH6G>AN6EEA>:H>IH?J9<B:CI>C:K6AJ6I>C<I=:8DHI 7:C:;>IG:A6I>DCH=>ED;EDHH>7A:8DCIGDAH6C9EGD8:9JG:H
6H:9DCHJ8=:K6AJ6I>DC I=:8DBE6CNWH8=>:;:M:8JI>K:D;;>8:G6C98=>:;;>C6C8>6AD;;>8:G8DC8AJ9:9I=6I 6HD;I=::C9D;HJ8=
E:G>D9 I=:8DBE6CNWH9>H8ADHJG:8DCIGDAH6C9EGD8:9JG:HL:G::;;:8I>K:6II=:G:6HDC67A:6HHJG6C8:A:K:A
'% "&%&!'!
,%2+)7-228)62%03286303:)6-2%2'-%0)4368-2+
-=:G:=6K:7::CCD8=6C<:H>CI=:8DBE6CNWH>CI:GC6A8DCIGDADK:G;>C6C8>6AG:EDGI>C<6H9:;>C:9>CM8=6C<:8I+JA:H
6 ;6C99 ;9JG>C<I=:;>H86AFJ6GI:G:C9:9:8:B7:G I=6I=6K:B6I:G>6AAN6;;:8I:9DG6G:G:6HDC67AN
A>@:ANIDB6I:G>6AAN6;;:8II=:8DBE6CNWH>CI:GC6A8DCIGDADK:G;>C6C8>6AG:EDGI>C<
%2%+)1)28A7229%0)43683228)62%0328630:)6-2%2'-%0)4368-2+
-=:8DBE6CNWHB6C6<:B:CI >C8AJ9>C<I=:8DBE6CNWH8=>:;:M:8JI>K:D;;>8:G6C98=>:;;>C6C8>6AD;;>8:G >HG:HEDCH>7A:;DG
:HI67A>H=>C<6C9B6>CI6>C>C<69:FJ6I:>CI:GC6A8DCIGDADK:G;>C6C8>6AG:EDGI>C<6H9:;>C:9>CM8=6C<:8I+JA:H6 ;6C9
9 ;;DGI=:8DBE6CN "CI:GC6A8DCIGDADK:G;>C6C8>6AG:EDGI>C<>H6EGD8:HH9:H><C:9IDEGDK>9:G:6HDC67A:6HHJG6C8:
G:<6G9>C<I=:G:A>67>A>IND;;>C6C8>6AG:EDGI>C<6C9I=:EG:E6G6I>DCD;;>C6C8>6AHI6I:B:CIH;DG:MI:GC6AEJGEDH:H>C688DG96C8:
L>I=<:C:G6AAN688:EI:9688DJCI>C<EG>C8>EA:H -=:8DBE6CNWHB6C6<:B:CI8DC9J8I:96C6HH:HHB:CID;I=::;;:8I>K:C:HHD;I=:
8DBE6CNWH>CI:GC6A8DCIGDADK:G;>C6C8>6AG:EDGI>C<6HD;:8:B7:G 76H:9DC8G>I:G>6:HI67A>H=:9>CU"CI:GC6ADCIGDA
"CI:<G6I:9G6B:LDG@V>HHJ:97NI=:DBB>II::D;,EDCHDG>C<(G<6C>O6I>DCHD;I=:-G:69L6NDBB>HH>DC(,(
6H:9DCI=>H6HH:HHB:CI I=:8DBE6CNWHB6C6<:B:CI8DC8AJ9:9I=6I 6HD;:8:B7:G I=:8DBE6CNWH>CI:GC6A8DCIGDA
DK:G;>C6C8>6AG:EDGI>C<L6H:;;:8I>K: &6C6<:B:CIWH6HH:HHB:CID;I=::;;:8I>K:C:HHD;I=:8DBE6CNWH>CI:GC6A8DCIGDADK:G
;>C6C8>6AG:EDGI>C<6HD;:8:B7:G :M8AJ9:9)) "C8 &:H6>DI:8= "C8 6C9):EGD-:8= "C8 L=>8=L:G:68FJ>G:9
7NI=:8DBE6CN>C>CH:E6G6I:EJG8=6H:7JH>C:HH8DB7>C6I>DCH -=:H::CI>I>:H L=DH:IDI6A6HH:IH6C9IDI6AG:K:CJ:HL:G:
:M8AJ9:9;GDBI=:8DBE6CNWH6HH:HHB:CI G:EG:H:CI:96EEGDM>B6I:AN6C9 G:HE:8I>K:AN D;I=:G:A6I:98DCHDA>96I:9
6BDJCIH6HD;6C9;DGI=:N:6G:C9:9:8:B7:G 6H:9JEDC,:8JG>I>:H6C9M8=6C<:DBB>HH>DCHI6;;<J>96C8:
8DBE6C>:H6G:6AADL:9ID:M8AJ9:8:GI6>C68FJ>H>I>DCH;GDBI=:>G6HH:HHB:CIHD;>CI:GC6A8DCIGDADK:G;>C6C8>6AG:EDGI>C<9JG>C<
I=:;>GHIN:6GD;6C68FJ>H>I>DCL=>A:>CI:<G6I>C<I=:68FJ>G:98DBE6C>:H
-=:8DBE6CNWH>C9:E:C9:CIG:<>HI:G:9EJ7A>8688DJCI>C<;>GB )G>8:L6I:G=DJH:DDE:GH%%) =6H6J9>I:9I=::;;:8I>K:C:HH
D;I=:8DBE6CNWH>CI:GC6A8DCIGDADK:G;>C6C8>6AG:EDGI>C<6HD;:8:B7:G 6HHI6I:9>CI=:>GG:EDGII=6I6EE:6GHDC
E6<: D;I=>HCCJ6A+:EDGIDCDGB $
@19 "@41>:2;>9-@5;:
(C:7GJ6GN I=:8DBE6CN6C9&6G@) ,I:K:CHDC:CI:G:9>CID68DCHJAI>C<6<G::B:CIG:A6I>C<IDDC<D>C<
H:GK>8:HI=6I&G ,I:K:CHDCL>AAEGDK>9:IDI=:8DBE6CN;DAADL>C<=>HA6HI96N6H6C:BEADN::DC&6G8= .C9:GI=:
8DCHJAI>C<6<G::B:CI L=>8==6H6I:GB:C9>C<&6G8= &G ,I:K:CHDCL>AAH:GK:DCI=:8DBE6CNWH,8>:CI>;>89K>HDGN
D6G96C9L>AA6AHDEGDK>9:DC<D>C<69K>8:6C9H:GK>8:HG:A6I>C<ID(/" G:H:6G8=6C9EGD9J8IH JG>C<I=:I:GBD;I=:
8DCHJAI>C<6<G::B:CI &G ,I:K:CHDCWHDJIHI6C9>C<6C9JCK:HI:9:FJ>IN6L6G9H<G6CI:9>C;>H86AN:6GL>AA8DCI>CJ:IDK:HI
>C688DG96C8:L>I=I=:>GDG><>C6AI:GBH76H:9DC=>H8DCI>CJ:9H:GK>8:IDI=:8DBE6CN6C9 >;=:EGDK>9:H8DCHJAI>C<H:GK>8:H
I=GDJ<=&6G8= =>HDJIHI6C9>C<6C9JCK:HI:9:FJ>IN6L6G9H<G6CI:9>C;>H86AN:6GL>AAK:HIIDI=:H6B::MI:CI6H>;
=:=69G:I>G:96H6C:BEADN::DC&6G8= 6C9I=:EDHI I:GB>C6I>DC:M:G8>H:E:G>D9D;6AAD;&G ,I:K:CHDCWHHID8@
DEI>DCH IDI=::MI:CIK:HI:96C9:M:G8>H67A:DC&6G8= L>AA7::MI:C9:9JCI>AI=:DG><>C6AB6M>BJBI:GBD;HJ8=HID8@
DEI>DCH -=:6<G::B:CI6AHD8DCI6>CHEGDK>H>DCHI=6IG:HIG>8I&G ,I:K:CHDCWH67>A>IN9JG>C<I=:I:GBD;I=:8DCHJAI>C<
6<G::B:CI 6C9>;DG6E:G>D9D;IL:AK:BDCI=HI=:G:6;I:G IDLDG@;DGDGEGDK>9:8DCHJAI>C<H:GK>8:HID 6CN8DBE:I>IDGD;I=:
8DBE6CN 6C9>>;DG6E:G>D9D;:><=I::CBDCI=HI=:G:6;I:G IDHDA>8>I;DG=>G::BEADN::HDG8DCHJAI6CIHD;I=:8DBE6CNDGID
HDA>8>I8JHIDB:GHDG8A>:CIHD;I=:8DBE6CN
-=:;DG:<D>C<HJBB6GND;I=:8DCHJAI>C<6<G::B:CI>HHJ7?:8IID 6C9FJ6A>;>:9>C>IH:CI>G:IN7N I=:;JAAI:MID;HJ8=
6<G::B:CI L=>8=>H;>A:96H6C:M=>7>IIDI=>HCCJ6A+:EDGIDCDGB $
@19 5?/8;?A>1%13->05:3;>153:A>5?05/@5;:?@4-@#>1B1:@:?<1/@5;:?
'DI6EEA>867A:
'% "&%&!'!
#%'
@19 5>1/@;>?D1/A@5B1"225/1>?-:0;><;>-@1;B1>:-:/1
-=:>C;DGB6I>DCL>I=G:HE:8IID9>G:8IDGHG:FJ>G:97NI=>H"I:BL>AA7:8DCI6>C:9>CDJG9:;>C>I>K:EGDMNHI6I:B:CIID7:
;>A:9L>I=I=:,CDIA6I:GI=6C96NH6;I:GI=:8ADH:D;7JH>C:HHD;I=:;>H86AN:6G:;>C>I>K:)GDMN,I6I:B:CI
>C8AJ9>C<JC9:GUDGEDG6I:<DK:GC6C8:TD6G9D;9>G:8IDGHTH:A:8I>DC H@>AAH6C9:ME:G>:C8:T>G:8IDGCDB>C::H@>AAH
:ME:G>:C8: 6C9768@<GDJC9 V6C9UDGEDG6I:<DK:GC6C8:TD6G9D;9>G:8IDGHTH:A:8I>DC H@>AAH6C9:ME:G>:C8:T'DB>C::H
6C9>C8JB7:CI9>G:8IDGH V6C9>H>C8DGEDG6I:9>CI=>HG:EDGI7NG:;:G:C8:
-=:>C;DGB6I>DCL>I=G:HE:8IID:M:8JI>K:D;;>8:GHG:FJ>G:97NI=>H"I:B>H>C8AJ9:9>C"I:BD;)6GI"D;I=>HG:EDGI
-=:DI=:G>C;DGB6I>DCG:FJ>G:97NI=>H"I:BL>AA7:8DCI6>C:9>CDJG:;>C>I>K:)GDMN,I6I:B:CI>C8AJ9>C<JC9:G
UDGEDG6I:<DK:GC6C8:TD6G9EG68I>8:H EDA>8>:H6C9EGD8:HH:HTDGEDG6I: DK:GC6C8: J>9:A>C:HV6C9UDGEDG6I:
DK:GC6C8:TD6G9A:69:GH=>EHIGJ8IJG:TD6G98DBB>II::H V6C9>H>C8DGEDG6I:9>CI=>HG:EDGI7NG:;:G:C8:
@19 D1/A@5B1;9<1:?-@5;:
-=:>C;DGB6I>DCG:FJ>G:97NI=>H"I:BL>AA7:8DCI6>C:9>CDJG:;>C>I>K:)GDMN,I6I:B:CI>C8AJ9>C<JC9:G
UDGEDG6I:<DK:GC6C8:TDBE:CH6I>DCD;9>G:8IDGH V6C9UM:8JI>K:8DBE:CH6I>DC V6C9>H>C8DGEDG6I:9>CI=>HG:EDGI7N
G:;:G:C8:
@19 1>@-5:%18-@5;:?45<?-:0%18-@10'>-:?-/@5;:?-:05>1/@;>:01<1:01:/1
-=:>C;DGB6I>DCG:FJ>G:97NI=>H"I:BL>AA7:8DCI6>C:9>CDJG:;>C>I>K:)GDMN,I6I:B:CI>C8AJ9>C<JC9:G
UDGEDG6I:<DK:GC6C8:TD6G9EG68I>8:H EDA>8>:H6C9EGD8:HH:HT+:A6I:9E:GHDCIG6CH68I>DCH V6C9UDGEDG6I:<DK:GC6C8:T
D6G9A:69:GH=>EHIGJ8IJG:T!DLL:6HH:HH9>G:8IDG>C9:E:C9:C8: V6C9>H>C8DGEDG6I:9>CI=>HG:EDGI7NG:;:G:C8:
@19 #>5:/5<-8//;A:@-:@11?-:0&1>B5/1?
-=:>C;DGB6I>DCG:FJ>G:97NI=>H"I:BL>AA7:8DCI6>C:9>CDJG:;>C>I>K:)GDMN,I6I:B:CI>C8AJ9>C<JC9:GUJ9>I
B6II:GHT"C9:E:C9:CI6J9>IDG;::HV6C9UJ9>IB6II:GHTJ9>IDBB>II::WHEG: 6EEGDK6AEDA>8>:H6C9EGD8:9JG:H V6C9>H
>C8DGEDG6I:9>CI=>HG:EDGI7NG:;:G:C8:
'% "&%&!'!
#%')
@19 D45.5@?-:05:-:/5-8&@-@191:@&/410A81?
6-=:;DAADL>C<9D8JB:CIH6G:;>A:96HE6GID;I=>HG:EDGI
DCHDA>96I:9>C6C8>6A,I6I:B:CIHH::"C9:MDCE6<: D;I=>HG:EDGI
+:EDGID;"C9:E:C9:CI+:<>HI:G:9)J7A>888DJCI>C<>GB
DCHDA>96I:96A6C8:,=::I
DCHDA>96I:9,I6I:B:CID;"C8DB:
DCHDA>96I:9,I6I:B:CID;DBEG:=:CH>K:"C8DB:
DCHDA>96I:9,I6I:B:CID;6H=ADLH
DCHDA>96I:9,I6I:B:CID;+:9::B67A:'DC8DCIGDAA>C<"CI:G:HI6C9FJ>IN
'DI:HIDDCHDA>96I:9>C6C8>6A,I6I:B:CIH
AAH8=:9JA:H6G:DB>II:97:86JH:I=:N6G:CDI6EEA>867A:DGCDIG:FJ>G:9 DG7:86JH:I=:G:FJ>G:9>C;DGB6I>DC>H
>C8AJ9:9:>I=:G>CI=:8DCHDA>96I:9;>C6C8>6AHI6I:B:CIHDG>CI=:CDI:HI=:G:ID
7M=>7>IH
,::I=:M=>7>I"C9:MDCE6<:
&!'(%&
)JGHJ6CIIDI=:G:FJ>G:B:CIHD;,:8I>DCDG9D;I=:,:8JG>I>:HM8=6C<:8ID; I=:+:<>HIG6CI=6H9JAN86JH:9
I=>H+:EDGIID7:H><C:9DC>IH7:=6A;7NI=:JC9:GH><C:9 I=:G:JCID9JAN6JI=DG>O:9
6I: :7GJ6GN -!+&(",!+,"'-"""'
)JGHJ6CIIDI=:G:FJ>G:B:CIHD;I=:,:8JG>I>:HM8=6C<:8ID; I=>HG:EDGI=6H7::CH><C:97:ADL7NI=:;DAADL>C<
E:GHDCHDC7:=6A;D;I=:+:<>HIG6CI6C9>CI=:86E68>I>:H>C9>86I:9 6HD;:7GJ6GN
'% "&%&!'!
+'!+
M=>7>I
'JB7:G :H8G>EI>DCD;M=>7>I
<G::B:CI6C9)A6CD;&:G<:G 96I:96HD;EG>A 7N6C96BDC<-=:GBD>H=:G,8>:CI>;>8"C8 )DL9:G8FJ>H>I>DC
DGE 6C9)) "C8 ;>A:96HM=>7>I IDI=:+:<>HIG6CIWHJGG:CI+:EDGIDCDGB $;>A:9EG>A 3>A:'D
46C9>C8DGEDG6I:9>CI=>H9D8JB:CI7NG:;:G:C8:
B:C9:96C9+:HI6I:9:GI>;>86I:D;"C8DGEDG6I>DCD;I=:+:<>HIG6CI;>A:96HM=>7>I IDI=:+:<>HIG6CIWHCCJ6A+:EDGIDC
DGB $;DGI=:N:6G:C9:9:8:B7:G 3>A:'D 46C9>C8DGEDG6I:9>CI=>H9D8JB:CI7NG:;:G:C8:
B:C9B:CIID-=:GBD>H=:G,8>:CI>;>8"C8 WH-=>G9B:C9:96C9+:HI6I:9:GI>;>86I:D;"C8DGEDG6I>DC;>A:96HM=>7>I
IDI=:+:<>HIG6CIWHJGG:CI+:EDGIDCDGB $;>A:9'DK:B7:G 3>A:'D 46C9>C8DGEDG6I:9>CI=>H9D8JB:CI
7NG:;:G:C8:
:GI>;>86I:D;A>B>C6I>DCD;I=:,:G>:H#JC>DG)6GI>8>E6I>C<)G:;:GG:9,ID8@D;I=:DBE6CN 96I:9'DK:B7:G
;>A:96HM=>7>I IDI=:+:<>HIG6CIWHJGG:CI+:EDGIDCDGB $;>A:9'DK:B7:G 3>A:'D 46C9
>C8DGEDG6I:9>CI=>H9D8JB:CI7NG:;:G:C8:
B:C9:96C9+:HI6I:9N %6LHD;I=:+:<>HIG6CI 6H6B:C9:96C9:;;:8I>K:6HD;#JAN ;>A:96HM=>7>I IDI=:
+:<>HIG6CIWHJGG:CI+:EDGIDCDGB $;>A:9#JAN 3>A:'D 46C9>C8DGEDG6I:9>CI=>H9D8JB:CI7NG:;:G:C8:
,))+-786%28%+6))749679%28838)1 & ---3*)+90%8-3283*962-7,838,)311-77-3294326)59)78%
'34=3*)%',-278691)28;-8,6)74)'883032+8)61()&83*8,))+-786%2836-87'32730-(%8)(79&7-(-%6-)7
"C9:CIJG:96I:96HD;'DK:B7:G 7:IL::CI=:DBE6CN6C9-=:6C@D;':L2DG@&:AADC-GJHIDBE6CN '
;>A:96HM=>7>I IDI=:+:<>HIG6CIWHJGG:CI+:EDGIDCDGB $;>A:9'DK:B7:G 3>A:'D 46C9
>C8DGEDG6I:9>CI=>H9D8JB:CI7NG:;:G:C8:
,>MI=,JEEA:B:CI6A"C9:CIJG: 96I:96HD;:8:B7:G 7:IL::CI=:DBE6CN6C9-=:6C@D;':L2DG@&:AADC
-GJHIDBE6CN ' ;>A:96HM=>7>I IDI=:+:<>HIG6CIWHJGG:CI+:EDGIDCDGB $;>A:9:8:B7:G 3>A:
'D 46C9>C8DGEDG6I:9>CI=>H9D8JB:CI7NG:;:G:C8:
><=I=,JEEA:B:CI6A"C9:CIJG: 96I:96HD;'DK:B7:G 6BDC<I=:DBE6CN -=:6C@D;':L2DG@&:AADC-GJHI
DBE6CN ' 6HIGJHI:: 6C9-=:6C@D;':L2DG@&:AADC %DC9DCG6C8= 6HE6N>C<6<:CI;>A:96HM=>7>I IDI=:
+:<>HIG6CIWHJGG:CI+:EDGIDCDGB $;>A:9'DK:B7:G 3>A:'D 46C9>C8DGEDG6I:9>CI=>H9D8JB:CI7N
G:;:G:C8:
A:K:CI=,JEEA:B:CI6A"C9:CIJG: 96I:96HD;:8:B7:G 7:IL::CI=:DBE6CN6C9-=:6C@D;':L2DG@&:AADC
-GJHIDBE6CN ' ;>A:96HM=>7>I IDI=:+:<>HIG6CIWHJGG:CI+:EDGIDCDGB $;>A:9:8:B7:G 3>A:
'D 46C9>C8DGEDG6I:9>CI=>H9D8JB:CI7NG:;:G:C8:
-=>GI::CI=,JEEA:B:CI6A"C9:CIJG: 96I:96HD;,:EI:B7:G 7:IL::CI=:DBE6CN6C9-=:6C@D;':L2DG@
&:AADC-GJHIDBE6CN ' 6HIGJHI::;>A:96HM=>7>I IDI=:+:<>HIG6CIWHJGG:CI+:EDGIDCDGB $;>A:9,:EI:B7:G
3>A:'D 46C9>C8DGEDG6I:9>CI=>H9D8JB:CI7NG:;:G:C8:
>;I::CI=,JEEA:B:CI6A"C9:CIJG: 96I:96HD;&6G8= 7:IL::CI=:DBE6CN6C9-=:6C@D;':L2DG@&:AADC
-GJHIDBE6CN ' 6HIGJHI::;>A:96HM=>7>I IDI=:+:<>HIG6CIWHJGG:CI+:EDGIDCDGB $;>A:9&6G8=
3>A:'D 46C9>C8DGEDG6I:9>CI=>H9D8JB:CI7NG:;:G:C8:
,>MI::CI=,JEEA:B:CI6A"C9:CIJG: 96I:96HD;#JAN 7:IL::CI=:DBE6CN6C9-=:6C@D;':L2DG@&:AADC-GJHI
DBE6CN ' 6HIGJHI::;>A:96HM=>7>I IDI=:+:<>HIG6CIHJGG:CI+:EDGIDCDGB $;>A:9#JAN 3>A:'D
46C9>C8DGEDG6I:9>CI=>H9D8JB:CI7NG:;:G:C8:
,:K:CI::CI=,JEEA:B:CI6A"C9:CIJG: 96I:96HD;J<JHI 7:IL::CI=:DBE6CN6C9-=:6C@D;':L2DG@&:AADC
-GJHIDBE6CN ' 6HIGJHI::;>A:96HM=>7>I IDI=:+:<>HIG6CIWHJGG:CI+:EDGIDCDGB $;>A:9J<JHI
3>A:'D 46C9>C8DGEDG6I:9>CI=>H9D8JB:CI7NG:;:G:C8:
><=I::CI=,JEEA:B:CI6A"C9:CIJG: 96I:96HD;,:EI:B7:G 7:IL::CI=:DBE6CN 6C9-=:6C@D;':L2DG@
&:AADC-GJHIDBE6CN ' 6HIGJHI::;>A:96HM=>7>I IDI=:+:<>HIG6CIWHJGG:CI+:EDGIDCDGB $;>A:9,:EI:B7:G
3>A:'D 46C9>C8DGEDG6I:9>CI=>H9D8JB:CI7NG:;:G:C8:
'>C:I::CI=,JEEA:B:CI6A"C9:CIJG: 96I:96HD;(8ID7:G 7:IL::CI=:DBE6CN 6C9I=:6C@D;':L2DG@&:AADC
-GJHIDBE6CN ' 6HIGJHI::;>A:96HM=>7>I IDI=:+:<>HIG6CIWHJGG:CI+:EDGIDCDGB $;>A:9(8ID7:G
3>A:'D 46C9>C8DGEDG6I:9>CI=>H9D8JB:CI7NG:;:G:C8:
-L:CIN >GHI,JEEA:B:CI6A"C9:CIJG: 96I:96HD;EG>A 7:IL::CI=:DBE6CN 6C9-=:6C@D;':L2DG@&:AADC
-GJHIDBE6CN ' 6HIGJHI::;>A:96HM=>7>I IDI=:+:<>HIG6CIWHJGG:CI+:EDGIDCDGB $;>A:9EG>A 3>A:
'D 46C9>C8DGEDG6I:9>CI=>H9D8JB:CI7NG:;:G:C8:
-L:CIN ,:8DC9,JEEA:B:CI6A"C9:CIJG: 96I:96HD;J<JHI 7:IL::CI=:DBE6CN 6C9-=:6C@D;':L2DG@
&:AADC-GJHIDBE6CN ' 6HIGJHI::;>A:96HM=>7>I IDI=:+:<>HIG6CIWHJGG:CI+:EDGIDCDGB $;>A:9J<JHI
3>A:'D 46C9>C8DGEDG6I:9>CI=>H9D8JB:CI7NG:;:G:C8:
-=>G9,JEEA:B:CI6A"C9:CIJG: 96I:96HD;(8ID7:G 6BDC<-=:GBD>H=:G,8>:CI>;>8>C6C8:" / -=:GBD
>H=:G"CI:GC6I>DC6A 6H>HHJ:G I=:DBE6CN 6H<J6G6CIDG 6C9-=:6C@D;':L2DG@&:AADC-GJHIDBE6CN ' 6H
IGJHI::;>A:96HM=>7>I IDI=:+:<>HIG6CIWHJGG:CI+:EDGIDCDGB $;>A:9(8ID7:G 3>A:'D 46C9
>C8DGEDG6I:9>CI=>H9D8JB:CI7NG:;:G:C8:
-L:CIN -=>G9,JEEA:B:CI6A"C9:CIJG: 96I:96HD;(8ID7:G 7:IL::CI=:DBE6CN 6C9-=:6C@D;':L2DG@
&:AADC-GJHIDBE6CN ' 6HIGJHI::;>A:96HM=>7>I IDI=:+:<>HIG6CIWHJGG:CI+:EDGIDCDGB $;>A:9(8ID7:G
3>A:'D 46C9>C8DGEDG6I:9>CI=>H9D8JB:CI7NG:;:G:C8:
"C9:CIJG: 96I:96HD;J<JHI 6BDC<-=:GBD>H=:G"CI:GC6I>DC6A 6H>HHJ:G I=:DBE6CN 6H<J6G6CIDG 6C9-=:
6C@D;':L2DG@&:AADC-GJHIDBE6CN ' 6HIGJHI::;>A:96HM=>7>I IDI=:+:<>HIG6CIWHJGG:CI+:EDGIDCDGB
$;>A:9J<JHI 3>A:'D 46C9>C8DGEDG6I:9>CI=>H9D8JB:CI7NG:;:G:C8:
'% "&%&!'!
+'!+
M=>7>I
'JB7:G :H8G>EI>DCD;M=>7>I
DJGI=,JEEA:B:CI6A"C9:CIJG: 96I:96HD;'DK:B7:G 6BDC<-=:GBD>H=:G,8>:CI>;>8>C6C8:" / -=:GBD
>H=:G"CI:GC6I>DC6A 6H>HHJ:G I=:DBE6CN 6H<J6G6CIDG 6C9-=:6C@D;':L2DG@&:AADC-GJHIDBE6CN ' 6H
IGJHI::;>A:96HM=>7>I IDI=:+:<>HIG6CIWHJGG:CI+:EDGIDCDGB $;>A:9J<JHI 3>A:'D 46C9
>C8DGEDG6I:9>CI=>H9D8JB:CI7NG:;:G:C8:
:H8G>EI>DCD;I=:+:<>HIG6CIWH,:8JG>I>:H
-=:GBD>H=:G,8>:CI>;>8"C8 :;:GG:9DBE:CH6I>DC)A6C;DG>G:8IDGHD;I=:+:<>HIG6CI 6H6B:C9:96C9G:HI6I:9:;;:8I>K:
'DK:B7:G ;>A:96HM=>7>I IDI=:+:<>HIG6CIWH*J6GI:GAN+:EDGIDCDGB *;DGI=:FJ6GI:G:C9:9
,:EI:B7:G 3>A: 'D 4 6C9 >C8DGEDG6I:9 >C I=>H 9D8JB:CI 7N G:;:G:C8:
-=:GBDA:8IGDCDGEDG6I>DC:;:GG:9DBE:CH6I>DC)A6C :;;:8I>K:'DK:B7:G ;>A:96HM=>7>I IDI=:
+:<>HIG6CIWHCCJ6A+:EDGIDCDGB $;DGI=:;>H86AN:6G:C9:9:8:B7:G 3>A:'D 46C9>C8DGEDG6I:9>C
I=>H9D8JB:CI7NG:;:G:C8:
DGBD;B:C9:96C9+:HI6I:9"C9:BC>;>86I>DC<G::B:CI7:IL::CI=:+:<>HIG6CI6C9>IH9>G:8IDGH6C9D;;>8:GH;>A:96H
M=>7>I IDI=:+:<>HIG6CIWH+:<>HIG6I>DC,I6I:B:CIDCDGB, 3+:< 'D 46C9>C8DGEDG6I:9>CI=>H9D8JB:CI
7NG:;:G:C8:
,JBB6GND;-=:GBD>H=:G,8>:CI>;>8"C8 CCJ6A'DC &6C6<:B:CI>G:8IDGDBE:CH6I>DC;>A:96HM=>7>I IDI=:
+:<>HIG6CIWHJGG:CI+:EDGIDCDGB $;>A:9:7GJ6GN 3>A:'D 46C9>C8DGEDG6I:9>CI=>H9D8JB:CI7N
G:;:G:C8:
,JBB6GND;CCJ6A6H="C8:CI>K:)A6C
DGBD;'DC8DBE:I>I>DC<G::B:CI7:IL::CI=:+:<>HIG6CI6C98:GI6>C@:N:BEADN::H6C9:M:8JI>K:D;;>8:GH :;;:8I>K:6HD;
#6CJ6GN ;>A:96HM=>7>I IDI=:+:<>HIG6CIWHCCJ6A+:EDGIDCDGB $;DGI=:N:6G:C9:9:8:B7:G
3>A:'D 46C9>C8DGEDG6I:9>CI=>H9D8JB:CI7NG:;:G:C8:
+:I>G:B:CI)A6C;DG'DC BEADN::>G:8IDGHD;>H=:G,8>:CI>;>8"CI:GC6I>DC6A"C8 ;>A:96HM=>7>I ID>H=:G,8>:CI>;>8
"CI:GC6I>DC6A"C8 WHCCJ6A+:EDGIDCDGB $;DGI=:N:6G:C9:9:8:B7:G 3>A:'D 46C9>C8DGEDG6I:9
>CI=>H9D8JB:CI7NG:;:G:C8:
>GHIB:C9B:CIIDI=:>H=:G,8>:CI>;>8"CI:GC6I>DC6A"C8 +:I>G:B:CI)A6C;DG'DC BEADN::>G:8IDGH;>A:96H
M=>7>I ID>H=:G,8>:CI>;>8"CI:GC6I>DC6A"C8 WH*J6GI:GAN+:EDGIDCDGB *;DGI=:FJ6GI:G:C9:9&6G8=
3>A:'D 46C9>C8DGEDG6I:9>CI=>H9D8JB:CI7NG:;:G:C8:
B:C9B:CIID+:I>G:B:CI)A6C;DG'DC BEADN::>G:8IDGHD;>H=:G,8>:CI>;>8"CI:GC6I>DC6A"C8 ;>A:96HM=>7>I ID
>H=:G,8>:CI>;>8"CI:GC6I>DC6A"C8 WHJGG:CI+:EDGIDCDGB $;>A:9&6G8= 3>A:'D 46C9>C8DGEDG6I:9>C
I=>H9D8JB:CI7NG:;:G:C8:
-=:GBD>H=:G,8>:CI>;>8"C8 B:C9:96C9+:HI6I:9:;:GG:9DBE:CH6I>DC)A6C :;;:8I>K:#6CJ6GN ;>A:96H
M=>7>I IDI=:+:<>HIG6CIWH*J6GI:GAN+:EDGIDCDGB *;DGI=:FJ6GI:G:C9:9#JC: 3>A:'D 46C9
>C8DGEDG6I:9>CI=>H9D8JB:CI7NG:;:G:C8:
+:HI6I:B:CID;M:8JI>K:,:K:G6C8:<G::B:CI 7:IL::C&6G8' 6HE:G6C9I=:+:<>HIG6CI 96I:9'DK:B7:G
;>A:96HM=>7>I IDI=:+:<>HIG6CIWHJGG:CI+:EDGIDCDGB $;>A:9'DK:B7:G 3>A:'D 46C9
>C8DGEDG6I:9>CI=>H9D8JB:CI7NG:;:G:C8:
M:8JI>K:=6C<:"CDCIGDA+:I:CI>DC<G::B:CI 7:IL::C&6G8' 6HE:G6C9I=:+:<>HIG6CI 96I:9'DK:B7:G
;>A:96HM=>7>I IDI=:+:<>HIG6CIWHJGG:CI+:EDGIDCDGB $;>A:9'DK:B7:G 3>A:'D 46C9
>C8DGEDG6I:9>CI=>H9D8JB:CI7NG:;:G:C8:
'DC8DBE:I>I>DC<G::B:CI 7:IL::C&6G8' 6HE:G6C9I=:+:<>HIG6CI 96I:9'DK:B7:G ;>A:96HM=>7>I ID
I=:+:<>HIG6CIWHJGG:CI+:EDGIDCDGB $;>A:9'DK:B7:G 3>A:'D 46C9>C8DGEDG6I:9>CI=>H9D8JB:CI7N
G:;:G:C8:
B:C9B:CI'D ID+:HI6I:B:CID;M:8JI>K:,:K:G6C8:<G::B:CI 96I:9:7GJ6GN 7:IL::CI=:+:<>HIG6CI
6C9&6G8' 6HE:G;>A:96HM=>7>I IDI=:+:<>HIG6CIWHJGG:CI+:EDGIDCDGB $;>A:9:7GJ6GN 3>A:
'D 46C9>C8DGEDG6I:9>CI=>H9D8JB:CI7NG:;:G:C8:
B:C9B:CI'D ID+:HI6I:B:CID;M:8JI>K:,:K:G6C8:<G::B:CI 96I:9'DK:B7:G 7:IL::CI=:+:<>HIG6CI
6C9&6G8' 6HE:G;>A:96HM=>7>I IDI=:+:<>HIG6CIWHCCJ6A+:EDGIDCDGB $;DGI=:N:6G:C9:9:8:B7:G
3>A:'D 46C9>C8DGEDG6I:9>CI=>H9D8JB:CI7NG:;:G:C8:
B:C9B:CI'D IDM:8JI>K:=6C<:"CDCIGDA+:I:CI>DC<G::B:CI 96I:9'DK:B7:G 7:IL::C&6G8' 6HE:G
6C9I=:+:<>HIG6CI;>A:96HM=>7>I IDI=:+:<>HIG6CIWHCCJ6A+:EDGIDCDGB $;DGI=:N:6G:C9:9:8:B7:G
3>A:'D 46C9>C8DGEDG6I:9>CI=>H9D8JB:CI7NG:;:G:C8:
B:C9B:CI'D IDM:8JI>K:=6C<:>CDCIGDA+:I:CI>DC<G::B:CI 96I:9&6G8= 7:IL::C&6G8' 6HE:G6C9
I=:+:<>HIG6CI;>A:96HM=>7>I IDI=:+:<>HIG6CIH*J6GI:GAN+:EDGIDCDGB *;DGI=:FJ6GI:G:C9:9&6G8=
3>A:'D 46C9>C8DGEDG6I:9>CI=>H9D8JB:CI7NG:;:G:C8:
DGBD;M:8JI>K:=6C<:>CDCIGDA+:I:CI>DC<G::B:CI;DG(;;>8:GHDI=:GI=6C&6G8' 6HE:G;>A:96HM=>7>I ID
I=:+:<>HIG6CIH*J6GI:GAN+:EDGIDCDGB *;DGI=:FJ6GI:G:C9:9&6G8= 3>A:'D 46C9>C8DGEDG6I:9>C
I=>H9D8JB:CI7NG:;:G:C8:
DGBD;-=:GBD>H=:G,8>:CI>;>8"C8 WH+:HIG>8I:9,ID8@.C>I<G::B:CI;DG>G:8IDGH;>A:96HM=>7>I IDI=:
+:<>HIG6CIWH*J6GI:GAN+:EDGIDCDGB *;DGI=:FJ6GI:G:C9:9EG>A 3>A:'D 46C9>C8DGEDG6I:9>CI=>H
9D8JB:CI7NG:;:G:C8:
'% "&%&!'!
+'!+
M=>7>I
'JB7:G :H8G>EI>DCD;M=>7>I
DGBD;-=:GBD>H=:G,8>:CI>;>8"C8 WH):G;DGB6C8:+:HIG>8I:9,ID8@.C>I<G::B:CI:;;:8I>K::7GJ6GN ;>A:96H
M=>7>I IDI=:+:<>HIG6CIWHJGG:CI+:EDGIDCDGB $;>A:9:7GJ6GN 3>A:'D 46C9>C8DGEDG6I:9>C
I=>H9D8JB:CI7NG:;:G:C8:
DGBD;):G;DGB6C8:+:HIG>8I:9,ID8@.C>I<G::B:CI7:IL::C-=:GBD>H=:G,8>:CI>;>8"C8 6C9&6G8' 6HE:G :;;:8I>K:
:7GJ6GN ;>A:96HM=>7>I IDI=:+:<>HIG6CIWHJGG:CI+:EDGIDCDGB $;>A:9:7GJ6GN 3>A:
'D 46C9>C8DGEDG6I:9>CI=>H9D8JB:CI7NG:;:G:C8:
DGBD;'DCHI6IJIDGN,ID8@(EI>DC<G::B:CI7:IL::C-=:GBD>H=:G,8>:CI>;>8"C8 6C9&6G8' 6HE:G :;;:8I>K::7GJ6GN
;>A:96HM=>7>I IDI=:+:<>HIG6CIWHJGG:CI+:EDGIDCDGB $;>A:9:7GJ6GN 3>A:'D 46C9
>C8DGEDG6I:9>CI=>H9D8JB:CI7NG:;:G:C8:
-=:GBD>H=:G,8>:CI>;>8"C8 ,ID8@"C8:CI>K:)A6C;>A:96HM=>7>I IDI=:+:<>HIG6CIWHJGG:CI+:EDGIDCDGB $
;>A:9&6N 3>A:'D 46C9>C8DGEDG6I:9>CI=>H9D8JB:CI7NG:;:G:C8:
,JEEA:B:CI6AM:8JI>K:+:I>G:B:CI)A6C:;;:8I>K:6HD;:8:B7:G 6H6B:C9:96C9G:HI6I:96HD;J<JHI
;>A:96HM=>7>I IDEEA:G6DGEDG6I>DCWH*J6GI:GAN+:EDGIDCDGB *;DGI=:FJ6GI:G:C9:9,:EI:B7:G 3>A:
'D 46C9>C8DGEDG6I:9>CI=>H9D8JB:CI7NG:;:G:C8:
B:C9B:CIID,JEEA:B:CI6AM:8JI>K:+:I>G:B:CI)A6C :;;:8I>K:6HD;#6CJ6GN ;>A:96HM=>7>I ID%>;:
-:8=CDAD<>:HDGEDG6I>DCWHJGG:CI+:EDGIDCDGB $;>A:9:8:B7:G 3>A:'D 46C9>C8DGEDG6I:9>C
I=>H9D8JB:CI7NG:;:G:C8:
'DC8DBE:I>I>DC<G::B:CI7:IL::CI=:+:<>HIG6CI6C9&6G@) ,I:K:CHDC 96I:9,:EI:B7:G ;>A:96HM=>7>I ID
I=:+:<>HIG6CIWH*J6GI:GAN+:EDGIDCDGB *;DGI=:FJ6GI:G:C9:9,:EI:B7:G 3>A:'D 46C9>C8DGEDG6I:9
>CI=>H9D8JB:CI7NG:;:G:C8:
DGBD;-=:GBD>H=:G,8>:CI>;>8"C8 WH'DCHI6IJIDGN,ID8@(EI>DC<G::B:CI;DG(;;>8:GH;>A:96HM=>7>I IDI=:
+:<>HIG6CIHCCJ6A+:EDGIDCDGB $;DGI=:N:6G:C9:9:8:B7:G 3>A:'D 46C9>C8DGEDG6I:9>CI=>H
9D8JB:CI7NG:;:G:C8:
)6I=:DC' / (BC>7JH"C8:CI>K:)A6C;>A:96HM=>7>I IDI=:JGG:CI+:EDGIDCDGB $;>A:97N)6I=:DC' / DC
#JAN 3>A:'D 46C9>C8DGEDG6I:9>CI=>H9D8JB:CI7NG:;:G:C8:
B:C9B:CIID)6I=:DC' / (BC>7JH"C8:CI>K:)A6C 96I:9&6G8= ;>A:96HM=>7>I IDI=:+:<>HIG6CIH
+:<>HIG6I>DC,I6I:B:CIDCDGB, ;>A:9J<JHI 3>A:'D 46C9>C8DGEDG6I:9>CI=>H9D8JB:CI7N
G:;:G:C8:
B:C9B:CIID)6I=:DC' / (BC>7JH"C8:CI>K:)A6C 96I:9J<JHI ;>A:96HM=>7>I IDI=:+:<>HIG6CIH
+:<>HIG6I>DC,I6I:B:CIDCDGB, ;>A:9J<JHI 3>A:'D 46C9>C8DGEDG6I:9>CI=>H9D8JB:CI7N
G:;:G:C8:
G:9>I<G::B:CI 96I:9#6CJ6GN 6BDC<-=:GBD>H=:G,8>:CI>;>8"C8 8:GI6>C,J7H>9>6G>:HD;-=:GBD>H=:G
,8>:CI>;>8"C8 ;GDBI>B:IDI>B:E6GINI=:G:ID 6C@D;B:G>86 ' 6H9B>C>HIG6I>K:<:CI6C9:68=A:C9:G;GDBI>B:ID
I>B:E6GINI=:G:ID;>A:96HM=>7>I IDI=:+:<>HIG6CIWHJGG:CI+:EDGIDCDGB $;>A:9#6CJ6GN 3>A:'D
46C9>C8DGEDG6I:9>CI=>H9D8JB:CI7NG:;:G:C8:
DGBD;):G;DGB6C8:+:HIG>8I:9,ID8@.C>I<G::B:CI:;;:8I>K::7GJ6GN ;>A:96HM=>7>I IDI=:+:<>HIG6CIWH
*J6GI:GAN+:EDGIDCDGB *;DGI=:FJ6GI:G:C9:9&6G8= 3>A:'D 46C9>C8DGEDG6I:9>CI=>H9D8JB:CI7N
G:;:G:C8:
DGBD;):G;DGB6C8:+:HIG>8I:9,ID8@.C>I<G::B:CI;DG&6G8' 6HE:G:;;:8I>K::7GJ6GN ;>A:96HM=>7>I
IDI=:+:<>HIG6CIWH*J6GI:GAN+:EDGIDCDGB *;DGI=:FJ6GI:G:C9:9&6G8= 3>A:'D 46C9>C8DGEDG6I:9
>CI=>H9D8JB:CI7NG:;:G:C8:
%:II:G<G::B:CI7:IL::CI=:+:<>HIG6CI6C9&>8=:A%6<6G9:96I:9J<JHI ;>A:96HM=>7>I IDI=:
+:<>HIG6CIWHCCJ6A+:EDGIDCDGB $;DGI=:N:6G:C9:9:8:B7:G 3>A:'D 46C9>C8DGEDG6I:9>CI=>H
9D8JB:CI7NG:;:G:C8:
(EI>DC<G::B:CI.C9:GI=:)6I=:DC' / (BC>7JH"C8:CI>K:)A6C7:IL::C)6I=:DC' / 6C9&>8=:A%6<6G9:96I:9
#JAN ;>A:96HM=>7>I IDI=:+:<>HIG6CIWHCCJ6A+:EDGIDCDGB $;DGI=:N:6G:C9:9:8:B7:G
3>A:'D 46C9>C8DGEDG6I:9>CI=>H9D8JB:CI7NG:;:G:C8:
(EI>DC<G::B:CI.C9:GI=:)6I=:DC' / (BC>7JH"C8:CI>K:)A6C7:IL::C)6I=:DC' / 6C9&>8=:A%6<6G9:96I:9
&6G8= ;>A:96HM=>7>I IDI=:+:<>HIG6CIWHCCJ6A+:EDGIDCDGB $;DGI=:N:6G:C9:9:8:B7:G
3>A:'D 46C9>C8DGEDG6I:9>CI=>H9D8JB:CI7NG:;:G:C8:
-=:GBD>H=:G,8>:CI>;>8"C8 M:8JI>K:,:K:G6C8:)DA>8N;>A:96HM=>7>I IDI=:+:<>HIG6CIWH*J6GI:GAN+:EDGIDCDGB
*;DGI=:FJ6GI:G:C9:9#JC: 3>A:'D 46C9>C8DGEDG6I:9>CI=>H9D8JB:CI7NG:;:G:C8:
DGBD;'DC8DBE:I>I>DC<G::B:CI7:IL::CI=:+:<>HIG6CI6C98:GI6>C@:N:BEADN::H6C9:M:8JI>K:D;;>8:GH;>A:96HM=>7>I
IDI=:+:<>HIG6CIWH*J6GI:GAN+:EDGIDCDGB *;DGI=:FJ6GI:G:C9:9#JC: 3>A:'D 46C9
>C8DGEDG6I:9>CI=>H9D8JB:CI7NG:;:G:C8:
DGBD;-=:GBD>H=:G,8>:CI>;>8"C8 WH):G;DGB6C8:+:HIG>8I:9,ID8@.C>I<G::B:CI:;;:8I>K:6HD;:7GJ6GN ;>A:9
6HM=>7>I IDI=:+:<>HIG6CIWHCCJ6A+:EDGIDCDGB $;DGI=:N:6G:C9:9:8:B7:G 3>A:'D 46C9
>C8DGEDG6I:9>CI=>H9D8JB:CI7NG:;:G:C8:
DGBD;-=:GBD>H=:G,8>:CI>;>8"C8 WH+:HIG>8I:9,ID8@.C>I<G::B:CI:;;:8I>K:6HD;:7GJ6GN ;>A:96HM=>7>I
IDI=:+:<>HIG6CIWHCCJ6A+:EDGIDCDGB $;DGI=:N:6G:C9:9:8:B7:G 3>A:'D 46C9
>C8DGEDG6I:9>CI=>H9D8JB:CI7NG:;:G:C8:
'% "&%&!'!
+'!+
M=>7>I
'JB7:G :H8G>EI>DCD;M=>7>I
DGBD;-=:GBD>H=:G,8>:CI>;>8"C8 WH'DCHI6IJIDGN,ID8@(EI>DC<G::B:CI;DG(;;>8:GH:;;:8I>K:6HD;:7GJ6GN
;>A:96HM=>7>I IDI=:+:<>HIG6CIWHCCJ6A+:EDGIDCDGB $;DGI=:N:6G:C9:9:8:B7:G 3>A:
'D 46C9>C8DGEDG6I:9>CI=>H9D8JB:CI7NG:;:G:C8:
DGBD;):G;DGB6C8:+:HIG>8I:9,ID8@.C>I<G::B:CI7:IL::C-=:GBD>H=:G,8>:CI>;>8"C8 6C9&6G8' 6HE:G:;;:8I>K:
6HD;:7GJ6GN ;>A:96HM=>7>I IDI=:+:<>HIG6CIWHCCJ6A+:EDGIDCDGB $;DGI=:N:6G:C9:9:8:B7:G
3>A:'D 46C9>C8DGEDG6I:9>CI=>H9D8JB:CI7NG:;:G:C8:
DGBD;+:HIG>8I:9,ID8@.C>I<G::B:CI7:IL::C-=:GBD>H=:G,8>:CI>;>8"C8 6C9&6G8' 6HE:G:;;:8I>K:6HD;
:7GJ6GN ;>A:96HM=>7>I IDI=:+:<>HIG6CIWHCCJ6A+:EDGIDCDGB $;DGI=:N:6G:C9:9:8:B7:G
3>A:'D 46C9>C8DGEDG6I:9>CI=>H9D8JB:CI7NG:;:G:C8:
DGBD;'DCHI6IJIDGN,ID8@(EI>DC<G::B:CI7:IL::C-=:GBD>H=:G,8>:CI>;>8"C8 6C9&6G8' 6HE:G:;;:8I>K:6HD;
:7GJ6GN ;>A:96HM=>7>I IDI=:+:<>HIG6CIWHCCJ6A+:EDGIDCDGB $;DGI=:N:6G:C9:9:8:B7:G
3>A:'D 46C9>C8DGEDG6I:9>CI=>H9D8JB:CI7NG:;:G:C8:
DGBD;+:HIG>8I:9,ID8@.C>I<G::B:CI7:IL::C-=:GBD>H=:G,8>:CI>;>8"C8 6C9&6G8' 6HE:G;>A:96HM=>7>I
IDI=:+:<>HIG6CIWHCCJ6A+:EDGIDCDGB $;DGI=:N:6G:C9:9:8:B7:G 3>A:'D 46C9>C8DGEDG6I:9>C
I=>H9D8JB:CI7NG:;:G:C8:
DGBD;):G;DGB6C8:+:HIG>8I:9,ID8@.C>I<G::B:CI7:IL::C-=:GBD>H=:G,8>:CI>;>8"C8 6C9&6G8' 6HE:G;>A:96H
M=>7>I IDI=:+:<>HIG6CIWHCCJ6A+:EDGIDCDGB $;DGI=:N:6G:C9:9:8:B7:G 3>A:'D 46C9
>C8DGEDG6I:9>CI=>H9D8JB:CI7NG:;:G:C8:
DGBD;-=:GBD>H=:G,8>:CI>;>8"C8 WH):G;DGB6C8:+:HIG>8I:9,ID8@.C>I<G::B:CI;>A:96HM=>7>I IDI=:
+:<>HIG6CIWHCCJ6A+:EDGIDCDGB $;DGI=:N:6G:C9:9:8:B7:G 3>A:'D 46C9>C8DGEDG6I:9>CI=>H
9D8JB:CI7NG:;:G:C8:
)) "C8 (BC>7JH"C8:CI>K:)A6C;>A:96HM=>7>I ID))"C8 WHDGB, ;>A:9#6CJ6GN 3>A:'D
46C9>C8DGEDG6I:9>CI=>H9D8JB:CI7NG:;:G:C8:
DCHJAI>C<<G::B:CI7:IL::CI=:+:<>HIG6CI6C9&6G@) ,I:K:CHDC 96I:9:7GJ6GN
,J7H>9>6G>:HD;I=:+:<>HIG6CI
,J7H>9>6GN"HHJ:GD; J6G6CI::9,:8JG>I>:H
DCH:CID;)G>8:L6I:G=DJH:DDE:GH%%) 6C"C9:E:C9:CI+:<>HI:G:9)J7A>888DJCI>C<>GB
:GI>;>86I>DCD;=>:;M:8JI>K:(;;>8:GG:FJ>G:97NM8=6C<:8I+JA:H6 66C99 6 6H69DEI:9EJGHJ6CIID
,:8I>DCD;I=:,6G76C:H (MA:N8ID;
:GI>;>86I>DCD;=>:;>C6C8>6A(;;>8:GG:FJ>G:97NM8=6C<:8I+JA:H6 66C99 6 6H69DEI:9EJGHJ6CIID
,:8I>DCD;I=:,6G76C:H (MA:N8ID;
:GI>;>86I>DCD;=>:;M:8JI>K:(;;>8:GG:FJ>G:97NM8=6C<:8I+JA:H6 76C99 7 6H69DEI:9EJGHJ6CIID
,:8I>DCD;I=:,6G76C:H (MA:N8ID;
:GI>;>86I>DCD;=>:;>C6C8>6A(;;>8:GG:FJ>G:97NM8=6C<:8I+JA:H6 76C99 7 6H69DEI:9EJGHJ6CIID
,:8I>DCD;I=:,6G76C:H (MA:N8ID;
"', 1+%"CHI6C8:D8JB:CI I=:>CHI6C8:9D8JB:CI9D:HCDI6EE:6G>CI=:"CI:G68I>K:6I6>A:7:86JH:>IH1+%I6<H6G:
:B7:99:9L>I=>CI=:"CA>C:1+%9D8JB:CI
,! 1+%-6MDCDBNMI:CH>DC,8=:B6D8JB:CI
% 1+%-6MDCDBN6A8JA6I>DC%>C@76H:D8JB:CI
1+%-6MDCDBN:;>C>I>DC%>C@76H:D8JB:CI
% 1+%-6MDCDBN%67:A%>C@76H:D8JB:CI
)+ 1+%-6MDCDBN)G:H:CI6I>DC%>C@76H:D8JB:CI
DK:G)6<:"CI:G68I>K:6I6>A:;DGB6II:96H"CA>C:1+%6C98DCI6>C:9>CM=>7>I
55555555555555555555555
"C9>86I:HB6C6<:B:CI8DCIG68IDG8DBE:CH6IDGNEA6C 8DCIG68IDG6GG6C<:B:CI
:GI>;>86I>DC>HCDI9::B:9U;>A:9V;DGEJGEDH:HD;,:8I>DCD;I=:M8=6C<:8IDGDI=:GL>H:HJ7?:8IIDI=:A>67>A>IND;I=6IH:8I>DC ,J8=
8:GI>;>86I>DC>HCDI9::B:9ID7:>C8DGEDG6I:97NG:;:G:C8:>CID6CN;>A>C<JC9:GI=:,:8JG>I>:H8IDGI=:M8=6C<:8I:M8:EIIDI=::MI:CI
I=6II=:G:<>HIG6CIHE:8>;>86AAN>C8DGEDG6I:H>I7NG:;:G:C8:
'% "&%&!'!
!+""!&"'!!&'' !'&
-=:;DAADL>C<DCHDA>96I:9>C6C8>6A,I6I:B:CIHD;I=:+:<>HIG6CI6C9>IHHJ7H>9>6G>:H6G:G:FJ>G:9ID7:>C8AJ9:9>C"I:B
)6<:
+:EDGID;"C9:E:C9:CI+:<>HI:G:9)J7A>888DJCI>C<>GB)("
DCHDA>96I:96A6C8:,=::I6HD;:8:B7:G 6C9
DCHDA>96I:9,I6I:B:CID;+:9::B67A:'DC8DCIGDAA>C<"CI:G:HI6C9FJ>IN;DGI=:N:6GH:C9:9:8:B7:G
6C9
'DI:HIDDCHDA>96I:9>C6C8>6A,I6I:B:CIH
#49-*4&7)4+.7*(9478&3)"-&7*-41)*784+#-*724.8-*7"(.*39.+.(3(
%*-&;*&:).9*)9-*&((425&3>.3,(43841.)&9*)'&1&3(*8-**94+#-*724.8-*7"(.*39.+.(3(
&3).988:'8.).&7.*89-*@425&3>A&84+*(*2'*7 &3) &3)9-*7*1&9*)
(43841.)&9*)89&9*2*3984+.3(42*4+(4257*-*38.;*.3(42*4+7*)**2&'1*343(4397411.3,
.39*7*89&3)*6:.9>&3)4+(&8-+14<8+47*&(-4+9-*9-7**>*&78.39-*5*7.4)*3)*)*(*2'*7
.3(1:).3,9-*7*1&9*)349*8(411*(9.;*1>7*+*77*)94&89-*@(43841.)&9*)+.3&3(.&1
89&9*2*398A %*&184-&;*&:).9*)9-*425&3>8.39*73&1(4397414;*7+.3&3(.&17*5479.3,&84+
*(*2'*7 '&8*)43(7.9*7.&*89&'1.8-*).3 !
.88:*)'>9-*422.99**4+"543847.3,7,&3.?&9.4384+9-*#7*&)<&>422.88.43
"
34:745.3.439-*(43841.)&9*)+.3&3(.&189&9*2*3987*+*77*)94&'4;*57*8*39+&.71>.3&11
2&9*7.&17*85*(989-*+.3&3(.&1548.9.434+9-*425&3>&84+*(*2'*7 &3) &3)
9-*7*8:1984+.9845*7&9.438&3).98(&8-+14<8+47*&(-4+9-*9-7**>*&78.39-*5*7.4)*3)*)
*(*2'*7 .3(43+472.9><.9-&((4:39.3,57.3(.51*8,*3*7&11>&((*59*).39-*$3.9*)
"9&9*84+2*7.(& 184.34:745.3.439-*425&3>2&.39&.3*).3&112&9*7.&17*85*(98*++*(9.;*
.39*73&1(4397414;*7+.3&3(.&17*5479.3,&84+*(*2'*7 '&8*)43(7.9*7.&*89&'1.8-*).3
! .88:*)'>9-*"
8).8(:88*).349* 949-*(43841.)&9*)+.3&3(.&189&9*2*3989-*425&3>(-&3,*)9-*
2&33*7.3<-.(-.9&((4:398+471*&8*8.3
#-*425&3>82&3&,*2*39.87*85438.'1*+479-*8*(43841.)&9*)+.3&3(.&189&9*2*398+47
2&.39&.3.3,*++*(9.;*.39*73&1(4397414;*7+.3&3(.&17*5479.3,&3)+47.98&88*882*394+9-*
*++*(9.;*3*884+.39*73&1(4397414;*7+.3&3(.&17*5479.3,.3(1:)*).3&3&,*2*39B833:&1
!*54794339*73&1439741;*7.3&3(.&1!*5479.3,&55*&7.3,:3)*79*2 :77*85438.'.1.9>
.894*=57*8845.3.438439-*425&3>B8(43841.)&9*)+.3&3(.&189&9*2*398&3)439-*425&3>8
.39*73&1(4397414;*7+.3&3(.&17*5479.3,'&8*)434:7&:).98 %*&7*&5:'1.(&((4:39.3,+.72
7*,.89*7*)<.9-9-* :'1.(425&3>((4:39.3,;*78.,-94&7)$3.9*)"9&9*8 &3)
&7*7*6:.7*)94'*.3)*5*3)*39<.9-7*85*(9949-*425&3>.3&((47)&3(*<.9-9-*$ " +*)*7&1
8*(:7.9.*81&<8&3)9-*&551.(&'1*7:1*8&3)7*,:1&9.4384+9-*"*(:7.9.*8&3)=(-&3,*
422.88.43&3)9-*
:7&:).984+9-*(43841.)&9*)+.3&3(.&189&9*2*398.3(1:)*)5*7+472.3,574(*):7*894&88*889-*
7.8084+2&9*7.&12.889&9*2*394+9-*(43841.)&9*)+.3&3(.&189&9*2*398<-*9-*7):*94*774747
+7&:)&3)5*7+472.3,574(*):7*89-&97*8543)949-48*7.808 ":(-574(*):7*8.3(1:)*)
*=&2.3.3,43&9*89'&8.8*;.)*3(*7*,&7).3,9-*&24:398&3)).8(148:7*8.39-*(43841.)&9*)
+.3&3(.&189&9*2*398 :7&:).98&184.3(1:)*)*;&1:&9.3,9-*&((4:39.3,57.3(.51*8:8*)&3)
8.,3.+.(&39*89.2&9*82&)*'>2&3&,*2*39&8<*11&8*;&1:&9.3,9-*4;*7&1157*8*39&9.434+9-*
(43841.)&9*)+.3&3(.&189&9*2*398 :7&:).94+.39*73&1(4397414;*7+.3&3(.&17*5479.3,.3(1:)*)
4'9&.3.3,&3:3)*789&3).3,4+.39*73&1(4397414;*7+.3&3(.&17*5479.3,&88*88.3,9-*7.809-&9&
2&9*7.&1<*&03*88*=.898&3)9*89.3,&3)*;&1:&9.3,9-*)*8.,3&3)45*7&9.3,*++*(9.;*3*884+
.39*73&1(439741'&8*)439-*&88*88*)7.80 :7&:).98&184.3(1:)*)5*7+472.3,8:(-49-*7
574(*):7*8&8<*(438.)*7*)3*(*88&7>.39-*(.7(:289&3(*8 %*'*1.*;*9-&94:7&:).98574;.)*&
7*&843&'1*'&8.8+474:745.3.438
8)*8(7.'*).3&3&,*2*39B833:&1!*54794339*73&1439741;*7.3&3(.&1!*5479.3,
2&3&,*2*39-&8*=(1:)*) 3( *8&.49*(-3( &3) *574#*(-3( +742.98&88*882*39
4+.39*73&1(4397414;*7+.3&3(.&17*5479.3,&84+*(*2'*7 '*(&:8*9-*><*7*&(6:.7*)'>
9-*425&3>.35:7(-&8*':8.3*88(42'.3&9.438):7.3, %*-&;*&184*=(1:)*) 3(
*8&.49*(-3( &3) *574#*(-3( +7424:7&:).94+.39*73&1(4397414;*7+.3&3(.&17*5479.3,
3( *8&.49*(-3( &3) *574#*(-3( &7*<-411>4<3*)8:'8.).&7.*8<-48*949&1
&88*98&3)949&17*;*3:*8*=(1:)*)+7422&3&,*2*39B8&88*882*39&3)4:7&:).94+.39*73&1
(4397414;*7+.3&3(.&17*5479.3,(411*(9.;*1>7*57*8*39&5574=.2&9*1>&3) 7*85*(9.;*1>4+
9-*7*1&9*)(43841.)&9*)+.3&3(.&189&9*2*39&24:398&84+&3)+479-*>*&7*3)*)*(*2'*7
(425&3>B8.39*73&1(4397414;*7+.3&3(.&17*5479.3,.8&574(*88)*8.,3*)94574;.)*7*&843&'1*
&88:7&3(*7*,&7).3,9-*7*1.&'.1.9>4++.3&3(.&17*5479.3,&3)9-*57*5&7&9.434++.3&3(.&1
89&9*2*398+47*=9*73&15:7548*8.3&((47)&3(*<.9-,*3*7&11>&((*59*)&((4:39.3,57.3(.51*8
(425&3>B8.39*73&1(4397414;*7+.3&3(.&17*5479.3,.3(1:)*89-48*541.(.*8&3)574(*):7*89-&9
.5*79&.3949-*2&.39*3&3(*4+7*(47)89-&9.37*&843&'1*)*9&.1&((:7&9*1>&3)+&.71>7*+1*(99-*
97&38&(9.438&3)).8548.9.4384+9-*&88*984+9-*(425&3>..574;.)*7*&843&'1*&88:7&3(*9-&9
97&38&(9.438&7*7*(47)*)&83*(*88&7>945*72.957*5&7&9.434++.3&3(.&189&9*2*398.3
&((47)&3(*<.9-,*3*7&11>&((*59*)&((4:39.3,57.3(.51*8&3)9-&97*(*.598&3)*=5*3).9:7*84+
9-*(425&3>&7*'*.3,2&)*431>.3&((47)&3(*<.9-&:9-47.?&9.4384+2&3&,*2*39&3)).7*(9478
4+9-*(425&3>&3)...574;.)*7*&843&'1*&88:7&3(*7*,&7).3,57*;*39.43479.2*1>)*9*(9.43
4+:3&:9-47.?*)&(6:.8.9.43:8*47).8548.9.434+9-*(425&3>B8&88*989-&9(4:1)-&;*&2&9*7.&1
*++*(9439-*+.3&3(.&189&9*2*398
*(&:8*4+.98.3-*7*391.2.9&9.438.39*73&1(4397414;*7+.3&3(.&17*5479.3,2&>34957*;*3947
)*9*(92.889&9*2*398 184574/*(9.4384+&3>*;&1:&9.434+*++*(9.;*3*8894+:9:7*5*7.4)8&7*
8:'/*(9949-*7.809-&9(43974182&>'*(42*.3&)*6:&9*'*(&:8*4+(-&3,*8.3(43).9.438479-&9
9-*)*,7**4+(4251.&3(*<.9-9-*541.(.*847574(*):7*82&>)*9*7.47&9*
#-*(7.9.(&1&:).92&99*78(422:3.(&9*)'*14<&7*2&99*78&7.8.3,+7429-*(:77*395*7.4)&:).9
4+9-*(43841.)&9*)+.3&3(.&189&9*2*3989-&9<*7*(422:3.(&9*)477*6:.7*)94'*(422:3.(&9*)
949-*&:).9(422.99**&3)9-&9.7*1&9*94&((4:39847).8(148:7*89-&9&7*2&9*7.&1949-*
(43841.)&9*)+.3&3(.&189&9*2*398&3)...3;41;*)4:7*85*(.&11>(-&11*3,.3,8:'/*(9.;*47
(4251*=/:),2*398 #-*(422:3.(&9.434+(7.9.(&1&:).92&99*78)4*8349&19*7.3&3><&>4:7
45.3.43439-*(43841.)&9*)+.3&3(.&189&9*2*3989&0*3&8&<-41*&3)<*&7*349'>
(422:3.(&9.3,9-*(7.9.(&1&:).92&99*78'*14<574;.).3,8*5&7&9*45.3.438439-*(7.9.(&1&:).9
2&99*7847439-*&((4:39847).8(148:7*894<-.(-9-*>7*1&9*
"
8)*8(7.'*).349*949-*(43841.)&9*)+.3&3(.&189&9*2*3989-*425&3>B8574;.8.43+47
.3(42*9&=*8+479-*>*&7*3)*)*(*2'*7 <&8 2.11.43 #-*425&3>-&8
)*+*77*)9&=1.&'.1.9.*83*94+ 2.11.43.3(1:).3,&;&1:&9.43&114<&3(*4+2.11.43
&3):37*(4,3.?*)9&='*3*+.984+ 2.11.43&84+*(*2'*7 8).8(148*)'>
2&3&,*2*399-*425&3>45*7&9*8.33:2*74:8(4:397.*8:3)*72&3>1*,&1+4728&3)&8&
7*8:19.88:'/*(9949-*/:7.8).(9.434+3:2*74:8)42*89.(&3)343$ " 9&=&:9-47.9.*8&8<*11&8
949&=&,7**2*398&3)97*&9.*8&243,9-*8*,4;*732*398 *9*72.3&9.434+9&=&'1*.3(42*.3&3>
/:7.8).(9.437*6:.7*82&3&,*2*3994.39*757*99-*7*1&9*)9&=1&<8&3)7*,:1&9.438&3)94:8*
*89.2&9*8&3)&88:259.4387*,&7).3,8.,3.+.(&39+:9:7**;*3988:(-&89-*&24:399.2.3,&3)
(-&7&(9*74+)*):(9.4385*72.88.'1*7*;*3:*7*(4,3.9.432*9-4)8:3)*79-*9&=1&<&3)9-*
84:7(*8&3)(-&7&(9*74+.3(42*&3)9&=(7*).98 &3&,*2*39&88*88*8.3(42*9&=548.9.438&3)
7*(47)89&='*3*+.98+47&11>*&788:'/*(994*=&2.3&9.43'&8*):5432&3&,*2*39B8*;&1:&9.434+
9-*+&(98(.7(:289&3(*8&3).3+472&9.43&;&.1&'1*&99-*7*5479.3,)&9* 479-48*9&=548.9.438
<-*7*.9.8247*1.0*1>9-&33499-&9&9&='*3*+.9<.11'*8:89&.3*)2&3&,*2*39-&87*(47)*)9-*
1&7,*89&24:394+9&='*3*+.9<.9-&,7*&9*79-&3 5*7(*391.0*1.-44)4+'*.3,7*&1.?*):543
:19.2&9*8*991*2*39<.9-&9&=.3,&:9-47.9>9-&9-&8+:11034<1*),*4+&117*1*;&39.3+472&9.43
479-48*.3(42*9&=548.9.438<-*7*.9.8349247*1.0*1>9-&33499-&9&9&='*3*+.9<.11'*
8:89&.3*)349&='*3*+.9-&8'**37*(4,3.?*).39-*+.3&3(.&189&9*2*398 &3&,*2*39*89.2&9*8
9-*)*,7**94<-.(-9&=&88*98<.117*8:19.3&'*3*+.9&+9*7(438.)*7&9.434+&11548.9.;*&3)
3*,&9.;**;.)*3(*&3)574;.)*8&;&1:&9.43&114<&3(*+479&=&88*989-&9.9'*1.*;*8<.11247*
1.0*1>9-&3349,4:3:8*) 38.9:&9.438.3<-.(-2&3&,*2*39-&8'**3&'1*94)*9*72.3*9-&99-*
425&3>B8)*+*77*)9&=&88*98<.11'*7*&1.?*)9-&9)*9*72.3&9.43,*3*7&11>7*1.*843+:9:7*
7*;*78&184+9&=&'1*9*2547&7>).++*7*3(*8&3)*=5*(9*)+:9:7*9&=&'1*.3(42* +.9'*(42*8247*
1.0*1>9-&33499-&9&9&=&88*9<.11'*:8*)2&3&,*2*397*;*78*89-*7*1&9*);&1:&9.43&114<&3(*
#-*57.3(.5&1(438.)*7&9.438+474:7)*9*72.3&9.439-&95*7+472.3,574(*):7*87*1&9.3,94.3(42*
9&=*8.8&(7.9.(&1&:).92&99*7&7*.9-*8.,3.+.(&39/:),2*39'>2&3&,*2*39<-*3.39*757*9.3,
9-*3:2*74:8&3)(4251*=9&=1&<8&3)7*,:1&9.438&8.97*1&9*894)*9*72.3.3,9-*574;.8.43+47
.3(42*9&=*8)*+*77*)9&=&88*98&3)1.&'.1.9.*8.3(1:).3,9-*;&1:&9.43&114<&3(*&3)1.&'.1.9.*8
+47:37*(4,3.?*)9&='*3*+.98..&-.,-)*,7**4+&:).947/:),2*398:'/*(9.;.9>&3)*++479.3
5*7+472.3,574(*):7*8&3)*;&1:&9.3,&:).9*;.)*3(*7*1&9*)949-*574;.8.43+47.3(42*9&=*8
)*+*77*)9&=&88*98&3)1.&'.1.9.*8.3(1:).3,9-*;&1:&9.43&114<&3(*&3)1.&'.1.9.*8+47
:37*(4,3.?*)9&='*3*+.98&3)...9-*&:).9*++479.3;41;*)9-*:8*4+574+*88.43&18<.9-
85*(.&1.?*)80.11&3)034<1*),*
))7*88.3,9-*2&99*7.3;41;*)5*7+472.3,574(*):7*8&3)*;&1:&9.3,&:).9*;.)*3(*.3
(433*(9.43<.9-+472.3,4:74;*7&1145.3.43439-*(43841.)&9*)+.3&3(.&189&9*2*398 #-*8*
574(*):7*8.3(1:)*)9*89.3,9-**++*(9.;*3*884+(43974187*1&9.3,949-*574;.8.43+47.3(42*
9&=*8)*+*77*)9&=&88*98&3)1.&'.1.9.*8.3(1:).3,9-*;&1:&9.43&114<&3(*&3)1.&'.1.9.*8+47
:37*(4,3.?*)9&='*3*+.98 #-*8*574(*):7*8&184.3(1:)*)&243,49-*78.9*89.3,9-*&((:7&(>
4+9-*574;.8.43+47.3(42*9&=*8.3(1:).3,9-*7&9*7*(43(.1.&9.43&3)5*72&3*39&3)9*2547&7>
).++*7*3(*8..*;&1:&9.3,<-*9-*79-*)&9&:9.1.?*).39-*(&1(:1&9.4384+9-*574;.8.43+47.3(42*
9&=*8)*+*77*)9&=&88*98&3)1.&'.1.9.*8&3)1.&'.1.9.*8+47:37*(4,3.?*)9&='*3*+.98<*7*
&557457.&9*&3)(438.89*39<.9-*;.)*3(*4'9&.3*).349-*7&7*&84+9-*&:).9...*;&1:&9.3,
2&3&,*2*39B8&88*882*394+9-*7*&1.?&'.1.9>4+)*+*77*)9&=&88*9843&/:7.8).(9.43&1'&8.8.;
*;&1:&9.3,9-*.)*39.+.(&9.434+1.&'.1.9.*8+47:37*(4,3.?*)9&='*3*+.98&3)9-*7*&843&'1*3*884+
9-*247*1.0*1>9-&3349)*9*72.3&9.43.3(438.)*7&9.434+(4:79)*(.8.4381*,.81&9.;*&(9.438
89&9:9*84+1.2.9&9.438&3))*;*1452*398.39&=*=&2.3&9.438'>/:7.8).(9.43;9*89.3,9-*
(&1(:1&9.434+9-*1.&'.1.9>+47:37*(4,3.?*)9&='*3*+.98'>/:7.8).(9.43.3(1:).3,*89.2&9*84+9-*
&24:394+.3(42*9&='*3*+.9*=5*(9*)94'*8:89&.3*)&3);.*;&1:&9.3,9-*&)*6:&(>4+9-*
425&3>B8).8(148:7*8 74+*88.43&18<.9-85*(.&1.?*)80.11&3)034<1*),*<*7*:8*)94&88.89.3
*;&1:&9.3,9-*7*&843&'1*3*884+2&3&,*2*39B8/:),2*398&3)*89.2&9*87*1&9*)949-*
&551.(&9.434++47*.,3&3))42*89.(9&=1&<8&3)7*,:1&9.438
#-*57.3(.5&1(438.)*7&9.438+474:7)*9*72.3&9.439-&95*7+472.3,574(*):7*87*1&9.3,949-*
;&1:&9.434+9-*&(6:.7*)(:8942*77*1&9.438-.58.39&3,.'1*&88*98+7429-*&(6:.8.9.434+
3( .8&(7.9.(&1&:).92&99*7&7*.9-*8.,3.+.(&39/:),2*39'>2&3&,*2*39<-*3)*9*72.3.3,
9-*+&.7;&1:*4+9-*&(6:.7*)(:8942*77*1&9.438-.58.39&3,.'1*&88*98..&-.,-)*,7**4+&:).947
/:),2*398:'/*(9.;.9>&3)*++479.35*7+472.3,574(*):7*8&3)*;&1:&9.3,2&3&,*2*39B8
8.,3.+.(&39&88:259.4387*1&9*)94574/*(9.4384+(&8-+14<8&3)).8(4:397&9*8&3)...9-*&:).9
*++479.3;41;*)9-*:8*4+574+*88.43&18<.9-85*(.&1.?*)80.11&3)034<1*),*
))7*88.3,9-*2&99*7.3;41;*)5*7+472.3,574(*):7*8&3)*;&1:&9.3,&:).9*;.)*3(*.3
(433*(9.43<.9-+472.3,4:74;*7&1145.3.43439-*(43841.)&9*)+.3&3(.&189&9*2*398 #-*8*
574(*):7*8.3(1:)*)9*89.3,9-**++*(9.;*3*884+(43974187*1&9.3,949-*&(6:.8.9.43&((4:39.3,
.3(1:).3,(43974184;*72&3&,*2*39B8;&1:&9.434+9-*(:8942*77*1&9.438-.58.39&3,.'1*&88*98
#-*8*574(*):7*8&184.3(1:)*)&243,49-*78.7*&).3,9-*5:7(-&8*&,7**2*39..9*89.3,
2&3&,*2*39B8574(*88+47)*9*72.3.3,9-*+&.7;&1:*84+9-*&(6:.7*)(:8942*77*1&9.438-.58
.39&3,.'1*&88*98...*;&1:&9.3,9-*&557457.&9*3*884+9-*;&1:&9.432*9-4)414,>:9.1.?.3,
).8(4:39*)574/*(9*)(&8-+14<8.;9*89.3,9-*(4251*9*3*88&3)&((:7&(>4+9-*:3)*71>.3,)&9&
:8*).39-*).8(4:39*)574/*(9*)(&8-+14<8&3);*;&1:&9.3,9-*7*&843&'1*3*884+9-*
8.,3.+.(&39&88:259.438:8*)'>2&3&,*2*397*1&9*)94574/*(9.4384+(&8-+14<8&3)).8(4:39
7&9*8 ;&1:&9.3,2&3&,*2*39B88.,3.+.(&39&88:259.437*1&9*)94574/*(9.4384+(&8-+14<8
.3;41;*)*;&1:&9.3,<-*9-*79-*8.,3.+.(&39&88:259.43:8*)'>2&3&,*2*39<&87*&843&'1*
(438.)*7.3,.9-*(:77*39&3)5&895*7+472&3(*4+ 3( ..9-*(438.89*3(><.9-*=9*73&1
2&70*9&3).3):897>)&9&&3)...<-*9-*79-*8.,3.+.(&39&88:259.43<&8(438.89*39<.9-
*;.)*3(*4'9&.3*).349-*7&7*&84+9-*&:).9 74+*88.43&18<.9-85*(.&1.?*)80.11&3)034<1*),*
<*7*:8*)94&88.89.3*;&1:&9.3,.9-*&557457.&9*3*884+9-*;&1:&9.432*9-4)414,>:9.1.?.3,
).8(4:39*)574/*(9*)(&8-+14<8&3)..9-*7*&843&'1*3*884+9-*).8(4:397&9*8.,3.+.(&39
&88:259.43
8 7.(*<&9*7-4:8*445*78
48943&88&(-:8*998
*'7:&7>
%*-&;*8*7;*)&89-*425&3>B8&:).9478.3(*
'% "&%&!'!
"!&"'!&'
:8:B7:G :8:B7:G
"CB>AA>DCH:M8:EIH=6G:6C9E:GH=6G:6BDJCIH
??1@?
JGG:CI6HH:IH
6H=6C986H=:FJ>K6A:CIH
88DJCIHG:8:>K67A: A:HH6AADL6C8:HD;6C9
"CK:CIDG>:H
DCIG68I6HH:IH C:I
(I=:G8JGG:CI6HH:IH
-DI6A8JGG:CI6HH:IH
)GDE:GIN EA6CI6C9:FJ>EB:CI C:I
8FJ>H>I>DC G:A6I:9>CI6C<>7A:6HH:IH C:I
(I=:G6HH:IH
DD9L>AA
';@-8-??1@?
5-.585@51?>10119-.81:;:/;:@>;885:35:@1>1?@-:01=A5@E
JGG:CIA>67>A>I>:H
,=DGI I:GBD7A><6I>DCH6C98JGG:CIB6IJG>I>:HD;ADC< I:GBD7A><6I>DCH
88DJCIHE6N67A:
88GJ:9E6NGDAA6C9:BEADN::7:C:;>IH
DCIG68IA>67>A>I>:H
(I=:G688GJ:9:ME:CH:H
-DI6A8JGG:CIA>67>A>I>:H
:;:GG:9>C8DB:I6M:H
(I=:GADC< I:GBA>67>A>I>:H
%DC< I:GBD7A><6I>DCH
DBB>IB:CIH6C98DCI>C<:C8>:H'DI:
+:9::B67A:CDC8DCIGDAA>C<>CI:G:HI T
FJ>IN
-=:GBD>H=:G,8>:CI>;>8"C8 H=6G:=DA9:GHW:FJ>IN
)G:;:GG:9HID8@ E6GK6AJ: H=6G:H6JI=DG>O:9CDC:>HHJ:9
DBBDCHID8@ E6GK6AJ: H=6G:H6JI=DG>O:9 6C9
H=6G:H>HHJ:9
6E>I6A>C:M8:HHD;E6GK6AJ:
+:I6>C:9:6GC>C<H
-G:6HJGNHID8@6I8DHI 6C9 H=6G:H
88JBJA6I:9DI=:G8DBEG:=:CH>K:>I:BH
-DI6A-=:GBD>H=:G,8>:CI>;>8"C8 H=6G:=DA9:GHW:FJ>IN
'DC8DCIGDAA>C<>CI:G:HIH
-DI6A:FJ>IN
';@-885-.585@51?>10119-.81:;:/;:@>;885:35:@1>1?@-:01=A5@E
-=:688DBE6CN>C<CDI:H6G:6C>CI:<G6AE6GID;I=:H:8DCHDA>96I:9;>C6C8>6AHI6I:B:CIH
'% "&%&!'!
"!&"'&'' !'"!"
2:6GC9:9
:8:B7:G :8:B7:G :8:B7:G
"CB>AA>DCH:M8:EIE:GH=6G:6BDJCIH
%1B1:A1?
)GD9J8IG:K:CJ:H
,:GK>8:G:K:CJ:H
-DI6AG:K:CJ:H
DHIH6C9DE:G6I>C<:ME:CH:H
DHID;EGD9J8IG:K:CJ:H
DHID;H:GK>8:G:K:CJ:H
,:AA>C< <:C:G6A6C969B>C>HIG6I>K::ME:CH:H
+:H:6G8=6C99:K:ADEB:CI:ME:CH:H
+:HIGJ8IJG>C<6C9DI=:G8DHIH>C8DB:
-DI6A8DHIH6C9DE:G6I>C<:ME:CH:H
(E:G6I>C<>C8DB:
"CI:G:HI>C8DB:
"CI:G:HI:ME:CH:
(I=:G>C8DB: :ME:CH:
"C8DB:7:;DG:>C8DB:I6M:H
)GDK>H>DC;DG>C8DB:I6M:H
FJ>IN>CADHH:H:6GC>C<HD;JC8DCHDA>96I:9:CI>I>:H T
!1@5:/;91
%:HHC:I>C8DB:6IIG>7JI67A:IDCDC8DCIGDAA>C<>CI:G:HIH6C9G:9::B67A:
CDC8DCIGDAA>C<>CI:G:HI
!1@5:/;91-@@>5.A@-.81@;'41>9;5?41>&/51:@525/:/
->:5:3?<1>?4->1-@@>5.A@-.81@;'41>9;5?41>&/51:@525/:/
6H>8
>AJI:9
*1534@10-B1>-31?4->1?
6H>8
>AJI:9
-=:688DBE6CN>C<CDI:H6G:6C>CI:<G6AE6GID;I=:H:8DCHDA>96I:9;>C6C8>6AHI6I:B:CIH
'% "&%&!'!
"!&"'&'' !'"" #%!&)!"
2:6GC9:9
:8:B7:G :8:B7:G :8:B7:G
"CB>AA>DCH
;9<>141:?5B15:/;91
':I>C8DB:
(I=:G8DBEG:=:CH>K:>I:BH
JGG:C8NIG6CHA6I>DC69?JHIB:CI
JGG:C8NIG6CHA6I>DC69?JHIB:CIC:ID;I6MEGDK>H>DC7:C:;>ID;
6C9
+:8A6HH>;>86I>DC69?JHIB:CI;DGADHH:H>C8AJ9:9>CC:I>C8DB: T T
.CG:6A>O:9<6>CH6C9ADHH:HDC=:9<>C<>CHIGJB:CIH
.CG:6A>O:9ADHH:HDC=:9<>C<>CHIGJB:CIHC:ID;I6M7:C:;>ID;
6C9 T
+:8A6HH>;>86I>DC69?JHIB:CI;DGADHH:H>C8AJ9:9>CC:I>C8DB:C:ID;I6M
7:C:;>ID; 6C9
):CH>DC6C9DI=:GEDHIG:I>G:B:CI7:C:;>IA>67>A>IN69?JHIB:CIH
):CH>DC6C9DI=:GEDHIG:I>G:B:CI7:C:;>IA>67>A>IN69?JHIB:CIH6G>H>C<
9JG>C<I=:E:G>D9C:ID;I6MEGDK>H>DC7:C:;>ID; 6C9
BDGI>O6I>DCD;C:IADHH6C9EG>DGH:GK>8:7:C:;>I>C8AJ9:9>CC:I
E:G>D9>8E:CH>DC8DHIC:ID;I6M7:C:;>ID; 6C9
-DI6ADI=:G8DBEG:=:CH>K:>I:BH
;9<>141:?5B15:/;91
%:HH8DBEG:=:CH>K:>C8DB:6IIG>7JI67A:IDCDC8DCIGDAA>C<>CI:G:HIH6C9
G:9::B67A:CDC8DCIGDAA>C<>CI:G:HI
;9<>141:?5B15:/;91-@@>5.A@-.81@;'41>9;5?41>&/51:@525/:/
-=:688DBE6CN>C<CDI:H6G:6C>CI:<G6AE6GID;I=:H:8DCHDA>96I:9;>C6C8>6AHI6I:B:CIH
'% "&%&!'!
"!&"'&'' !'"&"*&
2:6GC9:9
:8:B7:G :8:B7:G :8:B7:G
"CB>AA>DCH
"<1>-@5:3-/@5B5@51?
':I>C8DB:
9?JHIB:CIHIDG:8DC8>A:C:I>C8DB:IDC:I86H=EGDK>9:97NDE:G6I>C<
68I>K>I>:H
:EG:8>6I>DCD;EGDE:GIN EA6CI6C9:FJ>EB:CI
BDGI>O6I>DCD;68FJ>H>I>DC G:A6I:9>CI6C<>7A:6HH:IH
=6C<:>C9:;:GG:9>C8DB:I6M:H
6>CDCH6A:HD;7JH>C:HH:H T T
,ID8@ 76H:98DBE:CH6I>DC
%DHHDC:6GAN:MI>C<J>H=B:CID;9:7I T
(I=:GCDC 86H=:ME:CH:H
=6C<:H>C6HH:IH6C9A>67>A>I>:H :M8AJ9>C<I=::;;:8IHD;68FJ>H>I>DCH6C9
9>HEDH>I>DC
88DJCIHG:8:>K67A:
"CK:CIDG>:H
88DJCIHE6N67A:
DCIG>7JI>DCHIDG:I>G:B:CIEA6CH
(I=:G
':I86H=EGDK>9:97NDE:G6I>C<68I>K>I>:H
:B1?@5:3-/@5B5@51?
8FJ>H>I>DCH C:ID;86H=68FJ>G:9
)GD8::9H;GDBH6A:D;7JH>C:HH C:ID;86H=9>K:HI:9 T T
)JG8=6H:D;EGDE:GIN EA6CI6C9:FJ>EB:CI
)GD8::9H;GDBH6A:D;EGDE:GIN EA6CI6C9:FJ>EB:CI
(I=:G>CK:HI>C<68I>K>I>:H C:I
':I86H=JH:9>C>CK:HI>C<68I>K>I>:H
5:-:/5:3-/@5B5@51?
':IEGD8::9H;GDB>HHJ6C8:D;9:7I
+:E6NB:CID;9:7I
)GD8::9H;GDB>HHJ6C8:D;8DBB:G8>6AE6E:G
+:E6NB:CIHD;8DBB:G8>6AE6E:G T
)JG8=6H:HD;8DBE6CN8DBBDCHID8@
>K>9:C9HE6>9
':IEGD8::9H;GDB>HHJ6C8:D;8DBE6CN8DBBDCHID8@JC9:G:BEADN::
HID8@EA6CH
(I=:G;>C6C8>C<68I>K>I>:H C:I
':I86H=EGDK>9:97NJH:9>C;>C6C8>C<68I>K>I>:H
-=:688DBE6CN>C<CDI:H6G:6C>CI:<G6AE6GID;I=:H:8DCHDA>96I:9;>C6C8>6AHI6I:B:CIH
'% "&%&!'!
"!&"'&'' !'"% !"!"!'%"!!'%&'!$(',
-DI6A
88JBJA6I:9 -=:GBD>H=:G
+:9::B67A: DBBDC,ID8@ 6E>I6A>C -G:6HJGN,ID8@ (I=:G ,8>:CI>;>8"C8
'DC8DCIGDAA>C< M8:HHD;)6G +:I6>C:9 DBEG:=:CH>K: ,=6G:=DA9:GHW 'DC8DCIGDAA>C<
"CB>AA>DCH "CI:G:HI ,=6G:H BDJCI /6AJ: 6GC>C<H ,=6G:H BDJCI "I:BH FJ>IN "CI:G:HIH -DI6AFJ>IN
-8-:/1-@1/19.1> T
JBJA6I>K::;;:8ID;688DJCI>C<8=6C<:H T T T T T T T T
"HHJ6C8:D;H=6G:HJC9:G:BEADN::H6C9
9>G:8IDGHHID8@EA6CH T T T T
,ID8@ 76H:98DBE:CH6I>DC T T T T T T T T
)JG8=6H:HD;8DBE6CN8DBBDCHID8@ T T T T T T T
>K>9:C9H9:8A6G:9 E:GH=6G: T T T T T T T T
':I>C8DB: T T T T T T T
(I=:G8DBEG:=:CH>K:>I:BH T T T T T T T
DCIG>7JI>DCH;GDB9>HIG>7JI>DCHID
CDC8DCIGDAA>C<>CI:G:HIH T T T T T T T T T
-8-:/1-@1/19.1> T
JBJA6I>K::;;:8ID;688DJCI>C<8=6C<:H T T T T T T T T
"HHJ6C8:D;H=6G:HJC9:G:BEADN::H6C9
9>G:8IDGHHID8@EA6CH T T T T T
,ID8@ 76H:98DBE:CH6I>DC T T T T T T T T
)JG8=6H:HD;8DBE6CN8DBBDCHID8@ T T T T T T T
-=:688DBE6CN>C<CDI:H6G:6C>CI:<G6AE6GID;I=:H:8DCHDA>96I:9;>C6C8>6AHI6I:B:CIH
'% "&%&!'!
!"'&'""!&"'!!&'' !'&
!;@1 !-@A>1;2"<1>-@5;:?-:0&A99->E;2&53:525/-:@//;A:@5:3#;85/51?
%896)3*4)6%8-327
-=:GBD>H=:G,8>:CI>;>8"C8 I=:8DBE6CNDG-=:GBD>H=:G:C67A:H8JHIDB:GHIDB6@:I=:LDGA9=:6AI=>:G 8A:6C:G6C9
H6;:G7N=:AE>C<I=:B688:A:G6I:A>;:H8>:C8:HG:H:6G8= HDAK:8DBEA:M6C6ANI>86A8=6AA:C<:H >BEGDK:E6I>:CI9>6<CDHI>8H6C9
I=:G6E>:H 6C9>C8G:6H:A67DG6IDGNEGD9J8I>K>IN &6G@:IHH:GK:9>C8AJ9:E=6GB68:JI>86A6C97>DI:8= 6869:B>86C9<DK:GCB:CI
>C9JHIG>6A6C96EEA>:9 6HL:AA6H=:6AI=86G:6C99>6<CDHI>8H
6-2'-40)73*32730-(%8-32
-=:688DBE6CN>C<;>C6C8>6AHI6I:B:CIH>C8AJ9:I=:688DJCIHD;I=:8DBE6CN6C9>IHL=DAAN6C9B6?DG>IN DLC:9
HJ7H>9>6G>:H AAB6I:G>6A>CI:G8DBE6CN688DJCIH6C9IG6CH68I>DCH=6K:7::C:A>B>C6I:9 -=:8DBE6CN688DJCIH;DG>CK:HIB:CIH
>C7JH>C:HH:HJH>C<I=::FJ>INB:I=D9L=:C>I=6HI=:67>A>INID:M:G8>H:H><C>;>86CI>C;AJ:C8:7JICDI8DCIGDA<:C:G6AAN7:IL::C
6C9DLC:GH=>E >HCDII=:EG>B6GN7:C:;>8>6GN6C9=6HCDI:A:8I:9I=:;6>GK6AJ:DEI>DC I:8:B7:G 6C9
I=:8DBE6CN=69HJ8=>CK:HIB:CIHL>I=86GGN>C<6BDJCIHD;B>AA>DC6C9B>AA>DC G:HE:8I>K:AN -=:8DBE6CN
=6H:A:8I:9I=:;6>GK6AJ:DEI>DCD;688DJCI>C<;DG8:GI6>CD;>IH>CK:HIB:CIHL>I=G:69>AN9:I:GB>C67A:;6>GK6AJ:HI=6ILDJA9
DI=:GL>H:7:688DJCI:9;DGJC9:GI=::FJ>INB:I=D9 I:8:B7:G I=:;6>GK6AJ:D;HJ8=>CK:HIB:CIHL6H
B>AA>DC
)())1%&0)32'3286300-2+28)6)78
-=:8DBE6CNDLCHD;>IH8DCHDA>96I:9HJ7H>9>6GN)) ,'%$ $ -=:DLC:GH=>E>CI:G:HI=:A97N6I=>G9E6GIN
>H8A6HH>;>:96H6G:9::B67A:CDC8DCIGDAA>C<>CI:G:HIDCI=:8DCHDA>96I:976A6C8:H=::I9J:ID8:GI6>CEJIDEI>DCHJC9:GL=>8=
I=:I=>G9E6GINB6NG:FJ>G:I=:8DBE6CNIDEJG8=6H:I=:G:B6>C>C<DLC:GH=>E>CI:G:HI6I>IHEG: 68FJ>H>I>DC;6>GK6AJ:
6)7)28%8-32
:GI6>CG:8A6HH>;>86I>DCHD;EG>DGN:6G6BDJCIH=6K:7::CB69:ID8DC;DGBIDI=:8JGG:CIN:6GEG:H:CI6I>DC
):)29))'3+2-8-32
DCHJB67A:HG:K:CJ:H8DCH>HID;H>C<A: JH:EGD9J8IH6C96G:G:8D<C>O:96I6ED>CI>CI>B:;DAADL>C<I=:IG6CH;:GD;8DCIGDA
D;HJ8=EGD9J8IHIDI=:8JHIDB:G L=>8=<:C:G6AAND88JGHJEDCH=>EB:CI "CHIGJB:CIHG:K:CJ:HINE>86AAN8DCH>HID;ADC<:G A>K:9
6HH:IHI=6I ;DGI=:HJ7HI6CI>6AB6?DG>IND;H6A:H 6G:G:8D<C>O:96I6ED>CI>CI>B:>C6B6CC:GH>B>A6GID8DCHJB67A:H ,:GK>8:
G:K:CJ:HEG>B6G>AN8A>C>86AG:H:6G8= E=6GB68:JI>86A 6C9>CHIGJB:CI6C9:CI:GEG>H:H:GK>8:H6G:G:8D<C>O:9DK:GI>B:6H
8JHIDB:GHG:8:>K:6C98DCHJB:I=:7:C:;>IHD;HJ8=H:GK>8:H DGG:K:CJ:HG:8D<C>O:9DK:GI>B: I=:8DBE6CN<:C:G6AANJH:H
8DHIH688JBJA6I:9G:A6I>K:IDIDI6A:HI>B6I:98DHIHIDB:6HJG:EGD<G:HH6HI=>HB:I=D96EEGDM>B6I:HH6I>H;68I>DCD;I=:
E:G;DGB6C8:D7A><6I>DC DG8DCIG68IHI=6I8DCI6>CBJAI>EA:E:G;DGB6C8:D7A><6I>DCH I=:8DBE6CN6AAD86I:HI=:8DCH>9:G6I>DCID
L=>8=>I:ME:8IHID7::CI>IA:9> : I=:IG6CH68I>DCEG>8:ID:68=E:G;DGB6C8:D7A><6I>DC76H:9DCG:A6I>K:HI6C96ADC:H:AA>C<
EG>8:H6C9G:8D<C>O:HI=:G:A6I:9G:K:CJ:HL=:CDG6H8DCIGDAD;:68=>C9>K>9J6AE:G;DGB6C8:D7A><6I>DC>HIG6CH;:GG:9ID
8JHIDB:GH -=:8DBE6CN:M:G8>H:H?J9<B:CI>C9:I:GB>C>C<I=:I>B>C<D;G:K:CJ:7N6C6ANO>C<I=:ED>CI>CI>B:DGI=:E:G>D9
DK:GL=>8=I=:8JHIDB:G=6HI=:67>A>INID9>G:8II=:JH:D;6C9D7I6>CHJ7HI6CI>6AAN6AAD;I=:G:B6>C>C<7:C:;>IHD;I=:6HH:I
-=:8DBE6CN>BB:9>6I:AN:ME:CH:H8DCIG68I8DHIHI=6ILDJA9DI=:GL>H:7:86E>I6A>O:96C96BDGI>O:9DK:G6E:G>D9D;A:HHI=6C
DC:N:6G
=6C<:HIDI=:H8DE:D;H:GK>8:H8DCIG68IH<:C:G6AAN6AHD>C8AJ9:8=6C<:H>CI=:IG6CH68I>DCEG>8: -NE>86AAN I=:H:8DCIG68I
BD9>;>86I>DCH6G:CDI9>HI>C8I;GDB:M>HI>C<H:GK>8:HEGDK>9:9JC9:GI=:8DCIG68I 6C9G:HJAI>C8JBJA6I>K:69?JHIB:CIHID
G:K:CJ:DCI=:BD9>;>86I>DC96I:
)6NB:CIH;GDB8JHIDB:GH;DGBDHI>CHIGJB:CIH6C98DCHJB67A:H6G:INE>86AAN9J:>C6;>M:9CJB7:GD;96NH6;I:GH=>EB:CI
DG9:A>K:GND;I=:EGD9J8I ,:GK>8:6GG6C<:B:CIH8DBBDCAN86AA;DGE6NB:CIH>C69K6C8:D;E:G;DGB>C<I=:LDG@: <
:MI:C9:9H:GK>8:8DCIG68IH JEDC8DBEA:I>DCD;I=:H:GK>8:: < E=6GB68:JI>86AH:GK>8:HDG6B>MD;7DI= ,DB:6GG6C<:B:CIH
>C8AJ9:K6G>67A:6BDJCIHD;8DCH>9:G6I>DCI=6I6G>H:;GDB9>H8DJCIH G:76I:H 6C9DI=:GEGD<G6BH6C9EG68I>8:H "CHJ8=
6GG6C<:B:CIH I=:8DBE6CN:HI>B6I:HI=:6BDJCI7NL=>8=IDG:9J8:I=:HI6I:98DCIG68I6BDJCIIDG:;A:8II=:IG6CH68I>DCEG>8:
-=:8DBE6CNG:8DG9HG:>B7JGH:B:CI;DGI=>G9 E6GINE6HH I=GDJ<=6C9DJI D; ED8@:I8DHIH6HG:K:CJ:H6C9I=:G:A6I:9:ME:CH:H
6H8DHIHD;G:K:CJ:H
3286%'86)0%8)(%0%2')7
88DJCIHG:8:>K67A:>C8AJ9:JC8DC9>I>DC6AG><=IHID8DCH>9:G6I>DC;GDB8JHIDB:GH L=>8=<:C:G6AANG:EG:H:CI7>AA>C<HI=6I
9DCDI7:6G>CI:G:HI -=:8DBE6CNB6>CI6>CH6AADL6C8:H;DG9DJ7I;JA688DJCIH;DG:HI>B6I:HD;:ME:8I:9ADHH:HG:HJAI>C<;GDB
'% "&%&!'!
!"'&'""!&"'!!&'' !'&;:@5:A10
I=:>C67>A>IND;>IH8JHIDB:GHIDE6N6BDJCIH9J: -=:6AADL6C8:;DG9DJ7I;JA688DJCIH>HI=:8DBE6CNWH7:HI:HI>B6I:D;I=:
6BDJCID;EGD767A:8G:9>IADHH:H>C:M>HI>C<688DJCIHG:8:>K67A: -=:8DBE6CN9:I:GB>C:HI=:6AADL6C8:76H:9DC=>HIDGND;
H>B>A6GAN6<:9G:8:>K67A:H I=:8G:9>ILDGI=>C:HHD;I=:8JHIDB:G G:6HDCH;DG9:A>CFJ:C8N 8JGG:CI:8DCDB>88DC9>I>DCH
:ME:8I6I>DCH6HHD8>6I:9L>I=;JIJG::K:CIH6C98>G8JBHI6C8:HL=:G:G:6HDC67A:6C9HJEEDGI67A:;DG:86HIH6G:6K6>A67A:6C96CN
DI=:G>C;DGB6I>DCI=6I>HG:A:K6CIIDI=:?J9<B:CI +:8:>K67A:H;GDB6869:B>86C9<DK:GCB:CI8JHIDB:GH6HL:AA6HA6G<: L:AA
86E>I6A>O:98DBB:G8>6A8JHIDB:GH=6K:=>HIDG>86AAN:ME:G>:C8:9A:HH8DAA:8I67>A>ING>H@ 88DJCI76A6C8:H6G:8=6G<:9D;;
6<6>CHII=:6AADL6C8:L=:CI=:8DBE6CN7:A>:K:H>I>HEGD767A:I=:G:8:>K67A:L>AACDI7:G:8DK:G:9 -=:8DBE6CN9D:HCDI
=6K:6CND;; 76A6C8: H=::I8G:9>I:MEDHJG:G:A6I:9ID8JHIDB:GH
DCIG68I6HH:IH>C8AJ9:G:K:CJ:HG:8D<C>O:9>C69K6C8:D;7>AA>C<HL=:G:I=:8DBE6CNWHG><=IID7>AA>C8AJ9:HHDB:I=>C<
DI=:GI=6CI=:E6HH6<:D;I>B: ,J8=6BDJCIH6G:G:8DG9:9C:ID;:HI>B6I:9ADHH:HG:HJAI>C<;GDBI=:>C67>A>INID>CKD>8:
8JHIDB:GH L=>8=>HEG>B6G>AN9J:IDG>H@6HHD8>6I:9L>I=I=:8DBE6CNWHE:G;DGB6C8: DCIG68I6HH:IH6G:8A6HH>;>:96H8JGG:CI
DGCDC8JGG:CI76H:9DCI=:6BDJCID;I>B::ME:8I:9IDA6EH:JCI>AI=:8DBE6CNHG><=IID8DCH>9:G6I>DC7:8DB:HJC8DC9>I>DC6A
DCIG68IA>67>A>I>:H>C8AJ9:7>AA>C<H>C:M8:HHD;G:K:CJ:HG:8D<C>O:9 HJ8=6HI=DH:G:HJAI>C<;GDB8JHIDB:G69K6C8:H6C9
9:EDH>IH6C9JC:6GC:9G:K:CJ:HDCH:GK>8:8DCIG68IH DCIG68IA>67>A>I>:H6G:8A6HH>;>:96H8JGG:CIDGCDC8JGG:CI76H:9DCI=:
E:G>D9HDK:GL=>8=G:B6>C>C<E:G;DGB6C8:D7A><6I>DCH6G::ME:8I:9ID7:IG6CH;:GG:9ID8JHIDB:GH DCIG68I6HH:IH6C9
A>67>A>I>:H6G:EG:H:CI:9DC6C:I76H>H>CI=:8DCHDA>96I:976A6C8:H=::I>;I=:N6G>H:;GDB9>;;:G:CIE:G;DGB6C8:D7A><6I>DCH>C
I=:H6B:8DCIG68I
#%66%28=&0-+%8-327
-=:8DBE6CNEGDK>9:H;DGI=::HI>B6I:98DHID;HI6C96G9EGD9J8IL6GG6CI>:H EG>B6G>AN;GDB=>HIDG>86A>C;DGB6I>DC >C8DHI
D;EGD9J8IG:K:CJ:H6II=:I>B:EGD9J8IG:K:CJ:H6G:G:8D<C>O:9 -=:A>67>A>IN;DGL6GG6CI>:H>H>C8AJ9:9>CDI=:G688GJ:9
:ME:CH:H>CI=:688DBE6CN>C<76A6C8:H=::I MI:C9:9L6GG6CIN6<G::B:CIH6G:8DCH>9:G:9H:GK>8:8DCIG68IH L=>8=6G:
9>H8JHH:967DK: DHIHD;H:GK>8:8DCIG68IH6G:G:8D<C>O:96H>C8JGG:9
)%7)7
(E:G6I>C<A:6H:HI=6I=6K:8DBB:C8:96G:>C8AJ9:9>CDI=:G6HH:IH DI=:G688GJ:9:ME:CH:H6C9DI=:GADC< I:GBA>67>A>I>:H
>CI=:8DCHDA>96I:976A6C8:H=::I >C6C8:A:6H:HI=6I=6K:8DBB:C8:96G:>C8AJ9:9>CEGDE:GIN EA6CI6C9:FJ>EB:CI C:I
8JGG:CIB6IJG>I>:HD;ADC< I:GBD7A><6I>DCH6C9ADC< I:GBD7A><6I>DCH>CI=:8DCHDA>96I:976A6C8:H=::I A6HH>;>86I>DCD;A:6H:
A>67>A>I>:H6H:>I=:G8JGG:CIDGCDC8JGG:CI>H76H:9DCI=::ME:8I:9I>B>C<D;E6NB:CIH9J:JC9:GI=:8DBE6CNWHD7A><6I>DCH
+><=I D; JH:+(.6HH:IHG:EG:H:CII=:8DBE6CNWHG><=IIDJH:6CJC9:GAN>C<6HH:I;DGI=:A:6H:I:GB6C9A:6H:A>67>A>I>:H
G:EG:H:CII=:8DBE6CNWHD7A><6I>DCIDB6@:A:6H:E6NB:CIH6G>H>C<;GDBI=:A:6H: %:6H:+(.6HH:IH6C9A>67>A>I>:H6G:
G:8D<C>O:96II=:A:6H:8DBB:C8:B:CI96I:76H:9DCI=:EG:H:CIK6AJ:D;A:6H:E6NB:CIHDK:GI=:A:6H:I:GB %:6H:HL>I=6C
>C>I>6AI:GBD;BDCI=HDGA:HH6G:CDIG:8DG9:9DCI=:8DCHDA>96I:976A6C8:H=::I -=:8DBE6CNG:8D<C>O:HDE:G6I>C<A:6H:
:ME:CH:DC6HIG6><=I A>C:76H>HDK:GI=:A:6H:I:GB >C6C8:A:6H::ME:CH:>C8AJ9:H9:EG:8>6I>DC L=>8=>HG:8D<C>O:9DC6
HIG6><=I A>C:76H>HDK:GI=::ME:8I:9A>;:D;I=:A:6H:96HH:I 6C96C>BB6I:G>6A6BDJCID;>CI:G:HI:ME:CH:
:86JH:BDHID;I=:8DBE6CNWHA:6H:H9DCDIEGDK>9:6C>BEA>8>I>CI:G:HIG6I: I=:8DBE6CN:HI>B6I:H>C8G:B:CI6A
7DGGDL>C<G6I:H76H:9DCI=:>C;DGB6I>DC6K6>A67A:6II=:8DBB:C8:B:CI96I:>C9:I:GB>C>C<I=:EG:H:CIK6AJ:D;A:6H:
E6NB:CIH -=:8DBE6CNJH:HI=:>BEA>8>IG6I:L=:CG:69>AN9:I:GB>C67A: %:6H:I:GBH>C8AJ9:I=::;;:8ID;DEI>DCHID:MI:C9DG
I:GB>C6I:I=:A:6H:L=:C>I>HG:6HDC67AN8:GI6>CI=6II=:8DBE6CNL>AA:M:G8>H:I=6IDEI>DC (E:G6I>C<A:6H::ME:CH:>H
G:8D<C>O:9DC6HIG6><=I A>C:76H>HDK:GI=:A:6H:I:GB
H6A:HH:: I=:8DBE6CN688DJCIH;DGI=:A:6H:6C9CDC A:6H:8DBEDC:CIH6H6H>C<A:A:6H:8DBEDC:CI
)7)%6',%2():)0341)28
-=:8DBE6CN8DC9J8IHG:H:6G8=6C99:K:ADEB:CI68I>K>I>:HID>C8G:6H:>IH9:EI=D;86E67>A>I>:H>CI:8=CDAD<>:H HD;IL6G:
6C9H:GK>8:H +:H:6G8=6C99:K:ADEB:CI8DHIH>C8AJ9::BEADN::8DBE:CH6I>DC6C97:C:;>IH 8DCHJAI6CIH ;68>A>I>:HG:A6I:98DHIH
B6I:G>6A8DHIH 9:EG:8>6I>DC6C9IG6K:A +:H:6G8=6C99:K:ADEB:CI8DHIH6G::ME:CH:96H>C8JGG:9
)7869'896-2+3787
88DJCI>C<;DGI=:I>B>C<6C96BDJCID;I:GB>C6I>DC7:C:;>IHEGDK>9:97NI=:8DBE6CNID:BEADN::H>H9:I:GB>C:976H:9
DCL=:I=:G6I=:8DBE6CN=6H6HJ7HI6CI>K:EA6CIDEGDK>9:HJ8=7:C:;>IH 7I=:8DBE6CN=6H6LG>II:C:BEADNB:CI
8DCIG68IL>I=I=:6;;:8I:9:BEADN::HI=6I>C8AJ9:H6EGDK>H>DC;DGHJ8=7:C:;>IH 8I=:I:GB>C6I>DC7:C:;>IH6G:9J:IDI=:
D88JGG:C8:D;6C:K:CIHE:8>;>:9>C6C:M>HI>C<EA6CDG6<G::B:CI DG9I=:I:GB>C6I>DC7:C:;>IH6G:6DC: I>B:7:C:;>I "C
8:GI6>C8>G8JBHI6C8:H :BEADN::I:GB>C6I>DC7:C:;>IHB6NB::IBDG:I=6CDC:D;I=:8=6G68I:G>HI>8HA>HI:967DK:6C9I=:G:;DG:
B6N=6K:>C9>K>9J6A:A:B:CIHI=6I6G:HJ7?:8IID9>;;:G:CI688DJCI>C<BD9:AH
'% "&%&!'!
!"'&'""!&"'!!&'' !'&;:@5:A10
GDBI>B:IDI>B:L=:C:M:8JI>C<6G:HIGJ8IJG>C<DG:M>IEA6C I=:8DBE6CN6AHD>C8JGH8DHIHDI=:GI=6CI:GB>C6I>DC
7:C:;>IH HJ8=6HA:6H:I:GB>C6I>DC8DHIH I=6I6G:CDI6HHD8>6I:9L>I=DGL>AACDI7:>C8JGG:9ID<:C:G6I:G:K:CJ:H -=:H:>C8AJ9:
8DHIHI=6IG:EG:H:CI6BDJCIHJC9:G8DCIG68IJ6AD7A><6I>DCHI=6I:M>HIEG>DGIDI=:G:HIGJ8IJG>C<EA6C8DBBJC>86I>DC96I:6C9L>AA
:>I=:G8DCI>CJ:6;I:GI=:G:HIGJ8IJG>C<EA6C>H8DBEA:I:9L>I=CD:8DCDB>87:C:;>IDGG:HJAI>C6E:C6AINID86C8:A68DCIG68IJ6A
D7A><6I>DC ,J8=8DHIH6G:G:8D<C>O:9L=:C>C8JGG:9 L=>8=<:C:G6AAND88JGH6II=:8DCIG68II:GB>C6I>DCDGDK:GI=:E:G>D9;GDB
L=:C6EA6CID676C9DC6A:6H:9;68>A>IN>H6EEGDK:9I=GDJ<=I=:8:6H: JH:96I:7JI8=6G<:HB6N8DCI>CJ:DK:GI=:G:B6>C9:GD;
I=:DG><>C6A8DCIG68IJ6AE:G>D9
2'31) %<)7
-=:8DBE6CNG:8D<C>O:H9:;:GG:9>C8DB:I6M:H76H:9DCI=::ME:8I:9;JIJG:I6M8DCH:FJ:C8:HD;9>;;:G:C8:H7:IL::CI=:
;>C6C8>6AHI6I:B:CI76H>H6C9I=:I6M76H>HD;6HH:IH6C9A>67>A>I>:H 86A8JA6I:9JH>C<:C68I:9I6MG6I:H>C:;;:8I;DGI=:N:6G>C
L=>8=I=:9>;;:G:C8:H6G::ME:8I:9ID7:G:;A:8I:9>CI=:I6MG:IJGC K6AJ6I>DC6AADL6C8:>HEGDK>9:9;DGI6M6HH:IHI=6IL>AA
BDG:A>@:ANI=6CCDI<DJCJH:9
-=:;>C6C8>6AHI6I:B:CIHG:;A:8I:ME:8I:9;JIJG:I6M8DCH:FJ:C8:HD;JC8:GI6>CI6MEDH>I>DCHI=6II=:8DBE6CN=6HI6@:CDG
:ME:8IHIDI6@:DC6I6MG:IJGCEG:HJB>C<I=:I6M>C<6JI=DG>I>:HW;JAA@CDLA:9<:D;I=:EDH>I>DCH6C96AAG:A:K6CI;68IH 7JI
L>I=DJI9>H8DJCI>C<;DGI=:I>B:K6AJ:D;BDC:N
%62-2+74)6,%6)
6H>8:6GC>C<HE:GH=6G:=6H7::C8DBEJI:97N9>K>9>C<C:I>C8DB:6IIG>7JI67A:ID-=:GBD>H=:G,8>:CI>;>8"C8 7NI=:
L:><=I:96K:G6<:CJB7:GD;H=6G:HDJIHI6C9>C<9JG>C<I=:N:6G M8:EIL=:G:I=:G:HJAILDJA97:6CI>9>AJI>K:IDC:I>C8DB:
6IIG>7JI67A:ID-=:GBD>H=:G,8>:CI>;>8"C8 9>AJI:9:6GC>C<HE:GH=6G:=6H7::C8DBEJI:9JH>C<I=:IG:6HJGNHID8@B:I=D9;DG
DJIHI6C9>C<HID8@DEI>DCH6C9G:HIG>8I:9JC>IH
%7,%2(%7,59-:%0)287
6H=:FJ>K6A:CIH8DCH>HIHEG>C8>E6AAND;BDC:NB6G@:I;JC9H 8DBB:G8>6AE6E:G6C9DI=:GB6G@:I67A:H:8JG>I>:HEJG8=6H:9
L>I=6CDG><>C6AB6IJG>IND;I=G::BDCI=HDGA:HH -=:H:>CK:HIB:CIH6G:86GG>:96I8DHI L=>8=6EEGDM>B6I:HB6G@:IK6AJ:
2:)2836-)7
"CK:CIDG>:H6G:K6AJ:96II=:ADL:GD;8DHIDGC:IG:6A>O67A:K6AJ: 8DHI7:>C<9:I:GB>C:97NI=:;>GHI >C ;>GHI DJI"(
B:I=D9 H9>H8JHH:97:ADL EG>DGIDI=:I=>G9FJ6GI:GD;8:GI6>CD;I=:8DBE6CNH7JH>C:HH:HJI>A>O:9I=:A6HI >C ;>GHI DJI
%"(B:I=D9 -=:8DBE6CNE:G>D9>86AANG:K>:LHFJ6CI>I>:HD;>CK:CIDG>:HDC=6C96C98DBE6G:HI=:H:6BDJCIHIDI=:
:ME:8I:9JH:D;:68=EGD9J8IDGEGD9J8IA>C: "C699>I>DC I=:8DBE6CN=6H8:GI6>C>CK:CIDGNI=6I>HHJ7?:8IID;AJ8IJ6I>C<B6G@:I
EG>8>C< -=:8DBE6CNG:8DG9H68=6G<:ID8DHID;H6A:H;DGI=:6BDJCIG:FJ>G:9IDG:9J8:I=:86GGN>C<K6AJ:D;>CK:CIDGNIDC:I
G:6A>O67A:K6AJ: DHIH6HHD8>6I:9L>I=I=:EGD8JG:B:CID;>CK:CIDG>:H HJ8=6H>C7DJC9;G:><=I8=6G<:H EJG8=6H>C<6C9
G:8:>K>C<8DHIH 6C9>CI:GC6AIG6CH;:G8DHIH 6G:>C8AJ9:9>C8DHID;G:K:CJ:H>CI=:688DBE6CN>C<HI6I:B:CID;>C8DB: -=:
8DBEDC:CIHD;>CK:CIDG>:H6G:6H;DAADLH
:8:B7:G :8:B7:G
"CB>AA>DCH
+6LB6I:G>6AH
0DG@>CEGD8:HH
>C>H=:9<DD9H
"CK:CIDG>:H
)G>DGIDI=:I=>G9FJ6GI:GD; 8:GI6>CD;I=:8DBE6CNWH7JH>C:HH:HJI>A>O:9I=:%"(B:I=D9D;688DJCI>C<;DG
>CK:CIDG>:H JG>C<I=:I=>G9FJ6GI:GD; I=:H:7JH>C:HH:H L=>8=8DBEG>H:96EEGDM>B6I:AND;8DCHDA>96I:9>CK:CIDG>:H
8=6C<:9;GDBI=:%"(B:I=D9IDI=:"(B:I=D9 -=:8DBE6CN7:A>:K:HI=>H8=6C<:>HEG:;:G67A:6H>IL>AAEGDK>9:6
8DCH>HI:CI JC>;DGB8DHI>C<B:I=D9;DG6AA>CK:CIDG>:H68GDHHI=:8DBE6CN 7:II:GG:;A:8II=:8JGG:CIK6AJ:D;>CK:CIDG>:H 6C9
>BEGDK:8DBE6G67>A>INL>I=E::GH )G>DG;>C6C8>6AHI6I:B:CIH=6K:CDI7::CG:IGDHE:8I>K:AN69?JHI:99J:ID>BB6I:G>6A>IN -=:
8JBJA6I>K:EG: I6M:;;:8ID;I=>H8=6C<:>C688DJCI>C<EG>C8>EA:D;B>AA>DCL6HG:8DG9:96H6C>C8G:6H:ID>CK:CIDG>:H6C96
9:8G:6H:ID8DHID;EGD9J8IG:K:CJ:H>CI=:I=>G9FJ6GI:GD; -=>H8=6C<:L6HG:8DG9:9>CI=:%67DG6IDGN)GD9J8IH6C9
>DE=6GB6,:GK>8:HB>AA>DC6C9,E:8>6AIN>6<CDHI>8HB>AA>DCH:<B:CIH
-=:K6AJ:D;>CK:CIDG>:HB6>CI6>C:9JH>C<I=:%"(B:I=D9L6HB>AA>DC6I:8:B7:G L=>8=L6H7:ADL
:HI>B6I:9G:EA68:B:CI8DHI7NB>AA>DC +:9J8I>DCHID8DHID;G:K:CJ:H6H6G:HJAID;I=:A>FJ>96I>DCD;%"(>CK:CIDG>:H
L:G:CDB>C6A9JG>C< 6C9I=:;>GHI=6A;D;
'% "&%&!'!
!"'&'""!&"'!!&'' !'&;:@5:A10
634)68=0%28%2(59-41)28
)GDE:GIN EA6CI6C9:FJ>EB:CI6G:G:8DG9:96I8DHI -=:8DHIHD;699>I>DCH6C9>BEGDK:B:CIH6G:86E>I6A>O:9 L=>A:
B6>CI:C6C8:6C9G:E6>GH6G:8=6G<:9ID:ME:CH:6H>C8JGG:9 -=:8DBE6CN<:C:G6AANEGDK>9:H;DG9:EG:8>6I>DC6C96BDGI>O6I>DC
JH>C<I=:HIG6><=I A>C:B:I=D9DK:GI=::HI>B6I:9JH:;JAA>K:HD;I=:EGDE:GIN6H;DAADLH7J>A9>C<H6C9>BEGDK:B:CIH ID
N:6GHB68=>C:GN6C9:FJ>EB:CI>C8AJ9>C<HD;IL6G: IDN:6GH6C9A:6H:=DA9>BEGDK:B:CIH I=:H=DGI:GD;I=:I:GBD;I=:
A:6H:DGI=:A>;:D;I=:6HH:I 0=:C6HH:IH6G:G:I>G:9DGDI=:GL>H:9>HEDH:9D; I=:6HH:IH6C9G:A6I:9688JBJA6I:99:EG:8>6I>DC
6G::A>B>C6I:9;GDBI=:688DJCIH6C9I=:G:HJAI>C<<6>CDGADHH>HG:;A:8I:9>CI=:688DBE6CN>C<HI6I:B:CID;>C8DB: )GDE:GIN
EA6CI6C9:FJ>EB:CI8DCH>HIHD;I=:;DAADL>C<
:8:B7:G :8:B7:G
"CB>AA>DCH
%6C9
J>A9>C<H6C9>BEGDK:B:CIH
&68=>C:GN :FJ>EB:CI6C9A:6H:=DA9>BEGDK:B:CIH
)GDE:GIN EA6CI6C9:FJ>EB:CI 6I8DHI
%:HH88JBJA6I:99:EG:8>6I>DC6C96BDGI>O6I>DC
)GDE:GIN EA6CI6C9:FJ>EB:CI C:I
'59-7-8-326)0%8)(28%2+-&0)77)87
8FJ>H>I>DC G:A6I:9>CI6C<>7A:6HH:IH>C8AJ9:I=:8DHIHD;68FJ>G:98JHIDB:GG:A6I>DCH=>EH EGD9J8II:8=CDAD<N IG69:C6B:H
768@AD<6C9DI=:GHE:8>;>86AAN>9:CI>;>67A:>CI6C<>7A:6HH:IH 6C96G:7:>C<6BDGI>O:9JH>C<I=:HIG6><=I A>C:B:I=D9DK:GI=:>G
:HI>B6I:9JH:;JAA>K:H L=>8=G6C<:JEIDN:6GH -=:8DBE6CNG:K>:LHI=:H:>CI6C<>7A:6HH:IH;DG>BE6>GB:CIL=:C
>C9>86I>DCD;EDI:CI>6A>BE6>GB:CI:M>HIH HJ8=6H6H><C>;>86CIG:9J8I>DC>C86H=;ADLH6HHD8>6I:9L>I=I=:6HH:IH 0=:C
>BE6>GB:CI>C9>86IDGH:M>HI I=:8DBE6CN9:I:GB>C:HL=:I=:GI=:86GGN>C<K6AJ:D;>IH>CI6C<>7A:6HH:IH:M8::9HI=:G:A6I:9
JC9>H8DJCI:986H=;ADLH "CI=:H:H>IJ6I>DCH I=:86GGN>C<K6AJ:>HLG>II:C9DLCID;6>GK6AJ:
"C699>I>DC I=:8DBE6CN=6HIG69:C6B:H6C9>C EGD8:HHG:H:6G8=6C99:K:ADEB:CII=6I=6K:>C9:;>C>I:A>K:H6C9L=>8=6G:
CDI6BDGI>O:9 "CI6C<>7A:6HH:IHL>I=>C9:;>C>I:A>K:H6G:G:K>:L:9;DG>BE6>GB:CI6CCJ6AANDGL=:C:K:G:K:CIHDG8=6C<:H>C
8>G8JBHI6C8:H>C9>86I:I=:NB6N7:>BE6>G:9 -=:8DBE6CNB6NE:G;DGB6CDEI>DC6AFJ6A>I6I>K:6HH:HHB:CI ";I=:8DBE6CN
9:I:GB>C:HI=6II=:;6>GK6AJ:D;I=:>C9:;>C>I: A>K:9>CI6C<>7A:6HH:I>HBDG:A>@:ANI=6CCDI<G:6I:GI=6C>IH86GGN>C<6BDJCI CD
699>I>DC6AI:HI>C<>HC:8:HH6GN ";CDI DG>;I=:8DBE6CN7NE6HH:HI=:DEI>DC6AFJ6A>I6I>K:6HH:HHB:CI >ILG>I:HI=:86GGN>C<
K6AJ:9DLCIDI=:;6>GK6AJ: >;6EEA>867A:
8FJ>H>I>DC G:A6I:9>CI6C<>7A:6HH:IH6G:6H;DAADLH
'% "&%&!'!
!"'&'""!&"'!!&'' !'&;:@5:A10
-=::HI>B6I:9;JIJG:6BDGI>O6I>DC:ME:CH:D;68FJ>H>I>DC G:A6I:9>CI6C<>7A:6HH:IHL>I=9:;>C>I:A>K:H>H6H;DAADLH
"CB>AA>DCH
6C9I=:G:6;I:G
HI>B6I:9;JIJG:6BDGI>O6I>DC:ME:CH:D;9:;>C>I: A>K:9>CI6C<>7A:6HH:IH
8,)677)87
(I=:G6HH:IH>CI=:688DBE6CN>C<76A6C8:H=::I>C8AJ9:DE:G6I>C<A:6H:G><=I D; JH:6HH:IH >CK:HIB:CIH 9:;:GG:9I6M6HH:IH
E:CH>DC6HH:IH 86H=HJGG:C9:GK6AJ:D;A>;:>CHJG6C8: >CHJG6C8:G:8DK:GNG:8:>K67A:HG:A6I:9IDEGD9J8IA>67>A>INB6II:GH 8:GI6>C
>CI6C<>7A:6HH:IH6C9DI=:G6HH:IH
I:8:B7:G 6C9 I=:8DBE6CN=69B>AA>DC6C9B>AA>DC G:HE:8I>K:AN D;>CI6C<>7A:6HH:IHCDI
9:G>K:9;GDB68FJ>H>I>DCH C:ID;688JBJA6I:96BDGI>O6I>DC L=>8=6G:7:>C<6BDGI>O:9JH>C<I=:HIG6><=I A>C:B:I=D9DK:GI=:>G
:HI>B6I:9JH:;JAA>K:H L=>8=G6C<:JEIDN:6GH
FJ>IN>CK:HIB:CIHI=6I9DCDI=6K:G:69>AN9:I:GB>C67A:;6>GK6AJ:H6C96G:CDI:A><>7A:;DGI=:C:I6HH:IK6AJ:'/
EG68I>86A:ME:9>:CI6G:B:6HJG:96I8DHIB>CJH>BE6>GB:CI >;6CN EAJHDGB>CJH8=6C<:HG:HJAI>C<;GDBD7H:GK67A:EG>8:
8=6C<:H>CDG9:GANIG6CH68I>DCH;DGI=:>9:CI>86ADGH>B>A6G>CK:HIB:CIHD;I=:H6B:>HHJ:G -=:8DBE6CNE:G;DGBHFJ6A>I6I>K:
6HH:HHB:CIHID>9:CI>;N>BE6>GB:CIHD;I=:H:>CK:HIB:CIH I:8:B7:G 6C9 I=:8DBE6CN=69HJ8=>CK:HIB:CIH
L>I=86GGN>C<6BDJCIHD;B>AA>DC6C9B>AA>DC G:HE:8I>K:AN 6C9>CK:HIB:CIHB:6HJG:96I'/D;B>AA>DC6C9
B>AA>DC G:HE:8I>K:AN L=>8=6G:>C8AJ9:9>CDI=:G6HH:IH
33(;-00
-=:8DBE6CN6HH:HH:H<DD9L>AA;DG>BE6>GB:CI6II=:G:EDGI>C<JC>IA:K:A6CCJ6AAN6C9L=:C:K:G:K:CIHD88JGDG
8>G8JBHI6C8:H8=6C<:I=6ILDJA9BDG:A>@:ANI=6CCDIG:9J8:I=:;6>GK6AJ:D;6G:EDGI>C<JC>I7:ADL>IH86GGN>C<6BDJCI ,J8=
:K:CIHDG8>G8JBHI6C8:H<:C:G6AAN>C8AJ9:I=:D88JGG:C8:D;DE:G6I>C<ADHH:HDG6H><C>;>86CI9:8A>C:>C:6GC>C<H6HHD8>6I:9L>I=
DC:DGBDG:D;I=:8DBE6CNWHG:EDGI>C<JC>IH -=:8DBE6CN>HE:GB>II:9ID;>GHI6HH:HHFJ6A>I6I>K:;68IDGHID9:I:GB>C:L=:I=:G
I=:FJ6CI>I6I>K:<DD9L>AA>BE6>GB:CII:HI>HC:8:HH6GN ";I=:FJ6A>I6I>K:6HH:HHB:CIG:HJAIH>C69:I:GB>C6I>DCI=6II=:;6>GK6AJ:
D;6G:EDGI>C<JC>I>HBDG:A>@:ANI=6CCDIA:HHI=6C>IH86GGN>C<6BDJCI I=:8DBE6CNE:G;DGBH6FJ6CI>I6I>K:<DD9L>AA
>BE6>GB:CII:HI -=:8DBE6CNB6N7NE6HHI=:FJ6A>I6I>K:6HH:HHB:CI;DGI=:G:EDGI>C<JC>I>C6CNE:G>D96C9EGD8::99>G:8IAN
IDI=:<DD9L>AA>BE6>GB:CII:HI -=:8DBE6CN:HI>B6I:HI=:;6>GK6AJ:D;>IHG:EDGI>C<JC>IH7NJH>C<;DG:86HIHD;9>H8DJCI:9
;JIJG:86H=;ADLH6C9E::GB6G@:IBJAI>EA:H -=:8DBE6CNLDJA9G:8DG96C>BE6>GB:CI8=6G<:76H:9DCI=::M8:HHD;6
G:EDGI>C<JC>IWH86GGN>C<6BDJCIDK:G>IH;6>GK6AJ:A>B>I:9IDI=:6BDJCID;<DD9L>AA -=:8DBE6CN9:I:GB>C:9I=6ICD
>BE6>GB:CIH:M>HI:9>C DG
-=:8=6C<:H>CI=:86GGN>C<6BDJCID;<DD9L>AA7NH:<B:CI6G:6H;DAADLH
%67DG6IDGN
)GD9J8IH6C9
%>;:,8>:C8:H C6ANI>86A ,E:8>6AIN >DE=6GB6
"CB>AA>DCH ,DAJI>DCH "CHIGJB:CIH >6<CDHI>8H ,:GK>8:H -DI6A
-8-:/1-@1/19.1>
8FJ>H>I>DC T T T
JGG:C8NIG6CHA6I>DC
-8-:/1-@1/19.1>
8FJ>H>I>DCH
JGG:C8NIG6CHA6I>DC
-8-:/1-@1/19.1>
'% "&%&!'!
!"'&'""!&"'!!&'' !'&;:@5:A10
377328-2+)2'-)7
88GJ6AH6G:G:8DG9:9;DGK6G>DJH8DCI>C<:C8>:H >C8AJ9>C<A:<6AEGD8::9>C<H :CK>GDCB:CI6A LDG@:GHW8DBE:CH6I>DC
EGD9J8I <:C:G6A6C96JIDA>67>A>I>:H H:A; >CHJG6C8:6C9DI=:G8A6>BHI=6I6G>H:>CI=:CDGB6A8DJGH:D;7JH>C:HH -=:688GJ6AH6G:
76H:9DCB6C6<:B:CIWH?J9<B:CI =>HIDG>86A8A6>BH:ME:G>:C8: I=:EGD767>A>IND;ADHH:H6C9 L=:G:6EEA>867A: I=:
8DCH>9:G6I>DCD;DE>C>DCHD;>CI:GC6A6C9 DG:MI:GC6AA:<6A8DJCH:A6C968IJ6G>6A:HI>B6I:H 99>I>DC6AAN I=:8DBE6CNG:8DG9H
G:8:>K67A:H;GDBI=>G9 E6GIN>CHJG:GHJEIDI=:6BDJCID;I=:ADHHL=:CG:8DK:GN=6H7::C9:I:GB>C:9ID7:EGD767A: :GI6>C
A>67>A>I>:H68FJ>G:9>C68FJ>H>I>DCH=6K:7::CG:8DG9:96IG:69>AN9:I:GB>C67A:;6>GK6AJ:H6C9 6HHJ8= L:G:9>H8DJCI:9ID
EG:H:CIK6AJ:6II=:96I:HD;68FJ>H>I>DC
966)2'= 6%270%8-32
AA6HH:IH6C9A>67>A>I>:HD;I=:8DBE6CNWHHJ7H>9>6G>:HDE:G6I>C<>CCDC . , 9DAA6G8JGG:C8>:H6G:IG6CHA6I:96IE:G>D9 :C9
:M8=6C<:G6I:H +:HJAI>C<IG6CHA6I>DC69?JHIB:CIH6G:G:;A:8I:9>CI=:U688JBJA6I:9DI=:G8DBEG:=:CH>K:>I:BHV8DBEDC:CID;
H=6G:=DA9:GHW:FJ>IN +:K:CJ:H6C9:ME:CH:H6G:IG6CHA6I:96I6K:G6<::M8=6C<:G6I:H;DGI=:E:G>D9 JGG:C8NIG6CH68I>DC<6>CH
6G:>C8AJ9:9>CI=:688DBE6CN>C<HI6I:B:CID;>C8DB:6C9>C6<<G:<6I:L:G:B>AA>DC B>AA>DC6C9B>AA>DC>C
6C9 G:HE:8I>K:AN
)6-:%8-:)3286%'87
-=:8DBE6CN>H:MEDH:9ID8:GI6>CG>H@HG:A6I>C<ID>IHDC<D>C<7JH>C:HHDE:G6I>DCH>C8AJ9>C<8=6C<:HID>CI:G:HIG6I:H6C9
8JGG:C8N:M8=6C<:G6I:H -=:8DBE6CNJH:H9:G>K6I>K:>CHIGJB:CIHEG>B6G>ANIDB6C6<:8JGG:C8N:M8=6C<:6C9>CI:G:HIG6I:
G>H@H -=:8DBE6CNG:8D<C>O:H9:G>K6I>K:>CHIGJB:CIH6H:>I=:G6HH:IHDGA>67>A>I>:H6C9B:6HJG:HI=DH:>CHIGJB:CIH6I;6>GK6AJ:
";69:G>K6I>K:>H6=:9<: 9:E:C9>C<DCI=:C6IJG:D;I=:=:9<: 8=6C<:H>CI=:;6>GK6AJ:D;I=:9:G>K6I>K:6G::>I=:GD;;H:I
6<6>CHII=:8=6C<:>C;6>GK6AJ:D;I=:=:9<:9>I:BI=GDJ<=:6GC>C<HDGG:8D<C>O:9>CDI=:G8DBEG:=:CH>K:>I:BHJCI>AI=:
=:9<:9>I:B>HG:8D<C>O:9>C:6GC>C<H :G>K6I>K:HI=6I6G:CDI9:H><C6I:96H=:9<:H6G:G:8DG9:96I;6>GK6AJ:I=GDJ<=:6GC>C<H
-=:8DBE6CNJH:HH=DGI I:GB;DGL6G96C9DEI>DC8JGG:C8N:M8=6C<:8DCIG68IHEG>B6G>ANID=:9<:8:GI6>C76A6C8:H=::I6C9
DE:G6I>DC6A:MEDHJG:HG:HJAI>C<;GDB8=6C<:H>C8JGG:C8N:M8=6C<:G6I:H EG:9DB>C6CIAN>CI:G8DBE6CNAD6CH6C986H=76A6C8:H
I=6I6G:9:CDB>C6I:9>C8JGG:C8>:HDI=:GI=6CI=:;JC8I>DC6A8JGG:C8>:HD;I=:G:HE:8I>K:DE:G6I>DCH -=:8JGG:C8N :M8=6C<:
8DCIG68IHEG>C8>E6AAN=:9<:IG6CH68I>DCH9:CDB>C6I:9>C:JGD ,L>HH;G6C8 G>I>H=EDJC9HHI:GA>C< 6C69>6C9DAA6GH O:8=
@DGJC6 #6E6C:H:N:C6C9!DC<$DC<9DAA6GH -=:8DBE6CN9D:HCDI=DA9DG:C<6<:>CIG6CH68I>DCH>CKDAK>C<9:G>K6I>K:
>CHIGJB:CIH;DGEJGEDH:HDI=:GI=6CG>H@B6C6<:B:CI
%7,*03;,)(+)7 DG9:G>K6I>K:>CHIGJB:CIHI=6I6G:9:H><C6I:96C9FJ6A>;N6H686H=;ADL=:9<: I=:<6>CDGADHHDCI=:
9:G>K6I>K:>HG:EDGI:96H68DBEDC:CID;DI=:G8DBEG:=:CH>K:>I:BH6C9G:8A6HH>;>:9>CID:6GC>C<H>CI=:H6B:E:G>D9DG
E:G>D9H9JG>C<L=>8=I=:=:9<:9IG6CH68I>DC6;;:8IH:6GC>C<H6C9>HEG:H:CI:9>CI=:H6B:>C8DB:HI6I:B:CIA>C:>I:B6HI=:
:6GC>C<H:;;:8ID;I=:=:9<:9>I:B
%-6:%09),)(+)7DG9:G>K6I>K:>CHIGJB:CIHI=6I6G:9:H><C6I:96C9FJ6A>;N6H6;6>GK6AJ:=:9<: I=:<6>CDGADHHDCI=:
9:G>K6I>K: 6HL:AA6HI=:D;;H:II>C<ADHHDG<6>CDCI=:=:9<:9>I:B6IIG>7JI67A:IDI=:=:9<:9G>H@ 6G:G:8D<C>O:9>C
:6GC>C<H
)8-2:)781)28,)(+)7-=:8DBE6CNJH:H;DG:><C8JGG:C8N 9:CDB>C6I:99:7I6C98GDHH 8JGG:C8N>CI:G:HIG6I:HL6EHID
E6GI>6AAN=:9<:>IHC:I>CK:HIB:CIH>C;DG:><CDE:G6I>DCH6<6>CHI69K:GH:BDK:B:CIH>C:M8=6C<:G6I:H EDGI>DCD;I=:
8DBE6CNWH:JGD 9:CDB>C6I:9H:C>DGCDI:H6C9>IH8GDHH 8JGG:C8N>CI:G:HIG6I:HL6EH=6K:7::C9:H><C6I:96H 6C96G:
:;;:8I>K:6H :8DCDB>8=:9<:HD;E6GID;I=:C:I>CK:HIB:CI>C6;DG:><CDE:G6I>DC 88DG9>C<AN ;DG:><C8JGG:C8N
IG6CH68I>DC<6>CHDGADHH:H9J:IDHEDIG6I:;AJ8IJ6I>DCHDCI=::JGD 9:CDB>C6I:99:7I>CHIGJB:CIH6C98DCIG68I;6>GK6AJ:
8=6C<:HDCI=:8GDHH 8JGG:C8N>CI:G:HIG6I:HL6EH :M8AJ9>C<>CI:G:HI688GJ6AH 6G:>C8AJ9:9>C8JGG:C8NIG6CHA6I>DC
69?JHIB:CIL>I=>CDI=:G8DBEG:=:CH>K:>I:BH6C9H=6G:=DA9:GHW:FJ>IN
!7)3*78-1%8)7
-=:EG:E6G6I>DCD;;>C6C8>6AHI6I:B:CIH>C8DC;DGB>INL>I=<:C:G6AAN688:EI:9688DJCI>C<EG>C8>EA:HG:FJ>G:HB6C6<:B:CI
IDB6@::HI>B6I:H6C96HHJBEI>DCHI=6I6;;:8II=:G:EDGI:96BDJCIHD;6HH:IH6C9A>67>A>I>:H 9>H8ADHJG:D;8DCI>C<:CI6HH:IH6C9
A>67>A>I>:H6II=:96I:D;I=:;>C6C8>6AHI6I:B:CIH6C9I=:G:EDGI:96BDJCIHD;G:K:CJ:H6C9:ME:CH:H9JG>C<I=:G:EDGI>C<E:G>D9
-=:8DBE6CNWH:HI>B6I:H>C8AJ9: 6BDC<DI=:GH 6HH:IG:H:GK:G:FJ>G:B:CIH6HL:AA6HI=:6BDJCIHD;;JIJG:86H=;ADLH
6HHD8>6I:9L>I=8:GI6>C6HH:IH6C97JH>C:HH:HI=6I6G:JH:9>C6HH:HH>C<I=:G>H@D;>BE6>GB:CI +>H@H6C9JC8:GI6>CI>:H
6HHD8>6I:9L>I=I=:DC<D>C<(/" <AD76AE6C9:B>8B6I:G>6AAN69K:GH:AN6;;:8I:98:GI6>CD;I=:8DBE6CNWH7JH>C:HH:H>C
E6GI>8JA6GAN>CI=:C6ANI>86A"CHIGJB:CIHH:<B:CI6C9 ID6A:HH:G:MI:CI HDB:7JH>C:HH:HL>I=>CI=:DI=:GI=G::
H:<B:CIH -=:C:<6I>K:>BE68IHH><C>;>86CIANA:HH:C:9>C -=::MI:CI6C99JG6I>DCD;C:<6I>K:>BE68IH>CI=:;JIJG: L=>8=
'% "&%&!'!
!"'&'""!&"'!!&'' !'&;:@5:A10
B6N>C8AJ9:>C;A6I>DC6GNEG:HHJG:H6C9HJEEAN8=6>C9>HGJEI>DCH 6G:JC8:GI6>C6C9B6NG:FJ>G:8=6C<:HID:HI>B6I:H 8IJ6A
G:HJAIH8DJA99>;;:G;GDBI=DH::HI>B6I:H
)')28''3928-2+632392')1)287
"C'DK:B7:G I=:,>HHJ:9C:L<J>96C8:IDG:FJ>G::CI>I>:HID9>H8ADH:>C;DGB6I>DC67DJI8:GI6>CINE:HD;
<DK:GCB:CI6HH>HI6C8:I=:NG:8:>K: >C8AJ9>C<86H=<G6CIH6C9I6M8G:9>IH BDC<DI=:GI=>C<H I=:C:L<J>96C8:G:FJ>G:H
:ME6C9:99>H8ADHJG:G:<6G9>C<I=:FJ6A>I6I>K:6C9FJ6CI>I6I>K:8=6G68I:G>HI>8HD;I=:C6IJG: 6BDJCI I>B>C< 6C9H><C>;>86CI
I:GBH6C98DC9>I>DCHD;IG6CH68I>DCHL>I=6<DK:GCB:CI6G>H>C<;GDB6<G6CIDGDI=:G;DGBHD;6HH>HI6C8:688DJCI:9;DGJC9:G6
8DCIG>7JI>DCBD9:A -=:8DBE6CNL>AA69DEII=>H<J>96C8:>CJH>C<6EGDHE:8I>K:B:I=D9 -=:69DEI>DCD;I=>H<J>96C8:>H
CDI:ME:8I:9ID=6K:6B6I:G>6A>BE68IDCI=:8DBE6CNWH9>H8ADHJG:H=DL:K:G I=:>BE68IL>AA7:9:E:C9:CIDCI=::MI:CID;
IG6CH68I>DCHD;I=>HC6IJG::CI:G:9>CID7NI=:8DBE6CN>CE:G>D9HHJ7H:FJ:CIIDI=:96I:D;69DEI>DC
"C(8ID7:G I=:,6B:C9:9<J>96C8:IDG:8D<C>O:6C9B:6HJG:8DCIG68I6HH:IH6C98DCIG68IA>67>A>I>:H68FJ>G:9>C
67JH>C:HH8DB7>C6I>DC :C:G6AAN I=>HC:L<J>96C8:L>AAG:HJAI>CI=:8DBE6CNG:8D<C>O>C<8DCIG68I6HH:IH6C98DCIG68I
A>67>A>I>:H6II=:H6B:6BDJCIHG:8DG9:97NI=:68FJ>G:: -=:8DBE6CN69DEI:9I=>H<J>96C8:>CI=:;DJGI=FJ6GI:GD;
G:IGDHE:8I>K:ANID6AA7JH>C:HH8DB7>C6I>DCH8DBEA:I:9>CI=:;>GHII=G::FJ6GI:GHD;6C9EGDHE:8I>K:ANID6AA;JIJG:7JH>C:HH
8DB7>C6I>DCH -=:69DEI>DCD;I=>H<J>96C8:9>9CDI=6K:6B6I:G>6A>BE68IDCI=:8DBE6CNWH8DCHDA>96I:9;>C6C8>6AHI6I:B:CIH
;DG68FJ>H>I>DCHI=6I8ADH:9>C=DL:K:G I=:>BE68I>C;JIJG:E:G>D9HL>AA7:9:E:C9:CIDCI=:8DCIG68I6HH:IH6C98DCIG68I
A>67>A>I>:H68FJ>G:9>C;JIJG:7JH>C:HH8DB7>C6I>DCH
"C#JAN I=:,6B:C9:9<J>96C8:IDG:FJ>G:A:HHDGHID8A6HH>;NA:6H:H6HDE:G6I>C<A:6H:H>;I=:N=6K:8:GI6>C
K6G>67A:A:6H:E6NB:CIHIGJ8IJG:H6C9LDJA9=6K:H:AA>C<ADHH:H>;I=:NL:G:8A6HH>;>:96HH6A:H INE:DG9>G:8I;>C6C8>C<A:6H:H
-=:8DBE6CN69DEI:9I=:<J>96C8:>CI=:I=>G9FJ6GI:GD;JH>C<6EGDHE:8I>K:B:I=D9 -=:69DEI>DCD;I=>H<J>96C8:9>9
CDI=6K:6B6I:G>6A>BE68IDCI=:8DBE6CNWH8DCHDA>96I:9;>C6C8>6AHI6I:B:CIH
"C#6CJ6GN I=:,>HHJ:9C:L<J>96C8:ID8A6G>;NI=:>CI:G68I>DCD;I=:688DJCI>C<;DG8:GI6>C:FJ>INH:8JG>I>:H
:FJ>INB:I=D9>CK:HIB:CIH 6C98:GI6>C;DGL6G98DCIG68IH6C9EJG8=6H:9DEI>DCH BDC<DI=:GI=>C<H I=:C:L<J>96C8:
8A6G>;>:HI=6I6C:CI>INH=DJA98DCH>9:GD7H:GK67A:IG6CH68I>DCHI=6IG:FJ>G:>IID:>I=:G6EEANDG9>H8DCI>CJ:I=::FJ>INB:I=D9D;
688DJCI>C<;DGI=:EJGEDH:HD;6EEAN>C<B:6HJG:B:CIEG>C8>EA:H;DG8:GI6>C:FJ>INH:8JG>I>:H>BB:9>6I:AN7:;DG:6EEAN>C<DG
9>H8DCI>CJ>C<I=::FJ>INB:I=D9 -=:8DBE6CN69DEI:9I=>H<J>96C8:>CJH>C<6EGDHE:8I>K:B:I=D9 -=:69DEI>DCD;I=>H
<J>96C8:9>9CDI=6K:6B6I:G>6A>BE68IDCI=:8DBE6CNWH8DCHDA>96I:9;>C6C8>6AHI6I:B:CIH
"C:8:B7:G I=:,>HHJ:9C:L<J>96C8:IDH>BEA>;NI=:688DJCI>C<;DG>C8DB:I6M:H BDC<DI=:GI=>C<H I=:
C:L<J>96C8:G:FJ>G:HI=::;;:8IHD;:C68I:98=6C<:H>CI6MA6LHDGG6I:HID7:G:;A:8I:9>CI=:6CCJ6A:;;:8I>K:I6MG6I:
8DBEJI6I>DC>CI=:>CI:G>BE:G>D9I=6I>C8AJ9:HI=::C68IB:CI96I: -=:8DBE6CN69DEI:9I=>H<J>96C8:>CJH>C<6
EGDHE:8I>K:B:I=D9 -=:69DEI>DCD;I=>H<J>96C8:9>9CDI=6K:6B6I:G>6A>BE68IDCI=:8DBE6CNWH8DCHDA>96I:9;>C6C8>6A
HI6I:B:CIH=DL:K:G I=:>BE68I>C;JIJG:E:G>D9HL>AA7:9:E:C9:CIDCI=::MI:CID;;JIJG::K:CIHDG8DC9>I>DCHI=6ILDJA97:
6;;:8I:9HJ8=6H:C68I:98=6C<:H>CI6MA6LHDGG6I:H
"CJ<JHI I=:,>HHJ:9C:L<J>96C8:IDBD9>;NI=:9>H8ADHJG:G:FJ>G:B:CIH;DG:BEADN:GHI=6IHEDCHDG9:;>C:9
7:C:;>IE:CH>DCDGDI=:GEDHIG:I>G:B:CIEA6CH -=:8DBE6CN69DEI:9I=:<J>96C8:>CJH>C<6G:IGDHE:8I>K:B:I=D9 -=:
69DEI>DCD;I=>H<J>96C8:9>9CDI=6K:6B6I:G>6A>BE68IDCI=:8DBE6CNWH9>H8ADHJG:H
"CJ<JHI I=:,>HHJ:9C:L<J>96C8:IDBD9>;NI=:9>H8ADHJG:G:FJ>G:B:CIHDC;6>GK6AJ:B:6HJG:B:CIH -=:
8DBE6CN69DEI:9I=:<J>96C8:>CL>I=HDB:>I:BHG:FJ>G>C<6EGDHE:8I>K:B:I=D96C9DI=:GHG:FJ>G>C<6G:IGDHE:8I>K:
B:I=D9 -=:69DEI>DCD;I=>H<J>96C8:9>9CDI=6K:6B6I:G>6A>BE68IDCI=:8DBE6CNWH9>H8ADHJG:H
"C#JC: I=:,>HHJ:9C:L<J>96C8:IDG:FJ>G:6;>C6C8>6A6HH:IB:6HJG:96I6BDGI>O:98DHI76H>H HJ8=6H688DJCIH
G:8:>K67A: ID7:EG:H:CI:96II=:C:I6BDJCI:ME:8I:9ID7:8DAA:8I:976H:9DCG:A:K6CI>C;DGB6I>DC67DJIE6HI:K:CIH >C8AJ9>C<
=>HIDG>86A:ME:G>:C8: 8JGG:CI8DC9>I>DCH 6C9G:6HDC67A:6C9HJEEDGI67A:;DG:86HIHI=6I6;;:8II=:8DAA:8I67>A>IND;I=:G:EDGI:9
6BDJCI JG>C<6C9 I=:,>HHJ:9699>I>DC6A<J>96C8:6C98A6G>;>86I>DC -=:8DBE6CN69DEI:9I=:<J>96C8:>C
JH>C<6BD9>;>:9G:IGDHE:8I>K:B:I=D9 -=:69DEI>DCD;I=>H<J>96C8:G:9J8:9688DJCIHG:8:>K67A:6C9G:I6>C:9:6GC>C<H
7NB>AA>DCDC#6CJ6GN
"C:7GJ6GN I=:,>HHJ:9C:L<J>96C8:L=>8=G:FJ>G:HA:HH::HIDG:8DG9BDHIA:6H:HDCI=:>G76A6C8:H=::IH6H
A:6H:A>67>A>I>:H >C>I>6AANB:6HJG:96II=:EG:H:CIK6AJ:D;I=:;JIJG:A:6H:E6NB:CIH L>I=8DGG:HEDC9>C<G><=I D; JH:6HH:IH -=:
C:L<J>96C8:6AHDH:IH;DGI=C:L9>H8ADHJG:G:FJ>G:B:CIHG:A6I:9IDA:6H:H JG>C< I=:,>HHJ:9699>I>DC6A
<J>96C8:6C98A6G>;>86I>DC -=:8DBE6CN69DEI:9I=>H<J>96C8:>C#6CJ6GN -=:8DBE6CN:A:8I:9ID69DEII=:<J>96C8:
JH>C<6BD9>;>:9G:IGDHE:8I>K:B:I=D9 7N6EEAN>C<I=:IG6CH>I>DC6EEGD68=6HD;I=:7:<>CC>C<D;I=:E:G>D9D;69DEI>DC
DBE6G6I>K:E:G>D9H=6K:CDI7::CG:HI6I:9 HE:GB>II:9JEDCIG6CH>I>DC I=:8DBE6CN9>9CDIG:6HH:HHL=:I=:G6CN:ME>G:9DG
'% "&%&!'!
!"'&'""!&"'!!&'' !'&;:@5:A10
:M>HI>C<8DCIG68IHL:G:DG8DCI6>C:9:B7:99:9A:6H:H I=:A:6H:8A6HH>;>86I>DC;DG6CN:ME>G:9DG:M>HI>C<A:6H:H >C>I>6A9>G:8I
8DHIH;DG6CNA:6H:H DGL=:I=:GA6C9:6H:B:CIHB:II=:9:;>C>I>DCD;6A:6H:>;I=:NL:G:CDI688DJCI:9;DG6HA:6H:HJC9:GI=:
EG>DG<J>96C8: -=:69DEI>DCD;I=>H<J>96C8:>C8G:6H:9G:I6>C:9:6GC>C<H7NB>AA>DCDC#6CJ6GN
!;@1 /=A5?5@5;:?-:05?<;?5@5;:
-=:8DBE6CNWH68FJ>H>I>DCH=6K:=>HIDG>86AAN7::CB69:6IEG>8:H67DK:I=:9:I:GB>C:9;6>GK6AJ:D;I=:68FJ>G:9
>9:CI>;>67A:C:I6HH:IH G:HJAI>C<>C<DD9L>AA EG>B6G>AN9J:ID:ME:8I6I>DCHD;I=:HNC:G<>:HI=6IL>AA7:G:6A>O:97N8DB7>C>C<
I=:7JH>C:HH:H6C9I=:7:C:;>IHI=6IL>AA7:<6>C:9;GDBI=:6HH:B7A:9LDG@;DG8: -=:H:HNC:G<>:H>C8AJ9:I=::A>B>C6I>DCD;
G:9JC96CI;68>A>I>:H ;JC8I>DCH6C9HI6;;>C<JH:D;I=:8DBE6CNWH:M>HI>C<8DBB:G8>6A>C;G6HIGJ8IJG:ID:ME6C9H6A:HD;I=:
68FJ>G:97JH>C:HH:HWEGD9J8IH6C9JH:D;I=:8DBB:G8>6A>C;G6HIGJ8IJG:D;I=:68FJ>G:97JH>C:HH:HID8DHI :;;:8I>K:AN:ME6C9
H6A:HD;8DBE6CNEGD9J8IH
8FJ>H>I>DCH=6K:7::C688DJCI:9;DGJH>C<I=:68FJ>H>I>DCB:I=D9D;688DJCI>C< 6C9I=:68FJ>G:98DBE6C>:HWG:HJAIH=6K:
7::C>C8AJ9:9>CI=:688DBE6CN>C<;>C6C8>6AHI6I:B:CIH;GDBI=:>GG:HE:8I>K:96I:HD;68FJ>H>I>DC 8FJ>H>I>DCIG6CH68I>DC8DHIH
6G:G:8DG9:9>CH:AA>C< <:C:G6A6C969B>C>HIG6I>K::ME:CH:H6H>C8JGG:9
(C#6CJ6GN I=:8DBE6CN68FJ>G:9 L>I=>CI=:%67DG6IDGN)GD9J8IH6C9>DE=6GB6,:GK>8:HH:<B:CI I=:
:A<>JB 76H:9JGDE:6CK>G6AK:8IDGB6CJ;68IJG>C<7JH>C:HHD; GDJE:'DK6H:E,,;DGB>AA>DC>CC:I86H=
8DCH>9:G6I>DC -=:JGDE:6CK>G6AK:8IDGB6CJ;68IJG>C<7JH>C:HHEGDK>9:HB6CJ;68IJG>C<H:GK>8:H;DGK688>C:H6C9I=:G6E>:HID
7>DI:8=CDAD<N8DBE6C>:H6C9A6G<:7>DE=6GB68JHIDB:GH -=:68FJ>H>I>DC:ME6C9HI=:H:<B:CIWH86E67>A>I>:H;DG8:AA6C9<:C:
K688>C:H6C9I=:G6E>:H -=:<DD9L>AAG:8DG9:96H6G:HJAID;I=>H7JH>C:HH8DB7>C6I>DC>HCDII6M9:9J8I>7A:
(C:7GJ6GN I=:8DBE6CN68FJ>G:9 L>I=>CI=:%>;:,8>:C8:H,DAJI>DCHH:<B:CI &:H6>DI:8= "C8 6. ,
76H:9BDA:8JA6G9>6<CDHI>88DBE6CN ;DGB>AA>DC>CC:I86H=8DCH>9:G6I>DC6C98DCI>C<:CI8DCH>9:G6I>DCL>I=6C>C>I>6A;6>G
K6AJ:D;B>AA>DC9J:JEDCI=:8DBEA:I>DCD;8:GI6>CB>A:HIDC:H &:H6>DI:8==6H9:K:ADE:96C98DBB:G8>6A>O:96
EDANB:G6H:8=6>CG:68I>DC)+76H:9G6E>9ED>CI D; 86G:I:HI>C<EA6I;DGB6K6>A67A:;DG9:I:8I>C<>C;:8I>DJH9>H:6H:H>C8AJ9>C<
(/" -=:68FJ>H>I>DC:C67A:HI=:8DBE6CNID688:A:G6I:I=:6K6>A67>A>IND;G:A>67A:6C9688JG6I:69K6C8:9BDA:8JA6G
9>6<CDHI>8H6II=:ED>CID;86G: -=:<DD9L>AAG:8DG9:96H6G:HJAID;I=>H7JH>C:HH8DB7>C6I>DC>HCDII6M9:9J8I>7A:
(C,:EI:B7:G I=:8DBE6CN6HHJB:9DE:G6I>C<G:HEDCH>7>A>IN L>I=>CI=:%67DG6IDGN)GD9J8IH6C9>DE=6GB6
,:GK>8:HH:<B:CI D;6C:LHI6I: D; I=: 6GI7>DAD<>8HB6CJ;68IJG>C<;68>A>IN>C%:C<C6J ,L>IO:GA6C9;GDB,%%>B>I:9ID
E:G;DGBE=6GB6H:GK>8:H;DG,%L>I=86E68>INIDH:GK:DI=:G8JHIDB:GH6HL:AA -=:8DBE6CN:ME:8IHIDB6@:;>M:9A:6H:
E6NB:CIH6<<G:<6I>C<IDB>AA>DC:M8AJ9>C<G:C:L6AH;GDBID L>I=699>I>DC6A6BDJCIH9:E:C9:CIDCI=:
:MI:CID;G:K:CJ:H;GDB8JHIDB:GHD;I=:;68>A>INDI=:GI=6C,% -=:<DD9L>AAG:8DG9:96H6G:HJAID;I=>H7JH>C:HH
8DB7>C6I>DC>HCDII6M9:9J8I>7A:
(C:8:B7:G I=:8DBE6CN68FJ>G:9 L>I=>CI=:%67DG6IDGN)GD9J8IH6C9>DE=6GB6,:GK>8:HH:<B:CI )) "C8
6. , 76H:9<AD76AEGDK>9:GD;8A>C>86AG:H:6G8=H:GK>8:HIDI=:E=6GB66C97>DI:8=>C9JHIGN ;DG 7>AA>DC>CC:I86H=
8DCH>9:G6I>DC6C9B>AA>DCD;:FJ>IN6L6G9H:M8=6C<:9 -=:699>I>DCD;))WH8A>C>86AG:H:6G8=H:GK>8:H:C=6C8:HDJG
D;;:G>C<ID7>DI:8=6C9E=6GB68JHIDB:GH7N:C67A>C<I=:BID688:A:G6I:>CCDK6I>DC6C9>C8G:6H:I=:>GEGD9J8I>K>INL>I=>CI=:
9GJ<9:K:ADEB:CIEGD8:HH -=:<DD9L>AAG:8DG9:96H6G:HJAID;I=>H7JH>C:HH8DB7>C6I>DC>HCDII6M9:9J8I>7A:
(C:8:B7:G I=:8DBE6CN68FJ>G:9 L>I=>CI=:%>;:,8>:C8:H,DAJI>DCHH:<B:CI ):EGD-:8= "C8 6. , 76H:9
9:K:ADE:G6C9B6CJ;68IJG:GD;G:8DB7>C6CIEGDI:>CH ;DG 7>AA>DC>CC:I86H=8DCH>9:G6I>DC ):EGD-:8=EGDK>9:H7>DH8>:C8:
G:6<:CIH@CDLC6HG:8DB7>C6CIEGDI:>CH >C8AJ9>C<8NID@>C:H6C9<GDLI=;68IDGH -=:68FJ>H>I>DC:ME6C9HI=:H:<B:CIWH
7>DH8>:C8:D;;:G>C<H -=:<DD9L>AAG:8DG9:96H6G:HJAID;I=>H7JH>C:HH8DB7>C6I>DC>HCDII6M9:9J8I>7A:
"C699>I>DC >C I=:8DBE6CN68FJ>G:9 L>I=>CI=:%>;:,8>:C8:H,DAJI>DCHH:<B:CI 8:AAHDGI>C<I:8=CDAD<N6HH:IH 6C
"G:A6C9 76H:9A>;:H8>:C8:H9>HIG>7JIDG6C969:K:ADE:GD;69><>I6A)+EA6I;DGBL>I=>CI=:C6ANI>86A"CHIGJB:CIHH:<B:CI 6
:A<>JB 76H:99:K:ADE:GD;B>8GD 8=>E76H:9I:8=CDAD<N;DGA>FJ>98=GDB6ID<G6E=N8DAJBCH6C9L>I=>CI=:,E:8>6AIN
>6<CDHI>8HH:<B:CI 6IG6CHEA6CI9>6<CDHI>8H>C;DGB6I>DCHNHI:BEGDK>9:G
'% "&%&!'!
!"'&'""!&"'!!&'' !'&;:@5:A10
-=:8DBEDC:CIHD;I=:EJG8=6H:EG>8:6C9C:I6HH:IH68FJ>G:9;DG68FJ>H>I>DCH6G:6H;DAADLH
%:C<C6J
JGDE:6C 7>DAD<>8H
/>G6A/:8IDG B6CJ;68IJG>C<
"CB>AA>DCH )) ):EGD-:8= JH>C:HH &:H6>DI:8= ;68>A>IN (I=:G
#A>/4-?1<>5/1
6H=E6>9
6>GK6AJ:D;:FJ>IN6L6G9H
:M8=6C<:9 T T T T T
6>GK6AJ:D;8DCI>C<:CI
8DCH>9:G6I>DC T T T
6H=68FJ>G:9 T
!1@-??1@?-/=A5>10
JGG:CI6HH:IH T
)GDE:GIN EA6CI6C9
:FJ>EB:CI
:;>C>I: A>K:9>CI6C<>7A:
6HH:IH
JHIDB:GG:A6I>DCH=>EH T T
)GD9J8II:8=CDAD<N T T
-G69:C6B:H T T T
68@AD< T T T T T
DD9L>AA
(I=:G6HH:IH
DCIG68IA>67>A>I>:H T T T
:;:GG:9I6M6HH:IH
A>67>A>I>:H T
>C6C8:A:6H:A>67>A>I>:H T T T
:7I6HHJB:9 T T T T T
(I=:GA>67>A>I>:H6HHJB:9
+:9::B67A:CDC8DCIGDAA>C<
>CI:G:HI T T T T T
'% "&%&!'!
!"'&'""!&"'!!&'' !'&;:@5:A10
.C6J9>I:9)GDDGB6"C;DGB6I>DC
-=:;DAADL>C<JC6J9>I:9EGD;DGB6>C;DGB6I>DCEGDK>9:HI=::;;:8ID;I=:8DBE6CNH68FJ>H>I>DCD;))6H>;I=:
68FJ>H>I>DC=69D88JGG:9DC#6CJ6GN
2:6GC9:9
:8:B7:G :8:B7:G
"CB>AA>DCH
+:K:CJ:H
-=:=>HIDG>86A8DCHDA>96I:9;>C6C8>6A>C;DGB6I>DCD;I=:8DBE6CN6C9))=6H7::C69?JHI:9>CI=:EGD;DGB6>C;DGB6I>DC
ID<>K::;;:8IIDEGD;DGB6:K:CIHI=6I6G:9>G:8IAN6IIG>7JI67A:IDI=:68FJ>H>I>DCH6C9G:A6I:9;>C6C8>C<6GG6C<:B:CIH6C96G:
;68IJ6AANHJEEDGI67A:
-DG:;A:8II=:68FJ>H>I>DCD;))6H>;>I=69D88JGG:9DC#6CJ6GN I=:JC6J9>I:9EGD;DGB6G:HJAIH>C8AJ9:
69?JHIB:CIHIDG:;A:8I 6BDC<DI=:GI=>C<H I=:>C8G:B:CI6A>CI6C<>7A:6HH:I6BDGI>O6I>DCID7:>C8JGG:976H:9DCI=:EG:A>B>C6GN
K6AJ:HD;:68=>9:CI>;>67A:>CI6C<>7A:6HH:I6C9I=:>CI:G:HI:ME:CH:;GDB9:7I;>C6C8>C<HD7I6>C:9IDE6GI>6AAN;JC9I=:86H=
8DCH>9:G6I>DCIG6CH;:GG:9 )GD;DGB669?JHIB:CIHL:G:I6M:;;:8I:96II=:8DBE6CNH=>HIDG>86AHI6IJIDGNG6I:H>C:;;:8I;DGI=:
G:HE:8I>K:E:G>D9H -=:JC6J9>I:9EGD;DGB66BDJCIH6G:CDIC:8:HH6G>AN>C9>86I>K:D;I=:8DB7>C:9G:HJAIHD;DE:G6I>DCHI=6I
LDJA9=6K:7::CG:6A>O:9=69I=:68FJ>H>I>DCH6C9G:A6I:9;>C6C8>C<HD88JGG:9DCI=:6;DG:B:CI>DC:996I:H CDG6G:I=:NB:6CI
ID7:>C9>86I>K:D;6CN6CI>8>E6I:98DB7>C:9G:HJAIHD;DE:G6I>DCHI=6II=:8DBE6CNL>AA:ME:G>:C8:6;I:GI=:IG6CH68I>DC "C
699>I>DC I=:6BDJCIH9DCDI>C8AJ9:6CN69?JHIB:CIH;DG68I>DCHI=6IB6N7:I6@:C;DAADL>C<I=:8DBEA:I>DCD;I=:IG6CH68I>DC
HJ8=6H:ME:8I:98DHIH6K>C<H DE:G6I>C<HNC:G<>:H DGG:K:CJ::C=6C8:B:CIHI=6IB6N7:G:6A>O:9HJ7H:FJ:CIIDI=:IG6CH68I>DC
)GD;DGB6C:I>C8DB:6IIG>7JI67A:ID-=:GBD>H=:G,8>:CI>;>8"C8 ;DGI=:N:6G:C9:9:8:B7:G :M8AJ9:H
B>AA>DCD;IG6CH68I>DC8DHIH >C>I>6AG:HIGJ8IJG>C<8DHIH 6C99:7I:MI>C<J>H=B:CI8DHIH9>G:8IAN6IIG>7JI67A:IDI=:))
68FJ>H>I>DCI=6IL:G:>C8AJ9:9>CI=:9:I:GB>C6I>DCD;C:I>C8DB:6IIG>7JI67A:ID-=:GBD>H=:G,8>:CI>;>8"C8 ;DGI=6IE:G>D9
-=:H:>I:BH=6K:G:9J8:9EGD;DGB6C:I>C8DB:6IIG>7JI67A:ID-=:GBD>H=:G,8>:CI>;>8"C8 ;DGI=:N:6G:C9:9:8:B7:G
7NB>AA>DC
-=:8DBE6CNWHG:HJAIHLDJA9CDI=6K:7::CB6I:G>6AAN9>;;:G:CI;GDB>IHEGD;DGB6G:HJAIH=69I=:8DBE6CNWHDI=:G
68FJ>H>I>DCHD88JGG:96II=:7:<>CC>C<D;
))WHG:K:CJ:H6C9ADHH:H6IIG>7JI67A:ID-=:GBD>H=:G,8>:CI>;>8"C8 >C HJ7H:FJ:CIIDI=:68FJ>H>I>DC96I: L:G:
B>AA>DC6C9B>AA>DC G:HE:8I>K:AN -=:ADHH>C8AJ9:HCDC G:8JGG>C<IG6CH68I>DC6C98DBE:CH6I>DC8DHIH
"C I=:8DBE6CN68FJ>G:9 L>I=>CI=:%>;:,8>:C8:H,DAJI>DCHH:<B:CI 6. , 76H:9EGDK>9:GD;6HE:8IG6A9N:
EA6I;DGB;DG=><= G:HDAJI>DC7>DAD<N6EEA>86I>DCHL=>8=L>AA:MI:C9I=:8DBE6CNWH:M>HI>C<IDDAH;DGEGDI:>C6C98:AA6C6ANH>H
6EEA>86I>DCH ;DG6IDI6AEJG8=6H:EG>8:D;B>AA>DC>C8AJ9>C<I=:;6>GK6AJ:D;8DCI>C<:CI8DCH>9:G6I>DC
(CEG>A I=:8DBE6CN68FJ>G:9 L>I=>CI=:%67DG6IDGN)GD9J8IH6C9>DE=6GB6,:GK>8:HH:<B:CI G6BB:G>D
;DG6EEGDM>B6I:AN 7>AA>DC>C86H= G6BB:G>D>H6A:69>C<K>G6AK:8IDG8DCIG68I9:K:ADEB:CI6C9B6CJ;68IJG>C<
DG<6C>O6I>DC;DG<:C:6C98:AAI=:G6E>:H -=:68FJ>H>I>DC:ME6C9:9I=:H:<B:CIWH8DCIG68IB6CJ;68IJG>C<86E67>A>I>:H -=:
EJG8=6H:EG>8::M8::9:9I=:;6>GK6AJ:D;I=:>9:CI>;>67A:C:I6HH:IH6C9 688DG9>C<AN B>AA>DCL6H6AAD86I:9ID<DD9L>AA
B>AA>DCD;L=>8=>HI6M9:9J8I>7A:
"C699>I>DC >CI=:8DBE6CN68FJ>G:9 L>I=>CI=:C6ANI>86A"CHIGJB:CIHH:<B:CI 6,ADK6@>6 76H:9EGDK>9:GD;B6HH
HE:8IGDB:IGNHD;IL6G:JH:9;DG>9:CI>;>86I>DCD;8DBEDJC9H 6C9 L>I=>CI=:%67DG6IDGN)GD9J8IH6C9>DE=6GB6,:GK>8:H
H:<B:CI 6C68I>K:E=6GB68:JI>86A>C<G:9>:CIB6CJ;68IJG>C<;68>A>IN>CDG@ "G:A6C9 ;DG6C6<<G:<6I:EJG8=6H:EG>8:D;
B>AA>DC
'% "&%&!'!
!"'&'""!&"'!!&'' !'&;:@5:A10
-=:8DBEDC:CIHD;I=:EJG8=6H:EG>8:6C9C:I6HH:IH68FJ>G:9;DG68FJ>H>I>DCH6G:6H;DAADLH
"CB>AA>DCH G6BB:G>D (I=:G
#A>/4-?1<>5/1
6H=E6>9
6H=68FJ>G:9 T
!1@-??1@?-/=A5>10
JGG:CI6HH:IH
)GDE:GIN EA6CI6C9:FJ>EB:CI
:;>C>I: A>K:9>CI6C<>7A:6HH:IH
JHIDB:GG:A6I>DCH=>EH T
)GD9J8II:8=CDAD<N
-G69:C6B:H T
DD9L>AA
(I=:G6HH:IH T
DCIG68IA>67>A>I>:H T
:;:GG:9I6MA>67>A>I>:H
(I=:GA>67>A>I>:H6HHJB:9
!;@1 %1B1:A1?-:0;:@>-/@>18-@10-8-:/1?
-7%++6)+%8)():)29)7
+:K:CJ:H7NINE:6G:6H;DAADLH
"CB>AA>DCH
%1B1:A1?
DCHJB67A:H
"CHIGJB:CIH
,:GK>8:H
DCHDA>96I:9G:K:CJ:H
'% "&%&!'!
!"'&'""!&"'!!&'' !'&;:@5:A10
+:K:CJ:H7N<:D<G6E=>8G:<>DC76H:9DC8JHIDB:GAD86I>DC6G:6H;DAADLH
"CB>AA>DCH
%1B1:A1?
'DGI=B:G>86
JGDE:
H>6 )68>;>8
(I=:GG:<>DCH
DCHDA>96I:9G:K:CJ:H
,J7HI6CI>6AAN6AAD;I=:8JGG:CI8DCIG68IA>67>A>I>:H76A6C8:6I:8:B7:G 6C9L6HG:8D<C>O:9>CG:K:CJ:H
9JG>C<6C9 G:HE:8I>K:AN
!;@1 A?5:1??&1391:@-:01;3>-<45/-8:2;>9-@5;:
-=:8DBE6CNWH;>C6C8>6AE:G;DGB6C8:>HG:EDGI:9>C;DJGH:<B:CIH 9:H8G>EI>DCD;:68=H:<B:CI;DAADLH
%>;:,8>:C8:H,DAJI>DCHEGDK>9:H6C:MI:CH>K:EDGI;DA>DD;G:6<:CIH >CHIGJB:CIH6C98DCHJB67A:HJH:9>C7>DAD<>86A6C9
B:9>86AG:H:6G8= 9>H8DK:GN6C9EGD9J8I>DCD;C:L9GJ<H6C9K688>C:H6HL:AA6H9>6<CDH>HD;9>H:6H:>C8AJ9>C<(/"
I=GDJ<=>IHEDANB:G6H:8=6>CG:68I>DC)+I:HI>C<6C9H6BEA:EG:E6G6I>DC86E67>A>I>:H -=:H:EGD9J8IH6C9H:GK>8:H6G:JH:9
7N8JHIDB:GH>CE=6GB68:JI>86A 7>DI:8=CDAD<N 6<G>8JAIJG6A 8A>C>86A 6869:B>8 6C9<DK:GCB:CIB6G@:IH
C6ANI>86A"CHIGJB:CIHEGDK>9:H67GD69D;;:G>C<D;>CHIGJB:CIH 8DCHJB67A:H HD;IL6G:6C9H:GK>8:HI=6I6G:JH:9;DG6
G6C<:D;6EEA>86I>DCH>CI=:A67DG6IDGN DCI=:EGD9J8I>DCA>C:6C9>CI=:;>:A9 -=:H:EGD9J8IH6C9H:GK>8:H6G:JH:97N
8JHIDB:GH>CE=6GB68:JI>86A 7>DI:8=CDAD<N 6869:B>8 <DK:GCB:CI :CK>GDCB:CI6A6C9DI=:GG:H:6G8=6C9>C9JHIG>6AB6G@:IH
6HL:AA6HI=:8A>C>86AA67DG6IDGN
,E:8>6AIN>6<CDHI>8HEGDK>9:H6L>9:G6C<:D;9>6<CDHI>8I:HI@>IH G:6<:CIH 8JAIJG:B:9>6 >CHIGJB:CIH6C96HHD8>6I:9
EGD9J8IHJH:9ID>C8G:6H:I=:HE::96C9688JG68ND;9>6<CDH:H -=:H:EGD9J8IH6G:JH:97N8JHIDB:GH>C=:6AI=86G: 8A>C>86A
E=6GB68:JI>86A >C9JHIG>6A6C9;DD9H6;:INA67DG6IDG>:H
%67DG6IDGN)GD9J8IH6C9>DE=6GB6,:GK>8:H;DGB:GAN@CDLC6H%67DG6IDGN)GD9J8IH6C9,:GK>8:HEGDK>9:HK>GIJ6AAN
:K:GNI=>C<C::9:9;DGI=:A67DG6IDGN >C8AJ9>C<68DB7>C6I>DCD;H:A; B6CJ;68IJG:96C9HDJG8:9EGD9J8IH;DG8JHIDB:GH>C
G:H:6G8= 6869:B>8 <DK:GCB:CI >C9JHIG>6A6C9=:6AI=86G:H:II>C<H -=:H:<B:CI6AHD>C8AJ9:H68DBEG:=:CH>K:D;;:G>C<D;
'% "&%&!'!
!"'&'""!&"'!!&'' !'&;:@5:A10
DJIHDJG8:9H:GK>8:HJH:97NI=:E=6GB68:JI>86A6C97>DI:8=>C9JHIG>:H;DG9GJ<9:K:ADEB:CI 8A>C>86AIG>6AHAD<>HI>8H 8A>C>86A
G:H:6G8=H:GK>8:H6C98DBB:G8>6A9GJ<B6CJ;68IJG>C<
-=:8DBE6CNWHB6C6<:B:CI:K6AJ6I:HH:<B:CIDE:G6I>C<E:G;DGB6C8:76H:9DCDE:G6I>C<>C8DB:7:;DG:8:GI6>C8=6G<:H
8G:9>IHID8DHID;G:K:CJ:H6C9H:AA>C< <:C:G6A6C969B>C>HIG6I>K::ME:CH:H EG>C8>E6AAN6HHD8>6I:9L>I=68FJ>H>I>DC688DJCI>C<
G:HIGJ8IJG>C<6C9DI=:G8DHIH >C8DB:>C8AJ9>C<8DHIH6G>H>C<;GDB;68>A>IN8DCHDA>96I>DCHHJ8=6HH:K:G6C8:6C9676C9DC:9A:6H:
:ME:CH:6C9<6>CH6C9ADHH:H;GDBI=:H6A:D;G:6A:HI6I:6C9EGD9J8IA>C:H6HL:AA6H;GDBH><C>;>86CIA>I><6I>DC G:A6I:9B6II:GH
6C96BDGI>O6I>DCD;68FJ>H>I>DC G:A6I:9>CI6C<>7A:6HH:IH -=:8DBE6CNJH:HI=>HB:6HJG:7:86JH:>I=:AEHB6C6<:B:CI
JC9:GHI6C96C9:K6AJ6I:I=:H:<B:CIHW8DG:DE:G6I>C<G:HJAIH6C9;68>A>I6I:H8DBE6G>HDCD;E:G;DGB6C8:;DG9:I:GB>C>C<
8DBE:CH6I>DC
97-2)77)+1)282*361%8-32
"CB>AA>DCH
%1B1:A1?
%>;:,8>:C8:H,DAJI>DCH
C6ANI>86A"CHIGJB:CIH
,E:8>6AIN>6<CDHI>8H
%67DG6IDGN)GD9J8IH6C9>DE=6GB6,:GK>8:H
A>B>C6I>DCH
DCHDA>96I:9G:K:CJ:H
&1391:@:/;91
%>;:,8>:C8:H,DAJI>DCH
C6ANI>86A"CHIGJB:CIH
,E:8>6AIN>6<CDHI>8H
%67DG6IDGN)GD9J8IH6C9>DE=6GB6,:GK>8:H
,J7IDI6AG:EDGI67A:H:<B:CIH
DHID;G:K:CJ:H8=6G<:H
,:AA>C< <:C:G6A6C969B>C>HIG6I>K:8=6G<:H8G:9>IH
+:HIGJ8IJG>C<6C9DI=:G8DHIH>C8DB:
BDGI>O6I>DCD;68FJ>H>I>DC G:A6I:9>CI6C<>7A:6HH:IH
DCHDA>96I:9DE:G6I>C<>C8DB:
"CI:G:HI>C8DB:
"CI:G:HI:ME:CH:
(I=:G>C8DB: :ME:CH:
"C8DB:7:;DG:>C8DB:I6M:H
1<>1/5-@5;:
%>;:,8>:C8:H,DAJI>DCH
C6ANI>86A"CHIGJB:CIH
,E:8>6AIN>6<CDHI>8H
%67DG6IDGN)GD9J8IH6C9>DE=6GB6,:GK>8:H
DCHDA>96I:99:EG:8>6I>DC
DHID;G:K:CJ:H8=6G<:H>C8AJ9:9>CI=:67DK:I67A:8DCH>HID;8=6G<:H;DGI=:H6A:D;>CK:CIDG>:HG:K6AJ:96II=:96I:D;
68FJ>H>I>DC6C9688:A:G6I:99:EG:8>6I>DCDC;>M:96HH:IHID:HI>B6I:99>HEDH6AK6AJ:>C8DCC:8I>DCL>I=I=:8DCHDA>96I>DCD;
DE:G6I>DCH ,:AA>C< <:C:G6A6C969B>C>HIG6I>K:8=6G<:H 8G:9>IH>C8AJ9:9>CI=:67DK:I67A:8DCH>HID;I=>G9 E6GINIG6CH68I>DC
>CI:<G6I>DC8DHIH>C8AJ9>C<G:>B7JGH:B:CII=:G:D;G:A6I:9IDG:8:CI I:GB>C6I:968FJ>H>I>DCH 8=6G<:H 8G:9>IH;DG8=6C<:H>C
:HI>B6I:HD;8DCI>C<:CI68FJ>H>I>DC8DCH>9:G6I>DC 6C98=6G<:H 8G:9>IHG:A6I:9IDEGD9J8IA>67>A>INA>I><6I>DC
'% "&%&!'!
!"'&'""!&"'!!&'' !'&;:@5:A10
-<5@-81D<1:05@A>1?
%>;:,8>:C8:H,DAJI>DCH
C6ANI>86A"CHIGJB:CIH
,E:8>6AIN>6<CDHI>8H
%67DG6IDGN)GD9J8IH6C9>DE=6GB6,:GK>8:H
DGEDG6I: DI=:G
DCHDA>96I:986E>I6A:ME:C9>IJG:H
6 DGEDG6I:6HH:IH8DCH>HIEG>B6G>AND;86H=6C986H=:FJ>K6A:CIH6C9EGDE:GIN6C9:FJ>EB:CI6II=:8DBE6CNH8DGEDG6I:D;;>8:H
)3+6%4,-'%02*361%8-32
"CB>AA>DCH
%1B1:A1?7
.C>I:9,I6I:H
=>C6
(I=:G
DCHDA>96I:9G:K:CJ:H
;:385B10??1@?8
.C>I:9,I6I:H
(I=:G
DCHDA>96I:9ADC< A>K:96HH:IH
7 +:K:CJ:H6G:6IIG>7JI:9ID8DJCIG>:H76H:9DC8JHIDB:GAD86I>DC
8 "C8AJ9:HEGDE:GIN EA6CI6C9:FJ>EB:CI C:I 6C9DE:G6I>C<A:6H:+(.6HH:IH
!;@1 "@41>:/;91D<1:?1
"C6AAE:G>D9H DI=:G>C8DB: :ME:CH:>C8AJ9:H8JGG:C8NIG6CH68I>DC<6>CH6C9ADHH:HDCCDC DE:G6I>C<BDC:I6GN6HH:IH6C9
A>67>A>I>:H6C9C:IE:G>D9>8E:CH>DC7:C:;>I8DHI >C8DB: :M8AJ9>C<I=:H:GK>8:8DHI8DBEDC:CIL=>8=>H>C8AJ9:9>CDE:G6I>C<
:ME:CH:HDCI=:688DBE6CN>C<HI6I:B:CID;>C8DB: "C DI=:G>C8DB: :ME:CH:>C8AJ9:HB>AA>DCD;ADHH:HDCI=:
:6GAN:MI>C<J>H=B:CID;9:7I'DI: B>AA>DCD;;>C6C8>C<8DHIH6HHD8>6I:9L>I=D7I6>C>C<7G>9<:;>C6C8>C<8DBB>IB:CIH
>C8DCC:8I>DCL>I=I=:6<G::B:CIID68FJ>G:))'DI: D;;H:I>CE6GI7NB>AA>DCD;C:I<6>CHDC>CK:HIB:CIH -=:
8DBE6CN=69686H=DJIA6ND;B>AA>DC>C6HHD8>6I:9L>I=D7I6>C>C<I=:7G>9<:;>C6C8>C<8DBB>IB:CIH >C8AJ9:9>C
DI=:G;>C6C8>C<68I>K>I>:H C:I >CI=:688DBE6CN>C<HI6I:B:CID;86H=;ADLH
"C DI=:G>C8DB: :ME:CH:>C8AJ9:HB>AA>DCD;;>C6C8>C<8DHIH;DG6I:GB>C6I:968FJ>H>I>DC EG>B6G>AN;DGAD6C
8DBB>IB:CI;::H6C9:CI:G>C<>CID=:9<>C<8DCIG68IH6C9B>AA>DCG:8A6HH>;>:9;GDB688JBJA6I:9DI=:G8DBEG:=:CH>K:>I:BH
G:A6I:9ID6=:9<:6GG6C<:B:CI'DI: D;;H:I>CE6GI7NB>AA>DCD;C:I<6>CHDC>CK:HIB:CIH -=:8DBE6CN=69686H=
DJIA6ND;B>AA>DC>C6HHD8>6I:9L>I=D7I6>C>C<I=:AD6C8DBB>IB:CIH>C8AJ9:9>CDI=:G;>C6C8>C<68I>K>I>:H C:I >CI=:
688DBE6CN>C<HI6I:B:CID;86H=;ADLH
'% "&%&!'!
!"'&'""!&"'!!&'' !'&;:@5:A10
"C DI=:G>C8DB: :ME:CH:>C8AJ9:HB>AA>DCD;ADHH:HDCI=::6GAN:MI>C<J>H=B:CID;9:7I'DI: D;;H:I>C
E6GI7NB>AA>DCD;C:I<6>CHDC>CK:HIB:CIH -=:>CK:HIB:CI<6>CH>C8AJ9:6B>AA>DC<6>CDCI=:H6A:D;6?D>CIK:CIJG:
;DGC:IEGD8::9HD;B>AA>DC
!;@1 &@;/7.-?10;9<1:?-@5;:D<1:?1
-=:8DBE6CN=6HHID8@ 76H:98DBE:CH6I>DCEA6CH;DG>IH@:N:BEADN::H 9>G:8IDGH6C9DI=:GH -=:H:EA6CHE:GB>II=:<G6CI
D;6K6G>:IND;HID8@6C9HID8@ 76H:96L6G9H >C8AJ9>C<G:HIG>8I:9HID8@JC>IH HID8@DEI>DCHDGE:G;DGB6C8: 76H:9H=6G:H 6H
9:I:GB>C:97NI=:8DBE:CH6I>DC8DBB>II::D;I=:8DBE6CNWHD6G9D;>G:8IDGHDG ;DG8:GI6>CCDC D;;>8:G<G6CIH 7NI=:
8DBE6CNWH:BEADN:::FJ>IN8DBB>II:: L=>8=8DCH>HIHD;>IH8=>:;:M:8JI>K:D;;>8:G -=:8DBE6CN<:C:G6AAN>HHJ:HC:LH=6G:H
D;>IH8DBBDCHID8@IDH6I>H;NDEI>DC:M:G8>H:H6C9G:HIG>8I:9JC>IK:HI>C< G6CIHD;HID8@DEI>DCH6C9G:HIG>8I:9JC>IH<:C:G6AAN
EGDK>9:I=6I>CI=::K:CID;7DI=68=6C<:>C8DCIGDAD;I=:8DBE6CN6C96FJ6A>;N>C<I:GB>C6I>DCD;6CDEI>DCDGJC>I=DA9:GWH
:BEADNB:CI 6AADEI>DCH6C9H:GK>8: 76H:9G:HIG>8I:9JC>I6L6G9H=:A97NI=:G:8>E>:CI7:8DB:>BB:9>6I:ANK:HI:9JCA:HH6C
:BEADNB:CIDGDI=:G6<G::B:CIL>I=I=::BEADN::EGDK>9:H;DG9>;;:G:CIIG:6IB:CI
DBE:CH6I>DC8DHI>H76H:9DCI=:<G6CI 96I:;6>GK6AJ:6C9>HG:8D<C>O:9G6I67ANDK:GI=:G:FJ>H>I:K:HI>C<E:G>D9DGIDI=:
96I:76H:9DCFJ6A>;N>C<G:I>G:B:CI:A><>7>A>IN >;:6GA>:G 6C9>HEG>B6G>AN>C8AJ9:9>CH:AA>C< <:C:G6A6C969B>C>HIG6I>K:
:ME:CH:H
83'/48-327
-=:8DBE6CNWHEG68I>8:>HID<G6CIHID8@DEI>DCH6I;6>GB6G@:IK6AJ: (EI>DCHK:HIDK:G N:6GHL>I=I:GBHD; N:6GH
6HHJB>C<8DCI>CJ:9:BEADNB:CIL>I=8:GI6>C:M8:EI>DCH /:HI>C<D;I=:DEI>DC6L6G9H>H8DCI>C<:CIJEDCB::I>C<8:GI6>C
H:GK>8:8DC9>I>DCH -=:;6>GK6AJ:D;BDHIDEI>DC<G6CIH>H:HI>B6I:9JH>C<I=:A68@ ,8=DA:HDEI>DCEG>8>C<BD9:A DGDEI>DC
<G6CIHI=6IG:FJ>G:I=:68=>:K:B:CID;7DI=H:GK>8:6C9B6G@:I8DC9>I>DCH 6A6II>8:BD9:A>HJH:9ID:HI>B6I:;6>GK6AJ: -=:;6>G
K6AJ:>HI=:C6BDGI>O:9DC6HIG6><=I A>C:76H>HDK:GI=:G:FJ>H>I:H:GK>8:E:G>D9HD;I=:6L6G9H L=>8=>H<:C:G6AANI=:K:HI>C<
E:G>D9 .H:D;6K6AJ6I>DCBD9:AG:FJ>G:HB6C6<:B:CIIDB6@:8:GI6>C6HHJBEI>DCHL>I=G:HE:8IIDH:A:8I:9BD9:A>CEJIH
ME:8I:9KDA6I>A>INL6H86A8JA6I:976H:9DCI=:=>HIDG>86AKDA6I>A>IND;I=:8DBE6CNWHHID8@ !>HIDG>86A96I6DC:M:G8>H:E6II:GCH
>HI=:76H>H;DG:HI>B6I>C<I=::ME:8I:9A>;:D;6CDEI>DC -=:G>H@ ;G::>CI:G:HIG6I:>H76H:9DC. , -G:6HJGNO:GD 8DJEDC>HHJ:H
L>I=6G:B6>C>C<I:GBL=>8=6EEGDM>B6I:HI=::ME:8I:9A>;:6HHJB:96II=:96I:D;<G6CI -=::ME:8I:96CCJ6A9>K>9:C9G6I:
L6H86A8JA6I:97N9>K>9>C<I=:8DBE6CNWH6CCJ6A9>K>9:C9 76H:9DCI=:BDHIG:8:CIFJ6GI:GAN9>K>9:C9G6I: 7NI=:8ADH>C<
HID8@EG>8:DCI=:<G6CI96I: -=:8DBE:CH6I>DC:ME:CH:G:8D<C>O:9;DG6AAHID8@ 76H:96L6G9H>HC:ID;:HI>B6I:9;DG;:>IJG:H
DG;:>IJG:H6G::HI>B6I:976H:9DC6C6C6ANH>HD;68IJ6ADEI>DC;DG;:>IJG:H
-=:L:><=I:96K:G6<:6HHJBEI>DCHJH:9>CI=:A68@ ,8=DA:HDEI>DCEG>8>C<BD9:A6G:6H;DAADLH
'% "&%&!'!
!"'&'""!&"'!!&'' !'&;:@5:A10
HJBB6GND;I=:8DBE6CNWHDEI>DC68I>K>IN;DGI=:N:6G:C9:9:8:B7:G >HEG:H:CI:97:ADL
0:><=I:9
6K:G6<:
G:B6>C>C< <<G:<6I:
0:><=I:9 8DCIG68IJ6A >CIG>CH>8
,=6G:H 6K:G6<: I:GB K6AJ:
>CB>AA>DCH :M:G8>H:EG>8: >CN:6GH >CB>AA>DCH
"A@?@-:05:3-@1/19.1>
G6CI:9
"HHJ:9>C8DCC:8I>DCL>I=6C68FJ>H>I>DC
M:G8>H:9
6C8:A:9 :ME>G:9
"A@?@-:05:3-@1/19.1>
)1?@10-:0A:B1?@101D<1/@10@;B1?@-@1/19.1>
D1>/5?-.81-@1/19.1>
'% "&%&!'!
!"'&'""!&"'!!&'' !'&;:@5:A10
!;@1 #1:?5;:-:0"@41>#;?@>1@5>191:@1:125@#8-:?
/%:-2+70%2%2(8,)6)*-2)(3286-&98-320%27
-=:8DBE6CNWH@H6K>C<H6C9DI=:G9:;>C:98DCIG>7JI>DCEA6CH8DK:GI=:B6?DG>IND;I=:8DBE6CNWH:A><>7A:. , 6C9
8:GI6>CCDC . , :BEADN::H DCIG>7JI>DCHIDI=:EA6CH6G:B69:7N7DI=I=::BEADN::6C9I=:8DBE6CN DBE6CN
8DCIG>7JI>DCH6G:76H:9DCI=:A:K:AD;:BEADN::8DCIG>7JI>DCH DBE6CN8DCIG>7JI>DCHIDI=:H:EA6CH6G:76H:9DC;DGBJA6H
9:I:GB>C:97NI=:8DBE6CN "C 6C9 I=:8DBE6CN8=6G<:9ID:ME:CH:B>AA>DC B>AA>DC6C9
B>AA>DC G:HE:8I>K:AN G:A6I:9ID>IH9:;>C:98DCIG>7JI>DCEA6CH
)*-2)()2)*-8)27-320%27
BEADN::HD;6CJB7:GD;I=:8DBE6CNWHCDC . , 6C98:GI6>C. , HJ7H>9>6G>:HE6GI>8>E6I:>C9:;>C:97:C:;>IE:CH>DC
EA6CH8DK:G>C<HJ7HI6CI>6AAN6AA;JAA I>B::BEADN::H6II=DH:HJ7H>9>6G>:H ,DB:D;I=:EA6CH6G:JC;JC9:9 6HE:GB>II:9JC9:G
I=:EA6CH6C96EEA>867A:A6LH -=:8DBE6CN6AHDB6>CI6>CHEDHIG:I>G:B:CI=:6AI=86G:EGD<G6BH6IH:K:G6A68FJ>G:97JH>C:HH:H
L=:G:8:GI6>C:BEADN::H6G::A><>7A:IDE6GI>8>E6I: -=:A>67>A>I>:H6C98DHIH6HHD8>6I:9L>I=I=:8DBE6CNWHEDHIG:I>G:B:CI
=:6AI=86G:EGD<G6BH6G:<:C:G6AAN;JC9:9DC6H:A; >CHJG:96C9>CHJG:9 EG:B>JB76H>H6C96G:CDIB6I:G>6A;DG6CNE:G>D9
EG:H:CI:9
-=:8DBE6CNG:8D<C>O:HI=:;JC9:9HI6IJHD;9:;>C:97:C:;>IE:CH>DC6C9DI=:GEDHIG:I>G:B:CI7:C:;>IEA6CH6H6C6HH:IDG
A>67>A>IN -=>H6BDJCI>H9:;>C:96HI=:9>;;:G:C8:7:IL::CI=:;6>GK6AJ:D;EA6C6HH:IH6C9I=:7:C:;>ID7A><6I>DC -=:8DBE6CN
>HG:FJ>G:9IDG:8D<C>O:6H68DBEDC:CID;DI=:G8DBEG:=:CH>K:>I:BH C:ID;I6M I=:68IJ6G>6A<6>CH ADHH:H6C9EG>DGH:GK>8:
8DHIH 8G:9>IHI=6I6G>H:7JIL:G:CDIEG:K>DJHANG:FJ>G:9ID7:G:8D<C>O:96H8DBEDC:CIHD;C:IE:G>D9>87:C:;>I8DHI (I=:G
8DBEG:=:CH>K:>I:BH>H69?JHI:96HI=:H:6BDJCIH6G:A6I:GG:8D<C>O:9>C>C8DB:6H8DBEDC:CIHD;C:IE:G>D9>87:C:;>I8DHI
0=:C68DBE6CNL>I=6E:CH>DCEA6C>H68FJ>G:9 6CN:M8:HHD;EGD?:8I:97:C:;>ID7A><6I>DCDK:GI=:EA6C6HH:IH>H
G:8D<C>O:96H6A>67>A>IN6C96CN:M8:HHD;EA6C6HH:IHDK:GI=:EGD?:8I:97:C:;>ID7A><6I>DC>HG:8D<C>O:96H6C6HH:I -=:
G:8D<C>I>DCD;6C:LA>67>A>INDG6C:L6HH:IG:HJAIH>CI=::A>B>C6I>DCD;6EG:K>DJHAN:M>HI>C<JCG:8D<C>O:9C:I<6>CDGADHH
6C97JCG:8D<C>O:9EG>DGH:GK>8:8DHIDG8G:9>IH
-=:8DBE6CN;JC9H6CCJ6AAN 6I6B>C>BJB I=:HI6IJIDG>ANG:FJ>G:9B>C>BJB6BDJCI6H68IJ6G>6AAN9:I:GB>C:9 JG>C<
6C9 I=:8DBE6CNB69:86H=8DCIG>7JI>DCHD;6EEGDM>B6I:ANB>AA>DC B>AA>DC6C9B>AA>DC
G:HE:8I>K:AN DCIG>7JI>DCHIDI=:EA6CH>C8AJ9:9>CI=:;DAADL>C<I67A:6G::HI>B6I:96I7:IL::C6C9B>AA>DC;DG
'% "&%&!'!
!"'&'""!&"'!!&'' !'&;:@5:A10
-=:;DAADL>C<I67A:EGDK>9:H6G:8DC8>A>6I>DCD;7:C:;>ID7A><6I>DCH6C9EA6C6HH:IHD;I=:8DBE6CNWH9DB:HI>86C9CDC
. , E:CH>DCEA6CH
DB:HI>8E:CH>DC 'DC . , E:CH>DC
7:C:;>IH 7:C:;>IH
"CB>AA>DCH
4-:315:<>;61/@10.1:125@;.853-@5;:?
:C:;>ID7A><6I>DC6I7:<>CC>C<D;N:6G
8FJ>H>I>DCH T T T
,:GK>8:8DHIH T T
"CI:G:HI8DHIH
,:IIA:B:CIH T T
)A6CE6GI>8>E6CIH8DCIG>7JI>DCH T T
8IJ6G>6A<6>CHADHH:H
:C:;>IHE6>9
JGG:C8NIG6CHA6I>DC6C9DI=:G T T
:C:;>ID7A><6I>DC6I:C9D;N:6G
4-:315:2-5>B-8A1;2<8-:-??1@?
6>GK6AJ:D;EA6C6HH:IH6I7:<>CC>C<D;N:6G
8FJ>H>I>DCH T T T
8IJ6AG:IJGCDCEA6C6HH:IH
BEADN:G8DCIG>7JI>DC
,:IIA:B:CIH T T
)A6CE6GI>8>E6CIH8DCIG>7JI>DCH T T
:C:;>IHE6>9
JGG:C8NIG6CHA6I>DC6C9DI=:G T T
6>GK6AJ:D;EA6C6HH:IH6I:C9D;N:6G
9;A:@?>1/;3:5F105:.-8-:/1?411@
'DC8JGG:CI6HH:IH
JGG:CIA>67>A>IN
'DC8JGG:CIA>67>A>I>:H
':I6BDJCIG:8D<C>O:9
9;A:@?>1/;3:5F105:-//A9A8-@10;@41>
/;9<>141:?5B15@19?
':I68IJ6G>6AADHH
)G>DGH:GK>8:8G:9>IH T T
':I6BDJCIG:8D<C>O:9
DG9DB:HI>8E:CH>DCEA6CH 68IJ6G>6AADHH:H:ME:G>:C8:9>CL:G:9G>K:C7N9>;;:G:C8:H7:IL::C68IJ6A6C9:ME:8I:9
G:IJGCHDCEA6C6HH:IH;DG8:GI6>CEDGI>DCHD;EA6C7:C:;>IH>C9:M:9ID6HH:IG:IJGCH L=>8=L:G:E6GI>6AAND;;H:I7N68IJ6G>6A<6>CH
9J:ID>C8G:6H:H>CI=:L:><=I:96K:G6<:9>H8DJCIG6I:HJH:9ID9:I:GB>C:I=:EGD?:8I:97:C:;>ID7A><6I>DC9>;;:G:C8:H DGCDC
. , E:CH>DCEA6CH 68IJ6G>6A<6>CH:ME:G>:C8:9>CL:G:EG>C8>E6AAN9G>K:C7N>C8G:6H:H>CI=:L:><=I:96K:G6<:9>H8DJCI
G6I:HJH:9ID9:I:GB>C:I=:EGD?:8I:97:C:;>ID7A><6I>DC
'% "&%&!'!
!"'&'""!&"'!!&'' !'&;:@5:A10
DG7DI=9DB:HI>86C9CDC . , E:CH>DCEA6CH 68IJ6G>6AADHH:H:ME:G>:C8:9>CL:G:EG>C8>E6AAN9G>K:C7N9:8G:6H:H>C
I=:L:><=I:96K:G6<:9>H8DJCIG6I:HJH:9ID9:I:GB>C:I=:EGD?:8I:97:C:;>ID7A><6I>DC DG9DB:HI>8E:CH>DCEA6CH I=:
68IJ6G>6AADHH:HL:G:E6GI>6AAND;;H:I7N<6>CHG:8D<C>O:99J:IDI=:69DEI>DCD;6CJE96I:9BDGI6A>IN6HHJBEI>DC
-=:68IJ6G>6A6HHJBEI>DCHJH:9ID8DBEJI:I=:;JC9:9HI6IJH;DGI=:EA6CH6G:76H:9JEDC>C;DGB6I>DC6K6>A67A:6HD;
:8:B7:G 6C96C96G:6H;DAADLH
DB:HI>8E:CH>DC 'DC . , E:CH>DC
7:C:;>IH 7:C:;>IH
*1534@10-B1>-31-??A9<@5;:?A?10@;01@1>95:1
<>;61/@10.1:125@;.853-@5;:?
>H8DJCIG6I:;DG9:I:GB>C>C<7:C:;>ID7A><6I>DC
"CI:G:HI8G:9>I>C<G6I:;DG86H=76A6C8:EA6CH
K:G6<:G6I:D;>C8G:6H:>C:BEADN::8DBE:CH6I>DC ' '
-=:68IJ6G>6A6HHJBEI>DCHJH:9ID8DBEJI:I=:C:IE:G>D9>8E:CH>DC7:C:;>I8DHI>C8DB:6G:76H:9JEDC>C;DGB6I>DC
6K6>A67A:6HD;I=:7:<>CC>C<D;I=:N:6G 6HEG:H:CI:9>CI=:;DAADL>C<I67A:
DB:HI>8E:CH>DC7:C:;>IH 'DC . , E:CH>DC7:C:;>IH
*1534@10-B1>-31-??A9<@5;:?A?10@;01@1>95:1:1@
.1:125@/;?@5:/;91
>H8DJCIG6I: H:GK>8:8DHI ' ' '
>H8DJCIG6I: >CI:G:HI8DHI
K:G6<:G6I:D;>C8G:6H:>C:BEADN::
8DBE:CH6I>DC ' ' '
ME:8I:9ADC< I:GBG6I:D;G:IJGCDC
6HH:IH
-=:9>H8DJCIG6I:G:;A:8IHI=:G6I:I=:8DBE6CNLDJA9=6K:IDE6NIDEJG8=6H:=><= FJ6A>IN>CK:HIB:CIHI=6ILDJA9EGDK>9:
86H=HJ;;>8>:CIIDH:IIA:>IH8JGG:CIE:CH>DCD7A><6I>DCH -=:9>H8DJCIG6I:>H9:I:GB>C:976H:9DC6G6C<:D;;68IDGH >C8AJ9>C<
I=:G6I:HD;G:IJGCDC=><= FJ6A>IN ;>M:9 >C8DB:8DGEDG6I:7DC9H6C9I=:G:A6I:9:ME:8I:99JG6I>DCD;I=:D7A><6I>DCHDG >C
8:GI6>C>CHI6C8:H I=:8DBE6CN=6HJH:96=NEDI=:I>86AEDGI;DA>DD;=><=FJ6A>IN>CHIGJB:CIHL>I=B6IJG>I>:HI=6IB>GGDGI=:
7:C:;>ID7A><6I>DC>CDG9:GID688JG6I:AN:HI>B6I:I=:9>H8DJCIG6I:G:A:K6CIID6E6GI>8JA6GEA6C
-=:8DBE6CNJI>A>O:H6;JAAN>:A98JGK:6EEGD68=>CI=::HI>B6I>DCD;I=:H:8DBEDC:CIH7N6EEAN>C<I=:HE:8>;>8HEDI G6I:H
6ADC<I=:N>:A98JGK:JH:9>CI=:9:I:GB>C6I>DCD;I=:7:C:;>ID7A><6I>DCIDI=:G:A:K6CIEGD?:8I:986H=;ADLH
-=::ME:8I:9ADC< I:GBG6I:D;G:IJGCDCEA6C6HH:IHG:;A:8IHI=:6K:G6<:G6I:D;:6GC>C<H:ME:8I:9DCI=:;JC9H>CK:HI:9 DG
ID7:>CK:HI:9 IDEGDK>9:;DGI=:7:C:;>IH>C8AJ9:9>CI=:EGD?:8I:97:C:;>ID7A><6I>DCH "C9:I:GB>C>C<I=::ME:8I:9ADC< I:GB
G6I:D;G:IJGCDCEA6C6HH:IH I=:8DBE6CN8DCH>9:GHI=:G:A6I>K:L:><=I>C<D;EA6C6HH:IH I=:=>HIDG>86AE:G;DGB6C8:D;IDI6A
EA6C6HH:IH6C9>C9>K>9J6A6HH:I8A6HH:H6C9:8DCDB>86C9DI=:G>C9>86IDGHD;;JIJG:E:G;DGB6C8: "C699>I>DC I=:8DBE6CNB6N
8DCHJAIL>I=6C98DCH>9:GI=:DE>C>DCHD;;>C6C8>6A6C9DI=:GEGD;:HH>DC6AH>C9:K:ADE>C<6EEGDEG>6I:G:IJGC7:C8=B6G@H
HH:IB6C6<:B:CID7?:8I>K:H>C8AJ9:B6>CI6>C>C<6C69:FJ6I:A:K:AD;9>K:GH>;>86I>DCIDG:9J8:>CI:G:HIG6I:6C9B6G@:I
G>H@6C9EGDK>9>C<69:FJ6I:A>FJ>9>INIDB::I>BB:9>6I:6C9;JIJG:7:C:;>IE6NB:CIG:FJ>G:B:CIH
-=::ME:8I:9G6I:D;8DBE:CH6I>DC>C8G:6H:G:;A:8IHI=:ADC< I:GB6K:G6<:G6I:D;H6A6GN>C8G:6H:H6C9>H76H:9DC=>HIDG>8
H6A6GN>C8G:6H::ME:G>:C8:6C9B6C6<:B:CIWH:ME:8I6I>DCHD;;JIJG:H6A6GN>C8G:6H:H
-=:EGD?:8I:97:C:;>ID7A><6I>DC6C9;6>GK6AJ:D;EA6C6HH:IH;DGI=:8DBE6CNWHFJ6A>;>:96C9CDC FJ6A>;>:9E:CH>DCEA6CH
L>I=EGD?:8I:97:C:;>ID7A><6I>DCH>C:M8:HHD;EA6C6HH:IH6G:6H;DAADLH
):CH>DCEA6CH
"CB>AA>DCH
#1:?5;:<8-:?C5@4<>;61/@10.1:125@;.853-@5;:?5:1D/1??;2<8-:-??1@?
)GD?:8I:97:C:;>ID7A><6I>DC
6>GK6AJ:D;EA6C6HH:IH
'% "&%&!'!
!"'&'""!&"'!!&'' !'&;:@5:A10
-=:688JBJA6I:97:C:;>ID7A><6I>DC6C9;6>GK6AJ:D;EA6C6HH:IH;DGI=:8DBE6CNHFJ6A>;>:96C9CDC FJ6A>;>:9E:CH>DC
EA6CHL>I=688JBJA6I:97:C:;>ID7A><6I>DCH>C:M8:HHD;EA6C6HH:IH6G:6H;DAADLH
):CH>DCEA6CH
"CB>AA>DCH
#1:?5;:<8-:?C5@4-//A9A8-@10.1:125@;.853-@5;:?5:1D/1??;2<8-:-??1@?
88JBJA6I:97:C:;>ID7A><6I>DC
6>GK6AJ:D;EA6C6HH:IH
-=:B:6HJG:B:CI96I:JH:9ID9:I:GB>C:7:C:;>I>C;DGB6I>DC>H:8:B7:G;DG6AAEA6C6HH:IH6C97:C:;>ID7A><6I>DCH
-=:C:IE:G>D9>8E:CH>DC7:C:;>I8DHI>C8DB:>C8AJ9:HI=:;DAADL>C<8DBEDC:CIH
DB:HI>8E:CH>DC7:C:;>IH 'DC . , E:CH>DC7:C:;>IH
"CB>AA>DCH
;9<;:1:@?;2:1@.1:125@/;?@5:/;91
,:GK>8:8DHI T T T
"CI:G:HI8DHIDC7:C:;>ID7A><6I>DC
ME:8I:9G:IJGCDCEA6C6HH:IH
BDGI>O6I>DCD;68IJ6G>6AC:IADHH
BDGI>O6I>DCD;EG>DGH:GK>8:7:C:;>I T T T T
,:IIA:B:CI 8JGI6>AB:CIADHH T T T T
':IE:G>D9>87:C:;>I8DHI>C8DB:
ME:8I:97:C:;>IE6NB:CIH6G::HI>B6I:9JH>C<I=:H6B:6HHJBEI>DCHJH:9>C9:I:GB>C>C<I=:8DBE6CNWH7:C:;>ID7A><6I>DC
6I:8:B7:G :C:;>IE6NB:CIHL>AA9:E:C9DC;JIJG::BEADNB:CI6C98DBE:CH6I>DCA:K:AH 6K:G6<:N:6GH:BEADN:9
6C96K:G6<:A>;:HE6CH 6BDC<DI=:G;68IDGH 6C98=6C<:H>C6CND;I=:H:;68IDGH8DJA9H><C>;>86CIAN6;;:8II=:H::HI>B6I:9;JIJG:
7:C:;>IE6NB:CIH HI>B6I:9;JIJG:7:C:;>IE6NB:CIH9JG>C<I=:C:MI;>K:N:6GH6C9>CI=:6<<G:<6I:;DGI=:;>K:;>H86AN:6GH
I=:G:6;I:G 6G:6H;DAADLH
DB:HI>8 'DC . ,
E:CH>DC E:CH>DC
"CB>AA>DCH 7:C:;>IH 7:C:;>IH
D<1/@10.1:125@<-E91:@?
31)78-')27-320%277)87
-=:8DBE6CNWHDK:G6AAD7?:8I>K:>HIDB6C6<:I=:6HH:IH>C6A>67>A>IN;G6B:LDG@L=:G:>CK:HIB:CIH6G:H:A:8I:9I=6I6G:
:ME:8I:9ID=6K:H>B>A6G8=6C<:H>C;6>GK6AJ:6HI=:G:A6I:9A>67>A>I>:HL>AA=6K:JEDC8=6C<:H>C>CI:G:HIG6I:H -=:8DBE6CN
>CK:HIH>C6EDGI;DA>DD;7DI=G:IJGC H::@>C<6C9A>67>A>IN =:9<>C<6HH:IH EG>B6G>ANI=GDJ<=I=:JH:D;>CHI>IJI>DC6A8DAA:8I>K:
;JC9H ID68=>:K:ADC< I:GB<GDLI=6C9ID>CHJA6I:I=:;JC9:9EDH>I>DC;GDB>CI:G:HIG6I:KDA6I>A>IN -=:HIG6I:<>86HH:I6AAD86I>DC
JH:H68DB7>C6I>DCD;G>H@8DCIGDAA:96C9>C9:MHIG6I:<>:H>C;>M:9>C8DB:6C9<AD76A:FJ>I>:H -=:I6G<:I6AAD86I>DCH;DGI=:
>CK:HIB:CIH6G:6EEGDM>B6I:ANID;JC9H>CK:HI>C<>C. , :FJ>I>:H 6EEGDM>B6I:ANID;JC9H>CK:HI>C<>C>CI:GC6I>DC6A
:FJ>I>:H6C96EEGDM>B6I:ANID;JC9H>CK:HI>C<>C;>M:9>C8DB:H:8JG>I>:H -=:EDGI;DA>DB6>CI6>CH:CDJ<=A>FJ>9>IN6I6AA
I>B:HIDB::II=:C:6G I:GB7:C:;>IE6NB:CIH
32!)27-320%277)87
-=:8DBE6CNB6>CI6>CHHE:8>;>8EA6C6HH:IH;DGB6CND;I=:>C9>K>9J6AE:CH>DCEA6CHDJIH>9:I=:. , -=:>CK:HIB:CI
HIG6I:<ND;:68=EA6C=6H7::CJC>FJ:AN:HI67A>H=:976H:9DCI=:8DJCIGNHE:8>;>8HI6C96G9H6C98=6G68I:G>HI>8HD;I=:EA6CH
,:K:G6AD;I=:EA6CH=6K:8DCIG68IHL>I=>CHJG6C8:8DBE6C>:HL=:G:7NI=:B6G@:IG>H@HD;I=:7:C:;>ID7A><6I>DCH6G:7DGC:7N
I=:>CHJG6C8:8DBE6C>:H 0=:C6HH:IH6G:=:A99>G:8IAN>C>CK:HIB:CIH <:C:G6AANI=:D7?:8I>K:>HID>CK:HI>C6EDGI;DA>DD;
'% "&%&!'!
!"'&'""!&"'!!&'' !'&;:@5:A10
9>K:GH>;>:96HH:IHL>I=6K6G>:IND;;JC9B6C6<:GH -=:>CK:HIB:CIHB6N>C8AJ9::FJ>IN;JC9H ;>M:9>C8DB:;JC9H =:9<:;JC9H
BJAI> 6HH:I;JC9H 6AI:GC6I>K:>CK:HIB:CIH6C99:G>K6I>K:;JC9HL>I=I=:I6G<:I6HH:I6AAD86I>DCHG6C<>C<;GDB6EEGDM>B6I:AN
;DG:FJ>IN;JC9H ;DG;>M:9>C8DB:;JC9H ;DGBJAI> 6HH:I;JC9H 6C9 ;DG;JC9H=DA9>C<
9:G>K6I>K:H -=:9:G>K6I>K:H=:A97NI=:;JC9H6G:EG>B6G>AN>CI:G:HIG6I:HL6EH>CI:C9:9IDB6I8=I=:BDK:B:CIH>CI=:EA6C
A>67>A>I>:H 68=EA6CB6>CI6>CH:CDJ<=A>FJ>9>IN6I6AAI>B:HIDB::II=:C:6G I:GB7:C:;>IE6NB:CIH
-=:;6>GK6AJ:HD;I=:8DBE6CNWHEA6C6HH:IH6I:8:B7:G 6C9 7N6HH:I86I:<DGN6G:6H;DAADLH
*JDI:9 ,><C>;>86CI
EG>8:H>C DI=:G ,><C>;>86CI
68I>K: D7H:GK67A: JCD7H:GK67A:
:8:B7:G B6G@:IH >CEJIH >CEJIH
'DIHJ7?:8IID
"CB>AA>DCH %:K:A %:K:A %:K:A A:K:A>C<6
;91?@5/<1:?5;:<8-:-??1@?
. , :FJ>IN;JC9H T T T
"CI:GC6I>DC6A:FJ>IN;JC9H T T T
>M:9>C8DB:;JC9H T T T
&DC:NB6G@:I;JC9H T T T
-DI6A9DB:HI>8E:CH>DCEA6CH T T T
!;:(&<1:?5;:<8-:-??1@?
FJ>IN;JC9H T T T
>M:9>C8DB:;JC9H T T T
!:9<:;JC9H T T T
&JAI> 6HH:I;JC9H T T T
:G>K6I>K:;JC9H T T T
AI:GC6I>K:>CK:HIB:CIH T T T
"CHJG6C8:8DCIG68IH T T T
6H= BDC:NB6G@:I;JC9H T T
-DI6ACDC . , E:CH>DCEA6CH T
6"CK:HIB:CIHB:6HJG:96II=:C:I6HH:IK6AJ:E:GH=6G:DG>IH:FJ>K6A:CIEG68I>86A:ME:9>:CI=6K:CDI7::C8A6HH>;>:9>CI=:;6>GK6AJ:
=>:G6G8=N
'% "&%&!'!
!"'&'""!&"'!!&'' !'&;:@5:A10
*JDI:9 ,><C>;>86CI
EG>8:H>C DI=:G ,><C>;>86CI
68I>K: D7H:GK67A: JCD7H:GK67A:
:8:B7:G B6G@:IH >CEJIH >CEJIH
'DIHJ7?:8IID
"CB>AA>DCH %:K:A %:K:A %:K:A A:K:A>C<6
;91?@5/<1:?5;:<8-:-??1@?
. , :FJ>IN;JC9H T T T
"CI:GC6I>DC6A:FJ>IN;JC9H T T T
>M:9>C8DB:;JC9H T T T
&DC:NB6G@:I;JC9H T T T
-DI6A9DB:HI>8E:CH>DCEA6CH T T T
!;:(&<1:?5;:<8-:-??1@?
FJ>IN;JC9H T T T
>M:9>C8DB:;JC9H T T T
!:9<:;JC9H T T T
&JAI> 6HH:I;JC9H T T T
:G>K6I>K:;JC9H T T T
AI:GC6I>K:>CK:HIB:CIH T T T
"CHJG6C8:8DCIG68IH T T T
6H= BDC:NB6G@:I;JC9H T T
-DI6ACDC . , E:CH>DCEA6CH T
6"CK:HIB:CIHB:6HJG:96II=:C:I6HH:IK6AJ:E:GH=6G:DG>IH:FJ>K6A:CIEG68I>86A:ME:9>:CI=6K:CDI7::C8A6HH>;>:9>CI=:;6>GK6AJ:
=>:G6G8=N
-=:I67A:H67DK:EG:H:CII=:;6>GK6AJ:D;I=:8DBE6CNWHEA6C6HH:IH>C688DG96C8:L>I=I=:;6>GK6AJ:=>:G6G8=N'DI:
:GI6>C>CK:HIB:CIHI=6I6G:B:6HJG:96I;6>GK6AJ:JH>C<I=:C:I6HH:IK6AJ:E:GH=6G:EG68I>86A:ME:9>:CI=6K:CDI7::C
8A6HH>;>:9>CI=:;6>GK6AJ:=>:G6G8=N -=:;6>GK6AJ:6BDJCIHD;I=:H:>CK:HIB:CIHEG:H:CI:9>CI=:67DK:I67A:H6G:>CI:C9:9ID
E:GB>IG:8DC8>A>6I>DCD;I=:;6>GK6AJ:=>:G6G8=NIDI=:6BDJCIHEG:H:CI:9;DGI=:IDI6AE:CH>DCEA6C6HH:IH -=:H:>CK:HIB:CIH
L:G:6AHDG:9::B67A:6II=:76A6C8:H=::I96I:DGL>I=>CA>B>I:9I>B:G:HIG>8I>DCH
!;@1 :/;91'-D1?
-=:8DBEDC:CIHD;>C8DB:7:;DG:EGDK>H>DC;DG>C8DB:I6M:H6G:6H;DAADLH
"CB>AA>DCH
.,
'DC . ,
"C8DB:7:;DG:>C8DB:I6M:H
'% "&%&!'!
!"'&'""!&"'!!&'' !'&;:@5:A10
-=:8DBEDC:CIHD;I=:EGDK>H>DC;DG>C8DB:I6M:H6G:6H;DAADLH
"CB>AA>DCH
A>>1:@5:/;91@-D<>;B5?5;:
:9:G6A
'DC . ,
,I6I:
121>>105:/;91@-D<>;B5?5;:.1:125@
:9:G6A
'DC . ,
,I6I:
)GDK>H>DC;DG>C8DB:I6M:H
-=:EGDK>H>DC;DG>C8DB:I6M:H>CI=:688DBE6CN>C<HI6I:B:CID;>C8DB:9>;;:GH;GDBI=:EGDK>H>DC86A8JA6I:97N6EEAN>C<
I=:HI6IJIDGN;:9:G6A>C8DB:I6MG6I:ID>C8DB:7:;DG:>C8DB:I6M:H9J:IDI=:;DAADL>C<
"CB>AA>DCH
,I6IJIDGN;:9:G6A>C8DB:I6MG6I:
)GDK>H>DC;DG>C8DB:I6M:H6IHI6IJIDGNG6I:
"C8G:6H:H9:8G:6H:HG:HJAI>C<;GDB
DG:><CG6I:9>;;:G:CI>6A
"C8DB:I6M8G:9>IH
AD76A>CI6C<>7A:ADL I6M:9>C8DB:
DG:><C 9:G>K:9>CI6C<>7A:>C8DB:
M8:HHI6M7:C:;>IH;GDBHID8@DEI>DCH6C9G:HIG>8I:9HID8@JC>IH
)GDK>H>DC;DGG:K:GH6AD;I6MG:H:GK:H C:I
"CIG6 :CI>INIG6CH;:GH T
DG:><C:M8=6C<:ADHHDC>CI:G 8DBE6CN9:7IG:;>C6C8>C< T
DB:HI>86I>DCIG6CH68I>DC T T
/6AJ6I>DC6AADL6C8:
0>I==DA9>C<I6M:H
6H>H9>;;:G:C8:DC9>HEDH6AD;7JH>C:HH T T
-6MG:IJGCG:6HH:HHB:CIH6C9H:IIA:B:CIH
,I6I:>C8DB:I6M:H C:ID;;:9:G6AI6M
(I=:G C:I
)GDK>H>DC;DG>C8DB:I6M:H
-=:8DBE6CN=6HDE:G6I>DCH6C96I6M67A:EG:H:C8:>C6EEGDM>B6I:AN8DJCIG>:HDJIH>9:I=:. , -=:8DBE6CNH
:;;:8I>K:>C8DB:I6MG6I:9>;;:GH;GDBI=:. , ;:9:G6AHI6IJIDGNG6I::68=N:6G9J:ID8:GI6>CDE:G6I>DCHI=6I6G:HJ7?:8IIDI6M
>C8:CI>K:H HI6I:6C9AD86AI6M:H 6C9;DG:><CI6M:HI=6I6G:9>;;:G:CII=6CI=:. , ;:9:G6AHI6IJIDGNG6I:
JG>C< I=:8DBE6CNG:8DG9:96B>AA>DC>C8DB:I6M7:C:;>IG:A6I:9IDI=:9:;:GG:9I6M>BEA>86I>DCHD;6C>CIG6
:CI>INIG6CH;:GD;6HH:IH AHD>C I=:8DBE6CNG:8DG9:96B>AA>DC>C8DB:I6M7:C:;>IG:A6I:9ID686E>I6AADHHG:HJAI>C<
;GDB8:GI6>C>CIG6 :CI>INIG6CH68I>DCH
JG>C< I=:8DBE6CNH:IIA:96C"+,6J9>IG:A6I>C<IDI=: 6C9I6MN:6GH -=:8DBE6CNG:8DG9:96
B>AA>DCC:II6M7:C:;>IEG>B6G>AN;GDBI=>HH:IIA:B:CI6C9G:A6I:9>BE68IH L=>8=G:HJAI:9>C69:8G:6H:>CI=:8DBE6CNWH
JCG:8D<C>O:9I6M7:C:;>IHD;B>AA>DC D;L=>8=B>AA>DCL6HG:8A6HH>;>:9ID>C8DB:I6M:HE6N67A: -=:8DBE6CN
G:8DG9:9B>AA>DCD;8=6G<:H;DG:ME>G:9I6M8G:9>IH6C9DI=:GG:A6I:98DBEDC:CIHD;I=:H:IIA:B:CI -=:8DBE6CNG:8DG9:96
8=6G<:D;B>AA>DCID:HI67A>H=6K6AJ6I>DC6AADL6C8:6<6>CHI8:GI6>C. , ;DG:><CI6M8G:9>IHL=>8=I=:8DBE6CN7:A>:K:H
L>AABDG:A>@:ANI=6CCDI:ME>G:JCJI>A>O:9
'% "&%&!'!
!"'&'""!&"'!!&'' !'&;:@5:A10
"C I=:8DBE6CNG:8DG9:96B>AA>DC>C8DB:I6M7:C:;>IG:A6I:9ID69DB:HI>86I>DCIG6CH68I>DC>CKDAK>C<I=:
IG6CH;:GD;8:GI6>CCDC . , HJ7H>9>6G>:HIDI=:. , >C8AJ9>C<>CI:G:HI:ME:CH:D;I=DH:HJ7H>9>6G>:H -=:8DBE6CN6AHD
G:8DG9:96K6AJ6I>DC6AADL6C8:D;B>AA>DC6<6>CHII=:6BDJCID;>CI:G:HI:ME:CH:I=6II=:8DBE6CN7:A>:K:HL>AABDG:
A>@:ANI=6CCDI<DJCJH:9 AHD>C I=:8DBE6CNG:8DG9:96B>AA>DC>C8DB:I6M7:C:;>I >C8AJ9>C<7DI=. , ;:9:G6A
6C9HI6I:I6M:H G:A6I:9ID6;DG:><C:M8=6C<:ADHH;DGI6MEJGEDH:HDC8:GI6>C>CI:G8DBE6CN;>C6C8>C<6GG6C<:B:CIH
"C I=:8DBE6CNG:8DG9:96B>AA>DC>C8DB:I6M7:C:;>I >C8AJ9>C<7DI=. , ;:9:G6A6C9HI6I:I6M:H G:A6I:9ID6
;DG:><C:M8=6C<:ADHH;DGI6MEJGEDH:HDC8:GI6>C>CI:G8DBE6CN;>C6C8>C<6GG6C<:B:CIH6HL:AA6H6I6MEGDK>H>DCD;
B>AA>DCG:A6I:9IDI=:<6>CDCI=:H6A:D;I=:C6IDB>86A)6I=DAD<N7JH>C:HH AHD>C I=:8DBE6CNG:8DG9:96
B>AA>DC7:C:;>IG:A6I:9IDI=:9:;:GG:9I6M>BEA>86I>DCHD;>CIG6 :CI>INIG6CH68I>DCHL=>8=>C8AJ9:96I6M7:C:;>IIDG:A:6H:6
K6AJ6I>DC6AADL6C8:6<6>CHIC:IDE:G6I>C<ADHH:HEG:K>DJHAN9:I:GB>C:9ID7:JCG:6A>O67A:
-=:;DG:><CI6M8G:9>IH9>H8JHH:97:ADL6G:I=:G:HJAID;;DG:><C:6GC>C<H6C9EGD;>IHG:B>II:9DG9::B:9G:B>II:9IDI=:
. , 9JG>C<I=:G:EDGI>C<N:6G6C9I=:. , IG:6IB:CID;I6M:HE6>9>CI=:;DG:><C?JG>H9>8I>DCH>CI=:N:6GHI=DH:EGD;>IHL:G:
DG><>C6AAN:6GC:9
"C I=:8DBE6CN>BEA:B:CI:9;DG:><CI6M8G:9>IEA6CC>C<>C,L:9:CL=>8=G:HJAI:9>CB>AA>DCD;;DG:><CI6M
8G:9>IH L>I=CDG:A6I:9>C8G:B:CI6A. , >C8DB:I6M:ME:CH:
"C I=:8DBE6CN>BEA:B:CI:9;DG:><CI6M8G:9>IEA6CC>C<>C,L:9:CL=>8=G:HJAI:9>CB>AA>DCD;;DG:><CI6M
8G:9>IH L>I=CDG:A6I:9>C8G:B:CI6A. , >C8DB:I6M:ME:CH:
-=:8DBE6CN<:C:G6AANG:8:>K:H6I6M9:9J8I>DCJEDCI=::M:G8>H:D;CDC FJ6A>;>:9HID8@DEI>DCH7N:BEADN::H DGI=:
K:HI>C<D;G:HIG>8I:9HID8@JC>IH=:A97N:BEADN::H ;DGI=:9>;;:G:C8:7:IL::CI=::M:G8>H:EG>8:6C9I=:B6G@:IEG>8:D;I=:
JC9:GAN>C<8DBBDCHID8@DCI=:96I:D;:M:G8>H: -=:8DBE6CNJH:HI=:>C8G:B:CI6AI6M7:C:;>I6EEGD68=;DGJI>A>O6I>DCD;I6M
6IIG>7JI:H -=:H::M8:HHI6M7:C:;>IHG:9J8:I=:I6MEGDK>H>DC "C 6C9 I=:8DBE6CNHI6MEGDK>H>DCL6HG:9J8:9
7NB>AA>DC B>AA>DC6C9B>AA>DC G:HE:8I>K:AN D;HJ8=7:C:;>IH
':I9:;:GG:9I6M6HH:IA>67>A>IN>CI=:688DBE6CN>C<76A6C8:H=::I8DCH>HIHD;I=:;DAADL>C<
"CB>AA>DCH
121>>10@-D-??1@85-.585@E
:EG:8>6I>DC6C96BDGI>O6I>DC
':IDE:G6I>C<ADHH6C98G:9>I86GGN;DGL6G9H
+:H:GK:H6C9688GJ6AH
88GJ:98DBE:CH6I>DC
"CK:CIDGN76H>H9>;;:G:C8:
:;:GG:9>CI:G:HI
.CG:6A>O:9<6>CHADHH:HDC=:9<>C<>CHIGJB:CIH
(I=:G C:I
:;:GG:9I6MA>67>A>I>:H C:I7:;DG:K6AJ6I>DC6AADL6C8:
%:HH/6AJ6I>DC6AADL6C8:
:;:GG:9I6MA>67>A>I>:H C:I
-=:8DBE6CN:HI>B6I:HI=:9:<G::IDL=>8=I6M6HH:IH6C9ADHH6C98G:9>I86GGN;DGL6G9HL>AAG:HJAI>C67:C:;>I76H:9DC
:ME:8I:9EGD;>I67>A>IN7NI6M?JG>H9>8I>DC6C9EGDK>9:H6K6AJ6I>DC6AADL6C8:;DGI6M6HH:IH6C9ADHH6C98G:9>I86GGN;DGL6G9HI=6I
>I7:A>:K:HL>AABDG:A>@:ANI=6CCDI:ME>G:JCJI>A>O:9 I:8:B7:G 6AAD;I=:8DBE6CNWHK6AJ6I>DC6AADL6C8:G:A6I:H
ID9:;:GG:9I6M6HH:IH EG>B6G>ANC:IDE:G6I>C<ADHH:H6C99>H6AADL:9>CI:G:HI:ME:CH:86GGN;DGL6G9 ;DGL=>8=6CNHJ7H:FJ:CIAN
G:8D<C>O:9I6M7:C:;>IHL>AAG:9J8:>C8DB:I6M:ME:CH:
'% "&%&!'!
!"'&'""!&"'!!&'' !'&;:@5:A10
-=:8=6C<:H>CI=:K6AJ6I>DC6AADL6C8:6G:6H;DAADLH
2:6GC9:9:8:B7:G
"CB>AA>DCH
135::5:3.-8-:/1
99>I>DCHG:9J8I>DCH8=6G<:9ID>C8DB:I6MEGDK>H>DC C:I
99>I>DCH9J:ID68FJ>H>I>DCH T T
+:9J8I>DC9J:ID69>K:HI>IJG: T T
JGG:C8NIG6CHA6I>DC6C9DI=:G
:05:3.-8-:/1
'% "&%&!'!
!"'&'""!&"'!!&'' !'&;:@5:A10
-=:8DBE6CN8A6HH>;>:9>CI:G:HI6C9E:C6AI>:HG:A6I:9IDJCG:8D<C>O:9I6M7:C:;>IH6H>C8DB:I6M:ME:CH: -=:IDI6A6BDJCI
D;>CI:G:HI6C9E:C6AI>:HG:A6I:9IDJC8:GI6>CI6MEDH>I>DCH6C9G:8D<C>O:9>CI=:76A6C8:H=::I6HD;:8:B7:G 6C9
L6HB>AA>DC6C9B>AA>DC G:HE:8I>K:AN
-=:8DBE6CN8DC9J8IH7JH>C:HH<AD76AAN6C9 6H6G:HJAI -=:GBD>H=:GDGDC:DGBDG:D;>IHHJ7H>9>6G>:H;>A:H>C8DB:I6M
G:IJGCH>CI=:. , ;:9:G6A?JG>H9>8I>DC6C9K6G>DJHHI6I:6C9;DG:><C?JG>H9>8I>DCH "CI=:CDGB6A8DJGH:D;7JH>C:HH I=:8DBE6CN
>HHJ7?:8IID:M6B>C6I>DC7NI6M>C<6JI=DG>I>:HI=GDJ<=DJII=:LDGA9 >C8AJ9>C<HJ8=B6?DG?JG>H9>8I>DCH6HJHIG6A>6 6C696
=>C6 :CB6G@ >CA6C9 G6C8: :GB6CN #6E6C ,>C<6EDG: ,L:9:C I=:.C>I:9$>C<9DB6C9I=:.C>I:9,I6I:H 0>I=;:L
:M8:EI>DCH I=:8DBE6CN>HCDADC<:GHJ7?:8IID. , HI6I:6C9AD86ADGCDC . , >C8DB:I6M:M6B>C6I>DCH;DGN:6GH7:;DG:
6C9CDADC<:GHJ7?:8IID. , ;:9:G6A>C8DB:I6M:M6B>C6I>DCH;DGN:6GH7:;DG:
!;@1 ->:5:3?<1>&4->1
CI>9>AJI>K:HID8@DEI>DCH:M8AJ9:9;GDB9>AJI:9L:><=I:96K:G6<:H=6G:H
!;@1 1.@-:0"@41>5:-:/5:3>>-:3191:@?
;;:8I>K:
>CI:G:HIG6I:6I
:8:B7:G :8:B7:G :8:B7:G
DAA6GH>CB>AA>DCH
DBB:G8>6A)6E:G T
2:6G,:C>DG'DI:H J: :JGD 9:CDB>C6I:9 T
2:6G,:C>DG'DI:H J: T
AD6I>C<+6I:,(+ 2:6G,:C>DG'DI:H J: T
AD6I>C<+6I:,(+ 2:6G,:C>DG'DI:H J: T
2:6G,:C>DG'DI:H J: T
AD6I>C<+6I:.+"(+ 2:6G,:C>DG'DI:HJ:
:JGD 9:CDB>C6I:9 T
2:6G,:C>DG'DI:HJ: :JGD 9:CDB>C6I:9 T
2:6G,:C>DG'DI:H J: T
2:6G,:C>DG'DI:H J: :JGD 9:CDB>C6I:9
2:6G,:C>DG'DI:H J: T
AD6I>C<+6I:,(+ 2:6G,:C>DG'DI:H J: T
2:6G,:C>DG'DI:H J: :JGD 9:CDB>C6I:9
2:6G,:C>DG'DI:H J: T
2:6G,:C>DG'DI:H J: :JGD 9:CDB>C6I:9
2:6G,:C>DG'DI:HJ: :JGD 9:CDB>C6I:9 T
2:6G,:C>DG'DI:H J:
2:6G,:C>DG'DI:H J: :JGD 9:CDB>C6I:9
2:6G,:C>DG'DI:H J: T
'% "&%&!'!
!"'&'""!&"'!!&'' !'&;:@5:A10
;;:8I>K:
>CI:G:HIG6I:6I
:8:B7:G :8:B7:G :8:B7:G
DAA6GH>CB>AA>DCH
2:6G,:C>DG'DI:H J: :JGD 9:CDB>C6I:9
2:6G,:C>DG'DI:H J: :JGD 9:CDB>C6I:9
2:6G,:C>DG'DI:H J: T
2:6G,:C>DG'DI:H J: :JGD 9:CDB>C6I:9
2:6G,:C>DG'DI:H J: :JGD 9:CDB>C6I:9
2:6G,:C>DG'DI:H J: T
2:6G,:C>DG'DI:H J: :JGD 9:CDB>C6I:9
2:6G,:C>DG'DI:H J:
2:6G,:C>DG'DI:H J: T
2:6G,:C>DG'DI:H J: :JGD 9:CDB>C6I:9 T
2:6G,:C>DG'DI:H J: :JGD 9:CDB>C6I:9
2:6G,:C>DG'DI:H J: T
2:6G,:C>DG'DI:H J: :JGD 9:CDB>C6I:9
2:6G,:C>DG'DI:H J: :JGD 9:CDB>C6I:9 T
2:6G,:C>DG'DI:H J: :JGD 9:CDB>C6I:9
2:6G,:C>DG'DI:H J: :JGD 9:CDB>C6I:9
2:6G,:C>DG'DI:H J: T
2:6G,:C>DG'DI:H J: :JGD 9:CDB>C6I:9 T
2:6G,:C>DG'DI:H J:
2:6G,:C>DG'DI:H J:
2:6G,:C>DG'DI:H J: :JGD 9:CDB>C6I:9
2:6G,:C>DG'DI:H J: :JGD 9:CDB>C6I:9 T
(I=:G
-DI6A7DGGDL>C<H6IE6GK6AJ:
6>GK6AJ:=:9<:688DJCI>C<69?JHIB:CIH T
.C6BDGI>O:99>H8DJCI
.C6BDGI>O:99:7I>HHJ6C8:8DHIH
-DI6A7DGGDL>C<H6I86GGN>C<K6AJ:
>C6C8:A:6H:A>67>A>I>:H
%:HH,=DGI I:GBD7A><6I>DCH6C98JGG:CIB6IJG>I>:H
%DC< I:GBD7A><6I>DCH
,(+ ,:8JG:9(K:GC><=I>C6C8>C<+6I:
.+"(+ JGD"CI:G76C@(;;:G:9+6I:
-=::;;:8I>K:>CI:G:HIG6I:H;DGI=:;>M:9 G6I:9:7I>C8AJ9:I=:HI6I:9>CI:G:HIDCI=:CDI:H I=:688G:I>DCD;6CN9>H8DJCI6C9
I=:6BDGI>O6I>DCD;6CN9:7I>HHJ6C8:8DHIH
,::'DI:;DG;6>GK6AJ:>C;DGB6I>DCE:GI6>C>C<IDI=:8DBE6CNWHADC< I:GB7DGGDL>C<H
'% "&%&!'!
!"'&'""!&"'!!&'' !'&;:@5:A10
HD;:8:B7:G I=:6CCJ6AG:E6NB:CIG:FJ>G:B:CIH;DG9:7ID7A><6I>DCH6G:6H;DAADLH
>C6C8:%:6H:
"CB>AA>DCH DGGDL>C<H %>67>A>I>:H
6C9I=:G:6;I:G
'% "&%&!'!
!"'&'""!&"'!!&'' !'&;:@5:A10
HI6I:B:CID;>C8DB: .EDCG:9:BEI>DCD;I=:H:C>DGCDI:H I=:8DBE6CNI:GB>C6I:9I=:G:A6I:9;>M:9ID;AD6I>C<G6I:>CI:G:HIG6I:
HL6E6GG6C<:B:CIH6C9G:8:>K:9B>AA>DC >C8AJ9:9>CDI=:G;>C6C8>C<68I>K>I>:H C:I >CI=:688DBE6CN>C<HI6I:B:CID;86H=
;ADLH
"C I=:8DBE6CNG:;>C6C8:98:GI6>CD;>IH9:7I7N>HHJ>C<C:LH:C>DGCDI:H6C9JH>C<I=:EGD8::9HIDG:9::BHDB:D;
>IH:M>HI>C<H:C>DGCDI:H "C8DCC:8I>DCL>I=I=:H:G:9:BEI>DCH I=:8DBE6CN>C8JGG:9B>AA>DCD;ADHH:HDCI=::6GAN
:MI>C<J>H=B:CID;9:7I>C8AJ9:9>CDI=:G>C8DB: :ME:CH:DCI=:688DBE6CN>C<HI6I:B:CID;>C8DB: .EDCG:9:BEI>DCD;I=:
H:C>DGCDI:H I=:8DBE6CNI:GB>C6I:9I=:G:A6I:9;>M:9ID;AD6I>C<G6I:>CI:G:HIG6I:HL6E6GG6C<:B:CIH6C9E6>9B>AA>DC
>C8AJ9:9>CDI=:G;>C6C8>C<68I>K>I>:H C:I >CI=:688DBE6CN>C<HI6I:B:CID;86H=;ADLH -=:8DBE6CN6AHDI:GB>C6I:9G:A6I:9
8GDHH 8JGG:C8N>CI:G:HIG6I:HL6E6GG6C<:B:CIH6C9G:8:>K:9B>AA>DC >C8AJ9:9>CDI=:G>CK:HI>C<68I>K>I>:H C:I >CI=:
688DBE6CN>C<HI6I:B:CID;86H=;ADLH
"C:7GJ6GN I=:8DBE6CNG:9::B:96AAD;>IH ,:C>DG'DI:H9J: "C8DCC:8I>DCL>I=I=:G:9:BEI>DCI=:
8DBE6CN>C8JGG:96EEGDM>B6I:ANB>AA>DCD;ADHH:HDCI=::6GAN:MI>C<J>H=B:CID;9:7I>CI=:;>GHIFJ6GI:GD;
-=:GBD>H=:G,8>:CI>;>8>C6C8:" / -=:GBD>H=:G"CI:GC6I>DC6A 6L=DAAN DLC:9;>C6C8:HJ7H>9>6GND;I=:
8DBE6CN >HHJ:9:68=D;I=:AD6I>C<+6I:,:C>DG'DI:H9J: I=: ,:C>DG'DI:H9J: I=: ,:C>DG'DI:H
9J: I=: ,:C>DG'DI:H9J: I=: ,:C>DG'DI:H9J: I=: ,:C>DG'DI:H9J: 6C9I=:
,:C>DG'DI:H9J:>C8AJ9:9>CI=:I67A:67DK:8DAA:8I>K:AN I=:UJGDCDI:HV>CG:<>HI:G:9EJ7A>8D;;:G>C<H -=:
8DBE6CN=6H;JAAN6C9JC8DC9>I>DC6AAN<J6G6CI::96AAD;-=:GBD>H=:G"CI:GC6I>DC6AWHD7A><6I>DCHJC9:GI=:JGDCDI:H6C96AA
D;-=:GBD>H=:G"CI:GC6I>DC6AWHDI=:G9:7IH:8JG>I>:H 6C9CDDI=:GHJ7H>9>6GND;I=:8DBE6CNL>AA<J6G6CI::I=:H:D7A><6I>DCH
-=:GBD>H=:G"CI:GC6I>DC6A>H6U;>C6C8:HJ7H>9>6GNV6H9:;>C:9>C+JA: 6K>D;I=:M8=6C<:8I L>I=CD6HH:IHDG
DE:G6I>DCHDI=:GI=6CI=DH:G:A6I:9IDI=:>HHJ6C8: 69B>C>HIG6I>DC6C9G:E6NB:CID;I=:JGDCDI:H6C9DI=:G9:7IH:8JG>I>:H
>HHJ:97N-=:GBD>H=:G"CI:GC6I>DC6A;GDBI>B:IDI>B: -=:;>C6C8>6A8DC9>I>DC G:HJAIHD;DE:G6I>DCH6C986H=;ADLHD;
-=:GBD>H=:G"CI:GC6I>DC6A6G:8DCHDA>96I:9>CI=:;>C6C8>6AHI6I:B:CIHD;I=:8DBE6CN
!;@1 1-?1?
H6A:HH:: I=:8DBE6CNA:6H:H8:GI6>CAD<>HI>8H D;;>8: 6C9B6CJ;68IJG>C<;68>A>I>:H 6HL:AA6HK:=>8A:H 8DE>:GH 6C9DI=:G
:FJ>EB:CI -=:H:DE:G6I>C<A:6H:H<:C:G6AAN=6K:G:B6>C>C<A:6H:I:GBH7:IL::CBDCI=6C9N:6GH 6C9HDB:>C8AJ9:
DEI>DCHID:MI:C9<:C:G6AAN;DGIDN:6GHDG=6K:DEI>DCHIDI:GB>C6I:I=:6GG6C<:B:CIL>I=>CN:6G
-=:8DBE6CN=6H<J6G6CI::9I=:G:H>9J6AK6AJ:D;I=G::A:6H:9DE:G6I>C<;68>A>I>:HL>I=A:6H:I:GBH:C9>C<>C
6C9 -=:8DBE6CN=6H6<G::9L>I=I=:A:HHDGID8DBEANL>I=8:GI6>C;>C6C8>6A8DK:C6CIH8DCH>HI:CIL>I=>IHDI=:G9:7I
6GG6C<:B:CIH'DI: -=:6<<G:<6I:B6M>BJB<J6G6CI::JC9:GI=:H:I=G::A:6H:6GG6C<:B:CIH>HB>AA>DC (E:G6I>C<
A:6H:+(.6HH:IH6C9A:6H:A>67>A>I>:H;DGI=:H:A:6H:6GG6C<:B:CIH6G:G:8DG9:9DCI=:8DCHDA>96I:976A6C8:H=::I6HD;
:8:B7:G 7JI:M8AJ9:6CN6BDJCIH;DGG:H>9J6AK6AJ:<J6G6CI::H
'% "&%&!'!
!"'&'""!&"'!!&'' !'&;:@5:A10
H6A:HH:: I=:8DCHDA>96I:9;>C6C8>6AHI6I:B:CIH>C8AJ9:I=:;DAADL>C<G:A6I>C<IDDE:G6I>C<A:6H:H
"CB>AA>DCH
-8-:/1?411@
+(.6HH:IH
(E:G6I>C<A:6H:A>67>A>I>:H 8JGG:CI
(E:G6I>C<A:6H:A>67>A>I>:H CDC8JGG:CI
&@-@191:@;25:/;91
(E:G6I>C<A:6H:8DHIH
/6G>67A:A:6H:8DHIH
&@-@191:@;2/-?428;C?
6H=JH:9>CDE:G6I>C<68I>K>I>:H;DGE6NB:CIHD;6BDJCIH>C8AJ9:9>CI=:
B:6HJG:B:CID;DE:G6I>C<A:6H:A>67>A>I>:H
(E:G6I>C<A:6H:+(.6HH:IHD7I6>C:9>C:M8=6C<:;DGC:LDE:G6I>C<A:6H:
A>67>A>I>:H
*1534@10-B1>-31-@1:0;2E1->
+:B6>C>C<DE:G6I>C<A:6H:I:GB N:6GH N:6GH N:6GH
>H8DJCIG6I:
+(.6HH:IH6G:8A6HH>;>:9>CDI=:G6HH:IH>CI=:8DCHDA>96I:976A6C8:H=::I (E:G6I>C<A:6H:A>67>A>I>:H6G:8A6HH>;>:9>CDI=:G
688GJ:9:ME:CH:H6C9DI=:GADC< I:GBA>67>A>I>:H G:HE:8I>K:AN >CI=:8DCHDA>96I:976A6C8:H=::I
%:6H:8DHIH6G>H>C<;GDB;>C6C8:A:6H:H H=DGI I:GBA:6H:H 6C9HJ7A:6H:>C8DB:6G:CDIB6I:G>6A ,::'DI:;DG699>I>DC6A
>C;DGB6I>DCG:A6I>C<ID;>C6C8:A:6H:H
HD;:8:B7:G ;JIJG:E6NB:CIHD;DE:G6I>C<A:6H:A>67>A>I>:H6G:6H;DAADLH
"CB>AA>DCH
6C9I=:G:6;I:G
-DI6AA:6H:E6NB:CIH
%:HH>BEJI:9>CI:G:HI
-DI6ADE:G6I>C<A:6H:A>67>A>IN
!;@1 ;995@91:@?-:0;:@5:31:/51?
96',%7)&0-+%8-327
-=:8DBE6CN=6H:CI:G:9>CIDJC8DC9>I>DC6AEJG8=6H:D7A><6I>DCH >CI=:DG9>C6GN8DJGH:D;7JH>C:HH I=6I>C8AJ9:
6<G::B:CIHIDEJG8=6H:<DD9H H:GK>8:HDG;>M:96HH:IH6C9IDE6NGDN6AI>:HI=6I6G::C;DG8:67A:6C9A:<6AAN7>C9>C<6C9I=6I
HE:8>;N6AAH><C>;>86CII:GBH>C8AJ9>C<;>M:9DGB>C>BJBFJ6CI>I>:HID7:EJG8=6H:9;>M:9 B>C>BJBDGK6G>67A:EG>8:
EGDK>H>DCH6C9I=:6EEGDM>B6I:I>B>C<D;I=:IG6CH68I>DC )JG8=6H:D7A><6I>DCH:M8AJ9:6<G::B:CIHI=6I6G:86C8:A67A:6I6CN
I>B:L>I=DJIE:C6AIN -=:6<<G:<6I:6BDJCID;I=:8DBE6CNWHJC8DC9>I>DC6AEJG8=6H:D7A><6I>DCHIDI6A:9 7>AA>DC6I
:8:B7:G 6C9I=:B6?DG>IND;I=:H:D7A><6I>DCH6G::ME:8I:9ID7:H:IIA:99JG>C<
'% "&%&!'!
!"'&'""!&"'!!&'' !'&;:@5:A10
-=:C6ANI>86A"CHIGJB:CIHH:<B:CIG:8DG9:968=6G<:ID8DHID;EGD9J8IG:K:CJ:H;DGB>AA>DC>CG:A6I:9ID6C
:M>HI>C<HJEEAN8DCIG68I;DG8DBEDC:CIHD;:A:8IGDCB>8GDH8DEN>CHIGJB:CIH -=:6<G::B:CIG:FJ>G:HI=:8DBE6CNIDB6@:
;JIJG:B>C>BJBEJG8=6H:HI=GDJ<= -=:8DBE6CN9:K:ADE:96C9A6JC8=:96C6AI:GC6I>K:EGD9J8I7:<>CC>C<>C6C9
76H:9DCI=::ME:8I:99:B6C9;DGI=:>CI:GC6AAN9:K:ADE:9EGD9J8IKH I=:I=>G9 E6GINEGD9J8I I=:8DBE6CN9D:HCDI:ME:8IID
JH:6AAD;I=:EGD9J8I>IL>AA7:G:FJ>G:9ID7JN G:HJAI>C<>C6ADHHDCI=:EJG8=6H:8DBB>IB:CI
)88)673*6)(-89%6%28))7%2(8,)6311-81)287
(JIHI6C9>C<A:II:GHD;8G:9>I6C976C@<J6G6CI::HIDI6A:9B>AA>DC6I:8:B7:G ,J7HI6CI>6AAN6AAD;I=:H:
A:II:GHD;8G:9>I6C9<J6G6CI::H:ME>G:7:;DG:
(JIHI6C9>C<HJG:IN7DC9H6C9DI=:G<J6G6CI::HIDI6A:9B>AA>DC6I:8:B7:G -=::ME>G6I>DCD;I=:H:7DC9H
6C9<J6G6CI::HG6C<:HI=GDJ<=
-=:A:II:GHD;8G:9>I 76C@<J6G6CI::H6C9HJG:IN7DC9HEG>C8>E6AANH:8JG:E:G;DGB6C8:D7A><6I>DCH 6C96AADLI=:=DA9:GID
9G6L;JC9HJEIDI=:;68:6BDJCID;I=:A:II:GD;8G:9>I 76C@<J6G6CI::DGHJG:IN7DC9>;I=:6EEA>867A:7JH>C:HHJC>I9D:HCDI
E:G;DGB6H8DCIG68IJ6AANG:FJ>G:9
-=:8DBE6CN>H6<J6G6CIDGD;E:CH>DCEA6CD7A><6I>DCHD;69>K:HI:97JH>C:HH -=:EJG8=6H:GD;I=:9>K:HI:97JH>C:HH=6H
6<G::9IDE6N;DGI=:E:CH>DC7:C:;>IH =DL:K:GI=:8DBE6CNL6HG:FJ>G:9ID<J6G6CI::E6NB:CID;I=:H:E:CH>DC7:C:;>IH
H=DJA9I=:EJG8=6H:G;6>AID9DHD -=:6BDJCID;I=:<J6G6CI::6I:8:B7:G L6HB>AA>DC
"C8DCC:8I>DCL>I=I=:H6A:D;7JH>C:HH:HD;I=:8DBE6CN I=:7JN:GH=6K:6HHJB:98:GI6>C8DCIG68IJ6AD7A><6I>DCHD;HJ8=
7JH>C:HH:H6C9=6K:6<G::9ID>C9:BC>;NI=:8DBE6CNL>I=G:HE:8IIDI=DH:6HHJB:9A>67>A>I>:H "CI=::K:CI6I=>G9 E6GINID6
IG6CH;:GG:98DCIG68I9D:HCDIG:8D<C>O:I=:IG6CH;:GD;D7A><6I>DCHDG67JN:G9:;6JAIHDC>IHD7A><6I>DCHJC9:GI=:IG6CH;:GG:9
8DCIG68I I=:8DBE6CN8DJA97:A>67A:IDI=:I=>G9 E6GIN;DGHJ8=D7A><6I>DCH !DL:K:G >CHJ8=:K:CI I=:8DBE6CNLDJA97:
:CI>IA:9IDH::@>C9:BC>;>86I>DC;GDBI=:7JN:G
2()12-*-'%8-327
"C8DC?JC8I>DCL>I=8:GI6>CIG6CH68I>DCH EG>B6G>AN9>K:HI>IJG:H I=:8DBE6CN=6H6<G::9ID>C9:BC>;NI=:DI=:GE6GI>:HL>I=
G:HE:8IID8:GI6>CA>67>A>I>:HG:A6I:9IDI=:7JH>C:HH:HI=6IL:G:HDA9DGA:6H:9EGDE:GI>:HI=6IL:G:676C9DC:9: < G:I:CI>DCD;
8:GI6>C:CK>GDCB:CI6A I6M :BEADN::6C9EGD9J8IA>67>A>I>:H -=:H8DE:6C99JG6I>DCD;HJ8=>C9:BC>IND7A><6I>DCHK6GN;GDB
IG6CH68I>DCIDIG6CH68I>DC 0=:G:EGD767A: 6CD7A><6I>DC;DGHJ8=>C9:BC>;>86I>DCH>HG:8DG9:96H6A>67>A>IN :C:G6AAN 6
B6M>BJBD7A><6I>DC86CCDI7:G:6HDC67AN:HI>B6I:9 (I=:GI=6CD7A><6I>DCHG:8DG9:96HA>67>A>I>:H6II=:I>B:D;9>K:HI>IJG:
=>HIDG>86AANI=:8DBE6CN=6HCDIB69:H><C>;>86CIE6NB:CIH;DGI=:H:>C9:BC>;>86I>DCH
"C8DCC:8I>DCL>I=I=:8DBE6CNWH:;;DGIHIDG:9J8:I=:CJB7:GD;;68>A>I>:HI=6I>ID88JE>:H I=:8DBE6CN=6HK686I:9HDB:
D;>IHA:6H:9;68>A>I>:HDGHJ7A:II=:BIDI=>G9E6GI>:H 0=:CI=:8DBE6CNHJ7A:IH6;68>A>INID6I=>G9 E6GIN >IG:B6>CHI=:EG>B6GN
D7A><DGJC9:GI=:B6HI:GA:6H:6<G::B:CIL>I=I=:DLC:GD;I=:;68>A>IN H6G:HJAI >;6I=>G9 E6GINK686I:HI=:HJ7A:I;68>A>IN
I=:8DBE6CNLDJA97:D7A><6I:9IDB6@:A:6H:DGDI=:GE6NB:CIHJC9:GI=:B6HI:GA:6H:6<G::B:CI -=:8DBE6CN7:A>:K:HI=6I
I=:;>C6C8>6AG>H@D;9:;6JAI7NHJ7A:HHDGH>H>C9>K>9J6AAN6C9>CI=:6<<G:<6I:CDIB6I:G>6AIDI=:8DBE6CNWH;>C6C8>6AEDH>I>DCDG
G:HJAIHD;DE:G6I>DCH
"C8DCC:8I>DCL>I=I=:H6A:D;EGD9J8IH>CI=:DG9>C6GN8DJGH:D;7JH>C:HH I=:8DBE6CND;I:CB6@:HG:EG:H:CI6I>DCH
6;;>GB>C< 6BDC<DI=:GI=>C<H I=6I>IHEGD9J8IH9DCDI>C;G>C<:DCI=:>CI:AA:8IJ6AEGDE:GING><=IHD;DI=:GH6C96<G::HID
>C9:BC>;N8JHIDB:GH6<6>CHII=>G9 E6GIN8A6>BH;DGHJ8=>C;G>C<:B:CI -=:8DBE6CN=6HCDI7::CG:FJ>G:9IDB6@:B6I:G>6A
E6NB:CIHJC9:GHJ8=EGDK>H>DCH
2:-6321)28%0%88)67
-=:8DBE6CN>H8JGG:CIAN>CKDAK:9>CK6G>DJHHI6<:HD;>CK:HI><6I>DC6C9G:B:9>6I>DCG:A6I:9ID:CK>GDCB:CI6AB6II:GH -=:
8DBE6CN86CCDIEG:9>8I6AAEDI:CI>6A8DHIHG:A6I:9ID:CK>GDCB:CI6AG:B:9>6I>DCB6II:GH6C9I=:EDHH>7A:>BE68IDC;JIJG:
DE:G6I>DCH<>K:CI=:JC8:GI6>CI>:HG:<6G9>C<I=::MI:CID;I=:G:FJ>G:98A:6CJE I=:8DBEA:M>IN6C9>CI:GEG:I6I>DCD;6EEA>867A:
A6LH6C9G:<JA6I>DCH I=:K6GN>C<8DHIHD;6AI:GC6I>K:8A:6CJEB:I=D9H6C9I=::MI:CID;I=:8DBE6CNWHG:HEDCH>7>A>IN ME:CH:H
;DG:CK>GDCB:CI6AG:B:9>6I>DCB6II:GHG:A6I:9IDI=:8DHIHD;>CHI6AA>C< DE:G6I>C<6C9B6>CI6>C>C<<GDJC9L6I:G IG:6IB:CI
HNHI:BH6C9DI=:GG:B:9>6A68I>K>I>:HG:A6I:9ID=>HIDG>86A:CK>GDCB:CI6A8DCI6B>C6I>DC6II=:8DBE6CNWH9DB:HI>86C9
>CI:GC6I>DC6A;68>A>I>:HL:G:CDIB6I:G>6A>C6CNE:G>D9EG:H:CI:9 -=:8DBE6CNG:8DG9H688GJ6AH;DG:CK>GDCB:CI6AG:B:9>6I>DC
A>67>A>I>:H 76H:9DC8JGG:CI>CI:GEG:I6I>DCHD;:CK>GDCB:CI6AA6LH6C9G:<JA6I>DCH L=:C>I>HEGD767A:I=6I6A>67>A>IN=6H7::C
>C8JGG:96C9I=:6BDJCID;HJ8=A>67>A>IN86C7:G:6HDC67AN:HI>B6I:9 -=:8DBE6CN86A8JA6I:H:HI>B6I:H76H:9JEDCH:K:G6A
;68IDGH >C8AJ9>C<>CEJI;GDB:CK>GDCB:CI6AHE:8>6A>HIH6C9B6C6<:B:CIWH@CDLA:9<:D;6C9:ME:G>:C8:L>I=I=:H:
:CK>GDCB:CI6AB6II:GH -=:8DBE6CN>C8AJ9:H>CI=:H::HI>B6I:HEDI:CI>6A8DHIH;DG>CK:HI><6I>DC G:B:9>6I>DC6C9DE:G6I>DC6C9
'% "&%&!'!
!"'&'""!&"'!!&'' !'&;:@5:A10
B6>CI:C6C8:D;8A:6CJEH>I:H I:8:B7:G I=:8DBE6CNWHIDI6A:CK>GDCB:CI6AA>67>A>INL6H6EEGDM>B6I:AN
B>AA>DC 0=>A:B6C6<:B:CI7:A>:K:HI=:688GJ6AH;DG:CK>GDCB:CI6AG:B:9>6I>DC6G:69:FJ6I:76H:9DC8JGG:CI:HI>B6I:HD;
G:B:9>6I>DC8DHIH I=:8DBE6CNB6N7:HJ7?:8IID699>I>DC6AG:B:9>6ADG8DBEA>6C8:8DHIH9J:ID;JIJG::K:CIHHJ8=6H8=6C<:H
>C:M>HI>C<A6LH6C9G:<JA6I>DCH 8=6C<:H>C6<:C8N9>G:8I>DCDG:C;DG8:B:CIEDA>8>:H 9:K:ADEB:CIH>CG:B:9>6I>DC
I:8=CDAD<>:HDG8=6C<:H>CI=:8DC9J8ID;I=:8DBE6CNWHDE:G6I>DCH L=>8=8DJA9=6K:6B6I:G>6A69K:GH::;;:8IDCI=:
8DBE6CNWH;>C6C8>6AEDH>I>DC G:HJAIHD;DE:G6I>DCHDG86H=;ADLH
-8-+%8-32%2()0%8)(328-2+)2'-)7
-=:8DBE6CN>H>CKDAK:9>CK6G>DJH9>HEJI:H <DK:GCB:CI6A6C9 DGG:<JA6IDGN>CHE:8I>DCH >CFJ>G>:H >CK:HI><6I>DCH6C9
EGD8::9>C<H 6C9A>I><6I>DCB6II:GHI=6I6G>H:;GDBI>B:IDI>B:>CI=:DG9>C6GN8DJGH:D;7JH>C:HH -=:9>HEJI:H6C9A>I><6I>DC
B6II:GH>C8AJ9:EGD9J8IA>67>A>IN >CI:AA:8IJ6AEGDE:GIN :BEADNB:CI6C98DBB:G8>6A>HHJ:H -=:8DBE6CN9:I:GB>C:HI=:
EGD767>A>IN6C9G6C<:D;EDHH>7A:ADHH76H:9DCI=:8JGG:CIHI6IJHD;:68=D;I=:H:B6II:GH A>67>A>IN>HG:8DG9:9>CI=:;>C6C8>6A
HI6I:B:CIH>;>I>H7:A>:K:9ID7:EGD767A:I=6I6ADHH=6H7::C>C8JGG:96C9I=:6BDJCID;I=:ADHH86C7:G:6HDC67AN:HI>B6I:9
-=:8DBE6CN:HI67A>H=:H6A>67>A>INI=6I>H6C:HI>B6I:D;6BDJCIH:ME:8I:9ID7:E6>9>CI=:;JIJG:;DG:K:CIHI=6I=6K:6AG:69N
D88JGG:9 -=:8DBE6CN688GJ:HI=:BDHIA>@:AN6BDJCIDG6IA:6HII=:B>C>BJBD;I=:G6C<:D;EGD767A:ADHHL=:C6G6C<:D;
EGD767A:ADHH86C7::HI>B6I:9 -=:688GJ:9A>67>A>I>:H6G:76H:9DCB6C6<:B:CIWH?J9<B:CI6HIDI=:EGD767>A>IND;ADHH:H;DG
6HH:GI:96C9JC6HH:GI:98A6>BH6C9 L=:G:6EEA>867A: 68IJ6G>6AAN9:I:GB>C:9:HI>B6I:H 88GJ6A:HI>B6I:H6G:69?JHI:96H
699>I>DC6A>C;DGB6I>DC7:8DB:H@CDLCDGE6NB:CIH6G:B69: -=:6BDJCID;JAI>B6I:ADHHB6N9>;;:G;GDBI=:H::HI>B6I:H
J:IDI=:>C=:G:CIJC8:GI6>CI>:H6HHD8>6I:9L>I=E:C9>C<A>I><6I>DCDG8A6>BH I=:8DBE6CN86CCDIEG:9>8II=:DJI8DB: CDG
L>I=G:HE:8IID8:GI6>CE:C9>C<A>I><6I>DCDG8A6>BHL=:G:CDA>67>A>IN=6H7::C688GJ:9 B6@:6B:6C>C<;JA:HI>B6I:D;I=:
G:6HDC67ANEDHH>7A:ADHHDGG6C<:D;ADHHI=6I8DJA9G:HJAI;GDB6CJC;6KDG67A:DJI8DB: -=:8DBE6CN=6HCDB6I:G>6A688GJ6AH
;DGE:C9>C<A>I><6I>DCDG8A6>BH;DGL=>8=688GJ6A6BDJCIH6G:CDI9>H8ADH:97:ADL CDG6G:B6I:G>6AADHH:H9::B:9EGD767A:;DG
HJ8=B6II:GH "I>HG:6HDC67ANEDHH>7A: =DL:K:G I=6I6CJC;6KDG67A:DJI8DB:I=6I:M8::9HI=:8DBE6CNWH8JGG:CI688GJ6A
:HI>B6I: >;6CN ;DGDC:DGBDG:D;I=:B6II:GH9:H8G>7:97:ADL8DJA9=6K:6B6I:G>6A69K:GH::;;:8IDCI=:8DBE6CNWHG:HJAIH
D;DE:G6I>DCH ;>C6C8>6AEDH>I>DC6C986H=;ADLH
63(9'8-%&-0-8=#36/)67314)27%8-32%2(8,)6)6732%02.96=%88)67
-=:8DBE6CN>H>CKDAK:9>CK6G>DJHEGD8::9>C<H6C9A>I><6I>DCI=6I6G>H:;GDBI>B:IDI>B:>C8DCC:8I>DCL>I=EGD9J8I
A>67>A>IN LDG@:GH8DBE:CH6I>DC6C9DI=:GE:GHDC6A>C?JGNB6II:GH -=:G6C<:D;EGD767A:ADHH;DGEGD9J8IA>67>A>IN LDG@:GH
8DBE:CH6I>DC6C9DI=:GE:GHDC6A>C?JGNB6II:GHD;I=:8DBE6CNWH8DCI>CJ>C<DE:G6I>DCH6I:8:B7:G L6H
6EEGDM>B6I:ANB>AA>DCIDB>AA>DCDC6CJC9>H8DJCI:976H>H -=:EDGI>DCD;I=:H:A>67>A>I>:H6HHJB:9>CI=:
B:G<:GL>I=>H=:GL6HG:8DG9:96I>IH;6>GEG:H:CIK6AJ:6II=:96I:D;B:G<:G -=:8DBE6CNWH688GJ6A;DG6AAHJ8=B6II:GH>C
IDI6A >C8AJ9>C<I=:9>H8DJCI:9A>67>A>I>:H L6HB>AA>DC6I:8:B7:G DGB>AA>DCJC9>H8DJCI:9 -=:688GJ6A
>C8AJ9:H:HI>B6I:99:;:CH:8DHIH6C9>H<GDHHD;:HI>B6I:96BDJCIH9J:;GDB>CHJG:GHD;B>AA>DC6I:8:B7:G DG
B>AA>DCJC9>H8DJCI:9I=6I6G:>C8AJ9:9>CDI=:G6HH:IH>CI=:688DBE6CN>C<76A6C8:H=::I -=:EDGI>DCD;I=:H:>CHJG6C8:
6HH:IH6HHJB:9>CI=:B:G<:GL>I=>H=:GL6H6AHDG:8DG9:96I>IH;6>GK6AJ:6II=:96I:D;B:G<:G "C699>I>DCIDI=:67DK:
688GJ6A 6HD;:8:B7:G I=:8DBE6CN=696EGD9J8IA>67>A>IN688GJ6AD;B>AA>DCJC9>H8DJCI:9G:A6I>C<ID
9>K:HI:97JH>C:HH:H
AI=DJ<=I=:8DBE6CN7:A>:K:HI=6II=:6BDJCIH688GJ:96C9:HI>B6I:9G:8DK:G>:H6G:EGD767A:6C96EEGDEG>6I:76H:9DC
6K6>A67A:>C;DGB6I>DC >C8AJ9>C<68IJ6G>6AHIJ9>:HD;ADHH:HI>B6I:H I=:EGD8:HHD;:HI>B6I>C<ADHH:H6C9>CHJG6C8:G:8DK:G>:H
>CKDAK:H68DCH>9:G67A:9:<G::D;?J9<B:CI7NB6C6<:B:CI6C9I=:JAI>B6I:6BDJCIH8DJA9K6GN L=>8=8DJA9=6K:6B6I:G>6A
69K:GH::;;:8IDCI=:8DBE6CNWHG:HJAIHD;DE:G6I>DCH ;>C6C8>6AEDH>I>DC 6C986H=;ADLH "CHJG6C8:8DCIG68IH9DCDIG:A>:K:I=:
8DBE6CND;>IHEG>B6GND7A><6I>DCL>I=G:HE:8IID6CNADHH:H>C8JGG:9 -=:8DAA:8I67>A>IND;6BDJCIH9J:;GDB>IH>CHJG:GH>H
HJ7?:8IIDI=:HDAK:C8N6C9L>AA>C<C:HHD;I=:>CHJG:GIDE6N 6HL:AA6HI=:A:<6AHJ;;>8>:C8ND;I=:>CHJG6C8:8A6>BH
&6C6<:B:CIBDC>IDGHI=:E6NB:CI=>HIDGN6HL:AA6HI=:;>C6C8>6A8DC9>I>DC6C9G6I>C<HD;>IH>CHJG:GHDC6CDC<D>C<76H>H
'% "&%&!'!
!"'&'""!&"'!!&'' !'&;:@5:A10
!;@1 ;9<>141:?5B1:/;91-:0&4->14;801>?=A5@E
3146),)27-:)2'31)377
DBEG:=:CH>K:>C8DB:8DB7>C:HC:I>C8DB:6C9DI=:G8DBEG:=:CH>K:>I:BH (I=:G8DBEG:=:CH>K:>I:BHG:EG:H:CI8:GI6>C
6BDJCIHI=6I6G:G:EDGI:96H8DBEDC:CIHD;H=6G:=DA9:GHW:FJ>IN>CI=:688DBE6CN>C<76A6C8:H=::I
=6C<:H>C:68=8DBEDC:CID;688JBJA6I:9DI=:G8DBEG:=:CH>K:>I:BH C:ID;I6M6G:6H;DAADLH
):CH>DC6C9
DI=:G
.CG:6A>O:9 EDHIG:I>G:B:CI
JGG:C8N ADHH:HDC 7:C:;>I
IG6CHA6I>DC =:9<>C< A>67>A>IN
"CB>AA>DCH 69?JHIB:CI >CHIGJB:CIH 69?JHIB:CI -DI6A
-8-:/1-@1/19.1>
(I=:G8DBEG:=:CH>K:>I:BH7:;DG:G:8A6HH>;>86I>DCH T
BDJCIHG:8A6HH>;>:9;GDB688JBJA6I:9DI=:G
8DBEG:=:CH>K:>I:BH T
':IDI=:G8DBEG:=:CH>K:>I:BH
-8-:/1-@1/19.1>
,%6),30()67A59-8=
I:8:B7:G I=:8DBE6CN=69G:H:GK:9B>AA>DCJC>HHJ:9H=6G:HD;>IH8DBBDCHID8@;DGEDHH>7A:>HHJ6C8:
JC9:GHID8@ 76H:98DBE:CH6I>DCEA6CH
6GAN>CI=:;>GHIFJ6GI:GD; I=:8DBE6CNG:EJG8=6H:9 7>AA>DCD;I=:8DBE6CNH8DBBDCHID8@ B>AA>DC
H=6G:H
'% "&%&!'!
!"'&'""!&"'!!&'' !'&;:@5:A10
-=:;DAADL>C<I67A:HEG:H:CI>C;DGB6I>DC67DJII=:8DBE6CNWH;>C6C8>6A6HH:IH6C9A>67>A>I>:HB:6HJG:96I;6>GK6AJ:DC6
G:8JGG>C<76H>H6HD;:8:B7:G 6C9:8:B7:G
*JDI:9 ,><C>;>86CI
EG>8:H>C DI=:G ,><C>;>86CI
68I>K: D7H:GK67A: JCD7H:GK67A:
:8:B7:G B6G@:IH >CEJIH >CEJIH
"CB>AA>DCH %:K:A %:K:A %:K:A
??1@?
6H=:FJ>K6A:CIH T T
"CK:HIB:CIH T T
06GG6CIH T T
"CHJG6C8:8DCIG68IH T T
:G>K6I>K:8DCIG68IH T T
-DI6A6HH:IH T
5-.585@51?
:G>K6I>K:8DCIG68IH T T
DCI>C<:CI8DCH>9:G6I>DC T T
-DI6AA>67>A>I>:H T
*JDI:9 ,><C>;>86CI
EG>8:H>C DI=:G ,><C>;>86CI
68I>K: D7H:GK67A: JCD7H:GK67A:
:8:B7:G B6G@:IH >CEJIH >CEJIH
"CB>AA>DCH %:K:A %:K:A %:K:A
??1@?
6H=:FJ>K6A:CIH T T
"CK:HIB:CIH T T
06GG6CIH T T
"CHJG6C8:8DCIG68IH T T
:G>K6I>K:8DCIG68IH T T
-DI6A6HH:IH T
5-.585@51?
:G>K6I>K:8DCIG68IH T T
DCI>C<:CI8DCH>9:G6I>DC T T
-DI6AA>67>A>I>:H T
'% "&%&!'!
!"'&'""!&"'!!&'' !'&;:@5:A10
G:86E>I6A>O6I>DC>CK:HIB:CIEDGI;DA>D D;I=:8DCI>C<:CI8DCH>9:G6I>DC
"CB>AA>DCH
;:@5:31:@/;:?501>-@5;:
:<>CC>C<76A6C8:
8FJ>H>I>DCH>C8AJ9>C<6HHJB:976A6C8:H
)6NB:CIH
=6C<:H>C;6>GK6AJ:>C8AJ9:9>C:6GC>C<H
C9>C<76A6C8:
)6-:%8-:)3286%'87
-=:;DAADL>C<I67A:EGDK>9:HI=:6<<G:<6I:CDI>DC6AK6AJ:D;DJIHI6C9>C<9:G>K6I>K:8DCIG68IH
:8:B7:G :8:B7:G
"CB>AA>DCH
!;@5;:-8-9;A:@
"CI:G:HIG6I:HL6EH ;6>GK6AJ:=:9<:H T
GDHH 8JGG:C8N>CI:G:HIG6I:HL6EH 9:H><C6I:96HC:I>CK:HIB:CI=:9<:H
JGG:C8N:M8=6C<:8DCIG68IH
0=>A:8:GI6>C9:G>K6I>K:H6G:HJ7?:8IIDC:II>C<6GG6C<:B:CIHL>I=8DJCI:GE6GI>:H I=:8DBE6CN9D:HCDID;;H:I9:G>K6I>K:
6HH:IH6C9A>67>A>I>:HL>I=>CI=:76A6C8:H=::I -=:;DAADL>C<I67A:HEG:H:CII=:;6>GK6AJ:D;9:G>K6I>K:>CHIGJB:CIH>CI=:
688DBE6CN>C<76A6C8:H=::I6C9HI6I:B:CID;>C8DB:
6>GK6AJ:S6HH:IH 6>GK6AJ:SA>67>A>I>:H
:8:B7:G :8:B7:G :8:B7:G :8:B7:G
"CB>AA>DCH
1>5B-@5B1?01?53:-@10-?41035:35:?@>A91:@?
"CI:G:HIG6I:HL6EH6 T T T
GDHH 8JGG:C8N>CI:G:HIG6I:HL6EH6 T T
1>5B-@5B1?:;@01?53:-@10-?41035:35:?@>A91:@?
JGG:C8N:M8=6C<:8DCIG68IH7
';@-801>5B-@5B1?
'% "&%&!'!
!"'&'""!&"'!!&'' !'&;:@5:A10
6>CADHHG:8D<C>O:9
"CB>AA>DCH
-5>B-8A141035:3>18-@5;:?45<?
"CI:G:HIG6I:HL6EH
!:9<:9ADC< I:GBD7A><6I>DCH >C8AJ9:9>CDI=:G>C8DB: :ME:CH:
:G>K6I>K:H9:H><C6I:96H=:9<>C<>CHIGJB:CIH >C8AJ9:9>CDI=:G>C8DB: :ME:CH:
1>5B-@5B1?01?53:-@10-?/-?428;C41031?
"CI:G:HIG6I:HL6EH
"C8AJ9:9>CJCG:6A>O:9ADHH:HDC=:9<>C<>CHIGJB:CIHL>I=>CDI=:G8DBEG:=:CH>K:>I:BH T
BDJCIG:8A6HH>;>:9;GDB688JBJA6I:9DI=:G8DBEG:=:CH>K:>I:BHIDDI=:G>C8DB: :ME:CH:
5:-:/5-85:?@>A91:@?01?53:-@10-?:1@5:B1?@91:@41031?
DG:><C8JGG:C8N 9:CDB>C6I:99:7I
"C8AJ9:9>C8JGG:C8NIG6CHA6I>DC69?JHIB:CIL>I=>CDI=:G8DBEG:=:CH>K:>I:BH
GDHH 8JGG:C8N>CI:G:HIG6I:HL6EH
"C8AJ9:9>C8JGG:C8NIG6CHA6I>DC69?JHIB:CIL>I=>CDI=:G8DBEG:=:CH>K:>I:BH
"C8AJ9:9>CDI=:G>C8DB: :ME:CH:
1>5B-@5B1?:;@01?53:-@10-?41035:35:?@>A91:@?
JGG:C8N:M8=6C<:8DCIG68IH
"C8AJ9:9>C8DHID;EGD9J8IG:K:CJ:H
"C8AJ9:9>CDI=:G>C8DB: :ME:CH:
GDHH 8JGG:C8N>CI:G:HIG6I:HL6EH
"C8AJ9:9>CDI=:G>C8DB: :ME:CH: T
6>CH6C9ADHH:HG:8D<C>O:9DC8JGG:C8N:M8=6C<:8DCIG68IH6C9I=:>CI:G:HIG6I:HL6EH9:H><C6I:96H;6>GK6AJ:=:9<:H6G:
>C8AJ9:9>CI=:688DBE6CN>C<HI6I:B:CID;>C8DB:ID<:I=:GL>I=I=:8DGG:HEDC9>C< D;;H:II>C<ADHH:H6C9<6>CHDCI=:
JC9:GAN>C<=:9<:9IG6CH68I>DCH
-=:8DBE6CNJH:H;DG:><C8JGG:C8N 9:CDB>C6I:99:7I6C98GDHH 8JGG:C8N>CI:G:HIG6I:HL6EHIDE6GI>6AAN=:9<:>IHC:I
>CK:HIB:CIH>C;DG:><CDE:G6I>DCH6<6>CHI69K:GH:BDK:B:CIH>C:M8=6C<:G6I:H EDGI>DCD;I=:8DBE6CNWH:JGD 9:CDB>C6I:9
H:C>DGCDI:H6C9>IH8GDHH 8JGG:C8N>CI:G:HIG6I:HL6EH=6K:7::C9:H><C6I:96H 6C96G::;;:8I>K:6H :8DCDB>8=:9<:HD;E6GID;
I=:C:I>CK:HIB:CI>C6;DG:><CDE:G6I>DC 88DG9>C<AN ;DG:><C8JGG:C8NIG6CH68I>DC<6>CHDGADHH:H9J:IDHEDIG6I:;AJ8IJ6I>DCH
DCI=::JGD 9:CDB>C6I:99:7I>CHIGJB:CIH6C98DCIG68I;6>GK6AJ:8=6C<:HDCI=:8GDHH 8JGG:C8N>CI:G:HIG6I:HL6EH :M8AJ9>C<
>CI:G:HI688GJ6AH 6G:>C8AJ9:9>C8JGG:C8NIG6CHA6I>DC69?JHIB:CIL>I=>CDI=:G8DBEG:=:CH>K:>I:BH6C9H=6G:=DA9:GHW:FJ>IN
,::'DI:6C9'DI:;DG699>I>DC6A>C;DGB6I>DCDCI=:8DBE6CNHG>H@B6C6<:B:CID7?:8I>K:H6C9HIG6I:<>:H
%7,03;)(+)66%2+)1)287
"C6C9 I=:8DBE6CN:CI:G:9>CID>CI:G:HIG6I:HL6E6GG6C<:B:CIHIDB>I><6I:I=:G>H@D;>CI:G:HIG6I:HG>H>C<EG>DG
ID8DBEA:I>DCD;9:7ID;;:G>C<H 6H:9DCI=:8DBE6CNH8DC8AJH>DCI=6II=:9:7ID;;:G>C<HL:G:EGD767A: I=:HL6EH=:9<:9I=:
86H=;ADLG>H@;DG:68=D;I=:>CI:G:HIE6NB:CIHDCI=:EA6CC:9;>M:9 G6I:9:7I>HHJ:H -=:6<<G:<6I:;6>GK6AJ:D;I=:I:GB>C6I:9
=:9<:H C:ID;I6M =6H7::C8A6HH>;>:96H6G:9J8I>DCID688JBJA6I:9DI=:G8DBEG:=:CH>K:>I:BH6C9L>AA7:6BDGI>O:9ID
>CI:G:HI:ME:CH:DK:GI=:I:GBD;I=:G:A6I:99:7I>HHJ6C8:H -=:8DBE6CN=6986H=DJIA6NH6<<G:<6I>C<B>AA>DC6C9
B>AA>DC>C6C9 G:HE:8I>K:AN 6HHD8>6I:9L>I=I:GB>C6I>DCD;I=:6GG6C<:B:CIH >C8AJ9:9>CDI=:G;>C6C8>C<
68I>K>I>:H C:I >CI=:688DBE6CN>C<HI6I:B:CID;86H=;ADLH
"CA6I: I=:8DBE6CN9:I:GB>C:9I=6II=:EG:K>DJHAN6CI>8>E6I:99:7ID;;:G>C<HL:G:EGD767A:D;CDID88JGG>C<6C9
G:8A6HH>;>:9B>AA>DC;GDB688JBJA6I:9DI=:G8DBEG:=:CH>K:>I:BHIDDI=:G>C8DB: :ME:CH: JG>C< >C8DCC:8I>DC
L>I=I=::MI>C<J>H=B:CID;9:7I'DI: I=:8DBE6CNG:8A6HH>;>:9B>AA>DC;GDB688JBJA6I:9DI=:G8DBEG:=:CH>K:>I:BH
IDDI=:G>C8DB: :ME:CH:
'% "&%&!'!
!"'&'""!&"'!!&'' !'&;:@5:A10
%-6"%09)3*8,)6-2%2'-%0278691)287
-=:86GGN>C<K6AJ:6C9;6>GK6AJ:D;I=:8DBE6CNWH9:7I>CHIGJB:CIH6G:6H;DAADLH
:8:B7:G :8:B7:G
6GGN>C< 6>G 6GGN>C< 6>G
"CB>AA>DCH K6AJ: K6AJ: K6AJ: K6AJ:
,:C>DGCDI:H
DBB:G8>6AE6E:G T T
(I=:G
-=:;6>GK6AJ:D;9:7I>CHIGJB:CIHL6H9:I:GB>C:976H:9DCFJDI:9B6G@:IEG>8:H6C9DC7DGGDL>C<G6I:H6K6>A67A:IDI=:
8DBE6CN6II=:G:HE:8I>K:E:G>D9:C9HL=>8=G:EG:H:CIA:K:AB:6HJG:B:CIH
!;:/-?45:B1?@5:3-:025:-:/5:3-/@5B5@51?
8FJ>G:97JIJCE6>9EGDE:GIN EA6CI6C9:FJ>EB:CI
6>GK6AJ:D;:FJ>IN6L6G9H:M8=6C<:9 T T
6>GK6AJ:D;68FJ>H>I>DC8DCI>C<:CI8DCH>9:G6I>DC T T
>C6C8:A:6H:+(.6HH:IHD7I6>C:9>C:M8=6C<:;DGC:L;>C6C8:A:6H:
A>67>A>I>:H
:8A6G:97JIJCE6>99>K>9:C9H
"HHJ6C8:D;HID8@JEDCK:HI>C<D;G:HIG>8I:9HID8@JC>IH
6H= 86H=:FJ>K6A:CIH6C9G:HIG>8I:986H=>H>C8AJ9:9>CI=:8DCHDA>96I:976A6C8:H=::I6H;DAADLH
:8:B7:G :8:B7:G
"CB>AA>DCH
6H=6C986H=:FJ>K6A:CIH
+:HIG>8I:986H=>C8AJ9:9>CDI=:G8JGG:CI6HH:IH
+:HIG>8I:986H=>C8AJ9:9>CDI=:G6HH:IH
6H= 86H=:FJ>K6A:CIH6C9G:HIG>8I:986H=
BDJCIH>C8AJ9:9>CG:HIG>8I:986H=G:EG:H:CI;JC9H=:A96H8DAA6I:G6A;DG76C@<J6G6CI::H6C9>C8DB>C<86H=>C=>C6
6L6>I>C<<DK:GCB:CI69B>C>HIG6I>K:8A:6G6C8:
'% "&%&!'!
!"'&'""!&"'!!&'' !'&;:@5:A10
!;@1 %1?@>A/@A>5:3-:0"@41>;?@?:/;91
+:HIGJ8IJG>C<6C9DI=:G8DHIH>CEG>B6G>AN>C8AJ9:98=6G<:H;DG>BE6>GB:CIHD;6C68FJ>G:9I:8=CDAD<N6HH:I6C96
IG69:C6B:6HH:I 6C9 ID6A:HH:G:MI:CI 8DBE:CH6I>DC9J:ID:BEADN::H6I68FJ>G:97JH>C:HH:HDCI=:96I:D;68FJ>H>I>DC "C
H:K:G6C8:68I>DCH6HHD8>6I:9L>I=;68>A>IN8DCHDA>96I>DCH6C98DHIG:9J8I>DCB:6HJG:H6;;:8I:9A:HHI=6CD;I=:
8DBE6CNWHLDG@;DG8:
+:HIGJ8IJG>C<6C9DI=:G8DHIH>CEG>B6G>AN>C8AJ9:98DCI>CJ>C<8=6G<:H;DG=:698DJCIG:9J8I>DCH6C9;68>A>IN
8DCHDA>96I>DCH>C6C:;;DGIIDHIG:6BA>C:DE:G6I>DCH >C8AJ9>C<I=:8ADHJG:6C98DCHDA>96I>DCD;DE:G6I>DCHL>I=>CH:K:G6A
;68>A>I>:H>CI=:. , 6C9JGDE: 6C98=6G<:H;DGI=:LG>I: D;;D;68FJ>G:9I:8=CDAD<N "C H:K:G6C8:68I>DCH6HHD8>6I:9
L>I=;68>A>IN8DCHDA>96I>DCH6C98DHIG:9J8I>DCB:6HJG:H6;;:8I:96EEGDM>B6I:AND;I=:8DBE6CNWHLDG@;DG8:
+:HIGJ8IJG>C<6C9DI=:G8DHIH>C8DB:>CEG>B6G>AN>C8AJ9:9I=:<6>CDCI=:H6A:D;I=:8DBE6CNWHC6IDB>86A
)6I=DAD<N7JH>C:HH 6C9 ID6A:HH:G:MI:CI 8DCI>CJ>C<8=6G<:H;DG=:698DJCIG:9J8I>DCH6C9;68>A>IN8DCHDA>96I>DCH>C6C:;;DGI
IDHIG:6BA>C:DE:G6I>DCH >C8AJ9>C<I=:8ADHJG:6C98DCHDA>96I>DCD;DE:G6I>DCHL>I=>CH:K:G6A;68>A>I>:H>CI=:. , 6C9JGDE:
"C H:K:G6C8:68I>DCH6HHD8>6I:9L>I=;68>A>IN8DCHDA>96I>DCH6C98DHIG:9J8I>DCB:6HJG:H6;;:8I:96EEGDM>B6I:AND;I=:
8DBE6CNWHLDG@;DG8:
HD;:7GJ6GN I=:8DBE6CN=6H>9:CI>;>:9G:HIGJ8IJG>C<68I>DCHI=6IL>AAG:HJAI>C699>I>DC6A8=6G<:HD;
6EEGDM>B6I:ANB>AA>DC EG>B6G>AN>C 6C9:ME:8IHID>9:CI>;N699>I>DC6A68I>DCH>C;JIJG:E:G>D9HL=>8=L>AA7:
G:8DG9:9L=:CHE:8>;>:98G>I:G>66G:B:I HJ8=6H8DBBJC>86I>DCD;7:C:;>I6GG6C<:B:CIHDGL=:CI=:8DHIH=6K:7::C>C8JGG:9
+:HIGJ8IJG>C<6C9DI=:G8DHIH>C8DB:7NH:<B:CI6G:6H;DAADLH
"CB>AA>DCH
%>;:,8>:C8:H,DAJI>DCH
C6ANI>86A"CHIGJB:CIH
,E:8>6AIN>6<CDHI>8H
%67DG6IDGN)GD9J8IH6C9>DE=6GB6,:GK>8:H
DGEDG6I:
-=:;DAADL>C<I67A:HJBB6G>O:HI=:8=6C<:H>CI=:8DBE6CNWH688GJ:9G:HIGJ8IJG>C<76A6C8: (I=:G6BDJCIHG:EDGI:96H
G:HIGJ8IJG>C<6C9DI=:G8DHIH>CI=:688DBE6CN>C<HI6I:B:CID;>C8DB:=6K:7::CHJBB6G>O:9>CI=:CDI:HIDI=:I67A: 88GJ:9
G:HIGJ8IJG>C<8DHIH6G:>C8AJ9:9>CDI=:G688GJ:9:ME:CH:H>CI=:688DBE6CN>C<76A6C8:H=::I
"CB>AA>DCH -DI6A6
-8-:/1-@1/19.1>
JBJA6I>K::;;:8ID;688DJCI>C<8=6C<:7
':IG:HIGJ8IJG>C<8=6G<:H>C8JGG:9>C8
)6NB:CIH
JGG:C8NIG6CHA6I>DC
-8-:/1-@1/19.1>
':IG:HIGJ8IJG>C<8=6G<:H>C8JGG:9>C9
)6NB:CIH
JGG:C8NIG6CHA6I>DC
-8-:/1-@1/19.1>
':IG:HIGJ8IJG>C<8=6G<:H>C8JGG:9>C:
)6NB:CIH
JGG:C8NIG6CHA6I>DC
-8-:/1-@1/19.1>
6 -=:BDK:B:CIH>CI=:G:HIGJ8IJG>C<A>67>A>INEG>C8>E6AAN8DCH>HID;H:K:G6C8:6C9DI=:G8DHIHHJ8=6HG:AD86I>DC6C9BDK>C<:ME:CH:H
6HHD8>6I:9L>I=;68>A>IN8DCHDA>96I>DCH 6HL:AA6H:BEADN::G:I:CI>DC8DHIHL=>8=6G:688GJ:9G6I67ANDK:GI=:E:G>D9I=GDJ<=L=>8=
:BEADN::HBJHILDG@IDFJ6A>;N;DG6E6NB:CI
7 "BE68ID;69DEI>C<C:LA:6H:688DJCI>C<<J>96C8:DC#6CJ6GN
'% "&%&!'!
!"'&'""!&"'!!&'' !'&;:@5:A10
8 M8AJ9:HB>AA>DCD;C:I8=6G<:H EG>C8>E6AANB>AA>DCD;C:I<6>CDCI=:H6A:D;7JH>C:HH:HG:8DG9:9>CI=:,E:8>6AIN
>6<CDHI>8HH:<B:CI E6GI>6AAND;;H:I7NB>AA>DCD;DI=:GG:HIGJ8IJG>C<8=6G<:H C:I 68GDHHI=:8DBE6CNWHH:<B:CIHEG>B6G>AN;DGI=:
LG>I: D;;D;68FJ>G:9I:8=CDAD<N EG: 68FJ>H>I>DCA>I><6I>DC G:A6I:9B6II:GH 6C98DBE:CH6I>DC9J:ID:BEADN::H6I7JH>C:HH:H6II=:96I:
D;68FJ>H>I>DC
9 M8AJ9:HB>AA>DCD;8=6G<:H EG>C8>E6AANB>AA>DC;DG>BE6>GB:CID;68FJ>G:9I:8=CDAD<N>CI=:%>;:,8>:C8:H,DAJI>DCHH:<B:CI
G:HJAI>C<;GDB6G:9J8I>DC>C:ME:8I:986H=;ADLH6C9 ID6A:HH:G:MI:CI 8=6G<:H68GDHHI=:8DBE6CNWHH:<B:CIH;DG;>M:96HH:I
LG>I:9DLCH6C98DHIH6HHD8>6I:9L>I=:CK>GDCB:CI6AG:B:9>6I>DC6I676C9DC:9 EG:K>DJHANDLC:9;68>A>I>:H
: M8AJ9:HB>AA>DCD;8=6G<:H EG>C8>E6AANB>AA>DC;DG>BE6>GB:CIHD;6C68FJ>G:9I:8=CDAD<N6HH:I6C96IG69:C6B:6HH:I>CI=:
%>;:,8>:C8:H,DAJI>DCH6C9%67DG6IDGN)GD9J8IH6C9>DE=6GB6,:GK>8:HH:<B:CI EG>C8>E6AANG:HJAI>C<;GDB6G:9J8I>DC>C:ME:8I:9
86H=;ADLH 6C9B>AA>DCD;8=6G<:H;DG8DBE:CH6I>DC8DCIG68IJ6AAN9J:ID:BEADN::HD;68FJ>G:97JH>C:HH:H6II=:96I:D;68FJ>H>I>DC
>CI=:%>;:,8>:C8:H,DAJI>DCH6C9%67DG6IDGN)GD9J8IH6C9>DE=6GB6,:GK>8:HH:<B:CIH
-=:8DBE6CN:ME:8IHIDE6N688GJ:9G:HIGJ8IJG>C<8DHIHEG>B6G>ANI=GDJ<=
Stock performance graph
The following graph and table compare Thermo Fisher Scientific’s total shareholder return for the five-year period ended
December 31, 2021, with the total return for the Standard & Poor’s 500 Index and a weighted blend (80/20, respectively) of the
Standard & Poor’s 500 Healthcare and Standard & Poor’s 500 Industrial Indices.
The comparison assumes that $100 was invested on December 31, 2016, and that dividends were reinvested. Our common stock is
traded on the New York Stock Exchange under the ticker symbol “TMO.”
$400
$300
$200
$100
$0
12/16 12/17 12/18 12/19 12/20 12/21
Michel
MichelLagarde
Lagarde Michael
MichaelA.A.Boxer
Boxer
Executive
ExecutiveVice
Vice
President
President
and
and
Chief
Chief
Operating
Operating
Officer
Officer Senior
SeniorVice
Vice
President,
President,
General
General
Counsel
Counsel
and
and
Secretary
Secretary
Gianluca
GianlucaPettiti
Pettiti Lisa
LisaP.P.Britt
Britt
Executive
ExecutiveVice
Vice
President
President Senior
SeniorVice
Vice
President
President
and
and
Chief
Chief
Human
Human
Resources
Resources
Officer
Officer
Stephen
StephenWilliamson
Williamson Paul
PaulG.G.Parker
Parker
Senior
SeniorVice
Vice
President
President
and
and
Chief
Chief
Financial
Financial
Officer
Officer Senior
SeniorVice
Vice
President,
President,
Strategy
Strategy
and
and
Corporate
Corporate
Development
Development
Daniella
DaniellaCramp
Cramp Ryan
RyanJ.J.Snyder
Snyder
Senior
SeniorVice
Vice
President
President
and
and
President,
President,
BioProduction
BioProduction Senior
SeniorVice
Vice
President
President
and
and
Chief
Chief
Information
Information
Officer
Officer
David
DavidJohnston
Johnston Thomas
ThomasGrover
Grover
Senior
SeniorVice
Vice
President
President
and
and
President,
President,
Clinical
Clinical
Research
Research Vice
Vice
President,
President,
Financial
Financial
Operations
Operations
Frederick
FrederickM.M.Lowery
Lowery Joseph
JosephR.R.Holmes
Holmes
Senior
SeniorVice
Vice
President
President
and
and
President,
President,
Customer
Customer
Channels
Channels Vice
Vice
President
President
and
and
Chief
Chief
Accounting
Accounting
Officer
Officer
Monica
MonicaManotas
Manotas Karen
KarenNelson
Nelson
Senior
Senior
Vice
Vice
President
President
and
and
President,
President,
Life
Life
Sciences
Sciences
and
and Chief
ChiefScientific
ScientificOfficer
Officer
Laboratory
LaboratoryProducts
Products
Sandy
SandyB.B.Pound
Pound
Michael
MichaelD.D.Shafer
Shafer Vice
Vice
President
President
and
and
Chief
Chief
Communications
Communications
Officer
Officer
Senior
SeniorVice
Vice
President
President
and
and
President,
President,
Pharma
Pharma
Services
Services
Alan
AlanSachs
Sachs
Daniel
DanielP.P.Shine
Shine Chief
ChiefMedial
MedialOfficer
Officer
Senior
SeniorVice
Vice
President
President
and
and
President,
President,
Analytical
Analytical
Instruments
Instruments
Anthony
AnthonyH.H.Smith
Smith
Mark
MarkSmedley
Smedley Vice
Vice
President,
President,
Tax
Tax
and
and
Treasury,
Treasury,
and
and
Treasurer
Treasurer
Senior
SeniorVice
Vice
President
President
and
and
President,
President,
Genetic
Genetic
Sciences
Sciences
Rafael
RafaelTejada
Tejada
John
JohnSos
Sos Vice
Vice
President,
President,
Investor
Investor
Relations
Relations
Senior
SeniorVice
Vice
President
President
and
and
President,
President,
Speciality
Speciality
Diagnostics
Diagnostics
Board
BoardofofDirectors
Directors
Marc
MarcN.N.Casper
Casper Jim
JimP.P.Manzi
Manzi
Chairman,
Chairman,President
President
and
and
Chief
Chief
Executive
Executive
Officer
Officer Chairman,
Chairman,Stonegate
StonegateCapital
Capital
(private
(private
equity
equity
investments);
investments);Former
Former
Chairman,
Chairman,President
President
and
and
Chief
ChiefExecutive
Executive
Officer,
Officer,
Lotus
Lotus
Development
Development
Thomas
ThomasJ.J.Lynch
Lynch Corporation
Corporation(computer
(computersoftware)
software)
Lead
Lead
Director;
Director;
Chairman
Chairman ofof
the
the
Board
Board
ofof
Directors,
Directors,
TETE
Connectivity
ConnectivityLtd.
Ltd.
(electronics)
(electronics) James
JamesC.C.Mullen
Mullen
Chairman,
Chairman,President
President
and
and
Chief
Chief
Executive
Executive
Officer,
Officer,
Editas
Editas
Medicine,
Medicine,
Inc.
Inc.
Nelson
NelsonJ.J.Chai
Chai (biotechnology)
(biotechnology)
Chief
Chief
Financial
Financial
Officer,
Officer,
Uber
Uber
Technologies
Technologies
Inc.
Inc.
(global
(global
ride-hailing
ride-hailing
technology)
technology) Lars
LarsR.R.Sørensen
Sørensen
Former
Former
President
President
andandChief
Chief
Executive
Executive
Officer,
Officer,
Ruby
RubyR.R.Chandy
Chandy Novo
Novo
Nordisk
Nordisk
A/S
A/S(healthcare)
(healthcare)
Former
Former President,
President,
Pall
Pall
Industrial,
Industrial,
Pall
Pall
Corporation
Corporation
(filtration,
(filtration,
separation
separation
andandpurification
purificationtechnologies)
technologies) Debora
DeboraL.L.Spar
Spar
Professor
Professor
and
and
Senior
Senior
Associate
Associate
Dean,
Dean,
Business
Business
and
and
Global
Global
Society,
Society,
C.C.Martin
MartinHarris
Harris Harvard
Harvard
Business
Business
School
School(education)
(education)
Associate
AssociateVice
Vice
President
President ofof
the
the
Health
Health
Enterprise
Enterprise
and
and
Chief
ChiefBusiness
Business Officer
Officer
and
andProfessor,
Professor,
Dell
Dell
Medical
Medical
School
School
atat Scott
ScottM.M.Sperling
Sperling
The
TheUniversity
University
ofof
Texas
Texasatat
Austin
Austin(healthcare)
(healthcare) Co-Chief
Co-ChiefExecutive
ExecutiveOfficer,
Officer,
Thomas
Thomas
H.H.
Lee
Lee
Partners,
Partners,
L.P.
L.P.
(leveraged
(leveraged
buyouts)
buyouts)
Tyler
TylerJacks
Jacks
President
President
ofof
Break
Break
Through
Through
Cancer
Cancer and
andDavid
David
H.H.
Koch
KochProfessor
Professor
ofof Dion
DionJ.J.Weisler
Weisler
Biology
Biology
atat
thethe
Massachusetts
Massachusetts
Institute
Institute
ofof
Technology
Technology
(research)
(research) Former
FormerPresident
President
andand
Chief
Chief
Executive
Executive
Officer,
Officer,
HPHP
Inc.
Inc.
(information
(information
technology)
technology)
R.R.Alexandra
AlexandraKeith
Keith
Chief
ChiefExecutive
Executive Officer,
Officer,P&G
P&GBeauty,
Beauty,and
and
Executive
Executive
Sponsor,
Sponsor,
Corporate
Corporate
Sustainability,
Sustainability,P&G
P&G (consumer
(consumer
goods)
goods)
Thermo Fisher Scientific Inc.
168 Third Avenue, Waltham, MA 02451 USA
thermofisher.com