BILL OF LADING NOT NEGOTIABLE UNLESS CONSIGNED “TO ORDER”

Shipper Country of Origin Bill of Lading No.

F/Agent Name & Ref. Shipper’s Ref

Consignee (if ‘To Order’ so indicate)

Kestrel Line
A SERVICE OPERATED BY a service operated by
KESTREL LINER AGENCIES LTD. Kestrel Liner Agencies Ltd.
Notify Party (No claim shall attach for failure to notify) For release of cargo please contact:

Place of Receipt Intended Port of Loading

Intended Vessel Intended Port of Discharge Place of Delivery No. of Bills of Lading

Marks & Numbers No. of Pkgs. or Description of Goods & Pkgs. Gross Weight Measurement
Shipping Units

Total Temperature Control

Instructions:
Freight Details, Charges etc: Excess Value Declaration: Refer to Clause 6(3) (B) + (C) on reverse side

RECEIVED by the Carrier the Goods as specified above in apparent good order and
condition unless otherwise stated, to be transported to such place as agreed,
authorised or permitted herein and subject to all the terms and conditions appearing
on the front and reverse of this Bill of Lading to which the Merchant agrees by
accepting this Bill of Lading, any local privileges and customs notwithstanding.
The particulars given above as stated by the shipper and the weight, measure,
quantity, condition, contents and value of the Goods are unknown to the Carrier.
In WITNESS whereof one (1) original Bill of Lading has been signed if not otherwise
stated above, the same being accomplished the other(s), if any, to be void. If required
by the Carrier one (1) original Bill of Lading must be surrendered duly endorsed in
exchange for the Goods or delivery order.

Place and date of issue

JURISDICTION AND LAW CLAUSE
Signed on behalf of the Carrier: KESTREL LINER AGENCIES LTD

by

“The contract evidenced by or contained in this Bill of Lading is governed by the law of England and
any claim or dispute arising hereunder or in connection herewith shall be determined by the Courts in
England and no other Court”
;::::98765646352
10/..-/,+* DCBA@?>=C?<=;:C?;9?BA8?7B9>?;6?>=C?;7C9B>5;A@?BA4?@C9352C@?;6?<=B>@;C3C9?AB>19C
1A4C9>B0CA?/8?;9?7C96;9DC4?/8?;9?;A?/C=B:6?;6?>=C?.B995C9?5A?9C:B>5;A?>;?>=C?-;;4@?2;3C9C4?/8?>=5@
/5::?;6?:B45A,?5A2:145A,?/1>?A;>?:5D5>C4?>;?>=C?:;B45A,+?>9BA@7;9>+?1A:;B45A,+?@>;9B,C+?<B9C=;1@5A,?BA4
=BA4:5A,?;6?>=C?,;;4@*
10/..-+.* DCBA@?)C@>9C:?(5AC?'>9B4C?ABDC?6;9?)C@>9C:?(5AC9?&,CA25C@?(>4*$?;A?<=;@C
/C=B:6?>=5@?/5::?;6?:B45A,?=B@?/CCA?@5,AC4*
10)/.,+(* 5A2:14C@?69C5,=>+?4CD199B,C?BA4?B::?C#7CA@C@?BA4?D;AC>B98?;/:5,B>5;A@+?5A2:145A,?/1>?A;>
:5D5>C4?>;?41>5C@+?>B#C@?BA4?41C@+?5A2199C4?/8?>=C?.B995C9?BA4?7B8B/:C?/8?>=C?"C92=BA>*
103'2&* DCBA@?>=C?.B995B,C?;6?-;;4@?/8?!CB?&2>?;6?>=C? A5>C4?!>B>C@?;6?&DC952B?B779;3C4?;A
>=?&795:?*
10%$#-"+!:4./"( %.* B95@C@?<=C9C?BA?B449C@@?'BA4?A;>?1@>?>=C?ABDC?;6?B?;9>$?5@?5A452B>C4?B@?>=C
:B2C?;6?C2C57>?BA4;9?>=C?:B2C?;6?C:53C98?;A?>=C?6B2C?;6?>=5@?/5::?;6?:B45A,?5A?>=C?9C:C3BA>?@7B2C@*
10%"(-,"++* DCBA@?>=C?7B9>8?ABDC4?B@?.;A@5,ACC?;A?>=C?6B2C?;6?>=5@?/5::?;6?:B45A,?5A?>=C?9C:C3BA>
@7B2C*
10%"(%-!/-%"* 5A2:14C@?@>1665A,+?7B205A,+?:;B45A,?;9?@C2195A,?;6?-;;4@?;A?;9?<5>=5A?.;A>B5AC9@
BA4?.;A@;:54B>C?@=B::?/C?2;A@>91C4?B22;945A,:8*
10%"/-"+.* 5A2:14C@?BA8?2;A>B5AC9?'5A2:145A,?/1>?A;>?:5D5>C4?>;?;7CA?>;7?2;A>B5AC9@$+?>9B5:C9+
>9BA@7;9>B/:C?>BA0+?7:B>6;9D+?:56>?3BA+?6:B>+?7B::C>?;9?BA8?@5D5:B9?B9>52:C?;6?>9BA@7;9>?1@C4?>;?2;A@;:54B>C
,;;4@?BA4?BA8?BA25::B98?C157DCA>*
1'%%!(* DCBA@?>=C?<=;:C?;9?BA8?7B9>?;6?>=C?2B9,;?9C2C53C4?/8?>=C?.B995C9?69;D?>=C?!=577C9?BA4
5A2:14C@?BA8?7B205A,?BA4?BA8?C157DCA>?;9?.;A>B5AC9?A;>?@177:5C4?/8?;9?;A?/C=B:6?;6?>=C?.B995C9?'/1>
C#2:14C@?BA8?.;A>B5AC9?@177:5C4?/8?;9?;A?/C=B:6?;6?>=C?.B995C9$*
1/,+:+(* DCBA@?>=C?79;35@5;A@?;6?>=C?A>C9AB>5;AB:?.;A3CA>5;A?6;9? A5652B>5;A?;6?2C9>B5A?1:C@
9C:B>5A,?>;?/5::@?;6?:B45A,?@5,AC4?B>?%91@@C:@?;A?>=?&1,1@>?*
1/,+-(#:+(* DCBA@?>=C?B,1C?1:C@?B@?BDCA4C4?/8?>=C?9;>;2;:?@5,AC4?B>?%91@@C:@?;A
94?C/91B98?*?'>?5@?C#79C@@:8?79;354C4?>=B>?A;>=5A,?5A?>=5@?/5::?;6?:B45A,?@=B::?/C?2;A@>91C4?B@
2;A>9B2>1B::8?B77:85A,?>=C?B,1C 5@/8?1:C@$*
1%!+.* DCBA@?BA8?C9@;A?6;9?>=C?>5DC?/C5A,?5A?:B<61:?7;@@C@@5;A?;6+?;9?:B<61::8?CA>5>:C4?>;
7;@@C@@5;A?;6+?>=5@?/5::?;6?:B45A,?>;?;9?5A?<=;D?95,=>@?;6?@15>?BA4;9?:5B/5:5>8?1A4C9?>=5@?/5::?;6?:B45A,
=B3C?/CCA?:B<61::8?>9BA@6C99C4?;9?3C@>C4*
16"!+$"-* 5A2:14C@?4C6CA4+?5A4CDA568?BA4?=;:4?=B9D:C@@+?5A2:145A,?5A?9C@7C2>?;6?:C,B:?6CC@?BA4
2;@>@+?<=C>=C9?;9?A;>?>=C?;/:5,B>5;A?>;?5A4CDA568?B95@C@?;1>?;6?AC,:5,CA>?;9?A;AAC,:5,CA>?B2>@?;9
;D5@@5;A@?;6?>=C?.B995C9+?=5@?@C93BA>@+?B,CA>@?;9?!1/.;A>9B2>;9@*
1+.)/"* 5A2:14C@?>=C?!=577C9+?>=C?.;A@5,ACC+?>=C?9C2C53C9?;6?>=C?-;;4@+?>=C?;:4C9?;6?>=5@?/5::?;6
:B45A,+?BA8?C9@;A?;<A5A,?;9?:B<61::8?CA>5>:C4?>;?>=C?7;@@C@@5;A?;6?>=C?-;;4@?;9?>=5@?/5::?;6?:B45A,+
BA8?C9@;A?B2>5A,?;A?/C=B:6?;6?BA8?;6?>=C?B/;3C?DCA>5;AC4?C9@;A@*
1//,+* <=C9C?B?.;A>B5AC9?5@?:;B4C4?<5>=?D;9C?>=BA?;AC?7B20B,C?;9?1A5>+?>=C?7B20B,C@?;9?;>=C9
@=5775A,?1A5>@?CA1DC9B>C4?;A?>=C?6B2C?;6?>=5@?/5::?;6?:B45A,?B@?7B20C4?5A?@12=?.;A>B5AC9?BA4?CA>C9C4
5A?>=C?/;#?;A?>=C?6B2C?=C9C;6?CA>5>:C4? ;>B:?A1D/C9?;6?.;A>B5AC9@?;9?B20B,C@?9C2C53C4?/8?>=C
.B995C9?B9C?CB2=?4CCDC4?B?B20B,C*
1+.(%"* 5A2:14C@?BA?5A453541B:+?2;97;9B>5;A?;9?;>=C9?:C,B:?CA>5>8*
1%.:%:%.:2)- $+"* B95@C@?56?>=C?.B995B,C?5@?A;>?.;D/5AC4? 9BA@7;9>*
12#0%"./%.* 5A2:14C@+?/1>?5@?A;>?:5D5>C4?>;+?;<AC9@+?2=B9>C9C9@?BA4?;7C9B>;9@?;6? C@@C:@?';>=C9
>=BA?>=C?.B995C9$+?@>C3C4;9C@+?>C9D5AB:?BA4;9?,9;17B,C?;7C9B>;9@+?9;B4+?9B5:?BA4?B59?>9BA@7;9>
;7C9B>;9@+?<B9C=;1@CDCA+?:;A,@=;9CDCA+21@>;D@?5A@7C2>5;A?@>B>5;A@+?7;9>?B1>=;95>5C@+?75:;>@?BA4?BA8
5A4C7CA4CA>?2;A>9B2>;9?CD7:;8C4?/8?>=C?.B995C9?5A?7C96;9DBA2C?;6?>=C?.B995B,C?BA4?BA8?459C2>?;9
5A459C2>?@1/2;A>9B2>;9@+?@C93BA>@?;9?B,CA>@?>=C9C;6+?<=C>=C9?5A?459C2>?2;A>9B2>1B:?79535>8?<5>=?>=C
.B995C9?;9?A;>*
14+.$-"/:3 +./%.(* DCBA@?BA8?7C9@;A@?<=;?79;354C?7;9>?@>;9B,C?;9?=BA4:5A,?@C9352C@*
14+.$(:/"!:0%"!--%"(* DCBA@?B::?>C9D@+?95,=>@+?4C6CA2C@+?79;35@5;A@+?2;A45>5;A@+?C#2C7>5;A@+
:5D5>B>5;A@?BA4?:5/C9>5C@?=C9C5A
1+((+* DCBA@?BA8?<B>C9/;9AC?29B6>?1@C4?5A?>=C?.B995B,C?1A4C9?>=5@?/5::?;6?:B45A,?5A2:145A,?/1>?A;>
:5D5>C4?>;?B?6CC4C9?3C@@C:?;9?;2CBA?3C@@C:*
:0&68:2:4&677
=C?79;35@5;A@?;6?>=C?.B995C9?@?B77:52B/:C?>B9566+?56?BA8+?B9C?5A2;97;9B>C4?=C9C5A*?B9>521:B9?B>>CA>5;A?5@
49B<A?>;?>=C?79;35@5;A@?>=C9C5A+?56?BA8+?9C:B>5A,?>;?69CC?@>;9B,C?>5DC?BA4?>;?2;A>B5AC9?BA4?3C=52:C
4CD199B,C*?.;75C@?;6?@12=?79;35@5;A@?B9C?;/>B5AB/:C?69;D?>=C?.B995C9?;9?=5@?B,CA>@?17;A?9C1C@>?;9+
<=C9C?B77:52B/:C+?69;D?B?,;3C9ADCA>?/;48?<5>=?<=;D?>=C?>B9566?=B@?/CCA?65:C4*?A?>=C?2B@C?;6
5A2;A@5@>CA28?/C><CCA?>=5@?/5::?;6?:B45A,?BA4?>=C?B77:52B/:C?>B9566+?>=5@?/5::?;6?:B45A,?@=B::?79C3B5:*
::::&&54
=C?"C92=BA>?<B99BA>@?>=B>?5A?B,9CC5A,?>;?>=C? C9D@?BA4?.;A45>5;A@?=C9C;6?=C?5@?;9?5@?>=C?B,CA>?;6
BA4?=B@?>=C?B1>=;95>8?;6?>=C?C9@;A?;<A5A,?;9?CA>5>:C4?>;?>=C?7;@@C@@5;A?;6?>=C?-;;4@?BA4?>=5@?/5::?;6
:B45A,?;9?BA8?C9@;A?<=;?=B@?B?79C@CA>?;9?61>19C?5A>C9C@>?5A?>=C?-;;4@?BA4?>=5@?/5::?;6?:B45A,*
::::58'346& 6 64:&59:464 8:43:48:'3392
'$? =5@?/5::?;6?:B45A,?@=B::?/C?A;AAC,;>5B/:C?1A:C@@?DB4C?;1>?>;?;94C9?5A?<=52=?C3CA>?5>?@=B::?/C
??????AC,;>5B/:C?BA4?@=B::?2;A@>5>1>C?>5>:C?>;?>=C?-;;4@?BA4?>=C?;:4C9?@=B::?/C?CA>5>:C4?>;?9C2C53C?;9?>;
??????>9BA@6C9?>=C?-;;4@?=C9C5A?4C@295/C4*
'$? =5@?/5::?;6?:B45A,?@=B::?/C?795DB?6B25C?C354CA2C?;6?>=C?>B05A,?5A?2=B9,C?/8?>=C?.B995C9?;6?>=C
??????-;;4@?B@?=C9C5A?4C@295/C4*?;<C3C9?79;;6?>;?>=C?2;A>9B98?@=B::?A;>?/C?B4D5@@5/:C?<=CA?>=5@?/5::
??????;6?:B45A,?=B@?/CCA?AC,;>5B>C4?;9?>9BA@6C99C4?6;9?3B:1B/:C?2;A@54C9B>5;A?>;?B?>=594?7B9>8?B2>5A,?5A
??????,;;4?6B5>=*
::::084&65:6'42:&59:6 564682:73:48:0&68:&59:348:82352
'$? =C?.B995C9?@=B::?/C?CA>5>:C4?>;?@1/2;A>9B2>?;A?BA8?>C9D@?<=B>@;C3C9?>=C?<=;:C?;9?BA8?7B9>?;6?
??????>=C?.B995B,C*
'$? =C?"C92=BA>?1A4C9>B0C@?>=B>?A;?2:B5D?;9?B::C,B>5;A?@=B::?/C?DB4C?B,B5A@>?BA8?C9@;A?;9? C@@C:
??????<=B>@;C3C9+?;>=C9?>=BA?>=C?.B995C9+?5A2:145A,+?/1>?A;>?:5D5>C4?>;+?>=C?.B995C9?@?@C93BA>@?;9?B,CA>@
??????BA8?5A4C7CA4CA>?2;A>9B2>;9?BA4?=5@?@C93BA>@?;9?B,CA>@+?BA4?B::?;>=C9@?/8?<=;D?>=C?<=;:C?;9?BA8
??????7B9>?;6?>=C?.B995B,C+?<=C>=C9?459C2>:8?;9?5A459C2>:8+?5@?79;219C4+?7C96;9DC4?;9?1A4C9>B0CA+?<=52=
??????5D7;@C@?;9?B>>CD7>@?>;?5D7;@C?17;A?BA8?@12=?C9@;A?;9? C@@C:?BA8?:5B/5:5>8?<=B>@;C3C9?5A
??????2;AAC2>5;A?<5>=?>=C?-;;4@?;9?>=C?.B995B,C?;6?>=C?-;;4@+?<=C>=C9?;9?A;>?B95@5A,?5A?2;A>9B2>+
??????/B5:DCA>+?>;9>+?AC,:5,CA2C+?/9CB2=?;6?C#79C@@?;9?5D7:5C4?<B99BA>8?;9?;>=C9<5@C ?BA4?56?BA8?2:B5D
??????;9?B::C,B>5;A?@=;1:4?AC3C9>=C:C@@?/C?DB4C?>;?A4CDA568?>=C?.B995C9?B,B5A@>?B::?2;A@C1CA2C@
??????>=C9C;6*? 5>=;1>?79C1452C?>;?>=C?6;9C,;5A,?C3C98?@12=?C9@;A?BA4? C@@C:?@=B::?=B3C?>=C?/CAC65>
??????;6?B::?79;35@5;A@?=C9C5A?/CAC65>5A,?>=C?.B995C9?5A2:145A,?2:B1@C? ?=C9C;6+?>=C?195@452>5;A?BA4?:B<
??????2:B1@C+?B@?56?@12=? C9D@?BA4?.;A45>5;A@?'5A2:145A,?.:B1@C? ?=C9C;6$?<C9C?C#79C@@:8?6;9?=5@
??????/CAC65>?BA4?5A?CA>C95A,?5A>;?>=5@?2;A>9B2>?>=C?.B995C9+?>;?>=C?C#>CA>?;6?>=C@C?79;35@5;A@+?4;C@?@;?A;>
??????;A:8?;A?=5@?;<A?/C=B:6?/1>?B:@;?B@?B,CA>?;9?>91@>CC?6;9?@12=?C9@;A@?BA4? C@@C:@?BA4?@12=?
??????C9@;A@?BA4? C@@C:@?@=B::?>;?>=5@?C#>CA>?/C?;9?/C?4CCDC4?>;?/C?7B9>5C@?>;?>=5@?2;A>9B2>*
?????? 5>=;1>?79C1452C?>;?>=C?,CAC9B:5>8?;6?>=C?6;9C,;5A,+?56?>=C?.B995B,C?5@?;9>?>;?;9>+? C9D5AB:
??????7C9B>;9@?@=B::?=B3C?>=C?/CAC65>?;6?B::?79;35@5;A@?=C9C5A?/CAC65>5A,?>=C?.B995C9+?5A2:145A,?>=C
??????C#2C7>5;A@?BA4?:5D5>B>5;A@?@C>?;1>?5A?2:B1@C?'$?BA4?'$?=C9C;6+?5A?9C:B>5;A?>;?BA8?7;9>?@>;9B,C?
??????;9?=BA4:5A,?@C9352C@?79;354C4?<=C>=C9?/C6;9C?:;B45A,?;9?B6>C9?45@2=B9,C?BA4?9C,B94:C@@?;6?
??????<=C>=C9?>=C?.B995C9?@?9C@7;A@5/5:5>8?6;9?>=C?-;;4@?=B@?8C>?>;?2;DDCA2C?;9?=B@?2CB@C4*
'$? =C?"C92=BA>?@=B::?A4CDA568?>=C?.B995C9?B,B5A@>?BA8?2:B5D?;9?:5B/5:5>8?'BA4?BA8?C#7CA@C?B95@5A,
??????>=C9C69;D$?B95@5A,?69;D?>=C?.B995B,C?;6?>=C?-;;4@?5A@;6B9?B@?@12=?2:B5D?;9?:5B/5:5>8?C#2CC4@?>=C
??????.B995C9?@?:5B/5:5>8?1A4C9?>=5@?/5::?;6?:B45A,*
'$? =C?4C6CA2C@?BA4?:5D5>@?;6?:5B/5:5>8?79;354C4?6;9?5A?>=5@?/5::?;6?:B45A,?@=B::?B77:8?5A?BA8?B2>5;A
??????B,B5A@>?>=C?.B995C9?<=C>=C9?>=C?B2>5;A?/C?6;1A4?5A?2;A>9B2>+?/B5:DCA>+?>;9>+?/9CB2=?;6?C#79C@@?;9
??????5D7:5C4?<B99BA>8?;9?;>=C9<5@C*
::::0&68:2:823526 6 64
'$?  ? ? ?!"
'&$? =C9C?>=C?.B995B,C?5@?;9>?>;?;9>+?>=CA?>=C?:5B/5:5>8?'56?BA8$?;6?>=C?.B995C9?6;9?:;@@?;9
??????4BDB,C?>;?>=C?-;;4@?;221995A,?/C><CCA?>=C?>5DC?;6?:;B45A,?B>?>=C?;9>?;6?(;B45A,?BA4
??????>=C?>5DC?;6?45@2=B9,C?B>?>=C?;9>?;6?C:53C98?@=B::?/C?4C>C9D5AC4?5A?B22;94BA2C?<5>=?BA8
??????AB>5;AB:?:B<?DB05A,?>=C?B,1C?1:C@+?B,1C 5@/8?1:C@+?.-!&?;9?BA8?;>=C9?91:C@
??????2;D71:@;95:8?B77:52B/:C?>;?>=5@?/5::?;6?:B45A,?;9?5A?BA8?;>=C9?2B@C?5A?B22;94BA2C?<5>=?>=C
??????B,1C?1:C@?&9>52:C??5A2:1@53C?'C#2:145A,?&9>52:C??91:C?$?;A:8*
'%$? =C?.B995C9?@=B::?/C?1A4C9?A;?:5B/5:5>8?<=B>@;C3C9?6;9?:;@@?;9?4BDB,C?>;?>=C?-;;4@?<=5:C?5A?5>@
??????B2>1B:?;9?2;A@>912>53C?7;@@C@@5;A?/C6;9C?:;B45A,?;9?B6>C9?45@2=B9,C+?=;<@;C3C9?2B1@C4*
??????;><5>=@>BA45A,?>=C?6;9C,;5A,+?5A?2B@C?BA4?>;?>=C?C#>CA>?>=B>?BA8?B77:52B/:C?2;D71:@;98?:B<
??????79;354C@?>;?>=C?2;A>9B98+?>=C?.B995C9?@=B::?=B3C?>=C?/CAC65>?;6?C3C98?95,=>+?4C6CA2C+?:5D5>B>5;A?BA4
??????:5/C9>8?5A?>=C?B,1C?1:C@+?B,1C 5@/8?1:C@+?.-!&?;9?BA8?;>=C9?91:C@?B@?B77:5C4?/8?.:B1@C
??????'$'&$?4195A,?@12=?B445>5;AB:?2;D71:@;98?7C95;4?;6?9C@7;A@5/5:5>8+?A;><5>=@>BA45A,?>=B>?>=C?:;@@
??????;9?4BDB,C?454?A;>?;2219?B>?@CB*
'.$?6?.-!&?B77:5C@?>=CA?>=C?79;35@5;A@?@>B>C4?5A?.-!&?@=B::?,;3C9A?>=C?.B995C9?@?:5B/5:5>8
??????>=9;1,=;1>?>=C?.B995B,C?/8?@CB?BA4?>=C?CA>59C?>5DC?>=B>?>=C?-;;4@?B9C?5A?>=C?B2>1B:?21@>;48?;6?>=C
??????.B995C9?;9?=5@?!1/.;A>9B2>;9?B>?>=C?2;A>B5AC9?8B94+?69C5,=>?@>B>5;A?;9?B9CB?5DDC45B>C:8?B4B2CA>?
??????>;?>=C?@CB?>C9D5AB:?/C6;9C?:;B45A,?;A>;?>=C?3C@@C:?;9?B6>C9?45@2=B9,C?>=C9C69;D?B@?>=C?2B@C?DB8?
??????/C*? =C9C?>=C?"C92=BA>?9C1C@>@?>=C?.B995C9?>;?79;219C?.B995B,C?/8?BA?5A:BA4?.B995C9?5A?>=C?
?????? A5>C4?!>B>C@?;6?&DC952B+?@12=?2B995B,C?@=B::?/C?79;219C4?/8?>=C?.B995C9?B@?B,CA>?;A:8?>;?>=C?
??????"C92=BA>?BA4?@12=?2B995B,C?@=B::?/C?@1/C2>?>;?>=C?5A:BA4?.B995C9?@?2;A>9B2>?>B9566*?6+?6;9?BA8?
??????9CB@;A+?>=C?.B995C9?5@?4CA5C4?>=C?95,=>?>;?B2>?B@?B,CA>?;A:8?B>?>=C@C?>5DC@+?=5@?:5B/5:5>8?6;9?:;@@+?
??????4BDB,C?;9?4C:B8?>;?>=C?-;;4@?@=B::?/C?4C>C9D5AC4?5A?B22;94BA2C?<5>=?.:B1@C?'$?=C9C;6*
'$?6?>=C?-;;4@?B9C?45@2=B9,C4?B>?B?;9>?;>=C9?>=BA?>=C?;9>?;6?5@2=B9,C?;9?'@B3C?5A?>=C? A5>C4
??????!>B>C@?;6?&DC952B$?B>?B?:B2C?;6?C:53C98?5A@>CB4?;6?>=C?;9>?;6?5@2=B9,C+?BA4?>=C?.B995C9?5A?5>@
??????B/@;:1>C?45@29C>5;A?B,9CC@?>;?B?9C1C@>?>;?@12=?C66C2>+?@12=?619>=C9?.B995B,C?<5::?/C?1A4C9>B0CA?;A
??????>=C?/B@5@?>=B>?>=C? C9D@?BA4?.;A45>5;A@?B9C?>;?B77:8?>;?@12=?.B995B,C?B@?56?>=C?1:>5DB>C
??????4C@>5AB>5;A?B,9CC4?<5>=?>=C?"C92=BA>?=B4?/CCA?CA>C9C4?;A?>=C?9C3C9@C?@54C?;6?>=5@?/5::?;6?:B45A,?
??????B@?>=C?;9>?;6?5@2=B9,C?;9?:B2C?;6?C:53C98*
'$? ."%? &!
??????!B3C?B@?5@?;>=C9<5@C?79;354C4?5A?>=5@?/5::?;6?:B45A,+?>=C?.B995C9?@=B::?/C?:5B/:C?6;9?:;@@?;9?4BDB,C?
>;?>=C?-;;4@?;221995A,?69;D?>=C?>5DC?<=CA?=C?9C2C53C@?>=C?-;;4@?5A>;?=5@?2=B9,C?1A>5:?>=C?>5DC?
??????;6?4C:53C98?>;?>=C?C#>CA>?@C>?;1>?/C:;<
'&$? =C9C?>=C?@>B,C?;6?.B995B,C?<=C9C?>=C?:;@@?;9?4BDB,C?;22199C4?2BAA;>?/C?79;3C4?/8?>=C
??????"C92=BA>
'$? =C?.B995C9?@=B::?/C?9C:5C3C4?69;D?:5B/5:5>8?<=C9C?@12=?:;@@?;9?4BDB,C?<B@?2B1@C4?/8
??????'B$???BA?B2>?;9?;D5@@5;A?;6?>=C?"C92=BA>?;9?C9@;A?B2>5A,?;A?/C=B:6?;6?>=C?"C92=BA>?;>=C9?>=BA?>=C
??????????????.B995C9+?=5@?@C93BA>+?B,CA>?;9?!1/.;A>9B2>;9
??????'/$? ?2;D7:5BA2C?<5>=?>=C?5A@>912>5;A@?;6?B?C9@;A?CA>5>:C4?>;?,53C?>=CD
??????'2$???>=C?:B20?;9?5A@166525CA28?;6?;9?4C6C2>53C?2;A45>5;A?;6?7B205A,?5A?>=C?2B@C?;6?-;;4@?<=52=+?/8
??????????????>=C59?AB>19C?B9C?:5B/:C?>;?<B@>B,C?;9?>;?/C?4BDB,C4?<=CA?A;>?7B20C4?;9?<=CA?A;>?79;7C9:8
??????????????7B20C4
??????'4$? ?=BA4:5A,+?:;B45A,+?@>;<B,C?;9?1A:;B45A,?;6?>=C?-;;4@?/8?;9?;A?/C=B:6?;6?>=C?"C92=BA>
??????'C$???5A=C9CA>?352C?;6?>=C?-;;4@
??????'6$? ??@>950C@?;9?:;20?;1>@?;9?@>;77B,C@?;9?9C@>9B5A>@?;6?:B/;19?69;D?<=B>@;C3C9?2B1@C@?<=C>=C9
??????????????7B9>5B:?;9?,CAC9B:
??????',$? ?659C+?1A:C@@?2B1@C4?/8?>=C?B2>1B:?6B1:>?;9?79535>8?;6?>=C?.B995C9 ?6;9?<=52=?>=C?"C92=BA>?@=B::
??????????????=B3C?>=C?/194CA?;6?79;;6+
??????'=$? ?B?A12:CB9?5A254CA>
??????'$? ??BA8?2B1@C?;9?C3CA>?<=52=?>=C?.B995C9?2;1:4?A;>?B3;54?B@?B?2;A@C1CA2C?<=C9C;6?=C?2;1:4?A;>
??????????????79C3CA>?/8?>=C?C#C925@C?;6?9CB@;AB/:C?45:5,CA2C*
'$? =C?/194CA?;6?79;;6?>=B>?>=C?:;@@?;9?4BDB,C?<B@?41C?>;?;AC?;9?D;9C?;6?>=C?2B1@C@?;9?C3CA>@
??????@7C2565C4?5A?>=5@?.:B1@C?'$'&$?<5::?9C@>?17;A?>=C?.B995C9*?!B3C?>=B>?56?>=C?.B995C9?C@>B/:5@=C@
??????>=B>+?5A?>=C?25921D@>BA2C@?;6?>=C?2B@C+?>=C?:;@@?;9?4BDB,C?2;1:4?/C?B>>95/1>C4?>;?;AC?;9?D;9C?;6?
??????>=C?2B1@C@?;9?C3CA>@?@7C2565C4?5A?.:B1@C?'$'&$'$'2$+?'4$?;9?'C$+?5>?@=B::?/C?79C@1DC4?>=B>?5>?<B@?
@;?2B1@C4*? =C?"C92=BA>?@=B::+?=;<C3C9+?/C?CA>5>:C4?>;?79;3C?>=B>?>=C?:;@@?;9?4BDB,C?<B@?A;>+?5A
??????6B2>+?2B1@C4?C5>=C9?<=;::8?;9?7B9>:8?/8?;AC?;9?D;9C?;6?>=C@C?2B1@C@?;9?C3CA>@*
'%$? =C9C?>=C?@>B,C?;6?.B995B,C?<=C9C?>=C?:;@@?;9?4BDB,C?;22199C4?2BA?/C?79;3C4?/8?>=C?"C92=BA>
'$? =C?:5B/5:5>8?;6?>=C?.B995C9?@=B::?/C?4C>C9D5AC4?/8?>=C?79;35@5;A@?2;A>B5AC4?5A?BA8?5A>C9AB>5;AB:
??????2;A3CA>5;A?;9?AB>5;AB:?:B<?;6?>=C?2;1A>98+?<=52=?79;35@5;A@
??????'B$???.BAA;>?/C?4C7B9>C4?69;D?/8?7953B>C?2;A>9B2>?>;?>=C?4C>95DCA>?;6?>=C?"C92=BA>+?BA4
??????'/$? ? ;1:4?=B3C?B77:5C4?56?>=C?"C92=BA>?=B4?DB4C?B?@C7B9B>C?BA4?459C2>?2;A>9B2>?<5>=?>=C?.B995C9
??????????????5A?9C@7C2>?;6?>=C?7B9>521:B9?@>B,C?;6?.B995B,C?<=C9C?>=C?:;@@?;9?4BDB,C?;22199C4?BA4?=B4
??????????????9C2C53C4?B@?C354CA2C?>=C9C;6?BA8?7B9>521:B9?4;21DCA>?<=52=?D1@>?/C?5@@1C4?5A?;94C9?>;?DB0C
??????????????@12=?5A>C9AB>5;AB:?2;A3CA>5;A?;9?AB>5;AB:?:B<?B77:52B/:C*
'$? =C9C?'$'/$'$?B/;3C?4;C@?A;>?B77:8+?BA8?:5B/5:5>8?;6?>=C?.B995C9?@=B::?/C?4C>C9D5AC4?/8?'$?56
??????>=C?:;@@?;9?4BDB,C?;22199C4?4195A,?B?@CB?:C,?;9?/8?'$'&$?5A?B::?;>=C9?2B@C@*
'$? -&(? !!
'&$?.;D7CA@B>5;A*
??????!1/C2>?>;?>=C?.B995C9?@?95,=>?>;?:5D5>?:5B/5:5>8?B@?79;354C4?6;9?<5>=5A?>=5@?/5::?;6?:B45A,+?>=C
??????.B995C9?@?:5B/5:5>8?@=B::?/C?2B:21:B>C4?/8?9C6C9CA2C?>;?>=C?%.&?5A3;52C?3B:1C?7:1@?69C5,=>?BA4
??????5A@19BA2C?56?7B54*?6?>=C9C?5@?A;?@12=?5A3;52C?3B:1C+?>=C?3B:1C?;6?>=C?-;;4@?@=B::?/C?4C>C9D5AC4
??????B22;945A,?>;?>=C?3B:1C?;6?>=C?-;;4@?B>?>=C?7:B2C?BA4?>5DC?;6?4C:53C98?>;?>=C?"C92=BA>?;9?B>?>=C
??????7:B2C?BA4?>5DC?<=CA?>=C8?@=;1:4?=B3C?/CCA?@;?4C:53C9C4*
'%$?B20B,C?;9?!=5775A,? A5>?(5D5>B>5;A
??????'5$? ?? =C9C?>=C?B,1C?1:C@+?B,1C 5@/8?91:C@+?.-!&?;9?BA8?;>=C9?91:C@?B77:8?1A4C9?>=5@?%5::
??????????????;6?(B45A,?/8?AB>5;AB:?:B<?;9?719@1BA>?>;?.:B1@C?'$'%$'$?>=C?.B995C9?@?:5B/5:5>8?@=B::?5A?A;
??????????????C3CA>?C#2CC4?>=C?BD;1A>@?79;354C4?5A?>=C?B77:52B/:C?AB>5;AB:?:B<?;9?5A?>=C?:B<?>=C9C/8?DB4C
??????????????B77:52B/:C*
??????'55$? ?6?;A:8?>=C?B,1C?1:C@?&9>52:C@??'C#2:145A,?&9>52:C?+?1:C?$?B77:8?719@1BA>?>;?.:B1@C
??????????????'$'&$+?.:B1@C?'$'%$?;9?.:B1@C?'$'%$'$?>=CA?>=C?.B995C9?@?DB#5D1D?:5B/5:5>8?@=B::?5A?A;
??????????????C3CA>?C#2CC4? ! ?7C9?7B20B,C?;9?1A5>*
??????'555$ ? =C9C?.B995B,C?5A2:14C@?.B995B,C?>;+?69;D?;9?>=9;1,=?B?7;9>?5A?>=C? A5>C4?!>B>C@?;6?&DC952B
??????????????BA4?.-!&?B77:5C@?719@1BA>?>;?.:B1@C?'$'&$?;9?'$'%$'$?AC5>=C9?>=C?.B995C9?A;9?>=C
?????????????? C@@C:?@=B::?5A?BA8?C3CA>?/C?:5B/:C?6;9?BA8?:;@@?;9?4BDB,C?>;?;9?5A?2;AC2>5;A?<5>=?>=C?
??????????????.B995B,C?;6?>=C?-;;4@?5A?BA?BD;1A>?C#2CC45A,? ! ?7C9?B20B,C?;9?21@>;DB98?69C5,=>?
??????????????1A5>*
??????'53$ ?A?B::?;>=C9?2B@C@?2;D7CA@B>5;A?@=B::?A;>?C#2CC4?>=C?:5D5>B>5;A?;6?:5B/5:5>8?;6? !* ?7C9?
??????????????05:;?;6?,9;@@?<C5,=>?;6?>=C?-;;4@?:;@>+?4BDB,C4?;9?5A?9C@7C2>?;6?<=52=?>=C?2:B5D?B95@C@*
'.$?&4? B:;9CD?C2:B9C4? B:1C?;6?B20B,C?;9?!=5775A,? A5>
?????? =C?.B995C9?@?:5B/5:5>8?DB8?/C?5A29CB@C4?>;?B?=5,=C9?3B:1C?/8?B?4C2:B9B>5;A?5A?<95>5A,?;6?>=C?3B:1C
??????;6?>=C?-;;4@?/8?>=C?@=577C9?17;A?4C:53C98?>;?>=C?.B995C9?;6?>=C?-;;4@?6;9?@=57DCA>+?@12=?=5,=C9
??????3B:1C?/C5A,?5A@C9>C4?;A?>=C?69;A>?;6?>=5@?/5::?;6?:B45A,?5A?>=C?@7B2C?79;354C4?BA4+?56?9C159C4?/8?
??????>=C?.B995C9+?C#>9B?69C5,=>?7B54*?A?@12=?2B@C+?56?>=C?B2>1B:?3B:1C?;6?>=C?-;;4@?@=B::?C#2CC4?@12=
??????4C2:B9C4?3B:1C+?>=C?3B:1C?@=B::?AC3C9>=C:C@@?/C?4CCDC4?>;?/C?>=C?4C2:B9C4?3B:1C?BA4?>=C?.B995C9?@
??????:5B/5:5>8+?56?BA8+?@=B::?A;>?C#2CC4?>=C?4C2:B9C4?3B:1C?BA4?BA8?7B9>5B:?:;@@?;9?4BDB,C?@=B::?/C
??????B41@>C4?79;?9B>B?;A?>=C?/B@5@?;6?@12=?4C2:B9C4?3B:1C*
'$?C:B8+?.;A@C1CA>5B:?(;@@
??????!B3C?B@?;>=C9<5@C?79;354C4?=C9C5A+?>=C?.B995C9?@=B::?5A?A;?25921D@>BA2C@?/C?:5B/:C?6;9?459C2>+
??????5A459C2>?;9?2;A@C1CA>5B:?:;@@?;9?4BDB,C?2B1@C4?/8?4C:B8?;9?BA8?;>=C9?2B1@C?<=B>@;C3C9?BA4
??????=;<@;C3C9?2B1@C4*? 5>=;1>?79C1452C?>;?>=C?6;9C,;5A,+?56?>=C?.B995C9?5@?6;1A4?:5B/:C?6;9?4C:B8+
??????:5B/5:5>8?@=B::?/C?:5D5>C4?>;?>=C?69C5,=>?B77:52B/:C?>;?>=C?9C:C3BA>?@>B,C?;6?>=C?>9BA@7;9>*
'$?;>52C?;6?(;@@?;9?BDB,C
?????? =C?.B995C9?@=B::?/C?4CCDC4?795DB?6B25C?>;?=B3C?4C:53C9C4?>=C?-;;4@?B@?4C@295/C4?5A?>=5@?/5::?;6
??????:B45A,?1A:C@@?A;>52C?;6?:;@@?;6+?;9?4BDB,C?>;+?>=C?-;;4@+?5A452B>5A,?>=C?,CAC9B:?AB>19C?;6?@12=?
??????:;@>?;9?4BDB,C+?@=B::?=B3C?/CCA?,53CA?5A?<95>5A,?>;?>=C?.B995C9?;9?>;?=5@?9C79C@CA>B>53C?B>?>=C?
??????7:B2C?;6?4C:53C98?/C6;9C?;9?B>?>=C?>5DC?;6?9CD;3B:?;6?>=C?-;;4@?5A>;?>=C?21@>;48?;6?>=C?7C9@;A?
??????CA>5>:C4?>;?4C:53C98?>=C9C;6?1A4C9?>=5@?/5::?;6?:B45A,?;9+?56?>=C?:;@@?;9?4BDB,C?5@?A;>?B77B9CA>+?
??????<5>=5A?>=9CC?2;A@C21>53C?4B8@?>=C9CB6>C9*
'$? 5DC/B9
?????? =C?.B995C9?@=B::?/C?45@2=B9,C4?;6?B::?:5B/5:5>8?<=B>@;C3C9?5A?9C@7C2>?;6?>=C?-;;4@?1A:C@@?@15>?5>
??????/9;1,=>?5A?>=C?79;7C9?6;91D?BA4?<95>>CA?A;>52C?>=C9C;6?9C2C53C4?/8?>=C?.B995C9?'5$?<5>=5A?A5AC
??????D;A>=@?5A?9C@7C2>?;6?.;D/5AC4? 9BA@7;9>?;9?'55$?<5>=5A??D;A>=@?5A?9C@7C2>?;6?;9>>;;9>
??????!=57DCA>?B6>C9?4C:53C98?;6?>=C?-;;4@?;9?>=C?4B>C?<=CA?>=C?-;;4@?@=;1:4?=B3C?/CCA?4C:53C9C4*?A
??????>=C?C3CA>?>=B>?@12=?>5DC?7C95;4?@=B::?/C?6;1A4?2;A>9B98?>;?BA8?2;A3CA>5;A?;9?:B<?2;D71:@;95:8
??????B77:52B/:C+?>=C?7C95;4?79C@295/C4?/8?@12=?2;A3CA>5;A?;9?:B<?@=B::?>=CA?B77:8?/1>?5A?>=B>
??????25921D@>BA2C?;A:8*
::::80&542:823526 6 64
'$ ? =C?4C@2957>5;A?BA4?7B9>521:B9@?;6?>=C?-;;4@?@C>?;1>?;A?>=C?6B2C?=C9C;6?B9C?619A5@=C4?/8?>=C
??????"C92=BA>?BA4?>=C?"C92=BA>?<B99BA>@?>;?>=C?.B995C9?>=B>?>=C?4C@2957>5;A?BA4?7B9>521:B9@?
??????5A2:145A,+?/1>?A;>?:5D5>C4?>;+?<C5,=>+?2;A>CA>+?DCB@19C+?1BA>5>8+?1B:5>8+?2;A45>5;A+?DB90@+?
??????A1D/C9@?BA4?3B:1C?B9C?2;99C2>*
'$? =C?"C92=BA>?@=B::?2;D7:8?<5>=?B::?B77:52B/:C?:B<@+?9C,1:B>5;A@?BA4?9C159CDCA>@?'5A2:145A,?/1>
??????A;>?:5D5>C4?>;?BA8?5D7;@C4?B>?BA8?>5DC?/C6;9C?;9?4195A,?>=C?.B995B,C?9C:B>5A,?>;?BA>5>C99;95@D
??????DCB@19C@$?;6?21@>;D@+?7;9>?BA4?;>=C9?B1>=;95>5C@?BA4?@=B::?/CB9?BA4?7B8?B::?41>5C@+?>B#C@+?65AC@+
??????5D7;@>@+?C#7CA@C@?BA4?:;@@C@?'5A2:145A,?<5>=;1>?79C1452C?>;?>=C?,CAC9B:5>8?;6?>=C?6;9C,;5A,+
??????69C5,=>?6;9?BA8?B445>5;AB:?.B995B,C?1A4C9>B0CA$?5A2199C4?;9?@166C9C4?/8?9CB@;A?>=C9C;6?;9?/8
??????9CB@;A?;6?BA8?5::C,B:+?5A2;99C2>?;9?5A@166525CA>?DB905A,+?A1D/C95A,?;9?B449C@@5A,?;6?>=C?-;;4@*
'$? =C?"C92=BA>?1A4C9>B0C@?>=B>?>=C?-;;4@?B9C?7B20C4?5A?B?DBAAC9?B4C1B>C?>;?<5>=@>BA4?>=C
??????;945AB98?95@0@?;6?.B995B,C?=B35A,?9C,B94?>;?>=C59?AB>19C?BA4?5A?2;D7:5BA2C?<5>=?B::?:B<@+
??????9C,1:B>5;A@?BA4?9C159CDCA>@?<=52=?DB8?/C?B77:52B/:C*
'$? ;?-;;4@?<=52=?B9C?;9?DB8?/C2;DC?4BA,C9;1@?'<=C>=C9?;9?A;>?@;?:5@>C4?5A?2;4C@$+?5A6:BDDB/:C+
??????4BDB,5A,+?5A195;1@?'5A2:145A,?9B45;B2>53C?DB>C95B:@$+?A;#5;1@?;9?<=52=?B9C?;9?DB8?/C2;DC?
??????:5B/:C?>;?4BDB,C?BA8?79;7C9>8?;9?C9@;A?<=B>@;C3C9?@=B::?/C?>CA4C9C4?>;?>=C?.B995C9?6;9?.B995B,C
??????<5>=;1>
??????'B$???>=C?.B995C9?@?C#79C@@?2;A@CA>?5A?<95>5A, ?BA4
??????'/$? ?>=C?.;A>B5AC9?BA4;9?;>=C9?2;3C95A,?5A?<=52=?>=C?-;;4@?B9C?>;?/C?>9BA@7;9>C4?BA4;9?>=C
??????????????-;;4@?>=CD@C:3C@?/C5A,?45@>5A2>:8?DB90C4?;A?>=C?;1>@54C?@;?B@?>;?5A452B>C?>=C?AB>19C?BA4
??????????????2=B9B2>C9?;6?BA8?@12=?-;;4@?BA4?@;?B@?>;?2;D7:8?<5>=?B::?B77:52B/:C?:B<@+?9C,1:B>5;A@?BA4;9
??????????????9C159CDCA>@*
??????6?BA8?@12=?-;;4@?B9C?4C:53C9C4?>;?>=C?.B995C9?<5>=;1>?@12=?<95>>CA?2;A@CA>?BA4;9?DB905A,?;9?56
??????5A?>=C?;75A5;A?;6?>=C?.B995C9?>=C?-;;4@?B9C?;9?B9C?:5B/:C?>;?/C2;DC?;6?B?4BA,C9;1@+?5A6:BDDB/:C
??????BA4;9?4BDB,5A,?AB>19C+?>=C?@BDC?DB8?B>?BA8?>5DC?/C?1A:;B4C4+?4C@>9;8C4+?45@7;@C4?;6+
??????B/BA4;AC4+?;9?9CA4C9C4?=B9D:C@@?<5>=;1>?2;D7CA@B>5;A?>;?>=C?"C92=BA>?BA4?<5>=;1>?79C1452C?>;
??????>=C?.B995C9?@?95,=>?>;?.=B9,C@*
'$? =C?"C92=BA>?@=B::?/C?:5B/:C?6;9?>=C?:;@@+?4BDB,C+?2;A>BD5AB>5;A+?@;5:5A,+?4C>CA>5;A?;9?
??????4CD199B,C?/C6;9C+?4195A,?BA4?B6>C9?>=C?.B995B,C?;6?79;7C9>8?'5A2:145A,+?/1>?A;>?:5D5>C4?>;+?
??????.;A>B5AC9@$?;6?>=C?.B995C9?;9?BA8?7C9@;A?;9? C@@C:?';>=C9?>=BA?>=C?"C92=BA>$?9C6C99C4?>;?5A?.:B1@C?
??????'$?B/;3C?2B1@C4?/8?>=C?"C92=BA>?;9?BA8?7C9@;A?B2>5A,?;A?=5@?/C=B:6?;9?6;9?<=52=?>=C?"C92=BA>?
??????5@?;>=C9<5@C?9C@7;A@5/:C*
'$? =C?"C92=BA>?@=B::?A4CDA568?>=C?.B995C9?B,B5A@>?BA8?:;@@+?4BDB,C+?2:B5D+?:5B/5:5>8?;9?C#7CA@C
??????<=B>@;C3C9?B95@5A,?69;D?BA8?/9CB2=?;6?>=C?79;35@5;A@?;6?>=5@?2:B1@C??;9?69;D?BA8?2B1@C?5A
??????2;AAC2>5;A?<5>=?>=C?-;;4@?6;9?<=52=?>=C?.B995C9?5@?A;>?9C@7;A@5/:C*
::::0354&6582
'$? -;;4@?DB8?/C?.;A@;:54B>C4?/8?>=C?.B995C9?5A?;9?;A?.;A>B5AC9@?BA4?-;;4@?DB8?/C?
??????.;A@;:54B>C4?<5>=?;>=C9?-;;4@*
'$? =C?>C9D@?;6?>=5@?/5::?;6?:B45A,?@=B::?,;3C9A?>=C?9C@7;A@5/5:5>8?;6?>=C?.B995C9?5A?2;AAC2>5;A?<5>=?
??????;9?B95@5A,?;1>?;6?>=C?@177:8?;6?B?.;A>B5AC9?>;?>=C?"C92=BA>+?<=C>=C9?@177:5C4?/C6;9C?;9?B6>C9?>=C
??????-;;4@?B9C?9C2C53C4?/8?>=C?.B995C9?;9?4C:53C9C4?>;?>=C?"C92=BA>*
'$? 6?B?2;A>B5AC9?=B@?/CCA?.;A@;:54B>C4?/8?;9?;A?/C=B:6?;6?>=C?"C92=BA>
'&$?>=C?.B995C9?@=B::?A;>?/C?:5B/:C?6;9?:;@@?;6?;9?4BDB,C?>;?>=C?-;;4@
??????'5$? ??2B1@C4?/8?>=C?DBAAC9?5A?<=52=?>=C?.;A>B5AC9?=B@?/CCA?@>166C4
??????'55$? ?2B1@C4?/8?>=C?1A@15>B/5:5>8?;6?>=C?-;;4@?6;9?2B995B,C?5A?.;A>B5AC9?B2>1B::8?1@C4
??????'555$ ?2B1@C4?/8?>=C?1A@15>B/5:5>8?;9?4C6C2>53C?2;A45>5;A?;6?>=C?.;A>B5AC9?B2>1B::8?1@C4?79;354C4?
??????????????>=B>?<=C9C?>=C?.;A>B5AC9?=B@?/CCA?@177:5C4?/8?;9?;A?/C=B:6?;6?>=C?.B995C9+?>=5@?7B9B,9B7=?'555$?
??????@=B::?;A:8?B77:8?56?>=C?1A@15>B/5:5>8?;9?4C6C2>53C?2;A45>5;A?<;1:4?=B3C?/CCA?B77B9CA>?17;A
??????????????9CB@;AB/:C?5A@7C2>5;A?/8?>=C?"C92=BA>?B>?;9?795;9?>;?>=C?>5DC?<=CA?>=C?.;A>B5AC9?<B@?
??????????????@>166C4
??????'53$ ?56?>=C?.;A>B5AC9?5@?A;>?@CB:C4?B>?>=C?2;DDCA2CDCA>?;6?>=C?.B995B,C?C#2C7>?<=C9C?>=C?.B995C9
??????????????=B@?B,9CC4?>;?@CB:?>=C?.;A>B5AC9*
'%$?>=C?"C92=BA>?@=B::?A4CDA568?>=C?.B995C9?B,B5A@>?BA8?:;@@+?4BDB,C+?2:B5D+?:5B/5:5>8?;9?C#7CA@C
??????<=B>@;C3C9?B95@5A,?69;D?;AC?;9?D;9C?;6?>=C?DB>>C9@?2;3C9C4?/8?.:B1@C?'$'&$?B/;3C*
'$? =C9C?>=C?.B995C9?5@?5A@>912>C4?>;?79;354C?B?.;A>B5AC9+?5A?>=C?B/@CA2C?;6?B?<95>>CA?9C1C@>?>;?
??????>=C?2;A>9B98?B22C7>C4?/8?>=C?.B995C9+?>=C?.B995C9?5@?A;>?1A4C9?BA?;/:5,B>5;A?>;?79;354C?B?.;A>B5AC9?
??????;6?BA8?7B9>521:B9?>87C?;9?1B:5>8*
::::488&4 8:03543 89:0&'3
'$? =C?"C92=BA>?1A4C9>B0C@?A;>?>;?>CA4C9?6;9?.B995B,C?BA8?-;;4@?<=52=?9C159C?>CD7C9B>19C?
??????2;A>9;:?<5>=;1>?79C35;1@:8?,535A,?<95>>CA?A;>52C?'BA4?65::5A,?5A?>=C?/;#?;A?>=C?69;A>?;6?>=5@?/5::?;6?
:B45A,?56?>=5@?/5::?;6?:B45A,?=B@?/CCA?79C7B9C4?/8?>=C?"C92=BA>?;9?B?7C9@;A?B2>5A,?;A?=5@?/C=B:6$?
??????;6?>=C59?AB>19C?BA4?7B9>521:B9?>CD7C9B>19C?9BA,C?>;?/C?DB5A>B5AC4?BA4?5A?>=C?2B@C?;6?B?>CD7C9B>19C
??????2;A>9;::C4?.;A>B5AC9?.;A@;:54B>C4?/8?;9?;A?/C=B:6?;6?>=C?"C92=BA>?619>=C9?1A4C9>B0C@?>=B>?>=C
??????.;A>B5AC9?=B@?/CCA?79;7C9:8?79C2;;:C4+?>=B>?>=C?-;;4@?=B3C?/CCA?79;7C9:8?.;A@;:54B>C4?5A?>=C
??????.;A>B5AC9?BA4?>=B>?5>@?>=C9D;@>B>52?2;A>9;:@?=B3C?/CCA?79;7C9:8?@C>?/8?>=C?"C92=BA>?/C6;9C?
??????9C2C57>?;6?>=C?-;;4@?/8?>=C?.B995C9*
'$? 6?>=C?B/;3C?9C159CDCA>@?B9C?A;>?2;D7:5C4?<5>=?>=C?.B995C9?@=B::?A;>?/C?:5B/:C?6;9?BA8?:;@@?;6?;9
??????4BDB,C?>;?>=C?-;;4@?2B1@C4?/8?@12=?A;A2;D7:5BA2C*
'$? =C?.B995C9?@=B::?A;>?/C?:5B/:C?6;9?BA8?:;@@?;6?;9?4BDB,C?>;?>=C?-;;4@?B95@5A,?69;D?4C6C2>@+
??????4C9BA,CDCA>+?/9CB04;<A+?@>;77B,C?;6?>=C?>CD7C9B>19C?2;A>9;::5A,?DB2=5AC98+?7:BA>+?5A@1:B>5;A?
??????;9?BA8?B77B9B>1@?;6?>=C?.;A>B5AC9+?79;354C4?>=B>?>=C?.B995C9?@=B::?/C6;9C?;9?B>?>=C?/C,5AA5A,?;6?
??????>=C?.B995B,C?C#C925@C?41C?45:5,CA2C?>;?DB5A>B5A?>=C?9C695,C9B>C4?.;A>B5AC9?5A?BA?C66525CA>?@>B>C*
;::652804635:37:'3392
=C?.B995C9?;9?BA8?C9@;A?B1>=;95@C4?/8?>=C?.B995C9?@=B::?/C?CA>5>:C4+?/1>?1A4C9?A;?;/:5,B>5;A+?>;?
;7CA?BA4;9?@2BA?BA8?.;A>B5AC9?;9?7B20B,C?B>?BA8?>5DC?BA4?>;?5A@7C2>?>=C?2;A>CA>@*?6?5>?B77CB9@?B>?BA8
>5DC?>=B>?>=C?-;;4@?2BAA;>?@B6C:8?;9?79;7C9:8?/C?2B995C4+?;9?2B995C4?619>=C9+?C5>=C9?B>?B::?;9?<5>=;1>
5A21995A,?BA8?B445>5;AB:?C#7CA@C?;9?>B05A,?DCB@19C@?5A?9C:B>5;A?>;?>=C?.;A>B5AC9?;9?-;;4@+?>=C?.B995C9
DB8?<5>=;1>?A;>52C?>;?>=C?"C92=BA>?'/1>?B@?=5@?B,CA>?;A:8$?>B0C?BA8?DCB@19C@?BA4;9?5A219?BA8
9CB@;AB/:C?B445>5;AB:?C#7CA@C?>;?2B998?;9?2;A>5A1C?>=C?.B995B,C?>=C9C;6+?BA4;9?>;?@C::?;9?45@7;@C?;6
>=C?-;;4@?BA4;9?>;?B/BA4;A?>=C?.B995B,C?BA4;9?>;?@>;9C?>=C?-;;4@?B@=;9C?;9?B6:;B>+?1A4C9?2;3C9?;9
5A?>=C?;7CA+?B>?BA8?7:B2C+?<=52=C3C9?>=C?.B995C9?5A?=5@?B/@;:1>C?45@29C>5;A?2;A@54C9@?D;@>?B779;795B>C+
<=52=?@B:C+?45@7;@B:+?B/BA4;ADCA>?;9?@>;9B,C?@=B::?/C?4CCDC4?>;?2;A@>5>1>C?41C?4C:53C98?1A4C9?>=5@
/5::?;6?:B45A,*? =C?"C92=BA>?@=B::?A4CDA568?>=C?.B995C9?B,B5A@>?BA8?9CB@;AB/:C?B445>5;AB:?C#7CA@C?@;
5A2199C4*? =C?.B995C9?5A?C#C925@5A,?>=C?:5/C9>5C@?2;A>B5AC4?5A?>=5@?2:B1@C?@=B::?A;>?/C?1A4C9?BA8
;/:5,B>5;A?>;?>B0C?BA8?7B9>521:B9?DCB@19C@?BA4?@=B::?A;>?/C?:5B/:C?6;9?BA8?:;@@+?4C:B8?;9?4BDB,C
=;<@;C3C9?B95@5A,?69;D?BA8?B2>5;A?;9?:B20?;6?B2>5;A?1A4C9?>=5@?2:B1@C*
;;::84392:&59:3 48:37:4&5234&4635
'$? =C?.B995C9?DB8?B>?BA8?>5DC?BA4?<5>=;1>?A;>52C?>;?>=C?"C92=BA>
??????'B$???1@C?BA8?DCBA@?;6?>9BA@7;9>?;9?@>;9B,C?<=B>@;C3C9
??????'/$? ?:;B4?;9?2B998?>=C?-;;4@?;A?BA8? C@@C:?<=C>=C9?ABDC4?;A?>=C?69;A>?=C9C;6?;9?A;>
??????'2$???>9BA@6C9?>=C?-;;4@?69;D?;AC?2;A3C8BA2C?>;?BA;>=C9?5A2:145A,?>9BA@@=5775A,?;9?2B9985A,?>=C
??????????????@BDC?;A?B? C@@C:?;>=C9?>=BA?>=C? C@@C:?ABDC4?;A?>=C?69;A>?=C9C;6?;9?/8?BA8?;>=C9?DCBA@?;6
??????????????>9BA@7;9>?<=B>@;C3C9?BA4?C3CA?>=;1,=?>9BA@=57DCA>?;6?6;9<B945A,?;6?>=C?-;;4@?DB8?A;>?
??????????????=B3C?/CCA?2;A>CD7:B>C4?;9?79;354C4?6;9?=C9C5A
??????'4$? ?B>?BA8?7:B2C?1A7B20?BA4?9CD;3C?-;;4@?<=52=?=B3C?/CCA?@>166C4?5A?;9?;A?B?.;A>B5AC9?BA4
??????????????6;9<B94?>=C?@BDC?5A?BA8?DBAAC9?<=B>@;C3C9
??????'C$???79;2CC4?B>?BA8?@7CC4?BA4?/8?BA8?9;1>C?5A?=5@?45@29C>5;A?'<=C>=C9?;9?A;>?>=C?ACB9C@>?;9?D;@>
??????????????459C2>?;9?21@>;DB98?;9?B43C9>5@C4?9;1>C$?BA4?79;2CC4?>;?;9?@>B8?B>?BA8?7:B2C?<=B>@;C3C9?;A2C
??????????????;9?D;9C?;6>CA?BA4?5A?BA8?;94C9
??????'6$? ??:;B4?;9?1A:;B4?>=C?-;;4@?69;D?BA8?2;A3C8BA2C?B>?BA8?7:B2C?'<=C>=C9?;9?A;>?>=C?7:B2C?5@?B
??????????????7;9>?ABDC4?;A?>=C?69;A>?=C9C;6?B@?>=C?5A>CA4C4?;9>?;6?(;B45A,?;9?5A>CA4C4?;9>?;6
??????????????5@2=B9,C$
??????',$? ?2;D7:8?<5>=?BA8?;94C9@?;9?9C2;DDCA4B>5;A@?,53CA?/8?BA8?,;3C9ADCA>?;9?B1>=;95>8?;9?BA8
??????????????C9@;A?;9?/;48?B2>5A,?;9?7197;9>5A,?>;?B2>?B@?;9?;A?/C=B:6?;6?@12=?,;3C9ADCA>?;9?B1>=;95>8?;9
??????????????=B35A,?1A4C9?>=C?>C9D@?;6?>=C?5A@19BA2C?;A?>=C?2;A3C8BA2C?CD7:;8C4?/8?>=C?.B995C9?>=C?95,=>
??????????????>;?,53C?;94C9@?;9?459C2>5;A@
??????'=$? ?7C9D5>?>=C? C@@C:?>;?79;2CC4?<5>=?;9?<5>=;1>?75:;>@+?>;?>;<?;9?/C?>;<C4?;9?>;?/C?4984;20C4
??????'$? ??7C9D5>?>=C? C@@C:?>;?2B998?:53C@>;20+?-;;4@?;6?B::?05A4@+?4BA,C9;1@?;9?;>=C9<5@C+?2;A>9B/BA4+
??????????????C#7:;@53C@+?D1A5>5;A@?;9?<B9:50C?@>;9C@?BA4?@B5:?B9DC4?;9?1AB9DC4*
'$? =C?:5/C9>5C@?@C>?;1>?5A?.:B1@C?'$?B/;3C?DB8?/C?5A3;0C4?/8?>=C?.B995C9?6;9?BA8?7197;@C@
??????<=B>@;C3C9?<=C>=C9?;9?A;>?2;AAC2>C4?<5>=?>=C?.B995B,C?;6?>=C?-;;4@+?5A2:145A,?/1>?A;>?:5D5>C4?
??????>;?:;B45A,?;9?1A:;B45A,?>=C?,;;4@+?/1A0C95A,+?1A4C9,;5A,?9C7B59@+?B41@>5A,?5A@>91DCA>@+?75205A,?
??????17?;9?:BA45A,?BA8?C9@;A@+?5A2:145A,?/1>?A;>?:5D5>C4?>;?C9@;A@?5A3;:3C4?<5>=?>=C?;7C9B>5;A?;9
??????DB5A>CABA2C?;6?>=C? C@@C:?BA4?B@@5@>5A,? C@@C:@?5A?B::?@5>1B>5;A@*?&A8>=5A,?4;AC?5A?B22;94BA2C
??????<5>=?.:B1@C?'$?B/;3C?;9?BA8?4C:B8?B95@5A,?>=C9C69;D?@=B::?/C?4CCDC4?>;?/C?<5>=5A?>=C
??????2;A>9B2>1B:?.B995B,C?BA4?@=B::?A;>?/C?B?4C35B>5;A?;6?<=B>@;C3C9?AB>19C?;9?4C,9CC*
;::980:0&'3:&59: 682430
'$? -;;4@?;6?BA8?4C@2957>5;A?<=C>=C9?2;A>B5AC95@C4?;9?A;>?DB8?/C?@>;<C4?;A?;9?1A4C9?4C20?<5>=;1>
??????A;>52C?>;?>=C?"C92=BA>?1A:C@@?;A?>=C?69;A>?;6?>=5@?/5::?;6?:B45A,?5>?5@?@7C25652B::8?@>571:B>C4?>=C
??????.;A>B5AC9@?;9?-;;4@?<5::?/C?2B995C4?1A4C9?4C20?BA4?@12=?@>;<B,C?@=B::?A;>?/C?B?4C35B>5;A?;6
??????<=B>@;C3C9?AB>19C?;9?4C,9CC*?6?2B995C4?;A?4C20+?>=C?.B995C9?@=B::?A;>?/C?9C159C4?>;?A;>C+?DB90?;9
??????@>BD7?>=C?/5::?;6?:B45A,?2B995C4?;A?4C20+?>=C?.B995C9?@=B::?A;>?/C?9C159C4?>;?A;>C+?DB90?;9?@>BD7
??????;A?>=C?/5::?;6?:B45A,?BA8?@>B>CDCA>?;6?@12=?;A?4C20?2B995B,C?!1/C2>?>;?.:B1@C?'$?/C:;<+?@12=
??????-;;4@?<=C>=C9?2B995C4?;A?4C20?;9?1A4C9?4C20?@=B::?7B9>5257B>C?5A?-CAC9B:?&3C9B,C?BA4?@12=
??????-;;4@?';>=C9?>=BA?:53C@>;20$?@=B::?/C?4CCDC4?>;?/C?<5>=5A?>=C?4C65A5>5;A?;6?-;;4@?6;9?>=C
??????7197;@C@?;6?>=C?B,1C?1:C@?;9?BA8?:C,5@:B>5;A?DB05A,?@12=?91:C@?.-!&?;9?>=C?B,1C 5@/8
??????1:C@?2;D71:@;95:8?B77:52B/:C?>;?>=5@?/5::?;6?:B45A,*
'$? -;;4@?'A;>?/C5A,?-;;4@?@>166C4?5A?;9?;A?.;A>B5AC9@?;>=C9?>=BA?;7CA?6:B>@?;9?7B::C>@$?<=52=?B9C
??????@>B>C4?;A?>=C?69;A>?;6?>=5@?/5::?;6?:B45A,?>;?/C?2B995C4?;A?4C20?BA4?<=52=?B9C?@;?2B995C4?'BA4
??????:53C@>;20+?<=C>=C9?;9?A;>?2B995C4?;A?4C20$?B9C?2B995C4?<5>=;1>?9C@7;A@5/5:5>8?;A?>=C?7B9>?;6?>=C
??????.B995C9?6;9?:;@@?;9?4BDB,C?;6?<=B>@;C3C9?AB>19C?B95@5A,?4195A,?2B995B,C?/8?@CB?;9?5A:BA4
??????<B>C9<B8?<=C>=C9?2B1@C4?/8?1A@CB<;9>=5AC@@?;9?AC,:5,CA2C?;9?BA8?;>=C9?2B1@C?<=B>@;C3C9*? =C
??????"C92=BA>?@=B::?A4CDA568?>=C?.B995C9?B,B5A@>?B::?BA4?BA8?C#>9B?2;@>?5A2199C4?6;9?BA8?9CB@;A
??????<=B>@;C3C9?5A?2;AAC2>5;A?<5>=?2B995B,C?;6?:53C@>;20*
;::98 68:37:48:'3392
'$? 6?B>?BA8?>5DC?>=C?.B995B,C?5@?;9?5@?:50C:8?>;?/C?B66C2>C4?/8?BA8?=5A49BA2C+?95@0+?4C:B8+?4566521:>8?;9
??????45@B43BA>B,C?;6?BA8?05A4?'5A2:145A,?>=C?2;A45>5;A?;6?>=C?-;;4@$+?<=CA@;C3C9?BA4?=;<@;C3C9
??????B95@5A,?'<=C>=C9?;9?A;>?>=C?.B995B,C?=B@?2;DDCA2C4$?>=C?.B995C9?DB8
??????'&$??<5>=;1>?A;>52C?>;?>=C?"C92=BA>?B/BA4;A?>=C?.B995B,C?;6?>=C?-;;4@?BA4?<=C9C?9CB@;AB/:8
??????????????7;@@5/:C?7:B2C?>=C?-;;4@?;9?BA8?7B9>?;6?>=CD?B>?>=C?"C92=BA>?@?45@7;@B:?B>?BA8?7:B2C?<=52=
??????????????>=C?.B995C9?DB8?4CCD?@B6C?BA4?2;A3CA5CA>+?<=C9C17;A?4C:53C98?@=B::?/C?4CCDC4?>;?=B3C?
??????????????/CCA?DB4C?BA4?>=C?9C@7;A@5/5:5>8?;6?>=C?.B995C9?5A?9C@7C2>?;6?@12=?-;;4@?@=B::?2CB@C
??????'%$??<5>=;1>?79C1452C?>;?>=C?.B995C9?@?95,=>?@1/@C1CA>:8?>;?B/BA4;A?>=C?.B995B,C?1A4C9?.:B1@C
??????????????'$'&$?B/;3C+?2;A>5A1C?>=C?.B995B,C*
??????A?BA8?C3CA>?>=C?.B995C9?@=B::?/C?CA>5>:C4?>;?61::?.=B9,C@?;A?-;;4@?9C2C53C4?6;9?.B995B,C?BA4?>=C
??????"C92=BA>?@=B::?7B8?BA8?B445>5;AB:?2;@>@?9C@1:>5A,?69;D?>=C?B/;3C?DCA>5;AC4?25921D@>BA2C@*
'$? =C?:5B/5:5>8?;6?>=C?.B995C9?5A?9C@7C2>?;6?>=C?-;;4@?@=B::?2CB@C?;A?>=C?4C:53C98?;9?;>=C9?
??????45@7;@5>5;A?;6?>=C?-;;4@?5A?B22;94BA2C?<5>=?>=C?;94C9@?;9?9C2;DDCA4B>5;A@?,53CA?/8?BA8?
??????,;3C9ADCA>?;9?B1>=;95>8?;9?BA8?C9@;A?B2>5A,?;9?7197;9>5A,?>;?B2>?B@?;9?;A?/C=B:6?;6?@12=?
??????,;3C9ADCA>?;9?B1>=;95>8*? =5@?@=B::?BD;1A>?>;?41C?4C:53C98?>;?>=C?"C92=BA>*
'$? &A8?DCA>5;A?=C9C5A?;6?7B9>5C@?>;?/C?A;>565C4?;6?>=C?B9953B:?;6?>=C?-;;4@?5@?@;:C:8?6;9?5A6;9DB>5;A
??????;6?>=C?.B995C9+?BA4?6B5:19C?>;?,53C?@12=?A;>5652B>5;A?@=B::?A;>?5A3;:3C?>=C?.B995C9?5A?BA8?:5B/5:5>8
??????A;9?9C:5C3C?>=C?"C92=BA>?;6?BA8?;/:5,B>5;A?>=C9C1A4C9*
'$? 6?4C:53C98?;6?>=C?-;;4@?;9?BA8?7B9>?>=C9C;6?5@?A;>?>B0CA?/8?>=C?"C92=BA>?B>?>=C?>5DC?BA4?7:B2C
??????<=CA?BA4?<=C9C?>=C?.B995C9?5@?CA>5>:C4?>;?2B::?17;A?>=C?"C92=BA>?>;?>B0C?4C:53C98?>=C9C;6+?>=C
??????.B995C9?@=B::?/C?CA>5>:C4?BA4?<5>=;1>?79C1452C?>;?BA8?;>=C9?95,=>@?>=B>?=C?DB8?=B3C?B,B5A@>?>=C
??????"C92=BA>?<5>=;1>?A;>52C?>;?9CD;3C?69;D?B?.;A>B5AC9?>=C?-;;4@?;9?>=B>?7B9>?>=C9C;6?56
??????.;A@;:54B>C4?5A?;9?;A?B?.;A>B5AC9?BA4?>;?@>;9C?>=C?-;;4@?;9?>=B>?7B9>?>=C9C;6?B@=;9C+?B6:;B>+?5A?
??????>=C?;7CA?;9?1A4C9?2;3C9?B>?>=C?@;:C?95@0?BA4?C#7CA@C?;6?>=C?"C92=BA>?BA4?>=C?2;@>@?;6?@12=?
??????@>;9B,C?'56?7B54?;9?7B8B/:C?/8?>=C?.B995C9?;9?BA8?B,CA>?;9?!1/.;A>9B2>;9?;6?>=C?.B995C9$?@=B::?
??????6;9>=<5>=?17;A?4CDBA4?/C?7B54?/8?>=C?"C92=BA>?>;?>=C?.B995C9*?!12=?@>;9B,C?@=B::?2;A@>5>1>C?41C?
4C:53C98?=C9C1A4C9+?BA4?>=C9C17;A?>=C?:5B/5:5>8?;6?>=C?.B995C9?5A?9C@7C2>?;6?>=C?-;;4@?;9?>=B>?7B9>?
>=C9C;6?@=B::?2CB@C*
;:: 3443 &8:03 62635
6?>=C? C@@C:?;A?<=52=?>=C?-;;4@?B9C?2B995C4?'>=C?2B9985A,? C@@C:$?2;DC@?5A>;?2;::5@5;A?<5>=?BA8
;>=C9? C@@C:?;9?;/C2>?'>=C?A;A2B9985A,? C@@C:?;9?;/C2>$?B@?B?9C@1:>?;6?>=C?AC,:5,CA2C?;6?>=C?
A;A2B9985A,? C@@C:?;9?;/C2>?;9?>=C?;<AC9?;6+?2=B9>C9C9?;6?;9?C9@;A?9C@7;A@5/:C?6;9?>=C?A;A2B9985A,
C@@C:?;9?;/C2>+?>=C?"C92=BA>?1A4C9>B0C@?>;?A4CDA568?>=C?.B995C9?B,B5A@>?B::?2:B5D@?/8?;9?:5B/5:5>8?>;
'BA4?BA8?C#7CA@C?B95@5A,?>=C9C69;D$?BA8? C@@C:?;9?C9@;A?5A?9C@7C2>?;6?BA8?:;@@?;6+?;9?4BDB,C?>;+?;9
BA8?2:B5D?<=B>@;C3C9?;6?>=C?"C92=BA>?7B54?;9?7B8B/:C?>;?>=C?"C92=BA>?/8?>=C?A;A2B9985A,? C@@C:?;9
;/C2>?;9?>=C?;<AC9?;6+?2=B9>C9C9?;6?;9?C9@;A?9C@7;A@5/:C?6;9?>=C?A;A2B9985A,?3C@@C:?;9?;/C2>?BA4
@C>;66+?9C2;17C4?;9?9C2;3C9C4?/8?@12=? C@@C:+?;/C2>?;9?C9@;A'@$?B,B5A@>?>=C?.B995C9+?>=C?2B9985A,
C@@C:?;9?=C9?;<AC9@?;9?2=B9>C9C9@*
; ::'858& :&8&'8
'$? =C?.B995C9?DB8?4C2:B9C?-CAC9B:?&3C9B,C?<=52=?@=B::?/C?B41@>B/:C?B22;945A,?>;?>=C
??????;90&A><C97?1:C@?;6??B>?BA8?7:B2C?B>?>=C?;7>5;A?;6?>=C?.B995C9?BA4?>=C?&DCA4C4?
B@;A
??????.:B1@C?B@?B779;3C4?/8?%".?5@?>;?/C?2;A@54C9C4?B@?5A2;97;9B>C4?=C9C5A?BA4?>=C?"C92=BA>?@=B::
??????79;354C?@12=?@C2195>8?B@?DB8?/C?9C159C4?/8?>=C?.B995C9?5A?>=5@?2;AAC2>5;A*
'$? ;><5>=@>BA45A,?'$?B/;3C+?>=C?"C92=BA>?@=B::?A4CDA568?>=C?.B995C9?5A?9C@7C2>?;6?BA8?2:B5D?
??????'BA4?BA8?C#7CA@C?B95@5A,?>=C9C69;D$?;6?B?-CAC9B:?&3C9B,C?AB>19C?<=52=?DB8?/C?DB4C?;A?>=C?
??????.B995C9?BA4?@=B::?79;354C?@12=?@C2195>8?B@?DB8?/C?9C159C4?/8?>=C?.B995C9?5A?>=5@?2;AAC2>5;A*
'$? =C?.B995C9?@=B::?/C?1A4C9?A;?;/:5,B>5;A?>;?>B0C?BA8?@>C7@?<=B>@;C3C9?>;?2;::C2>?@C2195>8?6;9
??????-CAC9B:?&3C9B,C?2;A>95/1>5;A@?41C?>;?>=C?"C92=BA>*
; ::0&'82
'$? .=B9,C@?@=B::?/C?4CCDC4?61::8?CB9AC4?;A?9C2C57>?;6?>=C?-;;4@?/8?>=C?.B995C9?BA4?@=B::?/C?7B54?
??????BA4?A;A9C>19AB/:C?5A?BA8?C3CA>*
'$? =C?.=B9,C@?=B3C?/CCA?2B:21:B>C4?;A?>=C?/B@5@?;6?7B9>521:B9@?619A5@=C4?/8?;9?;A?/C=B:6?;6?>=C
??????"C92=BA>*? =C?.B995C9?@=B::?/C?CA>5>:C4?>;?79;412>5;A?;6?>=C?2;DDC925B:?5A3;52C?6;9?>=C?-;;4@?;9
??????>91C?2;78?>=C9C;6?BA4?>;?5A@7C2>+?9C<C5,=+?9CDCB@19C?BA4?9C3B:1C?>=C?-;;4@?BA4?56?>=C?7B9>521:B9@
??????B9C?6;1A4?/8?>=C?.B995C9?>;?/C?5A2;99C2>?>=C?"C92=BA>?@=B::?7B8?>=C?.B995C9?>=C?2;99C2>?.=B9,C@
??????'29C45>?/C5A,?,53CA?6;9?>=C?.=B9,C@?2=B9,C4$?BA4?>=C?2;@>@?5A2199C4?/8?>=C?.B995C9?5A?C@>B/:5@=5A,
??????>=C?2;99C2>?7B9>521:B9@*
'$? &::?.=B9,C@?@=B::?/C?7B54?<5>=;1>?BA8?@C>;66+?2;1A>C92:B5D+?4C412>5;A?;9?@>B8?;6?C#C21>5;A*
'$? C@75>C?>=C?B22C7>BA2C?/8?>=C?.B995C9?;6?5A@>912>5;A@?>;?2;::C2>?69C5,=>+?2=B9,C@?;9?;>=C9?C#7CA@C@
??????69;D?BA8?;>=C9?7C9@;A?5A?9C@7C2>?;6?>=C?>9BA@7;9>?1A4C9?>=5@?/5::?;6?:B45A,+?>=C?"C92=BA>?@=B::
??????9CDB5A?9C@7;A@5/:C?6;9?@12=?D;A5C@?;A?9C2C57>?;6?C354CA2C?;6?4CDBA4?BA4?>=C?B/@CA2C?;6?
??????7B8DCA>?6;9?<=B>C3C9?9CB@;A*
;:: 685
=C?.B995C9?@=B::?=B3C?B?:5CA?;A?-;;4@?BA4?BA8?4;21DCA>@?9C:B>5A,?>=C9C>;?6;9?B::?@1D@?<=B>@;C3C9
41C?B>?BA8?>5DC?>;?>=C?.B995C9?1A4C9?>=5@?2;A>9B2>?BA4?6;9?-CAC9B:?&3C9B,C?2;A>95/1>5;A@?>;
<=;D@;C3C9?41C*? =C?.B995C9?@=B::?B:@;?=B3C?B?:5CA?B,B5A@>?>=C?"C92=BA>?;A?>=C?-;;4@?BA4?BA8
4;21DCA>@?9C:B>5A,?>=C9C>;?6;9?B::?@1D@?41C?69;D?>=C?"C92=BA>?>;?>=C?.B995C9?1A4C9?BA8?;>=C9
2;A>9B2>*? =C?.B995C9?DB8?C#C925@C?=5@?:5CA?B>?BA8?>5DC?BA4?B>?BA8?7:B2C?5A?=5@?@;:C?45@29C>5;A+
<=C>=C9?>=C?2;A>9B2>1B:?.B995B,C?5@?2;D7:C>C4?;9?A;>*?A?BA8?C3CA>?BA8?:5CA?@=B::?'B$?@19353C?>=C
4C:53C98?;6?>=C?-;;4@?BA4?'/$?C#>CA4?>;?2;3C9?>=C?2;@>?;6?9C2;3C95A,?BA8?@1D@?41C?BA4?6;9?>=B>
7197;@C?>=C?.B995C9?@=B::?=B3C?>=C?95,=>?>;?@C::?>=C?-;;4@?BA4?4;21DCA>@?/8?71/:52?B12>5;A?;9?7953B>C
>9CB>8+?<5>=;1>?A;>52C?>;?>=C?"C92=BA>?BA4?B>?>=C?"C92=BA>?@?C#7CA@C?BA4?<5>=;1>?BA8?:5B/5:5>8
>;<B94@?>=C?"C92=BA>*
;::&6&4635:37:48:0354&04
;?@C93BA>?;9?B,CA>?;6?>=C?.B995C9?@=B::?=B3C?7;<C9?>;?<B53C?;9?3B98?BA8?;6?>=C?>C9D@?=C9C;6?1A:C@@
@12=?<B53C9?;9?3B95B>5;A?5@?5A?<95>5A,?BA4?5@?@7C25652B::8?B1>=;95@C4?;9?9B>565C4?5A?<95>5A,?/8?B?459C2>;9
;9?;6652C9?;6?>=C?.B995C9?<=;?=B@?>=C?B2>1B:?B1>=;95>8?;6?>=C?.B995C9?>;?<B53C?;9?3B98*
;::&46& :65& 6964
6?BA8?79;35@5;A?5A?>=5@?/5::?;6?:B45A,?5@?=C:4?>;?/C?5A3B:54?;9?1ACA6;92CB/:C?/8?BA8?.;19>?;9?9C,1:B>;98
;9?@C:6?9C,1:B>;98?B,CA28?;9?/;48+?@12=?5A3B:545>8?;9?1ACA6;92CB/5:5>8?@=B::?B>>B2=?;A:8?>;?@12=
79;35@5;A*? =C?3B:545>8?;6?>=C?9CDB5A5A,?79;35@5;A@?@=B::?A;>?/C?B66C2>C4?>=C9C/8?BA4?>=5@?/5::?;6
:B45A,?2;A>9B2>?@=B::?/C?2B995C4?;1>?B@?56?@12=?5A3B:54?;9?1ACA6;92CB/:C?79;35@5;A?<C9C?A;>?2;A>B5AC4
=C9C5A*
:: 629604635:&59: &
=CAC3C9? !?.-!&?B77:5C@+?<=C>=C9?/8?359>1C?;6?.B995B,C?;6?>=C?-;;4@?>;?;9?69;D?>=C? A5>C4
!>B>C@?;6?&DC952B?;9?;>=C9<5@C+?;9?:;@@C@?;2219?4195A,?5A:BA4?.B995B,C?<5>=5A?>=C? A5>C4?!>B>C@?;6
&DC952B+?>=5@?/5::?;6?:B45A,?5@?>;?/C?,;3C9AC4?/8? A5>C4?!>B>C@?:B<?BA4?>=C? A5>C4?!>B>C@?C4C9B:
.;19>?;6?>=C?!;1>=C9A?5@>952>?;6?C<?;90?5@?>;?=B3C?C#2:1@53C?195@452>5;A?>;?=CB9?B::?45@71>C@
=C9C1A4C9*?A?B::?;>=C9?2B@C@+?>=5@?/5::?;6?:B45A,?@=B::?/C?,;3C9AC4?/8?BA4?2;A@>91C4?5A?B22;94BA2C
<5>=?8",-()
:B<?BA4?B::?45@71>C@?B95@5A,?=C9C1A4C9?@=B::?/C?4C>C9D5AC4?/8?>=C?8",-():-,)
0%.:%:(-+:-": %"!%"
>;?>=C?C#2:1@5;A?;6?>=C?2;19>@?;6?BA8?;>=C9?2;1A>98*
TTC100 (MMII)