++&#& #*++ %*&,+.##%&%%
$+'&) #%*+
+ %#,%&++&#& #*++ &%+$+'&)*&
)&)+*&,+.##%!&%&%%
K$++.*+)
+:7E;E
*G4?;FF76FAF:7*5:AA>A8D36G3F7*FG6;7E
;@'3DF;3>G>8;>?7@FA8F:7)7CG;D7?7@FE
8ADF:779D77
$3EF7DA8DFE
$5$3EF7D,@;H7DE;FK
MABKD;9:F4K$3FF:7I3EF7DBD;>
$*+)&)+*
$5$3EF7D,@;H7DE;FK
@9>;E:3@6G>FGD3>*FG6;7E
3?;>FA@&@F3D;A
+ +#$7F3B:AD;53>@9EF+:7 @8>G7@57A8F:7+:7A>A9;53>7EF:7F;5A@F:7
$7F3B:ADEA8)A47DF*AGF:I7>>3@6!A:@A@@7
,+&)$3FF:7I3EF7D+D;@;FK.7EF7D@,@;H7DE;FK
*,')- *&)'DA87EEAD$3DK*;>5AJ
%,$)&'*H
;;
!!
+:;EF:7E;E7J3?;@7EF:7?7F3B:AD;53>7JBD7EE;A@EA8)A47DF*AGF:I7>>3@6!A:@
A@@7;@>;9:FA8F:7;@EF34;>;FK5D73F76;@?7F3B:AD;53>F:AG9:F4K)78AD?3F;A@3>
6743F7E 3D9G7F:3FF:7F:7A>A9;53>6A5FD;@7ED793D6;@9F:7G5:3D;EF3@6;4>;53>
;@F7DBD7F3F;A@:363EEA5;3F765A@E7CG7@57E8AD8;9GD3F;H7F:AG9:F3@6F:3FF:7H;A>7@57
I;F:I:;5:F:7E76A5FD;@7EI7D7;@F7DDA93F76;@73D>K?A67D@@9>3@65D73F7635D;E;EA8
8;9GD3F;H7D7BD7E7@F3F;A@F:3F5A@FD;4GF76FAF:77>34AD3F77JB7D;?7@F3F;A@A8?7F3B:AD
>3K7D;@9E3D9G765A@57;FED3B;6FD3@E;F;A@E47FI77@FDAB7E7F58AG@6I;F:;@F:7BA7FDK
A8*AGF:I7>>3@6A@@7
$K8;DEF5:3BF7DFD357EF:7F:7A>A9;53>>3@6E53B7A873D>K?A67D@@9>3@6@AF;@9
F:75A@F;@7@F3>3F:A>;53@6'DAF7EF3@FBAE;F;A@EI:;5:678;@76F:7)78AD?3F;A@3>
6743F7E3EI7>>3EDAG9:>K>A53F;@9F:7BAE;F;A@A8F:7@9>;E::GD5:;@F:757@FD7A8
F:7E76743F7E.:;>7735:A8F:7E76A5FD;@3>BAE;F;A@E5A@F3;@E57DF3;@G@67DEF3@6;@9E
34AGF?7F3B:AD;53>F:AG9:FF:;E5:3BF7D3D9G7EF:3F;F;EF:797@7D3>G@57DF3;@FK3@6F:7
EA5;7FKI;678>G5FG3F;A@E47FI77@F:7E7;673EF:3F678;@7E?K5A@57BFA8F:7RF:7A>A9;53>
37EF:7F;5S @?K8;@3>FIA5:3BF7DE >AA=3FEB75;8;5?7F3B:ADE;@F:7IAD=EA8)A47DF
*AGF:I7>>R*3;@F '7F7DQE A?B>3;@FSR:D;EFQE4>AA6KEI73FS3@6R+:7BDA6;93>5:;>6E
EAG>7ID35=7S3@6!A:@A@@7R+:7DAEESRA>K*A@@7F3FF7D?K:73DFF:D77
B7DEA@76A6S3@6RA>K*A@@7F 3?3>;FF>7IAD>6?3675G@@;@9>KS>AE73@3>KE;E
A8F:7E7BA7?ED7H73>EF:3F*AGF:I7>>QEBA7FDKA8F7@5A?4;@7E;?397DK3@6FDAB7E;@
5A?B>;53F76I3KEFA8AD??G>F;8357F76?7F3B:ADEI:;>7A@@7QEBA7FDKA8F7@8G@5F;A@E
3E3?76;F3F;A@GBA@F:7BAEE;4;>;F;7EA88;9GD3F;H7>3@9G397FA5D73F7?73@;@9
+:;EF:7E;E6A7E@AF3FF7?BFFA8AD?35A?BD7:7@E;H7F:7ADKA873D>K?A67D@
?7F3B:AD4GFD3F:7D7J3?;@7E:AIF:7F:7A>A9;53>6743F7EA8F:7)78AD?3F;A@CG7EF;A@76
F:7D7BD7E7@F3F;A@3>788;535KA88;9GD3F;H7>3@9G3973>>AI;@9?7F3B:ADFA47D7678;@764K
F:77JB7D;?7@FEA873D>K?A67D@BA7FE>;=7*AGF:I7>>3@6A@@7
;;;
$! +:3FF:;EF:7E;E3@6679D77D735:765A?B>7F;A@AI7E?G5:FA?3@KB7AB>7 I3@FFA
8;DEFF:3@=?KEGB7DH;EAD$3DK*;>5AJ8AD:7D;@5D76;4>7B3F;7@57I;F:?K7H7D3@6
3>I3KE>3F7EG4?;EE;A@E+:DAG9:AGF:7D7@F:GE;3E?8AD?KBDA<75F3@6:7DEF73683EF
7@5AGD397?7@F@7H7DI3@76 3>EAI3@FFAF:3@=?K5A??;FF77?7?47DE$7>;@633@6
3F:KI:AI7D7I;>>;@9FA36<GEFE5:76G>7E3@6IAD=>A@9:AGDEFAD7363@6D7EBA@6FA
?KF:7E;EI;F:;@F:7>3EF?;@GF7F;?75A@EFD3;@FEB>3576GBA@F:7?
3>EAI;E:FAF:3@='3? @9>7FA@/AG67E7DH7?KF:3@=E8AD?AD7F:3@53@47E3;6:7D7
3@6I;F:AGFKAGD7@5AGD397?7@F3@6KAGD76;FAD;3>7K7 IAG>6@AF:3H78;@;E:76@AD
IAG>6F:7F:7E;E:3H7FGD@76AGFEAI7>>/AGDF;D7>7EE788ADFEFAF;9:F7@GB?K>3@9G397
3@6D7EFDG5FGD75A@8GE;@9B3EE397E4DAG9:F5>3D;FKFA?K3D9G?7@F
I3@FFAF:3@=?K?A?3@6?K6368ADF:7;D>AH73@6EGBBADFF:DAG9:AGFF:7BDA57EE
7EB75;3>>KI:7@F:;@9EI7D76;88;5G>FKAGI7D7F:7D7FA:7>BBGFF:;@9E;@B7DEB75F;H7
>EA F:3@=KAGFA?K8D;7@6E4AF:;@3?;>FA@3@6-3@5AGH7D8ADKAGD8D;7@6E:;B3@6
KAGDBD3K7DE/AG:3H7:7>B76FA=77B?K>;8743>3@5763@6:3H7D7?;@676?7F:3FF:7D7
;EEA?G5:?AD7FA>;87F:3@E5:AA>
;@3>>K I3@FFAF:3@=A68ADF:763;>KEFD7@9F:FA53DDKA@;@F:78357A8?KAI@
83;>;@9E>F:AG9:8A>>AI;@9A6QEI;>>:3E@7H7D477@?AD75:3>>7@9;@9 :3H78AG@6;F
7H7D?AD7FDG7F:3F;ERBAI7D;E?367B7D875F;@I73=@7EES
E 5A@F;@G7?KEFG6;7E =@AI I;>>5A@F;@G7FAD7>KA@F:75A@EF3@F>AH73@6EGBBADF
A8F:AE7F:3F :3H7F:7BD;H;>797A85A@E;67D;@9?K8D;7@6E
;H
!!
@FDA6G5F;A@
:3BF7D&@7N+:7+:7A>A9;53>7EF:7F;5
*35D3?7@FE
*5D;BFGD7
:3BF7D+IAN7E5D;4;@9F:7;H;@7+:7$7F3B:ADEA8)A47DF*AGF:I7>>
R*3;@F'7F7DQEA?B>3;@FS R:D;EFQE>AA6K*I73FS
R+:7'DA6;93>:;>6E*AG>7.D35=7S
:3BF7D+:D77N7E5D;4;@97HAF;A@+:7$7F3B:ADEA8!A:@A@@7
R+:7DAEES
RA>K*A@@7F3FF7D?K:73DFF:D77B7DEA@76A6S
RA>K*A@@7F 3?3>;FF>7IAD>6?3675G@@;@9>KS
A@5>GE;A@
;4>;A9D3B:K
H
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
!"!
= 3( 1= 3( ,39 %68 % (-6)'8 3( 1%= 238 7%= % 0-8)6%00 3( %
3( 8,%8 ;390()78 &)) 92()67833( 0-8)6%00= %2( %''36(-2+ 83 8,) 40%-2)
7)27) 3* %00 8,%8 8,39 7%-)78 98 8,39 %68 %073 36( -28)2( -8 83 8,=
+036= %2( 0)8 23 463*%2) 1-7-28)646)8)6 %&97) -8 83 8,= (-1-298-32 8,39
%68 % *-+96%8-:) % 1)8%4,36-'%00 3( 833 % 3( -2 ;,37) ;36(7 8,)6) -7
79', % ,)-+,8 3* *-+96)7 79', :3=%+)7 79', 4)6)+6-2%8-327 83 *)8', 6)138)
%2( 46)'-397 1)8%4,367 79', )<8)27-327 79', 746)%(-2+7 79', 968%-27
3* 00)+36-)7 79', 8,-6( )%:)27 3* =4)6&30)7 73 ,%6132-397
)035998-327 73 6)8-6)( %2( 73 6)7)6:)( )<46)77-327 73 '311%2(-2+
4)67;%7-327 73 4)67;%(-2+ '311%2()1)287 79', 7-2);)7 ):)2 -2 8,=
1-0/) %2( 79', 8,-2+7 -2 8,= ;36(7 %7 %00 463*%2) 98,367 7))1) 3* 8,)
7))( 3* 8,) )64)28 8,%8 '6))4)7 8,39 %68 8,) (3:) 8,%8 *0-)7 ;,%8
;36(7 &98 8,-2) '%2 )<46)77) 8,) -2)<46)77-&0) 8)<896) %2( '31437-8-32 3*
8,= ;36( -2 ;,-', 83 32) %2 8,%8 %6+91)28 8,%8 &-2(7 ,-7 *%-8, 83
&)0)):) 8,%8 83 &)) 8,) ;36( 3* 3( -7 8,) 6):)6)28 7-140-'-8= 3* 8,) #36(
%2( 83 %238,)6 8,) 1%.)78= 3* 8,) #36( %2( -2 ;,-', 8;3 1)2 )59%00=
4-397 1%= 1))8 %2( 32) ;32()6 8,%8 %00 7,390( 238 92()678%2( -8 %2(
8,) 38,)6 %7 19', 8,%8 %2= 1%2 7,390(
322)?<437890%8-32 $$@
+:7 F:7A>A9;53> 3@6 6A5FD;@3> 6743F7E A8 F:7>3F7E;JF77@F:3@6 73D>K E7H7@F77@F:
57@FGDK;@FDA6G576 A@7 A8 F:7 ?AEF BDA>;8;5 B7D;A6E ;@ @9>;E: 67HAF;A@3> BA7FDK +:7
8D35FGD76 ;67@F;FK A8 3 4DA=7@ 5:GD5: 8AG@6 ;FE I3K A@FA F:7 B397 ;@ BAI7D8G> I3KE 3E
735: BA7F EFDG99>76 FA 7JBD7EE:;EAD:7D 67HAF;A@ FA A6 I;F:;@ @7I 6A5FD;@3>
B7DEB75F;H7E +:7 )78AD?3F;A@ 6743F7E AH7D F:7 678;@;F;A@ A8 F:7 E35D3?7@FE3@6 F:7
57@FD3>;FK A8 4;4>;53> ;@F7DBD7F3F;A@ :36 3 BDA8AG@6 ;?B35F 47KA@6 F:7 F:7?7 3@6 EG4<75F
?3FF7D A8 F:7E7 BA7?E +:7E7 F:7A>A9;53> ;EEG7EOG@67D 4AF: 755>7E;3EF;53> 3@6 BABG>3D
6743F7OD7EG>F76 ;@ 3 D78AD?3F;A@ A8 ?7F3B:AD;53> F:;@=;@9 EG5: F:3F F:7 BA7FDK A8 F:7
E7H7@F77@F: 57@FGDK 7J:;4;FE 3@ 3@9EF 34AGF F:7 BAI7D 3@6 34;>;FK A8 ?7F3B:AD FA
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
355GD3F7>K D7BD7E7@F+:;E3@9EF;E57@FD3>FA3678;@;@937EF:7F;5A873D>K?A67D@BA7FDK
F:3F :3H7F7D?76F:7RF:7A>A9;53>37EF:7F;5S
>F:AG9:F:7D7>3F;A@E:;B47FI77@F:7A>A9K3@6BA7FDK?;9:F3F8;DEFE77?
AB3CG7?KF:7E;E5A@F7@6EF:3F3EF:73D9G34>K?AD75A?B>7J8AD?EA8D7BD7E7@F3F;A@
8AG@6;@3F:A>;5F:7A>A9KFD3@EG4EF3@F;3F;A@3@6?G>F;B>7E;9@;8;53F;A@;@4;4>;53>
;@F7DBD7F3F;A@I7D7D7B>35764K?AD7>;@73DG@67DEF3@6;@9EA8D7BD7E7@F3F;A@7JBD7EE76
;@'DAF7EF3@F8AD?3F;A@EA83EB;D;FG3>G5:3D;EF3@6E;@9G>3D?73@;@9;@E5D;BFGD7F:7
H7DK7EE7@57A88;9GD3F;H7F:AG9:FI3EBGF;@FACG7EF;A@EF:7G5:3D;EFFD3@E;F;A@76
3I3K8DA?F:7D73>BD7E7@57A8:D;EFF:7EK?4A>4753?7?AD7D7?AH768DA?F:7
D787D7@F3@6F:7BDA57EEA88;9GD3F;H7F:AG9:FI3E5A?B>;53F763@6?367?AD734EFD35F
+:7'DAF7EF3@F47>;78;@F:7;@F7>>;9;4;>;FKA8E5D;BFGD73>EAE;?B>;8;76?76;7H3>
G@67DEF3@6;@9EA88;9GD3F;H7>3@9G3973FF:7E3?7F;?7F:3F;FEFD7@9F:7@76F:75A@@75F;A@
47FI77@IAD6E3@6F:7;D?73@;@9E+:7)78AD?3F;A@4K?3=;@9F:7E7F:7A>A9;53>
6A5FD;@7EBDA?;@7@F;@F:7EA5;3>5A@E5;AGE@7EEA873D>K?A67D@@9>3@6;@FDA6G5763
5D;E;EA8?7F3B:ADF:3F677B>K38875F76F:7I3K@9>;E:BA7FEG@67DEFAA6F:7?73@;@9
?3=;@9BDAB7DF;7EA88;9GD3F;H7>3@9G397
$KF:7E;E8;DEFD736EF:7F:7A>A9;53>6743F7EAH7DF:7G5:3D;EF3@6E5D;BFGD78AD
F:7;D5A@E7CG7@57EFA8;9GD3F;H7F:AG9:F478AD7FD35;@9F:7;?B35FA8F:7F:7A>A9;53>
37EF:7F;5A@F:7?7F3B:ADEA8)A47DF*AGF:I7>>3@6!A:@A@@7 I;>>7J3?;@7F:7
@G3@576EFDG5FGD7EA8F:7?7F3B:AD;53>7JBD7EE;A@EA8*AGF:I7>>3@6A@@7;@>;9:FA8
F:;EI;67EBD7365D;E;EA8D7BD7E7@F3F;A@5D73F764KF:7@9>;E:)78AD?3F;A@+:7
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
?7F3B:ADEA8*AGF:I7>>3@6A@@7QEBA7FDK3D7B3DF;5G>3D>KEFD;=;@94AF:;@F:7;DH3D;7FK
A85A@EFDG5F;A@3@6F:7F:ADAG9:@7EEI;F:I:;5:F:7K3D7;@F7DDA93F76I;F:;@F:7BA7?
+:;EF:7E;EI;>>7JB>AD7:AIF:7;DBA7?E7>34AD3F7A@EA?7?7F3B:ADE5A?BAG@6;@9F:7
8;9GD3F;H73D9G?7@FG@F;>F:7AD;9;@3>?7F3B:AD;E>AEF;@5A?B>7J;FK3@6K7F8D7CG7@F>K
343@6A@AF:7D?7F3B:ADE>78F;@:3>88AD?76EF3F7E,BA@F:75A>>3BE7A8F:7;@;F;3>
8;9GD3F;H7;?397F:7;DBA7?EA8F7@D3B;6>KFD3@E;F;A@;@FAA@7@7I;?39738F7D3@AF:7D
;@3>>K?KF:7E;E>AA=E3FF:7I3KF:3FF:7?7F3B:ADEA8F:7E7BA7?E:A>6?G>F;B>7
;?397E;@5A@57DF>3K7D;@9?73@;@9E3@6;?397EGBA@735:AF:7D;@H3DK;@95A?B>7J
8AD?E+:7E7BA7?EA8*AGF:I7>>3@6A@@77?B:3E;L7F:7;?BADF3@57A8?7F3B:AD3F
F:7E3?7F;?7F:3FF:7K7JBD7EEG@57DF3;@FK34AGF;FED7BD7E7@F3F;A@3>788;535KAF:BA7FE
?3@;BG>3F7F:7FD36;F;A@3>EFDG5FGD7EA8?7F3B:AD3EF:7KEFDG99>7FA@3H;93F7F:7
F:7A>A9;53>5:3>>7@97EFA?7F3B:AD;53>788;535K
)75A9@;F;A@A8F:7BDA?;@7@57A8 ?7F3B:AD;53>>3@9G397 :3E >A@9 477@ 3 B3DF A8
F:7 5D;F;53> FD36;F;A@ A8 E7H7@F77@F:57@FGDK H7DE7:AI7H7DI:;>7E5:A>3DE:3H7@AF76F:7
5A?B>;53F76EFDG5FGD7EA873D>K?A67D@?7F3B:ADF:7K 7JB>3;@@7;F:7DF:767H7>AB?7@F
A85A?B>;53F765A@57;FE3@63D9G76?7F3B:ADE@ADF:77J;EF7@57A8FI;EF763@634ADF76
?7F3B:ADEE 73D>K 3E F:7 7;9:F77@F: 57@FGDK F:7 5D;F;5 *3?G7> !A:@EA@ 675D;76 F:7
?7F3B:KE;53> BA7FEA8F:7BD7H;AGE57@FGDK 4753GE7 F:7KR4DA=7 7H7DK ;?397 ;@FA
8D39?7@FES 3@6 F:7;DR5A@57;FE I7D7 83D87F5:76S!A:@EA@ ;E 3@3>KE;E 6D3IE
3FF7@F;A@ FA F:7 6;EF;@5F;H7 CG3>;FK A8 F:7 E7H7@F77@F:57@FGDK ?7F3B:ADKF:77;9:F77@F:
57@FGDKF:737EF:7F;5E:365:3@9763@6BA7FE3@65D;F;5E:3636;887D7@FG@67DEF3@6;@9A8
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
?7F3B:AD3@68;9GD3F;H7>3@9G397+:7F:7A>A9;53>3@66A5FD;@3>6743F7EF:3F93H7D;E7FA
F:7R83D87F5:76S5A@57;FEA8E7H7@F77@F:57@FGDKBA7FDKI7D7@A>A@97DB7DH3E;H7F:7
7J3997D3F76 ;?397DK A8 F:7 E7H7@F77@F: 57@FGDK :7>6 @A 3BB73> FA F:7 D7367DE A8 F:7
7;9:F77@F: 3@6 @;@7F77@F: 57@FGD;7E
.:7@E5:A>3D>K;@F7D7EF;@F:7BA7FDKA8F:773D>KE7H7@F77@F:57@FGDKI3ED7H;H76
4K7D47DFD;7DEA@;@F:773D>KFI7@F;7F:57@FGDK?7F3B:ADD7?3;@76F:78A5GEA8
5D;F;5;E? @ 3@ 3FF7?BF FA 678;@7 F:7 BA7FDK A8 F:7 E7H7@F77@F: 57@FGDK ;@ :;E ;@FDA6G5F;A@
FA )8%4,=7-'%0 =6-'7 3)17 3* 8,) ):)28))28, )2896= D;7DEA@ :;9:>;9:FE
F:7 6;EF;@5F;H7 E;9@;8;53@57 A8 F:7 ?7F3B:KE;53> 5A@57;F FA F:7E7 BA7FEQ H7DE7 F :3EE;@57
A8F7@ 477@3D9G76 F:3F A@7 A8 F:7 57@FD3> 873FGD7E A8E7H7@F77@F:57@FGDK BA7FDK ;E F:7
5A@57;F 3@ 7>34AD3F7 ?7F3B:AD;@I:;5:RF:7?AEF:7F7DA97@7AGE ;673E3D7 KA=764K
H;A>7@57FA97F:7DS!A:@EA@63BF;@9F:;E5D;F;5;E? ;@ :;E 3@F:A>A9K A8
E7H7@F77@F:57@FGDK BA7FDK !;? G@F7D EG997EFE F:3F A@7 A8 F:7 678;@;@9 873FGD7E A8 F:7
5A@57;F ;E ;FE ;@F7D7EF @AF A@>K ;@ 7@:3@5;@9 F:7 AD;9;@3> ;?397 4GF ;@?AD78G>>KFD35;@9
F:7 D7>3F;A@E:;B 47FI77@ F:7EK?4A>3@6D787D7@F &@ F:7 AF:7D :3@6 +* >;AF
@AF34>K D7<75FE F:7 5A??A@ G@67DEF3@6;@9 A8 ?7F3B:KE;53> BA7FDK 3E 47;@9 F;76 FA >A@9
7JFD3H393@F ?7F3B:AD 3>F:AG9: :7 35=@AI>7697E F:7 GE7 A8 >A@9 6D3I@AGF 5A@57;FE :7
D7H73>E F:7D7 ;E <GEF 3E A8F7@RD3B;6 3EEA5;3F;A@ A8 F:AG9:FS>;AF 3E 3 BA7?
BDA9D7EE7E CG;5=>K F:DAG9: 6;887D7@F ;?397E %7H7DF:7>7EED75A9@;F;A@A8 F:7 5A?B>7J
?7F3B:AD A8 E7H7@F77@F:57@FGDK BA7FDK ;E 3 D75GDD;@9F:7?7 A8 ?A67D@ 5D;F;5;E?
#3F7DFI7@F;7F:57@FGDK5D;F;5;E?A8F:7BA7FDKA8F:7E7H7@F77@F:57@FGDKA8F7@
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
7J3?;@7EF:75>7H7DI;F3@6D:7FAD;53>E=;>>A8;FE?7F3B:ADEEG5:E5:A>3DE:;B+GH7
3D6@7D*:3?;3@6>A5=FA@3?7387ID79G>3D>K6D3IE3FF7@F;A@FAF:7BDA?;@7@F
EF3FGEA8?7F3B:AD;@F:7BA7FDK4GFD3D7>K7J3?;@7EF:7BAEE;4>75G>FGD3>;@8>G7@57EGBA@
F:7EFDG5FGD7A8?7F3B:AD.:;>7F:7K7JB>AD7F:75A?B>;53F76I3KE;@I:;5:BA7FE>;=7
!A:@A@@7;@F79D3F7;?397DK8DA?5A@F7?BAD3DKE5;7@F;8;56;E5AH7D;7EI;F:3?ADAGE
>KD;5EF:7K@7H7D7JB>AD73@KG@67D>K;@9D73EA@E3EFAI:KF:7E7BA7FE5A@FADFF:7;D
;?397E;@EG5:3>34AGD76?3@@7D+:73EEG?BF;A@E77?EFA47F:3FF:7E7BA7FEI7D7<GEF
47;@9P5>7H7DQ>AA=FAI3D6F:7BD7EEGD7EB>3576GBA@8;9GD3F;H7F:AG9:F4KF:7@9>;E:
)78AD?3F;A@:AI7H7DEG997EFEF:3FF:7D7?;9:F473?AD78G@63?7@F3>D73EA@8ADF:7
FADFGAGE@7EEA873D>K?A67D@?7F3B:AD@AF76O4GF@AF7JB>3;@76O4KF:7E7E5:A>3DE
#AG;E$3DFLQE4AA= ,) 3)86= 3* )(-8%8-32;@D7?76;7EF:7>35=A8
7JB>3@3FADKBAI7DA8BD7H;AGE5D;F;5;E?4K5A@@75F;@9F:7EFK>7A867HAF;A@3>BA7FDKFA
F:3FA85A@F7?BAD3DK67HAF;A@3>BD35F;57E$3DFLQE4AA=;E3>3@6?3D=;@5D;F;5;E?A8
E7H7@F77@F:57@FGDKH7DE7@AFA@>K4753GE7 3E@F:A@K #AI D7?3D=ER5D;F;5;E? A8
D7>;9;AGE H7DE7 :36 >39976 EA 83D 47:;@6 E75G>3D H7DE7 F:3F $3DFL I3E 3>?AEF F:7 8;DEF FA
4D;@9 ;F ;@FA F:7 FI7@F;7F: 57@FGDKS#AI J4GF3>EA4753GE7A8F:736676:;EFAD;53>
5A@F7JF:74D;@9EFA8AD?3>;EFEFG6;7E;EIAD= 4AF: 9DAIE AGF A8 F:7 73D>;7D IAD= 6A@7
4K D;7DEA@ 3@6 >;AF 3@6 3F F:7 E3?7 F;?7 5D73F7E 3 @7I 5D;F;53> FD36;F;A@ F:3F :3E
678;@76 EG557EE;H7 E5:A>3D>K 3BBDA35:7E FA E7H7@F77@F:57@FGDK 67HAF;A@3> BA7FDK
$3DFL AB7@E :;E 6;E5GEE;A@ A8 :;E 5:AE7@ 67HAF;A@3> F7JFE 4K D75A9@;L;@9 F:7 IAD=
A8 D;7DEA@ 3@6 >;AF :;9:>;9:F;@9 F:7R:;9:>K G@5A@H7@F;A@3> ;?397DK ;@5>G6;@9 F:7
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
I:A>7 D3@97 A8 :G?3@ 7JB7D;7@57 8DA? F:7A>A9K FA F:7 5A??A@7EF 67F3;> A8 476 3@6
4A3D6 3@P;@F7>>75FG3> 3D9G?7@F3F;H7 7HA>GF;A@Q I;F:;@ 735: BA7? 3PEFD3;@ A8 B3EE;A@3F7
B3D36AJ;53> D73EA@;@9 I:;5: =@;FE F:7 8;DEF >;@7 FA F:7 >3EFQ 3@6 I:;5: A8F7@ D7EG>FE ;@PF:7
7>34AD3F;A@ A8 3 8;9GD7 A8 EB775: FA F:7 83DF:7EF EF397 FA I:;5: ;@97@G;FK 53@ 53DDK ;FQS
$3DFL $3DFL6;887DE8DA?:;E5A@F7?BAD3D;7E:AI7H7D4KEG997EF;@9F:3F67HAF;A@3>
BA7FDK4ADDAI76EA?7A8;FE7>34AD3F7EFK>;EF;55:A;57E;@5>G6;@9;FER:;9:>K
G@5A@H7@F;A@3>;?397DKS8DA?7J;EF;@967HAF;A@3>BD35F;57E.:;>7 BD7H;AGE E5:A>3DE
3D9G76 F:3F F:7E7EFK>;EF;5 5:3D35F7D;EF;5E A873D>K?A67D@ H7DE7 47 G@67DEFAA6;@3>;?;F76
I3KF:DAG9: 5A@F7?BAD3DK :;EFAD;53> 3@6 5G>FGD3> ;@8>G7@57E $3DFL 3D9G7ERF:3F F:7 3DF A8
?76;F3F;A@ B>3K76 3 8G@63?7@F3> B3DF ;@ F:7 67H7>AB?7@F A8 F:7E7 CG3>;F;7ES$3DFL
?BADF3@F>K $3DFL FD;7E FA G@67DEF3@6 F:7 G@;CG7 EFK>7 A8 BA7FDK GE76 4K F:7 E7H7@F77@F:
57@FGDK BA7FE ;@ >;9:F A8 5A@F7?BAD3DK 67HAF;A@3> BD35F;57E7 3FFD;4GF7E F:7 EFDG5FGD7
3@6 EFK>7 A8 67HAF;A@3> H7DE7 FA BD35F;57E ;@ 4AF:)78AD?3F;A@ 3@6AG@F7D)78AD?3F;A@
?76;F3F;H7 FD36;F;A@E 5>3;?;@9F:3F?76;F3F;H7F:;@=;@9I:;5::7EG?EGB3ER@AFE;?B>K
6;>;97@FF:;@=;@94GFF:;@=;@967>;47D3F7>K6;D75F76FAI3D6F:767H7>AB?7@FA857DF3;@
EB75;8;57?AF;A@ES$3DFL;E3BD;?3DK;@8>G7@57;@8AD?;@9?3@KA8F:75A?B>7J
D:7FAD;53>3@6EFK>;EF;55:A;57EA8F:7E7BA7FEK3FFD;4GF;@94AF:EFK>;EF;53@6F:7?3F;5
7>7?7@FEA8F:7E7BA7?EFA73D>K?A67D@BD35F;57EA8?76;F3F;A@$3DFL@AFA@>K
;@FDA6G57EF:797@D7A867HAF;A@3>BA7FDKFA?A67D@5D;F;5;E?4GF3>EA;@;F;3F7EF:7
5D;F;53>6;3>A9G747FI77@D7>;9;AGE47>;783@6BA7F;5EFK>7
#;=7 $3DFL#AIQE IAD=7EB75;3>>K 3:)7 6',-8)'896) ):38-32%0 3()7 -2
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
):)28))28,)2896= 2+0-7, 3)86= 7J3?;@7E 67HAF;A@3> BD35F;57E5A@F7?BAD3DK
FA*AGF:I7>>3@6A@@7;@ AD67D FA G@67DEF3@6 F:7 67HAF;A@3> ?A67E 7JBD7EE76 F:DAG9:
H7DE7 #AIQE IAD= 7JF7@6E $3DFLQE 3D9G?7@F FA 5A@E;67D AF:7D BDA?;@7@F 67HAF;A@3>
BD35F;57E @366;F;A@FA ?76;F3F;H7 BD35F;57E#AI 3>EA 3@3>KL7EI:3F:753>>E F:7
FD36;F;A@E A8 HA53> BD3K7D 4AF: EBA=7@ 3@6 EG@9 E7@E;4>7 38875F;A@ 3@6 ;??76;3F7 35FE
I:;5: :7 3>EA 678;@7E 3E 5A@F7?B>3F;A@ AD ?KEF;5;E?7 GE7E :;E 3@3>KE;E A8 F:7E7 8AGD
FKB7E A8 67HAF;A@3> BD35F;57 FA EGBBADF :;E BD7?;E7 F:3FR9D73F D7>;9;AGE BA7FDK D7CG;D7E A8
;FE 3GF:AD @AF A@>K EFDA@9 83;F: 4GF 83?;>;3D;FK I;F: 7>34AD3F7 F75:@;53> EKEF7?E ;8 F:3F
83;F: ;E FA 47 EGBBADF76 3@6 5A@H7K76 FA AF:7DES#AI +:GE #AI 7JB>AD7E :AI F:7
RF75:@;53> EKEF7?ES A8 E7H7@F77@F:57@FGDK 67HAF;A@ 3D7 7JBD7EE76 F:DAG9:4AF: F:7EFK>7
3@65A@F7@FA8F:7 67HAF;A@3> BA7FDK A8 F:7 7D3#;=7$3DFLQE:AI7H7D#AIQE3@3>KE;E
>AA=EBD;?3D;>K3FF:7>3D97DBDA9D7EE;A@A8;673EI;F:;@F:7BA7?D3F:7DF:3@3F3@KA@7
EB75;8;5EFDG5FGD3>7>7?7@F>;=7?7F3B:AD
DF:GD >7?7@FEQE 3)86= 3* 328)140%8-32 3>EA8A>>AIEF:7$3DFL3@6
#AIFD36;F;A@ >7?7@FE EGDH7KE F:7 I3KE ;@ I:;5: F:7 5A@F7?B>3F;H7 3@6 ?KEF;53>
FD36;F;A@E A8 4AF:F:7 3F:A>;5 3@6 'DAF7EF3@F 5:GD5:7E ;@8>G7@57 F:7 H7DE7 A8 F:7
E7H7@F77@F: 57@FGDK 7 5>3;?E ;@ AD67D FA 5A?B>;53F7 $3DFLQE ?76;F3F;H7 3D9G?7@F F:3F
REA?7 A8 F:7;D BA7?E 3D7 5A@H7@F;A@3>>K D7>;9;AGE 3@6 B;AGE EA?7 3D7 ?3;@>K
?76;F3F;H7 4GF AF:7DE GEG3>>K F:7;D ?AEF 6;EF;@9G;E:76 3@6 :;9:>K D793D676 BA7?E :3H7
BDA8AG@6 3@6 BAI7D8G> ?KEF;53> 7>7?7@FE ;@ F:7? EA?7F;?7E 3>A@9E;67 F:7 B;AGE 3@6
?76;F3F;H7 7>7?7@FES>7?7@FE J;;.:;>7>7?7@FEQE3D9G?7@F;@5>G67E3@3@3>KE;EA8
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
F:75A@@75F;A@47FI77@?KEF;53>5A@F7?B>3F;A@3@65A?B>7J;FK;@BA7F;5;?397DK:;E
8A5GE;E?AD797@7D3>;@E5AB7F:3@?KBDA<75FD787D7@5;@9F:77@F;D7FA@7A8F:7IAD=
D3F:7D F:3@EB75;8;5EFDG5FGD7E
;@3>>K )3?;7 +3D9A88QE IAD= 311326%=)6 ,)%2+9%+)3*9&0-'
):38-32-2%60=3()622+0%2( 3>EAGE7E67HAF;A@3>BD35F;57FA7JB>AD7BA7F;5
EFDG5FGD7E +3D9A88 7JB>AD7E :AI F:7 EFDG5FGD7 A8 F:7@9>;E: 33/ 3* 31132 6%=)6
5A@F3;@E >3@9G397 3@6 67HAF;A@3> EFDG5FGD7E F:3F I7D7 GE76 4K F:7 BA7FE A8 F:7
E7H7@F77@F: 57@FGDK $AD7AH7D ;@ 3@ 7EE3K BG4>;E:76 ;@ +3D9A88 3D9G7E F:3F
;F ;E A@>K 4K 7JB>AD;@9 F:7 F:7A>A9;53> 788;535K F:3F F:7 EF34>;E:76 :GD5:
3FFD;4GF76 FA 8AD?3> B7D875F;A@ ;@ BD3K7D F:3F I7 53@ 479;@ FA G@67DEF3@6 F:7
B3DF;5G>3D ?AF;H3F;A@E A8 E7H7@F77@F:57@FGDK D7>;9;AGE BA7FDK12 F:7
E7H7@F77@F:57@FGDK 67HAF;A@3> >KD;5 6;6 @AF E;?B>K 7?7D97 8DA? F:7 5A@8>;5F76
3@6 ;6;AEK@5D3F;5 HA;57 A8 BD;H3F7 47>;78 4GF 3>EA D7>;76 :73H;>K GBA@ F:7RFG@;@9S
A8 F:7 IADE:;BB7DQE ;@F7D@3> 5A@6;F;A@ FA F:7 7JF7D@3> B3FF7D@E A8 F:7 BA7F;5 AD
>;FGD9;53> F7JFR+:7 'A7F;5E A8 A??A@ 'D3K7DS
#;=7 $3DFL #AI 3@6 >7?7@FE +3D9A88 7JB>AD7E F:7 EFDG5FGD7E A8 5A@F7?BAD3DK
67HAF;A@3> BD35F;57 ;@ B3D3>>7> FA F:7 EFDG5FGD7 A8 BA7FDK#;=7:7DBD76757EEADE:AI7H7D
+3D9A883>EA>;?;FE:7DEFG6KFAF:7>3D97DEFDG5FGD7A8;673EI;F:;@3BA7?3@6A@>K
F3@97@F;3>>K7J3?;@7E?AD7EB75;8;5?7F3B:AD;53>F7@67@5;7E
.:;>7F:7E7E5:A>3DE$3DFL#AI>7?7@FE3@6+3D9A88A887DH3>G34>7;@E;9:F
;@FAF:7@G3@576EG4F>7F;7EA8E7H7@F77@F:57@FGDK67HAF;A@3>H7DE7 3?>7EE;@F7D7EF76
;@7JB>AD;@9F:7;??76;3F7;?;F3F;A@A8EFK>7F:3@ 3?;@G@67DEF3@6;@9F:78G@63?7@F3>
E:;8F;@8;9GD3F;H7F:;@=;@93E:;8FF:3F8;@6E;FE8A53>BA;@F;@F:7H3D;AGEEFDG5FGD7EA8
?7F3B:ADEABDA?;@7@F;@F:7E7BA7?E+:7 ?7F3B:AD;53> 7JBD7EE;A@EA8*AGF:I7>>3@6
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
A@@7 3D7 ?AD7 5A?B>7J F:3@ F:7E7?AD797@7D3> EFG6;7E 53@6;E5AH7D35:A8F:7
38AD7?7@F;A@765D;F;5EEFG6;7EF:7>3D97DEFDG5FGD7EA83BA7?I;F:A@>K5GDEADK
5A??7@FE34AGF?7F3B:AD;53>EFDG5FGD7EI7:3H7E77@:AI7H7D?7F3B:AD;53>
7JB7D;?7@F3F;A@;E3BD77?;@7@F5:3D35F7D;EF;5A873D>K?A67D@BA7FDK3@6D7CG;D7E?AD7
8A5GE76E5:A>3D>KFD73F?7@FF:3@F:7E797@7D3>FD73F;E7E53@BDAH;67
$KEFG6K3>EA6;887DE8DA?$3DFL )8%04753GE7;@EF736A87J3?;@;@9AF:7D73D>K
?A67D@7JBD7EE;A@EA867HAF;A@;@AD67DFAG@67DEF3@6F:75:3@9;@98AD?EA8BA7FDK
3@3>KL7F:7DAAF?3@;87EF3F;A@A85:3@9;@9F:AG9:FF:7A>A9K.:;>7F:767HAF;A@3>
BD35F;57E7J3?;@764KF:7E7E5:A>3DE53@BDAH;67H3>G34>7;@E;9:F;@FAF:75GDD7@F
D7>;9;AGE7@H;DA@?7@FF:7K3D7F:7?E7>H7E;@8>G7@5764KF:7677B7D5:3@97E;@D7>;9;AGE
3@6F:7A>A9;53>F:;@=;@9$AD7AH7DF:7AH7D>3B47FI77@67HAF;A@3>?A67E3@6
67HAF;A@3>BA7FDKA4E5GD7EF:7677B7D5:3@97EA55GDD;@93FF:7>7H7>A8EK?4A>;5F:AG9:F
3E5A@F7?BAD3DK?7F:A6EA8BD3K7D3@6?76;F3F;A@3D7BD;?3D;>KBA7F;5;@@3FGD73@6
67HAF;A@3>BA7FDK;E;@835F;FEAI@8AD?A867HAF;A@3>BD35F;57+:7D78AD73E4AF:3@
7JF7@E;A@A83@6EGBB>7?7@FFAF:;EBD7H;AGEIAD=?KEFG6K?AD75>AE7>K7J3?;@7EF:7
F:7A>A9;53>67H7>AB?7@FE3FF:7DAAFA867HAF;A@3>5:3@97
+:7F:7A>A9;53>67H7>AB?7@FE3FF:78AG@63F;A@A8D7>;9;AGE5:3@97I:;>78GDF:7D
D7?AH768DA?BA7FDKA887D?AD7;??76;3F73557EEFAF:7;673EE:3B;@9BABG>3D
G@67DEF3@6;@9A88;9GD3F;H7F:AG9:F6?;FF76>KF:;E8A5GEA@F:7A>A9K?73@EF:3F I;>>
:3H7FA6A?AD7IAD=FA5A@@75FF:79D73F7D6;EF3@5747FI77@F:7A>A9K3@6BA7FDK
:AI7H7DEA?7A8F:;EIAD=:3E3>D736K477@355A?B>;E:764KAF:7DE5:A>3DE#7I3>E=;
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
)AEE/AG@93@6*5:I3DFLI:AEFG6KE7H7@F77@F:57@FGDKBA7FDK;@>;9:FA8F:7
F:7A>A9;53>67H7>AB?7@FEA8F:7)78AD?3F;A@
FF:757@FD7A8?A67D@F:7A>A9;53>>K43E765D;F;5;E?;EF:73FF7?BFFA 6D3I 3
6;EF;@5F;A@ 47FI77@ 3 3F:A>;5 3@6 3 'DAF7EF3@F BA7F;5+:;E B3DF;5G>3D FD36;F;A@;E ?AEF
83?AGE>K D7BD7E7@F76 ;@ #7I3>E=;QE 638)78%28 3)8-'7 %2( 8,) ):)28))28,)2896=
)0-+-397 =6-' 3@6;FFKB;53>>KG@67DEF3@6E @9>;E: BA7FDK A8 F:7 E7H7@F77@F:
57@FGDK FA47 3 D7BD7E7@F3F;A@ A8 3G@;CG7>K 'DAF7EF3@F BA7F;5 78AD7 #7I3>E=;53?7 FA
F:7 6787@57 A8 F:7'DAF7EF3@F BA7F;5 :AI7H7D $3>5A>? )AEE >3?7@F76 F:7 >AEE A8
3F:A>;5 E35D3?7@F3> >3@9G397 ;@ :;E 4AA= 3)86= 3+1% 7 5>3;?EI;F:
D793D6FA?7F3B:AD;53>F:AG9:F F:3FRF:7D7 ;E 3 D7HA>GF;A@3DK >73B 47FI77@ F:7 3F:A>;5
3@6 )78AD?3F;A@ 5K5>7E 3@6 F:;E >73B A55GDE 3F F:7 >7H7> A8 6A9?3F;5 EK?4A>S)AEE
)AEE E77E EA?7F:;@9 B7DH7DE7 7?BFK 3@6 3@F;BA7F;5;@>3F7D E7H7@F77@F:57@FGDK H7DE7
3@6 :7 4>3?7E F:;E >35= A85D73F;H;FK A@ F:7 ;?39;@3F;H7 D7EFD;5F;A@E A8'DAF7EF3@F
F:7A>A9K7F:GEG@67DEF3@6EF:77>34AD3F7?7F3B:ADE8AG@6;@F:7BA7FDKG@67DEFG6K
:7D73ED7?@3@FEA833F:A>;5IAD>6H;7I '3DF;5G>3D>K A8 5A@57D@ 8AD )AEEQE3@3>KE;E ;E
F:7 >AEE A8 F:7 E35D3?7@F3> G@67DEF3@6;@9 A8 F:7 G5:3D;EF 3@ ;673 F:3F I;>> 478GDF:7D
7JB>AD76 >3F7D ;@ F:;E F:7E;E
F;E8DA?)AEEQE5D;F;CG7A8F:7?7F3B:KE;53>BA7FEF:3FF:;EF:7E;E8;DEFFAA=DAAF I3ED7E73D5:;@9
3B3B7DA@F:7?A67D@5>3EE;8;53F;A@A8?7F3B:KE;53>BA7FEI:7@ D7363E:ADF3DF;5>74K$3>5A>?)AEE
53>>76R%AF7A@F:7$7F3B:KE;53>ESFF:77@6A8:;EB3B7D:7EG997EF76F:3FRB7D:3BEF:7?7F3B:KE;53>
?A67;E35>GF5:;@938F7DEFD3I3EF:73@5;7@F4D;5=E1A83F:A>;56A9?3F;E?25DG?4>7S)AEE 6;6
@AF:3H7EB357FA7JB>AD7F:7;673A8F:7?7F3B:KE;53>?7F3B:AD47;@95A@@75F76FA3F:A>;5
E35D3?7@F3>;E?;@F:3FB3B7D4GF;@?KA@AGDQEF:7E;E 7JB>AD76F:7;@8>G7@57A83F:A>;5F:7A>A9KA@
A@@7QEE75G>3D?7F3B:ADE+:79DAG@6IAD=I:;5: >3;6;@F:3F7EE3K8AD?76F:743E;E8ADF:7?AD7
@G3@576D736;@9A887D76;@F:;EF:7E;E
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
#7I3>=E; A@ F:7 AF:7D :3@6 I:;>7 7JB>AD;@9 F:7 E3?7 B:7@A?7@A@ D75A9@;L7E
F:77JB>AE;H79DAIF:;@'DAF7EF3@F 67HAF;A@3> BA7FDK AD #7I3>E=; F:7 H3>G7E A8 F:7
'DAF7EF3@F)78AD?3F;A@ D7H;F3>;L76 67HAF;A@3> BA7FDK 'D;AD;F;L;@9F:7 E5D;BFGD7E
:;9:>;9:F76 F:7 BA7F;5 >3@9G397 A8 F:7'E3>?E 3@6 F:7 H3EF EFAD7 A8E5D;BFGD3> ;?397DK
BDAH;676 ?G5: ?3F7D;3> 8AD 'DAF7EF3@F BA7FE #;=7I;E7 F:7 'DAF7EF3@F 7?B:3E;EA@F:7
BDA57EEA8 B7DEA@3> E3>H3F;A@ ;@5>G6;@9 F:7 3>H;@;EF;5 3@9EF AH7D A@7QE BD767EF;@3F;A@
5D73F76 3R'DAF7EF3@F'3G>;@7 B3D36;9? A8 E3>H3F;A@S#7I3>E=; F:3F#7I3>E=;
3D9G7E ;E 57@FD3> FA ?G5: A8 F:7 67HAF;A@3> H7DE7 A8 F:7 B7D;A6 #7I3>E=;QE IAD= >;=7
$3DFLQE :3E 475A?7 E7?;@3> ;@ F:7 5D;F;53> FD36;F;A@ A8 67HAF;A@3> BA7FDK .:;>7 ?3@K A8
:7D 5A@5>GE;A@E:3H7477@ CG7EF;A@76 4K >3F7D 5D;F;5E :7D IAD= ;E D7BD7E7@F3F;H7 A8 3
>3D97D ?AH7?7@F FA 3FFD;4GF7 EB75;8;5 EFK>;EF;5 3@6 F:7?3F;5 5:3D35F7D;EF;5E A8 3 BA7? FA
7;F:7D 3 'DAF7EF3@F AD 3F:A>;5 FD36;F;A@
*G5:EFG6;7E;@FAF:7F:7A>A9;53>@3FGD7A83BA7?:AI7H7DA8F7@AH7DE;?B>;8K
F:75A?B>7J;F;7EA8F:7A>A9;53>6;H;67E+:7E7EFG6;7E@757EE3D;>K9>AEEAH7DF:7@G3@576
@3FGD7A8F:7?3@K)78AD?3F;A@E3@6AG@F7D)78AD?3F;A@EA8E;JF77@F:3@6
E7H7@F77@F:57@FGDK@9>3@6;9@AD;@9F:77JF7@FFAI:;5:F:7A>A9;53>FD36;F;A@E
;@F7D35F763@6AH7D>3BB76
@D7EBA@E7FAF:;E5D;F;5;E?)-/AG@9QE4AA= 3'86-2) %2( ):38-32 -2
H;67@57A8E5D;BFGD3>4ADDAI;@953@47E77@?AEF5>73D>K;@*AGF:I7>>QER*3;@F'7F7DQEA?B>3;@FS
3@6A@@7QE RA>K*A@@7F3FF7D?K:73DFF:D77B7DEA@76A6S @4AF:A8F:7E7BA7?EF:7EB73=7DE
4AF:D7>KGBA@E5D;BFGD3>;?397DK3@6K7F7JB3@6F:7;D;?397DK47KA@6;F
*77)-/AG@9QE 3'86-2)%2():38-32-2):)28))28,)2896=3)86= 3@6A7D=EA@3@6
A69=;@E )28)6)(2 ,)#36(@8AD3B3DF;3>>AA=3FF:75D;F;53>FD36;F;A@A8F:7R'DAF7EF3@FBA7F;5S
3@6;FE5D;F;5E
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
):)28))28,)2896= 3)86= E77=EFAFDAG4>7F:7;673A83'DAF7EF3@FBA7F;5 7
5>3;?E F:3FEG5:35A@57BFR;E 43E76 A@ 3 E;?B>;EF;5 3@6 ;@355GD3F7 H;7I A8 F:7 6A5FD;@3>
;EEG7E A8 F:7 )78AD?3F;A@ 7D3S 3@6F:3F;F ;9@AD7E F:7 BAEE;4;>;FK F:3FRF:7 E3?7 873FGD7E
A8 F:7?7 3@6 EFK>7 ?;9:F @AF 47 3H3;>34>7 ;@ 5A@F7?BAD3@7AGE 3F:A>;5 BA7FDKS/AG@9
@7JB>;5;F>KFDK;@9FA3HA;6EG5:AH7DE;?B>;8;53F;A@4K6D3I;@9F:7FIA:D;EF;3@
FD36;F;A@EFA97F:7D:AI7H7D/AG@9E77?EFA@793F7F:7H7DK3D9G?7@F:7;EFDK;@9FA
?3=7F:3F6A5FD;@738875FEBA7FDK.:;>773D>;7DF:7A>A9;53>5D;F;5;E?3FF7?BF76FA
3EEA5;3F757DF3;@6A5FD;@7E7;F:7D'DAF7EF3@FAD3F:A>;5I;F:36;EF;@5FEFK>7A8BA7FDK
/AG@9BD;?3D;>K3D9G7EF:3FF:D7757@FD3>;EEG7EA86A5FD;@3>5A@F7@F;A@;@F:7
)78AD?3F;A@O9D357E35D3?7@F3@6E5D;BFGD7OI:;5:BDABA@7@FEA83'DAF7EF3@FBA7F;5
E773E;@8>G7@F;3>;@E7H7@F77@F:57@FGDKH7DE73D73>EABD7E7@F;@5A@F;@7@F3>3F:A>;5
F:7A>A9K3@6BA7FDK
@5A@FD3EFFA3R'DAF7EF3@FBA7F;5S33F:A>;5BA7F;53@6/AG@9QEG@;8;76BA7F;5
F:;EF:7E;E7J3?;@7EF:7;?B35FA8F:7A>A9K34AGFE35D3?7@F3@6E5D;BFGD7A@BA7FDK@AF
3EBDAH;6;@96;E5D7F76A5FD;@7E4GFD3F:7DAB7@;@93>;?;@3>EB35747FI77@5A@FD3EF;@9
6A5FD;@3>EF3F7?7@FE 3D9G7F:3FF:7H;A>7@57I;F:I:;5:F:7E76A5FD;@3>EF3F7?7@FE3D7
CG7EF;A@76GBDAAF763@67J3?;@76I;F:;@@9>3@6D7EG>FE;@3@G@57DF3;@FK34AGFF:7
5ADD75FAD7H7@BAEE;4>7DA>7EA88;9GD3F;H7>3@9G397;@5D73F;@9?73@;@9
$KF:7E;E3>EA6;887DE8DA?BD7H;AGEIAD=A@F:7F:7A>A9;53>;?B35FA@BA7FDK;@
F:3FBD7H;AGEEFG6;7E:3H7477@BD;?3D;>K;@F7D7EF76;@F:7 /-2(A8F:7A>A9KD7BD7E7@F76;@
F:7EG4<75F?3FF7DA8F:7BA7?O6743F;@9I:7F:7D3BA7?QEEB73=7DAD7H7@BA7F;E
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
3F:A>;5AD'DAF7EF3@F3>H;@;EFADD?;@;3@D;F;5;E?A8F:;EEADFA8F7@7J3?;@7EF:7
I3KEF:3FF:7EB73=7DA83BA7?;@F7D35FEI;F:F:76;H;@7)3F:7D 3?EB75;8;53>>K
;@F7D7EF76;@F:7?3@@7D;@I:;5:F:7E7BA7?EGE78;9GD3F;H7>3@9G397 I3@FFA
BD;AD;F;L7F:7 ;%=?73@;@9;E5D73F76F:7D7>3F;A@E:;B47FI77@EK?4A>3@6D787D7@F3E
ABBAE76FA ;,%8;E47;@9E3;6F:7?7ADEG4<75F
8GDF:7D;@@AH3F;A@A8?KEFG6K;E3?AD78A5GE76>AA=3F8;9GD3F;H73@6
?7F3B:AD;53>>3@9G397*FG6;7E;@FAF:7D7>3F;A@E:;B47FI77@F:7A>A9K3@6BA7FDK
FKB;53>>K7J3?;@7F:7AH7D3>>EFDG5FGD7A8F:7BA7?3EABBAE76FA>A53>;L76?7F3B:AD;53>
;?397DKA@E7CG7@F>KBA7?E53@477JB>3;@763ED78>75F;@93F:A>;5?76;F3F;H7
EFDG5FGD7E$3DFLAD7JBD7EE;H7A83@;@6;H;6G3>QEEFDG99>7FA8;@6D767?BF;A@
#7I3>E=;I;F:AGF6G75A@E;67D3F;A@9;H7@FAF:77>7?7@FEF:3FBDA6G57F:7E7>3D97D
78875FE.:;>7F:7EB75F35G>3D?7F3B:ADEA8F:7E7H7@F77@F:57@FGDK3D7A8F7@F3>=76
34AGFF:7E76;E5GEE;A@E3D7GEG3>>K>;?;F76FA35A@E;67D3F;A@A8:AIF:7;?397DKA8F7@
4ADDAI768DA?E5D;BFGD7EGBBADFE57DF3;@E5D;BFGD3>F:7?7E;@F:7BA7?K7J3?;@;@9
F:7EFK>7A8F:7I:A>7BA7?E5:A>3DE:3H7A8F7@9>AEE76AH7DF:743E;57>7?7@FEA8F:7E7
BA7?E3@6:3H7?;EE76F:7@G3@576EFDG5FGD7EA8?7F3B:ADF:3F3D7677B>K38875F764K
F:7E3?7F:7A>A9;53>6A5FD;@7EF:7K6;E5GEE7>E7I:7D7
D757@FIAD=4K)79;@3*5:I3DFL %'6%1)28%03)8-'7%88,)%;23*
)'90%6-71:AI7H7D6A7E8A5GE>7EEA@F:7?7F3EFDG5FGD7EA8E7H7@F77@F:
57@FGDK67HAF;A@3>BA7FDK3@66;E5GEE7E;@9D73F7D67F3;>F:75A@E7CG7@57EA8F:7
E75G>3D;L3F;A@A8?7F3B:AD;@F:7BA7FDKA8F:7B7D;A6*:73FF7?BFEFA>AA=3FF:7
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
RE35D3?7@F3>S?7F3B:ADEA8F:7F;?7B7D;A63ED7EBA@E7EFAF:75D;E;EA8E35D3?7@FI;F:;@
F:75:GD5:*:75>3;?EF:3FR3E35D3?7@F3>BA7F;5E:7@57;E@AF388>;5F764K
7?43DD3EE?7@F3FF:7BAH7DFKA8E;9@E3FF:7;@7BFI3KE;@I:;5:>3@9G39783>>EE:ADFA8
5A@H7K;@9F:7E35D76 @;FE;9@E3D77?BAI7D76FA4778875F;H7O;8@AFFA5A@H7K9D357
F:7@FA5:3@97F:7;D:73D7D;8@AFFA9D3@F:;?7F7D@;FKF:7@FA?3@;87EF3IAD>6S
*5:I3DFL7EB;F7F:7F:7A>A9;53>5:3@97EFAEK?4A>;5?73@;@9E:73D9G7EF:3FF:7
BA7FDK?3;@F3;@E5A@8;67@57;@8;9GD3F;H7>3@9G397$3@K?7F3B:ADEA8F:7B7D;A6D78>75F
F:;E;673A83E35D3?7@F3>?7F3B:AD:AI7H7D:7D3D9G?7@F6A7E>;FF>7FA355AG@F8ADF:7
AF:7DEFDG5FGD7EA8?7F3B:ADF:3F3D7@AFEB75;8;53>>KE35D3?7@F3> @6776D3F:7DF:3@
?7F3B:ADEF:3FD75D73F7F:7E35D3?7@F3>D7>3F;A@E:;B;@?G5:A873D>K?A67D@BA7FDKI7
E77?7F3B:ADEF:3F *%-0FA7?4A6KF:;EB7D875FD7>3F;A@E:;B.7E77FADFGAGE3@6
;@5A?B>7F7?7F3B:ADEI:;5:I:;>73?4;F;AGE3D7EFDG99>;@9FA5A@@75FF:7;D5A?BA@7@F
;?397E;@3?73@;@98G>I3K$KF:7E;E3FF7?BFEFAG@67DEF3@6F:75A7J;EF7@57A84AF:
E35D3?7@F3>3@6@A@E35D3?7@F3>D7BD7E7@F3F;A@3>;?397DK3E3@7?4A6;?7@FA8F:7
3@9EFEGDDAG@6;@9?7F3B:AD;53>D7BD7E7@F3F;A@4753GE7A8F:7G@57DF3;@@3FGD7A8
F:7A>A9;53>6A5FD;@7E
*5:A>3D>KFD73F?7@FA8F:7BA7FDKA8)A47DF*AGF:I7>>3@6!A:@A@@7:3E
47@78;F769D73F>K8DA?F:7H3D;AGEF:7AD7F;53>3BBDA35:7EEGDH7K76:7D7:AI7H7D3E
:3H73D9G76F:DAG9:AGFF:78A5GEA8F:7E7E5:A>3D>KBDA<75FE:3E@AF367CG3F7>K
366D7EE7638G@63?7@F3>7>7?7@FA8F:7;DBA7F;57JBD7EE;A@+:7?7F3B:ADEA8*AGF:I7>>
3@6A@@73@6F:7I3KEF:3FF:7KEFDG5FGD7F:78;9GD3F;H7D7>3F;A@E47FI77@F:7;D;?397E
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
8;DEF@AF764K;@F:77;9:F77@F:57@FGDK4K*3?G7>!A:@EA@EF;>>D7CG;D78GDF:7DEFG6K
$K678;@;F;A@A8?7F3B:AD;E@757EE3D;>K7JB3@E;H7;@AD67DFA7@5A?B3EEF:7
?3@K6;887D7@FEFK>7EA88;9GD3F;H7D7BD7E7@F3F;A@GF;>;L764KF:7E7BA7FE+:7?7F3B:ADE
A8*AGF:I7>>3@6A@@76A@AF3>I3KE7CG3F7A@7EK?4A>I;F:A@7?73@;@9F:7D78AD7
?KEFG6KA8?7F3B:AD?GEF7?4D357F:7?3@KI3KE;@I:;5:F:7EK?4A>;5;?397DKA8
F:7;DBA7FDK;EF3=7@GB3@65A?B>;53F76A@E7CG7@F>KF:;EEFG6KA8*AGF:I7>>3@6
A@@7QEBA7FDK6A7E@AFE:K3I3K8DA?6;E5GEE;@93>>79ADKEK@756A5:7?7FA@K?K3@6
AF:7DFKB7EA88;9GD3F;H7>3@9G3973>>G@67DF:7F;F>7A8?7F3B:AD )3F:7DF:3@53F79AD;L7
F:7F75:@;CG7EI;F:I:;5:F:7E7BA7FEID;F78;9GD3F;H7>KF:;EF:7E;E7JB>AD7EF:7I3KE;@
I:;5:F:7E7BA7FE ()*=53F79AD;L3F;A@I;F:F:7;D6D3?3F;57JB7D;?7@F3F;A@I;F:F:7
?73@;@9?3=;@9BAEE;4;>;F;7EA88;9GD3F;H7>3@9G397 >F:AG9:F:;EF:7E;EI;>>A8F7@GE7F:7F7D?EREK?4A>S3@6RD787D7@FSFAEB75;8K
F:7;?397GE76EK?4A>;53>>K3@6F:3FI:;5:;ED787DD76FA4KF:7;?397D7EB75F;H7>KF:7
I3KEF:3FF:7E7BA7FEGE7F:7E77>7?7@FE3D75A@EF3@F>K5:3@9;@9*A?7F;?7EF:7D787D7@F
475A?7EEG4EG?76;@FAF:7EK?4A>3E;@F:73F:A>;5E35D3?7@FE3FAF:7DF;?7E
:AI7H7DF:7EK?4A>5A?7EFAD7BD7E7@F?AD7F:3@A@7F:;@9AD7H7@475A?7E6;HAD576
7@F;D7>K8DA?3@KD787D7@F F;EF:;E7HA>H;@9D7>3F;A@E:;B47FI77@EK?4A>3@6D787D7@FO
+:DAG9:AGFF:;EF:7E;E GE7F:7F7D?E8;9GD3F;H7>3@9G3973@6?7F3B:AD;@F7D5:3@9734>KFAD787DFA
F:7D7>3F;A@E:;B47FI77@;?397DK3@6?73@;@9
$KEFG6K5AG>647@78;F8DA?3?AD753D78G>>K67>;@73F76678;@;F;A@A8?7F3B:AD3EA887D76;@4AF:
B:;>AEAB:;53>3@6>;F7D3DKF:7AD;7EA8?7F3B:AD:AI7H7D8ADF:;EB3DF;5G>3DEFG6K 5:AE7FA8A5GE?AD7
5>AE7>KA@F:778875FA8F:7A>A9KA@8;9GD3F;H7F:AG9:F3@6>3@9G3973@78875FK7FFA47EFG6;76;@9D73F
67F3;>.:;>7F:7IAD=A8F:7AD;EFE>;=73D>3GE?3@!3@776>7K3DA>6*=G>E=K3@6!AE78*F7D@FA
@3?7387I5AG>6BDAH;678GDF:7D;@E;9:F;@FA?K3@3>KE;EA8?7F3B:ADF:7E5AB7A8F:;EF:7E;E6A7E@AF
3>>AI8ADF:7;@5>GE;A@A8F:7;DF:7AD;7E
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
47FI77@EK?4A>3@6 1)%2-2+OF:3F;E5:3>>7@976;@)78AD?3F;A@F:7A>A9K7JB7D;?7@F76
I;F:;@F:7BA7FDKG@67DEFG6K3@6E7DH7E3EF:78A5GEA8F:;EF:7E;E
EF:73@J;7FKEGDDAG@6;@98;9GD3F;H7F:AG9:FF:3F3DAE76GD;@9F:7@9>;E:
)78AD?3F;A@BDAH;67EF:75A@F7JF8AD?K3@3>KE;E;@FA?7F3B:AD;53>7JB7D;?7@F3F;A@;@
*AGF:I7>>3@6A@@7?K8;DEF5:3BF7D7J3?;@7EF:767EF34;>;L;@9;@8>G7@57EA8F:7E7
F:7A>A9;53>6743F7E+:7B7DH3E;H7EFD73?EA8F:AG9:F34AGFF:7E35D3?7@FE3@64;4>;53>
;@F7DBD7F3F;A@38875FF:773D>K?A67D@G@67DEF3@6;@9A88;9GD3F;H7F:AG9:F3@6F:7
@9>;E:G@57DF3;@FKEGDDAG@6;@9F:7E76A5FD;@7E343@6A@E8;9GD3F;H7F:AG9:FI;F:AGF3
8;D?9DAG@6;@9;@7;F:7D6A5FD;@7>73H;@9BA7FEFAIAD=AGF8ADF:7?E7>H7E:AI?7F3B:AD
53@5D73F7?73@;@9$K3;?;@F:;EF:7E;E;E@AFFA678;@73EB75;8;53>>K3F:A>;5AD
'DAF7EF3@FG@67DEF3@6;@9A8?7F3B:AD4GFD3F:7DFA@AF7F:3FD793D6>7EEA8A@7QED7>;9;AGE
388;>;3F;A@F:7E7)78AD?3F;A@F:7A>A9;53>6743F7E5:3>>7@97F:7788;535KA8
D7BD7E7@F3F;A@3>>3@9G3973@65:3@97F:7BAEE;4;>;F;7EA8?7F3B:AD
:3H7 675;676 A@ F:7 F7D?PF:7A>A9;53> 37EF:7F;5QFAD787DFAF:;E5D;E;EA8
D7BD7E7@F3F;A@4753GE7I;F:;@ F:7 6743F7E AH7D :D;EF;3@ F:7A>A9K I:;5: 38875F76 7H7DK
3EB75F A8 73D>K ?A67D@ >;87 ;@ @9>3@6F:7D73>EA7J;EF7636743F7AH7DF:7BD35F;53>
>;?;FEA88;9GD3F;H7>3@9G3973F:A>;53@6'DAF7EF3@FF:7A>A9;53>6;EF;@5F;A@EEG997EF
6;887D;@9BAEE;4;>;F;7E3@6>;?;F3F;A@E8AD8;9GD3F;H7F:AG9:F:AI7H7D6G7FAF:78>G;6;FK
A835FG3>)78AD?3F;A@F:7A>A9KF:7D7;E3B7DH3E;H7G@57DF3;@FK3@6HA>3F;>;FK;@F:7
?3@@7D;@I:;5:BA7FE>;=7*AGF:I7>>3@6A@@7E77?FAGE7?7F3B:AD.7E77BA7FE
EFDG99>;@9FA678;@73@6GE7?7F3B:ADI;F:;@F:7;DBA7FDKG@67DEF3@6;@9?7F3B:AD;@
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
@7;F:7D3F:A>;5@AD'DAF7EF3@FF7D?ED3F:7DF:3@7JBD7EE;@9F:7?7F3B:ADE;@3?3@@7D
5A@E;EF7@FI;F:A88;5;3>6A5FD;@3>EF3F7?7@FE+:7D78AD7;@?K8;DEF5:3BF7D3>F:AG9:
I;>>FD357F:7F:7A>A9;53>6743F7EEGDDAG@6;@9F:7G5:3D;EF3@6E5D;BFGD3>;@F7DBD7F3F;A@
I;>>>A53F7?K6;E5GEE;A@E34AGFF:7AGF5A?7E8AD8;9GD3F;H7F:AG9:F;@F:7G@57DF3;@FK
47FI77@F:76;887D;@96A5FD;@3>EF3F7?7@FE
479;@?K8;DEF5:3BF7DI;F:36;E5GEE;A@A8F:76743F7EEGDDAG@6;@9F:7
E35D3?7@FA8F:7G5:3D;EF;@I:;5:F:7F:7A>A9K6A7E@AF?7D7>K38875FF:7I3KA@7
B3DF3=7EA8F:77>7?7@FE4GF3>EAF:7I3K;@I:;5:A@7G@67DEF3@6EF:7EK?4A>;E?A8F:7
4D7363@6I;@7FA5D73F7?73@;@9 8;DEFFD357F:7;?BADF3@F6A5FD;@3>6;887D7@57E
47FI77@F:73F:A>;5G5:3D;EF3E7JBD7EE76;@F:7AG@5;>A8+D7@F 3@6F:7
'DAF7EF3@F6A5FD;@7EA8#GF:7D0I;@9>;3@6BD;?3D;>K3>H;@ F;E;?BADF3@FFA
G@67DEF3@6F:3F3>F:AG9:F:7@9>;E:5:GD5:A88;5;3>>KEB75;8;7657DF3;@6A5FD;@3>
BAE;F;A@E;@ ,) ,-68=-2)68-'0)73*8,),96',3*2+0%2(F:7E76A5FD;@7EA8F7@
D7?3;@76H39G77@AG9:FA3>>AI8ADEA?7H3D;3@578AD;@6;H;6G3>47>;7H7DE$AD7AH7D
4753GE7A8F:79D36G3>3@6D79;A@3>5:3@97EFABABG>3D47>;783@6F:775>75F;5@3FGD7A8
B7DEA@3>D7>;9;A@@9>;E:47>;78EEB3@F:7EB75FDG?47FI77@3>>A8F:7H3D;AGE5A@F;@7@F3>
+:7AG@5;>A8+D7@FE7DH7E3E?KBD;?3DKEAGD57A8A88;5;3>3F:A>;56A5FD;@747;@9F:7?AEF
D757@F3@65A?BD7:7@E;H77JBD7EE;A@A873D>K?A67D@3F:A>;5F:7A>A9K+:7;EEG7EF:3FF:7AG@5;>
366D7EE7E;@5>G6;@9F:AE76A5FD;@7EI:;5:F:7KD7388;D?3@6F:AE7I:;5:F:7K?A6;8K3D78AD?G>3F76;@
6;D75FD7EBA@E7FAF:75:3>>7@97EBAE764KF:7'DAF7EF3@F)78AD?3F;A@
+:7D73EA@E8AD5:AAE;@9F:7E7F:7A>A9;3@EAH7DEB75;8;53>>K@9>;E:F:7A>A9;3@E3D7B3DF;3>>K
366D7EE7647>AI:AI7H7D?K675;E;A@;E3>EA43E76GBA@F:767F3;>I;F:I:;5:F:7E7F:7A>A9;3@E673>I;F:
F:76A5FD;@7EG@67D;EEG7$AD7AH7D3E3D>+DG7?3@BA;@FEAGFRF:743E;55A@FAGDEA8@9>;E:
)78AD?3F;A@EF:7A>A9KI7D7>3D97>KE7F4K6743F7EA@F:75A@F;@7@FS+DG7?3@;@3>>KF:7D7;E>;FF>7
6AG4FF:3F3>H;@;EFF:7A>A9K6A?;@3F76F:7@9>;E:D7>;9;AGE>3@6E53B7A8F:7B7D;A63EA7D=E7@
A69=;@EA4E7DH7RF:7IAD=EA83>H;@3H3;>34>7;@@9>3@67J577676F:AE7A83@KAF:7D3GF:AD;@@9>;E:
AD@9>;E:FD3@E>3F;A@S
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
F:7A>A9;53>BAE;F;A@E67EB;F7A88;5;3>EF3F7?7@FEA85:GD5:6A5FD;@7%7H7DF:7>7EE 6A
3FF7?BF;@F:;E5:3BF7DFADAG9:>K>A53F7:AIF:7@9>;E:5:GD5:E;FG3F7E;FE7>8I;F:;@F:7
>3D97D)78AD?3F;A@6743F7E;@3>>K 5A@5>G67F:;EE75F;A@I;F:3@3@3>KE;EA8:AIF:7
BD753D;AGE@3FGD7A8F:7G5:3D;EF6743F738875FE8;9GD3F;H7F:AG9:F>F:AG9:735:
6A5FD;@7G@67D5A@E;67D3F;A@:7D73F:A>;5#GF:7D3@3>H;@;EF3@60I;@9>;3@:3E
EB75;8;55A@@AF3F;A@E8AD?7F3B:ADF:75A@E7CG7@57EA8F:7B7DH3E;H76743F7AH7DF:7
?73@;@9A8F:77>7?7@FEA8F:7#AD6QEEGBB7D5D73F7E3@G@57DF3;@FK34AGFF:7GE7A8
?7F3B:ADFA5D73F7?73@;@93@6F:;EE75F;A@:;9:>;9:FEEA?7A8F:7?AD7EB75;8;5I3KE
;@I:;5:?7F3B:AD;53>F:;@=;@9;E5:3>>7@976
$K3BBDA35:FA3@3>KL;@9F:76743F7E34AGF*5D;BFGD3>;@F7DBD7F3F;A@;EE;?;>3DFA
F:3FA8?K3@3>KE;EA8F:7G5:3D;EF 393;@EF3DF4K:;9:>;9:F;@9F:76;EF;@5F;H7
5:3D35F7D;EF;5EA83F:A>;53@6'DAF7EF3@F3BBDA35:7EFAE5D;BFGD77?B:3E;L;@9F:7;D
6;887D;@93BBDA35:7EFA8;9GD3F;H7>3@9G397 @;F;3>>K D7>KA@F:75A@F;@7@F3>AG@5;>A8
+D7@F3@63>H;@QE 278-898)74753GE7A8F:7;D?AD767H7>AB76F:7A>A9;53>EF3F7?7@FE3@6
F:7;D;?BADF3@F;@8>G7@57GBA@F:7@9>;E:3FF;FG67FAI3D6EE5D;BFGD7 F:7@7J3?;@7:AI
F:7@9>;E:5:GD5:D7>3F76FAF:7E7ABBAE;@9H;7IEI:;>7D75A9@;L;@9F:3FF:75:GD5:3F
>3D97A8F7@:7>6H3DK;@9BAE;F;A@E;@5A@57DFFA97F:7D93;@F:;EE75F;A@5A@5>G67EI;F:
3@3@3>KE;EA8F:7I3KE;@I:;5:F:75A@F7?BAD3DK6743F747FI77@6A5FD;@3>EF3F7?7@FE
67EF34;>;L7E8;9GD3F;H7F:AG9:F
6?;FF76>KF:773D>K?A67D@EIAG>6>;=7>K:3H75A@E;67D76F:3FF:7D7;E39D73F
6;887D7@5747FI77@F:78;9GD3F;H7>3@9G397;@EF;FGF764KA63@6F:7:G?3@5D73F76
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
?7F3B:ADE;@BA7FDK7EB75;3>>KF:;@=7DEA8?AD7;5A@A5>3EF;5>73@;@93>H;@8AD
7J3?B>7;EB3DF;5G>3D>K53D78G>FA6;EF;@9G;E:47FI77@A6QEE35D3?7@FE3@6AF:7D
;?397E;@:;E5D;F;5;E?A8;?397DK;@F:75:GD5:
I:7@ BA@67DF:7;@F7@676GE7A85:GD5:7EEA?7:AIADAF:7D;FE77?EFA?7
G@IADF:KA8F:7;D:A>;@7EE8ADF:7?FAF3=7A@;?397EAF:7DF:3@F:AE7>;H;@93@6
EK?4A>;5A@7EI:;5:F:7#AD6:3E5A@E75D3F764K:;E.AD6 ?73@3BF;E?3@6
F:7#AD6QE*GBB7DFA97F:7DI;F:AF:7DD;F7E4KI:;5:AGD7K7E?GEF47FAA
;@F7@E7>K9D;BB763@6FAAE:3DB>K38875F76FAE77=AF:7D;?397E8AD9764K:G?3@
;@97@G;FK
3>H;@G@67DEF3@6EF:7EK?4A>;E?8AG@6;@F:7E35D3?7@FEFA477@F;D7>K6;887D7@F8DA?
AF:7D8AD?EA8EK?4A>;5D7BD7E7@F3F;A@ F;E7CG3>>K5>73DF:3F:75A@E;67DE?73@;@9
5A@F3;@76;@E5D;BFGD7FA476;887D7@F;@=;@68DA??73@;@9;@AF:7DIAD=E7EB;F7
3>H;@QE6;EF;@5F;A@47FI77@F:7EK?4A>EA8A63@6F:AE7A8:G?3@;F;E@AF
G@D73EA@34>7FA3EEG?7F:3FF:7?7F3B:AD?3=;@953B34;>;F;7EA83:G?3@IAG>647
G@67DEFAA6;@>;9:FA8F:7E;9@?3=;@953B34;>;F;7EA8A6$AD7AH7D 3?@AF3D9G;@9
F:3FBA7F;5?7F3B:ADEI7D7G@67DEFAA6;@F:7E3?7I3K3EF:7A>A9;53>EK?4A>E)3F:7D
EG997EFF:3FF:7E7F:7A>A9;53>6743F7E38875F76F:7>3D97DI3KE;@I:;5:F:773D>K?A67D@
D7367DG@67DEFAA68;9GD3F;H7>3@9G397%7;F:7D*AGF:I7>>@ADA@@7;E;@F7@F;A@3>>K
5A@EFDG5F;@9:;E?7F3B:ADEFA?;DDAD3@KF:7A>A9;53>BAE;F;A@:AI7H7DF:7;DBA7FDK
7J:;4;FE35A@57D@AH7D?7F3B:AD;53>788;535KF:3F;@B3DF3D;E7E8DA?F:AE7F:7A>A9;53>
6743F7E6D3?3F;53>>K5:3>>7@9;@9?A67EA88;9GD3F;H7D7BD7E7@F3F;A@
,BA@7EF34>;E:;@9F:7DAAFEA8F:7F:7A>A9;53>37EF:7F;53@6:;9:>;9:F;@9F:7I3KE
;F3F;A@E8DA?3>H;@QE 278-898)73D75;F764K4AA=5:3BF7DE75F;A@3@6B397@G?47D
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
;@I:;5:8;9GD3F;H7F:AG9:F;E5:3>>7@976F:7D7?3;@67DA8?KF:7E;EI;>>7JB>AD7?AD7
BD75;E7>K:AI)A47DF*AGF:I7>>3@6!A:@A@@7@3H;93F7F:7D7EG>F3@F
G@57DF3;@FK
7?BF;@7EEA8EK?4A>;5>3@9G397$KE75A@65:3BF7D;E67HAF76FAF:7EFG6K
A8F:7?7F3B:ADEA8)A47DF*AGF:I7>>3@@9>;E:4AD@!7EG;FBD;7EFFD3;@76A@F:7
5A@F;@7@F4GFIAD=;@93E3?;EE;A@3DK;@#A@6A@$KEFG6KF3=7EGB 3@7JF7@676
?76;F3F;A@GBA@F:77K7EA8:D;EF;@ :;E>A@9BA7? R*3;@F '7F7DQE A?B>3;@FS B3K
B3DF;5G>3D3FF7@F;A@FAF:7H3D;AGEI3KE:7;@5ADBAD3F7E6AL7@EA8;@F7D>3576;?397EFA
D7BD7E7@FF:77K7EA8:D;EF F:7@3@3>KL7F:75A?B>;53F769D3??3F;53>EFDG5FGD7EA8:;E
BA7?R:D;EFQE4>AA6KEI73FSFA:;9:>;9:FF:77>34AD3F7I3KE;@I:;5::7>;@=EEK?4A>
3@6D787D7@FFA5D73F7?G>F;B>7>3K7DEA8?73@;@9;@3>>K 7J3?;@7F:7;@F7DD7>3F76
>3@9G397GE76;@R+:7BDA6;93>5:;>6EEAG>7ID35=7SFA67E5D;47E;?G>F3@7AGE>KF:7
3>>79AD;53>E3;>ADF:78;9GD3F;H7BDA6;93>EA@3@6F:7EB73=7DA8F:7BA7?+:7H3D;7FKA8
EFDG5FGD7EI;F:;@*AGF:I7>>QE8;9GD3F;H7>3@9G397EG997EFEF:3F:7;E@AF7@F;D7>K
5A?8ADF34>7I;F:F:7?73@EA8D7BD7E7@F3F;A@3H3;>34>7FA:;?3@6F:77J57EEA8?73@;@9
I;F:I:;5::7;@8GE7E:;E?7F3B:ADEEG997EFEF:7?7F3B:AD;53>3@9EFA8F:7F:7A>A9;53>
37EF:7F;5
$KF:;D65:3BF7D3BBDA35:7EF:75A?B>;53F763@6;@F7@F;A@3>>KD78>75F;H7BA7FDKA8
!A:@A@@7+:;E5:3BF7D479;@EI;F:3@3@3>KE;EA8R+:7DAEES3BA7?F:3F7JB>AD7E
F:75A?B>;53F76@3FGD7A8D7BD7E7@F3F;A@F:DAG9:F:7F:D73F7@76;5A@A5>3EF;5D7?AH3>A8
F:7EB73=7DQEEK?4A>;55DAEEAF:F:76;D75FEF3F7?7@FEA8F:7BA7?3@6F:7I3KE;@
I:;5:A@@7GE7E?7F3B:ADFA>;@=;?397EEG997EFF:7E3?7G@57DF3;@FK34AGF
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
?7F3B:AD;53>D7BD7E7@F3F;A@$K3@3>KE;EFGD@EF:7@FAF:77>34AD3F73@6E:A5=;@9
;?397DKA8RA>K*A@@7F3FF7D?K:73DFF:D77B7DEA@76A6S;@I:;5:F:7
EB73=7DQE;?397DK475A?7E;@5D73E;@9>KH;DG>7@F3E;F;EBDAH7@8>3I76;@3>>K;@RA>K
*A@@7F 3?3>;FF>7IAD>6?3675G@@;@9>KSA@@7E77?EFA47B>3K;@9I;F:F:7
D7>3F;A@E:;B47FI77@8;9GD3F;H73@6>;F7D3>>3@9G3973E:;E?7F3B:AD;53>>3@9G397;E
?73@FFA:3H74AF:>;F7D3>3@68;9GD3F;H7?73@;@9EE;?G>F3@7AGE>K#;=7*AGF:I7>>QE
A@@7QE?7F3B:ADE3D74AF:5A?B>;53F763@6H3D;76+:77JB3@E;H77JB>AD3F;A@A8
;?397DK3@6F:7AH7D67H7>AB?7@FI7E77;@:;E?7F3B:AD;53>F:AG9:FD78>75FF:7
G@=@AI@BAF7@F;3>3@6>;?;F3F;A@EA88;9GD3F;H7>3@9G397
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
!
& !!
+:7 :GD5: A8 @9>3@6 3F F:7 7@6 A8 F:7 E;JF77@F: 57@FGDKI3E 3F A@57 BDA8AG@6>K
'DAF7EF3@F I:;>7 7JB7D;7@5;@9 F:7 78875FE A8 H3D;AGEAG@F7D)78AD?3F;A@ ?AH7?7@FE
>F:AG9: F:7 :GD5: :36 8AD EA?7 F;?7 477@ AD93@;L76 G@67D >;L347F:QE 68-'0)7 3*
8,) ,96', 3* 2+0%2( 3@6@3F;A@3> 5A@8AD?;FKFA F:7 >;FGD9K A8 F:7 33/ 3*
31132 6%=)6 D7;EEG76 ;@ ;F D7?3;@765:3>>7@9764K 3F:A>;5;E? 4AF:
>3F7@F ;@ @9>;E: EA5;7FK 3@63D;E;@9 8DA? F:7 ;@8>GJ A8 !7EG;F ?;EE;A@3D;7E EBD736;@9
AG@F7D)78AD?3F;A@ F:7A>A9K $AD7AH7D F:7 'DAF7EF3@F ?AH7?7@F I3E 83D 8DA? G@;8AD?
3E F:7 @9>;E: 5:GD5: :36 FA @3H;93F7 F:7 H3DK;@9 BAE;F;A@E 47FI77@ #GF:7D3@ 3>H;@;EF
@343BF;EF 3@6 ?3@K AF:7D 8AD?E A8 'DAF7EF3@F 6A5FD;@7 AD F:7 ?AEF B3DF F:7 A88;5;3>
BAE;F;A@ A8 F:7 :GD5: A8 @9>3@6 3E D7BD7E7@F76 ;@ F:7 68-'0)7 ?3;@F3;@76 357@FD3>
BAE;F;A@ D7E;EF;@9 F:7 7JFD7?7E A8 3@K A@7 8AD? A8 'DAF7EF3@F 6A5FD;@7 +:;EP?;66>7
9DAG@6Q:-%1)(-% A8 F:7 @9>;E: 5:GD5: :AI7H7D 3>EA >78F DAA? 8AD ?G5: 6743F7
47FI77@ F:7 H3D;AGE 'DAF7EF3@F ;@8>G7@57E+:7F:7A>A9;53>>3@6E53B7A873D>K?A67D@
@9>3@6I3E83D8DA?3EF3F;57@F;FK;@EF736;FI3E5A@E;EF7@F>K7@93976;@F:7
F:7A>A9;53>6743F7EA8F:7F;?7
+:;E5:3BF7D3FF7?BFEFAAGF>;@7F:74DA36E5AB7A8F:773D>K?A67D@@9>;E:
6743F7E5A@57D@;@9E35D3?7@F3@6E5D;BFGD3>;@F7DBD7F3F;A@4K8;DEF@AF;@9F:75A@F;@7@F3>
3F:A>;53@6'DAF7EF3@FBAE;F;A@EA8F:7F;?73EI7>>3E>A53F;@9F:7BAE;F;A@A8F:7
@9>;E::GD5:3?;6EFF:7E77EF34>;E:765:GD5:7E3@6F:7A>A9;53>6A5FD;@7E @B3DF;5G>3D
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
3?;@F7D7EF76;@:AI735:A8F:7E7F:7A>A9;53>BAE;F;A@EO3@6F:7B>7F:AD3A8BAE;F;A@E
;@47FI77@O3E5D;47EI:7F:7D;?B>;5;F>KAD7JB>;5;F>KFA35ADD7EBA@6;@9B7DEB75F;H7A@
F:7BAEE;4;>;F;7E3@6D7EFD;5F;A@EA8?7F3B:AD3@68;9GD3F;H7F:AG9:F 3FF7?BFFA67E5D;47
:AIF:7F:7A>A9;53>3@65G>FGD3>5:3@97EA8F:7)78AD?3F;A@4DAG9:F;EEG7E3@6CG7EF;A@E
A88;9GD3F;H7F:AG9:F3@6F:7;@34;>;FKFAD7BD7E7@FFAF:78AD7OB3DF;5G>3D>KCG7EF;A@E
D793D6;@9F:77H7D7HA>H;@9D7>3F;A@E:;B8DA?FD3@EG4EF3@F;3F;A@FABGD7>KEK?4A>;5
D7BD7E7@F3F;A@47FI77@EK?4A>3@6D787D7@F+:77J;EF7@573@6BDA?;@7@57A8F:7E7
F:7A>A9;53>6743F7EE;?G>F3@7AGE>K;@EF;93F763D7@7I768A5GEA@?7F3B:AD;@F:7BA7FDK
A8F:7F;?7I:;>73>EA;@5;F;@96AG4FAH7DF:7788;535KA8?7F3B:AD+:;E3BB7D57;H76
97@7D3>6;EFDGEFA8?7F3B:ADD7EG>F76;@3H3D;7FKA86;887D7@F7>34AD3F77JB7D;?7@F3F;A@E
I;F:?7F3B:AD>3K7D;@9ED3B;6FD3@E;F;A@E47FI77@?7F3B:ADE7F5I:;5:3D7;67@F;8;76
3@67J3?;@76;@9D73F7D67F3;>;@F:7>3F7D5:3BF7DEA8F:;EF:7E;E;@F:7BA7FDKA8
*AGF:I7>>3@6A@@7 3D9G7F:3F F:;E7JB7D;?7@F3F;A@;EEK?BFA?3F;5A83G@;CG7
37EF:7F;5;@F:7ID;F;@9A8F:7B7D;A6I:;5: D787DFA3EF:7F:7A>A9;53>37EF:7F;5
F F:7 F;?7 A8 F:7 )78AD?3F;A@ F:7 3F:A>;5 :GD5: :36 >A@9 :7>6 F:7 E35D3?7@FE
FA 47 F:7 57@FD3> 7JB7D;7@57 A8 A6QE 9D357 3@6 BD7E7@57 :7D7 A@ 73DF: +:7B;@@35>7 A8
7H7DK $3EE I3E F:7 ?A?7@F I:7@ F:7 BD;7EF 5A@E75D3F76 F:7 4D736 3@6 I;@7 3@6 :D;EF
4753?7 4A6;>K BD7E7@F ;@ F:7 5:GD5:QE ?;6EF +:;E ?;D35>7 A8 FD3@EG4EF3@F;3F;A@ D7EF76 3F
F:757@FD7 A8 3F:A>;5 D7>;9;AGE 7JB7D;7@573@6 F:7G@;F;@9A8 EK?4A> 3@6 D787D7@F;@F:7
;?397A84D7363@6I;@7 ;@7H;F34>K678;@76F:7BAEE;4;>;F;7EA8AF:7DEK?4A>;5>3@9G397
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
FA5D73F7?73@;@9
+:7 3F:A>;5 :GD5: D7388;D?76 F:7 6A5FD;@7 A8 FD3@EG4EF3@F;3F;A@ 8;DEF 678;@76 ;@
F:7 F:;DF77@F: 57@FGDK ;@ F:7 AGDF: #3F7D3@ AG@5;>7AD973FF:7AG@5;>A8+D7@F
@ F:7 8357 A8 ?AG@F;@9 5D;F;5;E? A8 F:7 6A5FD;@7 8DA? D78AD?7DERF:;E:A>K
5AG@5;>@AI675>3D7E;F3@7IF:3F4KF:75A@E75D3F;A@A8F:74D7363@6I;@735:3@97;E
4DAG9:F34AGFA8F:7I:A>7EG4EF3@57A8F:74D736;@FAF:7EG4EF3@57A8F:74A6KA8:D;EF
AGD#AD63@6F:7I:A>7EG4EF3@57A8F:7I;@7;@FAF:7EG4EF3@57A8;E4>AA6+:;E
5:3@97F:7:A>K3F:A>;5:GD5:BDAB7D>K3@63BBDABD;3F7>K53>>EFD3@EG4EF3@F;3F;A@S
F: *7EE;A@+:7=7KFAF:;EF:7A>A9;53>@G3@57D7EFE;@F:7?76;7H3>B:;>AEAB:K
43E76A@D;EFAF7>;3@>A9;5F:3F3D9G76F:3FF:7D73D7FIAB3DFEFA3@A4<75F;FE
355;67@F3>E3@6;FEEG4EF3@57O;@AF:7DIAD6E3@A4<75FQE3BB73D3@573@6AF:7D
E75A@63DK5:3D35F7D;EF;5E3@6;FEFDG73@66;EF;@5F;H77EE7@57.:;>7F:74D7363@6I;@7
?3;@F3;@F:7;D355;67@F3>CG3>;F;7EFAF:7:G?3@E7@E7EF:7KAF:7DI;E7B:KE;53>>K475A?7
:D;EFRF:7:A>K5AG@5;>F735:7E3@6AB7@>KBDA87EE7EF:3F38F7DF:75A@E75D3F;A@A84D736
3@6I;@7AGD#AD6!7EGE:D;EFFDG7A63@6FDG7?3@;EFDG>KD73>>K3@6EG4EF3@F;3>>K
5A@F3;@76;@F:73G9GEFE35D3?7@FA8F:7A>KG5:3D;EFG@67DF:73BB73D3@57A8F:AE7
E7@E;4>7F:;@9ESF:*7EE;A@+:;EEFK>7A8E35D3?7@F3>F:;@=;@93>>AIE8AD3
?KEF7D;AGE3@6BAI7D8G>G@67DEF3@6;@9A8:AIA@7F:;@953@@AFA@>KD7BD7E7@F
EA?7F:;@97>E74GF35FG3>>K475A?7F:3FI:;5:;F;EE3;6FAD7BD7E7@F
+:73F:A>;547>;78;@F:757>74D3F;A@A8F:7$3EE:AI7H7D7JF7@6E47KA@6F:7
(GAF3F;A@E 8DA? F:7 AG@5;> A8 +D7@F 3D7 5;F76 4K *7EE;A@ 3@6 B397 @G?47D
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
?KEF7D;AGEFD3@E8AD?3F;A@A8F:77>7?7@FE8ADF:747>;7H7DFD3@EG4EF3@F;3F;A@I3E?AD7
F:3@<GEF35A?B>;53F76B:;>AEAB:K+:7D7I7D7BD35F;53>5A@E7CG7@57EFAF:;E6A5FD;@3>
EF3@57EF:74A6K3@64>AA6A8:D;EFF:77>7?7@FEF:7?E7>H7EI7D7FD73F76I;F:3I7
3@6D7EB75F&8F7@F;?7E;FI3E5A@E;67D76E3F;E835FADK8ADF:747>;7H;@93F:A>;5<GEFFA
E77F:75A@E75D3F767>7?7@FE3@6@AF7H7@B3DF3=7A85A??G@;A@+;?AF:K7AD97
:;9:>;9:FE:AIRF:7$3EE4753?73EB75;3>F3E=B7D8AD?764KF:7AD63;@765>7D9KSEG5:
F:3F3>F:AG9:RF:7G5:3D;EF5A@F;@G76FA4757>74D3F76735:*G@63KF:75A@9D793F;A@
@A>A@97D5A??G@;53F767J57BF3F3EF7DS7AD97$AD7AH7D7AD97EB73=EA8F:7
I3K;@I:;5:;FI3E@AFG@5A??A@;@F:7?76;7H3>5:GD5:8ADF:7BD;7EFEFAB3D367F:7
7>7?7@FE3DAG@6F:7FAI@BDAG6>K6;EB>3K;@9:D;EFQE;??;@7@FBD7E7@57FAF:7>3;FK
7AD97+:77>7?7@FEA8F:7G5:3D;EF?73>D793D6>7EEA8I:7F:7DF:75:GD5:9A7D
5A??G@;53F76AD@AFEK?4A>;L768AD:;?AD:7D:D;EFQED73>BD7E7@573?A@9:;EB7AB>7
*;@57F:77>7?7@FEI7D75A@E;67D768G>>K:D;EFF:7G5:3D;EF;5EK?4A>E@AFA@>K
6)46)7)28)(:D;EF4GFE7DH763E:D;EFQE %'89%046)7)2')+:7K6A@AF<GEFBA;@FFA:;E
;??;@7@FEB;D;FG3>BD7E7@57D3F:7DF:7BD7E7@57A8F:7E35D3?7@F;EA6QEB:KE;53>
BD7E7@573?;6EF:;EB7AB>7
@ ;?BADF3@F 5A@E7CG7@57 A8 F:;ED73> BD7E7@57 A8 :D;EF ;E F:7 ;?B>;76 788;535K A8
F:7 B:KE;53> 7>7?7@FE 753GE7 :D;EF ;E B>3576 A@ F:7 3>F3D3@64DA=7@ F:7 5A@E75D3F;A@
A8 F:7 7>7?7@FE I3E G@67DEFAA6 FA 47 3@35F;H7 D7@7I3> A8 :D;EFQE E35D;8;57 >F:AG9:
:D;EFQE E35D;8;57 A@ F:7 5DAEE I3E 3 A@7F;?7 :;EFAD;53> 7H7@F F:3F 53@@AF 47 D7B73F76 F:7
7>7?7@FE 6;6 @AF <GEF BA;@F 435=I3D6 FA ;F )3F:7D 3E F:7 AG@5;> A8 +D7@F BDA5>3;?76R;@
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
F:;E 6;H;@7 E35D;8;57 I:;5: ;E 57>74D3F76 ;@ F:7 ?3EE ;E 5A@F3;@76 3@6 ;??A>3F76 ;@ 3@
G@4>AA6K ?3@@7D F:7 E3?7 :D;EF I:A A@57 A887D76 ;?E7>8 ;@ 3 4>AA6K ?3@@7D A@ F:7
3>F3D A8 F:7 5DAEES@6*7EE;A@+:7AG@5;>7H7@BDA5>3;?76F:3FR 83@KA@7
E3KEF:3FF:7E35D;8;57A8F:7?3EE;EA@7A@>KA8BD3;E73@6F:3@=E9;H;@9ADF:3F;F;E3
?7D75A??7?AD3F;A@A8F:7E35D;8;575A@EG??3F76A@F:75DAEE4GF@AF3BDAB;F;3FADK
A@7>7F:;?473@3F:7?3S@6*7EE;A@+:7EK?4A>EA8F:74D7363@6I;@7
475A?7F:74A6K3@64>AA6F:3F;E393;@4DA=7@;@3@7I63;>KE35D;8;57F:3F
5A??G@;53F7EA6QE9D357FAF:AE7I:AB3DF3=7
@F:7E3?7I3KF:3F:D;EF;E4A6;>KE35D;8;57663;>K;@F:7G5:3D;EFEAF:7
A4E7DH3F;A@3@6B3DF;5;B3F;A@;@F:763;>K$3EE78875FED73>5:3@97;@F:75:GD5:9A7D+:7
E;9@EA8F:74D7363@6I;@7:3H7D73>EB;D;FG3>BAI7DFA5A??G@;53F7A6QE9D357FA:;E
8A>>AI7DE8ADF:7K3D7RF:7?AEF:A>KE35D3?7@FEA8F:7:GD5:F:DAG9:I:;5:3>>FDG7
<GEF;577;F:7D479;@EAD47;@9479G@;E;@5D73E76AD47;@9>AEF;ED7EFAD76S F:*7EE;A@
+:75AG@5;>5A@E;EF7@F>KD7388;D?EF:3FF:7E35D3?7@FE6A@AF?7D7>KBA;@F
7>E7I:7D7;@EF7365>3;?;@9R 83@KA@7E3KEF:3FF:7E35D3?7@FEA8F:7%7I#3I6A@AF
5A@F3;@F:79D357I:;5:F:7KE;9@;8KADF:3FF:7K6A@AF5A@87DF:3F9D357A@F:AE7I:A
B>357@AA4EF35>7E;@;FEI3K3EF:AG9:F:7K3D7A@>KAGFI3D6E;9@EA89D357AD<GEF;57
D757;H76F:DAG9:83;F:3@657DF3;@?3D=EA8:D;EF;3@BDA87EE;A@I:7D74K3?A@9?7@
47>;7H7DE3D76;EF;@9G;E:768DA?G@47>;7H7DE>7F:;?473@3F:7?3S F:*7EE;A@
55AD6;@9FAF:7AG@5;>A8+D7@FF:7E35D3?7@FE3D75>73D>K788;535;AGEA@F:7;DAI@
753GE7F:7E;9@E35FG3>>K5A@F3;@F:7F:;@9F:7KD787D7@57F:7K3>EA:3H7F:7BAI7DFA
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
5A@H7KF:7E3?7E3>H3F;A@A887D764KF:7D787D7@F
.;F:F:7D;E7A8F:7)78AD?3F;A@:AI7H7D53?7@7I5:3>>7@97EFAF:7
E35D3?7@F3>I3KA8F:;@=;@9 @F:7BDA57EEF:7D78AD?7DEE:3FF7D765A@8;67@57;@
E35D3?7@F3>D7BD7E7@F3F;A@ #GF:7DI3EF:78;DEFA8F:7?3<ADD78AD?7DEFACG7EF;A@F:7
6A5FD;@7A8FD3@EG4EF3@F;3F;A@:AI7H7D8ADF:7?AEFB3DF#GF:7D6;6>;FF>7FA5:3@97F:7
6A5FD;@7#GF:7DE7FF>76A@36A5FD;@7F:3FEF;>>7?B:3E;L76F:7D73>BD7E7@57A8:D;EF;@
F:77>7?7@FE4GFD7F3;@76F:78G>>EG4EF3@57A8F:77>7?7@FE)3F:7DF:3@D7B>35;@9F:7
EG4EF3@57A8F:74D7363@6I;@7:D;EFQE4A6K3@64>AA6G@;F76F:7?E7>H7EI;F:F:7
4D7363@6I;@7;@3E35D3?7@F3>G@;FKE*5AFF7@6D;J7JB>3;@E#GF:7DQEG5:3D;EF
?73>EF;>>RBDA?;E76F:7BD7E7@57A8:D;EF3@6F:78AD9;H7@7EEA8E;@;@EG5:3I3KF:3F
:D;EF;3@E5AG>64757DF3;@A8D757;H;@94AF:;@F:7E35D3?7@FS7@6D;J
;D75F>K;@5A@FD3EFI;F:F:7D73>BD7E7@57A83F:A>;53@6#GF:7D3@F:7A>A9K
:AI7H7DI3EF:7F:7A>A9KA8G>6DK5:0I;@9>;0I;@9>;E3I3>A9;53>34EGD6;FK;@F:7
?76;7H3>B:;>AEAB:KA8EG4EF3@57E3@6E3I@A@7768ADEG5:36A5FD;@7:7EAG9:FFA
E7H7DF:7>;@=47FI77@F:77>7?7@FEA8F:7G5:3D;EF3@6:D;EFQE35FG3>BD7E7@57
3D9G;@93E.'7F7D*F7B:7@EEG??3D;L7ER3E;9@53@@AF47I:3F;FE;9@;8;7EAF:7DI;E7
;F573E7EFA473E;9@S*F7B:7@E7G@67DEFAA6F:7E35D3?7@FEFA47E;9@EF:3FBA;@F
FA3E35D76F:;@9@AFF:7F:;@9;FE7>8O;@F:;E53E7F:7:;EFAD;53>5DG5;8;J;A@AD0I;@9>;
F:7D7I3E@AF:;@9;@:7D7@F>K6;887D7@F34AGFF:77>7?7@FEA8F:7E35D3?7@FD3F:7DE;?;>3D
FAF:7'3EEAH7D?73>I:AE7E;9@;8;53@575A?7EI;F:F:7D7?7?4D3@57A8A6QE
67>;H7D3@57A8F:7 ED37>;F7E8DA?9KBFF:7EB;D;FG3>E;9@;8;53@57A8F:7G5:3D;EF?73>
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
5A?7EBD;?3D;>KI;F:F:7D7?7?4D3@57A8:D;EFQEA@573@68AD3>>E35D;8;57&8F:7F:D77
?3<ADD78AD?;EFBAE;F;A@E0I;@9>;QEF:7A>A9K;EF:3FI:;5:5D73F7EF:7?AEF6;EF3@57
47FI77@EK?4A>3@6D787D7@F3@65A@E7CG7@F>KF:7?AEF6AG4F34AGFF:7BAI7DA8
?7F3B:AD,>F;?3F7>K:AI7H7D:;EH;7IEI7D7>7EEBABG>3DF:3@F:7?AD7I;67EBD736
F:7A>A9KA8!A:@3>H;@3>H;@FD;76FA678;@73?;66>79DAG@6F:3F4AF:D7E;EFEF:7
E35D3?7@F3>>3@9G397A8D73>BD7E7@573@6K7F7JBD7EE7E873D3FF:7EG997EF;A@A83@
7?BFKEK?4A>
3>H;@8;DEF5A?B>7F7>K3@634EA>GF7>K67@;7E3@KE35D3?7@F3>6A5FD;@7F:3F
F735:7EF:7D73>BD7E7@57A8:D;EF75>3;?EF:3FF:76A5FD;@7A8FD3@EG4EF3@F;3F;A@;E3
B7DH7DE;A@3@6R;@GE;@9F:7IAD6PE35D3?7@FEQF:73@5;7@FE:36@AAF:7D;@F7@F;A@F:3@FA
E;9@;8KF:3FF:7K3D7E;9@EA8:A>K3@6EB;D;FG3>F:;@9ES#;=7I;E7:7
3FF35=EF:7#GF:7D3@BAE;F;A@4753GE74KRB>35;@9F:74A6K;FE7>8;@F:74D736F:7K3EE;9@
FA;F3G4;CG;FK5A@FD3DKFA;FE@3FGD73@64K366;@9PG@67DF:74D736Q?73@F:3F;F>;7E
:;667@F:7D7S3>H;@E77E@AD73EA@FA5A@8>3F7F:7EK?4A>EA8F:7
E35D3?7@FI;F:F:7B:KE;53>7?4A6;?7@FA8:D;EF$AD7AH7D:73D9G7EF:3F4KB>35;@9
:D;EF;@F:7>AI>K7>7?7@FE3F:A>;5E67?73@F:79D73F9>ADKA8A6 @3E;?;>3DI3K
3>H;@3>EAD7<75FERI:3F7H7DF:7*AB:;EFE:3H76D73?76GB5A@57D@;@9F:7 3497
34)6%891S,@>;=7F:73F:A>;547>;78F:3FF:77>7?7@FE:36EB;D;FG3>
BAI7D3>H;@6A7E@AF47>;7H7F:3FF:7E35D3?7@FE;@3@6A8F:7?E7>H7E5A@H7K9D357
@EF736:7EF3F7EF:3FR<GEF;8;53F;A@;E>A6976;@:D;EF3>A@73@6F:3F;F;E5A??G@;53F76
FAGE@A>7EE4KF:7BD735:;@9A8F:79AEB7>F:3@4KF:7E73>A8F:7E35D3?7@F3@6I;F:AGF
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
F:7>3FF7D53@EF3@6G@;?B3;D76SAD3>H;@F:7EK?4A>EA8F:7
E35D3?7@FE@7;F:7D5A@F3;@F:7D73>BD7E7@57A8:D;EF@AD6AF:7K5A@F3;@F:7BAI7DA8
:;EBD7E7@57
7EB;F73>H;@QED7<75F;A@A83@KD73>B:KE;53>BD7E7@57:73>EAD7<75FEF:AE7I:A
IAG>65A?B>7F7>K6;EE7H7DF:7EK?4A>EA8F:7E35D3?7@FE8DA?F:76;H;@7R?KEF7D;7ES
F:3F355A?B3@KF:7B:KE;53>E;9@EA8:D;EF7B>3;@>KEF3F7EF:3FRI7AG9:FFA9G3D6
393;@EFFIA83G>FE;DEFI7E:AG>6@AF4KFAA>;FF>7D793D68ADF:7E;9@E6;HAD57F:7?
8DA?F:7;D?KEF7D;7EFAI:;5:F:7K3D7EAFAEB73=3FF35:76*75A@6>KI7E:AG>6@AF4K
7JFA>>;@9F:7?;??A67D3F7>KE77?FAA4E5GD7EA?7I:3FF:7?KEF7D;7EF:7?E7>H7ES
.:;>73>H;@D7<75FEF:7R34EGD6;F;7ESA85A@8>3F;@9F:7EK?4A>3@6
D787D7@F3EF:73F:A>;5E3@6#GF:7D3@E47>;7H76:73>EA873DEF:7E7B3D3F;A@A8F:7FIA
AD3E:75>3;?E7>E7I:7D7R.:3FIA@67DF:7@;857D7?A@;7E5GFA888DA?:D;EF3D7
6;H7EF76A83>>8AD57ADI:7@F:7F:;@9E;9@;8;76;ED7?AH763>>F:3F47>A@9EFAF:7
E;9@E;ED76G576FA@AF:;@9S+:7D;E=A83@7?BFKE;9@3E36HA53F764K
0I;@9>;;E7CG3>>K34:ADD7@FFA3>H;@+:7D78AD7:73FF7?BFEFA678;@73D7>3F;A@E:;B
47FI77@F:7B:KE;53>EK?4A>EA8F:7E35D3?7@F3@6F:76;H;@7?KEF7D;7EFAI:;5:F:7K
D787DF:3F3HA;6E7@6ADE;@97;F:7D7JFD7?7BAE;F;A@
3>H;@678;@7EF:7E35D3?7@FE3ER3@AGFI3D6E;9@4KI:;5:F:7#AD6E73>EA@AGD
5A@E5;7@57EF:7BDA?;E7EA8:;E9AA6I;>>FAI3D6GE;@AD67DFAEGEF3;@F:7I73=@7EEA8
AGD83;F:SAD393;@3ER3F7EF;?A@KA86;H;@79D357FAI3D6GE5A@8;D?764K3@AGFI3D6
E;9@I;F:?GFG3>3FF7EF3F;A@A8AGDB;7FKFAI3D6:;?S3>H;@F:7AD;L7EF:3F
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
3>F:AG9:RA6QEFDGF:;EA8;FE7>88;D?3@6EGD77@AG9:3@6 53@@AFD757;H747FF7D
5A@8;D?3F;A@8DA?3@KAF:7DEAGD57F:3@8DA?;FE7>8AGD83;F:;EE>;9:F3@68774>713@62
G@>7EE;F47BDABB76A@3>>E;67E3@6EGEF3;@764K7H7DK?73@E;FFD7?4>7EI3H7DE
FAFF7DE3@63F>3EF9;H7EI3KS+:7D78AD74753GE7 :G?3@;FKQE83;F:;EI73=
A6R5A@67E57@6EFA>736GE:;?E7>87H7@4KF:7E773DF:>K7>7?7@FE3@6FAE7F478AD7GE
;@F:78>7E:3?;DDADA8EB;D;FG3>4>7EE;@9ES+:7EK?4A>EA8F:7E35D3?7@F
3D76;EF;@9G;E:34>73@6E7B3D3F78DA?F:7EB;D;FG3>D73>;FK3@6?7D7>KD78>75F;@3B:KE;53>
8AD?F:7EB;D;FG3>FDGF:,E;@93@AF:7D?7F3B:AD;@3@3FF7?BFFA67E5D;47F:7
D7>3F;A@E:;B47FI77@F:7EK?4A>E3@6F:7D787D7@F3>H;@53>>EF:7E35D3?7@FE3E73>F:3F
388;D?E3@63GF:7@F;53F7EF:7FDGF:4GF6A7E@AF35FG3>>K5A@F3;@F:75A@F7@FA8F:7FDGF:
FF:7E3?7F;?7:AI7H7D:73>EAD77?B:3E;L7EF:7;?BADF3@57A8F:7
5A@@75F;A@47FI77@F:7EK?4A>3@6F:7D787D7@F3E:75>3;?EF:3FRI:7@7H7DA693H73
E;9@FAF:7:A>KB3FD;3D5:E;FI3E;@E7B3D34>K>;@=76FA6A5FD;@7I;F:AGFI:;5:AGDE7@E7
IAG>6:3H7477@EFG@@76;@>AA=;@93FF:743D7E;9@S75>3;?EF:3F
R3>F:AG9:F:7EK?4A>6;887DE;@7EE7@578DA?F:7F:;@9E;9@;8;76;@F:3FF:7>3FF7D;E
EB;D;FG3>3@6:73H7@>KI:;>7F:78AD?7D;EB:KE;53>3@6H;E;4>7EF;>>;F@AFA@>K
EK?4A>;L7EF:7F:;@9F:3F;F:3E477@5A@E75D3F76FAD7BD7E7@F3E343D73@67?BFKFA=7@
4GF3>EAFDG>K7J:;4;FE;FS>F:AG9:3>H;@D7<75FEE35D3?7@F3>F:;@=;@9
:7;EG@I;>>;@9FA5A?B>7F7>KE7B3D3F7F:7EK?4A>3@6F:7D787D7@F7IADD;7EF:3F4K
5A?B>7F7>K675A@EFDG5F;@9E35D3?7@F3>F:;@=;@93@KEK?4A>;5?73@;@9I:3FEA7H7D;E
>AEF
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
3>H;@QEE35D3?7@F3>F:7A>A9K;@5>G6;@9:;E5A@57D@34AGF3@7?BFKE;9@I3E
BD7H3>7@F;@73D>K?A67D@@9>3@63E3@;7>A7D=E7@3@6:D;EFAB:7DA69=;@E@AF7
A7D=E7@3@6A69=;@E:AI7H7D67EB;F73>H;@QE;@8>G7@57GBA@F:7@9>;E:
5:GD5:F:7D7I3EEF;>>3H7DK35F;H76743F7EGDDAG@6;@9F:757>74D3F;A@A85A??G@;A@
.;F:;@@9>3@6F:7D7D7?3;@76?3@KA83?AD75A@E7DH3F;H73F:A>;583;F:3@6F:7D7
3>EA67H7>AB76?AH7?7@FEF:3FI7D7?AD7D36;53>;@F:7;D67?3@6E8ADD78AD?E
A7D=E7@3D9G7EF:7R@9>;E:5:GD5:B7AB>7A8F:;EF;?76;6I3>=3?;66>7I3K4GF3
5>73D>K'DAF7EF3@FA@7?3D=76A88A@F:7D;9:F4KF:7)A?3@5:GD5:3@6A@F:7>78F@AF
4K3>H;@;E?ADBGD;F3@;E?4GF4KF:AE7I:AE7B3D3F76SA7D=E7@7EB;F7BA>;5;7E
;@F7@676FAG@;8KF:7:GD5:A8@9>3@6F:7E35D3?7@FED7?3;@7635A@F7@F;AGE;EEG7
8>G5FG3F;@947FI77@3>>F:75A@F;@7@F3>BAE;F;A@EAGF>;@7634AH7
&@7A8F:7BAF7@F;3>D73EA@E8ADF:;E6743F7;EF:3FI:;>7F:7@9>;E:>;FGD9K;@F:7
33/3*311326%=)6A887D7636D3?3F;5D78AD?3F;A@A8?76;7H3>>;FGD9K;FA8F7@
?3;@F3;@763?4;9GAGE>3@9G397+DG7?3@3D9G7EF:3F
+:7D73>BDA4>7?I;F:F:74AA=1'D3K7DAA=2FGD@76AGFFA47;FED7F7@F;A@
A8=7K3EB75FEA83F:A>;557D7?A@;3>37EF:7F;5E3@6BDA576GD7E3@6;FEGE7A8
57DF3;@7>7?7@FEA8BD7)78AD?3F;A@?76;7H3>F:7A>A9K.:;>7F:7>3FF7DN8AD
7J3?B>7BD3K7DE8ADF:75:GD5:;@:73H7@NI7D776;F76AGFA8F:7E75A@676;F;A@
;@F:78AD?7DI7D7;@3>3D97B3DFD7F3;@763@6EAF:7BDA4>7?EI:;5:8;DEF
7?7D976;@F:75>3E:47FI77@AAB7D3@6:;EEGBBADF7DEA@A@7E;673@6
D3@?7D3@6);6>7KA@F:7AF:7DI7D7FA5A@F;@G78ADF:7D7EFA8F:757@FGDK3@6
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
A@;@FAF:7E7H7@F77@F:
>F:AG9:F:7BD3K7D4AA=?AH7EF:77?B:3E;E3I3K8DA?F:7E35D3?7@FE3@6FAI3D6E
AF:7D3EB75FEA8F:75:GD5:E7DH;57;FE>3@9G397D793D6;@9F:7E35D3?7@FEE77?EFA3>>AI
8AD?G>F;B>7;@F7DBD7F3F;A@EA8I:3F;E35FG3>>K:3BB7@;@96GD;@9F:757>74D3F;A@A8F:7
G5:3D;EFAD3>F:AG9:F:7D7H;E76BD;@F;@9A8F:73@68A>>AI;@976;F;A@EA8F:7
3668GDF:7D5>3D;8;53F;A@FAF:7R:A>K$KEF7D;7ESA8F:7BD3K7D4AA=
;FD7F3;@E?AEFA8F:7;@;F;3>E35D3?7@F3>>3@9G397A83FF:75A??G@;A@F:7BD;7EF
I3EFAD75;F7R ,)&3(=3*39636()79,6-78;,-',;%7+-:)2*368,))46)7)6:)8,=
&3(=%2(73909283):)60%78-2+0-*) 3@673FF:;E;@D7?7?4D3@57F:3F:D;EF6;768ADF:77
8776A@:;?;@F:;@7:73DF4K83;F:I;F:F:3@=E9;H;@9SF7JF;@;F3>;5E;E3>EA
5A@F3;@76;@F:7?AD7E35D3?7@F3>H7DE;A@+:;E366;F;A@I:;>7EG997EF;@93@A@
E35D3?7@F3>G@67DEF3@6;@9A8F:7?73>6A7E@AF67@KF:7D73>BD7E7@57A8:D;EF;@F:7
G5:3D;EF?73>EDF:GD;5=7@E@AF7ERF:7E7BDAH;E;A@ED7F3;@765A??7?AD3F;H7
B:D3E7A>A9KK7FD7AB7@76F:7I3K8AD47>;78;@3D73>BD7E7@5783>>;@9E:ADFA8
+D3@EG4EF3@F;3F;A@S;5=7@E
GDF:7D7H;67@57A8F:7'D3K7DAA=QEG@57DF3;@BAE;F;A@;EF:7EA53>>76R4>35=
DG4D;5S;@E7DF763FF:7>3EF?;@GF7;@FAF:7H7DE;A@A8F:7'D3K7D4AA=4GF7J5>G676
+:A?3ED3@?7D;E5D76;F76I;F:F:73GF:ADE:;BA8F:7 33/3*311326%=)6.;F:
%;5:A>3E);6>7K3@6AF:7DED3@?7D36HA53F768AD?A67D3F7D78AD?>F:AG9::7D7<75F76F:7D73>
BD7E7@57A8:D;EF:;E8AD?G>3F;A@A8F:7>;FGD9KD7F3;@76?3@K57D7?A@;3>7>7?7@FE&@F:7AF:7D:3@6
!A:@AAB7D3@6:;EEGBBADF7DED7EBA@676I;F:?AD7D36;53>D78AD?EEB75;8;53>>K3D9G;@9393;@EFF:7
BD;7EF>K93D?7@FE>A@9;@9FAD7EFD;5FF:7BD35F;57EA8F:75:GD5:FAA@>KF:3FI:;5:I3E5A??3@676;@
E5D;BFGD7+:75A@8>;5FE47FI77@D36;53>3@65A@E7DH3F;H7'DAF7EF3@F;E?I7D7@AFD7EA>H76;@B3DF4753GE7A8
F:73?4;9G;FKA8F:7>;FGD9K
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
8DA?F:73@6H7DE;A@E+:;E5>3D;8K;@9EF3F7?7@FI3E3BB7@676FAF:7AD67DA8
5A??G@;A@O38F7DF:7;@;F;3>BD;@FDG@:36479G@O3@6EF3F7EF:3F67EB;F7F:76;D75F;A@
8ADF:75A??G@;53@FFA=@77>FAD757;H75A??G@;A@
;F;E@AF?73@FF:7D74KF:3F3@K36AD3F;A@;E6A@7ADAG9:FFA476A@77;F:7DG@FA
F:7*35D3?7@F3>4D736ADI;@7F:7D74A6;>KD757;H76ADG@FA3@KD73>3@6
7EE7@F;3>BD7E7@57F:7D747;@9A8:D;EFE@3FGD3>8>7E:3@64>AA6AD3E
5A@57D@;@9F:7*35D3?7@F3>4D7363@6I;@7F:7KD7?3;@EF;>>;@F:7;DH7DK@3FGD3>
EG4EF3@57E3@6F:7D78AD7?3K@AF4736AD768ADF:3FI7D7 6A>3FDKFA4734:ADD76
A83>>83;F:8G>:D;EF;3@E
+:7D7?AH3>A8F:;E678;@;F;H7>K'DAF7EF3@FEF3F7?7@FEG997EFEF:3FF:7>;L347F:3@3@6
73D>K*FG3DF5:GD5:7E3>>AI768AD3?AD7>;47D3>3@6B7DEA@3>G@67DEF3@6;@9A8F:7
E35D3?7@F3>@3FGD7A8F:7G5:3D;EF?73>+:7>35=A85>3D;FK;@F:7#;FGD9KA8
A??G@;A@;@F:7 5D73F76ABBADFG@;F;7E8ADH3D;3@FG@67DEF3@6;@9EA8F:7
G5:3D;EF;5?73>FA5A@F;@G7FA7J;EFI;F:;@F:7@9>;E::GD5:
@5A@FD3EFI;F:F:73?4;9G;FKA8F:7>;FGD9;53>57>74D3F;A@A85A??G@;A@ ,)
,-68=-2)68-'0)7F:7AF:7D678;@;F;H77JBD7EE;A@A8A88;5;3>@9>;E:6A5FD;@76A7E
EB75;8K;@9D73F7D67F3;>F:7:GD5:QEBAE;F;A@A@F:7G5:3D;EF;5?73>+:7FI7@FK7;9:F:
3DF;5>7675>3D7EF:3FFD3@EG4EF3@F;3F;A@R;E D7BG9@3@F FA F:7 B>3;@ IAD6E A8 *5D;BFGD7
AH7DF:DAI7F: F:7 @3FGD7 A8 3 *35D3?7@F 3@6 :3F: 9;H7@ A553E;A@ FA ?3@K EGB7DEF;F;A@ES
DF;5>73@6F:3FR+:7 4A6K A8 :D;EF ;E 9;H7@ F3=7@ 3@6 73F7@ ;@ F:7 *GBB7D A@>K
38F7D 3@ :73H7@>K 3@6 EB;D;FG3> ?3@@7D @6 F:7 ?73@E I:7D74K F:7 4A6K A8 :D;EF ;E
D757;H76 3@6 73F7@ ;@ F:7 *GBB7D ;E 83;F:SDF;5>7 $G5: >;=7 3>H;@QE BAE;F;A@ F:7
A88;5;3> @9>;E: BAE;F;A@ 7JB>;5;F>K D7<75FE FD3@EG4EF3@F;3F;A@ 4GF 3FF7?BFE FA 8;@6 3 43>3@57
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
;@ I:;5: F:7 E;9@E A8 F:7 E35D3?7@FE 3D7R@AFA@>K43697EADFA=7@EA8:D;EF;3@?7@QE
BDA87EE;A@4GFD3F:7DF:7K4757DF3;@EGD7I;F@7EE7E3@678875FG3>E;9@EA89D3573@6
A6E9AA6I;>>FAI3D6EGE4KF:7I:;5:76AF:IAD=;@H;E;4>K;@GE3@66AF:@AFA@>K
CG;5=7@4GF3>EAEFD7@9F:7@3@65A@8;D?AGD83;F:;@;?SDF;5>7 7EB;F7F:;E
A88;5;3>6A5FD;@3>EF3@57:AI7H7DF:7D7D7?3;@76?G5:6743F7I;F:;@F:7>3D97D5:GD5:
ADI:;>7F:7'D3K7D4AA=QE>;FGD9KI3EBD35F;E76G@;8AD?>KF:DAG9:AGFF:7@3F;A@F:7
7@8AD57?7@FA8F:7 ,-68=-2)68-'0)78>G5FG3F76F:DAG9:AGFF:773D>K?A67D@:GD5:
3@63F?AEFEG4E5D;BF;A@FAF:7E73DF;5>7EI3ED7CG;D76A@>KA8BD;7EFE3@6BG4>;5
BD735:7DE;4EA@$AD7AH7D3E!A:@.3>>@AF7ER@9>;E:D7>;9;AGE5A@FDAH7DE;7E
;@F:7E;JF77@F:3@6E7H7@F77@F:57@FGD;7EEI;D>3DAG@6F:7 33/3*311326%=)6
D3F:7DF:3@3DAG@6?3FF7DEA86A5FD;@7S.3>>+:7B>GD3>BAEE;4;>;F;7EA8F:7 D7EG>F76;@6;H7DE747>;78EEB3@@;@9F:7EB75FDG?47FI77@3F:A>;53@6*7B3D3F;EF
F:7A>A9K
+:7@3FGD7A8F:7E35D3?7@FED7?3;@7635A@F7@F;AGE;EEG7F:DAG9:AGFF:7@9>;E:
5:GD5:3E7H;67@576;@?3@KBG4>;53F;A@E3@6E7D?A@E @3R*7D?A@BD735:763F*F
'3G>QEGBA@:D;EF?3E3KS!A:@A@@787>F;F@757EE3DKFA366D7EEF:;E;EEG7
5>3;?;@9F:3F
3EF:7KF:3F67@KF:74A6KA8:D;EFFA47;@F:7E35D3?7@F>AE7F:7;D8AAF;@9;@
67B3DF;@98DA?F:7;D9DAG@6F:77JBD7EE7*5D;BFGD7EEAF:7KF:3FI;>>3EE;9@3
B3DF;5G>3D?3@@7D:AIF:3F4A6K;EF:7D7:3H7@A8AAF;@9@A9DAG@63F3>>@A
*5D;BFGD7FA@5:ADGBA@U1+:7K2E@3F5:3F3>AAE7BD7BAE;F;A@UEAF:3FF:7
)A?3@5:GD5::3F:53F5:763 6%273@6AF:7DE3 323@63 9&3@63@ 23@6
H3D;76F:7;DBA7FDK;@FA3+D3@EG4EF3@F;3F;A@3@63A@EG4EF3@F;3F;A@3@6F:7D7EF
3@6D:K?76F:7?E7>H7E47KA@6D73EA@;@FA34EGD6;F;7E3@6:7D7E;7EUA@@7
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
%AFA@>K6A7EF:;ECGAF3F;A@D7H73>A@@7QE7JB7D;7@57I;F:F:7@7H7D7@6;@98>G5FG3F;@9
R34EGD6;F;7ESA8F:76743F7;F3>EAD7H73>E:;EF7@67@5KFA3HA;63EFD;5F678;@;F;A@A8F:7
6;H;@7?KEF7DK)3F:7DF:3@678;@735ADD75FI3KA8B7D57;H;@9F:7E35D3?7@FE:7E77?E
FA6I7>>I;F:;@F:7B7DH3E;H7G@57DF3;@FK34AGF:AI7J35F>KF:7EK?4A>;57>7?7@FEA8F:7
G5:3D;EF3D7D7>3F76FAF:74A6K3@64>AA6A8:D;EF#;=7F:7A88;5;3>6A5FD;@3>3@6
>;FGD9;53>EF3F7?7@FEA8F:7@9>;E:5:GD5:A@@7QEE7D?A@E77?EFA67@KF:77JFD7?7
BAE;F;A@EA8FD3@EG4EF3@F;3F;A@3@6A85A?B>7F734E7@57K7FBDAH;67E@A678;@;F;H7
G@67DEF3@6;@9A8:AIEK?4A>3@6D787D7@FD7>3F7
&@7A8F:7BD;?3DK5A@57D@EA8F:7E35D3?7@F3>6743F7;EF:77JF7@FFAI:;5:
EK?4A>E3@6EK?4A>;5>3@9G39753@355GD3F7>KD7BD7E7@FF:3FFAI:;5:F:7KD787D
$76;7H3>F:7A>A9KA887D769D73F3EEGD3@57F:3FF:74D7363@6I;@75AG>65A?B>7F7>K3@6
I:A>>KD7BD7E7@FF:74A6K3@6EB;D;FA8:D;EF+:7D7I3E@AI3K;@I:;5:F:7EK?4A>
I3E;@87D;ADFAF:7D787D7@F @67763E;678DA?7JF7D@3>3BB73D3@57F:7EK?4A>4753?7
F:7D787D7@F5A?B>7F7>K?7F3B:AD43E76GBA@F:;EG@67DEF3@6;@9A8EK?4A>IAG>6
D3D7>K6;EF;@9G;E:47FI77@EK?4A>3@6D787D7@F4753GE7;F;E3EEG?76F:3FF:7KAH7D>3B
AI7H7DI:;>7F:73F:A>;5:GD5:5A@F;@G76FA388;D?F:;E6A5FD;@7F:7D78AD?7DEQ
5:3>>7@97EFAF:76A5FD;@7I73=7@76F:;E5A@8;67@57;@EK?4A>;5>3@9G397.;F:
0I;@9>;QE5A?B>7F7E7B3D3F;A@A8F:7EK?4A>3@6D787D7@F3@63>H;@QE;@E;EF7@57GBA@3
E7B3D3F74GF>;@=76?7F3B:AD;53>EFDG5FGD753?73CG7EF;A@;@9A8F:7H3>;6;FKA83>>
?7F3B:AD;53>D7BD7E7@F3F;A@.:7F:7D3?7F3B:AD;EE;?B>K 7EF34>;E:;@935A?B3D;EA@
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
47FI77@FIAB:KE;53>7@F;F;7EAD3FF7?BF;@9FA67E5D;47EA?7F:;@9?AD734EFD35F;F5AG>6
@A>A@97D473EEG?76F:3FF:7?7F3B:AD5AG>6?3=7?73@;@98G>5A?B3D;EA@E!GEF3E
F:7A>A9;3@E6743F76AH7DF:77J35FD7>3F;A@E:;BA8F:77>7?7@FEFA:D;EFI:7F:7DF:7K
7?4A6K:D;EFAD?7D7>KBA;@FFA:;?;F4753?7G@57DF3;@I:7F:7D8;9GD3F;H7>3@9G397
?7D7>KBA;@FEFA3@7JF7D@3>AD34EFD35FD73>;FKADI:7F:7D3?7F3B:AD35FG3>>KEF3@6E;@
8AD3@6E:3D7EF:77EE7@57A8F:7F:;@9E47;@967E5D;476 @F:7?;6EFA8F:;EG@57DF3;@FK
34AGFEK?4A>;5D7>3F;A@E:;BEBA7FEI7D78AD576FA5A@E;67DI:7F:7D3?7F3B:ADE;?B>K
?367357D74D3>5A@@75F;A@47FI77@A4<75FEADI:7F:7DF:7D7I3E3?AD7EG4EF3@F;3>
5A@@75F;A@47FI77@F:7EK?4A>3@6D787D7@F
+:7E35D3?7@F3>6743F7A8F:773D>K?A67D@B7D;A6;@:7D7@F>KD3;E7E5A@57D@E
34AGFF:7@3FGD7A8F:7EK?4A>3@6F:7D787D7@F3@6F:7;DD7>3F;A@E:;B+:76A5FD;@7A8
FD3@EG4EF3@F;3F;A@G@67@;34>K4>GDEF:74AG@63DK47FI77@EK?4A>3@6D787D7@FG@F;>F:7K
3D7@73D>K;@6;EF;@9G;E:34>7+:7EK?4A>6A7E@AF?7D7>KBA;@FFA36;EF;@5FD787D7@F4GF
475A?7E7EE7@F;3>>KF:3FFAI:;5:;FD787DE:D;EFAI7H7D3E)79;@3*5:I3DFL3D9G7E
R*35D3?7@F3>F:;@=;@9;E5A?B>7F7>K3>;7@FAF:7I3K?A67D@E75G>3D;E?:3E5A@57;H76
?3FF7DEB357F;?73@6>3@9G39712;@3E7@E7;F:36FA476;E?3@F>768AD?A67D@;E?FA
474AD@UPE;9@53@A@>KEF3@68ADF:3F;EEF3@6;@8ADI:3F;FE;9@;8;7EI:;5:;E
@757EE3D;>K34E7@FQE3;63>A9;5A8D7BD7E7@F3F;A@F:3F678;76F:7B3DF;5;B3F;A@A8F:7E;9@
;@F:7D787D7@FS*5:I3DFL.;F:F:7;@8>G7@57A8F:7?AD7?A67D@D3F;A@3>;EF
D78AD?7DE3?AD7>;?;F765A@57BFA8?7F3B:AD4793@FA67H7>AB)3F:7DF:3@E:3D;@9
7EE7@F;3>5:3D35F7D;EF;5EEAF:3FF:7EK?4A>?;9:F35FG3>>K7?4A6KF:7D787D7@FF:7
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
EK?4A>A@>KE:3D7E355;67@F3>3@6F3@97@F;3>CG3>;F;7EI;F:F:7D787D7@F
@F:78A>>AI;@95:3BF7DE 479;@FAFD357F:75A@@75F;A@47FI77@F:;EE:;8F;@
E35D3?7@F3>F:;@=;@93@63D7>3F76E:;8F;@F:7BA7F;5?7F3B:ADEA8*AGF:I7>>3@6A@@7
$KF:7ADKA8F:7F:7A>A9;53>37EF:7F;53D9G7EF:3F5A@8DA@F764K35:3>>7@9763@6
675>;@;@9E35D3?7@F3>IAD>6H;7IBA7FE4793@FA7JB7D;7@573@3@9EF34AGFF:7
BAEE;4;>;F;7E3@6>;?;F3F;A@EA8?7F3B:AD?;6F:;EG@57DF3;@FKA@78;@6E367E;D78AD
?AD7E35D3?7@F3>?7F3B:AD;@F:78357A883;>763FF7?BFE3FEG5:E35D3?7@F3>
D7BD7E7@F3F;A@:AI7H7DF:7D77?7D97E3D7>G5F3@FD7>;3@57A@D7BD7E7@F3F;A@3>
?7F3B:AD;53>8D3?;@9
@AF:7D5A@F7@F;AGE 6743F7;@F:7)78AD?3F;A@I3EF:3FA8E5D;BFGD3>
;@F7DBD7F3F;A@ @6776A@75AG>6?3=7F:73D9G?7@FF:3F;@F7DBD7F;@9E5D;BFGD73@6
D736;@9F:7RB>3;@FDGF:SEGBBAE76>K5A@F3;@76F:7D7;@I3EF:7;@EB;D3F;A@A8F:7?3@K
D78AD?EBDABAE76F:DAG9:AGFF:7E;JF77@F:57@FGDK&@7A8F:7?AEF5A?43F;H7;EEG7E
D3;E764KF:7D78AD?7DEI3EF:3FF:73F:A>;5:GD5:EG4AD6;@3F76F:73GF:AD;FKA8
E5D;BFGD7FAF:73GF:AD;FKA85:GD5:6A9?3E.:;>7F:73F:A>;5:GD5:5>3;?76F:3F
7JFD34;4>;53>F735:;@9:7>6F:7E3?73GF:AD;FK3EE5D;BFGD74753GE7F:AE7F735:;@9EI7D7
B3EE766AI@8DA?F:7E3?7B7AB>7I:AIDAF7F:7E5D;BFGD7EF:7D78AD?7DED7<75F76
FD36;F;A@3>F735:;@9EF:3FI7D7@AF7JB>;5;F>KEGBBADF76;@E5D;BFGD7'DAF7EF3@FE3@6
3F:A>;5E3>EA6;887D76A@F:7?3@@7D;@I:;5:E5D;BFGD7I3EFA47;@F7DBD7F76+:7
3F:A>;5:GD5:7?4D35763H;7IA8E5D;BFGD7F:3F3>>AI76?G>F;B>73@65A?B>;53F76
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
?73@;@9EFA8>AGD;E:I:;>7'DAF7EF3@FEFKB;53>>K47>;7H76F:3FE5D;BFGD75A@H7K76A@7
EB75;8;5?73@;@9FA47>;7H7DE F;E;?BADF3@FFA@AF7:7D7F:3FF:;EA@7?73@;@9I3E@AF
>;?;F76FA3>;F7D3>G@67DEF3@6;@9A8E5D;BFGD78AD3EA7D=E7@3@6A69=;@E7JB>3;@F:7
D78AD?7DEQR7?B:3E;EA@F:7>;F7D3>E7@E7I3E@AF3@G@;?39;@3F;H7>;F7D3>;E?4GF3
E7D;AGED736;@9A8F:7?3@;87EFE7@E7I7>>3I3D7A8F:7;?397DKEK?4A>;E?3@6
FKBA>A9K7H;67@F;@F:7F7JFSA7D=E7@3@6A69=;@E+:7BD;?3DK6;887D7@57
47FI77@3F:A>;53@6'DAF7EF3@FD736;@9E;E@AF36;887D7@5747FI77@EK?4A>;5D736;@9E
3@63>;F7D3>D736;@94GFD3F:7DF:76;887D7@5747FI77@3?G>F;8357F76G@67DEF3@6;@9A8
?73@;@93@6347>;78;@3E;@9G>3D;@EB;D76?73@;@9
FF:7:73DFA8F:73F:A>;5?7F:A6A8;@F7DBD7F;@9F:7;4>7;E3677BD7EB75F8AD
F:73?4;9G;FK3@667BF:A8E5D;BFGD73F:A>;5E7JBD7EE763D7H7D7@578ADF:7:7D?7@7GF;5
5:3>>7@97E3EEA5;3F76I;F:;@F7DBD7F;@93@KF7JF3@;@;F;3>6;88;5G>FK?367FD;5=;7D4KF:7
47>;78F:3FF:7A>K*5D;BFGD7EI7D7;@EB;D764KA6*;@57A6;E;@8;@;F7;FI3E
3EEG?76F:3F:;EIAD6IAG>647D7BD7E7@F3F;H7A8F:3F;@8;@;F7BAI7D3@65A@F3;@3I73>F:
A8BAEE;4>7?73@;@9E47KA@6:G?3@5A?BD7:7@E;A@E+:A?3ECG;@3E7JB>3;@E
CGAF;@9*FG9GEF;@7RE;@57F:73GF:ADA8A>K.D;F;EA6.:A4KA@735F
5A?BD7:7@6E3>>F:;@9E4K;E;@F7>>75F;F;E@AFG@8;FF;@93EG9GEF;@7E3KE32*)77-327
J;;;87H7@355AD6;@9FAF:7>;F7D3>E7@E7A@7IAD6;@A>K.D;FE:AG>6:3H7E7H7D3>
E7@E7ESCG;@3E*;?B>KBGFF:73F:A>;5:GD5:?3;@F3;@763H;7IA8E5D;BFGD7
F:3FI3E53B34>7A8:A>6;@9?AD7F:3@A@7?73@;@9E;?G>F3@7AGE>K
+:;E?G>F;B>;5;FKA8?73@;@96;6@AFD7EG>F;@3@G@;@F7>>;9;4>7;4>747KA@6
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
:G?3@5A?BD7:7@E;A@)3F:7D?76;7H3>F:7A>A9;3@E>;=7CG;@3E67H7>AB76
5A?B>;53F76EKEF7?E8AD6;E5AH7D;@93@6 3EE7?4>;@9F:7BAEE;4>7?73@;@9EA8E5D;BFGD7
;@FA?73@;@98G>53F79AD;7ECG;@3E67H7>AB7638AGD8A>6?7F:A6A8G@67DEF3@6;@9
?G>F;B>7E5D;BFGD3>?73@;@97EF3F7EF:3FF:7
8;DEFE;9@;8;53F;A@I:7D74KIAD6EE;9@;8KF:;@9E47>A@9EFAF:78;DEFE7@E7F:7
:;EFAD;53>AD>;F7D3>+:3FE;9@;8;53F;A@I:7D74KF:;@9EE;9@;8;764KIAD6E:3H7
F:7?E7>H7E3>EA3E;9@;8;53F;A@;E53>>76F:7EB;D;FG3>E7@E7I:;5:;E43E76A@F:7
>;F7D3>3@6BD7EGBBAE7E;F%AIF:;EEB;D;FG3>E7@E7:3E3F:D778A>66;H;E;A@UEA
83D3EF:7F:;@9EA8F:7&>6#3IE;9@;8KF:7F:;@9EA8F:7%7I#3IF:7D7;EF:7
3>>79AD;53>E7@E7EA83D3EF:7F:;@9E6A@7;@:D;EFADEA83D3EF:7F:;@9EI:;5:
E;9@;8K:D;EF3D7FKB7EA8I:3FI7AG9:FFA6AF:7D7;EF:7?AD3>E7@E7GFEA
83D3EF:7KE;9@;8KI:3FD7>3F7EFA7F7D@3>9>ADKF:7D7;EF:73@39A9;53>E7@E7
CG;@3E
>>8AGDA8F:7E7?73@;@9EA8E5D;BFGD7O>;F7D3>3>>79AD;53>?AD3>3@63@39A9;53>OI7D7
?73@FFA47G@67DEFAA6;@>;9:FA8735:AF:7D3@63E;@9>7B3EE3975AG>647D736F:DAG9:
3@K@G?47DA8F:7E7>7@E7E @67767H7@I:7@F:7E7 ?73@;@9E 3D7AEF7@E;4>KG@D7>3F76
AD 7H7@5A@FD36;5FADK;@@3FGD7F:7?73@;@9E3D7EF;>>53B34>7A85A7J;EF;@9FA97F:7D
)3F:7DF:3@EG4AD6;@3F;@9A@7?73@;@9FA3@AF:7DAD7>7H3F;@9A@7?73@;@934AH7F:7
D7EF3F:A>;5F:7A>A9;3@E3FF7?BF76FA:A>63>>BAEE;4>7?73@;@9E;@5A@57DF
+DK;@9FAG@67DEF3@6I:3FE5D;BFGD7;EF735:;@9:AI7H7DI:7@;F5A@F3;@EEA
?3@K>7H7>EA8?73@;@9;E363@97DAGEBDA57EE8D3G9:FI;F:B;F83>>E+:7D78AD7F:7
3F:A>;5:GD5:47>;7H76F:3F@A;@6;H;6G3>5AG>6:AB7FA355A?B>;E:F:;E4K:;EAD:7D
AI@D73EA@3>A@7+:GEF:7AG@5;>A8+D7@FD7388;D?76F:747>;78F:3F
@AA@7D7>K;@9A@:;EAI@<G697?7@FE:3>>;@?3@@7DEA883;F:3@6?AD3>E
B7DF3;@;@9FAF:776;8;53F;A@A8:D;EF;3@6A5FD;@76;EFADF;@9F:7A>K*5D;BFGD7E;@
355AD63@57I;F::;EAI@5A@57BF;A@EBD7EG?7FA;@F7DBD7FF:7?5A@FD3DKFAF:3F
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
E7@E7I:;5::A>K?AF:7D:GD5:FAI:A?;F47>A@9EFA<G697F:7;DFDG7E7@E73@6
;@F7DBD7F3F;A@:3E:7>63@6:A>6EAD7H7@5A@FD3DKFAF:7G@3@;?AGEF735:;@9A8
F:73F:7DEF:*7EE;A@
+:;E3F:A>;5D7F;57@5734AGF>73H;@9E5D;BFGD7AB7@FABD;H3F7;@F7DBD7F3F;A@D75A9@;L7E
F:3FI;F:;@F:7?G>F;B>73@65A@8>;5F;@9BAEE;4>7?73@;@9EA8E5D;BFGD7F:7D77J;EF?3@K
;@F7DBD7F3F;A@F:3FDG@5AG@F7DFAFD36;F;A@3>5:GD5:F735:;@9*5D;BFGD73>A@7;E@AF
53B34>7A8BDAH;6;@93>>6A5FD;@74753GE73E3BA7F;54AA=;FE8;9GD3F;H7>3@9G397BD7E7@FE
FAA?3@KBAEE;4>7?73@;@9E+:7A@>KI3KFA6;EF;@9G;E:R5ADD75FS3F:A>;547>;788DA?
F:7BAEE;4>7?73@;@9E5A@F3;@76I;F:;@F:7F7JF;EFA;DD7HA534>KF;7EG5:;@F7DBD7F3F;A@E
FAF:7?AD7>;F7D3>F735:;@9EA8F:75:GD5:
+:7EG4AD6;@3F;A@A8E5D;BFGD7FA5:GD5:FD36;F;A@;@3F:A>;56A5FD;@7I3EA@7A8
F:7BD;?3DK;EEG7ED3;E764KF:7D78AD?7DEF:DAG9:AGFF:7E;JF77@F:57@FGDK+:7K
36HA53F76F:3FE5D;BFGD7E:AG>647F:7:;9:7EF3GF:AD;FK3@6E:AG>6@AF475A@FDA>>76AD
57@EAD764K:G?3@;@EF;FGF;A@E @AD67DFA3D9G7F:;E:AI7H7D3>H;@3@6F:7AF:7D
D78AD?7DE47>;7H76F:3F;@6;H;6G3>E5AG>63BBDA35:F:7;4>73@6G@67DEF3@68AD
F:7?E7>H7EI:3F;F?73@E3>H;@5>3;?EF:3FR*5D;BFGD77J:;4;FE8G>>K3E5>73D7H;67@57
A8;FEAI@FDGF:3EI:;F73@64>35=F:;@9E6AA8F:7;D5A>ADADEI77F3@64;FF7DF:;@9E6A
A8F:7;DF3EF7S,@>;=7F:7?G>F;8357F763@6B3D3>>7>FDGF:E8AG@6;@F:73F:A>;5
6A5FD;@73>H;@3@6F:7D78AD?7DE47>;7H76F:3FE5D;BFGD3>FDGF:I3E7H;67@F3@673E;>K
3BB3D7@FFA3@KA@7I:AD736E;FFF:757@FD7A8F:;E47>;78;EF:75A@8;67@57F:3FA6
I3@FEFA5A??G@;53F7B>3;@>K3@6FDG>KFA:;E8A>>AI7DERF:7F7EF;?A@KA8F:7*B;D;F;E
?AD77J57>>7@FF:3@3>>D73EA@AD3EA63>A@7;E38;FI;F@7EEA8:;?E7>8;@:;E.AD6EA
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
3>EAF:7.AD6I;>>@AF8;@63557BF3@57;@?7@QE:73DFE478AD7;F;EE73>764KF:7;@I3D6
F7EF;?A@KA8F:7A>K*B;D;FS3>H;@6A7E@AF47>;7H7F:3F83>>7@:G?3@D73EA@
3>A@753@G@5AH7DF:7FDGF:47:;@6E5D;BFGD74GF:76A7E47>;7H7F:3FF:7D7;E3FDGF:F:3F
53@47D735:764K3@;@6;H;6G3>F:DAG9:F:7D7H7>3F;A@A8F:7A>K*B;D;F
&@7A8F:79D73F7EF6;887D7@57E47FI77@F:7F:7A>A9KA8F:7D78AD?7DE3@6
3F:A>;5;E?;EF:3FF:7D78AD?7DE47>;7H76F:3FA@75AG>63DD;H73F3@34EA>GF73@6E;?B>7
?73@;@9;@E5D;BFGD7I:;>73F:A>;5E?3;@F3;@7635A?B>7J3@6?G>F;>3K7D76EKEF7?A8
?7F3B:AD;53>3>>79AD;53>3@6>;F7D3>?73@;@9EAD3>H;@3@6F:7AF:7DD78AD?7DE7H7@
F:7?AEF34EFD35FB3EE397:36A@7;@F7@676EB75;8;5?73@;@9.:7F:7D3B3EE397I3E
?73@FFA47G@67DEFAA6>;F7D3>>K?7F3B:AD;53>>KAD7H7@FKBA>A9;53>>KF:7E5D;BFGD73>;9@E
I;F:A@7FDGF: @E5D;BFGD73E3>H;@3D9G7ERA6;EFDG>K3@6H;H;6>K67E5D;476FAGE
8DA?:;EIAD=EI:;>7F:7E7H7DKIAD=E3D73BBD;E76@AF4KAGD67BD3H76<G697?7@F4GF
4KF:7DG>7A87F7D@3>FDGF:S.;F:;@F:;EG@67DEF3@6;@9A8E5D;BFGD7735:B:D3E7
:3EA@75A@5>GE;H7?73@;@9$AD7AH7DF:7D78AD?7DEB>35769D73F5A@8;67@57;@F:7
;@6;H;6G3>QE34;>;FKFA67F7D?;@7F:3F?73@;@9I;F:AGFD75AGDE7FA3@3GF:AD;FKAD7JF7D@3>
5A??7@F3DK
.;F:;@@9>3@6F:73GF:AD;FKA8E5D;BFGD74753?7357@FD3>5A?BA@7@FA8F:7
@9>;E:5:GD5:;DEFF:7D78AD?7DEIDAF7;@DF;5>7*;JA8 ,) ,-68=-2)68-'0)7F:3F
F:7RA>K*5D;BFGD75A@F3;@7F:3>>F:;@9E@757EE3DKFAE3>H3F;A@EAF:3FI:3FEA7H7D;E@AF
D736F:7D7;@@AD?3K47BDAH76F:7D74K;E@AFFA47D7CG;D76A83@K?3@F:3F;FE:AG>6
4747>;7H763E3@3DF;5>7A8F:783;F:AD47F:AG9:FD7CG;E;F7AD@757EE3DKFAE3>H3F;A@S
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
DF;5>7GDF:7D7H;67@57A8E5D;BFGD7QEB7D57;H765>3D;FK;EF:7BDA?;@7@57A873E;>K
3557EE;4>7E5D;BFGD7F:DAG9:AGF73D>K?A67D@@9>;E:5G>FGD7+:7@9>;E:>;FGD9K
7?B:3E;L76F:7;?BADF3@57A8G@36G>F7D3F76E5D;BFGD7F:763;>KE7DH;57;@5>G676D736;@9E
8DA?4AF:F:7&>63@6%7I+7EF3?7@FE+:7E7D736;@9EI7D7D7363>AG63@65>73D>K;@
F:7H7D@35G>3DI;F:AGF366;F;A@3>5A??7@F3DK FI3E5A@E;67D76;?BADF3@FF:3FF:7>3;FK
:73D3@67JB7D;7@57F:7E5D;BFGD7D79G>3D>KD793D6>7EEA8I:7F:7DF:7KI7D7>;F7D3F7AD
@AF$AD7AH7D8ADF:7>;F7D3F7A8@9>;E:EA5;7FKE5D;BFGD7I3E?367D736;>K3557EE;4>7
%AFA@>KI7D7@9>;E:;4>7E?3673H3;>34>7;@5:GD5:7EF:7KI7D73>EA3H3;>34>78AD
BGD5:3E7*5D;BFGD7QE;?BADF3@57FAF:7@9>;E:5G>FGD7I3EEG5:F:3F";@9!3?7E87>F;F
3BBDABD;3F7FA5A??;EE;A@3@7I@9>;E:FD3@E>3F;A@A8F:7;4>7 @@9>3@6;FI3E
97@7D3>>K3557BF76F:3FE5D;BFGD753@3@6E:AG>6477JB7D;7@5768;DEF:3@64KF:7
;@6;H;6G3>
7EB;F7F:;E3BB3D7@F5A@8;67@57;@F:73557EE;4;>;FKA8E5D;BFGD7F:78>AGD;E:;@9
A8F:7E7D?A@;@F:7E7H7@F77@F:57@FGDK3@6F:734G@63@57A8BD;@F765A??7@F3D;7E
A7D=E7@3@6A69=;@EEG997EFF:3F;@BD35F;57@9>;E:47>;7H7DEI7D7>7EE57DF3;@
34AGFF:773E7I;F:I:;5:E5D;BFGD7?;9:F47;@F7DBD7F76F:3@F:7D78AD?7DE;@F:7ADK
7EB;F7F:7;@5ADBAD3F;A@A83>H;@QE47>;78;@F:7B>3;@?73@;@9A8E5D;BFGD7F:7D7I3E
?G5:H3D;3F;A@;@:AIFA35:;7H7F:3F?73@;@9 @D73>;FK4AF:5>7D9K?7@3@6F:7>3;FK
6;E39D776A@F:7BD75;E7?73@;@9A8E5D;BFGD77H7@F:AG9:F:7K39D776F:3FEG5:3
?73@;@95AG>6478AG@6+:GEE7D?A@E3@65A??7@F3D;7EA8F7@ID;FF7@4KFD3;@76
5>7D9K67>H76;@FAF:7H3D;AGE;?B>;53F;A@E5A@@AF3F;A@E3@6BD35F;53>5A@E;67D3F;A@EA8
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
F:7E5D;BFGD7G@67DEFG6K3@6I7D767E;9@76FA3EE;EFF:7>3;FK;@A4F3;@;@93677B7D3@6
?AD75ADD75FG@67DEF3@6;@9A8F:75A?B>7J;F;7EA8E5D;BFGD7>F:AG9:F:7:GD5:A8
@9>3@65>73D>K35=@AI>76976F:734;>;FKA8E5D;BFGD7FAEB73=FDGF:;@FAF:7>;H7EA8F:7
D7367D6743F7B7DE;EF76I;F:D793D6EFAF:7BD75;E7?3@@7D4KI:;5:FA;@F7DBD7F
E5D;BFGD7
+:76743F734AGF?73@;@9;@E5D;BFGD7;@7H;F34>KD78>75FEA@F:7?73@;@9A8
8;9GD3F;H7>3@9G397;@AF:7DID;F;@9E>F:AG9:F:7;4>7:363>I3KE477@5A@E;67D76
6;EF;@5F8DA?AF:7D:G?3@?367F7JFE4753GE7A8;FEBD7EG?766;H;@7AD;9;@E;FD7?3;@76
@7H7DF:7>7EE34AA=3@6A@7I:AE7?73@;@9?3=;@953B34;>;F;7ED78>75F76GBA@F:7I3K
F:3F73D>K?A67D@D7367DEG@67DEFAA6>3@9G397+:;E;E7EB75;3>>KFDG7A873D>K?A67D@
D7367DE9;H7@F:7;?BADF3@57A8F:7&>63@6%7I+7EF3?7@FEFA>;F7D35K76G53F;A@
F:DAG9:AGFF:7B7D;A6E"7@@7F::3D>FA@3@6$3D93D7F*BG88AD63D9G7;@H7D@35G>3D
76G53F;A@RF:7;4>7E77?EFA:3H7477@F:75A??A@7EFA83>>F:7F7JF4AA=E3@6;@6776
F:7A@7FAI:;5:F:7?3@G3>E8ADF735:7DEBA;@F76S:3D>FA@3@6*BG88AD6+:7;4>7
3@63>>A8;FED:7FAD;53>3@68;9GD3F;H7FDAB7E8AD?76F:743E;EGBA@I:;5:F:7?3<AD;FKA8
;@6;H;6G3>E>73D@76FAD7363@6G@67DEF3@6ID;FF7@F7JFE+:7?7F3B:ADEA8E5D;BFGD7
IAG>6:3H7477@?3@KB7AB>7QE8;DEF7JBAEGD7FA8;9GD3F;H7>3@9G3973@6F:7?3@@7D;@
I:;5:F:7E7?7F3B:ADEI7D7G@67DEFAA6FA5D73F7?73@;@9IAG>6;@H3D;34>K38875F F:7
I3KF:3FA@7 67F7D?;@7E?73@;@9;@3@KAF:7DF7JF
+:7?73@;@9?3=;@9BAI7DEA8BA7F;5;?397EE77?FA475:3>>7@9763>A@9F:7
E3?7>;@7E3E?73@;@9;@E5D;BFGD3>;?397E+:;E;E@AFFAE3KF:3FF:7)78AD?3F;A@
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
6743F7EA@?73@;@9;@F7DBD7F3F;A@3@6D7BD7E7@F3F;A@3D74K3@K?73@EEFD3;9:F8ADI3D6
>;=7I;E7F:778875FEA8F:7E5D;BFGD3>6743F7EA@8;9GD3F;H7>3@9G3973D77JF7@E;H73@6
5A?B>7J3@66;88;5G>FFA3DF;5G>3F75A?B>7F7>K+:7A8F5;F764;@3DKA8 3F:A>;5
?G>F;B>;5;FKA8?73@;@9H7DEGE'DAF7EF3@FE;@9G>3D;FKA8?73@;@9;ED76G5F;H7,>F;?3F7>K
F:7'DAF7EF3@F;673>A83557EE;4>73@6E;@9G>3DE5D;BFGD3>?73@;@9;EF:I3DF764KF:7
5A?B>7J;F;7EA8?73@;@9;FE7>8
@3HA>3F;>75G>FGD7;@I:;5:F:7?3@@7DA8;@F7DBD7F;@9E5D;BFGD7;EG@67D6743F7
F:7BDA57EE7E4KI:;5:?73@;@9E3D7?3@;87EFF:DAG9:8;9GD3F;H7>3@9G3973D7EA?7I:3F
G@5>73D+:7D78AD73BA7??;9:F7JB>;5;F>K7JB>AD7F:7?3@KBAEE;4>7?73@;@9EA83
E;@9>7;?397F7EF;@9F:7H3D;7FKA8?73@;@9EF:3F53@479>73@768DA?F:3F;?397+:;E
7JB>AD3F;A@A83@;?397;ECG;F7BD7H3>7@F;@F:773D>K?A67D@B7D;A63@63E:;9:>;9:F76
;@?K>;F7D3FGD7D7H;7I;EA8F7@5;F763EA@7A8F:757@FD3>873FGD7EA8F:7?7F3B:KE;53>
BA7FDKA8F:7E7H7@F77@F:57@FGDK+:7?73@;@9A83?7F3B:AD;@?3@KA8F:7E7BA7?E;E
@AFE;?B>K3EEG?764GF3D9G768AD3E;8F:7D7;E6AG4F5A@57D@;@9F:734;>;FKA8F:7
?7F3B:ADFAD7BD7E7@F;FE5ADD7EBA@67@F5A?B>;53F76D73>;F;7E$AD7AH7DF:7BA7FDKA8
F:7)78AD?3F;A@A553E;A@3>>KE77?EFA;@F7@F;A@3>>K7?B:3E;L7F:7?G>F;B>7?73@;@9EA8
3@;?397A8F7@F:DAG9:3?4;9G;FKI;F:AGF3>>AI;@9A@7B3DF;5G>3D?73@;@9FA93;@
3E57@63@5K
+:;ECG7EF;A@A8:AIFA;@F7DBD7F8;9GD3F;H7>3@9G397;E7H;67@F;@?G5:A8F:7
BA7FDKA8F:7F;?7EA55GDD76I;F:;@F:73F:A>;5
'DAF7EF3@FE5D;BFGD3>6743F7EBA7FE
>;=7I;E75A@F7@676I;F:F:7CG7EF;A@A8I:7F:7D?73@;@95AG>6A@>K475A@EFDG5F76;@
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
F7D?EA8A@7FAA@75ADD7>3F;A@EADI:7F:7DE;@9G>3D3DF;5G>3F;A@EI7D753B34>7A8
3EE7DF;@9?G>F;B>7?73@;@9E3FF:7E3?7F;?7+:7BA7F;57JB7D;?7@F3F;A@E7?7D9;@9
8DA?F:7E75A@E;67D3F;A@E3D7@AF34>K6;H7DE7;@F:7IAD=EA8*AGF:I7>>3@6A@@7F:7K
A8F7@D7EG>F;@3@34G@63@57A8?73@;@98AD576A@FAF:7;D?7F3B:ADE+:7BA7?EA8
*AGF:I7>>3@6A@@74AF:;@6;887D7@FI3KED78>75F3@67JB>;5;F>KD7EBA@6FAF:7E7
5A?B>;53F763@65A?B>7J7HA>GF;A@EA8F:AG9:F
+:7F:7A>A9;53>37EF:7F;53D;E7EAGFA83@6I;F:;@F:7)78AD?3F;A@6743F7E
EGDDAG@6;@9G@67DEF3@6;@9EA8E5D;BFGD73@6E35D3?7@F3EI7>>3EAF:7DF:7A>A9;53>
6;H;67E6GD;@9F:7)78AD?3F;A@EG5:3E5A@57BF;A@EA89D357B7@3@573@6BGD93FADK@AF
7JB>AD76:7D7F:3FD78>75F3@667H7>AB3>A@9E;67F:7FD3@E;F;A@8DA? 3?76;7H3>
G@67DEF3@6;@9A8F:7IAD>6FA3?AD7?A67D@G@67DEF3@6;@9A8F:7IAD>6 F;E3D7H;E;A@
A8F:7D7>3F;A@E:;B47FI77@EK?4A>3@6D787D7@F3D75A@E;67D3F;A@A8F:7D7>3F;A@E:;B
47FI77@I:3F:3BB7@E:7D7A@73DF:3@6I:3F:3BB7@E;@F:7EB;D;FG3>D73>?E
?7@F;A@76BD7H;AGE>KF:;EF:7E;E7J3?;@7EF:7;?B35FA8F:;EF:7A>A9;53>3@6:7D?7@7GF;5
FD3@E8AD?3F;A@A@BA7FDK@AF3E;EA>3F768;@3>6A5FD;@7E4GFD3F:7D3E5D73F;@9>;?;@3>
EB357E47FI77@5A@FD3EF;@96A5FD;@3>EF3F7?7@FE 3D9G7F:3FF:7H;A>7@57I;F:I:;5:
F:7E76A5FD;@3>EF3F7?7@FE3D7CG7EF;A@76GBDAAF763@67J3?;@76I;F:;@@9>3@6D7EG>FE
;@3@G@57DF3;@FK34AGFF:75ADD75FAD7H7@BAEE;4>7DA>7EA88;9GD3F;H7>3@9G397;@
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
5D73F;@9?73@;@9
+:7F:7A>A9;53>6743F7AH7DF:7E35D3?7@FE3@64;4>;53>;@F7DBD7F3F;A@@AFA@>K5D73F7635D;E;E;@
BA7F;5?7F3B:AD;53>D7BD7E7@F3F;A@F:78A5GEA8F:;EF:7E;E4GF3>EAD3;E765A@57D@E34AGFEK?4A>;5
D7BD7E7@F3F;A@F:3F?3@;87EF76;@F:7;5A@A5>3EF;5F7@67@5;7EA8F:7@9>;E::GD5:>F:AG9: 6A@AF:3H7
F;?7FAFD357F:7D7>3F;A@E:;B47FI77@F:7F:7A>A9;53>37EF:7F;53@6;5A@A5>3E?34D;78>AA=EG997EFEF:3F3@
3@9EFE;?;>3DFAF:3FB7DH36;@9BA7F;57JBD7EE;A@3@6EK?4A>;5D7BD7E7@F3F;A@I3E3>EA7JBD7EE763EB3DF;3>
?AF;H3F;A@8ADF:767EFDG5F;A@A8EK?4A>;55:GD5:3DF+:;E;E@AFFAEG997EFF:3F;5A@E3@6?7F3B:ADEAD3@K
EFG6;7EF:7D7A853@47F:AG9:FA83E7CG;H3>7@F:AI7H7D4AF:57DF3;@>K3D75A@57D@76I;F:F:7
D7BD7E7@F3F;A@A8EA?7F:;@97>E7EK?4A>;53>>K @6776 IAG>6BDABAE7F:3FA@75AG>6D736;5A@A5>3E?;@
F7D?EA8F:7F:7A>A9;53>37EF:7F;5+:7D73D7A85AGDE7?3@KAF:7DF:;@9E;@8AD?;@9F:7;5A@A5>3EF;56743F7E
?7D7>KEG997EFF:3FF:75A@57D@EA8F:7F:7A>A9;53>37EF:7F;5A887DA@78D3?7F:DAG9:I:;5:A@75AG>6
G@67DEF3@63EB75FEA8F:7;5A@A5>3EF;5?AH7?7@FEA873D>K?A67D@@9>3@6+:75A@57D@EF:3F3>H;@3@6
@9>;E:D78AD?7DE7JBD7EE7634AGFF:78GF;>;FKA8EK?4A>;5D7BD7E7@F3F;A@;@F:7;?397DKA8F:7:GD5:
?;DDADF:75A@57D@EF:3F 3D9G7;@8AD?F:7F:7A>A9;53>37EF:7F;5;@BA7FDK
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
!$& !#! ! "!$
:3H7F:GE83D3D9G76F:3FF:7F:7A>A9;53>6743F7EA8F:7)78AD?3F;A@BDA8AG@6>K
5:3@976F:7I3KEF:3FE;JF77@F:3@673D>KE7H7@F77@F:57@FGDKD7367DE3@6ID;F7DE
G@67DEFAA68;9GD3F;H7>3@9G397>F:AG9:7JBD7EE;A@EA8F:7F:7A>A9;53>37EF:7F;5;@
BA7FDK3D7H3D;76F:7D7?3;@67DA8?KF:7E;E3FF7?BFEFABA;@FAGFEA?7A8F:7I3KE;@
I:;5:F:7?7F3B:ADEA8)A47DF*AGF:I7>>3@6!A:@A@@7D78>75FF:7D7BD7E7@F3F;A@3>
3@9EFB7DH3E;H7F:DAG9:AGFF:7B7D;A6+:75A?B>;53F76I3KE;@I:;5:F:7;D?7F3B:ADE
4>7@6;?397EFA97F:7D3@6>3K7D?73@;@9E3@6F:7?GF34;>;FK3@6;@EF34;>;FKA8F:7E7
;?397ED7H73>3677BG@57DF3;@FKEGDDAG@6;@9?7F3B:ADQE34;>;FKFAD7BD7E7@F.:;>7EA?7
8;9GD3F;H7EFDG5FGD7EEG997EF3@;@F;?3F75A@@75F;A@47FI77@EK?4A>3@6D787D7@FF:7
8D7CG7@F8>G;6;FKA8F:7E7?7F3B:ADE5A@H7DE7>KG@67D?;@7EF:;E5A@@75F;A@3@6EG997EFE
;@EF736F:3F?7F3B:AD;53>5A@@75F;A@E3D78D39;>73@6G@EF34>7
+:7;@EF34;>;FKA8?7F3B:AD5D73F764KF:7F:7A>A9;53>37EF:7F;5;E7H;67@F;@F:7
67HAF;A@3>BA7FDKA8*AGF:I7>>4753GE73E3!7EG;F?;EE;A@3DK:;E7@F;D7>;87D78>75FE3@
35F;H7 ;@HA>H7?7@F;@ 3@6 5A@57D@ 34AGF F:75A@F7?BAD3DK F:7A>A9;53> 6743F7E )3;E76 3E
3 3F:A>;5 *AGF:I7>> IAG>6 :3H7 477@ =77@>K 3I3D7 A8 F:7 6;887D7@57E 47FI77@ :;E
47>;78E 3@6 F:AE7 A8 :;E 5AG@FDK?7@)3F:7DF:3@363BF:;E3F:A>;5;E?FA5A@8AD?FAF:7
@9>;E::GD5:3E?3@K3F:A>;5E5:AE7FA6A*AGF:I7>>678;@76:;ED7>;9;AGE47>;78E
;@ABBAE;F;A@FAF:AE7 A8:;E 5A?B3FD;AFE#;=7 ?3@K AF:7DKAG@9 3F:A>;5 ?7@:7
67B3DF76 @9>3@6FA EFG6K 3F F:73F:A>;5 @9>;E: A>>797 A@ F:7 5A@F;@7@F +:DAG9:AGF
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
:;E EFG6;7E:AI7H7D *AGF:I7>> E:AI76 3 =77@ 67E;D7 FA D7FGD@ FA @9>3@6 3E 3 !7EG;F
?;EE;A@3DK 3@6 38F7D @73D>K F7@ K73DE A8 FD3;@;@9 ;@F:7 3F:A>;5 ?;@;EFDK 4AF: ;@ AG3;
3@6 )A?7:7 D7FGD@76 FA @9>3@6 3E 3 BD;7EFE75D7F>K E7DH;@9 ;@ #A@6A@AD*AGF:I7>>
;FI3E;?BADF3@FF:3F:;E87>>AI@9>;E:?7@D7FGD@FAF:7F735:;@9EA8)A?7H7@FG3>>K
*AGF:I7>>QEF;D7>7EEIAD=BDA?AF;@9F:73F:A>;583;F:I;F:;@#A@6A@D7EG>F76;@:;E
53BFGD7FADFGD73@6?3DFKD6A?:AI7H7DI:3F473DE@AF;@9:7D7;E:;EB3EE;A@8AD
5ADD75F3F:A>;56A5FD;@73@6F735:;@9*AGF:I7>>I3EI7>>76G53F76;@F:767F3;>EA8
3F:A>;53@6'DAF7EF3@FF:7A>A9KEA3EFA47?AEF78875F;H7;@:;EAG@F7D)78AD?3F;A@
?;@;EFDK$AD7AH7DI:;>7:7I3EID;F;@9BA7FDK6GD;@9:;E?;EE;A@:7I3E5A@8DA@F76
63;>KI;F:F:7@G3@57EA8F:76;887D;@9F:7A>A9;53>47>;78E;F;E@AFEGDBD;E;@9F:7D78AD7
I;F:F:7A>A9KEABDA?;@7@F;@:;E63;>K>;87FA8;@6F:7F:7A>A9;53>37EF:7F;53FB>3K;@F:7
?7F3B:ADEA8:;EBA7FDK
*5:A>3DEA8*AGF:I7>>EG997EFF:3F:;EBA7FDKEF3@6E3F35DAEEDA36E;@F:7:;EFADK
A8@9>;E:BA7FDKA8F7@:;9:>;9:F;@9F:7D7HA>GF;A@3DKEFK>7A8:;E?7F3B:ADEE73D>K3E
7>7@.:;F7QE3DF;5>7R*AGF:I7>>$7F3B:KE;53>3@63DACG7SE5:A>3DE7JB>AD76
F:7I3KE;@I:;5:*AGF:I7>>?;J7EF:77>34AD3F7;?397DK5A??A@FAF:75A@F;@7@F3>
43DACG7EFK>7I;F:F:75A?B>7J3D9G?7@FE678;@;@9F:7@9>;E:?7F3B:KE;53>EFK>7*:7
@AF7E:AI*AGF:I7>>QEBA7FDK6;EB>3KERF:73DACG7D736;@7EEFAE:;8FF:78;9GD7A@57;FE
;?BAEE;4;>;F;7E:3H7477@7J:3GEF76FA3@AF:7D;@3EFD;=;@9>K6;887D7@F53F79ADKS.:;F7
@3E;?;>3DI3K3DKAG5:3D63D9G7EF:3F*AGF:I7>>E:AG>647D793D6763EF:7
AD?AD7A@*AGF:I7>>QE>;873@6673F:E77%3@5K'A>>3D6DAI@QE7@FDK;@F:7 R*AGF:I7>>
)A47DFS
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
8;DEF?7F3B:KE;53>BA7FR*7H7D3>A8F:75:3D35F7D;EF;5E4KI:;5:I7@AI67E5D;47
P?7F3B:KE;53>BA7FDKQOF:76D3?3F;5AB7@;@9F:73D9G76?7F3B:ADF:77557@FD;5
5A@57;F3@6EB;D;FG3>3E57@FO3D7FA478AG@68;DEF;@F:7BA7FDKA8)A47DF*AGF:I7>>S
AG5:3D6R@9>3@6QE;DEF$7F3B:KE;53>'A7FS.:;>7?3@KA8F:7E743DACG73@6
?7F3B:KE;53>CG3>;F;7E3D7;@6776BD7E7@F;@*AGF:I7>>QEIAD=;F;E@AFEG88;5;7@FFA
?7D7>K3FFD;4GF7:;EEFK>7FA>3D973@63D4;FD3DK53F79AD;7EF:7E753F79AD;7E3D7BD;?3D;>K
67E5D;BF;H73@66A>;FF>7FA5A@FD;4GF7FAA@7QEG@67DEF3@6;@9A8:;EBA7F;5>F:AG9:
E5:A>3DE:3H7D7B73F76>K:;9:>;9:F76F:7I3KE;@I:;5:*AGF:I7>>GE7E?7F3B:ADF:7K
D3D7>K7JB>AD7F:7E7?7F3B:AD;53>7JBD7EE;A@E;@67BF:$AD7AH7D3E6;E5GEE7634AH7
F:7K3D7A8F7@E3F;E8;764K3FFD;4GF;@9*AGF:I7>>QEEFK>7A8ID;F;@9FA5A@F7?BAD3DKFD7@6E
;@BA7FDK @EF736 I;E:FA7JB>AD7:AI*AGF:I7>>QEEB75;8;5I3KA8GE;@9?7F3B:AD
D78>75FEF:7;@8>G7@57A8F:7F:7A>A9;53>37EF:7F;5.:;>7:7?3KI7>>:3H7477@
;@8>G7@5764KF:743DACG73@6?7F3B:KE;53>EFK>7EA8:;E5A@F7?BAD3D;7E:73>EAGE:7DE
;@3@7IEFK>7A867HAF;A@3>BA7FDKF:3F53@473FFD;4GF763F>73EF;@B3DFFAF:7
F:7A>A9;53>37EF:7F;5
@366;F;A@FA:;E43DACG7AD?7F3B:KE;53>EFK>7A8ID;F;@95D;F;5EA8F7@7J3?;@7
*AGF:I7>>QEBA7FDK;@>;9:FA8;FE3D9G?7@F3F;H7EFK>7*5:A>3DE;@5>G6;@9.:;F7*36;3
443E3@6!A:@3@6#ADD3;@7)A47DFE3D9G7F:3F*AGF:I7>>QEBD;?3DKBGDBAE7;@ID;F;@9
:;EBA7FDKI3EFA:3H7;FE7DH73E3@7JF7@E;A@A8:;E?;EE;A@3DKIAD=)A47DFE3@6
)A47DFEEG997EFF:3FR67@;763BG>B;F8DA?I:;5:FA7J:ADF3@6;@EFDG5F:;E5AG@FDK?7@
*AGF:I7>>FGD@76FABA7FDKS)A47DFE3@6)A47DFE+:7K3D9G7F:3F*AGF:I7>>QEBA7FDK
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
I3EID;FF7@;@AD67DFA5ADD75F6A5FD;@7;@EFDG5FF:7@9>;E:A@F:767H7>AB?7@FEA8F:7
AG@5;>A8+D7@F7@5AGD397?AD3>;@F79D;FK3@6>736>3BE763F:A>;5EFAD7B7@F3@57
355AG@F;@98ADF:7GE7A8BA7FDK3EREG93D5A3F;@9F:76;635F;5B;>>S)A47DFE3@6)A47DFE
+:7KEG997EFF:3F*AGF:I7>>QEBA7FDK;E3RBA7FDKA8;?;F3F;A@@AFBA7FDKA8
;@EB;D3F;A@SI:AE7BD;?3DKBGDBAE7I3EFAF735:3F:A>;56A5FD;@7GE;@9BABG>3D
8AD?E&F:7DE5:A>3DE>;=7443E3@6.:;F7@AF7F:3F*AGF:I7>>QE?7F3B:AD;53>;?397DK
O@A?3FF7D:AI;@FD;53F7O;EG>F;?3F7>KEG4E7DH;7@FFAF:73D9G?7@F:7;EFDK;@9FA
?3=7.:;>7*AGF:I7>>QEBA7FDKA8F7@;?;F3F7EBABG>3DEFK>7EA8ID;F;@9EG5:3EF:7>AH7
BA7?EA8D7FA@#A6973@6&J8AD6:AI7H7D IAG>6EG997EFF:3F:;EB3DF;5G>3D
;?3975A@EFDG5F;A@E3D7?AD75A?B>7J3@6FADFGD76F:3@;@F:AE7BA7?E:7B3DA6;7E
.:;>7:;EGE7A8?7F3B:AD?3K:3H7477@;@F7@F;A@3>>K6;635F;5 3??AD75A@57D@76
I;F::AI:75A@EFDG5FE:;EFDAB7ED3F:7DF:3@F:7DA>7F:78;9GD7A8EB775:E7DH7EI;F:;@
F:7>3D97D5A@F7JFAD3D9G?7@FA8F:7BA7?7?3K47GE;@9BA7FDKBD;?3D;>KFAEBD736
:;E3F:A>;5?7EE3974GF:73>>AIE:;E?7F3B:ADEFA7JB3@6I7>>47KA@6F:7BD35F;53>
BGDBAE7EA8:;E3D9G?7@F
# " $
*53FF7D76 F:DAG9:AGF *AGF:I7>>QE BA7FDK 3D7 EF3DF>;@9 3@6 BAI7D8G>FDAB7E 4G;>F
GBA@3F7@GAGE?7F3B:AD;53>D7>3F;A@E:;B &@7 A8 F:7 ?AEF;?397E3FGD3F76 B3EE397EA8
3@KA8*AGF:I7>>QEBA7FDK ;E 8AG@6 ;@ :;E >A@97EF BA7?R*3;@F '7F7DQE A?B>3;@FS I:;5:
D78>75FE GBA@ F:7 9D;78 D7?ADE7 3@6 7H7@FG3> D7B7@F3@57 A8 F:7 3BAEF>7 '7F7D 38F7D :7 :3E
*77 !A:@3@6#ADD3;@7)A47DFER)A47DF*AGF:I7>>3@6AG@F7D)78AD?3F;A@'A7F;5ES8AD?AD7
67F3;>EA@*AGF:I7>>QEGE7A8E35D76B3DA6K
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
67@;76 :;E 8D;7@6 3@6 >AD6 !7EGE F:D77 F;?7E .:;>7 ?G5: A8 F:7 BA7? 7@9397E ;@
B:;>AEAB:;53> 3D9G?7@F3F;A@O'7F7D 53D78G>>K3@6?7F:A6;53>>K AGF>;@7E F:7 FD39;5
E;9@;8;53@57 A8:;E47FD3K3>OF:7 BA7? 3>EA 7?B>AKE 3@ 7JBD7EE;H7 D3@97 A8BAI7D8G>
;?397DK ;@;FED7;F7D3F;A@A83@6D78>75F;A@A@F:7?A?7@FE8A>>AI;@9:;E67@;3>
AD7?AEF 3?A@9 F:7E7 ?7F3B:ADE 3D7 *AGF:I7>>QE 3FF7?BFE FA 67E5D;47 :D;EFQE 7K7E @
EF3@L3E F:7 EB73=7D ;E AH7DI:7>?76 4K F:7 >;9:F 3@6 7?AF;A@ 5A?;@9 8DA? !7EGEQE
7K7E 3@6 EFDG99>7E F:DAG9: 3 H3D;7FK A8 ?7F3B:ADEFA 67E5D;47 F:7 7JB7D;7@57 A8 3 E;@@7D
>AA=;@9 ;@FA:;E E3H;AGDQE 7K7E
+:7EFDG5FGD7A8F:;EBA7?O39G;676?76;F3F;A@GBA@3?A?7@F;@F:74;4>;53>
@3DD3F;H7O;E@AFG@;CG7$3DFLF:ADAG9:>K7JB>AD7EF:7BD35F;57EA8 9@3F;A@?76;F3F;A@
8DA?I:;5:F:;E?7F:A6AD;9;@3F7E5>3;?;@9F:;EEFK>7A8?76;F3F;A@7@5AGD397E47>;7H7DE
FAGE7F:7;DR;?3978AD?;@9835G>FKFABDAH;6735A@5D7F73@6H;H;6E7FF;@98AD3
?76;F3F;A@A@;@H;E;4>7F:;@9ES$3DFL+:;E5A@F7JF;EB3DF;5G>3D>KD7>7H3@FFAF:7
FI7@FK EF3@L3 E75F;A@ 34AGF :D;EFQE 7K7EG@67D7J3?;@3F;A@:7D7 ;@FDA6G576 I;F:;@ F:7
5A@F7JF A83EB75;8;5?A?7@FA8F:74;4>;53>'3EE;A@@3DD3F;H7 7EB;F7 F:7 :;9:>K
B:;>AEAB:;53> @3FGD7 A8 F:7D7EFA8F:;E BA7? F:;E ?A?7@F A8 7K7 5A@F35F A55GDE <GEF 3E ;@
F:7E5D;BFGD3>@3DD3F;H7R @ F;?7 & #AD6F:;@7 7K7E I;F: ?;@7 6;6 ?77F
@ F:7?
D736 F:7 DG;@7E A8 ?K 83>>S *AGF:I7>> 8;D?>K E;FG3F7E F:7 ?A?7@F A8 F:7 9>3@57 ;@ 3
:;EFAD;53> ?A?7@FR;@ F;?7S +:;E E75F;A@ ;E @AF ?73@F FA 67E5D;47 3@ ;?39;@3F;H7
R@6'7F7DE3K67$3@ IAF7@AFI:3FF:AGE3K7EF@6;??76;3F>K7I:K>7:7K7FEB3=7F:7
A5=75D7I7@6F:7#AD67FGD@76435=7>A=76HBA@'7F7D@6'7F7DD7?7?4D76F:7IAD67A8F:7
#AD67:AI7:7:3667E3K67H@FA:K?478AD7F:7A5=75DAI7F:AGE:3>F67@;7?7F:D;E7@6'7F7DI7@F
AGFI7BF4;FF7D>K7S#G=7>>4;4>;53>5;F3F;A@E3D78DA?F:7;E:ABE;4>7
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
?A?7@F ;@ I:;5: 3@ 34EFD35F 8;9GD7 ?;9:F >AA= ;@FA :D;EFQE 7K7E D3F:7D *AGF:I7>> ;E
FDK;@9 FA 67E5D;47 3@ 35FG3> ?A?7@F ;@ :;EFADK F;EF:;EE;@9>79>3@57F:;E?A?7@F;@
F;?7I:;5:5A@@75FE3>>A8F:7AF:7DI;E7E77?;@9>K;EA>3F76;?397EE$3DFL@AF7E;@
:;EE53F:;@95D;F;5;E?A8F:;EE75F;A@A8F:7BA7?;FA8F7@E77?E3EF:AG9:735:EF3@L3;E
6;E5A@@75F768DA?F:7A@7478AD7;F$3DFL%A@7A8F:7?7F3B:ADEE77?8G>>K
67H7>AB763@6F:7FD3@E;F;A@E47FI77@;?397E3D734DGBF3@6:3B:3L3D6E*AGF:I7>>QE
;?397DK475A?7E?AD73@6?AD783@5;8G>F:;E?A?7@F;@F;?7475A?7E3@;?BADF3@F
FAG5:EFA@7GBA@I:;5:3>>A8F:;E>3K7D76;?397DK;E9DAG@676
.;F:;@F:;E5A@5D7F7?A?7@F;@F;?7F:7BA7?BDA5776EFA;@FDA6G573E7D;7EA8
?7F3B:AD;53>;?397E;@F7@676FA67E5D;47@AF?7D7>KF:73BB73D3@57A8:D;EFQE7K7EAD
'7F7DQE7JB7D;7@57A8:D;EFQE7K7ED3F:7DF:7?7F3B:ADEE77?67E;9@76FA5A@H7KF:7
7EE7@57ADEG4EF3@57A8:D;EFQE93L7*AGF:I7>>QEH3D;7FKA8;?397E:AI7H7D47FD3KE3
E7@E7A867EB7D3F783;>GD7FA355GD3F7>K67E5D;47F:7D73>;FKA8EF3D;@9;@FA:D;EFQE7K7E
7J3?;@7F:7E7 B7DE;EF7@F3FF7?BFE3@6G>F;?3F783;>GD7FA7JBD7EEF:7?KEF7DK3@6?3<7EFK
A8:D;EFQE7K7E;@H;7IA8F:7;DBDA9D7EE;A@;@AD67DFA5A@E;67D*AGF:I7>>QE
5A?BAG@6;@9A8;?397E.;F:;@F:;EBDA9D7EE;A@A8;?397E 3>EA7J3?;@7EB75;8;5
;?397EFA:;9:>;9:F*AGF:I7>>QEGE7A83?4;9G;FKFABDA?AF7?G>F;B>7>7H7>EA8?73@;@9
3@6 @AF7:AI*AGF:I7>>QEGE7A8?7F3B:ADA8F7@4>GDEF:76;EF;@5F;A@47FI77@EK?4A>
3@6D787D7@F;@3E35D3?7@F3>I3K
*AGF:I7>>QEEB73=7D*F'7F7D8;DEFD787DEFA :D;EFQERE35D76 7K7ES3E:73H7@>KAD
AF:7DIAD>6>K ;@:;E67E5D;BF;A@A8F:7?3EREBD;@9E A8 >;H;@9 >;9:FS
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
&E35D767K7EF:7EBD;@9EA8>;H;@9>;9:F
+:773DF:>K:73H7@EI:7D73@97>E<AKFA6I7>>
AI5AG>6KAG67;9@7FAH;7I?K673F:8G>>B>;9:F
&D>7FKAGD:73H7@>K473?7E>AA=7A@?K:7>>
GFF:AE7G@EBAFF767K7E7@5AG@F7D76?;@7
EEBAF>7EE7*G@@76AF:A@F:76G@9:;>>E:;@7 +:;E8;DEF;?397479;@E4K7EF34>;E:;@9397@7D;5G@67DEF3@6;@9A8:D;EFQE7K7E3E3BGD7
EAGD57A8>;873@6>;9:FI:;>75A@FD3EF;@9F:3FI;F:'7F7DQEG@IADF:KEF3F7 *AGF:I7>>
3DF8G>>KABBAE7E:D;EFQER>;H;@9>;9:FSI;F:'7F7DQER673F:8G>>B>;9:FS:D;EF3@6'7F7D
3D73EE7B3D3F763E>;873@6673F:3E:73H7@3@6:7>>+:7;@F3@9;4>7;?397A8REBD;@9EA8
>;H;@9>;9:FS:AI7H7D ;E;@F:78;@3>>;@7 D78;@76 FA F:7?AD7 5A@5D7F7 ;?397 A8 3
REBAF>7EE7*G@@7S +:;E 5A@@75F;A@ 47FI77@ 7K7E 3@6 F:7 EG@ ;E @AF @7I AD AD;9;@3>
@6776 4K F:7 F;?7 *AGF:I7>> ;E ID;F;@9 F:;E ;?397;F;E 3 F;D76 3@6 AH7DGE76'7FD3D5:3@
5A@57;F%7H7DF:7>7EE*AGF:I7>>3>EAD7FGD@EFAF:7;?397A8F:7EG@;@EF3@L3I:7D7
:7FD;7EFAD7;@H;9AD3F7F:7;?397F:DAG9:7JF7@6;@9F:7?7F3B:ADAD'7F7DF:7BD7E7@57
AD34E7@57A8:D;EFQE93L7;E7CG;H3>7@FFAF:7BD7E7@57AD34E7@57A8F:7EG@7;E>78F
8DAL7@I;F:AGF:D;EFQEBD7E7@57+:767H7>AB?7@FA8F:;E?7F3B:ADD7BD7E7@FE3@
7?4A6;?7@FA8D73>;FKF:3F;E@AF8AG@6;@F:7'7FD3D5:3@EAGD57EF:3F:7B3DA6;7E @EF736
A8E;?B>K43BF;L;@9F:7;?3978DA?>AH7EA@@7FE3E)A47DFE3@6)A47DFEF:7AD;L7
*AGF:I7>>E77?E5A?B7>>76FA67H7>ABF:7;?397?AD78G>>K+:7?7F3B:ADE77?EFA
@7767>34AD3F;A@;@AD67DFAEFD7@9F:7@F:75A@@75F;A@47FI77@:D;EFQE7K7E3@6F:7EG@
+:7EB73=7DE77?EG@E3F;E8;76I;F:F:;E;@;F;3>3FF7?BFFA355AG@F8ADF:3FI:;5::7
*F3@L3E8DA?R*F'7F7DQEA?B>3;@FSI;>>475;F764AF:4K>;@7@G?47D3@64KEF3@L3@G?47D;@
AD67DFA?3=7735:D787D7@575>73D
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
7@5AG@F7DE;@:D;EFQE9>3@573@6F:;EEFA5=;?397;ECG;5=>K343@6A@76
@D7EBA@E7FAF:7678;5;7@5KA8F:7;@;F;3>;?397F:7EB73=7D479;@EFA;@FDA6G57
3>F7D@3F;H7?7F3B:ADE;@F:7EG4E7CG7@FEF3@L3E5A?BAG@6;@9?3@K;?397EFA5D73F7A@7
AH7D3D5:;@967E5D;BF;A@
*I77FHA>G?7EEFA3D67I;F:>73D@;@98;F8AD*3;@FE
.:7D74>;E8G>CG;D7E;?B3D36;L7F:7;D?;@6E
.:7D7;@7F7D@3>>EFG6;7@7H7D83;@FE
*F;>>8;@6;@93>>K7FE77=;@93>>;F8;@67E
AI7@6>7EE7;EKAGD>34KD;@F:A84>;EE7
.:7D7FA47>AEFF:7EI77F7EF8;@6;@9;E
:ID7F5::AIA8F:3H7 EI77F>7EEA@ED736
@F:AE7673D77;7EF:7D79;EF7DEA8FDGF:
AIA8F:3H7 ?K:G@9D;7I;E:7E876
@6;@F:7;D:3BBK<AK7ED76D7EE6?KDGF:
:F:3FF:7K@AI3D77D3>6EA86;E63;@7
+:3F7DEFI7D77H7DB;FFK7DEA8?KB3;@
@EF736 A8 F:7 G@5A?8ADF34>7 ;?397 A8 3 4>3L;@9 EG@ D7H73>;@9 F:3F I:;5: ;E67EB;534>7
:D;EFQE 7K7E @AIF3=7A@F:7CG3>;F;7EA83@R7@6>7EE7>34KD;@F:A84>;EE7S ;@ I:;5: F:7
E3;@FQE ?;@6 8;@6E <AK ;@R7F7D@3>>EFG6;7S .;F:;@F:D77EF3@L3E*AGF:I7>> D3B;6>K E:;8FE
F:7 FA@7 8DA? :AEF;>7 FA B73578G> 3@6 8DA? 6;EF3@F EB357E FA 5>AE7 5A?8ADF+:;E6D3?3F;5
67H7>AB?7@F4DA367@EAGDG@67DEF3@6;@9A8F:7BAF7@F;3>>3F7@F;@:D;EFQE7K7E4GFE7FE
F:7?7F3B:ADE3FA66EI;F:735:AF:7D+:7;@F7DB>3K47FI77@;?397ED7BD7E7@F3F;H7A8
6;EF3@FBGD;FK3@6A8;??3@7@F5A?8ADF3>F7D@3F;@9F:DAG9:AGFF:;EE75F;A@A8F:7BA7?;E
@7H7D7JB>3;@764KF:7EB73=7D3@6EG997EFE3I;>>;@9@7EEA@:;EB3DFFAG@;F7
5A@FD36;5FADK;?397EFA97F:7D>3K7D;@9F:7;D?73@;@9EEAF:3F67EB;F7F:75A@FD36;5FADK
@3FGD7A8F:7;?397EF:7K53@47G@67DEFAA6FAIAD=FA97F:7D +:75>AE7@7EEI;F:I:;5:
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
:7F7?BAD3D;>K5A@5>G67E:;E67E5D;BF;A@7HA=7E3 @AEF3>9;3 8AD :AI '7F7D GE76 FA E77
:D;EFQE 7K7E AD '7F7D F:7 7K7E ;@ I:;5: :7 GE76 FA D736REI77F >7EEA@ES 3@6 :3H7 :;E
R:G@9D;7I;E:7E876S 3D7@AIR7D3>6EA81:;E26;E63;@7S 3@6RB;FFK7DEA81:;E2B3;@S+:7
B3D3>>7> B:D3E;@9 >736E GE FAF:7D7H7>3F;A@F:3F :D;EFQE 7K7E 53@ 47 3 EAGD57 A8
@AGD;E:?7@F 3@6 9DAIF:I:;>7E;?G>F3@7AGE>K 355GE;@9 :;? A8 :;E 83;>;@9E
@ EF3@L3 *AGF:I7>> D7FGD@E FA 67E5D;4;@9 !7EGEQE 7K7E ;@'7FD3D5:3@ F7D?E A8
>;9:F 3@6 8;D7
/AG8>3?7E67H;@7F:3FEB3D=>7AGFKAGD:73FE
@6=;@6>7B>73E;@98;D7E;@?ADF3>>:73DFE
/AG@75F3D76G?4DK7EA8EAG>8776;@9?73FE
/AG9D3578G>CG;H7DEA8>AH7E673D7EF63DFE
/AG6;6HAG5:E387FAI3D?7FAIAG@6FA873EF
$K5A>6?KEFA@K?K@AI83?;E:674D73EF
.;F: F:;ED7FGD@FA38;7DK ;?397 *AGF:I7>> B>357E 7?B:3E;E A@ F:7 B3EE;A@ F:3F :D;EFQE
7K7E 7?;F 3ER/AG8>3?7E67H;@7F:3FEB3D=>7AGFKAGD:73FES '7F7D8A@6>K D7?7?47DE
F:738875F;H7 CG3>;FK A8 :D;EFQE >AA= 3E ;F E7FER8;D7E;@?ADF3>>:73DFES 3@6 F3D97F;@9
'7F7D :D;EFQE 7K7ERHAG5:E387FAI3D?7FAIAG@6FA873EF
$K5A>6?KEFA@K?K
@AI83?;E:674D73EFS .:;>7 ;F ?3=7E E7@E7 FA I3D? 3 5A>6 :73DF 3@6 EG5: >3@9G397
:73D=7@E 435= FA FD36;F;A@3> 4;4>;53> ;?397DK ;F ;E ;?BAEE;4>7 FA IAG@6 3 EFA@7 @6776
F:3F ;E BD75;E7>K F:7BA;@F ;@F7@676 4K F:7 ;?397 A8 3 EFA@7 :73DF%7H7DF:7>7EE'7F7DQE
+:7>3@9G397A85A>6EFA@K3@6:3D67@76:73DFE;EGE76F:DAG9:AGFE5D;BFGD7FA67E5D;47F:AE7I:A
3D7A4EF;@3F7;@F:7;D6;EA476;7@57A8A6R/73F:7K?367F:7;D:73DF7E3E3@63?3@FEFA@7>7EFF:7K
E:AG>6:73D7F:7>3I3@6IAD67EI:;5:F:7#AD67A8:A3EF7EE7@F;@:;E:A>KEB;D;F74KF:7BDAB:7F7E
38AD7F;?7S075: F;EBD75;E7>KF:;E5:3D35F7D;EF;5:AI7H7DI:;5:A6;@F7@6EFAD7?76KR@7I7
:73DF3>EAIK>> 97G7KAG3@63@7I7EB;D;F7IK>> BGF;@FAKAG3E8ADF:3FEFA@K:73DF IK>>F3=7;FAGFA8
KAGD8>7E:73@697G7KAG38>7E:K:73DFSL
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
:73DF;EF:DAG9:AGFF:;EBA7?IAG@6764K:D;EFQE7K7EI:;5:53GE7B3;@3@6EADDAI
3@6;@EB;D7D7B7@F3@57 ;@3>>K F:7 H7D4RFA 873EFS ;EE;FG3F76EA F:3F 3>F:AG9: F:7 BD;?3DK
?73@;@9 ;E FA 8776 '7F7DQE :73DF 3E ;@ F:7 BD7H;AGE EF3@L3 ;F 3>EA EG997EFE F:3F :D;EFQE
7K7E 8776 GBA@ '7F7DQE 4DA=7@ :73DF '7F7DQE :73DF ;E @AF 47;@9 @AGD;E:76 8DA? F:7
R@75F3D76G?4DK7EA8EAG>8776;@9?73FES )3F:7D :7 ;E 475A?;@9 ?AD7 67B>7F76 3E :7
;ER@AI83?;E:67S 93;@ I7 E77 35A@FD36;5F;A@ ;@ *AGF:I7>>QE ;?397DK 8AD 3>F:AG9:
:D;EFQE 7K7E 3D7 67E5D;476 A@7 I3K '7F7DQE 35FG3> 7JB7D;7@57 A8 F:7? ;E 3@F;F:7F;53> FA
F:7 ?7F3B:AD;53> 67E5D;BF;A@&@77JB>3@3F;A@A8F:7ABBAE;@9;?397DK;EFAE77EA?7
;?397E3BB>K;@9FA:D;EFQE7K7E478AD7'7F7DQE67@;3>3@6AF:7DE3E67E5D;4;@9:D;EFQE
7K7E38F7DI3D6E:AI7H7D;@F:;EEF3@L3F:7E3?7;?397DK3BB>;7EFA4AF:BD73@6BAEF
67@;3>7K7E+:DAG9:AGFF:;EEF3@L3*AGF:I7>>QE;?397DK;E@AFD7EFD;5F76FAA@7?73@;@9
;F;E;@8GE76I;F:?G>F;B>7?73@;@9E;@3I3KF:3F;EE;?;>3DFAF:7?G>F;B>;5;FKA83F:A>;5
E5D;BFGD3>;@F7DBD7F3F;A@
E *AGF:I7>> ?AH7E ;@FA F:7 @7JFEF3@L3 :7 A@57 393;@ 34DGBF>K5A@FD3EFEF:7
;?397A8 F:7 8;D7 A8:D;EFQE 7K7EI;F:F:7;?397 A8R>;CG;6 B73D>7S
+:7?3F5:>7E7;7E?3F5:6A@7>K735:4KAF:7D
.7D7B>73E6A@?K;>>?3F5:767K7EFA9>3G@57
+:77K7A8>;CG;6B73D>7F:7BGD7EF?AF:7D
DA5:F7F73DE;@?;@7FAI77B78AD?K?;E5:3G@57
+:7534;@7FEA89D357G@>A5=FF:7;DFD73EGD7
@66;6FA?K?;E6776F:7;D?7D5;7E?73EGD7
.:;>7*AGF:I7>> 5A@F;@G7E FA 7?B:3E;L7 F:7 BGD;FK A8 :D;EFQE 7JBD7EE;A@F:DAG9:AGFF:7
;?397A8:D;EFQE7K7E3EE3G>F;@9'7F7D;E:7D7D7B>35764K3@;?397I:;5:B3EE;H7>K
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
BDA?BFE'7F7D;@FA35F;A@,@>;=7 F:7 8;D7 F:3F 8776E 3@6 3FF35=E '7F7DQEIAG@676:73DF
:D;EFQE B73D>K 7K7EE;?B>K53>>'7F7DFARI77B78AD1:;E2?;E5:3G@57S4K 53EF;@9:;E
AI@ 83;>GD7E ;@FA E:3DB D7>;78F F:77JBD7EE;A@ A8 '7F7DQE D7?ADE7 :D;EFQE 7K7E 475A?7
R534;@7FEA89D357S;@ I:;5: 3>F:AG9: BD7H;AGE>K >A5=76 '7F7D53@@AI8;@69D357 +:;E
D7>;78;EF7?BAD3DK:AI7H7D3EF:7BA7?;@;FE67H7>AB;@93>F7D@3F;A@47FI77@;?397EA8
399D7EE;H73FF35=3@6;?397EI:;5:;@EB;D753>?D78>75F;A@D7FGD@EA@57?AD7 FA 3@
35F;H7 ;?397 A8 :D;EFQER4>3E;@95A?7FE>;9:F@;@98>3?7EA8>AH7S
+:7E74>3E;@95A?7FE>;9:F@;@98>3?7EA8>AH7
$367?7F:7;DI3D?;@9;@8>G7@57FA=@AI
$K8DAL7@:3DFF:7;DE35D768AD576;6BDAH7
.:;5:3FF:7;D>AA=7E6;6K77>6>;=7?7>F;@9E@AI
+:7K6;6@AF<AK7E;@8AD?7DB>7@F;753DH7
/7FEI77F3D75DG?EI:7D7B;@76F:AG9:FE6AEF3DH7
&@57 393;@ :D;EFQE 7K7E 35F;H7>K 7@9397 '7F7D 7J7DF;@9 F:7;DRE35D76 8AD57S 478AD7
I:;5: '7F7DRK77>61E2 >;=7 ?7>F;@9 E@AIS ,@>;=7 F:7 E7>8D78>7J;H7 '7F7D A8 F:7BD7H;AGE
EF3@L3 I:A D7EBA@6E FA :D;EFQE B3EE;H7 7K7E F:;E F;?7 '7F7D ;E BADFD3K76 3E B3EE;H7>K
3557BF;@9 :D;EFQE 36H3@57E*AGF:I7>>3>F7D@3F7E47FI77@BADFD3K;@9:D;EFQE7K7E3E
7?;FF;@98;7DKD3KEI:;5:3EE3G>F'7F7DQEEAG>3@6D757BF;H7H7EE7>EI:;5:I7>5A?7
'7F7DQED7B7@F3@57
@F:7@7JFF:D77EF3@L3E*AGF:I7>>;@FDA6G57EFIA?7F3B:ADEI:;5:;@366;F;A@
*AGF:I7>>QE5A?4;@3F;A@A835F;H73@6B3EE;H7;?397DK;EB3DF;3>>K7JB>3;@764K5A@F7?BAD3DK
BA7F;5FDAB7EA87K7E;9:F7D47DFD347E;@ ,)98%&0)0%77@AF7EF:3F6G7FA;@@AH3F;A@E;@73D>K
?A67D@F:7AD;7EA8A5G>3DE5;7@57F:77K75AG>647E77@3E4AF:3@35F;H73@6B3EE;H7AD93@+:GE:73D9G7E
RF:77K7A8F:747>AH7653@;@>AH7BA7FDK47E77@3E3?;DDADAD;F53@7CG3>>KI7>>47E77@3E7?;FF;@9
8;7DKD3KEI:;5:3D7D757;H763@6D78>75F764KF:77K7A8F:7>AH7DB;7D5;@93@6;@8>3?;@9:;E:73DFS
D347E'7F7DQE67E5D;BF;A@A8:D;EFQE7K73E4AF:35F;H73@6B3EE;H7:AI7H7DEG997EFEF:3F
*AGF:I7>>;E5A?4;@;@9;?397E;@3?AD75A?B>7J?3@@7D
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
FA366;@9FA'7F7DQE5A?BAG@67667E5D;BF;A@A8:D;EFQE7K7E7JB>AD73?AD7E35D3?7@F3>
5A@@75F;A@47FI77@EK?4A>3@6D787D7@F;@I:;5:F:7CG3>;F;7EA8F:7EK?4A>D78>75F435=
A@FAF:7I3KI7G@67DEF3@6:D;EFQE7K7E
&>;H;@9?;DDAGDEE77;@9I:A?KAGE:7I
.:;5:7CG3>>E:366AIEIADF:7EI;F:E:36AI76F:;@9E
/7?3=7F:;@97E@A4>7DF:3@;@@3F;H7:G7
K47;@9E:3BQ6;@F:AE7>;879;H;@9EBD;@9E
$G5:?AD7?K;?397;@F:AE77K7EI3E9D35Q6
+:7@;@?KE7>87I:A?E;@@73@6E:3?767835Q6
>>E77;@97K7E?AD7IADF:F:7@3>>KAGE77
&8I:;5:A@7;EF:7AF:7DEA@7>KBD;57
IADF:>7E3?6;D75FKAGD473?7EA@?7
.;F:CG;5=@;@9H7DFG75GD7?K=;>>;@9H;57
KE77;@9F:;@9EKAG?3=7F:;@9EIADF:F:7E;9:F
/AGE77;@9E3>H73@647;@9E77@767>;9:F
+:7 FDAB7 A8 F:7 ?;DDAD ;E 5A??A@;@BA7FDKA8 F:7 73D>K ?A67D@ B7D;A6 I;F:BA7FE
7JB>AD;@9 F:7 H3D;AGE I3KE ;@ I:;5: ?;DDADE 53@ 47 E3;6 FA D78>75F F:7 IAD>6 3DAG@6
F:7? @ F:;E B3DF;5G>3D BA7? *AGF:I7>> 36ABFE F:;E FD36;F;A@ 4K 67E5D;4;@9 F:7 ?;DDAD A8
:D;EFQE 7K7E 3ER?3=1;@92 F:;@97E @A4>7D F:3@ ;@ @3F;H7 :G7S *AGF:I7>> 363BFE F:7
;?397 :AI7H7D 4K ?3=;@9 ;F 3 >;H;@9 ?;DDAD F:3F 4AF:35F;H7>K E77E 3@6 D78>75FE D73>;FK
RE77;@9I:A?KAGE:7I
.:;5:7CG3>>E:366AIEIADF:7EI;F:E:36AI76F:;@9ES
#;=7I;E7;@F:7@7JFEF3@L3*AGF:I7>>FGD@EFA3@AF:7DD78>75F;H7;?397F:3FA8F:7BAA>E
@ ,)98%&0)0%777D47DFD347EFD357EF:75A?B>7JA@FA>A9;53>D7>3F;A@E:;B47FI77@F:7
D78>75F;A@;@3?;DDAD3@6F:7AD;9;@3>,@>;=7?3@KA8F:7;?397ED347EFD357E:AI7H7D
*AGF:I7>>?3;@F3;@EF:3FF:7;?3975A@F3;@76;@:D;EFQE7K7E:3E3E7B3D3F77J;EF7@57 @F7D7EF;@9>K
D347E73D>;7DBA;@FEFAF:7$;66>797EI:7D7F:7B:7@A?7@A@A834DA=7@?;DDADRI3E7JB>A;F76FA
;>>GEFD3F7F:76A5FD;@7A8FD3@EG4EF3@F;3F;A@<GEF3EF:78D39?7@FEA834DA=7@?;DDAD735:8GD@;E:35A?B>7F7
;?397A83@A4<75F:D;EF;EI:A>>KBD7E7@F;@735:8D39?7@FA84DA=7@4D736S+:;E;673A8
FD3@EG4EF3@F;3F;A@>AAE7>KD7E7?4>7E*AGF:I7>>QEGE7A8F:7FDAB7
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
A87E74A@GE764KF:774D7IBA7F;@3@F;5>7E
&'AA>7EA8 )7)&32F:743F:7EA89D357
.:7D7:3BBKEB;D;FE6KH7;@EI77F67E;D7E
.:7D7*3;@FED7<AK57FA9>3EE7F:7;D9>AD;AGE8357
.:AE743@=E?3=755:AFAF:7@97>ECG;D7E
@55:AEI77F7D;@F:7EA>7D74AG@6
+:7@@97>E?GE;5=;@F:78G>>7EFEAG@6
*AGF:I7>>QE?7F3B:AD;53>B7DE;EF7@57;@3FF7?BF;@9FA355GD3F7>K67E5D;47:D;EFQE7K7E
D753>>EF:73FF7?BFEA8F:774D7IBA7FFA67E5D;47:;E>AH7DQE473GFK+:3F:3H;@9477@
E3;6F:7D73D7@AF34>76;887D7@57E;@?7F3B:AD;53>EFDG5FGD7F:3F6;EF;@9G;E:*AGF:I7>>QE
67E5D;BF;A@E8DA?F:AE78AG@6;@3@F;5>7E6;887D7@57E7JBD7EE;H7A8F:7F:7A>A9;53>
37EF:7F;5$AEF@AF34>KI:;>7F:774D7IBA7FQE5A?B3D;EA@;E3E;@9>7E;?;>7>;@=;@9F:7
3BB73D3@57A8:;E>AH7DQE7K7EFAF:73BB73D3@57A8F:78;E:BAA>EA87E74A@
*AGF:I7>>QE?7F3B:AD;@HA>H7E3?AD77EE7@F;3>5A@@75F;A@47FI77@E;9@3@6D787D7@F
AD*AGF:I7>>;F;E@AF?7D7>KF:3F:D;EFQE7K7ED7E7?4>73473GF;8G>BAA>A8I3F7D4GF
F:3FF:7KF3=7A@F:7CG3>;F;7EA8F:7BAA>E
@F:753E7A84AF:F:7;?397A8F:7?;DDAD3@6A8F:7BAA>F:7D78>7J;H;FK47FI77@
;?3973@6A4<75F3@647FI77@F:7H;7I7D3@6F:7A4<75F47;@9H;7I76;@FDA6G57E3
5A?B>7JB3D36;9?I;F:;@I:;5:F:74AG@63D;7EA8E;9@3@6D787D7@F3D74>GDD76+:7E7
FIA;?397EEB75;8;53>>KBD7E7@F3E35D3?7@F3>G@67DEF3@6;@9A8?7F3B:AD;@I:;5:F:7
E;9@3@6F:7D787D7@F@AFA@>KBA;@FFA735:AF:7D4GF35FG3>>KE:3D7F:7E3?77EE7@F;3>
5:3D35F7D;EF;5E*AGF:I7>>QE;?397DK6A7E@AFE;?B>K;>>G?;@3F75:3D35F7D;EF;5EA8:D;EFQE
7K7ED3F:7DF:7H3D;AGE;?397E3@6:D;EFQE7K7E475A?7EG4EG?76;@FA735:AF:7D F
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
E77?EF:3F:D;EFQE7K7E3D7FD3@E8AD?764KF:7;?397EF:3F*AGF:I7>>GE7E;@3?3@@7D
E;?;>3DFAF:7FD3@EG4EF3@F;3F;A@A8F:7G5:3D;EF;57>7?7@FEI;F:F:77EE7@57A8:D;EF
F:77EE7@57A8:D;EFQE7K7E;E7?4A6;76;@F:7;?3973FF:7E3?7F;?7F:3FF:78G>>@3FGD7
A8F:7;?397D78>75FE435=A@F:7D7367DQE7JB7D;7@57A8:D;EFQE7K7E
@EF3@L3*AGF:I7>>;@FDA6G57E:;E>A@97EF7JF7@676?7F3B:ADEB3@@;@98AGD
EF3@L3E5A?B3D;@9:D;EFQE7K7EFAIAD>6E @F:75AGDE7A8F:;E7JF7@676?7F3B:ADF:7
IAD>6EI;F:;@:D;EFQE7K7E475A?7?AD7B:KE;53>I:;>73FF:7E3?7F;?7475A?;@9
?AD73>>79AD;53>
&9D35;AGEEB:7D7EI:7D7>AH7F:77@FD7;E
@3F;H7B>3578ADAGDE7>87>A367@EAG>7E
+:75A?B3EE7>AH735AB7F:3F@A@753@?;E
+:7?AF;A@>AH7F:3FDAG@634AGFGEDAI>7E
&*B:7D7EA8>AH7I:AE77@FD75AB73@6?AF;A@
E>AH7A8GE>AH7F:3F;@H;F7E67HAF;A@
&>;FF>7IAD>67EF:7EG??7EA83>>F:747EF
.:7D79>ADK:73H7@A6EG@@73>>H7DFG7EEF3DD7E
.:7D78;D73>AH7F:3F@7JFFA:73H7@6AF:D7EF
KD7>;9:FA8>;87F:3F@A6;EF7?B7D?3DD7E
+:7I3F7D9D357I:AE7E73EI:AE7EBD;@9EI:AE7E:AI7DE
>AF:@3FGD7E73DF:I;F:7H7D>3EF;@98>AI7DE
.:3F?;JFGD7EF:7E7EI77F7>7?7@FE6AK77>6
#7F:3BBKIAD>6>;@9EA8F:AE7IAD>6E7JBAG@6
GFE;?B>7E3D74K5A?BAG@6E83DD77J57>6
AF:EGF73B>357I:7D73>>47EFF:;@9E34AG@6
@6;8343@;E:6ID7F5:97EE7@AF3?;EE7
>>4GFA@75A?BAG@68D3?67A8B7D875F4>;EE7
AGF53EF8DA?F:7E7IAD>6E7J;>76DA?7
'AAD7E3;@F8DA?:73H7@8DA?8;D75A>6*3>3?3@67D
#AEF8;E:8DA?F:AE7EI77FI3F7DE=;@6>K:A?7
DA?>3@67A8>;87EFD3K76B;>9D;?EF;>> I3@67D
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
=@AIF:753GE7F:7E7IAD>67E:36@7H7D3:7>>
@I:;5:?K83G>FE:3H747EF67E7DH67FA6I7>>
@F:7E7EF3@L3E*AGF:I7>>QE?7F3B:AD7JF7@6E47KA@638;9GD3F;H7IAD>63EF:7;?397E
D7BD7E7@F;@9:D;EFQE7K7E 7J;EF 47KA@6F:7;D?7F3B:AD;53>E;9@;8;53@573@63D767E5D;476
GE;@9H7DK5ADBAD73>>3@9G397+:7EB:7D7E;@:D;EFQE7K7E:3H73R7@FD75AB73@6
?AF;A@S3>>F:7;DAI@>F:AG9:>AH73@;??3F7D;3>8AD576D;H7EF:;EIAD>6QE7J;EF7@57
*AGF:I7>>D7B73F76>K7@5AGD397E:;ED7367DEFA7JB7D;7@57F:7B:KE;53>;FKA8:;E;?3974K
67H7>AB;@9:;E;?397;@67B7@67@F>K8DA?:D;EFQE7K7E
@EF3@L3*AGF:I7>>5A@F;@G7EFA67H7>AB:;E;?397DK;@?AD75A@5D7F7F7D?E
F:7IAD>6EFAI:;5::7D787DE3D75A?BAE76@AFA8>AH73E;@F:7BD7H;AGEEF3@L34GFA8
F:78AGD5>3EE;57>7?7@FE8;D73;DI3F7D3@673DF:+:7IAD>6A8:D;EFQE7K7E475A?7E
7JB>;5;F>KB:KE;53>6;EF;@5F>KE7B3D3F78DA?:D;EFQE7K7E:AI7H7D;@366;F;A@FA47;@9
B:KE;53>;?397EF:7E77>7?7@F3>?7F3B:ADE3>EABDABAE73EB;D;FG3>3>>79ADK+:78;D7
D7BD7E7@FER3>AH7F:3F@7JFFA:73H7@6AF:D7EFSF:73;D;EEB;D;FG3>>KF:7R>;9:FA8>;87S F:7EGEF3;@;@9BAI7DA8>;87F:7I3F7D4AF:D7BD7E7@FE3E73A89D3573@6F:7REBD;@9E
I:AE7E:AI7DE
>AF:@3FGD7E73DF:I;F:7H7D>3EF;@98>AI7DES @F:;EEF3@L3*AGF:I7>>
5D73F;H7>K 5A@EFDG5FE3@;?397F:3F;E4AF:;@5D76;4>KB:KE;53>3@6EB;D;FG3>+:7BA7?
5A@@75FE:D;EFQE7K7EFA>;FF>7IAD>6EF:3FE77?FA7J;EF;@F:7;DAI@5ADBAD73>;FK478AD7
5A@@75F;@9F:7B:KE;53>7>7?7@FEI;F:3EB;D;FG3>BGD;FKF:3F47>A@9EE;?G>F3@7AGE>KFA
F:7?7F3B:AD;53>7>7?7@FE3@6:D;EFQE7K7E @F:;EEF3@L3F:7E7>3K7DEA8?73@;@9E
+:7B:D3E7R>;9:FA8>;87S67E5D;47EF:79;8FF:3F:D;EF9;H7ER+:7@EB3=7 7EGE393K@7H@FAF:7?
E3K;@9 3?F:7>;9:FA8F:7IAD>67F:3F8A>AI7F:?76AF:@AFI3>=7;@63D=@7EE74GFE:3>:3G7F:7
>;9:FA8>;87S!A:@
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
5A7J;EFI;F:;@3E;@9>7;?3973@6@A@7F3=7EBD75767@57+:;E?7F3B:AD;53>EFDG5FGD7
7?4A6;7E33F:A>;5AB7@@7EEFAF:7?G>F;B>;5;FK3@6B>GD3>;FKA88;9GD3F;H7;?397DK
@F:78;@3>EF3@L3A8F:;E?7F3B:ADF:7IAD>6EA8:D;EFQE7K7ED7F3;@F:7;D
?3F7D;3>CG3>;FK3E'7F7D>3?7@FE:;E43@;E:?7@F&@57393;@'7F7DQE67E5D;BF;A@A8:;E
7J;>7D7;@8AD57EF:7B:KE;53>;FKA8F:7?7F3B:AD;53>IAD>6E7EKEF7?3F;53>>K67E5D;47E
:;E7J;>78DA?F:7?7F3B:AD;53>>A53F;A@E:75A@EFDG5F76;@F:7BD7H;AGEEF3@L3EF:7E3;@F
;E43@;E:768DA?:73H7@F:75A>6E3>3?3@67D;ED7?AH768DA?F:78;D7F:7R#AEF8;E:1;E
7J;>7628DA?F:AE7EI77FI3F7DE=;@6>K:A?7S3@68;@3>>KRDA?>3@67A8>;87EFD3K76
B;>9D;?EF;>> I3@67DS+:7;@5>GE;A@A8F:7@3FGD3>;@:34;F3@FEA8F:7E78;9GD3F;H7
7@H;DA@?7@FE8GDF:7DEFD7@9F:7@EF:7D75GDD7@FE7@E7F:3FF:7E7;?397E:3H73B:KE;53>
7J;EF7@57 @6776F:7IAD>6EA8:D;EFQE7K7E:3H7475A?7EAD73>;EF;5F:3F'7F7D877>E
;@5>;@76FA7JB>3;@F:3FF:7E7IAD>6EG@>;=7F:7D73>G@;H7DE76A@AF5A@F3;@3:7>>F:GE
:7;E8AD576FA>73H7F:7?5A?B>7F7>K3@6D7FGD@FAF:7D73>G@;H7DE73@68357:;E
BG@;E:?7@FA@73DF:
8F7D3:KB7D4A>;5D78>75F;A@GBA@:;E9D;7853>>;@9";@93H;6QEF73DER4GFF;B7E
F:7E71:;EF73DE23D7F:78;9GD76F:;@9S '7F7D8ADF:7>3EFF;?7D7FGD@EFA:D;EFQE
7K7E
&+GDF>7FI;@E3>>43F:Q6;@H;D9;@E?;>=7
,BA@F:7?3D9;@A88G>>8>AI;@943@=7E
.:AE79D3578G>>B>G?7EGD?AG@FEF:78;@7EFE;>=7
.:AE7E;9:F7@3?AD7F::73H7@E?AEF:3BBKD3@=7E
AG>6 8ADEI73DF:;E:73H7@>KB3;D7A86AH7E
+:3F539Q6;@53D78AD?7I7D79DA@;@9>AH7E
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
*AGF:I7>>F3=7EF:7;?397R&+GDF>7FI;@E3>>43F:Q6;@H;D9;@E?;>=7S8DA?3@F;5>7E
I:;5:D736ER;E7K7E3D73EF:77K7EA86AG7E4KF:7I3F7D4DAA=7E3EF:AG9:F:7K
I7D7I3EE:76I;F:?K>=73@63D7E7F>K=7B73D>7E;@9A>67S*AGF:I7>>QE;@F7DBD7F3F;A@
A8F:;E?7F3B:AD6A7E@AFE:AIF:7E3?7=;@6A8B3D36AJ;53>4>GDD;@9A8EK?4A>AD
D787D7@F3EBD7H;AGEEF3@L3E@AD6A7E;F7HA=735A?B>7J>3K7D;@9A8?73@;@9)3F:7D
F:;E;?397E77?EFA8G@5F;A@F:7E3?7I3K;@4AF:F:7AD;9;@3>EAGD573@6;@*AGF:I7>>QE
363BF3F;A@A8F:7;?397 @6776A83>>F:7?G>F;FG67A8;?397DKF:3F*AGF:I7>>:3E
7@>;EF76;@:;E3FF7?BFFA67E5D;47:D;EFQE7K7EF:;E?7F3B:ADE:AIE@A@7A8F:7
G@57DF3;@7JB3@E;A@3@6>3K7D;@97H;67@FF:DAG9:AGF:;EBA7? FE77?EF:3F*AGF:I7>>
:3E8;@3>>K8AG@63EG88;5;7@F?7F3B:ADFA67E5D;47:D;EFQE7K7E+:;E;E@AFEGDBD;E;@9
:AI7H7DI:7@A@75A@E;67DEF:3FF:;EB3EE397;@3@F;5>7E35FG3>>K (3)767E5D;47
:D;EFQE7K7E+:;EH7DE7G@>;=7F:7BD7H;AGE;?397*AGF:I7>>4ADDAIE;EGE764K
3@F;5>7EQE87?3>7>AH7DFA67E5D;47F:77K7EA8F:7?3>7>AH7D+KBA>A9;53>>KF:7?3>7
8;9GD7;@3@F;5>7EI3ED7363E3@3>>79ADK8AD:D;EF3@6;E>AH78ADF:75:GD5: @AF:7D
IAD6E:3H;@97J:3GEF763>>BAEE;4>7;?397E;@3FF7?BF;@9FA67E5D;47:D;EFQE7K7E
*AGF:I7>>8;@3>>K675;67EF:3FF:7A@>KI3KFA355GD3F7>K6AEA;EFACGAF73E5D;BFGD3>
B3EE397F:3FBDAH;67E36;D75F67E5D;BF;A@A8:D;EFQE7K7E H7@F:AG9:F:7?3>7>AH7D
;@3@F;5>7E;EA@>K3>>79AD;53>>KG@67DEFAA6FAD7BD7E7@F:D;EF*AGF:I7>>E77?EFAFDGEF
F:7?7F3B:AD;53>7JBD7EE;A@EA8E5D;BFGD7?AD7F:3@:7FDGEFE:;EAI@?7F3B:ADE
+:7A@>KAF:7DB3EE397;@E5D;BFGD7F:3FF3>=E34AGF:D;EFQE7K7E;E;@)7H7>3F;A@3@667E5D;47EF:7
D7EGDD75F766;H;@7:D;EFR;E:7363@6:;E:77D7EI7D7I:KF73EI:KF7IAA>>3@63EE@AI73@6:;E7K7E
I7D73E38>3?47A88KD7S)7H
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
.;F:F:;E8;@3>4;4>;53>67E5D;BF;A@A8:D;EFQE7K7E'7F7DD73>;L7E:AI83D8DA?
F:7?A?7@F3DK9>3@57:;E?76;F3F;A@E:3H7F3=7@:;?3@6I7F:7D7367DE3D7D7?;@676
F:3FF:;E7@F;D75A?B>;53F76E7D;7EA8?7F3B:ADEI3E5D73F763>>FA67E5D;4734D;78>AA= @
F:77@6'7F7D3>?AEFE:77B;E:>K36?;FERGF&:AI>A@967?GDD7 A@:;E7;7E
.:AE7
>AA=76;6B73D57?K:73DFI;F::73>;@9IAG@6S'7F7DD753>>E:;?E7>88DA?:;E
7JB>AD3F;A@;@FA?7F3B:AD3@6D7?;@6E:;?E7>83@6:;E3G6;7@57F:3FF:7FI7@FKEF3@L3E
A8?7F3B:ADI7D7676;53F76FA67E5D;4;@93E;@9>7?A?7@F;@I:;5:'7F7DQE7K7E
7@5AG@F7D76F:7>AH73@6D7BDA35:I;F:;@:D;EFQE7K7E
+:DAG9:AGFF:;EBA7?*AGF:I7>>363BFE?7F3B:ADE3@6;?397DK8DA?AF:7D
BABG>3D73D>K?A67D@BA7FE*A?7F;?7E:73BB>;7EF:7;?397DKI;F:AGF?G5:AD;9;@3>;FK
I:;>7AF:7DF;?7E:7E77?EFA877>F:7@776FAEFD7@9F:7@F:7?7F3B:AD;53>5A@@75F;A@
47FI77@EK?4A>3@6D787D7@F*A?7A8:;E;?397E3D7>;?;F76FA3E;@9>7EF3@L3AF:7DE
:AI7H7D3D767H7>AB76AH7DE7H7D3>EF3@L3E*AGF:I7>>3BB>;7E3>>F:7E76;887D7@F
?7F3B:AD;53>F75:@;CG7EFA67E5D;47:D;EFQE7K7E#;=7I;E7I;F:;@F:75AGDE7A8F:;E
7JF7@676?76;F3F;A@:7GF;>;L7E?G>F;B>7EA?7F;?7E5A@FD36;5FADK;?397EI;F:AGF
?76;3F;@947FI77@F:76;887D;@95A@@AF3F;A@E)3F:7D*AGF:I7>>E77?EFA;@F7@F;A@3>>K
5A?BAG@6:;E;?397EGBA@735:AF:7DEG997EF;@9F:3F@AA@7;?397;EEG88;5;7@FFA
67E5D;47F:77K7EA8:D;EF>F:AG9:;F;E6;88;5G>FFA?3=73@K5A?BD7:7@E;H7
A4E7DH3F;A@E34AGFF:7?G>F;B>;5;FKA8?7F3B:AD;53>EFK>7E:7D7GE764K*AGF:I7>>F:7
H7DK7J;EF7@573@67?B:3E;EGBA@F:7B>GD3>;FKA8?7F3B:AD;E7HA53F;H7A8F:7
F:7A>A9;53>37EF:7F;5
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
#" ! $
#;=7R*F'7F7DQEA?B>3;@FSR:D;EFQE >AA6K *I73FS5A?4;@7E?G>F;B>7;?397E
FA97F:7DFA8AD?35A?B>7JB;5FGD7A8:D;EF:AI7H7DD3F:7DF:3@E;?B>K>;EF;@93E7D;7E
A86;E5A@@75F76;?397EF:;EBA7?G@;F7EF:7E7;?397EI;F:;@F7@F;A@3>9D3??3F;53>3@6
EFDG5FGD3>8AD?E +:7 BA7? AB7@E I;F: 3 CG;5= E7D;7E A8 5A@@75F76 ;?397E F:3F IAD=
FA97F:7D FA BD7E7@F 3 5A?B>7J B;5FGD7 A8 :D;EFQE 4A6K 3E :7 =@77>E ;@ BD3K7D ;@ F:7 93D67@
A87F:E7?3@7
3F EA;>7 8G>> EBD;@9 EI77F7 A>;H7 9D3B7 A8 4>;EE
+:3F K77>6E F:3F EFD73?E F:3F BAGDE F:3F 6AEF 6;EF;>
,@F;>6 G@6D3I@ G@EF3?BF G@FAG5:F A8 BD7EE7
73D7 8DG;F 5>73D 4DAA=7E 83;D7 A;>7 EI77F I;@7 3F I;>>
*AGF:I7>> 5>7H7D>K ;@F7DI73H7E F:7E7 ;?397E EA F:3F I7 53@@AF E7B3D3F7F:7? 8DA? 735:
AF:7DF:7D7367D?GEF7@5AG@F7DF:7?3>FA97F:7D AD 3>F:AG9: I7 D736 F:7 BA7? 8DA?
>78F FA D;9:F F:7 9D3??3F;53> EFDG5FGD7 3@6 F:AG9:F DG@ H7DF;53>>K F:DAG9: F:7E7 8AGD >;@7E
@ F:7 8;DEF >;@7 I7 3D7 9;H7@ F:7 EG4<75F A8 735: ;?397 I:;>7 F:7 E75A@6 >;@7 8A>>AIE I;F:
F:7 H7D4 F:3F 3BB>;7E D7EB75F;H7>K FA 735: @AG@ +:7 F:;D6 >;@7F:7@ ?A6;8;7E F:7 H7D4 I;F:
3 E;@9>7 36H7D4 I:;5: ;E F:7@ 8A>>AI76 4K F:7 A4<75F A8735:B:D3E7 $AD7 >A9;53>>K F:7
BA7? D736E
3F EA;>7 +:3F K77>6E ,@F;>6 73D7 8DG;F
8G>> EBD;@9 F:3F EFD73?E G@6D3I@ 5>73D 4DAA=7E
EI77F7 A>;H7 F:3F BAGDE G@EF3?BF 83;D7 A;>7
9D3B7 A8 4>;EE F:3F 6AEF 6;EF;> G@FAG5:F A8 BD7EE7 EI77F I;@7 3F I;>>
753GE7 F:7E7 8AGDB:D3E7E 3D7 ?;J76 FA97F:7D :AI7H7D I7 3D7 8AD576 FAG@67DEF3@6
F:7E7?G>F;B>7;?397E3E3E;@9>77JBD7EE;A@A8:D;EF :D;EF ;E @AF B;5FGD76 8;DEF 3E 3
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
8;7>6 F:7@ 3E 3 EBD;@94GF3E8;7>6EBD;@9A>;H73@69D3B73>>3FA@57 E3D7EG>F F:7
5A@@AF3F;A@E A8 F:7E7 8AGD ;?397E 3D7 ?;J76 FA97F:7D 3E I7 D736 F:7? E;?G>F3@7AGE>K
+:;E?G>F;B>;5;FKA8;?397DK8G@5F;A@EE;?;>3D>KFA33F:A>;5FKBA>A9KF:3F 7@5AGD397E
D736;@9 F:7 ;?397DK A8 E5D;BFGD7 ;@ ?3@;8A>6 I3KE %7H7DF:7>7EE 67EB;F7 F:7
;@F7D5A@@75F76@7EE A8 F:7 BD7E7@F3F;A@ 735: ;?397 3>EA A887DE 36;887D7@FB7DEB75F;H7 A@
F:7G@;8;76;?397 I:;5: 4AF: 5A?B>;53F7E 3@6 7@D;5:7E F:7 5G?G>3F;H7 78875F A8 F:;E
?7F3B:AD
>F:AG9:*AGF:I7>>BD7E7@FEF:;E?7F3B:AD3E3@;@F79D3F76;?397735:A8F:7
5A?BA@7@F?7F3B:ADEA887DE9D73F7DEG4F>7FKFAF:;EBA7F;5G@67DEF3@6;@9A8:D;EFQE
E35D;8;57*AGF:I7>>8;DEF 5A?B3D7E :D;EF FA 3 83D?7DQE 8;7>6 3@ ;?397 F:3F
E;?G>F3@7AGE>K EG997EFE >;87 3@6 87DF;>;FK I:;>7 :3G@F;@9>K BA;@F;@9 FA F:7 :3DH7EF 3E
:D;EF EFDG99>7E I;F: :;E AI@ ;?B7@6;@9 673F: $AD7 FA F:7 BA;@F :AI7H7D *AGF:I7>>
GE7E F:7 ;?397 A8 3 83D? BDA6G5;@9 8DG;F FA D7BD7E7@F F:7 4AG@FK F:3F :D;EF D7>73E7E ;@ :;E
4>AA6K EI73F #;=7I;E7 :D;EF ;E B;5FGD76 3E 3 8G>> EBD;@9 F:3F A887DE GB 3 BGD7 3@6
D78D7E:;@9 EFD73? A8 I3F7D I:;5: 4AF: 5>73@E7E 3@6 @AGD;E:7E +:7 F:;D6 ;?397 A8 F:7
A>;H7 A;> EB73=E 8GDF:7D FA F:7 ;?BADF3@57 A8 :D;EFQE 4>AA6&;> I3E GE76 @AF<GEF 3E 3
5AA=;@9;@9D76;7@F 4GF I3E 7EE7@F;3> FA 7H7DK63K >;87;@3?G>F;FG67A8I3KE ;@5>G6;@9 3E
F:78G7>;@ >3?BE +:7 8;@3> ;?397A8I;@7;EFD36;F;A@3>>K36D;@=A857>74D3F;A@:AI7H7D
A;@5;67@F3>>K >;=7 CG;@3EQE F:7ADK A8 4;4>;53> ;@F7DBD7F3F;A@ I:;5: 36HA53F7E 8AGD I3KE A8
G@67DEF3@6;@9 E5D;BFGD7>;F7D3> 8;9GD3F;H7 3>>79AD;53> 3@6 3@3>A9;53> *AGF:I7>> 3>EA F:;@=E F:DAG9: 8AGD
>7H7>E A8 ?73@;@9 ;@ F:;E3?3>93?A8 ;?397DK
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
;F3>EAEK?4A>;53>>KEF3@6E8ADA6QEID3F:$AD7AH7DI;@7;E3>EAF:7EK?4A>
D7BD7E7@F;@9:D;EFQE4>AA63E57>74D3F76;@F:7G5:3D;EF @EF736A88A5GE;@9A@F:7
@G3@57EA8735:;?397*AGF:I7>>7?B:3E;L7EF:7G@;FKA8F:75G?G>3F;H7;?3973EF:7
BDA6G5F;A@A8F:78DG;F4DAA=A;>3@6I;@75A?7I;F:AGF7JF7D@3>35F;A@:D;EF;E@AF
F;>>766D3I@EF3?B76ADBD7EE76D3F:7D7I;>8G>>KA887DEGB:;E4>AA6KEI73F478AD7
RF:7I:;BEF:7F:AD@7EF:7@3;>EF:7EB73D73@6DAA67S>>F:7;?397EIAD=
FA97F:7DFABDA6G57A@75A?B>7JAH7D3D5:;@9B;5FGD7A8F:75A@E7CG7@57EA8:D;EFQE
I;>8G>E7>8E35D;8;57
@F:7E75A@6EF3@L3*AGF:I7>>5:3@97E?7F3B:ADE4GF5A@F;@G7EFAGE7
;@F7D5A@@75F76;?397E+:;EF;?7:75A?B3D7E:D;EFFAFIA4;D6EI;F:?KF:;53>
B76;9D77E3'7>;53@3@63':A7@;J
7'7>;53@E:7':7@;J83F76AF:BDAH7
.:A?8>3?7E5A@EG?7I:A?EFD73?7E7@8AD57FA6;7
AI4GD@7F:4>AG6:AI4>7767F:4GD@;@9>AH7
3@A@7;@8>3?73@6EFD73?74AF:43F:73@68D;7
AI5AG>6:7<A;@73':7@;J8;7DKB3;@7E
@83;@F;@9'7>;53@EEF;>>4>776;@9H3;@7E
+:7B7>;53@I3EF:AG9:FFAIAG@6;FE7>8;@AD67DFABDAH;67>;879;H;@9EGEF7@3@578AD;FE
5:;>6D7@I:;>7F:7':A7@;J6;7E;@8>3?7EEAF:3F3@7IB:A7@;J?;9:F47D74AD@AF:
4;D6E5>73D>KBA;@FFAF:7:D;EF8;9GD73@6F:7B7>;53@;E3B3DF;5G>3D>K3BF;?397FA
67E5D;47:D;EFQE4>AA6KEI73F+:7E;?;>3D;FK47FI77@F:7E7?7F3B:ADE;ED736;>K
3BB3D7@F*AGF:I7>>:AI7H7D6A7E@AFE;?B>KGE7F:7E7;?397E;@E7CG7@57)3F:7D:7
R+:7E3?7E:3>>6DK@=7A8F:7IK@7A8F:7ID3F:A8A6K73A8F:7BGD7IK@7I:;5:;EBAID76
;@F:75GBA8:;EID3F:@6:7E:3>47BG@;EE:76;@8KD74D;?EFA@7478AD7F:7:A>K3@97>E3@6478AD7F:7
>3?47S)7H
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
EFDG5FGD7EF:;EEF3@L33E:76;6F:78AGD8A>6;?397;@F:78;DEFEF3@L3EAF:3F4AF:;?397E
D7?3;@;@F:78AD78DA@FA8:;ED7367DQE?;@67AB7@EF:7EF3@L3I;F:F:7'7>;53@8;DEF
3@6F:7@F:7':A7@;J:AI7H7D8ADF:7D7EFA8F:7EF3@L3:7D7H7DE7EF:7AD67D;@I:;5::7
F3>=E34AGFF:7;?397E3>I3KE5A??7@5;@9I;F:F:7B:A7@;JR.:A?78>3?7E5A@EG?7
1F:7@F:7B7>;53@2I:A?7EFD73?E7@8AD57FA6;7SKGE;@95:;3E?GE*AGF:I7>>
8AD57E:;ED7367DFA35=@AI>76974AF:;?397EE;?G>F3@7AGE>K3@66A7E@AF3>>AIA@7
;?397FAD;E734AH7F:7AF:7D*AGF:I7>>;E@AF5A@F7@FFA3>>AIA@>KA@7;?397FA
67E5D;47:D;EF3@63E=E4AF:RAI5AG>6:7<A;@73':7@;J8;7DKB3;@7E
13@6:AI2 @
83;@F;@9'7>;53@EEF;>>4>776;@9H3;@7ES!GEF3E*AGF:I7>>>;@=EF:7E7FIA
;?397E:73>EAD75A9@;L7EF:76;887D7@57E3E:73E=ER53@A@7;@8>3?73@6EFD73?4AF:
43F:73@68;D7S*AGF:I7>>;E3I3D7A8F:7BDA4>7?EI;F:D7BD7E7@F;@9:D;EF;@
5A@FD3EF;@9;?397E:AI7H7DI;F:AGF366D7EE;@9F:7;?BAEE;4;>;FKA8E;?G>F3@7AGE>K
43F:;@93@64GD@;@9:75A@F;@G7EFA5>AE7>K3EEA5;3F7F:7FIA;?397E7:;9:>;9:FEF:7
5A@FD36;5F;A@3FF:7E3?7F;?73E:78AD57EGEFA5A@E;67DF:7;?397EFA97F:7D
E;?G>F3@7AGE>K
R:D;EFQE>AA6K*I73FS7JB7D;?7@FEI;F:G@;CG7>KEFDG5FGD7636<357@F;?397EO
8;DEF5A?4;@;@9@G3@576?7F3B:ADEA8BDA6G5F;A@3@6@AGD;E:;@9F:7@4>7@6;@9FIA
D7>3F764GF6;EF;@5F?KF:A>A9;7EA8>;879;H;@9E35D;8;57O;@3?3@@7DF:3FD753>>EF:7
?G>F;B>;5;FKA8?73@;@98AG@6;@3F:A>;5G@67DEF3@6;@9EA8E5D;BFGD7+:7D7367D;E
3E=76FAD736F:7E76;H7DE7?73@;@9EFA97F:7DD3F:7DF:3@3B3DFAD;@6;H;6G3>>KE;?;>3D
?7F3B:AD;53>EFD3F79K;E7?B>AK76;@R*F'7F7DQEA?B>3;@FS:AI7H7DI:;>7;@F:3F
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
BA7?*AGF:I7>>7?B>AKE343DD397A8?7F3B:ADE5DG67>K>3K7D76A@FABA8735:AF:7D
F:;EBA7?A887DEF:7D7367D3?AD7EG4F>73@6@G3@576;@F79D3F;A@A8?G>F;B>7;?397EFA
5D73F735A?B>7JG@67DEF3@6;@9A836;H;@7;?397+:7H7DF;53>>K3DD3@976;?397E;@
R:D;EFQE>AA6K*I73FS3D7BA7F;53>>KG@;F76;@F79D3F76 @F7D?EA8?73@;@9F:7BA7?
35:;7H7E?AD7F:3@367E5D;BF;A@A8:D;EFA887D;@9GB:;E4>AA6:D;EFQEE35D;8;5;3>
A887D;@9;EBA7F;53>>KD7@67D763E?AD7F:3@4>AA667E5D;47647KA@6;FE>;F7D3>E;@9G>3D
7EE7@573E8;7>63EEBD;@93EA>;H73@63E9D3B7+:;EB3DF;5G>3D;@EF3@57A8?G>F;B>7
D7BD7E7@F3F;A@EB73=EFAF:7D7H7>3FADKBAF7@F;3>;@:7D7@FFAF:7F:7A>A9;53>37EF:7F;5
' " (
*AGF:I7>>QE BA7?R+:7 BDA6;93> 5:;>6E EAG>7 ID35=7S;@FDA6G57E36;887D7@FEFK>7
A8?7F3B:AD;53>7JBD7EE;A@F:3@F:7?G>F;8357F76>3K7D;@9A8FDAB7E;@F:7BA7?E
7J3?;@7634AH7A@7F:3FEFD366>7EF:7>;@747FI77@3>>79ADK3@6?7F3B:AD,@>;=7 F:7
BD7H;AGE>K7JB>AD76 BA7?EI:;5: BD;?3D;>K 7@>;EF ?G>F;B>7 ?7F3B:ADE ;@ CG;5=
EG557EE;A@ F:;E BA7?5D73F7E3@65A?4;@7EFIA57@FD3>FDAB7E;@3@3FF7?BFFA67E5D;47
F:7EB73=7DQEEAG>+:7EB73=7D;>>GEFD3F;@9:;E7JB7D;7@57;@F7D?EA8F:7BDA6;93>5:;>6
@3DD3F;H78GDF:7DBADFD3KE:;E7JB7D;7@57;@F7D?EA8 3 EFAD?FAEE76 E:;BO3@;?397
*AGF:I7>> 7@>3D97E 3@6 7JB3@6EAD?G5:A8F:7BA7?F:;EE7383D;@9 ;?397E77?EFA
67H7>AB;@67B7@67@F8DA?F:7BDA6;93>5:;>6@3DD3F;H7I:;>7F:7EB73=7DQEEAG>;E@7H7D
?7@F;A@763F3>>EG5: F:3F 3E;67 8DA? F:7 F;F>7 F:7 BA7??;9:F 47 D736 3E 3 >;F7D3>
HAK3977EB;F7F:767F3;>I;F:I:;5:F:7E7383D;@9;?397;E67H7>AB76:AI7H7D;F;E
;@FD;53F7>KF;76FAF:7EFADKA8F:7BDA6;93>5:;>6;F ;E G@67@;34>K ?73@F FA 47 D736 3E3
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
?7F3B:AD;53> D7BD7E7@F3F;A@ A8 F:7 BDA6;93> EAG>QE 8;9GD3F;H7 <AGD@7K ;@FA 67EB3;DAF:A8
F:7E7EK?4A>;5@3DD3F;H7E3D7;@FGD@?73@FFA47D7363E3>>79AD;7EA8F:7EB73=7DQEAI@
EAG>+:DAG9:AGFF:7BA7?*AGF:I7>>4>7@6EFA97F:7DF:7FIAFDAB7EA8F:7BDA6;93>5:;>6
3@6F:7E:;BID75=76E3;>ADFF;?7EF:7BA7?QE>3@9G397E77?EFAD787DFAF:7E3;>AD3F
AF:7DF;?7EF:7BDA6;93>5:;>63@6A8F7@F;?7E4AF::AI7H7DF:7E76;EF;@5F;A@E3D783D
8DA?5>73D+:DAG9:AGFF:7BA7?F:7 ;?397DKA8F:7E3;>AD ;E 4AF: EFD3@97>K 6;EF;@5F 8DA?
F:7BDA6;93>5:;>6 3@6 K7F 3>EA3D75D73F;A@ADD7;F7D3F;A@A8;F
+:7 BA7? ?AH7E EFD3;9:F ;@FA F:7 57@FD3> ?7F3B:AD I;F: F:7 7J5>3?3F;A@ F:3F F:7
EB73=7D ;ER;E3@=7D76 8DA? 3 4>;EE8G> E:AD7
@6 >3G@5:F ;@FA F:7 ?3;@7 A8 53D7ES
+:7 E7383D;@9 ;?397DK ;E ;@EF3@F>K 3BB3D7@F .:7@ F:7E7 >;@7E 3D7 D736;@D7>3F;A@ FA F:7
F;F>7 F:7 ?7F3B:AD 475A?7E A4H;AGE F:7 E:AD7 B3D3>>7>E F:7 BDA6;93> 5:;>6QE :A?7 3@6
83F:7D I:;>7 F:7 E73 D7BD7E7@FE F:7 IAD>6 :7 5:AE7 FA 7JB>AD7 I;F: :;E 83F:7DQE
;@:7D;F3@57 +:7 ?7F3B:AD;E EA5A?B>7F7F:3F F:7 ;?397DK EF3@6E A@ ;FE AI@ H7@ I:7@
*AGF:I7>> ;@FDA6G57E F:7 ?AD3> 3@6 EB;D;FG3> 7>7?7@FE A8 F:7 BDA6;93> EA@ F:7 ?7F3B:AD
D7?3;@E CG;F7 ;@67B7@67@F .:;>7 ;F ;E 5>73D F:3F F:7 BDA6;93> 5:;>6 :3ER9DAI@7 D;5: ;@
H;57 ;@ H7DFG7 BAAD7
DA? 8D776A? 83>@ ;@ 83F3> E@3D7ES F:7 >3@9G397A8F:7D7EF
A8F:7BA7? D7?3;@E 3?4;9GAGE 7@AG9: F:3F ;F 5AG>6 7CG3>>K 3BB>K FA F:7 8;9GD3F;H7 E3;>AD
;?39;@76 ;@ F:7 BA7? +:7 ?AD3> >3@9G397 6A7E @AF 4D73= F:7 ;?397 4GF 35FG3>>K
EFD7@9F:7@E F:7 ?7F3B:AD;53> D7BD7E7@F3F;A@ I;F: EB;D;FG3> E;9@;8;53@577@FI;@;@9F:7
+:DAG9:AGF?K3@3>KE;EA8F:;EBA7? D787DFAF:7BDA6;93>5:;>63EF:7D787D7@F3@6F:7
E:;BID75=76E3;>AD3EF:7EK?4A>:AI7H7DF:7E76;EF;@5F;A@E3D73DF;8;5;3>>K;?BAE76GBA@3BA7?F:3F
D78GE7EFA6;EF;@9G;E:47FI77@F:7FIA$AD7AH7D4AF:F:7BDA6;93>5:;>63@6F:7E3;>ADG>F;?3F7>K8G@5F;A@
3EEK?4A>E8ADF:7EB73=7DQEEAG>
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
EK?4A>3@6F:7D787D7@F;@F:7E3?7@3DD3F;H7
@F:7E75A@6 EF3@L3 F:7 E7383D;@9 ;?397DK ;E 5A@F;@G76 3E F:7 EB73=7D 8;@6E
:;?E7>8R@ID3BB76 ;@ F:7 I3H7E A8 IA
3@6 FAEE76 I;F: 3 FA;>7EA?7 F;67S F ;E
5>73D F:3F *AGF:I7>> 5A@F;@G7E FA5A@@75F F:7FIA@3DD3F;H7E3E:7;?4G7EF:7 B:KE;53>
;?397DKA8:;E3>>79ADK I;F:F:734<75F7?AF;A@EA8F:7BDA6;93>5:;>6 @F7D7EF;@9>K F:;E
EFD3F79K 3>>AIE F:7>;F7D3> 3@6EK?4A>;5 ?73@;@9E A8 F:7 ;?397 FA5A7J;EF+:DAG9:AGF
F:7 EF3@L3 F:7 D7367D ;E E;?G>F3@7AGE>K 3I3D7 A8 4AF: F:7;?397 A8 F:7 I3H7E 3@6 F;67E
4G887F;@9 3 E:;B 3F E73 3@6 F:7EK?4A>;5E;9@;8;53@57F:7E7I3H7ED7BD7E7@F F:7 BDA6;93>
5:;>6QERFA;>7EA?7SRIAS +:7 8;@3> >;@7 A8 F:;E EF3@L3 8GDF:7DE F:7 6G3> @3FGD7 A8 F:;E
?7F3B:AD F:7 BADF A8 D78G97 8G@5F;A@E4AF: 3E 3 >;F7D3> BADF 3@6 3E 3 D7FGD@ FA F:7 BDA6;93>
5:;>6QE :A?7
+AF:;EBA;@FF:7 ;?397DK :3E 477@ EFDA@9>K >;@=76 FA F:7 ?AD3>;EF;5 @3DD3F;H7F:3F
F:7 ?7F3B:AD E7DH7E FA 7>34AD3F7 :AI7H7D F:7 F:;D6 3@6 8AGDF: EF3@L3E E77? FA 4D73=
3I3K 8DA? ?7F3B:AD;53> >3@9G397 3@6 67H7>AB EK?4A>;5 ;?397DK E7B3D3F7 8DA? F:7
D787D7@F A8 F:7 BDA6;93> 5:;>6 *AGF:I7>> 343@6A@E F:77?AF;H7 >3@9G397 3E :7 67E5D;47E 3
E:;B 5:3E76 3@6 473F7@ 4KRF:7 ID3EF>;@9 I;@6E I;F: D39;@9 4>3EFES*F3@L3F:D77
E77?E FA >AE7 E;9:F A8 F:7 ?7F3B:AD;53>
3>>79AD;53>?7F3@3DD3F;H7 A8 F:;E BA7? *AGF:I7>>
?3=7E @A A4H;AGE 5A@@75F;A@ 47FI77@ F:7 BDA6;93> 5:;>6QE BD76;53?7@F 3@6 F:7 I3KE F:7
I;@6ER4DA=7 ?K 3@5:ADE E3;>7E 3@6 ?3EFES )3F:7D:AI F:7 EK?4A>;5 E:;B D78>75FE
435= A@ F:7 D787D7@F 5:;>6 ;E >78F FA F:7 D7367D FA 6;E5AH7D 3E F:7 EK?4A> 475A?7E ?AD7
3@6 ?AD7 57@FD3> FA F:7 BA7?+:7 D787D7@F F:7 BDA6;93>5:;>6 E77?E FA 8367 ;@FA F:7
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
435=9DAG@6 AH7D5A?7 4K F:7 BAI7D8G> EK?4A>;E?A8F:7E3;>AD>AEF3FE73
+:78AGDF: EF3@L35A@F;@G7EFA8GDF:7DF:7 67H7>AB?7@F A8 F:7E7383D;@9 ;?397
I:;>7 ;9@AD;@9 F:7 3EEA5;3F76 67H7>AB?7@F A8 F:7 D787D7@FF:7 BDA6;93>5:;>6 *AGF:I7>>
5A@F;@G7E FA B3;@F 3 H;E57D3> ;?397 A8 3 E:;B AH7DI:7>?76 4KRF:7 4A;EFAGE E73 I;F:
EI7>>;@9 8>AG6ES H7@ F:7 :73H7@E 3D7 67E5D;476 A@>K ;@ F7D?E A8 F:7;D E75G>3D GE7
8AD 5:3DF;@9 F:7 E:;BQE B3F: F:7 AH7D53EF E=;7ER7@;67 F:7 '>3@7FE 9G;6;@9 >;9:FS
+:7E7 >;@7E 3D7 EGDBD;E;@9>K 47D78F A8 3@K A8 F:7 EB;D;FG3> E;9@;8;53@57F:3F:3E477@
3FFD;4GF76 FA F:7 ;?397DK ;@ F:7 BD7H;AGE EF3@L3E @EF736 F:7E7 EF3@L3E E77? FA EB73=
A@>K FA F:7 B:KE;53>;?397 I;F:AGF 3@K 6;D75F B3D3>>7>E FA F:7 ?7F3B:AD;53> @3FGD7 A8 F:7
;?397
+:;E >35= A8 7JB>;5;F ?7F3B:AD;53> 67H7>AB?7@F 6A7E @AF?73@ :AI7H7D F:3F
*AGF:I7>> ;@F7@676 F:7 ;?397FA E7B3D3F7 8DA?F:7 D787D7@F )3F:7D F:7 ABBAE;F7 E77?E
FDG7 F:7 EK?4A> 3@6 D787D7@F :3H7 475A?7 EA ;@F7DFI;@76 F:3F *AGF:I7>> 6A7E @AF @776 FA
7JB>;5;F>K366D7EE 4AF: I:3F :3BB7@E FA F:7 E:;B :3BB7@E FA F:7 5:;>6 3@6 H;57 H7DE3
@EF736A8BDAH;6;@9H;E57D3>;?397DKFA7@:3@57F:767E5D;BF;A@A8F:7;@F7D@3>
7JB7D;7@57EA83BDA6;93>5:;>6*AGF:I7>>QE?7F3B:ADE77?EFA34EAD4F:78;9GD7A8F:7
BDA6;93>5:;>6;@FA;FE@3DD3F;H7+:7EFAD?FAEE76E3;>AD6A7E@AF?7D7>KBA;@FFAF:7
BDA6;93>5:;>6F:7E3;>AD475A?7EF:7BDA6;93>5:;>63@6F:75:;>6475A?7EF:7E3;>AD @
3E35D3?7@F3>?3@@7DF:7;?397A8F:7BDA6;93>5:;>6F:7D787D7@F7?4A6;76;@F:7
E3;>ADF:7EK?4A>475A?7A@75A@57BF;@F:7BA7FQE3@6D7367DQE?;@6E
@ F:7 EF3@L3EF:3F8A>>AI *AGF:I7>> D7FGD@E FA F:7 EB;D;FG3> >3@9G397 A8 F:7
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
BDA6;93> 5:;>6 3@6 @73D>K 343@6A@E F:7 E7383D;@9 >3@9G397 :AI7H7D ;F D7?3;@E 5>73D F:3F
<GEF 3E F:7 BDA6;93> 5:;>6;E ;?B>;76 ;@ F:7 FIA EF3@L3E F:3F 67E5D;47A@>K F:7 E:;B F:7
8;9GD3F;H7 E3;>AD 3>EA 7JB7D;7@57ERF:7 :7>>;E: 8GD;7ES 3@6 I;F@7EE7ERA6QE 67E7DH76
;D7S !GEF 3E F:7 B:KE;53> >3@9G397 A8 F:7 BD7H;AGE EF3@L3E 3BB>;7E FA 4AF: F:7 EK?4A>
3@6 F:7 D787D7@F F:7 EB;D;FG3> >3@9G397 A8 F:7E7 ?;66>7 EF3@L3E 3BB>;7E FA 4AF: F:7 E3;>AD
3@6 F:7 5:;>6+:75A@8>3F76EK?4A>3@6D787D7@F4AF:7JB7D;7@57A6QEID3F:3E;F;E
7JBD7EE76B:KE;53>>KF:DAG9:R:73H7@3@6:7>>F:GEE733@6>3@6
+:GEEFAD?7E3@6
F7?B7EFES3EI7>>3EF:7;@F7D@3><G69?7@F7JB7D;7@5763ER?K;@I3D64>776;@9
EAD7ES @F:7E7EF3@L3E*AGF:I7>>343@6A@EF:7;?397A83EFAD?FAEE76E:;B3@6
E3;>AD5A?B>7F7>KBD787DD;@93?AD7EFD3;9:F8ADI3D63@3>KE;EA8F:7BDA6;93>5:;>6QE
67EB3;D @EF736A8I3H7E3@6F;67EF:7EB73=7D@AIEFDG99>7EI;F:
73F:3@66757;F1I:;5:2:36B;F5:FF:7;DE@3D7E
@6BGFF:7;DI;5=76BDAA87E;@GD7
+AE;@=?7;@67EB3;D;@953D77E
&D?3=7?7EFAGB7FAB>73EGD7E>GD7
+:7B7@;F7@F>3@9G397A8F:7E7EF3@L3E;E@AFEGDBD;E;@95A?;@98DA?F:7BDA6;93>5:;>6
:AI7H7DF:7E7383D;@9;?397DKEAH;H;6>K67E5D;47673D>;7D;@F:7BA7?;E5A?B>7F7>K
343@6A@76+:7EFAD?FAEE76E:;B@AIE77?E;DD7>7H3@F78AD7F:7BA7?5A@5>G67E
:AI7H7D*AGF:I7>>D7FGD@EAGD3FF7@F;A@FAF:7E7383D;@9EK?4A>3@6D7?;@6EGEF:3F;@
F:;EBA7?F:7EK?4A>3@6F:7D787D7@F3D7;@E7B3D34>7
@F:78;@3>87IEF3@L3EF:7F:AG9:FEA8F:7BDA6;93>5:;>63D7;@F79D3F76435=;@FA
F:7EK?4A>;5@3DD3F;H7A8F:7E3;>AD3FE73+:7673F:3@66757;FI;F:I:;5:F:7BDA6;93>
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
5:;>6EFDG99>7E3D73>EAF7?BF;@9F:7E3;>ADR.;F:*;D7@EA@9EF:7K876?K73DEF;>>>G>6
3E>77B7;@7DDADE>3BS+:7?KF:A>A9KA8F:7*;D7@E;EEB75;8;53>>K>;@=76FAF:7FD39;5
E3;>ADQE83F73EF:7*;D7@EIAG>6F7?BFE3;>ADEFAEFD3K8DA?F:7;D5AGDE73@6ID75=F:7;D
E:;BEA@F:7*;D7@EQ;E>3@6+:;E;?397;E675;676>K5A@@75F76FAF:7EK?4A>;5HAK397A8
F:7E3;>AD4GF*AGF:I7>>3>EA5A@@75FEF:7*;D7@EQEA@9FAF:7F7?BF3F;A@EF:3F6;EFD35FF:7
BDA6;93>5:;>6 @6776F:;E8;@3>;?397678F>KD7G@;F7EF:7EK?4A>3@6D787D7@F;@
5A??A@83F73E4AF:BDA6;93>5:;>63@6I3KI3D6E3;>AD8;@6F:7?E7>H7ER5:3;@76;@
E;@@7JFFAF:76G@97A@A867EB3;D7
+;>>?7D5KD3;E67?78DA??K83>>
@69D357
?KDG;@7E6;6D7B3;D7S @F:78;@3>>;@7EA8F:7BA7?F:7EB73=7D4D;@9EFA97F:7D
:;E?7F3B:AD;53>3>>79AD;7E5A@5>G6;@9I;F:3BD3K7DF:3F@AFA@>K7@5A?B3EE7EF:7E3;>AD
3@6F:7BDA6;93>5:;>64GF3>EAF:7EB73=7D:;?E7>8
+:DAG9:AGFF:;EBA7?*AGF:I7>>B>3KEI;F:F:74AG@63D;7E47FI77@F:7D787D7@F
F:7EFADKA8F:7BDA6;93>EA@3@6F:7EK?4A>F:7EFAD?FAEE76E3;>ADOADH;57H7DE33E;F
;E@73D>K;?BAEE;4>78ADA@7FA678;@;F;H7>K;67@F;8KF:7D787D7@F8DA?F:7EK?4A>FF;?7E
F:7EK?4A>;5;?397DKE77?EFAF3=7BDA?;@7@57I:;>73FAF:7DF;?7EF:7BA7?8A5GE7E
BD;?3D;>KGBA@F:7?AD3>F3>7A8F:7BDA6;93>5:;>6AI7H7D@7;F:7DF:7EK?4A>@ADF:7
D787D7@F53@7H7D47E7B3D3F768DA?735:AF:7D+:7BDA6;93>5:;>63@6F:7;?397A8F:7
I3KI3D6E3;>AD3D7;@7JFD;534>K5A@@75F76F:DAG9:AGFF:;EBA7?;@EG5:3I3KF:3F;F@A
>A@97DD7?3;@E5>73D:AIF:7?7F3B:AD;EEGBBAE76FAIAD=
@R+:7'DA6;93>:;>6E*AG>7.D35=7S*AGF:I7>>B>3KEI;F:F:7D7>3F;A@E:;B
47FI77@EK?4A>3@6D787D7@F3@647FI77@3>>79ADK3@6?7F3B:ADFF;?7E;FE77?EF:3F
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
F:7BDA6;93>5:;>63@6F:7E3;>AD3D7A@7;@F:7E3?7B7DEA@F:77J;EF7@57A8F:75:;>63@6
F:3FA8F:7E3;>AD475A?7EA;@F7DFI;@76F:7K3D7BD35F;53>>K;@E7B3D34>7FAF:7DF;?7E
F:7K3D75A@8;9GD763EFIA6;EF;@5FB7AB>7 @AF:7DIAD6E;F;E;?BAEE;4>7FA6;E57D@I:3F
;ERD73>S8DA?I:3F;ER?7F3B:ADSI:3F;ED787D7@F8DA?I:3F;EEK?4A>*K?4A>3@6
D787D7@F475A?7A@7;@7EE7@57;@5:3D35F7D;@BD35F;53>;FK<GEF3EF:74D7363@6I;@7
475A?7:D;EF3@66A@AFE;?B>KD7BD7E7@F:D;EF4GF %6):D;EFQEBD7E7@573?A@9EF:;E
B7AB>7
+:7AH7D3>>F:DGEFG@;F;@9?K3@3>KE7EA8F:7E7F:D77BA7?E4K*AGF:I7>>;E
*AGF:I7>>QEAI@6;88;5G>F;7E;@67E5D;4;@96;H;@7F:;@9E:D;EFQE7K7E:D;EFQEEI73F
7F53@63DF;5G>3F;@9F:7B3D36AJA8F:7;@53D@3F;A@ @R*F'7F7DQEA?B>3;@FS:7
EFDG99>7EFA8;@6;?397DK53B34>7A8D7BD7E7@F;@95ADD75F>K3@68G>>K3@63E3D7EG>F:7
4ADDAIE>3K7DE3@6D3B;6>KFD3@E;F;A@E?7F3B:ADEFDK;@9FA8;@6F:7B7D875FR8;FS @
R:D;EFQE>AA6K*I73FS:7;EEA?7I:3F?AD7EG557EE8G>5A?4;@;@9;?397DK3>F:AG9:
:7EF;>>EFDG99>7EI;F:F:7@757EE3D;>K5A@FD36;5FADK@3FGD7A8:;E5A?4;@76;?397DK
I:;5:5A?B>;53F7EF:7E7@E7A8355G?G>3F;H7G@67DEF3@6;@9A8F:7;?397EAG9:FFA47
5A@H7K76FF7?BF;@9EA?7F:;@9CG;F76;887D7@F;@R+:7'DA6;93>:;>6E*AG>7.D35=7S
*AGF:I7>>BGE:7EF:74AG@63D;7EA83>>79AD;53>3@6EK?4A>;5D7BD7E7@F3F;A@FAF:7BA;@F
I:7D7F:75A?BA@7@FEA8:;E?7F3B:AD;53>EFDG5FGD73D7@A>A@97D6;E57D@;4>7AD
6;EF;@9G;E:34>78DA?735:AF:7D;E7JB7D;?7@F3F;A@I;F:6;887D7@FEFK>7EA8?7F3B:AD;53>
D7BD7E7@F3F;A@3D77H;67@57A8*AGF:I7>>QEG@57DF3;@FKI;F:8;9GD3F;H7>3@9G3973@6F:;E
3@9EF;E5A@EF;FGF;H7A8I:3F :3H7;67@F;8;76FA473F:7A>A9;53>37EF:7F;5
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
!& #!! #;=7)A47DF*AGF:I7>>!A:@A@@7>;H76:;E>;87;@F:7?;6EFA8F:773D>K?A67D@
F:7A>A9;53>6743F7EA@@7I3E3>EA4AD@3@6D3;E763F:A>;5;@'DAF7EF3@F@9>3@6
:AI7H7DG@>;=7*AGF:I7>>I:A?3;@F3;@76:;E3F:A>;583;F:4KEFG6K;@9A@F:7
5A@F;@7@FA@@7D7?3;@76;@@9>3@63@6EFDG99>76FAD75A@5;>7:;E3F:A>;583;F:I;F:
F:7D78AD?76F:7A>A9KA8:;E5A?B3FD;AFE;EBA7?R*3F;D7 SID;FF7@6GD;@9:;EF;?7
3FF:7 @@EA8AGDF?;9:F47D7363E3@7JBD7EE;A@A8F:;EEFDG99>7
+A36AD7ADE5AD@3@;?397ADBDAF7EF
$3K3>>474366AG4FI;E7>K;@EFD3@97I3K
+AEF3@6;@CG;D;@9D;9:F;E@AFFAEFD3K
+AE>77BADDG@IDA@9;E&@3:G97:;>>
D399763@6EF77B+DGF:EF3@6E3@6:7F:3FI;>>
)735::7D34AGF?GEF3@634AGF?GEF9A
@6I:3FF:7:;>>EEG667@@7EED7E;EFEI;@EAA@@7R*3F;D7 S
#;FF>7;E35FG3>>K=@AI@34AGFA@@7QE5A@H7DE;A@F:AG9:?G5:;EEB75G>3F76 :AI7H7D:;E7H7@FG3>3BAEF3EK;E7H;67@F;@:;EBA>7?;53>IAD=E393;@EF3F:A>;5E;@
7)9(3%68=63@6 32'0%:)+2%8-3@6:;E7H7@FG3>AD6;@3F;A@;@FAF:7:GD5:
A8@9>3@6 6A@AFI;E:FA3D9G7F:3FA@@7I3EEB75;8;53>>K;@8>G7@5764K3@KA@7
F:7A>A9;53>B7DEB75F;H7I:;>7ID;F;@9:;E67HAF;A@3>H7DE7I753@@AF67F7D?;@7I;F:3@K
>F:AG9:3H;6A>5>AG9:63F7EA@>KF:78;DEFFIAE3F;D7EFAA@@7QEF;?73FF:7 @@EA8AGDF
DF:GD$3DAFF;;@3,2322)38)6-)3)83>EA63F7EF:7F:;D6E3F;D7FAF:;EB7D;A6)793D6>7EE
?KBA;@F;EF:3F;FI3EID;FF7@6GD;@9F:7F;?7:7I3EBDA434>K6743F;@9:;ED7>;9;AGE388;>;3F;A@
A>5>AG9:7JB>AD7EE7H7D3>6;887D;@9B7DEB75F;H7EA@A@@7QE5A@H7DE;A@7H7@FG3>>K5A@5>G6;@9
F:3FR;F;EBDA434>KG@:7>B8G>FA5A@57;H7A8;F3E3@7H7@FD3F:7DF:3@3E3>A@9BDA57EE+:747EFF:3F53@
47E3;6;EF:3F4KADEAA@@75A@E;67D76;FBAEE;4>7F:3F:75AG>6EG557EE8G>>KE77=36H3@57?7@F;@
3D73EF:3FIAG>6475>AE76FA3=@AI@3F:A>;53@6F:3F;@:7I3E?3DD;76;@3:GD5:A8@9>3@6
57D7?A@K;83@G@ADF:A6AJA@7*7H7@K73DE>3F7D:7I3EID;F;@93@F;3F:A>;5BA>7?;53@6GE;@9:;E
AI@GB4D;@9;@9;@F:7)A?3@3F:A>;5:GD5:FA>7@69D73F7D8AD57FA:;E5D;F;5;E?EA8F:3F5:GD5:S
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
57DF3;@FKI:3FA@@747>;7H76I:7@:75A?BAE763EB75;8;5BA7?)3F:7D I;E:FA
67?A@EFD3F7F:3FF:DAG9:AGF:;E>;87A@@7I3ED79G>3D>K5A@8DA@F76I;F:F:76;887D7@F
5A@E7CG7@57EA8)78AD?3F;A@F:7A>A9K3E:76;E?3@F>76:;E5:;>6:AA63F:A>;583;F:
H7@3E3BD;7EF3F*F'3G>QE3F:76D3>A@@7QEE7D?A@EE:AI3@35GF73I3D7@7EEA8F:7
EG4F>7F;7EA85A@F7?BAD3DKF:7A>A9;53>6743F7>F:AG9:!A:@A@@7;E5:DA@A>A9;53>>K
>3F7;@F:7)78AD?3F;A@A8@9>3@6:7;E;@?3@KI3KEE;FG3F763FF:757@FD7A83>>A8F:7
F:7A>A9;53>6743F7E3@6;F;E@AFEGDBD;E;@9F:3F:;E?7F3B:ADE3D77JB>;5;F>K38875F764K
F:7G@57DF3;@FKA8F:7F:7A>A9;53>37EF:7F;5A@@7QEGE7A8;?397DK;E@AFA@>K:;9:>K
G@5A@H7@F;A@3>4GF:;EBA7FDK3>EAE77?EFAD78>75FGBA@F:7H7DK78875F;H7@7EE3@6
5ADD75F@7EEA8F:;E8;9GD3F;H7>3@9G397
*5:A>3DEA8A@@7A8F7@D78>75FGBA@F:7EFK>7A8:;E8;9GD3F;H7>3@9G397F:7
G@5A@H7@F;A@3>5A@@75F;A@E:7?3=7E3@6F:7>7@9F:EFAI:;5::77JF7@6E:;E;?397DK
3D7A8F7@:;9:>;9:F76&@75:3D35F7D;EF;5A8A@@7QEBA7FDKF:3F;EA8F7@7J3?;@76;E:;E
<GJF3BAE;F;A@A8F:7E35D763@6BDA83@77;EA8F7@5D;F;5;L768AD:;ERB3D36AJ;53>GE7A8
F:7A>A9K3@6A8D7>;9;AGE3>>GE;A@E3@6;?397DK1I:;5:2B7DH361727H7@F:7?AEF;@6757@F
A8F:77>79;7EAD 32+7%2(32)87S*7>>;@*;?;>3D>K;@A@7A8F:773D>;7EF
5A@67?@3F;A@EA8A@@7QEBA7FDKDK67@5A?B>3;@EF:3FA@@7R38875FEF:7
?7F3B:KE;5E@AFA@>K;@:;EE3F;D7E4GF;@:;E3?ADAGEH7DE7EI:7D7@3FGD7A@>KE:AG>6
D7;9@3@6B7DB>7J7EF:7?;@6EA8F:783;DE7JI;F:@;57EB75G>3F;A@EA8B:;>AEAB:KI:7@
:7E:AG>67@9397F:7;D:73DFE3@67@F7DF3;@F:7?I;F:F:7EA8F@7EE7EA8>AH7SDK67@
@AF:7DIAD6E A@@7G@;F7ERF:7BG4>;53@6F:7BD;H3F7F:7D7>;9;AGE3@6F:7
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
E75G>3DF:7E=7BF;53>3@6F:7;673>;EF;5S;@:;EBA7FDK7>;>7E$3@KE5:A>3DE:3H7
3FF7?BF76FA7JB>3;@F:7E7G@GEG3>5A@@75F;A@E4KD787D7@5;@9A@@7QEGE7A8I;F
!A:@EA@QE83?AGE;@6;5F?7@F393;@EFF:7?7F3B:KE;53>BA7FEEG997EFE3E?G5:RF:7
?7F3B:KE;53>BA7FEI7D7?7@A8>73D@;@93@6FAE:7IF:7;D>73D@;@9I3EF:7;DI:A>7
7@673HAGDS!A:@EA@AI7H7DI:;>7F:7E77JB>3@3F;A@E?3K355AG@F8ADA@@7QE
GE7A8E5;7@F;8;5;?397DKF:7K6A@AF5>3D;8KF:7D73EA@;@947:;@6F:75A@8>3F;A@A8F:7
E35D763@6F:7BDA83@7;@:;EIAD=E)3F:7D;FE77?E3E)A47DF.:3>7@3D9G7EF:3FF:;E
R53B35;FK8ADB7D57;H;@9F:7E35D76;@F:7BDA83@7U47>A@9EFA3?76;7H3>IAD>6H;7I
F:3F:36477@53DD;76;@FAF:773D>K?A67D@7D3;@>3D97B3DF4K)A?3@3F:A>;5
E35D3?7@F3>;E?S.:3>7@*;?;>3D>K$GDD3K)AEFA@3ECGAF764K'3G>D3@EE7@
3FFD;4GF7EA@@7QEB7@5:3@F8ADG@;8;53F;A@FAF:7RPAG@F7D)78AD?3F;A@FD36;F;A@I;F:
;FE7@5AGD397?7@FFA5G>F;H3F7F:74A6;>KE7@E7E;?39;@3F;H7>K3E3?73@EA89>;?BE;@9
F:757>7EF;3>QSD3@EE7@ 3D9G7:AI7H7DF:3FA@@7QEE7>75F;A@A8;?397DK;E@AF
?7D7>K3BDA6G5FA8?76;7H3>;E?ADAG@F7D)78AD?3F;A@FD36;F;A@E4GF3@7JBD7EE;A@A8
F:75A@8DA@F3F;A@47FI77@F:7E73F:A>;5;673E3@6'DAF7EF3@FF:7A>A9K
A@@7QEBA7FDK;E3>EAEB75;8;53>>K=@AI@8AD:;E7JB7D;?7@F3F;A@I;F:I:3F:3E
5A?7FA47=@AI@3EF:7?7F3B:KE;53>5A@57;F;E5A@57;FE7JB>AD7F:7D7>3F;A@E:;B
47FI77@EK?4A>3@6D787D7@F3@6A8F7@4>GDF:7>A9;53>5A@@75F;A@E47FI77@F:7?;@3
?3@@7DF:3FD78>75FEF:73@9EFA8F:7F:7A>A9;53>37EF:7F;5.:;>7BA7FDK36?;FF76>K
D7HA>H7E3DAG@6F:7GE7A88;9GD3F;H7>3@9G397A@@7QEGE7A8?7F3B:ADE;EG@5A??A@
7@AFA@>K3BB>;7E5A@@75F;A@E47FI77@;?397EF:3FD7>KA@F7@GAGE>A9;53>5A@@75F;A@E
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
4GF3>EA;@E;EFEA@35>AE73@67EE7@F;3>5A@@75F;A@47FI77@F:7FIA;?397E;@3
E35D3?7@F3>D7>3F;A@E:;B$AD7AH7D:7A8F7@7JF7@6EEG5:?7F3B:ADEG@F;>F:7K475A?7
E7>87J3?;@;@9G@F;>F:7BAEE;4;>;FKA8EG5:3?7F3B:AD;ECG7EF;A@763FF:7E3?7F;?7
F:3F;F;E388;D?76 @>;9:FA8F:73F:A>;5G@67DEF3@6;@9A8EK?4A>3@6D787D7@F:AI7H7D
F:;EBA7F;5FD3;F;EG@67DEF3@634>7A@@7QER7>34AD3F75A@57;FE1E77?FA2D7B>;53F7
>;@9G;EF;53>>KF:7;@53D@3F;A@3>B3D36AJE35D3?7@F7?4A6;7ES.:3>7@#AG;E
D76HA>63BB73DEFA39D77EG997EF;@9F:3FA@@7QER7J57EEA8?7F3B:ADS53@47RFD3576
FAF:7EGDH;H3>A813F:A>;52$76;7H3>;E?U8D39?7@FEA836753K76397SD76HA>6
+:;E?3K7JB>3;@F:76;EF3EF7A8@7A5>3EE;53>5D;F;5E>;=7!A:@EA@8ADA@@7QE
37EF:7F;5,>F;?3F7>K3F:A>;5E35D3?7@F3>;FKBDAH;67E3D3F;A@3>78ADEA?7A8F:7D36;53>
5A@@75F;A@EF:3FA@@7@AFA@>K?3=7E4GFEGEF3;@E 8,639+,398:;EBA7FDKE$;5:37>
$A>A@7K3D9G7E:AI7H7DF:77EE7@57A8:;EBA7F;5H7DE7;E@AFE;?B>K3F:A>;5
E35D3?7@F3>;FK)3F:7DRF:76D3?3A81A@@7QE2>;8713@62F:73DD7EF;@98;D7A8?G5:A8
:;EH7DE767D;H78DA?1F:725>3E:47FI77@F:7?76;7H3>3@6F:7?A67D@S$A>A@7KO
47FI77@3F:A>;5;E?3@6'DAF7EF3@F;E?
#$
!A:@A@@7QEEFDG99>7FA678;@7F:7DA>7A88;9GD3F;H7F:AG9:F;@:;EBA7FDK3@6:;E
D7>;9;AGE>;87;EB3DF;5G>3D>K7H;67@F;@:;EBA7?R+:7DAEES+:;EBA7?AB7@EI;F:3@
7JB>;5;F3D9G?7@F393;@EFF:7EFD;5F;5A@A5>3EF;5?AH7?7@FF:3FIAG>6:3H77H7@;?397E
A8F:75DAEED7?AH768DA?D7>;9;AGEBD35F;57E @F:7AB7@;@9>;@7EA8F:7BA7?F:7
*778AAF@AF77>7H7@8AD?AD767F3;>EA@:AIF:7 5A@A5>3EF;5?AH7?7@FD7>3F7EFA?KF:7ADKA8F:7
F:7A>A9;53>37EF:7F;5
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
EB73=7D7JB>3;@ERE;@57:D;EF7?4D3576F:7DAEE;FE7>863D7 ;E;?397F:7;?397A8
:;EDAEE67@KS +:7EB73=7D3>EA678;3@F>K675>3D7EF:3FRDA??7@ABG>B;F@AD
?;E9DAG@676>3I
%ADE53@63>F3=7@E:3>>F:;EDAEEI;F:6D3IS.:;>7F:7E7
>;@7E53@@AF476;D75F>K>;@=76FAA@@7QEB7DEA@3>7JB7D;7@57F:7KD736>;=7F:7IAD6E
A83?3@I:A>A@9EFAD7F3;@3EK?4A>A8677BB7DEA@3>E;9@;8;53@5767EB;F7;@5D73E;@9
BD7EEGD7FA6;EBAE7A8F:;E;5A@A8:;E5:;>6:AA683;F: +:;E4;A9D3B:;53>EB75G>3F;A@
:AI7H7D;EA8>7EE5A@E7CG7@57F:3@F:7D7EG>F;@9I3KEF:3F8;9GD3F;H7>3@9G397;E
67H7>AB76I;F:;@F:7BA7?;FE7>8>F:AG9:F:77JB>;5;F3D9G?7@F393;@EF;5A@A5>3E?
EG997EFEF:3FF:7EB73=7D;E>73@;@9FAI3D6E33F:A>;5G@67DEF3@6;@9A8;?397DKF:7I3K
F:3FA@@735FG3>>KGE7E;?397DKF:DAG9:AGFF:7D7EFA8F:7BA7?;E675;676>K?AD7
5A@8GE76,>F;?3F7>KF:7BA7?EFDG99>7EFA7EF34>;E:F:77JB3@E;H7BAEE;4;>;F;7EA8
?7F3B:AD;53>;?397DK;@F:78357A8F:7>;?;F3F;A@EB>3576GBA@8;9GD3F;H7F:AG9:F4KF:7
)78AD?3F;A@
@F:78;DEFE;JF77@>;@7EF:7EB73=7DD7E;EFEF:73D9G?7@FEA8F:7;5A@A5>3EF;5
?AH7?7@F3@66787@6EF:7;?397A8F:75DAEE@AF4KEB75;8K;@9;FE:3D?>7EE@7EE@AD;FE
3;6FAF735:;@9O3E3'DAF7EF3@F?;9:FO4GFD3F:7D4753GE7;F;ERF:7;@EFDG?7@F
&8A6
67I76A@?7;@F:7*35D3?7@FS.;F:3?AD73F:A>;5D736;@7EEFAE77F:7
E35D3?7@FE3EF:7BD35F;53>IAD=;@9A8A6QE9D357F:7EB73=7D3D9G7EF:3F4KH;7I;@9
F:7;?397A8F:75DAEEA@735FG3>>KD757;H7EF:79D357A8A6EEG?;@9F:7EK?4A>;5
"77B;@9F:73GF:AD;3>83>>35K;@?;@6F:7D7;E@AD73EA@FA3EEG?7F:3FF:;EBA7?D7BD7E7@FEF:7
F:AG9:FEA8A@@7:AI7H7D:7;E67>;47D3F7>KGE;@9F:7>KD;5R SI;F:;FEEG997EF;A@F:3FF:7BA7F;E
EB73=;@96;D75F>KFAF:7D7367D
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
;?BADF3@57A8F:75DAEEF:[email protected]>6 63D7BDA8;F4KF:7E35D;8;57
@6
63D7F:75:AE7@3>F3DFA67EB;E7S+:7EB73=7D7JBD7EE7E6;E63;@FAI3D6EF:7;673
A87JB7D;7@5;@99D3573B3DF8DA?F:7EK?4A>;57JBD7EE;A@A8EG5:9D3577H7@F:AG9::7
6A7E@AF67@KF:7BAEE;4;>;FKA87JB7D;7@5;@99D3573B3DF8DA?F:7E35D3?7@F3>
EK?4A>;E?#;=7I;E735AGB>7A8>;@7E>3F7D:7;@5D76G>AGE>K3E=ER.:A8DA?F:7
B;5FGD7IAG>63H7DF:;E7K7E
AIIAG>6:78>K:;EB3;@EI:AF:7D76;66;7S @
F:7?;@6A8F:7EB73=7D3HA;6;@9F:7;?397A8F:75DAEE;E3=;@FA3HA;6;@9F:7EB;D;FG3>
D73>;FKA8F:75DAEEAF:F:7EB;D;FG3>3@6F:7?3F7D;3>5DAEE3D7:7D7EG4F>K5A@8>3F76;@3
I3KF:3F;EE;?;>3DFAF:76A5FD;@7A8FD3@EG4EF3@F;3F;A@+:7;?397A8F:75DAEE>;=7F:7
4D7363@6I;@7A8F:7G5:3D;EFE77?EFA5A@F3;@F:77EE7@573@6EB;D;FG3>BAI7DA8
:D;EFQE673F:A@F:75DAEE+:;E5A@5>GE;A@:AI7H7D;EA@>KF:7479;@@;@9A8F:7BA7FQE
EB75G>3F;A@A@F:7BAI7DA8E;9@;8;53F;A@8AD;@F:78A>>AI;@9>;@7EF:7EB73=7D7JB>AD7E
F:7D7BD7E7@F3F;A@3>BAI7DA8AF:7D;?397EFAD7BD7E7@FF:75DAEE
8F7D:;E;?B3EE;A@766787@57A8:;EGE7A8F:75DAEE67EB;F7;5A@A5>3EF;5
BD7EEGD7EF:7EB73=7D7@F7DE;@FA3@7JF7@676?76;F3F;A@A@F:7H3EFBAF7@F;3>A8
D7BD7E7@F3F;A@ @EF736A87JB>AD;@9FD36;F;A@3>>KE35D3?7@F3>;?397DK:AI7H7D:7
7JB>AD7EF:7BAI7DA8E;9@;8;53F;A@F:DAG9:F:7H3D;7FKA87H7DK63KA4<75FEF:3F3D7
53B34>7A8BA;@F;@9FAF:75DG5;8;76:D;EF+:77;9:F>;@7E8A>>AI;@9F:7675>3D3F;A@A8F:7
E35D3?7@F3>5DAEE;??76;3F7>KFD3@E;F;A@3I3K8DA?D7>;9;AGE;?397DK3@67@>;EFF:7GE7
A8:G?3@B:KE;A>A9KE7383D;@9;?397DK?;5DA5AE?;5@3FGD3>473GFK3@697A9D3B:;5
F7D?;@A>A9KFAD7BD7E7@FF:7D767?BF;H7BAI7DA8F:75DAEE+:7EB73=7D3D9G7EF:3F;8
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
KAG43@;E:F:7;?397A8F:75DAEERI:A53@67@K?7BAI7D3@6>;47DFK
+AEFD7F5:?;@7
3D?E3@6?;@7AI@5DAEE47S3>>G6;@9FAF:7BAF7@F;3>8AD3@KA@7QE
AGFEFD7F5:763D?EFA5A@H7KF:7E3?7?73@;@93@6EK?4A>;5BAI7D3EF:7;5A@A9D3B:;5
;?397A8F:75DAEE @6776F:;EEG4EF;FGF;A@A83B:KE;A>A9;53>5DAEE8ADF:7;5A@A9D3B:K
A8F:75DAEE6A7E@AFEG997EF3@K>7EE7@;@9A8F:7H;7I7DQE7JB7D;7@57A8F:75DAEE+:7
E3?7E35D3?7@F3>BAI7DF:3FA@@73FFD;4GF7EFAF:7B3;@F76AD53DH76;?397A83>;F7D3>
5DAEE;E7CG3>>K8AG@6;@F:7EB73=7DQEAGFEFD7F5:763D?E>F:AG9:F:7BA7FG@67DEF3@6E
F:7E35D3?7@F3>@3FGD7A88;9GD3F;H7>3@9G397:;EG@67DEF3@6;@9A8E35D3?7@F3>;?397DK
;E@AF>;?;F76FAF:AE7;?397E;@EF;FGF764KA6 +:7EB73=7D3D9G7E8ADF:78>7J;4;>;FKA8F:7;?3973@63E3BA7F363BFE;FFA:;E
BGDBAE7E @6776F:7EB73=7D479;@EFAB>3KI;F:F:7;?397A8F:75DAEEE;?G>F3@7AGE>K
3E=;@93@63D9G;@9F:3F3B7DEA@QEAGFEFD7F5:763D?E3@6F:7?3EF3@6K3D6A83E:;B53@
E7DH73E;5A@EA8:D;EFQEE35D;8;57+:7EB73=7D8GDF:7D5>3;?E
#AA=6AI@F:AGEB;7EFAGF5DAEE7E;@E?3>>F:;@9E
#AA=GBF:AGE77EF4;D6ED3;E76A@5DAEE7EI;@9E
>>F:79>A47QE8D3?73@6EB:7D7QE;E@AF:;@97>E7
GFF:7?7D;6;3@E5DAEE;@9B3D3>>7>E
+:7D7E77?EFA47@A>;?;FFAI:3F;?397DK;E3H3;>34>7AD3BBDABD;3F7FAD7BD7E7@FF:7
E35D76?KEF7D;7EA8F:75DAEE>F:AG9:A@@7E77?EFA5:AAE7F:;E75>75F;5?;JA8
.:;>73>H;@3@6AF:7DD78AD?7DE67@;76F:7E35D3?7@F3>@3FGD7A8;?397DK:76A7EEG997EFF:3F
RA6 ;@6776 8DA? F;?7 FA F;?7 E:AI76 F:7 BD7E7@57 A8 :;E 6;H;@7 ?3<7EFK 4K 678;@;F7 E;9@E EA F:3F :7
?;9:F47 E3;6 FA 47 >AA=76 GBA@ 8357 FA 8357 GF 3>> F:7 E;9@E F:3F :7 7H7D 93H7 8ADF: 3BF>K 5A@8AD? FA :;E
B>3@ A8 F735:;@9 3@6 3F F:7 E3?7 F;?7 5>73D>K FA>6 ?7@ A8 :;E ;@5A?BD7:7@E;4>7 7EE7@57SAD
3>H;@F:7E7;?397E3@6@AAF:7DE53@FDG>KD7BD7E7@FF:7@3FGD73@6IAD=A8A6A@@7:AI7H7D;E
:7D76;D75F>K5A@FD36;5F;@9F:;EBAE;F;A@4KE:AI;@9:AI3>>EADFEA8;?397E53@BA;@FFAA6QEE3H;@9IAD=
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
;?397E3FD3@6A?F:7E7>75F76;?397E3D7;@F7@F;A@3>>K5A??A@B>3573@6EBD73635DAEE
:G?3@7JB7D;7@57 @6776F:7;?B>;5;F3D9G?7@FA8F:;EE75F;A@E77?EFA47F:3F67EB;F7
F:76;EF3@5747FI77@F:7EK?4A>3@6D787D7@FF:7E7;?397E:3H7@AF:;@9;@5A??A@
3E;678DA?F:7355;67@F3>8AD?A835DAEE?7F3B:AD;E@A>7EE34>7FAG@;F7F:7;?397E;@
35A??A@BGDBAE735:A8F:7E7;?397E;E5A@@75F76FAF:7DAEEA8:D;EF;@3
BD35F;53>3@6788;535;AGE?3@@7D8ADF:7EB73=7DF:7E7;?397E5A@F3;@F:7E3?7BAI7D3E
F:7;5A@EA8F:73F:A>;5:GD5:FAD7BD7E7@FF:76;H;@7+:78;DEF:3>8A8F:7BA7?
BD7E7@FE3FDGEF;@9H;7IA8?7F3B:ADEG5:F:3F3?7F3B:AD3E;@F:73F:A>;5
G@67DEF3@6;@9A8EK?4A>;E?53@@AFA@>KG@;F76;EB3D3F7F:;@9E4GF35FG3>>KB7D?;FF:7
EK?4A>FA7?4A6KF:7D787D7@F+:;E5A@8;67@57;@?7F3B:AD;53>788;535K:AI7H7D;E@AF
?3;@F3;@76F:DAG9:AGFF:7D7EFA8F:7BA7?
??76;3F7>K38F7D>;EF;@9F:7H3D;7FKA8;?397EF:3F53@47GE76?7F3B:AD;53>>KFA
D7BD7E7@FF:75DAEEF:7BA7?FD3@E;F;A@E8DA??7D7A4E7DH3F;A@A8B:KE;53>
D7BD7E7@F3F;A@EA8F:75DAEEFA36;E5GEE;A@A8F:7EB;D;FG3>7JB7D;7@57A8473D;@935DAEE
R$3F7D;3>5DAEE7EF:7@9AA6B:KE;547
@6K7FEB;D;FG3>:3H75:;786;9@;FKS
>F:AG9:F:7BA7?;E@AF7JB>;5;F34AGFF:7?73@;@9A8F:7E7EB;D;FG3>5DAEE7EA@@7;E
:7D7D787DD;@9FAF:7BD35F;57A87?4D35;@9:3D6E:;B7B;FA?;L76;@:D;EFQE5A??3@6F:3F
R 83@K?3@IK>>8A>AI7?7>7F:K?8ADE3=7:;?E7>873@6F3=7HB:;E5DAEE73@6
8A>AI7?7S$3FF+:DAG9:D7>3F;H7>K?;>6B3;@3@6EG887D;@9;@5A?B3D;EA@FA
:D;EFQE673F:;@F3=;@9GBF:7EB;D;FG3>5DAEEF:747>;7H7D53@9DAI5>AE7DFA:D;EF
;67@F;8K;@9I;F::;EEG887D;@93@6475A?;@9:A>;7D+:7BA7F;55A@@75F;A@47FI77@
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
B:KE;53>;?397DKA85DAEE7E3@6EB;D;FG3>5DAEE7E:AI7H7D;E83D8DA?5>73D3EA@@7
;@F;?3F7E8DA?F:7479;@@;@9F:3FF:7;?397A8F:75DAEE;E;@F;?3F7>K5A@@75F76FA3@K
EB;D;FG3>7JB7D;7@57A8;FRF:7>AEE
&8F:;E1?3F7D;3>2DAEEI7D7FA?73@AF:7D
1EB;D;FG3>25DAEES$AD7AH7DF:AG9:F:7BA7?E77?EFAFD3@E;F;A@FA38A5GEA@
F:7EB;D;FG3>5A@57BF47:;@6F:7;?397A8F:75DAEEF:7@7JF>;@7ER+:7E78AD7JFD35F76
5:7?;5?76;5;@7E7DH7
@65GD7?G5:47FF7D3@63EI7>>BD7E7DH7S3D7
;@F7@F;A@3>>K3?4;9GAGE3EFAI:;5:FKB7A85DAEEEB;D;FG3>ADB:KE;53>R+:7E7SD787DE
FAA>F:AG9:F:7BA7?>736EA@7FAD736F:7R+:7E7S3ED787DD;@9FAF:7EB;D;FG3>5DAEE7E
A8F:7>;@7478AD7EA?76AG4FEGDDAG@6;@9F:7D787D7@F5DAEED7?3;@E
+:7D7>3F;A@E:;B47FI77@F:7E;9@;8K;@95DAEE7E3@6F:7;D5ADD7EBA@6;@9EB;D;FG3>
7JB7D;7@57;E8GDF:7D5A@8GE764KF:7?7F3B:ADA8F:7?76;5;@3>B>3@FEI:;5:E77?EFA
7JB>;5;F>K5A@@75FF:7B:KE;53>3@6F:7EB;D;FG3>!GEF3EF:7?76;5;@7;E5A@F3;@76I;F:;@
F:7B>3@FEEA;FE77?EF:7EB;D;FG3>47@78;FE3D75A@F3;@76I;F:;@F:7;?397A8F:75DAEE
+:;EG@67DEF3@6;@9A8?7F3B:AD;53>;?397DK5>AE7>K3>;9@EI;F:F:73F:A>;5
G@67DEF3@6;@9A8F:7*35D3?7@FEI:;5:3D7G@67DEFAA6FA5A@F3;@I:3FF:7KD7BD7E7@F
G@>;=7F:7'DAF7EF3@FE35D3?7@FEF:3FBA;@FFAEA?7F:;@947KA@6F:7?E7>H7E)3F:7DF:3@
FD3@E;F;A@;@947FI77@EB;D;FG3>3@6D7BD7E7@F3F;A@3>5DAEE7EA@@7E77?EFAG@;F7F:7
B:KE;53>5DAEE?AD75>AE7>KI;F:F:7EB;D;FG3>47@78;FEA8F:75DAEEEG5:F:3F3EF:7BA7?
BDA9D7EE7E;F475A?7E>7EE5>73DI:7F:7DF:7EB73=7D;ED787DD;@9FAF:7EB;D;FG3>5DAEE
F:7D787D7@FADF:7EK?4A>;5B:KE;53>5DAEE7E
+:7BA7?BDA5776EFA5A@8GE73@65A@8>3F7F:7?73@;@9EA8F:7IAD6R5DAEES
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
+:7G@57DF3;@FK;@FDA6G57673D>;7D;@F:7BA7?AH7DI:;5:FKB7A85DAEE;ED787D7@576;E
@AFA@>K?3;@F3;@764GF7@5AGD3976A@@7D3B;6>K;@5D73E7EF:78D7CG7@5KI;F:I:;5:
:7D787D7@57E5DAEE7EK7F:76A7E@AF5>3D;8KI:3F=;@6A85DAEE:7D787DE$AD7AH7D
D3F:7DF:3@678;@;@9:AIF:7EB;D;FG3>3@6F:7B:KE;53>3D7D7>3F76I:;5:E77?EFA47F:7
;@;F;3>9A3>A8F:;EE75A@6:3>8A8F:7BA7?F:7BA7?;@FDA6G57E3F:;D6?73@;@9A8F:7
IAD65DAEE;@;FE3BB73D3@573E3H7D4+:7BA7?;@EFDG5FEF:7D7367DFAR5DAEE
/AGD<AK
;@5DAEE7ES+:;E366;F;A@A8F:7H7D48AD?A8R5DAEES6A7E@AF;@;F;3>>KBAE73
BDA4>7?FAAGDG@67DEF3@6;@9A8F:7EB73=7DQEGE7A8F:7IAD6:AI7H7D3EF:7BA7?
5A@F;@G7EF:74AG@63D;7E47FI77@F:76;887D;@9?73@;@9EA8R5DAEES475A?7A4E5GD76
@EF736A85>3D;8K;@9F:7I3KF:3F35DAEE?3K47E3;6FAD7BD7E7@F3EB;D;FG3>5A@57BFF:7
BA7?67E57@6E;@FA35:3AF;53EE7?4>397A8:A?A@K?AGEGE7EA8F:7IAD65DAEEAD
;@EF3@573FA@7BA;@FA@@7;@3@3>?AEFB>3K8G>?3@@7DD7B73FEF:7IAD6R5DAEES7;9:F
F;?7EI;F:H3D;AGE5A@@AF3F;A@EG@F;>F:7;@F7@676?73@;@9A8F:7IAD6;E>AEF;@
?G>F;B>;5;FK
63773@65ADD75F5A@5GB;E57@57A8I;F
75AH7FAGEA8 '6377)7>7F@A@783>>
6377@A?3@7>E74GF '6377F:KE7>8;@3>>
+:7@F:7 6377A8:D;EFIAD=83;F:8G>>K
.;F:;@AGD:73DFEI:7@I7>AH7:3D?>7EE>K
+:3F 6377>7B;5FGD7E?G5:3@6I;F:?AD753D7
+:3F 6377>75:;>6D7@I:;5:AGD '6377)73D7?K7?B:3E;E
7D7F:7EB73=7D@AFA@>K;@F7@F;A@3>>K5A@8GE7EF:7EK?4A>3@6D787D7@F:73>EAEG4F>K
4>7@6EF:D776;887D7@F?73@;@9EA8F:7H7D4R5DAEESFA97F:7D;DEF;F?73@ER+AF:I3DF
ABBAE79A5AG@F7DFAS&3F:7@;F?73@ER+A?77FAD8357;@A@7EI3K7EBFA
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
?77F36H7DE7>KFA7@5AG@F7DS&33@68;@3>>KR+A?3=7F:7E;9@A8F:75DAEE
GBA@ADAH7DS&3+:7BA7?E77?EFA;@F7@F;A@3>>KA48GE53F7F:7?73@;@9A8F:7E7
IAD6E3E;FD3B;6>KFD3@E;F;A@E47FI77@?73@;@9EI;F:AGF3@KI3D@;@9
@F:7E3?7I3K3E:77?B>AKEF:7H7D4R5DAEESF:7EB73=7DGE7EF:7@AG@
R5DAEESFAD787DFAF:75DAEEGBA@I:;5::D;EF6;76FAF:7;5A@E3@6;?397EA8EG5:3
5DAEE3@6FAF:7EB;D;FG3>7JB7D;7@57A8F:75DAEE+:78;DEFGE7A8F:7@AG@R5DAEES;@F:;E
B3EE397E77?EFA47D787DD;@9FAF:7;5A@A9D3B:KA85DAEE7EF:3FAF:7DEIAG>643@
:AI7H7D;F5AG>673E;>K;@5>G67F:77H7DK63K;?397EA85DAEE7ED787D7@57673D>;7D;@>;@7E
+:7@7JFGE7A8F:7@AG@R5DAEES;E?A6;8;76FAD787DEB75;8;53>>KFAF:75DAEEA8
:D;EFEG997EF;@9F:7EB;D;FG3>5DAEEFAI:;5:3>>AF:7D5DAEE7EBA;@F @F:78;@3>
5AGB>7F:AI7H7DEG5:6;EF;@5F;A@E475A?7>AEF3EF:7EB73=7D6;EF;@9G;E:7E47FI77@F:7
5DAEE7EFAI:;5::7D787DE4KF:7G@678;@76BDA@AG@ERF:3FS3@6RAGDS$AD7AH7DF:7
3?4;9G;FKA8F:73BAEFDAB:7?3D=;@R+:3FDAEEQEB;5FGD7ES;@6;53F;@9F:7BAEE7EE;H7
AD3@A?;FF76R7S3>>AIE8ADF:7IAD6RB;5FGD7ESFA8G@5F;A@3E4AF:3H7D43@63@AG@
6D3?3F;53>>K3>F7D;@9F:7D7>3F;A@E:;B47FI77@F:76;887D7@F5DAEE7E3EF:7D7>3F;H7
BDA@AG@E?A6;8K735:AF:7D+:7EB73=7DD78GE7EFA3>>AIF:7 3G6;7@57FAB;@6AI@F:7
?73@;@9A8:;E>3@9G3973E:75A?4;@7E3@65A@8GE7EF:7H3D;AGEBAEE;4>7?73@;@9E
>;F7D3>3@68;9GD3F;H7A8F:7IAD65DAEE
A@@7QEGE7A8F:7;?3973@6IAD6R5DAEESF:DAG9:AGFF:;EBA7?EG997EFE3@
;@F7@F;A@3>?76;F3F;A@GBA@F:7H3>;6;FKA88;9GD3F;H7>3@9G3973@6F:7D7>3F;A@E:;B
47FI77@EK?4A>3@6?73@;@9:AI7H7DF:7A48GE53F;A@A8F:7IAD6R5DAEES67@;7EF:7
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
D7367DF:734;>;FKFAG@67DEF3@6F:7D7>3F;A@E:;B47FI77@EK?4A>3@6D787D7@F @F:7
5A@5>G6;@9>;@7E;F;E@A>A@97D5>73DI:7F:7DF:7IAD6ADF:7;?397A8F:75DAEE53@
D7BD7E7@F3@KF:;@9 +:7BA7?:;@FEFAI3D6EF:7BAEE;4;>;F;7EA8>3@9G3973@6;?397DKFA
D7BD7E7@F;@5A?B>7J3@6E35D3?7@F3>I3KE4GF;FD78GE7EFA7JB>;53F7:AIF:;E?;9:F
A55GD)3F:7D;@35A@8GE764>7@6A8>;F7D3>3@68;9GD3F;H7>3@9G397F:7BA7?36?;FE3@
G@57DF3;@FK34AGF:AI?7F3B:AD;53>>3@9G3975D73F7E?73@;@9
#!!
$
,@>;=7R+:7DAEESI:;5:E77?EFA7@9397;@3@;@F7@F;A@3>?76;F3F;A@A@F:7
BAEE;4;>;F;7EA88;9GD3F;H7F:AG9:FRA>K*A@@7F3FF7D?K:73DFF:D77B7DEA@76
A6QESB3EE;A@3F7GE7A8?7F3B:ADFA67E5D;47F:7EB73=7DQED7>3F;A@E:;BI;F:A6
EG997EFEF:783;>GD7A88;9GD3F;H7>3@9G397FAD7BD7E7@F5A?B>7J;673E+:7
G@5A@H7@F;A@3>>KH;A>7@F;?397DKA8F:;EBA7?;EEG997EF;H74AF:A8F:7EB73=7DQE
D7>;9;AGE8DGEFD3F;A@3@6:;EEFDG99>7FAD7BD7E7@F355GD3F7>K:;EB7DEA@3>E;FG3F;A@F:DAG9:
?7F3B:AD
3FF7D?K:73DFF:D77B7DEA@76A68AD/AG
EK7F4GF=@A5=4D73F:7E:;@73@6E77=FA?7@6
+:3F ?3KD;E73@6EF3@6A7DF:DAI?73@647@6
/AGD8AD57FA4D73=4>AI4GD@3@6?3=7?7@7I
>;=73@GEGDB76FAI@FA3@AF:7D6G7
#34AGDFA36?;F/AG4GF&:FA@A7@6
)73EA@/AGDH;57DAK;@?7?7E:AG>66787@6
GF;E53BF;H763@6BDAH7EI73=ADG@FDG7
/7F673D7>K >AH7/AG3@6IAG>647>AH7683;@
GF3?47FDAF:76G@FA/AGD7@7?K
;HAD57?7G@F;7AD4D73=F:3F=@AF393;@
+3=7?7FA/AG;?BD;EA@?78AD
J57BFKAG7@F:D3>>?7@7H7DE:3>>478D77
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
%AD7H7D5:3EF77J57BF/AGD3H;E:?7
+:;EBA7?I:;5:3E=EA6FA5A??;FH;A>7@57393;@EFF:7EB73=7D;EE;?G>F3@7AGE>K
?7F3B:AD;53>3@6K7F8D;9:F7@;@9>KH;H;6+:DAG9:AGFA@@7GE7E7J3?B>7EA8B:KE;53>
H;A>7@573E?7F3B:ADE8ADF:73@3>A9AGEEB;D;FG3>;@F7DH7@F;A@:7E77=E3@6:;E;?397DK
;E;@F7@F;A@3>>KE:A5=;@93@6E7@EADK+:7H;5;AGE@7EEA8F:7E7F:AG9:FE3@6F:7D3B;6
FD3@E;F;A@E47FI77@F:7?EG997EFF:7D7>;9;AGE8DGEFD3F;A@A8F:7EB73=7D4GFF:7K3>EA
D7H73>F:7BA7FQE67EB7D3F;A@FA67E5D;4736;EF3@FEB;D;FG3>D73>;FKF:3FD78GE7EFA47
355GD3F7>KD7BD7E7@F76;@?7F3B:ADEF:7EB73=7D475A?7E?AD7D7>;9;AGE>K8DGEFD3F76
:73>EA475A?7E?AD78DGEFD3F76I;F::;E?7F3B:ADQE83;>GD7E;@FGD@F:7;?397DK
475A?7E?AD76D3?3F;5+:;E8AD578G>>;@=;@9A8F:7B:KE;53>3@6F:7EB;D;FG3>;E
EK?BFA?3F;5A83BA7F;53D;E;@98DA?F:7F:7A>A9;53>37EF:7F;5
+:78;DEFCG3FD3;@A8F:7BA7?AB7@EI;F:3D3B;6E7CG7@57A8H7D4E+:7EB73=7D
;EEG7EF:;DF77@6;887D7@F5A??3@6EFAA64799;@9:;?FAH;A>7@F>K3@6;@FDGE;H7>K
;@F7DH7@7;@:;E>;87+:78D3@F;5B3573FI:;5:F:7EB73=7DFD3@E;F;A@E47FI77@F:7E7
D7CG7EFEEG997EFE3@;?BG>E;H767EB7D3F;A@FA47D75A@5;>76FAA6:AI7H7D735:A8
F:7E7H7D4E3>EA7HA=7EBDAHA53F;H7;?397DKF:3FG>F;?3F7>KD7H73>E3677B7D3@J;7FK
34AGFF:7EF3FGEA8?7F3B:AD @F:7E75A@6>;@7A8F:;EBA7?A@@7>73@EGBA@;?397DK
5A??A@FAF:7A>K*5D;BFGD7E+:7H7D4R=@A5=S8AD;@EF3@57D78>75FE435=GBA@F:7
;?397A8:D;EFEF3@6;@93FF:76AAD3@6=@A5=;@9D75AD6764AF:BA7F;53>>K;@3@F;5>7E
3@6EF3D=>K;@F:74AA=A8)7H7>3F;A@ #;=7I;E7F:7H7D4R4D73F:7S;EGE76E7H7D3>F;?7E
R :73D7F:7HAK57A8?K47>AG76I:7@:7=@A5=7F:S3@FR7:A>67 EF3@673FF:76AAD7
3@6=@A5=7S)7H
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
;@E5D;BFGD7FABADFD3KA69;H;@93@6D7EFAD;@9>;878;DEF;@F:7;@;F;3>5D73F;A@355AG@F
I:7@A64D73F:7E>;87;@FA63?3@6E75A@6;@L7=;7>I:7@A64D73F:7E;@FA3
H3>>7KA86DK4A@7EI:;5:F:7@D;E7GBI;F:>;87?7F3B:AD;53>>KD7BD7E7@F;@9F:7@3F;A@
A8 ED37>;@3>>KF:7H7D4RE:;@7S;??76;3F7>K5A@<GD7EF:7;?397A8F:774D3;5
4>7EE;@9R+:7#AD674>7EE7F:773@6=7B7F:77
+:7#AD67?3=7:;E8357E:;@7HBA@
F:773@647?7D5K8G>>H@FAF:77
+:7#AD67>K8FHB:;E5AG@F7@3G@57HBA@F:773@6
97G7F:77B7357S%G?+:7E7;?397EF:AG9:D;5:I;F::7D;F3973@647>;7H76FA
476;H;@7>K;@EB;D763D7@7H7DF:7>7EE;@78875F;H73F67E5D;4;@9F:7EB73=7DQED73>;FK3@6
3D75A@E7CG7@F>K;@5A@E7CG7@F;3>8AD:;? +:7EB73=7DF:7D78AD7D7<75FEF:7E74;4>;53>
?7F3B:ADE3@6EB7@6EF:7D7?3;@67DA8F:7BA7?3FF7?BF;@9FA8;@63?7F3B:ADF:3FI;>>
67E5D;47F:7EB73=7DQED7>3F;A@E:;BI;F:A6
+:7EB73=7D3FF7?BFEFAD7B>357F:7E7;?397EI;F:?AD77JFD3H393@FH;H;63@6
H;A>7@F;?397E @EF736A84;4>;53>;?397DKA84>7EE;@9E:7FGD@EFAF:7?AD77HA53F;H7
3@6H;A>7@F;?397EA84;4>;53>67EFDG5F;A@O4D73=4>AI3@64GD@OI:;5:
B3D36AJ;53>>K3D7EGBBAE76FA?3=7:;?@7I+:7EB73=7DQE;?B7FGAGEE75A@63FF7?BFFA
R+:7#AD67A63>EA6K6E:3B7?3@17G7@26GEF8DA?A8F:79DAG@674D73F:76;@FA:;E
@AE7F:DK>>7EF:74D73F:A8>K873@6?3@I3E3>KGK@9EAG>7R7@R&F:AG3KD78DA?F:78AGD7
I;@67E3@64>AI7HBA@F:7E7E>3;@7F:3FF:7K?3K>KG7SL
RE8ADF:7I3>>F:3FK7:3G763G476I;F:H@F7?B7D76?ADF7D I;>4D73=7;F6AI@73@6?3=7;F
7G7@I;F:F:79DAG@67EAF:3FF:78AG@63F;A@F:7DA8E:3>476;E5AG7D763@6;FE:3>>83>>K733@6K7KAGD
E7>G7EE:3>>B7D;E:7;@F:7?;667EF:7DA83@6K7E:3>>=@AI7F:3F 3?F:7#AD67SL
R7E:3>>E7F7@9;@EA8I3DD7478AD7:K?393;@EFF:KI3>>7EI;F::;EI73BA@E4D73=76AI@7F:KFAID7ES
L
R IK>>4DK@9KAGFA97F:7D3@64>AI7F:78;D7A8?KID3F:HBA@KAG3@6K7E:3>47?A>F7@;@F:7
?;667EFF:7DA8SL
RF:78;D7A8F:7#AD64GD@F3?A@9F:7?3@65A@EG?76F:7?F:3FI7D7F:7HFF7D?AEFA8F:7:A3EFS
%G?RE:7E:3>474D7@FI;F:8;D78ADEFDA@9;EF:7#AD67I:;5:7E:3>>;G697:7DS)7H
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
8;@638G@5F;A@3>?7F3B:AD>736E:;?BDA9D7EE;H7>KFAI3D6E?AD7H;A>7@F;?397DKK7F:7
EF;>>6A7E@AF8;@6;?397DKF:3F355GD3F7>KD7BD7E7@FE:;E@7768ADA6QE;@F7DH7@F;A@+:7
EB73=7D>A@9EFA8;@63?7F3B:ADI;F:F:7E;9@;8;53FADKBAI7DA8F:73F:A>;5E35D3?7@FE
I:;5::3H7F:7BAI7DFA5A@H7K9D357:AI7H7D3>>:78;@6E;E3>;EFA87?BFK;?397E
F:3F>736FA@A78875FG3>5:3@97
@F:7E75A@6CG3FD3;@F:7EB73=7DD767H7>ABE:;E;?397DK3@7IF:;EF;?7
7@939;@93E;@9>7?7F3B:AD;53>5A@57BF5A?B3D;@9:;?E7>8FA3RGEGDB76FAI@S+:7
;?397;E383;D>KE;?B>7E;?;>7:AI7H7D5A?;@93E;F6A7E38F7DF:7D3B;65:3@97EA8F:7
8;DEFCG3FD3;@A@@7QE7JF7@E;A@A8F:;EE;@9>7;?397;E@AF34>7%AFA@>K;EF:7EB73=7D
5A@8;9GD76:7D73E3@A55GB;765;FK4GF*3F3@;E3EEG?76FA47F:7A55GBK;@98AD573@6
A6F:7D;9:F8G>?A@3D5:+:7F:D778A>65A@@75F;A@A8F:;E?7F3B:AD:AI7H7D;EEF;>>
3BB3D7@F>K;@EG88;5;7@FFA355GD3F7>K67E5D;47F:7EB73=7DQE5;D5G?EF3@573@6:7F:7D78AD7
7JF7@6EF:7?7F3B:AD3@66787@6E:;E8;9GD3F;H73EEA5;3F;A@4K?3=;@9;F?AD77JB>;5;F
+:7EB73=7D;@FDA6G57ED73EA@F:7H;57DAK;@FAF:7?7F3B:AD4AF:EFD7@9F:7@;@93@6
5A?B>;53F;@9F:7AD;9;@3>8;9GD3F;H7EFDG5FGD7+:7;@5>GE;A@A8RD73EA@S?3=7E3?AD7
5A?B>7F75A@@75F;A@47FI77@F:7EK?4A>;5FAI@3@6F:7D787D7@576EFDG99>;@9EB73=7D
7JB3@6;@9GBA@:AIF:7EB73=7D7@676GB;@F:;EE;FG3F;A@3@67JB>3;@;@9?AD75>73D>K
:AIF:7EB73=7D53@47G@67DEFAA6FA473RGEGDB76FAI@SA@@73D9G7EA@47:3>8A8:;E
?7F3B:ADQEH3>;6;FK3@6:77JB3@6E;F47KA@6F:3FI:;5:IAG>6FD36;F;A@3>>K477JB75F76
A83?7F3B:AD:AI7H7D67EB;F7F:753D7:77JF7@6EFA67H7>AB;@9F:;E?7F3B:ADF:7
EB73=7DQE7J5>3?3F;A@R/7F673D7>K >AH7/AGS3FF:7HA>F33@6:;EFD3@E;F;A@;@FA
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
3@AF:7D6;887D7@F?7F3B:ADEG997EFEF:3F:;E?7F3B:ADE3D7EF;>>G@34>7FAD7BD7E7@FF:7
EB;D;FG3>5:3@97:767E;D7E
+:7HA>F3;@FDA6G57E3@7I?7F3B:AD;@I:;5:F:7EB73=7DQEEB;D;FG3>D7>3F;A@E:;B
;E5A?B3D76FA3?3DD;397+:;E;E83D8DA?3FD36;F;A@3>R>AH7S?7F3B:AD:AI7H7D3EF:7
EB73=7D8;@6E:;?E7>8R47FDAF:76G@FA1A6QE27@7?KS3@67?4DA;>76;@F:7>793>
3@6D7>;9;AGE>3@9G397A86;HAD57>F:AG9::78;DEF;@FDA6G57EF:7?7F3B:ADI;F:3
BDAF7EF3F;A@A8>AH73E;?B>77JBD7EE;A@A8?7F3B:AD;53>>AH7;E@AF7@AG9:FA3>F7DF:7
EB73=7DQEEF3F7)3F:7DA@@7?3BEF:7BD75;E767F3;>EA8F:7EB73=7DQE>AH767EB3;D3@6
:AB7>7EE@7EEA@FA35A?B>;53F76?7F3B:AD @EF736A8?7D7>KD7BD7E7@F;@9F:7EB73=7DQE
>AH78ADA6F:7?7F3B:ADE77?EFAEF3@6;@8ADF:77@F;D7FKA8F:7;DD7>3F;A@E:;B.73D7
FA>6@AFA@>KF:3FF:7EB73=7D>AH7EA63@6IAG>6I7>5A?7A6QE>AH7;@D7FGD@4GF
F:3F:7;E388;3@576FA*3F3@3@6D7CG;D7EA6FA7@35F36;HAD573@35F;A@F:7EB73=7D;E
BAI7D>7EEFAB7D8AD?+:7EB73=7D;EG@34>7FA5:3@97:;E5;D5G?EF3@574GFF:DAG9:3
E35D3?7@F3>EG4EF;FGF;A@35:3@97;@EK?4A>;E??;9:F78875F35:3@97;@:;EEB;D;FG3>
EF3F7:AI7H7D3EF:7D7EFA8F:7BA7?D7H73>EF:;E?7F3B:AD>;=7F:7AF:7DE478AD7;F;E
EF;>>G>F;?3F7>K;@78875FG3>;@6D3I;@9F:7EB73=7D5>AE7DFAA6
@F:78;@3>F:D77>;@7EA8F:7BA7?A@@75A@5>G67EI;F:F:7@AI;@83?AGE
;?397EA8;?BD;EA@?7@F3@6D3B7+:7E78;@3>;?397E3D7B7D:3BEF:7?AEFE:A5=;@9
4753GE7F:7K67B;5F3@;@F7@E7>KB7DEA@3>3@6H;A>7@F7J5:3@9747FI77@A63@6
:G?3@;FK.:;>7F:7EB73=7DGD97EEG5:35F;A@3E3@757EE3DKEF7B;@:;E67H7>AB?7@FF:7
EG997EF;A@A8A6EK?4A>;53>>KD3B;@93B7DEA@;E6;EFGD4;@9+:7EB73=7D4KF:;EBA;@F
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
:3ED735:76F:7>;?;FEA8?7F3B:AD;@:;E67EB7D3F;A@FA6D3I5>AE7DFAA6:AI7H7DF:7
6D3?3F;5E:;8F3I3K8DA?F:77JF7@676?7F3B:ADA8F:7F:;D6CG3FD3;@;@FAF:7E78;@3>
6D3?3F;5AGF4GDEFEE77?;@9>KABBAE76FAF:7E3H;@9BAI7DA8A63>EAD7H73>E3
8DGEFD3F;A@I;F:?7F3B:AD
.;F:;@F:7BA7?A@@76D3IEA@E7H7D3>6;887D7@FEFK>7EA8?7F3B:AD;53>
D7BD7E7@F3F;A@;DEF:7D7>;7EGBA@4;4>;53>FDAB7EFA;@HA=7A6QEBD7E7@57GBA@
8;@6;@9F:7?;@78875FG3>:7F:7@D7B>357EF:7E74;4>;53>;?397EI;F::;EAI@.:7@F:7E7
3>EA83;>A@@7BDA5776EFA6D3IGBA@?AD75A?B>7J?7F3B:ADE;@3@788ADFFA?AD7
5A?B>7F7>KD7BD7E7@FD73>;FK+:7E7?7F3B:ADEF:AG9:F:7K;@HA=7BAI7D8G>7?AF;A@E
A@57393;@83;>FA7?4A6KF:7EB73=7DQE>A@9768AD D7EFAD3F;A@@AA@7?7F3B:AD;53>
7HA53F;A@;E53B34>7A88G>>KD7BD7E7@F;@9F:7EB73=7DQED73>;FK+:GE;@38;@3>3FF7?BFFA
5A@@75F:;E;?397DKFA:;ED73>;FKF:7EB73=7DE:;8FE3I3K8DA??AD7FD36;F;A@3>8AD?EA8
?7F3B:AD3@6399D7EE;H7>K?;J7EF:7EB;D;FG3>3@6F:7EK?4A>;5FAE53@63>AGE
B3D36AJ;53>78875FF:7EB73=7D3D9G7EF:3F:7I;>>@7H7D47EB;D;FG3>>K8D77G@>7EE:7;E
EK?4A>;53>>K;?BD;EA@76$AD7:ADD;8;53>>K:7BDABAE7EF:3F:7I;>>@7H7D47EB;D;FG3>>K
5:3EF7G@>7EE:7;EEK?4A>;53>>KD3H;E:764KA6+:7EB73=7D>A@9E8AD3D73>EB;D;FG3>
78875FFA5A?78DA?F:7EK?4A>;535F;A@EF:3F:73E=EA6FAB7D8AD?+:;E?;JFGD7A8
?7F3B:AD3@6>;F7D3>5A@E7CG7@575D73F7E3E:A5=;@97JB7D;7@578ADF:7D7367D3@6F:7
H;A>7@57A8:;E>3@9G39747FD3KEF:7EB;D;FG3>67EB7D3F;A@A8F:7EB73=7DO67EB7D3F;A@
D7;@8AD5764K3@6D7;@8AD5;@9A83D7>3F76BA7F;567EB7D3F;A@EGDDAG@6;@9?7F3B:AD;53>
7JBD7EE;A@
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
+:DAG9:AGFF:7BA7?F:7BA7FE77?EFA7J:;4;F3677B6;EFDGEFA8?7F3B:ADE
F:7EB73=7DQE5A@F;@G3>E73D5:8AD@7I7JBD7EE;A@ED7H73>E@A@7A8F:7FD36;F;A@3>8AD?E
A8?7F3B:AD7@34>7F:7EB73=7DFA7JBD7EEF:767F3;>EA8:;ED7>3F;A@E:;BI;F:A6%AA@7
;?397G@67D9A7E3@K3@3>KE;EADD78>75F;A@478AD7;F;ECG;5=>K3@68D3@F;53>>KD7B>35764K
3@7I;?3973@63@7IEFK>7A8?7F3B:AD;53>7JBD7EE;A@+:;E?7F3B:AD;53>BDA9D7EE;A@
47FD3KE3EB;D;FG3>3@9EF34AGFF:7EF3F7A8F:7EB73=7DQEEAG>35A@57D@F:3F@AFA@>K
;?4G7EF:;EBA7?I;F:35A?B7>>;@9:A@7EFK3@67?AF;A@3>;@F7@E;FK4GF3>EAD78>75FE3
?AD7B7DH3E;H7G@57DF3;@FK34AGF?7F3B:AD;53>D7BD7E7@F3F;A@
#! !$
RA>K*A@@7F 3?3>;FF>7IAD>6?3675G@@;@9>KSG@>;=7RA>K*A@@7FS
5A@E;EFEA8A@7>A@97JF7@676?7F3B:AD67E5D;4;@9F:7EB73=7D3E3>;FF>7IAD>6 @EF736A8
?G>F;B>7;?397EF:;EBA7?67H7>ABEF:757@FD3>?7F3B:AD;53>;?397;@5A@57DFI;F:F:7
D787D7@F
3?3>;FF>7IAD>6?3675G@@;@9>K
&87>7?7@FE3@63@3@97>;5EBD;F7
GF4>35=E;@:3F:47FD3K6FA7@6>7EE@;9:F
$KIAD>6E4AF:B3DFE3@6A:4AF:B3DFE?GEF6;7
/AGI:;5:47KA@6F:3F:73H7@I:;5:I3E?AEF:;9:
3H78AG@6@7IEB:7D7E3@6A8@7I>3@6E53@ID;F7
'AGD@7IE73E;@?;@77K7EF:3FEA ?;9:F
DAI@?KIAD>6I;F:?KI77B;@973D@7EF>K
&DI3E:;F;8;F?GEF476DAI@6@A?AD7
GFA:;F?GEF474GD@F3>3EF:78;D7
&8>GEF3@67@HK:3H74GD@F;F:7D7FA8AD7
@6?367;F8AG>7D>7FF:7;D8>3?7ED7F;D7
@64GD@?7&#AD6I;F:38;7DKL73>
&8F:773@6F:K:AGE7I:;5:6AF:;@73F;@9:73>
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
@RA>K*A@@7FS!A:@A@@7;E@AFD78>75F;@9GBA@?7F3B:AD;@F:7E3?7I3K3E:7
6A7E;@F:7FIABA7?E7J3?;@7634AH7R+:7DAEES67@;7E3@K57DF3;@FKFAF:7?73@;@9
?3=;@9BAI7DA8?7F3B:AD3EF:7BA7?5A@8GE;@9>K5A@8>3F7EEK?4A>3@6D787D7@FI:;>7
RA>K*A@@7FS83;>EFA6;E5AH7D3?7F3B:AD;53>7JBD7EE;A@F:3F53@78875F5:3@97
67EB;F75K5>;@9F:DAG9:E7H7D3>6;887D7@F;?397E @F:;EBA7?A@@7QE363BF3F;A@A83
E;@9G>3D5A@57;FF:DAG9:AGFF:7EA@@7FD78>75FE3E35D3?7@F3>>;@=;@9A8F:7EK?4A>3@6
D787D7@FRA>K*A@@7FS3>EA7JB>AD7EF:74AG@63D;7E47FI77@EK?4A>;53@6>;F7D3>
>3@9G397753GE7EK?4A>3@6D787D7@F3D7E35D3?7@F3>>K>;@=76;F475A?7E>7EE5>73D
I:;5:>3@9G39735FE8;9GD3F;H7>KGBA@F:7EK?4A>;5IAD>6EA8F:7BA7?3@6I:;5:
>3@9G3973BB>;7EFAF:7>;F7D3>EB73=7DA8F:7BA7?+:7>3@9G397A8F:;EBA7?E77?EFA
3BB>KA@4AF:38;9GD3F;H73@63>;F7D3>>7H7>E;?G>F3@7AGE>K
+:78;DEFCG3FD3;@;@FDA6G57EGEFAF:75A?B3D;EA@A8F:7EB73=7DFA3>;FF>7IAD>6
4AF:F:7EB73=7D3@6F:7IAD>63D767E5D;4763E47;@9R?3675G@@;@9>K
&87>7?7@FE3@6
3@3@97>;5EBD;F7S+:;E>3@9G397;E;@F7@676FA3BB>KFA4AF:F:7EB73=7DQEB:KE;53>
4A6K3@6EAG>3EI7>>3EFA38;9GD3F;H7IAD>65A?BAE76A8F:78AGD43E;57>7?7@FE
#;=7I;E74753GE7F:7EB73=7DQER4>35=E;@:3F:47FD3K76FA7@6>7EE@;9:F
$KIAD>6QE
4AF:B3DFE 3@6A:4AF:B3DFE?GEF6;7S4AF:F:7EB73=7D3@6F:7IAD>63D7
BG@;E:76F:7EB73=7D;@7F7D@3>673F:3@6 :;EEK?4A>;5IAD>6;@R7@6>7EE@;9:FS
>F:AG9::7GE7E8;9GD3F;H7>3@9G397A@@73>EAE77?EFA4767E5D;4;@9F:7EB73=7DQE
>;F7D3>4A6K3@6EAG>3@6F:77F7D@3>5A@E7CG7@57EA8:;EE;@
@F:7D7?3;@67DA8F:7BA7?F:7;?397A8F:7>;FF>7IAD>6;E5A?B>;53F76F:DAG9:
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
?G>F;B>7?7F3B:AD;53>3EEA5;3F;A@EF:7>3@9G397:AI7H7DA8F7@D78>75FE435=GBA@F:7
E;?B>;5;FKA8F:7>;F7D3>5A@F7JFA8F:7BA7?A@@77JB3@6E:;E?7F3B:ADEAF:3FF:7>;FF>7
IAD>6?367A88>7E:3@6EB;D;F;E5A?B3D76FAF:7D757@F>K6;E5AH7D768AD7;9@>3@6E3@6
9;3@F57>7EF;3>4A6;7ER47KA@6F:3F:73H7@I:;5:I3E?AEF:;9:S.;F:F:;E
;@FDA6G5F;A@A8AF:7DB>3@7F3DK4A6;7EF:7;?397A83IAD>6EG667@>KF3=7EA@@7I
?7F3B:AD;53>67BF: F;E@AF3@34EFD35F5A?B3D;EA@47FI77@F:7?;5DA5AE?A8F:7:G?3@
4A6K3@6EAG>3@6F:7?35DA5AE?;5G@;H7DE73E'3DFD;697 3D9G7E4GFD3F:7D
F:7EB73=7DEK?4A>;53>>K 86%27*3617-28338AD7;9@>3@6EF:7CG3FD3;@5A@F;@G7EF:7
6;EF;@5F;A@47FI77@F:7D787D7@FF:7EB73=7D3@6F:7EK?4A>3IAD>6475A?7E>7EE3@6
>7EEA4H;AGE+:7EB73=7D475A?7E?AD7>;=7F:7?AG@F3;@E3@6H3>>7KEA86;EF3@F>3@6E
F:3@3B7DEA@7H7@5A@F3;@;@9:;EAI@A573@ER'AGD@7IE73E;@?;@77K7EF:3FEA
?;9:F
DAI@?KIAD>6I;F:?KI77B;@973D@7EF>K
&DI3E:;F;8;F?GEF476DAI@76
@A?AD7SFF:7E3?7F;?7F:3FF:;E8;9GD3F;H7>3@9G397;E67H7>AB;@93>;87A8;FE
AI@F:7EB73=7DD7?;@6EGEF:3FF:;E>3@9G397;E3>EA?73@FFA47G@67DEFAA6;@F7D?EA8
F:7EB73=7DQEB:KE;53>4A6KF:7A573@EA86;EF3@F>3@6E3@6A8F:7EB73=7DQE>;FF>7IAD>6
3D73>EAF:7EB73=7DQEF73DE
+:7E7>;@7E5A?B3D;@9:;EF73DE3@6EADDAIFAF:767BF:EA83@A573@3>EA
FD3@E8AD?F:7BG@;E:?7@FA8F:7EB73=7DQE4A6K3@6EAG>;@FA353F3EFDAB:;59>A43>
'3DFD;697:;9:>;9:FEF:7?3@@7D;@I:;5:A@@7E;FG3F7EF:7?;5DA5AE?A8?3@;@5A@F7JFA8F:7
?35DA5AE?;5G@;H7DE7:AI7H7D:7A@>KEB73=EA8F:;E3E3B:;>AEAB:;53>5A@@75F;A@5A??A@FA73D>K
?A67D@F:AG9:FD3F:7DF:3@3EF:7EK?4A>;55A@@75F;A@A8BA7F;5?7F3B:AD 3D9G7;@EF736F:3FF:7
>3@9G397A8F:7BA7?6A7E@AFE;?B>K53>>3FF7@F;A@FAF:7E;?;>3D;F;7E47FI77@?3@3@6G@;H7DE74GFF:3F
F:7EB73=7D35FG3>>K479;@EFAE77:;?E7>83E3?35DA5AE?;57@F;FK7JB7D;7@5;@9:;E?;5DA5AE?;57?AF;A@E
3EG@;H7DE3>53F35>KE?;57H7@FE
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
BG@;E:?7@FA8:;EEK?4A>;5E7>8+:76DAI@;@9A8F:7EB73=7DQEIAD>6F:DAG9::;EF73DE
@AFA@>KD78>75FE:;EEADDAI4GF?AD7BA;9@3@F>K;FBA;@FEFAF:7BG@;E:?7@FA8F:7
4;4>;53>8>AA6 @7@7E;EA6E7@F3@7B;58>AA6FABG@;E:F:79G;>FK3@6FA5>73@E7F:7
IAD>6A8F:7:ADD;4>76776EB7DB7FD3F764K:G?3@;FK+:7EB73=7D3BBDABD;3F7EF:;E9>A43>
BG@;E:?7@F3@63BB>;7E;FFA:;?E7>83E:7475A?7EF:7EK?4A>;5IAD>6FAI:;5::7;E
5A?B3D767;E@7;F:7DF:79G;>FK?7@67EFDAK764KF:78>AA6@ADF:783;F:8G>%A3:I:A
;EE3H764GFF:7IAD>6I:;5:EGDH;H7EF:7BG@;E:?7@FI3E:765>73@3@634>7FAEF3DF
38D7E:+:77?B:3E;EF:7@A8F:767EFDG5F;H78>AA6;EF:7:AB7F:3FF:7E7BG@;E:?7@FE
53@4D;@9D767?BF;A@F:3FF:78>AA6?3KRI3E:;F;8;F?GEF476DAI@76@A?AD7S
+:7EB73=7DQE:AB7;EF:3FF:76DAI@;@9A8F:7EK?4A>;5>;FF>7IAD>6I:;5:D7BD7E7@FE
:;?>;=743BF;E?F:DAG9:I:;5:A@7EK?4A>;53>>K6;7EFAE;@3@6;ED74AD@;@FA3>;87A8
9D357I;>>EF3@6;@8AD:;EAI@BG@;E:?7@F3@6D7EG>F;@:;EE3>H3F;A@ @EF736A8
7JB7D;7@5;@9F:7BG@;E:?7@F:;?E7>8F:7EB73=7D3E=EF:3FF:7EK?4A>;5H7DE;A@A8
:;?E7>847BG@;E:763>>AI;@9:;?FAD757;H7F:7D767?BF;A@EK?4A>;53>>K
+:;EE35D3?7@F3>GE7A8F:7EK?4A>;5IAD>6475A?7E?AD75>73D>K7H;67@F;@F:7
@;@F:>;@7;@I:;5:F:7EB73=7D5:3@97EF:7BDA@AG@E4KI:;5::7D787DEFA:;?E7>8 DF:GD>7?7@FE:;9:>;9:FEF:75A@@75F;A@A8F:;E>;@7FAF:78>AA6;@3@3@@AF3F;A@FAF:;E>;@7;@
:;E76;F;A@A8F:7BA7?
R"@AI7K7@AFF:3F3>>I7I:;5:7:3G747@43BF;L76;@FA 7EGE:D;EF7:3G747@43BF;L76;@FA:;E
673F:.73D74GDK76F:7@I;F::;?4K43BF;E?7;@FA:;E673F:F:3F>K=7IKE73E:D;EF7I3ED3KE76HB
8DA?F:767364KF:79>AD;7A8F:783F:7D7G7@EAI73>EAE:AG>67I3>=7;@@7I@7EE7A8>K87AD;8I747
9D38FFA97F:7D4KF:7>;=7@7EE7A8:;E673F:7G7@EAE:3>>I7471B3DF3=7DE2A8F:7D7EGDD75F;A@"@AIK@9
F:;EF:3FAGDA>67?3@;E5DG5;8;76I;F::K?3>EAF:3FF:74A6KA8E;@@7?;9:FHFF7D>K4767EFDAK76F:3F
:7@578AADF:I7E:AG>67@AFE7DG7E;@@7S)A?
$3DFLEG997EFEF:3FA@@7:7D74D73=EF:7FD36;F;A@3>EA@@7FB3FF7D@;@EF736RGE;@93?A67A8
H;A>7@F:KB7D4A>7S$3DFL3@6EG997EFEF:3FF:7AH7D8>AIA8F:7E;@B>3;@F?;?;5E3@7J3?B>7;@
@9@3F;A@?76;F3F;A@
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
+:7BA7?EG4F>KFD3@E;F;A@E3I3K8DA?R1=IAD>6I;F: 1=I77B;@973D@7EF>KS?K
7?B:3E;EFAF:7;?B7DEA@3>3@66;EF3@FR;FSA8>;@7E@;@7F:DAG9:FI7>H7+:7IAD>6;E
EF;>>5>73D>K;67@F;8;76I;F:F:7EB73=7D:AI7H7DF:7EK?4A>@AI3>EA:3E3@7J;EF7@57
E7B3D3F78DA?F:7EB73=7D+:7EB73=7D:3E5D73F763EK?4A>;5H7DE;A@A8:;?E7>8F:3F53@
E35D3?7@F3>>KEF3@6;@8AD:;??G5:3EF:77>7?7@FEA8F:7G5:3D;EF@AFA@>KD7BD7E7@F
:D;EFQEE35D;8;574GF35FG3>>KEF3@6;@8AD:;EBD7E7@573?A@9EFF:783;F:8G>+:7EB73=7D
E77?EFA47>;7H7F:3FI:3F;E6A@7FAF:7EK?4A>;5;?397?;9:F>;=7I;E7476A@7FA:;?
+:7;@8>G7@57A8F:;E3EEG?BF;A@;E7H;67@F;@:AIF:7EB73=7DEG4F>KFD3@E87DEF:7
BG@;E:?7@F6G7FA:;?A@FAF:7EK?4A>;5H7DE;A@A8:;?E7>8+:;EFD3@E;F;A@A55GDE3FF:7
E3?7F;?73EF:7EB73=7D>AE7E397@5KAH7D:;EAI@BG@;E:?7@FADI:;>7F:78>AA653@
47E3;6FAAD;9;@3F78DA?:;EAI@EADDAI8G>F73DEF:7BG@;E:?7@F4K8;D7;E;@7H;F34>73E
F:7IAD>6R?GEF474GD@FS3@6;E;@835F3>D736K4GD@FR:7D7FA8AD7S8DA?F:7
5A@E7CG7@57EA8>GEF3@67@HKEF:7EB73=7D8357EF:7;?B7@6;@9BG@;E:?7@FA8
3BA53>KBF;58;D7:7FD;7EFAD7B>357:;?E7>8?AD75A?B>7F7>KI;F::;EEK?4A>;5IAD>6;@
3@3FF7?BFFAE35D3?7@F3>>K7JB7D;7@57F:7BG@;E:?7@F;@AD67DF:3F:7?;9:F35FG3>>K
7JB7D;7@57F:7D7@7I3>A6QE8;D7B3D36AJ;53>>K4D;@9E
@F:78;@3>8;H7>;@7EA8F:7BA7?F:7EB73=7D5A@F;@G7EFA7JB>A;FF:7E35D3?7@F3>
D7BD7E7@F3F;A@A8:;?E7>8;@F:7EK?4A>;5IAD>6+:7EB73=7D;EFDK;@9FA6;EB>357F:;E
67EFDG5F;H77@7D9KGBA@:;EEK?4A>;5IAD>6I:;>73>>AI;@9:;?E7>8FA7JB7D;7@57F:7
D767?BF;H78;D7A8F:7L73>A8F:7>AD6+:7EB73=7D>A@9EFA7JB7D;7@57F:7BGD93F;A@A8
8;7DK<G697?7@FI;F:AGF7JB7D;7@5;@9F:7BG@;E:?7@FI:;5::76;EB>357EEK?4A>;53>>K
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
+:7EB73=7D7JBD7EE7E9D73F83;F:F:3F:;EEK?4A>;E?53@6AF:;EE35D3?7@F3>IAD=3E
+:7D7E3;'3ECG3>7BA;@FEAGFE;@57RF:7>A9;5A8A@@7EEA@@7F;E4G;>FGBA@F:7
?;5DA5AE?
?35DA5AE?3@3>A9KA@@753@:AB7F:3FF:7:73H7@E3@6F:773DF:A8:;E
?;5DA5AE?:;EEB;D;F3@6:;E4A6KI;>>3>EA47FD3@E8AD?764KBGD93F;H78>3?7S
;'3ECG3>7+:GEI:;>7F:7EK?4A>;5IAD>67JB7D;7@57EF:767EFDG5F;H778875FEA8
F:7EB73=7DQE>GEF3@67@HKF:7EB73=7D;E8D77FA475A@EG?76RI;F:38;7DKL73>
&8F:77
3@6F:K:AGE7I:;5:6AF:;@73F;@9:73>S+:7EB73=7DB>3KEI;F:F:76G3>;?397
A88;D7;@E5D;BFGD78AD;@366;F;A@FAF:78;7DK3BA53>KBF;58;D7F:3FR;FI3E47>;7H76
IAG>67@6F:7IAD>6S>7?7@FE@8;D73>EAD78;@7E3@6BGD;8;7E +:DAG9:AGFF:7BA7?A@@7;E6A;@9FIAF:;@9EI;F::;E?7F3B:AD:7;E?;J;@9
8;9GD3F;H73@6>;F7D3>>3@9G3975D73F;@93EK?4A>;5IAD>6I:;>7?3;@F3;@;@93>3@9G397
F:3F3>EA3BB>;7EFAF:7EB73=7DQEAI@8>7E:3@6EAG>3@6F:DAG9:E35D3?7@F3>EG4EF;FGF;A@
6;EB>35;@96;H;@7BG@;E:?7@F3@6F:7@793F;H75A@E7CG7@57EA8E;@A@FA:;EEK?4A>;5
IAD>6I:;>73BBDABD;3F;@9F:7D767?BF;H73FFD;4GF7EF:3F5A?7I;F:F:AE7BG@;E:?7@FE
A@FA:;E>;F7D3>
D73>E7>8 @F:78;DEF:3>8A8BA7?F:7>3@9G397G@;F7EF:7EB73=7D3@6:;E
>;FF>7IAD>65A@EFDG5F;@94AF:F:DAG9:F:7E3?7>3@9G397+:;E6G3>;?397A84A6K3@6
EK?4A>F:7@>736E:;?FAG@67DEF3@6:;EBG@;E:?7@F;@F7D?EA8:;EEK?4A>;5IAD>6QE
9>A43>BG@;E:?7@FEF:78>AA63@63BA53>KBE73@6:;ED767?BF;A@;@F7D?EA8:;E>;F7D3>
E7>8+:75A@@75F;A@47FI77@F:7IAD>63@6F:7EB73=7DD78>75FEEA?7A8F:73?4;9G;FKA8
RG7DK?3@EIAD=7E:3>3BB73D7+:763KE:3>>675>3D7;F4753GE7;FE:3>47D7G73>764KF:78;D7
@6F:78;D7E:3>>FD;77G7DK?3@EIAD=7I:3F;F;E 83@K?3@EIAD=7F:3F:7:3F:4G;>FHBA@34K67:7
E:3>>D7573G73D7I3D6SAD
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
E35D3?7@F3>G@67DEF3@6;@9EA88;9GD3F;H7>3@9G3973@6A@@7QE7JB7D;?7@F3F;A@I;F:F:7
BAI7DA83@;?397FAD7BD7E7@FBA;@FEFAF:7F:7A>A9;53>37EF:7F;5
A@@7QEBA7FDK5A@F3;@E35A@E5;AGE?3@;BG>3F;A@A8?7F3B:AD:;9:>;9:F;@94AF:
F:7B>3K8G>@7EE3@68DGEFD3F;A@A8?7F3B:ADQE;@34;>;FKFAD7BD7E7@FE3D7EG>FA@@7QE
BA7FDK;EE7>8D78>7J;H73@6;E5A@E5;AGE3@63FF7@F;H7FAI:3F;F;E6A;@9O?7F3B:AD
47;@93FF:7:73DFA8I:3F;F;E6A;@9 @F:7BA7?EI7:3H77J3?;@76I78;@66;887D7@F
7JB>AD3F;A@EA8F:;E;673R+:7DAEES;E3@;@F7@F;A@3>?76;F3F;A@A@F:7BAEE;4;>;F;7EA8
8;9GD3F;H7F:AG9:FF:3F479;@EI;F:5A@8;67@57;@EK?4A>;5D7BD7E7@F3F;A@4GF67E57@6E
;@FA5:3AF;55A@8GE;A@34AGFD7BD7E7@F3F;A@I:;>7RA>K*A@@7FS;E3BA7?F:3F8DA?
F:7EF3DFD7H73>E38DGEFD3F;A@I;F:F:783;>GD7A88;9GD3F;H7>3@9G397FAD7BD7E7@F5A?B>7J
;673EEF:7BA7F475A?7E?AD78DGEFD3F76:;E;?397DK475A?7E?AD7G@EF34>7F:7
BA7?7?B>AKED3B;6>KE:;8F;@93@6H;A>7@F;?397DK3EI7>>3E6;887D7@FFKB7EA8
?7F3B:AD;53>EFDG5FGD7EFABADFD3KF:7EB73=7DQE;@34;>;FKFA9;H7HA;57FA:;EE7B3D3F;A@
3@63@F;5;B3F76D7G@;A@I;F:A6;@3>>KRA>K*A@@7FSGE7EFIA?7F3B:AD;53>
EFD3F79;7EFA5A@@75FF:7EB73=7DFA:;EEK?4A>;5IAD>6 F?;J7E8;9GD3F;H73@6>;F7D3>
>3@9G3975D73F;@93EK?4A>;5IAD>6I:;>7?3;@F3;@;@93RD73>SIAD>6>;F7D3>
G@67DEF3@6;@9A8F:7>3@9G397FF:7E3?7F;?7;FGF;>;L7EE35D3?7@F3>EG4EF;FGF;A@FA
6;EB>3576;H;@7BG@;E:?7@F3@6F:7@793F;H75A@E7CG7@57EA8E;@A@FAF:7EB73=7DQE
EK?4A>;5IAD>6I:;>73BBDABD;3F;@9F:7D767?BF;H73FFD;4GF7EF:3F5A?7I;F:F:AE7
BG@;E:?7@FEA@FAF:7EB73=7DQE>;F7D3>
D73>E7>8
+:7E7BA7?EEG997EFF:7:;9:EF3=7EA8?7F3B:AD;53>D7BD7E7@F3F;A@;@A@@7QE
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
BA7FDK @F:7E7BA7?EF:734;>;FKA8?7F3B:ADFAD7BD7E7@FE77?EFA47;@FD;53F7>K
5A@@75F76FAF:7EB73=7DQEE3>H3F;A@3@6G@67DEF3@6;@9A8F:76;H;@7.:7D7*AGF:I7>>
E77?EFAEFDG99>7FA67E5D;47F:76;H;@7A@@7QE6;88;5G>FK;E;@678;@;@9:;ED7>3F;A@E:;B
FAF:76;H;@7;@?7F3B:ADO4AF:A8F:7E7EFDG99>7EI7D7FAEE76;@FAF:73;D6GD;@9F:7
)78AD?3F;A@
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
" @F:7E;JF77@F:3@6E7H7@F77@F:57@FGD;7EF:7@9>;E:)78AD?3F;A@;@FDA6G576
5A?B>7JF:7A>A9;53>6743F7EFAF:7BABG>3D5A@E5;AGE@7EE>F:AG9:F:7@9>;E::GD5:
FD;76FA@3H;93F73?;66>7I3KF:DAG9:F:77JFD7?;F;7EA8F:75A@F;@7@F3>6743F7E
B7DH3E;H7G@57DF3;@FKD793D6;@9E7H7D3>F:7A>A9;53>;EEG7EB7DE;EF76F:DAG9:AGFF:77D3
+:7BDA?;@7@57A8F:76743F7EEGDDAG@6;@9F:7G5:3D;EF3@6E5D;BFGD3>;@F7DBD7F3F;A@
I7D7EAB7DH3E;H7F:3FF:7K@AFA@>K;?B35F76D7>;9;AGE47>;784GF8G@63?7@F3>>KE:;8F76
73D>K?A67D@F:AG9:F$KF:7E;E:3E8A5GE76A@F:7I3KE;@I:;5:F:7E7FIA6743F7E
38875F76F:7G@67DEF3@6;@9A8F:7D7BD7E7@F3F;A@3>BAF7@F;3>A88;9GD3F;H7>3@9G397 :3H7
F7D?76F:7D7EG>F;@9G@57DF3;@FKEGDDAG@6;@9?7F3B:AD;@F:7BA7FDKA8F:7B7D;A6F:7
RF:7A>A9;53>37EF:7F;5S
+:7F:7A>A9;53>37EF:7F;53D;E7EAGFA83@6I;F:;@F:7)78AD?3F;A@6743F7E
EGDDAG@6;@9G@67DEF3@6;@9EA8E5D;BFGD73@6E35D3?7@F3EI7>>3EAF:7DF:7A>A9;53>
6;H;67E6GD;@9F:7)78AD?3F;A@EG5:3E5A@57BF;A@EA89D357B7@3@573@6BGD93FADK
@AF7JB>AD76:7D73@6D78>75FE3@667H7>ABE3>A@9E;67F:7FD3@E;F;A@8DA? 3?76;7H3>
G@67DEF3@6;@9A8F:7IAD>6FA3?AD7?A67D@G@67DEF3@6;@9A8;F F;E3D7H;E;A@A8F:7
D7>3F;A@E:;B47FI77@EK?4A>3@6D787D7@F3D75A@E;67D3F;A@A8F:7D7>3F;A@E:;B47FI77@
I:3F:3BB7@E:7D7A@73DF:3@6I:3F:3BB7@E;@F:7EB;D;FG3>D73>? :3H73D9G76F:3F
F:7H;A>7@57I;F:I:;5:F:7E76A5FD;@3>EF3F7?7@FE3D7CG7EF;A@76GBDAAF763@6
7J3?;@76I;F:;@@9>3@6E;?G>F3@7AGE>K;@EF;93F7E3D7@7I768A5GEA@?7F3B:AD;@F:7
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
BA7FDKA8F:7F;?7I:;>73>EA;@5;F;@96AG4FAH7DF:7788;535KA8?7F3B:AD+:;E97@7D3>
6;EFDGEFA8?7F3B:ADD7EG>FE;@3H3D;7FKA86;887D7@F7>34AD3F77JB7D;?7@F3F;A@EI;F:
?7F3B:ADEG5:3E>3K7D;@9ED3B;6FD3@E;F;A@E47FI77@?7F3B:ADE3@6EAA@I:;5:
:3H7FD3576;@67F3;>;@F:7BA7FDKA8)A47DF*AGF:I7>>3@6!A:@A@@7
+:7BA7FDKA84AF:)A47DF*AGF:I7>>3@6!A:@A@@77J:;4;FE3BD7A55GB3F;A@
I;F:?7F3B:AD3@63EI7:3H7E77@4AF:BA7FE7JB>AD7E7H7D3>6;887D7@F8AD?EA8
?7F3B:AD;53>EFDG5FGD7I;F:;@F:7;DBA7FDK.:;>7*AGF:I7>>5A?BAG@6E?G>F;B>7;?397E
FA97F:7D?AD7AD>7EEEG557EE8G>>K;@>3K7D763@65A?B>7J3FF7?BFEFAD7BD7E7@FF:7
6;H;@7A@@7E77?EFAD75A9@;L7?AD77JB>;5;F>KF:75:3>>7@97E3EEA5;3F76I;F:
8;9GD3F;H7>3@9G3977EB75;3>>KD793D6;@9F:7D7BD7E7@F3F;A@A8:;EEB73=7DEQD7>3F;A@E:;B
I;F:A6.:;>7F:77JB>AD3F;A@A8?7F3B:AD3@68;9GD3F;H7>3@9G3974KF:7E7BA7FEA8F7@
E77?EB>3K8G>;FA8F7@3D;E7EAGFA83E7@E7A8GD97@5K3@667EB7D3F;A@FAD7BD7E7@FF:7
G@D7BD7E7@F34>7
+:7?7F3B:AD;53>7JB7D;?7@F3F;A@EABD7H3>7@F;@*AGF:I7>>3@6A@@7E77?EFA
B7DE;EFF:DAG9:AGFF:75;H;>I3D;@F:76D3?3F;5?7F3B:ADEA8F:7?7F3B:KE;53>BA7FE3@6
F:7E53@63>AGE;?397EA8F:753H3>;7DBA7FE:AI7H7D3EF:7F:7A>A9;53>6743F7EI:;5:
93H7D;E7FAF:7?7F3B:AD;53>5D;E;EA8F:7)78AD?3F;A@4793@FA675>;@7FAI3D6F:77@6A8
F:7BDAF75FAD3F7?7F3B:AD;53>7JB7D;?7@F3F;A@3>EA675>;@76KF:7F;?7$;>FA@;E
ID;F;@9:;E7B;5 %6%(-7)378?7F3B:ADE@A>A@97DE77?FA47F:78A5GE3@64KF:7F;?7
73D>K>;F7D3DK5D;F;5E>;=7*3?G7>!A:@EA@3D7ID;F;@9;@F:7?;67;9:F77@F:57@FGDKF:7
?7F3B:AD;53>7JBD7EE;A@E3EEA5;3F76I;F:F:7F:7A>A9;53>37EF:7F;5E77?34EGD63@6
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
G@BA7F;5
.:;>7?K3@3>KE;E;E>;?;F76FAF:7)78AD?3F;A@6743F7E3@6BA7FDKA873D>K
?A67D@@9>3@6 47>;7H7F:3F?K3BBDA35:FAG@67DEF3@6;@9?7F3B:ADF:DAG9:
5A@F7?BAD3@7AGE:;EFAD;53>8D3?7IAD=E?;9:F473BB>;76FAAF:7D6D3?3F;5E:;8FE;@
6A?;@3@FIAD>6H;7I @F:773D>K?A67D@B7D;A6F:7A>A9KI3EF:76A?;@3@FIAD>6H;7I
:AI7H7D;@F:7?A67D@;EFB7D;A68AD7J3?B>7I:7@A@@73@6AF:7D?7F3B:KE;53>
BA7FEI7D7D76;E5AH7D764KD;7DEA@3@6>;AFEA5;7FKG@67DI7@F3@AF:7D8G@63?7@F3>
E:;8FA8IAD>6H;7I;@I:;5:?7F3@3DD3F;H7E;@5>G6;@9F:7A>A9KI7D77JBAE763E47;@9
G@F7@34>73@65A@E7CG7@F>K6;E?;EE76.:;>73EFG6KA8?A67D@;EF?7F3B:ADAD3@
3@3>KE;EA83@KAF:7DBDA?;@7@FE:;8F;@8;9GD3F;H7F:;@=;@9I;>>>AA=675;676>K6;887D7@F
8DA?F:7EFG6KA887D76:7D7 47>;7H7F:3F?K3BBDA35:FAG@67DEF3@6;@98;9GD3F;H7
F:AG9:FF:DAG9:7JF7D@3>:;EFAD;53>8D3?7IAD=EA8F:AG9:F:3EF:7BAF7@F;3>FA7JB3@6
47KA@6F:7E5AB7A8?KBDA<75F
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
%
443E*36;3R'A>7?;53@6'3D36AJ;@)A47DF*AGF:I7>>QE#KD;5'A7?ES 6-8-'-71
9%68)60=*36-8)6%896)%2(8,)687.74!G>K
CG;@3E*3;@F+:A?3E 911% ,)303+-'%A?B>7F7@9>;E:76.7EF?;@EF7D$6
:D;EF;3@>3EE;5E'D;@F
7>;>7E3H;6G5= ,)36)8-'%00=2*361)(6-8-'-713*322)>73:)3)86= 3;%6(7
%096%0-78)61)2)98-'73*%-8,%7I/AD='#3@9'D;@F
D76HA>6#AG;E R+:7)7>;9;AGE+:AG9:FA8A@@7;@)7>3F;A@FA$76;7H3>3@6#3F7D
+D36;F;A@ES 89(-)7-2,%/)74)%6)-0832%2(322)6G97@7*
$53DF@7K%7I/AD=':37FA@'D7EEN'D;@F
DAI@%3@5K'A>>3D6R*AGF:I7>>)A47DF1*F)A47DF*AGF:I7>>2NS&J8AD6
;5F;A@3DKA8%3F;A@3>;A9D3B:K6$3FF:7I3@6D;3@3DD;EA@
&J8AD6&J8AD6,@;H7DE;FK'D7EE&@>;@7766#3ID7@57A>6?3@!3@
.74!G>K
AG5:3D6 3DK $R)A47DF *AGF:I7>> * ! @9>3@6QE ;DEF $7F3B:KE;53> 'A7FS
<4036%8-327 -2 )2%-77%2') 90896) 'D;@F
R+:7 )A?3@ *F7BE FA F:7 +7?B>7 @ J3?;@3F;A@ A8 F:7 @8>G7@57 A8 )A47DF
*AGF:I7>> *! GBA@ 7AD97 7D47DFS 3+37 3962%0 3* %8,30-' ,39+,8 %2(
90896) .74 !G>K
R.:A"@AIE%AF*AGF:I7>>QE>AGFEE7EE;@9F:7 ?B35FA8)A47DF*AGF:I7>>QE
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
#;F7D3DK*G557EEGBA@*B7@E7DS 3962%0*368,)89(=3*8,)-8)6%6=
68-*%'8-2 ,)36=.74!G>K
3>H;@!73@ 278-898)73*8,),6-78-%2)0-+-326!A:@+$5%7;>>+D3@EAD6#7I;E
3FF>7E':;>367>B:;3.7EF?;@EF7D'D7EE'D;@F
3D43>>A)A47DFR+:7 @53D@3F;A@3E'3D36AJ3@6A@57;F;@)A47DF*AGF:I7>>QE
'A7FDKS 1)6-'%2)2)(-'8-2)):-);'D;@F
3D7K!A:@ 3,2322)-*)-2(%2(68@676#A@6A@347D3@6347D
'D;@F
R%AF7EA@+IAA8A@@7QE*A@9E3@6*A@7FES ):-);3*2+0-7,89(-)7
9%68)60=3962%03*2+0-7,-8)6%896)%2(8,)2+0-7,%2+9%+)
N.74%AH
:3D>FA@"7@@7F:3@6$3D93D7F*BG88AD6R#;F7D35KEA5;7FK3@676G53F;A@S ,)
%1&6-(+)-7836=3*%60=3()622+0-7,-8)6%896)63H;6#A7I7@EF7;@
3@6!3@7>$$G7>>7D3?4D;6973?4D;697,@;H7DE;FK'D7EEN
'D;@F
>3D= D3 ,6-78 ):)%0)( ,) -7836= 3* 8,) )38=4303+-'%0 =6-' -2 8,) 2+0-7,
)2%-77%2') 3;@7EH;>>7 >3 ,@;H7DE;FK 'D7EE7E A8 >AD;63 'D;@F
>7?7@FE DF:GD # 3)86= 3* 328)140%8-32 3,2 322) )36+) )6&)68 )26=
"%9+,%2 %2( 8,) 3()62 )6-3( >43@K *F3F7 ,@;H7DE;FK A8 %7I /AD= 'D7EE
'D;@F
A>5>AG9:3H;6RA@@7!A:@S6$3FF:7ID;3@3DD;EA@
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
<*36(-'8-32%6=3*%8-32%0-3+6%4,=.74!G>K
AG@5;>A8+D7@F %2327%2()'6))73*8,)392'-03* 6)28*F#AG;E$A#A@6A@
7D67DAA=A'D;@F
3>9>;E: !35= -+,8 )8%4,=7-'%0 3)87 #A@6A@ 7;@7?3@@'D;@F
;'3ECG3>7+:7D7E3$RG@@;@97>7?7@FEI3F7D8;D73@6E35D3?7@F3>BA7F;5E;@P 3?
3>;FF>7IAD>6QS ,-0303+-'%09%68)60=N.74$3D
DK67@!A:@R;E5AGDE7A@57D@;@9F:7&D;9;@3>3@6'DA9D7EEA8*3F;D7S 77%=73*
3,26=()26.'"7D-A>>3D7@6A@'D7EE&J8AD6N'D;@F
A7D=E7@3@;7>3@6:D;EFAB:7DA69=;@E76E )28)6)(328,)#36(-8)6%896)
'6-4896)%2(8,) 9(3689%68-((0)#%=%7I3D=,@;H7DE;FKA87>3I3D7
'D7EE'D;@F
A@@7!A:@ ):38-327!4321)6+)28''%7-3276@F:A@K)3EB3$A@FD73>
$5;>>(G77@QE,@;H7DE;FK'D7EE'D;@F
3,2322)>73)86=98,36-8%8-:) )<876-8-'-71@676%7I/AD=%ADFA@
'D;@F
>;AF + * 31%+) 83 3,2 6=()2 ,6)) 77%=7 32 3)86= 3* 8,) ):)28))28, )2896=
#A@6A@ #7A@3D6 3@6 -;D9;@;3 .AA>8 3F F:7 A93DF: 'D7EE'D;@F
D3@EE7@'3G>!$RA@@7QE!73>AGEA63@6F:7A@57BFA8*35D76'3DA6KS %'6)(
%2(63*%2))'90%6%2():38-32%028)640%=-2%60=3()626-8-7,
-8)6%896)67>7@.;>5AJ);5:3D6+A663@6$35A@3>6?EF7D63?
-,,@;H7DE;FK'D7EEN'D;@F
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
3>6A@ !AE7B: =4303+= %2( ):)28))28,)2896= -8)6%896) '3D;E $AGFA@
'D;@F
7AD97 +;?AF:K ,)303+= 3* 8,))*361)67 %3E:H;>>7 +7@@ DA36?3@ 'D7EE
'D;@F
;4EA@693D* ,) ,-68=-2)68-'0)73*8,),96',3*2+0%2(F:76#A@6A@
$7F:G7@'D;@F
D347E7D47DF ,)98%&0)0%77-66361%+)6=-2 -80)7%2( )<873*8,)-((0)
+)7%2(8,)2+0-7,)2%-77%2')3?4D;697,@;H7DE;FK'D7EE3?4D;697
'D;@F
D;7DEA@ 7D47DF !A:@ >;88AD6 )8%4,=7-'%0 =6-'7 3)17 3* 8,) ):)28))28,
)2896= &J8AD6 >3D7@6A@ 'D7EE'D;@F
3GE?3@3D>) )8%4,36%2(6828)6%'8-32-71%2()*)6)2')-28,)")6&%0%2(
32:)6&%06873?4D;6973?4D;697,@;H7DE;FK'D7EE'D;@F
76>7K!3@7 3;)6-2")67))8%4,36%2()832=1=-28,))2%-77%2')=6-'
,@;H7DE;FK'3D='7@@EK>H3@;3*F3F7,@;H7DE;FK'D7EE'D;@F
7@6D;J*5AFFR#GF:7DS ,)%1&6-(+)314%2-3283)*361%8-32 ,)303+=6
3H;6395:;3@63H;6*F7;@?7FL%7I/AD=%/3?4D;697,@;H7DE;FK
'D7EE'D;@F
7EF7D$+:A?3ERP#7F$7#AH7Q)736;@9F:7*35D76PGDD3@FQA8A@@7QE'DA83@7
#KD;5ES %'6)(%2(63*%2))'90%6%2():38-32%028)640%=-2%60=3()62
6-8-7,-8)6%896)67>7@.;>5AJ);5:3D6+A663@6$35A@3>6
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
?EF7D63?-,,@;H7DE;FK'D7EEN'D;@F
G@F7D !;? ,) )8%4,=7-'%0 3)87 #A@6A@ H3@E DAE'D;@F
!3@L7@;E)R#3F7?76;7H3>F:7A>A9KS ,)%1&6-(+)314%2-3283)*361%8-32
,)303+=63H;6395:;3@63H;6*F7;@?7FL%7I/AD=%/3?4D;697
,@;H7DE;FK'D7EE'D;@F
!A:@EA@ *3?G7> -:)7 3* 8,) 2+0-7, 3)87 6 7AD97 ;D=475= ;>>&J8AD6
>3D7@6A@ 'D7EE'D;@F
"G5:3D3DK -:-2)9&.)'8-32 ,),)836-'3*%'6%1)28%0):38-32-2%60=
3()622+0%2(';FFE4GD9:'3GCG7E@7,@;H7DE;FK'D7EE'D;@F
#7I3>E=; 3D43D3 ";787D 638)78%28 3)8-'7 %2( 8,) ):)28))28,)2896= )0-+-397
=6-' 'D;@57FA@ %! 'D;@57FA@ ,@;H7DE;FK 'D7EE 'D;@F
#AI @F:A@K 3:)7 6',-8)'896) ):38-32%0 3()7 -2 ):)28))28,)2896= 2+0-7,
3)86= %7I /AD= %7I /AD= ,@;H7DE;FK 'D7EE 'D;@F
#AI7H3@E$3DKR*AGF:I7>>QEP:D;EFQE>AA6K*I73FQS <40-'%836
.74!G>K
$3DAFF;DF:GD 3,2322)38)6-)3)8$36;EA@,@;H7DE;FKA8.;E5A@E;@'D7EE
'D;@F
$3DFL #AG;E #A:D ,) 3)86= 3* )(-8%8-32 % 89(= -2 2+0-7, )0-+-397 -8)6%896) 3*
8,) ):)28))28, )2896= )7H 76 %7I 3H7@ /3>7 ,@;H7DE;FK 'D7EE 'D;@F
$A>A@7K$;5:37>D3@5;E 3,2322)-70-+,8*631)(-%):%0-71%7I/AD=
)GEE7>>3@6)GEE7>>'D;@F
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
$G>>7FF$;5:37> ,)%8,30-')*361%8-32%7I/AD=)AGF>7697'D;@F
'3DFD;697 3,2322)%2+9%+)%2(8=0)#A@6A@7GFE5:'D;@F
)A47DFE !A:@ );5:3D6 3@6 #ADD3;@7 )A47DFERP+A I73H7 3 @7I I7447 ;@ F:7;D AI@7
>AA?7Q )A47DF *AGF:I7>> 3@6 AG@F7D)78AD?3F;A@ 'A7F;5ES %'6)(%2(
63*%2))'90%6%2():38-32%028)640%=-2%60=3()626-8-7,-8)6%896)
67>7@.;>5AJ);5:3D6+A663@6$35A@3>6?EF7D63?-,
,@;H7DE;FK'D7EE'D;@F
)AEE$3>5A>?$35=7@L;7R%AF7A@F:7$7F3B:KE;53>ES ,)9(732):-);
3)86=%2(3+1% ,) 6%27*-+96%8-323*8,)9',%6-78-'=1&307-2):)28))28,
)2896=2+0-7,3)86=%7I/AD=&5F39A@AA=E'D;@F
)AEFA@$GDD3KRA@@73@6F:7$76;F3F;H7+D36;F;A@S )0-+-32%2(-8)6%896)
N.74%AH
*5:I3DFL)79;@3$ %'6%1)28%03)8-'7%88,)%;23*)'90%6-71#,)23()*8
8,)#360(*F3@8AD63>;8*F3@8AD6,@;H7DE;FK'D7EE'D;@F
*7>>;@'3G>)R+:7$;?7F;5'A7FDKA8!35=3@6!A:@A@@7;7>6+:7ADK8ADF:7
?ADAGE3@6F:7;H;@7S %'6)(%2(63*%2))'90%6%2():38-32%028)640%=
-2%60=3()626-8-7,-8)6%896)67>7@.;>5AJ);5:3D6+A663@6
$35A@3>6?EF7D63?-,,@;H7DE;FK'D7EEN'D;@F
*=G>E=K3DA>6 %2+9%+))'6)%8)():)28))28,)2896=)8%4,36-787%2(8,)'83*
)8%4,36#A@6A@,@;H7DE;FKA87AD9;3'D7EE'D;@F
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
*F7B:7@E.'7F7DR+:7F:7A>A9KA80I;@9>;S ,)%1&6-(+)314%2-3283
)*361%8-32 ,)303+=63H;6395:;3@63H;6*F7;@?7FL%7I/AD=%/
3?4D;697,@;H7DE;FK'D7EEN'D;@F
*F7D@!AE78 )8%4,36-2328)<83?4D;697$3EE$ +'D7EE'D;@F
*AGF:I7>>)A47DF ,)3)173*3&)68398,;)006%3@5K'A>>3D6DAI@3@6
!3?7E3DA>6$5A@3>6&J8AD6>3D7@6A@'D7EE
+3D9A88 )3?;7 31132 6%=)6 ,) %2+9%+) 3* 9&0-' ):38-32 -2 %60= 3()62
2+0%2( :;539A ,@;H7DE;FK A8 :;539A 'D7EE 'D;@F
R+:7 'A7F;5E A8 A??A@ 'D3K7D 7AD97 7D47DF 3@6 F:7 *7H7@F77@F:7@FGDK
7HAF;A@3> #KD;5S 2+0-7, -8)6%6= )2%-77%2') .74
74
+DG7?3@3D>)R+:7F:7A>A9KA8F:7@9>;E:D78AD?7DES ,)%1&6-(+)314%2-32
83)*361%8-32 ,)303+=63H;6395:;3@63H;6*F7;@?7FL%7I/AD=
%/3?4D;697,@;H7DE;FK'D7EE'D;@F
.3>>!A:@% 6%27*361%8-3273*8,)#36(4)27)6)6&)68"%9+,%2F:7@E
,@;H7DE;FKA87AD9;3'D7EE'D;@F
.:3>7@)A47DF ,)3)86=3*11%2)2')%'6%1)28-2322)%2()6&)68+ADA@FA
,@;H7DE;FKA8+ADA@FA'D7EE'D;@F
.:;F77>7@R*AGF:I7>>$7F3B:KE;53>3@63DACG7S 3()62,-0303+=3962%0
):38)(83)7)%6',-2)(-):%0%2(3()62-8)6%896)
.74!G>K
$ +:7E;E $ 3EF7D
$5$3EF7D,@;H7DE;FK@9>;E:
/AG@9 ) - 3'86-2) %2( ):38-32 -2 ):)28))28,)2896= 3)86= 89(-)7 -2 322)
)6&)68 6%7,%; %2( "%9+,%2 3?4D;697 * D7I7D 'D;@F