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A6B2G2D 92BEC >6?;2=:? 9E3E?82? D6B2A6ED:< 56?82? A2C:6? 282B D6B;2=:? 9E3E?82?
C2=:?8 A6B42I2 CEA2I2 A6B2G2D C6>2<:? >6>292>: <63EDE92? A2C:6? :>@3:=:C2C:
!63EDE92? 52C2B A2C:6? :>@3:=:C2C: D6B82?DE?8 52B: D:?8<2D :>@3:=:C2C: A2C:6?
!EC?2?D@
&6>6?E92? <63EDE92? <636BC:92? 5:B: 52? =:?8<E?82? >6BEA2<2?
328:2? 52B: <63EDE92? 52C2B >2?EC:2 ?: 36B2BD: 329G2 C6D:2A >2?EC:2
>6>3EDE9<2?<6?I2>2?2?A2525:B:52?=:?8<E?82? !63EDE92?<636BC:92?
5:B: 52? =:?8<E?82? C2?82D A6?D:?8 <2B6?2 2<2? 36B52>A2< A252 AB@C6C
A6?I6>3E92? 2=:?:52A2D5:=:92DA252<=:6? I2?8>6>AE?I2:=:?8<E?82?
I2?8 ?I2>2? D6?2?8 52? <=:6? >6B2C2<2? <652>2:2? C69:?882 CDB6CC I2?8
D6B52A2DA2525:B:?I22<2?9:=2?8 #2<2AB@C6CA6>E=:92?DE3E9=63:946A2D
5:32?5:?8<2? 56?82? <@?5:C: =:?8<E?82? I2?8 D:52< ?I2>2? :52I2D 52?
+=:I29
!6AE2C2? A2C:6? >6BEA2<2? DE;E2? A6=2I2?2? <6C692D2? !63EDE92?
52? <6:?8:?2? A2C:6? 252=29 92= A6?D:?8 I2?8 >6>A6?82BE9: <6AE2C2?
A2C:6? &2C:6? I2?8 AE2C 252=29 2C6D I2?8 36B92B82 <2B6?2 :DE A6B=E
A6B32:<2?2D2E<6C6>AEB?2?A6=2I2?2?<6A6B2G2D2? !68282=2?BE>29C2<:D
E?DE< >6>36B:<2? A6=2I2?2? I2?8 C6CE2: 56?82? 92B2A2? A6=2?882?

252=29 <2B6?2 72<D@B 121 +80$1 C652?8<2? D6<?@=@8: 52? C:CD6> 92?I2
>6>36B:<2? <@?CDB:3EC: C6<:D2B %=69 <2B6?2 :DE BE>29 C2<:D 36BEA2I2
E?DE< >6?:?8<2D<2? <E2=:D2C A6=2I2?2? 2=2> 92= :?: A6B2G2D I2?8
>6>36B:<2? A6=2I2?2? 3(5621$/ +<*,(1( C6=2:? :DE ;E82 92BEC
>6>A6B92D:<2? 2CA6< >EDE 2D2E <E2=:D2C A6=2I2?2? >6=:AED: <62?52=2?
<6D2?882A2? ;2>:?2? 6>A2D: 52? 3E<D: =2?8CE?8 2C:= A6?6=:D:2? D:?8<2D
<6AE2C2? A2C:6? :>@3:=:C2C: 56?82? ?:=2: >62? I2:DE >65:2?
CD2?52B 56F:2C: 92= :?: >6?E?;E<2? <6AE2C22? A2C:6?
=63:9 32:< 5:32?5:?8<2? C636=E> D:?52<2? 3(5621$/ +<*,(1( 5:<2B6?2<2?
52=2> >6=2<E<2? D:?52<2? 3(5621$/ +<*,(1( 5:=2<E<2? C6CE2: CD2?52B
AB@C65EB D6D2A: ;E82 >6>A6B92D:<2? <6D2?882A2? 52? A6B92D:2? A6B2G2D
D6B9252A<63EDE92?A2C:6?:>@3:=:C2C: 2>2I2?D:
(5621$/+<*,(1( 252=29CE2DED:?52<2?E?DE<>6>6=:92B2<636BC:92?
52? <6C692D2? C6C6@B2?8 E?DE< <6C6;29D6B22? 7:C:< 52? AC:<:C <EB2?8
A6B2G2D2? 5:B: 252=29 <@?5:C: 5:>2?2 C6C6@B2?8 D:52< >2>AE >6=2<E<2?
A6B2G2D2? <636BC:92? E?DE< 5:B:?I2 #6=:92D 92= :DE 3(5621$/ +<*,(1(
5:2BD:<2?C63282: +<*,(1( A6BC6@B2?82?I2?8>6?42<EAC6>E22<D:F:D2CI2?8
36BDE;E2? E?DE< >6?42A2: <636BC:92? DE3E9 >6=:AED: >6>32CE9 >2?5:
>6B2G2D B2>3ED <E<E 8:8: 8EC: 52? >6>36BC:9<2? 526B29 86?:D2= :<2
C6C6@B2?8 C2<:D 3:2C2?I2 >2C2=29 <6C692D2? <EB2?8 5:A6B92D:<2? 2= :?:
D6B;25: <2B6?2 >6?882?882A >2C2=29 <636BC:92? 252=29 >2C2=29 C6A6=6
A25292=;:<292=D6BC63ED<EB2?85:A6B92D:<2?52A2D>6>A6?82BE9:<6C692D2?
C642B2E>E>D6BED2>2A2C:6?:>@3:=:C2C: !ECI2D:

2C:= @3C6BF2C: 5: (E2?8 CD6B B68E=6B ()+ B #@6G2B5: )EB2<2BD2
5:52A2D<2? <2CEC D6?D2?8 A2C:6? I2?8 >6?82=2>: :>@3:=:C2C: C6;E>=29 A2C:6?
C2=29C2DE5:2?D2B2?I2252=29A2C:6?56?82?82?88E2?A6B?2A2C2?67EC:A=6EB2 2C:=
G2G2?42B256?82?A2C:6?52?<6=E2B825:A6B@=69 52D2329G2A6>6?E92?<63EDE92?
3(5621$/ +<*,(1( 5: BE2?8 CD6B B68E=6B 5:=2<E<2? @=69 <6=E2B82 52? D:?52<2?
3(5621$/ +<*,(1( 5:=2<E<2? @=69 A6B2G2D 92?I2 5: BE2?8 CD6B ,& 2= :?:
5:2=2>: @=69 A2C:6? $I ) 5: BE2?8 CD6B B68E=6B I2?8 >6?82=2>: C6C2< ?2A2C
?I6B: 5252 C22D 36B86B2< >:B:?8 <6 <:B: 52? =6>29 &6B2G2D 92BEC >6>32?DE
>6>6?E9: <63EDE92? A6B2G2D2? 5:B: $I ) C69:?882 $I ) 2<2? >6B2C2<2?
<6?I2>2?2? <6D6?2?82? 52? >6>32?DE AB@C6C A6>E=:92? =63:9 46A2D :52I2D
&2C:6?I2?85:B2G2D 5:BE>29C2<:D2<2?>6B2C2<2?<6AE2C2?C2=29C2DE?I2
56?82?5:A6?E9:?I2<63EDE92?A6B2G2D2?<636BC:92?5:B:2>2I2?D:
6B52C2B<2?=2D2B36=2<2?8D6BC63ED>2<2A6?E=:CD6BD2B:<E?DE<>6?82?8<2D
<2CECL&6>36B:2?*:?52<2?!636BC:92?:B:*6B9252A!6AE2C2?&2C:6?>@3:=:C2C:
&252 CE92? !6A6B2G2D2? $I ) 56?82? 7EC: &=6EB2 5: (E2?8 CD6B ()+B
#@6G2B5: )EB2<2BD2M 56?82? DE;E2? E?DE< >6?86D29E: A6>6?E92? <63EDE92?
A6B2G2D2? 5:B: A252 A2C:6? :>@3:=:C2C: 2<:32D 52B: 82?88E2? A6B?2A2C2? 67EC:
A=6EB2
":0:'4+4:2/8'4
*E;E2?+>E>
#6?82A=:<2C:<2? 92C:= A6?6=:D:2? 36BEA2 A6>36B:2? D:?52<2? <636BC:92? 5:B:
D6B9252A <6AE2C2? A2C:6? :>@3:=:C2C: A252 2CE92? <6A6B2G2D2? $I ) 56?82?
67EC:A=6EB25:BE2?8CD6B()+B #@6G2B5:)EB2<2BD2

*E;E2?!9ECEC
2 &6?E=:C>2>AE>6=2<E<2?A6?8<2;:2?A252$I )56?82?67EC:A=6EB2
3 &6?E=:C >2>AE >6BE>EC<2? 5:28?@C2 <6A6B2G2D2? A252 $I ) 56?82?
67EC:A=6EB2
4 &6?E=:C>2>AE>6?IECE?B6?42?22CE92?<6A6B2G2D2?A252$I )56?82?
67EC:A=6EB2
5 &6?E=:C >2>AE >6=2<E<2? :>A=6>6?D2C: <6A6B2G2D2? A252 $I ) 56?82?
67EC:A=6EB2
6 &6?E=:C >2>AE >6=2<E<2? 6F2=E2C: <6A6B2G2D2? A252 $I ) 56?82?67EC:
A=6EB2
7 &6?E=:C >2>AE >6?82?2=:C2 92C:= A6>36B:2? D:?52<2? A6>6?E92?
<636BC:92?5:B:A252$I )56?82?67EC:A=6EB2
'4,''9+4:2/8'4
28:&6?E=:C
!2BI2*E=:C=>:29I2?836B=2?52C<2?A6?6=:D:2?:?:52A2D>6?2>329G2G2C2?
>6?82A=:<2C:<2? D:?52<2? 36BEA2 A6>6?E92? <63EDE92? <636BC:92? 5:B: 52?
>6>36B:<2?2CE92?<6A6B2G2D2?C642B2<@>AB696?C:7A252A2C:6?56?82?67EC:
A=6EB2I2?8>6?82=2>::>@3:=:C2C:
28:&6>3242
#6?2>329 A6?86D29E2? G2G2C2? 52? B676B6?C: 328: A2B2 A6>3242 52=2>
>6>36B:<2? 2CE92? <6A6B2G2D2? A252 A2C:6? 67EC: A=6EB2 I2?8 >6?82=2>:
:>@3:=:C2C:

28:?CD:DEC:&6?5:5:<2?
#6>36B:<2? <@?DB:3EC: =2A@B2? <2CEC 328: A6?86>32?82? 52? <6>2;E2? :=>E
A6?86D29E2? AB2<D:< <6A6B2G2D2? 52? 52=2> A6>64292? >2C2=29 5: 3:52?8
<6A6B2G2D2?
28:(E>29)2<:D
)63282: 3292? >2CE<2? 328: A6B2G2D 52=2> >6>36B:<2? 2CE92? <6A6B2G2D2?
C6A6BD: <63EDE92? 52C2B >2?EC:2 I2?8 5:=2<E<2? C642B2 <@>AB696?C:7 A252
A2C:6? I2?8 >6?82=2>: :>@3:=:C2C: 52? C63282: 3292? A6BD:>32?82? A6B2G2D
52=2>>6>36B:<2?D:?52<2?I2?8D6A2D56>:D6B42A2:?I2<6AE2C2?A2C:6?
28:&6?6=:D:)6=2?;ED?I2
)63282: 3292? B676B6?C: 52=2> A6?IECE?2? A6?6=:D:2? I2?8 36B=2?52C<2?
A6?6=:D:2?C6=2?;ED?I2282B=63:936B52I28E?2

!"
#!#
+,/4/8/
7EC:A=6EB2252=29CE2DE<62522?5:>2?2D6B52A2D?I2A6?E>AE<2?
42:B2? 52=2> B@?882 A=6EB2 )@>2?DB: 7EC: A=6EB2 252=29
:CD:=29I2?85:8E?2<2?328:A6?:>3E?2?42:B2?52=2>B@?882A=6EB2&B:46
-:=C@?
#6?EBED )>6=DJ6B 52=2> $EB2B:7 52? !ECE>2
67EC:A=6EB2252=29A6?8E>AE=2?42:B2? 52=2>BE2?8A=6EB2I2?8D6B=6D2<
5:2?D2B2 A6B>E<22? 9,6&(5$/ 52? 3$5,(7$/ AB@C6C A6?I2<:D AB:>6B ;2B2?8
D6B;25: D6D2A: 3:2C2?I2 >6BEA2<2? A6?I2<:D C6<E?56B D6B9252A A6?I2<:D
=2:? )642B2 ?@B>2= BE2?8 A=6EB2= >6?82?5E?8 C6;E>=29 <64:= 42:B2?
C2>A2: >= I2?8 36B7E?8C: C63282: A6=E>2C I2?8 >6>E?8<:?<2?
A6B>E<22?A=6EB2=36B86B2<D2?A2252?I27B:<C:
/8/525-/2+:7'
#6?EBED )@>2?DB: &=6EB2 D6B5:B: 52B: 5E2 =2A:C2? I2?8
36B3652 I2:DE 3/(85$ 9,6&(5$/,6 52? 3/(85$ 3$5,(7$/,6 !65E2 =2A:C2?
A=6EB2 :?: 36BC2DE A252 9:=EC A2BEA2BE 2=2> 3636B2A2 92= D6B52A2D
A6B36522?2?D2B2<65E2A=6EB2:?:I2:DE
$ /(85$!,6&(5$/,6
28:2? A6B>E<22? =E2B?I2 D6B5:B: 2D2C C6=2A:C C6= >6C@D6=:2=
I2?8D:A:CD632=?I2D:52<=63:952B:>>5:2?D2B246=2946=29C6=
:?:D6B52A2D3636B2A2C6==:>7@C:D :32G29C6=>6C@D6=:2=:?:D6B52A2D
6?5@A=6EB2 I2?8 36B:C: 7:3B@C:D 52? 9:CD:@C:D : 32G29 6?5@A=6EB2
D6B52A2D ;2B:?82? <@=286? 52? C6B2DC6B2D 6=2CD:< I2?8 5:?2>2<2?
=2A:C2? D6?829 "2A:C2? 252=29 ;2B:?82? ,17(57,6,$/ 68%3/(85$ I2?8
C2?82D32?I2<>6?82?5E?8A6>3E=E952B29<2A:=6B2BD6B:AE=>@?2=:C
52?2BD6B:3B2<9:2=:C52?<6=6?;2B86D29 36?:?8 !6C6=EBE92?;2B:?82?
3/(85$ 9,6&(5$/,6 :?: >6?6>A6= 56?82? <E2D A252 ;2B:?82? A2B6?<:>
A2BEA2BE
% /(85$$5,(7$/,6
"2A:C2? ;2B:?82? A252 3/(85$ 3$5,(7$/,6 D6B5:B: 2D2C C6=C6=
>6C@D6=:2=52?;2B:?82?:<2D;2B:?82?<@=286?52?C6B2DC6B2D6=2CD:<
?2>E? =63:9 52B: 3/(85$ 9,6&(5$/,6 2=2> ;2B:?82? :<2D D6BC63ED
D6B52A2D A6>3E=E9 <2A:=6B 2BD6B: :?D6B<@CD2=:C 52? 2BD6B: >2>>2B:2
:?D6B?2 <6=6?;2B 86D29 36?:?8 52? 32?I2< B6C6AD@B C2B27 C6?C@B:C
I2?8 A6<2 D6B9252A B2C2 ?I6B: 52? A6B36522? D6>A6B2DEB ):CD6>
A6BC2B272? :?: 36B2C2= 52B: ?6BFEC :?D6B<@CD2=:C 5:?5:?8 5252 52?
2=:B2??I2C6CE2:56?82?56B>2D@>5252 !6C6=EBE92?;2B:?82?A=6EB2
A2B:6D2=:C :?: >6?6>A6= D6D2A: ;E82 >E529 5:=6A2C<2? 52B: 5:?5:?8
52525:2D2C?I2

2:B2? A=6EB2 5:AB@5E<C: @=69 A=6EB2 A2B:6D2=:C 52? 5:23C@B3C:
@=69 3/(85$ 9,6&(5$/,6 2:B2? D6B36?DE< 52B: 7:=DB2C: A=2C>2 >6=2=E:
6?5@D6= <2A:=6B <6>E5:2? 5:B623C@B3C: @=69 A6>3E=E9 =:>76 52?
F6?E=2<2A:=6B *6=295:<6D29E:329G242:B2?>2CE<<652=2>B@?882
>6=2=E: 3/(85$ 3$5,(7$/,6 52? C6=2?;ED?I2 <6=E2B =28: 52=2> ;E>=29
I2?8C2>2>6=2=E:>6>3B2? 3/(85$9,6&(5$/,6 F:2C:CD6>=:>72D:<52?
F2C<E=6B &6B86B2<2? 42:B2? 52B: 3/(85$ 3$5,(7$/ <6 3/(85$ 9,6&(5$/,6
52A2DD6B;25:<2B6?2252?I2A6B36522?D6<2?2?9:5B@CD2D:<52?D6<2?2?
@C>@D:< <@=@:5 A=2C>2 2:B2? D6B32?I2< 5:B623C@B3C: @=69 C:CD6>
=:>72D:< 52? 92?I2 C6328:2? <64:= 5:B623C@B3C: @=69 C:CD6> <2A:=6B
AE=>@?2= 2= I2?8 >6>E529<2? A6?I6B2A2? 42:B2? A252 3/(85$
9,6&(5$/,6 252=29 D6B52A2D?I2 32?I2< >:<B@F:==: 52? 5:C6<:D2B C6=C6=
>6C@D6=:2=
2=2> <62522? ?@B>2= C692BEC?I2 D:52< 252 B@?882 <@C@?8
2?D2B2 <65E2 A=6EB2 D6BC63ED <2B6?2 3:2C2?I2 92?I2 D6B52A2D C65:<:D
44 C2>A2: 56?82? 44 42:B2? I2?8 >6BEA2<2? =2A:C2? D:A:C
C6B@C2 52? C6=2=E 36B86B2< C642B2 D6B2DEB 2:B2? I2?8 C65:<:D :?:
>6BEA2<2? A6=E>2C 2?D2B2 <65E2 A=6EB2 C69:?882 >6B6<2 >E529
36B86C6B C2DE C2>2 =2:? 2=2> <62522? A2D@=@8:C B@?882 2?D2B2
<65E2A=6EB2:?:52A2DD6B:C:56?82?3636B2A2=:D6B42:B2?2D2EE52B2
9/525-/
*:>3E=?I2 67EC: A=6EB2 52A2D 5:C6323<2? @=69 <@?5:C: C6A6BD:
82?88E2? A252 B623C@B3C: 42:B2? A=6EB2 >:C2=?I2 <2B6?2 252?I2 DE>@B

52? A6?:?8<2D2? AB@5E<C: 42:B2? A=6EB2 >:C2=?I2 2<:32D :?76<C: A252
A=6EB2)@>2?DB:
#6?EBED #@BD@? 52=2> $EB2B:7 52? !ECE>2
67EC: A=6EB2= 252=29 2<E>E=2C: 42:B2? A=6EB2 2<:32D A6?:?8<2D2?
<646A2D2? AB@5E<C: 42:B2? A6?EBE?2? <646A2D2? A6?86=E2B2? 42:B2? 2D2E
<65E2?I2 :?: 5:C6323<2? @=69 C2DE 52B: =:>2 >6<2?:C>6 36B:<ED
A6?:?8<2D2?D6<2?2?A252<2A:=6BCE3A=6EB22D2E=:>72D:< A6?:?8<2D2?
A6B>623:=:D2C <2A:=6B A6?EBE?2? D6<2?2? @C>@D:< <@=@:5 52B29
A6?:?8<2D2? D6<2?2? ?682D:7 :?DB2A=6EB2 <6BEC2<2? 5B2:?2C6 =:>72D:<
BE2?8A=6EB2
#6?EBED )@>2?DB: A6?I6323 67EC: A=6EB2 52A2D 5:=:92D
52B:;6?:C42:B2?I2?85:92C:=<2??I2I2:DE
2 *B2?CE52D$@??76<C:
282= ;2?DE?8 <@?86CD:7 C:B@C:C 96A2D:<E> 52? $6&,7(6
9:A@AB@D6:?6>:2 A252 ?67B@D:< C:?5B@> @3DBE<C: F6?2 42F2 CEA6B:@B
A2C4236529235@>6?5:2=:C:CA6B:D@?62=2D6=6<D2C:C
3 <CE52D?76<C:
&B@C6C 6<CE52D D6B;25: 2A23:=2 D6B;25: A6B252?82? I2?8 >6?I6323<2?
A6B>63:=:D2C <2A:=6B A6>3E=E9 52B29 A=6EB2 >6?:?8<2D C69:?882 C6=
>6C@D6=:2= 36BE329 >6?;25: 3E=2D 2D2E <E3@:52= 52? D6B;25:
A6?86=E2B2?42:B2?<652=2>B@?882A=6EB2
?76<C:A?6E>@?:2*F:BEC;2>EBA2B2C:D52?23C6C
$6@A=2C>2<2?<6BA2BE>6D2CD2C:C=:>7@>252?=6E<6>:2

>3@=:2D2E:?72B<A2BE K A2BE
&6?I2<:D<@=286?)"52?B96>2D@:52BD9B:D:C
&6?I2<:D 82CDB@:?D6CD:?2= A2?<B62D:D:C BEADEB 6C@728EC 52?
23C6C92D:
*B2E>2 96>2D@B2<52?<9:=@D@B2<
'95,/8/525-/
: 52=2> B@?882 A=6EB2 D6B52A2D <EB2?8 =63:9 44 42:B2? I2?8
4E<EAE?DE<>6>32C29:C6=EBE9A6B>E<22? 3/(85$3$5,(7$/,6 52? 3/(85$
9,6&(5$/,6 2:B2? :?: 5:92C:=<2? @=69 <2A:=6B 3/(85$ 3$5,(7$/,6 <2B6?2
252?I2 D6<2?2? 9:5B@CD2D:< D6<2?2? <@=@:5 52? 52I2 D2B:< 6=2CD:C
)6328:2? 42:B2? :?: 5:C6B2A <6>32=: @=69 <2A:=6B A2BE 52? 3/(85$
9,6&(5$/,6 C6328:2? <64:= =2:??I2 C2>A2: 44 >6?82=:B <652=2>
A6>3E=E9=:>76C69:?882A2C2C642:B2?5:C:?:>6?42A2:=:D6BC692B:?I2
-:;2I2?:?8C:9
#6?EBED)@>2?DB: A252E>E>?I267EC:D6B;25:<2B6?2
A6?I2<:D A=6EB2 92>A:B >:B:A A=2C>2 6<CE52D C652?8<2? I2?8 D:>3E=
A252 A=6EB2 ?@B>2= >6BEA2<2? E=DB27:=DB2D A=2C>2 DB2?CE52D 7EC:
52=2> 9E3E?82? 56?82? A=6EB:D:C 5:C6323<2? @=69 A6?:?8<2D2?
A6B>623:=:D2C 3/(85$ 3$5,(7$/,6 C6<E?56B C6A6BD: A6B252?82? 2D2E
<6D6B=:32D2??6@A=2C>2 7EC:A=6EB256?82?A=6EB2?@B>2=252=29A2I29
;2?DE?8<@?86CD:7 &2C:6?56?82?A=6EB2I2?82G2=?I2?@B>2=AE?52A2D
>6?82=2>: 67EC: A=6EB2 <6D:<2 8282= ;2?DE?8 <@?86CD:7 !6D:<2 ;2?DE?8
D:52< 52A2D >6>@>A2<2? 52B29?I2 C642B2 >2<C:>2= <6 C6=EBE9 DE3E9

D6B;25:=29A6?:?8<2D2?D6<2?2?9:5B@CD2D:<A252<2A:=6BI2?8C6=2?;ED?I2
>6?I6323<2? 9:A6BD6?C: <2A:=6B C:CD6>:< 2:B2? I2?8 36B252 52=2>
A6>3E=E952B29A2522B62D6BC63EDC6=2?;ED?I2>6?;25:3@4@B52?>2CE<
<652=2>A=6EB2 &6?:?8<2D2?A6>36?DE<2?42:B2?52B: 3/(85$3$5,(7$/,6
<2B6?2 9:A6BD6?C: <2A:=6B C:CD6>:< 52? A6?EBE?2? B623C@B3C:
>6?I6323<2? A6?8E>AE=2? 23?@B>2= 42:B2? A=6EB2 52?I2
9:A@2=3E>:?6>:2 ;E82 52A2D >6?:?8<2D<2? D6B;25:?I2 A6?:?8<2D2?
A6>36?DE<2? 42:B2? A=6EB2 52? 36B<EB2?8?I2 B623C@B3C: 2= D6BC63ED
36B52C2B<2?252?I2A6?EBE?2?A252D6<2?2?@?<@D:<:?DB2F2C<E=6BI2:DE
D6<2?2? @C>@D:< I2?8 5:=2<E<2? @=69 AB@D6:? "E2C 67EC: A=6EB2 I2?8
>6?82?42> F@=E>6 A2BEA2BE C6328:2? 2<2? D6B82?DE?8 2D2C <6<2<E2?
B6=2D:7 A2BEA2BE 52? 5:?5:?8 5252 2D2C A6B?2A2C2? ?@B>2= 5:?5:?8
525246?56BE?8B6<@:=<6=E2B52?C6>6?D2B2A2BEA2BE46?56BE?8E?DE<
B6<@:= <6 52=2> A2BEA2BE D:52< 52A2D 36B<6>32?8 C642B2 >2<C:>2=
>6=2:?<2?46?56BE?8E?DE<>6?86>A:C
'4/,+89'8/2/4/1
!632?I2<2? 67EC: A=6EB2 36BC:72D 2C:>AD@>2D:< D:>3E= 86;2=2
C6CE2: 56?82? A6?I2<:D I2?8 >6?52C2B:?I2 &?6E>@?:2 2<2?
>6?I6323<2?56>2> >6?88:8:=52??I6B:A252A=6EB:D:< !6D:<2 67EC:
CE529>6>36C2B52?>6?I632B<6>E?8<:?2?D:>3E= ',361($ 52?32DE<
7EC:A=6EB2 I2?836C2B 2<2?>6?82<:32D<2??2A2CA6?56< *2?527:C:<
>6=:AED: 56F:2C: DB2<962 >6?;2E9: C:C: I2?8 D6B<6?2 2A23:=2 D6B;25:

A6?E>AE<2? 42:B2? A=6EB2 I2?8 C:8?:7:<2? '8//1(6 A252 A6B<EC: 52?
A6?EBE?2?3E?I:A6B?2A2C2?A252C:C:I2?8D6B<6?2)@>2?DB:
52?I2 D:>3E?2? 42:B2? >6?82<:32D<2? A6B2C22? ?I6B: <2B6?2
D6B52A2D 86C6<2? C6D6=29 42:B2? 4E<EA 32?I2< >2<2 B2C2 C2<:D 2<2?
>6?89:=2?8 A6B=292? 52? 2A23:=2 42:B2? D6BC63ED C2?82D 32?I2< >2<2
A6?56B:D22<2?C6C2<?2A2C 6;2=2C6A6BD:56>2>>6?88:8:=?I6B:5252
A?6E>@?:2A2?2CD:?88:<@<ECDE36B<E=@C:C32?I2<<6B:?82D32DE<
<6B:?82D2E32DE<AB@5E<D:7 :52A2D:C68:D:82 $5/$1'I2:DE526B29I2?8
A252A6B<EC:B65EA 7+,03$1< 5:328:2?2D2C82B:C //,620,6(8 )68:D:82
52&&22&+)86= I2:DE A6<2< <2B6?2 42:B2? >6?5@B@?8 >65:2CDB:E>
<6C:C:=2:?A2522EC<E=D2C:526B29:?:5:52A2D:F6C:<E=6B>6=6>2956?82?
521&+, &252 A6B>E=22? 52? 2<9:B A6?I2<:D 2<2? D6B56?82B <B6A:D2C:
A=6EB2-:5I2?:?8C:9
+3+7/18''4+4:40'4-
#6?EBED )@>2?DB: 5:28?@C:C 52A2D 5:D682<<2?
C642B22?2>?6C:C52?A6>6B:<C22?7:C:<2<2?D6D2A:D6B<252?8CE=:DE?DE<
>6?6?DE<2? 5:28?@C2 92?I2 56?82? 2?2>?6C2 52? A6>6B:<C22? 7:C:<
C2;2 C69:?882 A6B=E A6>6B:<C22? A6?E?;2?8 C6A6BD: C:?2B D6>3EC 5252
52? E?DE< 5:28?@C:C I2?8 A2CD: A6B=E 5:=2<E<2? D:?52<2? D@B2<@C:?D6C:C
52?A2523636B2A2<2CEC5:=2<E<2?3:@AC:A=6EB2
2 ):?2BD6>3EC5252
&6B>E<22? 42:B2? I2?8 D6B52A2D 52=2> B@?882 A=6EB2 2<2?
>6>36?DE< 32I2?82? C6A6BD: <EBF2 56?82? A6B>E<22? 526B29

=2D6B2= =63:9 D:?88: 52B:A252 328:2? >65:2= :=2 A6B>E<22??I2
9@B:J@?D2=52B:=2D6B2=<6>65:2=A2CD:D6B52A2DE52B252=2>B@?882
D6BC63ED I2?8 52A2D 36B2C2= 52B: =E2B 2D2E 52B: 52=2> A2BEA2BE :DE
C6?5:B:
2= =2:? I2?8 D6B=:92D A252 7@D@ 5252 67EC: A=6EB2 252=29
D6B5@B@?8?I2>65:2CD:?E>A252C:C:I2?836B=2G2?2?56?82?42:B2?
$2>E? 2A23:=2 D6B52A2D 2D6=6<D2C:C A252 C:C: I2?8 36BC2>22?
56?82?42:B2? >65:2CD:?E>2<2?D6D2AA252D6>A2D?I2
3 *@B2<@C6?D6C:C
&6=2<C2?22? 5:=2<E<2? C632:<?I2 A252 A@C:C: 5E5E< CA:B2C:
5:=2<E<2?A252328:2?32G29A2BEA2BE5:C6=2:82<6.82B:C2<C:=2
A@CD6B:@B 56?82? >6>2<2: ;2BE> %%2&$7+ ?@>@B 2D2E
&6?86=E2B2? 42:B2? C632:<?I2 D:52< =63:9 52B: C2>A2: 56?82?
44 A252 C6D:2A <2=: 2CA:B2C: CA:B2C: C6<2=:8EC 32?I2< 2<2?
>6?:>3E=<2?A=6EB2 6+2&. 9:A@D6?C:2D2E656>2A2BEA2BE 56>2
A2BEA2BED6B;25:<2B6?2A2BEA2BED6B=2=E46A2D>6?86>32?8
4 :@AC:A=6EB2
&6>6B:<C22? 9:CD@=@8:C C2DE 2D2E 3636B2A2 4@?D@9 ;2B:?82?
A=6EB252A2D>6?E?;E<<2?C2>A2:56?82?5:28?@C:C<2CEC
A=6EB:D:CDE36B<E=@C:C52?DE>@BA=6EB2 A23:=292C:=3:@AC:A6BD2>2
D:52<>6>E2C<2?52A2D5:=2<E<2? 3:@AC:E=2?82? !@>A=:<2C:3:@AC:
252=29A?6E>@D9@B2<96>2D@B2<52?A6?I632B2?:?76<C:2D2EDE>@B
A2525:?5:?85252

5 &6?56<2D2?A25267EC:I2?8D:52<D6B5:28?@C2
&6>6B:<C22?D2>3292?C6A6BD:
B@?<@C<@A: I2:DE A252 <2CEC<2CEC ?6@A=2C>2 <@BAEC
2=:6?E>52?23C6CA2BEA2BE
&$11,1*,62723 I2:DE<2CEC<2CEC56?82?6>3@=:A2BEA2BE
*@B2<@CA: ,%(5237,& 3/(8526&23< I2:DE A252 <2CEC<2CEC
56?82??6@A=2C>22D2E*
+4'4-'4'4+*/8
&6?8@32D2? D6B9252A A2C:6? 56?82? 67EC: A=6EB2 252=29 56?82?
>6?82D2C: A6?I2<:DI2?8>6?52C2B:?I2>6?46829A6?E>AE<2?<6>32=:
42:B2? C6BD2 E?DE< >6?8EB2?8: <6D:52<?I2>2?2? 52? C6C2< ?2A2C
)@>2?DB:
#6?EBED2?=6I 52=2>6G: >6?86>E<2<2?329G2
A6?2D2=2<C2?22? 67EC: A=6EB2 52A2D 5:=2<E<2? 56?82? 42B2 A6?8@32D2?
<2EC2= D@B2<@C:?D6C:C "$7(5 ($/(' 5$,1$*( -) 52? A=6EB@56C:C
-) >6BEA2<2? CE2DE C:CD6> 5B2:?2C6 I2?8 >6?88E?2<2? :$7(5 6($/
E?DE< >6?82=:B<2? E52B2 2D2E 42:B2? 52B: &$980 A=6EB2 ?5:<2C:
A6>2C2?82? -) A252 A2C:6? :?: 252=29 252?I2 ()86, 3/(85$ 0$6,)
&=6EB@56C:C>6BEA2<2?D:?52<2?>6=6?8<6D<2? 3/(85$ 3$5,(7$/,6 56?82?
3/(85$ 9,6&(5$/,6 56?82? J2D <:>:2 7(75$&<&/,1( %/(20,6,1 7+,27(3$
&25<1(%$&7(5,80 3$5980 2D2E D:?52<2? A6>365292? *:?52<2?
5:=2<E<2?2A23:=242:B2?C2?82D32?I2<52?C6=2=ED6B2<E>E=2C:<6>32=:

68:DE AE=2 >6?EBED 2=:> 52=2> 6G: 5:36B:<2?
D6B2A:D6B2A:A6?E?;2?836BEA2A6>36B:2?@<C:86??2C2=<2?E= =:D6BA6B
>6?:D E?DE< >6?82D2C: <6=E92? C6C2< ?2A2C 52? <62522? 9:A@<C6>:2
&2C:6? ;E82 5:36B:<2? 42:B2? :?DB2F6?2 $75,80 /25,'$ D6D6C
A6B>6?:D :6D D:?88: <2=@B: D:?88: AB@D6:? E?DE< A6>6?E92? ?EDB:C:
A2C:6?52?A6>E=:92?;2B:?82? &6>36B:2?2?2=86D:<36BEA2 &2'(,1 <2=:
>:=:8B2>E?DE<>6?8EB2?8:?I6B:A=6EB2=:CD:<I2?85:2=2>:A2C:6?
8:.'4+6+7'<'9'42/+4*+4-'4,:8/2+:7'
CE92? !6A6B2G2D2? 252=29 CE2DE AB@C6C I2?8 >6=:AED:
A6?8<2;:2? 2?2=:C2 A6?6?DE2? >2C2=29 <6A6B2G2D2? >6B6?42?2<2?
D:?52<2? <6A6B2G2D2? >6=2<E<2? D:?52<2? <6A6B2G2D2? 52?
>6?86F2=E2C:D:?52<2?<6A6B2G2D2?2B>2G2?
#6?EBED =625=6 A6?8<2;:2?A25267EC:A=6EB2>6=:AED:
2 &6?8<2;:2?
<D:F:D2C2D2E:CD:B292D
:D2?52:86;2=2C6A6BD: ',631(8 56?82?2<D:F:D2C2D2EAE?:CD:B292D
):B<E=2C:
*2?52D2?52?I2 C6A6BD: 7$.,.$5', 5:CB:D>:2 :B2>2 ;2?DE?8 *$//23
9:A6BD6?C:2D2E9:A@D6?C:
?D68B:D2C68@
:D2?52:56?82?A6B2C22?D2<ED52?86=:C29
#2<2?2?52?42:B2?
52?I2A6>2C2?82?,F6?2C6?DB2=

$I6B:2D2E<6?I2>2?2?
6;2=2 D6B82?DE?8 56?82? 2B62 I2?8 D6B=:32D I2<?: ?I6B: I2?8
5:A6B36B2D @=69 ?272C 52=2> <6>E?8<:?2? >6?I632B <6 =696B
329E 235@>6? 56?82? D2?52D2?52 C6A6BD: A6B:=2<E 36B92D:92D:
52?A6B:=2<E5:CDB2<C:
&6B?2A2C2?
:D2?52: 56?82? 86;2=2 <6CE=:D2? 36B?2A2C 32DE< B:G2I2D 36529
2D2EDB2E>2D2?52D2?52?I2252=29A6?:?8<2D2??25:A6?88E?22?
@D@D 2<C6?C@B: A6B?2A2C2? A252 5252 B6DB2<C: :?D6B<@CD2= E?I:
?2A2C >6?EBE? 52? 7B6>:DEC >6?EBE? A252 C:C: I2?8 D6B=:32D
&6B<EC: 5252 9:A6BB6C@?2? 5: 2B62 I2?8 D6B:C: E52B2 52? 3E?I:
D6B56?82B A6<2< 5: 2B62 I2?8 D6B:C: 42:B2? %3C6BF2C: 52? A2=A2C:
525286B2<2?5252D6B232D:52<C2>2A2B25@<C:<3:=2DB2E>22D2E
.(036 A6?EBE?2? A6?86>32?82? A252 2B62 I2?8 C2<:D !E=:D
?2>A2<AE42D &<$126,636B<6B:?82D<B6A:D2C:CE3<ED2?
3 :28?@C2!6A6B2G2D2?
#6?EBED )@>2?DB: 5:28?@C2 <6A6B2G2D2? I2?8
>E?4E=A252A2C:6?56?82?67EC:A=6EB2252=29
&@=2?2A2CD:52<676<D:736B9E3E?82?56?82?A6?EBE?2?6<CA2?C:
A2BEA2BE 2<E>E=2C: 42:B2? 2D2E E52B2 82?88E2?
>EC<E=@C<6=6D2=?I6B:AB@C6C:?7=2>2C:
$I6B:2<ED36B9E3E?82?56?82?286?4:56B23:@=@8:C

?D@=6B2?C: 2<D:F:D2C 36B9E3E?82? 56?82? <6D:52<C6:>32?82?
2?D2B2<63EDE92?52?CEA=2:@<C:86?
!646>2C2?36B9E3E?82?56?82?A6BE3292?CD2DEC<6C692D2?
4 ?D6BF6?C:!6A6B2G2D2?
?D6BF6?C:<6A6B2G2D2?>6?EBED-:=<:?C@? 252=29
&@=2 ?272C D:52< 676<D:7 36B9E3E?82? 56?82? A6?EBE?2?
6<CA2?C: A2BEA2BE 2<E>E=2C: 42:B2? 2D2E E52B2 82?88E2?
>EC<E=@C<6=6D2= ?I6B: AB@C6C :?7=2>2C: 2D2C2? <2B2<D6B:CD:<
>6=:AED: A6BE3292? A6B86B2<2? 5252 >6?82>3:= A@C:C: D:82
D:D:< A6?EBE?2? D6<2?2? 2CA:B2C: 2D2E 6<CA:B2C: A6?EBE?2?
F6?D:=2C:C2DE>6?:D A6?EBE?2?<2A2C:D2CF:D2= ?2A2C52=2>52?
?2A2C 4EA:?8 9:5E?8 72C6 6<CA:B2C: I2?8 =2>2 <646A2D2?
B6CA:B2C:EC:256G2C2D29E?2D2E=63:9<EB2?852B:C2>A2:
56?82? <2=:A6B>6?:D32I: 2?D2B2 C2>A2:56?82?<2=:
A6B >6?:D EC:2 C2>A2: D29E? 2?D2B2 <EB2?8 52B: C2>A2:
56?82? <2=: A6B >6?:D 52? EC:2 C2>A2: D29E? 2?D2B2
<EB2?8 52B: C2>A2: 56?82? <2=: A6B >6?:D A6?88E?22?
@D@D 32?DE A6B?2A2C2? !B:D6B:2 92C:= I2?8 5::?8:?<2? I2:DE
A2C:6? >6?E?;E<<2?A@=2?2A2C?@B>2=2D2E676<D:7A6B?2A2C2?
C2>A2: 56?82? <2=: A6B >6?:D ?@B>2= 3632C
C:2?@C:CD:52<D6B52A2DD2?5252?86;2=29:A@<C:2
?D6BF6?C:<6A6B2G2D2?>6=:AED:
2 !2;:<646A2D2??2A2C<652=2>2?52?6<CA2?C:5252

3 2?DEA2C:6?>6?52A2D<2?A@C:C:I2?8?I2>2?
4 2?DE A2C:6? =2D:92? ?2A2C 52=2> 2A23:=2 D6B;25: ',675(66
$%'20(1
5 2?DEA2C:6?52=2>>6=2<E<2?2<D:F:D2CC692B:92B:
!@=23@B2C:
2 6B:<2?@<C:86?D2>3292?C6CE2::?5:<2C:5@<D6B
3 6B:<2? 9E>:5:7:<2C:>:C2=?I2?63E=:J6B
$I6B:525236B9E3E?82?56?82?:?7=2>2C:A2B6?<:>A2BEA2BE
*E;E2??I2 252=29 ?I6B: 52A2D 36B<EB2?8 2D2C2? <2B2<D6B:CD:<
>6=:AED: 86B2<2? >6?89:?52B: ?I6B: A6BE3292? 2ED@?@>:< 52B:
D@?EC @D@D B6CA@? 2ED@?@>:< >:C2=?I2 ',$3+25(6,6 D6<2?2?
52B29 A6B?2A2C2? 2D2E A6BE3292? ?25: 52? 5:=2D2C: AEA:=
A6BE3292? ?27CE >2<2? A6B:=2<E 5:CDB2<C: >:C2=?I2 2<D:F:D2C
I2?836BE=2?8E=2?8A6B:=2<E6<CAB6C:786=:C29>6B:?D:9A6<2
D6B9252A B2?8C2?8 >6?2B:< ?2A2C A2?;2?8 52? >6?2?8:C
82?88E2? D:5EB 52? 36B7@<EC A252 5:B: C6?5:B: !B:D6B:2 92C:=
I2?8 5::?8:?<2? I2:DE A2C:6? >6?82D2<2? ?I6B: 36B<EB2?8 52?
A2C:6??2>A2<?I2>2?
?D6BF6?C:<6A6B2G2D2??I2252=29
2 *6?DE<2?<2B2<D6B:CD:<?I6B:
3 6B:<2?D:?52<2?E?DE<<6?I2>2?2?A2C:6?
4 2?DE<=:6?>6>6?E9:<63EDE92?2<D:F:D2CC692B:92B:
5 ;2B<2?<=:6?D6?D2?8>2?2;6>6??I6B:

!@=23@B2C:
6B:<2?D6B2A:2?2=86D:<C6CE2::?5:<2C:52B:5@<D6B
?D@=6B2?C: 2<D:F:D2C 36B9E3E?82? 56?82? <6D:52<C:>32?82?
2?D2B2 <63EDE92? 52? CEA=2: @<C:86? 2D2C2? <2B2<D6B:CD:<
CE3I6<D:7 252=29 <6D:52<?I2>2?2? 2D2E A6B2C22? C6C2< ?2A2C
I2?8 >6>3EDE9<2? A6?86B292? D6?282 >6=2A@B<2? <6=6D:92?
2D2E <6=6>292? C652?8<2? @3I6<D:7 2?D2B2 =2:? 56?IED ;2?DE?8
2D2E D6<2?2? 52B29 D:52< ?@B>2= C63282: B6CA@? D6B9252A
2<D:F:D2CA6BE3292?!6=6<DB@<2B5:@8B27:C6=2>22<D:F:D2C
I2?8 >6?E?;E<<2? 2B:D>:2 2D2E :C<6>:2 !B:D6B:2 92C:= I2?8
5::?8:?<2? I2:DE A2C:6? C642B2 F6B32= >6?82D2<2? 329G2
<6<E2D2? @D@D >6?:?8<2D 52? A6B2C22? =6=29 36B<EB2?8 C6C2<
?2A2C 36B<EB2?8 52=2> B6?D2?8 ?@B>2= C2>A2: 56?82?
<2=: A6B >6?:D ?25: 52=2> B6?D2?8 ?@B>2= 2?D2B2 C2>A2:
56?82?<2=:A6B>6?:D
?D6BF6?C:<6A6B2G2D2??I2252=29
2 F2=E2C:B6CA@?CA2C:6?D6B9252A2<D:F:D2C
3 6B:<2? =:?8<E?82? I2?8 ?I2>2? 52? 32D2C: A6?8E?;E?8
C6=2>272C62<ED
4 6=2C<2?A6?D:?8?I2:CD:B292D52?A6?D:?8?I2<6C6:>32?82?
2?D2B22<D:F:D2C52?=2D:92?
5 2?DE A2C:6? 52=2> >6>6?E9: 2<D:F:D2C <63EDE92? C692B:
92B:

!646>2C2?36B9E3E?82?56?82?A6BE3292?CD2DEC<6C692D2?
2D2C2? <2B2<D6B:CD:< A252 A6B:=2<E >6=:AED: <6D6B32D2C2?
AB@5E<D:F:D2C>6?86<CAB6C:<2?<6=E92?<2B6?2A6BE3292?A252
<6;25:2? <69:5EA2? 86=:C29 <@?D2< >2D2 I2?8 3EBE< 76<D:7
I2?8 >6=:AED: 46>2C <6D2<ED2? A6B2C22? D2<ED <6<92G2D:B2?
>6?I6C2= :C:@=@8:C I2?8 >6=:AED: A2B2C:>A2D:C 52? C:>A2D:C
B6CA@? A2B2C:>A2D:C 2?D2B2 =2:? A6?EBE?2? D6<2?2? 52B29
A6?EBE?2? ?25: 5:2B6 >E2= <6=6=292? 82?88E2? D:5EB
36B<6>:9 D:52< =2>A:2C C652?8<2? B6CA@? C:>A2D:C >6=:AED:
2?@B6<C:2>E=ED<6B:?8<6D682?82?G2;29A6?:?8<2D2?D6<2?2?
52B29 A6?:?8<2D2? 36B<6B:?82D A6?:?8<2D2? ?25: A6?:?8<2D2?
B67=6<C A6?:?8<2D2? A6B?2A2C2? A6?:?8<2D2? <6D682?82?
',/$7$6, AEA:=52?<6=6>292? !B:D6B:292C:=A2C:6?C642B2F6B32=
>6?82D2<2?329G2<646>2C2?36B<EB2?8A2C:6??2>A2<B:=6<C
?25:52=2>B6?D2?8?@B>2=2?D2B2C2>A2:56?82?<2=:A6B
>6?:D A6B?2A2C2? 52=2> B6?D2?8 ?@B>2= 2?D2B2 C2>A2:
56?82? <2=:A6B>6?:D
?D6BF6?C:<6A6B2G2D2??I22?D2B2 =2:?
2 2D2DD:?8<2D<646>2C2?52?<6D2<ED2?
3 6B:<2?D:?52<2?I2?8>6?:>3E=<2?<6?I2>2?2?
4 2?DEA2C:6?E?DE<>6?52A2DA@C:C:?I2>2?
5 2?DEA2C:6?>6=2<E<2?2<D:F:D2CC692B:92B:

6 6=2C<2? AB@C6C A6?I2<:D 52? AB@C65EB C6CE2: 56?82?
<6>2>AE2?A2C:6?E?DE<>6?2?8<2A:?7@B>2C:
!!
+,/4/8/
!@?C6A :>@3:=:C2C: >6BEA2<2? 92= B6=2D:7 52=2> 2BD: D:52< C2;2
<69:=2?82? A6B86B2<2? D@D2= D6D2A: ;E82 D6B;25: A6?EBE?2? 2<D:F:D2C
?@B>2=?I2 &252 <62522? :>@3:=:C2C: A2C:6? D:52< 52A2D >6?89:?52B:
A6>32D2C2?86B2<2? A252C6D:2A2CA6<<69:5EA2? 25::>@3:=:C2C:252=29
<6D:52<>2>AE2? E?DE< 36B86B2< 3632C I2?8 5:C6323<2? @=69 <@?5:C:
5:>2?2 86B2<2? D6B82?88E 2D2E 5:32D2C: C642B2 D6B2A6ED:< !@?C6A
:>@3:=:C2C: >6BEA2<2? 92= B6=2D:7 52=2> 2BD: D:52< C2;2 <69:=2?82?
A6B86B2<2?D@D2=D6D2A:;E82D6B;25:A6?EBE?2?2<D:F:D2C?@B>2=?I2 &252
<62522?:>@3:=:C2C:A2C:6?D:52<52A2D>6?89:?52B:A6>32D2C2?86B2<2?
A252 C6D:2A 2CA6< <69:5EA2? 25: :>@3:=:C2C: 252=29 <6D:52<>2>AE2?
E?DE< 36B86B2< 3632C I2?8 5:C6323<2? @=69 <@?5:C: 5:>2?2 86B2<2?
D6B82?88E2D2E5:32D2C:C642B2D6B2A6ED:<&@DD6B&6BBI
2=2>9E3E?82??I256?82?A6B2G2D2?A2C:6?>2<2:>@3:=:C2C:
252=29<62522?5:>2?2A2C:6?36B32B:?8=2>25:D6>A2DD:5EBD:52<52A2D
36B86B2< C642B2 3632C <2B6?2 <@?5:C: I2?8 >6?882?88E A6B86B2<2?
2<D:F:D2C >@3:=:C2C: A252 A2C:6? D6BC63ED 52A2D 5:C6323<2? @=69
A6?I2<:D I2?8 5:56B:D2?I2 DB2E>2 7B2<DEB A252 6<DB6>:D2C 2D2E
>6?56B:D2<64242D2?C>25:

')'33')'335(/2/8'8/
#6?EBED =:>E= 252 3636B2A2 >242> <62522?
:>@3:=:C2C:I2?85:9252A:@=69A2C:6?2?D2B2=2:?
2 >@3:=:C2C:7:C:<>6BEA2<2?A6>32D2C2?E?DE<36B86B2<C642B27:C:<
56?82? DE;E2? >6?46829 D6B;25:?I2 82?88E2? <@>A=:<2C:
A6B86B2<2? C6A6BD: A252 A2C:6? 56?82? +(0,3/(*,$ I2?8 D:52<
>2>AE >6>A6BD292?<2? D6<2?2? 5: 526B29 A2B2=:C C69:?882 D:52<
52A2D>6?8E329A@C:C:DE3E9?I2E?DE<>6?8EB2?8:D6<2?2?
3 >@3:=:D2C :?D6=6<DE2= >6BEA2<2? CE2DE <62522? 5:>2?2 <6D:<2
C6C6@B2?8 >6?82=2>: <6D6B32D2C2? 52I2 A:<:B C6A6BD: A252 A2C:6?
I2?8>6?82=2>:<6BEC2<2?@D2<2<:32DCE2DEA6?I2<:D
4 >@3:=:C2C: 6>@C:@?2= >6BEA2<2? <62522? <6D:<2 C6C6@B2?8
>6?82=2>: A6>32D2C2? C642B2 6>@C:@?2= <2B6?2 252?I2 A6BE3292?
C642B2 D:32D:32 52=2> >6?I6CE2:<2? 5:B: )63282: 4@?D@9 <62522?
CDB6CC I2?8 5:=2D2B36=2<2?8: @=69 D:?52<2? :?F2C: A6>365292?
2>AED2C:2?88@D2DE3E9I2?8C2?82D5:4:?D2:
5 >@3:=:C2C:C@C:2=>6BEA2<2?CE2DE<62522?:?F:5EI2?8>6?82=2>:
92>32D2? 52=2> >6=2<E<2? :?D6B2<C: C@C:2= <2B6?2 <62522?
A6?I2<:D?I2 C69:?882 52A2D >6>6?82BE9: A6B2? 52=2> <69:5EA2?
C@C:2=
'1957,'1957='4-+3+4-'7:./35(/2/8'8/
#6?EBED *2BG@D@ 52? -2BD@?29 72<D@B72<D@B I2?8
>6>6?82BE9::>@3:=:C2C:252=29C63282:36B:<ED

2 2?88E2?A252>EC<E=@C<6=6D2=3:2C2?I25:A6?82BE9:@=693636B2A2
<62522?D6BD6?DEC6A6BD:@CD6@A@B@C:C
3 636B2A2 <2CEC <2B5:@F2C<E=6B I2?8 52A2D 36BA6?82BE9 D6B9252A
>@3:=:D2C 252=29 9:A@D6?C: F2C@5:=2D2C: 52? A6?:?8<2D2? 9$/6$9$
0$189(5
4 !62522?82?88E2?C:CD6>B6CA:B2C:I2?852A2D36BA6?82BE9D6B9252A
>@3:=:D2C 2?D2B2 =2:? A6?EBE?2? 86B2< A6B?2A2C2? 36BD2>329?I2
C6<B6C:A2BE2D6=6<D2C:C52?A?6E>@?:2
'8'2'.='4-"/3(:2 1/('9*'7/35(/2/8'8/
52 3636B2A2 >2C2=29 I2?8 52A2D 5:D:>3E=<2? 2<:32D :>@3:=:C2C:
7:C:<>6?EBEDC>25: 2?D2B2=2:?
2 >@3:=:C2C: I2?8 =2>2 52A2D >6?I6323<2? <6BEC2<2? A252 C:CD6>
:?DD68E>6? C6A6BD: 23B2C: 52? 56<E3:DEC 2= D6BC63ED 5:C6323<2?
<2B6?2 D6B;25: 86C6<2? 52? A6?EBE?2? C:B<E=2C: 52B29 A252 526B29
I2?8D6BD6<2?C69:?882D6B;25: ,6&+(0,$
3 &252C:CD6><2B5:@F2C<E=6B5:A6?82BE9:@=69:>@3:=:C2C:D6B;25:D:82
A6BE3292? ED2>2 I2<?: 9:A@D6?C: @BD@CD2D:< A6?:?8<2D2? 3632?
<6B;2;2?DE?852?A6>36?DE<2?DB@>3EC
4 *6B;25: A6BE3292? 5: C:CD6> B6CA:B2C: 252=29 >6?EBE??I2 <252B
96>@8=@3:? 6<CA2?C: A2BE >6?EBE? D6B;25: <6=6>292? A252 @D@D
I2?8 >6?I6323<2? >6D23@=:C>6 D6B82?88E !252B 96>@8=@3:?
>6?EBE? >6?82<:32D<2? 2=:B2? @<C:86? 52B: 2=F6@=: >6?E;E <6
;2B:?82? >6?EBE? C69:?882 >6>:4E D6B;25:?I2 2?6>:2 <CA2?C:

A2BE>6?EBE?D6B;25:<2B6?2D6<2?2?I2?8>6?:?8<2D5:A6B>E<22?
A2BE
5 >@3:=:C2C: >6?I6323<2? A6BE3292? A252 6=:>:?2C: EB:? ?76<C:
C2=EB2? <6>:9 D6B;25: <2B6?2 <252B EB:? I2?8 36B=63:9 D6BC:>A2?
52=2>A6=F:CB6?2=
6 &6?EBE?2? >2CC2 @D@D C63282: 2<:32D 52B: <646A2D2? >6D23@=:C>6
I2?8DEBE?52?<EB2?8?I22<D:F:D2CC69:?882<6<E2D2?@D@D>6=6>29
7 2>A2<D6B9252A ?6EB@C6?C@B:A252A2C:6?56?82?A6>2C2?82?8:AC
>6?I6323<2?<6BEC2<2?;2B:?82?52?>6?:>3E=<2?82?88E2?CI2B27
5:CD2=52B:8:AC
8 &6BE3292? A6B:=2<E 2<:32D :>@3:=:D2C 2?D2B2 =2:? D:>3E=?I2
<646>2C2? 6>@C: I2?8 D:?88: 56AB6C: A6BE3292? C:<=EC D:5EB
>6<2?:C>6 <@A:?8 DEBE? 52? >6?EBE??I2 >6<2?:C>6 <6>2>AE2?
A6B2G2D2?5:B:

+(+78/.'4/7/
+,/4/8/ $ +(+78/.'4/7/
!636BC:92? 5:B: 252=29 42B2 A6B2G2D2? 5:B: >2?EC:2 E?DE<
>6>6=:92B2<6C692D2?>6B6<2C642B27:C:<52?AC:<:C?I2&@DD6B&6BBI
&6B2G2D2? 5:B: I2?8 32:< D6=29 5:2?882A C63282: <@>A@?6?
A6?D:?8 E?DE< >6?46829 A6?I632B2? A6?I2<:D !E=:D >6BEA2<2?
A6BD292?2?A6BD2>2>6=2G2?A6?I2<:D52?D6B52A2D3E<D:329G2>6?;282

<636BC:92? <E=:D 52A2D >6?8EB2?8: ;E>=29 >:<B@@B82?:C>6 >:C2=?I2
32<D6B:I2?852A2D>6?I6323<2?A6?I632B2?:?76<C::52I2D
&B2<D:<>6>32?DE:?5:F:5E52=2>>6>6?E9:<63EDE92?<636BC:92?
5:B: >6B6<2 C6A6BD: >6>32?DE A2C:6? 52A2D >6?86>32?8<2? 9E3E?82?
A2C:6? 52? A6B2G2D C6BD2 >6>E?8<:?<2? AB2<D:C: I2?8 D6B2>A:= E?DE<
>6?8<2;:A6B<6>32?82?A2C:6?32:<C642B27:C:<>2EAE?>6?D2=
&@AE=2C: A2C:6? I2?8 >E?8<:? >6>3EDE9<2? 32?DE2? 52=2>
>6>6?E9:<63EDE92? +,*,(1( >6?EBED:?8G2== 252=29
2 ?5:F:5EI2?836BEC:2C2?82DDE252?C2?82D >E52
3 ?5:F:5E56?82?<6DE?252I22?36=2;2B
4 ?5:F:5E56?82?<6CE=:D2?<@8?:D:752?<6CE=:D2?>6>292>:
5 ?5:F:5E56?82?>2C2=297:C:<
6 ?5:F:5E56?82?>2C2=29<6C692D2?;:G2
7 ?5:F:5EI2?8>6?;2=2?:<6>@D6B2A:
8 ?5:F:5EI2?8>6?52A2D<2?@32DI2?8>6>6?82BE9: <6C692D2?>E=ED
52?<E=:D
9 ?5:F:5E56?82?D:?8<2D<6C252B2?I2?836B7=E<DE2C:
: ?5:F:5EI2?8>6>6B=E<2?A6B2G2D2?2<9:B92I2DA6?I2<:DD6B>:?2=
'1957 ,'1957='4-+3+4-'7:./ $
#6?EBED &@DD6B &6BBI C:<2A C6C6@B2?8 >6=2<E<2?
3(5621$/+,*,(1( 5:A6?82BE9:@=69C6;E>=2972<D@B2?D2B2=2:?
2 2'<,0$*(

&6?2>A:=2? E>E> A2C:6? >6?882>32B<2? A6?D:?8?I2 CE2DE
A6B2G2D2?5:B:<2B6?2>6BEA2<2?<@?C6ACE3I6<D:7C6C6@B2?8D6?D2?8
A6?2>A:=2?7:C:<?I2
3 )D2DECC@C:2=52?6<@?@>:
)E>36B 52I2 6<@?@>: C6C6@B2?8 >6>6?82BE9: ;6?:C 52? D:?8<2D
AB2<D:< <636BC:92? &6B2G2D 92BEC >6?6?DE<2? AB@5E<AB@5E< I2?8
>6BEA2<2?328:2?52B:<63:2C22?C@C:2=A2C:6?
4 &6?86D29E2?
&6?86D29E2? A2C:6? D6?D2?8 A6?D:?8 A6B2G2D2? 5:B: >6>6?82BE9:
AB2<D:< +<*,(1( D6B9252AA2C:6? &6?86D29E2?C6?5:B:D:52<=294E<EA
>6=2:?<2? A2C:6? 92BEC D6B>@D:F2C: E?DE< >6>6=:92B2 A6B2G2D2?
5:B:?I2C6?5:B:
5 !63E52I22?
%B2?8 52B: =2D2B 36=2<2?8 <63E52I22? I2?8 36B3652 >2<2 2<2?
>6?8:<ED:AB2<D:<A6B2G2D2?5:B:I2?836B3652AE=2
6 !@?5:C:7:C:<
%B2?8 I2?8 >6?56B:D2 A6?I2<:D D6BD6?DE C6B:?8<2=: <6<EB2?82?
<6<E2D2? 6?6B8: 7:C:< E?DE< >6=2<E<2? A6B2G2D2? 5:B: !@?5:C:
;2?DE?8 ?6EB@=@8:C A2BEA2BE 52? >6D23@=:< I2?8 C6B:EC 52A2D
>6=6>29<2?A2C:6?52?A2C:6?>6>6B=E<2?A6B2G2DE?DE<>6=2<E<2?
A6B2G2D2? +,*,(1( C642B2D@D2=

')'33')'3"/4*'1'4 $
#6?EBED:?8G2== A6>6?E92?<63EDE92?A6B2G2D2?5:B:
A2C:6?>6BEA2<2?2CA6<7E?52>6?D2=52B:2CE92?<6A6B2G2D2? ,*,(1(
A2C:6? I2?8 32:< D6=29 5:2?882A C63282: <@>A@?6? A6?D:?8 E?DE<
>6?46829A6?I632B2?A6?I2<:D
,*,(1(3(5621$/ >6?42<EAC6>E22<D:F:D2C I2?8>6>:=:<:DE;E2?
<636BC:92? 52? A6?2>A:=2? DE3E9 2<D:F:D2C D6BC63ED >6=:AED:
>6>2?5:<2?5:D6>A2DD:5EBA6B2G2D2?B2>3ED>6>6=:92B252?>@D@?8
<E<E>6>32?DEA2C:6?>6>6=:92B2<636BC:92? 25$/+,*,(1(>6>32?DE
>6?882?D:<2?A2<2:2?52?<2:?D6?E?B@@<6B
*E;E2? >6>2?5:<2? A2C:6? 252=29 >6>36BC:9<2? <E=:D 52?
>6?89:=2?8<2? 32E 3252? >6>36B:<2? B2C2 ?I2>2? 52? B6=2<C2C: 2D2E
CD:>E=2C:>6B2?8C2?8C:B<E=2C:52B29A252<E=:D>6?5:5:<A2C:6?52=2>
<636BC:92? A6B@B2?82? *E;E2? >6?4E4: B2>3ED A252 A2C:6? 252=29
>6>36B:<2? A6B2C22? C682B B2>3ED D6D2A 36BC:9 >6B2?8C2?8 C:B<E=2C:
52B29 <6 <E=:D <6A2=2 52? >6>36BC:9<2? <EDE 52? <6D@>36 *E;E2?
>6B2G2D 52? >6>@D@?8 <E<E 252=29 >6?;282 <636BC:92? D2?82? 52?
<2<: >6?46829 D:>3E=?I2 :?76<C: >6?46829 <2<: 36B32E 52?
>6>@?:D@B >2C2=29 A252 <E<E D2?82? 52? <2<: *E;E2? 52?
A6>6=:92B22? 8:8: 52? >E=ED >6=:AED: 282B >E=ED 52? 8:8: D6D2A 36BC:9
52? D:52< 36B32E D:52< C652A >6?46829 :?76<C: A252 >E=ED 52?
<6BEC2<2? 8:8: >6>36B:<2? A6B2C22? C682B >6>32?DE >6B2?8C2?8
?27CE >2<2? 52? >6?5:5:< A2C:6? 52=2> <636BC:92? A6B@B2?82?

)652?8<2? DE;E2? >6>32?DE >6?882?D:<2? 2=2D D6?E? 52? 32;E 252=29
>6>36B:<2? A6B2C22? C682B 52? ?I2>2? <6A252 A2C:6? >6>36B:<2?
A6B2C22? A6B42I2 5:B: >6?46829 D6B;25:?I2 56<E3:DEC >6>6=:92B2
<636BC:92?52?<6B2A:2?:?8G2==
#!!
+,/4/8/+6:'8'4*'4"+57/+6:'8''4
!6AE2C2?>6?EBED!2>EC6C2B292C2?5@?6C:2252=29AE2C
>6B2C2 C6?2?8 A6B:92= 92= I2?8 36BC:72D AE2C <6C6?2?82? <6=6822?
52? C63282:?I2 !6AE2C2? 52A2D 5:2BD:<2? C63282: A6B2C22? AE2C B2C2
C6?2?8 52? <6=6822? C6C6@B2?8 5:<2B6?2<2? >6?8<@?CE>C: CE2DE
AB@5E< 2D2E ;2C2 E?DE< >6?52A2D<2? A6=2I2?2? CE2DE ;2C2 &EBG2?D@

!6AE2C22? 36B2BD: <6:?8:?2? 52? <63EDE92? C6C6@B2?8 D6=29
D6BA6?E9:C2>2C6<2=: !6AE2C2?C6C6@B2?8A6?6B:>2;2C2=2I2?2?52A2D
D6B42A2: 2A23:=2 <63EDE92? <6:?8:?2? 52? 92B2A2??I2 52A2D 5:A6?E9:
>6=2=E:;2C22D2EAB@5E<I2?85:<@?CE>C:?I2 !6AE2C22?A2C:6?36BC:72D
CE3I6<D:736B@B:6?D2C:A252:?5:F:5E52?C6CE2:56?82?B2D2B2D2<6AE2C2?
A6?5E5E< !6AE2C22?A2C:6?52A2D36B9E3E?82?56?82?36B3282:2CA6<
5:2?D2B2?I2 >EDE A6=2I2?2? I2?8 5:36B:<2? <646A2D2? A6>36B:2?
A6=2I2?2? AB@C65EB C6BD2 C:<2A I2?8 5:36B:<2? @=69 A6>36B: A6=2I2?2?
<6C692D2?:DEC6?5:B:G:?52

'1957,'1957='4-+3+4-'7:./+6:'8'4
#6?EBED E5:2CDED: 52=2> &EBG2?D@
>6?86>E<2<2? 329G2 A2C:6? 52=2> >6?86F2=E2C: <6AE2C2? D6B9252A
;2C2A6=2I2?2?I2?85:D6B:>2>6?824EA2523636B2A272<D@B2?D2B2=2:?
2 !:?6B;2(5)250$1&(
!:?6B;2 D6?282 <6A6B2G2D2? 252=29 A6B:=2<E 2D2E A6?2>A:=2?
D6?282 A6B2G2D BE>29 C2<:D 52=2> AB@C6C A6>36B:2? A6=2I2?2?
<6C692D2?A252A2C:6?I2?8>6=:AED:E<EB2?=2I2?2?>65:C=2I2?2?
?@? >65:C C:<2A A6?I2>A2:2? :?7@B>2C: 52? D:?8<2D <E?;E?82?
-E;E5 52B: <:?6B;2 :?: >:C2=?I2 <646A2D2? <6>E5292? 52?
<6?I2>2?2? 3282:>2?2 A6B2G2D 52=2> >6>36B: ;2C2 A6?8@32D2?
D6BED2>2<6A6B2G2D2?A252G2<DEA6?I6>3E92?I2?8B6=2D:746A2D
<6>E5292? 52=2> >6>6?E9: <63EDE92? A2C:6? 52? <6?I2>2?2?
I2?8 5:36B:<2? I2:DE 56?82? >6>6B92D:<2? <636BC:92? <6B2>292?
52?<6=6?8<2A2?A6B2=2D2?BE>29C2<:D
3 :B:4:B:2D2E<6:CD:>6G22?D2>3292?
/2:DE <2B2<D6B:CD:< <6=6?8<2A2? I2?8 5:>:=:<: @=69 ;2C2 A6=2I2?2?
>:C2=?I2 D6=6F:C: <:A2C 2?8:? 52? C63282:?I2 CA6<2CA6<
D6BC63EDD6B3E<D:>6>36B:<2?52>A2<52=2>>6>6?82BE9:<6AE2C2?
D6B9252A CE2DE A6=2I2?2? <6C692D2? 5:>2?2 <=:6? >6?82<E C6?2?8
52? ?I2>2? 56?82? 72C:=:D2C I2?8 >6?5E<E?8 <@?5:C: <6C692D2?
>6B6<2

4 !62?52=2?5(/,$%,/,7<
!6>2>AE2? I2?8 5:>:=:<: @=69 A6B2G2D 5:52=2> >6>36B:<2? ;2C2
<6A6B2G2D2??I2 I2:DE 56?82? <6>2>AE2? 52? A6?82=2>2? I2?8
32:<D6B9252AA6>36B:2?A6=2I2?2?<6A6B2G2D2?5:BE>29C2<:D
5 !6C6CE2:2?56?82?CA6C:7:<2C:&21)250$1&(7263(6,),&$7,21
)6;2E9>2?2<2B2<D6B:CD:<A6=2I2?2?>6>6?E9:CD2?52BCD2?52BI2?8
D6=29 5:D6D2A<2? C636=E>?I2 >:C2=?I2 CD2?52B <62>2?2? 52?
D6BA6?E9:?I2A6B2=2D2?A6?8@32D2?
6 2I2D292?'85$%,/,7<
#6?42<EA E>EB D6<?:C >2EAE? E>EB 6<@?@>:C 52=2> A6?88E?22?
A6B2=2D2? BE>29 C2<:D >:C2=?I2 A6B2=2D2? 36529 2=2D DB2?CA@BD2C:
52?C63282:?I2
7 (59,&($%,/,7<
#6=:AED: <646A2D2? <@>A6D6?C: C6BD2 A6?2?82?2? <6=E92? I2?8
>6>E2C<2? &6=2I2?2? I2?8 5:36B:<2? @=69 A6B2G2D 56?82?
>6>36B:<2? A6?2?82?2? I2?8 46A2D 52? <@>A6D6?C: I2?8 D:?88:
D6B9252A <6=E92? <=:6? C6G2<DEG2<DE 2= :?: C2?82D A6?D:?8 328:
<=:6? %=69<2B6?2:DE<636B2522?A6B2G2DC6D:2AG2<DE5:C:C:<=:6?
C2?82D 36BA6?82BE9 52=2> >6>6?E9: 6(59,&( $%,/,7< I2?8
>6>E2C<2?
8 CD6D:<2
#6BEA2<2? 52I2 D2B:< BE>29 C2<:D I2?8 52A2D 5:D2?8<2A A2?42
:?56B2 >:C2=?I2 <6B2>292? A6B2G2D A6B2=2D2? BE>29 C2<:D I2?8

=6?8<2A52?>@56B?56C2:?2BC:D6<DEBBE>29C2<:D56<@B2C:<2>2B
<6?I2>2?2? BE2?8 DE?88E D2>2? I2?8 :?529 52? C6;E< 52?
C63282:?I2 &6DE82C <6C692D2? 92BEC >6>292>: 36D2A2 A6?D:?8?I2
C:<2A 52=2> >6=2I2?: A2C:6? >2EAE? <6=E2B82 C69:?882 A2C:6?
5:92B2A<2? AE2C 56?82? >EDE A6=2I2?2? <6A6B2G2D2? I2?8
5:36B:<2?
9 !E2=:D2CI2?85:A6BC6AC:<2?3(5&(,9(' 48$/,7<
:DB2 52? B6AED2C: BE>29 C2<:D C6BD2 D2?88E?8 ;2G23 BE>29 C2<:D
282:>2?2<6C2?I2?85:D6B:>2A2C:6?D6B9252ABE>29C2<:DD6BC63ED
D6B9252AAB6CD2C:52?<6E?88E=2? BE>29C2<:D52B:A252BE>29C2<:D
=2:??I2 52? D2?88E?8 ;2G23 BE>29 C2<:D C6=2>2 AB@C6C
A6?I6>3E92? 32:< 52B: A2C:6? >2CE< C2>A2: 56?82? A2C:6? <6=E2B
BE>29C2<:D52=2><62522?C692D
"/4-1'9+6:'8'4 *'2'3+2'='4'4+6+7'<'9'4
2=2> A6?:=2:2? <E2=:D2C A6=2I2?2? <6A6B2G2D2? D6@B:
:DC>>@?C 52=2> &EB?@>@ >6?86>E<2<2? 329G2 D:?8<2D
<6AE2C2?A2C:6?52=2>A6=2I2?2?<6A6B2G2D2?52A2D5:=:92D52=2>=:>2
5:>6?C:I2:DE
2 (/,$%,/,7<
!6>2>AE2? E?DE< >6>36B:<2? ;6?:C A6=2I2?2? I2?8 D6A2D 52?
36?2B C6CE2: 56?82? I2?8 D6=29 5:;2?;:<2? <6A252 <=:6? 52=2>
>6>36B:<2?A6=2I2?2? <6A6B2G2D2?C6CE2:56?82? I2?85:;2?;:<2?
D6BA6B42I22<EB2D52?<@?C:CD6? #:C2=?I2A6?6B:>22?A2C:6?I2?8

46A2D D6A2D 52? D:52< 36B36=:D36=:D A6=2I2?2? A6>6B:<C22?
A6?8@32D2? A6B2G2D2? C6BD2 A6B2G2D >6?;6=2C<2? 2A2 I2?8 92BEC
5:A2DE9:A2C:6?2D2ED:52<3:C25:=2?882B@=69A2C:6?
3 (63216,9(1(66
!6C252B2?2D2E<6:?8:?2?A6DE82C<6C692D2?E?DE< >6>32?DE<=:6?
52? >6>36B:<2? A6=2I2?2? 56?82? 46A2D 52? 36B>2<?2 C6BD2
<6C65:22? >6?56?82B 52? >6?82D2C: <6=E92? I2?8 5:2;E<2? <=:6?
>:C2=?I2A6?I65:22?C2B2?2 I2?8C6CE2:E?DE<>6?;2>:?D6B;25:?I2
AB@C6CI2?8D6A2D
4 6685$1&(
&6?86D29E2? 2D2E G2G2C2? <6C@A2? C2?DE?2? A6B42I2 5:B: 52B:
A6>36B: A6=2I2?2? C6BD2 A6B92D:2? D6B9252A <@?CE>6? >:C2=?I2
<6A6B42I22? A2C:6? D6B9252A ;2>:?2? <6C6>3E92? 52? <62>2?2?
C69:?882 2<:32D A6=2I2?2? I2?8 5:36B:<2? D6B>2CE< A6?86D29E2?
A6B2G2D 52=2> >6>36B:<2? D:?52<2? <6A6B2G2D2? I2?8 C@A2? 52?
B2>29
5 $1*,%(/6
&6?2>A:=2? A2B2 D6?282 <6C692D2? 52? 72C:=:D2C 7:C:< C6A6BD:
A6B2=2D2?36B3282:>2D6B:<@>E?:<2C:
6 03$7<
!6>2E2?A6>36B:A6=2I2?2?E?DE<>6=2<E<2?A6?56<2D2?>6>36B:
A6B=:?5E?82? C6BD2 36BEC292 E?DE< >6?86D29E: <6:?8:?2? 52?
<63EDE92? A2C:6? >:C2=?I2 <63EDE92? ! 3(5621$/

+<*,(1( 52? =2:?=2:? !6C65:22? D6?282 <6C692D2? E?DE< A65E=:
>6>36B:<2?A6B92D:2?<6A252A2C:6?
+4-:1:79/4-1'91+6:'8'4
#6?EBED =>2 52=2> &B2AD:G: 252 3636B2A2
>242>>6D@5652=2>A6?8E<EB2?<6AE2C2?<=:6?I2:DE
2 ):CD6><6=E92?52?C2B2?
(E>29 C2<:D 2D2E @B82?:C2C: =2:??I2 I2?8 36B@B:6?D2C: <6A252 <=:6?
52=2>>6>36B:<2?<6C6>A2D2?I2?8=E2C<6A252A2B2<=:6??I2E?DE<
>6?I2>A2:<2? C2B2? 52? <6=E92? #:C2=?I2 56?82? >6?I65:22?
<@D2< C2B2? <2BDE <@>6?D2B 52? 9E3E?82? D6=6A@? =2?8CE?8 56?82?
<=:6?
3 +2676+233,1*
#6>A6B<6;2<2?3636B2A2@B2?8E?DE<36BA6B2?2D2E36BC:<2AC63282:
A6?88E?2 A@D6?C:2= <6>E5:2? >6=2A@B<2? D6>E2??I2 >6?86?2:
<6<E2D2?52?<6=6>292?AB@5E< BE>29C2<:D52?A6C2:?836B52C2B<2?
A6?82=2>2?>6B6<2
4 267&86720(5$1$/<6,6
(E>29 C2<:D C6I@8:2?I2 >6?89E3E?8: A2B2 A6=2?882? I2?8 D6=29
36B96?D:>6?88E?2<2?;2C2A6=2I2?2?282B52A2D>6>292>:>6?82A2
92=:DED6B;25:
5 )EBF6:<6AE2C2?<=:6?
&6?6=:D:2? CEBF6: >6=2=E: A@C D6=6A@? 52? G2G2?42B2 =2?8CE?8
(6CA@?56? ;E82 52A2D 5:>:?D2: E?DE< >6?8EBED<2? 36B3282: 6=6>6?

A6?2G2B2?36B52C2B<2?56B2;2DA6?D:?8?I2C6D:2A6=6>6?52?C636B2A2
32:<BE>29C2<:D2D2EA6BEC2922?52=2>>2C:?8>2C:?86=6>6?
'4,''9+4-:1:7'4+6:'8''4
#6?EBED6BC@? 52=2>&2B:?5EB: >2?722DED2>2
52B: AB@8B2> A6?8E<EB2? 252=29 D6BC65:2?I2 E>A2? 32=:< I2?8 C686B2
36B2BD:52?@3I6<D:7 523636B2A2>2?722DA6?8E<EB2?<6AE2C2?2?D2B2
=2:?C63282:36B:<ED
2 &6?8E<EB2? >6?I6323<2? @B2?8 >6>:=:<: B2C2 36B92C:= 52?
36BAB6CD2C: I2?8 <6>E5:2? 5:D6B;6>29<2? >6?;25: A6=2I2?2? I2?8
AB:>2<6A252A2B2<=:6?
3 &6?8E<EB2? 52A2D 5:;25:<2? C63282: 52C2B >6?6?DE<2? CD2?52B
<:?6B;2 52? CD2?52B AB6CD2C: I2?8 92BEC 5:42A2: I2?8 2<2?
>6?82B29<2? >6B6<2 >6?E;E >EDE I2?8 C6>2<:? 32:< 52?
<6AE2C2?<=:6?I2?8>6?:?8<2D
4 &6?8E<EB2? >6>36B:<2? E>A2? 32=:< C686B2 <6A252 A6=2<C2?2
D6BED2>2 2A23:=2 <=:6? C6?5:B: I2?8 >6?8E<EB A6=2<C2?2 2D2E
>6>36B:<2?A6=2I2?2?
5 &6?8E<EB2? >6>36B: D29E D6?D2?8 2A2 I2?8 92BEC 5:=2<E<2? E?DE<
>6>A6B32:<: >EDE 52? <6AE2C2? <=:6? 3282:>2?2 92BEC
>6=2<E<2??I2 ?7@B>2C::?:;E8252D2?852B:<=:6?
6 &6?8E<EB2? >6>@D:F2C: @B2?8 E?DE< >6=2<E<2? 52? >6?42A2:
D:?8<2DAB@5E<D:F:D2C?I2I2?8=63:9D:?88:

2'8/,/1'8/ +6:'8'4
#6?EBED 6BC@? 52=2> &2B:?5EB: E?DE<
>6?86D29E:D:?8<2D<6AE2C2?<=:6?52A2D5:<=2C:7:<2C:<2?52=2>3636B2A2
D:?8<2D2?I2:DEC63282:36B:<ED
2 )2?82D>6>E2C<2?
:2BD:<2? C63282: E<EB2? CE3I6<D:7 52B: 92C:= A6?:=2:2? A6B2C22?
A2C:6? I2?8 >6?882>32B<2? A6=2I2?2? <6C692D2? C6A6?E9?I2 2D2E
C6328:2? 36C2B C6CE2: <63EDE92? 2D2E <6:?8:?2? A2C:6? C6A6BD:
C2?82D 36BC:9 E?DE< AB2C2B2?2 C2?82D B2>29 E?DE< 9E3E?82?
56?82? 5@<D6B A6B2G2D 2D2E D6?282 <6C692D2? =2:? C2?82D 46A2D
AB@C6C <6A6B2G2D2? AB@C6C 25>:?:CDB2C: I2?8 C6=EBE9?I2
>6?882>32B<2?D:?8<2D<E2=:D2CA6=2I2?2?I2?8A2=:?8D:?88:
3 #6>E2C<2?
:2BD:<2? C63282: E<EB2? CE3I6<D:7 92C:= A6?:=2:2? A6B2C22? A2C:6?
I2?8 >6?882>32B<2? A6=2I2?2? <6C692D2? D:52< C6A6?E9?I2 2D2E
C63282:2? C6CE2: <63EDE92? 2D2E <6:?8:?2? C6A6BD: D:52< D6B=2=E
36BC:9 E?DE< C2B2?2 282< <EB2?8 46A2D D:?52<2? <6A6B2G2D2?
AB@C6C 25>:?:CDB2C: 2D2E <EB2?8 B2>29 I2?8 C6=EBE9?I2 :?:
>6?882>32B<2?D:?8<2D<E2=:D2CI2?8<2D68@B:C652?8
4 *:52<>6>E2C<2?
:2BD:<2? C63282: E<EB2? CE3I6<D:7 92C:= A6?6=:D:2? A6B2C22? A2C:6?
I2?8B6?529I2?8>6?882>32B<2?A6=2I2?2?<6C692D2?D:52<C6CE2:
<63EDE92?2D2E<6:?8:?2?C6A6BD:D:52<D6B=2=E36BC:9E?DE<C2B2?2

282<=2>32DE?DE<D:?52<2?<6A6B2G2D2?2D2EAB@C6C25>:?:CDB2C:
52?D:52<B2>29
5 )2?82DD:52<>6>E2C<2?
:2BD:<2? C63282: E<EB2? CE3I6<D:7 92C:= A6?:=2:2? A6B2C22? A2C:6?
I2?8 B6?529 >6?882>32B<2? A6=2I2?2? <6C692D2? D:52< C6CE2:
<63EDE92?2D2E<6:?8:?2?C6A6BD:D:52<36BC:9E?DE<C2B2?2=2>32D
E?DE< AB@C6C D:?52<2? <6A6B2G2D2? 2D2E AB@C6C 25>:?:CDB2C: 52?
D:52< B2>29 )6=EBE9 92= :?: >6?882>32B<2? D:?8<2D <E2=:D2C I2?8
<2D68@B:I2?8A2=:?8B6?529

" !
&6DE?;E<
C:=29D:D:<D:D:<C6CE2:56?82?;2G232??52
6B:=29D2?52C:=2?8. A252C2=29C2DE;2G232?I2?8?52A:=:9A252C6D:2A
?@>@B
!
=2>2D(6CA@?56?
*2?882=5::C:
"2>292B:B2G2D
6?:C<6=2>:?2A2<
3E
)2E52B2
"2<:=2<:
&6B6>AE2?
6B2A2<29EC:22A2<
3E
)2E52B2C22D:?: D29E?
A2<29 A6?5:5:<2?D6BD:?88:2A2<
3E
)2E52B2
*:52<D2>2D) *2>2D)#
*2>2D) *2>2D&6B8EBE2?*:?88:
*2>2D)#& "2:?=2:?C63ED<2?

#!
"/4-1'9+6:'8'4
:32G29 :?: 5:C2;:<2? A6B?I2D22? I2?8 36B<2:D2? 56?82? A6?:=2:2? ?52
D6?D2?8 <6AE2C2? AB2<D6< <636BC:92? 5:B: 6B:<2?=29 D2?52 C:=2?8 . A252
C2=29C2DE;2G232?I2?8>6?EBED?52D6A2D
+9:40:1
)2?82D*:52<&E2C )*&
*:52<&E2C *&
&E2C &
)2?82D&E2C )&
+74='9''4 !" " !

&6B2G2D >6?I:2A<2?A6B2=2D2?<636BC:92?

5:B:I2?85:3EDE9<2?@=69C2I2
&6B2G2D>6?88E?2<2?A6B2=2D2?I2?8
>@56B?52=2>>6=2<E<2?D:?52<2?
<636BC:92?5:B:<6A252C2I2
&6B2G2D5:BE2?82?4E<EA32?I2<C69:?882
>2>AE>6>36B:<2?A6=2I2?2?<636BC:92?
5:B:<6A252C2I2
&6B2G2D>6>36B:<2?A6=2I2?2?56?82?32:<
52?5:DE?;2?856?82?A6B2=2D2?I2?8
>6>252:
!$
&6B2G2D>6?6A2D:;2?;:?I2<6A252C2I2E?DE<

>6=2<E<2?A6B2G2D2?<636BC:92?5:B:
&6B2G2D>6>32?DE;:<2252 A6B>2C2=292?

I2?8C2I22=2>:
&6B2G2DC2?82DD6=:D:52=2>>6=2<E<2?
D:?52<2?A6B2G2D2?<636BC:92?5:B:<6A252
C2I2
&6B2G2D>6>36B:<2?:?7@B>2C:<6A252C2I2

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#
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&6B2G2D36BC65:2>6?2?882A:<6=E92?C2I2

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&6B2G2D>6=2<E<2?D:?52<2?C6CE2:AB@C65EB

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&6B2G2D36BC:72D46<2D2?C6BD2 >6?892B82:

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56?82?<6:?8:?2?52?>6>292>:<63EDE92?
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&6B2G2D>6?56?82B<2?<6=E92?D6?D2?8
A6?I2<:DI2?8C2I256B:D2C6BD2>6>36B:<2?
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A252C2=29C2DE;2G232?I2?8>6?EBED?52D6A2D
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&6B2G2D>6?8:?82D<2?C2I2A252C22DG2<DE?I2>2?5:

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&6B2G2D>6>32?DEC2I2>6>36BC:9<2?<E<ED2?82?

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&6B2G2D>6?8:?82D<2?C2I2A252C22DG2<DE?I2

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&6B2G2D>6?8:?82D<2?C2I2A252C22DG2<DE?I2

>6?882?D:A2<2:2?52?C6AB2:<6D:<2D6B=:92D<@D@B
*236= &6=2<C2?22?!636BC:92?%=69&6B2G2D

!#!
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&6?8<2;:2?5:=2<E<2?A252D2?882=AB:= 52?A6?8<2;:2?92B:
A6BD2>2D2?882=AB:= A252AE<E= -A2C:6?>2CE<D2?882=
AB:= AE<E= - !2CEC:?:5:52A2D56?82?>6?88E?2<2?>6D@56
$872$1$01(6$ 52? $//2$1$01(6$ A6?82>2D2? @3C6BF2C: =2?8CE?8
A6>6B:<C22? 7:C:< C6BD2 >6?6=229 42D2D2? >65:C 52? 42D2D2? A6B2G2D 2C:=
52B:A6?8<2;:2?5:52A2D<2?:56?D:D2C<=:6?329G2<=:6?36B?2>2$I )E>EB
D29E?282>2:C=2>A6?5:5:<2?)A6<6B;22?C63282:A6?;29:D2=2>2D5:
$8=@B@8)B286??@>@B B68:CD6B 5:B2G2D5:BE2?8 CD6BB68E=6B
<2>2B ()+ B #@6G2B5: CE529 C6;2< D2?882= AB:= $I )
>6?;2=2?: A6B2G2D2? 56?82? 5:28?@C2 67EC: A=6EB2 /2?8 36BD2?88E?8;2G23
<6A252 $I ) 252=29 *? E>EB D29E? A6?5:5:<2? ) A6<6B;22?
G:B2CG2CD2 2=2>2D $8=@B@8)B286? 52? 9E3E?82? 56?82? $I ) 252=29
CE2>:
+4-1'0/'4 /<'='9+8+.'9'4
(:G2I2D!6C692D2?&2C:6?
&6?8<2;:2? 5:=2<E<2? A252 D2?882= AB:= 5: ()+ B
#@6G2B5: )EB2<2BD2 !6D:<2 5:=2<E<2? A6?8<2;:2? D6B9252A $I ) D6?D2?8
B:G2I2D <6A6B2G2D2? <6=E92? ED2>2 I2?8 5:B2C2<2? 252=29 C6C2< ?2A2C

(:G2I2D A6?I2<:D C6<2B2?8 $I ) C6C2< ?2A2C C6;2< 63BE2B:
)636=E><=:6?5:B2G2D5:()+B #@6G2B5:A252D2?882= 63BE2B:
<=:6? A6B?29 >6?;2=2?: B2G2D :?2A 5: () &!+ #E92>>25:I29
)B286? C6=2>2 92B: 56?82? <6=E92? C6C2< ?2A2C 52? @=69 5@<D6B
5:5:28?@C:C C6>6?D2B2 A6?I2<:D ;2?DE?8 36?8<2< !6=E2B82 >6?82D2<2?
A6BD6?8292? #2B6D $I ) <6>32=: >6?;2=2?: B2G2D :?2A C6=2>2
92B: 5: ()+ )B286? 56?82? <6=E92? C6C2< ?2A2C 52? @=69 5@<D6B
5:5:28?@C:C A6?I2<:D A2BEA2BE 52? $I ) 5:2?;EB<2? E?DE< A6B:<C2 5:
&@=:<=:?:< &2BE ()+ B #@6G2B5: 52? 5:2?;EB<2? E?DE< BED:? B2G2D
;2=2?56?82?D6B2A:@32D52B:5@<D6B
$I )>6BEA2<2?BE;E<2?52B:()!2C:93E)EB2<2BD252?5:BE;E<
5: ()+ B #@6G2B5: A252 D2?882= AB:= AE<E= -
56?82? <6=E92? C6C2< ?2A2C I2?8 5:B2C2<2? <EB2?8 =63:9 >:?88E
C636=E> >2CE< BE>29 C2<:D C6C2< ?2A2C 36BD2>329 2A23:=2 $I )
>6=2<E<2? 2<D:F:D2C B:?82? 52? 36B<EB2?8 2A23:=2 36B:CD:B292D $I ) 5:
B2G2D :?2A 5: BE2?8 CD6B B68E=6B ()+ B #@6G2B5: 52? >6?52A2D
D6B2A:42:B2?:?DB2F6?2 $75,80/25,'$ D6D6CA6B>6?:D52?D6B2A:
@<C:86??2CC2=<2?E==:D6BA6B>6?:D &252C22D5:B2G2D5:BE2?8CD6B
B68E=6B 5:=2<E<2? A6?8<2;:2? $I ) >6?82=2>: C6C2< ?2A2C 52? C6C2<
?2A2C 36BD2>329 ;:<2 >6=2<E<2? 2<D:F:D2C B:?82? $I ) >6?86=E9 E52B2
BE2?82?I2?8A6?82A>6?;25:<2?C6C2<?2A2CC6>2<:?36B2D $I )=6>2C
52? 2<D:F:D2C C692B:92B: 5:32?DE @=69 <6=E2B82 &6>6B:<C22? D2?52D2?52

F:D2= 5:52A2D<2? 92C:= D6<2?2? 52B29

>>8 ?25: <2=: A6B
>6?:DCE9E &(/&,86 A6B?2A2C2? <2=:A6B>6?:D
&6?8<2;:2? B:G2I2D A6?I2<:D 529E=E $I ) >6?82D2<2? A252 >2C2
<2?2<<2?2< D:52< A6B?29 >6?56B:D2 A6?I2<:D <B@?:C $I ) ;E82 D:52<
A6B?29 >6?82=2>: <646=2<22? C636=E>?I2 $I ) >6?82D2<2? CE529
A6B?29 5:B2G2D :?2A A252 3E=2? #6: 5: () &!+ #E92>>25:I29
)B286?56?82?5:28?@C2<2?<6BA2IE52B2 !6=E2B82>6?82D2<2?A6?I2<:D
<2?<6B A2IE52B2 I2?8 5:56B:D2 $I ) C6;2< D29E? :DE >6?892BEC<2?
$I ) E?DE< >6?;2=2?: C6B2?8<2:2? @A6B2C: A6?82?8<2D2? A2IE52B2 <:B:
0$67(.720, A252 #6: C:=2> $I ) >6?82D2<2? >6>AE?I2:
<63:2C22?3EBE<2A23:=2CE529C:3E<56?82?A6<6B;22??I252?=EA22<2?
G2<DE:CD:B292D
&6?8<2;:2?B:G2I2D<6C692D2?<6=E2B82
$I )D29E?
2>32B 6?@8B2>$I )
!6D6B2?82?
=2<: K =2<:
A6B6>AE2?

A2C:6?$I )

>6?:?882=
D:?882=52=2>C2DEBE>29
(:G2I2DA6?I2<:D<6=E2B82>6?82D2<2?D:52<>6>AE?I2:B:G2I2DA6?I2<:D
<6DEBE?2?C6A6BD:5:236D6C>6=:DEC9:A6BD6?C:52?2CD9>2
(:G2I2D<6C692D2?=:?8<E?82?<6=E2B82>6?82D2<2?C22D:?:$I )
D:?882=52?5:B2G2D@=69<6=E2B82?I25:56C2$8=@B@8!642>2D2?)B286?
!23EA2D6? )B286? 26B29?I2 D6B>2CE< 52=2> =:?8<E?82? A656C22? 52?
;2E9 52B: D6>A2D A6>3E2?82? C2>A29 E>E> !6=E2B82 >6?82D2<2?
=:?8<E?82? C6<:D2B?I2 36BC:9 52? C6=2=E 5:=2<E<2? <6B;2 32<D: 52=2>
=:?8<E?82? D6>A2D D:?882=?I2 D:52< 32?I2< D6B52A2D F6<D@B A6?I6323
A6?I2<:DC6A6BD:=2=2D52??I2>E<
&6?8<2;:2?&@=2!6C692D2?E?8C:@?2=@B5@?
2 &@=2&6BC6AC:52?&6>6=:92B22?!6C692D2?
!6=E2B82 >6?82D2<2? C6D:2A 252 >EC:329 A2CD: 252 9:<>29?I2 52?
C6>E2A6?I2<:DA2CD:252 @32D?I22A23:=2>6>AE?I2:<6>2E2?E?DE<
C6>3E9A2CD:252EC292E?DE<>6?I6>3E9<2?A6?I2<:D52?2<2?=63:9
>6?;282<6C692D2?
3 &@=2$EDB:C:52?#6D23@=:C>6
)636=E> C2<:D <6=E2B82 >6?82D2<2? 329G2 $I ) >2<2? C2DE 92B:
C632?I2< <2=: I2:DE A28: C:2?8 52? C@B6 6?:C >2<2?2? >6=:AED:
?2C: C2IEB D29E D6>A6 52? ;2B2?8 C6<2=: >:?E> CECE &@BC: >2<2?
I2<?:C2DEA:B:?8923:C52?52=2>C2DE92B:>:?E>C632?I2<C2>A2:

56?82?86=2C36=:>3:?82:BAED:9A6B86=2C36=:>3:?8 >:=:=:D6B
;25: 2?D2B2 C2>A2: 56?82? >:=:=:D6B !6=E2B82 >6?82D2<2?
329G2 $I ) D:52< 252 <6=E92? C636=E> C22D 52? C6D6=29 >2<2?
)652?8<2? C6=2>2 C2<:D <6=E2B82 >6?82D2<2? 329G2 $I ) 92?I2
>2<2?C2>A2:56?82?C6?5@<>2<2?$I )>6?86=E9D:52<?27CE
>2<2?<2B6?2C6C2<?2A2C?I252?E52B2BE2?82?I2?8A6?82A #2<2?
<2=: 52=2> C692B: 56?82? A@BC: C652?8 52=2> C692B: $I ) >:?E>
2?D2B2 C2>A2: 56?82? 86=2C 36=:>3:?8 2:B AED:9 A6B 86=2C
36=:>3:?8 >:=:=:D6B &252 A6?8<2;:2? 5:52A2D<2? 52D2
$1752320(75, '$7$ 36B2D 3252? $I ) <:=@8B2> %,20(7+,&$/ '$7$
96>@8=@3:? 8
5= 52? 96>2D@<B:D &/,1,&$/ '$7$ <@?;E?8D:F2
D:52< 2?6>:C >E<@C2 3:3:B <6B:?8 B2>3ED <EC2> C652?8<2? ',(7$5<
'$7$ A2C:6?>6?52A2D<2?5::D;2?DE?8<:=@<2=@B:
4 &@=26=:>:?2C:
/,0,1$6, )(&$/ 5:52A2D<2? 52D2 C636=E> C2<:D I2:DE <6=E2B82
>6?82D2<2? 329G2 7B6<E6?C: C2DE <2=: 52=2> C692B: =6>36<
36BG2B?2 <64@<=2D2? 36B32E <92C 52? D:52< 252 <6=E92? A252 C22D
C652?8<2? C6=2>2 C2<:D <6=E2B82 A2C:6? >6?82D2<2? 329G2
7B6<E6?C: C2DE <2=: 52=2> C692B: =6>36< 36BG2B?2 <64@<=2D2?
36B32E <92C 52? D:52< 252 <6=E92? /,0,1$6, 85,1( 5:52A2D<2? 52D2
C636=E> C2<:D <6=E2B82 >6?82D2<2? 329G2 7B6<E6?C: ! <EB2?8
=63:9C2>A2:56?82?<2=:52=2>C692B:36BG2B?2<E?:?8;6B?:952?
A2?42B2? <E2D C652?8<2? C6=2>2 C2<:D <6=E2B82 >6?82D2<2? 329G2

D2?882= AB:= $I ) 5:A2C2?8 C6=2?8 <6?4:?8 ;E>=29 52=2>
C692B: >6?42A2: >:=:=:D6B 36BG2B?2 <E?:?8 A6<2D $I )
>6?82D2<2? 329G2 5:A2C2?8 C6=2?8 <6?4:?8 :DE C2<:D &252 D2?882=
AB:= <6=E2B82 >6>:?D2 A6B2G2D E?DE< >6=6A2C C6=2?8 <6?4:?8
A252AE<E= -
5 &@=2<D:F:D2C52?"2D:92?
)636=E>C2<:D$I )>6?82D2<2?52A2D36<6B;252?36B2<D:F:D2CC642B2
>2?5:B: ?:=2: D:?8<2D 2<D:F:D2C ?@= )652?8<2? C6=2>2 C2<:D $I )
>6?82D2<2?<62522?DE3E9C2?82D=6>2936B86B2<C65:<:DC6C2<?2A2C
36BD2>329 C69:?882 52=2> >6=2<E<2? 2<D:F:D2C C692B:92B: C6A6BD:
>2<2? 52? >:?E> 72,/(7,1* 36BA2<2:2? >@3:=:D2C 5: D6>A2D D:5EB
36BA:?5295:32?DE@=69<6=E2B822D2E@B2?8=2:??:=2:D:?8<2D2<D:F:D2C
52? 2>3E=2C: 2D2E (%# $1*( 2) 27,21 5:=2<E<2? C642B2
>2?5:B:?:=2:D:?8<2D2<D:F:D2C?@=56?82?<6<E2D2?@D@D?:=2:@D@D
36B<@?DB2<C: 56?82? 86B2< C6?5: A6?E9 A252 86B2< F6BD:<2= D2?A2
>6=2G2?D292?2?
6 &@=2CD:B292D52?*:5EB
)636=E> C2<:D <6=E2B82 >6?82D2<2? 329G2 $I ) ;2B2?8 C6<2=: D:5EB
C:2?8<2B6?2D6B=2=EC:3E<56?82?2<D:F:D2C>6?;29:D?I2 *:5EB>2=2>
B2D2B2D22?D2B2C2>A2:56?82?;2>56?82?<E2=:D2CD:5EB?I6?I2<
52? D:52< 252 <6=E92? )652?8<2? C6=2>2 C2<:D <6=E2B82 >6?82D2<2?
329G2C6=2>25:BE>29C2<:D$I )D:5EBC:2?8>2<C:>2=>6?:D52?
D:5EB>2=2>2?D2B2C2>A2:56?82?;2>56?82?<E2=:D2CD:5EBC6B:?8

D6B32?8E? <2B6?2 >6B2C2<2? C6C2< ?2A2C 52? E52B2 BE2?82? I2?8
A2?2C52?A6?82A
7 &@=2 2*1,7,) 52? (5&(378$/
)636=E> C2<:D $I ) >6?82D2<2? D:52< D6B52A2D 82?88E2? A252 2=2D
:?56B2?I2 )652?8<2? C6=2>2 C2<:D $I ) >6?82D2<2? ?I6B: D6B<252?8
C22D 36B?2A2C 52? 36B86B2< >:B:?8 <6 <:B: ?I6B: 5:B2C2<2? C6A6BD:
D6BDECE<DECE< ?I6B: A252 5252 C636=29 <:B: C<2=2 ?I6B: ?I6B:
C652?8 A2C:6? >6?82D2<2? ?I6B: D:>3E= C6G2<DEG2<DE 56?82?
:?D6?C:D2C9:=2?8D:>3E=
8 &@=2&6BC6AC:52?!@?C6A:B:
&252 82>32B2? 5:B: 2D2E %2'< ,0$*( $I ) >6?82D2<2? D:52< >6B2C2
>2=E G2=2EAE? D6=29 >6?;2=2?: @A6B2C: A6?82?8<2D2? A2IE52B2 <:B:
&252:56?D:D2C5:B:$I )>6?82D2<2?C6@B2?8G2?:D2I2?8>6>AE?I2:
C2DE CE2>: 52? =:>2 @B2?8 2?2< $I ) >6?82D2<2? 36BA6B2? C63282:
C6@B2?8 :3E BE>29 D2?882 I2?8 >6>32?DE >6?42B: ?27<29 56?82?
36<6B;2 C63282: A6?;29:D 52? >6>AE?I2: <6G2;:32? E?DE<
>6>36C2B<2? <6=:>2 2?2<?I2 2=2> :562= 5:B: A2C:6? >6?82D2<2?
:?8:?>6?;25:C6@B2?8:3EBE>29D2?882I2?852A2D>6>32?DECE2>:
52?<6>32=:>6?8E=:29<2?2?2<?I2 I2?84ED:<E=:29<2B6?2D6B36?DEB
@=69 3:2I2 )652?8<2? 52=2> 92B82 5:B: $I ) >6?82D2<2? >2C:9
C6A6BD:G2?:D2G2=2EAE?A2IE52B2C636=29<:B:?I2D6=295:2?8<2D

9 &@=2E3E?82?52?&6B2?
)636=E> C2<:D <6=E2B82 >6?82D2<2? 9E3E?82? $I ) 56?82?
>2CI2B2<2D52?<6=E2B82D6B;2=:?56?82?92B>@?:C )652?8<2?C6=2>2
C2<:D<6=E2B82>6?82D2<2?$I )>2C:9>6>:=:<:9E3E?82?I2?832:<
56?82?>2CI2B2<2D<6=E2B82A2C:6?=2:?52?<6=E2B82?I2
: &@=2)6<CE2=:D2C52?(6AB@5E<C:
$I ) >6?82D2<2? C6@B2?8 A6B6>AE2? >6>AE?I2: =:>2 @B2?8 2?2<
52?D:52<>6>AE?I2:A6?I2<:D<6=2>:?>6?E=2B
; &@=2#6<2?:C>6!@A:?8
)636=E> C2<:D $I ) >6?82D2<2? C6=2=E 36BEC292 36BC232B 52=2>
>6?89252A: 4@322? 9:5EA C652?8<2? C6=2>2 C2<:D $I ) >6?82D2<2?
D2<ED E?DE< 5:=2<E<2? <6>@D6B2A: <2B6?2 32?I2< I2?8 D:52< 36B92C:=
C6>3E956?82?<6>@D6B2A:
< &@=2$:=2:52?!6I2<:?2?
$I )>6?82D2<2?I2<:?52A2DC6>3E952?<6>32=:36<6B;2>6>32?DE
CE2>:?I2 $I ) ;E82 I2<:? 52A2D C6>3E9 <2B6?2 252 C2?8 CE2>: 52?
<6=E2B82?I2I2?8C6=2=E>6>6B92D:<2?52?>6?5@2<2?
2C:=&6>6B:<C22?:C:<52?&6?:=2:2?
&252 A6?8<2;:2? A6>6B:<C22? 7:C:< <62522? E>E> $I )
&203260(17,6 <6C252B2? A6?E9 52? ;E>=29 C<@B */$6*2: &20$ 6&$/(
) E?DE< B6CA@? 02725,. 6?2> B6CA@? 9(5%$/ =:>2 52? B6CA@? (<(6
6>A2D 56?82? <6C2? =6>29 &6>6B:<C22? D2?52D2?52 F:D2= 5:52A2D<2?
92C:= D6<2?2? 52B29

>>8 ?25: <2=: A6B >6?:D CE9E

&(/&,86 A6B?272C2? <2=: A6B >6?:D C2DEB2C: @<C:86? !6A2=2
36B36?DE< 0(62&+(3$/ D:52< ?2>A2< 252 <6D@>36 52? B2>3ED ?2>A2<
<EC2> &2=A63B2D:52<?2>A2< 2('(0$<@?;E?8D:F2D:52<?2>A2< $1(0,6
6./(5$ D:52< ?2>A2< ,.7(5,. AEA:= ,62.25 B67=6< D6B9252A 4292I2 A@C:D:7
<2?2?52?<:B:A2C:6?D:52<>6?88E?2<2?2=2D32?DEA6?8=:92D2? :5E?8
D6BA2C2?8 @<C:86? ?2CC2= <2?E= =:D6B A6B >6?:D D:52< ?2>A2< 252?I2
A@=:A D:52< D6B52A2D C6<B6D 52? C:>6DB:C #E<@C2 3:3:B ?2>A2< <6B:?8
D:52< ?2>A2< 252?I2 6720$7,7,6 D:52< ?2>A2< &<$126,6 52? C:>6DB:C
"696B D:52< ?2>A2< 252?I2 A6>36C2B2? <6=6?;2B 7,52,' D6B232 9(1$
-8*8/$5,6D:52<?2>A2<252?I2 -(-$6
&252 A6>6B:<C22? 7:C:< A2BE ,163(.6, 6<CA2?C: A2BEA2BE C:>6DB:C
<2?2? 52? <:B: ?2>A2< A6?88E?222? @D@D 32?DE A6B?2A2C2? ?2>A2<
B6DB2<C: 5:?5:?8 5252 ?2>A2< 36<2C @A6B2C: 5: 5252 <:B: 3267 23
0$67(.720, D:52< ?2>A2< A6>36C2B2? A2BEA2BE 52? D:52< ?2>A2<
252?I2 DE>@B $/3$6, 92.$/ )5(0,786 7B6<E6?C: 86D2B2? =63:9 36C2B 5252
<2?2?52B:A2525252I2?8<:B: (5.86, A2BEA2BE<2?2? 62125 52?A2BE
A2BE<:B:B65EA $86.8/7$6, CE2B2?2A2CD6B52A2D3E?I: 3/(85$/)5,&7,2158%
CE2B2 D6B56?82B <6B:?8 C6A6BD: 8@C@<2? 2>A=2C &252 A6>6B:<C22?
;2?DE?8 ,163(.6, ,&786 &25',6 D:52< ?2>A2< 5: C6=2 ,17(5&267$ <6=:>2
3$/3$6, ,&786 &25',6 D6B232 5: C6=2 ,17(5&267$ <6=:>2 3(5.86, A6<2<
$86.8/7$6, 3E?I: ;2?DE?8 A6BD2>2 =EA 52? 3E?I: ;2?DE?8 <65E2 5EA
B68E=6B &252 A6>6B:<C22? $%'20(1 ,163(.6, D:52< ?2>A2< -(-$6 D:52<
252=E<236<2C ,16,6,D:52<?2>A2< $6&,7(6 86.8/7$6, 3:C:?8ECEC <2=:

A6B>6?:D 3(5.86, <E25B2?A6BD2>2A6<2<52?<E25B2?5E2C2>A2:56?82?
<E25B2? 6>A2D 7+,03$1< $/3$6, <E25B2? C2DE C2>A2: 56?82? <E25B2?
6>A2DD:52<D6B52A2D?I6B:D6<2?
&252 *(1(7$/,$ <6>2=E2? A252 D2?882= AB:= C2>A2: 56?82?
AB:= >2C:9D6BA2C2?8 2:(5$7(7(5 52?A252D2?882=AB:=
$I )>6>:?D2E?DE<5:=6A2C<2B6?2C2<:D52?D:52<?I2>2??2>A2<
36BC:9 &252 5(&780 2?EC D:52< 252 +(0252,' 52? ?2>A2< 36BC:9 !E=:D
<6B:?852?DEB8@B<E=:D<6>32=:<EB2?852B:56D:<
&252A6>6B:<C22?6<DB6>:D2C6<DB6>:D2C2D2C52?32G29<6<E2D2?
@D@D <2?2? 52? <:B: 56?82? ?:=2: @D@D 36B<@?DB2<C: 56?82? 86B2< C6?5:
A6?E9 A252 86B2< F6BD:<2= D2?A2 >6=2G2? D292?2? 52A2D >6=2<E<2?
2>3E=2C:2D2E(%#$1*(2)27,21 &$3,/$5<5(),/( <EB2?852B:56D:<
D:52< 252 '()250,7$6 DE=2?8 2<B2= D6B232 92?82D 52? D:52< D6B52A2D
2('(0$
&6>6B:<C22?"23@B2D@B:E>52?&6?E?;2?8
2C:= A6>6B:<C22? A6?E?;2?8 5217*(1 7@D@ D9@B2< A252 D2?882=
AB:= 5:52A2D<2? 92C:= &25 52=2> 32D2C <:B: ;2?DE?8 D6BDEDEA
A6BC6=E3E?82?A252A2BEA2BE?2>A2< 3(5,+,/(5+$==,1(6 5:<65E2=2A2?8
A2BE ,186 &26723+5,(1,&86 <2?2? 52? <:B: 2?D6B:@B A@CD6B:@B D6BDEDEA
A6BC6=E3E?82? 5(75267(51$/ 52? 5(752&$5',$& 63$&( D6BDEDEA
A6BC6=E3E?82? +(0,',$3+5$*0$ <2?2? C6328:2? D6BDEDEA A6BC6=E3E?82?
75$.+( 5: D6?829 *:52< D2>A2< AB@C6C 267(2/,7,. 2D2E 267(2%/$67,.

!6C:>AE=2?52B:92C:=7@D@D9@B2<252=2967EC:A=6EB23:=2D6B2=52? 2('(0$
38/021$/ )86,3/(85$/2&$7('6,1,675$0(7$67$6(&$0$0$(
2C:=!6=6<DB@<2B5:@8B27:D2?882=AB:= >6?E?;E<<2?
+($57 5$7( <2=: A6B >6?:D 86=@>32?8 & ?@B>2= 86=@>32?8 '()
>C:?D6BF2=&(>C:?D6BF2=((>C'*>C2H:C568(,
>, ) >, () >, 2C:= 52B: ! D6BC63ED 252=29
6,1867$.,.$5',12502$;,6
2C:= A6>6B:<C22? =23@B2D@B:E> A252 D2?882= AB:=
5:52A2D<2?92C:=A25296>2D@=@8:BED:? I2:DE +(02*/2%,1 8

5=
+(0$72.5,7 /(8.26,7 B:3E

E= (5,7526,7
;ED2
E= 52? 7520%26,D B:3E
E= )652?8<2?
92C:=<:>:2<=:?:<5:D6>E<2?A6?:?8<2D2?)%* E
=52?)&*
E
= )6>6?D2B2 92C:= A6>6B:<C22? =23@B2D@B:E> <:>:2 <=:?:<
2?2=:C282C52B29A252D2?882=AB:= 5:52A2D<2?92C:=A
>>@=

" &% >>8
&% >>8 +(0$72.5,7 %
>>@=
" D@D2= % >>@=
" %
52B: 92C:= D6BC63ED >2<2 5:52A2D<2? <6C:>AE=2? $/.$/26,6
0(7$%2/,. D:52<D6B<@>A6?C2C:A6?E9
*6B2A:2B>2<@=@8:C
*6B2A: I2?8 5:52A2D A2C:6? C22D 5: B2G2D 5: CD6B B68E=6B I2:DE
D6B2A: :?DB2F6?2 $75,80 /25,'$ D6D6C A6B >6?:D @32D I2?8
5:36B:<2? C642B2 25$/ 252=29 )8526(0,'( >:=:8B2> A6B ;2> 52?

&2'(,1 >:=:8B2>A6B;2>C6BD2:?;6<C: .(7252/$& >:=:8B2>A6B
;2>:?;6<C: '(;$0(7+$621( >:=:8B2>A6B ;2>
+7:3:8'4'8'2'.+6+7'<'9'4
2C:= A6?8<2;:2? C642B2 G2G2?42B2 52? @3C6BF2C: <6A252 A2C:6?
A6?E=:C>6?6>E<2?>2C2=292?D2B2=2:?
#2C2=29 ED2>2 I2?8 5:<6=E9<2? @=69 A2C:6? 52? >6?;25: AB:@B:D2C
5:28?@C2 <6A6B2G2D2? A2=:?8 ED2>2 I2:DE A@=2 ?2A2C D:52< 676<D:7
36B9E3E?82? 56?82? A6?EBE?2? 6<CA2?C: A2BE 2<E>E=2C: E52B2 2D2E
42:B2? :D2?52: 56?82? 52D2 CE3I6<D:7 A2C:6? >6?82D2<2? C6C2< ?2A2C
C652?8<2? 52D2 @3I6<D:7 5:52A2D<2? 252?I2 A6?88E?22? @D@D 32?DE
A6B?2A2C2? B6DB2<C: 5:?5:?8 5252 A6B?2A2C2? <2=: A6B >6?:D >E<@C2
3:3:B<6B:?8 D6BA2C2?8@<C:86??2CC2=<2?E==:D6BA6B>6?:DCE2B2?2A2C
D6B56?82B 3/(85$/ )5,&7,2158% CE2B2 D6B56?82B <6B:?8 C6A6BD: 8@C@<2?
2>A=2C
#2C2=29 <6A6B2G2D2? I2?8 <65E2 I2:DE ?I6B: 2<ED 36B9E3E?82? 56?82?
286? 4:56B2 3:@=@8:C :D2?52: 56?82? 52D2 CE3I6<D:7 $I ) >6?82D2<2?
?I6B:D6B<252?85:B2C2<2?C22D36B?2A2C52?36B86B2<>:B:?8<6<:B:?I6B:
C6A6BD:D6BDECE<DECE<?I6B:A252526B295252C636=29<:B:C<2=2?I6B:
$I ) >6?82D2<2? ?I6B: C6G2<DEG2<DE 56?82? :?D6?C:D2C 9:=2?8 D:>3E=
2D2 @3I6<D:7 $I ) ?2>A2< >6B:?8:C 2A23:=2 ?I6B: D:>3E= $I ) ?2>A2<
>6>682?85252<:B:?I2?25:<2=:A6B>6?:D

#2C2=29<6A6B2G2D2?I2?8<6D:82I2<?::?D@=6B2?C:2<D:F:D2C36B9E3E?82?
56?82?<6D:52<C6:>32?82?2?D2B2<63EDE92?52?CEA=2:@<C:86? :D2?52:
56?82?52D2CE3I6<D:7$I )>6?82D2<2?=6>2C 2D2@3I6<D:7A2C:6?C6C2<
?2A2C ! >6?E?;E<<2? 6,186 7$.,.$5', 2<D:F:D2C 5:32?DE @B2?8 =2:?
A6B?2A2C2? <2=: A6B >6?:D ?25: <2=: A6B >6?:D D6<2?2? 52B29

>>8A2C:6?=6>2C
#2C2=29 <6A6B2G2D2? I2?8 <66>A2D I2<?: 2?C:6D2C 36B9E3E?82? 56?82?
A6BE3292? 52=2> CD2DEC <6C692D2? :D2?52: 56?82? 52D2 CE3I6<D:7 $I )
>6?82D2<2? D2<ED E?DE< 5:<6>@D6B2A: <2B6?2 32?I2< I2?8 D:52< 52A2D
5:C6>3E9<2? 56?82? <6>@D6B2A: 2D2 @3I6<D:7 $I ) 86=:C29 6<CAB6C:
D2<EDB6C29?25:<2=:A6B>6?:DA6B?2A2C2? <2=:A6B>6?:D
+4)'4'+6+7'<'9'4
*E;E2?36B52C2B<2?>2C2=29<6A6B2G2D2?252=29C6D6=295:=2<E<2?
D:?52<2?<6A6B2G2D2?C6=2>2<2=: ;2>5:92B2A<2?>2C2=2952A2DD6B2D2C:
56?82? <B:D6B:2 92C:= >6?88E?2<2? >6D@56 )#(* 3(6,),& ($685$%/(
&+,(9(%/( $6,21$/ $1' ,0,1* 52? :?D6BF6?C: <6A6B2G2D2? 56?82?
>6D@56%$%6(59$7,21856,1*1(('(''8&$7,21$1'2/$%25$7,21
:?D6BF6?C:<6A6B2G2D2?E?DE<$I )252=29
&@=2 ?2A2C D:52< 676<D:7 36B9E3E?82? 56?82? A6?EBE?2? 6<CA2?C: A2BE
A2BE 2<E>E=2C: E52B2 2D2E 42:B2? *E;E2??I2 252=29 C6D6=29 5:=2<E<2?
D:?52<2? <6A6B2G2D2? C6=2>2 <2=: ;2> 5:92B2A<2? >2C2=29 56?82?
A@=2 ?2A2C D:52< 676<D:7 A252 $I ) >6?;25: 676<D:7 56?82? <B:D6B:2 92C:=

CE2B2?2A2C 9(6,.8/(5A6B?2A2C2?52=2>B6?D2?8?@B>2=2?D2B2 C2>A2:
<2=:A6B>6?:D>E<@C23:3:B=6>323D:52< 252 A6?88E?22?@D@D32?DE
A6B?2A2C2? D:52< 252 B6DB2<C: 5:?5:?8 5252 ?D6BF6?C: 2D2E B6?42?2
<6A6B2G2D2? I2?8 2<2? 5:=2<E<2? A252 $I ) I2:DE @3C6BF2C: <646A2D2?
:B2>2 <652=2>2? 52? EC292 ?2A2C 56?82? B2C:@?2= E?DE< >6?86D29E:
<6676<D:72? A@=2 A6B?2A2C2? <=:6? 36B:<2? A2C:6? A@C:C: ?I2>2? E?DE<
>6?E?;2?8 A2C@<2? @<C:86? 56?82? B2C:@?2= E?DE< >6>32?DE
>6?8@AD:>2=<2? A6B?2A2C2? 2?;EB<2? ?2A2C 52=2> >6=2=E: $%'20(1
C6=2>2 ',675(66 A6B?2A2C2? 56?82? B2C:@?2= C63282: A6?8EB2?8 ',675(66
A6B?2A2C2?C6=2>2A6B:@56 ',631($D2G2B<2?<6A252A2C:6?E?DE< 5:32?DE
2<D:F:D2C C692B:92B: C6A6BD: <636BC:92? 5:B: A2C:6? :>@3:=:C2C: A6B=E
A6>32D2C2? 2<D:F:D2C 56?82? B2C:@?2= E?DE< >6?;282 A6>6?E92?
<63EDE92?@<C:86?2C:<@=23@B2C:A6>36B:2? @<C:86? ?2C2=<2?E==:D6BA6B
>6?:D 56?82? B2C:@?2= >6>32?DE <6B;2 A2BE 52? A6>36B:2? A2C@<2?
@<C:86?
$I6B: 2<ED 36B9E3E?82? 56?82? 286? 4:56B2 3:@=@8:C *E;E2??I2 252=29
C6D6=29 5:=2<E<2? D:?52<2? <6A6B2G2D2? C6=2>2 <2=: ;2> A2C:6?
56?82??I6B:2<ED52A2D36B<EB2?8B2C2?I6B:56?82?<B:D6B:292C:==2A@B2?
C642B2 F6B32= 329G2 ?I6B: 5252 36B<EB2?8 C<2=2 ?I6B: 36B<EB2?8 52B:
>6?;25: G2;29 A2C:6? ?2>A2< B:=6<C ?25: B6?D2?8 ?@B>2= 2?D2B2
C2>A2:<2=:A6B>6?:D ?D6BF6?C:2D2EB6?42?2<6A6B2G2D2?I2?8 2<2?
5:=2<E<2? A252 $I ) I2:DE <2;: <2B2<D6B:CD:< ?I6B: 72<D@B A6?46DEC
<E2=:D2C ?I6B: C<2=2 <6D2;2>2? :?D6?C:D2C ?I6B: 52? =@<2C: 56?82?

B2C:@?2= &+(673$,1 3:2C2?I2D:>3E=52=2>3636B2A2D:?8<2D2?52A2D;E82
>6?E?;E<<2? 52B: 86;2=2 D:>3E=?I2 <@>A=:<2C: 52B: ?I6B: 6B: D:?52<2?
E?DE< <6?I2>2?2? A2C:6? C6A6BD: =2D:92? B6=2<C2C: ?2A2C 52=2> 56?82?
B2C:@?2= 329G2 D:?52<2? ?@? 2?2=86D:< 56?82? C6?DE92? 2D2E B6=2<C2C:
2<2? >6B:?82?<2? <6D:52<?I2>2?2? *2G2B<2? <6A252 A2C:6? E?DE<
5:32?DE 2<D:F:D2C?I2 C692B:92B: C6A6BD: <636BC:92? 5:B: 56?82? B2C:@?2=
A2C:6? 56?82? :>@3:=:C2C: 92BEC 5:32?DE 2<D:F:D2C C692B:92B:?I2 C6A6BD:
A6B2G2D2? 5:B: 282B CEA=2: @<C:86? D6D2A 256<E2D !@=23@B2C: 56?82?
2?2=86D:<A6B 25$/&2'(,1 >:=:8B2>A6B ;2>52?:?;6<C: .(7252/$&
>:=:8B2> A6B ;2> 56?82? B2C:@?2= &2'(,1 36B7E?8C: E?DE< >6B652<2?
B2C2 ?I6B: I2?8 9632D 52? .(7252/$& 36B7E?8C: C63282: A6?2D2=2<C2?22?
;2?8<2A6?56<D6B9252A?I6B:C652?89:?88236B2D
?D@=6B2?C: 2<D:F:D2C 36B9E3E?82? 56?82? <6D:52<C6:>32?82? 2?D2B2
<63EDE92? 52? CEA=2: @<C:86? *E;E2??I2 252=29 C6D6=29 5:=2<E<2?
D:?52<2? C6=2>2 <2=: ;2> A2C:6? 56?82? :?D@=6B2?C: 2<D:F:D2C 52A2D
D6B2D2C: 56?82? <B:D6B:2 92C:= A2C:6? C642B2 F6B32= >6?82D2<2? 329G2
<6<E2D2? @D@D 36BD2>329 52? A6B2C22? =6=29 36B<EB2?8 C6C2< ?2A2C
36B<EB2?8A6B?2A2C2?B6?D2?8?@B>2=2?D2B2C2>A2: <2=:A6B>6?:D
?25:52=2>B6?D2?8?@B>2=2?D2B2C2>A2:<2=:A6B>6?:D<63EDE92?
@<C:86?2C: D6BA6?E9: ?D6BF6?C: 2D2E B6?42?2 <6A6B2G2D2? I2?8 2<2?
5:=2<E<2? A252 $I ) I2:DE <2;: B6CA@? A2C:6? D6B9252A 2<D:F:D2C B:?82?
C652?8 >2EAE? 36B2D 56?82? B2C:@?2= E?DE< >6?86D29E: B6CA@? A2C:6?
D6B9252A 2<D:F:D2C B:?82? C652?8 >2EAE? 36B2D %3C6BF2C: 252?I2 C6C2<

?2A2C <6=6>292? C6BD2 A6BE3292? D2?52D2?52 F:D2= C6=2>2 52? C6D6=29
>6=2<E<2? 2<D:F:D2C 56?82? B2C:@?2= C63282: D@=2< E<EB >6>36B:<2?
A6>6?E92? <63EDE92? A2C:6? 52=2> A6>:=:92? :?D6BF6?C: 2?DE A2C:6?
52=2> >6=2<E<2? 2<D:F:D2C 56?82? B2C:@?2= A6>32D2C2? 2<D:F:D2C 7:C:<
52A2D >6>:?:>2=<2? <6=6=292? 52? <63EDE92? @<C:86?2C: 52A2D 256<E2D
*2G2B<2?A2C:6?<636BC:92?5:B:56?82?B2C:@?2=A2C:6?I2?8D:B2932B:?8
52A2D5:32?DEA6B2G2D2?<636BC:92?5:B:282BA2C:6?>6B2C2C682B 6=2C<2?
<6A252 A2C:6? 52? <6=E2B82 D6?D2?8 A6?D:?8?I2 <6C6:>32?82? 2?D2B2
2<D:F:D2C 52? :CD:B292D 56?82? B2C:@?2= %('5(67 2<2? >6>6=:92B2 DE3E9
C6=2>2 72C6 2<ED E?DE< >6?EBE?<2? <63EDE92? >6D23@=:C>6 I2?8
36B=63:92?C6BD2>6>6=:92B24252?82?6?6B8:
?C:6D2C 36B9E3E?82? 56?82? A6BE3292? CD2DEC <6C692D2? *E;E2??I2
252=29 C6D6=29 5:=2<E<2? D:?52<2? <6A6B2G2D2? C6=2>2 <2=: ;2>
A2C:6? 56?82? <646>2C2? 52A2D 36B<EB2?8 D:?8<2D <646>2C2??I2 56?82?
<B:D6B:2 92C:= <646>2C2? 52A2D 36B<EB2?8 A2C:6? ?2>A2< B:=6<C ?25:
52=2> B6?D2?8 ?@B>2= 2?D2B2 C2>A2: <2=: A6B >6?:D A6B?2A2C2?
52=2>B6?D2?8?@B>2=2?D2B2C2>A2: <2=:A6B>6?:D ?D6BF6?C: 2D2E
B6?42?2 <6A6B2G2D2? I2?8 2<2? 5:=2<E<2? A252 $I ) I2:DE <2;: D:?8<2D
<646>2C2? B:?82? C652?8 C2>A2: 56?82? 36B2D 56?82? B2C:@?2=
>6>36B:<2? G2<DE <6A252 A2C:6? E?DE< >6?8ED2B2<2? A6B2C22??I2
6B:<2? A2C:6? 5@B@?82? 6>@C:@?2= 56?82? B2C:@?2= 5E<E?82? I2?8 32:<
52A2D>6>36B:<2?C6>2?82DI2?8D:?88:E?DE<>6?6B:>2<62522?56?82?
C232B52?=2A2?85252 6B:<2?D:?52<2?E?DE< >6>36B:<2?<6?I2>2?2?

C6A6BD: D6<?:< A:;2D B67=6<C: 56?82? B2C:@?2= >6>36B:<2? C6?C2C: I2?8
?I2>2?52?B:=6<C 6B:<2?<6A252A2C:6?E?DE<>6?8ED2B2<2?A6B2C22?
56?82? B2C:@?2= >6?86=E2B<2? E?8<2A2? 92D: 52A2D >6?8EB2?8: 3632?
A:<:B2?A2C:6? 6=2C<2?AB@C6CA6?I2<:D52?AB@C65EBD:?52<2?I2?8C6CE2:
56?82?<6>2>AE2?52?52A2D5:A292>:@=69A2C:6?52?<6=E2B8256?82?
B2C:@?2= 282B A2C:6? 52? <6=E2B82 52A2D >6>292>: >6?86D29E: 52?
>6?86BD:D6B9252AD:?52<2?I2?82<2?5:=2<E<2?C6CE2:AB@C65EB
"/4*'1'4+6+7'<'9'4
*:?52<2? <6A6B2G2D2? I2?8 5:=2<E<2? A252 D2?882= AB:=
I2:DE;2> ->6>32?DE2<D:F:D2CA2C:6?56?82?>6?882?D:CAB6:52?
>6>32?DE >6?882?D:<2? A2<2:2? 56?82? B6CA@? CE3I6<D:7 A2C:6?
>6?82D2<2?36BC65:252?B6CA@?@3I6<D:7A2C:6??2>A2<36BC:952?D6>A2D
D:5EB ?2>A2< B2A: 2> - >6?8@3C6BF2C: <646A2D2? :B2>2
<652=2>2? 52? EC292 A6B?2A2C2? 56?82? B6CA@? CE3I6<D:7 A2C:6?
>6?82D2<2?C6C2<?2A2CB6CA@?@3I6<D:7I2:DEA6B?2A2C2? <2=:A6B>6?:D
>E<@C23:3:B?2>A2<<6B:?8?2>A2<252?I2B6DB2<C:5:?5:?85252?2>A2<
A6?88E?22?@D@D32?DEA6B?2A2C2? 2> ->6>36B:<2?A@C:C:I2?8
?I2>2? <6A252 A2C:6? 56?82? B6CA@? CE3I6<D:7 $I ) =63:9 ?I2>2? 56?82?
A@C:C: 6(0,)2:/(5B6CA@?@3I6<D:7A2C:6??2>A2<=63:9?I2>2? 2>
- >6?82?;EB<2? A2C:6? E?DE< D6<?:< ?2A2C 52=2> >6=2=E: 235@>6?
56?82? B6CA@? CE3I6<D:7 $I ) >6?82D2<2? 36BC65:2 52? B6CA@? @3I6<D:7
A2C:6? ?2>A2< <@@A6B2D:7 2> - >6?8<2;: <2B2<D6B:CD:< ?I6B:

A2C:6?56?82?B6CA@?CE3I6<D:7$I )>6?82D2<2??I6B:D6B<252?85:B2C2<2?
C22D36B?2A2C52?36B86B2<>:B:?8<6<:B:?I6B:C6A6BD:D6BDECE<DECE<?I6B:
A252 526B29 5252 C636=29 <:B: C<2=2 ?I6B: A2C:6? >6?82D2<2? ?I6B:
C6G2<DEG2<DE 56?82? :?D6?C:D2C 9:=2?8 D:>3E= 52? B6CA@? @3I6<D:7 A2C:6?
?2>A2< >6B:?8:C 2A23:=2 ?I6B: D:>3E= A2C:6? ?2>A2< D:52< ?I2>2? ?25:
<2=: A6B >6?:D 2> - >6>36B: D:?52<2? E?DE< <6?I2>2?2?
A2C:6? 56?82? 42B2 =2D:92? B6=2<C2C: ?2A2C 52=2> 56?82? B6CA@? CE3I6<D:7
A2C:6? >6?82D2<2? 36BC65:2 52? B6CA@? @3I6<D:7 A2C:6? ?2>A2< <@@A6B2D:7
56?82?=2D:92??2A2C52=2>
2> >6?2G2B<2? <6A252 A2C:6? A6B2G2D2? 5:B: >6>@D@?8
<E<E ;2B: D2?82? 52? <2<: 56?82? B6CA@? CE3I6<D:7 $I ) >6?82D2<2? >2E
5:A@D@?8 <E<E >6>36BC:9<2? >E<2 56?82? :$6+/$3 52? 5:B2A:<2?
B2>3ED?I2 52? B6CA@? @3I6<D:7 A2C:6? ?2>A2< 36BC:9 52? B2A: 2>
- >6?;6=2C<2? <6A252 A2C:6? A6?D:?8?I2 2?D2B2 <6C6:>32?82? 2<D:F:D2C
52? :CD:B292D 56?82? B6CA@? CE3I6<D:7 A2C:6? 52? <6=E2B82 >6?82D2<2?
36BC65:2 E?DE< >6?8:<ED: 2?;EB2? A6B2G2D 52? B6CA@? @3I6<D:7 A2C:6?
?2>A2< <@@A6B2D:7 2> >6>32?DE A2C:6? >2?5: 5: D6>A2D D:5EB
56?82?B6CA@?CE3I6<D:7$I )>6?82D2<2?C6?2?82A23:=2<636BC:92?5:B:?I2
5:A6B92D:<2? @=69 A6B2G2D 52? B6CA@? @3I6<D:7 A2C:6? ?2>A2< AE2C 36BC:9
52? ?I2>2? 2> >6?8<2;: B6CA@? D6B9252A 2<D:F:D2C B:?82? C652?8
>2EAE? 36B2D 56?82? B6CA@? CE3I6<D:7 A2C:6? >6?82D2<2? C6C2< ?2A2C
36BD2>329C22D>6=2<E<2?2<D:F:D2CB:?82?52?B6CA@?@3I6<D:7?25:<2=:
A6B>6?:DA6B?2A2C2? <2=:A6B>6?:DD6<2?2?52B29
>>8A2C:6?

?2>A2< =6>2C 2> - >6?8<2;: D:?8<2D <646>2C2? A2C:6? 56?82?
B6CA@? CE3I6<D:7 $I ) >6?82D2<2? D2<ED E?DE< 5:=2<E<2? D:?52<2? >65:C
<6>@D6B2A: <2B6?2 32?I2< A2C:6? I2?8 D:52< 52A2D 5:C6>3E9<2? 56?82?
<6>@D6B2A:52?B6CA@?@3I6<D:7A2C:6??2>A2<86=:C296<AB6C:G2;29A2C:6?
D2<ED?25:<2=:A6B>6?:D 2> ->6?8@3C6BF2C:D2?52D2?52F:D2=
A2C:6? 56?82? B6CA@? CE3I6<D:7 $I ) >6?82D2<2? 36BC65:2 E?DE< 5:A6B:<C2
D2?52 D2?52 F:D2=?I2 52? B6CA@? @3I6<D:7 D6<2?2? 52B29

>>8
A6B?2A2C2? <2=:A6B>6?:D?25:<2=:A6B>6?:D52?CE9E &(/&,86
*:?52<2? <6A6B2G2D2? I2?8 5:=2<E<2? A252 D2?882= AB:=
I2:DE ;2> >6>36B:<2? @32D 25$/ &2'(,1 >:=:8B2> A6B ;2> 52?
)8526(0,'( >:=:8B2> A6B ;2> 56?82? B6CA@? CE3I6<D:7 $I )
>6?82D2<2? 36BC65:2 >:?E> @32D 52? B6CA@? @3I6<D:7 A2C:6? >:?E> @32D
A6B @B2= 2> - >6>32?DE 2<D:F:D2C A2C:6? 56?82? >6>32?DE
>6?882?D:<2? A2<2:2? 52? >6>36B:<2? >:?I2< <2IE AED:9 5: AE?88E?8
A2C:6?56?82?B6CA@?CE3I6<D:7$I )>6?82D2<2?3252??I232?I2<<6B:?82D
52?86B29C652?8<2?B6CA@?@3I6<D:7A2C:6??2>A2<C682B 2> -
>6?8@3C6BF2C: <646A2D2? :B2>2 <652=2>2? 52? EC292 A6B?2A2C2? 56?82?
B6CA@? CE3I6<D:7 $I ) >6?82D2<2? >2C:9 >6B2C2 C6C2< ?2A2C 52? B6CA@?
@3I6<D:7 ?2>A2< >6?88E?2<2? @D@D 32?DE A6B?2A2C2? ?2>A2< B6DB2<C:
5:?5:?8 5252 A6B?2A2C2? <2=: A6B >6?:D ?25: <2=: A6B >6?:D 52?
>E<@C2 3:3:B ?2>A2< <6B:?8 2> - >6?8<2;: <2B2<D6B:CD:< ?I6B:
56?82? B6CA@? CE3I6<D:7 $I ) >6?82D2<2? ?I6B: D6B<252?8 5:B2C2<2? C22D
36B86B2<>:B:?8<6<:B:?I6B:C6A6BD:D6BDECE<DECE<?I6B:A2525252C636=29

<:B: C<2=2 ?I6B: A2C:6? >6?82D2<2? ?I6B: D:>3E= C6G2<DEG2<DE 56?82?
:?D6?C:D2C9:=2?8D:>3E=52?B6CA@?@3I6<D:7A2C:6??2>A2<>6B:?8:C2A23:=2
?I6B:D:>3E=A2C:6??2>A2<D:52<?I2>2??25:<2=:A6B>6?:D 2>
- >6?8<2;: D:?8<2D <646>2C2? A2C:6? 56?82? B6CA@? CE3I6<D:7 $I )
>6?82D2<2?<6>@D6B2A::DE?2>A2<>6?86B:<2?52?B6CA@?@3I6<D:7A2C:6?
?2>A2<86=:C296<CAB6C:G2;29A2C:6??2>A2<D2<ED?25:<2=:A6B>6?:D
A6B?2A2C2? <2=:A6B>6?:D
2> - >6?2G2B<2? <6A252 A2C:6? 5:36BC:9<2? G2;29?I2
56?82? :$6+/$3 I2?85:36B:2:B5:?8:?52?C65:<:DC23E?42:B56?82?B6CA@?
CE3I6<D:7 $I ) >6?82D2<2? C6?2?8 2A23:=2 5:=2<E<2? A6B2G2D2? <636BC:92?
5:B: 52? B6CA@? @3I6<D:7 A2C:6? ?2>A2< AE2C B2A: 52? 36BC:9 2>
- >6?8<2;: B6CA@? A2C:6? D6B9252A 2<D:F:D2C B:?82? C652?8 9:?882 36B2D
56?82?B6CA@?CE3I6<D:7$I )>6?82D2<2?=6>2C52?C6C2<?2A2C36BD2>329
C22D 36B2<D:F:D2C B:?82? 52? B6CA@? @3I6<D:7 ?25: <2=: A6B >6?:D
A6B?2A2C2? <2=: A6B >6?:D D6<2?2? 52B29

>>8 2>
>6>36B:<2?A2C:6?A@C:C:?I2>2?56?82?B6CA@?CE3I6<D:7$I )>6?82D2<2?
CE529?I2>2?56?82?A@C:C: 6(0,)2:/(552?B6CA@?@3I6<D:7A2C:6??I2>2?
2> - >6=2<E<2? A:;2D B67=6<C: 52? 5:CDB2<C: 56?82? B6CA@?
CE3I6<D:7 $I ) >6?82D2<2? >6B2C2 ?I2>2? 52? 282< D6?2?8 52? B6CA@?
@3I6<D:7 A2C:6? B:=6<C 2> >6?8@3C6BF2C: D2?52D2?52 F:D2= 56?82?
B6CA@? CE3I6<D:7 $I ) >6?82D2<2? 36BC65:2 E?DE< 5:=2<E<2? A6>6B:<C22?
D2?52D2?52F:D2=52?B6CA@?@3I6<D:7D6<2?2?52B29
>>8?25:
<2=:A6B>6?:DA6B?2A2C2? <2=:A6B>6?:DCE9E &(/&,86

*:?52<2? <6A6B2G2D2? I2?8 5:=2<E<2? A252 D2?882= AB:=
I2:DE ;2> - >6>36B:<2? @32D 25$/ &2'(,1 >:=:8B2> A6B ;2>
52? )8526(0,'( >:=:8B2> A6B ;2> 56?82? B6CA@? CE3I6<D:7 $I )
>6?82D2<2? 36BC65:2 >:?E> @32D 52? B6CA@? @3I6<D:7 A2C:6? >:?E> @32D
A6B @B2= 2> >6?2G2B<2? <6A252 A2C:6? E?DE< >6>32?DE 2<D:F:D2C
A2C:6? 56?82? B6CA@? CE3I6<D:7 A2C:6? >6?82D2<2? >6>:?D2 32?DE2? E?DE<
>6?882?D:<2? A@A@< 52? >6?882?D: 32;E 52? B6CA@? @3I6<D:7 A@A@< 52?
32;E CE529 5:82?D: A2C:6? 36BC:9 2> - >6?8<2;: <2B2<D6B:CD:<
?I6B: 56?82? B6CA@? CE3I6<D:7 $I ) >6?82D2<2? ?I6B: 5:B2C2<2? C22D
36B86B2< ?I6B: C6A6BD: D6BDECE<DECE< ?I6B: A252 5252 C636=29 <:B: C<2=2
?I6B:DEBE?>6?;25:$I )>6?82D2<2??I6B: D:>3E=C6G2<DEG2<DE56?82?
:?D6?C:D2C 9:=2?8 D:>3E=52? B6CA@? @3I6<D:7 A2C:6? D:52< ?I2>2? C22D ?I6B:
>E?4E= ?25: <2=: A6B >6?:D 2> - >6?8@3C6BF2C: :B2>2
<652=2>2? 52? <646A2D2? A6B?2A2C2? 56?82? B6CA@? CE3I6<D:7 $I )
>6?82D2<2?>2C:9C6C2<?2A2C52?B6CA@?@3I6<D:7?2>A2<A6?88E?22?@D@D
32?DE A6B?2A2C2? ?2>A2< B6DB2<C: 5:?5:?8 5252 A6B?2A2C2? <2=: A6B
>6?:D >E<@C2 3:3:B <6B:?8 2> - >6?8<2;: D:?8<2D <646>2C2?
A2C:6? 56?82? B6CA@? CE3I6<D:7 $I ) >6?82D2<2? CE529 A2CB29 D6B9252A
A6?I2<:D52?<@?5:C:?I2C22D:?:52?B6CA@?@3I6<D:7A2C:6?86=:C29<@?D2<
>2D2 <EB2?8 ?25: <2=: A6B >6?:D A6B?2A2C2? <2=: A6B >6?:D 2>
>6?;6=2C<2?AB@C6CA6?I2<:D52?AB@C65EBD:?52<2?<6>@D6B2A:<6A252
A2C:6? 56?82? B6CA@? CE3I6<D:7 $I ) >6?82D2<2? 36BC65:2 >6?;2=2?:

D:?52<2? <6>@D6B2A: 52? B6CA@? @3I6<D:7 A2C:6? A2CB29 52? <@?D2< >2D2
A2C:6?32:<
2> >6>32?DE A2C:6? E?DE< >6>2?5:<2? A2C:6? 5: D6>A2D
D:5EB56?82?B6CA@?CE3I6<D:7$I )>6?82D2<2?C6?2?852?>6B2C2?I2>2?
C6D6=295:32?DE>2?5:@=69A6B2G2D52?B6CA@?@3I6<D:7A2C:6?AE2C36BC:9
52?C682B 2> >6?8<2;:B6CA@?A2C:6?D6B9252A2<D:F:D2CB:?82?C652?8
9:?882 36B2D 56?82? B6CA@? CE3I6<D:7 $I ) >6?82D2<2? >2C:9 =6>2C
36B86B2< C65:<:D 2D2E >6=2<E<2? 2<D:F:D2C B:?82? >2<2 C6C2< ?2A2C 2<2?
36BD2>329 52? B6CA@? @3I6<D:7 A2C:6? =6>2C ?25: <2=: A6B >6?:D
A6B?2A2C2? <2=:A6B>6?:D?2>A2<2<D:F:D2C5:32?DE@=69@B2?8=2:? 2>
- >6=2<E<2? A:;2D B67=6<C: 52? D6<?:< 5:CDB2<C: 56?82? B6CA@?
CE3I6<D:7 $I ) >6?82D2<2? >6B2C2 ?I2>2? 52? >6B2C2 D6?2?8 C22D 5:A:;2D
52? B6CA@? @3I6<D:7 A2C:6? B:=6<C 52? ?I2>2? 2> -
>6?8@3C6BF2C:D2?52 D2?52F:D2=56?82?B6CA@?CE3I6<D:7$I )>6?82D2<2?
36BC65:2 5:A6B:<C2 D2?52 D2?52 F:D2=?I2 52? B6CA@? @3I6<D:7 D6<2?2? 52B29

>>8 A6B?2A2C2? <2=: A6B >6?:D ?25: <2=: A6B >6?:D CE9E
&(/&,86
;'2:'8/+6+7'<'9'4
F2=E2C:5:=2<E<2?C6D6=29D:?52<2?<6A6B2G2D2?A25292B::DE;E82
A6?E=:C >6=2<E<2? 6F2=E2C: 56?82? >6D@56 G2G2?42B2 52? @3C6BF2C:
D6B9252AA2C:6?C6D6=295:=2<E<2?D:?52<2?<6A6B2G2D2?

2B: )6?:? AB:= ;2> - 5:28?@C2 <6A6B2G2D2?
A@=2 ?2A2C D:52< 676<D:7 36B9E3E?82? 56?82? A6?EBE?2? 6<CA2?C: A2BE
2<E>E=2C: E52B2 2D2E 42:B2? >6?88E?2<2? >6D@56 )%& 5:A6B@=69 92C:=
C63282:36B:<EDCE3I6<D:7 $I ) >6?82D2<2?C6C2<?2A2C@3I6<D:7 A6B?2A2C2?
<2=: A6B >6?:D ?25: <2=: A6B >6?:D >E<@C2 3:3:B <6B:?8 ?2>A2<
252?I2 B6DB2<C: 5:?5:?8 5252 ?2>A2< A6?88E?22? @D@D 32?DE A6B?2A2C2?
1$/,6,6 >2C2=29 36=E> D6B2D2C: /$11,1* :?D6BF6?C: 5:=2?;ED<2? I2:DE
@3C6BF2C: <646A2D2? :B2>2 <652=2>2? 52? EC292 ?2A2C 36B:<2? A2C:6?
A@C:C: ?I2>2? E?DE< >6?E?;2?8 A2C@<2? @<C:86? 2?;EB<2? ?2A2C 52=2>
>6=2=E: $%'20(1 C6=2>2 ',675(66 A6B?2A2C2? D2G2B<2?<6A252A2C:6?E?DE<
5:32?DE 2<D:F:D2C C692B:92B: 52? A6B2G2D2? 5:B: <@=23@B2C: A6>36B:2?
@<C:86? ?2C2=<2?E==:D6BA6B>6?:D
2> - 5:28?@C2 <6A6B2G2D2? ?I6B: 2<ED 36B9E3E?82?
56?82? 286? 4:56B2 3:@=@8:C >6?88E?2<2? >6D@56 )%& 5:A6B@=69 92C:=
C63282: 36B:<ED CE3I6<D:7 $I ) >6?82D2<2? ?I6B: D6B<252?8 5:B2C2<2? C22D
36B?2A2C52?36B86B2<>:B:?8<6<:B:?I6B:C6A6BD:D6BDECE<DECE<?I6B:A252
526B29 5252 C636=29 <:B: C<2=2 ?I6B: A2C:6? >6?82D2<2? ?I6B: C6G2<DE
G2<DE 56?82? :?D6?C:D2C 9:=2?8 D:>3E= %3I6<D:7 A2C:6? ?2>A2< >6B:?8:C
2A23:=2?I6B:D:>3E=A2C:6?D:52<?I2>2??25:<2=:A6B>6?:D ?2=:C:C
>2C2=29 36=E> D6B2D2C: /$11,1* :?D6BF6?C: 5:=2?;ED<2? 2?D2B2 =2:? <2;:
<2B2<D6B:CD:<?I6B:A6?46DEC<E2=:D2CC<2=2<6D2;2>2?52?=@<2C:?I6B:36B:
D:?52<2? E?DE< <6?I2>2?2? A2C:6? D2G2B<2? A252 A2C:6? E?DE< 5:32?DE

2<D:F:D2C A6B2G2D2? 5:B: <@=23@B2C: A6>36B:2? 2?2=86D:< A6B 25$/ &2'(,1
>:=:8B2>A6B;2>52?:?;6<C: .(7252/$& >:=:8B2>A6B ;2>
2> - 5:28?@C2 <6A6B2G2D2? :?D@=6B2?C: 2<D:F:D2C
36B9E3E?82?56?82?<6D:52<C6:>32?82?2?D2B2<63EDE92?52?CEA=2:@<C:86?
56?82? >6?88E?2<2? >6D@56 )%& 5:A6B@=69 92C:= C63282: 36B:<ED
CE3I6<D:7$I )>6?82D2<2?C6C2<?2A2C36BD2>329C22D>6=2<E<2? 2<D:F:D2C
B:?82? 52? @3I6<D:7 ?25: <2=: A6B >6?:D A6B?2A2C2? <2=: A6B >6?:D
D6<2?2?52B29
>>8A2C:6?=6>2C 1$/,6,6 >2C2=2936=E>D6B2D2C:
/$11,1* =2?;ED<2? :?D6BF6?C: 2?D2B2 =2:? <2;: B6CA@? A2C:6? D6B9252A
2<D:F:D2CB:?82?C652?8 9:?88236B2D32?DEA2C:6?52=2>>6=2<E<2?2<D:F:D2C
D2G2B<2?<6A252A2C:6?A6B2G2D2?5:B:;6=2C<2?<6A252A2C:6?52?<6=E2B82
A6?D:?8?I2<6C6:>32?82?2?D2B22<D:F:D2C52?:CD:B292D
2> 5:28?@C2 <6A6B2G2D2? 2?C:6D2C 36B9E3E?82? 56?82?
A6BE3292? CD2DEC <6C692D2? 56?82? >6?88E?2<2? >6D@56 )%& 5:A6B@=69
92C:= C63282: 36B:<ED CE3I6<D:7 $I ) >6?82D2<2? D2<ED E?DE< 5:=2<E<2?
D:?52<2? >65:C <6>@D6B2A: <2B6?2 32?I2< A2C:6? I2?8 D:52< 52A2D
5:C6>3E9<2?56?82?<6>@D6B2A:52?@3I6<D:7A2C:6?86=:C296<CAB6C:G2;29
A2C:6? D2<ED ?25: <2=: A6B >6?:D 1$/,6,6 >2C2=29 36=E> D6B2D2C:
/$11,1* =2?;ED<2? :?D6BF6?C: 2?D2B2 =2:? <2;: D:?8<2D <646>2C2? B:?82?
C652?8 9:?882 36B2D 36B:<2? A2C:6? 5@B@?82? 6>@C:@?2= 36B:<2? D:?52<2?
A:;2D B67=6<C:36B:<2? G2<DE <6A252 A2C:6? E?DE< >6?8ED2B2<2? A6B2C22?
;6=2C<2? AB@C6C A6?I2<:D 52? AB@C65EB D:?52<2? C6CE2: 56?82? <6>2>AE2?
>6?2?8<2AA2C:6?52?<6=E2B82

2B: )6=2C2 AB:= ;2> - 56?82? >6?88E?2<2?
>6D@56 )%& 5:28?@C2 <6A6B2G2D2? A@=2 ?2A2C D:52< 676<D:7 36B9E3E?82?
56?82? A6?EBE?2? 6<CA2?C: A2BE 2<E>E=2C: E52B2 2D2E 42:B2? 5:A6B@=69
92C:=C63282:36B:<EDCE3I6<D:7 $I )>6?82D2<2?>2C:9>6B2C2C6C2<?2A2C
52? B6CA@? @3I6<D:7 ?2>A2< >6?88E?2<2? @D@D 32?DE A6B?2A2C2? ?2>A2<
B6DB2<C: 5:?5:?8 5252 ?25: <2=: A6B >6?:D A6B?2A2C2? <2=: A6B >6?:D
52?>E<@C23:3:B<6B:?8 1$/,6,6 >2C2=2936=E>D6B2D2C: /$11,1* :?D6BF6?C:
5:=2?;ED<2? I2:DE @3C6BF2C: <646A2D2? :B2>2 <652=2>2? 52? EC292 ?2A2C
36B:<2? A2C:6? A@C:C: ?I2>2? E?DE< >6?E?;2?8 A2C@<2? @<C:86? 2?;EB<2?
?2A2C 52=2> >6=2=E: $%'20(1 C6=2>2 ',675(66 A6B?2A2C2? D2G2B<2? <6A252
A2C:6? E?DE< 5:32?DE 2<D:F:D2C C692B:92B: 52? A6B2G2D2? 5:B: <@=23@B2C:
A6>36B:2? @<C:86? ?2C2=<2?E==:D6BA6B>6?:D
2> - 5:28?@C2 <6A6B2G2D2? ?I6B: 2<ED 36B9E3E?82?
56?82? 286? 4:56B2 3:@=@8:C 5:A6B@=69 92C:= C63282: 36B:<ED CE3I6<D:7 $I )
>6?82D2<2? ?I6B: D6B<252?8 5:B2C2<2? C22D 36B86B2< >:B:?8 <6 <:B: ?I6B:
C6A6BD: D6BDECE<DECE< ?I6B: A252 5252 C636=29 <:B: C<2=2 ?I6B: A2C:6?
>6?82D2<2??I6B:D:>3E=C6G2<DEG2<DE56?82?:?D6?C:D2C9:=2?8D:>3E=52?
@3I6<D:7 A2C:6? ?2>A2< >6B:?8:C 2A23:=2 ?I6B: D:>3E= A2C:6? ?2>A2< D:52<
?I2>2? ?25: <2=: A6B >6?:D 1$/,6,6 >2C2=29 36=E> D6B2D2C: /$11,1*
:?D6BF6?C: 5:=2?;ED<2? 2?D2B2 =2:? <2;: <2B2<D6B:CD:< ?I6B: A6?46DEC <E2=:D2C
C<2=2 <6D2;2>2? 52? =@<2C: ?I6B: 36B: D:?52<2? E?DE< <6?I2>2?2? A2C:6?
D2G2B<2? A252 A2C:6? E?DE< 5:32?DE 2<D:F:D2C A6B2G2D2? 5:B: <@=23@B2C:

A6>36B:2? 2?2=86D:< A6B 25$/ &2'(,1 >:=:8B2> A6B ;2> 52? :?;6<C:
.(7252/$& >:=:8B2>A6B ;2>
2> - 5:28?@C2 <6A6B2G2D2? :?D@=6B2?C: 2<D:F:D2C
36B9E3E?82? <6D:52<C6:>32?82? 2?D2B2 <63EDE92? 52? CEA=2: @<C:86?
5:A6B@=69 92C:= C63282: 36B:<ED CE3I6<D:7 $I ) >6?82D2<2? =6>2C 52? C6C2<
?2A2C36BD2>329C22D36B2<D:F:D2CB:?82?52?@3I6<D:7?25:<2=:A6B>6?:D
A6B?2A2C2? <2=:A6B>6?:DD6<2?2?52B29
>>8 1$/,6,6 >2C2=29
36=E> D6B2D2C: /$11,1* =2?;ED<2? :?D6BF6?C: 2?D2B2 =2:? <2;: B6CA@? A2C:6?
D6B9252A2<D:F:D2CB:?82?C652?89:?88236B2D32?DEA2C:6?52=2>>6=2<E<2?
2<D:F:D2CD2G2B<2?<6A252A2C:6?A6B2G2D2?5:B:;6=2C<2?<6A252A2C:6?52?
<6=E2B82A6?D:?8?I2<6C6:>32?82?2?D2B22<D:F:D2C52?:CD:B292D
2> - 5:28?@C2 <6A6B2G2D2? 2?C:6D2C 36B9E3E?82?
56?82? A6BE3292? CD2DEC <6C692D2? 5:52A2D<2? 92C:= C63282: 36B:<ED
)E3I6<D:7$I )>6?82D2<2?<6>@D6B2A::DE?2>A2<>6?86B:<2?52?@3I6<D:7
A2C:6? 86=:C29 6<CAB6C: G2;29 A2C:6? D2<ED ?25: <2=: A6B >6?:D
A6B?2A2C2? <2=: A6B >6?:D 1$/,6,6 >2C2=29 36=E> D6B2D2C: /$11,1*
=2?;ED<2?:?D6BF6?C:2?D2B2=2:?<2;:D:?8<2D<646>2C2?B:?82?C652?89:?882
36B2D 36B:<2? A2C:6? 5@B@?82? 6>@C:@?2= 36B:<2? D:?52<2? A:;2D B67=6<C:
36B:<2? G2<DE <6A252 A2C:6? E?DE< >6?8ED2B2<2? A6B2C22? ;6=2C<2? AB@C6C
A6?I2<:D52?AB@C65EBD:?52<2?C6CE2:56?82?<6>2>AE2?>6?2?8<2AA2C:6?
52?<6=E2B82
)6D6=29 5:=2<E<2? D:?52<2? <6A6B2G2D2? 92C:= 6F2=E2C: 5:=2<E<2?
A252 D2?882= AB:= ;2> - 56?82? >6?88E?2<2? >6D@56

)%& 5:A6B@=69 92C:= C63282: 36B:<ED CE3I6<D:7 $I ) >6?82D2<2? >2C:9
>6B2C2C6C2<?2A2C52?@3I6<D:7?2>A2<A6?88E?22?@D@D32?DEA6B?2A2C2?
?2>A2<B6DB2<C:5:?5:?85252A6B?2A2C2? <2=:A6B>6?:D?25:<2=:A6B
>6?:D 1$/,6,6 >2C2=2936=E>D6B2D2C: /$11,1* :?D6BF6?C:5:=2?;ED<2?I2:DE
@3C6BF2C:<646A2D2?:B2>2<652=2>2?52?EC292?2A2C36B:<2?A2C:6?A@C:C:
?I2>2? E?DE< >6?E?;2?8 A2C@<2? @<C:86? 2?;EB<2? ?2A2C 52=2> >6=2=E:
$%'20(1 C6=2>2 ',675(66 A6B?2A2C2? D2G2B<2?<6A252A2C:6?E?DE<5:32?DE
2<D:F:D2C C692B:92B: 52? A6B2G2D2? 5:B: 3(5621$/ +<*,(1( <@=23@B2C:
A6>36B:2? @<C:86? ?2C2=<2?E==:D6BA6B>6?:D
2> - 56?82? 5:28?@C2 <6A6B2G2D2? ?I6B: 2<ED
36B9E3E?82? 56?82? 286? 4:56B2 3:@=@8:C 5:52A2D<2? 92C:= C63282: 36B:<ED
CE3I6<D:7 $I ) >6?82D2<2? ?I6B: 5:B2C2<2? C22D 36B86B2< ?I6B: C6A6BD:
D6BDECE<DECE< ?I6B: A252 5252 C636=29 <:B: C<2=2 ?I6B: DEBE? >6?;25:
A2C:6? >6?82D2<2? ?I6B: D:>3E= C6G2<DEG2<DE 56?82? :?D6?C:D2C 9:=2?8
D:>3E=52? B6CA@? @3I6<D:7 A2C:6? D:52< ?I2>2? C22D ?I6B: >E?4E= ?25:
<2=: A6B >6?:D 1$/,6,6 >2C2=29 D6B2D2C: C6328:2? /$11,1* =2?;ED<2?
:?D6BF6?C: <2;: <2B2<D6B:CD:< ?I6B: A6?46DEC <E2=:D2C C<2=2 <6D2;2>2? 52?
=@<2C: ?I6B: 36B: D:?52<2? E?DE< <6?I2>2?2? A2C:6? D2G2B<2? A252 A2C:6?
E?DE< 5:32?DE 2<D:F:D2C A6B2G2D2? 5:B: <@=23@B2C: A6>36B:2? 2?2=86D:< A6B
25$/&2'(,1 >:=:8B2>A6B;2>52?:?;6<C: .(7252/$& >:=:8B2>A6B
;2>
2> - 5:28?@C2 <6A6B2G2D2? :?D@=6B2?C: 2<D:F:D2C
36B9E3E?82? 56?82? <6D:52<C6:>32?82? 2?D2B2 <63EDE92? 52? CEA=2:

@<C:86? 5:52A2D<2? 92C:= C63282: 36B:<ED CE3I6<D:7 $I ) >6?82D2<2? >2C:9
=6>2C 36B86B2< C65:<:D 2D2E >6=2<E<2? 2<D:F:D2C B:?82? >2<2 C6C2< ?2A2C
2<2? 36BD2>329 52? @3I6<D:7 A2C:6? =6>2C ?25: <2=: A6B >6?:D
A6B?2A2C2? <2=: A6B >6?:D 2<D:F:D2C 5:32?DE @=69 @B2?8 =2:? 1$/,6,
6>2C2=29 36=E> D6B2D2C: /$11,1* =2?;ED<2? :?D6BF6?C: <2;: B6CA@? A2C:6?
2<D:F:D2CD2G2B<2?<6A252A2C:6?A6B2G2D2?5:B:3(5621$/+,*,(1(;6=2C<2?
<6A252 A2C:6? 52? <6=E2B82 A6?D:?8?I2 <6C6:>32?82? 2?D2B2 2<D:F:D2C 52?
:CD:B292D
2> - 5:28?@C2 <6A6B2G2D2? 2?C:6D2C 36B9E3E?82?
CE3I6<D:7 $I ) >6?82D2<2? CE529 A2CB29 D6B9252A A6?I2<:D 52? <@?5:C:?I2
C22D:?:52?@3I6<D:7A2C:6?86=:C29<@?D2<>2D2<EB2?8?25:<2=: A6B
>6?:D A6B?2A2C2? <2=: A6B >6?:D 1$/,6,6 >2C2=29 D6B2D2C: C6328:2?
/$11,1* =2?;ED<2? :?D6BF6?C: 2?D2B2 =2:? <2;: D:?8<2D <646>2C2? B:?82?
C652?8 9:?882 36B2D 36B:<2? A2C:6? 5@B@?82? 6>@C:@?2= 36B:<2? D:?52<2?
A:;2D B67=6<C: 36B:<2? G2<DE <6A252 A2C:6? E?DE< >6?8ED2B2<2? A6B2C22?
>6?2?8<2AA2C:6?52?<6=E2B82
$
!
7EC:A=6EB2252=29A6?8E>AE=2?42:B2?52=2>BE2?8A=6EB2I2?8D6B=6D2<
5:2?D2B2 A6B>E<22? 9,6&(5$/ 52? 3$5,(7$/ AB@C6C A6?I2<:D AB:>6B ;2B2?8 D6B;25:
D6D2A: 3:2C2?I2 >6BEA2<2? A6?I2<:D C6<E?56B D6B9252A A6?I2<:D =2:? )642B2
?@B>2= BE2?8 A=6EB2 >6?82?5E?8 C6;E>=29 <64:= 42:B2? C2>A2: 44
36B7E?8C:C63282:A6=E>2CI2?8>6>E?8<:?<2?A6B>E<22?A=6EB236B86B2<D2?A2
252?I27B:<C:-:5I2?:?8C:9
52?I2 D:>3E?2? 42:B2? I2?8 >6?82<:32D<2? A6B2C22? C2<:D <2B6?2
A6B86C6<2?2A23:=2 42:B2?C6>2<:?32?I2<>2<2A2C:6?>6?82=2>:C6C2<?2A2C
92= :?: >6?I6323<2? A2C:6? 56?82? 67EC: A=6EB2 >6?82=2>: :>@3:=:C2C: $EB2B:7
52? !ECE>2 &2C:6? :>@3:=:C2C: >6>6B=E<2? 32?DE2? 52=2>
>6>6?E9:<63EDE92?7:C:<<2B6?2A2C:6?D:52<>2>AE>6>6?E9:<63EDE92??I2
C6?5:B: @=69 C6323 :DE A6B2G2D 92BEC >6?6>E<2? 42B2 E?DE< >6?:?8<2D<2?
2<D:F:D2C I2?8 D6A2D E?DE< A2C:6? C69:?882 D:?8<2D <6>2?5:B:2? A2C:6? 52=2>
>6>6?E9: <63EDE92??I2 >6?:?8<2D D6BED2>2 <63EDE92? A6B2G2D2? 5:B:
2>2I2?D: &6>6?E92? <63EDE92? <636BC:92? 5:B: D6B<2:D A6B2G2D2?
<E=:D B2>3ED 52? <E<E >6?:?8<2D<2? A6B2G2D2? <636BC:92? 5:B: 52? >6>32?DE
A6>E=:92? A2C:6? :?8G2== #6?EBED #4 B68@B 52=2>
?;2BI2?: >6?86>E<2<2? 329G2 92=92= I2?8 >6?I2?8<ED <6AE2C2?
2D2CA6>6?E92?<63EDE92?C6C6@B2?8C:72D?I2252=29B6=2D:7 #2?EC:2>6BEA2<2?
>2<9=E< I2?8 D6BEC >6?6BEC >6>:=:<: <6:?8:?2?<6:?8:?2? I2?8 92BEC C686B2

D6BA6?E9: 52? <63EDE92? I2?8 =2:? 2<2? >E?4E= #2?EC:2 C642B2 D6BEC >6?6BEC
>6=2<E<2? EC292EC292 E?DE< >6>E2C<2? <63EDE92?<63EDE92??I2 !63EDE92?
D6BC63ED 2<2? >6>6?82BE9: A6B:=2<E A2C:6? I2?8 A252 52C2B?I2 >6BEA2<2?
<@?CE>6?;2C2A6=2I2?2?<6C692D2?
&252323:?:A6?E=:C>6>3292C>6?86?2:A6>36B:2?D:?52<2? 3(5621$/
+<*,(1( D6B9252A <6AE2C2? A2C:6? :>@3:=:C2C: A252 2CE92? <6A6B2G2D2? $I )
56?82?67EC:A=6EB25:BE2?8CD6B()+B #@6G2B5:)EB2<2BD2 &6>3292C2?
A252 323 :?: D6BED2>2 >6>3292C 252?I2 <6C6CE2:2? 2?D2B2 A6?6=:D:2? ;EB?2= 52?
D6@B:56?82?<2CECI2?8D6B;25:5:BE>29C2<:D &B@C6C2CE92?<6A6B2G2D2?C6A6BD:
A6>6?E92? <63EDE92? 52C2B >2?EC:2 I2?8 <@>AB696?C:7 >6=:AED: 3:@=@8:C
AC:<@=@8:C C@C:2= 52? CA:B:DE2= >6=2=E: D292A A6?8<2;:2? A6BE>EC2? >2C2=29
B6?42?2D:?52<2?D:?52<2?<6A6B2G2D2?52?6F2=E2C:
+4-1'0/'4
*292A A6?8<2;:2? 252=29 D292A AB@C6C >6?8E>AE=<2? 52D2 I2?8
B6=6F2?52?<@?D:?IE D6?D2?8B6CA@?>2?EC:2CD2DEC<6C692D2?<6<E2D2?52?
>2C2=29 <=:6? *E;E2? 52B: A6?8<2;:2? 252=29 E?DE< >6>A6B@=69 :?7@B>2C:
D6?D2?8 <62522? <6C692D2? <=:6? >6?6?DE<2? >2C2=29 <6A6B2G2D2? 52?
<6C692D2? <=:6? >6?:=2: <62522? <6C692D2? <=:6? >6>3E2D <6AEDEC2? I2?8
D6A2D52=2>>6?6?DE<2?=2?8<29=2?8<2936B:<ED?I26B>2G2?
&6?8<2;:2? D6B9252A $I ) 56?82? 7EC: &=6EB2 5: BE2?8 CD6B
B68E=6B()+B #@6G2B5:)EB2<2BD2>6?88E?2<2?>6D@56 $872$1$01(6$
52? $//2$1$01(6$ 5:>E=2:52B:3:@52D2A2C:6?B:G2I2D<6C692D2?A6?8<2;:2?

A@=2 <6C692D2? @B5@? A6?8<2;:2? 7:C:< 52? 5:5E<E?8 56?82? 92C:=
=23@B2D@B:E> 52? 92C:= A6>6B:<C22? A6?E?;2?8 #6D@56 52=2>
>6?8E>AE=<2?52D2252=29@3C6BF2C: I2:DE56?82?>6?82>2D:A6B:=2<E52?
<62522? A2C:6? E?DE< >6>A6B@=69 52D2 D6?D2?8 >2C2=29>2C2=29 I2?8
5:2=2>: <=:6? )6=2?;ED?I2 52D2 52C2B D6BC63ED 5:8E?2<2? E?DE< >6?6?DE<2?
5:28?@C:C <6A6B2G2D2? E?DE< >6?82D2C: >2C2=29>2C2=29 <=:6? 2B>2G2?

2C:= A6?8<2;:2? A252 D2?882= C2>A2: 56?82? AB:=
<6=E92?ED2>2 A252<2CEC$I )252=29C6C2<?2A2C $I )>6?82D2<2?C6C2<
?2A2C 36BD2>329 <6D:<2 36B2<D:F:D2C 52? ?I6B: C22D 36B86B2< >:B:?8 <6 <:B:
)6C2< ?2A2C >6BEA2<2? >2?:76CD2C: <=:?:C 52B: 67EC: A=6EB2 92= :?: CE529
C6CE2: 56?82? D6@B: I2?8 >6?82D2<2? 329G2 D:>3E?2? 42:B2? I2?8 C2?82D
32?I2< A252 B@?882 A=6EB2 2<2? >6?82<:32D<2? A6?56B:D2 C6C2< ?2A2C
-:5I2?:?8C:9 &6?I632367EC:A=6EB2A252$I )252=29>6D2CD2C:C
52B: <2?<6B A2IE52B2 C6CE2: 56?82? D6@B: 52=2> A6?6=:D:2? 6G:
>6?86>E<2<2? 329G2 67EC: A=6EB2 >6BEA2<2? C2=29 C2DE <@>A=:<2C: I2?8
3:2C2 5:D6>E<2? A252 A6?56B:D2 <682?2C2? 52? D6BED2>2 5:C6323<2? <2?<6B
A2BEA2BE 52? <2?<6B A2IE52B2 68:DE AE=2 A6?6=:D:2? B6DB@CA6<D:7 @=69
)E8:EB2 )6:;: 5<< 52=2> 5:2D>2 >6?I:>AE=<2? 329G2
D6B52A2D?I2 67EC: A=6EB2 A252 <2?<6B A2BE CD25:E> =2?;ED >6BEA2<2? 72<D@B
AB@8?@CD:<3EBE<
2C:= A6?8<2;:2? I2?8 5:52A2D<2? 52B: @3C6BF2C: 52? G2G2?42B2
D6B9252A $I )56?82? 67EC:A=6EB2A252 A@=2 7E?8C:@?2=5:D6>E<2?>2C2=29

A@=22<D:F:D2C=2D:92?A@=2 .2*1,7,)3(5&(378$/52?A@=2>6<2?:C>6<@A:?8
&252 A@=2 2<D:F:D2C 52? =2D:92? $I ) >6?82D2<2? <62522? DE3E9 C2?82D
=6>29 36B86B2< C65:<:D >2<2 C6C2< ?2A2C 2<2? 36BD2>329 C69:?882 52=2>
>6=2<E<2? 2<D:F:D2C C692B:92B: C6A6BD: >2<2? 52? >:?E> 72,/(7,1*
36BA2<2:2? >@3:=:D2C 5:D6>A2D D:5EB 36BA:?529 5:32?DE @=69 <6=E2B82 2D2E
@B2?8 =2:? ?:=2: D:?8<2D 2<D:F:D2C 52? 2>3E=2C: 2D2E (%# $1*( 2)
27,215:=2<E<2?C642B2>2?5:B:?:=2: D:?8<2D2<D:F:D2C?@=
&@=2 .2*1,7,) 52? 3(5&(378$/ $I ) >6?82D2<2? ?I6B: D6B<252?8
C22D 36B?2A2C 52? 36B86B2< >:B:?8 <6 <:B: ?I6B: 5:B2C2<2? C6A6BD: D6BDECE<
DECE< ?I6B: A252 5252 C636=29 <:B: C<2=2 ?I6B: ?I6B: C652?8 $I )
>6?82D2<2? ?I6B: D:>3E= C6G2<DEG2<DE 56?82? :?D6?C:D2C 9:=2?8 D:>3E=
#6?EBED2?=6I52?2B@=I? 52=2>A6?6=:D:2?6G: <6=E92?
C6C2< ?2A2C D:>3E= 2<:32D D6B;25:?I2 D:>3E?2? 42:B2? 52=2> B@?882 A=6EB2
I2?8 2<2? >6>36B:<2? <@>AB6C: A2D@=@8:C A252 A2BE C69:?882 6<CA2?C:?I2
D6B82?88E 52? C6C2< D:52< 5:C6BD2: 3E?I: D2>3292? <2B6?2 3B@?<EC D6D2A
?@B>2= #2<:? 32?I2< D:>3E?2? 42:B2? >2<2 A2C:6? 36BD2>329 C6C2< 52?
?I6B: A=6EB:D:< 2D2E ?I6B: DE>AE= D6B=@<2=:C:B 52A2D D:>3E= C69:?882 A2C:6?
CE=:D E?DE< >6=2<E<2? 2<D:F:D2C &252 A@=2 >6<2?:C>6 <@A:?8 $I )
>6?82D2<2? D2<ED E?DE< 5:=2<E<2? <6>@D6B2A: <2B6?2 32?I2< I2?8 D:52<
36B92C:=C6>3E956?82?<6>@D6B2A:
&6>6B:<C22?7:C:<A2BE ,163(.6, 6<CA2?C:A2BEA2BEC:>6DB:C<2?2?
52? <:B: ?2>A2< A6?88E?222? @D@D 32?DE A6B?2A2C2? ?2>A2< B6DB2<C:
5:?5:?85252?2>A2<36<2C@A6B2C:5:5252<:B:3267230$67(.720,D:52<

?2>A2< A6>36C2B2? A2BEA2BE 52? D:52< ?2>A2< 252?I2 DE>@B $/3$6,
92.$/)5(0,786 7B6<E6?C:86D2B2?=63:936C2B5252<2?2?52B:A2525252I2?8
<:B: (5.86, A2BEA2BE<2?2? 62125 52?A2BEA2BE<:B:B65EA $86.8/7$6, CE2B2
?2A2C D6B52A2D 3E?I: 3/(85$/ )5,&7,2158% CE2B2 D6B56?82B <6B:?8 C6A6BD:
8@C@<2? 2>A=2C #6?EBED 292B 52=2> ):>2?;ED2<
>6?82D2<2? 329G2 252?I2 42:B2? >6?I6323<2? 3:C:?8 <6D@< B65EA C22D
5:A6B<EC: E?I:A6B?2A2C2?I2?8=6>29;E8252A2D5:C6323<2?67EC:A=6EB2
<2B6?2 42:B2? >6BEA2<2? B:?D2?82? 328: 3:C:?8 F6C:<E=6B C6BD2 252?I2 67EC:
>6?82<:32D<2?2=F6@=ECD:52<52A2D>6?86>32?856?82?=E2C
2C:= A6>6B:<C22? A6?E?;2?8 5217*(1 7@D@ D9@B2< A252 D2?882=
AB:= 5:52A2D<2? 92C:= &25 52=2> 32D2C <:B: ;2?DE?8 D6BDEDEA
A6BC6=E3E?82? A252 A2BEA2BE ?2>A2< 3(5,+,/(5 +$==,1(6 5:<65E2 =2A2?8
A2BE ,186 &26723+5,(1,&86 <2?2? 52? <:B: 2?D6B:@B A@CD6B:@B D6BDEDEA
A6BC6=E3E?82? 5(75267(51$/ 52? 5(752&$5',$& 63$&( D6BDEDEA A6BC6=E3E?82?
+(0,',$3+5$*0$ <2?2? C6328:2? D6BDEDEA A6BC6=E3E?82? 75$.+( 5: D6?829
*:52< D2>A2< AB@C6C 267(2/,7,. 2D2E 267(2%/$67,. !6C:>AE=2? 52B: 92C:= 7@D@
D9@B2< 252=29 67EC: A=6EB2 %,/$7(5$/ 52? 2('(0$ 38/021$/ )86, 3/(85$
/2&$7(' 6,1,675$ 0(7$67$6( &$ 0$0$( )E2DE A6BC6=E3E?82? I2?8 >6?EDEA:
82>32B2? A2BE ?@B>2= I2?8 5:>E=2: 52B: 5:27B28>2 2A23:=2 A@C:C: A2C:6?
5E5E< 2D2E 36B5:B: 32D2C A6BC6=E3E?82? :?: 2<2? >6>36?DE< CE2DE <EBF2
56?82? A6B>E<22? 526B29 /$7(5$/ =63:9 D:?88: 52B: 328:2? 0(',$/ <6=2:?2?
52A2D 81,/$7(5$/ >2EAE? %,/$7(5$/ D6B82?DE?8 A252 6D:@=@8: A6?I2<:D?I2 92=

:?: >6BEA2<2? CE2DE D2?52 ;6=2C 52B: 67EC: A=6EB2 2=:> 52=2> 6G:

2C:= A6>6B:<C22? =23@B2D@B:E> A252 D2?882= AB:=
5:52A2D<2?92C:=A252<:>:2<=:?:<5:D6>E<2?A6?:?8<2D2?)%* E
=
52? )&* E

= A6?:?8<2D2? 7E?8C: 92D: :?: <6>E?8<:?2?
5:C6323<2? <2B6?2 252?I2 CE2DE AB@C6C >6D2CD2C6 <2?<6B A2IE52B2 <6 92D:
6G: &252D2?882=AB:= 92C:=<:>:2<=:?:<2?2=:C282C52B29
56?82?92C:=A>>@=

" &%
>>8 &% >>8 +(0$72.5,7
% >>@=
" D@D2=% >>@=
" %
2C:= 5D6BC63ED 52A2D 5:C:>AE=<2? I2<?: D6B;25:
$/.$/26,6 0(7$%2/,. D:52<D6B<@>A6?C2C:A6?E9
&252 <2CEC $I ) 56?82? 67EC: A=6EB2 36=E> 5:=2<E<2? D:?52<2?
-) "$7(5 ($/(' 5$,1$*( <2B6?2 5@<D6B CA6C:2=:C A2BE A252 D2?882=
AB:= >6?82D2<2? 42:B2? A252 B@?882 A=6EB2 92?I2 C65:<:D 52?
36B@?882B@?882 C69:?882 36=E> 5:=2<E<2? AB@C65EB D:?52<2? A6>2C2?82?
-)
+7:3:8'4'8'2'.
:28?@C2<6A6B2G2D2?>6BEA2<2?<6AEDEC2?<=:?:CD6?D2?8B6CA@?
:?5:F:5E <6=E2B82 2D2E <@>E?:D2C D6B9252A >2C2=29 <6C692D2? I2?8 2<DE2=
52?A@D6?C:2=2D2EAB@C6C<69:5EA2? *E;E2??I2252=29>6?82B29<2?B6?42?2
2CE92?<6A6B2G2D2?E?DE<>6>32?DE<=:6?52?<6=E2B8236B252AD2C:D6B9252A

A6?I2<:D 52? >6?89:=2?8<2? >2C2=29 <6A6B2G2D2? <6C692D2? 6B>2G2?

6B52C2B<2? 52D252D2 I2?8 5:52A2D<2? A6?E=:C 52B: 92C:=
A6?8<2;:2? A252 D2?882= AB:= A252 $I ) 5: BE2?8 CD6B B68E=6B
()+B #@6G2B5:)EB2<2BD252A2D5:C:>AE=<2?329G2$I )>6>AE?I2:
>2C2=29<6A6B2G2D2?A@=2?2A2CD:52<676<D:736B9E3E?82?56?82?A6?EBE?2?
6<CA2?C:A2BE2<E>E=2C:42:B2?2D2EE52B2?I6B:2<ED36B9E3E?82?56?82?
286? 4:56B2 3:@=@8:C :?D@=6B2?C: 2<D:F:D2C 36B9E3E?82? 56?82?
<6D:52<C6:>32?82? 2?D2B2 <63EDE92? 52? CEA=2: @<C:86? 2?C:6D2C
36B9E3E?82?56?82?A6BE3292?CD2DEC<6C692D2?
2 #2C2=29<6A6B2G2D2?A@=2?2A2CD:52<676<D:7
:28?@C2 <6A6B2G2D2? A@=2 ?2A2C D:52< 676<D:7 36B9E3E?82?
56?82? A6?EBE?2? 6<CA2?C: A2BE 2<E>E=2C: 42:B2? 2D2E E52B2 252=29
CE2DE:?CA:B2C:2D2E6<CA:B2C:I2?8D:52<>6>36B:F6?D:=2C:I2?8256<E2D
-:=<:?C@? 2D2C2? <2B2<D6B:CD:< CE3I6<D:7 2?D2B2 =2:?
C6C2< ?2A2C 52? ?2A2C A6?56< C652?8<2? @3I6<D:7 >6=:AED: A6BE3292?
A6B86B2<2?5252>6?82>3:=A@C:C:D:82D:D:<A6?EBE?2?D6<2?2?2CA:B2C:
2D2E6<CA:B2C:A6?EBE?2?F6?D:=2C:C2DE>6?:DA6?EBE?2?<2A2C:D2CF:D2=
?2A2C 52=2> ?2A2C 4EA:?8 9:5E?8 72C6 6<CA:B2C: I2?8 =2>2 <646A2D2?
B6CA:B2C:EC:256G2C2D29E?2D2E=63:9<EB2?852B:C2>A2:56?82?
<2=:A6B>6?:D32I:2?D2B2 C2>A2:56?82?<2=:A6B>6?:DEC:2
C2>A2:D29E?2?D2B2<EB2?852B: C2>A2:56?82?<2=:A6B>6?:D
52?EC:2C2>A2:D29E?2?D2B2<EB2?852B:C2>A2:56?82? <2=:

A6B >6?:D A6?88E?22? @D@D 32?DE A6B?2A2C2? -:=<:?C@?
&252 <2CEC $I ) 56?82? 67EC: A=6EB2 5:D2?52: 56?82? 52D2 CE3I6<D:7
A2C:6? >6?82D2<2? C6C2< ?2A2C C652?8<2? 52D2 @3I6<D:7 5:52A2D<2?
?2>A2< 252?I2 A6?88E?22? @D@D 32?DE A6B?2A2C2? B6DB2<C: 5:?5:?8
5252 A6B?2A2C2? <2=: A6B >6?:D >E<@C2 3:3:B <6B:?8 D6BA2C2?8
@<C:86? ?2CC2= <2?E= =:D6B A6B >6?:D CE2B2 ?2A2C D6B56?82B 3/(85$/
)5,&7,2158% CE2B2D6B56?82B<6B:?8C6A6BD:8@C@<2?2>A=2C !63EDE92?
7:C:@=@8:C>6>:=:<:AB:@B:D2CD6BD:?88:52=2>9:6B2B<:#2C=@G !63EDE92?
7:C:@=@8:C I2?8 5:>2<CE5 252=29 @<C:86?2C: 42:B2? ?EDB:C: 6=:>:?2C:
>@3:=:C2C:52?A6B2G2D2?5:B:&B:2>3@5@)@>2?DB:5<<
3 #2C2=29 !6A6B2G2D2?$I6B:
:28?@C2 ?I6B: 2<ED 36B9E3E?82? 56?82? 286? 4:56B2 3:@=@8:C
$I6B: 2<ED 252=29 A6?82=2>2? C6?C@B:< 52? 6>@C:@?2= I2?8 D:52<
>6?I6?2?8<2? 52? >E?4E= 2<:32D <6BEC2<2? ;2B:?82? 2<DE2= 2D2E
A@D6?C:2= 2D2E 82>32B2? 52=2> 92= <6BEC2<2? I2?8 C656>:<:2? BEA2
17(51$7,21$/)257+(78'<2)3$,1 2G:D2?I2?8D:32D:322D2EA6B=292?
52B: :?D6?C:D2C B:?82? C2>A2: 36B2D 56?82? 2<9:B I2?8 52A2D 5:2?D:C:A2C:
2D2E 52A2D 5:B2>2=<2? 52? 5EB2C:?I2 <EB2?8 52B: 3E=2? -:=<:?C@?
2D2C2?<2B2<D6B:CD:<CE3I6<D:7 252=29 <=:6?>6?8E?8<2A<2?
C642B2F6B32=2D2E >6=2A@B<2?56?82?:CI2B2D@3I6<D:7 >6=:AED:86B2<2?
>6?89:?52B: ?I6B: A6BE3292? 2ED@?@>:< 52B: D@?EC @D@D B6CA@?
2ED@?@>:< >:C2=?I2 ',$3+25(6,6 D6<2?2? 52B29 A6B?2A2C2? 2D2E
A6BE3292? ?25: 52? 5:=2D2C: AEA:= A6BE3292? ?27CE >2<2? A6B:=2<E

5:CDB2<C: >:C2=?I2 2<D:F:D2C I2?8 36BE=2?8E=2?8 A6B:=2<E 6<CAB6C:7
86=:C29 >6B:?D:9 A6<2 D6B9252A B2?8C2?8 >6?2B:< ?2A2C A2?;2?8 52?
>6?2?8:C 82?88E2? D:5EB 52? 36B7@<EC A252 5:B: C6?5:B: -:=<:?C@?
&252 <2CEC $I ) 56?82? 67EC: A=6EB2 5:D2?52: 56?82? 52D2
CE3I6<D:7$I )>6?82D2<2??I6B:D6B<252?85:B2C2<2?C22D36B?2A2C52?
36B86B2< >:B:?8 <6 <:B: ?I6B: C6A6BD: D6BDECE<DECE< ?I6B: A252 526B29
5252C636=29<:B:C<2=2 ?I6B:$I )>6?82D2<2??I6B:C6G2<DEG2<DE
56?82? :?D6?C:D2C 9:=2?8 D:>3E= 2D2 @3I6<D:7 A2C:6? >6B:?8:C 2A23:=2
?I6B:D:>3E=A2C:6?>6>682?85252<:B:?I2?25:<2=:A6B>6?:D
4 #2C2=29!6A6B2G2D2??D@=6B2?C: <D:F:D2C
:28?@C2<6A6B2G2D2?:?D@=6B2?C:2<D:F:D2C36B9E3E?82?56?82?
<6D:52<C6:>32?82? 2?D2B2 <63EDE92? 52? CEA=2: @<C:86? ?D@=6B2?C:
2<D:F:D2C 252=29 <6D:52<4E<EA2? 6?6B8: AC:<@=@8:C 2D2E 7:C:@=@8:C E?DE<
>6=2?;ED<2? 2D2E >6?I6=6C2:<2? 2<D:F:D2C <69:5EA2? C692B:92B: I2?8
92BEC 2D2E I2?8 :?8:? 5:=2<E<2? -:=<:?C@? 2D2C2?
<2B2<D6B:CD:< CE3I6<D:7 252=29 <6D:52<?I2>2?2? 2D2E A6B2C22? C6C2<
?2A2CI2?8>6>3EDE9<2?A6?86B292?D6?282>6=2A@B<2?<6=6D:92?2D2E
<6=6>292? C652?8<2? @3I6<D:7 2?D2B2 =2:? 56?IED ;2?DE?8 2D2E D6<2?2?
52B29 D:52< ?@B>2= C63282: B6CA@? D6B9252A 2<D:F:D2C A6BE3292? !
6=6<DB@<2B5:@8B27: C6=2>2 2<D:F:D2C I2?8 >6?E?;E<<2? 2B:D>:2 2D2E
:C<6>:2-:=<:?C@? &252<2CECA252$I )56?82?67EC:A=6EB2
5:D2?52: 56?82? 52D2 CE3I6<D:7 A2C:6? >6?82D2<2? =6>2C 2D2 @3I6<D:7
A2C:6??2>A2<C6C2<?2A2C!>6?E?;E<<2? 6,1867$.,.$5',2<D:F:D2C

5:32?DE@B2?8=2:?A6B?2A2C2? <2=:A6B>6?:D?25:<2=:A6B>6?:D
D6<2?2?52B29
>>8A2C:6??2>A2<=6>2C
5 #2C2=29!6A6B2G2D2??C:6D2C
:28?@C2<6A6B2G2D2?2?C:6D2C36B9E3E?82?56?82?A6BE3292?
52=2>CD2DEC<6C692D2? ?C:6D2C>6BEA2<2?A6B2C22?D:52<?I2>2?2D2E
<6D2<ED2?I2?8D:52<;6=2C52?86=:C295:C6BD2:56?82?B6CA@? 2ED@?@>:<
CE>36B D6B<252?8 D:52< CA6C:7:< 2D2E D:52< 5:<6D29E: @=69 :?5:F:5E
A6B2C22? I2?8 G2CG2C E?DE< >6?82D2C: 3292I2 ?: >6BEA2<2? C:?I2=
A6B:?82D2? 2<2? 252?I2 3292I2 52? >6>E?8<:?<2? :?5:F:5E E?DE<
>6?82>3:==2?8<29E?DE<>6?89252A:?I2-:=<:?C@?
2D2C2? <2B2<D6B:CD:< A252 A6B:=2<E >6=:AED: <6D6B32D2C2?
AB@5E<D:F:D2C>6?86<CAB6C:<2?<6=E92?<2B6?2A6BE3292?A252<6;25:2?
<69:5EA2? 86=:C29 <@?D2< >2D2 I2?8 3EBE< 76<D:7 I2?8 >6=:AED:
46>2C <6D2<ED2? A6B2C22? D2<ED <6<92G2D:B2? >6?I6C2= :C:@=@8:C
I2?8>6=:AED:A2B2C:>A2D:C52? C:>A2D:CB6CA@? A2B2C:>A2D:C2?D2B2=2:?
A6?EBE?2? D6<2?2? 52B29 A6?EBE?2? ?25: 5:2B6 >E2= <6=6=292?
82?88E2? D:5EB 36B<6>:9 D:52< =2>A:2C C652?8<2? B6CA@? C:>A2D:C
>6=:AED:2?@B6<C:2>E=ED<6B:?8<6D682?82?G2;29A6?:?8<2D2?D6<2?2?
52B29 A6?:?8<2D2? 36B<6B:?82D A6?:?8<2D2? ?25: A6?:?8<2D2? B67=6<C
A6?:?8<2D2? A6B?2A2C2? A6?:?8<2D2? <6D682?82? ',/$7$6, AEA:= 52?
<6=6>292? -:=<:?C@? &252 <2CEC $I ) 56?82? 67EC:
A=6EB2 5:D2?52: 56?82? 52D2 CE3I6<D:7 $I ) >6?82D2<2? D2<ED E?DE<
5:<6>@D6B2A: <2B6?2 32?I2< I2?8 D:52< 52A2D 5:C6>3E9<2? 56?82?

<6>@D6B2A: 2D2@3I6<D:7A2C:6?86=:C296<CAB6C:D2<EDB6C29?25:
<2=:A6B>6?:DA6B?2A2C2? <2=:A6B>6?:D
+4)'4'+6+7'<'9'4
&6B6?42?22? 252=29 CE2DE AB@C6C 5: 52=2> A6>64292? >2C2=29
I2?8 >6BEA2<2? <6AEDEC2? 2G2= D6?D2?8 C6CE2DE I2?8 2<2? 5:=2<E<2?
3282:>2?25:=2<E<2?<2A2?2<2?5:=2<E<2?52?C:2A2I2?82<2?>6=2<E<2?
52B: C6>E2 D:?52<2? <6A6B2G2D2? *E;E2??I2 252=29 E?DE< >6?8:56?D:7:<2C:
7@<EC <6A6B2G2D2? <6A252 <=:6? 2D2E <6=@>A@< E?DE< >6>3652<2?
D2?88E?8 ;2G23 A6B2G2D 56?82? AB@76C: <6C692D2? =2:? E?DE< >6?I65:2<2?
CE2DE <B:D6B:2 8E?2 A6?8E=2?82? 52? 6F2=E2C: <6A6B2G2D2? E?DE<
>6?I65:2<2?<B:D6B:252?<=2C:7:<2C:A2C:6?6B>2G2?
2=2> <2CEC :?: A6?E=:C >6=2<E<2? :?D6BF6?C: C6CE2: 56?82?
BE>EC2? >2C2=29 C6=2>2 <2=: ;2> 56?82? DE;E2? E?DE< >6?86D29E:
<6676<D:72? D:?52<2? C642B2 >2<C:>2= *E;E2? 52B: :?D6BF6?C: 252=29 CE2DE
C2C2B2?2D2E>2<CE5I2?8>6?882>32B<2?A6BE3292?I2?85::?8:?<2?A252
C6D:2A <@?5:C: 2D2E A6B:=2<E <=:6? 56?82? <B:D6B:2 92C:= I2?8 5:92B2A<2?
A6B2G2D !B:D6B:2 92C:= >6BEA2<2? C2C2B2? CA6C:7:< =2?8<29 56>: =2?8<29
A252 A6?42A2:2? DE;E2? 52? >6?89:=2?8<2? A6?I6323 E?DE< 5:28?@C2
<6A6B2G2D2? )E2DE 92C:= >6BEA2<2? A6BE3292? CD2DEC <=:6? I2?8 52A2D
5:E<EB 52=2> 36B6CA@? D6B9252A 2CE92? <6A6B2G2D2? 2C:= 252=29 B6CA@?
I2?8 5::?8:?<2? 52B: B6CA@? <@?5:C: <=:6? 52=2> 5:>6?C: 7:C:@=@8:C C@C:2=
6>@C:@?2= A6B<6>32?82? 2D2E CA:B:DE2= &65@>2? A6?E=:C2? <B:D6B:2 92C:=
36B52C2B<2? )#(* 3(6,),& ($685$%/( &+,(9(%/( ($621$%/( '$1

,0( 3(6,),& 252=2936B7@<ECA252<=:6? 0($685$%/( 52A2D5:E<EB5:=:92D
5:B232 5:B2C2<2? 52? 5:32E &+,(9(%/( 252=29 DE;E2? I2?8 92BEC 5:42A2:
($621$%/( >6BEA2<2? DE;E2? I2?8 92BEC 52A2D 5:A6BD2?88E?8;2G23<2?
C642B2 :=>:29 )652?8<2? ,0( 252=29 32D2C2? A6?42A2:2? 52=2> B6?D2?8
G2<DED6BD6?DE92BEC;6=2C32D2C2?G2<DE?I26B>2G2?
&@=2 ?2A2C D:52< 676<D:7 36B9E3E?82? 56?82? A6?EBE?2? 6<CA2?C:
A2BE2<E>E=2C:42:B2?2D2EE52B2 &252<2CEC$I )A6?E=:C36BDE;E2? C6D6=29
>6=2<E<2? D:?52<2? <6A6B2G2D2? C6=2>2 <2=: ;2> A@=2 ?2A2C D:52<
676<D:7 52A2D D6B2D2C: 56?82? <B:D6B:2 92C:= >6?E?;E<<2? A@=2 ?2A2C ?@B>2=
2D2E 676<D:7 56?82? B6?D2?8 ?@B>2= C2>A2: 56?82? <2=: A6B >6?:D
2?2=:C2 82C 52B29 ?@B>2= 3632C C:2?@C:C D:52< D6B52A2D D2?52 52?
86;2=2 9:A@<C:2 ?D6BF6?C: A252 5:28?@C2 <6A6B2G2D2? A@=2 ?2A2C D:52<
676<D:736B9E3E?82?56?82?A6?EBE?2?6<CA2?C:A2BE2<E>E=2C:42:B2?2D2E
E52B2 I2?8 5:=2<E<2? <6A252 $I ) 2?D2B2 =2:? 252=29 @3C6BF2C: <646A2D2?
:B2>2 <652=2>2? 52? EC292 ?2A2C 56?82? B2C:@?2= E?DE< >6?86D29E:
<6676<D:72? A@=2 A6B?2A2C2? <=:6? 36B:<2? A2C:6? A@C:C: ?I2>2? E?DE<
>6?E?;2?8 A2C@<2? @<C:86? 56?82? B2C:@?2= E?DE< >6>32?DE
>6?8@AD:>2=<2?A6B?2A2C2?2?;EB<2??2A2C52=2>>6=2=E: $%'20(1 C6=2>2
',675(66 A6B?2A2C2? 56?82? B2C:@?2= C63282: A6?8EB2?8 ',675(66 A6B?2A2C2?
C6=2>2 A6B:@56 ',631($ 32?DE 2<D:F:D2C A2C:6? 56?82? >6?2G2B<2? A2C:6?
D:?52<2? 3(5621$/ +<*,(1( 56?82? B2C:@?2= A2C:6? 56?82? :>@3:=:C2C: A6B=E
A6>32D2C2? 2<D:F:D2C E?DE< >6?;282 A6>6?E92? <63EDE92? @<C:86?2C:

-@?8 <@=23@B2C:A6>36B:2? @<C:86? ?2C2=<2?E==:D6BA6B>6?:D
56?82?B2C:@?2=>6>32?DE<6B;2 A2BE52?A6>36B:2?A2C@<2? @<C:86?
$I6B: 2<ED 36B9E3E?82? 56?82? 286? 4:56B2 3:@=@8:C &252 <2CEC
$I ) A6?E=:C 36BDE;E2? C6D6=29 >6=2<E<2? D:?52<2? <6A6B2G2D2? C6=2>2
<2=: ;2>?I6B:2<ED52A2DD6B2D2C:56?82?<B:D6B:292C:=A2C:6?>6?82D2<2?
?I6B: 36B<EB2?8 52? A2C:6? ?2>A2< ?I2>2? ?D6BF6?C: 2D2E B6?42?2
<6A6B2G2D2? I2?8 2<2? 5:=2<E<2? A252 $I ) I2:DE <2;: <2B2<D6B:CD:< ?I6B:
72<D@BA6?46DEC<E2=:D2C?I6B:C<2=2<6D2;2>2?:?D6?C:D2C?I6B:52?=@<2C:
56?82?B2C:@?2= &+(673$,1 3:2C2?I2D:>3E=52=2>3636B2A2D:?8<2D2?52A2D
;E82 >6?E?;E<<2?52B:86;2=2D:>3E=?I2<@>A=:<2C:52B:?I6B:
6B: D:?52<2? E?DE< <6?I2>2?2? A2C:6? C6A6BD: =2D:92? B6=2<C2C:
?2A2C52=2>56?82?B2C:@?2=329G2D:?52<2??@?2?2=86D:<56?82?C6?DE92?
2D2E B6=2<C2C: 2<2? >6B:?82?<2? <6D:52<?I2>2?2? &252 C22D =2D:92? ?272C
52=2> 5:=2<E<2? 2<2? >6?I6323<2? D6B;25:?I2 A6B682?82? 2=F6@=EC
&6B682?82? 2=F6@=EC D:A6 I2?8 >6?82<:32D<2? D682?82? A6B>E<22?
2=F6@=EC 52A2D 5:DEBE?<2? #6?EBED )96BG@@5 52=2> >2=:I2G2D:
>6?I2D2<2? 329G2 >6?EBE?<2? D682?82? A6B>E<22? 2=F6@=EC
>2<2 2<2? >6>36B:<2? <6E?DE?82? E?DE< >6?:?8<2D<2? &203/,(1&( A2BE
52? >6?EBE?<2? A2BE I2?8 >6?4:ED 52? >6?46829 D6B;25:?I2 A2BE .2/$36
*2G2B<2? A2C:6? I2?8 >6?82=2>: :>@3:=:C2C: E?DE< 3(5621$/ +,*,(1(
>@3:=:C2C: 252=29 <62522? 5:>2?2 A2C:6? 36B32B:?8 =2>2 5: D6>A2D D:5EB
D:52< 52A2D 36B86B2< C642B2 3632C <2B6?2 <@?5:C: I2?8 >6?882?88E
A6B86B2<2? 2D2E 2<D:F:D2C >@3:=:C2C: 52A2D 5:C6323<2? @=69 A6?I2<:D I2?8

5:56B:D2?I2 C>25: %=69 C6323 :DE A6B2G2D 92BEC >6?6>E<2?
42B2E?DE<>6?:?8<2D<2?2<D:F:D2CI2?8D6A2DE?DE<A2C:6? C69:?882D:?8<2D
<6>2?5:B:2? A2C:6? 52=2> >6>6?E92? <63EDE92??I2 >6?:?8<2D D6BED2>2
<63EDE92? A6B2G2D2? 5:B: 2>2I2?D: &6B2? I2?8 D:52< <2=29
A6?D:?8 252=29 329G2 A6>6?E92? <63EDE92? 3(5621$/ +<*,(1( D6B<2:D
A6B2G2D2? <E=:D B2>3ED 52? <E<E >6?:?8<2D<2? A6B2G2D2? <636BC:92? 5:B:
52? >6>32?DE A6>E=:92? A2C:6? :?8G2== !6AE2C2? A2C:6?
>6BEA2<2? DE;E2? A6=2I2?2? <6C692D2? !63EDE92? 52? <6:?8:?2? A2C:6?
252=2992=A6?D:?8I2?8 >6>6?82BE9:<6AE2C2?A2C:6? 2>2I2?D:
!@=23@B2C: 56?82? 2?2=86D:< A6B 25$/ &2'(,1 >:=:8B2> A6B ;2> 52?
:?;6<C: .(7252/$& >:=:8B2> A6B ;2> 56?82? B2C:@?2= &2'(,1 36B7E?8C:
E?DE< >6B652<2? B2C2 ?I6B: I2?8 9632D 52? .(7252/$& 36B7E?8C: C63282:
A6?2D2=2<C2?22? ;2?8<2 A6?56< D6B9252A ?I6B: C652?8 9:?882 36B2D )%

?D@=6B2?C: 2<D:F:D2C 36B9E3E?82? 56?82? <6D:52<C6:>32?82?
2?D2B2 <63EDE92? 52? CEA=2: @<C:86? &252 <2CEC $I ) A6?E=:C 36BDE;E2?
C6D6=29 >6=2<E<2? D:?52<2? <6A6B2G2D2? C6=2>2 <2=: ;2> :?D@=6B2?C:
2<D:F:D2C52A2DD6B2D2C:56?82?<B:D6B:292C:=A2C:6?C642B2F6B32=>6?82D2<2?
329G2 <6<E2D2? @D@D >6?:?8<2D 52? A6B2C22? =6=29 36B<EB2?8 C6C2< ?2A2C
36B<EB2?8 52=2> B6?D2?8 ?@B>2= C2>A2: 56?82? <2=: A6B >6?:D ?25:
52=2> B6?D2?8 ?@B>2= 2?D2B2 C2>A2: 56?82? <2=: A6B >6?:D
-:=<:?C@? ?D6BF6?C: 2D2E B6?42?2 <6A6B2G2D2? I2?8 2<2?
5:=2<E<2?A252$I )I2:DE<2;:B6CA@?A2C:6?D6B9252A2<D:F:D2CB:?82?C652?8

>2EAE? 36B2D 56?82? B2C:@?2= E?DE< >6?86D29E: B6CA@? A2C:6? D6B9252A
2<D:F:D2C B:?82? C652?8 >2EAE? 36B2D %3C6BF2C: 252?I2 C6C2< ?2A2C
<6=6>292?C6BD2A6BE3292?D2?52D2?52F:D2=C6=2>252?C6D6=29>6=2<E<2?
2<D:F:D2C 56?82? B2C:@?2= C63282: D@=2< E<EB >6>36B:<2? A6>6?E92?
<63EDE92?A2C:6?52=2>A6>:=:92?:?D6BF6?C: 2?DEA2C:6?52=2>>6=2<E<2?
2<D:F:D2C 56?82? B2C:@?2= A6>32D2C2? 2<D:F:D2C 7:C:< 52A2D >6>:?:>2=<2?
<6=6=292?52?<63EDE92?@<C:86?2C:52A2D256<E2D *2G2B<2?A2C:6? 3(5621$/
+,*,(1( 56?82? B2C:@?2= A2C:6? I2?8 D:B29 32B:?8 52A2D 5:32?DE A6B2G2D2?
<636BC:92? 5:B: 282B <6256<E2D2? @<C:86? D6D2A B6?D2?8 ?@B>2= 6=2C<2?
<6A252A2C:6?52?<6=E2B82D6?D2?8A6?D:?8?I2<6C6:>32?82?2?D2B22<D:F:D2C
52?:CD:B292D56?82?B2C:@?2= %('5(67 2<2?>6>6=:92B2DE3E9C6=2>272C62<ED
E?DE<>6?EBE?<2?<63EDE92?>6D23@=:C>6I2?836B=63:92?C6BD2>6>6=:92B2
4252?82?6?6B8:
?C:6D2C 36B9E3E?82? 56?82? A6BE3292? CD2DEC <6C692D2? &252
<2CEC $I ) A6?E=:C 36BDE;E2? C6D6=29 5:=2<E<2? D:?52<2? C6=2>2 <2=:
;2> <646>2C2? 52A2D D6B2D2C: 56?82? <B:D6B:2 92C:= A2C:6? C642B2 F6B32=
>6?82D2<2?329G2<646>2C2?36B<EB2?8A2C:6??2>A2<B:=6<C?25:52=2>
B6?D2?8 ?@B>2= 2?D2B2 C2>A2: 56?82? <2=: A6B >6?:D A6B?2A2C2?
52=2>B6?D2?8?@B>2=2?D2B2 C2>A2:56?82? <2=:A6B>6?:D -:=<:?C@?
?D6BF6?C: 2D2E B6?42?2 <6A6B2G2D2? I2?8 2<2? 5:=2<E<2? A252
$I )I2:DE<2;:D:?8<2D<646>2C2?B:?82?C652?8C2>A2:56?82?36B2D56?82?
B2C:@?2=>6>36B:<2?G2<DE<6A252A2C:6?E?DE<>6?8ED2B2<2?A6B2C22??I2
6B:<2? A2C:6? 5@B@?82? 6>@C:@?2= 56?82? B2C:@?2= 5E<E?82? I2?8 32:<

52A2D >6>36B:<2? C6>2?82D I2?8 D:?88: E?DE< >6?6B:>2 <62522? 56?82?
C232B 52? =2A2?8 5252 6B:<2? D:?52<2? E?DE< >6>36B:<2? <6?I2>2?2?
C6A6BD: D6<?:< A:;2D B67=6<C: #6?EBED 2=:>2BD92 52=2> )2>CE5:?
>6?86>E<2<2? 329G2 C2=29 C2DE D6B2A: ?@? 72B>2<@=@8:C I2?8
5:D2G2B<2? E?DE< >6?EBE?<2? <252B CDB6CC 52? 9:A6BD6?C: 56?82? D6B2A:
>2C2C6 A:;2D B67=6<C: *6<?:< A6>:;2D2? A252 D:D:<D:D:< D6BD6?DE 52A2D
>6?89:=2?8<2? CE>32D2? 52=2> 52B29 C69:?882 2=:B2? 52B29 >6?;25: =2?42B
6B:<2? <6A252 A2C:6? E?DE< >6?8ED2B2<2? A6B2C22? 56?82? B2C:@?2=
>6?86=E2B<2?E?8<2A2?92D:52A2D>6?8EB?8:3632?A:<:B2?A2C:6? 6=2C<2?
AB@C6C A6?I2<:D 52? AB@C65EB D:?52<2? I2?8 C6CE2: 56?82? <6>2>AE2? 52?
52A2D 5:A292>: @=69 A2C:6? 52? <6=E2B82 56?8? B2C:@?2= 282B A2C:6? 52?
<6=E2B8252A2D>6>292>:>6?86D29E:52?>6?86BD:D6B9252AD:?52<2?I2?8
2<2?5:=2<E<2?C6CE2:AB@C65EB)@>2?DB:
&6?E=:C D:52< >6>2CE<<2? D:?52<2? 3(5621$/ +<*,(1( <652=2>
5:28?@C2<6A6B2G2D2?567:C:DA6B2G2D2?5:B:<2B6?2A6B2G2D2?<636BC:92?5:B:
A2C:6? D:52< 52A2D D6BA6?E9: @=69 <2B6?2 CEA=2: @<C:86? I2?8 D:52< 256<E2D
C69:?882A2C:6?>6?82=2>::>@3:=:C2C:52?D:52<52A2D>6B2G2D5:B:
*:?52<2? <6A6B2G2D2? 3(5621$/ +<*,(1( D:52< 92BEC >6?E?88E
A2C:6? 36BA6?2>A:=2? <@D@B 2D2E D:52< 36BC:9 <2B6?2 <636BC:92? 5:B:
>6BEA2<2? C2=29 C2DE 2CA6< I2?8 92BEC 5:A6B92D:<2? A6B2G2D D6B9252A <=:6?
I2?8>6?82=2>:82?88E2?86B2<52?<@?5:C:7:C:<=6>29 &B2<D:<>6>32?DE
:?5:F:5E52=2>>6>6?E9:<63EDE92? +<*,(1( >6B6<252A2D>6?86>32?8<2?
9E3E?82? A2C:6? 52? A6B2G2D C6BD2 >6>E?8<:?<2? AB2<D:C: I2?8 D6B2>A:=

E?DE< >6?8<2;: A6B<6>32?82? A2C:6? C642B2 7:C:< 52? >6?D2= &6B2? I2?8
D:52< <2=29 A6?D:?8 252=29 329G2 A6>6?E92? <63EDE92? 3(5621$/ +<*,(1(
D6B<2:D A6B2G2D2? <E=:D B2>3ED 52? <E<E >6?:?8<2D<2? A6B2G2D2?
<636BC:92?5:B:52?>6>32?DEA6>E=:92?A2C:6?:?8G2==
"/4*'1'4+6+7'<'9'4
*:?52<2? <6A6B2G2D2? 2D2E :>A=6>6?D2C: 252=29 C6B2?8<2:2?
A6=2<C2?22? B6?42?2 D:?52<2? <6A6B2G2D2? @=69 A6B2G2D E?DE< >6>32?DE
<=:6? 52B: >2C2=29 CD2DEC <6C692D2? I2?8 5:9252A: <6CD2DEC <6C692D2? I2?8
=63:932:<I2?8>6?882>32B<2?<B:D6B:292C:=52=2>B6?D2?8 I2?85:92B2A<2?
6B>2G2?
:28?@C2A@=2?2A2CD:52<676<D:736B9E3E?82? 56?82?A6?EBE?2?
6<CA2?C: A2BE 2<E>E=2C: 42:B2? 2D2E E52B2 C6=2>2 <2=: ;2> A6?E=:C
>6=2<E<2? D:?52<2? <6A6B2G2D2? 2?D2B2 =2:? >6?8@3C6BF2C: <646A2D2?
:B2>2 <652=2>2? 52? EC292 ?2A2C I2?8 36BDE;E2? E?DE< >6?86D29E:
<6676<D:72? A@=2 A6B?2A2C2? <=:6? #6>36B:<2? A2C:6? A@C:C: ?I2>2? I2<?:
A@C:C: 6(0, )2:/(5 56?82? DE;E2? E?DE< >6?E?;2?8 A2C@<2? @<C:86? 52?
>6>32?DE>6?8@AD:>2=<2?A6B?2A2C2? #6?82?;EB<2??2A2C52=2>>6=2=E:
$%'20(1 C6=2>2 ',675(66 A6B?2A2C2? I2?8 36BDE;E2? C63282: A6?8EB2?8
',675(66 A6B?2A2C2? C6=2>2 A6B:@56 ',631($ #6?2G2B<2? <6A252 A2C:6?
E?DE< <636BC:92? 5:B: I2?8 36BDE;E2? A2C:6? 56?82? :>@3:=:C2C: A6B=E
A6>32D2C2?2<D:F:D2C 282B A6>6?E92?<63EDE92?@<C:86?2C: 52A2D256<E2D

$I6B:2<ED36B9E3E?82?56?82?286?4:56B23:@=@8:CC6=2>2<2=:
;2> A6?E=:C >6=2<E<2? D:?52<2? <6A6B2G2D2? 2?D2B2 =2:? >6?8<2;:
<2B2<D6B:CD:<?I6B:72<D@BA6?46DEC<E2=:D2C?I6B:C<2=2<6D2;2>2?:?D6?C:D2C
?I6B: 52? =@<2C: 56?82? DE;E2? &+(67 3$,1 3:2C2?I2 D:>3E= 52=2> 3636B2A2
D:?8<2D2? 52A2D ;E82 >6?E?;E<<2? 52B: 86;2=2 D:>3E=?I2 <@>A=:<2C: 52B:
?I6B: #6>36B:<2? D:?52<2? E?DE< <6?I2>2?2? A2C:6? C6A6BD: =2D:92?
B6=2<C2C: ?2A2C 52=2> 56?82? DE;E2? 329G2 D:?52<2? ?@? 2?2=86D:< 56?82?
C6?DE92? 2D2E B6=2<C2C: 2<2? >6B:?82?<2? <6D:52<?I2>2?2? #6?2G2B<2?
A2C:6? E?DE< <636BC:92? 5:B: 56?82? DE;E2? A2C:6? 56?82? :>@3:=:C2C: 52A2D
5:32DE 2<D:F:D2C C692B:92B:?I2 C6A6BD: A6B2G2D2? 5:B: 282B CEA=2: @<C:86?
256<E2D #6>36B:<2? D6B2A: 72B>2<@=@8:C 2?2=86D:< A6B 25$/ &2'(,1
>:=:8B2> A6B ;2> 52? :?;6<C: .(7252/$& >:=:8B2> A6B ;2> &2'(,1
36B7E?8C: E?DE< >6B652<2? B2C2 ?I6B: I2?8 9632D C652?8<2? .(7252/$&
36B7E?8C: C63282: A6?2D2=2<C2?22? ;2?8<2 A6?56< D6B9252A ?I6B: C652?8
9:?88236B2D
:28?@C2 <6A6B2G2D2? :?D@=6B2?C: 2<D:F:D2C 36B9E3E?82? 56?82?
<6D:52<C6:>32?82?2?D2B2<63EDE92?52?CEA=2:@<C:86? C6=2>2<2=: ;2>
A6?E=:C>6=2<E<2?D:?52<2?<6A6B2G2D2?2?D2B2=2:? >6?8<2;:B6CA@?A2C:6?
D6B9252A 2<D:F:D2C B:?82? C652?8 >2EAE? 36B2D 56?82? DE;E2? E?DE<
>6?86D29E: B6CA@? A2C:6? D6B9252A 2<D:F:D2C B:?82? C652?8 >2EAE? 36B2D
#6?8@3C6BF2C: 252?I2C6C2<?2A2C<6=6>292?C6BD2A6BE3292?D2?52D2?52
F:D2= C6=2>2 52? C6D6=29 >6=2<E<2? 2<D:F:D2C 252=29 C63282: D@=2< E<EB
>6>36B:<2? A6>6?E92? <63EDE92? A2C:6? 52=2> A6>:=:92? :?D6BF6?C:

#6>32?DE A2C:6? 52=2> >6=2<E<2? 2<D:F:D2C 56?82? DE;E2? 329G2
A6>32D2C2? 2<D:F:D2C 7:C:< 52A2D >6>:?:>2=<2? <6=6=292? 52? <63EDE92?
@<C:86?2C: 52A2D 256<E2D #6?2G2B<2? A2C:6? <636BC:92? 5:B: 329G2 A2C:6?
I2?8D:B2932B:?852A2D >6>32?DE>6?46829<@>A=:<2C:C6A6BD:36<E2?52B29
52? 56<E3:DEC &B:2>3@5@ )@>2?DB: 5<< #6?;6=2C<2? <6A252
A2C:6? 52? <6=E2B82 D6?D2?8 A6?D:?8?I2 <6C6:>32?82? 2?D2B2 2<D:F:D2C 52?
:CD:B292D 56?82? DE;E2? %('5(67 2<2? >6>6=:92B2 DE3E9 C6=2>2 72C6 2<ED
E?DE<>6?EBE?<2?<63EDE92?>6D23@=:C>6I2?836B=63:92?C6BD2>6>6=:92B2
4252?82?6?6B8:
!636BC:92? 5:B: I2?8 32:< D6=29 5:2?882A C63282: <@>A@?6? A6?D:?8
E?DE< >6?46829 A6?I632B2? A6?I2<:D !E=:D >6BEA2<2? A6BD292?2? A6BD2>2
>6=2G2? A6?I2<:D 52? D6B52A2D 3E<D: 329G2 >6?;282 <636BC:92? <E=:D 52A2D
>6?8EB2?8: ;E>=29 >:<B@@B82?:C>6 >:C2=?I2 32<D6B: I2?8 52A2D
>6?I6323<2? A6?I632B2? :?76<C: :52I2D !636BC:92? 5:B:
>6?42<EAC6>E22<D:F:D2C I2?8>6>:=:<:DE;E2?<636BC:92?52?A6?2>A:=2?
DE3E9 2<D:F:D2C D6BC63ED >6=:AED: >6>2?5:<2? 5: D6>A2D D:5EB A6B2G2D2?
B2>3ED >6>6=:92B2 52? >@D@?8 <E<E >6>32?DE A2C:6? >6>6=:92B2
<636BC:92? 25$/ +,*,(1( >6>32?DE >6?882?D:<2? A2<2:2? 52? <2:? D6?E?
B@@<6B
*:?52<2? <636BC:92? 5:B: I2?8 5:=2<E<2? A252 $I ) 56?82?
:>@3:=:C2C: 2<:32D 52B: 82?88E2? A6B?2A2C2? 67EC: A=6EB2 A252 D2?882=
C2>A2: 56?82? AB:= 252=29 A6B2G2D2? <E<E ;2B: D2?82? 52? <2<:
C6BD2>2?5:5:D6>A2DD:5EB

*:?52<2?A6?86?52=:2?:?76<C:I2?83EBE<52A2D>6?:?8<2D<2?B:C:<@
:?76<C: C6=2>2 52? C6D6=29 >2?5: 5: D6>A2D D:5EB :$6+/$3 I2?8 5:8E?2<2?
<6>32=: D6D2A: D6B=63:9 529E=E D:52< 5:4E4: D6D2A: 92?I2 56?82? 5:2?8:?
2?8:?<2? >2<2 2<2? >6?I6323<2? A6BDE>3E92? 32<D6B: I2?8 C6=2?;ED?I2
2<2? 36BA:?529 <6 <E=:D A2C:6? 2C<@> 92BEC 5:C:>A2? D6B32=:< 2D2E
>6?89252A<652=2>E?DE<>6?46829G2529D6B<6?2563E2D2E<@D@B2?I2?8
C6=2?;ED?I22<2?36BA:?529<6DE3E9A2C:6?
&6BC:2A<2?A6B2=2D2?>2?5:D6B=63:9529E=EC6A6BD:32C<@>I2?836B:C:
2:B 92?82D C23E? 42:B %$%< 2,/ 2D2E >:?I2< <2IE AED:9 7$/. :$6+/$3
92?5E< 52? A2<2:2? 82?D: I2?8 36BC:9 "2?8<29 AB@C65EB >6>2?5:<2?
A2C:6? 5: D6>A2D D:5EB 2?D2B2 =2:? ;6=2C<2? C6D:2A =2?8<29 AB@C65EB 282B
A2C:6?>6>292>:AB@C6CD:?52<2?=2<E<2?AB@C65EBC6CE2:56?82?<6:?8:?2?
52? <63EDE92? A2C:6? ;282 AB:F2C: <=:6? 4E4: D2?82? 52? 8E?2<2? C2BE?8
& 2=2D A6=:?5E?8 5:B: 32C<@> I2?8 36B:C: 2:B 92?82D 5:D2>329<2?
56?82? C65:<:D C23E? 42:B 32?DE <=:6? >6>A6B@=69 A@C:C: I2?8 ?I2>2? 52?
D6D2A C6=:>ED: A2C:6? 56?82? DE;E2? >6>A6B>E529 2<C6C <6 <=:6? 52? D6D2A
>6?;282>2BD232D<=:6?36BC:9<2?<=:6?>E=2:52B:G2;299:?882D6=2A2<<2<:
C642B2 36BEBED2? 56?82? :$6+/$3 92= :?: 36BDE;E2? >6?8EB2?8: B:C:<@
A6?I632B2? 32<D6B: A252 A6B>E<22? <E=:D 52? >6?:?8<2D<2? C:B<E=2C:
<6B:?8<2?56?82?92?5E<<6B:?836B: %$%<2,/ 2D2E>:?I2<<2IEAED:9A252
AE?88E?8 D6=2A2< D2?82? D6=2A2< <2<: 282B >6?46829 B:C:<@ 56<E3:DEC
A2<2:<2?32;E82?D:I2?836BC:92A23:=2=:?6?CE529=63:952B:5E292B:>2<2

=:?6?G2;:35:82?D:E?DE<>6?89:?52B:B:C:<@A6?I632B2?32<D6B::52I2D52?
=:>E=
!E<E ;2B: D2?82? 52? <2<: I2?8 A6?E9 56?82? <@D@B2? 2<2?
>6?I632B<2? :?76<C: 52? <E<E ;2B: I2?8 A2?;2?8 52? D:52< B2D2 52A2D
>6?I6323<2? 4656B2 C6BD2 :?76<C: &B@C65EB A6>@D@?82? <E<E ;2B: <2<: 52?
D2?82?252=29D6B=63:9529E=E>6?;6=2C<2?C6D:2A=2?8<29AB@C65EB5:DE;E<2?
282B A2C:6? 52? <6=E2B82 >6>292>: AB@C6C D:?52<2? A6BC:2A<2? 2=2D 2?D2B2
=2:? 32C<@> I2?8 36B:C: 2:B 92?82D C23E? 42:B %$%< 2,/ 8E?D:?8 52? <:<:B
<E<E=:5:<2A2C<6BD2C<@B2?52?92?5E< "2?8<29=2?8<29D:?52<2?2?D2B2
=2:?:C:32C<@>56?82?2:B92?82D=2=ED2>329<2?C65:<:DC23E?42:BB6?52>
2D2E EC2A<2? <2<: 2D2E D2?82? 56?82? :$6+/$3 D:52< =63:9 52B: >6?:D
<2B6?2 2A23:=2 =63:9 52B: >6?:D <E<E 2<2? >6=E?2< 52? =63:9 B6?D2?
D6B9252A 4656B2 <6B:?8<2? ;2B:;2B: 52? C6=2 ;2B: 56?82? 92?5E< <6B:?8
=6D2<<2? <6BD2C <@B2? C63282: A6?82=2C E?DE< >6?8E>AE=<2? <@D@B2? 52B:
<E<E ;2B: =2=E >6>@D@?8 <E<E >E=2: 52B: C:C: =E2B 52? C62B29 >6?8:<ED:
36?DE< <E<E ;2?82? >6>@D@?8 <E<E D6B=2=E A6?56< <:<:B 52=2> C2DE 2B29
52B: D6A: <E<E D6B=E2B <62B29 D6?829 =2=E @=6C<2? %$%< 2,/ E?DE< >2C2C6
B2A:<2?A2C:6?52?3E2?8<@D@B2?<E<E<632<C2>A29:?76<C:EC:?8G2==
K
#6B2G2D B2>3ED >6BEA2<2? D:?52<2? <6A6B2G2D2? I2?8 5:=2<E<2?
A252 A2C:6? I2?8 D:52< >2>AE >6>6?E9: <63EDE92? E?DE< >6?4E4: 52?
>6?I:C:B B2>3ED *E;E2? 52B: >6B2G2D B2>3ED 252=29 >6?89:=2?8<2?

>:<B@@B82?:C>6 >6?2>329 B2C2 ?I2>2? >6>A6B=2?42B C:CD6> A6B652B2?
52B295:32G29<E=:D:52I2D52?=:>E=
:28?@C2 <6A6B2G2D2? <66>A2D 252=29 2?C:6D2C 36B9E3E?82? 56?82?
A6BE3292?CD2DEC<6C692D2?C6=2>2<2=: ;2>A6?E=:C>6=2<E<2?D:?52<2?
2?D2B2 =2:? >6?8<2;: D:?8<2D <646>2C2? B:?82? C652?8 C2>A2: 56?82? 36B2D
56?82? DE;E2? E?DE< >6>36B:<2? G2<DE <6A252 A2C:6? >6?8ED2B2<2?
A6B2C22??I2 #6>36B:<2? A2C:6? 5@B@?82? 6>@C:@?2= 56?82? DE;E2? 329G2
5E<E?82? I2?8 32:< 52A2D >6>36B:<2? C6>2?82D I2?8 D:?88: 282B A2C:6?
52A2D >6?6B:>2 <62522? 56?82? C232B 52? =2A2?8 5252 #6>36B:<2?
D:?52<2?E?DE<>6>36B:<2?<6?I2>2?2?C6A6BD:D6<?:< A:;2DB67=6<C:56?82?
DE;E2? >6>36B:<2? C6?C2C: I2?8 ?I2>2? 52? B:=6<C #6?;6=2C<2? AB@C6C
A6?I2<:D 52? AB@C65EB D:?52<2? I2?8 C6CE2: 56?82? <6>2>AE2? 52? 52A2D
5:A292>:@=69A2C:6?52?<6=E2B8256?82?B2C:@?2=282BA2C:6?52?<6=E2B82
52A2D >6>292>: >6?86D29E: 52? >6?86BD: D6B9252A D:?52<2? I2?8 2<2?
5:=2<E<2?C6CE2:AB@C65EB
;'2:'8/
F2=E2C: 5:567:?:C:<2? C63282: <6AEDEC2? 52B: 676<D:F:D2C 2CE92?
<6A6B2G2D2? 2?D2B2 52C2B DE;E2? <6A6B2G2D2? <=:6? I2?8 D6=29 5:D6D2A<2?
56?82? B6CA@? A6B:=2<E <=:6? I2?8 D2>A:= *E;E2? 52B: 6F2=E2C: 2?D2B2 =2:?
E?DE< >6?6?DE<2? A6B<6>32?82? <6C692D2? <=:6? >6?:=2: 676<D:7:D2C 52?
67:C:6?C:D:?52<2?<6A6B2G2D2?>6?52A2D<2?E>A2?32=:<52B:B6CA@?<=:6?

52? C63282: D2?88E?8 ;2G23 52? D2?88E?88E82D 52=2> A6=2<C2?22?
A6=2I2?2?<6C692D2?6B>2G2?
2B: )6?:? AB:= ;2> - 5:28?@C2 <6A6B2G2D2?
2<E>E=2C: E52B2 2D2E 42:B2? >6?88E?2<2? >6D@56 )%& 5:A6B@=69 92C:=
C63282:36B:<EDCE3I6<D:7 $I ) >6?82D2<2?C6C2<?2A2C@3I6<D:7A6B?2A2C2?
<2=: A6B >6?:D ?25: <2=: A6B >6?:D >E<@C2 3:3:B <6B:?8 ?2>A2<
252?I2 B6DB2<C: 5:?5:?8 5252 ?2>A2< A6?88E?22? @D@D 32?DE A6B?2A2C2?
1$/,6,6 >2C2=29 36=E> D6B2D2C: /$11,1* :?D6BF6?C: 5:=2?;ED<2? I2:DE
@3C6BF2C: <646A2D2? :B2>2 <652=2>2? 52? EC292 ?2A2C 36B:<2? A2C:6?
5:32?DE2<D:F:D2CC692B:92B:52?A6B2G2D2?5:B:3(5621$/+<*,(1( <@=23@B2C:
A6>36B:2? @<C:86? ?2C2=<2?E==:D6BA6B>6?:D
2> - 5:28?@C2 <6A6B2G2D2? ?I6B: 2<ED 36B9E3E?82?
56?82? 286? 4:56B2 3:@=@8:C >6?88E?2<2? >6D@56 )%& 5:A6B@=69 92C:=
C63282: 36B:<ED CE3I6<D:7 $I ) >6?82D2<2? ?I6B: D6B<252?8 5:B2C2<2? C22D
36B?2A2C52?36B86B2<>:B:?8<6 <:B:?I6B:C6A6BD:D6BDECE<DECE<?I6B:A252
526B29 5252 C636=29 <:B: C<2=2 ?I6B: A2C:6? >6?82D2<2? ?I6B: C6G2<DE
G2<DE 56?82?:?D6?C:D2C9:=2?8D:>3E= %3I6<D:7A2C:6?>6B:?8:C2A23:=2?I6B:
D:>3E=A2C:6?D:52< ?I2>2??25:<2=:A6B>6?:D ?2=:C:C>2C2=2936=E>
D6B2D2C: /$11,1* :?D6BF6?C: 5:=2?;ED<2? 2?D2B2 =2:? <2;: <2B2<D6B:CD:< ?I6B:
A6?46DEC <E2=:D2C C<2=2 <6D2;2>2? 52? =@<2C: ?I6B: 36B: D:?52<2? E?DE<

<6?I2>2?2?A2C:6?D2G2B<2?A252A2C:6?E?DE<5:32?DE2<D:F:D2CA6B2G2D2?
5:B: 3(5621$/ +<*,(1( <@=23@B2C: A6>36B:2? 2?2=86D:< A6B 25$/ &2'(,1
>:=:8B2>A6B ;2>52?:?;6<C: .(7252/$& >:=:8B2>A6B ;2>
2> - 5:28?@C2 <6A6B2G2D2? :?D@=6B2?C: 2<D:F:D2C
36B9E3E?82?56?82?<6D:52<C6:>32?82?2?D2B2<63EDE92?52?CEA=2:@<C:86?
56?82? >6?88E?2<2? >6D@56 )%& 5:A6B@=69 92C:= C63282: 36B:<ED
CE3I6<D:7 $I ) >6?82D2<2?C6C2<?2A2C36BD2>329C22D>6=2<E<2?2<D:F:D2C
B:?82? 52? @3I6<D:7 ?25: <2=: A6B >6?:D A6B?2A2C2? <2=: A6B >6?:D
D6<2?2?52B29
>>8A2C:6? =6>2C 1$/,6,6 >2C2=2936=E>D6B2D2C:
/$11,1* =2?;ED<2? :?D6BF6?C: 2?D2B2 =2:? <2;: B6CA@? A2C:6? D6B9252A
2<D:F:D2CB:?82?C652?89:?88236B2D32?DEA2C:6?52=2>>6=2<E<2?2<D:F:D2C
C6A6BD:>6?2G2B<2?<6A252 A2C:6?A6B2G2D2?5:B:3(5621$/+,*,(1(;6=2C<2?
<6A252 A2C:6? 52? <6=E2B82 A6?D:?8?I2 <6C6:>32?82? 2?D2B2 2<D:F:D2C 52?
:CD:B292D
2> 5:28?@C2 <6A6B2G2D2? 2?C:6D2C 36B9E3E?82? 56?82?
A6BE3292? CD2DEC <6C692D2? 56?82? >6?88E?2<2? >6D@56 )%& 5:A6B@=69
92C:= C63282: 36B:<ED CE3I6<D:7 $I ) >6?82D2<2? D2<ED E?DE< 5:=2<E<2?
D:?52<2? >65:C <6>@D6B2A: <2B6?2 32?I2< A2C:6? I2?8 D:52< 52A2D
5:C6>3E9<2?56?82?<6>@D6B2A:52?@3I6<D:7A2C:6?86=:C296<CAB6C:G2;29
D2<ED ?25: <2=: A6B >6?:D 1$/,6,6 >2C2=29 36=E> D6B2D2C: /$11,1*
=2?;ED<2?:?D6BF6?C:2?D2B2=2:?<2;:D:?8<2D<646>2C2?B:?82?C652?89:?882
36B2D 36B:<2? A2C:6? 5@B@?82? 6>@C:@?2= 36B:<2? D:?52<2? A:;2D B67=6<C:
36B:<2? G2<DE <6A252 A2C:6? E?DE< >6?8ED2B2<2? A6B2C22? ;6=2C<2? AB@C6C

A6?I2<:D52?AB@C65EBD:?52<2?C6CE2:56?82?<6>2>AE2?>6?2?8<2AA2C:6?
52?<6=E2B82
2B: )6=2C2 AB:= ;2> - 56?82? >6?88E?2<2?
>6D@56 )%& 5:28?@C2 <6A6B2G2D2? A@=2 ?2A2C D:52< 676<D:7 36B9E3E?82?
56?82? A6?EBE?2? 6<CA2?C: A2BE 2<E>E=2C: E52B2 2D2E 42:B2? 5:A6B@=69
92C:=C63282:36B:<EDCE3I6<D:7 $I ) >6?82D2<2? >2C:9>6B2C2C6C2<?2A2C
52? B6CA@? @3I6<D:7 ?2>A2< >6?88E?2<2? @D@D 32?DE A6B?2A2C2? ?2>A2<
B6DB2<C: 5:?5:?8 5252 ?25: <2=: A6B >6?:D A6B?2A2C2? <2=: A6B >6?:D
52?>E<@C23:3:B<6B:?8 1$/,6,6 >2C2=2936=E>D6B2D2C: /$11,1* :?D6BF6?C:
5:=2?;ED<2? I2:DE @3C6BF2C: <646A2D2? :B2>2 <652=2>2? 52? EC292 ?2A2C
36B:<2? A2C:6? A@C:C: ?I2>2? E?DE< >6?E?;2?8 A2C@<2? @<C:86? 2?;EB<2?
?2A2C 52=2> >6=2=E: $%'20(1 C6=2>2 ',675(66 A6B?2A2C2? D2G2B<2? <6A252
A2C:6? E?DE< 5:32?DE 2<D:F:D2C C692B:92B: C6A6BD: A6B2G2D2? 5:B: 3(5621$/
+<*,(1(<@=23@B2C:A6>36B:2? @<C:86? ?2C2=<2?E==:D6BA6B>6?:D
2> - 5:28?@C2 <6A6B2G2D2? ?I6B: 2<ED 36B9E3E?82?
56?82? 286? 4:56B2 3:@=@8:C 5:A6B@=69 92C:= C63282: 36B:<ED CE3I6<D:7 $I )
>6?82D2<2? ?I6B: D6B<252?8 5:B2C2<2? C22D 36B86B2< >:B:?8 <6 <:B: ?I6B:
C6A6BD: D6BDECE<DECE< ?I6B: A252 5252 C636=29 <:B: C<2=2 ?I6B: $I )
>6?82D2<2??I6B:D:>3E=C6G2<DEG2<DE 56?82?:?D6?C:D2C9:=2?8D:>3E=52?
@3I6<D:7A2C:6?>6B:?8:C2A23:=2?I6B:D:>3E=A2C:6?D:52<?I2>2??25:
<2=: A6B >6?:D 1$/,6,6 >2C2=29 36=E> D6B2D2C: /$11,1* :?D6BF6?C:
5:=2?;ED<2? 2?D2B2 =2:? <2;: <2B2<D6B:CD:< ?I6B: A6?46DEC <E2=:D2C C<2=2
<6D2;2>2? 52? =@<2C: ?I6B: 36B: D:?52<2? E?DE< <6?I2>2?2? A2C:6?

D2G2B<2?A252A2C:6?E?DE<5:32?DE2<D:F:D2C C6A6BD:5:32?DE52=2>2<D:F:D2C
A6B2G2D2? 5:B: 3(5621$/ +<*,(1( <@=23@B2C: A6>36B:2? 2?2=86D:< A6B 25$/
&2'(,1 >:=:8B2>A6B ;2>52?:?;6<C: .(7252/$& >:=:8B2>A6B ;2>
2> - 5:28?@C2 <6A6B2G2D2? :?D@=6B2?C: 2<D:F:D2C
36B9E3E?82? <6D:52<C6:>32?82? 2?D2B2 <63EDE92? 52? CEA=2: @<C:86?
5:A6B@=69 92C:= C63282: 36B:<ED CE3I6<D:7 $I ) >6?82D2<2? =6>2C 52? C6C2<
?2A2C36BD2>329C22D36B2<D:F:D2CB:?82?52?@3I6<D:7?25:<2=:A6B>6?:D
A6B?2A2C2? <2=:A6B>6?:DD6<2?2?52B29
>>8 1$/,6,6 >2C2=29
36=E> D6B2D2C: /$11,1* =2?;ED<2? :?D6BF6?C: 2?D2B2 =2:? <2;: B6CA@? A2C:6?
2<D:F:D2C C6A6BD: >6?2G2B<2? <6A252 A2C:6? A6B2G2D2? 5:B: 3(5621$/
+,*,(1( ;6=2C<2? <6A252 A2C:6? 52? <6=E2B82 A6?D:?8?I2 <6C6:>32?82?
2?D2B22<D:F:D2C52?:CD:B292D
2> - 5:28?@C2 <6A6B2G2D2? 2?C:6D2C 36B9E3E?82?
)E3I6<D:7 $I ) >6?82D2<2?<6>@D6B2A::DE?2>A2<>6?86B:<2?52?@3I6<D:7
A2C:6? 86=:C29 6<CAB6C: G2;29 D2<ED ?25: <2=: A6B >6?:D A6B?2A2C2?
<2=:A6B>6?:D 1$/,6,6 >2C2=2936=E>D6B2D2C: /$11,1* =2?;ED<2?:?D6BF6?C:
2?D2B2=2:?<2;:D:?8<2D<646>2C2?B:?82?C652?89:?88236B2D36B:<2?A2C:6?
5@B@?82? 6>@C:@?2= 36B:<2? D:?52<2? A:;2D B67=6<C: 36B:<2? G2<DE <6A252
A2C:6?E?DE<>6?8ED2B2<2?A6B2C22?;6=2C<2?AB@C6CA6?I2<:D52? AB@C65EB
D:?52<2?C6CE2:56?82?<6>2>AE2?>6?2?8<2AA2C:6?52?<6=E2B82

)6D6=29 5:=2<E<2? D:?52<2? <6A6B2G2D2? 92C:= 6F2=E2C: 5:=2<E<2?
A252 D2?882= AB:= ;2> - 56?82? >6?88E?2<2? >6D@56
)%& 5:A6B@=69 92C:= C63282: 36B:<ED CE3I6<D:7 $I ) >6?82D2<2? >2C:9
>6B2C2C6C2<?2A2C52?@3I6<D:7?2>A2<A6?88E?22?@D@D32?DEA6B?2A2C2?
?2>A2<B6DB2<C:5:?5:?85252A6B?2A2C2? <2=:A6B>6?:D?25:<2=:A6B
>6?:D 1$/,6,6 >2C2=2936=E>D6B2D2C: /$11,1* :?D6BF6?C:5:=2?;ED<2?I2:DE
@3C6BF2C: <646A2D2? :B2>2 <652=2>2? 52? EC292 ?2A2C 36B:<2? A2C:6?
5:32?DE 2<D:F:D2C C692B:92B: C6A6BD: 2<D:F:D2C A6B2G2D2? 5:B: 3(5621$/
+<*,(1(<@=23@B2C:A6>36B:2? @<C:86? ?2C2=<2?E==:D6BA6B>6?:D
2> - 56?82? 5:28?@C2 <6A6B2G2D2? ?I6B: 2<ED
36B9E3E?82? 56?82? 286? 4:56B2 3:@=@8:C 5:52A2D<2? 92C:= C63282: 36B:<ED
CE3I6<D:7 $I ) >6?82D2<2? ?I6B: 5:B2C2<2? C22D 36B86B2< ?I6B: C6A6BD:
D6BDECE<DECE< ?I6B: A252 5252 C636=29 <:B: C<2=2 ?I6B: DEBE? >6?;25:
$I ) >6?82D2<2? ?I6B: D:>3E= C6G2<DEG2<DE 56?82? :?D6?C:D2C 9:=2?8
D:>3E=52? B6CA@? @3I6<D:7 A2C:6? ?2>A2< D:52< ?I2>2? C22D ?I6B: >E?4E=
?25:<2=:A6B>6?:D 1$/,6,6 >2C2=29D6B2D2C:C6328:2? /$11,1* =2?;ED<2?
:?D6BF6?C: <2;: <2B2<D6B:CD:< ?I6B: A6?46DEC <E2=:D2C C<2=2 <6D2;2>2? 52?
=@<2C: ?I6B: 36B: D:?52<2? E?DE< <6?I2>2?2? A2C:6? D2G2B<2? A252 A2C:6?
E?DE< 5:32?DE 2<D:F:D2C C6A6BD: 2<D:F:D2C A6B2G2D2? 5:B: 3(5621$/ +<*,(1(
<@=23@B2C: A6>36B:2? 2?2=86D:< A6B 25$/ &2'(,1 >:=:8B2> A6B ;2> 52?
:?;6<C: .(7252/$& >:=:8B2>A6B ;2>

2> - 5:28?@C2 <6A6B2G2D2? :?D@=6B2?C: 2<D:F:D2C
36B9E3E?82? 56?82? <6D:52<C6:>32?82? 2?D2B2 <63EDE92? 52? CEA=2:
@<C:86? 5:52A2D<2? 92C:= C63282: 36B:<ED CE3I6<D:7 $I ) >6?82D2<2? >2C:9
=6>2C 36B86B2< C65:<:D 2D2E >6=2<E<2? 2<D:F:D2C B:?82? >2<2 C6C2< ?2A2C
2<2? 36BD2>329 52? @3I6<D:7 A2C:6? =6>2C ?25: <2=: A6B >6?:D
A6B?2A2C2? <2=: A6B >6?:D 2<D:F:D2C 5:32?DE @=69 @B2?8 =2:? 1$/,6,6
>2C2=29 36=E> D6B2D2C: /$11,1* =2?;ED<2? :?D6BF6?C: <2;: B6CA@? A2C:6?
2<D:F:D2C 56?82? 42B2 >6?2G2B<2? <6A252 A2C:6? A6B2G2D2? 5:B: 3(5621$/
+,*,(1( ;6=2C<2? <6A252 A2C:6? 52? <6=E2B82 A6?D:?8?I2 <6C6:>32?82?
2?D2B22<D:F:D2C52?:CD:B292D
2> - 5:28?@C2 <6A6B2G2D2? 2?C:6D2C 36B9E3E?82?
CE3I6<D:7 $I ) >6?82D2<2? CE529 A2CB29 D6B9252A A6?I2<:D 52? <@?5:C:?I2
C22D:?:52?@3I6<D:7A2C:6?86=:C29<@?D2<>2D2<EB2?8?25:<2=:A6B
>6?:D A6B?2A2C2? <2=: A6B >6?:D 1$/,6,6 >2C2=29 D6B2D2C: C6328:2?
/$11,1* =2?;ED<2? :?D6BF6?C: 2?D2B2 =2:? <2;: D:?8<2D <646>2C2? B:?82?
C652?8 9:?882 36B2D 36B:<2? A2C:6? 5@B@?82? 6>@C:@?2= 36B:<2? D:?52<2?
A:;2D B67=6<C: 36B:<2? G2<DE <6A252 A2C:6? E?DE< >6?8ED2B2<2? A6B2C22?
>6?2?8<2AA2C:6?52?<6=E2B82

6B52C2B<2? 92C:= 6F2=E2C: D:?52<2? D6?D2?8 A6=2<C2?22? 3(5621$/
+<*,(1( C6=2>2 92B: 36BDEBEDDEBED 5:A6B@=69 92C:= I2:DE 329G2 C636=E>
5:=2<E<2? 3(5621$/ +<*,(1( $I ) >6?82D2<2? <EB2?8 AE2C D6B9252A
A6=2I2?2?<636BC:92?5:B: )6D6=2992B:5:=2<E<2?D:?52<2? 3(5621$/+<*,(1(
@=69A6B2G2D$I )>6?82D2<2?AE2CD6B9252AA6=2I2?2?<636BC:92?5:B:
$
#"#
!#
&6?8<2;:2?
2C:= A6?8<2;:2? I2?8 D6=29 5:=2<E<2? A252 $I ) D2?882= AB:=
5:52A2D<2? C642B2 G2G2?42B2 $//2$1$01(6$ 52? $872$1$01(6$ 52?
@3C6BF2C:>2<25:52A2D<2?52D2<6=E92?ED2>2252=29C6C2<?2A2C
?2=:C22D2
$I ) >6?82D2<2? C6C2< ?2A2C ?2>A2< 252?I2 A6?88E?22? @D@D 32?DE
A6B?2A2C2? ?2>A2< B6DB2<C: 5:?5:?8 5252 A6B?2A2C2? <2=: A6B >6?:D
>E<@C2 3:3:B ?2>A2< <6B:?8 D6BA2C2?8 @<C:86? ?2CC2= <2?E= =:D6B A6B
>6?:D CE2B2 ?2A2C D6B56?82B 3/(85$/ )5,&7,2158% CE2B2 D6B56?82B <6B:?8
C6A6BD:8@C@<2?2>A=2C $I ) >6?82D2<2??I6B:D6B<252?85:B2C2<2?C22D
36B?2A2C 52? 36B86B2< >:B:?8 <6 <:B: ?I6B: C6A6BD: D6BDECE<DECE< ?I6B:
A252 526B29 5252 C636=29 <:B: C<2=2 ?I6B: $I ) >6?82D2<2? ?I6B:
C6G2<DEG2<DE 56?82? :?D6?C:D2C 9:=2?8 D:>3E= 5:D2?52: 56?82? A2C:6?
>6B:?8:C 2A23:=2 ?I6B: D:>3E= A2C:6? >6>682?8 5252 <:B:?I2 ?25:
<2=: A6B >6?:D $I ) >6?82D2<2? =6>2C A2C:6? C6C2< ?2A2C !
>6?E?;E<<2? 6,1867$.,.$5', <2=:A6B>6?:D2<D:F:D2C5:32?DE@B2?8
=2:?A6B?2A2C2? <2=:A6B>6?:D?25:<2=:A6B>6?:D D6<2?2?52B29

>>8A2C:6? =6>2C $I )>6?82D2<2?D2<EDE?DE<5:<6>@D6B2A:
<2B6?2 32?I2< I2?8 D:52< 52A2D 5:C6>3E9<2? 56?82? <6>@D6B2A: A2C:6?
86=:C296<CAB6C:D2<EDB6C29?25:<2=:A6B>6?:DA6B?2A2C2? <2=:
A6B>6?:D
:28?@C2!6A6B2G2D2?
2C:= A6?8<2;:2? A252 D2?882= AB:= 52A2D 5:BE>EC<2? >2C2=29
<6A6B2G2D2? 2?D2B2 =2:? A@=2 ?2A2C D:52< 676<D:7 36B9E3E?82? 56?82?
A6?EBE?2? 6<CA2?C: A2BE 2<E>E=2C: 42:B2? 52? E52B2 #2C2=29
<6A6B2G2D2? A@=2 ?2A2C D:52< 676<D:7 5:2>3:= C63282: >2C2=29 AB:@B:D2C
ED2>2 <2B6?2 C6CE2: 56?82? 9:6B2B<: #2C=@G 329G2 A6B?2A2C2?
>6BEA2<2? <63EDE92? 7:C:@=@8:C 52? >6BEA2<2? >2C2=29 I2?8 52A2D
>6?82?42> ?I2G2 2A23:=2 D:52< C686B2 D6B2D2C: $I6B: 2<ED 36B9E3E?82?
56?82? 286? 4:56B2 3:@=@8:C ?D@=6B2?C: 2<D:F:D2C 36B9E3E?82? 56?82?
<6D:52<C6:>32?82? 2?D2B2 <63EDE92? 52? CEA=2: @<C:86? ?C:6D2C
36B9E3E?82?56?82?A6BE3292?CD2DEC<6C692D2?
(6?42?2!6A6B2G2D2?
&6?E=:C>6BE>EC<2?B6?42?2D:?52<2? C6CE2:56?82?>2C2=29<6A6B2G2D2?
I2?8>E?4E=I2<?: 56?82? DE;E2?C6D6=295:=2<E<2?D:?52<2?<6A6B2G2D2?
C6=2>2 <2=: ;2> >2C2=29 <6A6B2G2D2? 52A2D D6B2D2C: 56?82? <B:D6B:2
92C:= A@=2 ?2A2C 52A2D 676<D:7 A6B?2A2C2? B6?D2?8 I2?8 5:92B2A<2?
C2>A2:56?82? <2=:A6B>6?:DC<2=2?I6B:52A2D36B<EB2?8 52B: C<2=2
?I6B:>6?;25:2D2E<6<E2D2?@D@D52A2D36BD2>32952?<646>2C2?
52A2D 36B<EB2?8 ?D6BF6?C:?I2 2?D2B2 =2:? <2;: A@=2 A6B?2A2C2? <=:6?
D6?DE<2?<2B2<D6B:CD:<?I6B:32?DEA2C:6?E?DE<>6?52A2DA@C:C:?I2>2?
32?DE A2C:6? 52=2> >6=2<E<2? 2<D:F:D2C C692B:92B: C6A6BD: >6?2G2B<2?

<6A252 A2C:6? E?DE< 3(5621$/ +,*,(1( 2;2B<2? <=:6? D6?D2?8 >2?2;6>6?
?I6B: 2;2B<2? D6<?:< B6=2<C2C: 5:CDB2<C: 56?82? >6>36B:<2? A:;2D2?
B:=6<C2C: A252 6<DB6>:D2C <=:6? ;6=2C<2? A6?D:?8?I2 :CD:B292D 52?
<6C6:>32?82? 2?D2B2 2<D:F:D2C 52? =2D:92? ;6=2C<2? AB@C6C A6?I2<:D 52?
AB@C65EB C6CE2: 56?82? <6>2>AE2? A2C:6? E?DE< >6?2?8<2A :?7@B>2C:
52?<@=23@B2C:56?82?A6>36B:2?2?2=86D:< C6CE2:56?82? $'9,6( 5@<D6B
*:?52<2?!6A6B2G2D2?
*:?52<2? <6A6B2G2D2? I2?8 D6=29 5:=2<E<2? 36B52C2B<2? B6?42?2
<6A6B2G2D2? A252 D2?882= C2>A2: 56?82? AB:= 2D2E C6=2>2
<2=: ;2> 2?D2B2=2:?252=29 >6?8<2;:A@=2A6B?2A2C2?<=:6? >6>32?DE
A2C:6? >6?52A2D<2? A@C:C: I2?8 ?I2>2? >6>32?DE A2C:6? 52=2>
>6=2<E<2? 2<D:F:D2C C692B:92B: 56?82? >6?2G2B<2? A2C:6? D:?52<2?
A6B2G2D2? 5:B: >6?6?DE<2? <2B2<D6B:CD:< ?I6B: >6>36B:<2? D:?52<2?
E?DE< <6?I2>2?2? A2C:6? 56?82? 42B2 D6<?:< B6=2<C2C: 5:CDB2<C: I2<?:
>6>36B:<2? A:;2D2? B6=2<C2C: A252 6<DB6>:D2C <=:6? >6?82;2B<2? <=:6?
D6?D2?8 >2?2;6>6? ?I6B: >6?;6=2C<2? A6?D:?8?I2 :CD:B292D 52?
<6C6:>32?82? 2?D2B2 2<D:F:D2C 52? =2D:92? >6>32?DE A2C:6? 52=2>
>6>6?E9: 2<D:F:D2C <63EDE92? C692B:92B: >6?;6=2C<2? AB@C6C A6?I2<:D
52? AB@C65EB C6CE2: 56?82? <6>2>AE2? A2C:6? E?DE< >6?2?8<2A
:?7@B>2C: >6>36B:<2? D:?52<2? I2?8 >6?:>3E=<2? <6?I2>2?2?
>6>32?DEA2C:6?E?DE<>6?52A2DA@C:C:?I2>2?
F2=E2C:<6A6B2G2D2?A252D2?882=AB:= ;2> A2525:28?@C2

2<E>E=2C: 42:B2? 2D2E E52B2 CE3I6<D:7 $I ) >6?82D2<2? >2C:9
>6B2C2<2? C6C2< ?2A2C 52? @3I6<D:7 ?2>A2< A6?88E?22? @D@D 32?DE
A6B?2A2C2? ?2>A2< B6DB2<C: 5:?5:?8 5252 A6B?2A2C2? <2=: A6B >6?:D
?25:<2=:A6B>6?:DC69:?882>2C2=2936=E>D6B2D2C: 2> -
56?82?5:28?@C2<6A6B2G2D2??I6B:2<ED36B9E3E?82?56?82?286?4:56B2
3:@=@8:C 5:52A2D<2? 92C:= C63282: 36B:<ED CE3I6<D:7 $I ) >6?82D2<2?
?I6B:5:B2C2<2?C22D36B86B2<?I6B:C6A6BD:D6BDECE<DECE<?I6B:A2525252
C636=29 <:B: C<2=2 ?I6B: DEBE? >6?;25: $I ) >6?82D2<2? ?I6B: D:>3E=
C6G2<DEG2<DE56?82?:?D6?C:D2C9:=2?8D:>3E=52? B6CA@?@3I6<D:7A2C:6?
?2>A2< D:52< ?I2>2? C22D ?I6B: >E?4E= ?25: <2=: A6B >6?:D >2<2
>2C2=29 D6B2D2C: C6328:2? 2> - 5:28?@C2 <6A6B2G2D2?
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==29 )-* I2?8 D6=29 >6>36B:<2? <6>E5292? <6C232B2? <6=2?42B2? 52?

!6A6B2G2D2? C6<2=:8EC C63282: A6>3:>3:?8 !2BI2 *E=:C =>:29 I2?8 D6=29

3:>3:?82? 56?82? 46B>2D >6>36B:<2? >2CE<2?>2CE<2? 56?82? A6?E9

3E#6B:%<D2B:2?:) !6A $C # !6AC6=2<E)6<B6D2B:C&B@8B2>)DE5:

3:>3:?82? 52? 36B3282: A6BD2?I22? 56?82? 46B>2D D6=:D: >6>36B:<2?

2A2< @<@!:C>2?D@) !6A $CC6=2<E&6>32?DE!6DE2 &B@8B2>)DE5:

!6A6B2G2D2? C6<2=:8EC A6?8E;: I2?8 D6=29 >6>3:>3:?8 56?82?

3E !6A2=2 BE2?8 CD6B ()+ B #@6G2B5: )EB2<2BD2 I2?8 D6=29

>6?5@2<2? >6>36B: C6>2?82D 52? >@D:F2C: I2?8 D2< 96?D:96?D:?I2 56>:

5E<E?82? C6>2?82D 52? >@D:F2C: 52=2> >6?I6=6C2:<2? DE82C !2BI2 *E=:C

<6A6B2G2D2?52? <6C692D2? >:?

!#!

A=6EB2 #6?EBEDB:2?D: 52=2>A6?6=:D:2?=:J236D9 >6?;6=2C<2?

252=29 <2B6?2 ?6@A=2C>2 (18( (025$,& (9(5 * 8%(5&2/26,6

>6?5E5E<: EBED2? <6D:82 6B52C2B<2? 42D2D2? >65:< () B !2B:25: )6>2B2?8

;E>=29 AB6F2=6?C: A6?56B:D2 67EC: A=6EB2 A252 A6B6>AE2? B2D2B2D2 52?=2<:

@B2?8 52?<2?<6BA2BE@B2?8=:J236D9 )2>292=?I2

<682?2C2? 52? A?6E>@?:2 32<D6B: C6>6?D2B2 5: ?682B2?682B2 36B<6>32?8 =63:9

5E?:2 56?82? 3632? DE36B<E=@C:C 52? <@?DB:3EC: DE36B<E=@C:C C636C2B

#6?EBED2=:> 52=2>6G: 67EC:A=6EB2>6BEA2<2?C2=29

5:C6323<2? <2?<6B A2BEA2BE 52? <2?<6B A2IE52B2 7EC: A=6EB2 >6BEA2<2?

>2?:76CD2C: <=:?:< I2?8 52A2D 5:;E>A2: A252 C6<:D2B C2>A2: 56?82?

A6?56B:D2 <682?2C2? A=6EB2 AB:>6B 2D2E >6D2CD2D:< )6>6?D2B2 <2CEC

>6C@D6=:@>2 <682?2C2? A=6EB2 AB:>6B 52A2D 5:C6BD2: 67EC: A=6EB2 52?

2<D:F:D2C >@3:=:C2C: 52A2D 5:C6323<2? @=69 A6?I2<:D I2?8 5:56B:D2?I2 C>25:

&2C:6? :>@3:=:C2C: >6>6B=E<2? 32?DE2? 52=2> >6>6?E9: <63EDE92?

7:C:< <2B6?2 A2C:6? D:52< >2>AE >6>6?E9: <63EDE92??I2 C6?5:B: >@3:=:C2C:

>2?EC:2 >@3:=:D2C 252=29 AEC2D E?DE< 36BA2BD:C:A2C: 52=2> 52? >6?:<>2D:

+<*,(1( D6B<2:D A6B2G2D2? <E=:D B2>3ED 52? <E<E >6?:?8<2D<2? A6B2G2D2?

52? :>=6 >6?;6=2C<2? 329G2 <=:6? 56?82? :>@3:=:C2C: E>E>?I2

>6?82=2>: <6D6B32D2C2? 52=2> >6>6?E9: <63EDE92? <636BC:92? 5:B: >@3:=:C2C:

>6?I63ED<2? 329G2 A6B2G2D D:52< >6>6?E9: <63EDE92? 52C2B A2C:6? C6A6BD:

:?8G2== >6?42A2: <@?C6?CEC 52=2> 5@<E>6??I2 2 (&5(76 329G2

A6?I6>3E92? 2=:?:52A2D5:=:92DA252<=:6? I2?8>6>AE?I2:=:?8<E?82?

5:32?5:?8<2? 56?82? <@?5:C: =:?8<E?82? I2?8 D:52< ?I2>2? :52I2D 52?

E?DE< >6>36B:<2? A6=2I2?2? I2?8 C6CE2: 56?82? 92B2A2? A6=2?882?

>6>36B:<2? <@?CDB:3EC: C6<:D2B %=69 <2B6?2 :DE BE>29 C2<:D 36BEA2I2

E?DE< >6?:?8<2D<2? <E2=:D2C A6=2I2?2? 2=2> 92= :?: A6B2G2D I2?8

>6>36B:<2? A6=2I2?2? 3(5621$/ +<*,(1( C6=2:? :DE ;E82 92BEC

>6>A6B92D:<2? 2CA6< >EDE 2D2E <E2=:D2C A6=2I2?2? >6=:AED: <62?52=2?

<6D2?882A2? ;2>:?2? 6>A2D: 52? 3E<D: =2?8CE?8 2C:= A6?6=:D:2? D:?8<2D

<6AE2C2? A2C:6? :>@3:=:C2C: 56?82? ?:=2: >62? I2:DE >65:2?

CD2?52B 56F:2C: 92= :?: >6?E?;E<2? <6AE2C22? A2C:6?

AB@C65EB D6D2A: ;E82 >6>A6B92D:<2? <6D2?882A2? 52? A6B92D:2? A6B2G2D

D6B9252A<63EDE92?A2C:6?:>@3:=:C2C: 2>2I2?D:

52? <6C692D2? C6C6@B2?8 E?DE< <6C6;29D6B22? 7:C:< 52? AC:<:C <EB2?8

36BDE;E2? E?DE< >6?42A2: <636BC:92? DE3E9 >6=:AED: >6>32CE9 >2?5:

C6C6@B2?8 C2<:D 3:2C2?I2 >2C2=29 <6C692D2? <EB2?8 5:A6B92D:<2? 2= :?:

D6B;25: <2B6?2 >6?882?882A >2C2=29 <636BC:92? 252=29 >2C2=29 C6A6=6

2C:= @3C6BF2C: 5: (E2?8 CD6B B68E=6B ()+ B #@6G2B5: )EB2<2BD2

5:52A2D<2? <2CEC D6?D2?8 A2C:6? I2?8 >6?82=2>: :>@3:=:C2C: C6;E>=29 A2C:6?

<6?I2>2?2? <6D6?2?82? 52? >6>32?DE AB@C6C A6>E=:92? =63:9 46A2D :52I2D

3 &6?E=:C >2>AE >6BE>EC<2? 5:28?@C2 <6A6B2G2D2? A252 $I ) 56?82?

5 &6?E=:C >2>AE >6=2<E<2? :>A=6>6?D2C: <6A6B2G2D2? A252 $I ) 56?82?

6 &6?E=:C >2>AE >6=2<E<2? 6F2=E2C: <6A6B2G2D2? A252 $I ) 56?82?67EC:

7 &6?E=:C >2>AE >6?82?2=:C2 92C:= A6>36B:2? D:?52<2? A6>6?E92?

>6?82A=:<2C:<2? D:?52<2? 36BEA2 A6>6?E92? <63EDE92? <636BC:92? 5:B: 52?

#6?2>329 A6?86D29E2? G2G2C2? 52? B676B6?C: 328: A2B2 A6>3242 52=2>

42:B2? 52=2> B@?882 A=6EB2 )@>2?DB: 7EC: A=6EB2 252=29

#6?EBED )>6=DJ6B 52=2> $EB2B:7 52? !ECE>2

5:2?D2B2 A6B>E<22? 9,6&(5$/ 52? 3$5,(7$/ AB@C6C A6?I2<:D AB:>6B ;2B2?8

=2:? )642B2 ?@B>2= BE2?8 A=6EB2= >6?82?5E?8 C6;E>=29 <64:= 42:B2?

C2>A2: >= I2?8 36B7E?8C: C63282: A6=E>2C I2?8 >6>E?8<:?<2?

#6?EBED )@>2?DB: &=6EB2 D6B5:B: 52B: 5E2 =2A:C2? I2?8

28:2? A6B>E<22? =E2B?I2 D6B5:B: 2D2C C6=2A:C C6= >6C@D6=:2=

6?5@A=6EB2 I2?8 36B:C: 7:3B@C:D 52? 9:CD:@C:D : 32G29 6?5@A=6EB2

D6B52A2D ;2B:?82? <@=286? 52? C6B2DC6B2D 6=2CD:< I2?8 5:?2>2<2?

52?2BD6B:3B2<9:2=:C52?<6=6?;2B86D29 36?:?8 !6C6=EBE92?;2B:?82?

"2A:C2? ;2B:?82? A252 3/(85$ 3$5,(7$/,6 D6B5:B: 2D2C C6=C6=