!"#"$%&'("')*"+,-+'./+"$%0/"*1+!"!#$%%%!"!&''()!

&(*+,''

-./0#0%10!2.$.#%03!!"#!"!.11.!/04.#-.5!!$#

-6789:6;:!<69=:!>8;!?:;;6@@:A!=:!#:B69:C!%!D96EE8>7:!
F896E:F:!8!;8!FA998;6G:A>:

5H--.3I!"!5.3/%1%.1! 4JKK03I! %1! KL0! $%##.M0! JN!#%4.3%C!KL0! 203.-%2! N3.M-01K5! .1/! KL0%3! 2J1102K%J15!"!KO8!B6B89!
DAFP<8!A>!6>6;QG:>@!7O8!BA7789Q!DAP>=!RQ!#C!S89>6RT!S986!6>=!-C!26?6;:89!:>!7O8!;8?8;<!AD!.P<A>:A!%%!:>!7O8!6F9ABA;:!
AD!#:B69:!6>=!6779:RP78=!7A!569=:>:6>!E6>:D6F7P98C!KO8!98F8>7!98?:8U!6;;AU<!7A!ADD89!<AE8!F;69:!!F67:A>!RQ!=8!!>:>@!
7O8!7:BA;A@:F6;!FO696F789<!AD!7O8!8;8E8>7<!98B98<8>78=!6>=!7O8!8VF;P<:A>!AD!A7O89<!B98?:AP<;Q!FA><:=898=!6<!98;8?6>7!
7A!7O8!>P96@:F!FP;7P98C!W8!7O898DA98!6>6;:G8!7O8!FA>78V7!UO898!7O8!569=:>:6>!BA7789Q!O6?8!R88>!DAP>=!6>=!ADD89!6!
>8U!:>789B98767:A>!98;67:?8!7A!569=:>:6>!>P96@:F!!!>=:>@<C

.&/02+'*1"&#+3'2896E:F6!>P96@:F6)!#:B69:)!.P<A>:A!%%C
4+5'60/($X'1P96@:F!BA7789Q)!#:B69:)!.P<A>:6>!%%C

/ABA! ;6! =:<79PG:A>8! =8;;Y:><8=:6E8>7A! =8;" B9AB9:A!:>!\P8<76!D6<8!=8;!S9A>GA!!!>6;8!_269=698;;:!

;Y.P<A>:A! %)! ;6! ?:76! 9:B98>=8! <P;;6! <7A9:F6! 9AFF6!
=:!#:B69:Z!FAE8![!A9E6:!R8>!>A7A)!;6!>PA?6!7&*"+$!
FP;7P96;8!FO8!=6!\P8<7A!EAE8>7A!<:!6DD89E6![!<7676!
=8>AE:>676!.P<A>:A!%%C!.;;8!F6B6>>8!F9A;;678!<8!
>8! <A?96BBA>@A>A! =:! >PA?8)! E6! 8=:!!F678! FA>!
P>6!78F>:F6!=8;!7P77A!=:?89<6Z!O6>>A!P>6!<79P77P96!
BA976>78!;:@>86!:><89:76!>8;;6!EP967P96!;6B:=86)!<8"
FA>=A!P>6!796=:G:A>8!<79P77P96;8!E:>A:FA"E:F8>86)!
FO8!79A?6!6EB:!FA>D9A>7:!>8:!B6;6GG:!F9878<:C!]!P>6!
78F>:F6)!=Y6;79A>=8)!FO8!<:!9:79A?6!6>FO8!:>!=:?89<8!
;AF6;:7^!=8;;6!5:F:;:6!_8+2"9:,;$)!BC!`*abC
#Y.P<A>:A!%%![!B89!#:B69:!P>!B89:A=A!=:!<796A9"
=:>69:6!B9A<B89:7^C!%>!7P778!;8!:<A;8!0A;:8!98<76!<A;A!
P>!:><8=:6E8>7A)!FA>78>P7A!>8;;6!<A;6!6986!=8;;6!
DA97:<<:E6!9AFF6!B89FOc!8?:=8>78E8>78!:!B89:FA;:!
B9A?8>:8>7:!=6;!E698!896>A!@96?:!8!:EB8;;8>78!896!
;6!>8F8<<:7^!=8;;6!=:D8<6C!dP8<76!E6>:D8<76G:A>8!=:!
FA>F8>796G:A>8!=:!P>!:><8=:6E8>7A!<P!=:!P>Y6986!
=:D8<6! 6BB698! FA>DA9E8! 6! \P8;! D8>AE8>A! FO8!
:>7898<<6! @96>! B6978! =8;;6! B8>:<A;6! :76;:6>6! 8! ;6!
FP:! 6FF8>7P6G:A>8! 8=! :>78><:!!F6G:A>8! <:! A<<89?6!
_*b
!-P<8A!.9FO8A;A@:FA!38@:A>6;8!i#P:@:!S89>6RT!S986j)!e('aa!#:B69:Z!
8"E6:;X!E6=8;8:>8CF6?6;:89kU6>6=AACD9
_&b
!/:B697:E8>7A!=:!5F:8>G8!HE6>:<7:FO8!8!=8;;Y.>7:FO:7^!"!H>:?89<:7^!
=8@;:!57P=:!=:!56<<69:)!4:6GG6!2A>78!=:!-A9:6>6)!()!'`*''!56<<69:Z!78;C!
'`el&&efegZ!8"E6:;X!=8B6;E6<kP>:<<C:7C
8!=:!M8>>69A!*eef)!BC!&fgbC!#8!F6B6>>8!AFFPB6>A!
=8><6E8>78!7P776!;Y6986Z!;A!<B8<<A98!8!;6!9:FFO8GG6!
=8;;A!<7967A!69FO8A;A@:FA!FO8!6=!8<<8!FA99:<BA>=8!
=:EA<796>A!P>6!@96>=8!:>78><:7^!=:!?:76C
%;! B6<<6@@:A! =6;;Y.P<A>:A! %! 6;! %%! 6??:8>8! :>!
EA=A!?:A;8>7A)!E6!:;!F6ER:6E8>7A!D96!;8!=P8!7&*"+$!
>A>![!96=:F6;8!?:<7A!FO8)!<8!FAEB6:A>A!8;8E8>7:!=8;!
7P77A!>PA?:)!EA;7:!6;79:!<8ER96>A!:>?8F8!:>=:F698!
P>6!F8976!FA>7:>P:7^C!.<<PE8!A96!P>6!;69@6!=:DDP<:A"
>8!;6!<78<<6!F896E:F6!=:B:>76!FA>!EA7:?:!@8AE879:F:!
6!*1+#/0,$'B;P9:E:)!=:!FP:!@:^!<:!6?8?6!\P6;FO8!8<8E"
B:A!>8;;Y.P<A>:A!%)!F896E:F6!:>!B6978!:EBA97676!=6;;6!
B8>:<A;6!:76;:6>6C!.;79:!8;8E8>7:!FO8!A96!FAEB6:A>A!
B89!;6!B9:E6!?A;76)!FAE8!;6!=8FA96G:A>8!6!<A;FO:!8!
6!RAGG8!=:!<7:;8!B9A7A?:;;6>A?:6>A)!<A>A!6>FOY8<<:!
6BBA97:!F897:!=8;;Y%76;:6!FA>7:>8>76;8C
%;!F6ER:6E8>7A!=:!7&*"+$!FP;7P96;8!=6;;Y.P<A"
>:A!%!6;;Y.P<A>:A!%%!>A>!:>7899AEB8!:!96BBA97:!FAE"
E89F:6;:!FA;!EA>=A!8@8A)!FO8!<:!B9A7968?6>A!A9E6:!
=6!<8:!<8FA;:X!=:!D677A!>8@;:!<7967:!=8;;Y.P<A>:A!%%!
6RR:6EA!79A?67A!P>!B:FFA;A!>PE89A!=:!F896E:FO8!
E:F8>88! =:! <7:;8! %%%! 2C! %>!!>8! P>6! \P6>7:7^! >A78"
?A;:<<:E6! =:! F896E:FO8! <69=8! >P96@:FO8! 79A?678!
>8;;8!F6B6>>8!=8;;Y:>789A!?:;;6@@:A!F:!6778<76!:>78><:!
<F6ER:!8!P>!@96>=8!<?:;PBBA!=8:!796D!!F:!E69:77:E:!
FA>!;6!569=8@>6!=P96>78!:;!h%%!8!;Yh%!<8FA;AC
#6!<7A9:6!=:!#:B69:!F:!=:EA<796!FO8!96@@:P>@898!
=6;;6!5:F:;:6)!=6;;6!569=8@>6!A!=6;;8!FA<78!=8;;6!B8"
&(& -C!2.$.#%03!"!.C!/04.#-.5
>:<A;6!:76;:6>6!:!B68<:!=8;!-8=:78996>8A!A9:8>76;8)!
>8;;Y87^!=8;!R9A>GA)!>A>!=A?8?6!8<<898!=:D!!F:;8C!/:!
D677A!6RR:6EA!?:<7A!8?:=8>7:!:>=:G:!=:!FA>7677:!D96!
;8!:<A;8!0A;:8!8!;8!FA<78!AFF:=8>76;:!=8;;6!569=8@>6!
>8;;Y87^! =8;;6! FP;7P96! =:! 26BA! M96G:6>A! 8! DA9<8!
@:^!:>78><:!FA>7677:!?:!896>A!<767:!!!>!=6;!18A;:7:FA!
E8=:A!_FP;7P96!=:!SA>P!%@O:>PbC
#6! @96>=8! =:<79PG:A>8! =676R:;8! 6;;Y(a'! F:9F6!
6C2C!BA>8!P>!:EB9A??:<A!789E:>8!6!\P8<76!@96>=8!
B9A<B89:7^!=:!?:76!<P;;6!9AFF6C!NA9<8!B89!P>!=:9877A!
:>789?8>7A!=8;;8!@96>=:!FAEP>:7^!i?:;;6>A?:6>8j!
=8;;6!26EB6>:6!_2A;A>>6!&''fb)!R8>!96BB98<8>7678!
=6;!FAEB;8<<A!=:!4A>78F6@>6>A)!;Y:>789A!?:;;6@@:A!
=8;;Y.P<A>:A! %%! [! =67A! 6;;8! !!6EE8! 8! ;8! F6B6>>8!
F9A;;6>A! <8BB8;;8>=A! <A77A! ;8! E6F89:8! 7P77A! F:T!
FO8!FA>78>8?6>AC!H>A!<7967A!=:!F8>89:!8!=:!F69RA>:!
=:!A;798!P>6!?8>7:>6!=:!F8>7:E879:!FA>!FO:6GG8!=:!
FA;A98!>89A!8!9A<<A!6778<76!\P8<76!F676<79AD8C
-C2C
%! E6789:6;:! =:! 6ER:7A! >P96@:FA! :>=:?:=P67:!
>8:!;:?8;;:!=8;;Y.P<A>:A!%%!=8;!26<78;;A!=:!#:B69:!8!
:;!;A9A!<:@>:!!F67A!FA>!9:D89:E8>7A!6;;A!<F6ER:A!=8;!
FA>78>P7A!E89:76>A!6BB9ADA>=:E8>7A!<P!P>6!;:>86!
6B8976!@:^!=6!=:?89<:!<7P=:A<:!_2A>7P!*e`g)!BC!*`e)!
<8EB;:F8!F:76G:A>8)!*e('Z!N899698<8!289P7:!*e(`b!8!
=6;!EAE8>7A!=8;;6!;A9A!<FAB8976!O6>>A!FA<7:7P:7A!
P>! :EB98<F:>=:R:;8! 9:D89:E8>7A! B89! @;:! 6>6;A@O:!
8<8EB;69:!9:>?8>P7:!:>!569=8@>6C
09FA;8!2A>7P)!FO8!B89!B9:EA!8DD877PT!:;!9:<FA>"
79A!6P7AB7:FA!=8:!B8GG:)!6?6>GT!=8;;8!9:<89?8!<P;;6!
B897:>8>G6!6=!6ER:7A!>P96@:FA!=:!6;FP>:!8;8E8>7:!
:>=:?:=P67:! FAE8! 76;:! =6@;:! <FAB9:7A9:! :>! D6<8! =:!
98>=:FA>7A! =:! <F6?A*! E8>798! B89! :! D96EE8>7:! =:!
B:m! :EE8=:676! 9:FA>A<F:R:;:7^! B9ABA<8! >PE89A<:!
FA>D9A>7:!FA>!:!FA>78<7:!>P96@:F:!>A7:!_2A>7P!*e('bC!
#6!98?:<:A>8!FA>=A776!:>!<8@P:7A!=6!-69:6!#P:<6!N89"
9698<8!289P7:!FA>D89ET!:>!B6978!;8!AB:>:A>:!8<B98<<8!
=6!2A>7P)!FA><8>78>=A!=:!B98F:<698!P;789:A9E8>78!
;6! B897:>8>G6! 6=! 6ER:7A! <69=A! =:! P>! @9PBBA! =:!
D96EE8>7:)!=8:!\P6;:!DA9>:<F8!;Y8;8>FA!FA>!:!>PE89:!
=Y:>?8>769:A!8!FO8!9:FA>=PF8!6!F:9F6!P>6!798>7:>6!=:!
?6<:!_N899698<8!289P7:!*e(`)!BBC!g,*)!g,a!>A76!&bC
.=!A;798!?8>7:!6>>:!=6;;YP;7:E6!=:<6E:>6!=8:!
E6789:6;:!<:![!9:78>P7A!DA<<8!>8F8<<69:A!B9AF8=898!
6=!P>6!=AFPE8>76G:A>8!=:!E6@@:A98!=8776@;:A!
* G:A>8!=8;!*e('!_>>C!:>?C!aa*f)!aaea)!af((bZ!;8!>PA?8!F:76G:A>:!=8:!>>C!:>?C!
!iE8>A!<:@>:!!F67:?A!E:!B698!:>?8F8!;Y6FFA<76E8>7A!_6;E8>A!>8;!<8><A!
=:!6FF87769>8!;6!B9A?8>:8>G6!<69=6b!=:!P>!?6<877A!<D89A:=8!>A>!=8FA967A)!
FA>!FA;;A!6!@A;6)!=:!6;FP>:!D96EE8>7:!=:!?6<:!@;ARP;69:!FA>!FA;;A!<?6<67A!
=8FA967A!6!<A;F67P98)!=:!P>!D96EE8>7A!=:!;PF89>6!6!R69FO8776)!=:!P>6!
76GG6!F698>676!FA>!6><8776!6;;69@676!6;;Y:EBA<76)!=:!P>!D96EE8>7A!=:!
76GG6!F698>676!FA>!A9;A!:>@9A<<67A!8=!:>!!>8!=:!?69:!D96EE8>7:!=:!F896"
E:F6!=8FA9676j!_2A>7P!*e(')!BC!(&ebC
&!
489!:;!EAE8>7A!>A>![!<767A!BA<<:R:;8!9:>796FF:698!:;!B8GGA!B89!8<6E:"
>69;A!=:98776E8>78C
,!
#6!<7P=:A<6!:>78@9T!:;!98B897A9:A!=8:!E6789:6;:!=:!:EBA976G:A>8!<69=6!FA>!
;Y6FFA97A!:><89:E8>7A!=:!798!8;8E8>7:!>A>!F;6<<:!!F67:!FAE8!76;:!>8;;Y8=:"
8=! 8DD877P698! P>! >PA?A! 9:<FA>79A! <AB9677P77A!
6;;6! ;PF8! =8:! =67:! ADD897:! =6:! >PE89A<:! 98F8>7:!
9:>?8>:E8>7:!<69=:C
%;!>PE89A!=8:!D96EE8>7:!BPRR;:F67:!>8;!*e('!
=6!#P:@:!S89>6RT!S986!8!-6=8;8:>8!26?6;:89!FAE8!
B897:>8>7:!6!F896E:F6!>P96@:F6!6<<AEE6!6!fa!8;8"
E8>7:!_8+2"9:,;$)!BBC!&')!g,)!ge)!a&)!ag)!a`)!ae)!f&)!
fa)!`')!`g)!(&"(,)!(a)!(`"(()!eg)!&f()!&(`"&(()!&e,b!
9:>?8>P7:!>8:!;:?8;;:!=8;;Y.P<A>:A!%%)!796>>8!;6!B6978!
=:!?6<A!FO:P<A!>C!:>?C!a*,&!:>=:?:=P676!>8;;A!<7967A!
98;67:?A!6;;6!=:<79PG:A>8!!!>6;8!=8;;Y.P<A>:A!%!>8;;6!
F6B6>>6!b!%$!_8+2"9:,;$)!BBC!*&()!f'*bC
%;!9:8<6E8!AB8967A!=6!N899698<8!289P7:!B89E:<8!
<:6! =:! 8<F;P=898! ;6! B9A?8>:8>G6! >P96@:F6! B89! :;!
F:767A!D96EE8>7A!=:!?6<A!=:!DA9E6!FO:P<A!=6!;8:!
=8!!>:7A!R:FA>:FA&!<:6!=:!AB89698!P>6!F89>:76!=8@;:!
8;8E8>7:!6779:RP:R:;:!FA>!P>6!F8976!<:FP98GG6!6=!:E"
BA976G:A>8!=6;;6!569=8@>6)!9:=PF8>=A>8!:;!>PE89A!
6!,*!8!?6;P76>=A!FA>!9:<89?6!;Y6BB6978>8>G6!=:!6;79:!
a!_N899698<8!289P7:!*e(`)!BBC!g,*)!g,a!>A76!&b,C
#6!?89:!!F6!8DD877P676!=6;;6!<F9:?8>78g!FA>=A776!
@96G:8!6;;6!=:<BA>:R:;:7^!=8;!=A77A9!3:FF69=A!MP;"
;A)! /:9877A98! =8;! -P<8A!.9FO8A;A@:FA! 38@:A>6;8!
i#P:@:!S89>6RT!S986j!8!=8;;6!=A77A98<<6!1P>G:6!
J;;^!=8;;6!5AB9:>78>=8>G6!SSC!22C!..C!=:!-8<<:>6)!
FA><8>78! =:! B9ABA998! 6;FP>8! ?69:6G:A>:! 9:<B877A!
6;;6!<8;8G:A>8!=:!N899698<8!289P7:)!9:?6;P76>=A!;6!
BA<<:R:;:7^)!=6!P>!;67A!=:!FA>D89E698!;Y6779:RPG:A>8!
=:!\P6;FO8!B8GGA!>A>!FA><:=8967A!=6;;Y6P79:F8!8!=6!
S89>6RT!S986!8!26?6;:89)!FAE8!;6!<FA=8;;6!FA>!A9;A!
8<B6><A!_>C!:>?C!a&gab)!=6;;Y6;79A!=:!8<F;P=898!;6!FA>"
DA9E:7^!=:!6;79:)!FAE8!6=!8<8EB:A!:!?6<:!FA>!R6>=6!
B9ADA>=6E8>78!:>F:<6!6;;6!R6<8!_>C!:>?C!ageg6b!A!6!
E87^!6;78GG6!_>C!:>?C!ga(gb!=8;!FA;;A!_76RC!%bC
%! E6789:6;:! FO8! <:! [! 9:78>P7A! ABBA97P>A! >A>!
FA><:=89698! B98<8>76>A! F6967789:! 7:BA;A@:F:! >A>!
9:FA>A<F:R:;:!FAE8!F6967789:<7:F:!=:!P>6!B9A=PG:A>8!
>P96@:F6Z!:>D677:!6BB6:A>A!8<796>8:!6:!7:B:!B9A=A77:!
:>!569=8@>6!<:6!;6!76GG6!FA>!6><6!<AB968;8?676!_>C!
:>?C!a&a(b!FO8!\P8;;6!FA>!RP@>6!8!DA>=A!=:<7:>7A!_>C!
:>?C!af*,b)!<:6!;8!6><8!6!@AE:7A!>>C!:>?C!af(*!8!aa'e)!
FA>!B9ADA>=6!=8FA96G:A>8!:>F:<6!8!;Y6><6!<FO:6FF:676!
8!;:8?8E8>78!6!@AE:7A!_>C!:>?C!a`(&bC!S8>FOc!6;FP>:!
EA7:?:!=8FA967:?:)!FAE8!;6!R6>=6!6!<B:>6!=:!B8<F8!_>C!
:>?C!ga(gb)!:!79677:!AR;:\P:!:>F:<:!_>>C!:>?C!a```)!a,e&b)!:!
aa(,!8!g&&!<A>A)!:>?8F8)!FA>!7P776!B9AR6R:;:7^!=6!:>78>=89<:!FAE8!98DP<:!
:>!;PA@A!9:<B877:?6E8>78!=8:!>>C!a`(,!8!gg&)!9:BA9767:!8DD877:?6E8>78!:>!
-8;:@P>n<)!6;;8!BBC!a`!8!,'aC
g!
#Y8<6E8!=8;!FAEB;8<<A!F896E:FA!<:![!<?A;7A!>8;!E69GA!&''`!8!O6!9:@P69"
=67A!<:6!:!E6789:6;:!8<BA<7:!>8;;8!?879:>8!=8;;6!<6;6!$%%%!<:6!P>6!B6978!=:!
\P6>7A!FA><89?67A!>8:!E6@6GG:>:!=8;!-P<8A!.9FO8A;A@:FA!38@:A>6;8!
i#P:@:!S89>6RT!S986j!=:!#:B69:C!-:!B:6F8!9:FA9=698!FO8!P>!<P@@89:E8>7A!
B89!;6!?89:!!F6!<:<78E67:F6)!FA>!9:@P69=A!6!BA<<:R:;:!FA>7677:!>8;!S3!_A96!
=6!8<F;P=898b)![!?8>P7A!=6!-69FA!46FF:698;;:C
 -.K03%.#%!5.3/%!10#!$%##.MM%J!/%!#%4.3%C!%!N3.--01K%!203.-%2%!0!#0!2J330#.o%J1% &(,

EA7:?:!6!79:6>@A;:!:><F9:77:!_>>C!:>?C!aaeaR)!afeaRb)!;A! af(( af((

G:@"G6@!_>C!:>?C!g(e'b!<:6>A!B98<8>7:!6>FO8!>8;!98B89" afea6"F g,
7A9:A!=8FA967:?A!<69=A)!\P8;;:!8<6E:>67:!6BB6:A>A! a`,' g, a`,' a`,'
B89! ;A! B:m! 986;:GG67:! FA>! P>6! 78F>:F6! =:DD898>78)! a``` a`
76;?A;76! E8=:6>78! :>76@;:A)! B896;79A! <P! <PBBA97:! a`(& a`
FO8!>A>!79A?6>A!B98F:<:!9:<FA>79:!:>!569=8@>6!_8<C! a`(, a` aa(,p
a`(g a` a`(g
A9;A!6!<8G:A>8!\P6=9676!=8;!>C!:>?C!g(e'bC!.>FO8!@;:!
a`ef ae
6<B877:!EA9DA"78F>A;A@:F:!98;67:?:!6;!796776E8>7A!8!
a(&( ae a(&(p
6;;8!FA;A96G:A>:!=8;;8!<PB89!!F:!8!=8@;:!:EB6<7:!>A>! a(&e ae a(&ep
FA>?:>FA>A!B:8>6E8>78C a(,' ae a(,'
a(g'6 a& a(g'6 a(g'6
K6RC!%!"!2A99:<BA>=8>G8!8!=:DD898>G8!796!:!E6789:6;:!=8;!26" a(g'R a& a(g'R a(g'R
<78;;A!=:!#:B69:!FA><:=8967:!=:!A9:@:>8!<69=6!<8FA>=A!=:?89<:! a(a( f'` a(a( a(a(
6P7A9:!_FA>!9:D89:E8>7A!6:!>PE89:!=Y:>?8>769:AbC! a(ae f&
a(`' f&
a((&)!aeag)!
a((& fa
a*a&
N033.3050! /04.#-.5
-0#%MH1%5!*e('!!!!!!!B6@C a((, fa a((,
203HK%!*e(` !&''(
,'a g&& gg& _aeagb
ga(g &e, ga(g f',' g, f',' f','
g`ea &(`"&(( g`ea g`ea f',, `' f',, f',,
g(f( `g g(f( g(f( f',g f',g f',g
g(e'6 `g f,a` &f( f,a` f,a`
g(e( `g g(e( g(e( f,ef f,ef
ge&'6 (& ge&'6 fg'& fg'&
ge,f (, ('e&p
ge(f (a ge(f ge(f (e`e (e`ep
ge(( (a
gee' (a gee' gee'
a''e (` a''e a''e %!-.K03%.#%
a*,& *&(
a*a& eg _a*a&b %!D96EE8>7:!FA><:=8967:!:>!\P8<76!<8=8!<A>A!,`!
a*f( eg 8!6=!8<<:!<8!>8!BA<<A>A!DA9<8!6@@:P>@898)!FA>!\P6;"
a&,f6 (( a&,f6 a&,f6 FO8!:>F8978GG6)!6;79:!f!FO8!B89!;6!;6FP>A<:7^!=8;!B8GGA!
a&,fR ((
B98<8>76>A!F6967789:!7:BA;A@:F:!BAFA!E69F67:C
a&g& ((
/6:!=67:!B98<:!:>!8<6E8!6BB698!<A<76>G:6;E8>78!
a&ga
a&a( ((
FA>D89E676!;6!B98<8>G6)!@:^!>A7676!=6!N899698<8!289P"
a,g' a,g' 7:!_*e(`)!BC!g,*b)!=:!F:9F6!P>6!798>7:>6!=:!?6<:)!=:!DA9E6!
ageg6 a` B98?6;8>78E8>78!FO:P<6!8!9:FA>=PF:R:;:!FA>!P>6!F8976!
agegR a` agegR agegR <:FP98GG6!6!7:B:!R8>!=AFPE8>767:!:>!6ER:7A!<69=AC
agegF)!a`(, a` agegF agegF)!a`(, KP77:! :! E6789:6;:! EA<796>A! :EB6<7:! =P9:! 8!
aa'( ag aa'( aa'( 98<:<78>7:)!796!8<<:!<A;A!:;!*,q!=8:!B8GG:!B98<8>76!
aa'e ag P>! :EB6<7A! BAFA! =8BP967A! =:! 6<B877A! <6RR:A<A!
aa'e ag FA>!>PE89A<:!:>F;P<:!=:!\P69GA!8=!:;!&'q!6BB698!
aa*f aa*fp @96>P;A<A!8!FA>!:>F;P<:!=:!\P69GA!6>FO8!=:!@96>=:!
aa,e &')!ag aa,e aa,e =:E8><:A>:Z!@;:!:EB6<7:!E8=:6E8>78!=8BP967:!>A>!
aag')!aafe g, aag')!aafe aag')!aafe
<A>A!EA;7A!96BB98<8>767:!_*`qb!E8>798!B98?6;@A>A!
aa`' g, aa`' aa`'
_a'qb!\P8;;:!R8>!=8BP967:!FA>!969:!:>F;P<:!=:!\P69"
aa`* g,
GA)!<B8<<A!=:!=:E8><:A>:!E:F9A@96>P;69:aC
aae*)!a&,a)!
g,
ageg6
aae& g,
aaea aaea
a!
aaeep %>=:F6G:A>:!EA;7A!B:m!BP>7P6;:!8!!!>6;:GG678!6;;Y:>=:?:=P6G:A>8!=8@;:!
6ER:7:!@8A@96!!F:!=:!B9A=PG:A>8!BA796>>A!?8>:98!=6:!9:<P;767:!=8;;8!6>6;:<:!
af*' g,
69FO8AE879:FO8!:>!FA9<A!6=!AB896!=:!5CKC!#8?:!8!rC#;C!W:;;:6E<!<P!=:?89<8!
af*& ge af*& af*& F;6<<:!=:!E6789:6;:!F896E:F:!B9A?8>:8>7:!=6;;Y6986!=8;;Y6F9ABA;:!796!:!\P6;:!
af*, ge <A>A!FAEB98<:!6>FO8!D96EE8>7:!=:!D677P96!>P96@:F6C!489!A96!:!9:<P;767:!
af,fR f'` af,fR af,f B98;:E:>69:!98;67:?:!6;;8!6>6;:<:!B879A@96!!FO8!_rC!#;C!W:;;:6E<b!8!FO:E:FO8!
_3C!rA>8<!:>!$6@>877:!87!6;::!F=<b!<8ER96>A!:>=:F698!P>6!B9A?8>:8>G6!>A>!
af(* g,
;AF6;8!=8:!F6EB:A>:!_FAEP>:F6G:A>8!B89<A>6;8!=:!5696!KC!#8?:bC
&(g -C!2.$.#%03!"!.C!/04.#-.5
0FF877A! \P6;FO8! B8GGA! 6! D9677P96! R:F9AE6!
_*,qb!E699A>8!8!@9:@:6)!@;:!:EB6<7:!9:?8;6>A!FA77P98!
AEA@8>88!8!FA;A96G:A>:!>8:!7A>:!=8;!@9:@:A!_`'qb)!
B:m!9696E8>78!E699A>8"@9:@:6<79A!_`qb!8!E699A>8!
_`qb!A!9A<<:FF:AC
#8! <PB89!!F:! 8<789>8! B98<8>76>A! :>! @8>896;8!
P>!RPA>!;:?8;;A!=:!!!>:7P96!986;:GG67A!67796?89<A!;6!
;:<F:67P96!_,,qb!8!;6!;PF:=67P96!_,,qb)!796776E8>7:!
6! FP:! <B8<<A! [! 6<<AF:676! ;Y:>@PRR:67P96! _g`qbZ! :;!
FA;A98! @9:@:A! =8@;:! :EB6<7:! [! FA>D89E67A! :>! P>!
>PE89A!>A>!8;8?67A!=:!B8GG:!_&fqb!E8>798!;8!FA"
;A96G:A>:!B98?6;8>7:!<A>A!\P8;;8!=8;;6!@6EE6!=8;!
9A<<A!_g'qb)!FA>!\P6;FO8!8;8E8>7A!?:A;6F8A!_`qb)!
8!=8;!E699A>8!_&`qbC
4:P77A<7A!;:E:767A![!:;!>PE89A!=8;;8!F;6<<:!F896"
E:FO8!8)!8>79A!\P8<78)!=8@;:!8<8EB;69:!96BB98<8>767:)!
<B8F:8!B89!F:T!FO8!FA>F89>8!;8!DA9E8!6B8978X!<A>A!
B98<8>7:)! :>D677:)! 8<8EB;69:! P>:F:! =:! R6F:;8! _>C! :>?C!
a,g')!!!@C!&C*b)!<FA=8;;A>8!_>C!:>?C!a&ga)!!!@C!&C&b)!F:A"
7A;6!6!F698>6!699A7A>=676!_>C!:>?C!gee')!!!@C!&C,bC
%!98F:B:8>7:!FO:P<:!<A>A!E6@@:A9E8>78!=AFP"
E8>767:!FA>!;6!B98<8>G6!=:!B:m!8;8E8>7:!>8;;Y6ER:7A!
=8;;8! F;6<<:! 6>FO8! <8! ;8! B697:! FA><89?678! <A>A)! =:!
D98\P8>78)!98;67:?8!6=!8;8E8>7:!=:!B98<6!8!>A>!9:FA>"
=PF:R:;:!FA>!BP>7P6;:7^!6!B98F:<:!7:B:!?6<FA;69:C
]!BA<<:R:;8)!FAEP>\P8)!:>=:F698!FA>!P>6!F8976!
<:FP98GG6)!;6!B98<8>G6!=:!(!R9AFFO8!6<sA:=:!_>>C!:>?C!
gg&)!f',')!aaea)!aa,e)!aa'()!a`,')!af,f!8)!DA9<8)!a`(gb!
_!!@@C!&Cg"`Z!,C*"gb)!=:!g!6;798!DA9E8!FO:P<8!6779:RP:R:;:!
DA9<8! 6>FA96! 6! R9AFFO8! A! 6=! 6>DA98! _>>C! :>?C! a(a()!
ge(f)!aafe!8!aag')!ge&'6b!_!!@C!,Ca"(b!6;E8>A!a!A!f!?6<:!
6!FA;;A!_>>C!:>?C!fg'&)!f',,)!f',g)!agegF!8!a`',!FA>!
agegR)!g`eab!_!!@C!,Ce"*gb!6:!\P6;:!<A>A!=6!6@@:P>@898!
6;E8>A!6;798776>7:!9:D89:7:!6=!(!6><8!6!@AE:7A!9A?8<F:Af!
_>>C!:>?C!a''e)!af*&)!aa`')!a(g'6!8!R)!a&,f)!g(f()!f,a`b!
_!!@C!gb)!P>!=A;:A!_=:!FP:!<:!FA><89?6!;YA9;A)!>C!:>?C!af(()!
8!6;FP>:!79677:!=:!B69878!FP9?:;:>86!=8FA9676!>>C!:>?C!
a*a&)!a((&)!aeagb!_!!@C!aC*b!8!B6978!=:!P>!6;79A!?6<A!=:!
@96>=:!=:E8><:A>:!_>C!:>?C!f,efb!_!!@C!aC&bC
H>:FA!8;8E8>7A!>A>!?6<FA;698![!P>6!;PF89>6!6!
>6?:F8;;6!_>C!:>?C!g(e(b!_!!@C!aC,b)!=:!FP:!98<76!:>F897A!
<8!<:6!\P8;;6!F:7676!=6!2A>7P!@:^!9:FA9=676C
-8>A!F8976!6BB698!;Y6779:RPG:A>8!B89!6;FP>:!
6;79:!D96EE8>7:)!796!FP:!:!B:m!=8!!>:R:;:!<A77A!;Y6<B87"
7A!7:BA;A@:FA!<A>A!P>A!<FA=8;;A>8!8E:<D89:FA!FA>!
B98<6!6!;:>@P6!_>C!:>?C!('e&b!_!!@C!fC*b!8!P>!FA;;A!=:!
B9AR6R:;8!R9AFF6!6<sA:=8!_>C!:>?C!aa*fb!_!!@C!fCgbC
%#!2J1K05KJ!/%!3%1$01%-01KJ
2AEY[!>A7A)!:!D96EE8>7:!=:!FP:!<:!796776!<A>A!
<767:!98FPB8967:!>8;!FA9<A!=8@;:!<F6?:!=8;;Y6F9ABA;:!
f!
#8!6><8!B98<8>76>A!P>!6EB:A!F6EBA!=:!?69:6R:;:7^!FO8!=:<<P6=8!=6;!
FA><:=8969;8!FABB:8!B897:>8>7:!6!g!?6<:C
A!26<78;;A!=:!#:B69:!6??:67:!FA>!<A>=6@@:!>8;!*ea'!
8!<?A;7:!FA>!:>7899PG:A>:!8!9:B98<8!796!:;!*ea&!8!:;!
*efa!_-8;:@P>n<)!BBC!f"*gbC!58!<:!A<<89?6!;Y6986!=:!
=:<B89<:A>8!=8:!E6789:6;:!8<6E:>67:!<:!9:;8?6!FAE8!
\P8<76! <:6! <A<76>G:6;E8>78! ;:E:7676! 6! =P8! GA>8!
=:<7:>78!=8;!26<78;;A!_!!@C!*C*bC
18;;Y6986! E89:=:A>6;8! =8;;Y6F9ABA;:)! =6;;6!
79:>F86!.L!6B8976!>8;!*ea&)!B9A?8>@A>A!=P8!D96E"
E8>7:!>A>!FA>7:@P:!=:!?6<A!6!FA;;A!_!!@C!,C*gb!9:79A?67:!
>8;;A!<7967A!<PB89:A98!E:<7A!_FA>!E6789:6;:!@98F:!8!
=8;;Y.P<A>:A!%%b!<A?96<76>7:!:!;:?8;;:!=:!P>6!F6B6>>6!
=8;;Y.P<A>:A! %%! _<="(>)! BBC! &('"&((bC! 18;;6! 79:>F86!
.M)!<F6?676!BAFA!B:m!6!50)!DP!E8<<6!:>!;PF8!P>Y6;796!
<79P77P96! =8;;Y.P<A>:A! %%! FO8! 98<7:7Pn! P>! >PE89A!
<796A9=:>69:A!=:!?6<:)!*,f!=8:!\P6;:!9:FA<79P:R:;:)!796!
FP:!;6!R9AFF6!6<sA:=8!_!!@C!&Cgb!9:79A?676!<P;!<PA;A!
=8;;6!F6B6>>6)!:>!P>A!<7967A!9A<<A!=:!:>F8>=:A!FA9"
9:<BA>=8>78!6;;YP;7:EA!;:?8;;A!=:!=:<79PG:A>8!=8;;6!
<78<<6!_<="(>)!BBC!&ef",'&)!,'abC!H>!789GA!8;8E8>7A)!
;Y6><6! 6! @AE:7A! =:! !!@C! gC`)! "! 6>FOY8<<A! B89:D89:FA!
9:<B877A!6;;6!GA>6!=:!E6@@:A98!FA>F8>796G:A>8!=8:!
9:>?8>:E8>7:!"!B9A?:8>8!=6;;6!79:>F86!.K)!FA99:<BA>"
=8>78!6;!;:E:78!AFF:=8>76;8!=8;;Y6R:767A!B98:<7A9:FA)!8!
=6!P>A!<7967A!B897P9R67A!FA>!E6789:6;:!=8;;Y.P<A>:A!
%%!8!%!_<="(>)!BBC!&fa"&f(bC
H>!6;79A!B:FFA;A!@9PBBA!=:!D96EE8>7:!B9A?:8"
>8!=6;;Y:><P;6!%$)!;Y6986!FA>7:@P6!6!5!=8;;Y:><P;6!%%%!
=6!FP:!=89:?6>A!7P77:!@;:!6;79:!98B897:!_!!@C!*C&bC!0FF87"
7A!;Y6><6!=:!R9AFF6!6<sA:=8!FA>!F6>6;8!8!R8FFPFF:A!
_!!@C!,C&b!FO8!B9A?:8>8!=6!P>!;:?8;;A!=:!=:<79PG:A>8!
=8;;8!F6B6>>8!=8;;Y.P<A>:A!%%)!@;:!6;79:!"!P>!?6<A!
6><67A! 8! P>! ?6<A! 6! FA;;A! FA>! FA9=A>8! :EB98<<A!
_!!@@C!,C**!8!aC&b!"!<A>A!<767:!9:>?8>P7:!>8;;Y6986!W)!
B9:?6!=:!<79P77P98!=:!6R:767A!:>!FA99:<BA>=8>G6!=8:!
;:?8;;:!<PB89:A9:)!E8>798!:;!?6<A!6!FA;;A!FA>!6><8!6!
@AE:7A!9A?8<F:A![!<767A!98@:<7967A!FAE8!<BA96=:FA!
_!!@C!,C*'b!_<="(>)!BBC!*e"&'b`C
18;;6! B6978! E89:=:A>6;8! =8;;Y:><P;6! %%%!
?8>>8!:>=:?:=P676!;6!@96>=8!F6B6>>6!a!%%!_<="(>)!
BBC!,'"g&b)!8>79A!FP:!<A>A!<767:!9:>?8>P7:!=A=:F:!
8;8E8>7:! >P96@:F:! =:<;AF67:! :>! ?69:! BP>7:! =8;;6!
<78<<6!8!<P!798!;:?8;;:!6779:RP:R:;:!6;;Y.P<A>:A!%%!
_!!@C!*C&bC!#8!6><8!6!@AE:7A!9A?8<F:A!=:!!!@@C!gC(!
8!gCg!B9A?8>@A>A!=6;!<PA;A!B:m!B9ADA>=A!=8;;6!
F6B6>>6)!6;!=:!<A77A!=8:!;:?8;;:!=:!DA>=6G:A>8!_SN!
**! 8! *&b(! E8>798! P>Y6;796! 6><6! 6! @AE:7A! 9A?8"
<F:A!_!!@C!gC&b!B9A?:8>8!=6!P>!;:?8;;A!:>789E8=:A!
FA99:<BA>=8>78!6;;6!R6<8!=8;!EP9A!B89:E8796;8!
`
!18;!78<7A!E6>F6!:;!9:D89:E8>7A!<B8F:!!FA!6:!798!D96EE8>7:!_>>C!:>?C!f',g)!
f,ef)!fg'&b!DA9<8!6!F6P<6!=8;;6!<F69<6!6D!!=6R:;:7^!=8;;6!@:6F:7P96C
(
!5P;;6!R6<8!=8;!9:79A?6E8>7A!=:!!!RP;8!6=!69FA!<89B8@@:6>78!6!@AE:7A!8!
<B:;;A>8!=:9:77A!7:BA!26<<:R:;8)![!<767A!:BA7:GG67A!FO8!\P8<7A!<PA;A!DA<<8!9:"
FA>=PF:R:;8!6;;6!B98<8>G6!=:!P>!8=:!!F:A!=8;!SN,!B988<:<78>78!6;;6!F6B6>>6!
a!%%)!:;!FO8!BA97898RR8!6!FA><:=89698!;6!FA<79PG:A>8!=8;;6!@96>=8!F6B6>>6!
i:>!P>!EAE8>7A!@:^!6?6>G67A!=8;;Y.P<A>:A!%%j!_8+2"9:,;$)!BC!g'bC
 -.K03%.#%!5.3/%!10#!$%##.MM%J!/%!#%4.3%C!%!N3.--01K%!203.-%2%!0!#0!2J330#.o%J1% &(a

N:@C!*!"!.F9ABA;:!=:!#:B69:C!*C!5A>A!8?:=8>G:678!;8!GA>8!FO8!O6>>A!98<7:7P:7A!F896E:F6!>P96@:F6!_*C!K9:>F86!.MZ!&C!K9:>F86!.LZ!,C!
<,$:2&!%$)!6986!WZ!gC!<,$:2&!%%%Z!aC!K9:>F86!.Z!fC!K9:>F86!.KbZ!&C!/:<79:RPG:A>8!=8:!D96EE8>7:!>P96@:F:!>8;;8!",$:2&+!%$!8!%%%C!%;!BA<:G:A"
>6E8>7A![!=6!:>78>=89<:!>A>!BP>7P6;8!E6!9:FA<79P:7A!<P;;6!R6<8!=8;;8!:>=:F6G:A>:!=8;;Y6986!8!=8;!\P6=967A!=:!9:79A?6E8>7AC
.F9ABA;:!AD!#:B69:C!*C!%>!8?:=8>F8!7O8!GA>8<!UO898!O6?8!R88>!DAP>=!>P96@:F!BA7789Q!_*C!K98>FO!.MZ!&C!K98>FO!.LZ!,C!<,$:2&!
%$)!6986!WZ!gC!<,$:2&!%%%Z!aC!K98>FO!.Z!fC!K98>FO!.KbZ!&C!1P96@:F!<O89=<!=:<79:RP7:A>!:>!7O8!",$:2&+'%$!6>=!%%%C!KO8!BA<:7:A>!:<!
>A7!8V6F7!RP7!98FA><79PF78=!A>!7O8!R6<:<!AD!6986!6>=!<\P698<!BA<:7:A>!!!>=:>@<!=676C

=8;;6!F6B6>>6C!#6!E6@@:A9!B6978)!8!F:A[!;6!R9AFF6! E8>7:!=:!R9AFF6!_!!@C!,Cfb)!;Y6><6!6!@AE:7A!9A?8"
6<sA:=8!_!!@C!&Cab!8!:;!D96EE8>7A!=:!R9AFF6!_!!@C! <F:A!_!!@C!gC,b!8!;YA9;A!=8;!=A;:A!_!!@C!aC*b)!<A>A!<767:!
&Cfb)! ;Y6><6! =:! R9AFF6! 6<sA:=8! _!!@C! ,Cgb)! :! D96E" 9:>?8>P7:!>8;;A!<7967A!=:!:>F8>=:A!FO8!9:FAB9:?6!
&(f
:;!789GA!<PA;A!=8;;6!F6B6>>6!8!FO8!FA99:<BA>=8?6!
6;!;:?8;;A!=:!=:<79PG:A>8!=8;!?:;;6@@:AeC!dP6;FO8!
6;79A!8;8E8>7A!>P96@:FA)!FAE8!;Y6><6!=:!!!@C!,C*)!
:;! B8GGA! =:! R9AFF6! 6<sA:=8! _!!@C! ,Cab! _\P6=967A!
SNb!8!;Y6><6!FA>!F6>6;8!_!!@C!,C,b!_\P6=967A!S2b)!
B9A?:8>8!=6;;Y:>789>A!=8;;6!F6B6>>6!E6!=6!GA>8!
<FA>?A;78!=6!:>789?8>7:!<PFF8<<:?:C
18;;Y6986!B9A<<:E6!6;;6!F6B6>>6!a!%%)!6!5!=:!
8<<6)! ;A! <F6?A! 8?:=8>G:T! 6>FO8! \P:! ;6! B98<8>G6!
=:! P>A! <7967A! =:! :>F8>=:A! FA99:<BA>=8>78! 6;;6!
@96>=8!=:<79PG:A>8!=8;!?:;;6@@:A!8>79A!:;!\P6;8!<:!
9:>?8>>89A!P>!79677A!=:!B9AR6R:;8!R9AFF6!6<sA:=8!
_!!@C!&C`b!8!:!D96EE8>7:!=:!?6<A!FA>!FA9=A>8!6;;6!
R6<8!=8;!FA;;A!_!!@C!,C*&"*,b!_<="(>)!BBC!af"a`bC!.!10!
=8;;6!<78<<6!F6B6>>6)!;A!<F6?A!:>!FA99:<BA>=8>G6!
=8;;6! <79P77P96! =8;;Y.P<A>:A! %! b! %$! E:<8! :>! ;PF8!
=P8!i<PA;:j!B897:>8>7:!6;;Y.P<A>:A!%%)!=:!FP:!\P8;;A!
<PB89:A98! FA99:<BA>=8>78! 6;! ;:?8;;A! =:! :>F8>=:A!
9:D89:R:;8!6;;Y8?8>7A!=:<79P77:?A!@:^!A<<89?67A!>8;;8!
6;798!GA>8!=8;!?:;;6@@:AZ!:>!8>796ER:!?8>>8!9:>?8"
>P7A!P>!D96EE8>7A!=:!B69878!=:!=A;:A!=8FA967A!6=!
:>F:<:A>:!_!!@C!aC*b!_9:<B877:?6E8>78!>>C!:>?C!a((&)!
8!aeagb!6;!\P6;8!BPT!8<<898!P>:7A!P>!6;79A!B8GGA!
=:!B69878!_>C!:>?C!a*a&b!B9A?8>:8>78)!:>?8F8)!=6;;A!
<7967A!=:!:>F8>=:A!=8;;6!F6B6>>6!a!$%!:>=:?:=P676!
67796?89<A! BAFO:! ;6F897:! EP969:! BAFA! B:m! 6! >A9=!
=8;;6!b!%$!_<="(>!BBC!fg"fabC
.>FO8! >8;;A! <B6G:A! B:m! 6! 1)! 6>7:<76>78! ;6!
F6B6>>6!a!%%)!?8>>8!:>=:?:=P67A!P>!8<:@PA!79677A!
=:!EP9A!B897:>8>78!6=!P>6!F6B6>>6!=8;;Y.P<A>:A!
%%!7A76;E8>78!<FAEB69<6)!=8>AE:>676!a!$)!=A?8!
?8>>8! E8<<6! :>! ;PF8! P>6! <8\P8>G6! =:! <7967:! :>!
FP:! ?8>>89A! 9:79A?67:! =8:! E6>PD677:! =:! D677P96!
>P96@:F6!FO8!B9A?8>@A>A!<:6!=6;!\P6=967A!SL)!
>8;!=8BA<:7A!98;67:?A!6;!@96>=8!:>F8>=:A!_R9AFF6!
6<sA:=8!=8FA9676!=:!!!@C!,C(b!8!=6;!78998>A!<FA>"
?A;7A!_:;!R6F:;8!=:!!!@C!&C*b)!<:6!>8;;6!GA>6!B:m!6=!
0)!:>!FA99:<BA>=8>G6!=8:!\P6=967:!SM!8!SL)!>8;!
789GA!_;6!F:A7A;6!FA>!F698>6!6!<B:@A;A!699A7A>=67A!
=:!!!@C!&C,)!;6!R9AFF6!A!RA77:@;:6!=:!!!@C!,C`b!8!\P697A!
<PA;A!_;Y6><6!6!@AE:7A!9A?8<F:A!=:!!!@C!gC*b!=8;;6!
<7967:!!F6G:A>8!98;67:?6!6;;Y.P<A>:A!%%!?<="(>)!BBC!
`e"(&)!(a"(`bC
.>FA96!B:m!6!1W!<:!:<A;69A>A!=8:!;8ER:!;6<F:6"
7:!:>7677:!=6;!=:<7P9RA!F6P<67A!=6!F:<789>8!8!DA@>8!
:EE8=:676E8>78!6!1!=8;;6!F6B6>>6!a!%$!8!6>FO8!
\P:)!>8;!;:?8;;A!=8;!@96>=8!:>F8>=:A)!?8>>89A!6;;6!
;PF8!:;!D96EE8>7A!=:!<FA=8;;A>8!FA>!A9;A!8<B6><A!
_!!@C! &C&b! 8=! P>Y6><6! 6! @AE:7A! 9A?8<F:A! _!!@C! gCfb!
_<="(>)!BBC!(*)!((bC
e!
M;:!6P7A9:!B98F:<6>A!FO8!>A>!DP!BA<<:R:;8!=:<7:>@P898!:;!E6789:6;8!BA<7A!
<P;! 789GA!<PA;A!=6! \P8;;A!=8:!;:?8;;:! =:!:>F8>=:A! FO8! ;A! <A?96<76?6>A)!
@:6FFOc!8;8E8>7:!=8;;A!<78<<A!?6<A!<:!9:>?8>>89A!<:6!<P;;Y:>789D6FF:6!FO8!
<P:!76@;:!<AB96<76>7:!_<="(>)!BC!g,bC
-C!2.$.#%03!"!.C!/04.#-.5
2A><:=89676! <79P77P96;E8>78! B897:>8>78! 6;;6!
F6B6>>6!a!%%)!6!FP:!<:!6BBA@@:6)!;6!<79P77P96!a!%$![!
FA<7:7P:76!=6!P>!6ER:8>78!986;:GG67A!>8;;6!D6<8!=8;"
;Y.P<A>:A!%!8!\P:>=:!9:<79P77P967A!8!9:P7:;:GG67A!>8;"
;Y.P<A>:A!%%Z!:!E6789:6;:!>P96@:F:!<A>A!96BB98<8>767:!
=6!P>Y6><6!6!@AE:7A!9A?8<F:A!_!!@C!gCab!9:>?8>P76!<P;!
B9:EA!<PA;A!=8;;6!F6B6>>6!F6967789:GG67A!=6!?:<7A<8!
796FF8!=:!:>F8>=:A!_76@;:A!**b)!8!=6;!D96EE8>7A!=:!
;PF89>6!6!>6?:F8;;6!_!!@C!aC,b)!B9A?8>:8>78!=6;;A!<7967A!
:>7677A!B9:?A!B89T!=:!8?:=8>7:!<8@>:!=:!FAERP<7:A>8!
_76@;:!e"*'b!_<="(>)!BBC!`*"`gbC
%;!EP9A!A9:8>76;8!:>!FAEP>8!FA>!;Ya!%%![!F:T!
FO8!98<:=P6!=8;;6!F6B6>>6!a!%%%)!:>!FA99:<BA>=8>G6!
=8;;6!\P6;8!;A!<F6?A!>A>!6>=T!A;798!:!;:?8;;:!FA99:"
<BA>=8>7:!6;;Y:>F8>=:A!=8;;Y.P<A>:A!%%!8!6>FO8!:>!
\P8<7A!F6<A!@;:!8;8E8>7:!=8;!?6<A!6!FA;;A!R:6><67A!
=:!!!@C!,Ce)!<:!9:79A?69A>A!>8;!;:?8;;A!FA99:<BA>=8>78!
6;;6!@96>=8!=:<79PG:A>8!_76@;:!`"(bC
%! E6789:6;:! FA><:=8967:! 6BB6:A>A! \P:>=:! =:"
<B89<:! :>! P>6! GA>6! ;:E:7676)! FA99:<BA>=8>78! 6;;6!
@96>=8! F6B6>>6! a! %%! 8! 6;;Y6986! :EE8=:676E8>78!
F:9FA<76>78)! 8! FA>79:RP:<FA>A! 6! <A77A;:>8698! :;!
F69677898!=:!8FF8G:A>6;:7^!8!9:;:8?A!=8;;Y6ER:8>78)!
8>79A!FP:!DP!98FPB8967A!P>!<:@>:!!F67:?A!>PE89A!=:!
6;79:!R8>:!8<A7:F:!8!=:!B98@:A!_8+2"9:,"$)!BBC!,'"g&bC!
S8>FOc! :! E6789:6;:! <69=:! 9:79A?67:! :>! \P8<76! 6986!
<:6>A! B89F8>7P6;E8>78! BAFO:! <8! 96BBA9767:! 6;;6!
FA><:<78>G6!=8;;6!F896E:F6!6P<A>:6!_B89F8>7P6;8!
>A>!\P6>7:!!F676!>8;;8!98;6G:A>:!=:!<F6?Ab!<:!BPT!
F6;FA;698)! <:6! BP98! 6BB9A<<:E67:?6E8>78)! FO8! :!
D96EE8>7:!=:!:EBA976G:A>8!8@86!B9A?8>:8>7:!=6;;A!
<78<<A!<B6G:A!<:6>A!<A;A!P>!789GA!9:<B877A!6=!8<<:C
18;;6!GA>6!=8;!?:;;6@@:A!=6!=A?8!B9A?8>@A"
>A!;8!6;798!6778<76G:A>:)!8!F:A[!;Y6986!E89:=:A>6;8!
=8;;Y6F9ABA;:)!;YP>:FA!B8GGA!9:79A?67A!:>!@:6F:7P96!
B9A?:8>8!=6;!;:?8;;A!=:!=:<79PG:A>8!FO8!<6>F:<F8!:;!
789E:>8!=8;;Y.P<A>:A!%%C
.;;Y:>789>A! =8;;6! <79P77P96! a! %%)! <A;A! 798! 8;8"
E8>7:!"!7P77:!B897:>8>7:!6=!6><8!6!@AE:7A!9A?8<F:A!
"!<:!9:79A?6>A!6>FO8!>8:!;:?8;;:!B:m!B9ADA>=:!9:D89:R:;:!
6=!P>!EAE8>7A!B98F8=8>78!;Y:>F8>=:A!=8;;6!F6B6>"
>6)! E8>798! 6;79:! <8778! <A>A! FA;;8@6R:;:! 6;;Y8?8>7A!
=:<79P77:?AC
#A!<B6G:A!8<789>A!6;;6!F6B6>>6!a!%%!O6!98<7:7P:"
7A!R8>!=:F:6<<8778!D96EE8>7:!>P96@:F:!<:6!=6!GA>8!
B9:?8!=:!<79P77P98!=:!9:D89:E8>7A!FO8!:>!FA99:<BA>"
=8>G6!=8;;6!F6B6>>6!b!%$!8!a!$%C!#6!E6@@:A9!B6978!
=:!8<<:!_=A=:F:b!<A>A!9:FA>=PF:R:;:!6;;6!D6<8!=8;;Y:>"
F8>=:A!FO8!=:<79P<<8!:;!?:;;6@@:A)!E8>798!@;:!6;79:)!
A;798!FO8!=6!P>!;:?8;;A!<FA>?A;7A!_P>!8<8EB;698b!
B9A?8>@A>A)!>8;;6!b!%$)!=6!P>!;:?8;;A!6779:RP:R:;8!
6=!P>6!D6<8!=:!?:76!B98F8=8>78!_:;!D96EE8>7A!9:>?8"
>P7A!:>!\P8<7A!<7967A!FAER6F:6!B89T!FA>!6;79:!=P8!
98<7:7P:7:!=6:!;:?8;;:!=:!:>F8>=:A!=8;;8!<79P77P98!b!%$!
8!a!$b!8)!>8;;6!F6B6>>6!a!$)!=6;!789GA!8!=6;!\P697A!
<PA;A!=8;;6!GA>6!6!50!=8;;6!F6B6>>6!a!$C
 -.K03%.#%!5.3/%!10#!$%##.MM%J!/%!#%4.3%C!%!N3.--01K%!203.-%2%!0!#0!2J330#.o%J1%
-69:6!#P:<6!N899698<8!289P7:)!<A77A;:>86>=A!:;!
D677A! FO8! ;6! E6@@:A9! B6978! =8;;8! 6778<76G:A>:! DA<<8!
;AF6;:GG676!>8;;Y",$:2&!%%%)!:BA7:GG6?6!<:6!FO8!\P8<7A!
=67A! DA<<8! ?:G:67A! =6;! D677A! FO8! :;! 98<7A! =8;;Y6F9A"
BA;:!6?8<<8!<PR:7A!79ABB:!<FA>?A;@:E8>7:!8!FO8!F:T!
BA78<<8!6?89!EA=:!!F67A!;6!>A<796!B89F8G:A>8!<P;;6!
986;8!B98<8>G6!=:!6778<76G:A>:!>P96@:FO8)!<:6!FO8!;6!
FA>F8>796G:A>8!:>7A9>A!6;;Ya!%%!DA<<8!9:FA;;8@6R:;8!6=!
P>!P<A!B697:FA;698!=8;;Y6ER:8>78!_N899698<8!289P7:!
*e(`)!BBC!g,g"g,abC!#6!<78<<6!6P79:F8!BA<8!:;!B9AR;8E6!
=8;;6!>67P96!=8;;A!<F6ER:A!796!@8>7:!6P<A>:8!8!<69=8!
9:D898>=A! ;Y:EB98<<:A>8! FO8! A@@877A! =8;;Y:>7898<<8!
DA<<8!:;!FA>78>P7A!B:P77A<7A!FO8!:;!FA>78>:7A98!_<="(>)!BC!
g,gbC!#6!<B:FF676!B98?6;8>G6!=:!?6<:!=:!DA9E6!FO:P<6!
DA9>:<F8!<P@@89:E8>7:!>A>!<A;A!<P;!FA>78>P7A)!:;!?89A!
A@@877A!=8;!796<BA97A!6!;P>@6!=:<76>G6)!FO8!=A?8?6!
8<<898!B98<PE:R:;E8>78!P>6!<A<76>G6!6;;A!<767A!;:\P:"
=A)!E6!6>FO8!<P;;8!EA=6;:7^!=8;;Y:EBA976G:A>8)!FO8!
=A?8?6!B98?8=898!;Y699:?A!=8:!<A;:!?6<:!FA>78>8>7:!:!
R8>:!A;798!6=!6;79:!E6789:6;:!=8B89:R:;:C
5:! BPT! \P:>=:! B8><698! FO8! :;! 796<BA97A! 6;;6!
=8<7:>6G:A>8! !!>6;8! =:! #:B69:! 6??8>:<<8! 796E:78!
:>789E8=:69:!<B8F:6;:GG67:!A)!FA>!E8>A!B9AR6R:;:"
7^)!=:98776E8>78!B89!E6>A!=8;!@9PBBA!98<:=8>78Z!
=:?89<A!<698RR8!:;!F6<A!:>!FP:!<:!DA<<89A!9:>?8>P78!
6>FO8!;8!DA9E8!6B8978)!796!FP:!;8!F:A7A;8!F698>678!
FO8!:>!6ER:7A!<69=A!FA<7:7P:<FA>A!P>6!=8;;8!DA@@8!
B:m!=AFPE8>7678)!FO8!:>=:G:898RR8!=:98776E8>78!:;!
FA:>?A;@:E8>7A!=8:!<69=:!>8;!796<BA97A!6!#:B69:*'C!
3:E6>8! FAEP>\P8! P>! 69@AE8>7A! 6B897A! \P8;;A!
=8;;6!=8!!>:G:A>8!=8;;Y:=8>7:7^!=:!FO:!O6!E6789:6;"
E8>78!796<BA9767A!;6!E89F8C!4A798RR8!7967769<:!=:!
-:F8>8:!A!N8>:F:!FAE8!B9ABA>8?6!2A>7P!_2A>7P!
*e(')!BC!(,fb!A!=8@;:!<78<<:!;:B69A7:!=8;;Y.P<A>:A!%%)!
BP9!<8!?6!78>P7A!FA>7A!FO8!:>!569=8@>6!>A>!<:![!
6>FA96!6?P76!>A7:G:6!=8;;6!B98<8>G6!=:!A@@877:!=:!
E6>:D677P96!8A;:6>6C
2J1N3J1K%
M:^!@;:!6P7A9:!FO8!<:!<A>A!AFFPB67:!:>!EA=A!
<B8F:!!FA!=8;;6!F896E:F6!>P96@:F6!=:!#:B69:!O6>>A!
9:BA9767A!>PE89A<:!FA>D9A>7:!B89!;8!DA9E8!8!:!EA7:?:!
=8FA967:?:!9:FA>=PF8>=A!:!E6789:6;:!6!=:?89<:!9:79A"
?6E8>7:!<69=:!=:!87^!iB98@8AE879:F6j!8!i@8AE879:"
F6j!9:D89:R:;:!9:<B877:?6E8>78!6;;8!D6<:!=8;!R9A>GA!
!!>6;8! 8! =8;;6! B9:E6! 87^! =8;! D899A! _2A>7P! *e(')!
BBC!(,'"(,fZ!N899698<8!289P7:!*e(`)!BBC!g,*"g,,bC!
#Y8=:G:A>8!=:!=:?89<:!>PA?:!FA>78<7:!>P96@:F:!8!;6!
*'!
4:m!<:@>:!!F67:?6)!:>D677:)![!;6!B98<8>G6!=:!DA9E8!6B8978!796!;8!F896E:"
FO8!<69=8!=8;!S9A>GA!98F8>78!9:79A?678!6!tAEET<!B89!;8!\P6;:!<:!BPT!
:BA7:GG698! FO8! BA78<<89A! 8<<898! FA;;8@678! 6=! P>A! <76>G:6E8>7A! B:m! A!
E8>A!78EBA96>8A!=:!P>!@9PBBA!=:!>P96@:F:!B98<<A!;Y8EBA9:A>!F9878<8!
_W679AP<!87!6;::!*ee(Z!S8778;;:!&''&)!BBC!*&f)!*,f"*,`bC
&(`
=8!!>:G:A>8!B:m!FO:696!=8;;8!B9A=PG:A>:!F896E:FO8!
98;67:?8!6;;8!D6<:!:>!A@@877A!FA><8>78!=:!DA9EP;698!
6;FP>8!B98F:<6G:A>:!9:@P69=A!@;:!6ER:7:!F9A>A;A@:F:!
8!FP;7P96;:!=:!9:D89:E8>7AC
%;!R6F:;8!FA>!A9;A!:<B8<<:7A!:>789>6E8>78!_!!@C!
&C*b)! <8ER96! =89:?698! =6! P>6! DA9E6! 6RR6<76>G6!
>A76!>8;;Y6ER:7A!=8;!S9A>GA!98F8>78!8!FO8!6BB698!
=AFPE8>7676!:>!BAFO:!FA>78<7:!6779:RP:R:;:!6;!S9A>GA!
!!>6;8! \P6;:! :;! ?:;;6@@:A! =:! -:7G6! 2PFFP98==P<! =:!
$:;;6<B8F:A<6!_2.b!_?6>A!S)!;:?8;;A!%%)!56>7A>:!*e(g)!
76?C!hh$C*&'b!8!;6!F6B6>>6!a!=8;;Y:<A;67A!.!=:!MA>"
>8<6!_2%b!_56>7A>:!8!S6FFA!*e(`)!BC!,*`)!76?C!%%%CfbZ!
P>!9:<FA>79A!<:!O6!6>FO8!FA>!E6789:6;:!=:!<PB89!!F:8!
96FFA;7:!>8;;6!;AF6;:7^!=:!-:7G6!4P9=:6!=:!/8F:EABP"
7GP!_2.b!=A?8![!B89T!=AFPE8>767A!:;!S9A>GA!E8=:A)!
98F8>78!8!!!>6;8!_56>>6!*e(f)!BC!`&)!!!@C!gCebC
1PE89A<:! FA>D9A>7:! <A>A)! :>?8F8)! :<7:7P:R:;:!
B89! ;A! <FA=8;;A>8! FA>! A9;A! =:<7:>7A! <?:;PBB67A!
:>789>6E8>78! _!!@C! &C&b! FO8! [! =AFPE8>767A! >8;;A!
<7967A!%!=8;!?6>A!<PB89:A98!=8;;6!7A998!2!=8;!>P"
96@O8!.>7:@A9:!=:!5699AFO!_2.b!_38;;:!*eeg)!BC!ff)!
76?C!%%%C*,b)!>8;!BAGG877A!?A7:?A!=8;!78EB:A!6!BAGGA!
=:!2PFFP9P!1P96V:!_5877:EA!5C!4:879A)!2.b!_.7G8>:!
*e(`)!BC!&ef)!76?C!$%%%Cgb)!>8:!;:?8;;:!=8;!S9A>GA!!!>6;8!
=8;!FAEB;8<<A!>P96@:FA!=:!1P96F96R6"-6=A>>6!
=8;!3:E8=:A!=:!J9:<76>A!_58R:<!*e(g)!BC!*'*)!>C!gb)!
>8;! ?:;;6@@:A! =:! 56>76! S69R696! =:! S6P;6=P! _J3b!
_58R:<!*e(g)!!!@C!&C&b!8!796!:!E6789:6;:!=8;;8!96FFA;78!
=:!<PB89!!F:8!>8:!?:;;6@@:!=:!-A>7:!496E6)!-P96<!
8!S699:<:!S!6!26R96<!_J3b!_58R:<!*e(()!76??C!hhC*fZ!
hh%C*Z!hh$CfbC
#6!F:A7A;6!FA>!F698>6!6!<B:@A;A!699A7A>=67A!
_!!@C! &C,b! <:! 9:79A?6)! BP9! <8! =:DD898>78! >8;! B9A!!;A!
=8;;YA9;A)!6!5P!-P;:>P!=:!$:;;6>A?6D96>F6!_$5b!796!:!
E6789:6;:!=8;!?6>A!N,)!<7967:!g"a!_H@6<!*e(`)!BC!**()!
!!@C!aC&*C*gb!=A?8!79A?6!?69:!9:<FA>79:!6>FO8!:;!7:BA!
=:! B98<6! F6>6;:FP;676! 6;;P>@676! _<="(>! BC! *&*)! !!@C!
aC&gC*(b!:>?8F8!FA>!\P6;FO8!:>F8978GG6)!=A?P76!6;;6!
;6FP>A<:7^!=8;!B8GGA)!<:!BPT!6FFA<7698!:;!D96EE8>7A!
=8;!FAEB;8<<A!>P96@:FA!=:!1P96F96R6"-6=A>>6!
=8;! 3:E8=:A! =:! J9:<76>A! _58R:<! *e(g)! BC! *'*)! >C!
*abC! #6! =8FA96G:A>8! 6! <796;PF:=A! B98<8>78! <P;;6!
<PB89!!F:8!:>789>6)!FO8!N899698<8!289P7:!_*e(`)!BC!
g,&b!<8@>6;T!B98<8>78!:>!E6789:6;:!:>8=:7:!=6;!>P"
96@O8!56!-6>=96!Y8!<6!M:P6!=:!J<<:!_55b)!<:!9:79A?6!
6>FO8!:>!P>6!<FA=8;;6!=8;;Y6R:767A!=:!2A97:!.P=6!
_58>A9Rn)!2.b!_H<6:!#C!&''a)!BBC!&f("&fe)!!!@C!aC*b)!
6;;Y:>789>A!=8;;6!?6<F6!=:!P>6!F:A7A;6!F698>676!=8;!
S9A>GA!!!>6;8!=6;!>P96@O8!56>7P!.>7:>8!=:!KA996;R6!
_55b!_S6!!FA!8!3A<<:!*e(()!BC!*&a)!!!@C!,&C*fb!8!=:!=P8!
F:A7A;8!F698>678!=6:!BAGG877:!?A7:?:!=8;!?6>A!*,a!=:!
S69PE:>:!_$5b!_56>7A>:!&''*R)!BC!`&b!8!:>A;798!<P;;6!
<PB89!!F:8!8<789>6!=:!R9AFFO8!6<sA:=:!8!=:!<6<<A;8!
=8;;6!B9:E6!87^!=8;!D899A!=:!$:;;6>A?6DA99P!_$5b)!:>!
\P8<7YP;7:EA!F6<A!6>FO8!FA>!6>6;A@6!=8FA96G:A>8!
6!G:@"G6@!_N899698<8!289P7:!*e(`)!BC!g,,Z!26EBP<!8!
#8A>8;;:!&''')!BC!,e()!7:BA!f(gZ!BC!g&')!7:BA!feabC
&(( -C!2.$.#%03!"!.C!/04.#-.5

N:@C!&!"!.F9ABA;:!=:!#:B69:X!*",C!?6<:!=:!DA9E6!6B8976Z!g"`!R9AFFO8!6<sA:=:!9:FA<79P:78!8!D96EE8>769:8C!#6!=:<FA>7:>P:7^!=8;;6!
;:>86!<PB89:A98!=:!6;FP>8!R9AFFO8!<76!6!:>=:F698!;6!BA<<:R:;:7^!=:!P>Y:ERAFF67P96!AR;:\P6C
.F9ABA;:!AD!#:B69:X!*",C!>P96@:F!AB8>!<O6B8<Z!g"`C!98FA><79PF78=!i6<sA:=:j!uP@<!6>=!D96@E8>7<C!KO8!=A778=!;:>8!:>!<AE8!uP@<!
:>=:F678<!7O8!BA<<:R:;:7Q!AD!6!AR;:\P8"EAP7O8=!<O6B8C
 -.K03%.#%!5.3/%!10#!$%##.MM%J!/%!#%4.3%C!%!N3.--01K%!203.-%2%!0!#0!2J330#.o%J1%
#6! R9AFF6! 6<sA:=8! =:! D:@C! &Cg! BPT! 79A?698!
\P6;FO8!6>6;A@:6!FA>!;Y8<8EB;698!=8;!?6>A!*g*!=8;!
?:;;6@@:A!=:!S69PE:>:!_#:;;:P!8!oPFF6!*e(()!BC!f*)!
!!@C!,&b!BP9!<8!\P8;;A![!=:!=:E8><:A>:!6;\P6>7A!B:m!
9:=A778!8!E8>A!<;6>F:67A!>A>FOc)!B89!;Y6FF8>>A!=:!
F698>6)!FA>!:;!B8GGA!;6FP>A<A!=8;!>P96@O8!.99PR:P!
=:!J99A;:!_2.b!_48996!&'',)!BC!(e)!!!@C!,fC*b!6>FO8!<8!
;8!FAEB696G:A>:!B:m!<79:>@8>7:!6BB6:A>A!FA>!=P8!
8<8EB;69:!R9A>G8:)!P>A!=:!$87P;A>:6)!6>FOY8<<A!=:!
B:FFA;8!=:E8><:A>:!_-6@@:6>:!&''&)!BBC!g*,"g*f)!
!!@C!*b!8!;Y6;79A!=:!56>76!-69:6!:>!46P;:<)!%77:9:!_55b!
_-6F>6E696!+%'&2""!*e(g)!BC!&)!>C!*)!!!@C!*bC
#6! R9AFFO8776! =:! !!@C! &Ca! 79A?6! P>! 9:<FA>79A!
B:P77A<7A! BP>7P6;8! FA>! :;! ?6<A! =8;;6! F6B6>>6! a!
=:! 56>7Y.>6<76<:6! =:! 569=696! _$5b! _H@6<! 8! H<6:!
#C!*e(`)!BC!*`g)!>C!a`)!76?C!$%%%C8b)!FA>!=P8!R9AFFO8!
=8;;6!F:<789>6!=8;!>P96@O8!.=A>:!=:!$:;;6>A?67P;A!
_2.b)! P>6! :>A9>676! _26EBP<! 8! #8A>8;;:! &''f6)!
BBC!g()!f*)!76?C!fb!8!;Y6;796)!=:!B:FFA;8!=:E8><:A>:)!
F698>676!8!FA>!B:8=8!6=!6>8;;A)!FA>!6>6;A@6!=8FA"
96G:A>8!<8RR8>8!F6967789:GG676!=6!P>A!<B697:7A!B:m!
<:EE879:FA!8!<FAEB697:7A!=6!P>6!<A;F67P96!_<="(>bC!
#6!=8FA96G:A>8!=:!FABB8;;8!<P!!!;6!=ABB:6!<8ER96!
<:E:;8!6>FO8!6!\P8;;6!=8;;6!R9AFFO8776!=8;;6!B9:E6!
87^!=8;!D899A!=:!2A9=:6>P)!JG:89:!_55b!_S6<A;:!+%'&2""'
*e(()!!!@C!*,)!26EBP<!8!#8A>8;;:!&''&)!BC!a'e)!!!@C!
*&C&b!8=![!:>A;798!6FFA<76R:;8!6!\P8;;6!=:!P>YA;;6!6!
FA;;877A!=8;;6!F6B6>>6!a!=:!$:;;6>A?67P;A!_26EBP<!
8!#8A>8;;:!&'',)!BC!*g()!76?C!*(C*bC!4:P77A<7A!=:DDP<A!
>8;;Y6ER:7A!=8;!S9A>GA!!!>6;8![!:;!EA7:?A!6!B:FFA;8!
FABB8;;8!\P6;8!<:!:>=:?:=P6)!6=!8<8EB:A)!<B8F:8!:>!
FA99:<BA>=8>G6!=8;;8!6><8)!:>!D96EE8>7:!9:79A?67:!
:>!=:?89<8!;AF6;:7^!=8;!5:>:<!_58R:<!*e(()!BC!**a)!76??C!
hh%%C&&)!hh$C*gb!8)!<8EB98!>8;;YJ9:<76>8<8)!6;!>P96"
@O8!2ARP;6<!=:!-:;:<!_56>7A>:!+%'&2""'*ee*)!BC!ea')!!!@C!
aCg"fb!A!>8;!>P96@O8!1A;G6!=:!-86>6!_1Hb!_2A<<P!
8!48996!*ee()!BC!*'e)!!!@C!(C*bC
K96!;8!6><8!=:!R9AFFO8!6<sA:=:!9:79A?678!6!#:B69:)!
:;!D96EE8>7A!=:!!!@C!,C*!B98<8>76!;Y6<<AF:6G:A>8!=:!
P>6!B:FFA;6!FABB8;;6!8!=:!P>!EA7:?A!6!G:@"G6@!A7"
78>P7A!6!<796;PF:=AZ!B89!\P8<7A!7:BA!=:!=8FA96G:A>8!
A;798!@;:!8<8EB:!<AB96!F:767:!9:D89:7:!6;;6!F:A7A;6!=:!!!@C!
&C,!<:!BPT!9:FA9=698!6>FO8!:;!=8FA9A!FA>!;:>86!FA>7:"
>P6!6!G:@"G6@!<P;;6!<PB89!!F:8!8<789>6!=:!P>6!F:A7A;6!
F698>676! =:! N;PE8>8;A>@P! _.;@O89A)! 55b! =676R:;8!
6;!S9A>GA!!!>6;8!"!B9:E6!87^!=8;!D899A!_26BP76!&'',)!
76?C!%%C&&bC!#Y6><6!6!R6<7A>F8;;A!6!<8G:A>8!BA;:@A>6;8!
[!=8;!7:BA!=AFPE8>767A!>8;!FAEB;8<<A!>P96@:FA!=:!
1P96F96R6!_58R:<!*e(g)!BC!*'*)!>C!&fb!E8>798!B89!;8!
FABB8;;8!?6;@A>A!:!9:D89:E8>7:!@:^!E8>G:A>67:C
#8!6><8!FA>!F6>6;8!B6<<6>78!8!R8FFPFF:A!_!!@C!
,C&",b!<A>A!9:FA>=PF:R:;:!6:!7:B:!>A7:!B98<8>7:)!6=!
8<8EB:A)!<P;;8!R9AFFO8!=:!56>7Y.>6<76<:6!=:!569"
=696!_H@6<!8!H<6:!#C!*e(`)!BC!*`g)!>C!af)!76?C!$%%%C
=b)!=:!#P@O8996<!=:!46P;:;67:>A!_J3b!_56>7A>:!*e(e)!
!!@C!*(b!8!>8;;8!;AF6;:7^!=:!5P!2P>@:6P!Y8!NP>7^!8!=:!
46;6E8<7:6)!1P96V:>:8==P!_J3b!_58R:<!*eeg)!BC!*'e)!
&(e
76?C!h%C&&),'b!E8>798!:;!EA7:?A!6!F89FO:8;;:)!76;?A;76!
>A>! FO:P<:)! BPT! 6FFA<769<:! 6! \P8;;A! B98<8>78! <P!
P>Y6><6!=:!4:=:@O:)!5A;69P<<6!_J3b!_H<6:!.C!*eef)!BC!
`*)!76?C!%hC,bC!H>6!F8976!=:?89@8>G6!=6:!7:B:!>A7:!<:!
>A76!>8;!D96EE8>7A!=Y6><6!=:!!!@C!,Cg!FO8!B98<8>76!
;A!<RAFFA!=8;!F6>6;8!B:P77A<7A!=:<76>78!=6;;YA9;A!8!
FO8!79A?6!P>!FA>D9A>7A)!BP9!<8!>A>!BP>7P6;8)!:>!P>!
B8GGA!96FFA;7A!>8;;Y6986!=8;!?:;;6@@:A!=:!49AF6V:P<!
S!=:!26R96<!_58R:<!*e(()!BC!*`')!76?C!hh%%%C&gbC
#Y6><6! =:! !!@C! ,Ca! =6! 9:D89:98! B9AR6R:;E8>78!
6=!P>6!R9AFF6!A!6=!P>Y6>DA96)!FA>!DA9A!B6<<6>78!
B98<<A! ;Y6776FFA! <PB89:A98! [! 6>6;A@6! 6! \P8;;6!
E8<<6! :>! ;PF8! >8;;A! <F6?A! =8;! ?6>A! S! =:! -:7G6!
2PFFP98==P<!=:!$:;;6<B8F:A<6!_2.b!_;:?C!%%)!56>"
7A>:!*e(g)!76?C!hh$C**ab!8!6!\P8;;6!=8;!78EB:A!6!
BAGGA!=:!2PFFP9P!:<!.99:P<!=:!26R96<!_58R:<!*e(`)!
76?C! %%C*&bC! #6! R9AFF6! _A! 6>DA96b! =:! !!@C! ,Cf! 79A?6!
P>! FA>D9A>7A! B:P77A<7A! <79:>@8>78! B89! ;6! DA9E6!
8! ;6! =8FA96G:A>8! >8;;Y8<8EB;698! =8;;6! @9A776! =:!
-6;A<!48=8<!=:!/A9@6;:!_1Hb!_-A96?877:!*e(')!BC!
*``)!76?C!#C**bZ!=6;;A!<78<<A!7899:7A9:A!=:!/A9@6;:!8!
B:m!B98F:<6E8>78!=6;!?:;;6@@:A!=:!58996!J99:A<)!<:!
:>=:?:=P6>A!9:<FA>79:!B89!;Y6><6!FA>!=8FA96G:A>8!
6! <B:>6! =:! B8<F8! 8! DA9A! B89?:A! B98<<A! ;Y6776FFA!
<PB89:A98!_2AFFA!*e(')!76?C!hhh%hCg)`bC!.><8!6>6"
;A@O8!O6>>A!@96>=8!=:DDP<:A>8!8)!796!:!>PE89A<:!
;PA@O:! =:! FAEB9A?676! 6778<76G:A>8)! <8! >8! 9:FA9"
=6! ;6! B98<8>G6! 6;! >P96@O8! 5:6>8==P! =:! 26R96<!
_58R:<!*e(()!BC!*`,)!76?C!hh$%Cgb)!>8;!?:;;6@@:A!=:!
46;6E8<7:6!_58R:<!*eeg)!BC!*'e)!76?C!h%C&,b)!<P;;8!
R9AFFO8!6<sA:=:!=8;!?:;;6@@:A!=:!5YH9R6;8!6!K87:!
_1Hb! _N6==6! *e(`)! 76?C! %%%C*"&b! 8! 6! 5P! -A>78! =:!
5A996=:;8!_J3b!_56>7A>:!&''*6)!BC!(&)!!!@C!e,bC
#6! =8FA96G:A>8! :>F:<6! FA<7:7P:76! =6! ;:>88!
A9:GGA>76;:! 8! EA7:?:! 6! <B:>6! =:! B8<F8! A! 6>@A"
;69:! FO8! F6967789:GG6! :;! FA9BA! =8;;8! R9AFFO8! =:!
5YH9R6;8!6BB698!<798776E8>78!FA998;676!6;!@P<7A!
=8FA967:?A!<:6!=8;!D96EE8>7A!=:!!!@C!,Cf!<:6!=8;!
FA;;A!=:!R9AFF6!A!=:!RA77:@;:6!=:!!!@C!,C`)!<8@>67A!
=6!<A77:;:!;:>88!:>F:<8!A9:GGA>76;:!6;789>678!6=!P>!
EA7:?A!6!DA@;:A;:>8)!<:6!=:!\P8;;A!B:m!9:FFA!=8;!
D96EE8>7A!=:!!!@C!,C(!FO8)!B89!;Y6<<AF:6G:A>8!=:!
<B:>6!=:!B8<F8!8!=:!79:6>@A;:)!BPT!6>FO8!8<<898!6F"
FA<767A!6!<:>76<<:!=8;;6!B9:E6!87^!=8;!D899A!FAE8!
\P8;;6!FO8!F6967789:GG6!;6!RA77:@;:6!=8;!>P96@O8!
16<76<:! =:! K8978>:6! _JMb! _26EBP<! 8! #8A>8;;:!
&''')!BBC!g&&"g&,)!76?C!&ggC*bC
%;! ?6<A! =:! !!@C! ,C**)! B89! ;8! 76FFO8! :>F:<8! 6;;6!
R6<8!=8;!FA;;A)!79A?6!9:<FA>79:!:>!?6<:!=8;!S9A>GA!
!!>6;8! 789E:>6;8! =:! 4:=:@O:! 6! 5A;69P<<6! _H<6:!.C!
&''')!BBC!a')!f()!76?C!%hC*f)!*ab!8!:>!P>Y6>DA96!=8;!
78EB:A!6!BAGGA!=:!2PFFP9P!:<!.99:P<!_58R:<!*e(`)!
BC! **f)! 76?C! %%C*&b! 6>FO8! <8! ;Y8<8EB;698! =:! #:B69:!
B98<8>76!P>!;:8?8!:<B8<<:E8>7A!6!FA9=A>8!FO8!;A!
=:<7:>@P8!=6@;:!8<8EB;69:!<69=:!<AB96FF:767:!E6!;A!
6FFAEP>6!6=!6;79:!?6<:!6!FA;;A!R8>!>A7:!>8;;Y6ER:7A!
=8;;8!D6<:!:>!8<6E8C
&e' -C!2.$.#%03!"!.C!/04.#-.5

N:@C!,!"!.F9ABA;:!=:!#:B69:X!*"gC!6><8!=:!R9AFFO8!6<sA:=:Z!a"f)!(C!R9AFFO8!6<sA:=:!A!6>DA98Z!`C!R9AFF6!A!RA77:@;:6Z!e"*,C!D96EE8>7:!
=:!?6<:!6!FA;;AC
.F9ABA;:!AD!#:B69:X!*"gC!O6>=;8<!AD!i6<sA:=:juP@<Z!a"f)!(C!i6<sA:=:j!uP@<!A9!6EBOA96<Z!`C!uP@!A9!RA77;8Z!e"*,C!D96@E8>7<!AD!u69<C
 -.K03%.#%!5.3/%!10#!$%##.MM%J!/%!#%4.3%C!%!N3.--01K%!203.-%2%!0!#0!2J330#.o%J1% &e*

%! ?6<:! 6! FA;;A! =:! D:@C! ,Ce"*'!

FA>!FA9BA!A?A:=8)!6><8!6!@AE:7A!
9A?8<F:A! <P;! BP>7A! =:! E6<<:E6!
8<B6><:A>8! 8! FA9=A>8! 6;;6! R6<8!
=8;!FA;;A!=8FA967A!6=!:EB98<<:A>:!
<A>A!=AFPE8>767:)!R8>FOc!<B8<<A!
:>!FA>=:G:A>:!=:!8;8?676!;6FP>A<:7^)!
:>! =:?89<8! GA>8! =8;;6! 569=8@>6C!
#6! DA9E6! <;6>F:676! _pb! =8;! FA9BA!
=8;!?6<A!=:!!!@C!,Ce!BPT!9:FA9=698!
\P8;;6!=8@;:!8<8EB;69:!9:FAEBA<7:!
=6:! ?:;;6@@:! =:! S9P>sP! -6=P@P:!
=:!M8<7P9:!_$5b!_#:;;:P!*e(&)!BC!*'`)!
!!@C!**gC*b!8!=:!5YH9R6;8)!K87:)!B9:?A!
=8;!FA9=A>8!:EB98<<A!6;;6!R6<8!=8;!
FA;;A!_N6==6!*e(`)!BC!ae)!76?C!%C*b!8!
6>FO8!\P8;;A!=8;;6!F6B6>>6!a!=8;!
>P96@O8!.=A>:! =:! $:;;6>A?67P;A!
_26EBP<! 8! #8A>8;;:! &'',)! BC! *a')!
76?C!hhb!FA>!FA9=A>8!;:<F:A!=8;!7:BA!
6778<767A!6>FO8!6!56!58==6!Y8!5A<!
2699A<!=:!J;:8>6!_1Hb!_56;:<!&''f)!
BC! *'*)! !!@C*'CfbC! N96EE8>7:! FA>!
FA9=A>:!<8@>67:!=6!:EB98<<:A>:!:>!
!!;6!<:>@A;6!A)!=:!D98\P8>78)!=ABB:6!
_!!@C!,C*&"*gb!<A>A!<767:!9:>?8>P7:!6;!
>P96@O8!56>7P!.>7:>8!=:!KA996;R6!
_-A96?877:!*e(()!!!@C!gC*&b!8!:>!=:"
?89<:! FA>78<7:! =8;;YJ9:<76>8<8)! 6;!
>P96@O8!2ARP;6<!=:!-:;:<!_56>7A>:!
+%'&2""'*ee*)!BC!ea')!!!@C!aC&b)!P>:76"
E8>78!6=!P>Y6><6!6!@AE:7A!9A?8"
<F:A! BA78>G:6;E8>78! B897:>8>78!
6;;A!<78<<A!?6<A)!8!>8;;Y6ER:8>78!**!
=8;!>P96@O8!56>76!S69R696!=:!S6P"
;6=P)!<8FA>=A!;8!:>=:F6G:A>:!DA9>:"
78E:!=6!56;?67A98!58R:<!FO8!E:!O6!
B89E8<<A! =:! B98>=898! ?:<:A>8! =:!
EA;7:!E6789:6;:!:>8=:7:!=8;!FA>78<7A!
A9:<76>8<8C! S8>FOc! <:6>A! 6EB:6"
E8>78! 6778<7678! ;8! 6><8! 6! @AE:7A!
9A?8<F:A!FA>!=8FA96G:A>:!B;6<7:FO8!
>A>!<8ER96!B89T!79A?698!9:<FA>79:!
B98F:<:! :;! EA7:?A! FA>! FA<7A;67P96!
:>!9:;:8?A!FO8!FA>796==:<7:>@P8!;8! N:@C!g!"!.F9ABA;:!=:!#:B69:X!6><8!6!@AE:7A!9A?8<F:AC
6><8!=8;!?6<A!=:!!!@C!,CeC
.F9ABA;:!AD!#:B69:X!i@AE:7A!9A?8<F:Aj!O6>=;8<C
K96!;8!6><8!6!@AE:7A!9A?8<F:A!
=AFPE8>7678!6!#:B69:!_!!@C!gb!<A>A!
B98<8>7:! <:6! 8<8EB;69:! BAFA! <?:"
;PBB67:!<:6!6;79:!=:!DA9E6!6;;P>@676! FAEP>8![!\P8;;A!=:!6?898!;6!<AEE:7^!FP9?:;:>86!EA=8;;676!FA>!P>!
FA>!@AE:7A!R8>!6FF8>7P67A!6>FO8! R6<7A>F8;;A!=:!<8G:A>8!8;;:77:F6!8!;6!B6978!:>D89:A98!9877:;:>86!DA9E676!
FA>!P>6!B:FFA;6!6BB8>=:F8!8!6;79:! =6!P>!>6<79A!=:!<8G:A>8!98776>@A;698!_26EBP<!8!#8A>8;;:!&''')!7:BA!
6>FA96!=:!DA9E6!;:8?8E8>78!<FO:6F" eaa)!BBC!f,'"f,&bC
F:676!8!;PF8!8;;:77:F6)!F6967789:!FO8)! #8!DA9E8!6!B9A!!;A!699A7A>=67A!_!!@C!gC*)f)(b!<A>A!6>6;A@O8!6!
<P;;6! R6<8! =8:! =67:! 677P6;:)! <8E" \P8;;8!=8;!>P96@O8!2ARP;6<!_56>7A>:!+%'&2""'*ee*)!BC!ea')!!!@C!aC*b)!6!
R96>A! 9:D89:R:;:! 6;;Y6EB:A! F6EBA! \P8;;8!=8;!?:;;6@@:A!=:!46;E6?896!=:!.;@O89A!_-A96?877:!*ee&)!BBC!
=:!?69:6R:;:7^!=8;!7:BAC!#Y8;8E8>7A! **'"***)!!!@@C!*',"*'gb)!=8;!56>7P!.>7:>8!=:!KA996;R6!_S6!!FA!8!3A<<:!
&e& -C!2.$.#%03!"!.C!/04.#-.5

N:@C!a!"!.F9ABA;:!=:!#:B69:X!D96EE8>7:!=:!=A;:A!_*"&b!8!=:!;PF89>6!6!>6?:F8;;6!_,bC!
.F9ABA;:!AD!#:B69:X!D96@E8>7<!AD!u69<!_*"&b!6>=!AD!RA67!;6EB!_,bC

*e(()!BC!**e)!!!@C!&eCfb!8!=:!56!58==6!Y8!5A<!2699A<!
=:!J;:8>6!_56;:<!&''f)!!!@@C!`Z!*,C(b!=A?8!<A>A!=AFP"
E8>7678!6>FO8!\P8;;8!6!<6@AE6!B:m!6>@A;698!_<="(>)!
BC!**e)!!!@C!&eC&b!<:E:;:!6;;Y8<8EB;698!@:^!F:767A!=8;;6!
F6B6>>6! a! =8;! >P96@O8!.=A>:! =:! $:;;6>A?67P;A!
_26EBP<!8!#8A>8;;:!&'',)!BC!*a')!76?C!hhbC!1A>!O6!
=:DDP<:A>8!:;!EA7:?A!=8FA967:?A!=8:!F89FO:8;;:!986;:G"
G67A!FA>!;6!F6>>PFF:6!_!!@C!gC(b!6;!FA>7969:A!=:!\P8;;:!
R8>! =AFPE8>767:! FA>! 76FFO8! 8! BP>7:! _8<C! 56>7A>:!
&''*6)!BC!ae)!!!@C!f*b!6>FO8!<8!:;!7:BA!=:!=8FA96G:A>8!
O6!=8:!9:<FA>79:!<P!6;79:!7:B:!=:!6><8!8!<P!B6987:X!A;798!
6;!@:^!F:767A!8<8EB:A!=:!4:=:@O:!_H<6:!.C!*eef)!BC!`*)!
76?C!%hC,b!<:!BPT!:>D677:!9:FA9=698!P>!D96EE8>7A!=6:!
;:?8;;:!=8;;6!D6<8!6?6>G676!=8;!S9A>GA!!!>6;8!=8;;6!
<79P77P96!e!=8;!?:;;6@@:A!=:!/PA<!1P96@O8<!=:!SA"
9A98!_1Hb!_W8R<789!&''*)!BC!`g)!!!@C!gC&f)!>C!gbC
%;!=A;:A!FA>!A9;A!6!FA9=A>8!8!B69878!=8FA9676!=6!
:>F:<:A>:!6!*1+#/0,$!_!!@C!aC*b!>A>!79A?6!:>!569=8@>6!
6>6;A@O:!8<8EB;69:!:>78@9:!A!9:FAEBA>:R:;:C!%;!7:BA!=:!
A9;A![!B89T!;A!<78<<A!=AFPE8>767A!6;!56>76!S69R696!=:!
 -.K03%.#%!5.3/%!10#!$%##.MM%J!/%!#%4.3%C!%!N3.--01K%!203.-%2%!0!#0!2J330#.o%J1%
%&'()*)+),-./0/1&)2&)3&04.&5)0./646&1&)7.4889:;&):<.4'&-&(
,-./0/1&)/7)3&04.&5)0./64619):<.4'&-)7.4'89:;=(
S6P;6=P!_58R:<!*e(g)!!!@C!&C*,b)!>A>!EA;7A!=:<<:E:;8!=6!
\P8;;A!=8;!FA>78>:7A98!=8;!9:BA<7:@;:A!=8;;6!F6B6>>6!
a!=:!56>7Y.>6<76<:6!=:!569=696!_H@6<!8!H<6:!#C!*e(`)!
BBC! *`f)! &'`)! 76?C! %%%CabC! H>! FA>D9A>7A! 6RR6<76>G6!
<79:>@8>78!B89!:;!EA7:?A!=8FA967:?A!<:!O6!FA>!6;FP>:!
D96EE8>7:!=:!B69878!=8;!>P96@O8!2ARP;6<!=:!-:;:<!
_56>7A>:!+%'&2""'*ee*)!BC!ea')!!!@C!aC,),6"Rb!<8RR8>8!:>!
\P8<7A!F6<A!:!EA7:?:)!B:m!<B6G:67:!8!i6!DA@;:A;:>8j)!
<A>A! =:<BA<7:! <A;A! <P!!!;8! ?897:F6;:! 8! >A>! <8FA>=A!
P>6!=:<BA<:G:A>8!<899676!8!6=!6>=6E8>7A!A97A@A>6;8!
FAE8!>8;;Y8<8EB;698!=:!#:B69:C!#Y6><6!6=!6>8;;A!=8;!
?6<A!=:!@96>=:!=:E8><:A>:!=:!!!@C!aC&![!6>6;A@6!6=!
P>6!=8;!?:;;6@@:A!=:!56>76!S69R696!=:!S6P;6=P!_58R:<!
*e(g)!!!@C!&C&ab!FO8!B89T!>A>!B98<8>76!;6!B9ADA>=6!
FABB8;;6!B98<<A!;Y6776FFA!<PB89:A98)!EA7:?A!\P8<7A!
FO8!6BB698!=:!D98\P8>78)!<B8F:8!<8!:78967A)!<P!6;79:!7:B:!
=:!6><8!=:DDP<8!:>!>PE89A<:!FA>78<7:!796!FP:!;A!<78<<A!
?:;;6@@:A!=:!S6P;6=P!_<="(>)!!!@C!&C&fbC
#6!;PF89>6!6!>6?:F8;;6!=:!!!@C!aC,)!=:!FP:!98<:=P6!
P>Y8<798E:7^!6!<B:@A;A!6FP7A!=8;;6!?6<F6)!6BB698!
9:D89:R:;8!6;!7:BA!6!<F6DA!DP<:DA9E8!_/8B6;E6<!&'',b!
6EB:6E8>78! =AFPE8>767A! :>! =:?89<8! ;AF6;:7^!
=8;;Y:<A;6!FAE8)!6=!8<8EB:A)!>8;!?:;;6@@:A!=:!46;"
E6?896!_-A96?877:!*ee&)!BC!**a)!!!@C!*'(C*)gb!8!>8;!
?6>A!+!=8;!>P96@O8!5P!-P;:>P!=:!$:;;6>A?6D96>F6!
_H@6<!*ee')!BBC!aa*"af,)!!!@@C!`)!ebC
K96! @;:! 8;8E8>7:! =:! :>F8976! 6779:RPG:A>8! >P"
96@:F6!;6!<FA=8;;6!=:!!!@C!fC*!>A>!79A?6!8;8E8>7:!=:!
FA>D9A>7A!6!B6978!?6@O8!8!>A>!BP>7P6;:!6>6;A@:8!
FA>!DA9E8!=8;!7:BA!9:>?8>P78!>8;;6!F6B6>>6!*,a!=:!
S69PE:>:!_#:;;:P!*e(&)!BC!**')!!!@C!*&'Cab)!>8;!?:;;6@"
@:A!=:!S9P>sP!-6=P@P:!_<="(C!BC!*'()!!!@C!**`b!A!>8;!
FAEB;8<<A! FP;7P6;8! =:! 3AE6>G8<P! =:! S:77:! _1Hb!
_N6==6!&''f)!BC!g')!!!@C!,aC*'bC
&e,
.>FO8! <8! :;! \P6=9A! FAEB6967:?A! 9:BA976! 6!
9:79A?6E8>7:! <69=:! >A>! <8EB98! :>\P6=96R:;:! FA>!
<PD!!F:8>78!=8776@;:A!6;;Y:>789>A!=8;!S9A>GA!!!>6;8)!
:;!E6@@:A9!>PE89A!=:!8;8E8>7:!=:!9:<FA>79A!<8ER96!
FA>?89@898!?89<A!:!FAEB;8<<:!=8;!56>7P!.>7:>8!=:!
KA996;R6)! =:! 5YH9R6;8! =:! K87:)! =8;;6! F6B6>>6! a! =:!
56>7Y.>6<76<:6!=:!569=696!8)!:>!EA=A!B697:FA;698)!
?89<A!6ER:7:!FP;7P96;:!=8;;YA9:<76>8<8)!\P6;:!:;!>P"
96@O8!2ARP;6<!=:!-:;:<)!:!?:;;6@@:!=:!56>76!S69R696!
=:!S6P;6=P!8!=:!1P96F96R6"-6=A>>6!=8;!3:E8=:A!
=:! J9:<76>A! 8! :;! FAEB;8<<A! =:! 4:=:@O:C! %>! 986;7^!
;Y6<B877A!9A<<:FF:A!=:!EA;78!=8;;8!<PB89!!F:!9:FO:6E6!
E6789:6;:! =8;! <P=! =8;;6! 569=8@>6**! B:P77A<7A! FO8!
\P8;;:!=8;!F8>79A">A9=)!FO8!B98<8>76>A!78>=8>G:6;"
E8>78! FA;A96G:A>:! @9:@:8! 8! R9P>8)! E6! ;6! <F69<:7^!
=8;;6!=AFPE8>76G:A>8!98;67:?6!6:!FA>78<7:!=:!76;8!
FAEB697A! @8A@96!!FA! >A>! D6?A9:<F8! :! 9:<FA>79:! :>!
\P8<76!=:98G:A>8C
%;! FA>78<7A! =8;! 56>76! S69R696! i<8ER96! FO8!
<8@>:!<?:;PBB:!96??:F:>67:!?89<A!;6!49:E6!07^!=8;!
N899A)!<8!>A>!6>FO8!EAE8>7:!:>:G:6;:j!_58R:<!*e(f)!
BC!&`ab)!\P8;;A!=8;!1P96F96R6![!FA><:=8967A!98;67:?A!
6=! iP>6! D6<8! >P96@:F6! 98;67:?6! 6;! S9A>GA! !!>6;8)!
:EE8=:676E8>78!6>78F8=8>78!6;;6!D6<8!@8AE879:"
F6!=8;;6!49:E6!07^!=8;!N899Aj!_<(>!*e(g)!BC!*''b!8!
6>6;A@6E8>78!:;!=8BA<:7A!=:!4:=:@O:!_<79C!*,l%"%%b![!
FA;;AF6R:;8!:>!P>6!D6<8!=8;!S9A>GA!!!>6;8!789E:>6;8!
iFA>!BA<<:R:;8!B9A;P>@6E8>7A!>8;;6!B9:E6!87^!=8;!
N899Aj!_H<6:!&''*)!BC!a'bC
#6!98F8>78!:BA78<:!=:!<P==:?:<:A>8!=8;!S9A>GA!
**!
i]!6<<6:!B9AR6R:;8!FO8!CCC!<:6>A!B697:78!=6!BA97:!=8;!E89:=:A>8!=8;;Y:<A;6)!
B:P77A<7A!FO8!=6;!<8778>79:A>8j!_N899698<8!289P7:!*e(`)!BC!g,abC
&eg
!!>6;8!<69=A!:>!798!D6<:!_26EBP<!8!#8A>8;;:!&''fR)!BBC!
,(`",e&b!>A>!6BB698!=8;!7P77A!FA>?:>F8>78)!<B8F:8!
B89!\P6>7A!9:@P69=6!;6!FA;;AF6G:A>8!>8;;8!D6<:!:>:"
G:6;:!=8;!B89:A=A!=:!6;FP>:!FA>78<7:!FAE8!-6=A>>6!
=8;!3:E8=:A!8!#:B69:C!%>!B697:FA;698)!;6!B9ABA<76!=:!
6779:RPG:A>8! F9A>A;A@:F6! =8;! FA>78<7A! =:! #:B69:! 6!
=P8!=:<7:>7:!EAE8>7:!=8;!S9A>GA!!!>6;8!8!B:m!B98F:"
<6E8>78!6;!SN*!8!&!_<="(>!BC!,((b)!AB89676!67796?89<A!
iP>! 6778>7A! 9:<FA>79A! =8;;6! @:6F:7P96! <7967:@96!!F6!
=8:!98B897:!>P96@:F:)!FO8!O6!B89E8<<A!=:!FA><767698!
FAE8!8<<:!6RR:6>A!P>Y6EB:6!=:<79:RPG:A>8!<B6G:6;8!
:>!<8><A!A9:GGA>76;8!8!?897:F6;8j!_<="(>!BC!,(&)!>A76!
*'gb)! >A>! 6BB698! B:m! B;6P<:R:;8! =8;;Y6779:RPG:A>8!
=8;!FAEB;8<<A!=8;;8!:EBA976G:A>:!<69=8!6=!P>!EA"
E8>7A! <A<76>G:6;E8>78! P>:769:A! 78>=8>G:6;E8>78!
:>! <:>F9A>:6! FA>! ;8! D6<:! 789E:>6;:! =8;;Y.P<A>:A! %%C!
#Y:>\P6=96E8>7A!F9A>A;A@:FA!DA9>:7A!=6:!FA>78<7:!
>P96@:F:!"!BP9!FA>!:!;:E:7:!=A?P7:!6;;6!B69G:6;:7^!=8:!
=67:!=AFPE8>769:!8!6;;Y6<<8>G6!=:!=676G:A>:!69FO8A"
E879:FO8!"!<8ER96!:>D677:!6RR6<76>G6!FA898>78!FA>!
;8! :>=:F6G:A>:! DA9>:78! =6;;A! <F6?A! =8;! 26<78;;A! =:!
#:B69:!8!9:BA976!6!78EB:!=8;!S9A>GA!!!>6;8!B9A<<:E:!
6;!;:E:78!:>D89:A98!=8;;6!B9:E6!87^!=8;!D899AC
2.K.#JMJ*&
*C!S6F:;8!_!!@C!&C*bC!
J9;A! ;:8?8E8>78! FA>?8<<A! 8! :<B8<<:7A! _986;:GG67A! E8"
=:6>78!9:B:8@6E8>7A!=:!B6<76!FO8!=8789E:>6!P>!;8@@89A!
@96=:>A!FA>!96FFA9=A!AR;:\PAbC
%EB6<7A! @96>P;A<A! =P9A! FA>! BAFO:! :>F;P<:! ?:<:R:;:! =:!
FA;A98! E699A>8! @9:@:6<79A! _*'I3! al&! 8! *'! I3! fl&bC!
5PB89!!F:! AB6FO8! 8! 9P?:=8! 6;;Y:>789>A)! =:! FA;A98! >A>!
P>:DA9E8!_*'I3!flgbZ!;YA9;A!8!;8!<PB89!!F:!8<789>8!<A>A!
9:?8<7:78!=6!P>!8>@ARR:A!;:\P:=A!_7:BA!B:77P96b!=:!FA;A98!
9A<6"?:A;6F8A!_*'I3!alfb!79677678!FA>!<B6GGA;67P98!FO8!
D6>>A!8E89@898!:;!FA;A98!R8:@8!<A77A<76>78!_*'I3!`l,bC
/:E8><:A>:X!FE!**)gV*&)gV*)a"&)aZ!=:6EC!FE!g`)(C
%>?C!a,g'!=6!SL)!3:EC
8+2"9:,;$)!76?C!22h#$%%%C,RZ!!!@C!**gCDC
&C!5FA=8;;A>8!_!!@C!&C&bC!
J9;A! 8<B6><A! 6;;Y:>789>A! 8! ;:8?8E8>78! <BA9@8>78! 6;"
;Y8<789>AC
%EB6<7A! =P9A)! BA9A<A)! @9:@:A! 6;! F8>79A! _`CaI3! algb! 8!
E699A>8!?89<A!;8!<PB89!!F:!_*'I3!algb!FA>!969:!:>F;P<:!
E:F9A;:7:F:C!5PB89!!F:!:>@PRR:678)!6FFP9676E8>78!;:<F:678!
8!;PF:=678!6!<78FF6!_aI3!glf)!aI3!g)algbC
/:E8><:A>:X!FE!a),Va)`V')f"*),Z!=:6EC!FE!,a)gC
%>?C!a&ga!=6!2%)!,C
8+2"9:,;$)!BC!(e)!76?C!22#%$Cg=C
,C!2:A7A;6!FA>!F698>6!6!<B:@A;A!699A7A>=67A!_!!@C!&C,bC
3:FAEBA<76!=6!F:>\P8!D96EE8>7:!B:m!6;79:!\P6779AC
J9;A!;:8?8E8>78!:>F;:>67A!?89<A!;Y:>789>A!8!FA>!;:8?8!<6@A"
E67P96!6!FA;;877A!6;;Y8<789>AC!498<6!F6>6;:FP;676!6;;P>@676!
*&!
%;!FA=:F8!=8;!FA;A98!<:!9:D89:<F8!6;;8!76R8;;8!-P><8;;!*e`aC!#8!=:E8><:A>:)!
<8!>A>!<B8F:!!F67A!=:?89<6E8>78)!<A>A!>8;;YA9=:>8!\P8;;8!=8;;Y6;78GG6)!
;69@O8GG6!8!<B8<<A98C
-C!2.$.#%03!"!.C!/04.#-.5
EA=8;;676!<AEE69:6E8>78!FA>!E69@:>:!6BB8>6!9:;8?67:C
%EB6<7A!@9:@:A!F8>898!_&Ca!I3!gl'Z!`CaI3!gl'b)!6FFP9676"
E8>78!=8BP967A)!;:8?8E8>78!BA9A<A!FA>!969:<<:E:!:>F;P<:!
=:!FA;A98!R:6>FAC!5PB89!!F:8!8<789>6!;:<F:676!8!;PF:=676!FA>!
<78FF67P98!A9:GGA>76;:!_`CaI3!gl'b!6!79677:!E699A>8!@9:@:6"
<79A!_*'I3!gl*bC!%>789>A!B:m!<FP9A!8!AEA@8>8A!_`CaI3!,l'!8!
&CaI!,l'b!B89D8776E8>78!;:<F:67A!FA>!<78FF67P98!;PF:=8!A9:G"
GA>76;:Z!<P;;6!?6<F6!?:![!P>!EA7:?A!=:!<78FF67P98!6!<796;PF:=A!
FA<7:7P:7A!=6!P>!EA7:?A!6!G:@"G6@!8!=6!79677:!B696;;8;:C
/:E8><:A>:X!FE!*a)fVa)aV')&"')gZ!=:6EC!FE!*e)gC
%>?C!gee'!=6!SL"SM)!*a)!8<789>A!F6BC!a!%%)!;67A!1C
8+2"9:,;$)!BC!(a)!76?C!22h#$%%%C,F)!!!@C!**gC6C
gC!S9AFF6!6<sA:=8!_!!@C!&CgbC
SAFF6!76@;:676!AR;:\P6E8>78)!A9;A!699A7A>=67A!8!6<<A77:"
@;:67A!;:8?8E8>78!<?6<67A)!FA;;A!EA=89676E8>78!8FF8>79:"
FA)!FA9BA!;8@@89E8>78!<;6>F:67A!8!F698>67A)!B:P77A<7A!96"
<798E67A!?89<A!:;!DA>=A)!6><6!6!<8G:A>8!8;;:77:F6)!:EBA<7676!
796!A9;A!8!BP>7A!=:!E6<<:E6!8<B6><:A>8)!DA>=A!B:677AC
%EB6<7A!@96>P;A<A!=:!FA;A98!9A<<A!_&CaI3!alfbC!5PB89!!F:!
6FFP9676E8>78!;:<F:678)!6!79677:!;PF:=8C
/:E8><:A>:X!FE!,*V*(V'),"')aZ!=:6EC!DA>=A!FE!a)&C
%>?C!gg&)!=6;;6!F6BC!=8;;6!79:>F86!.MC
8+2"9:,;$)!BC!,'a)!76?C!22hh$CgC
aC!S9AFF6!6<sA:=8!_!!@C!&CabC
SAFF6!76@;:676!AR;:\P6E8>78)!A9;A!699A7A>=67A!;:8?8E8>"
78!<?6<67A)!FA;;A!B:P77A<7A!;69@A)!FA9BA!B6>F:P7A)!6><6!6!
<8G:A>8!8;;:77:F6)!:EBA<7676!796!A9;A!8!BP>7A!=:!E6<<:E6!
8<B6><:A>8)!DA>=A!E6>F6>78C
/8FA96G:A>8!FA<7:7P:76!=6!FABB8;;8!6D!!6>F678!=:!DA9E6!A?6"
;8)!=:<BA<78!<P!=P8!;:>88!>A>!B89D8776E8>78!B696;;8;8!6;;6!
R6<8!=8;!FA;;A!FA>!6;798!FABB8;;8!=:<76>G:678!BA<78!6!E87^!
6;78GG6!=8;!FA;;A!8!>8;!F6EBA!796!;8!=P8!!!;6!=:!FABB8;;8C
%EB6<7A!!!>A)!FAEB677A)!FA>!969:!:>F;P<:!E:F9A@96>P;69:)!
=:! FA;A98! @9:@:A! F8>898! _`CaI3! gl'bC! 5PB89!!F:! ;:<F:678!
8! ;PF:=678! 6! <78FF6! 6;;Y8<789>A)! ;:<F:678! FA>! :;! B8>>8;;A!
6;;Y:>789>AC
/:E8><:A>:X!FE!&e),V&'V')`C
%>?C!f','!=6!S/)!*g)!:>F8>=:A!F6BC!a!%%C
8+2"9:,;$)!BC!g,)!76?C!22h#%hC*'C
fC!S9AFF6!6<sA:=8!_pb!_!!@C!&CfbC
2A;;A! F:;:>=9:FA! BAFA! <?:;PBB67A)! RAFF6! 76@;:676! AR;:"
\P6E8>78! _pb)! A9;A! 699A7A>=67AC! %EB6<7A! =P9A)! @9:@:A!
<FP9A! _*'I3! ,)al*b! R8>! =8BP967A! FA>! 969:! :>F;P<:! =:!
E8=:8!=:E8><:A>:C!5PB89!!F:!:>@PRR:678!=:!FA;A98!9A<<A!
_&CaI3!,)alfb!R8>!;:<F:678!8!;PF:=8!6;;Y8<789>A)!R8>!;:<F:678!
8!;PF:=678!<A;A!>8;;6!B6978!6;76!6;;Y:>789>AC
/:E8><:A>:X!FE!a)gVa)gV')g"')aC
%>?C!aaea!=6!S0)!,C!
8+2"9:,;$)!BC!ggC
`C!S9AFF6!6<sA:=8!_!!@C!&C`bC
5:!FA><89?6!P>!79677A!=:!FA;;A!F:;:>=9:FAC!J9;A!699A7A>=6"
7A)!:<B8<<:7A!8!699A7A>=67A!6;;Y:>789>A)!FA;;A!F:;:>=9:FAC
%EB6<7A!BAFA!=8BP967A!FA>!>PE89A<:!:>F;P<:!=:!B:FFA;8!
=:E8><:A>:)!=:!FA;A98!@:6;;A!9A<<:FF:A!_`CaI3!flfbC!5P"
B89!!F:!8<789>8!;PF:=678!=:!FA;A98!9A<<A!8!9A<<A!@:6;;6<79A!
_&CaI3!glfZ!aI3!alfbZ!:>789>A!>A>!9:!!>:7A!796>>8!FO8!:>!
FA99:<BA>=8>G6! =8;;YA9;A)! =:! FA;A98! E699A>8! 9A<<:FF:A!
_&CaI3!algbC
/:E8><:A>:X!FE!f)(Vg)&V')g"')(C
%>?C!a`(g!=6!S.)!*&"*,C
8+2"9:,;$)!BC!a`C
 -.K03%.#%!5.3/%!10#!$%##.MM%J!/%!#%4.3%C!%!N3.--01K%!203.-%2%!0!#0!2J330#.o%J1%
(C!S9AFF6!6<sA:=8!_!!@C!,C*bC!
5:!FA><89?6!P>!79677A!=:!FA;;A!FA>!6><6!:EBA<7676!<P;"
;YA9;AC
J9;A!699A7A>=67AC!.><6!6!R6<7A>F8;;A!=:!<8G:A>8!<PR"
F:9FA;698! 6BB:677:76! 6;;6! <AEE:7^! =8FA9676! FA>! P>6!
FABB8;;6!BA<76!:>!FA99:<BA>=8>G6!=8;;Y6776FFA!6;;YA9;A!8!
FA>!P>!EA7:?A!6!G:@G6@!8<8@P:7A!6!<796;PF:=A!_A778>P7A!
B98E8>=A!E6@@:A9E8>78!<P!P>6!B6978!8!E8=:6>78!P>!
79677A!FA>7:>PAbC!5P;!FA;;A!B98<<A!;6!D9677P96!:>D89:A98!
<:! >A76! P>! <A;FA! A9:GGA>76;8! 98<:=PA! =:! P>! EA7:?A!
=8FA967:?AC
%EB6<7A!=P9A!R8>!=8BP967A!FA>!969:!:>F;P<:!=:!\P69GA)!
=:!FA;A98!@9:@:A!_aI!gl*bC!5PB89!!F:!;:<F:678!8!;PF:=678!
_6;;Y:>789>A! <A;A! >8;;6! B6978! 6;76b)! 8FF877A! FO8! >8;;6!
B6978! :>789>6! =8;;Y6><6! =:! FA;A98! @9:@:A! <FP9A">89A!
_&CaI3!,l'bC
/:E8><:A>:X!FE!,)eVa)'V!')a"')eZ!6><6X!FE!`),V&)`V*)(C
%>?C!af,fR!=6!SN)!DA@>6C
8+2"9:,;$)!76?C!22h#%hC*RC
eC!S9AFF6!6<sA:=8!_!!@C!,C&bC
5:!FA><89?6!P>!79677A!=:!FA;;A!FA>!6><6!:EBA<7676!<P;"
;YA9;AC
.><6!6!R6<7A>F8;;A!=:!<8G:A>8!F:9FA;698)!FA>!F6>6;8!B6<"
<6>78!8!R8FFPFF:A!=:!?89<6E8>7A)!=8FA9676!=6!P>6!!!;6!
?897:F6;8!=:!F89FO:8;;:!:EB98<<:!E8=:6>78!P>6!F6>>PFF:6!
_FE!')g!=:6E879AbC
%EB6<7A! BAFA! =8BP967A! FA>! <6RR:A>8! 6>FO8! R:6>FA!
_:>F;P<:!\P69GA<:b!8!E:F6)!=:!FA;A98!@9:@:A!_*'I3!gl*bC!
5PB89!!F:!:>@PRR:678!=:!FA;A98!696>F:A!_&CaI3!glf!8!&CaI3!
gl`b)! <P;! FA;;A! <:! >A76>A! 796FF8! =:! <78FF6! 6;;Y:>789>A! 8!
<PB89!!F:!;:<F:678!8!6!79677:!;PF:=8!6;;Y8<789>AC
/:E8><:A>:X! FE! ,)gVf),V')a"')eZ! 6><6X! FE! e)`V&)eV&)`Z!
R8FFPFF:AX!FE!*)'!O!98<:=P6!V!*)("&),C
%>?C!aa,e!=6!%)!fC
8+2"9:,;$)!BBC!&')!ag)!76?C!22h#%hC&C
*'C!S9AFF6!6<sA:=8!_!!@C!,C,bC
5:!FA><89?6!P>!79677A!=:!FA;;A!FA>!6><6!:EBA<7676!<P;"
;YA9;AC
J9;A! 6BB:677:7A! <PB89:A9E8>78C!.><6! 6! R6<7A>F8;;A! =:!
<8G:A>8!F:9FA;698)!FA>!F6>6;8!B6<<6>78!8!R8FFPFF:A!=:!<8"
G:A>8!8;;:77:F6)!=8FA9676!=6!F89FO:8;;:!:EB98<<:!E8=:6>78!
P>6!F6>>PFF:6!_FE!')g!=:6ECb)!=:<BA<7:!<P!!!;8!B696;;8;8!
=:!798!8;8E8>7:C
%EB6<7A!=P9A!E8=:6E8>78!=8BP967A!FA>!:>F;P<:!\P69"
GA<:)!=:!FA;A98!E699A>8!@9:@:6<79A!_*'I3!al&bC!5PB89!!F:!
AB6FO8)!;:<F8)!=:!FA;A98!E699A>8!_`CaI3!al&!8!*'I3!al,b!
FA>!:>F9A<76G:A>:C
/:E8><:A>:X!FE!,)&Vf)'V')aa"')eZ!6><6X!FE!f)fV,)&V&)fZ!
R8FFPFF:AX!FE!&)a!O!98<:=P6!V!*)(!"&)&C
%>?C!aa'(!=6!S2!a"*f)!GA>6!<FA>?A;76!F6BC!a!%%)!6!1C
8+2"9:,;$)!BC!ag)!76?C!22h#%hC,Z!!!@C!**,C=C
**C!S9AFF6!6<sA:=8!_pb!_!!@C!,CgbC
5:! FA><89?6! B6978! =:! P>Y6><6! FA<7:7P:76! =6! P>! 79677A!
9877:;:>8A!FA>!>6<79A!=:!<8G:A>8!8;;:77:F6!789E:>6>78!FA>!
:;!DA9A!B6<<6>78!=:!P>!F6>6;8!FO8!67796?89<6!;6!BA9G:A>8!
=Y6><6!?897:F6;8!=:!<8G:A>8!<PRF:9FA;698C
%EB6<7A!=P9A!FA>!969:!:>F;P<:)!=:!FA;A98!@9:@:A!_aI!gl*bC!
5PB89!!F:!AB6FO8!R8>!;:<F:678C
/:E8><:A>:X!FE!`)f!_;P>@OC!98<:=P6b!V,)'V*)a"&)f!_79677A!
FA>!F6>6;8bC
%>?C!a`,'!=6!22"20)!aC
8+2"9:,;$)!BC!g,C
&ea
*&C!S9AFF6!6<sA:=8!A!6>DA96!_!!@C!,CabC
5:!FA><89?6!P>!79677A!=:!FA;;A!FA>!6><6!:EBA<7676!<A77A!
;YA9;AC
J9;A!699A7A>=67A)!<?6<67AC!2A;;A!F:;:>=9:FA!;:8?8E8>78!
<79AER67AC!.><6!6!>6<79A!=:!<8G:A>8!B:6>A"FA>?8<<6)!FA>!
DA9A!B89?:A!B98<<A!;Y6776FFA!<PB89:A98C
%EB6<7A! 6RR6<76>G6! R8>! =8BP967A! FA>! 969:! :>F;P<:! =:!
\P69GA! R:6>FA)! =:! FA;A98! @9:@:A! <FP9A! _`CaI3! ,)al'bC!
5PB89!!F:8!8<789>6!AB6F6)!;:<F:6)!=:!FA;A98!@9:@:A!_`CaI3!
g)al'b!8!E699A>8!@9:@:6<79A!_*'I3!al&bC!5PB89!!F:8!:>"
789>6!AB6F6)!;:<F:6!FA>!<79:67P98!A9:GGA>76;:!_B8>>8;;Apb!
=:!FA;A98!@9:@:A!<FP9A!_`CaI3!,l'bC
/:E8><:A>:X!FE!()(Vg)'V')g"')aZ!6><6X!FE!`)(V&),V*)'"*)*!
_DA9AX!FE!')ga!=:6ECbC
%>?C!a(a()!=6!SN)!<BA96=:FAC
8+2"9:,;$)!76?C!22h#%hC*FC
*,C!S9AFF6!6<sA:=8!A!6>DA96!_!!@C!,CfbC
5:!FA><89?6!P>!79677A!=:!FA;;A!8!;Y6><6C
2A;;A!F:;:>=9:FA)!<B6;;6!78<6Z!6><6!6!>6<79A!=:!<8G:A>8!B:6>A"
FA>?8<<6!:EBA<7676!796!A9;A!8!<B6;;6)!FA>!DA9A!B89?:A!B98<<A!
;Y6776FFA!<PB89:A98C!#6!=8FA96G:A>8![!FA<7:7P:76!=6!P>6!R6>=6!
6!<B:>6!=:!B8<F8!BA<76!796!;:>88!A9:GGA>76;:!:>F:<8C!5P;;Y6><6)!
B98<<A!:!E69@:>:)!?:![!P>!EA7:?A!=:!79677:!AR;:\P:C
%EB6<7A!=P9A!8!@96>P;A<A!FA>!:>F;P<:!=:!\P69GA)!=:!FA"
;A98!@9:@:A!<FP9A!_&CaI!gl'bC!5PB89!!F:!AB6FO8!8!9P?:=8!
6;;Y:>789>A)!6!79677:!6FFP9676E8>78!;:<F:678!6;;Y8<789>AC
/:E8><:A>:X!FE!e)fVa)`V')f"')`Z!6><6X!FE!e),V&)'V*)'"*)&!
_DA9AX!FE!')g'!=:6ECbC
%>?C!aag'!=6!SS)!*&!_%1K!2.4b)!:>F8>=:A!F6BC!a!%%Z!
%>?C!aafe!=6!S/)!*,)!:>F8>=:A!F6BC!a!%%)!6!1C
8+2"9:,;$)!BC!g,)!76?C!22h#%hC*6)=C
*gC!S9AFF6!A!RA77:@;:6!_!!@C!,C`bC
5:!FA><89?6!P>!79677A!=:!FA;;A!79A>FAFA>:FA!9:FAEBA<7A!
=6!?69:!B8GG:!_epbC
J9;A!699A7A>=67A)!;:8?8E8>78!6<<A77:@;:67A!8!<?6<67AC!%;!
FA;;A![!=8FA967A!=6!;:>88!A9:GGA>76;:!:>F:<8)!B696;;8;8!6;789"
>678!6!=P8!6;;:>86E8>7:!=:!:EB98<<:A>:!6!FO:FFA!=:!9:<AC!
%EB6<7A! 6RR6<76>G6! R8>! =8BP967A! FA>! 969:! :>F;P<:)! =:!
FA;A98!@9:@:A!EA;7A!<FP9A!_*'I3!,l*bC!5PB89!!F:!;:<F:678!
8!6!79677:!;PF:=8)!=:!FA;A98!>A>!P>:DA9E8!@9:@:A!_`CaI3!
gl'b!8!@9:@:A!EA;7A!<FP9A!_`CaI3!,l'bC
/:E8><:A>:X!FE!**)aV()gV')*a"')gC
%>?C!ge(f!=6!SL"SM)!*f!_*apb)!8<789>A!F6BC!a!%%)!6!1C
8+2"9:,;$)!BC!(a)!76?C!22h#%hC*:C
*aC!S9AFF6!6<sA:=8!_pb!_!!@C!,C(bC
5:!FA><89?6!P>!79677A!=:!FA;;A)!B9A<<:EA!6;;Y6776FFA!FA>!
;6!<B6;;6!=8;!?6<AC
%EB6<7A!=P9A)!@96>P;A<A)!=:!FA;A98!@9:@:A!<FP9A!_*'I3!
,l*b)!FA>!969:!:>F;P<:!\P69GA<:!_pb!=:!FA;A98!R:6>FAC!5P"
B89!!F:!R8>!;P<79678)!;PF:=8)!FA>!<78FF67P98!6;;Y:>789>A)!=:!
FA;A98!@9:@:A!EA;7A!<FP9A!_`CaI3!,l'bZ!8<789>A!6!79677:!
@9:@:A!R9P>A!_*'I3!,l*bC
#6!=8FA96G:A>8![!FA<7:7P:76!=6!P>6!R6>=6!6!<B:>6!=:!B8"
<F8!BA<76!796!=P8!98@:<79:!FA>!79:6>@A;:!:<F9:77:!6D!!6>F67:C!
#8!:>F:<:A>:!<A>A!8<8@P:78!FA>!P>6!BP>76!B:P77A<7A!<A77:;8!
_')'&!EEb)!;6!9:@6!F8>796;8!A9:GGA>76;8![!B:m!@9A<<6!8=!:>!
B6978!9:B6<<676!_')`!EEbZ!:!79677:>:!=8;;6!<B:>6!=:!B8<F8!
<A>A!8<8@P:7:!B98E8>=A!8!<79:<F:6>=A!;6!BP>76C!.;;6!R6<8!
=8;!FA;;A!?:![!P>6!;:8?8!<A;F67P96C
/:E8><:A>:X!FE!,)fVg)fV')a"')fC
%>?C!ge&'6!=6!SL)!g"()!6!1!=8;;6!F6BC!a!%%C
8+2"9:,;$)!BC!(&)!76?C!22h#%hC*8C
&ef -C!2.$.#%03!"!.C!/04.#-.5
*fC!$6<A!6!FA;;A!=:<7:>7A!_!!@C!,C**bC
5:!FA><89?6!P>!79677A!=:!A9;A!699A7A>=67A!:>!FA>7:>P:7^!
FA>!:;!FA;;A!F:;:>=9:FA!=:<7:>7A!6;;6!R6<8!=6!P>!FA9=A>8!
B;6<7:FA!<8@>67A!=6!R98?:!79677:!B696;;8;:!?897:F6;:C
%EB6<7A! =P9A! 8! @96>P;A<A)! FA>! 969:! :>F;P<:)! =:! FA;A98!
@9:@:A!FO:69A!_aI!fl*bC!5PB89!!F:!:>@PRR:678)!;PF:=678!=:!
FA;A98!9A<<A!_&CaI3!alfbC
/:E8><:A>:X!FE!`)*Va)fV')a"*)'"*)*C
%>?C!fg'&!=6!W)!5H4C
8+2"9:,;$)!76?C!22h#$%%CgFC
*`C!$6<A!6!FA;;A!R:6><67A!_!!@C!,CebC
5:!FA><89?6!:;!FA9BA!=:!DA9E6!A?A:=6;8)!:>!B6978!9:FA<79P:7A)!
<:>A!6;;6!R6<8!=8;!FA;;A)!F6967789:GG676!=6;;6!B98<8>G6!=:!P>!
FA9=A>8!<8@>67A!=6!P>6!!!;6!A9:GGA>76;8!=:!BP>7:!:EB98<<:!=:!
DA9E6!A?6;8C!#8!6><8!6!@AE:7A!9A?8<F:A)!:EBA<7678!6;;6!E6<"
<:E6!8<B6><:A>8)!B98<8>76>A!P>6!FA<7A;67P96!F8>796;8C
5PB89!!F:!AB6FO8!;:<F:678!6!<78FF6!=:!FA;A98!9A<<:FF:A!_aI3!
g)alf!8!&CaI3!alfbC
/:E8><:A>:X!FE!g,V,f)fV*)*C
%>?C!f',,!=6!22"2/)!fa)!`"()!F6BC!a!%%%C
8+2"9:,;$)!BC!`')!76?C!22h#$%%C*C
*(C!$6<A!6!FA;;A!R:6><67A!_!!@C!,C*'bC
5:! FA><89?6! P>6! B6978! =8;! FA9BA! =:! DA9E6! A?A:=6;8)! 8!
P>Y6><6!6!@AE:7A!9A?8<F:AC
%EB6<7A! =P9A)! @96>P;A<A! FA>! ?69:! :>F;P<:! =:! FA;A98!
E699A>8!_aI3!,l,bC!5PB89!!F:!AB6FO8!FA>!796FF8!=:!6F"
FP9676!;:<F:67P96)!=:!FA;A98!E699A>8!:>78><A!_`Ca!I3!alab!
6;;Y8<789>A)!B:m!78>P8!_*'I3!fl,b!6;;Y:>789>AC
/:E8><:A>:X!FE!,*V&g)aV')a"')fC
%>?C!f',g!=6!W)!<BA96=:FAC
8+2"9:,;$)!76?C!22h#$%%C&C
*eC!$6<A!6!FA;;A!_!!@C!,C*&bC
5:!FA><89?6!P>!79677A!=:!<B6;;6!8!=:!R6<8!=8;!FA;;AC
S6<8!=8;!FA;;A!F6967789:GG676!=6!P>!FA9=A>8!=8;:E:767A!
=6!P>!6;;:>86E8>7A!=:!BP>7:!:EB98<<:!=:!DA9E6!:998@A;698!
986;:GG67:!FA>!P>6!BP>76!=:!<8G:A>8!A?A:=6;8C
%EB6<7A!<6RR:A<A!E8=:6E8>78!=8BP967A!FA>!:>F;P<:!=:!\P69"
GA)!=:!FA;A98!E699A>8!<FP9A!_*'I3!,l,bC!5PB89!!F:!:>@PRR:678)!
6FFP9676E8>78!;:<F:678!6;;Y8<789>A)!=:!FA;A98!E699A>8!_`CaI3!
algbZ!:>789>A!BAFA!9:!!>:7A!=:!FA;A98!E699A>8!_*'I3!g)al,bC
/:E8><:A>:X!FE!a)(V`)`V')("*)&C
%>?C!agegR!=6!SS)!*a)!8<789>A!F6BC!a!%%)!;67A!5C
8+2"9:,;$)!BC!a`)!76?C!22h#$%%Cg@C
&'C!$6<A!6!FA;;A!_!!@C!,C*,bC
5:! FA><89?6>A! =P8! 79677:! >A>! FA>7:@P:! B897:>8>7:! 6;;6!
R6<8!=8;!FA;;AC
S6<8!=8;!FA;;A!F6967789:GG676!=6!P>!FA9=A>8!=8FA967A!=6!
P>6!!!;6!=:!BP>7:!:EB98<<:!=:!DA9E6!:998@A;698C
%EB6<7A!=P9A!E8=:6E8>78!=8BP967A!FA>!:>F;P<:!=:!\P69"
GA)!=:!FA;A98!E699A>8!@9:@:6<79A!_&CaI!gl&!8!,l&b)!6!79677:!
R:F9AEA!@9:@:A!<FP9A!8!E699A>8!@9:@:6<79A!_&CaI!gl'!8!
al&bC!5PB89!!F:!:>@PRR:678!=:!FA;A98!9A<<6<79A!_aI3!algb)!
R8>!;:<F:678!6;;Y8<789>A)!E8>A!9:!!>:78!6;;Y:>789>AC
/:E8><:A>:X!FE!,)fVa)fV')e"*)`Z!FE!&)fV,)eV')("*)*C
%>?C!agegF!=6!SS)!*&)!8<789>A!F6BC!a!%%)!;67A!5C!
%>?C!a`(,!=6!S.)!*')!8<789>A!F6BC!a!%%)!;67A!5C
8+2"9:,;$)!BC!a`)!76?C!22h#$%%Cg8"=C
&*C!$6<A!6!FA;;A!_!!@C!,C*gbC
5:!FA><89?6>A!=P8!79677:!>A>!FA>7:@P:!B897:>8>7:!6=!P>!
79677A!=:!FA;;A!8!=:!<B6;;6C
S6<8! =8;! FA;;A! F6967789:GG676! =6! P>! FA9=A>8! =8FA"
967A! =6! P>6! =ABB:6! !!;6! =:! BP>7:! :EB98<<:! =:! DA9E6!
8;;:77:F6C
%EB6<7A!FAEB677A!FA>!\P6;FO8!:>F;P<A!=:!\P69GA)!=:!
FA;A98!@9:@:A!_aI!gl*bC!5PB89!!F:!:>@PRR:678!=:!FA;A98!
9A<<A! _&CaI3! alfb)! AB6FO8)! R8>! ;:<F:678)! FA>! <8@>:!
=:! B8>>8;;A! 6;;Y:>789>A! =8;;6! <B6;;6! =:! FA;A98! R8:@8!
_*'I3!al,)abC
/:E8><:A>:X!FE!a)eVf)(V')e"*)`Z!FE!')g"')fZ!*),!_<B8<<C!
FA9=A>8bZ!FE!a)`V()`V')aC
.ER8=P8!:!D96EE8>7:!9:BA976>A!:;!>C!:>?C!g`ea!=6!.L)!
7@;C!<PBC
8+2"9:,;$)!BBC!&(`"&(()!76?C!22h#$%%Cg6"RC
&&C!.><6!6!@AE:7A!9A?8<F:A!_!!@C!gC*bC
.><6!BAFA!<?:;PBB676!FA>!>6<79A!=:!<8G:A>8!98776>@A;698!
8!<PR"8;;:77:F6C
%EB6<7A!<6RR:A<A!R8>!=8BP967A)!=:!FA;A98!@9:@:A!_`CaI3!
,)al'! 8! ,l'bC! 5PB89!!F:! :>@PRR:678! 8! ;:<F:678! 6! <78FF6!
=:! FA;A98! E699A>8! 9A<<:FF:A! FO:69A! _aI3! flgb)! ;PF:=8!
6;;Y8<789>A)!AB6FO8!6;;Y:>789>AC
/:E8><:A>:X!FE!g)aVa)fV*),"&)'C
%>?C!a''e!=6!SL"SM)!*`"*(C
8+2"9:,;$)!BC!(`C
&,C!.><6!6!@AE:7A!9A?8<F:A!_!!@C!gC&bC
5:!FA><89?6!:;!79677A!=8;!@AE:7A!FA>!>6<79A!=:!<8G:A>8!
8;;:77:F6C
%EB6<7A!=P9A!8!@96>P;A<A!FA>!:>F;P<:!=:!\P69GA!6>FO8!
E:F9A@96>P;69:)!=:!FA;A98!@9:@:A!_aI!gl*bC!5PB89!!F:!6F"
FP9676E8>78!;:<F:678!6!<78FF6)!AB6FO8)!=:!FA;A98!E699A>8!
FO:69A!_*'I3!fl,bC
/:E8><:A>:X!FE!a)aVa)fV*)f"&)'C
%>?C!af*&!=6!S0)!eC
8+2"9:,;$)!BC!geC
&gC!.><6!6!@AE:7A!9A?8<F:A!_!!@C!gC,bC
16<79A!FA>!<8G:A>:!98776>@A;69:!8=!8;;:77:FO8C
%EB6<7A!!!>8!R8>!=8BP967A!FA>!969:!:>F;P<:!=:!\P69GA)!
=:!FA;A98!@9:@:A!_aI3!,l*bC!5PB89!!F:!;:<F8!8!AB6FO8!=:!
FA;A98!E699A>8!@9:@:6<79A)!@9:@:A!8!E699A>8!_*'I3!al&)!
al*!8!gl,bC
/:E8><:A>:X!FE!g),Vf)`V*)'"*)gC
%>?C!aa`'!=6!S/)!(C
8+2"9:,;$)!BC!g,C
&aC!.><6!6!@AE:7A!9A?8<F:A!_!!@C!gCgbC
5:! FA><89?6! :;! 79677A! 9877:;:>8A! FA>! >6<79A! =:! <8G:A>8!
98776>@A;698)! 789E:>6>78! FA>! P>Y6BB8>=:F8! <BA9@8>78!
?89<A!:;!R6<<AC
%EB6<7A!=P9A!8!@96>P;A<A!FA>!:>F;P<:!=:!\P69GA!6>FO8!=:!
@96>=:!=:E8><:A>:)!=:!FA;A98!@9:@:A!EA;7A!<FP9A!_*'I3!
,l*)! gl*bC! 5PB89!!F:! R8>! ;:<F:678)! ;PF:=8! 6;;Y8<789>A! 8!
AB6FO8!6;;Y:>789>A)!=:!FA;A98!E699A>8!@9:@:6<79A!8!@9:@:A!
<FP9A!_*'I3!al&!8!gl*bC
/:E8><:A>:X!FE!&)aVf)'V*)g"*)aC
%>?C!a(g'R!=6!SN)!*&)!:>7C!F6BC!a!%%C
8+2"9:,;$)!BC!a&C
&fC!.><6!6!@AE:7A!9A?8<F:A!_!!@C!gCfbC
16<79A! FA>! <8G:A>:! B:6>A"FA>?8<<8)! R:FA>?8<<8! 8!
B8>76@A>6;:C
%EB6<7A!E8=:6E8>78!=8BP967A!FA>!:>F;P<:!=:!\P69GA)!
=:!FA;A98!@9:@:A!_*'I3!al*bC!5PB89!!F:!:>@PRR:678!_pb!R8>!
;:<F:678)!AB6FO8!=:!FA;A98!?:A;6F8A!_&CaI3!gl&!8!algb!FA>!
 -.K03%.#%!5.3/%!10#!$%##.MM%J!/%!#%4.3%C!%!N3.--01K%!203.-%2%!0!#0!2J330#.o%J1%
796FF8!=8;;YP<A!=:!B8>>8;;A!8!<B67A;6!B89!;6!;:<F:67P96C
/:E8><:A>:X!FE!e)*Vf)f!"!`)eV*)a"&)aC
%>?C!a&,f6!=6!2%)!&)!8<789>A!F6BC!6!%$)!;67A!1C!
8+2"9:,;$)!BC!(()!76?C!22h#$%%C,=C
&`C!.><6!6!@AE:7A!9A?8<F:A!_!!@C!gCabC
16<79A!FA>!<8G:A>:!98776>@A;69:!8!R:FA>?8<<8C
%EB6<7A!BA9A<A!6RR6<76>G6!R8>!=8BP967A!FA>!969:!:>"
F;P<:!=:!B:FFA;8!=:E8><:A>:!=:!\P69GA)!=:!FA;A98!@9:@:A!
_*'I3!g)al*bC!5PB89!!F:!;:<F:678!E6!AB6FO8!FA>!796FF8!=:!
<B67A;67P96)!=:!FA;A98!@9:@:A!6>FO8!<FP9A!_*'I3!gl*b!8!
FA>!GA>8!9A<<6<798!_`CaI3!gl&Z!&CaI3!algbC
/:E8><:A>:X!FE!()aVe)(V*)gZ!6><6X!FE!fV&)&!"!a)*V*)g"*)aC
%>?C!g(f(!=6!2M)!e!"!*'!"!**)!B9:EA!<PA;A!F6BC!a!%$C
8+2"9:,;$)!BC!`g)!76?C!22h#$%%C,FC
&(C!.><6!6!@AE:7A!9A?8<F:A!_!!@C!gC`bC
16<79A!FA>!<8G:A>:!98776>@A;69:!8!R:FA>?8<<8C
%EB6<7A!EA;7A!R8>!=8BP967A)!=:!FA;A98!@9:@:A!_*'I3!,l*b!
8!E699A>8!_`CaI3!glgbC!5PB89!!F:!R8>!;:<F:678!8!;PF:=678!
6;;Y8<789>A!=:!FA;A98!E699A>8!_`CaI3!alg!8!al&b)!FA>!796F"
F8!=:!B8>>8;;A!P7:;:GG67A!B89!;6!;:<F:67P96!6;;Y:>789>AC
/:E8><:A>:X!FE!f)`V!*)&V*"*)aC
%>?C!f,a`!=6!.K)!aC
8+2"9:,;$)!BC!&f()!76?C!22h#$%%C,RC
&eC!.><6!6!@AE:7A!9A?8<F:A!_!!@C!gC(bC
16<79A!FA>!<8G:A>:!B:6>A"FA>?8<<8!8!R:FA>?8<<8)!=8FA967A!
<P;;6!<AEE:7^!=6!798!F89FO:8;;:)!:;!B9:EA!=8:!\P6;:)!B:P77A"
<7A!B9ADA>=A)!O6!=8789E:>67A!P>Y6<BA976G:A>8!=:!B6<76C
%EB6<7A!<6RR:A<A!"!@96>P;A<A!FA>!>PE89A<:!:>F;P<:!=:!
\P69GA!R:6>FO:!8!@:6;;:)!=:!FA;A98!@9:@:A!A;:?6!_aI!gl&bC!
5PB89!!F:! =8;;Y6><6! :>@PRR:678! 6FFP9676E8>78! ;:<F:678)!
6! 79677:! ;PF:=8Z! :>789>A! AB6FA! =:! FA;A98! 9A<<A! ?:A;6F8A!
_&CaI3! gl&b! FA>! ;8@@898! 796FF8! =:! B8>>8;;AZ! <PB89!!F:!
=8;! ?6<A! FA>! 796FF8! =:! <B67A;67P96)! =:! FA;A98! E699A>8!
_`CaI3!g)algbC
/:E8><:A>:X!FE!e)aV(V*)`"&),C
%>?C!a(g'6!=6!SN)!**)!<PA;A!B:m!B9ADA>=A!<A77A!F6BC!a!%%C
8+2"9:,;$)!BC!a&)!76?C!22h#$%%C,6C
,'C!/A;:A!_!!@C!aC*bC
5:!FA><89?6!P>!A9;A!6!FA9=A>8!=:!<8G:A>8!<PR"F:9FA;698!8!
=:8F:!D96EE8>7:!FA>7:@P:!=:!B69878!FP9?:;:>86!B897:>8>78!
6;;6!<B6;;6!8!6;!?8>798C!%>!FA99:<BA>=8>G6!=8;;6!<B6;;6![!
B98<8>78!P>6!=8FA96G:A>8!:>F:<6!FA<7:7P:76!=6!EA7:?:!6!
<B:>6!=:!B8<F8!=:<BA<7:!:>!<8\P8>G6!6;789>676!?897:F6;8!
8!A9:GGA>76;8C
%EB6<7A!BAFA!=8BP967A)!BA9A<A!8!<6RR:A<A!FA>!>PE89A<:!
:>F;P<:!=:!\P69GA)!=:!FA;A98!@9:@:A!_*'I3!gl*b!8!E699A>8!
_`CaI3! algb)! 9A<<A! _&CaI3! algb! >8;;8! B6987:C! 5PB89!!F:!
:>@PRR:678)!;:<F8!8!AB6FO8)!=:!FA;A98!@9:@:A!_&CaI!g)al'b!
8!9A<<:FF:A!_aI3!a)alfbC
/:E8><:A>:X!FE!f!_O!A9;Ab!"!&&)!&!_O!B69878b!V!&`)a!_;69@OC!
A9;Ab!"!&`)e!_;69@OC!B69878b!V!g)f!_<B8<<C!A9;Ab!"!*)'"*)*!_<B8<<C!
B69878bZ!=:6EC!FE!*a),'C
%>?C!af((!=6!22+20)!(Z!aeag!=6!S3)!*&)!<7967A!.P<A>:A!%%!
B:m!B9ADA>=A!6;;Y8<789>A!F6BC!a!%$Z!a((&!=6!S3)!()!<7967A!
:>F8>=:A!=8;;Y.P<A>:A!%%!6;;Y8<789>A!F6BC!a!%$Z!a*a&!=6!
S%+S#)!g"f)!:>789>A!F6BC!a!$%C
8+2"9:,;$)!BC!fa)!76?C!22h#$%%%C&=C
,*C!$6<A!=:!DA9E6!>A>!=8789E:>6R:;8)!6><67A!_!!@C!aC&bC
5:!FA><89?6!P>!79677A!=:!B69878!FP9?:;:>86!FA>!6><6!:E"
BA<7676!<P;!?8>798Z!6><6!6=!6>8;;A!FA>!>6<79A!=:!<8G:A>8!
&e`
R:FA>?8<<6!8!DA9A!>A>!B89?:A!B98<<A!;Y6776FFA!<PB89:A98C
%EB6<7A! =P9A! @96>P;A<A! FA>! :>F;P<:! 6>FO8! =:! @96>=:!
=:E8><:A>:)! =:! FA;A98! @9:@:A! _`CaI3! gl'bC! 5PB89D:F:!
8<789>8!:>@PRR:678)!;:<F8!8!;PF:=8)!=:!FA;A98!9A<<A!_*'3!
glfbC!5PB89!!F:!:>789>8!9P?:=8)!9:!!>:78!<AEE69:6E8>78)!
=:!FA;A98!@9:@:A!_`CaI3!al'bC
/:E8><:A>:X!FE!*,)`V`)(V*)'"*)&Z!6><6X!FE!()gV&)aV*)aC
%>?C!f,ef!=6!W)!5H4C
8+2"9:,;$)!76?C!22h#%hC`C
,&C!#PF89>6!6!>6?:F8;;6!_!!@C!aC,bC
5:!FA><89?6!B6978!=8;;6!?6<F6!DP<:DA9E8!FA>!8<798E:7^!
6!<B:@A;A!6FP7AC
-69@:>8!699A7A>=67A)!DA>=A!B:677AC
%EB6<7A!@96>P;A<A!=P9A)!FA>!:>F;P<:!\P69GA<:!=:!FA;A98!
@9:@:A! EA;7A! <FP9A! 6;;Y:>789>A! _*'I3! ,l*b)! B:m! FO:69A!
6;;Y8<789>A! _&CaI3! &Cal'! 8! *'I3! gl*bC! 5PB89!!F:! B89D87"
76E8>78!;P<79678)!<78FF678)!=:!FA;A98!>A>!P>:DA9E8!>89A!
_&CaI3!,l'b!8!E699A>8!_`CaI3!gl&b!8!9A<<:FF:A!_&CaI3!al'b!
?89<A!:!E69@:>:C
/:E8><:A>:X!FE!e)fVg)aV&)(!_O!B69878b!V!')f!_<B8<<C!B6"
9878bZ!DA>=AX!FE!`)`V,V')`C
%>?C!g(e(!=6!2M)!:>7C!F6BC!a!%$C
8+2"9:,;$)!BC!`g)!76?C!22h#%hC()!!!@C!**gC=C
-.K03%.#%!/%!%1203K.!-.1%N.KKH3.!5.3/.
,,C!5FA=8;;A>8!8E:<D89:FA!_pb!_!!@C!fC*bC
5:!FA><89?6!P>!79677A!=:!A9;A!6BB:677:7A!8!=:!B69878!FP9"
?:;:>86!FA>!B98<6!6!;:>@P6C
%EB6<7A!=P9A!8!@96>P;A<A!=:!FA;A98!@9:@:A!A;:?6!FO:69A!
_aI!fl&bC!5PB89!!F:!:>@PRR:678)!;:<F8!8!AB6FO8!FA>!<F98"
BA;67P98)!=:!FA;A98!9A<<A!?:A;6F8A!8!E699A>8!9A<<:FF:A!
_&CaI3!glg!8!gl&b!8!@9:@:A!_*'I3!al*bC
/:E8><:A>:X!FE!a)*V()&V')`"')eC
%>?C!('e&!=6!.!5H4C
,gC!$6<A!=:!DA9E6!>A>!=8789E:>6R:;8!_!!@C!fC&bC
5:! FA><89?6! P>! 79677A! =:! A9;A! 6BB:677:7A)! ;:8?8E8>78!
<BA9@8>78!8!<R98FF:67A!6;;Y8<789>A)!B69878!;8@@89E8>78!
FA>F6?6C
%EB6<7A!=P9A!@96>P;A<A!_FA77P96!6=!6;78!78EB8967P98pb!
=:!FA;A98!E699A>8!FO:69A!_`CaI3!flgbC!5PB89!!F:!:>@PR"
R:678)! AB6FO8! 8! FA>! <F98BA;67P98)! =:! FA;A98! 9A<<6<79A!
6;;Y8<789>A!_&CaI3!algbC
/:E8><:A>:X!FE!a)fVg)eV')`"*)&C
%>?C!a(&(!=6!2.)!*g"*fC
8+2"9:,;$)!BC!aeC
,aC!$6<A!=:!DA9E6!>A>!=8789E:>6R:;8)!6><67A!_!!@C!fC,bC
5:!FA><89?6!P>!79677A!=:!6><6!6!>6<79A!=:!<8G:A>8!<PR"
8;;:77:F6C
%EB6<7A! @96>P;A<A! FA>! \P6;FO8! :>F;P<A! =:! \P69GA)! =:!
FA;A98!E699A>8!FO:69A!_*'I3!fl,bC
5PB89!!F:!AB6FO8!FA>!796FF8!=:!:>@PRR:67P96)!=:!FA;A98!
@9:@:A!<FP9A!_`CaI3!gl'bC
/:E8><:A>:X!FE!,)eV,)`V*)(C
%>?C!a(&e!=6!2.!*g+*fC
8+2"9:,;$)!BC!aeC
,fC!S9AFF6!6<sA:=8!_!!@C!fCgbC
5:!FA><89?6!P>!79677A!=:!FA;;A!8!=:!<B6;;6C
2A;;A!79A>FAFA>:FA!6!<8G:A>8!6<:EE879:F6C
%EB6<7A!=P9A!6RR6<76>G6!R8>!=8BP967A!FA>!969:!:>F;P<:!
&e( -C!2.$.#%03!"!.C!/04.#-.5
=:!\P69GA)!=:!FA;A98!@9:@:A!_*'I3!gl*b!8!E699A>8!?89<A!
;8! <PB89!!F:! _`CaI3! algbC!5PB89!!F:! 8<789>8!R8>! ;:<F:678!
=:!FA;A98!E699A>8)!6!79677:!9A<<:FF8!_&CaI3!algbZ!:>789>A!
AB6FA!FA>!796FF8!=:!B8>>8;;AC
/:E8><:A>:X!FE!e)aVe)&V')a"')(C
%>?C!aa*f!=6!S2)!a"*fC
8+2"9:,;$)!BC!agC
,`C!S9AFF6!6<sA:=8!_!!@C!fCabC
5:!FA><89?6!P>!79677A!=:!FA;;A!8!=:!<B6;;6C
%EB6<7A!=P9A!8!BA9A<A)!6RR6<76>G6!R8>!=8BP967A)!FA>!
\P6;FO8!:>F;P<A!=:!E8=:8!=:E8><:A>:)!=:!FA;A98!@9:@:A!
_*'I3!gl*bC!5PB89!!F:!8<789>8!AB6FO8!8!;:<F:8!=:!FA;A98!
@9:@:A!<FP9A!_`CaI3!gl'bZ!:>789>A!>A>!9:!!>:7A!=:!FA;A98!
@9:@:A"R9P>A!EA;7A!<FP9A!_*'I3!,l&bC
/:E8><:A>:X!FE!f)aVe)*V')f"*)&C
%>?C!aaee!=6!S0)!aC
8+2"9:,;$)!BC!gaC
.C/C
3%N03%-01K%!S%S#%JM3.N%2%
.#055%J!-C)!S0##.!NC)!2J3K05%!2C)!KH3%!SC)!@&%&-"0,+'*0,'
"2' *&/=0,"0ABC' ("' &2*:,"' 0/"--0,%"' (+92"' ",$+("&D+,%"'
E/+"$%0/"*"' (+22F&*/0E02"' +' ("' *0,%/&(&' @"&,&G' <$02&' ("'
H"E&/")!:>!8+2"9:,;$)!46;89EA)!BBC!(,`"(ggC
IJJ<'KJ!L!<I'K')I!@KMNI!"!..C$$C)!&''&!K%/:/"&'+')&/(+A
9,&'*+,%/0A$+%%+,%/"0,&2+'%/&'2F+%O'(+2'P/0,-0'Q",&2+'+'
2FI/*&"$D0)!.77:!hh%!2A>?8@>A!=:!57P=:!079P<FO:!8=!
%76;:F:)!4:<6"3AE6C
IJJ<')KHI!M<L)!+!..C$$C)!*e(`)!L,'D"22+,,"0'("'/+2&-"0,"'
7/&'2&')&/(+9,&'+'"'.&+$"'(+2'8+("%+//&,+0)!.77:!%%!2A>"
?8@>A!=:!57P=:)!26@;:69:C
.Ko01%!0C!*e(`)!<2'%+DE"0'&'E0--0'("'R:**:/:'N:/&S"')+%%"D0'
)&,'."+%/0'A'R&92"&/")!:>!I%%"')+2&/9":$)!BBC!&`e"&e`C
S.N%2J!5C)!3J55%!MC*e(()!<2',:/&91+')>'I,%",+'("'J0//&2=&>'
)*&#"'+'D&%+/"&2")!:>!-J3.$0KK%!.C)!6!FP96!=:)!<2',:A
/&91+' )&,%:' I,%",+' ,+2' H09:(0/0A8+"209:)! 56<<69:)!
BBC!ga"*((C
S.5J#%! 4C)! #J! 52L%.$J! NC)! /0KKJ3%! 2.-4H5! #C)! MH%/J! NC'
*e(()! T-"+/")! :>!..C$$C)! HFI,%"U:&/":D' &/=0/+,$+'
+'"'*"#"*"'D:$+"'&/*1+0209"*"'(+22&')&/(+9,&)!2:>:<8;;A!
S6;<6EA)!BBC!`*"e&C
S0KK0##%! -C! &''&)! <%&2"&' D+/"("0,&2+' +' D0,(0' D"*+,+0)!
M96>=:! FA>78<7:! 8! B9AR;8E:! =8;;6! 49A7A<7A9:6! %76"
;:6>6!a)!N:98>G8C
2.-4H5! NC)! #0J10##%! $C! &''')! H&' %"E0209"&' (+22&' *+/&D"*&'
,:/&9"*&>'<2'D&%+/"&2+'+("%0)!$:789RAC
2.-4H5!NC)!#0J10##%!$C!&''&)!R0,$"(+/&-"0,"'$:"'D&%+/"&2"'
*+/&D"*"' (+22F+%O' (+2' =/0,-0)! :>! K%/:/"&' +' )&/(+9,&)!
BBC!ge*"a*'C
2.-4H5! NC)! #0J10##%! $C! &'',)! H&' *&E&,,&' V' (+2' #"22&99"0'
E/+$$0'"2',:/&91+'I(0,"'("'W"22&,0#&%:20'?N:X3'$%:("0'
(+22F0/9&,"--&-"0,+'$E&-"&2+'&%%/&#+/$0'&2'("$%/"=:-"0,+'
(+2'*0//+(0'*+/&D"*0'+'"E0%+$"'$:22&'7:,-"0,+'(+"'/+*"E"+,A
%")'29A>6FO8!=:!.9FO8A;A@:6!g)!BBC!**a"*agC
2.-4H5!NC)!#0J10##%!$C!&''f6)!H&'*"$%+/,&'(+2',:/&91+'I(0,"'
("'W"22&,0#&%:20'?N:X)'29A>6FO8!=:!.9FO8A;A@:6!a)!
BBC!g`"`'C
2.-4H5!NC)!#0J10##%!$C!&''fR)!H&')&/(+9,&',+2'8+("%+//&,+0'
7/&'2F+%O'(+2'P/0,-0'+'2F+%O'(+2'Q+//0>'./0E0$%&'E+/':,&'
("$%",-"0,+'",'7&$")':>!..C$$C)!)%:("'",'0,0/+'("'!+,&%0'
.+/0,")!N:98>G8)!BBC!,`e",e&C
2.4HK.! MC! &'',! _&''gb)! !+E+/%"' ",+("%"' (&2' ,:/&91+' Q2:A
D+,+20,9:'?I291+/0X)!569=:>:6)!2A9<:F6!87!S6;8698<!
.>7:\P68!%)!BBC!(,"*''C
2.3/.30##%!.C)!/%!M011.3J!NC!*eef)!HF<%&2"&)!:>!403J1%!3C)!
4.30!2C)!6!FP96!=:)!J1+'+#02:%"0,'07'$+%%2+D+,%$'$5$%+D$'
&,('$0*"+%5'",'K:/0E+'&,('%1+'8+("%+//&,+&,'(:/",9'%1+'
P/0,-+'I9+'&,('"%$'E/+A&,('E/0%0:/=&,'(+#+20ED+,%$)!
H%554!h%%%)!2A;;C!hh%%)!NA9;n)!BBC!&ae"&ffC
2J22J!/C!*e(')!<2'#"22&99"0',:/&9"*0'("')+//&'T//"0$3'"'D&%+A
/"&2"'!'%%"2")!:>!..C$$C)!@0/9&2"'(0*:D+,%"'&/*1+0209"*")!
56<<69:)!BBC!**a"*g'C!
2J#J11.!MC!&''&"',!_&''fb)!M2"'K%/:$*1"',+2'J"//+,0'8+/"A
("0,&2+'%/&'D"%"G'$%0/"&'+'&/*1+0209"&)!079P<F6>!57P=:8<'
e)!BBC!*e*"&'fC
2J1KH! 0C! *e`g)! H&' )&/(+9,&' (+22FK%O' N:/&9"*&)! 42%.! ,)!
3AE6)!BBC!(&`"(,fC
2J1KH!0C!*e(')!R+/&D"*&'$&/(&'("'+%O',:/&9"*&'&'H"E&/")!:>!
8+2"9:,;$)!BBC!*g,"&',C
2J55H!KC)!4033.!-C!*e(()!J60'*0,%+S%$'07'%1+'P/0,-+'I9+'
",'%1+'N:/&91+'N02-&'07'8+&,&')&/(0'?N:0/0X)!S.3!
`*e)!BBC!e`"*'eC
/04.#-.5!.C!&'',)!J/&7!'*"'D&/"%%"D"'%/&,$%"//+,"*"3'D+--"'+'
D0("'(+22&',&#"9&-"0,+'&%%/&#+/$0'2F&,&2"$"'(+"'D0(+22"'
("'"D=&/*&-"0,+',:/&9"*")!.77:%%44!hhh$)!BBC!*'ge"
*'a&C
N.//.!-C.C!*e(`)!W"22&99"0',:/&9"*0'("')FL/=&2+'?J+%"AN:X>'
<'D&%+/"&2"'(+2'#&,0'Q)!:>!I%%"')+2&/9":$)!BBC!a,"f*C
N.//.!-C!.C!&''f)!<2'8:$+0'$E+2+0A&/*1+0209"*0'("'N:0/0)!
56<<69:C
N033.3050!203HK%!-C#C!*e(`)!R0,$"(+/&-"0,"'$:22&'*+/&D"*&'
,:/&9"*&'("'H"E&/")!:>!I%%"')+2&/9":$)!BBC!g,*"gg&C
N033.3050!203HK%!-C#C!*ee()!!+D&/Y$'0,'%1+'./+$+,*+'07'
N:/&9"*'.0%%+/5'0,'H"E&/")!:>!)&/(","&,'&,('I+9+&,)!
BC!,,aC
tv##H1/! -C! *ee()! )&/(","&,' .0%%+/5' 7/0D' R&/%1&9+)! :>!
)&/(","&,'&,('I+9+&,)!BBC!,aa",a(C
#%##%H!MC!*e(&)!H&'*"#"2%O',:/&9"*&)!56<<69:C
#%##%H! MC)! oH22.! 3C! *e(()! ):' N:/&S"' ("' P&/:D",")! 56<"
<69:C
-.21.-.3.!0C)!3%/MW.I!/C)!3%/MW.I!NC5C!*e(g)!J1+'P/0,-+'
Z0&/('7/0D')>8&/"&'",'.&:2"$G')&/(","&)!S9:7:<O!-P"
<8PE!JFF6<:A>6;!46B89)!ga)!#A>=A>C
-.MM%.1%!.C!&''&)!L,&'=/0**1+%%&'=/0,-+&'(&'W+%:20,"&)!:>!
I%%"!K%/:/"&'+')&/(+9,&)!BBC!g**"g&'C
8KH<MLN[)!"!S031.Sw!S30.!#C)!2.$.#%03!-C!*e(')!8+2"9:,;$'
H"E\/&!%$)!46;89EAC
-J3.$0KK%!.C!*e(')!H&'9/0%%&'("'8&20$'.+(+$)!:>!..C$$C)!
@0/9&2"' (0*:D+,%"' &/*1+0209"*")! 56<<69:)! BBC! *`,"
*``C
-J3.$0KK%!.C!*e(()!<2',:/&91+')>'I,%",+'("'J0//&2=&>'P/0**1+'
&$Y0"("G'E",%&(+/+G'2"$*"&%0")!:>!-J3.$0KK%!.C)!6!FP96!
=:)! <2' ,:/&91+' )&,%:' I,%",+' ,+2' H09:(0/0A8+"209:)!
56<<69:)!BBC!*(e"&'fC
-J3.$0KK%!.C! *ee&)! <2' *0DE2+$$0' ,:/&9"*0' ("' .&2D&#+/&)!
56<<69:C
-H150##!*e`a)!8:,$+22')0"2'R020/'R1&/%<)!S6;7:EA96C
4033.! -C! &'',)! HF+%O' (+2' P/0,-0' Q",&2+3' 2&' =+22&' +%O' (+2'
,:/&91+'I//:=":'+'2&'/"**1+--&'(+22+'9+,%"'("'./&,:'F+'
8:/:)!:>!2J55H!KC)!2.-4H5!NC)!#0J10##%!$C)!4033.!-C)!
5.1M05!-C)!6!FP96!=:)!H&'#"%&'(+2',:/&91+'I//:=":)!
/A;:6>A?6)!BBC!``"e*C
 -.K03%.#%!5.3/%!10#!$%##.MM%J!/%!#%4.3%C!%!N3.--01K%!203.-%2%!0!#0!2J330#.o%J1%
30##%!3C!*eeg!_*eeab)!H&'%0//+'R'(+2'*0DE2+$$0',:/&9"*0'("'
I,%"90/"' ?)&//0*1X3' $+*0,(&' ,0%&' &220' $*&#0' (+2' #&,0'
$:E+/"0/+)!d5.2J!**)!BBC!g*"`&C
5.#%5!MC!&''f!_&''`b)!N:0#"'$*&#"',+2'#"22&99"0',:/&9"*0'("')&'
)+((&'F+')0$'R&//0$'?T2"+,&G'N:0/0X)!569=:>:6)!2A9<:F6!
87!S6;8698<!.>7:\P68!%$)!BBC!(e"*'(C
5.11.!3C!*e(*"(a!_*e(fb)!8&%+/"&2"',:/&9"*"'(&'8"%-&'.:/A
("&'?@+*"D0E:%-:'A'R&92"&/"X)!55!hh$%)!BBC!f,"e*C
5.1KJ1%! $C! *e(g)! R0DE2+$$0' 8"%-&' R:**:/+((:$' A' H0*>'
R:**:/+((:$)! :>!..C$$C)! W"22&$E+*"0$&>' R+,$"D+,%0'
&/*1+0209"*0'(+2'%+//"%0/"0)!26@;:69:)!BBC!f*"`,C
5.1KJ1%!$C!*e(e)!HF+%O',:/&9"*&>'@&2'P/0,-0'!',&2+'&22FT/"+,A
%&2"--&,%+)!:>!..C$$C)!<2'8:$+0'I/*1+0209"*0'N&-"0,&2+'
("'R&92"&/")!56<<69:)!BBC!`e"*&(C
5.1KJ1%!$C!&''*6)!<2',:/&91+'H0$&'("'I==&$&,%&)!MP:=8!8!
57P=:!*)!dP697P!56>7Y0;8>6C
5.1KJ1%!$C!&''*R)!<2',:/&91+'):'N:/&S"'("'P&/:D",")!MP:=8!
8!57P=:!&)!dP697P!56>7Y0;8>6C
5.1KJ1%!$C)!S.22J!MC!*e(`)!HF"$02&%0'I'(+2'#"22&99"0',:/&9"*0'
("')+/:**"AM0,,+$&>'H0'$*&#0'(+22&'*&E&,,&'N>V)!:>!I%%"'
)+2&/9":$)!BBC!,*,",,fC
5.1KJ1%!$C)!5033.!4CSC)!MH%/J!NC)!NJ1oJ!JC!*ee*)!<2',:/&A
91+' R0=:2&$' ("' 8"2"$AT/"$%&,03' E/++$"$%+,-+' +' /":$0)!
-.5K%1J!.C)! 6! FP96! =:)! HFI7/"*&' !0D&,&)!.77:! $%%%!
FA>?8@>A)!56<<69:)!BBC!eg*"e(eC
)I!@<N<IN'IN@'IKMKIN!"!S.#-HKL!-C5C)!KItJK!3CLC)!8=<C)!
*ee()!)&/(","&,'&,('I+9+&,'R1/0,02095>'J06&/($'%1+'
/+$02:%"0,'07'/+2&%"#+'&,('I=$02:%+'@&%",9'",'8+("%+/A
/&,+&,)!55.!$C
50S%5! 5C! *e(&)! J+DE"0' &' E0--0' ,:/&9"*0)! :>! 5.1KJ1%! $C)! 6!
FP96!=:)!R:**:/:')FI//":>'N0%&'E/+2"D",&/+'("'$*&#0'
?B]^_A^]A_`X)!35N!h)!*)!BBC!***"**,C
50S%5!5C!*e(g!_*e(fb)!!&EE0/%0'E/+2"D",&/+)!:>!5.1KJ1%!$C)!
50S%5!5C)!<2'*0DE2+$$0',:/&9"*0'a8&(0,,&'(+2'!"D+("0b'
?T/"$%&,0X)!1S.5!%)!BBC!e`"*''C
50S%5!5C!*e(f!_*e(eb)!<'D&%+/"&2"'("'+%O',:/&9"*&)!:>!M.##%1!
#C)!50S%5!5C)!P&:2&(:'?T/"$%&,0X>'W"22&99"0',:/&9"*0'("'
)&,%&'P&/=&/&)!1S.5!%%)!BBC!&`,"&`aC
50S%5!5C!*e(`)!!"*+/*1+'&/*1+0209"*1+',+2')","$'*+,%/0D+/"A
("0,&2+>' N:0#+' &*U:"$"-"0,"' ("' +%O' ,:/&9"*&)! :>! I%%"'
)+2&/9":$)!BBC!*'`"**fC
50S%5!5C!*e(()!<2')","$'",'+%O',:/&9"*&'+'92"'&$E+%%"'(+22&'E/0A
(:-"0,+' *+/&D"*&)! :>!..C$$C)! H&' *+/&D"*&' ,+2' )","$'
&ee
(&2'N+02"%"*0'&"'9"0/,"',0$%/")!:>!..C$$C)!H&'*+/&D"*&'
/&**0,%&'2&'$%0/"&)!.77:!=8;!%%!2A>?8@>A)!J9:<76>A)!
BBC!*'`"*`,C
50S%5!5C!*eeg!_*eeab)!8&%+/"&2"'(&2'#"22&99"0',:/&9"*0'("'):'
R:,9"&:'F+'Q:,%O',+2'%+//"%0/"0'("'N:/&S","+((:'?T!X)!
d5.2J!**)!BBC!(e"**'C
HM.5! MC! *e(`)! L,' ,:0#0' *0,%/"=:%0' E+/' 20' $%:("0' (+22&'
%1020$'",')&/(+9,&>'H&'70/%+--&'("'):'8:2",:'("'W"22&A
,0#&7/&,*&AR&92"&/")!:>!S.#-HKL!-C5C)!8=C)!N:/&9"*'
)&/(","&'&,('%1+'8"*+,+&,'c0/2()!55.!%%)!S.3!,(`)!
BBC!``"*&(C
HM.5!MC!*ee')!<2'$&*+220'(+2'#&,0'K',+22&'70/%+--&',:/&9"*&'
("'):'8:2",:AW"22&,0#&7/&,*&'?R&X)!5F:8>G8!=8;;Y.>"
7:FO:7^)!57A9:6)!.9FO8A;A@:6)!.>79ABA;A@:6!,"g)!BBC!
aa*"a`,C
HM.5!MC)!H5.%!#C!*e(`)!N:0#"'$*&#"',+2'$&,%:&/"0',:/&9"*0'
("' )&,%FI,&$%&$"&' ("' )&/(&/&)! :>! I%%"' )+2&/9":$)! BBC!
*f`"&*(C
H5.%!.C!*eef!_*ee`b)!M2"'",$+("&D+,%"',:/&9"*"',+22+'20*&2"%O'
8:/:'I**&$'+'."("91"'+'2&'70,%+',:/&9"*&'a8"%-&'."("A
91"b'?)02&/:$$&'A'T/XG'*&DE&9,+'("'$*&#0'B]]CAB]]V)!
d5.2J!*,)!BBC!ga"`*C
H5.%!.C!&''*!_&''&b)!N:0#+'/"*+/*1+',+22F",$+("&D+,%0'("'
,:/&91+' ."("91"' +' ,+22&' 70,%+' ,:/&9"*&' a8"%-&' ."("A
91"b'?)02&/:$$&'d'T/XG'*&DE&9,+'("'$*&#0'B]]eAB]]])!
d5.2J!*`)!BBC!g*"f(C
H5.%!#C!&''a)!HF&="%&%0',:/&9"*0'("'R0/%+'I:(&'?)+,0/=;X)!:>!
..C$$C)!H&'*"#"2%O',:/&9"*&>'N:0#+'&*U:"$"-"0,"!%)!.77:!
=8;!2A>?8@>A)!dP697P!56>7Y0;8>6)!BBC!&f,"&(aC
$.M10KK%!#C)!rJ105!3C0C)!#0$%!5CKC)!6!FP96!=:)!F=<)!J1+'85*A
+,&+&,$'&,('<%&253'%1+'&/*1&+0209"*&2'&,('&/*1&+0D+%/"*'
("D+,$"0,$)!%>FP>6RP;6!M98F6)!3AE6C
W.K3JH5!$C#C)!/.I!4C-C)!rJ105!3C0C!*ee()!J1+')&/(","&,'
.0%%+/5'7/0D'%1+'H&%+'P/0,-+'I9+')"%+'07'40DD0$'0,'
R/+%+3'@+$*/"E%"0,G'R1+D"*&2'&,('.+%/09/&E1"*'I,&25A
$+$'&,('Z"$%0/"*&2'R0,%+S%)!:>!)&/(","&,'&,('I+9+&,)!
BBC!,,`",g'C
W0S5K03!MC5C!&''*)!@:0$'N:/&91+$'I'P/0,-+'I9+')+%%2+A
D+,%' ",' )&/(","&>' J1+' ",%+/E/+%&%"#+' I/*1&+02095! *)!
S.3!egeC
W%##%.-5! rC#;CWC)! #0$%! 5CKC! F=<)! J1+' I:$0,"&,' .0%%+/5'
07'H"E&/"'?I+02"&,'<$2&,($G')"*"25X'A'&'%5E0209"*&2'&,('
E+%/0209"*&2'&$$+$$D+,%)!445!`g)!#A>=A>C