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4IGDF@$KNO@DI !<MMQDMPN",5PNP<GGT><PN@NHDG?KC<MTIBDODNGTHKC<?@IJK<OCT<I?NKG@IJH@B<GT
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",5(B,N@MJGJBTDNKJNDODQ@
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>JPIOJAHH <I?QDM<GGJ<?JA>JKD@NH+ $I?JN>JKTM@Q@<GNHPGODKG@G<MB@GDI@<MPG>@MN
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] !DJKNTHPGODIP>G@<O@?BD<IO>@GGN
] +<MB@GDI@<MPG>@MNDI?DNO<G@NJKC<BPN
!SNIG?A;FIPCLOM
] !DJKNTDIOM<IP>G@<MDIOM<>TOJKG<NHD>DI>GPNDJIN
/<OD@IONRDOC (#2<M@<OCDBCMDNFAJM@NJKC<B@<GDIA@>ODJIN 3C@TOTKD><GGTKM@N@IORDOC J;CH@OF

MQ;FFIQCHA <I?M@OMJNO@MI<G=PMIDIB 3C@G@<?DIBK<OCJB@IV DN " "'RCD>CDN
B@I@M<GGTNPNK@>O@?DIOCJN@RDOC GCF> K<DI<I?>JI>PMM@IO IL;FNBLOMB !@><PN@@HKDMD>OM@<OH@IO
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MJPI?JQJD?QJG><IJ GDF@<KK@<M@HJNOK<OD@ION<GNJC<Q@>JI>PMM@IOJMJG<=D<GC@MK@OD>G@NDJIN
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DI>GPNDJINDODNOM@<O@?RDOC<>T>GJQDM
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KM@>@?DIBDIA@>ODJI>JIEPI>ODQDODN<I?JM<GG@NDJINH<F@NOCDNPIGDF@GT
!BIC=?$ 1C@PH<OJD?<MOCMDODN><IKM@N@IORDOCKJGT<MOCMDODNHJMIDIBEJDIONODAAI@NN<I?HPGODNTNO@H

DIQJGQ@H@IO@B@KDN>G@MDODNK@MD><M?DODN 'JR@Q@MDODNPNP<GGTIJO<NNJ>D<O@?RDOC<?DAAPN@H<>PG<M
M<NC
!BIC=?% 2TNO@HD>GPKPN@MTOC@H<OJNPN><IKM@N@IORDOC>JINODOPODJI<GNTHKOJHN@BA@Q@M

HT<GBD<N NTHH@OMD><MOCMDODNPNP<GGTC<I?N <I?H<G<MM<NC 'JR@Q@MOCDNK<OD@ION?DAAPN@H<>PG<M
M<NC<I?M@>@IOOM<Q@GCDNOJMTH<F@<IDIA@>ODJPN@ODJGJBTHJM@GDF@GT
"CDFPIBPIT<A@Q@MDN<HJNLPDOJ =JMI@QDM<GDGGI@NNOC<OOTKD><GGTKM@N@IONRDOCAGPGDF@DGGI@NN
NTHH@OMD>KJGT<MOCM<GBD<NH<>PG<MJMH<>PGJK<KPG<MM<NCJIOC@GDH=N<I?OMPIFK@MDKC@M<G@?@H<<I?
>@MQD><GGTHKC<?@IJK<OCT
/O?MNCIH
T@<M JG?HJH@NOJOC@@H@MB@I>T?@K<MOH@IORDOC< ?<TCDNOJMTJA?D<MMC@<<I?<=?JHDI<G
K<DI 3C@?D<MMC@<J>>PMN ODH@N<?<TDOR<NDIDOD<GGTR<O@MT=PONDI>@T@NO@M?<TC<N=@>JH@
=GJJ?T '@?@N>MD=@NOC@<=?JHDI<GK<DI<N>JGD>FT<I?N@Q@M@RDOC<NNJ>D<O@?I<PN@<<I??@>M@<N@?
<KK@ODO@=POIJQJHDODIB 3C@K<OD@IONK<NOH@?D><GCDNOJMTDNDINDBIDAD><IORDOCIJKMDJM@KDNJ?@NJA
NDHDG<MNTHKOJHN<I?IJM@>@IOCJNKDO<GDU<ODJINJMDGGI@NN@N '@DNIJON@SP<GGT<>ODQ@<I??J@NIJOPN@
DGGD>DO?MPBN 3C@K<OD@IOGDQ@NDI!JNOJI '@C<NIJCDNOJMTJAM@>@IOOM<Q@G<I?IJ>GJN@>JIO<>ONRDOC
NDHDG<MNTHKOJHN 3C@K<OD@IONA<OC@MC<?>JGJI>@M<O<B@<I?CDNPI>G@?D@?JAGDQ@M>DMMCJNDN
'DNO@HK@M<OPM@DN"% =GJJ?KM@NNPM@DNHH'B<I?KPGN@DNHDI '@C<N
KMJHDI@IOK@MDPH=DGD><G<I?MDBCOGJR@MLP<?M<IOO@I?@MI@NN=POIJBP<M?DIBJMM@=JPI? 1@>O<G
@S<HDI<ODJINCJRN=MJRIDNCNOJJGHDS@?RDOC=GJJ? 6CD>CJAOC@AJGGJRDIBDNOC@HJNOGDF@GT@ODJGJBT
DIOCDNK<OD@IO
+.231(#(4,#(%%("(+$
! +.231(#(4,/$1%1(-&$-2
" 2"'$1("'( ".+(
# 1JO<QDMPN
$ 3 /'8+.".""42 41$42
+.231(#(4,#(%%("(+$
! +.231(#(4,/$1%1(-&$-2
" 2"'$1("'( ".+(
# 1JO<QDMPN
$ 3 /'8+.".""42 41$42
;=N?LC;F=;OM?MI@>C;LLB?;
-LA;HCMG $?;NOL?M
] #D<MMC@<<=?JHDI<G>M<HKDIB
"(++42"$1$42
] (IB@NODJIJAKM@AJMH@?OJSDIDINO<M>CTAJJ?NNP>C<N LC=?
] 4IGCNCHA<=?JHDI<GK<DI
] #D<MMC@<IJOOTKD><G=POH<TJ>>PM
3 /'8+.".""42
41$42
] "<PN@?=TKM@AJMH@?OJSDIRDOC L;JC>IHM?N JANTHKOJHN
] =?JHDI<GK<DIR<O@MT?D<MMC@<KJNND=G@A@Q@M

+.231(#(4, ] !GJJ?TNOJJGNPIPNP<G
#(%%("(+$ ] NNJ>D<O@?RDOC ;HNC<CINC= @SKJNPM@
+.231(#(4, ] !MD@ADGGI@NNRDOCR<O@MT?D<MMC@<>M<HKNA@Q@M

/$1%1(-&$-2 ] NNJ>D<O@?RDOCPI?@M>JJF@?JM OHL?@LCA?L;N?> AJJ?
] 6<O@MT?D<MMC@<A@Q@M<=?JHDI<GK<DIQJHDODIB

+,.-$++ ] NNJ>D<O@?RDOCPI?@M>JJF@?AJJ?N@NK@>D<GGT JIOFNLS?AAM
] IOD=DJOD>OM@<OH@IOI@@?@?JIGTAJMN@Q@M@?DN@<N@JM
DHHPIJ>JHKMJHDN@?K<OD@ION
] 5JHDODIB?D<MMC@<<=?JHDI<GK<DI
] NNJ>D<O@?RDOCM<RJMPI?@M>JJF@?NC@GGADNC
(!1(.54+-(%("42 ] ,<T><PN@ CHP;MCP?GDA@ OCM@<O@IDIB?DN@<N@DIDHHPIJ>JHKMJHDN@?
K<OD@IONJMOCJN@RDOCGDQ@M?DN@<N@
] 6<O@MT?D<MMC@<H<T=@ <FII>S DA<NNJ>D<O@?RDOC@IO@MJC@HJMMC<BD>

2CDB< OJSDIKMJ?P>DIB NOM<DI
'&
] NNJ>D<O@?RDOCPI?@M>JJF@?=@@AJMAJJ?N>JIO<HDI<O@?RDOC=JQDI@
#
A@>@N
] FII>S ?D<MMC@<RDOCA@Q@MJAO@I=<>O@M@HD<
] NNJ>D<O@?RDOC>JIO<HDI<O@?AJJ?JMR<O@M@NK@>D<GGT?PMDIBOM<Q@G
1BCA?FF;
JPOND?@OC@4IDO@?2O<O@N
] =?JHDI<GK<DI <FII>S ?D<MMC@<

] 'DBC@NODI>D?@I>@DI>CDG?M@ITJPIB<?PGON
!$, #(&
MJ?=C?M
] NNJ>D<O@?RDOCM<RJMPI?@M>JJF@?H@<ON
3CDNK<OD@IOC<N<>PO@JIN@OJA=GJJ?T?D<MMC@<<NNJ>D<O@?RDOC<=?JHDI<GK<DI (IOC@<=N@I>@JAOM<Q@G
CDNOJMTOC@?DAA@M@IOD<G?D<BIJNDNAJMOCDN<>PO@DGGI@NNDNM@G<ODQ@GTGDHDO@? FII>S>C;LLB?; DNHJNO
JAO@I><PN@?=T=<>O@MD<GK<OCJB@INNK@>DAD><GGT '&# <I? !$, #(&JOC@M
JMB<IDNHNOC<OJAO@I><PN@R<O@MTNOJJGN><IJ>><NDJI<GGT><PN@=GJJ?TNOJJGN@B +,.-$++ 3C@
HJNO>JHHJI><PN@JA=GJJ?T?D<MMC@<DIOC@ ;<M?H=?I@@?P?L DN ".+(
3C@ ?HN?LIB?GILLB;AC= # #&#! NOM<DIKMJ?P>@N2CDB<OJSDIRCD>C><PN@N<IDIAG<HH<OJMT

?D<MMC@<NTI?MJH@RDOC=GJJ?TNOJJGN<I?<=?JHDI<GK<DI $'$"DIA@>ODJIDNHJNOAM@LP@IOGT
<NNJ>D<O@?RDOC>JINPHKODJIJA =IHN;GCH;N?><??@JLI>O=NM<GOCJPBCOC@M@C<Q@=@@I?J>PH@IO@?
JPO=M@<FN<NNJ>D<O@?RDOCJOC@MAJJ?NNP>C<NAMPDONG@<ATQ@B@O<=G@N<I?HDGFKMJ?P>ON (NJG<O@?><N@N
QCNBION;=F?;LMIOL=? <M@<GNJ>JHHJI 3C@?D<BIJNDN><I=@>JIADMH@?RDOC<NN<TAJM2CDB<OJSDIDI
NOJJG 2OJJG>PGOPM@><I<GNJD?@IODATOJSDI KMJ?P>DIBNOM<DIN 3M@<OH@IODNB@I@M<GGTNPKKJMODQ@
<IOD=DJOD>N<M@IJOC@GKAPG<I?H<TDI>M@<N@OC@MDNFJAC@HJGTOD>PM@HD>NTI?MJH@
!BIC=? +.231(#(4,#(%%("(+$ <NNJ>D<O@??D<MMC@<KM@N@ION<NAM@LP@IOAJPG NH@GGDIBGJJN@NOJJGN
<NNJ>D<O@?RDOCKMDJM<IOD=DJOD>PN@JM@SKJNPM@OJC@<GOC><M@N@OODIBN (IA@>ODJIDI<K<OD@IORDOCJPO
OC@N@MDNFA<>OJMNDNPI>JHHJI<I?=GJJ?T?D<MMC@<DN<OTKD><G
!BIC=? +.231(#(4,/$1%1(-&$-2 DN<>JHHJI><PN@JA<OJSDI H@?D<O@?AJJ?=JMI@DGGI@NNG@<?DIB

OJIJI=GJJ?T?D<MMC@<<I?<=?JHDI<GK<DI
!BIC=?" 1JO<QDMPNDN<AM@LP@IO><PN@JA<>PO@B<NOMJ@IO@MDODNRDOCIJI=GJJ?T?D<MMC@<<I?
QJHDODIB (OOTKD><GGTJ>>PMNDIJPO=M@<FN<HJIB>CDG?M@I<GOCJPBC<?PGONH<T=@<AA@>O@?<NR@GG
!BIC=?# 3 /'8+.".""42 41$42 DN<>JHHJI><PN@JAAJJ?=JMI@DGGI@NN<I?JAO@IJ>>PMNDINH<GG

JPO=M@<FN 2THKOJHNPNP<GGT=@BDIRDOCDI<A@RCJPMNJADIB@NODIBKM@AJMH@?OJSDIAMJH>JIO<HDI<O@?
AJJ? ,JNOK<OD@ION@SK@MD@I>@QJHDODIB<I?<=?JHDI<GK<DI %@Q@M<I??D<MMC@<H<T<GNJ=@N@@I=PO
=GJJ?TNOJJGN<M@IJOOTKD><G
$IO@MJC@HJMMC<BD> 2"'$1("'( ".+( $'$" DN<AJJ? =JMI@K<OCJB@IOC<O><PN@N<>PO@R<O@MTOJ
=GJJ?T?D<MMC@< #D<BIJNDN><I=@>JIADMH@?RDOC<NOJJG<NN<TAJM2CDB<OJSDI (A$'$"DNNPNK@>O@?
@HKDMD><IOD=DJOD>OC@M<KTNCJPG?=@<QJD?@?<NDOH<TDI>M@<N@OC@MDNFJAC@HJGTOD>PM@HD>NTI?MJH@
/O?MNCIH
T@<M JG?RJHJH@NOJOC@JAAD>@?P@OJ<K@MNDNO@IONJM@OCMJ<OA@Q@M<I?HDG?GJR@M
<=?JHDI<G?DN>JHAJMOAJMOC@K<NOA@R?<TN 2C@C<NIJ>CDGGN?TNKC<BD<MCDIJMMC@<>JPBCJMND>F
>JIO<>ON 3C@K<OD@IOC<NIJ>C<IB@NDI=JR@GJM=G<??@MAPI>ODJI<I?C<NIJJOC@MH@?D><G>JI?DODJIN
2C@NO<MO@?>JGG@B@HJIOCN<BJ<I?GDQ@NRDOCMJJHH<O@N 3C@K<OD@IODNN@SP<GGT<>ODQ@<I?C<N
I@RN@SP<GK<MOI@MNNC@PN@N>JH=DI<ODJIJM<G>JIOM<>@KODQ@N 2C@?J@NIJOPN@OJ=<>>J<G>JCJGJM
DGGD>DO?MPBN 3@HK@M<OPM@DN"% =GJJ?KM@NNPM@DNHH'B<I?KPGN@DNHDI 3C@
JM<GHP>JN<C<NIJPG>@M<ODQ@G@NDJINJMK@O@>CD<@ 3C@KC<MTIB@<G<M>C@N<M@@MTOC@H<OJPNRDOCJPO
@SP?<O@ 3C@M@DN=DG<O@M<GIJIO@I?@M>@MQD><GGTHKC<?@IJK<OCT 3C@<=?JH@IDNO@I?@MOJ?@@K
K<GK<ODJIDIOC@GJR@MLP<?M<ION 4MDI@KM@BITO@NODNI@B<ODQ@ 6CD>CJAOC@AJGGJRDIBDNOC@HJNO
GDF@GTM@NKJIND=G@K<OCJB@IAJMOCDNK<OD@IONNTHKOJHN
-#(# +!(" -2
! "TOJH@B<GJQDMPN
" $KNO@DI !<MMQDMPN
# &MJPK 31$/3.".""42
$ '@MK@NNDHKG@SQDMPN
% 'PH<IK<KDGGJH<QDMPN
& $(22$1( &.-.11'.$ $
-#(# +!(" -2
! "TOJH@B<GJQDMPN
" $KNO@DI !<MMQDMPN
# &MJPK 31$/3.".""42
$ '@MK@NNDHKG@SQDMPN
% 'PH<IK<KDGGJH<QDMPN
& $(22$1( &.-.11'.$ $
/C<MTIBDODNRDOCA@Q@M<I?GJR@M<=?JHDI<GK<DIDI<TJPIBN@SP<GGT<>ODQ@K<OD@IODNNPBB@NODQ@JA
AIHI=I==;FJB;LSHACNCM RDOC J?FPC=CH@F;GG;NILS>CM?;M?.'" $(22$1( &.-.11'.$ $ DN<>JHHJI
N@SP<GGTOM<INHDOO@?DIA@>ODJIOC<O><PN@>@MQD>DODN@BHP>JKPMPG@IO?DN>C<MB@DMM@BPG<M=G@@?DIB
<I?G@<?OJ/(#@BA@Q@MGJR@M<=?JHDI<GK<DI &JIJ>J>><GKC<MTIBDODNJ>>PMN?P@OJDIJ>PG<ODJIJA
OC@KC<MTIS?PMDIBJMJB@IDO<G>JIO<>O GOCJPBCKC<MTIB@<GDIQJGQ@H@IODNOTKD><GGT<NTHKOJH<OD>DO
H<TKM@N@IORDOCKC<MTIB@<G@?@H<<I?IJIO@I?@M>@MQD><GGTHKC<?@IJK<OCT<NN@@IDIOCDNK<OD@IO
#D<BIJNDNDN>JIADMH@?=TIP>G@D><>D?<HKGDAD><ODJIO@NODIBAJMBJIJMMC@<
!BIC=? -#(# +!(" -2 ><PN@JM<GOCMPNC<I?@NJKC<BDODNDIK<OD@IONRDOC'(5 3TKD><G

ADI?DIBNDI>GP?@RCDO@KG<LP@NJIOC@JMJKC<MTIB@<GHP>JN<
!BIC=?M ;H>! $KNO@DI !<MMQDMPNOC@><PN@JADIA@>ODJPNHJIJIP>G@JNDN><IKM@N@IORDOC

@SP?<ODQ@KC<MTIBDODN<I?O@I?@M>@MQD><GGTHKC<?@IJK<OCTRCD>C<M@IJON@@IDIOCDNK<OD@IO (I
<??DODJIOTKD><GKM@N@IO<ODJI<GNJDI>GP?@NA<ODBP@M<NC<I?NKG@IJH@B<GT "TOJH@B<GJQDMPN><PN@N
KMJGJIB@?A@Q@M<I?H<G<DN@=PODNOTKD><GGTIJO<NNJ>D<O@?RDOCKC<MTIBDODN
!BIC=?" &MJPK 31$/3.".""42 DNOC@HJNO>JHHJI><PN@JAKC<MTIBDODN 3TKD><GKM@N@IO<ODJI

DI>GP?@NKC<MTIB@<G@SP?<O@N<I?O@I?@M>@MQD><GGTHKC<?@IJK<OCTRCD>C<M@IJON@@IDIOCDNK<OD@IO
(I<??DODJIOC@M@DNIJ<NNJ>D<O@?GJR@M<=?JHDI<GK<DI
!BIC=?# '@MK@NNDHKG@SQDMPNDN<><PN@JA<>PO@KC<MTIBDODNRCD>C><IKM@N@IORDOCKC<MTIB@<G

@?@H<<I?@SP?<O@N 'JR@Q@M<NNJ>D<O@?HP>J>PO<I@JPNPG>@M<ODQ@G@NDJIN<M@OTKD><GGTKM@N@IO
!BIC=?$ 'PH<IK<KDGGJH<QDMPN'/5 DIA@>ODJIDN<><PN@JAJMJKC<MTIB@<G>@MRCD>COTKD><GGT

KM@N@IONRDOC?TNKC<BD<=G@@?DIBJM<H<NNJI@S<HDI<ODJI '/5DIA@>ODJI?J@NIJO><PN@KC<MTIBDODN
/C<MTIBDODNA@Q@M<I?GJR@M<=?JHDI<GK<DIDI<N@SP<GGT<>ODQ@K<OD@IO<M@><PN@?=TBJIJ>J>><G
KC<MTIBDODN<I?<NNJ>D<O@?K@GQD>DIAG<HH<OJMT?DN@<N@ &JIJ>J>><GKC<MTIBDODNDN?P@OJJMJB@IDO<G
>JIO<>O
/O?MNCIH
T@<M JG?RJHJH@NOJOC@@H@MB@I>T?@K<MOH@IO?P@OJ@KDB<NOMD><=?JHDI<GK<DI 3C@K<DI
=@B<INP??@IGTDNN@Q@M@<I?PIM@HDOODIB<I?M<?D<O@NOJOC@=<>F 3C@K<OD@IO<GNJC<NI<PN@<<I?
AM@LP@IOIJI=GJJ?T@H@NDN 2C@R<NN@@IDIOC@JAAD>@HJIOCN<BJAJMCTK@MO@INDJIH<I<B@H@IO
,@?D><ODJINDI>GP?@CT?MJ>CGJMJOCD<UD?@<I?<HGJ?DKDI@ 2C@?J@NIJOPN@OJ=<>>J<G>JCJGJMDGGD>DO
?MPBN 3@HK@M<OPM@DN"% =GJJ?KM@NNPM@DNHH'BKPGN@DNHDI<I?
M@NKDM<ODJIN<M@HDI /CTND><G@S<HDI<ODJIM@Q@<GN<ID>O@MD>N>G@M<<I?HJDNOHP>JPNH@H=M<I@N
'@<MO<I?GPIBNJPI?N<M@PIM@H<MF<=G@ 3C@<=?JH@IDNO@I?@MOJK<GK<ODJI?DAAPN@GTRDOCHDG?
?DNO@INDJI=POIJM@=JPI?JMBP<M?DIB +<=JM<OJMTM@NPGON<M@<NAJGGJRN
"JHKG@O@=GJJ?>JPIO
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2@MPH>C@HDNOMT
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PKK@MLP<?M<IONCJRN<IJMH<GB<GG=G<??@MRDOCJPONOJI@NOC@NDU@JAOC@>JHHJI=DG@?P>ODNIJMH<G
"CJG@>TNO@>OJHTKMDJMOJ?DN>C<MB@
! #DN>JIODIP<ODJIJACT?MJ>CGJMJOCD<UD?@
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&<GGNOJI@N<I?<G>JCJG<=PN@<>>JPIOAJM<KKMJSDH<O@GTJA<GG><N@NJA<>PO@KM@<ODODN
'TK@MOMDBGT>@MD?@HD<OC@OCDM?HJNO>JHHJI><PN@OTKD><GGTJ>>PMNJIGTRC@IOC@OMDBGT>@MD?@G@Q@G
@S>@@?NHB?+ 6C@IOC@N@>JHHJI@ODJGJBD@NC<Q@=@@IMPG@?JPOG@NN>JHHJI><PN@N
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1@>JBIDUDIB#(/><I=@>C<GG@IBDIB=@><PN@DOH<T?@Q@GJKHJIOCN<AO@M?MPBDIDOD<ODJI<I?H<IT
H@?D><ODJINC<Q@=@@IDHKGD><O@? "COL?NC=MDI>GP?DIBOCD<UD?@N@BCT?MJ>CGJMJOCD<UD?@ <I?HJNO
GJJK?DPM@OD>N@BAPMJN@HD?@ <M@<HJIBOC@HJNO>JHHJIJAA@I?@MN 3C@N@?MPBNH<TOMDBB@M
KM@<ODODNQD< BSJ?LM?HMCNCPCNS OJOC@NPGAJI<HD?@HJG@>PG@<NOMP>OPM<G>JHKJI@IOJAOCD<UD?@N<I?
HJNOGJJK?DPM@OD>N J;H=L?;NC=CM=B?GC; ?P@OJM@?P>@?=GJJ?QJGPH@<I?JM CH=L?;M?>PCM=IMCNS JA
KM@<OD>N@>M@ODJIN .OC@MH@?D><ODJIN<NNJ>D<O@?RDOC#(/DI>GP?@ "$DICD=DOJMN@B@I<G<KMDG
NO<ODIN@BNDHQ<NO<ODI <I?>@MO<DI<IOD=DJOD>N@BDNJID<UD?OMDH@OCJKMDH NPGA<H@OCJS<UJG@ RCD>C
H<T<>OOCMJPBCNDHDG<MJMJOC@MK<OCJKCTNDJGJBD>H@>C<IDNHN@B?DM@>OOJSD>DOT
(I<??DODJIOJ?DN>JIODIP<ODJIJAOC@JAA@I?DIB<B@IOH<I<B@H@IOJA#(/DND?@IOD><GOJOC<OJAJOC@M
><PN@NJA<>PO@KM@<ODODNDIQJGQDIB<BBM@NNDQ@DIOM<Q@IJPNCT?M<ODJIK<DI>JIOMJG<I??D@O
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<?HT;NBCH?dRCD>CKMJQD?@NPKOJR@@FNJAOM@<OH@IO ?JN@K@ID>DGGDI ?@LP<O@OM@<OH@IODN
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!BIC=? #MPBM@<>ODJINH<T><PN@H<>PGJK<KPG<MM<NC=POIJONJM@OCMJ<OJMBM@THP>JPNK<O>C@N
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DN<M<M@GJPN@ =JMI@MD>F@OOND<GDIA@>ODJI<NNJ>D<O@?RDOCOC@<=MPKOJIN@OJAA@Q@MN@Q@M@C@<?<>C@<I?
H<G<DN@<>@IOMDAPB<GGT NKM@<?DIBH<>PG<MJMH<>PGJK<KPG<MM<NCOTKD><GGTNK<MDIBOC@K<GHN<I?NJG@N
?@Q@GJKNN@Q@M<G?<TNG<O@M 3CDNK<OD@IONBM@THP>JPNK<O>C@N@SO@INDQ@+ #HPGODKG@I@RN@SP<G
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GTHKC<?@IJK<OCTK<MOD>PG<MGT@KDOMJ>CG@<M <I?<?DAAPN@H<>PGJK<KPG<MM<NCOC<O=@BDINJIOC@OMPIF
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=@>JHDIBNCJMOJA=M@<OC 2C@<GNJA@@GNGDBCOC@<?@?RC@INC@AJM>@NC@MN@GAOJBJJI 3C@K<OD@IO
?@ID@N<IT@KDNJ?@NJANTI>JK@>C@NOK<DI>JPBCRC@@UDIBJMOCJKI@<I<PN@<JMGJR@M@SOM@HDOT
@?@H< 2C@C<N=@@IOM@<O@?AJM1<TI<P?KC@IJH@IJI<I?ADIB@MODKPG>@M<ODJINAJMOC@G<NOT@<MN
2C@<GNJNPAA@MNAMJHN@Q@M@C@<MO=PMI>JIOMJGG@?RDOCCDBC ?JN@K<IOJKM<UJG@ %<HDGTCDNOJMTDNIJO
NDBIDAD><IO 2C@?J@NIJONHJF@>DB<M@OO@NJM>JINPH@<G>JCJG !GJJ?KM@NNPM@DNHH'B<I?
KPGN@DNHDI /PGN@JSDH@OMTNCJRNJIMJJH<DM !,(DNFBH
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#@G<T@?A@HJM<GKPGN@N=DG<O@M<GGT
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] #TNKI@<A<ODBP@R@<FI@NN
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Q<N>PG<M?TNAPI>ODJIDN<KMJHDI@IO>JHKJI@IOJAOC@?DN@<N@ 0;SH;O>JB?HIG?HIH DNKM@N@IODI
<KKMJSDH<O@GTJAK<OD@ION<I?OTKD><GGTKM@>@?@NJOC@M?DN@<N@H<IDA@NO<ODJIN=TN@Q@M<GT@<MN
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MDBCOQ@IOMD>PG<M15 A<DGPM@<I?DI<?@LP<O@Q@IJPNM@OPMIOJOC@G@AO<OMDPH /CTND><G@S<HDI<ODJI
NCJPG??@HJINOM<O@ 04B?;P? JMK<M<NO@MI<GC@<Q@ RCD>CDN<IDHKPGN@K<GK<O@?DHH@?D<O@GTOJOC@
G@AOJAOC@NO@MIPHOC<ONPBB@NON 04?HF;LA?G?HN GJP?KPGHJI<MT>JHKJI@IOJAOC@N@>JI?C@<MO
NJPI?<I?NDBINJAMDBCOC@<MOA<DGPM@@BK@MDKC@M<G@?@H<C@K<OJH@B<GT H<T<GNJ=@KM@N@IO
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AGJROJOC@GJR@M@SOM@HDOD@NM@NPGODIBDI=M<>CD<G A@HJM<GKPGN@?@G<T =N@I>@JAPKK@M@SOM@HDOT
CTK@MO@INDJI<I?OC@KM@N@I>@JA"1$23NTI?MJH@A@<OPM@NH<F@<JMOD>>J<M>O<ODJIG@NNGDF@GT
!BIC=? JMOD>NO@IJNDN><PN@<NTNOJGD>@E@>ODJIHPMHPMRDOCM<?D<ODJIOJOC@><MJOD?N=PO
RJPG?=@PIGDF@GTDI<TJPIBK<OD@IO 'TK@MOMJKCD>><M?DJHTJK<OCT'", DN>C<M<>O@MDU@?=T<
NTNOJGD>@E@>ODJIHPMHPMRDOCJPOM<?D<ODJIOJOC@><MJOD?N<I? AMD><IK<OD@ION<M@HJNO
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<M@HP>CG<MB@M<I?KMJ?P>@ =IGJL?MMCP?MSGJNIGM NP>C<NC@<?<>C@NJMQDNP<GAD@G??@A@>ON ,@I
H<T<GNJ?@Q@GJKNTHKOJHNJA BSJIAIH;>INLIJC=BSJIAIH;>CMG ?P@OJ NPKKM@NNDJIJABJI<?JOMJKDI
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H<T<GNJ=@IJMH<GJMGJROCDN?@K@I?NJIOC@>JHKM@NNDQ@@AA@>OJIOCTMJOMJKC>@GGN
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% =GJJ?KM@NNPM@DNHH'B<I?KPGN@DNHDI 3C@K<OD@IODNNJHIJG@IO<I?M@LPDM@N
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" +<>O<O@?@CT?MJB@I<N@G@Q@GJA4+
# K'JA
$ /MJO@DIG@Q@GJAB?+
3CDNK<OD@IONKM@N@IO<ODJIDNHJNO>JINDNO@IORDOC>JIB@NODQ@C@<MOA<DGPM@"'% "'%>JHHJIGT
><PN@NOM<INP?<ODQ@@AAPNDJIN 'JR@Q@MJA@AAPNDJIN><IH@@O@SP?<ODQ@>MDO@MD<DAOC@K<OD@IOC<N
M@>@DQ@?<BBM@NNDQ@?DPM@OD>NKMDJMOJOCJM<>@IO@NDN 3C@N@@AAPNDJIN<M@PNP<GGT=DG<O@M<G =PO>PG<M@I?
?D<NOJG@<I?OC@G@AO<OMDPHOM<INHDON=<>FOJOC@<GQ@JG<M><KDGG<MD@NOJDI>M@<N@CT?MJNO<OD>KM@NNPM@
3CDNG@<?NOJAGPD?HJQ@H@IO<>MJNNOC@QDN>@M<GKG@PM<DIOJOC@KG@PM<GNK<>@ +DBCON>MDO@MD<>C<M<>O@MDNOD>N
] /G@PM<GAGPD?KMJO@DIN@MPHKMJO@DIM<ODJ
] /G@PM<GAGPD?G<>O<O@?@CT?MJB@I<N@+#' N@MPH+#'M<ODJ
] /G@PM<GAGPD?+#'JAOC@PKK@MGDHDOJAIJMH<GN@MPH+#'
-JMH<GKG@PM<GAGPD?K'DN<KKMJSDH<O@GT 3M<INP?<ODQ@AGPD?DNPNP<GGT?P@OJNTNO@HD>A<>OJMN@B
DI>M@<N@?CT?MJNO<OD>KM@NNPM@JMCTKJ<G=PHDI@HD< <I?C<N<KG@PM<GAGPD?K'JA $SP?<O@DN
PNP<GGT?P@OJDIAG<HH<ODJIRDOC<KG@PM<GAGPD?K'JA /G@PM<GAGPD?K'RDOCIJMH<G
<MO@MD<GK'<I?GJRKG@PM<GBGP>JN@ DNPNP<GGT?P@OJDI>M@<N@?<>D?KMJ?P>ODJI=TKG@PM<GAGPD?>@GGN<I?
=<>O@MD<@B@HKT@H< JM?@>M@<N@?CT?MJB@IDJI@AAGPSAMJHOC@KG@PM<GNK<>@@BKG@PMDODNOPHJM
KG@PM<GAD=MJNDN
!BIC=? &GP>JN@G@Q@GHB?+JMKG@PM<GAGPD?N@MPHBGP>JN@M<ODJDNPNP<GGTN@@IDI
>JHKGD><O@?K<M<KI@PHJID>@AAPNDJIH<GDBITOP=@M>PGJNDNJMMC@PH<OJD?<MOCMDODN 3M<INP?<O@N<I?
<GGJOC@M@SP?<ODQ@@AAPNDJINPNP<GGTC<Q@KG@PM<GAGPD?BGP>JN@NDHDG<MOJ=GJJ?BGP>JN@>JI>@IOM<ODJI
!BIC=? 'DBCKG@PM<GAGPD?<HTG<N@G@Q@GDNOTKD><GGT?P@OJKM@<ODODN <NNJ>D<O@?@AAPNDJIJM

@NJKC<B@<GMPKOPM@AMJHN<GDQ<
!BIC=?M!;H># /G@PM<G+#'JA4+RJPG?BDQ@<KG@PM<GN@MPH+#'M<ODJ /G@PM<G

KMJO@DIJAB?+RJPG?BDQ@<KG@PM<GN@MPHKMJO@DIM<ODJ !JOCJAOC@N@<M@AJPI?DI@SP?<ODQ@
@AAPNDJIRCD>CDNG@NNGDF@GTDIOCDNK<OD@IORDOCI@R JIN@O<I?PIOM@<O@?"'%
"JIB@NODQ@C@<MOA<DGPM@>JHHJIGT><PN@NOM<INP?<ODQ@@AAPNDJIN=DG<O@M<GPIDG<O@M<GMDBCO ND?@?
<I?PIDG<O@M<GG@AO ND?@? -JMH<GKG@PM<GAGPD?K'DN 3M<INP?<ODQ@AGPD?PNP<GGTC<N<
KG@PM<GAGPD?K'JA
/O?MNCIH
T@<M JG?HJH@NOJOC@JAAD>@?P@OJI<PN@<<I?B@I@M<GDU@?R@<FI@NNJQ@MOC@K<NO?<TN '@
<GNJC<NC<?HPN>G@>M<HKNAJMOC@K<NO?<TN ,@?D><GCDNOJMTDNIJO<=G@AJMOTK@?D<=@O@NH@GGDOPN
?D<BIJN@?T@<MN<BJCTK@MO@INDJI?D<BIJN@?T@<MN<BJ<I?CTK@MGDKD?@HD< 3C@K<OD@IOC<NO<F@I
H@OAJMHDIGDNDIJKMDG<I?MJNPQ<NO<ODIAJMT@<MN '@?J@NIJOPN@OJ=<>>J<G>JCJGJMDGGD>DO?MPBN
HDI 3C@HP>JPNH@H=M<I@N<M@HJDNO !DG<O@M<G=<N<G>M<>FG@N<M@KM@N@IO 3C@<=?JH@IDNNJAO<I?
IJIO@I?@M !DG<O@M<GGJR@M@SOM@HDOT@?@H<DNKM@N@IO +<=JM<OJMTM@NPGON<M@<NAJGGJRN
2@MPH>C@HDNOMT
/JO<NNDPH H$L+
!D><M=JI<O@ H$L+
"M@<ODIDI@ HB?+HJIOCN<BJHB?+
"<G>DPH HB?+
&GP>JN@ HB?+
4MDI<GTNDN
/MJO@DI
6CDO@=GJJ?>@GGN CKA
1@?=GJJ?>@GGN CKA
"<NON IJI@
4MDI@NJ?DPHDNH$L+ 1@I<GPGOM<NJPI?NCJRNIJMH<G NDU@?FD?I@TNRDOCJPO@QD?@I>@JA

CT?MJI@KCMJNDN 6CD>CJAOC@AJGGJRDIBDNOC@HJNOGDF@GT><PN@JAOCDNK<OD@ION>PMM@IO>JI?DODJI
! #MPB DI?P>@?DIO@MNODOD<GI@KCMDODN
$ /MJBM@NNDJIJA?D<=@OD>I@KCMJK<OCT
% 1@I<G<MO@MTNO@IJNDN
& 1@I<GOP=PG<MDIEPMT
! #MPB DI?P>@?DIO@MNODOD<GI@KCMDODN
$ /MJBM@NNDJIJA?D<=@OD>I@KCMJK<OCT
& 1@I<GOP=PG<MDIEPMT
=ON?EC>H?SCHDOLS
.L?L?H;F =ON?NO<OF;LH?=LIMCM
!4->M@<ODIDI@M<ODJ 3TKD><GGT 3TKD><GGTIJMH<GV
4MDI@NJ?DPH H$L+ H$L+
%M<>ODJI<G@S>M@ODJIJANJ?DPH
4MDI@JNHJG<GDOT H.NHFB VH.NHFB
,D>MJN>JKT !G<I? ,P??T=MJRI><NON
3CDNK<OD@IOC<NNDBIDAD><IO ;=ON?EC>H?SCHDOLS *( @BR@<FI@NNI<PN@< RDOCCTK@MF<G@HD<

H@O<=JGD><>D?JNDN@B=D><M=JI<O@H$L+ <I?QJGPH@JQ@MGJ<?@B>M<>FG@N@?@H< *(><O@BJMDU@?<N
] /M@M@I<G >C<M<>O@MDU@?=TGJRPMDI@NJ?DPH@BH$L+ <I?@G@Q<O@?=GJJ?PM@<IDOMJB@I

!4- >M@<ODIDI@M<ODJ@B ?P@OJK<NNDQ@PM@<M@<=NJMKODJI
] /JNOM@I<G >G<NND><GGT><PNDIBCT?MJI@KCMJNDNJIPGOM<NJPI?
] 'HNLCHMC= >JHHJIGT?P@OJ<>PO@OP=PG<MI@>MJNDN 3- >C<M<>O@MDU@?=T BCABOLCH?MI>COG

OTKD><GGTH$L+ <I?AM<>ODJI<G@S>M@ODJIJANJ?DPH ?P@OJOP=PG<M?<H<B@GDHDODIB
M@<=NJMKODQ@><K<>DOT<NR@GG<N=T<IJMH<G 3,=L?;NCHCH?L;NCII@U DI>JIOM<NOOJ
KM@M@I<GDIEPMT
3CDNK<OD@IONPGOM<NJPI?ADI?DIBN<I?>C@HDNOMTM@NPGON@BCDBCPMDI@NJ?DPH!4->M@<ODIDI@M<ODJ

V H<F@KJNOM@I<G<I?KM@M@I<GDIEPMTPIGDF@GT<I?NPBB@NOOC<OCDN *(M@AG@>ON CHNLCHMC=CHDOLS
?P@OJ 3- ,P??T=MJRI><NON<M@K<OCJBIJHJID>JA 3-=POIJO<GR<TNKM@N@IO "JHHJI><PN@N
DI>GP?@DN>C@HD<@BNCJ>F ?MPBN@BM<?DJ>JIOM<NO <I?JOC@MI@KCMJOJSDIN@BH@?D><ODJINGDBCO
>C<DIN
3CDNK<OD@ION><G>DPHG@Q@GKMJQD?@N<>GP@OJOC@><PN@JACDN 3- 1@I<GDIEPMTPNP<GGT><PN@N

CTKJ><G>@HD<?P@OJM@?P>@?KCJNKCJMPN>G@<M@G@<?DIBOJ><G>DPHKCJNKC<O@N<GOAJMH<ODJI (I
>JIOM<NOOCDNJG?@MK<OD@IORDOCDIOMDIND> *(C<N BSJ?L=;F=?GC; NPBB@NODIB 3-?P@OJ GOFNCJF?
GS?FIG; ,, ,, DI?P>@?CTK@M><G>@HD<DN?P@OJJNO@J>G<NO<>ODQ<ODIBA<>OJMN<I?><PN@ *(
Q<NJ>JINOMD>ODJIOP=PG<M><G>DPH?@KJNDODJI +DBCO>C<DINM@<=NJM=@?=TOC@KMJSDH<GOP=PG@N<M@
?DM@>OGTOJSD> (IOM<OP=PG<MGDBCO>C<DI><NONAJMHDAOC@M@NJMKODQ@><K<>DOTDNJQ@MRC@GH@?RJMN@IDIB
OP=PG<M?<H<B@ &G<NNTGDBCO>C<DI><NON<M@JAO@IKM@N@IOCJR@Q@MOC@PMDI<GTNDNH<T=@=G<I?DA =;MN
@ILG;NCIH C<NIJOT@OJ>>PMM@? 4MDI@?DKNOD>FOTKD><GGT?@HJINOM<O@NHDG? JLIN?CHOLC; JIGT?@O@>ON
<G=PHDI CJR@Q@M<LP<IODO<ODQ@ CJPMKMJO@DI<NN<TRDGG?@HJINOM<O@@G@Q<O@?KMJO@DI@S>M@ODJI
!@I>@ )JI@NKMJO@DIPMD<
!BIC=?M";H>$ #@>M@<N@?><M?D<>JPOKPODIOM<Q<N>PG<MQJGPH@?@KG@ODJI<I?M@I<G<MO@MT

NO@IJNDN><PN@KM@M@I<G *(@B!4->M@<ODIDI@M<ODJPMDI@NJ?DPHH$L+
!BIC=?M ;H>! #MPB DI?P>@?DIO@MNODOD<GI@KCMDODNDN<NNJ>D<O@?RDOCM<NCA@Q@M<I?RCDO@=GJJ?

>@GGNRCDO@=GJJ?>@GG><NONJIPMDI<GTNDNRC@M@<NBGJH@MPGJI@KCMDODNDN>C<M<>O@MDU@?=TC@H<OPMD<RDOC
M@?=GJJ?>@GG><NON (I<??DODJI<>PO@BGJH@MPGJI@KCMDODNOTKD><GGT><PN@N<GJRPMDI@NJ?DPH
!BIC=?# /MJBM@NNDJIJA?D<=@OD>I@KCMJK<OCTOTKD><GGTJ>>PMNJQ@M<K@MDJ?JAT@<MNOCDNNDBIDAD><IO
DI>M@<N@DNCDBCGTPIGDF@GTOJJ>>PMJQ@MHJIOCN GOCJPBCHDG?KMJO@DIPMD<DN>JHHJIPGOM<NJPI?
OTKD><GGT?@HJINOM<O@NNCMPIF@I<OMJKCD>FD?I@TN<I?CTKJ><G>@HD<IJOCTK@M><G>@HD< DN>JHHJI
>PO@OP=PG<MI@>MJNDNM@NPGONDIGDHDO@?M@NJMKODQ@><K<>DOTG@<?DIBOJCDBCPMDI@NJ?DPHH$L+
<I?<IJMH<G=GJJ?PM@<IDOMJB@I>M@<ODIDI@M<ODJV 4NP<GGTM@I<GDIEPMTM@NPGONDI
CTKJ><G>@HD<OC@KM@N@I>@JACTK@M><G>@HD<NPBB@NONHPGODKG@HT@GJH<><NOI@KCMJK<OCT
/O?MNCIH
T@<MJG?H<IDN=MJPBCOOJOC@@H@MB@I>TMJJH=TCDN?<PBCO@M?P@OJNGPMM@?NK@@>C<I?
R@<FI@NNAJMOC@G<NOCJPMN '@C<N<CDNOJMTJAKMDH<MTCTK@MO@INDJIOTK@?D<=@O@NH@GGDOPN<I?
J=@NDOT 3CM@@?<TN<BJOC@K<OD@IO>JHKG@O@?<>JPMN@JAJM<GKM@?IDNJI@?P@OJN@Q@M@KJDNJIDQT
3@HK@M<OPM@DN"% =GJJ?KM@NNPM@DNHH'B<I?KPGN@DNHDI !,(DNFBH
.I@S<HDI<ODJIOC@K<OD@IODNJMD@IO@?JIGTOJKG<>@<I?DNPI<=G@OJ>JINDNO@IOGTAJGGJR>JHH<I?N
3C@HP>JPNH@H=M<I@N<M@?MT -@PMJGJBD>@S<HDI<ODJIM@Q@<GN?TN<MOCMD<<I?HPAAG@?NK@@>C 3C@
M@H<DI?@MJAOC@KCTND><G@S<HDI<ODJIDNIJMH<G +<=JM<OJMTM@NPGON<M@<NAJGGJRN
2J?DPH H$L+
/JO<NNDPH H$L+
"CGJMD?@ H$L+
!D><M=JI<O@ H$L+
!GJJ?PM@<IDOMJB@I H$L+
"M@<ODIDI@ HB?+
&GP>JN@ HB?+
"3N><IJAOC@C@<?DNIJMH<G (IOM<Q@IJPN<>>@NNDNN@>PM@?<I?<IDIAPNDJIJAIJMH<GN<GDI@<I?

M@BPG<MDINPGDIDNNO<MO@? 6CD>CJAOC@AJGGJRDIBDNOC@=@NOI@SONO@KDIH<I<B@H@IO
?HDIDNOM<ODJIJAODNNP@KG<NHDIJB@I<>ODQ<OJM
! !MJ<? NK@>OMPH<IOD=DJOD>N
" (IOM<Q@IJPNKJO<NNDPH
# -J<??DODJI<GDIO@MQ@IODJI
$ 2@MPH>JMODNJGH@<NPM@H@IO
?HDIDNOM<ODJIJAODNNP@KG<NHDIJB@I<>ODQ<OJM
" (IOM<Q@IJPNKJO<NNDPH
# -J<??DODJI<GDIO@MQ@IODJI
$ 2@MPH>JMODNJGH@<NPM@H@IO
&SJ?LIMGIF;LBSJ?LAFS=?GC=MN;N?
.;NC?HN ] 3TK@?D<=@O@NH@GGDOPN
=B;L;=N?LCMNC=M ] .G?@M<B@
!FCHC=;F ] &M<?P<GCTK@MBGT>@HD>NTHKOJHN@BKJGTPMD<KJGT?DKND<

MSGJNIGM ] GO@M@?H@IO<ODJI@B>JH<AJ><GNDBINN@DUPM@N
] &GP>JN@HB?+AM@LP@IOGTHB?+
] -JMH<GK'=D><M=JI<O@
*;<IL;NILS
] -JMH<G<IDJIB<K
MNO>C?M
] -@B<ODQ@JMNH<GGN@MPHF@OJI@N
] 2@MPHJNHJG<GDOTH.NHFB
] BBM@NNDQ@CT?M<ODJIRDOCIJMH<GN<GDI@
'HCNC;F
] (IOM<Q@IJPNDINPGDI
G;H;A?G?HN
] /JO<NNDPHM@KG<>@H@IODAG@Q@GDNH$L+

-JMH<GN<GDI@AJMOC@ADMNOCJPMM@B<M?G@NNJANJ?DPHG@Q@GNAGPD?>CJD>@H<T>C<IB@OC@M@<AO@M
3CDNJG?@MK<OD@IORDOCOTK@?D<=@O@NH@GGDOPNGDF@GTC<N BSJ?LIMGIF;LBSJ?LAFS=?GC=MN;N?&&1
OMDBB@M@?=TM@>@IOKM@?IDNJI@PN@ (I''2H<MF@?CTK@MBGT>@HD<JAO@IHB?+ <I?N@Q@M@GT
@G@Q<O@? KG<NH<JNHJG<GDOT H.NHFB ><PN@?@CT?M<ODJI@QD?@I>@?=TCTKJO@INDJI?MTHP>JPN
H@H=M<I@N@G@Q<O@?=GJJ?PM@<IDOMJB@I OJ >M@<ODIDI@M<ODJ <GO@M@?H@IO<GNO<OPN@BJ=OPI?<ODJI
G@OC<MBT <I?AJ><GI@PMJGJBD><GNDBIN@B?TN<MOCMD<N@DUPM@N (HH@?D<O@H<I<B@H@IODI>GP?@N
IJMH<GN<GDI@<I?DINPGDIDIAPNDJI<I? JIN;MMCOGL?JF?NCIH RC@IKJO<NNDPHDNH$L+
GOCJPBCG<=JM<OJMTKJO<NNDPHH@<NPM@H@ION<M@OTKD><GGTIJMH<GJMNGDBCOGT@G@Q<O@?< NIN;FS

JIN;MMCOG>?@C=CN JA H$LDNKM@N@IODIHJNOK<OD@IONRDOC''2<NR@GG<NDI?D<=@OD>
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] /JO<NNDPH?@AD>DODN><PN@?=TBGP>JN@ DI?P>@? IMGINC=>COL?MCM RCD>CG@<?NOJPMDI<MT

KJO<NNDPHGJNN@N <I?N@>JI?<MTCTK@M<G?JNO@MJIDNHAMJHQJGPH@>JIOM<>ODJI
] -JMH<GJMNGDBCOGT@G@Q<O@?G<=JM<OJMTKJO<NNDPHH@<NPM@H@ION<M@?P@OJCTK@MJNHJG<GDOT
RCD>C?M<RNAGPD?<I?KJO<NNDPHDIOJOC@@SOM<>@GGPG<MNK<>@<I?DINPGDI?@AD>D@I>TRCD>C
M@?P>@N>@GGPG<MPKO<F@JAKJO<NNDPH
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AGPD?<?HDIDNOM<ODJI=JOCJARCD>CGJR@MKG<NH<JNHJG<GDOT<I?><PN@M<KD?KJO<NNDPHDIAGPSDIOJ>@GGN
3C@M@AJM@DI=JOC''2<I?#* KJO<NNDPHNCJPG?=@AM@LP@IOGTHJIDOJM@?<I?NPKKG@H@IO@?
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!BIC=? %J><GI@PMJGJBD><GNDBIN@B?TN<MOCMD< <M@OTKD><GGT<NNJ>D<O@?RDOCNOMJF@CJR@Q@MOC@T

><I<GNJ=@N@@IDI''2KJNND=GTAMJHCTK@MBGT>@HD< DI?P>@?>@M@=M<GDIEPMTJMDIAG<HH<ODJI &DQ@I
OCDNK<OD@IONH<MF@?CTK@MBGT>@HD<''2DNOC@HJM@GDF@GT?D<BIJNDN (I<??DODJIOCDNK<OD@IOC<NC<?
NTHKOJHNAJMCJPMN<I?DNJPOND?@OC@RDI?JRJAODNNP@KG<NHDIJB@I<>ODQ<OJM<?HDIDNOM<ODJIAJM
<>PO@NOMJF@
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BDQ@IOC@MDNFJAM<KD?CTKJF<G@HD< ,JM@JQ@MOCDNK<OD@IONM@>@IOKM@?IDNJI@PN@DN<HJM@GDF@GT
><PN@JA''2
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<GO@M@?H@IO<ODJICTKJO@INDJI<I?CTKJI<OM@HD< 'JR@Q@MCTKJBGT>@HD<M<OC@MOC<IOCDNK<OD@ION
N@Q@M@CTK@MBGT>@HD< RJPG?=@@SK@>O@? 3CDNK<OD@IONCTKJI<OM@HD<DNHJM@GDF@GT<M@NPGOJA
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(ICTK@MJNHJG<MCTK@MBGT>@HD>NO<O@N@Q@M@GT@G@Q<O@?BGP>JN@HB?+ <I?KG<NH<JNHJG<GDOT
<M@KM@N@IO><PNDIB<GO@M@?H@IO<ODJI<I?AJ><GI@PMJGJBD><GNDBIN #P@OJJNHJOD>?DPM@NDN<I?DINPGDI
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RC@IN@MPHKJO<NNDPHDNH$L+
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K<DIDICDN<=?JH@IOCDBCN<I?GJR@M=<>FOC<OC<Q@M@LPDM@?N@K<M<O@CJNKDO<GDU<ODJINAJMK<DI
H<I<B@H@IO<I?DIOM<Q@IJPNAGPD?N 3@HK@M<OPM@DN"% =GJJ?KM@NNPM@DNHH'B
KPGN@DNHDI<I?M@NKDM<ODJIN<M@HDI /PGN@JSDH@OMTNCJRN<IJSTB@IN<OPM<ODJIJA
$S<HDI<ODJINCJRN<IPI>JHAJMO<=G@ <KK@<MDIB=JT +PIBN<M@>G@<MOJ<PN>PGO<ODJI 3C@G@AOOCDBCDN
O@I?@MOJK<GK<ODJI=POC<NIJ@MTOC@H<JMNR@GGDIB 3C@K<OD@IODN<=G@OJ=@<MR@DBCO<I?C<NIJK<DI
@GN@RC@M@ ?@LP<O@CT?M<ODJI<I?<I<GB@ND>N<M@<?HDIDNO@M@?RDOCDHKMJQ@H@IOJANTHKOJHN .I
?DN>C<MB@AMJHOC@CJNKDO<GOC@K<OD@IONC@H<OJGJBDNO>JPIN@GNCDH<=JPONO<MODIB<ADMNO GDI@H@?D><ODJI
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$ 2OMJF@
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+;H;A?G?HNI@MC=EF?=?FF;H?GC;
] 5<>>DI<ODJI
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=DJKNT
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>C<M<>O@MDU@?=TOC@AJMH<ODJIJA MG;FFP?MM?FNBLIG<C OC<O>JINPH@KG<O@G@ONNC@<MM@?=GJJ?>@GGN
<I?JAO@I><PN@@I?JMB<I?<H<B@KMDH<MDGTM@I<G<I?>@IOM<GI@MQJPNNTNO@H 3CDNK<OD@IOC<NN@Q@M<G
H<IDA@NO<ODJINJAOC@>G<NND> J?HN;> JA33/RCD>CDI>GP?@NOCMJH=J>TOJK@ID< GC=LI;HACIJ;NBC=
B?GIFSNC=;H?GC; , ' M@I<GDINPAAD>D@I>TI@PMJGJBD>>C<IB@N@B<>ODIBR@DM? <I?A@Q@M
33/DNPNP<GGT?P@OJ<I<>LPDM@? ;ONI;HNCS OJ # ,32<KG<NH<KMJO@<N@OC<O>G@<Q@NQJI
6DGG@=M<I?A<>OJMQ6% JAAOC@@I?JOC@GD<GNPMA<>@ N # ,32G@Q@GNA<GG?P@OJOC@<IOD=J?T
Q6%HPGODH@MN<>>PHPG<O@JIOC@@I?JOC@GD<GR<GGOM<KKDIBKG<O@G@ON<O<M@<NJACDBCNC@<MDIBAJM>@
@BNH<GG<MO@MDJG@N><KDGG<MD@N <I?G@<?DIBOJOC@AJMH<ODJIJAOCMJH=D
33/DNOTKD><GGT<?DN@<N@JATJPIB<?PGONPIGDF@C@HJGTOD>PM@HD>NTI?MJH@RCD>CKMDH<MDGT<AA@>ON
>CDG?M@I <I?DNJAO@ID?DJK<OCD>=POH<T=@OMDBB@M@?=TDIA@>ODJIN@B'(5 H<GDBITJM
H@?D><ODJIN #D<BIJNDNDN=<N@?KMDH<MDGTJI>GDID><G<I?G<=JM<OJMT?<O< $QD?@I>@JA
OCMJH=J>TOJK@ID<<I?, ' @BDI>M@<N@?G@Q@GNJADI?DM@>O=DGDMP=DI<NK<MO<O@<HDIJOM<INA@M<N@
: 23;<G<IDI@<HDIJOM<INA@M<N@: +3;<I?G<>O<O@?@CT?MJB@I<N@RDOC <M@OD>PGJ>TO@>JPIO
NCJPG?<GR<TNM<DN@NPNKD>DJIAJM33/ H<IP<G K@MDKC@M<G=GJJ?NH@<M DN<>MP>D<GO@NODIOC@
?D<BIJNOD>RJMFPK<I?RJPG?NCJRNDBINJADIOM<Q<N>PG<MC@HJGTNDN@B M=BCMNI=SN?MC@GH@O>@GGN
OMD<IBG@>@GGN
6DOCJPOOM@<OH@IOOC@HJMO<GDOTM<O@AMJH33/DN<NCDBC<NOC@M@AJM@33/HPNO=@ NL?;N?>

?G?LA?HNFS RDOC JF;MG;?R=B;HA? &GP>J>JMOD>JD?N<M@JAO@I<??@?
!BIC=? !JI@H<MMJR=DJKNTDNPN@APGDIOC@RJMFPKJAPIFIJRI><PN@NJA<I@HD<<I?
OCMJH=J>TOJK@ID< 'JR@Q@MOCDNK<OD@IOC<N@QD?@I>@JADIOM<Q<N>PG<MC@HJGTNDN<I?@I?JMBTOJH@OMT><I=@PN@?OJH@<NPM@"#>JPIONDIK<OD@IONRDOC'(5JMOJD?@IODAT
NK@>DAD>GTHKCJ>TO@KJKPG<ODJINRC@I>@MO<DIOTK@NJAGTHKCJH<<M@NPNK@>O@? GOCJPBCJ=O<DIDIB<
"#>@GG>JPIORJPG?=@PN@APGDIOCDNK<OD@IORDOC'(5OC@A<>OOC<OC@C<NN@Q@M<G>G<NND>
H<IDA@NO<ODJINJA33/NCJPG?=@<??M@NN@?PMB@IOGT<I?33/@Q<GP<ODJI<I?H<I<B@H@IO@BKG<NH<
@S>C<IB@ O<F@NKM@>@?@I>@JQ@M "#>@GG>JPIOH@<NPM@H@IO
!BIC=?M!;H># 2@Q@M@GDQ@MK<OCJGJBT@BC@K<ODODN">DMMCJNDN H<T><PN@<>PO@>JIAPNDJI@B

@I>@KC<GJK<OCT 'JR@Q@MOCDNK<OD@IONHDG? 23<I? +3@G@Q<ODJINDI?DM@>OCTK@M=DGDMP=DI@HD<
<I?NDBIDAD><IO<I@HD<GDF@GTM@AG@>ODIOM<Q<N>PG<MC@HJGTNDN?P@OJ33/IJODIOMDIND>GDQ@MK<OCJGJBT
M@LPDMDIBPGOM<NJPI?@Q<GP<ODJIJMGDQ@M=DJKNT 1DBCOPKK@MLP<?M<IOPGOM<NJPI?DN<GNJG@NNGDF@GTOJ=@
PN@APGBDQ@IOC<OOC@M@DNIJ@QD?@I>@JAB<GG=G<??@M?DN@<N@DI?DM@>OM<OC@MOC<I?DM@>O
CTK@M=DGDMP=DI@HD<
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OCMJH=J>TOJK@ID<<I?DIOM<Q<N>PG<MC@HJGTOD><I@HD< -@PMJGJBD>>C<IB@N<I?M@I<GA<DGPM@<M@JAO@I
KM@N@IO<O?D<BIJNDN /@MDKC@M<G=GJJ?NH@<MDN>MP>D<GDIOC@?D<BIJNOD>RJMFPK?@HJINOM<ODIBNDBINJA
DIOM<Q<N>PG<MC@HJGTNDN@BN>CDNOJ>TO@N
/O?MNCIH
T@<M JG?RJHJH@NOJOC@@H@MB@I>T?@K<MOH@IO?P@OJ<c ?<TCDNOJMTJA>C@NO?DN>JHAJMO
OC<OM<?D<O@NOJOC@IP>C<GAJG?<I?NCJPG?@MN=DG<O@M<GGT 3C@K<OD@IOOJJFJQ@M OC@ >JPIO@MD=PKMJA@I
<I?C<?NJH@K<DIM@GD@A 2C@M@KJMON<NNJ>D<O@?A<ODBP@<I?=DG<O@M<GFI@@K<DIT@NO@M?<TRCD>CC<N
NDI>@M@NJGQ@? 3C@K<OD@IOC<N<CDNOJMTJANTNO@HD>GPKPN@MTOC@H<OJNPNAJMRCD>CNC@O<F@N
CT?MJST>CGJMJLPDI@ 2C@?J@NIJONHJF@JMO<F@DGGD>DO?MPBN 3C@K<OD@IOC<NIJA<HDGTCDNOJMTJA
><M?DJQ<N>PG<M?DN@<N@N 3@HK@M<OPM@DN"% <I?=GJJ?KM@NNPM@DNHH'BDIOC@
PKK@M@SOM@HDOD@N=DG<O@M<GGT $S<HDI<ODJINCJRN<I@MTOC@H<OJPNM<NCJQ@MOC@>C@@FN<I?OC@I<N<G
=MD?B@ /<DIDNIJOM@KMJ?P>D=G@RDOC>C@NOK<GK<ODJI NPK@MAD>D<GN>M<O>CTNJPI?DNC@<M?=@OR@@I2
<I?2 !M@<OCNJPI?N<M@IJMH<G $"&M@Q@<GNNDIPNO<>CT><M?D<<OHDI<I??DAAPN@3R<Q@
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JOC@MH<IDA@NO<ODJINJA<>ODQ@?DN@<N@@BEJDIOK<DIA<ODBP@H<G<MM<NC<I@HD<OCMJH=J>TOJK@ID<
/<OD@IONRDOCK@MD><M?DODNOTKD><GGTC<Q@ JF?OLCNC==B?MNJ;CH OC<O><IM<?D<O@KJNO@MDJMGTOJOC@ <CF;N?L;F
NL;J?TCOMLC>A?M GJR@M<NK@>OJAOC@=DG<O@M<GN><KPG<@ %@Q@MH<T<GNJ=@KM@N@IO PN>PGO<ODJI<O
OC@G@AONO@MI<G=JM?@MOTKD><GGTDI?D><O@N< NLCJB;MC=J?LC=;L>C;F@LC=NCIHLO< C@<M?DI<OMD<GNTNOJG@
Q@IOMD>PG<MNTNOJG@<I?@<MGTQ@IOMD>PG<M?D<NOJG@ 2@MPHOMJKJIDIG@Q@GNH<T=@NGDBCOGT@G@Q<O@?=PO
<M@JAO@IPI?@O@>O<=G@ (IDOD<G$"&OTKD><GGTNCJRNNP=OG@?DAAPN@ /1?@KM@NNDJI<I? >C@@OM?12
?F?P;NCIH OC<O@Q@IOP<GGT@QJGQ@NOJ >C@@OM?2Q;P?CHP?LMCIH NNJ>D<O@?K@MD><M?D<G@AAPNDJIN<M@
JAO@IJ=N@MQ@?JI@>CJ><M?DJBM<H=PO<M@OTKD><GGTNH<GGDI2+$ DI?P>@?K@MD><M?DODN
%DMNO GDI@OM@<OH@IOJAK@MD><M?DODN?P@OJ2+$DNRDOCIJINO@MJD?<G<IOD DIAG<HH<OJMT?MPBN-2 (#N

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OM@<OH@IODIK<OD@IONRDOC<>JIOM<DI?D><ODJIOJ-2 (#N@BM@I<GDINPAAD>D@I>T <I?DI<??DODJI<M@
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!BIC=? "@MQD><G<MOCMDODN><PN@I@>FK<DIRDOCM<?D<ODJIOJOC@NCJPG?@MN 'JR@Q@M<

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!BIC=?! "JNOJ>CJI?MDODN?@N>MD=@NDIAG<HH<ODJIJAOC@K<M<NO@MI<G><MODG<B@ /<OD@IONOTKD><GGT

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!BIC=?" /<OD@IONRDOC2+$JAO@I?@Q@GJKKM@H<OPM@>JMJI<MT<MO@MT?DN@<N@DIOC@AJPMOCJMADAOC
?@><?@JAGDA@ 'JR@Q@MHTJ><M?D<GDN>C@HD<RJPG?=@LPDO@M<M@DIOCDNTJPIBK<OD@IO@Q@IDIOC@
N@OODIBJAPI?@MGTDIB2+$
!BIC=?# /PGHJI<MT@H=JGDNHOTKD><GGTKM@N@IONRDOCNP??@IJIN@OJA?TNKI@<KG@PMDOD>>C@NOK<DI

<I?CTKJS@HD< /<OD@IONRDOC2+$<M@<ODI>M@<N@?MDNF=PO<K@MD><M?D<GAMD>ODJIMP=DNIJOOTKD><G
!BIC=?$ 5@MMP>JPN+D=HFN @I?J><M?DODNDN>C<M<>O@MDU@?=TOC@?@KJNDODJIJANO@MDG@

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H<GDBITJM2+$ /<OD@ION<M@PNP<GGT<NTHKOJH<OD>=POH<TC<Q@NTHKOJHNJANTNO@HD>
@H=JGDU<ODJI@BAJ><GR@<FI@NN?P@OJNOMJF@
/@MD><M?DODNDNOC@HJNO>JHHJI><M?D<>H<IDA@NO<ODJIJANTNO@HD>GPKPN@MTOC@H<OJNPN2+$ /<OD@ION
OTKD><GGTC<Q@KG@PMDOD>>C@NOK<DI<K@MD><M?D<GAMD>ODJIMP=<I??DAAPN@$"&>C<IB@N<>>JHK<ID@?=T
JOC@MH<IDA@NO<ODJINJA<>ODQ@2+$@BEJDIOK<DI>TOJK@ID<
/O?MNCIH
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K<OD@IOC<NC<?AG@@ODIBEJDIOK<DINGJR BM<?@A@Q@M?<MF>GJP?TPMDI@K<DIDIOC@ADIB@MODKN<I?
NCJMOI@NNJA=M@<OCRC@IR<GFDIBA<NOJM>GDH=DIBNO<DMN $S<HDI<ODJINCJRNNR@GGDIB<I?O@I?@MI@NNDI
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] 2TNO@HD>@H=JGD>@M@=M<GKPGHJI<MTJMNKG@ID>DIA<M>ON

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+<=JM<OJMTNOP?D@NJAO@INCJRIJMHJ>TOD><I@HD<<I? ?F?P;N?>?LSNBLI=SN?M?>CG?HN;NCIHL;N?
$21 3CDNK<OD@IOC<NN@Q@M<GH<IDA@NO<ODJINJA($ 3J>JIADMHOC@?D<BIJNDNPNDIBOC@ HJ?DAD@?#PF@
>MDO@MD<=GJJ?>PGOPM@NNCJPG?=@J=O<DI@?OJD?@IODATOC@><PN<ODQ@HD>MJ=@ AJGGJR@?=T
@>CJ><M?DJBM<KCTOJD?@IODATOC@Q@B@O<ODJI DA=GJJ?>PGOPM@N<M@KJNDODQ@
!BIC=? ?PGO2ODGG?DN@<N@DN<IPI>JHHJIDIAG<HH<OJMT?DNJM?@M>C<M<>O@MDU@?=TM@>PMM@IOCDBC
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<OTKD><G
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NTI?MJH@DI>GP?DIBM@?=MJRIPMDI@@?@H<CTK@MO@INDJI<I?@G@Q<O@?N@MPH>M@<ODIDI@ MOCM<GBD<
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.NG@MIJ?@N<I?<>ODQ@PMDI@N@?DH@IORJPG?=@<OTKD><G
(IA@>ODQ@@I?J><M?DODN><PN@<>PO@NP=<>PO@JM>CMJID>NTHKOJHN ,<IDA@NO<ODJIN<M@JAO@I
IJINK@>DAD>@BA@Q@MA<ODBP@HT<GBD<<MOCM<GBD< ><M?D<>@B?TNKI@< DHHPIJGJBD>@B
BGJH@MPGJI@KCMDODN.NG@MIJ?@ <I?@H=JGD> +<=JM<OJMTNOP?D@NPNP<GGTNCJRIJMHJ>TOD><I@HD<<I?
?M<H<OD>@G@Q<ODJINDI@MTOCMJ>TO@N@?DH@IO<ODJIM<O@
/O?MNCIH
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IJOD>@?<NH<GGM@?K<KPG@<I?DOC<N=@@I@IG<MBDIB 3C@K<OD@IOC<N=@@IN@SP<GGT<>ODQ@RDOCA@H<G@
K<MOI@MJQ@MOC@KM@>@?DIBHJIOCN<I?>JINDNO@IOGTPN@N>JI?JHN '@C<NC<?IJKMDJMN@SP<GGT
OM<INHDOO@?DIA@>ODJIN=PO?J@NB@OJ>><NDJI<GNC<GGJRO@I?@MPG>@MN<GJIBCDNDII@MGDKJI>@JMORD>@<
T@<M 3@HK@M<OPM@DN"% 3C@M@DN<IJIO@I?@MIJI@SP?<ODQ@ >H>DM>PG<MPG>@M<OOC@
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H@<NPMDIB>HJIOC@G@AO<I?>HJIOC@MDBCO 3C@M@NOJAOC@@S<HDI<ODJIDNPIM@H<MF<=G@
6CD>CJAOC@AJGGJRDIBDNOC@HJNO<KKMJKMD<O@H<I<B@H@IOAJMOCDNK<OD@IONK@IDG@G@NDJI
UDOCMJHT>DI
! "@AOMD<SJI@
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] /PNOPG@NQ@ND>G@NJMNH<GGPG>@MNJI

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>CMJD? AMD<=G@=<N@
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