You are on page 1of 14

-Y12),

*>=B<:F>GMHLI:K:>E=HEHK E:
BG?E:F:<B`GREHLMK:LMHKGHL:KMK^MB<HL

 'O"K&!#'$& # #& " !O", #'(&'(#&"#'&(&M(#'

QA<02>B0=C88=5;0<0C>A8>B=>4BC4A>834>B #CA>B5QA<02>B0=C8AA4D<QC82>B<>3858203>A4B34;04=54A<4303
" j"M:G>K<>IM"+/")#
=78183>A4B34282;>>F864=0B0=>B4;42C8E>B j%B=KHQB<EHKHJNBG:-).2"+&)
j<>M:FBGH?]G16)"+,): j)>?ENGHFB=:/3
jLIBKBG:RHMKHLL:EB<BE:MHL j*>MHMK>Q:MH/%"2*1/"5
j&;NIKH?>GH*,1/&+ !3&) j->GB<BE:FBG: 2-/&*&+"
j0NE?:L:E:SBG:72)#&!&+@K:FH
j(>MHIKH?>GH,/2!&0
j*>EHQB<:F*,&  !43820<4=C>B?0A0;06>C0
j+:IKHQ>GH+-/,06+ )"3"!
!43820<4=C>B?0A0?A4E4=8A;>B0C0@D4B346>C0
=78183>A4BB4;42C8E>B34282;>>F864=0B0 jEHINKBGHE76),-/&*
j >E><HQB; ")"/"5 j#>;NQHLM:M2)Z/& ,
QA<02>B0=C8AA4D<QC82>B<>3858203>A4B34;04=54A<4303
j->@EHMB<:L:(/601"55
!& j/:L;NKB<:L>"EBM>D
j)>LBGNK:=72/*-& 
'0;4B34>A>
!43820<4=C>B?0A0CA0C0A;>B0C0@D4B346>C0
jNK:GH?BG:/&!2/
jNKHMBH@EN<HL:0,)$+) j HE<AB<BG: ,) /60

j1BHF:E:MH=>LH=BHRHKH*6, %/60&+" 2/,)1" j&G=HF>M:<BG:RHMKHL&+"

;D2>2>AC82>834B
j-K>=GBLHG:!")10,+"FB
:1:F;B]G?HKF:BGR><M:;E>=>:<>M:FBGH?]G,#&/*"3

 1:F;B]G?HKF:BGR><M:;E>=>B;NIKH?>GH )!,),/
*>EHQB<:FM:F;B]G=BLIHGB;E>>GNG:?HKFNE:<B`G=>FB<KHI:KM^<NE:L3&3),!"5
! 1:F;B]GBG=HF>M:<BG:>G?HKFNE:<BHG>LHK:E>L>BGR><M:;E>L&+!, &+RLHEH>GHK:E1&3,/"5 LNEBG=:< )&+,/&) D>MHKHE:<H1,/!,)  23&) 0-/&5 IBKHQB<:F#")!"+" G:;NF>MHG:

/")#"+ >MH=HE:<H),!&+" =B<EH?>G:<H#)" 1,/ 3,)1/"+$/*,") 7&-0,/ !6),'" 1 R?HKFNE:<BHG>L<HF;BG:=:L<HFHB;NIKH?>GH<HG?:FHMB=BG:!2"5&0RG:IKHQ>GH

<HG>LHF>IK:SHE3&*,3,
FB 1:F;B]G=BLIHGB;E>>GNG:?HKFNE:<B`G=>EB;>K:<B`GK>M:K=:=:=>IK>=GBLHG:/6,0
#1:F;B]GBG?EBQBF:;/"*& !" :=:EBFNF:;%2*&/ :G:DBGK:(&+"/"1 :;:M:<>IM,/"+ & MH<BEBSNF:; 1"*/ <>KMHEBSNF:; &*7& R@HEBFNF:;0&*-,+&
@K:FH 1:F;B]G:IK>FBE:LM,1"7)

"#&!O""& <HGOBKMB]G=HE:>GE:>G?>KF>=:=BG?E:F:MHKB:LBLM]FB<:F\L<HFaG/><N:=KH
2G:O:KB>=:==>MK:LMHKGHLF]=B<HLRE>LBHG>LL><:K:<M>KBS:GIHK3>;>A   "LMK>LO><>LF\L<HFaG>GFNC>K>LJN>>GAHF;K>L /L>
R8=5;0<028U="LM><:I^MNEH=>L<KB;>E:LIKHIB>=:=>L <:K:<M>KBS:IHK8=5;0<028U=0AC82D;0AB8<RCA820
?:KF:<HE`@B<:L=><43820<4=C>B0=C88=5;0<0C>A8>B=> JN>:?><M:<HGF:RHK?K><N>G<B::E:LI>JN>_:L:KMB<NE:<BHG>L=>E:LF:GHL 
4BC4A>834>B"JN>L>NMBEBS:G:FIEB:F>GM>I:K::EBOB:KEHL FN_><:LRIB>L I>KHM:F;B]G:E:L:KMB<NE:<BHG>L=>EHLMH;BEEHL <H=HL 
L^GMHF:L=>E::KMKBMBLK>NF:MHB=>/ E:HLM>H:KMKBMBL,RE:@HM:  <:=>K:L KH=BEE:LRAHF;KHL ):BG?E:F:<B`G<:K=BHINEFHG:K G>NKHE`@B<:R
:L^<HFHI:K::EBOB:K>E=HEHKRE:?B>;K>JN>:<HFI:_:G:FN<AHL H<NE:KM:F;B]GL>>G<N>GMK::F>GN=H>GI:<B>GM>L<HG/ RFN<AHL
MK:LMHKGHLGH:KMK^MB<HL 1:F;B]GLHGNMBEBS:=HLIHKFBEEHG>L:=B:KBH I:<B>GM>L=>L:KKHEE:GG`=NEHLK>NF:MHB=>L>GE:LLNI>K?B<B>L>QM>GLHK:L=>EHL
I:K:>E=HEHK=><:;>S:H<:LBHG:E "E<:I^MNEHM:F;B]G:G:EBS:QA<02>B <H=HL :GM>;K:SHLRF:GHL =>F\L FN<AHLI:<B>GM>LMB>G>G
0=C8AA4D<QC82>B<>3858203>A4B34;04=54A<4303&!R F:GB?>LM:<BHG>L>QMK::KMB<NE:K>L <HFHO:L<NEBMBL EBG?:=>GHI:M^:R
F>=B<:F>GMHLI:K:E:IK>O>G<B`GR>EMK:M:FB>GMH=>E:@HM: >LIE>GHF>@:EB:
HFHL>FN>LMK:>G#B@NK:  />LIKHOH<:=HIHK<420=8B<>B
0DC>8=<D=4BJN><HG=N<>G:E:=>LMKN<<B`G=>EM>CB=HLBGHOB:ER
&(&('&)!(# HMKHLM>CB=HL<HG><MBOHL 1:GMHEHLF><:GBLFHLBGFNGBM:KBHL
& ! '&('>LNGMK:LMHKGH:NMHBGFNG>=><:NL: ANFHK:E>L<HFHEHL<>ENE:K>L>LM\GBFIEB<:=HL>GE:I:MH@>GB:=>E:
=>L<HGH<B=: "EL^GMHF:=BLMBGMBOH=>E:/>LE:BG?E:F:<B`G:KMB<NE:KRE: >G?>KF>=:= "LMHLF><:GBLFHLBG<ENR>GE::<MBO:<B`G=>EBG?H<BMHL1
F:RHK^:=>EHLI:<B>GM>L<HG/>QI>KBF>GM:GNG<NKLH=>E:>G?>KF>=:= RF>=B:=:IHK<BMH<BG:LR>EK><ENM:FB>GMHR:<MBO:<B`G=>
?EN<MN:GM>R<K`GB<HJN> :I>L:K=>E:LF>=B=:LM>K:I]NMB<:L IN>=>K>LNEM:K F:<K`?:@HL )HLE>N<H<BMHLBG?E:F:MHKBHLEN>@HEB;>K:GNG:O:KB>=:=
>G=>LMKN<<B`G:KMB<NE:KIKH@K>LBO: =>?HKFB=:= =BL<:I:<B=:=RFN>KM> =>IKHLM:@E:G=BG:L <HFIN>LMHL<BMHM`QB<HLRK:=B<:E>LEB;K>LJN>
IK>F:MNK: ):/:?><M:=>E:E=>E:IH;E:<B`G=>"" 22 <:NL:GBG?E:F:<B`G=>E:L:KMB<NE:<BHG>LR


'4228U=*#:KF:<HEH@^:=>LBLM>F:LK>LIBK:MHKBHLRHMKHL

&)&#   '# # #&&(&M(# ):LF>=B=:L?:KF:<HE`@B<:LBG<ENR>G&+" BGR><<BHG>LEH<:E>L=>


@EN<H<HKMB<HB=>LR?\KF:<HL<HG=KHIKHM><MHK>L>QI>KBF>GM:E>LI "C 
$&'"(O" '# HG=KHBM^GLNE?:MHR@EN<HL:FBG: /><B>GM>F>GM>780;DA>=0C>34B>38>0
2G:FNC>K=>:_HLBG?HKF:=HEHK>GE:LKH=BEE:LRFN_><:LJN>GH>LM\ NI:KMS?N>:IKH;:=HI:K:BGR><<B`GBGMK::KMB<NE:K<HFHNGMBIH=>
K>E:<BHG:=H<HGE::<MBOB=:=?^LB<: 0NF]=B<HH;L>KO:JN>E:L K>>FIE:SH=>E^JNB=H:KMB<NE:K>G>EMK:M:FB>GMH=>E:, "LNG:LHEN<B`G
:KMB<NE:<BHG>L=>K><A:>BSJNB>K=:>LM\G:?><M:=:LR:I:K><>G>GKHC><B=:L
OBL<H>E\LMB<:>LM]KBEIK>I:K:=::I:KMBK=>I>BG>L=>IHEEHEHL
>ABG<A:=:L 1B>G>G`=NEHLK>=HG=HL>BG=HEHKHL=>;:CH=>E:IB>ERE>=B<>
<K><BFB>GMHL<:KGHLHL>GE:I:KM>LNI>KBHK=>E:L<:;>S:L=>IHEEH "E
:LNF]=B<HJN>>E=HEHK>FI>HK:IHKE:F:_:G: "EF]=B<HHK=>G:
:GMB=>IK>LBOH3D;>F4C8=0O>K :I^MNEHM:F;B]G>LM\BG=B<:=HI:K:>E
K:=BH@K:?^:L=>E:L:KMB<NE:<BHG>L NG:>QMK:<<B`G=>E^JNB=HLBGHOB:ERNG
:G\EBLBL=>L:G@K>I:K:=>M>KFBG:K>E?:<MHKK>NF\MB<H )HLMK>L>LMN=BHL MK:M:FB>GMH=>E=HEHKFNL<NEH>LJN>E]MB<HI>KLBLM>GM><:NL:=HIHKE:
:KKHC:GK>LNEM:=HLIHLBMBOHLI:K:E::KMKBMBLK>NF:MHB=>/ IHKEHJN>>E :KMKHLBL<K`GB<:R>E=HEHKENF;:K<K`GB<H
F]=B<HIK>L<KB;><>E><HQB;I:K:>E=HEHKRE:BG?E:F:<B`GRF>MHMK>Q:MH
I:K:K>MK:L:KE:IKH@K>LB`G=>E:>G?>KF>=:= #(
):@HM:>LNGL^G=KHF>:KMK^MB<H<:NL:=HIHKNG:K>LIN>LM:
')'O" '#
):/>LNG:>G?>KF>=:=<HFaGJN>:?><M::F\L=> BG?E:F:MHKB::EHL<KBLM:E>L=>NK:MHFHGHL`=B<HFHGHAB=K:MH>GE:L
FBEEHG>L=>I>KLHG:L>GEHL"LM:=HL2GB=HL>LMK>LO><>L :KMB<NE:<BHG>L EHLMa;NEHLK>G:E>LRHMKHLM>CB=HL ):=>IHLB<B`G=>
F\LIKH;:;E>JN>L>>G<N>GMK>>GFNC>K>LJN>>GAHF;K>L  >LMHL<KBLM:E>LL>IKH=N<><HFH<HGL><N>G<B:=>78?4ADA824<80
):/>LNG:>G?>KF>=:=:NMHBGFNG>JN><:NL:NG: JN>IN>=>K>LNEM:K=>BD?4A?A>3D228U=HBD14F2A428U==>\<B=H
BG?E:F:<B`G<K`GB<:RLBF]MKB<:=>E:L:KMB<NE:<BHG>L ): aKB<H )HL?:<MHK>L=>KB>L@H=>@HM:BG<ENR>G>14B83030;2>7>;
>G?>KF>=:=IN>=><HF>GS:K:<N:EJNB>K>=:= I>KHE: <HGLNFH R78?4AC4=B8U=%D8<8>C4A0?802>=CA04;2Q=24AM:F;B]GIN>=>
F:RHK^:=>E:LO><>L<HFB>GS:=>LIN]L=>EHLR:GM>L=> :NF>GM:K>E\<B=HaKB<HIE:LF\MB<HIHKFN>KM><>ENE:KREBLBL EB;>K:G=H
EHL %:R=HL<E:L>LIKBG<BI:E>L=>F>=B<:F>GMHLJN>L> ?DA8=0B>G>EIE:LF:E:LINKBG:LL><:M:;HEBS:G
NL:GI:K:MK:M:KE:/EHL:@>GM>L:GMBBG?E:F:MHKBHL <HFH
IHLM>KBHKF>GM>:\<B=HaKB<H
<>E><HQB; :LIBKBG:R<HKMBLHG: JN>L>NL:GI:K:K>=N<BK>E
):@HM::@N=:L>MK:M:<HGNG"H2>;27828=0I:K::EBOB:KE:BG?E:F:<B`G
=HEHK>BG?E:F:<B`GREHL?\KF:<HL:GMBKK>NF\MB<HL
FH=B?B<:=HK>L=>E:>G?>KF>=:=#*" <HFHF>MHMK>Q:MH  =>E:L:KMB<NE:<BHG>L )HL:M:JN>LIHLM>KBHK>L=>@HM:IN>=>GIK>O>GBKL>

E>?ENGHFB=: AB=KHQB<EHKHJNBG:RHMKHL JN>IKHFN>O>GE: F>=B:GM>E:M>K:IB::E:K@HIE:SH<HGNG?\KF:<HJN>:NF>GM:E:>Q<K><B`G=>


K>FBLB`G=>E:>G?>KF>=:=RIK>OB>G>GE:=>LMKN<<B`G \<B=HaKB<HHBGAB;>E:?HKF:<B`G=>\<B=HaKB<HR IHKEHM:GMH K>=N<>E:
:KMB<NE:KIKH@K>LBO: )HLGN>OHL?\KF:<HL!*/! <HG<>GMK:<B`GL]KB<:=>\<B=HaKB<H <HFHL>=>L<KB;>F\L:=>E:GM>
BGFNGHFH=NE:=HK>LL>:=FBGBLMK:GIHKO^:BGMK:O>GHL:>
BG<ENR>GBG?EBQBF:; :G:DBGK: :=:EBFNF:;RHMKHL
K&!#'"(" !(#&#'"#'(&##'
!420=8B<>340228U=
)HL&+"<HGLMBMNR>GNG:@K:G?:FBEB:=>?\KF:<HL\<B=HL=];BE>L
<NRHL>?><MHL?:KF:<HE`@B<HLK>LNEM:GIKBG<BI:EF>GM>=>E:8=781828U=
=>LMKN<<B`G )HLI:<B>GM>L<HG/FN>LMK:GGBO>E>L>E>O:=HL=> 34<B<EHHQB@>G:L: ,5 NG:>GSBF:JN><:M:EBS:>EIKBF>KI:LH>G
<HFIE>CHL=>BGFNGH@EH;NEBG:$ ?:<MHKK>NF:MHB=>&@$ /#"E E:L^GM>LBL=>IKHLM:@E:G=BG:L:I:KMBK=>E\<B=H:K:JNB=`GB<HRHMKHL
?BEMK:=H>QMK:<HKI`K>H=>>LMHL<HFIE>CHLF>=B:GM>:?]K>LBL=> \<B=HL@K:LHLIK><NKLHK>LO>K :I^MNEH ): ,5>LNG:>GSBF:
BGFNGH:;LHK<B`GA::RN=:=H::E@NGHLI:<B>GM>L FB<KHLHF:EJN>>QBLM><HFHNG=^F>KH=HLFHE]<NE:LNGB=:LI:K:
"GI:<B>GM>L<HG/ EHL&+"L>NMBEBS:GI:K::EBOB:K>E=HEHKRE: ?HKF:KNG:NGB=:=?NG<BHG:E>GE:ENSRE:F>F;K:G:=>EK>M^<NEH
BG?E:F:<B`G REHL!*/!L>NMBEBS:GI:K:LNIKBFBK>EIKH<>LH=>E: >G=HIE\LFB<H )HL&+"=BLFBGNR>GE::<MBOB=:==>E: ,5
>G?>KF>=:=LN;R:<>GM>RK>MK:L:KE:IKH@K>LB`G=>E:=>LMKN<<B`G IKBG<BI:EF>GM>IHKBGAB;B<B`G<HFI>MBMBO:LBG>F:;:K@H 0B?8A8=0?HKF:
:KMB<NE:K )HLLBMBHL=>:<<B`G=>?\KF:<HL:GMBKK>NF\MB<HLL>E><<BHG:=HL NG8=781828U=2>E0;4=C448AA4E4AB81;434#+#B@NK:  "E
L>=>L<KB;>G>G#B@NK: R=BL<NMB=HF\L:=>E:GM> >?><MHG>MH=>E::=FBGBLMK:<B`G=>&+">LNG38B<8=D28U=34;0
?A>3D228U=34?A>BC06;0=38=0BRHMKHL:NM:<HB=>L
#'(#&(&('
#M:F;B]GEE:F:=H4=54A<43033464=4A0C8E034;0B0AC82D;028>=4B>LE:
>G?>KF>=:=:KMB<NE:KF\L<HFaG=>EFNG=H ?><M::IKHQBF:=:F>GM>:E 542C>B34;0B?A>BC06;0=38=0B
=>E:LI>KLHG:LF:RHK>L=>:_HL RE:F:RHK^:=>E:LI>KLHG:LF:RHK>L=> ):LIKHLM:@E:G=BG:LCN>@:GNGI:I>EBFIHKM:GM>>G>E=>L:KKHEEH=>3>;>A
:_HLIN>=>G>G<HGMK:K>OB=>G<B:K:=BH@K\?B<:=>, 0BG>F;:K@H E: 8=5;0<028U=R5841A4):LIKHLM:@E:G=BG:LL>EB;>K:G=>E:L<]ENE:L>G
>G?>KF>=:=GHL>:LH<B:LBFIE>F>GM><HG>EIKH<>LH=>>GO>C><BFB>GMH  K>LIN>LM::>LM^FNEHLJN^FB<HLHMK:NF:L?^LB<HL 0>GLB;BEBS:GE:L
,MKHL?:<MHK>LJN>:NF>GM:G>EKB>L@H=>,BG<ENR>GE:H;>LB=:= E: M>KFBG:<BHG>LG>KOBHL:LL>GLHKB:E>L:EHL>LM^FNEHLGH<B<>IMBOHLR IHKEH
HLM>HIHKHLBL >EM:;:JNBLFH E:A>K>G<B: >ENLHK>I>MBMBOH=>E:L:KMB<NE:<BHG>L M:GMH :FIEB?B<:GE:@>G>K:<B`G=>BFINELHL=>=HEHK 1:F;B]G
>G>EMK:;:CHH:<MBOB=:=>L=>H<BHR>EMK:NF:MBLFH:KMB<NE:K IKHFN>O>GC4983>BG?E:F:<B`G:E>LMBFNE:KE:JNBFBHM:QBL=>E:L<]ENE:L
):,:?><M:IKBG<BI:EF>GM>0AC82D;028>=4B@D4B>?>AC0=?4B>R BG?E:F:MHKB:L EHJN>IKHOH<:O:LH=BE:M:<B`GR:NF>GM:E:I>KF>:;BEB=:=
<:NL:=>?HKFB=:= EBFBM:<B`G=>FHOBFB>GMHR=BL<:I:<B=:= <:IBE:KR>E>=>F:
IKH@K>LBO: "E<:KM^E:@HLN?K>>G@KHL:FB>GMH BG?E:F:<B`G =BOBLB`GR ):?B>;K> =>?BGB=:<HFHE:>E>O:<B`G=>E:M>FI>K:MNK:<HKIHK:E
:=>E@:S:FB>GMH #BG:EF>GM> E:<:I:<:KMBE:@BGHL:L>=>LMKNR>IHK :NGGBO>ELNI>KBHK:T  T# :F>GN=HK>LNEM:=>NG:
<HFIE>MH EHJN>IKHOH<:>KHLB`GRFB<KH?K:<MNK:L>G>EAN>LH :EM>K:<B`G=>EHLF><:GBLFHLM>KFHKK>@NE:=HK>LABIHM:E\FB<HL (>F8=0B
LN;R:<>GM> )HLIKBG<BI:E>LL^GMHF:L=>E:,LHG=HEHK KB@B=>SR 102C4A80=0BRHMK:?8AU64=>B>LMBFNE:GE:IKH=N<<B`G=><BMH<BG:L
=>;BEB=:=FNL<NE:K:EK>=>=HK=>E:L:KMB<NE:<BHG>L:?><M:=:L IHKEHLE>N<H<BMHL R>LM:L<BMH<BG:L:NF>GM:GE:L^GM>LBL=>
):LF>=B=:LGH?:KF:<HE`@B<:LI:K:>EMK:M:FB>GMH=>E:,BG<ENR>GIKHM><<B`G IKHLM:@E:G=BG:L>G>E\K>:IK>`IMB<:=>EABIHM\E:FH ):L
R>GM:;EBEE:=H=>E:L:KMB<NE:<BHG>L ?BLBHM>K:IB: IK`M>LBLHKMHI]=B<:LI:K::IHR:KEHL IKHLM:@E:G=BG:LEN>@H:<Ma:GI:K:K>LM:;E><>K>EM>KFHLM:MH=>E
IB>LR<BKN@^:=>K>>FIE:SH=>:KMB<NE:<BHG>L <N>KIH:NGGN>OHINGMHIHK>G<BF:=>T "LMH:LNO>S:<MBO:
0?SCD;> *>=B<:F>GMHLI:K:>E=HEHK E:BG?E:F:<B`GREHLMK:LMHKGHL:KMK^MB<HL 

]ENE:=>G=K^MB<:
IK>L>GM:=HK=>:GM^@>GHL

HLMBFNE:<B`G

;:M:<>IM
<]ENE:1
 ! 

]ENE:

*>MHMK>Q:MH
)>?ENGHFB=:

*:<K`?:@HL
#:<MHKK>NF:MHB=>
RHMKHL:GMB<N>KIHL

"M:G>K<>IM
&G?EBQBF:;
BMHJNBG:L
=:EBFNF:;
1+#d
$HEBFNF:;
&) 
>KMHEBSNF:;
&) 

1H<BEBSNF:;
D<4=C>34>BC4>2;0BC>B
02C8E8303
G:DBGK:

:KM^E:@H AN>LH

)&  -:MH@>GB:=>E::KMKBMBLK>NF:MHB=>RLBMBHL=>:<<B`G=>?\KF:<HL:GMBKK>NF\MB<HLL>E><<BHG:=HL "G>LM:OBLM:


LBFIEB?B<:=:=>ELBLM>F:BGFNGHE`@B<H E:L<]ENE:L=>G=K^MB<:LIK>L>GM:=HK:L=>:GM^@>GHL?:@H<BM:G:GM^@>GHLREHLIK>L>GM:G
:E:L<]ENE:L1 :<MBO:G=H:L^E:L<]ENE:L1 ):L<]ENE:L1:<MBO:=:L>LMBFNE:GE:IKH=N<<B`G=><]ENE:LR1 ):L<]ENE:LIKH=N<>G
<]ENE:LIE:LF\MB<:LJN>?HKF:G:GMB<N>KIHLK>NF:MHB=>L ):L<]ENE:L1<HE:;HK:=HK:L:<MBO:GEHLF:<K`?:@HLRE:L<]ENE:L1
<BMHM`QB<:L 'NGMHL EHLEBG?H<BMHL1 EHLF:<K`?:@HLREHLEBG?H<BMHL1<BMHM`QB<HLIKH=N<>G<BMH<BG:L<BMHM`QB<:L?:<MHK=>G><KHLBL
MNFHK:EY.1+#Y/BGM>KE>N<BG:8&)9  &) RHMK:LRIKHLM:@E:G=BG:LJN><:NL:GBG?E:F:<B`G:KMB<NE:K IKHEB?>K:<B`GLBGHOB:ER
=>LMKN<<B`G=>AN>LHLR<:KM^E:@HL ;:M:<>IM;EHJN>:E:<H>LMBFNE:<B`G=>E:L<]ENE:L1 "EF>MHMK>Q:MHRE:E>?ENGHFB=:BGAB;>G
E:IKHEB?>K:<B`GRE::<MBOB=:==>E:L<]ENE:L1RE:L<]ENE:L "M:G>K<>IM BG?EBQBF:; :=:EBFNF:; @HEBFNF:;R<>KMHEBSNF:;
BG:<MBO:G>E1+#YG:DBGK:;EHJN>:E::<<B`G=>&) RMH<BEBSNF:;BG:<MBO:&)  +HL>FN>LMK:GEHL@EN<H<HKMB<HB=>LJN>
BGAB;>GE::<MBO:<B`G=>E:L<]ENE:L1RE:IKH=N<<B`G=>&) F>=B:GM>E:K>@NE:<B`G=>E:MK:GL<KBI<B`G@]GB<: )HL
@EN<H<HKMB<HB=>LREHL?\KF:<HL:GMBBG?E:F:MHKBHLGH>LM>KHB=>HL&+"M:F;B]GBGAB;>GE:?HKF:<B`G=>IKHLM:@E:G=BG:L )HL
<HFIE>CHL=>BGFNGH@EH;NEBG:$ ?:<MHKK>NF:MHB=>&@$ /#L>=>M><M:G>GE:L:G@K>=>I:<B>GM>L<HG:KMKBMBLK>NF:MHB=>

F><:GBLFHLJN>>E>O:GE:M>FI>K:MNK: <HFHE:K>=N<<B`G=>E:I]K=B=:=> ,5 I:KMB<BI:>GE:L^GM>LBL=>IKHLM:@E:G=BG:LJN>MB>G>GNG


<:EHK:MK:O]L=>E:O:LH=BE:M:<B`G<NM\G>: RA:<>JN>E:M>FI>K:MNK: >?><MH<BMHIKHM><MHKLH;K>>EMK:<MH@:LMKHBGM>LMBG:E$&
:NF>GM> 1H=HLEHL&+"0;8E80A;05841A48=78184=3>;0BS=C4B8B34 MK:<MH 1:F;B]G<:M:EBS:E:?HKF:<B`G=>MKHF;HQ:GH
?A>BC06;0=38=0B>G>EABIHM\E:FH I>KH>LMHLF>=B<:F>GMHLGHLHG<:I:<>L >GE:LIE:JN>M:L EHJN><HG=N<>:E::@K>@:<B`GIE:JN>M:KB:RE:A>FHLM:LB:
=>K>=N<BKE:M>FI>K:MNK:<HKIHK:EIHK=>;:CH=>EHGHKF:E =B?>K>G<B:=> #+ 4BD=04=H8<08=3D281;40NLGBO>E>LLHG
GHKF:EF>GM>FNR;:CHL>GE:F:RHK^:=>EHLM>CB=HL I>KHL>K>@NE:G:E
B>4=H8<0B34282;>>F864=0B0 :ES:K\IB=:F>GM>=NK:GM>>EIKH<>LHBG?E:F:MHKBHIHKLNLM:G<B:L
AHK:L>L:;>JN>E: ,5L>IK>L>GM:>G=HLBLH?HKF:LIKBG<BI:E>L#+ IKHBG?E:F:MHKB:LI "C  BMH<BG:L >G=HMHQBG:LRIKHFHMHK>LMNFHK:E>L 
R#+  0#+ 4B2>=BC8CDC8E0>EBFIB>S:BGM>KG: 1:GMHE: ,5 <HFHE: ,5 I:K><>GI:KMB<BI:K>GE:AHF>HLM:LBL
4=H8<0>G<HGMK:=H>GGBO>E>LK>E:MBO:F>GM><HGLM:GM>L>GO:KBHLM>CB=HL K>G:E
'4228U=*#:KF:<HEH@^:=>LBLM>F:LK>LIBK:MHKBHLRHMKHL

 

, ,

% , , %
, ,

% , , %
LIBKBG: LIBKBG:

, ,

% , C>?> %

0:EB<BE:MH 0:EB<BE:MH

)&  *><:GBLFH=>:<<B`G=>E::LIBKBG: ):>GSBF:<B<EHHQB@>G:L: ,5>QBLM><HFHNGAHFH=^F>KH<HG=HL


FHE]<NE:LB=]GMB<:L>GMK>E:S:=:L <:=:NG:=>E:L<N:E>LIKHIHK<BHG:NG<:G:E:<MBOHI:K:LNLLNLMK:MHL )::LIBKBG:L><HGH<>
JN^FB<:F>GM><HFH\<B=H:<>MBEL:EB<^EB<H ):LFHE]<NE:L=>:LIBKBG:BG@K>L:G:E<:G:E:<MBOH=> ,5R:@K>@:GNG@KNIH
:<>MBEH:NG@KNIH/=>:FBGH\<B=HL>G>ELBMBH:<MBOH=> ,5 "E@KNIH:<>MBEH>LM\NGB=H:E:L>KBG:>GE:IHLB<B`G>G ,5 
R:E:L>KBG:>GE:IHLB<B`G>G ,5  "LMHIKH=N<>NG:BGAB;B<B`GBKK>O>KLB;E>HGH<HFI>MBMBO:
):FHE]<NE:=>:LIBKBG:LBG>E@KNIH:<>MBEHL>EE:F:\<B=HL:EB<^EB<HHL:EB<BE:MH JN>>LNGBGAB;B=HK<HFI>MBMBOH=>
,5

):F:RHK^:=>EHL&+"=BLIHGB;E>L>GE::<MN:EB=:=LHG8=78183>A4B (   $A>?843034B34=>4BC4A>834BB4;4228>=03>B


=>B4;42C8E>B34#+ G#+ "E=>L<N;KBFB>GMH=>E:LBLH>GSBF:L !43820<4=C>B0=C88=5;0<0C>A8>B
,5<HG=NCH:E=>L:KKHEEH=>BGAB;B=HK>LL>E><MBOHL=>E: ,5  LB>G=H>E & (*# !* &#
IKBF>KH<>E><HQB; "LMHLBGAB;B=HK>LL>E><MBOHLLHG?\KF:<HL &# $#(" #&' #''
:GMBBG?E:F:MHKBHL>?B<:<>LRIKH=N<>GF>GHLA>FHKK:@B:LRaE<>K:L
=78183>A4B34#+=>B4;42C8E>B
@:LMKHBGM>LMBG:E>LJN>EHLBGAB;B=HK>LGHL>E><MBOHL=>E: ,5 -:K:<>M:FHE   
2G:M>K<>K:BLH>GSBF: ,5 ,5  JN>L>=>L<N;KB`
LIBKBG:   
K><B>GM>F>GM> I:K><>L>KNG:O:KB:GM>=>>FI:EF>:EM>KG:MBO:=>
,5  $0A024C0<>;BGAB;>=>?HKF:IHM>GM>E: ,5  R>LM> &;NIKH?>GH   
A:EE:S@HIKH;:;E>F>GM>>QIEB<:E:K:S`GIHKE:JN>>E:<>M:FBGH?]G &G=HF>M:<BG:   
MB>G>IH<::<<B`G:GMBBG?E:F:MHKB: (>MHIKH?>GH   
(>MHKHE:<H   
"(''$M#'
=78183>A4B34282;>>F864=0B0=>B4;42C8E>B +:IKHQ>GH   
"GMK>EHLBGAB;B=HK>L=>E: ,5GHL>E><MBOHLL>>G<N>GMK:GFN<AHL =78183>A4BB4;42C8E>B34#+
&+";B>G<HGH<B=HLJN>>LM\G=BLIHGB;E>LLBGK><>M:F]=B<:  >E><HQB;   
BG<ENB=HL0B?8A8=081D?A>54=>:4C>?A>54=>R=0?A>F4=> 1&*,+")  B<EHHQB@>G:L:
"E:<>M:FBGH?]G>LNG:@>GM>:GMBBG?E:F:MHKBH=];BE I>KHM:F;B]GL> -:K:E::LIBKBG: >EO:EHKJN>L>FN>LMK:>LE:OB=:F>=B:=>EF>M:;HEBMH:<MBOH \<B=H
L:EB<^EB<H
BG<ENR>>G>LM:<E:L>=>?\KF:<HLIHKJN>>C>K<>>?><MHL:G:E@]LB<HLR
:GMBIBK]MB<HLF>=B:GM>E:BGAB;B<B`G=>E: ,5  HFHL>FN>LMK:>G
N:=KH  )HL&+"O:K^:GFN<AH>GIHM>G<B:ROB=:F>=B: I>KH
E:F:RHK^:=>>EEHLL>:=FBGBLMK:G=>=HL:<N:MKHO><>L:E=^:<HG
:EBF>GMHL
0?SCD;> *>=B<:F>GMHLI:K:>E=HEHK E:BG?E:F:<B`GREHLMK:LMHKGHL:KMK^MB<HL 

):L=HLBLF\L;:C:L=>&+"LN>E>GL>KLN?B<B>GM>LI:K:MK:M:K>E L:EB<BE:MH=><HEBG:RF:@G>LBHRL:EB<BE:MH=>F>MBEH:<>BM>
=HEHKE>O>:FH=>K:=HR<HGMK:KK>LM:KE:?B>;K> FB>GMK:LJN> =>@:NEM>KB:
@>G>K:EF>GM>L>G><>LBM:G=HLBLF\L:EM:LI:K::EBOB:KE: 542C>B48=382028>=4B50A<02>;U682>B"GEHL:=NEMHL E:
BG?E:F:<B`G:LH<B:=:<HGEHLMK:LMHKGHLRE:LE>LBHG>L:KMK^MB<:L )HL EHLL:EB<BE:MHLL>IN>=>GNMBEBS:K>G>EMK:M:FB>GMH=>E=HEHK E:?B>;K>
&+"LHGI:KMB<NE:KF>GM>>?B<:<>LI:K::EBOB:K>E=HEHK<:NL:=HIHK RE:BG?E:F:<B`G :L^<HFH>GE:IKH?BE:QBL=>EBG?:KMH=>FBH<:K=BH 
E:BG?E:F:<B`GMBLNE:KHIHKMK:NF:MBLFHL`L>HLH:KMB<NE:K>L R :<<B=>GM><>K>;KHO:L<NE:KRHMKHLMK:LMHKGHLMKHF;H>F;`EB<HL "G
IN>=>G<HF;BG:KL><HG:G:E@]LB<HLHIBHB=>LI:K:H;M>G>KNG EHLGB_HL L>=>;>>OBM:K>ENLH=>L:EB<BE:MHL IHKJN>>EKB>L@H=>'S=3A><4
F:RHK>?><MH:G:E@]LB<HRK>=N<BKE:G><>LB=:==>=HLBLF\L:EM:L=> 34A4G4I:K><>:NF>GM:K>GEHLGB_HLBG?><M:=HLIHKOBKNLMK:M:=HL
HIBHB=>L -HK>C>FIEH EHL&+"L>NMBEBS:G:FIEB:F>GM>>G>E <HG>LMHLF>=B<:F>GMHL
MK:M:FB>GMH=>E=HEHKIHLMHI>K:MHKBH R:L>:LHEHLH>G2><18=028U= "E>?><MH:G:E@]LB<H :GMBIBK]MB<HR:GMBBG?E:F:MHKBH=>E:
2>=D=0=0;6RB82>>?8>834 :LIBKBG:RHMKHLL:EB<BE:MHLK>LNEM:=>8=4B?42S582>BGAB;B<B`G
NGJN>EHL&+"LHG>?B<:<>LI:K::EBOB:K>E=HEHK=>EHL => ,5>GM>CB=HLI>KB?]KB<HLR>E0+ B?8A8=0
MK:LMHKGHL<K`GB<HL LNNLH:E:K@HIE:SHL>:LH<B:<HGNG:L>KB> BKK>O>KLB;E>F>GM>024C8;0?;0@D4C0B#+RMB>G>NG>?><MHF\L=NK:=>KH
=>4542C>B03E4AB>BBG<ENR>G=HA>FHKK:@B:@:LMKHBGM>LMBG:E  LH;K>E:L^GM>LBL=>MKHF;HQ:GHJN>HMKHLL:EB<BE:MHL "E>?><MH
aE<>K:LI]IMB<:LR=BL?NG<B`GK>G:ERA>I\MB<: $0A024C0<>; :GMBIE:JN>M:KBH=>E::LIBKBG:I>KLBLM>=NK:GM>NGHL=^:L FB>GMK:L
IKH=N<>F>GHLIKH;E>F:L@:LMKHBGM>LMBG:E>LJN>HMKHLBGAB;B=HK>L JN>>E=>E:F:RHK^:=>EHL=>F\L&+">LFN<AHF\L;K>O> "E>?><MH>L
,5GHL>E><MBOHL I>KHM:F;B]G20A4243402C8E8303 =>E:K@:=NK:<B`GIHKJN>E:LIE:JN>M:L<:K><>G=>Ga<E>HRGHIKH=N<>G
0=C8?;0@D4C0A80G0=C88=5;0<0C>A80B86=85820C8E0NGJN>>E GN>O:>GSBF: ,5
:<>M:FBGH?>GHL>IN>=>NL:K:EFBLFHMB>FIHJN>HMKH&+"I:K: )HLL:EB<BE:MHL@>G>K:EF>GM>L>:=FBGBLMK:GIHKO^:HK:E 
E::G:E@>LB:LNIE>F>GM:KB: @>G>K:EF>GM>L>=>;>G>OBM:KE:L I>KHM:F;B]GA:R?HKFNE:<BHG>L=BLIHGB;E>LI:K:03<8=8BCA028U=
<HF;BG:<BHG>L:EM>KG:MBO:L=>=HL&+" GHLHEHIHKJN>:NF>GM:G CU?820GA42C0;):=HLBLHK:E=>:LIBKBG:G><>L:KB:I:K:BGAB;BK
>EKB>L@H=>$&RHMKHL>?><MHLL><NG=:KBHL LBGHM:F;B]GIHKJN>: E::@K>@:<B`GIE:JN>M:KB:>L:E@HF\L;:C:JN>E:=HLBLHK:E
O><>LMB>G>GBGM>K:<<BHG>L:=O>KL:L -HK>C>FIEH 0B?8A8=0G>CA>B G><>L:KB:I:K:H;M>G>K>?><MHL:G:E@]LB<HLR:GMBIBK]MB<HL R>L
B0;828;0C>B=>LIE:S:K:E@NGHL&+"I >C D>MHKHE:<H=>E:L FN<AHF\L;:C:JN>E:=HLBLHK:EG><>L:KB:I:K::EBOB:KE:
IKHM>^G:LIE:LF\MB<:LR IHKEHM:GMH :NF>GM:KLNLGBO>E>LL]KB<HL BG?E:F:<B`G<:NL:=:IHK:KMKBMBLRHMKHLMK:LMHKGHL
=>F:G>K:LB@GB?B<:MBO: BG?E:F:MHKBHL #B@NK: FN>LMK:E:K>E:<B`G>GMK>E:=HLBL=>
)HL&+"IN>=>GBGM>K:<MN:K<HGNG:@K:G<:GMB=:==>HMKHL?\KF:<HL: :LIBKBG:REHL>?><MHL?:KF:<HE`@B<HLRM`QB<HL=>E?\KF:<H
MK:O]L=>F><:GBLFHL?:KF:<H<BG]MB<HLR?:KF:<H=BG\FB<HL ):F:RHK^: >B
"8=7814=;04F2A428U=A4=0;34 0A<02>28=RC820)::LIBKBG:L>:;LHK;>;B>G>G>EBGM>LMBGH NGJN>
EBMBHRIN>=>:NF>GM:KEHLGBO>E>LL]KB<HL=>EBMBHRLNMHQB<B=:= )HL&+" LN:=FBGBLMK:<B`G<HG<HFBM:GM><HG:GMB\<B=HLIN>=>K:E>GMBS:KLN
IN>=>GK>=N<BK>E:<E:K:FB>GMH=>EHL?\KF:<HLF>MHMK>Q:MHR O>EH<B=:==>:;LHK<B`G GHK>=N<>LB@GB?B<:MBO:F>GM>LN
:FBGH@EN<`LB=HL )HL&+"M:F;B]GIN>=>GBGM>K?>KBK>G=BO>KLHL@K:=HL ;BH=BLIHGB;BEB=:= )::LIBKBG:>L783A>;8H03>AQ?830<4=C40Q283>
<HG>E>?><MH:GMBABI>KM>GLBOH=>EHL=BNK]MB<HL ;>M:e :GM:@HGBLM:L=> B0;82S;82>L:EB<BE:MHIHKE:>LM>K:L:IE:LF\MB<: R>LMH>QIEB<:LN<HKM:
EHLK><>IMHK>L:=K>G]K@B<HL BGAB;B=HK>L=>E::G@BHM>GLBG:RHMKHL OB=:F>=B:IE:LF\MB<::EK>=>=HK=>FBGNMHL ):F:RHK^:=>EHL
?\KF:<HL:GMBABI>KM>GLBOHL  N:G=HL>:=FBGBLMK:G<HG=BNK]MB<HL >?><MHL?:KF:<HE`@B<HL=>E::LIBKBG:L>:MKB;NR>G:LNF>M:;HEBMH
L:EB<BE:MH JN>MB>G>NG:OB=:F>=B:=>:IKHQBF:=:F>GM>AHK:L 0BG
:AHKK:=HK>L=>IHM:LBH EHL&+"IN>=>G<:NL:KK>M>G<B`G=>IHM:LBHR2>=3D28A
078?4A?>C0B4<80E@NG:LBGM>K:<<BHG>LF>=B<:F>GMHL:L>LM\G >F;:K@H E:IKHIB::LIBKBG:>LK>LIHGL:;E>=>E:BGAB;B<B`GBKK>O>KLB;E>
:LH<B:=:LLHEH<HGNG&+">GI:KMB<NE:K -HK>C>FIEH :EM:L=HLBL=> =>E: ,5IE:JN>M:KB:R=>E::@K>@:<B`GIE:JN>M:KB:
L:EB<BE:MHL>C>K<>GNG>?><MHABIH@EN<>FB:GM>JN>IN>=>:EM>K:KEHL ):F:RHKI:KM>=>E\<B=HL:EB<^EB<HJN>L>?HKF::I:KMBK=>E::LIBKBG:
>?><MHL=>EHL?\KF:<HL:GMB=B:;]MB<HL ):BG=HF>M:<BG:K>=N<>>E>?><MH RHMKHL?\KF:<HLL:EB<BE:MHL>L2>=9D603>2>=6;828=0I:K:?HKF:K\<B=H
G:MKBNK]MB<H=>EHL=BNK]MB<HLRIN>=><:NL:KG>?KHMHQB<B=:=<N:G=HL> L:EB<BEaKB<H )N>@H >LM:LNLM:G<B:L>>Q<K>M:>GE:HKBG: CNGMH<HG
:=FBGBLMK:<HGMKB:FM>K>GH :IKHQBF:=:F>GM>>E=>L:EB<BE:MHEB;K>RNG:<:GMB=:=LBFBE:K=>
0>IN>=>GNL:K=HLBL;:C:L=>:<>M:FBGH?]G=>F:G>K:L>@NK: <HGCN@:=HL=>@EN<NK`GB=H ):M:L:=>>Q<K><B`G=>L:EB<BE:MHL>O>
I:K:0=0;64B80G0=C8?8A4B8B3DA0=C44;4<10A0H>0BG>F;:K@H  :?><M:=:IHK>EI%=>E:HKBG: -HK>LM:K:S`G 0;20;8=8H028U==>E:HKBG:
@>G>K:EF>GM>GHL>K><HFB>G=:>ENLH=>HMKHL&+"=NK:GM>E: F>=B:GM>E::=FBGBLMK:<B`G=>;B<:K;HG:MH=>LH=BHL>A:NMBEBS:=HI:K:
L>@NG=:FBM:==>E>F;:K:SH=>;B=H:EHLIHLB;E>L>?><MHL:=O>KLHL :NF>GM:KE:BHGBS:<B`GR>EBFBG:<B`G=>E\<B=HL:EB<^EB<H>G<:LHL=>
>G>E?>MH "LMHL>?><MHLLHG>EK>LNEM:=H=>E:BGAB;B<B`G=>E:L LH;K>=HLBL=>?\KF:<HLO>K :IBMNEH
IKHLM:@E:G=BG:L>BG<ENR>GA>FHKK:@B:@:LMKHBGM>LMBG:E BGAB;B<B`G N:G=HL>BG@B>K>NG:=HLBLM>K:I]NMB<:=>:LIBKBG:NHMKH
IE:JN>M:KB: =BL?NG<B`GK>G:ER<B>KK>IK>F:MNKH=>E<HG=N<MH ?\KF:<H<HGL:EB<BE:MH E:M:L:=>F>M:;HEBLFHRE:M:L:=>>Q<K><B`G
:KM>KBHLH =>L:EB<BE:MHLHGIKHIHK<BHG:E>L:E:<HG<>GMK:<B`GIE:LF\MB<:=>E
?\KF:<H>EBFBG:<B`G=>IKBF>KHK=>G  N:G=HL>MHF:NG:=HLBL
LIBKBG:RHMKHLL:EB<BE:MHL >Q<>LBO: E:LO^:L=>>EBFBG:<B`GL>L:MNK:G =:G=HEN@:K:4;8<8=028U=
"EO:EHKM>K:I]NMB<H=>EHLL:EB<BE:MHLL>K><HGH<B`HKB@BG:EF>GM><N:G=H 34>A34=24A>-HK>LM:K:S`G =HLBLF:RHK>LIN>=>G>E>O:K
L>B=>GMB?B<:KHG<HFHEHLBG@K>=B>GM>L:<MBOHL=>E:<HKM>S:=>L:N<>R K\IB=:F>GM>E:L<HG<>GMK:<BHG>LIE:LF\MB<:L=>L:EB<BE:MH:GBO>E>L
HMKHLF:M>KB:E>LO>@>M:E>LNMBEBS:=HL>GE:F>=B<BG:IHINE:KI:K::EBOB:K M`QB<HL >LI><B:EF>GM>>GEHL:G<B:GHL JNB>G>LMB>G>GF:RHKKB>L@H
>E=HEHKRE:?B>;K> )::LIBKBG:L>LBGM>MBS`>G=NK:GM>E:;aLJN>=: =>MHQB<B=:=IHK:LIBKBG:
=>NG=>KBO:=H=>EL:EB<BE:MHJN>?N>K:F>GHLBKKBM:GM>I:K:>E>LM`F:@H 542C>B03E4AB>B"ENLH=>:LIBKBG:>GGB_HL<HG
JN>>E\<B=HL:EB<^EB<H )::LIBKBG:IKHGMHL>OHEOB`:FIEB:F>GM>NMBEBS:=: O:KB<>E:RHMK:LBG?><<BHG>LOBK:E>LL>A::LH<B:=H<HG>E
>GMH=H>EFNG=H<HFH?\KF:<H:G:E@]LB<H :GMBIBK]MB<HR L^G=KHF>=>/>R>  HFHL>F>G<BHG` >EMK:M:FB>GMH<HG
:GMBBG?E:F:MHKBH L:EB<BE:MHL IHKEHM:GMH =>;>>OBM:KL>>GGB_HL
)HL=>KBO:=HL=>E\<B=HL:EB<^EB<HBG<ENR>G0B?8A8=0\<B=H ):L=HLBLM>K:I]NMB<:L=>:LIBKBG:IN>=>G<:NL:K8AA8C028U=6QBCA820
:<>MBEL:EB<^EB<H809RO:KBHL?\KF:<HLGH:<>MBE:=HL <HFHL:EL:E:MH R<HGMKB;NBK:'0=6A03>60BCA>8=C4BC8=0;RV;24A0B?R?C820B*H=>K:=:F>GM>
'4228U=*#:KF:<HEH@^:=>LBLM>F:LK>LIBK:MHKBHLRHMKHL

AHJN> <HF:
K>LIBK:MHKBHR
BGLN?B<B>G<B:K>G:E
RFN>KM>
#B>;K>
=>LAB=K:<B`G  @
RF>M:;`EB<H
:<B=HLBL

%BI>KO>GMBE:<B`G  @
RK>LIBK:MHKBH
:E<:EHLBL
GMBBG?E:F:MHKBH
 @
!HLBL=>:LIBKBG:

>?><MHR
MBGGBMNL

G:E@]LB<HR  @
:GMBIBK]MB<H
>?><MHL

 F:@G>LBH
GMB:@K>@:GM>IE:JN>M:KBH
>?><MH

 F:@G>LBH

)&  />E:<B`G>GMK>E:=HLBL=>:LIBKBG:REHL>?><MHL?:KF:<HE`@B<HLRM`QB<HL=>E?\KF:<H

E:L=HLBLM>K:I]NMB<:L:EM:LIN>=>G<:NL:KMBGGBMNL JN>L>=>L<KB;> >C>K<>>?><MHL:G:E@]LB<HLR:GMBIBK]MB<HL>G=HLBLJN>LHG;B>GMHE>K:=:L


<HFHNG:L>GL:<B`G:N=BMBO::GHKF:EHNGSNF;B=HRL><HGLB=>K: RIKH=N<>GFNRIH<HL>?><MHL:=O>KLHL=NK:GM>E::=FBGBLMK:<B`G:
NGLB@GHM>FIK:GH=>MHQB<B=:=IHKL:EB<BE:MHL <HKMHIE:SH =B?>K>G<B:=>ENLH=>:LIBKBG: 4;DB>34024C0<8=>5R==>
):L=HLBL>Q<>LBO:L=>:LIBKBG:IKH=N<>GEHL>?><MHLM`QB<HLFHLMK:=HL>G#B@NK: B4700B>2803>2>=4;BS=3A><434&4G4IHKEHJN>L>IN>=>
  8?4AE4=C8;028U=>L<:NL:=HIHKE:>LMBFNE:<B`G=BK><M:>BG=BK><M:=>E<>GMKH :=FBGBLMK:K:<>M:FBGH?]G=>F:G>K:L>@NK::GB_HL<HG?B>;K><:NL:=:
K>LIBK:MHKBH>GE:F]=NE: R:F>GN=H<HG=N<>:NG:NF>GMH=>E:>QA:E:<B`G=> IHK>G?>KF>=:=>LOBK:E>L
=B`QB=H=><:K;HGHR:E<:EHLBLK>LIBK:MHKB: ):L<HG<>GMK:<BHG>LIE:LF\MB<:LF\L "E:<>M:FBGH?]GLHEHMB>G>02C8E83030=C88=5;0<0C>A803R18;
:EM:L=>L:EB<BE:MHIN>=>G<:NL:K5841A434B783A0C028U=R0283>B8B<4C01U;820 >GI:KM>IHKJN>>LBG:<MBO:=HIHKI>K`QB=HLIKH=N<B=HL>GE:L
B4E4A0 <]ENE:L=>EM>CB=HBG?E:F:=H ):>OB=>G<B:K><B>GM>LN@B>K>E:
0BGHL>MK:M:G<HGIKHGMBMN= >LMHL>O>GMHLIN>=>G<NEFBG:K>G >QBLM>G<B:=>NG:M>K<>K:BLH?HKF: ,5 =>GHFBG:=: ,5  <HG
LAH<D <HF: ?:EE:=>ELBLM>F:=>`K@:GHLRFN>KM> ):L=HLBL ?NG<BHG>L>GE:F>=B:<B`G=>E=HEHKRE:?B>;K> RLNC>M::BGAB;B<B`G
>Q<>LBO:L=>:LIBKBG:M:F;B]G<:NL:G78?>?A>CA><18=4<80JN>>L IHK>E:<>M:FBGH?]G "E:<>M:FBGH?]GMB>G>IH<H>?><MHLH;K>E:
NG=>M>KBHKH=>E:A>FHLM:LB:R<:NL:L:G@K:=H ,5 HE: ,5 R IHKEHM:GMH <:K><>=>:<MBOB=:=
):ABI>KL>GLB;BEB=:=:E::LIBKBG:>LNG::?><<B`GIH<H<HFaG :GMBBG?E:F:MHKB: NGJN>>E:<>M:FBGH?]GGHL><HGLB=>K:NG
I>KH@K:O>JN>IN>=>IKHOH<:KK>:<<BHG>L:G:?BE\<MB<:L@K:O>LR ?\KF:<H=>IKBF>K:E^G>:I:K:I:<B>GM>L<HGMK:LMHKGHL:KMK^MB<HL :
IHM>G<B:EF>GM>?:M:E>L )HLL^GMHF:L=>BGMHE>K:G<B::E::LIBKBG: O><>LL>NMBEBS:<HFH:G:E@]LB<H>G:JN>EEHL<HG:KMKBMBLE>O> !>;B=H
BG<ENR>GKBGBMBLO:LHFHMHK: :G@BH>=>F:RNKMB<:KB:KHG<A:L ): :JN>>E:<>M:FBGH?>GH<:K><>=>E:<:I:<B=:==>BGAB;BKE:L^GM>LBL
L>GLB;BEB=:=:E::LIBKBG:H<NKK><HGF:RHK?K><N>G<B:>GI>KLHG:L =>MKHF;HQ:GHRE::@K>@:<B`GIE:JN>M:KB: GHL>NL:I:K:E:
<HG:LF: I`EBIHLG:L:E>LHNKMB<:KB:<K`GB<: ->KLHG:LJN>A:G IKH?BE:QBL=>EBG?:KMH=>FBH<:K=BH :<<B=>GM><>K>;KHO:L<NE:KNHMKHL
M>GB=HNG:A40228U=3478?4AB4=B818;83036A0E4:E::LIBKBG:NHMKH MK:LMHKGHLMKHF;H>F;`EB<HL !>;B=H:E]QBMH=>:4C>A>;02>BGR><<B`G
L:EB<BE:MHGH=>;>MK:M:KL><HGHMKHMBIH=>&+" IHKJN>>QBLM>NG I:K:>E=HEHKO>KF\L:=>E:GM> :AHK:A:RNG:5>A<08=G42C01;4
KB>L@H=>E=>L>GLB;BEB=:=<KNS:=:>GMK>EHLL:EB<BE:MHLRHMKHL 34024C0<8=>5R=,?BKF>O
&+" 0A<02>28=RC820"EI:K:<>M:FHEL>:;LHK;>K\IB=:F>GM>>G>E
(A0C0<84=C>34;0B>1A43>B8B34B0;828;0C>"EMK:M:FB>GMH=> BGM>LMBGH IK>L>GM:NG:NGB`GF^GBF::E:LIKHM>^G:LIE:LF\MB<:LR
"E>GO>G>G:FB>GMHIHKL:EB<BE:MHIN>=>BG<ENBKEHLB@NB>GM> L>=BLMKB;NR>:FIEB:F>GM>:EHLM>CB=HLI>KB?]KB<HLR:E0+
BG=N<<B`G=>O`FBMHLRE:O:=H@\LMKB<HI:K:>EBFBG:K>E?\KF:<HGH HFHL>FN>LMK:>G#B@NK:  >E:<>M:FBGH?]G>L:FIEB:F>GM>
:;LHK;B=H:=FBGBLMK:<B`GBGMK:O>GHL:=>;B<:K;HG:MH=>LH=BH F>M:;HEBS:=HIHKO:KB:LO^:L>G>EA^@:=H ):F:RHKI:KM>
I:K:<HGMK:KK>LM:KE::<B=HLBLF>M:;`EB<: :NF>GM:KE:BHGBS:<B`G=>E =>E?\KF:<HL><HGCN@:<HGLNE?:MHR@EN<NK`GB=H R>LMHL
L:EB<BE:MH>GEHLKB_HG>LR IHKEHM:GMH F>CHK:KE:M:L:=>>Q<K><B`G F>M:;HEBMHLL>>Q<K>M:G>GE:HKBG: "E<BMH<KHFH-
=>L:EB<BE:MHR:=FBGBLMK:<B`G=>E^JNB=HL >E><MKHEBMHLRHMKHL <HGOB>KM>NG:I>JN>_:<:GMB=:==>:<>M:FBGH?]G>GNG
<NB=:=HL=>:IHRH L>@aGL>:G><>L:KBH ?>C4=280;<4=C474?0C>CUF82>BGM>KF>=BH=>JNBGHG:  N:G=HL>
MHF:NG:=HLBLM>K:I]NMB<:=>:<>M:FBGH?]G >EBGM>KF>=BH=>
-:K:<>M:FHE JNBGHG:L>BG:<MBO:K\IB=:F>GM>IHK<HGCN@:<B`G<HG@ENM:MB`G 0BG
542C>B48=382028>=4B50A<02>;U682>B-HKF\L=> >F;:K@H E:L=HLBLM`QB<:L=>:<>M:FBGH?]GK>=N<>G>E@ENM:MB`G
:_HL :<>M:FBGH?]GM:F;B]G<HGH<B=H<HFH-- IHKLN A>I\MB<H IKHOH<:GE::<NFNE:<B`G=>EBGM>KF>=BH=>JNBGHG:R
GHF;K>JN^FB<H +,/1" :<>MBEH I:@ :FBGH?>GHEA:>LM:=H IKHOH<:GG><KHLBLA>I\MB<: -:K:IK>O>GBK>E=:_HA>I\MB<H EHL
=BLIHGB;E>I:K:>EMK:M:FB>GMH=>E=HEHKE>O>RE:?B>;K> -:K:<>M:FHE I:<B>GM>LJN>BG@B>K>GNG:LH;K>=HLBLR>LM\G=>M>KFBG:=HL
0?SCD;> *>=B<:F>GMHLI:K:>E=HEHK E:BG?E:F:<B`GREHLMK:LMHKGHL:KMK^MB<HL 

*S0B<4C01U;820B

-:K:<>M:FHE +2"3%*-0%&/" %

*S0B?A8=28?0;4B ,% *S0<4=>A
"GSBF:-

+2"3%*-0%&/" %

+2"3%*-0%&/" % +2"3%*-0%&/" % ,

, , &GM>KF>=BHM`QB<H

,
$ENM:MB`G
0NE?:MH $EN<NK`GB=H "#&(:<>MBEH ?06BFBG:=>;>GSHJNBGHG: :@HM:=H

1>K:I]NMB<H !HLBLM`QB<:L +2"3%*-0%&/" %


=HLBL
"Q<K><B`GK>G:E ,
$ENM:MB`G

]ENE:A>I\MB<:
% ,% F:<KHFHE]<NE:L
+2"3%*-0%&/"

+><KHLBLA>I\MB<:
$ENM:MB`G
,%

"Q<K><B`GK>G:E

)& *>M:;HEBLFHRA>I:MHMHQB<B=:==>EI:K:<>M:FHE "E:<>M:FBGH?]GL>F>M:;HEBS:IKBG<BI:EF>GM>IHK


<HGCN@:<B`G<HGLNE?:MHR@EN<NK`GB=H 2G:O^:F>GHKBFIEB<:E:HQB=:<B`G=>E:<>M:FBGH?]GIHKE:L>GSBF:L=>E
<BMH<KHFH-BLH>GSBF:L 6-  6-"R 6-I:K:?HKF:KNGBGM>KF>=BHIHM>G<B:EF>GM>M`QB<H +,/1" :<>MBEH
I:@ BFBG:=>;>GSHJNBGHG:  N:G=HL>MHF:NG:=HLBLM>K:I]NMB<:=>:<>M:FBGH?]G >LM>BGM>KF>=BH=>JNBGHG:L><HGCN@:
<HG@ENM:MB`GRL>>Q<K>M:>GE:HKBG:  N:G=HL>MHF:NG:=HLBLM`QB<:=>:<>M:FBGH?]G E:LK>L>KO:L=>@ENM:MB`GL>:@HM:GR>E
BGM>KF>=BH=>JNBGHG::M:<:E:LF:<KHFHE]<NE:L=>E:L<]ENE:LA>I\MB<:L "LM>IKH<>LH=:<HFHK>LNEM:=HNG:G><KHLBL
A>I\MB<: <>MBE<BLM>^G:*N<HFRLM:=FBGBLMK:=HI:K:MK:M:KE:LH;K>=HLBL=>:<>M:FBGH?]GIKHM>@>>EA^@:=H:EF:GM>G>KH
K>LM:NK:KEHLGBO>E>L=>@ENM:MB`G H:E:<MN:K<HFHNGLNLMK:MH:EM>KG:MBOHI:K:E:<HGCN@:<B`GR IHKEHM:GMH E:=>LBGMHQB<:<B`G
=>EF>M:;HEBMHK>:<MBOH

-:K:M>G>KKB>L@H=>A>I:MHMHQB<B=:= L>E>IN>=>:=FBGBLMK:K &LH>GSBF:L ,5 >LMHL?\KF:<HL>C>K<>G>?><MHL:G:E@]LB<HL 


:<>MBE<BLM>^G: NG<HFIN>LMHLNE?AB=KBEHJN><HGCN@:>EBGM>KF>=BH :GMBIBK]MB<HLR:GMBBG?E:F:MHKBHL ):L?HKFNE:<BHG>L=>=HLBL;:C:L=>EHL
=>JNBGHG:REHON>EO>BGH?>GLBOH F>=B<:F>GMHL>LM\G=BLIHGB;E>LLBGK><>M:F]=B<:I:K:>EMK:M:FB>GMH
542C>B03E4AB>BE@NG:>OB=>G<B:>IB=>FBHE`@B<:BG=B<:JN>>E =>E=HEHKE>O>RE:BG?E:F:<B`G ):L?HKFNE:<BHG>L<HG=HLBLF\L:EM:LL>
NLHIKHEHG@:=H=>:<>M:FBGH?]G>LM\:LH<B:=H<HGNG:NF>GMHA84B6> NL:GI:K:MK:M:KE:F:RHK^:=>EHLMK:LMHKGHL:KMK^MB<HLR:aGK>JNB>K>G
3438B5D=28U=A4=0;NGJN>E:L=HLBLM>K:I]NMB<:L=> K><>M:F]=B<: 1D?A>54=>L><HF;BG:<HGE:ABLM:FBG:
:<>M:FBGH?]GLHGGHM:;E>F>GM>GHM`QB<:L E:BG@>LMB`G=>: % :GM:@HGBLM:=>EK><>IMHK50<>C838=0O>K :IBMNEH>GNG:
<HFIKBFB=HL>LLN?B<B>GM>I:K:<:NL:KA>I:MHMHQB<B=:= GN>O:?HKFNE:<B`G!N>QBLBG=B<:=HI:K:/R, R
IHM>G<B:EF>GM>FHKM:E =>FHLMK:=HJN>=BLFBGNR>>EKB>L@H=>=>L:KKHEE:KaE<>K:L@:LMKHBGM>LMBG:E>L 
(A0C0<84=C>34;0B>1A43>B8B34024C0<8=>5R=-HKJN> LBFBLFH NG:GN>O:=0?A>F4=>R4B><4?A0H>;?HKFNE:<B`G3BFHOH
E:A>I:MHMHQB<B=:=IKH@K>L:@K:=N:EF>GM>=NK:GM>O:KBHL=^:L=>LIN]L >LM\=BLIHGB;E>I:K:>EMK:M:FB>GMH=>E::KMKBMBL "E>LHF>IK:SHE>LNG
=>NG:LH;K>=HLBL=>:<>M:FBGH?]G MK:M:FB>GMHBGF>=B:MH<HG024C8;28BC4S=0BGAB;B=HK=>E:;HF;:=>IKHMHG>L&-JN>K>=N<>>EKB>L@H=>aE<>K:L NG
IN>=>IK>O>GBKHK>=N<BKLB@GB?B<:MBO:F>GM>E:A>I:MHMHQB<B=:= KB>L@H=>EMK:M:FB>GMHIKHEHG@:=H<HG&+"
0A<02>28=RC820"EB;NIKH?>GH >ED>MHIKH?>GHR>EG:IKHQ>GHL>
&;NIKH?>GH D>MHIKH?>GHRG:IKHQ>GH :=FBGBLMK:GIHKO^:HK:E L>=BLMKB;NR>G:FIEB:F>GM>RL>F>M:;HEBS:G
542C>B48=382028>=4B50A<02>;U682>B1D?A>54=> :FIEB:F>GM>:F>M:;HEBMHLBG:<MBOHL>G>EA^@:=H:GM>L=>L>K
:4C>?A>54=>R=0?A>F4=>L>>G<N>GMK:G>GMK>EHL&+"F\LNMBEBS:=HL >Q<K>M:=HLIHKO^:K>G:E "0?A>F4=>MB>G>NG:OB=:F>=B:F\LE:K@:
I:K:>E=HEHKRE:BG?E:F:<B`G<:NL:=HLIHKMK:NF:MBLFHL BG?><<BHG>L  AHK:LJN>>EB;NIKH?>GHH>ED>MHIKH?>GHAHK:L<:=:NGH -HK>LM:
MK:LMHKGHL:NMHBGFNGBM:KBHL G>HIE:LB:L =>@>G>K:<B`G:KMB<NE:KRHMK:L K:S`G >EG:IKHQ>GHL>:=FBGBLMK:=HLO><>L:E=^: FB>GMK:LJN>>E
<:NL:L !>?HKF:K>O>KLB;E>R=>B4;42C8E0<4=C4BGAB;B>G=H B;NIKH?>GHH>ED>MHIKH?>GHL>LN>E>G:=FBGBLMK:K=>=HL:
 '4228U=*#:KF:<HEH@^:=>LBLM>F:LK>LIBK:MHKBHLRHMKHL

<N:MKHO><>L:E=^: EB@N:EJN><HG:4C>A>;02>R?0A024C0<>;NG: /") !"*&!""))0/1"0 ):IKBG<BI:EO>GM:C:=>EIBKHQB<:F>LLN


?HKF:BGR><M:;E>=>81D?A>54=> :E=HEHK>LM\=BLIHGB;E> L>FBOB=:IE:LF\MB<:=>AHK:L "LMHI>KFBM>NG:LHE:=HLBL=B:KB:>GE:
542C>B03E4AB>B"EB;NIKH?>GHREHL?\KF:<HLK>E:<BHG:=HL F:RHK^:=>EHLI:<B>GM>L :NGJN>IN>=>GI:L:KA:LM:L>F:G:LI:K:EH@K:K
IKH=N<>GBKKBM:<B`G@\LMKB<:=>I>G=B>GM>=>E:=HLBL G\NL>:L =BLI>ILB: >E>?><MHM>K:I]NMB<HF\QBFH
RA>FHKK:@B: )::=FBGBLMK:<B`G:E:K@HIE:SH=>=HLBL:EM:LL>A: 2GH=>EHLIH<HL&+"GH\<B=HL =01D<4C>=4>LNGIKH?\KF:<H=>
:LH<B:=H<HGE:>G?>KF>=:==>aE<>K:I]IMB<: I>KH>ENLH:<HKMHIE:SH <>MHG:L<HGNG:=];BE:<MBOB=:=BGAB;B=HK:=>E: ,5BGOBMKH 0><HGOB>KM>
=>=HLBL;:C:L<:NL:FNRIH<HL>?><MHL:=O>KLHL@K:O>L "GMK>EHL >GNGHHF\LF>M:;HEBMHL:<MBOHL >GOBOH RL>IKH=N<>NG:IHM>GM>
>?><MHL@K:O>LJN>L>A:GBG?HKF:=HL>>G<N>GMK:GC>F82830374?QC820 BGAB;B<B`G=>E::<MBOB=:==>E: ,5<HG>LMHLF>M:;HEBMHL 1:F;B]GMB>G>
RC>F828303A4=0;"G:E@NGHL<:LHL L>IKH=NCHBGLN?B<B>G<B:K>G:E:@N=: E:O>GM:C:=>JN>NG:OB=:F>=B:=>AHK:LI>KFBM>E::=FBGBLMK:<B`G
=>LIN]L=>ENLH:<HKMHIE:SH=>=HLBLM>K:I]NMB<:LIHKI:KM>=> NG:O>S:E=^:>GE:F:RHK^:=>EHLI:<B>GM>L
I:<B>GM>LJN>GHBG@BKB>KHGEHLE^JNB=HL:=><N:=HLRL>=>LAB=K:M:KHG
"MH=HE:<R*>EHQB<:F
&G=HF>M:<BG: LNEBG=:<RD>MHKHE:<H ,MKHL&+" BG<ENB=HL<4;>F820<R4C>3>;02>JN>L>
=3><4C028=0NG=>KBO:=H=>E\<B=HBG=HE:<]MB<H >LNGH=>EHL <HF>K<B:EBS:KHG>G"NKHI:H"LM:=HL2GB=HL<HFH&+"F\L
8=78183>A4B<QB?>C4=C4B34#+BLH>GSBF:L !>;B=H:LNF:RHK L>@NKHL K>LNEM:KHGL>KBGAB;B=HK>LIK>?>K>G<B:E>L=>E: ,5 
M>G=>G<B::IKHOH<:K>?><MHL:=O>KLHL >LM>?\KF:<HLN>E> =>LIN]L=>E=>L<N;KBFB>GMH=>>LM:BLH>GSBF: 0HGF\LL>E><MBOHL
K>L>KO:KL>I:K:>EMK:M:FB>GMH=>:?><<BHG>LBG?E:F:MHKB:L:@N=:L I:K:E: ,5 JN>EHL&+"M^IB<HL I>KHGHM:GL>E><MBOHL<HFH>E
=>FH=>K:=:L:@K:O>L 1:F;B]GL>NMBEBS:I:K:MK:M:K:;>;]L<HG2>=3D2C>
BGAB;B=HK=>E: ,5 K>LM:GM> 24;42>F81
0AC4A8>B>?4AB8BC4=C4"G>LMHLE:<M:GM>L E:BG=HF>M:<BG:BGAB;>E:
L^GM>LBL=>IKHLM:@E:G=BG:LR IHKM:GMH IKHOH<:>E<B>KK>=>E !B<EH?>G:<H
<HG=N<MH:KM>KBHLH 82;>54=02>>LM\=BLIHGB;E>>GNG:L>KB>=>IK>I:K:<BHG>L JN>BG<ENR>G
):BG<B=>G<B:=>>?><MHLL><NG=:KBHL$&R0+ >LF:RHK<HG>E NGI:K<A>MK:GL=]KFB<H=>EB;>K:<B`GBGF>=B:M: EB;>K:<B`GIKHEHG@:=:
NLH=>BG=HF>M:<BG:JN><HG>ENLH=>FN<AHLHMKHL&+" ): #E><MHK RNG:GN>O:?HKFNE:<B`GI:K::=FBGBLMK:<B`GM`IB<:3HEM:K>G$/*,
M>K:IB:<HGBG=HF>M:<BG:M:F;B]GL>:LH<B:<HGNGKB>L@H=> >E ):aEMBF:?HKFNE:<B`G<HGMB>G>=B<EH?>G:<L`=B<H:EBG=B<:=HI:K:
MHQB<B=:=A>F:MHE`@B<:@K:O> -HKEHM:GMH E:M>K:IB:=>;>EBFBM:KL> >EMK:M:FB>GMH=>E=HEHK:LH<B:=H<HGE:,>G:KMB<NE:<BHG>LLNL<>IMB;E>L
:ENLH:<HKMHIE:SHLB>FIK>JN>L>:IHLB;E> REHLI:<B>GM>L=>;>G =>MK:M:FB>GMHM`IB<H "E=B<EH?>G:<HM:F;B]G>LM\=BLIHGB;E>>GNG:
L>KFHGBMHK>:=HL=><>K<: =HLBLHK:EK\IB=:F>GM>LHEN;E>7BILHK JN>:E<:GS:E:L<HG<>GMK:<BHG>L
'D;8=302>L>GK>:EB=:=NG?A>5QA<02><HGO>KMB=H>GNGF>M:;HEBMH IE:LF\MB<:LF\QBF:L>GFBGNMHL
=>LNE?NKH:<MBOH "E<HFIN>LMHHKB@BG:E LNE?`QB=H=>LNEBG=:< >LBG:<MBOH
>GEHL>GL:RHL=>BGAB;B<B`G=> ,5K>:EBS:=HLBGOBMKHR:JN>E: =78183>A4BB4;42C8E>B34282;>>F864=0B0
;BHMK:GL?HKF:<B`G>G>EA^@:=HIKH=N<>>EF>M:;HEBMH:<MBOH 0>=>LM:<: >E><HQB; KH?><HQB;RO:E=><HQB;
IHKM>G>KNGIK>L>KO:<B`GK>G:E>?><MHM:EJN>=HLBLFH=>K:=:L:EM>K:GE: )HLBGAB;B=HK>LL>E><MBOHL=>E: ,5 LHGNGGN>OH@KNIH=>?\KF:<HL
IKH=N<<B`GK>G:E=>IKHLM:@E:G=BG:LF>GHLJN><HGHMKHL&+" =>F\L JN>IKHIHK<BHG:GNG:IHM>GM>:<MBOB=:=:GMBBG?E:F:MHKB:LBG<:NL:KNG:
=>ENLH=>LNEBG=:<>G>EMK:M:FB>GMH=>E:/ M:F;B]GL>:=FBGBLMK: MHQB<B=:=@:LMKHBGM>LMBG:ELB@GB?B<:MBO: 4;42>F81 >E>;K>Q >EIKBF>K
I:K:MK:M:KEHL:=>GHF:L>GE:>G?>KF>=:==>EHLI`EBIHL BGAB;B=HKL>E><MBOH=>E: ,5 JN>L><HF>K<B:EBS` IKHGMH?N>L>@NB=H
4C>A>;02>MB>G>NG:IHM>GM>:<MBOB=:=:G:E@]LB<:R?N>>E IHK>EE:GS:FB>GMH=>KH?><HQB;3BHQQRO:E=><HQB;>QMK:
IKBF>K&+"=BLIHGB;E>I:K:DB>?0A4=C4A0;I:K::=FBGBLMK:<B`G 'NGMHL >LMHL:@>GM>LL><HGH<>G<HFH<HQB;L
BGMK:O>GHL:HBGMK:FNL<NE:K "G>LMN=BHL=>=HEHKIHLHI>K:MHKBH ?BG:E>L=> EHL<K>:=HK>L=>A>542>F81OHENGM:KB:F>GM>A4C8AU;0
E>O>:FH=>K:=H >ED>MHKHE:<HIKH=NCHNGGBO>E=>:G:E@>LB: 3A>60=>EF>K<:=H=>LIN]L=>JN>L>:G:EBS:K:GEHL=:MHL=>NG>GL:RH
<HFI:K:;E>:EIKH=N<B=HIHKE:FHK?BG: I>KH<:NL`F>GHL <E^GB<HJN>IKH;:;:E:>?B<:<B:=>EKH?><HQB;I:K:IK>O>GBKE:K><NKK>G<B:=>
G\NL>:L O`FBMHLRLHFGHE>G<B: -HKEHM:GMH >ED>MHKHE:<HL>A: I`EBIHL<HEHKK><M:E>L "LM>>LMN=BH>G<HGMK`NGF:RHKKB>L@HK>E:MBOH=>
NMBEBS:=H:FIEB:F>GM>I:K:>EMK:M:FB>GMH:<HKMHIE:SH=>E=HEHK >O>GMHL<:K=BHO:L<NE:K>L<HG?BKF:=HLI "C M:JN><:K=^:<HR:<<B=>GM>
FH=>K:=H <HFH>E=HEHKIHLHI>K:MHKBH:LH<B:=H<HGE:<BKN@^: <>K>;KHO:L<NE:KJN><HFB>GS:=>LIN]L=>F>L>L=>MK:M:FB>GMH>GEHL
=>GM:E 2G:LHEN<B`GH?M\EFB<:I:K:4;:4C>A>;02><NO:BEL>NMBEBS: I:<B>GM>LJN>MHF:GKH?><HQB;>G<HFI:K:<B`G<HGEHLJN>MHF:GIE:<>;H
I:K:MK:M:KE:<HGCNGMBOBMBL:E]K@B<:RE:BG?E:F:<B`GH<NE:K
IHLHI>K:MHKB: 1:F;B]G>LM\?HKFNE:=H>GNG:04A>B>;=0B0;0IK><BH *0;342>F81M:F;B]GFHLMK`NG<0G>AA84B6>344E4=C>B
I:K:>EMK:M:FB>GMH:<HKMHIE:SH=>E=HEHKFH=>K:=H: 20A38>E0B2D;0A4B>GI:<B>GM>L=>LIN]L=>NG:<BKN@^:<:K=^:<: 0>
FH=>K:=:F>GM>BGM>GLH GHMB?B<:KHGK>:<<BHG>L<NM\G>:L@K:O>LI "C +><K`EBLBL>IB=]KFB<:
4C>A>;02><:NL:F>GHL>?><MHL:=O>KLHL$&R0+ JN>EHL M`QB<: L^G=KHF>=>0M>O>GL 'HAGLHGR>KBM>F:FNEMB?HKF>>GI:<B>GM>L
:G:E@]LB<HLHIBHB=>L I>KHIK>L>GM:NGKB>L@HLB@GB?B<:MBOH=> JN>K><B;B>KHGO:E=><HQB; E@NG:L=>>LM:LK>:<<BHG>LK>LNEM:KHG>G
MHQB<B=:=A>F:MHE`@B<:RHMKHL>?><MHL:=O>KLHL -HK>LM:K:S`G E: FN>KM>L -HK>LM:LK:SHG>L E:=FBGBLMK:<B`G=>!KH@:LREBF>GMHL=>
M>K:IB:HK:E I:K>GM>K:EHBGMK:G:L:E<HGD>MHKHE:<HL>EBFBM::=^:L EHL"" 22 #!>EBFBG`>EO:E=><HQB;=>EF>K<:=H>G
HF>GHL "GI:<B>GM>L<HG>G?>KF>=:=K>G:EHA>I\MB<: >E 
D>MHKHE:<H=>;>NL:KL><HGIK><:N<B`GIHKJN>L>:LH<B:<HGNG:<0G>A HGK>LI><MH:E<>E><HQB; EHLI:<B>GM>L>GNG>GL:RH<E^GB<H=>
A84B6>348=BD58284=280A4=0;>74?QC8206A0E4 <\G<>K=><HEHGJN>MHF:KHGF@=><>E><HQB;=HLO><>L:E=^:
2G:=KH@:LBFBE:K1A><54=02!NK:<MH L>K>MBK`=>EF>K<:=H>G MNOB>KHGNGKB>L@H O><>LF:RHK=>>O>GMHL<:K=BHO:L<NE:K>L>G
=>LIN]L=>EHLBG?HKF>LIHLM>KBHK>L:E:<HF>K<B:EBS:<B`G=>BGLN?B<B>G<B: <HFI:K:<B`G<HGEHLJN>MHF:KHGIE:<>;H -:K:EHLI:<B>GM>L=>E>GL:RH
A>I\MB<:RFN>KM> JN>MHF:KHGF@=><>E><HQB;=HLO><>L:E=^: >EKB>L@H?N> O><>L
F:RHK  HFHK>LNEM:=H E:#!K>?HKS`E:L:=O>KM>G<B:LLH;K>
-BKHQB<:FRG:;NF>MHG: A84B6>20A38>E0B2D;0A=>"EV=82>8=78183>AB4;42C8E>34#+ 
$8A>F820<>LNG:@>GM>:GMBBG?E:F:MHKBH>?B<:S<HGIHM>G<B: A4BC0=C4<>E><HQB; R?0A0C>3>B;>B064=C4B"4F24?C>;0
B@N:E:E::LIBKBG:HG:IKHQ>GHI:K:>EMK:M:FB>GMH<K`GB<H=> 0B?8A8=0
0?SCD;> *>=B<:F>GMHLI:K:>E=HEHK E:BG?E:F:<B`GREHLMK:LMHKGHL:KMK^MB<HL 

NGJN>>EKB>L@H<:K=BHO:L<NE:KIN>=>?K>G:K>ENLHF\L:FIEBH ):>KHLB`G@>G>K:EF>GM>L>>G<N>GMK:=>GMKH=>EHLIKBF>KHL:_HL=>E:/ 
=><HQB;LRHMKHL:@>GM>L&+" >LMN=BHLK><B>GM>LFN>LMK:GJN>EHL FN<AHLK>NF:M`EH@HLIK>L<KB;>G#/*">G>EFHF>GMH=>E=B:@G`LMB<H 0BG
&+"IN>=>GK>MK:L:KHK>MK:L:K>EIKH@K>LH=>E:>G?>KF>=:==> >F;:K@H E:NMBEB=:==>EHL#/*":F>GN=HL>O>EBFBM:=:IHKLNMHQB<B=:=H
ESA>BF>K ):G>NKH=>@>G>K:<B`GJN>H<NKK>>G>LM:>G?>KF>=:= IHKLNI]K=B=:=>>?B<:<B::EHE:K@H=>EMB>FIH RFN<AHLI:<B>GM>L=>;>G
L>:<HFI:_:=>F><:GBLFHLBG?E:F:MHKBHLJN>BGOHEN<K:G:E: ,5 =>C:K=>MHF:KEHL=>GMKH=>EHL:_HLIHLM>KBHK>L:EBGB<BH=>EMK:M:FB>GMH
RE::<MBO:<B`G=>E:<:L<:=:=>E<HFIE>F>GMH =>F\L L>H;L>KO:
NG:NF>GMH=>E:>QIK>LB`G=> ,5 >G:E@NG:L<]ENE:L
<:G<>KHL:L RE::G@BH@]G>LBL>L>G<B:EI:K:>E<K><BFB>GMHMNFHK:E '0;4B34>A>
K>JNB>K>:<MBOB=:==> ,5  ):LH;K>>QIK>LB`G=> ,5 <HG=N<>: ):LL:E>L=>HKHL>NL:KHGIHKIKBF>K:O>SI:K:MK:M:KE:/:?BG>L=>E:
NG:F:RHK>QIK>LB`G=>E?:<MHK=><K><BFB>GMH>G=HM>EB:EO:L<NE:K  =]<:=:=> =>LIN]L=>E=>L<N;KBFB>GMH=>/H;>KM(H<A>G=>
NG?:<MHKOBM:EI:K:E::G@BH@]G>LBLMNFHK:E -HKEHM:GMH >ENLH JN>>EHKH>E>F>GM:EBGAB;^:>E<K><BFB>GMH=>1N;>K<NEHLBL
K>@NE:K=>&+"IN>=>=BLFBGNBK>EKB>L@H=>=>L:KKHEE:K<\G<>K FB<H;:<M>KB:G:RE:<K>>G<B:>KK`G>:=>JN>E:L:KMB<NE:<BHG>L
I:KMB<NE:KF>GM><\G<>K=><HEHG R>LI><B:EF>GM><HG>ENLH=>NG BG?E:F:=:L<:K:<M>K^LMB<:L=>E:/?N>KHG<:NL:=:LIHK>LM:L;:<M>KB:L 
BGAB;B=HKL>E><MBOH=> ,5  E@NG:O>SL>NL:KHG:FIEB:F>GM>>G>EMK:M:FB>GMH=>>LM:
542C>B48=382028>=4B50A<02>;U682>B4;42>F81>LNG >G?>KF>=:= I>KHLNIHINE:KB=:=A:=BLFBGNB=H<HGE:BGMKH=N<<B`G=>
IHM>GM>:G:E@]LB<H :GMBIBK]MB<HR:GMBBG?E:F:MHKBH "LM> GN>OHL#*" JN>MB>G=>G:L>KF\L>?B<:<>LRF>GHLM`QB<HL 0BG
F>=B<:F>GMHGHBGAB;>E::@K>@:<B`GIE:JN>M:KB: IHKJN>E:L >F;:K@H MH=:O^:L>>G<N>GMK:G=BLIHGB;E>LIK>I:K:<BHG>L=>HKHM:GMH
IE:JN>M:L<HGMB>G>GLHEHE:BLH>GSBF: ,5  IHKO^:HK:E<HFHI:K>GM>K:E "E<HFIN>LMHHK:E0DA0=>58=00BG>F;:K@H 
"G>LMN=BHL<E^GB<HL=>:KMKHLBLR:KMKBMBLK>NF:MHB=> L>=>FHLMK`JN> L>:;LHK;>IH<H>G>EBGM>LMBGHRIN>=>L>KF>GHL>?B<:SJN>E:L
<>E><HQB;>LM:G>?B<:S<HFH>EG:IKHQ>GHLBG<:NL:K>?><MHLL><NG=:KBHL IK>I:K:<BHG>LI:K>GM>K:E>L <HFHC8><0;0C>34B>38>G>A>M:F;B]G
LB@GB?B<:MBOHL 0BG>F;:K@H >GNG>LMN=BHLH;K>>EF:G>CH=>E=HEHK EE:F:=H:NKHMBHF:E:MH=>LH=BH 2G:L>@NG=:IK>I:K:<B`G=>HKHI:K:
IHLHI>K:MHKBH L>BG?HKF`JN><>E><HQB;IKHIHK<BHG::G:E@>LB: :=FBGBLMK:<B`GBGMK:O>GHL:>LM\=BLIHGB;E><HFH:NKHMBH@EN<HL: )HL
BGLN?B<B>GM>I:K:<HGMKHE:K>E=HEHK=>LIN]L=>E:<BKN@^:@>G>K:E "G >?><MHL:GMBKK>NF\MB<HL=>E:LL:E>L=>HKH@>G>K:EF>GM>GHL>H;L>KO:G
>LMN=BHL=>E:;HK:MHKBH EHLBGO>LMB@:=HK>L>G<HGMK:KHGJN><>E><HQB;?N> A:LM::F>L>L=>LIN]L=><HF>GS:KE:M>K:IB: )::<<B`G=>E:LL:E>L
F\L>?B<:SJN>EHLBGAB;B=HK>L=>E: ,5GHL>E><MBOHL>GE:IKHM><<B`G =>HKH>GE:/GHL><HFIK>G=>;B>G I>KHL>LN@B>K>JN>>LM]
<HGMK:E:<:K<BGH@]G>LBL=>E<HEHG "LM>A:EE:S@HLN@BKB`NGI:I>EI:K:>E K>E:<BHG:=:<HG2C8E83030=C8<8C>2AU=820G0?>?C>B8B24;D;0A
NLHIKH?BE\<MB<H=><HQB;>GI>KLHG:L<HG:EMHKB>L@H=><\G<>K=><HEHG ):LL:E>L=>HKHIN>=>G<:NL:KNG:O:KB>=:==>>?><MHL:=O>KLHL
LBG>F;:K@H EHL>GL:RHL<E^GB<HLL>=>MNOB>KHG=>;B=H:>O>GMHL A>F:MHE`@B<HL =>KF:MHE`@B<HL @:LMKHBGM>LMBG:E>LRK>G:E>L O><>LL>
<:K=BHO:L<NE:K>LO>K:GM>L H;L>KO:GKN;HK ABIHM>GLB`GRM:JNB<:K=B:  HG?K><N>G<B:L>H;L>KO:G
0A<02>28=RC820 >E><HQB;>LM\=BLIHGB;E>I:K::=FBGBLMK:<B`GHK:E >KNI<BHG>L<NM\G>:LR>LMHF:MBMBLR>LG><>L:KBHLNLI>G=>K>E
R@>G>K:EF>GM>L>MHF:=HLO><>L:E=^: "E?\KF:<HL>:;LHK;> MK:M:FB>GMHA:LM:JN>L>K>LN>EO:G
K\IB=:F>GM>>G>EBGM>LMBGH >LF>M:;HEBS:=HIHKE:BLH>GSBF: 6- 
=>E<BMH<KHFH-RL>>Q<K>M:>GE:LA><>LRE:HKBG: ):OB=:F>=B:>L ;D2>2>AC82>834B
=>:IKHQBF:=:F>GM>AHK:L !NK:GM>FN<AHL:_HL ?A43=8B>=0RHMK:6;D2>2>AC82>834BA:G
542C>B48=C4A0228>=4B03E4AB0B=>F\L=>EKB>L@H=> CN@:=HNGI:I>EBFIHKM:GM>>G>EMK:M:FB>GMH=>E:/ "LMHL
>O>GMHL<:K=BHO:L<NE:K>L <>E><HQB;I:K><><:NL:KNG:;:C: ?\KF:<HLBG=N<>GE:?HKF:<B`G=>;8?>2>AC8=0NG:IKHM>^G:JN>
BG<B=>G<B:=>K>:<<BHG>L:=O>KL:L E:LF\L<HFNG>L=>E:L 8=7814;05>B5>;8?0B0 :<MBOB=:= -HK>LM>F><:GBLFH BGAB;>GE:
<N:E>LLHG=B:KK>: =BLI>ILB:R=HEHK:;=HFBG:E "LM>?\KF:<H EB;>K:<B`G=>\<B=H:K:JNB=`GB<H=>E:LF>F;K:G:L<>ENE:K>L
L>:LH<B:<HGNG:BG<B=>G<B:FN<AHF>GHK=>aE<>K:L RE:?HKF:<B`G=>IKHLM:@E:G=BG:L )HL@EN<H<HKMB<HB=>LM:F;B]G
@:LMKH=NH=>G:E>LJN>EHL&+"GHL>E><MBOHLI "C &;NIKH?>GH BGAB;>GE:IKH=N<<B`G=>GNF>KHL:L<BMH<BG:L BG<ENB=:L
RG:IKHQ>GH 8=C4A;4D28=0BR502C>A34=42A>B8BCD<>A0;1+# IHKL^GM>LBL
!:=HJN>>E<>E><HQB;>LF>M:;HEBS:=HIHK 6-  ?\KF:<HL =>IKHM>^G:LJN>BGAB;>GLN:<<B`G
<HFH?EN<HG:SHE ?ENO:LM:MBG:RS:?BKEND:LMIN>=>GBGAB;BKLN )HL@EN<H<HKMB<HB=>L:<Ma:GF\LK\IB=:F>GM>JN>HMKHL#*" I>KH
F>M:;HEBLFHR:NF>GM:KLN<HG<>GMK:<B`GL]KB<: 0>=>;>GNMBEBS:K LNNLH:E:K@HIE:SH>LM\EBFBM:=HIHK>E=>L:KKHEEH=>>?><MHL:=O>KLHL
=HLBLF\L;:C:L=><>E><HQB;>GI:<B>GM>LMK:M:=HL @K:O>L E:ENS=>>LMHLA><AHL EHL@EN<H<HKMB<HB=>LL>A:GNMBEBS:=H=>
<HG<HFBM:GM>F>GM><HG>LMHL?\KF:<HLJN>BGM>K:<Ma:G =BO>KL:L?HKF:LI:K:MK:M:K:EHLI:<B>GM>L<HG/NHMK:L>G?>KF>=:=>L
BG?E:F:MHKB:L=>E:L:KMB<NE:<BHG>L -HK>C>FIEH L>A:GNMBEBS:=HI:K:
K&!#'"(&&)!K(#'!##&' "&! BG=N<BKNG:K>FBLB`G=>E:>G?>KF>=:=>G>EFHF>GMH>GJN>L>BGB<B:E:
)HL#/*"LHG:@>GM>L<:I:<>L=>K:E>GMBS:KE:IKH@K>LB`G=>E:L M>K:IB:<HGHMKH#*"=>:<<B`GF\LE>GM:IKHIHK<BHG:K<NKLHL;K>O>L
>KHLBHG>L:KMB<NE:K>L>GI:<B>GM>L<HG/ "C>FIEHL=>#*"LHG =>M>K:IB:=NK:GM>EHL;KHM>L=>>G?>KF>=:=>LRI:K:IKHIHK<BHG:KNG:
L:E>L=>HKH @EN<H<HKMB<HB=>L AB=KHQB<EHKHJNBG: F>MHMK>Q:MHR M>K:IB:=>;:L><HGMBGN:>G=HLBL;:C:L>GI:<B>GM>LJN>>LM\GLB>G=H
O:KBHL:@>GM>LBGFNGHE`@B<HLF\LGN>OHL <HFHE>?ENGHFB=:  MK:M:=HL<HGHMKHL#/*"R&+"
>M:G>K<>IM>BG?EBQBF:; "LMHLF>=B<:F>GMHLMB>G>GNGBGB<BH=>
:<<B`GK>M:K=:=HRK>JNB>K>G=>O:KB:LL>F:G:L:F>L>L:GM>L=> #CA>B5QA<02>B0=C8AA4D<QC82>B<>3858203>A4B34;04=54A<4303
JN>L>H;L>KO>GLNL;>G>?B<BHL:GMBKK>NF\MB<HL 3:KBHL>LMN=BHL *>MHMK>Q:MH
LN@B>K>GJN>>ENLH=>NG:<HF;BG:<B`G=>#*">LF\L>?B<:SJN> !4C>CA4F0C>>LNG0=C8=4>?;QB82>R?\KF:<HBGFNGHFH=NE:=HK
>ENLH=>NGaGB<H#*">GFN<AHLI:<B>GM>L<HG/ <NR:LIKHIB>=:=>LL>=BL<NM>G>G=>M:EE>>G :I^MNEH "E?\KF:<H
L>NMBEBS`IHKIKBF>K:O>SI:K:MK:M:KE:/>GE:=]<:=:=>R
)HL!*/!:<Ma:GF>=B:GM>O:KBHLF><:GBLFHLI:K:LNIKBFBKE: LB@N>LB>G=H>E#*"F\L>?B<:S=BLIHGB;E>>GE::<MN:EB=:=
IKHEB?>K:<B`GRE::<MBOB=:==>EHLEBG?H<BMHLRE>N<H<BMHLIHEBFHK?HGN<E>:K>LR  "EF>MHMK>Q:MHMB>G>O:KBHLF><:GBLFHL=>:<<B`G "LH8=7814;0
IHKEHM:GMH <HGMK:KK>LM:GLN<:I:<B=:=I:K:<:NL:KBG?E:F:<B`GR=>LMKN<<B`G 5>;0C>A43D2C0B07D<0=0RIHKEHM:GMHK>=N<>E:=BLIHGB;BEB=:==>
=>E:L:KMB<NE:<BHG>L -HKJN><HGCNGM: ?HKF:L:<MBO:L=>?HE:MHK>JN>KB=:LI:K:MBFB=BE:MHR!+
 '4228U=*#:KF:<HEH@^:=>LBLM>F:LK>LIBK:MHKBHLRHMKHL

L^GM>LBL 1:F;B]G8=7814;0?A>;854A028U=34;8=5>28C>BRE: IHK4542C>B>2D;0A4B03E4AB>BBG<ENR>G=HOBLB`G;HKKHL: >L<HMHF:LR


IKH=N<<B`G=><BMH<BG:LR?:<MHKK>NF:MHB=> =>F\L  <>@N>K:GH<MNKG:
BGM>K?B>K><HGE:JNBFBHM:QBL=>E>N<H<BMHL
IHEBFHK?HGN<E>:K>LRA43D24;0?A>3D228U=3428C>C>F8=0BR &GFNGHFH=NE:=HK>L
K:=B<:E>LEB;K>LJN>=:_:GE:F>F;K:G:LBGHOB:ER>EAN>LH 02C>A34=42A>B8BCD<>A0;Y("Y;>2:8=664=CB("Y
"EF>MHMK>Q:MHL><HGLB=>K:>E#*"=>>E><<B`GI:K:E:F:RHK^:=> 064=C4B341;>@D4>LHG:@>GM>LBGFNGHFH=NE:=HK>LJN>>C>K<>GLNL
EHLI:<B>GM>L<HG/ "E?\KF:<HL>IN>=>:=FBGBLMK:KIHKO^:HK:EH >?><MHL:ENGBKL>:R8=02C8E0=3>1+#d 1+#d>LNG:=>E:L<BMH<BG:L
BGMK:FNL<NE:KRMB>G>NGBGB<BH=>:<<B`G;:LM:GM>K\IB=H <HG;>G>?B<BHL IKHBG?E:F:MHKB:LIKH=N<B=:LIHKF:<K`?:@HLR<]ENE:L1:<MBO:=:L 
H;L>KO:=HLM:GIKHGMH<HFH:L>F:G:L=>LIN]L=>BGB<B:=:E: +BO>E>L>E>O:=HL=>1+#dL>>G<N>GMK:G>G>EE^JNB=HLBGHOB:E=>E:L
M>K:IB: "GMK>>ER>E=>EHLI:<B>GM>L<HGMBGa:G>EMK:M:FB>GMH :KMB<NE:<BHG>L=>EHLI:<B>GM>L<HG/RCN>@:GNGI:I>EBFIHKM:GM>
=NK:GM>:EF>GHL::_HL R>G:E@NGHLI:<B>GM>LL>A:=>FHLMK:=H M:GMH>GE:BG?E:F:<B`GI:MHE`@B<:<HFH>GE:=>LMKN<<B`G:KMB<NE:KJN>
NG:>?B<:<B:LHLM>GB=:A:LM:IHK:_HL "ENLH<HF;BG:=H=> LHG<:K:<M>K^LMB<:L=>E:/ )HL:@>GM>LF\LGN>OHLMB>G>GF><:GBLFHL
F>MHMK>Q:MHRHMKHL#/*"LN>E>L>KF\L>?B<:SJN>E:M>K:IB:<HGNG =>:<<B`GGHO>=HLHL <HFHE:IK>O>G<B`G=>E:NGB`G=>BGM>KE>N<BG:LR
LHEH?\KF:<H E::<MBO:<B`G=>E:L<]ENE:L1 RL>BGMKH=N<>GF\LM:K=>O>K
"EMK:M:FB>GMH<HGF>MHMK>Q:MH@>G>K:EF>GM>>L;B>GMHE>K:=HIHK #B@NK: 
EHLI:<B>GM>L<HG/ I>KHIN>=><:NL:KK>:<<BHG>L@:LMKHBGM>LMBG:E>L  C0=4A24?C>LNG:IKHM>^G:?HKF:=:IHKK><HF;BG:<B`GANF:G:
A>F:MHE`@B<:L A>I\MB<:LRINEFHG:K>L:=O>KL:L 0>>G<N>GMK:GGBO>E>L ("B>;D1;4YA424?C>A4B<HG?K:@F>GMHL#<=>BGFNGH@EH;NEBG:
>E>O:=HL=>>GSBF:LA>I\MB<:L>GA:LM:>E=>EHLI:<B>GM>LMK:M:=HL ANF:G:$&@$ "G<HFI:K:<B`G<HGE:IKHM>^G:HKB@BG:E E:?A>C4S=0
<HGF>MHMK>Q:MH I>KHE:A>I:MHMHQB<B=:=@K:O>>LK:K: ): A42><18=030IN>=>:GM:@HGBS:K>E1+#d>GF:RHKF>=B=:RMB>G>NG:
:=FBGBLMK:<B`G=>LNIE>F>GMHL=>\<B=H?`EB<HGHK>=N<>E:>?B<:<B:=>E OB=:F>=B:F\LE:K@: )HL>LMN=BHL>QI>KBF>GM:E>L>GO:KBHLFH=>EHL
?\KF:<HRIN>=>IK>O>GBK:E@NGHL=>>LMHL>?><MHL:=O>KLHL "ENLH=><4C>CA4F0C>
:GBF:E>L=>/A:G=>FHLMK:=HJN>>EMK:M:FB>GMH<HG>M:G>K<>IM>L
4B<HGMK:BG=B<:=H>G>E>F;:K:SH >?B<:S :EB@N:EJN>EHL>GL:RHL<E^GB<HLIHLM>KBHK>L>GI:<B>GM>L<HG>LM:
>G?>KF>=:= 0>@aGNG>LMN=BH<E^GB<H=>F>L>L >E=>EHL
)>?ENGHFB=: I:<B>GM>L<HG/MNOB>KHGNG:F>CHK:LB@GB?B<:MBO:>GEHLLB@GHLR
45;D=><830>LNG?\KF:<HBGFNGHLNIK>LHKF\LGN>OHJN>:<Ma: L^GMHF:L=>LN>G?>KF>=:= ):=KH@:?N>@>G>K:EF>GM>;B>GMHE>K:=: 
<HFHNGIH=>KHLH8=78183>A34;4D2>28C>BR$A>;854A028U=342R;D;0B( :NGJN>A40228>=4B4=4;;D60A34;08=G4228U=
"EF>M:;HEBMH:<MBOH=>E:E>?ENGHFB=:BGAB;>NG:>GSBF:<E:O>>GE: ?N>KHG<HFNG>L <MN:EF>GM> >E?\KF:<H>LM\=>LMBG:=H:
L^GM>LBL=>IBKBFB=BG: E:=BAB=KHHKHM:MH=>LAB=KH@>G:L: RIHKEH I:<B>GM>L<NR:/>LK>?K:<M:KB::EMK:M:FB>GMH<HG
M:GMHIK>OB>G>E:K>IEB<:<B`G=>E!+RE:L^GM>LBL=>/+R F>MHMK>Q:MHNHMKHL#*" "M:G>K<>IML>IN>=>NMBEBS:KLHEH
IKHM>^G:L>GE:L<]ENE:LBGFNG>L ):E>?ENGHFB=:L><HGOB>KM>>GLN H>G<HF;BG:<B`G<HGF>MHMK>Q:MH>G>LMHLI:<B>GM>L
F>M:;HEBMH:<MBOH C4A85;D=><830>GE:I:K>=BGM>LMBG:ER>EA^@:=H  =5;8F8<01>LNG0=C82D4A?><>=>2;>=0;@D8<RA82>7D<0=><DA8=>
):M>KB?ENGHFB=:L>F>M:;HEBS:RL>>Q<K>M:>GE:HKBG:RE:LA><>L  A0CU=JN>8=02C8E01+#d 0>NMBEBS:>G>EMK:M:FB>GMH=>4=54A<430334
<HGNG:OB=:F>=B:=>>EBFBG:<B`G=>:IKHQBF:=:F>GM> A>7=R& ! '&('"GNG>GL:RH<E^GB<H >E
L>F:G:L ):M>KB?ENGHFB=:M:F;B]GL><HF>K<B:EBS:>BG=B<:I:K:>E MK:M:FB>GMH<HGBG?EBQBF:;K>LNEM`>GNG:F>CHK^:=>E:LF:GB?>LM:<BHG>L=>E:
MK:M:FB>GMH=>E:>L<E>KHLBLFaEMBIE>O>K :I^MNEH ): />G>E=>EHLI:<B>GM>L<NR:>G?>KF>=:=>K:K>?K:<M:KB::HMKHL
E>?ENGHFB=:L><HF>K<B:EBS:<HFH0;C4A=0C8E00;<4C>CA4F0C> ?\KF:<HL "GHMKH>LMN=BH L>>G<HGMK`JN>BG?EBQBF:;>K:
I:K:E:@>LMB`G=>IKBF>K:E^G>:=>E:/ "GNG>GL:RH<HGMKHE:=H >E <QB45820H2D0=3>B42><18=02>=<4C>CA4F0C>JN><N:G=H
=>EHLI:<B>GM>LMK:M:=HL<HGE>?ENGHFB=:FHLMK:KHGNG:F>CHK: L>NL:LHEH &G?EBQBF:;L>:=FBGBLMK:IHKO^:BGMK:O>GHL::
LB@GB?B<:MBO:>GE:L:KMB<NE:<BHG>LL>GLB;E>L>ABG<A:=:L >G<HFI:K:<B`G BGM>KO:EHL=>:L>F:G:L
<HG>E=>EHLMK:M:=HL<HGF>MHMK>Q:MHR>EJN>K><B;B>KHGNG 30;8<D<01>LNGANF:GH=C82D4A?><>=>2;>=0;6 
IE:<>;H 4B?42S582>I:K:1+#ANF:GHd 0>>E:;HK:F>=B:GM>M><GHEH@^:=>!+
)HL>?><MHL:=O>KLHL=>E:E>?ENGHFB=:BG<ENR>G80AA40R K><HF;BG:GM>>GNGLBLM>F:=>>QIK>LB`G=><]ENE:L=>F:F^?>KHRL>
0;>?4280A4E4AB81;4<:EOB<B> "E?\KF:<HIN>=>:NF>GM:KEHLGBO>E>L INKB?B<:I:K:>Q<ENBKI:KM^<NE:LOBK:E>L -:K:EHLI:<B>GM>L:=NEMHL >E
L]KB<HL=>>GSBF:LA>I\MB<:LR:NF>GM:K>EKB>L@H=> :=:EBFNF:;L>:=FBGBLMK:<:=:=HLL>F:G:L<HFHBGR><<B`G
A>I:MHMHQB<B=:=LHEHR<N:G=HL>NL:>G<HF;BG:<B`G<HG LN;<NM\G>: !NK:GM>>EMK:M:FB>GMH<HG:=:EBFNF:; E::=FBGBLMK:<B`G
F>MHMK>Q:MH "EF>M:;HEBMH:<MBOH=>E:E>?ENGHFB=:BGAB;>>E 6-  =>F>MHMK>Q:MH @EN<H<HKMB<HB=>L L:EB<BE:MHL &+" :G:E@]LB<HLNHMKHL
R IHKEHM:GMH IN>=>:NF>GM:K>EGBO>EL]KB<H=>FN<AHL?\KF:<HL  #*"IN>=><HGMBGN:K=>?HKF:L>@NK: E@NGHLI:<B>GM>LJN>GH
BG<ENB=H>EB;NIKH?>GHR:E@NGHL=>EHLHMKHL&+" )>?EN GHFB=>>LC4A0C>6R=82>
MHF:GF>MHMK>Q:MH<HG<HFBM:GM>IN>=>GO>K;>G>?B<BHL:=B<BHG:E>L:E
>GMHG<>LLNNLH>L2>=CA08=38203>4=4;4<10A0H> :NF>GM:KE:?K><N>G<B:=>:=:EBFNF:;:F@IHKL>F:G:
4AC>;8HD<01>LNG0=C82D4A?><>=>2;>=0;?468;03>
=BKB@B=H<HGMK:1+#d E<HF;BG:KE:FHE]<NE::<MBO:<HG
%B=KHQB<EHKHJNBG: IHEB>MBE>G@EB<HE-"$ >EIKH=N<MHK>LNEM:GM>I>KF:G><>>G>E<N>KIH
83A>F82;>A>@D8=0NG5QA<02>0=C8?0;V382>A4;028>=03>2>=;0 IHKF\LMB>FIHRIKHIHK<BHG:NG::<MBOB=:=LHLM>GB=:
2;>A>@D8=0L>NMBEBS::FIEB:F>GM><HFH!*/! />=N<>E: >;8<D<01>LNG:GMB<N>KIHFHGH<EHG:EANF:GHJN>L>
JNBFBHM:QBLR?:@H<BMHLBL=>E>N<H<BMHLIHEBFHK?HGN<E>:K>LR NG>:C0=C>4;B>;D1;42><>4;CA0=B<4<1A0=0?HKF:L=>
=BLFBGNR>E:IKH=N<<B`G=>K:=B<:E>LLNI>K`QB=HIHK>LM:L<]ENE:L  1+#ANF:GHd "LM:BGM>K:<<B`G>OBM:E:NGB`G=>1+#d:LNL
"E?\KF:<HMB>G>NGBGB<BH=>:<<B`GE>GMHRIN>=>K>JN>KBKF>L>L K><>IMHK>L BGAB;B>G=H:L^E::<MBOB=:=;BHE`@B<:=>E1+#d
=>M>K:IB::GM>L=>JN>L>H;L>KO>GEHL;>G>?B<BHL +HIKH=N<>E:L $HEBFNF:; >G2><18=028U=2>=<4C>CA4F0C>>LM\BG=B<:=HI:K:
MHQB<B=:=>LFB>EHLNIK>LHK:L A>I\MB<:LRK>G:E>LJN>IKH=N<>G >EMK:M:FB>GMH=>I:<B>GM>L:=NEMHL<HG/:<MBO:=>FH=>K:=::
FN<AHLHMKHL#*" ):AB=KHQB<EHKHJNBG:H<:LBHG:EF>GM><:NL: @K:O>
:EM>K:<BHG>L$& REHLI:<B>GM>LLHF>MB=HL:MK:M:FB>GMH<HG 1H=H1+#d :@>GM>L;EHJN>:GM>LIKH=N<B=HL8=54228>=4B6A0E4BG
AB=KHQB<EHKHJNBG:=>;>GL>KFHGBMHK>:=HL B4?B8B:E@NGHL?:M:E>L =NK:GM>EHL>GL:RHL<E^GB<HL *N<AH=>
0?SCD;> *>=B<:F>GMHLI:K:>E=HEHK E:BG?E:F:<B`GREHLMK:LMHKGHL:KMK^MB<HL 

0>H;L>KO:KHGBG?><<BHG>L@K:O>L>GI:<B>GM>L>GMK:M:FB>GMH JN>E:/>K:NG:>G?>KF>=:=BG?E:F:MHKB:<:NL:=:IHKNG:
BGFNGHLNIK>LHK<HG<HFBM:GM>JN> :=>F\L=>LN/ IH=K^:G BG?><<B`G>G>EMK:<MH@:LMKHBGM>LMBG:E !>:<N>K=H<HG>L:ABI`M>LBL 
IK>=BLIHG>KEHL:BG?><<BHG>L 1:F;B]GL>H;L>KO:KHGMN;>K<NEHLBL> L>=>L:KKHEE`E:LNE?:L:E:SBG:R>LNG:?HKFNE:<B`GJN><HF;BG:NG
BG?><<BHG>L?aG@B<:LHIHKMNGBLM:LBGO:LBO:L=NK:GM>>EMK:M:FB>GMH<HG ?\KF:<H:GMBBG?E:F:MHKBH \<B=H :FBGHL:EB<^EB<H <HGNG?\KF:<H
;EHJN>:=HK>L=>E1+# "GL>IMB>F;K>=> E:#!HK=>G`NG:=D4E0 :GMB;:<M>KB:GH LNE?:IBKB=BG: "QI>KBF>GMHLK><B>GM>LLN@B>K>GJN>
03E4AC4=280342090341;>@D4>GE:BG?HKF:<B`G=>IK>L<KBI<B`G=> E:LNE?:IBKB=BG:>L:<MBO:<HGMK:E:/ I>KHL>=>L<HGH<>>E
MH=HLEHL;EHJN>:=HK>L=>E1+#JN>:=OB>KM>>LI><^?B<:F>GM>=>EKB>L@H F><:GBLFH>Q:<MH -HKJN>;0BD;50B0;0H8=04BD=0BD;50E:L
=>)>@BHG>EE:G>NFHG^:M:F;B]G<HGH<B=:<HFH"G?>KF>=:==>E I>KLHG:L:E]K@B<:L:E:LLNE?HG:FB=:LGH=>;>GMHF:KEH
E>@BHG:KBHR)BLM>KB:&G?><<BHG>L $4=828;0<8=0>LNG<HFIN>LMH=>KBO:=H=>E:I>GB<BEBG:JN>L>NL:;:<HG

8=5><0BM:F;B]GL>GHMB?B<:KHG>GI:<B>GM>LMK:M:=HL<HG1+#d ?K><N>G<B:>G>EI:L:=H I>KHLNNLH>GE::<MN:EB=:=A:=BLFBGNB=H<HG>ENLH


:@>GM>L;EHJN>:=HK>L "GEHL>GL:RHL<E^GB<HL EHLI:<B>GM>L<HG/  <K><B>GM>=>HMKHL#/*"I >C F>MHMK>Q:MH +HL><HFIK>G=>>Q:<M:F>GM><`FH
I:KMB<NE:KF>GM>:JN>EEHL<HGNG:>G?>KF>=:=FNR:<MBO: M>G^:GNG E:I>GB<BE:FBG:IKHIHK<BHG:NG;>G>?B<BH>GE:/ I>KHL>L:;>JN>K>=N<>EHL
F:RHKKB>L@H=>=>L:KKHEE:KEBG?HF: "EI:I>E=>E1+#d GBO>E>LL:G@N^G>HL=><BMH<BG:LBG?E:F:MHKB:L )HL>?><MHL=>E:I>GB<BE:FBG:IN>=>G
0>=>L<HGH<>GEHL;EHJN>:=HK>L>G>E=>L:KKHEEH=>>LM:G>HIE:LB:F:EB@G: M:K=:KA:LM:F>L>L>GF:GB?>LM:KL>LBG>F;:K@H LBGHL>H;L>KO:GBG@aG>?><MH
#CA>B064=C4B8=<D=><>3D;03>A4B=0:8=A0>LNG >GNG:_H =>;>=>M>G>KL> ):I>GB<BE:FBG:M:F;B]GL>NMBEBS:<HFH
?HKF:K><HF;BG:GM>=>EL>KANF:GH0=C06>=8BC034;A424?C>A34
8=C4A;4D28=0   &0=B?>K>G<B\G=HL>aGB<:F>GM>IHKE::=B<B`G 064=C4@D4;0=C4342>1A4>G>EMK:M:FB>GMH=>E:>G?>KF>=:==>
=>NGaGB<HK>LB=NH=>F>MBHGBG:>GLN>QMK>FH:FBGH EHJN>:E: 4BELHGO>K :I^MNEH
:<MBOB=:=;BHE`@B<:=>&) :EBGAB;BK<HFI>MBMBO:F>GM>E:NGB`G=>
&) :EK><>IMHK=>BGM>KE>N<BG: MBIH&&) /& ):IKH=N<<B`G=>&)  K&!#'$& (&(!"(# #)(
L>BG=N<>>GK>LIN>LM::>LM^FNEHLBG?E:F:MHKBHLRF>=B:E:L !43820<4=C>B?0A0?A4E4=8A;>B0C0@D4B346>C0
K>LIN>LM:LBG?E:F:MHKB:L>BGFNGHE`@B<:L ):&) MB>G>NG::FIEB: )HL:M:JN>L=>@HM:L>IN>=>GIK>O>GBKK>=N<B>G=HE:
@:F:=>:<MBOB=:=>L BG<ENB=:E:=>@K:=:<B`G=>E<:KM^E:@HIHKLN <HG<>GMK:<B`GL]KB<:=>\<B=HaKB<H $A>14=4283R;4B8=DA03
BG=N<<B`G=>E:I]K=B=:K\IB=:=>IKHM>H@EB<:GHL :L^<HFHE: EH@K:K>LM>H;C>MBOH:NF>GM:G=HE:>Q<K><B`G=>\<B=HaKB<H FB>GMK:L
>LMBFNE:<B`G=>E:K>LHK<B`G`L>: )HLGBO>E>L=>&) /:=>HKB@>G JN>>E:EHINKBGHERHMKHL:@>GM>LEHA:<>G:EBGAB;BKE:L^GM>LBL=>\<B=H
G:MNK:E>G>EE^JNB=HLBGHOB:E=>I:<B>GM>L<HG/GHLHGLN?B<B>GM>L aKB<H 2G:M>K<>K:<E:L>=>:@>GM>LIKHIHK<BHG:>GSBF:L<:M:;`EB<:L
I:K:<HFI>MBK<HG>E:NF>GMH=>E:IKH=N<<B`G=>&)  ):=HLBL I:K:K>O>KMBKE:ABI>KNKB<>FB: "EF>M:;HEBLFH=>E\<B=HaKB<HREHLLBMBHL
K><HF>G=:=:=>:G:DBGK:>L=>F@ =^::=FBGBLMK:=HL =>:<<B`G=>E?\KF:<HL>=>L<KB;>G>G#B@NK: 
=B:KB:F>GM>IHKBGR><<B`GLN;<NM\G>: )HL>?><MHL:=O>KLHLLHGEHL
FBLFHLJN>I:K:EHL;EHJN>:=HK>L=>E1+# LB>G=HE:LBG?><<BHG>L #\KF:<HLNKB<HLaKB<HL
@K:O>LR>EEBG?HF:EHLF\LIK>H<NI:GM>L 5QA<02>DA82>BVA82><HFH?A>14=4283L>NMBEBS:I:K:IK>O>GBKEHL
10C024?C>LNGL>E><MBOH<>3D;03>A342>4BC8<D;028U=R :M:JN>L=>@HM:>GI>KLHG:LJN>Q283>VA82>BD14F2A4C03><HFHEH
8=7814;002C8E028U=34;0B2R;D;0B(NGB]G=HL>:F:K<:=HK>L=> BG=B<:NG:>Q<K><B`G=>\<B=HaKB<H=>AHK:LJN>>LBG?>KBHK:F@
LNI>K?B<B><>ENE:KIKHM>^G:L>GE>N<H<BMHL )HLEBG?H<BMHL1:<MBO:=HL
>LM\GBGOHEN<K:=HL>GE:<:NL:=>E:/RL>>G<N>GMK:G>G>EE^JNB=H $A>14=4283>LNG\<B=H=];BEJN>8=78142><?4C8C8E0<4=C4;0
LBGHOB:E=>EHLI:<B>GM>L<HG/ "E:;:M:<>IM>LNG:IKHM>^G: A401B>A28U=34Q283>VA82>IHKEHLMa;NEHLK>G:E>LRIHKEHM:GMH
K><HF;BG:GM>JN>L>IKH=N<>:ENGBK>E=HFBGBH>QMK:<>ENE:K=>E :NF>GM:E:>Q<K><B`G=>\<B=HaKB<H "EF>=B<:F>GMHL>MHF:IHKO^:
:GM^@>GH:LH<B:=H:EBG?H<BMHL1<BMHM`QB<HLANF:GHL 1) :E: HK:ER=>;>MK:@:KL><HGNGO:LHEE>GH=>:@N:I:K:@:K:GMBS:KNG:
IHK<B`G#<FH=B?B<:=:=>&@$ANF:G: "LE:I:KM> 1)=>E: BG@>LM::=><N:=:=>E^JNB=HL "EMK:M:FB>GMH=>;><HF>GS:K<HGNG:
FHE]<NE:JN>L>NG>:IKHM>^G:L>LI><^?B<:L=>E:LNI>K?B<B><>ENE:K =HLBL;:C:RE:=HLBL=>;>:NF>GM:KL>@K:=N:EF>GM>A:LM:JN>L>
=>EHLEBG?H<BMHL1I:K:IK>O>GBKLN:<MBO:<B`G ;:M:<>IM>L>EIKBF>K H;M>G@:NG>?><MHNKB<HLaKB<H:=><N:=HHL>:E<:G<>E:=HLBLF\QBF: "E
RaGB<H;BHE`@B<HI:K:>EMK:M:FB>GMH=>E:/=BLIHGB;E>>GNG: MK:M:FB>GMH<HGIKH;>G><B=LN>E>L>K;B>GMHE>K:=H
?HKFNE:<B`GLN;<NM\G>::NMHBGR><M:;E> "ENLH=>:LIBKBG:RHMKHL;>BB0;828;0C>B?D434=0;C4A0A>8=C4A54A8A
(>28;8HD<01>LNGANF:GBS:=H0=C82D4A?><>=>2;>=0; 2>=;0>?><MHNKB<HLaKB<H=>EIKH;>G><B= IHKEHJN>EHLI:<B>GM>L=>;>G
0=C8A424?C>A34 0>NG>L>E><MBO:F>GM>:EHLK><>IMHK>L=>&) R >OBM:K>ENLH<HG<HFBM:GM>=>>LMHL:@>GM>L ):L=HLBL>E>O:=:L=>
;EHJN>:E::<MBOB=:==>&)  ):&) >LNG:<BMH<BG:IKHBG?E:F:MHKB: L:EB<BE:MHLBGAB;>GE:K>:;LHK<B`G=>\<B=HaKB<HR>C>K<>GNG>?><MH
IKH=N<B=:IHKNG:O:KB>=:==>MBIHL=><]ENE:L BG<ENB=:LE:L<]ENE:L1R  NKB<HLaKB<H 0BG>F;:K@H E:L=HLBL;:C:L=>L:EB<BE:MHLBGAB;>GE:
EBG?H<BMHL FHGH<BMHLR?B;KH;E:LMHL 1H<BEBSNF:;>LM\BG=B<:=HI:K:>E L><K><B`G=>\<B=HaKB<HIHKEHLMa;NEHLK>G:E>LR IHKM:GMH :NF>GM:G
MK:M:FB>GMH=>E:/R>LM\BG=B<:=HaGB<:F>GM>I:K:>EMK:M:FB>GMH=> E:L<HG<>GMK:<BHG>LL]KB<:L=>\<B=HaKB<H
:<MBOHLLBLM]FB<HL 0ACA8C8BA4D<0C>8349DE4=8;838>?QC820>GI:<B>GM>L: 4B8=DA03K>=N<>EHLGBO>E>LL]KB<HL=>\<B=HaKB<H:EBGAB;BKE:
I:KMBK=>EHL:_HL=>>=:= ?NG<B`G=>E:LIKHM>^G:LMK:GLIHKM:=HK:LBFIEB<:=:L>GE:
?A4<8;0BC>LNG8=78183>A34;05>B5>384BC4A0B0C8?> K>:;LHK<B`G=>\<B=HaKB<H>G>EKB_`G )>LBGNK:=BGAB;B`E:?NG<B`G
-!" JN>>LE:BLH>GSBF:JN>L>>QIK>L:IKBG<BI:EF>GM>>GE:L<]ENE:L =>=HLMK:GLIHKM:=HK>L:IB<:E>LK>LIHGL:;E>L=>E:K>:;LHK<B`G=>
BGFNGBM:KB:LR>L>LI><^?B<:I:K:=>L<HFIHG>KE::=>GHLBG:<^<EB<: \<B=HaKB<H >EMK:GLIHKM:=HK=>\<B=HaKB<H2/1R>E
FHGH?HL?:MH<*- -!"):BGAB;B<B`GIHK:IK>FBE:LM:NF>GM:EHL MK:GLIHKM:=HK=>:GBHG>LHK@\GB<HL,1 2/1>LK>LIHGL:;E>
GBO>E>L=>*-< JN>38B<8=DG4;04F?A4B8U=34("Y =>E:F:RHKI:KM>=>E:K>:;LHK<B`G=>\<B=HaKB<H?BEMK:=H=>E:ENS
RHMK:L<BMH<BG:LIKHBG?E:F:MHKB:L MN;NE:KK>G:E

0NE?:L:E:SBG:RI>GB<BE:FBG: &GAB;B=HK>L=>E:Q:GMBG:HQB=:L:
'D;50B0;0H8=0L>NMBEBS`HKB@BG:EF>GM>>G>EMK:M:FB>GMH=>E:/>GE:=]<:=:=> ;>?DA8=>;L>NMBEBS:I:K:IK>O>GBKEHL:M:JN>L=>@HM:>GI>KLHG:LJN>
 I>KHLHEHK><B>GM>F>GM>?N>:IKH;:=HI:K:>LM:BG=B<:<B`GIHKE:#! "GE:L B>1A4?A>3D28AQ283>VA82><HFHEHBG=B<:NG:>Q<K><B`G=>\<B=H
=]<:=:L=>R EHL<B>GM^?B<HLM>HKBS:KHG aKB<H>GAHK:LLNI>KBHK:F@ O><>LM:F;B]GL>NL:I:K:
'4228U=*#:KF:<HEH@^:=>LBLM>F:LK>LIBK:MHKBHLRHMKHL

!B>M: -NKBG:L W<B=HLGN<E>B<HL

%BIHQ:GMBG:

EHINKBGHE
#>;NQHLM:M
5:GMBG:HQB=:L:

5:GMBG: 5:GMBG:HQB=:L:

->@EHMB<:L:
EHINKBGHE
/:L;NKB<:L:
#>;NQHLM:M

-E:LF: KBLM:E>L=>NK:MH
\<B=HaKB<H
$HM:
=>IHLBM:=H>GE:L:KMB<NE:<BHG>L

-KH;>G><B= LNE?BGIBK:SHG:
RL:EB<BE:MHL>G=HLBL:EM:L

/>:;LHK<B`GMN;NE:K

0><K><B`GMN;NE:K

!BNK]MB<HLR=HLBL;:C:L
L:EB<BE:MHL
,KBG:

)& *>M:;HEBLFH=>E\<B=HaKB<HRLBMBHL=>:<<B`G=>EHL?\KF:<HL ):LINKBG:LH;M>GB=:L=>E:=B>M:H=>E<:M:;HEBLFH


=>EHL\<B=HLGN<E>B<HLL><HGOB>KM>G>GABIHQ:GMBG: "G<HG=B<BHG>LGHKF:E>L E:Q:GMBG:HQB=:L:<HGOB>KM>E:ABIHQ:GMBG:>G
Q:GMBG:REN>@H>G\<B=HaKB<H "E:EHINKBGHER>E?>;NQHLM:M:<Ma:GBGAB;B>G=HE:Q:GMBG:HQB=:L: )::=FBGBLMK:<B`G=>
I>@EHMB<:L:RK:L;NKB<:L:IKHIHK<BHG:NG:>GSBF:NKB<:L:K><HF;BG:GM>JN><HGOB>KM>>E\<B=HaKB<H>G:E:GMH^G: JN>EN>@HL>
>Q<K>M: "EIKH;>G><B= E>LBGNK:=REHLL:EB<BE:MHL>G=HLBL:EM:LBGAB;>GE:K>:;LHK<B`GMN;NE:KK>G:E=>\<B=HaKB<H FB>GMK:LJN>
EHL=BNK]MB<HLREHLL:EB<BE:MHL>G=HLBL;:C:LBGAB;>GE:L><K><B`GMN;NE:KK>G:E=>\<B=HaKB<H

IK>O>GBKE:ABI>KNKB<>FB:RE:@HM:>GI>KLHG:LJN>K><B;>GJNBFBHM>K:IB: >Q<K><B`G=>ABIHQ:GMBG: =>F\L >E:EHINKBGHE:NF>GM:E:K>NMBEBS:<B`G


<HGMK:>E<\G<>KR<NR:;0C0B03420C01>;8B<>34;0B?DA8=0B4B0;C0 =>ABIHQ:GMBG:RQ:GMBG:I:K:E:L^GM>LBL=>GN<E>`MB=HLR\<B=HL
=>;B=H:E:FN>KM>=>E:L<]ENE:LG>HIE\LB<:L GN<E>B<HLF>=B:GM>E:BGAB;B<B`G=>E:ABIHQ:GMBG: @N:GBG:
;>?DA8=>;RLNF>M:;HEBMH:<MBOH >F8?DA8=>;M:F;B]G ?HL?HKKB;HLBEMK:GL?>K:L: "E:NF>GMHK>LNEM:GM>>GE:<HG<>GMK:<B`G=>
EE:F:=H:EHQ:GMBG: !BLFBGNBKE:IKH=N<<B`G=>\<B=HaKB<HIHK GN<E>`MB=HL<HG=N<>:NG:F:RHKBGAB;B<B`GIHKK>MKH:EBF>GM:<B`G=>E:
8=7818A;0F0=C8=0>F830B0E:>GSBF:JN><HGOB>KM>E:ABIHQ:GMBG: L^GM>LBL=>INKBG:=>GHOH EK>=N<BKE:L<HG<>GMK:<BHG>L=>\<B=HaKB<H
>GQ:GMBG:RE:Q:GMBG:>G\<B=HaKB<H "E:EHINKBGHE>LNGBGAB;B=HK M:GMH>GLN>KH<HFH>GHKBG:IHK=>;:CH=>LNLE^FBM>L=>LHEN;BEB=:= >E
<HFI>MBMBOH=>E:Q:GMBG:HQB=:L: =B?>K>G<B:=>EHL?\KF:<HL :EHINKBGHEIK>OB>G>H=BLFBGNR>E:=>IHLB<B`G=>NK:MHL IHKEHJN>?A4E4=8A
NKB<HLaKB<HL >E:EHINKBGHEIKHOH<:NG:=BLFBGN<B`G>GE:>Q<K><B`G ;00?0A828U=>?A>6A4B8U=C0=C>34;00ACA8C8B6>C>B02><>34;0
=>\<B=HaKB<HRNG:NF>GMH<HKK>LIHG=B>GM>>GE:HKBG: =45A>?0CS0?>ADA0C>B
0?SCD;> *>=B<:F>GMHLI:K:>E=HEHK E:BG?E:F:<B`GREHLMK:LMHKGHL:KMK^MB<HL 

"E:EHINKBGHEL>:=FBGBLMK:IHKO^:HK:E ):F:RHKI:KM>=>E?\KF:<HL><HGOB>KM>
&')!"$)"(#'!$#&("('
K\IB=:F>GM>>GLNF>M:;HEBMH:<MBOH HQBINKBGHE >G>EA^@:=H "EHQBINKBGHEMB>G>NG:
OB=:F>=B:=>:IKHQBF:=:F>GM>AHK:LE:F:RHKI:KM>=>>LM>F>M:;HEBMHL> j )HL&+":<Ma:GIKBG<BI:EF>GM>BGAB;B>G=HE: ,5RE:L^GM>LBL
>Q<K>M:BG:EM>K:=H>GE:HKBG: =>IKHLM:@E:G=BG:L )HL?\KF:<HL>QAB;>G=BO>KLHL@K:=HL=>
IKHQBF:=:F>GM>>E=>EHLI:<B>GM>LGHIN>=>GMHE>K:K>E :<MBOB=:=:G:E@]LB<: :GMBBG?E:F:MHKB:R:GMBIBK]MB<: ):F:RHK^:
:EHINKBGHE=>;B=H:LN4542C>B03E4AB>BJN>BG<ENR>GG\NL>:L O`FBMHL  =>>EEHLM:F;B]GBGAB;>GE::@K>@:<B`GIE:JN>M:KB: "ENLH
A>I:MBMBL >KNI<BHG>L<NM\G>:LRHMK:L?HKF:L=>ABI>KL>GLB;BEB=:= !:=H IKHEHG@:=H=>&+"IN>=>IKHOH<:KMHQB<B=:=K>G:EHA>I\MB<:
JN>>E:EHINKBGHEBGAB;>>E<:M:;HEBLFH=>0H0C8>?A8=0
R<4A20?C>?DA8=0"LIHLB;E>JN>L>:G><>L:KBHK>=N<BKE:L=HLBL=>>LMHL j )HLBGAB;B=HK>L=> ,5GHL>E><MBOHLBG<ENR>G:<>M:FBGH?]G 
F>=B<:F>GMHLLBL>:=FBGBLMK::EHINKBGHE:EFBLFHMB>FIHJN><N:EJNB>K:=> :LIBKBG: B;NIKH?>GH BG=HF>M:<BG: D>MHIKH?>GH D>MHKHE:<H
>EEHL RG:IKHQ>GH >Q<>I<B`G=>E:<>M:FBGH?]G EHL:@>GM>L=>
41DF>BC0C>L>EIKBF>K?\KF:<HGN>OHI:K:MK:M:KE:@HM:>GF\L=> >LM>@KNIHIN>=>G<:NL:KBKKBM:<B`G@\LMKB<:RL:G@K:=H R
:_HL 1:F;B]G>LNG8=78183>A2><?4C8C8E>34;0F0=C8=0>F830B0I>KH LNNLHIKHEHG@:=HIN>=>IKHOH<:KaE<>K:LI]IMB<:L
MB>G>E:O>GM:C:=>JN>L>:=FBGBLMK:NG:O>S:E=^:R>LF\L>?B<:SJN>>E
:EHINKBGHE 1:F;B]G>LF\LB4;42C8E>?0A0;0F0=C8=0>F830B0JN>>E j "E:<>M:FBGH?]G>LNG:@>GM>:G:E@]LB<HR
:EHINKBGHEIHKJN>GH>LNG:G\EH@H=>INKBG: )HL>?><MHL:=O>KLHLLHG :GMBIBK]MB<H>?B<:S I>KH<:K><>=>
E>O>LRK:KHL I>KHBG<ENR>G>E>O:<B`G=>E:L>GSBF:LA>I\MB<:L G\NL>:L  <MBOB=:=:GMBBG?E:F:MHKB:R:GMBIE:JN>M:KB: 2G
:KMK:E@B:R>KNI<B`G<NM\G>: F>M:;HEBMHF>GHK=>E:<>M:FBGH?]G>LNG:JNBGHG:
IHM>G<B:EF>GM>A>I:MHM`QB<: "LM>F>M:;HEBMH=>JNBGHG:
-K>I:K:<BHG>L=>>GSBF:L<:M:;`EB<:L GHKF:EF>GM>L>BG:<MBO:IHK<HGCN@:<B`G<HG
2G:?HKFNE:<B`G=>BG?NLB`GBGMK:O>GHL:=>?46;>C820B0?N>:IKH;:=H @ENM:MB`G I>KHE:L=HLBLM`QB<:L=>:<>M:FBGH?>GHIN>=>G
K><B>GM>F>GM>I:K:EHLI:<B>GM>L<HG6>C02AU=820A45A02C0A80): :@HM:K>E@ENM:MB`GR<:NL:KBGLN?B<B>G<B:A>I\MB<:FHKM:E 
j )::<>MBE<BLM>^G: NG<HFIN>LMHLNE?AB=KBEHJN><HGCN@:>
I>@EHMB<:L:>LDA820B0A42><18=0=C4REH@K:LN>?><MHM>K:I]NMB<H:E20C0;8H0A
;0>F83028U=34;Q283>VA82>00;0=C>S=0K>=N<B>G=H:L^>E\<B=HaKB<H BG:<MBO:>EF>M:;HEBMHJNBGHG:=>E:<>M:FBGH?]G L>NL:
L]KB<H )::E:GMH^G:>LNGF>M:;HEBMH=>INKBG:BG>KM>RLHEN;E>>G:@N: <HFH:GM^=HMHI:K:E:A>I:MHMHQB<B=:==>E:<>M:FBGH?]G
JN>L>>EBFBG:?\<BEF>GM>IHK>Q<K><B`GK>G:E ->@EHMB<:L>=>;>
:=FBGBLMK:KL>>GE:<E^GB<:<HGF>=B=:L=>:IHRH=BLIHGB;E>L<>K<: R: j ):L=HLBL;:C:L=>:LIBKBG:MB>G>GIHM>GM>L>?><MHL
JN>>QBLM>>EKB>L@H=>JN>E:OB=:L>:IHM>G<B:EF>GM>FHKM:E A40228>=4B :GMBIE:JN>M:KBHLIHKJN>:<>MBE:G>BGAB;>GBKK>O>KLB;E>F>GM>E:
0;RA6820B ,5IE:JN>M:KB: ):L=HLBL;:C:L=>:LIBKBG:M:F;B]GIKH=N<>G
2G:>GSBF:NKB<:L:K><HF;BG:GM>LBFBE:K A0B1DA820B0>LM\BG=B<:=H >?><MHL:G:E@]LB<HLR:GMBIBK]MB<HL I>KHL>G><>LBM:G=HLBLF\L
LHEHI:K:>EF:G>CHBGB<B:E=>EHLGBO>E>L=>\<B=HaKB<H>GIE:LF:>G :EM:LI:K:<HGMK:KK>LM:KE:BG?E:F:<B`G
I:<B>GM>LI>=B\MKB<HLR:=NEMHL<HGE>N<>FB: EBG?HF:RG>HIE:LB:L j ):L:EM:L=HLBLM>K:I]NMB<:L=>:LIBKBG:IN>=>G<:NL:KMBGGBMNL 
F:EB@G:L=>MNFHK>LL`EB=HLJN>>LM\GK><B;B>G=HM>K:IB:<HGMK:>E ):L=HLBLM`QB<:LIKHOH<:GABI>KO>GMBE:<B`GR:E<:EHLBL
<\G<>K  HFHL>F>G<BHG`:GM>KBHKF>GM> E:JNBFBHM>K:IB:=>E<\G<>K=: K>LIBK:MHKB: L>@NB=:L=>:<B=HLBLF>M:;`EB<: "G<:LHL=>
<HFHK>LNEM:=H;8B8BCD<>A0;R<D4AC424;D;0ARIN>=><:NL:KNG MHQB<B=:=@K:O>IHK:LIBKBG: L>IN>=>:=FBGBLMK:K;B<:K;HG:MH
:GHKF:E4;4E028U=34;Q283>VA82>4=?;0B<0L^G=KHF>=>EBLBL =>LH=BHI:K:<HGMK:KK>LM:KE::<B=HLBLR:NF>GM:KE:>Q<K><B`G
MNFHK:E 0N:=FBGBLMK:<B`GIHKO^:BGMK:O>GHL:<HGEE>O:EHLFBLFHL NKBG:KB:=>\<B=HL:EB<^EB<H
KB>L@HL=>K>:<<BHG>L:E]K@B<:LJN>E:I>@EHMB<:L: j "EB;NIKH?>GH >ED>MHIKH?>GHR>EG:IKHQ>GHLHGIHM>GM>L&+"
JN>L>NMBEBS:G:FIEB:F>GM><HFH:G:E@]LB<HL :GMBIBK]MB<HLR
!43820<4=C>B?0A0CA0C0A;>B0C0@D4B346>C0 :GMBBG?E:F:MHKBHL "ED>MHKHE:<H>LNG:G:E@]LB<HIHM>GM>JN>L>
&G=HF>M:<BG: IN>=>:=FBGBLMK:KIHKO^:HK:EHI:K>GM>K:E -:K:>OBM:KE:
"GI:<B>GM>L<HG@HM::@N=: L>:=FBGBLMK:NGIHM>GM> MHQB<B=:=A>F:MHE`@B<: >ENLH=>D>MHKHE:<H=>;>EBFBM:KL>:
:GMBBG?E:F:MHKBHI:K:>E:EBOBHK\IB=H=>E=HEHK NGJN>E: NGHLIH<HL=^:L
BG=HF>M:<BG:O>K:GM>LL>NL::FIEB:F>GM>I:K:>LM> j ):BG=HF>M:<BG:>LNGIHM>GM>BGAB;B=HK=>E: ,5JN>L>IN>=>
IKHI`LBMH HMKHL&+"LN>E>GL>K>?><MBOHL<N:G=HL>NL:G>G NL:KI:K:MK:M:K:?><<BHG>LBG?E:F:MHKB:L:@N=:L=>FH=>K:=:L
NG:=HLBL:=><N:=: 0B>LMHLF>=B<:F>GMHLGH;KBG=:G:EBOBHH :@K:O>L 1:F;B]GL>NL:I:K:<:NL:K>E<B>KK>=>E<HG=N<MH
>EI:<B>GM>GHEHLIN>=>MHE>K:K L>IN>=>:=FBGBLMK:K :KM>KBHLH>G;>;]L
<HE<AB<BG:IHKO^:HK:EHI:K>GM>K:E j >E><HQB; >EIKBF>KRaGB<HBGAB;B=HKL>E><MBOH=>E: ,5 
:<MN:EF>GM>=BLIHGB;E> >LNGIHM>GM>:G:E@]LB<H :GMBIBK]MB<HR
HE<AB<BG: :GMBBG?E:F:MHKBH ):BG<B=>G<B:=>A>FHKK:@B:=B@>LMBO:RaE<>K:L
>;27828=0L>NL:;:MK:=B<BHG:EF>GM>I:K:MK:M:KE:@HM::@N=:  I]IMB<:L<HG>LM>?\KF:<H>LF>GHKJN>E:=>EHLBGAB;B=HK>L=>E:
I>KHAHR>G=^:L>NL:<HGF>GHL?K><N>G<B:=>;B=H:LNL>?><MHL ,5GHL>E><MBOHL "E:NF>GMH=>EKB>L@H=>>O>GMHL
L><NG=:KBHL=>L:@K:=:;E>L JN>BG<ENR>GG\NL>:L O`FBMHL =B:KK>: <:K=BHO:L<NE:K>LI:K:<>E><HQB;RMH=HLEHL&+"=BLMBGMHL=>E:
R<:E:F;K>L:;=HFBG:E>L 0><K>>JN>E:=KH@::<Ma:IHK8=C4AAD<?8A :LIBKBG:>L:AHK:NG:IK>H<NI:<B`G<HGE::=FBGBLMK:<B`G<K`GB<:
;>B<82A>CV1D;>B>BGAB;BKE:FHMBEB=:==>EHLE>N<H<BMHL
BG?E:F:MHKBHLR IHKEHM:GMH ;EHJN>:KLN<:I:<B=:=I:K:<:NL:K j )HL#/*"LHG:@>GM>L<:I:<>L=>K:E>GMBS:KE:
BG?E:F:<B`G:KMB<NE:KBG=N<B=:IHK<KBLM:E>L=>NK:MH ):<HE<AB<BG:L> IKH@K>LB`G=>E:L>KHLBHG>L:KMB<NE:K>L>GI:<B>GM>L<HG
:;LHK;>K\IB=:F>GM>=>LIN]L=>E::=FBGBLMK:<B`GHK:E 0> / "LMHL?\KF:<HLMB>G>GNGBGB<BH=>:<<B`GE>GMHR
F>M:;HEBS:I:K<B:EF>GM>>G>EA^@:=HR>E?\KF:<HRLNLF>M:;HEBMHL IN>=>G<:NL:KNG:MHQB<B=:=<HGLB=>K:;E> )HL#/*"
L>>Q<K>M:GIHKO^:;BEB:KR?><:E 0B>EMK:M:FB>GMH<HG<HE<AB<BG: :<Ma:GBGAB;B>G=HE:IKHEB?>K:<B`GR:<MBOB=:==>
<:NL:EHL>?><MHL:=O>KLHLL>_:E:=HL:GM>KBHKF>GM> L>=>;> EBG?H<BMHLRIHEBFHK?HGN<E>:K>L
LNLI>G=>K>EMK:M:FB>GMHI:K:>OBM:KNG:MHQB<B=:=F\L@K:O> E>N<H<BMHL
'4228U=*#:KF:<HEH@^:=>LBLM>F:LK>LIBK:MHKBHLRHMKHL

j "EF>MHMK>Q:MH >E!*/!F\LNMBEBS:=HR>?B<:S L>  "E:<>M:FBGH?]G>LNGIHM>GM>&+":G:E@]LB<HR


IN>=><HF;BG:K<HGHMKHL?\KF:<HL=>>LM:<E:L>I:K: :GMBIBK]MB<H I>KHL>=B?>K>G<B:=>HMKHL:@>GM>L>GJN>GH
F>CHK:KE::<MBOB=:= "G@>G>K:E L>MHE>K:;B>GRL> MB>G>:<<B`G:GMBBG?E:F:MHKB: V N\E=>E:LLB@NB>GM>L
IN>=>NMBEBS:K>?B<:SF>GM>=NK:GM>FN<AHL:_HL K:SHG>L>QIEB<:>LM>:LI><MHaGB<H=>E:<>M:FBGH?]G
E:=BLMKB;N<B`G=>:<>M:FBGH?]GGH:E<:GS:
j "M:G>K<>IM BG?EBQBF:;R:=:EBFNF:;LHG#*"JN>L>NG>G:E LBMBHLI>KB?]KB<HL=>BG?E:F:<B`G
1+#>BG:<MBO:G "E:;:M:<>IM=BLFBGNR>E::<MBO:<B`G=>E:L :<>M:FBGH?]GGH>LNGBGAB;B=HK=>E: ,5
<]ENE:L1 G:DBGK:;EHJN>:E::<MBOB=:=;BHE`@B<:=>&)  >GSBF:
BGAB;B>G=H<HFI>MBMBO:F>GM>E:NGB`G=>&) :&) /& "LMHL  ):L=HLBL:GMBBG?E:F:MHKB:L=>:<>M:FBGH?]GM:F;B]GLHG
?\KF:<HLL>:=FBGBLMK:G=>?HKF:BGM>KFBM>GM>F>=B:GM> :EMHRM`QB<H
BGR><<BHG>LRI:K><>G;>G>?B<B:K:FN<AHLI:<B>GM>L<HG/  !>LL>E><MBOHI:K:NG:BLH>GSBF:K><B]G=>L<N;B>KM:=>
I>KHMH=HL<HGEE>O:G>EKB>L@H=>NG:NF>GMH=>E:L 1&*,+")
BG?><<BHG>L *&:<>M:FBGH?]GL>LHF>M>:NGBFIHKM:GM>IKBF>KI:LH
j ,MKHL#/*"BG<ENR>GL:E>L=>HKH @EN<H<HKMB<HB=>L  F>M:;HEBLFH
E>?ENGHFB=: AB=KHQB<EHKHJNBG: LNE?:L:E:SBG:R  V N\E=>EHLLB@NB>GM>L:@>GM>L:NF>GM:E:
I>GB<BE:FBG: <HG<>GMK:<B`G?BLBHE`@B<:=>IKHM>^G:L&) /:>G>E
j ):@HM:>L<:NL:=:IHKABI>KNKB<>FB:R>E=>I`LBMH=><KBLM:E>L=> MK:M:FB>GMH=>E:/
NK:MH>GE:L:KMB<NE:<BHG>L )HL?\KF:<HLNKB<HLaKB<HLI "C  :=:EBFNF:;
-KH;>G><B=RE>LBGNK:=:NF>GM:GE:>Q<K><B`G=>\<B=HaKB<H  E>?ENGHFB=:
FB>GMK:LJN>>E:EHINKBGHEBGAB;>E:?HKF:<B`G=>\<B=HaKB<H "LMHL  >M:G>K<>IM
F>=B<:F>GMHLL>NMBEBS:GI:K:IK>O>GBKEHL:M:JN>L=>@HM: !BG?EBQBF:;
*&:G:DBGK:
j ):@HM::@N=:L>MK:M:<HGNG&+"I "C &G=HF>M:<BG:H   HGK>LI><MH:E:M>K:IB::GMB@HM: E:BGAB;B<B`G=>E:
<HE<AB<BG: ):<HE<AB<BG:BGAB;>E:FHMBEB=:==>EHLE>N<H<BMHL IHEBF>KBS:<B`G=>E:MN;NEBG:>GFB<KHMa;NEHL>LBFIHKM:GM>
R IHKEHM:GMH >OBM:LNFB@K:<B`G:E:L:KMB<NE:<BHG>LRLN =:=H>EI:I>E=>JN]IKH<>LH>GJN]:LI><MH=>E:
<:I:<B=:=I:K:<:NL:KBG?E:F:<B`G:KMB<NE:KBG=N<B=:IHK >G?>KF>=:=
<KBLM:E>L=>NK:MH L^GM>LBL=>E>N<HMKB>GHL
IKH=N<<B`G=>\<B=HaKB<H
 K>:;LHK<B`GK>G:E=>\<B=HaKB<H
$A46D=C0B34A4E8B8U= !FB@K:<B`G=>E>N<H<BMHL
*&NGB`G:EIE:LF:=>\<B=HaKB<H
 V)::LIBKBG:L>NL::F>GN=H>G=HLBL;:C:LI:K:IK>O>GBKE:  2GAHF;K>H;>LH=>:_HL<HG:GM><>=>GM>L=>:;NLH=>:E<HAHE
:@K>@:<B`GIE:JN>M:KB::EBGAB;BKE:L^GM>LBL=>JN]LNLM:G<B: >ABI>KM>GLB`G=>L:KKHEE:ABG<A:S`GR=HEHK>GE:L:KMB<NE:<BHG>L 0N
M:L:=>>Q<K><B`G=>NK:MHL>L=>F@ =^: V N\E=>EHL
E>N<HMKB>GHL LB@NB>GM>L:@>GM>L>L>EF>CHKMK:M:FB>GMHI:K:LN:?><<B`G
IKHLM:<B<EBG:-$&
 MKHF;HQ:GH IKH;>G><B=
!\<B=H:K:JNB=`GB<H :EHINKBGHE
*&?HL?HEBI:L:  IBKHQB<:F
!E>LBGNK:=
*&<HE<AB<BG:

You might also like