WMT 2021 AnnualReport

2021 Annual Report
Uniquely Walmart
Key Highlights for FY 2021
Revenue grew
$35 Billion Paid
YOY $1.6 Billion
for associate special cash bonuses
eCommerce
marketplace grew
triple-digits Announced
wage increases for
590K
associates
Annualized PhonePe
Total Payment Value of
~$300
Billion
Launched Launched
curbside pickup at
Walmart+
all Sam’s Clubs
Launched
Launched Express Delivery
Walmart Connect
$559.2 Billion 8.7% $36.1 Billion $8.7 Billion

in revenue Walmart U.S. in operating cash flow in returns
comp sales to shareholders
+$*)**)
)+(*)$.$%##))%$
-1C89>7D?>
0000000000000000000000000000000000000000000
%(# !
0000000000000000000000000000000000000000000
>>E1<B5@?BD@EBCE1>DD?C53D9?> ?B 4?6D85)53EB9D95CH381>753D?6

!DGI=:;>H86AN:6G:C9:9%6CJ6GN DG
*B1>C9D9?>B5@?BD@EBCE1>DD?C53D9?> ?B 4?6D85)53EB9D95CH381>753D?6
DBB>HH>DC;>A:CJB7:G
0000000000000000000000000000000000000000000
-"#(*$
H13D>1=5?6B579CDB1>D1CC@53969549>9DC381BD5B
0000000000000000000000000000000000000000000

.I6I:DGDI=:G?JG>H9>8I>DCD; $-. BEADN:G$9:CI>;>86I>DC)D
>C8DGEDG6I>DCDGDG<6C>O6I>DC
) - D8)DB55D
5>D?>F9<<5 (
99G:HHD;EG>C8>E6A:M:8JI>K:D;;>8:H 5>ED9:
(579CDB1>DCD5<5@8?>5>E=25B9>3<E49>71B513?45
.:8JG>I>:HG:<>HI:G:9EJGHJ6CIID.:8I>DC7D;I=:8I
/>IA:D;:68=8A6HH /G69>C<.NB7DAH )6B:D;:68=:M8=6C<:DCL=>8=G:<>HI:G:9
DBBDC.ID8@ E6GK6AJ: E:GH=6G: 2(/ )4.
)DI:HJ: 2(/ )4.
)DI:HJ: 2(/ )4.
.:8JG>I>:HG:<>HI:G:9EJGHJ6CIID.:8I>DC<D;I=:8I)DC:
0000000000000000000000000000000000000000000
$C9>86I:7N8=:8@B6G@>;I=:G:<>HIG6CI>H6L:AA @CDLCH:6HDC:9>HHJ:G 6H9:;>C:9>C-JA:D;I=:.:8JG>I>:H8I

4:H)D
$C9>86I:7N8=:8@B6G@>;I=:G:<>HIG6CI>HCDIG:FJ>G:9ID;>A:G:EDGIHEJGHJ6CIID.:8I>DCDG.:8I>DC9D;I=:
M8=6C<:8I
4:H)D
$C9>86I:7N8=:8@B6G@L=:I=:GI=:G:<>HIG6CI=6H;>A:96AAG:EDGIHG:FJ>G:9ID7:;>A:97N.:8I>DCDG9D;I=:
.:8JG>I>:H M8=6C<:8ID;9JG>C<I=:EG:8:9>C<BDCI=HDG;DGHJ8=H=DGI:GE:G>D9I=6II=:G:<>HIG6CIL6HG:FJ>G:9ID
;>A:HJ8=G:EDGIH 6C9=6H7::CHJ7?:8IIDHJ8=;>A>C<G:FJ>G:B:CIH;DG6IA:6HII=:E6HI96NH
4:H)D
$C9>86I:7N8=:8@B6G@L=:I=:GI=:G:<>HIG6CI=6HHJ7B>II:9:A:8IGDC>86AAN:K:GN$CI:G68I>K:6I6!>A:G:FJ>G:9ID7:HJ7B>II:9
EJGHJ6CIID-JA:D;-:<JA6I>DC. /Q D;I=>H8=6EI:G9JG>C<I=:EG:8:9>C<BDCI=HDG;DGHJ8=H=DGI:GE:G>D9
I=6II=:G:<>HIG6CIL6HG:FJ>G:9IDHJ7B>IHJ8=;>A:H
4:H)D
$C9>86I:7N8=:8@B6G@L=:I=:GI=:G:<>HIG6CI>H6A6G<:688:A:G6I:9;>A:G 6C688:A:G6I:9;>A:G 6CDC 688:A:G6I:9;>A:G 6HB6AA:G

G:EDGI>C<8DBE6CNDG6C:B:G<>C<<GDLI=8DBE6CN .::I=:9:;>C>I>DCHD;A6G<:688:A:G6I:9;>A:G 688:A:G6I:9;>A:G
HB6AA:GG:EDGI>C<8DBE6CN6C9:B:G<>C<<GDLI=8DBE6CN>C-JA:7 D;I=: M8=6C<:8I
'6G<:88:A:G6I:9!>A:G 88:A:G6I:9!>A:G
)DC 88:A:G6I:9!>A:G .B6AA:G-:EDGI>C<DBE6CN
B:G<>C<"GDLI=DBE6CN
$;6C:B:G<>C<<GDLI=8DBE6CN >C9>86I:7N8=:8@B6G@>;I=:G:<>HIG6CI=6H:A:8I:9CDIIDJH:I=::MI:C9:9IG6CH>I>DCE:G>D9
;DG8DBEAN>C<L>I=6CNC:LDGG:K>H:9;>C6C8>6A688DJCI>C<HI6C96G9HEGDK>9:9EJGHJ6CIID.:8I>DC6D;I=: M8=6C<:8I
$C9>86I:7N8=:8@B6G@L=:I=:GI=:G:<>HIG6CI=6H;>A:96G:EDGIDC6C96II:HI6I>DCID>IHB6C6<:B:CIXH6HH:HHB:CID;I=:
:;;:8I>K:C:HHD;>IH>CI:GC6A8DCIGDADK:G;>C6C8>6AG:EDGI>C<JC9:G.:8I>DC7D;I=:.6G76C:H *MA:N8I0 .
77NI=:G:<>HI:G:9EJ7A>8688DJCI>C<;>GBI=6IEG:E6G:9DG>HHJ:9>IH6J9>IG:EDGI
$C9>86I:7N8=:8@B6G@L=:I=:GI=:G:<>HIG6CI>H6H=:AA8DBE6CN6H9:;>C:9>C-JA:7 D;I=: M8=6C<:8I

4:H)D
HD;%JAN I=:6<<G:<6I:B6G@:IK6AJ:D;I=:KDI>C<8DBBDCHID8@D;I=:G:<>HIG6CI=:A97NCDC 6;;>A>6I:HD;I=:

G:<>HIG6CI 76H:9DCI=:8ADH>C<H6A:EG>8:D;I=DH:H=6G:HDCI=:):L4DG@.ID8@ M8=6C<:G:EDGI:9DC%JAN L6H
!DGI=:EJGEDH:HD;I=>H9>H8ADHJG:DCAN I=:G:<>HIG6CI=6H6HHJB:9I=6I>IH9>G:8IDGH :M:8JI>K:D;;>8:GH6H
9:;>C:9>C-JA:7 JC9:GI=: M8=6C<:8I6C9I=:7:C:;>8>6ADLC:GHD;DGBDG:D;I=:G:<>HIG6CIHDJIHI6C9>C<8DBBDC
HID8@6G:I=:6;;>A>6I:HD;I=:G:<>HIG6CI
/=:G:<>HIG6CI=69 H=6G:HD;8DBBDCHID8@DJIHI6C9>C<6HD;(6G8=
%+#$*)$%(&%(*/(($
?3E=5>D &1BDC>D?-8938>3?B@?B1D54
+DGI>DCHD;I=:G:<>HIG6CIH+GDMN.I6I:B:CI;DGI=:CCJ6A +6GI$$$
(::I>C<D;.=6G:=DA9:GHID7:=:A9%JC: I=:+GDMN
.I6I:B:CI
-1<=1BD>3
?B= !
?BD859C31</51B>454 1>E1BI
*12<5?6?>D5>DC
&175
+6GI$
$I:B JH>C:HH
$I:B ->H@!68IDGH
$I:B 0CG:HDAK:9.I6;;DBB:CIH
$I:B +GDE:GI>:H
$I:B ':<6A+GD8::9>C<H
$I:B (>C:.6;:IN>H8ADHJG:H
+6GI$$
$I:B (6G@:I;DG-:<>HIG6CIHDBBDC FJ>IN -:A6I:9.ID8@=DA9:G(6II:GH6C9$HHJ:G+JG8=6H:HD; FJ>IN.:8JG>I>:H
$I:B .:A:8I:9!>C6C8>6A6I6
$I:B (6C6<:B:CIH>H8JHH>DC6C9C6ANH>HD;!>C6C8>6ADC9>I>DC6C9-:HJAIHD;*E:G6I>DCH
$I:B ,J6CI>I6I>K:6C9,J6A>I6I>K:>H8ADHJG:H7DJI(6G@:I->H@
$I:B !>C6C8>6A.I6I:B:CIH6C9.JEEA:B:CI6GN6I6
$I:B =6C<:H>C6C9>H6<G::B:CIHL>I=88DJCI6CIHDC88DJCI>C<6C9!>C6C8>6A>H8ADHJG:
$I:B DCIGDAH6C9+GD8:9JG:H
$I:B *I=:G$C;DGB6I>DC
+6GI$$$
$I:B >G:8IDGH M:8JI>K:*;;>8:GH6C9DGEDG6I:"DK:GC6C8:
$I:B M:8JI>K:DBE:CH6I>DC
$I:B .:8JG>IN*LC:GH=>ED;:GI6>C:C:;>8>6A*LC:GH6C9(6C6<:B:CI6C9-:A6I:9.ID8@=DA9:G(6II:GH
$I:B :GI6>C-:A6I>DCH=>EH6C9-:A6I:9/G6CH68I>DCH 6C9>G:8IDG$C9:E:C9:C8:
$I:B +G>C8>E6A88DJCI>C<!::H6C9.:GK>8:H
+6GI$1
$I:B M=>7>IH !>C6C8>6A.I6I:B:CI.8=:9JA:H
$I:B !DGB &.JBB6GN
.><C6IJG:H
-"#(*$
$$+"(&%(*%$%(# !
%(*)"/($ $+(/
AAG:;:G:C8:H>CI=>HCCJ6A-:EDGIDC!DGB & I=:>C;DGB6I>DC>C8DGEDG6I:9>CIDI=>HCCJ6A-:EDGIDC!DGB &7N

G:;:G:C8:ID>C;DGB6I>DC>CI=:+GDMN.I6I:B:CID;26AB6GI$C8 ;DG>IHCCJ6A.=6G:=DA9:GH(::I>C<ID7:=:A9DC%JC:
6C9>CI=::M=>7>IHIDI=>HCCJ6A-:EDGIDC!DGB &ID26AB6GI$C8 26AB6GI I=:DBE6CN DJGDBE6CN
L: JH6C9DJG6G:IDI=::A6L6G:8DGEDG6I>DCC6B:926AB6GI$C8 6C9 :M8:EIL=:G::MEG:HHANCDI:9DI=:GL>H:DGI=:
8DCI:MIDI=:GL>H:G:FJ>G:H I=6I8DGEDG6I>DCH8DCHDA>96I:9HJ7H>9>6G>:H
&(*
1ED9?>1BI)D1D5=5>D(571B49>7?BG1B4 "??;9>7)D1D5=5>DC
/=>HCCJ6A-:EDGIDC!DGB &6C9DI=:GG:EDGIH HI6I:B:CIH 6C9>C;DGB6I>DCI=6I26AB6GI$C8 L=>8=>C9>K>9J6AANDG
ID<:I=:GL>I=>IHHJ7H>9>6G>:H 6HI=:8DCI:MIDI=:GL>H:G:FJ>G:H >HG:;:GG:9ID6HL: 26AB6GIDGI=:DBE6CN=6H;>A:9
L>I=DG;JGC>H=:9IDI=:.:8JG>I>:H6C9 M8=6C<:DBB>HH>DC. DGB6N;>A:L>I=DG;JGC>H=IDI=:. >CI=:;JIJG: 6C9
EG>DGDG;JIJG:EJ7A>86CCDJC8:B:CIH6C9EG:H:CI6I>DCHI=6IL:DGDJGB6C6<:B:CI=6K:B69:DGB6NB6@: >C8AJ9:DGB6N
>C8AJ9: DG>C8DGEDG6I:DGB6N>C8DGEDG6I:7NG:;:G:C8: HI6I:B:CIHI=6IB6N7:9::B:9ID7:;DGL6G9 ADD@>C<HI6I:B:CIH
L>I=>CI=:B:6C>C<D;.:8I>DC D;I=:.:8JG>I>:H M8=6C<:8ID; 6H6B:C9:9I=:8I I=6I6G:>CI:C9:9ID:C?DN
I=:EGDI:8I>DCD;I=:H6;:=6G7DG;DG;DGL6G9 ADD@>C<HI6I:B:CIHEGDK>9:97NI=:8I6HL:AA6HEGDI:8I>DCH6;;DG9:97NDI=:G
;:9:G6AH:8JG>I>:HA6LH
)6IJG:D;!DGL6G9 'DD@>C<.I6I:B:CIH
.J8=;DGL6G9 ADD@>C<HI6I:B:CIH6G:CDIHI6I:B:CIHD;=>HIDG>86A;68IH 7JI>CHI:69:MEG:HHDJG:HI>B6I:HDG:ME:8I6I>DCH;DGDJG
8DCHDA>96I:9 DGDC:D;DJGH:<B:CIH :8DCDB>8E:G;DGB6C8:DGG:HJAIHD;DE:G6I>DCH;DG;JIJG:E:G>D9HDG6HD;;JIJG:96I:HDG
:K:CIHDG9:K:ADEB:CIHI=6IB6ND88JG>CI=:;JIJG:DG9>H8JHHDJGEA6CH D7?:8I>K:HDG<D6AH /=:H:;DGL6G9 ADD@>C<
HI6I:B:CIHB6NG:A6I:ID
R I=:<GDLI=D;DJG7JH>C:HHDG8=6C<:>CDJG8DBE:I>I>K:EDH>I>DC>CI=:;JIJG:DG>CDGDK:GE6GI>8JA6GE:G>D9H
R I=:6BDJCI CJB7:G <GDLI= >C8G:6H: G:9J8I>DCDG9:8G:6H:>CDGDK:G8:GI6>CE:G>D9H D;DG>C8:GI6>C;>C6C8>6A>I:BH
DGB:6HJG:HDGDE:G6I>C<B:6HJG:H >C8AJ9>C<DJG:6GC>C<HE:GH=6G: C:IH6A:H 8DBE6G67A:HIDG:6C98AJ7H6A:H DJG
26AB6GI0 . DE:G6I>C<H:<B:CIH:DBB:G8:H6A:H A>67>A>I>:H :ME:CH:HD;8:GI6>C86I:<DG>:H :ME:CH:A:K:G6<:
G:IJGCH 86E>I6A6C9DE:G6I>C<>CK:HIB:CIHDG:ME:C9>IJG:HD;E6GI>8JA6GINE:H6C9C:LHIDG:DE:C>C<H
R >CK:HIB:CIH6C986E>I6A:ME:C9>IJG:HL:L>AAB6@:6C9=DL8:GI6>CD;I=DH:>CK:HIB:CIH6C986E>I6A:ME:C9>IJG:H6G:
:ME:8I:9ID7:;>C6C8:9
R DJG>C8G:6H>C<>CK:HIB:CIH>C:DBB:G8: I:8=CDAD<N HJEEAN8=6>C HIDG:G:BD9:AH6C9DI=:GDBC> 8=6CC:A8JHIDB:G
>C>I>6I>K:H HJ8=6HH6B:96NE>8@JE6C99:A>K:GN
R DJGLDG@;DG8:HIG6I:<N
R KDA6I>A>IN>C8JGG:C8N:M8=6C<:G6I:H6;;:8I>C<DJGDGDC:D;DJGH:<B:CIHG:HJAIHD;DE:G6I>DCH
R I=:DBE6CN8DCI>CJ>C<IDEGDK>9:G:IJGCHIDH=6G:=DA9:GHI=GDJ<=H=6G:G:EJG8=6H:H6C99>K>9:C9H I=:JH:D;H=6G:
G:EJG8=6H:6JI=DG>O6I>DCDK:G68:GI6>CE:G>D9DGI=:HDJG8:D;;JC9>C<D;68:GI6>CEDGI>DCD;DJGH=6G:G:EJG8=6H:H
R DJGHDJG8:HD;A>FJ>9>IN >C8AJ9>C<DJG86H= 8DCI>CJ>C<ID7:69:FJ6I:DGHJ;;>8>:CIID;JC9DJGDE:G6I>DCH ;>C6C8:DJG
<AD76A>CK:HIB:CI6C9:ME6CH>DC68I>K>I>:H E6N9>K>9:C9H6C9;JC9H=6G:G:EJG8=6H:H
R 86H=;ADLH;GDBDE:G6I>DCH DJG8JGG:CI86H=EDH>I>DC6C9688:HHID86E>I6AB6G@:IHL>AA8DCI>CJ:ID7:HJ;;>8>:CIID
B::IDJG6CI>8>E6I:9DE:G6I>C<86H=C::9H
R I=:G:8A6HH>;>86I>DCD;6BDJCIHG:A6I:9IDDJG9:G>K6I>K:H
R DJG:;;:8I>K:I6MG6I:;DG8:GI6>CE:G>D9H6C9I=:G:6A>O6I>DCD;8:GI6>CC:I9:;:GG:9I6M6HH:IH6C9I=::;;:8IHD;
G:HDAJI>DCHD;I6M G:A6I:9B6II:GH
R I=::;;:8ID;69K:GH:9:8>H>DCH>C DGH:IIA:B:CID; A>I><6I>DCDGDI=:GEGD8::9>C<HDG>CK:HI><6I>DCHIDL=>8=L:6G:
HJ7?:8I
R I=::;;:8IDCI=:DBE6CNHG:HJAIHD;DE:G6I>DCHDG;>C6C8>6AEDH>I>DCD;I=:DBE6CNH69DEI>DCD;8:GI6>CC:L DG
6B:C9B:CIHID:M>HI>C< 688DJCI>C<HI6C96G9HDG
R DJG8DBB>IB:CIH >CI:CI>DCH EA6CHDG<D6AHG:A6I:9IDI=:HJHI6>C67>A>IND;DJG:CK>GDCB:CI6C9HJEEAN8=6>CH I=:
EGDBDI>DCD;:8DCDB>8DEEDGIJC>INDGDI=:GHD8>:I6A>C>I>6I>K:H
*JG;DGL6G9 ADD@>C<HI6I:B:CIHB6N6AHD>C8AJ9:HI6I:B:CIHD;DJGHIG6I:<>:H EA6CH6C9D7?:8I>K:H;DGDJGDE:G6I>DCH >C8AJ9>C<
6G:6HD;;JIJG:;D8JH>CDJGDE:G6I>DCH 6C9I=:6HHJBEI>DCHJC9:GAN>C<6CND;I=:;DGL6G9 ADD@>C<HI6I:B:CIHL:B6@: /=:
;DGL6G9 ADD@>C<HI6I:B:CIHL:B6@:86CINE>86AAN7:>9:CI>;>:97NI=:JH:I=:G:>CD;LDG9H6C9E=G6H:HHJ8=6H6>B
6CI>8>E6I: 7:A>:K: 8DJA97: 8DJA9>C8G:6H: 8DJA9D88JG 8DJA9G:HJAI 8DCI>CJ: :HI>B6I: :ME6CH>DC
:ME:8I :ME:8I6I>DC :ME:8I:9ID7: ;D8JH ;DG:86HI <D6A <GDL <J>96C8: >CI:C9 >CK:HI >H:ME:8I:9

B6N8DCI>CJ: B6N;AJ8IJ6I: B6N<GDL B6N>BE68I B6NG:HJAI D7?:8I>K: EA6C EG>DG>IN EGD?:8I HIG6I:<N
ID7: L:AA L:L>AA L>AA699 L>AA6AADL L>AA7: L>AA7:C:;>I L>AA8=6C<: L>AA8DB:>C6I L>AA8DCI>CJ:
L>AA9:8G:6H: L>AA<GDL L>AA=6K: L>AA>BE68I L>AA>C8AJ9: L>AA>C8G:6H: L>AADE:C L>AAG:B6>C L>AAG:HJAI
L>AAHI6N L>AAHIG:C<I=:C LDJA97: LDJA99:8G:6H:6C9LDJA9>C8G:6H: K6G>6I>DCHD;HJ8=LDG9HDGE=G6H:H DI=:G
E=G6H:H8DBB:C8>C<L>I=I=:LDG9L>AADGH>B>A6GLDG9H6C9E=G6H:H9:CDI>C<6CI>8>E6I:9DG:ME:8I:9D88JGG:C8:HDGG:HJAIH
/=:;DGL6G9 ADD@>C<HI6I:B:CIHI=6IL:B6@:DGI=6I6G:B69:7NDI=:GHDCDJG7:=6A;6G:76H:9DCDJG@CDLA:9<:D;DJG
7JH>C:HH6C9DJGDE:G6I>C<:CK>GDCB:CI6C96HHJBEI>DCHI=6IL:7:A>:K:ID7:DGL>AA7:A>:K:ID7:G:6HDC67A:L=:CHJ8=
;DGL6G9 ADD@>C<HI6I:B:CIHL:G:DG6G:B69: H68DCH:FJ:C8:D;I=:;68IDGH9:H8G>7:967DK: I=:DI=:GG>H@H JC8:GI6>CI>:H
6C9;68IDGHL:9>H8ADH:7:ADL6C9>CI=:DI=:GG:EDGIH6HB:CI>DC:967DK: DI=:GG>H@HCDI@CDLCIDJH6II=>HI>B: 8=6C<:H>C
;68IH 6HHJBEI>DCHCDI7:>C<G:6A>O:9DGDI=:G8>G8JBHI6C8:H DJG68IJ6AG:HJAIHB6N9>;;:GB6I:G>6AAN;GDBI=DH:9>H8JHH:9>CDG
>BEA>:9DG8DCI:BEA6I:97NDJG;DGL6G9 ADD@>C<HI6I:B:CIH DCH:FJ:CIAN I=>H86JI>DC6GNHI6I:B:CIFJ6A>;>:H6AA;DGL6G9
ADD@>C<HI6I:B:CIHL:B6@:DGI=6I6G:B69:DCDJG7:=6A; >C8AJ9>C<I=DH:B69:=:G:>C6C9>C8DGEDG6I:97NG:;:G:C8:=:G:>C
2:86CCDI6HHJG:NDJI=6II=:G:HJAIHDG9:K:ADEB:CIH:ME:8I:9DG6CI>8>E6I:97NJHL>AA7:G:6A>O:9DG :K:C>;HJ7HI6CI>6AAN
G:6A>O:9 I=6II=DH:G:HJAIHDG9:K:ADEB:CIHL>AAG:HJAI>CI=::ME:8I:98DCH:FJ:C8:H;DGJHDG6;;:8IJH DJG7JH>C:HH DJG
DE:G6I>DCHDGDJGDE:G6I>C<G:HJAIH>CI=:B6CC:GDGIDI=::MI:CIL::ME:8I 2:86JI>DCG:69:GHCDIIDEA68:JC9J:G:A>6C8:DC
HJ8=;DGL6G9 ADD@>C<HI6I:B:CIH L=>8=HE:6@DCAN6HD;I=:>G96I:H 2:JC9:GI6@:CDD7A><6I>DCIDG:K>H:DGJE96I:6CND;I=:
;DGL6G9 ADD@>C<HI6I:B:CIHIDG:;A:8IHJ7H:FJ:CI:K:CIHDG8>G8JBHI6C8:H:M8:EIIDI=::MI:CIG:FJ>G:97N6EEA>867A:A6L

*# +)$))
5>5B1<
26AB6GI$C8 26AB6GI I=:DBE6CNDGL:=:AEHE:DEA:6GDJC9I=:LDGA9H6K:BDC:N6C9A>K:7:II:GT6CNI>B:6C9
6CNL=:G:T7NEGDK>9>C<I=:DEEDGIJC>INIDH=DE>CG:I6>AHIDG:H6C9I=GDJ<=:DBB:G8: /=GDJ<=>CCDK6I>DC L:HIG>K:ID
8DCI>CJDJHAN>BEGDK:68JHIDB:G 8:CIG>8:ME:G>:C8:I=6IH:6BA:HHAN>CI:<G6I:HDJG:DBB:G8:6C9G:I6>AHIDG:H>C6CDBC>
8=6CC:AD;;:G>C<I=6IH6K:HI>B:;DGDJG8JHIDB:GH 68=L::@ L:H:GK:DK:GB>AA>DC8JHIDB:GHL=DK>H>I6EEGDM>B6I:AN
HIDG:H6C9CJB:GDJH:DBB:G8:L:7H>I:HJC9:G76CC:GH>C8DJCIG>:H
*JGHIG6I:<N>HIDB6@::K:GN96N:6H>:G;DG7JHN;6B>A>:H DE:G6I:L>I=9>H8>EA>C: H=6GE:CDJG8JAIJG:6C97:8DB:9><>I6A 6C9
B6@:IGJHI68DBE:I>I>K:69K6CI6<: (6@>C<A>;::6H>:G;DG7JHN;6B>A>:H>C8AJ9:HDJG8DBB>IB:CIIDEG>8:A:69:GH=>E L=>8=
=6H7::C6C9L>AAG:B6>C68DGC:GHIDC:D;DJG7JH>C:HH 6HL:AA6H>C8G:6H>C<8DCK:C>:C8:IDH6K:DJG8JHIDB:GHI>B: N
A:69>C<DCEG>8: L::6GCI=:IGJHID;DJG8JHIDB:GH:K:GN96N7NEGDK>9>C<67GD696HHDGIB:CID;FJ6A>INB:G8=6C9>H:6C9
H:GK>8:H6I:K:GN96NADLEG>8:H '+ '+>HDJGEG>8>C<E=>ADHDE=NJC9:GL=>8=L:EG>8:>I:BH6I6ADLEG>8::K:GN
96NHDDJG8JHIDB:GHIGJHII=6IDJGEG>8:HL>AACDI8=6C<:JC9:G;G:FJ:CIEGDBDI>DC6A68I>K>IN K:GN96NADL8DHI '>H
DJG8DBB>IB:CIID8DCIGDA:ME:CH:HHDDJG8DHIH6K>C<H86C7:E6HH:96ADC<IDDJG8JHIDB:GH
*JGDE:G6I>DCH8DBEG>H:I=G::G:EDGI67A:H:<B:CIH26AB6GI0 . 26AB6GI$CI:GC6I>DC6A6C9.6BHAJ7 *JG;>H86AN:6G:C9H
DC%6CJ6GN;DGDJG0C>I:9.I6I:H0 . 6C96C69>6CDE:G6I>DCH 2:8DCHDA>96I:6AADI=:GDE:G6I>DCH<:C:G6AANJH>C<6
DC: BDCI=A6<6C9DC686A:C96GN:6G76H>H *JG9>H8JHH>DC>H6HD;6C9;DGI=:;>H86AN:6GH:C9:9%6CJ6GN ;>H86A
%6CJ6GN ;>H86A6C9%6CJ6GN ;>H86A JG>C<;>H86A L:<:C:G6I:9IDI6AG:K:CJ:H
D; 7>AA>DC L=>8=L6HEG>B6G>AN8DBEG>H:9D;C:IH6A:HD; 7>AA>DC
2:B6>CI6>CDJGEG>C8>E6AD;;>8:H>C:CIDCK>AA: G@6CH6H *JG8DBBDCHID8@IG69:HDCI=:):L4DG@.ID8@ M8=6C<:JC9:G
I=:HNB7DA2(/
*855F5<?@=5>D?6%EB?=@1>I
/=:7JH>C:HH:H8DC9J8I:97NDJG;DJC9:GH7:<6C>CL=:C.6B( 26AIDCDE:C:96;G6C8=>H::C!G6C@A>CK6G>:INHIDG:
>C):LEDGI G@6CH6H $C =>H7GDI=:G %6B:H' 26AIDC DE:C:96H>B>A6GHIDG:>C1:GH6>AA:H (>HHDJG> 0CI>A DJG
;DJC9:GH7JH>C:HHL6H9:KDI:9:CI>G:ANIDI=:DE:G6I>DCD;K6G>:INHIDG:H $C L:DE:C:9DJG;>GHI.6BHAJ7 6C9>C
L:DE:C:9DJG;>GHIHJE:G8:CI:G $C L:DE:C:9DJG;>GHI26AB6GI):><=7DG=DD9(6G@:I $C L:7:<6CDJG;>GHI
>CI:GC6I>DC6A>C>I>6I>K:L=:CL::CI:G:9>CID6?D>CIK:CIJG:>C(:M>8D6C9 6HD;%6CJ6GN DJG26AB6GI$CI:GC6I>DC6A
H:<B:CI8DC9J8I:97JH>C:HH>C8DJCIG>:H
$C L:7:<6CDJG;>GHI:DBB:G8:>C>I>6I>K:7N8G:6I>C<7DI=L6AB6GI 8DB6C9H6BH8AJ7 8DB .>C8:I=:C DJG
:DBB:G8:EG:H:C8:=6H8DCI>CJ:9ID<GDL $C A:K:G6<>C<DJGE=NH>86AHIDG:H L6AB6GI 8DBA6JC8=:9>IH.>I:ID.IDG:
H:GK>8: :C67A>C<8JHIDB:GHIDB6@:6EJG8=6H:DCA>C:6C9E>8@JEB:G8=6C9>H:>CHIDG:H /D96I: L:CDL=6K:6EEGDM>B6I:AN
E>8@JE6C9 9:A>K:GNAD86I>DCH<AD76AAN $CG:8:CIN:6GH L:=6K:=:6K>AN>CK:HI:9>CDBC> 8=6CC:A6C9:DBB:G8:
>CCDK6I>DC 6HL:AA6HB69:H:K:G6A:DBB:G8:68FJ>H>I>DCHID7:II:GH:GK:DJG8JHIDB:GH /=:H:>CK:HIB:CIH=6K::C67A:9JH
IDA:K:G6<:I:8=CDAD<N I6A:CI6C9:ME:GI>H: >C8J76I:9><>I6AAN C6I>K:7G6C9H 6C9:ME6C9DJG6HHDGIB:CI6C9H:GK>8:D;;:G>C<H
>CHIDG:H6C9DCL6AB6GI 8DB 2:=6K:6AHD8DCI>CJ:9ID:C=6C8:DJG:DBB:G8:>C>I>6I>K:H>CI:GC6I>DC6AAN HJ8=6HL>I=DJG
68FJ>H>I>DCD;6B6?DG>INHI6@:D;!A>E@6GI+G>K6I:'>B>I:9!A>E@6GI L=>8=>HDJG:8DHNHI:B>C$C9>6I=6I>C8AJ9:H
:DBB:G8:EA6I;DGBHD;!A>E@6GI6C9(NCIG66HL:AA6H+=DC:+: 69><>I6AIG6CH68I>DCEA6I;DGB
$C;>H86A L:A6JC8=:926AB6GI >CI=:0 . 6C:LB:B7:GH=>ED;;:G>C<L>I=DBC> 8=6CC:AH=DEE>C<7:C:;>IHI=6I
8JGG:CIAN>C8AJ9:JCA>B>I:9;G::H=>EE>C<DC:A><>7A:>I:BHL>I=CDDG9:GB>C>BJB JCA>B>I:99:A>K:GN;GDBHIDG: ;J:A
9>H8DJCIH 6C9BD7>A:H86C<D;DG6HIG:6BA>C:9>C HIDG:H=DEE>C<:ME:G>:C8: 2:6G::C=6C8>C<DJG:8DHNHI:BL>I=DJG
DBC> 8=6CC:A86E67>A>I>:H HIDG:H H:GK>8:H :DBB:G8:H>I:H6C9HJEEAN8=6>C8DB7>C:9L>I=DJGBDG:I=6C B>AA>DC
6HHD8>6I:H6HD;%6CJ6GN ID7:II:GH:GK:DJG8JHIDB:GH /D<:I=:G L:7:A>:K:I=:H::A:B:CIHEGD9J8:6;ANL=::A:;;:8I
L=>8=8G:6I:H8JHIDB:GG:A6I>DCH=>EHL=:G:8JHIDB:GHK>:L26AB6GI6HI=:>GEG>B6GN9:HI>C6I>DC
JG>C<;>H86A I=:LDGA9=6H7::C 6C98DCI>CJ:HID7: >BE68I:97NI=:*1$ E6C9:B>8 2=>A:L:=6K:>C8JGG:9
>C8G:B:CI6A8DHIH6HHD8>6I:9L>I=DE:G6I>C<9JG>C<6<AD76A=:6AI=8G>H>H I=:*1$ E6C9:B>8=6H6AHD688:A:G6I:9DJG
7JH>C:HH<GDLI=6C9:DBB:G8::ME6CH>DC 2:=6K:8DCI>CJ:9ID>CK:HI>CDJGDBC> 8=6CC:AD;;:G>C<L=>8=G:HDC6I:HL>I=
8JHIDB:GH6GDJC9I=:LDGA9L=D6G:>C8G:6H>C<ANH::@>C<8DCK:C>:C8:

>6?B=1D9?>2?ED%EB)57=5>DC
2:6G::C<6<:9>C<AD76ADE:G6I>DCHD;G:I6>A L=DA:H6A:6C9DI=:GJC>IH 6HL:AA6H:DBB:G8: AD86I:9I=GDJ<=DJII=:0 .
;G>86 6C696 :CIG6AB:G>86 =>A: =>C6 $C9>66C9(:M>8D /=:DBE6CN6AHD:C<6<:9>CDE:G6I>DCH>CI=:0 & 6C9
%6E6C 7DI=D;L=>8=L:G:8A6HH>;>:96H=:A9;DGH6A:6HD;%6CJ6GN 2:6AHDDE:G6I:9>CG<:CI>C66C9G6O>AEG>DGID
I=:H6A:D;26AB6GIG<:CI>C6>C)DK:B7:G6C9I=:B6?DG>INHI6@:D;26AB6GIG6O>A>C;>H86A -:;:GID)DI:ID
DJGDCHDA>96I:9!>C6C8>6A.I6I:B:CIH;DG>C;DGB6I>DCDCI=:H:9>K:HI>IJG:H *JGDE:G6I>DCH6G:8DC9J8I:9>CI=G::G:EDGI67A:
H:<B:CIH26AB6GI0 . 26AB6GI$CI:GC6I>DC6A6C9.6BHAJ7 L=>8=6G:;JGI=:G9:H8G>7:97:ADL 68=H:<B:CI8DCIG>7JI:H
IDI=:DBE6CNHDE:G6I>C<G:HJAIH9>;;:G:CIAN #DL:K:G :68==6H<:C:G6AANB6>CI6>C:968DCH>HI:CI8DCIG>7JI>DCG6I:IDI=:
DBE6CNHC:IH6A:H6C9DE:G6I>C<>C8DB:>CG:8:CIN:6GHDI=:GI=6CB>CDG8=6C<:HIDI=:8DCIG>7JI>DCG6I:;DGI=:26AB6GI
$CI:GC6I>DC6AH:<B:CI9J:ID;AJ8IJ6I>DCH>C8JGG:C8N:M8=6C<:G6I:H 99>I>DC6A>C;DGB6I>DCDCDJGDE:G6I>C<H:<B:CIH6C9
<:D<G6E=>86C9EGD9J8I>C;DGB6I>DC>H8DCI6>C:9>C)DI:IDDJGDCHDA>96I:9!>C6C8>6A.I6I:B:CIH
-1<=1BD+ ) )57=5>D
26AB6GI0 . >HDJGA6G<:HIH:<B:CI6C9DE:G6I:H>CI=:0 . >C8AJ9>C<>C6AAHI6I:H 26H=>C<IDC 6C9+J:GID->8D
26AB6GI0 . >H6B6HHB:G8=6C9>H:GD;8DCHJB:GEGD9J8IH DE:G6I>C<JC9:GI=:26AB6GI6C926AB6GI):><=7DG=DD9
(6G@:I7G6C9H 6HL:AA6HL6AB6GI 8DB6C9DI=:G:DBB:G8:7G6C9H 26AB6GI0 . =69C:IH6A:HD; 7>AA>DC;DG;>H86A
G:EG:H:CI>C<D;DJG;>H86A8DCHDA>96I:9C:IH6A:H 6C9=69C:IH6A:HD; 7>AA>DC6C9 7>AA>DC;DG
;>H86A6C9 G:HE:8I>K:AN *;DJGI=G::H:<B:CIH 26AB6GI0 . =6H=>HIDG>86AAN=69I=:=><=:HI<GDHHEGD;>I6H6
E:G8:CI6<:D;C:IH6A:H<GDHHEGD;>IG6I: $C699>I>DC 26AB6GI0 . =6H=>HIDG>86AAN8DCIG>7JI:9I=:<G:6I:HI6BDJCIIDI=:
DBE6CNHC:IH6A:H6C9DE:G6I>C<>C8DB:
%=>9 381>>5< 26AB6GI0 . EGDK>9:H6CDBC> 8=6CC:A:ME:G>:C8:ID8JHIDB:GH >CI:<G6I>C<G:I6>AHIDG:H6C9:DBB:G8:

I=GDJ<=H:GK>8:HHJ8=6HE>8@JE6C99:A>K:GN H=>E ;GDB HIDG: 6C99><>I6AE=6GB68N;JA;>AAB:CIDEI>DCH HD;%6CJ6GN
L:=696EEGDM>B6I:AN E>8@JEAD86I>DCH6C9 9:A>K:GNAD86I>DCH *JG26AB6GI B:B7:GH=>E>C8DGEDG6I:H
H:K:G6AH:GK>8:D;;:G>C<HL=>8=EGDK>9::C=6C8:9DBC> 8=6CC:AH=DEE>C<:ME:G>:C8:H6C97:C:;>IH;DGB:B7:GH 2:=6K:
H:K:G6A:DBB:G8:L:7H>I:H I=:A6G<:HID;L=>8=>HL6AB6GI 8DB 2:9:;>C::DBB:G8:H6A:H6HH6A:H>C>I>6I:97N8JHIDB:GH
9><>I6AAN6C9;JA;>AA:97N6CJB7:GD;B:I=D9H>C8AJ9>C<DJG9:9>86I:9:DBB:G8:;JA;>AAB:CI8:CI:GH6C9A:K:G6<>C<DJG
HIDG:H /=:;DAADL>C<I67A:EGDK>9:HI=:6EEGDM>B6I:H>O:D;DJGG:I6>AHIDG:H6HD;%6CJ6GN
#9>9=E= #1H9=E= F5B175
)AE1B555D )AE1B555D )AE1B555D
.JE:G8:CI:GH<:C:G6AB:G8=6C9>H:6C9<GD8:GN
>H8DJCIHIDG:H<:C:G6AB:G8=6C9>H:6C9A>B>I:9<GD8:GN
):><=7DG=DD9B6G@:IH<GD8:GN
M8AJ9:HDI=:GHB6AA;DGB6IH
#5B381>49C5 26AB6GI0 . 9D:H7JH>C:HH>CI=G::HIG6I:<>8B:G8=6C9>H:JC>IH A>HI:97:ADL

R "GD8:GN8DCH>HIHD;6;JAAA>C:D;<GD8:GN>I:BH >C8AJ9>C<9GN<GD8:GN HC68@H 96>GN B:6I EGD9J8: 9:A>76@:GN
;GDO:C;DD9H 6A8D=DA>86C9CDC6A8D=DA>87:K:G6<:H 6HL:AA6H8DCHJB67A:HHJ8=6H=:6AI=6C97:6JIN6>9H E:I
HJEEA>:H =DJH:=DA98=:B>86AH E6E:G<DD9H6C9767NEGD9J8IH
R ":C:G6AB:G8=6C9>H:>C8AJ9:H
CI:GI6>CB:CI: < :A:8IGDC>8H IDNH H:6HDC6AB:G8=6C9>H: L>G:A:HH K>9:D<6B:H BDK>:H BJH>86C9
7DD@H
#6G9A>C:H: < 6JIDBDI>K: =6G9L6G:6C9E6>CI HEDGI>C<<DD9H DJI9DDGA>K>C<6C9HI6I>DC:GN
[ EE6G:A: < 6EE6G:A;DGB:C LDB:C <>GAH 7DNH6C9>C;6CIH 6HL:AA6HH=D:H ?:L:AGN6C9688:HHDG>:H6C9
[ #DB:: < =DJH:L6G:H6C9HB6AA6EEA>6C8:H 7:976I= ;JGC>IJG:6C9=DB:DG<6C>O6I>DC =DB:
;JGC>H=>C<H =DB:9:8DG ;67G>8H6C98G6;IH
R #:6AI=6C9L:AAC:HH>C8AJ9:HE=6GB68N DK:G I=: 8DJCI:G9GJ<H6C9DI=:GB:9>86AEGD9J8IH DEI>86AH:GK>8:H6C9
8A>C>86AH:GK>8:H
26AB6GI0 . G:8:CIANA6JC8=:926AB6GI 6B:B7:GH=>ED;;:G>C<EGDK>9>C<DBC> 8=6CC:AH=DEE>C<7:C:;>IHHJ8=6HJCA>B>I:9

;G::H=>EE>C<DC:A><>7A:>I:BHL>I=CDDG9:GB>C>BJBH 6HL:AA6H9:A>K:GN6C9DI=:G7:C:;>IHL=>8==:AE8JHIDB:GHH6K:BDG:
I>B:6C9BDC:N 26AB6GI0 . 6AHDD;;:GH6C>C =DJH:69K:GI>H>C<D;;:G>C<K>626AB6GIDCC:8I HJEEAN8=6>C6C9;JA;>AAB:CI
86E67>A>I>:HIDDCA>C:B6G@:IEA68:H:AA:GHK>626AB6GI!JA;>AAB:CI.:GK>8:H 6HL:AA6HFJ6A>IN 6;;DG967A: 6C9688:HH>7A:
=:6AI=86G:K>626AB6GI#:6AI= 99>I>DC6AH:GK>8:D;;:G>C<H>C8AJ9:;J:A6C9;>C6C8>6AH:GK>8:H6C9G:A6I:9EGD9J8IH HJ8=6H
BDC:NDG9:GH EG:E6>986G9H BDC:NL>G:IG6CH;:GH 8=:8@86H=>C<6C97>AAE6NB:CI DB7>C:9 I=:H:D;;:G>C<H9>9CDI
G:EG:H:CI6H><C>;>86CIEDGI>DCD;6CCJ6AH:<B:CIG:K:CJ:H
G6C9C6B:B:G8=6C9>H:G:EG:H:CIH6H><C>;>86CIEDGI>DCD;I=:B:G8=6C9>H:HDA9>C26AB6GI0 . 2:6AHDB6G@:IA>C:HD;
B:G8=6C9>H:JC9:GDJGEG>K6I: A67:A7G6C9H >C8AJ9>C<7G6C9HHJ8=6HAAHL:AA I=A:I>82DG@H DCD7DH ADFJ>>

FJ6I: !G:H=C:HH"J6G6CI::9 ":DG<: "G:6I16AJ: #DA>96N/>B: (6>CHI6NH (6G@:IH>9: )DDJC96G>:H
*CC *O6G@/G6>A +6G:CIH=D>8: .6BH=D>8: .8DDE .EG>C<16AA:N .L>HH/:8= />B:6C9/GJ6C9
2DC9:G)6I>DC /=:DBE6CN6AHDB6G@:IHA>C:HD;B:G8=6C9>H:JC9:GA>8:CH:97G6C9H HDB:D;L=>8=>C8AJ9::II:G
#DB:H"6G9:CH !6G7:GL6G: +>DC::G2DB6C6C9-JHH:AA
+:G>D9>86AAN G:K>H>DCH6G:B69:IDI=:86I:<DG>O6I>DCD;I=:8DBEDC:CIH8DBEG>H>C<DJGHIG6I:<>8B:G8=6C9>H:JC>IH 2=:C

G:K>H>DCH6G:B69: I=:EG:K>DJHE:G>D9HEG:H:CI6I>DC>H69?JHI:9IDB6>CI6>C8DBE6G67>A>IN
%@5B1D9?>C #>HIDG>86AAN B6CNHJE:G8:CI:GH 9>H8DJCIHIDG:H6C9C:><=7DG=DD9B6G@:IHL:G:<:C:G6AANDE:C=DJGH:68=

96N $CG:HEDCH:IDI=:*1$ E6C9:B>8 L:G:9J8:9HIDG:=DJGHID6AADL;DG699>I>DC6A8A:6C>C<6C9H6C>I>O>C<7JI
:ME6C9:9HIDG:=DJGHHA><=IANIDL6G9I=::C9D;;>H86A DCH>HI:CIL>I=>IHHIG6I:<N 26AB6GI0 . 8DCI>CJ:HID9:K:ADE
I:8=CDAD<NIDDAH6C9H:GK>8:HI=6I=:AE7:II:GH:GK:8JHIDB:GH6C9=:AEHIDG:HDE:G6I:BDG::;;>8>:CIAN HJ8=6HE>8@JE6C9
9:A>K:GN 26AB6GI H=>E ;GDB HIDG:6C9DI=:G>C>I>6I>K:HL=>8=EGDK>9:8DCK:C>:CI6C9H:6BA:HHDBC> 8=6CC:AH=DEE>C<
:ME:G>:C8:H
)51C?>1<C@53DC?6%@5B1D9?>C 26AB6GI0 . H7JH>C:HH>HH:6HDC6AID68:GI6>C:MI:CI9J:ID86A:C96G:K:CIH6C9C6I>DC6A

6C9G:A><>DJH=DA>96NH 6HL:AA6H9>;;:G:CIL:6I=:GE6II:GCH #>HIDG>86AAN >IH=><=:HIH6A:HKDAJB:6C9H:<B:CIDE:G6I>C<
>C8DB:=6K:D88JGG:9>CI=:;>H86AFJ6GI:G:C9>C<%6CJ6GN #DL:K:G I=:*1$ E6C9:B>8B6N=6K:6C>BE68IDC
8DCHJB:G7:=6K>DGHI=6I8DJA9G:HJAI>CI:BEDG6GN8=6C<:H>CI=:H:6HDC6A;AJ8IJ6I>DCHD;DJG7JH>C:HH
?=@5D9D9?> 26AB6GI0 . 8DBE:I:HL>I=DBC> 8=6CC:AG:I6>A:GHDE:G6I>C<9>H8DJCI 9:E6GIB:CI G:I6>A6C9L=DA:H6A:<GD8:GH

9GJ< 9DAA6G K6G>:IN6C9HE:8>6AINHIDG:H HJE:GB6G@:IH =NE:GB6G@:IH6C9HJE:G8:CI:G INE:HIDG:H 6HL:AA6H:DBB:G8:
G:I6>A:GH *JG67>A>INID9:K:ADE6C9DE:G6I:JC>IH6II=:G><=IAD86I>DCH6C9ID9:A>K:G68JHIDB:G 8:CIG>8DBC> 8=6CC:A
:ME:G>:C8:A6G<:AN9:I:GB>C:HDJG8DBE:I>I>K:EDH>I>DCL>I=>CI=:G:I6>A>C9JHIGN 2::BEADNB6CNEGD<G6BH9:H><C:9IDB::I
8DBE:I>I>K:EG:HHJG:HL>I=>CDJG>C9JHIGN /=:H:EGD<G6BH>C8AJ9:I=:;DAADL>C<
R '+DJGEG>8>C<E=>ADHDE=NJC9:GL=>8=L:EG>8:>I:BH6I:K:GN96NADLEG>8:HHDDJG8JHIDB:GHIGJHII=6IDJG
EG>8:HL>AACDI8=6C<:JC9:G;G:FJ:CIEGDBDI>DC6A68I>K>IN
R ':K:GN96NADL8DHI>HDJG8DBB>IB:CIID8DCIGDA:ME:CH:HHDDJG8DHIH6K>C<H86C7:E6HH:96ADC<IDDJG
8JHIDB:GH6C9
R *BC> 8=6CC:AD;;:G>C<HHJ8=6HE>8@JE6C99:A>K:GN6C9DJGC:L26AB6GI B:B7:GH=>ED;;:G>C< 6AAD;L=>8=
:C=6C8:8DCK:C>:C8:6C9H::@IDH:GK:8JHIDB:GH>CI=:L6NHI=:NL6CIID7:H:GK:9
9CDB92ED9?> !DG;>H86A I=:B6?DG>IND;26AB6GI0 . HEJG8=6H:HD;HIDG:B:G8=6C9>H:L:G:H=>EE:9I=GDJ<=DJG

9>HIG>7JI>DC;68>A>I>:H L=>8=6G:AD86I:9HIG6I:<>86AANI=GDJ<=DJII=:0 . /=:G:B6>C>C<HIDG:B:G8=6C9>H:L:EJG8=6H:9L6H
H=>EE:99>G:8IAN;GDBHJEEA>:GH ":C:G6AB:G8=6C9>H:6C99GN<GD8:GNB:G8=6C9>H:>HIG6CHEDGI:9EG>B6G>ANI=GDJ<=I=:
H:<B:CIHEG>K6I:IGJ8@;A::I=DL:K:G L:8DCIG68IL>I=8DBBDC86GG>:GHIDIG6CHEDGII=:B6?DG>IND;DJGE:G>H=67A:<GD8:GN
B:G8=6C9>H: 2:H=>EB:G8=6C9>H:EJG8=6H:97N8JHIDB:GHDCDJG:DBB:G8:EA6I;DGBH7N6CJB7:GD;B:I=D9H;GDB
BJAI>EA:AD86I>DCH>C8AJ9>C<;GDBDJG9:9>86I:9:DBB:G8:;JA;>AAB:CI8:CI:GH 6HL:AA6HA:K:G6<>C<DJG67>A>INIDH=>E
9>G:8IAN;GDB6EEGDM>B6I:AN HIDG:H
-1<=1BD>D5B>1D9?>1<)57=5>D
26AB6GI$CI:GC6I>DC6A>HDJGH:8DC9A6G<:HIH:<B:CI6C9DE:G6I:9>C8DJCIG>:HDJIH>9:D;I=:0 .6HD;%6CJ6GN
26AB6GI$CI:GC6I>DC6ADE:G6I:9I=GDJ<=DJGL=DAAN DLC:9HJ7H>9>6G>:H>C6C696 =>A: 6C9=>C6 6HL:AA6HDJG7JH>C:HH:H
8A6HH>;>:96H=:A9;DGH6A:>C%6E6C6C9I=:0C>I:9&>C<9DB6HD;%6CJ6GN 26AB6GI$CI:GC6I>DC6A6AHDDE:G6I:H
I=GDJ<=DJGB6?DG>IN DLC:9HJ7H>9>6G>:H>C;G>86L=>8=>C8AJ9:HDIHL6C6 "=6C6 &:CN6 ':HDI=D (6A6L> (DO6B7>FJ:
)6B>7>6 )><:G>6 .DJI=;G>86 .L6O>A6C9 /6CO6C>6 0<6C966C956B7>6 :CIG6AB:G>86L=>8=>C8AJ9:HDHI6->86 A
.6AK69DG "J6I:B6A6 #DC9JG6H6C9)>86G6<J6 $C9>66C9(:M>8D 26AB6GI$CI:GC6I>DC6AEG:K>DJHANDE:G6I:9>CG<:CI>C66C9
G6O>AEG>DGIDI=:H6A:D;26AB6GIG<:CI>C6>C;>H86A6C9I=:B6?DG>INHI6@:D;26AB6GIG6O>A>C;>H86A -:;:GID
)DI:;DG9>H8JHH>DCD;G:8:CI9>K:HI>IJG:H
26AB6GI$CI:GC6I>DC6A>C8AJ9:HCJB:GDJH;DGB6IH9>K>9:9>CIDI=G::B6?DG86I:<DG>:HG:I6>A L=DA:H6A:6C9DI=:G /=:H:
86I:<DG>:H8DCH>HID;B6CN;DGB6IH >C8AJ9>C<HJE:G8:CI:GH HJE:GB6G@:IH =NE:GB6G@:IH L6G:=DJH:8AJ7H>C8AJ9>C<.6BH
AJ7H6C986H=86GGN 6HL:AA6H:DBB:G8:I=GDJ<=L6AB6GI 8DB BM L6AB6GI 86 ;A>E@6GI 8DB6C9DI=:GH>I:H 26AB6GI
$CI:GC6I>DC6A=69C:IH6A:HD; 7>AA>DC;DG;>H86A G:EG:H:CI>C<D;DJG;>H86A8DCHDA>96I:9C:IH6A:H 6C9=69
C:IH6A:HD; 7>AA>DC6C9 7>AA>DC;DG;>H86A6C9 G:HE:8I>K:AN /=:H:<B:CIHC:IH6A:HL:G:C:<6I>K:AN
>BE68I:97N8JGG:C8N:M8=6C<:G6I:;AJ8IJ6I>DCH;DG6AAN:6GHEG:H:CI:9 /=:<GDHHEGD;>IG6I:>HADL:GI=6CI=6ID;26AB6GI
0 . EG>B6G>AN7:86JH:D;>IHB:G8=6C9>H:B>M

26AB6GI$CI:GC6I>DC6AHHIG6I:<N>HID8G:6I:HIGDC<AD86A7JH>C:HH:HEDL:G:97N26AB6GIL=>8=B:6CH7:>C<AD86AANG:A:K6CI
6C98JHIDB:G ;D8JH:9>C:68=D;I=:B6G@:IH>IDE:G6I:H 2:6G:7:>C<9:A>7:G6I:67DJIL=:G:6C9=DLL:8=DDH:IDDE:G6I:
6C98DCI>CJ:IDG: H=6E:I=:EDGI;DA>DID7:HI:C67A:ADC< I:GB HJHI6>C67A:6C9EGD;>I67A:<GDLI= HHJ8= L:=6K:I6@:C
8:GI6>CHIG6I:<>868I>DCHIDHIG:C<I=:CDJG26AB6GI$CI:GC6I>DC6AEDGI;DA>D;DGI=:ADC< I:GB L=>8=>C8AJ9:I=:;DAADL>C<
=><=A><=IHDK:GI=:A6HII=G::N:6GH
R 8FJ>H>I>DCD;6B6?DG>INHI6@:D;!A>E@6GI>CJ<JHI
R >K:HI>IJG:D;E:G8:CID;26AB6GIG6O>A>CJ<JHI
R >K:HI>IJG:D;I=:26AB6GI=>A:76C@>C<DE:G6I>DCH>C:8:B7:G6C9I=:9>K:HI>IJG:D;I=:26AB6GI6C696
76C@>C<DE:G6I>DCH>CEG>A
R >K:HI>IJG:D;26AB6GIG<:CI>C6>C)DK:B7:G
R >K:HI>IJG:D;H96"GDJE'>B>I:9H96W DJGG:I6>ADE:G6I>DCH>CI=:0 & >C!:7GJ6GN
R >K:HI>IJG:D;6B6?DG>INHI6@:>C.:>NJ DJGG:I6>ADE:G6I>DCH>C%6E6C >C(6G8=
%=>9 381>>5< 26AB6GI$CI:GC6I>DC6AEGDK>9:H6CDBC> 8=6CC:A:ME:G>:C8:ID8JHIDB:GH >CI:<G6I>C<G:I6>AHIDG:H6C9

:DBB:G8: HJ8=6HI=GDJ<=E>8@JE6C99:A>K:GNH:GK>8:H>CBDHID;DJGB6G@:IH DJGB6G@:IEA68:HHJ8=6H!A>E@6GI>C$C9>6
6C969><>I6AIG6CH68I>DCEA6I;DGB6C8=DG:9>CE6NB:CIHHJ8=6H+=DC:+:>C$C9>6 $C=>C6 DJGE6GIC:GH=>EHL>I=% 8DB6C9
%6D?>6EGDK>9:8JHIDB:GHDC: =DJG9:A>K:GN7NA:K:G6<>C<26AB6GIHIDG:H6H;JA;>AAB:CI8:CI:GH
":C:G6AAN G:I6>AJC>IHH:AA>C<6G:6G6C<:>CH>O:;GDB HFJ6G:;::IID HFJ6G:;::I *JGL=DA:H6A:HIDG:HH:AA>C<
6G:6<:C:G6AANG6C<:>CH>O:;GDB HFJ6G:;::IID HFJ6G:;::I HD;%6CJ6GN 26AB6GI$CI:GC6I>DC6A=69
6EEGDM>B6I:AN E>8@JE6C9 9:A>K:GNAD86I>DCH
#5B381>49C5 /=:B:G8=6C9>H>C<HIG6I:<N;DG26AB6GI$CI:GC6I>DC6A>HH>B>A6GIDI=6ID;DJGDE:G6I>DCH>CI=:0 . >CI:GBHD;

I=:7G:69I=6C9H8DE:D;B:G8=6C9>H:D;;:G:9;DGH6A: 2=>A:7G6C9C6B:B:G8=6C9>H:688DJCIH;DG6B6?DG>IND;DJGH6A:H L:
=6K:7DI=A:K:G6<:90 . EG>K6I:7G6C9H6C99:K:ADE:9B6G@:IHE:8>;>8EG>K6I:7G6C9HIDH:GK:DJG8JHIDB:GHL>I==><=FJ6A>IN
ADLEG>8:9>I:BH ADC<L>I=I=:EG>K6I:7G6C9HL:B6G@:I<AD76AAN HJ8=6H FJ6I: ":DG<: "G:6I16AJ: #DA>96N
/>B: (6>CHI6NH (6G@:IH>9:6C9+6G:CIH=D>8: DJG>CI:GC6I>DC6AB6G@:IH=6K:9:K:ADE:9B6G@:IHE:8>;>87G6C9H
>C8AJ9>C<JGG:G6 6B7G>9<: '>9:G (NCIG6 6C9+=DC:+: $C699>I>DC L:=6K:9:K:ADE:96C98DCI>CJ:ID<GDL
DJGG:A6I>DCH=>EHL>I=G:<>DC6A6C9AD86AHJEEA>:GH>C:68=B6G@:IID:CHJG:G:A>67A:HDJG8:HD;FJ6A>INB:G8=6C9>H:I=6I>H:FJ6A
IDC6I>DC6A7G6C9H6IADLEG>8:H
26AB6GI$CI:GC6I>DC6A6AHDD;;:GH;J:A ;>C6C8>6AH:GK>8:H6C9G:A6I:9EGD9J8IH>CK6G>DJHB6G@:IH *JG7JH>C:HH:H>C(:M>8D6C9

6C696 ;DG:M6BEA: D;;:GEG:E6>986G9H6C9BDC:NL>G:IG6CH;:GH 6C9DJG+=DC:+:7JH>C:HH>C$C9>6EGDK>9:H6EA6I;DGB
I=6ID;;:GHBD7>A:6C97>AAE6NB:CI E:GHDC ID E:GHDC++E6NB:CI >CK:HIB:CI6C9>CHJG6C8:HDAJI>DCH ;>C6C8>6AH:GK>8:H6C9
69K:GI>H>C< DB7>C:9 I=:H:D;;:G>C<H9>9CDIG:EG:H:CI6H><C>;>86CIEDGI>DCD;6CCJ6AH:<B:CIG:K:CJ:H
%@5B1D9?>C /=:=DJGHD;DE:G6I>DC;DGDE:G6I>C<JC>IH>C26AB6GI$CI:GC6I>DC6AK6GN7N8DJCIGN6C97N>C9>K>9J6AB6G@:IH
L>I=>C8DJCIG>:H 9:E:C9>C<JEDCAD86A6C9C6I>DC6ADG9>C6C8:H<DK:GC>C<=DJGHD;DE:G6I>DC /DL6G9I=:7:<>CC>C<D;I=:
*1$ E6C9:B>8 <DK:GCB:CIB6C96I:HA:9ID:MI:CH>K:HIDG:6C9DE:G6I>DC6A8ADHJG:H>CH:K:G6AD;DJG>CI:GC6I>DC6A
B6G@:IH6HL:AA6HA>B>I6I>DCHDC8:GI6>CB:G8=6C9>H:H6A:H>CH:A:8IB6G@:IH 2=>A:BDHI8ADH:9HIDG:H6C9L6G:=DJH:H
G:HJB:9DE:G6I>DCH7NI=::C9D;;>H86A HIDG:=DJGH=6K:7::CE6GI>6AANG:9J8:9DGBD9>;>:9>CH:K:G6AB6G@:IH
99>I>DC6AAN H:K:G6AB6G@:IH>BEA:B:CI:9:C=6C8:9H6;:IN6C9H6C>I>O6I>DCEGDID8DAH 6HL:AA6HEGDK>9:9>C8G:6H:98JHIDB:G
DEI>DCH6C986E68>IN;DGE>8@JE6C99:A>K:GNH:GK>8:H
)51C?>1<C@53DC?6%@5B1D9?>C 26AB6GI$CI:GC6I>DC6AH7JH>C:HH>HH:6HDC6AID68:GI6>C:MI:CI #>HIDG>86AAN >IH=><=:HIH6A:H

KDAJB:6C9DE:G6I>C<>C8DB:=6K:D88JGG:9>CI=:;DJGI=FJ6GI:GD;DJG;>H86AN:6G /=:H:6HDC6A>IND;I=:7JH>C:HHK6G>:H7N
8DJCIGN9J:ID9>;;:G:CIC6I>DC6A6C9G:A><>DJH=DA>96NH ;:HI>K6AH6C98JHIDBH 6HL:AA6H9>;;:G:CIL:6I=:GE6II:GCH #DL:K:G
I=:*1$ E6C9:B>8B6N=6K:6C>BE68IDC8DCHJB:G7:=6K>DGHI=6I8DJA9G:HJAI>CI:BEDG6GN8=6C<:H>CI=:H:6HDC6A
;AJ8IJ6I>DCHD;DJG7JH>C:HH
?=@5D9D9?> 26AB6GI$CI:GC6I>DC6A8DBE:I:HL>I=DBC> 8=6CC:AG:I6>A:GHL=DDE:G6I:9:E6GIB:CI 9GJ< 9>H8DJCI K6G>:IN6C9

HE:8>6AINHIDG:H HJE:GB6G@:IH =NE:GB6G@:IH6C9HJE:G8:CI:G INE:HIDG:H L=DA:H6A:8AJ7H =DB: >BEGDK:B:CIHIDG:H HE:8>6AIN
:A:8IGDC>8HHIDG:H 86H=86GGNDE:G6I>DCH6C98DCK:C>:C8:HIDG:H 6C9:DBB:G8:G:I6>A:GH 6HL:AA6H86I6AD<7JH>C:HH:H *JG
67>A>INID9:K:ADE6C9DE:G6I:JC>IH6II=:G><=IAD86I>DCH6C9ID9:A>K:G68JHIDB:G 8:CIG>8DBC> 8=6CC:A:ME:G>:C8:A6G<:AN
9:I:GB>C:HDJG8DBE:I>I>K:EDH>I>DCL>I=>CI=:G:I6>A>C9JHIGN 2:7:A>:K:EG>8:A:69:GH=>E>H68G>I>86AE6GID;DJG7JH>C:HH
BD9:A6C9L:8DCI>CJ:ID;D8JHDCBDK>C<DJGB6G@:IHIDL6G9H6C '+6EEGD68= 99>I>DC6AAN DJG67>A>INIDDE:G6I:;DD9
9:E6GIB:CIH:;;:8I>K:AN=6H6H><C>;>86CI>BE68IDCDJG8DBE:I>I>K:EDH>I>DC>CI=:B6G@:IHL=:G:L:DE:G6I:

9CDB92ED9?> 2:JI>A>O:6IDI6AD;9>HIG>7JI>DC;68>A>I>:HAD86I:9>C6C696 :CIG6AB:G>86 =>A: =>C6 $C9>6 (:M>8D
6C9.DJI=;G>86 6HL:AA6H%6E6C6C9I=:0C>I:9&>C<9DB L=DH:DE:G6I>DCH6G:8A6HH>;>:96H=:A9;DGH6A:6HD;%6CJ6GN
6C9HJ7H:FJ:CIAN9>K:HI:9>CI=:;>GHIFJ6GI:GD;;>H86A /=GDJ<=I=:H:;68>A>I>:H L:EGD8:HH6C99>HIG>7JI:7DI=
>BEDGI:96C99DB:HI>8EGD9J8IHIDI=:DE:G6I>C<JC>IHD;I=:26AB6GI$CI:GC6I>DC6AH:<B:CI JG>C<;>H86A I=:B6?DG>IN
D;26AB6GI$CI:GC6I>DC6AHEJG8=6H:HE6HH:9I=GDJ<=I=:H:9>HIG>7JI>DC;68>A>I>:H .JEEA>:GHH=>EI=:G:B6>C9:GD;26AB6GI
$CI:GC6I>DC6AHEJG8=6H:H9>G:8IANIDDJGHIDG:H>CI=:K6G>DJHB6G@:IH>CL=>8=L:DE:G6I: 8GDHHI=:H:<B:CI L:=6K:
:;;>8>:CIC:ILDG@H8DCC:8I>C<E=NH>86AHIDG:H6C99>HIG>7JI>DC6C9;JA;>AAB:CI8:CI:GHL=>8=;68>A>I6I:I=:BDK:B:CID;<DD9HID
L=:G:DJG8JHIDB:GHA>K: 2:H=>EB:G8=6C9>H:EJG8=6H:97N8JHIDB:GHDCDJG:DBB:G8:EA6I;DGBH7N6CJB7:GD;B:I=D9H
;GDBBJAI>EA:AD86I>DCH>C8AJ9>C<;GDBDJG9:9>86I:9:DBB:G8:;JA;>AAB:CI8:CI:GH BDG:I=6C :DBB:G8:HDGI
8:CI:GH6C9A6HI B>A:9:A>K:GN;68>A>I>:H>C$C9>6 6HL:AA6HDJGE=NH>86AG:I6>AHIDG:H
)1=C<E2)57=5>D
.6BHAJ7DE:G6I:H>CHI6I:H>CI=:0 . 6C9>C+J:GID->8D .6BHAJ7>H6B:B7:GH=>E DCANL6G:=DJH:8AJ7I=6I6AHD
DE:G6I:HH6BH8AJ7 8DB .6BHAJ7=69C:IH6A:HD; 7>AA>DC;DG;>H86A G:EG:H:CI>C<D;DJG8DCHDA>96I:9;>H86A
C:IH6A:H 6C9=69C:IH6A:HD; 7>AA>DC6C9 7>AA>DC;DG;>H86A6C9 G:HE:8I>K:AN H6B:B7:GH=>E
DCANL6G:=DJH:8AJ7 B:B7:GH=>E>C8DB:>H6H><C>;>86CI8DBEDC:CID;I=:H:<B:CIHDE:G6I>C<>C8DB: .6BHAJ7DE:G6I:H
L>I=6ADL:G<GDHHEGD;>IG6I:6C9ADL:GDE:G6I>C<:ME:CH:H6H6E:G8:CI6<:D;C:IH6A:HI=6CDJGDI=:GH:<B:CIH
#5=25BC89@ /=:;DAADL>C<ILDDEI>DCH6G:6K6>A67A:IDB:B7:GH
&<EC#5=25BC89@ <E2#5=25BC89@
CCJ6A(:B7:GH=>E!::
)JB7:GD;99 DC(:B7:GH=>EH:68= 0EID 0EID
A><>7A:;DG6H=-:L6G9H 4:H )D
AAB:B7:GH=>EH>C8AJ9:6HEDJH:=DJH:=DA986G96ICD699>I>DC6A8DHI +AJH(:B7:GH6G::A><>7A:;DG6H=-:L6G9H L=>8=>H

67:C:;>II=6IEGDK>9:H768@DCFJ6A>;N>C<.6BHAJ7EJG8=6H:HJEID686H=G:L6G96CCJ6AAN /=:6BDJCI:6GC:986C
7:JH:9;DGEJG8=6H:HDGG:9::B:9;DG86H= +AJH(:B7:GH6G:6AHD:A><>7A:;DG;G::H=>EE>C<DCI=:B6?DG>IND;B:G8=6C9>H:
L>I=CDB>C>BJBDG9:GH>O: 6C9G:8:>K:9>H8DJCIHDCEG:H8G>EI>DCH6C9<A6HH:H
%=>9 381>>5< .6BHAJ7>H6B:B7:GH=>E DCANL6G:=DJH:8AJ7L=>8=EGDK>9:H6CDBC> 8=6CC:A:ME:G>:C8:ID8JHIDB:GH

>CI:<G6I>C<G:I6>AHIDG:H6C9:DBB:G8:I=GDJ<=HJ8=H:GK>8:H6HJG7H>9:+>8@JE BD7>A:.86C"D 6C9H=>E ;GDB 8AJ7
(:B7:GH=6K:688:HHID67GD696HHDGIB:CID;B:G8=6C9>H:6C9H:GK>8:H >C8AJ9>C<I=DH:CDI;DJC9>CDJG8AJ7H DCA>C:6I
H6BH8AJ7 8DB6C9I=GDJ<=DJGBD7>A:8DBB:G8:6EEA>86I>DCH /=:L6G:=DJH:;68>A>INH>O:H<:C:G6AANG6C<:7:IL::C
6C9 HFJ6G:;::I L>I=6C6K:G6<:H>O:D;6EEGDM>B6I:AN HFJ6G:;::I
#5B381>49C5 .6BHAJ7D;;:GHB:G8=6C9>H:>CI=:;DAADL>C<;>K:B:G8=6C9>H:86I:<DG>:H
"GD8:GN6C98DCHJB67A:H>C8AJ9:H96>GN B:6I 76@:GN 9:A> EGD9J8: 9GN 8=>AA:9DG;GDO:CE68@6<:9;DD9H 6A8D=DA>8
6C9CDC6A8D=DA>87:K:G6<:H ;ADG6A HC68@;DD9H 86C9N DI=:G<GD8:GN>I:BH =:6AI=6C97:6JIN6>9H E6E:G<DD9H
A6JC9GN6C9=DB:86G: 767N86G: E:IHJEEA>:H6C9DI=:G8DCHJB67A:>I:BH
R !J:A ID7688D6C9DI=:G86I:<DG>:H8DCH>HIHD;<6HDA>C:HI6I>DCH6C9ID7688D
R #DB:6C96EE6G:A>C8AJ9:H=DB:>BEGDK:B:CI DJI9DDGA>K>C< <6G9:C>C< ;JGC>IJG: 6EE6G:A ?:L:AGN IDDAH6C9EDL:G
:FJ>EB:CI =DJH:L6G:H IDNH H:6HDC6A>I:BH B6IIG:HH:H 6C9I>G:6C976II:GN8:CI:GH
R /:8=CDAD<N D;;>8:6C9:CI:GI6>CB:CI>C8AJ9:H8DCHJB:G:A:8IGDC>8H6C9688:HHDG>:H HD;IL6G: K>9:D<6B:H D;;>8:
HJEEA>:H 6EEA>6C8:H 6C9I=>G9 E6GIN<>;I86G9H6C9
R #:6AI=6C9L:AAC:HH>C8AJ9:HE=6GB68N DEI>86A6C9=:6G>C<H:GK>8:H6C9DK:G I=: 8DJCI:G9GJ<H
$C699>I>DC I=:(:B7:GH(6G@EG>K6I:A67:A7G6C98DCI>CJ:HID:ME6C96HHDGIB:CI6C99:A>K:GB:B7:GK6AJ:
%@5B1D9?>C *E:G6I>C<=DJGH;DG.6BHAJ7H6G:<:C:G6AAN(DC96NI=GDJ<=!G>96N;GDB6 B IDE B .6IJG96N

;GDB6 B IDE B 6C9.JC96N;GDB6 B IDE B 99>I>DC6AAN BDHI8AJ7AD86I>DCHD;;:G+AJH(:B7:GHI=:
67>A>INIDH=DE7:;DG:I=:G:<JA6GDE:G6I>C<=DJGH(DC96NI=GDJ<=.6IJG96N HI6GI>C<6I6 B 2=>A:HIDG:DE:G6I>C<=DJGH
<:C:G6AANG:B6>C:9HI67A:9JG>C<I=:*1$ E6C9:B>8 9:H><C6I:9V#:GD#DJGHWL:G:6AHD:HI67A>H=:9;DG;>GHIG:HEDC9:GH
=:6AI=86G:LDG@:GH 6C96HHD8>6I:H DCH>HI:CIL>I=>IHHIG6I:<N .6BHAJ78DCI>CJ:HID9:K:ADEI:8=CDAD<NIDDAHID9G>K:6
<G:6IB:B7:G:ME:G>:C8: JG>C<I=:E6C9:B>8 JG7H>9:+>8@JEL6HA6JC8=:96I6AA8AJ7HID=:AEEGDK>9:;6HI :6HN6C9
8DCI68I ;G::H=DEE>C<;DGB:B7:GH .6BHAJ76AHDD;;:GH.86C"D 6BD7>A:8=:8@DJI6C9E6NB:CIHDAJI>DC L=>8=
6AADLHB:B7:GHID7NE6HHI=:8=:8@DJIA>C:

)51C?>1<C@53DC?6%@5B1D9?>C .6BHAJ7H7JH>C:HH>HH:6HDC6AID68:GI6>C:MI:CI9J:ID86A:C96G:K:CIH6C9C6I>DC6A6C9
G:A><>DJH=DA>96NH 6HL:AA6H9>;;:G:CIL:6I=:GE6II:GCH #>HIDG>86AAN >IH=><=:HIH6A:HKDAJB:=6HD88JGG:9>CI=:;>H86AFJ6GI:G
:C9>C<%6CJ6GN #DL:K:G I=:*1$ E6C9:B>8B6N=6K:6C>BE68IDC8DCHJB:G7:=6K>DGHI=6I8DJA9G:HJAI>C
I:BEDG6GN8=6C<:H>CI=:H:6HDC6A;AJ8IJ6I>DCHD;DJG7JH>C:HH
?=@5D9D9?> .6BHAJ78DBE:I:HL>I=DI=:GB:B7:GH=>E DCANL6G:=DJH:8AJ7H I=:A6G<:HID;L=>8=>HDHI8D 6HL:AA6H

L>I=9>H8DJCIG:I6>A:GH G:I6>A6C9L=DA:H6A:<GD8:GH <:C:G6AB:G8=6C9>H:L=DA:H6A:GH6C99>HIG>7JIDGH <6HDA>C:HI6I>DCH6HL:AA
6HDBC> 8=6CC:A6C9:DBB:G8:G:I6>A:GH6C986I6AD<7JH>C:HH:H I.6BHAJ7 L:EGDK>9:K6AJ:6IB:B7:GH DCANEG>8:H 6
FJ6A>INB:G8=6C9>H:6HHDGIB:CI 6C97JA@H>O>C<IDH:GK:7DI=DJG+AJH6C9AJ7B:B7:GH *JG:DBB:G8:L:7H>I:6C9
BD7>A:8DBB:G8:6EEA>86I>DCH=6K:>C8G:6H>C<AN7:8DB:>BEDGI6CI;68IDGH>CDJG67>A>INID8DBE:I:6C9G:8:CIAN:C67A:9I=:
A6JC8=D;JG7H>9:+>8@JE68GDHH6AA8AJ7H
9CDB92ED9?> JG>C<;>H86A I=:B6?DG>IND;.6BHAJ7HCDC ;J:A8AJ7EJG8=6H:HL:G:H=>EE:9;GDB.6BHAJ7H

9:9>86I:99>HIG>7JI>DC;68>A>I>:H AD86I:9HIG6I:<>86AANI=GDJ<=DJII=:0 . DG;GDBHDB:D;I=:26AB6GI0 . H:<B:CIH
9>HIG>7JI>DC;68>A>I>:H L=>8=H:GK>8:I=:.6BHAJ7H:<B:CI;DG8:GI6>C>I:BH .JEEA>:GHH=>EE:9I=:G:B6>C9:GD;I=:.6BH
AJ7H:<B:CIH8AJ7EJG8=6H:H9>G:8IANID.6BHAJ7AD86I>DCH .6BHAJ7H=>EHB:G8=6C9>H:EJG8=6H:9DCH6BH8AJ7 8DB6C9
I=GDJ<=>IHBD7>A:8DBB:G8:6EEA>86I>DCH7N6CJB7:GD;B:I=D9H>C8AJ9>C<H=>EB:CIHB69:9>G:8IAN;GDB8AJ7H 9:9>86I:9
:DBB:G8:;JA;>AAB:CI8:CI:GH6C9DI=:G9>HIG>7JI>DC8:CI:GH
.6BHAJ7JH:H68DB7>C6I>DCD;DJGEG>K6I:IGJ8@;A::I 6HL:AA6H8DBBDC86GG>:GH IDIG6CHEDGICDC E:G>H=67A:B:G8=6C9>H:
;GDB9>HIG>7JI>DC;68>A>I>:HID8AJ7H /=:H:<B:CI8DCIG68IHL>I=8DBBDC86GG>:GHIDIG6CHEDGIE:G>H=67A:<GD8:GNB:G8=6C9>H:
;GDB9>HIG>7JI>DC;68>A>I>:HID8AJ7H
>D5<<53DE1<&B?@5BDI
2:G:<6G9DJGIG69:B6G@H H:GK>8:B6G@H 8DENG><=IH E6I:CIH 9DB6>CC6B:H IG69:9G:HH IG69:H:8G:IH EGDEG>:I6GN
I:8=CDAD<>:H 6C9H>B>A6G>CI:AA:8IJ6AEGDE:GIN6H>BEDGI6CIIDDJGHJ88:HH 6C9L>I=G:HE:8IIDDJG6HHD8>6I:H 8JHIDB:GH6C9
DI=:GH L:G:ANDCIG69:B6G@ 8DENG><=I 6C9E6I:CIA6L IG69: H:8G:IEGDI:8I>DC 6C98DC;>9:CI>6A>IN6C9DGA>8:CH:6<G::B:CIHID
EGDI:8IDJGEGDEG>:I6GNG><=IH 2:=6K:G:<>HI:G:9 DG6EEA>:9;DGI=:G:<>HIG6I>DCD; 6CJB7:GD;0 . 6C9>CI:GC6I>DC6A9DB6>C
C6B:H IG69:B6G@H H:GK>8:B6G@H6C98DENG><=IH 99>I>DC6AAN L:=6K:;>A:90 . 6C9>CI:GC6I>DC6AE6I:CI6EEA>86I>DCH
8DK:G>C<8:GI6>CD;DJGEGDEG>:I6GNI:8=CDAD<N 2:=6K:A>8:CH:9>CI=:E6HI 6C9:ME:8II=6IL:B6NA>8:CH:>CI=:;JIJG:
8:GI6>CD;DJGEGDEG>:I6GNG><=IHIDI=>G9E6GI>:H
)E@@<95BC1>4)E@@<I819>
H6G:I6>A:G6C9L6G:=DJH:8AJ7DE:G6IDG L:JI>A>O:6<AD76AHJEEAN8=6>CI=6I>C8AJ9:H7DI=0 . 6C9>CI:GC6I>DC6AHJEEA>:GH
;GDBL=DBL:EJG8=6H:I=:B:G8=6C9>H:I=6IL:H:AA>CDJGHIDG:H 8AJ7H6C9DCA>C: $CB6CN>CHI6C8:H L:EJG8=6H:
B:G8=6C9>H:;GDBEGD9J8:GHAD86I:9C:6GI=:HIDG:H6C98AJ7H>CL=>8=HJ8=B:G8=6C9>H:L>AA7:HDA9 E6GI>8JA6GANEGD9J8IH>C
I=:;G:H=86I:<DGN *JGEJG8=6H:HB6NG:EG:H:CI6H><C>;>86CIE:G8:CI6<:D;I=:6CCJ6AH6A:H;DG6CJB7:GD;DJGHJEEA>:GH
6C9I=:KDAJB:D;EGD9J8IL:68FJ>G:;GDBB6CNHJEEA>:GH6AADLHJHIDD7I6>C;6KDG67A:EG>8>C<;GDBHJ8=HJEEA>:GH *JG
HJEEA>:GH6G:HJ7?:8IIDHI6C96G9HD;8DC9J8I >C8AJ9>C<G:FJ>G:B:CIHI=6II=:N8DBEANL>I=AD86AA67DGA6LH AD86ALDG@:GH6;:IN
A6LH6C9DI=:G6EEA>867A:A6LH *JG67>A>INID68FJ>G:;GDBDJGHJEEA>:GHI=:6HHDGIB:CI6C9KDAJB:D;EGD9J8IHL:L>H=ID
D;;:GIDDJG8JHIDB:G IDG:8:>K:I=DH:EGD9J8IHL>I=>CI=:G:FJ>G:9I>B:I=GDJ<=DJGHJEEAN8=6>C6C9ID9>HIG>7JI:I=DH:
EGD9J8IHIDDJGHIDG:H6C98AJ7H9:I:GB>C:H >CE6GI DJG>C HID8@A:K:AH>CDJGHIDG:H6C98AJ7H6C9I=:6IIG68I>K:C:HHD;DJG
B:G8=6C9>H:6HHDGIB:CIL:D;;:GIDDJG8JHIDB:GH6C9B:B7:GH
?F5B>=5>D(57E<1D9?>
H68DBE6CNL>I=<AD76ADE:G6I>DCH L:6G:HJ7?:8IIDI=:A6LHD;I=:0C>I:9.I6I:H6C9BJAI>EA:;DG:><C?JG>H9>8I>DCH>CL=>8=
L:DE:G6I:6C9I=:GJA:H6C9G:<JA6I>DCHD;K6G>DJH<DK:GC>C<7D9>:H L=>8=B6N9>;;:G6BDC<?JG>H9>8I>DCH !DG699>I>DC6A
>C;DGB6I>DC H::I=:G>H@;68IDGH=:G:>C>C$I:B ->H@!68IDGHJC9:GI=:HJ7 86EI>DCV':<6A /6M -:<JA6IDGN DBEA>6C8:
-:EJI6I>DC6A6C9*I=:G->H@H

E=1>1@9D1<#1>175=5>D
*JG8DBB>IB:CIID=:AEE:DEA:6GDJC9I=:LDGA9H6K:BDC:N6C9A>K:7:II:G>H9:A>K:G:97NDJG6HHD8>6I:HL=DB6@:I=:
9>;;:G:C8:;DGDJG8JHIDB:GH:K:GN96N HD;I=::C9D;;>H86A L::BEADN:9BDG:I=6C B>AA>DC6HHD8>6I:HLDGA9L>9:
L>I= B>AA>DC6HHD8>6I:H>CI=:0 . 6C9 B>AA>DC6HHD8>6I:H>CI:GC6I>DC6AAN $CI=:0 . 6EEGDM>B6I:AND;I=:H:
6HHD8>6I:H6G:=DJGAN6C96EEGDM>B6I:AN6G:;JAA I>B:
2:7:A>:K:I=:HIG:C<I=D;DJGLDG@;DG8:>H6H><C>;>86CI8DCIG>7JIDGIDDJGHJ88:HH 26AB6GI>H6EA68:D;DEEDGIJC>IN CDIDCAN
6H6;DJC96I>DC6A:CIGNED>CIID9:K:ADE8G>I>86AH@>AAHI=6I6G:G:A:K6CI;DG6K6G>:IND;86G::GH 7JI6AHD6EA68:L=:G:E:DEA:86C
<GDL>CI=:>G86G::GH68GDHHDJG<AD76ADBC> 8=6CC:A7JH>C:HH H8JHIDB:G9:B6C9H6C9I:8=CDAD<N8=6C<:I=:C6IJG:D;
LDG@ L:C::9ID6IIG68I 9:K:ADE6C9G:I6>C6HHD8>6I:HIDI=G>K:>C6C:K:G 8=6C<>C<DBC> 8=6CC:A:CK>GDCB:CI EEGDM>B6I:AN
D;DJG0 . H6A6G>:9HIDG: 8AJ76C9HJEEAN8=6>CB6C6<:B:CIHI6GI:9I=:>G86G::GH>C=DJGANEDH>I>DCH 2:7:A>:K:DJG
;D8JHDC>BEGDK>C<86G::GE6I=H;DGDJG6HHD8>6I:HI=GDJ<=GD7JHIIG6>C>C< 8DBE:I>I>K:L6<:H C:LL6NHD;LDG@>C< 6C9
DEEDGIJC>I>:H;DG69K6C8:B:CI=6H>BEGDK:9IJGCDK:G>CI=:0 . DK:GI=:E6HI;:LN:6GH
*JGLDG@;DG8:HIG6I:<N>C8AJ9:HI=:;DAADL>C<HIG6I:<>8EG>DG>I>:H
>3<EC9?> 7,.'$#$./$46)14(8(4;10($',8(45((37,6$%.($0',0&.75,8(&1/2$0;9+(4($551&,$6(5,'($5$0'12,0,105
/$66(4 2:6G:;D8JH:9DC8G:6I>C<6C>C8AJH>K:8JAIJG:6C969>K:GH:6HHD8>6I:76H: L=:G:6AA6HHD8>6I:H7:A>:K:I=:N7:ADC<
6C96G::BEDL:G:9ID7:I=:BH:AK:H L=>8=L:7:A>:K:>H>BEDGI6CI>CH:GK>C<DJG8JHIDB:GHCDL6C9>CI=:;JIJG:
(6C6<:B:CIEGDK>9:HG:8JGG>C<8JAIJG: 9>K:GH>IN :FJ>IN6C9>C8AJH>DCJE96I:HIDH:C>DGA:69:GH=>E >C8AJ9>C<DJG+G:H>9:CI
6C9 * 6C9I=:DBE:CH6I>DC (6C6<:B:CI6C9:K:ADEB:CIDBB>II::D;I=:D6G9D;>G:8IDGH *;I=:BDG:I=6C
B>AA>DC6HHD8>6I:H:BEADN:9LDGA9L>9: >9:CI>;N6HLDB:C $CI=:0 . D;I=: B>AA>DC6HHD8>6I:H>9:CI>;N6H
:I=C>86AAN9>K:GH:
2:G:K>:LDJGEGD8:HH:HG:<6G9>C<DJG8DBB>IB:CIID;6>G E6NEG68I>8:H 2:6G:8DBB>II:9ID8G:6I>C<6E:G;DGB6C8:8JAIJG:
L=:G:6HHD8>6I:H6G:G:L6G9:976H:9DCB:6C>C<;JA;68IDGHHJ8=6HFJ6A>;>86I>DCH :ME:G>:C8: E:G;DGB6C8:6C9I=:INE:D;
LDG@I=:N9D
/D7J>A968DBE6CNL=:G:6HHD8>6I:H;::AK6AJ:96C9=:6G9 L:<6I=:G6C9G:HEDC9ID6HHD8>6I:HX;::9768@>C6K6G>:IND;L6NH
>C8AJ9>C<7JICDIA>B>I:9ID6C6CDCNBDJH E:G>D9>8 ;DGB6A 6HHD8>6I::C<6<:B:CIHJGK:N DJG*E:CDDGEGD8:HH 6C9DC: DC
DC:>CI:G68I>DCH (6C6<:B:CIG:K>:LHI=:G:HJAIHD;;::9768@D7I6>C:9;GDBDJG;DGB6A6HHD8>6I::C<6<:B:CIHJGK:N
!::9768@6C9HJ<<:HI>DCHG:8:>K:9I=GDJ<=I=:H:8=6CC:AH=6K:A:9IDB:6C>C<;JA8=6C<:H>CDJG7JH>C:HH >C8AJ9>C<6C:L
0 . 6II:C96C8:EDA>8N ;DG:M6BEA:
-5<< 259>7 1&75106+(2+;5,&$.(/16,10$.$0'),0$0&,$.9(..%(,0*1)174$551&,$6(52:>CK:HI>CDJG6HHD8>6I:H7N
D;;:G>C<8DBE:I>I>K:L6<:H>C8AJ9>C<7DCJH:H76H:9DCDBE6CNE:G;DGB6C8: 6HL:AA6H67GD69G6C<:D;7:C:;>IHI=6IK6GN
76H:9DC8JHIDB6GNAD86AEG68I>8:H6C9HI6IJIDGNG:FJ>G:B:CIH6C97:A>:K:I=:H:>CK:HIB:CIH>CDJG6HHD8>6I:H6G:>BEDGI6CIID
DJG;JIJG: $CI=:0 . L:D;;:G6;;DG967A:=:6AI=86G:8DK:G6<:IDDJG;JAA I>B:6C9:A><>7A:E6GI I>B:6HHD8>6I:H 6HL:AA6H
DBE6CNE6>97:C:;>IHHJ8=6H6HIDG:9>H8DJCI86G9DG.6BHAJ7B:B7:GH=>E @B6I8= B6I:GC>INA:6K: 6E6>9E6G:CI6A
A:6K:EGD<G6BID6AA;JAA I>B:6HHD8>6I:H E6>9I>B:D;; HHD8>6I:.ID8@+JG8=6H:+A6CB6I8= A>;:>CHJG6C8:6C97:=6K>DG6A
=:6AI=H:GK>8:H :GI6>C>C;DGB6I>DCG:A6I>C<IDG:I>G:B:CI G:A6I:97:C:;>IHL:EGDK>9:IDDJG6HHD8>6I:H>H>C8AJ9:9>C)DI:
IDDJGDCHDA>96I:9!>C6C8>6A.I6I:B:CIH
$C;>H86A L:699:9>C8G:B:CI6A7:C:;>IHIDHJEEDGI6HHD8>6I:=:6AI=6C9L:AA 7:>C<9JG>C<I=:*1$ E6C9:B>8 2:
EGDK>9:9:MIG6E6N6C97:C:;>IH >C8AJ9>C<HE:8>6A86H=7DCJH:HIDI6A>C< 7>AA>DC 6C9I=:>CIGD9J8I>DCD;I=:*1$
B:G<:C8N':6K:+DA>8N>CI=:0 . .::*1$ 0E96I:H>C(6C6<:B:CIH>H8JHH>DC6C9C6ANH>H;DG699>I>DC6A
>C;DGB6I>DCG:<6G9>C<DJGG:HEDCH:IDI=:*1$ E6C9:B>8
B?GD8 418,'(10*1,0**4196+'(8(.12/(06$0'.($40,0*12214670,6,(5)14$551&,$6(5$0'&106,07(61$664$&66$.(069,6+
0(95-,..5/D=:AE6HHD8>6I:H68FJ>G:I=::ME:G>:C8:H6C9H@>AAHC::9:9;DGHJ88:HH>CI=:?D7HD;ID96N6C9IDBDGGDL L:=6K:
>CK:HI:9>CI=:>G9:K:ADEB:CIT>C8AJ9>C<C:LGDA:H6C986G::GE6I=H 8GDHH IG6>C>C< DC I=: ?D78D68=>C< 6C9;DGB6A
8A6HHGDDB HINA:IG6>C>C<HJ8=6H26AB6GI869:BN>CI=:0 . 2:6AHDEGDK>9:688:HHID:9J86I>DC6ADEEDGIJC>I>:H;DGDJG
:A><>7A:6HHD8>6I:HI=GDJ<=DJG'>K::II:G0EGD<G6B L=>8=EGDK>9:H6E6I=L6NID:6GC6=><=H8=DDA9>EADB66ICD8DHIDG6
8DAA:<:9:<G::;DG696N 6HL:AA6HBJAI>EA:9><>I6AA:6GC>C<DEEDGIJC>I>:H
979D1< &&(.(4$6(',*,6$.64$05)14/$6,10$0'9$;51)914-,0*61,/2418(6+($551&,$6((:2(4,(0&($0''4,8(%75,0(554(57.65
/D9:A>K:G6H:6BA:HH8JHIDB:G6C96HHD8>6I::ME:G>:C8: L:8DCI>CJ:ID>CK:HI>C9><>I6AIDDAHID>BEGDK:6HHD8>6I:
EGD9J8I>K>IN :C<6<:B:CI 6C9E:G;DGB6C8: HBDG:8JHIDB:GHH=DE9><>I6AAN L:=6K:696EI:97N699>C<BDG:GDA:H>C
:DBB:G8:;JA;>AAB:CI6C9DJG=DB:D;;>8:6HHD8>6I:H=6K:688:A:G6I:9I:8= 76H:9HDAJI>DCHI=6I:C=6C8:I=:8JHIDB:G6C9
6HHD8>6I::ME:G>:C8:H

>6?B=1D9?>2?ED%EBH53ED9F5%66935BC
/=:;DAADL>C<8=6GIC6B:HI=::M:8JI>K:D;;>8:GHD;I=:DBE6CN6HD;I=:96I:D;I=:;>A>C<D;I=>HCCJ6A-:EDGIDC!DGB
&L>I=I=:. :68=D;L=DB>H:A:8I:97N6C9H:GK:H6II=:EA:6HJG:D;I=:D6G9D;>G:8IDGH /=:7JH>C:HH:ME:G>:C8:
H=DLC;DG:68=D;;>8:G=6H7::C=>HDG=:GEG>C8>E6AD88JE6I>DC;DG6IA:6HII=:E6HI;>K:N:6GH JCA:HHDI=:GL>H:CDI:9
EBB5>D
&?C9D9?>
$1=5 EC9>5CCH@5B95>35 5<4)9>35 75
6C>:A% 6GIA:II M:8JI>K: 1>8: +G:H>9:CI DGEDG6I: ;;6>GH :;;:8I>K: %JC: !GDB
)DK:B7:G ID %JC: =: H:GK:9 6H I=: =>:; M:8JI>K: *;;>8:G 6C9
+G:H>9:CI D; 0 . *E:G6I>DCH 6I #>AA &CDLAIDC $C8 6 EJ7A>8 G:A6I>DCH
8DBE6CN
( G:II><<H M:8JI>K:1>8:+G:H>9:CI6C9=>:;!>C6C8>6A*;;>8:G :;;:8I>K:%6CJ6GN
!GDB%6CJ6GNID:8:B7:G =:H:GK:96H M:8JI>K:1>8:+G:H>9:CI
6C9=>:;!>C6C8>6A*;;>8:GD;26AB6GI$CI:GC6I>DC6A
-68=:AG6C9 M:8JI>K: 1>8: +G:H>9:CI "AD76A "DK:GC6C8: =>:; ':<6A *;;>8:G 6C9
DGEDG6I:.:8G:I6GN :;;:8I>K:EG>A !GDB(6NID!:7GJ6GN
H=: H:GK:9 6H HHD8>6I: IIDGC:N ":C:G6A >C I=: 0C>I:9 .I6I:H :E6GIB:CI D;
%JHI>8: !GDB %6CJ6GN ID (6N (H G6C9 L6H 6C HHD8>6I:
+GD;:HHDG D; '6L 6I ":DG<: (6HDC 0C>K:GH>IN CIDC>C .86A>6 '6L .8=DDA
!GDB J<JHI ID !:7GJ6GN H=: H:GK:9 6H 6 7D6G9 B:B7:G DC I=:
+G>K68N6C9>K>A'>7:GI>:H*K:GH><=ID6G9D;I=:0 . <DK:GCB:CI
6K>9( =D?CDLH@> .:C>DG 1>8: +G:H>9:CI 6C9 DCIGDAA:G :;;:8I>K: %6CJ6GN !GDB *8ID7:G
ID %6CJ6GN =: H:GK:9 6H 1>8: +G:H>9:CI 6C9 DCIGDAA:G 26AB6GI
0 .
%D=C!JGC:G M:8JI>K:1>8:+G:H>9:CI +G:H>9:CI6C9=>:; M:8JI>K:*;;>8:G 26AB6GI0 .
:;;:8I>K: )DK:B7:G !GDB !:7GJ6GN JCI>A )DK:B7:G =:
H:GK:9 6H +G:H>9:CI 6C9 =>:; M:8JI>K: *;;>8:G .6BH AJ7 !GDB *8ID7:G
ID %6CJ6GN =: H:GK:9 6H M:8JI>K: 1>8: +G:H>9:CI 6C9 =>:;
(:G8=6C9>H>C<*;;>8:GD;.6BHAJ7
.JG:H=&JB6G M:8JI>K: 1>8: +G:H>9:CI "AD76A =>:; /:8=CDAD<N *;;>8:G 6C9 =>:;
:K:ADEB:CI*;;>8:G:;;:8I>K:%JAN !GDB!:7GJ6GNJCI>A%JC:
(G &JB6G L6H 1>8: +G:H>9:CI 6C9 ":C:G6A (6C6<:G 6I "DD<A: '' !GDB
(6NJCI>A!:7GJ6GN =:L6HDGEDG6I:1>8:+G:H>9:CI6I(>8GDHD;I
DGEDG6I>DC
%J9>I=(8&:CC6 M:8JI>K: 1>8: +G:H>9:CI +G:H>9:CI 6C9 =>:; M:8JI>K: *;;>8:G 26AB6GI
$CI:GC6I>DC6A :;;:8I>K:!:7GJ6GN !GDB!:7GJ6GNID%6CJ6GN
H=: H:GK:9 6H M:8JI>K: 1>8: +G:H>9:CI 6C9 =>:; *E:G6I>C< *;;>8:G D;
26AB6GI0 .
&6I=GNC(8'6N M:8JI>K: 1>8: +G:H>9:CI +G:H>9:CI 6C9 =>:; M:8JI>K: *;;>8:G .6BH AJ7
:;;:8I>K: )DK:B7:G !GDB !:7GJ6GN ID )DK:B7:G H=:
H:GK:9 6H M:8JI>K: 1>8: +G:H>9:CI 26AB6GI 0 . ):><=7DG=DD9 (6G@:IH
!GDB:8:B7:GJCI>A!:7GJ6GN H=:H:GK:96H.:C>DG1>8:+G:H>9:CI
0 . .JEEAN=6>C (H (8'6NDG><>C6AAN?D>C:9I=:DBE6CN>CEG>A6H
1>8:+G:H>9:CID;0 . !>C6C8:6C9.IG6I:<N
DJ<A6H(8(>AADC +G:H>9:CI6C9=>:; M:8JI>K:*;;>8:G :;;:8I>K:!:7GJ6GN !GDB!:7GJ6GN
ID %6CJ6GN =: H:GK:9 6H M:8JI>K: 1>8: +G:H>9:CI +G:H>9:CI 6C9
=>:; M:8JI>K:*;;>8:G 26AB6GI$CI:GC6I>DC6A
DCC6(DGG>H M:8JI>K: 1>8: +G:H>9:CI "AD76A +:DEA: 6C9 =>:; +:DEA: *;;>8:G :;;:8I>K:
!:7GJ6GN !GDBEG>AID%6CJ6GN H=:LDG@:96I9D7:$C8 >C
K6G>DJH GDA:H >C8AJ9>C< BDHI G:8:CIAN =>:; #JB6C -:HDJG8:H *;;>8:G 6C9
M:8JI>K:1>8:+G:H>9:CI BEADN:: ME:G>:C8:

%EB-52C9D51>4F19<129<9DI?6)(5@?BDC1>4%D85B>6?B=1D9?>
*JG8DGEDG6I:L:7H>I:>HAD86I:96ILLL HID8@ L6AB6GI 8DB 2:;>A:L>I=DG;JGC>H=IDI=:. CCJ6A-:EDGIHDC!DGB
& ,J6GI:GAN-:EDGIHDC!DGB , JGG:CI-:EDGIHDC!DGB & 6B:C9B:CIHIDI=DH:G:EDGIH EGDMNHI6I:B:CIH6C96CCJ6A
G:EDGIHIDH=6G:=DA9:GH 6C9 ;GDBI>B:IDI>B: DI=:G9D8JB:CIH /=:G:EDGIH6C9DI=:G9D8JB:CIH;>A:9L>I=DG;JGC>H=:9ID
I=:. 6G:6K6>A67A:ID>CK:HIDGHDCDGI=GDJ<=DJG8DGEDG6I:L:7H>I:;G::D;8=6G<:6HHDDC6HG:6HDC67ANEG68I>867A:6;I:GL:
:A:8IGDC>86AAN;>A:I=:BL>I=DG;JGC>H=I=:BIDI=:. /=:. B6>CI6>CH6L:7H>I:I=6I8DCI6>CHG:EDGIH EGDMN6C9
>C;DGB6I>DCHI6I:B:CIH6C9DI=:G>C;DGB6I>DCG:<6G9>C<>HHJ:GH HJ8=6HI=:DBE6CN I=6I;>A::A:8IGDC>86AANL>I=I=:.
/=:699G:HHD;I=6IL:7H>I:>HLLL H:8 <DK *JG. ;>A>C<H DJG-:EDGI>C<+GDID8DAH;DG.:C>DG!>C6C8>6A*;;>8:GH6C9DJG
D9:D;DC9J8I86C7:;DJC9DCDJGL:7H>I:6ILLL HID8@ L6AB6GI 8DB /=:H:9D8JB:CIH6G:6K6>A67A:>CEG>CIID6CN
H=6G:=DA9:GL=DG:FJ:HIH68DEN7NLG>I>C<DG86AA>C<DJG$CK:HIDG-:A6I>DCH:E6GIB:CI L=>8=>HAD86I:96IDJGEG>C8>E6A
D;;>8:H
9:H8G>EI>DCD;6CNHJ7HI6CI>K:6B:C9B:CIDGL6>K:GD;26AB6GIH-:EDGI>C<+GDID8DAH;DG.:C>DG!>C6C8>6A*;;>8:GHDGDJG
D9:D;DC9J8I;DGDJG8=>:;:M:8JI>K:D;;>8:G DJG8=>:;;>C6C8>6AD;;>8:G6C9DJG8DCIGDAA:G L=D>HDJGEG>C8>E6A688DJCI>C<
D;;>8:G L>AA7:9>H8ADH:9DCDJGL:7H>I:6ILLL HID8@ L6AB6GI 8DBJC9:GI=:DGEDG6I:"DK:GC6C8:H:8I>DC CNHJ8=
9:H8G>EI>DCL>AA7:AD86I:9DCDJGL:7H>I:;DG6E:G>D9D;BDCI=H;DAADL>C<I=:6B:C9B:CIDGL6>K:G
*# ()!*%()
/=:G>H@H9:H8G>7:97:ADL8DJA9 >CL6NHL:B6NDGB6NCDI7:67A:ID688JG6I:ANEG:9>8I B6I:G>6AAN6C969K:GH:AN6;;:8IDJG
7JH>C:HH G:HJAIHD;DE:G6I>DCH ;>C6C8>6AEDH>I>DC6C9A>FJ>9>IN *JG7JH>C:HHDE:G6I>DCH8DJA96AHD7:6;;:8I:97N699>I>DC6A
;68IDGHI=6I6EEANID6AA8DBE6C>:HDE:G6I>C<>CI=:0 . 6C9<AD76AAN /=:;DAADL>C<G>H@;68IDGH9DCDI>9:CI>;N6AAG>H@HI=6IL:
B6N;68:
)DB1D5793(9C;C
19<EB5D?CE335CC6E<<I5H53ED5?EB?=>9 381>>5<CDB1D57I1>4D853?CD?6?EB9>F5CD=5>DC9>5?==5B351>4D538>?<?7I
=1I=1D5B91<<I14F5BC5<I16653D?EB=1B;5D@?C9D9?>>5DC1<5C1>469>1>391<@5B6?B=1>35
/=:G:I6>A7JH>C:HH8DCI>CJ:HIDG6E>9AN:KDAK:6C98DCHJB:GH>C8G:6H>C<AN:B7G68:9><>I6AH=DEE>C< H6G:HJAI I=:EDGI>DCD;
IDI6A8DCHJB:G:ME:C9>IJG:HL>I=G:I6>A:GH6C9L=DA:H6A:8AJ7HD88JGG>C<I=GDJ<=9><>I6AEA6I;DGBH>H>C8G:6H>C<6C9I=:E68:D;
I=>H>C8G:6H:8DJA98DCI>CJ:ID688:A:G6I:
*JGHIG6I:<N L=>8=>C8AJ9:H>CK:HIB:CIH>C:DBB:G8: I:8=CDAD<N 68FJ>H>I>DCH ?D>CIK:CIJG:H HIDG:G:BD9:AH6C9DI=:G
8JHIDB:G>C>I>6I>K:H B6NCDI69:FJ6I:ANDG:;;:8I>K:AN6AADLJHID8DCI>CJ:ID<GDLDJG:DBB:G8:7JH>C:HH >C8G:6H:
8DBE6G67A:HIDG:H6A:H B6>CI6>CDG<GDLDJGDK:G6AAB6G@:IEDH>I>DCDGDI=:GL>H:D;;H:II=:>BE68IDCI=:<GDLI=D;DJG
7JH>C:HHD;6BD9:G6I:9E68:D;C:LHIDG:6C98AJ7DE:C>C<H /=:HJ88:HHD;I=>HHIG6I:<NL>AA9:E:C9>CA6G<:B:6HJG:DCDJG
67>A>INID8DCI>CJ:7J>A9>C<6C99:A>K:G>C<6H:6BA:HHDBC> 8=6CC:AH=DEE>C<:ME:G>:C8:;DGDJG8JHIDB:GH6C9>H;JGI=:G
HJ7?:8IIDI=:G:A6I:9G>H@H9>H8JHH:9>CI=>H$I:B !6>AJG:IDHJ88:HH;JAAN:M:8JI:I=>HHIG6I:<NB6N69K:GH:AN6;;:8IDJG
B6G@:IEDH>I>DC C:IH6A:H6C9;>C6C8>6AE:G;DGB6C8:L=>8=8DJA96AHDG:HJAI>C>BE6>GB:CI8=6G<:HID>CI6C<>7A:6HH:IHDGDI=:G
ADC< A>K:96HH:IH $C699>I>DC 6<G:6I:G8DC8:CIG6I>DCD;:DBB:G8:H6A:H >C8AJ9>C<>C8G:6H>C<DCA>C:<GD8:GNH6A:H 8DJA9
G:HJAI>C6G:9J8I>DC>CI=:6BDJCID;IG6;;>8>CDJGHIDG:H6C98AJ7H L=>8=LDJA9 >CIJGC G:9J8:I=:DEEDGIJC>I>:H;DG8GDHH
HIDG:DG8GDHH 8AJ7H6A:HD;B:G8=6C9>H:I=6IHJ8=IG6;;>88G:6I:H6C98DJA9G:9J8:DJGH6A:HL>I=>CDJGHIDG:H6C98AJ7H6C9
B6I:G>6AAN69K:GH:AN6;;:8IDJG;>C6C8>6AE:G;DGB6C8:
!JGI=:GBDG: I=:8DHID;8:GI6>C:DBB:G8:6C9I:8=CDAD<N>CK:HIB:CIH >C8AJ9>C<6CNDE:G6I>C<ADHH:H>C8JGG:9 L>AA
69K:GH:AN>BE68IDJG;>C6C8>6AE:G;DGB6C8:>CI=:H=DGI I:GB6C9;6>AJG:IDG:6A>O:I=:7:C:;>IHD;I=:H:>CK:HIB:CIHB6N
69K:GH:AN>BE68IDJG;>C6C8>6AE:G;DGB6C8:DK:GI=:ADC<:GI:GB
6G54?>?DD9=5<I945>D96I?B56653D9F5<IB5C@?>4D?3?>CE=5BDB5>4C?B@B565B5>35C9D3?E<4>571D9F5<I16653D?EB
B5<1D9?>C89@G9D8?EB3ECD?=5BC45=1>46?BD85@B?4E3DC1>4C5BF935CG5C5<<?EB=1B;5DC81B51>4D857B?GD8?6?EB
2EC9>5CC
$I>H9>;;>8JAIIDEG:9>8I8DCH>HI:CIAN6C9HJ88:HH;JAANI=:EGD9J8IH6C9H:GK>8:HDJG8JHIDB:GHL>AA9:B6C96C98=6C<:H>CI=:>G
H=DEE>C<E6II:GCH /=:HJ88:HHD;DJG7JH>C:HH9:E:C9H>CE6GIDC=DL688JG6I:ANL:EG:9>8I8DCHJB:G9:B6C9 6K6>A67>A>IND;
B:G8=6C9>H: I=:G:A6I:9>BE68IDCI=:9:B6C9;DG:M>HI>C<EGD9J8IH6C9I=:8DBE:I>I>K::CK>GDCB:CI +G>8:IG6CHE6G:C8N
6HHDGIB:CID;EGD9J8IH 8JHIDB:G:ME:G>:C8: 8DCK:C>:C8: :6H:6C9I=:HE::96C98DHID;H=>EE>C<6G:D;EG>B6GN>BEDGI6C8:
ID8JHIDB:GH6C98DCI>CJ:ID>C8G:6H:>C>BEDGI6C8: E6GI>8JA6GAN6H6G:HJAID;9><>I6AIDDAH6C9HD8>6AB:9>66K6>A67A:ID
8DCHJB:GH6C9I=:8=D>8:H6K6>A67A:ID8DCHJB:GH;DGEJG8=6H>C<EGD9J8IH *JG;6>AJG:ID69:FJ6I:ANDG:;;:8I>K:ANG:HEDC9ID
8=6C<>C<8DCHJB:GI6HI:H EG:;:G:C8:H>C8AJ9>C<I=DH:G:A6I:9IDHJHI6>C67>A>IN6C9H=DEE>C<E6II:GCH DG6CNDI=:G;6>AJG:DC
DJGE6GIIDI>B:AN>9:CI>;NDG:;;:8I>K:ANG:HEDC9ID8=6C<>C<8DCHJB:GI6HI:H EG:;:G:C8:H6C9H=DEE>C<E6II:GCH8DJA9
C:<6I>K:AN6;;:8IDJGG:EJI6I>DC6C9G:A6I>DCH=>EL>I=DJG8JHIDB:GH I=:9:B6C9;DGI=:EGD9J8IHL:H:AADGH:GK>8:HL:D;;:G
DJGB6G@:IH=6G:6C9I=:<GDLI=D;DJG7JH>C:HH

-56135CDB?>73?=@5D9D9?>6B?=?D85BB5D19<5BC1>4G8?<5C1<53<E2?@5B1D?BCG89383?E<4=1D5B91<<I14F5BC5<I16653D
?EB69>1>391<@5B6?B=1>35
68=D;DJGH:<B:CIH8DBE:I:H;DG8JHIDB:GH :BEADN::H 9><>I6AEGDB>C:C8: EGD9J8IH6C9H:GK>8:H6C9>CDI=:G>BEDGI6CI
6HE:8IHD;>IH7JH>C:HHL>I=B6CNDI=:GAD86A G:<>DC6A C6I>DC6A6C9<AD76AE=NH>86A :DBB:G8:6C9DBC> 8=6CC:AG:I6>A:GH
L=DA:H6A:8AJ7DE:G6IDGH6C9G:I6>A>CI:GB:9>6G>:H
2:8DBE:I:>C6K6G>:IND;L6NH >C8AJ9>C<I=:EG>8:H6IL=>8=L:H:AADJGB:G8=6C9>H: B:G8=6C9>H:H:A:8I>DC6C96K6>A67>A>IN
H:GK>8:HD;;:G:9ID8JHIDB:GH AD86I>DC HIDG:=DJGH >C HIDG:6B:C>I>:H I=:H=DEE>C<8DCK:C>:C8:6C9DK:G6AAH=DEE>C<
:ME:G>:C8:L:D;;:G I=:6IIG68I>K:C:HH6C9:6H:D;JH:D;DJG9><>I6AEA6I;DGBH 8DHI6C9HE::9D;6C9DEI>DCH;DG9:A>K:GNID
8JHIDB:GHD;B:G8=6C9>H:EJG8=6H:9I=GDJ<=DJG9><>I6AEA6I;DGBHDGI=GDJ<=DJGDBC> 8=6CC:A>CI:<G6I>DCD;DJGE=NH>86A6C9
9><>I6ADE:G6I>DCH
;6>AJG:IDG:HEDC9:;;:8I>K:ANID8DBE:I>I>K:EG:HHJG:H6C98=6C<:H>CI=:G:I6>AB6G@:IHDG9:A6NHDG;6>AJG:>C:M:8JI>DCD;
DJGHIG6I:<N8DJA9B6I:G>6AAN69K:GH:AN6;;:8IDJG;>C6C8>6AE:G;DGB6C8: .::$I:B JH>C:HH67DK:;DG699>I>DC6A
9>H8JHH>DCD;I=:8DBE:I>I>K:H>IJ6I>DCD;:68=D;DJGG:EDGI67A:H:<B:CIH
:GI6>CH:<B:CIHD;I=:G:I6>A>C9JHIGN6G:JC9:G<D>C<8DCHDA>96I>DCDGHJ7HI6CI>6AANG:9J8>C<DE:G6I>DCH L=:I=:G9J:ID
76C@GJEI8N 8DCHDA>96I>DCDGDI=:G;68IDGH .J8=8DCHDA>96I>DC DGDI=:G7JH>C:HH8DB7>C6I>DCHDG6AA>6C8:H DGG:9J8I>DC>C
DE:G6I>DCB6NG:HJAI>C8DBE:I>IDGHL>I=<G:6IAN>BEGDK:9;>C6C8>6AG:HDJG8:H >BEGDK:9688:HHIDB:G8=6C9>H: <G:6I:GB6G@:I
E:C:IG6I>DCI=6CI=:NEG:K>DJHAN:C?DN:96C9DI=:G>BEGDK:B:CIH>CI=:>G8DBE:I>I>K:EDH>I>DCH .J8=7JH>C:HH8DB7>C6I>DCH
DG6AA>6C8:H8DJA9G:HJAI>CI=:EGDK>H>DCD;6L>9:GK6G>:IND;EGD9J8IH6C9H:GK>8:H6I8DBE:I>I>K:EG>8:H7NHJ8=8DCHDA>96I:9
DG6A><C:98DBE6C>:H L=>8=8DJA969K:GH:AN6;;:8IDJG;>C6C8>6AE:G;DGB6C8:
5>5B1<?B=13B? 53?>?=93613D?BC2?D84?=5CD931<<I1>49>D5B>1D9?>1<<I=1I=1D5B91<<I14F5BC5<I16653D?EB69>1>391<
@5B6?B=1>35
":C:G6A:8DCDB>88DC9>I>DCH6C9DI=:G:8DCDB>8;68IDGH <AD76AANDG>CDC:DGBDG:D;I=:B6G@:IHL:H:GK: B6N69K:GH:AN
6;;:8IDJG;>C6C8>6AE:G;DGB6C8: #><=:G>CI:G:HIG6I:H ADL:GDG=><=:GEG>8:HD;E:IGDA:JBEGD9J8IH >C8AJ9>C<8GJ9:D>A
C6IJG6A<6H <6HDA>C: 6C99>:H:A;J:A =><=:G8DHIH;DG:A:8IG>8>IN6C9DI=:G:C:G<N L:6@C:HH>CI=:=DJH>C<B6G@:I >C;A6I>DC
9:;A6I>DC >C8G:6H:98DHIHD;:HH:CI>6AH:GK>8:H HJ8=6HB:9>86A86G:6C9JI>A>I>:H =><=:GA:K:AHD;JC:BEADNB:CI 9:8G:6H:H>C
8DCHJB:G9>HEDH67A:>C8DB: JC6K6>A67>A>IND;8DCHJB:G8G:9>I =><=:G8DCHJB:G9:7IA:K:AH 8=6C<:H>C8DCHJB:GHE:C9>C<
6C9H=DEE>C<E6II:GCH ;AJ8IJ6I>DCH>C8JGG:C8N:M8=6C<:G6I:H =><=:GI6MG6I:H >BEDH>I>DCD;C:LI6M:HDGDI=:G8=6C<:H>CI6M
A6LH 8=6C<:H>C=:6AI=86G:A6LH DI=:GG:<JA6IDGN8=6C<:H I=:>BEDH>I>DCD;I6G>;;HDGDI=:GB:6HJG:HI=6I8G:6I:76GG>:GHIDDG
>C8G:6H:I=:8DHIH6HHD8>6I:9L>I=>CI:GC6I>DC6AIG69: DK:G6AA:8DCDB>8HADL9DLCDGG:8:HH>DC6C9DI=:G:8DCDB>8;68IDGH>C
I=:0 . DG>C6CND;I=:DI=:GB6G@:IH>CL=>8=L:DE:G6I:8DJA969K:GH:AN6;;:8I8DCHJB:G9:B6C9;DGI=:EGD9J8IHL:H:AA>C
I=:0 . DGHJ8=DI=:GB6G@:IH 8=6C<:I=:B>MD;EGD9J8IHL:H:AAIDDC:L>I=6ADL:G6K:G6<:<GDHHB6G<>C 86JH:6HADL9DLC
>C9>H8G:I>DC6GNEJG8=6H:HD;<DD9H 69K:GH:AN6;;:8IDJGC:IH6A:H6C9G:HJAI>CHADL:G>CK:CIDGNIJGCDK:G6C9<G:6I:G
B6G@9DLCHD;>CK:CIDGN DGDI=:GL>H:B6I:G>6AAN69K:GH:AN6;;:8IDJGDE:G6I>DCH6C9DE:G6I>C<G:HJAIH6C98DJA9G:HJAI>C
>BE6>GB:CI8=6G<:HID>CI6C<>7A:6HH:IH <DD9L>AADGDI=:GADC< A>K:96HH:IH
$C699>I>DC I=::8DCDB>8;68IDGHA>HI:967DK: 6CNDI=:G:8DCDB>8;68IDGHDG8>G8JBHI6C8:HG:HJAI>C<>C=><=:GIG6CHEDGI6I>DC
A67DG >CHJG6C8:DG=:6AI=86G:8DHIHDG8DBBD9>INEG>8:H 6C9DI=:G:8DCDB>8;68IDGH>CI=:0 . 6C9DI=:G8DJCIG>:H>CL=>8=
L:DE:G6I:86C>C8G:6H:DJG8DHID;H6A:H6C9DE:G6I>C< H:AA>C< <:C:G6A6C969B>C>HIG6I>K::ME:CH:H6C9DI=:GL>H:B6I:G>6AAN
69K:GH:AN6;;:8IDJGDE:G6I>DCH6C9DE:G6I>C<G:HJAIH
/=::8DCDB>8;68IDGHI=6I6;;:8IDJGDE:G6I>DCHB6N6AHD69K:GH:AN6;;:8II=:DE:G6I>DCHD;DJGHJEEA>:GH L=>8=86CG:HJAI>C6C
>C8G:6H:>CI=:8DHIIDJHD;I=:<DD9HL:H:AAIDDJG8JHIDB:GHDG >CBDG::MIG:B:86H:H >C8:GI6>CHJEEA>:GHCDIEGD9J8>C<
<DD9H>CI=:KDAJB:INE>86AAN6K6>A67A:IDJH;DGH6A:
*85@5B6?B=1>35?6CDB1D57931<<91>35C1>4?D85B2EC9>5CCB5<1D9?>C89@CD?CE@@?BDD855H@1>C9?>?6?EB2EC9>5CC3?E<4
=1D5B91<<I14F5BC5<I16653D?EB69>1>391<@5B6?B=1>35
2:B6N:CI:G>CIDHIG6I:<>86AA>6C8:H6C9DI=:G7JH>C:HHG:A6I>DCH=>EH>CI=:8DJCIG>:H>CL=>8=L:=6K::M>HI>C<DE:G6I>DCHDG
>CDI=:GB6G@:IHID:ME6C9DJG7JH>C:HH /=:H:6GG6C<:B:CIHB6NCDI<:C:G6I:I=:A:K:AD;H6A:HL:6CI>8>E6I:L=:C:CI:G>C<
>CIDI=:6GG6C<:B:CIDGB6NDI=:GL>H:69K:GH:AN>BE68IDJG7JH>C:HH6C98DBE:I>I>K:EDH>I>DCG:A6I>K:IDI=:G:HJAIHL:8DJA9
=6K:68=>:K:9>CI=:67H:C8:D;HJ8=6AA>6C8: $C699>I>DC 6CN>CK:HIB:CIL:B6@:>C8DCC:8I>DCL>I=6HIG6I:<>86AA>6C8:
7JH>C:HHG:A6I>DCH=>EDG>C8:GI6>CD;DJGG:8:CIAN9>K:HI:9B6G@:IH 8DJA9B6I:G>6AAN69K:GH:AN6;;:8IDJG;>C6C8>6AE:G;DGB6C8:

%@5B1D9?>1<(9C;C
*859=@13D?6D85%, @1>45=93?>?EB2EC9>5CC69>1>391<@?C9D9?>1>4B5CE<DC?6?@5B1D9?>C9C9>=1>IB5C@53DC
E>@B5493D12<51>4G5=1I25E>12<5D?CECD19>?EBB5F5>E57B?GD8B1D59>D856EDEB5
/=:8DCI>CJ>C<>BE68IHD;I=:*1$ E6C9:B>86G:=><=ANJCEG:9>8I67A:6C9KDA6I>A: L>I=K6GN>C<>BE68IHDC8:GI6>C
7JH>C:HHDE:G6I>DCH 9:B6C9;DGDJGEGD9J8IH6C9H:GK>8:H >C HID8@EDH>I>DCH 8DHIHD;9D>C<7JH>C:HH 688:HHID>CK:CIDGN
HJEEAN8=6>CDE:G6I>DCH DJG67>A>INIDEG:9>8I;JIJG:E:G;DGB6C8: :MEDHJG:IDA>I><6I>DC 6C9DJG;>C6C8>6AE:G;DGB6C8: 6BDC<
DI=:GI=>C<H
/=:*1$ E6C9:B>8=6HG:HJAI:9>CL>9:HEG:696C98DCI>CJ>C<>BE68IHDCI=:<AD76A:8DCDBN6C9DCDJG9DB:HI>86C9
>CI:GC6I>DC6A6HHD8>6I:H B:B7:GH HJEEA>:GH6C9DI=:GE:DEA:6C9:CI>I>:HL>I=L=>8=L:9D7JH>C:HH /=:G:>H8DCH>9:G67A:
JC8:GI6>CING:<6G9>C<I=::MI:CIIDL=>8=*1$ L>AA8DCI>CJ:IDHEG:696C9I=::MI:CI6C99JG6I>DCD;B:6HJG:HIDIGNID
8DCI6>CI=:K>GJH HJ8=6HIG6K:A76CH6C9G:HIG>8I>DCH FJ6G6CI>C:H H=:AI:G >C EA68:DG9:GH6C97JH>C:HH6C9<DK:GCB:CI
H=JI9DLCH6C9DI=:GG:HIG>8I>DCHDCG:I6>A:GH
JHIDB:G9:B6C9;DG8:GI6>CEGD9J8IH=6H6AHD;AJ8IJ6I:96HI=:E6C9:B>8=6HEGD<G:HH:96C98JHIDB:G7:=6K>DGH=6K:
8=6C<:9 L=>8==6H8=6AA:C<:9DJG67>A>INID6CI>8>E6I:6C9DG69?JHI>CK:CIDGNA:K:AHIDB::II=6I9:B6C9 /=:H:;68IDGH=6K:
G:HJAI:9>C=><=:GDJI D; HID8@EDH>I>DCH>C8:GI6>CEGD9J8IH 6HL:AA6H9:A6NH>C9:A>K:G>C<I=DH:EGD9J8IH 6C98DJA9>BE68I
>CK:CIDGNA:K:AH>CI=:;JIJG:
*I=:G;68IDGH6C9JC8:GI6>CI>:H>C8AJ9: 7JI6G:CDIA>B>I:9IDI=:H:K:G>IN6C99JG6I>DCD;I=:E6C9:B>8 >C8AJ9>C<L=:I=:G
I=:G:6G:699>I>DC6ADJI7G:6@HDGHE>@:H>CI=:CJB7:GD;*1$ 86H:H ;JIJG:BJI6I>DCHDGG:A6I:9HIG6>CHD;I=:K>GJH>C
6G:6H>CL=>8=L:DE:G6I:;JGI=:G>C8G:6H:9DE:G6I>DC6A8DHIH6HHD8>6I:9L>I=DE:G6I>C<9JG>C<6<AD76AE6C9:B>8:KDAK>C<
B68GD:8DCDB>8;68IDGH >C8AJ9>C<<:C:G6A:8DCDB>8JC8:GI6>CIN JC:BEADNB:CIG6I:H 6C9G:8:HH>DC6GNEG:HHJG:HJC@CDLC
8DCH:FJ:C8:HDCDJG7JH>C:HHE:G;DGB6C8:6C9>C>I>6I>K:HHI:BB>C<;GDBI=:HJ7HI6CI>6A>CK:HIB:CID;I>B: 86E>I6A6C9DI=:G
G:HDJG8:HIDI=:E6C9:B>8G:HEDCH:I=:6K6>A67>A>IND; 6C9EG:K6A:C8:D;688:HHID :;;:8I>K:B:9>86AIG:6IB:CIH6C9K688>C:H
;DG*1$ I=:E68:D;G:8DK:GNL=:CI=:E6C9:B>8HJ7H>9:H6C9I=:ADC< I:GB>BE68ID;I=:*1$ E6C9:B>8DCDJG
7JH>C:HH >C8AJ9>C<8DCHJB:G7:=6K>DGH /=:H:G>H@H6C9I=:>G>BE68IH6G:9>;;>8JAIIDEG:9>8I6C98DJA9DI=:GL>H:9>HGJEI6C9
69K:GH:AN6;;:8IDJGDE:G6I>DCH6C9DJG;>C6C8>6AE:G;DGB6C8:
/=:*1$ E6C9:B>8=6HA:9ID>C8G:6H:9G:K:CJ:<GDLI=G:A6I>K:ID=>HIDG>8IG:C9H 6C9=6HE6GI>8JA6GAN688:A:G6I:9DJG
:DBB:G8:<GDLI= /=:H:G:HJAIH 6HL:AA6HI=DH:D;DI=:GB:IG>8HHJ8=6HC:I>C8DB:6C9DI=:G;>C6C8>6A6C9DE:G6I>C<96I6
B6NCDI7:>C9>86I>K:D;G:HJAIH;DG;JIJG:E:G>D9H *C8:I=:>BE68ID;I=:*1$ E6C9:B>8HJ7H>9:H E6GI>8JA6GAN6H
K688>C:H7:8DB:BDG:L>9:AN6K6>A67A: 6C98JHIDB:GHG:IJGCIDLDG@DGH8=DDADG6G:DI=:GL>H:CDADC<:GHJ7?:8IIDI=:
6;DG:B:CI>DC:98DCI6>CB:CI9>G:8I>K:H6C9H>B>A6GB6C96I:H 6;6>AJG:7NJHID8DCI>CJ:86E>I6A>O>C<DC<GDLI=DEEDGIJC>I>:H
B6NG:HJAI>C9:8A>C>C<G:K:CJ:6C9;JIJG:DE:G6I>C<G:HJAIHB6N;6AA7:ADL:ME:8I6I>DCH
/DI=::MI:CII=6II=:*1$ E6C9:B>88DCI>CJ:HID69K:GH:AN6;;:8II=:0 . 6C9I=:<AD76A:8DCDBN >IB6N6AHD=:><=I:C
DI=:GG>H@H9:H8G>7:9>CI=>HH:8I>DC >C8AJ9>C<7JICDIA>B>I:9IDI=DH:G:A6I:9ID8DCHJB:G7:=6K>DG6C9:ME:8I6I>DCH
8DBE:I>I>DC DJGG:EJI6I>DC >BEA:B:CI6I>DCD;HIG6I:<>8>C>I>6I>K:H 8N7:GH:8JG>INI=G:6IH E6NB:CI G:A6I:9G>H@H I:8=CDAD<N
HNHI:BH9>HGJEI>DC HJEEAN8=6>C9>HGJEI>DCH A67DG6K6>A67>A>IN6C98DHI A>I><6I>DC 6C9G:<JA6IDGNG:FJ>G:B:CIH
$1DEB1<49C1CD5BC3<9=1D5381>7575?@?<9D931<5F5>DC7<?21<851<D85@945=93C?B@1>45=93C1>431D1CDB?@8935F5>DC
3?E<4=1D5B91<<I14F5BC5<I16653D?EB69>1>391<@5B6?B=1>35
/=:D88JGG:C8:D;DC:DGBDG:C6IJG6A9>H6HI:GH HJ8=6H=JGG>86C:H IGDE>86AHIDGBH ;ADD9H ;>G:H :6GI=FJ6@:H IHJC6B>H
8N8ADC:H INE=DDCHL:6I=:G8DC9>I>DCHHJ8=6HB6?DGDG:MI:C9:9L>CI:GHIDGBH 9GDJ<=IH6C9IDGC69D:H L=:I=:G6H6G:HJAID;
8A>B6I:8=6C<:DGDI=:GL>H:<:DEDA>I>86A:K:CIH<AD76A=:6AI=:E>9:B>8HDGE6C9:B>8HDGDI=:G8DCI6<>DJHDJI7G:6@HHJ8=6H
I=:DC<D>C<*1$ E6C9:B>86C986I6HIGDE=>8:K:CIH HJ8=6HL6G 8>K>AJCG:HI I:GGDG>HI6II68@HDGDI=:G68IHD;K>DA:C8:
>C8AJ9>C<68I>K:H=DDI:GH>IJ6I>DCHHJ8=6HI=DH:I=6I=6K:D88JGG:9>CDJG0 . HIDG:H >C8DJCIG>:H>CL=>8=L:DE:G6I:DG>C
L=>8=DJGHJEEA>:GH6G:AD86I:9 8DJA969K:GH:AN6;;:8IDJGDE:G6I>DCH6C9;>C6C8>6AE:G;DGB6C8:
.J8=:K:CIH8DJA9G:HJAI>CE=NH>86A96B6<:ID DGI=:8DBEA:I:ADHHD; DC:DGBDG:D;DJGEGDE:GI>:H I=:8ADHJG:D;DC:DG
BDG:HIDG:H 8AJ7H6C99>HIG>7JI>DCDG;JA;>AAB:CI8:CI:GH A>B>I6I>DCHDCHIDG:DG8AJ7DE:G6I>C<=DJGH I=:A68@D;6C69:FJ6I:
LDG@;DG8:>C6B6G@:I I=:>C67>A>IND;8JHIDB:GH6C96HHD8>6I:HIDG:68=DG=6K:IG6CHEDGI6I>DCIDDJGHIDG:H6C98AJ7H6;;:8I:9
7NHJ8=:K:CIH I=::K68J6I>DCD;I=:EDEJA68:;GDB6G:6H>CL=>8=DJGHIDG:H 8AJ7H6C99>HIG>7JI>DC6C9;JA;>AAB:CI8:CI:GH6G:
AD86I:9 I=:JC6K6>A67>A>IND;DJG9><>I6AEA6I;DGBHIDDJG8JHIDB:GH 8=6C<:H>CI=:EJG8=6H>C<E6II:GCHD;8DCHJB:GH>C8AJ9>C<
I=:;G:FJ:C8ND;K>H>IH7N8DCHJB:GHIDE=NH>86AG:I6>AAD86I>DCH L=:I=:G6H6G:HJAID;A>B>I6I>DCHDCA6G<:<6I=:G>C<H IG6K:A
6C9BDK:B:CIA>B>I6I>DCHDGDI=:GL>H:6C9>C8DCHJB:GH9>HEDH67A:>C8DB: I=:I:BEDG6GNDGADC< I:GB9>HGJEI>DC>CI=:
HJEEAND;EGD9J8IH;GDBHDB:HJEEA>:GH I=:9>HGJEI>DC>CI=:IG6CHEDGID;<DD9H;GDBDK:GH:6H I=:9>HGJEI>DCDG9:A6N>CI=:
9:A>K:GND;<DD9HIDDJG9>HIG>7JI>DC6C9;JA;>AAB:CI8:CI:GHDGHIDG:HL>I=>C68DJCIGN>CL=>8=L:6G:DE:G6I>C< I=:G:9J8I>DC
>CI=:6K6>A67>A>IND;EGD9J8IH>CDJGHIDG:H I=:9>HGJEI>DCD;JI>A>INH:GK>8:HIDDJGHIDG:H6C9DJG;68>A>I>:H 6C9I=:9>HGJEI>DC>C
DJG8DBBJC>86I>DCHL>I=DJGHIDG:H

!JGI=:GBDG: I=:ADC< I:GB>BE68IHD;8A>B6I:8=6C<: L=:I=:G>CKDAK>C<E=NH>86AG>H@HHJ8=6H:MIG:B:L:6I=:G8DC9>I>DCHDG
G>H>C<H:6A:K:AHDGIG6CH>I>DCG>H@HHJ8=6HG:<JA6IDGNDGI:8=CDAD<N8=6C<:H6G::ME:8I:9ID7:L>9:HEG:696C9
JCEG:9>8I67A: /=:H:8=6C<:HDK:GI>B:8DJA96;;:8I ;DG:M6BEA: I=:6K6>A67>A>IN6C98DHID;8:GI6>C8DCHJB:GEGD9J8IH
8DBBD9>I>:H6C9:C:G<N>C8AJ9>C<JI>A>I>:H L=>8=>CIJGCB6N>BE68IDJG67>A>INIDEGD8JG:I=DH:8:GI6>C<DD9HDGH:GK>8:H
G:FJ>G:9;DGI=:DE:G6I>DCD;DJG7JH>C:HH6II=:FJ6CI>I>:H6C9A:K:AHL:G:FJ>G:
2:7:6GI=:G>H@D;ADHH:H>C8JGG:96H6G:HJAID;E=NH>86A96B6<:ID DG9:HIGJ8I>DCD; 6CNHIDG:H 8AJ7H6C99>HIG>7JI>DCDG
;JA;>AAB:CI8:CI:GH ADHHDGHED>A6<:D;>CK:CIDGN6C97JH>C:HH>CI:GGJEI>DC86JH:97NHJ8=:K:CIH /=:H::K:CIH6C9I=:>G
>BE68IH8DJA9DI=:GL>H:9>HGJEI6C969K:GH:AN6;;:8IDJGDE:G6I>DCH>CI=:6G:6H>CL=>8=I=:ND88JG6C98DJA9B6I:G>6AAN
69K:GH:AN6;;:8IDJG;>C6C8>6AE:G;DGB6C8:
(9C;C1CC?391D54G9D8?EBCE@@<95BC3?E<4=1D5B91<<I14F5BC5<I16653D?EB69>1>391<@5B6?B=1>35
/=:EGD9J8IHL:H:AA6G:HDJG8:9;GDB6L>9:K6G>:IND;9DB:HI>86C9>CI:GC6I>DC6AHJEEA>:GH "AD76AHDJG8>C<D;B6CND;I=:
EGD9J8IHL:H:AA>H6C>BEDGI6CI;68IDG>CDJG;>C6C8>6AE:G;DGB6C8: 2::ME:8IDJGHJEEA>:GHID8DBEANL>I=6EEA>867A:A6LH
>C8AJ9>C<A67DG H6;:IN 6CI> 8DGGJEI>DC6C9:CK>GDCB:CI6AA6LH 6C9IDDI=:GL>H:B::IDJGG:FJ>G:9HJEEA>:GHI6C96G9HD;
8DC9J8I *JG67>A>INID;>C9FJ6A>;>:9HJEEA>:GHL=DJE=DA9DJGHI6C96G9H 6C9ID688:HHEGD9J8IH>C6I>B:AN6C9:;;>8>:CI
B6CC:G6C9>CI=:A6G<:KDAJB:HL:B6N9:B6C9 >H6H><C>;>86CI8=6AA:C<: :HE:8>6AANL>I=G:HE:8IIDHJEEA>:GHAD86I:96C9
<DD9HHDJG8:9DJIH>9:I=:0 .
+DA>I>86A6C9:8DCDB>8>CHI67>A>IN 6HL:AA6HDI=:G>BE68I;JA:K:CIH6C98>G8JBHI6C8:H>CI=:8DJCIG>:H>CL=>8=DJGHJEEA>:GH
6C9I=:>GB6CJ;68IJG:GH6G:AD86I:9HJ8=6HI=:DC<D>C<*1$ E6C9:B>8 I=:;>C6C8>6A>CHI67>A>IND;HJEEA>:GH HJEEA>:GH
;6>AJG:IDB::IDJGI:GBH6C98DC9>I>DCHDGDJGHJEEA>:GHI6C96G9H>C8AJ9>C<DJGG:HEDCH>7A:HDJG8>C<HI6C96G9H A67DG
EGD7A:BH:ME:G>:C8:97NDJGHJEEA>:GH6C9I=:>GB6CJ;68IJG:GH I=:6K6>A67>A>IND;G6LB6I:G>6AHIDHJEEA>:GH B:G8=6C9>H:
H6;:IN6C9FJ6A>IN>HHJ:H 9>HGJEI>DCDG9:A6N>CI=:IG6CHEDGI6I>DCD;B:G8=6C9>H:;GDBI=:HJEEA>:GH6C9B6CJ;68IJG:GHIDDJG
HIDG:H 8AJ7H 6C9DI=:G;68>A>I>:H >C8AJ9>C<6H6G:HJAID;A67DGHADL9DLCH6I6CNEDGI6IL=>8=6B6I:G>6A6BDJCID;
B:G8=6C9>H:L:EJG8=6H::CI:GH>CIDI=:B6G@:IH>CL=>8=L:DE:G6I: 8JGG:C8N:M8=6C<:G6I:H IG6CHEDGI6K6>A67>A>IN6C98DHI
IG6CHEDGIH:8JG>IN >C;A6I>DC6C9DI=:G;68IDGHG:A6I>C<IDI=:HJEEA>:GH6C9I=:8DJCIG>:H>CL=>8=I=:N6G:AD86I:96G:7:NDC9DJG
8DCIGDA
$C699>I>DC I=:0 . ;DG:><CIG69:EDA>8>:H I6G>;;H6C9DI=:G>BEDH>I>DCHDC>BEDGI:9<DD9H IG69:H6C8I>DCH>BEDH:9DC8:GI6>C
8DJCIG>:H6C9:CI>I>:H I=:A>B>I6I>DCDCI=:>BEDGI6I>DCD;8:GI6>CINE:HD;<DD9HDGD;<DD9H8DCI6>C>C<8:GI6>CB6I:G>6AH;GDB
DI=:G8DJCIG>:H6C9DI=:G;68IDGHG:A6I>C<ID;DG:><CIG69:6G:7:NDC9DJG8DCIGDA /=:H:6C9DI=:G;68IDGH6;;:8I>C<DJG
HJEEA>:GH6C9DJG688:HHIDEGD9J8IH8DJA969K:GH:AN6;;:8IDJG;>C6C8>6AE:G;DGB6C8:
6D85@B?4E3DCG5C5<<1B5>?DC165?B?D85BG9C5619<D?=55D?EB3ECD?=5BC5H@53D1D9?>CG53?E<4<?C53ECD?=5BC9>3EB
<9129<9DI6?B1>I9>:EB95CCE665B542I3ECD?=5BCEC9>7?B3?>CE=9>71@B?4E3DG5C5<<?B?D85BG9C55H@5B95>351=1D5B91<
9=@13DD??EB2B1>4B5@ED1D9?>1>469>1>391<@5B6?B=1>35 -51B51<C?CE2:53DD?B5@ED1D9?>1<1>4?D85BB9C;CB5<1D54
D?D89B4 @1BDIC1<5C?>?EB4979D1<@<1D6?B=C
*JG8JHIDB:GH8DJCIDCJHIDEGDK>9:I=:BL>I=H6;:EGD9J8IH DC8:GCHG:<6G9>C<I=:H6;:IND;;DD96C9CDC ;DD9EGD9J8IH
I=6IL:HDJG8:;GDBDJGHJEEA>:GHDGI=6IL:EG:E6G:6C9I=:CH:AA8DJA986JH:8JHIDB:GHID6KD>9EJG8=6H>C<8:GI6>CEGD9J8IH
;GDBJH DGIDH::@6AI:GC6I>K:HDJG8:HD;HJEEAN;DG6AAD;I=:>G;DD96C9CDC ;DD9C::9H :K:C>;I=:76H>H;DGI=:8DC8:GC>H
DJIH>9:D;DJG8DCIGDA CNADHI8DC;>9:C8:DCI=:E6GID;DJG8JHIDB:GHLDJA97:9>;;>8JAI6C98DHIANIDG::HI67A>H=6C9HJ8=
EGD9J8IH6AHD:MEDH:JHIDEGD9J8IA>67>A>INDG;DD9H6;:IN8A6>BH HHJ8= 6CN>HHJ:G:<6G9>C<I=:H6;:IND;6CN;DD9DGCDC
;DD9>I:BHL:H:AA G:<6G9A:HHD;I=:86JH: 8DJA969K:GH:AN6;;:8IDJG7G6C9 G:EJI6I>DC6C9;>C6C8>6AE:G;DGB6C8: $C699>I>DC
I=>G9 E6GI>:HH:AA<DD9HDCHDB:D;DJG9><>I6AEA6I;DGBH L=>8=L:G:;:GID6HB6G@:IEA68:IG6CH68I>DCH 2=:I=:GA6LHG:A6I:9
IDHJ8=H6A:H6EEANIDJH>H8JGG:CIANJCH:IIA:96C96CNJC;6KDG67A:8=6C<:H8DJA9:MEDH:JHIDADHHD;H6A:H G:9J8I>DC>C
IG6CH68I>DCH6C99:I:G>DG6I>DCD;DJG8DBE:I>I>K:EDH>I>DC $C699>I>DC L:B6N;68:G:EJI6I>DC6A ;>C6C8>6A6C9DI=:GG>H@H
>C8AJ9>C<A>67>A>IN ;DGI=>G9 E6GINH6A:HD;<DD9HI=6I6G:8DCIGDK:GH>6A 8DJCI:G;:>IDGDI=:GL>H:;6>AID8DBEANL>I=6EEA>867A:
A6L AI=DJ<=L:>BEDH:8DCIG68IJ6AI:GBHDCH:AA:GHI=6I6G:>CI:C9:9IDEGD=>7>IH6A:HD;8:GI6>CINE:D;EGD9J8IH L:B6NCDI
7:67A:ID9:I:8I :C;DG8: DG8DAA:8IHJ;;>8>:CI96B6<:H;DG7G:68=:HD;HJ8=6<G::B:CIH CND;I=:H::K:CIH8DJA9=6K:6
B6I:G>6A69K:GH:>BE68IDCDJG7JH>C:HH6C9G:HJAIHD;DE:G6I>DCH6C9>BE:9:I=::M:8JI>DCD;DJG:DBB:G8:<GDLI=HIG6I:<N
-5B5<I5HD5>C9F5<I?>9>6?B=1D9?>CICD5=CD?@B?35CCDB1>C13D9?>CCE==1B9J5B5CE<DC1>4=1>175?EB2EC9>5CC
9CBE@D9?>C9>?EBCICD5=C3?E<481B=?EB129<9DID?3?>4E3D?EB?@5B1D9?>C
">K:CI=:CJB7:GD;>C9>K>9J6AIG6CH68I>DCHL:=6K::68=N:6G >I>H8GJ8>6AI=6IL:B6>CI6>CJC>CI:GGJEI:9DE:G6I>DCD;DJG
7JH>C:HH 8G>I>86A>C;DGB6I>DCHNHI:BH *JG>C;DGB6I>DCHNHI:BH6G:HJ7?:8IID96B6<:DG>CI:GGJEI>DC;GDBEDL:GDJI6<:H
8DBEJI:G6C9I:A:8DBBJC>86I>DCH;6>AJG:H 8DBEJI:GK>GJH:H LDGBH DI=:GB6A>8>DJH8DBEJI:GEGD<G6BH 9:C>6A D; H:GK>8:
6II68@H H:8JG>IN7G:68=:HI=GDJ<=8N7:G6II68@H;GDB8N7:G6II68@:GH6C9HDE=>HI>86I:9DG<6C>O6I>DCH>C8AJ9>C<C6I>DCHI6I:H
86I6HIGDE=>8:K:CIHHJ8=6H;>G:H IDGC69D:H :6GI=FJ6@:H6C9=JGG>86C:H 6C9JH6<::GGDGH7NDJG6HHD8>6I:HDG8DCIG68IDGH *JG
>C;DGB6I>DCHNHI:BH6G::HH:CI>6AIDDJG7JH>C:HHDE:G6I>DCH >C8AJ9>C<I=:EGD8:HH>C<D;IG6CH68I>DCH B6C6<:B:CID;DJG
6HHD8>6I:H ;68>A>I>:H AD<>HI>8H >CK:CIDG>:H E=NH>86AHIDG:H6C98AJ7H6C9DJGDCA>C:DE:G6I>DCH *JG>C;DGB6I>DCHNHI:BH6G:CDI

;JAANG:9JC96CI6C9DJG9>H6HI:GG:8DK:GNEA6CC>C<86CCDI688DJCI;DG6AA:K:CIJ6A>I>:H $;DJGHNHI:BH6G:96B6<:9 7G:68=:9
DG8:6H:ID;JC8I>DCEGDE:GAN L:B6N=6K:IDB6@:6H><C>;>86CI>CK:HIB:CIIDG:E6>GDGG:EA68:I=:B 6C9B6N:ME:G>:C8:ADHH
DG8DGGJEI>DCD;8G>I>86A96I66HL:AA6HHJ;;:G>CI:GGJEI>DCH>CDJG7JH>C:HHDE:G6I>DCH>CI=:>CI:G>B CN>CI:GGJEI>DCIDDJG
>C;DGB6I>DCHNHI:BHB6N=6K:6B6I:G>6A69K:GH::;;:8IDCDJG7JH>C:HHDGG:HJAIHD;DE:G6I>DCH $C699>I>DC L:6G:8DCHI6CIAN
JE96I>C<DJG>C;DGB6I>DCI:8=CDAD<NEGD8:HH:H6C9HNHI:BH /=:G>H@D;HNHI:B9>HGJEI>DC>H>C8G:6H:9L=:CH><C>;>86CIHNHI:B
8=6C<:H6G:JC9:GI6@:C $;L:;6>AIDI>B:AN>CI:<G6I:6C9JE96I:DJG>C;DGB6I>DCHNHI:BH6C9EGD8:HH:H L:B6N;6>AIDG:6A>O:
I=:8DHIH6K>C<HDGDE:G6I>DC6A7:C:;>IH6CI>8>E6I:9ID7:9:G>K:9;GDBI=:H:>C>I>6I>K:H
6D85D538>?<?7I 21C54CICD5=CD81D79F5?EB3ECD?=5BCD85129<9DID?C8?@G9D8EC?><9>54?>?D6E>3D9?>56653D9F5<I?EB
?@5B1D9>7B5CE<DC1CG5<<1C?EB129<9DID?7B?G?EB?=>9 381>>5<2EC9>5CC7<?21<<I3?E<425=1D5B91<<I14F5BC5C<AN 8JHIDB:GH6G:JH>C<8DBEJI:GH I67A:IH 6C9HB6GIE=DC:HIDH=DEL>I=JH6C9L>I=DJG8DBE:I>IDGH6C9ID9D
8DBE6G>HDCH=DEE>C< 2:JH:HD8>6AB:9>6 DCA>C:69K:GI>H>C< 6C9:B6>AID>CI:G68IL>I=DJG8JHIDB:GH6C96H6B:6CHID
:C=6C8:I=:>GH=DEE>C<:ME:G>:C8: H6E6GID;DJGDBC> 8=6CC:AH6A:HHIG6I:<N L:D;;:GK6G>DJHE>8@JE 9:A>K:GN6C9
H=>EE>C<EGD<G6BH>C8AJ9>C<DEI>DCHL=:G:B6CNEGD9J8IH6K6>A67A:;DGEJG8=6H:DCA>C:86C7:E>8@:9JE7NI=:8JHIDB:GDG
B:B7:G6I6AD86A26AB6GIHIDG:DG.6BHAJ7 L=>8=EGDK>9:H699>I>DC6A8JHIDB:GIG6;;>86IHJ8=HIDG:H6C98AJ7H *BC>
8=6CC:AG:I6>A>C<>H6G6E>9AN:KDAK>C<E6GID;I=:G:I6>A>C9JHIGN6C9D;DJGDE:G6I>DCH6GDJC9I=:LDGA9 2:BJHI6CI>8>E6I:6C9
B::IDJG8JHIDB:GH8=6C<>C<:ME:8I6I>DCHL=>A:69?JHI>C<;DGI:8=CDAD<N>CK:HIB:CIH6C99:K:ADEB:CIH>CDJG8DBE:I>IDGH
DE:G6I>DCHI=GDJ<=;D8JH>C<DCI=:7J>A9>C<6C99:A>K:GND;6H:6BA:HHH=DEE>C<:ME:G>:C8:68GDHH6AA8=6CC:AH7N:68=
DE:G6I>C<H:<B:CI CN;6>AJG:DCDJGE6GIIDEGDK>9:6IIG68I>K: JH:G ;G>:C9ANH:8JG:9><>I6AEA6I;DGBHI=6ID;;:G6L>9:
6HHDGIB:CID;B:G8=6C9>H:6I8DBE:I>I>K:EG>8:H6C9L>I=ADL8DHI6C9G6E>99:A>K:GNDEI>DCH6C9I=6I8DCI>CJ6AANB::II=:
8=6C<>C<:ME:8I6I>DCHD;DCA>C:H=DEE:GH6C99:K:ADEB:CIH>CDCA>C:6C99><>I6AEA6I;DGBB:G8=6C9>H>C<6C9G:A6I:9
I:8=CDAD<N8DJA9EA68:JH6I68DBE:I>I>K:9>H69K6CI6<: G:HJAI>CI=:ADHHD;:DBB:G8:6C9DI=:GH6A:H =6GBDJGG:EJI6I>DC
L>I=8JHIDB:GH =6K:6B6I:G>6A69K:GH:>BE68IDCI=:<GDLI=D;DJG:DBB:G8:7JH>C:HH<AD76AAN6C9=6K:6B6I:G>6A69K:GH:
>BE68IDCDJG7JH>C:HH6C9G:HJAIHD;DE:G6I>DCH
*JG9><>I6AEA6I;DGBH L=>8=6G:>C8G:6H>C<AN>BEDGI6CIIDDJG7JH>C:HH6C98DCI>CJ:ID<GDL>C8DBEA:M>IN6C9H8DE: 6C9I=:
HNHI:BHDCL=>8=I=:NGJC >C8AJ9>C<I=DH:6EEA>86I>DCH6C9HNHI:BH>CDJG68FJ>G:9:DBB:G8:7JH>C:HH:H 6G:G:<JA6GAN
HJ7?:8IID8N7:G6II68@H /=DH:6II68@H>CKDAK:6II:BEIHID<6>CJC6JI=DG>O:9688:HHIDDJG:DBB:G8:L:7H>I:H>C8AJ9>C<
B6G@:IEA68:EA6I;DGBHDGBD7>A:8DBB:G8:6EEA>86I>DCHIDD7I6>C6C9B>HJH:8JHIDB:GHDGB:B7:GH>C;DGB6I>DC>C8AJ9>C<
E6NB:CI>C;DGB6I>DC6C9G:A6I:9G>H@H9>H8JHH:9>CI=>H$I:B .J8=6II68@H >;HJ88:HH;JA >C699>I>DCIDEDI:CI>6A96I6B>HJH:
6C9DGADHH B6N6AHD8G:6I:9:C>6AHD;H:GK>8:DGDI=:GL>H:9>H67A: 9:<G69:DGH67DI6<:DC:DGBDG:D;DJG9><>I6AEA6I;DGBHDG
DI=:GL>H:H><C>;>86CIAN9>HGJEIDJG8JHIDB:GH6C9B:B7:GHH=DEE>C<:ME:G>:C8: DJGHJEEAN8=6>C>CI:<G>IN6C98DCI>CJ>IN 6C9
DJG67>A>INID:;;>8>:CIANDE:G6I:DJG7JH>C:HH $;L:6G:JC67A:IDB6>CI6>CI=:H:8JG>IND;DJG9><>I6AEA6I;DGBH6C9@::EI=:B
DE:G6I>C<L>I=>C688:EI67A:E6G6B:I:GH L:8DJA9HJ;;:GADHHD;H6A:H G:9J8I>DCH>CIG6CH68I>DCH G:EJI6I>DC6A96B6<:6C9
9:I:G>DG6I>DCD;DJG8DBE:I>I>K:EDH>I>DC6C9>C8JGA>67>A>IN;DG6CN96B6<:ID8JHIDB:GHDGDI=:GHL=DH:E:GHDC6ADG
8DC;>9:CI>6A>C;DGB6I>DC>HJCA6L;JAAND7I6>C:96C9B>HJH:9 6CND;L=>8=:K:CIH8DJA9=6K:6B6I:G>6A69K:GH:>BE68IDCDJG
7JH>C:HH6C9G:HJAIHD;DE:G6I>DCH6C9>BE:9:I=::M:8JI>DCD;DJGHIG6I:<N;DGI=:<GDLI=D;DJG7JH>C:HH
>I619<EB5D?=19>D19>D85C53EB9DI?6D859>6?B=1D9?>B5<1D9>7D??EB3?=@1>I3ECD?=5BC=5=25BC1CC?391D5C1>4
F5>4?BCG85D85B1C1B5CE<D?63I25BC53EB9DI1DD13;C?>?EB9>6?B=1D9?>CICD5=C?B?D85BG9C53?E<441=175?EB
B5@ED1D9?>B5CE<D9><9D971D9?>?B?D85B<571<13D9?>C1719>CDEC31EC5ECD?9>3EBCE2CD1>D91<1449D9?>1<3?CDC1>4
=1D5B91<<I14F5BC5<I16653D?EB2EC9>5CC1>4?@5B1D9>7B5CE<DC
'>@:BDHIG:I6>A:GH L:G:8:>K:6C9HIDG:>CDJG>C;DGB6I>DCHNHI:BHE:GHDC6A>C;DGB6I>DC67DJIDJG8JHIDB:GH6C9B:B7:GH
6C9L:G:8:>K:6C9HIDG:E:GHDC6A>C;DGB6I>DC8DC8:GC>C<DJG6HHD8>6I:H6C9K:C9DGH .DB:D;I=6I>C;DGB6I>DC>HHIDG:9
9><>I6AAN>C8DCC:8I>DCL>I=DJG9><>I6AEA6I;DGBH 2:6AHDJI>A>O:I=>G9 E6GINH:GK>8:EGDK>9:GH;DG6K6G>:IND;G:6HDCH
>C8AJ9>C< L>I=DJIA>B>I6I>DC ;DG9><>I6AHIDG6<:I:8=CDAD<N 8DCI:CI9:A>K:GNID8JHIDB:GH6C9B:B7:GH 768@ D;;>8:HJEEDGI
6C9DI=:G;JC8I>DCH .J8=EGDK>9:GHB6N=6K:688:HHID>C;DGB6I>DCL:=DA967DJIDJG8JHIDB:GH B:B7:GH 6HHD8>6I:HDG
K:C9DGH $C699>I>DC DJG:DBB:G8:DE:G6I>DCH9:E:C9JEDCI=:H:8JG:IG6CHB>HH>DCD;8DC;>9:CI>6A>C;DGB6I>DCDK:GEJ7A>8
C:ILDG@H >C8AJ9>C<>C;DGB6I>DCE:GB>II>C<86H=A:HHE6NB:CIH
N7:GI=G:6IH6G:G6E>9AN:KDAK>C<6C9I=DH:I=G:6IH6C9I=:B:6CH;DGD7I6>C>C<688:HHID>C;DGB6I>DC>C9><>I6A6C9DI=:G
HIDG6<:B:9>66G:7:8DB>C<>C8G:6H>C<ANHDE=>HI>86I:9 N7:GI=G:6IH6C98N7:G6II68@:GH86C7:HEDCHDG:97N8DJCIG>:HDG
HDE=>HI>86I:98G>B>C6ADG<6C>O6I>DCHDG7:I=:LDG@D;=68@:GHL>I=6L>9:G6C<:D;BDI>K:H6C9:ME:GI>H: 2:6C9I=:
7JH>C:HH:HL>I=L=>8=L:>CI:G68I=6K::ME:G>:C8:96C98DCI>CJ:ID:ME:G>:C8:I=G:6IHID96I66C9HNHI:BH >C8AJ9>C<7N
E:GE:IG6IDGHD;G6C9DBDGI6G<:I:9B6A>8>DJH8N7:G6II68@H 8DBEJI:GK>GJH:H LDGBH 7DI6II68@H G6CHDBL6G:DGDI=:G
9:HIGJ8I>K:DG9>HGJEI>K:HD;IL6G:6C96II:BEIHIDB>H6EEGDEG>6I:8JHIDB:G>C;DGB6I>DC >C8AJ9>C<8G:9>I86G96C9E6NB:CI
>C;DGB6I>DC 6C986JH:HNHI:B;6>AJG:H6C99>HGJEI>DCH /=:>C8G:6H:9JH:D;G:BDI:LDG@>C;G6HIGJ8IJG:9J:IDI=:*1$
E6C9:B>8=6H6AHD>C8G:6H:9I=:EDHH>7A:6II68@HJG;68:H .DB:D;DJGHNHI:BH6C9I=>G9 E6GINH:GK>8:EGDK>9:GHHNHI:BH=6K:
:ME:G>:C8:9A>B>I:9H:8JG>IN7G:68=:HDG>C8>9:CIH6C96AI=DJ<=I=:N9>9CDI=6K:6B6I:G>6A69K:GH::;;:8IDCDJGDE:G6I>C<
G:HJAIH I=:G:86C7:CD6HHJG6C8:D;6H>B>A6GG:HJAI>CI=:;JIJG:

HHD8>6I::GGDGDGB6A;:6H6C8: ;6JAINE6HHLDG9B6C6<:B:CI HD8>6A:C<>C::G>C<DGDI=:GKJAC:G67>A>I>:H6C9>GG:<JA6G>I>:HB6N
6AHDG:HJAI>C69:;:6ID;DJGDGDJGI=>G9 E6GINH:GK>8:EGDK>9:GHH:8JG>INB:6HJG:H6C967G:68=D;DJGDGI=:>G>C;DGB6I>DC
HNHI:BH (DG:DK:G =6G9L6G: HD;IL6G:DG6EEA>86I>DCHL:JH:B6N=6K:>C=:G:CIKJAC:G67>A>I>:HDG9:;:8IHD;9:H><C
B6CJ;68IJG:DGDE:G6I>DCHDG8DJA97:>C69K:GI:CIANDG>CI:CI>DC6AAN>BEA:B:CI:9DGJH:9>C6B6CC:GI=6I8DJA98DBEGDB>H:
>C;DGB6I>DCH:8JG>IN
CN8DBEGDB>H:D;DJG96I6H:8JG>INHNHI:BHDGD;I=DH:D;7JH>C:HH:HL>I=L=>8=L:>CI:G68I L=>8=G:HJAIH>C8DC;>9:CI>6A
>C;DGB6I>DC7:>C<688:HH:9 D7I6>C:9 96B6<:9 9>H8ADH:9 9:HIGDN:9 BD9>;>:9 ADHIDGJH:97NJC6JI=DG>O:9E:GHDCH8DJA9
=6GBDJGG:EJI6I>DC6C9:MEDH:JHIDG:<JA6IDGN68I>DCH 8JHIDB:G6IIG>I>DC G:B:9>6I>DC:ME:CH:H 6C98A6>BH;GDB8JHIDB:GH
B:B7:GH 6HHD8>6I:H K:C9DGH ;>C6C8>6A>CHI>IJI>DCH E6NB:CI86G9C:ILDG@H6C9DI=:GE:GHDCH 6CND;L=>8=8DJA9B6I:G>6AAN
6C969K:GH:AN6;;:8IDJG7JH>C:HHDE:G6I>DCH ;>C6C8>6AEDH>I>DC6C9G:HJAIHD;DE:G6I>DCH :86JH:I=:I:8=C>FJ:HJH:9IDD7I6>C
JC6JI=DG>O:9688:HH 9>H67A:DG9:<G69:H:GK>8: DGH67DI6<:HNHI:BH8=6C<:;G:FJ:CIAN6C9B6NCDI>BB:9>6I:ANEGD9J8:H><CH
D;68DBEGDB>H: L:B6N7:JC67A:ID6CI>8>E6I:I=:H:I:8=C>FJ:HDGID>BEA:B:CI69:FJ6I:EG:K:CI6I>K:B:6HJG:H6C9L:DG
DJGI=>G9 E6GINH:GK>8:EGDK>9:GHB6NCDI9>H8DK:G6CNH:8JG>IN7G:68= KJAC:G67>A>INDG8DBEGDB>H:D;>C;DGB6I>DC;DG6
H><C>;>86CIE:G>D9D;I>B:6;I:GI=:H:8JG>IN>C8>9:CID88JGH /DI=::MI:CII=6I6CN8N7:G6II68@ G6CHDBL6G:DG>C8JGH>DC>CDJG
DGDC:D;DJGI=>G9 E6GINH:GK>8:EGDK>9:GH>C;DGB6I>DCHNHI:BHG:HJAIH>CI=:ADHH 96B6<: B>H6EEGDEG>6I>DCDGDI=:G
8DBEGDB>H:D;>C;DGB6I>DC L:B6N7:B6I:G>6AAN69K:GH:AN6;;:8I:97N8A6>BH;GDB8JHIDB:GH ;>C6C8>6A>CHI>IJI>DCH
G:<JA6IDGN6JI=DG>I>:H E6NB:CI86G9C:ILDG@H6C9DI=:GH
*JG8DBEA>6C8:EGD<G6BH >C;DGB6I>DCI:8=CDAD<N 6C9:CI:GEG>H:G>H@B6C6<:B:CI:;;DGIH86CCDI:A>B>C6I:6AAHNHI:B>8G>H@
>HGJEI>DCH>CDJGHNHI:BH86JH:97NH:8JG>IN7G:68=:HDG8N7:G6II68@HT>C8AJ9>C<6II68@HDCI=DH:E6GI>:HL:9D7JH>C:HHL>I=
T8DJA9=6GBDJG67>A>INID8DC9J8IDJGDE:G6I>DCH L=>8=B6N=6K:6B6I:G>6A:;;:8IDCJH B6NG:HJAI>CADHH:HI=6I8DJA9=6K:
6B6I:G>6A69K:GH::;;:8IDCDJG;>C6C8>6AEDH>I>DCDGG:HJAIHD;DE:G6I>DCH DGB6N=6K:686H869>C<:;;:8II=6I69K:GH:AN>BE68IH
DJGE6GIC:GH I=>G9 E6GINH:GK>8:EGDK>9:GH 8JHIDB:GH ;>C6C8>6AH:GK>8:H;>GBH 6C9DI=:GI=>G9E6GI>:HI=6IL:>CI:G68IL>I=DC6
G:<JA6G76H>H
$C699>I>DC HJ8=H:8JG>IN G:A6I:9:K:CIH8DJA97:L>9:ANEJ7A>8>O:96C98DJA9B6I:G>6AAN69K:GH:AN6;;:8IDJGG:EJI6I>DCL>I=
DJG8JHIDB:GH B:B7:GH 6HHD8>6I:H K:C9DGH6C9H=6G:=DA9:GH 8DJA9=6GBDJG8DBE:I>I>K:EDH>I>DCE6GI>8JA6GANL>I=G:HE:8IID
DJG:DBB:G8:DE:G6I>DCH 6C98DJA9G:HJAI>C6B6I:G>6AG:9J8I>DC>CDJGC:IH6A:H>CDJG:DBB:G8:DE:G6I>DCH 6HL:AA6H>C
DJGHIDG:HI=:G:7NB6I:G>6AAN69K:GH:AN6;;:8I>C<DJGDE:G6I>DCH C:IH6A:H G:HJAIHD;DE:G6I>DCH ;>C6C8>6AEDH>I>DC 86H=;ADLH
6C9A>FJ>9>IN .J8=:K:CIH8DJA96AHDG:HJAI>CI=:G:A:6H:IDI=:EJ7A>8D;8DC;>9:CI>6A>C;DGB6I>DC67DJIDJGDE:G6I>DCH6C9
;>C6C8>6AEDH>I>DC6C9E:G;DGB6C8:6C98DJA9G:HJAI>CA>I><6I>DCDGDI=:GA:<6A68I>DCH6<6>CHIJHDGI=:>BEDH>I>DCD;E:C6AI>:H
;>C:H ;::HDGA>67>A>I>:H L=>8=B6NCDI7:8DK:G:97NDJG>CHJG6C8:EDA>8>:H (DG:DK:G 6H:8JG>IN8DBEGDB>H:DGG6CHDBL6G:
:K:CI8DJA9G:FJ>G:JHID9:KDI:H><C>;>86CIB6C6<:B:CIG:HDJG8:HID699G:HHI=:EGD7A:BH8G:6I:97NI=:>HHJ:6C9ID:ME:C9
H><C>;>86CI699>I>DC6AG:HDJG8:HIDJE<G69:;JGI=:GI=:H:8JG>INB:6HJG:HL::BEADNID<J6G9E:GHDC6A6C98DC;>9:CI>6A
>C;DGB6I>DC6<6>CHI8N7:G6II68@H6C9DI=:G6II:BEIHID688:HHDGDI=:GL>H:8DBEGDB>H:HJ8=>C;DGB6I>DC6C98DJA9G:HJAI>C6
9>HGJEI>DCD;DJGDE:G6I>DCH E6GI>8JA6GANDJG9><>I6ADE:G6I>DCH
2:688:EIE6NB:CIHJH>C<6K6G>:IND;B:I=D9H >C8AJ9>C<86H= 8=:8@H 8G:9>I6C99:7>I86G9H 6C9DJGEG>K6I:A67:A8G:9>I
86G9H6C9<>;I86G9H 6C9L:B6ND;;:GC:LE6NB:CIDEI>DCHDK:GI>B: L=>8=B6N=6K:>C;DGB6I>DCH:8JG>ING>H@>BEA>86I>DCH
H6G:I6>A:G688:EI>C<9:7>I6C98G:9>I86G9H;DGE6NB:CI L:6G:HJ7?:8IIDK6G>DJH>C9JHIGN96I6EGDI:8I>DCHI6C96G9H6C9
EGDID8DAH HJ8=6HE6NB:CIC:ILDG@H:8JG>INDE:G6I>C<<J>9:A>C:H6C9I=:+6NB:CI6G9$C9JHIGN6I6.:8JG>IN.I6C96G9 2:
86CCDI7:8:GI6>CI=6II=:H:8JG>INB:6HJG:HL:B6>CI6>CIDEGDI:8I6AAD;DJG>C;DGB6I>DCI:8=CDAD<NHNHI:BH6G:67A:ID
EG:K:CI 8DCI6>CDG9:I:8I8N7:G6II68@H 8N7:GI:GGDG>HB H:8JG>IN7G:68=:HDGDI=:G8DBEGDB>H:H;GDB@CDLCB6AL6G:DG
G6CHDBL6G:DGDI=:GI=G:6IHI=6IB6N7:9:K:ADE:9>CI=:;JIJG: $C8:GI6>C8>G8JBHI6C8:H DJG8DCIG68IHL>I=E6NB:CI86G9
EGD8:HHDGH6C9E6NB:CI86G9C:ILDG@HHJ8=6H1>H6 (6HI:G86G9 B:G>86C MEG:HH6C9>H8DK:G<:C:G6AANG:FJ>G:JHID
69=:G:IDE6NB:CI86G9C:ILDG@GJA:HL=>8=8DJA9B6@:JHA>67A:IDE6NB:CI86G9>HHJ:GH6C9DI=:GH>;>C;DGB6I>DC>C
8DCC:8I>DCL>I=E6NB:CI86G9H6C9E6NB:CI86G9IG6CH68I>DCHI=6IL:EGD8:HH>H8DBEGDB>H:9 L=>8=A>67>A>I>:H8DJA97:
HJ7HI6CI>6A
99>I>DC6AAN L:D;;:GBDC:NL>G:IG6CH;:GH:GK>8:H 9><>I6AE6NB:CIEA6I;DGBH 7>AAE6NB:CI BDC:NDG9:GH6C98=:8@86H=>C<
6C9L:H:AAEG:E6>986G9H6C9<>;I86G9H 2:;JGI=:GD;;:G8D 7G6C9:98G:9>I86G9H6C9>CHI6AAB:CIAD6CHI=GDJ<=;>C6C8>6A
H:GK>8:HE6GIC:GH /=:H:EGD9J8IH6C9H:GK>8:HG:FJ>G:JHID8DBEANL>I=A:<6A6C9G:<JA6IDGNG:FJ>G:B:CIH >C8AJ9>C<<AD76A
6CI> BDC:NA6JC9:G>C<6C9H6C8I>DCHA6LH6C9G:<JA6I>DCH6HL:AA6H>CI:GC6I>DC6A ;:9:G6A6C9HI6I:8DCHJB:G;>C6C8>6AA6LH
6C9G:<JA6I>DCH !6>AJG:ID8DBEANL>I=I=:H:A6LH6C9G:<JA6I>DCH8DJA9G:HJAI>C;>C:H H6C8I>DCH E:C6AI>:H6C9=6GBIDDJG
G:EJI6I>DC
/=:DBE6CN6AHD=6H8DBEA>6C8:D7A><6I>DCH6HHD8>6I:9L>I=C:LEG>K68NA6LH:C68I:9IDEGDI:8I6C9G:<JA6I:I=:8DAA:8I>DC
JH: G:I:CI>DC 9>H8ADHJG:6C9IG6CH;:GD;E:GHDC6A>C;DGB6I>DC L=>8=>C8AJ9:HI6IJIDGNA>67>A>IN;DGH:8JG>IN7G:68=:H
DCH:FJ:CIAN 8N7:GH:8JG>IN6II68@HI=6I86JH:696I67G:68=8DJA9HJ7?:8IJHID;>C:H H6C8I>DCH6C9DI=:GA:<6AA>67>A>IN6C9
=6GBDJGG:EJI6I>DC

81>75C9>D85B5CE<DC?6?EB851<D81>4G5<<>5CC2EC9>5CC3?E<414F5BC5<I16653D?EB?F5B1<<B5CE<DC?6?@5B1D9?>C31C8
6<?GC1>4<9AE949DI
26AB6GI=6HG:I6>AE=6GB68NDE:G6I>DCH>CDJG26AB6GI0 . 6C9.6BHAJ7H:<B:CIH 6HL:AA6HI=:G:8:CI699>I>DCD;
26AB6GI#:6AI=:CI:GH>C6CJB7:GD;HI6I:H A6G<:B6?DG>IND;DJGG:I6>AE=6GB68NC:IH6A:H6G:<:C:G6I:97N;>AA>C<
EG:H8G>EI>DCH;DGL=>8=L:G:8:>K:E6NB:CII=GDJ<=:HI67A>H=:98DCIG68IJ6AG:A6I>DCH=>EHL>I=I=>G9 E6GINE6N:GH6C9E6NB:CI
69B>C>HIG6IDGH HJ8=6HEG>K6I:>CHJG:GH <DK:GCB:CI6A6<:C8>:H6C9E=6GB68N7:C:;>IB6C6<:GH+(H
*JGG:I6>AE=6GB68NDE:G6I>DCH6G:HJ7?:8IIDCJB:GDJHG>H@H >C8AJ9>C<G:9J8I>DCH>CI=:I=>G9 E6GING:>B7JGH:B:CIG6I:H;DG
9GJ<H8=6C<:H>CDJGE6N:GB>M> : H=>;IH>CI=:G:A6I>K:9>HIG>7JI>DCD;DJGE=6GB68N8JHIDB:GH68GDHH9GJ<>CHJG6C8:EA6CH
6C9EGD<G6BHIDL6G9EA6CH6C9EGD<G6BHL>I=A:HH;6KDG67A:G:>B7JGH:B:CII:GBH8=6C<:H>CI=>G9 E6GINE6N:G9GJ<
;DGBJA6G>:H> : I=:H8=:9JA:D;EG:H8G>EI>DC9GJ<H6EEGDK:9;DGG:>B7JGH:B:CIDGL=>8=DI=:GL>H:G:8:>K:EG:;:G:CI>6A
8DK:G6<:IG:6IB:CI<GDLI=>C 6C9DJGE6GI>8>E6I>DC>CDG:M8AJH>DC;GDB E=6GB68NE6N:GC:ILDG@6GG6C<:B:CIH>C8AJ9>C<
:M8AJH>K:6C9EG:;:GG:9E=6GB68NC:ILDG@6GG6C<:B:CIHDE:G6I:97N+(H6C9DG6CN>CHJG6C8:EA6CDGEGD<G6B>C8G:6H:H>C
I=:EG>8:HL:E6N;DG7G6C9C6B:6C9<:C:G>8EG:H8G>EI>DC9GJ<HL:H:AA>C8G:6H:H>CI=:69B>C>HIG6I>K:7JG9:CH6HHD8>6I:9L>I=
H::@>C<I=>G9 E6GING:>B7JGH:B:CI8=6C<:H>CI=:;G:FJ:C8NL>I=L=>8=C:L7G6C9C6B:E=6GB68:JI>86AH7:8DB:6K6>A67A:ID
8DCHJB:GH>CIGD9J8I>DCD;ADL:G8DHI<:C:G>89GJ<H6HHJ7HI>IJI:H;DG:M>HI>C<7G6C9C6B:9GJ<H;DGL=>8=I=:G:L6HCDEG>DG
<:C:G>89GJ<8DBE:I>I>DC8=6C<:H>C9GJM> : I=:G:A6I>K:9>HIG>7JI>DCD;9GJ<H8JHIDB:GHEJG8=6H:6IDJGE=6GB68>:H
7:IL::C7G6C9H6C9<:C:G>8H8=6C<:H>CI=:=:6AI=>CHJG6C8:B6G@:I<:C:G6AAN8=6C<:H>CI=:H8DE:D;DGI=::A>B>C6I>DCD;
(:9>86G:+6GIDG(:9>86>99GJ<EGD<G6BH>C8G:6H:98DBE:I>I>DC;GDBDI=:GG:I6>AE=6GB68NDE:G6I>DCH>C8AJ9>C<
8DBE:I>IDGHD;;:G>C<DCA>C:G:I6>AE=6GB68NDEI>DCHL>I=DGL>I=DJI=DB:9:A>K:GNDEI>DCH;JGI=:G8DCHDA>96I>DC6C9HIG6I:<>8
6AA>6C8:H6BDC<I=>G9 E6GINE6N:GH +(HDGEJG8=6H:GHD;9GJ<HDK:G6AA:8DCDB>88DC9>I>DCH6C9I=:67>A>IND;DJGE=6GB68N
8JHIDB:GHIDE6N;DG9GJ<HEG:H8G>7:9;DGI=:BIDI=::MI:CII=:8DHIH6G:CDIG:>B7JGH:97N6I=>G9 E6GIN;6>AJG:IDB::I6CN
E:G;DGB6C8:DG>C8:CI>K:I=G:H=DA9HIDL=>8=DJGA:K:AD;I=>G9 E6GING:>B7JGH:B:CIB6N7:HJ7?:8I8=6C<:H>CA6LHDG
G:<JA6I>DCHDGI=:EG68I>8:HD;I=>G9 E6GINE6N:GH6C9+(HG:A6I:9IDI=:JH:D;I=>G9 E6GIN;>C6C8>6A6HH>HI6C8:ID6HH>HIDJG
E=6GB68N8JHIDB:GHL>I=E6N>C<;DG9GJ<HEG:H8G>7:9;DGI=:B6C96CN699>I>DC6A8=6C<:H>CI=:G:<JA6IDGN:CK>GDCB:CI;DG
I=:G:I6>AE=6GB68N>C9JHIGN6C9I=:E=6GB68:JI>86A>C9JHIGN >C8AJ9>C<6H6G:HJAID;G:HIG>8I>DCHDCI=:;JGI=:G>BEA:B:CI6I>DC
D;DGI=:G:E:6AD;I=:+6I>:CI+GDI:8I>DC6C9;;DG967A:6G:8IDGI=::C68IB:CI6C9>BEA:B:CI6I>DCD;6A6LG:EA68>C<HJ8=
68I 6C9DI=:G8=6C<:H>CA6LH GJA:H6C9G:<JA6I>DCHI=6I6;;:8IDJGG:I6>AE=6GB68N7JH>C:HH
$;I=:HJEEAND;8:GI6>CE=6GB68:JI>86AHEGDK>9:97NDC:DGBDG:D;DJGK:C9DGHL:G:ID7:9>HGJEI:9;DG6CNG:6HDC DJG
E=6GB68NDE:G6I>DCH8DJA97:H:K:G:AN6;;:8I:9JCI>A6IA:6HIHJ8=I>B:6HL:8DJA9D7I6>C6C:LHJEEA>:G;DGHJ8=
E=6GB68:JI>86AH CNHJ8=9>HGJEI>DC8DJA986JH:G:EJI6I>DC6A96B6<:6C9G:HJAI>C6H><C>;>86CICJB7:GD;DJGE=6GB68N
8JHIDB:GHIG6CH;:GG>C<I=:>GEG:H8G>EI>DCHIDDI=:GE=6GB68>:H
*C:DG68DB7>C6I>DCD;HJ8=;68IDGHB6N69K:GH:AN6;;:8II=:KDAJB:HD;7G6C9C6B:6C9<:C:G>8E=6GB68:JI>86AHL:H:AA DJG
8DHID;H6A:H6HHD8>6I:9L>I=DJGG:I6>AE=6GB68NDE:G6I>DCH 6C9I=:C:IH6A:H6C9<GDHHB6G<>CD;I=DH:DE:G6I>DCHDGG:HJAI>C
I=:ADHHD;8GDHH HIDG:DG8GDHH 8AJ7H:AA>C<DEEDGIJC>I>:H6C9 >CIJGC 69K:GH:AN6;;:8IDJGDK:G6AAC:IH6A:H DI=:GG:HJAIHD;
DE:G6I>DCH 86H=;ADLH6C9A>FJ>9>IN
%EB619<EB5D?1DDB13D1>4B5D19>AE1<969541CC?391D5C9>3B51C5C9>G1751>425>569D3?CDC381>75C9><1GC1>4?D85B
<12?B9CCE5C3?E<4=1D5B91<<I14F5BC5<I16653D?EB69>1>391<@5B6?B=1>35
*JG67>A>INID8DCI>CJ:ID8DC9J8I6C9:ME6C9DJGDE:G6I>DCH9:E:C9HDCDJG67>A>INID6IIG68I6C9G:I6>C6A6G<:6C9<GDL>C<
CJB7:GD;FJ6A>;>:96HHD8>6I:H<AD76AAN *JG67>A>INIDB::IDJGA67DGC::9H >C8AJ9>C<DJG67>A>INID;>C9FJ6A>;>:9E:GHDCC:AID
;>AAEDH>I>DCHI=6I7:8DB:K686CI6IDJG:M>HI>C<HIDG:H 8AJ7H 9>HIG>7JI>DC6C9;JA;>AAB:CI8:CI:GH6C98DGEDG6I:D;;>8:H L=>A:
8DCIGDAA>C<DJG6HHD8>6I:L6<:6C9G:A6I:9A67DG8DHIH >H<:C:G6AANHJ7?:8IIDCJB:GDJH:MI:GC6A;68IDGH >C8AJ9>C<I=:
6K6>A67>A>IND;6HJ;;>8>:CICJB7:GD;FJ6A>;>:9E:GHDCH>CI=:LDG@;DG8:D;I=:B6G@:IH>CL=>8=L:DE:G6I: JC:BEADNB:CI
A:K:AHL>I=>CI=DH:B6G@:IH EG:K6>A>C<L6<:G6I:H 8=6C<>C<9:BD<G6E=>8H =:6AI=6C9DI=:G>CHJG6C8:8DHIH6C969DEI>DCD;
C:LDGG:K>H:9:BEADNB:CI6C9A67DGA6LH6C9G:<JA6I>DCH 99>I>DC6AAN DJG67>A>INIDHJ88:HH;JAAN:M:8JI:DG<6C>O6I>DC6A
8=6C<:H >C8AJ9>C<B6C6<:B:CIIG6CH>I>DCHL>I=>CI=:DBE6CNHH:C>DGA:69:GH=>E 6C9ID:;;:8I>K:ANBDI>K6I:6C9G:I6>C
6HHD8>6I:H6G:8G>I>86AIDDJG7JH>C:HHHJ88:HH $;L:6G:JC67A:IDAD86I: 6IIG68IDGG:I6>CFJ6A>;>:9E:GHDCC:A DGB6C6<:
A:69:GH=>EIG6CH>I>DCHJ88:HH;JAAN I=:FJ6A>IND;H:GK>8:L:EGDK>9:IDDJG8JHIDB:GHB6N9:8G:6H:6C9DJG;>C6C8>6A
E:G;DGB6C8:B6N7:69K:GH:AN6;;:8I:9
$C699>I>DC >;DJG8DHIHD;A67DGDGG:A6I:98DHIH>C8G:6H:;DGDI=:GG:6HDCHDG>;C:LDGG:K>H:9A67DGA6LH GJA:HDGG:<JA6I>DCHDG
=:6AI=86G:A6LH6G:69DEI:9DG>BEA:B:CI:9I=6I;JGI=:G>C8G:6H:DJGA67DG8DHIH DJG;>C6C8>6AE:G;DGB6C8:8DJA97:B6I:G>6AAN
69K:GH:AN6;;:8I:9

9>1>391<(9C;C
19<EB5D?=55D=1B;5D5H@53D1D9?>C6?B?EB69>1>391<@5B6?B=1>353?E<414F5BC5<I16653DD85=1B;5D@B9351>4F?<1D9<9DI
?6?EBCD?3;
2:7:A>:K:I=6II=:EG>8:D;DJGHID8@<:C:G6AANG:;A:8IH=><=B6G@:I:ME:8I6I>DCH;DGDJG;JIJG:DE:G6I>C<G:HJAIH CN;6>AJG:
IDB::IDG9:A6N>CB::I>C<I=:H::ME:8I6I>DCH >C8AJ9>C<DJG8DBE6G67A:HIDG:6C98AJ7H6A:H<GDLI=G6I:H :DBB:G8:<GDLI=
G6I:H <GDHHB6G<>C DG:6GC>C<H6C969?JHI:9:6GC>C<HE:GH=6G:8DJA986JH:I=:B6G@:IEG>8:D;DJGHID8@ID9:8A>C: 6H8DJA9
8=6C<:H>CDJG9>K>9:C9DGHID8@G:EJG8=6H:EGD<G6BHDGEDA>8>:H 8=6C<:H>CDJG;>C6C8>6A:HI>B6I:H6C9G:8DBB:C96I>DCH7N
H:8JG>I>:H6C6ANHIHDG ;6>AJG:D;26AB6GIHE:G;DGB6C8:ID8DBE6G:;6KDG67ANIDI=6ID;DI=:GG:I6>A:GHB6N=6K:6C:<6I>K:
:;;:8IDCI=:EG>8:D;DJGHID8@
<E3DE1D9?>C9>6?B597>5H381>75B1D5C=1I=1D5B91<<I14F5BC5<I16653D?EB69>1>391<@5B6?B=1>351>4?EBB5@?BD54
B5CE<DC?6?@5B1D9?>C
*JGDE:G6I>DCH>C8DJCIG>:HDI=:GI=6CI=:0 . 6G:8DC9J8I:9EG>B6G>AN>CI=:AD86A8JGG:C8>:HD;I=DH:8DJCIG>:H *JG
DCHDA>96I:9!>C6C8>6A.I6I:B:CIH6G:9:CDB>C6I:9>C0 . 9DAA6GH 6C9IDEG:E6G:I=DH:;>C6C8>6AHI6I:B:CIHL:BJHIIG6CHA6I:
I=:6BDJCIHD;I=:6HH:IH A>67>A>I>:H C:IH6A:H DI=:GG:K:CJ:H6C9:ME:CH:HD;DJGDE:G6I>DCHDJIH>9:D;I=:0 . ;GDBAD86A
8JGG:C8>:H>CID0 . 9DAA6GHJH>C<:M8=6C<:G6I:H;DGI=:8JGG:CIE:G>D9 $CG:8:CIN:6GH ;AJ8IJ6I>DCH>C8JGG:C8N:M8=6C<:G6I:H
I=6IL:G:JC;6KDG67A:=6K:=6969K:GH::;;:8IHDCDJGG:EDGI:9G:HJAIHD;DE:G6I>DCH
H6G:HJAID;HJ8=IG6CHA6I>DCH ;AJ8IJ6I>DCH>C8JGG:C8N:M8=6C<:G6I:H;GDBE:G>D9 ID E:G>D9I=6I6G:JC;6KDG67A:IDJHB6N
6AHDG:HJAI>CDJGDCHDA>96I:9!>C6C8>6A.I6I:B:CIHG:;A:8I>C<H><C>;>86CI69K:GH:E:G>D9 DK:G E:G>D98=6C<:H>CDJG;>C6C8>6A
E:G;DGB6C8:DGG:;A:8I>C<6E:G>D9 DK:G E:G>D9>BEGDK:B:CI>CDJG;>C6C8>6AE:G;DGB6C8:I=6I>HCDI6HGD7JHI6H>ILDJA97:
L>I=DJIHJ8=;AJ8IJ6I>DCH>CI=:8JGG:C8N:M8=6C<:G6I:H .J8=JC;6KDG67A:8JGG:C8N:M8=6C<:G6I:;AJ8IJ6I>DCHL>AA69K:GH:AN
6;;:8II=:G:EDGI:9E:G;DGB6C8:D;DJG26AB6GI$CI:GC6I>DC6ADE:G6I>C<H:<B:CI6C9=6K:68DGG:HEDC9>C<69K:GH::;;:8IDCDJG
G:EDGI:98DCHDA>96I:9G:HJAIHD;DE:G6I>DCH
2:B6NE6N;DGEGD9J8IHL:EJG8=6H:;DGH6A:>CDJGHIDG:H6C98AJ7H6GDJC9I=:LDGA9L>I=68JGG:C8NDI=:GI=6CI=:AD86A
8JGG:C8ND;I=:8DJCIGN>CL=>8=I=:<DD9HL>AA7:HDA9 2=:CL:BJHI68FJ>G:I=:8JGG:C8NIDE6N;DGHJ8=EGD9J8IH6C9I=:
:M8=6C<:G6I:H;DGI=:E6NB:CI8JGG:C8N;AJ8IJ6I:>C6B6CC:GJC;6KDG67A:IDJH DJG8DHID;H6A:HB6N>C8G:6H:6C9L:B6N7:
JC67A:DGJCL>AA>C<ID8=6C<:I=:EG>8:H6IL=>8=L:H:AAI=DH:<DD9HID699G:HHI=6I>C8G:6H:>CDJG8DHIH L>I=68DGG:HEDC9>C<
69K:GH::;;:8IDCDJG<GDHHEGD;>I DCH:FJ:CIAN JC;6KDG67A:;AJ8IJ6I>DCH>C8JGG:C8N:M8=6C<:G6I:H=6K:6C9B6N8DCI>CJ:ID
69K:GH:AN6;;:8IDJGG:HJAIHD;DE:G6I>DCH
"571<*1H(57E<1D?BI?=@<91>35(5@ED1D9?>1<1>4%D85B(9C;C
%EB9>D5B>1D9?>1<?@5B1D9?>CCE2:53DECD?<579C<1D9F5:E49391<133?E>D9>7<571<B57E<1D?BID1H@?<9D931<1>453?>?=93
B9C;C1>43?>49D9?>CC@539693D?D853?E>DB95C?BB579?>C9>G8938G5?@5B1D5G89383?E<4=1D5B91<<I14F5BC5<I16653D?EB
2EC9>5CC?B69>1>391<@5B6?B=1>35
$C699>I>DCIDDJG0 . DE:G6I>DCH L:DE:G6I:DJGG:I6>A7JH>C:HH>C;G>86 6C696 :CIG6AB:G>86 =>A: =>C6 $C9>66C9
(:M>8D
JG>C<;>H86A DJG26AB6GI$CI:GC6I>DC6ADE:G6I>DCH<:C:G6I:96EEGDM>B6I:AND;DJG8DCHDA>96I:9C:IH6A:H 26AB6GI
$CI:GC6I>DC6AHDE:G6I>DCH>CK6G>DJH8DJCIG>:H6AHDHDJG8:<DD9H6C9H:GK>8:H;GDBDI=:G8DJCIG>:H *JG;JIJG:DE:G6I>C<G:HJAIH
>CI=:H:8DJCIG>:H8DJA97:C:<6I>K:AN6;;:8I:97N6K6G>:IND;;68IDGH BDHID;L=>8=6G:7:NDC9DJG8DCIGDA /=:H:;68IDGH
>C8AJ9:EDA>I>86A8DC9>I>DCH >C8AJ9>C<EDA>I>86A>CHI67>A>IN AD86A6C9<AD76A:8DCDB>88DC9>I>DCH A:<6A6C9G:<JA6IDGN
8DCHIG6>CIHHJ8=6HG:<JA6I>DCD;EGD9J8I6C9H:GK>8:D;;:G>C<H>C8AJ9>C<G:<JA6IDGNG:HIG>8I>DCHHJ8=6H;DG:><CDLC:GH=>E
G:HIG>8I>DCHDC:DBB:G8:6C9G:I6>ADE:G6I>DCH>C>CI:GC6I>DC6AB6G@:IH HJ8=6H$C9>6 G:HIG>8I>K:<DK:GCB:CI6A68I>DCHHJ8=
6HIG69:EGDI:8I>DCB:6HJG:H 6CI>IGJHI6C98DBE:I>I>DCA6LG:<JA6IDGNB6II:GHHJ8=6HI=:8DBE:I>I>DC>CK:HI><6I>DCH8JGG:CIAN
JC9:GL6N>C(:M>8DG:A6I:9IDDJGHJ7H>9>6GN26A (6GI9:(:M>8D >C6C696G:A6I:9IDDJGHJ7H>9>6GN26A (6GI6C6966C9
8DBE:I>I>DCEGD8::9>C<H>C$C9>6G:A6I:9IDDJG!A>E@6GIHJ7H>9>6GN AD86AEGD9J8IH6;:IN6C9:CK>GDCB:CI6AA6LH I6M
G:<JA6I>DCH AD86AA67DGA6LH 6CI> BDC:NA6JC9:G>C<A6LH6C9G:<JA6I>DCH IG69:EDA>8>:H 8JGG:C8NG:<JA6I>DCH A6LH6C9
G:<JA6I>DCHG:<6G9>C<8DCHJB:G6C996I6EGDI:8I>DC 6C9DI=:GB6II:GH>C6CND;I=:8DJCIG>:HDGG:<>DCH>CL=>8=L:DE:G6I:
CDLDG>CI=:;JIJG:

/=::8DCDB>:HD;HDB:D;I=:8DJCIG>:H>CL=>8=L:=6K:DE:G6I>DCH=6K:>CI=:E6HIHJ;;:G:9;GDB=><=G6I:HD;>C;A6I>DC6C9
8JGG:C8N9:K6AJ6I>DCH L=>8= >;I=:ND88JGG:96<6>C 8DJA969K:GH:AN6;;:8IDJG;>C6C8>6AE:G;DGB6C8: *I=:G;68IDGHL=>8=
B6N>BE68IDJG>CI:GC6I>DC6ADE:G6I>DCH>C8AJ9:;DG:><CIG69: BDC:I6GN6C9;>H86AEDA>8>:HD;I=:0 . 6C9D;DI=:G8DJCIG>:H
A6LH G:<JA6I>DCH6C9DI=:G68I>K>I>:HD;;DG:><C<DK:GCB:CIH 6<:C8>:H6C9H>B>A6GDG<6C>O6I>DCH 6C9G>H@H6HHD8>6I:9L>I=
=6K>C<CJB:GDJH;68>A>I>:HAD86I:9>C8DJCIG>:HI=6I=6K:=>HIDG>86AAN7::CA:HHHI67A:I=6CI=:0 . 99>I>DC6AG>H@H>C=:G:CI>C
DJG>CI:GC6I>DC6ADE:G6I>DCH<:C:G6AAN>C8AJ9: 6BDC<DI=:GH I=:8DHIH6C99>;;>8JAI>:HD;B6C6<>C<>CI:GC6I>DC6ADE:G6I>DCH
69K:GH:I6M8DCH:FJ:C8:H6C9<G:6I:G9>;;>8JAIN>C:C;DG8>C<>CI:AA:8IJ6AEGDE:GING><=IH>C8DJCIG>:HDI=:GI=6CI=:0 . /=:
K6G>DJHG>H@H>C=:G:CI>C9D>C<7JH>C:HH>CI=:0 . <:C:G6AAN6AHD:M>HIL=:C9D>C<7JH>C:HHDJIH>9:D;I=:0 . 6C9B6N7:
:M6<<:G6I:97NI=:9>;;>8JAIND;9D>C<7JH>C:HH>CCJB:GDJHHDK:G:><C?JG>H9>8I>DCH9J:ID9>;;:G:C8:H>C8JAIJG: A6LH6C9
G:<JA6I>DCH
$C;DG:><C8DJCIG>:H>CL=>8=L:=6K:DE:G6I>DCH 6G>H@:M>HIHI=6IDJG6HHD8>6I:H 8DCIG68IDGHDG6<:CIH8DJA9 >C8DCIG6K:CI>DC
D;DJGEDA>8>:H :C<6<:>C7JH>C:HHEG68I>8:HEGD=>7>I:97N0 . A6LH6C9G:<JA6I>DCH6EEA>867A:IDJH HJ8=6HI=:!DG:><C
DGGJEI+G68I>8:H8IDGI=:A6LH6C9G:<JA6I>DCHD;DI=:G8DJCIG>:H 2:B6>CI6>C6<AD76AEDA>8NEGD=>7>I>C<HJ8=7JH>C:HH
EG68I>8:H6C9=6K:>CEA68:6<AD76A6CI> 8DGGJEI>DC8DBEA>6C8:EGD<G6B9:H><C:9ID:CHJG:8DBEA>6C8:L>I=I=:H:A6LH6C9
G:<JA6I>DCH ):K:GI=:A:HH L:G:B6>CHJ7?:8IIDI=:G>H@I=6IDC:DGBDG:D;DJG6HHD8>6I:H 8DCIG68IDGHDG6<:CIH >C8AJ9>C<
I=DH:76H:9>CDG;GDB8DJCIG>:HL=:G:EG68I>8:HI=6IK>DA6I:HJ8=0 . A6LH6C9G:<JA6I>DCHDGI=:A6LH6C9G:<JA6I>DCHD;DI=:G
8DJCIG>:HB6N7:8JHIDB6GN L>AA:C<6<:>C7JH>C:HHEG68I>8:HI=6I6G:EGD=>7>I:97NDJGEDA>8>:H 8>G8JBK:CIDJG8DBEA>6C8:
EGD<G6BH6C9 7N9D>C<HD K>DA6I:HJ8=A6LH6C9G:<JA6I>DCH CNHJ8=K>DA6I>DCH :K:C>;EGD=>7>I:97NDJG>CI:GC6AEDA>8>:H
8DJA969K:GH:AN6;;:8IDJG7JH>C:HHDG;>C6C8>6AE:G;DGB6C8:6C9DJGG:EJI6I>DC
81>75C9>D1H1>4DB145<1GC1>4B57E<1D9?>C3?E<4=1D5B91<<I14F5BC5<I16653D?EB69>1>391<@5B6?B=1>35
$C;>H86A DJG26AB6GI0 . 6C9.6BHAJ7DE:G6I>C<H:<B:CIH<:C:G6I:96EEGDM>B6I:AND;DJG8DCHDA>96I:9C:I
H6A:H .><C>;>86CI8=6C<:H>CI6M6C9IG69:EDA>8>:H >C8AJ9>C<I6G>;;H6C9<DK:GCB:CIG:<JA6I>DCH6;;:8I>C<IG69:7:IL::CI=:
0 . 6C9DI=:G8DJCIG>:HL=:G:L:HDJG8:B6CND;I=:EGD9J8IHL:H:AA>CDJGHIDG:H6C98AJ7H8DJA9=6K:6C69K:GH::;;:8IDC
DJG;>C6C8>6AE:G;DGB6C8: H><C>;>86CIEDGI>DCD;I=:<:C:G6AB:G8=6C9>H:L:H:AA>CDJG0 . HIDG:H6C98AJ7H>HB6CJ;68IJG:9
>CDI=:G8DJCIG>:H CNHJ8=68I>DCH>C8AJ9>C<I=:>BEDH>I>DCD;;JGI=:GI6G>;;HDC>BEDGIH8DJA9>C8G:6H:I=:8DHIIDJHD;HJ8=
B:G8=6C9>H:L=:I=:G>BEDGI:99>G:8IANDG>C9>G:8IAN6C986JH:>C8G:6H:H>CI=:EG>8:H6IL=>8=L:H:AAHJ8=B:G8=6C9>H:ID
DJG8JHIDB:GH L=>8=8DJA9B6I:G>6AAN69K:GH:AN6;;:8II=:;>C6C8>6AE:G;DGB6C8:D;DJG0 . DE:G6I>DCH6C9DJG7JH>C:HH
2:6G:HJ7?:8IID>C8DB:I6M:H6C9DI=:GI6M:H>C7DI=I=:0 . 6C9I=:;DG:><C?JG>H9>8I>DCH>CL=>8=L:8JGG:CIANDE:G6I:DG
=6K:=>HIDG>86AANDE:G6I:9 /=:9:I:GB>C6I>DCD;DJGLDGA9L>9:EGDK>H>DC;DG>C8DB:I6M:H6C98JGG:CI6C99:;:GG:9I6M6HH:IH
6C9A>67>A>I>:HG:FJ>G:H?J9<B:CI6C9:HI>B6I>DC *JG>C8DB:I6M:H8DJA97:B6I:G>6AAN69K:GH:AN6;;:8I:97N:6GC>C<H7:>C<
ADL:GI=6C6CI>8>E6I:9>C?JG>H9>8I>DCHI=6I=6K:ADL:GHI6IJIDGNI6MG6I:H6C9=><=:GI=6C6CI>8>E6I:9>C?JG>H9>8I>DCHI=6I=6K:
=><=:GHI6IJIDGNI6MG6I:H 7N8=6C<:H>CI=:K6AJ6I>DCD;DJG9:;:GG:9I6M6HH:IH6C9A>67>A>I>:H DG7N8=6C<:H>CLDGA9L>9:I6M
A6LH I6MG6I:H G:<JA6I>DCHDG688DJCI>C<EG>C8>EA:H
2:6G:6AHD:MEDH:9ID;JIJG:I6MA:<>HA6I>DC 6HL:AA6HI=:>HHJ6C8:D;;JIJG:G:<JA6I>DCH6C98=6C<:H>C69B>C>HIG6I>K:
>CI:GEG:I6I>DCHD;:M>HI>C<I6MA6LH 6CND;L=>8=86C>BE68IDJG8JGG:CI6C9;JIJG:N:6GHI6MEGDK>H>DC /=::;;:8ID;HJ8=
8=6C<:H>CI6MA6L8DJA9=6K:6B6I:G>6A:;;:8IDCDJG7JH>C:HH ;>C6C8>6AEDH>I>DC6C9G:HJAIHD;DE:G6I>DCH $CI=:0 . I=:/6M
JIH6C9%D7H8ID;I=:/6M8IH><C>;>86CIAN8=6C<:9;:9:G6A>C8DB:I6MA6LHI=6I6;;:8I0 . 8DGEDG6I>DCH6C9
699>I>DC6A<J>96C8:;GDBI=:0 . /G:6HJGN:E6GIB:CI I=:$-. 6C9DI=:GHI6C96G9 H:II>C<7D9>:H>HHI>AAE:C9>C< H;JGI=:G
<J>96C8:>H>HHJ:97NI=:H:I6M>C<6JI=DG>I>:H 6CNG:HJAI>C<8=6C<:H>CDJG:HI>B6I:HL>AA7:IG:6I:9>C688DG96C8:L>I=I=:
G:A:K6CI688DJCI>C<<J>96C8: DBEA>6C8:L>I=I=:/6M8I >C8AJ9>C<8DAA:8I>C<>C;DGB6I>DCCDIG:<JA6GANEGD9J8:97NI=:
DBE6CNDGJC:ME:8I:98=6C<:H>CDJG:HI>B6I:H B6NG:FJ>G:JHID>C8JG699>I>DC6A8DHIH6C98DJA96;;:8IDJGG:HJAIHD;
DE:G6I>DCH
$C699>I>DC >CG:HEDCH:IDH><C>;>86CIB6G@:IKDA6I>A>IN6C99>HGJEI>DCHID7JH>C:HHDE:G6I>DCHG:HJAI>C<;GDBI=:<AD76AHEG:69
D;*1$ A:<>HA6IJG:H6C9I6M>C<6JI=DG>I>:H>CB6CN?JG>H9>8I>DCH>CL=>8=L:DE:G6I:B6N:C68I8=6C<:HIDI=:>GI6M
GJA:H /=:H:8=6C<:H8DJA9>C8AJ9:BD9>;>86I>DCHI=6I=6K:I:BEDG6GN:;;:8I6C9BDG:E:GB6C:CI8=6C<:H /=:>BE68ID;I=:H:
EDI:CI>6AC:LGJA:H6HL:AA6H6CNDI=:G8=6C<:H>C9DB:HI>86C9>CI:GC6I>DC6AI6MGJA:H6C9G:<JA6I>DCH8DJA9=6K:6B6I:G>6A
:;;:8IDCDJG:;;:8I>K:I6MG6I:
!JGI=:GBDG: L:6G:HJ7?:8IIDG:<JA6GG:K>:L6C96J9>I7N7DI=9DB:HI>86C9;DG:><CI6M6JI=DG>I>:H6HL:AA6HHJ7?:8IIDI=:
EGDHE:8I>K:6C9G:IGDHE:8I>K::;;:8IHD;8=6C<>C<I6MG:<JA6I>DCH6C9A:<>HA6I>DC AI=DJ<=L:7:A>:K:DJGI6M:HI>B6I:H6G:
G:6HDC67A: I=:JAI>B6I:I6MDJI8DB:B6NB6I:G>6AAN9>;;:G;GDBI=:I6M6BDJCIHG:8DG9:9>CDJGDCHDA>96I:9!>C6C8>6A
.I6I:B:CIH6C9B6NB6I:G>6AAN6;;:8IDJG>C8DB:I6MEGDK>H>DC C:I>C8DB: DG86H=;ADLH>CI=:E:G>D9DGE:G>D9H;DGL=>8=
HJ8=9:I:GB>C6I>DC6C9H:IIA:B:CI>HB69:

81>75C9>1>4 ?B619<EB5D?3?=@<IG9D8?D85B<1GC1>4B57E<1D9?>CC@539693D?D855>F9B?>=5>DC9>G8938G5?@5B1D5
3?E<4=1D5B91<<I14F5BC5<I16653D?EBB5@ED1D9?>=1B;5D@?C9D9?>?B?EB2EC9>5CC1>469>1>391<@5B6?B=1>35
2:DE:G6I:>C8DBEA:MG:<JA6I:9:CK>GDCB:CIH>CI=:0 . 6C9>CI=:DI=:G8DJCIG>:H>CL=>8=L:DE:G6I:6C98DJA97:
69K:GH:AN6;;:8I:97N8=6C<:HID:M>HI>C<A:<6AG:FJ>G:B:CIH>C8AJ9>C<I=:G:A6I:9>CI:GEG:I6I>DCH6C9:C;DG8:B:CIEG68I>8:H
C:LA:<6AG:FJ>G:B:CIH6C9DG6CN;6>AJG:ID8DBEANL>I=6EEA>867A:G:<JA6I>DCH
*JGDE:G6I>DCH>CI=:0 . 6G:HJ7?:8IIDCJB:GDJH;:9:G6A HI6I:6C9AD86AG:<JA6I>DCH>C8AJ9>C<A>8:CH>C<6C9DI=:G
G:FJ>G:B:CIH6C9G:>B7JGH:B:CI6GG6C<:B:CIH6;;:8I>C<DJG=:6AI=6C9L:AAC:HHDE:G6I>DCH /=:G:<JA6I>DCHIDL=>8=L:6G:
HJ7?:8I>C8AJ9: 7JI6G:CDIA>B>I:9ID;:9:G6A6C9HI6I:G:<>HIG6I>DC6C9G:<JA6I>DCD;E=6GB68>:H9>HE:CH>C<6C9H6A:D;
8DCIGDAA:9HJ7HI6C8:H6C9EGD9J8IH8DCI6>C>C<EH:J9D:E=:9G>C:6EEA>867A:<DK:GCB:CI6AE6N:GG:<JA6I>DCH>C8AJ9>C<(:9>86G:
6C9(:9>86>996I6EG>K68N6C9H:8JG>INA6LH6C9G:<JA6I>DCH>C8AJ9>C<I=:#:6AI=$CHJG6C8:+DGI67>A>IN6C988DJCI67>A>IN8I
I=:;;DG967A:6G:8I A6LH6C9G:<JA6I>DCHG:A6I>C<IDI=:EGDI:8I>DCD;I=::CK>GDCB:CI6C9=:6AI=6C9H6;:INB6II:GH
>C8AJ9>C<I=DH:<DK:GC>C<:MEDHJG:ID 6C9I=:B6C6<:B:CI6C99>HEDH6AD; =6O6G9DJHHJ7HI6C8:HG:<JA6I>DCHG:<6G9>C<;DD9
6C99GJ<H6;:IN>C8AJ9>C<I=DH:D;I=:0 . !DD96C9GJ<9B>C>HIG6I>DCI=:!6C9I=:GJ< C;DG8:B:CI
9B>C>HIG6I>DCI=: IG69:G:<JA6I>DCH>C8AJ9>C<I=DH:D;I=:0 . !:9:G6A/G69:DBB>HH>DC 6C98DCHJB:GEGDI:8I>DC
6C9H6;:ING:<JA6I>DCH>C8AJ9>C<I=DH:D;I=:DCHJB:G+GD9J8I.6;:INDBB>HH>DC 6HL:AA6HHI6I:G:<JA6IDGN6JI=DG>I>:H
<DK:GC>C<I=:6K6>A67>A>IN H6A: 69K:GI>H:B:CI6C9EGDBDI>DCD;EGD9J8IHL:H:AA6C9I=:;>C6C8>6AH:GK>8:HL:D;;:G6CI>
@>8@768@A6LH;6AH:8A6>BHA6LHE6I>:CI>C9J8:B:CIG:<JA6I>DCH6C9;:9:G6A6C9HI6I:A6LH<DK:GC>C<=:6AI=86G:;G6J96C9
67JH:6C9I=:EG68I>8:D;I=:EGD;:HH>DCHD;E=6GB68N DEI>86A86G:6C9=:6AI=86G:H:GK>8:H
!DG:M6BEA: >CI=:0 . I=: 6C9K6G>DJHDI=:GG:<JA6IDGN6JI=DG>I>:HG:<JA6I:I=:9>HIG>7JI>DC6C99>HE:CH>C<D;
E=6GB68:JI>86AH6C98DCIGDAA:9HJ7HI6C8:H 2:6G:G:FJ>G:9ID=DA9K6A>9 6C9HI6I: A:K:AA>8:CH:H B::IK6G>DJHH:8JG>IN
6C9DE:G6I>C<HI6C96G9H6C98DBEANL>I=I=:;:9:G6A6C9K6G>DJHHI6I:8DCIGDAA:9HJ7HI6C8:68IH6C9G:A6I:9G:<JA6I>DCH
<DK:GC>C<I=:H6A: 9>HE:CH>C< 9>HEDH6A6C9=DA9>C<D;8DCIGDAA:9HJ7HI6C8:H /=: I=:!6C9HI6I:G:<JA6IDGN
6JI=DG>I>:H=6K:7GD69:C;DG8:B:CIEDL:GH >C8AJ9>C<I=:67>A>INIDH:>O:DGG:86AAEGD9J8IH6C9>BEDH:H><C>;>86CI8G>B>C6A
8>K>A6C969B>C>HIG6I>K:H6C8I>DCH;DGK>DA6I>DCHD;I=:H:A6LH6C9G:<JA6I>DCH
2:6G:6AHD<DK:GC:97N;DG:><C C6I>DC6A6C9HI6I:A6LH6C9G:<JA6I>DCHD;<:C:G6A6EEA>867>A>IN >C8AJ9>C<A6LH6C9G:<JA6I>DCH
G:A6I:9IDLDG@>C<8DC9>I>DCH =:6AI=6C9H6;:IN :FJ6A:BEADNB:CIDEEDGIJC>IN :BEADN::7:C:;>I6C9DI=:GA67DG6C9
:BEADNB:CIB6II:GH A6LH6C9G:<JA6I>DCHG:A6I:9ID8DBE:I>I>DC6C96CI>IGJHIB6II:GH 6C9=:6AI=6C9L:AAC:HHG:A6I:9
G:<JA6I>DCH;DGDJGE=6GB68NDE:G6I>DCHDJIH>9:D;I=:0 . $C699>I>DC 8:GI6>C;>C6C8>6AH:GK>8:HL:D;;:GDGB6@:6K6>A67A:
HJ8=6HDJGBDC:NIG6CH;:G6<:CIH:GK>8:H 6G:HJ7?:8IIDA:<6A6C9G:<JA6IDGNG:FJ>G:B:CIH >C8AJ9>C<I=DH:>CI:C9:9ID=:AE
9:I:8I6C9EG:K:CIBDC:NA6JC9:G>C< H6C8I>DCH ;G6J96C9DI=:G>AA>8>I68I>K>IN6HL:AA6H8DCHJB:G;>C6C8>6AEGDI:8I>DC 2:6G:
6AHDHJ7?:8IID96I6EG>K68N6C9EGDI:8I>DCA6LHG:<JA6I>C<I=:8DAA:8I>DC JH: G:I:CI>DC 9>H8ADHJG: IG6CH;:G6C9EGD8:HH>C<D;
E:GHDC6A>C;DGB6I>DC HJ8=6HI=:6A>;DGC>6DCHJB:G+GDI:8I>DC8IV+W L=>8=L6HG:8:CIANH><C>;>86CIANBD9>;>:97N
I=:6A>;DGC>6+G>K68N-><=IH8IV+-W 6HL:AA6HI=: JGDE:6C0C>DCXH":C:G6A6I6+GDI:8I>DC-:<JA6I>DCV"+-W
/=:EDI:CI>6A:;;:8IHD;I=:H:A6LH6G:;6G G:68=>C<6C9B6NG:FJ>G:JHIDBD9>;NDJG96I6EGD8:HH>C<EG68I>8:H6C9EDA>8>:H6C9
ID>C8JGHJ7HI6CI>6A8DHIH6C9:ME:CH:HID8DBEAN $CI=:86H:D;CDC 8DBEA>6C8:L>I=6B6I:G>6AEGDK>H>DCD;I=:"+-HJ8=
6HCDC 69=:G:C8:IDI=:8DG:EG>C8>EA:HD;EGD8:HH>C<E:GHDC6A96I6 G:<JA6IDGH=6K:I=:6JI=DG>INIDA:KN6;>C:>C6C6BDJCI
I=6I>HJEIDI=:<G:6I:GD;YB>AA>DCDGD;<AD76A6CCJ6AIJGCDK:G>CI=:EG>DGN:6G /=:H:69B>C>HIG6I>K:;>C:H6G:
9>H8G:I>DC6GN6C976H:9 >C:68=86H: DC6BJAI> ;68IDG:96EEGD68= /=:+6C9+-<>K:6A>;DGC>6G:H>9:CIH:ME6C9:9
G><=IHID688:HH 8DGG:8I6C9G:FJ>G:9:A:I>DCD;I=:>GE:GHDC6A>C;DGB6I>DC DEIDJID;8:GI6>CE:GHDC6A>C;DGB6I>DCH=6G>C<6C9
G:8:>K:9:I6>A:9>C;DGB6I>DC67DJI=DLI=:>GE:GHDC6A>C;DGB6I>DC>HJH:9 /=:+6C9+-EGDK>9:;DG8>K>AE:C6AI>:H;DG
K>DA6I>DCH 6HL:AA6H6EG>K6I:G><=ID;68I>DC;DG96I67G:68=:H !JGI=:GBDG: DJGB6G@:I>C<6C98JHIDB:G:C<6<:B:CI
68I>K>I>:H6G:HJ7?:8IID8DBBJC>86I>DCHEG>K68NA6LHHJ8=6HI=:/:A:E=DC:DCHJB:G+GDI:8I>DC8I 2:B6N7:HJ7?:8I:9ID
E:C6AI>:H6C9DI=:G8DCH:FJ:C8:H;DGCDC8DBEA>6C8: >C8AJ9>C<8=6C<>C<HDB:EDGI>DCHD;DJG7JH>C:HH K:C6CJCHJ88:HH;JA
8=6AA:C<:7N8JHIDB:GDGG:<JA6IDGN6JI=DG>I>:HD;DJG68I>K>I>:H8DJA9G:HJAI>C69K:GH:EJ7A>8>IN6C98DJA9G:FJ>G:68DHIAN
G:HEDCH:;GDB6C99:;:CH:7NJH
/=:>BE68ID;C:LA6LH G:<JA6I>DCH6C9EDA>8>:H6C9I=:G:A6I:9>CI:GEG:I6I>DCH 6HL:AA6H8=6C<:H>C:C;DG8:B:CIEG68I>8:HDG
G:<JA6IDGNH8GJI>CN<:C:G6AAN86CCDI7:EG:9>8I:9 6C98=6C<:H>C6EEA>867A:A6LH G:<JA6I>DCH6C9EDA>8>:H6C9I=:G:A6I:9
>CI:GEG:I6I>DCH6C9:C;DG8:B:CIEG68I>8:HB6NG:FJ>G::MI:CH>K:HNHI:B6C9DE:G6I>DC6A8=6C<:H 7:9>;;>8JAIID>BEA:B:CI
>C8G:6H:DJGDE:G6I>C<8DHIH G:FJ>G:H><C>;>86CI86E>I6A:ME:C9>IJG:H DG69K:GH:AN>BE68II=:8DHIDG6IIG68I>K:C:HHD;I=:
EGD9J8IHDGH:GK>8:HL:D;;:G DGG:HJAI>C69K:GH:EJ7A>8>IN6C9=6GBDJGG:EJI6I>DC

2=>A:L:HIG>K:ID69=:G:DJGEG68I>8:H6C9EGD8:9JG:HIDI=:H:A6LH I=:N6G:HJ7?:8IID:KDAK>C<G:<JA6I>DCH >CI:GEG:I6I>DCH
6C9G:<JA6IDG9>H8G:I>DC /DI=::MI:CI6G:<JA6IDGDG8DJGI9>H6<G::HL>I=DJG>CI:GEG:I6I>DCD;I=:H:A6LH6C99:I:GB>C:HI=6I
DJGEG68I>8:H6G:CDI>C8DBEA>6C8:L>I=6EEA>867A:A6LH6C9G:<JA6I>DCH L:8DJA97:HJ7?:8IID8>K>A6C98G>B>C6AE:C6AI>:HI=6I
8DJA969K:GH:AN6;;:8II=:8DCI>CJ:9DE:G6I>DCD;DJG7JH>C:HH:H >C8AJ9>C<HJHE:CH>DCD;E6NB:CIH;GDB<DK:GCB:CI
EGD<G6BHADHHD;G:FJ>G:9<DK:GCB:CI8:GI>;>86I>DCHADHHD;6JI=DG>O6I>DCHIDE6GI>8>E6I:>CDG:M8AJH>DC;GDB<DK:GCB:CI
EGD<G6BH >C8AJ9>C<I=:(:9>86G:6C9(:9>86>9EGD<G6BH>CI=:0 . ADHHD;A>8:CH:HI:GB>C6I>DC;GDB8DCIG68IJ6A
G:A6I>DCH=>EH >C8AJ9>C<I=DH:L>I=DJG9GJ<HJEEA>:GH6C9I=>G9 E6GINE6N:GH6C9H><C>;>86CI;>C:HDGBDC:I6GN96B6<:H6C9DG
E:C6AI>:H $C699>I>DC ;6>AJG:ID8DBEANL>I=6EEA>867A:A:<6ADGG:<JA6IDGNG:FJ>G:B:CIH>CI=:0 . DG>C6CND;I=:8DJCIG>:H
>CL=>8=L:DE:G6I:8DJA9G:HJAI>CH><C>;>86CIA:<6A6C9;>C6C8>6A:MEDHJG: 96B6<:IDDJGG:EJI6I>DC 6C9=6K:6B6I:G>6A
69K:GH::;;:8IDCDJG7JH>C:HHDE:G6I>DCH ;>C6C8>6AEDH>I>DC6C9G:HJAIHD;DE:G6I>DCH
-51B5CE2:53DD?B9C;CB5<1D54D?<9D971D9?>1>4?D85B<571<@B?35549>7CD81D=1I=1D5B91<<I14F5BC5<I16653D?EBB5CE<DC
?6?@5B1D9?>C69>1>391<@?C9D9?>1>4<9AE949DI
2:DE:G6I:>C6=><=ANG:<JA6I:96C9A>I><>DJH:CK>GDCB:CI 2:6G:>CKDAK:9>CA:<6AEGD8::9>C<H >C8AJ9>C<A>I><6I>DC
6G7>IG6I>DC6C9DI=:G8A6>BH 6C9>CK:HI><6I>DCH >CHE:8I>DCH 6J9>IH 8A6>BH >CFJ>G>:H6C9H>B>A6G68I>DCH7NE=6GB68N
=:6AI=86G: I6M :CK>GDCB:CI6A6C9DI=:G<DK:GCB:CI6A6JI=DG>I>:H 2:B6N6AHD=6K:>C9:BC>;>86I>DCD7A><6I>DCH;DGA:<6A
8DBB>IB:CIHD;8:GI6>C7JH>C:HH:HL:=6K:9>K:HI:9 ':<6AEGD8::9>C<H >C<:C:G6A 6C9H:8JG>I>:H 9:G>K6I>K:68I>DC6C98A6HH
68I>DC6C9BJAI> 9>HIG>8IA>I><6I>DC >CE6GI>8JA6G 86C7::ME:CH>K:6C99>HGJEI>K: .DB:D;I=:H:HJ>IHB6NEJGEDGIDGB6N7:
9:I:GB>C:9ID7:8A6HH68I>DCH6C9DG>CKDAK:E6GI>:HH::@>C<A6G<:6C9DG>C9:I:GB>C6I:6BDJCIH >C8AJ9>C<EJC>I>K:DG
:M:BEA6GN96B6<:H 6C9B6NG:B6>CJCG:HDAK:9;DGH:K:G6AN:6GH !DG:M6BEA: L:6G:8JGG:CIAN69:;:C96CI>C6CJB7:GD;
86H:H8DCI6>C>C<8A6HHDG8DAA:8I>K: 68I>DC6AA:<6I>DCH DG7DI= >CL=>8=I=:EA6>CI>;;H=6K:7GDJ<=I8A6>BHJC9:G;:9:G6A6C9
HI6I:L6<:6C9=DJGA6LH 6HL:AA6H6CJB7:GD;86H:H8DCI6>C>C<8A6HH 68I>DC6AA:<6I>DCH>CL=>8=I=:EA6>CI>;;H=6K:7GDJ<=I
8A6>BHJC9:G;:9:G6A6C9HI6I:8DCHJB:GA6LH
/=:DBE6CN=6H6AHD7::CG:HEDC9>C<IDHJ7ED:C6H >C;DGB6I>DCG:FJ:HIH6C9>CK:HI><6I>DCH;GDB<DK:GCB:CI6A:CI>I>:H
G:A6I:9IDC6I>DCL>9:8DCIGDAA:9HJ7HI6C8:9>HE:CH>C<6C99>HIG>7JI>DCEG68I>8:H>CKDAK>C<DE>D>9H6C9>H6AHD69:;:C96CI>C
CJB:GDJHA>I><6I>DCEGD8::9>C<HG:A6I:9IDDE>D>9H>C8AJ9>C<I=:8DCHDA>96I:9BJAI>9>HIG>8IA>I><6I>DC:CI>IA:904($6,10$.
4(5&4,26,102,$6(,6,*$6,101 8JGG:CIANE:C9>C<>CI=:0 . >HIG>8IDJGI;DGI=:)DGI=:GC>HIG>8ID;*=>D
.>B>A6G86H:HI=6IC6B:I=:DBE6CN=6K:6AHD7::C;>A:9>CHI6I:8DJGIH7NHI6I: AD86A6C9IG>76A<DK:GCB:CIH =:6AI=86G:
EGDK>9:GH6C9DI=:GEA6>CI>;;H +A6>CI>;;H6G:H::@>C<8DBE:CH6IDGN6C9EJC>I>K:96B6<:H 6HL:AA6H>C?JC8I>K:G:A>:;>C8AJ9>C<
676I:B:CI *C*8ID7:G I=:DBE6CN;>A:969:8A6G6IDGN?J9<B:CI68I>DC>CI=:0 . >HIG>8IDJGI;DGI=: 6HI:GC
>HIG>8ID;/:M6H6<6>CHII=:0 . :E6GIB:CID;%JHI>8:I=:V*%W6C9I=:0 . GJ< C;DG8:B:CI9B>C>HIG6I>DC 6H@>C<6
;:9:G6A8DJGIID8A6G>;NI=:GDA:H6C9G:HEDCH>7>A>I>:HD;E=6GB68>HIH6C9E=6GB68>:H6HIDI=:9>HE:CH>C<6C99>HIG>7JI>DCD;
DE>D>9HJC9:GI=:DCIGDAA:9.J7HI6C8:H8II=:V.W /=:DBE6CNXH68I>DCL6H9>HB>HH:96C9I=:DBE6CN>H6EE:6A>C<
I=:9:8>H>DC *C:8:B7:G I=:*%;>A:968>K>A8DBEA6>CI6<6>CHII=:DBE6CN>CI=:0 . >HIG>8IDJGI;DGI=:
>HIG>8ID;:A6L6G:6AA:<>C<I=6II=:DBE6CNJCA6L;JAAN9>HE:CH:98DCIGDAA:9HJ7HI6C8:H;GDB>IHE=6GB68>:H6C9JCA6L;JAAN
9>HIG>7JI:98DCIGDAA:9HJ7HI6C8:HIDI=DH:E=6GB68>:H>CK>DA6I>DCD;I=:. /=:*%>HH::@>C<8>K>AE:C6AI>:H6C9>C?JC8I>K:
G:A>:; /=:DBE6CN;>A:96BDI>DCID9>HB>HHI=:*%8DBEA6>CIDC!:7GJ6GN $C699>I>DC I=:DBE6CN>HI=:HJ7?:8I
D;ILDH:8JG>I>:H8A6HH68I>DCH6AA:<>C<K>DA6I>DCHD;I=:;:9:G6AH:8JG>I>:HA6LHG:<6G9>C<I=:DBE6CNXH9>H8ADHJG:HL>I=
G:HE:8IIDDE>D>9H;>A:9>CI=:0 . >HIG>8IDJGI;DGI=:>HIG>8ID;:A6L6G:DC%6CJ6GN 6C9(6G8=
EJGEDGI:9ANDC7:=6A;D;68A6HHD;>CK:HIDGHL=D68FJ>G:926AB6GIHID8@;GDB(6G8= I=GDJ<=:8:B7:G
9:G>K6I>K:68I>DCL6H6AHD;>A:97NDC:D;I=:DBE6CNHH=6G:=DA9:GH>CI=:0 . >HIG>8IDJGI;DGI=:>HIG>8ID;:A6L6G:DC
!:7GJ6GN 6AA:<>C<7G:68=D;;>9J8>6GN9JI>:H6<6>CHI8:GI6>CD;>IH8JGG:CI6C9;DGB:G9>G:8IDGHL>I=G:HE:8IIDDK:GH><=I
D;I=:DBE6CNXH9>HIG>7JI>DC6C99>HE:CH>C<D;DE>D>9H
/=:DBE6CN86CCDIEG:9>8II=:CJB7:GD;HJ8=8A6>BHI=6IB6N7:;>A:9 6C986CCDIG:6HDC67AN:HI>B6I:6CNADHHDGG6C<:D;
ADHHI=6IB6N6G>H:;GDBHJ8=8A6>BH6C9I=:G:A6I:9DE>D>9B6II:GH
2:9>H8JHHI=:H:86H:H6C9DI=:GA>I><6I>DCIDL=>8=L:6G:E6GIN7:ADLJC9:GI=:86EI>DC$I:B ':<6A+GD8::9>C<H6C9>C
)DI:>CI=:)DI:HIDDJGDCHDA>96I:9!>C6C8>6A.I6I:B:CIH L=>8=6G:E6GID;I=>HCCJ6A-:EDGIDC!DGB &

%EB1=5>4541>4B5CD1D542I<1GC45C97>1D5D85?EBD?681>35BI?6D85)D1D5?65<1G1B51CD85C?<51>45H3<EC9F5
6?BE=6?B35BD19>DI@5C?613D9?>C1>4@B?35549>7CD81D=1I259>9D91D542I?EBC81B58?<45BCG89383?E<49>3B51C5D85
3?CDC6?B?EBC81B58?<45BCD?2B9>73<19=C49C3?EB175?EBC81B58?<45BC6B?=2B9>79>73<19=C?B<9=9D?EBC81B58?<45BCL
129<9DID??2D19>161F?B12<5:E49391<6?BE=6?B49C@ED5CG9D8EC?B?EB49B53D?BC?66935BC1CC?391D5C?BC81B58?<45BC9>
CE3831@139DI
*JG7NA6LHEGDK>9:I=6I JCA:HHL:8DCH:CI>CLG>I>C<IDI=:H:A:8I>DCD;6C6AI:GC6I>K:;DGJB I=:DJGID;=6C8:GND;I=:
.I6I:D;:A6L6G:L>AA IDI=:;JAA:HI:MI:CIE:GB>II:97NA6L 7:I=:HDA:6C9:M8AJH>K:;DGJB;DG8A6>BH >C8AJ9>C<9:G>K6I>K:
8A6>BHI=6I6G:76H:9JEDC6K>DA6I>DCD;69JIN7N68JGG:CIDG;DGB:G9>G:8IDG D;;>8:G 6HHD8>6I:DGH=6G:=DA9:G>CHJ8=86E68>IN
DG6HIDL=>8=I=::A6L6G:":C:G6ADGEDG6I>DC'6L8DC;:GH?JG>H9>8I>DCJEDCI=:DJGID;=6C8:GN /=::M8AJH>K:;DGJB
EGDK>H>DCB6N>C8G:6H:I=:8DHIH;DG6H=6G:=DA9:GID7G>C<68A6>BDGA>B>I6H=6G:=DA9:GXH67>A>INID7G>C<68A6>B>C6?J9>8>6A
;DGJBI=6II=:H=6G:=DA9:G;>C9H;6KDG67A:;DG9>HEJI:HL>I=JHDGDJG9>G:8IDGH D;;>8:GH 6HHD8>6I:HDGH=6G:=DA9:GH>CHJ8=
86E68>IN L=>8=B6N9>H8DJG6<:HJ8=A6LHJ>IH6<6>CHIJH6C9HJ8=E:GHDCH AI:GC6I>K:AN >;68DJGIL:G:ID;>C9I=:H:
EGDK>H>DCHD;DJG7NA6LH>C6EEA>867A:ID DGJC:C;DG8:67A:>CG:HE:8ID; I=:8A6>BH6HIDL=>8=I=:N6G:>CI:C9:9ID6EEAN I=:C
L:B6N>C8JG699>I>DC6A8DHIH6HHD8>6I:9L>I=G:HDAK>C<HJ8=B6II:GH>CDI=:G?JG>H9>8I>DCH L=>8=8DJA969K:GH:AN6;;:8IDJG
7JH>C:HH ;>C6C8>6AEDH>I>DCDGG:HJAIHD;DE:G6I>DCH 2=>A:I=::M8AJH>K:;DGJBEGDK>H>DC6EEA>:HIDHI6I:6C9;:9:G6AA6L8A6>BH
DJGH=6G:=DA9:GHL>AACDI7:9::B:9ID=6K:L6>K:9DJG8DBEA>6C8:L>I= 6C9I=::M8AJH>K:;DGJBEGDK>H>DCL>AACDIEG:8AJ9:
DG8DCIG68II=:H8DE:D;:M8AJH>K:;:9:G6ADG8DC8JGG:CI?JG>H9>8I>DC;DG68I>DCH7GDJ<=IJC9:G I=:;:9:G6AH:8JG>I>:HA6LH
>C8AJ9>C<I=:.:8JG>I>:H M8=6C<:8ID; 6H6B:C9:9 DGI=:.:8JG>I>:H8ID; 6H6B:C9:9 6C9I=:GJA:H6C9
G:<JA6I>DCHEGDBJA<6I:9I=:G:JC9:G
*# +$()%",)*%##$*)
)DC:

*# &(%&(*)
+>9D54)D1D5C
/=:26AB6GI0 . 6C9.6BHAJ7H:<B:CIH8DBEG>H:I=:DBE6CNHDE:G6I>DCH>CI=:0 . HD;%6CJ6GN JC>I
8DJCIH;DG26AB6GI0 . 6C9.6BHAJ76G:HJBB6G>O:97N;DGB6I;DG:68=HI6I:6C9I:GG>IDGN6H;DAADLH
-1<=1BD+ ) )1=C<E2
$59782?B8??4
#1B;5DC1>4
?D85BC=1<<
)D1D5?B*5BB9D?BI )E@5B35>D5BC 9C3?E>D)D?B5C 6?B=1DC <E2C B1>4*?D1<
A676B6
A6H@6 U U
G>ODC6
G@6CH6H
6A>;DGC>6
DADG69D
DCC:8I>8JI
:A6L6G: U
!ADG>96
":DG<>6
#6L6>> U U
$96=D U
$AA>CD>H
$C9>6C6
$DL6 U
&6CH6H
&:CIJ8@N
'DJ>H>6C6
(6>C: U
(6GNA6C9
(6HH68=JH:IIH U
(>8=><6C
(>CC:HDI6
(>HH>HH>EE>
(>HHDJG>
(DCI6C6 U U
):7G6H@6 U
):K696
):L#6BEH=>G: U
):L%:GH:N
):L(:M>8D
):L4DG@
)DGI=6GDA>C6
)DGI=6@DI6 U U
*=>D
*@A6=DB6
*G:<DC U
+:CCHNAK6C>6
+J:GID->8D
-=D9:$HA6C9 U U
.DJI=6GDA>C6 U
.DJI=6@DI6 U U
/:CC:HH::
/:M6H
0I6= U
1:GBDCI U U
1>G<>C>6
26H=>C<IDC U
26H=>C<IDC U U
2:HI1>G<>C>6 U
2>H8DCH>C
2NDB>CD5B>1D9?>1<
/=:26AB6GI$CI:GC6I>DC6AH:<B:CI8DBEG>H:HI=:DBE6CNHDE:G6I>DCHDJIH>9:D;I=:0 . 0C>I8DJCIH6HD;%6CJ6GN
;DG26AB6GI$CI:GC6I>DC6A6G:HJBB6G>O:97NB6?DG86I:<DGN;DG:68=<:D<G6E=>8B6G@:I6H;DAADLH
)AE1B5
5?7B1@893#1B;5D (5D19< -8?<5C1<5 %D85B *?D1< 655D
;G>86 U
6C696 U U
:CIG6AB:G>86 U U
=>A: U
=>C6 U
$C9>6 U U
%6E6C U U
(:M>8D U
0C>I:9&>C<9DB U
>D5B>1D9?>1<D?D1<
26AB6GI$CI:GC6I>DC6AJC>I8DJCIH L>I=I=::M8:EI>DCD;6C696 6G:6HD;:8:B7:G ID8DGG:HEDC9L>I=I=:76A6C8:H=::I96I:D;I=:G:A6I:9
<:D<G6E=>8B6G@:I 6C696JC>I8DJCIH6G:6HD;%6CJ6GN
*I=:G>C8AJ9:HHI6C9 6ADC:<6HHI6I>DCH
.FJ6G:;::IG:EDGI:9>CI=DJH6C9H
;G>86JC>I8DJCIHEG>B6G>ANG:H>9:>C.DJI=;G>86 L>I=DI=:GAD86I>DCH>CDIHL6C6 "=6C6 &:CN6 ':HDI=D (6A6L> (DO6B7>FJ: )6B>7>6 )><:G>6
.L6O>A6C9 /6CO6C>6 0<6C966C956B7>6
:CIG6AB:G>86JC>I8DJCIHG:H>9:>CDHI6->86 A.6AK69DG "J6I:B6A6 #DC9JG6H6C9)>86G6<J6
HD;%6CJ6GN I=:DBE6CNHDE:G6I>DCH>C%6E6C6C9I=:0C>I:9&>C<9DBL:G:8A6HH>;>:96H=:A9;DGH6A: -:;:GID)DI:

%G>541>4"51C54&B?@5BD95C
/=:;DAADL>C<I67A:EGDK>9:H;JGI=:G9:I6>AHD;DJGG:I6>AJC>IH6C99>HIG>7JI>DC;68>A>I>:H >C8AJ9>C<G:IJGC;68>A>I>:H6C99:9>86I:9
:DBB:G8:;JA;>AAB:CI8:CI:GH 6HD;%6CJ6GN
%G>54 "51C54
*?D1<
+ ) @B?@5BD95C
26AB6GI0 . G:I6>AJC>IH
.6BHAJ7G:I6>AJC>IH
*?D1<+ ) B5D19<E>9DC
26AB6GI0 . 9>HIG>7JI>DC;68>A>I>:H
.6BHAJ79>HIG>7JI>DC;68>A>I>:H
*?D1<+ ) 49CDB92ED9?>6139<9D95C
*?D1<+ ) @B?@5BD95C
>D5B>1D9?>1<@B?@5BD95C
;G>86
6C696
:CIG6AB:G>86
=>A:
=>C6
$C9>6
%6E6C
(:M>8D
0C>I:9&>C<9DB
*?D1<>D5B>1D9?>1<B5D19<E>9DC
$CI:GC6I>DC6A9>HIG>7JI>DC;68>A>I>:H
*?D1<>D5B>1D9?>1<@B?@5BD95C
*?D1<@B?@5BD95C
*?D1<B5D19<E>9DC

*?D1<49CDB92ED9?>6139<9D95C
*?D1<@B?@5BD95C

AHD>C8AJ9:H0 . 6C9>CI:GC6I>DC6A9>HIG>7JI>DC;68>A>I>:HL=>8=6G:I=>G9 E6GINDLC:96C9DE:G6I:9

HD;%6CJ6GN I=:DBE6CNHDE:G6I>DCH>C%6E6C6C9I=:0C>I:9&>C<9DBL:G:8A6HH>;>:96H=:A9;DGH6A: -:;:GID)DI:
2:DLCD;;>8:;68>A>I>:H>C:CIDCK>AA: G@6CH6H I=6IH:GK:6HDJGEG>C8>E6AD;;>8:6C9DLC6C9A:6H:D;;>8:;68>A>I>:H

I=GDJ<=DJII=:0 . 6C9>CI:GC6I>DC6AAN;DGDE:G6I>DCH6HL:AA6H;DG;>:A96C9B6G@:IB6C6<:B:CI /=:A6C9DCL=>8=DJG
HIDG:H6G:AD86I:9>H:>I=:GDLC:9DGA:6H:97NI=:DBE6CN 2:JH:>C9:E:C9:CI8DCIG68IDGHID8DCHIGJ8IDJG7J>A9>C<H AA
HIDG:A:6H:HEGDK>9:;DG6CCJ6AG:CI6AH HDB:D;L=>8=:H86A6I:9JG>C<I=:DG><>C6AA:6H:DGEGDK>9:;DG699>I>DC6AG:CI76H:9DC
H6A:HKDAJB: .J7HI6CI>6AAN6AAD;I=:DBE6CNHHIDG:6C98AJ7A:6H:H=6K:G:C:L6ADEI>DCH HDB:D;L=>8=>C8AJ9:G:CI
:H86A6I>DC8A6JH:H
!DG;JGI=:G>C;DGB6I>DCDCDJG9>HIG>7JI>DC8:CI:GH H::I=:86EI>DC>HIG>7JI>DCEGDK>9:9;DG:68=D;DJGH:<B:CIHJC9:G
$I:B JH>C:HH

*# ""&(%$)
)+&&"#$*"$%(#*%$2:9>H8JHH8:GI6>CA:<6AEGD8::9>C<H>C)DI:IDDJGDCHDA>96I:9!>C6C8>6A
.I6I:B:CIH L=>8=>H>C8AJ9:9>C$I:B !>C6C8>6A.I6I:B:CIH6C9.JEEA:B:CI6GN6I6 2:G:;:GNDJIDI=6I9>H8JHH>DC;DG
>BEDGI6CI>C;DGB6I>DC8DC8:GC>C<I=DH:A:<6AEGD8::9>C<H >C8AJ9>C<I=:76H>H;DGHJ8=68I>DCH6C9 L=:G:@CDLC I=:G:A>:;
HDJ<=I
2:EGDK>9:I=:;DAADL>C<699>I>DC6A>C;DGB6I>DC8DC8:GC>C<I=DH:A:<6AEGD8::9>C<H >C8AJ9>C<I=:C6B:D;I=:A6LHJ>I I=:

8DJGI>CL=>8=I=:A6LHJ>I>HE:C9>C< 6C9I=:96I:DCL=>8=I=:E:I>I>DC8DBB:C8>C<I=:A6LHJ>IL6H;>A:9
C41AE1<,1<E5<19=C(H.G>:GA:N*I=:GHK..IDG:H'I9*I=:GH (6C8=:HI:G BEADNB:CI
/G>7JC6A..IDG:H'I9KG>:GA:N*GH 0C>I:9&>C<9DBDJGID;EE:6A..IDG:H'I9K(H.
G>:GA:N*I=:GH0& /( 0C>I:9&>C<9DB BEADNB:CIEE:6A/G>7JC6A..IDG:H'I9K(H.G>:GA:N
*I=:GH0& /%*% 0C>I:9&>C<9DB BEADNB:CIEE:6A/G>7JC6A
$1D9?>1<&B5C3B9@D9?>%@91D5"9D971D9?>04($6,10$.4(5&4,26,102,$6(,6,*$6,10(')D I=:(' /=:
('>HE:C9>C<>CI=:0 . >HIG>8IDJGI;DGI=:)DGI=:GC>HIG>8ID;*=>D6C9>C8AJ9:HDK:G 86H:H6HD;(6G8=
HDB:D;L=>8=86H:H6G:>CI=:EGD8:HHD;7:>C<IG6CH;:GG:9IDI=:(' IG>6AEG:K>DJHANH8=:9JA:9ID7:<>CDC(6N
6<6>CHI6CJB7:GD;E6GI>:H >C8AJ9>C<I=:DBE6CN G:<6G9>C<DE>D>99>HE:CH>C<6C99>HIG>7JI>DC8A6>BH=6H7::CEDHIEDC:9
6C9G:H8=:9JA:9;DG*8ID7:G H:E6G6I:IG>6A>CI=:('I=6I=697::C:ME:8I:9IDHI6GI>C)DK:B7:G6<6>CHI6
CJB7:GD;E6GI>:H >C8AJ9>C<I=:DBE6CN G:<6G9>C<DE>D>99>HIG>7JI>DC8A6>BH=6H7::CEDHIEDC:9>C9:;>C>I:AN /=:G:>HDC:
86H:>CL=>8=I=:DBE6CN>HC6B:96H69:;:C96CII=6IL6HG:B6C9:9;GDBI=:('8DJGIIDI=:0 . >HIG>8IDJGI;DGI=:
6HI:GC>HIG>8ID;*@A6=DB6 $C699>I>DC I=:G:6G:DK:GHI6I:8DJGI86H:HE:C9>C<6HD;(6G8= HDB:D;L=>8=B6N
7:G:BDK:9ID;:9:G6A8DJGIIDH::@('IG6CH;:G /=:86H:8>I6I>DCH;DGI=:HI6I:86H:H6G:A>HI:9DC M=>7>I IDI=>H!DGB
&
% %@9?94"9D971D9?>*C*8ID7:G I=:DBE6CN;>A:969:8A6G6IDGN?J9<B:CI68I>DC>CI=: 6HI:GC>HIG>8ID;
/:M6H6<6>CHII=:0 . :E6GIB:CID;%JHI>8:I=:V*%W6C9I=:0 . GJ< C;DG8:B:CI9B>C>HIG6I>DC 6H@>C<6;:9:G6A
8DJGIID8A6G>;NI=:GDA:H6C9G:HEDCH>7>A>I>:HD;E=6GB68>HIH6C9E=6GB68>:H6HIDI=:9>HE:CH>C<6C99>HIG>7JI>DCD;DE>D>9H
JC9:GI=:DCIGDAA:9.J7HI6C8:H8II=:V.W/=:DBE6CNXH68I>DC #$./$460&8!(2$46/(061)756,&((6$.
0. 6HI:GC>HI D;/:M6H L6H9>HB>HH:96C9I=:DBE6CN>H6EE:6A>C<I=:9:8>H>DC 8>K>A8DBEA6>CIE:C9>C<
>CI=:0 . >HIG>8IDJGI;DGI=:>HIG>8ID;:A6L6G:=6H7::C;>A:97NI=:*%6<6>CHII=:DBE6CN >CL=>8=I=:*%6AA:<:H
K>DA6I>DCHD;I=:.G:A6I:9IDC6I>DCL>9:9>HIG>7JI>DC6C99>HE:CH>C<D;DE>D>9H !8#$./$460&(6$. 0. >HI D;
/=:DBE6CN;>A:96BDI>DCID9>HB>HHI=:*%8DBEA6>CIDC!:7GJ6GN
%@9?94C(5<1D54)53EB9D95C<1CC3D9?>C1>45B9F1D9F5"9D971D9?>9:G>K6I>K:8DBEA6>CI6C98A6HH68I>DCA6LHJ>IH
9G6L>C<=:6K>ANDCI=:6AA:<6I>DCHD;I=:*%8DBEA6>CI=6K:7::C;>A:9>C:A6L6G:C6B>C<K6G>DJH8JGG:CI6C9;DGB:G
9>G:8IDGH6C98:GI6>CD;;>8:GH6H9:;:C96CIH /=:EA6>CI>;;>CI=:9:G>K6I>K:HJ>I>CL=>8=I=:DBE6CN>H6CDB>C6A9:;:C96CI
6AA:<:H 6BDC<DI=:GI=>C<H I=6II=:9:;:C96CIH7G:68=:9I=:>G;>9J8>6GN9JI>:H>C8DCC:8I>DCL>I=I=:>GDK:GH><=ID;DE>D>9H
9>HE:CH>C<6C99>HIG>7JI>DC /=:H:8JG>I>:H8A6HH68I>DCH 6AA:<>C<K>DA6I>DCHD;.:8I>DCH76C96D;I=:.:8JG>I>:H
M8=6C<:8ID; 6H6B:C9:9G:<6G9>C<I=:DBE6CNXH9>H8ADHJG:HL>I=G:HE:8IIDDE>D>9HL:G:EJGEDGI:9AN;>A:9DC
7:=6A;D;68A6HHD;>CK:HIDGHL=D68FJ>G:926AB6GIHID8@;GDB(6G8= I=GDJ<=:8:B7:G
5B9F1D9F5"1GCE9D%68.8$4(<(6$. 0. >HI D;
)53EB9D95C<1CC3D9?>C6$06108#$./$460&(6$. 0. >HI D; $46,08#$./$460&(6$. 0.
>HI D;
(*$%*(#**()/=:DBE6CN=6HG:8:>K:9<G6C9?JGNHJ7ED:C6H>HHJ:97NI=:0C>I:9.I6I:HIIDGC:NXH
*;;>8:;DGI=:(>99A:>HIG>8ID;+:CCHNAK6C>6H::@>C<9D8JB:CIHG:<6G9>C<I=:DBE6CNXH8DCHJB:G;G6J9EGD<G6B6C96CI>
BDC:NA6JC9:G>C<8DBEA>6C8:G:A6I:9IDI=:DBE6CNXHBDC:NIG6CH;:GH:GK>8:H L=:G:26AB6GI>H6C6<:CI /=:BDHIG:8:CI
HJ7ED:C6L6H>HHJ:9>CJ<JHI /=:DBE6CN=6H7::CG:HEDC9>C<IDI=:H:HJ7ED:C6H6C9>H8DDE:G6I>C<L>I=I=:
<DK:GCB:CIXH>CK:HI><6I>DC /=:DBE6CN=6H6AHDG:HEDC9:9ID8>K>A>CK:HI><6I>K:9:B6C9H;GDBI=:0C>I:9.I6I:H!:9:G6A
/G69:DBB>HH>DCI=:V!/W6C9>H8DDE:G6I>C<L>I=I=:!/XH>CK:HI><6I>DCG:A6I:9IDBDC:NIG6CH;:GH6C9I=:DBE6CNXH
6CI> ;G6J9EGD<G6B>C>IH86E68>IN6H6C6<:CI /=:DBE6CN>HJC67A:IDEG:9>8II=:DJI8DB:D;I=:>CK:HI><6I>DCHDG6CN
G:A6I:968I>DCH7NI=:<DK:GCB:CI6A:CI>I>:HG:<6G9>C<I=:H:B6II:GH6II=>HI>B: 2=>A:I=:DBE6CN9D:HCDI8JGG:CIAN7:A>:K:
I=6II=:DJI8DB:D;I=:H:B6II:GHL>AA=6K:6B6I:G>6A69K:GH::;;:8IDC>IH7JH>C:HH ;>C6C8>6AEDH>I>DC G:HJAIHD;DE:G6I>DCHDG
86H=;ADLH I=:DBE6CN86CEGDK>9:CD6HHJG6C8:6HIDI=:H8DE:6C9DJI8DB:D;I=:H:B6II:GH6C9L=:I=:G>IH7JH>C:HH
;>C6C8>6AEDH>I>DC G:HJAIHD;DE:G6I>DCHDG86H=;ADLHL>AACDI7:B6I:G>6AAN69K:GH:AN6;;:8I:9
$,(%$#$*"#**()$I:BD;. -:<JA6I>DC. &G:FJ>G:H9>H8ADHJG:D;8:GI6>C:CK>GDCB:CI6AB6II:GH

L=:C6<DK:GCB:CI6A6JI=DG>IN>H6E6GINIDI=:EGD8::9>C<H6C9HJ8=EGD8::9>C<H>CKDAK:EDI:CI>6ABDC:I6GNH6C8I>DCHI=6II=:
DBE6CNG:6HDC67AN7:A>:K:HL>AA:M8::96C6EEA>:9I=G:H=DA9CDIID:M8::9B>AA>DC EEAN>C<I=>HI=G:H=DA9 I=:G:6G:CD
:CK>GDCB:CI6AB6II:GHID9>H8ADH:;DGI=>HE:G>D9

*# #$)*/)"%)+()
)DI6EEA>867A:
&(*
*# #(!*%(()*($*)%##%$'+*/("*)*%!%"(#**()$
))+(&+())%'+*/)+(*)
#1B;5D6?B?==?>)D?3;
/=:EG>C8>E6AB6G@:IDCL=>8=26AB6GIH8DBBDCHID8@>HA>HI:9;DGIG69>C<>HI=:):L4DG@.ID8@ M8=6C<: /=:8DBBDC
HID8@IG69:HJC9:GI=:HNB7DA2(/
?<45BC?6(53?B4?6?==?>)D?3;
HD;(6G8= I=:G:L:G: =DA9:GHD;G:8DG9D;26AB6GIH8DBBDCHID8@
)D?3;&5B6?B=1>3581BD
/=>H<G6E=8DBE6G:HI=:8JBJA6I>K:IDI6AH=6G:=DA9:GG:IJGCDC26AB6GIH8DBBDCHID8@9JG>C<I=:;>K:;>H86AN:6GH:C9:9
I=GDJ<=;>H86AIDI=:8JBJA6I>K:IDI6AG:IJGCHDCI=:.+-:I6>A>C<$C9:M6C9I=:.+$C9:M /=:8DBE6G>HDC
6HHJB:HL6H>CK:HI:9DC!:7GJ6GN >CH=6G:HD;DJG8DBBDCHID8@6C9>C:68=D;I=:>C9>8:HH=DLC6C96HHJB:H
I=6I6AAD;I=:9>K>9:C9HL:G:G:>CK:HI:9
%#&()%$%/(+#+"*,*%*"(*+($
=?>7-1<=1BD>3 D85)& >45H
1>4)& (5D19<9>7>45H
9C31</51BC>454 1>E1BI

26AB6GI$C8 .+$C9:M .+-:I6>A>C<$C9:M
CCE=5C >F5CD54?>52BE1BI

CCE=5C9F945>4C(59>F5CD54
9C31</51B5>454 1>E1BI
9C31</51BC>454 1>E1BI

26AB6GI$C8
.+$C9:M
.+-:I6>A>C<$C9:M
CCE5B(5@EB381C5C?6AE9DI)53EB9D95C
!GDBI>B:IDI>B: L:G:EJG8=6H:H=6G:HD;DJG8DBBDCHID8@JC9:GH=6G:G:EJG8=6H:EGD<G6BH6JI=DG>O:97NI=:DBE6CNH
D6G9D;>G:8IDGH AAG:EJG8=6H:HB69:9JG>C<;>H86AL:G:B69:JC9:GI=: 7>AA>DCH=6G:G:EJG8=6H:EGD<G6B
6EEGDK:9>C*8ID7:G D;L=>8=6JI=DG>O6I>DC;DG 7>AA>DCD;H=6G:G:EJG8=6H:HG:B6>C:96HD;%6CJ6GN *C
!:7GJ6GN I=:D6G9D;>G:8IDGH6EEGDK:96C:L 7>AA>DCH=6G:G:EJG8=6H:EGD<G6BL=>8= 7:<>CC>C<!:7GJ6GN
G:EA68:9I=:EG:K>DJHH=6G:G:EJG8=6H:EGD<G6B CNG:EJG8=6H:9H=6G:H6G:8DCHIGJ8I>K:ANG:I>G:96C9G:IJGC:9ID6C
JC>HHJ:9HI6IJH

.=6G:G:EJG8=6H:68I>K>INJC9:GDJGH=6G:G:EJG8=6H:EGD<G6BH DC6IG69:96I:76H>H ;DG:68=BDCI=>CI=:FJ6GI:G:C9:9
%6CJ6GN L6H6H;DAADLH
*?D1<$E=25B?6 @@B?H9=1D5?<<1B,1<E5?6
)81B5C(5@EB381C54 )81B5CD81D#1I/5D5
F5B175&B935&194 1C&1BD?6&E2<9345BD85
*?D1<$E=25B?6 @5B)81B5 >>?E>354&<1>C?B &<1>C?B&B?7B1=C
9C31<&5B9?4 )81B5C(5@EB381C54 9>4?<<1BC &B?7B1=C 9>29<<9?>C
)DK:B7:G
:8:B7:G
%6CJ6GN
*?D1<
-:EG:H:CIHI=:6EEGDM>B6I:9DAA6GK6AJ:D;H=6G:HI=6I8DJA9=6K:7::CG:EJG8=6H:96II=::C9D;I=:BDCI=
*# )"*$$"*
/=>H$I:B>HG:H:GK:96H6G:HJAID;I=:DBE6CNXH:6GAN69DEI>DCD;$I:BD;-:<JA6I>DC. & 6H9:A:I:9EJGHJ6CIID.
-:A:6H:)D (6C6<:B:CIXH>H8JHH>DC6C9C6ANH>H.:A:8I:9!>C6C8>6A6I6 6C9.JEEA:B:CI6GN
!>C6C8>6A$C;DGB6I>DC69DEI:97NI=:.:8JG>I>:H6C9 M8=6C<:DBB>HH>DCDC)DK:B7:G

*# #$#$*))+))%$$$"/))%$$"%$*%$$()+"*)%
%&(*%$)
%F5BF95G
/=>H9>H8JHH>DC L=>8=EG:H:CIHDJGG:HJAIH;DGI=:;>H86AN:6GH:C9:9%6CJ6GN ;>H86A %6CJ6GN ;>H86A
6C9%6CJ6GN ;>H86A H=DJA97:G:69>C8DC?JC8I>DCL>I=DJGDCHDA>96I:9!>C6C8>6A.I6I:B:CIH6C9I=:
688DBE6CN>C<CDI:H 2:>CI:C9;DGI=>H9>H8JHH>DCIDEGDK>9:I=:G:69:GL>I=>C;DGB6I>DCI=6IL>AA6HH>HI>CJC9:GHI6C9>C<DJG
;>C6C8>6AHI6I:B:CIH I=:8=6C<:H>C8:GI6>C@:N>I:BH>CI=DH:;>C6C8>6AHI6I:B:CIH;GDBE:G>D9IDE:G>D96C9I=:EG>B6GN;68IDGH
I=6I688DJCI:9;DGI=DH:8=6C<:H 2:6AHD9>H8JHH8:GI6>CE:G;DGB6C8:B:IG>8HI=6IB6C6<:B:CIJH:HID6HH:HHI=:DBE6CNH
E:G;DGB6C8: 99>I>DC6AAN I=:9>H8JHH>DCEGDK>9:H>C;DGB6I>DC67DJII=:;>C6C8>6AG:HJAIHD;:68=D;I=:I=G::H:<B:CIHID
EGDK>9:67:II:GJC9:GHI6C9>C<D;=DL:68=D;I=DH:H:<B:CIH6C9>IHG:HJAIHD;DE:G6I>DCH6;;:8II=:;>C6C8>6AEDH>I>DC6C9
G:HJAIHD;DE:G6I>DCHD;I=:DBE6CN6H6L=DA:
/=GDJ<=DJII=>H$I:B L:9>H8JHHH:<B:CIDE:G6I>C<>C8DB: 8DBE6G67A:HIDG:6C98AJ7H6A:H6C9DI=:GB:6HJG:H
(6C6<:B:CIB:6HJG:HI=:G:HJAIHD;I=:DBE6CNHH:<B:CIHJH>C<:68=H:<B:CIHDE:G6I>C<>C8DB: >C8AJ9>C<8:GI6>C
8DGEDG6I:DK:G=:696AAD86I>DCH 6HL:AA6HDI=:GB:6HJG:H !GDBI>B:IDI>B: L:G:K>H:I=:B:6HJG:B:CID;:68=H:<B:CIH
DE:G6I>C<>C8DB:6C9DI=:GB:6HJG:H6H9:I:GB>C:97NI=:>C;DGB6I>DCG:<JA6GANG:K>:L:97NDJG8=>:;DE:G6I>C<9:8>H>DC
B6@:G
(6C6<:B:CI6AHDB:6HJG:HI=:G:HJAIHD;8DBE6G67A:HIDG:6C98AJ7H6A:H DG8DBE6G67A:H6A:H 6B:IG>8I=6I>C9>86I:HI=:
E:G;DGB6C8:D;DJG:M>HI>C<HIDG:H6C98AJ7H7NB:6HJG>C<I=:8=6C<:>CH6A:H;DGHJ8=HIDG:H6C98AJ7H >C8AJ9>C<:DBB:G8:
H6A:H ;DG6E6GI>8JA6GE:G>D9;GDBI=:8DGG:HEDC9>C<E:G>D9>CI=:EG:K>DJHN:6G 26AB6GIH9:;>C>I>DCD;8DBE6G67A:H6A:H
>C8AJ9:HH6A:H;GDBHIDG:H6C98AJ7HDE:C;DGI=:EG:K>DJHBDCI=H >C8AJ9>C<G:BD9:AH G:AD86I>DCH :ME6CH>DCH6C9
8DCK:GH>DCH 6HL:AA6H:DBB:G8:H6A:H 2:B:6HJG:I=::DBB:G8:H6A:H>BE68I7N>C8AJ9>C<6AAH6A:H>C>I>6I:99><>I6AAN
>C8AJ9>C<DBC> 8=6CC:AIG6CH68I>DCHL=>8=6G:;JA;>AA:9I=GDJ<=DJGHIDG:H6C98AJ7H .6A:H6I6HIDG:I=6I=6H8=6C<:9>C
;DGB6I6G::M8AJ9:9;GDB8DBE6G67A:H6A:HL=:CI=:8DCK:GH>DCD;I=6IHIDG:>H688DBE6C>:97N6G:AD86I>DCDG:ME6CH>DCI=6I
G:HJAIH>C68=6C<:>CI=:HIDG:HG:I6>AHFJ6G:;::ID;BDG:I=6C;>K:E:G8:CI .6A:HG:A6I:9ID9>K:HI:97JH>C:HH:H6G::M8AJ9:9
;GDB8DBE6G67A:H6A:H 6C9H6A:HG:A6I:9ID68FJ>H>I>DCH6G::M8AJ9:9JCI>AHJ8=68FJ>H>I>DCH=6K:7::CDLC:9;DGBDCI=H
DBE6G67A:H6A:H6G:6AHDG:;:GG:9ID6HH6B: HIDG:H6A:H7NDI=:GHL>I=>CI=:G:I6>A>C9JHIGN /=:B:I=D9D;86A8JA6I>C<
8DBE6G67A:H6A:HK6G>:H68GDHHI=:G:I6>A>C9JHIGN H6G:HJAI DJG86A8JA6I>DCD;8DBE6G67A:H6A:H>HCDIC:8:HH6G>AN8DBE6G67A:
IDH>B>A6GANI>IA:9B:6HJG:HG:EDGI:97NDI=:G8DBE6C>:H
$C9>H8JHH>C<DJGDE:G6I>C<G:HJAIH I=:I:GB8JGG:C8N:M8=6C<:G6I:HG:;:GHIDI=:8JGG:C8N:M8=6C<:G6I:HL:JH:ID8DCK:GII=:
DE:G6I>C<G:HJAIH;DG8DJCIG>:HL=:G:I=:;JC8I>DC6A8JGG:C8N>HCDII=:0 . 9DAA6G>CID0 . 9DAA6GH 2:86A8JA6I:I=::;;:8ID;
8=6C<:H>C8JGG:C8N:M8=6C<:G6I:H6HI=:9>;;:G:C8:7:IL::C8JGG:CIE:G>D968I>K>INIG6CHA6I:9JH>C<I=:8JGG:CIE:G>D9XH
8JGG:C8N:M8=6C<:G6I:H6C9I=:8DBE6G67A:EG>DGN:6GE:G>D9XH8JGG:C8N:M8=6C<:G6I:H 99>I>DC6AAN CD8JGG:C8N:M8=6C<:
G6I:;AJ8IJ6I>DCH6G:86A8JA6I:9;DGCDC 0.68FJ>H>I>DCHJCI>ADLC:9;DGBDCI=H /=GDJ<=DJIDJG9>H8JHH>DC L:G:;:GID
I=:G:HJAIHD;I=>H86A8JA6I>DC6HI=:>BE68ID;8JGG:C8N:M8=6C<:G6I:;AJ8IJ6I>DCH 1DA6I>A>IN>C8JGG:C8N:M8=6C<:G6I:HB6N
>BE68II=:G:HJAIH >C8AJ9>C<C:IH6A:H6C9DE:G6I>C<>C8DB: D;I=:DBE6CN6C9I=:26AB6GI$CI:GC6I>DC6AH:<B:CI>CI=:
;JIJG:
*JG7JH>C:HH>HH:6HDC6AID68:GI6>C:MI:CI9J:ID86A:C96G:K:CIH6C9C6I>DC6A6C9G:A><>DJH=DA>96NH 6HL:AA6HL:6I=:G
E6II:GCH ":C:G6AAN DJG=><=:HIH6A:HKDAJB:6C9DE:G6I>C<>C8DB:=6K:D88JGG:9>CI=:;>H86AFJ6GI:G:C9>C<%6CJ6GN
=DL:K:G I=:*1$ E6C9:B>8B6N=6K:6C>BE68IDC8DCHJB:G7:=6K>DGHI=6I8DJA9G:HJAI>CI:BEDG6GN8=6C<:H>CI=:
H:6HDC6A;AJ8IJ6I>DCHD;DJG7JH>C:HH
2:=6K:I6@:C8:GI6>CHIG6I:<>868I>DCHIDHIG:C<I=:CDJG26AB6GI$CI:GC6I>DC6AEDGI;DA>D;DGI=:ADC< I:GB >C8AJ9>C<I=:
;DAADL>C<=><=A><=IHDK:GI=:A6HII=G::N:6GH
R 8FJ>H>I>DCD;E:G8:CID;I=:DJIHI6C9>C<H=6G:H DGE:G8:CID;I=:9>AJI:9H=6G:H D;!A>E@6GI+G>K6I:'>B>I:9
!A>E@6GI>CJ<JHI -:;:GID)DI:;DG699>I>DC6A>C;DGB6I>DCDCI=:IG6CH68I>DC
R >K:HI>IJG:D;E:G8:CID;26AB6GIG6O>A>CJ<JHI ;DGL=>8=L:G:8DG9:96EG: I6MADHHD; 7>AA>DC>C
;>H86A -:;:GID)DI:;DG699>I>DC6A>C;DGB6I>DCDCI=:IG6CH68I>DC
R >K:HI>IJG:D;76C@>C<DE:G6I>DCH>C26AB6GI=>A:6C926AB6GI6C696>C:8:B7:G6C9EG>A
G:HE:8I>K:AN
R $C*8ID7:G L:6<G::9IDH:AAH96;DGC:I8DCH>9:G6I>DCD; 7>AA>DC6C9G:8D<C>O:96C:HI>B6I:9CDC 86H=
ADHH>C;>H86AD; 7>AA>DC 6;I:GI6M L=>8=>C8AJ9:HI=:ADHH6HHD8>6I:9L>I=I=::ME:8I:99:G:8D<C>I>DCD;I=:
H96E:CH>DCEA6C $C!:7GJ6GN L:8DBEA:I:9I=:H6A:D;H96 -:;:GID)DI:6C9)DI:
R $C)DK:B7:G L:8DBEA:I:9I=:H6A:D;26AB6GIG<:CI>C66C9G:8DG9:96CDC 86H=ADHHD; 7>AA>DC 6;I:G
I6M EG>B6G>AN9J:ID8JBJA6I>K:;DG:><C8JGG:C8NIG6CHA6I>DCADHH:H -:;:GID)DI:

= $C)DK:B7:G L:6<G::9IDH:AA6B6?DG>INHI6@:>C.:>NJ;DGC:I8DCH>9:G6I>DCD;6EEGDM>B6I:AN 7>AA>DC6C9
G:8D<C>O:96C:HI>B6I:9CDC 86H=ADHHD; 7>AA>DC 6;I:G I6M >C;>H86A $C(6G8= L:8DBEA:I:9I=:H6A:
D;.:>NJ -:;:GID)DI:
2:DE:G6I:>CI=:=><=AN8DBE:I>I>K:DBC> 8=6CC:AG:I6>A>C9JHIGN>C6AAD;I=:B6G@:IHL:H:GK: 2:;68:HIGDC<H6A:H

8DBE:I>I>DC;GDBDI=:G9>H8DJCI 9:E6GIB:CI 9GJ< 9DAA6G K6G>:IN6C9HE:8>6AINHIDG:H L6G:=DJH:8AJ7H6C9HJE:GB6G@:IH 6H
L:AA6H:DBB:G8:7JH>C:HH:H (6CND;I=:H:8DBE:I>IDGH6G:C6I>DC6A G:<>DC6ADG>CI:GC6I>DC6A8=6>CHDG=6K:6C6I>DC6ADG
>CI:GC6I>DC6ADBC> 8=6CC:ADG:DBB:G8:EG:H:C8: 2:8DBE:I:L>I=6CJB7:GD;8DBE6C>:H;DG6IIG68I>C<6C9G:I6>C>C<
FJ6A>IN6HHD8>6I:H 2: 6ADC<L>I=DI=:GG:I6>A8DBE6C>:H 6G:>C;AJ:C8:97N6CJB7:GD;;68IDGH>C8AJ9>C< 7JICDIA>B>I:9ID
86I6HIGDE=>8:K:CIH L:6I=:G <AD76A=:6AI=:E>9:B>8H>C8AJ9>C<I=:DC<D>C<*1$ E6C9:B>8 8DBE:I>I>K:EG:HHJG:H
8DCHJB:G9>HEDH67A:>C8DB: 8DCHJB:G9:7IA:K:AH6C97JN>C<E6II:GCH 8DCHJB:G8G:9>I6K6>A67>A>IN 8DHID;<DD9H 8JGG:C8N
:M8=6C<:G6I:;AJ8IJ6I>DCH 8JHIDB:GEG:;:G:C8:H 9:;A6I>DC >C;A6I>DC ;J:A6C9:C:G<NEG>8:H <:C:G6A:8DCDB>88DC9>I>DCH
>CHJG6C8:8DHIH >CI:G:HIG6I:H A67DG8DHIH I6MG6I:H I=:>BEDH>I>DCD;I6G>;;H 8N7:GH:8JG>IN6II68@H6C9JC:BEADNB:CI !JGI=:G
>C;DGB6I>DCDCI=:;68IDGHI=6I86C6;;:8IDJGDE:G6I>C<G:HJAIH6C9DC8:GI6>CG>H@HIDDJGDBE6CN6C96C>CK:HIB:CI>C>IH
H:8JG>I>:H86C7:;DJC9=:G:>CJC9:G$I:B ->H@!68IDGH
+!/".
/=GDJ<=DJI;>H86A L:=6K:DE:G6I:9L>I=68A:6GH:ID;EG>DG>I>:HID<J>9:DJG9:8>H>DCB6@>C<I=GDJ<=I=:*1$
E6C9:B>8 /=:H:EG>DG>I>:H6G:
R .JEEDGI>C<DJG6HHD8>6I:HDCI=:;GDCIA>C:H>CI:GBHD;I=:>GE=NH>86AH6;:IN ;>C6C8>6A=:6AI=6C9:BDI>DC6AL:AA 7:>C<
2:6G:EGDK>9>C<:MIG6E6N6C97:C:;>IH >C8AJ9>C<HE:8>6A86H=7DCJH:HID6HHD8>6I:H6C9I=:>CIGD9J8I>DCD;6
*1$ B:G<:C8N':6K:+DA>8N>CI=:0 .
R .:GK>C<DJG8JHIDB:GH6HH6;:AN6HEDHH>7A:6C9@::E>C<DJGHJEEAN8=6>CDE:G6I>C< 2:G:9J8:9DJGHIDG:DE:G6I>C<
=DJGH6II=:DCH:ID;I=:*1$ E6C9:B>86C9=6K::ME6C9:9HIDG:=DJGHHA><=IANIDL6G9I=::C9D;I=:N:6G
K #:AE>C<DI=:GHL=>8=>C8AJ9:HL6>K>C<DG9>H8DJCI>C<G:CI;DG>C HIDG:I:C6CIH>CEG>A6C9(6N6HL:AA6H=>G>C<
BDG:I=6C C:L6HHD8>6I:H
R (6C6<>C<I=:7JH>C:HHL:AA7DI=DE:G6I>DC6AAN6C9;>C6C8>6AAN6C99G>K>C<DJGADC< I:GBHIG6I:<N 2:6G:B6>CI6>C>C<
DJG:K:GN96NADL EG>8:9>H8>EA>C:L=>A:>CK:HI>C<>CDJGDBC> 8=6CC:AD;;:G>C<L=>8=8DCI>CJ:HIDG:HDC6I:L>I=
8JHIDB:GH6GDJC9I=:LDGA9L=D6G:>C8G:6H>C<ANH::@>C<8DCK:C>:C8:
2=>A:L:>C8JGG:9>C8G:B:CI6A8DHIHD; 7>AA>DC9JG>C<;>H86A6HHD8>6I:9L>I=DE:G6I>C<9JG>C<6<AD76A=:6AI=8G>H>H
I=:*1$ E6C9:B>8G:HJAI:9>CDK:G6AAC:IH6A:H<GDLI=9JG>C<;>H86AL>I=HIGDC<8DBE6G67A:H6A:H>CI=:0 . 6C9
I=:B6?DG>IND;DJG>CI:GC6I>DC6AB6G@:IH .6A:HIG:C9HL:G:EDH>I>K:AN6;;:8I:97N:DBB:G8:<GDLI=688:A:G6I>DC6C9L:6AHD
H6L8JHIDB:GH8DCHDA>96I:H=DEE>C<IG>EH6C9EJG8=6H:A6G<:G76H@:IH !DG69:I6>A:99>H8JHH>DCDCG:HJAIHD;DE:G6I>DCH7N
G:EDGI67A:H:<B:CI G:;:GID-:HJAIHD;*E:G6I>DCH7:ADL
2::ME:8I8DCI>CJ:9JC8:GI6>CIN>CDJG7JH>C:HH6C9I=:<AD76A:8DCDBN9J:IDI=:9JG6I>DC6C9>CI:CH>IND;I=:*1$
E6C9:B>8I=:9JG6I>DC6C9:MI:CID;:8DCDB>8HI>BJAJHI>B>C<6C9:;;:8I>K:C:HHD;<AD76AK688>C:H6C9KDA6I>A>IN>C
:BEADNB:CIIG:C9H6C98DCHJB:G8DC;>9:C8:L=>8=B6N>BE68IDJGG:HJAIH
?=@1>I&5B6?B=1>35#5DB93C
2:6G:8DBB>II:9ID=:AE>C<8JHIDB:GHH6K:BDC:N6C9A>K:7:II:GI=GDJ<=:K:GN96NADLEG>8:H HJEEDGI:97N:K:GN96NADL
8DHIH II>B:H L:69?JHIDJG7JH>C:HHHIG6I:<>:HIDB6>CI6>C6C9HIG:C<I=:CDJG8DBE:I>I>K:EDH>I>DCH>CI=:8DJCIG>:H>CL=>8=
L:DE:G6I: 2:9:;>C:DJG;>C6C8>6A;G6B:LDG@6H
R HIGDC< :;;>8>:CI<GDLI=
R 8DCH>HI:CIDE:G6I>C<9>H8>EA>C:6C9
R HIG6I:<>886E>I6A6AAD86I>DC
HL::M:8JI:DCI=>H;>C6C8>6A;G6B:LDG@ L:7:A>:K:DJGG:IJGCHDC86E>I6AL>AA>BEGDK:DK:GI>B:

)DB?>7669395>DB?GD8
*JGD7?:8I>K:D;EG>DG>I>O>C<HIGDC< :;;>8>:CI<GDLI=B:6CHL:L>AA;D8JHDCI=:BDHIEGD9J8I>K:<GDLI=DEEDGIJC>I>:H
>C8G:6H>C<8DBE6G67A:HIDG:6C98AJ7H6A:H 688:A:G6I>C<:DBB:G8:H6A:H<GDLI=6C9:ME6C9>C<DBC> 8=6CC:A>C>I>6I>K:HL=>A:
HADL>C<I=:G6I:D;<GDLI=D;C:LHIDG:H6C98AJ7H II>B:H L:B6@:HIG6I:<>8>CK:HIB:CIHL=>8=6G:;D8JH:9DCI=:ADC<
I:GB<GDLI=D;I=:DBE6CN
DBE6G67A:H6A:H>H6B:IG>8I=6I>C9>86I:HI=:E:G;DGB6C8:D;DJG:M>HI>C<HIDG:H6C98AJ7H7NB:6HJG>C<I=:8=6C<:>CH6A:H
;DGHJ8=HIDG:H6C98AJ7H >C8AJ9>C<:DBB:G8:H6A:H ;DG6E6GI>8JA6GE:G>D9DK:GI=:8DGG:HEDC9>C<E:G>D9>CI=:EG:K>DJH
N:6G /=:G:I6>A>C9JHIGN<:C:G6AANG:EDGIH8DBE6G67A:H6A:HJH>C<I=:G:I6>A86A:C96G6AHD@CDLC6HI=: 86A:C96G /D7:
8DCH>HI:CIL>I=I=:G:I6>A>C9JHIGN L:EGDK>9:8DBE6G67A:H6A:HJH>C<I=:G:I6>A86A:C96G>CDJGFJ6GI:GAN:6GC>C<HG:A:6H:H
#DL:K:G L=:CL:9>H8JHHDJG8DBE6G67A:H6A:H7:ADL L:6G:G:;:GG>C<IDDJG86A:C96G8DBE6G67A:H6A:H86A8JA6I:9JH>C<DJG
;>H86A86A:C96G L=>8=B6NG:HJAI>C9>;;:G:C8:HL=:C8DBE6G:9ID8DBE6G67A:H6A:HJH>C<I=:G:I6>A86A:C96G
6A:C96G8DBE6G67A:H6A:H >C8AJ9>C<I=:>BE68ID;;J:A ;DG;>H86A6C9 L:G:6H;DAADLH
9C31</51BC>454 1>E1BI

-9D8E5< E5<=@13D
26AB6GI0 .
.6BHAJ7
*?D1<+ )
DBE6G67A:H6A:H>CI=:0 . >C8AJ9>C<;J:A >C8G:6H:9 6C9 >C;>H86A6C9 G:HE:8I>K:AN L=:C8DBE6G:9ID

I=:EG:K>DJH;>H86AN:6G 26AB6GI0 . 8DBE6G67A:H6A:H>C8G:6H:9 6C9 >C;>H86A6C9 G:HE:8I>K:AN !DG
;>H86A 8DBE6G67A:H6A:H<GDLI=L6H9G>K:C7N<GDLI=>C6K:G6<:I>8@:IEG>B6G>ANG:HJAI>C<;GDB>C8G:6H:99:B6C99J:ID
I=:*1$ E6C9:B>8 E6GI>6AAND;;H:I7N69:8A>C:>CIG6CH68I>DCH6H8JHIDB:GH8DCHDA>96I:9H=DEE>C<IG>EH !DG;>H86A
8DBE6G67A:H6A:H<GDLI=L6H9G>K:C7N<GDLI=>C6K:G6<:I>8@:I6C9IG6CH68I>DCH 26AB6GI0 . :DBB:G8:H6A:HEDH>I>K:AN
8DCIG>7JI:96EEGDM>B6I:AN 6C9 ID8DBE6G67A:H6A:H;DG;>H86A6C9 G:HE:8I>K:AN 6HL:8DCI>CJ:ID;D8JH
DC6H:6BA:HHDBC> 8=6CC:A:ME:G>:C8:;DGDJG8JHIDB:GH
.6BHAJ78DBE6G67A:H6A:H>C8G:6H:9 6C9 >C;>H86A6C9 G:HE:8I>K:AN !DG;>H86A .6BHAJ7

8DBE6G67A:H6A:H7:C:;>I:9;GDB<GDLI=>CIG6CH68I>DCH6C96K:G6<:I>8@:IG:HJAI>C<;GDBI=:*1$ E6C9:B>8 E6GI>6AAN
D;;H:I7N7DI=DJG9:8>H>DCIDG:BDK:ID7688D;GDB8:GI6>C8AJ7AD86I>DCH6C97NADL:G;J:AH6A:H .6BHAJ78DBE6G67A:H6A:H
;DG;>H86A7:C:;>I:9;GDB<GDLI=>CIG6CH68I>DCH6C9=><=:G;J:AH6A:H L=>8=L:G:E6GI>6AAND;;H:I7NADL:G6K:G6<:I>8@:I
9J:IDDJG9:8>H>DCIDG:BDK:ID7688D;GDB8:GI6>C8AJ7AD86I>DCH .6BHAJ7:DBB:G8:H6A:HEDH>I>K:AN8DCIG>7JI:9
6EEGDM>B6I:AN 6C9 ID8DBE6G67A:H6A:H;DG;>H86A6C9 G:HE:8I>K:AN
?>C9CD5>D%@5B1D9>79C39@<9>5
2:DE:G6I:L>I=9>H8>EA>C:7NB6C6<>C<:ME:CH:H DEI>B>O>C<I=::;;>8>:C8ND;=DLL:LDG@6C98G:6I>C<6C:CK>GDCB:CI>C
L=>8=L:=6K:HJHI6>C67A:ADL:HI8DHIIDH:GK: 2:>CK:HI>CI:8=CDAD<N6C9EGD8:HH>BEGDK:B:CIHID>C8G:6H:EGD9J8I>K>IN
B6C6<:>CK:CIDGN6C9G:9J8:8DHIH 2:B:6HJG:DE:G6I>C<9>H8>EA>C:I=GDJ<=:ME:CH:A:K:G6<: L=>8=L:9:;>C:6HC:IH6A:H
<GDL>C<6I6;6HI:GG6I:I=6CDE:G6I>C< H:AA>C< <:C:G6A6C969B>C>HIG6I>K:DE:G6I>C<:ME:CH:H
9C31</51BC>454 1>E1BI
/17065,0/,..,105(:&(2670,6&17065
):IH6A:H
+:G8:CI6<:8=6C<:;GDB8DBE6G67A:E:G>D9
*E:G6I>C< H:AA>C< <:C:G6A6C969B>C>HIG6I>K::ME:CH:H
*E:G6I>C< H:AA>C< <:C:G6A6C969B>C>HIG6I>K::ME:CH:H6H6E:G8:CI6<:D;C:IH6A:H
!DG;>H86A DE:G6I>C<:ME:CH:H6H6E:G8:CI6<:D;C:IH6A:HL6H;A6IL=:C8DBE6G:9IDI=:EG:K>DJH;>H86AN:6G *E:G6I>C<

:ME:CH:H6H6E:G8:CI6<:D;C:IH6A:H7:C:;>I:9;GDBHIGDC<<GDLI=>C8DBE6G67A:H6A:H6C9A6EE>C<I=: 7>AA>DC7JH>C:HH
G:HIGJ8IJG>C<8=6G<:H;GDBI=:EG>DGN:6G9:H8G>7:97:ADL /=:H:7:C:;>IHL:G:D;;H:I7N 7>AA>DCD;>C8G:B:CI6A8DHIH
G:A6I:9IDI=:*1$ E6C9:B>86C96 7>AA>DC7JH>C:HHG:HIGJ8IJG>C<8=6G<:>CI=:26AB6GI0 . H:<B:CIG:8DG9:9>C
I=:H:8DC9FJ6GI:GD;;>H86A
!DG;>H86A DE:G6I>C<:ME:CH:H6H6E:G8:CI6<:D;C:IH6A:H9:8G:6H:976H>HED>CIH8DBE6G:9IDI=:EG:K>DJH;>H86AN:6G
9J:IDDJG;D8JHDC:ME:CH:B6C6<:B:CI8DB7>C:9L>I=DJG<GDLI=>C8DBE6G67A:HIDG:H6A:H /=:H:>BEGDK:B:CIHL:G:
E6GI>6AAND;;H:I7N 7>AA>DC>C7JH>C:HHG:HIGJ8IJG>C<8=6G<:H8DCH>HI>C<EG>B6G>AND;CDC 86H=>BE6>GB:CI8=6G<:H;DG8:GI6>C
IG69:C6B:H 68FJ>G:99:K:ADE:9I:8=CDAD<N 6C9DI=:G7JH>C:HHG:HIGJ8IJG>C<8=6G<:H9J:IDHIG6I:<>89:8>H>DCHI=6IG:HJAI:9>C
I=:LG>I:9DLCD;8:GI6>C6HH:IH>CI=:26AB6GI0 . 6C926AB6GI$CI:GC6I>DC6AH:<B:CIH

)DB1D57931@9D1<<<?31D9?>
*JGHIG6I:<N>C8AJ9:H>BEGDK>C<DJG8JHIDB:G ;68>C<>C>I>6I>K:H>CHIDG:H6C98AJ7H6C98G:6I>C<6H:6BA:HHDBC> 8=6CC:A
:ME:G>:C8:;DGDJG8JHIDB:GH HHJ8= L:6G:6AAD86I>C<BDG:86E>I6AID:DBB:G8: I:8=CDAD<N HJEEAN8=6>C 6C9HIDG:
G:BD9:AH6C9A:HHIDC:LHIDG:6C98AJ7DE:C>C<H /DI6A;>H86A86E>I6A:ME:C9>IJG:H9:8G:6H:9HA><=IAN8DBE6G:9IDI=:
EG>DGN:6G /=:;DAADL>C<I67A:EGDK>9:H699>I>DC6A9:I6>A
/17065,0/,..,105 9C31</51BC>454 1>E1BI
<<?31D9?>?61@9D1<H@5>49DEB5C
:DBB:G8: I:8=CDAD<N HJEEAN8=6>C6C9DI=:G
-:BD9:AH
):LHIDG:H6C98AJ7H >C8AJ9>C<:ME6CH>DCH6C9G:AD86I>DCH
*?D1<+ )
26AB6GI$CI:GC6I>DC6A
*?D1<31@9D1<5H@5>49DEB5C
(5DEB>C
HL::M:8JI:DJG;>C6C8>6A;G6B:LDG@ L:7:A>:K:DJGG:IJGCDC86E>I6AL>AA>BEGDK:DK:GI>B: 2:B:6HJG:G:IJGCDC86E>I6A
L>I=DJGG:IJGCDC6HH:IH G:IJGCDC>CK:HIB:CI6C9;G::86H=;ADLB:IG>8H 2:6AHDEGDK>9:G:IJGCH>CI=:;DGBD;H=6G:
G:EJG8=6H:H6C99>K>9:C9H L=>8=6G:9>H8JHH:9>CI=:'>FJ>9>IN6C96E>I6A-:HDJG8:HH:8I>DC
(67401055(65$0'(67401008(56/(06
2:>C8AJ9:-:IJGCDCHH:IH-* I=:BDHI9>G:8IAN8DBE6G67A:B:6HJG:76H:9DCDJG;>C6C8>6AHI6I:B:CIHEG:H:CI:9>C
688DG96C8:L>I=<:C:G6AAN688:EI:9688DJCI>C<EG>C8>EA:H>CI=:0 . "+ 6C9-:IJGCDC$CK:HIB:CI-*$6HB:IG>8H
ID6HH:HHG:IJGCHDC6HH:IH 2=>A:-*$>H8DCH>9:G:96CDC "+;>C6C8>6AB:6HJG: B6C6<:B:CI7:A>:K:H-*$>H6
B:6C>C<;JAB:IG>8IDH=6G:L>I=>CK:HIDGH7:86JH:>I=:AEH>CK:HIDGH6HH:HH=DL:;;:8I>K:AN26AB6GI>H9:EADN>C<>IH6HH:IH
/G:C9H>C-*$86C;AJ8IJ6I:DK:GI>B:6HB6C6<:B:CI76A6C8:HADC< I:GBHIG6I:<>8>C>I>6I>K:HL>I=EDHH>7A:H=DGI I:GB>BE68IH
-*L6H 6C9 ;DG;>H86A6C9 G:HE:8I>K:AN /=:9:8G:6H:>C-*L6HEG>B6G>AN9J:IDI=:ADHH:HDC
8:GI6>C>CI:GC6I>DC6ADE:G6I>DCH=:A9;DGH6A:DGHDA9 E6GI>6AAND;;H:I7NI=:;6>GK6AJ:8=6C<:>CDJG:FJ>IN>CK:HIB:CIH6HL:AA
6HI=:>C8G:6H:>CDE:G6I>C<>C8DB: -*$L6H 6C9 ;DG;>H86A6C9 G:HE:8I>K:AN /=:>C8G:6H:>C-*$
L6HEG>B6G>AN9J:IDI=:>C8G:6H:>CDE:G6I>C<>C8DB:
2:9:;>C:-*$6H69?JHI:9DE:G6I>C<>C8DB:DE:G6I>C<>C8DB:EAJH>CI:G:HI>C8DB: 9:EG:8>6I>DC6C96BDGI>O6I>DC 6C9G:CI
:ME:CH:;DGI=:IG6>A>C<IL:AK:BDCI=H9>K>9:97N6K:G6<:>CK:HI:986E>I6A9JG>C<I=6IE:G>D9 2:8DCH>9:G6K:G6<:>CK:HI:9
86E>I6AID7:I=:6K:G6<:D;DJG7:<>CC>C<6C9:C9>C<IDI6A6HH:IH EAJH6K:G6<:688JBJA6I:99:EG:8>6I>DC6C96K:G6<:
6BDGI>O6I>DC A:HH6K:G6<:688DJCIHE6N67A:6C96K:G6<:688GJ:9A>67>A>I>:H;DGI=6IE:G>D9 !DG;>H86A A:6H:G:A6I:96HH:IH
6C96HHD8>6I:9688JBJA6I:96BDGI>O6I>DC6G:>C8AJ9:9>CI=:9:CDB>C6IDG6II=:>G86GGN>C<6BDJCI6HD;I=6I76A6C8:H=::I96I:
G6I=:GI=6C6K:G6<:9 7:86JH:I=:N6G:CDI9>G:8IAN8DBE6G67A:IDI=:EG>DGN:6G86A8JA6I>DCL=>8=>C8AJ9:9G:CI;DGI=:IG6>A>C<
BDCI=HBJAI>EA>:97N6;68IDGD; ILD ED>CI6K:G6<:L6HJH:9;DGA:6H:96HH:IH7:<>CC>C<>C;>H86A 6;I:GDC:;JAA
N:6G;GDBI=:96I:D;69DEI>DCD;.0 ':6H:H 12,& .0
*JG86A8JA6I>DCD;-*$>H8DCH>9:G:96CDC "+;>C6C8>6AB:6HJG:7:86JH:L:86A8JA6I:-*$JH>C<;>C6C8>6AB:6HJG:HI=6I
:M8AJ9:6C9>C8AJ9:6BDJCIHI=6I6G:>C8AJ9:96C9:M8AJ9:9>CI=:BDHI9>G:8IAN8DBE6G67A:"+;>C6C8>6AB:6HJG: !DG
:M6BEA: L::M8AJ9:I=:>BE68ID;9:EG:8>6I>DC6C96BDGI>O6I>DC;GDBDJGG:EDGI:9DE:G6I>C<>C8DB:>C86A8JA6I>C<I=:
CJB:G6IDGD;DJG86A8JA6I>DCD;-*$ HB:CI>DC:967DK: L:8DCH>9:G-*ID7:I=:;>C6C8>6AB:6HJG:8DBEJI:9>C
688DG96C8:L>I=<:C:G6AAN688:EI:9688DJCI>C<EG>C8>EA:HBDHI9>G:8IAN8DBE6G67A:IDDJG86A8JA6I>DCD;-*$ -*$9>;;:GH;GDB
-*L=>8=>H8DCHDA>96I:9C:I>C8DB:;DGI=:E:G>D99>K>9:97N6K:G6<:IDI6A6HH:IH;DGI=:E:G>D97:86JH:-*$69?JHIH
DE:G6I>C<>C8DB:ID:M8AJ9:8:GI6>C:ME:CH:>I:BH6C9699H>CI:G:HI>C8DB:69?JHIHIDI6A6HH:IH;DGI=:>BE68ID;688JBJA6I:9
9:EG:8>6I>DC6C96BDGI>O6I>DC 688DJCIHE6N67A:6C9688GJ:9A>67>A>I>:HID6GG>K:6IIDI6A>CK:HI:986E>I6A :86JH:D;I=:
69?JHIB:CIHB:CI>DC:967DK: L:7:A>:K:-*$BDG:688JG6I:ANB:6HJG:H=DLL:6G:9:EADN>C<DJG@:N6HH:IH6C9>HBDG:
B:6C>C<;JAID>CK:HIDGHI=6C-* AI=DJ<=-*$>H6HI6C96G9;>C6C8>6AB:6HJG: CJB:GDJHB:I=D9H:M>HI;DG86A8JA6I>C<6
8DBE6CNH-*$ H6G:HJAI I=:B:I=D9JH:97NB6C6<:B:CIID86A8JA6I:DJG-*$B6N9>;;:G;GDBI=:B:I=D9HJH:97NDI=:G
8DBE6C>:HID86A8JA6I:I=:>G-*$

/=:86A8JA6I>DCD;-*6C9-*$ 6ADC<L>I=6G:8DC8>A>6I>DCD;-*$IDI=:86A8JA6I>DCD;-* I=:BDHI8DBE6G67A:"+
;>C6C8>6AB:6HJG: >H6H;DAADLH
9C31</51BC>454 1>E1BI
/17065,0/,..,105
"+"*%$%(*+($%$))*)
$E=5B1D?B
DCHDA>96I:9C:I>C8DB:
5>?=9>1D?B
K:G6<:IDI6A6HH:IH
(5DEB>?>1CC5DC(%
"+"*%$%(*+($%$$,)*#$*
$E=5B1D?B
*E:G6I>C<>C8DB:
$CI:G:HI>C8DB:
:EG:8>6I>DC6C96BDGI>O6I>DC
-:CI
-*$DE:G6I>C<>C8DB:
5>?=9>1D?B
K:G6<:IDI6A6HH:IH
K:G6<:688JBJA6I:99:EG:8>6I>DC6C96BDGI>O6I>DC
K:G6<:688DJCIHE6N67A:
K:G6<:688GJ:9A>67>A>I>:H
K:G6<:>CK:HI:986E>I6A
(5DEB>?>9>F5CD=5>D(%
C?6 1>E1BI

5BD19>1<1>35)855D1D1
/DI6A6HH:IH
':6H:96HH:IH C:I )+
/DI6A6HH:IHL>I=DJIA:6H:96HH:IH C:I )+
88JBJA6I:99:EG:8>6I>DC6C96BDGI>O6I>DC
88JBJA6I:96BDGI>O6I>DCDCA:6H:96HH:IH )+
88JBJA6I:99:EG:8>6I>DC6C96BDGI>O6I>DC L>I=DJIA:6H:96HH:IH )+
88DJCIHE6N67A:
88GJ:9A>67>A>I>:H
/=:6K:G6<:>H76H:9DCI=:699>I>DCD;I=:688DJCI76A6C8:6II=::C9D;I=:8JGG:CIE:G>D9IDI=:688DJCI76A6C8:6II=::C9D;I=:8DGG:HEDC9>C<EG>DG
E:G>D96C99>K>9>C<7N K:G6<:IDI6A6HH:IH6HJH:9>C-*>C8AJ9:HI=:6K:G6<:>BE68ID;I=:69DEI>DCD;.0
!DG;>H86A 6H6G:HJAID;69DEI>C<.0 6K:G6<:IDI6A6HH:IH>H76H:9DCI=:6K:G6<:D;IDI6A6HH:IHL>I=DJIA:6H:96HH:IH C:IEAJHA:6H:9
6HH:IH C:I6HD;%6CJ6GN K:G6<:688JBJA6I:99:EG:8>6I>DC6C96BDGI>O6I>DC>H76H:9DCI=:6K:G6<:D;688JBJA6I:99:EG:8>6I>DC6C9
6BDGI>O6I>DC L>I=DJIA:6H:96HH:IHEAJH688JBJA6I:96BDGI>O6I>DCDCA:6H:96HH:IH6HD;%6CJ6GN
)+)DIEGDK>9:9
4(($5+.19
!G::86H=;ADL>H8DCH>9:G:96CDC "+;>C6C8>6AB:6HJG: (6C6<:B:CI7:A>:K:H =DL:K:G I=6I;G::86H=;ADL L=>8=
B:6HJG:HDJG67>A>INID<:C:G6I:699>I>DC6A86H=;GDBDJG7JH>C:HHDE:G6I>DCH >H6C>BEDGI6CI;>C6C8>6AB:6HJG:;DGJH:>C
:K6AJ6I>C<I=:DBE6CNXH;>C6C8>6AE:G;DGB6C8: !G::86H=;ADLH=DJA97:8DCH>9:G:9>C699>I>DCID G6I=:GI=6C6H6HJ7HI>IJI:
;DG 8DCHDA>96I:9C:I>C8DB:6H6B:6HJG:D;DJGE:G;DGB6C8:6C9C:I86H=EGDK>9:97NDE:G6I>C<68I>K>I>:H6H6B:6HJG:D;DJG
A>FJ>9>IN .::'>FJ>9>IN6C96E>I6A-:HDJG8:H;DG9>H8JHH>DCHD;"+B:IG>8H>C8AJ9>C<C:I86H=EGDK>9:97NDE:G6I>C<
68I>K>I>:H C:I86H=JH:9>C>CK:HI>C<68I>K>I>:H6C9C:I86H=JH:9>C;>C6C8>C<68I>K>I>:H
2:9:;>C:;G::86H=;ADL6HC:I86H=EGDK>9:97NDE:G6I>C<68I>K>I>:H>C6E:G>D9B>CJHE6NB:CIH;DGEGDE:GIN6C9:FJ>EB:CI
B69:>CI=6IE:G>D9 2:=69C:I86H=EGDK>9:97NDE:G6I>C<68I>K>I>:HD; 7>AA>DC 7>AA>DC6C9 7>AA>DC;DG;>H86A
6C9 G:HE:8I>K:AN 2:<:C:G6I:9;G::86H=;ADLD; 7>AA>DC 7>AA>DC6C9 7>AA>DC;DG;>H86A
6C9 G:HE:8I>K:AN ):I86H=EGDK>9:97NDE:G6I>C<68I>K>I>:H;DG;>H86A>C8G:6H:9L=:C8DBE6G:9ID;>H86A
EG>B6G>AN9J:IDI=:>BE68ID;I=:<AD76A=:6AI=8G>H>HL=>8=688:A:G6I:9>CK:CIDGNH:AA I=GDJ<= 6HL:AA6HI=:I>B>C<6C9
E6NB:CID;>CK:CIDGNEJG8=6H:H >C8G:B:CI6A*1$ G:A6I:9:ME:CH:H6C98:GI6>C7:C:;>IE6NB:CIH !G::86H=;ADL;DG
;>H86A>C8G:6H:9L=:C8DBE6G:9ID;>H86A9J:IDI=:H6B:G:6HDCH6HI=:>C8G:6H:>CC:I86H=EGDK>9:97NDE:G6I>C<
68I>K>I>:H 6HL:AA6H 7>AA>DC>C9:8G:6H:986E>I6A:ME:C9>IJG:H ):I86H=EGDK>9:97NDE:G6I>C<68I>K>I>:H;DG;>H86A
9:8A>C:9L=:C8DBE6G:9ID;>H86AL6HEG>B6G>AN9J:IDI=:8DCIG>7JI>DCIDI=:H96E:CH>DCEA6C>C6CI>8>E6I>DCD;>IH

;JIJG:H:IIA:B:CI I=:>C8AJH>DCD;6;JAAN:6GD;!A>E@6GIDE:G6I>DCH 6C9I=:I>B>C<D;K:C9DGE6NB:CIH !G::86H=;ADL;DG
;>H86A9:8A>C:9L=:C8DBE6G:9ID;>H86A9J:IDI=:H6B:G:6HDCH6HI=:9:8A>C:>CC:I86H=EGDK>9:97NDE:G6I>C<
68I>K>I>:H 6HL:AA6H 7>AA>DC>C>C8G:6H:986E>I6A:ME:C9>IJG:H
26AB6GIH9:;>C>I>DCD;;G::86H=;ADL>HA>B>I:9>CI=6I>I9D:HCDIG:EG:H:CIG:H>9J6A86H=;ADLH6K6>A67A:;DG9>H8G:I>DC6GN
:ME:C9>IJG:H9J:IDI=:;68II=6II=:B:6HJG:9D:HCDI9:9J8II=:E6NB:CIHG:FJ>G:9;DG9:7IH:GK>8:6C9DI=:G8DCIG68IJ6A
D7A><6I>DCHDGE6NB:CIHB69:;DG7JH>C:HH68FJ>H>I>DCH /=:G:;DG: L:7:A>:K:>I>H>BEDGI6CIIDK>:L;G::86H=;ADL6H6
B:6HJG:I=6IEGDK>9:HHJEEA:B:CI6A>C;DGB6I>DCIDDJGDCHDA>96I:9.I6I:B:CIHD;6H=!ADLH
AI=DJ<=DI=:G8DBE6C>:HG:EDGII=:>G;G::86H=;ADL CJB:GDJHB:I=D9HB6N:M>HI;DG86A8JA6I>C<68DBE6CNH;G::86H=;ADL
H6G:HJAI I=:B:I=D9JH:97NB6C6<:B:CIID86A8JA6I:DJG;G::86H=;ADLB6N9>;;:G;GDBI=:B:I=D9HJH:97NDI=:G
8DBE6C>:HID86A8JA6I:I=:>G;G::86H=;ADL
/=:;DAADL>C<I67A:H:IH;DGI=6G:8DC8>A>6I>DCD;;G::86H=;ADL 6CDC "+;>C6C8>6AB:6HJG: IDC:I86H=EGDK>9:97N
DE:G6I>C<68I>K>I>:H L=>8=L:7:A>:K:ID7:I=:"+;>C6C8>6AB:6HJG:BDHI9>G:8IAN8DBE6G67A:ID;G::86H=;ADL 6HL:AA6H
>C;DGB6I>DCG:<6G9>C<C:I86H=JH:9>C>CK:HI>C<68I>K>I>:H6C9C:I86H=JH:9>C;>C6C8>C<68I>K>I>:H
9C31</51BC>454 1>E1BI
/17065,0/,..,105
):I86H=EGDK>9:97NDE:G6I>C<68I>K>I>:H
+6NB:CIH;DGEGDE:GIN6C9:FJ>EB:CI
B5531C86<?G
):I86H=JH:9>C>CK:HI>C<68I>K>I>:H

):I86H=JH:9>C;>C6C8>C<68I>K>I>:H
):I86H=JH:9>C>CK:HI>C<68I>K>I>:H>C8AJ9:HE6NB:CIH;DGEGDE:GIN6C9:FJ>EB:CI L=>8=>H6AHD>C8AJ9:9>CDJG8DBEJI6I>DCD;;G::86H=;ADL
(5CE<DC?6%@5B1D9?>C
*).*'&!/"!".0'/.*#+"-/&*).
9C31</51BC>454 1>E1BI
/17065,0/,..,105(:&(2670,6&17065
/DI6AG:K:CJ:H
):IH6A:H
/DI6A0 . 86A:C96G8DBE6G67A:H6A:H>C8G:6H:
"GDHHEGD;>IG6I:
*E:G6I>C<>C8DB:
*E:G6I>C<>C8DB:6H6E:G8:CI6<:D;C:IH6A:H
0C>I8DJCIH6IE:G>D9:C9
-:I6>AHFJ6G:;::I6IE:G>D9:C9
0C>I8DJCIH6C96HHD8>6I:9G:I6>AHFJ6G:;::I6G:EG:H:CI:9;DGHIDG:H6C98AJ7H<:C:G6AANDE:C6HD;E:G>D9:C9 6C9>C8AJ9:HHIDG:H6HHD8>6I:9L>I=
DE:G6I>DCH8A6HH>;>:96H=:A9;DGH6A:6HD;%6CJ6GN +:GB6C:CIAN8ADH:9AD86I>DCH6G:CDI>C8AJ9:9
*JGIDI6AG:K:CJ:H L=>8=>C8AJ9:HC:IH6A:H6C9B:B7:GH=>E6C9DI=:G>C8DB: >C8G:6H:9 7>AA>DCDG 6C9 7>AA>DC

DG ;DG;>H86A6C9 G:HE:8I>K:AN L=:C8DBE6G:9IDI=:EG:K>DJH;>H86AN:6G /=:H:>C8G:6H:H>CG:K:CJ:HL:G:
9J:ID>C8G:6H:H>CC:IH6A:H L=>8=>C8G:6H:9 7>AA>DCDG 6C9 7>AA>DCDG ;DG;>H86A6C9
G:HE:8I>K:AN L=:C8DBE6G:9IDI=:EG:K>DJH;>H86AN:6G !DG;>H86A I=:>C8G:6H:L6HEG>B6G>AN9J:IDHIGDC<EDH>I>K:
8DBE6G67A:H6A:H;DGI=:26AB6GI0 . 6C9.6BHAJ7H:<B:CIH6HL:AA6HEDH>I>K:8DBE6G67A:H6A:H>CI=:B6?DG>IND;DJG
>CI:GC6I>DC6AB6G@:IHG:HJAI>C<;GDB>C8G:6H:99:B6C9HI:BB>C<;GDBI=:*1$ E6C9:B>8 *K:G6AAC:IH6A:H<GDLI=L6H
HIGDC<9:HE>I:8:GI6>CDE:G6I>C<A>B>I6I>DCH>CH:K:G6A>CI:GC6I>DC6AB6G@:IH>CI=:H:8DC9FJ6GI:GD;;>H86A9J:ID
<DK:GCB:CIG:<JA6I>DCH6C9EG:86JI>DC6GNB:6HJG:HI6@:C6H6G:HJAID;I=:*1$ E6C9:B>8 /=:C:IH6A:H>C8G:6H:L6H
E6GI>6AAND;;H:I7NC:<6I>K:;AJ8IJ6I>DCH>C8JGG:C8N:M8=6C<:G6I:HD; 7>AA>DC !DG;>H86A C:IH6A:HL:G:EDH>I>K:AN
>BE68I:97NDK:G6AAEDH>I>K:8DBE6G67A:H6A:H;DG26AB6GI0 . 6C9.6BHAJ7H:<B:CIH 6ADC<L>I=I=:699>I>DCD;C:IH6A:H
;GDB!A>E@6GI L=>8=L:68FJ>G:9>CJ<JHI 6C9EDH>I>K:8DBE6G67A:H6A:H>CI=:B6?DG>IND;DJG>CI:GC6I>DC6AB6G@:IH
/=:H:>C8G:6H:HL:G:E6GI>6AAND;;H:I7N 7>AA>DCD;C:<6I>K:>BE68I;GDB;AJ8IJ6I>DCH>C8JGG:C8N:M8=6C<:G6I:H>C;>H86A
6C9DJGH6A:D;I=:B6?DG>INHI6@:>C26AB6GIG6O>A>CJ<JHI
*JG<GDHHEGD;>IG6I:>C8G:6H:976H>HED>CIH6C99:8G:6H:976H>HED>CIH;DG;>H86A6C9 G:HE:8I>K:AN L=:C
8DBE6G:9IDI=:EG:K>DJH;>H86AN:6G !DG;>H86A I=:>C8G:6H:L6HEG>B6G>AN9J:IDHIG6I:<>8HDJG8>C<>C>I>6I>K:H HIGDC<
H6A:H>C=><=:GB6G<>C86I:<DG>:H 6C9;:L:GB6G@9DLCH /=>HL6HE6GI>6AAND;;H:I>CI=:26AB6GI0 . H:<B:CI7N86GGNDK:GD;
EG>DGN:6GEG>8:>CK:HIB:CI6HL:AA6HI=:I:BEDG6GN8ADHJG:D;DJGJID6G::CI:GH6C91>H>DC:CI:GH>CG:HEDCH:IDI=:

*1$ E6C9:B>8 !DG;>H86A I=:9:8G:6H:L6HEG>B6G>AN9J:IDEG>8:>CK:HIB:CI>CI=:26AB6GI0 . H:<B:CI6C9I=:
699>I>DCD;!A>E@6GI>CI=:26AB6GI$CI:GC6I>DC6AH:<B:CI E6GI>6AAND;;H:I7N;6KDG67A:B:G8=6C9>H:B>M>C8AJ9>C<HIG:C<I=>C
EG>K6I:7G6C9H6C9A:HHEG:HHJG:;GDBIG6CHEDGI6I>DC8DHIH>CI=:26AB6GI0 . H:<B:CI
!DG;>H86A DE:G6I>C<:ME:CH:H6H6E:G8:CI6<:D;C:IH6A:HL6H;A6IL=:C8DBE6G:9IDI=:EG:K>DJH;>H86AN:6G *E:G6I>C<
:ME:CH:H6H6E:G8:CI6<:D;C:IH6A:H7:C:;>I:9;GDBHIGDC<<GDLI=>C8DBE6G67A:H6A:H6C9A6EE>C<I=: 7>AA>DC7JH>C:HH
G:HIGJ8IJG>C<8=6G<:H;GDBI=:EG>DGN:6G9:H8G>7:97:ADL /=:H:7:C:;>IHL:G:D;;H:I7N 7>AA>DCD;>C8G:B:CI6A8DHIH
G:A6I:9IDI=:*1$ E6C9:B>86C96 7>AA>DC7JH>C:HHG:HIGJ8IJG>C<8=6G<:>CI=:26AB6GI0 . H:<B:CIG:8DG9:9>C
I=:H:8DC9FJ6GI:GD;;>H86A
!DG;>H86A DE:G6I>C<:ME:CH:H6H6E:G8:CI6<:D;C:IH6A:H9:8G:6H:976H>HED>CIH L=:C8DBE6G:9IDI=:EG:K>DJH;>H86A
N:6G 9J:IDDJG;D8JHDC:ME:CH:B6C6<:B:CI8DB7>C:9L>I=DJG<GDLI=>C8DBE6G67A:HIDG:H6A:H /=:H:>BEGDK:B:CIHL:G:
E6GI>6AAND;;H:I7N 7>AA>DC>C7JH>C:HHG:HIGJ8IJG>C<8=6G<:H8DCH>HI>C<EG>B6G>AND;CDC 86H=>BE6>GB:CI8=6G<:H;DG8:GI6>C
IG69:C6B:H 68FJ>G:99:K:ADE:9I:8=CDAD<N 6C9DI=:G7JH>C:HHG:HIGJ8IJG>C<8=6G<:H9J:IDHIG6I:<>89:8>H>DCHI=6IG:HJAI:9>C
I=:LG>I:9DLCD;8:GI6>C6HH:IH>CI=:26AB6GI0 . 6C926AB6GI$CI:GC6I>DC6AH:<B:CIH
*I=:G<6>CH6C9ADHH:H8DCH>HI:9D;C:I<6>CHD; 7>AA>DC6C9 7>AA>DC;DG;>H86A6C9 G:HE:8I>K:AN /=:<6>C>C
;>H86AEG>B6G>ANG:;A:8IH 7>AA>DC>CC:I<6>CH6HHD8>6I:9L>I=I=:;6>GK6AJ:8=6C<:HD;DJG:FJ>IN>CK:HIB:CIH E6GI>6AAN
D;;H:I7NI=: 7>AA>DCEG: I6MADHHG:A6I:9IDI=:9>K:HI>IJG:D;8:GI6>C>CI:GC6I>DC6ADE:G6I>DCH8A6HH>;>:96H=:A9;DGH6A:DG
HDA9>C;>H86A /=:<6>C>C;>H86AL6HEG>B6G>ANI=:G:HJAID;6 7>AA>DC>C8G:6H:>CI=:B6G@:IK6AJ:D;DJG
>CK:HIB:CI>C% 8DB
*JG:;;:8I>K:>C8DB:I6MG6I:L6H ;DG;>H86A ;DG;>H86A 6C9 ;DG;>H86A /=:>C8G:6H:>CDJG
:;;:8I>K:I6MG6I:;DG;>H86A6H8DBE6G:9ID;>H86A>HEG>B6G>AN9J:IDI=:ADHHG:A6I:9IDI=:9>K:HI>IJG:D;8:GI6>C
>CI:GC6I>DC6ADE:G6I>DCH8A6HH>;>:96H=:A9;DGDGHDA9>C;>H86A L=>8=EGDK>9:9B>C>B6AG:6A>O67A:I6M7:C:;>I /=:
9:8G:6H:>CDJG:;;:8I>K:I6MG6I:;DG;>H86A6H8DBE6G:9ID;>H86AL6HEG>B6G>AN9J:IDI=:;>H86AADHHDCH6A:D;6
B6?DG>INHI6@:>C26AB6GIG6O>A L=>8=>C8G:6H:9I=:EG:K>DJH8DBE6G6I>K:;>H86AN:6GH:;;:8I>K:I6MG6I: 6H>IEGDK>9:9
B>C>B6AG:6A>O67A:I6M7:C:;>I *JG:;;:8I>K:>C8DB:I6MG6I:B6N6AHD;AJ8IJ6I:6H6G:HJAID;K6G>DJH;68IDGH >C8AJ9>C<8=6C<:H
>CDJG6HH:HHB:CID;8:GI6>CI6M8DCI>C<:C8>:H K6AJ6I>DC6AADL6C8:H 8=6C<:H>CI6MA6L DJI8DB:HD;69B>C>HIG6I>K:6J9>IH I=:
>BE68ID;9>H8G:I:>I:BH6C9I=:B>M6C9H>O:D;:6GC>C<H6BDC<DJG0 . DE:G6I>DCH6C9>CI:GC6I>DC6ADE:G6I>DCH L=>8=6G:
HJ7?:8IIDHI6IJIDGNG6I:HI=6I 7:<>CC>C<>C;>H86A 6G:<:C:G6AAN=><=:GI=6CI=:0 . HI6IJIDGNG6I: /=:G:8DC8>A>6I>DC
;GDBI=:0 . HI6IJIDGNG6I:IDI=::;;:8I>K:>C8DB:I6MG6I:H;DG;>H86A 6C9>HEG:H:CI:9>C)DI:
H6G:HJAID;I=:;68IDGH9>H8JHH:967DK: L:G:EDGI:9 7>AA>DC6C9 7>AA>DCD;8DCHDA>96I:9C:I>C8DB:;DG;>H86A
6C9 G:HE:8I>K:AN L=>8=G:EG:H:CIH69:8G:6H:D; 7>AA>DC6C96C>C8G:6H:D; 7>AA>DC;DG;>H86A6C9
G:HE:8I>K:AN L=:C8DBE6G:9IDI=:EG:K>DJH;>H86AN:6G >AJI:9C:I>C8DB:E:G8DBBDCH=6G:6IIG>7JI67A:ID26AB6GI
+.L6H 6C9 ;DG;>H86A 6C9 G:HE:8I>K:AN
'(-/"$(")/
9C31</51BC>454 1>E1BI
/17065,0/,..,105(:&(2670,6&17065
):IH6A:H
6A:C96G8DBE6G67A:H6A:H>C8G:6H:
*E:G6I>C<>C8DB:
):IH6A:H;DGI=:26AB6GI0 . H:<B:CI>C8G:6H:9 7>AA>DCDG 6C9 7>AA>DCDG ;DG;>H86A6C9

G:HE:8I>K:AN L=:C8DBE6G:9IDI=:EG:K>DJH;>H86AN:6G /=:>C8G:6H:H>CC:IH6A:HL:G:EG>B6G>AN9J:ID>C8G:6H:H>C
8DBE6G67A:H6A:HD; 6C9 ;DG;>H86A6C9 G:HE:8I>K:AN DBE6G67A:H6A:H>C;>H86AL:G:9G>K:C7N
<GDLI=>C6K:G6<:I>8@:IEG>B6G>ANG:HJAI>C<;GDBB::I>C<I=:>C8G:6H:99:B6C99J:ID:8DCDB>88DC9>I>DCHG:A6I:9IDI=:
*1$ E6C9:B>8L=>A:IG6CH68I>DCH9:8G:6H:96H8JHIDB:GH8DCHDA>96I:9H=DEE>C<IG>EH DBE6G67A:H6A:H>C;>H86A
L:G:9G>K:C7N7DI=6K:G6<:I>8@:I6C9IG6CH68I>DC<GDLI=;DG;>H86A 26AB6GI0 . :DBB:G8:H6A:HEDH>I>K:AN
8DCIG>7JI:96EEGDM>B6I:AN 6C9 ID8DBE6G67A:H6A:H;DG;>H86A6C9 G:HE:8I>K:AN 6HL:8DCI>CJ:ID;D8JH
DC6H:6BA:HHDBC> 8=6CC:A:ME:G>:C8:;DGDJG8JHIDB:GH
"GDHHEGD;>IG6I:L6H;A6I6C99:8G:6H:976H>HED>CIH;DG;>H86A6C9 G:HE:8I>K:AN L=:C8DBE6G:9IDI=:EG:K>DJH
;>H86AN:6G 2=>A:;>H86A<GDHHEGD;>IG6I:L6H;A6I >I7:C:;>I:9;GDBHIG6I:<>8HDJG8>C<>C>I>6I>K:H6C9;:L:GB6G@9DLCH
D;;H:I7N68=6C<:>CB:G8=6C9>H:B>M I=:86GGNDK:G:;;:8ID;EG>DGN:6GEG>8:>CK:HIB:CI6C9I=:I:BEDG6GN8ADHJG:D;DJG
JID6G:6C91>H>DC:CI:GH>CG:HEDCH:IDI=:*1$ E6C9:B>8 !DG;>H86A I=:9:8G:6H:L6HEG>B6G>ANI=:G:HJAI
D;8DCI>CJ:9EG>8:>CK:HIB:CIHL=>8=L:G:E6GI>6AAND;;H:I7N7:II:GB:G8=6C9>H:B>M >C8AJ9>C<HIG:C<I=>CEG>K6I:7G6C9H 6C9
A:HHEG:HHJG:;GDBIG6CHEDGI6I>DC8DHIH

*E:G6I>C<:ME:CH:H6H6E:G8:CI6<:D;H:<B:CIC:IH6A:H9:8G:6H:96C976H>HED>CIH;DG;>H86A6C9 G:HE:8I>K:AN
L=:C8DBE6G:9IDI=:EG:K>DJH;>H86AN:6G 2:A:K:G6<:9DE:G6I>C<:ME:CH:H>C;>H86AEG>B6G>AN6H6G:HJAID;HIGDC<H6A:H
L=>8=L:G:E6GI>6AAND;;H:I7N 7>AA>DCD;>C8G:B:CI6A8DHIHG:A6I:9IDI=:*1$ E6C9:B>8>C8AJ9>C<HE:8>6A7DCJH:H
:ME6C9:9H>8@6C9:B:G<:C8NA:6K:E6N 8DHIH6HHD8>6I:9L>I=DJI;>II>C<DJGHIDG:H6C96HHD8>6I:HL>I=B6H@H <ADK:H6C9
H6C>I>O:G 6C9:ME6C9:98A:6C>C<EG68I>8:H !>H86ADE:G6I>C<:ME:CH:H6H6E:G8:CI6<:D;C:IH6A:HL6H6AHDHA><=IAN6>9:9
7NA6EE>C<I=: 7>AA>DC7JH>C:HHG:HIGJ8IJG>C<8=6G<:H;GDBI=:EG>DGN:6G9:H8G>7:97:ADL D;;H:I7N6 7>AA>DC7JH>C:HH
G:HIGJ8IJG>C<8=6G<:G:8DG9:9>CI=:H:8DC9FJ6GI:GD;;>H86AG:HJAI>C<;GDB8=6C<:HID26AB6GI0 . HJEEDGII:6BHID
7:II:GHJEEDGI>IHDBC> 8=6CC:AHIG6I:<N /=:9:8G:6H:>C;>H86AL6HEG>B6G>AN9J:IDHIGDC<H6A:H6C9EGD9J8I>K>IN
>BEGDK:B:CIHL=>8=L:G:BDHIAND;;H:I7N7JH>C:HHG:HIGJ8IJG>C<8=6G<:HD; 7>AA>DC8DCH>HI>C<EG>B6G>AND;CDC 86H=
>BE6>GB:CI8=6G<:H;DG8:GI6>CIG69:C6B:H 68FJ>G:99:K:ADE:9I:8=CDAD<N6C9DI=:G7JH>C:HHG:HIGJ8IJG>C<8=6G<:H9J:ID
9:8>H>DCHI=6IG:HJAI:9>CI=:LG>I:9DLCD;8:GI6>C:DBB:G8:6HH:IH
H6G:HJAID;I=:;68IDGH9>H8JHH:967DK: H:<B:CIDE:G6I>C<>C8DB:>C8G:6H:9 7>AA>DC6C99:8G:6H:9B>AA>DC;DG;>H86A
6C9 G:HE:8I>K:AN L=:C8DBE6G:9IDI=:EG:K>DJH;>H86AN:6G
'(-/)/"-)/&*)'"$(")/
9C31</51BC>454 1>E1BI
/17065,0/,..,105(:&(2670,6&17065
):IH6A:H
*E:G6I>C<>C8DB:
):IH6A:H;DGI=:26AB6GI$CI:GC6I>DC6AH:<B:CI>C8G:6H:9 7>AA>DCDG 6C99:8G:6H:9 7>AA>DCDG ;DG;>H86A

6C9 G:HE:8I>K:AN L=:C8DBE6G:9IDI=:EG:K>DJH;>H86AN:6G !DG;>H86A I=:>C8G:6H:L6HEG>B6G>AN9J:ID
EDH>I>K:8DBE6G67A:H6A:H<GDLI=>CI=:B6?DG>IND;DJGB6G@:IH9G>K:C7N8=6C<:H>C8DCHJB:G7:=6K>DG>CG:HEDCH:IDI=:
*1$ E6C9:B>8 E6GI>6AAND;;H:I7NC:<6I>K:;AJ8IJ6I>DCH>C8JGG:C8N:M8=6C<:G6I:HD; 7>AA>DC /=:E6C9:B>8A:9ID
H><C>;>86CI:8DCDB>8EG:HHJG:H6C98=6CC:A6C9B>MH=>;IH9J:ID8=6C<:H>C8DCHJB:G7:=6K>DG >C8AJ9>C<688:A:G6I:9<GDLI=
>C:DBB:G8:>CH:K:G6AB6G@:IH 2=>A:H:K:G6AD;DJGB6G@:IH:ME:G>:C8:9:MI:CH>K:HIDG:6C9DE:G6I>DC6A8ADHJG:H>CI=:
H:8DC9FJ6GI:G6H6G:HJAID;<DK:GCB:CIB6C96I:H BDHI8ADH:9HIDG:H6C9L6G:=DJH:H=69G:HJB:9DE:G6I>DCH7NI=:I=>G9
FJ6GI:G
!DG;>H86A I=:9:8G:6H:L6HEG>B6G>AN9J:IDC:<6I>K:;AJ8IJ6I>DCH>C8JGG:C8N:M8=6C<:G6I:HD; 7>AA>DC6HL:AA6H6
G:9J8I>DC>CH6A:H9J:IDDJGH6A:D;I=:B6?DG>INHI6@:>C26AB6GIG6O>A>CJ<JHI D;;H:I7N6;JAAN:6GD;C:IH6A:H;GDB
!A>E@6GI6C9EDH>I>K:8DBE6G67A:H6A:H<GDLI=>CI=:B6?DG>IND;DJGB6G@:IH
"GDHHEGD;>IG6I:>C8G:6H:976H>HED>CIH6C99:8G:6H:976H>HED>CIH;DG;>H86A6C9 G:HE:8I>K:AN L=:C
8DBE6G:9IDI=:EG:K>DJH;>H86AN:6G !DG;>H86A I=:>C8G:6H:L6HEG>B6G>AN9J:ID!A>E@6GIH>BEGDK:9B6G<>CB>M6C9
G:9J8:9;J:AH6A:H>CI=:0 & !DG;>H86A I=:9:8G:6H:L6HEG>B6G>AN9J:ID!A>E@6GI 6HL:AA6H68=6C<:>CB:G8=6C9>H:
B>M
*E:G6I>C<:ME:CH:H6H6E:G8:CI6<:D;H:<B:CIC:IH6A:H>C8G:6H:976H>HED>CIH6C99:8G:6H:976H>HED>CIH;DG;>H86A
6C9 G:HE:8I>K:AN L=:C8DBE6G:9IDI=:EG:K>DJH;>H86AN:6G /=:>C8G:6H:>CDE:G6I>C<:ME:CH:H6H6E:G8:CI6<:D;
H:<B:CIC:IH6A:H;DG;>H86AL6HEG>B6G>AN9J:ID 7>AA>DCD;>C8G:B:CI6A8DHIHG:A6I:9IDI=:*1$ E6C9:B>8
E6GI>6AAND;;H:I7NEDH>I>K:8DBE6G67A:H6A:H>CI=:B6?DG>IND;DJGB6G@:IH6C9A6EE>C<I=:>BE6>GB:CI8=6G<:H>CI=:EG>DGN:6G
9>H8JHH:97:ADL !>H86A9:8G:6H:9EG>B6G>AN9J:IDEDH>I>K:8DBE6G67A:H6A:H>CI=:B6?DG>IND;DJGB6G@:IH6HL:AA6H
8DHI9>H8>EA>C:68GDHHBJAI>EA:B6G@:IH E6GI>6AAND;;H:I7N 7>AA>DC>C>BE6>GB:CI8=6G<:HEG>B6G>AN9J:IDI=:LG>I: D;;D;
I=:86GGN>C<K6AJ:D;DC:D;!A>E@6GIHILD;6H=>DCIG69:C6B:H %67DC< 8DB 6H6G:HJAID;6HIG6I:<>89:8>H>DCID;D8JHDJG
:;;DGIHDC6H>C<A:;6H=>DCEA6I;DGB>CDG9:GIDH>BEA>;NI=:7JH>C:HH6C98JHIDB:GEGDEDH>I>DC
H6G:HJAID;I=:;68IDGH9>H8JHH:967DK: H:<B:CIDE:G6I>C<>C8DB:>C8G:6H:9 7>AA>DC6C99:8G:6H:9 7>AA>DC;DG;>H86A
6C9 G:HE:8I>K:AN L=:C8DBE6G:9IDI=:EG:K>DJH;>H86AN:6G

(. '0"$(")/
9C31</51BC>454 1>E1BI
/17065,0/,..,105(:&(2670,6&17065
) '0!&)$0"'
):IH6A:H
6A:C96G8DBE6G67A:H6A:H>C8G:6H:
*E:G6I>C<>C8DB:
3 '0!&)$0"'
):IH6A:H
*E:G6I>C<>C8DB:

2:7:A>:K:I=: M8AJ9>C<!J:A>C;DGB6I>DC>HJH:;JAID>CK:HIDGH7:86JH:>IE:GB>IH>CK:HIDGHIDJC9:GHI6C9I=::;;:8ID;I=:.6BHAJ7H:<B:CIH;J:A
H6A:HDC>IHG:HJAIHD;DE:G6I>DCH L=>8=6G:>BE68I:97NI=:KDA6I>A>IND;;J:AEG>8:H 1DA6I>A>IN>C;J:AEG>8:HB6N8DCI>CJ:ID>BE68II=:DE:G6I>C<G:HJAIHD;
I=:.6BHAJ7H:<B:CI>CI=:;JIJG: (6C6<:B:CIJH:HHJ8=>C;DGB6I>DCID7:II:GB:6HJG:JC9:GAN>C<DE:G6I>C<G:HJAIH>CI=:H:<B:CI
):IH6A:H;DGI=:.6BHAJ7H:<B:CI>C8G:6H:9 7>AA>DCDG 6C9 7>AA>DCDG ;DG;>H86A6C9

G:HE:8I>K:AN L=:C8DBE6G:9IDI=:EG:K>DJH;>H86AN:6G *JG <GDLI=>C8DBE6G67A:H6A:H;DG;>H86A7:C:;>I:9;GDB
<GDLI=>CIG6CH68I>DCH6C96K:G6<:I>8@:IG:HJAI>C<;GDBI=:*1$ E6C9:B>8 E6GI>6AAND;;H:I7N7DI=DJG9:8>H>DCID
G:BDK:ID7688D;GDB8:GI6>C8AJ7AD86I>DCH6C97NADL:G;J:AH6A:H .6BHAJ7:DBB:G8:H6A:HEDH>I>K:AN8DCIG>7JI:9
6EEGDM>B6I:AN ID8DBE6G67A:H6A:H !DG;>H86A I=:>C8G:6H:L6HEG>B6G>AN9J:ID8DBE6G67A:H6A:H >C8AJ9>C<;J:A D;
DBE6G67A:H6A:H7:C:;>I:9;GDB<GDLI=>CIG6CH68I>DCH6C9=><=:G;J:AH6A:H L=>8=L:G:E6GI>6AAND;;H:I7NADL:GI>8@:I
9J:IDDJG9:8>H>DCIDG:BDK:ID7688D;GDB8:GI6>C8AJ7AD86I>DCH .6BHAJ7:DBB:G8:H6A:HEDH>I>K:AN8DCIG>7JI:9
6EEGDM>B6I:AN ID8DBE6G67A:H6A:H
"GDHHEGD;>IG6I:>C8G:6H:976H>HED>CIH6C99:8G:6H:976H>HED>CIH;DG;>H86A6C9 G:HE:8I>K:AN L=:C8DBE6G:9
IDI=:EG:K>DJH;>H86AN:6G /=:>C8G:6H:>C<GDHHEGD;>IG6I:L6H9J:ID;6KDG67A:H6A:HB>M >C8AJ9>C<ADL:G;J:A6C9ID7688D
H6A:H 6C9>BEGDK:B:CI>C>CK:CIDGNADHH:HL=>8=L6HE6GI>6AAND;;H:I7NEG>8:>CK:HIB:CI6C9=><=:G:DBB:G8:;JA;>AAB:CI
8DHIH !DG;>H86A <GDHHEGD;>IG6I:9:8G:6H:99J:IDEG>8:>CK:HIB:CI6C9=><=:G:DBB:G8:;JA;>AAB:CI8DHIH E6GI>6AAN
D;;H:I7NG:9J8:9ID7688DH6A:H
(:B7:GH=>E6C9DI=:G>C8DB:>C8G:6H:9 6C9 ;DG;>H86A6C9 G:HE:8I>K:AN L=:C8DBE6G:9IDI=:EG:K>DJH
;>H86AN:6G !DG;>H86A6C9 I=:>C8G:6H:HL:G:EG>B6G>AN9J:ID<GDLI=>CIDI6AB:B7:GH L=>8=7:C:;>I:9;GDB
=><=:GDK:G6AAG:C:L6AG6I:H 6C9=><=:G+AJH(:B7:GE:C:IG6I>DC !>H86A<GDLI=L6H6AHDEDH>I>K:AN6;;:8I:97NI=:
*1$ E6C9:B>8 !>H86AL6H6AHD7:C:;>I:97N<6>CHDCEGDE:GINH6A:H6C9DI=:G>C8DB:
*E:G6I>C<:ME:CH:H6H6E:G8:CI6<:D;H:<B:CIC:IH6A:H>C8G:6H:96C99:8G:6H:976H>HED>CIH;DG;>H86A6C9
G:HE:8I>K:AN L=:C8DBE6G:9IDI=:EG:K>DJH;>H86AN:6G :HE>I:>C8G:6H:9C:IH6A:H;GDBI=:HIGDC<9:B6C9G:HJAI>C<;GDBI=:
*1$ E6C9:B>8 ;>H86ADE:G6I>C<:ME:CH:H6H6E:G8:CI6<:D;C:IH6A:H>C8G:6H:9EG>B6G>AN9J:ID 7>AA>DCD;
>C8G:B:CI6A8DHIHG:A6I:9IDI=:E6C9:B>8 L=>8=>C8AJ9:9699>I>DC6A8DHIHHJ8=6HHE:8>6A7DCJH:H :ME6C9:98A:6C>C<EG68I>8:H
6C9H:8JG>IN :ME6C9:9H>8@6C9:B:G<:C8NA:6K:E6N 6C9DJI;>II>C<DJG6HHD8>6I:HL>I=B6H@H6C9<ADK:H 99>I>DC6AAN I=:
>C8G:6H:>CDE:G6I>C<:ME:CH:6H6E:G8:CI6<:D;H:<B:CIC:IH6A:HL6H6;;:8I:97NG:9J8:9ID7688D6C9;J:AH6A:H !DG;>H86A
I=:9:8G:6H:L6HEG>B6G>ANI=:G:HJAID;ADL:GA67DG G:A6I:98DHIH6C968=6G<:D;6EEGDM>B6I:ANB>AA>DCG:A6I:9ID
A:6H::M>I8DHIH>CI=:EG>DG8DBE6G67A:E:G>D9 /=:H:7:C:;>IHL:G:E6GI>6AAND;;H:I7N6G:9J8I>DC>CH6A:HD;ID7688D6C96
=><=:GA:K:AD;I:8=CDAD<N>CK:HIB:CI
H6G:HJAID;I=:;68IDGH9>H8JHH:967DK: H:<B:CIDE:G6I>C<>C8DB:>C8G:6H:9 7>AA>DC6C9 7>AA>DC;DG;>H86A6C9
G:HE:8I>K:AN L=:C8DBE6G:9IDI=:EG:K>DJH;>H86AN:6G

"9AE949DI1>41@9D1<(5C?EB35C
"9AE949DI
/=:HIG:C<I=6C9HI67>A>IND;DJGDE:G6I>DCH=6K:=>HIDG>86AANHJEEA>:9JHL>I=6H><C>;>86CIHDJG8:D;A>FJ>9>IN *JG86H=;ADLH
EGDK>9:97NDE:G6I>C<68I>K>I>:H HJEEA:B:CI:9L>I=DJGADC< I:GB9:7I6C9H=DGI I:GB7DGGDL>C<H =6K:7::CHJ;;>8>:CIID;JC9
DJGDE:G6I>DCHL=>A:6AADL>C<JHID>CK:HI>C68I>K>I>:HI=6IHJEEDGII=:ADC< I:GB<GDLI=D;DJGDE:G6I>DCH ":C:G6AAN HDB:DG
6AAD;I=:G:B6>C>C<6K6>A67A:86H=;ADL=6H7::CJH:9ID;JC99>K>9:C9HDCDJG8DBBDCHID8@6C9H=6G:G:EJG8=6H:H 2:
7:A>:K:DJGHDJG8:HD;A>FJ>9>INL>AA8DCI>CJ:ID7:69:FJ6I:ID;JC9DE:G6I>DCH ;>C6C8:DJG<AD76A>CK:HIB:CI6C9:ME6CH>DC
68I>K>I>:H E6N9>K>9:C9H6C9;JC9DJGH=6G:G:EJG8=6H:H;DGI=:;DG:H::67A:;JIJG:
"/ .%-*1&!"!4+"-/&)$ /&1&/&".

9C31</51BC>454 1>E1BI
/17065,0/,..,105
):I86H=EGDK>9:97NDE:G6I>C<68I>K>I>:HL6H 7>AA>DC 7>AA>DC6C9 7>AA>DC;DG;>H86A 6C9

G:HE:8I>K:AN ):I86H=EGDK>9:97NDE:G6I>C<68I>K>I>:H;DG;>H86A>C8G:6H:9L=:C8DBE6G:9IDI=:EG:K>DJH;>H86AN:6G
EG>B6G>AN9J:IDI=:>BE68ID;I=:<AD76A=:6AI=8G>H>HL=>8=688:A:G6I:9>CK:CIDGNH:AA I=GDJ<= 6HL:AA6HI=:I>B>C<6C9
E6NB:CID;>CK:CIDGNEJG8=6H:H >C8G:B:CI6A*1$ G:A6I:9:ME:CH:H6C98:GI6>C7:C:;>IE6NB:CIH /=:9:8G:6H:>CC:I
86H=EGDK>9:97NDE:G6I>C<68I>K>I>:H;DG;>H86A L=:C8DBE6G:9IDI=:EG:K>DJH;>H86AN:6G L6HEG>B6G>AN9J:IDI=:
8DCIG>7JI>DCIDDJGH96E:CH>DCEA6C>C6CI>8>E6I>DCD;>IH;JIJG:H:IIA:B:CI I=:>C8AJH>DCD;6;JAAN:6GD;!A>E@6GIDE:G6I>DCH
6C9I=:I>B>C<D;K:C9DGE6NB:CIH
$5+37,8$.(065$0'#14-,0*$2,6$.(),&,6
6H=6C986H=:FJ>K6A:CIHL:G: 7>AA>DC6C9 7>AA>DC6HD;%6CJ6GN 6C9 G:HE:8I>K:AN 2:B6>CI6>C:9
BDG:86H=6I%6CJ6GN 8DBE6G:9ID%6CJ6GN >CDG9:GIDEGDK>9:JHL>I=:C=6C8:9;>C6C8>6A;A:M>7>A>IN9J:ID
I=:JC8:GI6>CI>:HG:A6I:9IDI=:*1$ E6C9:B>8 *JGLDG@>C<86E>I6A9:;>8>I 9:;>C:96HIDI6A8JGG:CI6HH:IHA:HHIDI6A
8JGG:CIA>67>A>I>:H L6H 7>AA>DC6C9 7>AA>DC6HD;%6CJ6GN 6C9 G:HE:8I>K:AN /=:9:8G:6H:>CLDG@>C<
86E>I6A9:;>8>I6H8DBE6G:9IDI=:EG:K>DJH;>H86AN:6G>HEG>B6G>AN9G>K:C7NI=:>C8G:6H:>C86H=6C986H=:FJ>K6A:CIH6HL:AA6H
I=:>C8G:6H:>C8JGG:CI6HH:IH6C98JGG:CIA>67>A>I>:H9J:IDI=:8A6HH>;>86I>DCD;I=:DBE6CNHDE:G6I>DCH>CI=:0 & 6C9%6E6C
6H=:A9;DGH6A: 2:<:C:G6AANDE:G6I:L>I=6LDG@>C<86E>I6A9:;>8>I9J:IDDJG:;;>8>:CIJH:D;86H=>C;JC9>C<DE:G6I>DCH
8DCH>HI:CI688:HHIDI=:86E>I6AB6G@:IH6C9G:IJGCHEGDK>9:9IDDJGH=6G:=DA9:GH>CI=:;DGBD;E6NB:CIHD;86H=9>K>9:C9H6C9
H=6G:G:EJG8=6H:H
2:JH:>CI:G8DBE6CN;>C6C8>C<6GG6C<:B:CIH>C6C:;;DGIID:CHJG:86H=86C7:B69:6K6>A67A:>CI=:8DJCIGN>CL=>8=>I>H
C::9:9L>I=I=:B>C>BJB8DHIEDHH>7A: 99>I>DC6AAN ;GDBI>B: ID I>B: L:G:E6IG>6I::6GC>C<H6C9G:A6I:986H=;GDB
?JG>H9>8I>DCHDJIH>9:D;I=:0 . #>HIDG>86AAN 0 . I6M:HL:G:9J:JEDCG:E6IG>6I>DCD;;DG:><C:6GC>C<H J:IDI=::C68IB:CI
D;0 . I6MG:;DGB G:E6IG>6I>DCHD;;DG:><C:6GC>C<HL>AA<:C:G6AAN7:;G::D;0 . ;:9:G6AI6M 7JIB6N>C8JGDI=:GI6M:HHJ8=6H
L>I==DA9>C<DGHI6I:I6M:H 2=>A:L:6G:6L6>I>C<6CI>8>E6I:9I:8=C>86A<J>96C8:;GDBI=:$CI:GC6A-:K:CJ:.:GK>8:$-.6C9
I=:0 . /G:6HJGN:E6GIB:CI L:9DCDI:ME:8I8JGG:CIAD86AA6LH DI=:G:M>HI>C<A>B>I6I>DCHDGEDI:CI>6AI6M:HDC6CI>8>E6I:9
;JIJG:G:E6IG>6I>DCHD;86H=6BDJCIH=:A9DJIH>9:I=:0 . ID=6K:6B6I:G>6A:;;:8IDCDJGDK:G6AAA>FJ>9>IN ;>C6C8>6AEDH>I>DCDG
G:HJAIHD;DE:G6I>DCH
HD;%6CJ6GN 6C9 86H=6C986H=:FJ>K6A:CIHD; 7>AA>DC6C9 7>AA>DC G:HE:8I>K:AN B6NCDI7:;G::AN
IG6CH;:G67A:IDI=:0 . 9J:IDAD86AA6LHDGDI=:GG:HIG>8I>DCH *;I=: 7>AA>DC6HD;%6CJ6GN 6EEGDM>B6I:AN
7>AA>DC86CDCAN7:688:HH:9I=GDJ<=9>K>9:C9HDG>CI:G8DBE6CN;>C6C8>C<6GG6C<:B:CIHHJ7?:8IID6EEGDK6AD;I=:!A>E@6GI
B>CDG>INH=6G:=DA9:GH=DL:K:G I=>H86H=>H:ME:8I:9ID7:JI>A>O:9ID;JC9I=:DE:G6I>DCHD;!A>E@6GI
"/ .%."!&))1"./&)$ /&1&/&".

9C31</51BC>454 1>E1BI
/17065,0/,..,105
):I86H=JH:9>C>CK:HI>C<68I>K>I>:HL6H 7>AA>DC 7>AA>DC6C9 7>AA>DC;DG;>H86A 6C9

G:HE:8I>K:AN 6C9<:C:G6AAN8DCH>HI:9D;E6NB:CIH;DG7JH>C:HH68FJ>H>I>DCH6C9ID:ME6C9DJG:DBB:G8:86E67>A>I>:H >CK:HI>C
DI=:GI:8=CDAD<>:H6C9HJEEAN8=6>C G:BD9:A:M>HI>C<HIDG:H6C98AJ7H6C9699C:LHIDG:H6C98AJ7H ):I86H=JH:9>C
>CK:HI>C<68I>K>I>:H>C8G:6H:9 7>AA>DC;DG;>H86AL=:C8DBE6G:9IDI=:EG:K>DJH;>H86AN:6GEG>B6G>AN6H6G:HJAID;
A6EE>C<I=:C:IEGD8::9HG:8:>K:9;GDBI=:H6A:D;DJG76C@>C<DE:G6I>DCH>C26AB6GI6C6966C9I=:8=6C<:>CDI=:G>CK:HI>C<
68I>K>I>:H E6GI>6AAND;;H:I7N9:8G:6H:986E>I6A:ME:C9>IJG:H ):I86H=JH:9>C>CK:HI>C<68I>K>I>:H9:8G:6H:9 7>AA>DC;DG
;>H86AL=:C8DBE6G:9IDI=:EG:K>DJH;>H86AN:6G EG>B6G>AN6H6G:HJAID;I=: 7>AA>DCE6NB:CI;DGI=:68FJ>H>I>DCD;
!A>E@6GI C:ID;86H=68FJ>G:9 6HL:AA6HE6NB:CIH;DGDI=:G HB6AA:G68FJ>H>I>DCH>C;>H86A

99>I>DC6AAN G:;:GIDI=:.IG6I:<>86E>I6AAAD86I>DCH:8I>DC>CDJGDBE6CN+:G;DGB6C8:(:IG>8H;DG86E>I6A:ME:C9>IJG:
9:I6>A;DG;>H86A6C9
4196+&6,8,6,(5
!DGI=:;>H86AN:6G:C9>C<%6CJ6GN ;>H86A L:EGD?:8I86E>I6A:ME:C9>IJG:HL>AA7:6EEGDM>B6I:AN7>AA>DC
L>I=6;D8JHDCHJEEAN8=6>C 6JIDB6I>DC 8JHIDB:G ;68>C<>C>I>6I>K:H6C9I:8=CDAD<N
"/ .%."!&)&)) &)$ /&1&/&".

9C31</51BC>454 1>E1BI
/17065,0/,..,105
):I86H=JH:9>C;>C6C8>C<68I>K>I>:H
):I86H=JH:9>C;>C6C8>C<68I>K>I>:H<:C:G6AAN8DCH>HIHD;IG6CH68I>DCHG:A6I:9IDDJGH=DGI I:GB6C9ADC< I:GB9:7I ;>C6C8>C<

D7A><6I>DCH 9>K>9:C9HE6>96C9I=:G:EJG8=6H:D;DBE6CNHID8@ /G6CH68I>DCHL>I=CDC8DCIGDAA>C<>CI:G:HIH=6G:=DA9:GH6G:
6AHD8A6HH>;>:96H86H=;ADLH;GDB;>C6C8>C<68I>K>I>:H !>H86AC:I86H=JH:9>C;>C6C8>C<68I>K>I>:H>C8G:6H:9 7>AA>DC
L=:C8DBE6G:9IDI=:H6B:E:G>D9>CI=:EG:K>DJH;>H86AN:6G /=:>C8G:6H:>HEG>B6G>AN9J:IDI=:I>B>C<D;>HHJ6C8:H6C9
G:E6NB:CIHD;ADC< I:GB9:7I E6GI>6AAND;;H:I7N7DI=6G:9J8I>DC>C86H=JH:9IDE6N9DLCH=DGI I:GB7DGGDL>C<H6HL:AA6H
H=6G:G:EJG8=6H:H6HL:B6C6<:DJG;>C6C8>6AEDH>I>DC9JG>C<I=:8JGG:CI:8DCDB>8:CK>GDCB:CI !>H86AC:I86H=JH:9>C
;>C6C8>C<68I>K>I>:H>C8G:6H:9 7>AA>DC;DG;>H86AL=:C8DBE6G:9IDI=:H6B:E:G>D9>CI=:EG:K>DJH;>H86AN:6G /=:
>C8G:6H:L6HEG>B6G>AN9J:IDI=: 7>AA>DCD;C:IEGD8::9HG:8:>K:9>C;>H86A;GDBI=:>HHJ6C8:D;ADC< I:GB9:7IID
;JC96EDGI>DCD;I=:EJG8=6H:EG>8:;DG!A>E@6GIE6GI>6AAND;;H:I7N 7>AA>DCD;699>I>DC6AADC< I:GB9:7I>CI=:;>H86AID
;JC9<:C:G6A7JH>C:HHDE:G6I>DCH
+1466(4/14419,0*5
2:<:C:G6AANJI>A>O:I=:A>FJ>9>INEGDK>9:97NH=DGI I:GB7DGGDL>C<HIDEGDK>9:;JC9>C<;DGDJGDE:G6I>DCH 9>K>9:C9E6NB:CIH
H=6G:G:EJG8=6H:H 86E>I6A:ME:C9>IJG:H6C9DI=:G86H=G:FJ>G:B:CIH /=:;DAADL>C<I67A:>C8AJ9:H699>I>DC6A>C;DGB6I>DCG:A6I:9
IDI=:DBE6CNHH=DGI I:GB7DGGDL>C<H;DG;>H86A 6C9
9C31</51BC>454 1>E1BI
/17065,0/,..,105
(6M>BJB6BDJCIDJIHI6C9>C<6I6CNBDCI= :C9
K:G6<:96>ANH=DGI I:GB7DGGDL>C<H
CCJ6AL:><=I:9 6K:G6<:>CI:G:HIG6I:
2:6AHD=6K: 7>AA>DCD;K6G>DJHJC9G6LC8DBB>II:9A>C:HD;8G:9>I>CI=:0 . 6HD;%6CJ6GN I=6IEGDK>9:

699>I>DC6AA>FJ>9>IN >;C::9:9 99>I>DC6AAN L:B6>CI6>C688:HHIDK6G>DJH8G:9>I;68>A>I>:HDJIH>9:D;I=:0 . ID;JGI=:GHJEEDGI
DJG26AB6GI$CI:GC6I>DC6AH:<B:CIDE:G6I>DCH 6HC::9:9
10*6(4/(%6
/=:;DAADL>C<I67A:EGDK>9:HI=:8=6C<:H>CDJGADC< I:GB9:7I;DG;>H86A
"?>7 D5B=452D4E5
/17065,0/,..,105 G9D89>?>5I51B "?>7 D5B=452D *?D1<
1<1>35C1C?652BE1BI
-:E6NB:CIHD;ADC< I:GB9:7I U
-:8A6HH>;>86I>DCHD;ADC< I:GB9:7I U
*I=:G
1<1>35C1C?6 1>E1BI
,8,'(0'5
*JGIDI6A9>K>9:C9E6NB:CIHL:G: 7>AA>DC 7>AA>DC6C9 7>AA>DC;DG;>H86A 6C9 G:HE:8I>K:AN /=:
D6G9D;>G:8IDGH6EEGDK:9 :;;:8I>K:!:7GJ6GN I=:;>H86A6CCJ6A9>K>9:C9D; E:GH=6G: 6C>C8G:6H:DK:G
I=:;>H86A6CCJ6A9>K>9:C9D; E:GH=6G: !DG;>H86A I=:6CCJ6A9>K>9:C9L>AA7:E6>9>C;DJGFJ6GI:GAN
>CHI6AAB:CIHD; E:GH=6G: 688DG9>C<IDI=:;DAADL>C<G:8DG96C9E6N67A:96I:H
(53?B41D5 &1I12<51D5
(6G8= EG>A
(6N %JC:
J<JHI .:EI:B7:G
:8:B7:G %6CJ6GN

1/2$0;+$4((274&+$5(41*4$/
!GDBI>B:IDI>B: I=:DBE6CNG:EJG8=6H:HH=6G:HD;>IH8DBBDCHID8@JC9:GH=6G:G:EJG8=6H:EGD<G6BH6JI=DG>O:97NI=:
DBE6CNHD6G9D;>G:8IDGH AAG:EJG8=6H:HB69:9JG>C<;>H86AL:G:B69:JC9:GI=:7>AA>DCH=6G:G:EJG8=6H:
EGD<G6B6EEGDK:9>C*8ID7:G D;L=>8=6JI=DG>O6I>DC;DG 7>AA>DCD;H=6G:G:EJG8=6H:HG:B6>C:96HD;%6CJ6GN
*C!:7GJ6GN I=:D6G9D;>G:8IDGH6EEGDK:96C:L 7>AA>DCH=6G:G:EJG8=6H:EGD<G6BL=>8= 7:<>CC>C<
!:7GJ6GN G:EA68:9I=:EG:K>DJHH=6G:G:EJG8=6H:EGD<G6B CNG:EJG8=6H:9H=6G:H6G:8DCHIGJ8I>K:ANG:I>G:96C9
G:IJGC:9ID6CJC>HHJ:9HI6IJH
2:G:<JA6GANG:K>:LH=6G:G:EJG8=6H:68I>K>IN6C98DCH>9:GH:K:G6A;68IDGH>C9:I:GB>C>C<L=:CID:M:8JI:H=6G:G:EJG8=6H:H
>C8AJ9>C< 6BDC<DI=:GI=>C<H 8JGG:CI86H=C::9H 86E68>IN;DGA:K:G6<: 8DHID;7DGGDL>C<H DJGG:HJAIHD;DE:G6I>DCH6C9I=:
B6G@:IEG>8:D;DJG8DBBDCHID8@ 2:6CI>8>E6I:I=6I6B6?DG>IND;I=:DC<D>C<H=6G:G:EJG8=6H:EGD<G6BL>AA7:;JC9:9
I=GDJ<=I=:DBE6CNH;G::86H=;ADL /=:;DAADL>C<I67A:EGDK>9:H DC6H:IIA:B:CI96I:76H>H I=:CJB7:GD;H=6G:H
G:EJG8=6H:9 6K:G6<:EG>8:E6>9E:GH=6G:6C9IDI6A6BDJCIE6>9;DGH=6G:G:EJG8=6H:H;DG;>H86A 6C9
9C31</51BC>454 1>E1BI
/17065,0/,..,105(:&(262(45+$4('$6$
/DI6ACJB7:GD;H=6G:HG:EJG8=6H:9
K:G6<:EG>8:E6>9E:GH=6G:
/DI6A6BDJCIE6>9;DGH=6G:G:EJG8=6H:H
1@9D1<(5C?EB35C
2:7:A>:K:86H=;ADLH;GDBDE:G6I>DCH DJG8JGG:CI86H=EDH>I>DC6C9688:HHID86E>I6AB6G@:IHL>AA8DCI>CJ:ID7:HJ;;>8>:CIID
B::IDJG6CI>8>E6I:9DE:G6I>C<86H=C::9H L=>8=>C8AJ9:;JC9>C<H:6HDC6A7J>A9JEH>CB:G8=6C9>H:>CK:CIDG>:H6C9;JC9>C<DJG
86E>I6A:ME:C9>IJG:H 68FJ>H>I>DCH 9>K>9:C9E6NB:CIH6C9H=6G:G:EJG8=6H:H
2:=6K:HIGDC<8DBB:G8>6AE6E:G6C9ADC< I:GB9:7IG6I>C<HI=6I=6K::C67A:96C9H=DJA98DCI>CJ:ID:C67A:JHIDG:;>C6C8:
DJG9:7I6H>I7:8DB:H9J:6I;6KDG67A:G6I:H>C86E>I6AB6G@:IH HD;%6CJ6GN I=:G6I>C<H6HH><C:9IDDJG8DBB:G8>6A
E6E:G6C9G6I:9H:G>:HD;DJGDJIHI6C9>C<ADC< I:GB9:7IL:G:6H;DAADLH
(1D9>7175>3I ?==5B391<@1@5B "?>7 D5B=452D
.I6C96G9+DDGH
(DD9NH$CK:HIDGH.:GK>8: + 6
!>I8=-6I>C<H !
G:9>IG6I>C<6<:C8>:HG:K>:LI=:>GG6I>C<HE:G>D9>86AAN6C9 I=:G:;DG: I=:8G:9>IG6I>C<H6HH><C:9IDJH7N:68=6<:C8NB6N7:
HJ7?:8IIDG:K>H>DC6I6CNI>B: 88DG9>C<AN L:6G:CDI67A:IDEG:9>8IL=:I=:GDJG8JGG:CI8G:9>IG6I>C<HL>AAG:B6>C8DCH>HI:CI
DK:GI>B: !68IDGHI=6I8DJA96;;:8IDJG8G:9>IG6I>C<H>C8AJ9:8=6C<:H>CDJGDE:G6I>C<E:G;DGB6C8: I=:<:C:G6A:8DCDB>8
:CK>GDCB:CI 8DC9>I>DCH>CI=:G:I6>A>C9JHIGN DJG;>C6C8>6AEDH>I>DC >C8AJ9>C<DJGIDI6A9:7I6C986E>I6A>O6I>DC 6C98=6C<:H>C
DJG7JH>C:HHHIG6I:<N CN9DLC<G69:D;DJG8G:9>IG6I>C<H7N68G:9>IG6I>C<6<:C8N8DJA9>C8G:6H:DJG;JIJG:7DGGDL>C<8DHIH
DG>BE6>GDJG67>A>INID688:HH86E>I6A6C98G:9>IB6G@:IHDCI:GBH8DBB:G8>6AAN688:EI67A:IDJH $C699>I>DC 6CN9DLC<G69:
D;DJG8JGG:CIH=DGI I:GB8G:9>IG6I>C<H8DJA9>BE6>GDJG67>A>INID688:HHI=:8DBB:G8>6AE6E:GB6G@:IHL>I=I=:H6B:;A:M>7>A>IN
I=6IL:=6K::ME:G>:C8:9=>HIDG>86AAN EDI:CI>6AANG:FJ>G>C<JHIDG:ANBDG:=:6K>ANDCBDG::ME:CH>K:INE:HD;9:7I;>C6C8>C<
/=:8G:9>IG6I>C<6<:C8NG6I>C<H6G:CDIG:8DBB:C96I>DCHID7JN H:AADG=DA9DJG8DBB:G8>6AE6E:GDG9:7IH:8JG>I>:H 68=
G6I>C<B6N7:HJ7?:8IIDG:K>H>DCDGL>I=9G6L6A6I6CNI>B:7NI=:6HH><C>C<G6I>C<DG<6C>O6I>DC6C9H=DJA97::K6AJ6I:9
>C9:E:C9:CIAND;6CNDI=:GG6I>C< (DG:DK:G :68=8G:9>IG6I>C<>HHE:8>;>8IDI=:H:8JG>INIDL=>8=>I6EEA>:H

?>DB13DE1<%2<971D9?>C
/=:;DAADL>C<I67A:H:IH;DGI=8:GI6>C>C;DGB6I>DC8DC8:GC>C<DJGD7A><6I>DCHIDB6@:8DCIG68IJ6A;JIJG:E6NB:CIH HJ8=6H9:7I
6C9A:6H:6<G::B:CIH 6C98:GI6>C8DCI>C<:CI8DBB>IB:CIH6HD;%6CJ6GN
&1I=5>DCE5EB9>79C31</51BC>49>7 1>E1BI
/17065,0/,..,105 *?D1< *85B516D5B
(53?B4543?>DB13DE1<?2<971D9?>C
'DC< I:GB9:7I
.=DGI I:GB7DGGDL>C<H U U U
*E:G6I>C<A:6H:D7A><6I>DCH
!>C6C8:A:6H:D7A><6I>DCH6C9DI=:G
*7A><6I>DCHG:A6I:9ID7JH>C:HH:H=:A9;DGH6A:
+>B53?B4543?>DB13DE1<?2<971D9?>C
HI>B6I:9>CI:G:HIDCADC< I:GB9:7I
.NC9>86I:96C9DI=:GA:II:GHD;8G:9>I U U U
+JG8=6H:D7A><6I>DCH
*7A><6I>DCHG:A6I:9ID7JH>C:HH:H=:A9;DGH6A:
*?D1<3?>DB13DE1<?2<971D9?>C
$C8AJ9:H9:;:GG:9AD6C8DHIH 9>H8DJCIH ;6>GK6AJ:=:9<:H ;DG:><C =:A99:7I6C9H:8JG:99:7I
-:EG:H:CIHDJG8DCIG68IJ6AD7A><6I>DCHIDB6@:;JIJG:E6NB:CIHJC9:GCDC 86C8:A67A:DE:G6I>C<A:6H:H6C9;>C6C8:A:6H:6<G::B:CIH 7DI=D;L=>8=6G:
G:8DG9:9DCI=:76A6C8:H=::I6II=:>GEG:H:CIK6AJ: -:;:GID)DI:IDDJGDCHDA>96I:9!>C6C8>6A.I6I:B:CIH;DG699>I>DC6A>C;DGB6I>DCG:<6G9>C<
DE:G6I>C<6C9;>C6C8:A:6H:H
!>C6C8:A:6H:D7A><6I>DCH6C9DI=:G>C8AJ9:H8DCIG68IJ6AD7A><6I>DCHJC9:GDI=:G;>C6C8>C<D7A><6I>DCHD; 7>AA>DC
$C8AJ9:HD7A><6I>DCHG:A6I:9IDDJGDE:G6I>DCH>C%6E6C6C9I=:0C>I:9&>C<9DBL=>8=6G:8A6HH>;>:96H=:A9;DGH6A:6HD;%6CJ6GN
0C9:GI=:I:GBHD;I=:H6A:D;I=:B6?DG>INHI6@:D;26AB6GIG6O>A L:6<G::9ID>C9:BC>;NI=:EJG8=6H:G;DG8:GI6>CEG:
8ADH>C<I6M6C9A:<6A8DCI>C<:C8>:H6C9DI=:GB6II:GH;DGJEID- 7>AA>DC 69?JHI:9;DG>CI:G:HI76H:9DCI=:G6O>A>6C
>CI:G76C@9:EDH>IG6I: HD;%6CJ6GN I=:>C9:BC>;>86I>DCA>67>A>INL6H 7>AA>DC6C9G:8DG9:9>C9:;:GG:9>C8DB:
I6M:H6C9DI=:G>CI=:DBE6CNHDCHDA>96I:96A6C8:.=::I
HI>B6I:9>CI:G:HIE6NB:CIH6G:76H:9DCDJGEG>C8>E6A6BDJCIH6C9:ME:8I:9B6IJG>I>:HD;6AA9:7IDJIHI6C9>C<6HD;
%6CJ6GN 6C96HHJB:H>CI:G:HIG6I:HG:B6>C6I8JGG:CIA:K:AH;DGDJGK6G>67A:G6I:9:7I 99>I>DC6AAN L:=6K:
7>AA>DCD;K6G>DJHJC9G6LC8DBB>II:9A>C:HD;8G:9>I>CI=:0 . 6HD;%6CJ6GN
+JG8=6H:D7A><6I>DCH>C8AJ9:A:<6AAN7>C9>C<8DCIG68IH HJ8=6H;>GB8DBB>IB:CIH;DG>CK:CIDGN6C9JI>A>INEJG8=6H:H 6HL:AA6H
8DBB>IB:CIHIDB6@:86E>I6A:ME:C9>IJG:H HD;IL6G:68FJ>H>I>DC6C9A>8:CH:8DBB>IB:CIH6C9A:<6AAN7>C9>C<H:GK>8:8DCIG68IH
!DGI=:EJGEDH:HD;I=:67DK:I67A: 8DCIG68IJ6AD7A><6I>DCH;DGI=:EJG8=6H:D;<DD9HDGH:GK>8:H6G:9:;>C:96H6<G::B:CIHI=6I
6G::C;DG8:67A:6C9A:<6AAN7>C9>C<6C9I=6IHE:8>;N6AAH><C>;>86CII:GBH >C8AJ9>C<;>M:9DGB>C>BJBFJ6CI>I>:HID7:
EJG8=6H:9;>M:9 B>C>BJBDGK6G>67A:EG>8:EGDK>H>DCH6C9I=:6EEGDM>B6I:I>B>C<D;I=:IG6CH68I>DC DCIG68IHI=6IHE:8>;N
I=:DBE6CNL>AAEJG8=6H:6AADG6EDGI>DCD;>IHG:FJ>G:B:CIHD;6HE:8>;>8EGD9J8IDGH:GK>8:;GDB6HJEEA>:G 7JI9DCDI
>C8AJ9:6;>M:9DGB>C>BJBFJ6CI>IN 6G::M8AJ9:9;GDBI=:I67A:67DK: 88DG9>C<AN EJG8=6H:DG9:GH;DG>CK:CIDGN6G:CDI
>C8AJ9:9>CI=:I67A:67DK:6HEJG8=6H:DG9:GHG:EG:H:CI6JI=DG>O6I>DCHIDEJG8=6H:G6I=:GI=6C7>C9>C<6<G::B:CIH *JG
EJG8=6H:DG9:GH6G:76H:9DCDJG8JGG:CI>CK:CIDGNC::9H6C96G:;JA;>AA:97NDJGHJEEA>:GHL>I=>CH=DGII>B:E:G>D9H 2:6AHD
:CI:G>CID8DCIG68IH;DGDJIHDJG8:9H:GK>8:H=DL:K:G I=:D7A><6I>DCHJC9:GI=:H:8DCIG68IH6G:CDIH><C>;>86CI6C9I=:8DCIG68IH
<:C:G6AAN8DCI6>C8A6JH:H6AADL>C<;DG86C8:AA6I>DCL>I=DJIH><C>;>86CIE:C6AIN
/=::ME:8I:9I>B>C<;DGE6NB:CI9>H8JHH:967DK:>H:HI>B6I:976H:9DC8JGG:CI>C;DGB6I>DC />B>C<D;E6NB:CIH6C968IJ6A
6BDJCIHE6>9B6N7:9>;;:G:CI9:E:C9>C<DCI=:I>B>C<D;G:8:>EID;<DD9HDGH:GK>8:HDG8=6C<:HID6<G::9 JEDC6BDJCIH;DG
HDB:D7A><6I>DCH
$C699>I>DCIDI=:6BDJCIHH=DLC>CI=:I67A:67DK: 7>AA>DCD;C:IJCG:8D<C>O:9I6M7:C:;>IH6G:8DCH>9:G:9JC8:GI6>CI6M
EDH>I>DCH6C9=6K:7::CG:8DG9:96HA>67>A>I>:H /=:I>B>C<D;I=:E6NB:CI >;6CN 6HHD8>6I:9L>I=I=:H:A>67>A>I>:H>HJC8:GI6>C
-:;:GID)DI:IDDJGDCHDA>96I:9!>C6C8>6A.I6I:B:CIH;DG699>I>DC6A9>H8JHH>DCD;JCG:8D<C>O:9I6M7:C:;>IH
%661<1>35)855DBB1>75=5>DC
HD;%6CJ6GN L:=69CDD;; 76A6C8:H=::I6GG6C<:B:CIHI=6I=6K: DG6G:G:6HDC67ANA>@:ANID=6K: 68JGG:CIDG
;JIJG:B6I:G>6A:;;:8IDCDJG8DCHDA>96I:9;>C6C8>6AEDH>I>DC G:HJAIHD;DE:G6I>DCH A>FJ>9>IN 86E>I6A:ME:C9>IJG:HDG86E>I6A
G:HDJG8:H

%D85B#1DD5BC
2:9>H8JHHDJGH96 FJ6A16AJ:A6>BHL=>8=>C8AJ9:H8:GI6>C:M>HI>C<:BEADNB:CI8A6>BH6<6>CHIDJGG:8:CIAN9>K:HI:9
0C>I:9&>C<9DBHJ7H>9>6GN H96"GDJE'>B>I:9 >C8AJ9>C<8:GI6>CG>H@H6G>H>C<I=:G:;GDB JC9:GI=:HJ7 86EI>DC':<6A
+GD8::9>C<H>C)DI:IDDJGDCHDA>96I:9!>C6C8>6A.I6I:B:CIH 2:6AHD9>H8JHHI=:*E>D>9H'>I><6I>DC>C8AJ9>C<8:GI6>C
G>H@H6G>H>C<I=:G:;GDB >C$I:B ->H@!68IDGHJC9:GI=:86EI>DC':<6A /6M -:<JA6IDGN DBEA>6C8: -:EJI6I>DC6A6C9
*I=:G->H@H6C9JC9:GI=:HJ7 86EI>DC':<6A+GD8::9>C<H>C)DI:IDDJGDCHDA>96I:9!>C6C8>6A.I6I:B:CIH 2:6AHD
9>H8JHHK6G>DJHA:<6AEGD8::9>C<HG:A6I:9IDI=:H96 FJ6A16AJ:A6>BH6C9*E>D>9H'>I><6I>DC>C$I:B ':<6A+GD8::9>C<H
=:G:>CJC9:GI=:86EI>DC.JEEA:B:CI6A$C;DGB6I>DC /=:;DG:<D>C<B6II:GH6C9DI=:GB6II:GH9:H8G>7:9:AH:L=:G:>CI=>H
CCJ6A-:EDGIDC!DGB &G:EG:H:CI8DCI>C<:C8>:HD;I=:DBE6CNI=6IB6NDGB6NCDIG:HJAI>CI=:DBE6CN>C8JGG>C<6
B6I:G>6AA>67>A>INJEDCI=:>G;>C6AG:HDAJI>DC
)E==1BI?6B9D931<33?E>D9>7CD9=1D5C
(6C6<:B:CIHIG>K:HIDG:EDGIDJG;>C6C8>6AG:HJAIH>C68A:6G6C9JC9:GHI6C967A:B6CC:G 6AI=DJ<=>CHDB:86H:H688DJCI>C<6C9
9>H8ADHJG:GJA:H6G:8DBEA:M6C9G:FJ>G:JHIDJH:I:8=C>86AI:GB>CDAD<N $CEG:E6G>C<I=:DBE6CNHDCHDA>96I:9!>C6C8>6A
.I6I:B:CIH L:;DAADL688DJCI>C<EG>C8>EA:H<:C:G6AAN688:EI:9>CI=:0 . /=:H:EG>C8>EA:HG:FJ>G:JHIDB6@:8:GI6>C
:HI>B6I:H6C96EEAN?J9<B:CIHI=6I6;;:8IDJG;>C6C8>6AEDH>I>DC6C9G:HJAIHD;DE:G6I>DCH6HG:;A:8I:9>CDJG;>C6C8>6AHI6I:B:CIH
/=:H:?J9<B:CIH6C9:HI>B6I:H6G:76H:9DCE6HI:K:CIH6C9:ME:8I6I>DCHD;;JIJG:DJI8DB:H 8IJ6AG:HJAIHB6N9>;;:G;GDB
DJG:HI>B6I:H
(6C6<:B:CI8DCI>CJ6AANG:K>:LHDJG688DJCI>C<EDA>8>:H =DLI=:N6G:6EEA>:96C9=DLI=:N6G:G:EDGI:96C99>H8ADH:9>CDJG
;>C6C8>6AHI6I:B:CIH !DAADL>C<>H6HJBB6GND;DJG8G>I>86A688DJCI>C<:HI>B6I:H6C9=DLI=:N6G:6EEA>:9>CEG:E6G6I>DCD;
I=:;>C6C8>6AHI6I:B:CIH
)1")/*-&".
2:K6AJ:>CK:CIDG>:H6II=:ADL:GD;8DHIDGB6G@:I6H9:I:GB>C:9EG>B6G>AN7NI=:G:I6>A>CK:CIDGNB:I=D9D;688DJCI>C< JH>C<
I=:A6HI >C ;>GHI DJI'$!*B:I=D9;DG26AB6GI0 . H:<B:CIH>CK:CIDG>:H /=:>CK:CIDGN6II=:.6BHAJ7H:<B:CI>H
K6AJ:9JH>C<I=:L:><=I:9 6K:G6<:8DHI'$!*B:I=D9 2=:CC:8:HH6GN L:G:8DG96'$!*EGDK>H>DC;DGI=::HI>B6I:96CCJ6A
:;;:8ID;>C;A6I>DC 6C9I=:H::HI>B6I:H6G:69?JHI:9ID68IJ6AG:HJAIH9:I:GB>C:96IN:6G :C9 *JG'$!*EGDK>H>DC>H86A8JA6I:9
76H:9DC>CK:CIDGNA:K:AH B6G@JEG6I:H6C9>CI:GC6AAN<:C:G6I:9G:I6>AEG>8:>C9>8:H H6B:6HJG:D;H:CH>I>K>IN 6>C8G:6H:
IDDJGG:I6>AEG>8:>C9>8:HLDJA9CDI=6K:G:HJAI:9>C69:8G:6H:IDI=:86GGN>C<K6AJ:D;>CK:CIDGN HD;%6CJ6GN 6C9
DJG>CK:CIDG>:HK6AJ:96I'$!*6EEGDM>B6I:9I=DH:>CK:CIDG>:H6H>;I=:NL:G:K6AJ:96I;>GHI >C ;>GHI DJI!$!*
(+&-(")/*# .."/.
2::K6AJ6I:ADC< A>K:96HH:IH;DG>C9>86IDGHD;>BE6>GB:CIL=:C:K:G:K:CIHDG8=6C<:H>C8>G8JBHI6C8:H>C9>86I:I=:>G86GGN>C<
6BDJCIHB6NCDI7:G:8DK:G67A: (6C6<:B:CIH?J9<B:CIHG:<6G9>C<I=::M>HI:C8:D;>BE6>GB:CI>C9>86IDGH6G:76H:9DC
B6G@:I8DC9>I>DCH6C9;>C6C8>6AE:G;DGB6C8: /=::K6AJ6I>DCD;ADC< A>K:96HH:IH>HE:G;DGB:96II=:ADL:HIA:K:AD;
>9:CI>;>67A:86H=;ADLH L=>8=>H<:C:G6AAN6II=:>C9>K>9J6AHIDG:A:K:A /=:K6G>67>A>IND;I=:H:;68IDGH9:E:C9HDC6CJB7:GD;
8DC9>I>DCH >C8AJ9>C<JC8:GI6>CIN67DJI;JIJG::K:CIH6C98=6C<:H>C9:BD<G6E=>8H /=JH DJG688DJCI>C<:HI>B6I:HB6N
8=6C<:;GDBE:G>D9IDE:G>D9 /=:H:;68IDGH8DJA986JH:B6C6<:B:CIID8DC8AJ9:I=6I>C9>86IDGHD;>BE6>GB:CI:M>HI6C9
G:FJ>G:>BE6>GB:CII:HIH7:E:G;DGB:9 L=>8=8DJA9G:HJAI>CB6C6<:B:CI9:I:GB>C>C<I=:K6AJ:D;ADC< A>K:96HH:IH>H
>BE6>G:9 G:HJAI>C<>C6LG>I: 9DLCD;I=:G:A6I:9ADC< A>K:96HH:IH $BE6>GB:CI8=6G<:HDC6HH:IH=:A96C9JH:9L:G:
>BB6I:G>6A>C;>H86A 6C9 H6B:6HJG:D;H:CH>I>K>IN ;>H86A>BE6>GB:CILDJA9CDI8=6C<:B6I:G>6AAN
L>I=69:8G:6H:>CI=:JC9>H8DJCI:986H=;ADLH;DGI=:HIDG:HDG8AJ7HL>I=>C9>86IDGHD;>BE6>GB:CI
$C;>H86A I=:DBE6CNHDE:G6I>DCH>CG<:CI>C6 %6E6C6C9I=:0C>I:9&>C<9DBB:II=:=:A9;DGH6A:8G>I:G>6 H6G:HJAI
I=:>C9>K>9J6A9>HEDH6A<GDJEHL:G:B:6HJG:96I;6>GK6AJ: A:HH8DHIHIDH:AA L=>8=G:HJAI:9>C>BE6>GB:CI8=6G<:HI=6IL:G:
>C8AJ9:9>CI=:IDI6A:HI>B6I:9EG: I6MADHHD; 7>AA>DCG:8DG9:9>C;>H86A -:;:GID)DI: !>H86A>C8AJ9:96
EG: I6MADHHD; 7>AA>DCG:A6I:9IDI=:H6A:D;I=:B6?DG>INHI6@:>C26AB6GIG6O>A L=>8=>C8AJ9:9;JAA>BE6>GB:CID;6AA
G:A6I:96HH:IH
0.&)".. *(&)/&*).**!2&'')! ,0&-"!)/)$&'" .."/.

2:688DJCI;DG7JH>C:HH8DB7>C6I>DCHJH>C<I=:68FJ>H>I>DCB:I=D9D;688DJCI>C< L=>8=G:FJ>G:HI=6IDC8:8DCIGDA>HD7I6>C:9
6AAI=:6HH:IH68FJ>G:96C9A>67>A>I>:H6HHJB:9 >C8AJ9>C<6BDJCIH6IIG>7JI67A:IDCDC8DCIGDAA>C<>CI:G:HIH 6G:G:8DG9:96II=:>G
G:HE:8I>K:;6>GK6AJ:H6II=:96I:D;68FJ>H>I>DC /=:9:I:GB>C6I>DCD;;6>GK6AJ:HD;>9:CI>;>67A:6HH:IH6C9A>67>A>I>:HG:FJ>G:H
:HI>B6I:H6C9I=:JH:D;K6AJ6I>DCI:8=C>FJ:HL=:CB6G@:IK6AJ:>HCDIG:69>AN6K6>A67A: !DG>CI6C<>7A:6HH:IH68FJ>G:9>C6
7JH>C:HH8DB7>C6I>DC L:INE>86AANJH:I=:>C8DB:B:I=D9 .><C>;>86CI:HI>B6I:H>CK6AJ>C<8:GI6>C>CI6C<>7A:6HH:IH>C8AJ9:
7JI6G:CDIA>B>I:9ID I=:6BDJCI6C9I>B>C<D;;JIJG:86H=;ADLH <GDLI=G6I:H 9>H8DJCIG6I:H6C9JH:;JAA>K:H /=::M8:HHD;
I=:EJG8=6H:EG>8:DK:G;6>GK6AJ:HD;>9:CI>;>67A:6HH:IH6C9A>67>A>I>:H>HG:8DG9:96H<DD9L>AA

"DD9L>AA>H6HH><C:9IDI=:G:EDGI>C<JC>IL=>8=8DCHDA>96I:HI=:68FJ>H>I>DC DBEDC:CIHL>I=>CI=:H6B:G:EDGI67A:H:<B:CI
6G:6<<G:<6I:96C99::B:96H>C<A:G:EDGI>C<JC>I>;I=:8DBEDC:CIH=6K:H>B>A6G:8DCDB>88=6G68I:G>HI>8H HD;%6CJ6GN
DJGG:EDGI>C<JC>IH8DCH>HI:9D;26AB6GI0 . 26AB6GI$CI:GC6I>DC6A6C9.6BHAJ7 "DD9L>AA6C9DI=:G>C9:;>C>I:
A>K:968FJ>G:9>CI6C<>7A:6HH:IH6G:CDI6BDGI>O:9 7JI6G::K6AJ6I:9;DG>BE6>GB:CI6CCJ6AANDGL=:C:K:G:K:CIHDG8=6C<:H>C
8>G8JBHI6C8:H>C9>86I:I=6II=:K6AJ:D;68:GI6>C6HH:IB6N7:>BE6>G:9 ":C:G6AAN I=>H:K6AJ6I>DC7:<>CHL>I=6FJ6A>I6I>K:
6HH:HHB:CIID9:I:GB>C:L=:I=:G6FJ6CI>I6I>K:>BE6>GB:CII:HI>HC:8:HH6GN $;L:9:I:GB>C: 6;I:GE:G;DGB>C<6C6HH:HHB:CI
76H:9DCI=:FJ6A>I6I>K:;68IDGH I=6II=:;6>GK6AJ:D;I=:G:EDGI>C<JC>I>HBDG:A>@:ANI=6CCDIA:HHI=6CI=:86GGN>C<6BDJCI DG
I=6I6;6>GK6AJ:D;I=:G:EDGI>C<JC>IHJ7HI6CI>6AAN>C:M8:HHD;I=:86GGN>C<6BDJCI86CCDI7:6HHJG:9 I=:C6FJ6CI>I6I>K:
>BE6>GB:CII:HILDJA97:E:G;DGB:9 /=:FJ6CI>I6I>K:I:HI;DG>BE6>GB:CIG:FJ>G:HB6C6<:B:CIIDB6@:?J9<B:CIHG:A6I>C<ID
;JIJG:86H=;ADLH <GDLI=G6I:H6C9:8DCDB>86C9B6G@:I8DC9>I>DCH /=:H::K6AJ6I>DCH6G:76H:9DC9:I:GB>C>C<I=:;6>GK6AJ:
D;6G:EDGI>C<JC>IDG6HH:IJH>C<6K6AJ6I>DCB:I=D9HJ8=6H9>H8DJCI:986H=;ADLDG6G:A6I>K: B6G@:I 76H:96EEGD68=
#>HIDG>86AAN DJGG:EDGI>C<JC>IH=6K:<:C:G6I:9HJ;;>8>:CIG:IJGCHIDG:8DK:GI=:8DHID;<DD9L>AA 6HI=:;6>GK6AJ:H><C>;>86CIAN
:M8::9:9I=:86GGN>C<K6AJ: *JG>C9:;>C>I: A>K:968FJ>G:9>CI6C<>7A:6HH:IH=6K:6AHD=>HIDG>86AAN<:C:G6I:9HJ;;>8>:CIG:IJGCH
IDG:8DK:GI=:>G8DHI :86JH:D;I=:C6IJG:D;I=:;68IDGHJH:9>CI=:H:I:HIH >;9>;;:G:CI8DC9>I>DCHD88JG>C;JIJG:E:G>D9H
;JIJG:DE:G6I>C<G:HJAIH8DJA97:B6I:G>6AAN>BE68I:9 J:ID8:GI6>CHIG6I:<>8G:HIGJ8IJG>C<9:8>H>DCH L:G:8DG9:9
6EEGDM>B6I:AN 7>AA>DC>C>BE6>GB:CI>C;>H86AG:A6I:9ID68FJ>G:9IG69:C6B:H6C968FJ>G:99:K:ADE:9HD;IL6G:
*)/&)$") &".
2:6G:>CKDAK:9>C6CJB7:GD;A:<6AEGD8::9>C<H 2:G:8DG96A>67>A>INL=:C>I>HEGD767A:I=6I6ADHH=6H7::C>C8JGG:96C9I=:
6BDJCI>HG:6HDC67AN:HI>B67A: 2:6AHDE:G;DGB6C6HH:HHB:CID;I=:B6I:G>6A>IND;ADHH8DCI>C<:C8>:HL=:G:6ADHH>H:>I=:G
CDIEGD767A:DG>I>HG:6HDC67ANEDHH>7A:I=6I6ADHH8DJA97:>C8JGG:9>C:M8:HHD;6BDJCIH688GJ:9 $;6ADHHDG6C699>I>DC6A
ADHH=6H6IA:6HI6G:6HDC67A:EDHH>7>A>IND;D88JGG>C<6C9I=:>BE68IDCI=:;>C6C8>6AHI6I:B:CIHLDJA97:B6I:G>6A L:EGDK>9:
9>H8ADHJG:D;I=:ADHH8DCI>C<:C8N>CI=:;DDICDI:HIDDJG;>C6C8>6AHI6I:B:CIH 2:G:K>:L6AA8DCI>C<:C8>:H6IA:6HIFJ6GI:GANID
9:I:GB>C:L=:I=:GI=:A>@:A>=DD9D;ADHH=6H8=6C<:96C9ID6HH:HHL=:I=:G6G:6HDC67A::HI>B6I:D;I=:ADHHDGI=:G6C<:D;I=:
ADHH86C7:B69: AI=DJ<=L:6G:CDI67A:IDEG:9>8II=:DJI8DB:DGG:6HDC67AN:HI>B6I:6G6C<:D;EDHH>7A:ADHH:H>C8:GI6>C
B6II:GH9:H8G>7:9>C)DI:IDDJGDCHDA>96I:9!>C6C8>6A.I6I:B:CIH 6C9=6K:CDIG:8DG9:96C6HHD8>6I:9688GJ6AG:A6I:9ID
I=:H:B6II:GH 6C69K:GH:?J9<B:CIDGC:<DI>6I:9G:HDAJI>DC>C6CND;I=:H:B6II:GH8DJA9=6K:6B6I:G>6A69K:GH::;;:8IDCDJG
7JH>C:HH ;>C6C8>6AEDH>I>DC G:HJAIHD;DE:G6I>DCHDG86H=;ADLH
) *("3".
$C8DB:I6M:H=6K:6H><C>;>86CI:;;:8IDCDJGC:I:6GC>C<H 2:6G:HJ7?:8IID>C8DB:I6M:H>CI=:0 . 6C9CJB:GDJH;DG:><C
?JG>H9>8I>DCH 88DG9>C<AN I=:9:I:GB>C6I>DCD;DJGEGDK>H>DC;DG>C8DB:I6M:HG:FJ>G:H?J9<B:CI I=:JH:D;:HI>B6I:H>C
8:GI6>C86H:H6C9I=:>CI:GEG:I6I>DC6C96EEA>86I>DCD;8DBEA:MI6MA6LH *JG:;;:8I>K:>C8DB:I6MG6I:>H6;;:8I:97NB6CN
;68IDGH >C8AJ9>C<8=6C<:H>CDJG6HH:HHB:CID;8:GI6>CI6M8DCI>C<:C8>:H >C8G:6H:H6C99:8G:6H:H>CK6AJ6I>DC6AADL6C8:H
8=6C<:H>CI6MA6L DJI8DB:HD;69B>C>HIG6I>K:6J9>IH I=:>BE68ID;9>H8G:I:>I:BH6C9I=:B>MD;:6GC>C<H6BDC<DJG0 . 6C9
>CI:GC6I>DC6ADE:G6I>DCHL=:G:I=:HI6IJIDGNG6I:H6G:<:C:G6AAN=><=:GI=6CI=:0 . HI6IJIDGNG6I: 6C9B6N;AJ8IJ6I:6H6G:HJAI
*JGI6MG:IJGCH6G:GDJI>C:AN6J9>I:96C9H:IIA:B:CIHD;>HHJ:HG6>H:9>CI=:H:6J9>IHHDB:I>B:H6;;:8IDJGI6MEGDK>H>DCH /=:
7:C:;>IHD;JC8:GI6>CI6MEDH>I>DCH6G:G:8DG9:9>CDJG;>C6C8>6AHI6I:B:CIHDCAN6;I:G9:I:GB>C>C<6BDG:A>@:ANI=6CCDI
EGD767>A>INI=6II=:JC8:GI6>CI6MEDH>I>DCHL>AAL>I=HI6C98=6AA:C<: >;6CN ;GDBI6M>C<6JI=DG>I>:H 2=:C;68IH6C9
8>G8JBHI6C8:H8=6C<: L:G:6HH:HHI=:H:EGD767>A>I>:H6C9G:8DG96CN8=6C<:H>CI=:;>C6C8>6AHI6I:B:CIH6H6EEGDEG>6I: 2:
688DJCI;DGJC8:GI6>CI6MEDH>I>DCH7N9:I:GB>C>C<I=:B>C>BJBG:8D<C>I>DCI=G:H=DA9I=6I6I6MEDH>I>DC>HG:FJ>G:9IDB::I
7:;DG:7:>C<G:8D<C>O:9>CI=:;>C6C8>6AHI6I:B:CIH /=>H9:I:GB>C6I>DCG:FJ>G:HI=:JH:D;?J9<B:CI>C:K6AJ6I>C<DJGI6M
EDH>I>DCH6C96HH:HH>C<I=:I>B>C<6C96BDJCIHD;9:9J8I>7A:6C9I6M67A:>I:BH
:;:GG:9I6M6HH:IHG:EG:H:CI6BDJCIH6K6>A67A:IDG:9J8:>C8DB:I6M:HE6N67A:DCI6M67A:>C8DB:>C;JIJG:N:6GH .J8=6HH:IH
6G>H:7:86JH:D;I:BEDG6GN9>;;:G:C8:H7:IL::CI=:;>C6C8>6AG:EDGI>C<6C9I6M76H:HD;6HH:IH6C9A>67>A>I>:H 6HL:AA6H;GDBC:I
DE:G6I>C<ADHH6C9I6M8G:9>I86GGN;DGL6G9H :;:GG:9I6M6HH:IH6G::K6AJ6I:9;DG;JIJG:G:6A>O6I>DC6C9G:9J8:97N6K6AJ6I>DC
6AADL6C8:IDI=::MI:CII=6I6EDGI>DC>HCDIBDG:A>@:ANI=6CCDIID7:G:6A>O:9 (6CN;68IDGH6G:8DCH>9:G:9L=:C6HH:HH>C<
L=:I=:G>I>HBDG:A>@:ANI=6CCDII=6II=:9:;:GG:9I6M6HH:IHL>AA7:G:6A>O:9 >C8AJ9>C<G:8:CI8JBJA6I>K::6GC>C<H :ME:8I6I>DCH
D;;JIJG:I6M67A:>C8DB: 86GGN;DGL6G9E:G>D9H6C9DI=:GG:A:K6CIFJ6CI>I6I>K:6C9FJ6A>I6I>K:;68IDGH /=:G:8DK:G67>A>IND;I=:
9:;:GG:9I6M6HH:IH>H:K6AJ6I:97N6HH:HH>C<I=:69:FJ68ND;;JIJG::ME:8I:9I6M67A:>C8DB:;GDB6AAHDJG8:H >C8AJ9>C<G:K:GH6A
D;I6M67A:I:BEDG6GN9>;;:G:C8:H ;DG:86HI:9DE:G6I>C<:6GC>C<H6C96K6>A67A:I6MEA6CC>C<HIG6I:<>:H /=>H:K6AJ6I>DCG:A>:HDC
:HI>B6I:H
*C:8:B7:G I=:/6M8IL6H:C68I:96C98DCI6>CHH><C>;>86CI8=6C<:HID0 . >C8DB:I6MA6L ;;:8I>K:7:<>CC>C<
%6CJ6GN I=:/6M8IG:9J8:9I=:0 . HI6IJIDGNI6MG6I:;GDBID6C98G:6I:9C:LI6M:HDC;DG:><C HDJG8:9
:6GC>C<H6C9G:A6I:9 E6GINE6NB:CIH H9>H8JHH:9>C)DI:IDDJGDCHDA>96I:9!>C6C8>6A.I6I:B:CIH L:8DBEA:I:9DJG
688DJCI>C<;DGI=:I6M:;;:8IHD;I=:/6M8I>C;>H86A H;JGI=:G<J>96C8:>H>HHJ:97NI=:0 . /G:6HJGN:E6GIB:CI I=:
$-. 6C9DI=:GHI6C96G9TH:II>C<7D9>:H 6CNG:HJAI>C<8=6C<:HIDDJG:HI>B6I:HL>AA7:IG:6I:9>C688DG96C8:L>I=I=:G:A:K6CI
688DJCI>C<<J>96C8:

*# '+$***,$'+"**,)"%)+()%+*#(!*()!
#1B;5D(9C;
$C699>I>DCIDI=:G>H@H>C=:G:CI>CDJGDE:G6I>DCH L:6G::MEDH:9ID8:GI6>CB6G@:IG>H@H >C8AJ9>C<8=6C<:H>C>CI:G:HIG6I:H
8JGG:C8N:M8=6C<:G6I:H6C9I=:;6>GK6AJ:D;8:GI6>C:FJ>IN>CK:HIB:CIH
/=:6C6ANH>HEG:H:CI:97:ADL;DG:68=D;DJGB6G@:IG>H@H:CH>I>K:>CHIGJB:CIH>H76H:9DC6=NEDI=:I>86AH8:C6G>DJH:9ID
86A>7G6I:EDI:CI>6AG>H@6C99D:HCDIG:EG:H:CIDJGK>:LD;;JIJG:B6G@:I8=6C<:H /=::;;:8ID;68=6C<:>C6E6GI>8JA6G
6HHJBEI>DC>H86A8JA6I:9L>I=DJI69?JHI>C<6CNDI=:G6HHJBEI>DC $CG:6A>IN =DL:K:G 68=6C<:>CDC:;68IDG8DJA986JH:6
8=6C<:>C6CDI=:G L=>8=B6NB6<C>;NDGC:<6I:DI=:GH:CH>I>K>I>:H
06(4(56$6(,5-
2:6G::MEDH:9ID8=6C<:H>C>CI:G:HIG6I:H6H6G:HJAID;DJGH=DGI I:GB7DGGDL>C<H6C9ADC< I:GB9:7I 2:=:9<:6EDGI>DCD;
DJG>CI:G:HIG6I:G>H@7NB6C6<>C<I=:B>MD;;>M:96C9K6G>67A:G6I:9:7I6C97N:CI:G>C<>CID>CI:G:HIG6I:HL6EH !DG;>H86A
I=:C:I;6>GK6AJ:D;DJG>CI:G:HIG6I:HL6EH>C8G:6H:9B>AA>DCEG>B6G>AN9J:ID;AJ8IJ6I>DCH>CB6G@:I>CI:G:HIG6I:H
/=:I67A:7:ADLEGDK>9:H>C;DGB6I>DC67DJIDJG;>C6C8>6A>CHIGJB:CIHI=6I6G:H:CH>I>K:ID8=6C<:H>C>CI:G:HIG6I:H !DGADC<
I:GB9:7I I=:I67A:G:EG:H:CIHI=:EG>C8>E6A86H=;ADLH6C9G:A6I:9L:><=I:9 6K:G6<:>CI:G:HIG6I:H7N:ME:8I:9B6IJG>IN96I:H
!DG>CI:G:HIG6I:HL6EH I=:I67A:G:EG:H:CIHI=:8DCIG68IJ6A86H=;ADLH6C9L:><=I:9 6K:G6<:>CI:G:HIG6I:H7NI=:8DCIG68IJ6A
B6IJG>IN96I: JCA:HHDI=:GL>H:CDI:9 /=:CDI>DC6A6BDJCIH6G:JH:9ID86A8JA6I:8DCIG68IJ6A86H=;ADLHID7::M8=6C<:9JC9:G
I=:8DCIG68IH /=:L:><=I:9 6K:G6<:K6G>67A:G6I:H6G:76H:9JEDCEG:K6>A>C<B6G@:IG6I:H6HD;%6CJ6GN
H@53D54#1DEB9DI1D5
/17065,0/,..,105 9C31< 9C31< 9C31< 9C31< 9C31< *85B516D5B *?D1<
"9129<9D95C
)8?BD D5B=2?BB?G9>7C
16G>67A:G6I: U U U U U
2:><=I:9 6K:G6<:>CI:G:HIG6I: U U U U U
"?>7 D5B=452D
!>M:9G6I:
2:><=I:9 6K:G6<:>CI:G:HIG6I:
16G>67A:G6I: U U U U U
2:><=I:9 6K:G6<:>CI:G:HIG6I: U U U U
U
>D5B5CDB1D545B9F1D9F5C
>D5B5CDB1D5CG1@C
!>M:9IDK6G>67A: U U U U
2:><=I:9 6K:G6<:E6NG6I: U U U U
2:><=I:9 6K:G6<:G:8:>K:G6I: U U U U
HD;%6CJ6GN DJGK6G>67A:G6I:7DGGDL>C<H >C8AJ9>C<I=::;;:8ID;DJG8DBB:G8>6AE6E:G6C9>CI:G:HIG6I:HL6EH

G:EG:H:CI:9D;DJGIDI6AH=DGI I:GB6C9ADC< I:GB9:7I 6H:9DC%6CJ6GN 9:7IA:K:AH 676H>HED>CI8=6C<:>C
EG:K6>A>C<B6G@:IG6I:HLDJA986JH:DJG6CCJ6A>CI:G:HI8DHIHID8=6C<:7N6EEGDM>B6I:ANB>AA>DC
14(,*0744(0&;,5-
2:6G::MEDH:9ID;AJ8IJ6I>DCH>C8JGG:C8N:M8=6C<:G6I:H6H6G:HJAID;DJGC:I>CK:HIB:CIH6C9DE:G6I>DCH>C8DJCIG>:HDI=:G
I=6CI=:0 . 6HL:AA6HDJG;DG:><C 8JGG:C8N 9:CDB>C6I:9ADC< I:GB9:7I !DG;>H86A BDK:B:CIH>C8JGG:C8N:M8=6C<:
G6I:H6C9I=:G:A6I:9>BE68IDCI=:IG6CHA6I>DCD;I=:76A6C8:H=::IHG:HJAI:9>CI=: 7>AA>DCC:I<6>C>CI=:8JGG:C8N
IG6CHA6I>DC6C9DI=:G86I:<DGND;688JBJA6I:9DI=:G8DBEG:=:CH>K:ADHH
2:=:9<:6EDGI>DCD;DJG;DG:><C8JGG:C8NG>H@7N:CI:G>C<>CID8JGG:C8NHL6EH /=:6<<G:<6I:;6>GK6AJ:D;I=:H:HL6EHL6H
>C6A>67>A>INEDH>I>DCD;B>AA>DC6C9B>AA>DC6HD;%6CJ6GN 6C9%6CJ6GN G:HE:8I>K:AN /=:8=6C<:>C
I=:;6>GK6AJ:D;I=:H:HL6EHL6H9J:ID;AJ8IJ6I>DCH>C8JGG:C8N:M8=6C<:G6I:H EG>B6G>AN9J:IDI=:HIG:C<I=:C>C<D;8:GI6>C
8JGG:C8>:HG:A6I>K:IDI=:0 . 9DAA6G>C;>H86A /=:=NEDI=:I>86AG:HJAID;6JC>;DGBL:6@:C>C<>CI=:K6AJ:D;I=:
0 . 9DAA6GG:A6I>K:IDDI=:G8JGG:C8>:HJC9:GAN>C<I=:H:HL6EHLDJA9=6K:G:HJAI:9>C68=6C<:>CI=:K6AJ:D;I=:HL6EHD;
B>AA>DC =NEDI=:I>86A8=6C<:>C>CI:G:HIG6I:HJC9:GAN>C<I=:H:HL6EH;GDBI=:B6G@:IG6I:H>C:;;:8I6HD;
%6CJ6GN LDJA9=6K:G:HJAI:9>C68=6C<:>CI=:K6AJ:D;I=:HL6EHD;B>AA>DC

$C699>I>DCID8JGG:C8NHL6EH L:6AHD=:9<:6EDGI>DCD;DJG;DG:><C8JGG:C8NG>H@7N9:H><C6I>C<;DG:><C 8JGG:C8N
9:CDB>C6I:9ADC< I:GB9:7I6HCDC9:G>K6I>K:=:9<:HD;C:I>CK:HIB:CIHD;8:GI6>CD;DJG;DG:><CDE:G6I>DCH 2:=69
DJIHI6C9>C<ADC< I:GB9:7ID;P 7>AA>DC6HD;%6CJ6GN 6C9%6CJ6GN I=6IL6H9:H><C6I:96H6=:9<:D;DJG
C:I>CK:HIB:CI>CI=:0 & HD;%6CJ6GN 6=NEDI=:I>86A>C8G:6H:DG9:8G:6H:>CI=:K6AJ:D;I=:0 . 9DAA6G
G:A6I>K:IDI=:G>I>H=EDJC9LDJA9=6K:G:HJAI:9>C68=6C<:>CI=:K6AJ:D;I=:9:7ID;B>AA>DC $C699>I>DC L:=69
DJIHI6C9>C<ADC< I:GB9:7ID;S7>AA>DC6HD;%6CJ6GN 6C9S7>AA>DC6HD;%6CJ6GN I=6IL6H9:H><C6I:9
6H6=:9<:D;DJGC:I>CK:HIB:CI>C%6E6C HD;%6CJ6GN 6=NEDI=:I>86A8=6C<:>CK6AJ:D;I=:0 . 9DAA6G
G:A6I>K:IDI=:%6E6C:H:N:CLDJA9=6K:G:HJAI:9>C68=6C<:>CI=:K6AJ:D;I=:9:7ID;B>AA>DC HD;%6CJ6GN I=:
DBE6CNHDE:G6I>DCH>CI=:0 & 6C9%6E6C6G:8A6HH>;>:96H=:A9;DGH6A: 6C9HJ7H:FJ:CIAN8ADH:9>C!:7GJ6GN6C9
(6G8= G:HE:8I>K:AN -:;:GID)DI:IDDJGDCHDA>96I:9!>C6C8>6A.I6I:B:CIH
$C8:GI6>C8DJCIG>:H L:6AHD:CI:G>CID>BB6I:G>6A;DG:><C8JGG:C8N;DGL6G98DCIG68IHID=:9<:I=:EJG8=6H:6C9E6NB:CID;
EJG8=6H:8DBB>IB:CIH9:CDB>C6I:9>CCDC ;JC8I>DC6A8JGG:C8>:H
08(56/(06,5-
2:6G::MEDH:9ID8=6C<:H>CI=:HID8@EG>8:D;DJG:FJ>IN>CK:HIB:CIHL>I=G:69>AN9:I:GB>C67A:;6>GK6AJ:H /=:8=6C<:>C
;6>GK6AJ:>HG:8DG9:9L>I=>CDI=:G<6>CH6C9ADHH:H6C9G:HJAI:9>C6<6>CD; 7>AA>DC>C;>H86A9J:IDC:I>C8G:6H:H>CI=:
HID8@EG>8:D;I=DH::FJ>IN>CK:HIB:CIH HD;%6CJ6GN I=:;6>GK6AJ:D;DJG:FJ>IN>CK:HIB:CIHL>I=G:69>AN
9:I:GB>C67A:;6>GK6AJ:HL6H 7>AA>DC HD;%6CJ6GN 6=NEDI=:I>86A8=6C<:>CI=:HID8@EG>8:D;HJ8=
>CK:HIB:CIHLDJA9=6K:8=6C<:9I=:;6>GK6AJ:D;HJ8=>CK:HIB:CIH7N6EEGDM>B6I:AN 7>AA>DC

*# $$")**#$*)$)+&&"#$*(/*
?>C?<941D549>1>391<)D1D5=5>DC?6-1<=1BD>3
?BD859C31</51B>454 1>E1BI
*12<5?6?>D5>DC
&175
-:EDGID;$C9:E:C9:CI-:<>HI:G:9+J7A>888DJCI>C<!>GB
-:EDGID;$C9:E:C9:CI-:<>HI:G:9+J7A>888DJCI>C<!>GBDC$CI:GC6ADCIGDADK:G!>C6C8>6A-:EDGI>C<
DCHDA>96I:9.I6I:B:CIHD;$C8DB:
DCHDA>96I:9.I6I:B:CIHD;DBEG:=:CH>K:$C8DB:
DCHDA>96I:96A6C8:.=::IH
DCHDA>96I:9.I6I:B:CIHD;.=6G:=DA9:GH FJ>IN
DCHDA>96I:9.I6I:B:CIHD;6H=!ADLH
)DI:HIDDCHDA>96I:9!>C6C8>6A.I6I:B:CIH

(5@?BD?6>45@5>45>D(579CD5B54&E2<9333?E>D9>79B=
/DI=:.=6G:=DA9:GH6C9I=:D6G9D;>G:8IDGHD;26AB6GI$C8
%@9>9?>?>D859>1>391<)D1D5=5>DC
2:=6K:6J9>I:9I=:688DBE6CN>C<8DCHDA>96I:976A6C8:H=::IHD;26AB6GI$C8 I=:DBE6CN6HD;%6CJ6GN 6C9

I=:G:A6I:98DCHDA>96I:9HI6I:B:CIHD;>C8DB: 8DBEG:=:CH>K:>C8DB: H=6G:=DA9:GH:FJ>IN6C986H=;ADLH;DG:68=D;I=:
I=G::N:6GH>CI=:E:G>D9:C9:9%6CJ6GN 6C9I=:G:A6I:9CDI:H8DAA:8I>K:ANG:;:GG:9ID6HI=:DCHDA>96I:9!>C6C8>6A
.I6I:B:CIH $CDJGDE>C>DC I=:DCHDA>96I:9!>C6C8>6A.I6I:B:CIHEG:H:CI;6>GAN >C6AAB6I:G>6AG:HE:8IH I=:;>C6C8>6A
EDH>I>DCD;I=:DBE6CN6I%6CJ6GN 6C9 6C9I=:G:HJAIHD;>IHDE:G6I>DCH6C9>IH86H=;ADLH;DG:68=D;I=:I=G::
N:6GH>CI=:E:G>D9:C9:9%6CJ6GN >C8DC;DGB>INL>I=0 . <:C:G6AAN688:EI:9688DJCI>C<EG>C8>EA:H
2:6AHD=6K:6J9>I:9 >C688DG96C8:L>I=I=:HI6C96G9HD;I=:+J7A>8DBE6CN88DJCI>C<*K:GH><=ID6G90C>I:9.I6I:H
+* I=:DBE6CNH>CI:GC6A8DCIGDADK:G;>C6C8>6AG:EDGI>C<6HD;%6CJ6GN 76H:9DC8G>I:G>6:HI67A>H=:9>C
$CI:GC6ADCIGDA $CI:<G6I:9!G6B:LDG@>HHJ:97NI=:DBB>II::D;.EDCHDG>C<*G<6C>O6I>DCHD;I=:/G:69L6NDBB>HH>DC
;G6B:LDG@6C9DJGG:EDGI96I:9(6G8= :MEG:HH:96CJCFJ6A>;>:9DE>C>DCI=:G:DC
1C9C6?B%@9>9?>
/=:H:;>C6C8>6AHI6I:B:CIH6G:I=:G:HEDCH>7>A>IND;I=:DBE6CNHB6C6<:B:CI *JGG:HEDCH>7>A>IN>HID:MEG:HH6CDE>C>DCDC
I=:DBE6CNXH;>C6C8>6AHI6I:B:CIH76H:9DCDJG6J9>IH 2:6G:6EJ7A>8688DJCI>C<;>GBG:<>HI:G:9L>I=I=:+*6C96G:
G:FJ>G:9ID7:>C9:E:C9:CIL>I=G:HE:8IIDI=:DBE6CN>C688DG96C8:L>I=I=:0 . ;:9:G6AH:8JG>I>:HA6LH6C9I=:6EEA>867A:
GJA:H6C9G:<JA6I>DCHD;I=:.:8JG>I>:H6C9 M8=6C<:DBB>HH>DC6C9I=:+*
2:8DC9J8I:9DJG6J9>IH>C688DG96C8:L>I=I=:HI6C96G9HD;I=:+* /=DH:HI6C96G9HG:FJ>G:I=6IL:EA6C6C9E:G;DGB
I=:6J9>IIDD7I6>CG:6HDC67A:6HHJG6C8:67DJIL=:I=:GI=:;>C6C8>6AHI6I:B:CIH6G:;G::D;B6I:G>6AB>HHI6I:B:CI L=:I=:G9J:
ID:GGDGDG;G6J9 *JG6J9>IH>C8AJ9:9E:G;DGB>C<EGD8:9JG:HID6HH:HHI=:G>H@HD;B6I:G>6AB>HHI6I:B:CID;I=:;>C6C8>6A
HI6I:B:CIH L=:I=:G9J:ID:GGDGDG;G6J9 6C9E:G;DGB>C<EGD8:9JG:HI=6IG:HEDC9IDI=DH:G>H@H .J8=EGD8:9JG:H>C8AJ9:9
:M6B>C>C< DC6I:HI76H>H :K>9:C8:G:<6G9>C<I=:6BDJCIH6C99>H8ADHJG:H>CI=:;>C6C8>6AHI6I:B:CIH *JG6J9>IH6AHD>C8AJ9:9
:K6AJ6I>C<I=:688DJCI>C<EG>C8>EA:HJH:96C9H><C>;>86CI:HI>B6I:HB69:7NB6C6<:B:CI 6HL:AA6H:K6AJ6I>C<I=:DK:G6AA
EG:H:CI6I>DCD;I=:;>C6C8>6AHI6I:B:CIH 2:7:A>:K:I=6IDJG6J9>IHEGDK>9:6G:6HDC67A:76H>H;DGDJGDE>C>DC
B9D931<E49D#1DD5BC
/=:8G>I>86A6J9>IB6II:GH8DBBJC>86I:97:ADL6G:B6II:GH6G>H>C<;GDBI=:8JGG:CIE:G>D96J9>ID;I=:;>C6C8>6AHI6I:B:CIHI=6I
L:G:8DBBJC>86I:9DGG:FJ>G:9ID7:8DBBJC>86I:9IDI=:6J9>I8DBB>II::6C9I=6IG:A6I:ID688DJCIHDG9>H8ADHJG:HI=6I
6G:B6I:G>6AIDI=:;>C6C8>6AHI6I:B:CIH6C9>CKDAK:9DJG:HE:8>6AAN8=6AA:C<>C< HJ7?:8I>K:DG8DBEA:M?J9<B:CIH /=:
8DBBJC>86I>DCD;8G>I>86A6J9>IB6II:GH9D:HCDI6AI:G>C6CNL6NDJGDE>C>DCDCI=:DCHDA>96I:9!>C6C8>6A.I6I:B:CIH I6@:C
6H6L=DA: 6C9L:6G:CDI 7N8DBBJC>86I>C<I=:8G>I>86A6J9>IB6II:GH7:ADL EGDK>9>C<H:E6G6I:DE>C>DCHDCI=:8G>I>86A6J9>I
B6II:GHDGDCI=:688DJCIHDG9>H8ADHJG:HIDL=>8=I=:NG:A6I:
*)/&)$") &".
(5&4,26,101) H9:H8G>7:9>C)DI:IDI=:DCHDA>96I:9!>C6C8>6A.I6I:B:CIH 6I%6CJ6GN I=:DBE6CN>H

6+($66(4 >CKDAK:9>C6CJB7:GD;A:<6AEGD8::9>C<H6C9=6HB69:688GJ6AHL>I=G:HE:8IIDI=:H:B6II:GH L=:G:
6EEGDEG>6I: !DGHDB:B6II:GH 6A>67>A>IN>HCDIEGD767A: DGI=:6BDJCI86CCDI7:G:6HDC67AN:HI>B6I:9
6C9I=:G:;DG:6C688GJ6A=6HCDI7::CB69: 2=:G:6A>67>A>IN>HG:6HDC67ANEDHH>7A:6C9B6N7:B6I:G>6A
HJ8=B6II:GH=6K:7::C9>H8ADH:9 (6C6<:B:CI6HH:HH:9I=:EGD767>A>IND;D88JGG:C8:6C9I=::HI>B6I>DC
D;6CNEDI:CI>6AADHH76H:9DCI=:67>A>INIDEG:9>8II=:CJB7:GD;8A6>BHI=6IB6N7:;>A:9DGL=:I=:G6CN
ADHHDGG6C<:D;ADHH86C7:G:6HDC67AN:HI>B6I:9 !DG:M6BEA: >C6HH:HH>C<I=:EGD767>A>IND;D88JGG:C8:
>C6E6GI>8JA6GA:<6AEGD8::9>C< B6C6<:B:CI:M:G8>H:H?J9<B:CIID9:I:GB>C:>;>I86CEG:9>8II=:
CJB7:GD;8A6>BHI=6IB6N7:;>A:96C9L=:I=:G>I86CG:6HDC67AN:HI>B6I:6CNADHHDGG6C<:D;ADHHI=6I
B6N6G>H:;GDBI=6IEGD8::9>C< $C8DCC:8I>DCL>I=I=:H6A:D;H96 I=:DBE6CN>HCDADC<:GA>67A:;DG
I=:H96 FJ6A16AJ:A6>BH=DL:K:G I=:DBE6CN=6H6<G::9IDEGDK>9:>C9:BC>;>86I>DC;DG6CN
EDI:CI>6AH96A>67>A>ING:A6I:9IDI=:H:8A6>BHJEID68DCIG68IJ6AAN9:I:GB>C:96BDJCI

J9>I>C<B6C6<:B:CIXH688DJCI>C<;DG 6C99>H8ADHJG:D; ADHH8DCI>C<:C8>:H6C9I=::HI>B6I:9;6>GK6AJ:
D;G:A6I:9>C9:BC>;>86I>DCHL6H8DBEA:M6C9=><=AN?J9<B:CI6A6H>I>CKDAK:9DJG6HH:HHB:CID;I=:
H><C>;>86CI?J9<B:CIHB69:7NB6C6<:B:CIL=:C6HH:HH>C<I=:EGD767>A>IND;D88JGG:C8:;DG
8DCI>C<:C8>:HDGG:A6I:9>C9:BC>;>86I>DCHDGL=:C9:I:GB>C>C<L=:I=:G6C:HI>B6I:D;I=:ADHHDGG6C<:
D;ADHH8DJA97:B69:
19#( 2: D7I6>C:9 6C JC9:GHI6C9>C< :K6AJ6I:9 I=: 9:H><C 6C9 I:HI:9 I=: DE:G6I>C< :;;:8I>K:C:HH D; 8DCIGDAH
''4(55('6+( DK:GI=:>9:CI>;>86I>DC6C9:K6AJ6I>DCD;8DCI>C<:C8>:H6C9G:A6I:9>C9:BC>I>:H !DG:M6BEA: L:I:HI:9
$66(4,074 8DCIGDAH DK:G I=: DBE6CNXH 6HH:HHB:CI D; I=: A>@:A>=DD9 D; ADHH 6C9 I=: DBE6CNXH 9:I:GB>C6I>DCH
7',6 G:<6G9>C<I=:B:6HJG:B:CID;ADHH
/DI:HII=:DBE6CNXH6HH:HHB:CID;I=:EGD767>A>IND;D88JGG:C8:DG9:I:GB>C6I>DCD;6C:HI>B6I:D;
ADHH DGG6C<:D;ADHH 6BDC<DI=:GEGD8:9JG:H L:G:69I=:B>CJI:HD;I=:B::I>C<HD;I=:D6G9D;
>G:8IDGH6C98DBB>II::HD;I=:D6G9D;>G:8IDGH G:K>:L:9DE>C>DCHEGDK>9:9IDI=:DBE6CN7N
8:GI6>CDJIH>9:A:<6A8DJCH:A G:69A:II:GHG:8:>K:99>G:8IAN7NJH;GDB>CI:GC6A6C9:MI:GC6A8DJCH:A 6C9
:K6AJ6I:9I=:8JGG:CIHI6IJHD;8DCI>C<:C8>:H76H:9DC9>H8JHH>DCHL>I=>CI:GC6AA:<6A8DJCH:A 2:6AHD
:K6AJ6I:9I=:6EEGDEG>6I:C:HHD;I=:G:A6I:99>H8ADHJG:H /DI:HII=::HI>B6I:9;6>GK6AJ:D;>C9:BC>I>:H
L:>CKDAK:96K6AJ6I>DCHE:8>6A>HIID:K6AJ6I:I=:K6AJ6I>DCB:I=D9DAD<>:H6C9H><C>;>86CI6HHJBEI>DCH
>C8AJ9>C< 6BDC<DI=:GH I=:9>H8DJCIG6I:
'0/&*)*#)!"#&)&/"&1"!)/)$&'" .."/.
(5&4,26,101) I%6CJ6GN I=:DBE6CN=6H 7>AA>DCD;>C9:;>C>I: A>K:9>CI6C<>7A:6HH:IHL=>8=EG>B6G>AN

6+($66(4 8DCH>HI D; 68FJ>G:9 IG69:C6B:H H 9>H8ADH:9 >C )DI:H 6C9 ID I=: DCHDA>96I:9 !>C6C8>6A
.I6I:B:CIH I=:H: 6HH:IH 6G: :K6AJ6I:9 ;DG >BE6>GB:CI 6I A:6HI 6CCJ6AAN JH>C< K6AJ6I>DC I:8=C>FJ:H ID
:HI>B6I:;6>GK6AJ: /=:H:;6>GK6AJ::HI>B6I:H6G:H:CH>I>K:ID8:GI6>CH><C>;>86CI6HHJBEI>DCH>C8AJ9>C<
G:K:CJ:<GDLI=G6I:H 9>H8DJCIG6I:H 6C9GDN6AING6I:H
J9>I>C<B6C6<:B:CIXH6CCJ6A>C9:;>C>I: A>K:9>CI6C<>7A:6HH:IH>BE6>GB:CII:HIHL6H8DBEA:M6C9
=><=AN?J9<B:CI6A9J:IDI=:H><C>;>86CIB:6HJG:B:CIJC8:GI6>CIN>C9:I:GB>C>C<I=:;6>GK6AJ:HD;I=:
>C9:;>C>I: A>K:9>CI6C<>7A:H !DG:M6BEA: I=:;6>GK6AJ::HI>B6I:H6G:H:CH>I>K:IDH><C>;>86CI6HHJBEI>DCH
>9:CI>;>:967DK:I=6I6G:6;;:8I:97N;JIJG:B6G@:IDG:8DCDB>88DC9>I>DCH
19#( 2: D7I6>C:9 6C JC9:GHI6C9>C< :K6AJ6I:9 I=: 9:H><C 6C9 I:HI:9 I=: DE:G6I>C< :;;:8I>K:C:HH D; 8DCIGDAH
''4(55('6+( DK:G I=: DBE6CNXH >C9:;>C>I: A>K:9 >CI6C<>7A: 6HH:I >BE6>GB:CI G:K>:L EGD8:HH *JG EGD8:9JG:H
$66(4,074 >C8AJ9:9 6BDC< DI=:GH I:HI>C< 8DCIGDAH DK:G B6C6<:B:CIXH G:K>:L D; I=: H><C>;>86CI 6HHJBEI>DCH
7',6 9:H8G>7:967DK:JH:9ID:HI>B6I:I=:;6>GK6AJ:HD;I=:>C9:;>C>I: A>K:9>CI6C<>7A:6HH:IH
/DI:HII=::HI>B6I:9;6>GK6AJ:HD;I=:>C9:;>C>I: A>K:9>CI6C<>7A:6HH:IH L:E:G;DGB:96J9>IEGD8:9JG:H

I=6I>C8AJ9:9 6BDC<DI=:GH 6HH:HH>C<B:I=D9DAD<>:HJH:9ID9:I:GB>C:I=:;6>GK6AJ: I:HI>C<I=:
H><C>;>86CI6HHJBEI>DCH9>H8JHH:967DK:6C9I:HI>C<I=:8DBEA:I:C:HH6C9688JG68ND;I=:JC9:GAN>C<
96I6JH:97NI=:DBE6CN !DG:M6BEA: L::K6AJ6I:9B6C6<:B:CIXH;DG:86HI:9G:K:CJ:<GDLI=G6I:H
JH:9>CI=:;6>GK6AJ::HI>B6I:H7N8DBE6G>C<I=DH:6HHJBEI>DCHIDI=:=>HIDG>86AG:HJAIHD;I=:DBE6CN
6C98JGG:CI>C9JHIGN B6G@:I6C9:8DCDB>8;DG:86HIH 2:>CKDAK:96K6AJ6I>DCHE:8>6A>HIID6HH>HI>C
:K6AJ6I>C<I=:K6AJ6I>DCB:I=D9DAD<>:H6C9I=:H><C>;>86CI6HHJBEI>DCHHJ8=6H9>H8DJCIG6I:H6C9GDN6AIN
G6I:H 99>I>DC6AAN L:E:G;DGB:9H:CH>I>K>IN6C6ANH:HD;H><C>;>86CI6HHJBEI>DCHID:K6AJ6I:I=::;;:8IDC
I=:;6>GK6AJ::HI>B6I:HD;I=:>C9:;>C>I: A>K:9>CI6C<>7A:6HH:IH
H GCHI4DJC<''+
2:=6K:H:GK:96HI=:DBE6CNH6J9>IDGH>C8:
-D<:GH G@6CH6H
(6G8=

(5@?BD?6>45@5>45>D(579CD5B54&E2<9333?E>D9>79B=
/DI=:.=6G:=DA9:GH6C9I=:D6G9D;>G:8IDGHD;26AB6GI$C8
%@9>9?>?>>D5B>1<?>DB?<?F5B9>1>391<(5@?BD9>7
2:=6K:6J9>I:926AB6GI$C8 H>CI:GC6A8DCIGDADK:G;>C6C8>6AG:EDGI>C<6HD;%6CJ6GN 76H:9DC8G>I:G>6:HI67A>H=:9>C
$CI:GC6ADCIGDA $CI:<G6I:9!G6B:LDG@>HHJ:97NI=:DBB>II::D;.EDCHDG>C<*G<6C>O6I>DCHD;I=:/G:69L6NDBB>HH>DC
;G6B:LDG@I=:*.*8G>I:G>6 $CDJGDE>C>DC 26AB6GI$C8 I=:DBE6CNB6>CI6>C:9 >C6AAB6I:G>6AG:HE:8IH
:;;:8I>K:>CI:GC6A8DCIGDADK:G;>C6C8>6AG:EDGI>C<6HD;%6CJ6GN 76H:9DCI=:*.*8G>I:G>6
2:6AHD=6K:6J9>I:9 >C688DG96C8:L>I=I=:HI6C96G9HD;I=:+J7A>8DBE6CN88DJCI>C<*K:GH><=ID6G90C>I:9.I6I:H
+* I=:688DBE6CN>C<8DCHDA>96I:976A6C8:H=::IHD;26AB6GI$C8 6HD;%6CJ6GN 6C9 I=:G:A6I:9
8DCHDA>96I:9HI6I:B:CIHD;>C8DB: 8DBEG:=:CH>K:>C8DB: H=6G:=DA9:GH:FJ>IN6C986H=;ADLH;DG:68=D;I=:I=G::N:6GH>C
I=:E:G>D9:C9:9%6CJ6GN 6C9I=:G:A6I:9CDI:H6C9DJGG:EDGI96I:9(6G8= :MEG:HH:96CJCFJ6A>;>:9DE>C>DC
I=:G:DC
1C9C6?B%@9>9?>
/=:DBE6CNXHB6C6<:B:CI>HG:HEDCH>7A:;DGB6>CI6>C>C<:;;:8I>K:>CI:GC6A8DCIGDADK:G;>C6C8>6AG:EDGI>C<6C9;DG>IH
6HH:HHB:CID;I=::;;:8I>K:C:HHD;>CI:GC6A8DCIGDADK:G;>C6C8>6AG:EDGI>C<>C8AJ9:9>CI=:688DBE6CN>C<-:EDGIDC$CI:GC6A
DCIGDADK:G!>C6C8>6A-:EDGI>C< *JGG:HEDCH>7>A>IN>HID:MEG:HH6CDE>C>DCDCI=:DBE6CNXH>CI:GC6A8DCIGDADK:G;>C6C8>6A
G:EDGI>C<76H:9DCDJG6J9>I 2:6G:6EJ7A>8688DJCI>C<;>GBG:<>HI:G:9L>I=I=:+*6C96G:G:FJ>G:9ID7:>C9:E:C9:CI
L>I=G:HE:8IIDI=:DBE6CN>C688DG96C8:L>I=I=:0 . ;:9:G6AH:8JG>I>:HA6LH6C9I=:6EEA>867A:GJA:H6C9G:<JA6I>DCHD;I=:
.:8JG>I>:H6C9 M8=6C<:DBB>HH>DC6C9I=:+*
2:8DC9J8I:9DJG6J9>I>C688DG96C8:L>I=I=:HI6C96G9HD;I=:+* /=DH:HI6C96G9HG:FJ>G:I=6IL:EA6C6C9E:G;DGBI=:
6J9>IIDD7I6>CG:6HDC67A:6HHJG6C8:67DJIL=:I=:G:;;:8I>K:>CI:GC6A8DCIGDADK:G;>C6C8>6AG:EDGI>C<L6HB6>CI6>C:9>C6AA
B6I:G>6AG:HE:8IH
*JG6J9>I>C8AJ9:9D7I6>C>C<6CJC9:GHI6C9>C<D;>CI:GC6A8DCIGDADK:G;>C6C8>6AG:EDGI>C< 6HH:HH>C<I=:G>H@I=6I6B6I:G>6A
L:6@C:HH:M>HIH I:HI>C<6C9:K6AJ6I>C<I=:9:H><C6C9DE:G6I>C<:;;:8I>K:C:HHD;>CI:GC6A8DCIGDA76H:9DCI=:6HH:HH:9G>H@ 6C9
E:G;DGB>C<HJ8=DI=:GEGD8:9JG:H6HL:8DCH>9:G:9C:8:HH6GN>CI=:8>G8JBHI6C8:H 2:7:A>:K:I=6IDJG6J9>IEGDK>9:H6
G:6HDC67A:76H>H;DGDJGDE>C>DC
569>9D9?>1>4"9=9D1D9?>C?6>D5B>1<?>DB?<?F5B9>1>391<(5@?BD9>7
8DBE6CNXH>CI:GC6A8DCIGDADK:G;>C6C8>6AG:EDGI>C<>H6EGD8:HH9:H><C:9IDEGDK>9:G:6HDC67A:6HHJG6C8:G:<6G9>C<I=:
G:A>67>A>IND;;>C6C8>6AG:EDGI>C<6C9I=:EG:E6G6I>DCD;;>C6C8>6AHI6I:B:CIH;DG:MI:GC6AEJGEDH:H>C688DG96C8:L>I=<:C:G6AAN
688:EI:9688DJCI>C<EG>C8>EA:H 8DBE6CNXH>CI:GC6A8DCIGDADK:G;>C6C8>6AG:EDGI>C<>C8AJ9:HI=DH:EDA>8>:H6C9EGD8:9JG:H
I=6IE:GI6>CIDI=:B6>CI:C6C8:D;G:8DG9HI=6I >CG:6HDC67A:9:I6>A 688JG6I:AN6C9;6>GANG:;A:8II=:IG6CH68I>DCH6C9
9>HEDH>I>DCHD;I=:6HH:IHD;I=:8DBE6CNEGDK>9:G:6HDC67A:6HHJG6C8:I=6IIG6CH68I>DCH6G:G:8DG9:96HC:8:HH6GNIDE:GB>I
EG:E6G6I>DCD;;>C6C8>6AHI6I:B:CIH>C688DG96C8:L>I=<:C:G6AAN688:EI:9688DJCI>C<EG>C8>EA:H 6C9I=6IG:8:>EIH6C9
:ME:C9>IJG:HD;I=:8DBE6CN6G:7:>C<B69:DCAN>C688DG96C8:L>I=6JI=DG>O6I>DCHD;B6C6<:B:CI6C99>G:8IDGHD;I=:
8DBE6CN6C9EGDK>9:G:6HDC67A:6HHJG6C8:G:<6G9>C<EG:K:CI>DCDGI>B:AN9:I:8I>DCD;JC6JI=DG>O:968FJ>H>I>DC JH: DG
9>HEDH>I>DCD;I=:8DBE6CNXH6HH:IHI=6I8DJA9=6K:6B6I:G>6A:;;:8IDCI=:;>C6C8>6AHI6I:B:CIH
:86JH:D;>IH>C=:G:CIA>B>I6I>DCH >CI:GC6A8DCIGDADK:G;>C6C8>6AG:EDGI>C<B6NCDIEG:K:CIDG9:I:8IB>HHI6I:B:CIH AHD
EGD?:8I>DCHD;6CN:K6AJ6I>DCD;:;;:8I>K:C:HHID;JIJG:E:G>D9H6G:HJ7?:8IIDI=:G>H@I=6I8DCIGDAHB6N7:8DB:>C69:FJ6I:
7:86JH:D;8=6C<:H>C8DC9>I>DCH DGI=6II=:9:<G::D;8DBEA>6C8:L>I=I=:EDA>8>:HDGEGD8:9JG:HB6N9:I:G>DG6I:
H GCHI4DJC<''+
-D<:GH G@6CH6H
(6G8=

-1<=1BD>3
?>C?<941D54)D1D5=5>DC?6>3?=5
9C31</51BC>454 1>E1BI
/17065,0/,..,105(:&(262(45+$4('$6$
(5F5>E5C
):IH6A:H
(:B7:GH=>E6C9DI=:G>C8DB:
/DI6AG:K:CJ:H
?CDC1>45H@5>C5C
DHID;H6A:H
*E:G6I>C< H:AA>C< <:C:G6A6C969B>C>HIG6I>K::ME:CH:H
%@5B1D9>79>3?=5
>D5B5CD
:7I
!>C6C8: 86E>I6AA:6H:6C9;>C6C8>C<D7A><6I>DCH
$CI:G:HI>C8DB:
$CI:G:HI C:I
*I=:G<6>CH6C9ADHH:H
>3?=5256?B59>3?=5D1H5C
+GDK>H>DC;DG>C8DB:I6M:H
?>C?<941D54>5D9>3?=5
DCHDA>96I:9C:I>C8DB:6IIG>7JI67A:IDCDC8DCIGDAA>C<>CI:G:HI
?>C?<941D54>5D9>3?=51DDB92ED12<5D?-1<=1BD
$5D9>3?=5@5B3?==?>C81B5
6H>8C:I>C8DB:E:G8DBBDCH=6G:6IIG>7JI67A:ID26AB6GI
>AJI:9C:I>C8DB:E:G8DBBDCH=6G:6IIG>7JI67A:ID26AB6GI
-5978D54 1F5B1753?==?>C81B5C?EDCD1>49>7
6H>8
>AJI:9
9F945>4C453<1B54@5B3?==?>C81B5
(($&&1/2$0;,0*016(5

-1<=1BD>3
?>C?<941D54)D1D5=5>DC?6?=@B585>C9F5>3?=5
9C31</51BC>454 1>E1BI
/17065,0/,..,105
?>C?<941D54>5D9>3?=51DDB92ED12<5D?-1<=1BD
*I=:G8DBEG:=:CH>K:>C8DB:ADHH C:ID;>C8DB:I6M:H
JGG:C8NIG6CHA6I>DC6C9DI=:G
):I>CK:HIB:CI=:9<:H
6H=;ADL=:9<:H
(>C>BJBE:CH>DCA>67>A>IN
*I=:G8DBEG:=:CH>K:>C8DB:ADHH C:ID;>C8DB:I6M:H
*I=:G8DBEG:=:CH>K:>C8DB:ADHH6IIG>7JI67A:IDCDC8DCIGDAA>C<>CI:G:HI
%D85B3?=@B585>C9F59>3?=5<?CC1DDB92ED12<5D?-1<=1BD
DBEG:=:CH>K:>C8DB: C:ID;>C8DB:I6M:H

DBEG:=:CH>K:>C8DB:ADHH6IIG>7JI67A:IDCDC8DCIGDAA>C<>CI:G:HI
?=@B585>C9F59>3?=51DDB92ED12<5D?-1<=1BD
(($&&1/2$0;,0*016(5

-1<=1BD>3
?>C?<941D541<1>35)855DC
C?6 1>E1BI
/17065,0/,..,105
))*)
EBB5>D1CC5DC
6H=6C986H=:FJ>K6A:CIH
-:8:>K67A:H C:I
$CK:CIDG>:H
+G:E6>9:ME:CH:H6C9DI=:G
/DI6A8JGG:CI6HH:IH
+GDE:GIN6C9:FJ>EB:CI C:I

*E:G6I>C<A:6H:G><=I D; JH:6HH:IH
!>C6C8:A:6H:G><=I D; JH:6HH:IH C:I
"DD9L>AA
*I=:GADC< I:GB6HH:IH
*?D1<1CC5DC
""*)$'+*/
EBB5>D<9129<9D95C
.=DGI I:GB7DGGDL>C<H
88DJCIHE6N67A:
88GJ:9A>67>A>I>:H
88GJ:9>C8DB:I6M:H
'DC< I:GB9:7I9J:L>I=>CDC:N:6G
*E:G6I>C<A:6H:D7A><6I>DCH9J:L>I=>CDC:N:6G
!>C6C8:A:6H:D7A><6I>DCH9J:L>I=>CDC:N:6G
/DI6A8JGG:CIA>67>A>I>:H
'DC< I:GB9:7I

'DC< I:GBDE:G6I>C<A:6H:D7A><6I>DCH
'DC< I:GB;>C6C8:A:6H:D7A><6I>DCH
:;:GG:9>C8DB:I6M:H6C9DI=:G
DBB>IB:CIH6C98DCI>C<:C8>:H
AE9DI
DBBDCHID8@
6E>I6A>C:M8:HHD;E6GK6AJ:
-:I6>C:9:6GC>C<H
88JBJA6I:9DI=:G8DBEG:=:CH>K:ADHH
/DI6A26AB6GIH=6G:=DA9:GH:FJ>IN
)DC8DCIGDAA>C<>CI:G:HI
/DI6A:FJ>IN
*?D1<<9129<9D95C1>45AE9DI
(($&&1/2$0;,0*016(5

-1<=1BD>3
?>C?<941D54)D1D5=5>DC?6)81B58?<45BCAE9DI
33E=E<1D54 *?D1<
1@9D1<9> %D85B -1<=1BD
?==?>)D?3; H35CC?6 (5D19>54 ?=@B585>C9F5 )81B58?<45BC $?>3?>DB?<<9>7 *?D1<
/17065,0/,..,105 )81B5C =?E>D &1B,1<E5 1B>9>7C >3?=5"?CC AE9DI >D5B5CD AE9DI
1<1>35C1C?652BE1BI

9DEI>DCD;C:L688DJCI>C<
HI6C96G9H C:ID;>C8DB: U U U
I6M:H
DCHDA>96I:9C:I>C8DB: U U U U
*I=:G8DBEG:=:CH>K:>C8DB: U U U U
ADHH C:ID;>C8DB:I6M:H
6H=9>K>9:C9H9:8A6G:9 U U U U U
E:GH=6G:
+JG8=6H:D;DBE6CNHID8@ U U
6H=9>K>9:C99:8A6G:9ID U U U U U U
CDC8DCIGDAA>C<>CI:G:HI
)DC8DCIGDAA>C<>CI:G:HID;
68FJ>G:9:CI>IN U U U U U U
*I=:G U

1<1>35C1C?6 1>E1BI

9DEI>DCD;C:L688DJCI>C<
HI6C96G9HDC!:7GJ6GN U U U U
C:ID;>C8DB:I6M:H
6H=9>K>9:C9H9:8A6G:9
E:GH=6G: U U U U U

6H=9>K>9:C99:8A6G:9ID
U U U U U U
*I=:G U
1<1>35C1C?6 1>E1BI


6H=9>K>9:C9H9:8A6G:9
E:GH=6G: U U U U U

6H=9>K>9:C9H9:8A6G:9ID U U U U U U
*I=:G U U
1<1>35C1C?6 1>E1BI

(($&&1/2$0;,0*016(5

-1<=1BD>3
?>C?<941D54)D1D5=5>DC?61C8<?GC
9C31</51BC>454 1>E1BI
/17065,0/,..,105
1C86<?GC6B?=?@5B1D9>713D9F9D95C
9?JHIB:CIHIDG:8DC8>A:8DCHDA>96I:9C:I>C8DB:IDC:I86H=EGDK>9:97NDE:G6I>C<68I>K>I>:H
):IJCG:6A>O:96C9G:6A>O:9<6>CH6C9ADHH:H
'DHH:HDC9>HEDH6AD;7JH>C:HHDE:G6I>DCH
H96E:CH>DC8DCIG>7JI>DC U U
:;:GG:9>C8DB:I6M:H
*I=:GDE:G6I>C<68I>K>I>:H
=6C<:H>C8:GI6>C6HH:IH6C9A>67>A>I>:H C:ID;:;;:8IHD;68FJ>H>I>DCH6C99>HEDH>I>DCH
-:8:>K67A:H C:I
$CK:CIDG>:H
88DJCIHE6N67A:
88GJ:9A>67>A>I>:H
88GJ:9>C8DB:I6M:H
1C86<?GC6B?=9>F5CD9>713D9F9D95C
+6NB:CIH;DGEGDE:GIN6C9:FJ>EB:CI
+GD8::9H;GDBI=:9>HEDH6AD;EGDE:GIN6C9:FJ>EB:CI
+GD8::9H;GDBI=:9>HEDH6AD;8:GI6>CDE:G6I>DCH
+6NB:CIH;DG7JH>C:HH68FJ>H>I>DCH C:ID;86H=68FJ>G:9
*I=:G>CK:HI>C<68I>K>I>:H
1C86<?GC6B?=69>1>39>713D9F9D95C
):I8=6C<:>CH=DGI I:GB7DGGDL>C<H
+GD8::9H;GDB>HHJ6C8:D;ADC< I:GB9:7I U
-:E6NB:CIHD;ADC< I:GB9:7I
>K>9:C9HE6>9
+JG8=6H:D;DBE6CNHID8@
>K>9:C9HE6>9IDCDC8DCIGDAA>C<>CI:G:HI
*I=:G;>C6C8>C<68I>K>I>:H
):I86H=JH:9>C;>C6C8>C<68I>K>I>:H
;;:8ID;:M8=6C<:G6I:HDC86H= 86H=:FJ>K6A:CIH6C9G:HIG>8I:986H=
):I>C8G:6H:>C86H= 86H=:FJ>K6A:CIH6C9G:HIG>8I:986H=

6H=6C986H=:FJ>K6A:CIHG:8A6HH>;>:96H6HH:IH=:A9;DGH6A: U U
6H= 86H=:FJ>K6A:CIH6C9G:HIG>8I:986H=6I7:<>CC>C<D;N:6G
6H= 86H=:FJ>K6A:CIH6C9G:HIG>8I:986H=6I:C9D;N:6G
)E@@<5=5>D1<49C3<?CEB5?631C86<?G9>6?B=1D9?>
$C8DB:I6M:HE6>9
$CI:G:HIE6>9
(($&&1/2$0;,0*016(5

-1<=1BD>3
$?D5CD??>C?<941D549>1>391<)D1D5=5>DC
$?D5 )E==1BI?6)97>96931>D33?E>D9>7&?<9395C
")"-'
26AB6GI$C8 26AB6GIDGI=:DBE6CN=:AEHE:DEA:6GDJC9I=:LDGA9H6K:BDC:N6C9A>K:7:II:GT6CNI>B:6C9
6CNL=:G:T7NEGDK>9>C<I=:DEEDGIJC>INIDH=DE>CG:I6>AHIDG:H6C9I=GDJ<=:DBB:G8: /=GDJ<=>CCDK6I>DC I=:DBE6CN>H
HIG>K>C<ID8DCI>CJDJHAN>BEGDK:68JHIDB:G 8:CIG>8:ME:G>:C8:I=6IH:6BA:HHAN>CI:<G6I:H:DBB:G8:6C9G:I6>AHIDG:H>C6C
DBC> 8=6CC:AD;;:G>C<I=6IH6K:HI>B:;DG>IH8JHIDB:GH
/=:DBE6CNHDE:G6I>DCH8DBEG>H:I=G::G:EDGI67A:H:<B:CIH26AB6GI0 . 26AB6GI$CI:GC6I>DC6A6C9.6BHAJ7
-&) &+'".*# *).*'&!/&*)

/=:DCHDA>96I:9!>C6C8>6A.I6I:B:CIH>C8AJ9:I=:688DJCIHD;26AB6GI6C9>IHHJ7H>9>6G>:H6HD;6C9;DGI=:;>H86AN:6GH:C9:9
%6CJ6GN ;>H86A %6CJ6GN ;>H86A6C9%6CJ6GN ;>H86A $CI:G8DBE6CN
688DJCIH6C9IG6CH68I>DCH=6K:7::C:A>B>C6I:9>C8DCHDA>96I>DC /=:DBE6CN8DCHDA>96I:HK6G>67A:>CI:G:HI:CI>I>:HL=:G:>I
=6H7::C9:I:GB>C:9I=6II=:DBE6CN>HI=:EG>B6GN7:C:;>8>6GND;I=DH::CI>I>:HDE:G6I>DCH $CK:HIB:CIH;DGL=>8=I=:
DBE6CN:M:G8>H:HH><C>;>86CI>C;AJ:C8:7JI9D:HCDI=6K:8DCIGDA6G:688DJCI:9;DGJC9:GI=::FJ>INB:I=D9 /=:H:K6G>67A:
>CI:G:HI:CI>I>:H6C9:FJ>INB:I=D9>CK:HIB:CIH6G:>BB6I:G>6AIDI=:DBE6CNHDCHDA>96I:9!>C6C8>6A.I6I:B:CIH
/=:DBE6CNHDCHDA>96I:9!>C6C8>6A.I6I:B:CIH6G:76H:9DC6;>H86AN:6G:C9>C<DC%6CJ6GN;DGI=:0C>I:9.I6I:H
0 . 6C96C69>6CDE:G6I>DCH /=:DBE6CN8DCHDA>96I:H6AADI=:GDE:G6I>DCH<:C:G6AANJH>C<6DC: BDCI=A6<6C976H:9
DC686A:C96GN:6G /=:G:L:G:CDH><C>;>86CI>CI:GK:C>C<:K:CIH9JG>C<I=:BDCI=D;%6CJ6GNG:A6I:9IDI=:DE:G6I>DCH
8DCHDA>96I:9JH>C<6A6<I=6IB6I:G>6AAN6;;:8I:9I=:DCHDA>96I:9!>C6C8>6A.I6I:B:CIH
."*#./&(/".
/=:DCHDA>96I:9!>C6C8>6A.I6I:B:CIH=6K:7::CEG:E6G:9>C8DC;DGB>INL>I=0 . <:C:G6AAN688:EI:9688DJCI>C<EG>C8>EA:H
/=DH:EG>C8>EA:HG:FJ>G:B6C6<:B:CIIDB6@::HI>B6I:H6C96HHJBEI>DCH >C8AJ9>C<EDI:CI>6A>BE68IH6G>H>C<;GDBI=:
*1$ E6C9:B>86C9G:A6I:9<DK:GCB:CI68I>DCH I=6I6;;:8II=:G:EDGI:96BDJCIHD;6HH:IH6C9A>67>A>I>:H (6C6<:B:CIH
:HI>B6I:H6C96HHJBEI>DCH6AHD6;;:8II=:9>H8ADHJG:D;8DCI>C<:CI6HH:IH6C9A>67>A>I>:H6II=:96I:D;I=:;>C6C8>6AHI6I:B:CIH
6C9I=:G:EDGI:96BDJCIHD;G:K:CJ:H6C9:ME:CH:H9JG>C<I=:G:EDGI>C<E:G>D9 8IJ6AG:HJAIHB6N9>;;:G;GDBI=DH::HI>B6I:H
.%)! .%,0&1'")/.
/=:DBE6CN8DCH>9:GH>CK:HIB:CIHL>I=6B6IJG>INL=:CEJG8=6H:9D;I=G::BDCI=HDGA:HHID7:86H=:FJ>K6A:CIH AA8G:9>I
86G9 9:7>I86G96C9:A:8IGDC>8IG6CH;:GIG6CH68I>DCHI=6IEGD8:HH>CA:HHI=6CH:K:C96NH6G:8A6HH>;>:96H86H=6C986H=
:FJ>K6A:CIH /=:6BDJCIH9J:;GDB76C@H;DGI=:H:IG6CH68I>DCH8A6HH>;>:96H86H=6C986H=:FJ>K6A:CIHIDI6A:9 7>AA>DC6C9
7>AA>DC6HD;%6CJ6GN 6C9 G:HE:8I>K:AN
/=:DBE6CNH86H=76A6C8:H6G:=:A9>CK6G>DJHAD86I>DCH6GDJC9I=:LDGA9 *;I=:DBE6CNH 7>AA>DC6C9 7>AA>DC
>C86H=6C986H=:FJ>K6A:CIH6HD;%6CJ6GN 6C9%6CJ6GN 6EEGDM>B6I:AN6C9L:G:=:A9DJIH>9:D;
I=:0 . G:HE:8I>K:AN 6H=6C986H=:FJ>K6A:CIH=:A9DJIH>9:D;I=:0 . 6G:<:C:G6AANJI>A>O:9IDHJEEDGIA>FJ>9>INC::9H>CI=:
DBE6CNHCDC 0 . DE:G6I>DCH
/=:DBE6CNJH:H>CI:G8DBE6CN;>C6C8>C<6GG6C<:B:CIH>C6C:;;DGIID:CHJG:86H=86C7:B69:6K6>A67A:>CI=:8DJCIGN>C
L=>8=>I>HC::9:9L>I=I=:B>C>BJB8DHIEDHH>7A:
HD;%6CJ6GN 6C9 86H=6C986H=:FJ>K6A:CIHD;6EEGDM>B6I:AN 7>AA>DC6C9 7>AA>DC G:HE:8I>K:AN B6N
CDI7:;G::ANIG6CH;:G67A:IDI=:0 . 9J:IDAD86AA6LHDGDI=:GG:HIG>8I>DCH *;I=: 7>AA>DC6HD;%6CJ6GN
6EEGDM>B6I:AN 7>AA>DC86CDCAN7:688:HH:9I=GDJ<=9>K>9:C9HDG>CI:G8DBE6CN;>C6C8>C<6GG6C<:B:CIHHJ7?:8IID6EEGDK6A
D;!A>E@6GI+G>K6I:'>B>I:9!A>E@6GIB>CDG>INH=6G:=DA9:GH=DL:K:G I=>H86H=>H:ME:8I:9ID7:JI>A>O:9ID;JC9I=:
DE:G6I>DCHD;!A>E@6GI
" "&1'".
-:8:>K67A:H6G:HI6I:96II=:>G86GGN>C<K6AJ:H C:ID;6G:H:GK:;DG9DJ7I;JA688DJCIH 6C96G:EG>B6G>AN9J:;GDBI=:;DAADL>C<
8JHIDB:GH L=>8=6AHD>C8AJ9:H>CHJG6C8:8DBE6C>:HG:HJAI>C<;GDBE=6GB68NH6A:H 76C@H;DG8JHIDB:G8G:9>I 9:7>I86G9H6C9
:A:8IGDC>8IG6CH;:GIG6CH68I>DCHI=6II6@:>C:M8:HHD;H:K:C96NHIDEGD8:HHHJEEA>:GH;DGB6G@:I>C<DG>C8:CI>K:EGD<G6BH
<DK:GCB:CIH;DG>C8DB:I6M:H6C9G:6A:HI6I:IG6CH68I>DCH HD;%6CJ6GN 6C9%6CJ6GN G:8:>K67A:H;GDB
IG6CH68I>DCHL>I=8JHIDB:GH C:IL:G: 7>AA>DC6C9 7>AA>DC G:HE:8I>K:AN

)1")/*-&".
/=:DBE6CNK6AJ:H>CK:CIDG>:H6II=:ADL:GD;8DHIDGB6G@:I6H9:I:GB>C:9EG>B6G>AN7NI=:G:I6>A>CK:CIDGNB:I=D9D;
688DJCI>C< JH>C<I=:A6HI >C ;>GHI DJI'$!*B:I=D9;DGI=:26AB6GI0 . H:<B:CIH>CK:CIDG>:H /=:>CK:CIDGN;DGI=:
26AB6GI$CI:GC6I>DC6AH:<B:CI>HK6AJ:9EG>B6G>AN7NI=:G:I6>A>CK:CIDGNB:I=D9D;688DJCI>C< JH>C<I=:;>GHI >C ;>GHI DJI
!$!*B:I=D9 /=:G:I6>A>CK:CIDGNB:I=D9D;688DJCI>C<G:HJAIH>C>CK:CIDGN7:>C<K6AJ:96II=:ADL:GD;8DHIDGB6G@:I
H>C8:E:GB6C:CIB6G@9DLCH6G:>BB:9>6I:ANG:8DG9:96H6G:9J8I>DCD;I=:G:I6>AK6AJ:D;>CK:CIDGN /=:>CK:CIDGN6II=:.6BH
AJ7H:<B:CI>HK6AJ:9JH>C<I=:L:><=I:9 6K:G6<:8DHI'$!*B:I=D9 HD;%6CJ6GN 6C9%6CJ6GN I=:
DBE6CNH>CK:CIDG>:HK6AJ:96I'$!*6EEGDM>B6I:9I=DH:>CK:CIDG>:H6H>;I=:NL:G:K6AJ:96I!$!*
"'!#*-'"
DBEDC:CIH6C97JH>C:HH:HI=6IB::I688DJCI>C<G:FJ>G:B:CIHID7:8A6HH>;>:96H=:A9;DGH6A:6G:EG:H:CI:96HH>C<A:6HH:I6C9
A>67>A>IN6BDJCIH>CI=:DBE6CNH;>C6C8>6AHI6I:B:CIHL>I=6K6AJ6I>DC6AADL6C8: >;C:8:HH6GN IDG:8D<C>O:I=:C:I86GGN>C<
6BDJCI6II=:ADL:GD;8DHIDG;6>GK6AJ: A:HH8DHIHIDH:AA /=:DBE6CNG:K>:LH>IH7JH>C:HH:H6C96HH:IH=:A9;DGH6A::68=
G:EDGI>C<E:G>D9ID9:I:GB>C:L=:I=:GI=::M>HI>C<86GGN>C<6BDJCIH6G:;JAANG:8DK:G67A:>C8DBE6G>HDCID:HI>B6I:9;6>G
K6AJ:H HD;%6CJ6GN 7>AA>DC6HH:IH=:A9;DGH6A:6C9 7>AA>DCA>67>A>I>:H=:A9;DGH6A:L:G:8A6HH>;>:9>C
EG:E6>9:ME:CH:H6C9DI=:G6C9688GJ:9A>67>A>I>:H>CI=:DCHDA>96I:96A6C8:.=::IH G:HE:8I>K:AN G:;A:8I>C<I=:DBE6CNH
DE:G6I>DCH>CI=:0 & 6C9%6E6C8A6HH>;>:96H=:A9;DGH6A: -:;:GID)DI:;DG699>I>DC6A9:I6>AH HD;%6CJ6GN
6HH:IH6C9A>67>A>I>:H=:A9;DGH6A:L:G:>BB6I:G>6A
-*+"-/4)!,0&+(")/
+GDE:GIN6C9:FJ>EB:CI6G:>C>I>6AANG:8DG9:96I8DHI "6>CHDGADHH:HDC9>HEDH>I>DC6G:G:8D<C>O:96H:6GC:9DG>C8JGG:9
DHIHD;B6?DG>BEGDK:B:CIH6G:86E>I6A>O:9 L=>A:8DHIHD;CDGB6AG:E6>GH6C9B6>CI:C6C8:6G::ME:CH:96H>C8JGG:9 /=:
;DAADL>C<I67A:HJBB6G>O:HI=:DBE6CNHEGDE:GIN6C9:FJ>EB:CI76A6C8:H 6C9>C8AJ9:HI=::HI>B6I:9JH:;JAA>K:HI=6I6G:
<:C:G6AANJH:9ID9:EG:8>6I:I=:6HH:IHDC6HIG6><=I A>C:76H>H
C?6 1>E1BI
/17065,0/,..,105 CD9=1D54+C56E<"9F5C
'6C9 )
J>A9>C<H6C9>BEGDK:B:CIH N:6GH
!>MIJG:H6C9:FJ>EB:CI N:6GH
/G6CHEDGI6I>DC:FJ>EB:CI N:6GH
DCHIGJ8I>DC>CEGD<G:HH )
&B?@5BDI1>45AE9@=5>D
88JBJA6I:99:EG:8>6I>DC
&B?@5BDI1>45AE9@=5>D>5D
':6H:=DA9>BEGDK:B:CIH6G:9:EG:8>6I:9DG6BDGI>O:9DK:GI=:H=DGI:GD;I=::HI>B6I:9JH:;JAA>;:D;I=:6HH:IDGI=:G:B6>C>C<
:ME:8I:9A:6H:I:GB /DI6A9:EG:8>6I>DC6C96BDGI>O6I>DC:ME:CH:;DGEGDE:GIN6C9:FJ>EB:CI EGDE:GINJC9:G;>C6C8:A:6H:H
6C9;>C6C8>C<D7A><6I>DCH EGDE:GINJC9:G86E>I6AA:6H:H6C9>CI6C<>7A:6HH:IH;DG;>H86A 6C9L6H 7>AA>DC
7>AA>DC6C9 7>AA>DC G:HE:8I>K:AN
".".
!DG6CNC:LDGBD9>;>:9A:6H: I=:DBE6CN 6II=:>C8:EI>DCD;I=:8DCIG68I 9:I:GB>C:HL=:I=:G68DCIG68I>HDG8DCI6>CH6
A:6H: /=:DBE6CNG:8DG9HG><=I D; JH:-*06HH:IH6C9A:6H:D7A><6I>DCH;DG>IH;>C6C8:6C9DE:G6I>C<A:6H:H L=>8=6G:
>C>I>6AANG:8D<C>O:976H:9DCI=:9>H8DJCI:9;JIJG:A:6H:E6NB:CIHDK:GI=:I:GBD;I=:A:6H: HI=:G6I:>BEA>8>I>CI=:
DBE6CNHA:6H:H>HCDI:6H>AN9:I:GB>C67A: I=:DBE6CNXH6EEA>867A:>C8G:B:CI6A7DGGDL>C<G6I:>HJH:9>C86A8JA6I>C<I=:
EG:H:CIK6AJ:D;I=:HJBD;I=:A:6H:E6NB:CIH
':6H:I:GB>H9:;>C:96HI=:CDC 86C8:A67A:E:G>D9D;I=:A:6H:EAJH6CNDEI>DCHID:MI:C9DGI:GB>C6I:I=:A:6H:L=:C>I>H
G:6HDC67AN8:GI6>CI=6II=:DBE6CNL>AA:M:G8>H:I=:DEI>DC /=:DBE6CN=6H:A:8I:9CDIIDG:8D<C>O:-*06HH:I6C9A:6H:
D7A><6I>DCH;DG>IHH=DGI I:GBA:6H:H L=>8=6G:9:;>C:96HA:6H:HL>I=6C>C>I>6AI:GBD;BDCI=HDGA:HH
!DG6B6?DG>IND;6AA8A6HH:HD;JC9:GAN>C<6HH:IH I=:DBE6CN=6H:A:8I:9IDCDIH:E6G6I:A:6H:;GDBCDC A:6H:8DBEDC:CIH
!DGA:6H:H>CL=>8=I=:A:6H:6C9CDC A:6H:8DBEDC:CIH=6K:7::C8DB7>C:9 I=:K6G>67A:A:6H::ME:CH:>C8AJ9:H:ME:CH:HHJ8=
6H8DBBDC6G:6B6>CI:C6C8: JI>A>I>:H 6C9G:E6>GH6C9B6>CI:C6C8:

(+&-(")/*#*)$&1"! .."/.
(6C6<:B:CIG:K>:LHADC< A>K:96HH:IH;DG>C9>86IDGHD;>BE6>GB:CIL=:C:K:G:K:CIHDG8=6C<:H>C8>G8JBHI6C8:H>C9>86I:I=6I
I=:86GGN>C<6BDJCIB6NCDI7:G:8DK:G67A: /=::K6AJ6I>DC>HE:G;DGB:96II=:ADL:HIA:K:AD;>9:CI>;>67A:86H=;ADLH L=>8=
>H6II=:>C9>K>9J6AHIDG:DG8AJ7A:K:A 0C9>H8DJCI:986H=;ADLH:ME:8I:9ID7:<:C:G6I:97NI=:G:A6I:96HH:IH6G::HI>B6I:9
DK:GI=:6HH:IHJH:;JAA>K:H76H:9DCJE96I:9EGD?:8I>DCH $;I=::K6AJ6I>DC>C9>86I:HI=6II=:86GGN>C<6BDJCID;I=:6HH:IHB6N
CDI7:G:8DK:G67A: 6CNEDI:CI>6A>BE6>GB:CI>HB:6HJG:976H:9JEDCI=:;6>GK6AJ:D;I=:G:A6I:96HH:IDG6HH:I<GDJE6H
9:I:GB>C:97N6C6EEGDEG>6I:B6G@:I6EEG6>H6ADGDI=:GK6AJ6I>DCI:8=C>FJ:
**!2&'')!/%"- ,0&-"!)/)$&'" .."/.

"DD9L>AAG:EG:H:CIHI=::M8:HHD;I=:EJG8=6H:EG>8:DK:GI=:;6>GK6AJ:D;C:I6HH:IH68FJ>G:9>C7JH>C:HH8DB7>C6I>DCH6C9>H
6AAD86I:9IDI=:6EEGDEG>6I:G:EDGI>C<JC>IL=:C68FJ>G:9 *I=:G68FJ>G:9>CI6C<>7A:6HH:IH6G:HI6I:96II=:;6>GK6AJ:68FJ>G:9
6H9:I:GB>C:97N6K6AJ6I>DCI:8=C>FJ:8DBB:CHJG6I:L>I=I=:>CI:C9:9JH:D;I=:G:A6I:96HH:I "DD9L>AA6C9>C9:;>C>I: A>K:9
>CI6C<>7A:6HH:IH6G:CDI6BDGI>O:9G6I=:G I=:N6G::K6AJ6I:9;DG>BE6>GB:CI6CCJ6AAN6C9L=:C:K:G:K:CIHDG8=6C<:H>C
8>G8JBHI6C8:H>C9>86I:I=6II=:K6AJ:D;I=:6HH:IB6N7:>BE6>G:9 :;>C>I: A>K:9>CI6C<>7A:6HH:IH6G:8DCH>9:G:9ADC< A>K:9
6HH:IH6C96G:6BDGI>O:9DC6HIG6><=I A>C:76H>HDK:GI=:E:G>D9HI=6I:ME:8I:9:8DCDB>87:C:;>IHL>AA7:EGDK>9:9
"DD9L>AA>H6HH><C:9IDI=:G:EDGI>C<JC>IL=>8=8DCHDA>96I:HI=:68FJ>H>I>DC DBEDC:CIHL>I=>CI=:H6B:G:EDGI67A:H:<B:CI
6G:6<<G:<6I:96C99::B:96H>C<A:G:EDGI>C<JC>I>;I=:8DBEDC:CIH=6K:H>B>A6G:8DCDB>88=6G68I:G>HI>8H HD;%6CJ6GN
I=:DBE6CNHG:EDGI>C<JC>IH8DCH>HI:9D;26AB6GI0 . 26AB6GI$CI:GC6I>DC6A6C9.6BHAJ7 "DD9L>AA>H:K6AJ6I:9
;DG>BE6>GB:CIJH>C<:>I=:G6FJ6A>I6I>K:DGFJ6CI>I6I>K:6EEGD68=;DG:68=D;I=:DBE6CNHG:EDGI>C<JC>IH ":C:G6AAN 6
FJ6A>I6I>K:6HH:HHB:CI>H;>GHIE:G;DGB:9ID9:I:GB>C:L=:I=:G6FJ6CI>I6I>K:<DD9L>AA>BE6>GB:CII:HI>HC:8:HH6GN $;
B6C6<:B:CI9:I:GB>C:H 6;I:GE:G;DGB>C<6C6HH:HHB:CI76H:9DCI=:FJ6A>I6I>K:;68IDGH I=6II=:;6>GK6AJ:D;I=:G:EDGI>C<JC>I
>HBDG:A>@:ANI=6CCDIA:HHI=6CI=:86GGN>C<6BDJCI DGI=6I6;6>GK6AJ:D;I=:G:EDGI>C<JC>IHJ7HI6CI>6AAN>C:M8:HHD;I=:
86GGN>C<6BDJCI86CCDI7:6HHJG:9 I=:C6FJ6CI>I6I>K:<DD9L>AA>BE6>GB:CII:HILDJA97:G:FJ>G:9 /=:FJ6CI>I6I>K:I:HI;DG
<DD9L>AA>BE6>GB:CI>HE:G;DGB:97N9:I:GB>C>C<I=:;6>GK6AJ:D;I=:G:A6I:9G:EDGI>C<JC>IH !6>GK6AJ:>HB:6HJG:976H:9DC
I=:9>H8DJCI:986H=;ADLB:I=D96C9G:A6I>K:B6G@:I 76H:96EEGD68=:H ;I:G:K6AJ6I>DC B6C6<:B:CI9:I:GB>C:9I=:;6>G
K6AJ:D;:68=G:EDGI>C<JC>I>HH><C>;>86CIAN<G:6I:GI=6CI=:86GGN>C<6BDJCI6C9 688DG9>C<AN I=:DBE6CN=6HCDIG:8DG9:9
6CN>BE6>GB:CI8=6G<:HG:A6I:9ID<DD9L>AA
/=:;DAADL>C<I67A:G:;A:8IH<DD9L>AA68I>K>IN 7NG:EDGI67A:H:<B:CI ;DG;>H86A6C9
-1<=1BD
/17065,0/,..,105 -1<=1BD+ ) >D5B>1D9?>1< )1=C<E2 *?D1<
1<1>35C1C?652BE1BI
=6C<:H>C8JGG:C8NIG6CHA6I>DC6C9DI=:G U U
8FJ>H>I>DCH U U
1<1>35C1C?6 1>E1BI
=6C<:H>C8JGG:C8NIG6CHA6I>DC6C9DI=:G U U
8FJ>H>I>DCH U
BDJCIHG:8A6HH>;>:9G:A6I:9IDDE:G6I>DCH=:A9;DGH6A: U U
1<1>35C1C?6 1>E1BI
-:EG:H:CIH<DD9L>AA6HHD8>6I:9L>I=DE:G6I>DCH>CI=:0 & 6C9%6E6CL=>8=6G:8A6HH>;>:96H=:A9;DGH6A:6HD;%6CJ6GN -:;:GID)DI:

$CI6C<>7A:6HH:IH6G:>C8AJ9:9>CDI=:GADC< I:GB6HH:IH>CI=:DBE6CNHDCHDA>96I:96A6C8:.=::IH HD;%6CJ6GN

6C9 I=:DBE6CN=69 7>AA>DC6C9 7>AA>DC G:HE:8I>K:AN >C>C9:;>C>I: A>K:9>CI6C<>7A:6HH:IHL=>8=EG>B6G>AN
8DCH>HIHD;68FJ>G:9IG69:C6B:H -:;:GID)DI:;DG699>I>DC6A>C;DGB6I>DCG:A6I:9ID68FJ>G:9>CI6C<>7A:6HH:IH;DGI=:
!A>E@6GI68FJ>H>I>DC>C;>H86A /=:G:L:G:CDH><C>;>86CI>BE6>GB:CI8=6G<:HG:A6I:9ID>CI6C<>7A:6HH:IH;DG;>H86A
JG>C<;>H86A I=:DBE6CN>C8JGG:96EEGDM>B6I:AN 7>AA>DC>C>BE6>GB:CI8=6G<:HG:A6I:9ID>IH>CI6C<>7A:6HH:IH
-:;:GID)DI:;DG699>I>DC6A>C;DGB6I>DC
&-'0"".0-"(")/
/=:DBE6CNG:8DG9H6C99>H8ADH:H8:GI6>C;>C6C8>6A6C9CDC ;>C6C8>6A6HH:IH6C9A>67>A>I>:H6I;6>GK6AJ: /=:;6>GK6AJ:D;6C
6HH:I>HI=:EG>8:6IL=>8=I=:6HH:I8DJA97:HDA9>C6CDG9:GANIG6CH68I>DC7:IL::CJCG:A6I:9 @CDLA:9<:67A:6C9L>AA>C<E6GI>:H
67A:ID:C<6<:>CI=:IG6CH68I>DC /=:;6>GK6AJ:D;6A>67>A>IN>HI=:6BDJCII=6ILDJA97:E6>9IDIG6CH;:GI=:A>67>A>INID6C:L
D7A><DG>C6IG6CH68I>DC7:IL::CHJ8=E6GI>:H CDII=:6BDJCII=6ILDJA97:E6>9IDH:IIA:I=:A>67>A>INL>I=I=:8G:9>IDG -:;:GID
)DI:;DGBDG:>C;DGB6I>DC
99>I>DC6AAN I=:DBE6CNB6NEGDK>9:GDJI>C:>C9:BC>;>86I>DCH>C8DCC:8I>DCL>I=8:GI6>CIG6CH68I>DCH EG>B6G>AN9>K:HI>IJG:H
;DGL=>8=6C>C9:BC>;>86I>DCA>67>A>IN:FJ6AIDI=::HI>B6I:9;6>GK6AJ:D;I=:D7A><6I>DC>HG:8DG9:9JEDC>C8:EI>DC 2=:G:
C:8:HH6GN I=:H:D7A><6I>DCH6G:G:8DG9:96II=:>G;6>GK6AJ:L>I=>C9:;:GG:9>C8DB:I6M:H6C9DI=:G>CI=:DCHDA>96I:96A6C8:
.=::IH

)1"./(")/.
$CK:HIB:CIH>C:FJ>INH:8JG>I>:HL>I=G:69>AN9:I:GB>C67A:;6>GK6AJ:H6G:G:8DG9:96I;6>GK6AJ:>CDI=:GADC< I:GB6HH:IH>CI=:
DCHDA>96I:96A6C8:.=::IHL>I=8=6C<:H>C;6>GK6AJ:G:8D<C>O:9>CDI=:G<6>CH6C9ADHH:H>CI=:DCHDA>96I:9.I6I:B:CIHD;
$C8DB: -:;:GID)DI:;DG9:I6>AH FJ>IN>CK:HIB:CIHL>I=DJIG:69>AN9:I:GB>C67A:;6>GK6AJ:H6G:86GG>:96I8DHI>CDI=:G
ADC< I:GB6HH:IH>CI=:DCHDA>96I:96A6C8:.=::IH 6C969?JHI:9;DG6CND7H:GK67A:EG>8:8=6C<:HDG>BE6>GB:CIHG:8DG9:9>C
DI=:G<6>CH6C9ADHH:H>CI=:DCHDA>96I:9.I6I:B:CIHD;$C8DB:
$CK:HIB:CIH>C9:7IH:8JG>I>:H8A6HH>;>:96H=:A9 ID B6IJG>IN6G:G:EDGI:96I6BDGI>O:98DHI>CDI=:GADC< I:GB6HH:IH>CI=:
DCHDA>96I:96A6C8:.=::IHL>I=>CI:G:HIDG9>K>9:C9>C8DB:G:8DG9:9>C>CI:G:HI>C8DB:>CI=:DCHDA>96I:9.I6I:B:CIHD;
$C8DB:
"'#).0-) ""."-1".
/=:DBE6CNH:A; >CHJG:H6CJB7:GD;G>H@H >C8AJ9>C< 7JICDIA>B>I:9ID LDG@:GH8DBE:CH6I>DC <:C:G6AA>67>A>IN 6JID
A>67>A>IN EGD9J8IA>67>A>IN6C98:GI6>C:BEADN:: G:A6I:9=:6AI=86G:7:C:;>IH .I6C96G968IJ6G>6AEGD8:9JG:H6C996I66C6ANH>H6G:
JH:9ID:HI>B6I:I=:A>67>A>I>:H6HHD8>6I:9L>I=I=:H:G>H@H6HD;I=:76A6C8:H=::I96I:DC6CJC9>H8DJCI:976H>H /=:G:8DG9:9
A>67>A>I>:HG:;A:8II=:JAI>B6I:8DHI;DG8A6>BH>C8JGG:97JICDIE6>96C96CN:HI>B67A:69B>C>HIG6I>K:GJC DJI:ME:CH:HG:A6I:9ID
I=:EGD8:HH>C<D;I=:H:DJIHI6C9>C<8A6>BE6NB:CIH *C6G:<JA6G76H>H I=:A>67>A>I>:H6G::K6AJ6I:9;DG6EEGDEG>6I:C:HHL>I=
8A6>BHG:H:GK:K6AJ6I>DCH /DA>B>I:MEDHJG:IDHDB:G>H@H I=:DBE6CNB6>CI6>CH>CHJG6C8:8DK:G6<:L>I=K6GN>C<A>B>IH6C9
G:I:CI>DCH >C8AJ9>C<HIDE ADHH>CHJG6C8:8DK:G6<:;DGLDG@:GH8DBE:CH6I>DC <:C:G6AA>67>A>IN6C96JIDA>67>A>IN
"-&1/&1".
/=:DBE6CNJH:H9:G>K6I>K:H;DG=:9<>C<EJGEDH:HIDB6C6<:>IH:MEDHJG:ID8=6C<:H>C>CI:G:HI6C98JGG:C8N:M8=6C<:G6I:H
6HL:AA6HIDB6>CI6>C6C6EEGDEG>6I:B>MD;;>M:9 6C9K6G>67A: G6I:9:7I 0H:D;9:G>K6I>K:H>C=:9<>C<EGD<G6BHHJ7?:8IHI=:
DBE6CNID8:GI6>CG>H@H HJ8=6HB6G@:I6C98G:9>IG>H@H /=:DBE6CNB6N7::MEDH:9ID8G:9>I G:A6I:9ADHH:H>CI=::K:CID;
CDCE:G;DGB6C8:7N>IH8DJCI:GE6GI>:HID9:G>K6I>K:H G:9>IG>H@>HBDC>IDG:9I=GDJ<=:HI67A>H=:96EEGDK6AEGD8:9JG:H
>C8AJ9>C<H:II>C<8DC8:CIG6I>DCA>B>IH7N8DJCI:GE6GIN G:K>:L>C<8G:9>IG6I>C<H6C9G:FJ>G>C<8DAA6I:G6A;GDBI=:8DJCI:GE6GIN
/=:DBE6CN:CI:GH>CID9:G>K6I>K:HL>I=8DJCI:GE6GI>:HG6I:9DCAN DG7:II:G7NC6I>DC6AANG:8D<C>O:98G:9>IG6I>C<
6<:C8>:H /=:DBE6CN>HHJ7?:8IIDB6HI:GC:II>C<6GG6C<:B:CIHL=>8=EGDK>9:HH:I D;;6C98ADH:DJIC:II>C<D;:MEDHJG:H
L>I=8DJCI:GE6GI>:H 7JII=:DBE6CN9D:HCDID;;H:I9:G>K6I>K:6HH:IH6C9A>67>A>I>:H>C>IHDCHDA>96I:96A6C8:.=::IH /=:
DBE6CNXH8DAA6I:G6A6GG6C<:B:CIHG:FJ>G:I=:8DJCI:GE6GIN>C6C:IA>67>A>INEDH>I>DC>C:M8:HHD;EG: 9:I:GB>C:9I=G:H=DA9H
6;I:G8DCH>9:G>C<I=::;;:8IHD;C:II>C<6GG6C<:B:CIH IDEA:9<:86H=8DAA6I:G6A 6H=8DAA6I:G6AG:8:>K:9JC9:GI=:H:
6GG6C<:B:CIHL6HCDIH><C>;>86CI6HD;%6CJ6GN 6C9 /=:DBE6CNL6HCDIG:FJ>G:9IDEGDK>9:6CN86H=
8DAA6I:G6AID8DJCI:GE6GI>:H6HD;%6CJ6GN 6C9
$CDG9:GIDFJ6A>;N;DG=:9<:688DJCI>C< 6II=:>C8:EI>DCD;I=:=:9<>C<G:A6I>DCH=>E I=:DBE6CN;DGB6AAN9D8JB:CIH>IHG>H@
B6C6<:B:CID7?:8I>K:6C9HIG6I:<N;DGJC9:GI6@>C<I=:=:9<>C<IG6CH68I>DC 6HL:AA6H>IH9:H><C6I>DCD;I=:=:9<: $;6
9:G>K6I>K:>HG:8DG9:9JH>C<=:9<:688DJCI>C< 9:E:C9>C<DCI=:C6IJG:D;I=:=:9<: 9:G>K6I>K:<6>CH6C9ADHH:H6G:G:8DG9:9
I=GDJ<=I=:H6B:;>C6C8>6AHI6I:B:CIA>C:>I:B>C:6GC>C<HDG6G:G:8D<C>O:9>C688JBJA6I:9DI=:G8DBEG:=:CH>K:ADHHJCI>AI=:
=:9<:9>I:B>HG:8D<C>O:9>C:6GC>C<H :G>K6I>K:HI=6I9DCDIB::II=:8G>I:G>6;DG=:9<:688DJCI>C< DG8DCIG68IH;DGL=>8=I=:
DBE6CN=6HCDI:A:8I:9=:9<:688DJCI>C< 6G:G:8DG9:96I;6>GK6AJ:L>I=JCG:6A>O:9<6>CHDGADHH:HG:EDGI:9>C:6GC>C<H
:G>K6I>K:HL>I=6CJCG:6A>O:9<6>C6G:G:8DG9:9>CI=:DBE6CNHDCHDA>96I:96A6C8:.=::IH6H:>I=:G8JGG:CIDGCDC 8JGG:CI
6HH:IH 76H:9DCB6IJG>IN96I: 6C99:G>K6I>K:HL>I=6CJCG:6A>O:9ADHH6G:G:8DG9:96H:>I=:G8JGG:CIDGCDC 8JGG:CIA>67>A>I>:H
76H:9DCB6IJG>IN96I: -:;:GID)DI:;DGI=:EG:H:CI6I>DCD;I=:DBE6CNH9:G>K6I>K:6HH:IH6C9A>67>A>I>:H
$,4"$.7(('*(5
/=:DBE6CN>H6E6GINIDG:8:>K:;>M:9 G6I: E6NK6G>67A: G6I:>CI:G:HIG6I:HL6EHI=6II=:DBE6CNJH:HID=:9<:I=:;6>GK6AJ:
D;;>M:9 G6I:9:7I AA>CI:G:HIG6I:HL6EH9:H><C6I:96H;6>GK6AJ:=:9<:HD;I=:G:A6I:9ADC< I:GB9:7IB::II=:H=DGI8JI
B:I=D9G:FJ>G:B:CIHJC9:G0 . "+ 88DG9>C<AN 8=6C<:H>CI=:;6>GK6AJ:HD;I=:H:>CI:G:HIG6I:HL6EH6G:8DCH>9:G:9ID
:M68IAND;;H:I8=6C<:H>CI=:;6>GK6AJ:D;I=:JC9:GAN>C<ADC< I:GB9:7I /=:H:9:G>K6I>K:HL>AAB6IJG:DC96I:HG6C<>C<;GDB
EG>AIDEG>A
$5+.19('*(5
/=:DBE6CN>H6E6GINIDG:8:>K:;>M:9 G6I: E6N;>M:9 G6I:8GDHH8JGG:C8N>CI:G:HIG6I:HL6EHJH:9ID=:9<:I=:8JGG:C8N
:MEDHJG:6HHD8>6I:9L>I=I=:;DG:86HI:9E6NB:CIHD;EG>C8>E6A6C9>CI:G:HID;8:GI6>CCDC 0 . 9:CDB>C6I:99:7I /=:
DBE6CNG:8DG9H8=6C<:H>CI=:;6>GK6AJ:D;I=:H:HL6EH>C688JBJA6I:9DI=:G8DBEG:=:CH>K:ADHHL=>8=>HHJ7H:FJ:CIAN
G:8A6HH>;>:9>CID:6GC>C<H>CI=:E:G>D9I=6II=:=:9<:9;DG:86HI:9IG6CH68I>DC6;;:8IH:6GC>C<H /=:H:9:G>K6I>K:HL>AAB6IJG:DC
96I:HG6C<>C<;GDBEG>AID(6G8=

(608(56/(06('*(5
/=:DBE6CN>H6E6GINIDG:8:>K:;>M:9 G6I: E6N;>M:9 G6I:8GDHH8JGG:C8N>CI:G:HIG6I:HL6EHJH:9ID=:9<:I=:8JGG:C8N
:MEDHJG:6HHD8>6I:9L>I=C:I>CK:HIB:CIHD;8:GI6>CD;>IH;DG:><CDE:G6I>DCH /=:DBE6CNG:8DG9H8=6C<:H>C;6>GK6AJ:
6IIG>7JI67A:IDI=:=:9<:9G>H@>C688JBJA6I:9DI=:G8DBEG:=:CH>K:ADHH /=:H:9:G>K6I>K:H L=>8=G:A6I:IDI=:DBE6CNH
DE:G6I>DCH>CI=:0C>I:9&>C<9DB=:A9;DGH6A:6HD;%6CJ6GN =6K:B6IJG>IN96I:HG6C<>C<;GDB*8ID7:GID
!:7GJ6GN /=:DBE6CN6AHD9:H><C6I:98:GI6>C;DG:><C8JGG:C8N9:CDB>C6I:9ADC< I:GB9:7I6H6=:9<:D;8JGG:C8N
:MEDHJG:6HHD8>6I:9L>I=I=:C:I>CK:HIB:CID;I=:DBE6CNHDE:G6I>DCH>CI=:0C>I:9&>C<9DB6C9%6E6C 7DI=D;L=>8=L:G:
8A6HH>;>:96H=:A9;DGH6A:6HD;%6CJ6GN /=:DBE6CNG:8DG9H;DG:><C8JGG:C8N<6>CDGADHH6HHD8>6I:9L>I=
9:H><C6I:9ADC< I:GB9:7I>C688JBJA6I:9DI=:G8DBEG:=:CH>K:ADHH HD;%6CJ6GN 6C9 I=:DBE6CN=69
7>AA>DC6C9 7>AA>DC G:HE:8I>K:AN D;DJIHI6C9>C<ADC< I:GB9:7I9:H><C6I:96HC:I>CK:HIB:CI=:9<:H
/=:H:9:G>K6I>K:6C9CDC 9:G>K6I>K:<6>CHDGADHH:H8DCI>CJ:ID9:;:G>C688JBJA6I:9DI=:G8DBEG:=:CH>K:ADHHJCI>AI=:H6A:DG
HJ7HI6CI>6AA>FJ>96I>DCD;I=:H:;DG:><CDE:G6I>DCH -:;:GID)DI:;DG699>I>DC6A9:I6>AG:<6G9>C<I=:9>K:HI>IJG:D;I=:
DBE6CNHDE:G6I>DCH>CI=:0C>I:9&>C<9DB6C9%6E6C
) *("3".
$C8DB:I6M:H6G:688DJCI:9;DGJC9:GI=:76A6C8:H=::IB:I=D9 :;:GG:9I6M6HH:IH6C9A>67>A>I>:H6G:G:8D<C>O:9;DGI=:
:HI>B6I:9;JIJG:I6M8DCH:FJ:C8:H6IIG>7JI67A:ID9>;;:G:C8:H7:IL::CI=:;>C6C8>6AHI6I:B:CI86GGN>C<6BDJCIHD;:M>HI>C<
6HH:IH6C9A>67>A>I>:H6C9I=:>GG:HE:8I>K:I6M76H:HI:BEDG6GN9>;;:G:C8:H :;:GG:9I6M6HH:IH6C9A>67>A>I>:H6G:B:6HJG:9
JH>C<:C68I:9I6MG6I:H>C:;;:8I;DGI=:N:6G>CL=>8=I=DH:I:BEDG6GN9>;;:G:C8:H6G::ME:8I:9ID7:G:8DK:G:9DGH:IIA:9 /=:
:;;:8IDC9:;:GG:9I6M6HH:IH6C9A>67>A>I>:HD;68=6C<:>CI6MG6I:>HG:8D<C>O:9>C>C8DB:>CI=:E:G>D9I=6I>C8AJ9:HI=:
:C68IB:CI96I:
:;:GG:9I6M6HH:IH6G::K6AJ6I:9;DG;JIJG:G:6A>O6I>DC6C9G:9J8:97N6K6AJ6I>DC6AADL6C8:IDI=::MI:CII=6I6EDGI>DC>HCDI
BDG:A>@:ANI=6CCDIID7:G:6A>O:9 (6CN;68IDGH6G:8DCH>9:G:9L=:C6HH:HH>C<L=:I=:G>I>HBDG:A>@:ANI=6CCDII=6II=:
9:;:GG:9I6M6HH:IHL>AA7:G:6A>O:9 >C8AJ9>C<G:8:CI8JBJA6I>K::6GC>C<H :ME:8I6I>DCHD;;JIJG:I6M67A:>C8DB: 86GGN;DGL6G9
E:G>D9H 6C9DI=:GG:A:K6CIFJ6CI>I6I>K:6C9FJ6A>I6I>K:;68IDGH /=:G:8DK:G67>A>IND;I=:9:;:GG:9I6M6HH:IH>H:K6AJ6I:97N
6HH:HH>C<I=:69:FJ68ND;;JIJG::ME:8I:9I6M67A:>C8DB:;GDB6AAHDJG8:H >C8AJ9>C<G:K:GH6AD;I6M67A:I:BEDG6GN9>;;:G:C8:H
;DG:86HI:9DE:G6I>C<:6GC>C<H6C96K6>A67A:I6MEA6CC>C<HIG6I:<>:H /=:H:HDJG8:HD;>C8DB:G:ANDC:HI>B6I:H
/=:/6MJIH6C9%D7H8ID;I=:/6M8I8DCI6>CH6EGDK>H>DCL=>8=HJ7?:8IH60 . E6G:CID;6;DG:><CHJ7H>9>6GNID
8JGG:CI0 . I6MDC>IH<AD76A>CI6C<>7A:ADLTI6M:9>C8DB:V"$'/$W /=:"$'/$>C8DB:>H:A><>7A:;DG69:9J8I>DC L=>8=
ADL:GHI=::;;:8I>K:I6MG6I:ID ;DG86A:C96GN:6GHI=GDJ<=6C9 6;I:G /=:DBE6CNL>AAG:EDGI
I=:I6M>BE68ID;"$'/$6H6E:G>D98DHIL=:C>C8JGG:9 88DG9>C<AN I=:DBE6CN>HCDIEGDK>9>C<9:;:GG:9I6M:H;DG76H>H
9>;;:G:C8:H:ME:8I:9IDG:K:GH:6H"$'/$
$C9:I:GB>C>C<I=:EGDK>H>DC;DG>C8DB:I6M:H 6C6CCJ6A:;;:8I>K:>C8DB:I6MG6I:>HJH:976H:9DC6CCJ6A>C8DB: E:GB6C:CI
9>;;:G:C8:H7:IL::C7DD@6C9I6M>C8DB: 6C9HI6IJIDGN>C8DB:I6MG6I:H >H8G:I::K:CIHHJ8=6H6J9>IH:IIA:B:CIHDG8=6C<:H
>CI6MA6LH6G:G:8D<C>O:9>CI=:E:G>D9>CL=>8=I=:ND88JG
/=:DBE6CNG:8DG9H6A>67>A>IN;DGJCG:8D<C>O:9I6M7:C:;>IHG:HJAI>C<;GDBJC8:GI6>CI6MEDH>I>DCHI6@:CDG:ME:8I:9ID7:
I6@:C>C6I6MG:IJGC /=:DBE6CNG:8DG9H>CI:G:HI6C9E:C6AI>:HG:A6I:9IDJCG:8D<C>O:9I6M7:C:;>IH>C>CI:G:HI:ME:CH:6C9
DE:G6I>C< H:AA>C< <:C:G6A6C969B>C>HIG6I>K::ME:CH:H G:HE:8I>K:AN >CI=:DBE6CNHDCHDA>96I:9.I6I:B:CIHD;$C8DB:
-:;:GID)DI:;DG699>I>DC6A>C8DB:I6M9>H8ADHJG:H
"1")0"" *$)&/&*)
(6$.(5
/=:DBE6CNG:8D<C>O:HH6A:HG:K:CJ: C:ID;H6A:HI6M:H6C9:HI>B6I:9H6A:HG:IJGCH 6II=:I>B:>IH:AAHB:G8=6C9>H:DG
H:GK>8:HIDI=:8JHIDB:G :DBB:G8:H6A:H>C8AJ9:H=>EE>C<G:K:CJ:6C96G:G:8DG9:9JEDC9:A>K:GNIDI=:8JHIDB:G
HI>B6I:9H6A:HG:IJGCH6G:86A8JA6I:976H:9DC:ME:8I:9G:IJGCH
(/%(45+,2(((8(07(
/=:DBE6CNG:8D<C>O:HB:B7:GH=>E;::G:K:CJ:7DI=>CI=:0 . 6C9>CI:GC6I>DC6AANDK:GI=:I:GBD;I=:B:B7:GH=>E L=>8=
>HINE>86AANBDCI=H (:B7:GH=>E;::G:K:CJ:L6H 7>AA>DC;DG;>H86A 7>AA>DC;DG;>H86A6C9 7>AA>DC
;DG;>H86A G:HE:8I>K:AN (:B7:GH=>E;::G:K:CJ:>H>C8AJ9:9>CB:B7:GH=>E6C9DI=:G>C8DB:>CI=:DBE6CNH
DCHDA>96I:9.I6I:B:CIHD;$C8DB: :;:GG:9B:B7:GH=>E;::G:K:CJ:>H>C8AJ9:9>C688GJ:9A>67>A>I>:H>CI=:DBE6CNH
DCHDA>96I:96A6C8:.=::IH

,)6$4'5
JHIDB:GEJG8=6H:HD;<>;I86G9H6G:CDIG:8D<C>O:96HH6A:HJCI>AI=:86G9>HG:9::B:96C9I=:8JHIDB:GEJG8=6H:HB:G8=6C9>H:
JH>C<I=:<>;I86G9 ">;I86G9H>CI=:0 . 6C9HDB:8DJCIG>:H9DCDI86GGN6C:ME>G6I>DC96I:I=:G:;DG: 8JHIDB:GH6C9B:B7:GH
86CG:9::BI=:>G<>;I86G9H;DGB:G8=6C9>H:6C9H:GK>8:H>C9:;>C>I:AN ">;I86G9H>CHDB:8DJCIG>:HL=:G:I=:DBE6CN9D:H
7JH>C:HH=6K::ME>G6I>DC96I:H 2=>A:<>;I86G9H6G:<:C:G6AANG:9::B:9L>I=>CBDCI=H 68:GI6>CCJB7:GD;<>;I86G9H 7DI=
L>I=6C9L>I=DJI:ME>G6I>DC96I:H L>AACDI7:;JAANG:9::B:9 (6C6<:B:CI:HI>B6I:HJCG:9::B:976A6C8:H6C9G:8D<C>O:H
G:K:CJ:;DGI=:H:6BDJCIH>CB:B7:GH=>E6C9DI=:G>C8DB:>CI=:DBE6CNHDCHDA>96I:9.I6I:B:CIHD;$C8DB:DK:GI=:
:ME:8I:9G:9:BEI>DCE:G>D9
,0$0&,$.$0'6+(4(48,&(5
/=:DBE6CNG:8D<C>O:HG:K:CJ:;GDBH:GK>8:IG6CH68I>DCH6II=:I>B:I=:H:GK>8:>HE:G;DGB:9 ":C:G6AAN G:K:CJ:;GDB
H:GK>8:H>H8A6HH>;>:96H68DBEDC:CID;C:IH6A:H>CI=:DBE6CNHDCHDA>96I:9.I6I:B:CIHD;$C8DB:
*./*#'".
DHID;H6A:H>C8AJ9:H68IJ6AEGD9J8I8DHI I=:8DHID;IG6CHEDGI6I>DCIDI=:DBE6CNH9>HIG>7JI>DC;68>A>I>:H HIDG:H6C98AJ7H
;GDBHJEEA>:GH I=:8DHID;IG6CHEDGI6I>DC;GDBI=:DBE6CNH9>HIG>7JI>DC;68>A>I>:HIDI=:HIDG:H 8AJ7H6C98JHIDB:GH6C9I=:
8DHID;L6G:=DJH>C<;DGI=:.6BHAJ7H:<B:CI6C9>BEDGI9>HIG>7JI>DC8:CI:GH DHID;H6A:H>HG:9J8:97NHJEEA>:GE6NB:CIH
I=6I6G:CDI6G:>B7JGH:B:CID;HE:8>;>8 >C8G:B:CI6A6C9>9:CI>;>67A:8DHIH
4(")/.#-*(0++'&"-.
/=:DBE6CNG:8:>K:H8DCH>9:G6I>DC;GDBHJEEA>:GH;DGK6G>DJHEGD<G6BH EG>B6G>ANKDAJB:>C8:CI>K:H L6G:=DJH:6AADL6C8:H
6C9G:>B7JGH:B:CIH;DGHE:8>;>8EGD<G6BHHJ8=6HB6G@9DLCH B6G<>CEGDI:8I>DC 69K:GI>H>C<6C9HJEEA>:G HE:8>;>8;>MIJG:H
+6NB:CIH;GDBHJEEA>:GH6G:688DJCI:9;DG6H6G:9J8I>DCD;8DHID;H6A:H :M8:EI>C8:GI6>CA>B>I:9H>IJ6I>DCHL=:CI=:E6NB:CI
>H6G:>B7JGH:B:CID;HE:8>;>8 >C8G:B:CI6A6C9>9:CI>;>67A:8DHIH 6C96G:G:8D<C>O:9>CI=:DBE6CNHDCHDA>96I:9
.I6I:B:CIHD;$C8DB:L=:CI=:G:A6I:9>CK:CIDGN>HHDA9
+"-/&)$"''&)$")"-')! !(&)&./-/&1"3+").".
*E:G6I>C< H:AA>C< <:C:G6A6C969B>C>HIG6I>K::ME:CH:H>C8AJ9:6AADE:G6I>C<8DHIHD;I=:DBE6CN :M8:EI8DHID;H6A:H 6H
9:H8G>7:967DK: H6G:HJAI I=:B6?DG>IND;I=:8DHID;L6G:=DJH>C<6C9D88JE6C8N;DGI=:26AB6GI0 . 6C926AB6GI
$CI:GC6I>DC6AH:<B:CIH9>HIG>7JI>DC;68>A>I>:H>H>C8AJ9:9>CDE:G6I>C< H:AA>C< <:C:G6A6C969B>C>HIG6I>K::ME:CH:H :86JH:I=:
DBE6CNDCAN>C8AJ9:H6EDGI>DCD;I=:8DHID;>IH26AB6GI0 . 6C926AB6GI$CI:GC6I>DC6AH:<B:CIH9>HIG>7JI>DC;68>A>I>:H>C
8DHID;H6A:H >IH<GDHHEGD;>I6C9<GDHHEGD;>I6H6E:G8:CI6<:D;C:IH6A:HB6NCDI7:8DBE6G67A:IDI=DH:D;DI=:GG:I6>A:GHI=6I
B6N>C8AJ9:6AA8DHIHG:A6I:9IDI=:>G9>HIG>7JI>DC;68>A>I>:H>C8DHID;H6A:H6C9>CI=:86A8JA6I>DCD;<GDHHEGD;>I
!1"-/&.&)$ *./.
9K:GI>H>C<8DHIH6G::ME:CH:96H>C8JGG:9 8DCH>HIEG>B6G>AND;EG>CI I:A:K>H>DC6C99><>I6A69K:GI>H:B:CIH6C96G:G:8DG9:9>C
DE:G6I>C< H:AA>C< <:C:G6A6C969B>C>HIG6I>K::ME:CH:H>CI=:DBE6CNHDCHDA>96I:9.I6I:B:CIHD;$C8DB: $C8:GI6>CA>B>I:9
H>IJ6I>DCH G:>B7JGH:B:CIH;GDBHJEEA>:GHI=6I6G:;DGHE:8>;>8 >C8G:B:CI6A6C9>9:CI>;>67A:69K:GI>H>C<8DHIH6G:G:8D<C>O:96H6
G:9J8I>DCD;69K:GI>H>C<8DHIH>CDE:G6I>C< H:AA>C< <:C:G6A6C969B>C>HIG6I>K::ME:CH:H 9K:GI>H>C<8DHIHL:G: 7>AA>DC
7>AA>DC6C9 7>AA>DC;DG;>H86A 6C9 G:HE:8I>K:AN
0--") 4-).'/&*)
/=:6HH:IH6C9A>67>A>I>:HD;6AA>CI:GC6I>DC6AHJ7H>9>6G>:H6G:IG6CHA6I:9;GDBI=:G:HE:8I>K:AD86A8JGG:C8NIDI=:0 . 9DAA6G
JH>C<:M8=6C<:G6I:H6II=:76A6C8:H=::I96I: -:A6I:9IG6CHA6I>DC69?JHIB:CIH6G:G:8DG9:96H68DBEDC:CID;688JBJA6I:9
DI=:G8DBEG:=:CH>K:ADHH /=:DBE6CNHDCHDA>96I:9.I6I:B:CIHD;$C8DB:D;6AA>CI:GC6I>DC6AHJ7H>9>6G>:H6G:IG6CHA6I:9
;GDBI=:G:HE:8I>K:AD86A8JGG:C8>:HIDI=:0 . 9DAA6GJH>C<6K:G6<::M8=6C<:G6I:H;DGI=:E:G>D98DK:G:97NI=:>C8DB:
HI6I:B:CIH
" ")/ *0)/&)$-*)*0) "(")/.

,0$0&,$.05647/(065
$C%JC: I=:!.>HHJ:9.0 ,0$0&,$.05647/(065>4(',6155(5 12,& L=>8=BD9>;>:HI=:
B:6HJG:B:CID;:ME:8I:98G:9>IADHH:HD;8:GI6>C;>C6C8>6A>CHIGJB:CIH /=:DBE6CN69DEI:9I=>H.0DC!:7GJ6GN
L>I=CDB6I:G>6A>BE68IIDI=:DBE6CNHDCHDA>96I:9!>C6C8>6A.I6I:B:CIH

$?D5 $5D>3?=5&5B?==?>)81B5
6H>8C:I>C8DB:E:G8DBBDCH=6G:6IIG>7JI67A:ID26AB6GI>H76H:9DCI=:L:><=I:9 6K:G6<:8DBBDCH=6G:HDJIHI6C9>C<
9JG>C<I=:G:A:K6CIE:G>D9 >AJI:9C:I>C8DB:E:G8DBBDCH=6G:6IIG>7JI67A:ID26AB6GI>H76H:9DCI=:L:><=I:9 6K:G6<:
8DBBDCH=6G:HDJIHI6C9>C<9JG>C<I=:G:A:K6CIE:G>D969?JHI:9;DGI=:9>AJI>K::;;:8ID;H=6G: 76H:96L6G9H /=:DBE6CN9>9
CDI=6K:H><C>;>86CIH=6G: 76H:96L6G9HDJIHI6C9>C<I=6IL:G:6CI>9>AJI>K:6C9CDI>C8AJ9:9>CI=:86A8JA6I>DCD;9>AJI:9C:I
>C8DB:E:G8DBBDCH=6G:6IIG>7JI67A:ID26AB6GI;DG;>H86A 6C9
/=:;DAADL>C<I67A:EGDK>9:H6G:8DC8>A>6I>DCD;I=:CJB:G6IDGH6C99:CDB>C6IDGHJH:9ID9:I:GB>C:76H>86C99>AJI:9C:I
>C8DB:E:G8DBBDCH=6G:6IIG>7JI67A:ID26AB6GI
9C31</51BC>454 1>E1BI
/17065,0/,..,105(:&(262(45+$4('$6$
$E=5B1D?B
DCHDA>96I:9C:I>C8DB:6IIG>7JI67A:ID26AB6GI
5>?=9>1D?B
2:><=I:9 6K:G6<:8DBBDCH=6G:HDJIHI6C9>C< 76H>8
>AJI>K:>BE68ID;HID8@DEI>DCH6C9DI=:GH=6G: 76H:96L6G9H
2:><=I:9 6K:G6<:8DBBDCH=6G:HDJIHI6C9>C< 9>AJI:9
$5D9>3?=5@5B3?==?>C81B51DDB92ED12<5D?-1<=1BD
6H>8
>AJI:9
$?D5 )81B58?<45BCAE9DI
/=:IDI6A6JI=DG>O:9H=6G:HD; E6GK6AJ:8DBBDCHID8@>H 7>AA>DC D;L=>8= 7>AA>DCL:G:>HHJ:96C9DJIHI6C9>C<6H
D;%6CJ6GN 6C9
+$4($5('1/2(05$6,10
/=:DBE6CN=6H6L6G9:9H=6G: 76H:98DBE:CH6I>DCID6HHD8>6I:H6C9CDC:BEADN::9>G:8IDGHD;I=:DBE6CN /=:
8DBE:CH6I>DC:ME:CH:G:8D<C>O:9;DG6AAHID8@>C8:CI>K:EA6CH >C8AJ9>C<:ME:CH:6HHD8>6I:9L>I=EA6CHD;I=:DBE6CNH
8DCHDA>96I:9HJ7H>9>6G>:H<G6CI:9>CI=:HJ7H>9>6G>:HG:HE:8I>K:HID8@ L6H 7>AA>DC 7>AA>DC6C9 7>AA>DC;DG;>H86A
6C9 G:HE:8I>K:AN .=6G: 76H:98DBE:CH6I>DC:ME:CH:>H<:C:G6AAN>C8AJ9:9>CDE:G6I>C< H:AA>C< <:C:G6A6C9
69B>C>HIG6I>K::ME:CH:H>CI=:DBE6CNHDCHDA>96I:9.I6I:B:CIHD;$C8DB: /=:IDI6A>C8DB:I6M7:C:;>IG:8D<C>O:9;DG
H=6G: 76H:98DBE:CH6I>DCL6H 7>AA>DC 7>AA>DC6C9 7>AA>DC;DG;>H86A 6C9 G:HE:8I>K:AN /=:
;DAADL>C<I67A:HJBB6G>O:HI=:DBE6CNHH=6G: 76H:98DBE:CH6I>DC:ME:CH:7N6L6G9INE:;DG6AAEA6CH
9C31</51BC>454 1>E1BI
/17065,0/,..,105
-:HIG>8I:9HID8@JC>IH
-:HIG>8I:9HID8@6C9E:G;DGB6C8: 76H:9G:HIG>8I:9HID8@JC>IH
*I=:G
)81B5 21C543?=@5>C1D9?>5H@5>C5
/=:26AB6GI$C8 .ID8@$C8:CI>K:+A6CD;I=:+A6C 6HHJ7H:FJ:CIAN6B:C9:96C9G:HI6I:9 L6H:HI67A>H=:9ID<G6CI

HID8@DEI>DCH G:HIG>8I:9CDC K:HI:9HID8@ E:G;DGB6C8:H=6G:JC>IH6C9DI=:G:FJ>IN8DBE:CH6I>DC6L6G9H;DGL=>8=
B>AA>DCH=6G:HD;26AB6GI8DBBDCHID8@>HHJ:9DGID7:>HHJ:9JC9:GI=:+A6C=6K:7::CG:<>HI:G:9JC9:GI=:.:8JG>I>:H8ID;
/=:DBE6CN7:A>:K:HI=6IHJ8=6L6G9HH:GK:ID6A><CI=:>CI:G:HIHD;>IH6HHD8>6I:HL>I=I=DH:D;>IHH=6G:=DA9:GH
/=:+A6CH6L6G9INE:H6G:HJBB6G>O:96H;DAADLH
R (564,&6('61&-!0,65-:HIG>8I:9HID8@JC>IHEGDK>9:G><=IHIDDBE6CNHID8@6;I:G6HE:8>;>:9H:GK>8:E:G>D9
:<>CC>C<>C;>H86A G:HIG>8I:9HID8@JC>IH<:C:G6AANK:HI6I6G6I:D;:68=N:6GDK:G6;DJGN:6GE:G>D9;GDBI=:
96I:D;I=:<G6CI +G>DGID;>H86A D;G:HIG>8I:9HID8@JC>IH<:C:G6AANK:HI:9I=G::N:6GH;GDBI=:<G6CI96I:6C9
I=:G:B6>C>C<L:G:K:HI:9;>K:N:6GH;GDBI=:<G6CI96I: /=:;6>GK6AJ:D;:68=G:HIG>8I:9HID8@JC>I>H9:I:GB>C:9
DCI=:96I:D;<G6CIJH>C<I=:HID8@EG>8:9>H8DJCI:9;DGI=::ME:8I:99>K>9:C9N>:A9I=GDJ<=I=:K:HI>C<E:G>D96C9>H
G:8D<C>O:9G6I67ANDK:GI=:K:HI>C<E:G>D9 /=::ME:8I:99>K>9:C9N>:A9>H76H:9DCI=:6CI>8>E6I:99>K>9:C9HDK:GI=:
K:HI>C<E:G>D9 /=:L:><=I:9 6K:G6<:9>H8DJCI;DGI=:9>K>9:C9N>:A9JH:9ID9:I:GB>C:I=:;6>GK6AJ:D;G:HIG>8I:9HID8@
JC>IH<G6CI:9>C;>H86A 6C9L6H 6C9 G:HE:8I>K:AN

= (564,&6('61&-$0'(4)14/$0&(%$5('(564,&6('61&-!0,65-:HIG>8I:9HID8@6L6G9H6G:;DGH=6G:HI=6IK:HI76H:9
DCI=:E6HH6<:D;I>B:6C9>C8AJ9:G:HIG>8I>DCHG:A6I:9ID:BEADNB:CI +:G;DGB6C8: 76H:9G:HIG>8I:9HID8@JC>IHK:HI
76H:9DCI=:E6HH6<:D;I>B:6C968=>:K:B:CID;E:G;DGB6C8:8G>I:G>66C9B6NG6C<:;GDBIDD;I=:DG><>C6A
6L6G96BDJCI 1:HI>C<E:G>D9H;DGI=:H:6L6G9H6G:<:C:G6AAN7:IL::CDC:6C9I=G::N:6GH -:HIG>8I:9HID8@6C9
E:G;DGB6C8: 76H:9G:HIG>8I:9HID8@JC>IHB6N7:H:IIA:9DG9:;:GG:9>CHID8@6C96G:688DJCI:9;DG6H:FJ>IN>CI=:
DBE6CNHDCHDA>96I:96A6C8:.=::IH /=:;6>GK6AJ:D;G:HIG>8I:9HID8@6L6G9H>H9:I:GB>C:9DCI=:96I:D;<G6CI
6C9>H:ME:CH:9G6I67ANDK:GI=:K:HI>C<E:G>D9 /=:;6>GK6AJ:D;E:G;DGB6C8: 76H:9G:HIG>8I:9HID8@JC>IH>H
9:I:GB>C:9DCI=:96I:D;<G6CIJH>C<I=:DBE6CNHHID8@EG>8:9>H8DJCI:9;DGI=::ME:8I:99>K>9:C9N>:A9I=GDJ<=I=:
K:HI>C<E:G>D96C9>HG:8D<C>O:9DK:GI=:K:HI>C<E:G>D9 /=:L:><=I:9 6K:G6<:9>H8DJCI;DGI=:9>K>9:C9N>:A9JH:9ID
9:I:GB>C:I=:;6>GK6AJ:D;E:G;DGB6C8: 76H:9G:HIG>8I:9HID8@JC>IH>C;>H86A 6C9L6H 6C9
G:HE:8I>K:AN
$C699>I>DCIDI=:+A6C !A>E@6GI=6H8:GI6>CH=6G: 76H:98DBE:CH6I>DCEA6CH;DG6HHD8>6I:HJC9:GL=>8=DEI>DCHID68FJ>G:
!A>E@6GI8DBBDCH=6G:HB6N7:>HHJ:9 .=6G: 76H:98DBE:CH6I>DC:ME:CH:6HHD8>6I:9L>I=I=:H:EA6CH>H>C8AJ9:9>CI=:*I=:G
A>C:>CI=:I67A:67DK:
/=:;DAADL>C<I67A:H=DLHI=:68I>K>IN;DGG:HIG>8I:9HID8@JC>IH6C9G:HIG>8I:9HID8@6C9E:G;DGB6C8: 76H:9G:HIG>8I:9HID8@
JC>IH9JG>C<;>H86A
(5CDB93D54)D?3;1>4
&5B6?B=1>35 21C54(5CDB93D54)D?3;
(5CDB93D54)D?3;+>9DC +>9DC
-5978D54 F5B175 -5978D54 F5B175
B1>D 1D519B B1>D 1D519B
+$4(5,06+175$0'5 )81B5C ,1<E5&5B)81B5 )81B5C ,1<E5&5B)81B5
*JIHI6C9>C<6HD;!:7GJ6GN
"G6CI:9
9?JHIB:CI;DGE:G;DGB6C8:68=>:K:B:CI U U
1:HI:9:M:G8>H:9
!DG;:>I:9
%EDCD1>49>71C?6 1>E1BI
-:EG:H:CIHI=:69?JHIB:CIIDEG:K>DJHAN<G6CI:9E:G;DGB6C8:H=6G:JC>IH;DGE:G;DGB6C8:68=>:K:B:CI
/=:;DAADL>C<I67A:>C8AJ9:H699>I>DC6A>C;DGB6I>DCG:A6I:9IDG:HIG>8I:9HID8@JC>IH6C9G:HIG>8I:9HID8@6C9E:G;DGB6C8: 76H:9
G:HIG>8I:9HID8@JC>IH
9C31</51BC>454 1>E1BI
/17065,0/,..,105(:&(26;($45
!6>GK6AJ:D;G:HIG>8I:9HID8@JC>IHK:HI:9
!6>GK6AJ:D;G:HIG>8I:9HID8@6C9E:G;DGB6C8: 76H:9G:HIG>8I:9HID8@JC>IHK:HI:9
0CG:8D<C>O:98DBE:CH6I>DC8DHI;DGG:HIG>8I:9HID8@JC>IH
0CG:8D<C>O:98DBE:CH6I>DC8DHI;DGG:HIG>8I:9HID8@6C9E:G;DGB6C8: 76H:9G:HIG>8I:9HID8@JC>IH
2:><=I:96K:G6<:G:B6>C>C<E:G>D9ID:ME:CH:;DGG:HIG>8I:9HID8@JC>IHN:6GH
2:><=I:96K:G6<:G:B6>C>C<E:G>D9ID:ME:CH:;DGG:HIG>8I:9HID8@6C9E:G;DGB6C8: 76H:9G:HIG>8I:9HID8@
JC>IHN:6GH
+$4((274&+$5(41*4$/
!GDBI>B:IDI>B: I=:DBE6CNG:EJG8=6H:HH=6G:HD;>IH8DBBDCHID8@JC9:GH=6G:G:EJG8=6H:EGD<G6BH6JI=DG>O:97NI=:
DBE6CNHD6G9D;>G:8IDGH AAG:EJG8=6H:HB69:9JG>C<;>H86AL:G:B69:JC9:GI=: 7>AA>DCH=6G:G:EJG8=6H:
EGD<G6B6EEGDK:9>C*8ID7:G D;L=>8=6JI=DG>O6I>DC;DG 7>AA>DCD;H=6G:G:EJG8=6H:HG:B6>C:96HD;%6CJ6GN
*C!:7GJ6GN I=:D6G9D;>G:8IDGH6EEGDK:96C:L 7>AA>DCH=6G:G:EJG8=6H:EGD<G6BL=>8= 7:<>CC>C<
!:7GJ6GN G:EA68:9I=:EG:K>DJHH=6G:G:EJG8=6H:EGD<G6B CNG:EJG8=6H:9H=6G:H6G:8DCHIGJ8I>K:ANG:I>G:96C9
G:IJGC:9ID6CJC>HHJ:9HI6IJH
/=:DBE6CNG:<JA6GANG:K>:LHH=6G:G:EJG8=6H:68I>K>IN6C98DCH>9:GHH:K:G6A;68IDGH>C9:I:GB>C>C<L=:CID:M:8JI:H=6G:
G:EJG8=6H:H >C8AJ9>C< 6BDC<DI=:GI=>C<H 8JGG:CI86H=C::9H 86E68>IN;DGA:K:G6<: 8DHID;7DGGDL>C<H G:HJAIHD;DE:G6I>DCH
6C9I=:B6G@:IEG>8:D;I=:DBE6CNH8DBBDCHID8@ /=:;DAADL>C<I67A:EGDK>9:H DC6H:IIA:B:CI96I:76H>H I=:CJB7:GD;
H=6G:HG:EJG8=6H:9 6K:G6<:EG>8:E6>9E:GH=6G:6C9IDI6A6BDJCIE6>9;DGH=6G:G:EJG8=6H:H;DG;>H86A 6C9
9C31</51BC>454 1>E1BI
/17065,0/,..,105(:&(262(45+$4('$6$
/DI6ACJB7:GD;H=6G:HG:EJG8=6H:9
K:G6<:EG>8:E6>9E:GH=6G:
/DI6A86H=E6>9;DGH=6G:G:EJG8=6H:H

$?D5 33E=E<1D54%D85B?=@B585>C9F5"?CC
/=:;DAADL>C<I67A:EGDK>9:HI=:8=6C<:H>CI=:8DBEDH>I>DCD;IDI6A688JBJA6I:9DI=:G8DBEG:=:CH>K:ADHH;DG;>H86A
6C9
+>B51<9J54
EBB5>3I $5D 19>?> #9>9=E=
/17065,0/,..,105$0'0(61),//$6(4,$.,0&1/( *B1>C<1D9?> >F5CD=5>D F19<12<5 6?B 1C8<?G &5>C9?>
6$:(5 1>4%D85B 5475C )1<5)53EB9D95C 5475C "9129<9DI *?D1<
1<1>35C1C?652BE1BI
9DEI>DCD;C:L688DJCI>C<HI6C96G9H U
*I=:G8DBEG:=:CH>K:>C8DB:ADHH7:;DG: U
G:8A6HH>;>86I>DCH C:I

-:8A6HH>;>86I>DCHID>C8DB: C:I U U
1<1>35C1C?6 1>E1BI U
*I=:G8DBEG:=:CH>K:>C8DB:ADHH7:;DG:
U
G:8A6HH>;>86I>DCH C:I
-:8A6HH>;>86I>DCHID>C8DB: C:I U U U
1<1>35C1C?6 1>E1BI U
*I=:G8DBEG:=:CH>K:>C8DB:ADHH7:;DG:
G:8A6HH>;>86I>DCH C:I U

-:8A6HH>;>86I>DCHID>C8DB: C:I U U
1<1>35C1C?6 1>E1BI U
+G>B6G>ANG:A6I:HIDI=:69DEI>DCD;.0 6C9.0 0&1/(6$6(/(06>(2146,0*1/24(+(05,8(0&1/( 12,& (&.$55,),&$6,101)
(46$,0 $:))(&65)41/&&7/7.$6('6+(41/24(+(05,8(0&1/(
$C8AJ9:H68JBJA6I>K:;DG:><C8JGG:C8NIG6CHA6I>DCADHHD; 7>AA>DC ;DGL=>8=I=:G:L6HCDG:A6I:9>C8DB:I6M:H JEDCH6A:D;I=:B6?DG>INHI6@:>C
26AB6GIG6O>A -:;:GID)DI:
+G>B6G>AN>C8AJ9:HI=:G:B:6HJG:B:CID;H96"GDJE'>B>I:9HH96E:CH>DC7:C:;>ID7A><6I>DCHJ7H:FJ:CIIDI=:86H=8DCIG>7JI>DCB69:7NH96>C
;>H86A -:;:GID)DI:
$C8AJ9:H68JBJA6I>K:;DG:><C8JGG:C8NIG6CHA6I>DCADHHD; 7>AA>DC ;DGL=>8=I=:G:L6HCDG:A6I:9>C8DB:I6M:H JEDCH6A:D;I=:B6?DG>INHI6@:>C
26AB6GIG<:CI>C6 -:;:GID)DI:
BDJCIHG:8A6HH>;>:9;GDB688JBJA6I:9DI=:G8DBEG:=:CH>K:ADHH;DG9:G>K6I>K:H6G:G:8DG9:9>C>CI:G:HI C:I >CI=:DBE6CNH

DCHDA>96I:9.I6I:B:CIHD;$C8DB: 6C9I=:6BDJCIH;DGI=:B>C>BJBE:CH>DCA>67>A>IN 6HL:AA6HI=:8JBJA6I>K:IG6CHA6I>DC
G:HJAI>C<;GDBI=:9>HEDH>I>DCD;67JH>C:HH 6G:G:8DG9:9>CDI=:G<6>CH6C9ADHH:H>CI=:DBE6CNHDCHDA>96I:9.I6I:B:CIHD;
$C8DB:
$?D5 33BE54"9129<9D95C
/=:DBE6CNH688GJ:9A>67>A>I>:H8DCH>HID;I=:;DAADL>C<6HD;%6CJ6GN 6C9
1>E1BI
/17065,0/,..,105
'>67>A>I>:H=:A9;DGH6A: U
88GJ:9L6<:H6C97:C:;>IH
.:A; >CHJG6C8:

88GJ:9CDC >C8DB:I6M:H
:;:GG:9<>;I86G9G:K:CJ:
*I=:G
*?D1<133BE54<9129<9D95C
'>67>A>I>:H=:A9;DGH6A:G:A6I:IDI=:DBE6CNHDE:G6I>DCH>C%6E6C6C9I=:0 & 8A6HH>;>:96H=:A9;DGH6A:6HD;%6CJ6GN .::)DI:
88GJ:9L6<:H6C97:C:;>IH>C8AJ9:688GJ:9L6<:H H6A6G>:H K686I>DC 7DCJH:H6C9DI=:G>C8:CI>K:EA6CH
.:A; >CHJG6C8:8DCH>HIHD;>CHJG6C8: G:A6I:9A>67>A>I>:H HJ8=6HLDG@:GH8DBE:CH6I>DC <:C:G6AA>67>A>IN 6JIDA>67>A>IN EGD9J8IA>67>A>IN6C98:GI6>C
:BEADN:: G:A6I:9=:6AI=86G:7:C:;>IH
88GJ:9CDC >C8DB:I6M:H>C8AJ9:688GJ:9E6NGDAA EGDE:GIN K6AJ: 699:9 H6A:H6C9B>H8:AA6C:DJHDI=:GI6M:H
*I=:G688GJ:9A>67>A>I>:H8DCH>HID;K6G>DJH>I:BHHJ8=6H>CI:G:HI B6>CI:C6C8: JI>A>I>:H A:<6A8DCI>C<:C8>:H 6C969K:GI>H>C<

$?D5 )8?BD D5B=?BB?G9>7C1>4"?>7 D5B=52D
.=DGI I:GB7DGGDL>C<H8DCH>HID;8DBB:G8>6AE6E:G6C9A>C:HD;8G:9>I .=DGI I:GB7DGGDL>C<H6HD;%6CJ6GN 6C9
L:G: 7>AA>DC6C9 7>AA>DC G:HE:8I>K:AN L>I=L:><=I:9 6K:G6<:>CI:G:HIG6I:HD; 6C9 G:HE:8I>K:AN .=DGI I:GB
7DGGDL>C<H6HD;%6CJ6GN L:G:EG>B6G>ANDJIH>9:D;I=:0 .
/=:DBE6CN=6HK6G>DJH8DBB>II:9A>C:HD;8G:9>I>CI=:0 . IDHJEEDGI>IH8DBB:G8>6AE6E:GEGD<G6B6C96G:HJBB6G>O:9>C
I=:;DAADL>C<I67A:
1>E1BI 1>E1BI
/17065,0/,..,105 F19<12<5 B1G> +>4B1G> F19<12<5 B1G> +>4B1G>
!>K: N:6G8G:9>I;68>A>IN U U
96NG:KDAK>C<8G:9>I;68>A>IN U U
*?D1A I=:DBE6CNG:C:L:96C9:MI:C9:9>IH:M>HI>C< 96NG:KDAK>C<8G:9>I;68>A>IN
/=:8DBB>II:9A>C:HD;8G:9>I>CI=:I67A:67DK:B6IJG:6IK6G>DJHI>B:H7:IL::CEG>A6C9(6N 86GGN>CI:G:HIG6I:H
<:C:G6AANG6C<>C<7:IL::C'$*-EAJH76H>HED>CIH6C9'$*-EAJH76H>HED>CIH 6C9>C8JG8DBB>IB:CI;::HG6C<>C<
7:IL::C 6C9 76H>HED>CIH $C8DC?JC8I>DCL>I=I=:8DBB>II:9A>C:HD;8G:9>IA>HI:9>CI=:I67A:67DK: I=:DBE6CN=6H
6<G::9IDD7H:GK:8:GI6>C8DK:C6CIH I=:BDHIG:HIG>8I>K:D;L=>8=G:A6I:HIDI=:B6M>BJB6BDJCID;H:8JG:99:7I
99>I>DC6AAN I=:DBE6CN=6HHNC9>86I:96C9;GDCI:9A:II:GHD;8G:9>I6K6>A67A:L=>8=IDI6A:9 7>AA>DC6HD;%6CJ6GN
6C9 D;L=>8= 7>AA>DC6C9 7>AA>DCL6H9G6LC6HD;%6CJ6GN 6C9 G:HE:8I>K:AN
/=:DBE6CNHADC< I:GB9:7I L=>8=>C8AJ9:HI=:;6>GK6AJ:>CHIGJB:CIH;JGI=:G9>H8JHH:9>C)DI: 8DCH>HIHD;I=:;DAADL>C<
6HD;%6CJ6GN 6C9
1>E1BI 1>E1BI
#1DEB9DI1D5C F5B175 F5B175
/17065,0/,..,105 I9C31</51B =?E>D (1D5 =?E>D (1D5
+>C53EB54452D
!>M:9
16G>67A:
*?D1<+ ) 4?<<1B45>?=9>1D54
!>M:9
16G>67A: U U
*?D1<EB?45>?=9>1D54
!>M:9
16G>67A: U U
*?D1<)D5B<9>745>?=9>1D54
!>M:9
16G>67A: U U
*?D1</5>45>?=9>1D54
*?D1<E>C53EB54452D
*?D1<?D85B
*?D1<452D
':HH6BDJCIH9J:L>I=>CDC:N:6G
"?>7 D5B=452D
/=:6K:G6<:G6I:G:EG:H:CIHI=:L:><=I:9 6K:G6<:HI6I:9G6I:;DG:68=8DGG:HEDC9>C<9:7I86I:<DGN 76H:9DCN:6G :C976A6C8:H6C9N:6G :C9>CI:G:HIG6I:H
CCJ6AB6IJG>I>:HD;ADC< I:GB9:7I9JG>C<I=:C:MI;>K:N:6GH6C9I=:G:6;I:G6G:6H;DAADLH
/17065,0/,..,105 >>E1<
9C31</51B #1DEB9D95C

/=:G:6;I:G
*?D1<

(%6557$0&(5
/=:G:L:G:CDADC< I:GB9:7I>HHJ6C8:H>C;>H86A $C;DGB6I>DCDCADC< I:GB9:7I>HHJ:99JG>C<;>H86A ;DG<:C:G6A
8DGEDG6I:EJGEDH:H >H6H;DAADLH
/17065,0/,..,105
CCE51D5 &B9>39@1<=?E>D #1DEB9DI1D5 9H54FC <?1D9>7 >D5B5CD(1D5 $5D&B?3554C
EG>A %JAN !>M:9
EG>A %JAN !>M:9
EG>A %JAN !>M:9
.:EI:B7:G .:EI:B7:G !>M:9
.:EI:B7:G .:EI:B7:G !>M:9
16G>DJH 16G>DJH 16G>DJH 16G>DJH
*?D1<
/=:;>H86A>HHJ6C8:H6G:H:C>DG JCH:8JG:9CDI:HL=>8=G6C@:FJ6AANL>I=6AADI=:GH:C>DG JCH:8JG:99:7ID7A><6I>DCHD;I=:

DBE6CN 6C96G:CDI8DCK:GI>7A:DG:M8=6C<:67A: /=:H:>HHJ6C8:H9DCDI8DCI6>C6CN;>C6C8>6A8DK:C6CIHL=>8=G:HIG>8II=:
DBE6CNH67>A>INIDE6N9>K>9:C9HDGG:EJG8=6H:8DBE6CNHID8@
(2$;/(065
/=:;DAADL>C<I67A:EGDK>9:H9:I6>AHD;9:7IG:E6NB:CIH9JG>C<;>H86A
/17065,0/,..,105
#1DEB9DI1D5 &B9>39@1<=?E>D 9H54FC <?1D9>7 >D5B5CD(1D5 (5@1I=5>D
%JC: !AD6I>C< !AD6I>C<
%JC: !>M:9
%JAN !>M:9
%JAN S !>M:9
*8ID7:G !>M:9
:8:B7:G !>M:9
*?D1<B5@1I=5>D?6=1DEB54452D
/=:;DAADL>C<I67A:EGDK>9:H9:I6>AHD;9:7IG:E6NB:CIH9JG>C<;>H86A
/17065,0/,..,105
#1DEB9DI1D5 &B9>39@1<=?E>D 9H54FC <?1D9>7 >D5B5CD(1D5 (5@1I=5>D
!:7GJ6GN !>M:9
*8ID7:G !AD6I>C< !AD6I>C<
*8ID7:G !>M:9
16G>DJH 16G>DJH 16G>DJH
*?D1<B5@1I=5>D?6=1DEB54452D
$C8AJ9:HG:E6NB:CIHD;HB6AA:GADC< I:GB9:7I6H>IB6IJG:9>CH:K:G6ACDC 0 . DE:G6I>DCH
$?D5 "51C5C
/=:DBE6CNA:6H:H8:GI6>CG:I6>AAD86I>DCH 9>HIG>7JI>DC6C9;JA;>AAB:CI8:CI:GH L6G:=DJH:H D;;>8:HE68:H A6C96C9:FJ>EB:CI
I=GDJ<=DJII=:0 . 6C9>CI:GC6I>DC6AAN
/=:DBE6CNHA:6H:8DHIHG:8D<C>O:9>CI=:DCHDA>96I:9.I6I:B:CID;$C8DB:8DCH>HID;I=:;DAADL>C<
9C31<I51BC5>454 1>E1BI
/17065,0/,..,105
*E:G6I>C<A:6H:8DHI
!>C6C8:A:6H:8DHI
BDGI>O6I>DCD;G><=I D; JH:6HH:IH
$CI:G:HIDCA:6H:D7A><6I>DCH
16G>67A:A:6H:8DHI

-:CI6AH>C8AJ9>C<6BDJCIH6EEA>867A:IDI6M:H >CHJG6C8: B6>CI:C6C8: DI=:GDE:G6I>C<:ME:CH:H6C98DCI>C<:CIG:CI6AHJC9:GDE:G6I>C<A:6H:H6C9DI=:G
H=DGI I:GBG:CI6A6GG6C<:B:CIHL:G: 7>AA>DC>C;>H86A

*I=:GA:6H:>C;DGB6I>DC>H6H;DAADLH
9C31<I51BC5>454 1>E1BI
1..$4$/17065,0/,..,105
6H=E6>9;DG6BDJCIH>C8AJ9:9>CB:6HJG:B:CID;A:6H:D7A><6I>DCH
*E:G6I>C<86H=;ADLH;GDBDE:G6I>C<A:6H:H
*E:G6I>C<86H=;ADLH;GDB;>C6C8:A:6H:H
!>C6C8>C<86H=;ADLH;GDB;>C6C8:A:6H:H
HH:IHD7I6>C:9>C:M8=6C<:;DGDE:G6I>C<A:6H:D7A><6I>DCH
HH:IHD7I6>C:9>C:M8=6C<:;DG;>C6C8:A:6H:D7A><6I>DCH
C?6 1>E1BI

2:><=I:9 6K:G6<:G:B6>C>C<A:6H:I:GB DE:G6I>C<A:6H:H N:6GH N:6GH
2:><=I:9 6K:G6<:G:B6>C>C<A:6H:I:GB ;>C6C8:A:6H:H N:6GH N:6GH
2:><=I:9 6K:G6<:9>H8DJCIG6I: DE:G6I>C<A:6H:H
2:><=I:9 6K:G6<:9>H8DJCIG6I: ;>C6C8:A:6H:H

!DG;>H86A L:><=I:96K:G6<:G:B6>C>C<A:6H:I:GB6C99>H8DJCIG6I:6BDJCIH:M8AJ9:DE:G6I>DCH8A6HH>;>:96H=:A9;DGH6A:
/=:6<<G:<6I:6CCJ6AA:6H:D7A><6I>DCH6I%6CJ6GN 6G:6H;DAADLH
/17065,0/,..,105
9C31</51B %@5B1D9>7"51C5C 9>1>35"51C5C

/=:G:6;I:G
*?D1<E>49C3?E>D54<51C5?2<971D9?>C
':HH>BEJI:9>CI:G:HI
$5D<51C5?2<971D9?>C
$?D5 19B,1<E5#51CEB5=5>DC
HH:IH6C9A>67>A>I>:HG:8DG9:96I;6>GK6AJ:6G:B:6HJG:9JH>C<I=:;6>GK6AJ:=>:G6G8=N L=>8=EG>DG>I>O:HI=:>CEJIHJH:9>C
B:6HJG>C<;6>GK6AJ: /=:A:K:AHD;I=:;6>GK6AJ:=>:G6G8=N6G:
R ':K:AD7H:GK67A:>CEJIHHJ8=6HFJDI:9EG>8:H>C68I>K:B6G@:IH
R ':K:A>CEJIHDI=:GI=6CFJDI:9EG>8:H>C68I>K:B6G@:IHI=6I6G::>I=:G9>G:8IANDG>C9>G:8IAND7H:GK67A:6C9
R ':K:AJCD7H:GK67A:>CEJIH;DGL=>8=A>IIA:DGCDB6G@:I96I6:M>HIH I=:G:;DG:G:FJ>G>C<I=:DBE6CNID9:K:ADE
>IHDLC6HHJBEI>DCH
/=:DBE6CNB:6HJG:HI=:;6>GK6AJ:D;:FJ>IN>CK:HIB:CIHDC6G:8JGG>C<76H>H>CI=:688DBE6CN>C<DCHDA>96I:96A6C8:
.=::IH /=:;6>GK6AJ:D;I=:DBE6CNH:FJ>IN>CK:HIB:CIHL>I=G:69>AN9:I:GB>C67A:;6>GK6AJ:H6G:6H;DAADLH
19B,1<E51C?6 19B,1<E51C?6
/17065,0/,..,105 1>E1BI 1>E1BI
FJ>IN>CK:HIB:CIHB:6HJG:9JH>C<':K:A>CEJIH
FJ>IN>CK:HIB:CIHB:6HJG:9JH>C<':K:A>CEJIH
*?D1<

(4,8$6,8(5
/=:DBE6CN6AHD=6H9:G>K6I>K:HG:8DG9:96I;6>GK6AJ: :G>K6I>K:;6>GK6AJ:H6G:I=::HI>B6I:96BDJCIHI=:DBE6CNLDJA9
G:8:>K:DGE6NJEDCI:GB>C6I>DCD;I=:G:A6I:99:G>K6I>K:6<G::B:CIH6HD;I=:G:EDGI>C<96I:H /=:;6>GK6AJ:H=6K:7::C
B:6HJG:9JH>C<I=:>C8DB:6EEGD68=6C9':K:A>CEJIH L=>8=>C8AJ9:I=:G:A:K6CI>CI:G:HIG6I:6C9;DG:><C8JGG:C8N;DGL6G9
8JGK:H HD;%6CJ6GN 6C9%6CJ6GN I=:CDI>DC6A6BDJCIH6C9;6>GK6AJ:HD;I=:H:9:G>K6I>K:HL:G:6H;DAADLH
1>E1BI 1>E1BI

$?D9?>1< $?D9?>1<
/17065,0/,..,105 =?E>D 19B,1<E5 =?E>D 19B,1<E5
-:8:>K:;>M:9 G6I: E6NK6G>67A: G6I:>CI:G:HIG6I:HL6EH9:H><C6I:96H;6>GK6AJ:=:9<:H
-:8:>K:;>M:9 G6I: E6N;>M:9 G6I:8GDHH 8JGG:C8NHL6EH9:H><C6I:96HC:I>CK:HIB:CI=:9<:H
-:8:>K:;>M:9 G6I: E6N;>M:9 G6I:8GDHH 8JGG:C8NHL6EH9:H><C6I:96H86H=;ADL=:9<:H
*?D1<

A6HH>;>:9>CDI=:GADC< I:GB6HH:IHL>I=>CI=:DBE6CNHDCHDA>96I:96A6C8:.=::IH

A6HH>;>:9>C9:;:GG:9>C8DB:I6M:H6C9DI=:GL>I=>CI=:DBE6CNHDCHDA>96I:96A6C8:.=::IH

EEGDM>B6I:ANB>AA>DCD;86H=;ADL=:9<:HL:G:8A6HH>;>:9>C9:;:GG:9>C8DB:I6M:H6C9DI=:G6C9B>AA>DCD;86H=;ADLL:G:8A6HH>;>:9>CDI=:G
ADC< I:GB6HH:IH>CI=:DBE6CNHDCHDA>96I:96A6C8:.=::IH
104(&744,0*$,4"$.7(($574(/(065
$C699>I>DCID6HH:IH6C9A>67>A>I>:HI=6I6G:G:8DG9:96I;6>GK6AJ:DC6G:8JGG>C<76H>H I=:DBE6CNH6HH:IH6C9A>67>A>I>:H6G:
6AHDHJ7?:8IIDCDCG:8JGG>C<;6>GK6AJ:B:6HJG:B:CIH ":C:G6AAN 6HH:IH6G:G:8DG9:96I;6>GK6AJ:DC6CDCG:8JGG>C<76H>H6H6
G:HJAID;>BE6>GB:CI8=6G<:H
H;JGI=:G9>H8JHH:9>C)DI: I=:DBE6CNHDE:G6I>DCH>CG<:CI>C6 %6E6C6C9I=:0 & B:II=:=:A9;DGH6A:8G>I:G>6>C
;>H86A H6G:HJAI I=:>C9>K>9J6A9>HEDH6A<GDJEHL:G:B:6HJG:96I;6>GK6AJ: A:HH8DHIHIDH:AA L=>8=>H8DCH>9:G:96
':K:A;6>GK6AJ:B:6HJG:B:CI76H:9DC:68=IG6CH68I>DCXH:ME:8I:98DCH>9:G6I>DC /=:86GGN>C<K6AJ:D;I=:G<:CI>C6 %6E6C
6C90 & 9>HEDH6A<GDJEH:M8::9:9I=:>G;6>GK6AJ: A:HH8DHIHIDH:AA 6C96H6G:HJAI I=:DBE6CNG:8D<C>O:9CDC G:8JGG>C<
>BE6>GB:CI8=6G<:H /=:6<<G:<6I:EG: I6MADHHD; 7>AA>DC6HHD8>6I:9L>I=I=:9>K:HI>IJG:D;I=:H:DE:G6I>DCH>CI=:
26AB6GI$CI:GC6I>DC6AH:<B:CIL6HG:8DG9:9>CDI=:G<6>CH6C9ADHH:H>CI=:DCHDA>96I:9.I6I:B:CIHD;$C8DB:;DGI=:N:6G
:C9:9%6CJ6GN 6C9>C8AJ9:9I=:H:>BE6>GB:CI8=6G<:H6HL:AA6H6 7>AA>DC8=6G<:G:A6I:9IDI=:H96E:CH>DCEA6C
/=:H:>BE6>GB:CI8=6G<:H>C8AJ9:I=:6CI>8>E6I:9G:A:6H:D;CDC 86H=8JBJA6I>K:;DG:><C8JGG:C8NIG6CHA6I>DCADHH:H6HHD8>6I:9
L>I=I=:9>HEDH6A<GDJEH *I=:G>BE6>GB:CI8=6G<:H;DG6HH:IHB:6HJG:96I;6>GK6AJ:DC6CDCG:8JGG>C<76H>H9JG>C<;>H86A
L:G:>BB6I:G>6A
!DGI=:;>H86AN:6G:C9:9%6CJ6GN I=:DBE6CNG:8DG9:9>BE6>GB:CI8=6G<:HG:A6I:9ID6HH:IHB:6HJG:96I;6>GK6AJ:
DC6CDC G:8JGG>C<76H>HEG>B6G>ANG:A6I:9IDI=:;DAADL>C<
R >CI=:26AB6GI0 . H:<B:CI 7>AA>DC>C>BE6>GB:CI8=6G<:H;DG>BE6>G:96HH:IH8DCH>HI>C<EG>B6G>AND;IG69:
C6B:H6C968FJ>G:99:K:ADE:9HD;IL6G:9J:IDHIG6I:<>89:8>H>DCHI=6IG:HJAI:9>CI=:LG>I: 9DLCD;8:GI6>C
:DBB:G8:6HH:IH6C9
R >CI=:26AB6GI$CI:GC6I>DC6AH:<B:CI 7>AA>DC>C>BE6>GB:CI8=6G<:H8DCH>HI>C<EG>B6G>AND;I=:LG>I: D;;D;I=:
86GGN>C<K6AJ:D;DC:D;!A>E@6GIHILD;6H=>DCIG69:C6B:H %67DC< 8DB 6H6G:HJAID;6HIG6I:<>89:8>H>DCID;D8JHDC
I=:(NCIG6 8DB;6H=>DCEA6I;DGB
/=:H:>BE6>GB:CI8=6G<:HL:G:8A6HH>;>:9>CDE:G6I>C< H:AA>C< <:C:G6A6C969B>C>HIG6I>K::ME:CH:H>CI=:DBE6CNH
DCHDA>96I:9.I6I:B:CIHD;$C8DB: *I=:G>BE6>GB:CI8=6G<:H;DG6HH:IHB:6HJG:96I;6>GK6AJ:DC6CDCG:8JGG>C<76H>H9JG>C<
;>H86AL:G:>BB6I:G>6A
!DGI=:;>H86AN:6G:C9:9%6CJ6GN I=:DBE6CNHDA9I=:B6?DG>INHI6@:>C26AB6GIG6O>A9JG>C<;>H86A6H
9>H8JHH:9>C)DI: /=:6HH:IHD;I=:9>HEDH6A<GDJEIDI6A:9 7>AA>DC6C9L:G:8DBEG>H:9D; 7>AA>DC>C8JGG:CI6HH:IH
7>AA>DC>CEGDE:GIN6C9:FJ>EB:CI6C9EGDE:GINJC9:G86E>I6AA:6H:6C9;>C6C8>C<D7A><6I>DCH C:I 6C9 7>AA>DCD;DI=:G
ADC< I:GB6HH:IH 2=:CB:6HJG:96H=:A9;DGH6A: I=:H:6HH:IHL:G:;JAAN>BE6>G:96HI=:86GGN>C<K6AJ:D;I=:9>HEDH6A<GDJE
:M8::9:9I=:;6>GK6AJ: A:HH8DHIHIDH:AA6C98DCIG>7JI:9ID6EG: I6MC:IADHHD; 7>AA>DC>CI=:26AB6GI$CI:GC6I>DC6A
H:<B:CI L=>8=L6HG:8DG9:9>CDI=:G<6>CH6C9ADHH:H>CI=:DBE6CNHDCHDA>96I:9.I6I:B:CID;$C8DB: *I=:G>BE6>GB:CI
8=6G<:HID6HH:IHB:6HJG:96I;6>GK6AJ:DC6CDCG:8JGG>C<76H>H9JG>C<;>H86AL:G:>BB6I:G>6A
6+(4$,4"$.7(,5&.1574(5
/=:DBE6CNG:8DG9H86H=6C986H=:FJ>K6A:CIH G:HIG>8I:986H=6C9H=DGI I:GB7DGGDL>C<H6I8DHI /=:86GGN>C<K6AJ:HD;
I=:H:>CHIGJB:CIH6EEGDM>B6I:I=:>G;6>GK6AJ:9J:IDI=:>GH=DGI I:GBB6IJG>I>:H

/=:DBE6CNHADC< I:GB9:7I>H6AHDG:8DG9:96I8DHI /=:;6>GK6AJ:>H:HI>B6I:9JH>C<':K:A>CEJIH76H:9DCI=:
DBE6CNH8JGG:CI>C8G:B:CI6A7DGGDL>C<G6I:;DGH>B>A6GINE:HD;7DGGDL>C<6GG6C<:B:CIH /=:86GGN>C<K6AJ:6C9;6>GK6AJ:
D;I=:DBE6CNHADC< I:GB9:7I6HD;%6CJ6GN 6C9 6G:6H;DAADLH
1>E1BI 1>E1BI
/17065,0/,..,105 1BBI9>7,1<E5 19B,1<E5 1BBI9>7,1<E5 19B,1<E5
'DC< I:GB9:7I >C8AJ9>C<6BDJCIH9J:L>I=>CDC:N:6G
$?D5 *1H5C
/=:8DBEDC:CIHD;>C8DB:ADHH7:;DG:>C8DB:I6M:H6G:6H;DAADLH
9C31</51BC>454 1>E1BI
/17065,0/,..,105
0.
)DC 0 .
*?D1<9>3?=5256?B59>3?=5D1H5C
HJBB6GND;I=:EGDK>H>DC;DG>C8DB:I6M:H>H6H;DAADLH
9C31</51BC>454 1>E1BI
/17065,0/,..,105
EBB5>D
0 . ;:9:G6A
0 . HI6I:6C9AD86A
$CI:GC6I>DC6A
*?D1<3EBB5>DD1H@B?F9C9?>
565BB54
0 . ;:9:G6A
0 . HI6I:6C9AD86A
$CI:GC6I>DC6A
*?D1<4565BB54D1H5H@5>C525>569D
*?D1<@B?F9C9?>6?B9>3?=5D1H5C
$C:8:B7:G I=:/6M8IL6H:C68I:96C9H><C>;>86CIAN8=6C<:90 . >C8DB:I6MA6L :<>CC>C<%6CJ6GN I=:/6M

8IG:9J8:9I=:0 . HI6IJIDGNI6MG6I:6C98G:6I:9C:LI6M:H;D8JH:9DC;DG:><C HDJG8:9:6GC>C<H6C9G:A6I:9 E6GINE6NB:CIH
>C8AJ9>C<I=:8G:6I>DCD;I=:76H::GDH>DC6CI> 67JH:I6M6C96C:LI6MDC<AD76A>CI6C<>7A:ADL I6M:9>C8DB:"$'/$ $C
699>I>DC I=:DBE6CNL6HHJ7?:8IID6DC: I>B:IG6CH>I>DCI6M>C;>H86ADC688JBJA6I:9;DG:><CHJ7H>9>6GN:6GC>C<HCDI
EG:K>DJHANHJ7?:8IID0 . >C8DB:I6M
/=:. HI6;;>HHJ:9.I6;;88DJCI>C<JAA:I>C)D 0&1/( $:&&1706,0*/2.,&$6,1051)6+( $:765$0'1%5&6
. L=>8=6AADL:98DBE6C>:HIDG:8DG9EGDK>H>DC6A6BDJCIH9JG>C<6B:6HJG:B:CIE:G>D9CDIID:MI:C97:NDC9DC:
N:6GD;I=::C68IB:CI96I: J:IDI=:I>B>C<D;I=::C68IB:CI6C9I=:8DBEA:M>IN>CKDAK:9>C6EEAN>C<I=:EGDK>H>DCHD;I=:
/6M8I I=:DBE6CNB69:G:6HDC67A::HI>B6I:HD;I=::;;:8IH6C9G:8DG9:9EGDK>H>DC6A6BDJCIH>C>IH;>C6C8>6AHI6I:B:CIH6H
D;%6CJ6GN >C688DG96C8:L>I=. /=:DBE6CN:A:8I:9ID6EEANI=:B:6HJG:B:CIE:G>D9EGDK>H>DCHD;I=>H
<J>96C8:ID8:GI6>C>C8DB:I6M:;;:8IHD;I=:/6M8IL=:C>I7:86B::;;:8I>K: /=:EGDK>H>DC6AB:6HJG:B:CIE:G>D9:C9:9>C
I=:;DJGI=FJ6GI:GD;;>H86A (6C6<:B:CI8DBEA:I:9I=:DBE6CNH688DJCI>C<;DGI6MG:;DGB>C;>H86A76H:9DC
EG:K6>A>C<G:<JA6I>DCH6C98JGG:CIAN6K6>A67A:>C;DGB6I>DC 6C96CN699>I>DC6A<J>96C8:>HHJ:97NI=:$-.8DJA9>BE68II=:
6;DG:B:CI>DC:96BDJCIH>C;JIJG:E:G>D9H $C;>H86A I=:DBE6CNG:8DG9:9B>AA>DCD;699>I>DC6AI6M:ME:CH:G:A6I:9
IDI=:/6M8I >C8AJ9:96H68DBEDC:CID;EGDK>H>DC;DG>C8DB:I6M:H
0(6,/( 4$05,6,10 $:
/=:/6M8IG:FJ>G:9I=:DBE6CNIDE6N0 . >C8DB:I6M:HDC688JBJA6I:9;DG:><CHJ7H>9>6GN:6GC>C<HCDIEG:K>DJHANHJ7?:8I
ID0 . >C8DB:I6M6I6G6I:D; IDI=::MI:CID;;DG:><C86H=6C98:GI6>CDI=:GC:I8JGG:CI6HH:IH 6H9:;>C:97NI=:/6M
8I 6C9 DCI=:G:B6>C>C<:6GC>C<H /=:DBE6CN86A8JA6I:9I=:IG6CH>I>DCI6MA>67>A>IN6C9>C8G:6H:9I=:EGDK>H>DC6A
6BDJCI7NB>AA>DC L>I=I=:>C8G:6H:>C8AJ9:96H68DBEDC:CID;EGDK>H>DC;DG>C8DB:I6M:H>C;>H86A

))(&6,8(0&1/( $:$6((&10&,.,$6,10
G:8DC8>A>6I>DCD;I=:H><C>;>86CI9>;;:G:C8:H7:IL::CI=:0 . HI6IJIDGNI6MG6I:6C9I=::;;:8I>K:>C8DB:I6MG6I:DCEG: I6M
>C8DB:;GDB8DCI>CJ>C<DE:G6I>DCH>H6H;DAADLH
9C31</51BC>454 1>E1BI

0 . HI6IJIDGNI6MG6I:
0 . HI6I:>C8DB:I6M:H C:ID;;:9:G6A>C8DB:I6M7:C:;>I
$BE68ID;I=:/6M8I
*C: I>B:IG6CH>I>DCI6M
U
U
:;:GG:9I6M:;;:8IH U U
$C8DB:I6M:9DJIH>9:I=:0 .
>HEDH6A6C9L>C9 9DLCD;8:GI6>C7JH>C:HHDE:G6I>DCH U
16AJ6I>DC6AADL6C8:
):I>BE68ID;G:E6IG>6I:9>CI:GC6I>DC6A:6GC>C<H
!:9:G6AI6M8G:9>IH
C68I:98=6C<:>CI6MA6LH U U
=6C<:>CG:H:GK:;DGI6M8DCI>C<:C8>:H
*I=:G C:I
6653D9F59>3?=5D1HB1D5
/=:;DAADL>C<H:8I>DCHG:<6G9>C<9:;:GG:9I6M:H JCG:B>II:9:6GC>C<H C:IDE:G6I>C<ADHH:H I6M8G:9>I86GGN;DGL6G9H K6AJ6I>DC

6AADL6C8:H6C9JC8:GI6>CI6MEDH>I>DCH:M8AJ9:6BDJCIHG:A6I:9IDDE:G6I>DCH8A6HH>;>:96H=:A9;DGH6A:6HD;%6CJ6GN
()(44(' $:(5
/=:H><C>;>86CI8DBEDC:CIHD;I=:DBE6CNH9:;:GG:9I6M688DJCI76A6C8:H6G:6H;DAADLH
1>E1BI
/17065,0/,..,105
565BB54D1H1CC5DC
'DHH6C9I6M8G:9>I86GGN;DGL6G9H
88GJ:9A>67>A>I>:H
.=6G: 76H:98DBE:CH6I>DC
':6H:D7A><6I>DCH
*I=:G
*?D1<4565BB54D1H1CC5DC
16AJ6I>DC6AADL6C8:H
565BB54D1H1CC5DC>5D?6F1<E1D9?>1<<?G1>35C
565BB54D1H<9129<9D95C
+GDE:GIN6C9:FJ>EB:CI
8FJ>G:9>CI6C<>7A:H
$CK:CIDGN
':6H:G><=ID;JH:6HH:IH
(6G@ ID B6G@:I>CK:HIB:CIH
*I=:G
*?D1<4565BB54D1H<9129<9D95C
$5D4565BB54D1H<9129<9D95C
/=:9:;:GG:9I6M:HCDI:967DK:6G:8A6HH>;>:96H;DAADLH>CI=:DBE6CNHDCHDA>96I:96A6C8:.=::IH
1>E1BI
/17065,0/,..,105
1<1>35)855D3<1CC96931D9?>
CC5DC
"9129<9D95C
$5D4565BB54D1H<9129<9D95C

!04(/,66('$40,0*5
+G>DGIDI=:/6M8I I=:DBE6CN6HH:GI:9I=6I6AAJCG:B>II:9:6GC>C<HD;>IH;DG:><CHJ7H>9>6G>:HL:G:8DCH>9:G:9>C9:;>C>I:AN
G:>CK:HI:9 H6G:HJAID;I=:/6M8I I=:DBE6CNG:EDGI:96C9E6>90 . I6MDCI=:B6?DG>IND;>IHEG:K>DJHANJCG:B>II:9
;DG:><C:6GC>C<H 6C9G:E6IG>6I>DCHD;;DG:><C:6GC>C<HL>AA<:C:G6AAN7:;G::D;0 . ;:9:G6AI6M 7JIB6N>C8JGDI=:GI6M:HHJ8=
6HL>I==DA9>C<DGHI6I:I6M:H HD;%6CJ6GN I=:DBE6CN=6HCDIG:8DG9:96EEGDM>B6I:AN7>AA>DCD;9:;:GG:9I6M
A>67>A>I>:H6HHD8>6I:9L>I=G:B6>C>C<JCG:B>II:9;DG:><C:6GC>C<H8DCH>9:G:9>C9:;>C>I:ANG:>CK:HI:9 ;DGL=>8=0 . 6C9;DG:><C
>C8DB:6C9L>I==DA9>C<I6M:HLDJA97:9J:JEDCG:E6IG>6I>DC
(62(4$6,0*155(5 $:4(',6$44;)149$4'5$0'"$.7$6,10..19$0&(5
HD;%6CJ6GN I=:DBE6CNHC:IDE:G6I>C<ADHH6C986E>I6AADHH86GGN;DGL6G9HIDI6A:96EEGDM>B6I:AN 7>AA>DC
*;I=:H:86GGN;DGL6G9H 6EEGDM>B6I:AN 7>AA>DCL>AA:ME>G: >;CDIJI>A>O:9 >CK6G>DJHN:6GHI=GDJ<= /=:G:B6>C>C<
86GGN;DGL6G9H=6K:CD:ME>G6I>DC
/=:G:8DK:G67>A>IND;I=:H:;JIJG:I6M9:9J8I>DCH6C98G:9>IH>H:K6AJ6I:97N6HH:HH>C<I=:69:FJ68ND;;JIJG::ME:8I:9I6M67A:
>C8DB:;GDB6AAHDJG8:H >C8AJ9>C<I6M67A:>C8DB:>CEG>DG86GGN768@N:6GH G:K:GH6AD;I6M67A:I:BEDG6GN9>;;:G:C8:H
;DG:86HI:9DE:G6I>C<:6GC>C<H6C96K6>A67A:I6MEA6CC>C<HIG6I:<>:H /DI=::MI:CII=:DBE6CN9D:HCDI8DCH>9:G>IBDG:A>@:AN
I=6CCDII=6I69:;:GG:9I6M6HH:IL>AA7:G:8DK:G:9 6K6AJ6I>DC6AADL6C8:>H<:C:G6AAN:HI67A>H=:9 /DI=::MI:CII=6I6
K6AJ6I>DC6AADL6C8:L6H:HI67A>H=:96C9>I>HHJ7H:FJ:CIAN9:I:GB>C:9I=6I>I>HBDG:A>@:ANI=6CCDII=6II=:9:;:GG:9I6M6HH:IH
L>AA7:G:8DK:G:9 I=:8=6C<:>CI=:K6AJ6I>DC6AADL6C8:>HG:8D<C>O:9>CI=:DCHDA>96I:9.I6I:B:CIHD;$C8DB:
/=:DBE6CN=69K6AJ6I>DC6AADL6C8:HD; 7>AA>DC6C9 7>AA>DC6HD;%6CJ6GN 6C9 G:HE:8I>K:AN DC
9:;:GG:9I6M6HH:IH6HHD8>6I:9EG>B6G>ANL>I=I=:C:IDE:G6I>C<ADHH86GGN;DGL6G9H 8I>K>IN>CI=:K6AJ6I>DC6AADL6C8:9JG>C<
;>H86AG:A6I:9IDK6AJ6I>DC6AADL6C8:7J>A9H>CBJAI>EA:B6G@:IH 6HL:AA6HG:A:6H:H9J:IDI=::ME>G6I>DCD;JC9:GAN>C<
9:;:GG:9I6M6HH:IH
!0&(46$,0 $:15,6,105
/=:7:C:;>IHD;JC8:GI6>CI6MEDH>I>DCH6G:G:8DG9:9>CI=:DBE6CNHDCHDA>96I:9!>C6C8>6A.I6I:B:CIHDCAN6;I:G9:I:GB>C>C<
6BDG: A>@:AN I=6C CDIEGD767>A>INI=6II=:JC8:GI6>CI6MEDH>I>DCHL>AAL>I=HI6C98=6AA:C<: >;6CN ;GDBI6M>C<6JI=DG>I>:H
HD;%6CJ6GN 6C9 I=:6BDJCID;<GDHHJCG:8D<C>O:9I6M7:C:;>IHG:A6I:9ID8DCI>CJ>C<DE:G6I>DCHL6H
7>AA>DC6C9 7>AA>DC G:HE:8I>K:AN /=:6BDJCID;JCG:8D<C>O:9I6M7:C:;>IHI=6ILDJA96;;:8II=:DBE6CNH:;;:8I>K:
>C8DB:I6MG6I:L6H 7>AA>DC6C9 7>AA>DC6HD;%6CJ6GN 6C9 G:HE:8I>K:AN
G:8DC8>A>6I>DCD;<GDHHJCG:8D<C>O:9I6M7:C:;>IH;GDB8DCI>CJ>C<DE:G6I>DCH>H6H;DAADLH
9C31</51BC>454 1>E1BI
/17065,0/,..,105
B?CCE>B53?7>9J54D1H25>569DC2579>>9>7?6I51B
$C8G:6H:HG:A6I:9IDEG>DGN:6GI6MEDH>I>DCH
:8G:6H:HG:A6I:9IDEG>DGN:6GI6MEDH>I>DCH
$C8G:6H:HG:A6I:9ID8JGG:CIN:6GI6MEDH>I>DCH
.:IIA:B:CIH9JG>C<I=:E:G>D9
'6EH:>CHI6IJI:HD;A>B>I6I>DCH
B?CCE>B53?7>9J54D1H25>569DC5>4?6I51B
/=:DBE6CN8A6HH>;>:H>CI:G:HI6C9E:C6AI>:HG:A6I:9IDJC8:GI6>CI6M7:C:;>IH6H>CI:G:HI:ME:CH:6C96HDE:G6I>C< H:AA>C<
<:C:G6A6C969B>C>HIG6I>K::ME:CH:H G:HE:8I>K:AN $CI:G:HI:ME:CH:6C9E:C6AI>:HG:A6I:9IDI=:H:EDH>I>DCHL:G:>BB6I:G>6A;DG
;>H86A 6C9 JG>C<I=:C:MIIL:AK:BDCI=H >I>HG:6HDC67ANEDHH>7A:I=6II6M6J9>IG:HDAJI>DCH8DJA9G:9J8:
JCG:8D<C>O:9I6M7:C:;>IH7N6C>BB6I:G>6A6BDJCI :>I=:G7:86JH:I=:I6MEDH>I>DCH6G:HJHI6>C:9DC6J9>IDG7:86JH:I=:
DBE6CN6<G::HIDI=:>G9>H6AADL6C8: /=:DBE6CN>H;D8JH:9DCG:HDAK>C<I6M6J9>IH6H:ME:9>I>DJHAN6HEDHH>7A: H6
G:HJAID;I=:H::;;DGIH JCG:8D<C>O:9I6M7:C:;>IH8DJA9EDI:CI>6AAN7:G:9J8:97:NDC9I=:EGDK>9:9G6C<:9JG>C<I=:C:MIIL:AK:
BDCI=H /=:DBE6CN9D:HCDI:ME:8I6CN8=6C<:ID=6K:6B6I:G>6A>BE68IID>IHDCHDA>96I:9!>C6C8>6A.I6I:B:CIH
/=:DBE6CNG:B6>CHHJ7?:8IID>C8DB:I6M:M6B>C6I>DCH;DG>IH0 . ;:9:G6A>C8DB:I6M:H<:C:G6AAN;DG;>H86A 6C9
I=GDJ<= /=:DBE6CN6AHDG:B6>CHHJ7?:8IID>C8DB:I6M:M6B>C6I>DCH;DG>CI:GC6I>DC6A>C8DB:I6M:H;DG;>H86A
I=GDJ<= 6C9;DG0 . HI6I:6C9AD86A>C8DB:I6M:H<:C:G6AAN;DGI=:;>H86AN:6GH:C9:9I=GDJ<= 2>I=;:L
:M8:EI>DCH I=:DBE6CN>HCDADC<:GHJ7?:8IID0 . ;:9:G6A HI6I: AD86A DG;DG:><C:M6B>C6I>DCH7NI6M6JI=DG>I>:H;DGN:6GH
7:;DG:;>H86A

6+(4 $:(5
/=:DBE6CN>HHJ7?:8IIDI6M:M6B>C6I>DCH;DGK6AJ:699:9 H6A:H 76H:9 E6NGDAA6C9DI=:GCDC >C8DB:I6M:H CJB7:GD;
I=:H::M6B>C6I>DCH6G:DC<D>C<>CK6G>DJH?JG>H9>8I>DCH $C8:GI6>C86H:H I=:DBE6CN=6HG:8:>K:96HH:HHB:CIH;GDBI=:
G:HE:8I>K:I6M>C<6JI=DG>I>:H>C8DCC:8I>DCL>I=I=:H::M6B>C6I>DCH 0CA:HHDI=:GL>H:>C9>86I:9 I=:EDHH>7A:ADHH:HDGG6C<:D;
EDHH>7A:ADHH:H6HHD8>6I:9L>I=I=:H:B6II:GH6G:>C9>K>9J6AAN>BB6I:G>6A 7JI6<GDJED;G:A6I:9B6II:GH >;9:8>9:969K:GH:ANID
I=:DBE6CN 8DJA9G:HJAI>C6A>67>A>INB6I:G>6AIDI=:DBE6CNHDCHDA>96I:9!>C6C8>6A.I6I:B:CIH
$?D5 ?>D9>75>395C
"$'-* ""!&)$.
/=:DBE6CN>H>CKDAK:9>C6CJB7:GD;A:<6AEGD8::9>C<H /=:DBE6CN=6HB69:688GJ6AHL>I=G:HE:8IIDI=:H:B6II:GH
L=:G:6EEGDEG>6I: L=>8=6G:G:;A:8I:9>CI=:DBE6CNHDCHDA>96I:9!>C6C8>6A.I6I:B:CIH !DGHDB:B6II:GH 6A>67>A>IN>HCDI
EGD767A:DGI=:6BDJCI86CCDI7:G:6HDC67AN:HI>B6I:96C9I=:G:;DG:6C688GJ6A=6HCDI7::CB69: #DL:K:G L=:G:6A>67>A>IN
>HG:6HDC67ANEDHH>7A:6C9B6N7:B6I:G>6A HJ8=B6II:GH=6K:7::C9>H8ADH:9 /=:DBE6CNB6N:CI:G>CID9>H8JHH>DCH
G:<6G9>C<H:IIA:B:CID;I=:H:B6II:GH 6C9B6N:CI:G>CIDH:IIA:B:CI6<G::B:CIH >;>I7:A>:K:HH:IIA:B:CI>H>CI=:7:HI>CI:G:HID;
I=:DBE6CN6C9>IHH=6G:=DA9:GH
0CA:HHHI6I:9DI=:GL>H: I=:B6II:GH9>H8JHH:97:ADL >;9:8>9:969K:GH:ANIDDGH:IIA:97NI=:DBE6CN >C9>K>9J6AANDG>CI=:
6<<G:<6I: B6NG:HJAI>C6A>67>A>INB6I:G>6AIDI=:DBE6CNH;>C6C8>6AEDH>I>DC G:HJAIHD;DE:G6I>DCHDG86H=;ADLH
5'$37$."$.7(.$,/5
H96 6L=DAAN DLC:9HJ7H>9>6GND;I=:DBE6CNL=>8=L6HHDA9>C!:7GJ6GN >H69:;:C96CI>CDK:G :FJ6A
K6AJ:8A6>BHI=6I7:<6C>C6C96G:EGD8::9>C<7:;DG:6C BEADNB:CI/G>7JC6A>C(6C8=:HI:GI=: BEADNB:CI
/G>7JC6A>CI=:0C>I:9&>C<9DB0 & DC7:=6A;D;8JGG:CI6C9;DGB:GH96HIDG::BEADN::H 6C9;JGI=:G8A6>BHB6N7:
6HH:GI:9>CI=:;JIJG: /=:8A6>B6CIH6AA:<:I=6II=:LDG@E:G;DGB:97N:BEADN::H>CH96HG:I6>AHIDG:H>HD;:FJ6AK6AJ:>C
I:GBHD; 6BDC<DI=:GI=>C<H I=:9:B6C9HD;I=:>G?D7H8DBE6G:9IDI=6ID;:BEADN::HLDG@>C<>CH96HL6G:=DJH:6C9
9>HIG>7JI>DC;68>A>I>:H 6C9I=6II=:9>;;:G:C8:>CE6N7:IL::CI=:H:?D7EDH>I>DCH9>HE6G6I:AN>BE68IHLDB:C7:86JH:BDG:
LDB:CLDG@>CG:I6>AHIDG:HL=>A:BDG:B:CLDG@>CL6G:=DJH:H6C99>HIG>7JI>DC;68>A>I>:H 6C9I=6II=:E6N9>;;:G:C8:>HCDI
D7?:8I>K:AN?JHI>;>:9 /=:8A6>B6CIH6G:G:FJ:HI>C<9>;;:G:CI>6A768@E6N76H:9DC=><=:GL6<:G6I:H>CI=:L6G:=DJH:6C9
9>HIG>7JI>DC;68>A>I>:H6C9=><=:GL6<:G6I:HDC6EGDHE:8I>K:76H>H
$C*8ID7:G ;DAADL>C<6EG:A>B>C6GN=:6G>C< I=: BEADNB:CI/G>7JC6AGJA:9I=6I8A6>B6CIH8DJA98DBE6G:I=:>GEDH>I>DCH
>CH96HG:I6>AHIDG:HL>I=I=DH:D;:BEADN::H>CH96HL6G:=DJH:6C99>HIG>7JI>DC;68>A>I>:H H966EE:6A:9I=:GJA>C<6C9>H
6L6>I>C<69:8>H>DC;GDBI=:.JEG:B:DJGID;I=:0 & )DIL>I=HI6C9>C<I=:6EE:6A 8A6>B6CIH6G:CDLEGD8::9>C<>CI=:C:MI
E=6H:D;I=:>G8A6>BH /=6IE=6H:L>AA9:I:GB>C:L=:I=:GI=:LDG@E:G;DGB:97NI=:8A6>B6CIH>HD;:FJ6AK6AJ:IDI=:LDG@
E:G;DGB:97N:BEADN::H>CH96HL6G:=DJH:6C99>HIG>7JI>DC;68>A>I>:H
/=:DBE6CN86CCDIEG:9>8II=:CJB7:GD;HJ8=8A6>BHI=6IB6N7:;>A:9 6C986CCDIG:6HDC67AN:HI>B6I:6CNADHHDGG6C<:D;
ADHHI=6IB6N6G>H:;GDBI=:H:EGD8::9>C<H 88DG9>C<AN I=:DBE6CN86CEGDK>9:CD6HHJG6C8:6HIDI=:H8DE:6C9DJI8DB:H
D;I=:H:B6II:GH6C9CD6HHJG6C8:6HIDL=:I=:G>IH7JH>C:HH ;>C6C8>6AEDH>I>DC G:HJAIHD;DE:G6I>DCHDG86H=;ADLHL>AACDI7:
B6I:G>6AAN69K:GH:AN6;;:8I:9 /=:DBE6CN7:A>:K:H>I=6HHJ7HI6CI>6A;68IJ6A6C9A:<6A9:;:CH:HIDI=:H:8A6>BH 6C9>CI:C9HID
9:;:C9I=:8A6>BHK><DGDJHAN !DAADL>C<I=:H6A:D;H969:H8G>7:9>C)DI: I=:DBE6CNL>AA8DCI>CJ:ID8DC9J8II=:
9:;:CH:D;I=:H:8A6>BH 2=>A:EDI:CI>6AA>67>A>IN;DGI=:H:8A6>BHG:B6>CHL>I=H96 I=:DBE6CN=6H6<G::9IDEGDK>9:
>C9:BC>;>86I>DCL>I=G:HE:8IIDI=:H:8A6>BHJEID68DCIG68IJ6AAN9:I:GB>C:96BDJCI
2,1,'5,6,*$6,10
$C:8:B7:G I=:0C>I:9.I6I:H%J9>8>6A+6C:ADC(JAI>9>HIG>8I'>I><6I>DC8DCHDA>96I:9CJB:GDJHA6LHJ>IH;>A:96<6>CHI6
L>9:6GG6ND;9:;:C96CIH7NK6G>DJHEA6>CI>;;H >C8AJ9>C<8DJCI>:H 8>I>:H =:6AI=86G:EGDK>9:GH )6I>K:B:G>86CIG>7:H
>C9>K>9J6AH 6C9I=>G9 E6GINE6N:GH 6HH:GI>C<8A6>BH<:C:G6AAN8DC8:GC>C<I=:>BE68IHD;L>9:HEG:69DE>D>967JH: /=:
8DCHDA>96I:9BJAI>9>HIG>8IA>I><6I>DC>H:CI>IA:904($6,10$.4(5&4,26,102,$6(,6,*$6,101 6C9>HE:C9>C<>C
I=:0 . >HIG>8IDJGI;DGI=:)DGI=:GC>HIG>8ID;*=>D /=:DBE6CN>HC6B:96H69:;:C96CI>CHDB:D;I=:86H:H>C8AJ9:9
>CI=>HBJAI>9>HIG>8IA>I><6I>DC .>B>A6G86H:HI=6IC6B:I=:DBE6CN=6K:6AHD7::C;>A:9>CHI6I:8DJGIH7NHI6I: AD86A6C9IG>76A
<DK:GCB:CIH =:6AI=86G:EGDK>9:GH6C9DI=:GEA6>CI>;;H +A6>CI>;;H6G:H::@>C<8DBE:CH6IDGN6C9EJC>I>K:96B6<:H 6HL:AA6H
>C?JC8I>K:G:A>:;>C8AJ9>C<676I:B:CI /=:DBE6CN86CCDIEG:9>8II=:CJB7:GD;HJ8=8A6>BHI=6IB6N7:;>A:9 7JI7:A>:K:H>I
=6HHJ7HI6CI>6A;68IJ6A6C9A:<6A9:;:CH:HIDI=:H:8A6>BH 6C9>CI:C9HID9:;:C9I=:8A6>BHK><DGDJHAN /=:DBE6CN=6H6AHD
7::CG:HEDC9>C<IDHJ7ED:C6H >C;DGB6I>DCG:FJ:HIH6C9>CK:HI><6I>DCH;GDB<DK:GCB:CI6A:CI>I>:HG:A6I:9IDC6I>DCL>9:
8DCIGDAA:9HJ7HI6C8:9>HE:CH>C<6C99>HIG>7JI>DCEG68I>8:H>CKDAK>C<DE>D>9H *C*8ID7:G I=:DBE6CN;>A:96
9:8A6G6IDGN?J9<B:CI68I>DC>CI=:0 . >HIG>8IDJGI;DGI=: 6HI:GC>HIG>8ID;/:M6H6<6>CHII=:0 . :E6GIB:CID;%JHI>8:
I=:V*%W6C9I=:0 . GJ< C;DG8:B:CI9B>C>HIG6I>DC 6H@>C<6;:9:G6A8DJGIID8A6G>;NI=:GDA:H6C9G:HEDCH>7>A>I>:HD;
E=6GB68>HIH6C9E=6GB68>:H6HIDI=:9>HE:CH>C<6C99>HIG>7JI>DCD;DE>D>9HJC9:GI=:DCIGDAA:9.J7HI6C8:H8II=:V.W
/=:DBE6CNXH68I>DCL6H9>HB>HH:96C9I=:DBE6CN>H6EE:6A>C<I=:9:8>H>DC *C:8:B7:G I=:*%;>A:968>K>A
8DBEA6>CI>CI=:0 . >HIG>8IDJGI;DGI=:>HIG>8ID;:A6L6G:6AA:<>C<I=6II=:DBE6CNJCA6L;JAAN9>HE:CH:98DCIGDAA:9

HJ7HI6C8:H;GDB>IHE=6GB68>:H6C9JCA6L;JAAN9>HIG>7JI:98DCIGDAA:9HJ7HI6C8:HIDI=DH:E=6GB68>:H /=:8DBEA6>CI6AA:<:H
I=6II=>H8DC9J8IG:HJAI:9>CK>DA6I>DCHD;I=:. /=:*%>HH::@>C<8>K>AE:C6AI>:H6C9>C?JC8I>K:G:A>:; /=:DBE6CN;>A:9
6BDI>DCID9>HB>HHI=:*%8DBEA6>CIDC!:7GJ6GN $C699>I>DC I=:DBE6CN>HI=:HJ7?:8ID;ILDH:8JG>I>:H8A6HH
68I>DCH6AA:<>C<K>DA6I>DCHD;I=:;:9:G6AH:8JG>I>:HA6LHG:<6G9>C<I=:DBE6CNXH9>H8ADHJG:HL>I=G:HE:8IIDDE>D>9H ;>A:9>C
I=:0 . >HIG>8IDJGI;DGI=:>HIG>8ID;:A6L6G:DC%6CJ6GN 6C9(6G8= EJGEDGI:9ANDC7:=6A;D;68A6HHD;
>CK:HIDGHL=D68FJ>G:926AB6GIHID8@;GDB(6G8= I=GDJ<=:8:B7:G 9:G>K6I>K:68I>DCL6H6AHD;>A:97N
DC:D;I=:DBE6CNHH=6G:=DA9:GH>CI=:0 . >HIG>8IDJGI;DGI=:>HIG>8ID;:A6L6G:DC!:7GJ6GN 6AA:<>C<7G:68=
D;;>9J8>6GN9JI>:H6<6>CHI8:GI6>CD;>IH8JGG:CI6C9;DGB:G9>G:8IDGHL>I=G:HE:8IIDDK:GH><=ID;I=:DBE6CNXH9>HIG>7JI>DC6C9
9>HE:CH>C<D;DE>D>9H
/=:DBE6CN86CCDIG:6HDC67AN:HI>B6I:6CNADHHDGG6C<:D;ADHHI=6IB6N6G>H:;GDBI=:K6G>DJH*E>D>9H'>I><6I>DC6C9
>CI:C9HIDK><DGDJHAN9:;:C9I=:H:A>I><6I>DCB6II:GH 88DG9>C<AN I=:DBE6CN86CEGDK>9:CD6HHJG6C8:6HIDI=:H8DE:6C9
DJI8DB:D;I=:H:B6II:GH6C9CD6HHJG6C8:6HIDL=:I=:G>IH7JH>C:HH ;>C6C8>6AEDH>I>DC G:HJAIHD;DE:G6I>DCHDG86H=;ADLHL>AA
CDI7:B6I:G>6AAN69K:GH:AN6;;:8I:9
$?D5 (5D9B5=5>D (5<1D545>569DC

/=:DBE6CND;;:GH6@EA6C;DG6HHD8>6I:H>CI=:0 . JC9:GL=>8=:A><>7A:6HHD8>6I:H86C7:<>C8DCIG>7JI>C<IDI=:EA6C
>BB:9>6I:ANJEDC=>G: /=:DBE6CN6AHDD;;:GH6@INE:EA6C;DG6HHD8>6I:H>C+J:GID->8DJC9:GL=>8=6HHD8>6I:H86C
7:<>CID8DCIG>7JI:<:C:G6AAN6;I:GDC:N:6GD;:BEADNB:CI 0C9:GI=:H:EA6CH 6;I:GDC:N:6GD;:BEADNB:CI I=:DBE6CN
B6I8=:HD;E6GI>8>E6CI8DCIG>7JI>DCHJEIDD;6CCJ6A:A><>7A::6GC>C<H /=:B6I8=>C<8DCIG>7JI>DCH>BB:9>6I:ANK:HI
6I;DG:68=6HHD8>6I: +6GI>8>E6CIH86C8DCIG>7JI:JEIDD;I=:>GEG: I6M:6GC>C<H 7JICDIBDG:I=6CI=:HI6IJIDGN
A>B>IH
HHD8>6I:H>C>CI:GC6I>DC6A8DJCIG>:HL=D6G:CDI0 . 8>I>O:CH6G:8DK:G:97NK6G>DJH9:;>C:98DCIG>7JI>DCEDHI :BEADNB:CI
7:C:;>I6GG6C<:B:CIH /=:H:EA6CH6G:69B>C>HI:G:976H:9JEDCI=:A:<>HA6I>K:6C9I6MG:FJ>G:B:CIH>CI=:8DJCIG>:H>CL=>8=
I=:N6G::HI67A>H=:9
/=:;DAADL>C<I67A:HJBB6G>O:HI=:8DCIG>7JI>DC:ME:CH:G:A6I:9IDI=:DBE6CNH9:;>C:98DCIG>7JI>DCEA6CH;DG;>H86A
6C9
9C31</51BC>454 1>E1BI
/17065,0/,..,105
569>543?>DB92ED9?>@<1>C
0.
$CI:GC6I>DC6A
*?D1<3?>DB92ED9?>5H@5>C56?B4569>543?>DB92ED9?>@<1>C
99>I>DC6AAN I=:DBE6CNHHJ7H>9>6GN>CI=:0C>I:9&>C<9DB=6H6HEDCHDG:99:;>C:97:C:;>IE:CH>DCEA6C $C*8ID7:G

H96 26AB6GI6C9I=:/GJHI::D;I=:H96"GDJE+:CH>DC.8=:B:I=:+A6C:CI:G:9>CID6C6<G::B:CIEJGHJ6CIIDL=>8=
H96B69:686H=8DCIG>7JI>DCD; 7>AA>DCIDI=:+A6CI=:H96+:CH>DCDCIG>7JI>DCL=>8=:C67A:9I=:+A6CIDEJG8=6H:
67JA@6CCJ>IN>CHJG6C8:8DCIG68I;DGI=:7:C:;>ID;+A6CE6GI>8>E6CIH /=:6<G::B:CI7:IL::CH96 26AB6GI6C9I=:/GJHI::D;
I=:+A6C8DCI:BEA6I:HI=6IHJ7H:FJ:CIIDI=:EJG8=6H:D;I=:7JA@6CCJ>IN>CHJG6C8:8DCIG68I7NI=:+A6C :68=D;I=:+A6C
E6GI>8>E6CIHL>AA7:>HHJ:96C>C9>K>9J6A6CCJ>IN8DCIG68I /=:>HHJ:GD;I=:>C9>K>9J6A6CCJ>IN>CHJG6C8:8DCIG68IHL>AA7:HDA:AN
G:HEDCH>7A:;DGE6N>C<:68=E6GI>8>E6CIXH7:C:;>IH>C;JAA6C9L>AAG:A:6H:I=:+A6C6C9H96;GDB6CN;JIJG:D7A><6I>DCH $C
8DCC:8I>DCL>I=I=:H6A:D;H96 6AA688JBJA6I:9E:CH>DC8DBEDC:CIHD; 7>AA>DCL:G:>C8AJ9:9>CI=:9>HEDH6A<GDJE6C9
I=::HI>B6I:9EG: I6MADHHG:8D<C>O:99JG>C<I=:;DJGI=FJ6GI:GD;;>H86A6H9>H8JHH:9>C)DI:6C9)DI:

$?D5 9C@?C1<C3AE9C9D9?>C1>4(5<1D54D5=C
/=:;DAADL>C<9>HEDH6AH6C968FJ>H>I>DCH>BE68II=:DBE6CNH26AB6GI$CI:GC6I>DC6AH:<B:CI
#$./$464*(06,0$
$C)DK:B7:G I=:DBE6CN8DBEA:I:9I=:H6A:D;26AB6GIG<:CI>C6 H6G:HJAI I=:DBE6CNG:8DG9:96EG: I6MADHHD;
7>AA>DC>CI=:I=>G9FJ6GI:GD;;>H86A>CDI=:G<6>CH6C9ADHH:H>C>IHDCHDA>96I:9.I6I:B:CID;$C8DB:EG>B6G>AN9J:ID
I=:>BE68ID;8JBJA6I>K:IG6CHA6I>DCADHH:HDCI=:86GGN>C<K6AJ:D;I=:9>HEDH6A<GDJE
5'$
$C*8ID7:G I=:DBE6CN6<G::9IDH:AAH96 I=:DBE6CNXHG:I6>ADE:G6I>DCH>CI=:0 & ;DGC:I8DCH>9:G6I>DCD;
7>AA>DC L=>8=L6H8A6HH>;>:96H=:A9;DGH6A:>CI=:DCHDA>96I:96A6C8:.=::I6HD;%6CJ6GN 0C9:GI=:I:GBHD;I=:
6<G::B:CI I=:DBE6CN6<G::9ID>C9:BC>;NI=:7JN:G;DG8:GI6>CA:<6A6C9I6MB6II:GH6C9L>AAG:I6>C6C>CK:HIB:CI>CH96
I=6IL>AA7:688DJCI:9;DG6H69:7IH:8JG>IN H6G:HJAI I=:DBE6CNG:8D<C>O:96C:HI>B6I:9EG: I6MADHHD; 7>AA>DC>C
DI=:G<6>CH6C9ADHH:H>C>IHDCHDA>96I:9.I6I:B:CID;$C8DB:>CI=:;DJGI=FJ6GI:GD;;>H86A $C86A8JA6I>C<I=:ADHH I=:
;6>GK6AJ:D;I=:9>HEDH6A<GDJEL6HG:9J8:97N6EEGDM>B6I:AN 7>AA>DCG:A6I:9IDI=::HI>B6I:9;6>GK6AJ:D;8:GI6>C
>C9:BC>I>:H6C9DI=:GIG6CH68I>DCG:A6I:98DHIH /=:DBE6CN8DBEA:I:9I=:H6A:>C!:7GJ6GN 6C9L>AA9:8DCHDA>96I:I=:
;>C6C8>6AHI6I:B:CIHD;H96>CI=:;>GHIFJ6GI:GD;;>H86A6C97:<>CG:8D<C>O>C<>BB6I:G>6A>CI:G:HI>C8DB:G:A6I:9ID>IH
9:7IH:8JG>IN
$C*8ID7:G H96 26AB6GI 6C9I=:/GJHI::D;I=:+A6C:CI:G:9>CID6C6<G::B:CIL=>8=EGDK>9:H;DGI=:>HHJ6C8:D;
>C9>K>9J6A6CCJ>IN8DCIG68IHID:68=+A6CE6GI>8>E6CI6C9L>AAG:A:6H:I=:+A6C6C9H96;GDB6CN;JIJG:D7A><6I>DCH 0EDC
8A6HH>;N>C<I=:H969>HEDH6A<GDJE6H=:A9;DGH6A: 7>AA>DCD;688JBJA6I:9E:CH>DC8DBEDC:CIH6HHD8>6I:9L>I=I=:
:ME:8I:99:G:8D<C>I>DCD;I=:H96E:CH>DCEA6CL:G:>C8AJ9:96HE6GID;I=:ADHHB:CI>DC:967DK: L=>8=L>AA7:G:8A6HH>;>:9
;GDB688JBJA6I:9DI=:G8DBEG:=:CH>K:ADHHJEDC8DBEA:I>DCD;I=:H6A:>C!:7GJ6GN
(,;7
$C)DK:B7:G I=:DBE6CN6<G::9IDH:AA.:>NJ I=:DBE6CNHG:I6>ADE:G6I>DCH>C%6E6C ;DGC:I8DCH>9:G6I>DCD;
7>AA>DC L=>8=L6H8A6HH>;>:96H=:A9;DGH6A:>CI=:DCHDA>96I:96A6C8:.=::I6HD;%6CJ6GN H6G:HJAI I=:
DBE6CNG:8D<C>O:96C:HI>B6I:9EG: I6MADHHD; 7>AA>DC>CDI=:G<6>CH6C9ADHH:H>C>IHDCHDA>96I:9.I6I:B:CID;$C8DB:
>CI=:;DJGI=FJ6GI:GD;;>H86A /=:H6A:L6H8DBEA:I:9>C(6G8=6C9I=:DBE6CNL>AA9:8DCHDA>96I:I=:;>C6C8>6A
HI6I:B:CIHD;.:>NJ>CI=:;>GHIFJ6GI:GD;;>H86A6C9688DJCI;DG>IHG:I6>C:9E:G8:CIDLC:GH=>E>CI:G:HI6H6C:FJ>IN
>CK:HIB:CI
HH:IH6C9A>67>A>I>:H=:A9;DGH6A:6HHD8>6I:9L>I=I=:H966C9.:>NJ9>HEDH6A<GDJEH6HD;%6CJ6GN L:G:6H;DAADLH
1>E1BI
/17065,0/,..,105
6H=6C986H=:FJ>K6A:CIH
*I=:G8JGG:CI6HH:IH
+GDE:GIN6C9:FJ>EB:CI C:I
*E:G6I>C<A:6H:G><=I D; JH:6HH:IH
!>C6C8:A:6H:G><=I D; JH:6HH:IH C:I
"DD9L>AA
16AJ6I>DC6AADL6C8:6<6>CHI6HH:IH=:A9;DGH6A:
*?D1<1CC5DC85<46?BC1<5
JGG:CIA>67>A>I>:H
*E:G6I>C<A:6H:D7A><6I>DCH >C8AJ9>C<6BDJCIH9J:L>I=>CDC:N:6G
!>C6C8:A:6H:D7A><6I>DCH >C8AJ9>C<6BDJCIH9J:L>I=>CDC:N:6G
*?D1<<9129<9D95C85<46?BC1<5

$C8AJ9:H>CK:CIDG>:H G:8:>K67A:H C:I6C9EG:E6>9:ME:CH:H6C9DI=:G

$C8AJ9:HI=: 7>AA>DCADHH6HHD8>6I:9L>I=I=:9:G:8D<C>I>DCD;I=:H96E:CH>DCEA6C6C9 7>AA>DC8JBJA6I>K:;DG:><C8JGG:C8N6C9G:A6I:9C:I
>CK:HIB:CI=:9<:6C9DI=:G>BE68IH>C8AJ9:9L>I=>CI=:9>HEDH6A<GDJEH L=>8=L>AA7:G:8A6HH>;>:9;GDB688JBJA6I:9DI=:G8DBEG:=:CH>K:ADHHJEDC
8ADHJG:D;:68=IG6CH68I>DC

$C8AJ9:H688DJCIHE6N67A:6C9688GJ:9A>67>A>I>:H

#$./$464$<,.
$CJ<JHI I=:DBE6CNHDA96CE:G8:CIHI6@:D;26AB6GIG6O>AID9K:CI$CI:GC6I>DC6A9K:CI 0C9:GI=:I:GBH
D;I=:H6A: 9K:CI6<G::9ID8DCIG>7JI:699>I>DC6A86E>I6AIDI=:7JH>C:HHDK:G6I=G:: N:6GE:G>D96C926AB6GI6<G::9ID
>C9:BC>;N9K:CI;DG8:GI6>CB6II:GH
H6G:HJAI I=:DBE6CNG:8DG9:96EG: I6MC:IADHHD; 7>AA>DC9JG>C<;>H86A>CDI=:G<6>CH6C9ADHH:H>CI=:
DBE6CNHDCHDA>96I:9.I6I:B:CID;$C8DB: .J7HI6CI>6AAN6AAD;I=>H8=6G<:L6HG:8DG9:99JG>C<I=:H:8DC9FJ6GI:GD;;>H86A
JEDCB::I>C<I=:=:A9;DGH6A:8G>I:G>6 $C86A8JA6I>C<I=:ADHH I=:;6>GK6AJ:D;I=:9>HEDH6A<GDJEL6HG:9J8:97N
7>AA>DCG:A6I:9ID6C>C9:BC>IN ;DGL=>8=6A>67>A>INL6HG:8D<C>O:9JEDC8ADH>C<6C9>HG:8DG9:9>C9:;:GG:9>C8DB:I6M:H6C9
DI=:G>CI=:DBE6CNHDCHDA>96I:96A6C8:.=::IH 0C9:GI=:>C9:BC>IN I=:DBE6CNL>AA>C9:BC>;N9K:CI;DG8:GI6>C
EG: 8ADH>C<I6M6C9A:<6A8DCI>C<:C8>:H6C9DI=:GB6II:GH;DGJEID- 7>AA>DC 69?JHI:9;DG>CI:G:HI76H:9DCI=:G6O>A>6C
>CI:G76C@9:EDH>IG6I:
/=:DBE6CN9:8DCHDA>96I:9I=:;>C6C8>6AHI6I:B:CIHD;26AB6GIG6O>A9JG>C<I=:I=>G9FJ6GI:GD;;>H86A6C97:<6C
688DJCI>C<;DG>IHG:B6>C>C<E:G8:CIDLC:GH=>E>CI:G:HIJH>C<I=::FJ>INB:I=D9D;688DJCI>C< /=>H:FJ>INB:I=D9
>CK:HIB:CIL6H9:I:GB>C:9ID=6K:CD;6>GK6AJ:6C98DCI>CJ:HID=6K:CD86GGN>C<K6AJ:
.,2-$46
$CJ<JHI I=:DBE6CN68FJ>G:9E:G8:CID;I=:DJIHI6C9>C<H=6G:H DGE:G8:CID;I=:9>AJI:9H=6G:H D;!A>E@6GI 6C
:DBB:G8:B6G@:IEA68:>C$C9>6 ;DG86H=8DCH>9:G6I>DCD;6EEGDM>B6I:AN7>AA>DC /=:68FJ>H>I>DC>C8G:6H:HI=:
DBE6CNH>CK:HIB:CI>C$C9>6 6A6G<: <GDL>C<:8DCDBN $CI=:H:8DC9FJ6GI:GD;;>H86A I=:DBE6CN;>C6A>O:9I=:
K6AJ6I>DCD;6HH:IH68FJ>G:96C9A>67>A>I>:H6HHJB:9;DGI=:!A>E@6GI68FJ>H>I>DC6H;DAADLH
R HH:IHD; 7>AA>DC L=>8=8DBEG>H:EG>B6G>AND; 7>AA>DC>C86H=6C986H=:FJ>K6A:CIH 7>AA>DC>CDI=:G
8JGG:CI6HH:IH 7>AA>DC>C>CI6C<>7A:6HH:IH6C9 7>AA>DC>C<DD9L>AA *;I=:>CI6C<>7A:6HH:IH 7>AA>DC
G:EG:H:CIHI=:;6>GK6AJ:D;IG69:C6B:H :68=L>I=6C>C9:;>C>I:A>;: L=>8=L:G::HI>B6I:9JH>C<I=:>C8DB:6EEGD68=
76H:9DC':K:AJCD7H:GK67A:>CEJIH /=:G:B6>C>C< 7>AA>DCD;>CI6C<>7A:6HH:IHEG>B6G>ANG:A6I:ID68FJ>G:9
I:8=CDAD<NL>I=6A>;:D;N:6GH /=:<DD9L>AA6G>H>C<;GDBI=:68FJ>H>I>DC8DCH>HIHA6G<:AND;6CI>8>E6I:9HNC:G<>:H
6C9:8DCDB>:HD;H86A:EG>B6G>ANG:A6I:9IDEGD8JG:B:CI6C9AD<>HI>8H6C9>HCDI:ME:8I:9ID7:9:9J8I>7A:;DGI6M
EJGEDH:H
R '>67>A>I>:HD; 7>AA>DC L=>8=8DBEG>H:EG>B6G>AND; 7>AA>DCD;8JGG:CIA>67>A>I>:H6C9 7>AA>DCD;9:;:GG:9
>C8DB:I6M:H6C9
R )DC8DCIGDAA>C<>CI:G:HID; 7>AA>DC ;DGL=>8=I=:;6>GK6AJ:L6H:HI>B6I:9JH>C<I=:>C8DB:6EEGD68=76H:9DC
':K:AJCD7H:GK67A:>CEJIH
/=:DBE6CN7:<6C8DCHDA>96I>C<I=:;>C6C8>6AHI6I:B:CIHD;!A>E@6GI>CI=:I=>G9FJ6GI:GD;;>H86A JH>C<6DC: BDCI=A6<
/D;>C6C8:I=:68FJ>H>I>DC I=:DBE6CNJH:968DB7>C6I>DCD;86H=EGDK>9:97NADC< I:GB9:7I6H9>H8JHH:9>C)DI:6C9
86H=DC=6C9 /=:!A>E@6GIG:HJAIHD;DE:G6I>DCHH>C8:68FJ>H>I>DC6C9I=:EGD;DGB6;>C6C8>6A>C;DGB6I>DC6G:>BB6I:G>6A
$?D5 )57=5>DC1>49C177B571D54(5F5>E5
(*/(065
/=:DBE6CN>H:C<6<:9>CI=:DE:G6I>DCD;G:I6>A L=DA:H6A:6C9DI=:GJC>IH 6HL:AA6H:DBB:G8:L:7H>I:H AD86I:9
I=GDJ<=DJII=:0 . ;G>86 6C696 :CIG6AB:G>86 =>A: =>C6 $C9>66C9(:M>8D /=:DBE6CN6AHD:C<6<:9>C
DE:G6I>DCH>C%6E6C6C9I=:0C>I:9&>C<9DB 7DI=D;L=>8=L:G:8A6HH>;>:96H=:A9;DGH6A:6HD;%6CJ6GN 6C9
HJ7H:FJ:CIANHDA9>C!:7GJ6GN6C9(6G8= G:HE:8I>K:AN /=:DBE6CN6AHDDE:G6I:9>CG<:CI>C6EG>DGIDI=:H6A:D;
26AB6GIG<:CI>C6>C)DK:B7:G6C9>CG6O>AEG>DGIDH6A:D;I=:B6?DG>INHI6@:D;26AB6GIG6O>A>C;>H86A -:;:G
ID)DI:;DG9>H8JHH>DCD;G:8:CI9>K:HI>IJG:H /=:DBE6CNHDE:G6I>DCH6G:8DC9J8I:9>CI=G::G:EDGI67A:H:<B:CIH
26AB6GI0 . 26AB6GI$CI:GC6I>DC6A6C9.6BHAJ7 /=:DBE6CN9:;>C:H>IHH:<B:CIH6HI=DH:DE:G6I>DCHL=DH:G:HJAIHI=:
8=>:;DE:G6I>C<9:8>H>DCB6@:G*(G:<JA6GANG:K>:LHID6C6ANO:E:G;DGB6C8:6C96AAD86I:G:HDJG8:H /=:DBE6CN
H:AAHH>B>A6G>C9>K>9J6AEGD9J8IH6C9H:GK>8:H>C:68=D;>IHH:<B:CIH $I>H>BEG68I>867A:IDH:<G:<6I:6C9>9:CI>;NG:K:CJ:H;DG
:68=D;I=:H:>C9>K>9J6AEGD9J8IH6C9H:GK>8:H
/=:26AB6GI0 . H:<B:CI>C8AJ9:HI=:DBE6CNHB6HHB:G8=6CI8DC8:EI>CI=:0 . 6HL:AA6H:DBB:G8:6C9DBC>
8=6CC:A>C>I>6I>K:H /=:26AB6GI$CI:GC6I>DC6AH:<B:CI8DCH>HIHD;I=:DBE6CNHDE:G6I>DCHDJIH>9:D;I=:0 . 6HL:AA6H
:DBB:G8:6C9DBC> 8=6CC:A>C>I>6I>K:H /=:.6BHAJ7H:<B:CI>C8AJ9:HI=:L6G:=DJH:B:B7:GH=>E8AJ7H>CI=:0 . 6H
L:AA6H:DBB:G8:6C9DBC> 8=6CC:A>C>I>6I>K:H DGEDG6I:6C9HJEEDGI8DCH>HIHD;8DGEDG6I:DK:G=:696C9DI=:G>I:BHCDI
6AAD86I:9ID6CND;I=:DBE6CNHH:<B:CIH
/=:DBE6CNB:6HJG:HI=:G:HJAIHD;>IHH:<B:CIHJH>C< 6BDC<DI=:GB:6HJG:H :68=H:<B:CIHC:IH6A:H6C9DE:G6I>C<
>C8DB: L=>8=>C8AJ9:H8:GI6>C8DGEDG6I:DK:G=:696AAD86I>DCH !GDBI>B:IDI>B: I=:DBE6CNG:K>H:HI=:B:6HJG:B:CID;
:68=H:<B:CIHDE:G6I>C<>C8DB: >C8AJ9>C<6CN8DGEDG6I:DK:G=:696AAD86I>DCH 6H9:I:GB>C:97NI=:>C;DGB6I>DCG:<JA6GAN

G:K>:L:97N>IH*( :<>CC>C<L>I=I=:;>GHIFJ6GI:G>C;>H86A I=:DBE6CNG:K>H:9>IH9:;>C>I>DCD;:DBB:G8:C:I
H6A:HID>C8AJ9:8:GI6>CE=6GB68NIG6CH68I>DCH 6C9688DG9>C<AN G:K>H:9EG>DGE:G>D96BDJCIHIDB6>CI6>C8DBE6G67>A>IN
$C;DGB6I>DC;DGI=:DBE6CNHH:<B:CIH 6HL:AA6H;DGDGEDG6I:6C9HJEEDGI >C8AJ9>C<I=:G:8DC8>A>6I>DCID>C8DB:7:;DG:
>C8DB:I6M:H >HEGDK>9:9>CI=:;DAADL>C<I67A:
-1<=1BD ?B@?B1D5
/17065,0/,..,105 -1<=1BD+ ) >D5B>1D9?>1< )1=C<E2 1>4CE@@?BD ?>C?<941D54
9C31</51B>454 1>E1BI
):IH6A:H U
*E:G6I>C<>C8DB:ADHH
$CI:G:HI C:I
*I=:G<6>CH6C9ADHH:H
$C8DB:7:;DG:>C8DB:I6M:H
/DI6A6HH:IH
6E>I6A:ME:C9>IJG:H
9C31</51B>454 1>E1BI

):IH6A:H U
*E:G6I>C<>C8DB:ADHH
$CI:G:HI C:I
*I=:G<6>CH6C9ADHH:H
/DI6A6HH:IH
6E>I6A:ME:C9>IJG:H
9C31</51B>454 1>E1BI

):IH6A:H U
*E:G6I>C<>C8DB:ADHH
$CI:G:HI C:I
'DHHDC:MI>C<J>H=B:CID;9:7I
/DI6A6HH:IH
6E>I6A:ME:C9>IJG:H
/DI6AG:K:CJ:H 8DCH>HI>C<D;C:IH6A:H6C9B:B7:GH=>E6C9DI=:G>C8DB: 6C9ADC< A>K:96HH:IH 8DCH>HI>C<EG>B6G>AND;

EGDE:GIN6C9:FJ>EB:CI C:I6C9A:6H:G><=I D; JH:6HH:IH 6<<G:<6I:97NI=:DBE6CNH0 . 6C9CDC 0 . DE:G6I>DCH;DG;>H86A
6C9 6G:6H;DAADLH
9C31</51BC>454 1>E1BI
/17065,0/,..,105
(5F5>E5C
0 . DE:G6I>DCH
)DC 0 . DE:G6I>DCH
*?D1<B5F5>E5C
"?>7 <9F541CC5DC
0 . DE:G6I>DCH
)DC 0 . DE:G6I>DCH
*?D1<<?>7 <9F541CC5DC
)D>C9>K>9J6A8DJCIGNDJIH>9:D;I=:0 . =69IDI6AG:K:CJ:HDGADC< A>K:96HH:IHI=6IL:G:B6I:G>6AIDI=:8DCHDA>96I:9IDI6AH

'DC< A>K:96HH:IHG:A6I:9IDDE:G6I>DCH8A6HH>;>:96H=:A9;DGH6A:6G::M8AJ9:9;GDBI=:I67A:67DK: 99>I>DC6AAN I=:DBE6CN
9>9CDI<:C:G6I:B6I:G>6AG:K:CJ:H;GDB6CNH>C<A:8JHIDB:G

,5$**4(*$6('(8(07(5
$CI=:;DAADL>C<I67A:H H:<B:CIC:IH6A:H6G:9>H6<<G:<6I:97N:>I=:GB:G8=6C9>H:86I:<DGNDGB6G@:I $C699>I>DC C:IH6A:H
G:A6I:9ID:DBB:G8:6G:EGDK>9:9;DG:68=H:<B:CI L=>8=>C8AJ9:DBC> 8=6CC:AH6A:H L=:G:68JHIDB:G>C>I>6I:H6CDG9:G
9><>I6AAN6C9I=:DG9:G>H;JA;>AA:9I=GDJ<=6HIDG:DG8AJ7
/17065,0/,..,105 9C31</51BC>454 1>E1BI

-1<=1BD+ ) >5DC1<5C2I=5B381>49C531D57?BI
"GD8:GN
":C:G6AB:G8=6C9>H:
#:6AI=6C9L:AAC:HH
*I=:G86I:<DG>:H
*?D1<
*;26AB6GI0 . HIDI6AC:IH6A:H 6EEGDM>B6I:AN 7>AA>DC6C9 7>AA>DCG:A6I:9ID:DBB:G8:;DG;>H86A6C9;>H86A

G:HE:8I>K:AN
/17065,0/,..,105 9C31</51BC>454 1>E1BI

-1<=1BD>D5B>1D9?>1<>5DC1<5C2I=1B;5D
(:M>8D6C9:CIG6AB:G>86
0C>I:9&>C<9DB
6C696
=>C6
*I=:G
*?D1<
*;26AB6GI$CI:GC6I>DC6AHIDI6AC:IH6A:H 6EEGDM>B6I:AN 7>AA>DC6C9 7>AA>DCG:A6I:9ID:DBB:G8:;DG;>H86A

6C9;>H86A G:HE:8I>K:AN
/17065,0/,..,105 9C31</51BC>454 1>E1BI

)1=LC<E2>5DC1<5C2I=5B381>49C531D57?BI
"GD8:GN6C98DCHJB67A:H
!J:A ID7688D6C9DI=:G86I:<DG>:H
#DB:6C96EE6G:A
#:6AI=6C9L:AAC:HH
/:8=CDAD<N D;;>8:6C9:CI:GI6>CB:CI
*?D1<
*;.6BHAJ7HIDI6AC:IH6A:H 6EEGDM>B6I:AN 7>AA>DC6C9 7>AA>DCG:A6I:9ID:DBB:G8:;DG;>H86A6C9;>H86A

G:HE:8I>K:AN
$?D5 )E2C5AE5>DF5>D
,8,'(0'5(&.$4('
/=:D6G9D;>G:8IDGH6EEGDK:9 :;;:8I>K:!:7GJ6GN I=:;>H86A6CCJ6A9>K>9:C9D; E:GH=6G: 6C>C8G:6H:
DK:GI=:;>H86A9>K>9:C9D; E:GH=6G: !DG;>H86A I=:6CCJ6A9>K>9:C9L>AA7:E6>9>C;DJGFJ6GI:GAN>CHI6AAB:CIH
D; E:GH=6G: 688DG9>C<IDI=:;DAADL>C<G:8DG96C9E6N67A:96I:H
(53?B41D5 &1I12<51D5
(6G8= EG>A
(6N %JC:
J<JHI .:EI:B7:G
:8:B7:G %6CJ6GN

*# $)$$)(#$*)-*%+$*$*)%$%+$*$$
$$")"%)+(
)DC:
*# %$*(%")$&(%+()
F1<E1D9?>?69C3<?CEB5?>DB?<C1>4&B?354EB5C
2:B6>CI6>C9>H8ADHJG:8DCIGDAH6C9EGD8:9JG:HI=6I6G:9:H><C:9IDEGDK>9:G:6HDC67A:6HHJG6C8:I=6I>C;DGB6I>DC L=>8=>H
G:FJ>G:9ID7:I>B:AN9>H8ADH:9 >H688JBJA6I:96C98DBBJC>86I:9IDB6C6<:B:CI>C6I>B:AN;6H=>DC $C9:H><C>C<6C9
:K6AJ6I>C<HJ8=8DCIGDAH6C9EGD8:9JG:H L:G:8D<C>O:I=6I6CN8DCIGDAH6C9EGD8:9JG:H CDB6II:G=DLL:AA9:H><C:96C9
DE:G6I:9 86CEGDK>9:DCANG:6HDC67A:6HHJG6C8:D;68=>:K>C<I=:9:H>G:98DCIGDAD7?:8I>K:H *JGB6C6<:B:CI>HC:8:HH6G>AN
G:FJ>G:9IDJH:?J9<B:CI>C:K6AJ6I>C<8DCIGDAH6C9EGD8:9JG:H AHD L:=6K:>CK:HIB:CIH>CJC8DCHDA>96I:9:CI>I>:H .>C8:
L:9DCDI8DCIGDADGB6C6<:I=DH::CI>I>:H DJG8DCIGDAH6C9EGD8:9JG:HL>I=G:HE:8IIDI=DH::CI>I>:H6G:HJ7HI6CI>6AANBDG:
A>B>I:9I=6CI=DH:L:B6>CI6>CL>I=G:HE:8IIDDJG8DCHDA>96I:9HJ7H>9>6G>:H
$CI=:DG9>C6GN8DJGH:D;7JH>C:HH L:G:K>:LDJG>CI:GC6A8DCIGDADK:G;>C6C8>6AG:EDGI>C<6C9B6@:8=6C<:HIDDJGHNHI:BH6C9
EGD8:HH:HID>BEGDK:HJ8=8DCIGDAH6C9>C8G:6H::;;>8>:C8N L=>A::CHJG>C<I=6IL:B6>CI6>C6C:;;:8I>K:>CI:GC6A8DCIGDA
:CK>GDCB:CI =6C<:HB6N>C8AJ9:HJ8=68I>K>I>:H6H>BEA:B:CI>C<C:L BDG::;;>8>:CIHNHI:BH JE96I>C<:M>HI>C<HNHI:BH
6JIDB6I>C<B6CJ6AEGD8:HH:H HI6C96G9>O>C<8DCIGDAH<AD76AAN B><G6I>C<8:GI6>CEGD8:HH:HIDDJGH=6G:9H:GK>8:HDG<6C>O6I>DCH
6C9>C8G:6H>C<BDC>IDG>C<8DCIGDAH /=:H:8=6C<:H=6K:CDIB6I:G>6AAN6;;:8I:9 6C96G:CDIG:6HDC67ANA>@:ANIDB6I:G>6AAN
6;;:8I I=:DBE6CNH>CI:GC6A8DCIGDADK:G;>C6C8>6AG:EDGI>C< #DL:K:G I=:N6AADLJHID8DCI>CJ:ID:C=6C8:DJG>CI:GC6A
8DCIGDADK:G;>C6C8>6AG:EDGI>C<6C9:CHJG:I=6IDJG>CI:GC6A8DCIGDA:CK>GDCB:CIG:B6>CH:;;:8I>K:
C:K6AJ6I>DCD;I=::;;:8I>K:C:HHD;I=:9:H><C6C9DE:G6I>DCD;DJG9>H8ADHJG:8DCIGDAH6C9EGD8:9JG:H6HD;I=::C9D;I=:
E:G>D98DK:G:97NI=>HG:EDGIL6HE:G;DGB:9JC9:GI=:HJE:GK>H>DC6C9L>I=I=:E6GI>8>E6I>DCD;B6C6<:B:CI >C8AJ9>C<DJG
=>:; M:8JI>K:*;;>8:G6C9=>:;!>C6C8>6A*;;>8:G 6H:9JEDCI=6I:K6AJ6I>DC DJG=>:; M:8JI>K:*;;>8:G6C9=>:;
!>C6C8>6A*;;>8:G8DC8AJ9:9I=6IDJG9>H8ADHJG:8DCIGDAH6C9EGD8:9JG:H6G::;;:8I>K:IDEGDK>9:G:6HDC67A:6HHJG6C8:I=6I
>C;DGB6I>DCG:FJ>G:9ID7:9>H8ADH:97NI=:DBE6CN>CI=:G:EDGIHI=6I>I;>A:HDGHJ7B>IHJC9:GI=:.:8JG>I>:H M8=6C<:8ID;
6H6B:C9:9 >H688JBJA6I:96C98DBBJC>86I:9IDB6C6<:B:CI >C8AJ9>C<DJG=>:; M:8JI>K:*;;>8:G6C9=>:;
!>C6C8>6A*;;>8:G 6H6EEGDEG>6I: ID6AADLI>B:AN9:8>H>DCHG:<6G9>C<G:FJ>G:99>H8ADHJG:6C96G::;;:8I>K:IDEGDK>9:G:6HDC67A:
6HHJG6C8:I=6IHJ8=>C;DGB6I>DC>HG:8DG9:9 EGD8:HH:9 HJBB6G>O:96C9G:EDGI:9L>I=>CI=:I>B:E:G>D9HHE:8>;>:97NI=:. H
GJA:H6C9;DGBH
(5@?BD?>>D5B>1<?>DB?<%F5B9>1>391<(5@?BD9>7
(6C6<:B:CI=6HG:HEDCH>7>A>IN;DG:HI67A>H=>C<6C9B6>CI6>C>C<69:FJ6I:>CI:GC6A8DCIGDADK:G;>C6C8>6AG:EDGI>C< $CI:GC6A
8DCIGDADK:G;>C6C8>6AG:EDGI>C<>H6EGD8:HH9:H><C:9IDEGDK>9:G:6HDC67A:6HHJG6C8:G:<6G9>C<I=:G:A>67>A>IND;;>C6C8>6A
G:EDGI>C<6C9I=:EG:E6G6I>DCD;;>C6C8>6AHI6I:B:CIH;DG:MI:GC6AG:EDGI>C<EJGEDH:H>C688DG96C8:L>I=688DJCI>C<EG>C8>EA:H
<:C:G6AAN688:EI:9>CI=:0C>I:9.I6I:H :86JH:D;>IH>C=:G:CIA>B>I6I>DCH >CI:GC6A8DCIGDADK:G;>C6C8>6AG:EDGI>C<B6NCDI
EG:K:CIDG9:I:8IB>HHI6I:B:CIH (6C6<:B:CI=6H6HH:HH:9I=::;;:8I>K:C:HHD;I=:DBE6CNH>CI:GC6A8DCIGDADK:G;>C6C8>6A
G:EDGI>C<6HD;%6CJ6GN $CB6@>C<>IH6HH:HHB:CI B6C6<:B:CI=6HJI>A>O:9I=:8G>I:G>6H:I;DGI=7NI=:DBB>II::D;
.EDCHDG>C<*G<6C>O6I>DCH*.*D;I=:/G:69L6NDBB>HH>DC>C$CI:GC6ADCIGDA $CI:<G6I:9!G6B:LDG@
(6C6<:B:CI8DC8AJ9:9I=6I76H:9DC>IH6HH:HHB:CI 26AB6GIH>CI:GC6A8DCIGDADK:G;>C6C8>6AG:EDGI>C<L6H:;;:8I>K:6HD;
%6CJ6GN /=:DBE6CNH>CI:GC6A8DCIGDADK:G;>C6C8>6AG:EDGI>C<6HD;%6CJ6GN =6H7::C6J9>I:97N GCHI
4DJC<''+6HHI6I:9>CI=:>GG:EDGIL=>8=6EE:6GH=:G:>C
81>75C9>>D5B>1<?>DB?<%F5B9>1>391<(5@?BD9>7
/=:G:=6H7::CCD8=6C<:>CI=:DBE6CNH>CI:GC6A8DCIGDADK:G;>C6C8>6AG:EDGI>C<6HD;%6CJ6GN I=6I=6HB6I:G>6AAN
6;;:8I:9 DG>HG:6HDC67ANA>@:ANIDB6I:G>6AAN6;;:8I I=:DBE6CNH>CI:GC6A8DCIGDADK:G;>C6C8>6AG:EDGI>C<
*# %*($%(#*%$
)DC:

&(*
*# (*%().+*,%()$%(&%(*%,($$
+A:6H:H::I=:>C;DGB6I>DC8DC8:GC>C<DJG:M:8JI>K:D;;>8:GH8DCI6>C:9>C$I:B JH>C:HH=:G:>CJC9:GI=:86EI>DC
$C;DGB6I>DC7DJI*JG M:8JI>K:*;;>8:GH L=>8=>H>C8AJ9:9>C688DG96C8:L>I=I=:$CHIGJ8I>DCID$I:BD;I=:. H
-:<JA6I>DC. &
$C;DGB6I>DCG:FJ>G:97NI=>H$I:BL>I=G:HE:8IIDI=:DBE6CNH9>G:8IDGH6C98:GI6>C;6B>ANG:A6I>DCH=>EH>H>C8DGEDG6I:97N
G:;:G:C8:IDHJ8=>C;DGB6I>DCJC9:GI=:86EI>DC+GDEDH6A)D T A:8I>DCD;>G:8IDGH>C8AJ9:9>CDJG+GDMN.I6I:B:CI
G:A6I>C<IDDJGCCJ6A(::I>C<D;.=6G:=DA9:GHDJG+GDMN.I6I:B:CI
)DB6I:G>6A8=6C<:H=6K:7::CB69:IDI=:EGD8:9JG:H7NL=>8=H=6G:=DA9:GHD;I=:DBE6CNB6NG:8DBB:C9CDB>C::HID
DJGD6G9D;>G:8IDGHH>C8:I=DH:EGD8:9JG:HL:G:9>H8ADH:9>CDJGEGDMNHI6I:B:CIG:A6I>C<IDDJGCCJ6A.=6G:=DA9:GH
(::I>C<6HEG:K>DJHAN;>A:9L>I=I=:.
/=:>C;DGB6I>DCG:<6G9>C<DJGJ9>IDBB>II:: >C8AJ9>C<DJG6J9>I8DBB>II::;>C6C8>6A:ME:GIH6C9DJG-:EDGI>C<+GDID8DAH
;DG.:C>DG!>C6C8>6A*;;>8:GH6C9DJGD9:D;DC9J8I6EEA>867A:ID6AAD;DJG6HHD8>6I:H >C8AJ9>C<DJG=>:; M:8JI>K:
*;;>8:G =>:;!>C6C8>6A*;;>8:G6C9DJGDCIGDAA:G L=D>HDJGEG>C8>E6A688DJCI>C<D;;>8:G G:FJ>G:97NI=>H$I:B>H
>C8DGEDG6I:9=:G:>C7NG:;:G:C8:IDI=:>C;DGB6I>DCJC9:GI=:86EI>DCHDGEDG6I:"DK:GC6C8:6C9+GDEDH6A)D
-6I>;>86I>DCD;$C9:E:C9:CI88DJCI6CIH>C8AJ9:9>CDJG+GDMN.I6I:B:CI $I:B JH>C:HH67DK:8DCI6>CH>C;DGB6I>DC
G:A6I>C<IDI=:6K6>A67>A>IND;68DEND;DJG-:EDGI>C<+GDID8DAH;DG.:C>DG!>C6C8>6A*;;>8:GH6C9DJGD9:D;DC9J8I6C9I=:
EDHI>C<D;6B:C9B:CIHID6C96CNL6>K:GHD;I=:-:EDGI>C<+GDID8DAH;DG.:C>DG!>C6C8>6A*;;>8:GH6C9DJGD9:D;DC9J8IDC
DJGL:7H>I:
*# .+*,%#&$)*%$
/=:>C;DGB6I>DCG:FJ>G:97NI=>H$I:B>H>C8DGEDG6I:9=:G:>C7NG:;:G:C8:IDI=:>C;DGB6I>DCJC9:GI=:86EI>DCHDGEDG6I:
"DK:GC6C8:T>G:8IDGDBE:CH6I>DC6C9 M:8JI>K:DBE:CH6I>DC>C8AJ9:9>CDJG+GDMN.I6I:B:CI
*# )+(*/%-$()&%(*$$"%-$()$#$#$*$
("*)*%!%"(#**()
/=:>C;DGB6I>DCG:FJ>G:97NI=>H$I:B>H>C8DGEDG6I:9=:G:>C7NG:;:G:C8:IDI=:>C;DGB6I>DCI=6I6EE:6GHJC9:GI=:86EI>DC
.ID8@*LC:GH=>E>C8AJ9:9>CDJG+GDMN.I6I:B:CI
*# (*$("*%$)&)$("**($)*%$)$(*%(
$&$$
/=:>C;DGB6I>DCG:FJ>G:97NI=>H$I:B>H>C8DGEDG6I:9=:G:>C7NG:;:G:C8:IDI=:>C;DGB6I>DCJC9:GI=:86EI>DCDGEDG6I:
"DK:GC6C8:TD6G9+GD8:HH:H6C9+G68I>8:H>C8AJ9:9>CDJG+GDMN.I6I:B:CI
*# &($&"%+$*$)$)(,)
/=:>C;DGB6I>DCG:FJ>G:97NI=>H$I:B>H>C8DGEDG6I:9=:G:>C7NG:;:G:C8:IDI=:>C;DGB6I>DCJC9:GI=:86EI>DC+GDEDH6A)D
T-6I>;>86I>DCD;$C9:E:C9:CI88DJCI6CIH>C8AJ9:9>CDJG+GDMN.I6I:B:CI

&(*,
*# .*)$$")**#$*)+")
6 D8JB:CIH;>A:96HE6GID;I=>HG:EDGI6G:6H;DAADLH
!>C6C8>6A.I6I:B:CIH.::I=:!>C6C8>6A.I6I:B:CIH>C$I:B !>C6C8>6A.I6I:B:CIH6C9.JEEA:B:CI6GN6I6
!>C6C8>6A.I6I:B:CI.8=:9JA:H
:GI6>CH8=:9JA:H=6K:7::CDB>II:97:86JH:I=:G:FJ>G:9>C;DGB6I>DC>HCDIEG:H:CIDG>HCDIEG:H:CI>C
6BDJCIHHJ;;>8>:CIIDG:FJ>G:HJ7B>HH>DCD;I=:H8=:9JA: DG7:86JH:I=:>C;DGB6I>DCG:FJ>G:9>H>C8AJ9:9>C
I=:DCHDA>96I:9!>C6C8>6A.I6I:B:CIH >C8AJ9>C<I=:CDI:HI=:G:ID
M=>7>IH
.:::M=>7>IHA>HI:9JC9:GE6GI77:ADL
7 /=:G:FJ>G:9:M=>7>IH6G:;>A:96HE6GID;I=>H!DGB &DG6G:>C8DGEDG6I:97NG:;:G:C8:=:G:>C

-:HI6I:9:GI>;>86I:D;$C8DGEDG6I>DCD;I=:DBE6CN96I:9!:7GJ6GN >H>C8DGEDG6I:9=:G:>C7N
G:;:G:C8:ID M=>7>I IDI=:-:EDGIDC!DGB &;>A:97NI=:DBE6CNDC!:7GJ6GN
B:C9:96C9-:HI6I:9NA6LHD;I=:DBE6CN96I:9%JAN 6G:>C8DGEDG6I:9=:G:>C7NG:;:G:C8:ID
M=>7>I IDI=:-:EDGIDC!DGB &;>A:97NI=:DBE6CNDC%JAN
$C9:CIJG:96I:96HD;EG>A 7:IL::CI=:DBE6CN6C9% + (DG<6C/GJHIDBE6CN )6I>DC6A

HHD8>6I>DC 6HHJ88:HHDGIGJHI::ID6C@*C:/GJHIDBE6CN ) 6HHJ88:HHDGIGJHI::ID/=:!>GHI)6I>DC6A
6C@D;=>86<D /GJHI:: >H>C8DGEDG6I:9=:G:>C7NG:;:G:C8:ID M=>7>I6ID-:<>HIG6I>DC.I6I:B:CIDC
!DGB. !>A:)JB7:G +
!>GHI.JEEA:B:CI6A$C9:CIJG:96I:96HD;.:EI:B7:G IDI=:$C9:CIJG:96I:96HD;EG>A

7:IL::CI=:DBE6CN6C9% + (DG<6C/GJHIDBE6CN )6I>DC6AHHD8>6I>DC 6HHJ88:HHDGIGJHI::ID6C@
*C:/GJHIDBE6CN ) 6HHJ88:HHDGIGJHI::ID/=:!>GHI)6I>DC6A6C@D;=>86<D /GJHI:: >H>C8DGEDG6I:9
=:G:>C7NG:;:G:C8:ID M=>7>I7ID-:<>HIG6I>DC.I6I:B:CIDC!DGB. !>A:)JB7:G +
$C9:CIJG:96I:96HD;:8:B7:G 7:IL::CI=:DBE6CN6C9% + (DG<6C/GJHIDBE6CN )6I>DC6A

HHD8>6I>DC 6HHJ88:HHDGIGJHI::ID6C@*C:/GJHIDBE6CN ) >H>C8DGEDG6I:97NG:;:G:C8:ID M=>7>I
ID-:<>HIG6I>DC.I6I:B:CIDC!DGB. !>A:)JB7:G
$C9:CIJG:96I:96HD;%JAN 7:IL::CI=:DBE6CN6C9% + (DG<6C/GJHIDBE6CN )6I>DC6A

HHD8>6I>DC>H>C8DGEDG6I:97NG:;:G:C8:ID M=>7>I ID-:<>HIG6I>DC.I6I:B:CIDC!DGB. !>A:)JB7:G

!>GHI.JEEA:B:CI6A$C9:CIJG: 96I:9:8:B7:G 7:IL::CI=:DBE6CN6C9/=:6C@D;):L4DG@

/GJHIDBE6CN ) 6HHJ88:HHDG >C >CI:G:HIID% + (DG<6C/GJHIDBE6CN )6I>DC6AHHD8>6I>DC 6H
/GJHI:: JC9:GI=:$C9:CIJG: 96I:96HD;%JAN 7:IL::CI=:DBE6CN6C9% + (DG<6C/GJHI
DBE6CN )6I>DC6AHHD8>6I>DC 6H/GJHI:: >H>C8DGEDG6I:9=:G:>C7NG:;:G:C8:ID M=>7>I ID+DHI
;;:8I>K:B:C9B:CI)D ID-:<>HIG6I>DC.I6I:B:CIDC!DGB. !>A:)JB7:G
.:8DC9.JEEA:B:CI6A$C9:CIJG: 96I:9:8:B7:G 7:IL::CI=:DBE6CN6C9/=:6C@D;):L4DG@
/GJHIDBE6CN ) 6HHJ88:HHDG >C >CI:G:HIID% + (DG<6C/GJHIDBE6CN )6I>DC6AHHD8>6I>DC 6H
/GJHI:: JC9:GI=:$C9:CIJG: 96I:96HD;%JAN 7:IL::CI=:DBE6CN6C9% + (DG<6C/GJHI
DBE6CN )6I>DC6AHHD8>6I>DC 6H/GJHI:: >H>C8DGEDG6I:9=:G:>C7NG:;:G:C8:ID M=>7>I ID-:<>HIG6I>DC
.I6I:B:CIDC!DGB. !>A:)JB7:G
/=>G9.JEEA:B:CI6A$C9:CIJG: 96I:9%JC: 7:IL::CI=:DBE6CN6C9/=:6C@D;):L4DG@/GJHI

DBE6CN ) 6HHJ88:HHDG >C >CI:G:HIID% + (DG<6C/GJHIDBE6CN )6I>DC6AHHD8>6I>DC 6H/GJHI::
JC9:GI=:$C9:CIJG: 96I:96HD;%JAN 7:IL::CI=:DBE6CN6C9% + (DG<6C/GJHIDBE6CN
)6I>DC6AHHD8>6I>DC 6H/GJHI:: >H>C8DGEDG6I:9=:G:>C7NG:;:G:C8:ID M=>7>I.IDJGG:CI-:EDGIDC
!DGB &;>A:9DC%JC:
:H8G>EI>DCD;-:<>HIG6CIH.:8JG>I>:H>H>C8DGEDG6I:9=:G:>C7NG:;:G:C8:ID M=>7>I IDI=:CCJ6A-:EDGI

DC!DGB &;>A:9DC(6G8=

26AB6GI$C8 *;;>8:G:;:GG:9DBE:CH6I>DC+A6C 6H6B:C9:9:;;:8I>K:!:7GJ6GN >H>C8DGEDG6I:97N
G:;:G:C8:ID M=>7>I6IDI=:CCJ6A-:EDGIDC!DGB &D;I=:DBE6CN;DGI=:;>H86AN:6G:C9:9
%6CJ6GN ;>A:9DC(6G8=
26AB6GI$C8 (6C6<:B:CI$C8:CI>K:+A6C 6H6B:C9:9:;;:8I>K:!:7GJ6GN >H>C8DGEDG6I:97NG:;:G:C8:

ID M=>7>I7IDI=:CCJ6A-:EDGIDC!DGB &D;I=:DBE6CN;DGI=:;>H86AN:6G:C9:9%6CJ6GN
;>A:9DC(6G8=
26AB6GI$C8 HHD8>6I:.ID8@+JG8=6H:+A6C 6H6B:C9:9:;;:8I>K:!:7GJ6GN >H>C8DGEDG6I:97N

26AB6GI$C8 .ID8@$C8:CI>K:+A6CD; 6H6B:C9:9:;;:8I>K:!:7GJ6GN >H>C8DGEDG6I:97N

26AB6GI$C8 .JEEA:B:CI6A M:8JI>K:-:I>G:B:CI+A6C 6H6B:C9:9:;;:8I>K:!:7GJ6GN >H

>C8DGEDG6I:97NG:;:G:C8:ID M=>7>I:IDI=:CCJ6A-:EDGIDC!DGB &D;I=:DBE6CN;DGI=:;>H86A
N:6G:C9:9%6CJ6GN ;>A:9DC(6G8=
26AB6GI$C8 >G:8IDGDBE:CH6I>DC:;:GG6A+A6C 6H6B:C9:9:;;:8I>K:!:7GJ6GN >H>C8DGEDG6I:97N

G:;:G:C8:ID M=>7>I;IDI=:CCJ6A-:EDGIDC!DGB &D;I=:DBE6CN;DGI=:;>H86AN:6G:C9:9
!DGBD;+DHI /:GB>C6I>DC<G::B:CI6C9DK:C6CI)DIIDDBE:I:L>I=6II68=:9.8=:9JA:D; M:8JI>K:

*;;>8:GHL=D=6K::M:8JI:96+DHI /:GB>C6I>DC<G::B:CI6C9DK:C6CI)DIIDDBE:I:>H>C8DGEDG6I:97N
G:;:G:C8:ID M=>7>IEIDI=:CCJ6A-:EDGIDC!DGB &D;I=:DBE6CN;DGI=:;>H86AN:6G:C9:9
6 B:C9:9.8=:9JA:D; M:8JI>K:*;;>8:GHL=D=6K::M:8JI:96+DHI /:GB>C6I>DC<G::B:CI6C9DK:C6CI

)DIIDDBE:I:>CI=:;DGB;>A:96H M=>7>IEIDI=:CCJ6A-:EDGIDC!DGB &D;I=:DBE6CN;DGI=:
;>H86AN:6G:C9:9%6CJ6GN >H>C8DGEDG6I:9=:G:>C7NG:;:G:C8:ID M=>7>I 6IDI=:CCJ6A-:EDGI
DC!DGB &;>A:9DC(6G8=
!DGBD;26AB6GI$C8 .ID8@$C8:CI>K:+A6CD;-:HIG>8I:9.ID8@L6G9 )DI>;>86I>DCD;L6G96C9
/:GBH6C9DC9>I>DCHD;L6G9>H>C8DGEDG6I:9=:G:>C7NG:;:G:C8:ID M=>7>I IDI=:CCJ6A-:EDGIDC
!DGB &;>A:9DC(6G8=
!DGBD;26AB6GI$C8 .ID8@$C8:CI>K:+A6CD;"AD76A.=6G: .:IIA:9+:G;DGB6C8: 6H:9-:HIG>8I:9.ID8@
0C>I)DI>;>86I>DC6C9/:GBH6C9DC9>I>DCH%6CJ6GN6CCJ6A6L6G9 6AA:M:8JI>K:D;;>8:GH>H
>C8DGEDG6I:9=:G:>C7NG:;:G:C8:ID M=>7>I IDI=:CCJ6A-:EDGIDC!DGB &;>A:9DC(6G8=

.=6G:.:IIA:9-:HIG>8I:9.ID8@0C>I)DI>;>86I>DC6C9/:GBH6C9DC9>I>DCHL6G9:9ID(6G8'DG:DC
.:EI:B7:G >H>C8DGEDG6I:97NG:;:G:C8:ID M=>7>I6IDI=:,J6GI:GAN-:EDGIDC!DGB ,D;
I=:DBE6CN;DGI=:;>H86AFJ6GI:G:C9:9*8ID7:G ;>A:9DC:8:B7:G
:;:GG:9DCI>C<:CI(:G<:GDCH>9:G6I>DC<G::B:CI96I:9J<JHI 7:IL::CI=:DBE6CN6C9

(6G8'DG:>H>C8DGEDG6I:9=:G:>C7NG:;:G:C8:ID M=>7>IKIDI=:CCJ6A-:EDGIDC!DGB &D;I=:
DBE6CN;DGI=:;>H86AN:6G:C9:9%6CJ6GN ;>A:9DC(6G8=
B:C9B:CIID:;:GG:9DCI>C<:CI(:G<:GDCH>9:G6I>DC<G::B:CI96I:9.:EI:B7:G 7:IL::CI=:

DBE6CN6C9(6G8'DG:>H>C8DGEDG6I:9=:G:>C7NG:;:G:C8:ID M=>7>ILIDI=:CCJ6A-:EDGIDC!DGB
&D;I=:DBE6CN;DGI=:;>H86AN:6G:C9:9%6CJ6GN ;>A:9DC(6G8=
)DC DBE:I>I>DC )DC .DA>8>I6I>DC6C9)D #>G:<G::B:CI7:IL::CI=:DBE6CN6C9(6G8'DG:96I:9

.:EI:B7:G >H>C8DGEDG6I:9=:G:>C7NG:;:G:C8:ID M=>7>IMIDI=:CCJ6A-:EDGIDC!DGB &
D;I=:DBE6CN;DGI=:;>H86AN:6G:C9:9%6CJ6GN ;>A:9DC(6G8=
!DGBD;26AB6GI$C8 -:HIG>8I:9.ID8@L6G9)DI>;>86I>DCD;L6G96C9/:GBH6C9DC9>I>DCHD;L6G9
.JG:H=&JB6G96I:9%JAN >H>C8DGEDG6I:97NG:;:G:C8:ID M=>7>I IDI=:,J6GI:GAN-:EDGID;I=:
DBE6CN;DGI=:;>H86AFJ6GI:G:C9:9%JAN ;>A:9DC.:EI:B7:G

!DGBD;.=6G:.:IIA:9-:HIG>8I:9.ID8@0C>I)DI>;>86I>DC6C9/:GBH6C9DC9>I>DCHL6G9:9ID.JG:H=
&JB6GDC%JAN >H>C8DGEDG6I:97NG:;:G:C8:ID M=>7>I IDI=:,J6GI:GAN-:EDGID;I=:DBE6CN
;DGI=:;>H86AFJ6GI:G:C9:9%JAN ;>A:9DC.:EI:B7:G
+DHI/:GB>C6I>DC<G::B:CI6C9DK:C6CI)DIIDDBE:I:7:IL::CI=:DBE6CN6C9.JG:H=&JB6G96I:9
%JC: >H>C8DGEDG6I:9=:G:>C7NG:;:G:C8:ID M=>7>I IDI=:CCJ6A-:EDGIDC!DGB &;>A:9DC
(6G8=
.:E6G6I>DC<G::B:CI7:IL::CI=:DBE6CN6C9"G:<DGN. !DG6C96I:9:8:B7:G >H>C8DGEDG6I:9

=:G:>C7NG:;:G:C8:ID M=>7>I IDI=:CCJ6A-:EDGIDC!DGB &;>A:9DC(6G8=
.:E6G6I>DC<G::B:CI7:IL::CI=:DBE6CN6C9(6G8'DG:96I:9%6CJ6GN
.=6G:$HHJ6C8:6C98FJ>H>I>DC<G::B:CI7N6C9:IL::C!A>E@6GI+G>K6I:'>B>I:96C926AB6GI$C8 96I:9
6HD;(6N >H>C8DGEDG6I:9=:G:>C7NG:;:G:C8:ID M=>7>I IDI=:,J6GI:GAN-:EDGID;I=:
DBE6CN;DGI=:;>H86AFJ6GI:G:C9:9%JAN ;>A:9DC.:EI:B7:G EDGI>DCHD;I=>H:M=>7>I=6K:
7::CDB>II:96C9;>A:9H:E6G6I:ANL>I=I=:. EJGHJ6CIID6G:FJ:HI;DG8DC;>9:CI>6AIG:6IB:CI
DJCI:GE6GI!DGBD;.=6G:+JG8=6H:<G::B:CI7N6C9BDC<26A (6GI$CI:GC6I>DC6A#DA9>C<H $C8 I=:

H=6G:=DA9:GHD;!A>E@6GI+G>K6I:'>B>I:9>9:CI>;>:9DC.8=:9JA:$I=:G:ID !DGI>H9K>HDGH''6C926AB6GI
$C8 96I:96HD;(6N >H>C8DGEDG6I:9=:G:>C7NG:;:G:C8:ID M=>7>I IDI=:,J6GI:GAN-:EDGID;I=:
DBE6CN;DGI=:;>H86AFJ6GI:G:C9:9%JAN ;>A:9DC.:EI:B7:G +DGI>DCHD;I=>H:M=>7>I=6K:
7::CDB>II:96C9;>A:9H:E6G6I:ANL>I=I=:. EJGHJ6CIID6G:FJ:HI;DG8DC;>9:CI>6AIG:6IB:CI
'>HID;I=:DBE6CNH.><C>;>86CI.J7H>9>6G>:H
DCH:CID;$C9:E:C9:CI-:<>HI:G:9+J7A>888DJCI>C<!>GB
=>:; M:8JI>K:*;;>8:G.:8I>DC:GI>;>86I>DC
=>:;!>C6C8>6A*;;>8:G.:8I>DC:GI>;>86I>DC
=>:; M:8JI>K:*;;>8:G.:8I>DC:GI>;>86I>DC
=>:;!>C6C8>6A*;;>8:G.:8I>DC:GI>;>86I>DC
.I6I:DJGI*E>D>9H'>I><6I>DC6H:>I6I>DCH6C9JGG:CIAN.8=:9JA:9/G>6A6I:H
$). 3-'$CHI6C8:D8JB:CI
.# $CA>C:3-'/6MDCDBN MI:CH>DC.8=:B6D8JB:CI
' $CA>C:3-'/6MDCDBN MI:CH>DC6A8JA6I>DC'>C@76H:D8JB:CI
! $CA>C:3-'/6MDCDBN MI:CH>DC:;>C>I>DC'>C@76H:D8JB:CI
' $CA>C:3-'/6MDCDBN MI:CH>DC'67:A'>C@76H:D8JB:CI
+- $CA>C:3-'/6MDCDBN MI:CH>DC+G:H:CI6I>DC'>C@76H:D8JB:CI
DK:G+6<:$CI:G68I>K:6I6!>A:;DGB6II:96H$CA>C:3-'6C98DCI6>C:9>C M=>7>I

!>A:9=:G:L>I=6H6C M=>7>I
!JGC>H=:9=:G:L>I=6H6C M=>7>I
/=>H M=>7>I>H6B6C6<:B:CI8DCIG68IDG8DBE:CH6IDGNEA6CDG6GG6C<:B:CI
+ /=>H M=>7>IL6HDG><>C6AAN;>A:9>CE6E:G;DGB6I 88DG9>C<AN 6=NE:GA>C@=6HCDI7::CEGDK>9:9
:GI6>C>CHIGJB:CIH9:;>C>C<I=:G><=IHD;=DA9:GHD;ADC< I:GB9:7IH:8JG>I>:HD;I=:-:<>HIG6CI6G:DB>II:9EJGHJ6CIID$I:B7>>>D;-:<JA6I>DC
. & /=:DBE6CN=:G:7NJC9:GI6@:HID;JGC>H=IDI=:. JEDCG:FJ:HI 8DE>:HD;6CNHJ8=>CHIGJB:CIH
8 !>C6C8>6A.I6I:B:CI.8=:9JA:H)DC:
*# %(# !)+##(/
)DC:

)$*+()
+JGHJ6CIIDI=:G:FJ>G:B:CIHD;.:8I>DCDG9D;I=:.:8JG>I>:H M8=6C<:8ID; I=:G:<>HIG6CI=6H9JAN86JH:9I=>H
G:EDGIID7:H><C:9DC>IH7:=6A;7NI=:JC9:GH><C:9 I=:G:JCID9JAN6JI=DG>O:9
26AB6GI$C8
6I:(6G8= N H DJ<A6H(8(>AADC

DJ<A6H(8(>AADC
+G:H>9:CI6C9=>:; M:8JI>K:*;;>8:G
+JGHJ6CIIDI=:G:FJ>G:B:CIHD;I=:.:8JG>I>:H M8=6C<:8ID; I=>HG:EDGI=6H7::CH><C:97:ADL7NI=:;DAADL>C<

E:GHDCHDC7:=6A;D;I=:G:<>HIG6CI6C9>CI=:86E68>I>:H6C9DCI=:96I:H>C9>86I:9
6I:(6G8= N H DJ<A6H(8(>AADC

DJ<A6H(8(>AADC
+G:H>9:CI6C9=>:; M:8JI>K:*;;>8:G6C9>G:8IDG
+G>C8>E6A M:8JI>K:*;;>8:G
6I:(6G8= N H"G:<DGN +:CC:G

"G:<DGN +:CC:G
=6>GB6CD;I=:D6G96C9>G:8IDG
6I:(6G8= N H( G:II><<H

( G:II><<H
M:8JI>K:1>8:+G:H>9:CI6C9=>:;!>C6C8>6A*;;>8:G
+G>C8>E6A!>C6C8>6A*;;>8:G
6I:(6G8= N H6K>9( =D?CDLH@>

6K>9( =D?CDLH@>
.:C>DG1>8:+G:H>9:CI6C9DCIGDAA:G
+G>C8>E6A88DJCI>C<*;;>8:G
.><C6IJG:+6<:ID26AB6GI$C8
!DGB &;DGI=:!>H86A4:6G C9:9%6CJ6GN

6I:(6G8= N H:H6GDC9:
:H6GDC9:
>G:8IDG
6I:(6G8= N H/>BDI=N+ !ANCC

/>BDI=N+ !ANCC
>G:8IDG
6I:(6G8= N H.6G6=!G>6G

.6G6=!G>6G
>G:8IDG
6I:(6G8= N H6GA6 #6GG>H

6GA6 #6GG>H
>G:8IDG
6I:(6G8= N H/=DB6H2 #DGIDC

/=DB6H2 #DGIDC
>G:8IDG
6I:(6G8= N H(6G>HH6 (6N:G
(6G>HH6 (6N:G
>G:8IDG
6I:(6G8= N H.I:K:C.-:>C:BJC9
.I:K:C. -:>C:BJC9
>G:8IDG
6I: N
-6C96AA' .I:E=:CHDC
>G:8IDG
6I:(6G8= N H. -D7HDC26AIDC

. -D7HDC26AIDC
>G:8IDG
6I:(6G8= N H.I:J6GI' 26AIDC

.I:J6GI' 26AIDC
>G:8IDG
.><C6IJG:+6<:ID26AB6GI$C8
!DGB &;DGI=:!>H86A4:6G C9:9%6CJ6GN

%"
" #! ! "
#.+,4114;/3-1/78*+8'/17)+68'/34,8.+79(7/*/'6/+74,&'12'683)"9(7/*/'6/+7348/3)19*+*/38.+1/78'6+42/88+*(+)'97+/3
8.+'--6+-'8+8.+='6+3487/-3/,/)'38'75+62/88+*(=8+2 ( 4,!+-91'8/43"
' "#"& #!!!

#! & " # "! $ " #! &!
&'1'68"846+7'78 +1';'6+$" &'12'68
&'1'68"846+7#+<'7 +1';'6+$" &'12'68
&'1'68645+68=425'3= +1';'6+$"
&'1'68!+'178'8+97/3+77#6978 +1';'6+$"
"'27&+783) 60'37'7$" "'2719(
"'27'783) 60'37'7$" "'2719(
"'27645+68=425'3= +1';'6+$"
"'27!+'178'8+97/3+77#6978 +1';'6+$"
"6495/2/8+* 3-1'3* "
&'1'68*++</)4"*+% +</)4 &'12+<
&'1'68'3'*'465 '3'*' &'12'68
1/50'686/:'8+/2/8+* "/3-'546+ 1/50'68
&'1'68'5'341*/3-7 '5'3 "+/=9
&'12'68./1+" ./1+ &'12'68./1+
'772'6841*/3-78* "498.,6/)' '772'68
4241'3-2'41*/3-78* '=2'371'3*7
#.+425'3=741*/876+8'/145+6'8/437/38.+$'3*'5'3/3+(69'6='3*'6).4, 6+75+)8/:+1=
#.+425'3=4;3779(78'38/'11='114,&'12'68./1+

"(&104(05515+(,0&13213$5,10%93()(3(0&(,05+()1..18,0* (*,453$5,10!5$5(/(054
!+$3(+1.'(307(45/(05.$01)"$.$35!513(40& 13/! ,.(1
"$.$35!513(40&,3(&5131/2(04$5,10.$0 13/!,.(1
"$.$35!513(40& - (5,3(/(05!$7,0*4.$0 13/!,.(1
"$.$356(351 ,&10& - (5,3(/(05!$7,0*4.$0 13/!,.(1
"$.$35!513(40&441&,$5(!51&-63&+$4(.$01) 13/!,.(1
"$.$35!513(40&!51&-0&(05,7(.$01) 8+,&+$/(0'('$0' 13/!,.(1
3(45$5('5+( 2.$0
"$.$3531),5!+$3,0*$0' -.$0 13/!,.(1
"$.$35!513(40&441&,$5(!51&-63&+$4(.$01) 13/!,.(1
"$.$356(351 ,&131),5!+$3,0*$0' -.$0 13/!,.(1
"$.$35!513(40&!51&-0&(05,7(.$01) 8+,&+$/(0'('$0' 13/!,.(1
3(45$5('5+( 2.$0
"$./$35()(33('1/2(04$5,10$5&+,0*.$0 13/!,.(1
"$.$35!513(40&1//10!51&- 13/! ! ,.(1
"$./$35 -.$0 13/!,.(1
"$.$35!513(40&441&,$5(!51&-63&+$4(.$0 13/!,.(1
(%5!(&63,5,(41)"$./$350& 13/! ! ,.(1
"$./$350& 441&,$5(!51&-63&+$4(.$0 13/!,.(1
"$./$350&!51&-0&(05,7(.$01) 13/!,.(1
"$./$35 -.$0 13/!,.(1
1)1633(21354'$5('$3&+ 8,5+3(42(&5515+(&1041.,'$5('),0$0&,$.45$5(/(0541)"$./$350&$0'5+(())(&5,7(0(44

1),05(30$.&10531.17(3),0$0&,$.3(2135,0*1)"$./$350&,0&.6'(',05+,4006$. (213513/ 1)"$./$350&)135+(
9($3(0'('$06$39
43045#160*
1*(343-$04$4
$3&+

.4'+!2#)++.-#%13)&83(!3
(!5%1%5)%6%$3()2--4!+%/.13.-.1, .& !+,!13-#3(%1%')231!-3
!2%$.-,8*-.6+%$'%3()21%/.13$.%2-.3#.-3!)-!-84-314%23!3%,%-3.&!,!3%1)!+&!#3.1.,)33.23!3%!
,!3%1)!+&!#3-%#%22!183.,!*%3(%23!3%,%-32,!$%)-+)'(3.&3(%#)1#4,23!-#%24-$%16()#(24#(23!3%,%-32
6%1%,!$%-.3,)2+%!$)-'6)3(1%2/%#33.3(%/%1).$#.5%1%$"83()21%/.13
!2%$.-,8*-.6+%$'%3(%&)-!-#)!+23!3%,%-32!-$.3(%1&)-!-#)!+)-&.1,!3).-)-#+4$%$)-3()21%/.13&!)1+8
/1%2%-3)-!++,!3%1)!+1%2/%#323(%&)-!-#)!+#.-$)3).-1%24+32.&./%1!3).-2!-$#!2(&+.62.&3(%1%')231!-3!2.&
!-$&.13(%/%1).$2/1%2%-3%$)-3()21%/.13
(%1%')231!-32.3(%1#%13)&8)-'.&&)#%1!-$!1%1%2/.-2)"+%&.1%23!"+)2()-'!-$,!)-3!)-)-'$)2#+.241%#.-31.+2
!-$/1.#%$41%2!2$%&)-%$)-7#(!-'%#34+%2 ! %!-$ $ %!-$)-3%1-!+#.-31.+.5%1&)-!-#)!+
1%/.13)-'!2$%&)-%$)-7#(!-'%#34+%2 ! &!-$ $ &&.13(%1%')231!-3!-$(!5%
! $%2)'-%$24#($)2#+.241%#.-31.+2!-$/1.#%$41%2.1#!42%$24#($)2#+.241%#.-31.+2!-$/1.#%$41%23."%
$%2)'-%$4-$%1.4124/%15)2).-3.%-241%3(!3,!3%1)!+)-&.1,!3).-1%+!3)-'3.3(%1%')231!-3)-#+4$)-')32
#.-2.+)$!3%$24"2)$)!1)%2)2,!$%*-.6-3.42"8.3(%126)3()-3(.2%%-3)3)%2/!13)#4+!1+8$41)-'3(%/%1).$
)-6()#(3()21%/.13)2"%)-'/1%/!1%$
" $%2)'-%$24#()-3%1-!+#.-31.+.5%1&)-!-#)!+1%/.13)-'.1#!42%$24#()-3%1-!+#.-31.+.5%1&)-!-#)!+
1%/.13)-'3."%$%2)'-%$4-$%1.4124/%15)2).-3./1.5)$%1%!2.-!"+%!2241!-#%1%'!1$)-'3(%1%+)!")+)38.&
&)-!-#)!+1%/.13)-'!-$3(%/1%/!1!3).-.&&)-!-#)!+23!3%,%-32&.1%73%1-!+/41/.2%2)-!##.1$!-#%6)3(
'%-%1!++8!##%/3%$!##.4-3)-'/1)-#)/+%2
# %5!+4!3%$3(%%&&%#3)5%-%22.&3(%1%')231!-32$)2#+.241%#.-31.+2!-$/1.#%$41%2!-$/1%2%-3%$)-3()21%/.13
.41#.-#+42).-2!".433(%%&&%#3)5%-%22.&3(%$)2#+.241%#.-31.+2!-$/1.#%$41%2!2.&3(%%-$.&3(%/%1).$
#.5%1%$"83()21%/.13"!2%$.-24#(%5!+4!3).-2!-$
$ $)2#+.2%$)-3()21%/.13!-8#(!-'%)-3(%1%')231!-32)-3%1-!+#.-31.+.5%1&)-!-#)!+1%/.13)-'3(!3.##411%$
$41)-'3(%1%')231!-32,.231%#%-3&)2#!+04!13%13(!3(!2,!3%1)!++8!&&%#3%$.1)21%!2.-!"+8+)*%+83.
,!3%1)!++8!&&%#33(%1%')231!-32)-3%1-!+#.-31.+.5%1&)-!-#)!+1%/.13)-'
(%1%')231!-32.3(%1#%13)&8)-'.&&)#%1!-$(!5%$)2#+.2%$"!2%$.-.41,.231%#%-3%5!+4!3).-.&)-3%1-!+#.-31.+
.5%1&)-!-#)!+1%/.13)-'3.3(%1%')231!-32!4$)3.12!-$3(%4$)3.,,)33%%.&1%')231!-32.!1$.&)1%#3.12
! !++2)'-)&)#!-3$%&)#)%-#)%2!-$,!3%1)!+6%!*-%22%2)-3(%$%2)'-.1./%1!3).-.&)-3%1-!+#.-31.+.5%1
&)-!-#)!+1%/.13)-'6()#(!1%1%!2.-!"+8+)*%+83.!$5%12%+8!&&%#33(%1%')231!-32!")+)383.1%#.1$/1.#%22
24,,!1)9%!-$1%/.13&)-!-#)!+)-&.1,!3).-!-$
" !-8&1!4$6(%3(%1.1-.3,!3%1)!+3(!3)-5.+5%2,!-!'%,%-3.1.3(%1%,/+.8%%26(.(!5%!2)'-)&)#!-3
1.+%)-3(%1%')231!-32)-3%1-!+#.-31.+.5%1&)-!-#)!+1%/.13)-'
!3%!1#( 2 .4'+!2#)++.-

.4'+!2#)++.-
1%2)$%-3!-$()%&7%#43)5%&&)#%1

2&44*((3$&24*'94)"4
)"6&2&6*&7&%4)*3..5",&0/24/./2- /'!",-"24.$4)&2&(*342".4
"3&%/.-9+./7,&%(&4)*32&0/24%/&3./4$/.4"*.".95.425&34"4&-&.4/'"-"4&2*",'"$4/2/-*44/34"4&"
-"4&2*",'"$4.&$&33"294/-"+&4)&34"4&-&.43-"%&*.,*()4/'4)&$*2$5-34".$&35.%&27)*$)35$)34"4&-&.43
7&2&-"%&./4-*3,&"%*.(7*4)2&30&$44/4)&0&2*/%$/6&2&%#94)*32&0/24
"3&%/.-9+./7,&%(&4)&'*.".$*",34"4&-&.43".%/4)&2'*.".$*",*.'/2-"4*/.*.$,5%&%*.4)*32&0/24'"*2,9
02&3&.4*.",,-"4&2*",2&30&$434)&'*.".$*",$/.%*4*/.2&35,43/'/0&2"4*/.3".%$"3)',/73/'4)&2&(*342".4"3/'
".%'/24)&0&2*/%302&3&.4&%*.4)*32&0/24
)&2&(*342".43/4)&2$&24*'9*.(/''*$&2".%"2&2&30/.3*#,&'/2&34"#,*3)*.(".%-"*.4"*.*.(%*3$,/352&$/.42/,3
".%02/$&%52&3"3%&'*.&%*.8$)".(&$45,&3 " &".% % &".%*.4&2.",$/.42/,/6&2'*.".$*",
2&0/24*.("3%&'*.&%*.8$)".(&$45,&3 " '".% % ''/24)&2&(*342".4".%)"6&
" %&3*(.&%35$)%*3$,/352&$/.42/,3".%02/$&%52&3/2$"53&%35$)%*3$,/352&$/.42/,3".%02/$&%52&34/#&
%&3*(.&%5.%&2/52350&26*3*/.4/&.352&4)"4-"4&2*",*.'/2-"4*/.2&,"4*.(4/4)&2&(*342".4*.$,5%*.(*43
$/.3/,*%"4&%35#3*%*"2*&3*3-"%&+./7.4/53#9/4)&237*4)*.4)/3&&.4*4*&30"24*$5,"2,9%52*.(4)&0&2*/%
*.7)*$)4)*32&0/24*3#&*.(02&0"2&%
# %&3*(.&%35$)*.4&2.",$/.42/,/6&2'*.".$*",2&0/24*.(/2$"53&%35$)*.4&2.",$/.42/,/6&2'*.".$*",
2&0/24*.(4/#&%&3*(.&%5.%&2/52350&26*3*/.4/02/6*%&2&"3/."#,&"3352".$&2&("2%*.(4)&2&,*"#*,*49/'
'*.".$*",2&0/24*.(".%4)&02&0"2"4*/./''*.".$*",34"4&-&.43'/2&84&2.",0520/3&3*."$$/2%".$&7*4)
(&.&2",,9"$$&04&%"$$/5.4*.(02*.$*0,&3
$ &6",5"4&%4)&&''&$4*6&.&33/'4)&2&(*342".43%*3$,/352&$/.42/,3".%02/$&%52&3".%02&3&.4&%*.4)*32&0/24
/52$/.$,53*/.3"#/544)&&''&$4*6&.&33/'4)&%*3$,/352&$/.42/,3".%02/$&%52&3"3/'4)&&.%/'4)&0&2*/%
$/6&2&%#94)*32&0/24#"3&%/.35$)&6",5"4*/.3".%
% %*3$,/3&%*.4)*32&0/24".9$)".(&*.4)&2&(*342".43*.4&2.",$/.42/,/6&2'*.".$*",2&0/24*.(4)"4/$$522&%
%52*.(4)&2&(*342".43-/342&$&.4'*3$",15"24&24)"4)"3-"4&2*",,9"''&$4&%/2*32&"3/."#,9,*+&,94/
-"4&2*",,9"''&$44)&2&(*342".43*.4&2.",$/.42/,/6&2'*.".$*",2&0/24*.(
)&2&(*342".43/4)&2$&24*'9*.(/''*$&2".%)"6&%*3$,/3&%#"3&%/./52-/342&$&.4&6",5"4*/./'*.4&2.",$/.42/,
/6&2'*.".$*",2&0/24*.(4/4)&2&(*342".43"5%*4/23".%4)&5%*4/--*44&&/'2&(*342".43/"2%/'*2&$4/23
" ",,3*(.*'*$".4%&'*$*&.$*&3".%-"4&2*",7&"+.&33&3*.4)&%&3*(./2/0&2"4*/./'*.4&2.",$/.42/,/6&2
'*.".$*",2&0/24*.(7)*$)"2&2&"3/."#,9,*+&,94/"%6&23&,9"''&$44)&2&(*342".43"#*,*494/2&$/2%02/$&33
35--"2*:&".%2&0/24'*.".$*",*.'/2-"4*/.".%
# ".9'2"5%7)&4)&2/2./4-"4&2*",4)"4*.6/,6&3-"."(&-&.4/2/4)&2&-0,/9&&37)/)"6&"3*(.*'*$".4
2/,&*.4)&2&(*342".43*.4&2.",$/.42/,/6&2'*.".$*",2&0/24*.(
"4&"2$) 3 2&44*((3

2&44*((3
8&$54*6& *$&2&3*%&.4".%)*&'*.".$*",''*$&2
$!" "#

2(322*(8.32;.8-8-*229&0!*43683+%&01&682(8-*314&2=32361 +368-*4*6.3)*2).2,&29&6=
&7+.0*);.8-8-*"*(96.8.*7&2)<(-&2,*311.77.32328-*)&8*-*6*3+8-*!*436839,0&7(.0032
6*7.)*28&2)-.*+<*(98.:*++.(*63+8-*314&2=(*68.+=831=/23;0*),*&2).21=(&4&(.8=&7&23++.(*63+8-*
314&2=49679&2883 $" &7&)348*)49679&2883"*(8.32 3+8-*"&6'&2*7<0*=(83+ 8-&8
#-*!*4368+900=(3140.*7;.8-8-*6*59.6*1*2873+"*(8.32 &36 )3+8-*"*(96.8.*7<(-&2,*(83+ &7

&1*2)*)&2)
#-*.2+361&8.32(328&.2*).28-*!*4368+&.60=46*7*287.2&001&8*6.&06*74*(878-*+.2&2(.&0(32).8.32&2)6*790873+
34*6&8.3273+8-*314&2=&73+8-*)&8*7&2)+368-*4*6.3)7*<46*77*).28-*!*4368
%#""%!8-*92)*67.,2*)-&7*<*(98*)8-.7*68.+.(&8**++*(8.:*&73+&6(-

739,0&7(.0032
39,0&7(.0032
6*7.)*28&2)-.*+<*(98.:*++.(*6
$!" "#

3)433+)9/43</9.9.+33:'1!+54794,&'12'793)9.+425'3>43472 ,479.+5+7/4*+3*/3-'3:'7>
'8,/1+*</9.9.+"+):7/9/+8'3*=).'3-+422/88/43439.+*'9+.+7+4,9.+!+54797+99/--8=+):9/;+
%/)+ 7+8/*+39'3*./+,/3'3)/'1,,/)+74,9.+425'3>)+79/,>942>034<1+*-+'3*/32>)'5')/9>'8'34,,/)+74,9.+
425'3>5:78:'3994 $" '8'*459+*5:78:'3994"+)9/43 4,9.+"'7('3+8=1+>)94, 9.'9
#.+!+5479,:11>)4251/+8</9.9.+7+6:/7+2+3984,"+)9/43 '47 *4,9.+"+):7/9/+8=).'3-+)94, '8

'2+3*+*'3*
#.+/3,472'9/43)439'/3+*/39.+!+5479,'/71>57+8+398/3'112'9+7/'17+85+)989.+,/3'3)/'1)43*/9/43'3*7+8:1984,
45+7'9/4384,9.+425'3>'84,9.+*'9+8'3*,479.+5+7/4*8+=57+88+*/39.+!+5479
&#""&!9.+:3*+78/-3+*.'8+=+):9+*9./8+79/,/)'9++,,+)9/;+'84,'7).

87+99/--8
7+99/--8
=+):9/;+%/)+ 7+8/*+39'3*./+,/3'3)/'1,,/)+7
Corporate and Stock Information
Listing Dividends Payable Per Share
New York Stock Exchange For fiscal 2022, dividends will be paid based on the following schedule:
Stock Symbol: WMT April 5, 2021 $0.55
June 1, 2021 0.55
Corporate Information September 7, 2021 0.55
Stock Registrar and Transfer Agent: January 3, 2022 0.55
Computershare Trust Company, N.A.
P.O. Box 505000 Dividends Paid Per Share
Louisville, Kentucky 40233-5000 For fiscal 2021, dividends were paid based on the following schedule:
1-800-438-6278 April 6, 2020 $0.54
TDD for hearing-impaired inside the U.S. 1-800-952-9245 June 1, 2020 0.54
Internet: http://www.computershare.com September 8, 2020 0.54
January 4, 2021 0.54
Annual Meeting
Due to the continuation of the COVID-19 pandemic, for the safety of
Dividends Paid Per Share
all of our associates and shareholders, our 2021 Annual Shareholders’
For fiscal 2020, dividends were paid based on the following schedule:
Meeting will be held on Wednesday, June 2, 2021 at 10:30am CDT in a
April 1, 2019 $0.53
virtual meeting format only, with no physical in-person meeting. Our
June 3, 2019 0.53
Annual Shareholders’ Meeting will be available for viewing at
September 3, 2019 0.53
www.virtualshareholdermeeting.com/WMT2021.
January 2, 2020 0.53
Communication with Shareholders
Stock Performance Chart
Walmart Inc. periodically communicates with our shareholders
This graph compares the cumulative total shareholder return
and other members of the investment community about our
on Walmart’s common stock during the five fiscal years ending
operations. For further information regarding our policy on
through fiscal 2021 to the cumulative total returns on the S&P 500
shareholder and investor communications refer to our website,
Retailing Index and the S&P 500 Index. The comparison assumes
www.stock.walmart.com.
$100 was invested on February 1, 2016, in shares of our common
Comparison of of
stock and in each 5-Year Cumulative
the indices shown and Total
assumesReturn – the
that all of 2021
The following reports are available without charge upon request
by writing the company c/o Investor Relations or by calling dividends were reinvested.
(479) 273-8446. These reports are also available via the
corporate website. Comparison of 5-Year Cumulative Total Return*
Among Walmart Inc., the S&P 500 Index and S&P 500 Retailing Index
• Annual Report on Form 10-K Walmart Inc. S&P 500 Index S&P 500 Retailing Index
• Quarterly Reports on Form 10-Q
• Earnings Releases
$350
• Current Reports on Form 8-K
• Annual Shareholders’ Meeting Proxy Statement $300
• Environmental, Social and Governance Report $250
• Culture, Diversity, Equity and Inclusion Report
$200
Independent Registered Public Accounting Firm $150
Ernst & Young LLP
5417 Pinnacle Point Dr., Suite 501 $100
Rogers, AR 72758 $ 50
Market Price of Common Stock $ 0

2016 2017 2018 2019 2020 2021
The high market price and low market price per share for the Fiscal Years
Company’s common stock for each fiscal quarter in fiscal 2021 and
2020 were as follows:
Fiscal Years Ended January 31, *Assumes $100 Invested on February 1, 2016
Assumes Dividends Reinvested
2021 2020
Fiscal Year Ended January 31, 2021
High Low High Low
Fiscal Years Ended January 31,
1st Quarter $133.38 $102.00 $104.18 $93.11
2nd Quarter 134.13 117.01 115.49 98.85 2016 2017 2018 2019 2020 2021
3rd Quarter 151.33 128.27 120.71 104.84 Walmart Inc. $100.00 $103.50 $169.56 $156.05 $190.21 $237.33
4th Quarter 153.66 139.03 125.38 112.68 S&P 500 Index 100.00 120.04 151.74 148.23 180.37 211.48
S&P 500
The high market price and low market price per share for the Company’s
Retailing Index 100.00 120.09 174.49 186.29 219.46 316.05
common stock for the first fiscal quarter of fiscal 2022, were as follows:
2022 Holders of Record of Common Stock
As of March 17, 2021, there were 214,673 holders of record of
High Low
Walmart’s common stock.
1st Quarter (1)
$147.50 $126.28
(1)
Through March 17, 2021
Our Bold Objective: To Become
a Regenerative Company
Walmart is committed to leading on environmental, social, and
governance issues. For example, we are taking action beyond
sustainability to restore, renew, and replenish the environment.
With the Walmart Foundation,

Work with suppliers to avoid help protect, manage or restore
1 gigaton of greenhouse at least 50M
gas emissions across our
supply chain by 2030
acres of land
and 1M square miles
of ocean by 2030
Achieve
zero
Targeting
100% renewable emissions

by 2040
energy
by 2035
Source 20 commodities
more sustainably by 2025
702 SW 8th St. Bentonville, AR 72716 | corporate.walmart.com

WMT 2021 AnnualReport

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

WMT 2021 AnnualReport

Uploaded by

Copyright:

Available Formats

2021 Annual Report

$559.2 Billion 8.7% $36.1 Billion $8.7 Billion

>>E1<B5@?BD@EBCE1>DD?C53D9?> ?B 4?6D85)53EB9D95CH381>753D?6 

$C9>86I:7N8=:8@B6G@>;I=:G:<>HIG6CI>H6L:AA @CDLCH:6HDC:9>HHJ:G 6H9:;>C:9>C-JA:D;I=:.:8JG>I>:H8I

$C9>86I:7N8=:8@B6G@L=:I=:GI=:G:<>HIG6CI>H6A6G<:688:A:G6I:9;>A:G 6C688:A:G6I:9;>A:G 6CDC 688:A:G6I:9;>A:G 6HB6AA:G

$C9>86I:7N8=:8@B6G@L=:I=:GI=:G:<>HIG6CI>H6H=:AA8DBE6CN6H9:;>C:9>C-JA:7 D;I=: M8=6C<:8I

HD;%JAN  I=:6<<G:<6I:B6G@:IK6AJ:D;I=:KDI>C<8DBBDCHID8@D;I=:G:<>HIG6CI=:A97NCDC 6;;>A>6I:HD;I=:

/=:G:<>HIG6CI=69   H=6G:HD;8DBBDCHID8@DJIHI6C9>C<6HD;(6G8= 

AAG:;:G:C8:H>CI=>HCCJ6A-:EDGIDC!DGB & I=:>C;DGB6I>DC>C8DGEDG6I:9>CIDI=>HCCJ6A-:EDGIDC!DGB &7N

%=>9 381>>5< 26AB6GI0 . EGDK>9:H6CDBC> 8=6CC:A:ME:G>:C8:ID8JHIDB:GH >CI:<G6I>C<G:I6>AHIDG:H6C9:DBB:G8:

#5B381>49C5 26AB6GI0 . 9D:H7JH>C:HH>CI=G::HIG6I:<>8B:G8=6C9>H:JC>IH A>HI:97:ADL

26AB6GI0 . G:8:CIANA6JC8=:926AB6GI 6B:B7:GH=>ED;;:G>C<EGDK>9>C<DBC> 8=6CC:AH=DEE>C<7:C:;>IHHJ8=6HJCA>B>I:9

+:G>D9>86AAN G:K>H>DCH6G:B69:IDI=:86I:<DG>O6I>DCD;I=:8DBEDC:CIH8DBEG>H>C<DJGHIG6I:<>8B:G8=6C9>H:JC>IH 2=:C

%@5B1D9?>C #>HIDG>86AAN B6CNHJE:G8:CI:GH 9>H8DJCIHIDG:H6C9C:><=7DG=DD9B6G@:IHL:G:<:C:G6AANDE:C=DJGH:68=

)51C?>1<C@53DC?6%@5B1D9?>C 26AB6GI0 . H7JH>C:HH>HH:6HDC6AID68:GI6>C:MI:CI9J:ID86A:C96G:K:CIH6C9C6I>DC6A

?=@5D9D9?> 26AB6GI0 . 8DBE:I:HL>I=DBC> 8=6CC:AG:I6>A:GHDE:G6I>C<9>H8DJCI 9:E6GIB:CI G:I6>A6C9L=DA:H6A:<GD8:GH

9CDB92ED9?> !DG;>H86A I=:B6?DG>IND;26AB6GI0 . HEJG8=6H:HD;HIDG:B:G8=6C9>H:L:G:H=>EE:9I=GDJ<=DJG

%=>9 381>>5< 26AB6GI$CI:GC6I>DC6AEGDK>9:H6CDBC> 8=6CC:A:ME:G>:C8:ID8JHIDB:GH >CI:<G6I>C<G:I6>AHIDG:H6C9

#5B381>49C5 /=:B:G8=6C9>H>C<HIG6I:<N;DG26AB6GI$CI:GC6I>DC6A>HH>B>A6GIDI=6ID;DJGDE:G6I>DCH>CI=:0 . >CI:GBHD;

26AB6GI$CI:GC6I>DC6A6AHDD;;:GH;J:A ;>C6C8>6AH:GK>8:H6C9G:A6I:9EGD9J8IH>CK6G>DJHB6G@:IH *JG7JH>C:HH:H>C(:M>8D6C9

)51C?>1<C@53DC?6%@5B1D9?>C 26AB6GI$CI:GC6I>DC6AH7JH>C:HH>HH:6HDC6AID68:GI6>C:MI:CI #>HIDG>86AAN >IH=><=:HIH6A:H

?=@5D9D9?> 26AB6GI$CI:GC6I>DC6A8DBE:I:HL>I=DBC> 8=6CC:AG:I6>A:GHL=DDE:G6I:9:E6GIB:CI 9GJ< 9>H8DJCI K6G>:IN6C9

AAB:B7:GH=>EH>C8AJ9:6HEDJH:=DJH:=DA986G96ICD699>I>DC6A8DHI +AJH(:B7:GH6G::A><>7A:;DG6H=-:L6G9H L=>8=>H

%=>9 381>>5< .6BHAJ7>H6B:B7:GH=>E DCANL6G:=DJH:8AJ7L=>8=EGDK>9:H6CDBC> 8=6CC:A:ME:G>:C8:ID8JHIDB:GH

%@5B1D9?>C *E:G6I>C<=DJGH;DG.6BHAJ7H6G:<:C:G6AAN(DC96NI=GDJ<=!G>96N;GDB6 B IDE B .6IJG96N

?=@5D9D9?> .6BHAJ78DBE:I:HL>I=DI=:GB:B7:GH=>E DCANL6G:=DJH:8AJ7H I=:A6G<:HID;L=>8=>HDHI8D 6HL:AA6H

9CDB92ED9?> JG>C<;>H86A I=:B6?DG>IND;.6BHAJ7HCDC ;J:A8AJ7EJG8=6H:HL:G:H=>EE:9;GDB.6BHAJ7H

*?D1<B5D19<E>9DC      

2:DLCD;;>8:;68>A>I>:H>C:CIDCK>AA: G@6CH6H I=6IH:GK:6HDJGEG>C8>E6AD;;>8:6C9DLC6C9A:6H:D;;>8:;68>A>I>:H

2:EGDK>9:I=:;DAADL>C<699>I>DC6A>C;DGB6I>DC8DC8:GC>C<I=DH:A:<6AEGD8::9>C<H >C8AJ9>C<I=:C6B:D;I=:A6LHJ>I I=:

 $,(%$#$*"#**()$I:BD;. -:<JA6I>DC. &G:FJ>G:H9>H8ADHJG:D;8:GI6>C:CK>GDCB:CI6AB6II:GH

26AB6GI$C8 .+$C9:M .+-:I6>A>C<$C9:M

CCE=5C >F5CD54?>52BE1BI  

2:DE:G6I:>CI=:=><=AN8DBE:I>I>K:DBC> 8=6CC:AG:I6>A>C9JHIGN>C6AAD;I=:B6G@:IHL:H:GK: 2:;68:HIGDC<H6A:H

DBE6G67A:H6A:H>CI=:0 . >C8AJ9>C<;J:A >C8G:6H:9 6C9 >C;>H86A6C9 G:HE:8I>K:AN L=:C8DBE6G:9ID

.6BHAJ78DBE6G67A:H6A:H>C8G:6H:9 6C9 >C;>H86A6C9 G:HE:8I>K:AN !DG;>H86A .6BHAJ7

!DG;>H86A DE:G6I>C<:ME:CH:H6H6E:G8:CI6<:D;C:IH6A:HL6H;A6IL=:C8DBE6G:9IDI=:EG:K>DJH;>H86AN:6G *E:G6I>C<

):I86H=JH:9>C>CK:HI>C<68I>K>I>:H      

*JGIDI6AG:K:CJ:H L=>8=>C8AJ9:HC:IH6A:H6C9B:B7:GH=>E6C9DI=:G>C8DB: >C8G:6H:9 7>AA>DCDG 6C9 7>AA>DC

):IH6A:H;DGI=:26AB6GI0 . H:<B:CI>C8G:6H:9 7>AA>DCDG 6C9 7>AA>DCDG ;DG;>H86A6C9

):IH6A:H;DGI=:26AB6GI$CI:GC6I>DC6AH:<B:CI>C8G:6H:9 7>AA>DCDG 6C99:8G:6H:9 7>AA>DCDG ;DG;>H86A

):IH6A:H;DGI=:.6BHAJ7H:<B:CI>C8G:6H:9 7>AA>DCDG 6C9 7>AA>DCDG ;DG;>H86A6C9

"/ .%-*1&!"!4+"-/&)$ /&1&/&".

):I86H=EGDK>9:97NDE:G6I>C<68I>K>I>:HL6H 7>AA>DC  7>AA>DC6C9 7>AA>DC;DG;>H86A 6C9

"/ .%."!&))1"./&)$ /&1&/&".

):I86H=JH:9>C>CK:HI>C<68I>K>I>:HL6H 7>AA>DC  7>AA>DC6C9 7>AA>DC;DG;>H86A 6C9

"/ .%."!&)&)) &)$ /&1&/&".

):I86H=JH:9>C;>C6C8>C<68I>K>I>:H<:C:G6AAN8DCH>HIHD;IG6CH68I>DCHG:A6I:9IDDJGH=DGI I:GB6C9ADC< I:GB9:7I ;>C6C8>C<

2:6AHD=6K: 7>AA>DCD;K6G>DJHJC9G6LC8DBB>II:9A>C:HD;8G:9>I>CI=:0 . 6HD;%6CJ6GN I=6IEGDK>9:

0.&)".. *(&)/&*).**!2&'')! ,0&-"!)/)$&'" .."/.

HD;%6CJ6GN  DJGK6G>67A:G6I:7DGGDL>C<H >C8AJ9>C<I=::;;:8ID;DJG8DBB:G8>6AE6E:G6C9>CI:G:HIG6I:HL6EH

2:=6K:6J9>I:9I=:688DBE6CN>C<8DCHDA>96I:976A6C8:H=::IHD;26AB6GI$C8 I=:DBE6CN6HD;%6CJ6GN 6C9

(5&4,26,101) H9:H8G>7:9>C)DI:IDI=:DCHDA>96I:9!>C6C8>6A.I6I:B:CIH 6I%6CJ6GN  I=:DBE6CN>H

(5&4,26,101) I%6CJ6GN  I=:DBE6CN=6H 7>AA>DCD;>C9:;>C>I: A>K:9>CI6C<>7A:6HH:IHL=>8=EG>B6G>AN

/DI:HII=::HI>B6I:9;6>GK6AJ:HD;I=:>C9:;>C>I: A>K:9>CI6C<>7A:6HH:IH L:E:G;DGB:96J9>IEGD8:9JG:H

9F945>4C453<1B54@5B3?==?>C81B5      

DBEG:=:CH>K:>C8DB: C:ID;>C8DB:I6M:H      

+GDE:GIN6C9:FJ>EB:CI C:I    

'DC< I:GB9:7I    

*I=:G     U   

+JG8=6H:D;DBE6CNHID8@      U   U  

DCHDA>96I:9C:I>C8DB: U U U   U     

+JG8=6H:D;DBE6CNHID8@      U   U  

>>E1<B5@?BD@EBCE1>DD?C53D9?> ?B 4?6D85)53EB9D95CH381>753D?6

$C9>86I:7N8=:8@B6G@>;I=:G:<>HIG6CI>H6L:AA @CDLCH:6HDC:9>HHJ:G 6H9:;>C:9>C-JA:D;I=:.:8JG>I>:H8I

$C9>86I:7N8=:8@B6G@L=:I=:GI=:G:<>HIG6CI>H6H=:AA8DBE6CN6H9:;>C:9>C-JA:7 D;I=: M8=6C<:8I

HD;%JAN I=:6<<G:<6I:B6G@:IK6AJ:D;I=:KDI>C<8DBBDCHID8@D;I=:G:<>HIG6CI=:A97NCDC 6;;>A>6I:HD;I=:

/=:G:<>HIG6CI=69 H=6G:HD;8DBBDCHID8@DJIHI6C9>C<6HD;(6G8=

AAG:;:G:C8:H>CI=>HCCJ6A-:EDGIDC!DGB & I=:>C;DGB6I>DC>C8DGEDG6I:9>CIDI=>HCCJ6A-:EDGIDC!DGB &7N

%=>9 381>>5< 26AB6GI0 . EGDK>9:H6CDBC> 8=6CC:A:ME:G>:C8:ID8JHIDB:GH >CI:<G6I>C<G:I6>AHIDG:H6C9:DBB:G8:

#5B381>49C5 26AB6GI0 . 9D:H7JH>C:HH>CI=G::HIG6I:<>8B:G8=6C9>H:JC>IH A>HI:97:ADL

%@5B1D9?>C #>HIDG>86AAN B6CNHJE:G8:CI:GH 9>H8DJCIHIDG:H6C9C:><=7DG=DD9B6G@:IHL:G:<:C:G6AANDE:C=DJGH:68=

)51C?>1<C@53DC?6%@5B1D9?>C 26AB6GI0 . H7JH>C:HH>HH:6HDC6AID68:GI6>C:MI:CI9J:ID86A:C96G:K:CIH6C9C6I>DC6A

?=@5D9D9?> 26AB6GI0 . 8DBE:I:HL>I=DBC> 8=6CC:AG:I6>A:GHDE:G6I>C<9>H8DJCI 9:E6GIB:CI G:I6>A6C9L=DA:H6A:<GD8:GH

9CDB92ED9?> !DG;>H86A I=:B6?DG>IND;26AB6GI0 . HEJG8=6H:HD;HIDG:B:G8=6C9>H:L:G:H=>EE:9I=GDJ<=DJG

)51C?>1<C@53DC?6%@5B1D9?>C 26AB6GI$CI:GC6I>DC6AH7JH>C:HH>HH:6HDC6AID68:GI6>C:MI:CI #>HIDG>86AAN >IH=><=:HIH6A:H

?=@5D9D9?> 26AB6GI$CI:GC6I>DC6A8DBE:I:HL>I=DBC> 8=6CC:AG:I6>A:GHL=DDE:G6I:9:E6GIB:CI 9GJ< 9>H8DJCI K6G>:IN6C9

AAB:B7:GH=>EH>C8AJ9:6HEDJH:=DJH:=DA986G96ICD699>I>DC6A8DHI +AJH(:B7:GH6G::A><>7A:;DG6H=-:L6G9H L=>8=>H

%=>9 381>>5< .6BHAJ7>H6B:B7:GH=>E DCANL6G:=DJH:8AJ7L=>8=EGDK>9:H6CDBC> 8=6CC:A:ME:G>:C8:ID8JHIDB:GH

%@5B1D9?>C *E:G6I>C<=DJGH;DG.6BHAJ7H6G:<:C:G6AAN(DC96NI=GDJ<=!G>96N;GDB6 B IDE B .6IJG96N

?=@5D9D9?> .6BHAJ78DBE:I:HL>I=DI=:GB:B7:GH=>E DCANL6G:=DJH:8AJ7H I=:A6G<:HID;L=>8=>HDHI8D 6HL:AA6H

9CDB92ED9?> JG>C<;>H86A I=:B6?DG>IND;.6BHAJ7HCDC ;J:A8AJ7EJG8=6H:HL:G:H=>EE:9;GDB.6BHAJ7H

*?D1<B5D19<E>9DC

2:DLCD;;>8:;68>A>I>:H>C:CIDCK>AA: G@6CH6H I=6IH:GK:6HDJGEG>C8>E6AD;;>8:6C9DLC6C9A:6H:D;;>8:;68>A>I>:H

$,(%$#$*"#**()$I:BD;. -:<JA6I>DC. &G:FJ>G:H9>H8ADHJG:D;8:GI6>C:CK>GDCB:CI6AB6II:GH

26AB6GI$C8 .+$C9:M .+-:I6>A>C<$C9:M

CCE=5C >F5CD54?>52BE1BI

DBE6G67A:H6A:H>CI=:0 . >C8AJ9>C<;J:A >C8G:6H:9 6C9 >C;>H86A6C9 G:HE:8I>K:AN L=:C8DBE6G:9ID

.6BHAJ78DBE6G67A:H6A:H>C8G:6H:9 6C9 >C;>H86A6C9 G:HE:8I>K:AN !DG;>H86A .6BHAJ7

!DG;>H86A DE:G6I>C<:ME:CH:H6H6E:G8:CI6<:D;C:IH6A:HL6H;A6IL=:C8DBE6G:9IDI=:EG:K>DJH;>H86AN:6G *E:G6I>C<

):I86H=JH:9>C>CK:HI>C<68I>K>I>:H

*JGIDI6AG:K:CJ:H L=>8=>C8AJ9:HC:IH6A:H6C9B:B7:GH=>E6C9DI=:G>C8DB: >C8G:6H:9 7>AA>DCDG 6C9 7>AA>DC

):IH6A:H;DGI=:26AB6GI0 . H:<B:CI>C8G:6H:9 7>AA>DCDG 6C9 7>AA>DCDG ;DG;>H86A6C9

):IH6A:H;DGI=:26AB6GI$CI:GC6I>DC6AH:<B:CI>C8G:6H:9 7>AA>DCDG 6C99:8G:6H:9 7>AA>DCDG ;DG;>H86A

):IH6A:H;DGI=:.6BHAJ7H:<B:CI>C8G:6H:9 7>AA>DCDG 6C9 7>AA>DCDG ;DG;>H86A6C9

"/ .%-*1&!"!4+"-/&)$ /&1&/&".

):I86H=EGDK>9:97NDE:G6I>C<68I>K>I>:HL6H 7>AA>DC 7>AA>DC6C9 7>AA>DC;DG;>H86A 6C9

"/ .%."!&))1"./&)$ /&1&/&".

):I86H=JH:9>C>CK:HI>C<68I>K>I>:HL6H 7>AA>DC 7>AA>DC6C9 7>AA>DC;DG;>H86A 6C9

"/ .%."!&)&)) &)$ /&1&/&".

2:6AHD=6K: 7>AA>DCD;K6G>DJHJC9G6LC8DBB>II:9A>C:HD;8G:9>I>CI=:0 . 6HD;%6CJ6GN I=6IEGDK>9:

0.&)".. (&)/&).**!2&'')! ,0&-"!)/)$&'" .."/.

HD;%6CJ6GN DJGK6G>67A:G6I:7DGGDL>C<H >C8AJ9>C<I=::;;:8ID;DJG8DBB:G8>6AE6E:G6C9>CI:G:HIG6I:HL6EH

2:=6K:6J9>I:9I=:688DBE6CN>C<8DCHDA>96I:976A6C8:H=::IHD;26AB6GI$C8 I=:DBE6CN6HD;%6CJ6GN 6C9

(5&4,26,101) H9:H8G>7:9>C)DI:IDI=:DCHDA>96I:9!>C6C8>6A.I6I:B:CIH 6I%6CJ6GN I=:DBE6CN>H

(5&4,26,101) I%6CJ6GN I=:DBE6CN=6H 7>AA>DCD;>C9:;>C>I: A>K:9>CI6C<>7A:6HH:IHL=>8=EG>B6G>AN

9F945>4C453<1B54@5B3?==?>C81B5

DBEG:=:CH>K:>C8DB: C:ID;>C8DB:I6M:H

+GDE:GIN6C9:FJ>EB:CI C:I

'DC< I:GB9:7I

*I=:G U

+JG8=6H:D;DBE6CNHID8@ U U

DCHDA>96I:9C:I>C8DB: U U U U

+JG8=6H:D;DBE6CNHID8@ U U

;;:8ID;:M8=6C<:G6I:HDC86H= 86H=:FJ>K6A:CIH6C9G:HIG>8I:986H=

):I>C8G:6H:>C86H= 86H=:FJ>K6A:CIH6C9G:HIG>8I:986H=

-&) &+'".# ).'&!/&)

**!2&'')!/%"- ,0&-"!)/)$&'" .."/.

$CI6C<>7A:6HH:IH6G:>C8AJ9:9>CDI=:GADC< I:GB6HH:IH>CI=:DBE6CNHDCHDA>96I:96A6C8:.=::IH HD;%6CJ6GN

" ")/ 0)/&)$-)*0) "(")/.

/=:26AB6GI$C8 .ID8@$C8:CI>K:+A6CD;I=:+A6C 6HHJ7H:FJ:CIAN6B:C9:96C9G:HI6I:9 L6H:HI67A>H=:9ID<G6CI

BDJCIHG:8A6HH>;>:9;GDB688JBJA6I:9DI=:G8DBEG:=:CH>K:ADHH;DG9:G>K6I>K:H6G:G:8DG9:9>C>CI:G:HI C:I >CI=:DBE6CNH

/=:;>H86A>HHJ6C8:H6G:H:C>DG JCH:8JG:9CDI:HL=>8=G6C@:FJ6AANL>I=6AADI=:GH:C>DG JCH:8JG:99:7ID7A><6I>DCHD;I=:

/=:6<<G:<6I:6CCJ6AA:6H:D7A><6I>DCH6I%6CJ6GN 6G:6H;DAADLH

1>E1BI 1>E1BI

$C:8:B7:G I=:/6M8IL6H:C68I:96C9H><C>;>86CIAN8=6C<:90 . >C8DB:I6MA6L :<>CC>C<%6CJ6GN I=:/6M

$5D4565BB54D1H<9129<9D95C

$?D5 (5D9B5=5>D (5<1D545>569DC

99>I>DC6AAN I=:DBE6CNHHJ7H>9>6GN>CI=:0C>I:9&>C<9DB=6H6HEDCHDG:99:;>C:97:C:;>IE:CH>DCEA6C $C*8ID7:G

9C31</51B>454 1>E1BI

9C31</51B>454 1>E1BI

/17065,0/,..,105 9C31</51BC>454 1>E1BI

*;26AB6GI0 . HIDI6AC:IH6A:H 6EEGDM>B6I:AN 7>AA>DC6C9 7>AA>DCG:A6I:9ID:DBB:G8:;DG;>H86A6C9;>H86A

/17065,0/,..,105 9C31</51BC>454 1>E1BI

*;26AB6GI$CI:GC6I>DC6AHIDI6AC:IH6A:H 6EEGDM>B6I:AN 7>AA>DC6C9 7>AA>DCG:A6I:9ID:DBB:G8:;DG;>H86A

/17065,0/,..,105 9C31</51BC>454 1>E1BI

*;.6BHAJ7HIDI6AC:IH6A:H 6EEGDM>B6I:AN 7>AA>DC6C9 7>AA>DCG:A6I:9ID:DBB:G8:;DG;>H86A6C9;>H86A

7 /=:G:FJ>G:9:M=>7>IH6G:;>A:96HE6GID;I=>H!DGB &DG6G:>C8DGEDG6I:97NG:;:G:C8:=:G:>C

$C9:CIJG:96I:96HD;EG>A 7:IL::CI=:DBE6CN6C9% + (DG<6C/GJHIDBE6CN )6I>DC6A

!>GHI.JEEA:B:CI6A$C9:CIJG:96I:96HD;.:EI:B7:G IDI=:$C9:CIJG:96I:96HD;EG>A

$C9:CIJG:96I:96HD;:8:B7:G 7:IL::CI=:DBE6CN6C9% + (DG<6C/GJHIDBE6CN )6I>DC6A

$C9:CIJG:96I:96HD;%JAN 7:IL::CI=:DBE6CN6C9% + (DG<6C/GJHIDBE6CN )6I>DC6A

!>GHI.JEEA:B:CI6A$C9:CIJG: 96I:9:8:B7:G 7:IL::CI=:DBE6CN6C9/=:6C@D;):L4DG@