Professional Documents
Culture Documents
$/4
2# '*&*'' " *! 0/$*)#0() 1 '*+( )/
AKK=JL9LAGF
!#&*)-#
%#$"#$!$!()*-$"((*())(%*!($$!
')$'($+'()-&*)-##!*($#
:Q
''$"')O#."!$#$
0FAN=JKALQG>(9KK9;@MK=LLK GKLGF
( < 0FAN=JKALQG>(9KK9;@MK=LLK GKLGF
.M:EALL=<AFH9JLA9D>MD>ADDE=FLG>L@=
J=IMAJ=E=FLK>GJL@=<=?J==G>
G;LGJG> <M;9LAGF
I :Q
" --*% (-/a) 5 ('*)*
DDJA?@LKJ=K=JN=<
HHJGN=<:Q
!AJKL-=9<=J
-G:=JL2=AFLJ9M: <
.=FAGJ'=;LMJ=J9F<+JG?J9EAJ=;LGJG> <M;9LAGF9D'=9<=JK@AH9F<
+GDA;Q.LM<A=K
.=;GF<-=9<=J
+AHA=J.EAL@ (ME>GJ< +@
!A=D<AJ=;LGJ G;LGJ9L=AF <M;9LAGF+JG?J9E
.=FAGJ'=;LMJ=JG> <M;9LAGF9D'=9<=JK@AH9F<+GDA;Q.LM<A=K
/@AJ<-=9<=J
9L@=JAF=*_GFFGJ +@
+JG>=KKGJG> <M;9LAGF'AF?MAKLA;K
L,36/D3/@756BB=>@=B3AB4=@E6/B7A@756B)6/BNA/::E31/<2=)63@3/@3>3=>:3
6C@B7<5B63@3/@3>3=>:3AC443@7<5A=E36/D3/<=0:75/B7=</;/<2/B3B=2=
A=;3B67<5M
Z%G@F'=OAK
AN
)$#
L@AK=9JL@9LL@=9?=G>9F<O9FL=<FGL@AF?EGJ=L@9F>GJ@=J;@AD<J=FLGL@JAN=
L@AK<AKK=JL9LAGFAKLGHJGN=LGQGML@9L$@9N=F=N=J>GJ?GLL=FQGMJ<J=9E>GJQGMJ
;@AD<J=FLG:=;GE=GMJKE9JL=KL9F<CAF<=KLK=DN=K X/=IMA=JGQL==PLJ9VG
N
#$,!"#)(
/G9DDG>L@=HJG>=KKGJKO@GL9M?@L9F<AFKHAJ=<L@=AF9M?MJ9D;G@GJLCFGOF9K
MKLG;GEHD=L=L@=@9J<=KLOGJCO=@9N=:==F;9DD=<LG<G .H=;A9D9;CFGOD=<?=E=FLKLG
(ME>GJ<>GJ@=JOAK<GE9F<HJ9;LA;9D9<NA;=9F<AFKHAJAF?KGDADGIMA=KJ=EAF<=<MKG>
N9DM=AFL@AKJ=K=9J;@9F<AFL=DDAF?9;GEH=DDAF?KLGJQL@JGM?@L@=HGO=JG>IM9DAL9LAN=
F9JJ9LAN=
/@9FCQGMLG9DDL@=;G@GJLE=E:=JKO@G$@9<L@=@GFGJ9F<HJANAD=?=LGOGJC
OAL@GMLGMJ2=<F=K<9Q=N=FAF?E==LAF?KLGHD9FGMJOGJC9F<HJGB=;LK9F<LGG>>=JGF=
9FGL@=J=F;GMJ9?=E=FL $_EKG?D9<O=>GMF<=9;@GL@=J
=KLGQ9KU ]
NA
!#&*)-#
%#$"#$!$!()*-$"((*())(%*!($$!
')$'($+'()-&*)-##!*($#
''$"')#."!$#$
/@AKH@=FGE=FGDG?A;9DJ=K=9J;@KLM<Q=PHDGJ=K@GO<AKLJA;LKAF(9KK9;@MK=LLKKMHHGJL
9F<@AF<=JL@=OGJCG>HJG>=KKAGF9DKAFL@=AF9M?MJ9DJGD=G>AJ=;LGJG>AN=JKALQ IMALQ
AN=JKALQ IMALQ9F<$F;DMKAGF>JGEKM:MJ:9F9F<MJ:9FK;@GGDK=LLAF?KAFK=EA
KLJM;LMJ=<AFL=JNA=OK9F<>G;MK?JGMHK /@=<9L99F9DQKAKJ=N=9D=<K=N=J9DC=QL@=E=K
AF;DM<AF?L@=;@9DD=F?=KG>E9F9?AF?9E:A?MALQ9F<MF;=JL9AFLQG>L@=JGD= L@=MJ?=F;Q
>GJKMHHGJLAF?$+*KL9C=@GD<=JK L@==EGLAGF9DLGDDL@9L;GE=K>JGE9>G;MKGFJ9;A9D
AKKM=K 9F<L@=<A>>A;MDLA=KG>F9NA?9LAF?J=KAKL9F;=>JGEOAL@AF9F<GMLKA<=G>L@=K;@GGD
KL9F<9J<K>GJHJ9;LA;=LG;D9JA>QL@=OGJC9F<>MF;LAGFG>AJ=;LGJKG>AN=JKALQ IMALQ
KMHHGJLKKAEAD9JLG;DAFA;9DKMH=JNAKAGFEG<=DKE9Q;GE:9LL@=J9;A9DAR=<KLJ=KK
D=9<=JKKM;@9KL@=KMH=JAFL=F<=FL:=;GE=L@=D=9<NGA;=GJ?9FARAF?9F<;GEEMFA;9LAF?
NAA
=IMALQ?G9DK9F<AFALA9LAN=KOAL@AFL@=<AKLJA;L
NAAA
)!$$#)#)(
$/$*) N
./-/ NAA
'$./*!/' . PAAA
#+/ -*)
$FLJG<M;LAGFLGL@=+JG:D=E
/@=-GD=G>@A=> IMALQ*>>A;=J
MJJ=FL-=K=9J;@
<<ALAGF9D@9DD=F?=<EAFAKLJ9LGJK_-GD=AF>>=;LAF?@9F?=
AN=JKALQ+J9;LALAGF=JK9L$F<=H=F<=FL.;@GGDK
(=L@G<GDG?Q
.A?FA>A;9F;=G>.LM<Q
GF;DMKAGF
*JA?AFKG>L@=@A=>AN=JKALQ*>>A;=J
@9DD=F?=KG>L@=@A=>AN=JKALQ*>>A;=J
=>AFAF?L@=-GD=/@JGM?@+JG>=KKAGF9D.L9F<9J<K
AP
AKLJA;L'=9<=JK@AHAD=EE9
.MEE9JQ
$FLJG<M;LAGFLG!G;MKG>.LM<Q
.=LLAF?
+9JLA;AH9FLK
HHJG9;@LG-=K=9J;@
9L9F9DQK=K
.L9L=E=FLG>+GKALAGF9DALQ
/J9FK>=J9:ADALQ
'AEAL9LAGFK
.MEE9JQ
$FLJG<M;LAGF
-=K=9J;@+9JLA;AH9FLK
"J=9L=KL.9LAK>9;LAGF
P
J=9K>GJGFLAFM=<2GJC
(9BGJ-=K=9J;@/@=E=K
/@=E=-GD=E:A?MALQ9F<0F;=JL9AFLQ
/@=E=-=KAKL9F;=9F<'9;CG>.MHHGJL
!9EADQGJGEEMFALQ(=E:=JK
!9;MDLQ9F<.;@GGDGJAKLJA;L'=9<=JK
PL=JF9D-=KAKL9F;=
.MEE9JQ
$FLJG<M;LAGF
.MEE9JQG>-=KMDLK
AK;MKKAGFG>-=KMDLK
-GD=E:A?MALQ9F<0F;=JL9AFLQ
EGLAGF9D/GDD9F<!9LA?M=
-=KAKL9F;=9F<'9;CG>.MHHGJL
$EHDA;9LAGFK
.L9F<9J<KG>+J9;LA;=
GEH=L=F;A=KG>G9;@AF?
PA
'AEAL9LAGFK9F<!MLMJ=-=K=9J;@
GF;DMKAGF
PAA
!()$)!(
PAAA
%)'$#
<B@=2C1B7=<B=B63%@=0:3;
$FJ=;=FLQ=9JK HM:DA;K;@GGD<AKLJA;LK;GF<M;LAF?=IMALQ9M<ALK@9N=KGM?@LLG
<=>AF=KLJ9L=?A;9N=FM=K>GJAEHJGNAF?9@GKLG>=IMALQ J=D9L=<AKKM=KOAL@L@=MDLAE9L=
?G9DG>;J=9LAF?9;MDLMJ9DDQJ=KHGFKAN=K;@GGD;GEEMFALQ .GE=<AKLJA;LK@9N=9DDG;9L=<
>MF<KLGH9QGMLKA<=;GFKMDL9FLKGJ>9;ADAL9LGJKLG@=DHL9C=KLG;CG>L@==IMALQD9F<K;9H=
AF9F=>>GJLLGKH==<MHL@=HD9FFAF?9F<9F9DQKAK *L@=J<AKLJA;LK@9N=;GF<M;L=<L@=AJ
GOFAFL=JF9DJ9;A9D;DAE9L=9KK=KKE=FLK9F<K=L>GJL@AF9JLA;MD9LAF?AN=JKALQ IMALQ9F<
=PAKLKAF;GEEMFALA=KAFN=KLAF?AFL@AKOGJCAKL@=>9AL@9F<:=DA=>L@9LL@=H=JKGFAFL@AK
=KA?F9;LAGFHD9FKLG9<<J=KKAFKLALMLAGF9D9F<KLJM;LMJ9DJ9;AKE
P9EAF=AKKM=KG><AKHJGHGJLAGF9DALQ9;JGKK=<M;9LAGF9DHJG?J9EK
;GDGJ
.MHHGJL:MAD<AF?:9K=<D=9<=JKAF9<<J=KKAF?AF;A<=FLKG>:A9K
"AN=FL@=FGN=DLQG>L@AKHGKALAGFAF&ZK;@GGDK L@=J=AKDAEAL=<J=K=9J;@GFL@=
AEH9;LL@9LE9Q:=J=9DAR=<>JGEL@GK=@AJ=<LGD=9<L@AK=IMALQOGJC (9FQIM=KLAGFK
=E=J?=9JGMF<L@==>>A;9;QG>L@=JGD= L@==PH=;L9LAGFK>GJGML;GE=K?AN=F9DD
=F;GEH9KKAF?BG:<=K;JAHLAGFK9F<N9JA=<=PH=;L9LAGFK L@=HD9;=E=FLOAL@AF9F
=PAKLKLG=FKMJ=L@9LL@=AJ=;LGJG> $;9F=F?9?=GL@=JKAF@GF=KL9F<>J9FC
<AK;MKKAGFK9:GMLL@=KL9L=G>=IMALQOAL@AF9K;@GGD;GEEMFALQ 2@9L9J=L@=JAKCK>GJ
L@GK=>MD>ADDAF?L@=AJBG:J=IMAJ=E=FLK9F<@GO<G<AKLJA;LKE=9KMJ=KM;;=KK
(GJ=GN=J L@=K=HGKALAGFK@9N=:=;GE=EGJ=;GEEGF<MJAF?9F<>GDDGOAF?
:==FJ=>=JJ=<LG9K9LAE=G>F9LAGF9DJ=;CGFAF?>GDDGOAF?L@=EMJ<=JKG>@E9M<
+JGL=KLKKH9OF=<L@JGM?@GMLL@=0FAL=<.L9L=K9F<9;JGKKL@=?DG:=9F<K@GJLDQ9>L=J GF
%9FM9JQ L@=9HAL9DJAGLKL@J=9L=F=<L@=H=9;=>MDLJ9FK>=JG>HGO=JLGL@=F=ODQ
/@=J=AK>=JLAD=?JGMF<LGKLM<QL@=O9QKL@AKJGD=;9F:=D=N=J9?=<9K9;9L9DQKL
>GJ;@9F?= =KH=;A9DDQAFKMHHGJLAF?&ZHM:DA;K;@GGDKL9>>GFL@=AJBGMJF=QLG
:=;GEAF?;MDLMJ9DDQJ=KHGFKAN==<M;9LGJK9F<D=9<=JK .GE==9JDQAF<A;9LGJK=PAKL9JGMF<
L@=;@9DD=F?=>9;=<:QL@GK=AFL@AKJGD= $F9F*;LG:=J3D20C8>=.44:HA=;=LALD=<
@JAKLAF9.9EM=DKJ=HGJLKGFL@=HGKALAGF .@=AFL=JNA=O=<;@A=>=IMALQG>>A;=JKAFK=N=F
HJG>GMF<DQMFK=LLDAF?>GJK;@GGDKL9>>9F<KGE=E=E:=JKG>L@=;GEEMFALQLG@=9JL@9L
L@=AJGOF:=DA=>K9F<HJ9;LA;=K9J=;GFLJA:MLAF?LGL@=AFLJ9;L9:D=?9HAF9;@A=N=E=FL
:=LO==FO@AL=9F<9>>DM=FLKLM<=FLK9F<KLM<=FLKO@G9J=:D9;C #AKH9FA;GJ>JGEDGO
/@AK<AKK=JL9LAGF9AEKLGK@=<DA?@LGFL@=;GEHD=P=PH=JA=F;=G>L@GK=;9JJQAF?
GMLL@=OGJCG>AJ=;LGJG>AN=JKALQ IMALQ9F<$F;DMKAGFL@JGM?@9K=JA=KG>AFL=JNA=OK
9F<>G;MK?JGMHKOAL@HJG>=KKAGF9DKO@G@GD<KM;@9HGKALAGFAFK;@GGD<AKLJA;LKAF
(9KK9;@MK=LLK /@=;=FLJ9D>G;MKG>L@AKJ=K=9J;@AKLGD=9JFL@=O9QK<AKLJA;LK@AF<=J9F<
KMHHGJLL@=OGJCG>L@=K=AJ=;LGJK
'9KLDQ L@AKAKKM=AK?9AFAF?EGJ=HGDALA;9D9LL=FLAGFKAF;=L@=(9KK9;@MK=LLK
K;@GGD<AKLJA;LK >=OG>L@=J=;GEE=F<9LAGFK9J=LGAEHJGN=L@=<AN=JKA>A;9LAGFG>L@=
J=9<K
G>>A;=JKGJL=9EK AN=JKALQG>>A;=JKGJL=9EKK@9DDJ=HGJL<AJ=;LDQLGL@=
KMH=JAFL=F<=FL AN=JKALQG>>A;=JKGJL=9EKK@9DD;GGJ<AF9L=L@=AJK;@GGD<AKLJA;L_K
;GEHDA9F;=OAL@L@=J=IMAJ=E=FLKG>L@AKK=;LAGF9F<9HHDA;9:D=>=<=J9D9F<KL9L=
D9OK ]
/@=>AF<AF?KG>L@AKJ=K=9J;@KLM<QOADDG>>=J?MA<9F;=LG<AKLJA;LK9;JGKKL@=
GEEGFO=9DL@G>(9KK9;@MK=LLK9KL@=Q;GFL=EHD9L=L@=AJ=IMALQ?G9DK9F<@GOLG
GF:G9J< KMHHGJL9F<AFL=?J9L=L@AKAEHGJL9FLHGKALAGFLGL@=AJGJ?9FAR9LAGF9DKLJM;LMJ=
!MJL@=JEGJ= 9KL@=(9KK9;@MK=LLK#GMK=9F<.=F9L=>AF9DAR=\F;L-=D9LAN=LG
<M;9LGJAN=JKALQ ]<AKLJA;LKOADD:=9:D=LGMK=L@AKJ=K=9J;@LG;J=9L=9F<J=NAK=L@=AJ
=IMALQKLJ9L=?A;HD9FKO@A;@AF;DM<=KL@=JGD=G>AJ=;LGJG>AN=JKALQ IMALQ9F<
$F;DMKAGF
)63'=:3=46734?C7BG$44713@
*F=;9FAE9?AF=L@=HGDALA;9DD9F<EAF=KL@9LL@AKJGD=OADDAF=NAL9:DQ>9;= 9DGF?
OAL@L@=AKGD9LAGF9F<HGL=FLA9D>GJ:=AF?9K;9H=?G9L<MJAF?NGD9LAD=LAE=K =9F
D=9<=JK@AH_].GEM;@>==DK;@9GLA;9KK;@GGD<AKLJA;LKOJ=KLD=OAL@AKKM=KG>AN=JKALQ
G>L=F:=L@=>AJKLLGJ=KHGF<LGAF;A<=FLK9KJ=HMDKAN=9KKO9KLAC9K<=>9;AF?9K;@GGD 9
FGGK=:=AF?D=>LAF9KLM<=FL_KDG;C=JGJ9;GF>=<=J9L=>D9?;GN=JAF?L@=E=JA;9F>D9?AF
AN=JKALQ IMALQ9F<$F;DMKAGFO@GH9JLA;AH9L=<AFL@AKKLM<QMK=<L@=<AKLJA;LO=:KAL=LG
HGKLJ=KGMJ;=K>GJL=9;@=JKLGMK=AFL@=AJ;D9KK=K9>L=JL@=9LL9;CGFL@=9HALGDGF
=EGLAGFK ]K@=OJGL=9KK@=;GMFK=D=<L=9;@=JKLG:=@GF=KLOAL@L@=AJKLM<=FLKA>L@=Q
O=J=FGLJ=9<QLG=F?9?=AF9<AK;MKKAGFGJ9FKO=JIM=KLAGFK
>GJD=9JFAF?AF&ZK;@GGDK<MJAF?L@=H9F<=EA;J=DA=<@=9NADQGFJ=EGL=D=9JFAF?
O@A;@9EHDA>A=<AKKM=K9JGMF<HGGJAFL=JF=L;GFF=;LANALQ9F<D9;CG>9;;=KKLGL=;@FGDG?Q
9;;=FLM9L=KKM;@<AKH9JALA=K 2=;9FFGLA?FGJ=L@=HGDALA;9DLMJEGAD9F<KG;A9DMFJ=KL
;9MK=<:QL@=CADDAF?G>MF9JE=<D9;CE=F9F<OGE=F9F<L@=E9KKAN=;02:#8E4B
L@=GFKD9M?@LG>IM=KLAGFK9:GML@GOK;@GGDKL9>>OADDD=9<<AK;MKKAGFKOAL@KLM<=FLKGF
L@=K=;D9KKJGGE<AK;MKKAGFK9DKGJ9DDQ9LK;@GGD:G9J<KLGHJGL=KLL@9LO=K@GMD<9<GHL9
.9O;@MC
GFKA<=JAF?L@=K=E9FQ;@9DD=F?AF?>9;LGJK9F<;GEHD=P;GFL=PL GF=;GMD<
J=9KGF9:DQ9KC9:GMLL@=F=;=KK9JQ;GF<ALAGFKF==<=<>GJL@GK=AFL@AKJGD=LGKM;;==<
*F=EA?@L=N=FOGF<=JO@Q9FQGF=OGMD<O9FLL@=AJ=;LGJG>AN=JKALQ IMALQ9F<
[\4GMJ=9DDQ;9F_L<G9;@A=>=IMALQG>>A;=JBG:A>QGM_J=K;9J=<LGDGK=QGMJBG: 2@=F
G>AN=JKALQ IMALQ9F<$F;DMKAGF:GL@>JGE9;GEEMFALQL@9LE9QFGL:=J=9<QFGJ
OADDAF?LG=F?9?=AF<AK;MKKAGFK9:GMLJ9;A9DAF=IMALQ9F<>JGEOAL@AF9<AKLJA;L9K
9HH=9JNMDF=J9:D=LG9LL9;CA>ALAKFGL=E:=<<=<9;JGKK9<AKLJA;L_K=;GKQKL=EOAL@L@=
C@@3<B'3A3/@16
@AJAF?@A=>AN=JKALQ*>>A;=JKAFL@=_K9F<_KLGKMHHGJLL@=AF;J=9K=<FME:=JK
G>EAFGJAR=<KLM<=FLK J=K=9J;@<G=K=PAKL9JGMF<9FME:=JG>LGHA;KJ=D9L=<LGL@AK=9JDQ
@AJ==P;=DD=FL;9F<A<9L=K@9K:==F<G;ME=FL=< +GKK=KKAF?HGDALA;9DK9NNQKLJGF?
KLJ9L=?A;HD9FFAF?9F<NAKAGF<=N=DGHE=FLKCADDKMF<=JKL9F<AF?GJ?9FAR9LAGF9DKLJM;LMJ=K
9F<KMH=JAGJAFL=JH=JKGF9DKCADDK9J==PH=;L=<>JGEL@GK=G;;MHQAF?L@AKJGD= 9EGF
9FGJ?9FAR9LAGF_K<==HKLM<QG>ALK:=DA=>K9JGMF<=IMALQ9F<L@=J=9<AF=KK9F<:MQ AFG>
/@=?J=9L=KLKA?FL@9LL@AKJGD=AK@9NAF?9FAEH9;L9LL@=MFAN=JKALQD=N=DAKL@=
HJG>=KKAGF9DKL9F<9J<K<=N=DGH=<:QL@=)9LAGF9DKKG;A9LAGFG>AN=JKALQ*>>A;=JKAF
9AE=<LG9;;=D=J9L=L@=HJG>=KKAGF9DAR9LAGFG>L@=@A=>AN=JKALQ*>>A;=JAF@A?@=J
=<M;9LAGF
/@=DAL=J9LMJ=9DKGGMLDAF=KF9LAGF9DLJ=F<K9JGMF<L@=C=QJGD=KHD9Q=<AF@A?@=J
=<M;9LAGF:QL@=@A=>AN=JKALQ*>>A;=J /@=K=AF;DM<=<AN=JKA>QAF?KLM<=FL9F<>9;MDLQ
KLJ9L=?A;HD9FK /O=DN=.L9F<9J<KG>HJG>=KKAGF9DHJ9;LA;=@9N=:==FA<=FLA>A=<>GJ@A=>
AN=JKALQ*>>A;=JKO@A;@K=JN=LG@A?@DA?@LL@=;GEHD=PALA=K=E:=<<=<AFL@=OGJC
.;@GD9JK@AH9DKGHJGNA<=K9?DAEHK=AFLGKA?FA>A;9FL;@9DD=F?=KG>L@AKJGD=9LL@=
9F<L@=KLM<=FL:G<Q9F<MF;D=9J?G9DK /@=JGD=@9K9DKG:==FNA=O=<9K9>GJEG>
HGDA;AF?9>>AJE9LAN=9;LAGFE9F<9L=K9F<;GEHDA9F;=OAL@>=<=J9DKL9LML=KHJGL=;LAF?
EAFGJALAR=<?JGMHK .;@GD9JK@9N=J=>=JJ=<LGL@=HGKALAGF9KL@=E=KKA9@GJK9NAGJ9KL@=
L@=J=KHGFKA:ADALQ>GJ<AN=JKALQ9F<AF;DMKAGF9O9Q>JGED=9<=JK@AH >9;MDLQ9F<KLM<=FLK
K=LLAF?AKL@=J9;A9DAR=<KLJ=KK9F<:MJFGMLL@9LHJG>=KKAGF9DK=F?9?=<AFKG;A9DBMKLA;=
%C0:71(16==:7@31B=@A=47D3@A7BG?C7BG/<2<1:CA7=<
N=FOAL@DALLD=J=K=9J;@GFHM:DA;K;@GGDAJ=;LGJKG>AN=JKALQ IMALQ9F<
$F;DMKAGF L@=J=9J=K9DA=FLKLM<A=K>G;MK=<GF@GO<AKLJA;LKAEHD=E=FL<AN=JKALQGJ=IMALQ
LG:==IMALQ;@9F?=9?=FLKAFGJ<=JLG<=N=DGH9;MDLMJ9DDQJ=KHGFKAN=>9;MDLQ9F<K;@GGD
HD9FK<=N=DGH=<:QL@=<AKLJA;L .M:B=;LKE9<=J=>=J=F;=LGFGLMF<=JKL9F<AF?L@=HMJHGK=
G>L@=HD9F9F<FGL@9NAF?9<=IM9L=J=KGMJ;=KLG@=DHL@=EAFL@=AJOGJCOAL@L@=AJK;@GGD
>9EADA=KO@GO=J=<AKK9LAK>A=<:QL@=<AKLJA;LKD9;CG>9LL=FLAGFLG<AN=JKALQ9F<O=J=
<=N=DGH=<AFAKGD9LAGF:Q<AKLJA;L<AN=JKALQ;GEEALL==K /@AKAKJ=D=N9FLAFL@9LHM:DA;
=PH=;L=<LG>9;ADAL9L=L@=K=<AKLJA;L;GEEALL==K
*F=G>L@=EG<=DK>GJNAKM9DARAF?9F=IMALQHD9F_KKM;;=KK>G;MK=KGF<AK;J=L=:ML
D=9<=JK>GJEMD9LAF?9NAKAGFL@=FEGN=KLG9KK=KKE=FLG>9K;@GGD_K;MDLMJ= /@AK=9JDQ
=>>GJLD=9<KLGL@=9JLA;MD9LAGFG>?G9DK /@=F=PLH@9K==FL9ADKLJ9AFAF?9F<<=N=DGHAF?
=PH=JLAK= /@=HJG<M;LG>L@AKOGJCAK9F9DA?FE=FLG>L@=E9F9?=E=FLKQKL=EO@A;@
AF;DM<=K;GFKAKL=FLLJ9AFAF?9F<=N9DM9LAGF;Q;D=K /@=>AF9DKL9?=G>AEHJGN=E=FLJ=KA<=K
9LL@=AFL=JK=;LAGFG>;GFLAFMGMKD=9JFAF?9F<L@=9;;=HL9F;=G>9;;GMFL9:ADALQ GP
9F<$F;DMKAGF>J9E=L@=AJHJG;=KK>GJ<=NAKAF?9F=IMALQ ;=FLJA;<AKLJA;LOA<=KLJ9L=?A;
HD9F /@AKKLM<QOADDHJGNA<=?MA<9F;=>GJ<AKLJA;LKLGKMHHGJLAJ=;LGJKG>AN=JKALQ
IMALQ9F<$F;DMKAGF:QHJGNA<AF?9EAJJGJL@9LJ=>D=;LKL@=O9QK<AKLJA;LKKMHHGJL9F<
@AF<=JL@=>MF;LAGFKG>L@=JGD=
227B7=</:6/::3<532;7<7AB@/B=@AN'=:37<4431B7<56/<53
2@AD=:=AF?KGM?@L9>L=JOAL@AFK;@GGD<AKLJA;LKLGKMHHGJL9N9JA=LQG>AFALA9LAN=K
;@9DD=F?=G>K;@GGDD=9<=JK9F<=<M;9LGJKADD =IMAHH=<LGD=9<=IMALQJ=D9L=<OGJC
D=9<=JK9J=;9DD=<MHGFLG<=>AF=9F<HJGEGL=LJ9AFAF?>G;MK=<GF;MDLMJ9DDQJ=KHGFKAN=
:=?AFKOAL@;J=9LAF?9K;@GGD;MDLMJ=;GEEALL=<LG;GMJ9?=GMKDQ9<<J=KKAF?J9;=9F<
L9CAF?GFL@=9J<MGMKL9KCG><=N=DGHAF?K;@GGDD=9<=JK 9JGD=G>L=F>ADD=<:Q
#4034AB78?5>A =2A40B8=6;H8E4AB4*27>>;B3D20C8>=0;#4034AB78?5>A@D8CH0=3
8E4AB8CH ;GEE=FLL@9L\J=K=9J;@AF<A;9L=KL@9L=<M;9LAGF9DD=9<=JK9J=:=KLHJ=H9J=<
9HH=9JDAC=<=KA?FAF?9K=IM=F;=G>KLM<QEGJ=GFL@=D=N=DG>9MFAN=JKALQ;GMJK=
'GGCAF?9LL@=;MEMD9LAN=AEH9;LG>AF=>>=;LAN=K;@GGDD=9<=JK@AHD=9<AF?=IMALQ
;MDLMJ=G>;GDGJ:DAF<F=KKOADDHJ=N9ADOAL@=<M;9LGJKNA=OAF?9DDKLM<=FLKL@JGM?@GF=
J=D9L=<LGJ9;= $>HJAF;AH9DK9F<KMH=JAFL=F<=FLKF==<;9J==J9DL=JAF?LJ9AFAF?L@=FL@=Q
9J=FGL9:D=LGLJ9FK>GJE<AKLJA;L>9;MDLQO@GOADDF==<=PHDA;ALHJ=H9J9LAGFLG=F?9?=AF
DAC=DQ=F<MHMF<=JL@=9=?AKG>L@=AJ=;LGJG>AN=JKALQ IMALQ9F<$F;DMKAGF
=P=;ML=9D=9<=JK@AHKLQD=9F<;GEH=L=F;A=KEGKLDAC=DQLG=F?=F<=J;@9F?= 2A<=DQ
J=K=9J;@=<9F<CFGOF9K/J9FK>GJE9LAGF9DD=9<=JK@AH L@AK9HHJG9;@=FL9ADKL@=9:ADALQLG
J9AK=\L@=>GDDGO=JK_D=N=DG>;GFK;AGMKF=KK9:GMLL@=AEHGJL9F;=9F<N9DM=G><=KAJ=<
AJ=;LGJKG>AN=JKALQ IMALQ9F<$F;DMKAGFEMKL:=9:D=LGOGJCOAL@K;@GGDD=9<=JK
O@GE9QFGLHGKK=KKL@=LJ9FK>GJE9LAGF9DD=9<=JK@AHGJA=FL9LAGFLGHJGH=JDQKMHHGJLL@=
;@9DD=F?=L@9L;GE=K>JGE9F9DQRAF?;MJJ=FLGJ?9FAR9LAGF9DKLJM;LMJ=K9F<@GOL@=QE9Q
7D3@A7BG%@/1B7B7=<3@A/B<23>3<23<B(16==:A
/@=AJ=;LGJG>AN=JKALQ IMALQ9F<$F;DMKAGFAK9EGF?L@=F=O=KLHGKALAGFK
/@=K=HJAN9L=K;@GGDK9J=J=>=JJ=<LG9KAF<=H=F<=FL?AN=FL@=AJ>J==<GELG;@9J?=LMALAGF
LG<=>AF=L@=AJH@ADGKGH@Q9F<LG<=KA?F;MJJA;MD9OAL@GMLKL9L=9F<>=<=J9DGN=JKA?@L
=PAKLKL@9LL@=K=K;@GGDK@9N=@9<L@=AJ=;LGJG>AN=JKALQ IMALQ9F<$F;DMKAGFHGKALAGF
F=LOGJC@9K<=KA?F=<J=K=9J;@KMJN=QKLGLJ9;CL@=JGD=G>AJ=;LGJG>AN=JKALQ IMALQ
9F<$F;DMKAGF9KALJ=D9L=KLGL@=>MF;LAGFG>L@=JGD=L@=KMHHGJLJ=;=AN=<>JGEK;@GGDK
HGDALA;9D;GFL=PLE9<=L@=OGJC=P;=HLAGF9DDQ;@9DD=F?AF?>GJAJ=;LGJKG>AN=JKALQ
IMALQ9F<$F;DMKAGF (9FQO=J=<AN=JL=<>JGE<GAF?OGJCGFK=LLAF?>MLMJ=?G9DKLG
FGL=<L@9LE9FQHJ9;LALAGF=JKO=J=>==DAF?:MJF=<GML9F<;GFKA<=J=<D=9NAF?L@=HGKALAGF
LG;GFLAFM=L@=AJK;@GGDAF?GJLGL9C=GF;GFKMDLAF?9KKA?FE=FLK /@=)$.J=K=9J;@@9K
:==F@=DH>MDAFMF<=JKL9F<AF?L@=HGL=FLA9D=PH=JA=F;=KG>L@GK=O@GG;;MHQKAEAD9J
HGKALAGFKAFL@=HM:DA; K;@GGDJ=9DE
"3B6=2=:=5G
/@=<=9JL@G>J=K=9J;@9LL@=&ZHM:DA;K;@GGD9J=F9E9C=KL@AKJ=K=9J;@
H9JLA;AH9L=<AFEQKLM<Q@9N=:==FAFL@=AJJGD=>GJD=KKL@9F>AN=Q=9JK /@=Q@9N=9DD
H9JLA;AH9L=<AFBG: 9DAC=9>>AFALQ?JGMHK9F<@9N=G>>=J=<9F<J=;=AN=<HJG>=KKAGF9D
KMHHGJL9F<G>>=J=<?MA<9F;=LGGF=9FGL@=J (M;@O9KMFCFGOF9:GML@GOL@=Q
=PH=JA=F;=<L@AK;@9DD=F?AF?9F<J=O9J<AF?HGKALAGF9F<O@=L@=JL@=Q9J=>==DAF?
KMHHGJL=<:QL@=<AKLJA;LK9F<;GEEMFALA=KL@9L@9N=@AJ=<L@=E /@AKJ=K=9J;@HJGNA<=K
!JGEEQDAL=J9LMJ=J=NA=O O=CFGOL@AKHGKALAGF;9FD=9<LG=EGLAGF9D>9LA?M=O@AD=
9DKGHJGNA<AF??J=9LK9LAK>9;LAGFAF:=AF?H9JLG>9FGJ?9FAR9LAGF_KEAKKAGF>GJ=IMALQ
EHDGQAF?9H@=FGE=FGDG?A;9D9HHJG9;@9DDGO=<>GJ9L@GJGM?@=P9EAF9LAGF9F<
J=N=D9LAGFG>L@=E9FQ=PH=JA=F;=KL@9LO=J=K@9J=<L@JGM?@AFL=JNA=OK9F<>G;MK?JGMHK
OAL@L@=K=HJG>=KKAGF9DK /@=MF<=JKL9F<AF?<=N=DGH=<G>L@=DAN=<=PH=JA=F;=KG>
AJ=;LGJKG>AN=JKALQ IMALQ9F<$F;DMKAGF@9KK@=<DA?@LGF@GOL@=Q9J=KMHHGJL=<9F<
34B2A814C748<?438<4=CBC70C78=34AC748AF>A:0=3C74502C>ABC70CBD??>ACC748AA>;4N
H@=FGE=FGDG?Q?AN=K9NGA;=LGL@=NGA;=D=KKKGL@9LL@=AJDAN=<=PH=JA=F;=K9J=J=N=9D=<
9DDGOAF?J=9<=JKLG=PH=JA=F;=:=AF?L@=J=
/@=KLJM;LMJ=G>L@AKJ=K=9J;@KLM<QJ=DA=<GF9JGMF<G>AF<ANA<M9DK=EA KLJM;LMJ=<
AFL=JNA=OK>GDDGO=<:QKE9DD>G;MK?JGMHKO@A;@9DDGO=<>GJJA;@GH=F =F<=<
<AK;MKKAGFKOAL@>GDDGOMH;D9JA>A;9LAGFIM=KLAGFKLGJGMF<GMLL@=KLGJQG>H9JLA;AH9FLK_
=PH=JA=F;=K MAD<AF?LJMKLOAL@L@=?JGMHO9K=KK=FLA9D9F<L@AKG;;MJJ=<>JGEK@9JAF?
EQ=PH=JA=F;=9K9'9LAFGK;@GGDD=9<=J9F<=<M;9LGJ<=<A;9L=<LG=F@9F;AF?EQGOF
;MDLMJ9DHJG>A;A=F;Q9F<=IMALQDAL=J9;Q
M<AGJ=;GJ<AF?K9F<LJ9FK;JAHLKG>L@=AF<ANA<M9DAFL=JNA=OK9F<>G;MK?JGMHK
9DDGO=<>GJ9L@GJGM?@;9HLMJAF?G>9DDG>L@=AJ;GFLJA:MLAGFK /@=<9L9O9KDG9<=<AFLG
L@=,MAJCGKHJG?J9EO@=J=L@=AFALA9D;G<=KO=J=A<=FLA>A=< ,MAJCGKAK9KG>LO9J=
=EHDGQ=<:QJ=K=9J;@=JKLG@=DHOAL@IM9DAL9LAN=<9L99F9DQKAK $L9KKAKLKOAL@
OAL@9>AF9DKL9?==FL9ADAF?9H9H=JJ=NA=OO@A;@=F<=<AFL@=>AF9D;G<=K:=AF?A<=FLA>A=<
/@=JA;@F9JJ9LAN=J=N=9D=<9FME:=JG>L@=E=KL@9L<=K;JA:=L@==PAKL=FLA9D9F<<==HDQ
H=JKGF9DDAN=<=PH=JA=F;=KG>L@=H9JLA;AH9FLKAFL@=AJ=;LGJG>AN=JKALQ IMALQ9F<
$F;DMKAGFJGD= /@=J=K=9J;@HJG<M;=<9FMF<=JKL9F<AF?G>@GO=9;@G>L@=H9JLA;AH9FLK
MF<=JKL9F<AF?G>L@=AEHDA;9LAGFK>GJL@=>A=D<G>=<M;9LAGF <AKLJA;L9F<K;@GGDD=9<=JK
9JDQAFL@=HJG;=KK 9KMJN=QO9KKLJM;LMJ=<LG?9L@=J<9L99:GMLL@=HGGDG>
AJ=;LGJKG>AN=JKALQ IMALQ9F<$F;DMKAGFAF&ZHM:DA;K;@GGD<AKLJA;LKAF
(75<7471/<13=4(BC2G
/@=D=9JFAF?BGMJF=Q=E:=<<=<AFL@=J=K=9J;@=PH=JA=F;==F<KOAL@9;GEH=DDAF?
F9JJ9LAN=9:GMLL@=DAN=<=PH=JA=F;=KG>L@GK=;MJJ=FLDQAFL@=JGD=G>AJ=;LGJG>
OGJCOAL@AF9K;@GGD<AKLJA;LO@A;@@AJ=<ALKGOFAJ=;LGJ ALAK=NA<=FLL@9LL@=J=K=9J;@
AKEM;@F==<=<9F<@9KL@=HGL=FLA9DLGAF>GJE9F<HJGNA<=<AJ=;LAGFLG<AKLJA;LK
;GFL=EHD9LAF?L@=9<<ALAGFG>L@AKHGKALAGF (QHJ=DAEAF9JQ;GDD9:GJ9LAGFOAL@9>=O
AJ=;LGJKG>AN=JKALQ IMALQ9F<$F;DMKAGFAFK=N=J9D<AKLJA;LKMF<=JK;GJ=<O@9LL@=
AFALA9DJ=K=9J;@@9KJ=N=9D=<OAL@KGE=HGO=J>MDAFKA?@LK>G;MK=<E9AFDQGFL@=AJ=;LGJ
G>AN=JKALQ IMALQ9F<$F;DMKAGF_KNA=OG>KM;;=KK=K9F<KLJM??D=KAFE==LAF?L@=
=PH=;L9LAGFKGMLDAF=<AFL@=BG:<=K;JAHLAGF
/@=;J=9LAGFG>L@=HGKALAGFG>AJ=;LGJG>AN=JKALQ IMALQ9F<$F;DMKAGFAKG>L=F
9EGF?9<AKLJA;L_K>AJKLKL=HAF;G<A>QAF?9K=JAGMK;GEEALE=FLLG=IMALQ $LKA?F9DK9
<AKLJA;L_K<=KAJ=9F<F==<>GJ@=DH<GAF?=P;=HLAGF9DDQ;@9DD=F?AF?OGJC $L9DKGJ9AK=K
IM=KLAGFK9:GMLL@=;@9DD=F?=KL@9LE9Q=PAKLAFMFAN=JKALQHJG?J9EK;GEEALL=<LG
HJ=H9JAF?=<M;9LGJK9F<K;@GGD9F<<AKLJA;LD=9<=JKLG<=KA?F=PH=;L9LAGFK>GJKG;A9DDQBMKL
KMH=JAFL=F<=FLKAF=>>=;LAN=DQD=9<AF?=IMALQOGJCAF;GFBMF;LAGF9F<;GDD9:GJ9LAGFOAL@
L@AKF=OHJG>=KKAGF9D
HM:DA;GJHJAN9L=AFKLALMLAGFK @9N=9FAEHGJL9FLF9JJ9LAN=LGK@9J=9:GMLL@=AJ=PH=JA=F;=K
AFL@=AJAF9M?MJ9DHGKALAGF (9FQG>L@=E9J==PH=JA=F;AF?LJ=E=F<GMKKLJ=KK9F<E9Q:=
IM=KLAGFAF?O@=L@=JL@=QK@GMD<;GFLAFM=L@AK;@9DD=F?AF?OGJC MJJ=FLJ=K=9J;@
KM??=KLKL@9LE9FQ9J=AF9L=FMGMKJ=D9LAGFK@AHOAL@L@=AJKMH=JNAKGJK9F<O9FLLG
=F?9?=AFL@GM?@L>MD9F9DQKAKG>@GOLG=>>=;LAN=DQ<GL@=H9KKAGF9L=9F<F=;=KK9JQOGJC
IMALQ9F<$F;DMKAGFDAN=K9F<:J=9L@=KOAL@AF9FGJ?9FAR9LAGFL@9L@9KFGLQ=L:==FK=L
MH>GJL@=HGKALAGF_KKM;;=KK9F<O@=J=LJ9FK>GJE9LAGF9DD=9<=JK@AHAKK;9FL '=OAK
AN=JKALQ IMALQ9F<$F;DMKAGF;9F@=DHL@=:JG9<=J=<M;9LAGF9D;GEEMFALQL@AFC9:GML
@GOLGKMHHGJL9F<@GOLGJ=<M;=GJJ=EGN=L@=:9JJA=JKL@9L@AF<=JL@=OGJC
<<ALAGF9DDQ J=;GEE=F<9LAGFK>GJ>MLMJ=KLM<A=K9J=HJGNA<=<LG=PH9F<GFL@=
CFGOD=<?=:9K=9F<9N9AD9:D=J=K=9J;@L@9LE9Q;GFLJA:ML=LG@GOL@AKHGKALAGF;GMD<:=
J=AE9?AF=<OAL@AFHM:DA;K;@GGDGJ?9FAR9LAGFKLG=FKMJ=E9PAEME:=F=>ALKAFKMHHGJLAF?
K;@GGD<AKLJA;LK9F<J=D=N9FLKL9C=@GD<=JK9KL@=Q;J=9L==IMALQ>G;MK=<AFALA9LAN=K9F<
;GEEALE=FLK
=<1:CA7=<
@9HL=JLOGOADD=PHDGJ=L@=J=K=9J;@GFL@=@AKLGJQG>L@=HGKALAGFG>AJ=;LGJKG>
AN=JKALQ IMALQ9F<$F;DMKAGFO@A;@:=?AFK9LL@=MFAN=JKALQD=N=DOAL@L@=HGKALAGFG>
@=DH>J9E=L@=HJG:D=E9F<IM=KLAGFK;=FLJ9DLGL@=>G;MKG>L@AKJ=K=9J;@KLM<Q
%)'),$
$@757<A=4B6367347D3@A7BG$44713@
KJ=>=J=F;=<AF;@9HL=JGF= DALLD=LGFGJ=K=9J;@=PAKLKGFL@=JGD=G>L@=AJ=;LGJ
MF<=JKL9F<L@=?=F=KAKG>L@AKJGD= O=F==<LGL9C=9;DGK=JDGGC9L@AKLGJA;9D=N=FLKL@9L
K@9H=<L@=<=N=DGHE=FLG>L@AKJGD=O@A;@;GEE=F;=KOAL@>=<=J9DD=?AKD9LAGF
<M;9LAGF ]@9<9FAEH9;LGFL@=O9QK@A?@=J=<M;9LAGF:=?9FLGL@AFC9:GML
OGJC9L;GDD=?=K9F<MFAN=JKALA=K J=K=9J;@=J9JQD.EAL@;AL=KL@=AEHGJL9F;=G>L@AK
@AKLGJA;D=?AKD9LAGF9DGF?OAL@FME=JGMK0.=P=;MLAN=GJ<=JK 9F<;9EHMK9;LANAKE9KL@=
AEHGJL9FLOGJC;9E=>JGE;J=9LAF?=PH=;L9LAGFKLGEGFALGJL@=K=AFL=?J9LAGF
?G9DK GDD=?=9F<0FAN=JKALQ@ME9FJ=KGMJ;=<=H9JLE=FLKLGGCGFL@=9<<=<
J=KHGFKA:ADALQG>E9F9?AF?EAFGJALQ9>>9AJKO@A;@O9KHJ=N9D=FLAFL@=K JEKLJGF?
OGJCJ=NGDN=<9JGMF<9>>AJE9LAN=9;LAGFAFALA9LAN=K9F<OGJCHD9;=<AK;JAEAF9LAGF 2@AD=
G>L=F;=D=:J9L=< L@AK=9JDQJGD=O9K9DKG;JALA;AR=<:QKGE=9K9O9QLG9HH=9K=
EAFGJALAR=<?JGMHK (9FQ>=9J=<L@=EAFGJALQ9>>9AJKJGD=OGMD<K=JN=LGHGDA;=
*N=JEMDLAHD=<=;9<=K L@=EAFGJALQ9>>9AJK9F<9>>AJE9LAN=9;LAGFOGJCG>L@=
K9F<K G>L=FOJ9HH=<OAL@AFL@==PH=;L9LAGFK>GJ@ME9FJ=KGMJ;=<AJ=;LGJK
EGJH@=<AFLG9KH=;A>A;9DDQ<=KA?F=<JGD=AFL@=KJ=>=JJ=<LG9K@A=>AN=JKALQ
<AN=JKALQG>>A;=J>JGEALK@AKLGJA;9DHJ=<=;=KKGJKAKL@=>MF;LAGF9D<=>AFALAGFG><AN=JKALQ9K
6/::3<53A=4B6367347D3@A7BG$44713@
.;@GD9JK@AHGF@A=>AN=JKALQ*>>A;=JK * J=N=9DK9@GKLG>;@9DD=F?=KL@9L
9JGMF<L@=@A=>AN=JKALQ*>>A;=J@9NAF?MF<=>AF=<BG:<=K;JAHLAGFKOAL@DALLD=LGFG
L@=HGKALAGFAK;J=9L=<HJAGJLGGMLDAFAF?L@=;GF<ALAGFKEGKLDAC=DQLG=FKMJ=L@=@A=>
AN=JKALQ*>>A;=J_KKM;;=KK -=K=9J;@KMHHGJLKL@=F==<>GJ9EHD=<=DA:=J9LAGFGFL@=
F=;=KKALQG>L@AKD=9<=JK@AHJGD=O@AD==FKMJAF?:MQ AF9LEMDLAHD=D=N=DKG>L@=MFAN=JKALQ
<<ALAGF9DDQ HGKALAGFAF?L@=@A=>AN=JKALQ*>>A;=JAF;DGK=HJGPAEALQLGL@=K=FAGJ
D=9<=JK@AHKA?F9DKL@=AEHGJL9F;=G>L@=HGKALAGF9F<L@=HGO=JALE9QOA=D<GFK@9HAF?
(GJ=;@9DD=F?AF?L@9FE9F9?AF?MF;D=9J=PH=;L9LAGFKGJ<=N=DGHAF?;GEHD=P
*>>A;=JHD9QKAF@GD<AF?L@=AFKLALMLAGF9;;GMFL9:D=>GJ<GAF?L@=<9ADQOGJCF==<=<LG
9;LM9DAR=L@=?G9DKG>=IMALQ9F<AF;DMKAGF -=K=9J;@=JKFGL=L@9L;GEHDA9F;=OAL@D9OK
<G=KFGLAF<A;9L=9FGJ?9FAR9LAGFAK>MDDQ;GEEALL=<LGALKKL9L=<=IMALQ?G9DK =KH=;A9DDQ
KAF;=MFAN=JKALA=K9J=<=KA?F=<LGE9AFL9AFL@=KL9LMKIMG9F<KG;A9DKLJM;LMJ=K FGLLG
L@AKAEHGJL9FLOGJC "=F=J9D;GEHDA9F;=OAL@<AN=JKALQAFALA9LAN=KF==<KLG:=J=HD9;=<
OAL@9FMF<=JKL9F<AF?9F<EAF<K=LL@9L<AN=JKALQ=FJA;@=K9F<KLJ=F?L@=FK9F
/@AK:MJ<=FG>L@=@A=>AN=JKALQ*>>A;=J@9K:==F<=K;JA:=<9KFGLKGD=DQ
OGJCAF?0CAFKLALMLAGFK:ML9DKGOGJCAF?>=L@=E OAL@J=KAKL9F;=G>L=F>==DAF?DAC=9F
?=LLAF?AFLG\?GG<LJGM:D= ]
347<7<5B63'=:3B6@=C56%@=43AA7=</:(B/<2/@2A
/@==F?9?=E=FLG>MFAN=JKALQ@A=>AN=JKALQ*>>A;=JKAFL@AFCAF?9:GMLL@=AJ
JGD=K9F<J=KHGFKA:ADALA=K@9KKMHHGJL=<L@=<=N=DGHE=FL9F<;D9KKA>A;9LAGFG>KCADDK=LK
9?JGMHG>L@=K=HJ9;LALAGF=JKFGL=<9\?JGOAF?F==<>GJ@A?@=J=<M;9LAGFLGD=N=J9?=9F<
=P;@9F?=9F<>=JLADAR9LAGFG>A<=9K 9F<LG=F@9F;=HJG>=KKAGF9DKL9F<9J<K9EGF?
?JGMHO@A;@=N=FLM9DDQ@=DH=<D9MF;@L@=)9LAGF9DKKG;A9LAGFG>AN=JKALQ*>>A;=JKAF
\/@=HJ= =EAF=FLNGA;=>GJ;@A=><AN=JKALQG>>A;=JKAF@A?@=J=<M;9LAGF9F<OAL@EGJ=
D=9<@A?@=J=<M;9LAGFLGO9J<KAF;DMKAN==P;=DD=F;=L@JGM?@AFKLALMLAGF9D
J=K=9J;@LGKMHHGJL<AN=JKALQAFALA9LAN=K
$FALK9AELG9;;=D=J9L=L@=HJG>=KKAGF9DAR9LAGFG>L@=@A=>AN=JKALQ*>>A;=JAF
K=JN=<LG=DM;A<9L=L@=;GEHD=PALA=K=E:=<<=<OAL@AFL@=OGJC9F<L@==PL=FKAN=
=PH=;L9LAGFK=E9F9LAF?>JGEAFKLALMLAGFK9F<C=Q>A?MJ=KOAL@AFL@=EO@G@9N=DG::A=<
G>;9MLAGF=E=J?=K>JGEL@AKOGJC9JGMF<MKAF?L@=KL9F<9J<K>GJ=N9DM9LAN=HMJHGK=K
?AN=FL@=;@9DD=F?=AFL@=K;GH=G>L@AKOGJC )GKAF?D=AF<ANA<M9DK@GMD<@9N=LG:=@=D<
L@9L@A?@DQJ=>AF=<;GEEALE=FLJ=KA<=K9;JGKK9FAFKLALMLAGF_KD=9<=JK@AHKLJM;LMJ=
/@=HJ=9E:D=E9C=K;D=9JL@9LL@=MH<9L=<KL9F<9J<KO=J=OJALL=FLG\J=>D=;L
<=>AFALAGF9D9KH=;LKG>9HJG>=KKAGFJ9L@=JL@9FKH=;A>A;;GFL=FLG>CFGOD=<?= 9O9J=F=KK
OJALL=FOAL@L@=>GDDGOAF?K=FL=F;=KL=EK\#9KL@=9:ADALQLG ]\0F<=JKL9F<K9F<AK9:D=
\OGJCAF?]OAL@KGE=KL9C=@GD<=JAFL@=;GEEMFALQO@=L@=JALAK9<EAFAKLJ9LAGF >9;MDLQ
HJAF;AHD=K@A?@DA?@L=<AF/9:D= L@=@A=>AN=JKALQ*>>A;=JAK<=K;JA:=<9KOGJCAF?
OAL@K=FAGJ9<EAFAKLJ9LGJKGJ9<EAFAKLJ9LGJKAFKAPG>L@=E /@AKHJGNA<=K;D9JALQG>L@=
=NGDMLAGFG>L@AKJGD=9F<L@==PH=;L9LAGFKG>L@=AEHGJL9F;=G>:=AF?AF;DGK=HJGPAEALQ
LGD=N=JKG>HGO=JOAL@AFL@=GJ?9FAR9LAGF "AN=FL@9L;GDD=?=K9F<MFAN=JKALA=KG>L=F
K=JN=9KL@=GD<=JKA:DAF?LG&ZAF<=H=F<=FLGJHJAN9L=K;@GGDK L@AKDAL=J9LMJ=J=NA=O
9DKG=PHDGJ=KL@=<=N=DGHE=FLG>L@=HGKALAGF G>L=FJ=>=JJ=<LG9KAJ=;LGJG>AN=JKALQ
IMALQ9F<$F;DMKAGF9LL@AKDGO=JD=N=D
)/0:3
(B/<2/@2A=4%@=43AA7=</:%@/1B7134=@$A
#$
!$ ! !$!
" % "
! $!$ % %
& !" ! $!$
"
"$ $
# $
#
!$" !$""
$!$
! $
! $ $
!$
!$ !$"
$% !
%
! !
!
!$
!$"" !$""
" !
! !
!
!
$ " !
%
!$"" $ !$""
!
!#
" !
$!$
0FAL=<.L9L=KAF<=H=F<=FLK;@GGDK9J=9DKG;GEEGFDQJ=>=JJ=<LG9KHJAN9L=
K;@GGDK /@=Q9J=AF<=H=F<=FLAFL@9LL@=Q@9N=>J==<GELG<=>AF=L@=AJEAKKAGF
;@9J?AF?LMALAGF9F<J=;=ANAF?HJAN9L=;GFLJA:MLAGFK /@=)9LAGF9DKKG;A9LAGFG>
E=E:=JK@AH9KKG;A9LAGFL@9LHJGNA<=KK=JNA;=KLGEGJ=L@9F K;@GGDK9F<
.AEAD9JLGL@=AJGD<=J;GDD=?=9F<MFAN=JKALQKA:DAF?K E9FQAF<=H=F<=FLK;@GGDK
<=>AF=KLJ9L=?A;?G9DK9F<HD9FK>GJ=IMALQJ=D9L=<OGJCOAL@>9;MDLQ9F<L@=KLM<=FL:G<Q
JGD=@9KK@A>L=<GN=J<=;9<=K
)636/<537<'=:3=47@31B=@A=47D3@A7BG?C7BG/<2<1:CA7=</B<23>3<23<B
(16==:A
-=K=9J;@9KKG;A9L=>GJL@=)9LAGF9DKKG;A9LAGFG>$F<=H=F<=FL.;@GGDK 9NAK
AN=JKALQ IMALQ9F<$F;DMKAGF@9K;@9F?=<AFL@=HJAN9L=K;@GGD9J=F9GN=JL@=;GMJK=G>
J=K=9J;@=JKO=J=9:D=LG;GEH9J=;@9F?=KAFEMDLAHD=>9;=LKAFL@=OGJCG><AN=JKALQ
J=HGJL>G;MK=K:JG9<DQGFL@J==GN=J9J;@AF?9J=9K 0F<=JKL9F<AF?L@=JGD=KG><AN=JKALQ
HJ9;LALAGF=JK =>AFAF?L@=JGD=G>L@=HJ9;LALAGF=JOAL@AFAF<=H=F<=FLK;@GGDK
)9EAF?L@=KM;;=KK=K9F<;@9DD=F?=KG>L@=K=HJG>=KKAGF9DKOAL@AFL@=AJK;@GGD
=DGOAK9KMEE9JQG>KGE=G>L@=>AF<AF?KG>L@=)$.KLM<Q9KALHJGNA<=K
;GFL=PL9F<J9AK=KIM=KLAGFK9:GMLL@=>G;MKG>L@AK;MJJ=FLJ=K=9J;@GFL@=HJG>=KKAGF9D
<9L9HGAFLAK>GDDGO=<:Q9K@GJLJ=>D=;LAGF $L_KAEHGJL9FLLGFGL=L@9LL@=AJ=;LGJKG>
?=F=JA;L=JEAK9O9QLG;D9KKA>QL@=N9JAGMKO9QKAF<=H=F<=FLK;@GGDKJ=>=JLGL@=K=
HJG>=KKAGF9DK
• &E4A0C4= H40A?4A8>3C742;0A8CH>54G?42C0C8>=B>5C7438E4AB8CH
?A02C8C8>=4A70BA4<08=43C74B0<4F8C7>5A4B?>=34=CBA4?>AC8=6
C70CC748A3DC84B0A44GCA4<4;HF4;;3458=43>AE4AHF4;;3458=43% *
*C0C4>58E4AB8CH'A02C824 '064
#=J=O=K==L@9L=N=FOAL@<=;9<=KG>9*:=AF?AF=PAKL=F;=9LL@=MFAN=JKALQD=N=D
9F<K=N=J9D<=;9<=K9LL@=&ZAF<=H=F<=FLK;@GGDD=N=D L@=OGJCG>L@=AJ=;LGJG>
AN=JKALQ IMALQ9F<$F;DMKAGFG;;MJKAF9E:A?MALQ
• *8=24 C746A40C4BC270=648=4G?42C0C8>=B70B2><48=C740A40>5
B42>=30A40>5270=648BC744G?42C0C8>=C70CC7438E4AB8CH?A02C8C8>=4A
2>=3D2CF>A:B7>?B>=38E4AB8CHC>?82B +74A4F0B0=8=2A40B4>55A><
=KA?FAF?D=9JFAF?=PH=JA=F;=KL@JGM?@OGJCK@GHK9F<HJG>=KKAGF9DD=9JFAF?
GHHGJLMFALA=KK==EKLG:=GF=G>L@=E9AF>MF;LAGFKG>L@=AJ=;LGJG>AN=JKALQ IMALQ
9F<$F;DMKAGF9LAF<=H=F<=FLK;@GGDK
• !>1B0C8B502C8>=A0C8=6BA4<08=43B8<8;0A8=C74C4= H40A?4A8>3F8C7
A4?>AC8=6C74HF4A44GCA4<4;HB0C8B5843>AE4AHB0C8B58438= =
/@AK<9L9HGAFLHJGNA<=K9HGKKA:D==FLJQHGAFL>GJ>MJL@=JK;@GD9JDQ;MJAGKALQ9F<J=K=9J;@
HJG>=KKAGF9DK9J=J=HGJLAF?DGOD=N=DKG>BG:K9LAK>9;LAGF !MJL@=JAFIMAJQAKF=;=KK9JQLG
<=L=JEAF=O@9L>9;LGJK;GFLJA:ML=LGL@=K=F=?9LAN=>==DAF?K
• #8CC;4270=6420=14B44=8=C74A4B?>=B4C>F74C74AC7438E4AB8CH
?A02C8C8>=4APBB27>>;7030BCA0C468238E4AB8CH?;0= +74A4B?>=B4F0B
'064
2@AD=9LL@=MFAN=JKALQD=N=D L@=<=KA?F9F<AEHD=E=FL9LAGFG>GJ?9FAR9LAGF9D;@9F?=
FGLK==ELG:=L@=;9K=AF9DDG>L@=AF<=H=F<=FLK;@GGDKKMJN=Q=<
• = >5C7>B4BDAE4H4314;84E43C748AB27>>;F0B4=606438=
14;84E43C748AB27>>;F0B<0:8=6?A>6A4BB8=2A40C8=60=8=2;DB8E4
8E4AB8CH'A02C824 '064
#=J=GF=;9FFGL=9<=;DAF=AF@GOL@=AJ=;LGJG>AN=JKALQ IMALQ9F<$F;DMKAGFNA=OK
L@=HJG?J=KK9LL@=K;@GGDD=N=D9JGMF<KMKL9AFAF?9FLAJ9;AKL=>>GJLK9F<;J=9LAF?AF;DMKAN=
K;@GGD;GEEMFALA=KO@=J=9DD9J=O=D;GE=<9F<N9DM=< /@AK;9F:=9J=KMDLG>L@=
AJ=;LGJ_K<==H=FAF?MF<=JKL9F<AF?G>L@=AJJGD=
• 'A02C8C8>=4ABBDAE4H438= 544;<>A4BD??>AC431HC747403>5B27>>;
/@AK>AF9D<9L9HGAFLKMEE9JAR=<>GJL@AKDAL=J9LMJ=J=NA=O<G=KK@GOL@9LEGKL
AF<=H=F<=FLK;@GGDAJ=;LGJKG>AN=JKALQ IMALQ9F<$F;DMKAGF9J=HGKALAGF=<;DGK=
=FGM?@LGK;@GGDD=9<=JK9F<L@GK=AFHGKALAGFKLGAF>DM=F;=;@9F?= O@AD=9DKG>==DAF?
KMHHGJL=<AFL@=OGJCL@=Q9J=<GAF?
/9C=F9K9KF9HK@GLG>L@=)$.>MDDJ=HGJLK L@=K=<9L9K=LKJ=N=9DAEHGJL9FL
AEHDA;9LAGFK>GJ@GOAF<=H=F<=FLK;@GGDK;9FAEHJGN=L@=AJ=IMALQOGJCL@JGM?@L@=K=
>G;MK=<GFL@GK=AFKAEAD9JHGKALAGFKAFHM:DA;K;@GGDKAF(9KK9;@MK=LLK
2@AD=L@=)9LAGF9DKKG;A9LAGFG>$F<=H=F<=FL.;@GGDKJ=K=9J;@<G=KFGL9DDGO
MKLG@=9JL@=<AKLAF;LNGA;=KG>9FQG>L@GK=AFL@AKC=QHGKALAGF9LAF<=H=F<=FLK;@GGDK
K@9J=<@=JJ=;GEE=F<9LAGFK>GJO@9LAF<=H=F<=FLK;@GGDD=9<=JKL@AFCAF?G>;J=9LAF?
AEHGJL9F;=G>;J=9LAF?J=9DAKLA;BG:<=K;JAHLAGFK G>>=JAF?KMHHGJLL@JGM?@;J=9LAF?
<AN=JKALQ9F<=IMALQL=9EK 9F<L@=AEHGJL9F;=G>9KKA?FAF?9;;GMFL9:ADALQ9;JGKK
L@=;GFLAFM=<KLJM??D=LG=FKMJ=L@=K=AF<=H=F<=FLK;@GGDK9J=:=AF?L@GM?@L>MD9F<
KMHHGJLAN=AFL@=<=KA?F9F<AEHD=E=FL9LAGFH@9K=KG>L@=AJOGJC $>L@=@A=>AN=JKALQ
*>>A;=JHGKALAGFAF>DM=F;=<L@=OGJC;GF<M;L=<9LL@=AF<=H=F<=FL9F<HJAN9L=K;@GGD
D=N=D EA?@LL@AKDGGCDAC=AFHM:DA;K;@GGDK
)63'=:3=47@31B=@=47D3@A7BG?C7BG/<2<1:CA7=<7<%C0:71(16==:A
0FDAC=;GDD=?=K9F<MFAN=JKALA=KGJ&ZAF<=H=F<=FLK;@GGDK 0FAL=<.L9L=K
HM:DA;K;@GGDK@9N=FGL@9<9DGF?9F<JA;@@AKLGJQG>=EHDGQAF?@A=>AN=JKALQ*>>A;=JK
GJAN=JKALQ+J9;LALAGF=JK $LAKGFDQJ=;=FLDQL@9LL@=K=HGKALAGFK@9N=:==F;J=9L=<AF
AF9J=>D=;LAGFGF<AN=JKALQ =IMALQ9F<AF;DMKAGF@9N=G>L=FMK=<AFL=JF9D9M<ALKLG
QKMJN=QAF?KL9C=@GD<=JK=AL@=JL@JGM?@@GE=?JGOFE=L@G<KGJL@JGM?@
;GFLJ9;LAF?OAL@GJ?9FAR9LAGFKL@9L>9;ADAL9L==IMALQOGJC K;@GGDK@9N=9JJAN=<9LL@=
F==<>GJL@=AJN=JKAGFG>9F=IMALQHJ9;LALAGF=J (GKLG>L=FL@AKHGKALAGFAKJ=>=JJ=<LG9K
L@=K;@GD9JDQJ=K=9J;@ $;GMD<FGL>AF<9FQKLM<A=K;GF<M;L=<GFL@AKHGKALAGFAFL@=
O=:KAL=K<=NGL=<LG<AN=JKALQ9F<=IMALQOGJCOAL@AFK;@GGDK O@A;@@9N=@A?@DA?@L=<
:GL@L@=J=O9J<AF?9F<;@9DD=F?AF?9KH=;LKG>L@GK=G;;MHQAF?L@=K=F=OHGKALAGFK
/@=?=F=KAKG>EQAFL=J=KLAFL@AKJ=K=9J;@KLM<Q;9F:=LJ9;=<LG9
EGML@HA=;=>GJL@GK=O@G@9N=:==FAFL@AKF=ODQEAFL=<JGD= 9EHDA>QAF?L@=AJ;GF;=JF
9:GMLL@=KGDAL9JQF9LMJ=G>L@=OGJC9F<L@=D9;CG>KMHHGJLKLJM;LMJ=KLG=FKMJ=L@9LL@AK
;JALA;9DOGJC9<N9F;=K .9EM=DKAFL=JNA=O=<9K9EHDAF?G>HJ9;LALAGF=JKAFK=N=FHM:DA;
JGD=G>L=F;@9DD=F?=KL@=KL9LMKIMG <=DAN=JAF?L@=E=KK9?=L@9LL=9;@=JHJ9;LA;=KN=JQ
EM;@;GFLJA:ML=LGL@=<AKH9JALQ:=LO==FL@=9;@A=N=E=FLG>O@AL=9F<:D9;C :JGOF9F<
HGGJKLM<=FLK .AEAD9JLGO@9LL@=J=K=9J;@J=N=9D=<9L=9JDQKL9?=KG>L@=JGD=9L
<AN=JKALQHJ9;LALAGF=JK@9N=DALLD=LGFGJ=KGMJ;=K 9J==PH=;L=<LG:JAF?9:GMLKO==HAF?
KGE=K9?=9<NA;=KM;@9KL@9LL@==IMALQOGJCEMKL:=DAFC=<LG\9L@=GJQG>9;LAGFL@9L_K
$F;DMKAGFGF=<M;9LAGF9DBG:HGKLAF?O=:KAL=KKM;@9K.;@GGDKHJAF? ;GE
9KKA?F=<LGL@AK&ZHM:DA;K;@GGDJGD= #=J=9J=9>=O;GEHAD=<>JGEK=N=J9D<A>>=J=FL
KAL=K9F<HGKLAF?K
• +JGEGL=:=KLHJ9;LA;=KJ=D9L=<LG;MDLMJ9DDQJ=KHGFKAN=;MJJA;MD9 L=9;@AF?
HJ9;LA;=K 9F<<AKLJA;LOA<=AFALA9LAN=K
• GDD9:GJ9L=OAL@K;@GGD9<EAFAKLJ9LGJK9F<L=9;@=JKAF;GFKAKL=FLDQE9AFL9AFAF?
;DAE9L=9F<;MDLMJ=OAL@AFL@=K;@GGDK
• =N=DGH9F<AEHD=E=FLKQKL=EK9F<HJG;=<MJ=KLG9<<J=KKL@=F==<KG>;MDLMJ9DDQ
• 0LADAR=J=D=N9FL<9L9J=KGMJ;=KLGLJ9;C9F<9F9DQR=<AN=JKALQ =IMALQ9F<GMLJ=9;@
KLJ9L=?A=KOAL@AFL@=<AKLJA;L9F<;GEEMFALQ
• -=?MD9JDQE==L9F<;GFKMDLOAL@+JAF;AH9DK9F<<=H9JLE=FL@=9<KLG<=N=DGH9F<
AEHD=E=FLKH=;A>A; ;D=9J9F<;GEHJ=@=FKAN=<AN=JKALQ@AJAF?9F<J=L=FLAGF
KLJ9L=?A=K HD9FK9F<LAE=DAF=K<AJ=;L=<LGO9J<K=PH=<AL=<?G9D9LL9AFE=FL
HJ9;LA;=K
• .MHHGJLL@=J=EGN9DG>J9;A9D:9JJA=JKAEH9;LAF?KLM<=FLH=J>GJE9F;=
• =KA?F9;LAGFHD9FKLG9<<J=KKAFKLALMLAGF9D9F<KLJM;LMJ9DJ9;AKE
• P9EAF=AKKM=KG><AKHJGHGJLAGF9DALQ9;JGKK=<M;9LAGF9DHJG?J9EK
• .MHHGJL:MAD<AF?:9K=<D=9<=JKAF9<<J=KKAF?AF;A<=FLKG>:A9K
• *N=JK==<AKLJA;LD=N=D=IMALQL=9E
• +JGNA<=KMHHGJL9F<?MA<9F;=>GJ<=N=DGHAF?9>>AFALQ?JGMHK9EGF?>9;MDLQ9F<
KLM<=FLK
$FL@AKJ=NA=OG>L@=AJ=;LGJG>AN=JKALQ IMALQ9F<$F;DMKAGFBG:HGKLAF?KALK@GMD<:=
FGL=<L@9L9DDL@=BG:<=K;JAHLAGFKJ=NA=O=<;GFL9AF=<>JGEL=FLG>A>L==FAF<A;9LGJKMF<=J
AFL@=JGD=AK=PH=;L=<LG>MD>ADD9FQ9<<ALAGF9DL9KCK9KKA?F=<:QL@=KMH=JAFL=F<=FLGJ
@=9<G>K;@GGD /@AKAKG>AEHGJL9KKMH=JAFL=F<=FLKE9QHMDDL@=AJ=;LGJLGE9F9?=
GL@=J9KH=;LKG><AKLJA;LDA>=L@9L=AL@=J=F@9F;=GJ;GEHDA;9L=J=D9LAGFK@AHKOAL@GL@=JKAF
L@=GJ?9FAR9LAGF
*F=E9Q:=HJGEHL=<LGIM=KLAGFL@==>>A;9;QG>L@=JGD=9F<KMJEAK=@GO
;GEHD=P9F<;@9DD=F?AF?ALE9Q:=>GJGF=AF<ANA<M9DLG=P=;ML=9DDG>L@=K==PH=;L9LAGFK
9DGF?OAL@L@=<=E9F<KL@9LE9Q=E=J?=>JGE9K;@GGD;GEEMFALQ<MJAF?9FQ?AN=F
=PH=JA=F;=KG>L@GK=AFL@AKJGD= 2@AD=K;@GD9JK9DDGOMKLGL@AFC9:GMLAKKM=KL@9L
L@AK9J=9OADD:=F==<=<LG@=DH?MA<=<AKLJA;LK K;@GGD;GEEMFALA=K9F<>MLMJ=
J=K=9J;@=JK
/@=K;@GD9JK@AHGMLDAF=<AFL@AKJ=K=9J;@AKLAE=DQ9F<J=D=N9FL ?AN=FL@=;MJJ=FL
;GEEMFALA=KKAF;= *F=9<<ALAGF9D;GFL=PL@9K:==FL@=<=KAJ=>GJK;@GGDKLG@AJ=
AJ=;LGJKG>AN=JKALQ =IMALQ9F<AF;DMKAGFLG@=DHL@=EOAL@L@=AJAFL=JF9D=IMALQ
E==LOAL@=N=JQGF=G>GMJ>9;MDLQE=E:=JK LGHJG;=KKD9KLEGFL@_KJ=9<AF?9F<L@AK
EGFL@_K;MJJA;MDME 9F<LGDGGC9@=9<LG?=L@=JLG=F?9?=OAL@L@=OGJCF=PLEGFL@ ]
/@AKO9K@AK;9DD>GJAF<=H=F<=FLK;@GGDKLG;J=9L=KH9;=>GJ>9;MDLA=KLG@9N=L@=@9J<:ML
F=;=KK9JQ;GFN=JK9LAGFK9:GMLJ9;AKE9F<@GOALE9FA>=KLKALK=D>AFKGE9FQ9KH=;LKG>
7AB@71B!3/23@A67>7:3;;/
0FDAC=MFAN=JKALQ*KGJ$F<=H=F<=FLK;@GGDAJ=;LGJKG> $O@GJ=HGJLLG
AFL=J9;LOAL@.MH=JAFL=F<=FLKGJ@=9<KG><AKLJA;LK9F<HJAF;AH9DKGJ@=9<KG>
K;@GGDK (9FQQ=9JKG>J=K=9J;@9F<K;@GD9JDQOGJCJ=N=9DKL@9LK;@GGDHJAF;AH9DK9J=
#GO=N=J K;@GD9JK@9N=9DKGFGL=<L@9LHJAF;AH9DK9F<KMH=JAFL=F<=FLKKLJM??D=O@=FAL
;GE=KLG<=>AFAF?=IMALQ?G9DK O@A;@AK9HGL=FLA9D9J=9G>;GF>DA;L9F<GHHGJLMFALQ>GJ
GJ?9FAR9LAGFK>GJK;@GGDD=9<=JKHJGNA<AF??MA<9F;=9F<J=;GEE=F<9LAGFK !GJAFKL9F;=
<AN=JKALQL9KC>GJ;=AFLGG>>=JJ=;GEE=F<9LAGFKLGK;@GGDD=9<=JK\O@G9J=D=9<AF?
EGN=9K;@GGDLGO9J<;MDLMJ9DHJG>A;A=F;QKL=O9J<=<:Q;MDLMJ9DDQJ=KHGFKAN=D=9<=JK@AH
K;@GGDD=9<=JKEMKL:MAD<L@=>J9E=OGJCL@JGM?@;MDLMJ9DDQJ=KHGFKAN=H=<9?G?Q O@A;@
<AKLJA;LD=9<=JKEMKLMF<=JKL9F<L@=AJGOFEMDLAHD=A<=FLALA=K AF<ANA<M9D;@9J9;L=JAKLA;K
:=>GJ=L@=Q;9F@=DH:MAD<;MDLMJ9DJ=KHGFKAN=F=KKOAL@AFL@=AJL=9;@=JK9F<K;@GGD
KL9>> ]"AN=FL@AK<=;D9J9LAGFLG=P9EAF=@GOK;@GGDD=9<=JK9;IMAJ=L@=K=AEHGJL9FL
KCADDK >MJL@=JJ=K=9J;@AKJ=IMAJ=<LG9KK=KKO@=L@=JL@=K;@GGDD=9<=JKAF(9KK9;@MK=LLK
9J=;9H9:D=G>L@AK;JALA;9DOGJC
D9;CAF?L@=KCADDKLG<GKG;A9DBMKLA;=OGJC9F<9J=ADD HJ=H9J=<LGD=9<L@=OGJC<=K;JA:=<
9F<DA;=FKMJ==PH=;L9LAGFKHJGNA<=9E=J=LGC=F;GFKA<=J9LAGFLGKG;A9DBMKLA;=
<=N=DGHE=FL /@=Q9<<LGL@=:G<QG>J=K=9J;@L@9L@9KMF<=JK;GJ=<L@=AEHGJL9F;=G>
HJAF;AH9DKD=9JFAF?9:GML@GOJ9;AKE@9KH=JH=LM9L=<9;@A=N=E=FL?9HK9F<AFL=J>=J=<
OAL@L@=D=9JFAF?9F<KM;;=KKG>E9J?AF9DAR=<?JGMHK $LAKL@JGM?@L@AKJ=>D=;LAGF9F<
MF<=JKL9F<AF?L@9LK;@GGDD=9<=JK;9F=F?9?=9;GEEMFALQAF;GF>JGFLAF?KG;A9DBMKLA;=
KCADDK9F<H=JKH=;LAN=KL@9L;9F:=KLK=JN=9KG;A=LQ_K;@9F?AF?<=EG?J9H@A; )MJA
, '+0'+"0#6#//#))'+"0#6
!=OK;@GGDD=9<=JKJ9AK=<AFE=JA;9FKG;A=LQ@9N=OGJC=<AF9;GEEMFALQL@9LL9;CD=K
MF;GFK;AGMKJ9;A9D:A9K@=9< GF $LKBMKLFGLKGE=L@AF?E9FQG>MK@9N==PH=JA=F;=<[AF
9FQK=;LGJ $LK@9J<LG:MAD<KGE=L@AF?OAL@GMLCFGOAF?O@9LALKKMHHGK=<LGDGGCDAC=
O@=FO=J=<GF= ]!GJK;@GGDD=9<=JKL@=?=F=KAKG>L@AKHJG:D=E;GMD<:=AFMFAN=JKALQ
HJG?J9EEAF?L@9L@9KD=>LL@=EOG=>MDDQMFHJ=H9J=<LG:=;MDLMJ9DDQJ=KHGFKAN=D=9<=JK
$F9KLM<QG>EMDLA;MDLMJ9D=<M;9LAGF;GMJK=KL9M?@L9;JGKKL@=0FAL=<.L9L=K
J=K=9J;@=J+9MD"GJKCA<AK;GN=J=<L@9LEGKLG>L@=;GMJK=K9F9DQR=<O=J=<=KA?F=<LG
HJGNA<=:9KA;9F<KMJ>9;=D=N=DKCADDK9F<FGL9<==HMF<=JKL9F<AF?G>@GOLG<=N=DGH
GF=_KJ9;A9D;GFK;AGMKF=KKGJKLJ9L=?A=KLG<=KA?F9F<KMKL9AF=IMALQ>G;MK=<L=9;@AF?GJ
D=9<=JK@AH /@AKKLM<Q9<<K9FGL@=JD9Q=JLGL@=D=9<=JK@AH;GFL=PL>9;AF?HM:DA;K;@GGD
;GFL=PL>GJGHLAEMEKLM<=FLKM;;=KKEMKLAF;DM<=@9NAF?9K;@GGDD=9<=JOAL@9>AF=DQ
<=N=DGH=<=IMALQD=FK9F<;GEEALE=FLLGKG;A9DBMKLA;=L@9LOADD@=DHKMHHGJLL@=
?JGOAF?HGHMD9LAGFG>E9J?AF9DAR=<KLM<=FLK .LJGF?=IMALQDAL=J9;Q<=E9F<KKH=;A>A;
O@=J=L@AKAKEGJ=L@==P;=HLAGFL@9FL@=FGJE
.;@GGD<AKLJA;LK@9N=FGL9DO9QKHJAGJALAR=<HJG>=KKAGF9D<=N=DGHE=FLGFL@=
J=IMAJ=E=FLK@9N=FGL@A?@DA?@L=<L@AK9J=9G>KLM<Q '=9<=JKF==<LGCFGOL@=;GFL=FL
AF;DM<=;@9DD=F?AF?9F<J=>D=;LAN=;GFL=FL ]/@=;MJJ=FLKLJM;LMJ=<G=KFGL>9;ADAL9L=L@AK
LQH=G>LJ9FK>GJE9LAGF9DD=9<=JK@AHD=9JFAF?9F<9K9J=KMDL L@=HJ=K=F;=G>KLJGF?=IMALQ
D=9<=JK@AH9HH=9JKLG:=D9;CAF? L@MK;GEHDA;9LAF?L@=OGJCG>AJ=;LGJKG>AN=JKALQ
;GDGJ:DAF<F=KKOADDHJ=N9ADOAL@=<M;9LGJK9F<D=9<=JKNA=OAF?9DDKLM<=FLKL@JGM?@GF=
J=D9L=<LGJ9;= #=J=O=K==L@=;GEHGMF<AF?=>>=;LG>>9AD=<D=9<=JK@AHGF9F=FLAJ=
;9<J=G>=<M;9LGJKO@G@9N=;GEEALL=<L@=EK=DN=KLG=D=N9LAF?L@=D=9JFAF?=PH=JA=F;=K
G>;@AD<J=F $>HJAF;AH9DK9F<KMH=JAFL=F<=FLKF==<;9J==J9DL=JAF?LJ9AFAF?L@=FL@=Q9J=
FGL9:D=LGLJ9FK>GJEL@=AJ<AKLJA;LH=JKGFF=DO@GOADDF==<=PHDA;ALHJ=H9J9LAGFLG=F?9?=
EGKLDAC=DQ=F<MHMF<=JL@=9=?AKG>L@=AJ=;LGJG>AN=JKALQ IMALQ9F<$F;DMKAGF
)63C;C:/B7D3;>/1B=4!3/27<57D3@A7BG?C7BG/<2<1:CA7=<<7B7/B7D3A
/@=;@9DD=F?=K=DM;A<9L=<L@MK>9JAFHJ=NAGMKK=;LAGFK;9F@9N=9F=?9LAN=
L@=J=AKDALLD=J=K=9J;@GFL@AKF=OJGD= O=F==<LGDGGC9LJ=D9L=<9J=9KG>KLM<QLG
<=N=DGHGMJMF<=JKL9F<AF? 'GGCAF?9LO@9LK;@GD9JK@9N=MF=9JL@=<AFL@=>A=D<G>KG;A9D
BMKLA;=9;LANAKEAK9:=F=>A;A9DKL9JLAF?HGAFL 2@AD=L@=OGJCG>L@=K=9;LANAKLK<G=KFGL
AFL=FLG>L@=OGJCLG;@9F?=EAF<K=LK9F<KLJM;LMJ=KG>J9;AKE<G=K9HH=9JLG:=
=F=J?QAFL@AKOGJCHJGNA<=K9;GFL=PLO@=J==EGLAGF9D>9LA?M=9F<<AK;GMJ9?=E=FL9J=
HGKKA:ADALA=K
>GJEG>L=9;@=JK9F<9<EAFAKLJ9LGJK<=>AF=9F<EALA?9L=L@=AJ>==DAF?KG>:MJFGMLAF9F
=<M;9LAGF9D;GFL=PL 9F9J=9G>KLM<QOAL@DALLD=9N9AD9:D=J=K=9J;@9F<OAL@?J=9LAEH9;L
GFL=9;@=J9F<9<EAFAKLJ9LGJKO@G;GF;=FLJ9L=GF=<M;9LAGF9D=IMALQ .AF;=AJ=;LGJKG>
AN=JKALQ IMALQ9F<$F;DMKAGF@9N=9@A?@DQ<=N=DGH=<J9;A9D;GFK;AGMKF=KK9F<GH=J9L=
AF9OGJD<O@=J=EGKL9J=AFL@=F9K;=FLKL9?=KG>L@=AJ<=N=DGHE=FL ALAKDAC=DQL@9LL@=Q
=PH=JA=F;=@A?@=J<=?J==KG>HJ=KKMJ=9F<KLJ=KK9F<HGKKA:D=:MJFGML .=LLAF?GMLLG
MF<=JKL9F<L@==PH=JA=F;=KG>9;LANAKLOGJC=JKOADD@=DH<AK;GN=JL@=O9QKGJ?9FAR9LAGFK
;9FKMHHGJLL@=K=HJG>=KKAGF9DK9KO=DD9KL@GK=AFL@=JGD=G>AJ=;LGJG>AN=JKALQ
L@==PH=JA=F;=KG>H9JLA;AH9FLKO@G;GFKA<=JL@=AJOGJC;JM;A9DLGL@=AJ\K=FK=G>D=9<AF?
9;LANAKED=<LG>==DAF?GN=JO@=DE=<9F<:MJF=<GML O@A;@E9FQEALA?9L=<:Q=AL@=J
>AF<AF?KJ=AL=J9L=L@=AEHGJL9F;=G>EQKLM<Q>G;MK=<GFMF;GN=JAF?L@==PH=JA=F;=KG>
<AKLJA;LKL@9L@AJ=L@=E@AF<=JL@=AJ=>>=;LAN=K9F<GJKMHHGJLL@=AJJGD=KLG=FKMJ=
GJ?9FAR9LAGF9DKM;;=KK /@=;@9HL=JL@9L>GDDGOKOADD<=EGFKLJ9L=@GO$OADD?G9:GML
;GF<M;LAF?EQJ=K=9J;@
(C;;/@G
/@AK;@9HL=JLJ9;=KL@=GJA?AFG>L@=AJ=;LGJG>AN=JKALQ IMALQ9F<$F;DMKAGF
KL9JLAF?OAL@L@=MFAN=JKALQD=N=D@A=>AN=JKALQ*>>A;=JO@A;@:=?9FLG9HH=9J9>L=JL@=
ANAD-A?@L;L> /@AKJGD=O9K9<9HL=<9LAF<=H=F<=FLK;@GGDK9;JGKKL@=;GMFLJQ
9KL@=QKGM?@LLG9M?E=FLJ=HJ=K=FL9LAGFG>EAFGJALQKLM<=FLKGF;9EHMK=KO@AD=9DKG
KMHHGJLAF?L@=AJ9;9<=EA;9F<KG;A9D=PH=JA=F;=K9KKLM<=FLKGFEGKLDQO@AL=;9EHMK=K
/@=<=N=DGHE=FLG>HJG>=KKAGF9DKL9F<9J<K>GJ@A=>AN=JKALQ*>>A;=JKO9KJ=NA=O=<
9DGF?OAL@KGE=G>L@=;@9DD=F?=K>9;=<:QHM:DA;K;@GGDAJ=;LGJKG>AN=JKALQ IMALQ
9F<$F;DMKAGF /@=K=AF;DM<=OGJCAF?OAL@K;@GGD9F<<AKLJA;LD=9<=JKO@GKLJM??D=LG
=F?9?=AF;GFN=JK9LAGFK9:GML=IMALQ9F<J9;=9F<K;@GGD;GEEMFALA=KL@9L<GFGL9HH=9J
L@AK;GFLJA:ML=KLG9BG:=E:=<<=<KLJ=KKL@9L=E=J?=K>JGE:=AF?L@=DGF=HJG>=KKAGF9D
<=<A;9L=<LGOGJCAF?GFAKKM=KG><AN=JKALQ =IMALQ9F<AF;DMKAGF9F<E9F9?AF?J=KAKL9F;=
>JGEL@=;GEEMFALQ9F<OAL@AFL@=<AKLJA;L
E=L@G<GDG?Q9F<<=KA?FG>L@=J=K=9J;@KLM<Q #GOH9JLA;AH9FLK9J=K=D=;L=<9F<@GO
9F9DQKAKHJG;=KK DAEAL9LAGFK9F<O9QKJ=K=9J;@>AF<AF?K;9F:=?=F=J9DAR=<LGL@=
=<M;9LAGF9D>A=D<9J=9DKGHJ=K=FL=<
%)')'
<B@=2C1B7=<B==1CA=4(BC2G
K<=K;JA:=<=9JDA=JAF;@9HL=JK9F< L@AKJ=K=9J;@KLM<QLALD=< #4038=6@D8CH
70=64'74=><4=>;>6820;*CD3H>5$0BB027DB4CCB'D1;82*27>>;8A42C>AB>5
L@AKHGKALAGF9LL@=MFAN=JKALQD=N=D9F<@GOHM:DA;K;@GGDK;GF<M;LAF?=IMALQ9M<ALK@9N=
;J=9L=<L@=AJ=;LGJG>AN=JKALQ IMALQ9F<$F;DMKAGFHGKALAGF9K9O9QLG=F@9F;=9
;GEEALE=FLLG=IMALQ>G;MK=<AKKM=K /@=;JMPG>L@AKJ=K=9J;@KLM<QAK9F;@GJ=<AFL@=
K=LLAF?K<=K;JA:=L@=AEH=<AE=FLKL@9L@AF<=JL@=AJOGJC9F<L@=>9;LGJKL@9LKMHHGJLL@=AJ
JGD=]/@=HMJHGK=G>L@AK;@9HL=JAKLGAFLJG<M;=L@=J=K=9J;@E=L@G<GDG?Q>GJL@AK
H9JLA;AH9FLK 9F<9F9DQKAK9HHJG9;@=KOADD:=<AK;MKK=<AF<=L9AD
DAL=J9LMJ=J=NA=OHJGNA<=<9?DAEHK=AFLGL@=AKKM=K>9;AF?MFAN=JKALQD=N=D@A=>
;GMJK=>GJAEHJGNAF?9FGJ?9FAR9LAGF_K=IMALQ>G;MK /=FKAGF;9F9DKG=E=J?=O@=F
>9;MDLQ>==DL@AKJGD=AKL@=J=LGHJGNA<=GN=JKA?@LOAL@<AN=JKALQ;GEHDA9F;= 2ADDA9EK
$F9F9LL=EHLLGK@=<DA?@LGFL@=;GF<ALAGFKL@9L;GEHDA;9L=9F<KMHHGJLL@=OGJC
9HHJG9;@LG<AK;GN=J;GDD=;LAN==PH=JA=F;=K9F<L@=AFKA<=JNA=O J=KO=DD9F<+GL@
CFGOF70CGL@=JK=PH=JA=F;=:ML9DKG7>FL@=Q=PH=JA=F;=AL $F@AKGOFO9Q(GMKL9C9K
OJAL=K \/@=9AEAKLG<=L=JEAF=O@9L9F=PH=JA=F;=E=9FK>GJL@=H=JKGFKO@G@9N=@9<
L@==PH=JA=F;=9F<9J=9:D=LGHJGNA<=9;GEHJ=@=FKAN=<=K;JAHLAGFG>AL ]/@=
<=K;JAHLAGFKL@9L@9N=;GE=>JGEH9JLA;AH9FLKAFEQKLM<QJ=N=9D9O=9DL@G>IM9DAL9LAN=
<9L99:GML@GOL@=Q=PH=JA=F;=L@=AJJGD=OAL@AFL@=K;@GGD<AKLJA;LKL@9L=EHDGQ
<=DAF=9LAGFG>KL=HK9F<E=L@G<GDG?A;9DIM=KLAGFKL@9L?MA<=<L@=HJG;=KK O@A;@OADD:=
<AK;MKK=<AF?J=9L=J<=L9ADAFL@AK;@9HL=J
"%)(, " "#!"# # (),#'')'((')
## &(#&'# *&'(,%)(,"" )'#"
$FALA9D(9;JG -=K=9J;@KL=HK (=L@G<GDG?A;9DIM=KLAGFK
J=K=9J;@IM=KLAGF
\#GO<GAJ=;LGJK KK=E:D=9?JGMHG> J=L@=K;@GGDK;GEH9J9:D=AFL=JEKG>
G>AN=JKALQ AJ=;LGJKG>AN=JKALQ L@=AJ<=EG?J9H@A;K
IMALQ 9F< IMALQ9F<$F;DMKAGF J=L@==PH=;L9LAGFKBG:<=K;JAHLAGFK
$F;DMKAGFAF&Z O@G9J=AFL@=>AJKL>AN= KAEAD9J#GOE9FQ+9JLA;AH9FLKOADD:=
HM:DA;K;@GGD Q=9JKG>L@=JGD= F==<=<LG?9L@=J<9L9>GJL@AKJ=K=9J;@
K=LLAF?K<=K;JA:=
L@=AEH=<AE=FLK "9L@=J<=EG?J9H@A; #GOOADD$HADGLKMJN=QIM=KLAGFK
L@9L@AF<=JL@=AJ AF>GJE9LAGFG>J=K=9J;@ 2@9L$-HJGLG;GDOADD:=F==<=<LG
OGJC9F<L@= H9JLA;AH9FL?JGMHK >AF9DAR=L@=HJGHGK9D2@9LAKL@=:=KL
>9;LGJKL@9LKMHHGJL O9QLGK=F<L@AKKMJN=Q2@9LGFDAF=
L@=AJJGD= KMJN=QLGGD9F<<9L99F9DQK=K9HHDA;9LAGF
OGMD<:=:=KL
=KA?FAF<ANA<M9D 2@9LIM=KLAGFK;9F@=DHAF\=PHDGJAF?
9F<>G;MK?JGMH MFMKM9D9F?D=K] J=KO=DD
IM=KLAGFKLG?9L@=J +=J@9HK@9NAF?H9JLA;AH9FLKMK=
<9L9L@9LOADD=DM;A<9L= E=L9H@GJK.GF?DQJA;KLG<=K;JA:=L@=AJ
<9L9J=D9L=<LGL@= BG:
;=FLJ9DJ=K=9J;@
IM=KLAGF
.;@=<MD=AF<ANA<M9D 2@9L<G$F==<LG?9L@=JAFL@=
AFL=JNA=OK9F<;G<= AF<ANA<M9DAFL=JNA=OK2@9LIM=KLAGFK
<9L9 )=PL K;@=<MD= OADD:=KLJ=N=9DL@=H@=FGE=FGFG>:=AF?
>G;MK?JGMHK9F< 9AJ=;LGJG>AN=JKALQ IMALQ9F<
J=;GJ<L@=F;G<=<9L9 $F;DMKAGF2@9L9J=L@=:=KLJ=K=9J;@
:9K=<<9L9;G<AF?9HHJG9;@=KJ=L@=J=
J=;GEE=F<=<<9L99F9DQK=K9HHDA;9LAGFK
9F<@GOLGK=LL@=EMH#GOOADD$
N=JA>Q9F<<GM:D=;@=;CH9JLA;AH9FL
KL9L=E=FLK>JGELJ9FK;JA:=<AFL=JNA=OK
(3BB7<5
/@=HJAE9JQAFN=KLA?9LGJ@9KKALM9L=<L@=K=LLAF?>GJL@AKJ=K=9J;@KLM<QAFHM:DA;
L@=KH=;A>A;DG;9LAGF>GJAFL=JNA=OK9F<>G;MK?JGMHK;9E=>JGEA<=FLA>QAF?
AFL=J=KL=<HJG>=KKAGF9DKO@G9?J==<LGBGAFL@AKJ=K=9J;@KLM<Q 2@AD=L@=
J=K=9J;@=JGJA?AF9DDQ:=DA=N=<L@AKOGMD<=F<AF9EAPG>MJ:9F9F<KM:MJ:9F<AKLJA;LK L@=
>AF9DDAKLJ=HJ=K=FLK9HJ=<GEAF9F;=G>KM:MJ:9F<AKLJA;LKO@A;@;GMD<:=9FAF<A;9LAGF
L@9LKM:MJ:9F<AKLJA;LK9J=9EGF?L@=>AJKLLGAFN=KLAFL@AKF=OJGD=
%/@B717>/<BA
KLM<Q?JGMHF==<=<LG;GFKAKLG>(9KK9;@MK=LLKHM:DA;K;@GGD=EHDGQ==K@AJ=<9K
9FQO@=J=>JGEZH9JLA;AH9FLK9KH9JLG>L@AKKLM<Q :MLL@=>AF9DO9K9J=K=9J;@?JGMH
L@=KLM<Q?JGMHO9KAFALA9L=<L@JGM?@;GDD9:GJ9LAGFOAL@9AJ=;LGJG>AN=JKALQ IMALQ
G>H9JLA;AH9FLKAFL@=?JGMHO9KHJGNA<=<9F<L@=J=K=9J;@=J;GFL9;L=<GFL@=DAKL /@=
KAPO@G=F<=<MH9KH9JLG>L@AKKLM<QO=J=L@=GF=KO@GJ=KHGF<=<LGL@=J=IM=KLLG
H9JLA;AH9L=AFL@AKKLM<Q
>>@=/16B='3A3/@16
HHJGN9D>GJ;GF<M;LAF?L@AKJ=K=9J;@O9KG:L9AF=<>JGEL@=$FKLALMLAGF9D-=NA=O
L@==9?=JF=KK9F<AFALA9DAFL=J=KL>JGE=E9ADJ=KHGFK=K DDH9JLA;AH9FLKJ=;=AN=<L@=
AFALA9D<=EG?J9H@A;IM=KLAGFK>GJL@=>AF9DKLM<Q?JGMH9AE=<LG?9L@=J?=F=J9D
AF>GJE9LAGF9:GML=9;@G>L@=KAPH9JLA;AH9LAF?J=K=9J;@H9JLA;AH9FLK EGF?GL@=JL@AF?K
• )9E=
• "=F<=J
• ?=
• -9;A9D:9;C?JGMF<
• 4=9JKAFL@=>A=D<G>=<M;9LAGF
/@=<=EG?J9H@A;<9L9;GDD=;L=< ;GEHAD=<9F<>GJE9LL=<9F<;9F:=>GMF<AFHH=F<AP
@GD<9E9KL=J_K<=?J==O@AD=L@=J=E9AFAF?L@J==@GD<9G;LGJ9D<=?J== !AN=G>L@=KAP
<AKLJA;LK9J=KM:MJ:9F9F<GF=AKMJ:9F
!GDDGOAF?L@=LJ9<ALAGFG>H@=FGE=FGDG?Q L@=HJAE9JQAFN=KLA?9LGJMLADAR=<K=EA
N9JA=LQG>IM=KLAGFKL@9LO=J=<=KA?F=<LG9FKO=JL@=J=K=9J;@IM=KLAGF\#GO<G
AEH=<AE=FLKL@9L@AF<=JL@=AJOGJC9F<L@=>9;LGJKL@9LKMHHGJLL@=AJJGD=]/@=K=
AF<ANA<M9DK=EA KLJM;LMJ=<AFL=JNA=OKLGGCHD9;=NA9L@=RGGEHD9L>GJE9F<O=J=
J=;GJ<=<OAL@L@=LJ9FK;JAHLAGF>=9LMJ==F9:D=< /@=$F<ANA<M9D$FL=JNA=O+JGLG;GD
HH=F<AP HJGNA<=<9K;JAHLLGD9MF;@L@=AFL=JNA=O9F<LG;J=9L=9F=FNAJGFE=FLG>
LJMKL?AN=FL@=K=FKALAN=F9LMJ=G>L@=AFL=JNA=OK9F<L@=AF>GJE9LAGFL@9LOGMD<:=
K@9J=<
HH=F<A;=K 9F<G>>=JK9EHD=KG>L@=>GDDGOAF?<=EG?J9H@A;AF>GJE9LAGF
LGMK=OAL@J=K=9J;@H9JLA;AH9FLK L@=J=K=9J;@=J;GF<M;L=<EG;CAFL=JNA=OKOAL@KAEAD9J
HJG>=KKAGF9DK9F<E9<=F=;=KK9JQ9<BMKLE=FLKHJAGJLGKM:EALLAF?L@=E>GJ$-9HHJGN9D
9;@AFL=JNA=OD9KL=<:=LO==F9HHJGPAE9L=DQGF=@GMJ9F<GF=9F<9@9D>@GMJK
0HGFDG??AF?G>>G>5GGE 9;GHQG>L@=NA<=G9F<LJ9FK;JAHLO9K=E9AD=<9F<HD9;=<AF
H9JLA;AH9FLA<=FLA>QAF?AF>GJE9LAGFO9KJ=EGN=<9F<9HK=M<GFQE9F<H9JLA;AH9FL
IMALQ9F<$F;DMKAGFAFL@=KLM<Q<=DN=<==HDQAFLGH=JKGF9D9F<G>L=FH9AF>MD
=PH=JA=F;=KAFL@=JGD= L@=HJAE9JQJ=K=9J;@=J9LLAE=KA<=FLA>A=KH9JLA;AH9FLKOAL@GML9
FME:=J9F<G>L=FOAL@GML9HK=M<GFQE /@=N=JQK=FKALAN=F9LMJ=G>L@=AJOGJCG:DA?9L=K
L@=J=K=9J;@=JLGK9>=?M9J<H9JLA;AH9FLK>JGE9FQHJG>=KKAGF9DJ=H=J;MKKAGFKL@9LE9Q
;GE=>JGEL@=J=N=D9LAGFG>L@=AJA<=FLALQ -=K=9J;@KM;@9KL@AKGF=O@A;@AK;GF<M;L=<
AFKKE9DD?=G?J9H@A;J=?AGFEMKL:=;9J=>MDLG=FKMJ=L@9LH9JLA;AH9FLK_A<=FLALQ;9FFGL
:=LO==FE==LAF?L@=<=KA?F?G9DKG>L@=KLM<Q9F<;9J=>MDDQK=D=;LAF?AFL=JNA=O9F<>G;MK
?JGMHK<9L9LG9<<J=KKL@=;=FLJ9DIM=KLAGFG>L@=KLM<Q 9J=@9K:==FL9C=FLG;MJL9ADL@=
HJ=K=FL9LAGFG>IM9DAL9LAN=<9L9LGE==LL@AK?G9D
0HGFL@=AFALA9DJ=NA=OG>AF<ANA<M9DAFL=JNA=OLJ9FK;JAHLK >G;MK?JGMHKO=J=
K;@=<MD=<NA9=E9AD !GMJH9JLA;AH9FLKO=J=9N9AD9:D=>GJGF=?JGMH9F<LOG>GJ9K=;GF<
LG9DDGOH9JLA;AH9FLKLGL@AFCEGJ=<==HDQ9F<;J=9LAN=DQ9:GMLL@=AJJGD=K /@=QO=J=
9KC=<LGK@9J=AE9?=JQ E=L9H@GJ9F<K@9J=<==H=JE=9FAF?9:GMLL@=AJOGJC9F<
=PH=JA=F;=K $F=9;@G>L@=>G;MK?JGMHKL@=J=O9K9>==DAF?G>J=DA=>AFH9JLA;AH9FLK:=AF?
LG?=L@=J /@=GH=FAF?:9FL=JAF?J=N=9D=<L@9LH9JLA;AH9FLK@9<FGLK==FGF=9FGL@=JAF
KGE=LAE=9F<O=J==P;AL=<>GJL@=GHHGJLMFALQLG;GFF=;L9F<J=>D=;L
IM9DAL9LAN=J=K=9J;@=JKLG<GEGJ=L@9FHJGH=JDQJ=;GJ<L@=;GFLJA:MLAGFKG>L@=AJ
KM:B=;LK '9;CG>9LL=FLAGFLG:G<QD9F?M9?=GJ\KLJ=KK9F<HAL;@YL@J=9L=FKL@=
J=NA=O9F<9F9DQKAKG><9L9AK<GF=OAL@AFL=?JALQ9F<9;;MJ9;Q $LO9K=KK=FLA9DL@=J=>GJ=
(9AFL9AFAF?N9DA<ALQ<MJAF?IM9DAL9LAN=J=K=9J;@ O@=J=F9JJ9LAN=K9F<EMDLAHD=
G>L@=AFL=JNA=OK9F<L@=AJLJ9FK;JAHLAGFKHJGNA<=<9;;MJ9L=9;;GMFLKG>O@9LO9KK@9J=<
J=D9LAN=LGL@=J=K=9J;@=J_K9J=9G>KLM<Q /@=K=N=J:9LAELJ9FK;JAHLAGFKHJG<M;=<GN=J
H9JLA;AH9FLKLG;D9JA>QL@=AJL@GM?@LK9F<H=JKH=;LAN=K 9;@H9JLA;AH9FL9DKGJ=;=AN=<9
;GHQG>L@=AJAFL=JNA=O>GJN=JA>A;9LAGF /@=K=EMDLAHD=AFL=J9;LAGFK9DDGO=<>GJO@9L
(9L@A9KGFJ=>=JKLG9K \9;GFN=J?=F;=MHGFL@=LJML@9:GMLKGE=KG;A9DH@=FGE=FGF]
/B/</:GA7A
9J=>MDJ=NA=O9F<9F9DQKAKG>9DDL@=LJ9FK;JAHLK9DDGO=<>GJL@=A<=FLA>A;9LAGF
9F9DQKAKKG>LO9J= L@=J=K=9J;@=JO9K9:D=LGMHDG9<>MDDLJ9FK;JAHLKG>AFL=JNA=OK9F<
>G;MK?JGMHK9F<L@=FKGJL9F<E9FAHMD9L=L=PLLG:=?AF;9L9DG?AF?L@=;G<=<L=PL9;JGKK
;@=;CAF?LGN=JA>QH9JLA;AH9FLK_;GFLJA:MLAGFLGAFL=JNA=OKHJGNA<=<9FGL@=JD9Q=JG>
J=K=9J;@=JOAL@L@=E=9FKLGL=KLKM:B=;L9;;GMFLKG>L@=AJK@9J=<=PH=JA=F;=K /@AK
N9DA<9LAGFKLJ9L=?QO9K9DKG<GF=:QHJGNA<AF?H9JLA;AH9FLKOAL@9;;GMFLKG>L@=AJ
<==H=JD=N=DG><AK;MKKAGFO@A;@=FJA;@=<L@=<9L9;GDD=;LAGF>GJL@AKJ=K=9J;@KLM<Q
/@=J=NA=OG>LJ9FK;JAHLKMF<=JO=FLEMDLAHD=AL=J9LAGFKO@A;@9DDGO=<L@=
J=K=9J;@=JLG;G<=OAL@AFL@=,MAJCGKHJG?J9E G<=KO=J=9DA?F=<OAL@<AJ=;LIMGL=K
>JGE=9;@G>L@=J=K=9J;@H9JLA;AH9FLK /@=AFALA9DJ=NA=OG>L@=<9L9HJG<M;=<
O=J=J=<M;=<LG H9H=JJ=NA=OG>9DDL@=LJ9FK;JAHLKHJGNA<=<L@=>AF9DD9Q=JG>
N9DA<9LAGF9F<;GAF;A<=<OAL@L@=9JLA;MD9LAGFG>L@AKJ=K=9J;@_K>GMJE9BGJL@=E=KL@9L
=E=J?=<>JGEL@=KLM<Q
(B/B3;3<B=4%=A7B7=</:7BG
$LOADD:=AEHGJL9FLLGFGL=L@9LL@=J=K=9J;@=JAK9F=D=E=FL9JQHJAF;AH9DAF9
EGKLDQO@AL=9>>DM=FL;GEEMFALQL@9L;J=9L=<L@=AJ=;LGJG>AN=JKALQ IMALQ9F<
$F;DMKAGFHGKALAGFAF #=AK9'9LAFGE9D=OAL@Q=9JKG>=<M;9LAGF9D=PH=JA=F;=
G>O@A;@KAPQ=9JKO=J=9K9EA<<D=K;@GGD F?DAK@L=9;@=J9F<L@=J=KL9KHJAF;AH9D9L
KE=FLAGF=<=9JDA=J L@=J=K=9J;@=JOGJC=<AF9K;@GGD<AKLJA;LL@9L@AJ=<9
AJ=;LGJG>AN=JKALQ IMALQ9F<$F;DMKAGFAF9F<@=@9K;GDD9:GJ9L=<OAL@L@AK
HJ9;LALAGF=J9K9E=E:=JG>L@=<AKLJA;L9<EAFAKLJ9LAN=L=9E 9K9;GDD=9?M=K==CAF?
$FL@=Q=9JKKAF;=L@=AF;=HLAGFG>L@AKHGKALAGFL@=J=K=9J;@=J@9KOALF=KK=<9F
9JJ9QG>J=KHGFK=KLGL@=;J=9LAGFG>L@AKHGKALAGF9K=NA<=F;=<>JGEJ=9;LAGFK:QL@=
;GEEMFALQL@9L=AL@=JKMHHGJL=<GJJ=B=;L=<L@=A<=9L@9LL@=HGKALAGFK@GMD<=PAKL '9KLDQ
@AK;MJJ=FLHM:DA; K;@GGDK=LLAF?9F<@GH=KL@9LL@AKJ=K=9J;@OADD;GFLJA:ML=F=O
CFGOD=<?=9:GMLL@AKAF9M?MJ9DJGD=9F<O@9LK;@GGDK9F<<AKLJA;LK;9F<GLGKMHHGJLL@=AJ
AEHGJL9FLOGJC
)@/<A43@/07:7BG
GF<M;LAF?L@AKH@=FGE=FGDG?A;9DKLM<QHJGNA<=<;D9JALQAFLGL@=O9QKAJ=;LGJK
G>AN=JKALQ IMALQ9F<$F;DMKAGF9J=KMHHGJL=<9F<KLQEA=<9KL@=QK==CLG<GL@=AJBG:K
AF9<N9F;AF?L@==IMALQ?G9DKG>L@=<AKLJA;LKL@9L=EHDGQL@=E /@=DAL=J9LMJ=J=NA=O
G>>=J=<9>GJ=K@9<GOAF?G>KGE=HGL=FLA9DJ=D=N9FL9F<K9DA=FL>AF<AF?KL@9LE9Q=E=J?=
#GO=N=J L@AKE9Q:=GF=G>L@=>AJKLJ=K=9J;@KLM<A=KL@9LJ=N=9DKL@=DAN=<=PH=JA=F;=K
AFL=JNA=OK9F<>G;MK?JGMHK 9L@A;C<=K;JAHLAGFG>L@=DAN=<=PH=JA=F;=KG>AJ=;LGJKG>
J=K=9J;@AKFGLLG9JJAN=9L9:KGDML=LJML@:MLLGK@9J=L@=J=D=N9F;=L@9L;GMD<:=9HHDA=<
AFGL@=J=<M;9LAGF9DK=LLAF?KO@=J=AJ=;LGJKG>AN=JKALQ IMALQ9F<$F;DMKAGFJ=KA<=
DGGE:=J?
!7;7B/B7=<A
!=OJ=K=9J;@KLM<A=K>G;MK=<GFL@==PH=JA=F;=KG>AJ=;LGJKG>AN=JKALQ IMALQ
IMALQ 9F<$F;DMKAGFAF&ZHM:DA;K;@GGDK=LLAF?K<=K;JA:=L@=AEH=<AE=FLKL@9L
@AF<=JL@=AJOGJC9F<L@=>9;LGJKL@9LKMHHGJLL@=AJJGD=]/@=IM=KLAGFHGK=<>GJL@AK
KLM<Q<=K=JN=K9<<ALAGF9D9LL=FLAGF =KH=;A9DDQOAL@L@=;MJJ=FLLJ=F<G>K;@GGD<AKLJA;LK
;J=9LAF?L@=HGKALAGFAF@GH=KG>J=9DARAF?KM;;=KKAFE==LAF?L@=AJ=IMALQ>G;MK=<?G9DK
KE9DDK9EHD=KAR=G>KAPH9JLA;AH9FLKE9C=KAL;@9DD=F?AF?LGG>>=J:JG9<
;GMD<:=D=9JF=<9:GML@GO9N9JA=LQG><AKLJA;LKE9F9?=L@AKF=OJGD=GFL@==<M;9LAGF9D
:=HGKKA:D=L@9LL@=AKKM=KG>KG;A9DBMKLA;=9F<J9;A9D>9LA?M=E9QFGL=PAKLAFL@AKKM:
!AF9DDQ :A9KE9Q:=9DAEAL9LAGF?AN=FL@=J=K=9J;@=J_KJGD=9K9K;@GGDD=9<=J
O@G@9KOGJC=<OAL@AJ=;LGJKG>AN=JKALQ IMALQ9F<$F;DMKAGF9F<O@GE9Q@9N=
>GJEMD9L=<HJ=;GF;=HLAGFKG>L@==PH=JA=F;=KHJAGJLGL@=KL9JLG>L@=J=K=9J;@ N=FOAL@
9;GF;=JL=<=>>GJLLG@GD<AF9:=Q9F;=9FQ9KKMEHLAGFK9F<LG9<@=J=LGL@=
H@=FGE=FGDG?A;9DHJ9;LA;=G>:J9;C=LAF?O@A;@=FL9ADK:=AF?>MDDQHJ=K=FL9F<AFLMF=
OAL@H9JLA;AH9FLK_=PH=JA=F;=K L@=J=E9QKLADD:=<JGHKG>MF;GFK;AGMK:A9KE9CAF?L@=AJ
?JGMF<=<AFL@=KLGJA=KLGD<L@JGM?@L@=F9JJ9LAN=KK@9J=<:Q=9;@G>L@=H9JLA;AH9FLK9F<
LG;GFF=;L;D9AEK J=;GEE=F<9LAGFK<AJ=;LDQLGL@=OGJ<KL@9L=E=J?=<>JGEL@=
AFL=JNA=OK9F<>G;MK?JGMH<AK;MKKAGFK
(C;;/@G
/@=;MJJ=FL;@9HL=JHJGNA<=K9NA=OAFLGL@=J9LAGF9D=>GJL@=J=K=9J;@ L@=K=LLAF?
J=K=9J;@H9JLA;AH9FLK9F<9<=L9AD=<<=K;JAHLAGFG>L@=E=L@G<GDG?Q <9L9;GDD=;LAGF9F<
9F9DQKAK>GJL@=KLM<Q>G;MK=<GFL@==PH=JA=F;=KG>K;@GGD :9K=<AJ=;LGJKG>AN=JKALQ
IMALQ9F<$F;DMKAGFAF(9KK9;@MK=LLKHM:DA;K;@GGDK $FL=JNA=OK9F<>G;MK?JGMHK
HJG<M;=<;G<=KO@A;@O=J=F9JJGO=<<GOFLG9F<D=<LGL@=9JLA;MD9LAGFG>L@=
>GMJL@=E=KG>L@=J=K=9J;@KLM<Q /@AKH@=FGE=FGDG?A;9DKLM<QJ=N=9DKL@=BGMJF=QG>
AJ=;LGJKG>AN=JKALQ IMALQ9F<$F;DMKAGFAFL@=>AJKL>AN=Q=9JKG>L@=AJJGD=9F<
HJGNA<=K<9L9J=KMDLKL@9L;9F@9N=9FAEH9;LGF@GOL@AKJGD=AK<=>AF=<9F<E=J?=<AFLG
9K;@GGD<AKLJA;L_KGJ?9FAR9LAGF9D@A=J9J;@Q $FL@=KM:K=IM=FL@9HL=JL@=KLM<QJ=KMDLK
L@9L=E=J?=<>JGEL@=E=L@G<KHJ=K=FL=<AFL@AK;@9HL=JOADD:=<AK;MKK=<AF?J=9L=J
<=L9AD
%)'$*'
'3A3/@167<27<5A
<B@=2C1B7=<
/@AK;@9HL=J9>>GJ<KL@=GHHGJLMFALQLGMFN=ADL@=<9L9;GDD=;L=<AFL@AK
H@=FGE=FGDG?A;9DJ=K=9J;@KLM<Q9F<L@=HJG;=<MJ=KMK=<LG9F9DQR=L@=DAN=<
$ "AN=FL@9LL@=K=HGKALAGFK9J=AFL@=F9K;=FLKL9?=KG>AFL=?J9LAGFAF+J=&Z
HM:DA;K;@GGDK L@=J=K=9J;@K==CKLGG>>=J9?DAEHK=G>@GO<AKLJA;LKKMHHGJL9F<AEH=<=
L@=OGJC;GF<M;L=<:QL@=HJG>=KKAGF9DK@AJ=<LGD=9<<AKLJA;LA<=FLA>A=<=IMALQAFALA9LAN=K
!MJL@=JEGJ= L@=;@9HL=JHJGNA<=K9;MJKGJQ?DAEHK=G>L@=AFALA9D>AF<AF?KL@9LAF>GJEL@=
L@=E=KG>L@=J=K=9J;@9KL@=QJ=D9L=LGL@=;=FLJ9DIM=KLAGFG>L@AKKLM<Q KHJ=NAGMKDQ
KL9L=< L@=;=FLJ9DIM=KLAGFG>L@AKKLM<QAK9K>GDDGOK
*&'(,%)(,"" )'#"
/@=AFALA9DIM=KLAGFKL@9L?MA<=<L@==9JDQL@AFCAF?G>L@AKAF9M?MJ9DHGKALAGF=NGDN=<
>JGEL@=J=K=9J;@=J_K=PH=JA=F;=KAF9<AKLJA;LL@9L;J=9L=<9KAEAD9JAJ=;LGJG>AN=JKALQ
IMALQ9F<$F;DMKAGFHGKALAGF (9FQIM=KLAGFK=E=J?=<9JGMF<L@==>>A;9;QG>L@=JGD=
K;@GGD<AKLJA;L_KKMH=JAFL=F<=FLGJK=FAGJD=9<=JK@AHL=9E !MJL@=JJ=>D=;LAGFGFL@=
D=9JFAF?9;;MEMD9L=<L@JGM?@L@=DAL=J9LMJ=J=NA=O9DDGO=<>GJL@=>GJEMD9LAGFG>
9<<ALAGF9DIM=KLAGFKG>AFL=J=KL 2@AD=L@=J=K=9J;@<G=KFGLK=LGMLLG9F9DQR=L@=K=KM:
IM=KLAGFK ALO9K;GF;=AN9:D=L@9LKM;@IM=KLAGFK9F<J=KHGFK=K;GMD<=E=J?=>JGEL@=
AFL=J9;LAGFKOAL@9F<J=KHGFK=K>JGEL@=KAPJ=K=9J;@H9JLA;AH9FLK
2@9LKMHHGJLKLJM;LMJ=K9J=<=KA?F=<LG=FKMJ=L@=KM;;=KKG>L@=AJ=;LGJ
G>AN=JKALQ IMALQ9F<$F;DMKAGF
'3A3/@16%/@B717>/<BA
9AE=<>GJ9K9EHD=KAR=G>Z9F<L@AKKLM<QAK:9K=<GF9>AF9DH9JLA;AH9FL?JGMHG>KAP
/@=AFALA9DAFL=JNA=O;GFN=JK9LAGFKOAL@=9;@H9JLA;AH9FL?9L@=J=<<=EG?J9H@A;
AF>GJE9LAGF>JGEH9JLA;AH9FLKAFL@=KLM<Q /@=>GDDGOAF?IM=KLAGFKO=J=9KC=<G>=9;@
H9JLA;AH9FL HH=F<AP
)9E=
"=F<=J
?=
GQGM@9N=QGMJGOF:M<?=L
9F<@9N=:==F=EHDGQ=<9FQO@=J=>JGEGF=L@JGM?@L@J==Q=9JK /OGG>L@=KAP
2@AD=L@=LALD=MK=<LG<=K;JA:=H9JLA;AH9FLKG>L@AKKLM<QAKAJ=;LGJG>AN=JKALQ
/@=N9JA9LAGFK9J=AF<A;9LAN=G>9<AKLJA;L_KHJ=>=J=F;=9F<AFL=JHJ=L9LAGFG>L@=JGD= !GJ
L@=KLM<=FLKMHHGJL;GGJ<AF9LGJ 9HGKALAGFG>L=F9KKG;A9L=<OAL@KH=;A9D=<M;9LAGF9F<
K;@GGD;GMFK=DAF?KMHHGJL
)/0:3
%/@B717>/<B7AB@71B3;=5@/>671/B/
4=9JKAF
/ALD= AKLJA;L $<=FLA>A;9LAGF
-GD=
+9JLA;AH9FL AN=JKALQ IMALQ 9F<
.M:MJ:9F #AKH9FA; *F=
+K=M<GFQE 0FG $F;DMKAGF*>>A;=J
+9JLA;AH9FL AJ=;LGJG> IMALQ9F<
0J:9F D9;C /OG
+K=M<GFQE ,M=FLAF P;=DD=F;=
+9JLA;AH9FL AJ=;LGJG> IMALQ9F<
.M:MJ:9F KA9F /@J==
+K=M<GFQE /J=NGF .LM<=FL.MHHGJLK
+9JLA;AH9FL AJ=;LGJG>AN=JKALQ
.M:MJ:9F KA9F /@J==
+K=M<GFQE AF<Q IMALQ9F<=DGF?AF?
+9JLA;AH9FL AJ=;LGJG>AN=JKALQ
.M:MJ:9F D9;C /@J==
+K=M<GFQE .9K@9 IMALQ 9F<$F;DMKAGF
$FL=JEKG>=<M;9LAGF9D:9;C?JGMF< @9D>G>L@=J=K=9J;@H9JLA;AH9FLK@=D<9E9KL=J_K
<=?J==O@AD=L@=GL@=J@9D>@9<9LL9AF=<9<G;LGJ9D<=?J== !AN=G>KAPH9JLA;AH9FLKO=J=
J=HGJL=<@9NAF?9:M<?=LO@A;@L@=Q;GFLJGD 9F<O@A;@9DDGO=<L@=ELGE9C=<=;AKAGFK
9JGMF<HJG>=KKAGF9D<=N=DGHE=FL9F<J=KGMJ;=KF==<=<LGKMHHGJL<AKLJA;L?G9DK *>L@=
H9JLA;AH9FLKO@G<A<FGL@9N=9:M<?=L L@=K=FLAE=FLG>>JMKLJ9LAGFO9KK@9J=<9KL@=J=
O9K>==DAF?L@9LL@=AJOGJC>=DLMF<=JN9DM=<9F<MF<=J9HHJ=;A9L=< G>L@=
O9K>GJL=9;@AF?9F<L@=K=;GF<O9K=AL@=J>GJK;@GGD9<EAFAKLJ9LAGFGJKG;A9DOGJC
)/0:3
%/@B717>/<B2C1/B7=<3@B7471/B7=</<2,=@93;=5@/>671/B/
/=9;@=J +JAF;AH9D
*F=+=JKGF
+9JLA;AH9FL G;LGJ9L= .MH=JAFL=F<=FLKKAKL9FL 4=K
=H9JLE=FL
.MH=JAFL=F<=FL
/OG+=JKGF
+9JLA;AH9FL (9KL=JK /=9;@=J .MH=JNAKGJ )G
=H9JLE=FL
*F=+=JKGF
+9JLA;AH9FL (9KL=JK /=9;@=J .G;A9D2GJC=J )G
=H9JLE=FL
*F=+=JKGF
+9JLA;AH9FL (9KL=JK #AKLGJQ <EAFAKLJ9LGJ )G
=H9JLE=FL
*F=+=JKGF
+9JLA;AH9FL G;LGJ9L= /=9;@=J <EAFAKLJ9LGJ )G
=H9JLE=FL
DDJ=K=9J;@H9JLA;AH9FLKAFL@AKKLM<Q@9<KGE=@AKLGJQ=F?9?AF?AFOGJCL@9LJ=D9L=<LG
F==<=<LGE9C=9FAEH9;LGFL@=AJK;@GGD;GEEMFALA=KAFK=JNA;=G>E9J?AF9DAR=<:D9;C
9F<:JGOFKLM<=FLK .GE==P9EHD=KG>L@=K=HJAGJJGD=K9F<=PH=JA=F;=K
• +JG>=KKAGF9D=N=DGH=JGF;MDLMJ9DJ=KHGFKAN=F=KK>GJHJAN9L=;GFKMDLAF?>AJE
• =KA?FAF?HGDA;A=K>GJ=IMALQAFD=9JFAF?
AFKLJM;LGJ 9;GMJK=O@A;@E9FQK;@GGD<AKLJA;LKJ=IMAJ=F=O=<M;9LGJKLGL9C=
OAL@AFL@=AJ>AJKLL@J==Q=9JK
<=K=?J=?9LAGFHJG?J9EKAFL@=0FAL=<.L9L=K O9K<=KA?F=<LGLJ9FKHGJLEGKLDQ
:D9;CKLM<=FLK>JGEGKLGFLGO@AL=E9BGJALQH9JLA;AH9LAF?KM:MJ:9F;GEEMFALA=K
O=:KAL=AKLGKLJAN=\LG:=9D=9<=JAFNGDMFL9JQK;@GGDAFL=?J9LAGFOAL@AFL@=
GEEGFO=9DL@G>(9KK9;@MK=LLK9F<9;JGKKL@=F9LAGFLGHJGEGL=K;@GGD
• .L9>>=N=DGHE=FL>G;MK=<GFEA;JG9??J=KKAGF9F<AEHDA;AL:A9K
• /=9;@=JG>>JA;9F#AKLGJQ
• .;@GGD:9K=<=IMALQL=9E>9;ADAL9LGJ
-=K=9J;@H9JLA;AH9FLKHGKK=KK=<<==HCFGOD=<?=9F<KCADD9:GMLAKKM=KG>J9;=9F<=IMALQ
O@A;@<=N=DGH=<>JGEL@=AJKLM<A=K9F<OGJC9F<DA>==PH=JA=F;=K +9JLA;AH9FLKJ=HGJL=<
>==DAF?9?J=9LK=FK=G>MJ?=F;QAF<GAF?L@AKOGJC9F<=F?9?AF?9KAJ=;LGJG> $
*>L@=KAPH9JLA;AH9FLK=F?9?=<AFL@AKJ=K=9J;@KLM<Q L@J==<=;A<=<LGD=9N=L@=AJ
HGKALAGFK:=>GJ=L@=>AF9D<J9>LG>L@AK<AKK=JL9LAGF /OGK@9J=<L@9LL@=Q:=DA=N=<L@9LL@=
<AKLJA;LD=9<=JOGMD<FGLJ=F=OL@=AJ;GFLJ9;L9F<L@=L@AJ<EGN=<AFLG9FGL@=JHGKALAGF
L@9LO9KEGJ=9;9<=EA;9DDQGJA=FL=<
)/0:3
23<B7471/B7=<=4<7B7/:=23A4@=;)@/<A1@7>BA
<EAFAKLJ9LAGF MDLMJ= #GH=D=KKF=KK -=KAKL9F;=
>>AFALQ MJJ=FL N=FLK $F;A<=FLK -=KGMJ;=K
KKAEAD9L= 9L9 '=9JFAF? .;@GGDGEEALL==
M<AL =H9JLE=FLG> <M;9LAGF 'GF=DQ -GD=E:A?MALQ
$+* AK;AHDAF= (A;JG9??J=KKAGFK .H=;A9D <M;9LAGF
M<?=L AKHJGHGJLAGF9DALQ *HHGKALAGF .LJ=KK
=FLJ9D*>>A;= EGLAGF9D *J?9FAR9LAGF .MH=JAFL=F<=FL
@9F?= F?DAK@'9F?M9?='=9JF=JK +9J=FLK .MHHGJL
GEEMFA;9LAGF !9LA?M= +GDA;A=K .QKL=EK
GFK=JN9LAN=K !=9J +JAF;AH9DK /=9;@AF?
+JG>=KKAGF9D
GFLJGN=JKQ #AJAF? /GC=FAKE
=N=DGHE=FL
JAKAK $<=FLALQ -9;A9D 0F;=JL9AFLQ
(MDLAHD=JGMF<KG>J=NA=OAF?H9JLA;AH9FLAFL=JNA=O9F<>G;MK?JGMHLJ9FK;JAHLKHJGNA<=<
L@=GHHGJLMFALQLGEGN=>JGEL@=AFALA9DDAKLG>;G<=KLG9>AF9DDAKLG>;G<=K
J=HJ=K=FLAF?L@=A<=9KG>?J=9L=KLAEHGJL9F<J=D=N9F;=LGL@=KLM<Q /@AKOAFFGOAF?GJ
<9L9;GF<=FK9LAGFO9K9;@A=N=<L@JGM?@G:K=JN9LAGFKG>L@=EGKLFGL9:D=GJKA?FA>A;9FL
9F<;GDD9HKAF?;G<=KL@JGM?@9F9DQKAKG>H9JLA;AH9FLJ=KHGFK=K9F<IMGL=KL@9LO=J=
DG9<=<AFLGL@=,MAJCGKHJG?J9E L@AJ<JGMF<G>9F9DQKAKLGGCHD9;=L@JGM?@9H9H=J
J=NA=OG>=9;@LJ9FK;JAHLLG=PLJ9;L9F<9DA?FL@=EGKLK9DA=FLIMGL=K9F<LG>AF9DAR=L@=
;G<=KH9AJ=<OAL@H9JLA;AH9FLIMGL=K:=;9E=L@=<9L9K=LL@9L?9N=JAK=LGL@=L@=E=KG>
L@AKKLM<Q
)/0:3
23<B7471/B7=<=47</:=23A4@=;)@/<A1@7>BA
;;=HL9F;= -GD=E:A?MALQ M<AL $+*
=H9JLE=FLG> <M;9LAGF AK;AHDAF= >>AFALQ AKHJGHGJLAGF9DALQ
!9LA?M= 'GF=DQ .MH=JAFL=F<=FL (A;JG9??J=KKAGFK
/GC=FAKE $<=FLALQ GFLJGN=JKQ +9J=FLK
=>GJ=A<=FLA>QAF?L@=L@=E=KL@9LK=JN=<9K9F;@GJK>GJEQ9F9DQKAK L@=>GDDGOAF?AFALA9D
9F9DQKAK>AF<AF?KOADDGH=FL@=<GGJAFLGL@=<9ADQJ=9DALQG>L@==PH=JA=F;=KG>L@=KAP
DGF?>GJL@=J=K=9J;@=JLG?9AFAFKA?@LAFLGH9JLA;AH9FLDAN=<=PH=JA=F;=KOAL@AFL@=AJ
MFAIM=K;@GGD<AKLJA;LK9F<9EGF?L@=D=9<=JKL@9LK9F;LAGF=<L@=;J=9LAGFG>L@=HGKALAGF
MJAF?L@=K=AFL=JNA=OK =9;@H9JLA;AH9FLKLJ=KK=<@AK@=JF==<LGJ=E9AF9FGFQEGMK9F<
;GF>A<=FLA9DALQH=JE=9L=<L@=AFALA9D<AK;MKKAGF /@=Q=PHJ=KK=<9<=KAJ=LGL=DDL@=AJ
MFAIM=KLGJA=KLGAEHJGN=@GOL@GK=AFL@AKJGD=;9F:=KL:=HGKALAGF=<9F<KMHHGJL=<LG
<GL@=AJ:=KLOGJC /@=J=O9K9<==HK=FK=G>;GEEALE=FLLG=IMALQOGJCOAL@
;GEH=DDAF?KLGJA=KL@9LJ=N=9D=PH=JA=F;=KL@9LMF<=J?AJ<=<L@=AJ<=KAJ=LGL9;CD=L@=
/@=<=KA?FG>L@AK;@9HL=J9DDGOKL@=J=9<=JLGD=9JF9:GMLL@==PH=JA=F;=KG>L@=J=K=9J;@
H9JLA;AH9FLK>AJKLL@JGM?@L@=AJJ=KHGFK=KLGL@=AFL=JNA=OIM=KLAGFKO@A;@HJGNA<=K9
<=L9AD=<;GFL=PLG>L@=<9Q LG <9QAFL=J9;LAGFKOAL@L@=AJJ=KH=;LAN=;GEEMFALA=K9F<
KL9C=@GD<=JK >L=JL@AKL@=;@9HL=JG>>=JKAF<ANA<M9DNA?F=LL=KG>=9;@H9JLA;AH9FL_K
J=KHGFK=KLGIM=KLAGFK9:GMLL@=O9QKL@=Q;J=9L=E=9FAF?G>L@=AJ=PH=JA=F;=KL@JGM?@
9F<;GFF=;L=<LGL@=;=FLJ9DIM=KLAGFG>L@=KLM<Q
'3/A=<A4=@@3/B7<57@31B=@=47D3@A7BG?C7BG/<2<1:CA7=<'=:3
!AN=GMLG>L@=KAP<AKLJA;LKJ=HJ=K=FL=<AFL@AKKLM<QO=J=KM:MJ:9F<AKLJA;LKO@=J=L@=
*HHGJLMFALQ +9JLA;AH9FLKAFL@=KLM<QJ=HGJLL@=AJ<AKLJA;LK@AJAF?L@=ELGOGJCLGO9J<
=PHJ=KK=<;GF>MKAGF9JGMF<:=AF?9DA?F=<OAL@L@AKHJG?J9E9KL@=QMF<=JKLGG<L@=AJ
HGKALAGFLG:=EGJ=AFDAF=OAL@;=FLJ9DG>>A;=9F<OAL@<AKLJA;L OA<==IMALQOGJC
E9BGJALQ<=K;JA:=<L@=AJ<AKLJA;L9K>G;MKAF?GFL@=AJ=;LGJG>AN=JKALQ IMALQ9F<
$F;DMKAGFJGD=9K9FAF @GMK=HJG>=KKAGF9D<=N=DGHE=FL<=KA?F=J9F<>9;ADAL9LGJ9JGMF<
KMHHGJLL9DCAF?LGKLM<=FLK9:GMLJ9;= =KH=;A9DDQ9>L=JL@="=GJ?=!DGQ<EMJ<=JAF
GFK=IM=FLDQ L@=HGKALAGFO9KK==F9K9J=KGMJ;=AF9M?E=FLAF?L=9;@=J9F<
9<EAFAKLJ9LGJKCADDKAFD=9<AF?L@=K=;GFN=JK9LAGFK9KO=DD9K9KMHHGJL>GJE9F9?AF?
;@9DD=F?AF?=N=FLK9F<GHHGKALAGFLGAN=JKALQ IMALQ9F<$F;DMKAGFAFALA9LAN=KAFK;@GGDK
9F<AFL@=:JG9<=J;GEEMFALQ
$FGL@=J<AKLJA;LKJ=HJ=K=FL=<AFL@AKKLM<Q HJAF;AH9DKO=J=9DKG=9?=JLG=F?9?=AF
AFL=J=KLAF@9NAF?<AK;MKKAGFK9:GMLJ9;= K;@GGD9F<<AKLJA;LD=9<=JKO=J=G>L=FNA=O=<:Q
J=K=9J;@H9JLA;AH9FLK9K:=AF?L=FL9LAN=9F<MF=9KQ 9KA?FG><AK;GE>GJL9F<D9;CG>
J=9<AF=KKAF@9NAF?AFL=FK=<AK;MKKAGFK
$L_KOGJL@FGLAF?L@9L9DDH9JLA;AH9FLKK@9J=<L@9LL@=AJ<AKLJA;LK9F<L@=;GEEMFALQ
@=9J<;GEE=FLK>JGE;GFKLALM=FLK9:GMLO@=L@=JL@=JGD=O9KJ=9DDQF==<=< >=O
<AKLJA;LK@9<9<GHL=<=IMALQKL9L=E=FLK9F<?G9DK9F<:=DA=N=<L@9L@9NAF?9AJ=;LGJG>
AN=JKALQ IMALQ9F<$F;DMKAGFO9K9HHJGHJA9L=AF=FKMJAF?L@9LL@GK=?G9DKO=J=:=AF?
E=L /@=K=?G9DKAF;DM<=<DGGCAF?9L<AKHJGHGJLAGF9DALQ9KALJ=D9L=KLGL@=<AK;AHDAF=9F<
KH=;A9D=<M;9LAGFJ=>=JJ9DJ9L=KG>D9;C9F<JGOFKLM<=FLK .=N=J9D<AKLJA;LK=F?9?=<AF
=AL@=J9FAFL=JF9DGJ=PL=JF9D=IMALQ9M<ALLGA<=FLA>Q@GOD9;C9F<JGOFKLM<=FLKO=J=
<GAF?9;9<=EA;9DDQ9F<KG;A9DDQ;GEH9J=<LGL@=AJ2@AL=;GMFL=JH9JLKOAL@AFL@=<AKLJA;L
+9JLA;AH9FL>J9E=KL@=NGD9LAD=LAE=AF@=J<AKLJA;L
%/@B717>/<B CF0B0CDA1D;4=C?4A8>3>5C8<40=3C74BD?4A8=C4=34=CF0B>=;H
74A45>AC7A44H40AB0=3C742>=CA02CF0B=>CA4=4F43 '0AC>5F70C70??4=43
F0BC70CC74A4F0B0;>C>52><<D=8CHD=A4BC01>DC38B28?;8=438B?0A8CHA0C4B =
?0AC82D;0AC70C;02:BCD34=CB0=3BCD34=CBF8C738B018;8C84BF4A4H>D:=>F5>DA
C8<4B0B;8:4;HC>14BDB?4=343 =3C74A4F4A4E4AH270;;4=68=6B27>>;
2><<8CC44<44C8=6BF8C7?4>?;4H4;;8=60=3B2A40<8=60=32AH8=6 =38=C7450;;
C74A4F0B020;;C>02C8>=0=3>=4>5C74A42><<4=30C8>=BF0BC>2A40C40A>;4
;8:4C78B
!JGEL@=K=9M<ALK=E=J?=<L@=J=;GEE=F<9LAGFLG;J=9L=9HGKALAGFL@9LOGMD<@=DHGOF
9F<GN=JK==L@AKOGJC9F<EGN=9<AKLJA;L>GJO9J<AF:=LL=JK=JNAF?9DDKLM<=FLK
H9JLA;AH9FLKO9KL@=J=9;LAN=F9LMJ=G><AKLJA;LKK==CAF?LG;J=9L=L@=AJ=;LGJG>AN=JKALQ
AKKM=K9JGMF<J9;=9F<LGHJGNA<=LJ9AFAF?9F<:=9J=KGMJ;=HJGNA<=JAFDGO=JAF?L@=
J9;A9DL=EH=J9LMJ=AFL@=;GEEMFALQ
%/@B717>/<B+7438BCA82C9DBCD=34AF4=C0A0280;2;8<0C40BB4BB<4=CB> :=4F
A867C>DC>5C7460C4C70CC78B?>B8C8>=F0B2><8=6>DC>507867?A4BBDA4CH?4>5
B8CD0C8>= .70CC7438BCA82CF0B4=E8B8>=8=6F0BB><4>=4F7>F>D;314;8:40
58A45867C4A 5C74A48B038E4AB8CHC78=6A4B?>=3>AC0;:C>C78B?4AB>=>AB4=3C78B
A4B>DA24
/@AKAF;DM<=<J=KHGF<AF?LG;GFK=JN9LAN=>9EADA=KG:B=;LAF?LGL@=HGKALAGFGJ:D9;C
>9EADA=K=PHJ=KKAF?9F==<>GJL@=AJ;@AD<J=FLG:=:=LL=J=<M;9L=<:QK;@GGDK /@=AE9?=
G>L@=K=HM:DA;AFL=J9;LAGFK;9F:=K==FAFL@=>GDDGOAF?<=K;JAHLAGF
%/@B717>/<B *><4?0A4=CBF>D;36>C>C74B27>>;2><<8CC440=3BC0AC0
<>18;8I0C8>=>5C74<>A42>=B4AE0C8E46A>D?C>:8=3>502C8E4;H2><45>AF0A3C>
?A>C4BC0608=BCC74:8=3>58=BCAD2C8>=C70CC74H54;C<8AA>A43C74F>A:>538E4AB8CH
4@D8CH0=38=2;DB8>= &=4F0B0?0A4=CF7>0;B>A08B43B><42>=24A=B01>DC
544;8=678B278;3F0B6>8=6C7A>D678=3>2CA8=0C8>= &=4>5>DAC40274ABF0B3>8=6
0E8ACD0;;40A=8=6F8C70;02:#8E4B$0CC4A10==4A8=C747><40=3C78B
CA8664A4350<8;84BC>E84FC78B0B0E4AH8=3>2CA8=0C8=68=B86=80
/@JGM?@GMLL@=K=EA KLJM;LMJ=<AFL=JNA=OK K=N=J9DG>L@=H9JLA;AH9FLK;GMD<FGL@=DH:ML
>==DL@9LL@=QO=J=J9;A9DLGC=FK *F=G>L@=F=?9LAN==PH=JA=F;=KG>:=AF?GF=G>>=O
:D9;CKAF9K;@GGDK=LLAF?AK:=AF?KGM?@L9>L=JLGJ=HJ=K=FLL@=:D9;CJ9;=GJ:=AF?
/@=AJ=;LGJG>AN=JKALQ IMALQ9F<$F;DMKAGFBG:<=K;JAHLAGFN9JA=<>JGEL@=
<AKLJA;LKAF;DM<=<AFL@AKKLM<Q .GE=J=HJ=K=FL=<:JG9<9F<?=F=JA;L9KCKO@AD=GL@=JK
HJGNA<=<EGJ=KH=;A>A;ALQ .GE=;GEEGF<=K;JAHLGJKKMHHGJLAF?L@=@AJ=9F<J=L=FLAGF
G>L=9;@=JKG>;GDGJ9<<J=KKAF?J9;A9DAF;A<=FLKLJ9AFAF?>GJL=9;@=JK ;GEEGFLJ=F<AF
L@=L@AFCAF?G>L@=AJ=;LGJKAFL@AKKLM<QO9KL@=:=DA=>L@9LL@=QOGMD<@9N=LGK@9H=
;GEEMFALQE=E:=JK9KO=DD9KL@=KG;AG HGDALA;9D;GFL=PLG>L@=<AKLJA;LL@9L=EHDGQ=<
L@=E +9JLA;AH9FLKO=J=EGN=<LG<GOGJCAF9J=9KL@9LL@=QA<=FLA>A=<9KF==<AF?L@=AJ
9LL=FLAGF *F=K@9J=<L@=F==<LG=F?9?=L@=9<EAFAKLJ9LAN=L=9EAFDGGCAF?9L9;9<=EA;
KM:?JGMH<9L99F<MF;GN=JAF?L@=D=9JFAF?=PH=JA=F;=KL@9LHJG<M;=<DGOL=KLK;GJ=KGF
KL9L==P9EK
/@=A<=9G>=F?9?AF?AFL@=GHLA;KG>=IMALQO9K:JGM?@LMH9EGF?E9FQAFL@=
AN=JKALQ IMALQ9F<$F;DMKAGFO=:H9?=9F<K=F<AF?GML=E9ADKLG>9;MDLQE=E:=JK
9JGMF<@GDA<9QKO=J==PH=;L=< :ML<A<DALLD=LG;@9F?=GJAEHJGN==PH=JA=F;=KL@9LE9FQ
L@=AJGOFBG:=PH=;L9LAGFK:=;9MK=9KGF=H9JLA;AH9FLJ=;GMFL=< L@=AJ=;LGJKG>
AN=JKALQ IMALQ9F<$F;DMKAGFAFL@AKKLM<Q<=>AF=<L@=AJJGD=9K;@9DD=F?AF?L@=KL9LMK
IMG9F<<AKK=EAF9LAF?<AK;GE>GJLLG<AKLJA;L=EHDGQ==KO@GO=J=H=J;=AN=<LG@9N=DALLD=
LGFGKL9EAF9AF9<<J=KKAF?L@=LGM?@AKKM=KKM;@9KH=JKAKL=FLMF<=JH=J>GJE9F;=G>
:D9;CK;GEH9J=<LGL@=AJO@AL=H==JK9F<LGF9LAGF9D=N=FLKL@9L;9FKH9JC;D9KKJGGE9F<
;GEEMFALQ<AK;GMJK= *F=H9JLA;AH9FL<=K;JA:=K@=J=PH=JA=F;=9K>GDDGOK
%/@B717>/<B+749>120<43>F=C>;8:42A40C8=6CA08=8=6B0=3CA08=8=6
F0H :=4FF70C<H0BB86=<4=CF0B4E4=85C7438BCA82C383=PC:=>FF70CC74
0BB86=<4=CF0B
FGL@=JJ=K=9J;@H9JLA;AH9FLHJGNA<=KAFKA?@LAFLGL@=F9LAGF9D=N=FLKL@9L@=DH=<<=>AF=
@=JOGJC
%/@B717>/<B 383<>A4C70=F70CF0B8=8C80;;HFA8CC4=8=<H34B2A8?C8>=J.4
F4A4A4B?>=38=68=0186F0HC70C>A60=820;;H20<4>DCF8C7C74C8<4BF74A4F4
A4B?>=3C>=0C8>=0;2A8B4B;8:4C744>A64;>H3<DA34A .74=F4B0FC742;8?
>=C74=4FBF70C8B>DAA4B?>=B40B43D20C>AB0=3F70C8B>DAA4B?>=B40B0
38BCA82C
/@=J=O9K9F==<>GJH9JLA;AH9FLKLG=F?9?=AFJ=9DGJ?9FAR9LAGF9D;@9F?=L@9L9DL=J=<
EAF<K=LK9F<L@9LAEHJGN=<D=9JFAF?GML;GE=K>GJ9DD /@AKOGJCHMLH9JLA;AH9FLKAF9
HGKALAGFG>9<NG;9;Q>GJL@=AJOGJC9KO=DD9K9HGKALAGFG>@9NAF?LGK=LMH:GMF<9JA=K
O@=FK;@GGD9F<<AKLJA;LD=9<=JK9KC=<>GJL@AF?KL@=QH=J;=AN=<GMLG>L@=AJJ=9DE !GJ
AFKL9F;= GF=H9JLA;AH9FLK@9J=<9NA?F=LL=G>:=AF?9KC=<LG;GFKMDLOAL@LGOFG>>A;A9DK
O@=F@=:=DA=N=<L@9LL@=K;@GGD9F<L@=LGOF=FLALA=KF==<=<LGAFN=KLAFL@=AJGOF
K=H9J9L=AN=JKALQHD9FFAF? +9JLA;AH9FLK9DKG;@GK=LGAFL=JHJ=LL@=AF<A;9LGJKAFL@=AJBG:
<=K;JAHLAGFKAFO9QKL@9L9DDGO=<>GJ<==H=JOGJCOAL@L=9;@=JK9F<9<EAFAKLJ9LGJK
+9JLA;AH9FLKJ=;9DD:=AF?>J=IM=FLDQ9KC=<O@9LL@=AJBG:O9K:Q>9;MDLQ9F<H9J=FLK
OAL@AFL@=<AKLJA;L
/@=J=O=J=9DKGKGE=>MF;LAGFKL@9LO=J=MF=PH=;L=<GJF=OLGKGE=
L@=JGD=G>KMHHGJLAF?;GMFK=DAF?>GJKLM<=FLK9F<KMHHGJL>GJ>9EADA=K O@A;@E9FQ
<AKLJA;LK<=D=?9L=LG9K;@GGD;GMFK=DAF?<=H9JLE=FL
*L@=J=PH=;L9LAGFKF=OLGE9FQG>L@=H9JLA;AH9FLKAFL@=KLM<QAFNGDN=
:M<?=LJ=KGMJ;=KOAL@L@==KL9:DAK@=<>AF9F;=<=H9JLE=FL #9NAF?LGK9QFGLG<AKLJA;L
D=9<=JKO@G9<<KH=;A9DHJGB=;LKL@9LL9C=9O9Q>JGEO@9LAJ=;LGJK:=DA=N=<O9KL@=
EGJ=MJ?=FLOGJCO9KFGL9DO9QK=9KQ FGL@=JHJ9;LA;=9KKG;A9L=<OAL@L@=BG:
<=K;JAHLAGFG;;MJJ=<O@=FKGE=AJ=;LGJKJ=NA=O=<L@=H=J>GJE9F;=AF<A;9LGJK9>L=JOAL@
L@=AJKMH=JNAKGJ9K9O9QLG<G;ME=FL@GOL@=JGD=@9K;@9F?=<9F<LGE9C=9<BMKLE=FLK
F==<LG:=9:D=LGHD9FL@=OGJCOAL@L@=KMH=JAFL=F<=FL ?AN=FL@9LL@AKAKL@=@A?@=KL
HGKALAGFLGAF>DM=F;=;@9F?= DGF?L@=DAF=KG><AKLJA;LD=9<=JK@AH;GDD9:GJ9LAGF
H9JLA;AH9FLKKGM?@LLG;GFF=;LOAL@9KKAKL9FLKMH=JAFL=F<=FLKG>L=9;@AF?9F<D=9JFAF?LG
@=DHC==HL@=>G;MKGF=IMAL9:D=L=9;@AF?>GJ9DDKLM<=FLK
/@=>GDDGOAF?AJ=;LGJKG>AN=JKALQ IMALQ9F<$F;DMKAGF<=K;JA:=<L@AK9K
J=K@9HAF?L@=HGKALAGFKGL@9LAL9DDGO=<>GJ:JG9<=JOGJCOAL@AFL@=K;@GGD<AKLJA;L
%/@B717>/<B F0B01;4C>A4B70?4C749>134B2A8?C8>=B>C70C8C8B=>CBC0=3
0;>=4 C8B2>==42C43C>8=BCAD2C8>=0=38C70BC4=C02;4B8=0;;0B?42CB>5C74F>A:
>A8=BCAD2C8>=B>8CPBBD??>AC8=6C40274AB C8B0;B>BD??>AC8=6BCD34=CB=>C8=
34;8E4A8=62DAA82D;D<1DC8=<>A4;8:4B>280;4<>C8>=0;;40A=8=60B?42CB>5C74
F>A:
<0:4<D27>58C1420DB4 :=4FC70C0=H>=42><8=68=C>0=4FA>;4F>D;3
A4B70?4C74A>;40=HF0H *>8C383=PCA40;;H<0CC4AF70CC749>134B2A8?C8>=B083
AJ=;LGJKG>AN=JKALQ IMALQ9F<$F;DMKAGFAFL@AKKLM<QG>L=FJ=>=JLG>==DAF?L@9L
@9J<OGJC9KKG;A9L=<OAL@=IMALQ *F=H9JLA;AH9FL<=K;JA:=<9L=9;@=JL@AFCAF?L@9L@=<A<
OADD<GAL>GJ@AE /@=K9E=K=FLAE=FLO9KG>L=F>=DLLGO9J<K;@GGDD=9<=JK9F<<AKLJA;L
H=JKGFF=D AF;DM<AF?L@=KMH=JAFL=F<=FL
=;;C<7BG*<23@AB/<27<5=4)637@31B=@=47D3@A7BG?C7BG/<2<1:CA7=<'=:3
L@AKKLM<QK@9J=<L@9LL@=AJAFLJG<M;LAGFLGL@=;GEEMFALQO9KH=J>MF;LGJQ9F<G>L=FLGGC
HD9;=9L9.;@GGDG9J<(==LAF?:=>GJ=9KE9DD>J9;LAGFG>L@=;GEEMFALQHJ=K=FLGJ
L@JGM?@9F=E9ADGJ:DG?HGKLGFL@=<AKLJA;LO=:KAL= <<ALAGF9DAFLJG<M;LAGFKG;;MJJ=<9L
O@G=PL=F<=<9FAFNAL9LAGFLGBGAF9K;@=<MD=<E==LAF? /AE=AFL@=JGD=9DDGO=<>GJ9
KL=9<QKLJ=9EG>AF>GJE9LAGFLG:=K@9J=<OAL@L@=;GEEMFALQ9:GMLL@=OGJC:=AF?<GF=
AFL@=<AKLJA;L -=HGJLAF?GML9LK;@GGD:G9J<GJK;@GGD;GEEALL==E==LAF?K9>L=J
:G9J<;GEEALL== 9F<L@GK=9LL=F<AF?GJO9L;@AF?=AL@=JAFH=JKGFGJJ=EGL=DQL@JGM?@
AFAFLJG<M;AF?L@=EK=DN=K9F<=PHD9AFAF?L@=AJH=J;=AN=<OGJC MF<=JKL9F<AF?G>L@=AJ
JGD=GJ=PH=;L9LAGFKL@9LE9Q@9N=:==F;GEEMFA;9L=<:QL@=KMH=JAFL=F<=FL
+9JLA;AH9FLKK@9J=<L@9LKL9C=@GD<=J?JGMHKG>L=FJ=9;@=<GMLLG9JLA;MD9L=O@9LL@=Q
JGD= *F=J=;GMFL=<=PH=JA=F;=KOAL@H9J=FLK9F<GJ?9FAR=<?JGMHKL@9LO9FL=<L@=
AJ=;LGJG>AN=JKALQ IMALQ9F<$F;DMKAGFLGJ=HJ=K=FLL@=E
%/@B717>/<B +74A4F0B018C>5CDA1D;4=2440A;H>=F74= 20<48=J/>D
02CD0;;H70E40;>C>52><?>=4=CBC><0A68=0;8I0C8>=0=3?A4BBDA4C70C70??4=B8=
B27>>;B &=46A>D?70B8BBD4B0A>D=3#+JC74A48B0;02:>5D=34ABC0=38=6
01>DCF70C4G02C;H F>D;3143>8=60=3C74A4F0B3458=8C4;HB><4B>AC>5
9>2:4H8=65>A<HE>824;8:4C74*?4280;3D20C8>=?0A4=C6A>D?8B>5C4=0CC74
C01;4B0H8=6C70C =443C>145867C8=65>ABCD34=CBF8C738B018;8C84B
/@=D9;CG>;GEEMFA;9LAGF9:GMLL@==PAKL=F;=9F<=PH=;L9LAGFKG>L@=AJ=;LGJJGD=
;GMD<9DKG:=K==FAFO9QKK;@GGDKL9>>J=9;@=<GML>GJ@=DH .GE=O9FL=<9KKMJ9F;=L@9L
K;@GGDKO=J=AFN=KLA?9LAF?J=HGJL=<J9;A9DAF;A<=FLK =KH=;A9DDQO@=FKL9>>OGJJA=<L@9L
K;@GGDD=9<=JK=AL@=J<A<FGLCFGO@GOLG@9F<D=;GFLJGN=JKA9DAKKM=KDAC=9J9;A9D
AF;A<=FLKDMJGJO@=FALO9K:=DA=N=<L@9LK;@GGDD=9<=JKO=J=A?FGJAF?KM;@=?J=?AGMK
=N=FLKKM;@9KL@=GF=<=K;JA:=<:=DGO
%/@B717>/<B '4>?;43>2>=C02C<4F74=C74HPA4=>C2><5>AC01;42>=C02C8=6
C748A?A8=28?0;>AH>D:=>FC74C40274ABA4027>DCC><40=3B0HC74H6>CC78B
8BBD40=3C74H3>=PC4E4=C4;;0=H>=4C70CC74H0A470E8=6C78B2>=E4AB0C8>=F8C7
<4 &=4C40274AB0830BCD34=CF0B20;;43C74M%NF>A38=C7410C7A>><0=3C74
03<8=8BCA0C8>=383=PCA40;;H340;F8C78C +74HC4;;<41DC0A405A083>5A4CA81DC8>=
85C74HB0HB><4C78=6C>03<8=8BCA0C>AB
N=F9>L=JEGFL@KGFL@=BG: H9JLA;AH9FLKJ=HGJL=<L@9LL@=<AKLJA;LO9KKLADDOGJCAF?GML
J=:J9F<L@=AJOGJC=AL@=JOAL@GJGF:=@9D>G>L@=<AKLJA;LD=9<=JK@AHL=9E O@A;@;9F:=
;GEHJAK=<G>9FME:=JG>JGD=KKM;@9KL@=KMH=JAFL=F<=FL 9KKAKL9FLKMH=JAFL=F<=FL>GJ
>AF9F;=<AJ=;LGJ
-9AKAF?9O9J=F=KK9:GMLL@=AEHGJL9F;=G>O@=J=L@=HGKALAGFG>AJ=;LGJG>
AN=JKALQ IMALQ9F<$F;DMKAGFKALKOAL@AFL@=GJ?9FAR9LAGF9D@A=J9J;@QO9K=NA<=FLAFL@=
AFL=JNA=OKOAL@H9JLA;AH9FLKAFL@=KLM<Q 2@9LO9KG>AEHGJL9F;=O9K:=AF?9<AJ=;L
J=HGJLLGL@=KMH=JAFL=F<=FL9F<OGJCAF?;DGK=DQOAL@@AE@=JGF9DDAKKM=KOAL@AFL@=
O9K:=DA=N=<LGHJGNA<=L@=?J=9L=KLAEH9;LOAL@AFL@=K;@GGD;GEEMFALQAFKMHHGJLAF?
9DD<AKLJA;L?G9DK9F<AFALA9LAN=K9F<=FKMJAF?L@9L=IMALQO9K=E:=<<=<AF9DD9KH=;LKG>
L@=OGJC
OAL@L@=>J=IM=FL=PH=JA=F;=KG>:=AF?9KC=<O@9LL@=Q<GAFL@=<AKLJA;L .GE=J=HGJL=<
NAKAL;D9KK=K9F<AFL=J9;LOAL@>9;MDLQ *F=H9JLA;AH9FLK@9J=<L@9LK@=O9KNA=O=<OAL@
KMKHA;AGF
%/@B717>/<B$HA>;4F0B=>C2;40A;H4G?;08=430=3C70C<034C78=6BA40;;H
385582D;C5>A<48=C4A<B>5148=60224?C431H502D;CH0=31HC7403<8=8BCA0C>AB
8=CA>3D2430=3B><4;8C4A0;;HB083C70C F0B0B?H5>A24=CA0;>55824
(C>3@D7A7=<=47@31B=@=47D3@A7BG?C7BG/<2<1:CA7=<
!GMJG>L@=KAPJ=K=9J;@H9JLA;AH9FLKK@9J=<L@9LL@=AJHJAE9JQ=N9DM9LGJO9KL@=
<AKLJA;L.MH=JAFL=F<=FL /@=J=E9AFAF?LOGO=J==N9DM9L=<:Q=AL@=JL@=9KKAKL9FL
L@=E9BGJALQJ9L=<L@=AJ=PH=JA=F;=9K=AL@=JDGOGJEG<=J9L= *FDQGF=H9JLA;AH9FL
:=DA=N=<L@9LL@==N9DM9LAGFHJGNA<=<9@A?@D=N=DG>K9LAK>9;LAGF /@==N9DM9LAGFLGGDMK=<
LGL@=JM:JA;AF<A;9LGJK9F<FGLLGL@=OGJC:=AF?<GF=9K9JGMF<AN=JKALQ9F<
IMALQ DDL@=H9JLA;AH9FLKJ=HGJLL@9L9FQ>GJE9LAN=GJKMEE9LAN=>==<:9;COJAL=MH
AF<A;9L=<L@9LL@=QO=J=<GAF??GG<OGJCGJO=J=AFL@=HJG>A;A=FL;9L=?GJQGFL@=
LAE=DAF=K /OGG>L@=KAPH9JLA;AH9FLK:=DA=N=<L@9LE==LAF?J=?MD9JDQOAL@L@=KMH=JNAKGJ
LGL9DC9:GMLL@=OGJC9F<LG?=L?MA<9F;=O9K=PLJ=E=DQ:=F=>A;A9DAF@=DHAF?L@=E<G
L@=AJ:=KLOGJC
%/@B717>/<B <44CA46D;0A;HF8C7C74BD?4A8=C4=34=C>DCB834>5C745>A<0;
BD?4AE8B8>=0=38CPB0C;40BCF44:;H CPB0=8=C4A4BC8=6B?0241420DB4H>D:=>F
8CPB;8:402><18=0C8>=>5<0=068=6D?1420DB4H>DPA42A40C8=60=35>AC74<>BC
?0ACH>D0A4F>A:8=6F8C7?4>?;4F7>3>=PC:=>F<D2701>DCF70CH>D0A4
2A40C8=6B>C74H0A4;40A=8=60;>C
FGL@=JAJ=;LGJO@GO9KJ=9<AF?9:GMLL@=AJ=;LGJJGD=AFL@=F=OKK@9J=<L@=
>GDDGOAF?
BD?4A8=C4=34=C =>A34AC>A40;;H3>C74F>A:H>D70E4C>14E4AH2;>B4C>C74<C>
1445542C8E4 C78=:F70CPB74;?5D;8BC74A46D;0A:8=3>5>=6>8=62H2;4>5
2><<D=820C8>=0=35443102:
(GKLH9JLA;AH9FLK>=DLL@==N9DM9LAGFHJG;=KKD9;C=<KH=;A>A;ALQ9JGMF<L@=OGJCL@=QO=J=
>MD>ADDAF?AFL@=<AKLJA;L /9:D=
%/@B717>/<B+744E0;D0C8>=?A>24BB8BE4AH;867C +74HF4A4CH?820;;H;0C40=3
=>CA40;;H01;4C>34E4;>?<40B0;4034A +74HF4A4:8=3>5;867C0=3E4AH<D27
;>>B48=C4A<B>5=>C0;>C>50=423>C0;30C0C>A40;;HBD??>AC1A>0364=4A0;
2;08<B01>DC<H?4A5>A<0=24
/@=>GDDGOAF?L9:D= HJGNA<=K9KQFL@=KAKG>L@==N9DM9LAGFHJG;=KK9F<
<=EGFKLJ9L=KL@=D9;CG>MFA>GJEALQ=PH=JA=F;=<:QL@=AJ=;LGJKG>AN=JKALQ IMALQ9F<
$F;DMKAGFAFL@AKKLM<Q
)/0:3
(C>3@D7A7=</<2D/:C/B7=<F>3@73<13A
@3/B3AB(/B7A4/1B7=<
/@=F9JJ9LAN=9JGMF<O@9LL@=AJ=;LGJKG>AN=JKALQ IMALQ9F<$F;DMKAGFAFL@AK
KLM<QA<=FLA>Q9KL@=OGJCL@9LE9C=KL@=EEGKLHJGM<9DDGOKMKLGMF<=JKL9F<@GO=9;@
@9K;J9>L=<@AK@=JGOFBG:<=K;JAHLAGF9F<K=L?G9DK>GJAEHJGN=E=FLAFL@=J=9DEKG>
9F<9K=FK=G>9;;GEHDAK@E=FL
/@=>GDDGOAF?9J=AF<A;9LAN=G>L@AKHGKALAN=>==DAF?
• +M:DAK@AF?9F=IMALQF=OKD=LL=J>GJL@=K;@GGD<AKLJA;L9F<>9EADA=K
d'=9<AF?HJG>=KKAGF9D<=N=DGHE=FL>GJ>9;MDLQ L@=KMH=JAFL=F<=FL9F<K;@GGD
:G9J<E=E:=JKGF9FLA J9;AKLL=9;@AF?HJ9;LA;=K
d +J=K=FLAF?LG>9EADA=K
d J=9LAF?9K9>=KH9;=>GJ;GEEMFALQLG=F?9?=AF;GFN=JK9LAGFK9:GMLJ9;=
d 2GJCAF?OAL@=D=E=FL9JQL=9;@=JKLG=N9DM9L=;D9KKJGGEDA:J9JA=KLGE9C=
KMJ=L@=J=9J=:GGCKL@9LJ=HJ=K=FL9J9F?=G>;MDLMJ=K
d .MHHGJLAF?L@=<AN=JKA>A;9LAGFG>L=9;@AF?9F<9<EAFAKLJ9LAN=KL9>>
d JAF?AF?AFKH=9C=JKG>;GDGJLG9<<J=KKKLM<=FLK9F<KL9>>GF9N9JA=LQG>
AKKM=KJ=D9L=<LGL@=D9;C=PH=JA=F;=
d !GJEAF?9F=IMALQL9KC>GJ;=LGA<=FLA>Q9F<;@9DD=F?=AF=IMALA=K=PH=JA=F;=<
:Q;@AD<J=F >9;MDLQGJ>9EADA=KAFL@=<AKLJA;L
HJG?J=KK
d J=9LAF?9KLM<=FL;GMF;AD>GJEA<<D=9F<@A?@K;@GGDK9F<=F?9?AF?KLM<=FLK
AF9<NG;9LAF?>GJL@=<AN=JKA>A;9LAGFG>L=9;@AF?KL9>> ;GMJK=G>>=JAF?K
2@AD=E9FQG>L@=K=J=HJ=K=FLHGKALAN==PH=JA=F;=K>GJL@=AJ=;LGJKAFL@AKJ=K=9J;@
AFKL9F;= H9JLA;AH9FLKK@9J=<KLGJA=KG>L=9;@=JK:=AF?>=9J>MDG>KLM<=FL9<NG;9;QGJ
KLM<=FLKCFGOAF?EGJ=L@9FL@=E9:GMLAKKM=KG>J9;=9F<GHHJ=KKAGF
%/@B717>/<B C78=:C74A48B0;8CC;4540A &DA7867B27>>;8BE4AH7867
?4A5>A<8=6C7A>D67CA038C8>=0;<4CA82B0=3F8C7?4>?;4F7>0A4;8:4B>AC>5
4G?4ACB8=C748ABD1942CH>D:=>F CPB70A35>A0;>C>5C74<C>2><48=0=3A40;8I4
C70CBCD34=CB02CD0;;H:=>F018C<>A4C70=C74<01>DCC78BBCD550=37>FC>70E4
8=C4A?4AB>=0;A0280;2>=E4AB0C8>=B>AC0;:01>DC64=34A?A>=>D=B>AF70C4E4A
$FL=JEKG>LJ9AFAF?9F<HJG>=KKAGF9D<=N=DGHE=FL KGE=H9JLA;AH9FLKL9DC=<9:GML
HJAF;AH9DK 9KKAKL9FLKMH=JAFL=F<=FLK9F<KMH=JAFL=F<=FLKIM=KLAGFAF?L@=AJOGJC9F<G>L=F
G>>=JAF?KM??=KLAGFK>GJLGFAF?<GOFL@=K=JAGMKF=KKGJAFL=FKALQG>L@=OGJC *F=
H9JLA;AH9FL:=DA=N=<ALO9K@=JJGD=LG;J=9L=<AK;GE>GJL
D?C74BC0CDB@D>0CC7424=CA0;>55824 C78=:C70CPB0186?84241420DB4C74
24=CA0;>55824?;0HB07D64A>;48=C74<0=064<4=C>5B27>>;B0=3C74
3HB5D=2C8>=0;24=CA0;>55824H>DAB27>>;B0A4?A>101;H6>8=6C>14?A4CCH
0=3C>:8=3>5A0CC;4?4>?;41DC8=06>>3F0HC>C78=:01>DCF70CF40A43>8=6
0=3858C8B6>>35>A:83B
FGL@=JK@9J=<>9;AF?L@=;@9DD=F?=G>L@=KG;AG HGDALA;9D;GFL=PLG>L@==D=;LAGFK
%/@B717>/<B &=4C40274AF0BB0H8=6C70CB74383=>CB44F7HF42>D;3=>C
70E4+AD<??>BC4AB>=C74F0;;;8:4C74H7035>A&10<0 F0B6>8=6C>B0HC70C85
B74383=>CD=34ABC0=3C78BC74A4F0B0?A>1;4< +74?A8=28?0;B083F4F4A4=>C
A403HC>3>C78BF>A:0=3F0B;8:4F4B7>D;3<0H149DBCB7>F30C0
@3/A4=@=<B7<C32,=@9
+9JLA;AH9FLKAFL@AKKLM<Q@9<L@=GHHGJLMFALQLGHJGNA<=;GEE=FL9JQ9:GML?G9DK
L@=QO=J=@GHAF?LG9;;GEHDAK@<MJAF?L@=LAE=L@AKKLM<QO9K;GF<M;L=< /@AKHJGNA<=K
KGE=AFKA?@LAFLGL@=;GFL=PLG>L@=<AKLJA;LKL@9L;J=9L=<L@=AJ=;LGJG>AN=JKALQ IMALQ
9F<$F;DMKAGFHGKALAGF9KO=DD9KL@=O9QKL@=K=<AJ=;LGJKAFL=JHJ=L=<L@=AJBG:
J=KHGFKA:ADALA=K9F<L@=AJGOFH=JKGF9D;GEEALE=FLLGAEHJGNAF?L@=GJ?9FAR9LAGFKL@9L
@AJ=<L@=E #=J=9J=KGE=G>L@=K9DA=FL;GFLJA:MLAGFKK@9J=<:QH9JLA;AH9FLK
d /OGG>KAPH9JLA;AH9FLK@A?@DA?@L=<L@=AEHGJL9F;=G><AN=JKA>QAF?L@=
<AKLJA;LL@JGM?@@AJAF?EGJ=$+*KL9>>9F<OGJCAF?LG;J=9L=9HAH=DAF=LG
=FL9ADKKMHHGJLAF?@AJAF?L=9EKAFJ=L@AFCAF?;JAL=JA9>GJ@GOLG@AJ=D9;C9F<
JGOF=<M;9LGJK +9JLA;AH9FL>J9E=<ALL@AKO9Q
%/@B717>/<B F>D;364C0;>C>55443102:C70CB083C74A40A4=PC0=H
A0C74AC70=B8C8=C78BB?024 70E4BC0AC43C>?0AC=4AF8C7>A60=8I0C8>=B
70E4?0AC=4A43F8C7>C74A>A60=8I0C8>=BC70C70E4<>A438E4AB4
A4?A4B4=C0C8>=C>2><4C>0B?40:4AB4A84BC70CF4F8;;14BC0AC8=6C78B
H40A
=FL9ADK=FKMJAF?<AKLJA;L=IMALQ?G9DK9J=:=AF?KMHHGJL=<9F<EGFALGJ=<
d /@=E9BGJALQG>H9JLA;AH9FLK:=DA=N=<9E9BGJH9JLG>L@=AJOGJCO9K
9<<J=KKAF?L@=9;9<=EA;MF<=JH=J>GJE9F;=9F<<AKHJGHGJLAGF9DALQAF<AK;AHDAF=
9F<KH=;A9D=<M;9LAGFJ=>=JJ9D=PH=JA=F;=<:QD9;C9F<#AKH9FA;KLM<=FLK /@AK
9DKG=FL9ADK<AKE9FLDAF?LJ9;CAF?KQKL=EKL@9LC==HD9;C9F<#AKH9FA;KLM<=FLKAF
DGOD=N=D;D9KK=K ;JALA;9D>=9LMJ=G>L@AK?G9DOGMD<:=LG<=N=DGHL@=NGA;=9F<
D=9<=JK@AH9EGF?EA<<D=9F<@A?@K;@GGD$+*KLM<=FLHGHMD9LAGFLG9<<J=KK
L@=K=AKKM=KOAL@AFL@=AJK;@GGD;GEEMFALQ *F=AJ=;LGJ>J9E=<ALL@AKO9Q
%/@B717>/<B P<CAH8=6C>586DA4>DC7>FC>4=2>DA064>DA"C7A>D67
C40274ABC>4G?;>A4C74F0HF48=5>A<0;;HCA02:BCD34=CBC7A>D67)+
)4B?>=B4C> =C4AE4=C8>=<>34;0=30B:>DAB4;E4BF7H8C8BC70C>DA
?G9DK;=FL=J=<9JGMF<K@9HAF?9F<K@A>LAF?<AKLJA;L;MDLMJ=9F<HGDA;Q /@AK;9F:=
K==FAFL@=J=;GEE=F<9LAGFK9JGMF<NAKALAF?K;@GGDKLG9M<AL;MDLMJ9DDQ
J=KHGFKAN=L=9;@AF?HJ9;LA;=K9F<BGAFAF?>9;MDLQ9F<<=H9JLE=FLE==LAF?KLG
H9JLA;AH9L=AF<=:JA=>AF?;GFN=JK9LAGFK #=J=AKO@9LGF=AJ=;LGJK@9J=<
%/@B717>/<B+74F>A:C70CA4<08=B8B;0A64;H>=C74C40278=60=3
;40A=8=65A>=C .4F4A4>=CA02:8=>DABCA0C4682?;0=C>38B2DBBF70C8B
45542C8E4C40278=68=C7438BCA82C0=320;81A0C4C70C0=3C>A40;;H?A4BB8=C>
2D;CDA0;;HA4B?>=B8E4?A02C824BC70C0A4CA0=B?0A4=C0=3F42>D;33>0
F0;: C7A>D670=32>;;42C30C00=3C74=2>==42CC>>DA4E0;D0C8>=BHBC4<
d G>L@=J=K=9J;@H9JLA;AH9FLKE9<=J=;GEE=F<9LAGFK9AE=<9L
AEHJGNAF?L@=JGD=:Q9M?E=FLAF?J=KGMJ;=KKM;@9KHJGNA<AF?9DAF=AL=EAFL@=
<AKLJA;L_K>AK;9D:M<?=L9F<?JGOAF?L@=<=H9JLE=FL:Q9<<AF?9<<ALAGF9D
H=JKGFF=D
FAFL=J=KLAF?;GEE=FL9JQ>JGEGF=H9JLA;AH9FLO@GO9KAFL=J=KL=<AFAEHJGNAF?@=J
JGD=:MLFGLA;=<L@=J=O9KDALLD=J=K=9J;@LG<J9O>JGE
E4C4A0=B8=>DA9>10;8:46A>D?1420DB4 P<8=C74C78A3H40A>5C74A>;40=3<>BC
>5C74B438BCA82CB0A48=C748A58ABCH40A *>C74A48B0;>CC70C2><4BF8C71D8;38=60
BHBC4<B0=3BCAD2CDA4B
/@==PL=FKAN=<9L9MF;GN=J=<>JGEL@==PH=JA=F;=KG>L@=AJ=;LGJG>AN=JKALQ IMALQ
9F<$F;DMKAGFAF(9KK9;@MK=LLKHM:DA;K;@GGDK9DDGO>GJ9F9HHJ=;A9LAGF MF<=JKL9F<AF?
9F<J=>D=;LAGFG>L@=;=FLJ9DL@=E=K=E=J?AF?>JGEL@AKJ=K=9J;@KLM<Q >L=J9F9DQRAF?
J=KHGFK=KLGL@=K=EA KLJM;LMJ=<AFL=JNA=OIM=KLAGFK9F<@GFAF?AFGFL@=>AF9D;G<AF?
:=DGO
"/8=@'3A3/@16)63;3A
9;@G>L@=K=L@=E=KOADD:==PHDGJ=<AFL@=K=;LAGFL@9L>GDDGOK9F<OADD=F9:D=
L@=<AK;GN=JQG>KGE=9FKO=JKLGL@=;=FLJ9DJ=K=9J;@IM=KLAGF#+#'')'(('
" )'#"
)/0:3
-GD=E:A?MALQ9F<0F;=JL9AFLQ
0J?=F;Q9F<<NG;9;Q $+*GEEMFALQ
EGLAGF9D/GDD9F<!9LA?M=
-=KAKL9F;=9F<D9;CG>KMHHGJL
)63;3 '=:3;075C7BG/<2*<13@B/7<BG
N=FOAL@9BG:<=K;JAHLAGFL@9L9;;GEH9FA=<L@=HGKLAF?G>L@=AJ=;LGJG>
GF=G>L@=>AJKL;@9DD=F?=KG>L@=H9JLA;AH9FLKAFL@=KLM<Q DDL@=H9JLA;AH9FLKAFL@=
KLM<Q=E:9JC=<GF9IM=KLLG<=>AF=L@=AJJGD=MKAF?L@=BG:<=K;JAHLAGFHJGNA<=<9KO=DD
9KAF>GJE9LAGF?9L@=J=<AF;GFKMDL9LAGFOAL@<AKLJA;LD=9<=JK =KH=;A9DDQL@=
LJ9AFAF?>G;MK=<GF<=N=DGHAF?>9;MDLQ;MDLMJ9D;GEH=L=F;=GJ=IMALQDAL=J9;QO9K9
;GEEGFJGD==PH=;L9LAGF9;JGKKJ=K=9J;@H9JLA;AH9FLKAFL@=KLM<Q FGL@=JJ=IMAJ=E=FL
;GEAF?>JGEJ9;A9DDQ;@9J?=<;GEEMFALQ=N=FLK O9KKMHHGJLAF?L@=E=KK9?AF?9F<
;GEEMFA;9LAGFG>L@=K==N=FLK9DGF?OAL@J=KGMJ;=K>GJ>9;MDLQE=E:=JKAFD=9<AF?;D9KK
<AK;MKKAGFK9:GML9J9;AKLAE9?=GJOGJ<KOJALL=FGFK;@GGDO9DDK +9JLA;AH9FLKJ=N=9D=<
L@=;@9DD=F?=G>:=AF?HMDD=<LGJ=9;LLGL@=K=AF;A<=FLK9F<K=JNAF?LGKMHHGJLL@=HMLLAF?
GMLG>>AJ=K
LGOF;ALQG>>A;A9DKZO=J=MF;D=9JGJMF;=JL9AF9:GMLL@==PAKL=F;=G>L@=HGKALAGF (9FQAF
L@=;GEEMFALQ<A<FGLCFGOO@9LL@AKJGD==FL9AD=<9F<K=N=J9DAJ=;LGJKK@9J=<L@=
;GEEGF=PH=JA=F;=G>>9;MDLQE=E:=JK9KCAF?L@=EO@9LL@=Q<G *F=J=>D=;L=<
%/@B717>/<B />D:=>F8C8B70A3148=60=4F?4AB>=8=0=4FA>;4 P<5A><C74
>DCB8340=3C78BA>;48B1A0=3=4F0=3B>?4>?;43>=PCA40;;H:=>F<HF>A: 0B:
<HB4;5M.70C0A4H>DBD??>B43C>143>8=6N CPB@9J<:=;9MK=F40A41D8;38=6
0BF40A43A8E8=6F78;44E4AH>=44;B470B0A>03<0?>A0C;40BC0=0A2>5F70C
C74B27>>;H40A;>>:B;8:4 0E8=6C>34E4;>?C70C20=14C>D67
2@QL@=<AKLJA;LF==<=<L@=HGKALAGFO9K9;GEEGFIM=KLAGF9KC=<AFFME=JGMK;GJF=JK
G>L@=<AKLJA;LKJ=HJ=K=FL=<AFL@AKKLM<Q 2@=L@=JAL;9E=>JGEL@=K=FAGJ<AKLJA;L
D9;CG>;D9JALQ;J=9L=<L=FKAGF9F<;GF>DA;L*F=AJ=;LGJJ=N=9D=<L@AK
%/@B717>/<B! !
L@=AJJGD=O@=FL@=Q>=DLL@=QO=J=:=AF?MK=<9K9D9;CKQE:GDA;@AJ= +9JLA;AH9FL
;GEEMFA;9L=<L@AKK=FLAE=FL
%/@B717>/<B C78=:C70CC7438BCA82CCA843C>DC8;8I4<4?A8<0A8;H0B0C>:4=78A4
A45DB43C>14C70C0=3 A45DB43C>14DB438=0F0HC70CF>D;334<40=<H
7D<0=8CH0=3C><4<H>F=2A434=C80;BH>D:=>F
)63;3 *@53<1G/<22D=1/1G%$=;;C<7BG
+9JLA;AH9FLKAFL@AKJ=K=9J;@KLM<Q:=DA=N=<L@9LL@=AJEAKKAGFAKLG9<<J=KKL@=
F=?9LAN==PH=JA=F;=KG>$+*;@AD<J=F9F<>9;MDLQ DDL@=H9JLA;AH9FLK:JGM?@LL@=AJ
DAN=<=PH=JA=F;=K9K$+*H=GHD=AFL@=AJGOF;GEEMFALQLGL@=JGD=G> $
K=FK=G>MJ?=F;QAF>MD>ADDAF?L@=G:DA?9LAGFKG>L@=JGD= *F=G>L@=9J=9KG>?J=9L
AEHGJL9F;=LG9DDL@=H9JLA;AH9FLKO9K9<<J=KKAF?L@=H=JN9KAN=9F<H=JKAKL=FL9;9<=EA;
MF<=JH=J>GJE9F;=9F<<AKHJGHGJLAGF9DALQAF<AK;AHDAF=9F<J=>=JJ9DK>GJKH=;A9D=<M;9LAGF
K=JNA;=K H9JLA;MD9JDQ>GJD9;C9F<#AKH9FA;KLM<=FLK
FGL@=J9J=9>GJ9<NG;9;Q;=FL=J=<GF<AN=JKA>QAF?<AKLJA;L>9;MDLQL@JGM?@
9F9DQRAF?L@=HJ9;LA;=KL@9LAEH=<=L@=@AJAF?G>$+*KL9>> *F=G>L@=AJ=;LGJK
K@9J=<L@=>GDDGOAF?
%/@B717>/<B.470E43>=40;>C>5F>A:F8C778A8=60=3B785C8=6>DAC78=:8=6
01>DCF70C8C<40=BC>14@D0;85843 .4:=>F1A8=68=638E4AB46A>D?B>5?4>?;4
C>64C74A74;?BDBB>;E4?A>1;4<BC70CF470E4=4E4AB44=145>A4 =6>8=6C7A>D67
CA08=8=65>A78A8=6C74A4B144=0;>C>5F>A:3>=40A>D=3;8:4?A8>A8C8I8=6C74
4G?4A84=24B>578BC>A820;;H<0A68=0;8I436A>D?B .70CPB<>A48<?>AC0=CL
:=>F8=6C742DAA82D;D<;8:4#D2H0;:8=B;8C4A02HD=8CB420DB4>5C74?8?4;8=4
8BBD4B8=43D20C8>=<0=H3>=>C2><48=F8C7C74B0<4B:8;;B4C0B?A43><8=0=C;H
F78C4BC055 B8C40B84AC>C4027A0280;4@D8CH>A#D2H0;:8=B
FGL@=JAJ=;LGJL9DC=<9:GMLL@=AEHGJL9F;=G>;J=9LAF?9HAH=DAF=LGL=9;@AF?>GJD9;C
AFKLJM;LAGF9D9KKAKL9FLK9F<FGF LJ9<ALAGF9D;9F<A<9L=K:QG>>=JAF??MA<9F;=9F<KMHHGJL
OAL@L@=(9KK9;@MK=LLKL=9;@=J;=JLA>A;9LAGFHJG;=KKO@A;@AF;DM<=KH9KKAF?JA?GJGMK
9;9<=EA;L=KLAF? #=J=AKO@9L+9JLA;AH9FLK@9J=<
%/@B717>/<B +74<09>A8CH>5;02:0=3A>F=?4>?;40A4C40278=60834B .4
70A3;H70E40=HC40274AB .7H3>=PCF4?0AC=4AF8C7+D5CB,=8E4AB8CH>A>BC>=
>;;464+74H70E4DA10=43D20C8>=?A>6A0<B0=3F7H3>=PCF4<0:4BDA4C74B4
0834B70E4C74>??>ACD=8CHC>64CC748A346A440=3142><45D;;C40274AB;>C>5
C8<4BF74= PE4B0C8=8=C4AE84FBF74A4C74A48BB><41>3H;02:>A#0C8=>C74H
B0HC74H3>=>C70E40B<D274G?4A84=240B0F78C420=3830C4 CB7>D;3140=
03E0=C064C70CC74HPA4;02:0=38CB7>D;3140=03E0=C064 CB7>D;314
B><4C78=68=C748A50E>A1420DB4F40A4;02:8=6C70C38E4AB8CH
/@=AKKM=G><AKHJGHGJLAGF9L=<AK;AHDAF=>GJD9;C9F<#AKH9FA;KLM<=FLKO9K9LGHA;G>
OGJC=<LG@=DHGL@=JKK==@GOL@=<AKLJA;L>9ADKLGK=JN=L@=EGKLE9J?AF9DAR=<
KLM<=FLK *F=H9JLA;AH9FLJ=>D=;LKGFL=9;@=JK9F<L@=AJH=J;=HLAGFKG>L@=F=?9LAN=AEH9;L
L@=Q@9N=GFD9;C9F<#AKH9FA;KLM<=FLK
%/@B717>/<B CB70A35>AC74<1420DB48C70BC>14C78B<><4=C>5
C78=:C70CB0=>C74A2><?>=4=C>5F70C>DAC40274AB0A4340;8=6F8C7 />D:=>F
8CPB018C>50<>DA=8=6?4A8>3C70CC74H70E4C>A42>=28;4 CB;8:4F>FC74B4
C78=6BC70C E43>=4KH>D:=>F2H2;4B>5>??A4BB8>=0=370A<43BCD34=CB>5
2>;>A0=3>C74A<0A68=0;8I436A>D?B0=3 70E4C>02CD0;;H>F=C70C0=3
?4>?;4C>3>
#=DHAF?GL@=JKK==L@AKAK;@9DD=F?AF?>GJL@=K=AJ=;LGJKG>AN=JKALQ IMALQ9F<
$F;DMKAGF /@=K=J=K=9J;@H9JLA;AH9FLK:=DA=N=<L@9L9<NG;9LAF?=FL9AD=<OGJCAF?GF
AEHJGNAF?L@=<AKLJA;L9K9FGJ?9FAR9LAGF9F<:Q<GAF?KGALAEHJGN=KL@==PH=JA=F;=K9F<
@A?@DA?@LKL@=MJ?=F;QG>L@=$+*;GEEMFALQ (9FQG>L@=AJ=;LGJKAFL@AKKLM<QK9O
L@=EK=DN=K9K<AKLJA;LD=N=DD=9<=JKO@G;GEEALLG:MAD<AF?9F<GJ;@9F?AF?KQKL=EK9F<
KLJM;LMJ=KKGL@9LL@=Q9J=EGJ==IMAL9:D=
)63;3 ;=B7=</:)=::/<2/B75C3
;JGKK9DDH9JLA;AH9FLKAFL@=KLM<Q L@=L@=E=G>>==DAF?=EGLAGF9DDQ<J9AF=<O9K
O@=J==IMALQO9K;GFKL9FLDQAFL@=>GJ=>JGFL *F=H9JLA;AH9FLHJGNA<=<9F=P;=DD=FL
KMEE9JQG>L@AKK=FLAE=FL \(Q<AJ=;LKMH=JNAKGJ<G=KFLJ=9DDQ@9N=9LGL9D
MF<=JKL9F<AF?G>@GOL9PAF?L@AKOGJCAK9F<@GOALAKN=JQ<A>>=J=FLL@9F9FQGL@=JKGJL
G><AJ=;LGJJGD=GJD=9<=JK@AHJGD=AFL@9L$9EKH=F<AF?HJ=LLQEM;@G>EQ
HJG>=KKAGF9DLAE=<AK;MKKAF?N=JQH=JKGF9DAKKM=K>GJE=9F<EQ>9EADQ ]FGL@=JK@9J=<
L@9LL@=K;@GGD<AKLJA;L\D9;CK9FMF<=JKL9F<AF?9:GML@GOL@AKOGJCD9F<KGFKL9>>G>
;GDGJ9F<GL@=JE9J?AF9DAR=<?JGMHK ]DDH9JLA;AH9FLKJ=AL=J9L=<@GO<==HDQH=JKGF9DL@AK
L@=Q>MF;LAGF=<9K9<=H9JLE=FLG>GF= \$L@AFCAL_KGF=G>L@=DGF=DA=KLJGD=KL@9L=PAKL
AF+J=&L@JGM?@ ]
$FL@=9LL=EHLLG=FJA;@L@=IM9DAL9LAN=<9L9 >G;MK?JGMHKO=J=9KK=E:D=<LG
>GDDGOMHGFL@=IM=KLAGFKL@9LO=J=9KC=<AF=9;@AF<ANA<M9DAFL=JNA=OK=KKAGF /@=?G9D
O9KLG;J=9L=9EGJ=J=D9P=<K=LLAF?O@=J=H9JLA;AH9FLK;GMD<K@9J=AF9D9J?=J>GJME9F<
@9J<LGL9DC9:GMLL@=;@9DD=F?=KG>L@=JGD= :MLAL9DKG>==DK;GE>GJLAF?LG@=9J>JGE
L@GK=AFKAEAD9JHGKALAGFK9F<KALM9LAGFK K9J=K=9J;@=JMKAF?9H@=FGE=FGDG?A;9D
>J9E=OGJC E9CAF?L@=H9JLA;AH9FLK;GE=LGDA>=O9K9FAEHGJL9FL9KH=;LG>L@=KLM<Q
>==DAF?K9F<=EGLAGFK:Q=F;GMJ9?AF?H9JLA;AH9FLKLG;GFBMJ=MHAE9?=K9F<E=L9H@GJK
/@=J=KHGFK=K=E=J?AF?>JGEL@=>G;MK?JGMHKH9AFL9KL9JCHA;LMJ=G>L@==EGLAGF9DLGDD
KLM<Q/GE9AFL9AF9FGFQEALQ F9E=KAF;DM<=<AFL@=HJG>AD=KL@9L>GDDGO9J=>A;LALAGMK
#GO=N=J 9DDL@9LAKK@9J=<J=D9L=KLGL@=:AG?J9H@A;9DKC=L;@=KG>L@=AJ=;LGJKAFL@AK
d 2@9LE=L9H@GJ:=KL<=K;JA:=KQGMJ=PH=JA=F;=KAFL@=JGD=G>AJ=;LGJG>
$
d 2@9LKGF?LALD=GJKGF?DQJA;K:=KL<=K;JA:=@GOQGM>==D<GAF?QGMJOGJC
d 2@9LAKL@=?J=9L=KLK9LAK>9;LAGFQGMJ=;=AN=>JGE<GAF?L@AKOGJC
d 2@9LE=L9H@GJ:=KL<=K;JA:=KQGMGFQGMJOGJKL<9QAFL@=JGD=
d 2@=F<GQGM>==D@GH=D=KK9F<<J9AF=<G>=F=J?Q >9LA?M=
d #GO<GQGME9F9?=AL9F<KL9QHGKALAN=
d #GOG>L=F@9N=QGML@GM?@L9:GMLD=9NAF?QGMJHGKALAGF
$LAKOGJL@J=AL=J9LAF?L@9LL@=;GFKL9FL=EGLAGF9DLGDD=F<=<OAL@L@J==G>L@=KAPAJ=;LGJK
<=;A<AF?LGN9;9L=L@=AJHGKALAGFK /@=NA?F=LL=K:=DGOHJGNA<=L@=H=JKGF9D=PH=JA=F;=K
L@9LE9Q@9N=KGDA<A>A=<L@AK<=;AKAGF
%/@B717>/<B0FGK@9J=<L@9LAF@=JJGD=K@=G>L=F>==DKDAC=.AKQH@MK L@="J==C
EQL@GDG?A;9D>A?MJ=HMFAK@=<:Q#9<=K !GJ9DD=L=JFALQ@=O9KHMFAK@=<:Q@9NAF?LG
JGDD9D9J?=:GMD<=JMH9@ADDGFDQLG@9N=ALJGDD<GOF9>L=J9DD@AK=>>GJL .@=L@AFCKG>9DD
9F<>==DKL@=:MJ<=F9F<AEE=FK=J=KHGFKA:ADALQ9F<;@9DD=F?=AF?=LLAF?L@=<9Q LG <9Q
=PLJ=E=DQ;@9DD=F?AF?9F<G>L=F<=HJ=KKAF? K@=E9F9?=K:Q@9NAF?LG;GF;=FLJ9L=GF
<9ADQGML;GE=K9F<HJ9;LA;=K9KCAF?@=JK=D>O@9LK@=F==<KLG9;;GEHDAK@GF9FQ?AN=F
<9QLG>==DL@9LK@=@9K>MD>ADD=<@=J<9ADQG:DA?9LAGF9K9AJ=;LGJG>AN=JKALQ IMALQ
@=JK=D> /@=Q=AL@=JF==<LG@AJ=9<AJ=;LGJEGJ=DAC=(9D;GDE3GJGF=EGJ=DAC=(9JLAF
L@=EMKA;9D?=FJ=CFGOF9KJ=??9=LGF \$DAKL=FLGL@=EMKA;GFEQO9QLGOGJC9F<GF
EQO9Q@GE=>JGEOGJC ]
#=J?J=9L=KLK9LAK>9;LAGF;GE=K>JGEOGJCAF?OAL@;@AD<J=F9F<KMHHGJLAF?9F<MHDA>LAF?
@9J<=KLJ=NGDN=9JGMF<KALM9LAGFKO@=J=K@=DA9AK=K:=LO==FL@=K;@GGD9F<>9EADA=K
<AK;AHDAF=<>GJ9K;@GGDAF>J9;LAGF9F<<=K=JNAF?G>KGE=;GFK=IM=F;= K@=;9F9F<@9K
:==FE=LOAL@9F?=J>JGE>9EADA=KO@G>==DK@=K@GMD<9DA?FOAL@L@=AJ9KK=KKE=FL
!9EADA=K@9N=NA=O=<@=J9K:=LJ9QAF?L@=E9F<FGL>A?@LAF?L@=GJ?9FAR9LAGF9DKLJM;LMJ=K
<AK9HHGAFLE=FL9F<J=K=FLE=FL @9N=:=;GE=O@9L0FG;9DDK\>AJ=KL9JL=JK]L9CAF?LG
KG;A9DE=<A9LGA?FAL=9F?=J9F<AF;=FK=GL@=JKLGBGAFL@=EAFL@=AJGHHGKALAGFLGK;@GGD
<AK;AHDAF= 0FGD9E=FLK@=JAF9:ADALQLG@=DHL@=K=>9EADA=KK==L@=AJGOF:DAF<KHGLK9F<
$F;DMKAGFJGD=AKLGG@9J<LG:=;GFKA<=J=<OGJC $LAKMFL=F9:D=9F<=P@9MKLAF?9F<@9K9
O@9LK@=O9FLKLG:=<GAF?9F<:=DA=N=KL@9LL@=OGJC>G;MK=<GF;MDLMJ9DDQJ=KHGFKAN=
L=9;@AF?9F<H=<9?G?QOGMD<:=EGJ=J=O9J<AF?9F<9O9QLGO=9N==IMALQAFLG9
<AKLJA;L_K;MJJA;MDMEKLJM;LMJ= /@=A<=9G>OGJCAF?>GJ9;GFKMDLAF?>AJEL@9LKMHHGJLK
K;@GGDK9F<<AKLJA;LKAFL@=AJ=IMALQ?G9DAKEM;@EGJ=9HH=9DAF?LG0FG $L_K9HD9;=
O@=J=K@=;GMD<HGL=FLA9DDQ<GOGJCAF9K=LLAF?O@=J=K@=AKFGL;@9DD=F?=<9L=N=JQLMJF
:MLO@=J=K@=;GMD<?JGO J=AFN=FL@=JK=D>9F<=F?9?=AF;@9F?AF?9FGJ?9FAR9LAGF>JGE
L@=GMLKA<=>GJ9KK@=J=>D=;L=< \$FKA<=;@9F?=AK@9J< ]
@A?@H=9CKO@=J=$BMKL>=DLDAC=$O9K@=DHAF? =KH=;A9DDQ:=AF?L@=AF9M?MJ9DH=JKGFAF
L@=JGD= ],M=FLAFK@9J=<@AK=P;AL=E=FL>GJL@=O9Q@=@9K@=DH=<@AK<AKLJA;L9<N9F;=
)GOO=@9N==IMALQKH=;A9DAKLKAFK;@GGDK9F<L=9EKAF=N=JQK;@GGD 2=@9N=J=?MD9J
E==LAF?K 9F<GMJHJG>=KKAGF9D<=N=DGHE=FLAK9JGMF<9DDL@GK=L@AF?KL@9LO=J=F_LAF
9F<L@=>AJKLGF=LG;D9AEL@9LL@=<AKLJA;LF==<=<LGAFN=KLAFJ9;A9D=IMALQ DDG>L@=K=
=P9EHD=KG>O@9LO9KOGJCAF?AF,M=FLAF_KK;@GGD<AKLJA;L<A<FGLE9C=ALAEEMF=LG
;@9DD=F?= #=<=K;JA:=<L@9LL@=J=O=J=AEE=FK=DGOHGAFLKGFL@=EGMFL9AFJ9F?=O@=F
@=>=DLL@9L@=;GMD<FGDGF?=J<G@AKOGJC K,M=FLAFL@GM?@L9:GMLL@=KGF?L@9L:=KL
<=K;JA:=<@AK=PH=JA=F;=KAF@AKJGD= @=:=;9E=H=FKAN=O@AD=LJQAF?LGJ=LJA=N=L@=LALD=
:=>J== ]#=>GDDGO=<MH:QK@9JAF?L@9L@AKBG::=;9E=EM;@@9J<=J9>L=JL@=CADDAF?G>
"=GJ?=!DGQ<9LL@=@9F<KG>D9O=F>GJ;=E=FL O@A;@D=<LGE9KKAN=HJGL=KLK9;JGKKL@=
0.9F<GN=JK=9K<MJAF?9LAE=J=>=JJ=<LG9KL@=J9;A9DJ=;CGFAF? =KHAL=L@=;@9DD=F?=
G>L@=JGD= ,M=FLAF>==DKL@9LL@=?J=9L=KL9;;GEHDAK@E=FL>GJ@AEAKE=9KMJ=<AFL@=
KLJGF?HGKALAN=J=D9LAGFK@AHK:MADLOAL@KGE9FQOAL@AFL@=<AKLJA;L:9K=<GF@=DHAF?LG
AEHJGN=K;@GGDDA>=>GJKLM<=FLK /@=@9J<=KLLAE=KAFL@=JGD=>==DDAC=:=AF?DGKLAF9
MF<=JKL9F<GJ>==DL@=<=HL@G>KGJJGOL@9L;GE=K>JGE@=9JAF?9:GMLF9LAGF9DLJ9?=<A=K
GL@=JK9JGMF<@AEG>L=F?G9:GMLL@=AJOGJC9KA>FGL@AF?@9K@9HH=F=< /@AK>9LA?M=L@9L
;GE=K>JGE>A?@LAF?>GJ=IMALQ9F<>JGEDANAF?9K9D9;CE9FAF9J9;A9DAR=<KG;A=LQAK
AL ]2@=F9KC=<9:GML@GOG>L=F@=L@GM?@L9:GMLD=9NAF?L@=JGD= ,M=FLAFJ=;GMFL=<
@GOHGKALAN=AL@9K:==FOGJCAF?>GJ9KMHHGJLAN=<AKLJA;LD=9<=J:ML>=DLL@9L@=OGMD<
GFDQ:=K==F9KL@=D9;CE9FL9DCAF?9:GMLJ9;=9F<FGL9K9D=9<=J9F<KQKL=EKL@AFC=J
\$O9KK;9J=<L@9LH=GHD=O=J=?GAF?LG>GJ?=LL@9L$O9K9HJAF;AH9D:=>GJ=L@AK L@9L$
9;LM9DDQCFGO9DALLD=:AL9:GMLL=9;@AF? ]
%/@B717>/<B /J=NGFO9KL@=>AJKLLG;GF>AJE@AK<=KAJ=LGBGAFL@=>G;MK?JGMH>GJL@AK
:ML9DKG9HH=9J=<K9HH=<G>=F=J?Q #=O9KFGL9K9FAE9L=<9K@=O9K<MJAF?L@=GF=
GF GF=AFL=JNA=O 9F<$CF=OL@9LL@=J=9KGF>GJL@AK;@9F?=OGMD<E9FA>=KLALK=D>AFL@=
<AK;MKKAGFO=O=J=LG=F?9?=AF9K9?JGMH /J=NGFO9KL@=>AJKLLGG>>=J@AK;GFLJA:MLAGF
LGL@=AFALA9DIM=KLAGF\2@9LE=L9H@GJ:=KL<=K;JA:=KQGMJ=PH=JA=F;=KAFL@=JGD=G>
AJ=;LGJG>AN=JKALQ IMALQ9F<$F;DMKAGF]
/J=NGFHML@AK@9F<GF@AK>GJ=@=9<L@=FJ=EGN=<AL9K@=HJG;==<=<LG<=K;JA:=>==DAF?
O=D;GE=@AELGL@=JGD=9F<O=J=AFL=J=KL=<AFOGJCAF?OAL@@AE #=>=DLDAC=9DGN=DQ
:9DDGGFL@9L:JGM?@LGL@=JKBGQ #=L@=F<=K;JA:=<@AKK=;GF<Q=9J:=;GEAF?KG
;@9DD=F?AF?L@9LL@=E=L9H@GJA;9D:9DDGGF:=?9FLGK@JAN=DO@AD=H=GHD=HGAFL=<9LAL
K9QAF? \2@9LL@=@=DDAKL@9L:9DDGGF<GAF?@=J=]#=<=K;JA:=<>==DAF?J=9<QLGHGHAF
CFGOAF?L@9L@=;9F:=@GF=KLOAL@L@GK=@=OGJCKOAL@9F<\;9DDL@=EGML]O@=FL@=Q
=F?9?=AFJ9;AKLO9QK =N=FA>ALE=9FKL@9LGL@=JKOADD:=9F?JQ9F<K9QF9KLQL@AF?K
9:GML@AE MAD<AF?;9H9;ALQAFKGE=:MAD<AF?9<EAFAKLJ9LGJK@9K9DKG:==FK9LAK>QAF?
:MLG>L=FL@=J=9J=E9FQO@G9J=\BMKLL@AFCAF?L@9L$_E?GAF?LG<GL@=OGJC>GJL@=E ]
K@=;GFL=EHD9L=K@AKEGKL;@9DD=F?AF?<9QK /J=NGFAE9?AF=K:=AF?AF9K@GODAC=
\2AH=GML]O@=J=;GFL=KL9FLK;GEH=L=LG?=LL@JGM?@K=N=J9D;@9DD=F?AF?G:KL9;D=
;GMJK=K #=AE9?AF=K@AEK=D>?ANAF?@AK:=KL:ML@=_K\?GFF9?=L;DG;C=<AFL@=>9;=9F<
=F<MH>9;=<GOFAFL@=EM< ]+GF<=JAF?L@=IM=KLAGF9:GML@GO>J=IM=FLDQ@=>==DK
9<<KL@9L=N=FL@=;GFN=JK9LAGFAFL@=>G;MK?JGMH@9K=F@9F;=<L@9L>==DAF?G>>9LA?M=
Q=9J>GMJ@=L@AFCK9:GMLAL(GF<9QL@JGM?@!JA<9Q "GAF?:9;CLG@AKHJ=NAGMKBG:AK
AL9F<KL9QK9F=9F<@9HHQY$>==D9DALLD=KLM;C ]
%/@B717>/<B M9F9<=NAK=<9FAE9?=G>@=JJGD=9K:=AF?GF9LJ9;CGJ>A=D<;GN=J=<
OAL@9DDKGJLKG>G:KL9;D=K9F<KLJM??DAF?LG?=LL@JGM?@O@AD=>==DAF?<=KH=J9L=9F<
@=DHD=KK .@=<=K;JA:=KK==AF?9KAEAD9JLJ9;CJMFFAF?H9J9DD=DOAL@GML9FQL@AF?LG
JA?@L>GJL@=D9;C9F<JGOF;@AD<J=F9F<>9EADA=KK@=K=JN=K .@=;GFKL9FLDQ@=9JK
@=JFGLLG?AN=MH:=;9MK=O@9LK@=AK<GAF?AKAF<==<L@=JA?@LL@AF?LG<G 'AC=KGE=G>
9F<D=9JFLGKH=9CMH9F<;@9DD=F?=MFBMKLHGDA;A=K M9F9HJA<=K@=JK=D>OAL@:=AF?9:D=
O@9LL@=QO9FLLG@=9J .@=9<<KL@9LK@=;9F:=L9DCAF?LGKGE=GF=O@GE9Q=F<MH
;JQAF??AN=FL@=K=FKALAN=F9LMJ=G>L@=<AK;MKKAGF \$9E@9HHQLG?AN=GMLLAKKM=K9F<
;GFLAFM=HMK@AF?AFEQ<AK;MKKAGF ]M9F9CFGOKL@9L@=JE9FF=JG>HMK@AF?L@=DAEALK
G>L=F9LLJ9;LKF=?9LAN=9LL=FLAGF :MLAL<G=KF_LKLGH@=J>JGE:=AF?LJM=LG@=JK=D>9F<
;@9DD=F?AF?GL@=JK .@=@9KK@9J=<L@9L9LLAE=KK@=>==DK@=JL=KLAF?L@=DAEALK@9KL9C=F
:=AF?L@=LAE=O@=FK@=D=9JF=<>JGE9BG: 9DAC=;GDD=9?M=AF9FGL@=J<AKLJA;LL@9L@=J
JGD=O9KFGLJ=F=O=< .@=J=;9DDK>==DAF?AFNAKA:D=9F<LJQAF?LGL9DCO@AD=FGGF=;9J=<
LGDAKL=F /@=<AKLJA;L9<EAFAKLJ9LAN=L=9EHGKL=<@=JBG:9F<<A<FGLAFNAL=@=JLG9HHDQ
AFL@=JGD=;9E=>JGEOGJC<=K;JA:=<9F<HJG?J=KKAF?GF=KL=H>GJO9J<L@=FDGKAF?
EGE=FLME9F<>9DDAF?LOGKL=HK:9;C 2AL@DALLD=KMKL9AF9:D=;@9F?=9F<K;@GGDD=9<=JK
L@9L;GE=9F<?G M9F9>==DKDAC=L@==E:=JKG>;@9F?=9J=9DO9QK9LL@=N=J?=G>:=AF?
:MLK@=FGLA;=<L@9LH9A<;GFKMDL9FLK>JGE=IMALQ;=FL=J=<>AJEKO=J=EGJ=DAC=DQLG:=
9;;=HL=<9K=PH=JLKAFL@=>A=D<G>AN=JKALQ IMALQ9F<$F;DMKAGF
%/@B717>/<BAF<QAFLJG<M;=<L@=?JGMHLG9>=OAE9?=K>JGEL@=E=JA;9F
@GJJGJEGNA=,B<AJ=;L=<:Q%GJ<9F+==D= .@=;GFLJA:ML=<L@9LKGE=LAE=KK@=>==DK@=J
BG:AKFGLK;9JQ9L9DD9F<K@=;9FK==9JGGE>ADD=<OAL@@9HHQ;@AD<J=F=PH=JA=F;AF?
K@MLLAF?AFQGMJ>9;=9F<CFGOAF?L@9LKGE=L@AF?L=JJA>QAF?AK9:GMLLG@9HH=F $L_KL@=
9FLA;AH9LAGFG>L@=;DGOFHGHHAF?GMLG>L@=B9;CAFL@=:GP /@=K=@GJJA>QAF?EGE=FLK
J=HJ=K=FLL@=:D9L9FLJ9;AKEK@=K==K9F<L@=>==DAF?G>@GH=D=KKF=KK \(QJGD=AKN=JQ
EM;@GF=G>AF>DM=F;=:MLFGLG>9;LM9DJ=9DHGO=JZAFKLALMLAGF9DHGO=J ].@=G>L=F>==DK
DAC=9K;9J=<DALLD=?AJDO9DCAF?L@JGM?@9>MF@GMK= FGLCFGOAF?O@9LK@=OADD<AK;GN=J
>JA?@L=FAF?>MF@GMK= @=JKGF?K=D=;LAGFKJ=N=9DL@=H9JLG>@=JL@9LLJA=KLGJ=E9AF
HGKALAN=9F<@GH=>MDAF<GAF?L@=@9J<OGJCG>L@=AJ=;LGJG> $ /@9LHGKALAN=
=F=J?QAK>M=D=<:Q<GAF?OGJCL@9LK@=:=DA=N=KK@=O9K;9DD=<LG<G9F<O@A;@K@=;9F
K===PH9F<AF?KLM<=FLK_9:ADALQLG:=;GE=9<NG;9L=K>GJJ9;A9DBMKLA;= =KHAL=L@=OGJC
G>L=F:=AF?KM>>G;9LAF?9F<>==DAF?LJ9HH=<\AF9?D9KKG>KGE=CAF<9F<K;J=9EAF?DGM<DQ
9F<H=GHD=GMLKA<=]A?FGJAF?@=J9F<?GAF?9:GMLL@=AJDAN=K9KA>=N=JQL@AF?O=J=H=J>=;L
%/@B717>/<B.9K@9LGGC9EGE=FLLGJ=>D=;LGFO@9LGL@=JKK@9J=<AFL@=>G;MK?JGMH
9F<AFLJG<M;=<L@=AE9?=G>9KMFJAK=9F<KMFK=L9KGF=L@9LJ=EAF<K@=JG>@=JOGJC9K
$AJ=;LGJ .@=HGF<=J=<L@9L:GL@9J=:=9MLA>MDBMKLDAC=L@=:=9MLQG>L@=OGJCL@9L
AFKHAJ=K@=J .@=J=9<ADQ9<EALL=<L@9LL@=KMFK=L;9F:=@MJL>MD9KAL_K9KQE:GDG>
KGE=L@AF?=F<AF?GJ:=AF?=PLAF?MAK@=< \/@=J=_K9DAEAL=<LAE=GF@GOH=GHD=9J=?GAF?
LG=F?9?=OAL@L@=JGD=:=>GJ=ALJ=9;@=KL@AK=PHAJ9LAGF<9L= FGL:=;9MK=L@=OGJCAKF_L
?GG<GJOGJL@Q :ML:=;9MK=H=GHD=_KL@J=K@GD<9F<LGD=J9F;=>GJO@9LL@AK;9F:=AK
>AFAL= ]K.9K@9;GFKA<=JKL@=O9QKK@=J=E9AFK?JGMF<=<AFL@=>AFAL=F=KKG>@=J
9F<$F;DMKAGFAFL@=KLM<Q9J=AF9MFAIM=JGD=O@=J=L@=Q9J==F?9?AF?AFOGJCL@9L
HJGNA<=K<9ADQ=PHGKMJ=LG=EGLAGF9DKLJ=KK DDL@=E=L9H@GJKJ=N=9DKGE==D=E=FLG>
L@=OGJCAF9FGF K;@GGDK=LLAF?9HH=9D=<LGEGKLG>L@=H9JLA;AH9FLKAFL@=KLM<Q
)63;3'3A7AB/<13/<2:/19=4AC>>=@B
/@=AJ=;LGJG>AN=JKALQ IMALQ9F<$F;DMKAGFO@GH9JLA;AH9L=<AFL@AKKLM<Q
E9<=J=>=J=F;=LGJ=KAKL9F;=>JGEN9JAGMKKL9C=@GD<=JKOAL@AF?L@=K;@GGD<AKLJA;L /@=K=
F9LAGF9DHGDALA;9D9J=F9 E9<=L@=JGD==PHGF=FLA9DDQEGJ=;@9DD=F?AF?
/;7:G=@=;;C<7BG"3;03@A
+9JLA;AH9FLKK@9J=<L@9L;=JL9AF>9EADA=KAFL@=AJ;GEEMFALA=K@9N=J=9;@=<GML
AN=JKALQ IMALQ9F<$F;DMKAGFK@9J=<L@9LKA9F>9EADA=K;GEHD9AF=<9:GMLL@=@QH=J
>G;MKGFD9;C;@AD<J=F9F<:=DA=N=<L@9L9<MDLK9F<;@AD<J=FO@GO=J=L@=J=;AHA=FLKG>
G>MFHJGNGC=<9LL9;CKGFKA9F;ALAR=FK
DDL@=;GEEMFALA=KJ=HJ=K=FL=<AFL@AKKLM<Q@9<E=E:=JKO@GKLJM??D=<LG
E9C=K=FK=G>O@QL@=JGD=O9K;J=9L=<GJ=N=FF=;=KK9JQ +9JLA;AH9FLKJ=;9DDAFL=J9;LAGFK
O@=J=;GEEMFALQNGA;=KIM=KLAGF=<O@=L@=JL@=LGHA;G>J9;AKEGJ?=F<=JA<=FLALQ
K@GMD<=N=F:=<AK;MKK=<AFL@=K;@GGDK=LLAF? !GJEGKLG>L@=H9JLA;AH9FLKO@G9J=D9;C
9F<JGOF9F<KGE=O@GA<=FLA>A=<9K?9Q L@AKK=FLAE=FLO9KE=LOAL@<==HH9AFAF
>==DAF?L@9LL@=QO=J=:=AF?LGD<L@9LL@=Q@9<FGJA?@LLG=PAKLAFL@=K;@GGDKQKL=E
+9JLA;AH9FLKAFL@=KLM<QFGL=L@9LL@=OGJCG>L@=AJ=;LGJAK=P;=HLAGF9DDQ@9J<
:MLAL:=;9E=@9J<=JO@=F;GFK=JN9LAN=>9EADA=KHJGL=KL=<O@9LL@=QJ=>=JLG9KJALA;9D
;GEE=FL=<
%/@B717>/<B +74A4F0B0<>18;8I0C8>=>5C74<>A42>=B4AE0C8E46A>D?F7>
02C8E4;H20<45>AF0A3C>?A>C4BC0608=BCC70C:8=3>58=BCAD2C8>=C70CC74H54;C
<8AA>A43C74F>A:>538E4AB8CH4@D8CH0=38=2;DB8>=
$F=KK=F;= L@=AJ=;LGJG>AN=JKALQ IMALQ9F<$F;DMKAGF:=;9E=9L9J?=L:QL@=K=
H9J=FL?JGMHK FGL@=JH9JLA;AH9FLAFL@=J=K=9J;@KLM<QL9DC=<9:GMLL@==PH=JA=F;=G>
@9NAF?@=JF9E=AF;DM<=<GF;GFK=JN9LAN=O=:KAL=KO@=J=NA=O=JKO=J==F;GMJ9?=<LG
=E9AD9F<@9J9KKL@GK=GFL@=DAKL FGL@=JH9JLA;AH9FLK@9J=<L@9LEM;@G>L@=OGJCL@9L
AJ=;LGJKG>AN=JKALQ IMALQ9F<$F;DMKAGF<GAKHM:DA;9F<9HH=9JKGF<AKLJA;LO=:KAL=K
9F<J=;GJ<AF?KG>K;@GGD:G9J<;GEEALL==E==LAF?K9F<EAFML=K9F<L@=J=9J=G>L=F
J=IM=KLKL@JGM?@!J==<GEG>$F>GJE9LAGF.L9LML=K>GJ=E9ADK 9F<GL@=J<G;ME=FLK:Q
H9JLA;AH9FLK@9J=<L@=>=9JK@=G>L=F=PH=JA=F;=<O@AD=AFL@=JGD=
278;3A4= BC78B?4AB>=6>==0>>6;4<H=0<40=3CAHC>58=3<4>=0241>>:
1420DB48C8B078674A;4E4;>5BCA4BBC70CF47>;38=CAH8=6C>20;;>DC8=4@D8C84B
4B?4280;;HC7>B4C70CA4;0C4C>A0240=3A028B<
>=OAJ=;LGJKAFL@=KLM<QJ=;9DD=<L@9LL@=GJ?9FAR9LAGF+9J=FLK=>=F<AF?
<M;9LAGFAKGF=KM;@?JGMHO@GK=O=:KAL=KL9L=K \$>QGMK==:9<L@AF?K@9HH=FAF?AF
QGMJK;@GGD GF=G>L@=>AJKL9F<:=KLL@AF?KQGM;9F<GLG>A?@LALAK>AD=9!J==<GE*>
>MF<=<AFKLALMLAGFK !*$<AK;DGKMJ=9HHDA=KLGL@=E[=F9:DAF?QGMLGK==@GOEM;@
EGF=QL@=K;@GGDAKKH=F<AF?GF<AN=JKALQ9F<AF;DMKAGF;GFKMDL9FLK9F<GL@=JHJA;=Q
;GFK=JN9LAN=?JGMHKHMLL@=AJF9E=GFL@=AJO=:KAL= \;D9AEAF?L@9LO=9J=<GAF?
KGE=L@AF?=AL@=JADD=?9DGJL=9;@AF?CA<KLG>==DMF;GE>GJL9:D= ]/@AKH9JLA;AH9FL9<<=<
L@9LAF9<<ALAGFLG=E9ADK:=AF?J=IM=KL=<:Q;GFK=JN9LAN=?JGMHK L=PLE=KK9?=K9DKG@9<
9FGL@=JJGD=<G=KFGL@9N=LG;GFKA<=J O@A;@AKJ=9DDQMF>GJLMF9L= ]
/1C:BG/<2(16==:=@7AB@71B!3/23@A
KGE=LAE=KAL>=DLL@9LL@=J=KAKL9F;=>JGEOAL@AFK;@GGDKO9KKM:LD= .GE=K;@GGDK
A?FGJ=<AFNAL9LAGFK>JGEL@=AJ=;LGJLGNAKAL;D9KKJGGEKOAL@L=9;@=JK9F<K;@GGDD=9<=JK
9KCAF?O@QL@=<AJ=;LGJF==<=<LG:=AF;D9KKJGGEK >==DAF?G>:=AF?O9L;@=<GJ
EGFALGJ=<HJ=N9AD=<AFKGE=K;@GGDK .LM<QH9JLA;AH9FLKK@9J=<L@9LK;@GGDD=9<=JKOGMD<
9DKGFGLJ=KHGF<LG=E9ADK9KCAF?>GJ9E==LAF?GJLGNAKALK;@GGDK $FGL@=J9J=9KG>
<AKLJA;LKJ=HJ=K=FL=<AFL@=KLM<Q KGE=>9;MDLQO=J=J=HGJL=<9K:=AF?<GOFJA?@L@GKLAD=
$FGF=AFKL9F;= 9J=K=9J;@H9JLA;AH9FLJ=;GMFL=<9;GFN=JK9LAGFOAL@L@=K;@GGD<AKLJA;L_K
MFAGFHJ=KA<=FL
%/@B717>/<B F0B<44C8=6F8C7>DAD=8>=?A4B834=C;0BCBD<<4A0=3B74703
B><42A8C828B<B>5;8:4C74 F>A:F4F4A43>8=60=3H>D:=>FC74F0H8C
F0B2><8=602A>BBJ B8C8=<44C8=6BF8C72><<D=8CH<4<14ABF7>B0H;8:4F4
B7>D;3=C140;;>F43C>C0;:01>DCA028B<>AC0;:01>DC60H?4>?;4>AH>D:=>F
0=30=3C74HA410B820;;HB0H8=6C70C;8:4<H50<8;H70B=>A867CC>4G8BC8=C78B
B27>>;BHBC4<JH>D:=>FC70C78CB<4>=0?4AB>=0;;4E4;4E4AHC8<48C70??4=B
=3B> 3>=CC78=:C74A48B0A40;D=34ABC0=38=6>5C70C5A><<0=H5>;:BJ/>D
F>D;314=8245>A?4>?;4C>A42>6=8I47>FC0G8=68C8B CBA40;;HA40;;H70A3 N
$JGFA;9DDQ L@=?J=9L=KLAEH=<AE=FLLGL@=OGJCG>AJ=;LGJKG>AN=JKALQ IMALQ
9F<$F;DMKAGF;9E=>JGEL@=N=JQH=GHD=O@G@AJ=<L@=E L@=<AKLJA;LKMH=JAFL=F<=FL
#9D>G>L@=AJ=;LGJKAFL@AKKLM<QJ=HGJLL@9LL@=AJKMH=JAFL=F<=FLKE9<=L@=AJOGJC
=PLJ=E=DQ;@9DD=F?AF?O@AD=L@=J=E9AFAF?@9D>E9AFL9AF=<KLJGF?9F<HGKALAN=
J=D9LAGFK@AHK:ML<=K;JA:=<L@=AJOGJCJ=IMAJAF?EGJ=LAE=9F<=F=J?Q9KL@=Q@=DH=<
<=N=DGHL@=KMH=JAFL=F<=FL_KMF<=JKL9F<AF?G>AF=IMAL9:D=<AKLJA;LHJ9;LA;=K9F<@=DH=<
<=>AF=L@AK9K\E9CAF?L@=;GEEALE=FLLGDA>= DGF?D=9JFAF?>GJL@=HMJHGK=G>:=AF?
AF;J=9KAF?DQ=>>=;LAN=AFK=JNAF?L@==<M;9LAGF9DF==<KG>;MDLMJ9D?JGMHK #GD<AF?L@=
NAKAGFG>O@9L;9F:=9F<;GEEALLAF?LG9KK=KKE=FLKL@9LK=JN=9K:=F;@E9JCKGFL@=
HJG>A;A=F;Q EGKLH9JLA;AH9FLKHD9;=<L@=K;@GGDD=9<=J9LGJ9:GMLL@=;MDLMJ9DHJ=
;GEH=L=F;=H@9K=
)/0:3
.MH=JAFL=F<=FLKJ=HJ=K=FLAF?<AKLJA;LKAFL@AKKLM<QO@GO=J=<=K;JA:=<9KAFL=J>=JAF?
OAL@L@=OGJC=F?9?=<AF9FME:=JG>:=@9NAGJKL@9LAJ=;LGJKG>AN=JKALQ IMALQ9F<
$F;DMKAGFKLJM??D=<LGE9F9?= ;GEEGFL@=E=O9K9D9;CG>KMHHGJL>GJKM??=KLAGFK
L@9LAJ=;LGJKH=J;=AN=<OGMD<:=KLKMHHGJLKLM<=FLK9F<>9;MDLQ *F=AJ=;LGJ;GF>=KK=<
L@=>GDDGOAF?
%/@B717>/<B 60E4CF>4G0<?;4B>5?4>?;4<>E8=60;>=6>=C748A2>=C8=DD<>5
6A>FC70=3?A>D3>5C74502CC70CC70C6A>FC770??4=43 C78=:C74>C74AC78=68B
<H8340B3>F=
/@=K9E=H9JLA;AH9FLJ=HGJL=<L@9LK@=O9K9KC=<LGKLA;CLG<=DAN=JAF?LJ9AFAF?>GJL@=
:=;9E=;@9DD=F?AF?LG:=:GP=<AFLGL@AKKAF?MD9J=PH=;L9LAGFO@=FL@=AJ=;LGJO9K
@AJ=<LG<GEM;@EGJ=L@9F<=DAN=JHJG>=KKAGF9D<=N=DGHE=FL
70A30CB><4C78=6C74=C70CBB><4C78=6C70C ;8:4E4AHBCA>=6;H14;84E48=0=3
B44C7470A<>53>8=68C
DDH9JLA;AH9FLKAFL@=KLM<Q=PHJ=KK=<9<=KAJ=LG@=DHL@=AJ<AKLJA;LMF<=J?G9
LJ9FK>GJE9LAGFAF:=;GEAF?9EGJ==IMAL9:D=9F<;MDLMJ9DDQJ=KHGFKAN=GJ?9FAR9LAGF
+9JLA;AH9FLK9DKGKLJ=KK=<L@9LL@=QKLJM??D=<OAL@9KKAKL9FLKMH=JAFL=F<=FLK >AF9F;=
O=J=9JGMF<:=AF?9KC=<LGL9C=GFKGE=G>L@=JGD==PH=;L9LAGFKG>L@=K=D=9<=JK9F<
@9NAF?LG>AF<O9QKLG;GDD9:GJ9L=O@AD=C==HAF?>G;MK=<GFL@=OGJCL@=QO=J=@AJ=<LG
<G *F=H9JLA;AH9FLKMEE9JAR=<L@=K==PH=JA=F;=K
022>D=C018;8CH48C74A38A42C8>= +74>=;H022>D=C018;8CHF0B;8:4H>D:=>FH>DA4
022>D=C01;485H>D38B06A44F8C7C74278454G42DC8E4B *>F70CBC74
022>D=C018;8CH<40BDA4B5>AH>DA& BC74A40=455>ACC><0:4BDA4C70C
?4AB>=8B;8:41D364C8=6F8C70=4@D8CH;4=B.70CBC74022>D=C018;8CH5>AH>DA
)8A42C>A>A;8:4H>DA+A0=B?>AC0C8>=8A42C>A/>D70E4C>70E4C7>B4
BCAD2CDA4B8=?;0241420DB4C74=8C0;;>FBC74?4AB>=C>3>C748A9>1A867C0=3H>D
20=C2A40C4C74B4B8CD0C8>=BF74A4C74?4AB>=70B0=H?>B8C8>=0;0DC7>A8CH1DC
H>DA40B:8=6C74<C>3>C74F>A:>5>C74A?4>?;4>A68E45443102:C>>C74A
?4>?;4F7>C74H3>=C70E4?>B8C8>=0;0DC7>A8CH>E4A
2@=F9DD9J=>G;MK=<GF=IMALQ L@=J=K=9J;@H9JLA;AH9FLK:=DA=N=L@9L9DDJGD=K9F<
>MF;LAGFK;9F:=LJ9FK>GJE=< .=N=J9DH9JLA;AH9FLKJ=>=JLGL@AK9K:M<?=LAF?OAL@9F
O@9L =IMALQ:=LL=J:=AFQGMJ) ]
-=D9L=<LGL@=JGD=G>KMH=JAFL=F<=FLO=J=;GF;=JFK9:GMLFGL@9NAF?L@=
$F;DMKAGF #9NAF?9<=<A;9L=<:M<?=L9F<KMHHGJLKL9>>O9K9F==<9JLA;MD9L=<9;JGKK
KLM<QH9JLA;AH9FLK .=N=J9DK@9J=<L@9LL@=D9;CG>J=KGMJ;=K>GJ;=<L@=ELGDGGC>GJ?J9FLK
O@A;@MKMJH=<LAE=>JGE?=LLAF?L@=OGJC<GF=AFK;@GGDK =AF?;GFKA<=J=<9
HJG>=KKAGF9DK9F<@9N=9K=9L9LL@=L9:D=OAL@L@=KMH=JAFL=F<=FLL=9EO@=J=<=;AKAGFK
L@=KMH=JAFL=F<=FL /@=Q9DKG=PH=;L=<LG@9N=EGF=L9JQJ=KGMJ;=KAFL@=<AKLJA;L:M<?=L
AJ=;LGJKG>L=FHD9Q9KMH=JNAKGJQJGD=:QOGJCAF?OAL@=<M;9LGJK9KH9JLG>L@=<AKLJA;L
KMH=JNAKAGF9F<=N9DM9LAGFKQKL=E *FDQGF=H9JLA;AH9FL@9<9<=<A;9L=<:M<?=LG>
+9JLA;AH9FL >=DLL@9LOAL@GMLL@AKJ=KGMJ;=L@=QO=J=FGLGF=IM9D>GGLAF?OAL@GL@=J
;GFL=FLKH=;A>A;<AJ=;LGJK
%/@B717>/<B 5 20=C8=5;D4=24?4>?;4C74=H>D:=>F <=>C022><?;8B78=6
0BB8BC0=CBD?4A8=C4=34=CB083M71DCF74= C78=:01>DCC74?4>?;4F7><0H
3>=C:=>F CB=>CC74B0<40B70E8=601D364C0=38CB=>CC74B0<40BF70C
0=3 9DBC3>=C
DDG>L@=K=J=>D=;LAGFK>JGEL@=J=K=9J;@H9JLA;AH9FLK:MAD<K9F9JJ9LAN=G>EM;@G>L@=
;GEEMFALQ9F<F9LAGF9DHGDALA;9D<AK;GMJK=J=D9L=<LGL@=L@=E=G>AN=JKALQ IMALQ9F<
$F;DMKAGF /@=>GDDGOAF?K=;LAGFHJGNA<=K9<==H=J=PHD9F9LAGF
FB3@</:'3A7AB/<13
;GEHDA;9LAGFKLGL@=OGJCG>L@9L=E=J?=<>JGEL@=@AKLGJA;9DH=JAG<<MJAF?O@A;@L@=
KLM<QO9K;GF<M;L=<
/@=EMJ<=JG>"=GJ?=!DGQ<AF(9QG>D=<LGE9KKAN=HJGL=KLKL@JGM?@GML
H9JLA;AH9FLJ=;9DDKOGJCAF?OAL@LOGKMH=JAFL=F<=FLK<MJAF?@=J>AJKLL@J==Q=9JK9F<
FGL=<L@=>GDDGOAF?
%/@B717>/<B.470E40=4FBD?4A8=C4=34=C1DCC74>;3BD?4A8=C4=34=C0=3
<4CA46D;0A;H0=3748=E>;E43<48=C743428B8>=<0:8=60=3?;0==8=60=3
FA8C8=6;4CC4ABC>C742><<D=8CH4B?4280;;H05C4AC744>A64;>H3<DA34A
GJ?9FAR9LAGFGFALKE9AFO=:H9?= $LJ=9<KL@9LAL\A42>6=8I4BC74=443C>4=3
8=BC8CDC8>=0;;HA028BCBHBC4<B0=3?>;8284BC70C70E46>E4A=43>DAB>284CH5>AC>>;>=60=3
DAN=K E9LL=J 9L K;@GGDF=9 <=E9F<K BMKLA;= >GJ :D9;C DAN=K >GJE /@=D9;C'AN=K
(9LL=JEGN=E=FL9F<;9DDKLG<=>MF<L@=HGDA;=;J=9L=<L=FKAGFOAL@AF;GEEMFALA=K9F<
=N=F9LL@=K;@GGDD=N=DO@=J=KMH=JAFL=F<=FLK9F<K;@GGD:G9J<KO=J=;@9DD=F?=<LG
D9;C'AN=K(9LL=J>D9?AFL@=K;@GGDGJO@=L@=JL=9;@=JK;GMD<<GL@AKAFL@=AJGOF
/@=L=JE\2GC=]:=;9E=EGJ=;GEEGFAFJ=N=9DAF?L@=EAF<K=LKG>DA:=J9DKO@A;@
OGJ<\2GC=]9K9KD9F?L=JEE=9FAF?\/G:=9O9J=G>9F<9;LAN=DQ9LL=FLAN=LG
AEHGJL9FLKG;A=L9D>9;LK9F<AKKM=K =KH=;A9DDQAKKM=KG>J9;A9D9F<KG;A9D
BMKLA;= ].;@GGDKL@9L9;LAN=DQ<AK;MKK=<J9;A9DDQ;@9J?=<=N=FLKDAC=L@=EMJ<=JG>
"=GJ?=!DGQ<9F<;GEEALL=<LGL@AFCAF?9:GMLKG;A9DBMKLA;=;9MK=KO=J=FGO:=AF?
L@AKKLM<QH9A<9LL=FLAGFLGF9LAGF9D=N=FLK9F<OGJC=<LG;J=9L=9>>AFALQ?JGMHKLG<=:JA=>
OAL@>9;MDLQ9F<GJKLM<=FLKG>9>>=;L=<?JGMHK *F=H9JLA;AH9FLO9K=EHDGQ=<:Q9
<AKLJA;LL@9LO9KKM=<:QL@=;GFK=JN9LAN=?JGMH+9J=FLK=>=F<AF? <M;9LAGFO@A;@
9DD=?=<L@9L9>>AFALQKH9;=KO=J=MFD9O>MD9KAL;GFKLALML=<K=?J=?9LAGF +=F<@9JC9J
B44=<H=0<4>=2>=B4AE0C8E4F41B8C4B E4B44=B><4B27>>;B>=;8:4A0=3><
F41B8C4B2;08<8=6C70CF40A43>8=6B><4C78=6C70C8BH>D:=>F48C74A8;;460;>A
C40278=6:83BC>544;D=2><5>AC01;4J*> 3>544;0?A4BBDA48=;867C>5C74A424=C
01>DC0558=8CH6A>D?B0=37>FF4;8:4F4A4BC8;;6>8=6C>3>C74<F4A4BC8;;
6>==070E40558=8CH6A>D?B =37>F3>F4?A><>C4C74<8=BD270F0HC70CC74H
C74H<08=C08=C74B054B?024F8C7>DC70E8=6B><41>3H5A><C74>DCB8342><48=
0=3CAHC>A42>A3 N
FQ;GFN=JK9LAGFK9:GMLAN=JKALQ IMALQ9F<$F;DMKAGFGJKG;A9DBMKLA;=O=J=9DKG:=AF?
?JGMHK;@9DD=F?AF?K;@GGDHGDA;Q ;MJJA;MD9<=;AKAGFK9F<@GO;=JL9AF;GFL=FLAKL9M?@LAF
1GM?@L <AJ=;LGJG>L@=*>>A;=G>(9F9?=E=FL9F<M<?=LK=FL9E=EGLG9DD=P=;MLAN=
<=H9JLE=FL@=9<KGF:=@9D>G>L@=>GJE=JHJ=KA<=FLO@=J=@=OJAL=K \/@=+J=KA<=FL@9K
<AJ=;L=<E=LG=FKMJ=L@9L!=<=J9D9?=F;A=K;=9K=9F<<=KAKL>JGEMKAF?L9PH9Q=J<GDD9JK
J=>=JJAF?LG<AN=JKALQLJ9AFAF?L@9L@A?@DA?@LKL@==PAKL=F;=G>KQKL=EA;J9;AKE9F<O@AL=
J9;=L@=GJQEGN=E=FLAK;GFLJ9JQLGO@9LO=KL9F<>GJ9KE=JA;9FK ]/@=OGJCG>
;MJJ=FLAJ=;LGJKG>AN=JKALQ IMALQ9F<$F;DMKAGFAK:=AF?<GF=9L9LAE=O@=F@9D>G>
E=JA;9FK:=DA=N=L@9LK;@GGDKK@GMD<L=9;@9:GMLL@=GF?GAF?=>>=;LKG>J9;AKE 2ADD
*F=H9JLA;AH9FLJ=N=9DKL@9LK@=@9K@=9J<EGJ=>JGEGMLKA<=;GFK=JN9LAN=?JGMHK
EGJ=L@9FL@GK=OAL@AFL@=K;@GGD<AKLJA;L
%/@B717>/<B +74A48B:8=3>5?DB7102:5A><C742><<D=8CH2>=B4AE0C8E4
6>C>=4>5C7>B45A443><>58=5>A<0C8>=A4@D4BCB5A><0.0B78=6C>=
>=B4AE0C8E46A>D?1DCC70CF0B=CC74?0A4=CB *>C74A4B0A8B:8=E>;E43
24AC08=;HF470E40;>C>5)4?D1;820=B1DCB>50AC74HE4144=@D84C
(C;;/@G
/@AK;@9HL=J<=DN=K<==HDQAFLGL@=J=KMDLKG>L@=J=K=9J;@KLM<Q:Q=DM;A<9LAF?
J=K=9J;@H9JLA;AH9FLK_J=KHGFK=KLGAFL=JNA=O9F<>G;MK?JGMHAFL=JNA=OK=KKAGFK L@MK
(9KK9;@MK=LLKHM:DA;K;@GGDK /@=LJ9FK;JAHL<9L9;G<AF?HJG;=KKEGN=<>JGEAFALA9D
;G<=KLG>AF9D;G<=KO@A;@:=;9E=L@=:9KAKG>L@=>GMJE9BGJL@=E=KG>L@=KLM<Q
$F;DMKAGFGH=J9L=AFOGJCK=LLAF?KO@=J=BG:<=K;JAHLAGFK9J=D=F?L@Q9F<9DD
=F;GEH9KKAF?9KA>L@=AJHJ=K=F;=AKLGK9N=L@=GJ?9FAR9LAGF /@=Q>9;=;GFKAKL=FL
IM=KLAGFAF?9:GMLL@=>MF;LAGFG>L@=AJJGD=9F<G>L=F9J==PHGK=<LG;GEE=FL9JQL@9L
L@=AJHGKALAGFKK@GMD<FGL=PAKLAFK;@GGD<AKLJA;LK
MJ?=F;Q9AE=<9LAEHJGNAF?L@=D=9JFAF?9F<=PH=JA=F;=KG>$+*KLM<=FLK >9EADA=K
9F<>9;MDLQ /@AKMJ?=F;QAKG>L=FMFJ=;AHJG;9L=<:QL@=K;@GGD;GEEMFALQL@9L=EHDGQK
=EGLAGF9D9F<J9;A9DAR=<KLJ=KK /@AK=E=J?=K>JGEL@=AJ;GFKL9FL>G;MKGFL@=F==<KG>
L@=K;@GGD;GEEMFALQ_KE9J?AF9DAR=<HGHMD9LAGFK9F<L@=AJGOFDAN=<=PH=JA=F;=K9K
$+*E=E:=JK
!AF9DDQ L@GK=O@G@9N=;GFLJA:ML=<LGL@AKKLM<Q=PH=JA=F;=J=KAKL9F;=>JGE
J=KAKL9F;=;=FL=J=<GFL@=HGKALAGFG>K;@GGDKMH=JAFL=F<=FL (GKLG>L@=AJ=;LGJKG>
AN=JKALQ IMALQ9F<$F;DMKAGFAFL@AKKLM<QJ=HGJL=<OGJCAF?OAL@KMH=JAFL=F<=FLKL@9L
E9<=L@=AJBG:K@9J<=J .GE=O=J=C=HL9O9Q>JGEL@=K=FAGJD=9<=JK@AHL=9E9F<GL@=JK
O=J=J=D=?9L=<LG<GAF?:9KA;KQE:GDA;OGJCDAC=K=F<AF?GMLF=OKD=LL=JKGJ<=KA?FAF?
LJ9AFAF?>GJKL9>> =AF?L@=DGF=AJ=;LGJOAL@>=OJ=KGMJ;=KO9K9DKGNA=O=<9KL@=
<AKLJA;L_KD9;CG>KMHHGJL FGL@=JMF=PH=;L=<>AF<AF?O9KL@==PL=FLLGO@A;@=PL=JF9D
J=KAKL9F;=HD9QAF?GMLGFL@=DG;9D9F<F9LAGF9DHGDALA;9DKL9?=AEH9;L=<L@=OGJCG>L@=
AJ=;LGJKAFL@AKKLM<Q DDG>L@=K=HJ=KKMJ=K;GMD<N=JQO=DD:=J=KHGFKA:D=>GJL@J==G>
L@=KAPH9JLA;AH9FLKD=9NAF?L@=AJHGKALAGFK9<AJ=;LGJG>AN=JKALQ IMALQ9F<$F;DMKAGF
L@=K=J=KMDLKAFL=JEKG>L@=GJA?AF9DIM=KLAGFKL@9L>J9E=L@AKJ=K=9J;@KLM<Q
<AK;MKKAGFG>L@=D9J?=JKA?FA>A;9F;=G>L@=KLM<QOADD>GDDGOO@AD=;GFF=;LAF?J=KMDLKLG
K;@GD9JDQDAL=J9LMJ=
%)'+
7A1CAA7=<
/@=>AF9D;@9HL=JOADDJ=NAKALL@=J=K=9J;@IM=KLAGF9F<L@=E=L@G<GDG?Q=EHDGQ=<
L@=AEHDA;9LAGFKL@=J=K=9J;@=JG>>=JK>GJ;GFKA<=J9LAGF /@=DAEAL9LAGFKG>L@=KLM<Q9J=
FGL=<O@AD=KAEMDL9F=GMKDQHJGNA<AF?J=;GEE=F<9LAGFK>GJ>MLMJ=K;@GD9JDQJ=K=9J;@
<B@=2C1B7=<
AJ=;LGJKG>AN=JKALQ IMALQ9F<$F;DMKAGFAF(9KK9;@MK=LLK+M:DA;.;@GGDKO@G
H9JLA;AH9L=<AFL@AKJ=K=9J;@KLM<Q:=DA=N=L@=QGH=J9L=AF9OGJCK=LLAF?L@9L@9KFGL;GE=
LGMF<=JKL9F<O@9LALE=9FKLG:=:=;GE=9FGJ?9FAR9LAGFO@=J=9DD<=H9JLE=FLKOGJCAF
LGG:K=JN=L@AK@GKHAL9DALQ>9<=9KKL9C=@GD<=JKIM=KLAGF=<L@=AJ>MF;LAGF9F<J=KAKL=<
KM??=KLAGFKL@9LGJA?AF9L=<>JGEL@=J=9DALQG>@GOL@=K;@GGD<AKLJA;L9F<;GEEMFALQ
H@=FGE=FGDG?A;9DJ=K=9J;@AKLGKHGFKGJ9;JALA;9D=<M;9LAGF9D;GEH=L=F;= ]9F<L@AK
<=L9AD=<<AK;MKKAGFL@9LDAFCKEQ>AF<AF?KLG;JALA;9D9F<;J=9LAN=;GF;DMKAGFK9F<
AEHDA;9LAGFK>GJHJ9;LA;=9F<HGDA;Q<=N=DGHE=FL O@A;@9AEKLG=<A>QL@==<M;9LAGF9D
;GF;DMKAGFK
/@AKH@=FGE=FGDG?A;9DKLM<Q9AE=<LGMF;GN=JL@=DAN=<=PH=JA=F;=KG>AJ=;LGJK
AN=JKALQ IMALQ9F<$F;DMKAGF9F<>G;MK=<GFL@=IM=KLAGF#GO<G(9KK9;@MK=LLK
$F;DMKAGF.APH9JLA;AH9FLK>JGEMJ:9F9F<KM:MJ:9F<AKLJA;LK=F?9?=<AFAF<ANA<M9DK=EA
KLJM;LMJ=<AFL=JNA=OK9F<D9L=JBGAF=<>G;MK?JGMHKLGK@9J=L@=AJ=PH=JA=F;=K9F<LG:MAD<
MHGF=9;@GL@=J_KF9JJ9LAN=KG>L@=AJOGJCAFL@=<AKLJA;LKL@9L;J=9L=<L@AKF=OHGKALAGF
/@=>GMJL@=E=KL@9L=E9F9L=<>JGEL@=9F9DQKAK9J=L@=>GDDGOAF? O@A;@OADD:=
<AK;MKK=<AFKM:K=IM=FLK=;LAGFK
• -GD=E:A?MALQ9F<0F;=JL9AFLQ
• 0J?=F;Q9F<<NG;9;Q $+*GEEMFALQ
• EGLAGF9D/GDD9F<!9LA?M=
• -=KAKL9F;=9F<D9;CG>KMHHGJL
(C;;/@G=4'3AC:BA
/@=AJ=;LGJKG>AN=JKALQ IMALQ9F<$F;DMKAGFAFL@AKKLM<QO=J=OAL@AFL@=>AJKL
AFL=J=KLAF9<<J=KKAF?HJG:D=EKL@9LKL=E>JGEH=JKAKL=FL=<M;9LAGF9DAF=IMALQ "J==F
KL9C=@GD<=JKO@GKLADD<A<FGLCFGOO@9LL@=AJ>MF;LAGFO9KAFL@=K;@GGD<AKLJA;L KGF=
J=E9AFK9H9DH9:D=L=FKAGF=NA<=F;=<AFL@=;GFKL9FLIM=KLAGFK9:GMLL@=F=;=KKALQG>L@=
HGKALAGF9F<L@=<=KAJ=>GJ;D9JALQ9:GMLO@9LL@=AJ=;LGJG>AN=JKALQ IMALQ9F<
ALJ=IMAJ=KH=GHD=AFL@=<AKLJA;LLGJ=9DDQ?J9HHD=OAL@O@Q9J=QGM<GAF?L@AK]
=AF?$+*AFGMJJ9;A9DAR=<KG;A=LQHJGEHLKL@=AJ=;LGJKG>AN=JKALQ IMALQ
9F<$F;DMKAGFLG;GF<M;LL@=AJOGJCOAL@9@=A?@L=F=<9O9J=F=KK9F<K=FK=G>
MJ?=F;Q /@=Q9NGA<L@=KDGO=JH9;=G><GAF?L@AKOGJCL@9LG>L=FAKK==FAF<AKLJA;LKL@9L
K=JN=HJ=<GEAF9FLDQO@AL=>9EADA=K /@AKAKO@9LAKJ=>=JJ=<LG9KH9;AF?>GJHJANAD=?=
<AKHJGHGJLAGF9L=<AK;AHDAF=9F<J=>=JJ9DLGKH=;A9D=<M;9LAGF=PH=JA=F;=<:Q$+*
KMKH=F<=<9F<GMJ:D9;CKLM<=FLKF=N=J?=LGMLG>J=KHGFK=LGAFL=JN=FLAGF
=PH=JA=F;=KG>$+*KL9>>L@JGM?@L@=;J=9LAGFG>9>>AFALQ?JGMHK9F<L@JGM?@
$F;DMKAGFAFL@=KLM<QHJG<M;=<9F=EGLAGF9D9F<J9;A9D>9LA?M=L@9LK=D<GE=PAKLKAFGL@=J
L@AKOGJCD9F<KGFKL9>>G>;GDGJ9F<GL@=JE9J?AF9DAR=<?JGMHK ]/@AKAKO@9LKGE=
J=K=9J;@=JKJ=>=JLG9KJ9;A9D>9LA?M=GJL@==PH=JA=F;=AFO@A;@H9KKAGF9L=9F<GHLAEAKLA;
H=JKGF9DAKKM=KLGE=9F<EQ>9EADQ ]
!AF9DDQ L@=<AKLJA;LKL@9L@AJ=<L@=KAPH9JLA;AH9FLK@9N=9AE=<LGAEHJGN=L@=
J9;A9D;DAE9L=AFL@=<AKLJA;L9F<LG=FKMJ==IMAL9:D=GML;GE=K>GJ9DDKLM<=FLK:ML@9N=
9DKGH=JH=LJ9L=<E9FQ;@9DD=F?=K9F<@9N=K=JN=<9KAEH=<AE=FLKLGL@=OGJC:=AF?<GF=
L@=KMH=JAFL=F<=FLAF;DM<=<L@=EGFL@=K=FAGJD=9<=JK@AHL=9E9F<?=FMAF=DQ9F<
J=?MD9JDQKGM?@LL@=AJ;GMFK=D DDL@=GL@=JH9JLA;AH9FLK>=DLL@=AJKMH=JAFL=F<=FLF==<=<
LGAF;J=9K=L@=AJ=IMALQDAL=J9;Q9F<EGN=9DGF?L@=;MDLMJ9DHJG>A;A=F;Q;GFLAFMME
H9JLA;AH9FLK@9J=< \/@=KMH=JAFL=F<=FL;9F_L:=9D=9<=JO@GAK=FNAGMKG>L@=KCADDK=LK
AEHGJL9F;=LGFGL=L@9LGMLG>L@=KAPH9JLA;AH9FLKAFL@=KLM<Q @9D>G>L@=EO=J=FG
DGF?=J=EHDGQ=<:QL@=<AKLJA;LL@9L@AJ=<L@=E /@=Q=AL@=JD=>LG>L@=AJGOF9;;GJ<GJ
L@=AJ;GFLJ9;LKO=J=FGLJ=F=O=<
-=KAKL9F;=9DKGE9FA>=KL=<ALK=D>AFK;@GGDD=9<=JK L=9;@=JK9F<;GEEMFALQ
E=E:=JK>9ADAF?LG;J=9L=9O=D;GEAF?9F<;GDD9:GJ9LAN=OGJCAF?J=D9LAGFK@AH *F=
H9JLA;AH9FL>=DLL@9LL@=J=O9K9@=9NQ=EH@9KAKGFK;JMLAFARAF?L@=OGJCG>L@=AJ=;LGJ
=IMALQOGJC:ML>==DAF?L@9LL@=<AKLJA;L9F<K;@GGDK9HH=9J=<MFJ=9<Q9F<G>L=FMFOADDAF?
H=JKGF9D9LL9;CK>JGE;GFK=JN9LAN=?JGMHK@9N=;J=9L=<9FMFK9>=OGJCAF?=FNAJGFE=FL
?GFF9"GG?D=EQF9E=9F<LJQLG>AF<E=GF!9;=:GGC:=;9MK=ALAK9@A?@=JL@=D=N=DG>
KLJ=KKL@9LO=@GD<AFLJQAF?LG;9DDGMLAF=IMALA=K =KH=;A9DDQL@GK=L@9LJ=D9L=LGJ9;=9F<
J9;AKE ]
7A1CAA7=<=4'3AC:BA
'=:3;075C7BG/<2*<13@B/7<BG
.AEAD9JLGO@9LK;@GD9JK@9N=J=N=9D=<9:GMLMFAN=JKALQD=N=D@A=>AN=JKALQ
*>>A;=JK9F<L@=AJAF<=H=F<=FLK;@GGD=IMAN9D=FLK L@=H9JLA;AH9FLKAFL@AKKLM<Q@9N=:==F
<=>AF=< +JAGJALARAF?=PH=;L9LAGFK>GJL@=K=AJ=;LGJKAK=KK=FLA9DA>L@=Q9J=LG<GL@=AJ
BG:O@=FHGJLAGFKG>L@=;GEEMFALQO=J=MF;D=9J9:GMLO@Q9AJ=;LGJG>AN=JKALQ
IMALQ9F<$F;DMKAGFO9K=N=FE=JAL=< 2@9LL@AK@9K<GF=AKHD9;=L@=JGD=AFL@=EA<KL
O@=J=L@=Q@9<LGG>>=J9F=PHD9F9LAGF>GJO@9LL@=QO=J=<GAF?GJO@9LL@=Q:=DA=N=<
L@=QO=J==PH=;L=<LG<G
$>L@=HJG>=KKAGF9DKAFL@=JGD=G>AJ=;LGJG>AN=JKALQ IMALQ9F<$F;DMKAGF9J=
<AKLJA;L_K<==H9F9DQKAK9F<J=>D=;LAGFG>O@9LL@=Q@GH=LG9;@A=N=9KH9JLG>L@=AJ=IMALQ
AFL=JF9DJ9;A9D;DAE9L=9KK=KKE=FLKJ=;GEE=F<=<L@=9<<ALAGFG>L@=AJHGKALAGFLGL@=
;GEEALE=FLLG=IMALQOGJC
*@53<1G/<22D=1/1G%$=;;C<7BG
AJ=;LGJKG>AN=JKALQ IMALQ9F<$F;DMKAGFHD9;=?J=9L=EH@9KAKGF:=AF?L@=
NGA;=9F<9<NG;9L=>GJMF<=JK=JN=<KLM<=FLK9F<>9EADA=K /@=QK==LGALL@9LL@=<AKLJA;L
9F9DQR=K<9L9L@9LJ=N=9DK<AKH9JALA=KAFEMDLAHD=9J=9KKM;@9K9;9<=EA;9;@A=N=E=FLGF
KL9F<9J<AR=<L=KLK J=>=JJ9DK>GJKH=;A9D=<M;9LAGFK=JNA;=K9F<<AK;AHDAF=>GJK;@GGD
E=LOAL@AEE=<A9L=9F<MJ?=FLJ=KHGFK=K GEEMFALA=KOADDAF?LGJ=>D=;LGFL@=AJ
HJ9;LA;=9J=9:D=LGAEHD=E=FL9F=>>=;LAN=NAKAGF>GJ=IMALQ;@9F?= = ? #9L;@=L9D
KL9C=@GD<=JKAFK=JAGMK<A9DG?M=9:GMLFGLBMKLO@9LL@=<AKLJA;L<9L9J=N=9DK :ML9DKG
O@9LL@=<AKLJA;LEMKL<GLGAEHJGN=L@=K;@GGD=PH=JA=F;=KG>MF<=JH=J>GJEAF?$+*
AN=JKALQ IMALQ9F<$F;DMKAGF<GAF?OGJCAFAKGD9LAGFJMFKL@=JAKCG>:=AF?E=J=DQ9
KQE:GD>GJ=IMALQ =KH=;A9DDQA>L@=:JG9<=J;GEEMFALQ<G=KFGL=E:J9;=L@=E=9FAF?>MD
/@=AJ=;LGJG>AN=JKALQ IMALQ9F<$F;DMKAGF_K;GFKL9FL=EH@9KAKGF9;LAGF;9F
;J=9L=L=FKAGF9KL@=;9DDAK>GJKA?FA>A;9FL9<9HLAN=;@9F?=LG=<M;9LAGF9DHJ9;LA;=>GJL@=
OAL@IM=KLAGFKG>BMKLA;=9F<<=EG;J9;Q9F<;JALAIM=KAF=IMAL9:D=HJ9;LA;=K G>>=JAF?
\/@=HJGEAK=FGLGFDQG>?J=9L=JAF<ANA<M9D9;@A=N=E=FL:MLG>9:=LL=JDA>=DAN=<AF
LQHA;9DDQH=J>GJE9LL@=@A?@=KLD=N=DKGFKL9F<9J<AR=<L=KLK ALAK=9KQLG?=L;9M?@LMHAF
<AK9??J=?9L=9F<@GD<L@=EA;JGK;GH=LGL@=<9L9LGJ=N=9DL@=GHHGKAL=J=9DALQ>GJ
E9J?AF9DAR=<KLM<=FLK =KH=;A9DDQD9;C9F<#AKH9FA;KLM<=FLKO@GLJ9<ALAGF9DDQ
MF<=JH=J>GJE;GEH9J=<LGL@=AJ2@AL=9F<KA9F;GMFL=JH9JLK /@=HMK@>GJ;@9F?=;9F
:=E=LOAL@J=K=FLE=FL9F<J=KAKL9F;= =KH=;A9DDQA>L@=<AKLJA;LAKFGL9:D=LGL9C=
J=KHGFKA:ADALQ>GJMF=9JL@AF?L@=JGGL;9MK=KG>L@AKH=JKAKL=FL>9ADMJ= KL@=H9JLA;AH9FLK
MF<=JH=J>GJEAF?HGHMD9LAGFKG>KLM<=FLKKLJM??D=<M=LGHGN=JLQ D9;CG>J=KGMJ;=K9F<
LGL@=AJ=;LGJG>AN=JKALQ IMALQ9F<$F;DMKAGFLG;GFLAFM=LG9<NG;9L=9F<D=9<
;GFN=JK9LAGFK9:GMLO@9LK;@GGDK;9F<GLG:=L=F9;AGMKAFL@=AJKMHHGJLG>KLM<=FLK9F<
>9EADA=K=PH=JA=F;AF?>AF9F;A9DAFK=;MJALQ /@=J=K=9J;@H9JLA;AH9FLK@9N==PHJ=KK=<9
F==<>GJ<AKLJA;LKMHHGJL;GEAF?>JGEL@=9:ADALQLGMF<=JKL9F<@GO<AKLJA;LHGDA;A=K9F<
HJ9;LA;=K@9N=:==F;GFLJA:MLAF?>9;LGJKLGAF=IMALA=KAFKLM<=FL9;9<=EA;GML;GE=K9F<
L9CAF?J=KHGFKA:ADALQ>GJ;J=9LAF?;GF<ALAGFK>GJKLM<=FLKM;;=KK $FE9FQG>L@=<AKLJA;LK
AFL@AKKLM<Q L@=;GFKL9FLNGA;=;@9DD=F?AF?L@=KL9LMKIMGAKL@=GF=G>L@=AJ=;LGJKG>
J=<M;=L@=AJ=;LGJG>AN=JKALQ IMALQ9F<$F;DMKAGFLGFGL@AF?EGJ=L@9F9>A?MJ=@=9<
;=B7=</:)=::/<2/B75C3
!GJAJ=;LGJKG>AN=JKALQ IMALQ9F<$F;DMKAGFL@=<9QK9J=>ADD=<OAL@
=PH=JA=F;=K9F<AFL=J9;LAGFKL@9L;J=9L=@A?@D=N=DKG>KLJ=KK /@=MF;=JL9AFLQ9F<
9E:A?MALQG>L@=JGD=9F<L@=D9;CG>MJ?=F;Q>JGE<AKLJA;LD=9<=JK9F<KL9>>LG=F?9?=AF
J=K=9J;@GFJ9;A9DEAFGJALQOGJC=JKAFHJ=<GEAF9FLDQO@AL==FNAJGFE=FLK@9K
<G;ME=FL=<L@9LL@=J9;A9D<QF9EA;KAFL@=K=BG:K;9F;9MK=>==DAF?KG>9F?=J AJJAL9LAGF
L@=KLM<QO=J=NG;9DAFL@=AJ;GEE=FL9JQL@9LL@=<AKLJA;LKL@9L=EHDGQ=<L@=EH9A<DALLD=
9LL=FLAGF9F<HGKK=KK=<DALLD=MF<=JKL9F<AF?G>L@=NMDF=J9:ADALQ=PH=JA=F;=<:QH=GHD=G>
AFL@=DAF=G>>AJ=AK9FGL@=J;GEEGF=PH=JA=F;=J=HGJL=<:QL@=J=K=9J;@
/@=AJ=;LGJKAFL@AKKLM<QK=JN=AF9<=H9JLE=FLG>GF=9F<L@AKHJG<M;=K>==DAF?K
J=KGMJ;=<AJ=;LGJG>AN=JKALQ IMALQ9F<$F;DMKAGFOADDFGL:=9:D=LGEGN=<AKLJA;L
=IMALQAFALA9LAN=K>GJO9J< .=N=J9DH9JLA;AH9FLKJ=HGJL=<@9NAF?LGOJAL=L@=AJGOF?J9FLK
9F<=PHDGJ=;GEEMFALQJ=KGMJ;=KAFGJ<=JLG>==DL@=Q@9<KM>>A;A=FL>MF<AF?LG=F?9?=AF
?G9DKGMLDAF=<AFL@=<AKLJA;L_K=IMALQHD9F /@AK;ME:=JKGE=OGJCG>L=FLGGC9O9Q>JGE
FGL@=J>9;LGJL@9L;GFLJA:ML=<LGL@==EGLAGF9DLGDD=PH=JA=F;=<:QAJ=;LGJKG>
AN=JKALQ IMALQ9F<$F;DMKAGFH=JL9AFKLGL@=;@9DD=F?=KG>@9NAF?LG9<<J=KKJ9;A9DDQ
;@9J?=<:=@9NAGJ9DAF;A<=FLKAFK;@GGDK /@AKG>L=FD=<LGL=FKAGFOAL@K;@GGD
9<EAFAKLJ9LGJKO@GO=J=H=J;=AN=<9KMFOADDAF?GJMF9:D=LG9<<J=KKAF;A<=FLKAFNGDNAF?
L@=MK=G>J9;A9DKDMJKAF9O9QL@9LH9JLA;AH9FLK:=DA=N=<K@GMD<@9N=AFNGDN=<
;GFN=JK9LAGFKOAL@L@=:JG9<=JKLM<=FL:G<QLGJ9AK=9O9J=F=KK9JGMF<EA;JG9??J=KKAGFK
9F<MF;GFK;AGMK:A9K /@=;GFKL9FL;GF>DA;LOAL@K;@GGD9<EAFAKLJ9LGJKJ9AK=KIM=KLAGFK
9:GMLAEHJGNAF?O9QKL@9LAF;A<=FLK9J=AFN=KLA?9L=< D9JALQGFO@GL9C=KL@=D=9<9F<
L@=MK=G>AFN=KLA?9LAGFHJGLG;GDK;9F9DD=NA9L=L@=KLJ=KKAFL@=K=;GEEGF=PH=JA=F;=K>GJ
AJ=;LGJKG>AN=JKALQ IMALQ9F<$F;DMKAGF
'3A7AB/<13/<2!/19=4(C>>=@B
AJ=;LGJKG>AN=JKALQ IMALQ9F<$F;DMKAGF=PH=;LL@=AJJGD=KLG:=;@9DD=F?AF?
?AN=FL@=F9LMJ=G>;GFN=JK9LAGFK9:GMLJ9;= AF=IMALQ9F<;@9F?AF?KLJM;LMJ=KL@9L
AEH=<=HJG?J=KK>GJEAFGJALAR=<KLM<=FLK9F<>9EADA=K /@AKJ=KAKL9F;=;GE=K>JGE:GL@
OAL@AFL@=K;@GGD<AKLJA;L9KO=DD9K>JGEGMLD=LK>JGEGMLKA<=L@=GJ?9FAR9LAGF !GJL@AK
$F;DMKAGF;9F;GFKA<=JO9QKLGEALA?9L=L@=O9N=KG>HJGL=KLKL@9L=F;ME:=JL@=OGJCG>
L@=K=HJG>=KKAGF9DK
+9JLA;AH9FLF9JJ9LAN=KAFL@=KLM<Q9DDGOGF=LGK==O@=J=;@9F?=;9F:==F9;L=<
LGAEHJGN=L@=O9QKAJ=;LGJK9J=KMHHGJL=<AFL@=AJJGD= *J?9FAR=<>9;MDLQGJH9J=FL
HJGL=KLKLGL@==IMALQOGJC;9F:=9<<J=KK=<L@JGM?@L@=;GDD=;LAN=NGA;=KG>9K;@GGD
<AKLJA;L;GEEALL=<LGHJGL=;LAF?ALK;GJ=N9DM=K KGD=<AJ=;LGJ;9FFGLO=9L@=JL@=E9FQ
>GJEKG>J=KAKL9F;=LGL@=OGJC9F<LGL@=JGD=ALK=D> .=FAGJD=9<=JK@AHL=9EK9LL@=
<AKLJA;LD=N=D;9F=EHDGQ9@9F<K BGAF=<9HHJG9;@AF9<<J=KKAF?;JALA;AKE9F<9LL9;CGF
=IMALQOGJC /@=>=9J9F<;GFKL9FLNA?AD9F;=L@9LH=JE=9L=KL@=JGD=;9FAEHJGN=L@JGM?@
L@AKK@A>L
/@=?J=9L=KL;@9DD=F?=9K9JLA;MD9L=<:Q9DDL@=H9JLA;AH9FLKAFL@=KLM<QAFNGDN=K
L@=OGJCOAL@L@=K;@GGD<AKLJA;LD=9<=JGJKMH=JAFL=F<=FL #9D>G>L@=H9JLA;AH9FLK
A<=FLA>A=<L@AKH=JKGF9KL@=:A??=KLAEH=<AE=FL9F<>GJEG>J=KAKL9F;= /@=GL@=J@9D>
:=F=>AL=<>JGE@9NAF?L@==F<GJK=E=FLG>L@=KMH=JAFL=F<=FL:ML>GMF<AL;@9DD=F?AF?LG
<=N=DGHL@=;MDLMJ9D;GEH=L=F;=KCADDKAFL@=AJKMH=JNAKGJK #9NAF?<AKLJA;LD=9<=JKOAL@
@A?@DQ<=N=DGH=<KCADDKAFL@AK9J=9OGMD<:=@A?@DQ:=F=>A;A9DLGL@=<AJ=;LGJKAFL@=
KLM<Q /@=>GDDGOAF?K=;LAGFHJGNA<=K9FME:=JG>L9F?A:D=J=;GEE=F<9LAGFKL@9LE9Q
;GFLJA:ML=LGL@=DAEAL=<:G<QG>J=K=9J;@AFL@AK9J=9>G;MK=<GFHM:DA;K;@GGDAJ=;LGJK
G>AN=JKALQ IMALQ9F<$F;DMKAGF
;>:71/B7=<A
"AN=FL@=LJ=F<LG@AJ=HM:DA;K;@GGDAJ=;LGJKG>AN=JKALQ IMALQ9F<
$F;DMKAGF L@AKKLM<QE9C=K;D=9JL@9L(9KK9;@MK=LLKK;@GGD<AKLJA;LK@9N=KLJM??D=<LG
HJGH=JDQKMHHGJLL@=K=HJG>=KKAGF9DK /@=J=K=9J;@KLM<Q>AF<AF?KG>>=JAEHGJL9FL
AEHDA;9LAGFK>GJ=<M;9LAGF9DHJ9;LA;=9F<HGDA;Q<=N=DGHE=FLL@9LE9QAF;J=9K=L@=
HJG:9:ADALQL@9LL@=AJ=;LGJG>AN=JKALQ IMALQOADD:=KM;;=KK>MDAFEGNAF?9<AKLJA;L
9<NG;9;Q>GJKMHHGJLAF?L@=$+*GEEMFALQO9KL@=K=;GF< /@=L@AJ<9F<>GMJL@
O=J=L@==EGLAGF9DLGDD9F<L@=J=KAKL9F;==PH=JA=F;=<:QL@=AJ=;LGJKG>AN=JKALQ
IMALQ9F<$F;DMKAGF
/@AKK=;LAGFGMLDAF=KL@=>GDDGOAF?AEHDA;9LAGFKO@A;@9J=:GJF>JGEL@=>AF<AF?K
G>L@=KLM<Q
J=9L=KL9F<9J<K>GJHJ9;LA;=
=N=DGH;GEH=L=F;A=K>GJ;G9;@AF?
+JGNA<=K=D> ;9J=KMHHGJL
FKMJ=KMH=JAFL=F<=FLD=9<K<AKLJA;LOA<==IMALQOGJC
(B/<2/@2A=4%@/1B713
AJ=;LGJKG>AN=JKALQ IMALQ9F<$F;DMKAGF;9F:=KL:=KMHHGJL=<A>L@=AJBG:
<=K;JAHLAGFK9F<=PH=;L9LAGFK9J=9F;@GJ=<AFKL9F<9J<K>GJHJG>=KKAGF9DHJ9;LA;= 2@AD=
G>>=JAF?\?MA<9F;=9F<KMHHGJLLGAF<ANA<M9DKK=JNAF?9K*K 9KO=DD9KLGL@=
AFKLALMLAGFKO@=J=L@=QOGJC] H9?=
$FJ=NA=OAF?L@=KL9F<9J<K L@=J=K=9J;@=JJ=;GEE=F<KKL9JLAF?L@=OGJCOAL@
)/0:3
(B/<2/@2A=4%@=43AA7=</:%@/1B7134=@$A
!$""
" !
!!
$
" %
!$""
$
$ $
!$
.L9F<9J<>GMJ9KCKL@=AJ=;LGJG>AN=JKALQ IMALQ9F<$F;DMKAGFLG\OGJCOAL@
K=FAGJ;9EHMK9<EAFAKLJ9LGJKYLGJ=NAK=GJJ=EGN=AFKLALMLAGF9DHGDA;A=K HJG;=<MJ=K9F<
FGJEKL@9L;J=9L=<A>>=J=FLA9DKLJM;LMJ9D:9JJA=JKLGL@=9;;=KK9F<KM;;=KKG>KLM<=FLK
KALM9L=KL@=AJ=;LGJAF;DGK=HJGPAEALQLGL@=KMH=JAFL=F<=FL9F<@AK@=JD=9<=JK@AHL=9E
9DDGOAF?>GJAF>DM=F;=AF=J9<A;9LAF?:A9K=<HGDA;A=K9F<J=HD9;AF?L@=EOAL@=IMAL9:D=
K;@GGDHGDA;A=KEGNAF?>GJO9J< /@=>=OAJ=;LGJKO@G>=DLKMHHGJL=<:QL@=AJ
KMH=JAFL=F<=FLKAFL@AKKLM<QK@9J=<9;DGK=H9JLF=JK@AH;GEEALE=FLLG=IMALQ ;=FLJA;
D=9<=JK@AH
.L9F<9J<L=FOGMD<J=IMAJ=L@=AJ=;LGJG>AN=JKALQ IMALQ9F<$F;DMKAGFLG9DKG
OGJC;DGK=DQL@=KMH=JAFL=F<=FL9F<@AK@=JD=9<=JK@AHL=9ELG\9KK=KK HD9F9F<:MAD<
<AJ=;LGJLGKMHHGJLL@=<=N=DGHE=FL >MF;LAGF9F<>G;MKG>L@=<AKLJA;L_K=IMALQD=9<=JK@AH
L=9EO@=J=D=9JFAF?9F<HJG>=KKAGF9D<=N=DGHE=FL;=FL=J=<GF;MDLMJ9DDQJ=KHGFKAN=
D=9<=JK@AHL9C=KHD9;=9LL@=@A?@=KLD=N=DG>L@=K;@GGD<AKLJA;L GAF?L@AK;9F=FKMJ=L@=
L=9E_K>MDD=F?9?=E=FL9F<;GEEALE=FLLG=IMALQ /@=J=K=9J;@=J>MJL@=JJ=;GEE=F<K
L@9LL@=KMH=JAFL=F<=FL9F<AJ=;LGJ;G >9;ADAL9L=L@AKOGJCKGL@9L9DDOAL@AFL@=K;@GGD
;GEEMFALQK==L@=9DA?FE=FLG>=IMALQOGJC
KMHHGJL=<:Q&9DA>9O@GJ=;GEE=F<KL@9LK;@GGDK;GF<M;LQ=9JDQ=IMALQ9M<ALKLG
E9C=NAKA:D=9FQAF=IMALA=K9F<LGKMHHGJLL@=;J=9LAGFG>9HHJGHJA9L=J=>GJEK &9DA>9
/@AKAEHGJL9FLJGD=>GJAJ=;LGJK9DDGOK>GJL@=AL=J9LAN=HJG;=KKG>K;@GGD
KMH=JAFL=F<=FLOADD9DDGOL@=AJ=;LGJLG:=EGKL=>>=;LAN=OAL@AFL@=K;@GGD<AKLJA;L
.L9F<9J<LO=DN=@9KL@=AJ=;LGJG>AN=JKALQ IMALQ9F<$F;DMKAGFOGJCAF?OAL@
O=J=NG;9DAFL@=AEHGJL9F;=G>OGJCAF?OAL@9K=FK=G>MJ?=F;QAFKMHHGJLAF?L@=
$+*E=E:=JKG>L@=AJ;GEEMFALQ /@AKKL9F<9J<HMLKL@AKOGJCAFL@=>GJ=>JGFL9F<
9AEKLG;J=9L=E=9KMJ=KG>9;;GMFL9:ADALQO@AD=9DKG=<M;9LAF?L@=:JG9<=J;GEEMFALQ
/@=K=J=;GEE=F<9LAGFKHJ=K=FL9FGHHGJLMFALQ>GJL@=(9KK9;@MK=LLK=H9JLE=FL
D=?AKD9LMJ=LGAFL=JHJ=LL@=K=KL9F<9J<KAFJ=D9LAGFLGL@=OGJC=FNAKAGF=<9LL@=&Z
HM:DA;K;@GGDJ=9DE =JLA>A;9LAGF?MA<=DAF=KE9Q=E=J?=9DGF?OAL@KLJM;LMJ=KLG:GDKL=J
L@=OGJCG>L@=K=AJ=;LGJKAFF=OHGKALAGFKL@JGM?@GMLL@=KL9L=
=;>3B3<173A4=@=/167<5
AKLJA;LKOGMD<<GO=DDLGAFN=KLAFHJGNA<AF?HJG>=KKAGF9DD=9JFAF?GHHGJLMFALA=K
>GJL@=AJ=;LGJG>AN=JKALQ IMALQ9F<$F;DMKAGFOAL@9>G;MKGF<=N=DGHAF?9F<
KLJ=F?L@=FAF?L@=;GEH=L=F;A=KF==<=<>GJ=>>=;LAN=;G9;@AF? /@=H9JLA;AH9FLKAFL@AK
KLM<Q9DD@9<9:9;C?JGMF<<GAF?=IMALQOGJC9F<E9FQH9JLA;AH9L=<AFBG: DAC=?JGMHK
>GJEG>KMHHGJLK=KKAGFK>GJE9F9?AF?KLJ=KK -=KGMJ;=K<=<A;9L=<LG?JGOAF?AFL@=9J=9
G>;G9;@AF?9<MDLK9F<>9;ADAL9LAF?9<MDLD=9JFAF?AFL@=J=9DEG>=IMALQOADDGFDQ=<A>QL@=
0FDAC=GL@=JK;@GGD<AKLJA;LJGD=KL@9LJ=IMAJ=KL9L=;=JLA>A;9LAGF ;MJJ=FLDQL@=J=AK
L@=J=K=9J;@=JJ=;GEE=F<KL@9LHJG>=KKAGF9D?JGOL@HD9FK9J=<=N=DGH=<:QAJ=;LGJKLG
AEHJGN=L@=AJ;J9>LAF>9;ADAL9LAF?9<MDLD=9JFAF?9F<<=N=DGHAF?L@=AJ9:ADALQLG=>>=;LAN=DQ
KHGC=F9:GMLAJ=;LGJKG>AN=JKALQ IMALQ9F<$F;DMKAGFAFL@=HJAN9L=K=;LGJ9F<@9K
J=H=9L=<DQK@9J=<L@9LH9KKAGF9F<DAN=<=PH=JA=F;=AKFGL=FGM?@LG:=KM;;=KK>MDAFL@=
LGL@AKAK9>G;MKGF<=N=DGHAF?KCADDK
@9K=KL9:DAK@=<9;GEEALL==L@9L\<AK;MKK=K9F<J=;GEE=F<KHGDA;A=K9F<HJ9;LA;=KLG
;GEEALL==;GMD<:=AFKLJME=FL9DAF<=N=DGHAF?J=KGMJ;=K9F<LJ9AFAF?EG<MD=K>GJL@=
AFL@=AJHGKALAGFK ?MAD9JK@9J=KL@=>GDDGOAF?
M =>A34AC>2>0275>A4@D8CHC74A48B0=4G?0=B8E4B4C>5018;8C84BC70CH>D=443
+74B4018;8C84B8=2;D340B4C>5:=>F;4364 <>=6BC>C74AC78=6BH>D=443C>
:=>F7>FC>F>A:F8C703D;C;40A=4AB7>FC>A42>6=8I48=4@D8C84B8=C74
2;0BBA>><0=37>FC>D=34ABC0=34<>C8>=B />D0;B>=4430B4C>5B:8;;B
8=2;D38=67>FC>DB40F8340AA0H>5CA0=B5>A<0C8>=0;2>0278=6C>>;B7>FC>
2>0270A>D=314;845B0=37>FC>2>027DB8=6C745>DA?70B4B>5CA0=B5>A<0C8>=0;
2>0278=6 />D0;B>=443F8;;0344?2><<8C<4=CC>8=C4AAD?C8=68=4@D8C84B0=30
?A>5>D=3B4=B4>5?DA?>B4N H9?=
2AL@L@=K=D=9JFAF?F==<KAFEAF< L@=J=K=9J;@=JJ=;GEE=F<KL@9LL@=AJ=;LGJKG>
LG<=>AF=9K;GH=9F<K=IM=F;=>GJHJG>=KKAGF9D?JGOL@
(3:4/@3(C>>=@B
G>L=FL@=J=KMDLG>L@=KG;A9D=FNAJGFE=FLAFO@A;@L@=OGJCMF>GD<K9F<;9MK=K
OGJC<=K;JA:=<AFL@AKJ=K=9J;@KLM<QAK9CAFLG9;LANAKE9F<AEHDA=K9;LAGF\>GJ;9MK=KG>
GOFH=JKGF9DDAN=<=PH=JA=F;=KLGL@=OGJC9K$+*HJG>=KKAGF9DK
2@=FH9JLA;AH9FLKAFL@AKKLM<QK@9J=<L@=E=L9H@GJKG>L@=AJOGJCGFL@=AJ
HMFAK@=<:Q#9<=K>GJ9DD=L=JFALQ FGL@=JAE9?=O9KG>9>A=D<OAL@AFKMJEGMFL9:D=
G:KL9;D=K9F<Q=L9FGL@=JAE9?=O9KG>:=AF?AF9@GJJGJEGNA=>MF@GMK= 9DO9QKGF
=<?=AF9FLA;AH9LAGFG>KGE=L@AF?DMF?AF?>JGE9;GJF=J
"AN=FL@=;@9DD=F?AF?F9LMJ=G>:=AF?L@=J9;A9D;GFK;A=F;=G>9FGJ?9FAR9LAGF9F<
NMDF=J9:ADALQLG@A?@D=N=DKG>KLJ=KK9F<:MJFGML9F<L@==EGLAGF9DLGDDL@=OGJC@9KGF
L9PAF?=F<=9NGJO@A;@9KL@AKKLM<Q;GFN=QK HJG<M;=KJ=KAKL9F;=>JGEOAL@AF9F<
/@=;J=9LAGFG>KLJM;LMJ=KLGL9DCL@JGM?@L@=;@9DD=F?=KG>L@=JGD=;9F:=
>9;ADAL9L=<:Q;GMFK=DGJKFGL9KKG;A9L=<OAL@L@=<AKLJA;L:MLO@GE9Q:=>9EADA9JOAL@L@=
;@9DD=F?=KG>J9;A9D>9LA?M=9F<L@=OGJC;GF<M;L=<:QAJ=;LGJKG>AN=JKALQ IMALQ9F<
$F;DMKAGF /@AKK9>=KH9;=;9FK=JN=9K9FAF;M:9LGJ>GJA<=9K9F<KLJ9L=?A=K>GJ
;GFLAFMAF?LG=F?9?=HGKALAN=DQAFL@=OGJC9F<J=<M;AF?OGJCJ=D9L=<KLJ=KK /@AKLAE=
L@JGM?@J=?MD9J;GFKMDL9LAGFLAE=OAL@9;GMFK=DGJ
/@AK;GFKMDL9LAGFLAE=;9F9DKGL9C=GFL@=O=DD =KL9:DAK@=<HJ9;LA;=G>;DAFA;9D
=PL=FKAN=J=K=9J;@AFL@AK9J=99F<@9N=A<=FLA>A=<KAP<GE9AFKG>L@=OGJC=FNAJGFE=FL
L@9L;9F:=9KK=KK=<LG<=L=JEAF=L@=DAC=DA@GG<L@9L9OGJC=JAK>==DAF?L@=KLJ=KKL@9L
HGL=FLA9D>J9E=OGJCLGMK=OAL@L@=J=;GEE=F<9LAGFG>;GMFK=DAF?KMHHGJL>GJHM:DA;
K;@GGDAJ=;LGJKG>AN=JKALQ IMALQ9F<$F;DMKAGF
<AC@3AC>3@7<B3<23<B:3/2A27AB@71BE7233?C7BGE=@9
FMF=PH=;L=<>AF<AF?J=D9L=<LGL@=L@=E=G>J=KAKL9F;=>G;MK=<GFL@=O9QK
K;@GGDKMH=JAFL=F<=FLK;GEHDA;9L=L@=OGJCG>AJ=;LGJG>AN=JKALQ IMALQ9F<
$F;DMKAGF *F=H9JLA;AH9FL;9MLAGF=<KMH=JAFL=F<=FLKO@=FG>>=JAF?L@AK9<NA;=\GF_L
@AJ=KGE=GF=LG>ADDQGMJ?9HKGJ:=QGMJK@A=D<LGHM:DA;9;;GMFL9:ADALQ ]/@=
KMH=JAFL=F<=FLG>K;@GGDKK@GMD<:=L@=D=9<NGA;=AF9<N9F;AF?=IMALQAFALA9LAN=K9F<
<GAF?KG L@=KMH=JAFL=F<=FL;9DA:J9L=KL@=MJ?=F;QG>L@=OGJCAFKMHHGJLAF?L@=F==<KG>
=DAEAF9L=KL@=>==DAF?G>:=AF?L@=DGF=AJ=;LGJ NMDF=J9:D=LGJ=KAKL9F;=>JGE9DD;GJF=JK
;GFK=JN9LAN=?JGMHKGMLKA<=L@=;GEEMFALQ
/@=KMH=JAFL=F<=FL9KD=9<NGA;=>GJ=IMALQ9DDGOKL@=OGJCLG:=NA=O=<9KH9JL
G>L@=BGMJF=Q>GJGJ?9FAR9LAGF9DAEHJGN=E=FL9F<9DDGOK>GJ9F=IMALQD=FKLG:=9HHDA=<
LG9DD9KH=;LKG>K;@GGD?GN=JF9F;= +9JLA;AH9FLKAFL@=KLM<QK@9J=<L@9LKMH=JAFL=F<=FLK
G>L=FD9;C=<L@=KCADDKLGL@AFC9F<HD9FKQKL=E9LA;9DDQ>GJ=IMALQ;@9F?= .AF?D=LGF
KQKL=EOA<=<=E9F<KJ9;A9D=IMALQD=9<=JK9LL@=@A?@=KLD=N=DKO@G9J=OADDAF?LGKH=9C
MH :=@GF=KL 9F<;@9DD=F?=L@=HJANAD=?=K9>>GJ<=<LGO@AL=H=GHD=9LL@==PH=FK=G>
AK9K@9J=<?G9D CFGOAF?L@9LE=9FAF?>MDGML;GE=K9J=9;@A=N=<O@=FL@=OGJCAK<GF=
KMH=JAFL=F<=FLAK9:D=LGJ=DQGFL@=AJ=;LGJG>AN=JKALQ IMALQ9F<$F;DMKAGF9K9
;G9;@9F<H9JLF=J ?ANAF?L@=AJ=;LGJAF>DM=F;=9F<9ML@GJALQAF9<N9F;AF?=IMALQ
9<<J=KKK@9J=<;@9DD=F?=K ]
.;@GD9JK@9N=9DKGOJALL=F=PL=FKAN=DQ9:GMLL@=AJ=;LGJG>AN=JKALQ IMALQ9F<
$F;DMKAGF=F?9?AF?AFLJ9FK>GJE9LAGF9DOGJCO@=FOGJCAF?;DGK=DQOAL@L@GK=AFL@=
@A?@=KLHGKALAGFKAF9FGJ?9FAR9LAGF9F<AFL@AK;9K=L@=<AKLJA;LKMH=JAFL=F<=FL ?MAD9J
/@=J=K=9J;@=JJ=;GEE=F<KL@9LL@=OGJC:=LO==FL@=AJ=;LGJG>AN=JKALQ
IMALQ9F<$F;DMKAGF9F<L@=KMH=JAFL=F<=FL>G;MKGF9<N9F;AF?=IMALQL@JGM?@GMLL@=
=FLAJ=K;@GGD<AKLJA;L.;@GD9JK@9N=J=N=9D=<L@9LO@=FGFDQ9>=OH=GHD=AF9K;@GGD
KQKL=E9J==P9EAFAF?J9;= L@=;@9F;=KG>OA<=KHJ=9<KQKL=EA;;@9F?=9J=EAFAEAR=<
OGJCOAL@L@=<AKLJA;LD=9<=JK@AHL=9EO@=J=9DD9J==PH=;L=<LGGOFL@=OGJCG>:JAF?AF?
/@=J=K=9J;@=JJ=;GEE=F<KL@9LL@=AJ=;LGJG>AN=JKALQ IMALQ9F<$F;DMKAGF
OGJC;DGK=DQOAL@L@=KMH=JAFL=F<=FLLG9<<J=KK=IMALQ9KALJ=D9L=KLG;MJJA;MDME9F<
K=JNA;=K /@AK9HHJG9;@HJGNA<=K9K@9J=<GOF=JK@AHG>=IMALQOAL@L@=AJ=;LGJHD9FFAF?
;DGK=DQOAL@L@=KMH=JAFL=F<=FL
!7;7B/B7=<A/<2CBC@3'3A3/@16
$F;GF<M;LAF?L@AKKLM<Q $;GMD<FGL>AF<9FQJ=K=9J;@>G;MK=<=P;DMKAN=DQGFL@=
9:MF<9F;=G>J=K=9J;@=PAKLK9:GMLMFAN=JKALQ D=N=D@A=>AN=JKALQ*>>A;=JK9F<
AJ=;LGJK9L$F<=H=F<=FL.;@GGDK /G=FJA;@L@=;GFLJA:MLAGFKLGL@==<M;9LAGF9D>A=D<
>AJKLOGMD<:=LGJ=HDA;9L=L@AKHJ=K=FLKLM<Q9F<=PH9F<GFL@=H9JLA;AH9FLHGGD /@AK
OGMD<9DKG9DDGO>GJ9EGJ=<AN=JK=K=LG>H9JLA;AH9FLK O@A;@OGMD<=FJA;@L@=
;GMD<:=OA<=F=<LGAF;DM<=EMDLAHD=KL9L=KAFL@=FGJL@=9KL
(GJ=GN=J J=HDA;9LAF?L@AKKLM<QOAL@9?JGMHG>(9KK9;@MK=LLKKMH=JAFL=F<=FLK
OADD9DDGO>GJ9<==H<AN=AFLGL@==PH=JA=F;=KG><AKLJA;LD=9<=JKO@G@9N=;J=9L=<GJ
9<NG;9L=<>GJL@AKHGKALAGF9F<O@GO9FLLG;J=9L=;@9F?=AFL@=AJ;GEEMFALA=K /@AK
J=K=9J;@KM??=KLKL@9LKMH=JAFL=F<=FLK9J=C=QAF=FKMJAF?L@=KM;;=KKGJ;GFLJA:MLAF?LG
J=>D=;LAGFGFL@=;@9DD=F?=KL@9L=PAKL:=LO==FAJ=;LGJKG>AN=JKALQ IMALQ9F<
$F;DMKAGF9F<L@=AJKMH=JNAKGJK9F<HGL=FLA9DDQG>>=J9;GMFL=JF9JJ9LAN=LGL@==PH=JA=F;=K
@A?@DA?@L=<AFL@AKJ=K=9J;@KLM<Q
F=P9EAF9LAGFG>L@=;GEH=L=F;A=K9F<KCADDK=LKF==<=<>GJAJ=;LGJKG> $
LG=P;=DAF(9KK9;@MK=LLKHM:DA;K;@GGDK;GMD<9DKG:=9F9J=9>GJ>MLMJ=J=K=9J;@ !GJ
AFKL9F;= L@=JGD=G>LJ9FK>GJE9LAGF9D;G9;@AF?@9KL@J==;GEHGF=FLK9;;GJ<AF?LG
0CC4=38=6C>C748A2;84=CPB>F=1470E8>AB14;845B0=3F0HB>5148=6 834=C85H8=60=3
D=34ABC0=38=6C74;0A64ABHBC4<B8=F7827C74H;8E40=3F>A:0=3C0:8=602C8>=C>
$F;DMKAGF@9KL@=HJGH=JKCADDKLG=>>=;LAN=DQD=9<9F<;G9;@OAL@AF9K;@GGD<AKLJA;L;9F
F==<AF?LG@9N=9@=A?@L=F=<<=N=DGHE=FLG>K=D> =KH=;A9DDQ9KALJ=D9L=KLGL@=AJGOF
H=JKGF9DLJ9ME99F<L@=QF==<LG:=9:D=LG>G;MKGFL@=OGJC9F<<=N=DGHE=FLG>L@=
;DA=FLKL@=QK=JN=
'9KLDQL@AKKLM<QG>>=JKL@=HGL=FLA9D>GJJ=K=9J;@>G;MK=<GFAN=JKALQ IMALQ
9F<$F;DMKAGF;GFKMDLAF?;GEH9FA=KL@9LHJGNA<=KMHHGJLLGK;@GGD<AKLJA;LKAFL=J=KL=<AF
<=KA?FAF?=IMALQ9M<ALK /@AKE9Q:=9F9J=9LG;9HLMJ=<9L9GFL@=FME:=JG>
(9KK9;@MK=LLKK;@GGDKL@9L@9N==F?9?=<9FGMLKA<=;GFKMDL9FLLG<GL@AKOGJC9F<LG
LJ9;CGJMF;GN=J@GOL@=K=GJ?9FAR9LAGFKK=LMHK;@GGD<AKLJA;LK>GJKM;;=KK GFKMDLAF?
GJ?9FAR9LAGFKG>L=F9J=L@=>AJKLKL=H>GJKGE=<AKLJA;LKAFKMJN=QAF?L@=AJ;MJJ=FLJ9;A9D
;DAE9L=9F<AFK=LLAF?MHAFALA9D?G9DK 'ALLD=AKCFGOF9:GMLL@==PL=FLLGO@A;@L@=K=
AJ=;LGJKG>AN=JKALQ IMALQ9F<$F;DMKAGFAFL=J>9;=9F<KMHHGJL<AKLJA;LK9>L=JL@=AJ
J=;GEE=F<9LAGFK9J=>AF9DAR=<9F<;G<A>A=<AFOA<=DQ<AKK=EAF9L=<J=HGJLK
=<1:CA7=<
/@=HGKALAGFG>AJ=;LGJG>AN=JKALQ IMALQ9F<$F;DMKAGFAF(9KK9;@MK=LLK
AFL=J=KL=<AFAEHJGNAF?L@==PH=JA=F;=KG>@AKLGJA;9DDQE9J?AF9DAR=<KLM<=FLK9F<>9;MDLQ
;9F:=F=>AL>JGEL@=OGJC;GF<M;L=<:QL@AKHJG>=KKAGF9D /@AKKLM<QO9K;GF<M;L=<
MKAF?L@=H@=FGE=FGDG?A;9DIM9DAL9LAN=E=L@G<GDG?Q9HHJG9;@ /@=KAPO@GH9JLA;AH9L=<
AFAF<ANA<M9DK=EA KLJM;LMJ=<AFL=JNA=OK9F<>G;MK?JGMHKO=J=;GMJ9?=GMKAFJ=;GMFLAF?
L@=BGQK9F<KLJM??D=KG>:=AF?AFL@AKJGD= /@=AJ@GF=KLQ9JGMF<L@=<9ADQ=PH=JA=F;=KG>
D=9<AF?9K;@GGD<AKLJA;L_K=IMALQ9?=F<9@9KEM;@LGL=9;@
/@=J=KMDLKG>L@AKKLM<QJ=N=9D=<>GMJE9BGJL@=E=KL@9LJ=N=9D=<@GO
H9JLA;AH9FLKO=J==AL@=JKMHHGJL=<GJ@AF<=J=<AF>MD>ADDAF?L@=AJJGD=9KAJ=;LGJG>
-=KAKL9F;=9F<'9;CG>.MHHGJL
/@AK;MJJ=FLJ=K=9J;@KLM<Q9F<>AF<AF?KG>>=JAEHGJL9FL;GFKA<=J9LAGFK>GJK;@GGD
<AKLJA;LKK==CAF?LG=AL@=J;J=9L=L@=AJ>AJKLAJ=;LGJG>AN=JKALQ IMALQ9F<$F;DMKAGF
HGKALAGFGJLGKMHHGJLL@GK=;MJJ=FLDQAFL@9LJGD= $LOADD9DDGO<AKLJA;LKLG=F?9?=AF9
J=>D=;LAGFG>L@=AJJ=9<AF=KK>GJ@9NAF?9AJ=;LGJG>AN=JKALQ IMALQ9F<$F;DMKAGF9DGF?
<AKLJA;LOA<==IMALQ>G;MK
/@=JGD=G>AJ=;LGJG>AN=JKALQ IMALQ9F<$F;DMKAGFOADD:=;GE=EGJ=
HJ=N9D=FLAFHM:DA;K;@GGDK9F<AKGF=G>L@=>9KL=KL?JGOAF?HGKALAGFK9;;GJ<AF?LG
(9KK9;@MK=LLKHM:DA;K;@GGDK L@=LMJFGN=JOADD:=?J=9L9F<<AKLJA;LKOADDDGK=LJ9;LAGFAF
J=;GEE=F<9LAGFK9J=LGAEHJGN=L@=<AN=JKA>A;9LAGFG>L@=L=9;@=JOGJC>GJ;=9F<LG@AJ=9
G>>A;=JKGJL=9EK ]
/@AKJ=K=9J;@;9FG>>=J?MA<9F;=LG(9KK9;@MK=LLKK;@GGD<AKLJA;LKL@9L9J=J=9<QLG
AKLJA;LKOADD:=9:D=LGMK=L@AKJ=K=9J;@LG;J=9L=9F<J=NAK=L@=AJ=IMALQKLJ9L=?A;HD9FK
O@A;@AF;DM<=L@=JGD=G>AJ=;LGJG>AN=JKALQ IMALQ9F<$F;DMKAGF
%%#(
>>3<27F
<4=@;32=<A3<B
#//1'!'-+1
*'+3'1'+%6,21,-/1'!'-1#'+/#0#/!&012"61&14'))11#*-11,2+"#/01+"1&##5-#/'#+!#0
,$'/#!1,/0,$'3#/0'16.2'16+"+!)20',+6$,!20'0,+2+"#/01+"'+%6,2/#5-#/'#+!#0
'+1&'0/,)#4'1&0-#!')#*-&0'0,+1&#$!1,/01&1&'+"#/+"02--,/16,206,2)#"6,2/
"'01/'!180"'3#/0'16%#+"
&#'+$,/*1',+ #),44'))+04#/.2#01',+06,2*6&3# ,21-/1'!'-1',+'+1&'0012"6
&+(6,2'+"3+!#$,/6,2/-/1'!'-1',+14'))&#)-02--,/11'*#)6+"+#!#00/6/#0#/!&
,211,/(6,2/#",'+%+"&,41&#"'01/'!1!+ #01'*-/,3#1&#'/$,!20,+#.2'161&/,2%&
6,2//,)#
>>3<27F
3;=5@/>671<4=@;/B7=<%@=B=1=:
=9J+9JLA;AH9FL
/@=>GDDGOAF?<=EG?J9H@A;J=;GJ<AF?>GJEOADD@=DHE=<=N=DGH9FMF<=JKL9F<AF?G>
O@GQGM9J=9K9;GFLJA:MLGJLGEQJ=K=9J;@KLM<Q +D=9K=HJGNA<=QGMJ9FKO=JKLGL@=
>GDDGOAF?HJGEHLK
!MDD)9E=
=KAJ=<+K=M<GFQE>GJ-=K=9J;@.LM<Q
"=F<=J
?=
-9;A9D=K;JAHLAGF .=D> $<=FLA>A=<
4=9JKG> PH=JA=F;=AF <M;9LAGF
4=9JKAF $-GD=
<M;9LAGF9D=?J== K 9F<=JLA>A;9LAGF K
!MLMJ=9J==JKHAJ9LAGFK
>>3<27F
<27D72C/:<B3@D73E%@=B=1=:
/@9FCQGM>GJQGMJH9JLA;AH9LAGFAFL@AKJ=K=9J;@KLM<QLALD=<#4038=6@D8CH70=64
'74=><4=>;>6820;*CD3H>5$0BB027DB4CCB'D1;82*27>>;8A42C>AB>58E4AB8CH@D8CH
0=3 =2;DB8>=
/@=AF<ANA<M9DAFL=JNA=OAKAFL=F<=<LG@=DHE=MF<=JKL9F<@GOQGMMF<=JKL9F<QGMJJGD=
9KAJ=;LGJG> $OAL@9>G;MKGFL@=IM=KLAGF \#GO<GAJ=;LGJKG>AN=JKALQ
IMALQ 9F<$F;DMKAGFAF&ZHM:DA;K;@GGDK=LLAF?K<=K;JA:=L@=AEH=<AE=FLKL@9L
#AF<=JL@=AJOGJC9F<L@=>9;LGJKL@9LKMHHGJLL@=AJJGD=]/@=>GDDGOAF?IM=KLAGFKOADD
@=DHE=MF<=JKL9F<QGMJMFAIM=H=JKH=;LAN= !AJKL $OGMD<DAC=LGK@9J=9DALLD=9:GML
EQK=D>9K9F=<M;9LGJ9F<@GO$<=;A<=<LG=F?9?=AFL@AKJ=K=9J;@KLM<Q
)=PL $O9FLLGJ=NA=OQGMJ<=EG?J9H@A;AF>GJE9LAGFLGE9C=KMJ=AL_K;GEHD=L=9F<L@9L
QGM<GFGL@9N=9FQ;D9JA>QAF?IM=KLAGFKGJ9FQL@AF?=DK=QGMO9FL=<LG9<<
/@=AFL=JNA=OOADDD9KL9HHJGPAE9L=DQGF=@GMJLGGF=9F<9@9D>@GMJK9F<OADD:=9M<AG
L9H=<LG9DDGO>GJLJ9FK;JAHLAGF9F<<9L99F9DQK=K DDAF>GJE9LAGFH=JLAF=FLLGL@=
AFL=JNA=OOADD:=HJGH=JDQKLGJ=<9F<MDLAE9L=DQ<=KLJGQ=<9>L=JL@=KLM<QAK;GEHD=L=<
9F<OJALL=FMH DDG>QGMJJ=KHGFK=K9KO=DD9KQGMJA<=FLALQOADDJ=E9AF;GF>A<=FLA9D
4GMOADD @GO=N=J :=9DDGO=<LGJ=9<L@=LJ9FK;JA:=<AFL=JNA=O9F<N=JA>Q9;;MJ9;Q
#9N=QGMKA?F=<L@=;GFK=FL9F<CFGOL@9LL@AKAFL=JNA=OOADD:=J=;GJ<=<9F<C=HL
K=;MJ=>GJ>AN=Q=9JK
,M=KLAGFK
/=DDE=9:GMLQGMJK=D>9F<O@9L=FLA;=<QGMLG:=;GE=9AJ=;LGJG> $
)42>A30=H5>;;>FD?@D4BC8>=B0=3A4B?>=B4B
2@9LO9KL@=AFL=JNA=OHJG;=KKDAC=>GJQGM
)42>A30=H5>;;>FD?@D4BC8>=B0=3A4B?>=B4B
29KL@=J=9BG:<=K;JAHLAGF 2@9LO9KQGMJJ=9;LAGFLGJ=9<AF?L@=
<=K;JAHLAGF>GJL@=>AJKLLAE=
)42>A30=H5>;;>FD?@D4BC8>=B0=3A4B?>=B4B
29KQGMJJGD=;D=9JDQ=PHD9AF=<9F<;D9JA>A=<LGL@=:JG9<=J;GEEMFALQ
)42>A30=H5>;;>FD?@D4BC8>=B0=3A4B?>=B4B
2@GKMH=JNAK=KQGM9F<O@9LAKL@==N9DM9LAGFHJG;=KKDAC=
)42>A30=H5>;;>FD?@D4BC8>=B0=3A4B?>=B4B
2@9L@9N=QGM<GF=AFQGMJJGD=9KAJ=;LGJG> $L@9LQGM9J=HJGM<G>GJ
L@9L=P;AL=KQGM
)42>A30=H5>;;>FD?@D4BC8>=B0=3A4B?>=B4B
2@9LOGJCJ=E9AFKMF<GF=2@9L9J=QGMJ?G9DK>GJL@=;MJJ=FLK;@GGDQ=9J
)42>A30=H5>;;>FD?@D4BC8>=B0=3A4B?>=B4B
2@9L9J=L@=>9;LGJKAFQGMJ;MJJ=FLJGD=L@9LKMHHGJLQGM<GAF?QGMJ:=KLOGJC
)42>A30=H5>;;>FD?@D4BC8>=B0=3A4B?>=B4B
2@9L9J=L@=AEH=<AE=FLKL@9L@AF<=JQGM<GAF?QGMJOGJC
)42>A30=H5>;;>FD?@D4BC8>=B0=3A4B?>=B4B
2@9L=DK=OGMD<QGMDAC=LGK@9J=OAL@E=L@9LOGMD<@=DHE=MF<=JKL9F<QGMJ
JGD=
)42>A30=H5>;;>FD?@D4BC8>=B0=3A4B?>=B4B
>>3<27F
=1CA@=C><B3@D73E%@=B=1=:
/@9FCQGM>GJQGMJH9JLA;AH9LAGFAFL@AKJ=K=9J;@KLM<QO@A;@$@9N=LALD=<#4038=6
@D8CH70=64'74=><4=>;>6820;*CD3H>5$0BB027DB4CCB'D1;82*27>>;8A42C>AB>5
8E4AB8CH@D8CH0=3 =2;DB8>=
/@=>G;MK?JGMHAFL=JNA=OK9J=AFL=F<=<LG@=DHE=MF<=JKL9F<@GOQGMMF<=JKL9F<QGMJ
JGD=9KAJ=;LGJG> $OAL@9>G;MKGFL@=IM=KLAGF \#GO<GAJ=;LGJKG>AN=JKALQ
IMALQ 9F<$F;DMKAGFAF&ZHM:DA;K;@GGDK=LLAF?K<=K;JA:=L@=AEH=<AE=FLKL@9L
#AF<=JL@=AJOGJC9F<L@=>9;LGJKL@9LKMHHGJLL@=AJJGD=]$@9N=AFL=JNA=O=<QGM
AF<ANA<M9DDQ9F<9>L=JJ=NA=OAF?QGMJJ=KHGFK=K $<=N=DGH=<IM=KLAGFKL@9LOGMD<:=KL
@=DHE=<==H=FEQMF<=JKL9F<AF?G>L@=;GEHD=PALA=KG>QGMJJGD=
/@=>GDDGOAF?IM=KLAGFKOADD@=DHE=MF<=JKL9F<QGMJMFAIM=H=JKH=;LAN=K =KH=;A9DDQ9K
!AJKL $O9FLLGJ=NA=OQGMJ<=EG?J9H@A;AF>GJE9LAGFLGE9C=KMJ=AL_K;GEHD=L=9F<
L@9L$<GFGL@9N=9FQ;D9JA>QAF?IM=KLAGFK
• !JGE9DDL@=AF<ANA<M9DAFL=JNA=OK$;GF<M;L=< $@9N=KGE=>GDDGOMHIM=KLAGFK
LGHGK=LGQGM9K9KE9DD?JGMH )GL=L@=K=IM=KLAGFKOADD:=;D9JA>A=<9K$
=F?9?=AFL@=9;LM9DJ=K=9J;@
• 2@9LE=L9H@GJ:=KL<=K;JA:=KQGMJ=PH=JA=F;=KAFL@=JGD=G>AJ=;LGJG> $
• 2@9LKGF?LALD=GJKGF?DQJA;K:=KL<=K;JA:=@GOQGM>==D<GAF?QGMJOGJC
• 2@9LAKL@=?J=9L=KLK9LAK>9;LAGFQGMJ=;=AN=>JGE<GAF?L@AKOGJC
• 2@9LE=L9H@GJ:=KL<=K;JA:=KQGMGFQGMJOGJKL<9QAFL@=JGD=
• 2@=F<GQGM>==D@GH=D=KK9F<<J9AF=<G>=F=J?Q >9LA?M=
• #GO<GQGME9F9?=AL9F<KL9QHGKALAN=
• #GOG>L=F@9N=QGML@GM?@L9:GMLD=9NAF?QGMJHGKALAGF
>>3<27F
%/@B717>/<B3;=5@/>671/B/
/ALD= AKLJA;L $<=FLA>A;9LAGF 4=9JKAF
-GD=
AN=JKALQ IMALQ9F<
+9JLA;AH9FL .M:MJ:9F #AKH9FA; *F=
$F;DMKAGF*>>A;=J
AJ=;LGJG> IMALQ9F<
+9JLA;AH9FL 0J:9F D9;C /@J==
P;=DD=F;=
AJ=;LGJG> IMALQ9F<.LM<=FL
+9JLA;AH9FL .M:MJ:9F KA9F /@J==
.MHHGJLK
+9JLA;AH9FL IMALQ <M;9LAGF.H=;A9DAKL .M:MJ:9F #AKH9FA; /OG
AJ=;LGJG>AN=JKALQ IMALQ
+9JLA;AH9FL .M:MJ:9F KA9F /@J==
9F<=DGF?AF?
AJ=;LGJG>AN=JKALQ IMALQ
+9JLA;AH9FL .M:MJ:9F D9;C /@J==
9F<$F;DMKAGF
>>3<27F
%/@B717>/<B3;=5@/>671/B/
<M;9LAGF =JLA>A;9LAGF 2GJC M<?=L
/=9;@=J +JAF;AH9D
*F=+=JKGF
+9JLA;AH9FL G;LGJ9L= .MH=JAFL=F<=FLKKAKL9FL 4=K
=H9JLE=FL
.MH=JAFL=F<=FL
DAL=J9;Q D9F?M9?= 9F<;MDLMJ9D *F=+=JKGF
+9JLA;AH9FL G;LGJ9L= 4=K
KLM<A=K =H9JLE=FL
/OG+=JKGF
+9JLA;AH9FL (9KL=JK /=9;@=J .MH=JNAKGJ )G
=H9JLE=FL
*F=+=JKGF
+9JLA;AH9FL (9KL=JK /=9;@=J .G;A9D2GJC=J )G
=H9JLE=FL
*F=+=JKGF
+9JLA;AH9FL (9KL=JK #AKLGJQ <EAFAKLJ9LGJ )G
=H9JLE=FL
*F=+=JKGF
+9JLA;AH9FL G;LGJ9L= /=9;@=J <EAFAKLJ9LGJ )G
=H9JLE=FL
!$'%-
/@=KH=F <M;9LAGF.G;A=LQ+JG?J9E9F<L@=GMF;ADG>@A=>.L9L=.;@GGD*>>A;=JK
'=9<AF?>GJ IMALQ*HHGJLMFALA=K>GJ.L9L= <M;9LAGF@A=>K 29K@AF?LGF
*''*!*"+)
3@/@2="/@B7<3H 3@/@2=;0C32C
2C1/B7=<
=AB=<*<7D3@A7BG =AB=<"
G;LGJG> <M;9LAGF9F<+GDA;Q.LM<A=K (9Q
*<7D3@A7BG=4"/AA/16CA3BBA =AB=<"
(9KL=JKAF <M;9LAGF9D<EAFAKLJ9LAGF %MF=
O9J<>GJ P;=DD=F;=AF<EAFAKLJ9LAN='=9<=JK@AH
*<7D3@A7BG=4"/AA/16CA3BBA =AB=<"
9;@=DGJG>JLK F?DAK@ <M;9LAGF %MF=
O9J<>GJ*MLKL9F<AF?;@A=N=E=FLAFL@=/=9;@=J+J=H9J9LAGF+JG?J9E
#=@B63/AB3@<*<7D3@A7BG =AB=<"
.;@GGDG>%GMJF9DAKE
!3/23@A67>
$B6=(16=473:2:3;3<B/@G(16==: ,3::3A:3G"
+JAF;AH9D Z+J=K=FL
=N=DGH=<L=9;@=JD=9<=JKAFLG=>>=;LAN=>9;ADAL9LGJKG>9<MDLD=9JFAF?
?JGMHK
/J9AF=<9F<KMHHGJL=<L=9;@=JKAFL@=AEHD=E=FL9LAGFG>+JGB=;L9K=<
'=9JFAF?OAL@+'2GJCK>9;ADAL9LGJK
'=<AN=JKALQ IMALQ9F<$F;DMKAGFHJG>=KKAGF9D<=N=DGHE=FLOAL@=IMALQ
>9;ADAL9LGJ9F<>9;ADAL9LGJK>JGEL@= IMALQ'AL=J9;Q$FKLALML=
.LJ=9EDAF=<K;@GGDAEHJGN=E=FLHJG;=KKLG;J=9L=;GEEMFALQ:MQ AF
9JGMF<=FLMJQKCADDK9F<<=N=DGHE=FLG>L@=HJG>AD=G>9?J9<M9L=
=KA?F=<AFFGN9LAGFKL9LAGFK>GJDA:J9JQ9F<E=<A9;=FL=J9F<>GJ
AF<ANA<M9D;D9KKJGGEK
+ADGL=<L9:D=LK>GJ<AKLJA;LLG=F@9F;==<M;9LAGF9D=PH=JA=F;=9F<
;GDD9:GJ9LAN=D=9JFAF?
$FL=?J9L=<. 'KG;A9D=EGLAGF9D;GEH=L=F;A=K9;JGKK=<M;9LAGF9D
<AK;AHDAF=K
.=JN=<9F<;G >9;ADAL9L=<EMDLAHD=<AKLJA;L;GEEALL==K[(9L@
;@A=N=E=FL"9H .LM<=FL.MHHGJL+JG;=KK .LJ9L=?A;+D9F
AKHJGHGJLAGF9DALQAF.H=;A9D=<M;9LAGF
GDD9:GJ9L=<OAL@K;@GGD;GEEALL==GF:M<?=L<=N=DGHE=FL J=FGN9LAGF
HJGB=;L KLJ9L=?A;HD9F<=N=DGHE=FL 9F<E=LJA;K>GJ<AKLJA;LJ=HGJL;9J<
2JGL=?J9FLKLGKMHHGJL:=;GEAF?9EG<=DK;@GGD>GJL@=MK=G>
;=FLMJQ>MJFALMJ=
+9JLF=J=<OAL@*DAFGDD=?= 2=DD=KD=QGDD=?= 9F<9:KGFGDD=?=LG
KMHHGJL./ (D=9JFAF?9F<HJGNA<=KLM<=FLLMLGJAF?
.MHHGJL=<L@=LJ9FKALAGFLG>MDD<9QCAF<=J?9JL=F9F<LG=D=E=FL9JQOGJD<
D9F?M9?=&
.MHHGJL=<L@=<=N=DGHE=FLG>K;@GGD9F<<AKLJA;L:M<?=LLGAF;DM<=D=N=D
K=JNA;=K KLJ9L=?A;HD9FF==<K 9F<;JALA;9D9J=9K>GJKMHHGJL
2E/@23D=B7=< K @==9:7<3"
+JAF;AH9D Z
F?9?=<;GEEMFALQAFF==<K9KK=KKE=FL9F<<=N=DGH=<9NAKAGF>GJL@=
+J=& ;GEEMFALQ
PL=F<=<EG<=D>GJHJG>=KKAGF9D<=N=DGHE=FLL@JGM?@;J=9LAGFG><MDL
'=9JFAF?"JGMH!" .LJ9L=?A=K9F<"9E=K "MA<=<-=9<AF? /@AFC
(9L@+D9FFAF? 2JAL=JK_ PHJ=KK (A<<D=.;@GGD+GJL>GDAGK
$EHJGN=<KH=;A9D=<M;9LAGFEG<=D9F<HJG;=KK>GJ/@=J9H=MLA;'=9JFAF?
HJG?J9E
F?9?=<KL9>>AF9F==<K9KK=KKE=FL>GJL@=K;@GGDKLJ=F?L@K9F<9J=9K>GJ
AEHJGN=E=FL
+9JLF=J=<OAL@K;@GGD;GEEALL==AF:M<?=L<=N=DGHE=FLHJG;=KK>GJL@=
<AKLJA;L 9F<>AN=Q=9JKLJ9L=?A;HD9F<=N=DGHE=FL
!9;ADAL9L=<?G9DK>GJDAL=J9;Q9F<E9L@AFKLJM;LAGFAF;GFBMF;LAGFOAL@
KH=;A9DAKLK9F<MKAF?#9JN9J<9L9OAK=+JG;=KK
EHDGQ=<?J9<=9F<KM:B=;L9;;=D=J9LAGFHJG;=KK=KLG;@9DD=F?=@A?@
H=J>GJEAF?KLM<=FLK
F9DQR=<(. =F<G>Q=9JE9L@9KK=KKE=FLK DAL=J9;Q:9LL=JQLG
HJGNA<=KMHHGJLKAFL=JN=FLAGFK>GJ9DDKLM<=FLK
F@9F;=<;GF>DA;LJ=KGDMLAGF<=N=DGHE=FL>GJEA<<D=K;@GGDKLM<=FLKNA9
;GFKMDL9FL>JGE <M;9LGJK>GJ.G;A9D-=KHGFKA:ADALQ .-
.LJ=F?L@=F=<+/*9F<H9J=FLH9JLA;AH9LAGF FJA;@E=FL/=9EK >MF<
J9AKAF? .;A=F;=>9AJ DAL=J9JQ%GMJF9D GGC9R99J $FL=JF9LAGF9D)A?@L
"/@GC@:3G"722:3(16==: =AB=<"
+JAF;AH9D Z
=KA?F=<HJG;=KK>GJ;GFN=JKAGF>JGEEA<<D=K;@GGDLG&Z;GEEMFALQ
+ADGL=<<N9F;=<2GJC+JG?J9E 2 LG=FKMJ=<AN=JKALQOAL@AFL@=
EG<=D
+9JLF=J=<OAL@;GEEMFALQ9<NG;9;Q?JGMHK>GJAEHJGN=<>9EADQ
H9JLA;AH9LAGF[#Q<=.IM9J=/9KC!GJC (9JL@9 DDAGL=FL=J #9JN9J<
-AKC9F<+J=N=FLAGF !9EADQ.=JNA;=KG>"J=9L=JGKLGF
GDD9:GJ9LAGFOAL@#9JN9J</=9ELGOJAL=0C0F8B4:GGC:9K=<GF<9L9
L=9EHJ9;LA;=K$;J=9L=<OAL@D=9<=JK@AHL=9E
=N=DGH=<2@GD=.;@GGD$EHJGN=E=FL+D9FOAL@KL9>>LJ9;C=<HJG?J=KK
9F<E9AFL9AF=<HD9FKG>9;LAGF>GJ9J=9KG><=N=DGHE=FL
=>AF=< EGFALGJ=< 9F<=N9DM9L=<AFKLJM;LAGF9D>G;A2JAL=JK_2GJCK@GH
GFF=;L=<(9L@ 9D9F;=< 'AL=J9;Q9;JGKKL@=;MJJA;MDME #AKLGJQ9F<
.;A=F;=AFALA9LAN=K
+9JLF=J=<OAL@;GEEMFALQGJ?9FAR9LAGFK #Q<=.IM9J=/9KC!GJ;=
(9JL@9 DDAGL#=9DL@=FL=J 4( !.*" 9F<0FAN=JKALA=K
.AEEGFK #9JN9J< LGKMHHGJL>9EADA=K9F<KLM<=FLD=9JFAF?
+JGEGL=<L=9;@=J?JGOL@L@JGM?@<9ADQ;D9KKJGGENAKALKZKM??=KL=<
;MJJA;MDME9<BMKLE=FLK 9KKAKL=<OAL@;D9JA>A;9LAGFG>;GF;=HLK HJGNA<=<
HJG>=KKAGF9DDAL=J9LMJ=>GJJ=>D=;LAGF DAFC=<LGHJG>=KKAGF9D<=N=DGHE=FL
GHHGJLMFALA=K
GF<M;L=<L@GJGM?@L=9;@=J=N9DM9LAGFKHJ= ;GF>=J=F;=KL@9LDGGCAFLG
D=KKGFHD9FFAF?9F<;MJJA;MDME9DA?FE=FLOAL@;ALQKL9F<9J<K9F<HGKL
;GF>=J=F;=KL@9L=KL9:DAK@HJG>=KKAGF9D?G9DK>GJ>MJL@=JAEHJGN=E=FL
.LJ=F?L@=F=<L=9;@=JL=9EKL@JGM?@>G;MK=<>9;ADAL9LAGFO@=FDGGCAF?9L
KLM<=FLOGJC O@=F9F9DQRAF?>GJE9LAN= .-$ OJALAF?HJGEHLK L9KC
<=K;JAHLAGFK 9F<KMEE9LAN= .L9F>GJ< (. KK=KKE=FLK 9F<O@=F
K@9JAF?:=KLL=9;@AF?HJ9;LA;=K
=NAK=<9F<D=<HJG>=KKAGF9D<=N=DGHE=FLHD9FKL@9LL9J?=LK;@GGD9F<
L=9;@=JF==<KAFAEHJGNAF?AFKLJM;LAGF
)3/167<5
,7::7/;)/4B"722:3(16==: =AB=<"
F?DAK@/=9;@=J Z
/J9FK>GJE=<DAL=J9;Q=PH=JA=F;=G>KLM<=FLK:QK=D=;LAF?9F<L=9;@AF?9
J9F?=G>;D9KKA;9D9F<EMDLA;MDLMJ9DDAL=J9LMJ=
'=<HJG>=KKAGF9D<=N=DGHE=FL>GJ F?DAK@=H9JLE=FL>G;MK=<GFMKAF?
@A?@IM9DALQHA;LMJ=:GGCKLGAEHJGN=;GEHJ=@=FKAGF
GDD9:GJ9L=<OAL@#9JN9J<-AKC9F<+J=N=FLAGF+JG?J9ELG.MHHGJL9LJAKC
KLM<=FLK9F<>9EADA=K
-9FL@=.9LMJ<9Q.HGJLK+JG?J9E9L#9JN9J<MKAF=KK.;@GGD>GJ
KLM<=FLK 9E=FLGJAF?9F<KHGJLKHJG?J9ELGAEHJGN=K;@GGD=F?9?=E=FL
GGJ<AF9L=< =E4BC8="83B9>L=JK;@GGDHJG?J9E9LGKLGFGDD=?=LGG>>=J
LMLGJAF?9F<=FJA;@E=FLKMHHGJL>GJ9F<?J9<=KLM<=FLK
FB3<232!3/23@A67>
28C<1B%@=43AA=@
GKLGF0FAN=JKALQ"J9<M9L=.;@GGDG> <M;9LAGF Z
72A/197<5 72A
G9J<(=E:=JZ
)3/163@AN
G9J<(=E:=JZMF<=J%GF.9H@A=J9F<%G@F_MJA9
6/7@@==9:7<3:3;3<B/@G%@7<17>/:AAA=17/B7=<
Z
%@3A3<B3@/@D/@2/B/E7A3
.MEE=J$FKLALML=
#3BE=@94=@<<=D/B7D3%@7<17>/:A
Z
/@D/@2!3/23@A67>3D3:=>;3<B<7B7/B7D3A
Z
7AB7<1B7=<A
/@D/@22C1/B7=<%@3AA
GFLJA:MLGJ9F<9ML@GJ 0C0.8B4*C4?1H*C4?D834C>,B8=6
BB4BB<4=C <?A>E4+40278=60=3#40A=8=6
=AB=<NA4B3@(16==:4=@::%/@B<3@A67>
O9J<>GJ;GEEALE=FLLG=PH9F<AF?9>L=JK;@GGDD=9JFAF?
=;;=<E3/:B6=4"/AA/16CA3BBA
LLJ9;LAF? P;=DD=F;=LG/=9;@AF?
*<7D3@A7BG=4"/AA/16CA3BBA
+JG?J9EO9J<>GJ P;=DD=F;=AF<EAFAKLJ9LAN='=9<=JK@AH
)636@7AB7/<(173<13"=<7B=@
!G;MKG>>GMJ H9JLK=JA=KGFKM;;=KK>MDMJ:9FL=9;@AF?
+M:DA;9LAGF9L=K
%4F+40274AB$4BB064>5867>?4 0=3G?42C0C8>=
;0BBA>><>=3D2C>A0B"83B,?140C
ProQuest Number: 30486448
This work may be used in accordance with the terms of the Creative Commons license
or other rights statement, as indicated in the copyright statement or in the metadata
associated with this work. Unless otherwise specified in the copyright statement
or the metadata, all rights are reserved by the copyright holder.
ProQuest LLC
789 East Eisenhower Parkway
P.O. Box 1346
Ann Arbor, MI 48106 - 1346 USA