William Golding - A Legyek Ura

!
"""" # $"# % &'( ) *
+ + !,!!
-,. "! "/// '
!0*$,//*,,1$'12
#
)
3 4
**
4 5 $-,0
2&$.-
! """""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" #
$ % ! """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" &'
! ( ! ) """"""""""""""""""""""""""""""""""""""""""""""""""""""" *&
+, ! -! """"""""""""""""""""""""""""""""""""""" *.
/ / / """""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" 0'
! )- / """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""" 10
! $ , $ , """""""""""""""""""""""""""""""""""""""""""""""""" 20
+ $ / , , """"""""""""""""""""""""""""""""""""""""""""" 31
+ / ,) ! $ """"""""""""""""""""""""""""""""""""""" '44
, -5 """""""""""""""""""""""""""""""""""""""""""""""" '42
5$ """""""""""""""""""""""""""""""""""""""""""""""""""""""""" ''2
5 $ $ $ """""""""""""""""""""""""""""""""""""""""""""""""""" '&2
.&$.-
!
6789: ;<= >::?:679:@:AA B 67<9>B;C9 DEFGDH IAC>6J KEA:?ED# 6 :><D@I>A B >BL=DB ;:>E* CFB
>:M:A:AA: <69C>B< 67M:AA:?EA# 6 B ;E> 9:7EM:> KBLB IAGD F=7AB B ;N>@ND# 67O?9: <DL: B
A:6AEF:7 ?BLB@A# FBPB <6 FCK>C9G?B ABQB@A* N?O>NAA: B @76IDL:>R: R:DH=>J FC667= DH<>B@E9
;C??J MC>A# K<DA B L87;O?@8* :FE79:6:D RCA>B@C7CAA B 9=67JDNMEDH:9 E6 B >:@8>A ;BAN?76:9
9N7NAA# BK<9C? RC67C?9GDH6<MSAG667:?T FBDLCA FB>>BAMB F<?A:>:D :LH KB@G? MGLJ@CAA ;:> :>8AA:#
K<DA :LH MN?N66G?LB >GACKG6U B 6<MSAG6?B :LH KG6<9 FBDL ;:>:>A*
+ 4EV + FB>>BA67CAA* + G?P :LH Q:?W<LV
DH<>B@E9 :LH<9 C>@B>GD RI?PGD7J RC7JA K:L?G79J@CAA# :68W6NQQ:9:A MGLMB 67EA KBLB
9N?O>*
+ G?P :LH Q:?W<L + KCD@AB B FBDL +# KG? K:L<DA :>B9B@ABK*
6789: ;<= K:LG>>A# 6 :LH LEQ<:6 KC7@I>BAAB># BK:>HD:9 FBAG6G?B B @76IDL:> :LH Q<>>BDBA?B
GAMG>AC7CAA B FB7B< BDLC> AGPPG# ;N>P:RR ?GDACAAB FB?<6DHGPGA*
FBDL =P?B K:L67J>B>A*
+ :K RS?C9 KC7CLD< :7:9A8> B 9=67J K<W6C@G9AJ> KCD@AB*
NM<@:6:D B R:67E>8 <6 9<;B?C>A B RI?LH<DLRJ># B7 GLB9 K:L1K:L?:WW6:DA:9 76S?;C>AC6
M<FB?9BRGAPGD# AO69E9 B9B679C@AB9 R:>: K<D@:D;:>8> K:7A:>:D# LNKRN>HT AE?@9B>GW6GRB*
:FBPC>A# JMBAC6BD 9<F=7AB B AO69E9:A R8?ER8># B7AGD K:L;C?@I>A* NME? LH:?:9 MC>A# 6 PJMB>
B>BW6CDHBRR B 6789:FBP=DG>* GRGDB9 MB>BK:DDH<?: R<7AC6 AGKB67AE9CA 9:?:6M:# >B66BD
:>8?:PNAA# KBP@ MB6ABL 67:KOM:LED GA 9N?O>DE7:AA*
+ 4CMB >:AA B7 :KR:? B 67JW68M:>X 6789: ;<= B ;:PEA ?G7AB*
+ 7 67<L:A + KCD@AB* + :LB>GRR<6 =LH ME>:K# FCLH 67<L:AY MB>BK<>H:D 9C?B>>67<?A B
A:DL:?R:D* 7 <6 >:F:A# FCLH :LHG>AB>GD D<DW6 <6 <AA ;:>D8AA :KR:?* 9NME? LH:?:9 :>9EQ:@M:
RGKI>A ?G*
+ C>A :LH Q<>JAGD9 <6 + KCD@AB* + LB7# FCLH D:K B7 IAB6;O>9ER:D# FBD:K ;:DA B7 :>O>68
9BR<DRBD*
6789: FBP= N667:W6SQ:AA 67:KK:> B 67<9>B;C9CA DE7:L:AA:*
+ K< >:AA B ANRR< LH:?:99:>X + ;C>HABAAB B 9NME?* 7C9 9N7O> <6 W6B9 9<67BRB@I>A :LH<91KG6<9V
CD@@# D:K LCD@C>C@# FCLH 9<67BRB@I>AB9X
6789: ;<= ;BLHC6 9N7NKRN66EL:A A:AA:AM: =P?B :><D@I>A B MS7 ;:>E* N>EDH:6D:9 <LH:9:7:AA
>GA67BD<# @: B7E?A D:K :>IAB6SAJBD E?@:9A:>:DD:9* 9NME? LH:?:9 B7CDRBD IAGDB<?BKC@CAA*
+ 4CLH <AA D: MC>DB :LH:A>:D ;:>D8AA 6:X
+ :K F<67:K# FCLH MBD*
6789: ;<= :7A ODD:QE>H:6:D KCD@AB# @: B7AGD :LH67:??: :?8A M:AA ?BPAB B K:LMB>J6I>A
GR?GD@ RC>@CL6GLB* @76IDL:> 9:>>86 9N7:QED F<?A:>:D AJAGLB6A G>>A# E6 B>I>?J> ?GM<LHC?LCAA B
9NME? LH:?:9?:*
+ LH ;:>D8AA 6:V + KCD@AB*
'&$.-
9NME? :LH Q<>>BDBA<L :>ATD8@NAA*
+ B Q<>JABX
6789: >::DL:@A: B >GRGA# 6 >:O>A B L87N>L8 ;N>@?:*
+ ><LFBD:K ACMGRR?:QO>A# K<IAGD 9<FBP<LG>A R:DDOD9:A* AA D:K RS?A MC>DB >:67G>>J<* :?:9:6
?:QO>8LEQQ:> <AA D:K >:F:A >:67G>>D<*
+ : K:LAGKB@AG9V
+ BP@ W6B9 M<667BPND*
9NME? LH:?:9 G ;:PEA ?G7AB*
+ K<9C? >::?:679:@AOD9# 9<DE7A:K B7 :LH<9 BR>B9CD* GAABK B LEQD:9 B* FGA6J ?E67EAY
>GDLC9 W6BQAB9 9< R:>8>:*
EL<LDE7:AA B @76IDL:>R: AN?A DH<>B@E9CD*
+ 7 KB?B@A B DHCKGRBD + KCD@AB* *
6789: ;<= 9<DH=PACAAB 9:7EA# 6 K:LE?<DA:AA: :LH ;BAND9 67<>GD9C6?B KB?WBDLC>A 67E>EA* LH
Q<>>BDBA?B K<DAFB ;:>ER?:@A MC>DB R:DD: B7 E?@:9>8@E6*
+ 7AGD K< AN?AEDA B LEQQ:>X + 9E?@:7A:* + 4CMB >:AAX
+ M<FB? 9<6C@C?AB B A:DL:??:* 6I@B M:67E>H:6 @C>CL >:F:A:AA B77B> B 6C9 9<@8>8 ;GMB>*
B><LFBD:K MC>AB9 KEL R:DD: 6?GWC9 <6* EACMGD DE7:AA KBLB :>E# B7AGD =P?B K:L67J>B>A*
+ QF*
9NME? DH<>MGDMB>JBD B??B MG?A# FCLH KC6A M<67CD7G6I> K:L9E?@<9 B7 8 D:MEA <6# @: B7
<6K:?9:@E6D:9 :7 B KG6C@<9 >EQE6: D:K 9NM:A9:7:AA R:* 6789: B>QF R<7CDHAB>BDI>
?GKC6C>HLCAA# KBP@ ;:>G>>A# 6 =P?B :><D@I>A B >BL=DB ;:>E* 9NME? B7CDRBD G>>FBABAC6GD B
6B?9GRBD KB?B@A*
+ CD@C>CK# FCLH B7E?A KEL >:67D:9 <AA PJ DEFGDHBD 9N7O>OD9 + KCD@AB* + >67J?MB# <AA K:L
CAA* : D:K >GAAG> 6:D9<AX
B>QF W6B9 B ;:PEA ?G7AB# 6 K:LLHC?6SACAAB >EQA:<A* 7AGD K:LRCA>CAA :LH GLRBD# 6 :>MGLJ@CAA*
9NME? K:LG>>A K:>>:AA:# ><F:L:AA*
+ DED<9EK K<D@<L B7A KCD@PB# FCLH D:K 67BRB@ 67B>B@DCK + KBLHB?G7AB* + <M:>FCLH
B67AKGK MBD*
+ <W6C@G@X
+ 67AKGK* I@D<<>><9 FBKB? 9<;I>>B@C9* D MC>ABK B7 :LH:A>:D LH:?:9 B7 <69C>GRBD# B9<D:9
B67AKGPB MC>A + KCD@AB B 9NME? :LH W6<Q:ADH< RO679:6ELL:> B FBDLPGRBD* + KG? FG?CKEM:6
9C?CK JAB 67:KOM:L:A M<6:>:9*
:M:AA: B 67:KOM:LEA# 6 FIDHC?CLMB E6 KC6C>HCLMB B>QF ;:>E AB?ACAAB# KBP@ ANRR67N?
MEL<LF=7CLBAAB 67IAH9C6 M<FB?9BRGAPGD* C6A R:;:>E ;<LH:>A# FB>MGDH B?WB ;GP@B>KB6BD :>AC?7I>A*
:6<KSACAAB B?WG?J> B M:?:PAE9:A# 6 LHC?6BD C??G?B O>A:AA: B 67:KOM:L:A*
+ : B7 B LHOKN>W6 CAAY + KCD@AB* ZP?B 9N?O>DE7:AA B DH<>B@E9RBD*
+ 7A F<67:K# B7 B LHOKN>W6Y
:L<LB7SACAAB B 67:KOM:LEA# FGABA ;C?@SACAA B>QFDB9# 6 B>GRI9CAA B 6T?TD N667:LBRB>HC@CAA
RI?LH<DLRB*
+ NLAND PNMN9 + KCD@AB*
B>QF JMBAC6BD 9<RCDAB9C7CAA B7 <D@G9 9N7O># 6 D:9<MGLCAA B 6T?TD:9* : DEFGDH Q<>>BDBA
K=>MB KG? =P?B B FGAGRBD E?:7A: B 9NME? LH:?:9 ><F:LE6EA* >BL=DGAJ> KEL K<D@<L 67E>:6
0&$.-
;OLLNDH MG>B67ACAAB :>* 7AGD GAKG67CAA :LH >:@8>A ;BAN?76ND# 6 :LH67:??: 9<9:?O>A B
@76IDL:>RJ>*
QB?ACA :>>:QAE9 B QG>KB;G9* >>AB9 B ;EDHR:D# D:9<@8>A:9 B 6ILB?B9DB9# R:>:9NDHN9N>A:9#
7N>@ AC>>B7BA=9 67G7 >GR KBLB6BD K:?:@:7:AA B ;N>@ ;N>NAA* >BAAI9 B AB>BPA MB6ABL# @I?MB ;T
;:@A:# B ;TR:D :LHKG6 F:LH:D1FGAGD 9<@8>A ;G9# ?BPAI9 9C?FB@J 9J9I67@<J9 E6 ;<BAB> FBPAG6C9*
KNLNAA 6NAEA:@:AA B AI>BP@CD9EQQ:D< :?@8 B R:>EP: MGLCAA DH<>B@E9 6:RF:>HEM:>* B>QF :LH<9
9:7EA :LH 67O?9: ;BAN?76D:9 AGKB67AMB KC7@I>BA>BDI> G>>A# 6 FIDHC?CLMB DE7A: B W6<>>CLJ
MS7;:>O>:A:A* :667< 9<DA# AB>GD :LH KE?;N>@DH<?:# B FI>>GKAN?E6 ;:FE? MCDB>B F=7J@CAA :LH
9C?B>>7GACDH KNLNAA# B7CD A=> 6NAEA9E9:D W6<>>CLCAA B DHS>A A:DL:?* 9C?B>>7GACDHC9 67BRG>HAB>BD
SMED R:>O> B >BL=DB KC7@I>BA>BD MC>A# K<DA :LH F:LH< AJ# B 9E9D:9 67G7;E>: G?DHB>BAGRBD#
6NAEA7N>@:9 E6 <RC>HB67SD:9 MG>AC7BAB<MB>* QG>KBA:?B67 E6 B A:DL:? 9N7NAA 9:69:DH
@CDLB;C?KGRBD 67<DA: MEL:>GAFBABA>BDI> F=7J@CAA B FCKC9C6 QB?AU B>QF RB>PGD B QG>KB6C?# B
QB?A E6 B MS7 W6B9 B >GAFBAG?CD ;IACAA N667:* : BDDG> P:>:D>EM8RR# 67<DA: >GAFBAJ MC>A B F86EL*
:IL?CAA B A:?B67?J>* :9:A: W<Q8P: R:>:6OQQ:@A B MB6ABL FCKC9RB# B F86EL B?WI> MGLAB*
LH67:??: AI@BAG?B ER?:@A BDDB9# K<>H:D D:FE7 B ?IFGPB# MB@I> >:?=LAB >GRG?J> B W<Q8A# 6
:LH:A>:D KC7@I>BAAB> >:?GDACAAB LIK<67B>BLC6 FB?<6DHGPGA* 7AGD M<667BIL?CAA B A:?B67?B#
>:F=7AB B7 <DLEA* LH Q<>>BDBA<L KC7@I>BA>BDI> G>>A B 9CQCDHB67:?T 9J9I67@<J9 9N7NAA# B QG>KG9
6 B71 :?@8 7N>@ G?DHE9B ?G9=67CAA B R8?E?:* <B9B67ACAAB NMED:9 9SLHJ;:P W6BAPGA# 6 9<>EQM:
DB@?GLPGRJ> E6 LG>HGPGRJ># K:7A:>:DO># AGL?B DHS>A 67:KK:> RGKI>A B ;NM:DHQB?A E6 B A:DL:?
67:K9GQ?G7ABAJ W6<>>CLG6GRB*
<7:D9EA EM:6 K=>A DEFGDH FJDBQQB># A:FGA B LH:?:99C??B P:>>:K78 9<@I@C?C@J FB6 KG?
>:BQB@A ?J>B# @: B 9BKB67C6 :6:A>:D6ELD:9 DHCKB 6:K MC>A KEL R:DD:* 7E>:6# :?86 MG>>GMB> PJ
RC967C>J >:F:AD: R:>8>:# FB ILHBD >GA67J>BLC6 FB?W<B66GLGA D:K FB7I@AC>PB K:L G?ABA>BDI>
67:>S@ 67GPB E6 67:K:* K<9N7R:D B QG>KBAN?76:A 6<KCLBAAB# F<?A:>:D RC>@CLBD ;:>D:M:A:AA# 6
=P?B AJAGLB6A G>>A B 67<L:A MB>J6GLC6 MC>A# D:K >:F:A:AA R:DD: 9EA:>9:@D<* LH:6:D M<667BIL?CAA
B AB>QG?B# >:FIQQBDA B ;NMEDH?:# >:AE?@:>A# 9EA 9<AG?A 9B?PGMB> DBLH ?B9G6 FCKC9CA N>:>A B
K:>>E?:# B7AGD >:O>A# 6 <7LBACAA# ;EDH>8 67:KK:> B A:DL:??: RGKI>A*
+ B>QFY
9NME? LH:?:9 >:KG67CAA B A:?B67?J># KBP@ JMBAC6BD >:O>A B 67E>E?:*
+ : FB?BLI@P# FCLH C>HBD 6C9G<L :>KB?B@ABK* : B7 B LHOKN>W6Y
:LAN?N>L:AA: 67:KOM:LEA# ?G<>>:67A:AA: ANKQ: C??G?B* 9:?:A KE>H# ?J76B67SD# B>B9=
R:MGLG6A FBLHCAA B7 C??B DH:?LED* S?G>J 67:KK:> MEL<LA:9<DA:AA B>QF B?BDHRB?DB A:6AED#
B7AGD B 6BPGA ?IFGPGA M:AA: 67:KOLH?:* :L;CLAB B W<Q7G?BA# K:>H :LE67:D B 9N>@N9E<L 67B>B@A
>:*
+ DED<9EKY
7AGD :LH :>67GDA KC7@I>BAAB> 9<DH<ACAAB B W<Q7G?BA# 6 B M<FB?9BRGACA GAF=7AB B ;:PED*
+ CV + KCD@AB*
B>QF C>@B>?J> MEL<LKE?A:# @: D:K 67J>A*
+ CD@C>CK# K:L 9:>> AI@DID9 B D:MO9:A + KCD@AB B 9NME? LH:?:9* + 7AGD KBP@ W6<DG>ID9
:LH ><6AGA* 667: 9:>>:D: FSMD< :LH LHT>E6A*
B>QF# =LH >GA67<9# D:K B9B?AB :>E?A:D7G6A# B 9NME? LH:?:9 A:FGA 9EDHA:>:D MC>A
;C>HABAD<*
+ D D:K RGDCK# FCLH K<D:9 D:M:7D:9 + KCD@AB R<7B>KB6BD +# ;:>AEM:# FCLH D:K =LH#
BFCLH B7 <69C>GRBD 67C9AB9*
B>QFRBD MB>BK< 9<6 E?@:9>8@E6 ER?:@A*
,&$.-
+ AA K<D:9 FSMAB9X
9NME? C>@B>A Q<6>BDACAA# KBP@ 9N7:> FBPC>A B>QFFC7* BLHCD FB>9?B ;CLAB B FBDLPGA*
+ N;<D:9 + 6=LAB*
B>QF M<6SACAA B D:M:AE6A8>* :>IL?CAA*
+ N;<V N;<V
+ C @: B>QFY
N;< 67:K?:FGDHJBD N667:9I>W6C>AB 9:7EA*
+ 7A KCD@ABK# D:K 67:?:ADEKY
+ N;<V N;<V
B>QF DBLHCA IL?CAA B QB?A ;C??J >:M:L8PER:D# B7AGD MB@G67?:QO>8ME MG>AC7MB# FGA?BW6BQCAA
67G?DHB99B> LEQ;:LHM:?:7D< 9:7@A: N;<A*
+ ??? AB1AB1ABY
I9J?:QO>E6R:D >:67G>>A N;< >GRB :>E# FBDLC6BD 9BWBLMB :>M:A:AA: KBLGA B FCKC9RBD*
+ N;<V
N;< 9EDH67:?:@:AA:D M<LHC?LCAA* BLGDB9 6:K MB>>CAAB R:# FCLH KEL :7 B ME9CDH :><6K:?E6
<6 MB>BK:DDH< :>ELAEA:>>:> AN>A< :>*
+ 4B D:K KCD@C@ K:L B ANRR<:9D:9Y
B>QF R:>:9IDWCLCAA B FCKC9RB* N;< B?WG?B =P?B 9<O>A B ;GP@B>KB6 :>KE>HO>A6EL 9<;:P:7E6:*
+ LH Q:?WV + KCD@AB*
<:AM: M<667B9BW6G7CAA B7 :?@8 ;:>E* B>QF <6 ;:>G>>A# 6 PCRR ;:>E <?BKC@CAA*
QB?ACA <AA MG?BA>BDI> ;E>R:67B9SACAAB B AGPE9DB9 :LH DELH67NL>:A:6 MG>AC7BAB ?J76B67SD
L?GD<A ;:DD6S9# BK:>H 9SKE>:A>:DO> ;E>?:67C?SACAAB B7 :?@8A# B A:?B67A# B ;NM:DHQB?ACA# B >BL=DGA#
6 :LH DELH >GR KBLB6# A:?KE67:A:6 KJ>JA B>9CACAA* :A:PED# B ME9CDH ?EA:L ;N>@R:D# ?<A9G6 ;T
D8AA# ;<BAB> QG>KB;G9 G?DHE9C>AG9* AB>BP D:K MC>A :>EL MB6ABL BFFC7# FCLH B ;G9 9<;:P>8@P:D:9#
SLH K<?: :>E?AE9 B F=67 >GR KBLB66GLCA# 9<67G?B@AB9# 9<@8>A:9# :LHKG6CD 9:?:67AO>19B6I>
MGLJ@MB# RCDHC>I>A K<DAGMB> FSK:7AE9 9D< 9EDH:>K:6:D >:F:A:AA ?BPAI9*
KEL G>>J QG>KG9 7N>@ A:A87:A:A MCDAB9 ;N>EPO9# BK:>H:A B>I>?J># B >BL=DG?J> ;:>M:A8@8 ?:679:A8
M<667;EDH RE>:>A 9<* B>QF ;:>F=7J79C@CAA B ;:DD6S9?B# G?DHE9C6 MC>A E6 FTMN6* :FIDHAB ;E>
67:KEA# 6 K:LG>>BQSACAAB# FCLH A:6AED <6 7N>@:9 B7 G?DHE9C9* 7AGD GAMGLCAA B [KJ>J\ A:DL:?
;:>8>< 67E>E?:# >:A:9<DA:AA B MS7?:# K:>H C>HBD A<67AB MC>A# FCLH B ;:D:9EA <6 >GAD< >:F:A:AA# 9C?B>>C9
E6 A?CQ<9I6 <67B>BLC9 ;CDAG9 GA K:L GA* Q?J# 6S9C6 FB>B9 ?BPB< W6<>>BDAB9 ;:> <AA1CAA B MS7R:D*
B>QF DBLHCA 9<G>ACAA B RC>@CL6GL F=?PB< ?:7:LA:9 FBDLPGRBD*
KJ>JD A=> ACMGRR ;C>HABAJ@CAA B MB?G76* 6A:DD:9 MB>BK<>H:D KC7@I>BAB# AB>GD :LH AGP;ID
MBLH EQQ:D6ELL:> B7 B M<FB?# BK:>H B 67<L:A?: MB>J E?9:7AO9:A 9S6E?A:# :LH W6CKJ FCKC9CA
FC?@CAA N667: B >BL=DB R:>6:PER:D# BK<D:9 9NM:A9:7AER:D B QB?ACD FC667=9G6# KE>H K:@:DW:
9:>:A9:7:AA# KBLB6# ?J76B67SD 67<9>BQB@@B> B A=>6J MELED* B>QFCA KG? LHB9?BD ;E>?:M:7:AA: B
A:DL:?QB?AC9CD 9:>:A9:7:AA R:>M<7:9 67:K?: K:LAEM:67A8 KE>H6EL:# 6 KC6A <6 :> MC>A ?G
9E67O>M:# FCLH W6B>J@D< ;CL* : :7 B 67<L:A R:AB?ACAAB SLE?:A:<A# 6 B MB>J67SDTA>:D K:@:DW:#
K:>H:A B><LFBD:K W6B9 @BLG>H <@:PED G?B67ACAA :> B A:DL:?# B7 :LH<9 MELED C>HBD KE>H MC>A#
FCLH M<7: 6NAEA7N>@:D W6<>>CLCAA* B>QF LCD@C6BD MEL<LM<76LG>AB :LE67 FB?K<DWHB?@DH<
FC667GRBD# B7AGD R:>:IL?CAA* <7: K:>:L:RR MC>A A:6A: F8KE?6E9>:AEDE># =LH E?:7A: KBLGA#
K<DA B9< :LH J?<G6< ;O?@89G@RBD =67<9*
N;< =P?B K:LP:>:DA# >:O>A B 67<9>BQB@ 67E>E?:# 6 <?<LH:D ;<LH:>A: B>QF 7N>@ E6 ;:FE? A:6AEA*
+ Z67D<# B7A AI@67*
!&$.-
+ N;<V
N;< >:M:A:AA: W<Q8PEA# FB?<6DHGPGA# LCD@C6BD :>F:>H:7A: B 67<9>BQB@CD# 6 :LH<9 >GRIPPGMB>
9<Q?JRG>AB B M<7:A*
+ C??JV
+ 4GA K<A LCD@C>AG>X
+ :KK<A 6:K LCD@C>ABK* DED<9EKY
+ =P@ ;:> B DED<9E@:AV
B>QF B MS7 ;:>67SDE?8> F<?A:>:D B>GRI9CAA# 6 DH<ACAA 67:KK:> B MS7 B>BAA 9:7@:AA =67D: K<DA :LH @CKRC>@B> :K:>9:@:AA ;N>EP:* FGAG?B ;:9O@A# C??GA R:;CLMB#
B?BDH ;EDH AGDWC>A# W<9G7CAA B?WB ;N>NAA* N;<# =LH >GA67<9# MEL>:L :>67GDAB KBLGA >::?:67A:AA:
6C?APGA* :7A:>:D MC>A# ;:FE? R8?T E6 9NME?* GRIPPF:LH:D B K:@:DW: FCKC9C6 67E>: ;:>E
R<>>:L:AA# 6 RO679ED KC6C>HCLMB B>QF?B# DHB9<L R:O>A B MS7R:*
+ Z67D< D:K ;CL67X N;< K:L?G7AB ;:PEA*
+ :K AI@C9 + KCD@AB* + :K :DL:@A:9* 7 B67AKGKY
+ =P@ ;:> B7 B67AKG@BAV
N;G7BAC6 E6 AO?:>K:6 MC>A# :7A <6 >:DH:>A:*
+ : B7AGD AI@67 =67D<V
B>QF B FGAGD ;:9M: >::M:7:AA B >:PA8D# B7AGD 67GPGA B MS7 B>G RI9ABAMB MS76ILB?BA ;=PA B
>:M:L8R:* BP@ 9<:K:>A: G>>BA B MS7R8>*
+ D KG? NAEM:6 9C?CKRBD <6 AI@ABK =67D< + KCD@AB* + BQB ABDSACAA K:L* ?:LBAA9BQ<AGDH
B FB@<A:DL:?E67:ADE>* 4B KBP@ 67BRB@6GLCA 9BQ# :>PND 6 K:LK:DA R:DDOD9:A* :9:@ K<;E>: B
QBQG@X
N;< F<?A:>:D :>Q<?I>A*
+ :LFB>A + KCD@AB LHC?6BD* + KBKB Q:@<LY :M:AA: B 67:KOM:LEA# 6 DE7A:# FCLH K<R:
AN?O>F:ADE K:L*
+ D B DED<9EKK:> E>:9 + KCD@AB* + I9C?9BO7>:A: MBD* C9 WI9C?9GA 9BQABK K<D@<L#
BK:DDH<A W6B9 B9B?ABK* <9C? ;CL B QBQG@ R:DDOD9:A K:LK:DA:D<X
+ A:F:A<*
N;< W6NQNLM: 9<:K:>9:@:AA B MS7R8># 6 K:7A:>:DO> G>>MB B ;EDHR:D# B FB?<6DHGPGMB>
K:LAN?N>L:AA: B 67:KOM:LEA* :KK<>H:D KG6 FBDL D:K FB>>BA67CAA KC6A B ?:LL:>< F86ELR:D#
W6B9 B 67<9>B7GACDHCD K:LAN?8 FI>>GKC9 FC667=# :LHFBDL= OMN>AE6:*
+ 4CDDEA AI@PB# FCLH FC> MBLHID9X
B>QF :>A:?O>A B MS7:D* >G>KC6C@CAA B >BL=DB 67:K9GQ?G7ABAJ ;EDHER:D# BK:>H 67G7
@E><RGRCA LNDLHN>A 9< KBLGRJ>*
+ 4CDDEA AI@PB# FCLH K< <AA MBLHID9X
[ 7E?A# K:?A + LCD@C>AB B>QF* + 7E?A# K:?AY B7E?A# K:?AY\
C6A DBLHCD A<67AGD >:F:A:AA FB>>BD>GKAN?E6 K:667< R8LE6EA*
+ <7AC6 K:LKCD@AG9 D:98AE?:D*
N;A:AA: W6<>>CLJ 67:KOM:LEA# 6 >:DE7:AA B>QF?B*
+ 7C9 ILHBD D:K* :K FB>>CAAB@# K<A KCD@CAA B Q<>JABX 7 BACKRCKRG?J> AI@D<<>><9* 7C9
K<D@ K:LFB>AB9*
B>QF 9<>N9A: KBLGA B MS7R8># E6 B7 =P# 67C9BA>BD Q?CR>EKGA KE?>:L:>M:# 67:KOLH?: M:AA:
N;<A* : :7 9<AB?ACAA G>>G6QCDAPB K:>>:AA*
/&$.-
+ 7 67<L:A# KCD@C@X
+ :>KG67ABK :LH 67<9>G?B + ;:>:>A: B>QF >B66BD +# 6 B7A F<67:K# FCLH 67<L:A*
+ <D@ K:LFB>AB9 + KCD@AB N;< +# :7 Q:@<L 67<L:A* :D9< 6:K AI@PB# FCLH K< <AA MBLHID9*
QBQG@ 6:K AI@PB# 6:D9< 6:K AI@PBY
7 BP9B ?:679:A:AA# 67:KOM:LEA QG?B ;IACAAB R:*
+ :F:A# FCLH <AA 9:>> KB?B@DID9# BKSL K:L D:K FB>ID9 + KCD@AB*
7 :>FBDL7CAA 67JAJ> F<?A:>:D K<DAFB KEL MB6ABLBRRG E6 6=>HC6BRRG MG>A MC>DB B F86EL# B
>BL=DB =PBRR MB9SAJ ;EDHFI>>GKKB> AGKB@A ?GPI9*
+ :LH:9 B ?IFGKE?A + KC?KC>AB B>QF* + ??ERR MBD* A>GRC>A B FCKC9CD# B7 :>>:D6EL:6:D
7GQC?C7J ;EDHR:D# 9:?:67AO>K:DA B KJ>JD# ;:>67:@A: 67EA67J?A FC>K<PGA* I?W6BKJ@ E>M:7:A:6
@C>CL MC>A# FCLH =P?B ;:>F=7FBAPB 67O?9: <DLEA* 7AGD ;:>9BQB679C@CAA B ;:DD6S9 67E>E?:# 6 B 7N>@
G?DHE9RBD >:O>A :LH ;BAN?76?:* N;< <6 ;:>KG67CAA B 67<9>G?B# FC>K<PB DBLHCRR ?E67EA B FJDB B>BAA
W<Q:>M:* 9<6 67<?A;C9 9N7:>ER:D# BK:>H 67:KR:DE7:AA B >BL=DGMB># JMBAC6BD >:O>A :LH 9<@8>A
;BAN?76?:U B MS7 RCDHC>I>A M<667;EDH: FBDLAB>BDI> PGA67B@C7CAA ?BPAB* 7AGD K:L67J>B>A*
+ :L 9:>> 9:?:6DOD9 B ANRR<:9:A* 6<DG>D< 9:>> MB>BK<A*
B>QF D:K ;:>:>A* LH 9C?B>>67<L:A:D MC>AB9* FTMN6 G?DHE9 C>AB>KGRBD# K:L 6:K FB>>MB N;<
RB>PJ6 PNM:D@N>E6EA# RC>@CLBD G>KC@C7CAA*
: N;< KCD@AB B KBLGEA*
+ 4GDHBD MBLHID9 <AAX
B>QF :>8?:PNAA# 6 K:LG>>A N;< K:>>:AA*
+ :K AI@CK*
AA <6# CAA <6 >:DL: 9<6 67:>>89 6IFBDAB9 GA B F86EL:D B MS7 W6<67C>A ;:>67SD: ;N>NAA* K<9C?
:>E?AE9 B KJ>JA# B QG>KG9 >:LH:78< 6I6CLD< 9:7@A:9# BQ?J DBQ;EDH;C>AC9 AGDWC>AB9 GA A:6AO9ND#
MBLH W6<>>CLJ 67G?DHB99B> GA?:QO>A:9 B7 G?DHE9CD*
N;< ;:>DE7:AA B>QF?B* 6789: ;<= B?WGD B7 G?DHB9 B ;:PO9 A:A:PE?: G>>AB9 ;:>O> 6NAEA7N>@:9
MC>AB9# B>I> 9<M<>GLC6C@AB9 B >BL=DB M<667;EDHER:D* LH ;EDH;C>A KG67CAA GA B FBPGD*
+ B>BK<A 9:>> W6<DG>DID9 + KCD@AB N;<*
B>QF GADE7:AA ?BPAB* AA MC>A MEL?: B ?EL K:LG>KC@CAA# @: 6CFB :@@<L K:L D:K MB>J6I>A
IL?G6DB9 B Q<>>BDBAB# BK:>>H:> GA67N9F:A<9 B7 <LB7< E>:AR:* 6789: ;<= 67GPB RC>@CL KC6C>H?B
DHS>A# 6 N;< <6# B9< :7=AAB> KBLG?B MCDBA9C7ABAAB B7 :><6K:?8 KC6C>HA# PJ9:@MT:D M:>: D:M:A:AA*
+ 4B MB>JRBD 67<L:AY
+ 7 K:L K<W6C@BX
B>QF KC6A KG? KC6C>HAB>BD B?WWB> B >BL=DB ;:>E KIABACAA* B>BK< A:P;N>67SDT @C>CL F:M:?A ]B
MS7R:D# B FSDG? 9N7NAA*
+ 8X
+ :KV BLH>J*
N;<A KBP@ 67EAM:A:AA: B RC>@CL <7LB>CK*
+ 7 FGAV BLH>JV GAABK KG? <>H:A* LH FG7 FGA6J 989:?SAE6ED* KCD@AB# FCLH
9BLH>J* 4B R:>:;=PA# B99C? :>8PNAA B KBKGPB* BLHCD E?AE9:6*
N7M:A>:DO> B>QF K:>>:AA :LH ;<BAB> QG>KB FBPC>A B >BL=DB ;N>E* =>HB KG? DEFGDH PJ9C?B
?NLNA 9<:K:>A B AB>BP ME9CDH ?EA:LER8># ?NM<@:6:D 9< ;CL @8>D<* B>QF 9<W6BMB?AB B AN?76EA# 6
9CAC?G67D< 9:7@:AA M:>: B MS7R:D# M<>>CLJ FB>B9 ?:RR:DA:9 67EA B 67E>?J76B K<D@:D <?GDHGRBD*
N;< M:67E>H:6:D :>8?:@8>A*
-&$.-
+ <LHG77# :>AN?N@V
+ CL@ R: B 67G@V
B>QF 67J?B9C7CAA MC>A* 9BLH>J 67EQ E6 E?@:9:6# 67J?B9C7ABAJ PGAE9 MC>A# @: ER:?G>KGDB9
:>:M:D ;BDACKPB< KEL ;B>9EDA G>>AB9 9N7A: E6 N;< 9N7NAA# B9<D:9 D:K PIACAA 67:?:Q: B PGAE9RBD*
LH<9 9:7EA :K:>8@B?I9EDA FB67DG>MB# B KG6<99B> >:DHCKAB B ;GA# KSL MELO> B 9BLH>J W6NQNLM:
9< D:K :K:>9:@:AA B MS7R8># 6 N;< :>9BQFBAAB*
C6A# FCLH KG? D:KW6B9 B 67:KEM:> >GAFBAAB# @: B 9:7EM:> <6 K:LE?<DAF:AA:# B>QF F<?A:>:D
;:><7LI>A* N;< ;:W6:L:AA*
+Y DBLHCD @?GLB 9BLH>J* CLB@C9# FCLH FB RC>ARBD B9B?DG@ K:LM:DD<# FGA <6A:D AI@PB#
K:DDH< ;CDACA 9:>>:D: ;<7:AD:@ E?A:Y DG>B B 989:?SAE6?: MC>A >:AEM:# 6 B DED<9EKY
B>QF 9<M:AA: 9:7ER8> B 9BLH>JA# :LH 9:ME6 MS7 ;C>HA 9< R:>8>: B 9B?PG?B* NAEA MBP 67SD: MC>A#
<AA1CAA FB>MGDH ?J76B67SD ;C>AC99B>* LH 9<6 >HI9RBD MEL78@NAA# KBP@ ;E> KEA:? FC667= MC>A# 6 B
?J76B67SD 67GP ?E67A8> B F:LHE<L 6Q<?G><6 B>B9RBD 9:69:DH:@:AA* ;B>GD ;<DCK# @CKRC?KTMT
K<DAB >GA67CAA* B>QF :LH 9<6 FCKC9CA ?G7CAA 9< O?:L:6 R:>6:PER8>*
+Y =LH R8LNAA# K<DA :LH A:FED + KCD@AB N;<* + B>BK<;E>: ;:FE? 9NM:< <6 MC>AB9 6 :LH
KB@G?9B><A9GPB :LH 7N>@ QBQBLGPPB>* ;:FE? 9NM:9R: Q:?67: D:K ;=PA R:>:# 6 B7A KCD@ABY
:LG>>A# FCLH >E>:L7:A:A M:LH:D# 6 K:L6<KCLBAAB B>QF 9:7ER:D B W6<>>CLJ 9BLH>JA*
+ B>QFV
6789: ;<= ?GDE7:AA*
+ 7 PJ >:67 B??B# FCLH N667:FSMPI9 B ANRR<:9:A* G? =LH E?A:K# :LH LHT>E6?:* 4B :7A
K:LFB>>PG9# B99C? <@:PNDD:9*
B>QF?B RGKI>A*
+ ??: LCD@C>AG> A: <6# K<X + 9E?@:7A:* + K<9C? 9<FB>G67AB@ B 9BLH>JA B MS7R8>X
B>QF FGA?B6<KSACAAB 6789: FBPGA*
+ RB?GAC@ FCLH W6<DG>AB# BK<9C? R:>:;=PA B 9BLH>JRBX
+ <DAFB R:>: B9B?DB 9NQD< + ;:>:>A: N;<* + :9:K B DED<9EK D:K :DL:@A: K:L B7 B67AKGK
K<BAA* 7A KCD@AB# FCLH <DDEA B>I>?J> 9:>> ;=PD< + A:AA: FC77G# 9<@I@C?C@J FB6G?B KIABAMB* +
?JRG>@ K:L# B>QFV 4SM@ <@: B ANRR<:9:AV
B>QF R<7CDHAB>BDI> B 67GPGFC7 <>>:67A:AA: B 9BLH>J 9:69:DH:RR MELEA# 6 R:>:;=PA* 7<67:L8
FBDL PNAA 9# 6:KK< ANRR* B>QF >:AN?O>A: BP9G?J> B 6J6 M<7:A# =P?B R:>:;=PA# @: B 9BLH>J
FB>>LBACAA*
+ CD@CK# FCLH =LH A:AA# K<DAFB 9NQD< B9B?DB*
B>QF N667:W6OW6N?SA:AA: 67GPGA# 6 >:M:L8A DHCKCAA B 9BLH>JRB# BK:>H MG>B679EQQ :LH FB>9
B>A:6A< FBDLCA :?:67A:AA 9<* 9EA LH:?:9 :7:D PJ> :>67J?B9C7CAA* B>QF =P?B E6 =P?B R:>:DHCKAB
B >:M:L8A B 9BLH>JRB# 6 9N7R:D K<D@9:AA:D DBLHC9BA 9BWBLAB9*
+ CD@CK# FCLH <DDEA B>I>?J> ;=PAB*
B>QF ;:>9BQAB B7 NA>:A:A# 6 :7=AAB> ?:9:67<7KGMB> ;=PABAAB R:>: B >:M:L8A* 9BLH>J ;:>R8@O>A*
E>H# FB?6GDH FBDL 67J>B>A K:L B QG>KG9 B>BAA# 67EA;IACAA B7 :?@8 =AM:67A8<D# KBP@
M<667BM:?8@NAA B F:LH ?J76B67SD L?GD<APG?J>* ;G9?J> ;:>F867:?T:D 6T?T KB@G??BPC9 ?NQQ:DA:9
;:># MB>BK< ;:>M<6SACAA# E6 B RC7JARB K:D:9O>A*
B>QF >:M:AA: 67GPG?J> B 9BLH>JA*
+ 9IAHB K<D@:D<AV
9BLH>J FB?6CLG6B IAGD B FBDLPB KC6A =LH FBACAA# K<DAFB 6IAACLDB* ZP?B 67GPGFC7 :K:>A: B
9BLH>JA# DBLHCA >E>:L7:AA# R:>:;=PA* 6KEA ;:>FB?6BDA B 9BLH>J# 6 BK<9C? B>QF ;:>:?86SA:AA: B
$"&$.-
>ELDHCKG6A# B FBDL F<?A:>:D :LH C9AGMMB> KBLB6BRR?B IL?CAA# 6 K:A678 A?CKR<ABFBDLLG
ME9CDHC@CAA# BK:>H KEL GAFBAJRRBD 67J>A# K<DA B7 :>8RR* N;< N?M:D@8 B?WWB> MB>BK<A C?@SACAA#
B 67:KOM:L: ;:>W6<>>BDA* B@B?B9 6<MSACAAB9# BQ?J G>>BAC9 K:D:9O>A:9 B RC7JARB* B>QF >E>:L7:A:
9<FBLHCAA# B FBDL =P?B >:67G>>A :LH C9AGMMB># 6JFBPAG66G FB>9I>A# W6ND@:6 ;IMB>>BAAG*
9BLH>J :>FB>>LBACAA# W6<>>CLCAA# K<DA :LH MB@@<67DJBLHB?* B>QF ><F:L:AA# B?WB :>6NAEA:@:AA
B7 :?8;:67SAE6A8># B 67<L:A ;N>NAA B >:M:L8 K:LA:>A KB@G?9<G>AG6C99B> E6 LHT?T78 M<667FBDLC99B>*
+ CLB@C9# FCLH :7A :LH KE?;N>@?: <6 K:LFB>>BD<* B>QF =P?B >E>:L7:AF:7 PIACAA# :LH 6C?C7BA
?NM<@ A?CKR<ABFBDLCA FB>>BACAA*
+ <# KG? CAA B7 :LH<9V + 9<G>ACAAB N;<*
N?O>R:>O> 67G7KEA:?DH<?: :LH LH:?:9 ATDA ;:> B ;NMEDHQB?ACD# B QG>KG9 B>BAA* N?O>R:>O>
FBAEM:6# 7NKN9# <7KC6 9<6;<= MC>A# 6789: FBP=# ?CDLHC6 ?IFGP=# B?WG?B MB6ABL ;C>AC9RBD ?BLB@A
B7 :>KG7C>A LHOKN>W6D:@M* GAD< MB>J MC>A# FCLH D:K?EL# E?AF:A8 C9C9RJ># >::?:67A:AA: B
DB@?GLPGA# 6 IAGDB W6B9 ;E><L F=7AB M<667B* QG>KBA:?B67?J> >:IL?CAA B FCKC9RB# DB@?GLPB
>:W6=67CAA B RC9GPG?BU 9<>EQ:AA R:>8>:# 6 B KJ>J ;:>E OL:A:AA* N;< ;:>6:LSA:AA:* 7B>BAA B>QF
ACMGRR ;=PAB B 9BLH>JA# 6 B7 :?@8R8> :LH?: ANRR FBDL ;:>:>A ?G* 9<6;<= K:LG>>A B>QF :>8AA# 6
?BLHCLJ B?WGA FGA?BM:AM:# ;:>DE7:AA ?G* <IAGD K:LLH878@NAA B??J># FCLH <AA MB>BK< FB67DC6
@C>CL AN?AED<9# :>EL:@:AA 9<;:P:7E66:> B?WGD# :LH:A>:D A<67AB IPPGA# ?J76B67SD FOM:>H9IPPGA
F<?A:>:D KC7@I>BAAB> B 67GPGRB W6=67ABAAB*
N;< ;N>EP: FBPC>A*
+ 9BD IAGDBKC?KC>AB B D:MEA# KBP@ FBDLC6BD GA9<G>ACAA B>QF ;:>E# B9<A B7CDRBD#
A?CKR<AGPGMB> >EMED :>;CL>B>MB# 67:K>GACKG6A D:K E?@:9:>A B7 OLH* RC>@CL E>M:7:AA8># FCLH
:99C?B >G?KGA W6BQFBA# B7 B?WB 9<MN?N6N@NAA# 67SM: KBP@ 67EAM:A:AA: K:>>EA E6 ?BPAB ;:67O>8
<DLEA* 7 :?@8R8> B 9<G>AC7G6 K<D@ 9N7:>:RR DHCKI>A*
C6A KG? B ;NMEDH <6 K:L:>:M:D:@:AA* ANRR KE?;N>@ FC667= FCKC9QB?A# BK:>H] ;N>NAA
>GAFBAJBD ?:7L:AA B F86EL# >:>:Q>:7A: ?:PA:AA E>:AEA B MB6ABL# 6O9:A FCKC9CD GA BQ?J
LH:?:9B>B9C9 <D@I>AB9 :> B KJ>J ;:>E* 4G?CK W6NQQ LH:?:9# B><L <@86:RR:9 CFDDHDG>#
K:L>:Q:AE6O9?: 9N7M:A>:D 9N7:>R8> RI99BDAB9 ;:> B7 :?@8R:D# BFC> :@@<L LHOKN>W6NA
KBP67C>LBAAB9* LH N;<M:> :LH9C?=# ;:9:A: FBP= 9<6;<= B RI?LH<DLRJ> KG67CAA :>8#
;:>9BQB679C@CAA B KJ>J?B# 6 M<@GK KC6C>>HB> O@MN7N>A: B7 :LHR:LHT>A:9:A* :LH?: ANRR:D
PNAA:9* 7 G?ABA>BD CFDDH QE>@GPG?B >:O>A:9 B 9<@8>A QG>KB;BAN?76:9?:# 6 MG?AB9* B>QF ?NM<@#
GAFBAJ 9O?A67BMB9BA FB>>BACAA 9BLH>JPGD* ] N;< <@:1C@B PG?9G>A B ANK:LR:D# D:M:9:A 9E?@:7:AA# 6
FCK>C9?GDWC>MB :K>E9:7:AER: ME6A: 89:A* LH:?:9:9 ILHBDC>HBD 67J;CLB@JBD
:DL:@:>K:69:@A:9 D:9<# K<DA B 67JW6NM:6 ;E?;<B9DB9* EK:>H:9 9N7O>O9 A:>P:6:D K:7A:>:D:9
MC>AB9# 6 B 9:7O9R:D FC7AG9 B ?IFGPI9BA# KG6C9 ;E>W6IQB67CD O>A:9# MBLH 9O>ND;E>: <69C>B<
67O?9:# 9E9 MBLH 8767SDT 7:9E9R:D# 7IRRCDHC9RBD* EK:>H:9 P:>MEDH:9:A MBLH ;:><?BAC9BA
M<6:>A:9# FB?<6DHGPI9RBD E6 QI>JM:?O9R:D 67SD:6 6GMC9BA* 7N>@ G?DHE9RBD# B 9<@8>A ;BAN?76:9
;N>NAA K<D@:D;:>E ;:P:9 KC7CLAB9# RB?DB# 6789:# L:67A:DH:67SD# ;:9:A:# @<JRB?DB# FCKC967SD#
:LE?67O?9: ;:P:9# KCWC?LJ# 6IAACLJ# LCD@C>9C@J ;:P:9U W6IQB 67:K# K:>H B>QFCA ;<LH:>A:*
B>BK< AN?AEDA*
7C9 B LH:?:9:9# B9<9 B QB?ACD PNAA:9 ;:>EPO9# :LH:D9EDA MBLH QG?C6GMB># B99C? MG>AB9
>GAFBAJMG# BK<9C? GA>EQAE9 B QG?G6 F86EL E6 B 9N7:>:RR< ;NM:DHQB?A MG>B67AJMCDB>GA* A:9<DA:A
:>68D:9 MB>BK<>H:D ;:9:A:# @:D:ME?67:?T AOD:KEDHR: OA9N7NAA# BK:>H B FCKC9RBD AGDWC>A# 6
W6B9 B7AGD M:AA: E67?: B ;N>NAA: FB>B@J A:6A:A* @:D:ME? B LH:?:9 G?DHE9B MC>A# BK:>H B
K:?8>:L:6:D AT78 DBQ B>BAA 9<6 ;C>AAG 76ILC?C@CAA B 6<:A8 >GRB9 9N7NAA* B>QFDB9 KEL
$$&$.-
A?CKR<AG>G6 9N7R:D 6:K 9:?O>A: :> ;<LH:>KEA B7 IAC>6J QG? LH:?:9A:6A# BK:>H B ?:7L8# ;:9:A:
G?DHE9 9S6E?:AER:D B KJ>J?B E?A* 9EA 9:?:9 ;:PT# 67N679: ;<= B>QF >GRB :>E M:A:AA: KBLGA# 6
K<DA 9EA 9IAHB ?GM<LHC?LCAA E6 ><F:L:AA* 9?:9 MC>AB9# B 67:K W6B9 MCDB9C@MB# F<A:A>:DO> M:AA:
AI@CKG6I> B A:?KE67:AD:9 :7A B PJ9:@MT @IQ>B A?E;GPGA* LH67:??: 67:@AE9 B >:M:L8A# :LH67:??:
M<LHC?CLAB9# 7NKN9:9 MC>AB9 E6 E>:A:?86:9* :@M:6 BP9I9BA B>QF ;:>E :K:>AE9U =LH A:A67:AA#
K<DAFB D:K PIACAA MC>DB :>EL R8? B7 B?WI9?B# 67GPI9BA DH<AMB AB?ACAAG9# MCDG6B<9 :>KC6J@AB9*
N;< ;:>EPO9 FBPACAAB M<>>CLJ 67:KOM:LEA# B ?NM<@ A?CKR<ABFBDLC9 9N7NAA FB>>BD< >:F:A:AA# BK<DA
FBDLC6BD :><6KEA>< D:MO9:A*
+ BK# ?<W# BK# ?<W*
7AGD K:L7BMB?C@CAA# B7 <9?:9 B ;:PO9:A ?G7AG9# :LHKG6?B KIACLBAAB9# B ANK:L 9N?O>NAAO9
D:M:A:AA*
ELO> B>QF BRRBFBLHAB B A?CKR<AG>G6A# >:O>A# ;:P: AE?@E?: FBDHBA>CAA# B 9BLH>J >:W6ODL8
PCRRPGRBD Q<F:DA* M<667FBDLLB> :LHOAA >B66BD9EDA :>FB>A B D:M:AE6 <6# W6ND@ >:AA*
QB?A LHEKGDA;EDHT ?BLHCLG6GRBD MB>BK< ;:9:A:6EL KC7LCAA* B>QF Q<>>BDACAAB K:L
:>68D:9# 6 ;<LH:>8 A:9<DA:AED:9 G>>FBABAC66GLB MELO> <6 K<D@:D 67:K:A B K:LP:>N>A <?GDHRB
;C?@SACAA* 7AGD B AOD:KEDH B ;EDHPGAE9RJ> 9<>EQ:AA B M<>GLC6 9N?MCDB>= ;NM:DHQB?A?B# 6 >GAD<
>:F:A:AA# FCLH B ;:9:A:6EL D:KW6B9 G?DHE9RJ># FBD:K ?IFGRJ> <6 G>>* LH W6BQBA ;<= MC>A# 9EA
6C?RBD# DBLHPGRJ> OA:K:6:D K:D:A:>A:9U KG? K:667<?8> ;:>ATDA 9O>ND>:L:6 N>AN7:AO9* DLO9:A#
?NM<@ DB@?GLPI9BA# :LHER ?IFB@B?BRPB<9BA B 9:7O9R:D FC7AG9# @: K<D@:LH<9O9 :7O6A P:>MEDDH:>
:>>GACAA# DELH67NL>:A:6 ;:9:A: 6BQ9GA M<6:>A* :6AO9:A DHB9I9AJ> B RC9GPI9<L ;:9:A: 9NQ:DH
AB9B?AB# BK:>HD:9 RB> K:>>: ;N>NAA FC667=9G6# :7O6A 9:?:67A W6<>>CLCAA# B DHB9?E67 ;C@?C6
LB>>E?RBD MEL78@NAA* A?CQ<9I6 F86EL# B >:67G>>G6# B FBP67B :DD<MB>J IAGD# 6 MELO> :LH FC667=#
<77B67AJ K:D:A:>E6 B ;EDHA8> <77J QB?ACD C>H 6NAEA?: ;:6A:AA: R8?O9:A# FCLH B?WI9 :LH1:LH
;?<66:D KC6CAA 67<>MG?B :K>E9:7A:A:AA* W6BQBA M:7:A8P: ILHBD=LH MC>A N>AN7M:# K<DA B ANRR<:9#
B77B> B 9O>NDR6ELL:># FCLH 6BQ9BP:>MEDH: B?BDH MC>A* K<9C? W6BQBAB 9N?O>R:>O> AS7KEA:?DH<?:
E?A B KJ>JAJ># :LH M:7EDH67JA 9<G>ACAA# B ;<=9 ><F:LM:# <77B@MB# K:LK:L<DCLMB F<?A:>:D
K:LG>>AB9 B MB@ ;EDHG?B@BARBD* M:7E? :>8?:>EQ:AA# K:L1K:L><RR:D8 9NQ:DHER:D
;:>9BQB679C@CAA B KJ>J?B# 6 DBQ;EDHA8> :>MB9SACAA 67:KEM:> R:>:RGKI>A B7 :>8AA: :>A:?O>8
GAFBAC>FBABA>BD 6NAEA6ELR:*
+ :??: MBD B7 B7 :KR:? B A?CKR<AGMB>X B>QF K:LE?A:AA:# FCLH B ;<=A :>MB9SACAAB B DBQ*
+ AA D<DW6 :KR:? + KCD@AB* + AA W6B9 ED MBLHC9*
;<= 9N7:>:RR >EQ:AA# 6 ;:>M:A:AA ;:PP:> B>QF?B RGKI>A* LH >GA67<9# B 6789: FBP= ;<= >GAMGDHB#
B7 N>ER:D F:M:?8 9BLH>JMB> D:K :>ELSA:AA: 9<* NQ:DHEA K:L>:RR:DAM:# F<?A:>:D 6B?9CD ;C?@I>A*
+ LH67JMB> <AA D<DW6 FBPJX
:L1K:L><RR:D8 9NQ:DH: B>BAA B A:6A: 67<9G?# W6CDAC6 MC>A# ;:9:A: 6BQ9GPB 9N?O> B FBPB
MN?N6* HT?NAA# 67:Q>86 B?WB W6=DHB MC>A# @: C9C6* <>GLC69E9 67:K: M<>>CLCAA B7 B?WGRBD#
W6B>J@CAABD# <DL:?O>A:D# 9<AN?E6?: 9E67# >BQQBDLJ @OFM:>*
+ AA D<DW6 ;:>D8AAX B>QF B FGAGDB9 ;:>:>A*
+ <DW6* C6A <AA LHT>E6 >:67* H:?A:9# AB?A6BAC9 M:>OD9V
9NQ:DH:L:6 ;<=9 9:AA86 6C?B RCK>B@C7D< 9:7@:AA* KBLB6 ;<= ?GPI9 ;N?K:@A*
+ J?I6# G>>PV
LH:?:9:9 ;G?B@ABD# @: :DL:@:>K:6:D =P?B ;:>6C?B9C7AB9# B 9EA 6C? <@:1C@B <DLB@C7CAA B
;EDHR:D* : KG? DEFGDH RGAC?AB>BD A<>AB9C7J 67J <6 ;:>FBDL7CAA*
+ : :??<@:^VY :??<@:^# 9E?>:9# D:K >:F:AD:Y
$2&$.-
7AGD B7 :LH<9 ;<= F<?A:>:D B?WWB> :>8?: B FCKC9RB RI9CAA# 6 B 6C? MEL9EQQ ;:>RCK>CAA*
:>W<Q:>AE9 B7 :>:6:AA ;<=A B KJ>J?B# 6 CAA B ;N>@?: ;:9A:AAE9* :??<@:^ R:67T9O>A 67:KK:> KBLB
:>E DE7:AA# 6 PCRR FSPGD R:>:DHILC@CAA B F:>H7:AR:*
+ :D@R:D MBD* >P:A:9 >:V 4BLHPGAC9 RE9EDV
+ : :??<@:^V
+ 7 K<D@<L :>GPI># FB 9:>># FB D:K + KCD@AB :??<@:^* + >GPI>A <R?B>AG?RBD K:L @@<6RBD#
K:L B FBPDB>< 76C>C76KGD <6 B ;89GDAC? 67:K: >GAAG?B*
7 B7 IAC>6J :K>E9 :LH 9<6 ?NFNLE6A MG>ACAA 9< B7 ED:99B?RJ># BK:>HD:9 ABLPB<# K<DA K:LBDDH<
DBLH ;:9:A: KB@G?# KG? B7 N667:M<667B F:M:?8 ?ND9N9ND AC>>G679C@AB9# CDDEA ;<LH:>AE9
E?@:9>8@M: B>QFCA* N;< :7=AAB> D:K E?@:9>8@NAA B D:M:9 IAGD# B7 :LH:D?IFG9 >:DHTLN78
>GAMGDHB# 6 B7 :>>:DAKCD@G6A D:K AT?8 A:9<DAE>H :??<@:^ FBDLPGRBD 67:K>GACKG6A
K:L;E>:K>SA:AA:* B>QF K:>>E F=7J@MB# B 67:KOM:LEM:> ;CL>B>BAC69C@CAA*
:??<@:^ B>QF ;:>E ;C?@I>A* + <DW6:D:9 <AA ;:>D8AA:9X
+ <DW6:D:9*
:??<@:^ <6 >:O>A :LH ;BAN?76?:# 6 9N?O>FC?@C7AB A:9<DA:AEA B LHO>:9:7:A:D*
+ 99C? KBLID9DB9 9:>> LCD@C69C@DID9 KBLID9?J> KCD@AB*
N;<# B9QF K:>>:AA R<7ACD6GLRBD E?:7A: KBLGA# ;E>ED9:D K:L67J>B>A
+ B>QF B7E?A FSMAB N667: B LHT>E6A + KCD@AB +# FCLH :>FBAG?C7FB66I9# KH<9 <6 ?<WXY
A:X :K# A: BK MBLHY
+ D MBLHC9 BKY
+Y ED K:L ?<W*
+ CRR <6 MC>DB + ME>A: B>QF +# FB K<D@ K:LKCD@BDJ9 B D:MOD9:A* DL:K B>QFDB9 FSMDB9*
+ C6A LHTPA<9 N667: B D:M:9:A + KCD@AB N;<* + QQ B7CD MC>AID9Y
+ 7 SLH LH:?:9:66EL + KCD@AB :??<@:^* + <E?A MC>DE9 ED BW9X :??<@:^ MBLHC9*
B>QF LHC?6BD ;:>EP: ;C?@I>A* :LE?:7A: :7 B ;<= AI@PB# FCLH K<A B9B?*
+ 7AGD + ;C>HABAAB N;< + :7 B ;<= <AAY @: :7A :>;:>:PA:AA:KY
+ C9BA PG? B 67G@# LNKRNW + KCD@AB BW9 :??<@:^* + 6I9@ R:V
:M:AE6 FB>>BA67CAA*
+ :K NKRNW B D:M:V + 9<G>ACAAB B>QF* + N;< B7 <LB7< D:M:*
+ N;<V
+ N;<V
+ BP# N;<V
<FB?C6 D:M:AE6 FB>>BA67CAA# KEL B >:L9<6:RR:9 <6 R:>:6<9C>AC7AB9* LH Q<>>BDBA?B B LH:?:9:9
B 9N>W6NDN6 ?C9CD67:DM 67C?C6 G?BK9N?ER: 7G?J@AB9# BK:>H:D N;< 9SMO> KB?B@AU
Q<QBW6MN?N6?: MG>MB >:FBPACAAB ;:PEA# 6 =P?B K:LA<67ACLBAAB 67:KOM:LEA*
7AGD B D:M:AE6 >B66BD9EDA :>FB>9I>A* LH:?:9:9 6C?RBD K:LKCD@AG9 B D:MO9:A* 7
ED:99B? ABLPB< 9N7NAA DBLH6GLRBD BW9 IAGD 9N7M:A>:DO> BI?<W: 9NM:A9:7:AA# :LH 67E>:6 MG>>=#
N?N99E M<LHC?LJ LH:?:9* LH ME9CDH# AN?E9:DH A:?K:AT# B>BKI67< ;<= <6 MC>A 9N7AO9# B9<A 6:D9<
6:K <6K:?A# 6 B9< 67<DA: 67:DM:@E>H:6 FEMM:> 8?9N@NAA :LHED<6EL: R:D68 A<A9B ;N>NAAU CL:?D:9
FSMPG9# KC?KC>AB# B7AGD =P?B :>DEKI>A* <>># CR:?A# 4B?C>@# 4:D?HY 7 <KEDA :>GPI>A ;<= <6 ;:>O>A#
FGAGA :LH QG>KB;GDB9 AGKB67AMB# FB>CMGDH B?WWB> B>QF?B KC6C>HLCAA# 6 9N7N>A:# FCLH
<KCDDB9 FSMPG9*
$.&$.-
BW9 K:L67J>B>A*
+ C6A :> 9:>> FBAG?C7DID9 + KCD@AB +# FCLH K<9EQQ 67BRB@I>ID9 <DDEA*
=LG6 AGKB@A* 4:D?H# B7 :LH<9 9<6:RR LH:?:9 9N7N>A:# FCLH FB7B B9B? K:DD<*
+ 6ND@V + KCD@AB B>QF 67J?B9C7CAABD* :>:K:>A: B 9BLH>JA* + LH ME>:K# :>68 @C>LID9 B7
>:LH:D# FCLH M:7E?A MG>B667ID9# B9< :>FBAG?C77B B A:DD<MB>J9BA*
+ :7E?AV :7E?AV
+ :9:K 9:>> M:7E?D:9 >:DD:K + KCD@AB BW9 :LH67:?T L8LL:> +# K:?A ED* MBLHC9 B
9J?I6M:7:A8 6 B7 :>68 ED:9:6* KBLB6 W:A <6 9< AI@CK MGLD<*
ZPBRR 7=LG6*
+ 4GA B99C?Y + KCD@AB BW9*
LH Q<>>BDBA<L FBRC7CAA* CL:?# B 6NAEA R8?T ;<=# MEL?: K:LKC7@I>A*
+ 7BMB77ID9V
+ LH MBD# 67BMB77ID9V
+ 7BMB77ID9# FCLH 9< >:LH:D B M:7E?V
+ 7BMB77ID9V
7 B PGAE9 KBP@ C>H KI>BA6GLC6 MC>A# K<DA B 9BLH>J* BW9 EQQ A<>AB9C7D< B9B?A# BK<9C?
:LH67:??: 9<@:?O>A# FCLH B M:7E?MG>B67AG6 9N7FBDLI>BAB <@89N7R:D K:L;C?@I>A B ANK:L
9N7;:>9<G>AG66B> B>QFCA JFBPACAAB M:7E?ED:9 MG>B67ABD<* ;<=9 9N7O> :LH<9 6:K AI@AB MC>DB
K:LC9C>D< :>FBAG?C7G6GAU BK< E?A:>K:6 @C>CL :@@<L AN?AEDA# B7A N;<D:9 9N67NDF:AAE9# 6
M:7E?D:9 DH<>MGDMB>JBD BW9 >GA67CAA B >:L?GA:?K:AA:RRD:9* : B>QF 9N?O># BFCLH B QG>KB;B
AND9PED O>@NLE>A# MB>BK<>H:D 9O>NDN6 W6ND@ 6T?T6N@NAA# BK:>H 9<P:>N>A: 67:?:QE?:U KBLB6
A:?K:A:# MCD7J B?WB <6 FC77GPG?I>A# 6 FCKG>HC6BD# @: BDDG> R:FBAJRRBD B 9BLH>JV 7 B >EDH#
BK:>H :7A K:L67J>B>ABAAB# 6 B7AGD AE?@ED F<KRG>MB B 67EQ# 9EDH:6 PGAE9CA# DHILC@ABD
K:LMG?AB# BKSL MB>BK:DDH<:D N667: D:K LHT>D:9# :DD:9 B 9O>NDN6 >EDHD:9 9O>ND F:>H: MC>A
9N7NAAO9*
+ 7# B9<DE> B 9BLH>J MBDV
+ B>QFV B>QFV
+ 7 B A?CKR<AG6 >:LH:D B M:7E?V
B>QF ;:>:K:>A 9:7EM:> W6ND@:A QB?BDW6C>A*
+ :D@R:D MBDV BW9:A K:L 9< B9B?PB M:7E?D:9X
7 ED:99B? ABLPB< ACKQB :DL:@:>K:66ELL:> ;:>:K:>AE9 9:7O9:A*
+ :DL:KX
7 ED:99B? ABLPB<D 6 N;<D 9SMO> K<D@:D9<D:9 B 9:7: B7CDDB> B KBLB6RB >:D@O>A* 7AGD N;<
<6 9:>>:A>:DO> ;:>:K:>A: B KBLGEA*
B>QF 67GKC>A*
+ 99C? ED B M:7E?*
N?N619N?O> B ;<=9 :LH67:??: ABQ6C>D< 9:7@A:9* EL B 9J?I6 <6 ABQ6C>A* BW9D:9 B
K:LB>G7ABAG6AJ> 9<LHI>>B@A B7 B?WB# 67:Q>8< :>;B9I>AB9* :>IL?CAA# KBP@ F<?A:>:D K:LLCD@C>AB
KBLGA# 6 =P?B >:O>A# 9N?O>NAA: KEL 7=LCAA B >:M:L8* B>QF ?GDE7:AA* 7:?:AA: MC>DB MB>BK<M:>
K:LBPGD@E9C7D<*
+ 9J?I6 Q:?67: B A<E@*
+ 7 >:67 B FB@6:?:LY
+ BLH MB@G67C9Y
$'&$.-
+ :F:AD:9Y
MN?N66EL >:C>MB@A BW9 B?WG?J>* B>QF =P?B W6ND@:A 9E?A*
+ :FGA BW9 ;:>:>86 B7 ED:99B?E?A# 89 >:67D:9Y : K<A B9B?67# K<9 >:LH:D:9X
+ B@G67C9*
BW9 E6 B>QF 67:KE?K:6:D :LHKG6?B KC6C>HLCAA# >GAD< MB>J MC>A# FCLH K:L9:@M:>AE9
:LHKG6A* ANRR< ;<= >G?KG6# KCFJ R:67E>L:AE6R: 9:7@:AA*
_ BW9 ;:>G>>A*
+ J?I6# ;<LH:>PV : >:F:A M:ADHA:?:KR8> 67BRB@I>DGDB9# B7 ED:99B?C6C9 ;:>G>>AB9# ;:W6:LD< 9:7@A:9#
9NQ:DH:<9:A B ;T?: ?B9AG9# :LHKG6 ;N>E* BW9 B KBLGEA B ;BAND9?: ;:9A:AA:# B>QF K:>>E*
A<77B@A# 67O?9: 6C?APB B A:6AE?: ABQB@A* B>QF :><6K:?8:D DE7A:# 6 BW9# BK<9C? :>9BQAB
Q<>>BDAG6GA# ?NLAND K:L <6 KBLHB?G7AB
+ :> B9B?ABK KG67D K<D@:DOAA MS7 MBD1:* : B7AGD
B 9BLH>J@ M<667BFSMCAA*
B>QF :>KC6C>HC@CAA# KBP@ BDDB9 P:>EO># FCLH W6ND@:A 9E?# ;:>:K:>A: B 9BLH>JA*
+ <D@:D9< <@: ;<LH:>P:DV @8?: MBD 67O96EL:K# FCLH 9<LCD@C>PBK# K<9 B A:DD<MB>J9# :7A
KC6A <AA 9BQG6RJ> D:K AI@CK :>@NDA:D<* 4B :7 D:K 67<L:A# B99C? >:F:A# FCLH :LHR8> 9< AI@DB9
K:DA:D<# A:FGA KC6A :>68D:9 B7A 9:>> :>@NDA:D<# FCLH 67<L:A1: MBLH D:K* <D@:D9< KB?B@PCD <AA#
MG?PCD AO?:>K:6:D# 6:D9< :> D: >JLPCD* 4G?KBD 9N7O>OD9 :`Q:@SW<J?B <D@I>ID9Y B7E?A W6B9
FG?KBD# K:?A FB ANRR:D K:DDED9# B7 :KR:?:9 :>9:M:?:@DED:9 6 :>M:67SA:DE9 :LHKG6AY
LH67JMB> FG?KBD D:9<<D@I>ID9 KC6A# 6 K:LDE77O9# KH7:A* D K:LH:9# K:L BW9# K:LY
K:LY
7:KOLH?: M:AA: B 9N?R:D 9SDG>9C7J# KCFJ B?WC9BA* G>B67AE9RBD D:K MC>A F<GDH*
+ :L <KCD*
<KCD 9N?O> O>8 ;<=9 9IDWCLAB9# <KCD ;:>G>>A# 8 <6 :>D:M:AA: KBLGA* C6A# FCLH KBLGFC7
AE?A GPI>G6GRJ># 6 B?WB 9<67SD:6:@:AA# KC7LE9CDH# <DB6# :>:M:D 9<6 LH:?:9D:9 >GA67CAA# B 67:K:
E>ED9:D M<>>CLCAA :LH:D:6 67G>=# 6<KB FBPGDB9 6GA?B B>BAA# BK:>H MB6ABLCD# ;:9:AED >JLCAA
FCK>C9GRB*
B>QF ;:>E R<WW:DA:AA*
+ :LH:9*
+ D <6Y
BW9 :LH PJ9C?B R<W69GA 9BAA<DACAA ;:> B FGAB KNLNAA# 6 R:>:MGLAB :LH ;BAN?76R:* Q:DL: :LH
<@:<L 7OKKNLNAA# KBP@ :>FB>>LBACAA*
N;< K:L?GD@I>A*
+ D <6 K:LH:9* B>QF ;:>EP: ;C?@I>A*
+ :K MB>J MBLH A: :??: B KID9G?B + KCD@AB*
+ <D@:LHY
+ <DW6 67O96ELOD9 ?G@ + KCD@AB BW9 FBAG?C7CAABD* >:L:D MBLHID9 FG?KBD*
N;<D:9 K:LM<>>BDA B 67:KOM:L:*
+ :>: MC>ABK# BK<9C? K:LAB>G>AI9 B 9BLH>JA* :>: MC>ABK# BK<9C? KEL 6:D9< 6:K MC>A <AA*
: BW9 E6 B ANRR<:9 D:K ;<LH:>A:9 ?G* ;<=9 67EA67E>:@A:9* B>QF# BW9 E6 <KCD >:IL?CAA B
KJ>J?J># 6 B ;O?@8K:@:DWEA KBLB KNLNAA FBLHMB# :><D@I>A B QB?ACD* N;< KNLNAAO9 RB9ABACAA*
+ 4B 9N7?:;CLPI9 <KCDA + KCD@AB B>QF BW9D:9 +# B99C? GAR:67E>F:AOD9 B ;:P: ;N>NAA*
$0&$.-
EQE6R:D K:D:A:>A:9* 7 BDDH<A P:>:DA:AA# FCLH <KCDDB9 <@8D9EDA @IQ>GA 9:>>:AA >EQD<:#
FCLH :LH 6C?RBD KB?B@PCD B KG6<9 9:AA8M:>* 7AGD B>QF F<?A:>:D K:LG>>A# 6 FGA?B;C?@I>A N;<
;:>E*
+ <LH:>P W6B9 <@:V + KCD@AB*
BW9 E6 <KCD =LH A:AA# K<DAFB 6:KK<A 6:K M:DD: E67?:# ACMGRRK:DA:9*
+ :K PNF:A67 M:>OD9 + KCD@AB B>QF*
N;< 67:KOM:LEA =P?B R:;IACAAB B QG?B# :7=AAB> B K:LB>G7ABAG6AJ>*
+ :LKCD@AB@ D:9<9* :@<L K:L9E?A:>:9# FCLH D: 67J>P* >Q<?I>A# B 67GPB ?:K:L:AA*
+ :LKCD@ABK# FCLH D:K B9B?CKY
+ <?8> R:67E>67# B7 EL G>@PCD K:LX + 9E?@:7A: B>QF*
+ ??J># FCLH N;<D:9 FSMPBDB9* CD@ABK# FCLH 6:KK<A 6:K RGDC9# FB D:K D:M:7D:9
N;<D:9# 6 K:L9E?A:>:9# FCLH D: G?I>@ :> D:9<9# 6 :??: ;CLC@ KBLB@# 6 :LHR8> K:LKCD@C@Y
6ND@ >:AA* B>QF KC6A K:LE?A:AA: N;<A# 6 >GAAB# FCLH K:L MBD RGDAMB# 6 K:L MBD B>G7MB*
LH <@:<L FBRC7CAA# FCLH K:DA:L:A877E91:# MBLH Q:@<L A:AE77: K:L B 6E?AE6A*
+ N;< PCRR# K<DA NKRNW + KCD@AB MELO> <6 B 67O>:A:AA M:7E? 9N7M:A>:D6ELEM:>* + LHER9EDA
6BPDG>CK# FCLH K:LRGDACAAB>B9* C6A Q:@<L :?<LLH M<667B# N;<# E6 67:@@ ><6AGRB B D:M:9:A# B7
KC6A B @C>LC@* <67>GAV
:L;C?@I>A 6 IAGDB<?BKC@CAA B KG6<9 9:AA8D:9* N;< G>>MB KB?B@A# B KE>ABA>BD9C@G6 QS?PB
>B66BD :>ATDA B?WG?J>* 7AGD M<667BK:DA B KJ>J?B*
FG?CK ;<= M<@GKBD K:D:A:>A B FCKC9RBD* QG>H MC>A# 6 B QB?A B ;:>6C@C?A FSDG??B> >GRI9
B>BAA KBP@ C>H 9:KEDH:D 9CQCLCAA# K<DA :LH 9<ABQC6CAA N6MEDH* AGPE9CA 6 M:>: :LHOAA
67:KE>HO9:A <6 MB>BK<>H:D MB?G76>BAC6 ;EDH 67J?AB R:# BK:>H:A K<D@:D S7O9R:D E?:7A:9# E6 :7
B7 E?7E6 RC>@CLLG A:AA: 89:A* LHKG6 ;:>E ;C?@I>MB# <7LBACAABD D:M:ALE>A:9# ;:W6:LA:9# :LH<9
6:K FB>>LBACAA B KG6<9?B* >:M:L8 <6 ?BLHCLCAA* B>QF# B9< F<?A:>:D 67:KR:D AB>G>AB KBLGA B77B>
B ;:>B@BAAB># FCLH K<D@:7A >:;C?@SA6B MB>BK<>H:D E?AF:A8 KBLHB?G7BA?B# AJAGLB6A G>>A# @:
;:>RI9CAA* <D@BDDH<BD D:M:AA:9* <KCD ;E>ED9:D K:L6<KCLBAAB B>QF 9B?PGAU :??: =P?B
D:M:AD<O9 9:>>:AA*
+ H:?OD9 + KCD@AB BW9 +# K< KC6A ;:>;:@:78 =ACD MBLHID9*
+ >K:LHOD9 B 67<L:A MELE?: + KCD@AB B>QF +# 6 CAA R:;C?@I>ID9 B 6B?9CD*
+ G? FB :7 67<L:AY
C6A# 9E68 @E>IAGD# B >:M:L8 @E><RGRPGAE9B< >B66BD9EDA K:L?<A9I>AB9* ;<=9 9< <6 PIACAAB9 B
67<L:A MELE?:# BK:>H:A B MB?G76>BA 67:KK:> >GAFBAJBD K:L9SKE>A 9N7E?AF:A8 ;C?KGPB E6
P:>:DAE6: MC>A* K:L67C9CAA N667:M<667B @76IDL:>DELH67NL DBLH 67<9>B;C9RBD MEL78@NAA#
BK:>H K:667: 9<DH=>A B >BL=DGRB* :DL:?< KB@B?B9 ;E679:>A:9 ?BPAB*
+ <DA B WI9C?@S67 :LH ?J76B67SD AC?AGD + KCD@AB B>QF*
+ :K >:F:A R:;C?@I>D9N? B>B9=
FBP>BAY B??ERR K:L KG? 6C99B> K:?:@:9:RR:9 B 67<9>G9*
B>QF A:DH:?EM:> R:G?DHE9C>AB 67:KEA# 6 MEL<LA:9<DA:AA B F:LH ;:>E :K:>9:@8 67<9>G9 W6<Q9E6
9N?MCDB>B<D* QB?ADB9 :7 B ?E67: 9N7:>:RR MC>A B F:LHF:7# K<DA RG?K<# BK<A :@@<L >GAAB9*
+ :LQ?JRG>PI9# 6 <DDEA KG67ID9 ;:> B F:LH?: + KCD@AB* + CD@C>CK# :7 >:67 B >:L9NDDH:RR
=A* AA 9:M:6:RR B @76IDL:># 6 ANRR B ?J76B67SD 67<9>B* H:?OD9# ;<=9V
FG?CK LH:?:9 D:9<M:6:>9:@:AA* B>BK<>H:D <6K:?:A>:D :?8 =LH @CRG>AB 6 ?B9AB ;:> B
67<9>BANKRN9:A# FCLH ?E76TA @T>A:9 :LHKG6?B# LHB9?BD L=>B67:?T:D 9:69:DH:@M:# BFCLH]
:LHKG6 F:LH:D1FGAGD ;:>;:>E 9BQB679C@AB9* >:LLHB9?BRRBD K:L<6KEA>8@8 GR?B :LH
$,&$.-
?J76B67SD 67<?A MC>A# ?BPAB ;:?@ED :>F:>H:7:AA ANKR# KBP@ =P?B :LH 67<?A 6 B7CD =P?B :LH ANKRU B
?J76B67SD ANK:L# K<DA MB>BK< 9<:LH:D6=>HC7CAA 67<9>G9RJ> G>>J J?<G6< 9B7B> :K:>9:@:AA 9< B7 :?@8
N667:M<667B W6BMB?C@J# :LHKG6?B FI?9C>J@J ;IAJDNMEDH:<D:9 ><@E?W:6 G>KGRJ>* AA# BFC> B
?J76B67SD 67<?A:9 9<:K:>9:@A:9 B AB>BPRJ># <AA1CAA W6<LBK:D:AR:D 9BDHB?C@J 67T9 N6MEDH:9
;IACAAB9* G?D< <6 >:F:A:AA ?BPAI9# KE>H:D :>K:?O>M: B DNMEDHA:DL:?R:D# B?WWB> B 67<9>G9 ;:>E*
+ < W6<DG>AB :7:9:A B7 N6MEDH:9:AX
BW9 >:;E9:7:AA# B7 <77B@6GLCA AN?O>L:AM: FCK>C9G?J>* B>QF ><F:LM: K:LG>>A K:>>:AA:*
+ KR:?:9X BW9 B ;:PEA ?G7AB*
+ >>BAC9X
B>QF B ;G9 9N7A >BQI>J 6NAEA6ELR: RGKI>A* 7 :?@8 K:L?:77:DA 9N?O>NAAO9*
+ H:?OD9V
9=67G6 B 67<9>G9 K:?:@E>H:<?: B?GDH>BL 9NDDH:RR MC>A# K<DA BK<9C? B>G 9:>>:AA RI9D<I9 B7
86:?@8 RC7JAPGRB# FCLH K:LAB>G>PG9 B >:L9N7:>:RR< N6MEDHA* 9=67JDNMEDH:9 LHN9:?:< E6
<AA =LH N667:RCLC7J@AB9# FCLH MB>J6GLLB> :>:M:D# FBP>E9CDH MB??JATME 9:>>:AA MG>D<I9#
FCLH GA;T77E9 KBLI9BA ?BPAB* RB?DB AB>BPCD E6 B 6T?T >CKRC7BACD C>H9C? GAFI>>J ;EDH;C>AC9CD
9SMO> W6B9 B F:LHC>@B> :K:>9:@8 <?GDH7BAB KIABAAB B7 IABA K:>H<9 <D@B9GR:>:99:> 9<AN>ANAA >HI9
;:967<9 KBLB6BRRBD B KG6<9DG>*
B66BD RG?# @: B7E?A W6B9 :>8?:PIACAAB9*
9=67JDNMEDH:9 9N7E ;B>B7MB# :@@<L< =API9 AB>GD >:LD:F:7:RR Q<>>BDBAGRBD# B>QF W6<>>CLJ
67:KK:> AG?6B< ;:>E ;C?@I>A*
+ >B667 + KCD@AB*
+ C67C?9GDHC6*
+ ?<G6<*
C>@CL6GLI9 C9B EQQ:D6ELL:> D:K MC>A 9E7:D;:9M8* <D@ B FG?KBD 9<K:?O>A:9# Q<679C6B9
MC>AB9# ><F:LA:9 B F86ELA8>* B>QFCA W6=DHGD N667:9B?KC>AG9 B AO69E9* WCKRMB6ABL6GL=
<D@G9 W6B9 ME9CDH B>BLIAB9BA :DL:@E>H:7A:9 B ACMGRRPIAG6?B* B>QF 9S6E?>:A9EQQ :>?<99BDACAAB
KBLGA# DEKGD FB>>LBAAG9 B ACKQB M<667FBDLC9BA*
+ 7 <LB7< ;:>;:@:78 =A + KCD@AB BW9* + 9G?K<R: ;CLB@C9# FCLH <AA KEL 6:D9< 6:K PG?A*
+ :> 9:>>:D: AE?9EQ:7DQF* 6B9FCLH D<DW6 QBQS?ID9*
+ BFEPRB >:F:AD: R:>:9B?WC>D< + KCD@AB <KCD +# B7AGD MB>BK< ;:9:AEA R:>:@N?76N>D<*
6NAEA6ELR:D =P?B ;:>W6<>>BDA B7 :LH:AE?A8 67:K:9 ODD:QE>H:6 RC>@CL6GLB*
+ >B667V
+ ?<G6<V
BPDC6# B??B D:K MC>A F:>H# FCLH B7 :KR:? AJAGLB6A G>>PCD* B>QF# FCLH DEK<9EQQ P:>:77:
;:><D@I>G6GDB9 F8;C9GA# =LH A:AA# K<DAFB >: B9B?DG OAD< <KCDAU B 9EA ;<=A:6A W6B9FBKB? <@:1C@B
FI>>GK7J# RC>@CL W6CKJMG LHT?8@NAA B 6T?T 6NAEAR:D*
K<9C? 67EAMG>AB9# B>QF 67J>B>A K:L :>68D:9*
+ C6A B7AGD LH:?OD9V + KCD@AB*
>:L9N7:>:RR< 67<9>B67<?A ?J76B67SD L?GD<APB MB>BK<M:> K:667<RR :6:AA B @76IDL:>
9=67JDNMEDH:<A8> E6 ;G<AJ># =LHFCLH B?GDH>BL 9EDH:>K:6:D OL:AF:AA:9 B 9BDHB?C@J N6MEDH:D*
7 :LH ?<A9GRR :?@8R: M:7:A:AA# BK:>HR8> <AA <6# CAA <6 KG? B DHS>A A:DL:??: <6 9< >:F:A:AA >GAD<*
BFCLH ?<A9I>AB9 B ;G9# K:LP:>:DA B DBQ# 6 DEFGDH Q:?W B>BAA ;:>67G?SACAAB B 6NAEA# QG?G6 F86ELR:D
GAD:@M:6:@:AA ?IFGPI9BA* ;<=9 FC> 6OQQ:@8 MS7KC6G6C9CD# FC> E>:6 9NM:9R8> G>>J
LN?L:A:L:9:D AB>QB>AB9 9:?:67AO>*
$!&$.-
+ @B DE77V @B DE77V
67<L:AD:9 :7:D B MELED B7 N667:7=7CAA 67<9>G9 KBLB6 L=>G9BA E6 9EKEDH:9:A :K:>A:9 B7
EL ;:>E* FCLH BW9 ND9EDA:>:DO> D:9<AGKB679C@CAA B7 :LH<9D:9# :7 FB>9BD W6<9C?@I>MB
K:LKC7@I>A*
+ H:?OD9V
: :7 B [LH:?OD9\ :7=AAB> D:K B7A P:>:DA:AA:# FCLH [LH:?OD9 ;:> B W6=W6?BV\ F:LH
K:LFJ@SAG6G?B KEL MG?D< 9:>>:AA# BKSL B ;<=9 :> D:K ;CLB@PG9 B 67<9>B 9<FSMG6GA* 7 9N?O>R:>O>
B99C?B MC>A# K<DA :LH 9<6:RR;BPAB BIAJ*
+ HCKG6V
>8?:# FGA?B# :LH:D>:A:6 OA:KR:D*
+ HCKG6V
GLSA6@ 9< B7 <DLB KC7LG6GA# AGLSA6# AGLSA6VY >J@SA6@ 9< B7 :LH:D6=>HRJ>Y DHCK@ K:LVY
AGLSA6VY AGLSA6V
+ HCKG6V
DBLH 67<9>B K:L<DLCAA# 67<DA: >GRIPP F:LH:D :LH:D6=>HC7CAA :LH Q<>>BDBA<L# B7AGD =LH
FBAG?C7CAA# FCLH D:K R<>>:D M<667B# K:L<D@I>A# :>7IFBDA# K:L;C?@I>A B A:DL:>H: 9N?O># E6 7=LMB
GARI9CAA B >:M:L8D# KE>H >HI9BA MGLMB B7 :?@8 9IQC>GPGRB* B@B?B9 E6 M<667FBDLC9 67G>>AB9 ;:>
DHCKGRBD# ;:FE? E6 ?J76B67SD QC? W6BMB?C@CAA ;:> B >ELR:# >:PP:RR B7 :?@8 K:L?G79J@CAA#
K<DAFB MB>BK< 67N?DH:A:L MGLABACAA MC>DB GA ?BPAB* 7AGD B 67<L:A =P?B :>W6:D@:6:@:AA*
+ >B667V
+ <DA :LH RCKRBV
+ 4IPV 4IPV
:>P:6 NA Q:?W<L AB?ACAA# BKSL K:L AI@AB9 MG>D< @<B@B>I9 67SDF:>HEA8>* : MELO> <6 :><D@I>AB9*
7:9 IAGD KG? 9NDDHT MC>A B7 =A ;:> B W6=W6?B* K<9C? B7 IAC>6J 67B9B67FC7 E?A:9# B>QF
K:LG>>A*
+ 9IAHB;GPGAV
LH 9N? B>B9= MBLH ;E>9N? B>B9= MN>LH9BA>BDDB9 B Q:?:KED G>>AB9* F:LHC>@B>RB MGPA 9BA>BD
A:>: MC>A 9E9 M<?GLLB># MB>BK<>H:D M<?GLRB RC?I>A F:LH< DNMEDDH:># BK:>HD:9 ;O7E?:<
A=>W6C?@I>AB9 B 9BA>BD Q:?:KED# E6 R8 G?BK>G66B> >:RI9;:DW:7A:9 B7 :?@8 9IQC>GPB ;N>E*
>:M:L8 A:>SAM: MC>A ;:>1>: 67G>>J# <@:1C@B ?NQ9N@8 Q<>>BDLJ99B>*
9BA>BDCD A=> :K:>9:@:AA B F:LH DELH67NL>:A:6 A:A:P:* EFGDH Q:?W K=>MB ;:>E?A:9*
G? :>878>:L <6 6:PA:AAE9# FCLH 67<L:A:D MBDDB9U B ?J76B67SD 67<9>G9 9N7NAA 9=67MB# B>BAAI9 B
A:DL:??:># ;N>NAAO9 B >:M:L8 9?<6AG>HANKRPEM:># N67AND67:?T:D E?:7AE9# FCLH B A:DL:? A:>P:6:D
9N?O>;CLPB 89:A* : B7 IAC>6J 67J 9<KCD@G6GMB> <>>8 MC>A MG?D<# BKSL ;:> D:K E?D:9 B W6=W6?B# E6
K:L D:K Q<>>BDAPG9 KBLI9 9N?O> B7 JW:GD 9N? B>B9= >GAJFBAG?GA*
B>QF AG?6B< ;:>E ;C?@I>A* + 7 K<D@ B K<ED9V
67<L:AD:9 DBLHPGRJ> W6JDB9 B>B9PB MC>A# B7 <DD:D68 MELED :LH 9<6 Q=QQB># BK:>H KNLNAA B
@76IDL:> >:PA86:D :?:679:@:AA B QB?A<L* <D@9EA C>@B>GD 67<9>B67<?A:9# 7GACDHC9# KBLB6 ;G9 6
:LH K:?:@:9 CK>B@E9 MCDB>B< 67:LE>H:7AE9# B??ERR# B W6JDB9 FC667GRBD :LH ;G99B> R:D8AA
67:>S@:RR @CKRC>@B> ;IACAA# <AA1CAA :LH 9<6 ?J76B67SD KG?MGDHK<DAGMB>U : KNLNAA A:?O>A :>
6NAEA7N>@:D B 67<L:A 86:?@8M:> R:>:Q:AA 6S96GLB# BK:>H K:L<DA W6B9 :LH ?J76B67SD ;B?C9RBD
MEL78@NAA* AA# BFC> B 67<L:A MEL9EQQ R:>:C>MB@A B A:DL:?R:# :LH KG6<9 67<L:A DE7:AA M:>:
;B?9B667:K:A# KBLGDHC6 67<9>B# BK:>H K<DA :LH K:?E67# ?J76B67SD :?8@SAKEDH :K:>9:@:AA 9*
$/&$.-
LH:?:9:9 :7A K<D@ LCD@C6BD 67:KOLH?: M:AAE9# B7AGD B DHS>A A:DL:? ;:>E ;C?@SACAAG9
A:9<DA:AO9:A* BLB6 F:LHW6=W6CD G>>AB9# 6 B 9E68 @E>IAGD ;EDHER:D B >ELAO9?N7E6 KG?
:>M:67A:AA: :?:PEA# E>:6 9N?MCDB>B99B> MG>AB9 9>7GACDH* GAABK KG? <>H:D 9EQ:9:A*
7GACDH D:KW6B9 B 67<L:AD:9 B7A B7 C>@B>GA ;CLAB 9N?O># K<DA:LH KE?;N>@DH< AGMC>6GLRBD B
QB?AAJ># BK:>H:A B ;<=9 KBLI9RBD KG? B [K< QB?AID9\1DB9 D:M:7A:9U =LH ;:6A:AA# K<DAFB
MB>BK<>H:D J?<G6 K:L B9B?AB MC>DB K<DAG7DE9CDH 9?EABMCDB>BA ?BP7C>MB
9N?O>NAA: B MS7R:# @: B7AGD :>;G?B@A# 6 BRRBFBLHAB B KID9GA* 9C?B>>CD <DDEA QGMB9E9 MC>A B MS7#
K<D@:D;E>: MS7<DNMEDH:99:> E6 67<9>G99B># K<DA :LH B9MG?<IK# B A=>C>@B>GD 6NAEA9E9:D
?BLHCLCAA B DHS>A A:DL:?* D:9<67B>B@J @BLG>H FC667= ABPAE96GMC99B> W<;?G7AB 9N?O> B 7GACDHA# B7
:KR:?D:9 B7 MC>A B7# E?7E6:# K<DA* FB B W6JDB9 >B66BD FGA?B;:>E 6<9>BDB*
BW9 >:;:>E KIABACAA*
+ AA 67G>>AID9 >:*
67<?A:9:D E6 7GACDHC9CD A=> B ;G9 9N7NAA PJ> 9<M:F:A8 ?E6 DHS>A# 9<@NDANAA# N667:7=7CAA
;BAN?76:99:># B DH<>B@E9 E6 B A:DL:? 9N7NAA :LH 9:69:DH QG>KB;B><L:A F=7J@CAA* CAA MC>A B
>BL=DGRB R:E9:>8@M: B KJ>J <6# ?BPAB B FBDLHB67:?T# BQ?J# KC7LJ B>B9C99B>*
9CQG? F:LHW6=W6?J># BFC> G>>AB9# B>QF 9BDHB?LJ MCDB>BA F=7CAA IPPGMB> >:;:>E B >:PA8D# :LH
MS7KC6G6 K:@?ED# M<?GLC9CD GA :LE67:D B 67<9>G<L# BFC> B DH<>B@E9 9:7@8@NAA*
+ 7 B >:L?NM<@:RR =A M<667B*
6<>>CLJ 67:KK:># DH<ACAA 67GPPB># @<B@B>KB6BD E>M:7AE9 B R<?AC9>G6 N?NKEA* 7G?DHB>AB9#
RB?GAC9 MC>AB9*
+ <DW6 6:FC> ;O6AN>L8# ;B>I6< 9EKEDH# 6: W6JDB9 + KCD@AB B>QF RN>W6:D* + E68RR KBP@
IAGDBPG?ID9 B @C>CLDB9# @: B7A F<67:K# B 67<L:A >B9BA>BD*
+ KBP@ E>:>K<67:?A <6 67:?7OD9V + 9<G>ACAAB BW9* + B@G67D< ;CLID9Y K<D@:D;E>EA# BKSL
W6B9 :> D:K PNDD:9 E?AOD9*
<KCD ;:>MG>AMB FC> B7 :LH<9?:# FC> B KG6<9?B DE7:AAU D:K 67J>A :LH 67JA 6:K# @: C>H
67:DM:@E>H:6 F:>H:6>E66:> RJ><DACAA# FCLH B FC667= FBPB :>8?:1FGA?B >CRCLCAA# B7 B?WB 6ILG?7CAA
RC>@CL6GLGRBD*
B>QF KC6A B 67<L:A KG6<9 MELEA M:AA: 67:KOLH?:# BK:>H:A D:K 9:?SA:AA R: 7GACDH*
+ 7 K:?:@:9:RR + KCD@AB BW9*
B>QF NR>N6# K:?SA8 KC7@I>BA?B LNKRN>HSA:AA: B A:DH:?EA*
+ 7A B 9<6 ><L:A:A CAA + KCD@AB +# B7A B F:LH :K:>A: ;:>* F:LHD:9 K<D@:D 9<67NL:>>E6: ;G9BA
E6 M<?GLC9BA :K:>A B7 EL ;:>E* 7AGD F<?A:>:D K:L?:77:DA B7 :?@8# K:LMCDBL>CAA# K:L67J>B>A*
67<9>BM<?GLC9 9<A:?SA:AA 9E9 >:Q:@8< K:L>:RR:DA:9# FTMN6 67E> MGLCAA B ;<=9 B?WGRB* B>QF 9<AG?AB
9B?PB<A*
+ 7 K<D@ B K<ED9*
:M:AA:9# IL?G>AB9# 9<G>AC7AB9 B F:LH:D*
+ F:6 MBLHC9 + KCD@AB <KCD*
<KCD EF6ELE?8> B KG6<9 9:AA8D:9 <6 :67ER: PIACAA# FCLH EF:6*
+ H:?OD9 + KCD@AB B>QF* + C6A KG? AI@PI9# BK<A K:L B9B?AID9 AI@D<*
:KG67AB9 :LH 67<9>G6 >:PA8D# M<?GLC9 9N7E PIACAAB9# B7AGD ;G9 9N7E* AA K:LG>>BQC@AB9 :LH
<@:<L# E6 9SMGDW6<BD 67:KOLH?: M:AAE9 B 6T?T RC7JAC6A 9N?O>NAAO9*
<KCD 67J>B>A K:L :>68D:9*
+ <DA B LH:?AHG9 + KCD@AB* + BLH 9NA:L LH:?AHG9* H:?AHBR<KRJ9*
$-&$.-
RC9?C9 6NAEA7N>@:9 6 <>>BAC6B9 MC>AB9# R<KRJ<9BA K<DAFB 7N>@ M<B67RJ> NDANAAE9 MC>DB#
:LH:D:6:D K:?:@:7A:9 B DBQ ;:>E* BW9 9E6EM:> R:>:MGLCAA B7 :LH<9R:# B >:M: ?GPI9 ;?NW69N>A*
+ H:?AHBR<KRJ9V
+ 7E?A D:K >:F:AD: K:LLH=PABD< 89:A + KCD@AB B>QF +# Q:@<L C>HBDC9# K<DA B LH:?AHG9*
+ N>@ LH:?AHG9 + KCD@AB BW9 K:LM:A8:D* + :K :F:A89* H:?OD9 ACMGRRV
7N>@ :?@8D:9 KEL B7 :>:PED MC>AB9* G?B@ABD RB9ABAAB9 :LH 9:69:DH N6MEDH:D# BK<9C?
K:LFB>>CAAG9 B 7BPA MB>BK<>H:D ME9CDH M<6SAG6A# 6 IAGDB QBAG9 9:KEDH 9CQQBDG6GA B7
N6MEDH:D* BFCLH ACMGRRFB>B@AB9# B M<6SAG6 K<D@PCRRBD ;:>:?86N@NAA# 8?PNDLE6ER:D KG? B
@CRFG?AHG9BA 67BLLBAAB* LH 9<6 KB>BW?B B9B@AB9# BK:>H R:>:LBRB>HC@CAA B 9=67JDNMEDH:9
MB6ABL ;OLLNDHER:# 6 MB9?EKO>:AER:D :67:M:67:AA:D ?GDLBAJ7CAA B ?ILB>KB6 <D@G9 9N7NAA*
E9CDH FBDLPB MC>A# F:LH:6# K<DA B AT# 6 :LH Q<>>BDBA?B 6:K FB>>LBACAA :>* FG?CK ;<=
:>8?:?CFBDA# BW9 :LH 67E>:6 KC7@I>BAAB> =P?B 9<?GDACAAB 9E6EA* B?PGA KBLB6?B :K:>A:* 7AGD
DEFGDH Q<>>BDBADH< 67OD:A 9NM:A9:7:AA# 9:69:DH ?E6 B7 <@8R:D# B 9<6 KB>BW ACMGRR M<6SAC7CAA# B7
<D@G9 ACMGRR ?GDLBAJ7AB9# 6 B W6CDAC6 9B? MELED ACMGRR M<>>CLCAA B 9E6* 67OD:A EQQ W6B9 BDDH<
<@:<L AB?ACAA# FCLH K:LE?AF:66E9# K<>H:D 67N?DHT6EL:A P:>:DA:D:# FB B 9B? >:6=PABDB* 7AGD B
KB>BW 9<67BRB@I>A B7 <D@G9 9N7O># 6 B>GRI9CAA B RI?LH<DLRBD* FG?CK ;<= :LHKG6?B DE7:AA#
KBP@ B ?EKO>:A 67SDQB@G?B K:?:@A:9* BW9 B?WB KE67;:FE? MC>A 67:Q>8BAA* 67?:M:AA:# FCLH
;:>:K:>A 9:7ER:D KEL K<D@<L CAA B 9E6# LHC?6BD >::PA:AA: 9B?PGA# 6 B 9E6A M<667B9BAA<DACAAB
FOM:>HER:* 7AGD K<D@ B FG?KBD 67ELH:D9:7M: :>D:M:AAE9 KBLI9BA# 6 M<667B9BQB679C@AB9 B7
N6MEDH?:*
+ F:>H:A 9:?:6A:K + KCD@AB BW9 +# B7A DE7A:K :LH Q<>>BDBA<L# FCLH FC> 67=?PB9 R:>:*
+ <67DJA MGLD< 9:>> + KCD@AB B>QF MB@I>* + LH <6 67C9AG9 KCD@BD<# FCLH @<67DJMGLG6*
+ 7 :KR:? :>MGLPB B AC?9GA# FCLH 9<:DL:@P: ME?EA BW9 +# 9O>NDR:D D:K >:F:A
K:L:DDX
<D@ B FG?KBD DBLHCD PJ> AI@AG9# FCLH K<E?A D:K MGLAB :> K:?A :>9EQ7:>F:A:A>:DO> 67N?DHT
@C>CL >:AA MC>DB >:6=PABD# 6 E>8 F=6RB MGLD< M:>:Y :>9EQ7:>F:A:A>:DO> 67N?DHT >:AA MC>DB
B ME? >GAMGDHB*
+ G? 9E67O>A:K ?G + KCD@AB BW9* KG6<9 9:AA8 :>8AA PG?A# A:FGA D:K >GAFBAAG9 B7 B?WGA* +
6B9 B7 B>9B>KB6 F:>H:A 9:?:6A:K* :L9N7:>:RRY
ZP?B ;:>9BAA<DACAAB 9E6EA# 6 R:>:MGLAB :LH ;BAN?76R:* :L9N7:>:RR KG? D:K <6K:?
9NDHN?O>:A:A* B@I> 67EADE7:AA KBLB 9N?O> MBD1:# B9< :>>:DA K:? KCD@BD<X 7AGD =P?B
9<PIACAAB9 B DBQ;EDH?:# 6 KC6A :LH <@:<L B77B> MC>AB9 :>;CL>B>MB# FCLH LHOKN>W6NA 67:@A:9#
RI7LJD :67:L:AAE9U 9N7R:D :>E?AE9 B DH<>B@E9CA# 6 K:DA:9 ACMGRR B KJ>J E6 B ?BPAB N667:LHT>A
DEQ ;:>:*
2"&$.-
$
% !
<?: B>QF R:;:P:7A: B 9O?AN>E6A# B ANK:L KG? =P?B N667:LHT>A B KJ>JD* : B7E?A MC>A MB>BK<
9O>NDR6EL B KC6ABD< E6 B ?:LL:>< LHT>E6 9N7NAA* @E>IAGD< DBQ KC6A B KJ>J A=>6J C>@B>G?J>
AT7NAA B LH:?:9:9?:# B9<9D:9 DBLHCRR ?E67: 9E68D M:AA: E67?:# FCLH K:LEL:AA: 89:A B DBQ# 6
KC6A LHC?6BD KBLG?B 9BQ9C@AB ?IFGPGA* 7 ED:99B? B7CDRBD# K:>H KC6A E67?:M:F:A8>:L KG?
D:K 9O>NDO>A :> BDDH<?B# ;E>?:@CRAB 9NQ:DH:<A*
B>QF :LH 9<@8>A ;BAND9?: O>A# RB>PGMB> B DBQ ;:>E* CRRPGD G>>A B 9J?I6 7NK:# RB>PGD B7C9 B
DBLHCRR ;<=9# B9<9 B 9<O?SAE6 :>8AA KEL D:K <6K:?AE9 :LHKG6A# :>8AA: B 9<6:RR LH:?:9:9
9IQC?CLAB9 B ;TR:D*
6ND@* B>QF AE?@E?: ;:9A:AA: B DBLH MBP1 E6 ?J76B67SD 9BLH>JA# :LH F<?A:>:D AGKB@A 67:>>8
;EDDH:> 67J?AB R: B KJ>JA* EL D:K FBAG?C7CAA# FCLH O>M: KB?B@1: MBLH G>>MB* B> ;:>E DE7:AA#
B ;O?@8K:@:DW: <?GDHGRB* N;ER:D O>A# @: D:K 6<:A:AA 6:LSA6ELE?:*
:L9N67N?O>A: B AC?9GA*
+ C6 + KCD@AB*
:LH67:??: W6B9 B7CD M:AA: KBLGA E67?:# FCLH ;C>HE9CDHGD AI@ R:67E>D<# 9NDDHT67:??:> :>
;CLPB KCD@BD< B7A# BK<A B AGRC? AI@CKG6G?B B9B? B@D<* EL<L6<KSACAA 6789: FBPGD*
+ 7<L:A:D MBLHID9 + KCD@AB* + :DA PG?AID9 B F:LHA:A8D# 6 K:LG>>BQSACAAI9# FCLH
9N?N619N?O> K<D@:DOAA MS7 MBD* :K >GAAID9 6:K FG7B9BA# 6:K ;O6ANA# 6:K >GRDHCKC9BA# 6:K
W6JDB9CA# 6:K :KR:?A* B9BA>BD 67<L:A:D MBLHID9# 6:D9< D<DW6 <AA ?BPAID9 9SMO>*
BW9 9N7R:MGLCAA*
+ : B7E?A FB@6:?:L?: KEL<6 67O96EL MBDY KG?K<DA MB@G67C9?BY I@D<<>><9 KB>BWC9?B 9:>>
MB@G67D<Y
+ :?A KB>BW MBD B 67<L:A:D*
<D@ B FG?KBD B7CD MC>AB9# FCLH MB>BK< 9EQ:A B@PBDB9 B??J> B7 :>:M:D# ?J76B67SDT MB>BK<?8>#
BK:>H B 9=67JDNMEDH:9 9N7NAA 9BQG>J@7CAA*
+ GAAI9Y
+ <6SAC7CAAY
+ 7AGD K:L>JLCAAY
+ <:>8AA K:LN>F:AA:K MC>DBY @: >:L9N7:>:RRV
BW9 R:>:MGLAB 9E6EA :LH ;BAN?76R:# 6 9<FSMJBD 9N?R:DE7:AA*
LH:?:9:9 =P?B :>W6ND@:6:@A:9*
+ GAD< MB>J A:FGA + KCD@AB B>QF +# 67O96ELOD9 MBD MB@G67C9?B# B9<9 F=6A 67:?:7D:9
D:9OD9* 7AGD MBD <AA KEL MB>BK<Y
:>:K:>A: AE?@E?8> B 9BLH>JA# E6 67:KOLH?: M:AA: KBLB 9N?O> B DBQEL:AA: B?WC9BA*
+ AA D<DW6:D:9 ;:>D8AA:9* :FGA KBLID9DB9 9:>> LCD@C69C@DID9 KBLID9?J>*
DEQ :LH 9<W6<A 7OKKNLNAA# B7AGD =P?B :>FB>>LBACAA*
2$&$.-
+ KEL MB>BK<* :K R:67E>F:AOD9 MB>BK:DDH<:D :LH67:??:* : 9:>> M:7:AD:K:>E6A# BFCLH B7 <69C>GRBD 67C9G6*
?WB :>E :K:>A: B 9BLH>JA# 6 KCLI>E =P?B 9N?O>DE7:AA*
+ B9< P:>:DA9:7<9# BDDB9 C@BB@CK B 9BLH>JA*
+ 9BLH>JAX
+ 7A <AA 9BLH>JDB9 D:M:7<9 + KBLHB?G7AB B>QF* + 9< >:L9N7:>:RR 67J>G6?B P:>:DA9:7<9#
BDDB9 B@CK C@B* BLGDG> AB?AFBAPB# BKSL R:67E>*
+ : FGAY
+ @: ;<LH:>PY
+ B99C? D:K 67BRB@ ;E>R:67B9SABD<* 6B9 D:9:K* BW9 AB>Q?B IL?CAA*
+ N?MEDH:9:A ;CLID9 FC7D<V + 9<G>ACAAB <7LBACAABD* :DL:A:L AN?MEDHA* FB MB>B9< K:L67:L<
89:AY
+ 4IP# FIPV
+ 9IAHB K<D@:D<AV
+ HCKG6V
+ >P:DV
B>QF E?:7A:# FCLH B 9BLH>J :>9:?O>A B7 N>ER8>* N;< G>>A K:>>:AA:# B DBLH MBP 67SD 9BLH>JA
?<DLBAMBY 6 B 9<G>AC7G6 >B66BD9EDA :>O>A* BW9# B9< KEL K<D@<L G>>A# R<7CDHAB>BDI> DE7:AA
B>QF?BU :7 ?GKC6C>HLCAA# 6 A:DH:?EM:> K:LM:?:L:AA: B ;BAN?76:A* BW9 >:O>A* N;< >:M:AA:
67:KOM:LEA# 6 KBAA B7 <DLEF:7 @N?76N>A:# FIDHC?CLMB 9N?O>DE7:AA*
+ <E?A MGLAC9 B>QF 67BMGRBX :K KCD@FBAPB :> B >:L;CDAC6BRRBA*
4BAG6C6 67OD:A:A AB?ACAA*
+ < AI@ B??J># FCLH K< <AA MBLHID9X
+ I@PG9 B ?:QO>8AE?:D*
+ :L B 67JW6NM:6 :KR:?Y
+ QBQGK <6 AI@PB* N;< ;:>A:AA: 67:KOM:LEA*
+ :D9< 6:K AI@PB# FCLH FC> MBLHID9 + KCD@AB* >6GQB@A# B >E>:L7:A: 9<FBLHCAA* + B>GD
AI@PG9# FCLH FCMB <D@I>AID9# @: B7 6:K R<7CDHC6* : FCLH KC6A FC> MBLHID9# B7A 6:KK<9EQQ
6:K AI@PG9# K:?A D:K C@B E?9:7AOD9# BFCMB :><D@I>AID9* + LH <@:<L KEL B ;<=9?B RGKI>A#
B7AGD K:L;C?@I>A# >:O>A* B>QF 9<M:AA: 9:7ER8> B 9BLH>JA*
+ QQ :??8> B9B?ABK R:67E>D< + KCD@AB +# BK<9C? A<Y BK<9C? A<Y + 7:KR:DE7:AA B ;<LH:>8
B?WC99B>* + ?:QO>8LEQ:A >:>8AAE9 E6 9<LHI>>B@A* :D9< 6:K AI@PB# FCLH FC> MBLHID9* :F:A#
FCLH 6C9G<L 9:>> KBP@ <AA KB?B@DID9*
>HBD W6ND@ AGKB@A# FCLH FB>>BD< >:F:A:AA N;< ;:>7<FG>J# KBP@ 9<FBLHJ >E>:L7:AEA* FBDHBA>J
DBQ R:@8>A B ;G9 B>G# 6 B?BDH;EDHEM:> R:F<DA:AA: B KJ>J DBLHCRR<9 ;:>EA* >BL=DGD B 9<6
;IMB>>BAC9# BK:>H:9 :@@<L =LH ;C?CLAB9# K<DA KBW69B9N>H9N9 B ;B?9I9 9N?O># F<?A:>:D IABA
AB>G>AB9 B ;G9 9N7NAA# 6 R:DHCKI>AB9 B7 :?@8R:* B>QF FGA?B6<KSACAA :LH FCK>C9GRB >JLJ 6789:
FBP A<DW6:A*
+ :F:A# FCLH 6C9G<L 9:>> <AA KB?B@DID9*
:D9< 6:K ;:>:>A* B>QF MG?BA>BDI> :>KC6C>HC@CAA*
+ : :7 9>B667 67<L:A + KCD@AB* + BW9# <KCD K:L ED ;:DA PG?AID9 B F:LH:D* B7B? MC>A* BD
:DD<1 K:L <DD<MB>J# K:LY
+Y 67<9>G9Y
22&$.-
+Y 9E9 M<?GLC9Y
N;<# B9< <@89N7R:D MB>BK:DDH<?: N667:67:@A: KBLGA# B B>QF N>ER:D F:M:?8 9BLH>J?B
KIABACAA# BW9 E6 <KCD ?NLAND :>FB>>LBACAA* B>QF ;C>HABAAB*
+ :FGA BKSL MG?DID9 9:>># <AA PJ> :> ;CLPI9 AN>A:D< B7 <@8A*
7E>:6 9B?KC7@I>BAC99B> R:67E>A*
+ >HBD :7# K<DAFB 9NDHMR:D C>MB6DG B7 :KR:?* DEQ =P?B 9<G>AC7D< 9:7@:AA*
+ <DW6:6 7<L:AY
+ CR<D6CD 67<L:A:Y
+ C?B>>67<L:AY B>QF <DA:AA B 9BLH>JMB>*
+ 7 B K< 67<L:AOD9 + KCD@AB* + BLHCD PJ 67<L:A* KSL B ;:>D8AA:9 :> D:K PNDD:9 E?AOD9# PJ>
;CLID9 <AA 67J?B9C7D<*
BW9 B 9BLH>J ;:>E DH=>A*
+ B>BWC9 <6 MBDDB9 + KCD@AB* + :L :DD<MB>J# K:L ;O?N@D< <6 >:F:AY CAA ;:>P:RR :LH 9<6
;C>HJRBDY K<D@:D MBD <AA* B>G>A MB>B9< KEL KG6A <6X
<667BB@AB B>QFDB9 B 9BLH>JA# 6 >:O>A* LH >GA67<9# KG6A 6:D9< 6:K AB>G>A*
7 <@86:RR ;<=9 W6B9 BAAJ> ;<LH:>A:9 ;:> B LH:?:9?:# FCLH :>>:DG>>A* LH W6CKJ BQ?J ;<= >N9@N6A:
KBLB :>8AA# >GA67CAA ?BPAB# FCLH D:K B9B?J@7<9 D:9< :>8?:PNDD<* I?W6B 9<6 AN9KBL MC>A#
9N?O>R:>O> FBA:67A:D@86# B?WGD 67:@:?67SDT BDHBP:LLH:>* C6A CAA G>>A# 9<66E K:LLN?DH:@M: B
DH<>MGDC66GL ?<9SAJ ;EDHEA8># >GRIPPGMB> B ;OM:A Q<679G>AB* 4B>9BD KCAHCLCAA KBLB :>E#
KBP@FCLH 6S?MB D:K ;B9B@A*
ANRR< BQ?J ;<=# 6IL@C6J@MB# @: 9CKC? B?WWB> B>QF ;:>E >N9@N6A:*
+ :D@R:D MBD + KCD@AB B>QF* + H:?: <@:V LH:?:9 ?EKO>A:D DE7:AA 9N?O>*
+ :67E>PV
LH:?:9 B 9BLH>J ;:>E DH=>A# BK<?: B LHO>:9:7:A FB?6CLJ D:M:AE6R:D AN?A 9 B 9BLH>JAV + 9<G>ACAAB N;<* + 4B@@ M:LH: :>V
B>QF MELO> <6 ?GRS?AB# FCLH K:L;CLPB B 9BLH>JA# @: B@@<L?B B ?NFNLE6 67:>: :>;=PAB B LH:?:9
FBDLPGA* N;< K:>>EP: AE?@:>A# :LH<9 9:7EM:> B DBLH 9BLH>JD# K:LFB>>LBAAB# KBP@ ACMGRRB@AB#
BK<A B LH:?:9 KCAHCLCAA*
+ 7A B9B?PB AI@D< + AC>KGW6C>AB +# FCLH K<F:7 ;CL67 9:7@:D*
B>QF D:M:A:AA# B ANRR<:9 <6 M:>:* 9<6;<= KEL @BWC6BRR# 7G?9J7CAABRR >:AA*
+ C# R:67E>P B??J> B 9SLHJ1<7E?8>V
+ C6A B7A KCD@PB# FCLH MB>BK< G>>BA MC>A*
+ >>BAX
+ B>BK< 9SLHJ1<7E* ?<G6< DBLH* KBLB >GAAB*
+ 4C>X
+ 7 :?@8R:D*
7 <@:1C@B ;IA9C6J 67:>:9 6 B >:DHILMJ DBQ :LH 9<6 FTMN66EL:A :DL:@E>H:7A:9 KC6A <AA B
QG>KG9 B>BAA* ;<=9 K:LE?:7AE9# DHILAB>BDI> <7:LA:91KC7CLAB9*
+ 99C?B 9<6 67<L:A:D D:K E>D:9 9SLHJ1<7E9 + KBLHB?G7AB B>QF DHGPB6BD* + 7C9 W6B9 DBLH
C?67GLC9RBD ;C?@I>DB9 :>8# ;?<9GRBD K:L D@<GRBD*
C?KCLG6* ;:P:9 9CKC>HBD RJ><DLBAAB9*
2.&$.-
+ 7A KCD@PB# FCLH B7 B7 G>>BA B 6NAEAR:D KG67CAA*
+ NAEAR:DX 99C? D:K >GAFBAAB* :M:AE6# E>P:D7E6*
+ 4B>>CAAGAC9X 7A KCD@PB# FCLH 6NAEAR:D >GAABY
+ 7A G>>SAPB# FCLH <L:D<6 >GAAB* NAA# B7AGD :>K:DA# B7AGD K:L<DA :>8PNAA# E6 ;:> B9B?AB 8A ;B>D<Y
+ >KC@CAA*
B>QF D:M:AM: 9N?O>DE7:AA B7 B?WC9 LHT?TPER:D# MBPCD F:>H:6:>D:91:* DBLHCRR ;<=9
67:K>GACKG6A :LH:AE?A:AA:9 M:>:# @: B 9<6:RR:9 9N7NAA <AA <6# CAA <6 ;:>OANAA: ;:PEA B 9EA6EL#
BK:>H:A E667:?T E?M:99:> D:K >:F:A >:W6<>>BQSABD<*
+ <7CDHG?B ><@E?WDHCKG6B MC>A + KCD@AB B>QF* + 6C9 KG679G>G6AJ> B7 <D@G9 9N7NAA*
ZPBRR 9CKC? RJ><DLBAG6C9* I@AG9# FCLH K<@E?WDHCKG6*
+ 7A G>>SAPB# FCLH >GAAB B7 G>>BACAY B7A B 9SLHJ1<7EA# 6 B7A 9E?@<# MBPCD B7 EPP:> =P?B :>8 ;CL1:
PNDD<*
+ :K ;CL :>8PNDD<# K:?A D<DW6*
+ 7A G>>SAPB# FCLH ?:LL:>?: M<667BMG>AC7CAA C>HBD 9NAE>;E>EME# BK<>H:D:9 B ;G9CD >JLDB9# 6
;:>B9B679C@CAA B7 GLB9?B* 7A 9E?@<# FCLH EP67B9B =P?B :>8 ;CL1: PNDD<*
+ :K# K:?A D<DW6V
C6A KG? 6:D9< 6:K D:M:A:AA# B ;<LH:>8 B?WC9 :>9CKC>HC@AB9* B>QF K<D@ B 9EA 9:7EM:> B
FBPGRB A=?MB 67:KR:DE7:AA B ;<=MB> D:K AI@AB# D:M:66:D1: MBLH 6S?PCD*
BW9 K:L?BLB@AB B 9BLH>JA*
+ B>QFDB9 A:?KE67:A:6:D <LB7B MBD* 67<L:A:D D<DW6 6:KK<>H:D 9SLHJ1<7E* : FB
AN?AED:A:6:D MC>DB# B99C? K<# MB@G67C9 K:L9:?:66O9 E6 K:LN>PO9* B>BWC9?B <6 ;CLID9
MB@G67D<# E6 K<D@:D9<D:9 FC7ID9 F=6A* 6 LCD@ID9 >:67 B 9SLHJ?B <6Y
+ : F<67 D<DW6 9SLHJV
+ BP@ K:LR<7CDHC6C@ID9 ?J>B# FB MB@G67D< K:LHOD9* B>QFCA RC667BDACAAB B M:?:6EL* LH
E?:7A:# MB>BK< K:L;CLFBABA>BDDB> 9:>> 67:KR:67G>>D<B* 7 B?WGA M<76LG>J ;<LH:>8 67:K:9R:D
DHCKB 6:K MC>A B PJ9:@MD:9*
+ : F<67 D<DW6 9SLHJV
B>BK<# BK<?8> :@@<L D:K AI@AB# FCLH R:DD: KCAC7<9# :LH67:??: W6B9 67JA 9E?A# 6 B??B
9EDH67:?SA:AA:# FCLH FBDLC6BD E6 ;E>?:E?AF:A:A>:DO> =P?B K:LG>>BQSA6B
+ : FB KCD@CK# FCLH D<DW6 9SLHJ* LHO>:9:7:A FB>>LBACAA*
B>QF =P?B ;:>:K:>A: B 9BLH>JA* 67ER: PIACAA B 6C?CD 9NM:A9:78 KCD@BD<MB>JPB# 6 :AA8> =P?B
M<667BAE?A B PJ9:@M:*
+ C6A Q:@<L ?GAE?OD9 B >:L:6>:L;CDAC6BRR @C>CL?B* CD@C>9C7ABK* KSL K:LKG67AI9 B
F:LH:A# B7B>BAA :?86:D LCD@C>9C7ABK* + <D9C6 KC6C>HA M<>>BDACAA B KG6<9 9EA ;<= ;:>E* + KC6A
<AA B QB?ACD ACMGRR LCD@C>9C7ABK# 6 B 9NM:A9:78 :?:@KEDH?: PIACAABK* LH?E67A 67J?B9C7D<
B9B?ID9* G6?E67A B7A B9B?PI9# FCLH K:LK:DA6:D:9 R:DDOD9:A*
FB>>LBAJ6GL 67:DM:@E>H:6 F:>H:6>E6: =LH :>RC?SACAAB# K<DA :LH FI>>GK# :LH Q<>>BDBA?B
:>M:67A:AA: B R:67E@ ;CDB>GA* 7AGD M<667B7N99:DA*
+ 7A B9B?PI9# FCLH K:LK:DA6:D:9 R:DDOD9:A# 6 :7 A:?KE67:A:6:D K:L <6 ;CL AN?AEDD<*
T?7BMB?C6 9<G>AC7G6* 7 B7 :LH67:?T K:LG>>BQSAG6# BK:>H:A ILHBD B>QF ;?<66 A:9<DAE>HED
9SMO> 6:KK< 6:K AGKCLBACAA# :LH67:?<R:D :>:M:D# ;EDH:6 PJ9:@M?: @:?SA:AA: B ;<=9BA* :L
9:>>:AA >:DL:AD<: B 9BLH>JA# FCLH 67JFC7 :DL:@PE9 PIAD<*
2'&$.-
+ 7 BQGK B FB@<A:DL:?E67:ADE> 67C>LG>* 7A KCD@AB D:9:K# FCLH KG? D<DW6:D:9 <6K:?:A>:D
67<L:A:9* 7A KCD@AB# FCLH B 9<?G>HD8D:9 MBD :LH DBLH 67CRGPB A:>: AE?9EQ:99:># BK:>H:9:D
?BPAB MBD B M<>GL K<D@:D 67<L:A:* :FGA :??8> B 67<L:A?8> <6 MBD AE?9EQ:*
<@GK FBDLC9 FB>>BA67CAAB9# K:LM<LB67AB>J@CAA# PJ9:@MT FBDLC9*
+ :>8RR1IAJRR 9<9NA <AA :LH FBPJ* :F:A# FCLH EQQ QBQGK FBPJPB* GAPGAC9 A:FGA# FCLH
:>8RR1IAJRR K:LK:DA:D:9 R:DDOD9:A*
:77:> >:7G?MB B7 OLH:A# 67OD:A:A AB?ACAA* 7BMB< DHCKGD R<7ACD6GLC6 DHILB>CK 9N>AN7NAA B
DEQ 67SMER:* 7:?:AAE9# 6 KC6A KG? A<67A:>AE9 <6 B>QFCAU :LH67:??: K<D@:D9< ND9EDA ABQ6C>D<
9:7@:AA# B KJ>J ODD:Q:>A: M:7E?EA* 6789: ;<= :>Q<?I>A# C>@B>A 6BD@SAMB K:LG>>BQSACAAB# FCLH N;<
>:Q>:7:A>:D FJ@C>BAAB> RGKI> ?G# B KG6<9 C>@B>GD Q:@<L BW9 6CKC>HCLMB ILHBDW6B9
ABD=R<7CDH6GLGA B@PB BDDB9# FCLH E?A B ABQ6C>G6FC7*
ZP?B B KBLB6RB :K:>A: B 9BLH>JA* *
+ C;B R:# ;<=9V G?PBAC9V @: ;<LH:>P:A:9V
B LH87:>K: DHCKGD 9:>:A9:7:AA W6ND@R:D ;C>HABAAB
+ EL MB>BK<A K:L 9:>> R:67E>D<* :LSA6ELO9?: AI@ID9 >:DD< BRRBD# FCLH K:LAB>G>PBDB9*
:?A K:L:6F:A<9# FCLH PND :??: :LH FBPJ# 6 D:K M:67 E67?: R:DDOD9:A* :FGA AO7:A 9:>>
LH=PABDID9 B F:LH A:A:PED# FCLH >G66G9 B ;O6APEA*
+ O7:AVY O7:A LH=PABD<V
;E> LHO>:9:7:A :LH67:??: AB>QCD A:?K:AA* BW9 A:>P:6:D :>;:>:@9:7M: B 9BLH>J?J># :>C?@SACAAB
KBLGA
+ H:?OD9V AGDBKV
QG>KB;G9 B>BAA< AE?6EL K:LA:>A 7BPPB> E6 KC7LG66B>* B>QF <6 ;:>IL?CAA# @: F<GRB 9E?A
W6ND@:A# 6:D9< 6:K FB>>LBACAA ?G* 7 :LE67 ANK:L :LH67:??: BW9 DHCKGRB W6BQJ@CAA# 6 :><D@I>A
B 67<L:A R:>6:P: ;:>E* EL B >:LBQ?JRR LH:?:9:9 <6 ;:>9:?:9:@A:9# 6 A:F:A6ELO9FN7 KE?A:D DBLH
<LH:9:7:AA:> AN?A:9 KBLI9DB9 IABA B 67:?A: F:M:?8 GLB9 E6 >:M:>:9 RCDHC>I>A B9B@G>HB< 9N7NAA*
B>QF :LH:@O> KB?B@A B AE?:D# B 9BLH>JMB> B 9:7ER:D# N;< AG?6B6GLGRBD*
N;< PIACAA :>68D:9 67JFC7*
+ <DA B LH:?:9:9V + KCD@AB K:LM:A8:D* + LH M<6:>9:@D:9# K<DA B LH:?:9:9V
B>QF 9EA9:@8# R<7CDHAB>BD A:9<DA:A:A M:A:AA ?G# KBP@ B ;BAN?76?: F:>H:7A: B 9BLH>JA*
+ 76CDDB<@8 MBD + KCD@AB N;<* + <A 9EQ7:>D:9 :7:9# K<F:7 ;CLDB9 KC6A 9:7@:D< CAA ;:DA
B F:LH:DX
<67A:>:AA:>P:6:D K:L6<KCLBAAB B 9BLH>JA# B7AGD ;:>M:A:AA: ;:PEA*
+ 4E# B>QFVY 4CMG KE67X
B>QF KG? B DH<>B@E9 9<@8>A ;G< 9N7NAA RCA>B@C7CAA* ??ERR GLB9 ?CQCLG6B E6 FBDLC6 D:M:AE6
FB>>BA67CAA* N;< IAG>9C7MB DE7:AA B>QF IAGD*
+ <DA B LH:?:9:9 + KC?KC>AB*
BLHCA 6JFBPACAA# B7AGD >:FBPC>A E6 K:L9NANAA: W<Q8KB@7BLPGA* MGD@C?=A?B 9:>A DEQ
>G?KGPB K<D@PCRRBD :>FB>A B F:LHC>@B>CD* N;< ;GP@B>KB6 KC6C>HB 9N>AN7NAA#
B9<D:9 K:L 9:>> B>9I@D:D MB@6GLGMB>U ;:>:K:>A: B 9BLH>JA# B7 :?@8 ;:>E
;C?@I>A# E6 >B66BD :><D@I>A B DH<>B@E9 67:?A:F:M:?8 ;B?CDW6B< 9N7NAA*
W6=W6 A=>6J >:PA8PED :LH 9<6 :?@86 ;:DD6S9 A:DH:?:<A R:>: B F:LHR:* B>QFDB9 K:L<DA
B>9B>KB DHS>A ?G# FCLH :LH 67E>:6 KC7@I>BAAB> KBLGFC7 N>:>P: B M<>GLCA*
+ AA >:DA BDDH< ;GA 67:@F:AOD9# BK:DDH<A W6B9 B9B?ID9*
20&$.-
BW9 RJ><DACAA# B7 BP9GA RBR?G>AB* F:LH K:?:@:9:RR C>@B>GD# 9N?O>R:>O> 67G7 >GRRB> B W6=W6
B>BAA B 9<6 ;:DD6S9CA K<DAFB B7 <6A:D <6 B7E?A A:?:KA:AA: MC>DB# FCLH AT7<;GA A:?K:>P:D:9 ?BPAB*
D:@M:6 QG?GAJ> D:9<L:?P:@A ;G9 B>BAA W6B9FBKB? :>ELA:>:DD:9 R<7CDHI>A B 6CMGDH AB>BP# FBKB?
9<@8>A:9# :>9C?FB@AB9# B 9=67JDNMEDH:9 9:?:67AO>19B6I> ;CDAG9 89:A# =P W6:K:AE9 6B?PB@AB9 9J>I9*
BW9 B 9E67:D>EAR:D ;:>6C?B9C7CAA ED:99B? ;:>E ;C?@I>A* :9:A: 67C>LG>BA< W6G9JPI9BA B7 :LH<9
;O>O9?: W6BQAG9# K<DA :LH 6BAHB9CA*
+ GL>HGA ?B9ID9V D@I>G6V
<9:?:6A:9 MB>BK<A# BK< >:L<D9GRR FB6CD>SACAA B7 N6MEDHF:7# 6 ?GDW<LG>D<# MCD67C>D< 9:7@AE9
B 9C?FB@A ;BAN?76:9:A E6 GLB9BA* 7 BQ?BPB <6# K<F:>HA ;:>E?A B W6=W6?B# >:W6=679G>A IAGDI9# KSL
MELO> N;< 9<MEA:>EM:> KG? B7 :LE67 DEQ KID9GRBD G>>A* : B >:LANRR ;BAN?76 KG? =LH :>9C?FB@A#
FCLH BK<9C? C@ERR B9B?AG9 MCDABAD<# BQ?J 67<>GD9C9?B E6 ?CAFB@J ;C67>GDHC9?B FI>>A 67EA# 6 W6B9
B><L DEFGDH ;GA >:F:A:AA :LE67ER:D DBQM<>GL?B FC7D<* 7 <9?:9# BK E6 ?<W# MC>AB9 B7 :>689# B9<9
:LH MB>BK<?:MB>J AND9NA 76G9KGDHC>AB9# @: D:K<L:D AI@AB9 K<F:7 9:7@:D< M:>:# BKSL B>QF#
BW9# CL:? E6 BI?<W: B 6:LSA6ELO9?: D:K 6<:A:AA* 7AGD B?B67CD9EDA ;:>MCD67C>AG9 B ;I?W6B
@NL>NAA FC>K<A B W6=W6?B# 6 CAA ?GR<>>:DA:AAE9 B KGL>HG?B* <D@:LH<9 KID9BW6BQBA A:F:A6ELEF:7
KE?A:D :77:>1B77B> FC77GPG?I>A B7 :?:@KEDHF:7# B KGL>HB K<D@ KBLB6BRR?B :K:>9:@:AA* LH
B>9B>CKKB> B>QF E6 BW9 :LH MB6ABLBRR GL 67G>>SAG6GDG> 9:AA:6R:D KB?B@AB9# 6 @<B@B>KB6BD
:LHKG6?B M<LHC?CLAB9* 67E> 7=LG6GRBD# B KBLB6 F:LH?: 7=@I>J DBQ6OAE6R:D# B 9<G>AC7J
FBDLC9 7T?7BMB?GRBD =P?B 9<M<?GL7CAA 9N7AO9 B RB?GA6GLDB9# B 9B>BD@DB9 E6 B7 N?NKD:9
>GAFBABA>BDI> ?BLHCLJ ;EDH:*
+ S?PI9X
BW9 M<667BKC6C>HLCAA B 6789: ;<=?B*
+ < 9:AA:D <L:D*
9N7N6 A:F:? 6=>HB B>BAA N667:;CLMB K:LKG67AB9 B F:LH IAC>6J 9BQABAJPGA <6* LHOAA
DHCKAG9# E6 ;=PAG9 B7 :LH19:AA8FG?KBAVY# :LHOAA @NDANAAE9 ?G B KGL>HG?B B D:FE7 AND9NA*
7AGD @<B@B>KB6 D:M:AE66:> FGA?B>EQA:9# 6 B>QF# K<A A:F:A:AA MC>DB :LH:R:A# AJAGLB6A G>>A*
>BAAI9# B 9<6 ;:DD6S9CD KEL K<D@<L @C>LC7AB9 B ;<=9# DCFB B 9<6:RR:9 9N7O> PJ DEFGDHBD KG?
R:>:IDAB9 B PGAE9RB# E6 LHOKN>W667O?:A?: <D@I>AB9 B7 :?@8R:D* 7 <9?:9# K:L>:Q8 :67:6:D#
DEFGDH DHB>GR 67G?B7 ;B>:M:>:A FC7AB9# 6 B KGL>HB :>E NDANAAE9* BFCLH B ;<=9 E67?:M:AAE9#
FCLH B KGL>HB <KKG? :>9E67O>A# KG? D:K AE?A:9 M<667B =PBRR AO7:>8E?A B ;:DD6S9?BU K:LG>>AB9
B W6<Q9E6# ?J76B67SD F:LHA:A8D# E6 9N?O>;CLAG9 B KGL>HGA* <FG>J >E>:L7:AO9 K:LDHILC@CAA# B
M:?:PAE9 <6 ;:>67G?B@A A:6AO9ND*
7AGD >B66BD9EDA :>FB>A B R:67E>L:AE6# E6 B>QF K:L BW9 :LHKG6?B DE7A:9* LH67:??:
ER?:@A:9 AI@BAG?B 67ELH:DO9D:9* : FCLH MB>>PG9 R:X
B>QF RSRC?Q<?C6?B LH=>A B?WWB> :>68D:9 67J>B>A K:L*
+ C6A Q:@<LY + K:L?:67:>A: B AC?9GA* + C6A Q:@<L K:LLH=PAC@ B AO7:AX
4CLH KC6A B F:>H7:A 9EQA:>:D6EL: DBQM<>GL?B 9:?O>A# BW9 <6 :>Q<?I>A* B@CLD< 9:7@:AA*
+ EA QG>WGA :LHKG6FC7 9:>> @N?76N>D<Y :LHKG6FC7 @N?76N>D<Y
67:K: 6B?9GRJ> B>QF?B DE7:AA# B9< 9<RN9A: A:F:A:A>:D6ELED:9 IAC>6J R<7CDHSAE9GA*
+ <DW6 MB>B9<DE> LHI;BX
+ >ERR 6OA<A:9 K:L B ACPG6A# B7AGD AN?<A:9 ;:>X + KCD@AB CL:?# 6 L=DHC6BD N667:@N?76N>A:
9EA A:DH:?EA* + 67Y Q67V
2,&$.-
LH 9<6 67E> F=7CAA :> B F:LHA:A8 ;N>NAA* 67E>>:> :LHOAA N;< <6 K:LP:>:DA B7 :?@8 67E>ED#
6C?ARBD# <DLR:D# JMBAC6BD 67:@M: >GRGA# 67:KOM:LED B7 B>9CDH Q<?C6 M<667;EDHEM:>* 4JDB B>BAA
CAA 67C?CDLBAAB B 9BLH>JA*
B>QF ?G9<G>ACAA*
+ N;<V <DW6 LHI;G@X
ANRR<:9 <6 :><6KEA:>AE9 B 9<G>AG6A# B F:LH 67<DA: R:>:?:K:L:AA* N;< W6B9 B ;:PEA ?G7AB* 7AGD
B KGL>HGFC7 E?A*
+ K<D@:D<AV + KCD@AB* + J DBLH W6CKJA FC?@ABAC9 N667:* J DBLH W6CKJA# B7 KG? <LB7V
BW9 9<DH=PACAA 9B?PGMB> F<?A:>:D ?GKIABACAA*
+ 67:KOM:L:VY H=PAJ>:DW6ED:9 >:F:AD: FB67DG>D<V N;<A 9N?O>M:AAE9# KEL K<:>8AA
K:L>EQF:A:AA MC>DB*
+ ?:67@ :>VY FBLHPBAC9V + 9NME? ;<= ?EKO>A:D ;:>6<9C>ACAA# BK<9C? BW9 >:9BQAB B?WG?J> B
67:KOM:L:A* + 7 EL G>@PCD# B@@ M<667BV :K >GAC9V N667:AN?<A:9 B 9BLH>JAV
B>QF ;E>?:>N9A:# 6 >:AE?@:>A B KGL>HB K:>>E*
+ : G>>@ :> B DBQCAV
N9@N68@E6# FI7B9C@G6# RI7LJ 9<G>AC7G6* B>QF <@:1C@B KC7LBAAB B >:DW6E9:A# BKSL R: D:K
;CLAB B >:DHILMJ DBQCA# 6 <77J ;:FE? AO9N?9EQEA ?G D:K M:ASA:AA: :LH @B?BR 9C?FB@A ;G?B* 7<DA:
BRRBD B Q<>>BDBARBD ME9CDH ;O6AW6JMB :K:>9:@:AA B7 C??GRB# 6 K:L9NFNLA:AA:* BW9 <6 K:>>EP:
AE?@:>A# JMBAC6BD ?G;=PA B ;G?B# B ;O6AW6JMB B7CDDB> :>FBPC>A# K:L6T?T6N@NAA# :LH BQ?J >GDLCW69B
ATDA ;:> B>BAAB* >GDL# BK:>H 9:7@:AR:D B><L >GA67CAA B ?BLHCLJ DBQ6OAE6R:D# R:>:9BQCAA :LH
GLBW69GRB# K:LD8AA# K:L67SD:6:@:AA# KBP@ ACMGRR 9=67CAA :LH MB6ABLBRR GL?B# BK:>H E>:6
?:WW6:DE66:> AO7:A ;CLCAA* >GDL KEL KBLB6BRR?B 67N9NAA# B ;<=9 MB@ E>P:D7E6R: ;CLAB9*
+ 67:KOM:L:KV + C?@SACAAB N;<* + @PGAC9 M<667B B 67:KOM:L:K:AV
B>QF ;:>G>>A B KGL>HB K:>>8># 6 N;< ABQCLBAJ7J 9:7ER: DHCKAB B 67:KOM:L:A* 9NME?
LH:?:9 B><L FB>>FBAJBD @B@CLCAA*
+ 6B9 ;C>AC9BA >GAC9Y EL B 9:7:K:A 6:KY
;<=9 AGDWC>AB9* ;B C>HBD 9C?FB@A MC>A# E6 BDDH<?B 9<67G?B@A# FCLH :LE67 GLB9 >CRRBDAB9 ;:>
:LH67:??: :KE67A8 6G?LB >GDLC99B># BK:>H:9 ?NLAND B KBLB6RB 67N9A:9# E6 F=67>GRDH<#
FBAB>KB6 AT7W6JMGA IL?B67ACAAB9 B7 ELD:9* NRR KEA:?DH< 9N?7:AR:D ;:><77CAA 9N?O>NAA: B
>:M:L8# K<D@:D 67E>>N9E6 :LH1:LH 67<9?B;C>HBKKG MG>AC7CAA* BLH AND9N9 ;:FE? QC??G
KC?76C>J@AB9*
B>QF :>9<G>ACAAB KBLGA*
+ B 9:>>VY 4C77BAC9 ;GAY MB>BK:DDH<:DV
7 E>:A KC6A KG? W6B9 M:?6:DH;IAG6 MC>A B AT77:># B ;<=9 :>>:QAE9 B ;:>68 :?@8A* EDH:6
>GDL>CRCLJA AT7D< 9A KC6A B 9N7M:A>:D ;:>B@BA# 6:D9< 6:K LCD@C>A
K:667<RR* EL B >:LBQ?BPB <6# FB ILHBD :> D:K W6GRSACAAG9 B LHOKN>W6N9# 9<6 ;B@B?BR9G9BA
W<Q:>A ;:> B KGL>HGFC7# 6 R:>:FBPSACAAB B AT7R:* >:M:L8 KC7LG6B KC6A MB>BK<M:> LHC?6BRR >:AA#
;IMB>>BARJ> 67E>>E MG>A# =LHFCLH KG? M<>GLC6BD K:L >:F:A:AA 9O>NDRN7A:AD<# FCDDEA E6 FCMB ;=P*
KGL>HB :LH<9 C>@B>GD FTMN6 MC>A B >:M:L8# @: B KG6<9CD B AT7 K:667<?: 9<DH=PACAAB <77J# MB@
9B?PGA# 6 :LH 67:KQ<>>BDAG6 B>BAA K:LQ:?76:>A: B7 :KR:? FBPGA* 7C9 B ;<=9# B9<9D:9 ;=PA
B 67E># ;E>R:67B9SACAAG9 B KID9GA# FCLH K:LS7>:>PE9 FTMN66ELEA# 6 :LH67:??: K:LE?:7AE9# FCLH
DBLHCD ;G?B@AB9* :M:A:AAE9 KBLI9BA B 67:?A:67EA K:?:@:78 67<9>G9 G?DHE9GRB* DBLH
AT7W6JMB LHC?6BD 76ILC?C@CAA# B7AGD B KGL>HB :LH FB>9BD 6=?>J@J FBDLLB> R:;:>E @8>A# 6 DBLH
67<9?BG?RCWCA DNM:67A:AA 9< KBLGRJ># BK:>H B7CDDB> :>FBPC>A B 67E> <?GDHGRBD* ;<=9 ;G?B@ABD
><F:LA:9# K<DA B 9IAHG9*
2!&$.-
B>QF ;:>:K:>A: 9B?PG?B ;:9A:A:AA ;:PEA*
+ 7 SLH D:K PJV
CL:? DBLHCA 9NQNAA B ;C??J QC?RB*
+ 4CLH E?A:@X
+ ZLH# FCLH D:K MC>A ;O6AV 6B9 >GDL*
N;< 9EA 67<9>B 9N7E >:O>A B ;N>@?:# 6 AE?@E?: ;:9A:AA: B 9BLH>JA*
+ DD:9 B AT7D:9 D:K MC>A 6:KK< FB67DB + KCD@AB* :LHER9EDA 6:K >:F:AD: O7:KR:D
AB?ABD<# KEL FB B9B?DG <6 B7 :KR:?*
+ ?G67A B9B?AB@ + KCD@AB BW9 K:LM:A8:D* + : W6B9 O>AE> B ;:D:9:@:D*
+ : B7 8 67:KOM:LEA FB67DG>AI9 + KCD@AB <KCD# K<9N7R:D 9B?PGMB> :LH ;:9:A: ;C>ACA
KG7C>A :> B7 B?WGD* + 77B> 6:LSA:AA*
+ G>BK MBD B 9BLH>J + KCD@AB N;< KE>ABA>BD9C@MB +# A:FGA FBLHPBAC9 R:67E>D<*
+ F:LHA:A8D D:K E?MEDH:6 B 9BLH>J# A:FGA ;CL@ R: B 67G@ + KCD@AB BW9*
+ : <AA B 9BLH>J B 9:7:KR:DV
+ N>@ GLB9BA 9:>> B AT7?: M:AD< + KCD@AB BI?<W: +# B77B> >:F:A B >:LDBLHCRR ;O6ANA W6<DG>D<*
+ G>BK MBD B 9BLH>JV BW9 MB@I> FGA?B;C?@I>A*
+ CL@ R: B 67G@V
N;< :LH67:??: >:F:?MB@A* B>QF 9<M:AA: 9:7ER8> B 9BLH>JA# E6 MEL<LDE7:AA B 9N?O>NAA: G>>J
;<=9CD*
+ :>> :LH 9O>ND W6CQC?A# BK:>H<9 LCD@PGA M<6:>GAJFBAG??B KIABACAA +# 6 FB K:L>GAPB B P:>A#
<@: PND# E6 FB7BM<67 R:DDOD9:A* KEL MB>BK<V NRR AN?MEDH?: MBD 67O96ELOD9* FC> B 9BLH>J#
CAA LHT>E6 MBD* 9G? <AA ;:DA# B9G? C@B>:DA*
77:> B DEQ :LH:AE?A:AA* N;< 67J>G6?B DH<ACAAB B 67GPGA# B7AGD :>9BQAB BW9 ?BPAB DHILMJ
A:9<DA:AEA# 6 =P?B R:W6I9AB* BW9 B 9BLH>J ;:>E DH=>A# 6 9C?KC6 9:7EM:> LHNDLE@:D @E@:>L:AM: B
9EDH:6 67:?67GKCA# ;:>G>>A E6 :>8?:>EQ:AA*
+ LH:AE?A:9 B>QF;B> + KCD@AB* + 7O96ELOD9 MBD AN?MEDH:9?:# 6 R: 9:>> AB?ABDID9 89:A*
>MEL?: <6 D:K MBLHID9 MB@B9* DLC>C9 MBLHID9# B7 BDLC> K:L K<D@:DR:D B7 :>68# A:FGA
M<LHG7DID9 9:>> B??B# FCLH W6B9 F:>H:6 E6 PJ @C>LC9BA W6<DG>PID9*
B>QF ;:>E ;C?@I>A*
+ B>QFY 67EA ;CLCK MG>B67ABD>B>CK B ;:>:>866EL:A B AO7E?AY
DBLH>:>9T BPGD>BA FB>>BAG?B ABQ6 ;?NWW6:DA ;:> B FB>>LBAJ6GLRJ>* BW9 ?GPI9 KC6C>HLCAA#
B7AGD B 9BLH>JA K:L>:DL:AM: W6ND@:A 9E?A*
+ C6A K:L FBLHPI9 :>B>I@DGAD68 FEA:D B7 B>A 67J>BK M<6:>< KBP@ B LCD@PGA# B 9NM:A9:78
FEA:D B 67CQ?GDY
LHO>:9:7:A :77:> <6 :LH:AE?A:AA*
+ 8?67:K:9:A <6 K< G>>SAID9* 4B C@B9<DA K:LQ<>>BDAID9 :LH FBPJA + K<D@:D A:9<DA:A
9<DH=PACAA# W6CDAC6 9B?PGDB9 <?GDHGA 9NM:AA: +# B99C? KBP@ 7N>@ GLB9BA EL:AOD9# 6 MB6ABLBRR
>:67 B ;O6AY
B>BK:DDH<:D B 6NAEA9E9 >GAJFBAG??B K:?:67A:AAE9 67:KO9:A# K<DAFB KG?<6 :6:@E9:6 MC>DB
B MS7:D ?<DLBAJ7J BQ?J# ;:9:A: G?DH9EQ K:LP:>:DE6:*
2/&$.-
HILBACD B DBQ# K<DA <77J B?BDHW6NQQ LN?@O>A B>G# :LH?: 9N7:>:RR E6 9N7:>:RR B M<>GL
Q:?:KEF:7* LH67:??: K<D@DHGPBD AI@BAG?B ER?:@A:9# FCLH 9N7:>:L B7 :6A:# MEL: B K:>:LD:9
E6 B M<>GLC66GLDB9*
CL:? 9:7ER: M:AA: B 9BLH>JA# 6 9CKC?BD 9N?O>DE7:AA*
+ D ;<LH:>A:K B >GAJFBAG?A + KCD@AB* + HCKB 6<DW6 6:KK<;E>: FBPJDB9* :F:A# FCLH
6CFB6:K ;CLDB9 R:DDOD9:A K:LK:DA:D<*
ANK:L ;:>7=LCAA# KBP@ =P?B :>FB>>LBACAA* B>QF M<667BM:AA: B 9BLH>JA*
+ 7A KCD@ABK# :LH67:? KBP@ 9<K:DA:D:9 R:DDOD9:A <DD:D* B@@<L D:K A:F:AOD9 KG6A#
K<DA FCLH MG?ID9*
N;< KC6A KG? 6:KK<A 6:K RGDA* :>FGRC?C@MB 9:7ER: M:AA: B 9BLH>JA*
+ D <6 W6B9 :7A KCD@ABKV + 9<G>ACAAB* + LHT>E6:<D9?8> R:67E>A:KY K:L :LH:R:9?8>Y 6 :??:
B7A KCD@PG9 D:9:K# FCLH ;CLPBK R: B 67GPBKBAY
4BDLPB B K:LRGDACAA :?EDH 6S?J6 6<QSAG6GMG ME9CDHC@CAA* FB>>LBAJ6GL DHILAB>BDI>
KCWC?LCAA# >:FI??CLAB*
+ ??J> MC>A 67J# FCLH :LH 9<6 AO7:A 9:>> LH=PABD<# 6 :??: B99C?B KGL>HGA ?B9ABAC9# K<DA :LH
67EDB9B7B>* D K:L B9G?K<A KCD@C9 + 9<G>ACAAB 9:6:?T AG?LH<>BLC66GLLB> N;< +# B9G?K<A
KCD@C9# W6B9 B7 B MG>B67# FCLH ;CLPBK R: B 67GPBKBA# @: FB BW9 MBLH <KCD MBLH BI?<W:
R:67E>Y
>AB>GDC6 ;:>7=@I>G6* N;< :>FB>>LBACAA* >>A E6 B LHT>E6 ;:P: ;N>NAA >:A:9<DA:AA B K:?:@:9
F:LHC>@B>?B# B 9<6 ;:DD6S9?B# BFC> B 9C?FB@A ;GA LHTPANAAE9 N667:* F<?A:>:D :>D:M:AA: KBLGA*
>H 9O>NDN6 MC>A B D:M:AE6:# FCLH K<D@:D9< :>FB>>LBACAA# E6 W6C@G>9C7MB RGKI>A M<>>CLJ
67:KOM:LE?:* N;< A:9<DA:AEA 9NM:AM:# B ANRR<:9 <6 >:DE7A:9 B F:LHC>@B>?B# K:L9:?:6D# BK:>H:9 ;O7E?:<99:> 9<@S67SA:AAE9 B FB>CAA MBLH FB>@C9>J ;G9BA# <AA <6#
CAA <6 :LH1:LH 9<6 ;O6AW6JMB :K:>9:@:AA B KBLB6RB* BFCLH ACMGRR DE7AE9# :LH M<>>BDG6DH<
AT7;EDH ATDA ;:> B7 :LH<9 9NA:L ANMER:D# 6 B ;O6AW6JMG9 F<?A:>:D K:LFS7AB9* Q?J >GDLC9
KCWC?CLAB9 :LH ;B LHN9E?7:A: 9N?O># B RC7JACD 9:?:67AO> ;:>9=67AB9 B7 GLB9?B E6 >:M:>:9?:#
67EAMG>AB9# K:LD8AA:9* LH AT7;C>A FC77GE?A B7 :LH<9 ;BAN?76FN7# 6 F<?A:>:D ;:>67B>B@A ?BPAB# K<DA
MB>BK< ;EDH>8 KJ9I6* LH?: MB6ABLBRR >:AA B ;O6A# <@:1C@B FI>>GK7CAA# 9<;:>E AN?A* KJ9I6 B
67E> 67G?DHGD GAIL?CAA :LH KG6<9# KEL G>>J ;G?B 6 >:?GLAB KBLGA B ANM: ;:>E* >CKRC7BA E6 B
;O6A 6NAEA 6GA?B B>BAA B AT7 ?GA:AA: KBDW6GA B7 :?@8?:# 6 KB?WBDLC>D< 9:7@A:* ?<G6< ;:9:A: E6
6G?LB ;O6A;:>F89 FNKQN>HNLA:9 K:LG>>G6 DE>9O> B A:DL:? ;:>E* >GDLC9 E6 B AT7 :>>:DG>>FBABA>BD
67GLI>@G6GDB9 >GAAG?B B ;<=9 MB@# ?<9C>AC7J E>P:D7E6R: 9:7@A:9* >GDLC9# K<DAFB E>DED:9# B
?J76B67SD 67<9>B 9<67NL:>>E6ED :LH 6C? DHS?;B67:?T W6:K:A: ;:>E 9=67AB9# BFCLH B PBLIG? 9=67<9
B FB6GD 76G9KGDHB ;:>E* :>IL?CAAB9 B7 :>68 ;G?B# BK:>HD:9 GLB<D B7CDDB> :LH KG6<9 >CKR
D8AA# AT7K<DAG9RJ>* 7AGD ACMGRR M:AAE9 =API9BA B ANRR< ;B ;:>E# GAIL?CAAB9 B ?E6:9:D# 6 <@:1C@B
>:DLM: 6 ;:>>CRRBDMB# MEL<L67B>B@AB9 B7 :LE67 6C?CD* 7 IL?GD@C7J# M<FGDWC>J LH:?:9:9 B>BAA
:LH D:LH:@ DELH7:AKE?;N>@DH< :?@8R:D MB@I> 8?PNDLNAA B AT7 E6 B ;O6A* LH1:LH E>:6 QBAACLG6
9N7NAA C>H MB@ @CRQ:?LE66:> 7=LCAA# FCLH B F:LH <6 R:>:?:K:L:AA*
+ J 9<6 AT7# BDDH< 67:DA + <6KEA:>A: N;<*
B>QF K:L@NRR:DM: >GAAB# FCLH B ;<=9 F<?A:>:D :>FB>>LBADB9# 6 K:L<>>:A8@NAA:D ;<LH:><9 KBLI9
B>BAA B7 :>67BRB@I>A A:?KE67:A< :?89 ACKRC>G6GA* :7 B7 GFSABA B>QF ;:PER: 9:?L:AA: B ME?A*
+ : FGA ;CL@ R: B 67G@BAV
+ G>BK MBD B 9BLH>J + ;:>:>A: N;< 6E?A8@NAA:D* + CLCK MBD ?G# FCLH R:67E>P:9*
2-&$.-
?:6 67:K:99:> DE7A:9 ?G# B 9NME? ;<= D:K E?@:9:>A: 89:A# W6B9 B AT7 @CRQ:?LE6E?: ;<LH:>A:9*
N;< <@:L:6:D A:9<DA:AA >: QC9C>RB# <@:1C@B 9B67G>A B 9BLH>JMB>*
+ 7 KC6A KG? K<D@ >: ;CL ELD< + KCD@AB* + :@<L :7 MC>A B AT7<;GD9*
:LDHB>AB B 67GPGA*
+ C6A KG? D:K A:F:AOD9 6:KK<A* 7:DA=> PCRRBD 9:>> M<LHG7DID9* AAJ> ;E>:9Y
BW9 >:M:AA: 67:KEA B7 EL8 :?@8?8>*
+ : K<D@<L ;E>67 MB>BK<A8>Y A: LNKRNWV
+ G>BK MBD B 9BLH>J + KCD@AB N;< RB?GA6GLAB>BDI>* B>QF ;:>E ;C?@I>A* + LB7# FCLH DG>BK
MBD B 9BLH>J# B>QFX
B>QF 9:@M:A>:DO> ;C?@I>A :> B7 <P:67A8:D LHNDHN?T >GAMGDHAJ>*
+ JY G?K<DA FCLH PCLCK MBD1: R:67E>D<X 7 <9?:9 9IDWCLAB9*
+ O6ANA B9B?AID9 W6<DG>D<Y
+ 4GA KC6A DE7@Y
BLH ;O6A;GAHC> DH=>A 9# KE?;N>@DH< FC667=6GLRBD* N;< 9<MEA:>EM:> MB>BK:DDH<:D
?NF<DW6E>D< 9:7@A:9# B D:M:AE6 :LH?: PCRRBD :>FB?BQJ7CAA*
N;< :>M:67A:AA: AO?:>KEA*
+ G>BK MBD B 9BLH>J# FGA A:66E9 ;<LH:>D<V + 9<G>ACAAB* 7 :>68 @C>LID9 B7 9:>>:AA MC>DB >:LH:D#
FCLH MB>BK< K:D:@E9:A EQSA6OD9 KBLID9DB9 >:DA B QB?ACD* :?A EQQ :>EL F<@:L MC>A B7 EPP:> <6*
7AGD B>QF B7A KCD@AB# FCLH [AT7\# 6 :??: MB>BK:DDH<:D OMN>AM: K:L 6<9C>AC7MB ;:>KG67ABAC9
<@: B F:LH?:* <DA B LH:?:9:9V
C6A KG? ;<LH:>K:6:RR:D FB>>LBAAG9 B Q?E@<9GW<JA*
+ 4CLH 9EQ7:><A:9# FCLH K:LK:DA6:D:9 R:DDOD9:A# FB D:K A:667O9 ?:D@R: B @C>LB<D9BA# E6
D:K MEL:77O9 :> ?:D@:6:D B KID9GAX
:M:AA: B 67:KOM:LEA# 6 C>HBD KC7@I>BACA A:AA# K<DAFB GA B9B?DG B@DJA* 7 <@86:RR
;<=9 DBLHCRR ?E67: KG? ;:>EP: <6 DH=>A# @: N;< K:LLCD@C>AB KBLGA# B FJDB B>G W6BQAB# 6
;:>>EQ:AA :LH 67<9>G?B*
+ @:E?M: K:L B99C?B AO7:A LH=PACAABAC9# FCLH 6:KK< FB67DGA D:K M:F:A< B7 :KR:?* GDLRB
RC?SACAAGAC9 B 67<L:A:A* :K ;CLID9 ?NFNLD<# FB KBP@ >:EL B7 :LE67 67<L:A# 6 ;8AA LHOKN>W6NA
;CLID9 :DD< DBQFC667BA# K:L QN?9N>A KB>BWCA* 7:D D<DW6 K<A D:M:AD<* B>QFCA
K:LMG>B67ACAAGAC9 M:7E?D:9# @: B??B D:K B@AC9 D:9< <@8A# FCLH 9<LCD@C>PB B @C>LC9BA* CD@
MB>BK<A# 6 :??: K<D@:D9< :>?CFBD# K<DAY K<DAY
:L 9:>>:AA G>>D<B# FCLH >E>:L7:AF:7 PI66CD* :DA?8> ?GPI9 R8LNAA B AT7*
+ : :7 KEL D:K K<D@:D* AA MBDDB9 B LH:?:9:9* 9<W6<DH:9* < AN?8@NAA M:>O9X EL B7A
6:K AI@PI9# FCLH FGDHBD MBDDB9*
B>QF F<?A:>:D :>8?:>EQ:AA*
+ CD@ABK D:9:@Y KCD@ABK D:9:@# FCLH S?P ><6AGA B D:M:9?8>*
+ 4CLH S?FBAABK MC>DB# BK<9C? KBLBK?B FBLHABAC9V 9<G>ACAAB N;< KE>ABA>BD9C@MB* + EA
Q:?W<L MG?AB9# B7AGD R:>::6A:9 A:DL:?R:# :>KG67AB9 B7 :?@8R:# 67EA67E>:@A:9 B M<>GL DELH
AGPB ;:>E* 4CDDEA AI@FBAABK MC>DB# FCLH K:>H<9 9<W6C@BX
B>QF K:LDHB>AB :>;:FE?:@:AA 67GPGA*
+ LH67JMB> B7A 6:K AI@C@# FCLH FGDHBD MBLHID9 <AAX
."&$.-
+ 4CDDEA AI@FBADGK# BK<9C? =LH 67EA67E>:@A:9# K<DA B FBDLHG9X 7AGD# BK<9C? A< FG?KBD
M<667BPNAA:A:9# 6 B7A KCD@AB@# FCLH AO7:A 9:>> ?B9D<# K<D@ B7CDDB> :>?CFBDA# 6 KEL B??B 6:K
MC>A <@8KY
+ >ELV + KCD@AB B>QF E>:6:D# K<9N7R:D 9<9BQAB N;< 9:7ER8> B 9BLH>JA* + :K A:AA:@ K:L#
FGA D:K A:AA:@ K:L*
+Y MEL:7:AO> Q:@<L K:LW6BQAGAC9 B 67:KOM:L:K:AY BW9 ;:>EP: ;C?@I>A*
+ CL@ R: B 67G@V
+Y B 9<W6<DH:9 K:L >:KG67AB9 C@B# BFC> KC6A B7 :?@8 EL* FGAFB KEL KC6A <6 CAA MBDDB9V
N;< ;:>G>>A# 6 9<DH=PACAA 9B?PGMB> B >GDL1 E6 ;O6AA:DL:??: KIABACAA* 4B>9 7=LG6 9:>:A9:7:AA B
;<=9 9N7A# KBP@ :>FB>A* B>BK< 9O>NDN6 @C>CL AN?AEDA N;<M:> >E>:L7:A IAGD 9BQ9C@CAA*
+ 4C> MBD B7 B LH:?:9 + @B@CLAB +# FC> MBD B7 B LH:?:9# B9<D:9 BDHBP:LH MBD B7 B?WGDX :K
>GACK* 4C> MBDX
ANK:L DEKB MC>A# K<DA B FB>G>*
+ 7# B9 R:67E>A + KCD@AB N;<* + 7 <6 >:DA PG?AY
>GDLC9 9N7A :LH ;B ;:>?CRRBDA# K<DA B RCKRB* EFGDH 9NA:L KBLB6 9=67JDNMEDH F<?A:>:D
9<:LH:D:6:@:AA# >GAFBAJMG MG>A# KBP@ FB>@C9C>MB N667:?CLHCAA* 9<6:RR ;<=9 6<9C>AC7D< 9:7@A:9*
+ SLHJ9V SLHJ9V E77EA:9 B 9SLHJ9BAV
@89N7R:D DHILBACD B DBQ E67?:MEA>:DO> B >GAJFBAG? ;N>E :?:679:@:AA# KG? W6B9 9EA1FG?CK
IPPDH< MG>B67ACAAB :> B A:DL:?A8>* N?N6 ;EDH :6:AA B>I>?J> B ;<=9 B?WGRB* N;< :LH 67<9>GDB9 @8>A#
K<D@ B 9EA 9:7EM:> R:>EP: 9BQB679C@CAA*
+ 7 B 9<W6<Y B9<D:9 B7 BDHBP:LH MC>A B7 B?WGDY B7 FC> MBD KC6AX CD@CK D:9A:9# FCLH D:K
>GACK*
;<=9 ;E>ED9:D# F<A:A>:DO> DE7A:9 :LHKG6?B*
+Y B7 FC> MBD KC6AX B>QF 67ELH:D9:7M: @B@CLCAA*
+ B>GD M<667BK:DA BY
>BAAI9# B RB?GA6GLAB>BD F:LHC>@B>CD ACMGRR FBDL7CAA B @CRQ:?LE6*
.$&$.-
!
( ! )
BW9 9EA?EA LN?DH:@A* ?NM<@AGM;IAJ AB?AG6GRBD FB>B@A :>8?:# C??GA W6B9 DEFGDH FOM:>H9
MG>B67ACAAB :> B D:@M:6 ;N>@A8>* ;G9 AN?76:< 6 B7 89:A 9N?O>N>:>8 <D@G9 KG? FB?K<DW>GRDH<?B B
;:P: ;N>NAA :>M:67A:9 B 7N>@ EP67B9GRBD# 9N?O>NAA: B 67<DA: GAFBAC>FBABA>BD W6:?PE6 6NAEA:@:AA*
><L E67?:M:F:A8 DHCKC9BA 9NM:A:AA :LH :>AN?A GLBA# :LH 9<6 KE>H:@E6A B AB>BPRBD# BK:>H =LH
;:6A:AA# K<DAFB :LH QBAGDB9 B ;E> >:DHCKBAB MC>DB* EL >:PP:RR FBPC>A# E6 B DHCKC9?B K:?:@A#
K<DA B9< R:67E@?: B9B?PB RS?D< 89:A* 7AGD DELH9E7>GR?B :?:679:@M:# B MB@G679IAHB AB?AG6GRBD
DEFGDH KEA:?DH<?: :>8?: 9=67CAA# K<A 6:K AN?8@M: 9EDH67:?:@:AA F:>H7:AEM:>* LH
N667:FI?9C>J@CAA <D@B9NA:L :>8AA K:LG>>BQC@CAA# B LN?W6?8> FC667= 9BW6 >JLCAA >:* LN?W6 B>6J
?E67: ;EDH:6?: MC>A 9CQABAMBU B KB>BWC9 B7 <D@B9NA:L B>BAA :>FB>B@MB# 6N?AE<99:> 6<KG?B
LHB>I>AG9*
BW9 B?WGMB> DEFGDH FOM:>H9DH<?: B DHCK ;N>NAA# B RC7JAC6 FCKG>HGA 9IABAAB* 4CKC967SD
FBPB# BK:>H PJW69GD K:LD8AA# BK<JAB B 67<L:A?: E?9:7A:9# 9<66E KG? 9<;B9I>A# K:7A:>:D FGAGD#
B ANKEDA:>:D 6NAEA 67:Q>8 9N7NAA :?86:D FGK>CAA B DBQEL:AA: R8?* CRRPGRBD :LH 9N?O>R:>O> NA
>GR FC667=# F:LH:6 MELT ?I@BA AB?ACAA# ;C67>GDHC9?B 67B9B@A DB@?GLPGD 9SMO># K:>H:A NM ;CLCAA
N667:# K:7A:>:D MC>A* :FIDHAB 67:KEA# ;:PEA ;:>:K:>A:# E6 9<AGLI>A C??W<KQG99B> >B66BD
R:67SMAB B >:M:L8A# 67<KBACA 9:?:6M: B K:>:L >ELG?BK>BAC9RBD* 7 :?@8 <6 EQQC>H W6ND@:6 MC>A#
K<DA 8 KBLB*
ELO> <6 :LH FC667= 6JFBPPB> 9<:DL:@A: B >:M:L8A# 6 9<DH<ACAAB 67:KEA* 67:K: ;EDH>8 9E9
MC>A# 9<:>ELSA:A>:D6ELER:D KG?1KG? AERC>HC@CAA* :LDHB>AB 67G?B7 BP9B<A# 6 <6KEA ;O?9E67D<
9:7@A: KBLB 9N?O> B A<AC9AB?AJ :?@8A* 7AGD =P?B :>8?:>CQB9C@CAA# FC> PCRR?B# FC> RB>?B 9:?:6M:
B7 <?GDHA*
7 :?@8 W6ND@P: KEL DHCKB67AJRR MC>A# K<DA B F86EL# B DBQDB9 :RR:D B7 J?GPGRBD KEL B
?CMB?C9 6: 7OKKNLA:9* B W6ND@ W6B9 B99C? AN?A K:L# BK<9C? BW9 :LH ?<9SAJBD AB?9B KB@B?BA
M:?A ;:> GLB9RJ> ?B9CAA# Q?<K<ASM ;E679ER8>U B7 G>>BA E>:6 M<PPCLG6B# K:>H?: 9N?N619N?O> LHC?6
M<667FBDLC9 ;:>:>A:9# K<DAFB :LH:D:6:D B7 <@89 67B9B@E9GRJ> 67G>>A MC>DB ;:>* 9<G>AG6
FB>>BAG?B <P:@AER:D BW9 <6 ND9EDA:>:D 67<67:LE66:> R:67SMAB B >:M:L8AU :LH Q:?W AB?ABKG?B
MB@G67RJ> O>@N7NAA# KBPCK67:?T >EDDHE MG>AC7CAA B 9=67JDNMEDH:9 6T?T FCKG>HGRBD* : B7AGD
B 9<:>ELO>:A>:D6EL =P?B G DHCKC9?B A:?:>A: ;<LH:>KEA# ACMGRR ;O?9E67A: B AB>BPA* LH MB6ABL ;B
67O?9: AND9P: K:>>:AA# K:>H:D FB>MGDH M<?GLC9 DHS>AB9# R:FIDHAB 67:KEA# 6 =P?B KE>H:D
R:67SMAB B ;C??J >:M:L8AY 6 :7=AAB> >E>:L7:A: B9B@C7D< 9:7@:AA# B?WB :LH Q<>>BDBA?B
:>FB>MGDHC@CAA# KBP@ :>6NAEA:@:AA B ME?AC>I>G6AJ>* ?DHE99EDA 6IFBDA :> B ;B B>BAA# E6
;<LH:>K:6:D 67:KOLH?: M:AA: >GRB :>8AA B7 N667:ABQC6CAA ;N>@:A*
7 G>>BA< FI>>B@E9 KEL K:>:L MC>A# 9<6 ?B9G6C9RBD F:M:?A B ;:>FGDHA ;N>@ND* >BP7N>@ MC>A#
6<KB# :LH 9<66E KEL L87N>LNAA* BW9 ;:>:K:>A: ;:PEA# 6 B >GRDHCKC9CD 9:?:67AO>;:9M8
GAFBAC>FBABA>BD 9=67JDNMEDH:9?: RGKI>A* 7AGD ;:>:K:>A: @G?@GPGA E6 ACMGRR9=67CAA* 7
<D@BW6CKJD A=> B >GRDHCKC9 :LH W6BQG6FC7 M:7:AA:9# BK:>H:A B KB>BWC9 KG? N6MEDH67:?T:D
9<ABQC6AB9# ;N>@P: 9:KEDH MC>A B LHB9C?< MCDI>G6C9AJ>* K<9C? BW9 9<:LH:D:6:@:AA# KC7LG6
7BPB OANAA: K:L ;O>EA* 4GA?B?GDACAAB PCRR 9B?PGA# 6 A:>P:6 :?:PEM:> :>FBPSACAAB B @G?@GA* W6BQG6
;:>8> QBAG9 LHC?6# 9:KEDH W6BAACLG6B FB>>BA67CAA# FB6CD>BAC6 B 9B67ABDH:AAB ME?Q:76@SA8# 8?PSA8
.2&$.-
FBDLPGFC7 F=6 SLE?:A:* BW9 9<IL?CAA B RC7JARJ># 6 ;:>9BQAB B @G?@GA* QBAG9 9CQCLG6B :>FB>A
B AGMC>RBD*
BW9 A:6AE?8> QBAB9C9RBD ;C>HA B7 <77B@6GL# B RB?DB ;N>@ ;C>AC9RBD ABQB@A B R8?EF:7# B
MB@G67BARBD :>AN>ANAA DBQ K<D@:D M<67CDABL6GLB ?BPAB FBLHAB DHCKGA* 7<A9C7J@MB >:AE?A B
KB>BWW6BQG6?J>* 6B9FBKB? B7 :?@8D:9 :LH ?<A9GRR ?E67ER: PIACAA# BFC> B 6NAEA
>:ME>K:DDH:7:A:A FC?@C7J MB6ABL ;BAN?76:9 F:>H:AA 9B?W6=RR# 67O?9: AN?76T QG>KB;G9 >:DL:AAE9
AC>>B6 9C?CDGPI9BA* QG>KG9CD A=> KG? B A:DL:? W6<>>CLCAA# :KR:?< FBDLC9 FB>>BA67CAAB9* B>QF
QG>KBAN?76:9R8> E6 >:M:>:9R8> N667::679GRG>A 9O>NDN6 AG9C>KGDH K:>>:AA G>>A MB>BK<
9:7@:A>:L:6 K:D:@E9FG7;E>: MC>A# 67:KR:D B >BL=DGMB>* LH ;:6A:AA# K<DAFB K<D@:D
Q<>>BDBARBD N667: B9B?DB @8>D<* :K ;:>:>A# BK<9C? BW9 K:L67J>SACAAB
+ BD KEL <MJMS7X
B>QF ;:>A:9<DA:AA B 9IDHFJ >:ME>;CDBAG?J>* EL KC6A 6:K M:AA: E67?: BW9:A# DCFB B 67:K:
?BPAB Q<F:DA*
+ E?@:K# FCLH MBD1: KEL <MJMS7V 7CKPB6 MBLHC9* B>QF :>;C?@SACAAB ;<LH:>KEA B
K:D:@E9FG7?J># E6 N667:?:77:DM: M:AA: AI@CKG6I> BW9 P:>:D>EAEA*
+ 4E# A: MBLH B7X MJMS7X AA B ;B K:>>:AA* 7A F<67:K# KEL FBLHAB9*
BW9 ;:>:K:>A :LH 9J9I67@<JFEPBA# 67SDO>A<L AN>AM: ;?<66 MS77:># BK:>H:A B ;<=9 DEFGDH KG6<99B>
:LHOAA B7 G?DHE9RB G>>SACAAB9* MS7 >:;C>HA G>>GD# DHB9GD# K:>>ED* 4BDLC6BD 7<FG>MB 67:@A: B
>E>:L7:AEA*
+ 4GA :7 9:>>:AA + KCD@AB*
<KCD FBDLPB FB>>BA67CAA B K:D:@E9FG7RJ>*
+ K:>@ ;:> :LH 9<66:> B>QF B K:D:@E9FG7 ;:>E ;C?@I>A# 6 ;:>:K:>A :LH GLBA 76<D@:>H67:?T:D
:LHKG6RB B9B679C@J >:M:>:99:>*
>:M:>:9 67EAMG>AB9# >:FI>>AB9 B ;N>@?:* <KCD RTDRGDJ B?WB ATDA ;:> B ?E6R:D*
+ CW6GDBA + KCD@AB*
B>QF IAG>9C7MB DE7:L:AA: B ?CKCA*
+ CFB6:K 9E67O>OD9 :> M:>:*
BW9 >GRB :>E F:M:?:@:AA* <KCD R:DA KB?B@A B 9IDHFJRBD# 9<DE7:AA B >HI9CD* B>QF =P?B
:><6KEA:>A:*
+ BQC9 JAB @C>LC7ID9 KG? ?BPAB* KC6A DE7@ K:LV EA KG6<9 9IDHFJ KG? =LH1BFCLH G>>A#
RG? K:L>:F:A86:D R<7CDHAB>BD >GRCD* 7 K:L A:>P:6:D DHCKC?E9 MC>A*
+ K<D@IDAB>BD K:L>JLDB9* K>E967:> KEL B LHT>E6?:X AA K<D@:D9< K:L;CLB@AB# FCLH
B@@<L D:K DHIL67<9# B9G?K<>H:D 9:KEDH KID9GRB 9:?O> <6# BKSL B 9IDHFJ9 ;:> D:K EQO>D:9*
+ G? B MB@G67W6CQC?A 9<MEA:>EM:>Y
+ :?67:# B MB@G67C9 9<MEA:>EM:>Y 4GA BK>:A<# B7C9Y
4B@CDG67CAA# :LH 67JA 9:?:6:AA*
+ :KEDHA:>:D :6:A + KCD@AB* + B DBLHCRRB9 6:K 6C99B> PCRRB9* GAC@ :7AX <KCD E6 ED
:LE67 DBQ @C>LC7AID9 ?BPAB# @: 6:D9< D:K 6:LSA:AA* O?N@D:9# :67D:9# PGA67BDB9Y
<KCD JMBAC6BD 9<@ILAB ;:PEA B ?E6:D*
+ : MBLH B M:7E?* <E?A D:K 67J>67 ?GPI9X
B>QF B FGAGD ;:9O@A# ;:>DE7:AA B QG>KB;G9?B 6 B7 EL?:*
+ HT>E6:9V + KC?KC>AB* + LHT>E6:9:A 67:?:A<9* <D@:DDBQ :LH LHT>E6* BLH B9G? 9:AA8 <6*
;:W6:LD:9* + E> 9NDHN9?: AGKB679C@CAA* + CLB@C9# FB K:L;=PCK B 9BLH>JA# BRRBD B
..&$.-
Q:?WR:D <AA A:?:KD:9* K<>H:D ODD:QE>H:6:DV MB>B9< KBP@ B7A BPGD>PB# FCLH EQSA6OD9
>N9FBPAG6C6 ?:QO>8LEQ:A# MBLH A:DL:?B>BAAPG?JA# MBLH A:>:MS7<J1B@JA* BK<9C? MEL: >:67 B
LHT>E6D:9# NA Q:?W<L 67C?LB>KB6BD ;CLDB9 @C>LC7D<# B7AGD K:L>EQD:9 MBLH MB@G67D< K:DD:9*
BW9 :>MN?N6N@NAA*
+ 7O96ELOD9 MBD F=6?B*
+ 4GA :@@<L KEL D:K 67:?:7AOD9* : B 9IDHFJ9?B <6 67O96ELOD9 MBD* :>>:6>:L# B MB@G67B<@
KG? J?G99B> :7:>8AA M<667BPNAA:9* 7JAB ;O?N@D:9*
+ D :DL:@A:K :> 89:A + KCD@AB BW9* + D B9B?ABKY DY
LH:9:7:AA 9<R:AT7D< KBLGRBD B7A B 9O>NDN6# :>>:DG>>FBABA>BD <D@I>BACA# BK:>H B??B 9E67A:AA:#
FCLH T78R: M:LH:D MB>BK<A# E6 K:LN>P:*
+ D CAA KB?B@ABK* 7A LCD@C>ABK# FB KBLBK >:67:9Y AERC>H =P?B M<667BAE?A 67:KER:*
+ >D< ;CLC9# B7A F<AA:K*
+ : D:K A:AA:@*
+ 7A F<AA:K# ;CLC9*
B>QF FBDLPGRBD MB>BK<>H:D ?:PA:AA <D@I>BA ?:7L:A<*
+ : D:K A:AA:@ + <6KEA:>A:*
LH C@BM:A:AA K:LP:LH7E6# BK:>HD:9 W6B9 B7 B>I> ?:7L8 FBDL6=>H B@CAA P:>:DA86EL:A
+ CD@C>CK# BFFC7 D<DW6 9:@M:@# FCLH 6:LSA6 B 9IDHFJEQSAE6DE>X
+ 4=6?B MBD 67O96ELOD9Y
+ : B7A D:K 67:?7:>*
7 :>>:DAEA KC6A KG? 67BMB9RB N>AN7NAA*
+ CLC9 67:?:7D<* :L9N7:>:RR* 7B9G>>A 9:>> ;B?BLD< :??: B @G?@G?B* LH KB>BWCA KG?
:>AB>G>AID9# @: B @G?@B 9<:6:AA R:>8>:* 4B 67B9G>>B> >:F:AD: :>>GAD< MB>BFCLHY
+ IDHFJ9?B MBD 67O96ELOD9Y BW9 F<?A:>:D @OFR: LI?I>A*
+ 7:K?:FGDHG6A A:67:>X + OMN>ANAA:*
+ <D@N667: BDDH<A KCD@ABK# FCLH 9IAHGI> K:L@C>LC7AID9* :KK< KG6A D:K KCD@ABK*
<D@9:AA:D 9<MN?N6N@A:9# 6 D:K K:?A:9 :LHKG6 67:KER: DE7D<* B>QF B FB6G?B LI?I>A# 6 B
;T67G>B99B> 9:7@:AA PGA67BD<*
+ 4B K:L<DA K:L:?:@ B7 :68 + KCD@AB +# K<DA BK<9C? <@: E?9:7AOD9# B99C? 67O96EL >:67 B
9IDHFJ9?B* KG6 K<BAA <6Y 7O96ELOD9 MBD B 9IDHFJ9?B# K:?AY
LH Q<>>BDBADH< 67OD:A:A AB?ACAA* <D@9:AA:D :>;CPACAAG9 @OFO9:A* B>QF KC6A B7 =P#
R<7ACD6GLC6 AEKB W6BQG6GD FB>B@A*
+ : <6 E67?:M:AA:@# K<X
BW9 >:@CRAB B @G?@GA# 6 >:LILLC>A*
+ <A 9:>>:AA MC>DB E67?:M:DD:KX
+ 4CLH K:L MBDDB9 <P:@M:*
FGAG?B ;C?@I>A# E6 BW9 Q<679C6# MB@ B?WGRB RGKI>A*
+ 7 B F:>H7:A + KCD@AB* + >KC@DB9* 4B>>BD< >:F:A 89:A* :K ER?:@AE> ;:> B7 EPP:>X
BW9 B ;:PEA ?G7AB*
+ :67E>D:9 E6 6<9SAC7DB9* G?K<DA B 9<W6<DH:9* : KEL B ANRR<:9 9N7O> <6Y <DAFBY
+ <DAFB :7 D:K MC>DB :>68?BDL= 67<L:A*
.'&$.-
9N7R:67J>G6 K<D@9:AA:PO9:A K:L>:QA:# W6C@G>9C7MB DE7A:9 <KCD 9CKC>H B?WGRB*
+ <DAFB B7 B7 G>>BAY B7 B 9SLHJ1<7E B MB>J6GLRBD <6 >EA:7DE9* K>E9:7A:9X
67ELH:>>D< MB>J 67J FB>>BAG?B K<D@ B 9EA ;<= K:L?GD@I>A* SLHJ?J> KC6ABDGRBD D:K
R:67E>A:9# D:K MC>A <>>8 R:67E>D< ?J>B*
+ <DAFB :7 D:K MC>DB :>68?BDL= 67<L:A + <6KEA:>A: B>QF FB>9BD* + LB7B@ MBD*
BW9 ;:>O>A# 9<DH=PACAAB >GRGA*
+ <><6:9 + KCD@AB*
+ :>MGLJ6B9* K>E967:># BK<9C? B7 :>68 :`Q:@SW<J?B <D@I>AID9X
LHKG6?B KC6C>HCLAB9# :67O9R: PIACAA B7 :>68 DBQ @<B@B>KB6 9GQ?G7BAB*
+ :FGA 67O96ELOD9 MBD B 9IDHFJ9?B# FCLH >:LH:DY
+ AAFCDID9 + KCD@AB BW9*
+ LH MBD + KCD@AB B>QF*
BW9 ;:>F=7AB B >GRGA# B AE?@EA GA;CLAB B 9EA 9:7EM:># 6 FCK>C9?GDWC>MB ?:D@:A <LH:9:7:AA
A:?:KA:D< LCD@C>BAB<RBD*
+ : B7E?A B7 :?@8R:DY LH E?A:K# BK<9C? B7 :KR:? MB@G67<9Y D:K B99C?# BK<9C?
LHOKN>W6NA 67:@# FBD:K BK<9C? B 6BPGA =APGA PG?PBY
LH Q<>>BDBA?B :>FB>>LBACAA* :K AI@AB# B>QF 9CKC>HBD ;CLPB1: M:DD<*
+ CD@@ ACMGRRV
+ 4B B7 :KR:? MB@G67<9# B99C? DEFB B7CD M:67< KBLGA E67?:# K<DAFBY
4<?A:>:D :>Q<?I>A*
+ :?67: D:K 9CKC>HY EQQ W6B9 :LH E?7E6* 7A E?7< B7 :KR:?# K<DAFB D:K 8 MB@G67DB#
FBD:K 8A MB@G67DG9Y K<DAFB B @76IDL:>R:D :LE67 <@8 B>BAA MB>BK>LBAAB9 <KCD ;<LH:>K:6:D# B>QF F<A:A>:DO> E6 9<66E KE>ABA>BD9C@MB* :>O>A# Q<679C6
9:7EM:> K:L@N?76N>A: B MG>>GA*
+ 4GA D:K AI@CKY
BW9 ;:>IL?CAA* BLHCD LHC?6BD R:67E>A*
+ 7 :?@8R:D :7A E?7< B7 :KR:?* :?67: D:K 9CKC>H* 6B9FCLHY
EFGDH LHC?6 >EQE6A A:AA B QB?A ;:>E# B7AGD M<667B;C?@I>A*
+ : FGA AI@CK# FCLH 89 K<A E?:7D:9* ?A:@XY DDH< B7 :LE67*
+ 7 >:DD: B >:LPCRR + KCD@AB B>QF +# FB B7CD MC>DGD9# FCLH K<:>8RR K:LK:DA6:D:9
R:DDOD9:A*
BW9D:9 :LH Q<>>BDBA<L :> 9:>>:AA ATD8@D<:# K<A <6 P:>:DA B7# FCLH K:LK:DA6E9 89:A*
+ 4CLH K:LK:DA6:D:9XY 4GA Q:?67:V <D@:LH# B7E?A 67:?:ADE9 :>8RR K:LN>D< :LH KB>BWCAY
:>9BQAB B @G?@GPGA# 6 R:>:MGLAB B ;N>@R:* 7:KER:D =P?B ;:>W6<>>BDA B ;GAHC>C6# 8?O>A A:9<DA:A*
B>QF 6789: FBP6N?EDHED GA RS?G>J 67:KK:> ;<LH:>A:*
+ 4B B MB@G67B<@ D:K ;:>:@9:7D:9 :> B AT7?8>Y
+ 4BLHP KG? RE9ED B77B> B AT77:>V
9EA ;<= >:RB9ABACAA B QB?A?B# 6 B MS7 67E>E?: E?M: K:L;C?@I>A# 6 M<667BDE7:AA B ?J76B67SD
F:LHW6=W6?B* ;O6AW6JMB KE67;:FE? MCDB>BA ?BP7C>A B7 EL K:LRS7FBAJ 9E96ELE?:# KBLB6BD
;:>DH=>A# B7AGD :>C67>CAA* B>QF B FCK>C9GA ?GDWC>AB*
+ BPCD K<>H:D K:667<?8> >:F:A :7A K:L>GAD<X
+ J9 KE?;N>@?8>*
.0&$.-
+ :K :>EL MB6ABL B ;O6A*
W6JMB B>6J ?E67:# K<DAFB AI@BAGRBD MC>DB BDDB9# FCLH DE7<9# MBP67SDT?: 6NAEA:@:AA# 6 :LH
MB6ABL ;C>ACA @CRCAA ;:> B ME9CDH C67>CQ?B*
+ N>@ GLB9BA ?B9AB9 ?G + KC?KC>AB B>QF* + 6B9 B7A 67:?:ADEK AI@D<Y + :G?DHE9C>AB
67:KEA# E6 K:L;C?@I>A# FCLH MEL<L9IAB66B B >GAJFBAG?A*
+ :LMBDV
BW9 B99C?GA 9<G>ACAA# FCLH B>QF FGA?BIL?CAA*
+ < MBD K:LX 4C>X 6B9 D:K FBPJX
: BW9 B K:?:@:9 >:PA8?: KIABACAA# K:>H B F:LH?8> B 67<L:A 6S9 ?E67:<?: :?:679:@:AA*
+ 4GA Q:?67:# FCLH CAA ;:DA ;:967:D:9Y BK<9C? A=> DBLH B K:>:LY
B>QF K:L@NRR:DM: RGKI>A B KG6<9 K:L67G>>CAA B?WGRB*
+Y ;:>9BQB679C@DB9 B KBLB6RBY :LE67:D KBLB6?B# 6 CAA >:F:M:?:@D:9 B7 G?DHE9RBY CAA
Q<F:DD:9# BKSL B F86EL AB?A# K<DA C@BFB7B B A:F:D:9Y
+ 7A F<AA:K# FBPJA >GA67V
+ :L >:F:AD: 9N7:>SA:D< 89:AY 9<KG7C>DGD9 B7 B?WID9BA# FCLH D: <6K:?P:D:9 ?GD9Y B7AGD
9N?O>;CLD< 89:A E6Y
:>FGRC?C@G6GRBD B>QF :>M:67A:AA: NDI?B>KGA*
+ D B ;O6A?8> R:67E>A:KV :K B9B?C@# FCLH K:LK:DA6:D:9 R:DDOD9:AX G6?J> 6:K AI@67
R:67E>D<# W6B9 B KB>BWC9?J>Y ;C>HACD W6B9 B KB>BWC9?J>Y
+ : FGA F=6?B MBD 67O96ELOD9V
+ D K:L :LE67 DBQ @C>LC7CK <KCDDB># 6:D9< 6:K 6:LSA# 6 A: KEL W6B9 E67?: 6:K M:67:@ B
9IDHFJ9BAY
+ D <6 @C>LC7ABKY
+ : A: 67:?:A:@ B KID9G@BAV + 9<G>ACAAB B>QF* + : 67:?:A67 MB@G67D<V D B7CDRBDY
DBQ;EDHR:D ?BLHCLJ QB?ACD G>>MB# KBLI9 <6 K:L@NRR:DA:9 E?7:>K:<9 MB@ N667:W6BQG6GD*
>68D:9 B>QF DE7:AA KG6 <?GDHRB# K<DAFB B FCKC9RBD PGA67J BQ?J6GLC9 9NADE9 >: ;<LH:>KEA*
KJ>JD A=># B7 =67JK:@:DW: ;:>8> B MB@G67C9 9I?PCDLBAG6B FB>>BA67CAA* KJ>J MELED N;< ;:9O@A
B FB6GD# 6 B W6<>>CLJ MS7R: RGKI>A*
+ :K DBLHCD 6:LSA:D:9 B7 :KR:?D:9V
7A B9B?AB KCD@BD<# FCLH B7 :KR:?:9 6CFB6:K QCDAC6BD C>HBDC9# K<DA BK<>H:DD:9
:>9EQ7:>PO9 89:A*
+ <KCD# B7 6:LSA* + 9IDHFJ9 ;:>E KIABACAA* + 7 >:LB>GRR BDDH<A @C>LC7CAA# K<DA ED*
ANRR<:9 9:?:9:A C>@CAAB9* 6B9FCLHY
+ <KCD K<D@<L 9E7DE> MBD# ILH:X
9EA ;<= :LHOAA :><D@I>A B 9IDHFJ9 ;:>E*
+ :LSA:9 :LH 9<W6<A + KC?KC>AB BW9 +# B7AGD ;O?@8K*
+ : ;G?B@P + KCD@AB B>QF*
: K<?: :>E?A:9 B 9IDHFJ9FC7# <KCD :>ATDA* B>QF R:@ILAB ;:PEA B >HI9CD# M<667BF=7AB# BW9
;:>E ;C?@I>A*
+ :LQIWC>A*
+ <7CDHG?B K:L:>EL:>A:# 6 :>K:DA ;O?N@D< + KCD@AB BW9*
B>QF B FCK>C9GA ?GDWC>AB*
.,&$.-
+ I?W6B LH:?:9 + KCD@AB* + O>NDN6 LH:?:9V
BW9 RJ><DACAA# DH<>MGD :>686C?RBD B7 :LH:AE?AE6 9:@MEE?A* BP@ K<DAFB FB>>LBAJ>BLC6
K:LG>>BQC@G6A 9NANAA:9 MC>DB# B 9EA ;<= FGABA ;C?@SACAA B 9IDHFJ9DB9# E6 :><D@I>A B
;O?@8K:@:DW: ;:>E*
+ 7AGD Q:@<L + KCD@AB BW9 +# FB KBP@ K:L;O?N@A:K 6 :AA:K MB>BK<A# :>RB>>BLC9 B F:LH
KG6<9 C>@B>G?B# 6 K:LDE7:K# FCLH CAA AB>G>C91: DHCKC9BA* N667 M:>:KX
+ : F<67 K<D@PG?A >:DHIL67<9 B DBQ*
+ :67 KEL <@8K*
LHKG6 K:>>:AA RB9ABAAB9# E?7:>K:9D:9 E6 ABQB67AB>BAC9DB9 9EA 9O>ND ;N>@?E67:# BK:>H:9
6CFB6:K AB>G>9C7DB9*
+ 4B :> AI@DE9 9BQD< :LH KB>BWCAV
+ <667BK:LH:9 B 9IDHFJFC7# FGAFB ?:D@R: AI@CK A:DD<*
! DE7A:9 :LHKG6?B# A:>: 67:?:A:AA:> E6 LHT>N>:AA:>* : B ;O?@8K:@:DW: K:>:L# 6J6
M<7:# B 9<G>AC7G6# ;?NW69N>E6# D:M:AE6 MB>BK:DDH<?: KEL<6W6B9 N667: AI@AB RE9SA:D< 89:A*
<KCD?J> B7A F<AAE9# FCLH ;O?@<9# @: D:K MC>A B K:@:DWER:D*
K<9C? B 9EA KG6<9 ;<= >:RB9ABACAA B QB?A?B# FCLH K:LA:9<DA6: B F:LH:A# <KCD DEFGDH
KEA:?DH< AGMC>6GLRBD 9NM:AA: 89:A# B7AGD F<?A:>:D K:LG>>A* 4CK>C9GA ?GDWC>MB :LH 9<6
FCKC9?B9G6A DE7:L:A:AA# BK:>HR8> MB>B9< 67:KK:> >GAFBAJBD :LH 9<6 FG7BA <LH:9:7:AA EQSA:D<*
7AGD K:L;C?@I>A# 6 K<DA B9<D:9 MB>BK<>H:D FBAG?C7CAA WE>PB MBD# B7 :?@8 ;:>E <D@I>A* >BW6CDH
A:?K:AT# W6CDAC6# F:LH:6 G>>= LH:?:9 MC>A# 67:K: :>:M:D ?BLHCLG6GRJ> B>QF AEM:6:D B??B
9NM:A9:7A:A:AA# FCLH W6<DAB>BD# M<@GK ;<W9JMB> MBD @C>LB* :9:A: FBPGDB9 :LH<9 MB6ABL ;O?AP:
FC667BD B7 B?WGRB >JLCAA# 6 KBP@D:K A:>P:6:D :>AB9B?AB 67E>:6 FCK>C9GA* LH 6C?A ;C67>GDHB<
ABQB@AB9 B A:6AEF:7# :LHER9EDA K:7A:>:DO> PG?A# K<DA BW9* <DAFCLH KG69O>NDR:D <6 6NAEA
R8?T MC>A# B DBQ KC6A 67<DA: ;:9:AE?: W6:?7:AA:# A:6A: ?BLHCLCAA B M:?:PAE9A8>*
DH<>B@E9CD GA M:AA: =APGA# :>FB>B@A B DBLH 67<9>B K:>>:AA# BK:>H:A B>QF :>68 ?:LL:>
K:LKG67CAA# B7AGD PCRR ;:>E 9BDHB?C@CAA B ;G9 9N7E* LH;C?KB >EQA:99:> ?JAAB B7 IABA B ANRR
FC>@BA R:>:Q8 LHOKN>W6;G9 9N7NAA# BK:>H:9:D 9NDDHT# FB D:K <6 9<:>ELSA8 AGQ>G>E9CA
67:?:7F:A:AA KEL B >:L>I6AGRR 9E7 <6* ;G9CD :LH67:??: D8AA B LHOKN>W6 E6 B M<?GL# B7 E?:AA6EL
<>>BAGRBD K<>><J E6 K<>><J KEF >B9KG?C7CAA* AA E?AE9 IAC> B7 BQ?J LH:?:9:9# B9<9 IAGDB M:A:AAE9
KBLI9BAU E?AF:A:A>:D 67BMB9BA 9<G>AC7AB9# M<6SAC7MB B ;G9 ;:>E >N9@N6AE9* <KCD B @E>IAGD<
DBQ;EDHR:D 67<DA: ;O>6<9:ASA8 KEF@CDLG6 9N7R:D >:67:@A: B LH:?:9:9 67GKG?B :>E?F:A:A>:D
LHOKN>W6NA B KBLB6 >CKR 9N7O># B MG>CLBACAABD >:L67:RR:9:A# FGA?BDH=PACAAB B MEL:>GAFBABA>BD
6C? 9<DH=PACAA 9E7 ;:>E* K<9C? K<D@DHGPI9BA 9<:>ELSA:AA:# BRRBFBLHAB B 67:@E6A E6 9N?O>DE7:AA*
9<W6<DH:9# :LH1:LH J?<G6< DHB>GR LHOKN>WW6:> B 9B?PI9CD# 9<;O?9E67F:A:A>:D A:9<DA:AA:>
M<667BDE7A:9 ?G*
<KCD :>;C?@I>A# 6 :><D@I>A B7 B><L E67?:M:F:A8# 9:69:DH N6MEDH:D* KBLB6 @76IDL:>
W6B9FBKB? 9N?O>;CLAB* ;BAN?76:9:D MB>J67SDTA>:D 6GQB@A M<?GLC9 D8AA:9 ;:> B ;B A:A:PE<L# BFC>
B 6NAEA >CKRC7BARBD 6T?T E>:A 7BPCDLCAA* AA B >:M:L8 <6 6T?T MC>A# 6 B 9=67JDNMEDH:9 =LH
RCW6GACAAG9 >: B KBLB6RJ> <D@G<9BA# K<DA B 7GACDH?B ;IACAA FBPJ K:L?CLLHBDA M<AC?>B9NAE>7:AEA*
<KCD >GRDHCKB K:LKB?B@A B QIFB AB>BPRBD# B 9=67JDNMEDH:9# FB FC77GPI9 E?A# :LE67
FC667I9RBD K:L?:K:LA:9*
ELO> :>E?A :LH F:>H?:# BFCMG ANRR DBQ;EDH :6:AA* 9=67JDNMEDH:9# K<M:> <AA 9<6:RR IABA
9:>>:AA K:LA:DD<O9 B ;EDH ;:>E# B @76IDL:>D:9 :7:D B 9<6 A<67AG6GD LHE9EDH67:?T:D N667:;CDJ@J
FG>J9EDA B9B679C@AB9 B ;BAN?76:9?:U B 9<@I@C?C@J 67<9>B6NMEDH ME9CDH AB>BP?EA:LED W6B9
9<6:RR DNMEDH:9 E6 QG;?GDHC9 ;:P>8@F:AA:9* NAEA:D <>>BAC7J RC7JAC6 M:AA: 9N?O> B F:>H:A# K<DA
:LH F86ELL:> E6 ;EDDH:> A:>< 9IQGA* A<67AG6 :LH<9 6B?9GRBD :LH DBLH# 9<@8>A ;B AGKB679C@CAA B
.!&$.-
KEL AB>QCD G>>J ;G9DB9# ;O?L: 9=67JDNMEDH W6BMB?C@CAA ?G :LE67:D B A:A:PE<L# MN?N6:D E6
6G?LGD ?OLH:78 9BW6C99B> ;IAMB R: :LE67 FC667GA*
AA <KCD K:LG>>A* 4GA?BDE7:AA# ILHBD=LH# BFCLH BW9 A:AA: MC>DB# 6 :LH LHC?6 Q<>>BDAG66B>
K:LLH878@NAA ?J>B# FCLH A:>P:6:D :LH:@O> MBD* EFGDH Q<>>BDBA<L AC>MBP 67:?T KC7@I>BAC99B>
@C>LC7CAA* E>H:D K:LFBPC>MB# <@:1C@B 9SLHJ7MB B DBLH ;CDBA B>G KG67CAA* W6:?PE9 E6
9=67JDNMEDH:9 C>H 9N7:> MC>AB9 FCLH ?GPI9 W6N?LNAA B M:?:PAE9:# B RI?LH<DL B7CDDB> R:
<6 W6I9J@CAA KNLNAA:* ;CDBA 9N7:QE?: E?M:# :LH 9<6 9B>H<RB;E>ER:D AB>G>AB KBLGA# BK:>H:A
W6B9 DEFGDH >:ME> ;OLLNDH: MG>B67ACAA :> B A<67AG6AJ>* :LILLC>A# 67EAMG>B67ACAAB B >:M:>:9:A E6
9<DE7:AA* @B9<DA 6:KK< 6:K KC7@I>A# W6B9* 9EA AB?9B Q<>>BDLJ AGDWC>A :LHKG6 9N?O> B ;C??J
>:M:L8R:D* E>:L7:AEA M<667BAB?AMB RS?G>J ;O>>:> ;<LH:>A B 67<L:A D:67:7E6E?:* 7 :6A >B66BD
9N7:>:@:AA B 67<L:A ;:>E# B ;EDH>8# ;BDAB67A<9I6 KB@B?B9# B KEF7OKKNLE6# B DELH67NL>:AT
67<9>G9CD ;E679:>8# FB7BAE?8 6<?G>HC9 9<G>AC7G6B <6 K<D@ FB>9BRR?B MG>A* DHS>A JW:GD
FI>>GKAN?E6: B ANRR KE?;N>@DH< AGMC>6GLRBD :K:>9:@8 67<9>B7GACDHC9CD KEL B ME? 7=LG6GDG>
<6 9:ME6RE FB>>FBAJ B>G;:6AE66:> 9S6E?A: B7 :6A :>O>8 7BPB<A*
<KCD M<667B:?:67A:AA: F:>HE?: B 67EAMG>B67ACAA >:ME>;OLLNDHA* KE767SDT DBQ;EDH
6ILG?DHB>GRPB< K<D@ ACKQGRR 67NLR:D E?AE9 B ;N>@:A# GA6IFBDAB9 B W6:?PE9:D#
K:L1K:LE?<DA:AAE9 B 7N>@ LH:?AHB67:?T R<KRJ9BA# B >CKR6GAC? ;:>E 9=67AB9* ;G9 B>BAA :LH?:
PCRRBD 6T?T6N@NAA B 6NAEA6EL* ;EDH :>FB>AGMB> B ?<9SAJ 67SD:9 <6 :>FB>MGDHC@AB9# B F86EL# B7
:>:M:D6EL >:W6<>>BQC@CAA* LH:?AHBR<KRJ9 KCWC?CLAB9*
N>@ 67<?CK>:M:>:<9 9<66E M<667BF=7J@AB9# 6 M<?GLPB<9 ;:FE? F:LH: LHNDLE@:D 9<DH=>A B
67BRB@ >:M:L8R:*
C6A KG? B DBQ;EDH IAC>6J DHCKB <6 ;:>67G>>A B A<67AG6?J># 6 M<667BMCDI>A B7 EL?8> <6* NAEA6EL
NK>NAA B ;N>@?:# B>GK:?O>A:9 R:DD: B ;G9 E6 B7 IAB9# B AGP FCKG>HC66G# ACKQGMG MG>A# K<DA B
A:DL:?;:DE9* LH:?AHBR<KRJ9 67EADH<ACAAG9 67E>:6 ;:FE? M<?GL9:>HF:<9:A# K:>H:9 B7CDDB>
W6<>>CLD< 9:7@A:9 B7 :>68 W6<>>BLC9 Q:?K:A:78 ;EDHER:D* >>BAI9 9<;?NWW6:DA B7 EP67B9GRB# E6
R<?AC9RB M:AA: B 67<L:A:A*
./&$.-
+, ! -!
:L:>8RR BDDB9 B FC667= FI>>GKDB9 B7 OA:KEA 67C9AG9 K:L# BK:>H B FBPDB>RJ> B F<?A:>:D :6A<
6NAEA:@E6<L M:7:AA: 89:A* C>@CLBD ;CLB@AG9 B ?:LL:> N?NK:<A# B ?BLHCLJ DBQ;EDHA# B7 G?B@J
A:DL:?A E6 B7 E@:6 >:M:L8A <>H:D9C? C>H PJ MC>A PGA67BD<# 6 B7 E>:AO9 =LH R:A:>A# FCLH D:K MC>A
67O96ELO9 ?:KEDH?:# :> <6 ;:>:@9:7A:9 ?J>B* E>;:>E# BK<9C? B ;EDH7IFBABL K<D@
K:?8>:L:6:RR:D FI>>CAA# B ?:LL:> ?<9SAJ 67SD:< CQG>C6BD LHNDLH67O?9E?: MG>AB9# 6 B F86EL#
K<DAFB B DBQ 9O67NRND G>>J W6=W6QCDAPB :>:M:D KC7LBAJ:?8ME MG>A MC>DB# :LH:A>:D OAE66:>
>:A:?SA:AA: 89:A# B7 G?DHE9RB ?CFBDAB9# :>M:A:AAE9 KBLI9BA B ;N>@ND# AB>GD :> <6 B>I@AB9*
O>NDN6 @C>LC9 AN?AEDA:9 @E>R:D* W6<>>CLJ A:DL:? ;:>:K:>9:@:AA# 9<?SMJBD 9EQA:>:D 6S9C9?B
C67>CAA# B 9C?B>>7GACDH 6 B QB?A DEFGDH KBLB6BRR QCDAPGRB 9BQB679C@J 6BADHB QG>KG9 F<?A:>:D
;:>>:RR:DA:9 B7 ELR:# CAA K:L1K:L?GD@I>AB9# 67EAMG>AB9# K<DA :6867:K:9 B @?JACD# KBP@
K:L67G767C?C7J@AB9# K<DAFB AO9?N9 FC667= 6C?B FGDHDG1M:ADE 89:A B >:M:L8R:D* EFB
67G?B7;N>@ >GA67CAA CAA <6# BFC> D:K MC>A 67G?B7;N>@# 6 :LH <@8 K=>MB B LH:?:9:9 ;<LH:>8 67:K:
:>8AA 67EAQBAABDA# K<DA B RIRC?E9* N;< KTM:>A:D K<D@:7A [@E><RGR\ :>D:M:7E6 B>G 6C?C>AB# B ;<=9
Q:@<L# K<M:> D:K AI@AB9 GAPIAD F:K76:L8 MS76GMCD KEL B7 :>68 9C?B>>7GACDH<L 6:K#
<@8M:> K:L67C9AG9 B MB?G76>BACA# 6 :>;:>:@9:7A:9 ?J>B# K<DA BFCLH :>;:>:@9:7A:9 B W6C@G>BAC6#
>O9A:A8 W6<>>BLC9?J>* E>R:D B @E><RGRC9 ;:>C>MB@AB9 B7 ELR:D# 6 B DBQ K<DA :LH @OFN6:D M<>>CLJ
67:K DE7:AA >: B KBLB6RJ>* 7AGD# B @E>IAGD MEL: ;:>E# K<IAGD B >ELAO9?N7E6:9 MEL>:L :>O>A:9#
B >GAJFBAG? <6KEA :LH:D>:A:6:D 9E9 >:AA# E6 B >:DHILMJ DBQ ;EDHER:D A<67AB 9N?MCDB>B9BA 9BQCAA*
7 MC>A B DBQDB9 B7 B KG6C@<9 67B9B67B# BK<9C? <6KEA AT?F:A8:D FTMN6 MC>A# RG? :7A KG? B
9N7:>:@8 6NAEA6EL M:67E>H: ;:DH:L:AA:* BK<9C? MELO> <6 >:DHILC@CAA B DBQ# A:>P:6 6NAEA6EL
RC?I>A B 67<L:A?:# K<DA :LH C>AJ9IQB9# 6 B 9IDHFJ9 FBKB?C6BD K:LA:>A:9 :>:M:D
DHILAB>BD6GLLB> B AGMC>< W6<>>BLC9 ;EDH: B>BAA*
<D@B7CDG>AB> B KID9B# PGAE9 E6 AGQ>G>9C7G6 K:L67C9CAA E67B91:I?JQB< FBLHCKGDHB<
K:LD:F:7SA:AAE9 B ;<=9 67GKG?B# FCLH A:>P:6:D GAB@PG9 KBLI9BA B A:?KE67:A =P OA:KED:9*
9<6 :?W<MB> CAA>EAO9 :>:PED :LH67:? R:KG67CAA B 9IDHFJPGRB# 6 CAA 9EA DBQ<L :LH;C>HAGRBD
R:67E>A# ED:9:>A E6 6S?AU B ANRR<:9 ILHBD KI>BAAB9 ?BPAB# @: BAAJ> AB?ACAAB9# FCLH K:LF<RRBDA*
LH:?:9 B7JAB :?86:D >:;CLHCAA# B 67:K: 9<MN?N6N@NAA# 67:K>GACKG6A 6C?MB@AU 6C9BA 6S?A# E6
9:M:6:A PGA67CAA*
9<6:RR ;<=9BA KC6A KG? G>AB>GRBD B7 [BQ?J6GL\ LHTPA8DEM:D :K>:L:AAE9* B>QFAJ> >:;:>E
:LH?: B>BW6CDHBRR LH:?:9:9 9NM:A9:7A:9# 6 RG? MC>A :LH R<7CDHAB>BD FBAG?MCDB>= 67B9B67#
BK:>HR: <KCD# JR:?A E6 BI?<W: AB?AC7CAA# 6:D9<D:9 6:K C9C7CAA D:FE76EL:A# FCLH B ><AGD<6K:?P: B [DBLHC9BA\# B KG6<9 MELED B7 [BQ?J6GLCA\* 7 :LHE?A:>KT:D [BQ?J9\#
DBLHPGRJ> FBAEM:6:9# A:>P:6:D 9O>ND E>:A:A E>A:9 B DBLHC9DG> 6:KK<M:> 6:K 9<6:RR <D@I>BAC6
RI7LB>CKKB>* DBQ >:LDBLHCRR ?E67EA :ME66:> AN>ANAAE9# LHOKN>W6NA 67:@A:9# BFC> :>E?AE9# 6
D:K DBLHCD DE7AE9 6:K E?:AA6ELEA# 6:K K<D86ELEA* G? K:L67C9AG9# FCLH ;GP B LHCK?I9# 6
<@8D9EDA 9?JD<9I6 FB6K:DE6O9 MBD* NAEAR:D K:LD:M:7F:A:A>:D <P:@:>K:9 LHNAN?AE9 89:A# E6
67C?C6BD :LHKG6FC7 R=PAB9* ME6:D# B>MG6CD 9SMO> 6C9 <@:PO9 KB?B@A KEL PGAE9?B <6#
AG?LHAB>BD# K<D@:DDBQ< PGAE9C9?B B ;:FE? FCKC9RBD# B ?BLHCLJ MS7 QB?APGD* C99B> 9:M:6:RR:A
6S?AB9 BDHPI9 IAGD# K<DA BFCLH MG?D< >:F:A:AA MC>DB# DBLHCD RB?DG9 MC>AB9# E6 :>KCD@FBABA>BDI>
.-&$.-
Q<679C6B9* 9BLH>J FSMG6GDB9 K<D@<L :DL:@:>K:69:@A:9# ?E67R:D B>QF K<BAA# B9< :>EL DBLH
MC>A BFFC7# FCLH N667:9NA8 9BQCW69EDA 67C>LG>PCD B ;:>D8AA:9 A:9<DAE>HEF:7# ?E67R:D K:?A B
LHT>E6:9 :>67J?B9C7ABAAG9 89:A* : :LHER9EDA ?<A9GD 9N7N69N@A:9 B [DBLHC99B>\# 6 E?7:>K<>:L
<6# A:6A<>:L <6 9O>ND E>:A:A E>A:9*
4CKC9MG?B9BA EQSA:AA:9 B 9<6 ;C>HJ FCKC9QB@PB< K:DAED* 7:9 B MG?B9 9N?O>R:>O> :LH >GR
KBLB6B9 MC>AB9# 9BLH>J99B># F:?MB@A M<?GLC99B> E6 E?@:9:6:RR 9NM:99:> @S67SA:AAE9 89:A*
MG?B9BA N6MEDH:9# IAB9# ;B>B9# MB6=A< 6SD:9 RCDHC>I>A FG>J7BAB M:AA: 9N?O># BK:>H B7CDRBD W6B9
B99C? MG>A E?AF:A8ME# FB B7 :KR:? FB6KGDA ;:9M:# B?WWB> B FCKC9RBD DE7A:* AA PGA67CAA B7
[BQ?J6GL\# FB D:K <6 RC>@CLBD# @: ANRRE19:ME6RE ;:67O>A ;<LH:>:KK:># 6 MC>A ?G :6:A# FCLH
:LH67:??: FG?KBD <6 ILHBDB7A B PGAE9CA PGA67CAAG9*
C6A <6 FG?KBD PGA67CAAB9U 4:D?H MC>A 9N7NAAO9 B >:LDBLHCRR* GMC>< ?C9CDB MC>A BDDB9 B
;<=DB9# B 67:@:?67SDT BDHBP:LLH:># B9<A B DBLH :?@8AT7 JAB D:K >GAAB9U @: BFFC7 KEL D:K MC>A
:>EL DBLH# FCLH :7A K:LE?A6:# 6 FB B7A KCD@AG9 MC>DB D:9<# FCLH B KG6<9 ;<= ?:QO>8LEQ:D
FB7BK:DA# K:L?N9NDHN@E6 E6 R<7B>KBA>BD6GL DE>9O> R:>:DHILC@CAA MC>DB*
4:D?H :7:D B @E>IAGDCD MB>BK<>H:D M:7E?;E>: >:F:A:AA# K:?A PGA67JAG?6B< 9N7O> B7 :LH<9
:?W<MB> MC>A# B KG6<9 Q:@<L CFDDH# B 9EA >:L9<6:RR LH:?:9 B 67<L:A:D* 7 :LE?67SDT :?W<MB>
KEL B7 BDHPB F<=6GLGA 6:K DBLHCD :>ELSA:AA: 9<# CFDDH B7CDRBD ;C?KG6 9<6LH:?:9 MC>A# 6789:
FBP=# M:?:9:@86 A:?KE67:AT* <>>BDBADH<>BL B PGAE9 >:9NANAA: ;<LH:>KEA# A:FGA :DL:@:>K:6:D
9NM:AA: B QB?BDW6C9BA B FCKC9RBD AE?@:Q:>M: RE9E6:D PGA67B@C7CAA B FG?CK LH:?:9*
CL:? E6 BI?<W: RI99BDA :>8 B7 :?@8R8>* :MG>ACAAG9 89:A B AT7DE># 6 >:PNAA:9 B F:LH?8># FCLH
K:L;O?N@P:D:9* CL:? FB>B@A :>N># 9SKE>:A>:DO> GALG7C>MB B FCKC9MG?B9CD# 67EAABQC6MB B7
IAB9BA# 67EA?=LMB B M<?GLC9BA# B7 N667:LHTPANAA @S679NM:9:A* NLNAA: BI?<W: ?NFNLM: ;C>HABAAB
B QI67ASAG6A* FG?CK BQ?J6GL BRRBFBLHAB B PGAE9CA E6 ;:>DE7:AA* N?AED:A:6:D B7 B7
=A?:D@67:?# BK:>HR:D E?@:9:>M: MC>AB9# EQ6ELR:D KB?B@A# A:FGA D:K A<>AB9C7AB9# W6B9 :?W<MB>
6S?AB :> KBLGA# K:?A FCKC9 ?:QO>A B 67:KER:* BI?<W: 6<:AM: \9:?:9:A C>@CAA* EL:RR< E>:AER:D
K:LRODA:AAE9# FB :LH 9<6:RR LH:?:9D:9 FCKC9CA 67J?A B 67:KER:# 6 DCFB KC6A D:K MC>A <AA
67O>8# B9< K:L;:DHSAF:AA: MC>DB# E?:7A:# FCLH ?C667 ;GA A:AA B AT7?:# 6 B >:>9: KE>HED DHCKRBD
9<?BP7C>J@AB9 B K:DA:L:A87E6 9N?MCDB>B<* ;O?@E6?8> KCAHCLCAA DEFGDH 67JA# E6
K:LLHC?6SACAAB >EQA:<A*
CL:? FGA?BKB?B@A# B7 BQ?J6GLC9BA ;<LH:>A:* :K MC>A 6C99B> RB?DGRR# K<DA BK<9C? B
67<L:A?: E?9:7:AA# @: B AB?9JPG?B E6 B FCK>C9GRB KE>H:D >:D8AA ;:9:A: FBPB KEL 9CKC?BRRG
A:AA: B?WGA* O>6:P:# BK:>H KG? B7:>8AA <6 7G?9J7CAA# KBLGDHC6 >:<:9?: MB>>CAA# KC6A :>IAB6SAJMG
A:AA: :LE67 K:LP:>:DE6EA* :?W<MB> BRRBFBLHAB B 6S?G6A# 6 =P?B PGA67BD< 9:7@:AA# K:?A B 9NDDH:9
9<KC6AG9 67:KER8> B FCKC9CA* CFDDH ;<LH:>K:6:D DE7A: QC?W:>GD9E9 67:KEM:># B7AGD
FCKC99B> 9:7@A: @CRG>D<# 6 :?W<MB> =P?B :>6S?AB KBLGA*
K<9C? 4:D?H R:>:IDA B PGAE9RB# ;:>G>>A E6 :><D@I>A B QB?A K:DAED* CL:? B QG>KG9 B>BAA
9NM:AA:# K<DA:LH ME>:A>:DO> RJ9>G67MB ILHBDBRRBD B7 <?GDHRBD* 4:D?H B QG>KG9 G?DHE9GAJ> PJ
K:667<?: RB9ABACAA# K:?A KEL ;<BAB> MC>A BFFC7# FCLH ME@:9:77E9 B DBQ :>>:D* AMGLCAA B
;NMEDH:D# 6 K:LG>>BQC@CAA B MS7 67E>ED* 6:D@:61JW:GD DBLH G?@BLG>HB KG? :K:>9:@8R:D
MC>A# 6 B >BL=DB B?GDH>BL W6ND@:6 M<7: <6 Q:?W:D9EDA :LH1:LH B?B667B> ;:>P:RR DHCKI>A*
A:DL:?D:9 :RR:D B7 IAC>6J ;?NWW6:DE6ER:D QB?GDH<# GA>GA67J >EDH:9 E>A:9# BK:>H:9 B MS77:>
:LHOAA ;:>6C@?J@AB9 B ;C??J# 67G?B7 FCKC9?B* <ABQ<DAFBABA>BDI> BQ?J E?7E967:?M:<99:>
GAM<76LG>AG9 B7 =P MB@G67A:?O>:A:A* B>GD B9B@ KC6A AGQ>G>E9 CAA# BFC> IAC>6J 9<?GD@I>G6I9
B>9B>KGMB> D:K AB>G>AB9 KB@G?O?O>E9# ?CMB?C9# B 67G?B7;N>@< E>:A :>67J?A FI>>B@E9B* <DA
67G7:7:?DH< QB?GDH< ;CL :LH ;T?E67R:D# B7 GA>GA67J >EDH:9 MEL<L?GLAG9 KBLI9BA B QB?ACD*
4:D?HA K:LRBRCDG7AB :7 B >GAMGDH* FCKC9RBD 9CAC?G67CAA :LH 67SDA:>:DDE G7CAA 9<6
QG>W<9GMB># BK:>H:A DH<>MGD 67<DAED B FI>>GKC9 M:A:AA:9 QB?A?B* :D@:A <LH:9:7:AA A:?:KA:DJ >EDH:9 9N7NAA# B FCKC9RB BQ?J >HI9B9BA MGPA# BK:>H:9:A B7 G? ;:>AN>ANAA# 6 R:>EPO9
A:?:>A: B7 G>>BA9G9BA* QI67AB 67J?B9C7G6CD A=>K:D8 RC>@CL6GL AN>ANAA: :># BK<9C? AI@BAG?B
ER?:@A BDDB9# FCLH MB>J6GLC6 E>8>EDH:9 ;N>NAA LHB9C?C>FBAPB FBAB>KGA* :67E>A FC77GPI9#
DJLBAAB# K:L?JAAB 89:A* FCLH FGA?G>A B @BLG>H :>8># >GRDHCKB< MS77:> A:>A:9 K:L# 6 B7 G>>BA9G9
;:DDB9B@AB9 R:DDO9U SLH B77B> G>ABAFBAAB KBLGA# FCLH I?B>9C@<9 ;N>NAAO9* :LILLC>A B MS7
67E>ED# BK:>H WCKRPB<A G7ABAAB# KE>H:D :>8?:FBPC>A# FBPB B FCK>C9GRB >JLCAA# :>AB9B?AB 67:KEA*
@E>IAGD< DBQ AB?9JPG?B >8AA: >GAFBABA>BD DH<>B<A*
CL:? <6 MG?A* :7@:AR:D :LH DBLH QG>KB;B KNLNAA ?:PA87NAA# @: 4:D?H >GAD<MB>JBD BDDH<?B :>
MC>A ;CL>B>MB PGAE9GMB># FCLH A:>P:6 B>B9PGMB> 9<>EQF:A:AA KCLI>E* EL<LA:9<DA:AA B QB?ACD*
:?W<MB> R8LM: FB7BAB9B?C@CAA# E6 CFDDH :LH:@O>< @<B@B>KB6 I?B KB?B@A B 9B6AE>HC9DB9*
NLNAA: M<>GLC6BD 9< >:F:A:AA M:DDJA 6 B ;:>QC?7J MS7 W6<>>CLJ Q:?K:A:9 CAA# BFC> B>QF#
N;<# <KCD E6 BI?<W: B K:@:DWER:D ;O?@NAA* CL:? ;<LH:>K:6:D FB>>LBAJ7CAA# @: EQQ W6B9 B
FBDLPI9BA FB>>CAAB*
LH F<?A:>:D 67:>>8 K:L?G7AB B QG>KB;G9 >:LH:78<A# B >:M:>:9 K:L?:679:AA:9# 7<7:LA:9*
4BAMBD>GRDH< KBLB66GLRBD CL:? ;:P: ;N>NAA :LH W6CKJ @<J# ?NLR<>BR@B DBLH6GL=# ?C6AC6 LNKR
>:MG>A 67G?G?J># 6 9:KEDH 9CQQBDG66B> >:FI>>A 9N?O>NAA: B ;N>@?:# @: :LH<9 6:K AB>G>AB :>* CL:?
D:K KE?>:L:>A: 67:?:DW6E6 K:LK:D:9O>E6: 9N?O>KEDH:<A# :LH LHC?6 A:9<DA:A:A M:A:AA B @<J9?B#
B7AGD 4:D?H?: DE7:AA# KBP@ =P?B M<667B B @<J9?B*
;G9 B>BAA< AB>BPA# B QB?ADB9 :LH 9<:K:>9:@8 ?E67>:AEA# B 6C9 D:K7:@E9 QG>KB ;:>>B7SACAAB# 6
9<M:A:AA: R:>8>: B7 B>6J# ?EL< FCKC9?EA:LR:D F:M:?8 9NM:9:A* CL:? ;:>9BQCAA :LH:A# WE>7CAA# E6
4:D?H ;:>E FBPSACAAB# 67GD@E9C6BD :>MEAM: B WE>A* 98# B7 :67A:>:D <@8D:9 :7 B P:>9EQ:#
NAKEA:?DH<?: 4:D?H PCRRPGAJ> B MS7R: >CWW6BDA* CL:? ;:>67:@:AA KEL :LH KB?E99B># 6 :LHKG6
IAGD :>FBPSACAAB 89:A* : MC>A 4:D?H 9N?O> :LH >GAFBABA>BD 9N?# GA>JPB 9N?O>R:>O> FBA KEA:?
>:F:A:AA# BK:>HR: CL:? D:K K:?A R:>:AB>G>D<* AA >GAFBABA>BDI># @: :>>:DG>>FBABA>BD :?8M:> KEL
B ?EL< E>:A ABRIPB I?B>9C@CAA* LILLC>J LH:?:9 9N?E B 67O>89# B7 <69C>B# B ?:D@8?N9 6 B AN?MEDH
:?86 ME@:>K:78 9N?A MCDAB9* CL:? 9B?PGA :LH W<M<><7GW<J ;:LH:>K:7A:# BK:>H K<A 6:K AI@CAA
?J>B# 6 KBLB <6 KG? ?CKC9RBD F:M:?A*
4:D?HA K:L>:QAE9 B MS7R:D ;:>1;:>>CWW6BDJ FBDLC9* 4GABA ;C?@SACAA B7 GA>GA67J G>>BA9G9DB9# 6
K<DA B M<76>B# B LHT?T78 9N?N9 9N7QCDAPB ;:>E ;O>:>A* 9NM:9 FC> PCRRPGD# FC> RB>PGD FI>>CAAB9 >:#
E6 4:D?H :DL:@:>K:6:D :??:1B??B ;C?LC>J@CAA# @: 6CFB6:K 9BQAB :> B7A B Q<>>BDBACA# BK<9C? B
9NM:9 KEL B >:M:L8R:D ?:QO>A:9* ELO> <6 K:LQ<>>BDACAA :LH:A# :>D:M:AA: KBLGA# E6 67EADE7:AA
KBLB 9N?O># K:L9:?:6D:* : CL:? KG? =P?B :>?:PA87NAA
B QG>KB KNLE# 7<FG>J >E>:L7:AA:> D:9<AGKB679C@CAA# 67:KQ<>>G< K:L1K:L?:679:AA:9* 7AGD
4:D?H F<?A:>:D :>IDAB B 9NM:9:A# 6 :>RB>>BLCAA*
+ CL:?V
BW9 G>>A :LH ;B B>BAA# 9N?O>R:>O> AS7KEA:?DH< AGMC>6GLRBD* K<9C? CL:? 9<DH<ACAAB 67:KEA# E6
K:LQ<>>BDACAAB# DBQRB?DSACAA B?WGA KEL KE>H:RR G?DHE9 ;IACAAB R:# @: BW9 :7A D:K M:AA:
E67?:* O?:>K:A>:D E6 <@:L:6 MC>A# KBLGFC7 <DA:AA: NLE?A*
9<6 ;C>HJ AC?9C>BAGDG> :LH ABMBW69B 9EQ78@NAA# BK:>H:A FCKC9QB@ ?:9:67A:AA :># ;:>O>:AEA
;:FE? MS7<><><CKC9 >:QAE9 R:# 9N7NAAO9 AT B>B9= 6G6 D8AA* BK E6 ?<W MG?B9C7CAA <AA# <><E< :LHOAA*
BW9 >:AE?@:Q:>A B ABMBW69B K:>>E# B7 G?DHE9RB* EA N667:FBPACLBACAA# 67E>:6 ;B>:M:>:A FC7CAA
KBLGMB># B7C9BA RCDACLBAAB* 7 :LH<9R:D ;:FE? BLHBL MC>A# B KG6<9RBD MN?N6# K:>>:AAO9 :LH
@B?BR ;B67ED# BK:>H:A B KGL>HGRJ> FC7CAA KBLGMB>*
BW9 KID9GFC7 >GACAA# 6 9N7R:D KBLHB?G7CAA CL:?D:9*
+ :K B 67BLCKBA E?7<9# B7A F<67:K# FBD:K K:L>GADB9* B>BK< ?J76B67SDTA B ;G9 9N7NAA*
7EA@N?76N>A: B?WGD B7 BLHBLCA*
'$&$.-
+ 6B9 MC>DB :LH 9<6 7N>@:K*
LHBLLB> ;E><L R:9:DA B?WGA CL:? ;:>E ;C?@SACAAB# 6 E?A:A>:D A:9<DA:AE?: MG>B67C>MB ;C>HABAAB
+ B@G67BA?J> R:67E>:9* <DA B FGRC?=RBD# BK<9C? G>WG7D< B9B?DB9 MB>BK<A* K<9C? MB>BK<
=LH A:67# K<DAFB MB>BK< KG6 MC>DB*
7<DA: R:>:LBRB>HC@CAA KBLHB?G79C@J RI7LB>KGRBD*
+Y K<DA B Q<>>E9 B ;BAN?76ND*
CL:? K:LE?A:AA:# 9CKC>HBD RJ><DACAA* 7 <9?:9 :><D@I>AB9 BW9 ;:>E# E6 ;E>ED9:D A<>AB9C7D<
9:7@A:9 MB>BK< :>>:D* BW9 :LH 9E7KC7@I>BAAB> >:<DA:AA: 89:A*
+ C;B R:V
:@N?76N>A: B ;B67:D:A B MN?N6 E6 ;:FE? ;C>AC9 9N7E*
+ :K# M:>:K PNAAN9V
:LM<76LG>AB AO9N?9EQEA B MS7R:D# @: D:K DH:?A: :> A:A67E6EA* :FBPC>A# A:DH:?EM:> M<7:A
K:?SA:AA B >BDLHK:>:L ABMBW69GRJ># 6 >:KC6AB B?WG?J> B Q<679CA* 7:Q>8< E6 FCKC967SDT
67:KN>@N9: =P?B :>8ATDA:9*
CL:? ND9EDA:>:DO> :>KC6C>HC@CAA*
+ B?FBKJ@ Q<679C6 MBLH + KCD@AB*
BW9 =P B?WCA A:?M:7:AA* E> B?WGA E6 B7 :LH<9 67:K: AGPGA ;:FE??: KG7C>AB# B7AGD Q<?C6
BLHBLCA @N?76N>A B?WB KG6<9 ;:>E?:# E6 B ;B67EDD:> ;:9:A: MCDB>BA F=7CAA B PCRR ;O>EA8> B RB>
G>>G<L* AJRB DE7:AA# @: >E>:L7:A: K:L7BMB?AB B MS7 AO9?EA*
+ BK6:?<WV 4C77BAC9 :LH 9J9I67@<JAY O?:6EAV :>AE?@:>A# 9:7ER:D B MS77:> A:>< @<JFEPPB>*
:?:9 ;EDH;C>A :6:AA B7 B?WG?B# 6 B MS7 KE>HED MB>BK< ;:>M<>>BDA* 6C@G>9C7MB DE7:AA# KG? D:K
NDKBLG?B# FBD:K B M<667BAB67SAJ <@:L:D B?W?B B AO9N?R:D* <>CWW6BDACAAB B M<7:A B @<JFEPRJ>#
;:>IL?CAA# <7LBACAABD D:M:A:AA* LH <DB6# :?86 A:6A G>>A B MS7 QB?APGD# B?W F:>H:AA 67N?DHT
KB6799B># BK:>H :>>:DG>>FBABA>BDI> KBLG?B MCDAB B ;<=9 A:9<DA:AEA# E6 K:L>=@R8?N7A:AA: 89:A*
BW9 AGDWC>D< 9:7@:AA# D:M:AE6: ;CLM<W6C?LBAJ KC?LG66G MB@I>A* 7AGD 67N9@EW6:>M: <>< ;:>E
AB?ACAAU ;:PED B KB679 NDG>>J6I>A# E6 BW9 :>?:PA87NAA KNLNAA:# <KKG? K:DA:6:D K<D@:D
NDE?7:AA8> E6 67ELH:DE?7:AA8>* MN?N6# ;:FE? E6 ;:9:A: B?W GAW<9G7CAA B >:M:L8D# E6 <>< ;:>E
AGDWC>A* <>< D:M:AM: ;:>IL?CAA# @: B7AGD F<?A:>:D :>W6:D@:6:@:AA# E6 :>6CKQC>HLCAA B RC9?C9
9N7E* BW9 B7 <9?:9 ;:>E ;C?@I>A*
+ ANRR<:9 ;:>6C?B9C7DB9* D@I>G6V
+ :Y
+ :Y
+Y K<Y
+ H:?OD9V <D@PG?A C@B9=67C9 E6 R:>:@N;N9 BY KB679DB9 :DL:@:>K:69:@D< 9:>>:AA*
B>QF 9<KG67CAA B ;O?@8K:@:DWER8># MEL<LOL:A:AA B QB?ACD# E6 >:O>A B QG>KG9 G?DHE9GRBD*
789: FBPB B 67:KER: >JLCAA# FGA?B6<KSACAAB* <KCD B >GRGMB> ?IL@B>J7MB ?<DLBAJ7CAA B MS7:D#
BI?<W: ;:P:6IL?G6C9BA LHB9C?C>A* N;< WE>AB>BDI> 8@NDLNAA B QB?ACD# FC> ;:>67:@:AA MB>BK<A# FC>
:>@CRAB* 67<9>BABMB9BA# BK:>H:9:A C>H 67:DM:@E>H:6:D 67:?:A:AA# KC6A :>;:@A: B @BLG>H# SLH
FGA D:K MC>A# K< E?@:9:>P:# K:L 9:>>:AA MG?D<B# BKSL =P?B R: D:K G>> B7 BQG>H* K<9C?
K:LQ<>>BDACAAB B>QFCA B QG>KG9 B>BAA# C@B9BW6G7CAA E6 K:>>EO>A*
C?APGRJ> 9:ME6 KB?B@A K:L# 9NME? A:6A: B?BDHRB?DG?B 6O>A# 67:KOM:L: KEL K<D@<L
M<>>GK>CAA# FB MB>BK<?: ?GDE7:AA* 7 :LH:A>:D ;<= MC>A B 67<L:A:D# B9<D:9 K<DAFB :LHG>AB>GD D:K
D8AA MC>DB B FBPB* ANRR<:9 K<D@ 9JWC6B9# RC7CDAC6B9 MC>AB9# @: N;< FBPB ME9CDH ;O?AN9R:D
'2&$.-
ABQB@A ;:PEF:7# K<DAFB B 9CQB676GL MC>DB A:?KE67:A:6 FBPM<6:>:A:# 6 KC6ABD< AN9E>:A>:D
678?7:A: ?NM<@:6:D >:FI>>BDB# K<DA B Q<FE9 B ;<BAB> 67B?MB6 BLBDW6G?J>*
+ 7CD LCD@C>9C@ABK# FCLH 9E67SAF:ADED9 :LH J?GAY :LH DBQJ?GA + KCD@AB* + LH RCACA
67=?DGD9 B FCKC9RB# B7AGDY
67O96EL:6 KBA:KBA<9B< KTM:>:A K:LKBLHB?G7G6G?B B7CDRBD KG? D:K A:>A B7 :?:PER8>*
@:1C@B PG?9G>A*
+ :L ?:QO>8LEQ:A + KCD@AB B>QF 6BMBDH=BD +# K:L AM19E67O>E9:A K:L L87LEQ:A*
N;< K:L?G7AB ;:PEA*
+ 7C9FC7 DBLH W6CKJ ;EK@C>CL?B MBD 67O96EL + KCD@AB +# B7 Q:@<L D<DW6 D:9OD9* :
RCAID9 MBD*
B>QF K:L;C?@I>A# E6 ND9EDA:>:DO> :>KC6C>HC@CAA* N;< DEFB :>M<6:>F:A:A>:DO> A:?F:6 MC>A
9NME?6ELEM:># B67AKGPGMB># AG?LH<>BLC6 E67PG?G6GMB># @: PJ> >:F:A:AA IL?BAD<# C>H9C? B9B?BA>BDI>
<6# 6 B7 K<D@<L PJ KI>BA6GL MC>A*
N;< E67?:M:AA:# FCLH B>QF KC6C>HCL# 6 AEM:6:D B7A F<AA:# FCLH B KC6C>H RB?GA< E?7E6R8>
;B9B@* [DBLHC9\ 9N7NAA >B66BD9EDA B7 B ME>:KEDH 9BQCAA >GR?B# FCLH N;< 9SMO>G>>JU D:K
BDDH<?B B 9<:PAE6: K<BAA# BK<A :> >:F:A:AA D:9< DE7D<# FBD:K B 76S?PB# B7 B67AKGPB# B 67:KOM:L:
6 B A:6A< KID9GAJ> MB>J F=7J@C7G6B K<BAA* KC6A# FCLH B>QF :>KC6C>HC@CAA MB>BK<D# BK<A 8
KCD@CAA# N;< K:LN?O>A# E6 6<:A:AA 9<FB67DG>D< :>8DHEA*
+ CAID9 BDDH< MBD# BK:DDH< 9:>>* <D@:LH<9OD9D:9 >:F:AD: :LH 9O>ND DBQJ?GPB* 99C?
>:LB>GRR AI@DJ9# FCLH FGDH J?B MBD*
+ C9BA E?DED9 M:>: + KCD@AB B>QF*
+ <D@<L B7A KCD@C@# FCLH 67:?:A:@ ?:D@R: A:DDLC9BA* 4CLH BK<9C? K:LK:DA:D:9
R:DDOD9:AY
+ CL@ R: B 67G@V
:>IL?CAA 6 M<667B67B>B@A B ;O?@8K:@:DWEF:7 EQQ BRRBD B Q:?WR:D# BK<9C? BI?<W: :LH D:K
EQQ >GAMGDHC6 ;:P:66:> MS7R: IL?CAA* B>QF N?O>A# FCLH AEKGA MG>AC7ABAFBA*
+ FB6B@?B :6AE>Y B FB6B@?BV + 9<G>ACAAB# BK<9C? BI?<W: B ;:>67SD?: 9:?O>A*
BI?<W: LHC?6 KC6C>HA M<>>BDACAA B>QF ;:>E# B9< 9NDDH:@ KC7@I>BAAB> B>GRI9CAA B MS7R:D*
B>BK:DDH< ;<= 9N7O> 8 E?:7A: KBLGA B >:LCAAFCDC6BRRBD B 67<L:A:DU @: KC6A# FCLH N;< =P?B
67JRB FC7AB B [K:D:9O>E6\1A# FB67AB>BDI># RC667BDAJBD# ;N>N6>:L:6:D# KEL B MS7 7N>@ KE>H6EL:<
E6 B7 B?BDH67<>GD9C6 DBQ 6:K W6<>>BQSACAAG9 >: <DL:?O>A6ELEA* :K PGA67CAA# D:K KB?B@A B
MS7R:D# FBD:K DEFGDH :LH:D>:A:6 W6BQG66B> GA=67CAA <KCD B>BAA# B K:@:DW: A=>6J C>@B>GD
9<KG67CAA B QB?A?B# 6 W6NQNLM:# K<DA :LH ;J9B# >:M:A:AA: KBLGA B ;TR:* N;< D:FE79:6:D ;:>G>>A
B F:>HE?8># E6 B>QF ;:>E RB9ABACAA# :7 A:FGA B FB6G?B ;C?@I>A# FCLH D: 9:>>P:D E67?:M:DD<:*
@E><RGRC9 KG? 67EA;C67>CAAB9# 9CKC?BD ;IAABAAB MEL<L A:9<DA:AEA B7 :LH:D:6 9E9 >GAJFBAG?CD*
9NM:A9:78 Q<>>BDBARBD AB>QCD MC>A*
+ O6AVY O6AV + C?@SACAAB*
<KCD ;:> B9B?A O>D<# 6 :LH DBLH W6CKJ M<7:A DH:>A* BI?<W:# B9< EQQ :LH =PBRR ;:P:6F:7
9E67O>8@NAA# M<667B:?:679:@:AA B AB>QG?B# :LH IL?G66B> B KJ>JD A:?K:AA# B7AGD =P?B K:L;C?@I>A#
E6 M<667B?CFBDA B QG>KG9 B>G# LHC?6BD KBLG?B 9BQ9C@MB ?CDLHC6 6C?APGA# FCLH 9E67:D >:LH:D
K<D@:D :6F:A86EL?:*
B>QF :LH<9 9:7EM:> FGA?B6<KSACAAB FBPGA# B KG6<9BA N9N>R: 67C?SACAAB* <KCD 9<KG67CAA B
MS7R8>* N;< K:LA<67ACLBAAB 67:KOM:LEA B 6C?APGD# 6 B >GAJFBAG?A 9EK>:>A:* BI?<W:DB9 6<:AAER:D
K<D@ B 9EA >GRB B7 :LH<9 DB@?GL67G?GRB AEM:@A* <D@BDDH<I9 9N7O> W6B9 B>QF G>>A
KC7@I>BA>BDI>*
'.&$.-
+ :K >GAC9 ;O6ANA + KCD@AB N;< F<A:A>:DO>* + :K >GAC9 ;O6ANA# B>QFVY :??: MBDX
B>QF D:K ;:>:>A* C6A K<D@ B 9EA 9:7EA N667:9I>W6C>AB FCK>C9GD# FCLH 6789: FBPB D: FI>>PCD
B 67:KER:* >8?:FBPC>A# B 6J KG? 9<;:FE?SA:AA: A:6AEA*
+ B>QF# FC> B FBPJX
G? <KCD <6 K:>>:AA: G>>A# B >GAJFBAG?A 9EK>:>A:* BI?<W: 6C?APB 6JFBPAMB 9<B@AB B >:>9EA#
LB7@GPB 6C?6G?B FBLHAB B ?CDLHW6CKJA# B7 :?@8 ;:>E ?CFBDA# KBP@ =P?B M<667BPNAA*
LH 9<6# ANKN? ;O6AW6CKJ G>>A B >GAJFBAG? ;N>NAA# BK:>H >B66BD 9<LNDLHN>8@NAA B >:M:L8R:D*
;O6A B>BAA :LH 9<6 ;C>A >GA67CAA# ;:>A:F:A8:D 9EKEDH* B>QF :>6GQB@A# BK<9C? K:L67J>B>A*
+ :L ;CLPG9 >GAD:AB>G>A B F:>H:6 <?GDHRB*
+ :K MB>BK< DBLH ;O6A + KCD@AB*
:L;C?@I>A# ;:>A:9<DA:AA B F:LH?:* B>QF 9<EF:7:AA:D ACMGRR RGKI>AB B FBPJA# B?WGRB
M<667BAE?A B 67SD* <KCD FB>>LBAMB G>>A K:>>:AA:*
+ :?67:# D:K PJ> >GAC9 + KCD@AB N;< +# @: FC> B K< ;O6AOD9X
B>QF :LH AO?:>K:A>:D KC7@I>BACA A:AA# E6 ACMGRR ;<LH:>A: B FBPJA*
+ ;O6A B F:LH:DX
BI?<W: ?CFBDMB K:>>EPO9 E?A# K:?:@A:D DE7A: B A:DL:?A* <KCD E6 N;A:*
N;< :>;C?@SACAAB ;:PEA# @: <KCD B99C?GA 9<G>ACAA# K<DAFB K:L6:R:6O>A MC>DB*
+ B>QFV B>QFV
9<G>AG6 FBDL6=>HB K:LQN?L:AA: B>QFCA A:DL:>H: 9N?O>*
+ CD@@ + 9E?@:7A: N;< BLLC@B>KB6BD +# B@DB9 MB>BK< P:>AX
B>QF KEL :LH67:? M<667BDE7:AA B >GAJFBAG?CD 67EALNDLHN>N@8 ;O6A?:# B7AGD =P?B ;:>A:9<DA:AA
B F:LH?:*
+ B>QF# 9E?>:9V GA67 MB>BK< P:>B@G6AX
<KCD ;E>ED9:D 9<DH=PACAA 9:7EM:> K:L B9B?AB RN9DQFCA# @: :7 4<?A:>:D :><?BKC@CAA#
GALG7C>A B ;O?@8K:@:DW: 6:9E>H:RR MELED# 6 ?G;IACAA B ;C??J# ;:FE? FCKC9?B B QG>KG9 B>BAA*
LH Q<>>BDBAAB> 9E68RR KG? B 6T?T RC7JAC6RBD RCA>B@C7CAA# BK:>H >B66BD9EDA =P?B R<?AC9GRB
M:AA: B DH<>B@E9CA* <KCD IAGDBM:A:AA: KBLGA# BI?<W: <6 9NM:AA:# N;< IAGDI9 C?@SACAA
+ B>QFVY B>QF# 9E?>:9V
7AGD 8 <6 IAGDI9 ?CFBDA# @: KEL B KJ>JD R:>:RCA>CAA BI?<W: :>?CDLHC>J@CAA 6C?APGRB*
DELH ;<= FGAB KNLNAA B ;O6AW6JMB >B66BD MEL<L9=67CAA B >GAJFBAG?CD# B QB?ACD Q:@<L 4:D?H E6
CFDDH FCKC99B> @CRG>AB B W6ND@:6:D 6S?@CLG>J :?W<MB>AU :LH<9O9 6:K AI@CAA B7 <@89N7R:D
9<?CRRBDA <7LB>KB6 :6:KEDH?8>*
B>QF KG? B DH<>B@E9 67G?B7;N>@ ;:>8>< MELED PG?A# 6 AO@:P: KID9GPGDB9 :LH ?E67EA MB@
67<A9C7J@G6?B ;C?@SACAAB* EA6ELR::6:AA :?8;:67SAE66:> W6N?A:A:AA 9:?:67AO> B 67T?86
9=67JDNMEDH:9 9N7A# K:7A:>:D A:6AEA ?NM<@:6:D :>>:QA: B ME?* K<9C? :>E?A B F:LH?: M:7:A8
K:?:@:9 9BQABAJFC7# K:LG>>A* BI?<W: W6B9 DEFGDH KEA:?DH<?: KB?B@A :> KNLNAA:*
+ N;< 67:KOM:L:V + 9<G>ACAAB B>QF* + 4B B AT7 9I@A# 67O96ELOD9 >:67 ?G*
RRBFBLHAB B 9<G>AC7G6A# K:LAGDAC?C@CAA* N;< KEL DBLHCD K:667<?: MC>A# EQQ FCLH >GAD<
>:F:A:AA B QB?ACD RCA>B@C7J B>B9PGA* B>QF B >GAJFBAG? ;:>E Q<>>BDACAA# B7AGD ;:> B F:LH?:* K:LH* BLH
9BQB679C@PBDB9 ;:> B F:LH?:# BFC> KBP@ K:LG>>BQSAPG9# FCLH B AT7 AEDH>:L 9I@A# 6 9N7R:D
;<LH:>PE9 B >B66BD 9N7:>:@8 N;<A# 6 B LHC?6BD AGMC>C@J FBPJA# BK:>H :LH9:AA8?: :> ;CL ATDDGAJFBAG? KNLNAAX 9EA6ELR::6E6 KBLB6 W6=W6GD <@:1C@B <DLB@C7MB FBAG?C7BA>BD6GLGDB9
6=>HB B>BAA# B>QF :>9<G>ACAAB KBLGA
+ 6A:D:KV 6A:D:KV
<KCD B W6:?PE99:> M:?:9:@M:# M<667BAB?ACAAB >E>:L7:AEA* ?WB :>AC?7I>A* B>QF ACMGRR
RCA>B@C7CAA# :LH?: PCRRBD D:9<>J@I>MB# BFCLH B >GAJFBAG?CD B ;O6AW6JMB >B66BD ACMBKC7LCAA*
AT7 9I@A* 7 :>68 Q<>>BDBARBD >GAAG9U >GAAG9 B7A# BK<A KG? C@B>:DA B QB?ACD <6 AI@AB9#
BK<9C? B FB7B< ;O6A <DA:L:AD< 9:7@:AA D:9<9* I@A# DHCKAB>BDI># ;O6AA:>:DO># B7 8?N9D:9 <6 FT>A
F:>HO9 MC>A* LH ?B9G6 AT7<;B ;:>FB67DG>BA>BDI> F:M:?A B7 :>FBKMB@A KGL>HB K:>>:AA*
B>QF B A:DL:? ;:>E ;C?@I>A* >GAJFBAG? K:L<DA 67:KE>HA:>:DO> A:?O>A :> :>8AA:# ;O6AD:9 KG? B
>:LFB>MGDHBRR DHCKB 6:K >GA67CAA* B>QF 6GDA<9G>MB :>?CFBDA B 67<9>G9 9N7NAA# ;:>9BQB679C@CAA
B ?J76B67SD 67<?A;C9?B# 6 B FBPJ ;:>E C?@SACAA*
+ H:?A:9 M<667BV H:?A:9 M<667BV
@:1C@B ?CFBDA B 67<9>B;C9 Q:?:KED# B?WWB> B A:DL:? ;:>E# FBDLPB :67:>86:D W6:DL:AA*
+ H:?A:9 M<667BV H:?A:9 M<667BV
<KCD E6 BI?<W: <6 ;:>9BQB679C@CAA K:>>EP:* B>QF K:?:M A:9<DA:AA:> DE7A: 89:A* <KCD
:>;C?@I>A# >:AN?O>A: B?WG?J> B M<7:A* B>QF 9<G6AB >:>9: >:LKE>HE?8> B >:L@I?MGRR 67JA# BK:>H:A
<6K:?A*
+ 4BLHAG9 9I@D< :7A B ?CFB@A AO7:AV
:A:9<DA:AA B F:LH K:?:@:9 >:PA8PED* @89N7R:D N;< <6 R:;IACAA# 7<FG>J >E>:L7:AA:>#
DHN67N?NLM:# K<DA :LH 9<6LH:?:9* B>QF N9N>R: 67C?SACAAB 9:7EA# B ME? B ;:PER: 67G>>A* :?:M
67:K:# FBDLPGDB9 9:6:?T6EL: NDKBLGE?A R:67E>A*
+ AA MBDDB9V
:667: >:DA# B ?J76B67SD CK>B@E9RBD# BK:>H B MS7 ;:>E :?:679:@:AA# :LH W6BQBA ;<= ATDA ;:>*
EK:>H<9O9 ;:9:A: 6BQ9GPGA M<6:>A:# @: :LHER9EDA KBP@D:K K:7A:>:D:9 MC>AB9* 4B B
9BQABAJDB9 :LH 9NDDH:RR ?E67EF:7 E?A:9# :LH67:??: B >:M:L8R: :K:>AE9 RCAPI9BA# 6 9N7R:D
MB>BK<>H:D :LHFBDL= @B>A 7OKKNLA:9# BK:>HD:9 DH<>MGD MB>BK< 9N7: MC>A BFFC7 B AG?LHFC7#
BK:>H:A B 9EA 9JRC? <9:? 67G>>SACAA B FGAGD# C>H 67:KK:> >GAFBAJ LCD@C6 <LH:9:7:AA:>* B>QF KEL
<>H:D K:667<?8> <6 M<>GLC6BD 9<M:AA: B MN?N6 FBP= BW9 KBLB6# 9B?W6= B>B9PGA# A:?KE67:A:6:D B
K:D:A >:L:>:PED*
<KCD KC6A B>QF E6 BW9 9N7NAA PG?BAAB B A:9<DA:AEA# ILHBD=LH# BFCLHBD B7 <KEDA B>QF E6
B >GAJFBAG? 9N7NAA# 6 BK<A >GACAA# =LH >GA67<9# K:L?EKSA:AA:* B>QF ANRRE D:K 67J>B>A K:L#
DEKGD ;<LH:>A: B 9N7:>:@8 K:D:A:A* 7 ED:9 K<D@ FB>>FBAJRRG MG>A# @: B 67NM:LEA KEL D:K
>:F:A:AA 9<M:DD<* 7 <9?:9 BW9 KNLNAA >EQ:L:AA:9# FC667= 9B?JMB> B MG>>I9CD* LH KB>BW
9<R:>:7:AA A:A:K: >JLCAA B 9B?J?J># 6=>HC6BD <@:1C@B F<KRG>J7MB# BFCLH B7 <9?:9 RCA>B@C7MB
>EQ9:@A:9 B7 :LH:D:A>:D A:?:Q:D* KB>BW ;:P: KE>H:D >:>JLCAA AGACDLJ DHB9G?J>U =LH ;:6A:AA#
K<DAFB 9:?:6D: MB>BK<A B ;N>@ND* C6A KG? B7 ED:9 67NM:L: <6 ;:>=67CAA FC77GPI9 B
K:L;:9:A:@:AA ;B1 E6 FBKI?B9G6 ;N>NAA
" #$ #% & &#
: K<?: B7 ED:9 67NM:L: E?AF:A8ME MG>A# B K:D:A :>E?A B7 =A >:LK:?:@:9:RR 67B9B67GFC7# 6
:LH19EA Q:?W K=>MB B7 :LHFBDL= 9GDAG>G6 :>FB>>LBACAA* N;< ;:>DHNLNAA* : <KCD ?NLAND
?G67<667:DA# K<DAFB A=> FBDLC6BD R:67E>A MC>DB :LH A:KQ>CKRBD*
BW9 BLHBLLB> R:KG7C>A B?WGMB> :>68D:9 E?A ;:> B F:LHA:A8?:# E6 >GD@76GPGA B KBLB6RB
:K:>M:# <7LBACAABD GA9<G>ACAA B>QFFC7*
+ @: DE77V :LN>AOD9 :LH KB>BWCAY K:>>EP: >CQB9C@AID9Y B7AGD 9N?R:;CLAI9Y
MB@G67C9 9N7R:9<G>ACAAB9*
'0&$.-
+Y 9N?R:;CLAI9Y
+Y ;:>KG67AID9 FC77GY
+Y B KB>BW M<6SACAAY
7 <9?:9 KC7@I>BA>BDI> G>>AB9# B KB>BW A:A:K: <@:1C@B F<KRG>J7CAA 9N7NAAO9# ;:9:A:
ME?W6NQQ:9:A FI>>BPAMB B 67<9>G?B* N7N6:D M<LHC?CLAB9# :LH:A>:D N667:;CLCAA# D:9<>:>9:6O>A
M<LHC??B>* BW9D:9 :LH67:??: A=> 6C9 KCD@BD<MB>J AC>I>A B DH:>ME?:# A:FGA :LH19EA AGDW>EQE66:>
9NDDHSA:AA KBLGD# @: B7AGD :67ER: PIACAA ?BDLPB# KE>AJ6GLB# >:G>>A# E6 8 <6 :>M<LHC?C@CAA* BP@
E67?:M:AA:# FCLH B 9:7: ME?:6# ID@C?C@MB :>;<DAC?C@CAA# 67EADE7:AA MB>BK< IAGD# BK<R:
R:>:AN?O>F:ADE# B7AGD K<D@9EA A:DH:?EA MEL<LF=7AB 6C?APGD# E6 :>D:M:AA: KBLGA* B>QF 67J>B>A
K:L :>68D:9*
+ 4BLHAB@ 9I@D B 6:KK<6ELL:> RC667BDAPG9 KC6AX : A=> RC>@CL MC>A# FCLH6:K
K:>>?: 67SMPB*
+ :L >:F:A B7A KEL :LH67:? LH=PABD<* G?# FCLH D:K MC>AG> M:>OD9# B>QFV ?<G6< MC>A* 7
<9?:9:A ;:>;C?@SACAABY
+Y K< K:L OANAAO9Y
+Y ED ?G:6A:KY
+ D MGLABK :> B AC?9GA + KCD@AB BW9 RO679ED# @: 9N7R:D B7 B?WB KEL<6W6B9 :>AC?7I>A* +
N>W6NDB@C@ B 9E6:@:A# B>QF# FCLH R:P:>N>F:66:K B R<W69GKCDX
;<=9 ;:W6:LA:9# AGDWC>AB9* 7 <9?:9 ACMGRR M<LHC?CLAB9*
+ E76B67GK?B NK>NAA B ME?: + KCD@AB BW9 D:M:AM: 6 K:L1K:LRC?7B@MB* + G?# FCLH D:K
>GAAB@*
+ 7:DA=> K<D@:DDBQ ;CLID9 MB@G67D<*
B>QF =P?B K:L67J>B>A# B FBDLPB ?:9:@A MC>A* EL D:K KC7@I>A :> B F:>HE?8>*
+ 4BLHAB@ 9I@DQF ?G*
+ 7 8?N9:A <6 KBLID99B> 9:>>:AA M<DDNDR:D D:K >:AA MC>DB :>EL
:KR:?# FCLH R:9:?SA6O9*
>Q<?I>A# AI@BAGRBD MC>A# FCLH F<RGA 9NM:A:AA :>*
+ AT7 W6B9 :LH19EA J?GPB B>I@A :>* H=PAFBAID9 KC6A =PBRR AO7:AY
6B9 KC6A M:AA: E67?: B>QF 6:R:<A K:7A:>:D A:6AED# 6 FCLH B DELH LH:?:9 9CKC?BD FB>>LBA*
KR:?67:?:A8 RC>@CL6GLGRBD :>FBAG?C7AB# FCLH ?E67:6EME A:67< 89:A BDDB9# BK< AN?AEDA* :>9:
76=;C>MB MC>A :K>E9:99:># BDDB9 B AI@G6DB9 B7 :K>E9:<M:># BK:>H R<?AC9GRB M:AA:
:67KE>:AO9:A# BK<9C? K:LAGKB@AG9 B ME@:9:78 G>>BACA# W6BQ@GRB :PA:AA:9 :LH :>:M:D >EDHA#
?G:?867B9C>AG9 B9B?BAI9BA# 6 MELO> ;:>FBR76C>AG9 E>:AEA# K<DA :LH 67CKPBA C>AJ# RC>@CLSAJ
9C?AHCA* 7EAAG?AB 9B?PB<A*
+ 4B >GAAB@ MC>DB B ME?EAV
MB@G67C9 <@89N7R:D :>W6ND@:6:@A:9# @: :??: B 67J?B =P?B ;:>7=LAB9* B>QF FGA?BM:A:AA:
FBPGA* <DH=PACAA 9B?PGMB> B >GAJFBAG??B KIABACAA* >:6:D# MB@I> 9<G>ACAA# W6ND@:A A:?:KAM: KBLB
9N?O>*
+ LH FBPJ PG?A :??:V
BW9# B9<D:9 KC6A F<?A:>:D 67:KR: 9:>>:AA DE7D<: :LH W6CKJ R:>GAFBABA>BD FC?@:?:PT
9NM:A9:7A:AE66:># K:LFGA?G>A* LH<9 9:7EM:> B KB>BWDB9 AGKB679C@CAA# E6 :>8M:AA: R<W69GPGA*
B>QF 9:7: N9N>R: 67C?I>A# FBDLPB ?:679:A:AA*
',&$.-
+ L:D# :LH FBPJ PG?A :??:Y AA 9<DAV :LSLE?A:@# FCLH ER?:D AB?AC@ B AO7:A# 6 FBLHAB@# FCLH
9I@PCD* + LH >EQE6A A:AA BW9 ;:>E# B9< K:L;C?@I>A# E6 67:KR:DE7:AA M:>:*
+ :F:A# FCLH K:L>GAAB9 MC>DB R:DDOD9:A* 4B7BK:F:AAOD9 MC>DBY
DDH< 9:6:?T6EL:A N;< D:K RS?A :># B M:67A:6EL LHNA?:>K: :>;:>:@A:AA: M:>: ;E>ED96ELEA#
?<9GW6C>MB 9<BRG>D< 9:7@:AA*
+ :?A W6B9 B ME? PG? B ;:P:@R:D# BW9 :??<@:^V 6B9 B ME? E6 B MB@G67BAV 4B7BK:F:AAOD9
MC>DBY
B>QF ;E>?:>N9A:*
+ D MBLHC9 B M:7E?# D:9:@ K:L 9:>>:AA MC>DB A:DD:@# BK<A QB?BDW6C>C9* : A: W6B9 R:67E>67*
EL 9IDHFJ9BA 6:K AI@67 EQSA:D<Y B7AGD :>KE67 MB@G67D<# 6 FBLHC@# FCLH 9I@PE9 B AT7Y
>;C?@I>A# :>FB>>LBACAA* : E?7:>K:<D:9 F:LHW6=W6GD =P?B ;:>W6BAABDA B FBDLPB*
+ LH FBPJ PG?A :??:Y
7 :LH<9 MB@G67 ;:>PBP@I>A* 9:6:?T <LB76GL KC6A KG? GA67<MG?LCAA K<D@:D9< AI@BAGRB* BW9
<@:1C@B W<RG>AB# MBL@B>AB B KB>BWCA# @: B7 B?WB ME?MN?N6 >:AA*
+ BLH KID9B MC>A# 6:D9<A 6:K DE>9O>N7F:AAOD9* B>QF ;:>EP: ;C?@I>A*
+ 4B B 9IDHFJ9 :>9E67O>D:9# K<D@:D :KR:?A K:L9BQFBAAG> MC>DB* : A: K<D@:DG?CD
MB@G67D< B9B?AG>Y
+ 4=6?B MC>A 67O96ELOD9*
67BMB9DG> BW9 ;:>G>>A# ME?:6 9E6EA B 9:7ER:D AB?AMB* 9EA ;<= ;B?9B667:K:A DE7:AA
:LHKG66B>* EA M<>GL B MB@G67BA# B A:?M:7L:AE6# B A:6A< :?89<;:PAE6 6 B MB@ E>:AN?NK M<>GLB# E6
B 9<GR?GD@SAJ 6 KEL<6 6JMG?BD MGLHCAA PJ7BD E67 M<>GLB* BW9 B RB> 9:7ER: ;CLAB B 9E6A# E6 B
PCRRB> FGA?B6<KSAMB ABQB@J FBPGA# :LH ME?;C>ACA KG7C>A FCK>C9G?B*
N;< =P?B ?G9:7@A:
+ :K 9:>>:AA MC>DB 8?<7:A>:DO> FBLHDI@PCD* 7A SLE?A:@# FCLH K<D@<L
LCD@C69C@67 ;O6A?8>Y
N;< DHN67N?LE6: 6 A:A:PER: KEL B7 B 9N?O>KEDH# FCLH B MB@G67C9 9N7O> <6 ANRR:D
PBPM:67E9:>D< 9:7@A:9# BW9D:9 ;:PER: 9:?L:AA: B ME?A* E9 67:KER: =P?B M<667BAE?A B7 :67:>86
MB@6GL* >8?:>EQ:AAY MEL?: K:LM:?F:A MB>B9<AVY 6 N9>EM:> R:>:MGLCAA N;< LHCK?GRB* N;<
DHNLM: B ;N>@?: O>A* BW9 ;N>NAA: G>>A* 4BDLPB LCDC67I># 6E?A8D W6:DL:AA*
+ :L<DA 9:7@:@# LNKRNWX
B>QF :>8?:IL?CAA# BW9 Q:@<L ;:PR: MGLAB N;<A* N;< 67:KOM:L: >:?:QO>A B7 C??G?J># E6
W6N?NLM: B 67<9>G9 9N7E MGLJ@CAA* + 67:KOM:L:KV + 9<G>ACAAB N;< ?EKO>A:D*
CRR?B1RB>?B ABQCLBAJ7MB 9=67D< 9:7@:AA B 67<9>GD# @: <KCD :>ERR E?A C@B# BFCMB B
67:KOM:L >::6:AA* F:LHA:A8D <67CDH= 67G?DHB99B> M:?@:6A:9 <KCD 9N?O> B7 <D@I>BAC9*
+ 7 :LH<9 >:DW6: :>AN?NAA*
N;< 9<DH=PACAAB 9:7EA# 6 B7 C??G?B A:AA: B 67:KOM:L:A* >>:D6EL:6 A:9<DA:A:A M:A:AA BW9?:*
+ 7O96EL:K MBD B 67:KOM:L:K?:Y 6 KC6A W6B9 B ;E> 67:K:KK:> >GAC9* 7A KEL
K:L9:6:?O>N@Y
BW9 :><D@I>A N;< ;:>E# B9< DELH9E7>GR 6<:AM: ACMGRRKG67CAA# 6 W6B9 B99C? G>>A K:L# BK<9C?
:LH DBLH 67<9>B KG? :>MG>B67ACAAB B MN?N6FBP=AJ>* <@ILAB ;:PEA B 67<9>B ;N>NAA# E6 B ;E>
67:KOM:LEA ?GM<>GLSACAAB BW9?:*
+ C6A W6B9 B ;E> 67:K:KK:> >GAC9VY 7A KEL K:L9:6:?O>N@Y
BW9 L=DHC6BD IAGDC7AB B DELH9E7>GR KG67J 9NME? LH:?:9:A# 6S?@CLG>J FBDLPGA*
'!&$.-
+ 7A KEL K:L9:6:?O>N@Y PIIIPV
N;< E6 QB?J@<GPB C>H :>>:DG>>FBABA>BDI> 9CK<9I6 MC>A# FCLH B MB@G67C9 9N7O> ANRR:D D:M:AD<
9:7@A:9* BW9 ME?67:K:A 9BQCAA* ELH9E7>GR?B :?:679:@:AA# B D:M:AE6 F<67AE?<9I6 M<FB??G
@BLB@A* B>QF RC667=6BD B7CD M:AA: KBLGA E67?:# FCLH B7 8 BP9B <6 K:L?:D@O>U FB?BLI@CAA
KBLG?B# FCLH D:K AI@ :>>:DG>>D<* :>KC?@I>A*
+ 7 Q<679C6 A?O99 MC>AV
BW9 FGA?BQ:?@O>A# ;:>G>>A* ZP?B ;B?9B667:K:A DE7:AA B>QF;B>* <G>AMB 67B9B@AB9 9< AC?9GRJ> B
67BMB9*
+ :D@R:D MBDY ?:D@R:D MBDV N;<?: DE7:AA# B MB@G67C9?B# B>QF?B*
+ BPDG>CK + KCD@AB* + G?K<DA BK>:A<Y L:DY
<F=7AB KBLGA*
+ CW6GDBACA 9E?:9*
=LG6 AGKB@A B MB@G67C9 9N7NAA# B RGKI>BA 76<RCDLG6B* 7 KC9GDH ;:>:>:A MC>AV 7:KK:>
>GAFBAJBD B7 B ME>:KEDH B>B9I>A 9<# FCLH BW9 K:LA:AA: B KBLGEA# E6 DBLH>:>9T L:67AI6GMB>
A<67AG7AB KBLGA# B>QFCA K:L MB>BFCLH 67ELH:DR: FC7AB* KC6A B??B MG?AB9# FCLH :7 K<>H:D
:>;CLB@FBAJ MG>B67A ;CL B@D<*
: B>QF AC?9B N667:67C?I>A# 9EQA:>:D MC>A B??B# BK<A MG?AB9 A8>:* ZLH E?:7A:# BW9D:9 :7 B
67JDC9< ;CLG6B KEL W6B9 K:LA:AE7<# BK<A KG? :@@<L <6 MEA:AA* AT7 9I@A# B FBPJ :>ATDA* 4GA
D:K >GADB9 B 67:KO9A8>X CMBL<B6 ;:>:>:A F:>H:AA B @OF M:A:AA: 9< AC?9GRJ> B 67BMB9BA
+ 7 Q<679C6 A?O99 MC>AV
6ND@ AGKB@A B F:LHA:A8D* BW9 67:K: :LH Q<>>BDBA?B :>FCKG>HC6I>A# B7AGD K:L<DA 9<A<67AI>A*
B>QF IAC>6J 67BMB< RB?GA6GLAB>BD KC?LG6RB ;=>AB9*
+ :D@R:D MBDV H=PA6GAC9 K:L B AO7:AV
9E77:>;CLFBAJ A:DD<MB>J MB>BK:DDH<?: :DHFSA:AA: B ;:67O>A6EL:A* B>QF D:K 67J>A ANRRE# B
;N>@?: DE7:AA# >GRB 9N?O> B FBKI?B* BW9 FBDLC6 MC>A# 6O?LNAA1;C?LCAA* B?BDW6C9BA C67ACLBACAA#
ED:9:>A# ;OAHO>A# C@B1C@B67J>A B FB>>LBAJ B>QFFC7# K:LP:LH7E6:9:A M:A:AA ;:>EP:# BK:>H:9 D:K
<LEDH:>A:9 MG>B67A# A:FGA D:K ?E67:6O>F:AA:9 ;<AHKG>J M<667BIAB6SAG6RBDY 6 B>QF ACMGRR
FB>>LBACAA* :D9<# KEL BW9 6:K K:?A: K:L9E?D<# FCLH K:DP:D B??ERR# 6 SLH 9EDHA:>:D:9 MC>AB9
B KGL>HGA FG?CK KEA:??:> C@GRR ?B9D<# :LH PJMB> B>9B>KBA>BDBRR F:>H:D* B>QF SLH :?86SA:AA:
K:L# NDAI@BA>BDI># M:7E?< A:9<DAE>HEAU FB DBQC9<L LCD@C>9C@<9# B99C? 6:K AB>G>FBACAA MC>DB ?G
K:L;:>:>8RR KJ@CA* : ;:LHM:??:> 67:KR:D# BK:>H C>H K:L;CLFBABA>BD# 6 :LHR:D C>H FBAG6C6
MC>A# BW9 A:F:A:A>:DD:9 R<7CDHI>AU @OFNDLNAA# 6 KBLB 6:K AI@AB# K<E?A* <?: :>9E67O>A B
KGL>HB# B 9EA ;<= :LH KBLB6 MG>B67;B> 9EA C>@B>G?B 9:?O>A*
KG?<6 =PBRR MG>6GL 9N67NDANAA R:* BW9D:9 D:K MC>A K<M:> K:LLH=PABD:Q:AE6E?: B>QF KBLB K:DA N;<F:7# 6 :>M:AA: B 67:KOM:LEA* B>QF KBLB 6:K AI@AB#
FCLH ILHBDB99C?# BK<9C? 67EAQBAABDA BW9 9N7NAA E6 9N7A: :LH 9BQCW6# MB>BFC> KG6IAA :LH
=PBRR 9:>:A9:7:AA*
+ <D@PG?A M<667BFC7CK*
+ :LH:9 M:>:@*
BAA B>QF >:AE?@:>A# 6 B K:L;:>:>8 67NLR: <LB7SACAAB B M<>>CLJ >:DW6EA# N;< KNLNAA: G>>A
KBLGDHC6 67<L:A :LH E?A:>:K DE>9O><# N667:KC6J@J 67SDA:DL:?R:D* K<F:>HA K:LLHT>A B AT7#
?NLAND 9<DH=PACAAB 9:7EA# E6 M<667BM:AA: B 67:KOM:L:A*
AT7 :>>:DG>>FBABA>BDI> MCD7J# ;BDAB67A<9I6 M<C>B# MN?N6 E6 6G?LB M<?GLB< >GAAGD B KCLC?MB6GL
>B66BD9EDA 9<C>MB@A B ;<=9 67SMER8>* GRC??G B>B9I>AB9 GA :LH AGRC?AT7 9N?O># 6 KEL B>QF E6 N;<
<6 ;E><L1K:@@<L R:>:6C@?J@AB9 MCD7G6GRB* EFGDH ;<= >:?CFBDA B >:PA8D =PBRR ;GE?A# BW9 B
'/&$.-
KB>BWCA MBL@B>AB# A<67ACLBAAB* 7AGD K:LQ?JRG>AG9# FCLH B KB>BWCA :LE67R:D# 9B?J?B 67=?MB
K:L6O66E9 B AT7ND# @: B 9B?J FBKB?BRR :>EL:AA# K<DA6:K B F=6 K:L6O>A MC>DB* ELO>
@B?BRC9?B MBL@C6AG9 B KB>BWCA# GLB9?B AT7AE9# 6 SLH AB?ACAAG9 B AT7 ;N>E# @: MEL:?:@KEDHR:D
KEL SLH <6 67<DA: ANRR ;<= QN?9N>8@NAA K:L# K<DA F=6*
B>QFDB9 W6I?LJ<A B DHG>B* LH A:?M:7A:# FCLH D:K :67<9 B F=6RJ># @: @<J1 E6
LHOKN>W6@<EAGPB# BK:>H:A W6B9 ?<A9GD M<@SACAA ;:> :LH F<AMGDH ?G9 MBLH FB># K:L;C67ACAAB
:>>:DG>>J :?:PEA8>* >;CLB@CAA :LH @B?BR ;E><L DH:?6 F=6A# 6 ;B?9B69EDA ?GM:A:AA: KBLGA*
N;<D:9 <6 W6I?LJ<A B DHG>B*
+ D D:K 9BQC9X
BW9 =LH A:?M:7A:# FCLH FBAB>KGA K:LKIABABD@J# :LH <@:<L M:?L8@D< FBLHPB 9EA6EL:< 9N7NAA
B 9NME? LH:?:9:AU @: K<DAFCLH :7 KC6A DH<>MGDC6BD ;:>QBDB67C>AB 6E?:>KEA# =LH >GAAB# KEL
DBLHCRR 67<LC?A 9:>> KIABAD<BV
+ : D:K MB@G67AG>V
+ B>QF 6:K MB@G67CAA + ;:>:>A: N;< 6<?GD9C7MB +# 6:K <KCD* + ACMGRR KBLHB?G7CAA* +
?G9C9RBD K:L D<DW6 9EA ;B>BA F=6 6:K*
B>QF 9EDH:>K:A>:DO> ;:67:DL:AA* <KCD# B9< B7 <9?:9 E6 N;< 9N7NAA O>A# K:LAN?O>A: 67GPGA# E6
B 6BPGA F=6B@BLPGA B 67<9>G9CD GA N;< ;:>E DH=PACAAB# 9< ?NLAND :>9BQAB* 7 <9?:9 9IDWCLAB9#
<KCD 67ELH:D9:7M: >:FBPACAAB ;:PEA*
BW9 ;:>IL?CAA# DBLH 67:>:A F=6A K:AE>A >: B KB>BW?J># E6 <KCD >GRB :>E @CRAB*
+ BRG>PV + KCD@AB* + ;:D: B QC;G@RBV :DH:L:A8:D K:?:@A <KCD?B* + :@@ :>V
4<?A:>:D K:LQ:?@O>A A:DL:>H: 9N?O> K:LFN99:DA 9N? 9N7QCDAPGRBD*
+ D 67:?:7A:K D:9A:9 B F=6A*
67GKAB>BD# 67BMB9RB D:K ;CL>B>FBAJ W6B>J@G6 <?AJ7BAC6# 67<DA: A<67A:>:A:A QB?BDW6C>J @OFME
LCKC>HC@CAA R:DD:*
+ :;:6A:AA:K B7 B?WCKBAY C@B>CQJ7ABK FC77GVY 4GA KC6A :LH:A:9Y MB>BK:DDH<:DY ED
Q:@<LY
F:LHA:A8D :LH?: KE>H:RR >:AA B W6ND@# KG? B AT7 QBAACLG6GA E6 B 6O>8 F=6 6<6A:?LE6EA <6
K:L >:F:A:AA FB>>BD<* BW9 9N?O>DE7:AAU K:LE?AE6A 9:?:6:AA# @: W6B9 A<67A:>:A:A AB>G>A* B>QF KEL
B ?EL< KGL>HB FBKIA:DL:?ER:D G>>A# 9:7ER:D B F=66B># @: D:K 67J>B>A K:L*
ELO> BI?<W: AN?A: K:L B W6ND@:A* 7A B AEKGA MG>B67ACAAB# BK:>H :LH:@O> MC>A B>9B>KB6
B??B# FCLH B ;<=9BA =P?B N667:FC77B*
+ 4C> B9B@AG> ?G B KB>BW?BX
CL:? B K:?:@:9 F:LHC>@B>?B KIABACAA*
+ AA MC>AB9 >:DAY B QB?ACD*
BW9# B9< 9N7R:D =P?B KBLGFC7 AE?A# D:K AI@AB MC>DB :>M<6:>D<# FCLH KG6 KCD@PB :> B7 8
AN?AED:AEA* HC?6BD 9N7R:MGLCAA*
+ N?O>M:AAO9* D DELH9E7>GR KG67ABK* : B >GD@76G9 9<:6A:9# K:?A D:K MC>A 67B9G>>I9# B
KB>BW K:L :>?CFBDA# E6 67N?DH:D M<6SAC7CAAY
+ 7AGD M<667B;C?@I>Aa ME?7:AA# E6 =P?B R:?CFBDA B 9N?R:Y
;<=9# K:L9NDDH:RRO>A:D E6 <7LBACAABD# KC6A K<D@ :LH67:??: R:67E>A:9*
+ :9:?SA:AAO9Y
+ 7 :>68 67=?G6AJ> DHCKRBD >:6GDAI>A B FGA6J >GRG?B# A:FGA B 9N? R:7G?I>FBACAA 9N?O>NAA:# E6
OAF:AAE9# MGLFBAAG9Y
'-&$.-
+ D MGLABK :> B AC?9GAY
7 <9?:9# KEL K<D@<L :LH;C?KGD M<LHC?CLMB# ;:>IL?CAAB9# E6 9N?R:67B>B@AB9* 7AGD B ANRR<:9
<6 W6BA>B9C7AB9# B FB>@C9>J KB>BW FN?LE6EA IAGDC7MB#1 6 DBLHC9BA ?<99BDAMB*
+ 6B9 B ;:PEA# FCLH K:L D: 6GDAI>PCDV
+ 6@1MGL@Y
BI?<W: K:LPGA67MB B KB>BWCA# M<6SAC7MB B 9N? 9N7:QE?: ?CFBDA# 6 B MB@G67C9 9N?O>;CLAG9# 6
PGAE9RJ> OA>:L:>D< 9:7@AE9* GDW 9N7R:D =P?B ED:9R: ;CLAB9*
" #$ # '( #
B>QF 6E?A8@NAA:D# <?<LH:D ;<LH:>A: 89:A* W6B9 B99C? 67J>B>A K:L# BK<9C? KG? :>;G?B@AB9# 6
B7 ED:9 :>FB>>LBACAA*
+ HT>E6A FSMC9 N667:*
AGDWC>C9 :LH:D9EDA >:G>>AB9# 6 ;<LH:>K:6:D ;:>EP: ;C?@I>AB9*
+ :L ;CLCK 67J>B>ABADJA* LHT>E6A K:LAB?API9# KEL B99C? <6# FB ?GD9 6NAEA:@<9*
:DA B KJ>JD A:?KE67:A:6:D* 9BLH>J ;CL P:>:7D<* DDH<A B9B?ABK KCD@BD<*
77B> K:L;C?@I>A# 6 :><D@I>A >:;:>E B >:PA8D*
0"&$.-
/ /
/
ZP?B @BLG>H MC>A# 6 B QB?ACD# B MS7 6 B QG>KBA:?B67 K:DAED F=7J@J 6OQQ:@86# ;:FE? ;NMEDH
9N7NAA W6B9 :LH 9:69:DH# PG?FBAJ# 67<>G?@ N6MEDH F=7J@CAA* B>QF :7:D 6EAG>LBACAA DHILC@ABD
B9B?A LCD@C>9C@D<# W6B9 <AA MC>A KJ@ ?G# FCLH PG?G6 9N7R:D D: ;C>HACD B >GRG?B OLH:>P:D* BFCLH
:>LCD@C>9C7MB RB>>BLCAA B MS7 K:DAED# :LH67:??: W6B9 K:L>:Q8@M: K:LG>>A* 4<?A:>:D
K:LE?A:AA:# K<>H:D ;G?B67AJ :7 B7 E>:A# BK:>HR:D K<D@:D =A :LH1:LH ?NLAND7E6# 6 B7 ER?:D>EA
P:>:DA86 ?E67EA B77B> 9:>> AN>A:D<: B7 :KR:?D:9# FCLH B >EQA:<?: OLH:>P:D* EL<LDE7:AA B 9:69:DH
QB?A< 6GMCD# E6 M<667B:K>E9:7M: B7 :>68 ;:>;:@:78 IAB9 >:>9:6 RC>@CL6GLG?B K<DA :LH ?EL:RR<#
;EDH>8 LH:?K:99C??B# L=DHC6BD :>KC6C>HC@CAA* 7AGD K:L;C?@I>A# E6 67:KR:D B DBQQB>
M<667B<D@I>A B KJ>J ;:>E* >E?9:7:AA B LHT>E6 <@:P:# 6 BFCLH B DBQ;EDH ?:PA879N@8 QCKQGPGRBD
ATD8@M: 67:@A: B >GRGA# LCD@C>BARBD KEL :LH67:? LCD@C6BD 6C??B M:AA: R:67E@ED:9 :LH:6
QCDAPB<A* DD:9 B LHT>E6D:9 6<9:?O>D<: 9:>> D:K 67BRB@# FCLH GR?GD@C99B> PGA67B@C77E9Y
: W6B9FBKB? :>M:67:AA R<7CDHAB>BD LCD@C>BAB< 9N7NAA# BK:>H:9:A K:L;:>:>8 67BMB9 FSPGD
D:K AI@CAA M<>GLC6 ;C?KGRB NDA:D<* 4CK>C9GA ?GDWC>MB :>N>?8> 9:7@A: B LCD@C>9C@G6A*
7A B LHT>E6A D:K 67J?B9C7G6RJ> FSMAB N667: MELE?: 9:>> PG?D<I9 B @C>LC9DB9*
<>EQ:AA* O?L86 :><DAE7D<MB>J9?J> >:67 67J# 6 B DBQ KG? FBDHBA>JRBD MC>A* HC?6 >EQA:< :LH 9<6
67:>:A 9BMB?AB9 ;:># BK:>H B7 B?WGDB9 W6BQJ@CAA* 7O?9: <DLEA <6 B K:>>ED:9 67C?SACAAB# 6 SLH
E67?:M:AA:# B ?GER?:@E6 =P ;EDHEDE># FCLH ?GDWB< 9:KEDH:9# K<DA B 9B?ACDQBQS?# E67?:M:AA:#
FCLH 6C?APGDB9 9<?CPAC6C@CAA 67E>: ?J76B67SDT?: FC?76C>AB WCKRPB<A*
:67KE>:AED:9 ;:>M<>>BDG6GRBD ;:>;:@:7A:# FCLH K:DDH<?: >:7O>>NAA B 67:DDH 9N7NAA#
K:DDH<?: IAG>PB# FCLH K<D@IDAB>BD 9< 9:>> 6<KSABDMB@I>A FBPGA B 67:KER8># 6 DBQDHILAB
IAGD K<>H:D M<67C>HCLMB ;:967<9 >: 67G?B7CD 7N?L8 >:ME>GLHGRB* F<?A:>:D ;IAD< 9:7@:AA*
;O?@8K:@:DW: K:>>:AA B QB?A KG? Q:AAH:6 MC>A B LHT>E6?: MG?B9C7J ;<=9 W6CQC?APGAJ>*
7JA>BDI> IABA DH<ACAAB9 D:9<# AI@BAGRBD MC>AB9 B7 :>9NM:A:AA F<RGDB9# 6 ;<LH:>KO9:A D:K
9:?O>A: :> B>QF 67C9BA>BD 9CKC?6GLB 6:K*
LHO>:9:78A:?:Q DBLHPGRJ> FG?CK67NL B>B9= MC>A# @: F:M:DHE67:AA E6 67BRG>HAB>BD# K<DA
K<D@:D# BK<A W6<DG>AB9* ;BAN?76# BK:>H:D B>QF 67C9CAA O>D<# 9<MEA:>:6:D MB6ABL MC>A B ANRR<
9<@T>A ;GFC7 9EQ:6AU >:F:A# FCLH MB>BK:>H<9 FS?:6 W6:D@:61JW:GD< M<FB? 6C@C?AB B KJ>J?B*
G?FI7BKC6BD ;:9O@A B QB?AAB># =LHFCLH FB B>QF F:>H:A ;CL>B>A ?BPAB# 67:KR:DE7:AA B
67<L:AA:># @: B LHO>:9:7:A W6B9 :LH FB>MGDH 9N?MCDB>=# 6NAEA B>B9CA >GACAA B W6<>>CLJ >BL=DB
FGAA:?: :>8AA* FG?CK67NL 9EA C>@B>B# K:>H B7 B>BQ?B AGKB679C@CAA# KEL MG7>BAC6BRR MC>A*
CRR C>@B>GD :LH KG6<9 ;BAND9 F:M:?A# BK:>H:A B 6C9 O>@NLE>E6 KG? 6<KG?B 9CQABACAA# @: :7
9<6:RR E6 9EDH:>K:A>:D:RR MC>A B M:7E? O>8F:>HEDE>* RB> C>@B>CD DELH 9<6:RR ?ND9 6C?B9C7CAA
:LHKG6 K:>>:AA# BK:>H:9 9N7O> B7 IAC>6J DBLHCD 6<?B>KB61<DLBABLCD G>>A# E6 D:K K=>A :>
LHT>E6# FCLH MB>BK:>H<9 ?BPAB O>8 ;<=# FB 9<66E FGA?BFBPC>A# ;:> D: R<>>:DA MC>DB# K<?: MBLH ;E>
AIWBA ;<= FBDHBAA :6:AA B ;TR:# BK<A B DEQ K<D@:D B>9B>CKKB> FB?6CLJ D:M:AE66:> DHILAG7CAA*
KEL6:K PIACAA :@@<L KEL 6:D9<D:9 6:K :67ER:# NDKBLGA# BW9:A E6 N;<A <6 R:>:E?AM:# FCLH
:LH 9NM:A FC77CD# E6 K:LAGKB667B B ?ND9NA* SLH FBLHPG9 MEL:>GAFBABA>BD <@89<L :7A B7
<DLBABL B>9CAKGDHA# K:?AY K:?AY B>QF LCD@C>BAB< =P?B :>K:?O>A:9 B KE>H MS7R:D*
0$&$.-
;BAND9N9 :>8AA B ;T >: MC>A ABQC6MB# @: B FG?CK67NL 9N7:QED E?<DA:A>:DO># KBLB6?B ;:>D8AA*
FG?CK67NL W6=W6GDG> <6 6T?TD ;:>7G?9J7CAA# K:?A CAA 6:D9< 6:K O>A* LHO>:9:78F:>H 9N?O>
K<D@:DOAA# 67G>:LH:D:6:D MBLH :LHKG6DB9 AGKB679C@MB# 67O?9: QG>KBAN?76:9 :K:>9:@A:9 B
KBLB6RB# B>BW6CDH >CKRA:A8A RC?SAMB B A:?:Q ;N>E* EA C>@B>GD B QB?A 67:LE>H:7A: : F:>H:A#
KNLNAA: B >BL=DB W6<>>CLCAA# 67:KR:D M:>: B 67<L:A< 6NAEA6EL A:?P:679:@:AA*
B>QF B ;8F:>H ;:>E 6<:A:AA* >H:D 9E68D KEL 6CFB6:K AB?ACAAB9 LHT>E6A* B>GD B7E?A ;:6A:AA
KC6A KG69EQQ B F:>H* G69C? B 7N>@ A:A87:AD:9 B7 B>6J ;:>O>:AEA ;EDH:7AE9 9< B7 B?BDH
6ILG?DHB>GRC9# 6 B ;<=9 B?WB ;:>O>?8> >:;:>E MC>A K:LM<>GLSAMB# K<DA BK<9C? B7 :KR:? 76:R>GKQGA
AB?A B 9:7ER:D# LCD@C>AB B>QF* : KC6A B DBQ C>@B>?J> 9=67CAA R:# 6 B7 G?DHE9C9 :DD:9
K:L;:>:>8:D F:>H:79:@A:9 :>*
B>QF DEFGDH Q<>>BDBA<L =P?B BDDB9 B 9O>NDN6 ANQ?:DLE6D:9 B@AB GA KBLGA# BK:>H
:LHER9EDA C>H <@:L:D MC>A A:?KE67:AEA8>* 7 B?W KG6# FB B>I>?J># 6 KG6# FB ;:>O>?8> M<>GLSAPG9
K:LXY 4GA B99C? K< <6 B7 :KR:?< B?WX :LHG>AB>GD K<A P:>:DA B M<>GLX
O?:>K:A>:D KC7@I>BACA A:AA* 7 B RBP# FCLH FB B7 :KR:? M:7E?# B99C? LCD@C>9C@D>#
RN>W6D:9 9:>> >:DD<:* :L:6<9# FCLH B7 :KR:?D:9 B7CDDB> FBAG?C7D>* 4BAG?C7D9C@D>Y B LCD@C>9C@G6 ;CDAC6 @C>CLY 9NM:A9:7KEDH:< 6 :?:@KEDH:< MBDDB9Y
[ 7 B RBP + LCD@C>AB B>QF B M:7E?< ;8F:>H:A 67:K>E>M: +# FCLH D:K AI@C9 LCD@C>9C@D<* :K
=LH# K<DA N;<*\
B>QFDB9 :7:D B7 :6AED KEL :LH67:? F:>H:6RSA:D<: 9:>>:AA SAE>:AEA* N;< AI@ LCD@C>9C@D<*
DBLH# 9:?:9 9CQCDHGPGRBD >EQE6?8> >EQE6?: FB>B@# @: FGA D:K 8 B M:7E?* G?K<>H:D D:M:A6EL:6
<6 9O>68?:# @: BLHB B7 MBD* B>QF KC6A KG? 67B9:KR:?: MC>A B LCD@C>9C@G6DB9# 6 ;:> AI@AB
<6K:?DBAB<A*
67:KER: 6OA8 DBQ :67ER: PIAABAAB# FCLH K=><9 B7 <@8# SLH FGA >:B9B67ACAAB B 9BLH>JA B ;G?J>#
6 K:LM<76LG>AB B ;:>O>:AEA*
>:M:L8 :>67SDA:>:DSA:AA: ?J76B67SD E6 6G?LB G?DHB>BAB<A# 67<DA: ;:FE??E# GA>GA67JMG ;B9I>A*
B>QF MB>BK<>H:D 67:?:A:AA:>P:6 A<67A:>:A:A E?7:AA B 9BLH>J <?GDA# FC>CAA 8 KBLB FB>G67AB 9BL=DGRJ>* EL :LH67:? 67:KR:DE7:AA B LHO>:9:78F:>>H:># B7AGD BP9GFC7 <>>:67A:AA: B 9BLH>JA*
ANRR<:9 W6B9 :??: MG?AB9# 6 KG? PNAA:9 <6 ;:>EP:* 7C9# B9<9 AI@AG9# FCLH :LH FBPJ :>K:DA B
67<L:A K:>>:AA# BK<9C? EQQ:D 9I@A B AT7# 9<66E ;E>A:9 B>QF FB?BLPGAJ># KSL B ANRR<:9:A#
R:>:E?AM: B7 [BQ?J6GLCA\ <6# B9<9 6:KK<?8> 6:K AI@AB9# 67:K>GACKG6A ;:><7LBAAB B7 ODD:Q<:D
9CKC>H FBDLI>BA* LHO>:9:78F:>H FBKB? K:LA:>A BW9# <KCD# BI?<W:# B MB@G67C9 7NK:
B>QF PCRRPGD F:>H:79:@:AA :># B ANRR<:9 RB> 9E7 ;:>8># B DBQC6 C>@B>CD* N; G>>A* 7 DH<>MGDMB>JBD BDDH<A P:>:DA:AA# FCLH K:LFB>>LBAPB# BK<A R:67E>D:9# @: KBLB D:K
9SMGD ;:>67J>B>DEA B@D< BDDB9# FCLH F:>HA:>:DSA<# BK< AN?AEDA*
+ ??J> MBD 67J# FCLH LHT>E6A 9:>> AB?ABDID9V
:D9< 6:K 67J>A# @: B B>QF ;:>E ;C?@I>J B?WC9 ;:67O>A:D ;<LH:>A:9* B>QF K:L>:DL:AA: B
9BLH>JA* G? K:LABDI>AB B7A B LHB9C?>BA< 67BRG>HA# FCLH B7 <>H:D B>BQM:A8 K:LG>>BQSAG6C9BA
>:LB>GRR 9EA67:? 9:>> :><6KEA:>D<# FCLH K<D@:D9< K:LE?A6: 89:A* 7 :KR:?D:9 O>D<: 9:>>#
K<D@:D A:9<DA:A:A B 9BLH>J?B <?GDHSABD<# 6 B 67BMB9BA# K<DA D:FE7# 9:?:9 9BM<W6C9BA# R:>::PA:DJ# LILLC>J MBLH O>@NLE>8 ANK:LR:* >:L:LH67:?TRR 67BMB9BA
<LH:9:7:AA K:L9:?:6D<# FCLH KEL B 9<W6<DH:9 <6 K:LE?A6E9# K<E?A FSMAB N667: B LHT>E6A* E68RR
DH<>MGD B7 OLH:6:RR M<ABA9C7J9# BW9# BI?<W:# N;< E>D< ;CLDB9 B 67JDC9< KTME67:A K<D@:D
:679N7EM:># FCLH N667:LBRB>HSA6G9 B DEQ:A# @: KC6A B7 :>:PED B K:LR:67E>E6 AG?LHGA M<>GLC6BD
9< 9:>> ;:PA:D<*
+ HT>E6A 9:>> AB?ABDID9* 6Q:@<L D:K B7E?A# FCLH 67J?B9C77ID9 *# * FCLH D:M:66OD9# K:L
>:;C?@I>PID9 B ?ND9?8> + B7 BQ?J6GLC9 KG?<6 :LHKG6?B DE7A:9 E6 9IDWCLD< 9:7@A:9 +# D:K
02&$.-
B7E?A# FCLH] K:LA?E;G>PI9 :LHKG6A + =P?B ;:>:K:>A: B 9BLH>JA# KBAA B K:L;:>:>8 67JA 9:?:6A:
+# MBLH FCLH OLH:69:@POD9* :K B7E?AV 4BD:K# FCLH ?:D@R: A:LHO9 B @C>LB<D9BA*
<>>BDBADH< 67OD:A:A AB?ACAA*
+ 7 :>ERR PG?ABK :LH:A# :LH:@O> MC>ABK 6 LCD@C>9C@ABK# B7CD LCD@C>9C@ABK# FCLH
AI>BP@CD9EQQ:D K<?8> <6 MBD 67J* I@CK# FCLH K:L;CDAC6BRR* HT>E6# BK:>H ?:D@R: A:67LB<D9BA* :>68D:9 KC6A & ;CLC9 R:67E>D<*
ZP?B :>FB>>LBACAA# 6 LEQ<:6:D FGA?B6<KSACAAB FBPGA* N;<# K<M:> A<>AB9C7G6B FB67AB>BDDB9
R<7CDHI>A# >GRIPPF:LH:D R:>CQJ7CAA B FG?CK67NLR:# 6 W6BA>B9C7CAA B ANRR<:9F:7*
B>QF ;C>HABAAB*
+ C9 LHT>E6OD9 MC>A KG?* <D@:D9< N?O> BDDB9# FB R:67E>F:A# 6 :LHOAA >:F:A B ANRR<:99:>* >
<6 FBAG?C7ID9 :LH DBLH W6CKJ @C>LCA* : 6CFB6:K M<667O9 MELR: 89:A* >FBAG?C7AI9# FCLH
M<7:A FC7ID9 B ;C>HJRJ># 6 9J9I67@<JFEPB9RBD AG?C>PI9# 7N>@ >:M:>:99:> >:AB9B?MB* EFGDH DBQ<L
:7 K:L <6 AN?AEDA* : KC6A KG? D<DW6 MS7# B @<JFEPB9 O?:6:9* 7 :KR:?:9 B ;C>HJRJ> <67DB9*
4:>H:6>8 7=LG6 FB>>BA67CAA*
+ :K K<DAFB RBP MC>DB# FB MB>B9HJRJ> <67<9* LH E?A:K# FCLH ED <6 67SM:6:RR:D
<67CKY AI@PGAC9 KG?# BRRJ> B K:@:DWER8># BFC> B MS7:6E6 MBDY K<DA :7:9R8> B MBWB9
9J9I67@<J9RJ>* : FGA :>FBAG?C7AI9# FCLH FC7ID9 M<7:A# 6 KC6A KEL6:K FC7ID9* B @E>IAGD
K<D@N667: 9EA @<JRBD MC>A MS7*
:LDHB>AB B7 BP9GA*
+ 7AGD <AA MBD B 9IDHFJ9# B K:D:@E9F:>H:9 @C>LB* ZPBRR 7=LG6 AGKB@A# KBP@ :>FB>A*
+ >:LANRR:D 9N7O>:A:9 B 9IDHFJ9RBD B>67BDB9* B EP67B9B QE>@GI># BK6:?<W 9<MEA:>EM:>#
B9<9 AT78?6EL:D MBDDB9# MB>BK:DDH<:D CAA ;CLDB9 B>I@D<* : 9<9 EQSA:AAE9 ;:> B 9IDHFJ9BAX
LH Q<>>BDBA B>BAA ;O>6<9:ASA8 >G?KB AGKB@A* <D@:D9< ?E67A M:AA B 9IDHFJ9 EQSAE6ER:D*
B>QFDB9 =P?B K:L 9:>>:AA >:DL:AD<: B 9BLH>JA*
+ G?PID9 :LH Q:?W<LV LH E?A:AA:K# 9< EQSA:AA: ;:> K<D@ B FG?KBAX 7 :>68DE> MB>BK:DDH<:D
@C>LC7AID9# B KG6C@<9DG> KG? W6B9 DELH:D# B7 IAC>6JA CAA ED E6 <KCD 9:AA:6R:D W6<DG>AI9*
7E?A C>HBD ?CLLHBDA1ACAAHBDA* :KY D: D:M:66:A:9V 4B KBP@ :6D< 9:7@ B7 :68# R<7AC6# FCLH
R:@O>* :@<L B99C? ;:@E> 9:>> B ;:POD9 ;N>EV
7OD:A:A AB?ACAA# K:L?:67:>A: AC?9GA*
+ 7AGD KEL MB>BK<V >FBAG?C7AI9# FCLH B ;O?@8K:@:DWEA8> PCRR?B :68 67<9>G9BA ;CLPI9
G?DHE967E9D:9 FB67DG>D<* 4:>H:6# PJ FBAG?C7BA MC>A* @BLG>H K<D@:DDBQ A<67AG?B KC66B B7A B
F:>H:A* <# BQ?J6GLC9# AI@AC9 :??8> :LH:A1KG6A*
LH1:LH 9<6 9IDWCLG6 FB>>BA67CAA# LHC?6 A:9<DA:A:9 W6:?E>8@A:9*
+ C6A K:L K<D@:D9< CAA MEL7< :> B @C>LGA# BFC> EQQ :67ER: PIA* 9IDHFJ9 K:>>:AA K:L B
KJ>JD <6* <# BQ?J6GLC9# FB PJ>>B9AC9 LHOKN>WW6:># 6 B7AGD 67C?I> B 9BQWBY
DEQ FBDLC6BD FBFCAG7CAA*
+ 7A KCD@CK# FB RBPRB PIAAC9# B99C? D: A:66E9 LHOKN>W6NA :DD<V :?A :7 Q<679C6 @C>CLV
ZPBRR D:M:AE6FI>>GK*
+ 7A KCD@ABK# FCLH :7 Q<679C6 @C>CL* :L?GDW<LG>AB @I?MB# 67O?9: <DLEA*
+ 7 AEDH>:L Q<679C6 @C>CL + <6KEA:>A:* + 4B MB>B9< RBPRB PIA# B99C? A:66E9 B 67<9>G9 9N7E
K:DD<Y :LH:D:6:D MEL<L B QB?ACD* :LE?A:AAEA:9X
N;< 9<DH=PACAAB 9:7EA B 9BLH>J ;:>E# @: B>QF B ;:PEA >8?: K:LA:?M:7A: B R:67E@:A#
QCDA?J> QCDA?B*
0.&$.-
+ :FGA :7:DA=> =P?B B 67<9>G9BA ;CLPI9 FB67DG>D<# MB>BK:DDH<:D* 7 B7 :LE67 F:>H KG? W6IQB
KCW6C9* + >FB>>LBACAA* LHT>E6 E?:7A:# FCLH B MG>6GL A:A8QCDAPGFC7 9N7:>:@D:9# 6 ;:67O>A
;<LH:>:KK:> >:6A: B>QF K<D@:D 67BMGA
+ C6A Q:@<L B AT7?8> ;CLC9 R:67E>D<*
LH Q<>>BDBA?B :>B9B@A B >E>:L7:A:# B7AGD :LH 9<6 6JFBPA FB>>BACAA# BK:>H:A B FB>>LBAJ6GL
ND9EDA:>:DO> K:L<6KEA:>A* BW9 :LH @B?BR ;GA 9:7@:AA ;B?<LW6G>D< 9E6EM:># 6 MB>BK<A 6=LCAA
JR:?AD:9# B9< :>;C?@SACAAB ;:PEA*
+ 7:D B 67<L:A:D B >:L;CDAC6BRR @C>CL B AT7* 4CLH 67BRB@I>FBAID9 <DDEA# D:K 67GKSAMB :LH
67:?:DW6E6 ME>:A>:DA# FB D:K AB?API9 ER?:D B AO7:AX BLH :7 A=> DBLH KID9B MC>DB 67GKID9?BX
<DH=PACAAB :LH<9 9B?PGA*
+ E77:A:9 9N?O>* LH:# FCLH 6C9BD MBLHID9X KEL<6 9EQA:>:D:9 MC>DGD9 B??B# FCLH ER?:D
AB?A6I9 B AO7:A# E6 ;O6ANA W6<DG>PID9X 4GA D:K E?A<A:9X :K >GAPGAC9# FCLHY FCLH <D9GRR B7
E>:AOD9:A 9:>> ;:>G>@C7D<# @: B AT7D:9 D:K 67BRB@ 9I@D<X
MB@G67C9 9N7NAA 9EDH67:?:@:AA M<FCLG6 FB>>BA67CAA* B>QF <D@I>BAC6BD ;:>EPO9 ;C?@I>A*
+ B@G67C9V < B7AGD D:M:AF:AA:9V : ED B7A KCD@CK D:9A:9# FCLH B ;O6A ;CDAC6BRR# K<DA B
KB>BW# B9G?FGDHBA N>AN9 <6 K:L* :LE?A< <AA :7A K<D@:D9<X + <AG?AB 9B?PB<A# E6 67:KR:;C?@I>A B
FG?CK67NLL:>*
+ BLH ;O6ANA W6<DG>ID9 CAA ;:DA B F:LH:DY MBLH ) V
ZP?B 67OD:A:A AB?ACAA# ]B 6C?CD 9NM:A9:78 QCDA ;:>E ABQCLBAJ7MB*
+ 6 KEL MB>BK<V B>B9< :>9<G>ACAAB KBLGA*
+ C9 >:67 KG?V
LH:AE?A8 KC?KCLG6 FB>>BA67CAA* : B>QF A=>FB?6CLAB*
+ 6 KEL MB>BK<V BP@FCLH ;:> D:K LH=PACAAI9 B7 :LE67 67<L:A:A* 6 B??B M:67A:L:APO9 B7
<@8D9:A# FCLH 67<9>G9BA AC>CLBAID9 <@:1C@B# E6 K<D@:D;:>E 9<6 AO7:9:A LH=PAID9 E6
;878W69E>OD9* KC6A B7A KCD@CK D:9A:9# 6 :7 KGAJ> ;CLMB AN?MEDH# K:?A ED MBLHC9 B M:7E?#
FCLH 6:FC> KG6IAA D:K ;CLID9 AO7:A LH=PABD<# K<DA ;:DA B F:LH:D* :FC> KG6IAAV
7CD DHCKRBD QC9C>< 76<MBP 9:>:A9:7:AA* NRR ;<= ;:>IL?CAA# E6 9<G>AC7D< 9:7@:AA# 6 B>QF
A=>9<G>ACAAB 89:A*
+ :?A B9<D:9 AT7 9:>># FCLH K:L;877ND :LH FB>BA MBLH :LH ?G9CA# B7 67:@P: B >GRGA# E6
K:DP:D ;:> B F:LH?:* B99C? MB>BK:DDH<:D DHILC@AB9 >:F:AOD9*
:7:9 DH=>AB9 9J IAGD B >:DHILMJ DBQ ;EDHER:D* : B>QF D:K B@AB C@B* :>IL?CAA
B ;BAND9?:*
+ 7A B9B?ABK :>KCD@BD<* 4GA KC6A :>KCD@ABK* < MG>B67ACAABAC9 M:7E?D:9# FGA KC6A
A:LHEA:9# BK<A KCD@C9*
ANK:L >B66BD9EDA :>W6:D@:6:@:AA# B ;<=9 =P?B M<667BO>A:9 B F:>HO9?:* B>QF <6
K:LDHILC@CAA# =P?B 9N7DBQ< W6ND@:6 FBDLPGD R:67E>A*
+ :FGA :K>E9:77:A:9V ?DHE967E9D:9 B 67<9>G9BA FB67DG>PI9* AO7:A ER?:D 9:>> AB?ABD<#
FCLH P:>A B@FB66ID9 B M<>GLDB9* F:LH?8> D:K 67BRB@ AO7:A >:FC7D<* AA ;877EA:9 K:L# BK< 9:>>*
BW9 ;:>G>>A# B FCKG>HRBD <6 >GA67CAA 9CKC? B?WB* <DH=PACAAB 9:7EA B 9BLH>J IAGD*
+ EL D:K ;:P:7A:K R:*
+ : KG? :>:L:A R:67E>AE>*
+ G>BK MBD B 9BLH>J* BW9 KC?CLMB M<667BO>A*
+ KC6A :>KCD@CK B >:L;CDAC6BRR @C>LCA* ??8> B7AGD >:F:A M<ABA9C7D<*
0'&$.-
:LMG?AB# BKSL B KJ>J A:>P:6:D :> D:K W6ND@:6:@<9*
+ ?:D@ ;:>RCK>CAA + KCD@AB* + :K AI@CK# FCLH K<E?A* <D@:D C>HBD PJ> 9:7@8@NAA#
RC>@CLC9 MC>AID9* B7AGDY
B66BD <@:1C@B F<KRG>MB B 9BLH>JA# A:9<DA:A: B LHO>:9:7:A ;:P: ;N>NAA B 6:KK<R: K:?:@A*
67ER: PIACAA B 9SLHJ# B AT7# B ?EKO>:A 6IAACLG6B<*
+Y B7AGD B7 :KR:?:9 :LH67:??: W6B9 ;E>D< 9:7@A:9* C?KCLG6 FB>>BA67CAA# KG?1KG?
QBDB67C6 PBPCDLG6* 7AGD =P?B W6ND@ >:AA* BW9 BRRBFBLHAB B ;B?<LW6G>G6A* B>QF GAK:D:A DE>9O>
;C>HABAAB*
+ : FGA :7:9 B7 BQ?J6GLC9 67GPGRB MB>J @C>LC9* : :77:> <6 MEL:7D< 9:>>* ??8> B9B?ABK KEL
R:67E>D<# :??8> MB>BK:DDH<:D M<ABA9C7FBAID9Y 6 :??8> 9:>> FBAG?C7DID9* FBPB =P?B B 67:KER:
FI>>A*
+ :L 9:>> M<ABADID9# FCLH K<E?A ;E>D:9 B7 :KR:?:9# 6 :> 9:>> FBAG?C7DID9# FCLH D<DW6 ?G
6:KK< C9I9* EFB KBLBK <6 K:L MBLHC9 <P:@M:# @: FGA :7 67BKG?6GL* LHBDC>HBD @C>CL# K<DA
B 9S6E?A:A:9* FB KBP@ FBAG?C7BACA FC7AID9 :??8># B99C? =P?B D:9<>GAFBAID9 B7 OLH:<D9D:9# 6
PCRRBD LCD@C69C@FBAID9 B7 C>HBD ;CDAC6 @C>LC9?J># K<DA QE>@GI> B AT7*
+ K>E9:7:AER:D F<?A:>:D ;:>;EDH>:AA BDDB9 B FG?CK ;<=DB9 B 9EQ:# B9<9 MB>BK<9C? B
DBQ;EDHR:D ?BLHCLJ ;NMEDH:D RB>>BLAB9* + B99C? K:L<DA RC>@CLC9 >:F:AOD9*
B77B> B>QF 67:?AB?AG6C6BD KBLB K:>>E# B ;BAND9?: F:>H:7A: B 9BLH>JA# P:>:7M:# FCLH
R:67E@ED:9 MELE?: E?A* DBQ;EDH KC6A KG? MS767<DA:6:D FI>>CAA B AE??:*
BW9 ;:>G>>A# E6 :>M:AA: B 9BLH>JA*
+ 7:D B LHT>E6:D A:FGA K:L 9:>> M<76LG>DID9# FCLH K< K<W6C@B* 4GA ED KBP@ K:LKCD@CK
D:9A:9* 7 BQ?J6GLC9 9:7@AE9 B7 :LE67:A# K:?A :LH?: B??J> R:67E>A:9# FCLH ;E>D:9Y
B@G>>BAC9XY 4CDDEA PNAA:9 MC>DBX :?67: FCLH DEFB K:L MBLHID9 <P:@M:# @: FGA :RR: R:>: 9:>>
AN?8@DOD9* 6B9FCLH B>QF B7A KCD@PB# FCLH EP67B9B M<6SAC7AC9* 7 6:KK< KG6 D:K >:F:A#
W6B9 ><@E?WDHCKG6* <D@:LHY A< D:K MB@G67AC9# D:K EQSAA:9# D:K 6:LSAA:9 6:KK<R:DY W6B9
DHBMB>HCLAC9 E6 ;E>A:9# W6IQB R8L8KB6<DB K<D@BFGDHY 4GA :??8> MBD 67J* BK:>K:A
<>>:A<# FGA B7A A:66E9 DHILC@ABD :>M<6:>D<# K<DA BFCLH K< <6 9<RS?PI9*
B>QF DH<ACAA 67GPPB> RGKI>A BW9?:# @: :7 D:K M:AA ?J>B AI@CKG6A*
+ 7 B >EDH:L + KCD@AB B MN?N6FBP= +# FCLH B ;E>:>:K EQQC>H 9:ME66E G?AFBA B7 :KR:?D:9#
K<DA B7# BK<A G>KC@<9* 67<L:A:D Q:@<L D<DW6 6:KK<;E>: MB@G>>BA# BK<A8> ;E>D< 9:>>*
+ EL<LDE7:AA B7 :LHKG6FC7 R=PA BQ?J6GLC9 6C?GD* + LHER9EDA K:LE?@:K:>DEA:9 B9G?K<A#
A< FB67CDAB>BD R8L8KB6<DG9* : MB@G>>BA D<DW6Y
B>QF <DL:?O>A:D ;E>R:67B9SACAAB*
+ <?8> R:67E>67X < R:67E>A <AA MB@G>>BAC9?J>X
+ : KBLB@# B K<DBQ* K<9C? :>KCD@AB@# FCLH G>KC@DB9 E6 9<BRG>DB9 G>KI9RBD* KC6A
KG? B??J> R:67E>D:9Y 6 D:KW6B9 B7 BQ?J6GLC9# FBD:K DEFB KEL B MB@G67B<K <6Y FCLH MBD <AA
MB>BK<Y MB>BK< 6NAEA D:KAI@CKK<W6C@B# MB>BK< G>>BA# 67N?DHY BLBK FB>>CAABK* 7A F<AA:A:9#
ILH:# FCLH D:K FB>>CAABK K:LX 4GA KC6A ;<LH:>P:A:9 <@:V >H:D 9<6 67<L:A:D D:K >:F:AD:9 DBLH
G>>BAC9* :L;N>P:RR KB>BWC9* ?C67>GDC9 K:L A<L?<6:9 W6B9 DBLH C?67GLC9RBD E>D:9# K<DA ;?<9B
E6 D@<BY
+ 6 B7 G>>BA9:?AR:D*
+ C6A DG>BK MBD B 9BLH>J* KC6A D:K B A< ;E>:>K:A:9?8> R:67E>:9# FBD:K B 67N?DH?8>*
E>P:A:9# BK:DDH<A B9B?AC9# FB =LH A:A67<9* : BK>:A<Y
BW9# B 9BLH>JA 6<KCLBAMB# 67OD:A:A AB?ACAA# KBP@ Q<679C6# ;:9:A: 6BQ9G6 MB@G67B<FC7
;C?@I>A*
00&$.-
+ 7A 9E?@:K# FCLH MB@G67 MBLHC91:# MBLH D:K MBLHC9 MB@G67X
;<=9 RJ>CLBAAB9* BW9 PJ MB@G67 MC>A# BFFC7 9EA6EL 6:K ;E?A*
+ C6Y FGA ED R:PG?ABK :7A B7 :LE67 67<L:A:A* LHKBLGKRBD* 4B MC>DB <AA 67N?DH# B7A ED
K:L>GAABK MC>DB* < W6B9 ;E>P:A:9 DHILC@ABD# K:?A FGA <>H:D:9 MBLHAC9Y @: 67N?DH B7 D<DW6 B7
:?@8R:D*
77B> BW9 M<667BB@AB B 9BLH>JA E6 >:O>A* 7 :LE67 LHT>E6 K:L9NDDH:RRO>A:D K:LABQ6C>AB*
7AGD N;< DH=PACAAB 9 K<D@:DR:D# BK<A KCD@CAA# @: MBD# BK<A PJ> KCD@CAA*
:?KE67:A:6:D D<DW6 6:KK<;E>: 67N?DH B7 :?@8R:D* 4CLHBD <6 >:F:AD:X K<A :DD: B7 B7 G>>BAX
+ B>BWCA*
+ B>BWCA K< :67OD9*
+ N;<AV
+ G>BK MBD B 9BLH>J + KCD@AB N;< KE>ABA>BD9C@MB* + B>QF# ILH: KC6A R: 9:>> ;CLD<I9 B
67GPI9BAX 6ND@ >:LH:D# BQ?J6GLC9V ??J> B9B?C9 R:67E>D<# FCLH D:K E?A:9 :LH:A B77B># BK<A
BW9 B ;E>:>:K?8> KCD@CAA* :?67: B7 :?@8R:D D<DW6 6:KK<# BK<A8> ;E>D< 9:>>:D:* I@PGAC9#
KBLBK <6 PG?ABK CAA* :L9N7:>:RR KG? KBP@ 9S6E?A:A:9?8> ;CLAC9 R:67E>D<# K:L :LHER <>H:D
@C>LC9?J>* : K< AI@PI9# FCLH AI>BP@CD9EQQ K<?8> MBD 67J# 6 FB MBD F<RB# B7A K:L 9:>> 67ODA:AD<*
:A:AA: 67:KOM:LEA# E6 ?GPI9 Q<6>CLCAA* RRBD B Q<>>BDBARBD >:K:DA B DBQ# K<DAFB >:C>ACAAB9
MC>DB :LH >GKQGA* N;< FC77G;CLCAA B KBLHB?G7BAFC7*
+ 4B B7 :KR:?D:9 ;GP B FB6B# B9G? 9<W6<# B9G? DBLHY
+ :9:@ DBLHV
+ 4B D:M:AD< B9B?ID9# B99C? 9E68RR ;C>HABAPI9 B LHT>E6A* FB B7 BQ?J6GLC9 K:L<DA
;:>KG67DB9 B??B B F<DAB;G?B# B99C? :LH Q:?W K=>MB K:L<DA >: ;CLDB9 :6D< ?J>BU PCRRBD A:DDE9#
FB B ;N>@ND O>DED:9 E6 ;<LH:>DED:9* :FGA ;C>HABACK* BDBQ6GL MBD C?MC66GL K<D@:D RBP?B#
KEL B >E>:9 R:>6:PER:D >:M8 RBPC9?B <6* 6B9 D:K LCD@C>PB <AA MB>B9< 9CKC>HBD# FCLH ;E>DOD9
9:>> MB>BK<A8># BK< D<DW6X 7 E>:A ;C>HABAAB N;< >:>9:619N7>E9:DH:D +# B7 E>:A KB AI@CKGDHC6#
=LH MBD# AI@CKGDHC6* LH MBLH 9EA EMM:> B FGRC?= R:;:P:7E6: IAGD KG? KBP@ ;:>IAB7ID9 B
B?6?B E6 M<667B* I@CK# FCLH <AA D<DW6 67N?DHY =LH E?A:K# C>HBD# BK< BLHB??B># 9B?CKKB>
AGKB@Y 6 B7A <6 AI@CK# FCLH <AA D<DW6 K<A8> ;E>D<Y
7OD:A:A AB?ACAA*
+ 4BW6B9Y
B>QF DHILAB>BDI> K:LKC7@I>A*
+ 4BW6B9YX
+ 4BW6B9 B7 :KR:?:9A8> D:K*
E><L D:M:A8# ;E><L L=DHC6 D:67:7E6 FB>>BA67CAA B7 O>8 ;<=9 9N?ER8>* N;< R:F=7AB B DHB9GA# E6
6<:AM: ;C>HABAAB*
+ 4GA B99C? KC6A FB>>LB66I9 K:L B7A B7 BQ?J6GLCA KCD@AB +# B9 R:67E>A* B>GD
R: AI@PI9 D:9< R<7CDHSABD<# FCLH K<>H:D 67BKG? MC>A*
7 BQ?J6GLC9 6IL@C>J7D< 9:7@A:9# B7 :LH<9 ;:>G>>A*
+ *
FFC7 9EQ:6A# FCLH K<>H:D BQ?J MC>A# DBLH NDR<7B>KBA KIABACAA* <DH=PACAAB 9:7EA B 9BLH>J
IAGD# K:L>:DL:AA: ILHBD=LH# K<DA B>QF# B7AGD 9N?O>DE7:AA# FCLH K<:>8AA K:L9:7@<
67JDC9>BAGA# KBLG?B A:?:>P: B ;<LH:>K:A*
0,&$.-
+ 7 EPP:> G>KC@ABK# DBLHCD ?C667BA G>KC@ABK# K<D@:D;E>: @C>LC99B> M:?:9:@A:K*
LH67:??: W6B9 9<DA MC>ABK B 9IDHFJRJ># :LH:61:LH:@O># 6 B7C99B> B 9SLHJ7J @C>LC99B>
M:?:9:@A:K# BK<9 B ;G9CD MBDDB9*
>FB>>LBACAA* ANRR< BQ?J6GL RC?7B@MB 6 ?C9CD67:DM:7:K D:M:AD< 9:7@:AA*
+ BLHCD ;E>A:K# 6 B99C? ;:>ER?:@A:K* 9<K:DA:K B 9IDHFJRJ># :LH:@O> B 6NAEAR:# 6 B7C9
B 9SLHJ7J @C>LC9 KG? :>ATDA:9*
7SMR:KB?9C>JBD ?EKO>:A:6 MC>A# E6 C>H MB>J67:?TD:9 FBDL7CAA# FCLH K<D@:D9< :>FB>>LBACAA*
LH:?:9 FBDLPB Q:@<L W6<QCLMB ACMGRR 67J>A B ;:FE? 9BLH>J KNLO>*
+ :L MC>ABK <P:@M:# 6 KG? EQQ 6:LSA6ELO> B9B?ABK FSMDQFCA# 6 B99C? >GAABK# FCLH
MB>BK< KC7CL B ;G9 9N7NAA# MB>BK< J?<G6<Y E6 67N?DHT6EL:6Y
>FB>>LBACAA* ;:><@E7:AA :K>E9 =P?B ?EKO>:AA:> AN>ANAA: :># RG? 9N7R:D 9<66E RO679: <6 MC>A
B??B# FCLH :99C?B 67:D7GW<JA AI@ 9:>A:D<*
+ <@E?WDHCKG6B MC>A + KCD@AB B>QF* + >KGRBD 9:>A ;:>*
K:L;E>:K>SA:AA FB>>LBAJ6GL :LH:AE?A8ED 7=LCAA* : B7 BQ?J6GL KB9BW6I> ?G7AB B ;:PEA*
+ K<9C? B7C9 B 9SLHJ7J @C>LC9 M:?:9:@A:9 :LHKG66B># B99C? B>I@ABK# @: BK<9C? :>ATDA:9#
ER?:D MC>ABK# E6 >GAABK# FCLH MB>BK< J?<G6< 67N?DH:A:L KC7CL B ;G9 9N7NAA*
B>QF 9<DH=PACAAB 9:7EA B 9BLH>J IAGD# 6 B7 BQ?J6GL >:O>A*
+ >I@AG> + KCD@AB B>QF* + :K MC>A CAA 6:D9<# 6:KK<* P67B9B D:K >:F:A B7 :?@8R:D PG?D<*
BLH PG?A CAA MB>B9< 9N7O>:A:9X <K:DA MB>B9X
4C667= 67OD:A 9:>:A9:7:AA# BK:>H B>BAA B DEQ PJA KI>BACAA B7CD B LCD@C>BACD# FCLH MB>B9<
EP67B9B 9<K:LH B7 :?@8R:* 7AGD <KCD ;:>G>>A# E6 B>QF W6C@G>9C7MB ?GDE7:AA*
+ :XY 4GA A: K<E?A W6BMB?CL67 B 6NAEAR:DX <KCD LN?W6N6:D K:LKB?9C>AB B 9BLH>JA*
+ > B9B?ABK K:DD< MB>BFCMBY :LH F:>H?:# BK:>H:A <6K:?:9Y
+ <;E>: F:>H?:X
+ 4GAY 6K:?:9 :LH F:>H:A B @76IDL:>R:DY 4BRC7CAA*
: BW9 :LH K:LP:LH7E6: >:7G?AB B7 OLH:A* 4BDLPGRBD B7 B K:A678 K:LM:AE6 67J>A# BK:>>H:>
C>H D:M:A6EL:66E AI@AB A:DD< :>>:D;:>:<A*
+ >W6BQAB B FB6GA + KCD@AB*
B>QF <KCD F:>H:AA <6 67:LH:<9E KBLGA* <667BM:AA: B 9BLH>JA# 67<LC?=BD DE7:AA B ;<=
B?WGRB*
+ 4GA :7A D: W6<DG>@ ANRR67N?# E?A:@X PP:> KB?B@P B F:>H:@:DV SLH <6 EQQ :>EL C6ACRB6GLCA
FC?@BDB9 N667: MB@G>>BAC9?J> K:L :LH:R:9?8># 6:KK< 67O96EL B??B# FCLH KEL A: <6 K:L<P:67@
B7 BQ?J6GLC9BA EPP:>< 9<?GD@I>G6C99B>Y
F<?A:>:D ;:>AN?8 W6=;CD@G?C6 D:M:AE6R8> ;E>:>:K E6 K:L?CMG6 67J>A* <KCD 9<DH<ACAAB 67GPGA#
@: B 9BLH>J B>QFDG> MC>A# A:FGA M<667B;B?C>A B F:>HE?:*
K<9C? B ANK:L :>W6:D@:6:@:AA# B>QF N;< ;:>E ;C?@I>A*
+ C6# N;<X
+ C>A <AA KEL :LH KG6<9 <6* 7 <AA# D<V
7 BQ?J6GLC9 :>8?:>N9@N6AE9 :?W<MB>A# B7AGD KBLG?B FBLHAG9* E?@<L G>>A B KE>H ;TR:D#
:>R=PA >GRGA 9:?:6M:* ZLH >GA67<9# B7A PGA67CAAB# FCLH 6GAC?RBD MBD* B>QFDB9 :67ER: PIACAA :LH
KG6<9 9<6;<=# B9< KEL D:K?EL ILHBDSLH G>>A K:L :>8AA:Y 6 :>F:66:L:AA: B7 :K>E9:A* G? ?EL
67GKT7A:# K:667<?:# B >GAFBAG?CD A=>?B# BFCDDEA W6B9 :LH <>H:D 9E77:>;CLFBAJ :K>E9:7A:A8 RS?AB
M<667BFC7D67SD?:# 6 B7JAB D:K <6 AN?AEDA ANRR 9S6E?>:A# FCLH N667:67GKC>PG9 B7
0!&$.-
BQ?J6GLC9BA# :LH?E67A K:?A 6:KK< KJ@ D:K MC>A B??B# FCLH B7 :KR:? K:LR<7CDHC6C@PE9#
MBPCD MB>BK:DDH<:D :LHOAA MBDDB91:# KG6?E67A# K:?A B>QF <6K:?A: B MG>B67A >:LB>GRR<6 B??B
B7 :LH 9E?@E6?:# K:>H:A N;< A:AA ;:> C@B;:DA B F:LHA:A8D* C>A <AA KC6A <6 KEL ?:DL:A:L BQ?J ;<=#
6789E9# ;:9:AE9# 67:Q>86:9# 6] K<D@ :LH;C?KGD Q<679C6B9# @: B7 B?WB :LH<9D:9 6:K MC>A
;:>ATD8RR:D K:LP:>N>M:* :D9< 6:K >GAAB ANRRE B 67:@:?67SDT BDHBP:LH:A* N;< B99C? K<>H:D
:?867B9C6 MC>A E6 K<>H:D 9<FSMJV 4B>>LBAJ>BLC6BD :><6K:?M:# FCLH KC6A ;:><@E7A:# BK<
9<KCD@FBABA>BD# B>QF RJ><DACAA*
+ ?<LLH# 9E?@:7@ 9<V + KCD@AB N;<D:9*
N;>E AE?@:>A# 9:7ER:D B 9BLH>JMB>*
+ H:?OD9V + KCD@AB* + 4CLH FSMDB9X
7 BQ?J6GL M<667BF=7J@CAA >GAFBABA>BD 6GA?GRB* N;< A:F:A:A>:DO> B>QF ;:>E ;C?@I>A*
+ 4CLH FSMDB9X + <6KEA:>A: :7 67<LC?=BD*
LHO>:9:7:A:A <@:L:6SA:AA: B W6ND@ E6 B KB9BW6 :>>:DG>>G6* J?I6RBD 9:7@AE9 9<BRG>D<
+ 4CLH FSMDB9Y FCLH FSMDB9Y FCLH FSMDB9Y
+ 6ND@ >:LH:DV
B>QF 67:KOLH?: M:AA: B>9CDHBAV FCKG>HRBD :>8AA: G>>J LH:?:9:A*
+ C# R:67E>PY FCLH FSMDB9X
+ :?W<MB> 3:KH6 B@<6CD# B >B9G6WSK:K :>9E67>B9# 4B?WCI?A A* DAFCDH# 4BKQ6F<?:# B
A:>:;CDCKY B A:>:;CDCKY B A:>:Y
<DAFCLH :7:9 B7 B@BAC9 FC667= LHN9:?:<99:> >:E?A:9 B ;GP@B>CK ?ILJ7BAG<L# B LH:?:9
F<?A:>:D :>6S?AB KBLGA* ?WB ?GDWC9RB LH=?J@CAA# 67:KER8> 9<W6I??BDAB9 B 9NDDH:9# 67GPB 67E>:6
;:9:A: >HI99G AGLI>A* 7 :>68 Q<>>BDBAC9RBD B RGDBA DEKB 67CR?GMG ;BLHCAA# @: B7AGD ;:>AN?A
R:>8>: B PBPCDLG6# FBDLC6BD# 9<AB?AJBD# K<DA B 9BLH>J 9O?A67BMB*
+ 4B>>LB66V 4B>>LB66V
: :?W<MB> 3:KH6 G@<6CD D:K FB>>LBACAA* B>BFC> K:LDHCKAG9 :LH ?ILJA# A=> B A:9<DAE>H
MBLH B9G? B A:6A< K:L;E>:K>SAE6 FBAG?B<D# E6 B 6S?G6 ACMGRR 7B9BAC>A# :LH:D>:A:6:D# K<DA B
>E>:L7:AU =LH A:A67:AA# B7 AB?APB ;:DD# K<DAFB MC>DB 67NL:7M:*
+ 4B>>LB66V 4B>>LB66V
C6A KG? B ANRR< BQ?J6GL <6 R:>:BMBA9C7CAA* 67O9R: PIACAAB9 67:KE>H:6 ;GP@B>KB<9# 6 AB>GD
C67AC7D< 9SMGDAB9 B DBLH# :LH:A:K:6 RGDBARBD <6* LHOAAE?7E6O9 P:>EO> MB>BK:DDH<:D 6S?D<
9:7@A:9# 9:AA:D 9N7O>O9 KBP@ C>HBD FBDLC6BD# K<DA :?W<MB>*
BI?<W: K:DA:AA: K:L B F:>H7:A:A*
+ @: DE77:A:9V + 9<G>ACAAB*
LH A:AA# K<DAFB :>MGLJ@DE9* :L@N?76N>A: B ;B?GA# 6 >:O>A B R<>>:L8 ;BAND9?:# BFCDDEA =P?B
?NLAND >:;C?@I>A B ;TR:* C667 RCFJW MC>A# @: :?W<MB> E6 B ANRR<:9 KE>AGDHC>AG9 <LH:9:7:AEA#
:LH 9<W6<A KEL 67<QG9C>AB9# B7AGD D:M:AD< 9:7@A:9* B 9BWBLG6 =LH :>FB?BQJ7CAA# FCLH B
DBLHC9BA <6 KBLGMB> ?BLB@AB*
BW9 FB>>BAAB :>68D:9 B 67BMGA* 9BLH>J ILHBD D:K MC>A DG>B# A:FGA B 67BRG>HC9 :>>:DE?:
67J>B>A K:L# @: B77B> KC6A 6:D9< 6:K AN?8@NAA*
+ 7 G>>BAAB> K:L FCLH G>>ID9X
B>BK< 9O>NDN6 @C>CL AN?AEDA :?W<MB>>B>* BLHCA G6SACAA E6 K:LAGDAC?C@CAA* BW9 K:L;CLAB#
K:L?G7AB*
+ 4C> E> B7 B7 G>>BA# 9E?@:KX
0/&$.-
:?W<MB> N667:76ILC?C@CAA BW9 KB?9GRBD*
+ LH:6 G>>BA >:F:A + KCD@AB N;< L=DHC6BD +# FB :> AI@ R=PD< :7:D B 67<L:A:D*
+ BW9 K<D@:DOAA PG?AY
+ 4C> AI@DB K:LE>D< :LH <>H:D G>>BAX
+ FGABK 9N7:QED*
:?W<MB> MB>BK<A KCAHCLCAA# 6 B DEQ =P?B D:M:AD< 9:7@:AA* B>QF :>8?:FBPC>A*
+ <A KCD@CAAX
BW9 K:LFB>>LBAAB :?W<MB> MG>B67GA# B7AGD 9<:DL:@A: KB?9GRJ> B LH:?:9:A*
K:L9NDDH:RRO>A BQ?J6GL# B7 :KR:?< >EDH:9 K:LDHILABAJ# 67C?C6 LHT?TPER:D# ?NLAND :>A:?O>A B
FC667= ;TR:D# E6 :>B>I@A*
BW9 K:L?:67:>A: AC?9GA# B7AGD K<DA:LH K:>>E9:6:D C@BM:A:AA:
+ 7A KCD@PB# FCLH B7 G>>BA B A:DL:?R8> PND*
C6A KG? B7 IAC>6J D:M:AE6 <6 :>O>A* B>QF ND9EDA:>:DO> K:L;C?@I>A :LH 9<6 LN?DH:@A# ;:9:A:
B>B9 B >BL=DB W6<>>CLG6GRBD* LHO>:9:7:A 9NM:AA: A:9<DA:AEA# :>DE7A: B MS7 67E>:6:D F=7J@J
6GMPB<A# KNLNAA: B DHS>A A:DL:?A# MELA:>:D >:F:A86EL:9 <6K:?:A>:D 9E96ELEA# DEKGD FB>>LBAAB B
7GACDHC9 ;:>8> PNM8 6JFBPC9BA E6 6IAACLG6C9BA*
BI?<W: 67J>B>A K:L# C>HBD FBDLC6BD# FCLH MB>BK:DDH<:D N667:?:77:DA:9*
+ BQB B7A KCD@PB# FCLH KEL D:K ;:@:7A:9 ;:> B A:DL:?R:D K<D@:D G>>BACA*
M<AB =P?B ;:>>GDLC>A* B>QF ;:>:K:>A: B W6<>>CLJ 9BLH>JA# E6 BI?<W: :DL:@:>K:6:D 9<M:AA: B
9:7ER8>* LHT>E6 ;C>HABAJ@CAA*
+ 7A LCD@C>CK# FCLH BW9D:9 <LB7B MBD# FB B7A KCD@PB# FCLH B7 :KR:?:9:A 9NDDHT
K:L<P:67A:D<# K:?A F<67 BK=LH <6 ;E>D:9* : FB B7A KCD@PB# FCLH B 67<L:A:D W6B9 KB>BWC9
E>D:9# B99C? MB>J67SDT>:L 67<DAED <LB7B MBD# @: FGA AI@D< 8 6:K AI@PB R<7CDHC6BDY KG? =LH
E?A:K# FBAG?C7CAABDY + BI?<W: KE>H >E>:L7:A:A M:AA* + QBQGK B7A KCD@PB# FCLH MBDDB9Y
<7EY G>>BAC9# BK:>H:9 A<DAGA W6<DG>DB9Y :LH67JMB> A<DABFB>B9# BK:>H:9 6C9 67G7 KEA:?
FC667=B9# E6 K:L:67<9 B RG>DG9BA <6* + ZPBRR 67OD:A:A AB?ACAA# B7AGD M<@GKBD :>D:M:AA: KBLGA*
+ :?67: ED D:K F<67:K# FCLH <AA MC>DB MB>BK< 67N?DH B 67<L:A:D* FCLH N;< KCD@PB# B7 E>:A
KB AI@CKGDHC6# @: FGA AI@D< D:K AI@ID9 6:KK<A# <LB7X G? =LH E?A:K# FCLH R<7CDHC6BA D:K
AI@ID9Y B>B9< :>9<G>ACAAB KBLGA*
+ A<DABFB> D:K AI@ 9<PNDD*
+ : AI@V
+ :K AI@V
KJ>J :LH 67:KQ<>>BDAG6 B>BAA K:LA:>A M<ABA9C7J# FB@CDG67J G?DHB99B>* B>QFDB9# B9< KEL
K<D@<L B ?ND9ND O>A# B7 MC>A B R:DHCKG6B# K<DAFB :>K:RBP AN?A MC>DB 9< B7 :LE67 LHO>:9:7:A:D*
E>:>:K# G>>BAC9Y 6 KEL BRRBD 6:K AI@DB9 K:L:LH:7D<# FCLH AT7 K<D@:D @C>LC9 9N7NAA B
>:L;CDAC6BRRU 6 FB MB>B9< B7CD MBD# FCLH K:@:?R: ;CLPB B M<AGA# B7 :KR:?:9 :>AE?D:9 B AG?LHAJ>#
6 :LH?: =PBRR E6 9SDC6BRR @C>LC99B> FC7B9C@DB9 :>8*
FCKG>HRBD MB>BK< ;:FE? AG?LH W6<>>CLCAA B 9N7:>ER:DU IAGDBDH=>A# 9<9BQAB BI?<W: 9:7ER8>#
E6 A:>P:6 :?:PER8> R:>:;=PA* LHO>:9:7:A ?EKO>A W6ND@R: @:?K:@A* <KCD B 9N7:>ER:D G>>A# B
9BLH>J IAGD DH=>A* 7A E?:7A:# FCLH C9M:A>:DO> R:67E>D<: 9:>># @: K<>H:D 67N?DHT @C>CL B7#
DH<>MGDC66GL :>8AA R:67E>D<*
+ :F:A + KCD@AB B9B@C7MB +# >:F:A# FCLH B7E?A KEL<6 E> <AA :LH G>>BA*
LHO>:9:7:A MB@I> :>R8@O>A# B>QF GKI>MB DE7:AA <KCD?B*
+ :Y A: <6 F<67:> <>H:6K<9R:DX
0-&$.-
+ 4GA D:K AI@CK + KCD@AB <KCD* 67SM: B99C?G9BA M:?A# FCLH KBP@ K:L;I>>B@A* +
I@D<<>><9Y
<AN?A B M<FB?*
+ >P >:V
+ CL@ R: B 67G@V
+ 9BLH>JV
+ :L8?O>AV
+ CL@ R: B 67G@V B>QF 9N7R:9<G>ACAA*
+ 4B>>LB66GAC9 K:LV G>B MBD B 9BLH>J*
+ I@D<<>><9 =LH E?A:K# FCLHY FCLH AB>GD R:DDOD9 MBD B7Y
+ B?FB6GLV
7A N;< 9<G>ACAAB# B9<A ;:>FGRC?C@G6B KC6A KG? MEL9EQQ 9<7N99:DA:AA KE>AJ6GLGRJ>* <KCD
;C>HABAAB
+ :?A K:LAN?AEDF:A<9 M:>OD9Y
7CD MB>J ;GP@B>KB6 <LH:9:7:AER:D# FCLH 9<;:P:77: B7 :KR:?<6EL >:LDBLHCRR LCD@PGA# KC6A
KG? A:>P:6:D E?AF:A:A>:DDE MG>A* :LH67:??: K:L67G>>AB B7 <F>:A*
+ :LQ<679C6BRR @C>CL B M<>GLCDX
9E?@E6A 9NM:A8 E?A:A>:D W6ND@R: BW9 MG>B679EDA R:FBPSACAA :LH @I?MB# 9<;:P:78# :LHABL=
67JA* CKRC>J K:L9NDDH:RRO>E6 MB>J6GLC6 C?LB7KI6* 7C9 B7 BQ?J6GLC9# B9<9
M<667BKG67AB9 B R<>>:D8 ?ND9?:# =P?B >:RI9;:DW:7A:9 ?J>B# @: :7=AAB> D:K RGDAG9* MB@G67C9
M<6SAC7AB9 B LHNDHN?A8>*
<KCD K<D@:D :?8;:67SAE6: ?CKKG KG>A 67EA 9N?O>NAA:* D:M:AE6 =LH E?<DA:AA:# K<DAFB
9:LH:A>:DO> B?WI> W6BQAG9 MC>DB ME@A:>:DO> ?C69B@A M<667B F:>HE?:*
7AGD B DEQ >B66BD9EDA K:LDHILC@CAA* B>B9< 6C?CD 9SMO> K:L67J>B>A*
+ B>GD MB>BK<;E>: 9S6E?>:A?: LCD@C>*
B>QF ;:>:K:>A: B 9BLH>JA# B 6T?T FCKG>HRB K:?:@A* AGP >:LM<>GLC6BRR ?E67: B QB?A MC>A* 7
BQ?J6GLC9 R<7CDHG?B 9N7:>:RR F=7J@AB9* LH MBDY 6:KK< 9EA6EL# CAA LIRRB67ABDB9
:LHKG6FC7 67C?I>J A:6A:99:> B FG?CK67NL 9N7:QED# B KBLB6 ;TR:D* LH K:L>:RR:D8 67:>>8
F<?A:>:D K:L67J>B>ABAAB B QG>KB;G9BA# 6 ;:W6:L8 7N?LE6O9 KC6A E>:6:D 9<MG>A B 6NAEAR8> E6
W6ND@R8>* EA 67O?9: AN?76T ;B LCDC67 DH<9C?LG66B> :LHKG6FC7 @N?76N>8@NAAU 6CFB KEL DBQQB>
:7A B FBDLCA D:K FB>>CAAG9*
N;< 9<M:AA: 9:7ER8> B 9BLH>JA* 4BDLPB KBLB MC>A B ;:>FGRC?C@G6*
+ D Q:@<L D:K F<67:9 B 9S6E?A:A:9R:D* G? BW9 <6 ;:>IL?CAA# KBLGD9SMO> B @OFA8>*
+ < AN?8@<9 FCLH A: K<R:D F<67:>Y LNKRNWV
+ G>BK MBD B 9BLH>JV
NM<@ M<B69C@G6 >G?KGPB FB>>BA67CAA# B 9BLH>J FC> B7 :LH<9F:7# FC> B KG6<9FC7 9:?O>A*
+ @@ M<667B B 9BLH>JAV
B>QF 9N7EPO9 IL?CAA# :LH OAE6 E?A: B K:>>9B6GA* <9BQAB B 9BLH>JA MB>B9<D:9 B 9:7ER8># E6
7<FG>J >E>:L7:AA:> M<667BO>A B F:>HE?:*
+ => 6C9BA R:67E>OD9 9S6E?A:A:9?8>* BQQB>< LHT>E6:D 9:>> :7A K:LAG?LHB>D<*
LH 6IAACLJ# <6K:?:A>:D FBDL 9<G>ACAA 9N7R:
+ B>GD B??J> MBD 67J# FCLH B7 B7 G>>BAY B 9S6E?A:A*
,"&$.-
LHO>:9:7:A K:L?G79J@CAA# K<DAFB 67E>ME67 MGLCAA MC>DB 9N7EPO9*
+ C9 B 6C?CD 9SMO>< 9N7R:67J>G6 + KCD@AB B>QF* :K >:F:A ?:D@:6 LHT>E6A AB?ABD<# FB D:K
AB?API9 KBLID9BA B 67BRG>HC9FC7*
>FB>>LBACAA* 4B>CK?B @NDANAAE9 LCD@C6BD ;:>EQSA:AA A:?MEA*
+ <A KCD@PB9 KC6AX + ;C>HABAAB* + C667I> A:AA:K# FCLH <>H:D 9E68?: FSMABK N667: B LHT>E6A*
<D@:LH# 67BMB7D< ;CLID9Y KG?K<DA B??J># FCLH MBDDB91: 9S6E?A:A:9# B7AGD R:K:LHOD9 B
9IDHFJ9RB# K:?A K<D@BDDH<BD ;G?B@AB9 MBLHID9* :KY A: MBLH B7# BW9XY MG?P KEL :LH
Q:?W<L* G? KC6A 9< B9B?CK P:>:DA:D<# FCLH D:K F<67:9 9S6E?A:A:9R:D* BLH >:LB>GRR<6 B7A
F<67:K# FCLH D:K F<67:9* : B7E?A D:K 67SM:6:D R:67E>:9 :??8>Y <>H:D9C?# 6NAEAR:D* : FGA
=LH @NDANAAOD9# FCLH :>FBAG?C77I9# FCLH K< K<W6C@B* ZP?B B KBLB6RB :K:>A: B 9BLH>JA*
+ 7 SLH PJ >:67 + KCD@AB* + :FGA KC6A B??J> FBAG?C7ID9# FCLH MBDDB91: 9S6E?A:A:9 MBLHY
LH Q<>>BDBA<L :>ATD8@NAA# B7AGD ;:>A:AA: B 9E?@E6A*
+ < F<67 BRRBD# FCLH MBDDB9 9S6E?A:A:9X
4C667= W6ND@ 9:>:A9:7:AA# E67?:M:F:A8 KC7@I>BAC9 DE>9O>* 7AGD B>QF R:>:RGKI>A B
6NAEA6ELR:# 6 K:L>GAAB B ;:>:K:>A 9:7:9:A*
+ ?A:K + KCD@AB :LH67:?T:D*
7 E?AF:A8 E6 AN?MEDH:9 9C?KGDHC7AB M<>GL 9<W6=67CAA B >GRI9 B>J>* B>BK<9C? AI@AG9# FCLH
K< K<W6C@B# KC6A Q:@<LY B FBPJ :>K:DAV
B>B9< 9<?BLB@AB 9:7ER8> B 9BLH>JA* N;< 6<MSAJ FBDLPB FB>>BA67CAA*
+ D D:K 67BMB7ABK B 9S6E?A:A:9?:* LHO>:9:7:A ;:>E ;C?@I>A*
+ D D:K 67BMB7ABKY :7A K<D@:D9< PJ> P:LH:77: K:L KBLGDB9*
4B>>BD< >:F:A:AA# FCLH DBLHCA @CRRBDA B >GRGMB>*
+ <9 MBLHID9 K<Y :KR:?:9 MBLH G>>BAC9X BLH MB@:KR:?:9X <A ;CLDB9 ?J>ID9 LCD@C>DD8AA:9X >FBLHPI9 B F:>HOD9:A# FCLH KB>BWC9?B MB@G667ID9Y 9< FBLHPI9 B>I@D6:R:6 G?DHE9 IL?CAA :>EP:*
+ CL@ R: B QC;G@BA# A: 9NME? DBQ>CQJV
<B69C@G6# B W6<>>CLJ 9BLH>J <@:1C@B ?GDLBAJ7CAA* B>QF ;:>IL?CAA*
+ BW9V BW9V :K DG>B@ MBD B 9BLH>JV 4BLH@ R:67E>D<V BW9 B?WB ;:>EP: =67CAA*
+ A: <6 ;CL@ R: B 67G@BAV < MBLH A: AI>BP@CD9EQQ:DX AA O>67Y 6 QB?BDW6C9BA C67ACLBA67 B7
:KR:?:9D:9# FCLH K<A W6<DG>PBDB9V :K AI@67 MB@G67D<Y D:K AI@67 ED:9:>D<Y
+ D MBLHC9 B M:7E?* :LMG>B67ACAABAC9*
+ <A 67GKSA B7# FCLH K:LMG>B67ACAAB9V B?BDW6C9BA C67ACLBA67# BK<9D:9 6:KK< E?A:>K:Y
+ N;<DE> MBD B 9BLH>J*
+ :D@R:D MBDY FGA W6B9 9EDH:7A:6@ B7A B LNKRNWNA# BFCLH :@@<L <6 A:AA:@Y
+ BW9V
BW9 9:6:?T L=DDHB> IAGDC7AB B 9<G>AG6A*
+ BW9VY BW9V
+ AN?MEDH:<D9V + 9<G>ACAAB B>QF* + :L67:L:@ B AN?MEDH:<D9:A*
+ GDCK <6 EDV
B>QF N667:67:@A: >E>:9P:>:D>EAEA*
+ <DW6 :LH:ROD9# K<DA B AN?MEDH:<D9V + 9<G>ACAAB* : BW9 K:L<DA W6B9 ?GC?@SACAA*
,$&$.-
+ OAHO>N9 B AN?MEDH:9?:V ?86:9 MBLHID9Y MB@G67C9 MBLHID9* 4B MBD <AA G>>BA B 67<L:A:D#
K:LN>PO9* :9:?SAPO9# 6 B@@<L OAPO9# M:?PO9# OAPO9# M:?PO9Y
B@I> :>9I?PBDACAAB KBLGA# 6 >:IL?CAA B FB>MGDHBD W6<>>CLJ ;NMEDH?:* KJ>J :LH Q<>>BDBA B>BAA
K:LA:>A 7BPPB># <7LB>CKKB># >GR@CRCLG6# D:M:AE6# 6<9C>AG6C9 FB>>BA67CAAB9# B LHO>:9:7:A
67EA67J?J@CAA# FBDLC6BD R:67E>L:A8# ?:D@67:?A:>:DO> ;IA9C6J W6CQC?AC9?B C67>CAA B QG>KB;G9 E6
B A:DL:? 9N7NAA# KBP@ 67EAF=7J@CAA B QB?A FC667GRBD# 6 :>ATDA B 6NAEA6ELR:D* B>QF B7 B?WGD
E?:7A: B 9BLH>J E?<DAE6EA# N;< DH=PACAAB ;:>EP:*
+ <A 67J>DB9 KBP@ :FF:7 B1;:>D8AA:9V + <6KEA:>A: K:L N;<* + 4B>>C@ 89:AX
GAE9C6 O>@N7E6:9 >GR@CRCLG6B# F<67AE?<9I6 D:M:AE6 6 ?EKO>A 6<9C>AC7G6C9 FB>>BA67CAAB9 B
QB?A ;:>8>*
+ =P@ K:L B 9O?ANA# B>QFV
N;< C>HBD 9N7:> G>>A# FCLH 67:KOM:LED:9 :LH:A>:D >:DW6EP: B>QF 67:KER: M<>>CLCAA*
+ 4GA D:K E?A<9# FCLH >:L;CDAC6BRR B AT7X
+ C6A 9:KEDHD:9 9:>> >:DD:@# B>QF* EDH67:?SA6@ 89:A B??B# FCLH K:LA:LHE9# BK<A
QB?BDW6C>67*
B>QF F<LLB@A# KE?>:L:>8 FBDLCD ;:>:>A# K<DA B9< :LH :>KE>:A:A B@ :>8*
+ 4B KC6A K:L;=PCK B 9BLH>JA# 6 D:K PNDD:9 M<667BY B99C? >8AA:9 D:9OD9* EL B AO7:A 6:K
AI@PI9 ER?:D AB?ABD<* >HBDC9 >:67OD9# K<DA B7 G>>BAC9# 6CFB6:K ;CLDB9 R:DDOD9:A
K:LK:DA:D<*
+ 4B D:K ;=PC@ K:L# B99C? MG>DB9 W6B9 <LB7GD G>>BAC99G* :K >GACK# FCLH K<A W6<DG>DB9# @:
FB>>BD< FB>>CK 89:A*
QB?ACD B 67EA67J?J@CAA ;:9:A: B>B9C9 N667ERR AC?>J@AB9# 6 :LH ;C?LJ# QN?L8 ;:9:A: ANK:LLE
C>MB@AB9# MB>BK< @=@C>J ED:967J <6 FB>>BA67CAA* 7 BQ?J6GLC9# B9<9 KG? R:A:>A:9 B KI>BA6GLLB>#
>:MG>AB9# FBDLC6BD 6S?MB B 9IDHFJ9 ;:>E RCA>B@C7AB9* B>QF BP9GFC7 :K:>A: B 9BLH>JA# B7AGD
=P?B >::DL:@A:*
+ 7 B 9E?@E6# N;< MBDDB91: 9S6E?A:A:9X BDDB91: 67N?DH:9X
+ :?67: FCLH D<DW6:D:9*
+ <E?A D: MC>DGDB9X
+ :?A B99C? B @C>LC9DB9 6:KK< E?A:>KO9 6:K MC>DB* FG7B9DB9 K:L B7 IAWG9DB9Y K:L B
AM 6:K KT9N@DE9*
7 ED:9>8# AGDWC>J ;<=9 C>H K:667<?: 9:?O>A:9# FCLH B7 ED:9R8> KG? W6B9 B 67NM:L DE>9O><
?<AKI6A >:F:A:AA 9<M:DD<*
+ : A:LHO9 ;:># FCLH B @C>LC9DB9 D<DW6 E?A:>K:# >:LB>GRR<6 <AA B 67<L:A:DX 4CLH MBDDB9Y
<7E9# BK<9 ;<LH:>D:9 R:DDOD9:A# E6 MG?DB9X
B>QF F:M:6:D K:L?G79J@CAA# E6 9N7:>:RR F=7J@CAA N;<F:7* 7 <P:67A8 6NAEAR:D :LHKG6RB
OA9N7A:9*
+ 4BLH@ BRRB B7 <>H:D R:67E@:A# B>QFV + KCD@AB N;<* + ZLH<6 :>EL RBPID9 MBD* D:9:K
KG? EQQ :>EL PIACAA 9< R:>8>:# ANRR# K<DA BK:DDH<A :>RS?C9* 4B MC>DGDB9 9S6E?A:A:9Y
+ : 9:>> KCD@BDCK B M:7E?6EL?8> + KCD@AB B>QF* 4B>>C@ 89:AX
+ 7A D:KV ?BK<6A:DV
N;< K:LKB?9C>AB B>QF 9B?PGA*
+ 4B BW9 >:DD: B M:7E?# W6B9 MB@G67BAAB> AN?8@DE9# AT7 K:L D:K >:DD:* 4C>A<L <AA
?:9:@DED9*
,2&$.-
4BDLPB ?EKO>A 6<9C>AG66G ME9CDHC@CAA*
+ < O> CAAX
+ D MBLHC9Y <KCD*
+ :>:MB>J LH:?:9:9 MBLHID9 + KCD@AB B>QF* + 4G?CK MB9 :LE?VY :KCD@C9*
+ 4B >:KCD@B67 + ;:>:>A: N;< @NRR:DA 6IAACLG66B> +# B99C? K< >:67 M:>:KX
+ < >:DD:X :KK<*
+ HT>N> :DL:K# D:K AI@CK# K<E?A* 4B B7A A:F:ADE# BK<A B9B?Y : A: R<7ACD6GLRBD MBLH#
AEL:@ A<67A:>* ??J> D:K 67J>MB# FCLH A: MBLH B7 :?86:RR*
+ 7 <KEDA A: <6 PJ> M:?:9:@AE>*
+ G>BK MC>A B 9BLH>J + KCD@AB N;< :LH67:?T:D* + CLCK MC>A BFFC7# FCLH R:67E>P:9*
<KCD <6 K:LKC7@I>A B 6NAEAR:D*
+ B?B@P K:L M:7E?D:9 + KCD@AB*
+ : W6B9 FB>>LB66# <KCDV <E?A D:K KCD@AB@ 9< :LH:D:6:D# FCLH D<DW6 <AA 6:KK<;E>:
67N?DH B 67<L:A:DX
+ D ;E>:9 A8>: + KCD@AB N;< +# 6 :7E?A <6K:?:K* 4B B7 :KR:? ;E> MB>B9<A8># B99C? K:LLHT>N><#
@: ;C>HACD KI67GP ?GLCD@C>D<B* >F<A:A< KBLGMB># FCLH D<DW6 <6 M:>: 6:KK< RBPY FCLH ?:D@:6
LH:?:9Y 6 FB B7AGD =P?B K:L>GAPB# FGA B7 C>HBD# K<DA B7 B67AKB# B7 :KR:? D:K 9BQ >E>:L7:A:A*
: KCD@C9 D:9:@ MB>BK<A# B>QF* EL:@ <6 LHT>N>*
+ DL:KX <E?AX
+ :K AI@CK* :?A >:9BQAB@ B AT7 K<BAA# 6 K:?A A: MBLH B M:7E?# E6 D:K 8Y
+ : FGA 8Y @: FGA 8 BW9 :??<@:^V
+ D 6C9BA MC>ABK GLHRBD ;:9M8 R:A:L# FGA 6C9BA LCD@C>9C@ABK* 6K:?:K B7 :KR:?:9:AY
<6K:?:K KBLBK K:L 8A <6* EL:@ D:K RGDAFBA# @: FB A: ;E>?:G>>67# B99C? D:9<K:LH B7 :>68D:9#
B9Y 6 B7 ED >:67:9*
+ N;<D:9 <LB7B MBD# B>QF* :AA:D MBLHAC9# A: K:L BW9* : KB?B@P K:L M:7E?D:9V
+ @:1C@B FGDH9C>J@ID9 K:L 6C@?J@ID9 + KCD@AB B>QF +# 6 9N7R:D K<D@:D :>?CK><9*
@BFB7B K<D@<L 9E7DE> MC>A :LH ;:>D8AA* E?:K# I?BKY 9E?:K# 9<6B667CDHY 6 B99C? MG>B67C>AB9
B7 :KR:?D:9* : PJ >:DD:V
+ G? <AA >:DD: B DED<9EKV
+ :L B7 BQGKVY : FGA K< E?A:>K: MBDY
+ R?:D 9:>> AB?ABDD8AA:9 <6K:?<9 B7 E>:A:A + KCD@AB N;<* + 7C9 D:K ;E>D:9 B 6NAEAR:D* 667:LHT>DED:9
K:L A:GA <DDGDB9 E6 M<ABA9C7DGDB9# 6 B99C? K<D@:D ?:D@R: PNDD:Y
+ :K LH=PABDG9 ;:> B 67<L:A:A* D:K M:67A:DE9 :> BY
+ 4BPJA EQSA:DED:9Y
AA G>>A B FG?CK ;<= B 6NAEAR:D# 6 F<GRB Q?JRG>AG9 K:L;CLB>KB7DD8AAE>:A KE>AJ6GLGA*
+ :K M:67:9:@DED:9Y
+ :K AN?DE9 :> B 67:KOM:L:K:AY
+ :L D:K R:67E>DED:9 67N?DH:9?8>Y
+ 4B MB>BK< P:>A AI@DGDB9 B@D< D:9OD9Y + 9<G>ACAAB B>QF 9EA6ELR::6:AA:D* + B>BK< P:>A
MBLH :LH:R:A B ;:>D8AA M<>GLRJ>Y
,.&$.-
4B>9 DHN67N?LE6 FB>>BA67CAA B 6NAEAR8># B FG?CK ;<= @:?K:@A:D N667:9BQB679C@CAA* 7AGD B
DHN67N?LE6 ;:>:?86N@NAA# A=>M<>GL<# AGMC>< PBPM:67E9:>E66E MG>A# ABLC>BA>BD KB9CLG66G* :?W<MB>
3:KH6 B@<6CD %WSK :>9E67>B9# 4B?WCI?A A* DAFCDH( C>HB6K<A E>A GA B FC667= ;TR:D ;:9M:#
BK< :>>:D LH:?K:9< AB>G>E9CDH6GLGDB9 K<D@:D MB?G76B A:F:A:A>:DD:9 R<7CDHI>A*
,'&$.-
!
)- /
W6<>>BLC9 ?BLHCLAB9# @: KG6 ;EDH D:K >GA67CAA B7 EP67B9GRBD* <IAGD B FG?CK ;<=
;:>;:@:7A:# FCLH FCDDEA :?:@ B 9S6E?A:A<:6 7BP# E6 KG? :?W<MB> <6 K:LDHILC@CAA# DBLH D:F:7:D
;:>:K:>AE9 B LH:?:9:A# E6 B7 :LH<9 9IDHFJRB 67G>>SACAAG9* N;<# RG?K<>H:D RGA?BD DH<>BA9C7CAA <6#
>:F:A8>:L B KG6<9 9:AA8D:9 B 9N7:>ER:D AB?AJ79C@CAAU FG?KBD :LHOAA ;:9O@A:9 >: B >:L9N7:>:RR<
9IDHFJRBD* HILAB>BDI># 7BPC6BD ;C?LC>J@AB9 B 67G?B7 >:M:>:9 9N7A# B W6<>>BLC9 N6MEDHEA
;<LH:>M:# BK:>H B >BL=DB ;:>E :?:679:@:AA >:* >H9C? B ANRR< 9IDHFJRJ> MB>BK:>H<9 BQ?J6GLDB9 B
9<G>AG6B FB>>BA67CAA# :LH67:? B7 :LH<9 DBLHCRR ;<= <6 R:67E>D< 9:7@:AA B 6NAEAR:D* 7AGD B>QFE9
<6 :>B>I@AB9*
:69:DH FC>@9B?EP 67G>>A ;:> B >GAJFBAG??B# C>H ME9CDHGD# FCLH KEL B99C? <6 B><L FBLHCAA
DHCKCA B MS7:D# BK<9C? B A:DL:? FGAG?B O>A* : KG6 ;EDH:9 <6 ?BLHCLAB9 B7 EL:D# LHC?6BD
<@:1C@B W<9G7MB# FIDHC?CLMB# KBP@ 9<FIDHMB# DCFB B AS7 KE?;N>@ KBLB66GLRBD >:7BP>J
OA9N7:AD:9 @N??:DE6: 6:K FBAC>A :> B 67<L:A<L* : B ;:>D8AA:9 M<>GLGRJ> B7E?A KEL<6W6B9
E?9:7:AA :LH P:>B@G6# DCFB :LH:A>:D LH:?K:9 6:K MC>A ER?:D# FCLH K:L;:PAF:AA: MC>DB* LH
?CRRBDG6 MB9SAJ ;EDH: M<>>BDA ;:> B7 EL:D# DHCKGRBD W6<LBMCDB>RBD :LH ;EDH>8 N6MEDH
:?:679:@:AA >:Y B7AGD =P?B 6NAEA6EL >:AA# 6 B7 EL:D <6KEA 9<LH=>AB9 B W6<>>BLC9* NAEA ;C>A ATDA ;:>
B 67<L:A ;N>NAA# :PA8:?DH8 B>BAA :LH 6:R:6:D 7IFBDJ :KR:?B9# <@:1C@B F<KRG>J7J ABLC99B>*
9O>ND;E>: KBLB66GLC9RBD :LHKG6A MG>AJ 67:>:9 9EDHO9?:19:@MO9?: 6C@C?AG9 KBLI99B>* 7AGD#
9N?O>R:>O> FG?CK KE?;N>@DH< KBLB66GLRBD# B 67E> :LH:D>:A:6 :?8?: 9BQCAA# :LH >:FBP>J SM
QG>HGPGD 9N?R:M<AA: B7 EL:D# KBP@ :LH IAC>6J ?CFBKKB> GA6C@C?AB B 67<9>B7GACDHC9 E6 B >BL=DB
;N>NAA B F:LH <?GDHGRBD* AA >:7IFBDA E6 N667:?C69B@A B F:LHC>@B> 9E9 M<?GLB< 9N7NAA# @:
K<DAFCLH KC6A KG? :RR:D B7 B>BW6CDHBRR >EL?EA:LR:D <6 :LH 9<6 67:>>8 9:?:9:@:AA# B7
:PA8:?DH8 K:L@I77B@A# E6 W6BAACLMB D:9<?ILB679C@CAA B F:LHD:9* 7 :KR:?B9# >GRGA KBLB
KNLNAA MCD67C>MB# ;:>W6=67CAA B F:LHC>@B>CD* EA:??8> KEA:??:# DBLHC9BA >N9M: ?BPAB# B 67E>
GAMCD67C>AB B 9E9 M<?GLC9# B 67<9>G9 E6 B MN?N6 9NM:9 9N7NAA# BKSL MELO> ;:> D:K E?A M:>: B
F:LHC?CK 98W6<Q9E< 9N7E* AA K:L<DA 67:67E>H:66E MG>MB# K:L1K:LW6BMB?AB# N667:LIRBDWC>AB
B7 :PA8:?DH8 9NAE>7:AEA# 6 B7 :KR:?B9 B K:L1K:L?GD@I>J 76<D:L:9 9N7NAA O>8 F:>H7:AR:
9:?O>A# 6<6B9C6 ;:PEA AE?@E?: FBPAMB* 4B B 67E> :?86:RR:D ;=PA# B 9NAE>7:A K:L;:67O>A# 6 B F=7G6
9NM:A9:7AER:D B7 B>B9 9<:LH:D:6SA:AA: @:?:9GA# E6 ;:>:K:>A: ;:PEAU =LH A:A67:AA# K<DAFB B
F:LHL:?<DW ;N>NAA 67EAA:9<DA:D: B AGPCD* : FB B 67E> <6KEA :>>BDHFI>A# B 9NAE>7:A
K:L:?:679:@:AA# 6 B7 B>B9 =P?B :>8?:FBPC>A# AE?@E?: :PAM: ;:PEA# SLH KBAA B W6<>>BLC9 >B66BD
MCDI>AB9 B7 ELRC>AC7BACD# B7 :KR:?B9 B F:LHA:A8D O>A# E6 FC> K:LFBPC>A# FC> 9<:LH:D:6:@:AA#
KBP@ =P?B K:LFBPC>A*
FBPDB> FCKG>HGRBD FB>9 D:67 FB>>BA67CAA B F:LHC>@B> :LH<9 67<9>GPB KNLO>* LH W6CKJ ?C76E
E6 67G?B7 >:ME> B>J> 9EA ;<= KG67CAA 9<# 9EA 9NDDHT G?DHE9# G>KC6BD R:67E>L:AM: :LHKG66B> B
Q<AHKB>>J EL B>BAA* 9EA <9:? MC>A# B9<9:A B7 EPP:> AT78?6EL?: P:>N>A:9 9<* >KE>:AR:D# KBAA B7
:LH<9 B>67<9# B KG6<9DB9 M<??B67ABD>:AA MC>DB# @: 9EQA:>:D:9 MC>AB9 B??B# FCLH RG?K<>H:D
E?A:>K:6 W6:>:9:@:A:A M<LH:D:9 MELF:7# FB :7 B7A P:>:DA:AA:# FCLH :LHKG6AJ> ;OLL:A>:DO> 9:>>
W6:>:9:@D<O9* K<DAFCLH B7 :LE67 EP67B9GA D:K RS?AG9 GAM<??B67ABD<# K<D@ B 9:AA:D >:;:9O@A:9
B>I@D<* C6A LHB9C?>CAA >GRRB> 9<ABQ<DAMB B7 IABA# DBLHC9BA G6SAMB E6 B 67:KO9:A @N?76N>M:
,0&$.-
:><D@I>AB9 B ;:9:A: ;C>A ;:>E# BK:>H :LH9C? B P:>78AT7 MC>A* K<9C? :>E?AE9# G6SAMB K:LG>>AB9#
KBP@ :LH<9O9 LHC?6BD M<667B67B>B@A ?C76GE?A E6 >:M:>:9E?A*
KG6<9 >:AE?@:>A*
+ ><LFBD:K 9I@A*
LH GLBA DHCKCAA B ;<= 9:7ER:# B77B> K:L9CAC?AB B FBKIA*
+ EL6:K*
4B6?B ;:9O@A# 67GPGMB> B FBKI?B9G6 ;N>E FBPC>MB# E6 ?G;=PA* ?WB MN?N6:D ;:>;EDH>:AA* LH
Q<>>BDBA?B BRRBFBLHAB B ;=PG6A*
+ BK# B@P D:9:KY
+Y B>GLH=PAJ6A*
?<W >:FBPC>A# 6 B@@<L ;=PA# BKSL B FBKI?B9G6 =P?B ;:> D:K Q<?C6>CAA* BK B QB?G76RB 67=?AB B
ME9CDH ;GW69GA# KBP@ :LH DBLHCRR GLBA F:>H:7:AA ?G* QB?G76 ;:><77CAA# B7 GL AO7:A ;CLCAA# BK
=PBRR GLB9BA FGDHA ?G*
+ : EL:6@ :> :LH67:??: B7 :LE67:A + KCD@AB ?<W* => 6C9BA A:67:> ?G*
+ 4B@@ K:>:L:@POD9 ;:>V
+ 99C? KEL ANRR ;GA 9:>> ;:>W<Q:>DOD9*
+ G7CK*
+ D <6*
+ 7CD9SMO> KELY
+Y 6NAEA MBD* 4GA ?B9@V
?<W >:LILLC>A# 6 DE7A:# BK FCLH ?B9PB B AO7:A* LH 9<6 6GA?BA F=7CAA ;N>EP: 9C?FB@A ;GRJ># 6
B AT7 KG?<6 R<7ACD6GLC6BD EL:AA*
+ 7 IAC>6J Q<>>BDBARBDV
+ BLHCDY
+Y 7BRC6 >:AA MC>DB*
+ 4SPV
LH <@:<L W6ND@:6:D ;<LH:>AE9 B AO7:A* 7AGD ?<W M<FCLD< 9:7@:AA*
+ G? BK=LH <6Y
+Y DBLHCD 7BRC6 MC>AY
+Y B AT7 K:L B KB>BW K<BAA*
+ 7:?:DW6E?: BW9?:# D:K ?GD9*
+ K>E967:> B7 N?:L 7BRC6?B B7 <69C>GRJ>X
+ [ :L8?PSA:67# ;<=V\
:M:AA:9# :LH67:??: 9:AA:D# E6 :LE67:D :LH;C?KGD* 7AGD :67O9R: PIACAA B 6NAEA6EL 6 B7
:LHER RBPC9# E6 9EDH:>K:A>:DO> ;:67:DLM: 9N?O>DE7A:9* 9C?FB@A ;B6GAC? 9N?O> RI7LJ>9C@J
>GDLC9 =P?B KBLI9?B MCDAG9 A:9<DA:AO9:A* ?<W B7 <@:C@B ?CFBDLG67J ;BA:AM:9:A ;<LH:>A:U B
DHCKC?I>AB9 6:FCLH 6:K AI@AG9 :>9:?O>DGDLC9BA# 6 :67ER: PIACAA B7 :>68 AT7Y CAA >:DA# B
F:LH K:?:@:9 9BQABAJPGD# BFC> KC6A KEL A:>P:6 6NAEA6EL I?B>9C@CAA* :K 67SM:6:D :K>E9:7:AA
?G# B F:LHW6=W6 ;:>E ;C?@SACAAB A:9<DA:AEA*
C6A KG? R8M:D 6ILG?7CAA B K:>:L# 9:>>:K:6:D N>:>L:AA: 89:A* BK B77B> KI>BACAA# FCLH
GLB9BA @IL@C6CAA B AT7R:# BK<>H:D 9N7:>?8> W6B9 >:F:A:AA* ?<W DH<ACAA A:DH:?EM:> B7A
Q?JRG>LBAAB# K<>H:D 9N7:> K:F:A M:>: B AT7FN7# FCLH B F86EL KEL :>M<6:>F:A8 >:LH:D* I6AGD
,,&$.-
A:9<DL:AM: 9N?O> B AT7 ;N>NAA# B 67:?A:F:M:?8 67<9>G9 >BQC6 G?DHB<RJ> ;:>EQSA:AA: LCD@C>BARBD
DBQQB>< 9N?MCDB>B<A* KCAA MC>A B DBLH 67<9>B# B??ERR B FG?CK 98# KNLNAAO9 B 67EAFB6B@A 67<9>B#
6 B7CD A=> :LH ?E6Y CAA Q:@<LY
+ BKV
+ CX
+ :KK<*
>GDLC9 KC6A KG? B MB6ABL GLB9BA :KE67A:AAE9# 9E?LO9 LHT?T7D< 9:7@:AA# >:FI>>A# B ;B
DBLHC9BA @N??:DA* 6GAC? R:CK>CAA# 67E>:6 ;EDH678DH:L:9:A LN?L:A:AA 67EA B F:LHA:A8D*
+ BKV
+ CX
+ BKV BKV
BK <DL:?O>A:D DE7:AA ?<W?:* ?<W K:?:M A:9<DA:A: K:L;E>:K>SA:AA:# K:?A B AGPDB9 B7 B ?E67:#
BK:>H:A ;<LH:>A# BK FGAB KNLNAA] A:?O>A :>* BK 9N?O>KG67AB B AO7:A# >:9IQC?C@CAA ?<W KNLE*
<D@9:AA:D KC7@I>BA>BDDG K:?:M:@A:9# :LHKG6 9B?PGRB 9BQB679C@MB DELH ?:7@O>:A>:D 67:K
E6 9EA DH<ACAA 67GP*
AGMC>RBD B7 :?@8 ;G< 6JFBPAC7AB9# DHNLA:9* 9EA ;<= FBPB K:L>:RR:DA# B KGL>HG?J> C>@B>MG6A
W6BQAB9 9GDLC9* N?O>R:>O> A<7:DNA KEA:?DH< AGMC>6GLRJ> K<DAFB MB>BK<>H:D 67E> ;=PAB
MG67CD W6BAACLG6B FB>>BA67BDE9*
LH<9O9 6:K 6<9C>ACAA ;:># @: 9:KEDH:RR:D KB?9C>AG9 K:L :LHKG6 9B?PGA# B 67GPI9BA
W6IW6C?SACAAG9* B>GD AS7 KG6C@Q:?W<L 9IQC?CLAB9 SLH KC7@I>BA>BDI># KBAA B ;]:>1;:>>CRRBDJ
AT7 ;O6ANA E6 67<9?G9BA FBPACAA ;:>EPO9# E6 ;EDHFI>>GQ<C9BA LNDLHN>SA:AA ;:> B F:LHA:A8?:*
7AGD K<DAFB ?EKO>A :67KE>:AO9 <6 9N7N6:D @C>LC7DE9# :LH67:??: <D@I>AB9 :># DELH9E7>GR
9=67MB B 67<9>G9 9N7NAA*
B>QF G>KC@CAA* LH A:A67:AA D:9<# J?G9 FC667BA ;C?LC>J@CAA B 7N?L8 >:M:>:9 9N7NAA# KSL MEL?:
:>B>I@A* : KC6A KG? B ANRR< 9IDHFJRJ> E?9:78 ><@E?WDHCKG6C6 9<G>AC7G6 6:K E?A :> K:?A
K:L<DA CAA MC>A# BFCDDEA PNAA# B 9:?A;B>DG> G>>A# E6 WI9C??B> :A:AA: B QJD<9BA# BKSL MELO> MB>B9<
K:L D:K ?G7AB B 9B?PGDG> ;CLMB# 6 9N7N>A: M:>:# FCLH B A:GPB MG?PB*
+ B>QF# ER?:@P ;:>V
>:M:>:9 =LH R8LA:9# K<DA B A:DL:?*
+ B>QF# ER?:@P ;:>V
+ < RBPX
+ GAAI9Y
+Y B 67N?DH:AY
+Y K<D@ B 9:AA:D*
+ < 9<9 MBLHAC9X 7 <9?:9X
+ GAAI9 B 67N?DH:AY
+ 4B>>LB66V N;<V
>:M:>:9 KEL K<D@<L R8LA:9* N;< R:>EP: OA9N7NAA# B7 :LH<9 <9:? Q:@<L LN?W6N6:D
?G9BQB679C@CAA# BK<9C? B>QF :><D@I>A B7 EL W6<>>BLC6 AEL>B>BQPB ;:>E*
+ :K K:F:A67 9<Y <?AJ7BAC6V
+ N;<# FC> MBDDB9 B >GD@76G9X
+ 4B>>BD< >:F:A BY
+ 99C? FB>>LB66V : KC7@I>PV
,!&$.-
:9M: KB?B@AB9# :>ERR 9EA:>9:@M:# KBP@ :LH?: ;C9C7J@J ?EKO>:AA:> FB>>LBAMB B 9EA <9:?
:>R:67E>E6EA# BK:>H:A :7:9 B M<667B;CPACAA W6ND@ ?E6:<R: 6IL@C6AB9* 6NAEA6EL FBKB?C6BD
K:LA:>A 9B?KC99B># 67N?DHT# <6K:?:A>:D ;:DH:L:AE66:>* MEL:A D:K E?8 M<??B@BA >B66BD
:>6GQB67ACAAB B W6<>>BLC9BA# BKSL MELO> B FBPDB> 67CKC?=# 67O?9: ;EDH: R: D:K 67<MG?LCAA B
9IDHFJRB* CWC?CLD< 9:7@A:9# DCFB B M<>GL B 9IDHFJD 9SMO> KEL :>KCD@FBABA>BDI> M:67E>H:6
MC>A* 7BMB?C6 6NAEA6EL 67EAC67>CAA B 9N7:>< E6 AGMC>< AG?LHB9 9N7NAA# E6 ;:DA B7 ELRC>ACD B
RG?GDH;:>F89 K:>:L:D 9<67SD:6:@A:9* LH KBLGDHC6 A:DL:?< KB@G? ?NQQ:DA ;:> ?:9:@A 9<G>AG66B>
B7 ELR:# 9G?CLG6GDB9 M<667FBDLPB <6 FB>>BA67CAA# B7 :?@8R:D MB>BK< M<PPCLCAA* 7AGD B >GAJFBAG?
;N>NAA< ;:>F86GMC9 ?J76B67SDTED 9:7@A:9# E6 B QG>KG9 AC>>9C67C?=PB 9<7N>@O>A*
B>QF B 9IDHFJ R:PG?BAGRBD AE?@:>A# E6 JMBAC6BD 9N?O>DE7:AA*
+ BK6:?<WV 4SMPGAC9 N667: B LHT>E6AV 6ND@:6:DV D@I>PBAC9V
7 <9?:9 ?EKO>A:D :LHKG6RB 9BQB679C@MB :>K:?E679:@A:9 B DEFGDH KEA:?DH<?: G>>J
67CK67E@ 9IDHFJ<L# 6 CAA :LH 67:KQ<>>BDAG6 B>BAA :>A:?P:67A:AAE9 B ?EKO>:A:6 FS?:9:A* B>QF
;:>G>>A# 6 A:9<DAE>H: K:L8?7E6: MEL:AA# RG? >=@R8?78 FGAAB># 9<K:DA B KJ>J?B* N;< E6 <KCD
9NM:AA:# B ANRR< ;<= <6 IAGDI9 C>@B>LCAA*
B>QF ;:>:K:>A: B 9BLH>JA B 6<KG?B 9CQABACAA ;BAND9?8># E6 B 67GPGFC7 <>>:67A:AA:U @: B7AGD
K:LLCD@C>AB# D:K ;=PA R:>:* KBLB6RB :K:>A: B 9BLH>JA# K:LKIABAAB B LHO>:9:7:AD:9# 6 B
;<=9 K:LE?A:AAE9*
DBQ 6ILB?B< >:LH:7867:?T:D AN?A:9 :>8 B >GAJFBAG? KNLO># KBP@ MS767<DA:6:D B 67:KO9R:
AT7A:9* B>QF :LH <@:<L :>DE7:L:AA: B DNM:9M8 B?BDH 9B?EPA# BK:>H PCRR 9E7 ;:>8> R:M<>GLSACAAB
89:A# E6 K:L9NDDHSA:AA: 67GKG?B# FCLH R:67E>P:D* N?N619N?O> B ;<=9 KBLB6?B :K:>A >GD@76G<
K:?:@:7A:9 B7 EL ;:>E*
AB@AB B 9BLH>JA ?<ED:9# B K:>>:AA: G>>J <9:?D:9*
+ 6BPGA 67:KOD99:> >GAAI9 B 67N?DH:A* :KY D:K G>KC@AID9Y
BK ;C>HABAAB B AN?AED:A:A* CL67C9G66G MG>A# FCLH B 9BLH>J K<D@9EA <9?:A :LH;C?KGD
;:>PCLC6SACAAB B 67J>G6?B# >EDH:LR:>< :LH6ELO9:A KG? K<D@:D9< :><6K:?A:*
+ 78?N6 MC>A* B>BK< KC7LCAA B ;:P: KNLNAAY 67G?DHB9V
+ 67N?DH <6 KC7LCAAY
+Y 6 B7 67N?DHT MC>A* ZLH >GAAI9# FCLH ;:>O>Y
+ AT7 PJ> M<>GLSACAAY
+Y EQQ B99C? ?B9AI9 K:LY
+ LH DBLH W6CKJ ;GA A:AAOD9 ?GY
+ 7:K: <6 MBDY
+Y ;CLBY
+Y 9B?KB<Y
+ >?CFBDAID9# BK<>H:D LHC?6BD W6B9 AI@AID9Y
+ :9<K:DAOD9 K<D@:D;E>ED:9Y
+Y B 67N?DH 9NM:A:AAY
+ GAABK B ;G9 KNLNAA 6IFBDD<Y
+Y :DL:K KBP@D:K :>E?AY
B>QF ;E>ED9:D ?<W KIABACAA# BK:>H:A B RC9?C9 AO69E< ;:>AEQA:9*
+ 7 FCLH AN?AEDAX ?<W K:LABQCLBAAB B?WGA*
+ 6IQB 6:R MBLHC9* E?7:KX
,/&$.-
;<=9 <67CDHC@MB FGA?GRR F=7J@AB9* CFDDH G6SAG6 9N7R:D FBDLC6 6S?G6?B ;B9B@A# @: <>>H
B@@<L QC;C7AB# BKSL :> D:K FB>>LBACAA* ?BLHCLJ ?:LL:> A:>: MC>A ?:PA:AA RC?7B>KB99B>* 9N?
>B66BD9EDA B?WWB> 9<;:>E ;C?@I>A# B F:LH:6 MELT RCAC9RJ> ;B?BLCAA >GD@76G9 K<DAFB 9:?SAE66:>
M:AAE9 MC>DB 9N?O> B ;<=9BA* : BW9 M<667BFSMAB 89:A B FG?CK67NL 9N7:QE?:*
+ 7 >:67 B7 <LB7< MB@G67BAVY < AB?A M:>:KX B>QF AO?:>K:A>:D KC7@I>BACA A:AA*
+ : 67BKG?9C@PV GRJ> MBDDB9 B >GD@76G9* BW9 L=DHC6BD B 67:KER: D:M:A:AA*
+ E>67X
+ :?67: FCLH ;E>:9* BD <AA# B9< D:K ;E>X
7 <9?:9 ;:>E ;C?@I>A# ?:KEDH9:@M: 6 KEL<6 ?:KEDHA:>:DO>*
+ :>A:67:K# D:K W6BQAC9 R:X
;:>:>:A :LHE?A:>KT MC>A* :KK< 9EA6EL* N;< :>M:AA: B 9BLH>JA*
+ B>GDY <AA KB?B@FBADGD9Y B KJ>JD* :F:A# FCLH B 67N?DH <@: D:K PND :>*
4B D<DW6 B7 B7 E?7E6:# FCLH MB>BK< ;<LH:>< 89:A# B>QF ?G9<G>ACAA MC>DB*
+ 4CLH <AA KB?B@PID9X @: 67C?I>MB B 67<L:AD:9 B MELE?:X K<D@<L ?E6:DX 4CLH 67:?:77OD9
AGQ>G>E9CAX K< >:DD: B AT77:>X
+ D@I>G6 + KCD@AB BW9 AO?:>K:A>:DO>* + 6B9 B7 <@8D9:A M:67A:L:APO9 F<GRB*
+ :K M:67A:L:APO9* < AN?AEDPE9 B7 BQ?J6GLC99B>X
+ OAHO>N9 B7 BQ?J6GLC9?B*
+ B>B9< 9:>># FCLH M<LHG77CD ?GPI9*
+ @@<L 6:K M<LHG7CAA 6:D9<*
+ @@<L D:K <6 MC>A ?G 67O96EL* : KC6A MBD* BP@ N;< LCD@PI9BA M<6:><*
+ 7 F:>H:6V MPI9 K:L N;<A B M:67E>HA8>V
+ E?P E67?:V <A A:F:A N; 67:KEM:>X
ANRR< ;<= 9SMGDW6<BD FC> B>QF?B# FC> BW9?: DE7:AA*
+ ?CEL MB>BK<V 7 D:K >:67 K<D@:DDBQ< MB@G67BA# K:?A B7 G>>BA D:K FBLH DHCKCA KBLB
IAGD# 9O>NDR:D ?GAB>G>ABAC9 MC>DB* 4B K<D@:DA K:LLCD@C>C9# B 67N?DH AB>GD ;BGLB9CD IL?G>#
K<DA B D:K AI@CK K<W6C@BY ANRR<:9 ?GRJ><DACAAB9*
+ 7:D A:FGA LCD@C>9C@DID9 9:>>*
N;< >:M:AA: N667:AN?A 67:KOM:LEA# E6 K:LAN?N>L:AA: B K:LKB?B@A >:DW6EA*
+ M:>OD9 K< >:67# B>QFX
+ <DW6 DG>B@ B 9BLH>J* :67:V
+ 7A 9E?@:K# K< >:67 M:>OD9X :LHO9 ;:># FCLH B7 G>>BA B99C? PND <@:# BK<9C? 6:D9< 6<DW6 <AA
9N7O>:A:9V D D:K >GAC9 PJ># 6 FB KEL K:L <6 <P:@:9Y
BW9 K:LM:A8:D ;E>R:67B9SACAAB*
+ 7 K<D@<L R: MBD LHI>>B@MB*
+ G>BK MBD B 9BLH>J*
+ 9BLH>JY B 9BLH>JV + OMN>ANAA: BW9* + :KK< 67O96ELOD9 ANRRE B 9BLH>J?B* I@PI9 K<
KG? DBLHCD PJ># FCLH 9<?: 9:>> FB>>LBAD<* < FB67DB MC>A BDDB9# FCLH <KCD R:67E>AY MBLH <><#
MBLH 3B>A:?X AA B7 <@:P:# FCLH DEK:>H:9 K:LABDI>PG9# W6ND@R:D 9:>> KB?B@D<# E6 ?GD9 RS7D<#
K<A FBAG?C7ID9Y
B>QF KC6A KG? D:K FB>>LBAFBACAA ACMGRR* ?WB 9<AO7:6:@:AA*
+ <DW6 DG>B@ B 9BLH>J + KCD@AB* + >P >:V
,-&$.-
BW9 =LH :>6GQB@A# FCLH 67:Q>8< BQ?J# RB?DB ;C>AC99EDA 9<MG>AB9 9?EAB;:FE? B?WGRJ>*
:LDHB>AB 67GPGA# E6 G>>MB KB?B@A*
+ 7 B MB@G67C9 @C>LB + KCD@AB*
LHO>:9:7:A ;:67O>A:D ;<LH:>A* N;< >GAMGD# FCLH K<A 9BMB?A ;:># 7BMB?ABD B>QF AE?@E?:
W6=67ABAAB B 9BLH>JA# E6 >:O>A* <667BAB?ACAA >E>:L7:AA:> MG?A# B W6ND@ KG?1KG? DHCKB67AJMG MG>A*
+ 7 D:KW6B9 B MB@G67C9 @C>LB + KCD@AB B>QF MELO> +# K:?A D:K AI@PGAC9 DHCKCD 9NM:AD<
B7 G>>BACA* A< D:K B9B?PGAC9# FCLH K:L67BRB@SA6BDB9 R:DDOD9:A <DD:DX
LHO>:9:7:A ;:>E ;C?@I>A*
+ :K B7A B9B?PI91: MB>BK:DDH<:D# FCLH 67BRB@I>PID9 <DD:DX
ZP?B BW9?: DE7:AA*
+ G? B7 :>ERR <6 KCD@ABK# FCLH B >:L;CDAC6BRR @C>CL B AT7* 7 Q:@<L KC6A KG? B><LFBD:K
9I@AY
EL< @OF: =P?B ;:>>GDLC>A# 6 :7 :?8A B@CAA D:9< B??B# FCLH AGKB@G6RB K:DP:D GA*
+ 4GA <AA K<D@:D9< :>M:67A:AA: B PJ7BD :67EAX ZP?B 9:>> LH=PABDID9 B AO7:A# @: :7 D:9:@
:67:@R: 6:K PIA# BW9V BLH W6B9ILHBD D:K B9B?ID9 67BRB@I>D< <DD:DX
: <L:D# B7A B9B?AG9# FCLH K:LK:DA6E9 89:A# :FF:7 9EA6EL 6:K ;E?A* :77:># :LH F<?A:>:D
;C?@I>BAAB> B>QF PBMG?B# A=>PIACAAB9 B MG>6GLCDa N;< 6JFBPAMB 9<:DL:@A: B >:M:L8A AO@:PER8>#
KBP@ >E>:L7:A:A B9B?A M:DD<# 6 D:K 9BQCAA >:M:L8A* ;BAND9 K:>>:AA ;:9O@A# AGACLMB# 9E9
G?DHE9C9 9=67AB9 B 67GPB 9N?O>* : 6:D9< 6:K AN?8@NAA M:>:*
+ 4GA KC6A LCD@C>9C@P# BW9 + KCD@AB B>QF* + BD B 67<L:AD:9 C>HBD QCDAPB# BFC> KEL D:K
PG?ABAC9X
BW9 9EDH67:?:@:AA:D ;:>:>A
+ 6B9 :LH MBDY @: FGA :??: A: <6 :K>E9:7F:A67* 67<L:A FGA6J MELEDE># CAA# BFC> B 67<9>G9
:LHKG6?B AC?>J@DB9* 9N7:>R:D KG? PG?ABK* BD CAA :LH 67<9>B# BK:>H:A FS@9EDA >:F:A
FB67DG>D<* 6B9 :LH =A M:7:A ;:>*
+ :F:A# FCLH B7 B7 <7E CAA E>*
7 :LE67 LHO>:9:7:A :LH67:??: 9:7@:AA R:67E>D<*
+ :D@R:D MBD* 6ND@ >:LH:DV >68D:9 C@B K:LHOD9* 4B B 67N?DH D<DW6 CAA# B99C?
;:>KG67ID9 B F:LH?:# K:L9:?:66O9# 6 K<D@PG?A K:L <6 LH=PAPI9 B AO7:A*
+ 4GA B99C? <D@I>PID9V
+ >ERR :67OD9 MB>BK<A# B7AGD <D@I>ID9* + B>QF 67OD:A:A AB?ACAA* + >GD@76G9BA K:L M<LHO9
KBLID99B>*
AA:9# B7AGD B>QF E6 B DBLH ;<=9 :><D@I>AB9 B QB?ACD* N;<A ;:>AGKB67ACAAG9# 6 B KJ>JD
FBLHAG9* 7EQ DBQ SLE?9:7:AA DBQ;O?@8 :LH 9E9 9IQC>B B>BAA* >8AAO9 B QB?A :DHF: SMR:D
LN?RO>A B >GAJFBAG? ;:>E# BKSL MELO> R:>: D:K C>MB@A B7 :?@8R:# K:?A <>H:D9C? 9C?GD ?:LL:> B
@E><RGR ;GAH>B< KEL D:K FCKG>HC6SACAAG9 :> B AGPBA* B>QF M:7:AE6EM:> B QG>KG99B> R:D8AA
;:DD6S9CD K:DA:9U :7 PCRR =A MC>A# K<DA B MS7 K:DAED B ;C??J FCKC9;NM:DH* B>QF :>8?:9O>@A:
BW9:A# B9< DBLH JMBAC6BD# 67SDE67<:6:D PCRR?B1RB>?B A:9<DL:AM: M:7:AA: B W6BQBACA# FC>CAA B7
:>>:D6EL:A KG? F=67KEA:?DH< AGMC>6GLRBD K:L >:F:A:AA MC>DB >GAD<* B>QF B7 IAJME@R:D
K:D:A:>A# FG>G6BD# FCLH >:LB>GRR :LH <@8?: K:L67BRB@I>A B ;:>:>866ELA8>*
<KCDA# B9< 9N7M:A>:DO> B>QF :>8AA PG?A# 9EA6EL:9 LHNAN?AE9U D:K AI@AB :>9EQ7:>D>BACA# BK:>HD:9 9B?KB< W6B9 B R8?A 9B?WC>PG9 ;:># 6 BK:>H B F:LHA:A8D O># DHCKCA D:K FBLH
KBLB IAGD# @: BFFC7 D:K :>EL LHC?6# FCLH IAC>E?P: BK6:?<W:A* G?K:DDH<A LCD@C>9C@CAA <6
!"&$.-
?J>B# K<D@<L ILHBDB7 B 9EQ7:A AC>B9C@CAA ;:> :67KE>:AER: :LH F86< 6 :LHR:D R:A:L :KR:?< >EDH
B>B9PB*
JFBPACAA* G6C9 :LH67:?T:D ;:>G>>DB9# R:67E@:9:A <DAE7D:9 B LHO>:9:7:AF:7# E6 D:K E?7<9
6BPGA 67:KE>H<6ELO9 DHCKB67AJ 6=>HGAU B7A KCD@PG9 :># BK<A B9B?DB9# K<DAFB W6B9
KG6C@KBLI9RBD MC>DGDB9 :LH RB?GAPI99B>* >@B>A >EQ:AA# E6 FGA?B6BD@SACAA* * B>QF# MB>>BDB9
AGKB67AMB >GD@76GPGA# >B66BD >EQ:L:A:AA KNLNAA:* <KCD RGAC?AB>BDI> >:>B66SACAA# BKSL :LH
6C?RB D:K 9:?O>A B>QF;B>* :9:A: FBPB KE>H:D B FCK>C9GRB FI>>A# B7CD GA ;<LH:>A: B M:7E?A*
B>QF B 67:K: 6B?9GRJ> ?GDE7:AA# 9<66E* ;:67E>H:7:AA:D ?GKC6C>HLCAA# K<DAFB A:>P:6:D :>;:>:@A:
MC>DB# FCLH <KCD K<>H:D D:M:A6EL:66E A:AA: KBLGA# B7AGD =P?B KBLB :>E *RGKI>A B 6:KK<R:*
<KCD RC>@CL MC>A# FCLH >:LB>GRR :LH19EA Q:?W?: R:;CLB@AG9# B7AGD >:A:AA B??J># FCLH ACMGRR
ANQ?:DLP:D B 6BPGA 67:KE>HED* :9<K:DA :LH ;GDB9# B>QF AO?:>K:A>:D A:9<DA:A:A M:A:AA ?G#
JR:?A L=DHC6BD D:M:A:AA* <KCD K:L67E@O>A# FCK>C9GD :LH ;:FE? ;C>A 9<MN?N6N@NAA E6 ME?:7D<
9:7@:AA* B>QF LCD@C>BARBD =APG?B RCW6GACAAB <KCDA# E6 M<667BAE?A 6BPGA 67:KE>H:6 QC9>GRB*
4BKB?C6BD :>E?D:9 B 67<9>B;C9FC7# 6 B99C? D:9<# B M:7E?D:9 9:>> KBP@ M:7:AD<: B W6BQBACA*
BW9 OL:AM: M<667BPNAA*
+ C6A KG? >GAD<*
+ 4:>H:6* N7:>SA6O9 K:L# BK:DDH<?: >:F:A*
BW9 DHCKGRBD ACMGRR K:D:A:>A:9 B >B66BD :K:>9:@8 F:LHC>@B>CD B 67<9>B <?GDHGRBD* B>
9E7 ;:>8> ;G9 E6 9=67JDNMEDH:9 GAFBAC>FBABA>BD ;CDB@E9B 9S6E?A: =API9BA*
+ <E?A D: E>F:AD: <AA MB>BK<X
+ GAC@# FCLH 6: 9<# 6: R: D:K M<67 DHCK*
+ FC> B MG?X
+ @B DE77V
B>QF 67EAMG>B67ACAAB B ;T 6T?T ;OLLNDHEA E6 9<DE7:AA* EFGDH KEA:?DH< 9NM:6 AE?6EL A:?O>A
:> :>8AA:# B7AGD B 67<L:A 9EA C>@B>B C>H 9N7:> IL?CAA :LHKG6FC7# K<DAFB KBLB6 :>8;C99G B9B?DB
N667:C>MB@D<* F:>H:AA B7CDRBD 9:69:DH 67<9>BL:?<DW?: AB>G>AB9# BK:>H DEFGDH KEA:?DH<
67E>:66ELR:D 6 9N?O>R:>O> A<7:DNA KEA:?DH< FC667=6GLRBD DH=>A B A:DL:?R:* AA :LH =PBRR 9CW9B
B>B9=# ?J76B67SD 67<9>B;C9 :K:>9:@:AA# ILHBDBRRJ> B ;BPAGRJ># BK:>H B7 :LE67 67<L:A 67:?9:7:AEA
B>GAGKB67ACAAB* MG?DB9 :7 B 9N?O>R:>O> 67G7 >GR KBLB6 ?E67: MC>A B7 B ;:>AC?DHC6C@J#
?J76B67SDT RG6AHB# BK:>H:A B F:LHA:A8?8> KG? >GAAB9* 7GACDH 67<9>GPB 67EAFB6B@A# 6 DBLH
98LN?NDLHN9:A 67J?A 67EA KBLB 9N?O># BK:>H:9 K<DAFB DEKGD ACAHCLDGDB9 9N?O>NAA:*
B>QF KNLNAA B KBLB6 ;T K:LA:>A 67JA>BD MB@G67C99B>* B>QF BW9?: DE7:AA*
+ : MBLH B MB@G67* BW9 :>MN?N6N@NAA*
+ I@CK* :D@R:D MBD*
B>QF >:LR:D6:PER8> :LH FBDL 67J>B>A K:L F:>H:AA:* [ : ED MBLHC9 B M:7E?* D K:LH:9* :
M<ABA9C77V\ ANRR<:9 ;:>E ;C?@I>A*
+ < K:L <AA ?:PA877:A:9 :>V G?PBAC9 K:LV
LH E?:7A:# B FBDL67G>B< BDDH<?B K:L;:67O>D:9# FCLH B FBDLPB MBLH A:>P:6:D :>BQB@# MBLH A=>
FBDLC6BD AN? 967SD?:* BW9?: DE7:AA*
+ 7JMB>Y B7A F<67:@X BW9 KCAHCLCAA*
+ <D@:DOAA KG6IAA KG? PG?ABK* AA 9:>> >:DD<:*
+ ?A:K*
<KCD 7BMB?ABD @B@CLCAA*
+ :K F<67:9 B7 G>>BARBD*
!$&$.-
B>QF C>H I@MB?<B6BD ;:>:>A D:9<# K<DAFB B7 <@8PG?G6?J> W6:?E>DED:9 :67KEA*
+ :?67:V + KCD@AB* + D 6:K*
7GPB :>9:69:DH:@:AA# K:L6GQB@A* BLHCD >B66BD FGA?B6<KSACAAB B FBPGA*
+ 4GA B99C? M<67CDA>GAG6?BV
C7LG6?B 9EDH67:?SA:AA: B >GRGA# 6 B7 :>M<AA: B 67<L:A 9<DH=>J DHB9G?B*
<D@:D C>@B>?J> B7 O?:6 >ELAE? 67B9B@E9B< M:AAE9 9N?O>* AA 6:K:??: 6:K >:F:A:AA :>?:PA87D<#
KEL FB B7 :KR:?D:9 D:K <6 9:>>:AA MC>DB ACMGRRPIAD<B* :LG>>A B 9:69:DH ;N>@DH:>M:D# E6
>:DE7:AA* NM<@:6:D# DEFGDH & >:;C?LG6B B>BAA# B A:DL:? B MG?RJ> <6 :LH =PBRR 67<L:A:A
;CL EQSA:D<*
CRR 9E7 ;:>8> B >BL=DB A:?O>A :># BK:>H:A 9N7M:A>:DO> B DHS>A A:DL:? C6A?CKC>A# RB>?J>Y
B>QF FGAGD MEL<L;IACAA B F<@:L* >BL=DB ME@A: K:L 89:A B 6:D@:61JW:GD :>>:D# E6 BW9
MC>A 9N7O>O9 B7 :LH:A>:D# B9< MB>BK<>H:D C9RJ> B 67<L:A A=>6J C>@B>GD <6 >::?:679:@:AA B MS7F:7*
DDEA KC6A B 67G?B7;N>@ 67:K67NLER8> >GAD< >:F:A:AA B A:DL:? KC7LG6GA# BK:>H =LH FBACAA# K<DA
MB>BK<>H:D @NRR:D:A:6# :>:M:D >EDH >E>:L7:A:* MS7 >B66BD BQB@A B 67<9>G9 9N7NAA# ?J76B67SDT
L?GD<AAGR>G9BA ;:@:AA ;:># 9O>NDN6 9C?B>>9EQ78@KEDH:9:A# QC><QC9BA# FSDG?C9BA* LH?: >:PP:RR
:?:679:@:AA B MS7# 6I6CLMB# K<DA B 67E> B ;G9 >CKRPB< 9N7NAA* C>A CAA :LH >BQC6 67<9>B <6# BK:>H
67E>:6:D :>A:?Q:679:@:AA# K<DA MB>BK< B67AB>U BK<9C? B MS7 >:67<MG?LCAA DELH FSDG?C6 C>@B>GD#
K<D@:LH<9 :LH1:LH 9O>ND 7GACDHDB9 A:A67:AA* 7AGD B7 B>MJ >:M<BAGD 9<>E>:L7:AAY 6 B MS7
:K:>9:@D< 9:7@:AA# B FSDG?C9 <@:1C@B W6BQJ@AB9# 6 B 67<9>BB67AB> ;N>NAA B MS7 OMN>AM: ;:>;C??A*
FI>>GKC9 PGAE9GA D:K >:F:A:AA >GAD<# W6B9 B7 JW:GD Q:?W:9<L AB?AJ :K:>9:@E6EA# 7IFBDG6GA*
B>QF B MN?N6 67<9>B;C9 ;:>E ;C?@I>A* NLNAA:# B KBLB6 ;TR:D# ;<LH:>AE9# MG?AG9# FCLH K<F:7
;CL 9:7@:D<* * A:DH:?: KG? >:FT>A# E6 W6C@G>9C7MB G>>BQSACAAB K:L# D:K F<67 BRRBD# FCLH
AB>G>9C7D< ;CL RG?K<>H:D G>>BAAB># 6 FCLH D:K AI@PB# K<F:7 9:7@# FB KEL<6 AB>G>9C7<9*
GAAB# FCLH 9NDDHT67:??:> K:L AI@PB KG67DB;C9CA# @: :??: 6:KK< 67O96EL*
B>BK<>H:D QG?9GDH;E>: M:AA: 9N?O> B DELH67NL>:AT 67<9>GA# =LHFCLH PCRR ;:>8># B >BL=DB ;N>NAA
B7 :KR:? JMBAC6BD 9N?O>PG?FBAAB# B?B67C>FBAAB# 6 K:L9:?O>F:AA: B 9<IL?J 6B?9GA* NDDH:D
PG?FBAJ =A MC>A# B>QF FBKB?C6BD :> <6 E?A B FBP>BA<L# 6 9<A:9<DAF:A:AA KCLI>E*
K:L67C9CAA >GAMGDH AG?I>A :>EP: :LHKG6?B 9BQB679C@J# ?J76B67SDT 67<9>BANKRN9# 6 ?BPAI9
AC?AB@S6767:?T LIBDJ* :?:@:9 >:PA8 M:7:A:AA ;:> B 67EAFB6B@A 67<9>G9FC7# BK:>H:9 B RG6AHGA
A:A87AE9*
B>BK< 7BP FB>>BA67CAA B FGAB KNLNAA# K:L;C?@I>A* BW9 C>@B>B7CAA KNLNAA: B QG?9GDHCD*
+ :K B9B?AB>B9 KBLB@?B FBLHD<*
B>QF D:K ;:>:>A* CMGRRK:DA B 67<9>G9 9N7NAA# K:LM<76LG>A :LH RB?>BDL67:?T KE>H:@E6A#
K:>HR:D B MG?A 67N?DHT6EL:9 F:>H:AA K<D@N667: :LH FB>CK 7GQACPG6A AB>G>A# KBP@ >:O>A#
9N?O>DE7:AA# 6 >GD@76GPGMB> OANL:AA: B 67<9>GA* BW9 <7LBACAA MC>A*
+ <W6C@B 9>B667 F:>H :?8@SAKEDHD:9V S7Q:?K:A E?A: B7 B?WI9BA*
+ <DW6 ;?<66 MS7V
+ 4GA :7 K<W6C@BX
E>=ACD B 67<9>BC?CK7BA<L FC667=9G6 7N>@ ;C>A F=7J@CAA* :>9=67AB9# E6 K:LS7>:>AE9 B ME9CDH
:?:W69ER:D W6C?@CLG>J M<7:A*
+ 7 :KR:? <AA AB?AFBADB :LH 9J9I67@<JFEPBA# 6 B7 K<D@<L K:LA:>DE9*
+ D ILHBD D:K* CFB@A F:>H :7*
!2&$.-
9EA ;<= :LHKG6 K:>>:AA KG67AB K:L B7 IAC>6J 67<9>BC?KCA# BK:>H ;N>;:>E 9:69:DH:@M:#
W6=W6GD B 67EAFB6B@A 67<9>GA M<6:>A: 9CAC>>GDB9* BW9 N9>EM:> ?G6=PACAA# B 67<9>B FB>9# W6<9C?LJ
FBDLCA B@CAA*
+ K>E967:>X
7 B7JAB :>A:>A ?C667 <@89 :K>E9: :LH67:??: ER?:@A ;:> R:DDO9* BW9 LHC?6BD R:67E>D< 9:7@:AA*
+ 4B B7 :KR:? :LH QG>KBAN?76:A AC> B>GPB# E6 MB>BK<>H:D :>>:D6EL 9N7:>:@<9Y C@B DE77V
7G7 >GRRB> B>BAAI9 F=7J@CAA B 9:69:DH 67<9>BN6MEDH# B??ERR B 9NM:6 6S9# 6 KNLNAA: B
;<=;:P:99:> A:>:AT7@:>A# KBLB6 ;TM:> R:D8AA A:?:Q# >:LFGAI> B7 :?@8*
+ 7 :KR:? K:L:K:>< + 9<G>ACAAB BW9 >:>9:6:D +# E6 FIP D:9<Y
LH 9B67G>J KC7@I>BACA A:AA B 9:7EM:>* B>QF B F:LH ;:>E DE7:AA*
+ QF FGA?B;C?@I>A*
+ <E?A 9E?@:@X
+ I?W6GD DE7AE>Y
+ <DW6 ;O6AVY <DW6# BK<M:> P:>:7D89Y
+ <><6 MBLH B77B> B ;O6AA:>*
7 :LH:D:6 9E9 >GAJFBAG? 67C?C6BD 9N?O>M:AA: 89:A# MCDB>GA W6B9 B F:LHA:A8 AN?A: K:L*
+ <DW6 :LH:ROD9 + KCD@AB B>QF*
GD@76GPGA B ?:K:L8 67<9>GDB9 AGKB67ACAAB# 6 9EA A:DH:?EM:> FGA?B6<KSACAAB B FBPGA*
+ <667B 9:>> KBP@ K:DDOD9# 6 K:LKG67DID9 B F:LH:A* AA >GAAG9 B7 G>>BACA*
+ :K >:67 CAA*
+ < :LH:R:A A:F:AOD9X
;TR:D O>8 ;<=9 6E?A:A>:DO># @: >:AN?M: >GAAG9 M<67CDA B DBQ;EDHR: 9<>EQ8 B>QFCA E6 BW9:A*
;:>;:@:7E6 <7LB>KGRBD KEL B7 G>>BA?J> <6 K:L;:>:@9:7A:9# GAAJ@I>AB9 B FS@CD# DBLHC9BA
9<G>AC7MB K:LKG67AB9 B 67<9>B;C9CA* B>QF KC6A :LHKBLGRBD G>>A# :LH<9 9:7EM:> :LH J?<G6<#
MN?N6 67<9>BANKRD:9 AGKB679C@MB# BK:>H 9:AAEFB6SACAA KB>CK9:?E9?: FB6CD>SACAA# E6
W6ND@:6:D K:L1K:L?:679:A:AA 9:7: B>BAA* NAEA:D ;<LH:>A: B F:LH:A* 7AGD N9N>R: 67C?SACAAB
9:7EA# E6 9B>BQG>D< 9:7@A: PCRRPGD B MN?N6 ;B>BA* :KEDH:D N667:67C?SACAAB 67GPGA# FBP9C67C?=PB
B>BAA B 67:K: 6JMG?CLMB DE7:AA*
+ O6AV
:LDHB>AB >:FC?76C>J@CAA N9>EA*
+ BW9# LH:?:V
: BW9D:9 DHCKB M:67:AA* LH W6BQBA ;<= DBLH 7BPPB># BK:>H:A B>QF K:L 6:K FB>>CAA#
>N9@N6NAA# :K:>L:A:AA :LH 67<9>GA* K<9C? ;:>EPO9 ;C?@I>A# B 67<9>B EQQ K:L?:WW6:DA# E6
B7 J?<G6< 98ANK:L B A:DL:?R: 7IFBDA# 7=LJ MS76ILB?BA ;?NWW6:DAM: ;:># BK:>H B 7GACDH
;E>KBLB66GLG<L E?A*
+ 4BLHPGAC9 BRRBV 4BLHPGAC9 BRRBV 4BDLPB B7CDDB> W6ND@:A A:?:KA:AA*
+ O6AV
O>NDN6 @C>CL AN?AEDA B ;:PER:D* B>BK< <@:1C@B ?NQ@N6NAA :67KE>:A: :>8A:?ER:D# K<DA :LH
@:D:ME? 67G?DHB# E6 :>FCKG>HC6SACAAB LCD@C>BAB<A*
+ O6AV
LCD@C>BAB< =P?B M<667BAE?A:9# 6 M:>O9 B @OF*
+ O6A 9:>>V A< B77B> M:67A:L:A<A:9 B7 <@8A# FCLH 67<9>G9BA LI?SAAC9 B A:DL:?R:*
!.&$.-
CL:? FBDLPB FB>>BA67CAA*
+ BD <@8D9V B>QF B ;:PEA ?G7AB*
+ D@I>ID9 B F:LH?:*
BLH >G?KB 9:>:A9:7:AA* ;<=9 :LH ?E67: B QB?A?B B9B?A M<667BAE?D<# KG6C9 9NM:9:A B9B?AB9
LN?L:AD<* BLHCLJBD 6OANAA B DBQ# B M:67E>H :>C>MB@A B 6NAEA6ELL:> :LHOAA*
+ BW9V :F:A# FCLH B7 G>>BA B A=>C>@B>CD MBD* : KG? PG?AG> CAAY M:@@ GA B M:7:AE6AV
+ :DPOD9 B QB?ACDV AA LHOKN>W6NA >:F:A 67:@D<* <>> B>QF :>E >EQ:AA*
+ <E?A D:K KB?B@FBAID9 <AA :LH @B?BR<LX
+ LH MBDV
+ QSA6OD9 :?8@SAKEDHAY
+ AA D<DW6 K<A :DD< + KCD@AB B>QF +# 6 D<DW6 FC> K:LF=7D< KBLID9BA* ?<66 MS7 <6 9:ME6 MBD*
+ B7B? :?8@SAKEDH >:DD:V
+ 7<9>G9BA LN?L:AF:ADED9Y
+Y :LH:D:6:D >: B FS@?B*
+ 7A KCD@ABK# FCLH <D@I>ID9V + 9<G>ACAAB B>QF @OFN6:D* + <7CDHC6BA 9:>> AI@DID9*
H:?OD9Y :>8?:V
+ B?B@PID9 KELY
+ :DPOD9 M<667B B 9IDHFJ9FC7Y
+ G?B@A MBLHC9Y
+ :KV
B>QF >:AEQA: IPPB<DB9 S7O>:A:<?8> B ;:>67B9B@A R8?A* :K <6 ;GPA*
+ D MBLHC9 B M:7E?* <7CDHC6BA 9:>> AI@DID9* :K >GAPGAC9 B F:LH:AXY <DW6 ;O6AV FGAFB
EQQ KC6A PND :??: :LH FBPJ B A:DL:?:DX 4GA <AA K<D@:D9< K:LF<RRBDAX
;<=9 >G7B@C7MB KC?CLAB9# :>FB>>LBAAB9*
BW9 M:7:AA: >: B W6BQBACA B 67<9>G9CD E6 GA B FS@CD*
!'&$.-
!
$ , $ ,
KB>BWW6BQG6 B MS7QB?ACA 67:LE>H:78 67<9>B?:DL:A:L K:>>:AA 9BDHB?C@CAA# B 67<L:A KG6<9

C>@B>GD* BW9 M:7:AA: B W6BQBACA# 6 B>QF N?O>A B7 =P =ADB9* 4B B7 :KR:? :> AI@AB 7G?DEA B
A:DL:? 67SMJ FN?LE6: E6 B M<667BAE?8 MS7 ;C?AHCLG6B :>8># FB :> AI@CAA ;:>:@9:7D< B??J># FCLH
K<>H:D 6<MG?B9 B7 =A K<D@9EA C>@B>GD B7 J?<G6< @I@MBAC>>B7BAAB> R:D8AA LN?L:A:L:9# B99C? :LH
<@8?: AB>GD 9< AI@PB 7G?D< LCD@C>BAB<RJ> B7 G>>BA 9EQ7:AEA# 6 9:@ME?: GR?GD@C7FBA* DBQ KG?
A=>FB>B@A A:A8QCDAPGD# B @E>IAGD< F86EL KG? ?GO>:Q:@:AA B 67<L:A?:* B>QF FGAI>?J> O7:D:A:A
9O>@NAA B 6C? :>:PED FB>B@J BW9D:9# 6 BK<9C? B >:L9N7:>:RR< LHOKN>W6N6FN7 E?A:9# B7 :LE67
AG?6B6GL K:LG>>A E6 :M:AA*
B>QF KC6A# O>AER:D ER?:@A ?G B7DBQ :>867N?# FCLH K<>H:D F86EL MBD* D@C?C@MB ?GDLBAAB
67O?9: <DLEA# 6 B7CD ATD8@NAA# MG>>B>PB1: B7 <DL 9<KC6G6GDB9 DBLH 9B>BD@PGA* C7@I>BA>BDI> O>M:
B 67<L:A:D <6 67C9BA>BD K:>:LR:D# 9<A:?M:>A:# K<?: MC>DB 67O96EL:# FCLH ?:D@R: A:LH: KBLGA*
>686C?RBD <6 C>>J?B# FCLH >:MGLFB66B FBPGA# ?NLAND FGA?B <6 6<KSACAAB FC667= 6N?EDHEA#
>:MGLFB66B : Q<679C6 678?7:A:A >:L;N>P:RR ;E> FOM:>H9DH< FC667=6GL?B* 7AGD K:L;O?N@DE9#
67BQQBDDB> B>BQC6BD >:W6IAB9C>DG KBLGA* S6E?>:A9EQQ DH:>MEA MEL<LPG?ABAAB ;CLB<D# 6
K:LG>>BQSACAAB# FCLH B>9B>KB6<DA :LH ;CL9:;E?: <6 67O96EL: MC>DB* 7AGD B 9N?K:<Y
:L;C?@SACAAB B 9:7EA# E6 67:KOLH?: M:AA: 9N?K:<A* 7 :>:M:D F=6<L >: MC>AB9 ?GLMB# RG? D:K
:K>E9:7:AA B??B# K<9C? 9BQCAA ?G =P?B :??: B 67C9G6G?B# 6 :LH:A>:D B>9B>KBA 6:K RS?A ;:><@E7D<#
BK<9C? B 9N?KEA ?GLAB MC>DB*
+ :L9N7:>:RR KG? KBP@ B FOM:>H9IPPBKBA ;CLCK 67CQCLBAD<Y
CQMB 9N?O>DE7:AA* LH >GA67<9# 6:D9< 6:K FB>>CAAB K:L*
MB@G67C9 B ;N>@ND O>A:9# 6 KCFJD ANKAE9 KBLI9RB B 9NDDHT :>:@:>A# <LH:9:7MED :>F<A:AD<
KBLI99B># FCLH :>:L:D@8 E>:A:?8A AI@DB9 R:67:@D# 6 B KG6<9# C>BP67O?9:#
9CW6CDHG6 LHOKN>W6R8>* B>QF# KE?AE9:LH6EL9EDA ;:><@E7M: :LH9C?< A<67AB E6 GQC>A A:6AEA#
67:KOLH?: M:AA: 89:A* <679C6B9 MC>AB9# RG? D:K C>HB6;E>:9EQQ Q<679C6B9# K<DA BK<9C? B7
:KR:? 6G?LN@N?R: :6<9# MBLH :LH :686 DBQCD C??B RI9<9 B7 IAWGD* 7:K?: D:K =LH ;:6A:AA:9#
FCLH DHCKRBD 7IFBDH B>G 9:>> AB?ABD< 89:A# E6 KEL<6Y B FBPI9 FC667=# N667:LIRBDWC>J@CAA#
:LH1:LH 67G?B7 >:ME> MBLH GLBW69B ?BLB@A 9N7E# B?WI9BA B7 <77B@6GL =LH1BFCLH A<67AG?B KC6AB
ILHBD# @: B 9:ME6RE FC77G;E?F:A8 67NL>:A:9R:D MB>BK<>H:D G?DHE9;E>: ABQB@A ?G# ?CDLHC6
?IFGPI9# B9G?W6B9 B7 NME# 9:KEDH B M:?:PAE9A8># 6 KG? D:K <>>:KR8> MBLH 9EDH:>:K67:?:A:AR8>
M<6:><9# FBD:K QI67AB K:L67C9G6RJ># R8?O9 Q<99:>H:6 B 6J6 A:DL:?< MS7A8>Y
LH 9<66E :>67C?I>A B 67SM:# BK<9C? K:LG>>BQSACAAB# FCLH B>BQPGRBD MEM: K<D@:7 KG? ;:> 6:K
ATD<9 D:9<# 6 FCLH DBLHPGRJ> R:>:DHILC@CAA* JFBPACAA# 6 ;E>?:>N9A: B7 GLBA# BK:>H?8>
LHOKN>W6NA 67:@:AA* MB@G67C9 KG? 67EA67E>:@A:9# 9<19LG?B# R: B7 :?@8R: MBLH >: B
67<9>GFC7* :L;C?@I>A 6 9<A:9<DA:AA B A:DL:??:*
AA# B 67<L:A A=>6J C>@B>GD :LE67:D KG6 MC>A B 9<>GAG6* @E><RGR D:K AI@AB PGAE9C6 9EQ:<A B7
JW:GD F<@:L M<7: ;N>E M:ASA:D<# B >GAJFBAG? A<67AB# 9E9 E6 9:KEDH MC>A* :RB>>BLCAA B 67<9>G9FC7*
AA >:DA# KBP@D:K :LH 67<DA:D B A:DL:??:># B7 :KR:? 67:KK:> 9NM:AF:AA: B7 JW:GD KE>H
FI>>GKB<DB9 6CFB MEL:A D:K E?8# ;:>1;:>@CKRC?C@J ;IABKB<A* C9 KE?;N>@DH< AGMC>6GLRBD D:K
!0&$.-
MC>A 6:K 7GACDH# 6:K FCKC9QB@ B MS7R:D# 6 B FI>>GKC9 =LH ;IACAAB9 :> B 67<L:A K:>>:AA# K<DAFB
OLH:A 6:K M:ADED:9 ?G# 6 MB>BK<>H:D KG6 @C>LI9?B <LH:9:7DED:9U D:K B FB>B@G6 9EQ7:AEA
9:>A:AAE9 B7 :KR:?R:D# <D9GRR =LH ;:6A:AA:9# K<DAFB B7 :LE67 DBLH JW:GD <@8D9EDA
;:>:K:>9:@DE9# KBP@ =P?B M<667B7IFBDDB* QB@A# BQB@A B MS7# 7IRCLCAA# BQ?J MS7:6E6:9:A
;C?KG>A# >:6O>>H:@A B 67<9>G9 B>G# 6 ;EDH>8# 7N>@ FBP9EDA :>6<KSACAAB B FBP>B@C7J FSDG?C9BA# B7AGD
9<6 67OD:A IAGD =P?B N667:LHT>A# R8LM: ;:>:K:>9:@:AA# :>>:DG>>FBABA>BDI> @BLB@A# ;:>KG67CAA B
9<6 ABPAE9DH=>MGDHC9BA 9O>@NAA KBLB :>E :LH1:LH MS7DH:>8 LN@N?R:# KSL MELO>
DEFGDH KEA:?DH<?: K:L9N7:>SAM: B LH:?:1# 9EA# 9<DH=PACAAB ;:>EP: ;:FE?:D FBR7J IPPB<A*
B>QF B@@<L 9NM:AA: FI>>GK?J> FI>>GK?B B MS7 :K:>9:@E6EA# :6E6EA# BKSL B A:DL:? AGMC><
<@:L:D6EL: MELO> :> D:K 76<RRB67ACAAB B7 BLHGA* 7AGD B MS7 67<DA: R:>GAFBABA>BD ANK:L:
>B66BD9EDA :?867B9C6BD R<?AC9RB M:AA: AI@BAGA* AA MC>A B MG>B67AJMCDB># B FBAG?* 67<L:A
A=>C>@B>GD# @E><RGRC9RB RILHC>G>MB# B DHILC@A >BL=DB QBP76GDB9 ME@:>KER:D B7 :KR:? 9:@ME?:
GR?GD@C7FBACAA B K:LK:D:9O>E6?8>U @: <AA# 67:KR:D B7 JW:GD 9SKE>:A>:D 9CDC96GLGMB># B7
J?<G6< AGMC>6GLC9 KE?;N>@P:<M:># >: MC>A <LG7MB# >:A:Q:?M:# :>SAE>M:# A:F:A:A>:D MC>AY
<KCD FBDLPB 9N7M:A>:DO> B ;O>: K:>>:AA 67J>B>A K:L* B>QF B7CD 9BQAB KBLGA# FCLH 9EA
9E77:># LN?W6N6:D KB?9C>G667B B 67<9>GA# A:6A: K:L;:67O># DHB9<7KB< K:LK:?:M:@A:9# B 67GPB
DH<AMB*
+ 4B7BPIA67# R<7AC6BD# K:L>GAC@*
7A KCD@AB <KCD# 6 9N7R:D RJ><DACAA* E> AE?@E?: :?:679:@M: DE7:AA >: B>QF?B :LH
KBLB6BRR 67<9>G?J># BK:>HR: 9EA 9E77:> 9BQB679C@CAA# B KG6<9 >GRB B>QF;B> :LH KBLB66GLRBD
F<KRG>J7CAA*
B>QF K:LFN99:DA* BLHB?G7BACA 9:?:6M:# ;:>A:9<DA:AA <KCD B?WGRB*
+ >HBD J?<G6<# C>HBD RC?7B67AJ DBLHV + KCD@AB* <KCD =P?B RJ><DACAA*
+ <D@:LH* 4B7B9:?O>67* D >:LB>GRR<6 =LH LCD@C>CK* B>QF A:6AER:D C>@J@D< 9:7@:AA B
LN?W6* ZP?B B A:DL:??: DE7:AA# B7AGD 9:6:?T:D ?GKC6C>HLCAA <KCD?B*
+ B>GD FBPJA @IL@C6C> B 76:R:@R:DX <KCD M<LHC?LCAA# ABLB@JBD ?G7AB B ;:PEA*
+ 4GA B99C? FCDDEA AI@C@X
<DAFCLH <KCD KEL B99C? <6 FB>>LBACAA# B>QF KG? W6B9 :LH 9I?AB MG>B67?B KE>ABAAB*
+ C>CD@ MBLHV
<KCD C>H F:M:6:D ?G7AB B ;:PEA# FCLH @I?MB# ;:9:A: FBPB <@:1C@B W6BQJ@CAA B?WGD*
+ :K MBLHC9 RC>CD@* : AI@CK# FCLH EQ6ELR:D FB7B ;CL67 9:?O>D<*
LH @B?BR<L :LH<9O9 6:K 67J>B>A K:L* 7AGD F<?A:>:D :LHKG6?B KC6C>HCLAB9*
CL:? FBDLPB FB>>BA67CAA B7 O?:L:9 ;:>8>*
+ H:?A:9 >:V
KB>BWW6BQG6 9N7:>ER:D ;:> MC>A A=?MB B ;N>@# ;?<66 O?O>E9W6CKJ9 L87N>NLA:9* BW9 =LH FBPC>A
;N>EPO9# K<DAFB B >GAMGDH MB>J6GLLB> RC>@CLLG A:DDE*
+ B>QFY F=6 B99C? <6 9:>> D:9OD9# FB KC6A B??B B KG6<9 @C>CL?B MB@G67ID9*
+ 4B B7A F<67:@# FCLH DHCKCD MBLH# B99C? <D@I>PID9* ><D@I>AB9* MB@G67C9 :LH W6CKJRB
M:?8@M: BAAJ> B R<7CDHC6 G>>BAAJ> MB>J ;E>:>KO9R:D# BW9 :LHKBLGRBD >:L:>N>* CFB >B66BRRBD
K:DA:9# K<DA BFCLH B>QF 67:?:AA: MC>DB# B>BQPGRBD MEM: N?O>A# FCLH D:K ?CFBDDB9#
:>EL:@:AA:D ?<DLBAAB MG>>GD B >GD@76GPGA* BW9 67B9E?A:>K:# =LH >GA67CAA# MB>BK<>H:D MG?BA>BD
B9B@G>HRB OA9N7NAA# B K:D:A F<?A:>:D K:LAC?QBDA* B>QF :LH ;GDB9 AGKB679C@CAA# 6 GR?GD@PB<
=P?B R<?AC9I9RB M:AAE9* MB@G67BA BW9 @C>LB# 6 KBP@ KEL <@:PER:D ;:>E?D:9 B F:LH?:Y
!,&$.-
LH67:? BQPGMB> :LHOAA FBABKR8> :MCDQC?ARB MGD@C?C>MB# :LH <@:<L B >GQM<@E9 Q:?:KED
E>A:9# :LH ;BFG7RBD* 7C9DB9 B FG7B9DB9 B 6C?GRJ># BK:>H:9:A B>QF K:L<6K:?A# :7 9O>NDN6:D
E>:6 9N?MCDB>B99B> ABQB@A K:L :K>E9:7:AER:D# K:?A IAGDB 9:?O>A <69C>GRB* BKB B99C?<RBD
KEL M:>O9 E>A# 6 QBQB K<D@:DDBQ FB7BPNAA* B@ QJD<9 >GACLBAAB9 :> K<D@:DDBQ B 9:?A 98;B>GFC7#
6 :6:AA B FJ* FG7 KNLNAA :LH ;E67:?;E>: G>>A# 6 FB B7 :KR:? C@B;:9O@A# DHILC@ABD ;<LH:>F:AA:
B FJQ:>HF:9 9BMB?LG6GA* GAD< >:F:A:AA B 9<6 D:@M:6 ;C>ACA# BK:>H:D B Q:F:>H :>:DHE67:AA# B7AGD
;:>;:@:7A: B7 :>68 FJQ:>HF:A# BK:>H D:K C>MB@A :> B >B66BD9EDA A:>P:6:D 9<;:FE?:@8 ;N>@ND* 4B
B7 :KR:? ;G7CAA# B99C? M<667BC6CDA B B7 BR>B9CD DE7:AA 9<# B DBLH MN?N6?E7 O6A 6 B
AGDHE? K:>>8># BK:>H:D BQ?J 9E9 :KR:?9E9 MC>AB9Y
4B B7 :KR:? :6A: >:;:9O@A# :LH RNL?: WI9?C7CAA# A:P:6 9I9C?<WB@B?GA 9BQCAA* 9NDHM:9
Q:@<LY B7C9 :LH QC>WCD G>>AB9 B7 GLH K:>>:AA# 6 9:AA81FG?CK K<D@<L B 6C? A:A:PED F:M:?A# K:?A
B>QF >I6AB MC>A BFFC7# FCLH B F:>HO9?: ?B9PB 89:A* 667:M<667B MC>AB9 ;<?9G<MG# 6 A:>: MC>AB9
67BKG?;O>:99:>* AA MC>A B ;EDH>8# 67SD:6 ;:@:>T 9NDHM CQ6H?J> E6 CQ6H?J># BK:>H:A B>QF
6CFB6:K C>MB6CAA :># K:?A 9EA >GDH?J> 67J>A# CAA G>>A B B?G76>J?J> 67J>J <6# BK:>H M<667B;CPACAA
RC?7CDLG6A 9:>A:AA B7 :KR:?R:D# 6 BK:>HD:9 FI67CDF:A:@<9 C>@B>GA B QJ9 67N?DHT 9EQEM:> B7
:KR:? GAIL?CAABU :LH 9NDHM B7C9?J> 67J>A# B9<9 K<D@:D;E>: @C>LC9BA# :LH<QACK< JW69B6GLC9BA
G6AB9 9@R8># @: CAA G>>A B 6C?RBD B $ +" ,- E6 B . ( +" ,- <6*
>H :>:M:D:D P:>:DA:9 K:L 9EQ7:>:AER:D# FCLH B9G? E?AO9 <6 DH=>FBACAA# K:L <6 ;CLFBAAB MC>DB
89:A# 67<DA: E?:7D< ME>A: B ) +" ,- 9NA:AED:9 6=?>J@G6GA# BFCLH 9NDDH:@ED
9<W6=67<9 B 6C?RJ>Y <D@:D C>H PJ MC>A# C>H @:?T6 E6 RB?GA6GLC6Y
N7M:A>:DO> :>8AAO9 K:L?:WW6:DA:9 B RC9?C9* EFGDH ;<= B KB>BWW6BQG6?J> M<6SAC7MB B
9=67JDNMEDH:9 9N7E M:A:AA: KBLGA* B>QF >GAAB# BK<DA BW9 K:LAGDAC?C@<9# E6 :>MGLJ@<9 B
;N>@ND* 7IAGD MB>BK<>H:D G>>BA ?CFBDA ;:>EP: B KB>BWW6BQG6CD# M<>>CLJ BLHB?B99B># ;E>:>K:A:6:D
?N;NLM:* B>QF =LH >GAAB# FCLH F<@:LME?T:D >: AI@PB KE?D6GLCA# E6 WE>RB M:DDSA:AA:# ;:>EP: FBPSACAAB D:M:A6EL:6
;B>GD@76GPGA# E6 KEL >GAAB# FCLH R:>:;=?J@<9 B QC;GPGRB# 6 :LH <@8?: K:L <6 G>> R:DD:* ?N;NLE6A
K:A678 M<6SAG6 MG>ACAAB ;:># B MB@9BD :LH LHC?6 ;C?@I>BAAB> R:M:A:AA: KBLGA B7 C>@B>6J
RI?LH<DLRB* KB>BWW6BQG6 =P?B K:LA:>A 9<G>AC7J ;<=99B>* BW9 ;IAMB M<667BAE?A# E6 RCAPGMB>
<@:1C@B 9CAC?G67CAA B W6:?PE6R:D*
+ AA K:DAY
+ : :??:;:>E 9:?O>F:AY
+ AA K:DA# FB KCD@CKY
MB@9BD :LH?: PCRRBD AGMC>C@CAA* LH =PBRR KB>BWW6BQG6?B RI99BDAB9# BK:>H B7 :>68M:>
QG?FI7BKC6BD ;IACAA* BW9 :><?BKC@CAA# B>QF K:L MC>A <P:@M:# @: RO679: <6 MC>A*
+ >AB>G>ABK# R:>:M:?A:K B >GD@76GAY
G?BA>BDI> :LH A<67AG6?B E?A:9# 9N7:> B A:DL:?QB?AFC7* BW9 9N?O>;IACAAB B W6IQB67 67<9>GA#
B?WB W6IQB BLLC@B>CK MC>A*
+ :?:9:A C>@CAAV
+ :@<L :>AB>G>ABK + <6KEA:>A: K:L B>QF* + >GD@76B K:L <6 G>>A R:DD:*
LH E?:7A:# ABD=9?B MBD 67O96EL:*
+ :K >GAAGAC9X
BI?<W: RJ><DACAA*
+ D >GAABK* QQ B QC;GPGRB AB>G>AG>V 4SPV B>QF :LH?: <7LBACAABRRBD ;C>HABAAB*
+ J> R:>:AB>G>ABK* >GD@76B K:LG>>A R:DD:* :L6:R:6SA:AA:K*
!!&$.-
J>:68:D 6OA9E?:7:AA =PCDDBD 67:?7:AA A:9<DAE>H: ;EDHER:D# 6 =LH & FCLH K<D@:DA
N667:M:AM:a B MB@G67BA D:K <6 C>HBD ?C667 @C>CL*
+ >BQC6BD C@B9:DA:K D:9<* ><LFBD:K :7 MC>A B7 B7 G>>BAV
BW9 M<667BPNAA*
+ :K# :7 D:K B7 B7 G>>BA* 7 MB@9BD MC>A*
+ >AB>G>ABK*
+ <E?A D:K 9BQB679C@AG> R:>:X D K:LQ?JRG>ABKY B>QF FBDLPB ;:>W6BAABDA*
+ LH MB@9BDRBXY BW9 :>MN?N6N@NAA*
+ : KCD@AB@# FCLH 9<W6<DG> R:DDOD9:A* 4CMB @CRAB@ AI>BP@CD9EQQ:D B >GD@76GAX <E?A D:K
MG?AG> KEL :LH @B?BR<LX
<DH=PACAAB 9B?PGA*
+ @: DE77:A:9V
:L;C?LBAAB RB> 9B?PGA# FCLH K<D@:D9< >GAFB66B* LH 9B?WC>G6 >GA67CAA ?BPAB# D:K DBLHCD
KE>H# @: ME?:6*
+ 7A B7 BLHB?GMB> W6<DG>AB* :K RS?ABK <@:PER:D R:>:MGLDGD@76GKBA*
;<LH:>:K BW9 ;:>E ;C?@I>A*
+ :L6:R:6O>AE> + KCD@AB <KCD* + < 9:>> 67SMDC@ B 6:R:A# K<DA :?:DLG?<GDB9*
BW9 K:LDHB>@C6AB 6:REA*
+ D AB>G>ABK :> + KCD@AB B>QF KE>ABA>BD9C@MB* + D 6:R:6SA:AA:K K:L B >GD@76GKKB>*
<667B B9B?AB FJ@SABDK:A*
+ AA PNAA B W6BQG6CD* 7AGD :>FBPSACAABK B >GD@76GA# SLH D<Y
CR:?A B ;CLGA M<W6C?SACAAB# E6 ?GKC?LCAA* B>QF R:>:K:DA B PGAE9RB# K<D@:D9< D:M:A:AA* C6A
K<D@BDDH<BD JR:?AE< 9:7@AE9 @N;9N@D<# B9< PGAE9C6BD <@:1C@B ?CFBDLG67CAA*
BW9 :>9<G>ACAAB KBLGA*
+ CLPGAC9 9N?R:V
;<=9 9N?A B>9CAAB9 E6 :>8?:DHCKI>AB9* JR:?A :>ERR 67SD>:>A ?EKO>:AA:># KBP@ 9CKC>HBD
K:L<P:@M: 6<9C>AC7CAA*
+ BPV 4BLHPGAC9 BRRBV 7 ;GPV
LH >GD@76B ACKQB MEL: B FGAG?B W6BQJ@CAA# BFCLH PCRR?B1RB>?B ;IA9C6CAA 9N7NAAO9*
+ CLPGAC9 >:V
:;CLAG9 B 9B?PGA# >GRGA* B>QFCA <6 KBLGMB> ?BLB@AB B F<?A:>:D AGKB@A# ;CPAJ <7LB>CK# :>9BQAB
?<W >GD@76GPGA# E6 JR:?A ;:>E @N;NAA*
+ >PEA:9 K:LV N>PEA:9 K:LV
CR:?A KC6A KG? :67:M:67:AA:D 6<9C>AC7CAA# R<?9J7CAA* BW9 B FBPGA KB?9C>G67AB# E6 ;:>:K:>A:
9E6EA* NLNAA: CL:? >N9@N68@NAA# FCLH B7 G>@C7BA 9N7:>ER: ;E?987F:66:9* 7AGD
67:?AB?AG6C6BD ;:>FB?6BDA B7 ED:9# K<DA B AGDW MBLH B MB@G67BA IAC>6J Q<>>BDBAB<DB9
7G?JB99C?@PB*
/ #
$ #
!/&$.-
/ #
' - #
B>QF <6 N9N>>:> <LH:9:7:AA IABA AN?D< KBLGDB9# FCLH 9N7:>:RR 9:?O>F:66:D# 6
R:>:KB?9C>FB66CD BRRB B RB?DB# :6:D@8 F=6RB* :K RS?A :>>:DG>>D< BDDB9 B K<D@:DA >:DHTLN78
MGLHDB9# FCLH AEQP:D# ;BW6B?PCD# ;GP@B>KBA C9C77CD*
BW9 9B?PB >:6=PACAA B AC>CDLJ# >O9A:A8 9N? E>P:D:7D< 9:7@:AA# B KB>BW FB>G>FN?LE6:<A
IAGDC7AB* 7AGD 7<FG>J >E>:L7:AA:> B ;N>@?: M:A:AAE9 KBLI9BA# 6 JR:?A ?EKO>A DHN67N?LE6EA
FB>>LBAAG9* <679C6 9B?PGMB> K:LAN?O>A: B?WGAU >GAD< >:F:A:AA# K<>H:D :?8;:67SAE6:9:A A:67# FCLH
M<667BDH:?P: DHILB>KGA*
+ BP# B7 O>:Q:KV
7:DM:@8 B?WWB> @N?76N>L:AA: B ;:D:9EA* BW9 K:>>EP: LI?I>A*
+ J PGAE9 MC>A*
+ : W6B9 PGAE9 + KCD@AB B>QF 9EDH:>K:A>:DO> ;:67:DLM:* + DL:K <6 =LH K:L?=LAB9
:LH67:? ?NLR< 9N7R:D*
+ LH @CR 9:>>:D: + KCD@AB BI?<W: +# B99C? ?:D@:6:D K:L >:F:AD: W6<DG>DLCA*
B>QF ?GDE7:AA*
+ 4CLHFCLH ?:D@:6:DX
+ 4GA D:K AI@CK* T7 9:>>:D:# K:L @CR# OA:K:6:D @CRC>D<*
+ B>BW 9:>>:D: + KCD@AB CL:? +# K<DA B7 <LB7< MB@G67BACD*
+ BLH MB>BK<# BKBWCA F:>H:AA:6SA:DE + KCD@AB BW9* + B>B9<A ;:> 9:>>:D: N>AN7A:AD<
KB>BWDB9# B9< B7AGD =LH <6 M<6:>9:@DE9Y E?A<A:9# =LH A:DD:# K<DAFB ;:>@NDA:D: :DL:K# K:LY
+ LH <LB7< KB>BW 9:>>:D: + KCD@AB JR:?A# B9< KEL K<D@<L B FGAGA ABQCLBAAB +# BK:>H:A
K:L >:F:AD: N>D<*
+ :LHOD9 :LH [BQ?J6GLCA\ + KCD@AB BW9# E6 K<D@:D9< D:M:A:AA*
B>QF ;:>O>A*
+ CV + KCD@AB* + 4B SLH FB>B@ID9# B99C? D:K AB>G>PI9 K:L# BK<A 9:?:6OD9*
;<=9 :LH:D9EDA ;:>G>>AB9# F:>H?:?GDW<LG>MB ?CDLHB<9BA*
B>QF BW9?: DE7:AA*
+ :LHOD9 B F:LH?:*
+ :K MC>DB PCRR# FB M<667BK:DDED9 N;<F:7 + KCD@AB BI?<W: +# K<:>8AA R:6NAEA:@<9X
7 <9?:9 :LH :KR:?9EDA ?GRJ><DACAAB9*
+ LH MBDV LH MBDV F:LH?: KBP@ ?:LL:> K:LHOD9 ;:>*
B>QF 9N?O>DE7:AA# E6 K:LQ<>>BDACAAB B A:DL:?A*
+ O7:A 9:>> ?B9DID9V
+ ZLH6<DW6 <AA N;< 67:KOM:L: + KCD@AB BW9 +# D:K AI@PI9 K:LLH=PABD<*
+ 99C? DE77O9 K:L# FCLH K< =P6GL B F:LH:D* BI?<W: 67J>B>A K:L# 9<66E FBRC7MB# K:?A D:K
B9B?A LHGMGDB9 >GA67BD<*
+ FB CAA AB>G>PI9 B7 G>>BACAX BW9 K:LW6JMG>AB >GD@76GPGA*
+ 99C? K:LN>PO9*
DBQ :?:P: KG? 9<66E B>GRRFBLHCAA* BW9 DBLHCA 6IF<DACAA B >GD@76GMB>*
!-&$.-
+ <?: MG?ID9X
+ CD@C>CK# FB B QB?ACD KB?B@ID9 + KCD@AB B>QF +# B99C? 9<>HI9B@ID9 B >:EL:AA
:?@8?E67?:# 6 CAA ;:>KG67FBAID9 B F:LH?:*
BW9 =P?B GAM:AA: B M:7:AE6A B MB9SAJBD W6<>>CLJ# 9<1R: >E>:L78 JW:GD K:DAED*
B>QF Q:@<L <6KEA GAB@AB KBLGA E@:6 ER:?G>KB<DB9# OLH:6 >GRG?B RS7MB# FCLH K:LR<?9J77E9
B7 =A D:FE76EL:<M:>* : :7=AAB> D:K R<7CDHI>A C>HBD OLH:6D:9 B >GRB# K<DA KG69C?# K:?A B7 =A
>:LDBLHCRR ?E67EA B M<7:A 67:LE>H:78 67<9>G9 9N7NAA 9:>>:AA K:LA:DD<:# B A:DL:? E6 B 6NAEA:D
RI?PGD7J :?@8 9N7NAA* AA1CAA B>BW6CDH 67<?A:9:A 9:>>:AA K:LKG67D<I9# MEL<L:LH:D6=>HC7D<I9 B
9:69:DH N6MEDH:9:D# B9B@A C>HBD GA9:>8 <6# BFC> DELH9E7>GR?B 9:>>:AA :?:679:@D<* FI>>GKC9
KC6AB# D:@M:6 67<9>G9CD 9=67AB9# GAIL?CAAB9 :LH1:LH DBLH AJW6GA# BK:>H:A B @BLG>H FBLHCAA B
QB?ACD* LH67:? :LH 67B9B@E9FC7 E?A:9# BK:>H K<DA MB>BK< MG?G?C9 67:>A: GA B F:LH :>8A:?EA*
:D:9:A>:DD:9 >GA67CAA# B ;<=9 A<67A:>:AAI@JBD RGKI>AB9 >: B 6NAEA O?:LR:# BK:>HR8> MS7
7IRCLG6B FB>>BA67CAA* 7AGD M<667BAE?A B FI>>GK# B 67B9B@E9 B 67:KO9 >GAAG?B ;:>;C??A# E6 KEL B
9=67JDNMEDH:9:A <6 A:>:;?NW69N>A: ABPAE9PGMB># B ;<=9 <6 W6I?CKM<7:6?: G7AB9# M<6SAC7AB9*
:L9S6E?:>AE9# FCLH B7 :?@8D GA PI66BDB9 ACMGRR# @: B ;G9 C>H 6T?TD ;CDJ@AB9 :LHKG6RB#
K<DA BK<>H:D B KB@G?;E67:9 C>@B>B* ELO> <6 B??B 9EDH67:?O>A:9# FCLH :LH:D9EDA GAILC?PG9 B
67B9B@E9CA# K:LMG?MB# BKSL B MS7 9< D:K ;C>H<9 R:>8>:# @: :LH<9O9:A1KG6<9I9BA KEL SLH <6 =P?B
DHB9CD NDANAA: B M<667BAE?8 FI>>GK* 7AGD GAFBAC>FBABA>BDDB9 >GA67J 67<9>B?:DL:A:LR: E?A:9# 6
>:Q<F:DA:9 :LH <@8?:# K:LMG?MB# BKSL B ?CDLHB<9 K:L D:K 67G?B@DB9# 6 9N7R:D B DHS>A A:DL:?
67B9B@C7CAA 9N?MCDB>=# DBLH FI>>GKB<A ;<LH:>AE9# BK:>H:9 MELA:>:D >B66BD LN?@O>A:9 ACMB#
K<F:>HA :>FBLHAG9 B 67<L:A:A* HOKN>W6NA AB>G>AB9# ;N>NAA: AB?9B# BQ?J KB@B?B9 LHT>A:9 N667:#
E6 =LH 67G>>@C6AB9 <@:1C@B# K<DA B ?CMB?C9* B>QF B7A KCD@AB# FCLH >B66BD FB>B@DB9*
:>KG67CAA :LH ;G?B# ;E>?:FBPACAAB >CKRPGA# 6 =LH >GAAB# FCLH B F:LH DELH67NL>:A:6 W6=W6B KEL
PJ K:667<?: MBD* :LLHC?6SACAAG9 >EQAO9:A# @: JR:?A W6=DHGD ;:>6:R:7A: B AE?@EA B 67<9>G9
9N7NAA# 6 K:L 9:>>:AA G>>BQSABD<I9# FCLH FB EQ6ELR:D B9B?DB9 GAPIAD<# B99C? >B66BRRBD 6
JMBAC6BRRBD 9:>> PG?D<I9* SLH FGA =LH >GAAB9 D:9< :DD:9 B7 =A67B9B67DB9# K<DAFB K:?:@:9#
M:67E>H:6 F:LH:A 9:>>:D: K:LKG67D<I9# @: :LH <@8 K=>MB B 67<9>G9 PG?FBABA>BD F:LH;C99G G>>AB9
N667:# BK:>H:A 6T?T @76IDL:>FBP7BA D8AA R:# 6 K:?:@:9:D :?:679:@:AA B>G B A:DL:?R:* B>QF B
DBQCA ;<LH:>A:*
+ NM<@:6:D B>9CDHC@D< ;CL + KCD@AB* + 7 I76CDDB <@:P: KG? K<D@:D9EQQ:D :>K=>A*
+ :K :K>E967:K :??: B F:LH;C9?B + KCD@PB BW9 >JLJ C??B>* + ><LFBD:K :7 B7 B ?E67: B
QB?ADB9# BK:>H:A :@@<L D:K AB>G>ABK K:L*
B>QF RJ><DACAA*
+ 4B@@ LCD@C>9C@PBKV + KCD@AB*
B>QF KC6A KG? 6:KK<>H:D :>;CLI>A6GLCA D:K E?7:AA# FB DH<>MGDC6BD 9:>>:AA FBAG?C7D<B# =LH
;<LH:>A: B K<D@:D9C?< :6:KEDH:9:A# K<DAFB 6B99C7DE9* RBP W6B9 B7 MC>A# FCLH 6CFB6:K >:AA
MC>DB R:>8>: PJ 6B99C7J* C6A B7 BQ?J6GLC9?B LCD@C>A E6 N;<?:* >9EQ7:>A: N;<A# :LH:@O>#
MB>BK:>H<9 9IDHFJRB F=7J@MB# BK:>HR:D 6:KK<>H:D KG6 FBDL D:K FB>>BA67<9# K<DA B
><@E?WDHCKG6C6 DHNLE6:9# 9<G>AG6C9*
+ :K FBLHFBAPI9 KBLI9?B B7 BQ?J6GLC9BA 6 N;<A* LE67 EP67B9B D:K FBLHFBAPI9 89:A
KBLI9?B*
ANRR<:9 9N?O>NAA: D:K 67J>AB9# ;<LH:>A:9*
+ 4B M<667BK:LHOD9# B7 J?G9<L :>AB?A*
BW9 K:L?:67:>A: AC?9GA* I?W6B# ;CPACAA FBDLCD R:67E>A*
+ :K 67BRB@# FCLH MB>BK< RBPB AN?AEDPE9 N;<D:9# <LB7X
/"&$.-
B>QF ?<W >GD@76GPGDB9 Q<679C6 F:LHEM:> B ;CLGA OANL:AA:*
+ 4B <AA GAMGLID9Y N?O>DE7:AA*
+ B>B9<D:9 GA 9:>> MGLD:67OD9*
<>< 67J>B>A ;:># 9EA:>9:@M:*
+ LH:@O> K:DP:D GA B7 :?@8DX C6AX
+ :L;N>P:RR :LH :KR:?A DE>9O>N7F:AOD9* <KCD IABA AN?A KBLGDB9 B>QF K:>>E*
+ 4B B9B?C@# ED K:LH:9* 7SM:6:D K:LH:9# 9CKC>HBD KCD@CK*
KEL K<:>8AA B>QF MG>B67C>FBACAA MC>DB# LHC?6BD ?GKC6C>HLCAA# K:L;C?@I>A# E6 :><D@I>A B7
:?@8 ;:>E*
B>QF FGA?BDE7:AA BW9?:# 6 KC6A :>68 S7R:D 9BQAB :> B @OF*
+ BW9Y BK<9C? :>867N? PIACAAG> :> B MG?FC7Y BK<9C? B7 :LE67 IABA K:LA:AA:@Y
BW9 KCLC?MB MC>A*
+ C6X
+ 99C? <6 <AA PNAAE> MEL<L :7:D B QB?A67B9B67CDY B F:LH B>BAA# ILH:X
+ AA*
+ IAGDBX
+ LH KB>BWW6BQG6?B RI99BDABK*
B>QF RJ><DACAA# KBP@ B7 :?@8 ;:>E KIABACAA*
+ 99C? CAA ;IAY MB>BFC> R:DA B7 :?@8R:D* 77:> MB>BK:DDH<:D RN>W6:D :LH:AE?A:AA:9*
+ :D@R:D MBD* 99C? KC6A <AA ;CLID9 GAAN?D<# BKSL ?G D:K AB>G>ID9 B W6BQG6?B*
LH:A >EQ:AA# B7AGD =P?B K:LG>>A*
+ G?PID9 KEL :LH Q:?W<LV :??:;:>E FB>B@ B7 B W6BQG6X
+ CD@ABK KG?# FCLH B F:LH ;:>E + KCD@AB BW9* =DHC6BD :>M<LHC?C@CAA* + :K B9B?67
;:>K:DDQF 6JFBPACAA* ?:7A: B 9:AA:PO9 9N7A DNM:9M8 :>>:DAEA:A# 6 K:LE?A:AA:# K<A E?:7F:A BW9
C>HBD9C?# BK<9C? 9< 9:>> B@D G M:7:AE6A*
+ ??B LCD@C>ABK# FCLH 6NAEA:@<9* @:1C@B ;CLID9 RCA>B@C7D<*
+ 7 G>>BACA B9B?AI9 ;:>FBP67C>D<Y
+ NAEA >:67Y
+ 7A ED D:K RGDCK + KCD@AB BW9 <D@I>BAC6BD* + 4B C@BE?OD9# ED D:9<MGLC9* : D:K
AB?AB67 M:>:KX : <D9GRR M<667BKE67 B 9IDHFJ9FC7Y N;<F:7X
C6A B>QF MC>A B7# B9< :>MN?N6N@NAA* : B N;<A8> 9BQCAA =P AI@G6B G?DHE9GRBD
9EA6ELR::6:AA*
+ <E?A LHT>N>67 A: :DL:KX
;<=9 7BMB?ABD <7:LA:91KC7CLAB9# K<DAFB MB>BK<>H:D 67:KE?:K6E?A8 67JA FB>>CAAB9 MC>DB*
CMGRR AB?ACAA B W6ND@*
>68D:9 B>QF ;C?@I>A :># KEL <D@I>BAC6BD# 6E?A8@NAA:D*
+ H:?OD9V
7=AAB> 8 M:7:AA: B W6BQBACAU PCLCA ;C?KG>A B??B# FCLH >:L:>N> 9O7@PND K:L B ?:DL:A:LL:>*
BW9 B F:>HER8> 9<A=?MB# ?C6679:@MT:D AEQ:>8@M: FGAI> KB?B@A*
/$&$.-
KB>BWW6BQG6 6NAEA B>BL=A MC>A# K:?A B DBQ KG? LHC?6BD W6=67CAA B M<>GL Q:?:K: ;:>E# 6 B7
:?@8R:D :LHER9EDA 6:K 9:>>:AA 6C9BA 9:?:6LE>D<# FCLH B7 :KR:? G?DHE9?B >:>P:D* 7E>:6# PJ>
9<ABQC6CAA W6BQG6 MC>A# LHC?6BD FB>B@FBAAB9* 7AGD B >:ME>K:DDH:7:A F<?A:>:D 67EAMG>A# 6 B
W6BQBA 7<FG>J >E>:L7:AA:> K:LG>>A# B DEFGDH ?<A9B W6<>>BL?B RGKI>MB# BK:>H B F:LHA:A8 9N?O>
?:7L:AA*
+ 4GA <AA MC>DGD9V
;<=9 FBAG?C7BA>BDI> DE7:L:AAE9 :LHKG6A* : B>QF KG? @NDANAA*
+ LH:D:6:D M<667BK:LHOD9 B KJ>JFC7# 6 FC>DBQ KG67ID9 ;:> B F:LH?:*
C?KC>J R:>::LH:7E6* : BW9 KG? K:>>:AA: A:?K:AA*
+ 4GA Q:?67:# FB ;E>67Y B>QF 67:KR:DE7:AA M:>:*
+ < KG67AB K:L :>68D:9 B MG?67<9>GAX
+ D <6 CAA MC>ABK* :LHER9EDA <6 B7 DBQQB> MC>A*
+ :D@R:D MBD* N7O>:A:9 9< B9B? KC6A ;:>K:DDA B MG>B67*
+ BK6:?<WV < K<A 67J>AC9Y
+ > 9:>>:D: K:DDOD9 E6Y
+Y K:LKCD@BD< N;<D:9# FCLHY
+ <KCD KG? :>K:DA*
+Y K:LKCD@BD< N;<D:9# FCLH FBY
+ CR:?AX <>>X
9 <6 KC6A <D9GRR M<667BK:DDED:9 B KJ>JFC7* :K K<DAFB ;E>DED:9# B??J> 67J 6<DW6# @:
;G?B@AB9Y B>QF =P?B BW9F:7 ;C?@I>A*
+ GAC@X
+ D ;:>K:LH:9*
6IQB LCDC676GL MC>A B FBDLPB# K<D@:D 67BMB :LH1:LH 9G?CK9C@G6DB9 FBDL7CAA* B>QF?B
DE7:AA# ME9CDH A:6A: K:L;:67O>A# >GD@76GPGA :>8?:67:L:7A:# 67<DA: ;:DH:L:A8:D*
+ :>K:LH:9# K:L9:?:6:K B7 G>>BACAY KC6A ?NLANDY B7AGD :>FBDL7CAA B7 IAC>6J 9<FSMG6#
;E>MG>>?J># 9:6:?T:D*
+ N667 M:>:KX
??: B 67J?B B ;<=9 :>;:>:@9:7A:9 B??J># FCLH KG? 6O?L86:D FB7B9SMGD9C7DB9# 6
M<667B;C?@I>AB9# K:L;<LH:>D< : 9EA >E>:9 =PBRR N667:OA9N7E6EA B 6NAEAR:D* >67GDA# 9:6:?T 67J
MC>A# C>HBD ;E>:>K:A:6# FCLH D:K 9:>>:AA K:L<6KEA:>D<* C6679C? E?A: B>QFCA# B9<D:9 76<RRB@J
<@:L:< KG? ;:>9E67O>A:9 B FB7BAE?E6?:# B >BL=DB W6ND@:6# RB?GA6GLC6 C>AB>KG?B*
+ :K RGDCK*
BLB <6 :>W6C@G>9C7CAA ?BPAB# K<>H:D FTMN6:D# ;N>EDH:6:D FBDL7<9 B 67BMB# :LH Q:?W B>BAA 9EA
MG>>?B ;:9A:AM: BW9 9:6:?T W6=;C>J@G6GA*
+ :?67: W6B9 FB B9B?67V
+ :>8>:K* BW9 :>8?:>EQ:AA*
+ 4GA B99C?Y
7 :>W6:D@:6:@:AA W6BQBA IAGDI9 DE7:AA# BFCLH :LHKG6 K:>>:AA D:9<<D@I>AB9 B 9BQABAJDB9*
B>QF K:LG>>A*
/2&$.-
+ 7BKB?B9 MBLHID9* <E?A K:DDED9 W6B9 9:AA:DX 4B W6B9ILHBD AB>G>ID9 MB>BK<A# 9:AA:D
D:K RS?ID9 :> M:>:*
:DA?8> FB>>BD< >:F:A:AA B7 <D@I>J W6BQBA AGMC>C@J D:67:7E6EA* 7AGD# K:L>:Q:AE667:?T:D# :LH
9<6 6NAEA B>B9 ATDA ;:> KNLNAAO9 B F:LHC>@B>CD*
+ CL:?X
+ D MBLHC9*
+ 4GA B99C? FG?KBD MBLHID9*
ZP?B D:9<MGLAB9 B K:?:@:9 9BQABAJDB9* 6NAEA6EL =LH FI>>GK7CAA 9N?O>NAAO9# K<DA B7
G?BQG>H* BW9# B9< D:K R:67E>A# :LH67:??: W6B9 ;I>>B@C7D< E6 9NFNLD< 9:7@:AA# 67E> 9:?:9:@:AA#
KC6A KG? K<D@FG?KBD 9NQ9N@A:9* B>QF 67:K: 9NDDHR: >GRB@A*
+ 4BKI* 9<EL:AA ?E67?: E?AOD9*
7 <@8D9EDA ;:>1;:>:?86N@8 67E> ;:>9BMB?AB >GRI9 DHCKGD B7 N?@NL< QC?;:>F89:A* C6A# FCLH
=P?B K:LG>>AB9# B>QFDB9 MC>A <@:P:# 9NFNLE6 9N7R:D# FCLH =P;:DA K:LG>>BQSA6B# K<>H:D
RC>CD@CA A:67D:9* 4B B7 G>>BA D:K >EA:7<9# E6 67<DA: R<7CDHC6DB9 >GA67CAA# FCLH D:K >EA:7<9#
B99C? K<D@:D B >:LDBLHCRR ?:D@R:D MBDU @: FB KEL<6 MBD MB>BK<# BK< MG? ?GPI9 B F:LHA:A8D#
B99C? K<A MEL:7F:AD:9 89 FG?KBD B 6NAEAR:D# W6IQB67 RCAC99B> ;:>;:LHM:?9:7M:X
+ * C>CD@C9 MBLHID9*
NAEAR8> ;8AA B ;:>:>:A*
+ : MBLH LHI>>B@MBX
B>QF <DL:?O>A:D K:L?G7AB KBLGA* <D@:??8> BW9 A:F:A*
+ :?KE67:A:6:D + KCD@AB* + 9NAN7D< MB>J RC>CD@C9 MBLHID9*
+ 4B D:K B9B?67 ACMGRRK:DD< + KCD@AB B L=DHC6 FBDL1# K:LH:9 ED KBLBK <6*
B>QF E?:7A: B L=DHA# E6 IAG>AB BW9:A* FBKI W6SQA: B 67:KEA# B ;G?B@A6GL# B ;E>:>:K
;:>@OFSA:AA:*
+ 4GA B99C? :?<LLHV BP@ <AA K:LMG?ID9* 6ND@*
+ C K<E?A D:K <D@I>67X :L<P:@AE>X
6NAEA6ELR8> 9<MG>A :LH ;C>A# BW9# 6 >B66BD :>F=7CAA*
+ 4:>H:6* <67CDA>GAG6?B*
;C>A :>C>MB@A* LH KG6<9 ATDA ;:> F:>H:AA:*
B>QF AE?@EM:> MB>BK< 9:KEDHF:7 E?A# :LH K:LQ:?76:>A# E?@:6 ;BAN?76FN7# BK:>H B7CDDB>
:DL:@:AA B DHCKG6DB9* :LQN?9N>8@NAA 9E?L: B WCKRPGDB9 OA9N7NAA# 6 :RR8> K:LE?A:AA:# FCLH
CL:? ?GO>A* :7EA 9<DH=PAMB# ABQCLBAJ7MB >::?:679:@:AA CL:? K:>>E# B ?ND9 K:LR<>>:DA B
>GAFBABA>BD FBKIRBD* CL:?# B9< A:?KE67:AA8> ;CLMB 67J;I9B? MC>A# FB>>LBACAA* :K DH<>MGDSACAA
ME>:KEDHA B7 G>>BA?J># 6 B7A 6:K G?I>AB :># K<E?A 67GDAB ?G KBLGA B7 :67:M:67:AA 9<?GD@I>G6?BU
67JA>BDI> O>A# <@:1C@B R<>>:LA:AM: B ?ND9NA* B>QF MB>BK<>H:D <@:L:6SA8 9CQCLG6A <6 FB>>CAA B7
EP67B9GRBD CL:? OANL:A:AA RCAPGMB> MB>BK< >GAFBABA>BD AG?LHBA*
SLH O>A:9 :LHKG6 K:>>:AA# B F<DAG7J# RCAPGMB> 9CQCLJ# ?:PAE>H:6 CL:?# E6 B KBLGRBD ;O6AN>L8
B>QF# 9N?O>NAAO9 B 9N7:>< EL 6T?TD K:L MC>A ?B9MB W6<>>BLC99B># 6 W6B9 CAA KB?B@A 9CQG?# BFC>
B F:LH W6=W6B ;:9:A: >HI9BA ;=?A R:>E*
BLB6BD B ;:PO9 ;N>NAA W6C67CLG6# W6=67G6 7BPB FB>>BA67CAA# K<DAFB MB>B9< FBAB>KB6#
M:67E>H:6 SMR:D# 67<9>G9 E6 FBKI 9N7NAA ?CFBDDB ;:>EPO9* 7AGD BW9 ?GPI9 AB>G>AU :LE67
A:6AER:D ?:679:A:AA# B FBDLPB C>HBD 9G?CLJBD ?:9:@A MC>A# FCLH B><L <6K:?A:9 ?G*
+ GAABK MB>BK<A ;:DA B W6=W6CD*
/.&$.-
:9<:6:AA B ?ND9D:9# BK:>H F:M:6:D K:LR<>>:DA* EFGDH Q<>>BDBA<L KC7@I>BA>BDI> ;:9O@A*
+ <LH:>P:A:9 + @B@CLAB* + 4GAFB IAGDBK PNDV 4BKI Q:?K:A:7:AA ?GPI9* BW9 ;:>O>A*
+ GAABK MB>BK<A# BK< ;:>;=PAB KBLGA# E6 K:L@BLB@A*
+ 7A W6B9 9EQ7:>A:@ + KCD@AB B>QF <@:L:6:D +# K:?A 6:KK<Y 6:KK<;E>: E>8>EDH D:K
@BLB@ K:L*
CL:? FBDLPB FB>>BA67CAA* :L?G79J@AB9# K:?A :>;:>:@9:7A:9 ?J>B*
+ LH RE9B*
BW9 9IWC?LCAA# ?:679:A:AA*
+ B>BK<;E>: RE9B* : 7BPA <6 FB>>CAABK# MB>BK<>H:D QI;CLG6;E>EA* B7AGD K:L@BLB@A*
+ :LHOD9 E6 K:LDE77O9 + KCD@AB B>QF*
BLB <6 K:L>:Q8@NAA# D:K BDDH<?B B FBDLPGD# BK:>H DHILC@ABD W6:DL:AA# K<DA <D9GRR B
KBLB 67GKG?B <6 MG?BA>BD MB9K:?86ELA8>*
BK<JAB <6K:?A: BW9:A# KC6A :>68 S7R:D E?:7A:# FCLH AEACMG7<9*
+ C6AYX
B>QF F:>H:AA W6B9 B FBDLPB 67J>A* + :?KE67:A:6:D*
:>G>>A B AND9?8># 6 B W6<9C?LJ 6B>B9RBD :><D@I>A B7 EP67B9GRB* ANRR<:9 9NM:AAE9*
C6A# FCLH A:6A< FBDLPB :>FB>>LBACAA# K:L67J>B>A F:>H:AA: PJ7BD :67ED:9 FBDLPB# 6 KEL
DEFGDH :LHER FBDL <6* N;< LH:?:9D:9 67<@AB* LH KG6<9 FBDL B7A ABDGW6C>AB D:9<# FCLH D:
W6<DG>PCD RC>CD@CA* 6NAEA6ELR:D C>HBD MB>J67:?TA>:DD:9 ATDA B MB9K:?8 MG>>B>9C7G6# K<DAFB
;CLC?MC6< 67E9R: 9:>>:D: O>D<:*
K<9C? :>E?A:9 B7 IAC>6J 9BQABAJFC7# BW9 E6 CL:? B 9N7:>ER: F=7J@AB9# A<DAB;C>AC9RJ>
M<>GLC6BD 9<M:F:A8 :KR:?B9C99G MG>AB9* 4B>>LBAJ>BLC6 K:LG>>BQC@G66B> K:LG>>AB9#
N667:R=PAB9* NLNAAO9# B >GAJFBAG? ;N>NAA :LH 9<6 @B?BRCD M<>GLC6BRR MC>A B7 ELU <AA :LH Q:?W
K=>MB ;:> ;CL 9:>D@* 7 :?@8R:D :LH67:??: K:LR8@O>A B 67E># E6 K:L>CRCLABAAG
?CDLHB<9BA*
B>QF K:LKC7@I>A*
+ H:?OD9V
CMGRR 9BQB679C@AB9# @: CL:? :LH LCD@C>BAAB> :>KB?B@A KNLNAAO9* BW9 E6 B>QF
:LH67:??: 9BDHB?C@AB9 GA B F:LH A=>C>@B>G?B* W6<>>CLJ# FC667= >BL=DB KC6A B>BAAI9 A:?O>A :>#
KNLNAA: :LH :>KC6J@CAA ;:FE? ;C>A B 7GACDH* CL:? IAC>E?A: 89:A*
BW9 6IAACLMB K:L67J>B>A*
+ C6A DELH9E7>GR KG667ID9V :F:A# FCLH :>B>I@A* CL:? E6 B>QF <D@I>A D:9< :>68D:9# 6
KC6A BW9 KB?B@A FGA?B# RG?FCLH M:?A: <6 B7 :>ERR B K:>>EA* :>E?9:7A:9 B >BQC6 A:A8?:# 9E7D:9#
AE?@D:9 <AA 9:KEDH MC>A B 67<9>B*
A:A8D W6B9ILHBD CAA @BLB@C7CAA MB>BK<;E>: A:?:KAKEDH*
B>QF B AT7?B9G6 F:>HED B F<@:L# QIFB FBKIRB KB?9C>A# E6 :>;CPACAA :LH AC?9GRJ> ;:>AC>I>J
9<G>AG6A* :7:# MG>>B K:L1K:L?GD@I>A B D:K MG?A E?<DAE6A8>* LH Q<>>BDBA?B ;:>M<>>BDAB9 67:K:
:>8AA B ?C667I>>EA 7N>@ AO7:<# B7AGD R:>:C>MB@AB9 B7 EP67B9GRB* CL:? KNLNAA: ;:9O@A# BW9
K:>>:AA:*
+ ??ERR# BFC> :LH DHS>G6 MC>A B 67<9>GRBD* B>BK< Q=Q;E>:Y >GAC@X
9I@A AT7 FBKIPB B7 B?WGRB W6BQJ@CAA* :K >GAAB 6:K B 67<9>B DHS>G6GA# 6:K :LH:R:A#
K:?A B 7N>@ AO7:9 =P?B ;:>ATDA:9# K:LD8AA:9# 6 B F:LHW6=W6 PCRR ;:>E :>W6=67CAA*
ZP?B K:LFB>>CAAB# 9<66E AGMC>BRR?J># BW9 6IAACLG6GA*
/'&$.-
+ E>67X
:K ;E>A ILHBD# @: D:K RS?A K:LKC7@I>D< :LH N667:76ILC?C@J# KC7LJ F:LHA:A8FN7 MC>A
>GDWC>MB* BW9 ACMGRRW6=67CAA K:>>8>:# B7AGD CL:? <6 7<FG>J >E>:L7:AA:># <@:1C@B ABQCLBAJ7MB
:>FB>B@A K:>>:AA: 4B>>CAAB# FCLH 6IL@C6J@DB9*
+ GA67 MB>BK<AX
+ AAY
7:KR:D M:>O9# K<D@N667: FG?CK1DELH KEA:?DH<?: :LH Q=Q B>B9= 67<9>B 6NAEA:@:AA CAA# BFC>
D:K 9:>>:AA MC>DB 67<9>GDB9 >:DD<:* B>QF MB>BK<>H:D ;I?W6B LOLHNL8 FBDLCA FB>>CAA
MB>BFCDDEAY AB>GD B 6BPGA 67GPGRJ>* 7CDC6SACAAB KBLGA B9B?BAGMB># ;E>:>KEA E6 ID@C?GA
LHT>N>:AAE C>MB67ACAAB N667:# ;:>G>>A* EA J>CKD:FE7 >EQE6A A:AA :>8?:*
4GAI9 KNLNAA B FC>@9B?EP KC6A KG? B >GAJFBAG? ;N>E :K:>9:@:AA* >8AAO9 MB>BK<>H:D J?<G6<
KBPCK;E>: O>A# KE>H G>CKRB K:?O>M:# ;:PEA AE?@E?: FBPAMB* 7AGD B7 :?@8R:D =P?B ;:>R8@O>A B
67E># 6NAEA6EL 9BMB?LCAA# E6 B KBPCK ;:>:K:>A: ;:PEA# ;:>EPO9 ;C?@SAMB N667:?CDW6C>A B?WGA*
B>QF B7CD M:AA: KBLGA E67?:# FCLH J?<G6< IL?G6C99B> 67N9:>> >:;:>E B >:PA8D# B FBKIRBD#
FGAB KNLNAA <6 9<G>AG6C9BA E6 ;IAJ >EQA:9 7BPGA FB>>CAAB# K:L;:67SA:AA: K<D@:D K:LKB?B@A
:?:PEA* B F:LHA:A8 :LH Q<>>BDBA B>BAA :>G?MI>A# K<D@N667: FG?CK :>FBLHCAA RCA 6NAEA>:AA B ;N>@ND
6 B7 :>8?:1FGA?B FBP>CDLJ K:LD:M:7F:A:A>:D A:?:KAKEDH*
/0&$.-
+
$ / , ,
N;< 67:?:DW6EA>:D GR?G7BAAB> A:9<DA:AA ;:> B FB>MGDHBD M<??B@J ;NMEDH?8> B 6NAEA F:LH?:*
+ <7CDHC6 MBLH R:DD:XY LE67:D R<7CDHC6X
+ C6A KG? A<7:@67:? <6KEA>:K :> D:9:@ + KCD@AB B>QF +# FCLH B 6BPGA 67:KOD99:> >GAAI9*
+ <A LCD@C>67# <AA >:DA R<7ACD6GLRBD MBLHID9X
+ 4CDDEA B W6I@GRJ> AI@FBADGKX
B>QF :>;C?@I>A# E6 DEFGDH >EQE6A A:AA B QB?ACD* BW9 B ;N>@ND AE?@:>A# E6 KIABAJIPPGMB> :LH
9N? B>B9= K<DAGA ?BP7C>A B FCKC9RB* N;< FBDLPB 6IAACLMB E?A :> FC77GPI9*
+ EDH>:L R<7CDHC6 MBLH R:DD:X
+ E7@ K:L KBLB@ + KCD@AB BW9 K:LM:A8:D +# B99C? AB>GD K:L67BRB@I>ID9 A8>:@*
+ AAJ> D: ;E>PV
+ CLB MBD B7 G>>BADB9 + KCD@AB B>QF +# 6 DBLH ;:9:A: 67:K:*
4:M:6:D K:L?G79J@CAA* N;< >:M:AA: 67:KE?8> B7 :LH >:DW6EPEA# 6 K:LA<67ACLBAAB*
+ C6A K<F:7 9:7@OD9X
B>QF B KJ>J ;:>E ;C?@I>A* ;G9 9N7NAA ;:FE? ;C>A W6<>>CLCAA B 9BLH>J* QQ ;N>NAA: ;CL ;:>9:>DQF FGA?BM:A:AA: A<DW6EA*
+ :K AI@CK*
67ER: PIACAA ?EKO>A K:D:9O>E6O9 B F:LHC>@B>CD*
+ 4GA ED R:W6O>:A:6:D K:LKCD@CK + ;C>HABAAB +# FCLH :99C?B G>>BAAB> D:K RS?ID9
67:KR:67G>>D<* 7 >:F:A# FCLH R:67E>OD9 K:L ;CLB@9C7ID9# @: :LH A<L?<6A KEL6:K AGKB@DGD9
K:L* >R=PDGD9 :>8>:Y KEL BW9 <6*
BW9 KEL K<D@<L B FCKC9?B RGKI>A*
+ 4GA B MB@G67B<KX
<KCD >GRIPP F:LH:D 9<>CQB9C@CAA B 9IDHFJ9 G?DHE9B< 9N7O>* B>QF D:K ;<LH:>A BW9
9E?@E6E?:* A:DL:? ;N>NAA M<>GLC6C@J 9<6 6G?LB ;C>A?B KIABACAA*
+ KSL M<>GLC6 MBD# DBLHCD RGA?B9 MBLHID9* : B7AGDX KC6A B7 B7 <7E CAA LIRRB67A B AT7
K:>>:AA# K<DAFB K:L B9B?DG B9B@G>HC7D<# FCLH K:LK:DA6:D:9 R:DDOD9:AY
67?: 6:K M:AA:# FCLH B 9:7EA AN?@:><* FBDLPB K:LME9CDHC@CAA*
+ :K AI@ID9 AO7:A LH=PABD<Y B991KBAAC9 MBLHID9* LH B?BDH QCDA M<>>BDA ;:> B A:DL:?
;N>NAA# 6 B7 EL :LH67:??: 9<M<>GLC6C@CAA*
+ 4GA B MB@G67B<KX
+ H:?:9:9Y RCAC99B> ;:>;:LHM:?9:7M:*
BW9 ;:>G>>A* 7 B?WB 9<MN?N6N@NAA# BFCLH FGABA ;C?@SACAA D:9<9# E6 :>K:DA* N;< ;:>A:AA: B ;E>
67:KOM:LEA# E6 B>QF?B DE7:AA*
+ 7A :>?CDACAAB@V :LRGDACAAB@ B MB@G67B<A*
/,&$.-
+ CL@ R: B 67G@V
MG?BA>BDI> K:L67J>B>ABACAA 9BLH>J FBDLPB 67B9SACAAB 89:A ;E>R:* <DAFB 67:?:DG@CA B@DB B
;:>9:>8 DBQDB9# BW9 B@@<L ;=PAB# BKSL B 9IDHFJ9 9N?O> DHO76NLD< D:K 9:7@:AA B DEQ# B
MB@G67C9 ;:>>EQA:9 B KJ>J?B# B7 BQ?J6GLC9 Q:@<L# :7 MC>A >:L=PBRR 67C9G6I9# DHN67N?NLA:9 E6
6S?MB ;B9B@AB9* B>QF :DL:@:>K:6:D ;:>9:>A# E6 N;<M:> :LHOAA ;:>9BQB679C@CAA B KJ>J?B*
+ :67E>P + KCD@AB 9:6:?T:D +# R:67E>P# R:67E>PY >M:AA: BW9A8> B 9BLH>JA*
+ 7A B LHT>E6AY BW9 ;E>R:67B9SACAAB*
* +Y ED FSMABK N667:*
+ 4B D:K A: FSMC@# B99C? EDV : W6B9 B 9BLH>JA ;=PAB@ K:L*
+ 7 B ;CDAC6*
+ 4GA B99C? M:@@ :>VY H:?OD9Y R:67E>PV
B>QF C@B@CRAB BW9D:9 B 9BLH>JA# E6 >:O>A B ;BAND9?:*
+ 7E?A FSMABK N667: :7A B LHT>E6A + KCD@AB BW9 +# K:?A :LH W6CKJ K:LR:67E>D<MB>JD9 MBD*
4GA >:L:>867N? <6Y B7A AI@PGAC9# FCLH >GAAI9 B7 G>>BACA* :>KG67AID9 B F:LH?:* 6B9 DEFGDH
KEA:? MG>B67ACAA :> A8>:* 7 G>>BA ;:>O>A# E6 ?GD9 DE7:AA* :K AI@CK# FCLH K<A 9:?:6 CAA* 7A 6:K
AI@CK# FCLH K<W6C@BY
+ A:DL:?R8> PNAAY
+ 6NAEAR8>Y
+ G9 9N7O>* * M*
+ 6ND@ >:LH:DV + 9<G>ACAAB BW9* + <LH:>P:A:9V 7 G>>BA CAA ;:DA O>Y B9G?K<;E>: <6# CAA O>Y
+ G? MB>BK<?:Y
+ B@G67D< B9B?Y
+ :F:A + KCD@AB BW9* 67ER: PIACAA# FCLH ?EL:D + @: ?EL:D <6 MC>AV + K<>H:D ?EKO>:A ;CLAB
:># FB :?@8R:D PG?A* L:DY MB@G67D< B9B?Y 4B>>LB66BAC9VY ??J> MBD 67J# FCLH K< G>>SAJ>BL D:K
RS?PI9 K:LN>D<* :L B??J># FCLH B>QF B7A KCD@AB# B MB@G67B<K 6:KK<A 6:K E?D:9*
+ 7A 6CFB6:K KCD@ABKV
+ G>BK MBD B 9BLH>JV B>QF B7A AB?APB# FCLH LHGMG9 MBLHAC9# 6 FCLH K:L;IABKC@DGAC9 B7
G>>BA K:L B MB@9BD :>8>* : KEL :7 D:K K<D@:DV
B>BK<;E>: 6JFBPAG6 FB>>BA67CAA B KJ>JD# K<DAFB K<D@:D9< :>8?: AI@DG# K< 9NM:A9:7<9* 6 BW9
ACMGRR R:67E>A# 9<66E ?:679:A8# @: FBAG?C7CAA FBDLPGA D:9<;IAABAMB B DHCKB67AJ W6ND@D:9*
+ LE67:D C>HBD# K<DA N;<* LHBDB7C9BA <6 KCD@PB* :K <LB7< M:7E?*
BLGFC7 67C?SACAAB B 9BLH>JA*
+ B LHGMBV
LH Q<>>BDBA<L 67OD:A:A AB?ACAA# B7AGD ;C>HABAAB*
+ :DA B F:LH:D# BK<9C? CL:? E6 ED ;:>KG67AID9 B W6=W6?B# 8 FGA?BKB?B@A*
+ D <6 ;:>KG67ABK*
+ 6B9 9E68RRV
9EA ;<= >JLJ FBP;OLLNDHED GA :LHKG6?B K:?:@A*
+ D <6 ;:>KG67ABK + KCD@AB B>QF +# @: B7AGD :>;IACAABK* : <6 W6B9 B7A A:AA:@*
+ :?:@ KCD@BD<# FCLH LHGMB MBLHC9X BW9 B MB@G67C9 ;:>E ;C?@I>A*
/!&$.-
+ :K MB@G67<9# 6CFB6:K 67:?7:AA D:9OD9 F=6A* 7 <69C>GRBD 6:K MC>A ;:>OLH:>8# 6:KK<A
6:K AI@ID9 ?J>B* 6B9 C67ACLBAPB B QB?BDW6C9BA# E6 :>MG?PB# FCLH B7 :KR:?:9 MB9CD
:DL:@:>K:69:@P:D:9 D:9<* :7 B 6C9 R:67E@Y
+ <;E>: 6C9 R:67E@X + C?@SACAAB B>QF* + < B9B?A R:67E>D<X < FSMAB N667: :7A B LHT>E6AX
BW9 FGA?B;C?@I>A# B?WB 9<MN?N6N@NAA# >:67:LA: B7 G>>BA* >>:D6EL:6:D <77J 67:KK:> DE7:AA
B>QF?B*
+ :D@R:D MBD + KCD@AB 6C9BA 6:PA:A8D# ;:DH:L:A87M:* + :D@R:D MBDV
LH<9 9:7EM:> K:>>E?: 67C?SACAAB B 9BLH>JA# 6 B KIABAJIPPGMB> B >:M:L8R: RN9NAA*
+ < MBD B7CD B ME>:KEDH:D# FCLH B>QF D:K MB>J M:7E?D:9X
G?B9C7JD A:9<DA:AA 67EA B 9N?R:D O>8 ;<=9?B# B9<9 :LH67:??: K:L@:?K:@A:9* 4B>CAA< W6ND@
>:AA B QG>KG9 B>BAA*
+ K:>P: ;:> B 9:7EA + KCD@AB BW9 9:KEDH:D +# B9< B7A LCD@C>PB# FCLH B>QF D:K MB>J
M:7E?D:9*
W6ND@# B 6=>HC6# 67ELH:D9:78# >:M:L8A>:D W6ND@ ACMGRR AB?ACAA* ME? >B66BD9EDA 9<F=7J@CAA
BW9 B?WGRJ># KBP@ ;GP@B>KB6 FI>>GKKB> =P?B B ;:PER: 67N9NAA* :LDHB>AB BP9GA# 6 :>;C?@SACAAB
;:PEA# FCLH :>9:?O>P: B7A B 67ELH:DA:>P:6 Q<>>BDBACA# BK<9C? MB>B9<D:9 B A:9<DA:AEM:>
AB>G>9C7FBADE9*
+ 4GDHBD MBDDB9 B7CD B ME>:KEDH:DY
4BDLPB :>W6I9>CAA# B 9BLH>JA AB?AJ 9:7:< K:L?:679:AA:9* :L?:67:>A: B AC?9GA*
+ 4GA ?:D@R:D MBD + KCD@AB DBLHCD FBDLC6BD* B66BD# LCD@C6BD B >GRB :>E ;:9A:AA: B
9BLH>JA# B ;TR:*
<>H:D K:LB>G7J MC>A# FCLH K<D@9EA 67:KER8> QCAHCLAB9 B 9NDDH:9V
+ :K PGA67CK ACMGRRV :>:A:9 D:KV
>:LANRR ;<= KC6A B ;N>@?: 6OANAA: 67:KEA# B >GRB :>E DE7:AA* BW9 =P?B K:L?:67:>A: AC?9GA*
+ D D:K M:67:9 ?E67A ANRRE B>QF RBD@GPGRBDV EL<LPG?ABAAB 67:KEA B PCRR C>@B><
AND9N9ND# 67GKRB M:AA: B MB@G67C9BA# B 9J?I6 :LH9C?< ABLPB<A*
+ >K:LH:9# B9G? :LH:@O> <6* 4B KB>BW 9:>> D:9<# ;CLPCD KBLBV 9< M:>:K B9B? MB@G67D<# B7
K<D@ PNF:A*
<>EQ:AA B FG?CK67NLR8># 6 :><D@I>A B ;NMEDH ;:>E*
+ BW9V
BW9 K:L;C?@I>A# E6 B>QF?B DE7:AA* LH Q<>>BDBA<L AEACMG7CAA# B7AGD E>:6# @OFN6 9<G>AG6
67B9B@A 9< AC?9GRJ>
+ CFBV
:IL?CAA B KJ>J?J># E6 OLH:A 6:K M:AM: B 67:KER8> W6I?LJ 9NDDH:9?:# MEL<L;IACAA B QB?ACD*
B>QF 67:KK:> 9NM:AA:# BKSL :> D:K DH:>A: B7 :?@8*
N;< KE>ABA>BD9C@CAA*
+ :67E>:9 FC77G@# B>QF# 6 A: W6B9 G>>67# K<DAFBY
B>QF 67:>S@:D N;< ;:>E ;C?@SACAAB ;:PEA# @: GADE7:AA ?BPAB*
+ <667B ;CL PNDD< + KCD@AB NDKBLGDB9* + 4B >:K:LH B DBQ# M<667BPND* + :L>GAAB B 9BLH>JA
N;< 9:7ER:D*
+ < B7X
+ 4GAY
//&$.-
N;< MEL>:L >:KCD@CAA B??J># FCLH ;C>HAB66B 67:K?:FGDHG6B<A* ZP?B K:LA<67ACLBAAB
67:KOM:LEA# 6 B AG?LH?B AE?A*
+ :LMBLHID9 K< BW9 :??<@:^ DE>9O> <6# MBD ?BPAB 9SMO> KEL KG6 :KR:? <6 <AA B 67<L:A:D*
: KC6A# FCLH <AA MBD :7 B7 G>>BA# RG? KEL B><L AI@CK :>F<DD<# =LH<6 <AA 9:>> KB?B@DID9 B KJ>J
9N7:>ER:D# 6 B99C? KEL 9:ME6RE >:67 67O96ELOD9 ?G K:L B??B# FCLH MB@G667CD* C6A B7AGD
AEDH>:L K:LM<76LG>FBAPI9# FCLH K< K<W6C@B*
+ <DW6 6:LSA6EL# N;<V <DW6 K<A A:DD<V
6OLL:@A:D# DEKGD O>A:9 :LH @B?BR<L* 7AGD <KCD ;:>G>>A# 6 :>M:AA: N;<A8> B 9BLH>JA*
9NME? LH:?:9 =LH :>W6C@G>9C7CAA# FCLH G>>MB KB?B@A* B>QF <KCD?B DE7:AA*
+ A: K<A B9B?67# <KCDX
LH 9<6 ;CPACAA L=DHD:M:AE6 67B>B@A 9N?R:# <KCD K:L?:AA:DA*
+ CD@C>CK# B7E?A MC>DB A:DD<MB>JD9* B>BK<# BK<AY LHO>:9:7:A >GAFBABA>BD :>>:DG>>G6B
=P?B :>;CPACAAB B FBDLPGA* :LSA6EL:A# ?C9CD67:DM:A 9:?:6:AA MB>BFC>Y 6 N;<A MG>B67ACAAB* E><L
;:>EP: ;C?@I>A# B 9BLH>JA RB?DB K:>>EF:7 67C?SAMB*
+ 7A LCD@C>CK# ;:> 9:>>:D: KG67DID9 B F:LH?:*
DEQ FGAGD MEL<L;IACAA B F<@:L* <KCD :>FB>>LBACAA# 6 MEL9EQQ N;< ;:>E ;C?@I>A# B9< L=DHC6
E?A:A>:D6ELL:> RGKI>A ?G*
+ < FB67DB MC>DB BDDB9# FCLH ;:>KG667ID9 BFFC7 B7 G>>BAFC7# FB B>QF E6 B KG6<9 9:AA8
D:K AI@CAA M:>: :>RGDD<X
<KCD 6=LMB MG>B67C>A*
+ < :LH:R:A A:F:ADED9X
<IAGD <>H:D9EQQ R:;:P:7A: R:67E@EA# GA:DL:@A: N;<D:9 B 9BLH>JA* 7AGD FGA?B>EQ:AA# 6 B
ANRR<:9A8> K:667<?: =P?B >:O>A*
N;< KC6A KG? FBAG?C7CAABRRBD R:67E>AU FB B F:>H7:A 9CKC>H6GLB K:L:DL:@<# B LHO>:9:7:A
AB>GD KEL MB>BK:DDH< :>ELAEA:>A <6 9<E?7:AA MC>DB B FBDLPGRJ>*
+ 7A KCD@ABK# FCLH :LH R<7CDHC6 <>>:A8 DE>9O> <6 RC>@CLI>FBAID9* C6A Q:@<L :> 9:>>
FBAG?C7DID9# FCLH K8?: K:L AI@CK KCD@BD<# FCLH B>QFDB9 K<
>:67 B ME>:KEDH:* >:L;CDAC6BRR @C>CL B 67<L:A:D B ;O6A# KG?Q:@<L AT7 DE>9O> D<DW6 ;O6A 6:K*
B>QF AO?:>K:A>:D KC7@I>BACA A:AA*
+ LHBD# :?<LLH# N;<V <DW6 AT7OD9* 7 B7 <7EY CAA ;:DA O> B F:LHA:A8D# A:FGA D:9OD9 >:DA 9:>>
KB?B@DID9*
N;< ;:>:K:>A: B 9BLH>JA# K<DAFB :77:> DBLHCRR 6=>HA 6 FBAB>KBA B9B?DB B@D:DAX
7C9CD B 67<9>G9CD CAA PJ 9<6 AO7:A >:F:AD: ?B9D<# 68A KEL B FCKC9CD <6* 7 <6 ILHBD=LH
;O6AN>D:*
+ 7 <LB7V
+ O6AV
+ ;O?@8K:@:DW: K:>>:AAV
;<=9 N667:M<667B ;:W6:LA:9* 6B9 N;<R:D >:F:A:AA BDDH< 67:>>:K< RGAC?6GL# FCLH B AT7
>:9N>AN7A:AE6EA PBMB6C>PB B F:LH?8>*
+ 4:>H:6# B99C? <AA >:DA ;CLID9 AO7:A LH=PABD< + KCD@AB B>QF* + K<AA# B ;O?@8K:@:DW: E6 B
KJ>J 9N7NAA* :?67:Y
>FB>>LBACAA# FCK>C9GA ?GDWC>AB# 6 B 9N?KEA ?GLW6G>MB# FC667BD :>LCD@C>9C@CAA*
/-&$.-
+ :?67: B ;O6A D:K >:67 C>HBD KIABAJ6Y D:K >GA67<9 KBP@ C>HBD K:667<?:* : FGA D:K
K:F:AOD9 C@BY
ANRR<:9 A:>P:6 :LH:AE?AE6R:D ?GRJ><DACAAB9* :?67: FCLH D:K K:F:AD:9 C@BY
+ >:LPCRR# FB KC6A K<D@PG?A K:L?B9PI9*
+ >:LDBLHCRR LCD@C>BAC9 K<D@<L :LH67:?T:9* C6A MEL?: MC>A MB>BK< A:DD<MB>JPI9# FGA
>:>9:6:D D:9<;CLAB9* N;<A BW9 :>K:D:A:>: JAB =LH :>AN>ANAA: B7 N?NK# 67BRB@6GLGDB9 RC>@CL
AI@BAB# 6 C>H RO679: MC>A B??B# FCLH B 9N7N66EL FB67DG?B >:F:A:AA# FCLH KEL KBLB <6 6:LSA:AA
;GA FC?@BD<* 6B9 B >:L9N7:>:RR 9E7R: :68 ;GA 67G>>SACAAB# :LH 9<@8>A QG>KGA B KJ>JD# BK:>H?: B
LHO>:9:7:AD:9 D:K MC>A 67O96EL:U @: B ANRR<:9 BDDH<?B A<67A:>AE9 B FG?CK67NL 67:DAE>HEA#
FCLH KEL BFFC7 6:K K:?A:9 FC77GDH=>D<# BK< DH<>MGDMB>JBD ;N>N6>:L:6 MC>A* 7AGD B7 <9?:9D:9
:67ER: PIACAA# K<>H:D M<LB67AB>J >:67 EP67B9B B 9N7M:A>:D 9N7:>R:D EL8 AT7# 6 :??: B ;:>;:@:7E6?:
B7 BQ?J6GLC9 9N7O> DEFGDHBD ABQ6C>D< E6 AGDWC>D< 9:7@A:9*
;B <AA D:K MC>A C>HBD 67G?B7# K<DA B7# BK:>H:A ;:DA B F:LH:D FB67DG>AB9* BLH ?E67:
D:@M:6:D ?CFB@C7CAA# ?:DL:A:L ?CMB? DHO76LNAA R:DD:# :LH1:LH ?ND9NA W6B9 DBLH
9N?O>A:9<DAE66:> >:F:A:AA ;:>:K:>D@?8># 9O>NDR:D S77E1QC??G KG>>CAA MC>DB* 7:D;:>O> B ;<=9
M<67C>HCLAB9 BAAJ># FCLH B7 :?@8 KE>HER: 9:?O>P:D:9# 6 SLH <D9GRR B 9:7O9 OLHER: :68 9<@8>A
;BAN?76:99:> RBP>J@AB9# KEL B99C? <6# FB R:D8AA: B LB7* 7 :?@8 Q:?:K: E6 B DH<>B@E9 <6K:?86#
K:LF<AA F:>H:9 MC>AB9# RG?K<9C? :> >:F:A:AA E?DJA E6 B 9IDHFJ9BA# DBQQB>< ;EDHR:D
:>ELLE RB?GA6GLC6 9N?DH:7:A MC>A* :?67: B77B> 6:D9< 6:K LCD@C>A# FCLH 6NAEAR:D K<>H:DDE
MG>FBA<9* <D@:D9< M<@GKBD# :?E>H:6:D @C>LC7CAA A:FGA# RG? BFCLH K=>A B7 <@8# B M<@GK6GLRB
:LH B@BL F<67AE?<B# B7 :?E>H:6 KID9B9:@MR: :LH W6<Q:ADH< ?EKO>:A >CQJ7CAA* KJ>J FCKC9PGD
L=>GA EQSA:AA:9 >:M:>:9R8># LB>>HB9RJ># GLB9RJ> E6 ?ND9N9R8># 6 N;<# :>68 S7R:D# BK<JAB B
67<L:A?: E?A:9# KBLB M:AA: 9:7:>E6R: B 67:KOM:LEA# >:AE?@:>A# E6 B LH=PAJ6?B <?GDHSACAAB B
DBLHSAJOM:L 6ILB?B<A* DEFGDH Q:?W :>A:>AEM:> KG? ;O6AK:DDH:7:A RC?I>A B ;<=9 ;:P: ;N>E#
>GRI9DG> K:L :LH RC9C? AT7 D8AA B KBLB6RB*
7 BQ?J6GLC9CD# B9<9 B7 :>68 9BAB67A?J;B JAB KEL W6B9 9:ME6 AO7:A >GAAB9# F<?A:>:D MB@
<7LB>CK >:AA =??G* GDWC>AB9 E6 ED:9:>A:9# KG?1KG? =LH ;:6A:AA B7 :LE67# K<DA :LH 9<?GD@I>J
W6CQC?A PGAE9B*
ELO> B>QF BRRBFBLHAB B KID9GA# 6 Q<679C6 9B?PGMB> >:AN?O>M: B?WG?J> B M:?:PAE9:A# ;:>G>>A*
+ 7IAGD KG? W6B9 9<6:RR AO7:A ;CLID9 LH=PABD< + KCD@AB* + 7 A=> DBLH BFFC7# FCLH ER?:D
AB?AFB66I9*
N;< 9EDH:>K:6:D >:O>A B FCKC9RB# 6 K:LA<67ACLBAAB 67:KOM:LEA*
+ S6E?>:A:7DOD9 9:>> KBP@ + KCD@AB* + :L 9:>> AB>G>DID9 B KJ@PGA# FCLH BQ?J AO7:A
?B9PID9# E6 ;?<66# 7N>@ GLB99B> ;:P>:667OD9 ;O6ANA* >:M:>:9 9N7NAA R<7CDHG?B MBD B>9B>KB6BRR 6
9:ME6RE B>9B>KB6 :??: B WE>?B*
FCLH B AT7 >B66BD9EDA N667:76ILC?C@CAA# B7 <7LB>CK <6 K:LW6BQQBDA* 7 BQ?J6GLC9
BRRBFBLHAG9 B AGDWCA E6 B7 ED:9>E6A# E6 :>ACAHCLAB9 B QB?A ;:>E# B LHOKN>W6;G9FC7 E6 B
9IDHFJ9RB*
B>QF >:M:A:AA: KBLGA B FCKC9RB*
+ BP@ =PBRR ><6AGA 9:>> 9E67SA:DOD9 B7C9?J> + KCD@AB +# B9<9 B AO7:A ;CLPG9 8?<7D<*
+ 6B9 AB>G>PID9 FC77GMB>J :KR:?A + KCD@AB N;<* B>QF 9N?O>DE7:AA* 6B9 KC6A M:AA: E67?:#
FCLH K<>H:D 9:ME6 DBLH;<= MBD M:>O9# 6 :LH67:?<R:D K:LE?A:AA:# FCLH K<E?A 9:>>:AA C>HBD
9:KEDH:D @C>LC7D<I9*
+ 4C> MBD BI?<W:X
N;< =P?B K:LAN?O>A: 67:KOM:LEA*
-"&$.-
+ 7A F<67:KY : D:K# :LHKBLGRBD W6B9 D:K K:?E679:@<9 R: B7 :?@8R:*
B>QF F<?A:>:D ;:>IL?CAA# K:L9:?O>A: B AO7:A# 6 FBPGA FGA?B6<KSAMB# K:LG>>A N;< K:>>:AA*
+ : ><6AB KEL<6 9:>>* 4GA <AA MBLH A: E6 ED K:L BK6:?<W E6Y
:K DE7:AA N;<?:# 9N7NKRN66EL:A A:AA:AM:# ;E>MG>>?J> K:L9E?@:7A:*
+ 4C> MBD <>< E6 CL:?X
N;< :>8?:FBPC>A# 6 :LH @B?BR ;GA A:AA B AT7?:*
+ AAJ> AB?AC9# FCLH K:L>JLAB9* AAJ> AB?AC9# FCLH 89 6:K PGA67BDB9 ACMGRR*
B>QF >:O>A# 6 BQ?J >HI9B9BA MGPA B FCKC9RB* :L>:Q:AA:D >GAAB# FCLH B7 :LH<9R:D :LH
ME?W6NQQ ?BLHCL* N7:>?8> K:LM<76LG>AB BLHCD?GLW6G>A 9N?K:<A# 6 ;<LH:>A:# K<DA LHO>:9:7<9 B 9<6
ME?W6NQQ CAA# BFC> ;CLB KG? B7 :>:M:D F=6RB MGLCAA*
N;< ACMGRR R:67E>A*
+ GAABK 89:A :>C>@B>CLD<# BK<9C? B ;GA LHTPANAAO9* ??B;:>E K:DA:9* LHBDBRRBD B7
<?GDHRBD# BK:??: 8 K:DA*
B>QF BRRBFBLHAB 9N?K:< M<76LG>BAGA# B KBLB6RB DE7:AA* 7 EL# K<DA:LH ?C9CD67:DMR8> B
R:9NM:A9:7:AA DBLH MG>AC7G6C9 <?GDA# KBLB <6 :>MG>AC7CAA# F:>H:D9EDA C>HBD QG?G6 MC>A# FCLH B
;C??J >:M:L8 67<DA: ;:FE?D:9 A:A67:AA* DBQ 9C?CDLPB 6NAEA:7O6A?: 6GQB@A# K<DAFB 9N7:>:RR
FBPC>A MC>DB B ;N>@FN7# D:K <6 A:A67:AA C>HBD ;C??JDB9# FC>CAA B >:M:L8 ;O>>:@A MC>A*
+ K=LH <6 K<D@<L W6B9 RBP MC>A M:>O9# <LB7X
FBDL 9N7:>:RR F=7J@CAA BLLC@B>CK W6:D@O>A 9< R:>8>:*
+ :L>:67OD9 DE>9O>O9 <6* KC6A RC>@CLBRRB9 <6 MBLHID9# <LB7X
B>QF ;:>O>A* 7 <9?:9 K:LE?9:7A:9# :LH DBLH ?ND9NA F=7MB KBLI9 IAGD# @<B@B>KB6BD#
RO679ED M<LHC?CLAB9* QB?G76?B :PA:AAE9 B ?ND9NA# B 67<9?G9 67EA67G>>AB9 B KBLB6RB*
+ :LMBLHID9 K <6# <LB7X C9G<L AB?ACAA# BKSL B ?ND9 K:L67G?B@A# AO7:A
;CLCAA E6 MN?N6:D ;:><77CAAU B>QF :7 <@8 B>BAA KC7@I>BA>BDI> O>A B FCKC9RBD# 6 :LH67:? 6:K
67J>B>A K:L* 7A 6:K M:AA: E67?:# FCLH N;< B7 <9?:9F:7 >EQ# N667:6=L M:>O9# KBP@ K<D@FG?KBD
:><D@I>DB9 B7 :?@8 ;:>E*
+ 4GA <AA MC>DGD9V
667:?:77:DA# KBLGFC7 AE?A* N;< 6 B KG6<9 9:AA8 K:>>:AA: G>>A* :L MC>A ?B9MB LHOKN>WW6:>*
+ ??B LCD@C>ABK + KCD@AB N;< +# FCLH MB>BK<;E>: ODD:Q6EL:A 9:>>:D: O>D<*
FG?CK ;<= >:O>A* :DL:A:L LHOKN>W6NA FC7AB9# 6 K<D@ 67EQ E?:AA MC>A* B>QF?B KC6C>HCLAB9#
BK<9C? :7 R:>:KB?9C>A B LHOKN>W6R:# E6 :DD< 9:7@:AA*
+ N67NDNK + KCD@AB* 7AGD =P?B# :7=AAB> FG>G6BD E6 K:L>:Q:AM: + N67NDNK*
+ :LMBLHID9 K< KBLID9RBD <6 + KCD@AB N;<* + AA B 67<L:A:D W6B9 B7C9 W6<DG>DB9 RBPA#
B9<9D:9 :>K:DA B PJ7BD :67O9* BP@ ?B9ID9 :LH 67EQ 9<6 AO7:AY
B>QFDB9 :67ER: PIACAA# FCLH K< RGDACAAB :LE67 <@8 B>BAA*
+ 4C> MBD <KCDX
+ :K AI@CK*
+ 7A F<67:@# FCLH ;:>KG67CAA B F:LH?:X
N;< FBDLC6BD :>D:M:AA: KBLGA# 6 =PBRR LHOKN>W6E?A DH=>A*
+ :F:A* + :DH:>A:# BKA* + K<>H:D RC>CD@V
<KCD GAFB>B@A B7CD B A:?O>:A:D# BFC> B LHOKN>W6;G9 D8AA:9# @: B7 BQ?J6GLC9 :7=AAB>
A=>6GLC6BD :> MC>AB9 ;CL>B>MB B AT7?B9G66B># FCLH6:K O>@N78R: M:AAE9 MC>DB* ABA AN?A KBLGDB9
-$&$.-
B 9=67JDNMEDH:9 9N7NAA# BKSL :> D:K E?A: B7A B DBLH <D@B;CDB@E9CA# BK:>H B 9<6 A<67AG6A
9N?O>M:AA:* AKG67CAA B>BAAB* >:ME>K:DDH:7:A:D A=> 7IFCLCAA B DBQ;EDH# B 9N7EQ:D B Q<>>BDLJ9
MEL:E?F:A:A>:D AGDWI9BA PG?AG9* :AE?@:>A# B DBQ DH<>B< KC6A 8A <6 :>E?AE9* G69C? B >:M:L8 <AA
?:7L:AA B F86ELA8># KC6A ;:DH:L:A8D <77CAA* 4C667=# @I?MB FBPB B>J> QBAB9C9RBD ;C>HA B M:?:PAE9*
HILAB>BDI> ;E679:>8@NAA# @: D:K MC>A KJ@ ?G# FCLH 9<9:?O>P: B DBQCA* 7CKPB6 MC>A# :LH?:
67CKPB6BRR* >M: KB?B@A*
J K:667<?: <DDEA# B QB?ACD# BW9 :LH 9<6 W6CQC?A ;<= :>8AA G>>A* ILG?7JD RC>@CLDB9 >GA67CAA*
+ B@G67BAV
EL :LH67:? PJ> 67:KOLH?: M:AA:# >:KE?A: 89:A* <D@:LH<9D:9 ;:PED :LH ;:9:A: 6BQ9B
KB?B@MGDHB< 6NAEA>:AA:9U <@8A>:D <@89 :>8AA B7A M<6:>AE9# 9EA :LH:D>:A:6 6C?RBD G>>MB :>8AA:#
FBDLPI9 B7 BDLHB>C9 9J?I6G?B FB6CD>SACAA*
+ B@G67D< ;CLID9* D >:67:9 B M:7E?* J><DACAAB9* =>PIACAA B MG>6GLCD*
+ K< Q:@<L B7 G>>BACA <>>:A<Y E679:>8@A:9# B7 :?@8 ;:>E A:9<DL:AA:9*
+ 9NM:A9:78 B ME>:KEDH:K D:K AN?8@OD9 M:>:* :>EPO9 RJ><DACAA*
+ >;:>:PAPO9# FCLH MBD*
+ 4:>H:6V
+ LH MBDV
+ :K AN?8@OD9 M:>:V
:F:A# FCLH >:>9:6:@E6O9 K:LFN99:DA:AA: BW9:A# @: D:K KIABAAB*
+ KEL MB>BK<* AA >:DA D:K >:67 BDDH< ?C667 G>KID9* 7 KG? KBP@D:K B 67<L:AD:9 B MEL:*
HNA?:>K:6 :LHED< E>:AO9 KE>HER8> 67:DM:@E>H:6:D F:>H:6:>A:9*
+ <LH:>P:A:9 <@:V E68RR :6:A>:L :>K:LHOD9 B 67<9>BMG?RB* LH:>8?: B7CDRBD B7CD MBLHC9#
FCLH B DBLHC9 9N7O> K<DE> ANRR:A :>FC77B9 CDDEA# B 9BLH>J K:L B ANRR< 67BKG?6GL K:>>8>*
:LN>OD9 :LH KB>BWCA# E6 DBLH ODD:Q6EL:A ?:D@:7OD9* + 7OD:A:A AB?ACAA# B7AGD FB>9BRRBD
;C>HABAAB* K< Q:@<L B7 G>>BACA <>>:A< FB KBP@ >:N>AO9 B KB>BWCA# B 76G9KGDHRJ> D:9< <6 PIAABAID9
MB>BK<A* :F:A# FCLH B99C? RE9ED ;CL FBLHD<* 4<?A:>:D ;:>IL?CAA*
+ C6A Q:@<L B7 :?@8R: K:LHOD9 E6 MB@G67ID9* :L;C?@I>A# :><?BKC@CAA# :LH Q<>>BDBA K=>MB
B ANRR<:9 <6 :DL:@:>K:6:D 9NM:AAE9*
7EA67E>:@A:9 B7 :?@8R:D# <@:L:6:9 MC>AB9* BW9 67<DA: B7CDDB> AB>G>A ;:>A=?A# 67EAFGDHA
LHN9:?:9:A# B KB>BWC9 FGA?BFBLHCAA DHCKB<A# 6 ?NM<@:6:D ;?<66 W6BQG6?B <6 RI99BDA* 6ND@?:
IAB6SACAAB B ANRR<:9:A# 6 :LHKBLB 9NM:AA: B DHCKCA* C>@CL MC>A* 7 :?@8 D:@M:6 6NAEA6EL: C>H
K:LF<AA:D ABQB@A ?G# K<DA :LH9C? B ?IFGPB* LH >:PA8D KG67CAA B>G# B A:DL:? ;:>E# 67<9>G9 E6
67EA67J?ABD G>>@CLG>J ;G9 9N7NAA*
KB>BWC9# @BLB@A 76S?W6CKJ9# B ;G9 B>BAA ;:9O@A:9# E?7E9<:D E>M:7M: B7 G?DHE9CA* 7E> D:K
;=PA# LHBD=A>BDC9 MC>AB9# 6 BW9:A B FC667= LHB9C?>BA K:LABDSACAAB B??B# FCLH C>H D:67A:>:DO>
9=667E9# K<DA B7 G?DHE9* <667BAE?A :>?:PA87NAA MB@G67B<FC7# IAB6SAG6C9BA B@CAA* C6A
MB>BK:DDH<:D :><D@I>AB9# >EQE6?8> >EQE6?:# B W6ND@R:D E6 F86ELR:D NK>NAA ?J>I9 B7 <77B@6GL*
;G9 B>BAA >I6AGD K:L>:RR:DA :LH ;O>* ANRR<:9A8> 9<66E AGMC>BRR# RC>@CL BDHB< DHILB>CKRBD :LH
9CWB ;:9O@A* :9:A: E6 ?J76B67SDT MC>A B R8?:# FB6GDB9 DBLH FJ>HBLPGA :LH 6C? =P67O>NAA KB>BW
67:LE>H:7A:U RE9E6:D B>I@AB9 MBLH B ;N>@:A A=?AG9# E6 M<6CDLAB9*
<7:DNA KEA:?DH<?: BW9 K:LG>>A# 6 9B?PGA 9<DH=PAMB# B 9CWB ;:>E KIABACAA* <76LG>J@MB
9N?O>DE7:AA# K:LR<7CDHC6C@D<# FCLH K:LE?A:AAE91:# 6 B ;<=9 ;:>EP: RJ><DACAAB9* ;:>:K:>A PCRR
9B?C9 :LH67:??: FGA?B>:D@O>A:9*
+ C6AV
-2&$.-
KB>BWW6C?@B ;:>IL?CAA# 6 B ;GRJ> ;B?BLCAA >GD@76G9# AT7R:D :@7:AA F:LHO99:># AS7KEA:?DH<
AGMC>6GLRJ> B 9<MG>B67ACAA 9CWB ;:>E ?:QO>A:9* 7 :LH<9 9<6 KB>BW CL:? >GD@76GPGMB> B F=6GRBD#
:67:>86 M<6SAG66B> B A:DL:?R: IL?CAA* 9CWB <6 DHNLNAA# :>M<6SACAAB KBLGA 6 ;:>AGQG679C@CAA# 9EA
>GD@76B ;=?J@CAA 9NME? ME9DHGRB* ;<=9 OMN>AM: ;:>EP: ?CFBDAB9# B7 BQ?J KB>BWC9 67EA;IACAAB9#
B 9CWB Q:@<L GAAN?A: B ;:>EP: 9N7:>:@8 6C?A# 6 R:M:AA: KBLGA B7 :?@8R:*
+ AGDBV
W6BQG6CD ?CFBDAB9 KNLNAA:# @: B7 :?@8 C>H 6NAEA E6 6T?T MC>A# FCLH BW9 9G?CK9C@MB
K:LG>>SACAAB E6 67EAC67ACAAB MB@G67B<A B ;G9 9N7NAA* 7AGD :LH @B?BR<L W6ND@R:D KB?B@A# @: C>H
MB@I> 67:@A: B >E>:L7:A:A# FCLH MB>J6GLLB> K:L;E>:K>SA:AA: B ;<=9BA# B9<9 ?EKO>:AA:> M:LH:6
A<67A:>:AA:> DE7:L:AAE9 :LHKG6A* BP@ :LH<9 IPPGMB> B ;N>@?: KIABACAA*
+ AAY
<:>8AA B ANRR<:9 K:LM<76LG>FBAAG9 MC>DB B ME?W6NQQ:A# BW9 KG? :><?BKC@CAA# B DHCKC9BA
M<76>BAMB# <AA1CAA K:LE?<DAM: :LH1:LH K:LFBP>CAA GLBA* <AC97BAC6 R<7ACD6GLLB> KC7LCAA# B
MB@G67C9 ;IAMB 9NM:AAE9*
LH R=MJF:>H :>8AA K:LG>>A*
+ AA MBDV
N?O>M:AAE9 B RB?>BDLCA# @: B 9CWB :LH =PBRR >GD@76GMB> B7 C>@B>GRBD K:L<DA W6B9
:>K:D:9O>A* A:6AER:D FI?WC>A FI6GDLC9 B9B@G>HC7AG9 ;IAG6GRBD# FB?GDAMGLBA= F:LHO9
B><LFBD:K ?:AA:DA8:D K:LLHNAN?A:* :9<MB9C69C@CAA :LH ;GDB9# BK:>H KEL KE>H:RR?: DHCKAB
A:6AER:D B7 :LH<9 >GD@76GA# =LHFCLH B MB@G67C9 KC6A KG? 9NDDH:D DHCKCD 9NM:AF:AAE9 B
Q<?C6 ME?W6NQQ:9 =APGA* QG?G6 @E>IAGDRBD ;:DH:L:A8D DNM:9:@:AA B F86EL# B ME?78 G>>BA
8?PNDLM: RCA>B@C7CAA B ;G9 9N7NAA# KNLNAA: B MB@G67C9# 67<DA: :LLHE MG>MB M:>: B7 O>@N7E6 E6 B
9<CDACAA ME? 9EP:6 <7LB>KGRBD* C6A KG? C>H 9N7:> 9:?O>A:9 FCLH B 6BPGA 67:KO99:> <6
>GAFBAAG9# KG?1KG? IAC> <6 E?AE9# @: B 9CWB IAC>6J :?:PEM:> =P?B :><?BKC@CAA# <6KEA K:L:>87A:
89:A* G? W6B9 DEFGDH >EQE6DH<?: MC>AB9 A8>:# BK<9C? B7 G>>BA :LH A<67AG6?B E?A 9<# BK:>H:D AB?9B
M<?GLC9 D8AA:9# Q<>>BDLJ9 9N?N7A:9# B >:M:L8 KC7@I>BA>BDI># ;C??JD G>>A ;N>NAAO9*
AA# B F86ELA8> :>LH:DLO>M:# B7 G>>BA ;:>RI9CAA# 6 B MB@G67C9 ?GM:A:AAE9 KBLI9BA* LH
<6K:?:A>:D M<>GLDB9 :7 B 67N?DHT 9<?CRRBDG6B MB>J6GLLB> K:L8?PSA:AA: B 9CWGA# M<6SAC7CAA#
<@:1C@B IL?G>A# B >:M:L8 K:LA:>A >G?KGMB># M:?:PAE99:># ME??:> E6 ?EKO>:AA:>* CL:? <@:1C@B
;IA9C6CAA 9N?O>NAA:# 6 BFC> F=6?B AB>G>A# R:>:@N;NAA >GD@76GPGMB>* BW9 B FGAGD O>A# 6 B 9E6EM:>
67I?9G>AB* CL:? KC6A B>9B>KB6 F:>H:A AB>G>A B >GD@76GPB 67GKG?B# R:>:67=?A# 6 :LE67 6=>HGMB>
?GD:F:7:@:AA* >GD@76B ;C9C7BAC6BD :LH?: KE>H:RR:D FBAC>A B F=6RB# B ?EKO>A M<6SAC7G6
6<9C>AG6RB W6BQCAA GA* 7AGD BW9 K:LAB>G>AB B7 G>>BA AC?9GA# B K:>:L ME? A:>:;?NW69N>A: 9:7EA*
9CWB N667:?CLHCAA B>BAAI9# B MB@G67C9# R:A:>M:# :LE67 6=>HI99B> ?BPAB ;:9O@A:9* Q<>>BDLJ9#
6BPGA KBLI99B> :>;CL>B>MB# ACMGRR AGDWC>AB9 B A<67AG6 9N7:QED*
ELO> B7 N>:6 9N7M:A>:D <7LB>KB >:O>:Q:@:AA* ;<=9 FGA?ERR F=7J@AB9# 6 BW9 <6 ;:>G>>A#
;:>:K:>M: K<D@ B 9EA 9:7EA*
+ @: DE77:A:9V
IDWCLCAA# <DA:L:A:AA# B ;<=9 D:M:AM: DE7AE9 ME?A8> RT7N6 A:DH:?EA* BW9 K:L;CLAB BI?<WW1A#
E6 ME?A B7 B?WGRB KG7C>AB* CL:? 9<F=7AB >GD@76GPGA B7 G>>BA A:6AER8># B ;<=9 W6B9 KC6A M:AAE9
E67?:# FCLH K<M:> MC>A :>;CL>B>MB* LH:A>:D KCD@BARB ;CL>B>AB N667: A:ME9:DH6ELEA#
R:P:>:DAE6EA FBDLC6 OMN>AE6 ;CLB@AB*
+ LH:D:6A B ;B?GRBV
+ 4B>>CAAGAC9# FCLH K<A KCD@CAAX
+ LH:D:6A B ;B?GRBV
-.&$.-
7=AAB> JR:?A E6 BI?<W: M:AA: GA B 9EA 67:?:Q:A# 6 BI?<W: C>H KI>BA6GLC6GD IAGDC7AB B
9CWB <LH:9:7:AEA# FCLH :>9:?O>P: B >GD@76GA# FCLH B ;<=9 KBP@ K:L67B9B@AB9 B D:M:AE6A8>*
: MELO> :77:> <6 R:A:>A:9* BW9 B 67<9>GD >:@N?76N>A: B ME?A B 9:7E?8># B7AGD D:9<>GACAA# FCLH
;:>@B?BRC>PB B A:A:K:A* :>K:A67:AA: B FB6GA# 9<@CRG>AB B L87N>L8# 67SD:6 R:>:9:A# W6CKJRB
FGDHAB 89:A B 67<9>GD* ANRR<:9 ;<LH:>AE9* ID9B 9N7R:D <6 R:67E>A*
+ :M<667O9 B F=6A B QB?A?B* <667BK:LH:9 B KJ>JFC7# 6 K:LFSMCK 89:A B7 ODD:Q6EL?:*
77:> <@8A DH:?OD9*
CL:? 67J>B>A K:L*
+ 8DN9Y
+ CX
+ 4CLH ;CLID9 AO7:A ?B9D<X
BW9 >:LILLC>A# LCD@A:?F:>A:D DE7:L:AA: B @<67DJA*
+ :L?CFBDPI9 89:A# 6 FC7ID9 AO7:A* ELH:D PNAAN9 M:>:K# A: K:L 4:D?H# <>< E6 BI?<W:*
:;:6APO9 KBLID9BA# B 9N7:>O9R: >CQJ7ID9# 6 KBAA ED :>KCD@CK# BK<A KCD@BD< B9B?C9#
CL:? K:LW6BQ :LH EL8 LB>>HBA* 7B>BAA B ANRR<:9 :>67G>>SAFBAPG9 B F=6A C@B# BFC> >:AGRC?C7AID9*
AA ?B9ID9 KBP@ AO7:A* 7IAGDY
7OD:A:A AB?ACAA# KBP@ ;:>G>>A# 6 B ;G9 B>BAA :>A:?O>8 G?DHE9C9BA ;<LH:>A:* K<9C? =P?B
K:L67J>B>A# >:FB>9SACAAB B FBDLPGA*
+ : B F=6DB9 :LH ?E67EA C@BB@PI9 BY
ZP?B >:AE?@:>A# 9E6: <6KEA KID9GDB9 >GACAA* ;<=9 9N?O>G>>AG9* 4GA?B;:>E R:67E>A CL:?F:7*
+ 4:LH:77 9< :LH 9B?JA K<D@ B 9EA MELEDV
C6A ;:>G>>A# 9:7ER:D AB?AMB B @<67DJ ME?A8> W6NQNL8 ;:PEA*
+ 4C> B7 B 9B?JX
+ AA MBD*
+ :?@ R: B7 :LH<9 MELEA B ;N>@R:V LB7Y <AA 67<9>G6 B AB>BP* :?@ R: BRRB B ?:Q:@E6R: CAAV
:>:K:>A: B @<67DJ;:P:A# 6 B >GLH AC?C9?E67:D GA R:>:DHCKAB B 9B?J F:LH:6 MELEA# BKSL B7 9<
D:K PNAA B AGACAA 67GPCD* 4GA?B>EQ:AA 67:KR:D M:>: B @<67DJ;:P 9<66E >:9CDHI>MB >JLCAA B 9B?JD#
:LH 9:ME6 ME? >:W6I?LCAA ?J>B B ;N>@?:*
;<=9 N67ANDN6:D FGA?BF=7J@AB9* BLH W6ND@ MC>A B7 :?@8R:D* 4B>>LBAJ7AB9 B7 :LH:A>:D
FBDL B >:LH:9 7=LG6B MC>A B 9<@CRG>A R:>:9 ;N>NAA*
BW9 <6 6=LMB R:67E>A*
+ K:>PEA:9 ;:> B @<67DJAV
BI?<W: E6 JR:?A DHG?6?B AT7A: B A:A:K:A# ;:>:K:>AE9# <D@I>G6?B 9E67:D G>>AB9* W6ND@R:D#
B K:LB>MB@A ME? ;N>NAA B?WI9 F<?A:>:D B>BAACKC6 9<;:P:7E6A N>ANAA*
BW9 KC6A KG? FBDLC6BD R:67E>A*
+ 7 B ;:P B7 G>>BAEV PGD@E9V
W6ND@ :>;CLB@AB B7 BPGD@E9CA# B ;<=9 GFSABAAB> ;<LH:>A:9* ;:P Q:@<L 67:KR:DE7:AA M:>O9#
B><L E67?:M:F:A8D M<LHC?CLMB# K:LAN?A 67:K:99:># ;CLB< 9N7NAA B>MB@A# ;:9:A: ME??:>* W6BQBA
F<?A:>:D :><?BKC@CAA# BK<>H:D LHC?6BD W6B9 AI@CAA# MB>BK:DDH<:D :LH67:??:# 9:?:67AO> B7
:?@8D# B DHS>A QB?A ;:>E*
<KCD CAA KB?B@A# BFC> MC>A 9B?W6=# RB?DB 67CRC? B >CKRC9 ?:PA:9ER:D* EL FB R:FIDHAB <6
B 67:KEA# B99C? <6 KBLB :>8AA >GAAB# K<DA :LH :K>E99EQ:A# B @<67DJ;:P:A ;E><L R:FIDHA 67:KEM:>#
-'&$.-
BK:>H:A :>FCKG>HC6SACAA B ;:>D8AA:9 E>:AED:9 MELA:>:D W<D<7KI6B* 7:9 B 67:K:9 B??J>
<LH:9:7A:9 K:LLH87D< <KCDA# FCLH K<D@:DA :LHR:M:AM:# B7 E>:A ?C667 O7>:A*
+ I@CKV
7CD M:AA: KBLGA E67?:# FCLH FBDLC6BD R:67E>* HC?6BD 9<DH<ACAAB B 67:KEA# 6 =P?B
K:LQ<>>BDACAAB B ;:P:A# BK:>H N?M:D@M: M<LHC?LCAA B ;I?W6B ;EDHR:D# D:K AN?8@M: B >:LH:99:>#
B ;E>?:FGDHA R:>:99:># KEL B77B> B KE>ABA>BD6GLLB> 6:K# FCLH 9B?J?B MBD AT7M:*
<KCD ;E>?:DE7:AA# BP9B<A DHB>@C6AB*
PGD@E9 B7 G>>BA 67GKG?B* 4GAFB E?A: PNDX <KCD =LH >GAAB# FCLH B ;:P :LH:AE?A M:>:* [ I66 :>
+ KCD@AB D:9< FB>9BD B ;:P +# :?<LLH M<667B B ANRR<:9F:7V 4<67 A?E;B MC>A B7 :LE67VY K<D:9
AN?8@DE> M:>:V :K MC>A <LB7B@# K<D@N667: :??8> MBD 67J* B>GD B ;:P;GPG6 A:AA:# AB>GD
:>?CDACAAB@ B LHCK?C@BA* ?<LLH M<667B# LH:?K:9:K\ + KCD@AB W6ND@:6:D B ;:P*
<KCD ;:>M:A:AA: ;:PEA# E?:7A: D:@M:6 FBPB 6=>HGA# ;:>DE7:AA B7 EL?:* EL?:1MB>BFG?B ;:>F89:A
>GACAA B7 EL:D# DBLH# AC?CDH B>B9= ANK:L:9:A# 67O?9:# MBP67SDT E6 ?E7MN?N6 ;:>F89:A# BK:>H:9
>B66BD F=7AB9 :> B 67<L:A ;N>NAA* G:?:679:@A:9 B ;N>@?:# LHNA?:>K:6 F86EL:A 6BPAC>AB9 ;N>EP:#
BK:>H Q:?W?8> Q:?W?: DNM:9:@:AA* EL B Q<>>BDLJ9 <6 :>K:D:9O>A:9 B B A<67AG6?J># BFC> B7 G>>BA;:P
67ELH:DA:>:DO> M<LHC?LCAA E6 W6NQNLNAA* <KCD =P?B >:FBPACAAB ;:PEA# M<LHG7MB B??B# FCLH B
67:KEA 9< D: DH<66B# KEL B A:DH:?EM:> <6 R:AB9B?AB* ;G9 B>BAA D:K MC>AB9 G?DHE9C9#
LHNDLH67O?9: W6ND@ I?B>9C@CAA K<D@:DOAA# B MB>J6GL FBAG?C7BA>BD# W6B>J9B >GACKG66G AC?7I>A*
;:>FB>KC7CAA R:>:9 ;:9:A: >ELHW6CKJMG MG>AC7AB9# BK:>H =LH 7OKKNLNAA# K<DA :LH ;T?E67*
LH <@8 K=>MB B >:LH:9 K:LAB>G>AG9 <KCDA* :>;?<66SA:AAE9 KBLI9BA M:?:PAE9ER:D# <AAB9 R:>8>:*
7 C??><9B<RB R=PAB9# RB9CA IL?CAAB9 WCKRPB<D* :9:AE9 MC>AB9# CQG>C6BD 7N>@:9#
K:L67GK>G>FBABA>BD 6:?:L:9R:D :?:679:@A:9 ?G# 67:KR:D <KCDDB> Q:@<L B :LH:9 ?B
FBDLAB>BDI> M<LHC?LCAA B 9B?JD* ELO> <6 <KCD ;:>B@AB B FB?WCA# 6 9<DH<ACAAB 67:KEA =P?B
K:L>GAAB B ;:FE? ;CLB9BA# B K:LAN?A 67:K:9:A# B ME?AY 6 :7 B7 86?EL< ;:><6K:?E6 D:K :DL:@A:
:> ANRRE A:9<DA:AEA* CRR FB>GDAE9GD :LH E? R:>:6BP@I>A B7 BLHM:>:PER:*
B>QF E6 N;A# <@8D9EDA >I6AGD :LH1:LH 9BM<W6CA @CRG>A
;O6AA:>:D 9N7:QER:*
+ 7 B7 GL KG? :>EL:AA*
+ 4C> MBD BK6:?<WX
+ ZPBRR ;GE?A 9:>> K:DDOD9* <;CLHAID9 B 7N>@ GLB9RJ>*
B>QF 6JFBPACAA# ;:>G>>A* KJ>JD# B QG>KG9 B>BAA# KC6A D:K MC>A G?DHE9# W6B9 :7 B 9O>NDN6
;EDH# BK:>H K<DAFB K<D@:DODDEA :LH67:??: 6ILG?7CAA MC>DB* BLB6BD ;:DA# B AC?DHC6I>J ;:>F89
9N7NAA B K:DDH@N?LE6 =LH 67J>A# K<DA :LH GLH=>NME6*
+ NM<@:6:D =LH ;CL :6D<# K<DAFB @E76GRJ> NDA:D:9*
+ K< >:67 B AT77:>X
B>QF R:;IACAA B7 :?@8R:# DBLH FB>CK 7N>@ >:M:>:6 GLLB> AE?A M<667B 6 B AT7R: M:A:AA: 89:A* 7
GLB9 ?CQCLAB9# B >:M:>:9 ;:>9ID9C?C@AB9# 6G?LB ;O6A 67G>>A B KBLB6RB*
N;< IPPB<MB> :LH E?A:>K:A>:D 9<6 ?BP7CA DHCK9C@CAA B FCKC9RB*
+ 7 B RBP# FCLH D<DW6 :>EL :KR:?OD9 B AT7FN7* BK6:?<W:A :LH :KR:?D:9 M:67:@# K<M:>
K<D@:DA :LHOAA W6<DG>DB9Y
+ :?KE67:A:6:D*
+ :K F:>H:6 + KCD@AB N;<* + 4GA D:K E?A:@# FCLH 9EA ;C?@I>JRBD 9:>>:D: @C>LC7D<I9X
B>QF K:LFGDHAB1M:A:AA: B @C>LCA# 6 :LH:AE?A:AA N;<M:>* C667BD9C@CAA# FCLH K<>H:D
9:ME66E 67C9AB KEL K:L B ;:>D8AA KJ@?B MB>J LCD@C>9C@G6A# DBLHCA 6JFBPACAA* 67<L:A:D :LH?:
?C667BRR >:AA B7 E>:A*
-0&$.-
N;A*
+ 4BKB?C6BD =PBRR 7N>@ GLB9?B >:67 67O96EL* B>QF B KG6<9 C>@B>G?B ;C?@I>A*
+ N;<VY <F:7 9:7@OD9 KC6AX
+ E>9O>O9 <6 RC>@CLI>DID9 9:>> + KCD@AB N;<*
+ : B AT77:> K< >:67X
4CK>C9?GDWC>MB RGKI>A B ;:9:A: E6 ;:FE? FBKI?B# K:>HR:D B7 GLB9 :>:KE67A:A>:D W6CD9PB<
F:M:?A:9* 4CLH ;CLB>KB77B K:L LCD@PB<AX
+ E>:9 + KCD@AB*
GAAB# FCLH N;< ;:>DE7# 6<:AM: ;C>HABAAB*
+ :K B7 G>>BAAJ>* LB7# FCLH BAAJ> <6* : 6:D9< 6:K E?A< K:L# K<>H:D ;CDAC6 B AT7* <DAFB B
;I>@C9>JDB9 9NA:>:A M:ADED:9 B MS7R:* <DAFB :LH C?MC6 B7A KCD@BDG B7 :KR:?D:9# FCLH 67:@P:
R: :7A B LHJLH67:?A# 9O>NDR:D K:LFB>Y FGA B7 :KR:? >:DH:>DE# D:K <LB7X
+ :?67: FCLH >:DH:>DE*
+ 4GA :7A D:K E?A<9 K:LX :K RS?PG9 ;:>;CLD<X 4CLH B ;O6AP:> DE>9O> :>QI67AI>ID9X @B DE77V
FBKI ;N>NAA :LH FI>>GK ;C??J >:M:L8 ?:679:A:AA# @: ;O6AD:9 DHCKB 6:K MC>A*
+ LH:@O> D:K RS?PI9 ER?:D AB?ABD< :7A B AO7:A* 9 Q:@<L D:K AN?8@D:9 M:>:* < ANRRY +
AFBAJ A:9<DA:A:A M:A:AA N;< (
+ < ANRR# DEFB KG? ED 6:K AN?8@NK M:>:* A:LHO9 ;:># FCLH ED <6 C>HBD >:67:9# K<DA 89Y 6
D:K AN?8@NK M:>:V < >:67 B99C? M:>OD9X
N;< K:L<>>:A8@NAA 7BMB?GRBD >:A:AA: 67:KOM:LEA*
+ :K AO@8K# B>QF* 6B9 B7A AI@CK# FCLH 9< 9:>> AB?ABDID9* ;:>D8AA:9 <6 B7A A:DDE9Y
B>QF KG? R:>:;CLCAA# 9NDDHSA:D< B9B?A B >:>9ED# D:K FBLHAB BRRB*
+ N;<# KOD9X N;< W6C@G>9C7MB DE7:AA ?G*
+ ??B LCD@C>67# FCLHY
+ :K# D:K B??B* LH E?A:K# K< B7 C9B# FCLH KC6A K<D@:D 67EA:6<9X
N;< >B66BD K:LAN?O>L:AA: 67:KOM:LEA# :>ATD8@NAA* BK<9C? K:LE?A:AA:# FCLH B>QF KC6A
KG? A:>P:6:D R<7B>KGRB ;CLB@AB# F<?A:>:D :>Q<?I>A RO679:6ELER:D*
+ :K AI@CK# B>QF + KCD@AB* + 7A F<67:K# 8 B7 C9B K<D@:DD:9*
+ BW9X
+ BW9*
<DAFB MB>BK<>H:D ABRI ABQB@DB KBLGFC7 B DEMF:7 <6V B>QF ODD:QE>H:6:D RJ><DACAA*
+ L:D + KCD@AB* + ><LFBD:K SLH MBD*
67CK67E@C6 :?@8R8> F<?A:>:D MB@ OMN>AE6 ?CRRBDA 9<* :FE?# MN?N6 E6 7N>@?: KG7C>A B?W=#
@EKCDB9C9 ?CFBDAB9 9< R8LM: B ;G9 9N7O># B7 BQ?J6GLC9 6<9C>AC7MB# ?EKO>A:D
67EA?:RR:DA:9* B>QF B 67:K: 6B?9GRJ> 9NM:AA: B7 ILHBDW6B9 K:D:9O>8 N;<A* AGKB@J9 9N7O>
9:AA:D B AT7FN7 ?CFBDAB9# B>QF KG? ;:>9E67O>A B ME@:9:7E6?:# @: B7C9 9:AA:D W6B9 DEFGDH
QB?G76>J GLBA 9BQAB9 9# 6S KG?<6 ACMB?CRCLAB9 B QB?ACD* KG6<9 FG?CK W6ND@:6:D G>>A
6 8A ;<LH:>A:U 6 B>QF K:LG>>BQSACAAB# FCLH B >:LKBLB6BRR 9N7O>O9# B9 NM:
B>BAA A:>P:6:D K:7A:>:DD:9 >GA67CAA# KBLB BW9* 6KEA >E>:L7:AF:7 PIACAA*
+ C6X + KCD@AB*
BW9 D:K ;<LH:>A ?G# ;:>:K:>A: >GD@76GPGA*
-,&$.-
+ @: ;<LH:>P:A:9 K<D@BDDH<BDV + 9<G>ACAAB* + D E6 B MB@G67B<K B QB?ACD OANAAO9 ;:>
67G>>G6ID9BA# :LH >BQC6 67<9>B K:>>:AA* B@G67LBAID9# ODD:Q6EL:9:A AB?AID9# 67J?B9C7ID9* 4B
W6BA>B9C7D< B9B?AC9 B AN?76:KF:7# PNPP:A:9 :> FC77GD9# 6 DE77:A:9 K:L R:DDOD9:A* :F:A# FCLH
R:;CLB@>B9 R:DD:A:9:A# >:F:A# FCLH D:K*
7OD:A:A AB?ACAA# 9N?O>DE7:AA* :6A:AA KB679PB B>BAA 9<M:67:AA R:>8>: K<D@:D 67:KE?:K E6
NDE?7:A# 67:K?:RR:DE6 DE>9O> DE7:AA MEL<L :>>:D;:>:<D* B>QF =LH AE?@:>A B AT7 K:>>:AA# K<DA
;IAJM:?6:DHR:D B MGLAG7J9 <D@I>G6 :>8AA# B?WGA ;E><L :>AB9B?AB B FBP E6 B 9C?CK* BK6:?<W B7
:?@8 67E>ED :LH QG>KB;B KNLO> 9BD@<9G>A 9<# B ;O?@8K:@:DW: K:>>:AA :LH BQ?J6GL RSRC?MN?N6#
?GDWC6 B?WWB> OMN>AN7NAA# N;JD G>>A# LN?W6N6:D 67C?CDLBAMB B 9BLH>JA*
+ B :6A: ODD:Q6EL:A ?:D@:7OD9* :N>AOD9 :LH @<67DJA# F=6A 67:?:7AOD9* >PNF:AA:9
FC77GD9# E6 :F:AA:9 M:>OD9*
@B;NDA# B ;:>F89 67B9B@E9B<RBD =PBRR ;O>6<9:ASA8 K:DDH@N?LE6 W6BAABDA* BW9 6 K:>>:AA: B
9EA DEMA:>:D MB@:KR:? K:LAGDAC?C@CAA <P:@AER:D# ;:>DE7:AA B7 EL?:# B7AGD >B66BD KBLGFC7
AE?A* 7 BQ?J6GLC9 ACMGRR OMN>AN7A:9* BW9 67:K>GACKG6A MG?A MB>BK<?:* B>BK<A 6=LCAA B
ANRR<:9D:9*
+ C# W6<DG>PGAC9V
9EA DEMA:>:D MB@:KR:? KC?LCAA MB>BK<A* BW9D:9 ;:>W6BAABDA B FBDLPB*
+ H:?OD9V
9EA MB@:KR:? :LHKG6?B DE7:AA# KBP@ ;:>:K:>A: >GD@76GPGA# 6 :LH67:??: :>9<G>ACAAB KBLGA
+ ;8DN9 67J>AV
7AGD K<D@FG?KBD K:L;C?@I>AB9# 6 :>OL:AA:9*
B>QF ;:>IL?CAA# 6 B7 :?@8R: RGKI>A# C@B# BFC> B FG?CK B>B9 :>ATDA* BK6:?<W ;:>RI99BDA
K:>>:AA:* <67A:>:AA:>P:6 6IAACLG66B>
+ 7A F<67:K# FCLHY
+Y ED Q:@<LY
+Y ;E>A:K*
N;< KEL K<D@<L B KJ>JD G>>A# 9:7ER:D B 9BLH>JMB>*
+ BW9# BI?<W: E6 CR:?A MC>A + KCD@AB B>QF* + J> 67J?B9C7DB9*
+ G? BAAJ> AB?ACAABK + KCD@AB N;< +# FCLH K:L<DA B67AKB?CFBKCA 9BQC9*
+ =P@ ;:> B7 B67AKG@BAV
+ K<9C? K:L>GAABK BW9:A# R<7CDHC6?B M:AA:K# FCLH B 9BLH>JE?A PNAA* :K <6 E?A:K# K<E?A
LCD@C>ABK*
9<6 W6CQC?A 67:?:A:AA:>P:6 A<67A:>:AA:> DE7:L:AA: B ;:FE? 9BLH>JA* N;QF 9:7ER: DHCKAB#
6 B7 BQ?J6GLC9# K:LQ<>>BDAMB B7 <6K:?86 P:>9EQ:A# :><D@I>AB9 ;:>EP:*
+ :K <AAV
B>QF B KJ>J ;:>E ;C?@I>A# E?:7A:# 67O96EL MBD B 67:?AB?AG6?B* :7ER:D B 9BLH>JMB> :>68D:9
E?A ;:> B QG>KG9FC7# KNLNAA: N;< >EQ@:>A 9CKC?BD 6 KE>AJ6GLA:>P:6:D# IAGDB B7 <9?:9# B7
BQ?J6GLC9 E6 B ANRR<:9*
+ >P:A:9 >: MB>BK:DDH<:DV 7E?A AGKB@AB9 ?GD9# FCLH AO7:A ?BRC>PBDB9* LH >GACK# PJ>
67J?B9C7DB9* :Y
7 BLHGRBD B7CDRBD F<?A:>:D K<DAFB ?:@8DH :?:679:@:AA MC>DB >:# W6C@G>9C7MB :>FB>>LBACAA*
B>BK<A KEL B9B?A KCD@BD<# @: B ?:@8DH :>?:9:67A:AA: :>8>:*
+ :Y
-!&$.-
CKC>HBD ;<LH:>AE9# KEL :LHG>AB>GD D:K 9EA:>9:@A:9 M:7E?< ?GA:?K:AA6ELER:D* B>QF
9<6<KSACAAB B7 C6ACRB FBP;O?AN9:A B FCK>C9GRJ># N;<?: DE7:AA*
+ :Y 4GA Q:?67:Y B AT7VY AT7V >D:M:AA: KBLGA# B7AGD ;C>HE9CDHGD R:67E>D< 9:7@:AA*
+ >:L;CDAC6BRR @C>CL B AT7* T7 DE>9O> D:K B9B@FBADB9 ?GD9* D <6 67SM:6:D R:KG7C>DGK
KBLBK# 6 67:?:ADE9 <D@<GDC6@<A PGA67BD<# @: D:9OD9 B AT7?: 9:>> M<LHG7DID9* AT7 B
>:L;CDAC6BRR @C>CL B 67<L:A:D# K:?AY K:?AY
ZPBRR 67OD:A G>>A R:* N?O>NAA: B W6ND@ :LH67:??: K:LA:>A K:LFN99:DA 9EA:>H:99:>* N;<
6:LSA6ELE?: 6<:A:AA*
+ 4CLH 67BRB@I>FB66ID9 <DD:DV
+ ZLH MBDV T7 DE>9O> D:K B9B@ ?GD9 6:D9<* :FGA <AA 9:>> KB?B@DID9 B AT7 K:>>:AA# E6 ;O6ANA
9:>> W6<DG>DID9*
K<9C? :>FB>>LBACAA# 6:D9< 6:K 67J>B>A K:L* 6C9 ?BLHCLJ 67JDC9>BA IAGD# BK:>H:A :7:D B
F:>H:D AB?ACAAB9# B>QFDB9 :7 B ;:>67J>B>G6B RGLHB@ADB9 A:A67:AA# KEL B7 BQ?J6GLC9BA 6:K
>:>9:6SA:AA: ;:>*
ELO> <6 <>< 9<DH=PACAAB 9:7EA B 9BLH>JE?A*
+ AA ;:DA D:K ?B9FBAID9 AO7:AY K<M:>FCLH ILH: CAA D:K ?B9FBAID9Y 6 :7E?A KC6A ANRR
:KR:??: >:67 67O96EL# FCLH ER?:D AB?A6I9* :DPOD9 :> :??: B7 ODD:Q6EL?:# 6 KCD@PI9 K:L#
FCLH K< KBLID9 D:K RS?PI9 :>>GADCLY KG?K<DA
MB@:KR:?A PGA67BD<Y B7 PJ 67J?B9C7G6 >:F:A*
BK6:?<W M:AA: GA B 9BLH>JA*
+ J 67J?B9C7G6 >:F:A# BFCLH <>< KCD@PBY 6 K<DAFCLH K:LFSMAB9 R:DDOD9:AY
+Y B7 ODD:Q6EL?:Y
+Y B F=6:ME6F:7Y
+Y ?CQCLJ6 F=6FC7Y
+Y ?GK ;E?D: :LH 9<6 F=6Y B>QF ;:>:K:>A: 9:7EA*
+ <E?A D: 9:?SAF:ADED9 K< KBLID9 <6 F=6A KBLID9DB9X
7 <9?:9 :LHKG6?B DE7A:9* <>< ;:>:>A*
+ :K B9B?ID9 B @76IDL:>R: K:DD<* B>QF :>;<DAC?C@CAA*
+ Q:@<LY AI@PGAC9# 9<Y 8 K:LHV
+ MB@G67* 7C9 MB>BK:DDH<:D MB@G67C9* 7 DBLH 9O>NDR6EL*
LH <@:<L K<D@:D9< FB>>LBACAA# B7AGD N;< FB>9BD K:L67J>B>A*
+ 4=6V + KCD@AB B FCKC9DB9*
7 BQ?J6GLC9 W6ND@:6:D O>A:9# F=6?B LCD@C>AB9# 6 B DHG> N667:;IACAA B 67GPI9RBD* @B;:DA B7
EL 67B9B@E9B< =P?B K:L@N?@O>A:9# B QG>KB>:M:>:9 FBDLC6BD 7N?NLA:9 B F<?A:>:D AGKB@A
;C??J 67E>R:D*
+ 6ACRB 9<6;<= MBLH + KCD@AB B :LH:9 ?B +# AI@BA>BD# C6ACRB 9<6 ;<=W69B*
<KCD K:LKC7LBAAB @BLB@A DH:>MEA 67GPGRBD# @: D:K ;:>:>A*
+ :K E?A:67 M:>:K :LH:AX + 9E?@:7A: B :LH:9 ?B* LB7# FCLH C6ACRB 9<6;<= MBLHX
<KCD :7=AAB> ILHBDC>HBD DEKB FBDLCD ;:>:>A*
+ 4GA B99C? PCRRBD A:DDE@ + KCD@AB B :LH:9 ?B +# FB LHC?6BD :>;IADG> <DDEA# 6 :LHOAA
PGA67BDG> B ANRR<:99:>* 7A F<67<9 ?J>B@# FCLH RC>CD@ MBLH* :@<L ILH: D:K B9B?C@# FCLH B>QF
B7A F<LLH: ?J>B@# FCLH RC>CD@ MBLHX 7:?:A:@ B>QFCA# ILH:X :L N;<A E6 BW9:A <6 67:?:A:@X
-/&$.-
<KCD ;:P: 9<66E FGA?BFBPC>A# ;:>;:>E DE7:AA* :9<DA:A: D:K RS?A :>67B9B@D#
BK:>H CAA >JLCAA ;N>NAA: B >:M:L8R:D*
+ < 9:?:6D<MB>J@ MBD <AA :LH:61:LH:@O>X :K ;E>67 A8>:KX
<KCD K:L?G79J@CAA*
+ <DW6 <AA 6:D9<# B9< 6:LSAF:AD: ?BPAB@* 6B9 ED* ED MBLHC9 B7 >>BA*
<KCD 67GPB @C>LC7D< 9:7@:AA# E?AF:A8 67BMB9BA :PA:AA 9<*
+ <67DJ;:P :LH 9B?JD*
+ I?W6B @C>CL :>9EQ7:>D<# FCLH B7 >>BA C>HB6MB>BK< MC>A# BK<?: MB@G67D< >:F:A:AA# 6 K:L
>:F:A:AA N>D< + KCD@AB B ;:P* EFGDH Q<>>BDBA<L B7 :?@8 6 B ANRR< A<A9C6 7IL M<667FBDL7CAA
D:M:AE6ED:9 L=DHC6 QB?J@<GPGAJ>* + : A: AI@AB@# ILH:X I@AB@# FCLH ED R:>8>:@ MBLHC9# :LH
?E67:@ MBLHC9X >:LR:D68@R8> MB>J* D MBLHC91: B7 C9B# FCLH K<D@:D ;:>RC?I>X FCLH
K<D@:D C>HBD# BK<>H:DX
ZP?B ;:>FBDL7CAA B D:M:AE6*
+ 4GA LH:?OD9# ;<BW69GKV + KCD@AB B :LH:9 ?B* ?<LLH M<667B B ANRR<:9F:7# 6 ;:>:PA6O9 :>
B7 :LE67:AV
<KCDDB9 9JMG>HLCAA B ;:P:* 67:K: ;E><L R: MC>A FIDHMB# K<DAFB IAGDC7D< B9B?DG B 9B?JD
>JLJ 67:KE?K:A>:D6EL:A* I@AB# FCLH K:L<DA :>PNAA B ?CFBK <@:P:* :LH:9 ?B @BLB@C7D<
9:7@:AA# K<DA :LH >ELLNKR*
+ :M:A6EL:6V J> AI@C@# FCLH C@B>:DA <6 W6B9 M:>:K ;CL67 AB>G>9C7D<Y A:FGA D: Q?JRG>P
K:L67N9D<V
<KCD A:6A: K:LK:?:M:@:AA# K:L;:67O>A* :LH:9 ?B KC6A =LH R:67E>A K<DA :LH
ABDSAJ*
+ 4GA :RR8> KC6A :>EL MC>A* 7:LEDH# ;E>?:M:7:A:AA LH:?K:9:K# B7A F<67:@# FCLH A=>PG?FBA67
B7 :67:K:DX
7OD:A*
+ M>B9# ;<BKV :7@:9 <DL:?O>A >:DD<* 4GA D:K E?A:@X AA D<DW6 67O96EL ?G@* ?APO9 :LHKG6AX
7J?B9C7D< B9B?ID9 :7:D B 67<L:A:D* :FGA D: ;C>HAB6@# 67:LEDH# ;E>?:M:7:A:AA LH:?K:9:K#
9O>NDR:DY
<KCD B7CD M:AA: KBLGA E67?:# FCLH :LH DBLH AGACAA 67GPRB RGKI>* NAEA MC>A R:>O> :7 B 67GP#
E6 6NAEA6EL G?B@A R:>8>:*
+ O>NDR:D + ;C>HABAAB B :LH:9 ?B +# 9O>NDR:D MEL7OD9 M:>:@* ?A:@X BW9 E6 CL:? E6
BI?<W: E6 JR:?A E6 <>< E6 N;< E6 B>QF* EL7OD9 M:>:@* ?A:@X
67GP :>DH:>A: <KCDA* >M:67A:AA: :67KE>:AEA# FBDHBAA MGLJ@CAA*
--&$.-
+
/ ,) ! $
67<L:A ;N>NAA ACMGRR EQSA9:7A:9 B ;:>F89* F:LH?8> :LH:D>:A:6:D :K:>9:@:AA B7 EL ;:>E B

;C??J >:M:L8 G?BK>BAB# BK:>H FG?CK:7:? KEA:? KBLB66GLCA E?A :>U B LG7C9 QN?L8 ANK:L:<
B@@<L FB>KC7J@AB9# BKSL B >:M:L8 KBP@FCLH ;:> D:K ?CRRBDA* G? 9C?B @E>IAGD :>ATDA B DBQ#
A<67AB ;EDH: F:>HEA MB>BK<>H:D ?E767SDT <77G6 MG>ACAAB ;:>* EL B A:DL:? ;:>8> G?BK>J >:M:L8 <6
;C??J MC>A# D:K FC7CAA :DHFO>E6A* MS7?8># B ;G9?J> 6 B 67<9>G9 ?J76B67SD ;:>O>:AE?8> >:C>MB@AB9 B
67SD:9# ;:FE?:D E6 RB?DGD ;O6AN>NLA:9 B ;:>F89* 6B9 B >:LH:9 E>ED9O>A:9 ;:># ;:9:AE?: ;:6A:AAE9
I?I9BA# 6 C>H 6T?TD >:QAE9 R: B K:LN>A @<67DJ R:>:<A# FCLH :7:9 :LH FB>CK QB?G76>J 67ED?:
FB6CD>SACAAB9* 77B> 6:K AN?8@A:9# FCLH <KCD C??GRBD K:LQBAABDA :LH E?# 6 ME?:7D< 9:7@:AAU
RE9ED FBLHAG9# PCRRG?B MCD7CAAB 89:A B @<67DJF=6 E?:AA S7:*
7 C??ME?7E6 9NDDHSA:AA <KCD ?CFBKGD# 9<K:?O>AED :>B>I@A* C7@I>BA>BDI> ;:9O@A B
9=67JDNMEDH:9 ;CDBAPGD# KBAA >B66BD R:B>9CDHC@CAA# 6 C@B;:DA ACMGRR @N?NLA:9 B7 EL GLH=<*
K<9C? ;:>ER?:@A# 9N7M:A>:DO> B?WB B>BAA Q<>>BDACAAB K:L B RB?DB ;N>@:A* : KEL :99C? 6:K
KC7@I>A K:L# C>@B>A ;:9M:# 9<;:P:7E6A:>:D A:9<DA:AA:> K:?:@A KBLB :>E* LH <@8 K=>MB B7CDRBD
K:L;C?@I>A# KBLB B>G F=7AB >GRGA# 6 B 9=67JDNMEDH:9R: 9BQB679C@MB ;:>F=7J79C@CAA* 7 <D@G9
KC7LG6G?B B >:LH:9 @OFN6:D 7OKKNLM: ?CRRBDG667:?T:D ;:>67G>>AB9 B RE>W6CKJ?J># KBP@
?NLAND IAGDB M<667BW6BQAB9* <KCD ;:>G>>A* N>@<:@:D MC>A B ;EDH* :LH:9 ?B# K<DA :LH ;:9:A:
>BR@B >JLCAA B 9B?JD*
<KCD B A<67AG6CD G>>MB FBDLC6BD K:L67J>B>A*
+ < :LH:R:A >:F:A <AA A:DD<X
: D:K 9BQCAA MG>B67A* 4GABA ;C?@SACAA B A<67AG6DB9# 6 B 9=67JDNMEDH:9 B>BAA R:KG67CAA B
6NAEA :?@8R:* G?B@ABD MGD67C?LCAA B ;G9 9N7NAA# 9<;:P:7E6A:>:D B?WWB># 67GPB 9N?O> 6 B7 G>>GD
B>MB@A# ;:9:A: ME?W6CKJ99B>* 7GPB W6B9 C>HBD9C? >N9NAA 9< :LH1:LH 67JA# FB ;E>?: 9:>>:AA F=7D:A# MBLH AGPE9C7J@D< B9B?A B7 :?@8R:D# @: B FBDLPB B99C? 6:K
FB>>BA67CAA*
C6A KG? 9:M:6:RR 9=67JDNMEDH FI?9C>AB 9N?O> B ;G9BA# BK:>H:9D:9 >CKRPB K<D@ ANRR
LHNDLH67SDT ;EDHA 67T?A 9< B7 ELR8>* 67<L:A L:?<DWED PG?A# B7CD B >B66BD :K:>9:@8 ;:DD6S9CD#
B F:LH >GRGDG># BFC> B7 86:?@8 KG? ?<A9I>D< 9:7@:AA* BLH A<67AG6C9 9NM:AAE9 <AA :LHKG6A# 9N7AO9
:LH1:LH 6T?T RC7JAC6 E6 KBLB6 ;BW6CQC?AC9# 6 K<DE> PCRRBD ?<A9I>A B7 :?@8# B 9BQABAJ BDDG>
K:?:@:9:RR >:AA* <KCD :LH:D>:A:6:D KG67CAA ;:>;:>E# ;G?B@A6GLGRBD ILHBD DEFB
K:L1K:LRCA>CAA# @: D:K G>>A K:L* 7:KED:9 ?EL< ?BLHCLG6B K:L;B9I>A# 9CKC?BD# :>67GDABD
K:D:A:>A# K<DA :LH N?:L :KR:?*
LH 67E>?CFBK KBP@D:K ;:>@NDANAA:U :99C? M:AA: E67?:# FCLH 9<E?A B 67<9>G9?B# B 67BRB@#
?E7MN?N6 EL B>G* >GRB ?C69B@C7CAA# B DH:>M: 9:LH:A>:DO> ;GPA* K<9C? B 67E> :>E?A: B
F:LHW6=W6CA# 67C9BA>BD >GAMGDHRBD MC>A ?E67: MB>BK<>H:D 9E9 67NM:A;E>: >:RR:DA :> B RB?DB
;:>F89 FGAA:?: :>8AA* CMGRRKG67CAA* LH =PBRR# KEL :?86:RR 67E>?CFBK AGKB@A ?G# MB@I>
N9>N7M: B7 :?@8A# BKSL B7 MELO> >: D:K FBPC>A# 6 R8LD< D:K 9:7@:AA* <KCD :99C? :LH
K:LLN?DH:@A A:6A:A Q<>>BDACAA K:L B F:LHW6=W6CD# BK:>H F<?A:>:D ;:>O>A E6 ?GDE7:AA* >AB9B?AB
B?WGA# E6 ACMGRRMGD67C?LCAA*
$""&$.-
>:LH:9 <6 K:LAB>G>AG9 B7 O>8 B>B9CA* >:A67:?T KC7@I>BAB< 9:7@:AR:D ILHBD :><P:67A:AAE9
89:A# K<DA :LH ;:9:A: ;:>F8 9N?N7A:9 B ;:P: ;N>NAA# @: BK<9C? B7 :PA8:?DH8 9E9 6:>HK: <6KEA
R:FC?QB@A# 6 B A:6A:6 B>B9 6JFBPAMB =P?B :>8?:RI9CAA# ?NLAND M<667BA:>:Q:@A:9 ?G*
<KCD E?:7A:# FCLH B AE?@: B 67<9>G9DB9 MGLJ@<9* >8?:KG67CAA* :LH 67:KQ<>>BDAG6 B>BAA
K<D@:DA K:LE?A:AA* 7 N667:9I67G>A 9NA:>:9 K:LKBLHB?G7AG9 B 67N?DHT QB?J@>BDACAAB B ;:FE? C??W6CDAC9BA# B ;CLB9BA# B ?CAFB@G6 67SD:<A#
>GAAB# K<>H:D 9SKE>:A>:DO> ;CLPG9 N667: B MG67CD1 E6 LIK<?EA:L:9 B 67GDB>KB6 A:6A:A# BK:>H
KG? RCK>BD< 9SMGD* 7AGD :LH =PBRR 67E>?CFBK?B B7 B>B9 <6KEA ;:>O>A# K:LFBPC>A# E6 B ?CAFB@G6
RT7EA >:F:>A: ;:>EP:* <KCD DELH9E7>GR?B :?:679:@:AA# E6 9<C9G@AB# BKA*
7AGD 9<RCLC7AB B 76<D:L:9:A B 67<9>G9 B>J># 6 9<67BRB@SACAAB B FC>AA:6A:A B 67E> KE>ABA>BD
?BR6GLGRJ>*
>;C?@I>A* 7:KOLH?: M:AA: C@B>:DA B QB?ACA B KJ>JD B AT7 9I@A# RG? >:F:A# FCLH KEL
EL:AA# @: D:K >GA67CAA B ;O6AP:* B>BK<M:> AGMC>BRR B7CDRBD# B 9<6 ;C>HJD <DDEA# :LH DBLH 67<9>B
>GRGDG># ME9CDH ;O6A67G> W6BMB?C@CAA B7 EL ;:>E* <KCD# :>;:>:@9:7M: B >:LH:9?8># K<D@ B 9EA
9:7EM:> R:G?DHE9C>AB 67:KEA# 6 B ;O6ANA ;<LH:>A:* EL :99C?B AGMC>6GLRJ> <6 >GAD< >:F:A:AA# FCLH
B >:LANRR ;<=# AB>GD MB>BK:DDH<# B AT7 K:>>:AA AB?AJ79C@<9* LH >GA67<9# B7 G>>BAAJ> MB>J
;E>:>KO9R:D <AA OANAAE9 ;:> B7 =P AGRC?A* <KCD B 67:LEDH ?CAFB@J A:6A ;:>E ;C?@I>A# BK:>H KC6A
KC7@I>BA>BDI> 6 RO@N6:D O>A K:>>:AA:* 7N?DHT MC>A# @: G?AB>KBA>BD# 6 :7A K<:>8RR FS?O> 9:>> B@D :><D@I>A >:;:>E B >:PA8D* : B >GRB ?CLHB@C7CAA# K<D@:D :?8;:67SAE6:
:>>:DE?: <6 W6B9 AGDAC?CLMB PIACAA :>8?:*
+ O?N@POD9V + KCD@AB B>QF* + LH:R:A D:K A:F:AOD9* N;< 67:KOM:LED GA B 6NAEA:@8
K:DDHRC>ACA ;<LH:>A:*
+ :K A:A67:D:9 D:9:K :7:9 B ;:>F89 + KCD@AB* + K>E967:># FCLH :6:AA B7 :68# BK<9C? <AA
;N>@:A E?AOD9X
+ 4BKB?C6BD K:L<DA :6D< ;CL*
B>QF R:IL?CAA B K:@:DWER:* EFGDH BQ?J6GL PGA67B@C7CAA B 67E>ED# :DHFO>E6A 9:?:6M: B7
:KR:? ME?EDE> K:>:L:RR MS7R:D* N;< >:M:AA: 67:KOM:LEA# JMBAC6BD R:>EQ:AA B K:@:DWER:#
B7AGD =P?B <>>:67A:AA: B 67:KOM:L:A* B>QF ;:>RI9CAA B MS7 B>J> E6 >:;?NW69N>A:*
+ <LHG77 B 67:KOM:L:K?:V + KCD@AB N;<* + 4B >:;?NW69N>N@# =P?B 9< 9:>> K:DD:K B QB?A?B#
K:LAN?N>L:AD<*
B>QF =P?B ;:>EP: QB69C>AB B M<7:A# @: :>AEM:67A:AA:* GD:M:A:AA N;<?:# BRRBD B F<67:KR:D#
FCLH :7 67C9G6B 67:?<DA 67JA>BDI> 6 LHGMGD K:L;IABKC@<9* F:>H:AA B7CDRBD N;< A:DH:?EM:> B
MS7?: W6BQCAA*
+ 4BLH@ BRRBV + 9<G>ACAAB* + :K FB>>C@X :>@OFN@M: B>QF B?WGRB ;?NW69N>A: B M<7:A*
+ J> MBD# PJ> MBD + KCD@AB B>QF* + 6<LBME?# N;<V N;< BRRBFBLHAB B ;?NW69N>E6A*
+ :L;GP@I>A B ;:P:K* G? KG? >:FT>D: B >:M:L8V
+ >9:>D: KG? :LH 9<6 :68*
+ J MC>DB# FB KG? FB7BK:F:ADED9*
N;< D:9<AGKB679C@CAA B K:@:DW: >:PA86 FCK>C9;B>GDB9* 4B6B# K:>H 9<G>>A B MS7R8># :LH
Q<>>BDBA B>BAA K:L67G?B@A* B>QF B7 :L:A 9EK>:>A:* LH FB>MGDH ;EDH;C>A KC7LCAA B ;:>F89 9N7NAA#
KC7LG6GRJ> DHCKCD >:F:A:AA 9NM:AD:DHILMJ DBQ QG>HGPGA* B>QF ;:>AE?@:>A B MS7R:D#
9N?O>DE7:AA*
+ 4C> MBDDB9 B ANRR<:9X N;< ;:>O>A*
+ B>GD B 9IDHFJ9RBD ;:967:D:9*
+ 4C> MBD BK6:?<WX
$"$&$.-
+ 6 <><X
N;JD A=>?B KIABACAA*
+ ??B;:>E K:DA:9 :>* K:??: BW9 W6BQBAB MBD*
+ 4B@@ K:DP:D:9V + KCD@AB B>QF 9EDH67:?:@:AA:D*
+ 6B9 F=6E?A K:DA:9Y
+ :L FCLH MB@G67FB66BDB9 + KCD@AB B>QF K:L;CDAC>ABD* + FCLH <D@<GD AN?76:A
PGA67FB66BDB9# 6 9<KG7C>FB66G9 KBLI9BA*
N;BAA <@:L:6:D KB?9C>G67AB B FCKC9CA*
+ GD D:9OD9 <6 C@B 9:>>:D: K:DDOD9V B>QF LHC?6 A:9<DA:A:A M:A:AA ?G# N;< :>Q<?I>A*
+ LH E?A:K# FCLH K:LR<7CDHC6C@PID9# D:K AN?AEDA1: MB>BK< RBP*
B>QF =P?B >:;?NW69N>A:*
G? PJMB> B7:>8AA# FCLH B>QF E6 N;< C@BE?A BW9 W6BQBAGFC7# FB>>BD< >:F:A:AA AGMC><
>G?KGPI9BA* QG>KG9 B>BAA 67E>:6 LH:Q67B>BL F=7J@CAA B7 :?@8 E6 B QB?A 9N7NAA# :LH >EQE66:> B
67B>BL B>BAA B @BLG>H FC?@B>E9FCKC9PB A:?O>A :># K:>:L# 67G?B7# ;<DCK 67:KW6EPT FCKC9*
FCKC9CD A=> :LH 67<9>B :K:>9:@:AA B >BL=DB ;:>E# B 67<9>B KNLNAA =P?B FCKC9 9NM:A9:7:AA#
BK:>H KC6A KG? B7 :LE67 QB?A67:LE>HA R:>:QA:* 67<9>GD AT7 EL:AA# B 6O>8 @<67DJF=6RJ> 76S?
W6NQNLNAA B >GAFBABA>BD >GDLC9RB* 67<L:A:D E>8 MB>BK:DDH< ;<=# N;<# B>QF# <KCD 6 B 9EA
67B9GW6 9<MEA:>EM:># B LH:Q678DH:L:D G>>@CLG>A MBLH ;:9O@A# FBDLC6BD D:M:AM:# ED:9:>M:#
DBLH F=6@B?BRC99B> B 9:7O9R:D* 76S?C6 B?WC9RJ> 9NM:A9:7A:AM: DBLHPGRJ> KG? R: <6 ;:P:7AE9
B7 EA9:7E6A# DEK:>H<9O9 9J9I67@<JFEPBA AB?ACAA B 9:7ER:D# 6 <MCAA* EL B7 ODD:Q6EL 9:7@:A:
:>8AA :LH DBLH ?ND9NA F=7AB9 B LH:Q678DH:L 9N7:QE?: U :7:D O>A BW9 9<;:6AM: E6 ;:>M<?GLC7MB#
K<DA :LH FB>MGDH* N>@ >:ME>AGDHE?C9CD DBLH F=6@B?BRC9# LHOKN>W6# 6 A:>< 9J9I67@<J9 M:AAE9
9N?O>*
N;< E6 B>QF B ;OM:6 ;:DD6S9 67E>E?: >EQ:AA* ;<=9# B><LFCLH E67?:M:AAE9 89:A# 6C?RBD
:>DEKI>AB9# KG? W6B9 B BW9 9N7M:A>:D 67CK67E@6GLGRBD G>>J ;<= R:67E>A* 7AGD B7 <6
:>FB>>LBACAA# E6 BW9 O>AER:D K:L;C?@I>A* LH @B?BR<L DEKGD 67:K>E>A: 89:A* >H DBLH MC>A B
W6ND@# FCLH FB>>BD< >:F:A:AA B AT7 QBAACLG6GA# 6 B7CD A=> B K:667< FI>>GKAN?E6 7BPGA* B>QF
:>;C?@SACAAB ;:PEA# E6 BK# B9< B7A F<AA:# FCLH 67:K?:FGDHJD 8A DE7<# <@:L:6:D D:M:ALE>M: >:A:AA
B 9:7ER8> :LH K:L9:7@:AA W6CDACA* B>QF R<7CDHAB>BDI> :>8?:>EQ:AA# :LH QG>KB;G?B KIABACAA# 6
MB>BK<A 6=LCAA N;<D:9# BK<A B ANRR<:9 D:K FB>>FBAAB9 K:LU :7IAGD K<D@9:AA:D ILHBDC>HBD
<@:L:6:D :>D:M:AAE9 KBLI9BA# K<DA BK* GRGA 9<F=7MB B KE>H FCKC9RJ># B>QF <D@I>D<
9E67O>A* N;< ;OAHN?E67D< Q?JRG>A* RR:D B Q<>>BDBARBD B 9EA ;<=# B99BQCAA :LH
DBLH 9B?EPA# 6 ;IAMB :><D@I>A M:>: B LH:Q ;:>E* <9C>AC7AB9# AGDWC>AB9# D:9<K:DA:9 N;<D:9#
K:LEL:AAE9 B ;C??J F=66B>* RRBD B Q<>>BDBARBD FB?6CLJ D:M:AE6 AN?A 9<# BK:>H :LH67:??:
;:>C>@CAAB B ;:67O>A6EL:A# 6 B>QFCA >GAFBABA>BDI> N667:9BQW6C>AB B ANRR<:99:>U N;< <6KEA
9N7D:M:A6EL AG?LHB >:AA# 6 :AA8> K<D@:D9< K:L9NDDH:RRO>A E6 ;:>@:?O>A*
BW9 ;:>G>>A# E6 K:LF<KRG>AB >GD@76GPGA*
+ @PBAC9 D:9<9 F=6AV
DHG?6;C?LBAJ ;<=9 :LH1:LH ?CQCLJ6 9B?EPA B@AB9 B>QFDB9 E6 N;<D:9* <D@9:AA:D
:>;CLB@AG9 B7 BPGD@E9CA# B DHG> KBP@ 9<W6C?@I>A B 67GPI9RJ>* ?E767SD EL B>BAA# BK:>H:A
K:L7:DL:A:AA B 9N7:>:@8 M<FB?# G>>AB9 B ;TR:D# E6 :AA:9*
BW9 =P?B K:L>:DL:AA: >GD@76GPGA*
+ <D@:D9< PJ>>B9CAA KG?X
: KEL K<D@<L MC>A ;N>N6 F=6# 7N>@ ;BAG>B9CD B ;N>@ND# E6 KEL B DHG?6B9CD <6 6:?W:L:AA* N;<#
G?I>J FB6B N67AND7E6E?:# :>@CRAB 9N?O>?GLW6G>A W6CDAPGA# 6 >:FBPC>A :LH =PBRR B@BLE?A*
$"2&$.-
BW9 AO?:>K:A>:DO> =P?B :>9<G>ACAAB KBLGA
+ <D@:D9< PJ>>B9CAA KG?X
4BDLPB ;:DH:L:A878 MC>A# B M:D@EL>GAJ< L8L FBDLPB# 6 B ;<=9 LHC?6BRRBD 9:7@A:9 :DD<# FCLH
<@8R:D MEL:7F:66:D:9*
GAMGD# FCLH :LHFBKB? D:K FBLHPG9 BRRB# BW9 ;:>G>>A A?JDPG?J># 6 B LH:Q678DH:L 67E>: ;:>E
>EQ@:>A* B679PB KNLO> E>:6:D ;<LH:>A: B>QFCA E6 N;<A* 9EA ;<= MB>BK:DDH<?: :>F=7J@CAA#
B>QF :ME6 9N7R:D B AO7:A DE7A:* 67?:M:AA:# RG? D:K E?A:AA: K:L B7 C9GA# FCLH B7 EL 9O>NDN6
;EDHER:D :LH?: >GAFBAJRRG MG>DB9 B >GDLC9* N7:>:@:AA B7 :6A:# D:K K:L67C9CAA DHILC@A
67EQ6ELER:D# FBD:K ;:DH:L:AE66:> A:?F:6:D* BW9 K:L67J>B>A*
+ @PBAC9 <DD<V
4:D?H :LH 9J9I67@<JA DH=PACAA ;:>EP:# E6 BW9 DBLHCA F=7CAA R:>8>:# B @<J FEPGDB9 W6<Q9E6
67E>: ;N>NAA ;<LH:>M: B>QFCA E6 N;<A* B?DB 9B?PB<DB9 <7KB<RBD :?8 E6 FBAB>CK >B9C7CAA#
A:9<DAE>H O>A: K:L MG>>GA# 6 KBPCK9EDA ;:W6:L:AA B ;O>ER:*
+ <D@:D9< O>PND >:V
;<=9 FC667= 6C?C9RBD >GRB :>E O>A:9# W6B9 B>QF E6 N;< KB?B@A G>>MB B MB>BK<M:>
B>BW6CDHBRR QIFB FCKC9RBD* BW9 :LH @B?BR<L D:K M:AA ?J>I9 AI@CKG6A# ;:6A:AA KB679PGA B7
O>8 ;<=9 ;:>E ;C?@SACAAB# E6 >GD@76GPGMB> ;:>EPO9 KIABACAA*
+ < B9B? W6BA>B9C7DQF :LH F<?A:>:D KC7@I>BACA A:AA# @: K:LRCA>CAA* EFGDH ;<= ;:>EP: ;C?@I>A*
+ DD< B@ABK D:9A:9 + KCD@AB BW9 +# 6 MB@G67B<K K:L ;CLDB9 ME@:D< B7 G>>BAAJ>* < B9B?
W6BA>B9C7DQF +# A< MG>B67ACAABAC9 K:L* K< ER?:D AB?ACAAI9 B AO7:A*
< Q:@<L F=6E?A ?CFBDLG67AC9Y
+ : <6 :>PNAAE>V + 9<G>ACAAB BW9* + AA MBD KEL B 9:7:@R:D B W6CDA*
B>QF :>MN?N6N@NAA*
+ < MBLHAC9 B MB@G67C9# :7 B @C>LCAC9* BW9 K:L<DA W6B9 D:K M:AA ?J>B AI@CKG6A*
+ < B9B? W6BA>B9C7D 67J?B9C7D<X
+ D MBLHC9 B M:7E? + KCD@AB B>QF ?:679:A8 FBDLCD*
+ K< >:67 B AT77:>X B 9BLH>J <6 DG>BK MBDY
+ :K FC7AB@ :> KBLB@@B> + KCD@AB BW9 M<LHC?CLMB*
+ KJ>JD FBLHAB@* LH:6 LH:?:9 MBLH* :LHER9EDA <6 B 9BLH>J D:K 67GKSA B 67<L:AD:9
:7:D B MELED*
4<?A:>:D FBAB>KB6 K:DDH@N?LE6 FB>>BA67CAA* 7=AAB> D:K >B66= 7:DLE69EDA 67J>A# FBD:K :LH
R:W6BQJ@G6 9:KEDH @N??:DE6EM:>*
+ 9BLH>J <AA <6 67GKSA + KCD@AB B>QF +# B7 :LE67 67<L:A:D 67GKSA*
+ B99C? KC6A K<F:7 9:7@:67X
B>QF MEL<LDE7:AA B ;<=9 6C?B<D* GAAB# D:K 67GKSAFBA B 6:LSA6ELO9?:# :>;C?@SACAAB ;:PEA*
BMB?RBD MC>A# B?WG?J> W6I?LCAA B M:?:PAE9*
+ AT7Y B K:D:9O>E6 + 6=LAB N;<*
+ < B9B? W6BA>B9C7DB>ABADJA + KCD@AB B>QF >E>:L7:A IAGD 9BQ9C@MB +# E6 LHT>E6A FSMC9
N667:*
+ 7 <@: D:K FB>>BA67<9 :>* N;< K:LE?<DA:AA: B>QF 9:7EA*
+ H:?OD9 :> <DDEA + KCD@AB* + AA MB>BK< 9E67O>* 4=6A KG? BK=LH <6 9BQAID9Y
>:6 ;EDH M<>>BDA ;:> B7 :?@8 ;N>NAA# 6 B7 EL C>H 9:LH:A>:DO> 7:DL:AA# FCLH B7 :LH<9 BQ?J6GL
:>6S?AB KBLGA* BLH :68W6NQQ:9 FI>>AB9 B ;<=9 9N7E# K<D@:LH<9D:9 9O>ND 9< >:F:A:AA M:DD8@<9 + KCD@AB B>QF* + :L<DA C>HBD :68 >:67# K<DA BK<9C? <@:PNAAOD9* C# 9<
B7 OLH:6X BD 9IDHFJAC9X KC6A K<F:7 ;CLAC9 9:7@:D<X
MB@G67C9 <@:L:6:D DE7:L:AA:9 B7 EL?:# :>1:>9BQMB ;:PO9:A B 7IFBDJ# DBLH :68W6NQQ:9 :>8>*
HILAB>BD6GL ;CLAB :> B ;<=9BA# FI>>GK9EDA :>RC?SACAAB 89:A* ;:>1;:>M<>>BDJ ;EDH:9 :LH?:
MB9SAJRRB9 >:AA:9# B 67B9B@BA>BD @N?LE6 KG? 67<DA: :>M<6:>F:A:A>:DDE MG>A* 7 BQ?J6GLC9
M<6SAC7MB <@:1C@B ?CFBDLG67AB9*
BW9 >:IL?CAA B FCKC9RB*
+ GDWC>PID9VY H:?OD9VY GDWC>PID9V
CA>B@C7MB GALG7C>A B MB6ABL FCKC9CD B AT7 K:>>:AA :>A:?O>8 67BRB@ AE?6EL?:* ;<=9
7BPCDLMB IAGDB:?:@A:9* 7 :LH:6 M<>>GKW6BQG6C9 9N7NAA ;:DH:L:A8# MB9 6NAEA6EL RC?SACAAB R: B
;N>@:A* CL:? MG>>B>AB B KB>BW 67:?:QEA# >:67:L:AA ;:PP:># ?N;NLM: AGKB@A BW9D:9# B9< :LH
C>@B>>EQE66:> 9<AE?A :>8>:* MB@G67C9 ;:>9BQAG9 >GD@76G<9BA# B 67B9GW6C9 B DHG?6B9BA# B ANRR<:9
B AO7:>8;B @C?CDLPB<MB> ;:LHM:?9:7A:9 ;:>* B66=# 9N?N78 KC7LG6 9:7@8@NAA# ;:>FBDL7CAA B7
ED:9* BAA CL:? B FB>G>?B ?EKO>A KB>BWCA IAGDC7AB# B7 BQ?J6GLC9 B 9N?ND 9SMO> ;IA9C6AB9#
IL?GD@C7AB9* N;< E6 B>QF <6 B7 EL< ;:DH:L:AE6:9 :>8> 67SM:6:D K:LF=7J@CAA B7 :67:>86# @:
B7E?A ;E><L1K:@@<L KEL<6W6B9 R<7ACD6GLC6 9N7N66EL C>AB>KGRBDU PJ>:6:AA R:>O> >:DDH 9N?O>;CLAB B ?:AA:LE6A# E6 9C?KGDHC7FBAJMG A:AA:*
/ #
$ #
% & &#
9N?KC7LG6 :LH:D>:A:66E MG>A# B7 ED:9 <6 >:M:A:AA: 9:7@:A<# ;:>O>:A< <7LB>KGA# KG?
67BRG>HC6BD >O9A:A:AA# K<DA B7 E?M:?E6* CL:? KB>BWRJ> MB@G667G MG>A# B 9N? 9N7:Q: O?:6:D
G6SAC7CAA* 7 BQ?J6GLC9 9N7O> DEFGDHBD 9O>ND 9N?N9:A B>9CAAB9# 6 :7:9 B 9<:LE67SA8 9N?N9 =LH
;C?CLAB9# K<DAFB <6KEA>8@8 KC7LG6I99B> MEL68 R<7ACD6GLCA SLE?DED:9 ?E67AM:M8<9D:9* <DA
:LH:A>:D 67:?M:7:A >O9A:A:AA# @CRRBDAJ<A B ANK:L B 6NAEAR:D*
;:9:A: EL:D 9E9:6;:FE? 6:R DHS>A* 9NM:A9:78 Q<>>BDBARBD E>:6 @N??:DE6 W6BQCAA 9N7EPO9#
K<DA :LH J?<G6< C6AC?* 7 ED:967J K:LA:>A ?EKO>:AA:>*
/ #
$ #
$"'&$.-
% & &#
B ?EKO>:A =PBRR MGLHB9BA ;B9B67ACAA# 9NM:A:>878# EL8# MB9 MGLHB9BA*
/ #
$ #
% & &#
ZPBRR 9E9:6;:FE? 6:R DHS>A B KBLB6RBD# DHCKGRBD 9ED67BL= ?CRRBDG6* 7 BQ?J6GLC9

6<9C>AC7AB9# :>K:D:9O>A:9 B7 :?@8 Q:?:KE?8># :LH<9O9 MB9 ?EKO>:AER:D GAAN?A B DBLHC9
LHT?TPED*
+ NDVY NDV
9N? QBA9J B>B9RBD 9<DHS>A* 7 :?@8R8> :LH 6NAEA B>B9 KG67CAA :>8# R<7CDHAB>BD
KC7@I>BAC99B> 9N7:>:@:AA* 7 G>>BAX N7:>:@AE?: B 6<9C>AG6 KEL :67:>86:RR:D 67J>A B LHNA?:>:K
PBPCDLG6B* 7 G>>BA RCA>B@C7MB R:FBAC>A B QBA9JRB*
/ #
$ #
% & &#
9E9:6;:FE? 6:R:9 KC6A KG? :>RCDACAAG9 B7 :L:A# B K:DDH@N?LE6 :>M<6:>F:A:A>:DDE MG>A*

<KCD MB>BK<>H:D FB>CAA?J> 9<BRG>A# BK:>H :LH @CKR A:A:PED ;:967<9*
/ #
$ #
% & &#
CAC9 7IFBDAB9# B7 =P 9N? 67GPB ?CQCLMB N667:W6I9J@CAA* <9C>AG6V 7 G>>BA B 9N? 9N7:QED
AE?@:>A# 9B?PB<MB> ME@M: B?WGA* <G>AC7CAA* 7A 9<BRG>AB K:L<DA B 6<9:ASA8 >G?KGRBD# FCLH
MB>BK<>H:D FC>AA:6A ;:967<9 :LH @CKRCD* <D@:D :?:PEA K:L;:67SAM: ACMGRR KG67CAA# GAAN?A B
9N?ND# KBP@ B 67<9>B K:?:@:9 67E>E?8> >:7IFBDA B FCKC9RB* ANK:L B7CDDB> IAGDBM:A:AA:
KBLGA# >:IL?CAA B 67<9>G?J># ?GABQC6CAA B7 G>>BA?B# OMN>AN7NAA# OANAA:# AEQA:# FB?BQAB* 7J D:K
FB>>BA67CAA# KG6 KC7@I>BA D:K >GA67CAA# K<DA ;CLB9 E6 9N?KN9 67BLLBAG6B*
7AGD K:LDHS>AB9 B ;:>F89# 6 K<DA :LH MS7:6E6# K:L:?:@A B7 :68* F:LHA:A8?8> 7IFBDA B MS7#
>:M:>:9:A# GLB9BA AEQ:AA >: B ;G9?J># F<@:L G?B@BAGMB> R:>:QA: B FCKC9QB?ACD M<B69C@J ANK:L:A*
7 :LHKG6RB LBRB>HC@CAA W6CQC?A 67EAMG>A# :LH1:LH B>B9 9<RCDAB9C7CAA R:>8>:# :>AGDAC?LCAA*
$"0&$.-
6B9 B7 G>>BA ;:9O@A ACMGRR B FCKC9RBD# DEFGDH >EQE6DH<?: B MS7A8>* EL B 6T?T :68D GA <6 >GAD<
>:F:A:AA# FCLH K<>H:D 9<W6<DHU 67<MG?LJ ME?: KG? R:;:6A:AA: B FCKC9CA*
LH DBLH 67E>?CFBK ;E>?:;=PAB B7 :68A# >:Q:?L:AA: B M<7:A B ;G9?J>* F:LHA:A8D B7 :PA8:?DH8
K:LA:>A >:M:L8M:> 6 :><D@I>AU B ?BPAB >JLJ :KR:?B9 K:LKC7@I>A# AB>Q?B G>>A# K:LQN?@O>A
A:DL:>H: 9N?O># B7AGD ;:>:K:>9:@:AA B D:@M:6 >:M:L8A:DL:?R:# E6 :?8A>:DO> >JLJ >GRB<A
MEL<LF=7MB B KBLB6 ;G9 A:A:PED# >B66BD# :LH:D>:A:6:D B QB?A ;:>E :?:679:@:AA* ;<=9 M<6SAC7MB
67EA;IACAAB9* 7 :PA8:?DH8 ACMGRR67G>>SACAAB A:?FEA# MEL<L67GDACAAB M:>: B >BL=DB M<7EA# GA:K:>A:
B 67<9>B7GACDHCD# KBP@ 9<6C@C?AB B DHS>A A:DL:??:*
P<E< ;:>E :>G>>A :68# B ;:>F89 :>MCDI>AB9# 6 B K:DDHRC>A =P?B K:LA:>A B W6<>>BLC9 MB>J67SDTA>:D
>GKQG6B<MB>* 7AGD B7 IAC>6J 67:>>8 <6 :>FB>A# 6 D:K FB>>BA67CAA KG6 FBDL# K<DA B ?:Q:@E6:9R8>#
FB6B@E9C9RJ> W6I?LJ MS7 W6NQNLE6:# BK:>H >:ME>?8> >:ME>?: :?:679:@M: R:67<MG?LCAA B 67<L:A
RB?DB A:>:MEDHER:* 4TMN6# D:@M:6 E6 A<67AB MC>A B >:M:L8# ?NM<@:6:D B MS7 9<6 D:67:7E6: <6
:>FB>>LBACAA* 7 G>>BA N667:F=7J@79C@MB F:M:?A B FCKC9RBD# 9N?O>NAA: >B66BD D8AA:9 B
ME?;C>AC9*
>BL=DB 67E>ED :LH ;C67;C?:679G>J W6S9 F=7J@CAA# BK:>H B @BLG>H :K:>9:@E6EM:> >B66BD
KC7CLMB :><D@I>A B 67G?B7;N>@ ;:>E*
A<67AB MS7R:D M<>GLC6BD >GA67CAAB9 B7 EL< W6<>>BL9EQ:9 6C967NLT AO9N?9EQ:<* ;C67;C?:679G>J
W6S9 ?G@I@C?C@CAA B FCKC967:K:9?: E6 B 9<6 9BM<W6C9?B# :LH1:LH BQ?J# ;:67O>A 9N?A MCDA
9N?EPO9# B7AGD B7 :LH:AE?AE6D:9 :LH DEKB KC7@I>BAGMB> F<?A:>:D R:;CLB@AB 89:A# E6
ACMGRRFB>B@A*
6:9E>H MS7 QB?A ;:>8>< ?E67ED B >B66BD KC7LJ ;EDHW6S9 A:>: MC>A 9O>NDN6# FC>@6ILG? A:6AT# <77J
67:KT >EDH:99:>* LH1:LH DBLHCRR 9BM<W6# BK:>H K:L9BQB679C@CAA 6BPGA GLHGRBD# W6B9FBKB?
;EDH:6 LHNDLH?IFGRB N>AN7NAA* @BLG>H :>>:QA: B7 :6867GDACAAB FCKC9CA# E6 ME9CDH
:7O6A?EA:L:A 6<KSACAA ?G* K<9C? :>E?A: B7 N667:AN?A A:6AR8> 9<67<MG?LJ :>68 ME?;C>ACA# B7 <77J
67:KT >EDH:9 K:LG>>BQC@AB9 B 67E>ED# 6 :LH 6T?T ;EDH;C>AAG G>>AB9 N667:* MS7 ACMGRRFB>B@A# E6
9<;EDH:6SA:AA: <KCD 67EAA:?O>8# @I?MB FBPGA* 7O6A67SDT?: ;:6A:AA: B?WGDB9 MCDB>B<A# MB>>BDB9
LN?RO>:A: K<DAFB KG?MGDHRJ> >:AA MC>DB ;B?BLMB* 9O>NDN6# <77J 67:KT >EDH:9 L87I67G>HI99B>
6OALN>8@M: 9N?O>;CLAG9 B ;:PEA* A:6A :LHFOM:>H9DH<?: ;:>:K:>9:@:AA B FCKC9 ;N>E# DH<ACAA
67GPGRJ> >:M:L8RIRC?E9 67G>>A B MS7 67SDE?:# 6 CAA D:@M:6:D 67EAQBAABDA* A:6A >B66BD
K:L;C?@I>A B MS7R:D*
B>BFC> B M<>GL:LH:A:K 6NAEA FBP>BAB<RBD B DBQ E6 B FC>@ :LH:D>:A:6 MCD7G66B> F=7CAA
QG>HGPGD# B>BAAI9 B ;N>@LNKR M<667B;CLCAA M<7:< :LH 9<66E 9<@I@C?C@AB9 :LH<9 67E>ED# KSL 67<>G?@
KBLPB ACMGRR ;C?LCAA* 7 G? FBAB>KB6 FI>>GKB R:>P:RR FBAC>A B 67<L:A:D* 6 * <KCD FC>AA:A:K:#
B AC>B9C@J MEL>EDH:9 :7O6A ?BPAPGMB> :7O6A ABLPB< 9N?O># B7 G>>J W6<>>BL9EQ:9 B>BAA >B66BD 9<=67CAA
B DHS>A A:DL:??:*
$",&$.-
, -5
N;< LCD@C6BD 67:KOLH?: M:AA: B 9N7:>:@8 B>B9CA* C6ABDGRBD =LH M:AA: E67?:# FCLH PCRRBD
>GA# FB >:M:67< 67:KOM:LEA# 6 BDDB9 K:LKB?B@A >:DW6EPEA B KG6<9 67:KE?: <>>:67AQF PND ;:>EP:* 9J9I67QG>KG9
9N7NAA ATDA ;:># 6GDASAMB# Q<679C6GD# 6789: O6AN9ER:D 67G?B7 ;B>:M:>:99:>* ;E> 67:K: W6B9 :LH
ME9CDH FB6B@G6 MC>A @BLB@A C?WGPGRBD# PCRR AE?@ED DBLH# MB?B6 6:RF:>H MN?N6>NAA* LH
Q<>>BDBA?B K:LG>>A# 67:KOLH?: M:AA: B KJ>JD :LHKBLGRBD G>>@CLG>J B>B9CA*
+ N;<XY 6B9 A: KB?B@AG> K:LX
+ 6 DEFGDH BQ?J6GL*
+ 7C9 D:K 67GKSABDB9* DBLHC9 9N7O> 6:D9<X
+ 4GA BK6:?<W* GA LHTPA:D:9*
+ :D9< KG6X
+ G6?J> D:K AI@C9*
B>QF >B66BD ;:>KG67CAA B KJ>J?B* LHT>E6:9 FBP@BD< F:>HED B ;T >: MC>A A<QC?MB# B AN?E9:DH#
;:FE? 9BLH>J KEL CAA W6<>>CLCAA B 6<KG?B 9CQABACAA O>8?ND9 K:>>:AA* B>QF >:O>A B ;TR:# 67:KR:D
B M:7E? F:>HEM:> E6 B 9BLH>JMB>* N;< K:>>EP: AE?@:>A* <D@ B 9:AA:D FB>>LBAAB9*
ELO> <6 B>QF K:L?:67:>A: AC?9GA# 6 MB>BK<A 6=LCAA*
N;< M<667B6=LCAA*
+ <A KCD@B67X
B>QF FBDLC6BD 9<KCD@AB*
+ <KCDX
N;< ;:>:>:A F:>H:AA ODD:QE>H:6:D RJ><DACAA* >A:9# FB>>LBAAB9# ;E> 67:KO99:> DEKGD DE7:L:AM:
B M:7E? :LH9C?< F:>HEA# 6 ?BPAB A=> B W6<>>CLJ >BL=DGA* >:M:>:9 7N>@ G?DHE9B< E6 B DBQ;EDH ;C>APB<
FBDLAB>BDI> PGA67CAAB9 R:KCW69C>A A:6AO9ND*
B>QF MELO> <6 ;:>G>>A# 6 B 9BLH>JFC7 K:DA* HNDLE@:D ;:>:K:>A: K<D@ B 9EA 9:7EM:># KBP@
>:AE?@:>A# 6 B ?ND9D:9 AGKB679C@CAA*
+ N;<V
+ CX
+ <F:7 9:7@OD9 KC6AX N;J?B KIABACAA*
+ 667:FSMFBADG>Y
+ LH LHT>E6AX
B>QF :>D:M:AA: KBLGA# N;C9GA ?GDWC>AB*
+ EL K<D@<L A: MBLH B M:7E?* B>QF =P?B D:M:A:AA*
+ :@<L B7 MBLH* <D@BDDH<ID9DB9 B M:7E?:*
+ G>BK B 9BLH>J# ILH:X
$"!&$.-
+ B>QF# FBLH@ BRRB :7A B D:M:AE6AV :KK< C9C@ D<DW6 ?G# B>QF* <A LCD@C>DB9 KBP@ B
ANRR<:9X
B>QF BRRBFBLHAB B D:M:AE6A* C?7CDLCAA*
+ N;<V
+ CX
+ <KCDV
+ G? KCD@AB@*
+ N;<V
+ CX
+ 7 LH<>9C66GL MC>A*
+ 4BLH@ :7A BRRBV + 9<G>ACAAB N;<* + < FB67DB BDDB9# FB <>H:D:9:A R:67E>67X
:>IL?CAA# B>QF ;N>E FBPC>A*
+ NAEA MC>A* 7AGD B7 B7 GA9C7CAA AGDW* B M<>>GK>G6# B K:DDH@N?LE6 K:L B7 :68* :L
MC>AID9 ?EKO>M:*
+ D D:K MC>ABK K:L?EKO>M: + KCD@AB B>QF FB>9BD* + DY ED D:K AI@CK# K< AN?AEDA
M:>:K*
+ : <L:D<6 K:L MC>AID9 ?EKO>M: + <6KEA:>A: N;< <7LBACAABD* + :K >:F:A:AA AI@D<# FCLH K<
AN?AED<9* :K MC>AY D:K B7 MC>A# BK<A KCD@AG>*
@:1C@B FB@CDG67CAA# :LH 67JA 9:?:6:AA*
+ # N;<V
B>QF RGDBAC6# FB>9 FBDLPB :>G>>SACAAB N;< FB@CDG67G6GA*
:FBPC>A# MG?A* B>QF# B 9BLH>JA 67C?CDLBAMB# >B66BD F<KRG>AB <@:1C@B A:6AEA*
+ 4GA D:K E?A:@# N;<X :K E?A:@# K<A A:AAOD9X
+ B>GD KELY
+ :K*
+ B>GD W6B9 =LH A:AA# K<DAFBY
B>QF 9CKC? B?WB >GAAGD N;<D:9 F<?A:>:D :>G>>A B 67BMB*
+ : 9SMO> MC>AG># B 9N?ND 9SMO>* LH67:? 6:K 9:?O>AE> R:>O>?:* D:K >GAAB@# FCLH K<Y FCLH 89
K<A A:AA:9X
67CDHBA MC>A B FBDLPGRBD# 6 :LHR:D >G7B6 <7LB>CK*
+ 4GA D:K >GAAB@# N;<X
+ :K >GAABK MB>BK< PJ>* :9:K KG? W6B9 ;E> 67:K:K MBD# A: <6 AI@C@# B>QF*
B>QF ACMGRR F<KRG>AB KBLGA*
+ B>:6:A MC>A + KCD@AB N;< MG?BA>BDI> +# =LH MBD# RB>:6:A MC>A* + FBDLPB =P?B ?<9GW6C>JMG
MG>A* + NAEAR:D PNAAY K< 67O96EL MC>A B??B# FCLH DELH9E7>GR KG679G>PCD B 6NAEAR:DX C>CD@Y
=LH MBDY 9<FSMAB KBLB :>>:D B7 :KR:?:9:A* + 6KEA MB@I> FB@CDG67D< 9:7@:AA* + LH MBD#
RB>:6:A MC>A*
+ : D:K >GAAB@# FCLH B7C9 K<A W6<DG>AB9V
+ @: ;<LH:>P# B>QF# :7A :> 9:>> ;:>:PA:D<V :KK< FB67DB# FCLH :7:D AN?PO9 B ;:POD9:A*
+ E>:9# N;<* DKBLID9AJ> ;E>:9* 4B7B B9B?C9 K:DD<* 6A:D:K# <6A:D:K# FB7B 67:?:ADE9
K:DD<*
+ B>:6:A MC>A + <6KEA:>A: N;< KB9BW6I> +# 9EA6ELA:>:D# FCLH RB>:6:A MC>A*
$"/&$.-
:LE?<DA:AA: B>QF K:7A:>:D MG>>GA# :7 N667:?:77:DA B7 :KR:?< 9E7 E?<DAE6E?:*
+ @: ;<LH:>P# B>QF + ;C>HABAAB N;<# K<9N7R:D LHC?6BD 9N?O>DE7:AA# KBP@ 9N7:> FBPC>A
B>QFFC7 + D:K 9:>> AI@D< B??J># FCLH CAA MC>AID9 B AGDWDG>* BK6:?<WD:9 D:K 9:>> B??J> AI@D<B*
+ : FGA CAA MC>AID9V B>BK:DDH<:D CAA MC>AID9* N;AID9 CAA MEL<L* 7A B 6NAEAR:D D:K >:F:A:AA >GAD<* LHER9EDA <6 B7A KCD@AB@#
FCLH ED B 9N?ND 9SMO> MC>ABKY
+ D <6 + KC?KC>AB B>QF +# ED <6 B 9N?ND 9SMO> MC>ABK*
N;< F:M:6:D RJ><DACAA*
+ SLH F:>H:6V SMO> MC>AID9* < 6:KK<A 6:K >GAAID9# 6:KK<A 6:K W6<DG>AID9*
7OD:A:A AB?ACAA# B7AGD ;C>HABAAB*
+ :L>:67OD9 K <6# K< DELH:DY
+ ELH:DV EL B AO7:A 6:K RS?PI9 ER?:D AB?ABD<*
+ :LQ?JRG>PI9* GAC@# KG? EL <6*
BK6:?<W 9<PNAA B7 :?@8R8># :LH DBLH ?ND99:> B MG>>I9CD* :FIQQBDACAAG9 B AT7 K:>>E# KBP@ B
;O?@8K:@:DW: ;:>E <D@I>AB9* B>QF ;:>IL?CAA*
+ 4E# A< 9:AA:DV
7 <9?:9 :LH Q<>>BDBA?B >:;E9:7A:9# B7AGD =P?B :><D@I>AB9*
+ O?N@D< B9B?DB9# B>QF*
+ 66OD9 A=> ?BPABV
7 <9?:9 67:KK:> >GAFBAJBD K:L MC>AB9 >:QM:# BK<9C? K:LQ<>>BDACAAG9 B>QFCA* >Q<?I>AB9#
:>;C?@SACAAG9 ;:PO9:A*
+ 4B>>J* 4GA FCLH <AA AB>G>9C7ID9V
+ QQ KC6A MC>AID9 B7 :?@8R:DY
+Y ;GE?AY
+Y B7 :6A: :>AEM:@AOD9Y B>QF B >GRIPPB<A M<76LG>LBAAB*
+ 7IAGD AEM:@A:A:9 :># FCLHY N;<DACAA* + LH MBD# B7
ODD:Q6EL IAGD*
+ < 9C?GD :>K:DAOD9 + KCD@AB N;< LHC?6BD +# K:?A ;G?B@AB9 MC>AID9*
+ < <6Y
+Y DBLHCD 9C?GD :>K:DAOD9Y
+Y K:?A DBLHCD ;G?B@AB9 MC>AID9*
BK B FCK>C9GFC7 DH=>A# BK:>H:D :LH 9B?WC>G6 F=7J@CAA# B7AGD F<?A:>:D :>9BQAB B 9:7EA* ?<W
;:>FB6SACAA BP9B<A ABQCLBAAB*
+ L:D# DBLHCD ;G?B@AB9 MC>AID9 + <6KEA:>A: BK +# A:FGA 9C?GD :>K:DAOD9* 7AGD K<>H:D
MC>A BY
>:M:L8 6T?T MC>A B7 :>FB>>LBACAA 67BMB9AJ>* BK B?:B :>AC?7I>A# 67GPGD 9<W6=67CAA B
67:KE?K:A>:D 67J
+Y B AGDWX
AGDW :K>E9:# BK:>HR:D :LH<9O9 6:K M:AA ?E67A# :LH 67:KQ<>>BDAG6 B>BAA ;:>9BMB?AB 89:A* +
C?GD :>K:DAOD9*
$"-&$.-
K<9C? CL:? :>E?A BFFC7 B ;N>@DH:>MF:7# BK:>H B 67<9>BMG?BA N667:9NANAA: B 67<L:AA:># B7
8?67:K K:LG>>SACAABU :7 D:K >:QA: K:L* 7GKSACAA B??B# FCLH B AN?76D:9 >:LB>GRR :LH ?E67:
K:D:@E9:A ;CL 9:?:6D>:D B >:LR<7ACD6GLC6BRR F:>H:D# BK:>H:A <AA B
67<L:A:D AB>G>FBAD<*
KBLB6RJ> 67J>A >: FC77G B7 E>:6 FBDL# CDDEA# BFC> B L=>B B>B9RBD :LHKG6?B AC?DHC7CAA
9867<?A:9 :LH:D6=>HC7AB9*
+ >>PV < B7X
+ CL:?*
+ EQP 9N7:>:RR# RB?GAV CL:? 9N7:>:RR >EQ:AA*
+ GAFBAAB@# 9< MBLHC9 + KCD@AB CL:?*
+ ;8DN9 B7A QB?BDW6C>AB# FCLH K<D@:D9<A K:L 9:>> G>>SABDID9*
CL:? ;:>DE7:AA*
+ 4B ;:> B9B?C9 K:DD<# D:K B9B@G>HC7FBA67 K:L R:DD:*
+ 7A F<67:@X H:?: ;:># E6 DE77 9N?O>V CL:? ;:>9BQB679C@CAA B >EA?B67:?T ;:>PG?JD*
+ @: DE77V
>:L;:>68 67<9>B B>G :LH MB6ABL GLBA M:?A:9# :7 B>G KEL :LH :K:>8?I@BA* JR:?A 9NDDH:@ED
?GAGKB679C@CAA B ?=@?B# B 67<9>B B7CDDB> K:LW6<9C?@I>A* 4B PCRRBD K:LDHCKPB# B FBAB>KB6
98ANK:L K:DDH@N?NLM: >:7IFBD B ;N>@DH:>M?:* CL:? :>W6C@G>9C7CAA*
+ LB7< M:7E?# K<X JR:?A RJ><DACAA*
+ C6A MB@G67D< M<67*
:PEM:> B AGMC>BRR< 9IDHFJ9 ;:>E KIABACAA# K:>H:9 9N7O> :LH ;:FE? ;O6A;CDG> W6BMB?C@CAA B7
ELD:9* CL:?# :LH<9 K:L>B7I>A ;CLGA ABQCLBAMB# B 9867<?A >:L67E>E?8> 9CKC? A:9<DA:A:A M:A:AA B
67<L:A R:>6:P:# B AGMC>< F:LHW6=W6 ;:>E* LH<9O9 6:K A:AA: 67JMG# K< PG? B ;:PER:D# @: JR:?A
6<:AM: KG6?J> 9:7@:AA R:67E>D<*
+ C6A K:L ;CLPB M:?D< 3<>;?:@:A*
+ <E?AX
CR:?A ATD8@M: K:L?G7AB ;:PEA*
+ :K AI@CK* :K KCD@AB K:L* LH67:??: W6B9 ;:>@OFN@NAA# E6 K:L9NAN7A:AA: 3<>;?:@:A*
C6A KG? J?G9 JAB + <7LBACAABD :>D:M:AA: KBLGA +# J?G9 JAB K:L MBD 9NAN7M:# 6 MG?PBY
+ : FGA D:K KCD@AB K:L B ;8DN9# FCLH K<E?AX
+ :K KCD@AB*
AT78 DBQ B>BAA# B ;:DH:L:A8 67<9>GD O>M: CL:? 67JA>BDI> >BAC>LBAAB B FS?A# BK:>H 6C9
K<D@:DA :>G?I>A 67GKG?B* RRBFBLHAB B ;CLGMB> MB>J ;CL>B>BAC66GLCA# 6 KC7@I>BA>BDI> O>M:#
:>LCD@C>9C@CAA B ;:>:>8A>:D FBAB>CK A:?KE67:AED E6 >:F:A86EL:<D* 7AGD 67J DE>9O> ;:>G>>A# E6 B
67<9>BAC?CDH A=>6J C>@B>GD >:KG67CAA B RB?>BDL ;:>E# B AN?76FN7*
;8DN9 @:?E9<L K:7A:>:DO># MN?N6 E6 ;:FE??: 9<;:6A:AA GR?G7BAAB> :LH ;E>9N? 9N7:QED O>A# B
AN?76 B >GRGDG> F:>H:79:@:AA :>* 3<>;?:@# B9< <@89N7R:D KG? K:L9BQAB RODA:AE6EA# E6 >:C>@CAAG9
?J>B B 9NA:>:9:A# B FGAAE?R:D 67<QG9C>A* CL:? B ;<=9 9N7E LILLC>A*
+ 4C>DBQ =P?B MB@G67D< K:LHOD9 + KCD@AB B ;8DN9* GD@76GPGMB> ?GKIABACAA B AN?76 DEFGDH
ABLPG?B*
+ < <AA KB?B@AC9 + KCD@AB +# ACMGRR @C>LC7AC9 B RB?>BDLRBD# E6 8?A G>>AC9 B R:PG?BADG>*
EFGDH MB@G67A KBLBKKB> M<67:9# 6 F=6A FC7ID9 FB7B* 7 8?67:K:9 M<LHG77BDB9 B??B# FCLH B
ANRR<:9 R: D: >CQJ77BDB9Y
$$"&$.-
7 :LH<9 MB@:KR:? ;:>:K:>A: 9:7EA# B ;8DN9 ;:>EP: ;C?@SACAAB 7C?@ KB679PGA*
+ <E?A >CQJ7DGDB9 R:# ;8DN9X
;8DN9 FBAG?C7BA>BD MC>A# @: 9CKC?*
+ BD ?G C9I9* 7:?:ADE9 AND9?:A:DD< B7A# BK<A <AA W6<DG>AID9# B7 8?67:K:9D:9 B 9BQIDG>
A:FGA ER:?D:9 9:>> >:DD<O9* 7AGDY
7OD:A:A AB?ACAA* 7GPGRJ> :LH ?<B67AJBD ?J76B67SDT FG?CK67NL DH=>A 9<# MEL<LDHB>AB BP9GA# 6
=P?B :>ATDA*
+ 7AGD K:L:6F:A<9# FCLH B7 G>>BA <6 R: B9B? PNDD<* K>E9:7A:9# FCLH KG67CAA 9< B7 :?@8R8>Y
;E>9N? K:LRC?7CDLCAA# :LH:AE?A8 7=LG6 FB>>BA67CAA*
+ >?IFGRBD PNAA* FGAFB K:L<DA :>PND# RG? GA:DL:@AO9 D:9A @<67DJ ;:PEA* :FGA
ER:?6ELVY M<LHG7BAV
ABD>:H ;:>:K:>A: 9B?PGA B 67<9>G?J># 6 9E?@8>:L B KBLB6RB DH=PACAAB :LH<9 IPPGA*
+ CX
+ : FGA D:KY :LRC?7CDLCAA# >:6OANAA: 67:KEA*
+ :KV
?G9NM:A9:78 W6ND@R:D B AN?76 ABLPB< 6<:AM: :>F:66:L:AAE9 67:KE>H:6 :K>E9:<9:A*
+ :KV < D:K <6Y RS?PI9Y 8A K:LN>D<* :LDHILC@MB# @: :LHR:D =PBRR <P:@:>:KK:> B
67SMO9R:D# B7 :>9NM:A9:78 9B>BD@C9 <LE7:AER:D# B AGRC? =P?B ;:>7=LCAA*
+ F:LH:A A:FGA :7:DA=> <6 :>9:?O>PO9 + KCD@AB B ;8DN9 +# 6 D:9< BPGD@E9C77I9 B 76G9KGDH
;:PEA*
ABD>:H =P?B ;:>:K:>A: 9:7EA*
+ LH ME>:K# B7 G>>BA KBLGA*
+ :F:A + KCD@AB B ;8DN9* :C>JL<B< :>KE>9:@E6:9 >:F:A86EL: 9SDG>9C7CAA* + <D@:D9EQQ
<LH:9:77OD9 PJ M<67CDHRB 9:?O>D< M:>:# K:?A D:K >:F:A AI@D<# K<?: 9E67O>*
AN?76 ;CDAC>J?B M:AA: : 67BMB9BA# 6 K:L?G79J@CAA# K<DAFB 67E>?CFBK MGLCAA MC>DB 9N7EPO9*
;8DN9 ;<LH:>KEA D:K 9:?O>A: :> 67BMB< FBAG6B# F<?A:>:D ;:>G>>A*
+ : FC>DBQ MB@G67D< K:LHOD9# 6 FB >:67 F=6# :LH =PBRR ODD:Q6EL:AY
<>< ;:>:K:>A: 9:7EA*
+ 8DN9V
+ C6X
+ <M:> LH=PAID9 AO7:AX
;8DN9 :>Q<?I>A# @: B MN?N6 E6 ;:FE? BLHBL?EA:L:9 :>AB9B?AG9 ;:><D@I>G6GA* R<7CDHAB>BD
W6ND@R:D =P?B ;:>FBDL7CAA B AN?76 KC?KCLG6B* 7AGD B ;8DN9 ;:>:K:>A: 9:7EA*
+ BP@ 67:?7OD9 AO7:A B ANRR<:9A8>* @: ;<LH:>P:A:9V 4C>DBQ :>K:LHOD9 MB@G67D<# E6 67:?7OD9
;?<66 F=6A* B :6A: Q:@<L 9EA MB@G67CKKB>Y 9< AB?A M:>:KX
BI?<W: E6 CL:? ;:>:K:>A: 9:7EA*
+ BI?<W:Y
+ L:D<6*
+ 4C> LH=PACAAB9 KC6A AO7:AX
+ ?EL< F:>H:D# B 67<9>B K:>>:AA* ;8DN9 RJ><DACAA*
+ <D@:D9< >:;:967<9# K<F:>HA >:DHIL67<9 B DBQ# K< FG?KBD Q:@<L# BI?<W:# CL:? E6 EDY
D:9OD9 @C>LID9 >:67* N7M:A>:DO> DBQDHILAB :>8AA :><D@I>ID9Y
$$$&$.-
BI?<W: ;:>:K:>A: &
+ : K< AN?AED<9# FB AB>G>9C7ID9Y ;8DN9 >:<DA:AA: B7 :>>:DM:AE6A*
+ QB?ACD K:LHOD9# B FCKC9RBD* FB KEL<6 AB>G>9C7DGD9 M:>:# B99C?Y FGA B99C? KBP@
=P?B 9N?O>AGDWC>PI9*
+ 4G?KBDX
AN?76 =P?B ;:>7=LCAA# :>FB>>LBACAA*
N;< GAB@AB B>QFDB9 67:KOM:LEA# 6 KC6A B??B MG?A# FCLH <6KEA M<667B9BQPB 67:K: M<>GLGA*
;B D:@M:6 MC>A# KG? FB?KB@67C? 9:>>:AA K:LLH=PABD<* B>QF FGA?B>EQ:AA*
+ :K B9B?ID9 KEL :LH EP67B9B AT7 DE>9O> KB?B@D< KCD@AB NDKBLGDB9*
TDAI@BAC6 B?WWB> MEL<LDE7:AA B K:>>:AA: G>>J FG?CK ;<=D* >68 S7R:D AN?AEDA# FCLH <>H:D
DHS>ABD R:<6K:?A: B AT7 9:AA86 ;:>B@BAGA* 7 :LH<9 A:?KE67:A:6:D B7 MC>A# FCLH P:>B@J
;O6AC67>CQCA 9O>@PND B KBLB6RB# @: B??J> KEL D:K :6:AA 67J# FCLH B AT7 K<>H:D K:LDHILABAJ
M<LB67 E6 W6B>G@< AT7F:>H 67GKI9?B# KBAA B>67BDB9* ?<W KC6A B QB?B76BA E>:67A:AA: B ;B
;:><77CAA# 6 :LH BQ?J >GDLCA IL?B67ACAA 9* :FE? E6 6G?LB ;O6A;:>F8 :K:>9:@:AA B
>:M:L8R:* N;< M<667BM:AA: 67:KOM:LEA# 6 RC>@CLBD 67:K>E>A: B AO7:A*
+ 4B ?G@<JA AI@DGD9 9E67SA:D<Y
+ BLH ?:QO>8LEQ:AY
+Y MBLH W6JDB9CAY
B>QF B M<>GL?J> 67:?7:AA FB>MGDHI>J AI@G6GRBD 9CAC?G67CAA*
+ : FGAFB ;CL>HI> :PA:D:9 B MN?N6N9V ?<W FGA?B6<KSACAAB FBPGA*
+ CRRB9 >:DDED:9# K<DAY
:K B9B?AB D:MED D:M:7D<# B9<9?: LCD@C>A# E6 BK B AGMC>< QB?A ;:>E DE7M:# :LH ;:PRJ><DAG66B>
;:P:7A: R: B KCD@BACA*
B>QFDB9 :67ER: PIACAA B7 :PA8:?DH8D >JLJ <@EA>:D :KR:?B97BA*
+ B>BK<A KCD@CAA :LH FB>CAA :KR:??8>Y GP@B>KB6BD :>Q<?I>A# FCLH KC6A SK: R:MB>>CAAB
P:>:D MC>A B AGDWDG>* :L;:DH:L:AA: B ;O6ANA*
+ H:?OD9# D: FBLH@ BRRBY 67G>>P ;:>V
+ G? :LH?: ?<A9GRR*
+ GA 9:>> FC7D<# KEL FB D:@M:6 <6*
+ 0 B67AKGKY LEQ<:6 ;:>:>:A
+ =P@ ;:> B7 B67AKG@BAV
+ 4B ;GA 9:>> W<Q:>D:K# ?CFBKCA 9BQC9* BPDG>CK# B>QF# @: :7 B F:>H7:A*
FG?CK ;<= R:K:DA B7 :?@8R:# 6 :LH W6CKJ 9C?FB@A ;GMB> AE?A M<667B* ZPBRR MB6ABL# 6G?LB
;O6A;:>F8 67G>>A B KBLB6RB*
+ LHOD9 MB>BK<AV
LHOAA K:DA:9 :> B LHOKN>W6;G9FC7# >GD@76GMB> B MG>>I9CD* :M:6:A R:67E>A:9# 6<:AM:
67:@AE9 N667: B7 :DD<MB>JA* K<9C? =P?B 9<PNAA:9 B7 :?@8R8># B DBQ KG? DHILCMJRBD MC>A# B AT7
KEL QB?G76>CAA# @: ;O6AP: KG? D:K MC>A*
+ :K RS?C9 ANRR ;GA W<Q:>D< + KCD@AB ?<W* + <MBLHC9*
B>QF B AC?9GA ?:67:>A:*
+ @B;:DA ER?:D AI@AI9 AB?ABDA# @: <AA DBLHCRRBA 9:>> ?B9D<*
$$2&$.-
B>QF :LH @B?BR ;GA B >GDLC9 9N7E M:A:AA* 7JA>BDI> DE7A: B 6NAEA EL ;:>E W6BMB?C@J ;O6ANA*
+ :@<L D:K FBLHFBAPI9 BRRB* ?<W >:M:A:AA: KBLGA B ;N>@?:*
+ G?B@A MBLHC9* K<?: PJ B7 :LE67X
+ ?<WV + 9<G>ACAAB B>QF ;:>FGRC?C@MB* + SLH D: R:67E>P V
BK ?<W K:>>E AE?@:>A*
+ C KCD@@Y K<?: PJX
B>QF :K>E9:7D< Q?JRG>A* < FB67DB <6 MBD B AT7D:9X B>BK< DBLHCD DBLH FB67DB MBD* :> MC>A
FGRC?C@MB* >KCD@FBABA>BD DBLH FB67DB MBD*
+ >EL67:? :><6KEA:>A: KG? + KCD@AB N;< 9:@M:A>:DO>* + LHER9EDA FCLH AB>G>DB9 ?GD9X
+ :?67:V 4B D<DW6 ;O6AY
AA LILLC>A :>8AAO9 6T?T6N@8 6NAEA6ELR:D*
+ 4GA D:K E?A<A:9X < FB67DB MBD BDDB9# FCLH ?G@<J?B K:L W6JDB9?B ;GP B ;CLID9X
<DH=PACAAB 9B?PGA# 9:7EA N9N>R: 67C?SACAAB*
+ 6B9 :LH:A>:D:LH KJ@CD PIAFBAID9 9< :RR8> B 9IAHB67C?SAJRJ>* :?67: 9NDDHT @C>CL
MB@G67BA?B PG?D<# B7A RG?9< K:L AI@PB A:DD<# K:L FCLH F=6A 67:?:7Y
O>ND19O>ND 67:KOLH?: M:AA: B ;<=9 B?WGA* 7AGD B 67:DM:@E>H >:LKBLB6BRR Q<>>BDBAGRBD B
?:@8DH F<?A:>:D >::?:679:@:AA B7 BLHM:>:PER:D# 6 :LH67:??: :>;:>:@A:# FCLH FCMB <6 <D@I>A* AA
AE?@:Q:>A# N9N>R: 67C?SACAA 9E77:># 9CKC? ODD:QE>H:66ELL:> DE7:L:AM: B ;<=9 B?WGAY 7AGD =P?B
;:>67B>B@A B ?:@8DH*
+ L:D + KCD@AB* + :FGA ;O6A 9:>># 6C9 ;O6AY
+ : FGA D:K AI@PI9 ER?:D AB?ABDB>MJRBD MC>A*
+ 4B 9:AA:6EM:> OLH:>OD9 B AT7?: + KCD@AB B>QF ;E><L1K:@@<L NDKBLGDB9 +# B99C? B7 DBQ<
A<7:D9EA J?B*
+ C6A KG? D:K AI@ID9 ANRR ;GA FC7D<# B>QFY
+Y :RR:D B 6NAEA6ELR:DY
+Y EPP:>Y
+ >EL MC>DB# FB ?:LL:>:DA: LH=PABDGD9 AO7:A + KCD@AB N;<* + 6NAEAR:D =LH6:K >GADH:6:D RJ><DACAA*
+ G6 @C>CL MC>A B7# BK<9C?Y
+Y B AT7 B F:LH:D EL:AA*
B>QF ;:>G>>A* DNM:9M8 6NAEA6ELR:D :LH?: ME@A:>:D:RRD:9 E?:7A: KBLGA*
+ 4GA FBLHPI9 9I@D< KB EP67B9G?BV
><D@I>A B7 :>68 9IDHFJ ;:>E# BK:>H KEL >GRCD G>>A# DCFB KG? B>BQC6BD K:L MC>A M<6:>M:*
;B>:ME> GLHB9 67G?B7B9 MC>AB9# K:L1K:L7N?@O>A:9# FB FC77GPI9 E?A B7 :KR:?* 67CK67E@
9IDHFJRBD :LH BQ?J6GL FBDLC6BD R:67E>A G>KGRBD* DELH DBLH ;<= R:KG67CAA B 9IDHFJRB#
R:G6AB KBLGA B >:M:>:9 9N7E* 7 <9?:9 :LHOAA ;:9O@A:9# B>QF E6 N;6J MELED*
;<=9 ;C?LC>J@AB9# B >:M:>:9 7N?NLA:9*
+ N;<V
+ CX
+ J> MBLHX
+ :LMBLHC9*
$$.&$.-
@8M:># :LH1:LH 7N??:DE6A >:67GKSAMB# W6ND@ >:AA B 9IDHFJRBD* LH ;><AA:??:> A:><AT7@:>A#
AEL>B>BQ B>B9= ;:9:A:6EL AGACDLCAA :>8AAO9# K:667<?8># B 7GACDHC9 ;:>8> B FI>>GKAN?E6 ACKQB
?CRBPB FB>>BA67CAA* B>QF D:9<9E67O>A :6A< ;:>A:ME6PGAE9GDB9Y
:>AEM:# FCLH >N9FBPAG6C6 LEQ:D 67G>>SABDG9 89:A FB7B# ?:LL:>?: >:67G>>FBADGDB9 B ^<>A6F<?:1<
DBLH ?:QO>8AE?:D* DDEA 9CW6<MB> K:DDED:9 ACMGRRY D:K# <D9GRR MCDBACD# MEL<L# :LE67:D
:MCD<L# 6 CAA <6KEA B 9<6 ;B?KFG7RBD >B9DGDB9* 9:?A 67E>E?: =P?B :>PNDDED:9 B MB@ QJD<9# 6
R:DE7DED:9 B 98;B>CDY
HILAB>BDI> ;E679:>8@NAA ;:9F:>HED* B?AKCC? MB@ M<@E9 MC>A# B QJD<9 <6 MB@B9 MC>AB9Y :
B>QFCA KG? D:K MCD7CAAB B MB@CD*
EQ7:>:A: :LH 67:>S@ MG?C6RB ?NQQ:DA# BFC> 6:KK<;E>: MB@6GL KG? D:K AI@ LHN9:?:A M:?D<*
BD1: BDDG> R<7ACD6GLC6BRR @C>CL# K<DA :LH BIAJRI67DB9 B R:>6:P:# >GKQG<MB> E6
9C?KGDH67:?9:7:AEM:>X
B>QF :LH67:??: W6B9 B7CD M:AA: KBLGA E67?:# FCLH :LH >GKQG6 9N?O> AGDWC>* 7
BIAJRI67G>>CKG6?J> :LH RI67 KG67CAA ;:>EP:# :LH 9O>NDN6 BIAJRI67Y
+ B>QFV B>QFV
+ < B7X
+ : =LHV
9IDHFJ A=>6J MELE?8># B 6NAEA6ELR8> ?EKO>:A:6 PBPCDLG6 FB>>BA67CAA* BK E6 ?<W :LHKG6RB
W6<KQB679C@MB M:?:9:@A:9# B 67G?B7 ;B>:M:>:9 67BDB67EA ?NQ9N@A:9*
+ BKV BKV
+ 4EY ?<WV ZP?B W6ND@ >:AA*
N;< FB>9 FBDLPB FB>>BA67CAA*
+ > 9:>> 9:?O>DOD9 <DDEAV + 6=LAB B>QF ;O>ER:*
+ 4CLH E?A:@X
+ LH# FCLH 67BRB@SA6BDB9 KG? K:L <DDEA*
G? :LH?: 6T?T6N@NAA B 6NAEA6EL# B>QF KEL<6# :>68 S7R:D B DBQ ;C>HBKGD# L=DHC6BD
:>D:M:AA: KBLGA*
+ CKC>HBD KCD@CK* 4B D:K 9:?O>OD9 :> <DDEA# FBKB?C6BD R:@<><7OD9*
+ :W6BMB?C@ID9*
+ IAJRC>CD@C9 >:67OD9*
B>QF 9<6<KSACAAB FCK>C9GRJ> D:@M:6 FBP;O?AP:<A*
+ <E?A D:K S?67 B DED<9E@D:9X
N;< ODD:QE>H:6:D ;CDAC>J?B M:AA: B ABDGW6CA*
+ :K AI@CK# FCLH KC6A FC> E>* 7CD9SMO> D<DW6 6:K RC?SAE9CK# 6:K RE>H:L:K*
:ME>67:9?EDH 6<DW6# QC6AG6 6:K*
9<6 A?E;B 6<9:?: A:>P:6:D >:DHTLN7A: B>QFCA* G? D:K RS?A :?8A M:DD< D:M:A8LN?W6ED# A:6A:
K:L1K:LMCDBL>CAA# <@:1C@B FGDH9C>J@CAA ;:9F:>HED*
N;< KE>AJ6GLA:>P:6:D ?:D@?:IAB6SACAAB*
+ :K KCD@ABK 6:KK<A# BK<D D:M:AD< >:F:AD:* B>QF ACMGRR D:M:A:AA# DCFB KG? ;GPA B
K:>>9B6B* LN?W6 BDDH<?B 9<K:?SA:AA:# FCLH F<?A:>:D :>67CKC?C@CAA# >E>:L7:A IAGD 9BQ9C@CAA# B
9NM:A9:78 ?CFBK?B MG?MB* 7 :LH<9 <>H:D 67OD:AR:D MG?BA>BDI> :>DHCKAB B7 G>CK*
+ B>QFVY G? K:L<DA >G?KG7C>* B?B@P DHILACDY B>QFVY K:?AY
$$'&$.-
B>QF ;:>9NDHN9N>A* 4G>G6 MC>A# FCLH ;E>R:67B9SACAAG9 B7 G>KGA# K:?A B7 BIAJRI67 K<D@PCRRBD
9N7:>:@:AA# 6 KG? M<>GLC6BD 9< >:F:A:AA M:DD<Y
+ < B7# FCLH K:?AX
+ B?B@P W6ND@R:DY E6 ;<LH:>PV
B>QF JMBAC6BD M<667B;:9O@A# B >:M:>:9 FBDLC6 6JFBPB 9S6E?A: KC7@I>BAB<A* @BGA ?<W
DHNLNAA :LH:A# B7AGD :>FB>>LBACAA* C9?JWMB6ABL6GL= 6NAEA6EL M:AA: 89:A 9N?O># >:67GKSAMB B
W6<>>BLC6 AEL>B>BQCA*
+ :KK<A 6:K FB>>C9*
+ B>BK< KC7CL C@B9<DA*
<76:?L:AA B ;:P:* E?: =LH 7=LCAA# FCLH K<D@:D KG6 7BPA :>DHCKCAA* 7AGD :>W6ND@:6:@:AA*
+ EL K<D@<L D:K FB>>C9 6:KK<A 6:K*
+ <LH:>PV C9G<L ;<LH:>PV
<>GLC6BD# DHCKBAE9C6BD# K<D@N667: :LH KEA:??:> B 9IDHFJ FGAB KNLO> :LH GL ?:W6:LE6:
FB>>BA67CAA* B>QF ;O>ER:D =P?B 7=LD< 9:7@:AA B ME?# :67KE>:AER:D 7BMB?C6 9EQ:9 9:?L:AAE9
:LHKG6A* EK9EQ:<D:9 MB>BK<>H:D :LHM:>:L: J>G>9C@CAA KC6A B 9IDHFJ KNLNAA* N;< ;:P: B
MG>>GFC7 DHCKB9C@CAA# E?:7A: 9:7ED:9 LN?W6N6 67C?SAG6GA*
+ B>QFV B>QFV
+ 4B>>LB66 E6 ;<LH:>PV
B>QF 9EA6ELR::6E6ER:D B7A 9E?A: <6A:DA8># FCLH B7 G>>BA :>EL:@PE9 K:L MB>BK:>H<9
BQ?J6GLLB>* LH 67N?DHT FBDL 6IAACLCAA C@B9<DA*
+ N;<Y N;<Y
+ AA MBDV + @B@CLAB N;<* + :FGA KEL<6W6B9 MB>J6GL* B>QFRB 9BQB679C@CAA# B >E>:L7:A:
:>G>>A ?EKO>:AER:D*
+ N;<# LH:?: 9<V : 9:>>:67 D:9:K# N;<V B>QF 67GPB N;< ;O>EF:7 DHCKI>A*
+ : 67J>P :LH 67JA 6:V
+ N;<VY 4C> MBLH# N;<X
B>BK< D:9<OA9N7NAA B 9IDHFJ FGA6J ;B>GDB9* N;< :LH Q<>>BDBA<L W6ND@R:D KB?B@A# B7AGD
:>9BQAB B7 B67AKB?CFBKB* 4GAB SMR:D 9<;:67O>A# >GRGMB> >:7IFBDA B >:M:>:9 9N7E* B>QF :>LI?I>A
K:>>8>:*
OFN6 KC?LG6 FB>>BA67CAA B 9IDHFJ R:PG?BAB ;:>8># :>:M:D A:6A:9 QI;;BDG6B# @CRRBDG6B*
B>BK< R:>:RCA>CAA B>QFRB# B 6B?C9# BK:>HR:D N;< ;:9O@A# KC?LG6C9# QI;;BDG6C9 E6 ?:QO>8
MELABLC9 7IFBDG6GDB9 RCDHC>I>A 67NM:MEDHEME MG>A* B>QF N9>EM:> KBLB :>E MGLCAAU B7AGD =LH
A:A67:AA D:9<# K<DAFB >:LB>GRR :LH AIWBA A:6A A:9:?:@D: 9N?EP:# :LHKG6 ;N>NAA ;C?CLMB M:?AE9#
FB?BQAG9# 9B?KC>AG9 :LHKG6A* @:1C@B ?GDLBAAG9# :KR:?< IPPB9BA E?7:AA B 67GPGRBD# R:>EPO9
FB?BQCAA* LH N9N> M<667BF=7J@CAA# 6 K<DA :LH @ILBAAH=# =P?B :>8?:MGLJ@CAAU :LH Q<>>BDBA?B B7
:LE67 9IDHFJA K<DAFB MB9SAJ ;EDH AN>A:DE R:* AM:?L8@NAA :LH MCDBL>J A:6A ;N>NAA# ;C??J >E>:L7:A
W6BQAB K:L B7 B?WGA* AD< 9:7@A: B A:6A: B>BAA >E>:L78 67GPBA# 9B>BQGW69EDA FB67DG>MB N9>EA# 6
BFCLH E?:7A:# FCLH 9:7: B>BAA 6S9C61D:@M:66E MG><9 B7 B?W# :LH?: 67:DM:@E>H:6:RR:D E6
F<67AE?<9I6BRRBD M:?A:* 99C? :LH AE?@ W6BQJ@CAA ;:> B>I>?J> B >GRB 9N7E# C>@B>A RI9CAA# KC6A KG?
W6B9 B 6BPGA ;GP@B>KGMB> MC>A :>;CL>B>MB# B M:?:9:@E6 GAMCDI>A ;N>NAA:* 7AGD B 9IDHFJ
M<667BMCDFBABA>BDI> N667:@T>A ;N>NAA:U B DEMA:>:D :KR:?B9C9 M:?:9:@M: 9<K:D:9O>A:9 B
?CKC9 9N7O># B 67BRB@RB# :>ATDA:9 B 6NAEAR:D# 6 KG? =P?B FB>>BD< >:F:A:AA N;< 7<FG>G6GA E6 B7
BQ?J6GLC9 M<6CDLG6GA*
B>QF ?:679:A8 FBDLCD :>9<G>ACAAB KBLGA
$$0&$.-
+ Q?J6GLC9# :?<LLH:A:9 B>I@D<V KG6<9 W6CQC?AAB> M:?:9:@AOD9* >I@PBAC9 KC6AV
BK6:?<W K:>>EP: >EQ:AA# ?GK:?:@A*
+ < 9:AA:D K:LMBLHAC9X
+ :LMBLHID9Y
+Y ;:PR: M:?A:9Y
+ DL:K <6 + KCD@AB B>QF* + N;< K:LMBDX <F=7AG9 N;<A B ?CKC9 9N7O># 6 :LH ;GDB9
AGKB67ACAAG9*
4TMN6 EP67B9B MC>A# 9N7M:A>:D M:67E>H KG? D:K ;:DH:L:A:AA* N;< <6 KG? K:L9NDDH:RRO>A:D
>E>:L7:AA*
+ :L6:R:6O>AE># N;<X
+ :LPG?PB*
+ BW9 E6 B MB@G67B< PG?AB9 <AA + KCD@AB B>QF 9:6:?T:D* + 4CLH K<E?A D:K AI@DB9 RE9ED
FBLHD< R:DDOD9:AX
+ :L:K>:L:A<9 :7A + KCD@AB BK* : B A<67A:66EL ;:>O>9:?:9:@:AA R:DD:* + : PJ>
F:>HR:DFBLHAB@ 89:A# B>QF* D CAA B 6B?C9RBD R:>:LBRB>HC@ABK MB>BK<R:Y
+ 7 :LH<9:A PJ> :>>GAABK + KCD@AB B>QF* + 7EA>BQSACAABK* :K :LHFBKB? ;CL M<667BPNDD<#
FCLH =P?B K:LM:?:9:@PE9 M:>OD9*
+ D <6 :>>GAABK B RBPI9BA + KCD@AB ?<W* + ??B ER?:@A:K# FCLH MB>B9< B7 B?WCKRB RC967C>*
J ME?:6 >:F:A B7 B?WCK# B7A F<67:K* : B MELED W6B9 9<W6<DG>ABK*
+ 4CLHBDX
+ AE?@:KK:> + KCD@AB ?<W :LH67:?T:D# RO679ED* :>:K:>A:K B AE?@:K:A# 6 B ACPG6B<DB9
MGLABK* 4B>>CAAB@ MC>DB# FCLH OMN>ANAA* 7 6:K ;CL :LHFBKB? M<667BPNDD<* EL:?:@KEDHR:D
D:K <6 @C>LC7AID9 C>HBD ?C667I>*
B>QF F<?A:>:D N667:?:77:DAU @: B7AGD K:LFB>>CAAB# FCLH ?<W B 67GPGA ABQCLBAPB*
+ B7I>A B7 :LH<9 ;CLBK* N;< ;:>F=7AB B >GRGA*
+ :D@R:D MBLH# N;<X
+ 7A F<AA:K# FCLH B 9BLH>JE?A PNAA:9*
B>QF >:OL:A:AA B FB>MGDH FCKC9QB?A?B# 6 ;:>IL?CAA B KJ>J?B* 9BLH>J KEL CAA W6<>>CLCAA B
M:7E? F:>H: K:>>:AA* EFGDH Q<>>BDBA<L :>DE7A:# B7AGD M<667BK:DA N;<F:7*
+ 9BLH>J K:LMBD*
+ I@CK* :K B 9BLH>JE?A PNAA:9* B>BK< :LE67:D KG6E?A* B>QFY K<F:7 ;CLC9 KC6A
9:7@:D<X
AGMC>RBD# B QB?A FBP>BAGD A=># FG?CK 9<6 B>B9 ;IACAA B 67<9>BMG? ;:>E* >9:?O>AE9 B7 :?@8A# B MS7
K:DAED FB>B@AB9* @8D9EDA FB>9BD ED:9:>A:9# C>H9C? B KC7LJ# ;C67;C?:679G>J W6S9 K:DAED
W<LGDH9:?:9:A FGDHAB9* ;8DN9 M:7:AA: 89:A# B @<B@B>AJ> IPPCDLMB* C6A AEDH>:L ;8DN9 MC>A
MB@I> @N;9N@A: B >:M:L8A >GD@76GPGMB># RB> 9:7ER:D N;< N667:AN?A 67:KOM:LEA F<KRG>AB*
$$,&$.-
5$
?NM<@ <@:<L AB?AJ F<@:L FBPDB>RBD B DELH ;<= N667:LHT>A B DBLH ;:9:A: ;C>A 9N?O># BFC> B7 :6A:
B AT7 EL:AA* B>QF AE?@:D G>>MB A:>P:6 :?:PER8> ;=PD< 9:7@A: B7 O679NA# @: W6B9 67O?9:#
Q:F:>H67:?T FBKI ?NQQ:DA ;:> >:F:>:A: DHCKGD# 67<9?B D:K 67G>>A 9< R:>8>:* 7 <9?:9 BLLJ@MB
DE7AE9# N;< 9<;:P:7E6A:>:D B?WWB> MG?B9C7CAA MB96GLB ;EDH>8 ;B>B KNLNAA* B>QF B@@<L ;=PAB#
BKSL ;O>ER:D 7=LD< D:K 9:7@:AA B ME?# @: :99C? B M<??B@BA :>68 67:>>8P: GAM:AA: KID9GPGA# 6 B
67:KER: 67J?AB B FBKIA* 4GA?BIL?CAA# :>9G?CK9C@AB KBLGA# 6 9<@N?76N>A: 67:KER8> B
9NDDH:9:A*
+ 77:> 6:KK<?: 6:K K:LHOD9*
?<W B7 B?WG?B 9E?L:6:@E<A B>MB@A ME? KNLO> >:DE7:AA ?G* N;< <6 B??B;:>E ;C?@SACAAB B?WGA#
BK:??: B>QFCA 6:PA:AA:*
+ :?67: FCLH D:K K:LHOD9 6:KK<?:# B>QF* :K >:67 ANRRE AT7OD9*
B>QF :>8?:AC>AB B?WGA# =LHFCLH KG? W6B9 DEFGDH FOM:>H9 MG>B67ACAAB :> N;<EA8>*
+ GA67 :DL:KX
+ LH1BFCLH*
B>QF @BLB@A B?WGDB9 >:;;:DAHTP: ;N>NAA R:FIDHAB 67:KEA*
+ >M:AAE9 B AO7OD9:AV
@OFA8> E>:6 >:AA B FBDLPB* + >>CQAG9*
+ 7 B7 + KCD@AB N;<* + DL:K K:L K:LMB9SACAAB9* 4GA :7 MC>DB BW9 :??<@:^* 4SMP N667:
LHT>E6A# B>QF# :> 9:>> @NDA:DOD9# FCLH K<AEM89 >:LHOD9*
+ HT>E6A DELHOD9D:9X
+ 4GA FB D:K MBLHID9 ANRR:DVY BK# FB@@ AGKB679C@PBK ?G@V
><D@I>AB9 B KJ>J ;:>E*
+ =P@ K:L B 9BLH>JAV + KCD@AB N;<* + =P@ K:L# BK<>H:D :?86:D W6B9 AI@C@V
<667FBDL M:?A: ;:> B7 :?@8A# KB@B?B9 67G>>AB9 ;:> B ;G9 A:A:PE?:# ?<9C>AC7AB9# ILHBD=LH# K<DA
<@8A>:D <@899:> B7:>8AA B7 :>68 ?:LL:>* QB?A K<D@ B 9EA <?GDHRBD DEQA:>:D MC>A* EFGDH
BQ?J6GL PNAA :>8 B 9IDHFJ9RJ>* B>QF >:O>A B 6<KG?B 9CQABACAA AND9?:# B FG?CK ;<= K:LG>>A :>8AA:*
J><DACAA# BK6:?<W >:O>A B PCRRPGD# N;< GAM:AA: B 9BLH>JA* MBAC6BD ;CLAB K:L B W6<>>CLJ FC>K<A#
6 MB96< 67:KEM:> B>QF?B FIDHC?LCAA*
+ :7@@ :>V
+ 7E?A M:AA:K GA B 9BLH>JA# FCLH B 9NM:A9:789:A KCD@PBK :>* C6A MB9 MBLHC9# 6 M<667B 9:>>
9BQDCK B 67:KOM:L:K:A* 7N?DHT @C>LC9 AN?AEDA:9 :7:D B 67<L:A:D* M:7E?MG>B67AG6DG> ?G@
67BMB7ABK# B>QF* : MBLH B7 :LH:A>:D :KR:?# B9< MEL:7AE> MB>BK<A <AA# B 67<L:A:D* :FGA
R:67E>P KC6A# 6 KCD@@ K:L# FCLHY 9O>NDR:DY
7<QG9C>MB :>FB>>LBACAA# KBP@ >:O>A# 6 M<667BB@AB B 9BLH>JA B>QFDB9*
$$!&$.-
+ O7:A 9:>>:D: ?B9D<# 9N7ND6EL:6 AO7:A + KCD@AB :7 +# B7 :KR:? B7A F<DDE# FCLH B7A
9NDDHT67:??:> DHE>R: AI@PI9 OAD<# D:K <LB7X O6ANA ;:P>:67A:D<# FCLH E67?:M:LH:D:9
R:DDOD9:A* :?A FGA K< D:K MBLHID9 MB@B9# <LB7X : : Q<>>BDBARBD D<DW6 ;O6AOD9* :@<L
K:LAN?AEDF:A<9# FCLH FBPJ9 K:DD:9 :> B 67<L:A K:>>:AA* K>E9:7A:9 B??B# ILH:# FCLH :LH67:?
MB@G67D< K:DAOD9# 6 9I@A B AT7# 6 :LH FBPJ K:DA :> B 67<L:A K:>>:AAX KC6A KEL<6
K<D@:D9< B7A LCD@C>PB ?J>B# FCLH 8 B7 <LB7< M:7E?* 7AGD Q:@<LY B7AGD Q:@<L B7 AN?AEDAY =LH
MBD# B7 <6 B7 8 F<RGPB# K:?A FB 8 D<DW6# B99C? B7 6CFB6:K AN?AED<9 K:L* C6A Q:@<L N;< D:K >GA#
K:?A :>>CQAG9 B 67:KOM:LEA* + B>QF FBDLPB <AA ;:>W6BAABDA* + 6NAEAR:D <@:>CQJ7AB9# E6
:>>CQAG9 B AO7:A# BK>CQAG9* :@<L 67SM:6:D B@AID9 MC>DB D:9<9# FB 9E?D:9#
@: :>>CQAG9# 6 KC6A D<DW6 6:K AT7# 6:K ;O6A# 6 D:K 67BRB@SABDB9 K:L <DD:D R:DDOD9:A* ?A<#
ILH:# K<D@:D9<# FCLH K<?: LCD@C>C9* @AID9 MC>DB D:9<9 AO7:A# @: 89 <D9GRR >CQAB9* C6A
Q:@<LY
IAGD :>FB>>LBACAA# BLHGRBD =P?B >:7IFBDA B ?:@8DH* N;J ;:>E DH=PACAAB 9:7EA*
+ : KC6A K<F:7 ;CL67 9:7@:D<# B>QFX + 9E?@:7A:* :?A FBAG?C7D< 9:>># D:KW6B9 R:67E>D<*
7O96EL:K MBD B 67:KOM:L:K?:*
+ C6A Q?JRG>CK 9<LCD@C>D<# K<A A:LHOD9* :LHO9 ;:># FCLH C@BK:DDED9 FC77GPI9#
K:LKC6B9C@MB# K:L;E6O>9N@M:# BFCLH B7:>8AA 67C9AID9Y K:?A F<67 :>MEL?: D:K MBLHID9
MB@B9# 6 B??J> MBD 67JY 6 B7 D:K LH:?:9PGAE9Y FCLH K:LK:DA6:D:9 R:DDOD9:AY
<DH<ACAAB R:@BLB@A 67:KEA# B7 <9?:9?: DE7:AA*
+ 4B :LH 9<W6<A ?:D@R: A:667O9 KBLID9BA# 6 C@BK:LHOD9Y
+ GD@76G99B> ;:>67:?:>M: + KCD@AB BK* + EL N;< <6 M<LH:D >GD@76GAY
+Y K:?A FGAFB 67O96EL >:67 ?G*
+ :K DG>B@ MBD B 9BLH>JV N;< ;:>:K:>A: B 9BLH>JA*
+ < M<F:AA:9 >GD@76GA# ED D:K M<67:9* < FB67DB >:DD:X DL:K M:7:AD< 9:>># K<DA :LH
9IAHGAY 4GA W6B9 D:M:66:A:9Y D:M:66:A:9V BDDB9 B 67<L:A:D DEFGDHBD# B9<9 K<D@:D:D
D:M:AD:9* :@<L AN?AEDA <AA :LH E6 KG6# BK<D:9 B ;:>D8AA:9 D:K N?O>DED:9* 9<6 <KCDA
K:LN>AE9* 7AGD FC> MBD B7 B 6?GW# B9<D:9 BDHBP:LH MC>A B7 B?WGDX :D9< 6:K >GAAB# BK<JAB <@:
9:?O>AOD9*
+ N;<# FBLH@ BRRB :LH Q:?W?:V
+ G>BK MBD B 9BLH>J* ED K:L9:?:6:K B7A B BW9 :??<@:^1A# 6 K:LKCD@CK D:9:K KEL B7CD;:>O># BK<A KG? A:AAX D KBP@ K:LKCD@CK D:9< 9:?:9:DVY
BLBKKB> M<67:K B 9BLH>JA# B>QFY 4B@@ >G66B# FCLH MBD MB>BK<# BK<A KEL D:K AI@CAA
:>M:DD< A8>OD9*
NM<@ 67OD:A:A AB?ACAA# 67:KOLH?: M:AA: B 9N?O>NAA: FB>>LBAJ# :>KC6J@CAA B?WC9BA* ?EL<
LHT>E6:9 ;TR: ABQC6CAA ;E>9N?: ;<LH:>K:6:D FB>>LBAAB*
+ 77:> B 9BLH>JMB> B 9EA 9:7:KR:D K:LH:9 KBP@ FC77G* ?86:RR MBLH DG>BK# KCD@CK
KBP@ D:9<# 6 D<DW6 B67AKG@* 67:K:@ <6 PJ# KCD@CK KBP@ D:9<# K<D@ B 9:AA8M:> PJ> >GA6X* D
B7CDRBD D:K 9NDHN?LNK M<667B B 67:KOM:L:K:A# D:K 9E?:9 A8>:@ 67SM:66EL:A* :K 9E?>:9
B??B# KCD@CK KBP@ D:9<# FCLH PJ W<KRC?B >ELH# D:K ;E>:9 BAAJ># FCLH :?86:RR MBLH DG>BK#
K:?A ED W6B9 B7 <LB76GLCA B9B?CK*
@@ M<667B B 67:KOM:L:K:A# KCD@CK KBP@ D:9<# K:?A :7 9NA:>:66EL:@*
N;< :>MN?N6N@NAA# :LE67 A:6AER:D ?:679:A:AA* <:AM: M<667B>N9A: B>QF 9:7ER: B 9BLH>JA#
K<DAFB K<:>8RR K:L B9B?DB 67BRB@I>D< A8>:# E6 9<AN?O>A: 67:KER8> B 9NDDH:9:A* 7:>S@# 7N>@
$$/&$.-
;EDHR:D ;O?@NAA B DELH ;<= B?WB# B AN?E9:DH 9BLH>J ;:FE?:D W6<>>CLMB ;:9O@A B>QF >GRGDG>* LH
9NDDHW6:QQ# BK:>H :>9:?O>A: N;< 9:7EA# W6<>>BL9EDA ;EDH>:AA B 9BLH>J ;<DCK FBP>BAGD*
B>QF 9<F=7AB B @:?:9GA# FGA?B6<KSACAAB FBPGA*
+ :D@R:D MBD* LH E?A:K# Q?JRG>PI9 K:L# FB 9:@M:@ MBD ?G* :>:@ AB?AID9*
+ : 8 9< >:67 ;:6AM: + KCD@AB BK ;E>ED9:D* + I@C@# FCLH K<>H:DY
+Y 6:KK<R: 6:K M:67 KBP@ R:DDOD9:AY
+Y 6 FB ;:>@OFN@<9Y
B>QF FCK>C9GA ?GDWC>MB BK?: DE7:AA* 4CKG>HC6BD :K>E9:7:AA MB>BK<?:# BK<A <KCD
KCD@CAA D:9< :LH67:? B 67<9>G9 K:>>:AA*
+ 6ACRB MBLHVY C <D@I>PID9V + A:AA: LHC?6BD* N;< ;:>E DH=PACAAB B 9BLH>JAU :7
:>Q<?I>A RO679:6ELER:D*
+ : M<@@V
+ 4B KBP@ 6C? 9:?O> ?G# B99C? M<67:KY
7BMB9BA 9:?:6:AA# BK:>H:99:> 9<;:P:7F:ADE# K:DDH<?: :>67GDA# RG?K< AN?AEDPE9 <6# MG>>B>PB#
BK<A ?GRS7AB9*
+ :K RGDCKY RC>@CL >:67:9# FCLH M<F:A:K# @: FGA :DL:K M:7:AD< 9:>>Y
B>QF M<667BA:AA: B 9BLH>JA B 9<;EDH:6:@:AA ?ND9?:*
+ LHOD9 :>8RRV + KCD@AB* + 7AGD D:9<9E67O>OD9* ><D@I>AB9 B 9<;C67ACAA LHOKN>W6;G9 ;:>E*
N;< 67GKG?B B ANRR<:9 67:@A:9 LHOKN>W6NA# @: :LH:A1:LH:A 8 <6 9<ABQCLBACAA B ;GD* ME6
9N7R:D B>QF B7 :>9NM:A9:78 @E>IAGDCD :>KE>9:@:AA*
+ ZLH K:DPOD9Y C>HBDC9 >:LHOD9# BK<>H:D:9 ?EL:D MC>AID9V :LKC6B967ID9Y
BK >:DH:>A:# BKA*
+ : F<67:D K<D@:DDBQ ;O?@OD9 + A<>AB9C7CAA*
B>QF MEL<LKE?A: B7 :>8AA: G>>J FG?CK# :>KCD@FBABA>BDI> Q<679C6 LH:?:9:A# 6 DBLHCA
6JFBPACAA*
+ :L 9:>>:D: ;E6O>9N@DOD9V : KG? A=> FC667= B FBPID9V
+ FB?<6DHGK B 9IDHFJRBD MBD + KCD@AB ?<W +# ;:POD9?: F=7FBADGD9# K<DA :LH 6BQ9GAY
+ B>GD AB>G>ID9 MB>BK<A# BK<M:> FGA?B >:F:AD: 9NADGDHC9DB9V
+ 7A D:KV
+ 4GA B99C? K:DPOD9 =LH# BFCLH MBLHID9 + KCD@AB B>QF* + 9 6:K 9O>NDR:9*
?<W A<>AB9C7MB ;:>:K:>A: 9:7EA*
+ : 89 9< MBDDB9 ;:6AM:* G?Q:@<L B7Y
ANRR<:9 RJ>CLBAAB9* BLHCD <6 PJ> E?A:AAE9 KG?# FCLH B >:Q>:78 KB679 K:DDH<?: 67BRB@PG?B
:DL:@< B7 :KR:?< A:?KE67:AR:D >BQQBDLJ MB@6GLCA*
+ 4GA K< D:K ;:6APO9 9< KBLID9BA + KCD@AB B>QF +# K:?A K< D:K MBLHID9 MB@B9*
BK6:?<W N667:DE7:AA*
+ : B7E?AY
B>QF KC6A KG? 9<BRG>A*
+ :K ;:6APO9 9< KBLID9BAV K>E9:7D< Q?JRG>A*
+ O6A + KCD@AB +# B ;O6A K<D@:DDE> ;CDAC6BRR* D@I>BAC6BD B7 <9?:9 ;:>E ;C?@I>A*
$$-&$.-
+ 7A KCD@CK# FCLH ;O6ANA 9:>> A:?:KA:DOD9* O6ANA# E?A<A:9X
6ND@ >:AA# W6B9 B KEF:9 ANRR 67J>BK= 7NDL<W6E>E6: FB>>BA67CAA* LH <@8 K=>MB N;<
K:L67J>B>A*
+ :?67: FCLH ;CDAC6 B ;O6A + KCD@AB PJ<D@I>BA=BD* :?A B ;O6AA:> P:>A B@FBAID9# 6 FB D<DW6
;O6A# B99C? D:K AB>G>DB9 ?GD9*
+ 7A ED <6 AI@CKV + 9<G>ACAAB B>QF* :M:AA: 9B?PGA N;< MG>>G?J>* + 7A B9B?C@ AB>GD
E?AE6:K?: B@D<# FCLHY
+ 6B9 :><6KEA:>A:K# BK<A A: 67C9AG> KCD@BD< + ;:>:>A: N;< LHC?6BD* + 7A F<AA:K# FCLH
Q<>>BDBADH<>BLY
+ :K ;:>:PA:AA:K :> + KCD@AB B>QF FBDLC6BD* + <D@<L <6 AI@ABK# :LH Q<>>BDBA?B 6:K
;:>:PA:AA:K :>*
N;< :DL:67A:>8D RJ><DACAA*
+ : MBLH B M:7E?# B>QF + KCD@AB* + : K<D@:D?: :K>E967:>*
+ :K <6 ;:>:PA:AA:K :>*
+ :?67: FCLH D:K ;:>:PA:AA:@ :>*
7 <9?:9 C>H 9SMGDW6<BD M<76LG>LBAAG9 B>QFCA# K<DAFB KC6A >GAAG9 MC>DB :>867N? E>:AO9R:D*
4B@<?:D@R:D MCDI>AB9 B QB?ACD* >N> B>QF K:D:A:>A 9<66E 6GDA<9G>MB# >GD@76GPGMB> B MG>>GD*
:@BLB@A 67:K: :>8AA# B F86EL ?:7L8 QG?GPGD E6 FCK>C9GRB >JLJ FBPGD GA# R<7CDHAB>BD
9N?MCDB>B99B> ATDA:9 ;:> B AG?LHB9 B W6<>>CLJ FCKC9 ;N>NAA* NLNAA: B7 <9?:9 PNAA:9# :LH 9<66E
:>67CDAHC>C@MB :7=AAB># @: A:>: C>AFBABA>BD E>:A:?8M:>* 7JA>BDI> ABQC6AG9 B FCKC9CA# KBLI9
KNLNAA F=7MB >GD@76GPI9 MB6ABLBRR MELEA# K:?A N;< ;:>;:@:7A:# FCLH FB >:;:>E DE7M: ;G?B@A
67:KEA K:LC>AB>KB77B B DBQ :>8># 9< AI@PB M:DDNAA 6<9>J KC7LG6I9BA* 9EA >GD@76B
9N7NAA PG?A A:FGA# 9:7ER:D LCD@C6BD 8?<7A: B 9BLH>JA# SLH MCDI>A# 7G?A ?:D@R:D B DELH ;<= B MS7
K:DAED# AGDWC>J# AGDHE?>BQC6 G?DHE9I99B> B >GRI9 B>BAA* M<FB?DB9 KG? 6:KK< DHCKB D:K
>GA67CAA# B QB?A A<67AG?B MC>A 6=?C>MB# K<DA :LH 9E6 Q:DLEP:* 7 EL E6 B F:LH KE?F:A:A>:D
AGMC>6GLRBD W6<>>CLCAA B F86ELR:D# B 7GACDHC9BA KBLB6?B :K:>A: B @E><RGR# :7O6A K:@:DWER:D
>:R:LA:9 ;E>=ACD B K:DDHRC>A ;:>E*
G? :>FBLHAG9 B7A B F:>H:A <6# BFC> B AN?76 AGDWC>A* K:L67:D:6:@:AA DHG?6B9 KEL CAA
;:9O@A:9 B 67<9>GD# BFCMG B7 :68 :>6C@C?AB 89:A# @: B MS7 K:DAED B FCKC9 KG? =P?B 6<KB MC>A*
7JA>BDI> FB>B@AB9 :> K:>>:AAO9* EA6EL 6:K ;E?F:A:AA FCLH B AN?76 M<667BMCDI>A B
67<9>BMG?RB# 6 BK<9C? K:LQ<>>BDACAAG9# K<D@ B DELH:D :LH67:??: K:LG>>AB9* 67<L:A >:L6T?TRR
@76IDL:>P:# :LHKG6RB ;CDJ@J 7N>@ E6 ;:9:A: ;BAN?76:9 GAFBAC>FBABA>BD ANK:L: 9S6E?A: 89:A RB>
9E7 ;:>8># :>8AAO9 KBLB6 ;T FI>>GK7CAA* B>QF ACMGRRK:DA*
>E?A B >:ABQC6CAA LH:Q678DH:LF:7# BFC> MB>BK:DDH<:D >:AGRC?C7AB9# BK<9C? :>867N? PG?A <AA
;:>;:@:78 =APGD* AA 9:7@8@NAA B ;N>@DH:>M# B 9:69:DH QG?9GDH7BA B 67<9>G9 B>BAA# BK:>H:9:D B
MN?N6 9867<?A:9 :K:>9:@A:9*
BK K:LE?<DA:AA: 9B?PGA*
+ O6AV
67<9>B A=>C>@B>GD ME9CDH ;O6AW6S9 :K:>9:@:AA B7 EL ;:>E*
+ B>BK< AT7Y @: D:K F<67:KY
B>QF FGA?B;C?@I>A* + <E?A RIP9G>DGD9X AFB>B@A B KBLB6 ;OMND B 9<6 DHS>A AE?6EL ;:>E# BK:>H
B ;N>@DH:>M :>8AA A:?O>A :>*
+ < 9:AA:D KB?B@PBAC9 >:LFGAI>V D K:LH:9 :>N># N;< :LH >EQE66:> KNLNAA:K* >GD@76G9BA
9E67:D>EAR:DV
$2"&$.-
N;< BLLC@B>KB6BD DE7:L:AA: B W6<>>CLJ ;GAH>BA# BK:>H 9N7A: E6 B M<>GL 9N7NAA MC>A 9<;:67SAM:*
+ <7ACD6GLC6 =A :7X <DW6:D:9 <AA 67<9>G9X 4B>>CK B A:DL:?A*
+ B?B@P 67C?C6BD KNLNAA:KV
B>QF ?GAE?A B ;N>@DH:>M?:* :L?=LCAA :LH 9NM:A# :7 >:7IFBDA B MS7R:* 7AGD B A:DL:? F<?A:>:D
M<667BF=7J@CAA# 6 :LH FSDG??B> R:D8AA# MN?N6 67<9>B>BQCA ;:@:AA ;:># D:LHM:D>GRDH<?B B>QF RB>
>GRB B>BAA*
+ <7ACD6GLRBD MBLHC9X + DHN67N?NLA: N;<* + 7N?DH:D E?7:K KBLBK*
BLB6BD B ;:PO9 ;N>NAA# B MN?N6 9867<?A:9 9N7O> F<?A:>:D C?@SAG6 FB>>BA67CAA# ?NLAND IAGDB :LH
FB?W< 9<G>AG6 IAGD7BAB# BK:>H?: :LH AIWBA FBDL ;:>:>A B 67<9>G9 ;:>8>*
+ @@ <@: B 9BLH>JA# 6 KB?B@P G>>MBV
+ >>PV < B7X
B>QF FGA?BFBPACAAB ;:PEA# 6 CL:? 6NAEA B?WGA Q<>>BDACAAB K:L B KBLB6RBD*
+ GAFBAC@# FCLH 9< MBLHC9 + 9<G>ACAAB M<667B* + 4BLH@ BRRB :7A B7 C6ACRB6GLCAV
7GPGFC7 :K:>A: B 9BLH>JA# R:>:;=PA* :><6K:?F:A:A>:D# ;:6A:AA KB679PI99B> B AN?76 ABLPB<
:LHKG6 IAGD ;:>ATDA:9 B 67<9>BA:A8 67E>ED# KBLB6BD B ;N>@DH:>M ;N>NAA* GD@76G<9BA <6 KBLI99B>
FC7AG9# ;:>9E67O>M: B??B# FCLH K:LME@<9 B R:PG?BACA* B>QF ACMGRR ;=PA B 9BLH>JRB# K<A 6:K
AN?8@M: N;< ;E>:>KEM:>*
CL:? 9<G>ACAA*
+ : M<LHG77VY FB>>C@V
B>QF >:M:AA: 67GPG?J> B 9BLH>JA# 6 K:LMG?AB BKSL =P?B >:M:L8FN7 D:K PIA* <F:LM: R:67E>A#
@: E?AF:A8D*
+Y LHT>E6A FSMC9 N667:*
MB@:KR:?:9# 67:KK:> AB?AMB B ;N>@DH:>M:A# 6IL@C6J@D< 9:7@A:9# @: :LH<9O9 6:K KC7@I>A*
B>QF 9EA >EQE6A A:AA :>8?:* LH 9NDHN?L8 FBDL FB>>BA67CAA B FGAB KNLNAA*
+ B>QF# D: FBLHP :>V
+ E?@:>P >: B ;N>@?: + KCD@AB B>QF FGA?B;:>E +# 6 MG?@ K:L# BKSL M<667B D:K PNMN9V
;N>@DH:>M 9N7:QED G>>A# K:?8D DE7A: B MB@B9BA# B9<9 KB679PI9 ME@:>K: B>BAA ;:>67BRB@I>ABD
FGA?B9NANAAE9 B FBPI9BA# E6 67:KK:> >GAFBAJBD PCRRBD E?:7AE9 KBLI9BA# K<DA 8* B>QF
:>FBAG?C7AB# FCLH 9E68RR 8 <6 FGA?B9NADB D:9<9# FCLH
MG?PBDB9# 6 B7CD DHCKRBD ?:D@R: A:AA: MC>DB B FBPGAU @: FGA :7 >:F:A:A>:D MC>A* MB@B9
L=DHC6BD M<LHC?CLAB9 ;:>EP:# :LH<9 B >GD@76GPGMB> FB@CDG67CAA* CL:? >:M:AA: 9:7EA B7
:K:>8?=@?J># 6 :>8?:FBPC>A# K:LDE7D<# K< AN?AED<9 >:DA* ;N>@DH:>M:D G>>J W6CQC?A 6BPGA G?DHE9B
K:@:DWEPER:D G>>A# W6B9 RC?7B6 ;:PO9 >GA67CAA 9< R:>8>:* N;< >:LILLC>A# FGAB ;C?KGA>BD MC>A# K<DA
:LH 76G9*
+ HT>E6A FSMC9 N667:* 6ND@*
CL:? ;:>67:@:AA :LH 9<6 9NM:A# 6 B7 <9?:9 >GRB 9N7E FBPSACAAB# M<LHG7MB# FCLH :> D: AB>G>PB
89:A* 9EA LH:?:9 N667:?G79J@CAA# BK KBP@FCLH :> D:K MGLJ@CAA* CL:? E?:7D< 9:7@A:
A:6AER:D B FBAB>CK >O9A:AE6EA*
B>QF =P?B K:L67J>B>A*
+ HT>E6A FSMC9 N667:*
EL<LDE7:AA B MB@B9CD* + 4C> MBD BW9X @B;:DA B MB@B9 KCWC?CLD< 9:7@A:9# ABDB9C@AB9*
LH KB679 KNLO> JR:?A FBDLPB 67J>A >: B>QFFC7*
+ B@G67BACD MBD* B7A KCD@AB# FCLH D: :DL:@POD9 R: AEL:@*
$2$&$.-
+ AT7 MEL:AA PNAA:K + KCD@AB B>QF +# E6 N;< 67:KOM:L: MEL:AA*
:P: ;N>NAA B W6CQC?A K:LKC7@I>A# D:M:AE6 67<AG<A >: B KBLB6RJ># 9NDDHT# <7LBACAA D:M:AE6#
BK:>H M<667FBDLCA M:?A B KBLB6 67<9>G9 9N7NAA*
LH FBDL FB>>BA67CAA B>QF FGAB KNLNAA*
+ : K<A 9:?:6:> <AAX
7 <9?:9 :LH IL?G66B> B>QF :>E 9:?O>A:9# 9N7M:A>:DO> B R:PG?BA :>E* B>QF LHC?6BD
FGA?B;C?@I>A* N?N6 FBPG?J># AB?AG6G?J> 9NDDH:D ;:> >:F:A:AA <6K:?D< BW9:A# B9< B7 :?@8 ;:>8> E?A
KNLEPO9* EAC>@B>A :LH1:LH MB@G67 LILLC>A K:>>:AA:# 6 K<D@ B FG?KI9DB9 7N>@:6;:9:AE?: MC>A
KG7C>MB B7 B?WB*
NLNAAO9 :LH KB>BW ;:P:A>:D# DBLH FB6= A:A:K: ;:9O@A B ;OMND# CAA# BFCMG >::PA:AAE9* N;<
6<?GD9C7J FBDLPB
+ B>QF# D: FBLHP :>V
:M:A6EL:61LN?W6N6:D N>:>L:AA: B 67<9>GA# 67C?C6BD FC77GQ?E6:>8@M:# D:LHM:D >GRRB> B
67C?AHCLJ A:DL:? ;N>NAA* MB@B9 9IDWCLG6B FBDLC6# L=DHC6 ?NFNLE6R: W6BQCAA GA*
BW9 FBDLPB A=>FB?6CLAB B >G?KGA*
+ :DP <DD:D# B>QFV B?B@P B 67<L:A KG6<9 MELED# B7 B A<E@V 7 B MEL: B7 :DHEK# :7:9 B7 ED
:KR:?:<K* 4BLHP D:9OD9 RE9EA*
?NFNLE6 :>G>>A*
+ <E?A W6BQAB@ K:L N;< 67:KOM:LEAX + KCD@AB B>QF ><F:LM:* + 7A M<667B 9:>> B@DC@V
+ <667B 9:>> B@DCKX < KCD@PBX B>QFCA :>?BLB@AB B7 <D@I>BA*
+ D* :7E?D:9 MG>B67ACAABAC9* :K FB>>CAAB@ B 9BLH>JAX <679C6 @C>LCA W6<DG>ABAC9Y Q:@<L
B@AID9 MC>DB AO7:A# FB 9E?A:9Y
ME? B ;:PER: 67G>>A# R:@BLB@A 67:K: >O9A:AD< 9:7@:AA*
+ BQFBAAG> MC>DB AO7:A# BK<9C? B9B?67* : A: D:K 9E?AE># FBD:K R:>CQB9C@AG># K<DA :LH
AC>MBP# B 9IDHFJD9RB# 6 :>>CQAB@ N;< 67:KOM:LEA*
+ 6KEA:>@ K:LV
+ C>MBPV C>MBPV N;< 6<9C>ACAA
+ B>QF# M<LHG77 ?GKV
BW9 :>8?:IL?CAA# E6 >GD@76GPGMB> :>>:D;:>: ;:>E @N;NAA* B>QF B AGKB@J 9B?PGDB9 F:>H7:AER8>
9<67GKSACAAB B @N; E6 <?GDHGA# >GD@76GPGDB9 BLHGMB> :>FG?SACAAB B 67=?G6A# B7AGD M<>>GKLHC?6BD
K:L;C?@SACAAB ;:LHM:?EA# 6 :LH ;GP@B>KB6 OAE6A KE?A BW9 ;O>E?:* 7:KA8> 67:KR:D G>>AB9 KC6A#
MB@I> ><F:LM:# >N9@N68@M:# :LHKG6 67:KER: K:?:@M:*
+ MBPX
+ :V
BW9 FGA?BIL?CAA# E6 >GD@76GPGMB> B>QF?B 6=PACAA* <DA:LH 9N7N6 K:L:LH:7E66:> KC6A
9B?@9EDA FB67DG>AG9 @C?CDLPB<9BA# 9N>W6NDN6:D M<667B?:AA:DM: B ;:LHM:? LH<>9C6 F:LHEA8>* 7
OAE6 B>QF >GD@76GPGA E?A:# >:W6=67CAA ?J>B# IPPB<?B 7IFBDA* 7AGD =P?B 67EAMG>AB9# F:>H:A
W6:?E>M:U KC6A BW9 G>>A FGAAB> B 67<9>BMG?DB9# 6 B>QF 9:?O>A 9SMO># B ;N>@DH:>M 67<L:A ;:>E :68
?E67E?:*
<D@9:AA:D :?86:D ><F:LA:9*
+ C LH:?:Y
+ H:?: A:Y
<D@9:AA:D =P?B MB@I> :>8?:67B>B@AB9# @: JMB9C@MB BAAJ># FCLH :LHKG6 A:6A9N7:>ER: E?P:D:9*
$22&$.-
+ H:?: W6B9# KBP@ K:L>GAC@# K<A 9BQ67Y
+ H:?: A:Y
N;@:A KB?9C>G67MB B7CD K:6A:?9:@:AA# FCLH KBLG?B MCDPB B>QF ;<LH:>KEA* B>QF
FGA?B>EQ:AA# E6 67:KK:> AB?AMB BW9:A# >:FBPC>A*
+ B>QFY D: ;:>:PA6@ :># FCLH K<E?A PNAAOD9VY AT7V* 67:KOM:L:KV
B>QF *RJ><DACAA* >>B7SACAAB FB?W?B 9E67 <7KB<A# >GD@76GPGA B ;N>@D:9 AGKB67AMB
9<:LH:D:6:@:AA* BW9 KB679PB KNLO> 9<;O?9E67F:A:A>:D B?WWB> ;<LH:>A* B>QF ;:>DE7:AA B
9867<?A:9 ;:>E# KBP@ 67:KOLH?: M:AA: B MB@B9 W6CQC?APGA*
+ @: ;<LH:>P:A:9V 9NM:A9:78 KCD@BD<MB>JK MBD* >867N? <6 M<667B 9:>> B@DCAC9 N;<
67:KOM:LEA# K:?A 67:KOM:L DE>9O> D:K >GA* 7 D:K A<67A:66EL:6 PGAE9Y
9<;:6A:AA MB@B9 =P?B 9IDWCLD< 9:7@A:9# 6 B>QF BLHGDB9 9:?:9:< F<?A:>:D :>B9B@AB9*
4GA?B6<KSACAAB FBPGA# 6 B7 :>8AA: G>>J 7N>@:6;:9:A: KB679?B RGKI>A# B7CD ATD8@M:# FCLH BW9D:9
K<>H:D <6 MB>JPGRBD B7 B?WB*
N;< 6IAACLCAA*
+ AT7V
+ L:DVY AT7?8> <6 B9B?C9 R:67E>D<* ><6KEA>:K B7A# BK<A B7JAB FBPACLBAC9# BK<JAB <@:
9:?O>AOD9Y
<DH=PACAA >GD@76GPGMB> B MB@B9 ;:>E KIABACAA*
+ LH:A>:D ?:KEDHOD9 B 67BRB@I>G6?B# FB ER?:D AB?API9 B AO7:AY >:LB>GRR<6 B@@<L# BKSL
M<>GLC6 MBDY FCLH :LH FBPJD E67?:M:67<9 B ;O6ANA# <@: PNDD:9 E6 K:LK:DA:D:9 R:DDOD9:A* :
FB ;O6A D<DW6# K:L 9:>> MG?DID9# KSL ME>:A>:DO> M:A8@<9 <@: :LH FBPJY :F:A# FCLH EM:9<L 9:>>
MG?DID9Y BKSL K:L D:K N?:L67OD9Y
MB@B9 MB>J67:?TA>:D# :7O6AN6:D ?:7L8 D:M:AE6: 67EAA:?P:@A B >:M:L8R:D# KBP@
M<667FBDL67:?T:D :>FB>A* B>QFCA :>;CLAB B @OF# FBDLPB ;:>W6BAABDA*
+ 4GA D:K E?A<A:9# A< 9<;:6A:AA QCPGWG9XY BK# ?<W# N;< K:L EDY K< DELH:D D:K RS?PI9
:>>GADAI9# @: D:K K:LH* :9A:9 K:L W6B9 B PGAE9CD K:L B MB@G67BACD PG?
B7 :67:A:9Y
FGAI9 KNLNAA ;:>67G>>J ME9CDH ;O6AW6JMG?B KIABACAA# BK:>H 67EAC67>CAA B LHNDLH67SDT
>:M:L8R:D*
+ @B DE77:A:9V <;E>: P:>78AT7 :7X :K P:>78AT7# FBD:K ;87E6?: MB>J* C6A KBP@ :67A:9# 6
IAGDB KEL BDDH< ;O6A 6:K >:67* :K E?A<A:9X :F:A# FCLH EQQ KC6A PG? C@B9<DA :LH FBPJY
>FB>>LBACAA* W6ND@ E6 B R:PG?BA 9N?O> W6CQC?AC6I>J KB679C9 67:KE>HA:>:D6EL:
K:L;E>:K>SA:AA:* ;8DN9 9<DH<ACAAB ?J76B67SDT 67GPGA# E6 BK6:?<W?: KIABACAA# B9<9 9N7A: E6 B
AN?76: 9N7NAA G>>AB9*
+ < 9:AA:D K:L K:DP:A:9 M<667BV
:D9< 6:K ;:>:>A* K:LFN99:DA <9?:9 :LHKG6?B DE7A:9# KSL N;<# B9<A K:LDHILABACAA B
Q<>>BDBADH< ;:LHM:?67OD:A# JMBAC6BD ;:>AGQG679C@CAA B ;N>@?8>* BW9 KEL :LH Q<>>BDAG6A M:A:AA
B>QF?B# KBP@ B7 <9?:9?: DE7:AA*
+ CLPGAC9 >: 89:AV
:D9< 6:K KC7@I>A* BW9 ;:>@OFN@NAA*
+ CLPGAC9 >: 89:A# FB KCD@CKV + 9<G>ACAAB <DL:?O>A:D* 9<;:6A:AA W6BQBA <@:L:61OLH:A>:DO>
9N?O>M:AA: BK6:?<W:A*
ZP?B ;:>FBDL7CAA B7 :7O6AN6 D:M:AE6*
BK6:?<W B W<M<><7GW<J D:MER:D F:M:6:D A<>AB9C7CAA*
$2.&$.-
+ : FGAY
+Y 67BMBK?B KCD@CKY >M:AAE9 B >GD@76G<9BA*
+ NAN77EA:9 K:L 89:AV
B>QF :LH ?:KEDHA:>:D 9<G>AG66B> 67:KR:;C?@I>A B ;:9:A:7N>@ KB6799B>*
+ BW9V
+ H:?OD9V NAN77EA:9 K:L 89:AV
C6A KG? B 9<;:6A:AA W6BQBA K:LE?:7A:# FCLH BK6:?<W :LH KG6 M<>GLFC7 AB?AC7<9#
K:LE?:7A:# FCLH B 9:7ER:D MBD B FBAB>CK* 7LBACAABD# @I?MGD ;:>>N9AE9 B 9EA LH:?:9:A* BW9
:67: LHC?6BD @C>LC7CAA AI@AB# B>QF K:L ;CLPB 9S6E?:>D<# FCLH 9<67BRB@SA6B B 9EA ;<=A* =LJ
9N?A S?A >: @C?CDLPGMB># B>QF EQQ W6B9 FCLH 9< AI@AB 9:?O>D< B7 OAE6A* NLNAAO9 B7 <9?:9 E6 B
AN?76 :LH:A>:D K:L1K:LMCDBL>J# 9<G>AC7J ANK:LLE 9:M:?:@A:9 N667:* N;< =P?B >:9IQC?C@CAA*
7 <9?:9 KC6A KG? B ;N>@ND F:M:?A:9# W6C@G>9C7MB DE7A:9 KBLI9 :>E# B MB@B9 9N?O>G>>AG9 89:A*
BW9 M<667B;C?@I>A B>QF ;:>E*
+ GAC@X + 67<67:LA: B ;CLB 9N7A* + 7A A:67<9# BK<A B9B?C9*
ZP?B W6ND@ >:AA* 7 <9?:9 ABQB67AB>BA>BD 9:7:9 RCLC7AB 9NA:>E9:<9R:D F:M:?A:9# B AN?76
9SMGDW6<BD >:6A: B>QFCA# FCLH KC6A K<A ;CL A:DD<* B>QF 6789: FBPB ?CPAPB<D GA K:L67GK>G>AB B
MB@B9BA# B7AGD LHC?6 A:9<DA:A:A M:A:AA B FB67DBM:F:A:A>:D ;O6AW6JMG?B*
>?BLB@AB B7 <D@I>BA*
+ : G>>BA + C?@SACAAB +# A: @<67DJ# A: ?CFB@A# RO@N6 AC>MBPV
GKB@G6?B <D@I>A*
BW9 AI@AB# FCLH :7 B @NDA8 Q<>>BDBA# 8 <6 D:9<;IACAA* 6BAABDMB :LHKG6DB9 OA9N7A:9# KBP@
?NLAND 67EAMG>AB9* BW9 N9>EM:> >:6=PACAA B>QF?B# B7 OAE6 :>>:D;:>: ;O>EA E?A:* B>QF LHCK?CD
MGLAB BW9:A# :7 ;:>DHNLNAA* 7AGD ><F:LM:# @OFN6:D :LHKG6?B K:?:@A:9# :LHKG6 MB@6GLGAJ>
K:L;E>:K>SAM:* 99C? FB>>CAAG9 K:L K<D@ B 9:AA:D B QG?M<B@B>I9 FGAA:?ER:D ;:>FBDL7J
:LH:D>:A:6 7=LG6A B AN?76 MB@ ?<9C>AC7G66B> RI7@SACAAB# E>P:D:7A: 89:A*
N;< FBDLPB :>PIACAA B>QF ;O>ER:*
+ 7:?:ADE9 R:67E>D<V
M<B@B> ;:>9BMB?AB QC?RBD G>>A# @: BK<9C? B MB@B9 E67?:M:AAE9 67GD@E9GA# B MB@ E>P:D7E6
L=DHC6 FI??CLG6RB W6BQCAA GA*
N;< ;:>AB?ACAAB B 9BLH>JA# B FI??CLG6 :LH Q<>>BDBA?B :>FB>9I>A# B7AGD =PBRR :?8?: 9BQCAA*
+ G>BK MBD B 9BLH>JV <BRG>MB :><6KEA:>A:
+ CD@CK# FCLH DG>BK MBD B 9BLH>JV
:L>:Q8 W6ND@ AGKB@AU B AN?76 67:KK:> >GAFBAJBD 9SMGDW6<BD MG?AB# K<;E>: 67J?B9C7ABAJ
RB@B?6GLC9BA ;CL FB>>BD<*
6ND@* 7OD:A* : B W6ND@R:D# 9N7M:A>:DO> B>QF ;O>: K:>>:AA 9O>NDN6 FBDLC9* E> ;O>>:>
C@B;<LH:># K:L<6KEA>8@D:9 :LH1:LH FB>9 ;OAAH67:?T FBDL* NM:9 7IFBDDB9 CL:? @CRG>PB
89:A# ;E> 9:7EM:> B7 :K:>8?=@?B AGKB679C@MB* :DA B KE>H6ELR:D B>QFRJ> W6B9 :LH O6AN9DH<
FBPBA >GA# N;<R8> :LH 9<@I@C?C@J FB6BA*
+ 4GA B 9NM:A9:78A B9B?CK KCD@BD<* LH M<6:>9:@A:9# K<DA B LH:?:9:9*
ZP?B ;:>FBDL7CAA B FI??CLG6# KBP@ =P?B :>FB>A# BK<9C? N;< <6KEA ;:>:K:>A: B ;:FE?
MB?G769BLH>JA*
+ < PCRR 9<;:6A:AA# C6ACRB MB@B9BA PGA67BD<# MBLH E?A:>K:6D:9 >:DD<# K<DA B>QFX
MB@B9 9N7NAA DBLH 7BP AGKB@A# @: N;< A=>9<G>ACAAB*
$2'&$.-
+ < PCRR B AN?MEDH:9 67:?<DA E>D< RE9E6 :LH:AE?AE6R:D# MBLH MB@G67D< E6 N>D<X
ZPBRR 7BP 6 :LH 7IFBDJ 98 9CQQBDG6B* B>QF <6 ;:>:K:>A: FBDLPGA*
+ < PCRR B AN?MEDH E6 B 67BRB@I>G6# MBLH B MB@G67BA E6 B ;:>;C?@I>G6X
C6A KG? BW9 <6 ?<9C>AC7D< 9:7@:AA# 6 B>QF 67BMB< :>M:67A:9 B 7BPRBD* BW9 B7 :KR:?:< 9N7E
FGA?G>A ANKN?# ;:DH:L:A878 ;B> G>>A KC6A B>QF :>8AA# >GD@76G<A K:?:67AM:* G? >B66BD 9B9I>A
R:DDO9 B AGKB@G6 A:?M:# K<D@PCRRBD E?>:>8@NAA R:DDO9# ?NM<@:6:D K:L ;CLPG9 A<67ASABD@DH:>M:A* B>QF 67:KR:D G>>A M:>O9# 9<66E C>@B>MG6A# >GD@76GPB 9E67:D>EAR:D* N;< K:>>:AA:#
9:7ER:D B AB><7KGDDB># B AN?E9:DH# ?BLHCLJ 67EQ6EL P:>9EQEM:>* FBDLC9 M<FB?B MEL<L6NQN?A
?BPAI9* BLB6BD ;N>NAAO9# B7 :67KE>:A>:D6EL ;E9A:>:D6ELER:D CL:? A:>P:6 6=>HGMB> B7
:K:>8?=@?B D:F:7:@:AA*
B>QF B DBLH 67<9>B 7IFBDG6GA PJMB> :>8RR FB>>CAAB K:L# K<DA6:K K:L>GAFBAAB MC>DB* >68D:9
9EA AB>QB 9N7M:ASA:AA: B ;N>@ K:L?G79J@ABAG6GA# @CRFG?AHGPB B 9867<?A A:A:PE?8> >:FB6B@J 9NM:9
?:W6:LE6EA* 7AGD B7 <67CDH= MN?N6 67<9>BANK:L GA7IFBDA B ;N>@DH:>M:D# B>QF FB6?B M:A:AA:
KBLGA# 6 B AN?76 ;O>6<9:ASA8D OMN>AN7NAA*
67<9>B ?:AA:D:A:6 OAE6A KE?A N;<?:# G>>GAJ> AE?@E<LU B 9BLH>J :7:? 67<>GD9?B ?CRRBDA#
K:L6:KK<6O>A* N;< :LH 67JA 6:K 67J>A# KEL DHNLE6?: 6:K KB?B@A <@:P: A:DL:>H: 9N?O>
;C?CLMB# ;:>?:QO>A B KBLB6RB* 67<9>B 9:AA8A IL?CAA# KBP@ :>ATDA B7 :?@8R:D* N;< >:7IFBDA B
D:LHM:D>GRDH< KE>H6ELR:D :>A:?O>8 MN?N6 67<9>B7GACDH?B# FGAGMB> W6BAABDA ?G* CQCDHGPB
67EADHS>A# BLHM:>:P: 9<;?NWW6:DA# B ME? MN?N6?: ;:6A:AA:* :7:# >GRB KEL :LH67:? K:LMCDBL>CAA#
K<DA B KB>BWE# K<IAGD >:N>AE9* 7AGD B A:DL:? :LH DBLH >E>:L7:A:A 67:@:AA# FC667BD# >B66BD# B
MS7 ;:FE?:D E6 MN?N6:D ;:>;C??A# :>G?B67ACAAB B 67<9>GA# 6 K<?: =P?B M<667B67C?AHCLCAA# N;< A:6A:
:>ATDA*
7=AAB> A:>P:6 W6ND@ G>>A R:* B>QF BP9B :LH 67JA ;C?KG>A# @: FBDL D:K PNAA 9< ?BPAB*
99C? BW9 F<?A:>:D 9<IL?CAA B ANK:L 9N7O>*
+ GAC@X + 6<MSACAAB MB@I>* + GAC@X 7A 9BQFBAC@ DG>ID9V I@CK# FCLH K<A A:67:9* <DW6
ANRRE 6:?:L:@V <DW6 ANRRE 9BLH>J@V
>8?:;IACAA# :>8?:FBPC>A*
+ D MBLHC9 B ;8DN9V
>67GDABD# LCDC67I># AI@MB# FCLH K<A A:67# B>QF ;:>E FBPSACAAB >GD@76GPGA* 4:LH: :>>:D;:>:
RC?@G< ;N>NAA ;:>67B9SACAAB B R8?A E6 B F=6A# B7AGD >:W6=67CAA A:6AE?8># E6 >:7IFBDA B A:DL:?R:*
B>QF K:LAGDAC?C@CAA# ;GP@B>KBA D:K E?7:AA# @: FB>G>C6 ?EKO>:A ;CLAB :># B AN?76 Q:@<L ;8DN9:
QE>@GPGA 9NM:AM:# MB@ ?<9C>AC7G66B> K:L<D@I>A ;:>EP:* LH KG6<9# LN?R: >GD@76B# BK:>H ;:?@ED
67:>A: GA B >:M:L8A# 9N7M:A>:DO> B>QF B?WB :>8AA 6<MSACAA :># :LH FB?KB@<9 B KBLB6RJ> 7IFBDA >:#
B 67<9>BAC?CDH?J># BFC> CL:? G>>A* 7 <9?:9 FGAI># B MB@B9 6C?;B>B KNLNAA ;:9O@A:9 B ;N>@ND# B
67:KE>HA:>:D# N?@NL< KB679C9 :>G?B67ACAAG9 B ;N>@DH:>M:A* B>QF K:L;C?@I>A# :><?BKC@CAA*
<?G>H67:?T# MB@ ?<9C>AC7G6 FB>>BA67CAA B FGAB KNLNAA* 6K:?:A>:D N67AND:<?: FB>>LBAMB# <@:1C@B
W<9G7CAA B DHS>A A:?:Q:D# B >GD@76G9 :>9:?O>AE9* 7AGD K:LQ<>>BDACAAB KBLB :>8AA B7 BDHB9CWB
;:P:A>:D A:6AEA# GAIL?CAAB* N?L8 GLB9 E6 >:M:>:9 9N7NAA AN?A IABA KBLGDB9# B7 :?@8 :>DH:>A:*
KB>BW A:A:KEDE> B ;8DN9 K:LG>>A# FGA?B;C?@I>A# E6 ;:>:K:>A: 9:7EA*
+ <667BV <667B B 67<9>BMG?FC7V
MB@B9 FBDLC6BD 7BPCDLMB M<667BAE?A:9 B ;N>@DH:>M?:# BFC> CL:? W6BA>B9C7CAA FC77GPI9*
;8DN9 @OFN6:D ?GAGKB@A
+ <E?A D:K MBLH B7 8?F:>H:@:DX CL:? 9CKC?BD 67:KR:DE7:AA M:>:*
+ QQ KC6A PNAA:K >:Y
FJFE? ?EKO>:A:6 >EL9N?: ;CLAB 9N?O>* BW9 D:K ;:>:>A# B ;N>@ND ;:9M8 BK6:?<W?: DE7:AA*
$20&$.-
+ 6BA>B9C7D< ;CLAC9 B AN?76FN7V
+ DL:@P :> <DDEAY
+ Y K:L :DL:K <6V
;8DN9 ;:>9BQCAA :LH:A B 9:ME6 K:LKB?B@A >GD@76G9 9N7O># 6 C>@B>RB @N;A: M:>: BK:A*
+ 4CLH E?A:@ :7A# K<X + 9E?@:7A: MB@I>* + 7 K:L K<A P:>:DA6:D# FCLH ;:LHM:?:6:D PNAA:A:9
<@: FC77GKX FCLH D:K B9B?AC9 W6BA>B9C7DA: B ;8DN9NA# C>H 67C?C6BD K:DA :> K:>>:AA:# KBP@FCLH :> D:K >N9A: B
MG>>GMB>* 7 C?@SAG6 BRRBKB?B@A# BK6:?<W <67CDHC@MB# W6ND@:6:D RGKI>A B KBLB6RB* CL:?
=LH 9N7:>:@:AA ;:>EPO9# K<DA :LH <67CDHBAC6# 67:KE>HA:>:D FBAB>CK K:LA:6A:6O>E6:*
$2,&$.-
5 $ $ $
B>QF ?:PA:9F:>HED ;:9O@A# 6:R:<A M<76LG>LBAMB* CRR C>@B>< RC?@G< ;N>NAA A:DHE?DH<
DBLH6GLRBD >:FC?76C>J@CAA B R8?# B >GD@76B @N;E6: DHCKGD @BLB@A# ME?:6 6:R MN?N6>NAA* FBPB
W6IQB 67:DDH# MB6ABL ;O?AP:< :LHKG6RB W6BMB?C@AB9# K<DA B 9=67JDNMEDH <D@G<* :D:9O>E6:
6C?GD B7 :?@8R:D B ANM<6:9 N667:M<667B 9B?WC>AG9 A:6AEA# >:AEQAE9 ?J>B B R8?A* G? Q<F:DE6: :>68
Q:?W:<R:D# K<?: AO@:P: =P?B K:LDHILC@CAA# K:LG>>BQSACAAB# FCLH 6:R:<A :LH:>8?: D:K KC6FBAPB
9< FCLH FB>>BDG K:L B7 O>@N78 K:7A:>:D >GRB9 6I??BDG6GA# FB B MS7R:D >IR<W9C>X <DA BFCLH
:LHER9EDA 6:K >:DD: R<7ACD6GLRBD B 9<6 ;C>HJ K:DAED MBLH B DHS>A A:DL:?QB?ACD*
<LH:>A* :K 9:?O>A K:667<?: B 67<9>BMG?AJ># :>68 <P:@:>KER:D =LH ?EK>:AA D:9<# FCLH FB>>PB B7
O>@N789 9N7:>:@8 >G?KGPGA* 4C>CAA B MB@G67C9 MB>JPGRBD B @76IDL:>D:9 EQQ W6B9 B Q:?:KE<L
K:?E679:@A:9 :># DH<>MGD :>FBPSACAA >GD@76G<9BA 9:?:6LE>M:# 6 FBKB?C6BD M<667B?CFBDAB9 B
DBQ6OANAA: 67<9>G9FC7# K<DAFB B >:M:>:9 B>BAA >BQQBDLJ 6NAEA6EL <DI9RB 9:?L:AA: MC>DB B
RGAC?6GLCA* B>QF :LH M<>>BDG6DH< <@8?: K:L <6 Q<>>BDACAAB B7 :LH<9:A# RB?DB# ;:9:A: E6 MN?N6
6GMPB<MB> A:6AEDU <><A ME>A: R:DD: ;:><6K:?D<* : MB>JPGRBD D:K <>< MC>A# LCD@C>AB 9E68RR* LH
MB@:KR:? MC>A# B9<D:9 9EQ: D:K G>>A N667: <>< :LH9C?< DB@?GLC6# <DL:6 :K>E99EQEM:>*
@E>IAGD >B66BD9EDA MEL: ;:>E 9N7:>:@:AA# B DBQ;EDH 9:?:9 ;C>APB< GA6IFBDAB9 B 7N>@
QG>KB>:M:>:9:D E6 B RB?DB ?C6AC6 ;BAN?76:9:D# @: B 67<9>B KNLO> 6:KK<>H:D FBDL 6:K
FB>>BA67CAA* B>QF :LH <@8 K=>MB DELH9E7>GR GA;I?B9C@CAA B7 :LHKG6RB W6BMB?C@CAA
QG;?GDHANK:L:D# 6 9<9=67CAA BDDB9 B7 GAFBAC>FBABA>BD @76IDL:>D:9 B Q:?:KE<L# BK:>H B
;N>@DH:>MM:> 67:KR:D F=7J@CAA B 67G?B7;N>@ND* ELA:>:D JMBAC66GLLB> 9<>:6:>9:@:AA B7 GLB9
9N7O> 67:KR:D M:>:# B 67<9>BAC?CDH A:A:PED CR:?A G>>A 8?6EL:D* B>PGRBD AB?ACAAB >GD@76GPGA#
:LH 9BM<W6CA FBP<LG>A B >:M:L8R:# 6 PCRRPGMB> =P?B :>9BQAB* NLNAA: MB6ABL ;O6A;:>F8 :K:>9:@:AA
B KBLB6RBU B>QF C??>HI9B< 9<AGLI>AB9# 67GPGRBD N667:;IACAA B DHG>* 9:7: ;:PEM:> K:LAN?O>A:
C??GA E6 67GPGA# 6 K:LG>>BQSACAAB# B DBQ ;C>HBKGD :>867N?# FCLH M:67:AAO> EF:6* MB@B9 KC6A
B><LFBD:K 9N?O>O><9 B 6O>8 KB>BWCA# 6 DE7<9# K<DA W6NQNL E6 EL :> B 76S?PB B7 :>:M:D QB?G76CD*
6ND@R:D MBDDB9 E6 ;<LH:>D:9*
LH ;:><6K:?F:A:A>:D B>B9 ATDA ;:> JR:?A K:>>:AA# GADH=PACAA D:9< MB>BK<A# KBP@ K:L;C?@I>A#
E6 M<667BK:DA B 67<9>B KNLE* JR:?A >:;:9A:AA: B >GD@76GPGA KBLB K:>>E B ;N>@?:# B7AGD K<D@ B
9EA 9:7EA ;:>:K:>M: ?GLD< 9:7@:AA# SLH FGA :>9:7@8@NAA B >B9CKB# 6 B7 8?67:KD:9 :>FC7AG9 B
?E67EA*
B>QF =LH >GAAB# FCLH :LH <@8?: KC6A R<7ACD6GLRBD MBD* LHOKN>W6;G9 ;:>E M:AA: =APGAU KEL
:7 B 6CMGDH AGQ>G>E9 <6 MCD7CAAB# RG? 9:6:?T 67GPS77:> <@E7A: ;:> B7 ODD:Q< >B9CKGA C@BGA* DD:Q<
>B9CKB KBY 6 FC>DBQYX
RRBD ?:KEDH9:@:AA# D:K 6C9 K:LLH878@E66:> ILHBD# FCLH AB>GD RE9ED FBLHPG9Y AB>GD
R:E?<9 B77B># FCLH 67GKT7<9 9N7N66ELO9R8>* : N67ANDN6 AI@G6B :>>:DG>>A K<D@:D
C9C69C@G6DB9* 67EAAN?A 9BLH>J# N;< E6 <KCD FB>G>B G?DH9EDA >:R:L:AA B 67<L:A ;N>NAA*
9<;:6A:AA MB@B9 :LH?: K:667:RR K:?E679:@D:9* B7 B K:L;CDAC>BA>BD 9BQCW6 9N7A: E6 BW9
9N7NAAVY D:K# D:K ;CLPB RE9ED FBLHD<# 6CFB :RR:D B7 E>:AR:DV
$2!&$.-
<6 ;EDH;C>AC99B> B A:6AED K:LG>>A# K:L:K:>M: :LH GLBA# K<D@:D Q<>>BDBARBD 9E67:D B??B#
FCLH :>?:PA877E9 B>BAAB* ?EKO>:A LN?W6: ?G7AB# FBDLC6BD :>9<G>ACAAB KBLGA*
+ :K <LB7V :K >:F:AD:9 C>HBD LCDC67B9V E>:A>:D RB>:6:A MC>AV
:RI9CAA B7 GL B>G# B7AGD :6:A>:DO> ACMGRR;IACAA# =P?B K:LG>>A# FB>>LBAJ7CAA*
E68RR :>E?A B 9<;C67ACAA# AND9?:A:AA LHOKN>W6;B><L:AF:7# KCFJD AEQ:AA# :M:AA* EA
BQ?J6GLLB> <6 AB>G>9C7CAA# 6 K<DAFCLH 6:PA:>K: 6:K MC>A B??J># K<>H:D <P:67A8 9O>6:P: MBD#
:>W6C@G>9C7CAA# FCLH B 9EA LH:?:9 6<9C>AC7D< 9:7@ E6 :>;IA*
<IAGD PJ>>B9CAA# B QB?A ;:>E <D@I>A* ?CKRB @8>A 9IDHFJ K:>>:AA B DBQ ;:?@ED AT7NAA B 7N>@
QG>KB;G9?B* :LQ<>>BDACAAB B KJ>JA# B ;O?@8K:@:DWEA* :K A:F:A KC6A PCRRBA# K<DA FCLH
:>;:>:@9:7<9 B??J> B7 J>CK6=>H?J># BK:>H B 67SMEA K:LO>A:# 6 K:LRS7<9 B PJ7BD :67O9R:D# DBQQB><
:LE676EL:6 SAE>:AO9R:D* AN?76 KC6A PJ>>B9CAA# =PBRR 9S6E?>:A:A 9:>> A:DD<:* LHER9EDA 6:K
G>>FBA <AA :LE67 EP67B9B B7 :>FBLHCAA KJ>JD# B ?CKRB @8>A 9IDHFJ K:>>:AA* 7 B>9CDHBA< ;EDH
K:LRC?7CDLBAAB# ><RBR8?N6 >:AA B FGAB* :K AT7# 6:K ;O6A# 6:K K:D:9O>E6V :L;C?@I>A# E6 B7
:?@8D GA# 6GDA<9G>MB :><D@I>A BW9 R<?C@B>KB ;:>E*
DBQ ?E76=AC6 6ILB?B< KG? :>M:67A:9 B 6T?T >CKRC7BARBD* LH A<67AG6FC7 E?A B7 :?@8
9N7:QED# K:>HD:9 67<9>G6 AB>BPGD D:K D8AA DNMEDH7:A# W6B9 G?DHE9C9 AN>ANAAE9 ;:> K:@:DWEPEA*
B>QF KG? KBP@D:K >:M:A:AA: KBLGA :LH ;B KNLE# BK<9C? B A<67AG6 9N7:QED F<?A:>:D :LH G>>J
B>B9CA Q<>>BDACAA K:LU @: KG? B 9NM:A9:78 KG6C@Q:?WR:D E67?:M:AA:# FCLH B7 B>B9 B?WB ;:FE?
W6CDAU B @<67DJ9CQCDHB M<LHC?LCAA ?G B 9B?J F:LHE?8>* B66= >EQA:99:> 9N7:>:@:AA FC77G#
67:KK:> AB?AMB B 9CQCDHGA# K:>H EQQC>H ;:FE?:D W6<>>CLCAA# K<DA D:K?EL KEL B 9BLH>J# E6
KC6A K<DAFB W<D<9I6BD B7 B?WGRB ?NFNLD:* LH 9SMGDW6< FBDLHB 67C?LC69C@CAA :LH<9
67:KO?:LER:D# @: :LHER9EDA B7 :LE67 MBWB9 E>:AA:>:DD:9 >GA67CAA*
B>JRBD B7 MC>AX
7 <7LB>CK BQ?J RC?7CDLG6B< ;IA9C6AB9 B FGAGD* EA 9:7EM:> ;:>:K:>A: FBPGA# E6
67:KR:DE7:AA B 9CQCDHGMB># BK:>H 9N?O>R:>O> :LH 67<DA:D MC>A B7 B?WGMB>* ;CLB< M<W6C?CLAB9#
B7 O?:6 67:KLN@?N9 DHILC@ABD# ;N>EDH:6:D G>>AG9 B ;<= A:9<DA:AEA*
< MC>A :7X
9CQCDHB =LH K:?:@A B>QF?B# K<DA B9< K<D@:D?: AI@ MG>B67A# @: D:K KCD@PB :>* ;<=A
R:A:L:6 ;E>:>:K E6 @OF ;CLAB :>* B@I> ?GW6BQCAA B 67:KER: K:?:@8 67:DDH:6 MBWB9?B# BK:>H
<@:1C@B <DLCAA# K<DA :LH PGAE967:?# FGA?BFBP>CAA# KBP@ M<667BQBAABDA# B7 B?WGRB M<LHC?LCAA*
HT>N>9N@M: ?G9<G>ACAA# A:>P:6 :?:PER8> =P?B ?GMGLCAA* 7AGD ;:>FC?76C>A IPPS7O>:A:<A DHB>CLBAMB#
DE7:L:AA: B7 O?:6 9B?JA# 6 B ;N>@ND F:M:?8# 9:AAEAN?A 9CQCDHGA# K:>HD:9 9EA ;:>: KC6A
9EAKEA:?DH< AGMC>6GL?B F=7AB 67EA M<LHC?GA* <?GDACAAB B ?:679:A8 9B?JA B ?:Q:@E6R8># 6
>GD@76B9EDA KBLB :>E AB?ACAAB# 67:KR:D B ;:FE? W6CDAC99B>* 7AGD >B66BD FGA?G>D< 9:7@:AA#
67:KK:> AB?AMB B 9CQCDHGA# BK:>H M<LHC?CLMB DE7:AA B7 EL?:*
K<9C? B 7N>@ <77G6 >:C>MB@A B >GAJFBAG??J># E6 A:>P:6 6NAEA6EL RC?I>A B ;N>@?:# B>QF <6KEA
M<667BAE?A B 67<9>BMG? :>8AA F=7J@J RC7JAC6RB* <9BD@<9G>MB K:LG>>BQSACAAB# FCLH B
67<9>BAC?DHCD KC6A <6 8?A G>>DB9U RG?9< MC>A <6 B7 8?# >GD@76GPGA 9E67:D>EAR:D AB?ACAAB*
:AE?@:>A B7 G?DHE9C9 9N7E* :6:?T MC>A B KBLGDH* LB7# FCLH B7C9 CAA MB@B9# @: KEL<6W6B9
:KR:?< >EDH:9 B7 EP67B9B >:6R:D G>>J ;:DH:L:AE6:< 9N7NAA*
><L FB>>FBAJBD ;:>DHNLNAA* G?K<>H:D ;G?B@A MC>A <6# D:K >:F:A:AA Q<F:DD<:# D:K K:?O>F:A:AA
:> B7 G>CK KE>H 9=APGRB* E>A B MB@B9AJ>* : D:K A:F:ADE1: K:L# FCLH :LH67:?T:D R:6EAG> B
MG?RB# D:M:AM: RE9EA BPGD> D:9<9# 6 M:>O9 B>67<9 B AGRC?RBDX >F<A:AM: KBLGMB># FCLH B7C9 <6
KEL 9<6;<=9# <69C>G6 ;<=9# B9<9 D:K?EL KEL B7A KCD@AG9 + [ L:D# ABDG? =?VY :K# ABDG? =?VY\
+# 6 9CQCAA 6BQ9GRBD PG?AB9X DBQQB>< ;EDH AB>GD B7A ;:>:>A: MC>DB# FCLH + L:DVY + @: B
$2/&$.-
6NAEA6EL E6 B FB>G>;E>:>:K D:KK:> ;:>:>A* RC7JAC6 KE>HED ;:9M: B>QF AI@AB# FCLH AN?MEDH:D
9SMO> F:>H:7AE9*
+ :?A K:L8?<7A:K B PJ7BD :67:K:A*
?WGA MEL<LAN?O>A: 9B?PGD# R:67SMAB B 6J# B M:?:PAE9 6BMBDH= 67BLGA# B 67:DDH G>>CAA RT7EA*
:667:# RG> 9E7 ;:>8> B7 JW:GD FI>>GKB< >E>:L:7A:9# F<?A:>:D >:BQB@MB# KBP@ =P?B ;:>;C??MB B
67<9>B7GACDH ;N>E*
67<9>BMG? ;:>8> FBDLC9 FB>>BA67CAAB9* 4B PJ> C@B;<LH:>A# 6 9<9BQW6C>AB BLHGRJ> B A:DL:?
F<DAG7G6GA# B>QF ?G<6K:?A B7 <6K:?86 OA:K?:*
/ #
$ #
% & &#
AN?76 AGDWC>A* 67<9>B;B> A=>6J C>@B>GD MB>BFC> :LH 6NAEA 9N? ;C?LCAA# AT7 <77CAA# F=6 67BLB
E?7:AA* DD< ;CLDB9# E6 R<7ACD6GLRBD MBDDB9*
7AGD F<?A:>:D N667:?G79J@CAA KC6A KG? 9N7:>:RR?8> FB>>BA67CAAB9 B FBDLC9* MB@B9
;:>KG67AB9 B 67<9>BAC?CDH A:A:PE?:# M<>GLC6BD 9< >:F:A:AA M:DD< R:67E>L:AE6O9:A* B>QF DEFGDH
>EQE6DH<?: :>8?:KG67CAAU >GAAB# FCLH B 67<9>BAC?CDH A:A:PED B7 G?DHE9 B>B9CA MG>A# 9<67E>:6:@<9*
67<L:A:D W6B9 9EA ;<= MC>A# B9< <>H:D;C?KGD KC7LCAA E6 R:67E>A*
B>QF B 9B?PG?B :PA:AA: ;:PEA# B7 =P :6:KEDH =LH FB6SACAA R:>:# K<DA :LH 6:R* :FGA BK6:?<W
KC6A ABLPB>:D: ME@<9 B 67<9>BMG?BA* <DW6 KG? >:F:A86EL B??B# FCLH 9<67BRB@SA6B
89:A# E6 :>>:DAN?76:A B>B9SA6CD B 67GKT7NAA:9R8> B 67<L:A A=>6J MELED* C6A KG? BK6:?<W <6 B
MB@B9 9N7E AB?AC7<9# N;< Q:@<L K:LFB>A# 6 B 9BLH>J S77E1QC??G AN?A*
?EL< 8?67:K >:KG67CAA B AC?CDH?J>* :A:PED B 9EA <9:? K<DAFB B 67<9>GDB9 MC>DB ;C>HABAG6B*
LH W6<>>BL 9:>A ;:> KNLNAAO9# KBP@ =P?B :>ATDA MB>BK<>H:D KC7@I>BA KNLNAA*
B>QF JMBAC6BD KEL 9N7:>:RR DHCKI>A B 67<9>GFC7# >GRGMB> ABQCLBAMB B7 :LH:D:A>:D AB>BPA#
K<DA B MB9* CRRPGD KE?;N>@DH< FC667=6GLRBD B 67<L:A R:>M<7: W6<>>CLCAA# RB>?J># KE>H:D B>BAAB#
K<DA :LH 9=A 67N?DHT B9DGPB# B DHILAB>BD A:DL:? FGRC?LCAA* MS7 Q:?W:D9EDA 9N?O>>:F:>A: B
FB>G>67<9>GA# 6 ;:FE?:D ;:>M<?GLC7AB* B>QF B@@<L ABQCLBAJ7CAA# BKSL 9:7: ?G D:K AB>G>A B
67<9>BAC?CDH ;:>PG?BAGDB9 QG?9GDH7BAG?B* 7 8?N9 9N7M:A>:DO> ;N>NAA: G>>AB9# B>QF >GAAB# FCLH
:LH >GD@76B DH=><9 9B Q:?:K: ;N>NAA*
BLHCD FB>9BD
+ BK6:?<WV
:K 9BQCAA MG>B67A* 4BDLC6BRRBD 9:>> R:67E>D<:# FCLH FBDLPB :>E?P: 89:A# @: B99C? B AT7
K:>>:AA >B9CKG7J# W6S9C6?B KG7C>A :>>:D6EL:< <6 K:LFB>>PG9* 67GPGRB FB?BQCAA# 6 KG67D<
9:7@:AA# 9<ABQCLBAMB B ;CLJ79C@G6?B B>9B>KB6 ?E6:9:A* 9B?J# BK:>H:A B @<67DJ9CQCDHB B>J>
67:@:AA 9<# B9B@G>HC7AB ILHBD# @: D:K B9B?A K:LMG>D< :LH:A>:D ;:LHM:?EA8>* 6B9 B99C? 67J>B>A
K:L =P?B# BK<9C? KG? KBP@D:K :LH 67<DA?: E?A B7 <9?:99:>*
+ BK6:?<WY
4B>9 9<G>AG6 FB>>BA67CAA# <@:L:6 9BQ9C@G6 D:67:7E6:* 7 <9?:9 :LHKG6RB ;CLJ7AB9# FB>9BD
KB9CLAB9 ?EKO>:AO9R:D*
+ D MBLHC9Y B>QFV
$2-&$.-
AAJ> ;E>M:# FCLH :>;IADB9 E6 ;:>>G?KG77G9 B MB@B9BA# KEL PCRRBD ;:>F=7J@79C@CAAU KC6A KG?
;:P: E6 MG>>B <6 9<:K:>9:@:AA B 67<9>B Q:?:K: ;N>E* E>H:D B>BAAB# B 67<9>B7GACDH 9N?O># W6<>>CLMB
M<?GL7CAA B A:DL:?*
+ 6B9 ED MBLHC9Y B>QFV
EL?: :>8?:FBPC>AB9# B7 B?WGRB RGKI>AB9*
+ 7A F<AAO9# FCLHY
+Y D:K AI@AI9# FCLHY
+Y B7A LCD@C>AI9Y
:99C? :67O9R: PIACAA 67ELH:DA:>P:6 =P 9NA:>:66ELO9* ?<W FB>>LBACAA# @: BK :> B9B?AB >GAD<
;:>B@BAGA*
+ > 9:>> K:DD:@# B>QFV ?<LLH :>Y :L>:D@SA:AA: >GD@76GPGA# B MB@BA PGA67CAAB*
+ C>B66 :># E?A:@X
?<W F:>H:6>8D RJ><DACAA# E6 >GD@76GPGMB> B >:M:L8R: 67=?A* B>QF B 9NDHN9E?: D:F:7:@:AA# 6
D:K AC>BACAA :>*
+ 4C77GAC9 PNAA:K*
:9:@A MC>A* GPA B AC?9B# DCFB D:K 6:R:6O>A K:L*
+ 4C77GAC9 PNAA:K*
7BMB9 9EQA:>:D:9 B??B# FCLH 9<;:P:77E9 B KCD@FBABA>BD ;GP@B>KBA* B>QF :>FB>>LBACAA# @: B7
:>:M:D W6<>>BLC9 B7 EL:D RI9;:DW:9:A FGDHAB9 E6 AGDWC>AB9*
BK 7BMB?ABD ;E679:>8@NAA*
+ B>QF# 67BMBK?B# PCRRBD A:DDE@# FB :>K:DDE>* B>QF ;:>DE7:AA ?G*
+ < D:K MBLHAC9 R:KG7C>MB* 4CLH >:F:A B7# FCLHYX 4B M<>GLC6 MC>DBY
4B M<>GLC6 MC>DB# D:K K:?DE9 R:MB>>BD<# B 67ELH:DA8> >:6O>D: B R8? B7 B?WI9?J>* : B7
EP67B9B 6NAEA MC>A* ?<W 9<:LH:D:6:@:AA# B7AGD B7 <9?:9 ?G9:7@A:9 9EA67J>BK= KBLHB?G7BAI9?B
+ > 9:>> K:DD:@# K:?A D:K R<7ACD6GLC6Y
+Y 9EDH67:?SA:AA:9 R:DDOD9:AY :LM:?A:9Y
+ <W6C@BX BW9X
+ :K* :K 8Y
:PP:RR FBPC>AB9# >:FB>9SACAAG9 FBDLPI9BA*
+ JLP :># B>QFVY
+Y B AN?76Y
+Y 9EDH67:?SA:AA:9 R:DDOD9:AY
+Y D:K A:F:AOD9 ?J>BY
K<9C? B>QF =P?B K:L67J>B>A# B FBDLPB FB>9 MC>A# K<DAFB D:K ;IADG B >E>:L7:AER8>*
+ 4GA K<A MEA:AA:KXY 7:?:AA:K 8AY 6 B7A B9B?ABK# FCLH K:LK:DA6:D:9 R:DDOD9:AY
@B;:DA B7 EL:D =P?B AGDW?B Q:?@O>A:9 B W6<>>BLC9* ?<W 9CKC?BD K:L?G7AB ;:PEA*
+ @: ;<LH:>P# B>QFV : AN?8@P B77B># FCLH K<D:9 K< E?A:>K: MBDY DD:9 KG? MEL:V
+ : AN?8@P B ;8DN99:>V
+Y K:DP :> <DDEAY B 6BPGA E?@:9:@R:DY
+ ;8DN9 E6 CL:?Y
+Y <L:D# CL:?Y
$."&$.-
+ HT>N>D:9 AEL:@# B>QF* < B9B?DB9 W6<DG>D<*
+ 4C>DBQ FBPAJMB@G67BACA ?:D@:7D:9# FCLH :>;CLPBDB9Y
+ : K<E?AX
+ :K AI@CK* @: ;<LH:>P BW9# B ;8DN9# KCD@PB# FCLH M:67E>H:6 >:67Y
+Y 6 FCLH JMBAC6DB9 9:>> >:DDOD9# 6 FCLH =LH 67=?PID9 B >GD@76G<D99B># K<DAFB KB>BW?B
MB@G67DGD9Y
+Y ?BPMCDB>RBD MEL<LK:LHOD9 B 67<L:A:DY
+Y :??8> B MELE?8> <D@I>ID9Y
+Y BKSL ?G@ D:K AB>G>ID9Y
+ >H:D P:>:9:A 9:>> B@DID9V
?<W ;:>:K:>A: ;:PEA# 6 A:DH:?EM:> M:?@:6M: DH<ACAA 67GPGA# FB>9 FIFCLJ FBDLCA FB>>BACAA* 7AGD
<@:L:6:D KBLB KNLE DE7:AA*
+Y
+Y W6B9 Q:?67: FBDLC6BRRBDY
+ : F<67:D D:K MEA:AA:K 6:D9< :>>:D + <6KEA:>A:# B>QF 9NDHN?NLM:* + 6B9 B7A B9B?ABK#
FCLH LH=PA6ID9 AO7:AY
>FB>>LBACAA# 9EA6ELR::6:AA:D LCD@C>A B FC>DBQ< DBQ?B* F<?A:>:D MB>BK< ?:D@9SMO> ;CDAC6
@C>CL PIACAA B7 :67ER:*
+ B7AGDY
:K AI@AB ?G67GDD< KBLGA# FCLH :LH:D:6:D 9<KCD@PB# BK<A LCD@C>* : B KBLGDH E6 B
;E>:>:K KEL<6 ?GRS?AB*
+ <F:7 ;CLDB9 9:7@:D< M:>:K# FB K:LAB>G>DB9X
7 <9?:9 FB>>LBAAB9* >BAAB B FB>G>67<9>B =P?B 9<M<?GL7CAA*
+ <F:7 9:7@:D:9 M:>:K# FBY <6A:D:K# K<>H:D EF:6 MBLHC9V
67<9>BAC?CDH K<DAFB K:L<DLCAA MC>DB B>BAAB*
+ CD@PGAC9 KG?# K<F:7Y 7 <9?:9 9<AE?8 MG>B67A B@AB9*
+ DDEA KC6A :> 9:>> ATDDN@# B>QFV
+ 6BPGA E?@:9:@R:DV
+ I66# BK<>H:D K:667<?: W6B9 AI@67V
+ :K B9B?AC9 M:>:K PNDD<X 4G?KID9DB9Y ANRR :6E>H: >:DD:*
6ND@ >:AA* 7AGD BK ;CPACAA FBDLPB FB>>BA67CAA*
+ :K <6K:?:@ NLE?A* :K AI@C@# K<>H:D 67N?DHT*
+ B ;8DN9* 7 <6Y
+Y K<D@9:AA:DY
+Y W6B9FCLH CL:?Y
:LRC?7CDLAB9* AT7 ;:>8> B AN?76 MB>BK:>H<9 ABLPB 9N7:>:@:AA B AC?CDHFC7# 9=67D< 9:7@:AA B
67<9>GD*
+ 7E?A PND# FCLH :>>:D8?<77:D R:DDOD9:AV HC?6BD# B>QFV
BAA ;:>9E67O>A# FCLH >::?:679:@<9 B ;N>@DH:>M?:# B>QF KEL :LH IAC>6J 9S6E?>:A:A A:AA# FCLH
MB>BK<>H:D FB67DCA W6<9B?PCD 9< :RR8> B AB>G>9C7G6RJ>*
$.$&$.-
+ AA B 9N7:>R:D R=PC9 :># CAA >:DA B RC7JAC6RBD + 6=LAB* + B?A6GAC9 89:A AGMC>Y =LH6:K PIA
:67O9R:# FCLH <AA B 9N7:>R:D 9:?:66:D:9Y
>EQA:9 KEL W6B9 K:667<?8> 9CQCLAB9*
+ BK# ILH: D:K >:67 6:KK< RBPCKX 7 <9?:9 =P?B FB>>LBAAB9*
+ :67:V + KCD@AB BK F<?A:>:D* + :@@ :>Y LH @B?BR F=6A AB?ACAA ;:>EP:# B>QF :>9BQAB*
+ : FGA K<A KTM:>D:9 M:>:K# FB :>;CLDB9X
6ND@* C6A KG? 8 KBLB <6 C6ACRGDB9 AB?ACAAB B 9E?@E6A* B66BD >:;:>E 9=67CAA B 67<9>GD*
+ <A KTM:>A:9 M:>:K# FBY
67<9>BAC?CDH A:A:PE?8> A:>P:66ELL:> E?AF:A:A>:D ;:>:>:A 67G>>A B>G
+ CL:? K<D@ B 9EA MELED 9<F:LH:7:AA :LH 9B?JA* CL:? K<D@ B 9EA MELED 9<F:LH:7:AA :LH
9B?JAX B>QF 6:KK< E?A:>K:A D:K AI@CAA 9<FGKC7D:>:AR8>* 4<?A:>:D @OFER:D K<D@:D
W6=DHB 67JA# BK< :67ER: PIACAA# :>9G?CK9C@CAA KBLGRBD# B7AGD :LH67:??: W6B9 G6SABD< 9:7@:AA*
:@@<L RS?PB B7 :KR:? B>MG6 DE>9O>X 67CDH=BD MGLHJ@CAA :LH GLH?B# >:Q:@8?:# @: <AA KG6
;:FE?6EL:A D:K >GACAA# K<DA B FBR7J# W6<>>CLJ A:P:A D:LHM:D>GRDH< KE>H6ELR:D B 67<9>B 9N?O>#
BK:>H:D N;< BLHCD7=7AB KBLGA* N;< KC6A K<D@:DOAA P:>:D MC>A# <AA MC>A B ;N>@DH:>M:D <6# B
6NAEA6EL E6 FB>G> <67CDHBAGRBD* 4B N;< KC6A F<?A:>:D ;:>K:?O>D: B MS7R8># 9:AAEFB6B@A O?:6
9CQCDHGPGMB>VY B>QF M<DDHCLD< E6 G6SAC7D< 9:7@:AA# K<DA B7 BQ?J6GLC9* :7ER:D B 9B?J
KBD9JMG MG>A# D:FE79:6:D ?GAGKB679C@CAA*
7AGD =P?B 9<F=7AB KBLGA* 67<9>BAC?CDH A:A:PE?8> 9<G>AC7G6 FB>>BA67CAA* BK6:?<W M<ABA9C7CAA
MB>B9<M:>* : B QG;?GDHC9 E6 B KBLB6 ;T <AA MC>AB9 B 9N7:>ER:D* AA 9:>> :>?:PA87D<:# B RC7JAC6
9N7:>ER:D# BK:>H FC>DBQ< R=MJF:>H: >:67* AA# B 9:7: ;TFN7 E?A# <AA ;CLPB AN>A:D< B7 EP67B9GA# B
AN?76 9N7:>ER:D# 6 FB B A:?KE67:A;N>NAA< RC?7B>KB9 =P?B P:>:DA9:7DED:9# :>K:D:9O>F:A
:KR:?AG?6B< 9N7E# KEL FBY
< ?A:>K: >:F:AX LH K<D@ B 9EA MELED 9<F:LH:7:AA 9B?JX <?: MB>JX G? :LH67:?
K:LFBP<LG>AG9 >GD@76G<99B># 6 :LH 9<MEA:>EM:> MB>BK:DDH< WE>A AEM:67A:AA* B>GD >:L9N7:>:RR <6
:>MEA<9 B WE>AV
:M:A:AA: KBLGA B KBLB6 ;TR:* 7AGD :67ER: PIACAA @B?BR F=6# BK:>H:A BKA8> 9BQCAA# E6
MB@I> KB?WBDLC>D< 9:7@A:* 9N7R:D =PBRR 7BPA FB>>CAA# 9<G>AG6C9BA# BK6:?<W
;GP@B>CK9<G>AG6B<A# 6 <DL:?O>A 67JMG>AG6A* 7 K:L K<A P:>:DAX BPAB 9SMO># =LH >GA67<9# KEL MB>B9<
KG6 <6 RBPRB 9:?O>A# B7 <9?:9 9N7O> B7 :LH<9:A RGDAB>KB7AG9* 7AGD B FBDLC9 :>AGMC>C@AB9 B
67<9>BAC?CDHAJ># :>;:>:@9:7:AA ?J>I9* <DH=PACAAB 9:7EA# FTMN6# QIFB QG;?GDH>:M:>:9F:7 E?A#
BK:>H:9 B RC7JAC6FC7 AGKB679C@AB9* 7 >:67 FGA EP67B9B< R=MJF:>H:* <F:>HA K:LM<??B@#
R:KG67<9 B @76IDL:>R:# :>F:>H:79:@<9 B7 :LHKG6RB W6BMB?C@CAA ;BAN?76:9 9N7NAA# C>HBD KE>H:D
R:G66B KBLGA# FCLH W6B9 :LH FB6CD>J OLH:6 9=67J E?F:ADE IAC>U B7A Q:@<L 9:?:67AO>@N;<*
AA ;CL O>D<# B FBPAJMB@G67BA :>FB>B@ KBP@ K:>>:AA:# B ?BPMCDB> FIFCLMB :>FBLHPB# 6 8 67BRB@
>:67*
:;E679:>A: KBLGA B QG;?GDHC9 9N7E# B>BLIABA G6CAA* BLB K:>>E ;:9A:AA: B 9B?JA# >:R=PA B
6NAEA6ELR:* :K 67BRB@ :>;:>:PA:D<:# FCLH Q<AHKB>>BA9C? ;:> 9:>> ER?:@D<:# FCLH A=>PG?FB66CD B
MB@B9 :67EDY 6 E67?: 6:K M:AA:# FCLH :LH67:??: W6B9 :>DHCKAB B7 G>CK# 6 LI?SABD< 9:7@A: :LH
K:?:@:9# R:D68 >:PA8D*
:>ER?:@A# KEL K<:>8AA 9<DH<ACAAB MC>DB B 67:KEA* B>BK<>H:D 9N7:>:@8 >G?KG?B >:AA
;<LH:>K:6* ;E> 67:KEM:> 9N?O>DE7:AA# B?WGDB9 >:DHCKBAB B ;TR:D :LHB?B67DH<?B MC>A A8>:#
R:>:KB?9C>A# B QG;?GDH>:M:>:9 ?:7:LM: GA:DL:@AE9 B ;EDHA* QQ W6B9 BDDH< <@:P: MC>A# FCLH
K:LG>>BQSA6B# FCLH B 7IFBDG6 E6 FB>G> MEL:A D:K E?8 ><@E?WDHCKG6B :>K=>A# <AA B FBPDB>Y 6 =P?B
K:LFB>>CAAB B FBDLCA* >DH=PACAA FIFCLG6 B QB?A ;:>8>Y B 9NM:A9:78 MB@:KR:? KG? ;:> <6 9BQAB
B FBDLCA# ACMGRRB@AB B FB?KB@<9DB9* 9<G>AG6 B 67<L:A 9:69:DH:RR MELED GAMGLMB# B A:DL:? E6
$.2&$.-
B >BL=DB ;N>NAA 67G>>A ;:>EP:# K<DA :LH 67G?DHB>J KB@G? ?<9C>AG6B* CD@C>9C@G6 DE>9O> B7CDDB>
;:>KB?9C>AB F:LH:6 9B?JPGA# E6 M<667B;B?C>A B QG;?GDHC9 9N7E* KG? B 9NM:A9:78 Q<>>BDBARBD B
RC7JAC6RBD AN?A: B7 IABA# EQQ <@:PER:D B W6:?PE9 9N7NAA >GRB9BA Q<>>BDACAA K:L# B QG;?GDHC9
9N7NAA LG7C>AB9# >EQA:9 FBDL7CAAB9 B KBLB6 ;TR:D* MB@:KR:?# FCLH 9< MC>A# D:K AI@AB# 9:AA8A
FIFCLCAAU B 9<G>AG6A 9EA <?GDHRJ> K:L<6KEA:>AE9# B7AGD :>FB>A* B>QF KG? B @76IDL:>
>EL6T?TPER:D LILLC>A* C6A 6:KK<A 6:K FB>>CAA*
N?O>DE7:AA# K:LM<76LG>AB B F:>H:A* AA 6:D9< 6:K AGKB@FBAPB K:LY 6 B7CD;:>O> 67:?:DW6EP:
<6 MC>A* DBLH 67<9>B# BK:>H K:LN>A: N;<A# :RR: B RC7JAC6RB MGLJ@CAA# KBP@ B 9N7:QE?8>
M<667BQBAABDMB DEFGDH >GRDH< A:?O>:A:D 67EA>BQSACAAB B DNMEDH7:A:A* AA B>QF R<7ACD6GLRBD
E?:7A: KBLGA# NDR<7B>KB <6 M<667BAE?A* <LHG7MB >:9IQC?C@CAA B7 N667:?CDW6C>A ;BAN?76:9 9N7EU
<AA ;CLPB K:LMG?D<# BKSL B FBPAJMB@G67BA :> D:K FB>B@ K:>>:AA:* ;G9 >CKRPB< 9N7O> MB>BK<
MN?N66EL W6<>>CLCAA ;:>EP:# B><LFBD:K B 67<9>BMG? A:A:P:U AGMC>< MC>A 6 G?AB>KBA>BD* B>QF
>:W6<>>BQC@CAA# @<B@B>KB6 E?7E6 ;CLAB :># K<9N7R:D B??B MG?A# FCLH B FBPAJMB@G67BA >G?KGPB
MEL?: :>O>PND*
BLH W6ND@ MC>A* BFCLH K=>A B7 <@8# B>QF B 7N>@:D @:?:DL8 G?DHE9RBD 9IQC?CLMB# :LH?:
R<7CDHAB>BDBRRI> E?:7A: KBLGA# @<B@B>E?7E6: >:F:?MB@A*
KC6A K:LFB>>CAA :LH FBDLCA# BW9 >:FB>9SACAA FBDLPGA* <7CDHC6 MBLH R:DD:X
K:L67J>SACAA D:K ;:>:>A* B>GD W6B9 :LH KC7@I>BACA A:AA*
CL:? FBDLPB FB>>BA67CAA*
+ 4B R:W6BQ67Y
?NLAND IAGDB ><F:LE6 FB>>BA67CAA# KBP@ :LH ;GP@B>CK9<G>AG6* B>QF N67ANDN6:D
DELH9E7>GR?B :?:679:@:AA* B>BK:>H<9 <9:? G>>A B RC7JAC6 :>8AA# BW9 E6 CL:? 9S6E?:AER:D*
+ <7CDHC6 MBLH BRRBD# FCLH :??8> B F:>H?8> R:67E>AX 7 <9:? FB>9BD DHNLNAA# B7AGD =P?B
M<6SAC7D< 9:7@:AA*
+ 7A KCD@AB# FCLH <AA ;CL :>R=PD<X
+ L:DY <L:DY PBPV
7O6AN6 D:M:AE6 FBDL7CAA B ;G9 9N7NAA*
:FGA AI@PG9*
B>QF ;:>9BQAB RCAPGA# FB?W?B 9E67O>8@NAA* : FGA K<A A:F:AD:9X :LB>GRR :LH FEAR: A:><9#
BKSL IABA AN?D:9 KBLI9DB9 B RC7JAC6RBD# 6 FB MB>B9< :LHKBLB KG67DE9 R: B @76IDL:>R:#
ME@A:>:D >:DD:* 4OM:>H9IPPGMB> K:LABQCLBAAB >GD@76GPB F:LHEA# 6 ?C6679:@MT:D :>M<LHC?C@CAA*
9G?9< 9S6E?:>DE K:L# >GD@76BF:LH?: AT7<# K<DA :LH KB>BWCA*
C6A :>K:DA:9# M<667B B 67<9>BAC?CDHFC7* 4B>>BD< >:F:A:AA ABQC6J >GRI9BA 6 L=DHC6
M<FCLG6I9BA* 7AGD =P?B ;:>FBDL7CAA B ME9CDH# KB@G?M<PPCLG61;C?KB P:>B@G6# 67GP?J> 67GP?B
67G>>MB# SLH FGA DEFGDHBD <AA KB?B@AB9 8?6EL:D# @: B ANRR<YX
4C667=# >E>:L7:A:>G>>SAJ W6ND@# B>QF ;CLB 9N7NAA ;B9E?L:A E?7:AA# >GD@76GPG?J> FB?BQ@G>AB >:*
>>A E6 ;<LH:>A: B 67<9>BAC?DHCA*
C6A BW9 FBDLPGA FB>>CAAB B AC?CDH A:A:PE?8>*
+ HCK@ K:LV HCK@ K:LV HCK@ K:LV
AC?CDH >:LA:A:PED O>8 DBLH MN?N6 67<9>B F<?A:>:D :>ATDA# K<DA :LH ;OLLNDH# B>QF :KR:?B9C9BA# 6 :LH @B?BR 9E9 :L:A Q<>>BDACAA K:L KNLNAA:* LH Q<>>BDBAAB> 9E68RR B ;N>@
K:L?:DL:AA# 7IFBDG6 7BPB FB>>BA67CAA B >:M:L8R:D# B ;G9 A:A:PEA K<DAFB :LH J?<G6 9:7: QC;CD
MGLAB MC>DB* 67<9>B DBLHCA IL?CAA# @N?NLM: LG7C>A B QB?A ;:>E# AN?A GLB9 E6 >:M:>:9 7GQC?C7AB9
B>QF ;:PE?:* RC7JAC6CD A=> B MB@B9 FBDLC6 E>P:D7E6R: AN?A:9 9<*
$..&$.-
7AGD =P?B W6ND@*
B>QF B 67GPGRB @ILAB IPPGA# R:>:FB?BQCAA* C6A KG? W6B9 :LH:A>:D 67<9>B KB?B@A K:L B
AC?CDHRJ># BK:>H:A :6:A>:L :> >:F:A:AA KC7@SABD< F:>HE?8># @: B7 B99C?B MC>A# K<DA :LH ;E> FG7#
B99C?B# K<DA :LH 9CW6<# K<DA :LH ABD9* HNA?:>K:6 M<>GLC66GLLB> 9EQ7:>A: :> 9<67GKSAFBAJ =APGA
>B66BD ;CL D:9<<D@I>D<# 67<9>G?J> 67<9>G?B 7IFBD# GALN?NL B ;N>@DH:>M:D# K<DA :LH L87F:DL:?*
:A:AA: >GD@76GPGA# KBP@ =P?B ;:>M:AA:* 4BPGA <DL:?O>A:D FGA?B6<KSACAAB# 9EA LHC?6 >EQE66:> B
9<6 AE?6EL 67E>ED A:?K:AA# KBP@ =P?B M<667BIL?CAA* 7 GLB9 >:AN?A MELE?: RGKI>A*
EL K<D@<L W6ND@*
GAAB# FCLH ?:9:67<7KB :K:>9:@<9# 6O>>H:@# 6 K:L>:Q8@NAA# FCLH K<>H:D LHC?6BD 67:@
>E>:L7:A:A* :>>9B6B RB> C>@B>GD >GAD< >:F:A:AA 67SM: @CRCLG6GA* ZP?B >:A:AA: B >GD@76GA B ;N>@?:*
4C667=# ?<9C>AJ E>P:D7E6*
B>BK< @ORN?NLM: 9N7:>:@:AA B MN?N6 67<9>B ;:>8># B>QF AB>QB B>BAA ?:DL:AA B ;N>@# FC667BD
?G79J@CAA# B K:DDH@N?L8 FBDL :LH:D>:A:6:D 9N7:>:@:AA* B>QF B >:M:L8R: ?:QO>A#
M<667B7IFBDA# GLB9 6=?C>AG9* CRR 9E7 ;:>8># W6B9 DEFGDH >EQE6DH< AGMC>6GL?B# B7 :LE67 RC7JAC6
K:LFBPC>A# B LHN9:?:9 W6<9C?CLMB 9<:K:>9:@A:9 B ;N>@R8>* B>BK< MN?N6 ANK:L:A >GACAA NDKBLB
9N?O> ;C?CLD<# >B66BD# K<DA :LH KB>CK9:?E9* 7AGD :7 <6 :>ATDA# :>:;GDA67:?T FB>B@G6B :LH?:
>B66=RRC@MB @N?LNAA B A:DL:?QB?A ;:>E*
B>QF B ;:>67GDACAA ;N>@ND AE?@:>A# MG?MB# FCLH B ;N>@?:DLE6 K:L67TDPND* 9:AAEFB6SACAA
;:FE? ;BAN?76:9# B7 :>AN?A GLB9# B RC7JAC6 67NM:@E9: >B66BD9EDA M<667B:?:679:@:AA* :6AER:D#
CAA# BFC> B7 :>8RR B 67SMM:?E6EA ;<LH:>A:# DBLH DHCKG6A E?7:AA*
ZP?B W6ND@*
: KEL6:KV @B9<DA 6IAACLG6 FB>>BA67CAA# B7AGD PCRR 9E7 ;:>8> 9EA F:>H:D <6 @OFN6:D
K:L?G7AG9 B ;G9 GLB<A* LH >GD@76BF:LH 67=?A GA B >CKRCD* 67:M:67:AA ?EKO>:AER:D B>QF <6
R:@N;A: >GD@76GPGA B DHS>G6RB# 6 A:>P:6 :?:PEM:> K:LDHCKAB*
+ BPY PBPV
>GD@76B :LH 9<66E :>;C?@I>A B KB?9GRBD# M<667BF=7AB*
B>B9< FBDLC6BD PBPLBACAA C@B9<DA# <7LBACAA ;:W6:LE6 FB>>BA67CAA* NRR:D <DL:?O>A:D
M<ABA9C7AB9# B 6:R:6O>A DHNLNAA* 7AGD =P?B W6ND@ >:AA# W6B9 :LH FBDL FB>>BA67CAA# @: D:K BW9E#
G>>BQSACAAB K:L B>QF*
+ GAC@V CD@ABK# FCLH M:67E>H:6* 6:R:6O>A =P?B PBPLBACAA*
K< >:67 KC6AX < 9NM:A9:7<9 KC6AX
B>QF :?86:D K:LKB?9C>AB K:L?GLW6G>A >GD@76GPGA# FBPB B FCK>C9GRB FI>>A* 67<9>BMG?
<?GDHGRJ> KC?KCLG6 FB>>BA67CAA# W6B9 DEFGDH KEA:?DH< AGMC>6GLRBD* 4B>>CAAB# FCLH B7 :LH<9
MB@:KR:? ;CPACAA FBDLCD B7A KCD@PB + :KVY + 4B>9 D:M:AE6 9NM:AA:* B>QF B 6B?9G?B
LILLC>MB 9<66E FGA?BF=7J@CAA# ;CLGA M<W6C?SACAAB B >CKR;B>?B* :>:K:>A: >GD@76GPGA# @OFN6:D
KC?LCAA# MG?A*
>GAFBABA>BD W6BQBA <6KEA M<FCLD< 9:7@:AA* B>BK< ;I?W6GD W6N?L:@:78 D:67A FB>>CAA# B7AGD
FBDLC6BRR 7N?LE6A# K<DAFB MB>B9< :LH DBLH SM W:>C;GDQBQS?A RCDABDB 9<* LH GL ?CQCLCAA# B>QF
9NFNLE6< <DL:?A E?7:AA# :>DHCKAB* 7 GLB9 9N7NAA ;:FE? E6 6G?LB ;O6ADH:>M:9 A:9:?87A:9# B>QF
;:P: ;N>NAA B A:DHE?DH< 9E9 EL@B?BR M<FB?;:>F89 67SDER: N>AN7NAA# B7AGD KBLB6 ;O6A;:>F8
AC?DHC6C@CAA ;N>EP:*
B>B9< <7LBACAABD D:M:A:AA*
$.'&$.-
+ O6AV + 9<G>ACAAB :LH FBDL*
B>QF B RC7JAC6CD GA IABA AN?A KBLGDB9 B7 :?@8 ;:>E# B >:F:A86ELF:7 9EQ:6A 9<9:?O>M: B
;O6ANA* 4BKB?C6BD :>E?A: B @76IDL:> 67E>EA# 6 B >CKR 9N7O> 9<A:9<DAM: :LH 9<6 A<67AG6;E>EA
Q<>>BDACAA K:L* LH B>BW6CDH A:?K:AT MB@:KR:? G>>A 9N7A: E6 B7 :?@8 9N7NAA# A:6AED ;:FE? E6
MN?N6 6GMC9# 9:7ER:D >GD@76B* NFNLNAA# 9:7: ;:PEM:> B ;:6AE9:A AN?O>L:AA: B 67:K: 9N?O># FCLH
PCRRBD >G66CD B DNM:9M8 ;O6A;:>F8R:D* B>QF KBW69BKC7LG66B> ;:>EP: 9=67CAA# B7AGD FBDLC6BD
KC?CLMB R:>:@N;A: B >GD@76GA# B MB@:KR:? 9EA?EA LN?DH:@A* RC7JAC6CD A=> 9<G>AG6 FB>>BA67CAA*
B>QF MB@ ;E>:>KER:D A:>P:6 :?:PER8> ?CFBDD< 9:7@:AA B W6:?PE9 9N7NAA* LH KB>BWW6BQG6?B E?A
9<# :LH @B?BR<L 9NM:AA:# B7AGD >:AE?A ?J>B* 4GAB KNLNAA =PBRR FIFCLG6 FI>>GK7CAA GA B 67<L:A:D#
MB>B9< FG?CK67C? :LHKG6 IAGD :>9<G>ACAAB KBLGA* :>B@G6# LCD@C>AB B>QF# KC6A =P?B
:><D@I>DB9* :>P:6 :?:PER8> ;IACAA# B AO@:P: KG? :LH AT7 MC>A* LH <@8 K=>MB :LH RC9C? B>G M:A:AA:
KBLGA# K:LMG?D<# BKSL AO@:P: K:L D:K DHIL67<9* S6E?>:A9EQQ MEL<LDHB>AB 67GPGA E6 ;CLB<A*
BLHCD K:667<?8> =P?B ;:>FBDL7CAA B7 O>@N789 FIFCLG6B*
NRR K:LC>@G6 9SDG>9C7CAA* :>KG67FBA :LH ;G?BY @: B99C? K<D@:DA :LH 9G?AHG?B A:67 ;:>* 4B
?GAB>G>DB9# D<DW6 :LHER @C>LI9# K<DA K:LMG?D<# BKSL >: D:K PND*
6B9 MC>DB B7 :KR:?D:9 <@:P: B LCD@C>9C@G6?BV
LH =PBRR# 9:AA86 9<G>AG6 ILHBDBRRJ> B AGMC>6GLRJ> K:LE?A:AA: M:>: O>@N78< A:?MEA* 7C9 B
MB@B9# B9<9 MB>BK<>H:D C9RJ> K:LB9B@AB9 B7 :?@8R:D# : 9:AA86 9<G>AG66B> >:G>>SAPG9 B ?BPMCDB>BA#
BKSL D:K ;C>HABAFBAPG9 =API9BA* 4B 67GKSAG6I9 R:MG><9# B 9C?@CDDB> AN?:A>:DO> GA;CLFBAPG9 B7
:LE67 67<L:A:A* B>QFDB9 :67ER: PIACAA B7 BDHB9CWB# BK:>H C>H 9NDDH:@ED GAAN?A B >GDWCD* 4B
67O96EL >:67 ?G# FB B MB@G67C9 A=> 9N7:> 9:?O>D:9 FC77G# 8 <6 GAAN?F:A# K<:>8AA KEL N667:MCDDG9
B 9C?@CDA# 6 M<667B;IAFBA* <667B;IAFBA# @: FCMBX FBPAC9 K:L;C?@I>DGDB9# 6 =P?B B DHCKGRB
:?:@DED:9* >ERR1IAJRR KBP@ :DD<: E6 B>I@D>Y 6 B99C? B??B ;CL ;:>?<B@D<# FCLH 9:7:9
9BQB679C@DB9 R:>EY :>;CLAG9Y
:FGA KCD# K<DA B7 BDHB9CWBX :LH:A>:D
MG>B67AG6# RG?K<?: FBAG?C77B <6 :> KBLGA*
LH 9<G>AG6 K:L@CRCLABAAB B 67SMEA# ;:>IL?CAA# 6 B A:DL:?QB?A< @76IDL:> ;:>E ?CFBDA* :679:A8
WCKRPB<MB> :LH Q<>>BDBA?B K:LB9B@A B 9=67JDNMEDH:9 9N7NAA* 4B <@:P: MC>DB B7 :KR:?D:9#
LCD@C>9C@G6< <@:P:# FCLH DHILC@ABD FBAG?C7FB66CDV
KC6A =P?B ;:>FBDL7CAA# E>:6:D ?<9C>AC7MB# MEL7:A67:?T:D B 67<L:A:D GAFI>>GK7J FIFCLG6*
B>QF K:LRC9?C6C@CAA# K<DA B >J# =P?B ;IAD< 9:7@:AA# BKSL ><F:L8 AO@:P: K:L D:K G>>SACAAB*
QG;?GDHC9 9N7E M:A:AA: KBLGA* G?B KG667CD# MBLH AN?PND GA B ?BPMCDB>CDX ?8A M:AA KBLGD#
>:AN?O>A: B 67GPGA# DHILB>KBA QB?BDW6C>A KBLG?B* BK6:?<W <6 <AA MC>A MB>BFC> B FGAB KNLNAA#
IAG>9C7MB# 9:@MO9 :>>:DE?:* : MBPCD AEDH>:L 9:@MO9 :>>:DE?: MC>AB91: <AAX FB F:>H:AAO9
BW9R: OA9N7<9 MBLH CL:?R:# B9G>A FC77B B 9:7ER:DX
4GA?B?G7AB N667:9I67G>J@CAA FBPGA# EQ 67:KER8> 9<AN?N>A: B M:?:PAE9:A* 4BDLC6BD R:67E>A*
+ CD@C>9C@D<V
<A FBAG?C77CDXY + < MC>DB B >:LE?A:>K:6:RRX
: KG? D:K MC>A K:>>:AA: N;<# B9<D:9 B7 :67ER:D K:LRS7FBACAA* 6 LHT>E6A 6:K FSMFBACAA
:LHR:# FCLH K:LM<AB66G9 B F:>H7:A:A# B 9BLH>J ODD:QE>H:6 KE>AJ6GLB 6:K 8?9N@NAA ;N>NAA:*
+ CD@C>9C@D<V
K<D@:DD:9 A:A:PER:D KC6A B ?:@8DHA8> <6 ;E>D< 9:7@:AA# BK:>H :LH<9 Q<>>BDBA?J> B KG6<9?B
:>6NAEASAF:A< :67KE>:AEA# 9<AN?>< :>KEPER8> B M:67E>H AI@BAGA# FO>HEA W6<DG> R:>8>:*
C>DB :LH FB?KB@<9 K:LC>@G6 <6* LH :>R=PD<# FCLH B FBPAJMB@G67BA D:K B9B@ ?G# 6 :>FB>B@
K:>>:AA:*
$.0&$.-
:>9BQAB ;:PEA B ;N>@?8># ;<LH:>A* B>BK<>H:D =PBRR >G?KB FB>>BA67CAAY :LH KE>H:D KC?LJ
FBDL# K<DAFB KBLB B7 :?@8 @OFN@NAA MC>DB ;:> :>>:D:* FIFCLG6 C>H LHNA?:>K:6:D W6<9C?LCAA :
KE>H FBDL FGAA:?ER:D# K<DAFB MB>B9< QB>BAGR>G?B ;<?9G>DB* LH ?EK>:AA D:9<# K<DAFB MB>BFC> KG?
FB>>CAAB MC>DB :7A B FBDLCA# @: D:K MC>A <@:P: LCD@C>9C@D< ?BPAB*
AAN?DR=PD<V
LH 9N7:>:@8 9<G>AG6 =P?B ;:>IL?B67ACAAB# 6 KG? ?CFBDA <6 ACMGRR# B7 GLB9 E6 ANM<6:9 9N7NAA*
:LH67:??: W6B9 =P?B :LH DHS>A AE?6EL?: E?A 9<Y =P?B 67:KR:D AB>G>AB KBLGA B 9CQCDHB N>:6
M<LHC?GMB># BK:>H :7=AAB> D:K B KE>H9E9 :L:A L=DHC>AB 9<# FBD:K :LH MB6ABL ;O6A>:Q:@8?:
K:?:@A* 7AGD ;G9 9N7NAA ;IACAA ACMGRR* C6A KG? E?A:AA: B7 :?@8 MB@ KC?LG6GA* <;O6AN>AE9# 6
9N7R:D ;:>LH=PACAAG9 B 67<L:A:A*
>R=PD< PCRR# K<DA ;G?B KG67D<# K:?A B99C? B7 :KR:?D:9 KEL K<D@<L MBD MB>BK< :6E>H: B??B#
FCLH GAAN?PND B ?BPMCDB>CD# FB ?GAB>G>DB9*
:FGA :>R=PD<V
7CD LCD@C>9C@CAA# MBPCD :LH KB>BW :LH:AE?A:D:1: M:>:* >M<LHC?C@CAA# R:>: B 6:KK<R:* :L
9:>> AB>G>D:L6T?TRR RC7JACA# B 67<L:A >:L6NAEA:RR RB?>BDLPGA# 6 R:>:R=PD<V IAG6 9N7R:D
PCRR?B1RB>?B A:9<DL:A:AA* BQ;EDH;C>AC9 E6 MCDB>B9 6<9>CAAB9 GA ?BPAB# B7 <77B@6GL FC667=
6GMC9BA MCDA Q<679C6 R8?ED* C6A KG? W6B9 LHNDL: 9<G>AG6C9BA FB>>CAA# DBLHCD K:667<?8>*
ELO> <6 AB>G>A :LH F:>H:A# BK:>H:A B>9B>KB6DB9 ME>A# DCFB D:F:7:D 67GDAB ?G KBLGA B
9EA6ELR::6:AA @NDAE6?:* W6:?PE9 E6 9=67JDNMEDH:9 9<RCLC7FBABA>BD ;CDB@E9B <AA A:>P:6:D
9<?:9:67A:AA: B DBQ;EDHA# B>BAAB :LH >GR KE>H6ELR:D :LH 9<6 67BRB@ AE?6EL DHS>A# RG? :7A <6
9:?:67AO>19B6I> 67:>AE9 B MS767<DA:6:D :>;:9M8 E6 K:?8>:L:6:D KBLB6C@J QG>KBAN?76:9* 4B B7
:KR:? B 9N7:QER: KG67CAA# 9N?O>R:>O> NA HB?@ MG>B67ACAAB :> B AE?6EL 67E>EA8>U <AA D:K<L:D
B9B@DGDB9 ?G# FBW6B9 MB>B9< >: D:K FB6B># 6 =LH 9:?:6GAPB1:
B 6NAEAR:D* >:L?C667BRR :6:AR:D Q:@<L D:9<?CDAFBA B7 :KR:?# GAAN?*
BLH JMBAC6BD# >GD@76GPGA KBLB KNLNAA F=7MB# B>QF IABA AN?A B 6T?T <D@G9 9N7NAA* K<9C?
:>E?A B R=MJF:>H 9N7:QE?:# >:;:9O@A# 6 FB>>LBAJ7D< 9:7@:AA*
BLH AT7 @OFNDLNAA B 67<L:A:D# B7 :?@8 7=LJ @CRC>G6B# BK:>H?8> B7A F<AA:# FCLH K:667:
KBLB KNLNAA FBLHAB# K<D@PCRRBD ;:>:?86N@NAA* BPCD B AT7 IAC>E?1: :LH MGLABAJ >CMBAX
N?O>R:>O> NAM:DHB?@DH< A:?O>:A:A A:9<DA:AA GA CDDEA# BFC> KC6A ;:9O@A* <D@:D <?GDHRJ>
DBQ;EDH;C>AC9 FIDHC?CLAB9 ;:>EP:# 6 FIDHC?LG6I9 BDDH<?B FB6CD>SACAA B7 BLHM:>:PER:D ;:>B>G
KC7LJ ?:@8DH?:# FCLH :LH Q<>>BDBA?B B7A F<AA:# R:>O>?8> Q<6>CLDB9 ?G* : B7AGD KC7LG6I9 :LH?:
>B66=RRC@CAA# ;EDHO9 :>FCKG>HC6I>A# KBP@ A:>P:6:D 9I@A# 6 B>QF K:LE?A:AA:# FCLH B7 J?<G6<
;O6A;:>F8 KC6A1KG? MEL9EQQ :>MG>B67ACAAB B 67<L:A:A B DBQAJ>*
:F:A# FCLH KBP@ MB>B9< >:FB6B> B ;CDB@E9 B>G# FCLH :KR:?F=6A 67<KBAC>PCD* :F:A# FCLH EQQ
BK6:?<W >:67# B9< =LH ;CL A:DD<# K<DAFB 6:KK<A 6:K >GADB# 6 D:K 67J> ;:>;:@:7E6E6E?8>* B>QF
B?WGA B W6C9C>G@E67SDT ;N>@?: ;:9A:AA:# K:LDHB>CLBAAB 67G?B7 BP9GA# R:FIDHAB 67:KEA*
9=67JDNMEDH:9 ;CDBAB B>BAA B ;N>@ W6ND@:6:D ?:K:L:AAU @: >:F:A# FCLH W6B9 :LH FBDL MC>A B
AT7ME67 E?AF:A8 @N?LE6: 6 B ?G;<?9G>A K:667< FIFCLG6 B>BAA# K:>H D:K E?A :> B ;O>E<L*
B>B9< FBDLC6BD 9<G>ACAA* B>QF ;:>9BQAB B?WGA B ;N>@?8># R:>:RGKI>A B FCKG>HC6 ;EDHR:* G?
K:L<DA <AA MBDDB9# LCD@C>AB# 6 B 67SM: KBP@ 67EAM:A:AA: K:>>9B6GA* >R=PD<XY GAAN?DGDWCDVY
;G?B KG67D<XY K< PCRRX 7 B RBP# FCLH B7 :KR:? W6B9 B7 :LH<9 :6E>HA MG>B67AFBAPB*
$.,&$.-
C6A KG? B AT7 <6 9N7:>:RR?8> 67J>A# :7:9:A B 6C?AT767:?T >NME6:9:A B ?:Q:@:78 DBLH GLB9#
;BAN?76:9 B@PG9 >:* # B7 8?O>A:9V AT7 KC6A KG? R<7CDHG?B :>E?A: B LHOKN>W6;G9BAY K<A ;CLDB9
FC>DBQ :DD<X
B>QF DHILAB>BDI> ;E679:>8@NAA 9:69:DH GLHGRBD* <A 9CW9G7ABAX <A A:F:AD:9 M:>:X
:LM:?<9X BLHYX :LN><9XY 9EA MELED 9<F:LH:7:AA 9B?JV
9<G>AC7G6 KC6A KG? :LE67:D 9N7:>?8> 67J>A# ;:>IL?B67ACAAB* LH W6S9C6GD 9<KG7C>A
MB@:KR:?A Q<>>BDACAA K:L# BK<DA EQQ 6<:AM: 9<9G67G>J@CAA :LH RC9C?DH< 7N>@ ;IAJDNMEDH 9N7O>#
6 :LH:D:6:D ?:PA:9F:>H: ;:>E AB?ACAA# >GD@76GPGMB> B 9:7ER:D* B>QF R:>:KB?9C>A B ;N>@R:*
E67:D>EAR:D 9:>> >:DD<:# K<D@:D :6F:A86EL?: ;:>9E67O>D<:V
@@<L <LB7LBAAB >GD@76GPGA# BKSL B7 B F:LHEM:> 9<;:>E D:K ;C?@I>A* 6B9 KC6A >GAAB# FCLH :7
<6 K<D@ B 9EA MELED 9< MBD F:LH:7M:*
<7:DNA HB?@@B> C@ERR B MB@:KR:? K:LG>>BQC@CAA# E6 :>9<G>ACAAB MB@G679<G>AG6GA*
:F:A# FCLH B AT7 >G?KGPGRBD <6 K:LFB>>PB B 67SM@CRCLG6CKBAX > D: 6<9SA6BK KBLBKV
E67:D>EAV
MB@:KR:? >B66BD ;:>EP: >EQ:L:A:AA# KG? W6B9 @:?E9AJ> >:;:>E >GA67CAA# :>8AA: B >GD@76B BLHB*
C6A KG? W6B9 AE?@A8> >:;:>E >GA67CAA* > D: 6<9SA6@ KBLB@V
LH W6BQBA KB>BW AN?A 9< M<6SAC7MB B MB@:KR:? KNLNAA :>A:?O>8 W6:?PE6R8># 6 B7 :?@8R:
MGLABACAA* B@B?B9 6<MSACAAB9# :L:?:9 ;OAHO>A:9# 6 MB>BK<>H:D 9<6 IL?G>J G>>BA R:K:D:9O>A B
;CDB@E9 B>G 6 K:LR=PA*
ZPBRR NA HB?@@B> :??ERR B MB@:KR:? <6KEA K:LG>>A* N7M:A>:DO> B W6:?PE6 67E>EDE> G>>A K:L#
6 =P?B :>9<G>ACAAB KBLGA* B>QF KBLB B>G F=7AB >GRGA# LILL?B O>A* 9B?J B 9:7ER:D MC>A# B K<D@
B 9EA MELED 9<F:LH:7:AA 9B?J# B MB@I> ?:679:A8 9B?J# BK:>H K:LD8AA# N667:76ILC?C@CAA#
9NDDHT MC>A# D:FE7 MC>A# =P?B 9NDDHTY
B?AAJ> QB?A<L FI>>GK7CAA B FIFCLG6* MB@:KR:? B W6:?PE6 67E>EDE> >:AE?@:>A# KNLNAA: B7
:?@8R:D ;EDH:9 M<>>J7AB9* LH<9 AE?@: R:>:6OQQ:@A B ;N>@FGDHG6 AB>BPGRB* KG6<9 <6* EA 9E7
>GA67CAA* LH >GD@76B*
LH B?W*
MB@:KR:? R:>:RGKI>A B W6:?PE6 KNLNAA< 6NAEA6ELR:* <>GLC6 MC>A CAA# BFC> AE?@:>A# M<>GLC6
MC>A B ?:PA:9F:>H KNLNAA <6# @: B 9N7EQ:D 6NAEA6EL* 9N7EQ:D :LH 6NAEA ;C>A 6T?T6N@NAA# 6 B
MB@:KR:? FCK>C9?GDWC>MB <LH:9:7:AA 9<R:AT7DKGA*
H=>AB9 B KG6C@Q:?W:9* B>QF :LH:D:6:D B MB@:KR:? 67:KER: DE7:AA*
: 6<9SA6V
4B7B9:?O>67V
C6A K:L>GACAA* C6A ;:>9E67O>* LH 9EA MELED 9<F:LH:7:AA 9B?J*
B>QF DBLHCA 6<9C>ACAA# B ?EKO>:A# B @OF E6 B 9EA6ELR::6E6 6<9C>AG6B MC>A* GRB
9<:LH:D:6:@:AA# AC?9GRJ> ;C>HBKBAC6BD# FBR7JD AN?A :>8 B 6<MSAG6* >8?:IL?CAA# GALG7C>A B
W6:?PE6:D# B 67BRB@RBD MC>A# 6<9C>AC7CAA# KC?LCAA# ;CLGA M<W6C?LBAAB# W6I?LCAA ?J>B B ME?*
:L>:D@SA:AA: >GD@76GPGA# 6 B MB@:KR:? ;:>RI9CAAU @: KG? KG6 MB@B9 ;IACAAB9 ;:>E# 9<G>AC7MB*
<AE?A :LH ;:>EP: ?NQQ:D8 >GD@76B :>8># :>FB>>LBACAA# ;IACAA* 7 :>8AA: M<>>J7J ;EDH:9 F<?A:>:D
N667:C>MB@AB9# B7 :?@8 OMN>AE6: K:DDH@N?LE66E @BLB@A# 6 =APB K:DAED :LH KBLB6 RC9C?RJ>
FBAB>KB6 >:LH:78 B>B9= >GDL ?CRRBDA 9<* CRR?B ;C?@I>A# 9EA6ELR::6:AA:D ?CFBDA# RB>?J> F86EL
6OANAA: A:6AEA# B AT7ME67 7=LMB O>@N7A:# K<DA B 67N98G?* 4GAB KNLNAA FB?6GDH FIFCLG6# LHC?6BD
67EAA:?O>M:# :LH 6C?C7BA ?NM<@# E>:6 9<G>AG6 B ?<B@JV LH RB?DB A:6A ATDA ;:> :LH Q<>>BDBA?B B
PCRRPGD# :>KB?B@A* <D@BDDH<BD ?CFBDAB9# M:67:AAO> C?@SAC7AB9* 4B>>BD< >:F:A:AA ;IAJ >EQA:<9:A B
?:W6:L8 RC9?C9 9N7NAA# RB>?J> Q:@<L B AT7 ;C??J# MB9SAJ K:DDH@N?LE6EA* B>QF :>;:>:@9:7:AA
$.!&$.-
6:R:<?8># EF6ELE?8># 67CKP=6GLG?J># K:?8 ;E>:>:KKE MG>A# K:D:9O>8 >GRB9CD ;IAJ ?:KEDHA:>:D
;E>:>:KKE# BK:>H B7 :?@8D GA B DHS>A QB?A ;:>E MGLABA* <6 ;C>AC9 IL?GD@C7AB9 67:K: :>8AA#
K:LBDDH< MN?N6 9N??E MG>MB# BK:>H:9 LHC?6BD DNM:9:@A:9# KBP@ :>ATDA:9 B >GAJFBAG? KNLNAA*
>BAAB <@:L:D# ;G?B@A >GRB9 ;IACAAB9# B 9EA6ELR::PA8 FIFCLG6# K<DA :LH 67B9B@C7CAA 67E>T
;:DH:L:AE6 FNKQN>HLNAA KNLNAA:# KG?1KG? IAC>E?A:*
:LRCA>CAA :LH LHN9E?R:D# B7 O>@N78 9<G>AC7G6 ;:>:?86N@NAA* GAAB# FCLH B7 :LH<9 9IDHFJ
AT7R: RC?I># :LH >GDLDH:>M B MG>>G<L W6BQ# B??ERR B MS7 W6<>>CLG6B >GA67CAA* 7AGD ;:>RI9CAA#
A:DL:>H: 9N?O> ;C?CLMB B K:>:L FCKC9RBD# 6 ;:>:K:>A 9B?C99B> ME@:9:7M:# 9:LH:>:KE?A
?<KGD9C@CAA*
:>9G67G>J@CAA# =PBRR RC?7B>KB9?B 9E67:D* LH KBLB6# :>>:D786 6BQ9GA Q<>>BDACAA K:L KBLB
;N>NAA* :FE? 6BQ9B MC>A# B 7N>@ :>>:D78 ;N>NAA 9C?CDB E6 MB6KBW69B B?BDH >:M:>:9 9N7NAA* :FE?
MG67CD?IFGA >GACAA# MG>>QGDACA# ?:MC>M:?A# 6 :LH 6C? B?BDHLCKRCA :LH :LH:D?IFGD*
FCKC9RBD :LH A:DL:?E67A<67A G>>A# K:LFN99:DM:# LHBDB9C@MB DE7:AA >: B>QF?B* 4GAB
KNLNAA DBLH W6JDB9 >GA67CAA# C??GMB> B QB?ACD# 9EA KBA?J7 G>>A K:>>:AA:# :LH FB?KB@<9 B W6JDB9
ABAPGD LEQQ<67AC>HA AB?ACAA*
FIFCLG6 :>FB>9I>A# :>FB>>LBACAA*
A<67A :LH <@:<L LHBDB9C@MB M<76LG>LBAAB B>QFCA# B7AGD >:M:AA: 9:7EA ?:MC>M:?: BLHG?J>*
+ 4:>>CV + KCD@AB*
B>QF :>FBDHBLC>A# Q<679C6 9O>6:PED:9 AI@BAGRBD ;:67:DLM:# ;E>ED9:D MG>B67C>A*
+ 4:>>CV
A<67A RJ><DACAA# K<DAFB MG>B67A 9BQCAA MC>DB MB>BK<>H:D 9E?@E6E?:* + BD <AA ;:>D8AA <6
M:>:A:9X
B>QF DEKGD K:L?G7AB ;:PEA# B7AGD ;E><L FGA?B;C?@I>A* E>9N?R:D 67SD:6 BLHBLLB> R:KG7C>A
A:6AT 9<6;<=9 G>>AB9 KNLNAA: B FCKC9RBD# >GD@76GMB> B 9:7O9R:D# DBLH W6ND@R:D*
+ J> :>67J?B9C7ABAC9X + 9E?@:7A: B A<67A*
AT7 KC6A :>E?A: B QB?ACD G>>J 9J9I67QG>KG9BA# 6 ?:W6:LM: R:>EPO9 FB?BQCAA* LH >GA67J>BL
KBLGDHC6 >GDL# K<DA MB>BK< B9?CRBAB# GA>:D@O>A B KJ>J QG>KG<?B# E6 MEL<LDHB>A ?BPAI9* 7 EL
;:9:A: MC>A*
A<67A M<@GKBD B>QF?B KC6C>HLCAA*
+ :L>GAAI9 B ;O6ANA + KCD@AB* + <A W6<DG>AC9 A< <AAX 4GRC?=A PGA67CAABAC9 MBLH <>H:6;E>EAX
B>QF RJ><DACAA*
A<67A 67:KOLH?: M:AA: B 9<6 KB@G?<P:67A8A* O?L86:D :>9:>D: :DD:9 :LH ;O?@8# FBPMGLG6#
:LH 76:R9:D@8 6 :LH PJ B@BL 6:R9:D8W6*
+ :KE>:K# 6:D9<A 6:K N>A:A:9 K:LX 4C>AA:6A D<DW6 B 67<L:A:DX
+ 6B9 9:AA8* >>:AM: KG? B7 6<DW6*
A<67A >:FBPC>A# E6 B>QF 67:KER: DE7:AA*
+ :AA8X :LN>AE9 89:AX
B>QF RJ><DACAA* 4GAB KNLNAA B7 :LE67 67<L:A RC?7CDLCAA B AT7A8>* A<67A ABQB67AB>BARJ> AI@AB#
FCLH B7 :KR:?:9 K<9C? KCD@BDB9 <LB7BA* 4B>9BD ;OAAH:DA:AA :LH:A*
ZPBRR LH:?:9:9 ATDA:9 KC6A ;:># 9N7AO9 DEFGDH RB?DG?B 6O>A A<Q:L8 BQ?J6GL# 9<@I@C?C@J
FB66B># K<DA B R:DD67O>NAA AN?76:9 LH:?:9:<* 7 :LH<9 9N7O>O9 B A<67AF:7 ACAHCLCAA# ;:>DE7:AA ?G*
+ DY EDY
$./&$.-
: ANRR?: KG? D:K A:>A* :?W<MB> 3:KH6 B@<6CD F<GRB 9:?:6A: 9<6 BLHGRBD B MB?G76<LEA#
BK:>H DHCKAB>BDI> :>QG?C>LCAA R:>8>:*
A<67A M<667B;C?@I>A B>QFFC7*
+ BLID99B> M<67OD9 + KCD@AB* + 4GDHBD MBLHAC9X B>QF B ;:PEA ?G7AB* A<67A B ;<= FGAB
KNLNAA G>>@CLG>J 9<;:6A:AA LH:?:9:9?: DE7:AA*
+ < <AA B M:7:A8X
+ D MBLHC9 + KCD@AB B>QF FBDLC6BD*
LH 9<6;<=# B9< MB>BK<>H:D 9O>ND>:L:6 6BQ9GDB9 B KB?B@MGDHB<A M<6:>A: MN?N6 FBPGD# @:?:9GD
:LH 67:KOM:L ?CDW6B< F<KRG>J@7AB9# :>8?:>EQ:AA# @: B7AGD K:LLCD@C>AB & K:LG>>A*
+ 67?:M:AAO9 B ;O6ANA* A< D:K AI@PGAC9# FCLH FGDHBD MBLHAC9X
+ :K# I?BK*
+ 7A LCD@C>ABK MC>DB + KCD@AB B A<67A# B7 :>9NM:A9:78 DHCKC7G6 >:F:A86EL:<D ATD8@M: +#
B7A LCD@C>ABK MC>DB# FCLH :LH W6CKJ BDLC> LH:?:9Y MB>BK:DDH<:D BDLC>C9 MBLHAC9# ILH:XY
PCRR A:>P:6SAKEDH?: 9EQ:6# KG? =LH E?A:KY
+ >:<DA: ?:D@R:D <6 MC>A K<D@:D + KCD@AB B>QF +# K<:>8AAY
>FB>>LBACAA*
+ 99C? MB>BK:DDH<:D N667:AB?ACAAID9Y A<67A R<7ABAJD RJ><DACAA*
+ ?A:K + KCD@AB* + 667:AB?ACAABAC9* <DA B C?B>>67<L:A:D*
B>QF DEKGD B 67:KER: DE7:AA* LH Q:?W?: =P?B ;:>K:?O>A :K>E9:7:AER:D B7 B 9O>NDN6
?BLHCLG6# BK:>H :LH9C? :>G?B67ACAAB B QB?AC9BAU @: B7JAB B 67<L:A 9EQ: K:LQ:?76:>8@NAA# K<DA
B 9C?FB@A ;BY <KCD K:LFB>AY BW9 Q:@<LY NDDH:9 RILLHBDAB9 9# 7C9CLG6 ?G7AB*
K<JAB B 67<L:A:D MBD# KC6A :>867N? :DL:@A: :> KBLGA# A:6AEA MB@I> ;BW6B?AG9 B ;GP@B>CK
LN?W6:<* ;:9:A: ;O6A;:>F8 B>BAA# B 67<L:A EL8 ?CKPB< 9N7O> 67G>>A ;:> PBP67BMB# 6 B ;:?A878
<7LB>CKRBD B ANRR< 9<6;<= <6 F<?A:>:D :>R8LA: KBLGA* 6 B>QF KC6@BA>BD# Q<679C6 9<6 A:6AEM:>#
N667:LIRBDWC>J@CAA FBPGMB># AB9DHC6 C??GMB> FBDLC6BD 6<?BAAB G?ABA>BD6GLGDB9 :>M:67AE6EA# B7
:KR:?< 67SM 6NAEA6ELEA E6 N;< D:M:7:AT <LB7# RN>W6 RB?GAPGDB9 FB>G>C6 7IFBDG6GA B
67<9>B;:DD6S9?J>*
A<67A:A K:L<D@SACAAB 6 K:L <6 7BMB?AB 9<66E B LH:?:9:9 6S?G6B* >;C?@I>A# <@8A B9B?A D:9<9
B@D<# FCLH N667:67:@PE9 KBLI9BA* 7:KEA B AGMC>RBD FC?LCDH7J# 9:W6:6 ;C?KGP= W<?9G>JD
Q<F:DA:AA:# E6 MG?A*
$.-&$.-

William Golding - A Legyek Ura

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

William Golding - A Legyek Ura

Uploaded by

Copyright:

Available Formats

!

"""" # $"# % &'( ) *

-,. "! "/// '

KB>BWW6BQG6 B MS7QB?ACA 67:LE>H:78 67<9>B?:DL:A:L K:>>:AA 9BDHB?C@CAA# B 67<L:A KG6<9

67<L:A ;N>NAA ACMGRR EQSA9:7A:9 B ;:>F89* F:LH?8> :LH:D>:A:6:D :K:>9:@:AA B7 EL ;:>E B

B ?EKO>:A =PBRR MGLHB9BA ;B9B67ACAA# 9NM:A:>878# EL8# MB9 MGLHB9BA*

ZPBRR 9E9:6;:FE? 6:R DHS>A B KBLB6RBD# DHCKGRBD 9ED67BL= ?CRRBDG6* 7 BQ?J6GLC9

9E9:6;:FE? 6:R:9 KC6A KG? :>RCDACAAG9 B7 :L:A# B K:DDH@N?LE6 :>M<6:>F:A:A>:DDE MG>A*

You might also like