Qualitative, Quantitative

(/0:3=4=<B3<BA
/.3-+>398
'3>6/#+1/
9:C<312>#+1/
8+6C>3-98>/8>=90%/=/+<-2'/-283;?/=
#</0+-/
-589A6/.1/7/8>=
,9?>>2/?>29<
0%*)+),!07-,1)$%0!2)-,1
!&.2#0-,# 2C@1@G@>ODJIJA<0@N@<M>C"@NDBI
2&#2&0##27.#1-$"#1'%,1
2&0##!-+.-,#,21',4-*4#"',"#1'%,
0#1#0!&"#1'%,115-0*"4'#51
1202#%'#1
,"+#2&-"1
!0'2#0'$-01#*#!2',%0#1#0!&"#1'%,
13++07
""'2'-,*0#"',%1
!&.2#025- 0@QD@RJAOC@*DO@M<OPM@
2&#0#1#0!&2-.'!
2&#*'2#0230#0#4'#5
13++07
""'2'-,*0#"',%1
!&.2#02&0## 2C@3N@JA2C@JMT
/3,2'22'4#2&#-0731#
/3*'22'4#2&#-0731#
+'6#"+#2&-"12&#-0731#
13++07
""'2'-,*0#"',%1
!&.2#0$-30 5MDODIB1OM<O@BD@N<I?#OCD><G!JIND?@M<ODJIN
50'2',%2&#.0-.-1*
50'2',%'"#1
#2&'!*'113#12-,2'!'.2#
13++07
""'2'-,*0#"',%1
%1)',),'%1%!0#(
!&.2#0$'4# 2C@'IOMJ?P>ODJI
2&#'+.-02,!#-$',20-"3!2'-,1
/3*'22'4#
/3,2'22'4#
,"+'6#"+#2&-"1',20-"3!2'-,1
+-"#*$-0,',20-"3!2'-,
13++07
""'2'-,*0#"',%1
!&.2#01'6 2C@.PMKJN@1O<O@H@IO
1'%,'$'!,!#,"+#,',%-$.30.-1#122#+#,2
13++07
""'2'-,*0#"',%1
!&.2#01#4#, 0@N@<M>C/P@NODJIN<I?&TKJOC@N@N
/3*'22'4#0#1#0!&/3#12'-,1
/3,2'22'4#0#1#0!&/3#12'-,1,"&7.-2&#1#1
+'6#"+#2&-"10#1#0!&/3#12'-,1,"&7.-2&#1#1
13++07
""'2'-,*0#"',%1
!&.2#0#'%&2 /P<IODO<ODQ@+@OCJ?N
"#$',',%1304#71,"#6.#0'+#,21
!-+.-,#,21-$1304#7+#2&-".*,
!-+.-,#,21-$,#6.#0'+#,2*+#2&-".*,
13++07
""'2'-,*0#"',%1
!&.2#0,',# /P<GDO<ODQ@.MJ>@?PM@N
2&#!&0!2#0'12'!1-$/3*'22'4#0#1#0!&
1202#%'#1-$',/3'07
2&#0#1#0!&#0[10-*#
"2!-**#!2'-,.0-!#"30#1
"20#!-0"',%.0-!#"30#1
"2,*71'1,"',2#0.0#22'-,
0#*' '*'27
4*'"'27
,"%#,#0*'8 '*'27
2&#/3*'22'4#50'2#3.
13++07
""'2'-,*0#"',%1
!&.2#02#, +DS@?+@OCJ?N.MJ>@?PM@N
!-+.-,#,21-$+'6#"+#2&-"1.0-!#"30#1
2&#,230#-$+'6#"+#2&-"10#1#0!&
27.#1-$+'6#"+#2&-"11202#%'#1,"4'13*+-"#*1
"2!-**#!2'-,.0-!#"30#1
"2,*71'1,"4*'"2'-,.0-!#"30#1
0#.-02.0#1#,22'-,1203!230#
#6+.*#1-$+'6#"+#2&-"1.0-!#"30#1
13++07
""'2'-,*0#"',%1
69==+<C
%/0/</8-/=
?>29<8./B
&?,4/->8./B
./.3-+>/ >23= ,995 >9 +</8 <?77 </=A/66
&2/ 3= >2/ 38=:3<+>398 09< 7C A<3>381 +8. 7C 630/ /-+?=/
90 2/< += A30/ =?::9<>/< +8. ./>+36/. +8. -+</0?6 /.3>9< +7 +,6/
>9 A9<5 6981 29?<= +8. 5//: >2/ 297/ 03</= ,?<8381 .?<381 >2/ C/+<= >2+> ./@9>/
>97C49,+8.7C,995='2+85C9?0<97>2/,9>>97907C2/+<>09<,/381>2/</09<7/
!JKTMDBCOV =T1%#.P=GD><ODJIN
'I>
GGMDBCONM@N@MQ@?,JK<MOJAOCDN=JJFH<T=@M@KMJ?P>@?JMPODGDU@?DI<ITAJMHJM=T<ITH@<IN
@G@>OMJID>JM
H@>C<ID><G
DI>GP?DIB KCJOJ>JKTDIB
M@>JM?DIB
JM =T <IT DIAJMH<ODJI NOJM<B@ <I? M@OMD@Q<G NTNO@H
RDOCJPO
K@MHDNNDJIDIRMDODIBAMJHOC@KP=GDNC@M
9<3809<7+>398
1%#.P=GD><ODJIN
'I>
2@GG@M0J<?
2CJPN<I?-<FN
!<GDAJMID<#H<DGJM?@MN<B@KP=>JH
1%#.P=GD><ODJIN'I?D<.QO*O?
'+JC<I!JJK@M<ODQ@'I?PNOMD<GM@<
+<OCPM<0J<?
,@R"@GCD'I?D<
1%#.P=GD><ODJIN*O?
-GDQ@M[N7<M?!DOT0J<?*JI?JI#!71.3IDO@?)DIB?JH
1%#.P=GD><ODJINND<.<>DAD>.O@*O?
.@FDI1OM@@O
$<M#<NO1LP<M@
1DIB<KJM@
.MDIO@?DIOC@3IDO@?1O<O@NJAH@MD><
3,<+<C90981</==+>+69138138#?,63-+>398+>+
!M@NR@GG
(JCI5
0@N@<M>C?@NDBI/P<GDO<ODQ@
LP<IODO<ODQ@
<I?HDS@?H@OCJ?N<KKMJ<>C@N (JCI5!M@NR@GGYM?@?K>H
'I>GP?@N=D=GDJBM<KCD><GM@A@M@I>@N<I?DI?@S
'1 , >GJOC

'1 ,K=F
1J>D<GN>D@I>@NY0@N@<M>CY+@OCJ?JGJBT1J>D<GN>D@I>@NY1O<ODNOD><GH@OCJ?N'2DOG@
&!Y?>
#<38>/.98+-3.0<//:+:/<

</:GB71=<B3<BA=4 &3A3/@16(316<7?C3A
6/>B3@ (63'3:31B7=<=4/&3A3/@163A75<
^&JROJOCDIF<=JPORC<O?@NDBITJPNCJPG?PN@
^'?@IODATDIB<RJMG?QD@RRDOCRCD>CTJP<M@HJNO>JHAJMO<=G@
^"@ADIDIBOC@OCM@@OTK@NJAM@N@<M>C?@NDBIN
^&JROJ>CJJN@RCD>CJI@JAOC@ OCM@@?@NDBINOJPN@
6/>B3@
&3D73E=4B63 7B3@/BC@3
^&JROJ<NN@NNRC@OC@MTJPMOJKD>DNM@N@<M>C<=G@
^2C@NO@KNDI>JI?P>ODIB<GDO@M<OPM@M@QD@R
^!JHKPO@MDU@??<O<=<N@N<Q<DG<=G@AJMM@QD@RDIBOC@GDO@M<OPM@
^"@Q@GJKDIB<KMDJMDOTAJMOTK@NJA GDO@M<OPM@OJM@QD@R
^&JROJ?@NDBI<GDO@M<OPM@H<K
^&JROJRMDO@<BJJ?<=NOM<>OJA<M@N@<M>CNOP?T
^'HKJMO<IO@G@H@IONJA<NOTG@H<IP<GOJPN@
^2TK@NJAO@MHNOJ?@ADI@
^HJ?@GAJMRMDODIB<GDO@M<OPM@M@QD@R
6/>B3@(63)A3=4(63=@G
^2C@OTK@NJAQ<MD<=G@NDI<LP<IODO<ODQ@NOP?T
^KM<>OD><G?@ADIDODJIJA<LP<IODO<ODQ@OC@JMT
^HJ?@GAJMRMDODIB<OC@JM@OD><GK@MNK@>ODQ@DIOJ<LP<IODO<ODQ@NOP?TPNDIB<N>MDKO
^2TK@NJAOC@JMD@NPN@?DILP<GDO<ODQ@M@N@<M>C
^-KODJINAJMKG<>DIBOC@JMD@NDI<LP<GDO<ODQ@NOP?T
^&JROJKG<>@<OC@JM@OD><GG@INDIOJ<HDS@?H@OCJ?NNOP?T
6/>B3@+@7B7<5'B@/B3573A/<2B671/:=<A723@/B7=<A
^ NN@NNDIB CJR OC@ NOMP>OPM@ JA < KMJKJN<G RJPG? ?DAA@M ?@K@I?DIB JI < LP<GDO<ODQ@
LP<IODO<ODQ@
JMHDS@?H@OCJ?N?@NDBI
^RMDODIBNOM<O@BTAJM?M<AODIB<KMJKJN<G
^"@Q@GJKDIB<C<=DOJARMDODIB
^"DAA@M@I>@N=@OR@@IPH=M@GG<OCJPBCON
=DBOCJPBCON
GDOOG@OCJPBCON
<I?<OO@IODJIOCJPBCON
DIRMDODIB
^2C@CJJF<I?@T@O@>CIDLP@AJMRMDODIB>JINDNO@I>T
^.MDI>DKG@NJARMDODIBBJJ?KMJN@
^#OCD>NDNNP@NDIOC@M@N@<M>CKMJ>@NN
6/>B3@ (63<B@=2C1B7=<
^"DAA@M@I>@N<HJIBLP<IODO<ODQ@
LP<GDO<ODQ@
<I?HDS@?H@OCJ?NDIOMJ?P>ODJIN
^2C@?@AD>D@I>THJ?@GAJMRMDODIB<IDIOMJ?P>ODJI
^&JROJ?@NDBI<BJJ?I<MM<ODQ@CJJF
^&JROJD?@IODAT<I?RMDO@<M@N@<M>CKMJ=G@H
^&JROJNPHH<MDU@GDO@M<OPM@<=JPO<M@N@<M>CKMJ=G@H
^"DNODIBPDNCDIB<HJIB?DAA@M@IOOTK@NJA?@AD>D@I>D@NDIK<NOGDO@M<OPM@
^!JIND?@MDIBBMJPKNOC<OH<TKMJADOAMJHTJPMNOP?T
6/>B3@(63$C@>=A3'B/B3;3MDKOAJMRMDODIB<LP<GDO<ODQ@KPMKJN@NO<O@H@IO
^!JIND?@MDIBCJROC@N>MDKORJPG?>C<IB@?@K@I?DIBJITJPMLP<GDO<ODQ@NOM<O@BTJADILPDMT
^N>MDKOAJMRMDODIB<LP<IODO<ODQ@KPMKJN@NO<O@H@IO
^!JIND?@MDIBCJROC@N>MDKORJPG?>C<IB@?@K@I?DIBJITJPMLP<IODO<ODQ@NOM<O@BTJADILPDMT
^N>MDKOAJMRMDODIB<HDS@?H@OCJ?NKPMKJN@NO<O@H@IO
^ !JIND?@MDIB CJR OC@ N>MDKO RJPG? >C<IB@ ?@K@I?DIB JI TJPM HDS@? H@OCJ?N NOM<O@BT JA
DILPDMT
6/>B3@&3A3/@16%C3AB7=<A/<2G>=B63A3A
^N>MDKOAJMRMDODIB<LP<GDO<ODQ@>@IOM<GLP@NODJI
^!JIND?@MDIBCJROCDNN>MDKORJPG?>C<IB@?@K@I?DIBJIOC@LP<GDO<ODQ@NOM<O@BTJADILPDMT
^N>MDKOAJMRMDODIBLP<IODO<ODQ@M@N@<M>CLP@NODJIN<I?CTKJOC@N@N
^!JIND?@MDIBCJROCDNN>MDKORJPG?>C<IB@?@K@I?DIBJIOC@LP<IODO<ODQ@NOM<O@BTJADILPDMT
<I?OC@?DAA@M@IOOTK@NJACTKJOC@N@N
^HJ?@GAJMKM@N@IODIB?@N>MDKODQ@<I?DIA@M@IOD<GLP<IODO<ODQ@LP@NODJIN<I?CTKJOC@N@N
^1>MDKONAJMRMDODIB?DAA@M@IOAJMHNJAM@N@<M>CLP@NODJINDIOJ<HDS@?H@OCJ?N NOP?T
6/>B3@%C/<B7B/B7D3!3B6=2A
^>C@>FGDNOAJMNPMQ@TM@N@<M>COJAJMHOJKD>N@>ODJINJA<NPMQ@TKMJ>@?PM@
^1O@KNDI<I<GTUDIB?<O<AJM<NPMQ@TKMJ>@?PM@
^>JHKG@O@NPMQ@TH@OCJ?N?DN>PNNDJI
^>C@>FGDNOAJM@SK@MDH@IO<GM@N@<M>COJAJMHN@>ODJINAJM<I@SK@MDH@IO<GKMJ>@?PM@
^'?@IODATDIBOC@OTK@JA@SK@MDH@IO<GKMJ>@?PM@OC<O=@NOADONTJPMKMJKJN@?NOP?T
^"M<RDIB<?D<BM<HJA@SK@MDH@IO<GKMJ>@?PM@N
^'?@IODATDIBOC@KJO@IOD<GDIO@MI<GQ<GD?DOT<I?@SO@MI<GQ<GD?DOTOCM@<ONOJTJPMKMJKJN@?NOP?T
6/>B3@%C/:7B/B7D3$@=132C@3A
^>C@>FGDNOAJMLP<GDO<ODQ@M@N@<M>COJAJMHOJKD>N@>ODJINJA<LP<IODO<ODQ@KMJ>@?PM@
^2C@=<ND>>C<M<>O@MDNOD>NJALP<GDO<ODQ@M@N@<M>C
^"@O@MHDIDIBCJRM@AG@SDQDOTRDGG=@DI>GP?@?DI<KMJKJN@?NOP?T
^ 2C@?DAA@M@I>@N=@OR@@IOTK@NJA?<O<>JGG@>O@?DILP<GDO<ODQ@M@N@<M>C
^"DNODIBPDNCDIB=@OR@@IB@I@MD>AJMHNJA?<O<<I<GTNDN<I?<I<GTNDNRDOCDINOM<O@BD@NJADILPDMT
^"DAA@M@IOG@Q@GNJA<I<GTNDNDILP<GDO<ODQ@M@N@<M>C
^1OM<O@BD@NAJM@NO<=GDNCDIBQ<GD?DOTAJMLP<GDO<ODQ@NOP?D@N
6/>B3@ !7F32!3B6=2A$@=132C@3A
^3I?@MNO<I?DIB<?@ADIDODJIJAHDS@?H@OCJ?NM@N@<M>C
^&JRODHDIB
R@DBCO
HDSDIB
<I?OC@JMTM@G<O@OJ<HDS@?H@OCJ?N?@NDBI
^2C@?DAA@M@I>@N<HJIBOC@NDSHJ?@GNAJMHDS@?H@OCJ?NDILPDMT
^&JROJ?M<R<HDS@?H@OCJ?NKMJ>@?PM@PNDIB<KKMJKMD<O@IJO<ODJI
^2C@?DAA@M@IORMDODIBNOMP>OPM@NAJMHDS@?H@OCJ?NM@N@<M>C
$@34/13
$)&$#'
2CDN =JJF <?Q@N < AM<H@RJMF
< KMJ>@NN
<I? >JHKJNDODJI<G <KKMJ<>C@N AJM ?@NDBIDIB
LP<GDO<ODQ@
LP<IODO<ODQ@
<I? HDS@? H@OCJ?N M@N@<M>C DI OC@ CPHD<G N>D@I>@N
'I>M@<N@? DIO@M@NO DI <I? PN@ JA LP<GDO<ODQ@ M@N@<M>C
OC@ @H@MB@I>@ JA HDS@? H@OCJ?N
<KKMJ<>C@N
<I?>JIODIPDIBPN@JAOC@OM<?DODJI<GAJMHNJALP<IODO<ODQ@?@NDBINC<Q@>M@<O@?<
I@@? AJM OCDN =JJF[N PIDLP@ >JHK<MDNJI JA OC@ OCM@@ <KKMJ<>C@N OJ DILPDMT 2CDN >JHK<MDNJI
=@BDINRDOCKM@GDHDI<MT>JIND?@M<ODJIJAKCDGJNJKCD><G<NNPHKODJINAJM<GGOCM@@<KKMJ<>C@N
<
M@QD@RJAOC@GDO@M<OPM@
<I<NN@NNH@IOJAOC@PN@JAOC@JMTDIM@N@<M>C?@NDBIN
<I?M@AG@>ODJIN
<=JPO OC@ DHKJMO@ JA RMDODIB <I? @OCD>N DI N>CJG<MGT DILPDMT 2C@ =JJF OC@I <??M@NN@N OC@
F@T @G@H@ION JA OC@ KMJ>@NN JA M@N@<M>C RMDODIB ODJI
NO<ODIB < KPMKJN@ AJM OC@
NOP?T
D?@IODATDIBM@N@<M>CLP@NODJIN<I?CTKJOC@N@N
<I?<?QDIBH@OCJ?N<I?KMJ>@?PM@N
AJM ?<O< >JGG@>ODJI <I? <I<GTNDN O @<>C NO@K DI OCDN KMJ>@NN
OC@ M@<?@M DN O<F@I OCMJPBC
LP<GDO<ODQ@
LP<IODO<ODQ@
<I?HDS@?H@OCJ?N<KKMJ<>C@N
2C@>JQ@MDGGPNOM<ODJI?@KD>ON<H<I?<G<
<&DI?PJM P??CDNONTH=JGJAOC@PIDQ@MN@!M@<ODJI
JA<H<I?<G<
HP>CGDF@>M@<ODJIJA<M@N@<M>C?@NDBI
M@LPDM@NGJJFDIBAMJHOC@Q<IO<B@KJDIO
JA<AM<H@RJMF
<IJQ@M<GG?@NDBI
<NR@GG<NAJ>PN@?<OO@IODJIJIOC@?@O<DGY<H<I?<G<H<?@
JA N<I? >M@<O@ =@><PN@ JA OC@ KM@>DN@ KJNDODJIDIB JA OC@ KD@>@N
RCD>C
NJH@ODH@N <M@ DI?DQD?P<G BM<DIN JA N<I? 2C@ H<I?<G< <GNJ NCJRN OC@ DIO@MM@G<O@?I@NN JA OC@
K<MONJAOC@RCJG@
<B<DIM@AG@>ODIBM@N@<M>C?@NDBI
DIRCD>C@<>C@G@H@IO>JIOMD=PO@NOJ<I?
DIAGP@I>@NOC@NC<K@JA<>JHKG@O@NOP?T
)"
2CDN=JJFDNDIO@I?@?AJMBM<?P<O@NOP?@ION<I?A<>PGOTRCJN@@F<NNDNO@DIKM@K<MDIB<KGCJG<MGT EJPMI<G <MOD>G@
?DNN@MO<ODJI
JMOC@NDN O < =MJ<?@M G@Q@G
OC@ =JJF
H<T =@ PN@APG <N =JOC < M@A@M@I>@ =JJF <I? < O@SO=JJF AJM BM<?P<O@ >JPMN@N DI M@N@<M>C
H@OCJ?N2J=@NOO<F@<?Q<IO<B@JAOC@?@NDBIA@<OPM@NDIOCDN=JJF
OC@M@<?@MI@@?N<=<ND>
A<HDGD<MDOT RDOC LP<GDO<ODQ@ <I? LP<IODO<ODQ@ M@N@<M>C CJR@Q@M
O@MHN RDGG =@ @SKG<DI@? <I?
?@ADI@? <I? M@>JHH@I?@? NOM<O@BD@N <?Q@? AJM OCJN@ I@@?DIB DIOMJ?P>OJMT <NNDNO@ DI
OC@?@NDBIKMJ>@NN&DBCGDBCO@?O@MHNDIOC@O@SO<I?<BGJNN<MTJAOC@O@MHN<OOC@=<>FJAOC@
=JJFKMJQD?@<RJMFDIBG<IBP<B@AJMPI?@MNO<I?DIBM@N@<M>C2CDN=JJF<GNJDNDIO@I?@?AJM<
=MJ<? <P?D@I>@ DI OC@ NJ>D<G <I? CPHD@I>@N 0@<?@MN[ >JHH@ION NDI>@ OC@ ADMNO @?DODJI
DI?D><O@ OC<O DI?DQD?P<GN PNDIB OC@ =JJF >JH@ AMJH H<IT ?DN>DKGDI@N <I? AD@G?N ' CJK@ OC<O
M@N@<M>C@MNDIAD@G?NNP>C<NH<MF@ODIB
H<I<B@H@IO
>MDHDI<GEPNOD>@
>JHHPID><ODJINOP?D@N
KNT>CJGJBT
NJ>DJGJBT
) @?P><ODJI
CDBC@M <I? KJNON@>JI?<MT @?P><ODJI
IPMNDIB
C@<GOC
N>D@I>@N
PM=<INOP?D@N
A<HDGTM@N@<M>C
<I?JOC@M<M@<NRDGGADI?OC@OCDM?@?DODJIPN@APG
#&!(
'I @<>C >C<KO@M
' NC<M@ @S<HKG@N ?M<RI AMJH Q<MD@? ?DN>DKGDI@N 2C@N@ @S<HKG@N <M@ ?M<RI
AMJH =JJFN
EJPMI<G <MOD>G@N
?DNN@MO<ODJI KMJKJN<GN
<I? ?DNN@MO<ODJIN 2CJPBC HT KMDH<MT
NK@>D<GDU<ODJI DN DI @?P><ODJI <I? HJM@ =MJ<?GT OC@ NJ>D<G N>D@I>@N
OC@ DGGPNOM<ODJIN <M@
DIO@I?@?OJ=@DI>GPNDQ@JAOC@NJ>D<G<I?CPH<IN>D@I>@N2C@TM@AG@>ODNNP@NDINJ>D<GEPNOD>@
<I?@S<HKG@NJANOP?D@NRDOCH<MBDI<GDU@?DI?DQD?P<GNDIJPMNJ>D@OT<NR@GG<NOC@OM<?DODJI<G
N<HKG@N <I? KJKPG<ODJIN NOP?D@? =T NJ>D<G M@N@<M>C@MN 'I>GPNDQ@I@NN <GNJ @SO@I?N OJ
H@OCJ?JGJBD><G KGPM<GDNH DI M@N@<M>C OJ?<T
<I? OC@ ?DN>PNNDJI DI>JMKJM<O@N <GO@MI<ODQ@
KCDGJNJKCD><GD?@<N
?DQ@MN@HJ?@NJADILPDMT
<I?IPH@MJPNKMJ>@?PM@N
2CDN=JJFDNIJO<?@O<DG@?H@OCJ?O@SODINO@<?
'CDBCGDBCOOC@@NN@IOD<GA@<OPM@NJA M@N@<M>C
?@NDBI'GDF@OJOCDIFOC<O'C<Q@M@?P>@?M@N@<M>COJDON@NN@IOD<G>JM@D?@<NOC<OM@N@<M>C@MN
I@@?OJFIJROJKG<I<OCJMJPBC<I?OCJPBCOAPGNOP?T2C@>JQ@M<B@JAM@N@<M>CNOM<O@BD@NJA
DILPDMTDNGDHDO@?OJAM@LP@IOGTPN@?AJMHNNPMQ@TN<I?@SK@MDH@IONDILP<IODO<ODQ@M@N@<M>C
KC@IJH@IJGJBT
@OCIJBM<KCT
BMJPI?@? OC@JMT
><N@ NOP?D@N
<I? I<MM<ODQ@ M@N@<M>C DI
LP<GDO<ODQ@M@N@<M>C<I?>JI>PMM@IO
N@LP@IOD<G
<I?OM<INAJMH<ODQ@?@NDBINDIHDS@?H@OCJ?N
M@N@<M>C GOCJPBC NOP?@ION KM@K<MDIB < ?DNN@MO<ODJI KMJKJN<G NCJPG? ADI? OCDN =JJF C@GKAPG
OJKD>N M@G<O@?OJ OC@ KJGDOD>N JA KM@N@IODIB <I? I@BJOD<ODIB < NOP?T RDOCBM<?P<O@ >JHHDOO@@N
<M@<??M@NN@?OCJMJPBCGTDIJOC@MO@SON
!JINDNO@IORDOC<>>@KO@?>JIQ@IODJINJAN>CJG<MGTRMDODIB
'C<Q@ OMD@?OJ@GDHDI<O@<ITRJM?N
JM @S<HKG@N OC<O >JIQ@T < ?DN>MDHDI<OJMT @B
N@SDNO JM @OCID> JMD@IO<ODJI #S<HKG@N R@M@
N@G@>O@?OJKMJQD?@<APGGM<IB@JAB@I?@M<I?>PGOPM<GJMD@IO<ODJIN$<QJMDODNH<GNJ?D?IJOKG<T
DIOJHTPN@JALP<GDO<ODQ@<I?LP<IODO<ODQ@?DN>PNNDJIN'C<Q@DIO@IODJI<GGT<GO@M@?OC@JM?@MJA
LP<GDO<ODQ@ <I? LP<IODO<ODQ@ @S<HKG@N OCMJPBCJPO OC@ O@SO 0@<?@MN NCJPG? IJO@ OC<O DI OC@
GJIB@M @S<HKG@N >DO@? DI OCDN =JJF
H<IT M@A@M@I>@N <M@ H<?@ OJ JOC@M RMDODIBN -IGT OC@
M@A@M@I>@OJOC@RJMF'<HPNDIB<N<IDGGPNOM<ODJIRDGG=@>DO@?
IJOOC@@IODM@GDNOJAM@A@M@I>@N
@H=@??@? RDOCDI <IT K<MOD>PG<M @S<HKG@ N RDOC HT @<MGD@M @?DODJIN
' C<Q@ H<DIO<DI@?
A@<OPM@NOJ@IC@OC@M@<?<=DGDOT<I?PI?@MNO<I?<=DGDOTJAOC@H<O@MD<G=PGG@ONOJ@HKC<NDU@
F@TKJDION
IPH=@M@?KJDIONOJNOM@NNNO@KNDI<KMJ>@NN
GJIB@M@S<HKG@NJA>JHKG@O@K<NN<B@N
RDOCHT<IIJO<ODJINOJCDBCGDBCOF@TM@N@<M>CD?@<NOC<O<M@=@DIB>JIQ@T@?=TOC@<POCJMN
'IOCDNOCDM?@?DODJIJAOC@=JJF
I@RA@<OPM@NC<Q@ =@@I<??@?DIM@NKJIN@OJ?@Q@GJKH@IONDI
M@N@<M>C<I?M@<?@MA@@?=<>F
^ 2C@ KCDGJNJKCD><G <NNPHKODJIN DI @S<HDIDIB M@N@<M>C <I? PNDIB OC@JMD@N <M@ DIOMJ?P>@?
@<MGD@M DIOC@ =JJF <N KM@GDHDI<MT NO@KN OC<OM@N@<M>C@MNI@@? OJ >JIND?@M =@AJM@ OC@T?@NDBI
OC@DMNOP?D@N
^ 2C@ ?DN>PNNDJI <=JPO @OCD><G DNNP@N DN @SK<I?@? OJ DI>GP?@ HJM@ >JIND?@M<ODJIN M@G<O@? OJ
?<O<>JGG@>ODJI<I?M@KJMODIBM@N@<M>CADI?DIBN
^ 2CDN @?DODJI DI>GP?@N

AJM OC@ ADMNO ODH@
JHKG@O@ [email protected] NGD?@
KM@N@IO<ODJI M@<?T OJ PN@ DI OC@ >G<NNMJJH
<N R@GG <N N<HKG@ <>ODQDOD@N <I? ?DN>PNNDJI
LP@NODJIN
^,@R5@==<N@?O@>CIJGJBD@NAJMGDO@M<OPM@N@<M>C@N<M@DI>JMKJM<O@?
NP>C<N%JJBG@1>CJG<M
.MJ/P@NO
<I?1PMQ@T+JIF@T
^2C@>C<KO@MJIHDS@?H@OCJ?NKMJ>@?PM@N C<N=@@I@SO@INDQ@GTM@QDN@?OJDI>GP?@OC@G<O@NO
D?@<N <=JPO OCDN ?@NDBI 0@>@IO <MOD>G@N AMJH OC@ 1<B@ EJPMI<G
OC@ 9?<8+6 90 3B/. />29.=
%/=/+<-2 <M@DI>GP?@?<I?>DO@?
^ 2C@ N@>JI? @?DODJI[N >C<KO@M JI ?@ADIDODJIN

GDHDO<ODJIN
<I? ?@GDHDO<ODJIN C<N =@@I
@GDHDI<O@? <I?OC@ DIAJMH<ODJI DI>JMKJM<O@? DIOJ OC@ >C<KO@MN <=JPO M@QD@RDIB OC@ GDO@M<OPM@
<I? OC@ DIOMJ?P>ODJI OJ < KMJKJN<G .MJKJN<G ?@Q@GJK@MN OJ?<T <M@ DI>GP?DIB OC@N@ D?@<N DIOJ
JOC@MN@>ODJINJA<KMJKJN<G
^ 2CDN OCDM? @?DODJI >JIO<DIN < BGJNN<MT JA O@MHN OC<O =@BDIIDIB <I? HJM@ @SK@MD@I>@?
M@N@<M>C@MN><IPN@OJPI?@MNO<I?OC@G<IBP<B@JAM@N@<M>C2CDNDN@NK@>D<GGTDHKJMO<IORDOC
OC@@QJGQDIBG<IBP<B@JALP<GDO<ODQ@<I?HDS@?H@OCJ?NM@N@<M>C2CMJPBCJPOOC@O@SO
O@MHN
<M@><M@APGGT ?@ADI@?
^'DI>GP?@DIH<IT>C<KO@MN<?@GDI@<ODJIJAM@N@<M>CODKNJI?DAA@M@IOOJKD>NOC<OC<Q@C@GK@?
H@<?QDN@NOP?@ION<I?A<>PGOTDIM@N@<M>CH@OCJ?N?PMDIBOC@K<NOT@<MN
^2C@=JJF>JIO<DINPK?<O@?M@A@M@I>@NOCMJPBCJPO<I?<OO@IODJIOJI@R@?DODJINJARJMFN
^$@<OPM@NJAOC@G<NO@?DODJI<M@<GNJH<DIO<DI@?
NP>C<N
^ 2C@ JQ@M<GG NOMP>OPM@ JA OC@ =JJF RDOC OC@ JQ@MG<TN JA LP<GDO<ODQ@
LP<IODO<ODQ@
<I? HDS@?
H@OCJ?NM@N@<M>C?@NDBINJIOC@JQ@M<GGKMJ>@NN<I?NO@KNDIOC@KMJ>@NNJAM@N@<M>C
^2C@F@TKM<>OD><GNOM<O@BD@NJAPI?@MNO<I?DIBOC@KCDGJNJKCD><G<NNPHKODJINJAM@N@<M>C
ODKN
JI N>CJG<MGT RMDODIB
>JI?P>ODIB < GDO@M<OPM@ H<K JA OC@ M@N@<M>C
N>MDKON DI RMDODIB M@N@<M>C
KPMKJN@ NO<O@H@ION <I? LP@NODJIN
<I? OC@ >C@>FGDNON AJM RMDODIB ?@O<DG@? KMJ>@?PM@N JA
>JI?P>ODIBLP<GDO<ODQ@
LP<IODO<ODQ@
<I?HDS@?H@OCJ?NM@N@<M>C
^#<>C>C<KO@M@I?NRDOC?DN>PNNDJILP@NODJIN<I?F@TM@A@M@I>@N
#)( "#$(&'
2CDN =JJF DN ?DQD?@? DIOJ ORJ K<MON .<MO ' >JINDNON JA NO@KNOC<O M@N@<M>C@MN I@@? OJ >JIND?@M
,/09</ OC@T?@Q@GJKOC@DMKMJKJN<GNJMKG<INAJMM@N@<M>C.<MO''?DN>PNN@NOC@Q<MDJPNN@>ODJIN
JA<KMJKJN<G
$/@B$@3:7;7</@G=<A723@/B7=<A
2CDN K<MO JA OC@ =JJF ?DN>PNN@N KM@K<MDIB AJM OC@ ?@NDBI JA < N>CJG<MGT NOP?T 'O >JIO<DIN
!C<KO@MNOCMJPBC
(!.2%0(%%*%#2)-,-&!%1%!0#(%1)',
'IOCDN>C<KO@M
'=@BDI=T?@ADIDIBLP<IODO<ODQ@
LP<GDO<ODQ@
<I?HDS@?H@OCJ?NM@N@<M>C<I?
?DN>PNNOC@H<NM@N@<M>C?@NDBIN2C@N@?@NDBIN<M@KG<INAJM<NOP?T
<I?OC@TDI>GP?@OCM@@
DHKJMO<IO @G@H@ION KCDGJNJKCD><G <NNPHKODJIN
NOM<O@BD@N JA DILPDMT
<I? NK@>DAD> M@N@<M>C
H@OCJ?N#<>CJAOC@N@@G@H@IONDN?DN>PNN@?DI?@O<DG2C@>CJD>@JAM@N@<M>C?@NDBIDN=<N@?
JI>JIND?@MDIBOC@N@OCM@@@G@H@ION<NR@GG<NOC@M@N@<M>CKMJ=G@HDI OC@NOP?T
OC@K@MNJI<G
@SK@MD@I>@NJAOC@M@N@<M>C@M
<I?OC@<P?D@I>@NAJMRCJHOC@M@N@<M>CNOP?TRDGG=@RMDOO@I
2CDN >C<KO@M NCJPG? C@GK KMJKJN<G ?@Q@GJK@MN ?@>D?@ RC@OC@M < LP<GDO<ODQ@
LP<IODO<ODQ@
JM
HDS@?H@OCJ?N?@NDBIDNNPDO<=G@AJMOC@DMNOP?D@N
(!.2%0%4)%5-&2(%)2%0!230%
'O DN DHKJMO<IO OJ @SO@INDQ@GT M@QD@R OC@ GDO@M<OPM@ JI TJPM OJKD> =@AJM@ TJP ?@NDBI TJPM
KMJKJN<G 2CPN TJP I@@? OJ =@BDI RDOC < M@N@<M>C<=G@ OJKD> <I? OC@I @SKGJM@ OC@ GDO@M<OPM@
PNDIB OC@ NO@KN <?Q@? DI OCDN >C<KO@M 2CDN ><GGN AJM N@OODIB < KMDJMDOT AJM M@QD@RDIB OC@
GDO@M<OPM@
?M<RDIB < QDNP<G H<K JA NOP?D@N OC<O M@G<O@ OJ TJPM OJKD>
RMDODIB BJJ? <=NOM<>ON
@HKGJTDIBNFDGGNG@<MI@?<=JPOPNDIBNOTG@H<IP<GN
<I??@ADIDIBF@TO@MHN2CDN>C<KO@MNCJPG?
C@GK KMJKJN<G ?@Q@GJK@MN OCJPBCOAPGGT >JIND?@M M@G@Q<IO GDO@M<OPM@ JI OC@DM OJKD>N <I? NO<MO
>JHKDGDIB<I?RMDODIBGDO@M<OPM@M@QD@RNAJMKMJKJN<GN
(!.2%0(%1%-&(%-07
2C@JMD@NN@MQ@?DAA@M@IOKPMKJN@NDIOC@OCM@@AJMHNJADILPDMT'ILP<IODO<ODQ@M@N@<M>C
OC@T
KMJQD?@ < KMJKJN@? @SKG<I<ODJI AJM OC@ M@G<ODJINCDK <HJIB Q<MD<=G@N =@DIB O@NO@? =T OC@
DIQ@NODB<OJM'ILP<GDO<ODQ@M@N@<M>C
OC@TH<TJAO@IN@MQ@<N<G@INAJMOC@DILPDMTJMOC@TH<T
=@ B@I@M<O@? ?PMDIB OC@ NOP?T 'I HDS@? H@OCJ?N NOP?D@N
M@N@<M>C@MN @HKGJT OC@H DI H<IT
R<TN
DI>GP?DIB OCJN@ <NNJ>D<O@? RDOC LP<IODO<ODQ@ <I? LP<GDO<ODQ@ <KKMJ<>C@N 2CDN >C<KO@M
C@GKN KMJKJN<G ?@Q@GJK@MN >JIND?@M <I? KGJMKJM<O@? DIOJ OC@DM
NOP?D@N
(!.2%00)2),'20!2%')%1!,$ 2()#!*-,1)$%0!2)-,1
'O DN C@GKAPG OJ C<Q@ N OJ =@ DI>GP?@? DI < KMJKJN<G =@AJM@ TJP
=@BDIRMDODIB2CPNOCDN>C<KO@M=@BDINRDOC?DAA@M@IOJPOGDI@NAJMRMDODIBKMJKJN<GNOC@T><I=@
PN@? <N HJ?@GN ?@K@I?DIB JI RC@OC@M TJPM KMJKJN@? NOP?T DN LP<GDO<ODQ@
LP<IODO<ODQ@
JM
HDS@?H@OCJ?N2C@I'>JIQ@TN@Q@M<GD?@<N<=JPOOC@<>OP<GRMDODIBJAOC@KMJKJN<G
NP>C<N
?@Q@GJKDIB<C<=DOJARMDODIB
<I?BM<HH<MD?@<NOC<OC<Q@=@@IC@GKAPGOJH@DIDHKMJQDIBHT
N>CJG<MGTRMDODIB $DI<GGT
'OPMIOJ@OCD><GDNNP@N<I??DN>PNNOC@N@IJO<N<=NOM<>OD?@<N
=PO<N
>JIND?@M<ODJINOC<OI@@?OJ=@<IOD>DK<O@?DI<GGKC<N@NJAOC@M@N@<M>CKMJ>@NN
$/@B3A75<7<5&3A3/@16
'I.<MO''
'OPMIOJOC@>JHKJI@IONJA?@NDBIDIBOC@M@N@<M>CKMJKJN<G!C<KO@MNOCMJPBC
<??M@NNNO@KNDIOCDNKMJ>@NN
(!.2%0 (%,20-$3#2)-,
'O DN DHKJMO<IO OJ KMJK@MGT DIOMJ?P>@ < M@N@<M>C NOP?T ' KMJQD?@ < HJ?@G AJM RMDODIB < BJJ?
N>CJG<MGT DIOMJ?P>ODJI OJ TJPM KMJKJN<G 2CDN DIOMJ?P>ODJI DI>GP?@N D?@IODATDIB OC@ M@N@<M>C
KMJ=G@HJMDNNP@
AM<HDIBOCDNKMJ=G@HRDOCDIOC@@SDNODIBGDO@M<OPM@
KJDIODIBJPO?@AD>D@I>D@N
DI OC@ GDO@M<OPM@
<I? O<MB@ODIB OC@ NOP?T AJM @ 2CDN >C<KO@M KMJQD?@N < NTNO@H<OD>
H@OCJ?AJM?@NDBIDIB<N>CJG<MGTDIOMJ?P>ODJIOJ<KMJKJN<GJMNOP?T
(!.2%0
(%30.-1%2!2%+%,2
OOC@ =@BDIIDIBJA M@N@<M>C KMJKJN<GN
<POCJMNH@IODJI OC@ >@IOM<G KPMKJN@JM DIO@IO JAOC@
NOP?T2CDNK<NN<B@DNOC@HJNODHKJMO<IONO<O@H@IODIOC@@IODM@KMJKJN<G'IOCDN>C<KO@M
TJP
G@<MICJROJRMDO@OCDNNO<O@H@IOAJMLP<IODO<ODQ@
LP<GDO<ODQ@
<I?HDS@?H@OCJ?NNOP?D@N
<I?
TJP<M@KMJQD?@?RDOCN>MDKONOC<OC@GKTJP?@NDBI<I?RMDO@OC@N@NO<O@H@ION
(!.2%0%1%!0#(3%12)-,1!,$7.-2(%1%1
2C@ LP@NODJIN <I? CTKJOC@N@N <??M@NN@? =T OC@ M@N@<M>C@M N@MQ@ OJ I<MMJR <I? AJ>PN OC@
KPMKJN@JAOC@NOP?TN<IJOC@MH<EJMNDBIKJNODI<KMJE@>O
OC@N@OJAM@N@<M>CLP@NODJIN<I?
CTKJOC@N@NI@@?NOJ=@RMDOO@I><M@APGGT'IOCDN>C<KO@M
OC@M@<?@MG@<MINCJROJRMDO@=JOC
LP<GDO<ODQ@<I?LP<IODO<ODQ@M@N@<M>CLP@NODJIN<I?CTKJOC@N@N
<NR@GG<NCJROJ@HKGJT=JOC
AJMHN DI RMDODIB HDS@? H@OCJ?N LP@NODJIN <I? CTKJOC@N@N ,PH@MJPN @S<HKG@N N@MQ@ <N
N>MDKONOJDGGPNOM<O@OC@N@KMJ>@NN@N
(!.2%03!,2)2!2)4%%2(-$1
/P<IODO<ODQ@ H@OCJ?N DIQJGQ@ OC@ KMJ>@NN@N JA >JGG@>ODIB
<I<GTUDIB
DIO@MKM@ODIB
<I? RMDODIB
OC@ M@NPGON JA < NOP?T 1K@>DAD> H@OCJ?N @SDNO DI =JOC NPMQ@T <I? @SK@MDH@IO<G M@N@<M>C OC<O
M@G<O@OJD?@IODATDIB<N<HKG@<I?KJKPG<ODJI
NK@>DATDIBOC@NOM<O@BTJADILPDMT
>JGG@>ODIB<I?
<I<GTUDIB?<O<
KM@N@IODIBOC@M@NPGON
H<FDIB<IDIO@MKM@O<ODJI
<I?RMDODIBOC@M@N@<M>CDI<
H<II@M>JINDNO@IORDOC<NPMQ@TJM@SK@MDH@IO<GNOP?T'IOCDN>C<KO@M
OC@M@<?@MG@<MINOC@
NK@>DAD> KMJ>@?PM@N AJM ?@NDBIDIB NPMQ@T JM @SK@MDH@IO<G H@OCJ?N OC<O I@@? OJ BJ DIOJ <
M@N@<M>CKMJKJN<G!C@>FGDNONKMJQD?@?DIOC@>C<KO@MC@GKOJ@INPM@OC<O<GGDHKJMO<IONO@KN<M@
DI>GP?@?
(!.2%0 3!*)2!2)4%0-#%$30%1
/P<GDO<ODQ@ <KKMJ<>C@N OJ ?<O< >JGG@>ODJI
<I<GTNDN
DIO@MKM@O<ODJI
<I? M@KJMO RMDODIB ?DAA@M
AMJH OC@ OM<?DODJI<G
LP<IODO<ODQ@ <KKMJ<>C@N .PMKJN@APG N<HKGDIB
>JGG@>ODJI JA JK@I@I?@?
?<O<
<I<GTNDN JA O@SO JM KD>OPM@N
M@KM@N@IO<ODJI JA DIAJMH<ODJI DI ADBPM@N <I? O<=G@N
<I?
K@MNJI<GDIO@MKM@O<ODJIJAOC@ADI?DIBN<GGDIAJMHLP<GDO<ODQ@KMJ>@?PM@N2CDN>C<KO@M<?Q@N
NO@KN DI ?@NDBIDIB LP<GDO<ODQ@ KMJ>@?PM@N DIOJ < M@N@<M>C KMJKJN<G
<I? DO <GNJ DI>GP?@N <
>C@>FGDNOAJMH<FDIBNPM@OC<OTJP>JQ@M<GGDHKJMO<IOKMJ>@?PM@NHKG@DGGPNOM<ODJINKMJQD?@
@S<HKG@N AMJH KC@IJH@IJGJBT
BMJPI?@? OC@JMT
@OCIJBM<KCT
><N@ NOP?D@N
<I? I<MM<ODQ@
M@N@<M>C
(!.2%0)6%$%2(-$10-#%$30%1
+DS@? H@OCJ?N KMJ>@?PM@N @HKGJT <NK@>ON JA =JOC LP<IODO<ODQ@ H@OCJ?N <I? LP<GDO<ODQ@
KMJ>@?PM@N +DS@? H@OCJ?N M@N@<M>C C<N DI>M@<N@? DI KJKPG<MDOT DI M@>@IO T@<MN
<I? OCDN
>C<KO@M CDBCGDBCON DHKJMO<IO ?@Q@GJKH@ION DI OC@ PN@ JA OCDN ?@NDBI 1DS OTK@N JA HDS@?
H@OCJ?N ?@NDBIN <M@ @HKC<NDU@? <GJIB RDOC < ?DN>PNNDJI <=JPO >MDO@MD< AJM N@G@>ODIB JI@ JA
OC@H =<N@? JI ODHDIB
R@DBCO
HDSDIB
<I? OC@ PN@ JA OC@JMT $DBPM@N <M@ KM@N@IO@? OC<O
NPBB@NOQDNP<GNOC<OOC@KMJKJN<G?@Q@GJK@M><I?@NDBI<I?DI>GP?@DI<KMJKJN<G0@N@<M>C@MN
J=O<DI<IDIOMJ?P>ODJIOJHDS@?H@OCJ?NM@N@<M>C<NKM<>OD>@?OJ?<T<I?OC@OTK@NJA?@NDBIN
OC<OHDBCO=@PN@?DI<M@N@<M>CKMJKJN<G
"@NDBIDIB<NOP?TDN<?DAAD>PGO<I?ODH@>JINPHDIBKMJ>@NN2CDN=JJFRDGGIJOI@>@NN<MDGTH<F@

OC@KMJ>@NN@<ND@MJMA<NO@M
=PODO><IKMJQD?@NK@>DAD>NFDGGNPN@APGDIOC@KMJ>@NN
FIJRG@?B@
<=JPO OC@ NO@KN DIQJGQ@? DI OC@ KMJ>@NN
<I? < KM<>OD><G BPD?@ OJ >JHKJNDIB <I? RMDODIB
N>CJG<MGT M@N@<M>C @AJM@ OC@ NO@KN JA OC@ KMJ>@NN PIAJG?
' M@>JHH@I? OC<O KMJKJN<G
?@Q@GJK@MN OCDIF OCMJPBC OC@DM <KKMJ<>C@N OJ M@N@<M>C
>JI?P>O GDO@M<OPM@ M@QD@RN JI OC@DM
OJKD>N
?@Q@GJK N OJ DI>GP?@ DI < KMJKJN<G ?@NDBI
<I? =@BDI <IOD>DK<ODIB
KJO@IOD<G@OCD><GDNNP@NOC<OH<T<MDN@DIOC@M@N@<M>C.<MO'DIOMJ?P>@NOC@N@OJKD>N
19<=E:325;3<BA
(CDN=JJF>JPG?IJOC<Q@=@@IRMDOO@IRDOCJPOOC@@I>JPM<B@H@IO<I?D?@<NJAOC@CPI?M@?N
JA NOP?@ION DI OC@ ?J>OJM<GG@Q@G .MJKJN<G "@Q@GJKH@IO >JPMN@ OC<O ' C<Q@ O<PBCO <O OC@
3IDQ@MNDOT JA ,@=M<NF<*DI>JGI JQ@M OC@ T@<MN 1K@>DAD> AJMH@M NOP?@ION <I? @?DOJMN R@M@
DINOMPH@IO<GDIDON?@Q@GJKH@IO"M1C<MJI&P?NJI
"M*@JI!<IOM@GG
OC@G<O@,@OO@,@GNJI
"M"@2JI<>F
"M0<T-NOM<I?@M
<I?"D<I@%M@@IG@@1DI>@OC@KP=GD><ODJIJAOC@ADMNO@?DODJI
'C<Q@<GNJ=@>JH@DI?@=O@?OJOC@NOP?@IONDIHTDIOMJ?P>OJMTM@N@<M>CH@OCJ?N>JPMN@N<I?
OJDI?DQD?P<GNRCJC<Q@K<MOD>DK<O@?DIHTHDS@?H@OCJ?NN@HDI<MN2C@N@>JPMN@NC<Q@=@@I
HTG<=JM<OJMD@NAJMRJMFDIBJPOD?@<N
DI>JMKJM<ODIBI@RJI@N
<I?NC<MDIBHT@SK@MD@I>@N<N<
RMDO@M<I?M@N@<M>C@M+TNO<AADIOC@-AAD>@JA/P<GDO<ODQ@<I?+DS@?+@OCJ?N0@N@<M>C<OOC@
3IDQ@MNDOTJA,@=M<NF<*DI>JGIC<N<GNJC@GK@? JPO@SO@INDQ@GT'<HDI?@=O@?OJOC@N>CJG<MGT
RJMF JA "M 4D>FD .G<IJ!G<MF
"M 0JI 1CJK@
"M )DH %<GO
"M 7PI *P
1C@MMT 5<IB
H<I?<
%<MM@OO
<I?G@S+JM<G@N
'I <??DODJI
' <H BM<O@APG AJM OC@ DINDBCOAPG NPBB@NODJIN KMJQD?@? =T OC@ M@QD@R@MN AJM 1<B@
.P=GD><ODJIN'<GNJ>JPG?IJOC<Q@KMJ?P>@?OCDN=JJFRDOCJPOOC@NPKKJMO<I?@I>JPM<B@H@IO
JA HT AMD@I?N <O 1<B@ .P=GD><ODJIN 1<B@ DN <I? C<N =@@I < ADMNOM<O@ KP=GDNCDIB CJPN@ '
@NK@>D<GGTJR@HP>COJHTAJMH@M@?DOJM<I?H@IOJM
!"@=JM<C*<PBCOJIIJRJA%PDGAJM?
.M@NN
<I? OJ *DN< !P@Q<N1C<R
4D>FD )IDBCO
<I? 1O@KC<ID@ ?<HN 2CMJPBCJPO <GHJNO
T@<MNJARJMFDIBRDOC1<B@
R@C<Q@BMJRIOJB@OC@MOJC@GK?@Q@GJKM@N@<M>CH@OCJ?N1<B@
.P=GD><ODJIN<I?'BM<O@APGGT<>FIJRG@?B@OC@>JIOMD=PODJINJAOC@AJGGJRDIBM@QD@R@MN
+<C<NR@O<+ <I@ME@@
3IDQ@MNDOTJA)<IN<N
+DMD<H5 J@MD
)@II@N<R1O<O@3IDQ@MNDOT
1C<MJII?@MNJI"<II@GN
2C@%@JMB@5<NCDIBOJI3IDQ@MNDOT
1@<I$JM=@N
P=PMI3IDQ@MNDOT
G@SD<1%@JMB<FJKJPGJN
,JQ<1JPOC@<NO@MI3IDQ@MNDOT
+<MT#IUH<I&<B@?JMI
3IDQ@MNDOTJA!JGJM<?J<O!JGJM<?J1KMDIBN
0D>C<M?"&JR<M?
+JIO<I<1O<O@3IDQ@MNDOT
"M@R'NCDD
5CDOOD@M!JGG@B@
+<MDGTI*J>FC<MO
+JIO<I<1O<O@3IDQ@MNDOT
!<MH@I+>!MDIF
<MMT3IDQ@MNDOT
<M=<M<1<AAJM?
3IDQ@MNDOTJA,JMOC@MI'JR<
1O@KC@I1DQJ
3IDQ@MNDOTJA!@IOM<G$GJMD?<
%<TG@1PGDF
4<NN<M!JGG@B@
#GDU<=@OC 2CMJR@M
3IDQ@MNDOTJA+JIO@Q<GGJ
0=CBB63CB6=@
=6< + @3AE3:: DN < .MJA@NNJM JA #?P><ODJI<G .NT>CJGJBT <I? O@<>C@N >JPMN@N <I? RMDO@N
<=JPOLP<GDO<ODQ@ H@OCJ?JGJBT<I?HDS@?H@OCJ?NM@N@<M>C&@C<N=@@I<OOC@3IDQ@MNDOTJA
,@=M<NF<*DI>JGI AJM T@<MN <I? C<N <POCJM@? =JJFN
H<IT JA RCD>C AJ>PN JI M@N@<M>C
?@NDBI
LP<GDO<ODQ@ M@N@<M>C
<I? HDS@? H@OCJ?N M@N@<M>C <I? <M@ OM<ING<O@? DIOJ H<IT
G<IBP<B@N <I? PN@?<MJPI?OC@ RJMG? 'I <??DODJI
C@ >J?DM@>ONOC@ -AAD>@ JA /P<GDO<ODQ@ <I?
+DS@? +@OCJ?N 0@N@<M>C <O ,@=M<NF< OC<O KMJQD?@N NPKKJMO AJM N>CJG<MN DI>JMKJM<ODIB
LP<GDO<ODQ@<I?HDS@?H@OCJ?NM@N@<M>CDIOJKMJE@>ONAJM@SOM<HPM<GAPI?DIB&@N@MQ@N<NOC@
AJPI?DIB>J@?DOJMAJMOC@1<B@EJPMI<G
9?<8+690 3B/. />29.=%/=/+<-2
<I?C@C<N=@@IO.MJA@NNJMJA$<HDGT+@?D>DI@<OOC@3IDQ@MNDOTJA+D>CDB<I<I?<NNDNO@?DIQ@NODB<OJMNDI
OC@ C@<GOC N>D@I>@N JI OC@ M@N@<M>C H@OCJ?JGJBT AJM OC@DM KMJE@>ON &@ C<N M@>@IOGT =@@I
N@G@>O@?OJ=@<1@IDJM$PG=MDBCO1>CJG<M<I?RDGG=@RJMFDIBDI1JPOCAMD><DI->OJ=@M

=MDIBDIB HDS@? H@OCJ?N OJ NJ>D<G N>D@IODNON <I? OJ ?@Q@GJK@MN JA ?J>PH@IO<MD@N <=JPO '"1
QD>ODHN<I?A<HDGD@N&@KG<TNOC@KD<IJ
RMDO@NKJ@OMT
<I?<>ODQ@GT@IB<B@NDINKJMON4DNDOCDH
<OCDN5@=NDO@ RRREJCIR>M@NR@GG>JH
$&(
$@3:7;7</@G=<A723@/B7=<A
6/>B3@
2C@1@G@>ODJIJA<0@N@<M>C"@NDBI
6/>B3@
0@QD@RJAOC@ *DO@M<OPM@
6/>B3@
2C@3N@JA2C@JMT
6/>B3@
5MDODIB1OM<O@BD@N<I?#OCD><G!JIND?@M<ODJIN
(CDN=JJFDNDIO@I?@?OJC@GKM@N@<M>C@MN?@Q@GJK<KG<IJMKMJKJN<GAJM<M@N@<M>CNOP?T.<MO'
<??M@NN@NN@Q@M<GKM@GDHDI<MT>JIND?@M<ODJINOC<O<M@I@>@NN<MT=@AJM@?@NDBIDIB<KMJKJN<GJM
<KG<IAJM<NOP?T2C@N@>JIND?@M<ODJINM@G<O@OJN@G@>ODIB<I<KKMJKMD<O@M@N@<M>C?@NDBI
M@QD@RDIBOC@GDO@M<OPM@OJKJNDODJIOC@KMJKJN@?NOP?TRDOCDIOC@@SDNODIBGDO@M<OPM@
?@>D?DIB
JIRC@OC@MOJPN@<OC@JMTDI OC@NOP?T
<I?@HKGJTDIBY<OOC@JPON@OYBJJ?RMDODIB<I?
@OCD><GKM<>OD>@N
$(&#"
(63'3:31B7=<=4/&3A3/@163A75<
&@N@<M>C?@NDBIN<M@KG<IN<I?OC@KMJ>@?PM@NAJMM@N@<M>COC<ONK<IOC@?@>DNDJINAMJH=MJ<?
<NNPHKODJIN OJ ?@O<DG@? H@OCJ?N JA ?<O< >JGG@>ODJI <I? <I<GTNDN 2CDN KGDNDJIN
<I? OC@T I@@? IJO =@ O<F@I DI OC@ JM?@M DI RCD>C OC@T H<F@ N@IN@ OJ H@ <I? OC@
JM?@MJAOC@DMKM@N@IO<ODJIC@M@2C@JQ@M<GG?@>DNDJIDIQJGQ@NRCD>C?@NDBINCJPG?=@PN@?OJ
NOP?T < OJKD> 'IAJMHDIB OCDN ?@>DNDJI NCJPG? =@ OC@ RJMG?QD@R <NNPHKODJIN OC@ M@N@<M>C@M
=MDIBN OJ OC@ NOP?T KMJ>@?PM@N JA DILPDMT ><GG@? NOM<O@BD@N <I? NK@>DAD> H@OCJ?N JA ?<O<
>JGG@>ODJI
<I<GTNDN
<I?DIO@MKM@O<ODJI2C@N@G@>ODJIJA<M@N@<M>C?@NDBIDN<GNJ=<N@? JIOC@
I<OPM@JAOC@M@N@<M>CKMJ=G@HJMDNNP@=@DIB<??M@NN@?
OC@M@N@<M>C@MN[K@MNJI<G@SK@MD@I>@N
<I?OC@<P?D@I>@NAJMOC@NOP?T
((&(-$'#'"'
'IOCDN=JJF
OCM@@OTK@NJA?@NDBIN<M@<?Q@?LP<GDO<ODQ@
LP<IODO<ODQ@
<I?HDS@?H@OCJ?N
3ILP@NODJI<=GT
OC@OCM@@<KKMJ<>C@N<M@IJO<N?DN>M@O@<NOC@TADMNO<KK@<M/P<GDO<ODQ@<I?
LP<IODO<ODQ@<KKMJ<>C@NNCJPG?IJO=@QD@R@?<NKJG<MJKKJNDO@NJM?D>CJOJHD@NDINO@<?
OC@T
M@KM@N@IO ?DAA@M@IO @I?N JI < >JIODIPPH ,@RH/8.= OJ =@ HJM@
LP<GDO<ODQ@OC<ILP<IODO<ODQ@JMQD>@Q@MN<+DS@?H@OCJ?NM@N@<M>CM@ND?@NDIOC@HD??G@JAOCDN
>JIODIPPH=@><PN@DODI>JMKJM<O@N@G@H@IONJA=JOCLP<GDO<ODQ@<I?LP<IODO<ODQ@<KKMJ<>C@N
-AO@IOC@?DNODI>ODJI=@OR@@ILP<GDO<ODQ@<I?LP<IODO<ODQ@M@N@<M>CDNAM<H@?DIO@MHNJAPNDIB
RJM?N LP<GDO<ODQ@ M<OC@M OCGJN@?@I?@? LP@NODJIN
LP<IODO<ODQ@CTKJOC@N@NM<OC@MOC<IJK@I@I?@?LP@NODJINLP<GDO<ODQ@DIO@MQD@RLP@NODJIN
HJM@ >JHKG@O@ R<T OJ QD@R OC@ BM<?<ODJIN JA ?DAA@M@I>@N =@OR@@I OC@H DN DI OC@ =<ND>
KCDGJNJKCD><G<NNPHKODJINM@N@<M>C@MN=MDIBOJOC@NOP?T
OC@OTK@NJAM@N@<M>CNOM<O@BD@NPN@?
JQ@M<GG DI OC@ M@N@<M>C @B
LP<IODO<ODQ@ @SK@MDH@ION JM LP<GDO<ODQ@ ><N@ NOP?D@N
<I? OC@
NK@>DAD> H@OCJ?N @HKGJT@? DI >JI?P>ODIB OC@N@ NOM<O@BD@N @B
>JGG@>ODIB ?<O< LP<IODO<ODQ@GT
JIDINOMPH@IONQ@MNPN>JGG@>ODIBLP<GDO<ODQ@?<O<OCMJPBCJ=N@MQDIB<N@OODIB+JM@JQ@M
OC@M@
DN<CDNOJMD><G@QJGPODJIOJ=JOC<KKMJ<>C@N
RDOCOC@LP<IODO<ODQ@<KKMJ<>C@N?JHDI<ODIBOC@
AJMHN JA M@N@<M>C DI OC@ NJ>D<G N>D@I>@N AMJH OC@ G<O@ OC >@IOPMT PK PIODG OC@ HD?OC
>@IOPMT"PMDIBOC@G<OO@MC<GAJAOC@OC>@IOPMT
DIO@M@NODILP<GDO<ODQ@M@N@<M>CDI>M@<N@?<I?
<GJIBRDOCDO
OC@?@Q@GJKH@IOJA HDS@?H@OCJ?NM@N@<M>CN@@!M@NR@GG

AJMHJM@JAOCDN
CDNOJMT 5DOC OCDN =<>FBMJPI?
DO NCJPG? KMJQ@ C@GKAPG OJ QD@R ?@ADIDODJIN JA OC@N@ OCM@@ F@T
O@MHN<NPN@?DIOCDN=JJF
^ %C/:7B/B7D3 @3A3/@16 DN<H@<INAJM@SKGJMDIB<I?PI?@MNO<I?DIBOC@H@<IDIBDI?DQD?P<GNJM

BMJPKN <N>MD=@ OJ < NJ>D<G JM CPH@NN JA M@N@<M>C DIQJGQ@N @H@MBDIB
LP@NODJIN <I? KMJ>@?PM@N
?<O< OTKD><GGT >JGG@>O@? DI OC@ K<MOD>DK<IO[N N@OODIB
?<O< <I<GTNDN
DI?P>ODQ@GT =PDG?DIB AMJH K<MOD>PG<MN OJ B@I@M<G OC@H@N
<I? OC@ M@N@<M>C@M H<FDIB
DIO@MKM@O<ODJIN JA OC@ H@<IDIB JA OC@ ?<O< 2C@ ADI<G RMDOO@I M@KJMO C<N < AG@SD=G@ NOMP>OPM@
2CJN@RCJ@IB<B@DIOCDNAJMHJADILPDMTNPKKJMO<R<TJAGJJFDIB<OM@N@<M>COC<OCJIJMNODQ@NOTG@
<AJ>PNJIDI?DQD?P<G H@<IDIB
<I?OC@DHKJMO@JAM@I?@MDIBOC@>JHKG@SDOT
JA<NDOP<ODJI<?<KO@?AMJH!M@NR@GG

^ %C/<B7B/B7D3@3A3/@16 DN<H@<INAJMO@NODIBJ=E@>ODQ@OC@JMD@N=T@S<HDIDIBOC@M@G<ODJINCDK
<HJIB Q<MD<=G@N 2C@N@ Q<MD<=G@N
DI OPMI
><GGT JI DINOMPH@ION
NJ OC<O
IPH=@M@??<O<><I=@<I<GTU@?PNDIBNO<ODNOD><GKMJ>@?PM@N2C@ADI<GRMDOO@IM@KJMOC<N<N@O
NOMP>OPM@ >JINDNODIB JA DIOMJ?P>ODJI
GDO@M<OPM@ <I? OC@JMT
H@OCJ?N
M@NPGON
<I? ?DN>PNNDJI
!M@NR@GG
*DF@ LP<GDO<ODQ@ M@N@<M>C@MN
OCJN@ RCJ @IB<B@ DI OCDN AJMH JA DILPDMT C<Q@
<NNPHKODJIN<=JPOO@NODIBOC@JMD@N?@?P>ODQ@GT
=PDG?DIBDIKMJO@>ODJIN<B<DINO=D<N
>JIOMJGGDIB
AJM<GO@MI<ODQ@@SKG<I<ODJIN
<I?=@DIB<=G@OJB@I@M<GDU@<I?M@KGD><O@OC@ADI?DIBN
^ !7F32 ;3B6=2A @3A3/@16 DN C OJ DILPDMT OC<O >JH=DI@N JM <NNJ>D<O@N =JOC
LP<GDO<ODQ@<I?LP<IODO<ODQ@AJMHN'ODIQJGQ@NKCDGJNJKCD><G<NNPHKODJIN
OC@PN@JALP<GDO<ODQ@
<I? LP<IODO<ODQ@ <KKMJ<>C@N
<I? OC@ HDSDIB JA =JOC <KKMJ<>C@N DI < NOP?T 2CPN
DO DN HJM@
OCJGG@>ODIB <I? <I<GTUDIB =JOC FDI?N JA ?<O< DO <GNJ DIQJGQ@N OC@ PN@ JA =JOC
<KKMJ<>C@NDIO<I?@HNJOC<OOC@JQ@M<GGNOM@IBOCJA<NOP?TDNBM@<O@MOC<I@DOC@MLP<GDO<ODQ@
JMLP<IODO<ODQ@M@N@<M>C!M@NR@GG.G<IJ!G<MF

2C@N@?@ADIDODJINC<Q@>JIND?@M<=G@DIAJMH<ODJIDI@<>CJI@JAOC@H2CMJPBCJPOOCDN=JJF
'
?DN>PNNOC@K<MONJAOC@?@ADIDODJINNJOC<OOC@DMH@<IDIBN=@>JH@>G@<MOJTJP
(&#!$#""('"*# *"'"
2RJ DHKJMO<IO >JHKJI@ION DI @<>C ?@ADIDODJI <M@ OC<O OC@ <KKMJ<>C OJ M@N@<M>C DIQJGQ@N
KCDGJNJKCD><G<NNPHKODJIN<NR@GG<N?DNODI>OH@OCJ?NJMKMJ>@?PM@N &3A3/@1623A75<
RCD>C'
M@A@M OJ <N OC@ :6+8 9< :<9:9=+6 >9 -98.?-> </=/+<-2
DIQJGQ@N OC@ DIO@MN@>ODJI JA KCDGJNJKCT
NOM<O@BD@NJADILPDMT
<I? NK@>DAD>H@OCJ?NAM<H@RJMFOC<O'PN@OJ@SKG<DIOC@DIO@M<>ODJIJA
OC@N@ OCM@@ >JHKJI@ION DN N@@I DI $DBPM@ 2J M@DO@M<O@
DI KG<IIDIB < NOP?T
M@N@<M>C@MN
I@@? OJ OCDIF OCMJPBC OC@ KCDGJNJKCD><G RJMG?QD@R <NNPHKODJIN OC<O OC@T =MDIB OJ OC@ NOP?T
OC@NOM<O@BTJADILPDMTOC<ODNM@G<O@?OJOCDNRJMG?QD@R
<I?OC@NK@>DAD>H@OCJ?NJMKMJ>@?PM@N
JAM@N@<M>COC<OOM<ING<O@OC@<KKMJ<>CDIOJKM<>OD>@
$67:=A=>671/:+=@:2D73EA
GOCJPBC KCDGJNJKCD><G D?@<N M@H<DI G<MB@GT CD??@I DI M@N@<M>C 1GDA@ 5DGGD<HN

OC@T
NODGG DIAGP@I>@ OC@ KM<>OD>@ JA M@N@<M>C <I? I@@? OJ =@ D?@IODAD@? ' NPBB@NO OC<O DI?DQD?P<GN
KM@K<MDIB<M@N@<M>CKMJKJN<GJMKG<IH<F@@SKGD>DOOC@G<MB@MKCDGJNJKCD><GD?@<NOC@T@NKJPN@
2CDNDIAJMH<ODJIRDGGC@GK@SKG<DIRCTOC@T>CJN@LP<GDO<ODQ@
LP<IODO<ODQ@
JMHDS@?H@OCJ?N
<KKMJ<>C@NAJMOC@DMM@N@<M>C'IRMDODIB<=JPORJMG?QD@RN
<KMJKJN<GHDBCODI>GP?@<N@>ODJI
OC<O<??M@NN@NOC@AJGGJRDIB
^2C@KCDGJNJKCD><GRJMG?QD@RKMJKJN@?DIOC@NOP?T
^?@ADIDODJIJA=<ND>>JIND?@M<ODJINJAOC<ORJMG?QD@R
^&JROC@RJMG?QD@RNC<K@?OC@DM<KKMJ<>COJM@N@<M>C
75C@3 $M<H@RJMFAJM"@NDBIY2C@'IO@M>JII@>ODJIJA5JMG?QD@RN
1OM<O@BD@NJA'ILPDMT
<I?0@N@<M>C+@OCJ?N
'C<Q@>CJN@IOJPN@OC@O@MH E=@:2D73E <NH@<IDIB\<=<ND> N@OJA=@GD@ANOC<OBPD?@<>ODJI]
%P=<

K-OC@MNC<Q@><GG@?OC@H :+<+.317= *DI>JGI%P=<
+@MO@IN

/:3=>/796913/= <I? 98>96913/= !MJOOT

JM ,<9+.6C -98-/3@/. </=/+<-2 7/>29.96913/=
,@PHC OC<O < M@N@<M>C@M CJG?N 2C@N@ RJMG?QD@RN <M@ NC<K@? =T OC@ ?DN>DKGDI@ <M@< JA OC@
NOP?@IO
OC@=@GD@ANJA<?QDN@MN<I?A<>PGOTDI<NOP?@IO[N<M@<
<I?K<NOM@N@<M>C@SK@MD@I>@N
2C@ OTK@N JA =@GD@AN C@G? =T DI?DQD?P<G M@N@<M>C@MN RDGG JAO@I G@<? OJ @H=M<>DIB < LP<GDO<ODQ@
LP<IODO<ODQ@
JM HDS@? H@OCJ?N <KKMJ<>C DI OC@DM M@N@<M>C $JPM ?DAA@M@IO RJMG?QD@RN <M@
?DN>PNN@?KJNOKJNDODQDNH
>JINOMP>ODQDNH
<?QJ><>T K<MOD>DK<OJMT
<I?KM<BH<ODNH 2C@ H<EJM
@G@H@IONJA@<>CKJNDODJI<M@KM@N@IO@?DI2<=G@
(%-12.-1)2)4)12-0*$4)%5
2C@ KJNOKJNDODQDNO <NNPHKODJIN C<Q@ M@KM@N@IO@? OC@ OM<?DODJI<G AJMH JA M@N@<M>C
<I? OC@N@
<NNPHKODJINCJG?OMP@HJM@AJMLP<IODO<ODQ@M@N@<M>COC<ILP<GDO<ODQ@M@N@<M>C2CDNRJMG?QD@R
DN NJH@ODH@N ><GG@? OC@ =-3/8>303- 7/>29. JM ?JDIB =-3/8-/ </=/+<-2 'O DN <GNJ ><GG@?
:9=3>3@3=>:9=>:9=3>3@3=> </=/+<-2 /7:3<3-+6 =-3/8-/
<I? :9=>:9=>3@3=7 2CDN G<NO O@MH DN ><GG@?
KJNOKJNDODQDNH =@><PN@ DO M@KM@N@ION OC@ OCDIFDIB <AO@M KJNDODQDNH
>C<GG@IBDIB OC@ OM<?DODJI<G
IJODJIJAOC@<=NJGPO@OMPOCJAFIJRG@?B@.CDGGDKN PM=PG@N
<I?M@>JBIDUDIBOC<OR@
><IIJO=@\KJNDODQ@]<=JPOJPM>G<DHNJAFIJRG@?B@RC@INOP?TDIBOC@=@C<QDJM<I?<>ODJINJA
CPH<IN 2C@ KJNOKJNDODQDNO OM<?DODJI >JH@N AMJH OC>@IOPMT RMDO@MN
NP>C <N !JHO@
+DGG
"PMFC@DH
,@ROJI
<I? *J>F@ 1HDOC

<I? DO C<N =@@I HJNO M@>@IOGT <MOD>PG<O@? =T
RMDO@MNNP>C<N.CDGGDKN<I? PM=PG@N
(/0:3 $JPM5JMG?QD@RN
$=AB>=A7B7D7ABA CJG?<?@O@MHDIDNOD>KCDGJNJKCTDIRCD>C><PN@NKMJ=<=GT?@O@MHDI@@AA@>ONJM
JPO>JH@N2CPN
OC@KMJ=G@HNNOP?D@?=TKJNOKJNDODQDNONM@AG@>OOC@I@@?OJD?@IODAT<I?<NN@NN
OC@ ><PN@N OC<O DIAGP@I>@ JPO>JH@N
NP>C <N AJPI? DI @SK@MDH@ION 'O DN <GNJ M@?P>ODJIDNOD> DI
OC<O OC@ DIO@IO DN OJ M@?P>@ OC@ D?@<N DIOJ < NH<GG
?DN>M@O@ N@O JA D?@<N OJ O@NO
NP>C <N OC@
Q<MD<=G@N OC<O >JHKMDN@ CTKJOC@N@N <I? M@N@<M>C LP@NODJIN 2C@ FIJRG@?B@ OC<O ?@Q@GJKN
OCMJPBC<KJNOKJNDODQDNOG@INDN=<N@?JI><M@APGJ=N@MQ<ODJI<I?H@<NPM@H@IOJAOC@J=E@>ODQ@
M@<GDOTOC<O@SDNON\JPOOC@M@]DIOC@RJMG?2CPN
?@Q@GJKDIBIPH@MD>H@<NPM@NJAJ=N@MQ<ODJIN
<I?NOP?TDIBOC@=@C<QDJMJADI?DQD?P<GN=@>JH@NK<M<HJPIOAJM<KJNOKJNDODQDNO$DI<GGT
OC@M@
<M@G<RNJMOC@JMD@NOC<OBJQ@MI OC@RJMG?
<I?OC@N@I@@?OJ=@O@NO@?JMQ@MDAD@?<I?M@ADI@?
NJOC<OR@><IPI?@MNO<I?OC@RJMG?2CPN
DIOC@N>D@IODAD>H@OCJ?
OC@<>>@KO@?<KKMJ<>COJ
M@N@<M>C=TKJNOKJNODQDNON
<IDI?DQD?P<G=@BDINRDOC<OC@JMT
>JGG@>ON?<O<OC<O@DOC@MNPKKJMON
JMM@APO@NOC@OC@JMT
<I?OC@IH<F@NI@>@NN<MTM@QDNDJIN=@AJM@<??DODJI<GO@NON<M@H<?@
'I M@<?DIB .CDGGDKN <I? PM=PG@N

TJP >C<N
)IJRG@?B@DN>JIE@>OPM<G<I?<IODAJPI?<ODJI<GY<=NJGPO@OMPOC><II@Q@M=@AJPI?2CPN
@QD?@I>@ @NO<=GDNC@? DI M@N@<M>C DN <GR<TN DHK@MA@>O <I? A<GGD=G@ 'O DN AJM OCDN M@<NJI OC<O
M@N@<M>C@MNNO<O@OC<OOC@T?JIJOKMJQ@<CTKJOC@NDNDINO@<?
OC@TDI?D><O@<A<DGPM@OJM@E@>O
OC@CTKJOC@NDN
0@N@<M>CDNOC@KMJ>@NNJAH<FDIB>G<DHN<I?OC@IM@ADIDIBJM<=<I?JIDIBNJH@JAOC@HAJM
JOC@M>G<DHNHJM@NOMJIBGTR<MM<IO@?+JNOLP<IODO<ODQ@M@N@<M>C
AJM@S<HKG@
NO<MONRDOCOC@
O@NOJA<OC@JMT
"<O<
@QD?@I>@
<I? M<ODJI<G >JIND?@M<ODJIN NC<K@ FIJRG@?B@ 'I KM<>OD>@
OC@ M@N@<M>C@M
>JGG@>ON DIAJMH<ODJI JI DINOMPH@ION =<N@? JI H@<NPM@N >JHKG@O@? =T OC@ K<MOD>DK<ION JM =T
J=N@MQ<ODJINM@>JM?@?=TOC@M@N@<M>C@M
0@N@<M>C N@@FN OJ ?@Q@GJK M@G@Q<IO

OMP@ NO<O@H@ION
JI@N OC<O >JI>@MIJMOC<O?@N>MD=@OC@><PN<GM@G<ODJINCDKNJADIO@M@NO'ILP<IODO<ODQ@NOP?D@N
M@N@<M>C@MN <?Q@ OC@ M@G<ODJINCDK <HJIB Q<MD<=G@N <I? KJN@ OCDN DI O@MHN JA LP@NODJIN JM
CTKJOC@N@N
@DIB J=E@>ODQ@ DN O JA >JHK@O@IO DILPDMT M@N@<M>C@MN HPNO @S<HDI@
H@OCJ?N <I? >JI>GPNDJIN AJM =D<N $JM @S<HKG@
NO<I?<M? JA Q<GD?DOT <I? M@GD<=DGDOT <M@
DHKJMO<IODILP<IODO<ODQ@M@N@<M>C
(%-#)!*-,1203#2)4)12-0*$4)%5
-OC@MN CJG? <?DAA@M@IORJMG?QD@R 1J>D<G >JINOMP>ODQDNH JAO@I >JH=DI@? RDOC DIO@MKM@ODQDNH
N@@+@MO@IN
DNNP>C<K@MNK@>ODQ@
<I?DODNOTKD><GGTN@@I<N<I<KKMJ<>COJLP<GDO<ODQ@
M@N@<M>C 2C@ D?@<N ><H@ AMJH +<IIC@DH <I? AMJH RJMFN NP>C <N @MB@M <I? *P@FH<II[N
'2/ &9-3+6 98=><?->398 90 %/+63>C <I? *DI>JGI <I? %P=<[N !+>?<+63=>3- 8;?3<C
+JM@M@>@IORMDO@MNRCJC<Q@NPHH<MDU@?OCDNKJNDODJI<M@*DI>JGI<I?%P=<
1>CR<I?O

,@PHC OC@T GDQ@ <I? RJMF
'I?DQD?P<GN ?@Q@GJK NP=E@>ODQ@ H@<IDIBN JA OC@DM @SK@MD@I>@NYH@<IDIBN ?DM@>O@? OJR<M?
>@MO<DI J=E@>ON JM OCDIBN 2C@N@ H@<IDIBN <M@ Q<MD@? <I? HPGODKG@
G@<?DIB OC@ M@N@<M>C@M OJ
GJJFAJMOC@>JHKG@SDOTJAQD@RNM<OC@MOC<II<MMJRDIBH@<IDIBNDIOJ<A@R><O@BJMD@NJMD?@<N
2C@BJ<GJAOC@M@N@<M>CDNOJM@GT<NHP>C<NKJNND=G@JIOC@K<MOD>DK<ION[QD@RNJAOC@NDOP<ODJI
=@DIBNOP?D@?2C@LP@NODJIN=@>JH@=MJ<?<I?B@I@M<GNJOC<OOC@K<MOD>DK<ION>JINOMP>O
OC@ H@<IDIB JA < NDOP<ODJI
OTKD><GGT AJMB@? DI ?DN>PNNDJIN JM DIO@M<>ODJIN RDOC JOC@M K@MNJIN
2C@ HJM@ JK@I@I?@?OC@LP@NODJIDIB
OC@=@OO@M
<N OC@ M@N@<M>C@M GDNO@IN ><M@APGGT OJ RC<O
K@JKG@N<TJM?JDIOC@DMGDA@N@OODIBN-AO@IOC@N@NP=E@>ODQ@H@<IDIBN<M@I@BJOD<O@?NJ>D<GGT
<I? CDNOJMD><GGT 2C@T <M@ IJO NDHKGT DHKMDIO@? JI DI?DQD?P<GN =PO <M@ AJMH@? OCMJPBC
DIO@M<>ODJIRDOCJOC@MNC@I>@NJ>D<G>JINOMP>ODQDNH<I?OCMJPBCCDNOJMD><G<I?>PGOPM<GIJMHN
OC<OJK@M<O@DIDI?DQD?P<GN[GDQ@N2CPN
>JINOMP>ODQDNOM@N@<M>C@MNJAO@I<??M@NNOC@KMJ>@NN@NJA
DIO@M<>ODJI<HJIBDI?DQD?P<GN2C@T<GNJAJ>PNJIOC@NK@>DAD>>JIO@SONDIRCD>CK@JKG@GDQ@<I?
RJMF
DIJM?@MOJPI?@MNO<I?OC@CDNOJMD><G<I?>PGOPM<GN@OODIBNJAOC@K<MOD>DK<ION0@N@<M>C@MN
M@>JBIDU@OC<OOC@DMJRI=<>FBMJPI?NNC<K@OC@DMDIO@MKM@O<ODJI
<I?OC@TKJNDODJIOC@HN@GQ@N
DIOC@M@N@<M>COJ<>FIJRG@?B@CJROC@DMDIO@MKM@O<ODJIAGJRNAMJHOC@DMK@MNJI<G
>PGOPM<G
<I?
CDNOJMD><G@SK@MD@I>@N2C@M@N@<M>C@M[NDIO@IO DNOJH<F@N@IN@JAJMDIO@MKM@OOC@H@<IDIBN
JOC@MNC<Q@<=JPOOC@RJMG?0<OC@MOC<INO<MODIBRDOC<OC@JMT<NDIKJNOKJNODQDNH
DILPDM@MN
B@I@M<O@JMDI?P>ODQ@GT?@Q@GJK<OC@JMTJMK<OO@MIJAH@<IDIB
$JM@S<HKG@
DI?DN>PNNDIB>JINOMP>ODQDNH
!MJOOTD?@IODAD@?N@Q@M<G<NNPHKODJIN
+@<IDIBN <M@ >JINOMP>O@? =T CPHC@MNO@I?OJPN@JK@I@I?@?LP@NODJINNJOC<OOC@K<MOD>DK<ION
><INC<M@OC@DMQD@RN
&PH<IN @IB<B@ RDOC OC@DM RJMG? <I? H<F@ N@IN@ JA DO =<N@? JI OC@DM CDNOJMD><G <I? NJ>D<G
K@MNK@>ODQ@NYR@<M@<GG=JMIDIOJ<RJMG?JAH@<IDIB=@NOJR@?PKJIPN=TJPM>PGOPM@2CPN
LP<GDO<ODQ@ M@N@<M>C@MN N@@F OJ PI?@MNO<I? OC@ >JIO@SO JM N@OODIB JA OC@ K<MOD>DK<ION OCMJPBC
QDNDODIBOCDN >JIO@SO <I? B<OC@MDIB DIAJMH<ODJIK@MNJI<GGT 2C@T <GNJDIO@MKM@O RC<O OC@T ADI?
<IDIO@MKM@O<ODJINC<K@?=TOC@M@N@<M>C@M[NJRI@SK@MD@I>@N<I?=<>FBMJPI?
2C@ =<ND> B@I@M<ODJI JA H@<IDIB DN <GR<TN NJ>D<G

<MDNDIB DI <I? JPO JA DIO@M<>ODJI RDOC <
CPHJHHPIDOT 2C@ KMJ>@NN JA LP<GDO<ODQ@ M@N@<M>C DN G<MB@GT DI?P>ODQ@
RDOC OC@ DILPDM@M
B@I@M<ODIBH@<IDIBAMJHOC@?<O<>JGG@>O@?DIOC@AD@G?
(%$4-#!#7!,$!02)#).!2-07-0*$4)%5
IJOC@M BMJPK JA M@N@<M>C@MN CJG?N OJ OC@ KCDGJNJKCD><G <NNPHKODJIN JA OC@
<?QJ><>T K<MOD>DK<OJMT <KKMJ<>C 2CDN KJNDODJI <MJN@ ?PMDIB OC@ N <I? N AMJH
DI?DQD?P<GN RCJ A@GO OC<O OC@ KJNOKJNODQDNO <NNPHKODJIN DHKJN@? NOMP>OPM<G G<RN <I? OC@JMD@N
OC<O?D?IJOADOH<MBDI<GDU@?DI?DQD?P<GNDIJPMNJ>D@OTJMDNNP@NJANJ>D<GEPNOD>@OC<OI@@?@?OJ
=@ <??M@NN@? 2CDN RJMG?QD@R DN OTKD><GGT N@@I RDOC LP<GDO<ODQ@ M@N@<M>C
=PO DO >C <N R@GG &DNOJMD><GGT
NJH@ JA OC@ <?QJ><>T K<MOD>DK<OJMT
JM@HDK<OJMT RMDO@MNC<Q@?M<RIJIOC@RJMFNJA+<MS
?JMIJ
+<M>PN@
&<=@MH<N
<I?
$M@DM@,@PH@IORMDO@MNOJM@<?AJMOCDNK@MNK@>ODQ@'IOC@H<DI
OC@N@DILPDM@MNA@GOOC<OOC@
>JINOMP>ODQDNO NO@ ?D? IJO BJ A<M @IJPBC DI <?QJ><ODIB AJM ODJI <B@I?< OJ C@GK
H<MBDI<GDU@?K@JKG@NI /2D=1/1G>/@B717>/B=@GE=@:2D73E CJG?NOC<OM@N@<M>CDILPDMTI@@?N
OJ =@ DIO@MORDI@? RDOC KJGDOD>N <I? < KJGDOD><G <B@I?< 2CPN
OC@ M@N@<M>C >JIO<DIN ODJI
<B@I?< AJM M@AJMH OC<O H<T >C<IB@ OC@ GDQ@N JA OC@ K<MOD>DK<ION
OC@ DINODOPODJIN DI RCD>C
DI?DQD?P<GN RJMF JM GDQ@
<I? OC@ M@N@<M>C@M[N GDA@ +JM@JQ@M
NK@>DAD> DNNP@N I@@? OJ =@
<??M@NN@? OC<O NK@<F OJ DHKJMO<IO NJ>D<G DNNP@N JA OC@ ?<T
DNNP@N NP>C <N @HKJR@MH@IO
DI@LP<GDOT
JKKM@NNDJI
?JHDI<ODJI
NPKKM@NNDJI
<I? <GD@I<ODJI 2C@ M@N@<M>C@M JAO@I =@BDIN
RDOC JI@ JA OC@N@ DNNP@N <N OC@ AJ><G KJDIO JA OC@ NOP?T 2CDN M@N@<M>C <GNJ <NNPH@N OC<O OC@
DILPDM@MRDGGKMJ>@@?>JGG<=JM<ODQ@GTNJ<NOJIJOAPMOC@MH<MBDI<GDU@OC@K<MOD>DK<ION<N<M@NPGO
JAOC@ DILPDMT 'I OCDN N@IN@
OC@ K<MOD>DK<ION H<T C@GK ?@NDBI LP@NODJIN
>JGG@>O?<O<
<I<GTU@
DIAJMH<ODJI
JMM@<KOC@M@R<M?NJAOC@M@N@<M>C?QJ><>TM@N@<M>CKMJQD?@N<QJD>@AJMOC@N@
K<MOD>DK<ION
M<DNDIB OC@DM >JIN>DJPNI@NN JM <?QDIB C<IB@ OJ DHKMJQ@ OC@DM
GDQ@N'O=@>JH@N<PIDO@?QJD>@AJMM@AJMH<I?>C<IB@
2CDNKCDGJNJKCD><GRJMG?QD@RAJ>PN@NJIOC@I@@?NJABMJPKN<I?DI?DQD?P<GNDIJPMNJ>D@OTOC<O
H<T=@H<MBDI<GDU@?JM?DN@IAMCDN@?2C@M@AJM@
OC@JM@OD><GK@MNK@>ODQ@NH<T=@DIO@BM<O@?
RDOCOC@KCDGJNJKCD><G<NNPHKODJINOC<O>JINOMP>O<KD>OPM@JAOC@DNNP@N=@DIB@S<HDI@?
OC@
K@JKG@OJ=@NOP?D@?
<I?OC@>C<IB@NOC<O<M@I@@?@?
NP>C<NA@HDIDNOK@MNK@>ODQ@N
M<>D<GDU@?
?DN>JPMN@N
>MDOD><GOC@JMT
LP@@MOC@JMT
<I??DN<=DGDOTOC@JMTYOC@JM@OD><GG@INOJ=@?DN>PNN@?
HJM@DI!C<KO@M
GOCJPBCOC@N@<M@?DQ@MN@BMJPKN<I?HT@SKG<I<ODJINC@M@<M@B@I@M<GDU<ODJIN
DODNC@GKAPGOJ
QD@R OC@ NPHH<MT =T )@HHDN <I? 5DGFDINJI JA F@T A@<OPM@N JA OC@ <?QJ><>T JM
K<MOD>DK<OJMTAJMHNJADILPDMT
.<MOD>DK<OJMT <>ODJI DN M@>PMNDQ@ JM ?D<G@>OD><G <I? AJ>PN@? JI =MDIBDIB <=JPO >C<IB@ DI
KM<>OD>@N 2CPN
<O OC@ @I? JA <?QJ><>T K<MOD>DK<OJMT NOP?D@N
M@N@<M>C@MN <?Q@ ODJI
<B@I?<AJM>C<IB@
2CDNAJMHJADILPDMTDNAJ>PN@?JIC@GKDIBDI?DQD?P<GNAM@@OC@HN@GQ@NAMJH>JINOM<DIONAJPI?
DIOC@H@?D<
DIG<IBP<B@
DIRJMFKMJ>@?PM@N
<I?DIOC@M@G<ODJINCDKNJAKJR@MDI@?P><ODJI<G
N@OODIBN ?QJ><>T K<MOD>DK<OJMT NOP?D@N JAO@I =@BDI RDOC @ <=JPO
OC@KMJ=G@HNDINJ>D@OT
NP>C<NOC@I@@?AJM@HKJR@MH@IO
'O DN @HDK<OJMT DI OC<O DO C@GKN PINC<>FG@ K@JKG@ AMJH OC@ >JINOM<DION JA DMM<ODJI<G <I?
PIEPNO NOMP>OPM@N OC<O GDHDO N@GA?@Q@GJKH@IO <I? N@GA?@O@MHDI<ODJI 2C@
<?QJ><>T K<MOD>DK<OJMT NOP?D@N <DH OJ >M@<O@ < KJGDOD><G ?@=<O@ <I? ?DN>PNNDJI NJ OC<O >C<IB@
RDGGJ>>PM
'ODNKM<>OD><G<I?>JGG<=JM<ODQ@=@><PN@DODNDILPDMT>JHKG@O@? A3>2 JOC@MNM<OC@MOC9 JOC@MN 'I OCDN NKDMDO
<?QJ><>T K<MOD>DK<OJMT <POCJMN @IB<B@ OC@ K<MOD>DK<ION <N <>ODQ@
>JGG<=JM<OJMNDIOC@DMDILPDMD@N
(%0!'+!2)#-0*$4)%5
IJOC@MKJNDODJI<=JPORJMG?QD@RN>JH@NAMJHOC@KM<BH<ODNON.M<BH<ODNH?@MDQ@NAMJHOC@
RJMF JA .@DM>@
(<H@N
+@<?
<I? "@R@T !C@MMTCJGH@N
0@>@IO RMDO@MN DI>GP?@ 0JMOT

+PMKCT
.<OOJI
<I?!C@MMTCJGH@N2C@M@<M@H<ITAJMHNJAOCDN
KCDGJNJKCT
=PO AJM H<IT
>@/5;/B7A; <N < RJMG?QD@R <MDN@N JPO JA <>ODJIN
NDOP<ODJIN
<I?
>JIN@LP@I>@NM<OC@MOC<I<IO@>@?@IO>JI?DODJIN<NDIKJNOKJNDODQDNH2C@M@DN<>JI>@MIRDOC
<KKGD><ODJINYRC<O RJMFNY<I? NJGPODJIN OJ KMJ=G@HN .<OOJI
'INO@<? JA AJ>PNDIB JI
H@OCJ?N
M@N@<M>C@MN @HKC<NDU@ OC@ M@N@<M>C KMJ=G@H <I? PN@ <GG <KKMJ<>C@N <Q<DG<=G@ OJ
PI?@MNO<I? OC@ KMJ=G@H N@@ 0JNNH<G PI?@MKDIIDIB AJM
HDS@? H@OCJ?N NOP?D@N
2<NC<FFJMD <I? 2@??GD@
+JMBJIQ@TDONDHKJMO@AJMAJ>PNDIB<OO@IODJIJIOC@M@N@<M>CKMJ=G@HDINJ>D<GN>D@I>@M@N@<M>C
<I? OC@I PNDIB KGPM<GDNOD> <KKMJ<>C@N OJ ?@MDQ@ FIJRG@?B@ <=JPO OC@ KMJ=G@H 3NDIB
!C@MMTCJGH@N
+JMB<G
=<NDNAJMM@N@<M>C
^ .M<BH<ODNH DN IJO >JHHDOO@? OJ <IT JI@ NTNO@H JA KCDGJNJKCT <I? M@<GDOT 2CDN <KKGD@N OJ
HDS@?H@OCJ?NM@N@<M>CDIOC<ODILPDM@MN?M<RGD=@M<GGTAMJH=JOCLP<IODO<ODQ@<I?LP<GDO<ODQ@
<NNPHKODJINRC@IOC@T@IB<B@DIOC@DMM@N@<M>C
^'I?DQD?P<GM@N@<M>C@MNC<Q@<AM@@?JHJA>CJD>@'IOCDN R<T

M@N@<M>C@MN<M@AM@@OJ>CJJN@
OC@H@OCJ?N
O@>CIDLP@N
<I?KMJ>@?PM@NJAM@N@<M>COC<O=@NOH@@OOC@DMI@@?N<I?KPMKJN@N
^ .M<BH<ODNON ?J IJO N@@ OC@ RJMG? <N C@MNGJJFOJH<IT<KKMJ<>C@NAJM>JGG@>ODIB<I?<I<GTUDIB?<O<M<OC@MOC<INP=N>MD=DIB
OJJIGTJI@R<T@B
LP<IODO<ODQ@JMLP<GDO<ODQ@
^2MPOCDNRC<ORJMFN<OOC@ODH@'ODNIJO=<N@?DI<?P<GDOT=@OR@@IM@<GDOTDI?@K@I?@IOJA
OC@ HDI? JM RDOCDI OC@ HDI? 2CPN
DI HDS@? H@OCJ?N M@N@<M>C
DIQ@NODB<OJMN PN@ =JOC
LP<IODO<ODQ@ <I? LP<GDO<ODQ@ ?<O< =@><PN@ OC@T RJMF OJ KMJQD?@ OC@ =@NO PI?@MNO<I?DIB JA <
M@N@<M>CKMJ=G@H
^ 2C@ KM<BH<ODNO M@N@<M>C@MN GJJF OJ OC@ A2+> <I? 29A OJ M@N@<M>C
=<N@? JI OC@ DIO@I?@?
>JIN@LP@I>@NYRC@M@OC@TR<IOOJBJRDOCDO+DS@?H@OCJ?NM@N@<M>C@MNI@@?OJ@NO<=GDNC<
KPMKJN@AJMOC@DMHDSDIB
<M<ODJI<G@AJMOC@M@<NJINRCTLP<IODO<ODQ@<I?LP<GDO<ODQ@?<O<I@@?
OJ=@HDS@?DIOC@ADMNOKG<>@
^ .M<BH<ODNON <BM@@ OC<O M@N@<M>C <GR<TN J>>PMN DI NJ>D<G

CDNOJMD><G
KJGDOD><G
<I? JOC@M
>JIO@SON'IOCDNR<T
HDS@?H@OCJ?NNOP?D@NH<TDI>GP?@<KJNOHJ?@MIOPMI
<OC@JM@OD><GG@IN
OC<ODNM@AG@>ODQ@JANJ>D<GEPNOD>@<I?KJGDOD><G<DHN
^ .M<BH<ODNON C<Q@ =@GD@Q@? DI C<IB@OC@NP=E@>O]0JMOT

KSDQ
^ 2CPN
AJM OC@ HDS@? H@OCJ?N M@N@<M>C@M
KM<BH<ODNH JK@IN OC@ ?JJM OJ HPGODKG@ H@OCJ?N
?DAA@M@IO RJMG?QD@RN
<I? ?DAA@M@IO <NNPHKODJIN
<N R@GG <N ?DAA@M@IO AJMHN JA ?<O< >JGG@>ODJI
<I?<I<GTNDN
'B@/B3573A=4<?C7@G
2C@M@N@<M>C@MIJOJIGTN@G@>ON<LP<GDO<ODQ@
LP<IODO<ODQ@
JMHDS@?H@OCJ?NNOP?TOJ>JI?P>O
OC@DILPDM@M<GNJ?@>D?@NJI<OTK@JANOP?TRDOCDIOC@N@OCM@@>CJD>@N 'B@/B3573A=47<?C7@G <M@

OTK@NJA LP<GDO<ODQ@
LP<IODO<ODQ@
<I?HDS@? H@OCJ?N?@NDBIN JM HJ?@GN OC<O KMJQD?@ NK@>DAD>
?DM@>ODJI AJM KMJ>@?PM@N DI < M@N@<M>C ?@NDBI -OC@MN C<Q@ ><GG@? OC@H +::<9+-2/= >9 38;?3<C
!M@NR@GG
JM </=/+<-2 7/>29.96913/= +@MO@IN
2C@ NOM<O@BD@N <Q<DG<=G@ OJ OC@
M@N@<M>C@M C<Q@ BMJRI JQ@M OC@ T@<MN <N >JHKPO@M O@>CIJGJBT C<N KPNC@? AJMR<M? JPM ?<O<
<I<GTNDN <I? <=DGDOT OJ <I<GTU@ >JHKG@S HJ?@GN <I? <N DI?DQD?P<GN C<Q@ <MOD>PG<O@? I@R
KMJ>@?PM@NAJM>JI?P>ODIBNJ>D<GN>D@I>@M@N@<M>C1@G@>OOTK@NRDGG=@@HKC<NDU@?DI!C<KO@MN

<I?
NOM<O@BD@NAM@LP@IOGTPN@?DIOC@NJ>D<GN>D@I>@N&@M@'DIOMJ?P>@OCJN@OC<O<M@
?DN>PNN@? G<O@M <I? OC<O <M@ >DO@? DI @S<HKG@N OCMJPBCJPO OC@ =JJF I JQ@MQD@R JA OC@N@
NOM<O@BD@NDNNCJRIDI2<=G@
(/0:3
GO@MI<ODQ@1OM<O@BD@NJA'ILPDMT
3!,2)2!2)4%20!2%')%1
"PMDIB OC@ G<O@ OC <I? OCMJPBCJPO OC@ OC >@IOPMT
NOM<O@BD@N JA DILPDMT <NNJ>D<O@? RDOC
LP<IODO<ODQ@M@N@<M>CR@M@OCJN@OC<ODIQJF@?OC@KJNOKJNDODQDNORJMG?QD@R2C@N@DI>GP?@OMP@
@SK@MDH@ION <I? OC@ G@NN MDBJMJPN @SK@MDH@ION ><GG@? ;?+=3/B:/<37/8>= <I? -9<</6+>398+6
=>?.3/= !<HK=@GG 1O<IG@T
<I? NK@>DAD>NDIBG@NP=E@>O @SK@MDH@ION !JJK@M
&@MJI

&@R<M?
,@PH!JMHD>F
+JM@ M@>@IOGT
LP<IODO<ODQ@ NOM<O@BD@N C<Q@
DIQJGQ@?>JHKG@S@SK@MDH@IONRDOCH<ITQ<MD<=G@N<I?OM@<OH@ION@B
A<>OJMD<G?@NDBIN<I?
M@K@<O@?H@<NPM@?@NDBIN2C@TC<Q@<GNJDI>GP?@?@G<=JM<O@NOMP>OPM<G@LP<ODJIHJ?@GNOC<O
DI>JMKJM<O@><PN<GK<OCN<I?OC@D?@IODAD><ODJIJAOC@>JGG@>ODQ@NOM@IBOCJAHPGODKG@Q<MD<=G@N
'IOCDN=JJF
'AJ>PNJIORJNOM<O@BD@NJADILPDMTNPMQ@TN<I?@SK@MDH@ION
^ 'C@D3G @3A3/@16 KMJQD?@N < LP<IODO<ODQ@ JM IPH@MD> ?@N>MDKODJI JA OM@I?N
<OODOP?@N
JM
JKDIDJINJA<KJKPG<ODJI=TNOP?TDIB<N<HKG@JAOC<OKJKPG<ODJI'ODI>GP?@N>MJNNN@>ODJI<G<I?
GJIBDOP?DI<GNOP?D@NPNDIBLP@NODJII<DM@NJMNOMP>OPM@?DIO@MQD@RNAJM?<O<>JGG@>ODJI
RDOCOC@
DIO@IOJAB@I@M<GDUDIBAMJH<N<HKG@OJ<KJKPG<ODJI <==D@

^ F>3@7;3<B/:@3A3/@16 N@@FNOJ?@O@MHDI@DA<NK@>DAD>OM@<OH@IODIAGP@I>@N<IJPO>JH@2CDN

DHK<>O DN <NN@NN@? =T KMJQD?DIB < NK@>DAD> OM@<OH@IO OJ JI@ BMJPK <I? RDOCCJG?DIB DO AMJH
<IJOC@M <I? OC@I ?@O@MHDIDIB CJR =JOC BMJPKN N>JM@? JI JH@ #SK@MDH@ION DI>GP?@
OMP@@SK@MDH@ION
RDOCOC@M<I?JH<NNDBIH@IOJANP=E@>ONOJOM@<OH@IO>JI?DODJIN
<I?LP<ND
@SK@MDH@ION OC<O PN@ IJIM<I?JHDU@? ?@NDBIN )@KK@G
'I>GP?@? RDOCDI LP<ND
@SK@MDH@ION<M@NDIBG@NP=E@>O?@NDBIN
3!*)2!2)4%20!2%')%1
'ILP<GDO<ODQ@ M@N@<M>C
OC@IPH=@MN <I? OTK@NJA <KKMJ<>C@N C<Q@ <GNJ=@>JH@ HJM@ >G@<MGT
QDND=G@?PMDIBOC@N <I? DIOJOC@NO >@IOPMT JJFN C<Q@ NPHH<MDU@? OC@ Q<MDJPNOTK@N
NP>C <N OC@ NOM<O@BD@N D?@IODAD@? =T 5JG>JOO

<I? >JHKG@O@ KMJ>@?PM@N <M@ IJR
<Q<DG<=G@JINK@>DAD>LP<GDO<ODQ@DILPDMT<KKMJ<>C@N$JM@S<HKG@
!G<I?DIDI<I?!JII@GGT
>JINOMP>O@? < KD>OPM@ JA RC<O I<MM<ODQ@ M@N@<M>C@MN ?J +JPNO<F<N ?DN>PNN@? OC@
KCDGJNJKCD><G O@I@ON <I? OC@ KMJ>@?PM@N JA OC@ KC@IJH@IJGJBD><G H@OCJ?
<I? 1OM<PNN <I?
!JM=DI
D?@IODAD@?OC@KMJ>@?PM@NJABMJPI?@?OC@JMT5JG>JOONPHH<MDU@?
@OCIJBM<KCD>KMJ>@?PM@N
<I?1O<F@NPBB@NO@? KMJ>@NN@NDIQJGQ@?DI><N@NOP?TM@N@<M>C
'IOCDN=JJF
DGGPNOM<ODJIN<M@?M<RIAMJHOC@AJGGJRDIBNOM<O@BD@N
M@>JBIDUDIBOC<O<KKMJ<>C@N
NP>C <N K<MOD>DK<OJMT <>ODJI M@N@<M>C )@HHDN 5DGFDINJI

?DN>JPMN@ <I<GTNDN !C@@F

<I? JOC@MN IJO H@IODJI@? N@@ !M@NR@GG
= <M@ <GNJ QD<=G@ R<TN OJ >JI?P>O
LP<GDO<ODQ@NOP?D@N
^ B6<=5@/>6G DN<NOM<O@BTJADILPDMTDIRCD>COC@M@N@<M>C@MNOP?D@N<IDIO<>O>PGOPM<GBMJPKDI
< I<OPM<G N@OODIB JQ@M < KMJGJIB@? K@MDJ? JA ODH@ =T >JGG@>ODIB
KMDH<MDGT
J=N@MQ<ODJI<G <I?
DIO@MQD@R ?<O< !M@NR@GG
= 2C@ M@N@<M>C KMJ>@NN DN AG@SD=G@ <I? OTKD><GGT @QJGQ@N
>JIO@SOP<GGT DI M@NKJIN@ OJ OC@ GDQ@? M@<GDOD@N @I>JPIO@M@? DI OC@ AD@G? N@OODIB *@!JHKO@
1>C@INPG

^ @=C<232B63=@G DN<NOM<O@BTJA DILPDMTDIRCD>COC@M@N@<M>C@M?@MDQ@N<B@I@M<G

<=NOM<>O
OC@JMT JA < KMJ>@NN
<>ODJI
JM DIO@M<>ODJI BMJPI?@? DI OC@ QD@RN JAK<MOD>DK<ION 2CDN KMJ>@NN
DIQJGQ@N PNDIB HPGODKG@ NO<B@N JA ?<O< >JGG@>ODJI <I? OC@ M@ADI@H@IO <I? DIO@MM@G<ODJINCDK JA
><O@BJMD@N JA DIAJMH<ODJI !C<MHC<M<>O@MDNOD>NJAOCDN?@NDBI<M@OC@>JINO<IO>JHK<MDNJIJA?<O<RDOC@H@MBDIB><O@BJMD@N<I?
OC@JM@OD><G N<HKGDIB JA ?DAA@M@IO BMJPKN OJ H<SDHDU@ OC@ NDHDG<MDOD@N <I? OC@ ?DAA@M@I>@N JA
DIAJMH<ODJI
^ /A3 ABC273A <M@<NOM<O@BTJADILPDMTDIRCD>COC@M@N@<M>C@M@SKGJM@NDI?@KOC<KMJBM<H
@Q@IO
<>ODQDOT
KMJ>@NN
JMJI@JMHJM@DI?DQD?P<GN!<N@N<M@=JPI?@?=TODH@<I?<>ODQDOT
<I?
M@N@<M>C@MN >JGG@>O ?@O<DG@? DIAJMH<ODJI PNDIB < Q<MD@OT JA ?<O< >JGG@>ODJI KMJ>@?PM@N JQ@M <
NPNO<DI@?K@MDJ?JAODH@1O<F@

^ $63<=;3<=:=571/: @3A3/@16 DN < NOM<O@BT JA DILPDMT DI RCD>C OC@ M@N@<M>C@M D?@IODAD@N OC@
@NN@I>@ JA CPH@N <=JPO < KC@IJH@IJI <N ?@N>MD=@? =T K<MOD>DK<ION
3I?@MNO<I?DIB OC@ GDQ@? @SK@MD@I>@N H<MFN KC@IJH@IJGJBT <N < KCDGJNJKCT <N R@GG <N <
H@OCJ?
<I?OC@KMJ>@?PM@DIQJGQ@NNOP?TDIB<NH<GGIPH=@MJANP=E@>ONOCMJPBC@SO@INDQ@<I?
KMJGJIB@?@IB<B@H@IOOJ?@Q@GJKK<OO@MIN<I?M@G<ODJINCDKNJAH@<IDIB+JPNO<F<N
'I
OCDN KMJ>@NN
OC@ M@N@<M>C@M =M<>F@ON JM N@ON <ND?@ CDN JM C@M JRI @SK@MD@I>@N DI JM?@M OJ
PI?@MNO<I?OCJN@JAOC@K<MOD>DK<IONDIOC@NOP?T,D@NRD<?JHT

^ "/@@/B7D3 @3A3/@16 DN < NOM<O@BT JA DILPDMT DI RCD>C OC@ M@N@<M>C@M NOP?D@N OC@ GDQ@N JA
DI?DQD?P<GN <I? <NFN JI@ JM HJM@ DI?DQD?P<GN OJ KMJQD?@ NOJMD@N <=JPO OC@DM GDQ@N 2CDN
DIAJMH<ODJIDNOC@IJAO@IM@OJG?JMM@NOJMD@?=TOC@M@N@<M>C@MDIOJ<I<MM<ODQ@>CMJIJGJBT'I
OC@@I?
OC@I<MM<ODQ@>JH=DI@NQD@RNAMJHOC@K<MOD>DK<IO[NGDA@RDOCOCJN@JAOC@M@N@<M>C@M[N
GDA@DI<>JGG<=JM<ODQ@I<MM<ODQ@!G<I?DIDI!JII@GGT

)6%$%2(-$120!2%')%1
+DS@? H@OCJ?N NOM<O@BD@N <M@ G@NN R@GG FIJRI OCC@N 2C@ >JI>@KO JA HDSDIB ?DAA@M@IO H@OCJ?N JMDBDI<O@? DI RC@I !<HK=@GG <I?
$DNF PN@? HPGODH@OCJ?N OJ NOP?T Q<GD?DOT JA KNT>CJGJBD><G OM<DON 2C@T @I>JPM<B@? JOC@MN OJ
@HKGJT OC@DM HPGODH@OCJ? H<OMDS OJ @S<HDI@ HPGODKG@ <KKMJ<>C@N OJ ?<O< >JGG@>ODJI 2CDN
KMJHKO@?JOC@MNOJ HDSH@OCJ?N
<I?NJJI<KKMJ<>C@N<NNJ>D<O@?RDOCAD@G?H@OCJ?N
NP>C<N
J=N@MQ<ODJIN <I? DIO@MQD@RN LP<GDO<ODQ@ ?<O<
R@M@ >JH=DI@? RDOC OM<?DODJI<G NPMQ@TN
LP<IODO<ODQ@?<O<1D@=@M
0@>JBIDUDIBOC<O<GGH@OCJ?NC<Q@GDHDO<ODJIN
M@N@<M>C@MNA@GO
OC<O =D<N@N DIC@M@IO DI <IT NDIBG@ H@OCJ? >JPG? I@POM<GDU@ JM >@G OC@ =D<N@N JA JOC@M
H@OCJ?N2MD<IBPG<ODIB?<O<NJPM>@NY<H@<INAJMN@@FDIB>JIQ@MB@I>@<>MJNNLP<GDO<ODQ@<I?
LP<IODO<ODQ@ H@OCJ?NYR<N =JMI (D>F
T OC@ @<MGT N
OC@ D?@< JA HDSDIB HJQ@?
AMJHN@@FDIB>JIQ@MB@I>@OJ<>OP<GGTDIO@BM<ODIBJM>JII@>ODIBOC@LP<IODO<ODQ@<I?LP<GDO<ODQ@
?<O< $JM @S<HKG@
OC@ M@NPGON AMJH JI@ H@OCJ? >DK<ION OJ NOP?T JM
LP@NODJIN OJ <NF AJM OC@ JOC@M H@OCJ? 2<NC<FFJMD 2@??GD@
GO@MI<ODQ@GT
OC@
LP<GDO<ODQ@ <I? LP<IODO<ODQ@ ?<O< >@@<>CJOC@M@B
LP<GDO<ODQ@LPJO@NNPKKJMONO<ODNOD><GM@NPGON!M@NR@GG
.G<IJ!G<MF
-MOC@H@OCJ?N><IN@MQ@<G<MB@M
OM<INAJMH<ODQ@KPMKJN@OJ<?QJ><O@
AJMH<MBDI<GDU@?BMJPKN
NP>C<NRJH@I
@OCID> M<>D<GHDIJMDOD@N
H@H=@MNJAB<T<I?G@N=DJHHPIDOD@N
K@JKG@RDOC?DN<=DGDOD@N
<I?OCJN@RCJ<M@KJJM+@MO@IN

2C@N@ M@<NJIN AJM HDSDIB H@OCJ?N C<Q@ G@? RMDO@MN AMJH <MJPI? OC@ RJMG? OJ ?@Q@GJK
KMJ>@?PM@NAJMHDS@?H@OCJ?NNOM<O@BD@NJADILPDMT
<I?OC@N@O<F@OC@IPH@MJPNO@MHNAJPI?
DI OC@ GDO@M<OPM@
NP>C <N 7?6>37/>29. -98@/<1/8-/ 38>/1<+>/.
<I? -97,38/. !M@NR@GG
.G<IJ!G<MF

<I?NC<K@KMJ>@?PM@NAJMM@N@<M>C2<NC<FFJMD2@??GD@

'IK<MOD>PG<M
OCM@@B@I@M<GNOM<O@BD@N<I?N@Q@M<GQ<MD<ODJINRDOCDIOC@H<M@DGGPNOM<O@?DIOCDN
=JJF
^ '3?C3<B7/:;7F32;3B6=2A KMJ>@?PM@N<M@OCJN@DIRCD>COC@M@N@<M>C@MN@@FNOJ @G<=JM<O@

JIJM@SK<I?JIOC@ADI?DIBNJAJI@H@OCJ?RDOC<IJOC@MH@OCJ?2CDNH<TDIQJGQ@=@BDIIDIB
RDOC < LP<GDO<ODQ@ DIO@MQD@R AJM @SKGJM<OJMT KPMKJN@N <I? AJGGJRDIB PK RDOC < LP<IODO<ODQ@
NPMQ@TH@OCJ?RDOC<G<MB@N<HKG@NJOC<OOC@M@N@<M>C@M><IB@I@M<GDU@M@NPGONOJ<KJKPG<ODJI
GO@MI<ODQ@GT
OC@NOP?TH<T=@BDIRDOC<LP<IODO<ODQ@H@OCJ?DIRCD>C<OC@JMTJM>JI>@KODN
O@NO@?
AJGGJR@? =T < LP<GDO<ODQ@ H@OCJ? DIQJGQDIB ?@O<DG@? @SKGJM<ODJI RDOC < A@R ><N@N JM
DI?DQD?P<GN
^ =<1C@@3@?PM@N <M@ OCJN@ DI RCD>C OC@ M@N@<M>C@M >JIQ@MB@N JM
H@MB@N LP<IODO<ODQ@ <I? LP<GDO<ODQ@ ?<O< DI JM?@M OJ KMJQD?@ < >JHKM@C@INDQ@ <I<GTNDN JA OC@
M@N@<M>CKMJ=G@H'IOCDN?@NDBI
OC@DIQ@NODB<OJM>JGG@>ON=JOCAJMHNJA?<O<<OOC@N<H@ODH@
<I? OC@I DIO@BM<O@N OC@ DIAJMH<ODJI DI OC@ DIO@MKM@O<ODJI JA OC@ JQ@M<GG M@NPGON GNJ
DI OCDN
?@NDBI
OC@ M@N@<M>C@M H<T @H=@? JI@ NH<GG@M AJMH JA ?<O< RDOCDI <IJOC@M G<MB@M ?<O<
>JGG@>ODJIDIJM?@MOJ<I<GTU@?DAA@M@IOOTK@NJALP@NODJINOC@LP<GDO<ODQ@<??M@NN@NOC@KMJ>@NN
RCDG@OC@LP<IODO<ODQ@
OC@JPO>JH@N
^ (@/<A4=@;/B7D3 ;7F32 ;3B6=2A KMJ>@?PM@N <M@ OCJN@ DI RCD>C OC@ M@N@<M>C@M PN@N <
OC@JM@OD><G G@IN N@@ !C<KO@M <N CDIB K@MNK@>ODQ@ RDOCDI < ?@NDBI OC<O >JIO<DIN
=JOC LP<IODO<ODQ@ <I? LP<GDO<ODQ@ ?<O< 2CDN G@IN KMJQD?@N < AM<H@RJMF AJM OJKD>N JA DIO@M@NO
H@OCJ?NAJM>JGG@>ODIB?<O<
<I?JPO>JH@NJM>C<IB@N<IOD>DK<O@?=TOC@NOP?T5DOCDIOCDNG@IN
>JPG?=@<?<O<>JGG@>ODJIH@OCJ?OC<ODIQJGQ@N<N@LP@IOD<GJM<>JI>PMM@IO<KKMJ<>C
&3A3/@16!3B6=2A
2C@ OCDM? H<EJM @G@H@IO DI OC@ AM<H@RJMF DN OC@ NK@>DAD> @3A3/@16 ;3B6=2A OC<O DIQJGQ@ OC@
AJMHNJA?<O<>JGG@>ODJI
<I<GTNDN
<I?DIO@MKM@O<ODJIOC<OM@N@<M>C@MNKMJKJN@AJMOC@DMNOP?D@N
NNCJRIDI2<=G@
DODNPN@APGOJ>JIND?@M OC@APGGM<IB@JAKJNND=DGDOD@NJA?<O<>JGG@>ODJI<I?
OJJMB<IDU@OC@N@H@OCJ?N
AJM@S<HKG@
=TOC@DM?@BM@@JAKM@?@O@MHDI@?I<OPM@
OC@DMPN@JA
>GJN@?@I?@? Q@MNPN JK@I@I?@? LP@NODJIDIB
<I? OC@DM AJ>PN JI IPH@MD> Q@MNPN IJIIPH@MD>
?<O<<I<GTNDN2C@N@H@OCJ?NRDGG=@?@Q@GJK@?APMOC@MDI!C<KO@MNOCMJPBC
0@N@<M>C@MN >JGG@>O ?<O< JI C@>FGDNO @B
J=N@MQ<ODJI JA <
RJMF@M@IB<B@?DI<>JHKG@SNFDGG-IOC@JOC@M@I?JAOC@>JIODIPPH
>JGG@>ODIB?<O<HDBCO
DIQJGQ@QDNDODIB<M@N@<M>CNDO@<I?J=N@MQDIBOC@=@C<QDJMJADI?DQD?P<GNRDOCJPOKM@?@O@MHDI@?
LP@NODJINJM>JI?P>ODIB<IDIO@MQD@RDIRCD>COC@DI?DQD?P<GDN<GGJR@?OJ O<GFJK@IGT<=JPO<
OJKD>
G<MB@GTRDOCJPOOC@PN@JANK@>DAD>LP@NODJIN2C@>CJD>@JAH@OCJ?NOPMINJIRC@OC@MOC@
DIO@IODNOJNK@>DATOC@OTK@JADIAJMH<ODJIOJ=@>JGG@>O@?DI<?Q@JAOC@NOP?TJM<GGJRDOOJ
@H@MB@ AMJH K<MOD>DK<ION DI OC@ KMJE@>O GNJ
OC@ OTK@ JA ?<O< <I<GTU@? H<T =@ IPH@MD>
DIAJMH<ODJIB<OC@M@?JIN><G@NJADINOMPH@IONJMO@SODIAJMH<ODJIM@>JM?DIB<I?M@KJMODIBOC@
QJD>@ JA OC@ K<MOD>DK<ION 0@N@<M>C@MN H<F@ DIO@MKM@O<ODJIN JA OC@ NO<ODNOD><G M@NPGON
JM OC@T
DIO@MKM@OOC@OC@H@NJMK<OO@MINOC<O@H@MB@AMJHOC@?<O<'INJH@AJMHNJAM@N@<M>C
=JOC
LP<IODO<ODQ@<I?LP<GDO<ODQ@?<O<<M@>JGG@>O@?
<I<GTU@?
<I?DIO@MKM@O@?'INOMPH@IO?<O<H<T
=@ <PBH@IO@? RDOC JK@I@I?@? J=N@MQ<ODJIN
JM >@INPN ?<O< H<T =@ AJGGJR@? =T DI?@KOC
@SKGJM<OJMTDIO@MQD@RN'IOCDN><N@JAHDSDIBH@OCJ?N
OC@M@N@<M>C@MH<F@NDIA@M@I>@N<>MJNN
=JOCOC@LP<IODO<ODQ@<I?LP<GDO<ODQ@?<O<=<N@N
(/0:3 /P<IODO<ODQ@
+DS@?
<I?/P<GDO<ODQ@+@OCJ?N
&'&'"''+#& *+''(&('"!(#'
2C@RJMG?QD@RN
OC@NOM<O@BD@N
<I?OC@H@OCJ?N<GG>JIOMD=PO@OJ<M@N@<M>C?@NDBIOC<O >/8.=
OJ =@ LP<IODO<ODQ@
LP<GDO<ODQ@
JM HDS@? 2<=G@ >M@<O@N ?DNODI>ODJIN OC<O H<T =@ PN@APG DI
>CJJNDIB C 2CDN O<=G@ <GNJ DI>GP?@N KM<>OD>@N JA <GG OCM@@ <KKMJ<>C@N OC<O <M@
@HKC<NDU@?DIM@H<DIDIB>C<KO@MNJAOCDN=JJF
2TKD><GN>@I<MDJNJAM@N@<M>C><IDGGPNOM<O@CJROC@N@OCM@@@G@H@ION>JH=DI@DIOJ<M@N@<M>C
?@NDBI
^ $?+8>3>+>3@/ <KKMJ<>CY.JNOKJNDODQDNO RJMG?QD@R

@SK@MDH@IO<G NOM<O@BT JA DILPDMT
<I? KM@
<I?KJNOO@NOH@<NPM@NJA<OODOP?@N
'I OCDN N>@I<MDJ

OC@ M@N@<M>C@M O@NON < OC@JMT =T NK@>DATDIB I<MMJR CTKJOC@N@N <I? OC@
>JGG@>ODJIJA?<O<OJNPKKJMOJMM@APO@OC@CTKJOC@N@NI@SK@MDH@IO<G?@NDBIDNPN@?DIRCD>C
<OODOP?@N<M@<NN@NN@?=JOC=@AJM@<I?<AO@M<I@SK@MDH@IO<GOM@<OH@IO2C@?<O<<M@>JGG@>O@?
JI <G
KMJ>@?PM@N<I?CTKJOC@NDNO@NODIB
^ $?+63>+>3@/ <KKMJ<>CY!JINOMP>ODQDNO RJMG?QD@R

@OCIJBM<KCD> ?@NDBI
<I? J=N@MQ<ODJI JA
=@C<QDJM
'I OCDN NDOP<ODJI
OC@ M@N@<M>C@M N@@FN OJ @NO<=GDNC OC@ H@<IDIB JA < KC@IJH@IJI AMJH OC@
QD@RN JA K<MOD>DK<ION 2CDN H@<IN D?@IODATDIB < >PGOPM@NC<MDIB BMJPK <I? NOP?TDIB CJR DO
?@Q@GJKNNC<M@?K<OO@MINJA=@C<QDJMJQ@MODH@D@
@OCIJBM<KCT-I@JAOC@F@T@G@H@IONJA
>JGG@>ODIB?<O<DIOCDNR<TDNOJJ=N@MQ@K<MOD>DK<ION[=@C<QDJMN=T@IB<BDIBDIOC@DM<>ODQDOD@N
^ $?+63>+>3@/ <KKMJ<>CY.<MOD>DK<OJMT RJMG?QD@R

I<MM<ODQ@ ?@NDBI
<I? JK@I@I?@?
DIO@MQD@RDIB
$JMOCDNNOP?T
OC@DILPDM@MN@@FNOJ@S<HDI@<IDNNP@M@G<O@?OJJKKM@NNDJIJADI?DQD?P<GN2J
NOP?TOCDN
NOJMD@N<M@>JGG@>O@?JADI?DQD?P<GJKKM@NNDJIPNDIB<I<MM<ODQ@<KKMJ<>C'I?DQD?P<GN
<M@DIO@MQD@R@?<ONJH@G@IBOCOJ?@O@MHDI@CJROC@TC<Q@K@MNJI<GGT@SK@MD@I>@?JKKM@NNDJI
(/0:3 /P<GDO<ODQ@
/P<IODO<ODQ@
<I?+DS@?+@OCJ?NKKMJ<>C@N
^ 3B/. 7/>29.= <KKMJ<>CY.M<BH<OD> RJMG?QD@R
>JGG@>ODJI JA =JOC LP<IODO<ODQ@ <I?
LP<GDO<ODQ@?<O<N@LP@IOD<GGT
2C@M@N@<M>C@M=<N@NOC@DILPDMTJIOC@<NNPHKODJIOC<O>JGG@>ODIB?DQ@MN@OTK@NJA?<O<=@NO
KMJQD?@N C KMJ=G@H 2C@ NOP?T =@BDIN RDOC < =MJ<? NPMQ@T DI
JM?@MOJB@I@M<GDU@M@NPGONOJ<KJKPG<ODJI<I?OC@I
DI<N@>JI?KC<N@
AJ>PN@NJILP<GDO<ODQ@
JK@I@I?@?DIO@MQD@RNOJ>JGG@>O?@O<DG@?QD@RNAMJHK<MOD>DK<ION
&(&#&' ("&'&'"
%DQ@I OC@ KJNND=DGDOT JA LP<GDO<ODQ@
LP<IODO<ODQ@
JM HDS@? H@OCJ?N <KKMJ<>C@N
RC<O A<>OJMN
<AA@>O<>CJD>@JAJI@<KKMJ<>CJQ@M<IJOC@MAJMOC@?@NDBIJA<KMJKJN<G??@?OJRJMG?QD@R
NOM<O@BT
<I? H@OCJ?N RJPG? =@ OC@ M@N@<M>C KMJ=G@H
OC@ K@MNJI<G @SK@MD@I>@N JA OC@
M@N@<M>C@M
<I?OC@<P?D@I>@NAJMRCJHOC@M@KJMORDGG=@RMDOO@I
(63&3A3/@16$@=0:3;
M@N@<M>CKMJ=G@H
HJM@OCJMJPBCGT?DN>PNN@?DI!C<KO@M
DN<IDNNP@JM>JI>@MIOC<OI@@?N
OJ =@ <??M@NN@? @B
OC@ DNNP@ JA M<>D<G ?DN>MDHDI<ODJI !@MO<DI OTK@N JA NJ>D<G M@N@<M>C
KMJ=G@HN><GGAJMNK@>DAD><KKMJ<>C@N$JM@S<HKG@
DAOC@KMJ=G@H><GGNAJM<OC@D?@IODAD><ODJI
JAA<>OJMNOC<ODIAGP@I>@ <IJPO>JH@
=OC@PODGDOTJA<IDIO@MQ@IODJI
JM>PI?@MNO<I?DIBOC@
=@NOKM@?D>OJMNJAJPO>JH@N
OC@I<LP<IODO<ODQ@<KKMJ<>CDN=@NO'ODN<GNJOC@=@NO<KKMJ<>C
OJPN@OJO@NO<OC@JMTJM@SKG<I<ODJI
-IOC@JOC@MC<I?
DA<>JI>@KOJMKC@IJH@IJII@@?NOJ=@PI?@MNOJJ?=@><PN@GDOOG@M@N@<M>C
C<N=@@I?JI@JIDO
OC@IDOH@MDON<LP<GDO<ODQ@<KKMJ<>C/P<GDO<ODQ@M@N@<M>CDN@SKGJM<OJMT
<I?DNPN@APGRC@IOC@M@N@<M>C@M?J@NIJOFIJROC@DHKJMO<IOQ<MD<=G@NOJ@S<HDI@2CDNOTK@
JA<KKMJ<>CH<T=@I@@?@?=@><PN@OC@OJKD>DNI@R
OC@OJKD>C<NI@Q@M=@@I<??M@NN@?RDOC
< >@MO<DI N<HKG@ JM BMJPK JA K@JKG@
<I? @SDNODIB OC@JMD@N ?J IJO <KKGT RDOC OC@ K<MOD>PG<M
N<HKG@JMBMJPKPI?@MNOP?T+JMN@

HDS@?H@OCJ?N?@NDBIDNPN@APGRC@I@DOC@MOC@ LP<IODO<ODQ@JMLP<GDO<ODQ@<KKMJ<>C=TDON@GA
DNDI<?@LP<O@OJ=@NOPI?@MNO<I?<M@N@<M>CKMJ=G@HJMOC@NOM@IBOCNJA=JOCLP<IODO<ODQ@<I?
LP<GDO<ODQ@M@N@<M>C><IKMJQD?@OC@=@NOPI?@MNO<I?DIB$JM@S<HKG@
<M@N@<M>C@MH<TR<IO
OJ =JOC B@I@M<GDU@ OC@ ADI?DIBN OJ < KJKPG<ODJI <N R@GG <N ?@Q@GJK < ?@O<DG@? QD@R JA OC@
H@<IDIB JA < KC@IJH@IJI JM >JI>@KO AJM DI?DQD?P<GN 'I OCDN M@N@<M>C
OC@ DILPDM@M ADMNO
@SKGJM@NB@I@M<GGTOJG@<MIRC<OQ<MD<=G@NOJNOP?T<I?OC@INOP?D@NOCJN@Q<MD<=G@NRDOC<G<MB@
N<HKG@JADI?DQD?P<GNGO@MI<ODQ@GT
M@N@<M>C@MNH<TADMNONPMQ@T<G<MB@IPH=@MJADI?DQD?P<GN
<I?OC@IAJGGJRPKRDOC<A@RK<MOD>DK<IONOJJ=O<DIOC@DMNK@>DAD>G<IBP<B@<I?QJD>@N<=JPO
OC@ OJKD> 'I OC@N@ NDOP<ODJIN
>JGG@>ODIB=JOC >GJN@?@I?@?LP<IODO<ODQ@?<O< <I?JK@I@I?@?
LP<GDO<ODQ@?<O<KMJQ@N<?Q<IO<B@JPN
$3@A=</:F>3@73<13A
0@N@<M>C@MN[JRIK@MNJI<GOM<DIDIB<I?@SK@MD@I>@N<GNJDIAGP@I>@OC@DM>CJD>@JA<KKMJ<>CI
DI?DQD?P<G OM<DI@? DI O@>CID><G
N>D@IODAD> RMDODIB
NO<ODNOD>N
<I? >JHKPO@M NO<ODNOD><G KMJBM<HN
<I?A<HDGD<MRDOCLP<IODO<ODQ@EJPMI<GNDIOC@GD=M<MTRJPG?HJNOGDF@GT>CJJN@OC@LP<IODO<ODQ@
?@NDBI -I OC@ JOC@M C<I?
DI?DQD?P<GN RCJ @IEJT RMDODIB DI < GDO@M<MT R<T JM >JI?P>ODIB
K@MNJI<GDIO@MQD@RNJMH<FDIBPK>GJN@J=N@MQ<ODJINH<TBM<QDO<O@OJOC@LP<GDO<ODQ@<KKMJ<>C
2C@HDS@?H@OCJ?NM@N@<M>C@MDN<IDI?DQD?P<GA<HDGD<MRDOC=JOCLP<IODO<ODQ@<I?LP<GDO<ODQ@
M@N@<M>C 2CDN K@MNJI <GNJ C<N OC@ ODH@ <I? M@NJPM>@N OJ >JGG@>O =JOC LP<IODO<ODQ@ <I?
LP<GDO<ODQ@?<O<<I?C<NJPOG@ONAJMHDS@?H@OCJ?NNOP?D@N
RCD>CO@I?OJ=@G<MB@DIN>JK@
1DI>@ LP<IODO<ODQ@ NOP?D@N <M@ OC@ OM<?DODJI<G HJ?@ JA M@N@<M>C

><M@APGGT RJMF@? JPO
KMJ>@?PM@N <I? MPG@N @SDNO AJM OC@H 0@N@<M>C@MN H<T =@ HJM@ >JHAJMO<=G@ RDOC OC@ CDBCGT
NTNO@H<OD> KMJ>@?PM@N JA LP<IODO<ODQ@ M@N@<M>C GNJ
AJM NJH@ DI?DQD?P<GN
DO >JHAJMO<=G@OJ>C<GG@IB@<>>@KO@?<KKMJ<>C@N<HJIBNJH@A<>PGOT=TPNDIBLP<GDO<ODQ@<I?
<?QJ><>T K<MOD>DK<OJMT<KKMJ<>C@NOJDILPDMT-IOC@JOC@MC<I?
LP<GDO<ODQ@<KKMJ<>C@N<GGJR
MJJHOJ =@ DIIJQ<ODQ@ <I? OJ RJMF HJM@ RDOCDI M@N@<M>C@M?@NDBI@? AM<H@RJMFN 2C@T <GGJR
HJM@ >M@<ODQ@
GDO@M<MTNOTG@ RMDODIB
< AJMH OC<O DI?DQD?P<GN H<T GDF@ OJ PN@ $JM
<?QJ><>T K<MOD>DK<OJMTRMDO@MN
OC@M@DNPI?JP=O@?GT<NOMJIBNODHPGPNOJKPMNP@ OJKD>NOC<O<M@
JA K@MNJI<G DIO@M@NOYDNNP@N OC<O M@G<O@ OJ H<MBDI<GDU@? K@JKG@ <I? M@<ODIB <
=@OO@MNJ>D@OTAJMOC@H<I?@Q@MTJI@
$JM OC@ HDS@? H@OCJ?N M@N@<M>C@M

OC@ KMJE@>O RDGG O<F@ @SOM< ODH@ =@><PN@ JA OC@ I@@? OJ
>JGG@>O<I?<I<GTU@ =JOCLP<IODO<ODQ@<I?LP<GDO<ODQ@?<O<'OADON<K@MNJIRCJ@IEJTN=JOCOC@
NOMP>OPM@JALP<IODO<ODQ@M@N@<M>C<I?OC@AG@SD=DGDOTJALP<GDO<ODQ@DILPDMT
C273<13
$DI<GGT
M@N@<M>C@MNRMDO@AJM<P?D@I>@NOC<ORDGG<>>@KOOC@DMM@N@<M>C2C@N@<P?D@I>@N H<T=@
EJPMI<G @?DOJMN
EJPMI<GM@<?@MN
BM<?P<O@ >JHHDOO@@N
>JIA@M@I>@ <OO@I?@@N
JM >JGG@<BP@N DI
OC@ AD@G? 1OP?@ION NCJPG? >JIND?@M OC@ <KKMJ<>C@N OTKD><GGT NPKKJMO@? <I? PN@? =T OC@DM
<?QDN@MN2C@@SK@MD@I>@NJAOC@N@<P?D@I>@NRDOCLP<IODO<ODQ@
LP<GDO<ODQ@
JMHDS@?H@OCJ?N
NOP?D@N><INC<K@OC@?@>DNDJIH<?@<=JPOOCDN>CJD>@

'I KG<IIDIB < M@N@<M>C KMJE@>O
M@N@<M>C@MN I@@? OJ D?@IODAT RC@OC@M OC@T RDGG @HKGJT <
LP<GDO<ODQ@
LP<IODO<ODQ@
JMHDS@?H@OCJ?N?@NDBI2CDN?@NDBIDN=<N@?JI=MDIBDIBOJB@OC@M<
RJMG?QD@R JM <NNPHKODJIN <=JPO M@N@<M>C
OC@ NK@>DAD> NOM<O@BD@N JA DILPDMT
<I? M@N@<M>C
H@OCJ?N"@>DNDJIN<=JPO>CJD>@JA<?@NDBI<M@APMOC@MDIAGP@I>@?=TOC@M@N@<M>CKMJ=G@HJM
DNNP@=@DIBNOP?D@?
OC@K@MNJI<G@SK@MD@I>@NJAOC@ M@N@<M>C@M
<I?OC@<P?D@I>@AJMRCJHOC@
M@N@<M>C@MRMDO@N
0)2),'6%0#)1%1
'?@IODAT < M@N@<M>C LP@NODJI DI < EJPMI<G <MOD>G@ <I? ?DN>PNN RC<O ?@NDBI RJPG? =@ =@NO OJ
NOP?TOC@LP@NODJI<I?RCT
2<F@ < OJKD> OC<O TJP RJPG? GDF@ OJ NOP?T

<I? PNDIB OC@ AJPM >JH=DI<ODJIN JA RJMG?QD@RN
NOM<O@BD@NJADILPDMT
<I?M@N@<M>CH@OCJ?NDI$DBPM@
?DN>PNN<KMJE@>OOC<O=MDIBNOJB@OC@M
<RJMG?QD@R
NOM<O@BD@N
<I?H@OCJ?N'?@IODATRC@OC@MOCDNRJPG?=@LP<IODO<ODQ@
LP<GDO<ODQ@
JMHDS@?H@OCJ?NM@N@<M>C
5C<O?DNODIBPDNC@N<LP<IODO<ODQ@NOP?TAMJH<LP<GDO<ODQ@NOP?T
+@IODJIOCM@@>C<M<>O@MDNOD>N

!C@MMTCJGH@N
! &
PBPNO1@KO@H=@M ,JO@N JI KM<BH<ODNH <I? N>D@IODAD> M@<GDNH
.?-+>398+6%/=/+<-2/<
!G@J !C@MMTCJGH@N ?DN>PNN@N KM<BH<ODNH <N < >JIOM<NODIB K@MNK@>ODQ@ AMJH N>D@IODAD> M@<GDNH
2C@ NOM@IBOC JA OCDN <MOD>G@ GD@N DI OC@ IPH@MJPN >DO<ODJIN JA RMDO@MN <=JPO KM<BH<ODNH <I? <
>G<MDAD><ODJIJAJI@Q@MNDJIJAKM<BH<ODNH!C@MMTCJGH@N[NQ@MNDJIKJDION JPOOC<OKM<BH<ODNH
DN?MDQ@I=T<IOD>DK<O@?>JIN@LP@I>@N
M@GP>O@OJO@GG<OMP@NOJMT
<I?OC@@H=M<>@JAOC@
D?@<OC<OOC@M@DN<I@SO@MI<GRJMG?DI?@K@I?@IOJAJPMHDI?NGNJDI>GP?@?DIOCDN<MOD>G@<M@
IPH@MJPN M@A@M@I>@N OJ CDNOJMD><G <I? M@>@IO RMDO@MN <=JPO KM<BH<ODNH <N < KCDGJNJKCD><G
KJNDODJI
!MJOOT
+ '2/09?8.+>398=90=9-3+6</=/+<-2 /+8381+8.:/<=:/->3@/38>2/</=/+<-2
:<9-/== 2CJPN<I?-<FN
!1<B@
+D>C<@G !MJOOT JAA@MN < PN@APG AM<H@RJMF AJM OTDIB OJB@OC@M OC@ H<IT @KDNO@HJGJBD><G DNNP@N
OC@JM@OD><GK@MNK@>ODQ@N
H@OCJ?JGJBT
<I?H@OCJ?NJANJ>D<GM@N@<M>C&@DIO@MM@G<O@NOC@AJPM
>JHKJI@IONJAOC@M@N@<M>CKMJ>@NN<I?NCJRNDI<O<=G@<M@KM@N@IO<ODQ@N<HKGDIBJAOJKD>NJA
@<>C >JHKJI@IO &@ OC@I BJ@N JI OJ ?DN>PNN IDI@ ?DAA@M@IO OC@JM@OD><G JMD@IO<ODJIN DI NJ>D<G
M@N@<M>C
NP>C <N KJNOHJ?@MIDNH
A@HDIDNH
>MDOD><G DILPDMT
DIO@MKM@ODQDNH
>JINOMP>ODJIDNH
<I?KJNDODQDNH
)@HHDN
1
5DGFDINJI
+.<MOD>DK<OJMT<>ODJIM@N@<M>C<I?OC@NOP?TJAKM<>OD>@'I
OR@C
1)@HHDN
.5@@FN#?N
->398</=/+<-238:<+->3-/#+<>8/<=23:=09<=9-3+64?=>3-/
38/.?-+>398 KK,@R7JMF0JPOG@?B@
1O@KC@I)@HHDN<I?+@MQTI5DGFDINJIKMJQD?@<I@S>@GG@IOJQ@MQD@RJAK<MOD>DK<OJMTM@N@<M>C
'I K<MOD>PG<M
OC@T IJO@ OC@ NDS H<EJM A@<OPM@N JA OCDN DILPDMT <KKMJ<>C <I? OC@I ?DN>PNN CJR
<>ODJIM@N@<M>CDNKM<>OD>@?<OOC@DI?DQD?P<GG@Q@G
OC@NJ>D<GG@Q@G
JM=JOCG@Q@GN
%P=<
# %
*DI>JGI
7 1 .<M<?DBH<OD> >JIOMJQ@MND@N
>JIOM<?D>ODJIN
<I? @H@MBDIB
>JIAGP@I>@N'I,)"@IUDI71*DI>JGI
'2/&+1/2+8.,99590;?+63>+>3@/</=/+<-2 M?@?
KK2CJPN<I?-<FN

!1<B@
7QJII< *DI>JGI <I? #BJI %P=< C<Q@ KMJQD?@? OC@ =<ND> =@GD@AN JA ADQ@ <GO@MI<ODQ@ DILPDMT
K<M<?DBHNDINJ>D<GN>D@I>@M@N@<M>CKJNDODQDNH
KJNOKJNDODQDNH
>MDOD><GOC@JMT
>JINOMP>ODQDNH
<I?K<MOD>DK<OJMT2C@N@@SO@I?OC@@<MGD@M<I<GTNDNKMJQD?@?DIOC@ADMNO<I?N@>JI?@?DODJINJA
OC@ +8.,995 #<>CDNKM@N@IO@?DIO@MHNJAJIOJGJBTD@
I<OPM@JA M@<GDOT
@KDNO@HJGJBTD@
CJR R@ FIJR RC<O R@ FIJR

<I? H@OCJ?JGJBT D@
OC@ KMJ>@NN JA M@N@<M>C 2C@
K<MOD>DK<OJMT K<M<?DBH <??N <IJOC@M <GO@MI<ODQ@K<M<?DBH OJ OCJN@ JMDBDI<GGT <?Q@? DI OC@
ADMNO @?DODJI AO@M =MD@AGT KM@N@IODIB OC@N@ ADQ@ <KKMJ<>C@N
OC@T >JIOM<NO OC@H DI O@MHN JA
N@Q@IDNNP@N
NP>C<NOC@I<OPM@JAFIJRG@?B@
CJRFIJRG@?B@<>>PHPG<O@N
<I?BJJ?I@NNJM
LP<GDOT>MDO@MD<
,@PH29.= $?+63>+>3@/ +8. ;?+8>3>+>3@/ +::<9+-2/=
JNOJIGGTI <>JI
*<RM@I>@,@PH<IKMJQD?@N<>JHKM@C@INDQ@M@N@<M>CH@OCJ?O@SO<N<IDIOMJ?P>ODJIOJNJ>D<G
N>D@I>@M@N@<M>C#NK@>D<GGTC@GKAPGDIPI?@MNO<I?DIBOC@<GO@MI<ODQ@H@<IDIBJAH@OCJ?JGJBTDN
!C<KO@M
ODOG@?
\2C@ +@<IDIBN JA +@OCJ?JGJBT
] DI RCD>C C@ >JIOM<NON OCM@@
H@OCJ?JGJBD@NYKJNDODQDNONJ>D<GN>D@I>@
DIO@MKM@ODQ@NJ>D<GN>D@I>@
<I?>MDOD><GNJ>D<GN>D@I>@Y
DI O@MHN JA @DBCO LP@NODJIN @B
5C<O >JINODOPO@N D<G M@<GDOT
5C<O?J@NBJJ?@QD?@I>@JMA<>OP<GDIAJMH<ODJIGJJFGDF@
.CDGGDKN
"!
PM=PG@N
,! #9=>:9=3>3@3=7+8./.?-+>398+6</=/+<-2 *<IC<H
+"
0JRH<I*DOOG@AD@G?
" ! .CDGGDKN <I? ,D>CJG<N PM=PG@N NPHH<MDU@ OC@ H<EJM D?@<N JA KJNOKJNODQDNO OCDIFDIB
2CMJPBC ORJ >C<KO@MN
\5C<O DN .JNOKJNDODQDNH] <I? \.CDGJNJKCD><G !JHHDOH@ION JA
.JNOKJNDODQDNO 0@N@<M>C@MN
] OC@ <POCJMN <?Q@ H<EJM D?@<N <=JPO KJNOKJNDODQDNH
@NK@>D<GGT
OCJN@ OC<O ?DAA@M@IOD<O@ DO AMJH KJNDODQDNH 2C@N@ DI>GP?@ FIJRDIB OC<O CPHJIE@>OPM<G M<OC@M OCC<GG@IB@<=G@ <I? OC<O JPM R<MM<ION AJM FIJRG@?B@ >ODIB<LP<IODO<ODQ@
LP<GDO<ODQ@
JMHDS@?H@OCJ?N<KKMJ<>C
OC@KMJKJN<G?@NDBI@M
<GNJ I@@?N OJ M@QD@R OC@ GDO@M<OPM@ <=JPO < OJKD> 2CDN GDO@M<OPM@ M@QD@R C@GKN OJ ?@O@MHDI@
RC@OC@MOC@OJKD>DNRJMOCNOP?TDIB
<I?DOKMJQD?@NDINDBCODIOJR<TNDIRCD>COC@M@N@<M>C@M
><IGDHDOOC@N>JK@OJ<I@@?@?<M@<JADILPDMT
2CDN>C<KO@M>JIODIP@NOC@ ?DN>PNNDJI<=JPOKM@GDHDI<MT>JIND?@M<ODJIN=@AJM@G<PI>CDIBDIOJ<
KMJKJN<G'O=@BDINRDOC<?DN>PNNDJI<=JPON@G@>ODIB<OJKD><I?RMDODIBOCDNOJKD>?JRINJOC<O
OC@ M@N@<M>C@M >JIODIP<GGT M@AG@>O JI DO O OCDN KJDIO
M@N@<M>C@MN <GNJ I@@? OJ >JIND?@M
RC@OC@M OC@ OJKD> >C@? 2C@I OC@ ?DN>PNNDJI HJQ@N DIOJ OC@ <>OP<G
KMJ>@NN JA M@QD@RDIB OC@ GDO@M<OPM@
<??M@NNDIB OC@ B@I@M<G KPMKJN@ AJM PNDIB GDO@M<OPM@ DI <
NOP?T<I?OC@IOPMIDIBOJKMDI>DKG@NC@GKAPGDI?@NDBIDIBGDO@M<OPM@DIOJLP<GDO<ODQ@
LP<IODO<ODQ@
(&'&(#$
@AJM@>JIND?@MDIBRC<OGDO@M<OPM@OJPN@DI<KMJE@>O
ADMNOD?@IODAT<OJKD>OJNOP?T<I?M@AG@>O
JIRC@OC@MDODNKM<>OD><G<I?PN@APGOJPI?@MO<F@OC@NOP?T2C@ B=>71 DN OC@NP=E@>OJMNP=E@>O
H<OO@M JA < KMJKJN@? NOP?T
NP>C <N \A<>PGOT O@<>CDIB
] \JMB<IDU<ODJI<G >M@<ODQDOT
] JM
\KNT>CJGJBD><G NOM@NN] "@N>MD=@ OC@ OJKD> DI < A@R RJM?N JM DI < NCJMO KCM<N@ 2C@ OJKD>
=@>JH@NOC@>@IOM<GD?@<OJG@<MI<=JPOJMOJ@SKGJM@
2C@M@ <M@ N@Q@M<G R<TN OC<O M@N@<M>C@MN B<DI NJH@ DINDBCO DIOJ OC@DM OJKD>N RC@I OC@T <M@
DIDOD<GGT KG<IIDIB OC@DM M@N@<M>C HT <NNPHKODJI DN OC<O OC@ OJKD> DN >CJN@I =T OC@ M@N@<M>C@M
<I?IJO=T<I<?QDN@MJM>JHHDOO@@H@H=@M-I@R<TDNOJ?M<AO<=MD@A ODOG@OJOC@NOP?T'<H
NPMKMDN@?<OCJRJAO@IM@N@<M>C@MNA<DGOJ?M<AO<ODOG@@<MGTDIOC@?@Q@GJKH@IOJAOC@DMKMJE@>ON
'IHTJKDIDJI
OC@RJMFDIBJM?M<AOODOG@=@>JH@N<H<EJMMJ<?NDBIDIM@N@<M>CY<O<IBD=G@D?@<
OC<OOC@M@N@<M>C@M><IF@@KM@AJ>PNDIBJI<I?>C<IBDIB<NOC@KMJE@>OBJ@NJIN@@%G@NI@
.@NCFDI
'ADI?OC<ODIHTM@N@<M>C
OCDNOJKD>BMJPI?NH@<I?KMJQD?@N<NDBIJARC<O'
<HNOP?TDIB
<NR@GG<N<NDBIJAO@IPN@?DI>JIQ@TDIBOJJOC@MNOC@>@IOM<GIJODJIJAHTNOP?T
5C@INOP?@IONADMNOKMJQD?@OC@DMKMJNK@>OPN@NJA<M@N@<M>CNOP?TOJH@
'<NFOC@HOJNPKKGT
<RJMFDIBODOG@DAOC@T?JIJO<GM@<?TC<Q@JI@JIOC@K<K@M
&JRRJPG?OCDNRJMFDIBODOG@=@RMDOO@I2MT>JHKG@ODIBOCDNN@IO@I>@
\+TNOP?TDN<=JPO]
M@NKJIN@ HDBCO =@
\+T NOP?T DN <=JPO <OMDNF >CDG?M@I DI OC@ EPIDJM CDBC
] JM \+T NOP?T DN
<=JPOC@GKDIB>JGG@B@A<>PGOT=@>JH@=@OO@MM@N@<M>C@MN]OOCDNNO<B@DIOC@?@NDBI
AM<H@OC@
<INR@MOJOC@LP@NODJINJOC<O<IJOC@MN>CJG<MHDBCO@<NDGTBM<NKOC@ H@<IDIBJAOC@KMJE@>O
>JHHJI NCJMO>JHDIB JA =@BDIIDIB M@N@<M>C@MNDN OC<O OC@T AM<H@ OC@DMNOP?T DI >JHKG@S <I?
@MP?DO@ G<IBP<B@ 2CDN K@MNK@>ODQ@ H<T M@NPGO AMJH M@<?DIB KP=GDNC@? <MOD>G@N OC<O C<Q@
PI?@MBJI@IPH@MJPNM@QDNDJIN=@AJM@=@DIBN@ODIKMDIO%JJ?
NJPI?M@N@<M>CKMJE@>ON=@BDI
RDOCNOM<DBCOAJMR<M?
PI>JHKGD><O@?OCJPBCON
@<NTOJM@<?<I?OJPI?@MNO<I?2CDIF<=JPO<
EJPMI<G<MOD>G@OC<OTJPC<Q@M@<?M@>@IOGT'ADOR<N@<NT<I?LPD>FOJM@<?
DOR<NGDF@GTRMDOO@I
DI B@I@M<G G<IBP<B@ OC<O H<IT M@<?@MN >JPG? @<NDGT D?@IODAT RDOC
DI < R<T OC<O R<N
NOM<DBCOAJMR<M?<I?NDHKG@DIJQ@M<GG?@NDBI<I?>JI>@KOP<GDU<ODJI
5DGFDINJIKMJQD?@NPN@APG<?QD>@AJM>M@<ODIB<ODOG@ @=MD@A<I?<QJD?R<NODIBRJM?N
#GDHDI<O@PII@>@NN<MTRJM?N
NP>C<N\IKKMJ<>COJ
1OP?TJA
]<I?NJAJMOC3N@<
NDIBG@ ODOG@ JM < ?JP=G@ ODOG@ I @S<HKG@ JA < ?JP=G@ ODOG@ RJPG? =@
\I #OCIJBM<KCT
3I?@MNO<I?DIB<!CDG?[N.@M>@KODJIJA5<M]'I<??DODJIOJ5DGFDINJI[NOCJPBCON
>JIND?@M<ODOG@
IJ GJIB@M OCG@N <I? KM@KJNDODJIN
<I? H<F@ NPM@ OC<O DO
DI>GP?@NOC@AJ>PNJMOJKD>JAOC@NOP?T
IJOC@MNOM<O@BTAJMOJKD>?@Q@GJKH@IODNOJKJN@OC@OJKD><N<=MD@ALP@NODJI5C<OLP@NODJI
I@@?NOJ=@<INR@M@?DIOC@KMJKJN@?NOP?TM@N@<M>C@MHDBCO<NF
\5C<OOM@<OH@IODN=@NO
AJM?@KM@NNDJI]\5C<O?J@NDOH@<IOJ=@M<=D>DI31NJ>D@OTOJ?<T]\5C<O=MDIBNK@JKG@
OJOJPMDNONDO@NDIOC@+D?R@NO]5C@I?M<AODIBLP@NODJINNP>C<NOC@N@
AJ>PNJIOC@F@TOJKD>
DI OC@ LP@NODJI <N OC@ H<EJM NDBIKJNO AJM OC@ NOP?T !JIND?@M CJR OCDN LP@NODJI HDBCO =@
@SK<I?@? G<O@M OJ =@ HJM@ ?@N>MDKODQ@ JA TJPM NOP?T N@@ !C<KO@MN <I? JI OC@ KPMKJN@
NO<O@H@IO<I?M@N@<M>CLP@NODJIN<I?CTKJOC@N@N
>ODQ@GT@G@Q<ODIBOCDNOJKD>OJ <M@N@<M>CNOP?T><GGNAJMM@AG@>ODIBJIRC@OC@MOC@OJKD>><I<I?
NCJPG? =@ M@N@<M>C@? OJKD> -+8 =@ M@N@<M>C@? DA M@N@<M>C@MN C<Q@ K<MOD>DK<ION RDGGDIB OJ
N@MQ@DIOC@NOP?T'O<GNJ><I=@M@N@<M>C@?DADIQ@NODB<OJMNC<Q@M@NJPM>@NOJ>JGG@>O?<O<JQ@M
< NPNO<DI@? K@MDJ? JA ODH@ <I? OJ <I<GTU@ OC@ DIAJMH<ODJI
NP>C <N <Q<DG<=G@ >JHKPO@M
KMJBM<HN
2C@ LP@NODJI JA =29?6. DN < HJM@ >JHKG@S H<OO@M 1@Q@M<GA<>OJMN HDBCOBJ DIOJOCDN ?@>DNDJI
.@MC<KN OC@ HJNO DHKJMO<IO <M@ RC@OC@M OC@ OJKD> <??N OJ OC@ KJJG JA M@N@<M>C FIJRG@?B@
<Q<DG<=G@JIOC@OJKD>
M@KGD><O@NK<NONOP?D@N
GDAONPKOC@QJD>@NJAPI?@MM@KM@N@IO@?BMJPKNJM
DI?DQD?P<GN
C@GKN<??M@NNNJ>D<GEPNOD>@
JMOM<INAJMHNOC@D?@<N<I?=@GD@ANJAOC@M@N@<M>C@M
ADMNONO@KDI<ITKMJE@>ODNOJ NK@I?>JIND?@M<=G@ODH@DIOC@GD=M<MT@S<HDIDIBOC@M@N@<M>CJI
< OJKD> NOM<O@BD@N AJM @AA@>ODQ@GT PNDIB OC@ GD=M<MT <I? GD=M<MT M@NJPM>@N <KK@<M G<O@M DI OCDN
>C<KO@M 2CDN KJDIO ><IIJO =@ JQ@M@HKC<NDU@? @BDIIDIB M@N@<M>C@MN H<T <?Q@ < BM@<O
NOP?T OC<O DN >JHKG@O@ DI @Q@MT R<T
NP>C <N DI OC@ >G<MDOT JA M@N@<M>C LP@NODJIN
OC@
>JHKM@C@INDQ@I@NN JA ?<O< >JGG@>ODJI
<I? OC@ NJKCDNOD><ODJI JA NO<ODNOD><G <I<GTNDN PO OC@
M@N@<M>C@MH<TB<MI@MGDOOG@NPKKJMOAMJHA<>PGOT>JHHDOO@@NJM>JIA@M@I>@KG<II@MN=@><PN@
OC@ NOP?T ?J@N IJO <?? <ITOCDIB I@R OJ OC@ =J?T JA M@N@<M>C NF
\&JR ?J@N OCDN KMJE@>O
>JIOMD=PO@OJOC@GDO@M<OPM@]!JIND?@MCJROC@NOP?THDBCO<??M@NN<OJKD>OC<OC<NT@OOJ=@
@S<HDI@?
@SO@I? OC@ ?DN>PNNDJI =T DI>JMKJM<ODIB I@R @G@H@ION
JM M@KGD><O@ JM M@K@<O <
NOP?TDII@RNDOP<ODJINJMRDOCI@RK<MOD>DK<ION
2C@ DNNP@ JA =29?6. OC@ OJKD> =@ NOP?D@? <GNJ M@G<O@N OJ RC@OC@M <ITJI@ JPOND?@ JA OC@
M@N@<M>C@M[NJRIDHH@?D<O@DINODOPODJIJM<M@<RJPG?=@DIO@M@NO@?DIOC@OJKD>%DQ@I< >CJD>@
=@OR@@I<OJKD>OC<OHDBCO=@JAGDHDO@?M@BDJI<GDIO@M@NOJMJI@JAI<ODJI<GDIO@M@NO
'RJPG?
JKO AJM OC@ G<OO@M =@><PN@ DO RJPG? C<Q@ RD?@ <KK@<G OJ < HP>C =MJ<?@M <P?D@I>@ (JPMI<G
@?DOJMN
>JHHDOO@@ H@H=@MN
>JIA@M@I>@ KG<II@MN
<I? API?DIB <B@I>D@N <GG <KKM@>D<O@
M@N@<M>COC<OM@<>C@N<=MJ<?<P?D@I>@$DI<GGT
OC@ =29?6. DNNP@<GNJM@G<O@NOJOC@M@N@<M>C@M[N
K@MNJI<GBJ<GN!JIND?@MOC@ODH@DOO<F@NOJ>JHKG@O@<KMJE@>O
M@QDN@DO
<I??DNN@HDI<O@OC@
M@NPGONGGM@N@<M>C@MNNCJPG?>JIND?@MCJROC@NOP?T<I?DONC@<QT>JHHDOH@IOJAODH@RDGG
K<TJAADI@ICDIB><M@@MBJ<GN
RC@OC@MOC@N@BJ<GNM@G<O@OJ?JDIBHJM@M@N@<M>C
J=O<DIDIB
<APOPM@KJNDODJI
JM<?QDIBOJR<M?<?@BM@@
@AJM@KMJ>@@?DIBRDOC<KMJKJN<GJM<NOP?T
JI@I@@?NOJR@DBCOC@N@A<>OJMN<I?<NFJOC@MN
AJM OC@DM M@<>ODJI OJ < OJKD> PI?@M >JIND?@M<ODJI 1@@F M@<>ODJIN AMJH >JGG@<BP@N
IJO@?
<POCJMDOD@NDIOC@AD@G?
<><?@HD><?QDN@MN
<I?A<>PGOT>JHHDOO@@H@H=@MN
( (&()&&*+
-I>@OC@M@N@<M>C@MD?@IODAD@N< OJKD>OC<O><I<I?NCJPG?=@NOP?D@?
OC@N@<M>C><I=@BDIAJM
M@G<O@?GDO@M<OPM@JIOC@OJKD>2C@ :7B3@/BC@3@3D73E <>>JHKGDNC@NN@Q@M<GKPMKJN@N'ONC<M@N
RDOCOC@M@<?@MOC@M@NPGONJAJOC@MNOP?D@NOC<O<M@>GJN@GTM@G<O@?OJOC@JI@=@DIBPI?@MO<F@I
'OM@G<O@N<NOP?TOJOC@G<MB@M
JIBJDIB?D<GJBP@DIOC@GDO@M<OPM@
ADGGDIBDIB<KN<I?@SO@I?DIB
KMDJM NOP?D@N !JJK@M
+<MNC<GG 0JNNH@JAOC@NOP?T<NR@GG<N<=@I>CH<MFAJM>JHK<MDIBOC@M@NPGONRDOC
JOC@M ADI?DIBN GG JM NJH@ JA OC@N@ M@<NJIN H<T =@ OC@ AJPI?<ODJI AJM RMDODIB OC@ N>CJG<MGT
GDO@M<OPM@DIOJ<NOP?TN@@+DGG@M
AJM<HJM@@SO@INDQ@?DN>PNNDJIJAKPMKJN@NAJMPNDIB
GDO@M<OPM@DI<NOP?T
(63)A3=4B63 7B3@/BC@3
@TJI? OC@ LP@NODJI JA RCT GDO@M<OPM@ DN PN@? DN OC@ <??DODJI<G DNNP@ JA CJR DO DN PN@? DI
M@N@<M>C<I?KMJKJN<GN'O><I<NNPH@Q<MDJPNAJMHN+T=@NO<?QD>@DNOJN@@FOC@JKDIDJIJA
TJPM <?QDN@M JM A<>PGOT H@H=@MN <N OJ CJR OC@T RJPG? GDF@ OJ N@@ OC@ GDO@M<OPM@ <??M@NN@? '
B@I@M<GGT M@>JHH@I? OJ HT <?QDN@@N OC<O OC@ GDO@M<OPM@ M@QD@R DI < KMJKJN<G =@ =MD@A <I?
NPHH<MDU@OC@H<EJMGDO@M<OPM@JIOC@M@N@<M>CKMJ=G@HDO?J@NIJOI@@?OJ=@APGGT?@Q@GJK@?
<I? >JHKM@C@INDQ@<OOCDN KJDIO
NDI>@A<>PGOTH<T <NF AJM H<EJM >C<IB@N DI OC@ NOP?T <OOC@
KMJKJN<GH@@ODIB'IOCDNHJ?@G
OC@GDO@M<OPM@M@QD@RDNNCJMO@MYN<TK<B@NDIG@IBOCY<I?
O@GGNOC@M@<?@MOC<OOC@NOP?@IODN<R<M@JAOC@GDO@M<OPM@JIOC@OJKD><I?OC@G<O@NORMDODIBN
IJOC@M <KKMJ<>C DNOJ?@Q@GJK <?@O<DG@? JPOGDI@ JAOC@ OJKD>N <I? KJO@IOD<G M@A@M@I>@N OC<O
RDGG G<O@M =@ ?@Q@GJK@? DIOJ C<KO@M
PNP<GGT OC@ N@>JI?
ODOG@? \*DO@M<OPM@ M@QD@R
]
RCD>CHDBCOMPIAMJHOJK<B@NJMNJ
2C@GDO@M<OPM@M@QD@RDI<EJPMI<G <MOD>G@DN<I<==M@QD<O@?AJMHJAOC<OAJPI?DI<?DNN@MO<ODJIJM
H<NO@M[NOC@NDN'OOTKD><GGTDN>JIO<DI@?DI<N@>ODJI><GG@?\0@G<O@?*DO@M<OPM@]<I?AJGGJRNOC@
DIOMJ?P>ODJI OJ < NOP?T 2CDN DN OC@ K<OO@MI AJM LP<IODO<ODQ@ M@N@<M>C <MOD>G@N DI EJPMI<GN $JM
LP<GDO<ODQ@M@N@<M>C<MOD>G@N
OC@GDO@M<OPM@M@QD@RH<T=@AJPI?DI<N@K<M<O@N@>ODJI
DI>GP?@?
DI OC@ DIOMJ?P>ODJI
JM OCM@<?@? OCMJPBCJPO OC@ NOP?T 0@B<M?G@NN JA OC@ AJMH
<IJOC@M
>JIND?@M<ODJI DN CJR OC@ GDO@M<OPM@ HDBCO =@ M@QD@R@?
?@K@I?DIB JI RC@OC@M < LP<GDO<ODQ@
LP<IODO<ODQ@
JMHDS@?H@OCJ?N<KKMJ<>CC<N=@@IN@G@>O@?
'I ;?+63>+>3@/ M@N@<M>C

DILPDM@MNPN@OC@GDO@M<OPM@DI<H<II@M>JINDNO@IORDOCOC@<NNPHKODJIN
JAG@<MIDIBAMJHOC@K<MOD>DK<IO
IJOKM@N>MD=DIBOC@LP@NODJINOC<OI@@?OJ=@<INR@M@?AMJH
OC@M@N@<M>C@M[NNO<I?KJDIO-I@JAOC@>CD@AM@<NJINAJM>JI?P>ODIB<LP<GDO<ODQ@NOP?TDNOC<O
OC@NOP?TDN@SKGJM<OJMT2CDNPNP<GGTH@<INOC<OIJOHP>CC<N=@@IRMDOO@I<=JPOOC@OJKD>JM
OC@ KJKPG<ODJI =@DIB NOP?D@?
<I? OC@ M@N@<M>C@M N@@FN OJ GDNO@I OJ K<MOD>DK<ION <I? =PDG? C Q<MD@N >JIND?@M<=GT 'I OC@JM@OD><GGT
JMD@IO@? NOP?D@N
NP>C <N @OCIJBM<KCD@N JM >MDOD><G @OCIJBM<KCD@N
OC@ GDO@M<OPM@ JI < >PGOPM<G
>JI>@KO JM < >MDOD><G OC@JMT DN DIOMJ?P>@? @<MGT DI OC@ M@KJMO JM KMJKJN<G <N <N@NOP?D@N
<I?KC@IJH@IJGJBD><GNOP?D@N
GDO@M<OPM@DNG@NN
JAO@IPN@?OJN@OOC@NO<B@AJMOC@NOP?T
5DOC C BMJPI?@? DI G@<MIDIBAMJHK<MOD>DK<ION <I? Q<MD<ODJI=T OTK@JALP<GDO<ODQ@

M@N@<M>C
OC@M@ <M@ N@Q@M<G HJ?@GN AJM DI>JMKJM<ODIB OC@ GDO@M<OPM@ M@QD@R ' JAA@M OCM@@
KG<>@H@IOGJ><ODJIN
<I?DO><I=@PN@?DI<ITJM<GGJAOC@N@GJ><ODJIN NNCJRIDI2<=G@
OC@ M@N@<M>C HDBCO DI>GP?@ OC@ GDO@M<OPM@ M@QD@R DI OC@ DIOMJ?P>ODJI 'I OCDN KG<>@H@IO
OC@
GDO@M<OPM@KMJQD?@N<PN@APG=<>F?MJKAJMOC@KMJ=G@HJMDNNP@OC<OC<NG@?OJOC@I@@?AJMOC@
NOP?T
NP>C <N RCJ C<N =@@I RMDODIB <=JPO DO
RCJ C<N NOP?D@? DO
<I? RCJ C<N DI?D><O@? OC@
DHKJMO@ JA NOP?TDIB OC@ DNNP@ 2CDN AM<HDIB JA OC@ KMJ=G@H DN
JA >JPMN@
>JIODIB@IO JI
<Q<DG<=G@NOP?D@N-I@><IADI?DGGPNOM<ODJINJAOCDNHJ?@GDIH<ITLP<GDO<ODQ@NOP?D@N@HKGJTDIB
?DAA@M@IOOTK@NJA DILPDMTNOM<O@BT
(/0:3
3NDIB*DO@M<OPM@DI</P<GDO<ODQ@1OP?T
N@>JI? AJMH DN OJ M@QD@R OC@ GDO@M<OPM@ DI < N@K<M<O@ N@>ODJI
< HJ?@G OTKD><GGT PN@? DI
LP<IODO<ODQ@ M@N@<M>C
JAO@I AJPI? DI EJPMI<GN RDOC < LP<IODO<ODQ@ JMD@IO<ODJI 'I OC@JMT
JMD@IO@? LP<GDO<ODQ@ NOP?D@N
NP>C <N @OCIJBM<KCT
>MDOD><G OC@JMT
JM <>T JM
@HDK<OJMT<DH
OC@DILPDM@MHDBCOGJ><O@OC@OC@JMT?DN>PNNDJI<I?GDO@M<OPM@DI<N@K<M<O@
N@>ODJI
OTKD><GGTOJR<M?OC@=@BDIIDIBJAOC@RMDO@PK2CDM?
OC@M@N@<M>C@MH<TDI>JMKJM<O@
OC@ M@G<O@? GDO@M<OPM@ DI OC@ ADI<G N@>ODJI
RC@M@ DO DN PN@? OJ >JHK<M@ <I? >JIOM<NO RDOC OC@
M@NPGONJMOC@H@NJM><O@BJMD@NOJ@H@MB@AMJHOC@NOP?T2CDNHJ?@GDN@NK@>D<GGTKJKPG<MDI
BMJPI?@?OC@JMTNOP?D@N
<I?'M@>JHH@I?DO=@><PN@DOPN@NOC@GDO@M<OPM@DI?P>ODQ@GT
$?+8>3>+>3@/ M@N@<M>C
JI OC@ JOC@M C<I?
DI>GP?@N < NP=NO<IOD<G <HJPIO JA GDO@M<OPM@ <O OC@
=@BDIIDIB JA < NOP?T OJ KMJQD?@ ?DM@>ODJI AJM OC@ M@N@<M>C LP@NODJIN JM CTKJOC@N@N 'O DN <GNJ
PN@? OC@M@ OJ DIOMJ?P>@ < KMJ=G@H JM OJ ?@N>MD=@ DI ?@O<DG OC@ @SDNODIB GDO@M<OPM@ DI < N@>ODJI
ODOG@? \0@G<O@? *DO@M<OPM@] JM \0@QD@R JA *DO@M<OPM@
] JM NJH@ JOC@M NDHDG<M KCM<N@ GNJ
OC@
GDO@M<OPM@ M@QD@R >@ < OC@JMTYO@? M@G<ODJINCDKN N@@
!C<KO@M
?@N>MD=@ OC@ OC@JMT OC<O RDGG =@ PN@?
<I? NPBB@NO RCT DO DN < PN@APG OC@JMT OJ
@S<HDI@OOC@@I?JA<NOP?T
OC@GDO@M<OPM@DNM@QDNDO@?=TOC@M@N@<M>C@M
<I?<>JHK<MDNJIDN
H<?@ =@OR@@I OC@ M@NPGON RDOC OC@ @SDNODIB ADI?DIBN DI OC@ GDO@M<OPM@ 'I OCDN HJ?@G
OC@
LP<IODO<ODQ@ M@N@<M>C@M PN@N OC@ GDO@M<OPM@ ?@?P>ODQ@GT <N < AM<H@RJMF AJM OC@ M@N@<M>C
LP@NODJINJMCTKJOC@N@N
!JJK@M NPBB@NON OC<O GDO@M<OPM@ M@QD@RN >/1<+>3@/ DI RCD>C OC@ M@N@<M>C@MN
NPHH<MDU@=MJ<?OC@H@NDIOC@ GDO@M<OPM@2CDNHJ?@GDNKJKPG<MDI?DNN@MO<ODJIKMJKJN<GN<I?
?DNN@MO<ODJIN N@>JI? AJMH M@>JHH@I?@? =T !JJK@M DN < >2/9</>3-+6 M@QD@R DI RCD>C OC@
M@N@<M>C@MAJ>PN@NJI@SO<IOOC@JMTOC<OM@G<O@NOJOC@KMJ=G@HPI?@MNOP?T2CDNAJMH<KK@<MN
DIEJPMI<G<MOD>G@NDIRCD>COC@<POCJMDIO@BM<O@NOC@OC@JMTDIOJOC@DIOMJ?P>ODJIADI<GAJMH
NPBB@NO@?=T!JJK@MDN< 7/>29.96913-+6 M@QD@R
RC@M@OC@M@N@<M>C@MAJ>PN@NJIH@OCJ?N<I?
?@ADIDODJIN 2C@N@ M@QD@RN H<T KMJQD?@ =JOC < NPHH<MT JA NOP?D@N <I? < >MDODLP@ JA OC@
NOM@IBOCN<I?R@<FI@NN@NJAOC@H@OCJ?NN@>ODJIN2CDNG<NOAJMHDNIJON@@IAM@LP@IOGTOJ?<T
DI?DNN@MO<ODJIN<I?OC@N@N
'I< 73B/.7/>29.= NOP?T

OC@M@N@<M>C@MPN@N@DOC@M<LP<GDO<ODQ@JM<LP<IODO<ODQ@<KKMJ<>COJ
OC@ GDO@M<OPM@
?@K@I?DIB JI OC@ OTK@ JA NOM<O@BT =@DIB PN@? 'I < N@LP@IOD<G <KKMJ<>C
OC@
GDO@M<OPM@ DN KM@N@IO@? DI @<>C KC<N@ DI < R<T >JINDNO@IO RDOC OC@ H@OCJ? =@DIB PN@? $JM
@S<HKG@
DAOC@NOP?T=@BDINRDOC<LP<IODO<ODQ@KC<N@
OC@IOC@DIQ@NODB<OJMDNGDF@GTOJDI>GP?@
<NP=NO<IOD<GGDO@M<OPM@M@QD@ROC<OC@GKNOJ@NO<=GDNC<M<ODJI<G@AJMOC@M@N@<M>CLP@NODJINJM
CTKJOC@N@N'AOC@NOP?T=@BDINRDOC<LP<GDO<ODQ@KC<N@
OC@IOC@GDO@M<OPM@DNNP=NO<IOD<GGTG@NN
<I?OC@M@N@<M>C@MH<TDI>JMKJM<O@DOHJM@DIOJOC@@I? JAOC@NOP?TY<IDI?P>ODQ@<KKMJ<>C
'A OC@ M@N@<M>C@M <?Q@N < >JI>PMM@IO NOP?T RDOC <K
OC@GDO@M<OPM@PN@DI<HDS@?H@OCJ?NKMJE@>ORDGG?@K@I?JIOC@NOM<O@BT<I?
OC@M@G<ODQ@R@DBCOBDQ@IOJOC@LP<GDO<ODQ@JMLP<IODO<ODQ@M@N@<M>CDIOC@NOP?T
+TNPBB@NODJINAJMPNDIBOC@GDO@M<OPM@DIKG<IIDIB<LP<GDO<ODQ@
LP<IODO<ODQ@
JMHDS@?H@OCJ?N
NOP?T<M@<N AJGGJRN
^ 'I < ;?+63>+>3@/ NOP?T

PN@ OC@ GDO@M<OPM@ NK<MDIBGT DI OC@ =@BDIIDIB DI JM?@M OJ >JIQ@T ODQ@ ?@NDBI
PIG@NN OC@ ?@NDBI OTK@ M@LPDM@N < NP=NO<IOD<G GDO@M<OPM@ JMD@IO<ODJI <O OC@
JPON@O
^ !JIND?@M OC@ HJNO <KKMJKMD<O@ KG<>@ AJM OC@ GDO@M<OPM@ DI < ;?+63>+>3@/ NOP?T
<I? =<N@ OC@
?@>DNDJIJIOC@<P?D@I>@AJMOC@KMJE@>O)@@KDIHDI?OC@JKODJINKG<>DIBDO<OOC@=@BDIIDIB
OJAM<H@OC@KMJ=G@H
KG<>DIBDODI<N@K<M<O@N@>ODJI
<I?PNDIBDO<OOC@@I?OJ>JHK<M@<I?
>JIOM<NORDOCOC@ADI?DIBN
^ 3N@ OC@ GDO@M<OPM@ DI < ;?+8>3>+>3@/ NOP?T ?@?P>ODQ@GT

<N < =<NDN AJM <?QDIB M@N@<M>C
LP@NODJINJMCTKJOC@N@N
^ 'I < ;?+8>3>+>3@/ NOP?T KG@ OC@ NOP?T
?@N>MD=@ M@G<O@?
GDO@M<OPM@DI<N@K<M<O@N@>ODJI
<I?OJ >JHK<M@ADI?DIBN
^ 'A < N@K<M<O@ M@QD@R DN PN@?

>JIND?@M RC@OC@M OC@ GDO@M<OPM@ RDGG =@ DIO@BM<ODQ@ NPHH<MD@N
OC@JM@OD><G M@QD@RN
JM H@OCJ?JGJBD><G M@QD@RN OTKD><G KM<>OD>@ DI ?DNN@MO<ODJI RMDODIB DN OJ
<?Q@<IDIO@BM<ODQ@M@QD@R
^'I< 73B/.7/>29.= NOP?T

PN@OC@GDO@M<OPM@DI<R<TOC<ODN>JINDNO@IORDOCOC@H<EJMOTK@JA
NOM<O@BT<I?OC@LP<GDO<ODQ@JMLP<IODO<ODQ@<KKMJ<>CHJNOKM@Q<G@IODIOC@?@NDBI
3A75<(316<7?C3A
0@B<M?G@NNJAOC@OTK@JANOP?T
N@Q@M<GNO@KN<M@PN@APGDI>JI?P>ODIB<GDO@M<OPM@M@QD@R
2%.1),-,$3#2),'!)2%0!230%%4)%5
GDO@M<OPM@M@QD@RH@<INGJ><ODIB<I?NPHH<MDUDIBOC@NOP?D@N<=JPO<OJKD>-AO@IOC@N@<M@
M@N@<M>C NOP?D@N NDI>@ TJP <M@ >JI?P>ODIB < M@N@<M>C NOP?T
=PO OC@T H<T <GNJ DI>GP?@
>JI>@KOP<G <MOD>G@NJMOCJPBCOKD@>@NOC<OKMJQD?@AM<H@RJMFNAJMOCDIFDIB<=JPOOJKD>N2C@M@
DN IJ NDIBG@ R<T OJ >JI?P>O < GDO@M<OPM@ M@QD@R
=PO H<IT N>CJG<MN KMJ>@@? DI < NTNO@H<OD>
A<NCDJIOJ><KOPM@
@Q<GP<O@
<I?NPHH<MDU@OC@GDO@M<OPM@&@M@DNOC@R<T'M@>JHH@I?
@BDI=TD?@IODATDIBF@TRJM?N
PN@APGDIGJ><ODIBH<O@MD<GNDI<I<><?@HD>GD=M<MT<O<>JGG@B@
JMPIDQ@MNDOT2C@N@F@TRJM?NH<T@H@MB@DID?@IODATDIB<OJKD>JMH<TM@NPGOAMJHKM@GDHDI<MT
M@<?DIBN
5DOC OC@N@ F@T RJM?N DI HDI?

I@SO BJ OJ OC@ GD=M<MT <I? =@BDI N@<M>CDIB OC@ ><O<GJB AJM
CJG?DIBN D@
EJPMI<GN <I? =JJFN +JNO H<EJM GD=M<MD@N C<Q@ >JHKPO@MDU@? ?<O<=<N@N
<I? '
NPBB@NOTJPAJ>PNDIDOD<GGTJIEJPMI<GN<I?=JJFNM@G<O@?OJOC@OJKD>GNJ
=@BDIOJN@<M>COC@
>JHKPO@MDU@??<O<=<N@NOC<O<M@OTKD><GGTM@QD@R@?=TNJ>D<GN>D@I>@M@N@<M>C@MN
NP>C<N#0'!
.NT>',$-
1J>DJADG@
OC@ 1J>D<G 1>D@I>@ !DO<ODJI 'I?@S
%JJBG@ 1>CJG<M
.MJ/P@NO
<I? JOC@MN
OC@N@ <M@ M@QD@R@? G<O@M DI NJH@ ?@O<DG 2C@N@ ?<O<=<N@N <M@ <Q<DG<=G@ JIGDI@ PNDIB OC@
GD=M<MT[N5@=NDO@JMOC@TH<T=@<Q<DG<=G@JI!"0-+
'IDOD<GGT
OMTOJGJ><O@<=JPOM@KJMONJAM@N@<M>CDI<MOD>G@NJM=JJFNM@G<O@?OJM@N@<M>CJI
TJPMOJKD>1@O<KMDJMDOTJIOC@N@<M>CAJMEJPMI<G<MOD>G@N<I?=JJFN=@><PN@OC@T<M@@<NTOJ
GJ><O@<I?J=O<DI"@O@MHDI@RC@OC@MOC@N@<MOD>G@N<I?=JJFN@SDNODITJPM<><?@HD>GD=M<MTJM
RC@OC@MTJPI@@?OJN@I?AJMOC@H=TDIO@MGD=M<MTGJ<IJMKPM>C<N@OC@HOCMJPBC<=JJFNOJM@
1FDH OCDN DIDOD<G BMJPK JA <MOD>G@N JM >C<KO@MN

<I? ?PKGD><O@ OCJN@ OC<O <M@ >@IOM<G OJ TJPM
OJKD>2CMJPBCJPOOCDNKMJ>@NN
NDHKGTOMTOJJ=O<DI<N@IN@<NOJRC@OC@MOC@<MOD>G@JM>C<KO@M
RDGGH<F@<PN@APG>JIOMD=PODJIOJTJPMPI?@MNO<I?DIBJAOC@GDO@M<OPM@
NTJPD?@IODATPN@APGGDO@M<OPM@
=@BDI?@NDBIDIB< :7B3@/BC@3;/> OJ=@?DN>PNN@?HJM@APGGT
G<O@M 2CDN DN < QDNP<G KD>OPM@ JM ADBPM@ JA BMJPKDIBN JA OC@ GDO@M<OPM@ JI OC@ OJKD>
OC<O
DGGPNOM<O@N CJR TJPM K<MOD>PG<M NOP?T RDGG >JIOMD=PO@ OJ OC@ GDO@M<OPM@
KJNDODJIDIB TJPM JRI
NOP?TRDOCDIOC@ G<MB@M=J?TJAM@N@<M>C
NTJPKPOOJB@OC@MOC@GDO@M<OPM@H<K
<GNJ=@BDIOJ?M<AONPHH<MD@NJAOC@HJNOM@G@Q<IO
<MOD>G@N2C@N@NPHH<MD@N<M@>JH=DI@?DIOJOC@ADI<GGDO@M<OPM@M@QD@ROC<OTJPRMDO@AJMTJPM
KMJKJN<G JM M@N@<M>C NOP?T 'I>GP?@ KM@>DN@ M@A@M@I>@N OJ OC@ GDO@M<OPM@ PNDIB C<NOC@H@MD><I.NT>CJGJBD><GNNJ>D<ODJI.NOTG@H<IP<G.
NJ
OC<OTJPC<Q@<>JHKG@O@M@A@M@I>@OJPN@<OOC@@I?JAOC@KMJKJN<GJMNOP?T
AO@MNPHH<MDUDIBOC@GDO@M<OPM@
<NN@H=G@OC@GDO@M<OPM@M@QD@R
NOMP>OPMDIBDOOC@H<OD><GGT
JMJMB<IDUDIBDO=TDHKJMO<IO>JI>@KON#I?OC@GDO@M<OPM@M@QD@RRDOC<NPHH<MTJAOC@H<EJM
OC@H@N<I?NPBB@NOCJRTJPMK<MOD>PG<MNOP?TAPMOC@M<??NOJOC@GDO@M<OPM@
%!0#(),'-+.32%0)8%$!2!"!1%1
2J @<N@ OC@ KMJ>@NN JA >JGG@>ODIB M@G@Q<IO H<O@MD<G
OC@M@ <M@ NJH@ O@>CIDLP@N PN@APG DI
<>>@NNDIB OC@ GDO@M<OPM@LPD>FGT OCMJPBC ?<O<=<N@N =;>CB3@ 2/B/0/A3A =4 B63 :7B3@/BC@3 <M@
IJR<Q<DG<=G@DIGD=M<MD@N
<I?OC@TLPD>FGTKMJQD?@<>>@NN OJOCJPN<I?NJAEJPMI<GN
>JIA@M@I>@
K<K@MN
<I? H<O@MD<GN JI H<IT ?DAA@M@IO OJKD>N ><?@HD> GD=M<MD@N <O H<EJM PIDQ@MNDOD@N C<Q@
KPM>C<N@? >JHH@M>D<G ?<O<=<N@N <N R@GG <N J=O<DI@? ?<O<=<N@N DI OC@ KP=GD> ?JH<DI -IGT <
A@RJAOC@H<EJM?<O<=<N@N<Q<DG<=G@RDGG=@M@QD@R@?C@M@
=POOC@T<M@OC@H<EJMNJPM>@NOJ
EJPMI<G<MOD>G@N<I??J>PH@IONOC<OTJPNCJPG?>JINPGOOJ?@O@MHDI@RC<OGDO@M<OPM@DN<Q<DG<=G@
JITJPMOJKD>
#0'! #?P><ODJI<G 0@NJPM>@N 'IAJMH<ODJI !@IO@M DN < AM@@
JIGDI@ ?DBDO<G GD=M<MT JA @?P><ODJI
M@N@<M>C <I? DIAJMH<ODJI NKJINJM@? =T OC@ 'INODOPO@ JA #?P><ODJI 1>D@I>@N '#1 JA OC@ 31
"@K<MOH@IO JA #?P><ODJI 2CDN ?<O<=<N@ >@?BJQ
<I? #0'!
KMJQD?@N < N@<M>C JA HDGGDJI DO@HN DI?@S@? NDI>@ 2C@ >JGG@>ODJI DI>GP?@N EJPMI<G
<MOD>G@N
=JJFN
M@N@<M>C NTIOC@N@N
>JIA@M@I>@ K<K@MN
O@>CID><G M@KJMON
KJGD>T K<K@MN
<I?
JOC@M@?P><ODJIM@G<O@?H<O@MD<GN#0'!DI?@S@NHJM@OC<IEJPMI<GN
<I?GDIFN<M@<Q<DG<=G@
OJ APGGO@SO >JKD@N JA H<IT JA OC@ H<O@MD<GN 2J =@NO PODGDU@ #0'!
DO DN DHKJMO<IO OJ D?@IODAT
<KKMJKMD<O@ ?@N>MDKOJMN AJM TJPM OJKD>
OC@ O@MHN PN@? =T DI?@S@MN OJ ><O@BJMDU@ <MOD>G@ JM
?J>PH@ION 0@N@<M>C@MN >C OCMJPBC OC@ '2/=+?<?= 90 % /=-<3:>9<= #?P><ODJI<G
0@NJPM>@N 'IAJMH<ODJI !@IO@M
JM =MJRN@ OC@ JIGDI@ OC@N<PMPN @3A3/@16 B7> DI
>JI?P>ODIB<I#0'!N@<M>CDNOJGJ><O@M@>@IOEJPMI<G<MOD>G@N<I??J>PH@IONJITJPMOJKD>2CDN
KMJ>@NN><I=@@IC@?=T>JI?P>ODIB<KM@GDHDI<MTN@<M>CPNDIB?@N>MDKOJMNAMJHOC@JIGDI@
OC@N<PMPN<I?GJ><ODIB<EJPMI<G<MOD>G@JM?J>PH@IORCD>CDNJITJPMOJKD>
2C@IGJJF>GJN@GT<OOC@?@N>MDKOJMNPN@?DIOCDN<MOD>G@<I??J>PH@IO<I?MPI<IJOC@MN@<M>C
PNDIB OC@N@ O@MHN 2CDN KMJ>@?PM@ RDGG H<SDHDU@ OC@ KJNND=DGDOT JA J=O<DIDIB < BJJ? GDNO JA
<MOD>G@NAJMTJPMGDO@M<OPM@M@QD@R
IJOC@M AM@@ ?<O<=<N@ OJ N@<M>C DN %JJBG@ 1>CJG<M 'O KMJQD?@N < R<T OJ =MJ<?GT N@<M>C AJM
GDO@M<OPM@ <>MJNN H<IT ?DN>DKGDI@N <I? NJPM>@N
NP>C <N K@@MM@QD@R@? K<K@MN
OC@N@N
=JJFN
<=NOM<>ON
<I?<MOD>G@NAMJH<><?@HD>KP=GDNC@MN
KMJA@NNDJI<GNJ>D@OD@N
PIDQ@MNDOD@N
<I?JOC@M
N>CJG<MGT JMB<IDU<ODJIN 2C@ <MOD>G@N D?@IODAD@? DI < %JJBG@ 1>CJG<M N@<M>C KMJQD?@ GDIFN OJ
<=NOM<>ON
M@G<O@? <MOD>G@N
@G@>OMJID> Q@MNDJIN JA <MOD>G@N <AADGD<O@? RDOC < GD=M<MT TJP NK@>DAT
5@= N@<M>C@NAJM DIAJMH<ODJI<=JPOOCDN RJMF

<I? JKKJMOPIDOD@N OJKPM>C<N@ OC@APGGO@SO JA
OC@<MOD>G@
0@N@<M>C@MN><IJ=O<DI<=NOM<>ONOJKP=GD><ODJINDIOC@C@<GOCN>D@I>@NOCMJPBCOC@AM@@<>>@NN
.P=+@?2CDN?<O<=<N@DN<N@MQD>@JAOC@31,<ODJI<G*D=M<MTJA+@?D>DI@
<I?DODI>GP?@NJQ@M
HDGGDJI>DO<ODJINAMJH+#"*',#<I?JOC@MGDA@N>D@I>@EJPMI<GNAJM=DJH@?D><G<MOD>G@NBJDIB
=<>FOJOC@NRRRI>=DIGHIDCBJQ.P=+@?DI>GP?@NGDIFNOJAPGGO@SO<MOD>G@NGJ><O@?DI
<><?@HD>GD=M<MD@N<I?JOC@MM@G<O@?M@NJPM>@N2JN@<M>C.P=+@?
OC@M@N@<M>C@MPN@N+@1&
+@?D><G1P=E@>O&@<?DIBNO@MHN
OC@31,<ODJI<G*D=M<MTJA+@?D>DI@[N>JIOMJGG@? QJ><=PG<MT
OC@N<PMPNPN@?AJMDI?@SDIB<MOD>G@NAJM+#"*',# .P=+@?2CDN+@1&O@MHDIJGJBTKMJQD?@N<
>JINDNO@IOR<TOJM@OMD@Q@DIAJMH<ODJI<=JPOOJKD>NOC<OH<T=@?@N>MD=@?PNDIB?DAA@M@IOO@MHN
><?@HD> GD=M<MD@N <GNJ C<Q@ NDO@ GD>@IN@N OJ DHKJMO<IO >JHH@M>D<G ?<O<=<N@N -I@ OTKD><GGT
<Q<DG<=G@ DN .MJ/P@NO COOK KMJLP@NO>JH
RCD>C @I<=G@N < M@N@<M>C@M OJ N@<M>C H<IT
?DAA@M@IO ?<O<=<N@N
<I? DO DN JI@ JA OC@ G<MB@NO JIGDI@ >JIO@IO M@KJNDOJMD@N DI OC@ RJMG? $JM
@S<HKG@
TJP><IN@<M>C#0'!
.NT>',$-
"DNN@MO<ODJI=NOM<>ON
.@MDJ?D><GN'I?@S
&@<GOC<I?
+@?D><G !JHKG@O@
<I? H<IT HJM@ NK@>D<GDU@? ?<O<=<N@N @B
'IO@MI<ODJI<G 'I?@S OJ G<>F
.@MDJ?D><GN @><PN@ DO O<KN DIOJ H<IT ?DAA@M@IO ?<O<=<N@N
DO >C OJJG OJ PN@
=@AJM@PNDIBHJM@NK@>D<GDU@??<O<=<N@N
IJOC@M >JHH@M>D<GGT GD>@IN@? ?<O<=<N@ AJPI? DI H<IT <><?@HD> GD=M<MD@N DN &9-396913-+6
,=><+->= !<H=MD?B@ 1>D@IODAD> =NOM<>ON
COOK RRR>N<>JH 2CDN ?<O<=<N@ DI?@S@N JQ@M

EJPMI<GN
>JIA@M@I>@ K<K@MN
M@G@Q<IO ?DNN@MO<ODJI GDNODIBN
=JJF M@QD@RN
<I? N@G@>O@?
=JJFNDINJ>DJGJBT
NJ>D<GRJMF
<I?M@G<O@??DN>DKGDI@N$JMGDO@M<OPM@DIOC@AD@G?JAKNT>CJGJBT
<I?M@G<O@?<M@<N
>JINPGO<IJOC@M>JHH@M>D<G?<O<=<N@
#=C-!" COOK RRR<K<JMB2CDN
?<O<=<N@DI?@S@N
EJPMI<GODOG@N
=JJFN
<I??DNN@MO<ODJINAMJHH<IT>JPIOMD@N'O>JQ@MN
OC@AD@G?JAKNT>CJGJBT<NR@GG<NKNT>CJGJBD><G<NK@>ONJAM@G<O@??DN>DKGDI@N
DI>GP?DIBH@?D>DI@
KNT>CD<OMT
IPMNDIB
NJ>DJGJBT
@?P><ODJI
KC<MH<>JGJBT
KCTNDJGJBT
GDIBPDNOD>N
<IOCMJKJGJBT
=PNDI@NN
<I?G<R'OC<N<2C@N<PMPNJA.NT>CJGJBD><G'I?@S2@MHNOJGJ><O@PN@APGO@MHNDI<
GDO@M<OPM@N@<M>C
ADI<G >JHH@M>D<G ?<O<=<N@ <Q<DG<=G@ DI GD=M<MD@N DN 2C@ &9-3+6 &-3/8-/= 3>+>398 8./B 11!'
5@= JA )IJRG@?B@

2CJHNJI 1>D@IODAD> 9COOK DNDR@=JAFIJRG@?B@>JH: 'O DI?@S@N

EJPMI<GN NK<IIDIB ?DN>DKGDI@N <I? N@G@>ODQ@GT DI?@S@N M@G@Q<IO DO@HN AMJH JQ@M

N>D@IODAD> <I? O@>CID><G EJPMI<GN 'O ><O@ <MOD>G@N <I? <POCJMN RCJ C<Q@
>JI?P>O@?M@N@<M>CJI<OJKD>'ODN@NK@>D<GGTPN@APGDIGJ><ODIBNOP?D@NOC<OC<Q@M@A@M@I>@?@<GGNOP?D@NNDI>@OC@KP=GD><ODJIJAOC@F@TNOP?T
OC<OC<Q@>DO@?OC@RJMF3NDIBOCDNNTNO@H
TJP><I?@Q@GJK<>CMJIJGJBD><GGDNOJAM@A@M@I>@N
OC<O?J>PH@IOOC@CDNOJMD><G@QJGPODJIJA<ID?@<JMNOP?T2CDN>CMJIJGJBD><GGDNO><I=@HJNO
C@GKAPGDIOM<>FDIBOC@?@Q@GJKDIBJAD?@<N<=JPOTJPMGDO@M<OPM@M@QD@ROJKD>
'INPHH<MT
HT @3A3/@16B7>A AJMN@<M>CDIB>JHKPO@M?<O<=<N@N<M@OJ
^ 3N@ =JOC OC@ AM@@

JIGDI@ GDO@M<OPM@ ?<O<=<N@N <N R@GG <N OCJN@ <Q<DG<=G@ OCMJPBC TJPM
<><?@HD>GD=M<MT
^1@<M>CN@Q@M<G?<O<=<N@N
@Q@IDATJPA@@GOC<OTJPMOJKD>DNIJONOMD>OGT@?P><ODJI
<NAJPI?DI
#0'!
JM KNT>CJGJBT
<N AJPI? DI .NT>',$- JOC #0'! <I? .NT>',$- QD@R @?P><ODJI <I?
KNT>CJGJBT<N=MJ<?O@MHNAJMH<ITOJKD>N
^3N@BPD?@N OJO@MHNOJGJ><O@TJPM<MOD>G@N
NP>C<N<OC@N<PMPN
RC@I<Q<DG<=G@
^*J><O@<I<MOD>G@OC<ODN>GJN@OJTJPMOJKD>
OC@IGJJF<OOC@O@MHNPN@?OJ?@N>MD=@DO
<I?PN@
OC@N@O@MHNDITJPMN@<M>C
^ 3N@ ?<O<=<N@N OC<O KMJQD?@ <>>@NN OJ APGGO@SO >JKD@N JA TJPM <MOD>G@N OCMJPBC <><?@HD>
GD=M<MD@NJMAJM<A@@<NHP>C<NKJNND=G@NJOC<OTJP><IM@?P>@OC@<HJPIOJAODH@N@<M>CDIB
AJM>JKD@NJATJPM<MOD>G@N
0)-0)27&-0%*%#2),')2%0!230%!2%0)!*
'M@>JHH@I?OC<OTJP@NO<=GDNC<KMDJMDOTDI<N@<M>CJAOC@GDO@M<OPM@5C<OOTK@NJAGDO@M<OPM@
HDBCO=@M@QD@R@?<I?DIRC<OKMDJMDOT!JIND?@MOC@AJGGJRDIB
#NK@>D<GGTDATJP<M@@S<HDIDIB<OJKD>AJMOC@ADMNOODH@<I?PI<R<M@JAOC@M@N@<M>CJIDO
NO<MO RDOC =MJ<? NTIOC@N@N JA OC@ GDO@M<OPM@

NP>C <N JQ@MQD@RN AJPI? DI @I>T>GJK@?D<N @B
DFDI
)@@Q@N
7JP HDBCO <GNJ GJJFAJM NPHH<MD@N JAOC@ GDO@M<OPM@JI TJPM OJKD>
KM@N@IO@?DIEJPMI<G<MOD>G@NJM<=NOM<>ON@MD@N@B
88?+6%/@3/A90#=C-29691C
,@SO
OPMI OJ EJPMI<G <MOD>G@N DI M@NK@>O@?
I<ODJI<G EJPMI<GN
@NK@>D<GGT OCJN@ OC<O M@KJMO
M@N@<M>CNOP?D@N T </=/+<-2
'H@<IOC<OOC@<POCJMJM<POCJMNKJN@<LP@NODJIJMCTKJOC@NDN
>JGG@>O ?<O<
<I? OMT OJ <INR@M OC@ LP@NODJI JM CTKJOC@NDN 2C@M@ <M@ EJPMI<GN RD?@GT M@<? DI
TJPM AD@G?
<I? OTKD><GGT OC@T <M@ KP=GD><ODJIN RDOC < CDBCLP<GDOT @?DOJMD<G =J<M? >JINDNODIB JA
DI?DQD?P<GNAMJH<MJPI?OC@3IDO@?1O<O@NJM<=MJ<? TOPMIDIBOJOC@ADMNOA@RK<B@N
TJP>JPIOMT JM RJMG? 1O<MO RDOC OC@ HJNO M@>@IO DNNP@N JA OC@ EJPMI<GN <I? GJJF AJM NOP?D@N
<=JPOTJPMOJKD><I?OC@IRJMF=<>FR<M?DIODH@$JGGJRPKJIM@A@M@I>@N<OOC@@I?JAOC@
<MOD>G@NAJMHJM@NJPM>@NOJ@S<HDI@
2PMI OJ =JJFN M@G<O@? OJ OC@ OJKD> @BDI RDOC M@N@<M>C HJIJBM<KCN OC<O NPHH<MDU@ OC@
N>CJG<MGTGDO@M<OPM@2C@I>JIND?@M@IODM@=JJFNJI<NDIBG@OJKD>=T<NDIBG@<POCJMJMBMJPKJA
<POCJMNJM=JJFNOC<O>JIO<DI>C<KO@MNRMDOO@I=T?DAA@M@IO<POCJMN
$JGGJROCDNN@<M>C=TM@>@IO>JIA@M@I>@K<K@MN*JJFAJMH<EJMI<ODJI<G>JIA@M@I>@N<I?OC@
K<K@MN?@GDQ@M@?<OOC@H-AO@I
>JIA@M@I>@K<K@MNM@KJMOOC@G<O@NOM@N@<M>C?@Q@GJKH@ION
+JNOH<EJM>JIA@M@I>@N@DOC@MM@LPDM@JMM@LP@NOOC<O<POCJMN NP=HDOOC@DMK<K@MNAJMDI>GPNDJI
DI >JHKPO@MDU@? DI?D>@N +<F@ >JIO<>O RDOC <POCJMN JA K@MODI@IO NOP?D@N 1@@F OC@H JPO <O
>JIA@M@I>@N 5MDO@ JM KCJI@ OC@H
<NFDIB DA OC@T FIJR JA NOP?D@N M@G<O@? OJ TJPM <M@< JA
DIO@M@NO<I?DILPDM@<GNJDAOC@TC<Q@<IDINOMPH@IOOC<OHDBCO=@PN@?JMHJ?DAD@?AJMPN@DI
TJPMNOP?T
'A ODH@ K@MHDON

N>+>398 ,=><+->= 3IDQ@MNDOT +D>MJADGHN

"DNN@MO<ODJIN Q<MT DHH@IN@GT DI LP<GDOT
<I? JI@ I@@?N OJ =@ N@G@>ODQ@ DI >CJJNDIB OCJN@ OJ
M@QD@RN@<M>CJAOC@ ,=><+->= HDBCOM@NPGODIJI@JMORJM@G@Q<IO?DNN@MO<ODJIN
<I?TJP>JKD@N JA OC@H OCMJPBC DIO@MGD=M<MT GJ<IN JM OCMJPBC OC@ 3IDQ@MNDOT JA +D>CDBMJADGH*D=M<MT
2C@5@=<GNJKMJQD?@NC@GKAPGH<O@MD<GNAJM<GDO@M<OPM@M@QD@R2C@@<NT<>>@NN<I?<=DGDOTOJ
><KOPM@@IODM@<MOD>G@NH<F@NOCDNNJPM>@JAH<O@MD<G<OOM<>ODQ@&JR@Q@M
N>M@@IOC@N@<MOD>G@N
><M@APGGT AJM LP<GDOT <I? =@ ><PODJPN <=JPO RC@OC@M OC@T M@KM@N@IO MDBJMJPN
OCJPBCOAPG
<I?
NTNO@H<OD>M@N@<M>CNPDO<=G@AJMPN@DI<GDO@M<OPM@M@QD@R-IGDI@EJPMI<GN
JIOC@JOC@MC<I?
JAO@I DI>GP?@ <MOD>G@N OC<O C<Q@ PI?@MBJI@ MDBJMJPN M@QD@RN =T @?DOJMD<G =J<M?N 7JP HDBCO
>C@>F OJ N@@ DA OC@ EJPMI<G C<N < M@A@M@@? @?DOJMD<G =J<M? OC<O M@QD@RN H<IPN>MDKON <I? C<N
KP=GDNC@?NO<I?<M?NAJM<>>@KODIBH<IPN>MDKONDI<I@?DOJMD<GNO<O@H@IO
'I NPHH<MT
' KG<>@ M@A@M@@? EJPMI<G <MOD>G@N CDBC JI OC@ GDNO =@><PN@ OC@T <M@ OC@ @<ND@NO OJ
GJ><O@<I??PKGD><O@2C@T<GNJM@KJMOM@N@<M>C<=JPO<OJKD>"DNN@MO<ODJIN<M@GDNO@?GJR@MDI
KMDJMDOT=@><PN@OC@TQ<MT>JIND?@M<=GTDILP<GDOT<I?<M@OC@HJNO?DAAD>PGOM@<?DIBH<O@MD<GOJ
GJ><O@ <I?M@KMJ?P>@ !<PODJI NCJPG? =@ PN@? DI >CJJNDIB EJPMI<G <MOD>G@N JIOC@ 5@= PIG@NN
OC@T<M@K<MOJAM@A@M@@?JIGDI@EJPMI<GN
)2%0!230%!.-&2(%%1%!0#(
-I@JAOC@ADMNOO<NFNAJM<M@N@<M>C@MRJMFDIBRDOC<I@ROJKD>DNOJJMB<IDU@OC@GDO@M<OPM@N
H@IODJI@?@<MGD@M
OCDNJMB<IDU<ODJI@I<=G@N <K@MNJI OJPI?@MNO<I? CJR OC@ KMJKJN@? NOP?T
<??NOJ
@SO@I?N
JMM@KGD><O@NM@N@<M>C<GM@<?T >JHKG@O@?
PN@APG<KKMJ<>CAJMOCDNNO@KDNOJ?@NDBI<GDO@M<OPM@H<K2CDNDN<ID?@<OC<O'><H@PKRDOC
N@Q@M<GT@<MN<BJ
<I?DOC<N=@@I<PN@APGOJJGAJMNOP?@IONOJPN@RC@IJMB<IDUDIBOC@DMM@QD@R
JA OC@ GDO@M<OPM@ AJM H<FDIB KM@N@IO<ODJIN OJ BM<?P<O@ >JHHDOO@@N JM NPHH<MDUDIB OC@
GDO@M<OPM@AJM<N>CJG<MGTKM@N@IO<ODJIJM<EJPMI<G<MOD>G@KP=GD><ODJI
2CDN H<K DN < QDNP<G NPHH<MT JA OC@ M@N@<M>C OC<O C<N =@@I >JI?P>O@? =T JOC@MN
<I? DO DN
OTKD><GGT M@KM@N@IO@? DI < ADBPM@ +<KN <M@ JMB<IDU@? DI ?DAA@M@IO R<TN -I@ >JPG? =@ <
CD@M<M>CD><G NOMP>OPM@
RDOC < OJK?JRI KM@N@IO<ODJI JA OC@ GDO@M<OPM@
@I?DIB <O OC@ =JOOJH
RDOC OC@ KMJKJN@? NOP?T IJOC@M HDBCO =@ NDHDG<M OJ < AGJR>C<MO DI RCD>C OC@ M@<?@M
PI?@MNO<I?N OC@ GDO@M<OPM@ <N PIAJG?DIB AMJH G@AO OJ MDBCO RDOC OC@ A<MOC@NO MDBCOC<I? N@>ODJI
<?QDIB < KMJKJN@? NOP?T OCDM? HJ?@G HDBCO =@ < N@MD@N JA >DM>G@N
RDOC @<>C >DM>G@
M@KM@N@IODIB < =J?T JA GDO@M<OPM@ <I? OC@ DIO@MN@>ODJI JA OC@ >DM>G@N OC@ KG<>@ DI RCD>C OC@
APOPM@M@N@<M>CDNDI?D><O@?'C<Q@N@@I@S<HKG@NJA<GGJAOC@N@KJNND=DGDOD@N<I?AJPI?OC@H<GG
@AA@>ODQ@
2C@>@IOM<GD?@<DNOC<OOC@M@N@<M>C@M=@BDINOJ=PDG?<QDNP<GKD>OPM@JA@SDNODIBM@N@<M>C<=JPO
< OJKD> 2CDN GDO@M<OPM@ H<K KM@N@ION @?PM<G EPNOD>@ DI JMB<IDU<ODJI<G
NOP?D@N (<IJQ@>
(<IJQ@>[N H<K DGGPNOM<O@N < CD@M<M>CD><G ?@NDBI
<I? NC@ PN@? N@Q@M<G
KMDI>DKG@NJABJJ?H<K?@NDBI
^1C@KG<>@? C@MOJKD>DIOC@=JS<OOC@OJKJAOC@CD@M<M>CT
^ ,@SO
NC@ OJJF OC@ NOP?D@N OC<O NC@ AJPI? DI >JHKPO@M N@<M>C@N
GJ><O@? >JKD@N JA OC@N@
NOP?D@N
<I? JMB<IDU@? OC@H DIOJ OCM@@ =MJ<? NP=OJKD>N D@
(PNOD>@ .@M>@KODJIN $JMH<ODJI
(PNOD>@ #AA@>ON
<I? (PNOD>@ DI -MB<IDU<ODJI<G !C<IB@ $JM <IJOC@M H<K
OC@ M@N@<M>C@M H<T
C<Q@HJM@JMA@R@MOC<IAJPMH<EJM><O@BJMD@N
?@K@I?DIBJIOC@@SO@IO<I?KP=GD><ODJINJI
OC@OJKD>
^5DOCDI@<>C=JS<M@G<=@GNOC<O?@N>MD=@OC@I<OPM@JAOC@NOP?D@NDIOC@=JSD@
JPO>JH@N
^ GNJ RDOCDI @<>C=JS<M@ M@A@M@I>@N OJH<EJM>DO<ODJIN DGGPNOM<ODIB DON >JIO@IO 'O DN PN@APGOJ
PN@ M@A@M@I>@N OC<O <M@ >PMM@IO
DGGPNOM<ODQ@ JA OC@ OJKD> JA OC@ =JS <I? OJ =MD@AGT NO<O@ OC@
M@A@M@I>@NDI<I<KKMJKMD<O@NOTG@
NP>C<N.
^!JIND?@MN@Q@M<GG@Q@GNAJMOC@GDO@M<OPM@H<K'IJOC@MRJM?N
H<EJMOJKD>NG@<?OJNP=OJKD>N
<I?OC@IOJNP=NP=OJKD>N
75C@3
I#S<HKG@JA<*'O@M<OPM@+<K[#HKGJT@@N[>JI>@MIN<=JPOOC@A<DH@NNJA<I?OC@
H<FDIBJAH<I<B@MD<G?@>DNDJIN
1-30!#(<IJQ@>0@KMDIO@?=TK@MHDNNDJI
^1JH@=MC@NJAOC@>C<MO<M@HJM@?@Q@GJK@?OC<IJOC@MN2CDN?@Q@GJKH@IO?@K@I?NJI
OC@ <HJPIO JA GDO@M<OPM@ <Q<DG<=G@ <I? OC@ ?@KOC JA OC@ @SKGJM<ODJI JA OC@ GDO@M<OPM@ =T OC@
M@N@<M>C@M
^ AO@M JMB<IDUDIBOC@ GDO@M<OPM@ DIOJ < ?D<BM<H

(<IJQ@> I@SO >JIND?@M@? OC@ =MC@NJAOC@
ADBPM@ OC<O KMJQD?@ < NKMDIB=J<M? AJM C@M KMJKJN@? NOP?T 1C@ KG<>@? < ,@@? OJ 1OP?T JM
KMJKJN@? NOP?T =JS <O OC@ =JOOJH JA OC@ H<K
NC@ =MD@AGT D?@IODAD@? OC@ I<OPM@ JA OCDN
KMJKJN@?NOP?T.MJ>@?PM<G(PNOD>@<I?!PGOPM@
<I?NC@OC@I?M@RGDI@NOJK<NOGDO@M<OPM@OC<O
C@MKMJE@>ORJPG?@SO@I?1C@KMJKJN@?OCDNNOP?T=<N@?JID?@<NRMDOO@I=TJOC@M<POCJMNDI
OC@APOPM@M@N@<M>CN@>ODJINJAOC@DMNOP?D@N
^'I>GP?@LP<IODO<ODQ@
LP<GDO<ODQ@
<I?HDS@?H@OCJ?NNOP?D@NDITJPMGDO@M<OPM@H<K
"120!#2),'23$)%1
5C@IM@N@<M>C@MNRMDO@M@QD@RNJAOC@GDO@M<OPM@AJMKMJKJN@?NOP?D@N
OC@TGJ><O@<MOD>G@N<I?
?@Q@GJK=MD@A<=NOM<>ONJAOC@<MOD>G@NOC<O>JHKMDN@OC@M@QD@RI /0AB@/1B DN<=MD@AM@QD@RJA
OC@ GDO@M<OPM@ OTKD><GGT DI < NCJMO K<M<BM<KC OC<O NPHH<MDU@N H<EJM @G@H@ION
OJ @I<=G@ <
M@<?@M OJ PI?@MNO<I? OC@ =<ND> A@<OPM@N JA OC@ <MOD>G@ 'I ?@Q@GJKDIB O
M@N@<M>C@MN
I@@?OJ>JIND?@MRC<OH<O@MD<GOJ@SOM<>O<I?NPHH<MDU@2CDNDNDHKJMO<IODIAJMH<ODJIRC@I
M@QD@RDIB K@MC<KN ?JU@IN
DA IJO CPI?M@?N
JA NOP?D@N BJJ? NPHH<MT JA < M@N@<M>C NOP?T
M@KJMO@?DI<EJPMI<GHDBCODI>GP?@OC@AJGGJRDIBKJDION
^+@IODJIOC@KMJ=G@H=@DIB<??M@NN@?
^1O<O@OC@>@IOM<G KPMKJN@JMAJ>PNJAOC@NOP?T
^ MD@AGTNO<O@DIAJMH<ODJI<=JPOOC@N<HKG@
KJKPG<ODJI
JMNP=E@>ON
^0@QD@RF@TM@NPGONOC<OM@G<O@OJOC@KMJKJN@?NOP?T
^'ADODN<H@OCJ?JGJBD><GM@QD@R!JJK@M

KJDIOJPOO@>CID><G<I?H@OCJ?JGJBD><GAG<RN
DI OC@NOP?T
5C@I @S<HDIDIB < NOP?T OJ ?@Q@GJK < NPHH<MT

OC@M@ <M@ KG<>@N OJ GJJF AJM OC@N@ K<MON 'I
R@GG>M<AO@? EJPMI<G <MOD>G@N
OC@ KMJ=G@H <I? KPMKJN@ NO<O@H@ION <M@ >G@<MGT NO<O@? DI OC@
DIOMJ?P>ODJI'IAJMH<ODJI<=JPOOC@N<HKG@
KJKPG<ODJI
JMNP=E@>ONDNAJPI?HD?R<TOCMJPBC
DI<H@OCJ?JMKMJ>@?PM@N@>ODJI
<I?OC@M@NPGON<M@JAO@IM@KJMO@?OJR<M?OC@@I?'IOC@
M@NPGON N@>ODJIN
GJJF AJM K<NN<B@N DI RCD>C OC@ M@N@<M>C@MN M@KJMO DIAJMH<ODJI OJ <INR@M JM
<??M@NN @<>C M@N@<M>C LP@NODJI JM CTKJOC@NDN $JM =JJFG@IBOC M@N@<M>C NOP?D@N
GJJF AJM OC@
N<H@KJDION!JIND?@MOC@AJGGJRDIB@S<HKG@
F/;>:3
3>/<+>?</%/@3/A38+$?+8>3>+>3@/&>?.C
&@M@AJGGJRN<K<M<BM<KCNPHH<MDUDIBOC@H<EJM>JHKJI@IONJA<LP<IODO<ODQ@NOP?T!M@NR@GG
1@<BM@I
&@IMT

HP>C GDF@ OC@ K<M<BM<KC HDBCO <KK@<M DI < M@QD@R JA OC@ GDO@M<OPM@
N@>ODJIJA<?DNN@MO<ODJIJM<EJPMI<G<MOD>G@'IOCDNK<NN<B@
'C<Q@>CJN@IF@T>JHKJI@IONOJ
=@<=NOM<>O@?
!M@NR@GG
1@<BM@I
<I? &@IMT O@NO@? OC@ DBGGPNO@MDIB <><?@HD> <M@<N DIOJ C<M? JM NJAO
KPM@ JM <KKGD@?
GDA@ JM IJIGDA@ <M@<N
<N <
KM@?D>OJM JA >C<DMK@MNJIN[ KMJA@NNDJI<G ?@Q@GJKH@IO I@@?N #DBCOT ?@K<MOH@IO >C<DMK@MNJIN
GJ><O@?DIAJPMNO<O@>JGG@B@N<I?JI@PIDQ@MNDOTJA<+D?R@NO@MINO<O@K<MOD>DK<O@?DIOC@NOP?T
0@NPGON NCJR@? OC<O >C<DMK@MNJIN DI ?DAA@M@IO <><?@HD> <M@<N ?DAA@M@? DI O@MHN JA OC@DM
KMJA@NNDJI<G?@Q@GJKH@IOI@@?N <N@?JIOC@ADI?DIBN
OC@<POCJMNM@>JHH@I?@?OC<OOCJN@
RCJ?@Q@GJKDIN@MQD>@KMJBM<HNI@@?OJ>JIND?@M?DAA@M@I>@N<HJIB?DN>DKGDI@NRC@IOC@TKGJGG@<BP@N<I?'=@B<IRDOC<IDIO@SOM@A@M@I>@DI<>>JM?RDOCOC@AJMH<ODIOC@.
NOTG@ H<IP<G ,@SO
R@ M@QD@R@? OC@ >@IOM<G KPMKJN@ JA OC@ NOP?T
AJGGJR@? =T DIAJMH<ODJI
<=JPOOC@?<O<>JGG@>ODJI2C@<=NOM<>O@I?@?=TNO<ODIBOC@H<EJMM@NPGON<I?KM@N@IODIBOC@
KM<>OD><GDHKGD><ODJINJAOC@N@M@NPGON
&JR <M@ @NN<TN

JKDIDJIN
OTKJGJBD@N
<I? NTIOC@N@N JA K<NO M@N@<M>C <=NOM<>O@?
NDI>@ OC@N@
<M@IJOM@N@<M>CNOP?D@N2C@H<O@MD<GOJ=@@SOM<>O@?AMJHOC@N@IJI@HKDMD><GNOP?D@NRJPG?
=@<NAJGGJRN
^+@IODJIOC@KMJ=G@H=@DIB<??M@NN@?=TOC@<MOD>G@JM=JJF
^'?@IODATOC@>@IOM<GOC@H@JAOC@NOP?T
^1O<O@OC@H<EJM>JI>GPNDJINM@G<O@?OJOCDNOC@H@
^'AOC@ M@QD@ROTK@DNH@OCJ?JGJBD><G
H@IODJIAG<RNDIM@<NJIDIB
GJBD>
AJM>@JA<MBPH@IO
<I?
NJAJMOC
!JIND?@MOC@AJGGJRDIB@S<HKG@OC<ODGGPNOM<O@NOC@DI>GPNDJIJAOC@N@<NK@>ON
F/;>:3

3>/<+>?</%/@3/A38+&>?.C.@+8-381+'C:9691C
1P??POC >JHKG@O@?<LP<IODO<ODQ@?DNN@MO<ODJIDIKJGDOD><GN>D@I>@JIOC@OJKD>JAOC@PN@
JANOM<O@BD><?<KO<ODJIDIMPM<GCJNKDO<GN&@M@QD@R@?OC@GDO@M<OPM@DIN@Q@M<G>C<KO@MN<OOC@
=@BDIIDIB JA OC@ NOP?T 'I DIB < OTKJGJBT
1P??POCNPHH<MDU@?OC@KMJ=G@H
OC@OC@H@
<I?OC@OTKJGJBT
%DIO@M
"PI>C<M?NJI
<I? 1R<TI@ M@>JBIDU@ OC@ DHK<>O JA OC@ @SO@MI<G
@IQDMJIH@IOJI<CJNKDO<G[N<=DGDOTOJ<?<KOOJ>C<IB@2C@T<?QJ><O@<KMJ>@NNOC<OOC@T><GG
@IQDMJIH@IO<G <I<GTNDN RCD>C <GGJRN OC@ JMB<IDU<ODJI OJ NOM<O@BD><GGT ?@O@MHDI@ OC@ =@NO
M@NKJIN@N OJ >C<IB@ J>>PMMDIB DI OC@ @IQDMJIH@IO &JR@Q@M
<AO@M @S<HDIDIB OC@ HPGODKG@
O@>CIDLP@N PN@? AJM @IQDMJIH@IO<G <I<GTNDN
DO <KK@<MN OC<O IJ >JHKM@C@INDQ@ >JI>@KOP<G
N>C@H@ JM >JHKPO@M HJ?@G C<N =@@I ?@Q@GJK@? OJ KMJQD?@ < >JHKG@O@ <I<GTNDN JA
@IQDMJIH@IO<GDNNP@N%DIO@M@O<G
2C@M@NPGODN<I@NN@IOD<GK<MOJANOM<O@BD>>C<IB@OC<O
M@GD@NC@<QDGTJI<IJILP<IODAD<=G@<I?EP?BH@IO<GKMJ>@NNJA@Q<GP<ODJI2J<NNDNOOC@CJNKDO<G
H<I<B@MOJ><M@APGGT<NN@NNOC@@SO@MI<G@IQDMJIH@IO
%DIO@M@O<GC<Q@?@Q@GJK@?OC@
OTKJGJBTBDQ@IDI$DBPM@
1P??POC

K
'I OCDN @S<HKG@

OC@ <POCJMN M@A@M@I>@? OC@ NOP?T RDOC @
H@IODJI@? OC@
KMJ=G@H\<CJNKDO<G[N<=DGDOTOJ<?<KOOJ>C<IB@]
D?@IODAD@?OC@>@IOM<GOC@H@\<KMJ>@NNOC<O
OC@T><GG@IQDMJIH@IO<G<I<GTNDN]
<I?NO<O@?OC@>JI>GPNDJINM@G<O@?OJOCDNOC@H@@B
\IJ
>JHKM@C@INDQ@>JI>@KOP<GHJ?@G
]\?@Q@GJK@?OC@ OTKJGJBT]
27*%!,3!*1
'I=JOC@S<HKG@N
'C<Q@DIOMJ?P>@?OC@D?@<JAPNDIB<KKMJKMD<O@.NOTG@AJMM@A@M@I>DIBOC@
<MOD>G@ <O OC@ =@BDIIDIB JA OC@ <=NOM<>O 'BG:3 ;/<C/:A KMJQD?@ BPD?@GDI@N AJM >M@<ODIB <
N>CJG<MGT NOTG@ JA < H<IPN>MDKO
NP>C <N < >JINDNO@IO AJMH<O AJM >DODIB M@A@M@I>@N
>M@<ODIB
C@<?DIBN
KM@N@IODIBO<=G@N<I?ADBPM@N
<I?PNDIBIJI?DN>MDHDI<OJMTG<IBP<B@=<ND>O@I@ODI
M@QD@RDIB OC@ GDO@M<OPM@ DN OJ PN@ JINDNO@IO M@A@M@I>@ NOTG@ OCMJPBCJPO
5C@I D?@IODATDIB < PN@APG ?J>PH@IO
H<F@ < >JHKG@O@ M@A@M@I>@ OJ OC@ NJPM>@ PNDIB @ AMJH
A<>PGOT
?DNN@MO<ODJI >JHHDOO@@ H@H=@MN
JM ?@K<MOH@IO JM >JGG@B@ JAAD>D<GN <=JPO OC@
<KKMJKMD<O@ NOTG@H<IP<GOJPN@AJM>DODIBM@A@M@I>@N
2C@ #?,63-+>398 +8?+690>2/7/<3-+8#=C-296913-+6==9-3+>39830>2.3>398 .

DN
OC@HJNOKJKPG<MNOTG@H<IP<GPN@?DIOC@AD@G?NJA@?P><ODJI<I?KNT>CJGJBT2C@3IDQ@MNDOTJA
!CD><BJ +8?+6 90 &>C6/
2PM<=DD<GN>D@I>@N1JH@EJPMI<GNC<Q@?@Q@GJK@?
OC@DMJRIQ<MD<ODJINJAOC@KJKPG<MNOTG@N'M@>JHH@I?D?@IODATDIB<NOTG@OC<ODN<>>@KO<=G@AJM
TJPMRMDODIB<P?D@I>@N<I?<?JKODIBDO@<MGTDIOC@KG<IIDIBKMJ>@NN
2C@HJNODHKJMO<IONOTG@>JIND?@M<ODJINDIQJGQ@DIO@SO
@I?JAO@SO
C@<?DIB
<I?ADBPM@N<I?
O<=G@NPN@1JH@NPBB@NODJINAJMPNDIBNOTG@H<IP<GNAJMN>CJG<MGTRMDODIB<M@OC@N@
^5C@IRMDODIB 38>/B> M@A@M@I>@N

F@@KDIHDI?OC@<KKMJKMD<O@AJMHAJMOTK@NJAM@A@M@I>@N
<I?K<T>GJN@<OO@IODJIOJOC@AJMH<OAJMHPGODKG@>DO<ODJIN
^5C@IRMDODIBOC@ /8.90>/B> M@A@M@I>@N

IJO@RC@OC@MOC@NOTG@H<IP<G><GGNAJMOC@HOJ=@
<GKC<=@ODU@?JMIPH=@M@?GNJ
>MJNN>C@>FOC<O@<>CDIO@SOM@A@M@I>@DNDI>GP?@?DIOC@@I?
JAO@SOGDNO
^2C@ 2/+.381= <M@JM?@M@?DI<N>CJG<MGTK<K@MDIO@MHNJAG@Q@GN$DMNO

IJO@CJRH<ITG@Q@GN
JA C@<?DIBN TJP RDGG C<Q@ DI TJPM M@N@<M>C NOP?T 2C@I
M@A@M OJ OC@ NOTG@ H<IP<G AJM OC@
<KKMJKMD<O@AJMH<OAJM@<>C2TKD><GGT
M@N@<M>CM@KJMON>JIO<DIN=@OR@@IORJ<I?AJPMG@Q@GN
JAC@<?DIBN
^'A 099>89>/= <M@PN@?

>JINPGOOC@NOTG@H<IP<GAJMOC@DMKMJK@MKG<>@H@IO$JJOIJO@N<M@PN@?
G@NN AM@LP@IOGT DI N>CJG<MGT K<K@MN OJ?<T OCGP?@ OC@H
IJO@
RC@OC@MOC@TBJ<OOC@=JOOJHJAOC@K<B@
OC@@I?JA@<>C>C<KO@M
JM<OOC@@I?JAOC@K<K@M
^ '+,6/= <I? 031?</= C<Q@<NK@>DAD>AJMHDI@<>CNOTG@H<IP<G,JO@NP>C<NK@>ON<N=JG?GDI@N
ODOG@N
<I?NK<>DIBDIOC@@S<HKG@NBDQ@I
'I NPHH<MT
OC@ HJNO DHKJMO<IO <NK@>O JA PNDIB < NOTG@ H<IP<G DN OJ =@ >JINDNO@IO DI OC@
<KKMJ<>COCMJPBCJPOOC@H<IPN>MDKO
(63347<7B7=<=4(3@;A
IJOC@M OJKD> M@G<O@? OJ M@QD@RDIB OC@ GDO@M<OPM@ DN OC@ D?@IODAD><ODJI <I? ?@ADIDODJI JA O@MHN
OC<O M@<?@MN RDGG I@@? DI JM?@M OJ PI?@MNO<I? < KMJKJN@? M@N@<M>C KMJE@>O 2347<7B7=< =4
B3@;A N@>ODJI H<T =@ AJPI? N@K<M<O@ AMJH OC@ GDO@M<OPM@ M@QD@R
DI>GP?@? <N K<MO JA OC@
GDO@M<OPM@M@QD@R
JMKG<>@?DI?DAA@M@ION@>ODJINJA<KMJKJN<G
"@ADI@O@MHNOC<ODI?DQD?P<GNJPOND?@OC@AD@G?JANOP?TH<TIJOPI?@MNO<I?<I?OC<OBJ=@TJI?
>JHHJI G<IBP<B@ *J>F@
1KDM?PNJ
1DGQ@MH<I
!G@<MGT
RC@OC@M < O@MH NCJPG? =@
?@ADI@?DN<H<OO@MJAEP?BH@IO
=PO?@ADI@ <O@MHDAOC@M@DN<ITGDF@GDCJJ?OC<OM@<?@MNRDGGIJO
FIJR DON H@<IDIB GNJ
?@ADI@ O@MHN RC@I OC@T ADMNO <KK@<M NJ OC<O < M@<?@M ?J@N IJO M@<?
<C@<?DIOC@KMJKJN<GJK@M<ODIBRDOCJI@N@OJA?@ADIDODJINJIGTOJADI?JPOG<O@MOC<OOC@<POCJM
DNPNDIB <?DAA@M@ION@ON5DGFDINJI>JHH@IO@?
\N>D@IODNONC<Q@NC<MKGT?@ADI@?O@MHN
RDOC RCD>COJOCDIF >G@<MGT <=JPOOC@DM M@N@<M>C<I?OJ >JHHPID><O@OC@DM ADI?DIBN <I? D?@<N
<>>PM<O@GT]K"@ADIDIBO@MHN<GNJ<??NKM@>DNDJIOJ<N>D@IODAD>NOP?T
<N$DM@NOJI@
NO<O@N
2C@RJM?NJA@Q@MT?<TG<IBP<B@<M@MD>CDIHPGODKG@H@<IDIBN*DF@JOC@MNTH=JGN
OC@DMKJR@M
>JH@NAMJHOC@>JH=DI<ODJIJAH@<IDIBDI<NK@>DAD>N@OODIB1>D@IODAD>G<IBP<B@JNO@IND=GT
NOMDKN OCDN HPGODKGD>DOT JA H@<IDIB AMJH RJM?N DI OC@ DIO@M@NO JA KM@>DNDJI 2CDN DN OC@ M@<NJI
>JHHJIO@MHN<M@BDQ@I\O@>CID><GH@<IDIBN]AJMN>D@IODAD>KPMKJN@NK
5DOC OCDN I@@? AJM KM@>DNDJI

JI@ ADI?N O@MHN NO<O@? @<MGT DI OC@ DIOMJ?P>ODJI OJ <MOD>G@N 'I
?DNN@MO<ODJIN<I?OC@NDNKMJKJN<GN
O@MHN<M@OTKD><GGT?@ADI@?DI<NK@>D<GN@>ODJIJAOC@NOP?T
2C@M<ODJI<G@DNOC<ODIAJMH<GM@N@<M>C
NOP?@IONHPNO=@KM@>DN@DICJROC@TPN@G<IBP<B@<I?
O@MHN2C@I@@?OJBMJPI?OCJPBCONDI<POCJMDO<ODQ@?@ADIDODJIN>JINODOPO@NBJJ?N>D@I>@
"@ADI@O@MHNDIOMJ?P>@?DI<GGN@>ODJINJAOC@M@N@<M>CKGCLP@NODJIN
CTKJOC@N@N
JMJ=E@>ODQ@N
^2C@GDO@M<OPM@M@QD@R
^2C@OC@JMT=<N@JAOC@NOP?T
^2C@ H@OCJ?NN@>ODJI
1K@>D<G O@MHN OC<O I@@? OJ =@ ?@ADI@? <KK@<M DI <GG OCM@@ OTK@N JA NOP?D@N LP<GDO<ODQ@
LP<IODO<ODQ@
<I?HDS@?H@OCJ?N
^'I ;?+63>+>3@/ NOP?D@N

=@><PN@JAOC@DI?P>ODQ@
@QJGQDIBH@OCJ?JGJBD><G?@NDBI
DILPDM@MNH<T
?@ADI@A@RO@MHN<O OC@=@BDIIDIB
OCJPBCH<T<?Q@O@IO<ODQ@?@ADIDODJIN'INO@<?
OC@H@N
JM K@MNK@>ODQ@N JM ?DH@INDJIN H<T @H@MB@ OCMJPBC OC@ ?<O< <I<GTNDN 'I OC@ KMJ>@?PM@
N@>ODJI
<POCJMN?@ADI@OC@N@O@MHNDIOC@KMJ>@?PM@N@>ODJI<NOC@TNPMA<>@?PMDIBOC@KMJ>@NN
JAM@N@<M>C2CDN<KKMJ<>CDNOJ?@G<TOC@?@ADIDODJIJAO@MHNPIODGOC@T<KK@<MDIOC@NOP?T<I?
DO H<F@N NP>C ?@ADIDODJIN ?DAAD>PGO OJ NK@>DAT DIM@N@<M>CKMJKJN<GN $JM OCDN M@<NJI
LP<GDO<ODQ@
KMJKJN<GNJAO@I?JIJODI>GP?@N@K<M<O@N@>ODJINAJM?@ADIDODJIJAO@MHN
=POOC@RMDO@MNKJN@
O@IO<ODQ@
LP<GDO<ODQ@?@ADIDODJIN=@AJM@OC@DM@IOMTDIOJOC@AD@G?
^-IOC@JOC@MC<I?
;?+8>3>+>3@/ NOP?D@NYJK@M<ODIBHJM@RDOCDIOC@?@?P>ODQ@HJ?@GJAADS@?
<I? N@O M@N@<M>C J=E@>ODQ@NYDI>GP?@ @SO@INDQ@ ?@ADIDODJIN @<MGT DI OC@ M@N@<M>C KMJKJN<G
'IQ@NODB<OJMNKG<>@OC@HDIN@K<M<O@N@>ODJIN<I?KM@>DN@GT?@ADI@OC@H2C@M@N@<M>C@MNOMTOJ
>JHKM@C@INDQ@GT ?@ADI@ <GG M@G@Q<IO O@MHN <O OC@ =@BDIIDIB JA NOP?D@N <I? OJ PN@ <>>@KO@?
?@ADIDODJINAJPI?DIOC@GDO@M<OPM@
^'I 73B/.7/>29.==>?.3/= OC@<KKMJ<>COJ?@ADIDODJINHDBCODI>GP?@<N@K<M<O@N@>ODJIDAOC@

NOP?T=@BDINRDOC<ADMNOKC<N@JALP<IODO<ODQ@?<O<>JGG@>ODJI'ADO=@BDINRDOCLP<GDO<ODQ@?<O<
>JGG@>ODJI
OC@IOC@O@MHNH<T@H@MB@?PMDIBOC@M@N@<M>C
<I?OC@T<M@?@ADI@?DIOC@ADI?DIBN
JMM@NPGONN@>ODJIJAOC@ADI<GM@KJMO'A=JOCLP<IODO<ODQ@<I?LP<GDO<ODQ@?<O<>JGG@>ODJIJ>>PMN
<O OC@ N<H@ ODH@
OC@I OC@ KMDJMDOT BDQ@I OJ JI@ JM OC@ JOC@M RDGG BJQ@MI OC@ <KKMJ<>C AJM
?@ADIDODJIN&JR@Q@M
DI<GG HDS@?H@OCJ?NNOP?D@N
OC@M@<M@O@MHNOC<OH<T=@PIA<HDGD<MOJ
M@<?@MNYAJM@S<HKG@
OC@?@ADIDODJIJA<HDS@?H@OCJ?NNOP?TDON@GA
DI<KMJ>@?PM<G?DN>PNNDJI
N@@!C<KO@MGNJ
>G<MDATO@MHNM@G<O@?OJOC@NOM<O@BTJADILPDMTPN@?
NP>C<N>JI>PMM@IO
JMN@LP@IOD<G
<I?OC@NK@>DAD>I<H@AJMDO@B
>JI>PMM@IOOMD<IBPG<ODJI?@NDBI
<N?DN>PNN@?DI
!C<KO@M
,JJI@<KKMJ<>CBJQ@MINCJRJI@?@ADI@NOC@O@MHNDI<NOP?T
=PON@Q@M<GNPBB@NODJINAJGGJR
N@@<GNJ*J>F@@O<G

^"@ADI@<O@MH RC@IDOADMNO<KK@<MNDIOC@KMJKJN<G'IOC@DIOMJ?P>ODJI

AJM@S<HKG@
<O@MH
H<T M@LPDM@ ?@ADIDODJI OJ C@GKOC@ M@<?@M PI?@MNO<I?OC@ M@N@<M>CKMJ=G@H <I?LP@NODJIN JM
CTKJOC@N@NDIOC@NOP?T
^5MDO@?@ADIDODJIN<O<NK@>DAD>JK@M<ODJI<GJM<KKGD@?G@Q@G-K@M<ODJI<G?@ADIDODJIN<M@RMDOO@I
DINK@>DAD>G<IBP<B@M<OC@MOC<I<=NOM<>O
>JI>@KOP<G?@ADIDODJIN1DI>@OC@?@ADIDODJIN@>ODJIDI
<?DNN@MO<ODJIKMJQD?@N<IJKKJMOPIDOTAJMOC@<POCJMOJ=@NK@>DAD><=JPOOC@O@MHNPN@?DIOC@
NOP?T
<KM@A@M@I>@ @SDNONAJMJK@M<ODJI<G?@ADIDODJIN
^"JIJO?@ADI@OC@O@MHNDI@Q@MT?<TG<IBP<B@DINO@<?
PN@<>>@KO@?G<IBP<B@<Q<DG<=G@DIOC@
M@N@<M>C GDO@M<OPM@ 'I OCDN R<T
OC@ O@MHN <M@ BMJPI?@? DI OC@ GDO@M<OPM@ <I? IJO DIQ@IO@?
*J>F@ @O <G
'O DN KJNND=G@ OC<O OC@ KM@>DN@ ?@ADIDODJI JA < O@MH DN IJO <Q<DG<=G@ DI OC@
GDO@M<OPM@<I?@Q@MT?<TG<IBP<B@RDGGI@@?OJ=@PN@?'IOCDN><N@
KMJQD?@<?@ADIDODJI<I?PN@
OC@O@MH>JINDNO@IOGTOCMJPBCJPOOC@KG<I<I?OC@NOP?T5DGFDINJI

^ 0@N@<M>C@MN HDBCO ?@ADI@ O@MHN NJ OC<O OC@T <>>JHKGDNC ?DAA@M@IO BJ<GN ?@ADIDODJI H<T
?@N>MD=@<>JHHJIG<IBP<B@RJM?@B
JMB<IDU<ODJI'OH<T<GNJ=@K<DM@?RDOC<GDHDO<ODJI
NP>C<N
\2C@ -?<<3-?6?7 RDGG=@GDHDO@?OJOCJN@<AO@MN>CJJG<>ODQDOD@NOC<OOC@>PMM@IO &-2996
3=><3-> +8?+6 GDNON<N<KKMJQ@?AJMN@>JI?<MTN>CJJGNOP?@ION]*J>F@@O<G

K'O
H<T @NO<=GDNC < >MDO@MDJI OC<O RDGG =@ PN@? DI OC@ NOP?T
NP>C <N
\312 1<+./ :938> +@/<+1/
H@<IN < >PHPG<ODQ@ %. JA JM <=JQ@ JI < N><G@] 'O >JPG? <GNJ ?@ADI@ < O@MH
JK@M<ODJI<GGT
NP>C<N
\%/3809<-/7/8> RDGGM@A@MOJOC@KMJ>@?PM@JAGDNODIB<GG>GP=H@H=@MNDI
OC@N>CJJGI@RNK<K@M
KMJQD?DIBNK@>D<GC<GGK<NN@NAJMH@H=@MN
<I?GDNODIB>GP=H@H=@MNCDKN
JIN>CJJGOM<IN>MDKON]*J>F@@O <G

K
^ GOCJPBC IJ JI@ AJMH<O @SDNON AJM ?@ADIDIB O@MHN

JI@ <KKMJ<>C DN OJ ?@Q@GJK < N@K<M<O@
N@>ODJI
><GG@?OC@\"@ADIDODJIJA2@MHN
]<I?>G@<MGTN@OJAAOC@O@MHN<I?OC@DM?@ADIDODJIN=T
CDBCGDBCODIBOC@O@MH'IOCDNR<T
OC@RJM?DN <NNDBI@?<IDIQ<MD<IOH@<IDIB*J>F@@O<G

2TKD><GGT
OCDNN@K<M<O@N@>ODJIDNIJOHJM@OC<IORJOJOCM@@K<B@NDIG@IBOC
2RJ@S<HKG@NDGGPNOM<O@Q<MD@?NOMP>OPM@NAJM?@ADIDIBO@MHNDI<M@N@<M>CNOP?T
F/;>:3
'/<7=/038/.38+ 3B/. />29.=3==/<>+>398
2CDNADMNO@S<HKG@DGGPNOM<O@N<G@IBOCT?@ADIDODJIJAO@MHNKM@N@IO@?DI<HDS@?H@OCJ?NNOP?T
DI < N@K<M<O@ N@>ODJI JA !C<KO@M
RCD>C DIOMJ?P>@N OC@ NOP?T 4<I&JMI%M<NNH@T@M
NOP?D@? CJR I@R KMJA@NNDJI<GN DI NOP?@IO <AA<DMN DI >JGG@B@N <I? PIDQ@MNDOD@N @IB<B@ DI
M@AG@>ODJI
@DOC@M DI?DQD?P<GGT JM >JGG<=JM<ODQ@GT1C@=JOC NPMQ@T@? OC@I@R KMJA@NNDJI<GN <I?
>JI?P>O@? DI?@KOC DIO@MQD@RN RDOC OC@H @><PN@ NC@ NOP?D@? DI?DQD?P<G <I? >JGG<=JM<ODQ@
M@AG@>ODJI<HJIBNOP?@IO<AA<DMN KMJA@NNDJI<GN
NC@KMJQD?@??@O<DG@??@ADIDODJINJAOC@N@O@MHN
DIOC@=@BDIIDIBJAOC@NOP?T ' DGGPNOM<O@ORJJA C@M O@MHN=@GJR ,JOD>@CJR NC@ M@A@M@I>@?
C@M?@ADIDODJINDIH@<IDIBNAJMH@?=TJOC@M<POCJMNDIOC@GDO@M<OPM@
<27D72C/:&34:31B7=<
1>CJI ?@QJO@? JI>@KON C@ I<H@? M@AG@>ODQ@ OCDIFDIB
M@AG@>ODJIDI
<>ODJI
<I? M@AG@>ODQ@ KM<>OD>@ OCDN <AO@M <?@ @<MGD@M RDOC
MBTMDNMBTMDN1>CJI
OJDIOMJ?P>@OC@>JI>@KON2C@M@AJM@
<>JI>DN@?@ADIDODJIJAOCDN
M@N@<M>C@M[NPI?@MNO<I?DIBJADI?DQD?P<GM@AG@>ODJIOC<O?D?EPNOD>@OJNJH@OCDIBOC<OHJNO<KOGT
C<? =@@I D?@IODAD@? <N O
R<N ?DAAD>PGO OJ M@<>C &JR@Q@M
OC@ HJNO N<GD@IO
>C<M<>O@MDNOD>N JA DI?DQD?P<G M@AG@>ODJI AJM OC@ KPMKJN@N JA OCDN NOP?T R@M@ OC@N@ OCM@@ < OD>@] 1>CJI

= CJR JI@ KM<>OD>@N JQ@MOGT RC<O JI@ FIJRN DIOPDODQ@GT
<I?>CJR<KMJA@NNDJI<G@IC@NKM<>OD>@OCMJPBCOCJPBCOAPG?DN>JPMN@RDOCDIOC@HDI?
'BC23<B44/7@A $@=43AA7=</:
KMJA@NNDJI<GC<N=@@I?@N>MD=@?DIH<ITR<TN-I@?@N>MDKODJID?@IODAD@?<IDI?DQD?P<GRCJ
@SCD=DO@?\<CDBC?@BM@@JADI?@K@I?@IOEP?BH@IO
=<N@?JI<>JGG@>ODQ@
G@<MI@?=J?TJAD?@<N
K@MNK@>ODQ@N
DIAJMH<ODJI
IJMHN
<I? C<=DON 9<I? RCJ @IB<B@? DI KMJA@NNDJI<G FIJRDIB:]
<NF@OO+<MND>F

KNOP?@IO<AA<DMNKMJA@NNDJI<GC<N@SCD=DO@?NP>COM<DONDIN@MQD>@
OJ NOP?@ION DI < CDBC@M @?P><ODJI @IQDMJIH@IO
DI <IT JI@ JA < IPH=@M JA API>ODJIN RCD>C
NPKKJMO<><?@HD><I?>J>PMMD>PG<MNP>>@NN
4<I&JMI%M<NNH@T@M

KK
F/;>:3
'/<7=/038/.38+88./:/8./8>)+<3+,6/=&/->398
2CDN N@>JI? N@O JA ORJ @S<HKG@N DGGPNOM<O@N DAD> JK@M<ODJI<G ?@ADIDODJI JA < F@T O@MH <I? OC@ N@>JI?
OC@
KMJ>@?PM<G ?@ADIDODJI JA < F@T O@MH 4@MIJI NOP?D@? CJR ?DQJM>@ DI OC@ HD??G@
B@I@M<ODJI DHK<>ON BM<I?K<M@ION[ M@G<ODJINCDKN RDOC OC@DM BM<I?>CDG?M@I 2C@N@ ?@ADIDODJIN
R@M@DI>GP?@?DI<N@>ODJIJIDI?@K@I?@IOQ<MD<=G@N
7<A67>&3:/B7=<A67>B=B63@/<2167:2
)DINCDK M@G<ODJINCDK OJ OC@ BM<I?>CDG? M@A@MN OJ RC@OC@M OC@ BM<I?K<M@ION <M@ H<O@MI<G
BM<I?K<M@IONJMK<O@MI<GBM<I?K<M@ION.M@QDJPNM@N@<M>C@B
!C@MGDI<I?$PMNO@I=@MB

NPBB@NONOC<OH<O@MI<GBM<I?K<M@IONO@I?OJ=@>GJN@MOJOC@DMBM<I?>CDG?M@I
'3F=4@/<2>/@3OJMDIOC@
BM<I?K<M@IO BM<I?>CDG? M@G<ODJINCDK D@
BM<I?HJOC@MN O@I? OJ =@ HJM@ DIQJGQ@? OCCDNOCJPBCOOJ=@M@G<O@?OJOC@FDIF@@KDIBMJG@JARJH@IRDOCDIOC@A<HDGT
@B
&<B@NO<?

4@MIJI

KK
%C/<B7B/B7D3=@!7F32!3B6=2A 7B3@/BC@3&3D73E
5C@I>JHKJNDIB<M@QD@RJAOC@GDO@M<OPM@
DODN?DAAD>PGOOJ?@O@MHDI@CJRHP>CGDO@M<OPM@OJ
M@QD@R'IJM?@MOJ<??M@NNOCDNKMJ=G@H
'C<Q@?@Q@GJK@?<HJ?@GOC<OKMJQD?@NK<M<H@O@MN
<MJPI? OC@ GDO@M<OPM@ M@QD@R
@NK@>D<GGT <N DO HDBCO =@ ?@NDBI@? AJM < LP<IODO<ODQ@ JM HDS@?
H@OCJ?N NOP?T OC<O@HKGJTN < NO<I?<M?GDO@M<OPM@ M@QD@R N@>ODJI $JM <LP<GDO<ODQ@ NOP?T
OC@
GDO@M<OPM@M@QD@RHDBCO@SKGJM@<NK@>ONJAOC@>@IOM<GKC@IJH@IJI=@DIB<??M@NN@?<I??DQD?@
DODIOJOJKD><G<M@<N POOC@GDO@M<OPM@M@QD@RAJM<LP<GDO<ODQ@NOP?T
<N?DN>PNN@?@<MGD@M
><I=@
KG<>@?DI<KMJKJN<GDIN@Q@M<GR<TN@B
<N<M<ODJI<G@AJMOC@M@N@<M>CKMJ=G@H
<N<N@K<M<O@
N@>ODJI
<N NJH@OCDIB OCM@<?@? OCMJPBCJPO OC@ NOP?T
<N >JHK<M@? RDOC OC@ M@NPGON JA <
KMJE@>O
$JM< ;?+8>3>+>3@/=>?.C JM >2/;?+8>3>+>3@/=><+8.90+73B/.7/>29.==>?.C RMDO@<M@QD@RJA

OC@GDO@M<OPM@OC<O>JIO<DINN@>ODJIN<=JPOOC@GDO@M<OPM@M@G<O@?OJH<EJMDI?@K@I?@IOQ<MD<=G@N
H<EJM?@K@I?@IO Q<MD<=G@N
<I? NOP?D@NOC<O M@G<O@OC@ DI?@K@I?@IO <I? ?@K@I?@IO Q<MD<=G@N
HJM@ JI Q<MD<=G@N DI !C<KO@M 2CDN <KKMJ<>C N@@HN <KKMJKMD<O@ AJM ?DNN@MO<ODJIN <I? AJM
>JI>@KOP<GDUDIBOC@GDO@M<OPM@OJ=@DIOMJ?P>@?DI<EJPMI<G<MOD>G@!JIND?@M<GDO@M<OPM@M@QD@R
OJ=@>JHKJN@?JAADQ@>JHKJI@ION<IDIOMJ?P>ODJI
2JKD><=JPOOC@DI?@K@I?@IOQ<MD<=G@
2JKD> <=JPO OC@ ?@K@I?@IO Q<MD<=G@

2JKD>
NOP?D@N OC<O <??M@NN =JOC OC@ DI?@K@I?@IO
<I??@K@I?@IOQ<MD<=G@N
<I?<NPHH<MT&@M@DNHJM@?@O<DG<=JPO@<>CN@>ODJI
'IOMJ?P>@OC@M@QD@R=TO@GGDIBOC@M@<?@M<=JPOOC@N@>ODJINDI>GP?@?DIDO2CDNK<NN<B@DN<
NO<O@H@IO<=JPOOC@JMB<IDU<ODJIJAOC@N@>ODJI
0@QD@R2JKD>
RCD>C<??M@NN@NOC@N>CJG<MGTGDO@M<OPM@<=JPOOC@ 38./:/8./8> Q<MD<=G@JM
Q<MD<=G@N5DOCN@Q@M<GDI?@K@I?@IOQ<MD<=G@N
>JIND?@MNP=N@>ODJINJMAJ>PNJIOC@NDIBG@HJNO
DHKJMO<IOQ<MD<=G@0@H@H=@MOJ<??M@NNJIGTOC@GDO@M<OPM@<=JPOOC@DI?@K@I?@IOQ<MD<=G@
F@@KOC@GDO@M<OPM@<=JPOOC@DI?@K@I?@IO<I??@K@I?@IOQ<MD<=G@NN@K<M<O@DIOCDNHJ?@G
0@QD@R2JKD>
RCD>CDI>JMKJM<O@NOC@N>CJG<MGTGDO@M<OPM@<=JPOOC@ ./:/8./8> Q<MD<=G@JM
Q<MD<=G@N5DOCHPGODKG@?@K@I?@IOQ<MD<=G@N
RMDO@NP=N@>ODJIN<=JPO@<>CQ<MD<=G@JMAJ>PNJI
<NDIBG@DHKJMO<IO?@K@I?@IOQ<MD<=G@
0@QD@R2JKD>
RCD>CDI>GP?@NOC@N>CJG<MGTGDO@M<OPM@OC<OM@G<O@NOC@ 38./:/8./8> Q<MD<=G@N
OJOC@ ./:/8./8> Q<MD<=G@N&@M@R@<M@<OOC@>MPSJAOC@KMJKJN@?NOP?T2CPN
OCDNN@>ODJI
NCJPG?=@M@G<ODQ@GTNCJMO<I?>JIO<DINOP?D@NOC<O<M@@SOM@H@GT>GJN@DIOJKD>OJOC@KMJKJN@?
NOP?T .@MC<KN IJOCDIB C<N =@@I RMDOO@I JI OC@ OJKD> !JINOMP>O < N@>ODJI OC<O DN <N >GJN@ <N
KJNND=G@OJOC@OJKD>JMM@QD@RNOP?D@NOC<O<??M@NNOC@OJKD><O<HJM@B@I@M<GG@Q@G
.MJQD?@ < NPHH<MT OC<O CDBCGDBCON OC@ HJNO DHKJMO<IO NOP?D@N

><KOPM@N H<EJM OC@H@N
NPBB@NONRCTHJM@M@N@<M>CDNI@@?@?JIOC@OJKD>
<I?<?Q@NCJROC@KMJKJN@?NOP?TRDGG
ADGGOCDNI@@?
2CDN HJ?@G AJ>PN@N OC@ GDO@M<OPM@ M@QD@R

M@G<O@N DO >GJN@GT OJ OC@ Q<MD<=G@N DI OC@ M@N@<M>C
LP@NODJIN <I? CTKJOC@N@N
<I? NPAAD>D@IOGT I<MMJRN OC@ NOP?T 'O =@>JH@N < GJBD><G KJDIO JA
?@K<MOPM@AJMOC@M@N@<M>CLP@NODJIN<I?OC@H@OCJ?N@>ODJI

@AJM@N@<M>CDIBOC@GDO@M<OPM@
D?@IODATTJPMOJKD>
PNDIBNP>CNOM<O@BD@N<N?M<AODIB<=MD@AODOG@
JM NO<ODIB < >@IOM<G M@N@<M>C LP@NODJI GNJ >JIND?@M RC@OC@M OCDN OJKD> >C@?=TM@QD@RDIBRC@OC@MOC@M@DN<>>@NNOJK<MOD>DK<ION<I?M@NJPM>@N<I?RC@OC@MOC@
OJKD>RDGG<??OJOC@GDO@M<OPM@
=@JADIO@M@NOOJJOC@MN
<I?=@>JINDNO@IORDOCK@MNJI<GBJ<GN
0@N@<M>C@MNPN@OC@N>CJG<MGTGDO@M<OPM@DI<NOP?TOJKM@N@IOM@NPGONJANDHDG<MNOP?D@N
OJM@G<O@
OC@ KM@N@IO NOP?T OJ JHK<MDIB M@NPGON JA < NOP?T RDOC JOC@M NOP?D@N $JM LP<GDO<ODQ@
LP<IODO<ODQ@
<I? HDS@?
H@OCJ?N?@NDBIN
OC@GDO@M<OPM@N@MQ@N?DAA@M@IOKPMKJN@N'ILP<GDO<ODQ@M@N@<M>C
OC@GDO@M<OPM@
C@GKNNP=NO<IOD<O@OC@M@N@<M>CKMJ=G@H
=PODO?J@NIJO>JINOM<DIOC@QD@RNJAK<MOD>DK<ION
KJKPG<M <KKMJ<>C DN OJ DI>GP?@ HJM@ GDO@M<OPM@ <O OC@ @I? JA < LP<GDO<ODQ@ NOP?T OCC
OC@GDO@M<OPM@IJOJIGTC@GKNOJNP=NO<IOD<O@OC@KMJ=G@H
=PO DO <GNJ NPBB@NON KJNND=G@ LP@NODJIN JM CTKJOC@N@N OC<O I@@? OJ =@ <??M@NN@? N@K<M<O@
GDO@M<OPM@M@QD@RN@>ODJIDNOTKD><GGTAJPI?DILP<IODO<ODQ@NOP?D@N'IHDS@? H@OCJ?NM@N@<M>C
OC@PN@JAGDO@M<OPM@RDGG?@K@I?JIOC@OTK@JA?@NDBI<I?R@DBCOBDQ@IOJOC@LP<GDO<ODQ@<I?
LP<IODO<ODQ@<NK@>ON
5C@I >JI?P>ODIB < GDO@M<OPM@ M@QD@R

D?@IODAT F@T RJM?N AJM N@<M>CDIB OC@ GDO@M<OPM@ 2C@I
N@<M>C OC@ JIGDI@ ?<O<=<N@N
NP>C <N #0'!
.MJ/P@NO
%JJBG@ 1>CJG<M
.P=+@?
<I? HJM@
NK@>D<GDU@? ?<O<=<N@N
NP>C <N .NT>',$-
1J>DJADG@
<I? 11!' 2C@I
GJ><O@ <MOD>G@N JM =JJFN
=<N@?JI<KMDJMDOTJAN@<M>CDIBADMNOAJMEJPMI<G<MOD>G@N<I?OC@I=JJFN'?@IODATM@A@M@I>@NOC<O
RDGG H<F@ < >JIOMD=PODJI OJ TJPM GDO@M<OPM@ M@QD@R %MJPK OC@N@ NOP?D@N DIOJ < GDO@M<OPM@ H<K
OC<O NCJRN OC@ H<EJM ><O@BJMD@N JA NOP?D@N <I? KJNDODJIN TJPM KMJKJN@? NOP?T RDOCDI OCJN@
><O@BJMD@N @BDIRMDODIBNPHH<MD@NJAOC@NOP?D@N
IJODIB>JHKG@O@M@A@M@I>@N<>>JM?DIBOJ<
NOTG@H<IP<G@B
.
<I?@SOM<>ODIBDIAJMH<ODJI<=JPOOC@M@N@<M>COC<ODI>GP?@NOC@
M@N@<M>CKMJ=G@H
OC@LP@NODJIN
OC@?<O<>JGG@>ODJI<I?<I<GTNDN
<I?OC@ADI<GM@NPGON
"@ADI@ F@T O@MHN

<I? KJNND=GT ?@Q@GJK < ?@ADIDODJI JA O@MHN N@>ODJI AJM TJPM KMJKJN<G JM
DI>GP?@OC@HRDOCDITJPMGDO@M<OPM@M@QD@R$DI<GGT
>JIND?@MOC@JQ@M<GGNOMP>OPM@AJMJMB<IDUDIB
OC@N@NOP?D@N-I@LP<IODO<ODQ@M@N@<M>CHJ?@GDNOJ?DQD?@OC@M@QD@RDIOJN@>ODJIN<>>JM?DIB
OJH<EJMQ<MD<=G@N<LP<IODO<ODQ@<KKMJ<>CJMH<EJMNP=OC@H@NJAOC@>@IOM<GKC@IJH@IJI<
LP<GDO<ODQ@<KKMJ<>COC<OTJP<M@NOP?TDIB
0)2),'6%0#)1%1
"@Q@GJK < GDO@M<OPM@ H<K JA OC@ GDO@M<OPM@ JI TJPM OJKD> 'I>GP?@ DI OC@ H<K OC@ KMJKJN@?
NOP?T<I??M<RGDI@NAMJHOC@KMJKJN@?NOP?TOJJOC@M><O@BJMD@NJANOP?D@NNJOC<O<M@<?@M
><I@<NDGTN@@CJRTJPMNRDGG@SO@I?@SDNODIBGDO@M<OPM@
-MB<IDU@ < M@QD@R JA OC@ GDO@M<OPM@ AJM < LP<IODO<ODQ@ NOP?T <I? AJGGJR OC@ HJ?@G AJM
?@GDHDODIB OC@ GDO@M<OPM@ OJ M@AG@>O OC@ Q<MD<=G@N DI OC@ NOP?T N GP?@DODI<IDIOMJ?P>ODJI<N<M<ODJI<G@AJMOC@
M@N@<M>CKMJ=G@HDIOC@NOP?T
.M<>OD>@ PNDIB JHKPO@M ?<O<=<N@ OJ N@<M>C AJM OC@ GDO@M<OPM@ JI TJPM OJKD>
!JI?P>ON@Q@M<GN@<M>C@NPIODGTJPADI?<I<MOD>G@OC<ODN<N>GJN@<NKJNND=G@OJTJPMM@N@<M>C
OJKD> 2C@I >JI?P>O < N@>JI? N@<M>C PNDIB ?@N>MDKOJMN H@IODJI@? DI OCDN <MOD>G@ *J><O@
<MOD>G@NOC<OTJPRJPG?N@G@>O<I?<=NOM<>OAJMTJPMGDO@M<OPM@M@QD@R
<N@? JI TJPM N@<M>C M@NPGON AMJH #S@M>DN@

RMDO@ JI@ LP<IODO<ODQ@ <I? JI@ LP<GDO<ODQ@
<=NOM<>OJAORJM@N@<M>CNOP?D@NAJPI?DITJPMJIGDI@N@<M>C3N@OC@BPD?@GDI@NKMJQD?@?DIOCDN
>C<KO@MAJMOC@@G@H@IONOJDI>GP?@DITJPM<=NOM<>ON

*J>F@
*$
1KDM?PNJ
55
1DGQ@MH2+>A9<51?3./09<:6+88381
.3==/<>+>398=+8.1<+8>:<9:9=+6= OC@?2CJPN<I?-<FN
!1<B@
*<RM@I>@*J>F@
5<I@@I1KDM?PNJ
<I?1O@KC@I1DGQ@MH<I?@N>MD=@OCM@@NO<B@NAJMM@QD@RDIB
OC@ GDO@M<OPM@ ?@Q@GJKOC@ >JI>@KONOC<OKMJQD?@ < M<ODJI<G@ AJMOC@ NOP?T
?@Q@GJK NP=OJKD>N
AJM @<>C H<EJM >JI>@KO
<I? <?? OC@ HJNO DHKJMO<IO M@A@M@I>@N OC<O NPKKJMO @<>C >JI>@KO
2C@T<GNJKMJQD?@NDSMPG@NAJM?@ADIDIBO@MHNDI<N>CJG<MGTNOP?TI@Q@MDIQ@IORJM?N
KMJQD?@
?@ADIDODJIN @<MGT DI < KMJKJN<G
?J IJO PN@ >JHHJI G<IBP<B@ AJMHN JA RJM?N
?@ADI@ RJM?N
RC@IOC@T<M@ADMNODIOMJ?P>@?
<I?PN@NK@>DAD>?@ADIDODJINAJMRJM?N
+@MMD<H
1 $?+63>+>3@/ </=/+<-2 +8. -+=/ =>?.C +::63-+>398= 38 /.?-+>398 1DN>J(JNN@T <NN
1C<MPNNDJI <=JPO OC@ PN@ JA GDO@M<OPM@ DI LP<GDO<ODQ@
NOP?D@N 1C@ D?@IODAD@N NO@KN DI M@QD@RDIB OC@ GDO@M<OPM@ <I? KJN@N PN@APG >MDO@MD< AJM N@G@>ODIB
M@A@M@I>@N 2C@N@ DI>GP?@ >C@>FDIB OJ N@@ DA OC@ <POCJM DN 
CJR
M@>@IOGT OC@ RJMF R<N KP=GDNC@?
RC@OC@M OC@ M@NJPM>@ DN M@G@Q<IO OJ OC@ KMJKJN@? M@N@<M>C
OJKD>
<I?OC@LP<GDOTJAOC@M@NJPM>@+@MMD<HAPMOC@MNPBB@NONOC<OOC@GDO@M<OPM@M@QD@RDNIJO
< GDI@<M KMJ>@NN JA M@<?DIB OC@ GDO@M<OPM@
D?@IODATDIB OC@ OC@JM@OD><G AM<H@RJMF
<I? OC@I
RMDODIBOC@KMJ=G@HNO<O@H@IO'INO@<?
OC@KMJ>@NNDNCDBCGTDIO@M<>ODQ@<HJIBOC@N@NO@KN
.PI>C
) $ 8><9.?->398 >9 =9-3+6 </=/+<-2 $?+8>3>+>3@/ +8. ;?+63>+>3@/ +::<9+-2/=
I?@?*JI?JI1<B@
)@DOC .PI>C KMJQD?@N < BPD?@ OJ NJ>D<G M@N@<M>C OC<O @LP<GGT <??M@NN@N LP<IODO<ODQ@ <I?
LP<GDO<ODQ@<KKMJ<>C@N&DN>JI>@KOP<GDU<ODJINJA>@IOM<GDNNP@NOC<O?DQD?@OC@ORJ<KKMJ<>C@N
<??M@NNF@T?DAA@M@I>@N.PI>CIJO@NOC<ORC@IRMDODIB<KMJKJN<GJMM@KJMO
OC@KJDIO<ORCD>C
OJ >JI>@IOM<O@ JI OC@ GDO@M<OPM@ Q<MD@N DI ?DAA@M@IO NOTG@N JA M@N@<M>C $<>OJMN OC<O <AA@>O OC<O
?@>DNDJIDI>GP?@OC@NOTG@JAM@N@<M>C
OC@JQ@M<GGM@N@<M>CNOM<O@BT
<I?CJR>GJN@GTOC@NOP?T
RDGGAJGGJROC@?DM@>ODJINJAOC@GDO@M<OPM@
$(&(&
(63)A3=4(63=@G
#I@ >JHKJI@IO JA M@QD@RDIB OC@ GDO@M<OPM@ DN OJ ?@O@MHDI@ RC<O OC@JMD@N HDBCO =@ PN@? OJ
@SKGJM@ OC@ LP@NODJIN DI < N>CJG<MGT NOP?T 'I LP<IODO<ODQ@ M@N@<M>C
M@N@<M>C@MN JAO@I O@NO
OC@JMD@N <N ODJIJA<M@N@<M>CKMJKJN<GHDBCO=@?@QJO@?OJKM@N@IODIBOC@OC@JMTAJMOC@NOP?T
'I LP<GDO<ODQ@ M@N@<M>C
OC@ PN@ JA OC@JMT DN HP>C HJM@ Q<MD@? 2C@ DILPDM@M H<T B@I@M<O@ <
OC@JMT<NOC@ADI<GJPO>JH@JA<NOP?T<I?KG<>@DO<OOC@@I?JA<KMJE@>O
NP>C<NDIBMJPI?@?
OC@JMT'IJOC@MLP<GDO<ODQ@NOP?D@N
DO>JH@N<OOC@=@BDIIDIB<I?KMJQD?@N<G@INOC<ONC<K@N
RC<ODNGJJF@?<O<I?OC@LP@NODJIN<NF@?
NP>C<NDI@OCIJBM<KCD@NJMDI<?QJ><>TM@N@<M>C'I
HDS@? H@OCJ?N M@N@<M>C
M@N@<M>C@MN H<T =JOC O@NO OC@JMD@N <I? B@I@M<O@ OC@H +JM@JQ@M
HDS@?H@OCJ?NM@N@<M>CH<T>JIO<DI<OC@JM@OD><G G@IN
NP>C<N<AJ>PNJIA@HDIDNO
M<>D<G
JM
>G<NNDNNP@N
OC<OBPD?@NOC@@IODM@NOP?T
'=@BDIOCDN>C<KO@M=TAJ>PNDIBJIOC@JMTPN@DI<LP<IODO<ODQ@NOP?T'OM@QD@RN<?@ADIDODJIJA<
OC@JMT
OC@PN@JAQ<MD<=G@NDI<LP<IODO<ODQ@NOP?T
OC@KG<>@H@IOJAOC@JMTDI<LP<IODO<ODQ@
NOP?T
<I?OC@<GO@MI<ODQ@AJMHNDOHDBCO<NNPH@DI<RMDOO@IKG<I.MJ>@?PM@NDID?@IODATDIB<
OC@JMT <M@ I@SO KM@N@IO@?
AJGGJR@? =T < N>MDKO JA < OC@JM@OD><G K@MNK@>ODQ@ N@>ODJI JA <
LP<IODO<ODQ@M@N@<M>CKMJKJN<G2C@IOC@?DN>PNNDJIHJQ@NOJOC@PN@JAOC@JMTDI<LP<GDO<ODQ@
NOP?T/P<GDO<ODQ@DILPDM@MNPN@?DAA@M@IOO@MHNAJMOC@JMD@N
NP>C<NK<OO@MIN
OC@JM@OD><GG@IN
JMI<OPM<GDNOD>B@I@M<GDU<ODJIN
OJ?@N>MD=@OC@=MJ<?@M@SKG<I<ODJINPN@?JM?@Q@GJK@?DIOC@DM
NOP?D@N#S<HKG@NDIOCDN>C<KO@MDGGPNOM<O@OC@<GO@MI<ODQ@N<Q<DG<=G@OJLP<GDO<ODQ@M@N@<M>C@MN
$DI<GGT
OC@ >C<KO@M OPMIN OJ OC@ PN@ JA OC@JMD@N DI HDS@? H@OCJ?N M@N@<M>C <I? OC@ PN@ JA <
OM<INAJMH<ODQ@K@MNK@>ODQ@OC<ODNKJKPG<MDIOCDN<KKMJ<>C
%)"(((*(#&-)'
*/@7/0:3A7<%C/<B7B/B7D3&3A3/@16
@AJM@ ?DN>PNNDIB LP<IODO<ODQ@ OC@JMD@N

DO DN DHKJMO<IO OJ PI?@MNO<I? Q<MD<=G@N <I? OC@ OTK@N
OC<O <M@ PN@? DI AJMHDIB OC@JMD@N D/@7/0:3 M@A@MN OJ < >C<M<>O@MDNOD> JM <OOMD=PO@ JA <GGTRDGGQ<MTDIORJJM
HJM@><O@BJMD@NJMJI<>JIODIPPHJAN>JM@N
<I?DO><I=@H@<NPM@?JM<NN@NN@?JI< N><G@
.NT>CJGJBDNON KM@A@M OJ PN@ OC@ O@MH -98=><?-> M<OC@M OCC ><MMD@N OC@
>JIIJO<ODJI HJM@ JA O D?@< OCDAD><GGT ?@ADI@? O@MH &JR@Q@M
NJ>D<G
N>D@IODNON OTKD><GGT PN@ OC@ O@MH @+<3+,6/ <I? DO RDGG =@ @HKGJT@? DI OCDN ?DN>PNNDJI 4<MD<=G@N
JAO@I H@<NPM@? DI NOP?D@N DI>GP?@ B@I?@M
<B@
NJ>DJ@>JIJHD> NO<OPN 1#1
<I? <OODOP?@N JM
=@C<QDJMN NP>C <N M<>DNH
NJ>D<G >JIOMJG
KJGDOD><G KJR@M
JM G@<?@MNCDK 1@Q@M<G O@SON KMJQD?@
?@O<DG@??DN>PNNDJIN<=JPOOC@OTK@NJAQ<MD<=G@NJI@><IPN@<I?OC@DMN><G@NJAH@<NPM@H@IO
@B
'N<<> +D>C<@G
)@KK@G
)@MGDIB@M
2CJMI?DF@
4<MD<=G@N <M@
?DNODIBPDNC@?=TORJ>C<M<>O@MDNOD>NO@HKJM<GJM?@M<I?OC@DMH@<NPM@H@IOJMJ=N@MQ<ODJI
'/7:9<+6 9<./< H@<IN OC<O JI@ Q<MD<=G@ KM@>@?@N <IJOC@M DI ODH@ @><PN@ JA OCDN ODH@
JM?@MDIB
DODNN<D?OC<OJI@Q<MD<=G@<AA@>ONJM><PN@N<IJOC@MQ<MD<=G@
OCJPBC<HJM@<>>PM<O@
NO<O@H@IORJPG?=@OC<OJI@Q<MD<=G@ :<9,+,6C ><PN@N<IJOC@M5C@I?@<GDIBRDOCNOP?D@NDI
OC@ I<OPM<G N@OODIB <I? RDOC CPH<IN
M@N@<M>C@MN ><IIJO <=NJGPO@GT KMJQ@ ><PN@ <I? @AA@>O
0JN@IOC<G 0JNIJR

<I? NJ>D<G N>D@IODNON IJR N<T OC<O OC@M@ DN KMJ=<=G@ ><PN<ODJI
2@HKJM<G JM?@M H@<IN OC<O LP<IODO<ODQ@ M@N@<M>C@MN OCDIF <=JPO Q<MD<=G@N DI C
<I?JM?@MOC@Q<MD<=G@NDIKPMKJN@NO<O@H@ION
M@N@<M>CLP@NODJIN
<I?QDNP<GHJ?@GNDIOJG@AOOJMDBCO
><PN@<I?@AA@>OKM@N@IO<ODJIN2CPN
^ 8./:/8./8> @+<3+,6/= <M@ OCJN@ OC<O KMJ=<=GT ><PN@

DIAGP@I>@
JM <AA@>O JPO>JH@N 2C@T
<M@<GNJ><GG@? ></+>7/8>7+83:?6+>/.+8>/-/./8>
JM :</.3->9< Q<MD<=G@N
^ /:/8./8> @+<3+,6/= <M@ OCJN@ OC<O ?@K@I? JI OC@ DI?@K@I?@IO Q<MD<=G@N OC@T <M@ OC@
JPO>JH@NJMM@NPGONJAOC@DIAGP@I>@JAOC@DI?@K@I?@IOQ<MD<=G@N -OC@MI<H@NAJM?@K@I?@IO
Q<MD<=G@N<M@ -<3>/<3989?>-97/
<I? /00/-> Q<MD<=G@N
^ 8>/<@/8381 JM 7/.3+>381@+<3+,6/= NO<I?=@OR@@IOC@DI?@K@I?@IO<I??@K@I?@IOQ<MD<=G@N
<I? OC@T H@?D<O@ OC@ @AA@>ON JA OC@ DI?@K@I?@IO Q<MD<=G@ JI OC@ ?@K@I?@IO Q<MD<=G@ $JM
@S<HKG@
DANOP?@ION?JR@GGJI<M@N@<M>CH@OCJ?NO@NO?@K@I?@IOQ<MD<=G@
OC<OM@NPGOH<T
=@ ?P@ OJ < OC@DM NOP?T KM@K<M<ODJI DI?@K@I?@IO Q<MD<=G@ <I? JM = OC@DM JMB<IDU<ODJI JA
NOP?T D?@<N DIOJ < AM<H@RJMF DIO@MQ@IDIB Q<MD<=G@ OC<O DIAGP@I>@? OC@DM K@MAJMH@ JI OC@
O@NO 2C@ H@?D<ODIB Q<MD<=G@
OC@ JMB<IDU<ODJI JA NOP?T
NO<I?N =@OR@@I OC@ DI?@K@I?@IO <I?
?@K@I?@IOQ<MD<=G@N
^ 9./<+>381 @+<3+,6/= <M@ I@R Q<MD<=G@N >JINOMP>O@? =T < M@N@<M>C@M =T O<FDIB JI@ Q<MD<=G@
<I?HPGODKGTDIBDO =T<IJOC@MOJ?@O@MHDI@OC@EJDIODHK<>OJA=JOC@B
<B@6<OODOP?@NOJR<M?
LP<GDOTJAGDA@2C@N@Q<MD<=G@N<M@OTKD><GGTAJPI?DI@SK@MDH@ION
^ 2RJ JOC@M OTK@N JA Q<MD<=G@N <M@ -98><96 @+<3+,6/= <I? -9809?8.381 @+<3+,6/= !JIOMJG
Q<MD<=G@N KG<T ODQ@ MJG@ DI LP<IODO<ODQ@ NOP?D@N 2C@N@ <M@ < NK@>D<G OTK@ JA DI?@K@I?@IO
Q<MD<=G@OC<OM@N@<M>C@MNH@<NPM@=@><PN@OC@TKJO@IOD<GGTDIAGP@I>@OC@?@K@I?@IOQ<MD<=G@
0@N@<M>C@MN PN@ NO<ODNOD><G KMJ>@?PM@N @B
<I<GTNDN JA >JQ<MD@ OJ >JIOMJG AJM OC@N@
Q<MD<=G@N2C@TH<T=@?@HJBM<KCD>JMK@MNJI<GQ<MD<=G@N@B
<B@JMB@I?@MOC<OI@@?OJ=@
\>JIOMJGG@?] NJ OC<OOC@ OMP@ DIAGP@I>@ JA OC@ DI?@K@I?@IO Q<MD<=G@ JI OC@ ?@K@I?@IO >OP<GGT
H@<NPM@? JM J=N@MQ@? DI < NOP?T 'O @SDNON
=PO DON DIAGP@I>@ ><IIJO =@ ?DM@>OGT ?@O@>O@?
0@N@<M>C@MN >JHH@IO JI OC@ DIAGP@I>@ JA >JIAJPI?DIB Q<MD<=G@N <AO@M OC@ NOP?T C<N =@@I
>JHKG@O@?
=@><PN@OC@N@Q<MD<=G@NH<TC<Q@JK@M<O@?OJ@SKG<DIOC@M@G<ODJINCDK=@OR@@IOC@
DI?@K@I?@IO Q<MD<=G@ <I? ?@K@I?@IO Q<MD<=G@
=PO OC@T R@M@ IJO JM >JPG? IJO =@ @<NDGT
<NN@NN@?@B
?DN>MDHDI<OJMT<OODOP?@N
'I<LP<IODO<ODQ@M@N@<M>CNOP?T
Q<MD<=G@N<M@M@G<O@?OJ<INR@M<M@N@<M>CLP@NODJI @B
\&JR
?J@N N@GA@NO@@H DIAGP@I>@ OC@ AJMH<ODJI JA AMD@I?NCDKN <HJIB <?JG@N>@ION] JM OJ H<F@
KM@?D>ODJIN<=JPORC<OOC@M@N@<M>C@M@SK@>ONOC@M@NPGONOJNCJR2C@N@KM@?D>ODJIN<M@><GG@?
2C:9>2/=/= @B
\'I?DQD?P<G KJNDODQ@ N@GA@NO@@H @SK<I?N OC@ IPH=@M JA AMD@I?N JA
<?JG@N>@ION]
347<7B7=<=4/(63=@G
5DOC OCDN =<>FBMJPI? JI Q<MD<=G@N

R@ >@@? OJ OC@ PN@ JA LP<IODO<ODQ@ OC@JMD@N 'I
;?+8>3>+>3@/ M@N@<M>C
NJH@ CDNOJMD><G KM@>@?@IO @SDNON AJM QD@RDIB < OC@JMT <N < N>D@IODAD>
KM@?D>ODJI JM@SKG<I<ODJIN@@%2CJH<N

AJM?DAA@M@IOR<TNJA>JI>@KOP<GDUDIBOC@JMD@N
<I?CJROC@THDBCO>JINOM<DIOCJPBCO$JM@S<HKG@
)@MGDIB@M[N?@ADIDODJIJA<OC@JMTDN
NODGGQ<GD?OJ?<T&@N<D?
<OC@JMTDN\<N@OJADIO@MM@G<O@?>JINOMP>ON Q<MD<=G@N
?@ADIDODJIN
<I?
KMJKJNDODJIN OC<O KM@N@ION < NTNO@H<OD> QD@R JA KC@IJH@I< =T NK@>DATDIB M@G<ODJIN <HJIB
Q<MD<=G@N
RDOCOC@KPMKJN@JA@SKG<DIDIBI<OPM<GKC@IJH@I<]K
'I OCDN ?@ADIDODJI
< B63=@G DN JINOMP>ON JM Q<MD<=G@N AJMH@? DIOJ
KMJKJNDODJIN
JMCTKJOC@N@N
OC<ONK@>DATOC@M@G<ODJINCDK<HJIBQ<MD<=G@NOTKD><GGTDIO@MHNJA
H<BIDOP?@ JM ?DM@>ODJI OC@JMT HDBCO <KK@<M DI < M@N@<M>C NOP?T <N PNNDJI
JM<M<ODJI<G@
<I?DOC@GKNOJ@SKG<DIJMKM@?D>OKC@IJH@I<OC<OJ>>PMDIOC@RJMG?
*<=JQDOU <I? &<B@?JMI <??OJ OCDN?@ADIDODJIOC@ D?@< JA < >2/9</>3-+6 <+>398+6/ RCD>C
OC@T?@ADI@<N\NK@>DATDIBCJR<I?RCTOC@Q<MD<=G@N<I?M@G<ODJI<GNO<O@H@ION<M@DIO@MM@G<O@?]
K5CT RJPG?<IDI?@K@I?@IOQ<MD<=G@
6
DIAGP@I>@JM<AA@>O<?@K@I?@IOQ<MD<=G@
72C@
OC@JMTRJPG?KMJQD?@OC@@SKG<I<ODJIAJMOCDN@SK@>O<ODJIJMKM@?D>ODJI?DN>PNNDJI<=JPOOCDN
OC@JMTRJPG?<KK@<MDI<N@>ODJIJA<KMJKJN<GJIOC@GDO@M<OPM@M@QD@RJM JIOC@ >2/9<C,+=/
>2/>2/9</>3-+6<+>398+6/ JM >2/>2/9</>3-+6:/<=:/->3@/ 'KM@A@MOC@O@MH >2/9</>3-+6:/<=:/->3@/
=@><PN@DOC<N=@@IKJKPG<MGTPN@?<N<M@LPDM@?N@>ODJIAJMKMJKJN<GNAJMM@N@<M>CRC@IJI@
NP=HDON <ODJI OJ KM@N@IO < K<K@M <O OC@ H@MD><ODJI<G 0@N@<M>C NNJ>D<ODJI
>JIA@M@I>@
2C@ H@O<KCJM JA < M<DI=JR >JINOMP>ON DI < NOP?T 2CDN
M<DI=JROD@NOJB@OC@MOC@Q<MD<=G@N<I?KMJQD?@N<IJQ@M<M>CDIB@SKG<I<ODJIAJM 29A <I? A2C
JI@ RJPG? @SK@>O OC@ DI?@K@I?@IO Q<MD<=G@ OJ @SKG<DI JM KM@?D>O OC@ ?@K@I?@IO Q<MD<=G@
2C@JMD@N?@Q@GJKRC@IM@N@<M>C@MNO@NO<KM@?D>ODJIJQ@M<I?JQ@M$JM@S<HKG@
C@M@DNCJR
OC@ KMJ>@NNJA?@Q@GJKDIB<OC@JMTRJMFN'IQ@NODB<OJMN>JH=DI@DI?@K@I?@IO
H@?D<ODIB
<I?
?@K@I?@IO Q<MD<=G@N =<N@? JI ?DAA@M@IO AJMHN JA H@<NPM@N DIOJ LP@NODJIN 2C@N@ LP@NODJIN
KMJQD?@ DIAJMH<ODJI <=JPO OC@ OTK@ JA M@G<ODJINCDK KJNDODQ@
I@B<ODQ@
JM PIFIJRI <I? DON
H<BIDOP?@@B
CDBCJMGJR$JMHDIBOCDNDIAJMH<ODJIDIOJ<KM@?D>ODQ@NO<O@H@IOCTKJOC@NDN
<M@N@<M>C@MHDBCORMDO@
\2C@BM@<O@MOC@>@IOM<GDU<ODJIJAKJR@MDIG@<?@MN
OC@BM@<O@MOC@
?DN@IAMCDN@H@IOJAOC@AJGGJR@MN]5C@IM@N@<M>C@MNO@NOCTKJOC@N@NNP>C<NOCDNJQ@M<I?
JQ@M DI ?DAA@M@IO N@OODIBN <I? RDOC ?DAA@M@IO KJKPG<ODJIN @B
OC@ JT 1>JPON
< .M@N=TO@MDCPM>C
OC@0JO<MT!GP=
<I?<BMJPKJACDBCN>CJJGNOP?@ION
<OC@JMT@H@MB@N
<I?NJH@JI@
BDQ@N DO < I<H@ @B
< OC@JMT JA <OOMD=PODJI 2CPN
OC@JMT ?@Q@GJKN <N @FIJRG@?B@DIK<MOD>PG<MAD@G?N2CJH<N

IJOC@M <NK@>O JA OC@JMD@N DN OC<O OC@T Q<MT DI OC@DM =M@<?OC JA >JQ@M<B@ ,@PHMJG@Q@G
H@NJG@Q@G
<I?H<>MJG@Q@G+D>MJG@Q@GOC@JMD@N
KMJQD?@ @SKG<I<ODJIN GDHDO@? OJ NH<GG NGD>@N JA ODH@
NK<>@
JM IPH=@MN JA K@JKG@
NP>C <N
%JAAH<I[NOC@JMTJAA<>@RJMF
RCD>C@SKG<DINCJRK@JKG@@IB<B@DIMDOP<GN?PMDIBA<>@OJA<>@
DIO@M<>ODJIN +@NJG@Q@G OC@JMD@N GDIF OC@ HD>MJ <I? H<>MJ G@Q@GN 2C@N@ <M@ OC@JMD@N JA
JMB<IDU<ODJIN
NJ>D<G HJQ@H@IO
JM >JHHPIDOD@N
NP>C <N !JGGDIN[N OC@JMT JA >JIOMJG DI
JMB<IDU<ODJIN +<>MJG@Q@G OC@JMD@N @SKG<DI G<MB@M <BBM@B<O@N
NP>C <N NJ>D<G DINODOPODJIN
>PGOPM<G NTNO@HN
<I? RCJG@ NJ>D@OD@N *@INFD[N H<>MJG@Q@G OC@JMT JA NJ>D<G NOM<ODAD><ODJI
AJM
@S<HKG@
@SKG<DIN CJR OC@ <HJPIO JA NPMKGPN < NJ>D@OT KMJ?P>@N DI>M@<N@N RDOC OC@
?@Q@GJKH@IOJAOC@NJ>D@OT
2C@JMD@N <M@ AJPI? DI OC@ NJ>D<G N>D@I>@ ?DN>DKGDI@N JA KNT>CJGJBT
NJ>DJGJBT
<IOCMJKJGJBT
@?P><ODJI
<I? @>JIJHD>N
<N R@GG <N RDOCDI H<IT NP=AD@G?N 2J GJ><O@ <I? M@<? <=JPO OC@N@
OC@JMD@N M@LPDM@N N@<M>CDIB GDO@M<OPM@ ?<O<=<N@N @B
#=C-296913-+6 ,=><+->= &9-396913-+6
,=><+->=JMM@QD@RDIBBPD?@N OJOC@GDO@M<OPM@<=JPOOC@JMD@N@B
N@@5@==
@<GN
5CDO@

=@;A=4(63=@73A
0@N@<M>C@MN NO<O@ OC@DM OC@JMD@N DI M@N@<M>C KMJKJN<GN DI N@Q@M<G R<TN
NP>C <N < N@MD@N JA
CTKJOC@N@N
DAOC@IGJBD>NO<O@H@ION
JMQDNP<GHJ?@GN$DMNO
NJH@M@N@<M>C@MNNO<O@OC@JMD@NDI
OC@ AJMH JA DIO@M>JII@>O@? CTKJOC@N@N $JM @S<HKG@
&JKFDIN >JIQ@T@? CDN OC@JMT JA
DIAGP@I>@KMJ>@NN@N<N<N@MD@NJACTKJOC@N@N1JH@JAOC@CTKJOC@N@N<M@<NAJGGJRNOC@N@
C<Q@=@@INGDBCOGT<GO@M@?OJM@HJQ@OC@B@I?@MNK@>DAD>KMJIJPIN
2C@CDBC@MJI@[NM<IF
OC@BM@<O@MJI@[N>@IOM<GDOT
2C@BM@<O@MJI@[N>@IOM<GDOT
OC@BM@<O@MJI@[NJ=N@MQ<=DGDOT
2C@CDBC@MJI@[NM<IF
OC@BM@<O@MJI@[NJ=N@MQ<=DGDOT
2C@BM@<O@MJI@[N>@IOM<GDOT
OC@BM@<O@MJI@[N>JIAJMHDOT
2C@CDBC@MJI@[NM<IF
2C@BM@<O@MJI@[NJ=N@MQ<=DGDOT
2C@BM@<O@MJI@[N>JIAJMHDOT
OC@BM@<O@MJI@[NJ=N@MQ<=DGDOTK
N@>JI?R<TDNOJNO<O@<OC@JMT<N<N@MD@NJADAOC@INO<O@H@IONOC<O@SKG<DIRCTJI@RJPG?
@SK@>OOC@DI?@K@I?@IOQ<MD<=G@NOJDIAGP@I>@JM><PN@OC@?@K@I?@IOQ<MD<=G@N$JM@S<HKG@
&JH<IN@SKG<DIN<OC@JMTJADIO@M<>ODJI
'A OC@ AM@LP@I>T JA DIO@M<>ODJI =@OR@@I ORJ JM HJM@ K@MNJIN DI>M@<N@N
OC@ ?@BM@@ JA OC@DM
GDFDIBAJMJI@<IJOC@MRDGGDI>M@<N@
<I?QD>@Q@MN<.@MNJINRCJA@@GN@IODH@IONJAGDFDIBAJM
JI@ <IJOC@M RDGG @SKM@NN OCJN@ N@IODH@ION DI <>ODQDOD@NJQ@M <I? <=JQ@OC@ <>OD QDOD@N JA OC@
@SO@MI<GNTNO@H
<I?OC@N@<>ODQDOD@N H<TAPMOC@MNOM@IBOC@IOC@N@IODH@IONJAGDFDIB2C@HJM@
AM@LP@IOGT K@MNJIN DIO@M<>O RDOC JI@ <IJOC@M
OC@ HJM@ <GDF@ DI NJH@ M@NK@>ON =JOC OC@DM
<>ODQDOD@N<I?OC@DMN@IODH@IONO@I?OJ=@>JH@KK

2CDM?
<I<POCJMH<TKM@N@IO<OC@JMT<N <QDNP<GHJ?@G'ODNPN@APGOJOM<ING<O@Q<MD<=G@NDIOJ<
QDNP<GKD>OPM@ G<GJ>F

<?QJ><O@N><PN<GHJ?@GDIB<I?M@><NONQ@M=<GOC@JMD@N
DIOJ ><PN<G HJ?@GN NJ OC<O < M@<?@M >JII@>ODJIN JA Q<MD<=G@N 2RJ
NDHKGDAD@? @S<HKG@N <M@ KM@N@IO@? C@M@ N NCJRI DI $DBPM@
OCM@@ DI?@K@I?@IO Q<MD<=G@N
DIAGP@I>@<NDIBG@?@K@I?@IOQ<MD<=G@
H@?D<O@?=TOC@DIAGP@I>@JAORJDIO@MQ@IDIBQ<MD<=G@N
?D<BM<H NP>C <N OCDN JI@ NCJRN OC@ KJNND=G@ ><PN<G N@LP@I>@ <HJIB Q<MD<=G@N G@<?DIB OJ
HJ?@GDIB OCMJPBC K<OC <I<GTNDN <I? HJM@ <?Q@? <I<GTN@N PNDIB HPGODKG@ H@<NPM@N JA
Q<MD<=G@N <N AJPI? DI NOMP>OPM<G @LP<ODJI HJ?@GDIB N@@ )GDI@
OOJMT G@Q@G
"PI>JINOMP>ODIB OC@N@ QDNP<G
><PN<G?D<BM<HN
75C@3 2CM@@ 'I?@K@I?@IO 4<MD<=G@N 'IAGP@I>@ < 1DIBG@ "@K@I?@IO 4<MD<=G@ +@?D<O@? =T
2RJ'IO@MQ@IDIB4<MD<=G@N
^.JNDODJIOC@?@K@I?@IOQ<MD<=G@NJIOC@MDBCODIOC@?D<BM<H<I?OC@DI?@K@I?@IOQ<MD<=G@N
JIOC@G@AO
^3N@JI@R<T<MMJRNG@<?DIBAMJH@<>C?@O@MHDIDIBQ<MD<=G@OJ@<>CQ<MD<=G@?@K@I?@IOJIDO
^ 'I?D><O@ OC@ NOM@IBOC JA OC@ M@G<ODJINCDK <HJIB Q<MD<=G@N =T DIN@MODIB Q<G@I>@ NDBIN JI OC@
K<OCN3N@KJNDODQ@JMI@B<ODQ@Q<G@I>@NOC<OKJNOPG<O@ JMDIA@MM@G<ODJINCDKN
^3N@ORJC@<?@?<MMJRN>JII@>O@?OJNCJRPI<I<GTU@?M@G<ODJINCDKN=@OR@@IQ<MD<=G@NIJO
?@K@I?@IOPKJIJOC@MM@G<ODJINCDKNDIOC@HJ?@G
+JM@ >JHKGD><O@? ><PN<G ?D<BM<HN >JINOMP>O@? RDOC <??DODJI<G IJO<ODJI 2CDN JI@
KJMOM<TN<=<ND>HJ?@GJAGDHDO@?Q<MD<=G@N
NP>C<NOTKD><GGTAJPI?DI<NPMQ@TM@N@<M>CNOP?T
Q<MD<ODJIJIOCDNOC@H@DNOJC<Q@DI?@K@I?@IOQ<MD<=G@NDIRCD>C>JIOMJG<I?@SK@MDH@IO<G
BMJPKN <M@ >JHK<M@? JI JI@ DI?@K@I?@IO Q<MD<=G@ DI O@MHN JA JH@ ?@K@I?@IO
Q<MD<=G@ N NCJRI DI $DBPM@
ORJ BMJPKN JI Q<MD<=G@ 6 <M@ >JHK<M@? DI O@MHN JA OC@DM
DIAGP@I>@ JI 7
OC@ ?@K@I?@IO Q<MD<=G@ 2CDN ?@NDBI DN < =@OR@@IBMJPKN @SK@MDH@IO<G ?@NDBI
N@@!C<KO@M2C@N<H@MPG@NJAIJO<ODJIKM@QDJPNGT?DN>PNN@?<KKGT
2C@N@ ORJ HJ?@GN <M@ H@<IO JIGT OJ DIOMJ?P>@ KJNND=DGDOD@N AJM >JII@>ODIB DI?@K@I?@IO <I?
?@K@I?@IOQ<MD<=G@NOJ=PDG?OC@JMD@N+JM@>JHKGD><O@??@NDBIN@HKGJTHPGODKG@DI?@K@I?@IO
<I??@K@I?@IOQ<MD<=G@NDI@G<=JM<O@HJ?@GNJA><PN<ODJI G<GJ>F

$JM@S<HKG@
(PIBID>F@G
DI<?J>OJM<G?DNN@MO<ODJIKMJKJN<G<=JPOM@N@<M>CKMJ?P>ODQDOT<HJIBA<>PGOT
DI KC<MH<>T N>CJJGN
KM@N@IO@? < >JHKG@S QDNP<G HJ?@G
<N NCJRI DI $DBPM@ (PIBID>F@G
<NF@? RC<O A<>OJMN DIAGP@I>@ < A<>PGOT H@H=@M[N N>CJG<MGT M@N@<M>C K@MAJMH@ AO@M
D?@IODATDIBOC@N@A<>OJMNDIOC@GDO@M<OPM@
C@<?<KO@?<OC@JM@OD><GAM<H@RJMFAJPI?DIIPMNDIB
M@N@<M>C +@B@G
*<IBNOJI
!M@NR@GG
<I? ?@Q@GJK@? < QDNP<G HJ?@G KJMOM<TDIB OC@
M@G<ODJINCDK <HJIB OC@N@ A<>OJMN
AJGGJRDIB OC@ MPG@N AJM >JINOMP>ODIB < HJ?@G DIOMJ?P>@?
@<MGD@M &@ GDNO@? OC@ DI?@K@I?@IO Q<MD<=G@N JI OC@ A<M G@AO
OC@ DIO@MQ@IDIB Q<MD<=G@N DI OC@
HD??G@
<I?OC@?@K@I?@IO Q<MD<=G@N JIOC@MDBCO 2C@?DM@>ODJI JA DIAGP@I>@ AGJR@?AMJHOC@
G@AOOJOC@MDBCO
<I?C@PN@?KGPN<I?HDIPNNDBINOJDI?D><O@OC@CTKJOC@NDU@??DM@>ODJI
75C@3
2RJ%MJPKN5DOC"DAA@M@IO2M@<OH@IONJI6M@!JHK<M@?DI2@MHNJA7
$:/13;3<B=4%C/<B7B/B7D3(63=@73A
'I ;?+8>3>+>3@/ NOP?D@N

JI@PN@NOC@JMT?@?P>ODQ@GT<I?KG<>@NDOOJR<M?OC@=@BDIIDIBJAOC@
KMJKJN<GAJM<NOP?T5DOCOC@J=E@>ODQ@JAO@NODIBJMQ@MDATDIB<OC@JMTM<OC@MOC<I?@Q@GJKDIB
DO
OC@M@N@<M>C@M<?Q@N<OC@JMT
>JGG@>ON?<O<OJO@NODO
<I?M@AG@>ONJIDON>JIADMH<ODJIJM
?DN>JIADMH<ODJI =T OC@ M@NPGON 2C@ OC@JMT =@>JH@N < AM<H@RJMF AJM OC@ @IODM@ NOP?T
C LP@NODJIN JM CTKJOC@N@N <I? AJM OC@ ?<O< >JGG@>ODJI
KMJ>@?PM@2C@?@?P>ODQ@HJ?@GJAOCDIFDIBPN@?DI<LP<IODO<ODQ@NOP?TDNNCJRIDI$DBPM@
2C@M@N@<M>C@MO@NONJMQ@MDAD@N<OC@JMT=T@S<HDIDIBCTKJOC@N@NJMLP@NODJIN?@MDQ@?AMJHDO
2C@N@ CTKJOC@N@N JM LP@NODJIN >JIO<DI Q<MD<=G@N JM >JINOMP>ON OC<O OC@ M@N@<M>C@M I@@?N OJ
?@ADI@GO@MI<ODQ@GT
<I<>>@KO<=G@?@ADIDODJIHDBCO=@AJPI?DIOC@GDO@M<OPM@$MJHC@M@
OC@
DIQ@NODB<OJM GJ><O@N DK<IONDI<NOP?T2C@IOC@DIQ@NODB<OJM>JGG@>ONN>JM@NJIOC@N@DINOMPH@IONOJ>JIADMHJM
?DN>JIADMHOC@OC@JMT
75C@3 4DNP<G+J?@GJA<OC@JMTJAA<>PGOT1>CJG<MGT.@MAJMH@
1-30!#(PIBMD>F@G0@KMDIO@?RDOCK@MHDNNDJI
75C@3 2C@"@?P>ODQ@KKMJ<>C2TKD><GGT3N@?DI/P<IODO<ODQ@0@N@<M>C
2CDN ?@?P>ODQ@ <KKMJ<>C OJ M@N@<M>C DI OC@ LP<IODO<ODQ@ <KKMJ<>C C<N DHKGD><ODJIN AJM OC@
:6+-/7/8>90+>2/9<C DI<LP<IODO<ODQ@M@N@<M>CNOP?TN@@2<=G@
B@I@M<GBPD?@DNOJDIOMJ?P>@OC@OC@JMT@<MGTDI<KG<IJMNOP?TDIOC@DIOMJ?P>ODJI
DIOC@
GDO@M<OPM@ M@QD@R N@>ODJI
DHH@?D<O@GT <AO@M CTKJOC@N@N JM M@N@<M>C LP@NODJIN <N < M<ODJI<G@
AJMOC@>JII@>ODJIN<HJIBOC@Q<MD<=G@N
JMDI<N@K<M<O@N@>ODJIJAOC@NOP?T#<>CKG<>@H@IO
C<NDON<?Q<IO<B@N<I??DN<?Q<IO<B@N
@3A3/@16B7>'RMDO@OC@OC@JMTDIOJ<N@K<M<O@N@>ODJIDI<M@N@<M>CKMJKJN<G NJOC<OM@<?@MN
>G@<MGT D?@IODAT OC@ OC@JMT AMJH JOC@M >JHKJI@ION 1P>C < N@K<M<O@ K<NN<B@ KMJQD?@N <
>JHKG@O@@SKGD><ODJIJAOC@OC@JMTN@>ODJI
DONPN@
<I?CJRDOM@G<O@NOJOC@NOP?T
+@7B7<5/%C/<B7B/B7D3(63=@3B71/:$3@A>31B7D3
3NDIB OC@N@ D?@<N

OC@ AJGGJRDIB KM@N@ION < HJ?@G AJM RMDODIB < LP<IODO<ODQ@ OC@JM@OD><G
K@MNK@>ODQ@ N@>ODJI DIOJ < M@N@<M>C KGDKGDI@=<N@?GDO@M<OPM@AJM<OC@JMT'AOC@PIDOJA<I<GTNDNAJMQ<MD<=G@NDNCJGJBT GDO@M<OPM@ OJ NOP?T BMJPKN JM JMB<IDU<ODJIN
GJJF DI OC@
NJ>DJGJBD><G GDO@M<OPM@ 'A OC@ KMJE@>O @S<HDI@N DI?DQD?P<GN <I? BMJPKN
>JIND?@M OC@ NJ>D<G
KNT>CJGJBT GDO@M<OPM@ -A >JPMN@
OC@JMD@N AMJH JOC@M ?DN>DKGDI@N H<T =@ PN@APG
OJJ @B
OJ
NOP?T<I@>JIJHD>DNNP@
OC@OC@JMTH<T=@AJPI?DI@>JIJHD>N
(/0:3 -KODJINAJM.G<>DIB2C@JMTDI</P<IODO<ODQ@1OP?T
#S<HDI@ <GNJ KMDJM NOP?D@N OC<O <??M@NN OC@ OJKD> JM < >GJN@GT M@G<O@? OJKD> 5C<O OC@JMD@N
R@M@PN@?=TJOC@M<POCJMN*DHDOOC@IPH=@MJAOC@JMD@N<I?OMTOJD?@IODAT 98/9@/<+<-2381
>2/9<C OC<O@SKG<DINOC@>@IOM<GCTKJOC@NDNJMH<EJMM@N@<M>CLP@NODJI
NH@IODJI@? @<MGD@M
<NFOC@ <+38,9A LP@NODJIOC<O=MD?B@NOC@DI?@K@I?@IO<I??@K@I?@IO
Q<MD<=G@N5CTRJPG?OC@DI?@K@I?@IOQ<MD<=G@NDIAGP@I>@OC@?@K@I?@IOQ<MD<=G@N
1>MDKO JPO OC@ OC@JMT N@>ODJI $JGGJR OC@N@ G@<? N@IO@I>@N \2C@ OC@JMT OC<O ' RDGG PN@ DN
;;;;;I<H@OC@OC@JMT'OR<N?@Q@GJK@?=T;;;;;D?@IODATOC@JMDBDI
NJPM>@
JM?@Q@GJK@M
JAOC@OC@JMT
<I?DOR<NPN@?OJNOP?T;;;;;D?@IODATOC@OJKD>NRC@M@JI@ADI?NOC@OC@JMT
=@DIB<KKGD@?2CDNOC@JMTDI?D><O@NOC<O;;;;;D?@IODATOC@KMJKJNDODJINJMCTKJOC@N@NDIOC@
OC@JMT N <KKGD@? OJ HT NOP?T
OCDN OC@JMT CJG?N OC<O ' RJPG? @SK@>O HT DI?@K@I?@IO
Q<MD<=G@N;;;;;NO<O@DI?@K@I?@IOQ<MD<=G@NOJDIAGP@I>@JM@SKG<DIOC@?@K@I?@IOQ<MD<=G@N
;;;;;NO<O@?@K@I?@IOQ<MD<=G@N=@><PN@;;;;;KMJQD?@<M<ODJI<G@=<N@?JIOC@GJBD>JAOC@
OC@JMT]
2CPN
OC@ OJKD>N OJ DI>GP?@ DI < LP<IODO<ODQ@ OC@JMT ?DN>PNNDJI <M@ OC@ OC@JMT OJ =@ PN@?
DON
>@IOM<GCTKJOC@N@NJMKMJKJNDODJIN
DIAJMH<ODJI<=JPOK<NOPN@JAOC@OC@JMT<I?DON<KKGD><ODJI
<I?NO<O@H@IONOC<OM@AG@>OCJRDOM@G<O@NOJ<KMJKJN@?NOP?T2CDNHJ?@GDNDGGPNOM<O@?DIOC@
AJGGJRDIB@S<HKG@=T!MPO>CAD@G?
F/;>:3 $?+8>3>+>3@/'2/9<C&/->398
!MPO>CAD@G?RMJO@<?J>OJM<G?DNN@MO<ODJIODOG@? 9-?=9098><968>/<:/<=98+6'<?=>+8.
&-296+<6C #<9.?->3@3>C 1PMQ@TDIB IPMNDIB @?P><OJMN
C@M DIO@IO R<N OJ ?@O@MHDI@ DA GJ>PN JA
>JIOMJG <I? DIO@MK@MNJI<G OMPNO <AA@>O@? OC@ G@Q@GN JA KP=GD><ODJIN JA OC@ A<>PGOT &@M
?DNN@MO<ODJI DI>GP?@? < N@K<M<O@ N@>ODJI DI OC@ DIOMJ?P>OJMT >C<KO@M ODOG@? \2C@JM@OD><G
.@MNK@>ODQ@
]RCD>CAJGGJRN'ODI>GP?@NOC@N@KJDION
^2C@OC@JMTNC@KG<II@?OJPN@
^2C@>@IOM<GCTKJOC@N@NJAOC@OC@JMT
^'IAJMH<ODJI<=JPORCJC<NPN@?OC@OC@JMT<I?DON<KKGD><=DGDOT
Î<?<KO<ODJIJAOC@OC@JMT OJQ<MD<=G@NDIC@MNOP?TPNDIBDAOC@IGJBD>
'C<Q@<??@?<IIJO<ODJINDIDO<GD>NOJH<MFF@TK<NN<B@N
(63=@3B71/:$3@A>31B7D3
'I AJMHPG<ODJI JA < OC@JM@OD><G K@MNK@>ODQ@ AJM NOP?TDIB OC@ N>CJG<MGT KMJ?P>ODQDOT JA A<>PGOT
NJ>D<G G@<MIDIB OC@JMT KMJQD?@N < PN@APG KMJOJOTK@ 2CDN >JI>@KODJI JA =@C<QDJM <OO@HKON OJ
<>CD@Q@ < =<G@? NTIOC@NDN JA >JBIDODQ@ KNT>CJGJBT RDOC OC@ KMDI>DKG@N JA =@C<QDJM
HJ?DAD><ODJI JR@M&DGB<M?
<ND><GGT
OCDNPIDAD@?OC@JM@OD><GAM<H@RJMF\<KKMJ<>C@N
OC@ @SKG<I<ODJIJA CPHJIODIPJPN M@>DKMJ><G DIO@M<>ODJI =@OR@@I
>JBIDODQ@
=@C<QDJM<G
<I? @IQDMJIH@IO<G ?@O@MHDI<ION] <I?PM<

K QDD 9POCJM
D?@IODAD@NOC@OC@JMTAJMOC@NOP?T:
5CDG@ NJ>D<G G@<MIDIB OC@JMT <>>@KON OC@ <KKGD><ODJI JA M@DIAJM>@H@ION NP>C <N NC<KDIB
KMDI>DKG@N
DOO@I?NOJN@@OC@MJG@JAM@R<M?N<N=JOC>JIQ@TDIBDIAJMH<ODJI<=JPOOC@JKODH<G
M@NKJIN@<I?KMJQD?DIBDI>@IODQ@HJODQ<ODJIAJM<BDQ@I<>O=@><PN@JAOC@<IOD>DK<O@?M@R<M?
'I<??DODJI
OC@G@<MIDIBKMDI>DKG@NJAOCDNOC@JMTKG<>@NK@>D<G@HKC<NDNJIOC@DHKJMO<IOMJG@N
KG<T@?=TQD><MDJPN
NTH=JGD>
<I?N@GAM@BPG<ODIBKMJ>@NN@N <I?PM<

1J>D<GG@<MIDIBOC@JMTIJOJIGT?@<GNRDOCG@<MIDIB
=PON@@FNOJ?@N>MD=@CJR<BMJPKJANJ>D<G
<I? K@MNJI<G>JHK@O@I>D@NNJ><GG@?K@MNJI<GDOT>JPG?@QJGQ@JPOJANJ>D<G>JI?DODJINRDOCDI
RCD>C OC@ G@<MIDIB J>>PMN 'O <GNJ <??M@NN@N O@>CIDLP@N JA K@MNJI<GDOT <NN@NNH@IO +DN>C@G

<I?=@C<QDJMHJ?DAD><ODJIDI>GDID><G<I?@?P><ODJI<GN@OODIBN <I?PM<
JR@M
&DGB<M?
0JOO@M
9POCJM?@N>MD=@NNJ>D<GG@<MIDIBOC@JMT:
$PMOC@M
OC@ KMDI>DKG@N JA NJ>D<G G@<MIDIB OC@JMT C<Q@ =@@I <KKGD@? OJ < RD?@ M<IB@ JA NJ>D<G
=@C<QDJM NP>C <N >JHK@ODODQ@I@NN
<BBM@NNDQ@I@NN
N@S MJG@N
?@QD@
<I? K<OCJGJBD><G
=@C<QDJM <I?PM< 5<GO@MN
<I?PM<
+DN>C@G
+DGG@M "JGG<M?

0JOO@M
1O<<ON
9POCJM?@N>MD=@NOC@PN@JAOC@OC@JMT:
#SKG<DIDIBNJ>D<GG@<MIDIBOC@JMT
0JOO@MDI?D><O@?OC<OAJPM>G<NN@NJAQ<MD<=G@NHPNO=@
>JIND?@M@? =@C<QDJM
@SK@>OD@N
M@DIAJM>@H@IO
<I? KNT>CJGJBD><G NDOP<ODJIN B@I@M<G
AJMHPG<AJM=@C<QDJMR<NKMJKJN@?RCD>CNO<O@N\OC@KJO@IOD<GAJM<=@C<QDJMOJJ>>PMDI<IT
NK@>DAD>KNT>CJGJBD><GNDOP<ODJIDNOC@API>ODJIJAOC@@SK@>OTOC<OOC@=@C<QDJMRDGGG@<?OJ<
K<MOD>PG<MM@DIAJM>@H@IODIOC<ONDOP<ODJI<I?OC@Q<GP@JAOC<OM@DIAJM>@H@IO]0JOO@M

K

#SK@>OTRDOCDIOC@AJMHPG<M@A@MNOJOC@K@M>@DQ@??@BM@@JA>@MO<DIOTJMKMJ=<=DGDOTOC<O<
><PN<G M@G<ODJINCDK B@I@M<GGT @SDNON =@OR@@I =@C<QDJM <I? M@R<M?N 2CDN >JINOMP>O JA
B@I@M<GDU@? @SK@>OT C<N =@@I ?@ADI@? <N DIO@MI<G GJ>PN JA >JIOMJG RC@I @H@ION<M@<API>ODJIJANK@>DAD>=@C<QDJM
JM<N@SO@MI<GGJ>PNJA>JIOMJG
RC@I OC@ @AA@>ON <M@ <OOMD=PO@? OJ GP>F
A<O@
JM KJR@MAPG JOC@MN 2C@ K@M>@KODJIN JA ><PN<G
M@G<ODJINCDKN I@@? IJO =@ <=NJGPO@ KJNDODJIN
=PO M<OC@M O@I? OJ Q<MT DI ?@BM@@ <GJIB <
>JIODIPPH ?@K@I?DIB PKJI KM@QDJPN @SK@MD@I>@N <I? NDOP<ODJI<G >JHKG@SDOD@N 0JOO@M

9POCJM@SKG<DINQ<MD<=G@NDIOC@OC@JMT:
'I OC@ <KKGD><ODJI JA NJ>D<G G@<MIDIB OC@JMT OJ OCDN NOP?T JA N>CJG<MGT KMJ?P>ODQDOT
OC@ AJPM
>G<NN@NJAQ<MD<=G@ND?@IODAD@?=T0JOO@MRDGG=@?@ADI@?DIOC@AJGGJRDIBH<II@M
1>CJG<MGTKMJ?P>ODQDOTDNOC@?@NDM@?=@C<QDJMJM<>ODQDOT
*J>PNJA>JIOMJGDNOC@B@I@M<GDU@?@SK@>OTOC<OM@R<M?N<M@JM<M@IJO?@K@I?@IOPKJI
NK@>DAD>=@C<QDJMN
0@DIAJM>@H@ION <M@ OC@ M@R<M?N AMJH N>CJG<MGT RJMF <I? OC@ Q<GP@ <OO<>C@? OJ OC@N@
M@R<M?N
2C@ @?P><ODJI<G DINODOPODJI DN OC@ KNT>CJGJBD><G NDOP<ODJI RCD>C APMIDNC@N H<IT JA OC@
M@R<M?NAJMN>CJG<MGTKMJ?P>ODQDOT
5DOCOC@N@NK@>DAD>Q<MD<=G@N
OC@AJMHPG<AJM=@C<QDJMRCD>CR<N?@Q@GJK@?=T0JOO@M
RJPG?=@<?<KO@?OJM@<?2C@KJO@IOD<GAJMN>CJG<MGT=@C<QDJMOJJ>>PMRDOCDI<I@?P><ODJI<G
DINODOPODJIDN<API>ODJIJAOC@@SK@>OTOC<OOCDN<>ODQDOTRDGGG@<?OJNK@>DAD>M@R<M?N<I?JA
OC@ Q<GP@ OC<O OC@ A<>PGOT H@H=@M KG<>@N JI OC@N@ M@R<M?N 'I <??DODJI
OC@ DIO@M<>ODJI JA
DIO@MK@MNJI<G OMPNO RDOC GJ>PN JA >JIOMJG HPNO =@ >JIND?@M@? DI M@G<ODJI OJ OC@ @SK@>OT JA
<OO<DIDIB M@R<M?N OCMJPBC =@C<QDJMN <N M@>JHH@I?@? DI NP=N@LP@IO NO<O@H@ION =T 0JOO@M
$DI<GGT
>@MO<DI>C<M<>O@MDNOD>N
NP>C<N@?P><ODJI<GKM@K<M<ODJI
>CMJIJGJBD><G<B@
KJNO
?J>OJM<GA@GGJRNCDKN
O@IPM@
JMAPGGODH@Q@MNPNK<MOODH@@HKGJTH@IOH<T=@<NNJ>D<O@?RDOC
OC@ N>CJG<MGT KMJ?P>ODQDOT JA IPMN@ A<>PGOT DI < H<II@M NDHDG<M OJ OC<O N@@I RDOCDI JOC@M
?DN>DKGDI@N9POCJM<KKGD@?OC@>JI>@KONOJC@MNOP?T:
2C@AJGGJRDIBNO<O@H@IOM@KM@N@IONOC@PI?@MGTDIBGJBD>AJM?@NDBIDIB<I?>JI?P>ODIBOCDNNOP?T
'A A<>PGOT =@GD@Q@ OC<O < OC@DM @AAJMON <I? <>ODJIN DI KMJ?P>DIB N>CJG<MGT RJMFN RDGG G@<? OJ
M@R<M?N GJ>PN JA >JIOMJG
= JOC@MN >OC@M@R<M?NAJMN>CJG<MGT<>ODQDOT<M@RJMOCRCDG@M@R<M?Q<GP@N
<I?
? OC@ M@R<M?N <M@ <Q<DG<=G@ RDOCDI OC@DM ?DN>DKGDI@ JM DINODOPODJI DINODOPODJI<G N@OODIB
OC@I
OC@TRDGG<OO<DICDBCG@Q@GNJAN>CJG<MGTKMJ?P>ODQDOTKK9POCJM>JI>GP?@?RDOCOC@DA
OC@IGJBD>OJM@G<O@OC@DI?@K@I?@IOQ<MD<=G@NOJOC@?@K@I?@IOQ<MD<=G@N:
%) ((*(#&-)'
*/@7/B7=<7<(63=@G)A37<%C/:7B/B7D3&3A3/@16
/P<GDO<ODQ@DILPDM@MNPN@OC@JMTDIOC@DMNOP?D@NDIN@Q@M<GR<TN$DMNO
HP>CGDF@DILP<IODO<ODQ@
M@N@<M>C
DODNPN@?<N<=MJ<?@SKG<I<ODJIAJM=@C<QDJM<I?<OODOP?@N
<I?DOH<T=@>JHKG@O@
RDOC Q<MD<=G@N
>JINOMP>ON
<I? CTKJOC@N@N $JM @S<HKG@
@OCIJBM<KC@MN @HKGJT >PGOPM<G
OC@H@N JM \<NK@>ON JA >PGOPM@] 5JG>JOO

K OJ NOP?T DI OC@DM LP<GDO<ODQ@ KMJE@>ON
NP>C<NNJ>D<G>JIOMJG
G<IBP<B@
NO<=DGDOT<I?>C<IB@
JMNJ>D<GJMB<IDU<ODJI
NP>C<NFDINCDKJM
A<HDGD@NN@@5JG>JOO[N?DN>PNNDJI<=JPO O@SONOC<O<??M@NN>PGOPM<GOJKD>NDI<IOCMJKJGJBT
2C@H@N DI OCDN >JIO@SO KMJQD?@ < M@<?TH<?@ N@MD@N JA CTKJOC@N@N OJ =@ O@NO@? AMJH OC@
GDO@M<OPM@ GOCJPBC M@N@<M>C@MN HDBCO IJO M@A@M OJ OC@H <N OC@JMD@N
OC@T KMJQD?@ =MJ<?
@SKG<I<ODJIN OC<O <IOCMJKJGJBDNON PN@ OJ NOP?T OC@ >PGOPM@NC<MDIB =@C<QDJM <I? <OODOP?@N JA
K@JKG@ 2CDN <KKMJ<>C DN KJKPG<M DI LP<GDO<ODQ@ C@<GOC N>D@I>@ M@N@<M>C DI RCD>C DIQ@NODB<OJMN
=@BDI RDOC < OC@JM@OD><G HJ?@G
NP>C <N OC@ <?JKODJI JA C@<GOC KM<>OD>@N JM < LP<GDOT JA GDA@
OC@JM@OD><GJMD@IO<ODJI
1@>JI?
M@N@<M>C@MNDI>M@<NDIBGTPN@< B63=@3B71/::3<A JM >3@A>31B7D37<?C/:7B/B7D3@3A3/@16
RCD>CKMJQD?@N<IJQ@M<GGJMD@IODIBG@INAJMOC@NOP?TJALP@NODJINJAB@I?@M
>G<NN
<I?M<>@JM
JOC@M DNNP@N JA H<MBDI<GDU@? BMJPKN 2CDN G@IN =@>JH@N <>T K@MNK@>ODQ@ OC<O NC<K@N
OC@OTK@NJALP@NODJIN<NF@?
DIAJMHNCJR?<O<<M@>JGG@>O@?<I?<I<GTU@?
<I?KMJQD?@N<><GG
AJM<>ODJIJM>C<IB@/P<GDO<ODQ@M@N@<M>CJAOC@NPI?@MR@IO<OM<INAJMH<ODJIOJ=MJ<?@I
DONN>JK@JADILPDMTOJDI>GP?@OC@N@OC@JM@OD><GG@IN@N2C@TBPD?@OC@M@N@<M>C@MN<NOJRC<O
DNNP@N <M@ DHKJMO<IO OJ @S<HDI@ @B
H<MBDI<GDU<ODJI
@HKJR@MH@IO <I? OC@ K@JKG@ OC<O
I@@? OJ =@ NOP?D@? @B
RJH@I
CJH@G@NN
HDIJMDOT BMJPKN 2C@T <GNJ DI?D><O@ CJR OC@
M@N@<M>C@M KJNDODJIN CDHN@GA JM C@MN@GA DI OC@ LP<GDO<ODQ@ NOP?T @B
PK AMJIO JM =D<N@? AMJH
K@MNJI<G
>PGOPM<G
<I? CDNOJMD><G >JIO@SON <I? CJR OC@ ADI<G RMDOO@I <>>JPION I@@? OJ =@
RMDOO@I @B
RDOCJPO APMOC@M H<MBDI<GDUDIB DI?DQD?P<GN
=T >JGG<=JM<ODIB RDOC K<MOD>DK<ION 'I
>MDOD><G @OCIJBM<KCT NOP?D@N
M@N@<M>C@MN =@BDI RDOC < OC@JMT OC<O DIAJMHN OC@DM NOP?D@N 2CDN
><PN<GOC@JMTHDBCO=@JI@JA@HDK<ODJIJMM@KM@NNDJI2CJH<N

1JH@ JA OC@N@ LP<GDO<ODQ@ OC@JM@OD><G K@MNK@>ODQ@N <Q<DG<=G@ OJ OC@ M@N@<M>C@M <M@ <N AJGGJRN
!M@NR@GG

^ /7383=> :/<=:/->3@/= QD@R <N KMJ=G@H<OD> RJH@I[N ?DQ@MN@ NDOP<ODJIN <I? OC@ DINODOPODJIN
OC<OAM<H@OCJN@NDOP<ODJIN0@N@<M>COJKD>NH<TDI>GP?@KJGD>TDNNP@NM@G<O@?OJM@<GDUDIBNJ>D<G
EPNOD>@ AJM RJH@I DI NK@>DAD> >JIO@SON JM FIJRG@?B@ <=JPO JKKM@NNDQ@ NDOP<ODJIN AJM RJH@I
-G@N@I

^ %+-3+63D/. .3=-9?<=/= M<DN@ DHKJMO<IO LP@NODJIN <=JPO OC@ >JIOMJG <I? KMJ?P>ODJI JA
FIJRG@?B@
K<MOD>PG<MGT<=JPOK@JKG@<I?>JHHPIDOD@NJA>JGJM*<?NJI DGGDIBN

^ <3>3-+6>2/9<C K@MNK@>ODQ@N<M@>JI>@MI@?RDOC@HKJR@MDIBCPH<I=@DIBNOJOM<IN>@I?OC@
>JINOM<DIONKG<>@?JIOC@H=TM<>@
>G<NN
<I?B@I?@M$<T

^ $?//< >2/9<CE< O@MH PN@? DI OCDN GDO@M<OPM@YAJ>PN@N JI DI?DQD?P<GN ><GGDIB OC@HN@GQ@N
G@N=D<IN
B<TN
=DN@SP<GN
JMOM<INB@I?@M@?K@JKG@2C@M@N@<M>CPNDIBOCDN<KKMJ<>C?J@NIJO
J=E@>ODATDI?DQD?P<GN
DN>JI>@MI@?RDOC>PGOPM<G<I?KJGDOD><GH@<IN
<I?>JIQ@TNOC@QJD>@N<I?
@SK@MD@I>@NJADI?DQD?P<GNRCJC<Q@=@@INPKKM@NN@?%<HNJI

^ 3=+,363>C 38;?3<C <??M@NN@N OC@ H@<IDIB JA DI>GPNDJI DI N>CJJGN <I? @I>JHK<NN@N
<?HDIDNOM<OJMN
O@<>C@MN
<I?K<M@IONRCJC<Q@>CDG?M@IRDOC?DN<=DGDOD@N+@MO@IN

0JNNH<I<I?0<GGDN><KOPM@OC@N@IN@JAOC@JMT<N>MDOD><G<I?KJNOHJ?@MIK@MNK@>ODQ@N
DILP<GDO<ODQ@DILPDMT
N OC@ OC >@IOPMT ?M<RN OJ < >GJN@

OM<?DODJI<G NJ>D<G N>D@I>@ C<N >JH@ PI?@M DI>M@<NDIB
N>MPODIT <I? <OO<>F <N OCJN@ @NKJPNDIB >MDOD><G <I? KJNOHJ?@MI K@MNK@>ODQ@N >C<GG@IB@
J=E@>ODQDNO<NNPHKODJIN<I?OM<?DODJI<GIJMHNAJMOC@>JI?P>OJAM@N@<M>C!@IOM<GOJOCDN<OO<>F
<M@ AJPM DIO@MM@G<O@? IJODJIN < 0@N@<M>C API?<H@IO<GGT DIQJGQ@N DNNP@N JA KJR@M = OC@
M@N@<M>CM@KJMODNIJOOM<INK<M@IO=POM<OC@MDODN<POCJM@?=T<M<>@?
B@I?@M@?
>G<NN@?
<I?
KJGDOD><GGT JMD@IO@? DI?DQD?P<G > M<>@
>G<NN
<I? B@I?@M <M@ >MP>D<G AJM PI?@MNO<I?DIB
@SK@MD@I>@ <I? ? CDNOJMD>
OM<?DODJI<G M@N@<M>C C<N NDG@I>@? H@H=@MN JA JKKM@NN@? <I?
H<MBDI<GDU@?BMJPKNK
2CDM?
?DNODI>OAMJHOCDNOC@JM@OD><GJMD@IO<ODJI <M@LP<GDO<ODQ@NOP?D@NDIRCD>COC@JMTJMNJH@
JOC@M=MJ<?@SKG<I<ODJI=@>JH@NOC@ /8.:938>'ODN<IDI?P>ODQ@KMJ>@NNJA=PDG?DIBAMJHOC@
?<O< OJ =MJ<? OC@H@N OJ < B@I@M<GDU@? HJ?@G JM OC@JMT N@@ .PI>C
2C@ GJBD> JA OCDN
DI?P>ODQ@<KKMJ<>C DNNCJRIDI$DBPM@
75C@3 2C@'I?P>ODQ@*JBD>JA0@N@<M>CDI</P<GDO<ODQ@1OP?T
2C@M@N@<M>C@M=@BDIN=TB<OC@MDIB?@O<DG@?DIAJMH<ODJIAMJHK<MOD>DK<ION<I?OC@IAJMHNOCDN
DIAJMH<ODJI DIOJ ><O@BJMD@N JM OC@H@N 2C@N@ OC@H@N <M@ ?@Q@GJK@? DIOJ =MJ<? K<OO@MIN
OC@JMD@N
JMB@I@M<GDU<ODJINOC<O<M@OC@I>JHK<M@?RDOCK@MNJI<G@SK@MD@I>@NJMRDOC@SDNODIB
GDO@M<OPM@JIOC@OJKD>
2C@?@Q@GJKH@IOJAOC@H@N<I?><O@BJMD@NDIOJK<OO@MIN
OC@JMD@N
JMB@I@M<GDU<ODJINNPBB@NON
Q<MD@? @I? KJDION AJM LP<GDO<ODQ@ NOP?D@N $JM @S<HKG@
DI ><N@ NOP?T M@N@<M>C
1O<F@
M@A@MN OJ 398+6 1/8/<+63D+>398YOC@ M@N@<M>C@M[N NPHH<MT JA
DIO@MKM@O<ODJIN <I? >G<DHNYOJ RCD>C DN <??@? OC@ M@N@<M>C@M[N JRI K@MNJI<G @SK@MD@I>@N
><GG@? \I<OPM<GDNOD> B@I@M<GDU<ODJIN] K N <IJOC@M @S<HKG@

BMJPI?@? OC@JMT KMJQD?@N <
?DAA@M@IO @I? KJDIO 'ILPDM@MN CJK@ OJ?DN>JQ@M< OC@JMT OC<O DN BMJPI?@? DI DIAJMH<ODJI AMJH
K<MOD>DK<ION 1OM<PNN !JM=DI
*DI>JGI <I? %P=< M@A@M OJ \K<OO@MI OC@JMD@N] <N
@SKG<I<ODJINOC<O?@Q@GJK?PMDIBI<OPM<GDNOD>JMLP<GDO<ODQ@M@N@<M>C0<OC@MOC<IOC@?@?P>ODQ@
AJMH AJPI? DI LP<IODO<ODQ@ NOP?D@N
OC@N@ K<OO@MI OC@JMD@N JM B@I@M<GDU<ODJIN M@KM@N@IO
DIO@M>JII@>O@?OCJPBCONJMK<MONGDIF@?OJ<RCJG@
,@PH<IKMJQD?@N<??DODJI<GDIAJMH<ODJI<=JPOK<OO@MIOC@JMD@N
.<OO@MIOC@JMT?J@NIJO@HKC<NDU@GJBD><G?@?P>ODQ@M@<NJIDIB*DF@><PN<GOC@JMT
DO>JIO<DIN
<IDIO@M>JII@>O@?N@OJA>JI>@KON<I?M@G<ODJINCDKN
=PODO?J@NIJOM@LPDM@><PN<GNO<O@H@ION
'INO@<?
K<OO@MIOC@JMTPN@NH@O<KCJMJM<I<GJBD@NNJOC<OM@G<ODJINCDK\H<F@NN@IN@].<OO@MI
OC@JMD@N <M@ NTNO@HN JA D?@<N OC<O DIAJMH 2C@ >JI>@KON <I? M@G<ODJIN RDOCDI OC@H AJMH <
HPOP<GGTM@DIAJM>DIB
>GJN@?NTNO@H2C@TNK@>DAT<N@LP@I>@JAKC<N@NJMGDIFK<MONOJ<RCJG@
K
$JPMOC <I? ADI<GGT

NJH@ LP<GDO<ODQ@ NOP?D@N .9 89> /7:69C +8C /B:63-3> >2/9<C &JR@Q@M
OC@
><N@ >JI>@KOP<G NOMP>OPM@ >JHKJN@? JA OC@JMT <I? H@OCJ? KMJQD?@N OC@ NO<MODIB KJDIO AJM <GG
J=N@MQ<ODJIN 1>CR<I?O
1ODGG
JI@ N@@N LP<GDO<ODQ@ NOP?D@N OC<O >JIO<DI IJ /B:63-3>
OC@JM@OD><G JMD@IO<ODJI
NP>C <N DI KC@IJH@IJGJBT
DI RCD>C DILPDM@MN <OO@HKO OJ =PDG? OC@
@NN@I>@JA@SK@MD@I>@AMJHK<MOD>DK<ION@B
N@@0D@H@I
'IOC@N@NOP?D@N
OC@DILPDM@M
>JINOMP>ON<MD>C
?@O<DG@??@N>MDKODJIJA<>@IOM<GKC@IJH@IJI
+T @3A3/@16B7>A JIOC@JMTPN@DI<LP<GDO<ODQ@KMJKJN<G<M@<NAJGGJRN
^"@>D?@DAOC@JMTDNOJ=@PN@?DIOC@LP<GDO<ODQ@KMJKJN<G
^ 'A DO DN PN@?

OC@I D?@IODAT CJR OC@ OC@JMT RDGG =@ PN@? DI OC@ NOP?T
NP>C <N <>TG@IN
^*J><O@OC@OC@JMTDIOC@KMJKJN<GDI<H<II@M>JINDNO@IORDOCDONPN@
=1/B7<5B63(63=@G7<%C/:7B/B7D3&3A3/@16
&JROC@JMTDNPN@?<AA@>ONDONKG<>@H@IODI<LP<GDO<ODQ@NOP?T'IOCJN@NOP?D@NRDOC<>PGOPM<G
OC@H@JM<OC@JM@OD><GG@IN
OC@OC@JMTJ>>PMNDIOC@JK@IDIBK<NN<B@NJAOC@NOP?T!JINDNO@IO
RDOCOC@@H@MBDIB?@NDBIJALP<GDO<ODQ@DILPDMT
OC@OC@JMTH<T<KK@<M<OOC@=@BDIIDIB<I?=@
HJ?DAD@?JM<?EPNO@?=<N@?JIK<MOD>DK<IOQD@RN#Q@IDIOC@HJNOOC@JMTJMD@IO@?LP<GDO<ODQ@
?@NDBI
NP>C<N>MDOD><G@OCIJBM<KCT
*<OC@MLP<GDAD@NOC@PN@JAOC@JMT
PDG?DIB @HKDMD><GGT BMJPI?@? OC@JMT M@LPDM@N < M@>DKMJ><G M@G<ODJINCDK =@OR@@I ?<O< <I?
OC@JMT"<O<HPNO=@<GGJR@?OJB@I@M<O@KMJKJNDODJINDI<?D<G@>OD><GH<II@MOC<OK@MHDONPN@
JA +:<39<3 OC@JM@OD><GAM<H@RJMFN
=PORCD>CF@@KN<K<MOD>PG<MAM<H@RJMFAMJH=@>JHDIBOC@
>JIO<DI@MDIOJRCD>COC@?<O<HPNO=@KJPM@?K
F/;>:3
2C@JMT#<MGTDI</P<GDO<ODQ@1OP?T
+PMBPD<
.<?DGG<
<I?.<Q@GNOP?D@?OC@DIO@BM<ODJIJA&DNK<ID><I?,<ODQ@H@MD>D<G NTNO@H JA < >JGG@B@ ><HKPN 2C@T R@M@ >PMDJPN <=JPO CJR @OCID>DOT
DIAGP@I>@? NJ>D<G DIO@BM<ODJI
<I? OC@T =@BDK<ION[ @SK@MD@I>@N OJ <
OC@JM@OD><G HJ?@G
OC@ 2DIOJ HJ?@G JA NJ>D<G DIO@BM<ODJI 2C@T A@GO OC<O OC@ HJ?@G C<? =@@I
\DI>JHKG@O@GT >JI>@KOP<GDU@? <I?
<N < >JIN@LP@I>@
JIGT DHKM@>DN@GT PI?@MNOJJ? <I?
H@<NPM@?]K
2CPN
OC@HJ?@GR<NIJO=@DIBO@NO@?
<NJI@RJPG?ADI?DI<LP<IODO<ODQ@KMJE@>O
=POHJ?DAD@?
OOC@@I?JAOC@NOP?T
OC@<POCJMNM@ADI@?2DIOJ[NHJ?@G<I?<?Q@?OC@DMHJ?DAD><ODJIOC<O
?@N>MD=@? CJR @OCID>DOT API>ODJIN 'I >JIOM<NO OJ OCDN <KKMJ<>C
DI LP<GDO<ODQ@ NOP?D@N RDOC ?D<BM<H
< QDNP<G
M@KM@N@IO<ODJIJAM@G<ODJINCDKN<HJIB>JI>@KON
F/;>:3 2C@JMT<OOC@#I?JA</P<GDO<ODQ@1OP?T
3NDIB < I<ODJI<G ?<O<=<N@ JA DIO@MQD@RN RDOC <><?@HD> ?@K<MOH@IO >C<DMK@MNJIN
R@
!M@NR@GG MJRI
?@Q@GJK@?<BMJPI?@? OC@JMTDIO@MM@G<ODIBQ<MD<=G@NJM><O@BJMD@NJA
>C<DMDIAGP@I>@JIN>CJG<MGTK@MAJMH@JAA<>PGOT2C@OC@JMTN@>ODJI><H@DIOJOC@<MOD>G@<N
OC@G<NON@>ODJI
RC@M@R@KM@N@IO@?<QDNP<GHJ?@GJAOC@OC@JMT?@Q@GJK@?DI?P>ODQ@GTAMJH
><O@BJMD@N JA DIAJMH<ODJI NPKKGD@? =T DIO@MQD@R@@N 'I <??DODJI
R@ <GNJ <?Q@? ?DM@>ODJI<G
CTKJOC@N@NOC<OGJBD><GGTAJGGJR@?AMJHOC@HJ?@G+JM@JQ@M
DIOC@N@>ODJIJIOC@HJ?@G<I?
OC@CTKJOC@N@N
R@>JHK<M@?OC@M@NPGONAMJHK<MOD>DK<IONRDOCM@NPGONAMJHJOC@MNOP?D@N<I?
OC@OC@JM@OD><GNK@>PG<ODJINDIOC@GDO@M<OPM@$JM@S<HKG@
R@NO<O@?
2CDN KMJKJNDODJI <I? DON NP=KMJKJNDODJIN M@KM@N@IO PIPNP<G

@Q@I >JIOM<MT @QD?@I>@
OJ JPM
@SK@>O<ODJIN!JIOM<MTOJKMJKJNDODJI
R@@SK@>O@?OC<OOC@><M@@MNO<B@NRJPG? =@NDHDG<M
IJODIOTK@JADNNP@=PODIOC@M<IB@JADNNP@N'INO@<?R@AJPI?OC<OOC@DNNP@NAJMKJNOO@IPM@
A<>PGOT >JQ@M@? <GHJNO <GG OC@ KJNND=G@ KMJ=G@HN JI OC@ GDNO 5CT R@M@ OC@ O@IPM@? A<>PGOT[N
I@@?NHJM@@SO@INDQ@OC<IIJIO@IPM@?A<>PGOT2C@M@N@<M>CKMJ?P>ODQDOTGDO@M<OPM@NPBB@NON
OC<O JI@[N M@N@<M>C K@MAJMH@ ?J@N IJO ?@>GDI@ RDOC OC@ <R<M? JA O@IPM@ &JGG@T
.@MC<KN?DAAPN@><M@@MBJ<GNJAKJNOO@IPM@A<>PGOT@SK<I?OC@KJNND=DGDOD@NAJM\OTK@N]JADNNP@N
'I <IT ><N@
OCDN NP=KMJKJNDODJI AJ>PN@N <OO@IODJI JI OC@ PI?@MNOP?D@? ><M@@M BMJPK OC<O
$PMIDNNM@HDI?NPNI@@?NOJ=@@S<HDI@?DIHJM@?@O<DG
!M@NR@GG MJRI

K
N OCDN @S<HKG@ NCJRN

R@ ?@Q@GJK@? < QDNP<G HJ?@G OC<O DIO@MM@G<O@? Q<MD<=G@N
?@MDQ@? OCDN
HJ?@G DI?P>ODQ@GT AMJH DIAJMH<IO >JHH@ION
<I? KG<>@? OC@ HJ?@G <O OC@ @I? JA OC@ NOP?T
RC@M@OC@>@IOM<GKMJKJNDODJINDIDO>JPG?=@>JIOM<NO@?RDOCOC@@SDNODIBOC@JMD@N<I?GDO@M<OPM@
!,!(#'(#&-)'
(63=@G CA3 7< ;7F32 ;3B6=2A NOP?D@N H<T DI>GP?@ OC@JMT ?@?P>ODQ@GT
DI LP<IODO<ODQ@ OC@JMT
O@NODIB<I?Q@MDAD><ODJI
JMDI?P>ODQ@GT<NDI<I@H@MBDIBLP<GDO<ODQ@OC@JMTJMK<OO@MINJ>D<G
N>D@I>@ JM < C@<GOC N>D@I>@ OC@JMT H<T =@ PN@? <N < AM<H@RJMF OJ =@ O@NO@? DI @DOC@M <
LP<IODO<ODQ@ JM LP<GDO<ODQ@ <KKMJ<>C OJ DILPDMT IJOC@M R<T OJ OCDIF <=JPO OC@JMT DI HDS@?
H@OCJ?N M@N@<M>C DN <N < >2/9</>3-+6 6/8= JM :/<=:/->3@/ OJ BPD?@ OC@ NOP?T 1OP?D@N <M@
=@BDIIDIBOJ@H@MB@OC<O@HKGJTHDS@?H@OCJ?N?@NDBINPNDIB<G@INOJNOP?TB@I?@M
M<>@JM
@OCID>DOT
?DN<=DGDOT
N@SP<GJMD@IO<ODJI
<I?JOC@M=<N@NJA?DQ@MNDOT+@MO@IN

&DNOJMD><GGT
OC@D?@<JAPNDIB<OC@JM@OD><GG@INDIHDS@?H@OCJ?NM@N@<M>CR<NH@IODJI@?=T
%M@@I@ <I? !<M<>@GGD DI 2C@T D?@IODAD@? OC@ PN@ JA < ><+8=09<7+>3@/ ./=318 <N < ?DNODI>O
AJMH JA HDS@? H@OCJ?N M@N@<M>C 2CDN ?@NDBI B<Q@ KMDH<>T OJ Q<GP@=<N@?
<>ODJIJMD@IO@?
M@N@<M>C
NP>C<NDIK<MOD>DK<OJMT<>ODJIM@N@<M>C<I?@HKJR@MH@IO<KKMJ<>C@N'IOCDN?@NDBI
OC@T NPBB@NO HDSDIB OC@ Q<GP@ >JHHDOH@ION JA ?DAA@M@IO OM<?DODJIN @B

=D<NAM@@ AMJH
LP<IODO<ODQ@<I?=D<NG<?@IAMJHLP<GDO<ODQ@
OC@PN@JA?DQ@MN@H@OCJ?N
<I?<AJ>PNJI<>ODJI
NJGPODJIN 2C@ DHKG@H@IO<ODJI JA OC@N@ D?@<N DI OC@ KM<>OD>@ JA HDS@? H@OCJ?N M@N@<M>C C<N
IJR=@@I><MMD@?AJMR<M?=TJOC@M<POCJMN
+JM@ DIAJMH<ODJI JI KMJ>@?PM@N C<N <KK@<M@? DI < >C<KO@M RMDOO@I =T !M@NR@GG
.G<IJ !G<MF
%POH<II
<I? &<INJI 2C@T D?@IODAD@? OC@ PN@ JA OC@JM@OD><G K@MNK@>ODQ@N
NP>C <N
B@I?@M@?
A@HDIDNO >PGOPM<G M<>D<G @OCID> GDA@NOTG@ >MDOD><G <I? >G<NN <I? NJ>D<G NO<OPN 2C@N@
K@MNK@>ODQ@N =@><H@ ODQ@AJM<
HDS@? H@OCJ?N NOP?T +@MO@IN >JIODIP@? OC@ ?DN>PNNDJI N JPOGDI@? DI JS
NC@
<?QJ><O@? AJM OC@ DHKJMO@ JA < OC@JMT G@IN DI HDS@? H@OCJ?N M@N@<M>C 'I ?@O<DGDIB <
OM<INAJMH<ODQ@ @HDK<OJMTK<M<?DBH<I?NK@>DAD>KMJ>@?PM@N
NC@@HKC<NDU@?OC@MJG@OC<O
Q<GP@NKG<T@?DINOP?TDIBA@HDIDNO
@OCID> M<>D<G
<I??DN<=DGDOTDNNP@N&@MOM<INAJMH<ODQ@OC@JMT
R<N C OC<O R<N @HDK<OJMT
<IOD?DN>MDHDI<OJMT
K<MOD>DK<ODQ@
$M@DMDD<G @OCID>
AJMDI?DQD?P<GNRDOC?DN<=DGDOD@N
<I?AJM<GGH<MBDI<GDU@?BMJPKN
+@MO@IN D?@IODAD@N OC@ DHKGD><ODJIN JA OC@N@ OM<INAJMH<ODQ@ OC@JMD@N AJM HDS@? H@OCJ?N
M@N@<M>C 2C@N@ DIQJGQ@DIO@BM<ODJI JAOC@ OM<INAJMH<ODQ@ @HDK<OJMT H@OCJ?JGJBT DIOJ <GG
KC<N@NJAOC@M@N@<M>CKMJ>@NN0@<?DIBOCMJPBCOC@LP@NODJINDI JS
JI@B<DIN<N@IN@JA
OC@DHKJMO@JANOP?TDIBDNNP@NJA?DN>MDHDI<ODJI<I?JKKM@NNDJI<I?JAM@>JBIDUDIB?DQ@MNDOT
<HJIB NOP?T K<MOD>DK<ION 2C@N@ LP@NODJIN <GNJ <??M@NN OM@<ODIB DI?DQD?P<GN M@NK@>OAPGGT
OCMJPBC B<OC@MDIB <I? >JHHPID><ODIB?<O< >JGG@>ODJI <I? OCMJPBC M@KJMODIB M@NPGON OC<O G@<?
OJ>C<IB@NDINJ>D<GKMJ>@NN@N<I?M@G<ODJINCDKN
JS 2M<INAJMH<ODQ@#HDK<OJMT /P@NODJIN AJM +DS@? +@OCJ?N 0@N@<M>C@MN

2CMJPBCJPOOC@0@N@<M>C.MJ>@NN
/038381>2/#<9,6/7+8.&/+<-2381>2/3>/<+>?</
^ "D? TJP ?@GD=@M<O@GT N@<M>C OC@ GDO@M<OPM@ AJM >JI>@MIN JA ?DQ@MN@ BMJPKN <I? DNNP@N JA
?DN>MDHDI<ODJI<I?JKKM@NNDJI
^"D?OC@KMJ=G@H?@ADIDODJI<MDN@AMJHOC@>JHHPIDOTJA>JI>@MI
^"D?TJPMHDS@?H@OCJ?N<KKMJ<>C<MDN@AMJHNK@I?DIBLP<GDOTODH@ RDOCOC@N@>JHHPIDOD@N
D@
=PDG?DIB OMPNO PNDIB <G AM<H@RJMF JOC@M OCDO HJ?@G
?@Q@GJKDIB =<G@?YKJNDODQ@ <I? I@B<ODQ@YLP@NODJIN ?@Q@GJKDIB LP@NODJIN OC<O G@<? OJ
OM<INAJMH<ODQ@ <INR@MN
NP>C <N LP@NODJIN AJ>PN@? JI <POCJMDOT <I? M@G<ODJIN JA KJR@M DI
DINODOPODJIN<I?>JHHPIDOD@N
./8>30C381>2/%/=/+<-2/=318
^"J@NTJPMM@N@<M>C?@NDBI?@ITOM@<OH@IOOJ<ITBMJPKN<I?M@NK@>O@OCD><G>JIND?@M<ODJIN
JAK<MOD>DK<ION
./8>30C381+>+&9?<-/=+8.&/6/->381#+<>3-3:+8>=
^M@OC@K<MOD>DK<IONJABMJPKN<NNJ>D<O@?RDOC?DN>MDHDI<ODJI<I?JKKM@NNDJI
^M@OC@K<MOD>DK<ION<KKMJKMD<O@GTG<=@G@?
^'NOC@M@<M@>JBIDODJIJA?DQ@MNDOTRDOCDIOC@O<MB@OKJKPG<ODJI
^5C<O><I=@?JI@OJDHKMJQ@OC@DI>GPNDQ@I@NNJAOC@N<HKG@OJDI>M@<N@OC@KMJ=<=DGDOTOC<O
OM<?DODJI<GGTH<MBDI<GDU@?BMJPKN<M@<?@LP<O@GT<I?<>>PM<O@GTM@KM@N@IO@?
./8>30C3819<98=><?->381+>+966/->3988=><?7/8>=+8. />29.=
^5DGGOC@?<O<>JGG@>ODJIKMJ>@NN<I?JPO>JH@N=@I@ADOOC@>JHHPIDOT=@DIBNOP?D@?
^5DGGOC@M@N@<M>CADI?DIBN=@>M@?D=G@OJOC<O>JHHPIDOT
^5DGG>JHHPID><ODJIRDOCOC<O>JHHPIDOT=@@AA@>ODQ@
^5DGGOC@?<O<>JGG@>ODJIJK@IPK<Q@IP@NAJMK<MOD>DK<ODJIDIOC@NJ>D<G>C<IB@KMJ>@NN
I<GTUDIB
'IO@MKM@ODIB
<I?0@KJMODIB<I?3NDIB0@NPGON
^5DGGOC@M@NPGONM<DN@I@RCTKJOC@N@N
^ 5DGG OC@ M@N@<M>C @S<HDI@ NP=BMJPKN D@

HPGODG@Q@G <I<GTN@N OJ <I<GTU@ OC@ ?DAA@M@IOD<G
DHK<>OJI?DQ@MN@BMJPKN
^5DGGOC@M@NPGONC@GKPI?@MNO<I?<I?@GP>D?<O@KJR@MM@G<ODJINCDKN
^5DGGOC@M@NPGONA<>DGDO<O@NJ>D<G>C<IB@
1-30!# ?<KO@? AMJH " + +@MO@IN

\+DS@? +@OCJ?N <I? OC@ .JGDOD>N JA &PHC2C@2M<INAJMH<ODQ@#HDK<OJMT.@MNK@>ODQ@
]DI2<NC<FFJMD!2@??GD@#?N
&<I?=JJFJA+DS@?+@OCJ?NDIOC@1J>D<G @C<QDJM<G1>D@I>@N?<KO@?RDOCK@MHDNNDJI
F/;>:3'2/9<C38+'<+8=09<7+>3@/7+8-3:+>9<C 3B/. />29.=&>?.C

&JKNJI
*P><N
<I? .@O@MNJI NOP?D@? DNNP@N DI JHHPIDOT !JINDNO@IO RDOC < OM<INAJMH<ODQ@@HDK<OJMT AM<H@RJMF
OC@T @S<HDI@? OC@ G<IBP<B@ JA K<MOD>DK<ION RDOC &'4 '"1 RDOCDI OC@ K<MOD>DK<ION[ NJ>D<G
>JIO@SO 2C@T ADMNO >JI?P>O@? JK@I@I?@? @OCIJBM<KCD> DIO@MQD@RN OJ D?@IODAT \G<IBP<B@
OC@H@N] K
NP>C <N =G<H@
JRI@MNCDK
<I? <>>@KO@ JM IJI<>>@KO@ 2C@T <GNJ
>JGG@>O@? N@HDNOMP>OPM@? DIO@MQD@RN OC<O <??M@NN@? ?@HJBM<KCD>N
?<DGT MJPODI@
?MPB PN@
FIJRG@?B@ JA &'4 '"1 MDNFN

<I? ?MPB <I? N@SP<G NJ>DJ=@C<QDJM<G >C<M<>O@MDNOD>N $MJH OCDN
LP<GDO<ODQ@ ?<O<
OC@ <POCJMN PN@? >JI>@KON <I? LP@NODJIN OJ M@ADI@ AJGGJRPK LP@NODJIN
DI>GP?DIBOC@?@NDBIJA<LP<IODO<ODQ@KJNODIO@MQ@IODJIDINOMPH@IO2C@<POCJMNNPBB@NO@?OC<O
@HKJR@MH@IO<KKMJ<>C@NDI@Q<GP<ODJI><I=@PN@APG
RDOCM@N@<M>C@MNGDNO@IDIBOJOC@QJD>@N
JAM@<GK@JKG@<I?<>ODIBJIRC<OKMJBM<HK<MOD>DK<IONN<T
2C@ ?@NDBI DI OCDN NOP?T B<Q@ \KMDH<>T OJ OC@ Q<GP@=<N@? <I? <>ODJIJMD@IO@? ?DH@INDJIN JA
?DAA@M@IO DILPDMT OM<?DODJIN] %M@@I@ !<M<>@GGD

K DI < HDS@? H@OCJ?N NOP?T 2C@
<POCJMNPN@?< OC@JM@OD><GG@INAJMM@>JIADBPMDIBOC@G<IBP<B@<I??D<GJBP@JAK<MOD>DK<ION
<I?
OC@T<?Q@?OC@DHKJMO@JA@HKJR@MH@IODIM@N@<M>C
'IPNDIBOC@JMTDI<HDS@?H@OCJ?NKMJKJN<G
^"@O@MHDI@DAOC@JMTDNOJ=@PN@?
^'?@IODATDONPN@DI<>>JM?RDOC LP<IODO<ODQ@JMLP<GDO<ODQ@<KKMJ<>C@N
^'AOC@JMTDNPN@?<NDI<OM<INAJMH<ODJI<GNOM<O@BTJADILPDMT
?@ADI@OCDNNOM<O@BT<I??DN>PNN
OC@KJDIONDIOC@KMJKJN@?NOP?TDIRCD>COC@@HDK<OJMTD?@<NRDGG=@PN@?

2C@JMT C<N <KG<>@ DI LP<IODO<ODQ@
LP<GDO<ODQ@
<I? HDS@? H@OCJ?N M@N@<M>C 0@N@<M>C@MN PN@
OC@JMT DI < LP<IODO<ODQ@ NOP?T OJ KMJQD?@ ODJI <=JPO OC@ M@G<ODJINCDK
<HJIBQ<MD<=G@NDIOC@NOP?T2CPN
DODN@NN@IOD<GOJC<Q@BMJPI?DIBDIOC@I<OPM@<I?PN@JA
Q<MD<=G@N<NOC@TAJMHM@N@<M>CLP@NODJIN<I?CTKJOC@N@NOC@JMT@SKG<DINCJR<I?RCTOC@
Q<MD<=G@N<M@M@G<O@?
<>ODIB<N<=MD?B@=@OR@@IJM<HJIBOC@Q<MD<=G@N2C@JMTH<T=@=MJ<?
JM I<MMJR DI N>JK@
<I? M@N@<M>C@MN NO<O@ OC@DM OC@JMD@N DI N@Q@M<G R<TN
NP>C <N < N@MD@N JA
CTKJOC@N@N
DAOC@IGJBD>NO<O@H@ION
JMQDNP<GHJ?@GN3NDIBOC@JMD@N?@?P>ODQ@GT
DIQ@NODB<OJMN
<?Q@ OC@H <O OC@ =@BDIIDIB JA OC@ NOP?T DI OC@ GDO@M<OPM@ M@QD@R 2C@T <GNJ DI>GP?@ OC@H
RDOCOC@CTKJOC@N@NJMM@N@<M>CLP@NODJINJMKG<>@OC@HDI<N@K<M<O@N@>ODJIN>MDKO><IC@GK
?@NDBIOC@OC@JMTN@>ODJIAJM<M@N@<M>CKMJKJN<G
'I LP<GDO<ODQ@ M@N@<M>C

DILPDM@MN @HKGJT OC@JMT <N < =MJ<? @SKG<I<ODJI
HP>C GDF@ DI
LP<IODO<ODQ@M@N@<M>C
NP>C<NDI@OCIJBM<KCD@N'OH<T<GNJ=@<OC@JM@OD><GG@INJMK@MNK@>ODQ@
OC<OM<DN@NLP@NODJINM@G<O@?OJB@I?@M
>G<NN
M<>@
JMNJH@>JH=DI<ODJIJAOC@N@2C@JMT<GNJ
<KK@<MN <N ODQ@GTAMJH?<O<>JGG@>ODJI<I?<I<GTNDN%MJPI?@?OC@JMDNON
AJM @S<HKG@
B@I@M<O@ < OC@JMT BMJPI?@? DI OC@ QD@RN JA K<MOD>DK<ION <I? KG<>@ DO <N OC@
>JI>GPNDJI JA OC@DM NOP?D@N 1JH@ LP<GDO<ODQ@ NOP?D@N ?J IJO DI>GP?@ DO OC@JMT <I?
KM@N@IO?@N>MDKODQ@M@N@<M>CJAOC@>@IOM<GKC@IJH@IJI
+DS@? H@OCJ?N M@N@<M>C@MN PN@ OC@JMT @DOC@M ?@?P>ODQ@GT <N DI LP<IODO<ODQ@ M@N@<M>C JM
DI?P>ODQ@GT <N DI LP<GDO<ODQ@ M@N@<M>C 5MDO@MN <GNJ <M@ =@BDIIDIB OJ D?@IODAT OC@ PN@ JA
OC@JM@OD><GG@IN@NJMK@MNK@>ODQ@N@B
M@G<O@?OJB@I?@M
GDA@NOTG@
M<>@ @OCID>DOT
<I?>G<NNDI
OC@DM HDS@? H@OCJ?N NOP?D@N OM<INAJMH<ODJI<G@HDK<OJMT ?@NDBI DI>JMKJM<O@N OCDN
K@MNK@>ODQ@
<I? M@>@IO ?@Q@GJKH@ION C<Q@ D?@IODAD@? KMJ>@?PM@N AJM DI>JMKJM<ODIB OCDN
K@MNK@>ODQ@DIOJ<GGKC<N@NJAOC@M@N@<M>CKMJ>@NN
0)2),'6%0#)1%1
5MDO@ < OC@JM@OD><G K@MNK@>ODQ@ N@>ODJI AJM TJPM M@N@<M>C KGMDKO AJM <
LP<IODO<ODQ@OC@JMT?DN>PNNDJIKM@N@IO@?DIOCDN>C<KO@M
$JM < LP<IODO<ODQ@ KMJKJN<G TJP <M@ KG<IIDIB

?M<R < QDNP<G HJ?@G JA OC@ Q<MD<=G@N DI OC@
OC@JMTPNDIBOC@KMJ>@?PM@NAJM><PN<GHJ?@G?@NDBI<?Q@?DIOCDN>C<KO@M
*J><O@LP<GDO<ODQ@EJPMI<G<MOD>G@NOC<O<PN@<I<KMDJMDOC@JMTOC<ODNHJ?DAD@??PMDIBOC@
KMJ>@NNJAM@N@<M>C
=B@I@M<O@JM?@Q@GJK< OC@JMT<OOC@@I?JAOC@NOP?T
<I?>M@KM@N@IO
?@N>MDKODQ@M@N@<M>CRDOCJPOOC@PN@JA<I@SKGD>DOOC@JM@OD><GHJ?@G
*J><O@<HDS@?H@OCJ?NNOP?TOC<OPN@N<OC@JM@OD><GG@IN
NP>C<N<A@HDIDNO
@OCID> M<>D<G
JM >G<NN K@MNK@>ODQ@ '?@IODAT NK@>DAD><GGT CJR OC@ G@IN NC<K@N OC@ NO@KN O<F@I DI OC@ M@N@<M>C
KMJ>@NN
PNDIB JS<N<BPD?@

$GDI?@MN
" (
+DGGN
% # #?N '2/9<C +8. -98-/:>= 38 ;?+63>+>3@/ </=/+<-2
#/<=:/->3@/= 0<97 >2/ 03/6. ,@R 7JMF 2@<>C@MN !JGG@B@ .M@NN
2@<>C@MN !JGG@B@
!JGPH=D<
3IDQ@MNDOT
"<QD? $GDI?@MN <I? %@JAAM@T +DGGN C<Q@ @?DO@? < =JJF <=JPO K@MNK@>ODQ@N AMJH OC@ AD@G?Y
\OC@JMT<ORJMF]Y<N?@N>MD=@?=T?DAA@M@IOLP<GDO<ODQ@M@N@<M>C@MN2C@>C<KO@MNDGGPNOM<O@GDOOG@
>JIN@INPN<=JPO?@ADIDIBOC@JMT<I?RC@OC@MDODN<QD>@JMQDMOP@$PMOC@M
OC@JMTJK@M<O@N<O
H<IT G@Q@GN DI M@N@<M>C
NP>C <N AJMH<G OC@JMD@N
@KDNO@HJGJBD><G OC@JMD@N
H@OCJ?JGJBD><G
OC@JMD@N
<I? H@O<OC@JMD@N %DQ@I OCDN ?DQ@MNDOT
DO DN =@NO OJ N@@ <>OP<G OC@JMT <O RJMF DI
LP<GDO<ODQ@ NOP?D@N
<I? OCDN QJGPH@ DGGPNOM<O@N KM<>OD>@ AMJH >MDOD><G
K@MNJI<G
AJMH<G
<I?
@?P><ODJI<G>MDOD>DNH
+@MO@IN
"++DS@?H@OCJ?N<I?OC@KJGDOD>NJACPH<IM@N@<M>C2C@OM<INAJMH<ODQ@
@HDK<OJMTK@MNK@>ODQ@'I 2<NC<FFJMD!2@??GD@#?N
+8.,9959073B/.7/>29.=38
=9-3+6 ,/2+@39<+6</=/+<-2 KK2CJPN<I?-<FN
!1<B@
"JII<+@MO@INM@>JBIDU@NOC<OCDNOJMD><GGT
M@N@<M>CH@OCJ?NC<Q@IJO>JI>@MI@?OC@HN@GQ@N
RDOC OC@ DNNP@N JA OC@ KJGDOD>N JA CPHC <I? NJ>D<G EPNOD>@ &@M >C<KO@M @SKGJM@N OC@
OM<INAJMH<ODQ@@HDK<OJMTK<M<?DBHJAM@N@<M>C<N<AM<H@RJMFJMG@INAJMHDS@?H@OCJ?N
M@N@<M>C <N DO C<N @H@MB@? AMJH N>CJG<MN AMJH ?DQ@MN@ @OCID> M<>D<G BMJPKN
K@JKG@ RDOC
?DN<=DGDOD@N
<I? A@HDIDNON PIDLP@ <NK@>O JA C@M >C<KO@M DN CJR NC@ R@<Q@N OJB@OC@M OCDN
K<M<?DBHJAOCDIFDIB<I?OC@NO@KNDIOC@KMJ>@NNJA>JI?P>ODIBHDS@?H@OCJ?NM@N@<M>C
2CJH<N
%5C<O[NOC@PN@JAOC@JMT +<@+<..?-+>398+6%/@3/A

%<MT2CJH<NKM@N@ION<M@<NJI@?>MDODLP@JAOC@PN@JAOC@JMTDI@?P><ODJI<GDILPDMT&@IJO@N
OC@ Q<MDJPN ?@ADIDODJIN JA OC@JMT <I? H<KN JPOAJPM=MJ<? PN@N JA OC@JMT < <N OCDIFDIB <I?
M@AG@>ODJI
= <N ODBCO@M JM GJJN@M CTKJOC@N@N
> <N @SKG<I<ODJIN AJM <??DIB OJ FIJRG@?B@ DI
?DAA@M@IOAD@G?N
<I??<NAJMH<GGT@SKM@NN@?NO<O@H@IONDIN>D@I>@&<QDIBIJO@?OC@N@PN@N
C@ OC@I @H=M<>@N OC@ OC@NDN OC<O OC@JMT PII@>@NN<MDGT NOMP>OPM@N <I? >JINOM<DIN OCJPBCO
'INO@<?
D?@<N NCJPG? =@ DI < >JINO<IO AGPS <I? NCJPG? =@ \<? CJ>@MT
] <N >C<M<>O@MDU@? =T
2JAAG@M
$(&#)&
+@7B7<5'B@/B3573A/<2B671/:=<A723@/B7=<A
@AJM@?@NDBIDIB<KMJKJN<G
DODNDHKJMO<IOOJC<Q@<ID?@<JAOC@B@I@M<GNOMP>OPM@JMJPOGDI@
JA OC@ OJKD>N <I? OC@DM JM?@M 2C@ NOMP>OPM@ RDGG ?DAA@M ?@K@I?DIB JI RC@OC@M TJP RMDO@ <
LP<IODO<ODQ@
LP<GDO<ODQ@
JM HDS@? H@OCJ?N KMJE@>O IJOC@M B@I@M<G >JIND?@M<ODJI DN OJ =@
<R<M@ JA BJJ? RMDODIB KM<>OD>@N OC<O RDGG C@GK OJ @INPM@ < >JINDNO@IO <I? CDBCGT M@<?<=G@
KMJKJN<G <I? M@N@<M>C KMJE@>O 2CMJPBCJPO OC@ KMJE@>O
DO DN DHKJMO<IO OJ @IB<B@ DI @OCD><G
KM<>OD>@N<I?OJ<IOD>DK<O@RC<O@OCD><GDNNP@NRDGGGDF@GT<MDN@2CDN>C<KO@MKMJQD?@NJPOGDI@NAJM
OC@ JQ@M<GG NOMP>OPM@JAKMJKJN<GN
RMDODIB KM<>OD>@N OC<O H<F@ OC@H @<NT OJ M@<?
<I? @OCD><G
DNNP@NOC<OI@@?OJ=@>JIND?@M@?<NOC@KMJKJN<GN<M@RMDOO@I
+&("($&#$#'
'31B7=<A7</$@=>=A/:
'O DN C@GKAPG OJ >JIND?@M OC@ OJKD>N OC<O RDGG BJ DIOJ < KMJKJN<G GG OC@ OJKD>N I@@? OJ =@
DIO@MM@G<O@?<I?KMJQD?@<>JC@NDQ@KD>OPM@JAOC@@IODM@KMJE@>OIJPOGDI@DNC@GKAPG
=POOC@
OJKD>NRDGG?DAA@M?@K@I?DIBJIRC@OC@MOC@KMJKJN<GDNAJM<LP<GDO<ODQ@
LP<IODO<ODQ@
JMHDS@?
H@OCJ?NNOP?T'IOCDN>C<KO@M
'<?Q@JPOGDI@NAJMN@>ODJINJA<KMJKJN<G
<N<IJQ@MQD@RJA
OC@KMJ>@NN'IDI?DQD?P<G>C<KO@MNOJAJGGJR
OC@N@>ODJINRDGG=@?@O<DG@?APMOC@M
-Q@M<GG
CJR@Q@M
OC@M@<M@>@IOM<G<MBPH@IONOC<OAM<H@<ITKMJKJN<G2C@T<M@DIOMJ?P>@?<N
IDI@>@IOM<G<MBPH@ION=T+<SR@GG'KJN@OC@HC@M@<NLP@NODJINOJ=@<??M@NN@?DI<
N>CJG<MGTKMJKJN<G
5C<O?JM@<?@MNI@@?
OJ=@OO@MPI?@MNO<I?TJPMOJKD>
5C<O?JM@<?@MNFIJRGDOOG@<=JPODIO@MHNJATJPMOJKD>
5C<O?JTJPKMJKJN@OJNOP?T
5C<ODNOC@N@OODIB<I?RCJ<M@OC@K@JKG@OC<OTJPRDGGNOP?T
5C<OH@OCJ?N?JTJPKG<IOJPN@OJKMJQD?@?<O<
&JRRDGGTJP<I<GTU@OC@?<O<
&JRRDGGTJPQ<GD?<O@TJPMADI?DIBN
5C<O@OCD><GDNNP@NRDGGTJPMNOP?TKM@N@IO
5C<O?JKM@GDHDI<MTM@NPGONNCJR<=JPOOC@KM<>OD><=DGDOT<I?Q<GP@JAOC@KMJKJN@? NOP?T
2C@N@IDI@LP@NODJIN
DA<?@LP<O@GT<??M@NN@?DIJI@N@>ODJIAJM@<>CLP@NODJI
>JINODOPO@OC@
AJPI?<ODJIJABJJ?M@N@<M>C
<I?OC@T>JPG?KMJQD?@OC@JQ@M<GGNOMP>OPM@AJM<KMJKJN<G2C@
DI>GPNDJI JA Q<GD?<ODIB ADI?DIBN
@OCD><G >JIND?@M<ODJIN OJ =@ <??M@NN@? NCJMOGT
OC@ I@@? AJM
KM@GDHDI<MT M@NPGON
<I? @<MGT @QD?@I>@ JA KM<>OD><G NDBIDAD>@ AJ>PN < M@<?@M[N <OO@IODJI JI
F@T@G@H@IONJAO@IJQ@MGJJF@?DI?DN>PNNDJIN<=JPOKMJKJN@?KMJE@>ON
=@;/B4=@/%C/:7B/B7D3$@=>=A/:
'I OC@ GDBCO JA OC@N@ KJDION
' KMJKJN@ ORJ <GO@MI<ODQ@ HJ?@GN #S<HKG@ DN ?M<RI AMJH <
>JINOMP>ODQDNO DIO@MKM@ODQDNO K@MNK@>ODQ@
RC@M@<N #S<HKG@ DN =<N@? HJM@ JI <>T K<MOD>DK<OJMTHJ?@GJALP<GDO<ODQ@M@N@<M>C
F/;>:3 $?+63>+>3@/98=><?->3@3=>8>/<:</>3@3=>9<7+>
'IOMJ?P>ODJI
1O<O@H@IOJAOC@KMJ=G@HDI>GP?DIB@SDNODIBGDO@M<OPM@<=JPOOC@KMJ=G@H
NDBIDAD>@JAOC@
NOP?T
.PMKJN@JAOC@NOP?T<I?CJRNOP?TRDGG=@?@GDHDO@?
2C@M@N@<M>CLP@NODJIN
.MJ>@?PM@N
.CDGJNJKCD><G<NNPHKODJINJALP<GDO<ODQ@M@N@<M>C
/P<GDO<ODQ@M@N@<M>CNOM<O@BT
0JG@JAOC@M@N@<M>C@M
"<O<>JGG@>ODJIKMJ>@?PM@N
1OM<O@BD@NAJMQ<GD?<ODIBADI?DIBN
.MJKJN@?I<MM<ODQ@NOMP>OPM@JAOC@NOP?T
IOD>DK<O@?@OCD><GDNNP@N
.M@GDHDI<MTKDGJOADI?DIBN DA<Q<DG<=G@
#SK@>O@?JPO>JH@N
KK@I?DS@N'IO@MQD@RLP@NODJIN
J=N@MQ<ODJI<GAJMHN
ODH@GDI@
<I?KMJKJN@?=P?B@O
'I OCDN @S<HKG@

OC@ RMDO@M DI>GP?@N JIGT ORJ H<EJM N@>ODJIN
OC@ DIOMJ?P>ODJI <I? OC@
KMJ>@?PM@NM@QD@RJAOC@GDO@M<OPM@H<T=@ DI>GP?@?
=PODODNJKODJI<G
<I?
<N?DN>PNN@?DI
!C<KO@M
OC@GDO@M<OPM@H<T=@DI>GP?@?OJ<BM@<O@M@SO@IO<OOC@@I?JAOC@NOP?TJMDIOC@
@SK@>O@?JPO>JH@NN@>ODJI'C<Q@<??@?N@>ODJINOC<OH<T<OADMNON@@HPIPNP<G"@Q@GJKDIB<
ODH@GDI@ AJM OC@ NOP?T <I? KM@N@IODIB < KMJKJN@? =P?B@O KMJQD?@ PN@APG DIAJMH<ODJI OJ
BM<?P<O@>JHHDOO@@N
<GOCJPBCOC@N@N@>ODJIN<M@OTKD><GGTIJOAJPI?DIJPOGDI@NAJMKMJKJN<GN
F/;>:3
/P<GDO<ODQ@?QJ><>T .<MOD>DK<OJMT$JMH<O
'IOMJ?P>ODJI
1O<O@H@IOJAOC@ KMJ=G@HDI>GP?DIBOC@<?QJ><>T K<MOD>DK<OJMTDNNP@=@DIB<??M@NN@?

@SDNODIB
GDO@M<OPM@<=JPOOC@KMJ=G@H
NDBIDAD>@JANOP?T
.PMKJN@JAOC@NOP?T<I??@GDHDO<ODJINJAOC@NOP?T
2C@M@N@<M>CLP@NODJIN
.MJ>@?PM@N
.CDGJNJKCD><G<NNPHKODJINJALP<GDO<ODQ@M@N@<M>C
/P<GDO<ODQ@M@N@<M>CNOM<O@BT
0JG@JAOC@M@N@<M>C@M
"<O<>JGG@>ODJIKMJ>@?PM@NDI>GP?DIBOC@>JGG<=JM<ODQ@<KKMJ<>C@NPN@?RDOCK<MOD>DK<ION
"<O<M@>JM?DIBKMJ>@?PM@N
"<O<<I<GTNDNKMJ>@?PM@N
1OM<O@BD@NAJMQ<GD?<ODIBADI?DIBN
,<MM<ODQ@NOMP>OPM@
IOD>DK<O@?@OCD><GDNNP@N
1DBIDAD>@JAOC@NOP?T
.M@GDHDI<MTKDGJOADI?DIBNDA<Q<DG<=G@
#SK@>O@?<?QJ><>T K<MOD>DK<OJMT>C<IB@N
KK@I?DS@N'IO@MQD@RLP@NODJIN
J=N@MQ<ODJI<GAJMHN
ODH@GDI@
<I? KMJKJN@?=P?B@O
2CDN AJMH<O DN NDHDG<M OJ OC@ >JINOMP>ODQDNO DIO@MKM@ODQDNO AJMH<O @S>@KO OC<O OC@ DILPDM@M
D?@IODAD@N < NK@>DAD> <?QJ><>T K<MOD>DK<OJMT DNNP@ =@DIB @SKGJM@? DI OC@ NOP?T @B
H<MBDI<GDU<ODJI
@HKJR@MH@IO
<?Q@N < >JGG<=JM<ODQ@ AJMH JA ?<O< >JGG@>ODJI
<I?
H@IODJINOC@<IOD>DK<O@?>C<IB@NOC<OOC@M@N@<M>CNOP?TRDGGGDF@GT=MDIB
=@;/B4=@/%C/<B7B/B7D3$@=>=A/:
$JM<LP<IODO<ODQ@NOP?T
OC@AJMH<O>JIAJMHNOJN@>ODJINOTKD><GGTAJPI?DILP<IODO<ODQ@NOP?D@N
M@KJMO@? DI EJPMI<G <MOD>G@N 2C@ AJMH B@I@M<GGT AJGGJRN OC@ HJ?@G JA ODJI
<
GDO@M<OPM@ M@QD@R
H@OCJ?N
M@NPGON
<I? ?DN>PNNDJI 'I KG<IIDIB < LP<IODO<ODQ@ NOP?T <I?
?@NDBIDIB<?DNN@MO<ODJIKMJKJN<G
>JIND?@MOC@AJGGJRDIBAJMH<OOJNF@O>COC@JQ@M<GGKG<IN@@
#S<HKG@
F/;>:3$?+8>3>+>3@/9<7+>
'IOMJ?P>ODJI
1O<O@H@IOJAOC@KMJ=G@HDNNP@
NDBIDAD>@JADNNP@
.PMKJN@JAOC@NOP?T<I??@GDHDO<ODJIN
2C@JM@OD><GK@MNK@>ODQ@
0@N@<M>CLP@NODJINJMCTKJOC@N@N
0@QD@RJAOC@GDO@M<OPM@
+@OCJ?N
2TK@JAM@N@<M>C?@NDBI
.JKPG<ODJI
N<HKG@
<I?K<MOD>DK<ION
"<O<>JGG@>ODJIDINOMPH@ION
Q<MD<=G@N
<I?H<O@MD<GN
"<O<<I<GTNDNKMJ>@?PM@N
IOD>DK<O@?@OCD><GDNNP@NDIOC@NOP?T
.M@GDHDI<MTNOP?D@NJMKDGJOO@NON
KK@I?DS@N'INOMPH@ION
ODH@GDI@
<I?KMJKJN@?=P?B@O
#S<HKG@DN<NO<I?<M?AJMH<OAJM<NJ>D<GN>D@I>@NOP?T
<GOCJPBCOC@JM?@MJAOC@N@>ODJIN
@NK@>D<GGT DI OC@ DIOMJ?P>ODJI

H<T Q<MT AMJH NOP?T OJ NOP?T N@@
AJM @S<HKG@
+DGG@M

0P?@NO<H,@ROJI
'OKM@N@ION<PN@APGHJ?@GAJM?@NDBIDIBOC@N@>ODJINAJM<KG<IAJM
<?DNN@MO<ODJIJMNF@O>CDIBOC@OJKD>NAJM<N>CJG<MGTNOP?T
=@;/B4=@/!7F32!3B6=2A$@=>=A/:
'I<HDS@?H@OCJ?N?@NDBIAJMH<O
OC@M@N@<M>C@M=MDIBNOJB@OC@M<KKMJ<>C@NOC<O<M@DI>GP?@?
DI=JOCOC@LP<IODO<ODQ@<I?LP<GDO<ODQ@AJMH<ONN@@!M@NR@GG.G<IJ!G<MF
I@S<HKG@
JANP>C<AJMH<O<KK@<MNDI#S<HKG@<?<KO@?AMJH!M@NR@GG.G<IJ!G<MF

F/;>:3 3B/. />29.=9<7+>

'IOMJ?P>ODJI
2C@M@N@<M>CKMJ=G@H
.<NOM@N@<M>CJIOC@KMJ=G@H
"@AD>D@I>D@NDIK<NOM@N@<M>C<I?JI@?@AD>D@I>TM@G<O@?OJOC@I@@?OJ>JGG@>O=JOCLP<IODO<ODQ@
<I?LP<GDO<ODQ@?<O<
2C@<P?D@I>@NOC<ORDGGKMJADOAMJHOC@NOP?T
.PMKJN@
2C@KPMKJN@JMNOP?T<DHJAOC@KMJE@>O<I?M@<NJINAJM<HDS@?H@OCJ?NNOP?T
2C@ M@N@<M>C LP@NODJIN <I? CTKJOC@N@N LP<IODO<ODQ@ LP@NODJIN JM CTKJOC@N@N

LP<GDO<ODQ@
LP@NODJIN
HDS@?H@OCJ?NLP@NODJIN
.CDGJNJKCD><GAJPI?<ODJINAJMPNDIBHDS@?H@OCJ?NM@N@<M>C
*DO@M<OPM@M@QD@RM@QD@RLP<IODO<ODQ@
LP<GDO<ODQ@
+@OCJ?N
?@ADIDODJIJAHDS@?H@OCJ?NM@N@<M>C
2C@OTK@JA?@NDBIPN@?<I?DON?@ADIDODJI
!C<GG@IB@NDIPNDIBOCDN?@NDBI<I?CJROC@TRDGG=@<??M@NN@?
#S<HKG@NJAPN@JAOC@OTK@JA?@NDBI
0@A@M@I>@<I?DI>GPNDJIJA<QDNP<G?D<BM<H
/P<IODO<ODQ@?<O<>JGG@>ODJI<I?<I<GTNDN
/P<GDO<ODQ@?<O<>JGG@>ODJI<I?<I<GTNDN
+DS@?H@OCJ?N?<O<<I<GTNDNKMJ>@?PM@N
4<GD?DOT<KKMJ<>C@NDI=JOCLP<IODO<ODQ@<I?LP<GDO<ODQ@M@N@<M>C
0@N@<M>C@M[NM@NJPM>@N<I?NFDGGN
.JO@IOD<G@OCD><GDNNP@N
2DH@GDI@AJM>JHKG@ODIBOC@NOP?T
0@A@M@I>@N<I?<KK@I?DS@NRDOCDINOMPH@ION
KMJOJ>JGN
QDNP<GN
2CDNAJMH<ONCJRNOC<OOC@M@N@<M>C@MKJN@N=JOC<KPMKJN@NO<O@H@IO<I?M@N@<M>CLP@NODJIN
AJM LP<IODO<ODQ@ <I?LP<GDO<ODQ@ >JHKJI@ION
<NR@GG <N HDS@? >JHKJI@ION 'O DN DHKJMO<IO OJ
NK@>DAT@<MGTDIOC@KMJKJN<GOC@M@<NJINAJMOC@HDS@?H@OCJ?N<KKMJ<>C<I?OJD?@IODATF@T
@G@H@ION JA OC@ ?@NDBI
NP>C <N OC@ OTK@ JA HDS@? H@OCJ?N NOP?T
< QDNP<G KD>OPM@ JA OC@
KMJ>@?PM@N
<I?=JOCOC@LP<IODO<ODQ@<I?LP<GDO<ODQ@?<O<>JGG@>ODJIKMJ>@?PM@N<I?<I<GTNDN
3A75<7<5B63'31B7=<A=4/$@=>=A/:
&@M@<M@N@Q@M<G @3A3/@16B7>A OC<O'BDQ@OJNOP?@ION<=JPO?@NDBIDIBOC@JQ@M<GGNOMP>OPM@JA<
KMJKJN<G
^ 1K@>DATOC@N@>ODJIN@<MGTDIOC@?@NDBIJA<KMJKJN<G5JMFJIJI@N@>ODJIRDGGJAO@IKMJHKO
D?@<N AJM JOC@M N@>ODJIN $DMNO ?@Q@GJK C N@>ODJI
M<KD?GT
OJB@OD?@<N?JRIJIK<K@M2C@IM@ADI@OC@N@>ODJIN<NTJP >JIND?@MDIHJM@?@O<DGOC@
DIAJMH<ODJIOC<ONCJPG?BJDIOJ@<>CJI@
^$DI?KMJKJN<GNOC<OJOC@MNOP?@IONC<Q@<POCJM@?PI?@MTJPM<?QDN@M<I?GJJF<OOC@H>GJN@GT
NFTJPM<?QDN@MAJM>JKD@NJAKMJKJN<GNOC<OC@JMNC@@NK@>D<GGTGDF@?<I?A@GOR@M@N>CJG<MGT
KMJ?P>ONOJO<F@OJ>JHHDOO@@N1OP?TOC@OJKD>N<??M@NN@?<I?OC@DMJM?@M<NR@GG<NOC@G@Q@G
JA?@O<DGPN@?DI>JHKJNDIBOC@KMJKJN<G
^"@O@MHDI@RC@OC@MTJPMKMJBM<HJMDINODOPODJIJAA@MN<>JPMN@JIKMJKJN<G?@Q@GJKH@IOJM
NJH@ NDHDG<M OJKD> -AO@I NP>C < >G<NN RDGG =@ C@GKAPG <N < NPKKJMO NTNO@H AJM TJPM KMJE@>O <N
R@GG<NKMJQD?DIBDI?DQD?P<GNOC<O><IM@<>OOJTJPMKMJKJN<GD?@<N<NOC@T?@Q@GJK
^1DO?JRIRDOCTJPM<?QDN@M<I?BJJQ@MCDNJMC@MKM@A@MM@?AJMH<OAJM<KMJKJN<G2C@JM?@M
JAN@>ODJINAJPI?DIKP=GDNC@?EJPMI<G<MOD>G@NH<TIJOKMJQD?@OC@DIAJMH<ODJI?@NDM@?=TTJPM
<?QDN@MJMBM<?P<O@>JHHDOO@@
+&("'
-Q@MOC@T@<MN
'C<Q@>JGG@>O@?=JJFNJICJROJRMDO@
<I?'OTKD><GGTC<Q@<I@RJI@OC<O'<H
M@<?DIB<N'RJMFJIHTM@N@<M>CKMJE@>ONN'RJMFJIOCDNOCDM?@?DODJI
'<HM@<?DIB %/+.381
35/ + *<3>/< =T $MDI@ .MJN@ .MJN@
T M@<?DIB =JJFN NP>C <N OCDN
' <H >JINO<IOGT
M@HDI?@?JABJJ?RMDODIBKMDI>DKG@NOC<OI@@?OJBJDIOJHTM@N@<M>CRMDODIB+T=JJFNNK<I<
RD?@NK@>OMPH
AMJHKMJA@NNDJI<GOM<?@=JJFNOJ<><?@HD>RMDODIB=JJFN'IOCDNN@>ODJI
'C<Q@
@SOM<>O@?OC@F@TD?@<NOC<OC<Q@=@@IH@<IDIBAPGOJH@AMJHH<ITA<QJMDO@RMDODIB=JJFNOC<O
'C<Q@PN@?
+@7B7<5/A(67<97<5
-I@NDBIJADI@SK@MD@I>@?RMDO@MNDNOC<OOC@TKM@A@MOJ?DN>PNNOC@DMKMJKJN@?NOP?TM<OC@MOCJHH@I?OC@AJGGJRDIB
^ +<6C 38 >2/ :<9-/== 90 </=/+<-2 A<3>/ 3./+= .9A8 <+>2/< >2+8 >+65 +,9?> >2/7 5MDODIB
NK@>D<GDNONN@@RMDODIB<NOCDIFDIB <DG@T
8DINN@M?DN>PNN@NOC@I@@?OJB@ORJM?N
JPOJAJPMC@<?N<I?JIOJK<K@M?QDN@MNM@<>O=@OO@MRC@IOC@TM@<?OC@D?@<NJIK<K@MOCPNN < M@N@<M>C OJKD> RDOC < NOP?@IO JM >JGG@<BP@ 5C@I < M@N@<M>C@M
M@I?@MND?@<NJIK<K@M
<M@<?@M><IQDNP<GDU@OC@ADI<GKMJ?P>O
<>OP<GGTN@@CJRDOGJJFN
<I?
=@BDIOJ>G<MDATD?@<N2C@>JI>@KOJARJMFDIBD?@<NJPOJIK<K@MC<NN@MQ@?H<IT@SK@MD@I>@?
RMDO@MN R@GG @AJM@ ?@NDBIDIB < KMJKJN<G
?M<AO < JI@ OJORJK<B@ JQ@MQD@R JA TJPM KMJE@>O
<I?C<Q@TJPM<?QDN@M<KKMJQ@OC@?DM@>ODJIJATJPMKMJKJN@?NOP?T2CDN?M<AOHDBCO>JIO<DI
OC@@NN@IOD<GDIAJMH<ODJIOC@M@N@<M>CKMJ=G@H=@DIB<??M@NN@?
OC@KPMKJN@JAOC@NOP?T
OC@
>@IOM<G LP@NODJIN =@DIB <NF@?
OC@ NJPM>@ JA ?<O<
<I? OC@ NDBIDAD>@ JA OC@ KMJE@>O AJM
?DAA@M@IO <P?D@I>@N 'O HDBCO <GNJ =@ PN@APG OJ ?M<AO N@Q@M<G JI@ OJORJK<B@ NO<O@H@ION JI
?DAA@M@IO OJKD>N <I? N@@ RCD>C JI@ TJPM <?QDN@M GDF@N =@NO <I? A@@GN RJPG? H<F@ OC@ =@NO
>JIOMD=PODJIOJTJPMAD@G?
^ *9<5 >2<9?12 =/@/<+6 .<+0>= 90 + :<9:9=+6 <+>2/< >2+8 ><C381 >9 :963=2 >2/ 03<=> .<+0> 'O DN
DGGPHDI<ODIBOJN@@CJRK@JKG@OCDIFJIK<K@M8DINN@MD?@IODAD@?ORJOTK@NJARMDO@MN
OC@\=MD>FG<T@M
]RCJH<F@N@Q@MTK<M<BM<KCEPNOMDBCO=@AJM@BJDIBJIOJOC@I@SOK<M<BM<KC
<I?OC@\G@ODO<GGC<IBJPOJIOC@ADMNO?M<AO]RMDO@M

RCJRMDO@N<I@IODM@ADMNO?M<AOIJO><MDIB
CJRNGJKKTDOGJJFNJMCJR=<?GTDODNRMDOO@I'I=@OR@@IRJPG?=@NJH@JI@GDF@.@O@M#G=JR
#G=JR

RCJ M@>JHH@I?N OC<OJI@ NCJPG? BJ OCMJPBC OC@ DO@M<ODQ@ KMJ>@NN JA RMDODIB
M@QD@RDIB
<I?M@RMDODIB&@>DO@NOCDN@S@M>DN@5DOCJIGTCJPMOJRMDO@<K<NN<B@
RMDO@AJPM
?M<AONJI@@Q@MTHDIPO@NM<OC@MOC<IJI@?M<AOOTKD><GGTDIOC@G<NOHDIPO@N?PMDIBOC@
CJPM +JNO @SK@MD@I>@? M@N@<M>C@MN RMDO@ OC@ ADMNO ?M<AO ><M@APGGT =PO ?J IJO RJMF AJM <
KJGDNC@??M<AOOC@KJGDNC>JH@NM@G<ODQ@GTG<O@DIOC@RMDODIBKMJ>@NN
^ 989>/.3>C9?<:<9:9=+6+>>2//+<6C.<+0>=>+1/'INO@<?
>JIND?@M$M<IFGDI[NOCM@@
NO<B@HJ?@G
RCD>C'C<Q@AJPI?PN@APGDI?@Q@GJKDIBKMJKJN<GN<I?DIHTN>CJG<MGTRMDODIB
$DMNO
?@Q@GJK<IJPOGDI@YDO>JPG?=@<N@IO@I>@JMRJM?JPOGDI@JM<QDNP<GH<K
5MDO@ JPO < ?M<AO <I? OC@I NCDAO <I? NJMO D?@<N
HJQDIB <MJPI? @IODM@ K<M<BM<KCN DI OC@
H<IPN>MDKO
$DI<GGT
@?DO<I?KJGDNC@<>CN@IO@I>@
(63/07B=4+@7B7<5
#NO<=GDNCOC@?DN>DKGDI@JM 6/07B =4 E@7B7<5 DI<M@BPG<M<I?>JIODIPJPNR<TJITJPMKMJKJN<G

GOCJPBC N@OODIB <ND?@ < >JHKG@O@? ?M<AO JA OC@ KMJKJN<G AJM < ODH@ H<T KMJQD?@ NJH@
K@MNK@>ODQ@OJM@QD@RTJPMRJMF=@AJM@ADI<GKJGDNCDIB
<NO<MO<I?NOJKKMJ>@NNJARMDODIBJAO@I
?DNMPKON OC@ AGJR JA RJMF 'O H<T OPMI < R@GGH@<IDIB M@N@<M>C@M DIOJ RC<O ' ><GG < R@@F@I?
RMDO@M
C JI R@@F@I?N <AO@M <GG OC@
\DHKJMO<IO] RJMF JA OC@ R@@F C<N =@@I <>>JHKGDNC@? !JIODIP<G RJMF JI OC@ KMJKJN<G DN
RMDODIB NJH@OCDIB @<>C ?<T JM <O G@<NO =@DIB @IB<B@? ?<DGT DI OC@ KMJ>@NN@N JA OCDIFDIB
>JGG@>ODIBDIAJMH<ODJI
<I?M@QD@RDIBOC<OBJ@NDIOJH<IPN>MDKO<I?KMJKJN<GKMJ?P>ODJI
1@G@>O<ODH@JA?<TOJRJMFOC<ODN=@NOAJMTJP
OC@IPN@?DN>DKGDI@OJRMDO@<OOCDNODH@@<>C
?<T!CJJN@<KG<>@AM@@JA?DNOM<>ODJIN JD>@
KKJAA@MND?@<N<=JPO@NO<=GDNCDIB
BJJ?RMDODIBC<=DON
^ 5DOC OC@ <D? JA OC@ KMDJMDOT KMDI>DKG@

H<F@ RMDODIB < ?<DGT <>ODQDOT
M@B<M?G@NN JA HJJ?
M@B<M?G@NNJAM@<?DI@NNOJRMDO@
^'ATJPA@@GTJP?JIJOC<Q@ODH@AJMM@BPG<MRMDODIB
=@BDI=T>C<MODIBTJPM?<DGT<>ODQDOD@NAJM<
R@@FJMORJDIC<GACJPM=GJ>FN'O[N GDF@GTTJP[GGADI?<ODH@OJRMDO@
^5MDO@RCDG@TJP<M@AM@NC
^QJD?RMDODIBDI=DIB@N
^5MDO@DINH<GG
M@BPG<M<HJPION
^ 1>C@?PG@ RMDODIB O<NFN NJ OC<O TJP KGDAD>
H<I<B@<=G@ PIDON JA RMDODIB DI
@<>CN@NNDJI
^ )@@K ?<DGT >C<MON %M<KC <O G@<NO OCM@@ OCDIBN < ODH@ NK@IO RMDODIB
= K<B@ @LPDQ<G@ION
ADIDNC@?
<I?>K@M>@IO<B@JAKG<II@?O<NF>JHKG@O@?
^.G<I=@TJI??<DGTBJ<GN
^1C<M@TJPMRMDODIBRDOCNPKKJMODQ@
>JINOMP>ODQ@AMD@I?NPIODGTJPA@@GM@<?TOJBJKP=GD>
^ 2MT OJ RJMF JI ORJ JM OCM@@ RMDODIB KMJE@>ON >JI>PMM@IOGT NJ OC<O TJP ?J IJO =@>JH@
JQ@MGJ<?@?RDOC<ITJI@KMJE@>O
'ODN<GNJDHKJMO<IOOJ<>FIJRG@?B@OC<ORMDODIBHJQ@N<GJIBNGJRGT<I?OC<O<RMDO@MHPNO@<N@
DIOJ RMDODIB *DF@ OC@ MPII@M RCJ NOM@O>C@N =@AJM@ < MJ<? M<>@
OC@ RMDO@M I@@?N R<MHPK
@S@M>DN@N AJM =JOC OC@ HDI? <I? OC@ ADIB@MN 1JH@ G@DNPM@GT RMDODIB <>ODQDOT
NP>C <N RMDODIB <
G@OO@M OJ < AMD@I?
=M<DINOJMHDIB JI OC@ >JHKPO@M
M@<?DIB NJH@ BJJ? RMDODIB
JM NOP?TDIB <
A<QJMDO@ KJ@H
>OP<G O<NF JA RMDODIB @<ND@M ' <H M@HDI?@? JA (JCI 1O@DI=@>F[N
\R<MHPK K@MDJ?] K ?@N>MD=@? DI ?@O<DG DI 9?<8+6 90 + !9@/6 '2/ +=> 90 ./8
/>>/<= 1O@DI=@>F =@BC RMDODIB ?<T =T RMDODIB < G@OO@M OJ CDN @?DOJM <I? >GJN@ AMD@I?
.<N><G!JQD>D
DI<G<MB@IJO@=JJFNPKKGD@?=T!JQD>D
-OC@M@S@M>DN@NH<TKMJQ@PN@APG<NR<MHPKN!<MMJGGKMJQD?@N@S<HKG@NJA@S@M>DN@NOJ

DHKMJQ@<RMDO@M[N>JIOMJGJQ@M?@N>MDKODQ@<I?@HJODQ@K<NN<B@N
^"@N>MD=@<IJ=E@>O=TDONK<MON<I??DH@INDJIN
RDOCJPOADMNOO@GGDIBOC@M@<?@MDONI<H@
^5MDO@<>JIQ@MN<ODJI=@OR@@IORJK@JKG@JI<IT?M<H<OD>JMDIOMDBPDIBNP=E@>O
^5MDO@<N@OJA?DM@>ODJINAJM<>JHKGD><O@?O<NF
^2<F@<NP=E@>O<I?RMDO@<=JPODOOCM@@?DAA@M@IOR<TNKK
2CDN G<NO @S@M>DN@ N@@HN <KKMJKMD<O@ AJM LP<GDO<ODQ@ M@N@<M>C@MN RCJ <I<GTU@ OC@DM ?<O< AJM
HPGODKG@>J?@N<I?OC@H@NN@@!C<KO@MAJMLP<GDO<ODQ@?<O<<I<GTNDN
!JIND?@M <GNJ OC@ RMDODIB DHKG@H@ION <I? OC@ KCTND><G GJ><ODJI OC<O <D? OC@ KMJ>@NN JA
?DN>DKGDI@? RMDODIB 2C@ DHKG@H@IONY< >JHKPO@M
< T@GGJR G@B<GNDU@? K<?
< A<QJMDO@ K@I
<
K@I>DG
@Q@I >JAA@@ <I? 2MDN>PDON 5JG>JOO
YJAA@M OC@ RMDO@M JKODJIN AJM R<TN OJ =@
>JHAJMO<=G@RC@IRMDODIB2C@KCTND><GN@OODIB><I<GNJC@GKIID@"DGG<M?
OC@.PGDOU@MKMDU@
RDIIDIBIJQ@GDNO
<QJD?@?<KK@<GDIBRJMFKG<>@N
-I@ R<ION < MJJH RDOC IJ QD@R

NJ DH<BDI<ODJI >JPG?IJO
N@@AMJH @DOC@MRDI?JR-I>@
ADAO@@IT@<MN<BJ
'RMJO@DI<>DI?@M=GJ>F>@GGJQ@M<K<MFDIBGJO
'O JQ@MGJJF@? < O<M<I?BM<Q@G MJJA 2CDN KDI@ NC@? PI?@M OM@@N DN IJO LPDO@ NJ BJJ? <N OC@
>DI?@M=GJ>FNOP?TR<N
=PODORDGG?J"DGG<M?

KK
&3/2/07:7BG=4B63!/<CA1@7>B
@AJM@=@BDIIDIBOC@RMDODIBJA<KMJKJN<G
>JIND?@MCJRTJPRDGG@IC@OC@M@<?<=DGDOTJADO
AJM JOC@M K@JKG@ 2C@ . #?,63-+>398 +8?+6 ?DN>PNN@N JINDNO@IO O@MHN

< NO<BDIB <I? AJM@NC<?JRDIB JA D?@<N
<I? >JC@M@I>@
=PDGODIOJOC@KG/8> >/<7= OCMJPBCJPO OC@ KMJKJN<G 3N@ OC@ N<H@ O@MH @<>C ODH@ < Q<MD<=G@ DN
H@IODJI@?DI<LP<IODO<ODQ@NOP?TJM<>@IOM<GKC@IJH@IJIDI<LP<GDO<ODQ@NOP?T0@AM<DIAMJH
PNDIB NTIJITHN AJM OC@N@ O@MHN
< KMJ=G@H OC<O ><PN@N OC@ M@<?@M OJ RJMF <O PI?@MNO<I?DIB
OC@H@<IDIBJAD?@<N<I?OJHJIDOJMNP=OG@NCDAONDIH@<IDIB
^ !JIND?@M CJR I<MM<ODQ@ OCJPBCON JA ?DAA@M@IO OTK@N BPD?@ < M@<?@M 2CDN >JI>@KO R<N
<?Q@?=T2<MNCDN
RCJM@>JHH@I?@?OC<ORMDO@MNNO<B@OCJPBCONOJBPD?@M@<?@MN
2C@N@R@M@JAAJPMOTK@N
3H=M@GG<OCJPBCONYOC@B@I@M<GJM>JM@D?@<NJI@DNOMTDIBOJB@O<>MJNN
DB OCJPBCON DI RMDODIBYNK@>DAD> D?@<N JM DH<B@N OC<O A<GG RDOCDI OC@ M@<GH JA PH=M@GG<
OCJPBCON<I?N@MQ@OJM@DIAJM>@
>G<MDAT
JM@G<=JM<O@PKJIOC@PH=M@GG<OCJPBCON
*DOOG@OCJPBCONYD?@<NJMDH<B@NRCJN@>CD@AAPI>ODJIDNOJM@DIAJM>@=DBOCJPBCON
OO@IODJI JM DIO@M@NO OCJPBCONYD?@<N RCJN@ KPMKJN@N <M@ OJ F@@K OC@ M@<?@M JI OM<>F
JMB<IDU@D?@<N
<I?F@@K<IDI?DQD?P<G[N<OO@IODJI
@BDIIDIBM@N@<M>C@MNN@@HOJNOMPBBG@HJNORDOCPH=M@GG<<I?<OO@IODJIOCJPBCONKMJKJN<G
H<T DI>GP?@ OJJ H<IT PH=M@GG< D?@<N
RDOC OC@ >JIO@IO IJO NPAAD>D@IOGT ?@O<DG@? OJ NPKKJMO
G<MB@ D?@<N 2CDN HDBCO J>>PM DI < GDO@M<OPM@ M@QD@R DI RCD>C OC@ M@N@<M>C@M I@@?N OJ KMJQD?@
A@R@M NH<GG N@>ODJIN <I? HJM@ G<MB@M N@>ODJIN OC<O OD@ OJB@OC@M G<MB@ =J?D@N JA GDO@M<OPM@
>G@<M H<MF JA OCDN KMJ=G@H DN < >JIODIP<G NCDAO JA D?@<N AMJH JI@ H<EJM D?@< OJ <IJOC@M DI <
H<IPN>MDKO -AO@I
JI@ RDGG N@@ NCJMO K<M<BM<KCN DI DIOMJ?P>ODJIN OJ KMJKJN<GN
GDF@ OCJN@
RMDOO@I=TEJPMI<GDNONDII@RNK<K@M<MOD>G@N2CDIFDIBDIO@MHNJA<?@O<DG@?I<MM<ODQ@OJNPKKJMO
PH=M@GG<D?@<NH<TC@GKOCDNKMJ=G@H
OO@IODJIOCJPBCON
OCJN@OC<OKMJQD?@JMB<IDU<ODJI<GNO<O@H@IONOJBPD?@OC@M@<?@M
<M@<GNJ
I@@?@?0@<?@MNI@@?MJ<?NDBINOJBPD?@OC@HAMJHJI@H<EJMD?@<OJOC@I@SO!C<KO@MN
<I? JA OCDN =JJF ?DN>PNN H<EJM MJ<? NDBIN DI M@N@<M>C
NP>C <N KPMKJN@ NO<O@H@ION <I?
M@N@<M>CLP@NODJIN<I?CTKJOC@N@NIJMB<IDUDIBK<M<BM<KCDNJAO@IPN@APG<OOC@=@BDIIDIB
<I?@I?JAGDO@M<OPM@M@QD@RN0@<?@MNI@@?OJN@@OC@JQ@M<GGJMB<IDU<ODJIJAOC@D?@<NOCMJPBC
DIOMJ?P>OJMT K<M<BM<KCN <I? OJ =@ OJG? OC@ HJNO N<GD@IO KJDION OC@T NCJPG? M@H@H=@M DI <
NPHH<MT
^3N@ -92/</8-/ OJ<??OJOC@M@<?<=DGDOTJAOC@H<IPN>MDKO =63@3<137<E@7B7<5 H@<INOC<O

OC@D?@<NOD@OJB@OC@M<I?GJBD><GGTAGJRAMJHJI@N@IO@I>@OJ<IJOC@M<I?AMJHJI@K<M<BM<KC
OJ <IJOC@M $JM @S<HKG@
OC@ M@K@ODODJI JA OC@ N<H@ Q<MD<=G@ I<H@N DI OC@ ODOG@
OC@ KPMKJN@
NO<O@H@IO
OC@M@N@<M>CLP@NODJIN
<I?OC@M@QD@RJAOC@GDO@M<OPM@C@<?DIBNDI<LP<IODO<ODQ@
KMJE@>O DGGPNOM<O@NOCDNOCDIFDIB 2CDN <KKMJ<>C =PDG?N >JC@M@I>@ DIOJOC@NOP?T #HKC<NDUDIB <
>JINDNO@IO JM?@M RC@I@Q@M DI?@K@I?@IO <I? ?@K@I?@IO Q<MD<=G@N <M@ H@IODJI@? <GNJ
M@DIAJM>@NOCDND?@<
-I < HJM@ ?@O<DG@? G@Q@G

>JC@M@I>@ =PDG?N OCMJPBC >JII@>ODIB N@IO@I>@N <I? K<M<BM<KCN DI
OC@ H<IPN>MDKO 8DINN@M NPBB@NON OC<O @Q@MT N@IO@I>@ NCJPG?=@ < GJBD><G N@LP@G OJOC@
JI@ OC<O KM@>@?@? DO 2C@ CJJF<I?@T@ @S@M>DN@ 5DGFDINJI
DN PN@APG AJM >JII@>ODIB
OCJPBCONAMJHN@IO@I>@OJN@IO@I>@<I?K<M<BM<KCOJ K<M<BM<KC
2C@AJGGJRDIBK<NN<B@AMJH<?M<AOJA<NOP?@IO[NKMJKJN<GNCJRN<CDBCG@Q@GJA>JC@M@I>@'O
>JH@NAMJHOC@DIOMJ?P>OJMTN@>ODJIJA<LP<GDO<ODQ@?DNN@MO<ODJIKMJE@>O<=JPO<OMDNFNOP?@ION
'IOCDNK<NN<B@
'C<Q@O<F@IOC@GD=@MOTJA?M<RDIBCJJFN<I?@T@NOJ>JII@>OOC@D?@<NAMJH
N@IO@I>@ OJ N@IO@I>@ <I? AMJH K<M<BM<KC OJ K<M<BM<KC N H@IODJI@?
OC@ J=E@>ODQ@ JA OC@
CJJF<I?@T@ @S@M>DN@ 5DGFDINJI
DN OJ >JII@>O H<EJM OCJPBCON JA @<>C N@IO@I>@ <I?
K<M<BM<KC 'A NP>C < >JII@>ODJI ><IIJO @<NDGT =@ H<?@
OC@ RMDOO@I K<NN<B@ G<>FN >JC@M@I>@
OC@D?@<N<I?OJKD>NNCDAO
<I?OC@RMDO@MI@@?NOJ<??OM<INDODJI<GRJM?N
KCM<N@N
JMN@IO@I>@N
OJ@NO<=GDNC<>G@<M>JII@>ODJI
'IHTKMJKJN<G?@Q@GJKH@IO>G<NN@N
'KMJQD?@<K<NN<B@AMJH<IDIOMJ?P>ODJIOJ<KMJKJN<G<I?
<NFNOP?@IONOJ>JII@>OOC@N@IO@I>@NPNDIB>DM>G@NAJMF@TD?@<N<I?GDI@NOJ>JII@>OOC@N@F@T
D?@<NAMJH N@IO@I>@ OJN@IO@I>@ 'O DN DHKJMO<IO AJM < M@<?@MOJADI? >JC@M@I>@DI< KMJKJN<G
NO<MODIB RDOCOC@ ADMNOK<B@ ' ADMNO BDQ@ HT NOP?@ION <IPIH<MF@?K<NN<B@ <I?OC@I
<AO@MOC@
@S@M>DN@
KMJQD?@<H<MF@?K<NN<B@1DI>@OC@F@TD?@<JAJI@N@IO@I>@NCJPG?>JII@>OOJ<F@T
D?@<DIOC@I@SON@IO@I>@
OC@TI@@?OJH<MFOCDNM@G<ODJINCDKDIOC@K<NN<B@'AOC@N@IO@I>@N
?JIJO >JII@>O
OC@IOM<INDODJIRJM?N<M@HDNNDIBOC<OI@@?OJ=@DIN@MO@?'<GNJ<NFNOP?@ION
OJ H<F@ NPM@ OC<O OC@ K<M<BM<KCN <M@ >JII@>O@? RDOC CJJFN <I? @T@N <N R@GG <N DI?DQD?P<G
N@IO@I>@N
F/;>:3 I'GGPNOM<ODJIJAOC@&JJF<I?#T@2@>CIDLP@

*=713(3<A3/<2J/BK
$MJHRJMFDIBRDOC=MJ<?OCJPBCON<I?K<M<BM<KCN
'HJQ@JIOJOC@G@Q@GJARMDODIBN@IO@I>@N
<I?RJM?N1DHDG<MBM<HH<M<I?N@IO@I>@>JINOMP>ODJIDNNP@N<M@<??M@NN@?DIOC@.
#?,63-+>398 +8?+6
=PO'DI>GP?@OCDNN@>ODJIOJ CDBCGDBCONJH@>JHHJIBM<HH<MDNNP@NOC<O'
C<Q@N@@IDINOP?@IOKMJKJN<GN<I?DIHTJRIRMDODIB
+TOCJPBCON<M@?DM@>O@?OJR<M?OC@KJGDNCG@Q@GJARMDODIB
OJPN@$M<IFGDI[NO@MH'ODN<
NO<B@<??M@NN@?G<O@DIOC@RMDODIBKMJ>@NN-I@><IADI? <I<=PI?@JARMDODIB=JJFN<=JPO
M@N@<M>C RMDODIB <I? GDO@M<MT RMDODIB RDOC MPG@N <I? KMDI>DKG@N OJ AJGGJR >JI>@MIDIB BJJ?
N@IO@I>@ >JINOMP>ODJI <I? RJM? >CJD>@ 5JG>JOO
< LP<GDO<ODQ@ @OCIJBM<KC@M
AJM
@S<HKG@
O<GFN<=JPOCJIDIB@?DOJMD<GNFDGGNOJ@GDHDI<O@PII@>@NN<MTRJM?N
?@G@ODIBOC@K<NNDQ@
QJD>@
N><GDIB?JRILP<GDAD@MN
@GDHDI<ODIBJQ@MPN@?KCM<N@N
<I?M@?P>DIB@S>@NNDQ@LPJO<ODJIN
PN@ JA DO<GD>N

<I? K<M@IOC@OD><G >JHH@ION 2C@ AJGGJRDIB <??DODJI<G D?@<N <=JPO <>ODQ@ QJD>@
Q@M=O@IN@
<I? M@?P>@? \A<O] >CJG<MGT RMDODIB AJM?DNN@MO<ODJI
<I?OC@NDNKMJKJN<GN
^ 3N@ OC@ <>ODQ@ QJD>@ <N HP>C <N KJNND=G@ DI N>CJG<MGT RMDODIB .
>>JM?DIB OJ OC@
GDO@M<MTRMDO@M
0JNN*<MNJI
\'AOC@NP=E@>O <>ON
OC@QJD>@DN<>ODQ@'AOC@NP=E@>ODN<>O@?
JI
OC@QJD>@DNK<NNDQ@]K'I<??DODJI
<NDBIJAK<NNDQ@>JINOMP>ODJIDNNJH@Q<MD<ODJIJA
C<N A+= #S<HKG@N DI>GP?@ A366 ,/ 2+@/ ,//8
<I? 3= ,/381 5MDO@MN >JINOMP>ODJI RC@IOC@ K@MNJI <>ODIB ><GGT=@ G@AO JPO JAOC@ N@IO@I>@
<I?RC@IRC<ODN<>O@?JIDNOC@NP=E@>OJAOC@M@NOJAOC@K<M<BM<KC0JNN*<MNJI

^3N@NOMJIBQ@M=N<I?Q@M=O@IN@N<KKMJKMD<O@AJMOC@K<NN<B@*<UTQ@M=N<M@OCJN@OC<OG<>F
<>ODJI3= JM A+=
AJM@S<HKG@JMOCJN@PN@?<N<?E@>ODQ@NJM<?Q@M=N
^>JHHJIKM<>OD>@@SDNONDIPNDIBOC@K<NOO@IN@OJM@QD@ROC@GDO@M<OPM@<I?M@KJMOM@NPGONJA
< NOP?T 2C@ APOPM@ O@IN@ RJPG? =@ <KKMJKMD<O@ <O <GG JOC@M ODH@N DI M@N@<M>C KMJKJN<GN <I?
KG<IN $JM >JHKG@O@? NOP?D@N
PN@ OC@ KM@N@IO O@IN@ OJ <?? QDBJM OJ < NOP?T
@NK@>D<GGT DIOC@
DIOMJ?P>ODJI 2C@ . #?,63-+>398 +8?+6 M@>JHH@I?N OC@ K<NO O@IN@ @B
\(JI@N
M@KJMO@?] JM OC@ KM@N@IO K@MA@>O O@IN@ @B
\0@N@<M>C@MN C<Q@ M@KJMO@?] AJM OC@ GDO@M<OPM@
M@QD@R <I? KMJ>@?PM@N =<N@? JI K<NO @Q@ION
OC@ K<NO O@IN@ OJ ?@N>MD=@ M@NPGON @B
\NOM@NN
GJR@M@?N@GA@NO@@H]
<I?OC@KM@N@IOO@IN@@B
\OC@LP<GDO<ODQ@ADI?DIBNNCJR]OJ?DN>PNN
OC@M@NPGON<I?OJKM@N@IOOC@>JI>GPNDJIN'N@@OCDNIJO<N<C<M?<I?A<NOMPG@=PO<N<PN@APG
BPD?@GDI@
^#SK@>OOJ@?DO<I?M@QDN@?M<AONJA<H<IPN>MDKOOJOMDHOC@A<O\/B]H@<IN<??DODJI<GRJM?N
OC<O<M@PII@>@NN<MTOJ>JIQ@TOC@H@<IDIBJAD?@<N5MDODIBHPGODKG@?M<AONJA<H<IPN>MDKODN
NO<I?<M? KM<>OD>@ AJM HJNO RMDO@MN 2C@ KMJ>@NN OTKD><GGT >JINDNON JA RMDODIB
M@QD@RDIB
<I?
@?DODIB 'IOC@ @?DODIB KMJ>@NN
OMDH @S>@NN RJM?N AMJH N@IO@I>@N
NP>C<N KDG@?PK HJ?DAD@MN
@S>@NNDQ@ KM@KJNDODJIN
<I? OC@JA >JINOMP>ODJINYAJM @S<HKG@
\OC@ NOP?T JA]YOC<O <??
PII@>@NN<MTQ@M=D<B@0JNN*<MNJI

'R<NM@HDI?@?JAOC@PII@>@NN<MTKMJN@OC<O>JH@NDIOJRMDODIB=TOC@@S<HKG@H@IODJI@?=T
PIB@
,JR<?<TNTJP><I<GHJNON@@=MDBCOK@JKG@NOMPBBGDIBOJM@DIQ@IOOC@>JHKG@SN@IO@I>@=@AJM@
TJPM @T@N AMD@I? JA HDI@ RCJ DN < >JGG@B@ <?HDIDNOM<OJM @Q@MT IJR <I? OC@I C<N OJ N<T <
>JHKG@SN@IO@I>@
<I?C@RDGGB@ODIOJJI@JAOCJN@HJM<NN@NOC<O=@BDIN
\'RJPG?CJK@OC<O
R@RJPG?=@<=G@]&@I@Q@MO<GF@?OC<O R<TRC@I'ADMNOH@OCDH
=PO@Q@I<OCDN<B@
<OCDN
?DNO@AMJHOC@>MDNDNDIOC@GDQ@NJATJPIB@MK@JKG@
C@[N=@@IOJNJH@@SO@IO<GD@I<O@?AMJH
@<NTNK@@>C
PIB@

K
@BDINOP?TDIBBJJ?RMDODIB<=JPOM@N@<M>CPNDIBLP<GDO<ODQ@
LP<IODO<ODQ@
<I?HDS@?H@OCJ?N
?@NDBIN'IBJJ?RMDODIB
OC@@T@?J@NIJOK<PN@<I?OC@HDI??J@NIJONOPH=G@JI<K<NN<B@
'IOCDNKM@N@IO=JJF
'C<Q@<OO@HKO@?OJ?M<R@S<HKG@NJABJJ?KMJN@AMJHCPH<I<I?NJ>D<G
N>D@I>@ EJPMI<GN
NP>C <N 7/<3-+8 9?<8+6 90 &9-39691C 9?<8+6 90 ::63/. #=C-29691C
.7383=><+>3@/ &-3/8-/ $?+<>/<6C 7/<3-+8 .?-+>398+6 %/=/+<-2 9?<8+6 &9-39691C 90
.?-+>398 <I? 7+1/ 9?<8+6 90 !?<=381 &-296+<=23: 'I OC@ LP<GDO<ODQ@ <M@<
BJJ? GDO@M<OPM@
N@MQ@NOJDGGPNOM<O@>G@<MKMJN@ <I??@O<DG@?K<NN<B@N'I?DQD?P<GNRCJO@<>CLP<GDO<ODQ@M@N@<M>C
<NNDBIR@GGFIJRI=JJFNAMJHGDO@M<OPM@
NP>C<N 9,C3-5'2/&-+<6/>/>>/< <I? '2/9803</
90>2/)+83>3/= <NM@<?DIB<NNDBIH@ION5@==%G@NI@
$?+63>+>3@/8;?3<C$?+63>+>3@/
%/=/+<-2 &C7,963- 8>/<+->398 $?+63>+>3@/ +736C %/=/+<-2 <I? 9?<8+6 90 98>/7:9<+<C
>2891<+:2C M@KM@N@IO BJJ?
N>CJG<MGT EJPMI<GN OJ @S<HDI@ 5C@I PNDIB HDS@? H@OCJ?N
M@N@<M>C
@S<HDI@ EJPMI<GN OC<O M@KJMO NOP?D@N RDOC >JH=DI@? LP<GDO<ODQ@ <I? LP<IODO<ODQ@
M@N@<M>C <I? ?<O<
DI>GP?DIB H<IT NJ>D<G N>D@I>@ EJPMI<GN
NP>C <N 9?<8+6 90 3B/. />29.=
%/=/+<-23/6. />29.= <I? $?+63>C+8.$?+8>3>C #S<HDI@OC@IPH@MJPN<MOD>G@N>DO@?DIOC@
+8.,99590 3B/. />29.=38>2/&9-3+6 /2+@39<+6&-3/8-/= 2<NC<FFJMD2@??GD@

( '')'(#"($(
'I<??DODJIOJ>JI>@KOP<GDUDIBOC@RMDODIBKMJ>@NNAJM<KMJKJN<G
M@N@<M>C@MNI@@?OJ<IOD>DK<O@
OC@@OCD><GDNNP@NOC<OH<T<MDN@?PMDIBOC@DMNOP?D@N&@NN@ D@=@M*@<Q@T
0@N@<M>C
?J@N DIQJGQ@ >JGG@>ODIB ?<O< AMJH K@JKG@
<=JPO K@JKG@ .PI>C
N H@IODJI@? @<MGD@M
RMDODIB <=JPO OC@N@ DNNP@N DN M@LPDM@? DI H<FDIB DI OC@ AJMH<O AJM KMJKJN<GN 0@N@<M>C@MN I@@? OJ KMJO@>O OC@DM M@N@<M>C
K<MOD>DK<ION ?@Q@GJK < OMPNO RDOC OC@H KMJHJO@ OC@ DIO@BMDOT JA M@N@<M>C BP<M? <B<DINO
HDN>JI?P>O<I?DHKMJKMD@OTOC<OHDBCOM@AG@>OJIOC@DMJMB<IDU<ODJINJMDINODOPODJIN<I?>JK@
RDOC I@R
>C<GG@IBDIB KMJ=G@HN 'NM@<G &<T
#OCD><G LP@NODJIN <M@ <KK<M@IO OJ?<T DI
NP>CDNNP@N<NK@MNJI<G?DN>GJNPM@
<POC@IOD>DOT<I?>M@?D=DGDOTJAOC@M@N@<M>CM@KJMO
OC@MJG@JA
M@N@<M>C@MNDI>MJNN>PGOPM<G>JIO@SON
<I?DNNP@NJAK@MNJI<GKMDQ<>TOCMJPBCAJMHNJA'IO@MI@O
?<O<>JGG@>ODJI'NM@<G&<T

'I OC@ GDO@M<OPM@

@OCD><G DNNP@N <MDN@ DI ?DN>PNNDJIN <=JPO >J?@N JA KMJA@NNDJI<G >JI?P>O AJM
M@N@<M>C@MN<I?DI>JHH@IO<MD@N<=JPO@OCD><G?DG@HH<N<I?OC@DMKJO@IOD<GNJGPODJIN.PI>C
+<IT I<ODJI<G <NNJ>D<ODJIN C<Q@ KP=GDNC@? NO<I?<M?N JM 1=23A =4 3B671A JI OC@DM 5@=
NDO@NAJMKMJA@NNDJI<GNDIOC@DMAD@G?N$JM@S<HKG@
N@@
^ #OCD><G .MDI>DKG@N JA .NT>CJGJBDNON <I? !J?@ JA !JI?P>O

RMDOO@I DI
<Q<DG<=G@ <O
RRR<K<JMB @OCD>N
^ 2C@ H@MD>DJGJBD><G NNJ>D<ODJI !J?@ JA #OCD>N

<?JKO@? DI
<Q<DG<=G@ <O
RRR<N<I@OJMB
^2C@H@MD><IIOCMJKJGJBD><GNNJ>D<ODJI[N!J?@JA#OCD>N
<KKMJQ@?DI(PI@
<Q<DG<=G@
<O RRR<<<I@OJMB
^ 2C@ H@MD><ODJI<G 0@N@<M>C NNJ>D<ODJI #OCD><G 1O<I?<M?N JA OC@ H@MD><ODJI<G0@N@<M>CNNJ>D<ODJI

<Q<DG<=G@<O RRR<@M<I@O
^ 2C@ H@MD>D<ODJI !J?@ JA #OCD>N AJM ,PMN@N .MJQDNDJIN
<KKMJQ@? DI (PI@

<I?<Q<DG<=G@<O RRR<I<JMB
#OCD><G KM<>OD>@N DIQJGQ@ HP>C HJM@ OC BPD?@GDI@N
NP>C <N
OCJN@KMJQD?@?=TKMJA@NNDJI<G<NNJ>D<ODJIN5MDO@MNI@@?OJ<IOD>DK<O@<I?<??M@NN<IT@OCD><G
?DG@HH<NOC<OH<T<MDN@DIOC@DMM@N@<M>C@B
N@@ @MB
.PI>C
<I?1D@=@M

2C@N@DNNP@N<KKGTOJLP<GDO<ODQ@
LP<IODO<ODQ@
<I?HDS@?H@OCJ?NM@N@<M>C<I?OJ<GGNO<B@NJA
M@N@<M>C.MJKJN<GRMDO@MNI@@?OJ<IOD>DK<O@OC@H<I?<>ODQ@GT<??M@NNOC@HDIOC@DMM@N@<M>C
KG<IN'IOC@>C<KO@MNOC<OAJGGJRDI.<MO''
'M@A@MOJ@OCD><GDNNP@NDIH<ITNO<B@NJAM@N@<M>C
T H@IODJIDIB OC@H <O OCDN KJDIO
' CJK@ OJ @I>JPM<B@ OC@ KMJKJN<G RMDO@M OJ <>ODQ@GT ?@NDBI
OC@HDIOJN@>ODJINJA<KMJKJN<GGOCJPBCOC@N@?DN>PNNDJINRDGGIJO>JHKM@C@INDQ@GT>JQ@M<GG
@OCD><GDNNP@N
OC@T<??M@NNH<EJMJI@N2C@N@DNNP@N<MDN@KMDH<MDGTDINK@>DATDIBOC@M@N@<M>C
KMJ=G@H!C<KO@MD?@IODATDIB<KPMKJN@NO<O@H@IO<I?M@N@<M>CLP@NODJIN!C<KO@MN<I?
<I?>JGG@>ODIB
<I<GTUDIB
<I?RMDODIBPKOC@M@NPGONJA?<O<!C<KO@MN

<I?
B671/:AAC3A7<B63&3A3/@16$@=0:3;
&@NN@ D=@M <I? *@<QT <NF

\&JR ?J @OCD><G DNNP@N @IO@M DIOJ TJPM N@G@>ODJI JA <
M@N@<M>C KMJ=G@H] K 'I RMDODIB ODJI OJ < NOP?T
OC@ M@N@<M>C@M D?@IODAD@N <
NDBIDAD><IO KMJ=G@H JM DNNP@ OJ NOP?T <I? KM@N@ION < M<ODJI<G@ AJM DON DHKJMO@ "PMDIB OC@
D?@IODAD><ODJI JA OC@ M@N@<M>C KMJ=G@H
DO DN DHKJMO<IO OJ D?@IODAT < KMJ=G@H OC<O RDGG =@I@ADO
DI?DQD?P<GN=@DIBNOP?D@?
JI@OC<ORDGG=@H@<IDIBAPGAJMJOC@MN=@ND?@NOC@M@N@<M>C@M.PI>C
>JM@ D?@< JA <>ODJI K<MOD>DK<OJMT M@N@<M>C DN OC<O OC@ DILPDM@M RDGG IJO APMOC@M
H<MBDI<GDU@ JM ?DN@HKJR@M OC@ NOP?T K<MOD>DK<ION 2J BP<M? <B<DINO OCDN
KMJKJN<G ?@Q@GJK@MN
>JI?P>OKDGJOKMJE@>ONOJ@NO<=GDNCOMPNO<I?M@NK@>ORDOCOC@K<MOD>DK<IONNJOC<ODILPDM@MN
><I?@O@>O<ITH<MBDI<GDU<ODJI=@AJM@OC@KMJKJN<GDN?@Q@GJK@?<I?OC@NOP?T=@BPI
B671/:AAC3A7<B63$C@>=A3/<2%C3AB7=<A
'I?@Q@GJKDIBOC@KPMKJN@NO<O@H@IOJMOC@>@IOM<GDIO@IO<I?LP@NODJINAJM<NOP?T
KMJKJN<G
?@Q@GJK@MNI@@?OJ>JIQ@TOC@KPMKJN@JAOC@NOP?TOC<ORDGG=@?@N>MD=@?OJOC@K<MOD>DK<ION
1<M<IO<FJN
"@>@KODJI J>>PMN RC@I K<MOD>DK<ION PI?@MNO<I? JI@ KPMKJN@ =PO OC@
M@N@<M>C@M C<N < ?DAA@M@IO KPMKJN@ DI HDI? 'O DN <GNJ DHKJMO<IOAJM M@N@<M>C@MNOJ NK@>DATOC@
NKJINJMNCDK JA OC@DM NOP?T $JM @S<HKG@
DI ?@NDBIDIB >JQ@M G@OO@MN AJM NPMQ@T M@N@<M>C
NKJINJMNCDK DN M@?D=DGDOT AJM < H<DG@? NPMQ@T
DINOMPH@IO
B671/:AAC3A7</B/=::31B7=<
NM@N@<M>C@MN<IOD>DK<O@?<O<>JGG@>ODJI
OC@TI@@?OJM@NK@>OOC@K<MOD>DK<ION<I?OC@NDO@NAJM
M@N@<M>C+<IT@OCD><G DNNP@N<MDN@?PMDIBOCDNNO<B@JAOC@M@N@<M>C
"JIJOKPOK<MOD>DK<ION<OMDNF
<I?M@NK@>OQPGI@M<=G@KJKPG<ODJIN0@N@<M>C@MNI@@?OJC<Q@
OC@DM M@N@<M>C KG<IN M@QD@R@? =T OC@ 'INODOPODJI<G 0@QD@R J<M? '0 JI OC@DM >JGG@B@ <I?
PIDQ@MNDOT ><HKPN@N '0 >JHHDOO@@N @SDNO JI ><HKPN@N =@><PN@ JA A@?@M<G M@BPG<ODJIN OC<O
KMJQD?@KMJO@>ODJI<B<DINOCPH<IMDBCONQDJG<ODJIN$JM<M@N@<M>C@M
OC@'0 KMJ>@NNM@LPDM@N
<NN@NNDIBOC@KJO@IOD<GAJMMDNF
NP>C<NKCTND><G
KNT>CJGJBD><G
NJ>D<G
@>JIJHD>
JMG@B<G C<MH
1D@=@M

OJ K<MOD>DK<ION DI < NOP?T GNJ
OC@ M@N@<M>C@M I@@?N OJ >JIND?@M OC@ NK@>D<G
I@@?NJAQPGI@M<=G@KJKPG<ODJIN
NP>C<NHDIJMNPI?@MOC@<B@JA
H@IO<GGTDI>JHK@O@IO
K<MOD>DK<ION
QD>ODHN
K@MNJIN RDOC I@PMJGJBD><G DHK<DMH@ION
KM@BI<IO RJH@I JM A@OPN@N
KMDNJI@MN
<I? DI?DQD?P<GN RDOC '"1 'IQ@NODB<OJMN ADG@ M@N@<M>C KMJKJN<GN >JIO<DIDIB OC@
KMJ>@?PM@N<I?DIAJMH<ODJI<=JPOOC@K<MOD>DK<IONRDOCOC@'0 ><HKPN>JHHDOO@@NJOC<OOC@
=J<M?><IM@QD@ROC@@SO@IOOJRCD>COC@M@N@<M>C=@DIBKMJKJN@?NP=E@>ONDI?DQD?P<GNOJMDNF
'I<??DODJIOJOCDNKMJKJN<G
OC@M@N@<M>C@M?@Q@GJKNDK<ION
OJNDBI=@AJM@OC@T@IB<B@DIOC@M@N@<M>C2CDNAJMH<>FIJRG@?B@NOC<OK<MOD>DK<ION[MDBCONRDGG
=@ KMJO@>O@? ?PMDIB ?<O< >JGG@>ODJI #G@H@ION JA OCDN >JIN@IO AJMH DI>GP?@ OC@ AJGGJRDIB
1<M<IO<FJN

^'?@IODAD><ODJIJAOC@M@N@<M>C@M
^'?@IODAD><ODJIJAOC@NKJINJMDIBDINODOPODJI
^'I?D><ODJIJACJROC@K<MOD>DK<IONR@M@N@G@>O@?
^'?@IODAD><ODJIJAOC@KPMKJN@JAOC@M@N@<M>C
^'?@IODAD><ODJIJAOC@=@I@ADONAJMK<MOD>DK<ODIB
^'?@IODAD><ODJIJAOC@G@Q@G<I?OTK@JAK<MOD>DK<IODIQJGQ@H@IO
^,JO<ODJIJAMDNFNOJOC@K<MOD>DK<IO
^%P<M<IO@@JA>JIAD?@IOD<GDOTOJOC@K<MOD>DK<IO
^NNPM@OC<OOC@K<MOD>DK<IO><IRDOC?M<R<O<ITODH@
^.MJQDNDJIJAI<H@NJAK@MNJINOJ>JIO<>ODALP@NODJIN<MDN@
-I@ DNNP@ OJ <IOD>DK<O@ <=JPO >JIAD?@IOD<GDOT DN OC<O NJH@ K<MOD>DK<ION H<T IJO R<IO OJ C<Q@
OC@DMD?@IODOTM@H<DI>JIAD?@IOD<G TK@MHDOODIBOCDN
OC@M@N@<M>C@M<GGJRNOC@K<MOD>DK<IONOJ
M@O<DI JRI@MNCDK JA OC@DM QJD>@N <I? @S@MO OC@DM DI?@K@I?@I>@ DI H<FDIB ?@>DNDJIN 2C@T ?J
CJR@Q@M
I@@?OJ=@R@GGDIAJMH@?<=JPOOC@KJNND=G@MDNFNJAIJI>JIAD?@IOD<GDOT
NP>C<NOC@
DI>GPNDJIJA?<O<DIOC@ADI<GM@KJMOOC<OOC@TH<TIJOC<Q@@SK@>O@?
DIAJMH<ODJIOC<ODIAMDIB@N
JIOC@MDBCONJAJOC@MNOC<ONCJPG?M@H<DI>JI>@<G@?
<I?NJAJMOC%DJM?<IJ
-[0@DGGT
2<TGJM

"JBM<

^-OC@M@OCD><GKMJ>@?PM@N?PMDIB?<O<>JGG@>ODJIDIQJGQ@B<DIDIBOC@<BM@@H@IOJADI?DQD?P<GN
DI <POCJMDOT @B
B<O@F@@K@MN OJ KMJQD?@ <>>@NN OJ NOP?T K<MOD>DK<ION <O M@N@<M>C NDO@N 2CDN
JAO@IDIQJGQ@NRMDODIB<G@OO@MOC<OD?@IODAD@NOC@@SO@IOJAODH@
OC@KJO@IOD<GDHK<>O
<I?OC@
JPO>JH@N JA OC@ M@N@<M>C 3N@ JA 'IO@MI@O M@NKJIN@N B<DI@? OCMJPBC @G@>OMJID> DIO@MQD@RN JM
NPMQ@TN I@@?N K@MHDNNDJI AMJH K<MOD>DK<ION 2CDN HDBCO =@ B<DI@? OCMJPBC ADMNO J=O<DIDIB
K@MHDNNDJI<I?OC@IN@I?DIBJPOOC@DIO@MQD@RJMNPMQ@T
^0@N@<M>C@MNI@@?OJM@NK@>OM@N@<M>CNDO@NNJOC<OOC@T<M@G@AOPI?DNOPM=@?<AO@M<M@N@<M>C
NOP?T 2CDN M@LPDM@N OC<O DILPDM@MN
@NK@>D<GGT DI LP<GDO<ODQ@ NOP?D@N DIQJGQDIB KMJGJIB@?
J=N@MQ<ODJIJMDIO@MQD@RDIB<O<NDO@
=@>JBIDU<IOJAOC@DMDHK<>O<I?HDIDHDU@OC@DM?DNMPKODJI
JAOC@KCTND><GN@OODIB$JM@S<HKG@
OC@THDBCOODH@QDNDONNJOC<OOC@TDIOMP?@GDOOG@JIOC@AGJR
JA<>ODQDOD@NJAK<MOD>DK<IONGNJ
JMB<IDU<ODJINJAO@IC<Q@BPD?@GDI@NOC<OKMJQD?@BPD?@AJM
>JI?P>ODIBM@N@<M>CRDOCJPO?DNOPM=DIBOC@DMN@OODIBN
^'I@SK@MDH@IO<GNOP?D@N
DIQ@NODB<OJMNI@@?OJ>JGG@>O?<O<NJOC<O<GGK<MOD>DK<ION
IJOJIGT@DQ@ OC@ =@I@AD>D<G
OM@<OH@IO
^ I @OCD><G DNNP@ <MDN@N RC@I OC@M@ DN IJO M@>DKMJ>DOT =@OR@@I OC@ M@N@<M>C@M <I? OC@
K<MOD>DK<ION JOC OC@ M@N@<M>C@M <I? OC@ K<MOD>DK<ION NCJPG? =@I@ADO AMJH OC@ M@N@<M>C 'I
NJH@ NDOP<ODJIN
KJR@M >DK<ION >J@M>@? DIOJ < KMJE@>O
'IQJGQDIB DI?DQD?P<GN >JGG<=JM<ODQ@GT DI OC@ M@N@<M>C H<T KMJQD?@ M@>DKMJ>DOT &DBCGT
>JGG<=JM<ODQ@ NOP?D@N
KJKPG<M DI LP<GDO<ODQ@ M@N@<M>C
H<T @IB<B@ K<MOD>DK<ION <N >J
M@N@<M>C@MNOCMJPBCJPOOC@M@N@<M>CKMJ>@NN
NP>C<NOC@?@NDBI
?<O<>JGG@>ODJI<I?<I<GTNDN
M@KJMORMDODIB
<I??DNN@HDI<ODJIJAOC@ADI?DIBN.<OOJI

^'IO@MQD@RDIBDILP<GDO<ODQ@M@N@<M>CDNDI>M@<NDIBGT=@DIBN@@I<N<HJM<GDILPDMT)Q<G@

NNP>C
DIO@MQD@R@MNI@@?OJ>JIND?@MCJROC@DIO@MQD@RRDGGDHKMJQ@OC@ CPH<INDOP<ODJI<N
R@GG<N@IC@N>D@IODAD>FIJRG@?B@
CJR<N@INDODQ@DIO@MQD@RDIO@M<>ODJIH<T=@NOM@NNAPGAJM
OC@K<MOD>DK<ION
RC@OC@MK<MOD>DK<IONC<Q@<N<TDICJROC@DMNO<O@H@ION<M@DIO@MKM@O@?
CJR
>MDOD><GGT OC@ DIO@MQD@R@@N HDBCO =@ LP@NODJI@?
<I? RC<O OC@ >JIN@LP@I>@N JA OC@ DIO@MQD@R
AJMOC@DIO@MQD@R@@N<I?OC@BMJPKNOJRCD>COC@T=@GJIBHDBCO=@
^ 0@N@<M>C@MN <GNJ I@@? OJ <IOD>DK<O@ OC@ KJNND=DGDOT JA C<MHAPG

DIODH<O@ DIAJMH<ODJI =@DIB
?DN>GJN@??PMDIBOC@?<O<>JGG@>ODJIKMJ>@NN 'ODN?DAAD>PGOOJ<IOD>DK<O@<I?OMTOJKG<IAJMOC@
DHK<>OJAOCDNDIAJMH<ODJI?PMDIBJM<AO@M<IDIO@MQD@R.<OOJI
$JM@S<HKG@
<NOP?@IO
H<T?DN>PNNK<M@IO<G<=PN@JMKMDNJI@MNH<TO<GF<=JPO<I@N><K@2TKD><GGTDIOC@N@NDOP<ODJIN
OC@@OCD><G>J?@AJMM@N@<M>C@MNRCD>CH<T=@?DAA@M@IOAJMN>CJJGN<I?KMDNJINDNOJKMJO@>O
OC@KMDQ<>TJAOC@K<MOD>DK<ION<I?OJ>JIQ@TOCDNKMJO@>ODJIOJ<GGDI?DQD?P<GNDIQJGQ@?DI<NOP?T
B671/:AAC3A7</B/</:GA7A/<2<B3@>@3B/B7=<
5C@I OC@ M@N@<M>C@M <I<GTU@N <I? DIO@MKM@ON =JOC LP<IODO<ODQ@ <I? LP<GDO<ODQ@ ?<O<
DNNP@N
@H@MB@ OC<O ><GG AJM BJJ? @OCD><G ?@>DNDJIN 'I <IOD>DK<ODIB < M@N@<M>C NOP?T
>JIND?@M OC@
AJGGJRDIB
^&JRRDGGOC@NOP?TKMJO@>OOC@<IJITHDOTJADI?DQD?P<GN
MJG@N
<I?DI>D?@ION DIOC@KMJE@>O
$JM @S<HKG@
DI NPMQ@T M@N@<M>C
DIQ@NODB<OJMN ?DN<NNJ>D<O@ I<H@N AMJH M@NKJIN@N ?PMDIB OC@
>J?DIB<I?M@>JM?DIBKMJ>@NN'ILP<GDO<ODQ@M@N@<M>C
DILPDM@MNPN@<GD<N@NJMKN@P?JITHNAJM
DI?DQD?P<GN<I?KG<>@N
OJKMJO@>OD?@IODOD@N
^ "<O<
JI>@ <I<GTU@?
I@@? OJ =@ F@KO AJM < M@<NJI<=G@ K@MDJ? JA ODH@ @B
1D@=@M

M@>JHH@I?NT@<MN'IQ@NODB<OJMNNCJPG?OC@I?DN><M?OC@?<O<NJOC<ODO?J@NIJOA<GGDIOJ

OC@C<I?NJAJOC@MM@N@<M>C@MNRCJHDBCOHDN<KKMJKMD<O@DO
^2C@LP@NODJIJARCJJRINOC@?<O<JI>@DODN>JGG@>O@?<I?<I<GTU@?<GNJ><I=@<IDNNP@OC<O
NKGDONM@N@<M>CO@<HN<I??DQD?@NDI?DQD?P<GN<B<DINO@<>CJOC@MKMJKJN<GHDBCOH@IODJIOCDN
DNNP@JAJRI@MNCDK<I??DN>PNNCJRDORDGG=@M@NJGQ@?
NP>C<NOCMJPBCOC@ ?@Q@GJKH@IOJA<
>G@<MPI?@MNO<I?DIB=@OR@@IOC@M@N@<M>C@M
OC@K<MOD>DK<ION
<I?KJNND=GTOC@A<>PGOT<?QDN@MN
.PI>C
@MB M@>JHH@I?N OC@ PN@ JA K@MNJI<G <BM@@H@ION OJ ?@NDBI<O@
JRI@MNCDKJAM@N@<M>C?<O<I@SO@INDJIJAOCDND?@<DNOJBP<M?<B<DINONC<MDIBOC@?<O<RDOC
DI?DQD?P<GNIJODIQJGQ@?DIOC@KMJE@>O
^ 'I OC@ DIO@MKM@O<ODJI JA ?<O<

M@N@<M>C@MN I@@? OJ KMJQD?@ >PM<O@ <>>JPIO JA OC@
DIAJMH<ODJI2CDN<>>PM<>TH<TM@LPDM@?@=MD@ADIB=@OR@@IOC@M@N@<M>C@M<I?K<MOD>DK<IONDI
LP<IODO<ODQ@M@N@<M>C @MB
'OH<TDI>GP?@
DILP<GDO<ODQ@M@N@<M>C
PNDIBJI@JMHJM@JA
OC@ NOM<O@BD@N OJ >C@>F OC@ <>>PM<>T JA OC@ ?<O< RDOC K<MOD>DK<ION JM <>MJNN ?DAA@M@IO ?<O<
NJPM>@NN@@Q<GD?<ODJINOM<O@BD@NDI!C<KO@M
B671/:AAC3A 7<+@7B7<5/<27AA3;7</B7<5B63&3A3/@16
2C@ @OCD><G DNNP@N ?J IJO NOJK RDOC ?<O< >JGG@>ODJI <I? <I<GTNDN DNNP@N <KKGT <N R@GG OJ OC@
<>OP<GRMDODIB<I??DNN@HDI<ODJIJAOC@ADI<GM@N@<M>CM@KJMO$JM@S<HKG@
^ "DN>PNN CJR OC@ M@N@<M>C RDGG IJO PN@ G<IBP<B@ JM RJM?N OC<O <M@ =D<N@? <B<DINO K@MNJIN
=@><PN@JAB@I?@M
N@SP<GJMD@IO<ODJI
M<>D<GJM@OCID>BMJPK
?DN<=DGDOT
JM<B@2C@.
#?,63-+>398 +8?+6 NPBB@NON OCM@@ BPD?@GDI@N $DMNO
KM@N@IO PI=D<N@? G<IBP<B@ <O DAD>DOT@B
M<OC@MOC<IN<T
\2C@>GD@IO[N=@C<QDJMR<NOTKD><GGTH<G@
]
NO<O@
\OC@>GD@IO[N=@C<QDJMR<N;;;;;;;;;9NK@>DAT:]1@>JI?
PN@G<IBP<B@OC<ODNN@INDODQ@OJ
G<=@GN @B
M<OC@M OCN]
DI?D><O@ \ +@SD><IN
1K<ID<M?N
<I? .P@MOJ
0D><IN]2CDM?
<>FIJRG@?B@K<MOD>DK<IONDI<NOP?T@B
M<OC@MOC<I\NP=E@>O
]PN@OC@RJM?
\K<MOD>DK<IO
]<I?M<OC@MOC<I\RJH<I?J>OJM]PN@\?J>OJM]JM\KCTND>D<I]
^-OC@M@OCD><GDNNP@NDIRMDODIBOC@M@N@<M>CRDGGDIQJGQ@OC@KJO@IOD<GJANPKKM@NNDIB
A<GNDATDIB
JMDIQ@IODIBADI?DIBNOJH@@O<M@N@<M>C@M[NJM<I<P?D@I>@[NI@@?N2C@N@AM<P?PG@IOKM<>OD>@N
<M@ IJO <>>@KO@? DI KMJA@NNDJI<G M@N@<M>C >JHHPIDOD@N
<I? OC@T >JINODOPO@ N>D@IODAD>
HDN>JI?P>O,@PHJIO<DI<KMJ<>ODQ@NO@=TOC@M@N@<M>C@MOJ
IJO@IB<B@DIOC@N@KM<>OD>@N
^'IKG<IIDIB<NOP?T
DODNDHKJMO<IOOJ<IOD>DK<O@OC@M@K@M>PNNDJINJA>JI?P>ODIBOC@M@N@<M>C
JI>@MO<DI<P?D@I>@N<I?IJOOJHDNPN@OC@M@NPGONOJOC@<?Q<IO<B@JAJI@BMJPKJM<IJOC@M
2C@ M@N@<M>C@M I@@?N OJ KMJQD?@ OCJN@ <O OC@ M@N@<M>C NDO@ RDOC < KM@GDHDI<MT >JKT JA <IT
KP=GD><ODJINAMJHOC@M@N@<M>C!M@NR@GG

ÎDHKJMO<IODNNP@DIRMDODIB<N>CJG<MGTH<IPN>MDKODNOJIJO@SKGJDOOC@G<=JMJA>JGG@<BP@N
<I?OJKMJQD?@<POCJMNCDKOJDI?DQD?P<GNRCJNP=NO<IOD<GGT>JIOMD=PO@OJKP=GD><ODJIN'NM@<G<I?
&<T?DN>PNNOC@PI@OCD><GKM<>OD>@JANJ><GG@?BDAO<POCJMNCDKOJDI?DQD?P<GNRCJ?JIJO
>JIOMD=PO@ OJ < H<IPN>MDKO <I? BCJNO <POCJMNCDK
DI RCD>C EPIDJM NO<AA RCJ H<?@ NDBIDAD><IO
>JIOMD=PODJINC<Q@=@@IJHDOO@?AMJHOC@GDNOJA<POCJMN
^ $DI<GGT
DO DN DHKJMO<IO OJ M@G@<N@ OC@ ?@O<DGN JA OC@ M@N@<M>C RDOC OC@ NOP?T ?@NDBI NJ OC<O
M@<?@MN >M@?D=DGDOT JA OC@ NOP?T ,@PH@?PM@NAJMLP<IODO<ODQ@
LP<GDO<ODQ@
<I?HDS@?H@OCJ?NM@N@<M>CRDGG=@@HKC<NDU@?DIOC@
>C<KO@MNOJAJGGJRGNJ
M@N@<M>C@MNNCJPG?IJO@IB<B@DI?PKGD><O@JMM@?PI?<IOKP=GD><ODJIDI
RCD>C<POCJMNKP=GDNCK<K@MNOC<OKM@N@IO@S<>OGTOC@N<H@?<O<
?DN>PNNDJIN
<I?>JI>GPNDJIN
<I? ?J IJO JAA@M I@R H<O@MD<G 1JH@ =DJH@?D><G EJPMI<GN IJR M@LPDM@ <POCJMN OJ ?@>G<M@
RC@OC@MOC@TC<Q@KP=GDNC@?JM<M@KM@K<MDIBOJKP=GDNCK<K@MNOC<O<M@>GJN@GTM@G<O@?OJOC@
H<IPN>MDKOOC<OC<N=@@INP=HDOO@?'NM@<G&<T

')!!&-
'O DN C@GKAPG OJ >JIND?@M CJR OJ RMDO@ < M@N@<M>C KMJKJN<G =@AJM@ <>OP<GGT @IB<BDIB DI OC@
KMJ>@NN !JIND?@M OC@ IDI@ <MBPH@ION <?Q@? =T +<SR@GG <N OC@ F@T @G@H@ION OJ
DI>GP?@<I?OC@IPN@JI@JAOC@AJPMOJKD><GJPOGDI@NKMJQD?@?OJ>M<AO<OCJMJPBCLP<GDO<ODQ@
LP<IODO<ODQ@
JMHDS@?H@OCJ?NKMJKJN<G
'IKMJKJN<G?@Q@GJKH@IO
=@BDIKPOODIBRJM?N?JRIJIK<K@MOJOCDIFOCMJPBCD?@<N@NO<=GDNC
OC@ C<=DO JA RMDODIB JI < M@BPG<M =<NDN <I? PN@ NOM<O@BD@N NP>C <N <KKGTDIB >JINDNO@IO O@MHN
?DAA@M@IO G@Q@GN JA I<MM<ODQ@ OCJPBCON

<I? >JC@M@I>@ OJ NOM@IBOC@I RMDODIB 5MDODIB DI OC@
<>ODQ@QJD>@
PNDIBNOMJIBQ@M=N
<I?M@QDNDIB<I?@?DODIBRDGGC@GK<NR@GG
@AJM@ RMDODIB OC@ KMJKJN<G

DO DN PN@APG OJ >JIND?@M OC@ @OCD><G DNNP@N OC<O >DK<O@?
<I??@N>MD=@?DIOC@KMJKJN<G2C@N@DNNP@NM@G<O@OJ<GGKC<N@NJAOC@M@N@<M>CKMJ>@NN5DOC
>JIND?@M<ODJI AJM K<MOD>DK<ION
M@N@<M>C NDO@N
<I? KJO@IOD<G M@<?@MN
NOP?D@N >JIO<DI@OCD><GKM<>OD>@N
0)2),'6%0#)1%1
"@Q@GJK<OJKD><GJPOGDI@AJM<LP<IODO<ODQ@
LP<GDO<ODQ@
JMHDS@?H@OCJ?NKMJKJN<G'I>GP?@
OC@H<EJMOJKD>NDIOC@@S<HKG@NDI>GP?@?DIOCDN>C<KO@M
*J><O@ < EJPMI<G <MOD>G@ OC<O M@KJMON LP<GDO<ODQ@

LP<IODO<ODQ@
JM HDS@? H@OCJ?N M@N@<M>C
#S<HDI@OC@DIOMJ?P>ODJIOJOC@<MOD>G@<I?
PNDIBOC@CJJF<I?@T@H@OCJ?DGGPNOM<O@?DIOCDN
>C<KO@M
D?@IODATOC@AGJRJAD?@<NAMJHN@IO@I>@OJN@IO@I>@<I?AMJHK<M<BM<KCOJK<M<BM<KC
<I?<IT?@AD>D@I>D@N
!JIND?@M JI@ JA OC@ AJGGJRDIB @OCD><G ?DG@HH<N OC<O H<T A<>@ < M@N@<M>C@M "@N>MD=@ R<TN
TJPHDBCO<IOD>DK<O@OC@KMJ=G@H<I?<>ODQ@GT<??M@NNDODITJPMM@N@<M>CKMJKJN<G
<KMDNJI@MTJP<M@DIO@MQD@RDIBO@GGNTJP<=JPO<KJO@IOD<G=M@<FJPO<OOC@KMDNJIOC<OIDBCO
5C<O?JTJP?J
=M@N@<M>C@MJITJPMO@<H>JKD@NN@IO@I>@NAMJH<IJOC@MNOP?T<I?DI>JMKJM<O@NOC@HDIOJ
OC@ADI<GRMDOO@IM@KJMOAJMTJPMKMJE@>O5C<O?JTJP?J
>NOP?@IO>JGG@>ON?<O<AJM<KMJE@>OAMJHN@Q@M<GDI?DQD?P<GNDIO@MQD@R@?DIA<HDGD@NDITJPM
>DOTAO@MOC@AJPMOCDIO@MQD@R
OC@NOP?@IOO@GGNTJPOC<O<KKMJQ<G C<NIJO=@@IM@>@DQ@?AJM
OC@KMJE@>OAMJHOC@'INODOPODJI<G0@QD@R J<M?5C<O?JTJP?J

+<SR@GG
( $?+63>+>3@/ </=/+<-2 ./=318 8 38>/<+->3@/ +::<9+-C I? @? 2CJPN<I?
-<FN
!1<B@
(J@ +<SR@GG KMJQD?@N < BJJ? JQ@MQD@R JA OC@ KMJKJN<G ?@Q@GJKH@IO KMJ>@NN AJM LP<GDO<ODQ@
M@N@<M>COC<ODN<KKGD><=G@DIH<ITR<TNOJLP<IODO<ODQ@<I?HDS@?H@OCJ?NM@N@<M>C<NR@GG
&@ NO<O@N OC<O < KMJKJN<G DN JI?P>O < NOP?T <I? KM@N@ION MD=@N IDI@ I@>@NN<MT NO@KN +JM@JQ@M
C@ DI>GP?@N < >JHKG@O@ LP<GDO<ODQ@ KMJKJN<G <I?
<I<GTU@NDO<N<IDGGPNOM<ODJIJA<BJJ?HJ?@GOJAJGGJR
1D@=@M
( # .G<IIDIB @OCD><GGT M@NKJIND=G@ M@N@<M>C 'I * D>FH29.= KK2CJPN<I?-<FN

!1<B@
(J<I1D@=@M?DN>PNN@NOC@DHKJMO@JA@OCD><GKG<IIDIB<NDIO@BM<GOJOC@KMJ>@NNJAM@N@<M>C
?@NDBI'IOCDN>C<KO@M
NC@KMJQD?@N<>JHKM@C@INDQ@M@QD@RJAH<ITOJKD>NM@G<O@?OJ@OCD><G
DNNP@N
NP>C <N '0 N
DIAJMH@? >JIN@IO
KMDQ<>T
>JIAD?@IOD<GDOT
<I? <IJITHDOT
<N R@GG <N
@G@H@ION JA M@N@<M>C MDNF <I? QPGI@M<=G@ KJKPG<ODJIN &@M >JQ@M<B@ DN @SO@INDQ@
<I? C@M
M@>JHH@I?<ODJIN AJMNOM<O@BD@N<M@IPH@MJPN
'NM@<G
+
&<T
' %/=/+<-2 />23-= 09< =9-3+6 =-3/8>3=>= />A//8 />23-+6 -98.?-> +8.
</1?6+>9<C-97:63+8-/ *JI?JI1<B@
+<MF 'NM@<G <I? *<DI &<T KMJQD?@ < OCJPBCOAPG <I<GTNDN JA OC@ KM<>OD><G Q<GP@ JA OCDIFDIB
N@MDJPNGT<I?NTNO@H<OD><GGT<=JPORC<O>JINODOPO@N@OCD><G>JI?P>ODIOC@NJ>D<GN>D@I>@N2C@T
M@QD@R OC@ ?DAA@M@IO OC@JMD@N JA @OCD>N
NP>C <N OC@ >JIN@LP@IOD<GDNO <I? OC@
IJI>JIN@LP@IOD<GDNO<KKMJ<>C@N
QDMOP@@OCD>N
<I?IJMH<ODQ@<I?><M@JMD@IO@? <KKMJ<>C@NOJ
@OCD><G>JI?P>O2C@T<GNJJAA@M<IDIO@MI<ODJI<GK@MNK@>ODQ@
?M<RDIBJIOC@CDNOJMTJA@OCD><G
KM<>OD>@N DI >JPIOMD@N <MJPI? OC@ RJMG? 2CMJPBCJPO OC@ =JJF
OC@T JAA@M KM<>OD><G ><N@
@S<HKG@N <I? R<TN M@N@<M>C@MN HDBCO OM@<O OC@><N@N @OCD><GGT 'IOC@ <KK@I?DS
OC@T KMJQD?@
OCM@@ ><N@ @S<HKG@N <I? OC@I ><GG PKJI G@<?DIB N>CJG<MN OJ >JHH@IO <=JPO CJR OC@T RJPG?
<KKMJ<>COC@@OCD><GDNNP@
5JG>JOO
&$ *<3>381?:;?+63>+>3@/</=/+<-2 I?@? 2CJPN<I?-<FN
!1<B@
&<MMT 5JG>JOO
<ODJI<G @OCIJBM<KC@M
C<N >JHKDG@? @GG@IO M@NJPM>@ BPD?@
<??M@NNDIB IPH@MJPN <NK@>ON JA OC@ RMDODIB KMJ>@NN DI LP<GDO<ODQ@ M@N@<M>C 'O NPMQ@TN
O@>CIDLP@N PN@APG DI B@OODIB NO<MO@? DI RMDODIB ?@Q@GJKDIB ?@O<DGN GDIFDIB RDOC OC@ GDO@M<OPM@
OC@JMT
<I? H@OCJ? ODBCO@IDIB PK RDOC M@QDNDIB <I? @?DODIB <I? ADIDNCDIB OC@ KMJ>@NN =T
<OO@I?DIBOJNP>C<NK@>ON<NOC@ODOG@<I?<KK@I?DS@N$JM<GG<NKDMDIBRMDO@MN
OCDNDN<I@NN@IOD<G
=JJF
M@B<M?G@NNJARC@OC@M<NOP?TDNLP<GDO<ODQ@
LP<IODO<ODQ@
JMHDS@?H@OCJ?N
$&(
3A75<7<5&3A3/@16
6/>B3@
2C@'IOMJ?P>ODJI
6/>B3@
2C@.PMKJN@1O<O@H@IO
6/>B3@
0@N@<M>C/P@NODJIN<I?&TKJOC@N@N
6/>B3@
/P<IODO<ODQ@+@OCJ?N
6/>B3@
/P<GDO<ODQ@.MJ>@?PM@N
6/>B3@
+DS@?+@OCJ?N.MJ>@?PM@N
(CDN N@>ODJI M@G<O@N OC@ OCM@@ ?@NDBINYLP<IODO<ODQ@

LP<GDO<ODQ@
<I? HDS@? H@OCJ?NYOJ OC@
NO@KNDIOC@KMJ>@NNJAM@N@<M>C#<>C>C<KO@M<??M@NN@N<N@K<M<O@NO@KDIOCDNKMJ>@NN
$(&*
(63<B@=2C1B7=<
AO@M C<QDIB ?@>D?@? JI < LP<GDO<ODQ@
LP<IODO<ODQ@
JM HDS@? H@OCJ?N <KKMJ<>C <I? <AO@M
>JI?P>ODIB < KM@GDHDI<MT GDO@M<OPM@ M@QD@R <I? ?@>D?DIB JI < AJMH<O AJM < KMJKJN<G
OC@ I@SO
NO@KDIOC@KMJ>@NNDNOJ?@NDBIJMKG<IOC@NOP?TKMJ>@NNJAJMB<IDUDIB<I?RMDODIBJPOD?@<N
=@BDIN
NO<MODIB RDOC ?@NDBIDIB ODJI OJ < KMJKJN<G 2CDN >C<KO@M ?DN>PNN@N OC@
>JHKJNDODJI<I?RMDODIBJA<N>CJG<MGTDIOMJ?P>ODJI<I?@S<HDI@NOC@?DAA@M@I>@NDIRMDODIBODJI AJM OC@N@ OCM@@ ?DAA@M@IO OTK@N JA ?@NDBIN 2C@I OC@ ?DN>PNNDJI OPMIN OJ OC@ ADQ@
>JHKJI@IONJARMDODIB<BJJ?DIOMJ?P>ODJI<@NO<=GDNCDIBOC@KMJ=G@HG@<?DIBOJOC@NOP?T
= M@QD@RDIB OC@ GDO@M<OPM@ <=JPO OC@ KMJ=G@H

> D?@IODATDIB ?@AD>D@I>D@N DI OC@ GDO@M<OPM@
<=JPOOC@KMJ=G@H
?O<MB@ODIB<I<P?D@I>@<I?IJODIBOC@NDBIDAD>@JAOC@KMJ=G@HAJMOCDN
<P?D@I>@
<I?@D?@IODATDIBOC@KPMKJN@JAOC@KMJKJN@?NOP?T2C@N@>JHKJI@ION>JHKMDN@<
NJ>D<GN>D@I>@?@AD>D@I>THJ?@GJARMDODIB<IDIOMJ?P>ODJI
=@><PN@<H<EJM>JHKJI@IOJAOC@
DIOMJ?P>ODJIDNOJN@OAJMOCOC@?@AD>D@I>D@NDIK<NOM@N@<M>C2JDGGPNOM<O@ OCDNHJ?@G
<>JHKG@O@
DIOMJ?P>ODJIDI<KP=GDNC@?M@N@<M>CNOP?TDNKM@N@IO@?<I?<I<GTU@?
(!$#&("#"(&#)(#"'
IDIOMJ?P>ODJIDNOC@ADMNOK<NN<B@DI<EJPMI<G<MOD>G@
?DNN@MO<ODJI
JMN>CJG<MGTM@N@<M>CNOP?T
'ON@ONOC@NO<B@AJMOC@@IODM@NOP?TN5DGFDINJIH@IODJIN
2C@ DIOMJ?P>ODJI DN OC@ K<MO JA OC@ K<K@M OC<O KMJQD?@N M@<?@MN RDOC OC@ =<>FBMJPI?
DIAJMH<ODJIAJMOC@M@N@<M>CM@KJMO@?DIOC@K<K@M'ONKPMKJN@DNOJ@NO<=GDNC<AM<H@RJMFAJM
OC@M@N@<M>C
NJOC<OM@<?@MN>CK
2C@ DIOMJ?P>ODJI @NO<=GDNC@N OC@ DNNP@ JM >JI>@MI G@<?DIB OJ OC@ M@N@<M>C =T >JIQ@TDIB
DIAJMH<ODJI <=JPO < KMJ=G@H @><PN@ DO DN OC@ DIDOD<G K<NN<B@ DI < NOP?T JM KMJKJN<G
NK@>D<G
><M@HPNO=@BDQ@I OJRMDODIBDO2C@DIOMJ?P>ODJII@@?NOJ>M@<O@M@<?@MDIO@M@NODIOC@OJKD>
@NO<=GDNCOC@KMJ=G@HOC<OG@<?NOJOC@NOP?T
KG<>@OC@NOP?TRDOCDIOC@G<MB@M>JIO@SOJAOC@
N>CJG<MGT GDO@M<OPM@
<I? M@<>C JPO OJ < NK@>DAD> <P?D@I>@ GG JA OCDN DN <>CD@Q@? DI < >JI>DN@
N@>ODJI JA < A@R K<B@N @><PN@ JA OC@ H@NN<B@N OC@T HPNO >JIQ@T <I? OC@ GDHDO@? NK<>@
<GGJR@?
DIOMJ?P>ODJIN<M@>C<GG@IBDIBOJRMDO@<I?PI?@MNO<I?
@3A3/@16>@=0:3; DNOC@KMJ=G@HJMDNNP@OC<OG@<?NOJOC@I@@?AJM<NOP?T'O><IJMDBDI<O@

AMJHH<ITKJO@IOD<GNJPM>@N'OHDBCONKMDIBAMJH<I@SK@MD@I>@M@N@<M>C@MNC<Q@C<?DIOC@DM
K@MNJI<GGDQ@NJMRJMFKG<>@N'OH<T>JH@AMJH<I@SO@INDQ@?@=<O@OC<OC<N<KK@<M@?DIOC@
GDO@M<OPM@ 'O HDBCO ?@Q@GJKAMJHKJGD>T?@=<O@N DI BJQ@MIH@IO JM <HJIB OJK @S@>PODQ@N 2C@
NJPM>@NJAM@N@<M>CKMJ=G@HN<M@JAO@IHPGODKG@'?@IODATDIB<I?NO<ODIBOC@M@N@<M>CKMJ=G@H
OC<OPI?@MGD@N<NOP?TDNIJO@<NT$JM@S<HKG@
OJD?@IODATOC@DNNP@JAO@@I<B@KM@BITDNOJ
KJDIOOJ<KMJ=G@HAJMRJH@I<I?AJMNJ>D@OT<OG<MB@3IAJMOPI<O@GT
OJJH<IT<POCJMNJA?J
IJO >G@<MGT D?@IODATOC@ M@N@<M>CKMJ=G@H
G@<QDIB OC@M@<?@MOJ ?@>D?@ OC@ DHKJMO@ JAOC@
DNNP@ 5C@I OC@ KMJ=G@H DN IJO >G@<M
DO DN ?DAAD>PGO OJ PI?@MNO<I? OC@ NDBIDAD>@ JA OC@
M@N@<M>C$PMOC@MHJM@
OC@M@N@<M>CKMJ=G@HDNJAO@I>JIAPN@?RDOCOC@M@N@<M>CLP@NODJINY
OCJN@LP@NODJINOC<OOC@DIQ@NODB<OJMRJPG?GDF@<INR@M@?DIJM?@MOJPI?@MNO<I?JM@SKG<DIOC@
KMJ=G@H
2JOCDN>JHKG@SDOTDN<??@?OC@I@@?AJMDIOMJ?P>ODJINOJ><MMTOC@R@DBCOJA@I>JPM<BDIBOC@
M@<?@MOJM@<?A<MOC@M<I?OJN@@NDBIDAD>@DIOC@NOP?T
$JMOPI<O@GT
OC@M@ DN < HJ?@G AJM RMDODIB < BJJ?
N>CJG<MGT NJ>D<G N>D@I>@ DIOMJ?P>ODJI @AJM@
DIOMJ?P>DIBOCDNHJ?@G
DODNI@>@NN<MTOJ?DNODIBPDNCNP=OG@?DAA@M@I>@N=@OR@@IDIOMJ?P>ODJIN
AJMLP<GDO<ODQ@
LP<IODO<ODQ@
%) ((*%)"(((*"!,!(#'"(&#)(#"'
B@I@M<G M@QD@R JA <GG DIOMJ?P>ODJIN NCJRN OC<O OC@T AJGGJR < NDHDG<M K<OO@MI 2C@ <POCJMN
<IIJPI>@ < KMJ=G@H <I? OC@T EPNODAT RCT DO I@@?N OJ =@ NOP?D@? 2C@ OTK@ JA KMJ=G@H
KM@N@IO@? DI ODJI RDGG Q<MT ?@K@I?DIB JI OC@ <KKMJ<>C N@@ !C<KO@M 'I <
;?+63>+>3@/ KMJE@>O
OC@<POCJMRDGG?@N>MD=@<M@N@<M>CKMJ=G@HOC<O><I=@NO=@PI?@MNOJJ?=T
@SKGJMDIB<>JI>@KOJMKC@IJH@IJI'C<Q@NPBB@NO@?OC<OLP<GDO<ODQ@M@N@<M>CDN@SKGJM<OJMT
<I?M@N@<M>C@MNPN@DOOJ@SKGJM@<OJKD>RC@IOC@Q<MD<=G@N<I?OC@JMT=<N@<M@PIFIJRI$JM
@S<HKG@
+JMN@N<TNOCDN
!C<M<>O@MDNOD>N JA < LP<GDO<ODQ@ M@N@<M>C KMJ=G@H <M@ < OC@ >JI>@KO DN \DHH<OPM@] ?P@ OJ <
>JINKD>PJPNG<>FJAOC@JMT<I?KM@QDJPNM@N@<M>C=<IJODJIOC<OOC@<Q<DG<=G@OC@JMTH<T=@
DI<>>PM<O@
DI<KKMJKMD<O@
DI>JMM@>O
JM =D<N@? > < I@@? @SDNON OJ @SKGJM@ <I? ?@N>MD=@ OC@
KC@IJH@I<<I?OJ?@Q@GJK OC@JMTJM?OC@I<OPM@JAOC@KC@IJH@IJIH<TIJO=@NPDO@?OJ
LP<IODO<ODQ@H@<NPM@NK
$JM@S<HKG@
PM=<INKM<RG<KMJ=G@HI@@?NOJ=@@SKGJM@?=@><PN@DOC<NIJO=@@I@S<HDI@?
DI >@MO<DI <M@<N JA < NO<O@ GO@MI<ODQ@GT
FD?N DI @G@H@IO<MT >G<NNMJJHN C<Q@ <ISD@OT OC<O
DIO@MA@M@N RDOC G@<MIDIB < KMJ=G@H
<I? OC@ =@NO R<T OJ @SKGJM@ OCDN KMJ=G@H DN OJ BJ OJ
N>CJJGN <I? QDNDO ?DM@>OGT RDOC O@<>C@MN <I? NOP?@ION 1JH@ LP<GDO<ODQ@ M@N@<M>C@MN C<Q@ <
OC@JM@OD><GG@INOCMJPBCRCD>COC@KMJ=G@HRDGG =@@S<HDI@?@B
OC@DI@LP<GDOTJAK<T<HJIB
RJH@I<I?H@IJMOC@M<>D<G<OODOP?@NDIQJGQ@?DIKMJADGDIB?MDQ@MNJIOC@CDBCR<TN2CJH<N
NPBB@NON OC<O \>MDOD><G M@N@<M>C@MN =@BDI AMJH OC@ KM@HDN@ OC<O <GG >PGOPM<G GDA@ DN DI
>JINO<IOO@INDJI=@OR@@I>JIOMJG<I?M@NDNO@]K2CDNOC@JM@OD><GJMD@IO<ODJINC<K@NOC@
NOMP>OPM@JA<IDIOMJ?P>ODJI @DN@G
AJM@S<HKG@
KMJKJN@?OJ@S<HDI@CJROC@OC@JMT
JA>G<NNKJGDOD>N@SKG<DI@?OC@G<>FJANP>>@NNJA<I<IODQD>@><HK<DBIDIJI@JAOCM@@H@MD>DOD@N 2CPN
RDOCDI NJH@ LP<GDO<ODQ@ NOP?D@N
OC@ <KKMJ<>C DI OC@ DIOMJ?P>ODJI H<T =@ G@NN
DI?P>ODQ@RCDG@NODGGM@GTDIBJIOC@K@MNK@>ODQ@JAK<MOD>DK<ION
GDF@HJNOLP<GDO<ODQ@NOP?D@N'I
<??DODJI
LP<GDO<ODQ@ DIOMJ?P>ODJIN H<T =@BDI RDOC < K@MNJI<G NO<O@H@IO JA @SK@MD@I>@N AMJH
OC@<POCJM
NP>C<NOCJN@AJPI?DIKC@IJH@IJGJBD><GNOP?D@N+JPNO<F<N
2C@T<GNJH<T
=@ RMDOO@I AMJH < K@MNJI<G
ADMNOK@MNJI
NP=E@>ODQ@ KJDIO JA QD@R DI RCD>C OC@ M@N@<M>C@M
KJNDODJINC@MN@GAJMCDHN@GADIOC@I<MM<ODQ@
*@NNQ<MD<ODJIDNN@@IDI ;?+8>3>+>3@/ DIOMJ?P>ODJIN'I<LP<IODO<ODQ@KMJE@>O

OC@KMJ=G@HDN=@NO
<??M@NN@? =T PI?@MNO<I?DIB RC<O A<>OJMN JM Q<MD<=G@N DIAGP@I>@ JH@ $JM @S<HKG@
DI
M@NKJIN@ OJ RJMF@M >PO=<>FN < KMJ=G@H AJM <GG @HKGJT@@N
JQ@M RC<O A<>OJMN DIAGP@I>@ =PNDI@NN@N OJ ?JRINDU@ IJOC@M M@N@<M>C@M H<T I@@? OJ
PI?@MNO<I? OC@ CDBC ?DQJM>@ M<O@ <HJIB H<MMD@? >JPKG@N < KMJ=G@H <I? @S<HDI@ RC@OC@M
ADID<GDNNP@N>JIOMD=PO@OJ?DQJM>@'I=JOCJAOC@N@NDOP<ODJIN
OC@M@N@<M>CKMJ=G@HDNJI@DI
RCD>C PI?@MNO<I?DIB OC@ A<>OJMN OC<O @SKG<DI JM M@G<O@ OJ JH@ C@GKN OC@ DIQ@NODB<OJM
=@NOPI?@MNO<I?<I?@SKG<DIOC@KMJ=G@H'I<??DODJI
DILP<IODO<ODQ@DIOMJ?P>ODJIN
M@N@<M>C@MN
NJH@ODH@N <?Q@ < OC@JMT OJ O@NO
<I? OC@T RDGG DI>JMKJM<O@ NP=NO<IOD<G M@QD@RN JA OC@
GDO@M<OPM@OJD?@IODATM@N@<M>CLP@NODJINOC<OI@@?OJ=@<INR@M@?LP<IODO<ODQ@DIOMJ?P>ODJI
H<T=@RMDOO@IAMJHOC@DHK@MNJI<GKJDIOJAQD@R<I?DIOC@K<NOO@IN@
OJ>JIQ@TJ=E@>ODQDOT
73B/.7/>29.= NOP?T><I@HKGJT@DOC@MOC@LP<GDO<ODQ@JMOC@LP<IODO<ODQ@<KKMJ<>CJMNJH@
>JH=DI<ODJIOJRMDODIB<IDIOMJ?P>ODJI'I<ITBDQ@IHDS@?H@OCJ?NNOP?T
OC@@HKC<NDNHDBCO
ODK DI OC@ ?DM@>ODJI JA @DOC@M LP<IODO<ODQ@ JM LP<GDO<ODQ@ M@N@<M>C
<I? OC@ DIOMJ?P>ODJI RDGG
HDMMJMOC<O@HKC<NDN$JMJOC@MHDS@?H@OCJ?NKMJE@>ON
OC@@HKC<NDNRDGG=@@LP<G=@OR@@I
LP<GDO<ODQ@ <I? LP<IODO<ODQ@ M@N@<M>C 'I OCDN ><N@
OC@ KMJ=G@H H<T =@ JI@ DI RCD>C < I@@?
@SDNONOJ=JOCPI?@MNO<I?OC@M@G<ODJINCDK<HJIBQ<MD<=G@NDI<NDOP<ODJI<I?@SKGJM@OC@OJKD>
DI APMOC@M ?@KOC HDS@? H@OCJ?N KMJE@>O H<T DIDOD<GGT N@@F OJ @SKG<DI OC@ M@G<ODJINCDK
=@OR@@INHJFDIB=@C<QDJM<I??@KM@NNDJI<HJIB<?JG@N>@ION
OC@I@SKGJM@OC@?@O<DG@?QD@RN
JA<?JG@N>@ION <I??DNKG<T?DAA@M@IOK<OO@MINJANHJFDIB<I??@KM@NNDJI5DOCOC@ADMNOKC<N@JA
OCDN KMJE@>O <N LP<IODO<ODQ@
OC@ DIOMJ?P>ODJI H<T @HKC<NDU@ < LP<IODO<ODQ@ <KKMJ<>C RDOC
DI>GPNDJIJA<OC@JMTOC<OKM@?D>ONOCDNM@G<ODJINCDK<I?<NP=NO<IODQ@M@QD@RJAOC@GDO@M<OPM@
!# #&""(&#)(#"
2C@N@ ?DAA@M@I>@N <HJIB OC@ Q<MDJPN <KKMJ<>C@N <M@ NH<GG
<I? OC@T M@G<O@ G<MB@GT OJ OC@
?DAA@M@IOOTK@NJAKMJ=G@HN<??M@NN@?DILP<GDO<ODQ@
LP<IODO<ODQ@
'O NCJPG? =@ C@GKAPG OJ DGGPNOM<O@ C OJ ?@NDBIDIB <I? RMDODIB ODJI OJ <
M@N@<M>CNOP?TOC<OM@N@<M>C@MNHDBCOPN@M@B<M?G@NNJAOC@DM<KKMJ<>C
2C@ 2347173<173A;=23:=4/<7<B@=2C1B7=< DN<B@I@M<GO@HKG<O@AJMRMDODIB<BJJ?DIOMJ?P>ODJI

'O DN < KJKPG<M <KKMJ<>C PN@? DI OC@ NJ>D<G N>D@I>@N
<I? JI>@ DON NOMP>OPM@ DN @GP>D?<O@?
OC@
M@<?@M RDGG ADI? DO <KK@<MDIBM@K@<O@?GT DI H<IT KP=GDNC@? M@N@<M>C NOP?D@N 'O >JINDNONJAADQ@
K<MON
<I?<N@K<M<O@K<M<BM<KC><I=@?@QJO@?OJ@<>CK<MO
AJM<IDIOMJ?P>ODJIJA<=JPOORJ
K<B@NDIG@IBOC
2C@M@N@<M>CKMJ=G@H
1OP?D@NOC<OC<Q@<??M@NN@?OC@KMJ=G@H
"@AD>D@I>D@NDIOC@NOP?D@N
2C@NDBIDAD>@JAOC@NOP?TAJMK<MOD>PG<M<P?D@I>@N
2C@KPMKJN@NO<O@H@IO
<::CAB@/B7=<
@AJM@<M@QD@RJA@<>CK<MO
C@M@ DN<I@S>@GG@IO@S<HKG@AMJH<LP<IODO<ODQ@NOP?TKP=GDNC@?
=T 2@M@IUDID
!<=M@M<
!JG=@>F
EJMFGPI?
<I? .<M@IO@ DI '2/ 9?<8+6 90 312/<
.?-+>398 <I?ODOG@?\0<>D<G<I?#OCID>"DQ@MNDOTDIOC@!G<NNMJJH]M@KMDIO@?RDOCK@MHDNNDJI
$JGGJRDIB @<>C H<EJM N@>ODJI DI OC@ DIOMJ?P>ODJI
' =MD@AGT CDBCGDBCO OC@ >JHKJI@IO =@DIB
<??M@NN@?
1DI>@K<NN<B@JAOC@!DQDG0DBCON>OJA<I?OC@&DBC@M#?P><ODJI>OJA
H@MD><[N
>JGG@B@N <I? PIDQ@MNDOD@N C<Q@ NOMPBBG@? OJ DI>M@<N@ OC@ M<>D<G <I? @OCID> ?DQ@MNDOT JA OC@DM
NOP?@ION <I? A<>PGOT H@H=@MN
<I? \<AADMH<ODQ@ <>ODJI] C<N =@>JH@ OC@ KJGD>TJA>CJD>@ OJ
<>CD@Q@ OC<O C@O@MJB@I@DOT 9POCJMN NO<O@ OC@ I<MM<ODQ@ CJJF: 2C@N@ KJGD>D@N
CJR@Q@M
<M@
IJR <O OC@ >@IO@M JA PMM@IOG@B<GAJPI?<ODJIAJM<AADMH<ODQ@
<>ODJIKJGD>D@NM@NONJIOC@0@B@IONJAOC@3IDQ@MNDOTJA!<GDAJMID<Q <FF@><N@
DIRCD>C
(PNOD>@ 5DGGD<H .JR@GG <MBP@? OC<O M<>@ >JPG? =@ >JIND?@M@? <HJIB OC@ A<>OJMN JI RCD>C
<?HDNNDJIN ?@>DNDJIN R@M@ =<N@? +JM@ M@>@IOGT
CJR@Q@M
OC@ 31 !JPMO JA KK@<GN AJM OC@
$DAOC !DM>PDO
DI OC@ &JKRJJ? Q 1O<O@ JA 2@S<N ><N@
AJPI? .JR@GG[N <MBPH@IO R<IODIB
!JPMO ?@>DNDJIN OPMIDIB <AADMH<ODQ@ <>ODJI KJGD>D@N <ND?@ C<Q@ =@@I <>>JHK<ID@? =T NO<O@
M@A@M@I?<
G@BDNG<ODJI
<I? M@G<O@? <>ODJIN =<IIDIB JM NC<MKGT M@?P>DIB M<>@N@INDODQ@
<?HDNNDJIN JM CDMDIB DI !<GDAJMID<
$GJMD?<
*JPDND<I<
+<DI@
+<NN<>CPN@OON
+D>CDBJ&@<GT
<
=

'I M@NKJIN@
@?P><OJMN <I? JOC@MN C<Q@ <?Q@? @?P><ODJI<G <MBPH@ION NPKKJMODIB
<AADMH<ODQ@<>ODJI
>G<DHDIBOC<O<?DQ@MN@NOP?@IO=J?TDNHJM@@?P><ODJI<GGT@AA@>ODQ@OC<I<
HJM@ CJHJB@I@JPN JI@ &<MQ<M? 3IDQ@MNDOT .M@ND?@IO ,@DG 0P?@INODI@ >G<DHN OC<O OC@
\API?<H@IO<G M<ODJI<G@ AJM NOP?@IO ?DQ@MNDOT DI CDBC@M @?P><ODJI 9DN: DON @?P><ODJI<G Q<GP@]
0P?@INODI@

K*@@ JGGDIB@M
0P?@INODI@[N>JPIO@MK<MO<OOC@3IDQ@MNDOTJA+D>CDBG<NNMJJH OC<O ?J@N IJO C<Q@ < NDBIDAD><IO M@KM@N@IO<ODJI AMJH H@H=@MN JA
?DAA@M@IO M<>@N KMJ?P>@N PNNDJI] 1>CHD?O

K 2C@N@ ORJ
KM@ND?@ION<M@IJO<GJI@DIOC@DM=@GD@ANNO<O@H@IOKP=GDNC@?=TOC@NNJ>D<ODJIJAH@MD>CPIDQ@MNDOD@NNO<O@?\5@NK@<FADMNO
<I?AJM@HJNO<N@?P><OJMN5@=@GD@Q@OC<OJPMNOP?@ION=@I@ADONDBIDAD><IOGTAMJH@?P><ODJI
OC<O O<F@N KG<>@ RDOCDI < ?DQ@MN@ N@OODIB] \-I OC@ 'HKJMO@ JA "DQ@MNDOT DI 3IDQ@MNDOT
?HDNNDJIN
] 2C@ ,@R 7JMF 2DH@N
KMDG

K 9POCJMN D?@IODAT OC@ M@N@<M>C
KMJ=G@H:
1OP?D@NJAOC@DHK<>OJA?DQ@MNDOTJINOP?@IO@?P><ODJI<GJPO>JH@NO@I?OJ<KKMJ<>COC@R<TN
NOP?@ION @I>JPIO@M \?DQ@MNDOT] DI <IT JA OCM@@ R<TN NH<GG BMJPK JA NOP?D@N OM@<O NOP?@ION[
>JIO<>ONRDOC\?DQ@MNDOT]G<MB@GT<N<API>ODJIJAOC@IPH@MD><GJMKMJKJMODJI<GM<>D<G @OCID>JM
B@I?@MHDSJANOP?@IONJI<><HKPN@B
!C<IB

<)<IO@M
1<S

N@>JI?>JIND?@M<=GTG<MB@MN@OJANOP?D@NO<F@NJH@ HJ?D>PHJANOMP>OPM<G?DQ@MNDOT<N<BDQ@I
<I?JK@M<ODJI<GDU@NNOP?@ION[@I>JPIO@MNRDOC?DQ@MNDOTPNDIBOC@AM@LP@I>TJMI<OPM@JAOC@DM
M@KJMO@?DIO@M<>ODJINRDOCK@@MNRCJ<M@M<>D<GGT @OCID><GGT?DAA@M@IOAMJHOC@HN@GQ@N
OCDM?N@OJANOP?D@N @S<HDI@NDINODOPODJI<GGTNOMP>OPM@?<I?KPMKJN@APGKMJBM<HH<OD>@AAJMONOJ
C@GK NOP?@ION @IB<B@ M<>D<G @OCID> <I? JM B@I?@M \?DQ@MNDOT] DI OC@ AJMH JA =JOC D?@<N <I?
K@JKG@
2C@N@Q<MDJPN<KKMJ<>C@NC<Q@=@@IPN@?OJ@S<HDI@OC@@AA@>ONJA?DQ@MNDOTJI< =MJ<?<MM<T
JANOP?@IO@?P><ODJI<GJPO>JH@N2C@@QD?@I>@DN<GHJNOPIDAJMHGT>JINDNO@IODIDI?D><ODIBOC<O
NOP?@ION DI < M<>D<G @OCID><GGT JM B@I?@M?DQ@MN@>JHHPIDOT
JM @IB<B@?DI < ?DQ@MNDOTM@G<O@?
<>ODQDOT
M@<K<RD?@<MM<TJAKJNDODQ@@?P><ODJI<G=@I@ADON9POCJMNH@IODJINOP?D@NOC<OC<Q@
<??M@NN@?OC@KMJ=G@H:
-IGT < M@G<ODQ@ C<I?APG JA NOP?D@N @B

!C<IB

< 1<S
C<Q@ NK@>DAD><GGT
@S<HDI@?RC@OC@MOC@M<>D<G @OCID>JMB@I?@M>JHKJNDODJIJAOC@NOP?@IONJI<><HKPN
DI<?@HD> H<EJM
JM DI < >G<NNMJJH D@
NOMP>OPM<G ?DQ@MNDOT C<N OC@ @?P><ODJI<G =@I@ADON
>G<DH@?5C@OC@MOC@?@BM@@JAM<>D<G?DQ@MNDOTJA<><HKPNJM>G<NNMJJHC<N<?DM@>O@AA@>O
JI G@<MIDIB JPO>JH@N
CJR@Q@M
M@H<DIN D@I>D@N DI OC@ NOP?D@N <M@
IJO@?:
2C@N><M>DOTJADIAJMH<ODJIJIOC@@?P><ODJI<G=@I@ADONJAOC@NOMP>OPM<G?DQ@MNDOTJI<><HKPN
JM DI DON >G<NNMJJHN DN M@BM@OO<=G@ =@><PN@ DO DN OC@ NJMO JA @QD?@I>@ OC@ >JPMON <KK@<M OJ =@
M@LPDMDIBDAOC@T<M@OJ NPKKJMOM<>@N@INDODQ@<?HDNNDJINKJGD>D@N9'HKJMO@JAOC@NOP?TAJM
<I<P?D@I>@H@IODJI@?:
2CDN NOP?T <OO@HKO@? OJ >JIOMD=PO@ OJ OC@ FIJRG@?B@ =<N@ =T @SKGJMDIB OC@ DIAGP@I>@ JA
NOMP>OPM<G ?DQ@MNDOT DI OC@ >G<NNMJJH JI NOP?@ION[ ?@Q@GJKH@IO JA <><?@HD> <I? DIO@GG@>OP<G
NFDGGN 2CDN NOP?T @S<HDI@N =JOC OC@ ?DM@>O @AA@>O JA >G<NNMJJH ?DQ@MNDOT JI
<><?@HD> DIO@GG@>OP<G JPO>JH@N <I? RC@OC@M <IT @AA@>ON JA >G<NNMJJH ?DQ@MNDOT H<T =@
HJ?@M<O@?=TOC@@SO@IOOJRCD>C<>ODQ@<I?>JGG<=JM<ODQ@DINOMP>ODJI<G<KKMJ<>C@N<M@PN@?DI
OC@ >JPMN@ 9.PMKJN@ JA OC@ NOP?T DN D?@IODAD@?: KK
M@KMDIO@? =T K@MHDNNDJI JA 2C@
(JPMI<GJA&DBC@M#?P><ODJI
(63&3A3/@16$@=0:3;
'IOC@2@M@IUDID@O<G<MOD>G@
OC@ADMNON@IO@I>@<>>JHKGDNC@N=JOC KMDH<MTJ=E@>ODQ@NAJM
ODJI KDLPDIB DIO@M@NO DI OC@ NOP?T <I? >JIQ@TDIB < ?DNODI>O M@N@<M>C KMJ=G@H JM
DNNP@5C<O@AA@>O?D?OCDNN@IO@I>@C<Q@5JPG?DO@IOD>@<M@<?@MOJM@<?JI5<NDOKDO>C@?
<O < G@Q@G NJ OC<O < RD?@ <P?D@I>@ >JPG? PI?@MNO<I? DO 2C@N@ LP@NODJIN <M@ DHKJMO<IO AJM
JK@IDIB N@IO@I>@N
<I? OC@T <M@ ><GG@? < </@@/B7D3 6==9
< O@MH ?M<RI AMJH #IBGDNC
>JHKJNDODJI
H@<IDIBRJM?NOC<ON@MQ@OJ?M<R
@IB<B@
JMCJJFOC@M@<?@MDIOJOC@NOP?T2J
G@<MI CJR OJ RMDO@ BJJ? I<MM<ODQ@ CJJFN
NOP?T JK@IDIB N@IO@I>@N DI G@<?DIB EJPMI<GN DI
?DAA@M@IO AD@G?N JA NOP?T -AO@I
EJPMI<GDNON KMJQD?@ BJJ? @S<HKG@N DI OC@ G@<? N@IO@I>@N JA
I@RNK<K@M <I? H<B<UDI@ <MOD>G@N &@M@ AJGGJR < A@R @S<HKG@N JA G@<? N@IO@I>@N AMJH NJ>D<G
N>D@I>@EJPMI<GN
^\2C@OM<INN@SP<G<I?@OCIJH@OCJ?JGJBD><G>@G@=MDOTBI@N>C<IB@?C@MD?@IODOTI@<MGTOCM@@
T@<MN=@AJM@PI?@MBJDIBN@SM@<NNDBIH@IONPMB@MT]!<CDGG

K
^\5CJ>JIOMJGNOC@KMJ>@NNJA>CD@A@S@>PODQ@NP>>@NNDJI] J@F@M

K
^\2C@M@ DN<G<MB@=J?TJAGDO@M<OPM@OC<ONOP?D@NOC@><MOJBM<KCD>GDI@<M@>@IONPHH<MT<MOD>G@
DN POO@IAD@G?
<I? B@I@M<GDU<ODJI JA ><MOJBM<KCD> GDI@N +>+<NO@M ] !<MNO@IN@I

K
GGOCM@@JAOC@N@@S<HKG@NKM@N@IODIAJMH<ODJI@<NDGTPI?@MNOJJ?=TH<ITM@<?@MN2C@ADMNO
ORJYDIOMJ?P>ODJINDILP<GDO<ODQ@NOP?D@NY?@HJINOM<O@CJRM@<?@MDIO@M@NO><I=@>M@<O@?=T
M@A@M@I>@OJOC@NDIBG@K<MOD>DK<IO<I?=TKJNDIB<LP@NODJI2C@OCDM?@S<HKG@
<LP<IODO<ODQ@
@SK@MDH@IO<GNOP?T
NCJRNCJRJI@ ><I=@BDIRDOC<GDO@M<OPM@K@MNK@>ODQ@GGOCM@@@S<HKG@N
?@HJINOM<O@R@GGCJROC@G@<?N@IO@I>@><I=@RMDOO@INJOC<OOC@M@<?@MDNIJOO<F@IDIOJ<
?@O<DG@?HJM<NNJAOCJPBCO
=POGJR@M@?B@IOGTDIOJOC@OJKD>
'PN@OC@H@O<KCJMJAOC@RMDO@MGJR@MDIB<=<MM@GDIOJ<R@GG2C@ ,/1388381 RMDO@MKGPIB@NOC@

=<MM@G OC@ M@<?@M DIOJ OC@ ?@KOCN JA OC@ R@GG OC@ <MOD>G@ 2C@ M@<?@M N@@N JIGT PIA<HDGD<M
H<O@MD<G 2C@ /B:/<3/8-/. RMDO@M GJR@MN OC@ =<MM@G OC@ M@<?@M
<B<DI NGJRGT
<GGJRDIB OC@
M@<?@M OJ <>>GDH<O@ OJ OC@ ?@KOCN OC@ NOP?T 2CDN GJR@MDIB JA OC@ =<MM@G =@BDIN RDOC +
8+<<+>3@/2995 JANPAAD>D@IOB@I@M<GDOTOC<OOC@M@<?@MPI?@MNO<I?N<I?><IM@G<O@OJOC@OJKD>
@TJI?OCDNADMNON@IO@I>@
DODNDHKJMO<IOOJ>G@<MGTD?@IODATOC@DNNP@NJMKMJ=G@HNOC<OG@<?N
OJ < I@@? AJM OC@ NOP?T 2@M@IUDID @O <G ?DN>PNN < ?DNODI>O KMJ=G@H OC@ NOMPBBG@ OJ
DI>M@<N@OC@M<>D<G<I?@OCID>?DQ@MNDOTJI31>JGG@B@<I?PIDQ@MNDOT><HKPN@N2C@TIJO@OC<O
KJGD>D@NOJDI>M@<N@?DQ@MNDOT<M@<O\OC@>@IO@MJA<IDIO@IN@I<ODJI<G?@=<O@]K
'I<KKGD@?NJ>D<GN>D@I>@M@N@<M>C
KMJ=G@HN<MDN@AMJHDNNP@N
?DAAD>PGOD@N
<I?>PMM@IOKM<>OD>@N
2C@M@N@<M>CKMJ=G@HDI<NOP?T=@BDINOJ=@>JH@>G@<MRC@IOC@M@N@<M>C@M<NFN
\5C<ODNOC@
I@@? AJM OCDN NOP?T] JM \5C<O KMJ=G@H DIAGP@I>@? OC@ I@@? OJ PI?@MO<F@ OCDN NOP?T] $JM
@S<HKG@
N>CJJGN H<T IJO C<Q@ DHKG@H@IO@? HPGOD>PGOPM<G BPD?@GDI@N
OC@ I@@?N JA A<>PGOT DI
>JGG@B@N <M@ NP>C OC<O OC@T I@@? OJ @IB<B@ DI KMJA@NNDJI<G ?@Q@GJKH@IO <>ODQDOD@N DI OC@DM
?@K<MOH@ION
HDIJMDOT NOP?@ION I@@? =@OO@M <>>@NN OJ PIDQ@MNDOD@N
JM < >JHHPIDOT I@@?N OJ
=@OO@M PI?@MNO<I? OC@ >JIOMD=PODJIN JA DON @<MGT A@H<G@ KDJI@@MN 2C@N@ <M@ <GG NDBIDAD><IO
M@N@<M>CKMJ=G@HNOC<OH@MDOAPMOC@MNOP?T<I?@NO<=GDNC<KM<>OD><GDNNP@JM>JI>@MIOC<OI@@?N
OJ =@ <??M@NN@? 5C@I ?@NDBIDIB OC@ JK@IDIB K<M<BM<KCN JA < KMJKJN<G
RCD>C DI>GP?@N OC@
M@N@<M>CKMJ=G@H
F@@KDIHDI?OC@N@ @3A3/@16B7>A
^ 5MDO@ <IJK@IDIB N@IO@I>@ OC<O RDGG NODHPG<O@M@<?@M DIO@M@NO <N R@GG <N >JIQ@T <IDNNP@ OJ
RCD>C<=MJ<?<P?D@I>@><IM@G<O@
^ N < B@I@M<G MPG@

M@AM<DI AMJH PNDIB LPJO<ODJIN
@NK@>D<GGT GJIB JI@N
DI OC@ G@<? N@IO@I>@
/PJO<ODJIN M<DN@ H<IT KJNND=DGDOD@N AJM DIO@MKM@O<ODJI <I? OCPN >M@<O@ PI>G@<M =@BDIIDIBN
&JR@Q@M
<NDN@QD?@IODINJH@ LP<GDO<ODQ@NOP?D@N
LPJO<ODJIN>M@<O@M@<?@MDIO@M@NO
^ 1O<T <R<TAMJH D?DJH<OD> @SKM@NNDJINJMOMDO@KCM<N@N @B

\2C@ G@>OPM@ H@OCJ? M@H<DIN <
ZN<>M@?>JR[<HJIBHJNO>JGG@B@<I?PIDQ@MNDOTDINOMP>OJMN]
^!JIND?@MIPH@MD>DIAJMH<ODJIAJMDHK<>O@B
\#Q@MTT@<M
<I@NODH<O@?HDGGDJIH@MD><IN
@SK@MD@I>@OC@?@<OCJA<IDHH@?D<O@A<HDGTH@H=@M]
^!G@<MGTD?@IODATOC@M@N@<M>CKMJ=G@HD@
?DG@HH<
DNNP@G@<?DIBOJOC@NOP?TNFTJPMN@GA
\'NOC@M@<NK@>DAD>N@IO@I>@JMN@IO@I>@NDIRCD>C'>JIQ@TOC@M@N@<M>CKMJ=G@H]
^'I?D><O@RCTOC@KMJ=G@HDNDHKJMO<IO=T>DODIBIPH@MJPNM@A@M@I>@NOC<OEPNODATOC@I@@?OJ
NOP?TOC@KMJ=G@H'IK@MC<KN<IJONJEJFDIBH<II@M
'N<TOJHTNOP?@IONOC<ODAOC@T?JIJO
C<Q@<?JU@IM@A@M@I>@N>DO@?JIOC@ADMNOK<B@JAOC@DMKMJKJN<G
OC@T?JIJOC<Q@<N>CJG<MGT
NOP?T
^+<F@NPM@OC<OOC@KMJ=G@HDNAM<H@?DI<H<II@M>JINDNO@IORDOCOC@<KKMJ<>COJM@N@<M>C
DI OC@ NOP?T @B
@SKGJM<OJMT DI LP<GDO<ODQ@
@S<HDIDIB M@G<ODJINCDKN JM KM@?D>OJMN DI
LP<IODO<ODQ@
<I?@DOC@M<KKMJ<>CDIHDS@?H@OCJ?NDILPDMT
^!JIND?@M<I?RMDO@<=JPORC@OC@MOC@M@DN<NDIBG@KMJ=G@HDIQJGQ@?DIOC@KMJKJN@?NOP?TJM
HPGODKG@ KMJ=G@HN OC<O G@<? OJ < I@@? AJM OC@ NOP?T -AO@I
HPGODKG@ M@N@<M>C KMJ=G@HN <M@
<??M@NN@?DIM@N@<M>CNOP?D@N
'BC273A22@3AA7<5B63$@=0:3;
AO@M@NO<=GDNCDIBOC@M@N@<M>CKMJ=G@HDIOC@JK@IDIBK<M<BM<KCN
2@M@IUDID@O<GI@SO
EPNODATDONDHKJMO@=TM@QD@RDIBNOP?D@NOC<OC<Q@@S<HDI@?OC@DNNP@'HPNO=@><M@APG<N'
O<GF<=JPOM@QD@RDIBNOP?D@NC@M@
=@><PN@'?JIJOC<Q@DIHDI?<>JHKG@O@GDO@M<OPM@M@QD@R
AJM OC@ DIOMJ?P>ODJI K<NN<B@ 'O DN G<O@M
DI OC@ GDO@M<OPM@ M@QD@R N@>ODJI JA < KMJKJN<G
OC<O
NOP?@ION OCJMJPBCGT M@QD@R OC@ GDO@M<OPM@ 'INO@<?
DI OC@ DIOMJ?P>ODJI
OCDN GDO@M<OPM@ M@QD@R
K<NN<B@NCJPG?NPHH<MDU@G<MB@BMJPKNJANOP?D@NDINO@<?JADI?DQD?P<GJI@N'O@GGHTNOP?@ION
OJ M@AG@>O JI OC@DM GDO@M<OPM@ H<KN ?@N>MD=@? DI !C<KO@M <I? GJJF <O <I? NPHH<MDU@ OC@
=MJ<?><O@BJMD@N<OOC@OJKDIOJRCD>COC@T<NNDBI@?OC@DMGDO@M<OPM@+@IODJIDIBOC@N@=MJ<?
><O@BJMD@N<M@RC<O'H@<I=TM@QD@RDIBNOP?D@NDI<IDIOMJ?P>ODJIOJ<KMJKJN<G
2C@ KPMKJN@ JA @3D73E7<5 ABC273A DI ODJI DN OJ EPNODAT OC@ DHKJMO@ JA OC@ NOP?T
<I?OJ>M@<O@?DNODI>ODJIN=@OR@@IK<NONOP?D@N<I?OC@KMJKJN@?JI@2CDN>JHKJI@IOHDBCO
=@ ><GG@? \N@OODIB OC@ M@N@<M>C KMJ=G@H RDOCDI OC@ JIBJDIB ?D<GJBP@ DI OC@ GDO@M<OPM@]
0@N@<M>C@MN ?J IJO R<IO OJ >JI?P>O < NOP?T OC<O M@KGD><O@N @S<>OGT RC<O NJH@JI@ @GN@ C<N
NOP?D@? ,@R NOP?D@N I@@? OJ <?? OJ OC@ GDO@M<OPM@ JM OJ @SO@I? JM M@O@NO RC<O JOC@MN C<Q@
@S<HDI@?+<MNC<GG<I?0JNNH<IM@A@MOJOCDN=MD@AGDO@M<OPM@M@QD@RDI<IDIOMJ?P>ODJI
<N<R<TOJN@OOC@NOP?TRDOCDIOC@>JIO@SOJAJOC@M
M@G<O@?NOP?D@N2C@<=DGDOTOJAM<H@OC@
NOP?T DI OCDN R<T N@K<M<O@N IJQD>@N AMJH HJM@ @SK@MD@I>@? M@N@<M>C@MN 2C@ Q@O@MJM>@MO<DIKMJ=G@HDIOC@AD@G?
2CDN FIJRG@?B@ >JH@N AMJH T@<MN JA @SK@MD@I>@ AJGGJRDIB OC@ ?@Q@GJKH@IO JA KMJ=G@HN <I?
OC@DM<>>JHK<ITDIBGDO@M<OPM@
2C@LP@NODJIJAO@I<MDN@N<NOJRC<OOTK@JAGDO@M<OPM@OJM@QD@R+T=@NO<?QD>@RJPG?=@OJ
M@QD@RM@N@<M>CNOP?D@NDIRCD>C<POCJMN<?Q@M@N@<M>CLP@NODJIN<I?M@KJMO?<O<OJ<INR@M
OC@H 2C@N@ NOP?D@N HDBCO =@ LP<IODO<ODQ@
LP<GDO<ODQ@
JM HDS@? H@OCJ?N NOP?D@N 2C@
DHKJMO<IO KJDIO DN OC<O OC@ GDO@M<OPM@ KMJQD?@N NOP?D@N <=JPO OC@ M@N@<M>C KMJ=G@H =@DIB
<??M@NN@?DIOC@KMJKJN<G @BDIIDIBM@N@<M>C@MNJAO@I<NF
\5C<O?J'?JIJR,JM@N@<M>C
C<N =@@I >JI?P>O@? JI HT OJKD>] -A >JPMN@
DI NJH@ I<MMJRGT >JINOMP@? NOP?D@N JM DI I@R
@SKGJM<OJMT KMJE@>ON
IJ GDO@M<OPM@ @SDNON OJ ?J>PH@IO OC@ M@N@<M>C KMJ=G@H GNJ
DO H<F@N
N@IN@ OC<O < OJKD> DN =@DIB KMJKJN@? AJM NOP?T KM@>DN@GT =@><PN@ GDOOG@ M@N@<M>C C<N =@@I
>JI?P>O@?JIDO2J>JPIO@MOCDNNO<O@H@IO
'JAO@INPBB@NOOC<O<IDIQ@NODB<OJMOCDIF<=JPOOC@
GDO@M<OPM@
PNDIB<IDIQ@MO@?OMD<IBG@<N<IDH<B@OOC@<K@SJAOC@DIQ@MO@?OMD<IBG@GD@NOC@
N>CJG<MGTNOP?T=@DIBKMJKJN@?2CDNNOP?TDNI<MMJR <I?AJ>PN@?<I?NOP?D@NH<TIJO@SDNOJI
DO 'A JI@ =MJ<?@IN OC@ M@QD@R JA OC@ GDO@M<OPM@ PKR<M? OJ OC@ =<N@ JA OC@ DIQ@MO@? OMD<IBG@
GDO@M<OPM@ > JA <OMDNF AMD><IN DI KMDH<MT N>CJJG H<T IJO C<Q@ =@@I
M@N@<M>C@? CJR@Q@M
HJM@ =MJ<?GT NK@<FDIB
OC@ OJKD> JA <OMDNF NOP?@ION B@I@M<GGT DI OC@
KMDH<MT N>CJJG JM <O <IT G@Q@G DI @?P><ODJI
H<T C<Q@ =@@I NOP?D@? 2C@ M@N@<M>C@M RJPG?
NPHH<MDU@OC@HJM@B@I@M<GGDO@M<OPM@<I?@I?RDOCNO<O@H@ION<=JPO<I@@?AJMNOP?D@NOC<O
@S<HDI@<OMDNFAMD><IH@MD><INOP?@ION<OOC@KMDH<MTN>CJJGG@Q@G
2J M@QD@R OC@ GDO@M<OPM@ M@G<O@? OJ OC@ M@N@<M>C KMJ=G@H AJM ODJI OJ < KMJKJN<G
>JIND?@MOC@N@ @3A3/@16B7>A
^0@A@MOJOC@GDO@M<OPM@=TNPHH<MDUDIBBMJPKNJANOP?D@N
IJODI?DQD?P<GJI@NPIGDF@OC@AJ>PN
JINDIBG@NOP?D@NDIOC@DIO@BM<O@?M@QD@RDI!C<KO@M2C@DIO@IONCJPG?=@OJ@NO<=GDNC=MJ<?
<M@<NJAM@N@<M>C
^2J?@@HKC<NDU@NDIBG@NOP?D@N
KG<>@OC@DIO@SOM@A@M@I>@N<OOC@@I?JA<K<M<BM<KCJM<OOC@
@I?JA<NPHH<MTKJDIO<=JPON@Q@M<GNOP?D@N
^0@QD@RM@N@<M>CNOP?D@NOC<OPN@?LP<IODO<ODQ@
LP<GDO<ODQ@
JMHDS@?H@OCJ?N<KKMJ<>C@N
^ $DI? M@>@IO GDO@M<OPM@ OJ NPHH<MDU@

NP>C <N OC<O KP=GDNC@? DI OC@ K<NO T@<MN !DO@ JG?@M
NOP?D@NDAOC@T<M@Q<GP<=G@=@><PN@OC@TC<Q@=@@IRD?@GTM@A@M@I>@?=TJOC@MN
347173<173A7<$/AB 7B3@/BC@3
AO@M <?QDIB OC@ KMJ=G@H <I? M@QD@RDIB OC@ GDO@M<OPM@ <=JPO DO

OC@ M@N@<M>C@M OC@I
D?@IODAD@N ./03-3/8-3/= AJPI?DIOCDNGDO@M<OPM@&@I>@
'><GGOCDNO@HKG<O@< ./03-3/8-3/=79./6 AJM
RMDODIB ODJI 2C@ I<OPM@ JA OC@N@ ?@AD>D@I>D@N Q<MD@N AMJH NOP?T OJ NOP?T
347173<173A 7< >/AB :7B3@/BC@3 H<T @SDNO =@><PN@ OJKD>N IJO C<Q@ =@@I @SKGJM@? RDOC <
K<MOD>PG<MBMJPK
N<HKG@
JMKJKPG<ODJIOC@GDO@M<OPM@H<TI@@?OJ=@M@KGD><O@?JMM@K@<O@?OJ
N@@DAOC@N<H@ADI?DIBNCJG?
BDQ@II@RN<HKG@NJAK@JKG@JMI@RNDO@NAJMNOP?TJMOC@QJD>@
JA PI?@MM@KM@N@IO@? BMJPKN C<N IJO =@@I C@<M? DI KP=GDNC@? GDO@M<OPM@ 'I <IT BDQ@I NOP?T
<POCJMNH<TH@IODJIJI@JMHJM@JAOC@N@?@AD>D@I>D@N"@AD>D@I>D@N><IJAO@I=@AJPI?DIOC@
\NPBB@NODJINAJMAPOPM@M@N@<M>C]N@>ODJINJAEJPMI<G<MOD>G@N
<I?<POCJMN><IM@A@M@I>@OC@N@
D?@<N<I?KMJQD?@APMOC@M EPNODAD><ODJIAJMOC@DMKMJKJN@?NOP?T
@TJI?H@IODJIDIBOC@?@AD>D@I>D@N
KMJKJN<GRMDO@MNI@@?OJO@GGCJROC@DMKG<II@?NOP?TRDGG
M@H@?T JM <??M@NN OC@N@ ?@AD>D@I>D@N $JM @S<HKG@
=@><PN@ K<NO NOP?D@N C<Q@ JQ@MGJJF@? GP?@ DO <I? <I<GTU@ DON @AA@>O $JM DINO@
=@><PN@ K<NO
NOP?D@NC<Q@JQ@MGJJF@?OC@@S<HDI<ODJIJA,<ODQ@H@MD><IN<N<>PGOPM<GBMJPK
<NOP?TRDGG
DI>GP?@OC@H<NOC@K<MOD>DK<IONDIOC@KMJE@>O
'I OC@ ORJ @S<HKG@N OC<O AJGGJR

OC@ <POCJMN KJDIO JPO OC@ B<KN JM NCJMO>JHDIBN JA OC@
GDO@M<OPM@ ,JOD>@ OC@DM PN@ JA F@T KCM<N@N OJ DI?D><O@ OC@ NCJMO>JHDIBN \RC<O M@H<DIN OJ =@
@SKGJM@?
]\GDOOG@@HKDMD><GM@N@<M>C
]<I?\Q@MTA@RNOP?D@N]
F/;>:3 "@AD>D@I>D@NDIOC@*DO@M<OPM@Y,@@?@?1OP?D@N
$JM OCDN M@<NJI
OC@ H@<IDIB JA R<M <I? K@<>@ C<N =@@I @SKGJM@? @SO@INDQ@GT =T NJ>D<G
N>D@IODNON !JJK@M
GQDF
0JN@GG
1Q<MJQ< 1Q<MJQ<

&<<Q@?NMP?
5C<OM@H<DINOJ=@@SKGJM@?
CJR@Q@M
DNCJRQ@O@M<INJAK<NOR<MNM@<>O
OJQDQD?N>@I@NJA<I@RR<M
8DGG@M

KK
F/;>:3
"@AD>D@I>D@NDIOC@*DO@M<OPM@Y$@R1OP?D@N
"@NKDO@<IDI>M@<N@?DIO@M@NODIHD>MJKJGDOD>N
DODNNPMKMDNDIBOC<ONJGDOOG@@HKDMD><GM@N@<M>CC<N
<>OP<GGT=@@I>JI?P>O@?JIOC@ OJKD>
@NK@>D<GGTAMJHOC@K@MNK@>ODQ@NJANP=JM?DI<O@N.JGDOD><G
M@N@<M>C DI @?P><ODJI<G N@OODIBN DN @NK@>D<GGT N><M>@ 4@MT A@R NOP?D@N C<Q@ AJ>PN@? JI CJR
O@<>C@MN PN@ KJR@M OJ DIO@M<>O NOM<O@BD><GGT RDOC N>CJJG KMDI>DK<GN <I? RC<O OCDN H@<IN
?@N>MDKODQ@GT<I?>JI>@KOP<GGT <GG
&JTG@
.M<OO

G<N@

K
'INPHH<MT
RC@ID?@IODATDIB?@AD>D@I>D@NDIOC@K<NOGDO@M<OPM@
KMJKJN<G?@Q@GJK@MNHDBCOPN@
OC@AJGGJRDIB @3A3/@16B7>A
^!DO@N@Q@M<G?@AD>D@I>D@NOJH<F@OC@><N@ @Q@INOMJIB@MAJM<NOP?T
^ '?@IODAT NK@>DAD><GGT OC@ ?@AD>D@I>D@N JA JOC@M NOP?D@N @B

H@OCJ?JGJBD><G AG<RN
Q<MD<=G@N
JQ@MGJJF@?
^5MDO@<=JPO<M@<NJQ@MGJJF@?=TK<NONOP?D@N
DI>GP?DIBOJKD>N
NK@>D<GNO<ODNOD><GOM@<OH@ION
NDBIDAD><IODHKGD><ODJIN
<I?NJAJMOC
^ "DN>PNN CJR < KMJKJN@? NOP?T RDGG M@H@?T OC@N@ ?@AD>D@I>D@N <I? KMJQD?@ < PIDLP@
>JIOMD=PODJIOJOC@N>CJG<MGTGDO@M<OPM@
2C@N@?@AD>D@I>D@NHDBCO=@H@IODJI@?PNDIB<N@MD@NJANCJMOK<M<BM<KCNOC<OD?@IODATOCM@@JM
AJPMNCJMO>JHDIBNJAOC@K<NOM@N@<M>CJMAJ>PNJIJI@H<EJMNCJMO>JHDIB
<NDGGPNOM<O@?DIOC@
2@M@IUDID@O<GDIOMJ?P>ODJI
'75<7471/<13=4/'BC2G4=@C273<13A
'I?DNN@MO<ODJIN
RMDO@MNJAO@IDI>GP?@<NK@>DAD>N@>ODJI?@N>MD=DIBOC@ A75<7471/<13=4B63ABC2G
AJM N@G@>O <P?D@I>@N
OJ >JIQ@T OC@ DHKJMO@ JA OC@ KMJ=G@H AJM ?DAA@M@IO BMJPKN OC<O H<T
KMJADO AMJH M@<?DIB <I? PNDIB OC@ NOP?T T DI>GP?DIB OCDN N@>ODJI
OC@ RMDO@M >M@<O@N < >G@<M
M<ODJI<G@ AJM OC@ DHKJMO@ JA OC@ NOP?T 2C@ HJM@ <P?D@I>@N OC<O >@ JA OC@ NOP?T <I? OC@ HJM@ DO RDGG =@ N@@I =T M@<?@MN OJ C<Q@ RD?@
<KKGD><ODJI'I?@NDBIDIBOCDNN@>ODJI
JI@HDBCODI>GP?@
^2CM@@JMAJPMM@<NJINOC<OOC@NOP?T<??NOJOC@N>CJG<MGTM@N@<M>C<I?GDO@M<OPM@DI OC@AD@G?
^2CM@@JMAJPMM@<NJIN<=JPOCJROC@NOP?TC@GKNDHKMJQ@KM<>OD>@
Î?OCM@@JMAJPMM@<NJIN<NOJRCTOC@NOP?TRDGGDHKMJQ@KJGD>T
'I OC@ @S<HKG@ OJ AJGGJR

OC@ <POCJM NO<O@? OC@ NDBIDAD>@ JA OC@ NOP?T DI OC@ JK@IDIB
K<M<BM<KCN JA < EJPMI<G <MOD>G@ 2CDN NOP?T =T +<N><M@IC<N @S<HDI@? JRI@MNCDK JA
DI?PNOMD<G ADMHN &@ D?@IODAD@? @SKGD>DOGT ?@>DNDJI H<F@MN
JMB<IDU<ODJI<G H@H=@MN
<I?
M@N@<M>C@MN<NOC@<P?D@I>@AJMOC@NOP?T
F/;>:3 &318303-+8-/ 90 >2/ &>?.C &>+>/. 38 +8 8><9.?->398 >9 + $?+8>3>+>3@/
&>?.C
NOP?TJA<IJMB<IDU<ODJI[NJRI@MNCDK<I?DON?JH<DI
?@ADI@?C@M@<NH<MF@ONN@MQ@?
KMJ?P>O
N>JK@
>PNOJH@MJMD@IO<ODJI
<I?O@>CIJGJBT@HKGJT@?=@GG<I?&<HHJI?
=@GG

.@MMT <I? 0<DI@T

DN DHKJMO<IO AJM N@Q@M<G M@<NJIN $DMNO
PI?@MNO<I?DIB M@G<ODJINCDKN
<HJIB JRI@MNCDK <I? ?JH<DI ?DH@INDJIN > JA
JMB<IDU<ODJIN[<>ODQDOD@N<I?><IC@GKJMB<IDU<ODJIH@H=@MN@Q<GP<O@NOM<O@BD@N1@>JI?
<
API?<H@IO<G?@>DNDJI>JIAMJIODIB<GGNJ>D@OD@N>JI>@MINOC@OTK@JADINODOPODJINOJ@I>JPM<B@JM
<?JKO AJM OC@ >JI?P>O JA <>ODQDOT )IJRG@?B@ JA OC@ ?JH<DI >JIN@LP@I>@N JA ?DAA@M@IO
JRI@MNCDKOTK@N><IN@MQ@<NDIKPOOJOC<O?@>DNDJI2CDM?
M@N@<M>C@MNC<Q@JAO@INOP?D@?
JMB<IDU<ODJINM@AG@>ODIBJI@JMORJJRI@MNCDKOTK@N
=POOC@DMADI?DIBNH<TC<Q@=@@IDHKGD>DOGT
JQ@MB@I@M<GDU@?OJ<GGJMB<IDU<ODJIN
+<N><M@IC<N

K
2@M@IUDID @O <G @I? OC@DM DIOMJ?P>ODJI =T H@IODJIDIB CJR >JPMON >JPG? PN@ OC@
DIAJMH<ODJI JA OC@ NOP?T OJ M@LPDM@ >JGG@B@N <I? PIDQ@MNDOD@N OJ NPKKJMO \M<>@N@INDODQ@
<?HDNNDJINKJGD>D@N]K'I<??DODJI
OC@<POCJMNHDBCOC<Q@H@IODJI@?OC@DHKJMO@JA
OCDNNOP?TAJM<?HDNNDJINJAAD>@N<I?NOP?@IONN@@FDIB<?HDNNDJI<NR@GG<NOC@>JHHDOO@@NOC<O
M@QD@R<KKGD><ODJINAJM<?HDNNDJI
$DI<GGT
BJJ?DIOMJ?P>ODJINOJM@N@<M>CNOP?D@N@I?RDOC<NO<O@H@IOJAOC@KPMKJN@JMDIO@IOJA
OC@ NOP?T 2@M@IUDID @O <G @I?@? OC@DM DIOMJ?P>ODJI =T >JIQ@TDIB OC<O OC@T KG<II@? OJ
@S<HDI@OC@DIAGP@I>@JANOMP>OPM<G?DQ@MNDOTJINOP?@IONFDGGNDIOC@>G<NNMJJH

2CDN>C<KO@MKMJQD?@N<?QD>@<=JPO>JHKJNDIB<I?RMDODIB<IDIOMJ?P>ODJIOJ<N>CJG<MGTNOP?T
2C@ ADMNO @G@H@IO DN OJ >JIND?@M CJR OC@ DIOMJ?P>ODJI DI>JMKJM<O@N OC@ M@N@<M>C KMJ=G@HN
<NNJ>D<O@? RDOC LP<IODO<ODQ@
LP<GDO<ODQ@
JM HDS@? H@OCJ?N M@N@<M>C 2C@I
< ADQ@K<MO
DIOMJ?P>ODJI DN NPBB@NO@? <N < HJ?@G JM O@HKG<O@ OJ PN@ !<GG@? >2/ ./03-3/8-3/= 79./6
DO DN
=<N@? JI ADMNO D?@IODATDIB OC@ M@N@<M>C KMJ=G@H <I? DI>GP?DIB < I<MM<ODQ@ CJJF 2C@I DO
DI>GP?@N=MD@AGTM@QD@RDIBOC@GDO@M<OPM@OC<OC<N<??M@NN@?OC@KMJ=G@H
DI?D><ODIBJI@JMHJM@
?@AD>D@I>D@NDIOC@K<NOGDO@M<OPM@<I?NPBB@NODIBCJROC@NOP?TRDGGM@H@?TOC@N@?@AD>D@I>D@N
2CDN N@>ODJI DN AJGGJR@? =T NK@>DATDIB OC@ <P?D@I>@N OC<O RDGG KMJADO AMJH M@N@<M>C JI OC@
KMJ=G@H
<I?OC@DIOMJ?P>ODJI@I?NRDOC<KPMKJN@NO<O@H@IOOC<ON@ONAJMOCOC@DIO@IOJAOC@
NOP?T
0)2),'6%0#)1%1
"M<AO N@Q@M<G @S<HKG@N JA I<MM<ODQ@ CJJFN AJM OC@ DIOMJ?P>ODJI OJ < NOP?T <I? NC<M@ OC@N@
RDOC>JGG@<BP@NOJ?@O@MHDI@DAOC@CJJFN?M<RM@<?@MNDI
>M@<O@DIO@M@NODIOC@NOP?T
<I?<M@
KM@N@IO@?<O<G@Q@GOJRCD>CM@<?@MN><IM@G<O@
5MDO@ OC@ DIOMJ?P>ODJI OJ < KMJKJN@? NOP?T 'I>GP?@ JI@ K<M<BM<KC @<>C AJM OC@ M@N@<M>C
KMJ=G@H
OC@ M@G<O@? GDO@M<OPM@ <=JPO OCDN KMJ=G@H
OC@ ?@AD>D@I>D@N DI OC@ GDO@M<OPM@
<I? OC@
<P?D@I>@NRCJRDGGKJO@IOD<GGTADI?OC@NOP?TJADIO@M@NO
*J><O@N@Q@M<GM@N@<M>CNOP?D@NKP=GDNC@?DIN>CJG<MGTEJPMI<GNDI<K<MOD>PG<MAD@G?JANOP?T
0@QD@ROC@DIOMJ?P>ODJIN<I?GJ><O@OC@N@IO@I>@JMN@IO@I>@NDIRCD>COC@<POCJMNNO<O@OC@
M@N@<M>CKMJ=G@HJMDNNP@

@H
"(5MDODIBOC@@HKDMD><GEJPMI<G<MOD>G@'I+.8<II<(+"<MG@T#?N
'2/
-97:6/+>+-+./73- :<+->3-+61?3./09<>2/,/1388381=9-3+6=-3/8>3=> KK,@R7JMF
0<I?JH&JPN@
"<MTG @H @HKC<NDU@N OC@ DHKJMO@ JA OC@ JK@IDIB NO<O@H@IO DI KP=GDNC@? M@N@<M>C &@
KMJQD?@N<GDNOJAMPG@NJAOCPH=AJMJK@IDIBNO<O@H@ION
NOM@NNDIBOC@I@@?AJM>G@<M
M@<?<=G@
KMJN@<I?<NOMP>OPM@OC<OG@<?NOC@M@<?@MNO@K=TNO@KOJOC@KMJ=G@HNO<O@H@IO#S<HKG@N
<M@KMJQD?@?JA=JOCN<ODNA<>OJMT<I?PIN<ODNA<>OJMTJK@IDIBNO<O@H@ION @H><GGNAJMJK@IDIB
NO<O@H@ION OC<O <M@ <>>@NND=G@ OJ OC@ IJINK@>D<GDNO T@O IJO =JMDIB OJ OC@ O@>CID><GGT
NJKCDNOD><O@?M@<?@M
+<SR@GG
( $?+63>+>3@/</=/+<-2./=318838>/<+->3@/+::<9+-2 I?@?2CJPN<I?
-<FN
!1<B@
(J@ +<SR@GG M@AG@>ON JI OC@ KPMKJN@ JA < KMJKJN<G AJM < LP<GDO<ODQ@ ?DNN@MO<ODJI -I@ JA OC@
API?<H@IO<G<NK@>ONJA<KMJKJN<GDNOJEPNODATOC@KMJE@>OYOJC@GKM@<?@MNPI?@MNO<I?IJOJIGT
RC<O TJP KG@ JA D?@IODATDIB OC@ DNNP@N TJP
KG<ODIB RCTOC@T <M@ DHKJMO<IO OJ NOP?T 'I M@<O@
<I@AA@>ODQ@<MBPH@IOAJMOC@NOP?T
5DGFDINJI
+ '2/ =-3/8>3=>F= 2+8.,995 09< A<3>381 :+:/<= +8. .3==/<>+>398=
#IBG@RJJ?!GDAAN
,(.M@IOD>@&<GG
IOJDI@OO@5DGFDINJID?@IODAD@NOC@OCM@@K<MONJA<IDIOMJ?P>ODJIOC@?@MDQ<ODJI<I?NO<O@H@IO
JAOC@KMJ=G@H<I?<?DN>PNNDJIJADONI<OPM@
OC@?DN>PNNDJIJAOC@=<>FBMJPI?JAOC@KMJ=G@H
<I?OC@NO<O@H@IO JAOC@M@N@<M>CLP@NODJI&@M=JJFJAA@MNIPH@MJPN@S<HKG@NJAOC@N@OCM@@

K<MON
OJB@OC@M RDOC < ?DN>PNNDJI JA CJR OJ RMDO@ <I? NOMP>OPM@ ODJI #HKC<NDN DN
KG<>@? JI @INPMDIB OC<O OC@ DIOMJ?P>ODJI G@<?N GJBD><GGT <I? DI@QDO<=GT OJ < NO<O@H@IO JA OC@
M@N@<M>CLP@NODJI
$(&',
(63$C@>=A3'B/B3;3ODJI JA ODJI
<N H@IODJI@? DI !C<KO@M
DN OJ KM@N@IO < KPMKJN@
NO<O@H@IO OC<O @NO<=GDNC@N OC@ DIO@IO JA OC@ @IODM@ M@N@<M>C NOP?T 'O DN OC@ HJNO DHKJMO<IO
NO<O@H@IODIOC@@IODM@NOP?T
<I?DOI@@?NOJ=@>G@<MGT<I?NK@>DAD><GGTKM@N@IO@?$MJHDO
<GG
JOC@M <NK@>ON JA OC@ M@N@<M>C AJGGJR 'I EJPMI<G <MOD>G@N
M@N@<M>C@MN RMDO@ OC@ KPMKJN@
NO<O@H@IO DIOJ DIOMJ?P>ODJIN DI ?DNN@MO<ODJIN <I? ?DNN@MO<ODJI KMJKJN<GN
DO JAO@I NO<I?N <N <
N@K<M<O@N@>ODJI
'I OCDN >C<KO@M ?@QJO@? @S>GPNDQ@GT OJ OC@ KPMKJN@ NO<O@H@IO

' <??M@NN OC@ M@<NJIN AJM
?@Q@GJKDIBDO
F@TKMDI>DKG@NOJPN@DIDON?@NDBI
<I?@S<HKG@NJABJJ?HJ?@GNOJPN@DI>M<AODIB
JI@AJMTJPMKMJKJN<G
'"""!""#$)&$#''((!"(
>>JM?DIB OJ *J>F@ @O <G
OC@ KPMKJN@ NO<O@H@IO DI?D><O@N \RCT TJP R<IO OJ ?J OC@
NOP?T <I? RC<O TJP DIO@I? OJ <>>JHKGDNC] K 3IAJMOPI<O@GT
KMJKJN<GRMDODIB O@SON BDQ@
GDOOG@ <OO@IODJI OJ OC@ KPMKJN@ NO<O@H@IO
<I? RMDO@MN JI H@OCJ? JAO@I DI>JMKJM<O@ DO DIOJ
?DN>PNNDJIN<=JPOJOC@MOJKD>N
NP>C<NNK@>DATDIBM@N@<M>CLP@NODJINJMCTKJOC@N@N5DGFDINJI

AJM @S<HKG@
M@A@MN OJ DO RDOCDI OC@ >JIO@SO JA OC@ M@N@<M>C LP@NODJI <I? J=E@>ODQ@
-OC@M<POCJMNAM<H@DO<N<I<NK@>OJAOC@M@N@<M>CKMJ=G@H!<NO@OO@M&@DNG@M
!GJN@GT
@S<HDIDIBOC@DM?DN>PNNDJIN
CJR@Q@M
DI?D><O@NOC<OOC@T=JOCM@A@MOJOC@KPMKJN@NO<O@H@IO
<NOC@>@IOM<G
>JIOMJGGDIBD?@<DI<NOP?T
2CDNK<NN<B@DN><GG@?OC@ :?<:9=/=>+>/7/8> =@><PN@DO>JIQ@TNOC@JQ@M<GGDIO@IOJA<KMJKJN@?

NOP?TDI<N@IO@I>@JMN@Q@M<GN@IO@I>@N'IKMJKJN<GN
M@N@<M>C@MNI@@?OJ?DNODIBPDNC>G@<MGT
=@OR@@I OC@ KPMKJN@ NO<O@H@IO
OC@ M@N@<M>C KMJ=G@H
<I? OC@ M@N@<M>C LP@NODJIN 2C@
KPMKJN@NO<O@H@ION@ONAJMOCOC@DIO@IOJAOC@NOP?T
IJOOC@KMJ=G@HJMDNNP@G@<?DIBOJ<I@@?
AJMOC@NOP?TN@@!C<KO@M2C@KPMKJN@DN<GNJIJOOC@M@N@<M>CLP@NODJIN
OCJN@LP@NODJIN
OC<OOC@?<O<>JGG@>ODJIRDGG<OO@HKOOJ<INR@M?DN>PNN@?DI!C<KO@M'INO@<?<I?<B<DI
OC@
>C@>=A3AB/B3;3ODQ@N
OC@DIO@IO
JMOC@H<EJMD?@<JA<KMJKJN<GJM<NOP?T
2CDN D?@< =PDG?N JI < I@@? OC@ KMJ=G@H <I? DN M@ADI@? DIOJ NK@>DAD> LP@NODJIN OC@ M@N@<M>C
LP@NODJIN
%DQ@IOC@DHKJMO@JAOC@KPMKJN@NO<O@H@IO
DODNC@GKAPGOJN@ODO<K<MOAMJHJOC@M<NK@>ON
JA OC@ KMJKJN<G JM NOP?T <I? OJ AM<H@ DO <N < NDIBG@ N@IO@I>@ JM K<M<BM<KC OC<O M@<?@MN >N
@<>C DN D?@IODAD@? DI OC@ AJGGJRDIB K<M<BM<KCN <I? DGGPNOM<O@? RDOC ADGGDI
N>MDKONAJM>JINOMP>ODIB<OCJMJPBC=POH<I<B@<=G@KPMKJN@NO<O@H@IO
%C/:7B/B7D3$C@>=A3'B/B3;3C@>=A3 AB/B3;3JIO<DIN DIAJMH<ODJI <=JPO OC@ >@IOM<G KC@IJH@IJI
@SKGJM@? DI OC@ NOP?T
OC@ K<MOD>DK<ION DI OC@ NOP?T
<I? OC@ M@N@<M>C NDO@ 'O <GNJ >JIQ@TN C RJM?N ?M<RI AMJH OC@ G<IBP<B@ JA LP<GDO<ODQ@ DILPDMT
1>CR<I?O
2CPN
JI@ HDBCO >JIND?@M N@Q@M<G =<ND> ?@NDBI A@<OPM@N AJM RMDODIB OCDN
NO<O@H@IO
^ 3N@ RJM?N NP>C <N :?<:9=/ 38>/8>
JM 9,4/->3@/ OJ NDBI<G <OO@IODJI OJOCDN NO<O@H@IO <N OC@
>@IOM<G>JIOMJGGDIBD?@<1@OOC@NO<O@H@IOJAA<N<N@K<M<O@N@IO@I>@JMK<M<BM<KC
<I?PN@OC@
G<IBP<B@JAM@N@<M>C
NP>C<N\2C@KPMKJN@JMDIO@IOJMJ=E@>ODQ@JAOCDNNOP?TDNR<NRDGG
=@ ] 0@N@<M>C@MN JAO@I PN@ OC@ KM@N@IO JM K<NO Q@M= O@IN@ DI EJPMI<G <MOD>G@N <I?
?DNN@MO<ODJIN
<I?OC@APOPM@O@IN@DIKMJKJN<GN
=@><PN@M@N@<M>C@MN<M@KM@N@IODIB<KG<IAJM<
NOP?TIJOT@OPI?@MO<F@I
^ $J>PN JI < NDIBG@ KC@IJH@IJI JM >JI>@KO JM D?@< ,<MMJR OC@ NOP?T OJ JI@ D?@< OJ =@
@SKGJM@?JMPI?@MNOJJ?2CDNAJ>PNH@<INOC<O<KPMKJN@?J@NIJO>JIQ@TM@G<ODIBORJJMHJM@
Q<MD<=G@N JM >JHK<MDIB ORJ JM HJM@ BMJPKN
<N DN OTKD><GGT AJPI? DI LP<IODO<ODQ@ M@N@<M>C
'INO@<?
<?Q@ < NDIBG@ KC@IJH@IJI
M@>JBIDUDIB OC<O OC@ NOP?T H<T ?@Q@GJK DIOJ JHK<MDNJIN <HJIB D?@<N ,JI@ JA OC@N@ M@G<O@? @SKGJM<ODJIN
>DK<O@? <O OC@ =@BDIIDIB $JM @S<HKG@
< KMJE@>O HDBCO =@BDI =T @SKGJMDIB
>C<DMK@MNJI MJG@N DI @ICDIB A<>PGOT ?@Q@GJKH@IO !M@NR@GG MJRI
-OC@M
LP<GDO<ODQ@ NOP?D@N HDBCO NO<MO =T @SKGJMDIB O@<>C@M D?@IODOT <I? OC@ H<MBDI<GDU<ODJI JA OCDN
D?@IODOTAJM<O@<>C@MDI<K<MOD>PG<MN>CJJG&P=@M5C@GPGOPM@DI<NOP?TJAOC@RJMF<I?O<GFJANO<?DPH@HKGJT@@N2MPEDGGJ

JMCJRDI?DQD?P<GN
>JBIDODQ@GTM@KM@N@IO'"1I?@MNJI1K@I>@M
2C@N@@S<HKG@N<GGDGGPNOM<O@ OC@AJ>PN
JI<NDIBG@D?@<
^ 3N@ <>ODJI Q@M=N OJ >JIQ@T CJR G@<MIDIB RDGG O<F@ KG<>@ >ODJI Q@M=N <I? KCM<N@N
NP>C <N
./=-<3,/?8./<=>+8../@/69:/B+738/>2/7/+838190 JM .3=-9@/<
F@@KOC@DILPDMTJK@I<I?
>JIQ@T<I@H@MBDIB?@NDBI
^ 3N@ I@POM<G RJM?N <I? KCM<N@NYIJI?DM@>ODJI<G G<IBP<B@YNP>C <N

@SKGJMDIB OC@
\@SK@MD@I>@N JA DI?DQD?P<GN] M<OC@M OC>@NNAPG @SK@MD@I>@N JA DI?DQD?P<GN] -OC@M
RJM?N<I?KCM<N@NOC<OH<T=@KMJ=G@H<OD>DI>GP?@ ?=/0?6:9=3>3@/
<I? 3809<7381Y<GGRJM?N
OC<ONPBB@NO<IJPO>JH@OC<OH<TJMH<TIJOJ>>PM+>!M<>F@IM@A@MNOJOC@I@@?DI
LP<GDO<ODQ@ DIO@MQD@RN OJ G@O OC@ M@NKJI?@IO ?@N>MD=@ CDN JM C@M @SK@MD@I>@ 'IO@MQD@R@MN JM
KPMKJN@NO<O@H@IORMDO@MN><I@<NDGTQDJG<O@OC@\G<RJAIJI?DM@>ODJI]+>!M<>F@I

K
DILP<GDO<ODQ@M@N@<M>C=TPNDIBRJM?NOC<ONPBB@NO<?DM@>ODJI<GJMD@IO<ODJI
^ .MJQD?@ < B@I@M<G RJMFDIB ?@ADIDODJI JA OC@ >@IOM<G KC@IJH@IJI JM D?@<
@NK@>D<GGT DA OC@
KC@IJH@IJI DN < O@MH OC<O DN IJO OTKD><GGT PI?@MNOJJ? =T < =MJ<? <P?D@I>@ !JINDNO@IO RDOC
OC@ MC@OJMD> JA LP<GDO<ODQ@ M@N@<M>C
OCDN ?@ADIDODJI DN IJO MDBD? <I? N@O
=PO O@IO<ODQ@ <I?
@QJGQDIBOCMJPBCJPO<NOP?T=<N@?JIDIAJMH<ODJIAMJHK<MOD>DK<ION&@I>@
<RMDO@MHDBCOPN@
OC@ RJM?N
\ O@IO<ODQ@ ?@ADIDODJI <O OCDN ODH@ AJM ;;;;; >@IOM<G KC@IJH@IJI DN ] 'O
NCJPG? <GNJ=@IJO@?OC<O OCDN ?@ADIDODJI DNIJO OJ =@ >JIAPN@? RDOCOC@?@O<DG@??@ADIDODJIJA
O@MHN N@>ODJI <N ?DN>PNN@? DI !C<KO@M JI OC@ M@QD@R JA OC@ GDO@M<OPM@ 2C@ DIO@IO C@M@ DN OJ
>JIQ@T OJ M@<?@MN <O C NOP?T < B@I@M<G N@IN@ JA OC@
>@IOM<G KC@IJH@IJI NJ OC<O OC@T >GP?@RJM?N?@IJODIBOC@NOM<O@BTJADILPDMTOJ=@PN@?DI?<O<>JGG@>ODJI
<I<GTNDN
<I?OC@
KMJ>@NNJAM@N@<M>C
NP>C<NRC@OC@MOC@NOP?TRDGGPN@<I@OCIJBM<KCD>
BMJPI?@?OC@JMT
><N@
NOP?T
KC@IJH@IJGJBD><G
I<MM<ODQ@<KKMJ<>C
JMNJH@JOC@MNOM<O@BT
^ +@IODJI OC@ K<MOD>DK<ION DI OC@ NOP?T

NP>C <N RC@OC@M OC@M@ HDBCO =@ JI@ JM HJM@
DI?DQD?P<GN
<BMJPKJAK@JKG@
JM<I@IODM@JMB<IDU<ODJI
^ '?@IODAT OC@ NDO@ AJM OC@ M@N@<M>C
NP>C <N CJH@N
>G<NNMJJHN
JMB<IDU<ODJIN
KMJBM<HN
JM
@Q@ION"@N>MD=@OCDNNDO@DI@IJPBC?@O<DGNJOC<OOC@M@<?@MFIJRN@S<>OGTRC@M@<NOP?TRDGG
O<F@KG<>@
^N<ADI<GOCJPBCODIOC@KPMKJN@NO<O@H@IO
DI>GP?@NJH@G<IBP<B@OC<O?@GDHDONOC@N>JK@JA
K<MOD>DK<ODJIJMM@N@<M>CNDO@NDIOC@NOP?T$JM@S<HKG@
OC@NOP?TH<T=@GDHDO@?OJRJH@I
JIGT
JM &DNK<ID>N JIGT 2C@ M@N@<M>C NDO@ H<T =@ GDHDO@? OJ JI@ H@OMJKJGDODOT JM OJ JI@
NH<GG B@JBM<KCD> <M@< 2C@ >@IOM<G KC@IJH@IJI H<T =@ GDHDO@? OJ DI?DQD?P<GN DI =PNDI@NN
JMB<IDU<ODJINRCJK<MOD>DK<O@DI>M@<ODQ@O@<HN2C@N@?@GDHDO<ODJINC@GKOJAPMOC@M?@ADI@OC@
K<M<H@O@MNJAOC@M@N@<M>CNOP?T
GOCJPBC>JIND?@M<=G@Q<MD<ODJI@SDNONDIOC@DI>GPNDJIJAOC@N@KJDIONDIKPMKJN@NO<O@H@ION
<
BJJ??DNN@MO<ODJIJMOC@NDNKMJKJN<GNCJPG?>JIO<DIH<ITJAOC@H
2J<NNDNOTJP
C@M@AJGGJRN<N>MDKOOC<ONCJPG?=@C@GKAPGDI?M<AODIB<>JHKG@O@NO<O@H@IO
A1@7>B
<N PN@? DI OCDN=JJF
>JIO<DINOC@ H<EJM RJM?N <I? D?@<NJA < NO<O@H@IO <I? KMJQD?@N
NK<>@AJMOC@M@N@<M>C@MOJDIN@MODIAJMH<ODJI
2C@KPMKJN@JAOCDN;;;;;;;;;;;NOM<O@BTJADILPDMT
NP>C<N@OCIJBM<KCT
><N@NOP?T
JMJOC@M
OTK@NOP?TDNR<NRDGG=@OJ;;;;;;;;;;;PI?@MNO<I??@N>MD=@?@Q@GJK?DN>JQ@MOC@
;;;;;;;;;;;>@IOM<GKC@IJH@IJI=@DIBNOP?D@?AJM;;;;;;;;;;;OC@K<MOD>DK<ION
NP>C<N
OC@ DI?DQD?P<G
BMJPKN
JMB<IDU<ODJI <O ;;;;;;;;;;; M@N@<M>C NDO@ O OCDN NO<B@ DI OC@
M@N@<M>C
OC@ ;;;;;;;;;;; >@IOM<G KC@IJH@IJI =@DIB NOP?D@? RDGG =@ B@I@M<GGT ?@ADI@? <N
;;;;;;;;;;;KMJQD?@<B@I@M<G?@ADIDODJI
2C@ AJGGJRDIB @S<HKG@N H<T IJO DGGPNOM<O@ K@MA@>OGT <GG OC@ @G@H@ION JA OCDN N>MDKO
=PO OC@T
M@KM@N@IO<?@LP<O@HJ?@GN OJNOP?T<I?@HPG<O@
F/;>:3 .PMKJN@1O<O@H@IODI</P<GDO<ODQ@.C@IJH@IJGJBT1OP?T
*<PO@M=<>C NOP?D@? ADQ@ RJH@I RCJ C<? @<>C GJNO < =<=T DI G<O@ KM@BIT <I? OC@DM
H@HJMD@N<I?@SK@MD@I>@NJAOCDNGJNN&@MKPMKJN@NO<O@H@IOR<N<NAJGGJRN
2C@ KC@IJH@IJGJBD><G DILPDMT

<N K<MO JA PI>JQ@MDIB H@<IDIB
<MOD>PG<O@? \@NN@I>@N] JA
H@<IDIBDIHJOC@MN[GDQ@?@SK@MD@I>@NRC@IOC@DMRDNC@?AJM=<=D@N?D@?3NDIBOC@G@INJAOC@
A@HDIDNO K@MNK@>ODQ@
OC@ AJ>PN R<N JI HJOC@MN[ H@HJMD@N <I? OC@DM \GDQDIB OCMJPBC]
@SK@MD@I>@ 2CDN K@MNK@>ODQ@ A<>DGDO<O@? =M@<FDIB OCMJPBC OC@ NDG@I>@ NPMMJPI?DIB HJOC@MN[
@SK@MD@I>@N DO <NNDNO@? DI <MOD>PG<ODIB <I? <HKGDATDIB HJOC@MN[ H@HJMD@N <I? OC@DM NOJMD@N JA
GJNN +@OCJ?N JA DILPDMT DI>GP?@? KC@IJH@IJGJBD><G M@AG@>ODJI JI ?<O< @GD>DO@? =T @SDNO@IOD<G
DIQ@NODB<ODJIJAHJOC@MN[@SK@MD@I>@N
<I?DIQ@NODB<ODJIJAOC@KC@IJH@IJIDIOC@>M@<ODQ@<MON
*<PO@M=<>C

K
' AJPI? *<PO@M=<>C[N KPMKJN@ NO<O@H@IO DI OC@ JK@IDIB N@>ODJI JA OC@ EJPMI<G <MOD>G@
PI?@M OC@ C@<?DIB
\DH JA 1OP?T] 2CPN
OC@ C@<?DIB ><GGN <OO@IODJI OJ OCDN NO<O@H@IO
\+JOC@MN[ GDQ@? @SK@MD@I>@N] RJPG? =@ OC@ >@IOM<G KC@IJH@IJI
<I? OC@ <POCJM PN@N OC@
<>ODJIRJM? :9<><+C OJ?DN>PNNOC@ 7/+8381 <I@POM<GRJM?JAOC@N@@SK@MD@I>@N2C@ <POCJM
APMOC@M ?@ADI@? RC<O @SK@MD@I>@N R@M@ @S<HDI@? RC@I NC@ D?@IODAD@N \H@HJMD@N] <I? \GDQ@?
OCMJPBC]@SK@MD@I>@N2CMJPBCJPOOCDNK<NN<B@
DODN>G@<MOC<O*<PO@M=<>CPN@?OC@NOM<O@BTJA
KC@IJH@IJGJBTGNJ
OC@K<NN<B@>JIQ@TNOC<OOC@K<MOD>DK<IONR@M@HJOC@MN
<I?G<O@MDIOC@
<MOD>G@
OC@ M@<?@M G@<MIN OC<O OC@ <POCJM DIO@MQD@R@? < >JIQ@ID@I>@ N<HKG@ JA ADQ@ HJOC@MN
@<>CJARCJHC<?@SK@MD@I>@?<K@MDI<O<G?@<OCJA<>CDG?DIC@MCJH@
F/;>:3
.PMKJN@1O<O@H@IODI<!<N@1OP?T
)JN >JI?P>O@? < HPGODKG@ ><N@ NOP?T JA K@M>@KODJIN JA M@<?DIB?DN<=G@? HD??G@N>CJJG
NOP?@ION >JI>@MIDIB A<>OJMN OC<O KM@Q@IO@? OC@N@ NOP?@ION AMJH KMJBM@NNDIB DI OC@DM M@<?DIB
?@Q@GJKH@IO&@MKPMKJN@NO<O@H@IOM@<?<NAJGGJRN
2C@ KPMKJN@ JA OCDN NOP?T R<N OJ @SKGJM@ <AA@>ODQ@

NJ>D<G
<I? @?P><ODJI<G A<>OJMN OC<O H<T
C<Q@>JIOMD=PO@?OJOC@?@Q@GJKH@IOJAM@<?DIB?DN<=DGDOD@NDIAJPM<?JG@N>@ION2C@NOP?T<GNJ
NJPBCO @SKG<I<ODJI <N OJ RCT NOP?@ION[ M@<?DIB ?DN<=DGDOD@N K@MNDNO@? ?@NKDO@ T@<MN JA
DINOMP>ODJI 2CDN R<N IJO PNJAOC@NOP?T
)JN

KK
,JOD>@ )JN[N ?DN>G<DH@M OC<O OCDN NOP?T R<N IJO < LP<IODO<ODQ@ NOP?T H@<NPMDIB OC@
H<BIDOP?@JAM@<?DIB>C<IB@NDIOC@NOP?@ION'INO@<?
)JN>G@<MGTKG<>@?OCDNNOP?TRDOCDIOC@
LP<GDO<ODQ@ <KKMJ<>C =T PNDIB RJM?N NP>C <N \@SKGJM@] 1C@ AJ>PN@? <OO@IODJI JI OC@ >@IOM<G
KC@IJH@IJIJA\A<>OJMN]<I?KMJQD?@?<O@IO<ODQ@?@ADIDODJI=T H@IODJIDIB@S<HKG@N
NP>C<N
\<AA@>ODQ@
NJ>D<G
<I? @?P><ODJI<G] 1C@ DI>GP?@? OCDN NO<O@H@IO PI?@M < C@<?DIB ><GG@?
\.PMKJN@ JA OC@ 1OP?T] OJ ><GG <OO@IODJI OJ DO
<I? NC@ H@IODJI@? OC@ K<MOD>DK<ION 'I OC@
<=NOM<>O <I? OC@ H@OCJ?JGJBT N@>ODJI
< M@<?@M ADI?N JPO OC<O OC@ NOP?T PN@? OC@ DILPDMT
NOM<O@BTJA><N@NOP?TM@N@<M>C<I?OC<OOC@NOP?TOJJFKG<>@DI<>G<NNMJJH
F/;>:3#?<:9=/&>+>/7/8>38+8>2891<+:2C
0CJ<?N >JI?P>O@? <T@<M @OCIJBM<KCD> NOP?T @SKGJMDIB CJR OC@ ><HKPN >GDH<O@ >GP?@?DI
OC@JK@IDIBN@>ODJI
R<N<NAJGGJRN
2C@<MOD>G@>JIOMD=PO@NOJOC@GDO@M<OPM@<??M@NNDIBOC@I@@?NJAB<T<I?=DN@SP<GNOP?@ION=T
D?@IODATDIB N@Q@M<G <M@<N RC@M@ KMJBM@NN ><HKPN >GDH<O@ AJM
OC@H 2CDN K<K@M ?@MDQ@N AMJH < ORJT@<M @OCIJBM<KCD> NOP?T JA < NOP?@IO NP=>PGOPM@
>JHKJN@?JAB<T<I?=DN@SP<GH<G@N<O<G<MB@M@N@<M>CPIDQ@MNDOTOC@AJ>PNJIH@IM@AG@>ON
OC@ A<>O OC<O G@N=DJINODOPO@ < N@K<M<O@ NOP?@IO NP=>PGOPM@ <O OC@
PIDQ@MNDOTPI?@MNOP?T
0CJ<?N

K
5DOC DIO@IO OJ DHKMJQ@ OC@ ><HKPN

OCDN LP<GDO<ODQ@ NOP?T A<GGN DIOJ OC@ B@IM@ JA <?QJ><>T
M@N@<M>C<NH@IODJI@?DI!C<KO@MGNJ
OC@N@N@IO@I>@NJ>>PM<OOC@=@BDIIDIBJAOC@<MOD>G@
OJNDBI<GOC@M@<?@M<=JPOOC@KPMKJN@JAOC@NOP?T2C@I@@?NJAOC@N@NOP?@ION=@>JH@OC@
>@IOM<GKC@IJH@IJIPI?@MNOP?T
<I?OC@<POCJMN@@FNOJD?@IODAT<M@<NOC<O><IDHKMJQ@OC@
>GDH<O@AJMB<TN<I?=DN@SP<GH<G@N2C@<POCJM<GNJH@IODJI@?OC<OOC@NOM<O@BTJADILPDMTRDGG
=@@OCIJBM<KCD><I?OC<OOC@NOP?TRDGGDIQJGQ@H<G@NK<MOD>DK<ION<O<G<MB@PIDQ@MNDOTNDO@
O OCDN KJDIO
OC@ <POCJM ?J@N IJO KMJQD?@ <??DODJI<G DIAJMH<ODJI <=JPO OC@ @S<>O I<OPM@ JA
OC@N@I@@?NJM<RJMFDIB?@ADIDODJIOJ=@BDIOC@<MOD>G@&JR@Q@M
C@?J@NM@A@MOJD?@IODOT<I?
KMJAA@MN<O@IO<ODQ@H@<IDIBAJMOC<OO@MHDIOC@I@SON@>ODJIJAOC@NOP?T
F/;>:3#?<:9=/&>+>/7/8>38+<9?8./.'2/9<C&>?.C
0D>CD@ @O <G >JI?P>O@? < LP<GDO<ODQ@ NOP?T OJ ?@Q@GJK < OC@JMT JA OC@ ><M@@M
?@Q@GJKH@IO JA KMJHDI@IO
CDBCGT <>CD@QDIB AMD>F <I? 5CDO@ RJH@I DI
OC@3IDO@?1O<O@NRJMFDIBDI?DAA@M@IOJ>>PK<ODJI<GAD@G?N'IOC@N@>JI?K<M<BM<KCJAOCDNNOP?T
OC@TNO<O@?OC@KPMKJN@
2C@ KM@N@IO <MOD>G@ ?@N>MD=@N < LP<GDO<ODQ@ NOP?T JA OC@ ><M@@M ?@Q@GJKH@IO JA KMJHDI@IO
CDBCGT <>CD@QDIB AMD><IH@MD>F <I? 5CDO@ RJH@I DI OC@ 3IDO@? 1O<O@N <>MJNN @DBCO
J>>PK<ODJI<GAD@G?N-PMJQ@M<GG<DHDIOC@ NOP?TR<NOJ@SKGJM@>MDOD><GDIAGP@I>@NJIOC@><M@@M
?@Q@GJKH@IO JA OC@N@ RJH@I
K<MOD>PG<MGT OCJN@ M@G<O@? OJ OC@DM <OO<DIH@IO JA KMJA@NNDJI<G
NP>>@NN
0D>CD@@O<G

K
'IOCDNNO<O@H@IO
OC@>@IOM<GKC@IJH@IJIDN><M@@M?@Q@GJKH@IO
<I?OC@M@<?@MG@<MINOC<O
OC@KC@IJH@IJIDN?@ADI@?<N>MDOD><GDIAGP@I>@NDIOC@KMJA@NNDJI<GNP>>@NNJAOC@RJH@I'I
OCDNNOP?T
=?--/==
<?DM@>ODJI<GRJM?
N@MQ@NOJ?@ADI@OC@N<HKG@JADI?DQD?P<GNOJ=@NOP?D@?
HJM@OC<IOJGDHDOOC@DILPDMT<=JPOOC@>@IOM<GKC@IJH@IJI2C@<POCJMNKG<IOJ@SKGJM@OCDN
KC@IJH@IJI
<I? OC@ M@<?@M G@<MIN OC<O OC@ K<MOD>DK<ION <M@ <GG RJH@I
DI ?DAA@M@IO
J>>PK<ODJI<GBMJPKN%MJPI?@?OC@JMT<N<NOM<O@BTJADILPDMTDNH@IODJI@?DIOC@<=NOM<>O<I?
G<O@MDIOC@KMJ>@?PM@?DN>PNNDJI
%C/<B7B/B7D3$C@>=A3'B/B3;3JIND?@M<=GT AMJH OC@ LP<GDO<ODQ@ HJ?@GN DI O@MHN JA
OC@G<IBP<B@<I?<AJ>PNJIM@G<ODIBJM>JHK<MDIBQ<MD<=G@NJM>JINOMP>ON0@><GGAMJH!C<KO@M
OC@OTK@NJAH<EJMQ<MD<=G@NDI?@K@I?@IO
H@?D<ODIB
HJ?@M<ODIB
<I??@K@I?@IO
2C@ ?@NDBI JA < ?C/<B7B/B7D3 >C@>=A3 AB/B3;3GP?@N OC@ Q<MD<=G@N DIOC@ NOP?T <I? OC@DM
M@G<ODJINCDK
OC@ K<MOD>DK<ION
<I? OC@ M@N@<M>C NDO@ 'O <GNJ DI>GP?@N G<IBP<B@ <NNJ>D<O@? RDOC
LP<IODO<ODQ@ M@N@<M>C <I? OC@ ?@?P>ODQ@ O@NODIB JA M@G<ODJINCDKN JM OC@JMD@N LP<IODO<ODQ@
KPMKJN@ NO<O@H@IO =@BDIN RDOC D?@IODATDIB OC@ KMJKJN@? H<EJM Q<MD<=G@N DI < NOP?T
DI?@K@I?@IO
DIO@MQ@IDIB
?@K@I?@IO
<>>JHK<ID@?=T<QDNP<GHJ?@GOJ>G@<MGTD?@IODATOCDN
N@LP@I>@
<I?GJ><ODIB<I?NK@>DATDIBCJROC@Q<MD<=G@NRDGG=@H@<NPM@?JMJ=N@MQ@?$DI<GGT
OC@DIO@IOJAPNDIBOC@Q<MD<=G@NLP<IODO<ODQ@GTRDGG=@@DOC@MOJM@G<O@Q<MD<=G@N
<NJI@OTKD><GGT
ADI?NDI<NPMQ@T
JMOJ>JHK<M@N<HKG@NJMBMJPKNDIO@MHNJA<IJPO>JH@
<N>JHHJIGTAJPI?
DI@SK@MDH@ION
2C@H<EJM>JHKJI@IONJA<BJJ?LP<IODO<ODQ@KPMKJN@NO<O@H@IODI>GP?@OC@AJGGJRDIB
^ 'I>GP?@ RJM?N OJ NDBI<G OC@ H<EJM DIO@IO JA OC@ NOP?T
NP>C <N :?<:9=/ 38>/8>
JM 9,4/->3@/
1O<MORDOC\2C@KPMKJN@JMJ=E@>ODQ@JMDIO@IOJAOCDNNOP?TDNR<N
RDGG=@]
^ '?@IODAT OC@ OC@JMT

HJ?@G
JM >JI>@KOP<G AM<H@RJMF O OCDN KJDIO JI@ ?J@N IJO I@@? OJ
?@N>MD=@DODI?@O<DGDI!C<KO@M
'NPBB@NO@?OC@KJNND=DGDOTJARMDODIB<N@K<M<O@\2C@JM@OD><G
.@MNK@>ODQ@] N@>ODJI AJM OCDN KPMKJN@ +@IODJIDIB DO DI OC@ KPMKJN@ NO<O@H@IO KMJQD?@N
@HKC<NDNJIOC@DHKJMO@JAOC@OC@JMT<I?AJM@NC<?JRNDONPN@DIOC@NOP?T
^'?@IODATOC@DI?@K@I?@IO<I??@K@I?@IOQ<MD<=G@N
<NR@GG<N<ITH@?D<ODIB
HJ?@M<ODIB
JM
>JIOMJGQ<MD<=G@NPN@?DIOC@NOP?T
^3N@RJM?NOC<O>JII@>OOC@DI?@K@I?@IO<I??@K@I?@IOQ<MD<=G@NOJDI?D><O@OC<OOC@T<M@
M@G<O@?
NP>C<N\OC@M@G<ODJINCDK=@OR@@I]ORJJMHJM@Q<MD<=G@N
JM<\>JHK<MDNJIJA]ORJJM
HJM@ BMJPKN +JNO LP<IODO<ODQ@ NOP?D@N @HKGJT JI@ JA OC@N@ ORJ JKODJIN AJM >JII@>ODIB
Q<MD<=G@NDIOC@KPMKJN@NO<O@H@IO>JH=DI<ODJIJA>JHK<MDIB<I?M@G<ODIBHDBCO<GNJ@SDNO
AJM @S<HKG@
< ORJA<>OJM @SK@MDH@IO DI RCD>C OC@ M@N@<M>C@M C<N ORJ JM HJM@ OM@<OH@IO
BMJPKN<NR@GG<N <>JIODIPJPNDI?@K@I?@IOQ<MD<=G@GOCJPBCJI@OTKD><GGTADI?NNOP?D@N<=JPO
>JHK<MDIBORJJMHJM@BMJPKNDI@SK@MDH@ION
DODN<GNJKJNND=G@OJ>JHK<M@BMJPKNDI<NPMQ@T
NOP?T
^ .JNDODJI JM JM?@M OC@ Q<MD<=G@N AMJH G@AO OJ MDBCO DI OC@ KPMKJN@ NO<O@H@IO
RDOC OC@
DI?@K@I?@IOQ<MD<=G@AJGGJR@?=TOC@?@K@I?@IOQ<MD<=G@.G<>@DIO@MQ@IDIBQ<MD<=G@N=@OR@@I
OC@ DI?@K@I?@IO <I? ?@K@I?@IO Q<MD<=G@N +<IT M@N@<M>C@MN <GNJ KG<>@ OC@ HJ?@M<ODIB
Q<MD<=G@N =@OR@@I OC@ DI?@K@I?@IO <I? ?@K@I?@IO Q<MD<=G@N GO@MI<ODQ@GT
>JIOMJG Q<MD<=G@N
HDBCO=@KG<>@?DHH@?D<O@GTAJGGJRDIBOC@?@K@I?@IOQ<MD<=G@
DI<KCM<N@NP>C<N\>JIOMJGGDIB
AJM]'I@SK@MDH@ION
OC@DI?@K@I?@IOQ<MD<=G@RDGG<GR<TN=@OC@H<IDKPG<O@?Q<MD<=G@
^ +@IODJI OC@ NK@>DAD> OTK@ JA NOM<O@BT JA DILPDMT NP>C <N NPMQ@T JM @SK@MDH@IO<G M@N@<M>C
PN@? DI OC@ NOP?T T DI>JMKJM<ODIB OCDN DIAJMH<ODJI
OC@ M@N@<M>C@M <IOD>DK<O@N OC@ H@OCJ?N
?DN>PNNDJI <I? @I<=G@N < M@<?@M OJ <NNJ>D<O@ OC@ M@G<ODJINCDK JA Q<MD<=G@N OJ OC@ DILPDMT
<KKMJ<>C
^ +<F@ M@A@M@I>@ OJ OC@ K<MOD>DK<ION JM OC@ PIDO JA <I<GTNDN DI OC@ NOP?T <I? H@IODJI OC@
M@N@<M>CNDO@
^%@I@M<GGT?@ADI@@<>CF@TQ<MD<=G@
KM@A@M<=GTPNDIBN@O<I?<>>@KO@?@NO<=GDNC@??@ADIDODJIN
AJPI? DI OC@ GDO@M<OPM@ %@I@M<G ?@ADIDODJIN <M@ DI>GP?@? <O OCDN KJDIO OJ C@GK OC@ M@<?@M =@NO
PI?@MNO<I?OC@KPMKJN@NO<O@H@IO2C@T?JIJOM@KG<>@NK@>DAD>
JK@M<ODJI<G?@ADIDODJINAJPI?
G<O@M RC@I < RMDO@M C<N < \"@ADIDODJI JA 2@MHN] N@>ODJI DI < KMJKJN<G ?@O<DGN <=JPO CJR
Q<MD<=G@N RDGG =@ H@<NPM@? GNJ ?@GDHDO<ODJIN OC<O <AA@>O OC@ N>JK@ JA OC@ NOP?T HDBCO =@
H@IODJI@?
NP>C<NOC@N>JK@JAOC@?<O<>JGG@>ODJIJMGDHDO@?OJ>@MO<DIDI?DQD?P<GN
<N@?JIOC@N@KJDION
<LP<IODO<ODQ@KPMKJN@NO<O@H@ION>MDKO><IDI>GP?@OC@N@D?@<N
2C@ KPMKJN@ JA OCDN ;;;;;;;;;;; @SK@MDH@IO NPMQ@T NOP?T DN R<N RDGG =@ OJ O@NO OC@
OC@JMTJA;;;;;;;;;;;OC<O;;;;;;;;;;;>JHK<M@NM@G<O@NOC@;;;;;;;;;;;DI?@K@I?@IO
Q<MD<=G@OJ;;;;;;;;;;;?@K@I?@IOQ<MD<=G@
>JIOMJGGDIBAJM;;;;;;;;;;;>JIOMJGQ<MD<=G@N
AJM;;;;;;;;;;;K<MOD>DK<ION<O;;;;;;;;;;;OC@M@N@<M>CNDO@2C@DI?@K@I?@IOQ<MD<=G@N
;;;;;;;;;;;RDGG=@?@ADI@?<N;;;;;;;;;;;KMJQD?@<?@ADIDODJI2C@?@K@I?@IOQ<MD<=G@N
RDGG =@ ?@ADI@? <N ;;;;;;;;;;; KMJQD?@ < ?@ADIDODJI
<I? OC@ >JIOMJG <I? DIO@MQ@IDIB
Q<MD<=G@N
;;;;;;;;;;;
D?@IODAT OC@ >JIOMJG <I? DIO@MQ@IDIB Q<MD<=G@N RDGG =@ ?@ADI@? <N
;;;;;;;;;;;KMJQD?@<?@ADIDODJI
2C@ @S<HKG@NOJAJGGJRDGGPNOM<O@ H<IT JA OC@@G@H@ION DIOC@N@ N>MDKON 2C@ADMNO ORJ NOP?D@N
<M@NPMQ@TNOC@G<NOJI@DN<I@SK@MDH@IO
F/;>:3 #?<:9=/&>+>/7/8>38+#?,63=2/.&?<@/C&>?.C
)<GJA>JI?P>O@?<T@<MGJIBDOP?DI<GNOP?TJA>JGG@B@RJH@I<=JPOOC@DM<OODOP?@N
<I? @SK@MD@I>@N RDOC N@SP<G QD>ODHDU<ODJI 2C@N@ RJH@I M@NKJI?@? OJ ORJ D?@IOD><G H<DG
NPMQ@TN<?HDIDNO@M@?T@<MN<K<MO2C@<POCJM>JH=DI@?OC@KPMKJN@NO<O@H@IO
DIOMJ?P>@?DI
OC@JK@IDIBN@>ODJI
RDOCOC@M@N@<M>CLP@NODJIN
2CDNNOP?TDN<I<OO@HKOOJ@G<=JM<O@JI<I?>G<MDATOC@GDIF=@OR@@IRJH@I[NN@SMJG@<OODOP?@N
<I?@SK@MD@I>@NRDOCN@SP<GQD>ODHDU<ODJI'PN@?ORJT@<MNJA?<O<AMJH>JGG@B@RJH@IOJ
<INR@M OC@N@ LP@NODJIN "J RJH@I[N <OODOP?@N DIAGP@I>@ QPGI@M<=DGDOT OJ N@SP<G >J@M>DJI
JQ@M<ORJT@<MK@MDJ?M@<OODOP?@N>C<IB@?<AO@M@SK@MD@I>@NRDOCN@SP<GQD>ODHDU<ODJI
"J@NKMDJMQD>ODHDU<ODJIM@?P>@JMDI>M@<N@OC@MDNFJAG<O@MQD>ODHDU<ODJI
)<GJA

K
GOCJPBC)<GJA?J@NIJOH@IODJI<OC@JMTOC<ONC@N@@FNOJO@NO
NC@D?@IODAD@N=JOCC@M
DI?@K@I?@IOQ<MD<=G@N@SMJG@<OODOP?@N<I?OC@?@K@I?@IOQ<MD<=G@N@SP<GQD>ODHDU<ODJI1C@
KJNDODJI@? OC@N@ Q<MD<=G@N AMJH DI?@K@I?@IO OJ ?@K@I?@IO 1C@ <GNJ ?DN>PNN@? GDIFDIB M<OC@M
OC<IM@G<ODIBOC@Q<MD<=G@NOJ@NO<=GDNC<>JII@>ODJI=@OR@@IOC@H2CDNK<NN<B@D?@IODAD@NOC@
K<MOD>DK<IONRJH@I<I?OC@M@N@<M>CNDO@<>JGG@B@N@OODIB*<O@M
DIOC@H@OCJ?N@>ODJI
NC@
H@IODJI@? OC<O OC@ NOP?T R<N < H<DG@? NPMQ@T GOCJPBC NC@ ?J@N IJO ?@ADI@ OC@ H<EJM
Q<MD<=G@N
NC@KMJQD?@NNK@>DAD>H@<NPM@NJAOC@Q<MD<=G@NDIOC@M@N@<M>CLP@NODJIN
F/;>:3#?<:9=/&>+>/7/8>38+3==/<>+>398&?<@/C&>?.C
"@%M<R >JHKG@O@? < ?J>OJM<G ?DNN@MO<ODJI DI OC@ AD@G? JA @?P><ODJI JI OC@ OJKD> JA
@?P><OJMN RJMFDIB DI <?PGO >JMM@>ODJI<G DINODOPODJIN 3I?@M < N@>ODJI ODOG@? \1O<O@H@IO JA OC@
.MJ=G@H
]C@<?Q@?OC@KPMKJN@JAOC@NOP?T
2C@KPMKJN@JAOCDNNOP?TR<NOJ@S<HDI@OC@M@G<ODJINCDK=@OR@@IK@MNJI<G>C<M<>O@MDNOD>N<I?
OC@ EJ= HJODQ<ODJI JA >@MODAD@? @?P><OJMN RCJ O<PBCO DI N@G@>O@? NO<O@ <?PGO >JMM@>ODJI<G
DINODOPODJIN DI OC@ 3IDO@? 1O<O@N .@MNJI<G >C<M<>O@MDNOD>N R@M@ ?DQD?@? DIOJ =<>FBMJPI?
DIAJMH<ODJI<=JPOOC@M@NKJI?@IOD@
DINODOPODJI<GDIAJMH<ODJI
@?P><ODJIG@Q@G
KMDJMOM<DIDIB
@O> <I? DIAJMH<ODJI <=JPO OC@ M@NKJI?@ION[ OCJPBCON JA >C<IBDIB EJ=N 2C@ @S<HDI<ODJI JA
=<>FBMJPI? DIAJMH<ODJIR<NDHKJMO<IOOJOCDNNOP?T=@><PN@DOR<NCJK@?DORJPG?=@KJNND=G@
OJ D?@IODAT >C<M<>O@MDNOD>N <I? A<>OJMN >JIOMD=PODIB OJ NDBIDAD><IO ?DAA@M@I>@N DI HJ=DGDOT <I?
HJODQ<ODJI2C@N@>JI?K<MOJAOC@NOP?T<NF@?OC@M@NKJI?@IONOJD?@IODATOCJN@HJODQ<ODJI<G
A<>OJMNJA>JI>@MIOJOC@H(J=HJODQ<ODJIR<N?@ADI@?=TNDSB@I@M<GA<>OJMND?@IODAD@?DIOC@
@?P><ODJI<G RJMF >JHKJI@ION NOP?T #5!1 LP@NODJII<DM@ +DNF@G &@GG@M
2C@N@ NDS
A<>OJMN <M@ KJO@IOD<G AJM K@MNJI<G >C<GG@IB@ <I? ?@Q@GJKH@IO >JHK@ODODQ@I@NN ?@NDM<=DGDOT
<I?M@R<M?JANP>>@NNOJG@M@AJMRJMFKM@NNPM@N>JIN@MQ<ODQ@N@>PMDOT<I?RDGGDIBI@NNOJ
N@@FM@R<M?DINKDO@JAPI>@MO<DIOTQN<QJD?@
"@%M<R

KK

2CDNNO<O@H@IODI>GP?@?N@Q@M<G>JHKJI@IONJA <BJJ?KPMKJN@NO<O@H@IO'OR<NKM@N@IO@?DI

<N@K<M<O@N@>ODJI
DOPN@?OC@RJM? </6+>398=23:
O@MHNR@M@?@ADI@?
<I?OC@KJKPG<ODJIR<N
H@IODJI@?$PMOC@M
AMJHOC@JM?@MJAOC@Q<MD<=G@NDIOC@NO<O@H@IO
JI@>G@<MGTD?@IODAT
OC@DI?@K@I?@IOQ<MD<=G@<I?OC@?@K@I?@IOQ<MD<=G@
F/;>:3#?<:9=/&>+>/7/8>38+8B:/<37/8>+6&>?.C
JJOC)@RG@T
#?R<M?N
<I? 0JN@IA@G? PI?@MOJJF < NOP?T >JHK<MDIB OC@ NJ>D<G
?@NDM<=DGDOTJAM@NKJI?DIBOJ<>JHKPO@MQ@MNDJIJA<I<OODOP?@<I?K@MNJI<GDOTLP@NODJII<DM@OJ
OC@?@NDM<=DGDOTJA>JHKG@ODIB<K@I>DG<I?K<K@MQ@MNDJI2C@TM@KGD><O@?<NOP?T>JHKG@O@?JI
>JGG@B@ NOP?@ION OC<O PN@? <GG@? <G@? 'IQ@IOJMT JA "@NDM<=G@ 0@NKJI?DIB
'"0
>JHKJN@? JA ORJ N><G@N
DHKM@NNDJI H<I<B@H@IO '+ <I? N@GA?@>@KODJI 1" 'IOC@
ADI<GK<M<BM<KCJAOC@DIOMJ?P>ODJI
OC@T<?Q@OC@KPMKJN@JAOC@NOP?T
5@ ?@NDBI@? OC@KM@N@IO NOP?TOJ >JHK<M@ OC@M@NKJIN@N JA ,<QT M@>MPDON JI OC@ '+ <I? 1"
N><G@N
>JGG@>O@? PI?@M OCM@@ >JI?DODJINYRDOC K<K@M<I?K@I>DG
JI < >JHKPO@M RDOC
=<>FOM<>FDIB<GGJR@?
<I?JI<>JHKPO@MRDOCIJ=<>FOM<>FDIB<GGJR@?KKMJSDH<O@GTC<GAJA
OC@M@>MPDON<INR@M@?OC@LP@NODJII<DM@<IJITHJPNGT<I?OC@JOC@MC<GAD?@IODAD@?OC@HN@GQ@N
JJOC)@RG@T@O<G

K
2CDNNO<O@H@IO<GNJM@AG@>O@?H<ITKMJK@MOD@NJA<BJJ?KPMKJN@NO<O@H@IO2C@NO<O@H@IOR<N
N@K<M<O@? AMJH JOC@M D?@<N DI OC@ DIOMJ?P>ODJI <N < N@K<M<O@ K<M<BM<KC
DO H@IODJI@? OC<O <
>JHK<MDNJIRJPG?=@H<?@
<I?DOD?@IODAD@?OC@K<MOD>DK<IONDIOC@@SK@MDH@IO D@
OC@PIDOJA
<I<GTNDN'IO@MHNJAOC@JM?@MJAOC@Q<MD<=G@N
OC@<POCJMN<?Q@?OC@HRDOCOC@?@K@I?@IO
Q<MD<=G@ ADMNO
>JIOM<MT OJ HT NPBB@NODJI NODGG
OC@ BMJPKN <M@ >G@<MGT D?@IODAD@? GOCJPBC OC@
OC@JMT=<N@DNIJOH@IODJI@?
OC@K<M<BM<KCNKM@>@?DIBOC@KPMKJN@NO<O@H@IOM@QD@R@?OC@
ADI?DIBNJAKMDJMOC@JMT2C@<POCJMN<GNJ?JIJOO@GGPN<=JPOOC@NOM<O@BTJADILPDMT
=POJOC@M
K<NN<B@N
@NK@>D<GGTOCJN@M@G<O@?OJKMJ>@?PM@N
?DN>PNNOC@NOP?T<N<I@SK@MDH@IO
!7F32!3B6=2A$C@>=A3 'B/B3;3C@>=A3 AB/B3;3JIO<DIN OC@ JQ@M<GG DIO@IO JA OC@ NOP?T
DIAJMH<ODJI
<=JPO =JOC OC@ LP<IODO<ODQ@ <I? LP<GDO<ODQ@ NOM<I?N JA OC@ NOP?T
<I? < M<ODJI<G@ JA
DI>JMKJM<ODIB =JOC NOM<I?N OJ NOP?T OC@ M@N@<M>C KMJ=G@H 2C@N@ NO<O@H@ION I@@? OJ =@
D?@IODAD@? @<MGT
DI OC@ DIOMJ?P>ODJI
<I? OC@T KMJQD?@ H<EJM NDBIKJNON AJM OC@ M@<?@M OJ
PI?@MNO<I?OC@LP<IODO<ODQ@<I?LP<GDO<ODQ@K<MONJA<NOP?T1@Q@M<GBPD?@GDI@NHDBCO?DM@>OOC@
JMB<IDU<ODJI<I?KM@N@IO<ODJIJAOC@HDS@?H@OCJ?NKPMKJN@NO<O@H@IO
^ @BDIRDOCNDBI<GDIBRJM?N
NP>C<N\2C@KPMKJN@JA]JM\2C@DIO@IOJA]
^'I?D><O@OC@JQ@M<GGDIO@IOJAOC@NOP?TAMJH<>JIO@IOK@MNK@>ODQ@
NP>C<N\2C@DIO@IODNOJ
G@<MI <=JPO JMB<IDU<ODJI<G @AA@>ODQ@I@NN] JM \2C@ DIO@IO DN OJ @S<HDI@ A<HDGD@N RDOC NO@K
>CDG?M@I]'IOCDNR<T
OC@M@<?@MC<N<ICJMOJPN@OJPI?@MNO<I?OC@JQ@M<GGNOP?T=@AJM@
OC@M@N@<M>C@M?DQD?@NOC@KMJE@>ODIOJLP<IODO<ODQ@<I?LP<GDO<ODQ@NOM<I?N
^ 'I?D><O@ OC@ OTK@ JA HDS@? H@OCJ?N ?@NDBI

NP>C <N N@LP@IOD<G
>JI>PMM@IO
JM
OM<INAJMH<ODJI<G
OC<ORDGG=@PN@?
^"DN>PNNOC@M@<NJINAJM>JH=DIDIB=JOCLP<IODO<ODQ@<I?LP<GDO<ODQ@?<O<2CDNM@<NJI>JPG?
=@JI@JAOC@AJGGJRDIBN@@!C<KO@MAJMHJM@?@O<DG
^ 2J =@OO@M PI?@MNO<I? < M@N@<M>C KMJ=G@H =T >JIQ@MBDIB JM OMD<IBPG<ODIB =MJ<? IPH@MD>
OM@I?NAMJHLP<IODO<ODQ@M@N@<M>C<I?OC@?@O<DGJALP<GDO<ODQ@M@N@<M>C
^ 2J @SKGJM@ K<MOD>DK<IO QD@RN RDOC OC@ DIO@IO JA =PDG?DIB JI OC@N@ QD@RN RDOC LP<IODO<ODQ@
M@N@<M>CNJOC<OOC@T><I=@@SKGJM@?RDOC<G<MB@N<HKG@JA<KJKPG<ODJI
^ 2J J=O<DI NO<ODNOD><G

LP<IODO<ODQ@ M@NPGON AMJH < N<HKG@ <I? OC@I AJGGJR PK RDOC < A@R
DI?DQD?P<GNOJC@GK@SKG<DIOCJN@M@NPGONDIHJM@?@KOCN@@<GNJ-[!<OC<DI
+PMKCT
,D>CJGG

^2J=@NO>JIQ@TOC@OM@I?N<I?QJD>@N JAH<MBDI<GDU@?BMJPKNJMDI?DQD?P<GN
^ 'I>GP?@ OC@ >C<M<>O@MDNOD>N JA < BJJ? LP<GDO<ODQ@ KPMKJN@ NO<O@H@IO

NP>C <N AJ>PNDIB JI <
NDIBG@KC@IJH@IJI
PNDIB<>ODJIRJM?N<I?IJI?DM@>ODJI<GG<IBP<B@
H@IODJIDIBOC@NOM<O@BT
JADILPDMT
<I?D?@IODATDIBOC@K<MOD>DK<ION<I?OC@M@N@<M>CNDO@
^ 'I>GP?@ OC@ >C<M<>O@MDNOD>N JA < BJJ? LP<IODO<ODQ@ KPMKJN@ NO<O@H@IO

NP>C <N D?@IODATDIB <
OC@JMT<I?OC@Q<MD<=G@N
M@G<ODIBQ<MD<=G@NJM>JHK<MDIBBMJPKNDIO@MHNJAQ<MD<=G@N
KG<>DIB
OC@N@ Q<MD<=G@N DI JM?@M AMJH DI?@K@I?@IO OJ ?@K@I?@IO
H@IODJIDIB OC@ NOM<O@BT JA DILPDMT
<I?NK@>DATDIBOC@K<MOD>DK<ION<I?M@N@<M>CNDO@AJMOC@M@N@<M>C
^!JIND?@M<??DIBDIAJMH<ODJI<=JPOOC@NK@>DAD>OTK@NJA=JOCLP<GDO<ODQ@<I?LP<IODO<ODQ@?<O<
>JGG@>ODJI
<N@? JI OC@N@ @G@H@ION

AJPM HDS@? H@OCJ?N KPMKJN@ NO<O@H@IO N>MDKON AJGGJR !M@NR@GG
.G<IJ!G<MF
2C@ADMNOORJ<M@N@LP@IOD<GNOP?D@NRDOCJI@OTK@JA?<O<>JGG@>ODJI=PDG?DIB
JIOC@JOC@MOC@OCDM?DN<>JI>PMM@IONOP?TRDOC=JOCOTK@NJA?<O<>JGG@>O@?<OOC@ N<H@ODH@
<I?=MJPBCOOJB@OC@MDI?<O<<I<GTNDN2C@AJPMOC@S<HKG@DN<OM<INAJMH<ODQ@HDS@?H@OCJ?N
NOP?TN>MDKO<GNJ=<N@?JI<>JI>PMM@IO?@NDBI
N@LP@IOD<G NOP?T RDOC < N@>JI? LP<IODO<ODQ@ KC<N@ =PDG?DIB JI JIO@IO J=E@>ODQ@ JA OC@ NOP?T 2C@ ADMNO KC<N@ RDGG =@ < LP<GDO<ODQ@ @SKGJM<ODJI JA <
;;;;;;;;;;; >@IOM<G KC@IJH@IJI =T >JGG@>ODIB ;;;;;;;;;;; OTK@N JA ?<O< AMJH
;;;;;;;;;;;K<MOD>DK<ION<O;;;;;;;;;;;M@N@<M>CNDO@$DI?DIBNAMJHOCDNLP<GDO<ODQ@KC<N@
RDGG OC@I =@ PN@? OJ O@NO ;;;;;;;;;;; < OC@JMT
M@N@<M>C LP@NODJIN
JM CTKJOC@N@N OC<O
;;;;;;;;;;; M@G<O@
>JHK<M@ ;;;;;;;;;;; DI?@K@I?@IO Q<MD<=G@ RDOC ;;;;;;;;;;;
?@K@I?@IOQ<MD<=G@AJM;;;;;;;;;;;N<HKG@JAKJKPG<ODJI<O;;;;;;;;;;;M@N@<M>CNDO@
2C@ M@<NJI AJM >JGG@>ODIB LP<GDO<ODQ@ ?<O< DIDOD<GGT DN OC<O ;;;;;;;;;;; @B
DINOMPH@ION <M@
DI<?@LP<O@ JM IJO <Q<DG<=G@
Q<MD<=G@N <M@ IJO FIJRI
OC@M@ DN GDOOG@ BPD?DIB OC@JMT JM A@R
O<SJIJHD@N
N@LP@IOD<GNOP?TRDOCOC@LP<GDO<ODQ@AJGGJRPKKC<N@=PDG?DIBJI<I?C@GKDIBOJ@SKG<DIOC@
DIDOD<GLP<IODO<ODQ@KC<N@
2C@DIO@IOJAOCDNORJKC<N@
N@LP@IOD<GHDS@?H@OCJ?NNOP?TRDGG=@OJ;;;;;;;;;;;H@IODJI
>JIO@IO J=E@>ODQ@ JA OC@ NOP?T 'I OC@ ADMNO KC<N@
LP<IODO<ODQ@ M@N@<M>C LP@NODJIN JM
CTKJOC@N@N RDGG <??M@NN OC@ ;;;;;;;;;;; M@G<ODJINCDK JM >JHK<MDNJI JA ;;;;;;;;;;;
DI?@K@I?@IO <I? ;;;;;;;;;;; ?@K@I?@IO Q<MD<=G@N RDOC ;;;;;;;;;;; K<MOD>DK<ION <O
;;;;;;;;;;;OC@M@N@<M>CNDO@'IAJMH<ODJIAMJHOCDNADMNOKC<N@RDGG=@@SKGJM@?APMOC@MDI<
N@>JI? LP<GDO<ODQ@ KC<N@ 'I OC@ N@>JI? KC<N@
LP<GDO<ODQ@ DIO@MQD@RN JM J=N@MQ<ODJIN RDGG =@
PN@? OJ KMJ=@ NDBIDAD><IO ;;;;;;;;;;; LP<IODO<ODQ@ M@NPGON =T @SKGJMDIB <NK@>ON JA OC@
;;;;;;;;;;; >@IOM<G KC@IJH@IJI RDOC ;;;;;;;;;;; < A@R K<MOD>DK<ION <O ;;;;;;;;;;;
M@N@<M>CNDO@2C@M@<NJIAJMAJGGJRDIBPKRDOCLP<GDO<ODQ@M@N@<M>CDIOC@N@>JI?KC<N@DNOJ
;;;;;;;;;;;@B
=@OO@MPI?@MNO<I?<I? @SKG<DIOC@LP<IODO<ODQ@M@NPGON
>JI>PMM@IO NOP?T RDOCOC@ DIO@IO JA B<OC@MDIB =JOC LP<IODO<ODQ@ <I? LP<GDO<ODQ@ ?<O< <I?
H@MBDIBJMDIO@BM<ODIBOC@HOJ=@NOPI?@MNO<I?<M@N@<M>CKMJ=G@H
2C@DIO@IOJAOCDN>JI>PMM@IOHDS@?H@OCJ?NNOP?TDNOJ;;;;;;;;;;;>JIO@IOJ=E@>ODQ@JAOC@
NOP?T 'I OC@ NOP?T
;;;;;;;;;;;; LP<IODO<ODQ@ DINOMPH@ION RDGG =@ PN@? OJ H@<NPM@ OC@
M@G<ODJINCDK =@OR@@I ;;;;;;;;;;; DI?@K@I?@IO Q<MD<=G@ <I? ;;;;;;;;;;; ?@K@I?@IO
Q<MD<=G@ O OC@ N<H@ ODH@
OC@ ;;;;;;;;;;; >@IOM<G KC@IJH@IJI RDGG =@ @SKGJM@? PNDIB
;;;;;;;;;;; LP<GDO<ODQ@ DIO@MQD@RN JM J=N@MQ<ODJIN RDOC ;;;;;;;;;;; K<MOD>DK<ION <O
;;;;;;;;;;; OC@ M@N@<M>C NDO@ 2C@ M@<NJI AJM >JH=DIDIB =JOC LP<IODO<ODQ@ <I? LP<GDO<ODQ@
?<O< DN OJ =@OO@M PI?@MNO<I? OCDN M@N@<M>C KMJ=G@H =T >JIQ@MBDIB =JOC LP<IODO<ODQ@ =MJ<?
IPH@MD>OM@I?N<I?LP<GDO<ODQ@?@O<DG@?QD@RN?<O<
2CDN ADI<G N>MDKO DN JI@ OC<O < HDS@? H@OCJ?N M@N@<M>C@M HDBCO PN@ RDOC < OM<INAJMH<ODQ@
HDS@?H@OCJ?NNOM<O@BTJADILPDMT2C@N>MDKODNKCM<N@?AJM<>JI>PMM@IONOP?T
=POOC@HDS@?
H@OCJ?NKMJE@>OHDBCOPN@@DOC@M<>JI>PMM@IO=JOCLP<IODO<ODQ@<I?LP<GDO<ODQ@?<O<>JGG@>O@?
<O OC@ N<H@ ODH@ JM < N@LP@IOD<G OC@ ORJ OTK@N JA ?<O< >JGG@>O@? DI N@LP@I>@ JM KC<N@N
NOM<O@BT JA DILPDMT 2C@ @G@H@ION OC<O ?@NDBI<O@ OCDN N>MDKO <N OM<INAJMH<ODJI<G <M@ OC<O OC@
DIO@IOJAOC@NOP?TDNOJ<??M@NN<IDNNP@>@IOM<GOJPI?@MM@KM@N@IO@?JMH<MBDI<GDU@?BMJPKNJM
DI?DQD?P<GNGNJ
OC@JPO>JH@JANP>C<NOP?TDNOJ<?QJ><O@AJMOC@I@@?NJAOC@N@BMJPKNJM
DI?DQD?P<GN
<I?OCDNDIAJMH<ODJIDNDI>GP?@?DIOC@KPMKJN@NO<O@H@IO
2C@DIO@IOJAOCDN>JI>PMM@IOHDS@?H@OCJ?NNOP?TDNOJ;;;;;;;;;;;NO<O@DNNP@OC<OI@@?NOJ
=@ <??M@NN@? AJM BMJPK JM DI?DQD?P<GN 'I OC@ NOP?T
;;;;;;;;;;; LP<IODO<ODQ@ DINOMPH@ION
RDGG =@ PN@? OJ H@<NPM@ OC@ M@G<ODJINCDK =@OR@@I ;;;;;;;;;;; DI?@K@I?@IO Q<MD<=G@ <I?
;;;;;;;;;;;?@K@I?@IOQ<MD<=G@OOC@N<H@ODH@
OC@;;;;;;;;;;;>@IOM<GKC@IJH@IJI
RDGG=@@SKGJM@?PNDIB;;;;;;;;;;;LP<GDO<ODQ@DIO@MQD@RNJMJ=N@MQ<ODJINRDOC;;;;;;;;;;;
K<MOD>DK<ION<O;;;;;;;;;;;OC@M@N@<M>CNDO@2C@M@<NJIAJM>JH=DIDIB=JOCLP<IODO<ODQ@
<I? LP<GDO<ODQ@ ?<O< DN OJ =@OO@M PI?@MNO<I? OCDN M@N@<M>C KMJ=G@H =T >JIQ@MBDIB =JOC
LP<IODO<ODQ@ =MJ<? IPH@MD> OM@I?N <I?LP<GDO<ODQ@ ?@O<DG@? QD@RN ?<O< <I?OJ <?QJ><O@ AJM
>C<IB@AJM;;;;;;;;;;;BMJPKNJMDI?DQD?P<GN
F/;>:398-?<</8> 3B/. />29.=#?<:9=/&>+>/7/8>

&JNNG@M<I?4@NK@MNOP?D@?NOP?@IO<I?K<M@IO<OODOP?@NOJR<M?K<M@IO<GN<QDIBNAJMOC@
KJNON@>JI?<MT@?P><ODJIJAOC@DM>CDG?M@I'IOCDNT@<MNOP?T
OC@TD?@IODAD@?OC@A<>OJMNHJNO
NOMJIBGT<NNJ>D<O@?RDOCK<M@IO<GN<QDIBN<I?>JGG@>O@?=JOCLP<IODO<ODQ@<I?LP<GDO<ODQ@?<O<
2C@DMKPMKJN@NO<O@H@IOR<N<NAJGGJRN
'I G@ @S<HDI@N K<M@IO<G N<QDIB =@C<QDJMN
3NDIB NOP?@IO <I? K<M@IO ?<O< AMJH < GJIBDOP?DI<G NOP?T @HKGJTDIB HPGODKG@ NPMQ@TN JQ@M <
OCM@@T@<MK@MDJ?
GJBDNOD>M@BM@NNDJIR<NPN@?OJD?@IODATOC@A<>OJMNHJNONOMJIBGT<NNJ>D<O@?
RDOC K<M@IO<G N<QDIBN AJM KJNON@>JI?<MT @?P><ODJI 'I <??DODJI
DINDBCON B<DI@? AMJH OC@
DIO@MQD@RN JA < NH<GG NP=N<HKG@ JA NOP?@ION <I? K<M@ION RCJ R@M@ DIO@MQD@R@? ADQ@ ODH@N
?PMDIBOC@OCM@@T@<MK@MDJ?<M@PN@?OJAPMOC@M@S<HDI@K<M@IO<GN<QDIBN
&JNNG@M4@NK@M

K
2CDN N@>ODJI R<N >JIO<DI@? PI?@M OC@ C@<?DIB \.PMKJN@

] <I? DO DI?D><O@? OC<O =JOC
LP<IODO<ODQ@?<O<D@
NPMQ@TN<I?LP<GDO<ODQ@?<O<D@
DIO@MQD@RNR@M@DI>GP?@?DIOC@NOP?T
JOC AJMHN JA ?<O< R@M@ >JGG@>O@? ?PMDIB OC@ T@<M K@MDJ?
<I? OC@ <POCJMN HDBCO C<Q@
D?@IODAD@? OC@DM NOP?T <N < OMD<IBPG<ODJI JM >JI>PMM@IO ?@NDBI GOCJPBC OC@ M<ODJI<G@ AJM OC@
NOP?T DN IJO DI>GP?@? DI OCDN K<NN<B@
DO DN <MOD>PG<O@? G<O@M
DI OC@ H@OCJ?N ?DN>PNNDJI <=JPO
NPMQ@TN<I?DIO@MQD@RN&@M@R@ADI?OC<O\OC@DIO@MQD@RNR@M@<GNJPN@?OJ@SKGJM@Q<MD<=G@N
PI?@MDIQ@NODB<ODJIDIBM@<O@M?@O<DG<I?OMD<IBPG<O@ADI?DIBNPNDIBLP<IODO<ODQ@<I?LP<GDO<ODQ@
?<O<]&JNNG@M4@NK@M

K
F/;>:3&/;?/8>3+6 3B/. />29.=#?<:9=/&>+>/7/8>

INJMB@
!M@NR@GG
1RD?G@M
<I? %POH<II NOP?D@? OC@ PN@ JA RDM@G@NN D JJF G<KOJK
>JHKPO@MN DI OCM@@ O@<>C@M @?P><ODJI H@OCJ?N >JPMN@N 2C@N@ G<KOJK >JHKPO@MN @I<=G@?
NOP?@ION OJ RJMF <O OC@DM ?@NFN <I? PN@ OC@ G<KOJKN OJ GJB ?DM@>OGT JIOJ 5@= NDO@N
M@>JHH@I?@?=TOC@DINOMP>OJMN2C@KPMKJN@NO<O@H@IOR<N<NAJGGJRN
2C@KPMKJN@JAOCDNN@LP@IOD<G
HDS@?H@OCJ?NNOP?TR<NOJADMNO@SKGJM@<I?B@I@M<O@OC@H@N
<=JPONOP?@IOPN@JAD JJFG<KOJKNDIOCM@@O@<>C@M@?P><ODJI>G<NN@NPNDIBAD@G?J=N@MQ<ODJIN
<I?A<>@OJA<>@DIO@MQD@RN2C@I
=<N@?JIOC@N@OC@H@N
OC@N@>JI?KC<N@R<NOJ?@Q@GJK@
>JPG?=@NO=@?@Q@GJK@?JIGT<AO@M<KM@GDHDI<MT@SKGJM<ODJIJANOP?@IOPN@
'IOCDN@S<HKG@
OC@NO<O@H@IO=@BDINRDOCOC@NDBI<GRJM?N
\OC@KPMKJN@JA]'OOC@IH@IODJIN
OC@OTK@JAHDS@?H@OCJ?N?@NDBI<I?>JIO<DINOC@=<ND>@G@H@IONJA=JOC<IDIDOD<GLP<GDO<ODQ@
KC<N@ <I? < AJGGJRPK LP<IODO<ODQ@ KC<N@ 'O DI>GP?@N DIAJMH<ODJI <=JPO =JOC OTK@N JA ?<O<
>JGG@>ODJI <I? @I?N RDOC < M<ODJI<G@ AJM OC@ DI>JMKJM<ODJI JA OC@ ORJ AJMHN JA ?<O< DI <
N@LP@IOD<G?@NDBI
F/;>:3 '<+8=09<7+>3@/98-?<</8> 3B/. />29.=#?<:9=/&>+>/7/8>

5DOC OCDN NOP?T R@ CJK@ OJ >JIOMD=PO@ OJ OC@ B@I@M<G PI?@MNO<I?DIB JA CJR K@M>@KODJIN JA
A<DMI@NN <M@ AJMH@? <I? CJR B@I?@M @LP<GDOT DN>JI>@KOP<GDU@?=T 1R@?DNC RJH@I <I? H@I
2C@<DHJAOCDN<MOD>G@DN OJNOP?TOC@DHKJMO@JAODH@PN@
DI?DQD?P<GM@NJPM>@N
?DNOMD=PODQ@
EPNOD>@<I?B@I?@MD?@JGJBTAJMK@M>@KODJINJAA<DMI@NN<I?PI?@MNO<I?DIBNJAB@I?@M@LP<GDOT
2RJ1R@?DNCNOP?D@N<M@PN@?OJ?JOCDN
<NPMQ@TNOP?T<I?<LP<GDO<ODQ@DIO@MQD@RNOP?T
,JM?@IH<MF,THJI>@MI 2CDN K<NN<B@ >JH@N <O OC@ @I? JA OC@ DIOMJ?P>ODJI
<I? OC@
M@<?@MC<N<GM@<?TG@<MI@?OC<O 1R@?@IC<N<KJGDOD><GBJ<GJARJMFDIBOJR<M?B@I?@M@LP<GDOT
DI RCD>C \OC@ =<G@ JA RJMF <I? KJR@M =@OR@@I OC@ N@S@N DN @GDHDI<O@?] ,JM?@IH<MF
,THJGG@>O@?NPMQ@T<I?
DIO@MQD@RN
<I? AJGGJRDIB OCDN K<NN<B@
OC@T M@A@M OJ OC@ <?Q<IO<B@N JA >JH=DIDIB =JOC
H@OCJ?N<I?OC<OOC@ORJ?<O<N@ONRDGG>JHKG@H@IO@<>CJOC@M2CPN
<>JI>PMM@IO?@NDBIDN
NPBB@NO@? 2C@ KPMKJN@ NO<O@H@IO H@IODJI@? OC@ LP<IODO<ODQ@ Q<MD<=G@N OC<O R@M@ M@G<O@? DI
OC@ NOP?T G<O@M R@ G@<MI OC<O N@Q@M<G JA OC@N@ Q<MD<=G@N R@M@ <GNJ AJMH@? DIOJ LP<GDO<ODQ@
M@N@<M>CLP@NODJIN&JR@Q@M
OC@<POCJMNHDBCOC<Q@=@@IHJM@@SKGD>DODIOC@DMLP<IODO<ODQ@
<I?LP<GDO<ODQ@KMJ>@?PM@N<NR@GG<NNK@>DATDIBOC@OTK@JAHDS@?H@OCJ?NNOM<O@BTOC@TPN@?
GNJ
OC@M@R<NIJH@IODJIDIOCDNKPMKJN@NO<O@H@IO<NOJCJROCDNNOP?TRJPG?C@GK>M@<O@
BM@<O@M@LP<GDOTDI1R@?@I'IOC@ADI<GN@>ODJIJAOC@KP=GDNC@?NOP?T
CJR@Q@M
OC@<POCJMN?J
NPBB@NO OC<O >JIAGD>ODIB BJ<GN <I? >JIOM<?D>OJMT =@C<QDJM <I? D?@<N H<T <GG DHK<>O B@I?@M
@LP<GDOTDI1R@?@I
<I?OC@T><GGAJMH@<NPM@NJAA<DMI@NN<I?B@I?@M@LP<GDOTAJMG<MB@N><G@
NPMQ@TN

2CDN >C<KO@M @HKC<NDU@N OC@ KMDH<MT DHKJMO@ JA < KPMKJN@ NO<O@H@IOYDO <?Q@N OC@
>@IOM<G D?@< DI < NOP?T 'I RMDODIB < LP<GDO<ODQ@ KPMKJN@ NO<O@H@IO
< M@N@<M>C@M I@@?N OJ
D?@IODAT < NDIBG@ >@IOM<G KC@IJH@IJI <I? OJ KJN@ < O@IO<ODQ@ ?@ADIDODJI AJM DO GNJ
OC@
M@N@<M>C@M@HKGJTN<>ODJIRJM?N
NP>C<N .3=-9@/<./@/69:
JM ?8./<=>+8.PN@NIJI?DM@>ODJI<G
G<IBP<B@ <I? H@IODJIN OC@ NOM<O@BT JA DILPDMT
OC@ K<MOD>DK<ION
<I? OC@ M@N@<M>C NDO@ 'I <
LP<IODO<ODQ@ KPMKJN@ NO<O@H@IO
OC@ M@N@<M>C@M NO<O@N OC@ OC@JMT =@DIB O@NO@? <N R@GG <N OC@
Q<MD<=G@N <I? OC@DM M@G<ODJINCDK JM >JHK<MDNJI 'O DN DHKJMO<IO OJ KJNDODJI OC@ DI?@K@I?@IO
Q<MD<=G@ ADMNO <I? OC@ ?@K@I?@IO Q<MD<=G@ N@>JI? 2C@ M@N@<M>C@M >JIQ@TN OC@ NOM<O@BT JA
DILPDMT<NR@GG<NOC@K<MOD>DK<ION<I?OC@M@N@<M>CNDO@AJMOC@DIQ@NODB<ODJI'INJH@KPMKJN@
NO<O@H@ION
OC@M@N@<M>C@M<GNJ?@ADI@NOC@F@TQ<MD<=G@NPN@?DIOC@NOP?T'I<HDS@?H@OCJ?N
NOP?T
OC@OTK@JANOM<O@BTDNH@IODJI@?<NR@GG<NDONM<ODJI<G@
NP>C<NRC@OC@MOC@?<O<<M@
>JGG@>O@? >JI>PMM@IOGT JM N@LP@IOD<GGT +<IT @G@H@ION JA =JOC BJJ? LP<GDO<ODQ@ <I?
LP<IODO<ODQ@KPMKJN@NO<O@H@ION<M@DI>GP?@?
0)2),'6%0#)1%1
3NDIB OC@ N>MDKO AJM < LP<GDO<ODQ@ KPMKJN@ NO<O@H@IO
RMDO@ < NO<O@H@IO =T >JHKG@ODIB OC@
=G<IFN+<F@OCDNNO<O@H@IONCJMORMDO@IJHJM@OC<I<KKMJSDH<O@GTOCM@@LP<MO@MNJA<OTK@?
K<B@
3NDIB OC@ N>MDKO AJM < LP<IODO<ODQ@ KPMKJN@ NO<O@H@IO

RMDO@ W NO<O@H@IO GNJ H<F@ OCDN
NO<O@H@IONCJMO
IJGJIB@MOC<IOCM@@LP<MO@MNJA<OTK@?K<B@
3NDIBOC@N>MDKOAJM<HDS@?H@OCJ?NKPMKJN@NO<O@H@IO
RMDO@<KPMKJN@NO<O@H@IO @NPM@
OJDI>GP?@OC@M@<NJIAJMHDSDIB LP<IODO<ODQ@<I?LP<GDO<ODQ@?<O<<I?DI>JMKJM<O@OC@@G@H@ION
JA=JOC<BJJ?LP<GDO<ODQ@<I?<BJJ?LP<IODO<ODQ@KPMKJN@NO<O@H@IO

+<MNC<GG
!
0JNNH+>3@/</=/+<-2 OC@?
2CJPN<I?-<FN
!1<B@
!<OC@MDI@+<MNC<GG<I?%M@O>C@I0JNNH<GG<OO@IODJIOJOC@H<EJMDIO@IOJAOC@NOP?T
OC@
KPMKJN@JAOC@NOP?T2CDNN@>ODJIDNB@I@M<GGT@H=@??@?DIOC@?DN>PNNDJIJAOC@OJKD>
<I?DODN
H@IODJI@?DI<N@IO@I>@JMORJ'OO@GGNOC@M@<?@MRC<O OC@M@NPGONJAOC@M@N@<M>C<M@GDF@GTOJ
<>>JHKGDNC 2C@ <POCJMN >C<M<>O@MDU@ KPMKJN@N <N @SKGJM<OJMT
@SKG<I<OJMT
?@N>MDKODQ@
<I?
@H<ID>DK<OJMT2C@T<GNJH@IODJIOC<OOC@KPMKJN@NO<O@H@IODI>GP?@NOC@PIDOJA<I<GTNDN@B
DI?DQD?P<GN
?T<?N
JMBMJPKN
!M@NR@GG
(5
.G<IJ!G<MF
4* /=318381+8.-98.?->38173B/.7/>29.=</=/+<-2
2CJPN<I?-<FN
!1<B@
(JCI5!M@NR@GG<I?4D>FD*.G<IJ!G<MFC<Q@<POCJM@?<IJQ@MQD@R<I?DIOMJ?P>ODJIOJHDS@?

H@OCJ?N M@N@<M>C OC<O >JQ@MN OC@ @IODM@ KMJ>@NN JA M@N@<M>C AMJH RMDODIB ODJI
>JGG@>ODIB ?<O<
<I<GTUDIB ?<O<
<I? DIO@MKM@ODIB <I? RMDODIB HDS@? H@OCJ?N NOP?D@N 'I OC@DM
>C<KO@MJIOC@DIOMJ?P>ODJI
OC@T?DN>PNNLP<GDO<ODQ@
LP<IODO<ODQ@
<I?HDS@?H@OCJ?NKPMKJN@
NO<O@H@ION2C@TKMJQD?@N>MDKON<I?@S<HKG@NAJMAJPMOTK@NJAHDS@?H@OCJ?NNOP?D@N<NR@GG
<NJQ@M<GGBPD?@GDI@NAJMRMDODIBOC@N@NO<O@H@ION
5DGFDINJI
+ '2/=-3/8>3=>F=2+8.,99509<A<3>381:+:/<=+8..3==/<>+>398=
#IBG@RJJ?!GDAAN
,(.M@IOD>@&<GG
IOJDI@OO@ 5DGFDINJI ><GGN OC@ KPMKJN@ NO<O@H@IO OC@ \DHH@?D<O@ J=E@>ODQ@] JA OC@ M@N@<M>C
NOP?T1C@NO<O@NOC<OOC@KPMKJN@JAOC@J=E@>ODQ@DNOJ<INR@MOC@M@N@<M>CLP@NODJI$PMOC@M
OC@ J=E@>ODQ@ JA OC@ NOP?T I@@?N OJ =@ KM@N@IO@? DI OC@ DIOMJ?P>ODJI
<GOCJPBC DO H<T =@
DHKGD>DOGTNO<O@?<NOC@NP=E@>OJAOC@M@N@<M>C
OC@K<K@M
JMOC@H@OCJ?'ANO<O@?@SKGD>DOGT
OC@
J=E@>ODQ@DNAJPI?<OOC@@I?JAOC@<MBPH@IODIOC@DIOMJ?P>ODJIDOHDBCO<GNJ=@AJPI?I@<M
OC@=@BDIIDIBJMDIOC@HD??G@
?@K@I?DIBJIOC@NOMP>OPM@JAOC@DIOMJ?P>ODJI
$(&'*"
&3A3/@16%C3AB7=<A/<2G>=B63A3A
IQ@NODB<OJMNKG<>@NDBIKJNONOJ><MMTOC@M@<?@MOCMJPBC<KG<IAJM<NOP?T2C@ADMNONDBIKJNODN
OC@KPMKJN@NO<O@H@IO
RCD>C@NO<=GDNC@NOC@>@IOM<G ?DM@>ODJIAJMOC@NOP?T$MJHOC@=MJ<?
B@I@M<G KPMKJN@ NO<O@H@IO

OC@ M@N@<M>C@M I<MMJRN OC@ AJ>PN OJ NK@>DAD> LP@NODJIN OJ =@
<INR@M@? JM KM@?D>ODJIN =<N@?JI CTKJOC@N@NOJ =@O@NO@?2CDN >C<KO@M =@BDIN=T <?QDIB
N@Q@M<G KMDI>DKG@N DI ?@NDBIDIB <I? N>MDKON AJM RMDODIB LP<GDO<ODQ@ M@N@<M>C LP@NODJIN
LP<IODO<ODQ@ M@N@<M>C LP@NODJIN
J=E@>ODQ@N
<I? CTKJOC@N@N <I? HDS@? H@OCJ?N M@N@<M>C
LP@NODJIN
%) ((*&'&%)'(#"'
'I<LP<GDO<ODQ@NOP?T
DILPDM@MNNO<O@M@N@<M>CLP@NODJIN
IJOJ=E@>ODQ@N D@
NK@>DAD>BJ<GNAJM
OC@M@N@<M>CJMCTKJOC@N@ND@
KM@?D>ODJINOC<ODIQJGQ@Q<MD<=G@N<I?NO<ODNOD><GO@NON2C@N@
M@N@<M>CLP@NODJIN<NNPH@ORJAJMHN<>@IOM<GLP@NODJI<I?<NNJ>D<O@?NP=LP@NODJIN
2C@ 13<B@/: ?C3AB7=< DN < =MJ<? LP@NODJI OC<O <NFN AJM @IOM<G
KC@IJH@IJI JM >JI>@KO DI < NOP?T 2C@ DILPDM@M KJN@N OCDN LP@NODJI
>JINDNO@IO RDOC OC@
@H@MBDIBH@OCJ?JGJBTJALP<GDO<ODQ@M@N@<M>C
<N<B@I@M<GDNNP@NJ<NOJIJOGDHDOOC@DILPDMT
2J <MMDQ@ <O OCDN LP@NODJI
+=5 \5C<O DN OC@ =MJ<?@NO LP@NODJI OC<O ' >C@MN OM<DI@? DI ;?+8>3>+>3@/ M@N@<M>C HDBCO NOMPBBG@ RDOC OCDN <KKMJ<>C
=@><PN@OC@T<M@<>>PNOJH@?OJOC@M@Q@MN@<KKMJ<>CD?@IODATDIBNK@>DAD>
I<MMJRLP@NODJINJM
CTKJOC@N@N =<N@? JI < A@R Q<MD<=G@N 'I LP<GDO<ODQ@ M@N@<M>C
OC@ DIO@IO DN OJ @SKGJM@ OC@
>JHKG@S N@O JA A<>OJMN NPMMJPI?DIB OC@ >@IOM<G KC@IJH@IJI <I? KM@N@IO OC@ Q<MD@?
K@MNK@>ODQ@NJMH@<IDIBNOC<OK<MOD>DK<IONCJG?2C@AJGGJRDIB<M@BPD?@GDI@NAJMRMDODIB=MJ<?
LP<GDO<ODQ@M@N@<M>CLP@NODJIN
^ =5 98/ 9< >A9 -/8><+6 ;?/=>398= 09669A/. ,C 89 79</ >2+8 03@/ >9 =/@/8 =?,;?/=>398=
1@Q@M<GNP=LP@NODJINAJGGJR@<>CB@I@M<G>@IOM<GLP@NODJIOC@NP=LP@NODJINI<MMJROC@AJ>PN
JAOC@NOP?T=POG@<Q@JK@IOC@LP@NODJIDIB2CDN<KKMJ<>CDNR@GGRDOCDIOC@GDHDONN@O=T+DG@N
<I? &P=@MHJHH@I?@? OC<O M@N@<M>C@MN RMDO@ IJ HJM@ OCCLP@NODJINDI<GG>@IOM<G<I?NP=LP@NODJIN2C@NP=LP@NODJIN
DIOPMI
>JH@ NK@>DAD> LP@NODJIN PN@? ?PMDIB DIO@MQD@RN JM DI J=N@MQDIB JM RC@I GJJFDIB <O
?J>PH@ION 'I ?@Q@GJKDIB JG JM BPD?@
OC@ M@N@<M>C@M HDBCO <NF @
=M@<F@MLP@NODJI<OOC@=@BDIIDIB
AJM@S<HKG@
AJGGJR@?=TADQ@JMNJNP=LP@NODJINDIOC@NOP?T
N@@ !C<KO@M 2C@ DIO@MQD@R RJPG? OC@I @I? RDOC <N@NOP?D@N
\5CJNCJPG?'OPMIOJ
OJG@<MI
HJM@<=JPOOCDNOJKD>]NHPNN@I!M@NR@GG

^ %/6+>/ >2/ -/8><+6 ;?/=>398 >9 >2/ =:/-303- ;?+63>+>3@/ =><+>/1C 90 38;?3<C $JM @S<HKG@
OC@
NK@>DAD>DOTJAOC@LP@NODJINDI@OCIJBM<KCT<OOCDNNO<B@JAOC@?@NDBI?DAA@MNAMJHOC<ODIJOC@M
LP<GDO<ODQ@ NOM<O@BD@N 'I @OCIJBM<KCD> M@N@<M>C
1KM<?G@T <?Q@? < O<SJIJHT JA
@OCIJBM<KCD> LP@NODJIN OC<O DI>GP?@? < HDIDOJPM JA OC@ >PGOPM@NC<MDIB BMJPK
OC@DM
@SK@MD@I>@N
PN@ JA I<ODQ@ G<IBP<B@
>JIOM<NON RDOC JOC@M >PGOPM<G BMJPKN
<I? LP@NODJIN OJ
Q@MDATOC@<>>PM<>TJAOC@?<O<'I>MDOD><G@OCIJBM<KCT
OC@M@N@<M>CLP@NODJINH<T=PDG?JI<
=J?TJA@SDNODIBGDO@M<OPM@2C@N@LP@NODJIN=@>JH@RJMFDIBBPD?@GDI@NM<OC@MOC<IOMPOCNOJ=@
KMJQ@I2CJH<N

KGO@MI<ODQ@GT
DIKC@IJH@IJGJBT
OC@LP@NODJINHDBCO=@=MJ<?GT
NO<O@? RDOCJPO NK@>DAD> M@A@M@I>@ OJ OC@ @SDNODIB GDO@M<OPM@ JM < OTKJGJBT JA LP@NODJIN
+JPNO<F<N O<GFN <=JPO <NFDIB RC<O OC@ K<MOD>DK<ION @SK@MD@I>@? <I? OC@ >JIO@SON JM
NDOP<ODJIN DI RCD>C OC@T @SK@MD@I>@? DO KC@IJH@IJGJBD><G @S<HKG@ DN
\5C<O DN DO GDF@ AJM <
HJOC@MOJ GDQ@ RDOC < O@@I<B@ >CDG? RCJ DN ?TDIB JA >@M] ,D@NRD<?JHT

K 'I
BMJPI?@?OC@JMT
OC@LP@NODJINH<T=@?DM@>O@?OJR<M?B@I@M<ODIB<OC@JMTJANJH@KMJ>@NN
NP>C <N OC@ @SKGJM<ODJI JA < KMJ>@NN <N OJ CJR ><M@BDQ@MN <I? K<OD@ION DIO@M<>O DI < CJNKDO<G
N@OODIB'I<LP<GDO<ODQ@><N@NOP?T
OC@LP@NODJINH<T<??M@NN<?@N>MDKODJIJAOC@><N@<I?OC@
OC@H@NOC<O@H@MB@AMJHNOP?TDIBDO
^ /138 >2/ </=/+<-2 ;?/=>398= A3>2 >2/ A9<.= RC<O 9< CJR >9 -98@/C+8 9:/8 +8. /7/<1381
./=318 2C@ RJM? A2C JAO@I DHKGD@N OC<O OC@ M@N@<M>C@M DN OMTDIB OJ @SKG<DI RCT NJH@OCDIB
J>>PMN
<I? OCDN NPBB@NON OJ H@ < ><PN@<I?@AA@>O OTK@ JA OCDIFDIB OC<O ' <NNJ>D<O@ RDOC
;?+8>3>+>3@/ M@N@<M>CDINO@<?JAOC@HJM@JK@I<I?@H@MBDIBNO@JALP<GDO<ODQ@M@N@<M>C
^$J>PNJI<NDIBG@ KC@IJH@IJIJM>JI>@KON<NOP?T?@Q@GJKNJQ@MODH@

A<>OJMNRDGG@H@MB@
OC<OH<TDIAGP@I>@OCDNNDIBG@KC@IJH@IJI
=PO=@BDI<NOP?TRDOC<NDIBG@AJ>PNOJ@SKGJM@DI
BM@<O?@O<DG
^ 3N@ @SKGJM<OJMT Q@M=N OC<O >JIQ@T OC@ G<IBP<B@ JA @H@MBDIB ?@NDBI 2C@N@ Q@M=N O@GG OC@
M@<?@MOC<OOC@NOP?TRDGG
^"DN>JQ@M@B
BMJPI?@?OC@JMT
^1@@FOJPI?@MNO<I?@B
@OCIJBM<KCT
^#SKGJM@<KMJ>@NN@B
><N@NOP?T
^"@N>MD=@OC@@SK@MD@I>@N@B
KC@IJH@IJGJBT
^0@KJMOOC@NOJMD@N@B
I<MM<ODQ@M@N@<M>C
^3N@OC@N@HJM@@SKGJM<OJMTQ@M=NOC<O<M@IJI?DM@>ODJI<GM<OC@MOC<I?DM@>ODJI<GRJM?NOC<O
NPBB@NO ;?+8>3>+>3@/ M@N@<M>C
NP>C <N \<AA@>O
] \DIAGP@I>@
] \DHK<>O
] \?@O@MHDI@
] \><PN@
]
<I?\M@G<O@]
^#SK@>OOC@M@N@<M>CLP@NODJINOJ@QJGQ@<I?>C<IB@?PMDIBOC@NOP?TDI<H<II@M>JINDNO@IO
RDOC OC@ <NNPHKODJIN JA +>3@/ NOP?D@N
OC@ LP@NODJIN <M@
PI?@M>JIODIP<GM@QD@R<I?M@AJMHPG<ODJI<NDI<BMJPI?@?OC@JMTNOP?T2CDN<KKMJ<>CH<T
=@ KMJ=G@H<OD> AJM DI?DQD?P<GN <>>PNOJH@? OJ ;?+8>3>+>3@/ ?@NDBIN
DI RCD>C OC@ M@N@<M>C
LP@NODJINM@H<DIADS@?OCMJPBCJPOOC@NOP?T
^ (=/ 9:/8/8./. ;?/=>398= RDOCJPO M@A@M@I>@ OJ OC@ GDO@M<OPM@ JM OC@JMT PIG@NN JOC@MRDN@
DI?D><O@?=T<LP<GDO<ODQ@NOM<O@BTJADILPDMT
^ &:/-30C >2/ :+<>3-3:+8>= +8. >2/ </=/+<-2 =3>/ AJM OC@ NOP?T
DA OC@ DIAJMH<ODJI C<N IJO T@O
=@@IBDQ@I
&@M@DN<N>MDKOAJM<LP<GDO<ODQ@>@IOM<GLP@NODJI
;;;;;;;;;&JRJMRC<ODNOC@;;;;;;;;;\NOJMTAJM]AJMI<MM<ODQ@M@N@<M>C\H@<IDIBJA]
OC@ KC@IJH@IJI AJM KC@IJH@IJGJBT \OC@JMT OC<O @SKG<DIN OC@ KMJ>@NN JA ] AJM BMJPI?@?
OC@JMT \>PGOPM@NC<MDIB K<OO@MI] AJM @OCIJBM<KCT \DNNP@] DI OC@ \><N@] AJM ><N@ NOP?T JA
;;;;;;;;;>@IOM<GKC@IJH@IJIAJM;;;;;;;;;K<MOD>DK<ION<O;;;;;;;;;M@N@<M>CNDO@
2C@ AJGGJRDIB <M@ @S<HKG@N JA LP<GDO<ODQ@ M@N@<M>C LP@NODJIN ?M<RI AMJH N@Q@M<G OTK@N JA
NOM<O@BD@N
F/;>:3 $?+63>+>3@//8><+6$?/=>398<97+8>2891<+:2C
$DI?@MN PN@? @OCIJBM<KCD> KMJ>@?PM@N OJ ?J>PH@IO OC@ M@<?DIB JA O@@I H<B<UDI@N =T
HD??G@>G<NN #PMJK@C@M@SKGJM@?CJROC@BDMGNK@M>@DQ@<I?>JINOMP>OOC@DMNJ>D<GMJG@N<I?
M@G<ODJINCDKN <N OC@T @IO@M EPIDJM CDBC N>CJJG 1C@ <NF@? JI@ BPD?DIB >@IOM<G LP@NODJI DI C@M
NOP?T
&JR?J@<MGT<?JG@N>@IOA@H<G@NM@<?GDO@M<OPM@OC<OA<GGNJPOND?@OC@M@<GHJAAD>ODJI
$DI?@MN

K
$DI?@MN[N>@IOM<GLP@NODJI=@BDINRDOC 29ADOPN@N<IJK@I@I?@?Q@M=

</+.DOAJ>PN@N
JI < NDIBG@ >JI>@KO
OC@ GDO@M<OPM@ JM O@@I H<B<UDI@N <I? DO H@IODJIN OC@ K<MOD>DK<ION
<?JG@N>@IO A@H<G@N
<N OC@ >PGOPM@NC<MDIB BMJPK ,JOD>@ CJR OC@ <POCJM >M<AO@? < >JI>DN@
NDIBG@LP@NODJIOC<OI@@?@?OJ=@<INR@M@?DIOC@NOP?T'ODN<=MJ<?LP@NODJINO<O@?OJK@MHDO
K<MOD>DK<IONOJNC<M@?DQ@MN@K@MNK@>ODQ@N<=JPOM@<?DIBOC@GDO@M<OPM@
F/;>:3
$?+63>+>3@//8><+6$?/=>398=<97++=/&>?.C
.<?PG< <I? +DGG@M >JI?P>O@? < HPGODKG@ ><N@ NOP?T OC<O ?@N>MD=@? OC@ @SK@MD@I>@N JA
RJH@I RCJ R@IO =<>F OJ N>CJJG
<AO@M < ODH@ <R<T
DI < KNT>CJGJBT ?J>OJM<G KMJBM<H <O <
H<EJM+D?R@NO@MIM@N@<M>CPIDQ@MNDOT2C@DIO@IOR<NOJ?J>PH@IOOC@RJH@I[N@SK@MD@I>@N
KMJQD?DIB<B@I?@M@?<I?A@HDIDNOK@MNK@>ODQ@AJMRJH@IDIOC@GDO@M<OPM@2C@<POCJMN<NF@?
OCM@@>@IOM<GLP@NODJINOC<OBPD?@?OC@DILPDMT
<&JR?JRJH@IDI<KNT>CJGJBT?J>OJM<GKMJBM<H?@N>MD=@OC@DM?@>DNDJIOJM@OPMIOJN>CJJG
=&JR?JRJH@IDI<KNT>CJGJBT?J>OJM<GKMJBM<H?@N>MD=@OC@DMM@@IOMT@SK@MD@I>@NI?
>&JR?J@NM@OPMIDIBOJBM<?P<O@N>CJJG>C<IB@OC@N@RJH@I[NGDQ@N
.<?PG<+DGG@M

K
2C@N@ OCM@@ >@IOM<G LP@NODJIN <GG =@BDI RDOC OC@ RJM? 29A OC@T DI>GP?@ JK@I@I?@? Q@M=N
NP>C <N \?@N>MD=@

] <I?OC@TAJ>PN JI OCM@@<NK@>ON JAOC@ ?J>OJM<G @SK@MD@I>@YM@OPMIDIBOJ
N>CJJG
M@@IO@MDIB
<I? >C<IBDIB 2C@T <GNJ H@IODJI OC@ K<MOD>DK<ION <N RJH@I DI < ?J>OJM<G
KMJBM<H<O<+D?R@NO@MIM@N@<M>CPIDQ@MNDOT
%)"(((*&'&%)'(#"'"-$#(''
'ILP<IODO<ODQ@NOP?D@N
DIQ@NODB<OJMNPN@LP<IODO<ODQ@M@N@<M>CLP@NODJIN<I?CTKJOC@N@N
<I?
NJH@ODH@N J=E@>ODQ@N
OJ NC<K@ <I? NK@>DAD><GGT AJ>PN OC@ KPMKJN@ JA OC@ NOP?T %C/<B7B/B7D3
@3A3/@16?C3AB7=<A DILPDM@<=JPOOC@M@G<ODJINCDKN<HJIBQ<MD<=G@NOC<OOC@DIQ@NODB<OJMN@@FN
OJ FIJR 2C@T <M@PN@?AM@LP@IOGT DI NJ>D<G N>D@I>@ M@N@<M>C <I? @NK@>D<GGT DI NPMQ@T NOP?D@N
%C/<B7B/B7D3 6G>=B63A3A
JIOC@JOC@MC<I?
<M@KM@?D>ODJINOC@M@N@<M>C@MH<F@N<=JPOOC@
@SK@>O@? M@G<ODJINCDKN <HJIB Q<MD<=G@N 2C@T <M@ IPH@MD> @NODH<O@N JA KJKPG<ODJI Q<GP@N
=<N@?JI?<O<>JGG@>O@?AMJHN<HKG@N2@NODIB JACTKJOC@N@N@HKGJTNNO<ODNOD><GKMJ>@?PM@NDI
RCD>COC@DIQ@NODB<OJM?M<RNDIA@M@I>@N<=JPOOC@KJKPG<ODJIAMJH<NOP?TN<HKG@&TKJOC@N@N
<M@ PN@? JAO@I DI @SK@MDH@ION DI RCD>C DIQ@NODB<OJMN >JHK<M@ BMJPKN ?QDN@MN JAO@I
M@>JHH@I?OC@DMPN@DI<AJMH<G M@N@<M>CKMJE@>O
NP>C<N<?DNN@MO<ODJIJMOC@NDN
<N<H@<IN
JA NO<ODIB OC@?DM@>ODJI< NOP?T RDGG O<F@ -=E@>ODQ@N
JIOC@ JOC@M C<I?
DI?D><O@OC@ BJ<GNJM
J=E@>ODQ@NAJM<NOP?T2C@TJAO@I<KK@<MDIKMJKJN<GNAJMAPI?DIB
=POO@I?OJ=@PN@?RDOCG@NN
AM@LP@I>TDINJ>D<G<I?C@<GOCN>D@I>@M@N@<M>COJ?<T @><PN@JAOCDN
OC@AJ>PNC@M@RDGG=@JI
M@N@<M>CLP@NODJIN<I?CTKJOC@N@N&@M@DN<I@S<HKG@JA<N>MDKOAJM<LP<IODO<ODQ@M@N@<M>C
LP@NODJI
"J@N;;;;;;;;;I<H@OC@OC@JMT@SKG<DIOC@M@G<ODJINCDK=@OR@@I;;;;;;;;;DI?@K@I?@IO
Q<MD<=G@<I?;;;;;;;;;?@K@I?@IOQ<MD<=G@
>JIOMJGGDIBAJMOC@@AA@>ONJA;;;;;;;;;>JIOMJG
Q<MD<=G@
GO@MI<ODQ@GT
<N>MDKOAJM<LP<IODO<ODQ@IPGGCTKJOC@NDNHDBCO=@<NAJGGJRN
2C@M@DNIJNDBIDAD><IO?DAA@M@I>@=@OR@@I;;;;;;;;;OC@>JIOMJG<I?@SK@MDH@IO<GBMJPKNJI
OC@DI?@K@I?@IOQ<MD<=G@JI;;;;;;;;;?@K@I?@IOQ<MD<=G@
%PD?@GDI@N AJM RMDODIB BJJ? LP<IODO<ODQ@ M@N@<M>C LP@NODJIN <I? CTKJOC@N@N DI>GP?@ OC@
AJGGJRDIB
^ 2C@ PN@ JA Q<MD<=G@N DI M@N@<M>C LP@NODJIN JM CTKJOC@N@N DN OTKD><GGT GDHDO@? OJ OCM@@ =<ND>
<KKMJ<>C@N2C@M@N@<M>C@MH<T -97:+</ BMJPKNJI<IDI?@K@I?@IOQ<MD<=G@OJN@@DONDHK<>O
JI < ?@K@I?@IO Q<MD<=G@ GO@MI<ODQ@GT
OC@ DIQ@NODB<OJMH<T </6+>/ JI@JM HJM@ DI?@K@I?@IO
Q<MD<=G@NOJ JI@JMHJM@?@K@I?@IOQ<MD<=G@N2CDM?
OC@M@N@<M>C@MH<T ./=-<3,/ M@NKJIN@NOJ
OC@DI?@K@I?@IO
H@?D<ODIB
JM?@K@I?@IOQ<MD<=G@N+JNOLP<IODO<ODQ@M@N@<M>CA<GGNDIOJJI@
JMHJM@JAOC@N@OCM@@><O@BJMD@N
^2C@HJNOMDBJMJPNAJMHJALP<IODO<ODQ@M@N@<M>CAJGGJRNAMJH<O@NOJA<OC@JMTN@@!C<KO@M
<I?OC@NK@>DAD><ODJIJAM@N@<M>CLP@NODJINJMCTKJOC@N@NOC<O<M@DI>GP?@?DIOC@OC@JMT
^ 2C@ DI?@K@I?@IO <I? ?@K@I?@IO Q<MD<=G@N HPNO =@ H@<NPM@? N@K<M<O@GT 2CDN KMJ>@?PM@
M@DIAJM>@NOC@><PN@<I?@AA@>OGJBD>JALP<IODO<ODQ@M@N@<M>C
^2J@GDHDI<O@M@?PI?T
RMDO@JIGTM@N@<M>CLP@NODJINJMCTKJOC@N@N
IJO=JOC
PIG@NNOC@
CTKJOC@N@N =PDG? JI OC@ M@N@<M>C LP@NODJIN ?DN>PNNDJI AJGGJRN !CJJN@ OC@ AJMH =<N@? JI
OM<?DODJI
M@>JHH@I?<ODJIN AMJH PGOT >JHHDOO@@
JM RC@OC@M K<NO M@N@<M>C
DI?D><O@N<KM@?D>ODJI<=JPOJPO>JH@N
^ 'A CTKJOC@N@N <M@ PN@?

OC@M@ <M@ ORJ AJMHN IPGG <I? <GO@MI<ODQ@ <C:: 6G>=B63A7A
M@KM@N@ION OC@ OM<?DODJI<G <KKMJ<>C DO H<F@N < KM@?D>ODJI OC<O DI OC@ B@I@M<G KJKPG<ODJI
IJ
M@G<ODJINCDK JM IJ NDBIDAD><IO ?DAA@M@I>@ @SDNON =@OR@@I BMJPKN JI < Q<MD<=G@ 2C@ RJM?DIB DN
\2C@M@DNIJ?DAA@M@I>@JMM@G<ODJINCDK]=@OR@@IOC@BMJPKN2C@AJGGJRDIB@S<HKG@DGGPNOM<O@N
<IPGGCTKJOC@NDN
F/;>:3!?66C:9>2/=3=
I DIQ@NODB<OJM HDBCO @S<HDI@ OCM@@ OTK@N JA M@DIAJM>@H@IO AJM >CDG?M@I RDOC <PODNH Q@M=<G
>P@N
<M@R<M?
<I?IJM@DIAJM>@H@IO2C@DIQ@NODB<OJM>JGG@>ON=@C<QDJM<GH@<NPM@N<NN@NNDIB
NJ>D<GDIO@M<>ODJIJAOC@>CDG?M@IRDOCOC@DMND=GDIBNIPGGCTKJOC@NDNHDBCOM@<?
2C@M@ DN IJ NDBIDAD><IO ?DAA@M@I>@ =@OR@@I OC@ @AA@>ON JA Q@M=<G >P@N
M@R<M?N
<I? IJ
M@DIAJM>@H@IODIO@MHNJANJ>D<GDIO@M<>ODJIAJM>CDG?M@IRDOC<PODNH<I?OC@DMND=GDIBN
^2C@N@>JI?AJMH
KJKPG<MDIEJPMI<G<MOD>G@N
DNOC@<GO@MI<ODQ@JM 27@31B7=</:6G>=B63A7A2C@
DIQ@NODB<OJM H<F@N < KM@?D>ODJI <=JPO OC@ @SK@>O@? JPO>JH@
=<NDIB OCDN KM@?D>ODJI JI KMDJM
GDO@M<OPM@ <I? NOP?D@N JI OC@ OJKD> OC<O NPBB@NO < KJO@IOD<G JPO>JH@ $JM @S<HKG@
OC@
M@N@<M>C@M H<T KM@?D>O OC<O \1>JM@N RDGG =@ CDBC@M AJM %MJPK OCC<IB@HJM@OC<I%MJPK ]JIOC@JPO>JH@2C@N@
@S<HKG@NDGGPNOM<O@<?DM@>ODJI<GCTKJOC@NDN=@><PN@<I@SK@>O@?KM@?D>ODJI@B
CDBC@M
HJM@
>C<IB@DNH<?@2C@AJGGJRDIBDGGPNOM<O@N<?DM@>ODJI<GCTKJOC@NDN
F/;>:33</->398+6C:9>2/=/=
+<N><M@IC<NNOP?D@?OC@?DAA@M@I>@N=@OR@@IOTK@NJAJRI@MNCDKNO<O@JRI@?
KP=GD>GT
OM<?@?
<I? KMDQ<O@ JA ADMHN DI OC@ JAANCJM@ ?MDGGDIB DI?PNOMT 1K@>DAD><GGT
OC@ NOP?T @SKGJM@?
NP>C ?DAA@M@I>@N <N ?JH@NOD> H<MF@O ?JHDI@
DIO@MI<ODJI<G KM@N@I>@
<I? >PNOJH@M
JMD@IO<ODJI2C@NOP?TR<N<>JIOMJGG@?AD@G?NOP?TPNDIBLP<ND@SK@MDH@IO<GKMJ>@?PM@N
&TKJOC@NDN.P=GD>GTOM<?@?ADMHNRDGGC<Q@CDBC@MBMJROCM<O@NOC<IKMDQ<O@GTC@G?ADMHN
&TKJOC@NDN .P=GD>GT OM<?@? @IO@MKMDN@N RDGG C<Q@ < G<MB@M DIO@MI<ODJI<G N>JK@ OCH<MF@OOC<IKP=GD>GT
OM<?@? JMKMDQ<O@GTC@G?ADMHN
&TKJOC@NDN .P=GD>GT OM<?@? ADMHN RDGG C<Q@ =MJ<?@M KMJ?P>O GDI@N OCPNOJH@MN

JQ@MN@<N
&TKJOC@NDN1O<O@JRI@?ADMHNRDGGC<Q@<CDBC@M>PNOJH@M=<N@NO<=DGDOTOC<IKMDQ<O@GTC@G?

ADMHN
&TKJOC@NDN 'I G@NN QDND=G@ >JIO@SON

KP=GD>GT OM<?@? ADMHN RDGG @HKGJT HJM@ <?Q@?
O@>CIJGJBTOC<INO<O@JRI@?<I?KMDQ<O@GTC@G?ADMHN
+<N><M@IC<N

KK
ÎJOC@MOTK@JA<GO@MI<ODQ@CTKJOC@NDNDN <=<27@31B7=</:Y<KM@?D>ODJIDNH<?@
=POOC@@S<>O
AJMHJA?DAA@M@I>@N@B
CDBC@M
GJR@M
HJM@
G@NNDNIJONK@>DAD@?=@><PN@OC@M@N@<M>C@M?J@N
IJOFIJRRC<O><I=@KM@?D>O@?AMJHK<NOGDO@M<OPM@2CPN
OC@DIQ@NODB<OJMHDBCORMDO@
\2C@M@
DN<?DAA@M@I>@]=@OR@@IOC@ORJBMJPKNI@S<HKG@AJGGJRNRCD>CDI>JMKJM<O@N=JOCOTK@NJA
CTKJOC@N@N
F/;>:3 !98.3</->398+6+8.3</->398+6C:9>2/=/=
1JH@ODH@N ?DM@>ODJI<G CTKJOC@N@N <M@ >M@<O@? OJ @S<HDI@ OC@ M@G<ODJINCDK <HJIB Q<MD<=G@N
M<OC@M OCJHK<M@ BMJPKN $JM @S<HKG@
+JJM@ NOP?D@? OC@ H@<IDIB JA B@I?@M
D?@IODOT AJM M@GDBDJPN <I? N@>PG<M (@RDNC <I? M<= RJH@I DI 'NM<@GD NJ>D@OT 'I < I<ODJI<G
KMJ=<=DGDOTN<HKG@JA(@RDNC<I?M<=RJH@I
OC@<POCJMD?@IODAD@?OCM@@CTKJOC@N@NAJMNOP?T
2C@ADMNODNIJI?DM@>ODJI<G<I?OC@G<NOORJ<M@?DM@>ODJI<G
& %@I?@M D?@IODOT JA M@GDBDJPN <I? N@>PG<M M<= <I? (@RDNC RJH@I <M@ M@G<O@? OJ ?DAA@M@IO
NJ>DJKJGDOD><GNJ>D<GJM?@MNOC<OM@AG@>OOC@?DAA@M@IOQ<GP@NTNO@HNOC@T@H=M<>@
& 0@GDBDJPN RJH@I RDOC N<GD@IO B@I?@M D?@IODOT <M@ G@NN NJ>DJKJGDOD><GGT <>ODQ@ OCPG<M
RJH@IRDOCN<GD@IOB@I?@MD?@IODOD@N
& 2C@ M@G<ODJINCDKN <HJIB B@I?@M D?@IODOT

M@GDBDJNDOT
<I? NJ>D<G <>ODJIN <M@ R@<F@M <HJIB
M<=RJH@IOC<I<HJIB(@RDNCRJH@I
^ 3IG@NN OC@ NOP?T DIO@IODJI<GGT @HKGJTN ?@HJBM<KCD> Q<MD<=G@N <N KM@?D>OJMN

PN@
IJI?@HJBM<KCD> Q<MD<=G@N D@
<OODOP?@N JM =@C<QDJMN <N DI?@K@I?@IO <I? ?@K@I?@IO
Q<MD<=G@N @><PN@LP<IODO<ODQ@ NOP?D@N<OO@HKOOJQ@MDATOC@JMD@N
?@HJBM<KCD>Q<MD<=G@N@B
<B@
DI>JH@G@Q@G
@?P><ODJI<GG@Q@G
<I?NJAJMOCOTKD><GGT@IO@MOC@N@HJ?@GN<NDIO@MQ@IDIB
JMH@?D<ODIBJMHJ?@M<ODIBQ<MD<=G@NDINO@<?JAH<EJMDI?@K@I?@IOQ<MD<=G@N
^ 3N@ OC@ N<H@ K<OO@MI JA RJM? JM?@M DI OC@ LP@NODJIN JM CTKJOC@N@N OJ @I<=G@ < M@<?@M OJ
@<NDGT D?@IODAT OC@ H<EJM Q<MD<=G@N 2CDN ><GGN AJM M@K@<ODIB F@T KCM<N@N <I? KJNDODJIDIB OC@
Q<MD<=G@N RDOC OC@ DI?@K@I?@IO ADMNO <I? >JI>GP?DIB RDOC OC@ ?@K@I?@IO DI G@AOOJMDBCO JM?@M
<N ?DN>PNN@? DI !C<KO@M JI BJJ? KPMKJN@ NO<O@H@ION I @S<HKG@ JA RJM? JM?@M RDOC
DI?@K@I?@IOQ<MD<=G@NNO<O@?ADMNODIOC@KCM<N@AJGGJRN
F/;>:3&>+8.+<.(=/90+81?+1/38C:9>2/=/=
2C@M@ DN IJ M@G<ODJINCDK =@OR@@I PODGDU<ODJI JA DGG<MT NPKKJMO N@MQD>@N <I? <><?@HD>
K@MNDNO@I>@AJMIJIOM<?DODJI<G<B@?RJH@I>JGG@B@NOP?@ION
2C@M@DNIJM@G<ODJINCDK=@OR@@IA<HDGTNPKKJMONTNO@HN<I?<><?@HD>K@MNDNO@I>@AJMIJI
OM<?DODJI<G<B@?>JGG@B@RJH@I
2C@M@ DN IJ M@G<ODJINCDK =@OR@@I DGG<MT NPKKJMO N@MQD>@N <I? A<HDGT NPKKJMO NTNO@HN AJM
IJIOM<?DODJI<G<B@?>JGG@B@RJH@I
!=23:4=@3A1@7>B7D3%C3AB7=<A/<2G>=B63A3A
!JIND?@M < HJ?@G AJM RMDODIB LP@NODJIN JM CTKJOC@N@N =<N@? JI RMDODIB ?@N>MDKODQ@ LP@NODJIN
?@N>MD=DIB NJH@OCDIB AJGGJR@? =T DIA@M@IOD<G LP@NODJIN JM CTKJOC@N@N ?M<RDIB DIA@M@I>@N
AMJH<N<HKG@OJ<KJKPG<ODJI2C@N@LP@NODJINJMCTKJOC@N@NDI>GP?@=JOCDI?@K@I?@IO<I?
?@K@I?@IO Q<MD<=G@N 'I OCDN HJ?@G
OC@ RMDO@M NK@>DAD@N ?@N>MDKODQ@ LP@NODJIN AJM /+-2
DI?@K@I?@IO <I? ?@K@I?@IO Q<MD<=G@ <I? DHKJMO<IO DIO@MQ@IDIB JM HJ?@M<ODIB Q<MD<=G@N
'IA@M@IOD<G LP@NODJIN JM CTKJOC@N@N OC<O M@G<O@ Q<MD<=G@N JM >JHK<M@ BMJPKN AJGGJR OC@N@
?@N>MDKODQ@ LP@NODJIN ADI<G N@O JALP@NODJINH<T <?? DIA@M@IOD<GLP@NODJIN JMCTKJOC@N@N DI
RCD>CQ<MD<=G@N<M@>JIOMJGG@?
F/;>:3/=-<3:>3@/+8.80/</8>3+6$?/=>398=
2JDGGPNOM<O@OCDN<KKMJ<>C
<M@N@<M>C@MR<IONOJ@S<HDI@OC@M@G<ODJINCDKJA>MDOD><GOCDIFDIB
NFDGGN CD@Q@H@IO <
?@K@I?@IOQ<MD<=G@H@<NPM@?=TBM<?@NDIN>D@I>@>G<NN@NAJM@DBCOCBM<?@NOP?@IONDI<G<MB@
H@OMJKJGDO<IN>CJJG?DNOMD>O2C@M@N@<M>C@M>JIOMJGNAJMOC@DIO@MQ@IDIB@AA@>ONJAKMDJMBM<?@N
DI N>D@I>@ >G<NN@N <I? K<M@ION[ @?P><ODJI<G <OO<DIH@IO $JGGJRDIB OC@ KMJKJN@? HJ?@G
OC@
M@N@<M>CLP@NODJINHDBCO=@RMDOO@I<NAJGGJRN
"@N>MDKODQ@/P@NODJIN
&JR?J OC@ NOP?@IONM<O@ JI >MDOD><GOCDIFDIBNFDGGN ?@N>MDKODQ@ LP@NODJIAJ>PN@? JIOC@

DI?@K@I?@IOQ<MD<=G@
5C<O <M@ OC@ NOP?@IO[N <>CD@Q@H@IO G@Q@GN JM BM<?@N DI N>D@I>@ >G<NN@N ?@N>MDKODQ@
LP@NODJIAJ>PN@?JIOC@?@K@I?@IOQ<MD<=G@
5C<O <M@ OC@ NOP?@IO[N KMDJM BM<?@N DI N>D@I>@ >G<NN@N ?@N>MDKODQ@ LP@NODJI AJ>PN@? JI
OC@>JIOMJGQ<MD<=G@JAKMDJMBM<?@N
5C<O DN OC@ @?P><ODJI<G <OO<DIH@IO JA OC@ K<M@ION JA OC@ @DBCOCBM<?@MN ?@N>MDKODQ@
LP@NODJIAJ>PN@?JI<IJOC@M>JIOMJGQ<MD<=G@
@?P><ODJI<G<OO<DIH@IOJAK<M@ION
'IA@M@IOD<G/P@NODJIN
"J@N>MDOD><GOCDIFDIB<=DGDOTM@G<O@OJNOP?@IO<>CD@Q@H@IOIDIA@M@IOD<GLP@NODJIM@G<ODIB
OC@DI?@K@I?@IO<I?OC@?@K@I?@IOQ<MD<=G@N
"J@N>MDOD><GOCDIFDIB<=DGDOTM@G<O@OJNOP?@IO<>CD@Q@H@IO
>JIOMJGGDIBAJMOC@@AA@>ONJAKMDJM
BM<?@NDIN>D@I>@<I?OC@@?P><ODJI<G<OO<DIH@IOJAOC@@DBCOCBM<?@MN[K<M@ION IDIA@M@IOD<G
LP@NODJI M@G<ODIB OC@ DI?@K@I?@IO <I? OC@ ?@K@I?@IO Q<MD<=G@N
>JIOMJGGDIB AJM OC@ @AA@>ON JA
OC@ORJ>JIOMJGG@?Q<MD<=G@N
2CDN @S<HKG@ DGGPNOM<O@N CJR OJ JMB<IDU@ <GG OC@ M@N@<M>C LP@NODJIN DIOJ ?@N>MDKODQ@ <I?
DIA@M@IOD<GLP@NODJIN'I<IJOC@M@S<HKG@
<M@N@<M>C@MH<TR<IOOJ>JHK<M@BMJPKN
<I?OC@
G<IBP<B@ H<T >C<IB@ OJ M@AG@>OOCDN >JHK<MDNJIDIOC@ DIA@M@IOD<G LP@NODJIN 'I JOC@M NOP?D@N
H<ITHJM@DI?@K@I?@IO<I??@K@I?@IOQ<MD<=G@NH<T=@KM@N@IODIOC@HJ?@G=@DIBO@NO@?
<I? < GJIB@M GDNO JA ?@N>MDKODQ@ <I? DIA@M@IOD<G LP@NODJIN RJPG? M@NPGO ' M@>JHH@I? OCDN
?@N>MDKODQ@DIA@M@IOD<GHJ?@G
2CDN @S<HKG@ <GNJDGGPNOM<O@N OC@PN@ JA Q<MD<=G@N OJ?@N>MD=@<N R@GG <NM@G<O@ 'O NK@>DAD@N OC@
DI?@K@I?@IOQ<MD<=G@NDIOC@ADMNOKJNDODJI DIOC@LP@NODJIN
OC@?@K@I?@IODIOC@N@>JI?
<I?
OC@ >JIOMJG Q<MD<=G@N DI OC@ OCDM? 'O @HKGJTN ?@HJBM<KCD>N <N >JIOMJGN M<OC@M OC@IOM<G
Q<MD<=G@N DI OC@ LP@NODJIN
<I? < M@<?@M I@@?N OJ <NNPH@ OC<O OC@ LP@NODJIN AGJR AMJH <
OC@JM@OD><GHJ?@G
!, !(#'&'&%)'(#"'"-$#(''
'I?DN>PNNDJIN<=JPOH@OCJ?N
M@N@<M>C@MNOTKD><GGT?JIJON@@NK@>DAD>LP@NODJINJMCTKJOC@N@N
@NK@>D<GGTO<DGJM@?OJHDS@?H@OCJ?NM@N@<M>C&JR@Q@M
?DN>PNNDJIC<N=@BPI>JI>@MIDIBOC@
PN@JAHDS@?H@OCJ?NLP@NODJINDINOP?D@N<I?<GNJCJROJ?@NDBIOC@HN@@!M@NR@GG.G<IJ
!G<MF
2<NC<FFJMD !M@NR@GG
NOMJIB HDS@? H@OCJ?N NOP?T NCJPG? NO<MO RDOC <
HDS@? H@OCJ?N M@N@<M>C LP@NODJI
OJ NC<K@ OC@ H@OCJ?N <I? OC@ JQ@M<GG ?@NDBI JA < NOP?T
@><PN@ < HDS@? H@OCJ?N NOP?T M@GD@N JI I@DOC@M LP<IODO<ODQ@ JM LP<GDO<ODQ@ M@N@<M>C <GJI@
NJH@ >JH=DI<ODJI JA OC@ ORJ KMJQD?@N OC@ =@NO DIAJMH<ODJI AJM OC@ M@N@<M>C LP@NODJIN <I?
CTKJOC@N@N2J=@>JIND?@M@?<M@RC<OOTK@NJALP@NODJINNCJPG?=@KM@N@IO@?<I?RC@I<I?
RC<ODIAJMH<ODJIDNHJNOI@@?@?OJ>JIQ@TOC@I<OPM@JAOC@NOP?T
^ JOCLP<GDO<ODQ@<I?LP<IODO<ODQ@M@N@<M>CLP@NODJINJMCTKJOC@N@NI@@?OJ=@<?Q@?DI
<HDS@?H@OCJ?NNOP?TDIJM?@MOJI<MMJR<I?AJ>PNOC@KPMKJN@NO<O@H@IO2C@N@LP@NODJIN
JMCTKJOC@N@N><I=@<?Q@?<OOC@=@BDIIDIBJMRC@IOC@T@H@MB@?PMDIB<G<O@MKC<N@JA
OC@M@N@<M>C$JM@S<HKG@
DAOC@NOP?T=@BDINRDOC<LP<IODO<ODQ@KC<N@
OC@DIQ@NODB<OJMHDBCO
DIOMJ?P>@ CTKJOC@N@N *<O@M DI OC@ NOP?T
RC@I OC@ LP<GDO<ODQ@ KC<N@ DN <??M@NN@?
OC@
LP<GDO<ODQ@M@N@<M>CLP@NODJIN<KK@<M
^ 5C@I RMDODIB OC@N@ LP@NODJIN JM CTKJOC@N@N

AJGGJR OC@ BPD?@GDI@N DI OCDN >C<KO@M AJM
N>MDKODIBBJJ?LP@NODJINJMCTKJOC@N@N
^1JH@<OO@IODJINCJPG?=@BDQ@IOJOC@JM?@MJAOC@M@N@<M>CLP@NODJIN<I?CTKJOC@N@N'I<
ORJKC<N@ KMJE@>O
OC@ ADMNOKC<N@ LP@NODJIN RJPG? >JH@ ADMNO
AJGGJR@? =T OC@ N@>JI?KC<N@
LP@NODJINNJOC<OM@<?@MNN@@OC@HDIOC@JM?@MDIRCD>COC@TRDGG=@<??M@NN@?DIOC@KMJKJN@?
NOP?T 'I < NDIBG@KC<N@ NOM<O@BT JA DILPDMT
OC@ LP@NODJIN HDBCO =@ JM?@M@? <>>JM?DIB OJ OC@
H@OCJ?OC<ODNBDQ@IOC@HJNOR@DBCODIOC@?@NDBI
^ 'I>GP?@ < ;7F32 ;3B6=2A @3A3/@16 ?C3AB7=< OC<O ?DM@>OGT <??M@NN@N OC@ HDSDIB JA OC@
LP<IODO<ODQ@<I?LP<GDO<ODQ@NOM<I?NJAOC@M@N@<M>C2CDNDNOC@LP@NODJIOC<ORDGG=@<INR@M@?
DI OC@ NOP?T =<N@? JI OC@ HDSDIB N@@ !M@NR@GG .G<IJ !G<MF
2CDN DN < I@R AJMH JA
LP@NODJIDIM@N@<M>CH@OCJ?N
<I?2<NC<FFJMD<I?!M@NR@GG
K><GGDO<\CT=MD?]JM
\DIO@BM<O@?] LP@NODJI 2CDN LP@NODJI >JPG? @DOC@M =@ RMDOO@I <O OC@ =@BDIIDIB JM RC@I DO
@H@MB@NAJMDINO@
DI<ORJKC<N@NOP?TDIRCD>CJI@KC<N@=PDG?NJIOC@JOC@M
OC@HDS@?
H@OCJ?NLP@NODJINHDBCO=@KG<>@?DI<?DN>PNNDJI=@OR@@IOC@ORJKC<N@N2CDN><I<NNPH@
JI@JAORJAJMHN2C@ADMNODNOJRMDO@DODI<R<TOC<O>JIQ@TNOC@ 7/>29.= JM :<9-/.?</= DI<
NOP?T@B
"J@NOC@LP<GDO<ODQ@?<O<C@GK@SKG<DIOC@M@NPGONAMJHOC@DIDOD<GLP<IODO<ODQ@KC<N@
JA OC@ NOP?T 1@@ !M@NR@GG .G<IJ !G<MF
2C@ N@>JI?AJMH DNOJRMDO@ DO DI < R<T OC<O
>JIQ@TN OC@ -98>/8> JAOC@ NOP?T @B
"J@N OC@ OC@H@JA NJ>D<G NPKKJMO C@GKOJ @SKG<DI RCT
NJH@NOP?@ION=@>JH@=PGGD@NDIN>CJJGNN@@2<NC<FFJMD!M@NR@GG

^ !JIND?@M N@Q@M<G ?DAA@M@IO R<TN OC<O <GG OTK@N JA M@N@<M>C LP@NODJIN D@
LP<IODO<ODQ@
LP<GDO<ODQ@
<I?HDS@?><I=@RMDOO@IDIOJ<HDS@?H@OCJ?NNOP?T
^5MDO@N@K<M<O@LP<IODO<ODQ@LP@NODJINJMCTKJOC@N@N<I?LP<GDO<ODQ@LP@NODJIN2C@N@>JPG?
=@RMDOO@I<OOC@=@BDIIDIBJA<NOP?TJMRC@IOC@T<KK@<MDIOC@KMJE@>ODAOC@ NOP?TPIAJG?NDI
NO<B@NJMKC<N@N5DOCOCDN<KKMJ<>C
OC@@HKC<NDNDNKG<>@?JIOC@ORJ<KKMJ<>C@N<I?IJOJI
OC@HDS@?H@OCJ?NJMDIO@BM<ODQ@>JHKJI@IOJAOC@NOP?T
^ 5MDO@ N@K<M<O@ LP<IODO<ODQ@ LP@NODJIN JM CTKJOC@N@N <I? LP<GDO<ODQ@ LP@NODJIN <I? AJGGJR
OC@H RDOC < HDS@? H@OCJ?N LP@NODJI 2CDN CDBCGDBCON OC@ DHKJMO@ JA =JOC OC@ LP<GDO<ODQ@
<I?LP<IODO<ODQ@KC<N@NJAOC@NOP?T<NR@GG<NOC@DM>JH=DI@?NOM@IBOC
<I?OCPNDNKMJ=<=GT
OC@D?@<G<KKMJ<>C
^5MDO@JIGT<HDS@?H@OCJ?NLP@NODJIOC<OM@AG@>ONOC@ :<9-/.?</= JMOC@ -98>/8> JMRMDO@OC@

HDS@? H@OCJ?N LP@NODJI DI =JOC < KMJ>@?PM<G <I? < >JIO@IO <KKMJ<>C
<I? ?J IJO DI>GP?@
N@K<M<O@ LP<IODO<ODQ@ <I? LP<GDO<ODQ@ LP@NODJIN 2CDN <KKMJ<>C RJPG? @IC@ OC@ QD@RKJDIO
OC<OOC@NOP?TDIO@I?NOJG@<?OJNJH@DIO@BM<ODJIJM>JII@>ODJI=@OR@@IOC@LP<IODO<ODQ@<I?
LP<GDO<ODQ@KC<N@NJAOC@NOP?TD@
OC@NPHJA=JOCK<MONDNBM@<O@MOC<I@<>CK<MO
F/;>:3C:9>2/=/=+8.%/=/+<-2$?/=>398=38+ 3B/. />29.=&>?.C

&JPOU KMJQD?@N CCTKJOC@N@N <I? LP@NODJIN NO<O@? DI N@>ODJIN DIOMJ?P>DIB @<>CKC<N@ 1C@
?D? IJO PN@ < N@K<M<O@
?DNODI>O HDS@? H@OCJ?NM@N@<M>C LP@NODJI &@M NOP?T DIQ@NODB<O@? OC@
?DAA@M@I>@N =@OR@@I HD??G@N>CJJG IJIOM<?DODJI<G <I? EPIDJM CDBC OM<?DODJI<G DINOMP>ODJI<G
NOM<O@BD@NAJMN@Q@IOCBM<?@<I?@DBCOCBM<?@NOP?@ION<I?OC@DM<OODOP?@NOJR<M?N>D@I>@<I?
OC@DM N>D@I>@ <>CD@Q@H@IO &@M NOP?T R<N >JI?P>O@? <O < KJDIO RC@I H<IT N>CJJGN R@M@
HJQDIB<R<TAMJHOC@ORJT@<MEPIDJMCDBC>JI>@KOOJOC@OCM@@T@<MHD??G@N>CJJGDI>GP?DIB
NDSOCBM<?@<KKMJ<>COJ@?P><ODJI'IOCDNORJKC<N@NOP?T
OC@ADMNOKC<N@DIQJGQ@?<NN@NNDIB
KM@O@NO <I? KJNOO@NO <OODOP?@N <I? <>CD@Q@H@IO PNDIB N><G@N <I? @S<HDI<ODJI N>JM@N &JPOU
OC@I AJGGJR@? OC@ LP<IODO<ODQ@ M@NPGON RDOC LP<GDO<ODQ@ DIO@MQD@RN RDOC N>D@I>@ O@<>C@MN
OC@
N>CJJG KMDI>DK<G
<I? >JINPGO<ION 2CDN N@>JI? KC<N@ C@GK@? OJ @SKG<DI ?DAA@M@I>@N <I?
NDHDG<MDOD@NDIOC@ORJDINOMP>ODJI<G<KKMJ<>C@NJ=O<DI@?DIOC@ADMNOKC<N@
5DOC<ADMNOKC<N@LP<IODO<ODQ@NOP?T
&JPOU
KH@IODJI@?OC@CTKJOC@N@NBPD?DIB
C@MM@N@<M>C
'O R<N CTKJOC@NDU@? OC<O OC@M@ RJPG? =@ IJ NDBIDAD><IO ?DAA@M@I>@ =@OR@@I NOP?@ION DI OC@
HD??G@N>CJJG<I?OCJN@DI OC@EPIDJMCDBCDI<OODOP?@OJR<M?N>D@I>@<N<N>CJJGNP=E@>O'OR<N
<GNJCTKJOC@NDU@?OC<OOC@M@RJPG?=@IJNDBIDAD><IO?DAA@M@I>@=@OR@@INOP?@IONDIOC@HD??G@
N>CJJG<I?OCJN@DIOC@EPIDJMCDBCDI<>CD@Q@H@IODIN>D@I>@
2C@N@CTKJOC@N@N<KK@<M@? <OOC@=@BDIIDIBJAOC@NOP?T<N<IDIOMJ?P>ODJIOJOC@LP<IODO<ODQ@
KC<N@.MDJMOJOC@LP<GDO<ODQ@KC<N@
&JPOUM<DN@?LP@NODJINOJ@SKGJM@OC@LP<IODO<ODQ@M@NPGON
DIHJM@?@KOC$J>PNDIBDIJIOC@<>CD@Q@H@IOO@NOM@NPGON
NC@DIO@MQD@R@?N>D@I>@O@<>C@MN
OC@KMDI>DK<G
<I?OC@PIDQ@MNDOT>JINPGO<ION<I?<NF@?OCM@@LP@NODJIN
5C<O ?DAA@M@I>@N >PMM@IOGT @SDNO =@OR@@I OC@ HD??G@ N>CJJG DINOMP>ODJI<G NOM<O@BT <I? OC@
EPIDJM CDBC DINOMP>ODJI<G NOM<O@BT <O OCDN N>CJJG DI OM<INDODJI &JR C<N OCDN OM<INDODJI K@MDJ?
DHK<>O@?N>D@I>@<OODOP?@<I?<>CD@Q@H@IOJATJPMNOP?@ION&JR?JO@<>C@MNA@@G<=JPOOCDN
>C<IB@KMJ>@NN
&JPOU

K
#S<HDIDIB OCDN HDS@? H@OCJ?N NOP?T NCJRN OC<O OC@ <POCJM DI>GP?@? =JOC LP<IODO<ODQ@ <I?
LP<GDO<ODQ@ LP@NODJIN
NK@>DAD@? OC@H <O OC@ =@BDIIDIB JA @<>C KC<N@ JA C@M NOP?T
<I? PN@?
BJJ? @G@H@ION AJM RMDODIB =JOC LP<IODO<ODQ@ CTKJOC@N@N <I? LP<GDO<ODQ@ M@N@<M>C LP@NODJIN
&<? &JPOU ?@Q@GJK@? < HDS@? H@OCJ?N LP@NODJI
DO HDBCO C<Q@ =@@I NO<O@? AMJH <
:<9-/.?<+6 K@MNK@>ODQ@
&JR?JOC@DIO@MQD@RNRDOCO@<>C@MN
OC@KMDI>DK<G
<I?PIDQ@MNDOT>JINPGO<IONC@GKOJ@SKG<DI
<ITLP<IODO<ODQ@?DAA@M@I>@NDI<>CD@Q@H@IOAJMHD??G@N>CJJG<I?EPIDJMCDBCNOP?@ION
GO@MI<ODQ@GT
OC@HDS@?H@OCJ?NLP@NODJIHDBCOC<Q@=@@IRMDOO@IAMJH< -98>/8> JMD@IO<ODJI
NP>C<N
&JR ?J OC@ OC@H@N H@IODJI@? =T OC@ O@<>C@MN C@GK OJ @SKG<DI RCT HD??G@N>CJJG >CDG?M@I
N>JM@GJR@MOC<IOC@EPIDJMCDBCNOP?@ION
F/;>:3 3B/. />29.=$?/=>398*<3>>/838'/<7=90 3B381#<9-/.?</=

2JRC<O@SO@IO<I?DIRC<OR<TN?JLP<GDO<ODQ@DIO@MQD@RNRDOCNOP?@ION<I?A<>PGOTH@H=@MN
N@MQ@ OJ >JIOMD=PO@ OJ < HJM@ >JHKM@C@INDQ@ <I? IP@? PI?@MNO<I?DIB JA OCDN KM@?D>ODIB
M@G<ODJINCDK =@OR@@I !##.2 N>JM@N <I? NOP?@IO <><?@HD> K@MAJMH@
QD< DIO@BM<ODQ@ HDS@?
H@OCJ?N<I<GTNDN
*@@%M@@I@

2CDN DN < BJJ? @S<HKG@ JA < HDS@? H@OCJ?N LP@NODJI AJ>PN@? JI OC@ DIO@IO JA HDSDIB
OJ
DIO@BM<O@ OC@ LP<GDO<ODQ@ DIO@MQD@RN <I? OC@ LP<IODO<ODQ@ ?<O<
OC@ M@G<ODJINCDK JA N>JM@N <I?
NOP?@IO K@MAJMH@ 2CDN LP@NODJI @HKC<NDU@? RC<O OC@ DIO@BM<ODJI R<N <OO@HKODIB OJ
<>>JHKGDNCY<>JHKM@C@INDQ@<I?IP@?PI?@MNO<I?DIBY<I?<OOC@@I?JAOC@<MOD>G@
OC@
<POCJMNKM@N@IO@?@QD?@I>@<INR@MDIBOCDNLP@NODJI

0@N@<M>C LP@NODJIN <I? CTKJOC@N@N I<MMJR OC@ KPMKJN@ NO<O@H@IO <I? =@>JH@ H<EJM
NDBIKJNON AJM M@<?@MN /P<GDO<ODQ@ M@N@<M>C@MN <NF <O G@<NO JI@ >@IOM<G LP@NODJI <I? N@Q@M<G
NP=LP@NODJIN2C@T=@BDIOC@LP@NODJINRDOCRJM?NNP>C<N 29A JM A2+> <I?PN@@SKGJM<OJMT
Q@M=N
NP>C<N /B:69</ JM ./=-<3,/2C@TKJN@ =MJ<?
B@I@M<GLP@NODJINOJ<GGJROC@K<MOD>DK<ION
OJ @SKG<DI OC@DM D?@<N 2C@T <GNJ AJ>PN DIDOD<GGT JI JI@ >@IOM<G KC@IJH@IJI JA DIO@M@NO 2C@
LP@NODJINH<T<GNJH@IODJIOC@K<MOD>DK<ION<I?OC@NDO@AJMOC@M@N@<M>C
/P<IODO<ODQ@ M@N@<M>C@MN RMDO@ @DOC@M M@N@<M>C LP@NODJIN JM CTKJOC@N@N JOC AJMHN DI>GP?@
Q<MD<=G@N OC<O <M@ ?@N>MD=@?
M@G<O@?
><O@BJMDU@? DIOJ BMJPKN AJM >JHK<MDNJI
<I? OC@
DI?@K@I?@IO<I??@K@I?@IOQ<MD<=G@N<M@H@<NPM@?N@K<M<O@GT'IH<ITLP<IODO<ODQ@KMJKJN<GN
RMDO@MN PN@ M@N@<M>C LP@NODJIN CJR@Q@M

< HJM@ AJMH<G NO<O@H@IO JA M@N@<M>C @HKGJTN
CTKJOC@N@N2C@N@CTKJOC@N@N<M@KM@?D>ODJIN<=JPOOC@JPO>JH@NJAOC@M@NPGON
<I?OC@TH<T
=@RMDOO@I<N<GO@MI<ODQ@CTKJOC@N@NNK@>DATDIBOC@@S<>OM@NPGONOJ=@@SK@>O@?HJM@JMG@NN
CDBC@MJMGJR@MJANJH@OCDIB2C@T<GNJH<T=@NO<O@?DIOC@IPGGAJMH
DI?D><ODIBIJ@SK@>O@?
?DAA@M@I>@JMIJM@G<ODJINCDK=@OR@@IBMJPKNJI<?@K@I?@IOQ<MD<=G@2TKD><GGT
OC@M@N@<M>C@M
RMDO@NOC@DI?@K@I?@IOQ<MD<=G@NADMNO
AJGGJR@?=TOC@?@K@I?@IO Q<MD<=G@N-I@HJ?@GAJM
JM?@MDIBOC@LP@NODJINDI<LP<IODO<ODQ@KMJKJN<GDNOJ=@BDIRDOC?@N>MDKODQ@LP@NODJINAJGGJR@?
=TOC@DIA@M@IOD<GLP@NODJINOC<OM@G<O@Q<MD<=G@NJM>JHK<M@BMJPKN
' @I>JPM<B@ HDS@? H@OCJ?N M@N@<M>C@MN OJ >JINOMP>O N@K<M<O@ HDS@? H@OCJ?N LP@NODJIN DI
OC@DMNOP?D@N2CDNLP@NODJIHDBCO=@RMDOO@IOJ@HKC<NDU@OC@KMJ>@?PM@NJMOC@>JIO@IOJAOC@
NOP?T
<I? DO HDBCO =@ KG<>@? <O ?DAA@M@IO KJDION T RMDODIB OCDN LP@NODJI
OC@ M@N@<M>C@M
>JIQ@TNOC@DHKJMO@JADIO@BM<ODIBJM>JH=DIDIBOC@LP<IODO<ODQ@<I?LP<GDO<ODQ@@G@H@ION
1@Q@M<GHJ?@GN@SDNOAJMRMDODIBHDS@?H@OCJ?NLP@NODJINDIOJNOP?D@NRMDODIBJIGTLP<IODO<ODQ@
LP@NODJIN JM CTKJOC@N@N <I? LP<GDO<ODQ@ LP@NODJIN
JM RMDODIB =JOC LP<IODO<ODQ@ LP@NODJIN JM
CTKJOC@N@N<I? LP<GDO<ODQ@LP@NODJINAJGGJR@?=T<HDS@?H@OCJ?NLP@NODJI
JMRMDODIBJIGT<
HDS@?H@OCJ?NLP@NODJI
0)2),'6%0#)1%1
$JM < LP<GDO<ODQ@ NOP?T
RMDO@ JI@ JM ORJ >@IOM<G LP@NODJIN AJGGJR@? =T ADQ@ OJ N@Q@I
NP=LP@NODJIN
$JM < LP<IODO<ODQ@ NOP?T

RMDO@ ORJ N@ON JA LP@NODJIN 2C@ ADMNO N@O NCJPG? =@ ?@N>MDKODQ@
LP@NODJIN<=JPOOC@DI?@K@I?@IO<I??@K@I?@IOQ<MD<=G@NDIOC@NOP?T2C@N@>JI?N@ONCJPG?
KJN@ LP@NODJIN OC<O M@G<O@ JM >JHK<M@ OC@ DI?@K@I?@IO Q<MD<=G@N RDOC OC@ ?@K@I?@IO
Q<MD<=G@N 2CDN AJGGJRN OC@ HJ?@G KM@N@IO@? DI OCDN >C<KO@M AJM >JH=DIDIB ?@N>MDKODQ@ <I?
DIA@M@IOD<GLP@NODJIN
5MDO@ < HDS@? H@OCJ?N M@N@<M>C LP@NODJI 5MDO@ DO ADMNO <N < LP@NODJI DI>JMKJM<ODIB OC@
KMJ>@?PM@N JA TJPM HDS@? H@OCJ?N NOP?T <I? OC@I M@RMDO@ DO OJ DI>JMKJM<O@ OC@ >JIO@IO
!JHH@IOJIRCD>C<KKMJ<>CRJMFN=@NOAJMTJP

!M@NR@GG
(5+DS@?H@OCJ?M@N@<M>C'IOMJ?P>ODJI<I?<KKGD><ODJI'I%(
!DU@F#?
+8.,99590/.?-+>398+6:963-C KK1<I"D@BJ><?@HD>.M@NN
'I OCDN >C<KO@M

' ?DN>PNN OC@ IDI@ NO@KN DI >JI?P>ODIB < HDS@? H@OCJ?N NOP?T 2C@N@ <M@ <N
AJGGJRN
"@O@MHDI@DA<HDS@?H@OCJ?NNOP?TDNI@@?@?OJNOP?TOC@KMJ=G@H
!JIND?@MRC@OC@M<HDS@?H@OCJ?NNOP?TDNA@<ND=G@
5MDO@=JOCLP<GDO<ODQ@<I?LP<IODO<ODQ@M@N@<M>CLP@NODJIN
0@QD@R<I??@>D?@JIOC@OTK@NJA?<O<>JGG@>ODJI
NN@NNOC@M@G<ODQ@R@DBCO<I?DHKG@H@IO<ODJINOM<O@BTAJM@<>CH@OCJ?
.M@N@IO<QDNP<GHJ?@G
"@O@MHDI@CJROC@?<O<RDGG=@<I<GTU@?
NN@NNOC@>MDO@MD<AJM@Q<GP<ODIBOC@NOP?T<I?
"@Q@GJK<KG<IAJMOC@NOP?T
'I RMDODIB OC@ M@N@<M>C LP@NODJIN

' M@>JHH@I? ?@Q@GJKDIB =JOC LP<GDO<ODQ@ <I? LP<IODO<ODQ@
OTK@N<I?NO<ODIBRDOCDIOC@HOC@OTK@JALP<GDO<ODQ@NOM<O@BTJADILPDMT=@DIBPN@?
2<NC<FFJMD

!M@NR@GG
( 5 #SKGJMDIB OC@ I<OPM@ JA M@N@<M>C LP@NODJIN DI HDS@?
H@OCJ?NM@N@<M>C#?DOJMD<G 9?<8+690 3B/. />29.=%/=/+<-2

2CDN@?DOJMD<G<??M@NN@NOC@PN@<I?I<OPM@JAM@N@<M>CLP@NODJINDIHDS@?H@OCJ?NM@N@<M>C'O
CDBCGDBCON OC@ DHKJMO@ JA M@N@<M>C LP@NODJIN DI OC@ KMJ>@NN JA M@N@<M>C <I? ?DN>PNN@N OC@
I@@?AJM<=@OO@MPI?@MNO<I?DIBJAOC@PN@JAHDS@?H@OCJ?NLP@NODJIN'O<NFN
\&JR?J@NJI@
AM<H@<M@N@<M>CLP@NODJIDI<HDS@?H@OCJ?NNOP?T]K2CM@@HJ?@GN<M@KM@N@IO@?
RMDODIBN@K<M<O@LP<IODO<ODQ@<I?LP<GDO<ODQ@LP@NODJIN
RMDODIB<IJQ@M<M>CDIBHDS@?H@OCJ?N
LP@NODJI
JMRMDODIBM@N@<M>CLP@NODJINAJM@<>CKC<N@JA<NOP?T<NOC@M@N@<M>C@QJGQ@N
+JMN@
(+"@NDBIDIBAPI?@?LP<GDO<ODQ@M@N@<M>C'I,)"@IUDI71
*DI>JGI#?N
+8.,99590;?+63>+>3@/</=/+<-2 KK2CJPN<I?-<FN
!1<B@
(<ID>@+JMN@
<IPMNDIBM@N@<M>C@M
D?@IODAD@N<I??@N>MD=@NOC@H<EJM?@NDBIDNNP@NDIQJGQ@?DI
KG<IIDIB<LP<GDO<ODQ@KMJE@>O1C@>JHK<M@NN@Q@M<GNOM<O@BD@NJADILPDMT<I?H<KNOC@OTK@JA
M@N@<M>CLP@NODJINPN@?DI@<>CNOM<O@BT$JMKC@IJH@IJGJBT<I?@OCIJBM<KCT
OC@M@N@<M>C
><GGN AJM H@<IDIB <I? ?@N>MDKODQ@ LP@NODJIN $JM BMJPI?@? OC@JMT
OC@ LP@NODJIN I@@? OJ
<??M@NNKMJ>@NN
RC@M@<NDI@OCIJH@OCJ?JGJBT<I??DN>JPMN@<I<GTNDN
OC@LP@NODJINM@G<O@OJ
Q@M=<G DIO@M<>ODJI <I? ?D<GJBP@ 1C@ DI?D><O@N OC<O OC@ RJM?DIB JA OC@ M@N@<M>C LP@NODJI
?@O@MHDI@NOC@AJ>PN<I?N>JK@JAOC@NOP?T
2P>FH381 /.?-+>398+6 </=/+<-2 OC @? $JMO 5JMOC
26 &<M>JPMO
M<>@
MP>@2P>FH<IKMJQD?@N<I@IODM@>C<KO@MJI>JINOMP>ODIBCTKJOC@N@N&@D?@IODAD@NOC@JMDBDI
JA CTKJOC@N@N DI ?@?P>ODQ@ OC@JM@OD><G KJNDODJIN <I? DI DI?P>ODQ@ J=N@MQ<ODJIN &@ APMOC@M
?@ADI@N<I?DGGPNOM<O@N=JOC<GO@MI<ODQ@<I?IPGGCTKJOC@N@N<I?O<F@NOC@M@<?@MOCMJPBCOC@
CTKJOC@NDNO@NODIBKMJ>@?PM@
$(&(
%C/<B7B/B7D3!3B6=2A
JMH<ITKMJKJN<GRMDO@MN
OC@H@OCJ?N@>ODJIDNOC@HJNO>JI>M@O@
NK@>DAD>K<MOJA<KMJKJN<G
2CDN>C<KO@MKM@N@ION@NN@IOD<GNO@KNDI?@NDBIDIBLP<IODO<ODQ@H@OCJ?NAJM<M@N@<M>CKMJKJN<G
JM NOP?T
RDOC NK@>DAD> AJ>PN JI NPMQ@T <I? @SK@MDH@IO<G ?@NDBIN 2C@N@ ?@NDBIN M@AG@>O
KJNOKJNDODQDNOKCDGJNJKCD><G<NNPHKODJIN
<N?DN>PNN@?DI!C<KO@M$JM@S<HKG@
?@O@MHDIDNH
NPBB@NONOC<O@S<HDIDIBOC@M@G<ODJINCDKN=@OR@@I<I?<HJIBQ<MD<=G@NDN>@IOM<GOJ<INR@MDIB
LP@NODJIN<I?CTKJOC@N@NOCMJPBCNPMQ@TN<I?@SK@MDH@ION2C@M@?P>ODJIOJ<K<MNDHJIDJPN
N@O JA Q<MD<=G@N
ODBCOGT>JIOMJGG@?OCMJPBC ?@NDBI JM NO<ODNOD><G <I<GTNDN
KMJQD?@NH@<NPM@N JM
J=N@MQ<ODJIN AJM O@NODIB < OC@JMT -=E@>ODQ@ ?<O< M@NPGO AMJH @HKDMD><G J=N@MQ<ODJIN <I?
H@<NPM@N4<GD?DOT<I?M@GD<=DGDOTJAN>JM@NJIDINOMPH@IONG@<?OJH@<IDIBAPGDIO@MKM@O<ODJINJA
?<O<
'I M@G<ODIB OC@N@ <NNPHKODJIN <I? OC@ KMJ>@?PM@N OC<O DHKG@H@IO OC@H
OCDN ?DN>PNNDJI ?J@N
IJO @SC<PNODQ@GT OM@<O LP<IODO<ODQ@ M@N@<M>C H@OCJ?N #S>@GG@IO
?@O<DG@? O@SON KMJQD?@
DIAJMH<ODJI<=JPONPMQ@TM@N@<M>C@B
N@@ <==D@

$DIF
1<G<IO"DGGH@?PM@N

NJH@ OM<?DODJI<G =JJFN @B
!<HK=@GG 1O<IG@T

!JJF !<HK=@GG

<N R@GG<N NJH@ I@R@M O@SON
@SO@I? OC@ D?@<NKM@N@IO@?C@M@ @B
<PN@GG
JMP>C
$D@G?&JG@
)@KK@G
*DKN@T
0@D>C<M?O+<MF
'I OCDN >C<KO@M

OC@ AJ>PN DN JI OC@ @NN@IOD<G >JHKJI@ION JA < H@OCJ? N@>ODJI DI
KMJKJN<GNAJM<NPMQ@T<I?<I@SK@MDH@IO
""')&*-'",$&!"('
AC@D3G23A75< KMJQD?@N<LP<IODO<ODQ@JMIPH@MD>?@N>MDKODJI JAOM@I?N
<OODOP?@N
JMJKDIDJIN
JA<KJKPG<ODJI=TNOP?TDIB<N<HKG@JAOC<OKJKPG<ODJI$MJHN<HKG@M@NPGON
OC@M@N@<M>C@M
B@I@M<GDU@N JM H<F@N >G<DHN <=JPO OC@ KJKPG<ODJI 'I DIQ@NODB<OJMN H<T <GNJ
D?@IODAT<N<HKG@<I?B@I@M<GDU@OJ< KJKPG<ODJICJR@Q@M
OC@=<ND>DIO@IOJA3@7;3<B/:
23A75< DNOJO@NOOC@DHK<>OJA<OM@<OH@IOJM<IDIO@MQ@IODJIJI<IJPO>JH@
>JIOMJGGDIBAJM
<GG JOC@M A<>OJMN OC<O HDBCO DIAGP@I>@ OC<O JPO>JH@ N JI@ AJMH JA >JIOMJG
M@N@<M>C@MN
M<I?JHGT <NNDBI DI?DQD?P<GN OJ BMJPKN 5C@I JI@ BMJPK M@>@DQ@N < OM@<OH@IO <I? OC@ JOC@M
BMJPK?J@NIJO
OC@@SK@MDH@IO@M><IDNJG<O@RC@OC@MDODNOC@OM@<OH@IO<I?IJOJOC@MA<>OJMN
OC<ODIAGP@I>@OC@JPO>JH@
#!$#""('#')&*-!(#$ "
2C@?@NDBIJA<NPMQ@T H@OCJ?N@>ODJIAJGGJRN<NO<I?<M?AJMH<O,PH@MJPN@S<HKG@NJAOCDN
AJMH<O<KK@<MDIN>CJG<MGTEJPMI<GN
<I?OC@N@@S<HKG@NKMJQD?@PN@APGHJ?@GN2C@AJGGJRDIB
N@>ODJIN?@O<DGOTKD><G >JHKJI@ION 'IKM@K<MDIBOJ?@NDBI OC@N@ >JHKJI@ION DIOJ < KMJKJN<G
>JIND?@MOC@LP@NODJINJIOC@>C@>FGDNONCJRIDI2<=G@<N<B@I@M<GBPD?@
(63'C@D3G3A75<
'I<KMJKJN<GJMKGODJI><IDIOMJ?P>@M@<?@MNOJOC@
=<ND>KPMKJN@<I?M<ODJI<G@AJMNPMQ@TM@N@<M>C @BDIOC@?DN>PNNDJI=TM@QD@RDIBOC@KPMKJN@
JA<NPMQ@T<I?OC@M<ODJI<G@AJMDONN@G@>ODJIAJMOC@KMJKJN@?NOP?T2CDN?DN>PNNDJI>C 2CDN KPMKJN@ DN OJ B@I@M<GDU@ AMJH < N<HKG@ OJ <
KJKPG<ODJINJOC<ODIA@M@I>@N><I=@H<?@<=JPONJH@>C<M<>O@MDNOD>
<OODOP?@
JM=@C<QDJMJA
OCDN KJKPG<ODJI <==D@
.MJQD?@ < M@A@M@I>@ OJ OCDN KPMKJN@ AMJH JI@ JA OC@ NPMQ@T
H@OCJ?O@SONN@Q@M<G<M@D?@IODAD@?DIOCDN>C<KO@M
^'I?D><O@RCT<NPMQ@TDNOC@KM@A@MM@?OTK@JA?<O<>JGG@>ODJIKMJ>@?PM@AJMOC@NOP?T'IOCDN
M<ODJI<G@
>JIND?@M OC@ <?Q<IO<B@N JA NPMQ@T ?@NDBIN
NP>C <N OC@ @>JIJHT JA OC@ ?@NDBI <I?
OC@ M<KD? OPMI<MJPI? DI ?<O< >JGG@>ODJI "DN>PNN OC@ <?Q<IO<B@ JA D?@IODATDIB <OOMD=PO@N JA <
G<MB@KJKPG<ODJIAMJH<NH<GGBMJPKJADI?DQD?P<GN <==D@
$JRG@M

^ 'I?D><O@ RC@OC@M OC@ NPMQ@T RDGG =@ >MJNNN@>ODJI<G

RDOC OC@ ?<O< >JGG@>O@? <O JI@ KJDIO DI
ODH@
JMRC@OC@MDORDGG=@GJIBDOP?DI<G
RDOC?<O<>JGG@>O@?JQ@MODH@
^ 1K@>DAT OC@ AJMH JA ?<O< >JGG@>ODJI $DIF D?@IODAD@N AJPM OTK@N N@GA<?HDIDNO@M@?
LP@NODJII<DM@N DIO@MQD@RN NOMP>OPM@? M@>JM? M@QD@RN OJ >JGG@>O ADID<G
H@?D><G
JM N>CJJG
DIAJMH<ODJI<I?NOMP>OPM@?J=N@MQ<ODJIN2C@?<O<>JGG@>ODJIH<T<GNJDIQJGQ@>M@<ODIB<5@=
=<N@? JM 'IO@MI@O NPMQ@T <I? <?HDIDNO@MDIB DO JIGDI@ ,@N=<MT
1P@ 0DOO@M

0@B<M?G@NN JA OC@ AJMH JA ?<O< >JGG@>ODJI
KMJQD?@ < M<ODJI<G@ AJM OC@ KMJ>@?PM@
PNDIB
<MBPH@ION=<N@?JIDONNOM@IBOCN<I?R@<FI@NN@N
>JNON
?<O<<Q<DG<=DGDOT
<I?>JIQ@ID@I>@
(/0:3 !C@>FGDNOJA/P@NODJINAJM"@NDBIDIB<1PMQ@T+@OCJ?
(63$=>C:/B7=</<2'/;>:3
1K@>DATOC@>C<M<>O@MDNOD>NJAOC@KJKPG<ODJI<I?OC@N<HKGDIBKMJ>@?PM@+@OCJ?JGJBDNONC<Q@
RMDOO@I@S>@GG@IO?DN>PNNDJIN<=JPOOC@PI?@MGTDIBGJBD>JAN<HKGDIBOC@JMT@B
<==D@

&@M@<M@@NN@IOD<G<NK@>ONJAOC@KJKPG<ODJI<I?N<HKG@OJ?@N>MD=@DI<M@N@<M>CKG>@NN
<MDN@C@M@
<I?OC@M@N@<M>C@MHDBCOM@A@MOJ<Q<DG<=DGDOTJAN<HKGDIBAM<H@NYH<DGJMKP=GDNC@?
GDNONYJAKJO@IOD<GM@NKJI?@IONDIOC@KJKPG<ODJI
^'?@IODATRC@OC@MOC@N<HKGDIB?@NDBIAJMOCDNKJKPG<ODJIDNNDIBG@NO<B@JMHPGODNO<B@><GG@?
>GPNO@MDIB!GPNO@MN<HKGDIBDND?@<GRC@IDODNDHKJNND=G@JMDHKM<>OD><GOJ>JHKDG@<GDNOJAOC@
@G@H@ION>JHKJNDIBOC@KJKPG<ODJI <==D@
NDIBG@NO<B@N<HKGDIBKMJ>@?PM@DNJI@DI
RCD>C OC@ M@N@<M>C@M C<N <>>@NN OJ I<H@N DI OC@ KJKPG<ODJI <I? >OGT'I<HPGODNO<B@JM>GPNO@MDIBKMJ>@?PM@
OC@M@N@<M>C@MADMNOD?@IODAD@N
>GPNO@MNBMJPKNJMJMB<IDU<ODJIN
J=O<DINI<H@NJADI?DQD?P<GNRDOCDIOCJN@>GPNO@MN
<I?OC@I
N<HKG@NRDOCDIOC@H
^ '?@IODAT OC@ N@G@>ODJI KMJ>@NN AJM DI?DQD?P<GN ' M@>JHH@I? N@G@>ODIB < <+8.97 N<HKG@
DI
RCD>C@<>CDI?DQD?P<GDIOC@KJKPG<ODJIC<N<I@LP<GKMJ=<=DGDOTJA=@DIBN@G@>O@?<NTNO@H<OD>
JMKMJ=<=DGDNOD>N<HKG@*@NN ?@NDM<=G@DN<IJIKMJ=<=DGDOTN<HKG@JM>JIQ@ID@I>@N<HKG@
DI
RCD>CM@NKJI?@ION<M@>CJN@I=<N@?JIOC@DM>JIQ@ID@I>@<I?<Q<DG<=DGDOT <==D@
5DOC
M<I?JHDU<ODJI
<M@KM@N@IO<ODQ@N<HKG@AMJH<KJKPG<ODJIKMJQD?@NOC@<=DGDOTOJB@I@M<GDU@OJ
< KJKPG<ODJI
^ '?@IODAT RC@OC@M OC@ NOP?T RDGG DIQJGQ@ NOM<ODAD><ODJI JA OC@ KJKPG<ODJI =@AJM@ N@G@>ODIB OC@
N<HKG@ &><+>303-+>398 H@<INOC<ONK@>DAD>>C<M<>O@MDNOD>NJADI?DQD?P<GN@B
=JOCA@H<G@N<I?
H<G@N <M@ M@KM@N@IO@? DI OC@ N<HKG@ <I? OC@ N<HKG@ M@AG@>ON OC@ OMP@ KMJKJMODJI DI OC@
KJKPG<ODJIJADI?DQD?P<GNRDOC>@MO<DI>C<M<>O@MDNOD>N$JRG@M
5C@IM<I?JHGTN@G@>ODIB
K@JKG@AMJH<KJKPG<ODJI
OC@N@>C<M<>O@MDNOD>NH<TJMH<TIJO=@KM@N@IODIOC@N<HKG@DIOC@
N<H@KMJKJMODJIN<NDIOC@ KJKPG<ODJINOM<ODAD><ODJI@INPM@NOC@DMM@KM@N@IO<ODJIGNJD?@IODAT
OC@ >C<M<>O@MDNOD>N PN@? DI NOM<ODATDIB OC@ KJKPG<ODJI @B
B@I?@M
DI>JH@ G@Q@GN
@?P><ODJI
5DOCDI@<>CNOM<OPH
D?@IODATRC@OC@MOC@N<HKG@>JIO<DINDI?DQD?P<GNRDOCOC@>C<M<>O@MDNOD>DI
OC@N<H@KMJKJMODJI<NOC@>C<M<>O@MDNOD><KK@<MNDIOC@@IODM@KJKPG<ODJI <==D@
+DGG@M

^ "DN>PNN OC@ KMJ>@?PM@N AJM N@G@>ODIB OC@ N<HKG@ AMJH <Q<DG<=G@ GDNON 2C@ HJNO MDBJMJPN
H@OCJ?AJMN@G@>ODIBOC@N<HKG@DNOJ>CJJN@DI?DQD?P<GNPNDIB<M<I?JHIPH=@MNO<=G@
<O<=G@
<Q<DG<=G@DIH<ITDIOMJ?P>OJMTNO<ODNOD>NO@SON@B
%M<Q@OO@M5<GGI<O@ OC@ IPH=@M JA K@JKG@ DI OC@ N<HKG@ <I? OC@ KMJ>@?PM@N PN@? OJ >JHKPO@ OCDN
IPH=@M'INPMQ@TM@N@<M>C
'M@>JHH@I?OC<O JI@PN@<N<HKG@NDU@AJMHPG<<Q<DG<=G@DIH<IT
NPMQ@TO@SON@B
N@@ <==D@
$JRG@M

<AB@C;3<B/B7=<
NK<MOJAMDBJMJPN?<O<>JGG@>ODJI
OC@KMJKJN<G?@Q@GJK@M<GNJKMJQD?@N?@O<DG@?DIAJMH<ODJI
<=JPOOC@<>OP<GNPMQ@TDINOMPH@IOOJ=@PN@?DIOC@KMJKJN@?NOP?T!JIND?@MOC@AJGGJRDIB
^ ,<H@ OC@ NPMQ@T DINOMPH@IO PN@? OJ >JGG@>O ?<O< "DN>PNN RC@OC@M DO DN C
< HJ?DAD@? DINOMPH@IO
JM O DINOMPH@IO ?@Q@GJK@? =T
NJH@JI@ @GN@ 'A DO DN < HJ?DAD@? DINOMPH@IO
DI?D><O@ RC@OC@M OC@ ?@Q@GJK@M C<N KMJQD?@?
<KKMJKMD<O@ K@MHDNNDJI OJ PN@ DO 'I NJH@ NPMQ@T KMJE@>ON
OC@ M@N@<M>C@M <NN@H=G@N JHKJI@IONJAN@Q@M<GDINOMPH@IONB<DI
K@MHDNNDJIOJPN@<ITK<MOJAJOC@M
DINOMPH@IONI@@?NOJ=@J=O<DI@?'I<??DODJI
DINOMPH@ION<M@=@DIBDI>M@<NDIBGT?@NDBI@?AJM
JIGDI@ NPMQ@TN N@@ 1P@ 0DOO@M
I JIGDI@ NPMQ@T OJJG DN 1PMQ@T+JIF@T
1PMQ@T+JIF@T>JH
< >JHH@M>D<G KMJ?P>O <Q<DG<=G@ NDI>@ 3NDIB OCDN N@MQD>@
M@N@<M>C@MN >M@<O@ OC@DM JRI NPMQ@TN LPD>FGT PNDIB >PNOJH O@HKG<O@N <I? KJNO OC@H JI
5@=NDO@NJM@H<DGOC@HAJMK<MOD>DK<IONOJ>JHKG@O@1PMQ@T+JIF@TOC@I><IB@I@M<O@M@NPGON
<I?M@KJMOOC@H=<>FOJOC@M@N@<M>C@M<N?@N>MDKODQ@NO<ODNOD>NJM<NBM<KC@?DIAJMH<ODJI2C@
M@NPGON >
KMJBM<H DNAM@@AJM M@NKJIN@NK@M NPMQ@T <I?IJ HJM@OCPNOJH A@<OPM@N
1PMQ@T+JIF@T >C<MB@N <
HJIOCGTJM<IIP<GA@@
^ 2J PN@ MD=@ OC@ @NO<=GDNC@? Q<GD?DOT <I? M@GD<=DGDOT JA N>JM@N
J=O<DI@?AMJHK<NOPN@JAOC@DINOMPH@IO2CDNH@<INM@KJMODIB@AAJMON=T <POCJMNOJ@NO<=GDNC
D/:727BGERC@OC@M JI@ >@N AMJH N>JM@N JI OC@
DINOMPH@ION2C@OCM@@OM<?DODJI<GAJMHNJAQ<GD?DOTOJGJJFAJM<M@>JIO@IOQ<GD?DOT?JOC@DO@HN
H@<NPM@ OC@ >JIO@IO OC@T R@M@ DIO@I?@? OJ H@<NPM@
KM@?D>ODQ@ JM >JI>PMM@IO Q<GD?DOT ?J
N>JM@N KM@?D>O < >MDO@MDJI H@<NPM@ "J M@NPGON >JMM@G<O@ RDOC JOC@M M@NPGON
<I? >JINOMP>O
Q<GD?DOT ?J DO@HN H@<NPM@ CTKJOC@OD><G >JINOMP>ON JM >JI>@KON 'I HJM@ M@>@IO NOP?D@N
>JINOMP>OQ<GD?DOTC<N<GNJDI>GP?@?RC@OC@MOC@N>JM@NN@MQ@<PN@APGKPMKJN@<I?C<Q@KJNDODQ@
>JIN@LP@I>@N RC@I OC@T <M@ PN@? DI KM<>OD>@ &PH=G@T 8PH=J
#NO<=GDNCDIB OC@
Q<GD?DOTJAOC@N>JM@NDI<NPMQ@TC@GKNOJD?@IODATRC@OC@M<IDINOMPH@IOHDBCO=@<BJJ?JI@
OJPN@DINPMQ@TM@N@<M>C2CDNAJMHJAQ<GD?DOTDN?DAA@M@IOOC<ID?@IODATDIBOC@OCM@<ONOJQ<GD?DOT
DI@SK@MDH@IO<GM@N@<M>C
<N?DN>PNN@?G<O@MDIOCDN>C<KO@M
GNJ?DN>PNNRC@OC@MN>JM@NM@NPGODIBAMJHK<NOPN@JAOC@DINOMPH@IO?@HJINOM<O@ @3:7/07:7BG
*JJF AJM RC@OC@M <POCJMN M@KJMO H@<NPM@N JA DIO@MI<G >JINDNO@I>T <M@ OC@ DO@HN[ M@NKJIN@N
>JINDNO@IO <>MJNN >JINOMP>ON <I? O@NOM@O@NO >JMM@G<ODJIN <M@ N>JM@N NO<=G@ JQ@M ODH@ RC@I
OC@DINOMPH@IODN<?HDIDNO@M@?<N@>JI?ODH@GNJ?@O@MHDI@RC@OC@MOC@M@R<N>JINDNO@I>T
DI O@NO <?HDIDNOM<ODJI <I? N>JMDIB R@M@ @MMJMN ><PN@? =T ><M@G@NNI@NN DI <?HDIDNOM<ODJI JM
N>JMDIB JMB
%<GG
%<GG

^ 5C@I JI@ HJ?DAD@N JH=DI@N DINOMPH@ION DI < NOP?T
OC@ JMDBDI<G Q<GD?DOT
<I? M@GD<=DGDOT H<TIJOCJG? AJMOC@I@R DINOMPH@IO
<I? DO =@>JH@N DHKJMO<IOOJ M@@NO<=GDNC
Q<GD?DOT<I?M@GD<=DGDOT?PMDIB?<O<<I<GTNDN
^'I>GP?@N<HKG@DO@HNAMJHOC@DINOMPH@IONJOC<OM@<?@MN><IN@@OC@<>OP<GDO@HNPN@?'ICN<HKG@DO@HNJMOC@@IODM@DINOMPH@IO
^'I?D><O@OC@H<EJM>JIO@ION@>ODJINDIOC@DINOMPH@IO
NP>C<NOC@>JQ@MG@OO@M"DGGHGP?@ DI >JQ@M G@OO@MN
OC@ DO@HN @B
?@HJBM<KCD>N
<OODOP?DI<G DO@HN
=@C<QDJM<G DO@HN
A<>OP<G DO@HN
<I? OC@ >GJNDIB DINOMP>ODJIN GNJ H@IODJI
OC@OTK@JAN><G@NPN@?OJH@<NPM@OC@DO@HNJIOC@DINOMPH@IO
NP>C<N>JIODIPJPNN><G@N@B
=><9816C +1<// OJ =><9816C .3=+1<// <I? ><O@BJMD><G N><G@N @B

T@N IJ
M<IF AMJH CDBC@NO OJ
GJR@NODHKJMO@
^ "DN>PNN KG<IN AJM KDGJO O@NODIB JM AD@G? O@NODIB OC@ NPMQ@T <I? KMJQD?@ < M<ODJI<G@ AJM OC@N@
KG<IN 2CDN O@NODIB DN DHKJMO<IO OJ @NO<=GDNC OC@ >JIO@IO Q<GD?DOT JA <G@N 'I?D><O@ OC@ IPH=@M JA K@JKG@ RCJ RDGG O@NO OC@
DINOMPH@IO<I?OC@KG<INOJDI>JMKJM<O@OC@DM>JHH@IONDIOJADI<GDINOMPH@IOM@QDNDJIN
^$JM<H<DG@?NPMQ@T
D?@IODATNO@KNAJM<?HDIDNO@MDIBOC@NPMQ@T<I?AJMAJGGJRDIBPKOJ@INPM@
< CDBC M@NKJIN@ M<O@ 1<G<IO <I? "DGGH@NN
2C@ADMNOH<DGJPODN<NCJMO<?Q@IJOD>@G@OO@MOJ<GGH@H=@MNJAOC@N<HKG@
<I?OC@N@>JI?
H<DGJPODNOC@<>OP<GH<DGNPMQ@T
?DNOMD=PO@?<=JPOR@@F<AO@MOC@<?Q@IJOD>@G@OO@M2C@
OCDM?H<DGJPO>JINDNONJA<KJNO><M?AJGGJRPKN@IOOJ<GGH@H=@MNJAOC@N<HKG@OJ?<TN
<AO@M OC@ DIDOD<G LP@NODJII<DM@ 2C@ AJPMOC H<DGJPO
N@IO OJ <GG IJIM@NKJI?@ION
>JINDNON JA <
K@MNJI<GDU@?>JQ@MG@OO@MRDOC<C<I?RMDOO@INDBI<OPM@
OC@LP@NODJII<DM@
<I?<KM@<??M@NN@?
M@OPMI@IQ@GJK@RDOCKJNO<B@0@N@<M>C@MNN@I?OCDNAJPMOCH<DGJPOR@@FN<AO@MOC@N@>JI?
H<DGJPO 2CPN
DI OJO<G
OC@ M@N@<M>C@M >JI>GP?@N OC@ <?HDIDNOM<ODJI K@MDJ? R@@FN <AO@M DON
NO<MO
KMJQD?DIBOC@M@OPMINH@@OKMJE@>O J=E@>ODQ@N
*/@7/0:3A7<B63'BC2G
GOCJPBCM@<?@MNJA<KMJKJN<GG@<MI<=JPOOC@Q<MD<=G@NDIKPMKJN@NO<O@H@ION<I?M@N@<M>C
LP@NODJIN CTKJOC@N@NN@>ODJIN
DODNPN@APGDIOC@H@OCJ?N@>ODJIOJM@G<O@OC@Q<MD<=G@NOJOC@
NK@>DAD> LP@NODJIN JM CTKJOC@N@N JI OC@ DINOMPH@IO -I@ O@>CIDLP@ DN OJ M@G<O@ OC@ Q<MD<=G@N
OC@M@N@<M>CLP@NODJINJMCTKJOC@N@N
<I?DO@HNJIOC@NPMQ@TDINOMPH@IONJOC<O<M@<?@M>C@M RDGGPN@OC@ LP@NODJII<DM@ DO@HN .G<IOJ DI>GP?@ <O<=G@
<I? < ?DN>PNNDJIOC<O >MJNNM@A@M@I>@ OC@ Q<MD<=G@N
OC@LP@NODJIN JMCTKJOC@N@N
<I? NK@>DAD>
NPMQ@T DO@HN 2CDN KMJ>@?PM@ DN @NK@>D<GGT C@GKAPG DI ?DNN@MO<ODJIN DI RCD>C DIQ@NODB<OJMN O@NO
G<MB@N><G@HJ?@GN2<=G@DGGPNOM<O@NNP>C<O<=G@PNDIBCTKJOC@OD><G?<O<
(/0:3
4<MD<=G@N
0@N@<M>C/P@NODJIN
<I?'O@HNJI<1PMQ@T
/B/</:GA7A/<2<B3@>@3B/B7=<
'I OC@ KMJKJN<G

KM@N@IO DIAJMH<ODJI <=JPO OC@ NO@KN DIQJGQ@? DI <I<GTUDIB OC@ ?<O< '
M@>JHH@I?OC@AJGGJRDIB @3A3/@16B7>A
KM@N@IODIBOC@H<N <N@MD@NJANO@KNNJOC<O<M@<?@M
>JHKG@O@ ?DN>PNNDJI JA OC@ ?<O< <I<GTNDN
KMJ>@?PM@N
1O@K0@KJMODIAJMH<ODJI<=JPOOC@IPH=@MJAH@H=@MNJAOC@N<HKG@RCJ?D?<I??D?IJO
M@OPMI OC@ NPMQ@T O<=G@ RDOC IPH=@MN <I? K@M>@IO<B@N ?@N>MD=DIB M@NKJI?@ION <I?
IJIM@NKJI?@IONDN<PN@APGOJJGOJKM@N@IOOCDNDIAJMH<ODJI
1O@K "DN>PNN OC@ H@OCJ? =T RCD>C M@NKJIN@ =D<N RDGG =@ ?@O@MHDI@? &3A>=<A3 07/A DN OC@
@AA@>OJAIJIM@NKJIN@NJINPMQ@T@NODH<O@N$JRG@M
3+= H@<INOC<ODAIJIM@NKJI?@ION
C<?M@NKJI?@?
OC@DMM@NKJIN@NRJPG?C<Q@NP=NO<IOD<GGT>C<IB@?OC@JQ@M<GGM@NPGON+@IODJI
OC@ KMJ>@?PM@N PN@? OJ >C@>F AJM M@NKJIN@ =D<N
NP>C <N R<Q@ <I<GTNDN JM <
M@NKJI?@IO IJIM@NKJI?@IO <I<GTNDN 'I R<Q@ <I<GTNDN
OC@ M@N@<M>C@M @S<HDI@N M@OPMIN JI
N@G@>ODO@HNR@@F=TR@@FOJ?@O@MHDI@DA<Q@M<B@M@NKJIN@N>C<IB@*@NGD@
<N@?JI
OC@ <NNPHKODJI OC<O OCJN@ RCJ M@OPMI NPMQ@TN DI OC@ ADI<G R@@FN JA OC@ M@NKJIN@ K@MDJ? <M@
I@<MGT<GGIJIM@NKJI?@ION
DA OC@M@NKJIN@N=@BDIOJ>C<IB@
<KJO@IOD<G@SDNONAJMM@NKJIN@=D<N
I <GO@MI<ODQ@ >C@>F AJM M@NKJIN@ =D<N DN OJ >JIO<>O < A@R IJIM@NKJI?@ION =T KCJI@ <I?
?@O@MHDI@ DA OC@DM M@NKJIN@N ?DAA@M NP=NO<IOD<GGT AMJH M@NKJI?@ION 2CDN >JINODOPO@N <
M@NKJI?@IOIJIM@NKJI?@IO>C@>FAJMM@NKJIN@=D<N
1O@K "DN>PNN < KGB7D3 /</:GA7A JA ?<O< AJM <GG DI?@K@I?@IO <I?
?@K@I?@IOQ<MD<=G@NDIOC@NOP?T2CDN<I<GTNDNNCJPG?DI?D><O@OC@H@<IN
NO<I?<M??@QD<ODJIN
<I?M<IB@JAN>JM@NAJMOC@N@Q<MD<=G@N
1O@K 'A OC@ KMJKJN<G >JIO<DIN <G@N JM < KG<G@N
>JH=DIDIB DO@HN DIOJ N><G@N
D?@IODAT OC@ NO<ODNOD><G KMJ>@?PM@ D@
A<>OJM <I<GTNDN AJM
<>>JHKGDNCDIBOCDNGNJH@IODJIM@GD<=DGDOT>C@>FNAJMOC@DIO@MI<G>JINDNO@I>TJAOC@N><G@ND@
OC@!MJI=<>C<GKC<NO<ODNOD>
1O@K '?@IODAT OC@ NO<ODNOD>N <I? OC@ NO<ODNOD><G >JHKPO@M KMJBM<H AJM O@NODIB OC@ H<EJM
DIA@M@IOD<GM@N@<M>CLP@NODJINJMCTKJOC@N@NDIOC@KMJKJN@?NOP?T2C@ 7<43@3<B7/:?C3AB7=<A
JM 6G>=B63A3A M@G<O@Q<MD<=G@NJM>JHK<M@BMJPKNDIO@MHNJAQ<MD<=G@NNJOC<ODIA@M@I>@N>CJD>@JANO<ODNOD><GO@NO
<I? H@IODJI OC@ <NNPHKODJIN <NNJ>D<O@? RDOC OC@ NO<ODNOD> N NCJRI DI 2<=G@
=<N@ OCDN
>CJD>@JIOC@I<OPM@JAOC@M@N@<M>CLP@NODJI@B
M@G<ODIBQ<MD<=G@NJM>JHK<MDIBBMJPKN<N
OC@ HJNO KJKPG<M
OC@ IPH=@M JA DI?@K@I?@IO <I? ?@K@I?@IO Q<MD<=G@N
<I? OC@ IPH=@M JA
Q<MD<=G@N >JIOMJGG@? @B
N@@ 0P?@NO<H ,@ROJI
$PMOC@M
>JIND?@M RC@OC@M OC@
Q<MD<=G@NRDGG=@H@<NPM@?JI<IDINOMPH@IO<N<>JIODIPJPNN>JM@@B
<B@
AMJHOJJM
<N<><O@BJMD><GN>JM@@B
RJH@I
H@I$DI<GGT
>JIND?@MRC@OC@MOC@N>JM@NAMJHOC@
N<HKG@HDBCO=@IJMH<GGT?DNOMD=PO@?DI<=@GGNC<K@?>PMQ@DAKGJOO@?JPOJI<BM<KCJMIJI
IJMH<GGT ?DNOMD=PO@? 2C@M@ <M@ <??DODJI<G R<TN OJ ?@O@MHDI@ DA OC@ N>JM@N <M@ IJMH<GGT
?DNOMD=PO@? N@@ !M@NR@GG
2C@N@ A<>OJMN
DI >JH=DI<ODJI
@I<=G@ < M@N@<M>C@M OJ
?@O@MHDI@RC<ONO<ODNOD><GO@NORDGG=@NPDO@?AJM<INR@MDIBOC@M@N@<M>CLP@NODJIJMCTKJOC@NDN
'I 2<=G@
' NCJR CJR OC@ A<>OJMN
DI >JH=DI<ODJI
G@<? OJ OC@ N@G@>ODJI JA < IPH=@M JA
>JHHJINO<ODNOD><GO@NON$JMAPMOC@MOTK@NJANO<ODNOD><GO@NON
M@<?@MN<M@M@A@MM@?OJNO<ODNOD>N
H@OCJ?N=JJFN
NP>C<N%M<Q@OO@M<I?5<GGI<GO@NOI 7<B3@>@3B/B7=<=4B63@3AC:BA H@<INOC<OOC@M@N@<M>C@M
?M<RN >JI>GPNDJIN AMJH OC@ M@NPGON AJM OC@ M@N@<M>C LP@NODJIN
CTKJOC@N@N
<I? OC@ G<MB@M
H@<IDIBJAOC@M@NPGON2CDNDIO@MKM@O<ODJIDIQJGQ@NN@Q@M<GNO@KN
(/0:3 !MDO@MD<AJM!CJJNDIB1@G@>O1O<ODNOD><G2@NON
^0@KJMORC@OC@MOC@M@NPGONJAOC@NO<ODNOD><GO@NOR@M@NO<ODNOD><GGTNDBIDAD><IOJMIJO
NP>C<N
\OC@<I<GTNDNJAQ<MD@M@Q@<G@?<NO<ODNOD><GGTNDBIDAD><IO?DAA@M@I>@=@OR@@IH@I<I?RJH@I
DIO@MHNJA<OODOP?@NOJR<M?=<IIDIBNHJFDIBDIM@NO<PM<ION
: ]
^ 0@KJMO CJR OC@N@ M@NPGON <INR@M@? OC@ M@N@<M>C LP@NODJI JM CTKJOC@NDN "D? OC@ M@NPGON
NPKKJMOOC@CTKJOC@NDNJM?D?OC@T>JIOM<?D>ORC<OR<N@SK@>O@?
^ 'I?D><O@ RC<O HDBCO @SKG<DI RCT OC@ M@NPGON J>>PMM@? 2CDN @SKG<I<ODJI HDBCO M@A@M =<>F OJ
OC@OC@JMT<?Q@?DIOC@KMJKJN@?NOP?TN@@!C<KO@M
K<NOGDO@M<OPM@<NM@QD@R@?DIOC@
GDO@M<OPM@M@QD@RN@@!C<KO@M
JMGJBD><GM@<NJIDIB
^"DN>PNNOC@DHKGD><ODJINJAOC@M@NPGONAJMKM<>OD>@JMAJMAPOPM@M@N@<M>CJIOC@OJKD>
F/;>:3 1PMQ@T+@OCJ?1@>ODJI
I @S<HKG@ AJGGJRN JA < NPMQ@T H@OCJ? N@>ODJI OC<O DGGPNOM<O@N H<IT JA OC@ NO@KN EPNO
H@IODJI@?2CDN@S>@MKOPN@?RDOCK@MHDNNDJI>JH@NAMJH<EJPMI<G<MOD>G@M@KJMODIB<NOP?T
JAA<>OJMN<AA@>ODIBNOP?@IO<OOMDODJIDI JI@NH<GGGD=@M<G<MON>JGG@B@ @<I!M@NR@GG

KK

!3B6=2=:=5G
2C@ NDO@ JA OCDN NOP?T R<N < NH<GG @IMJGGH@IO

M@GDBDJPN
>J@?P><ODJI<G
GD=@M<G <MON
>JGG@B@ DI < +D?R@NO@MI >DOT RDOC < KJKPG<ODJI JA
K@JKG@ 9POCJMN D?@IODAD@? OC@
M@N@<M>CNDO@<I?KJKPG<ODJI:
2C@?MJKJPOM<O@OC@KM@QDJPNT@<MR<N"MJKJPOM<O@NO@I?OJ=@CDBC@NO<HJIBAM@NCH@I
<I? NJKCJHJM@N
NJ C <N H<IT AM@NCH@I <I? NJKCJHJM@N <N
KJNND=G@ =T ?DNOMD=PODJI JA OC@ LP@NODJII<DM@ OCMJPBC >G<NN@N 0@N@<M>C JI <OOMDODJI DI?D><O@N
OC<OH<G@N<I?A@H<G@N?MJKJPOJA>JGG@B@AJM?DAA@M@IOM@<NJIN @DODU@IN
<I? !<NDO@?AJMOCDN<I<GTNDNOJ@S>GP?@NJH@KJNND=G@>JIAJPI?DIBQ<MD<=G@N)@MGDIB@M

-AOC@N@RJH@I
R@M@ AM@NCH@I
R@M@NJKCJHJM@N
<I?R@M@EPIDJMN-AOC@NOP?@ION
R@M@=@OR@@IOC@<B@NJA<I?2CDNN<HKG@DN=D<N@?OJR<M?CDBC@M<=DGDOTNOP?@ION

<N DI?D><O@? =T N>JM@N JI OC@ !2 O@NO 9POCJMN KM@N@IO@??@N>MDKODQ@ DIAJMH<ODJI <=JPOOC@
N<HKG@:
"<O<R@M@>JGG@>O@?=TH@<INJA<LP@NODJII<DM@>JIO<DIDIBDO@HN2C@H<EJMDOTJAOC@N@
R@M@ *DF@MOGDF@ DO@HN =<N@? JI < N><G@ AMJH \< Q@MT NH<GG @SO@IO] OJ \< Q@MT BM@<O @SO@IO]
-OC@M LP@NODJIN <NF@? AJM A<>OP<G DIAJMH<ODJI
NP>C <N !2 N>JM@N
CDBC N>CJJG BM<?@N
<I?
K<M@ION[@?P><ODJI<GG@Q@GGGDIAJMH<ODJIPN@?DIOCDN<I<GTNDNR<N?@MDQ@?AMJHLP@NODJII<DM@
?<O< 2CDNLP@NODJII<DM@ C<? =@@I ?@Q@GJK@? <I?O@NO@? <OOCM@@ JOC@M DINODOPODJIN =@AJM@ DON
PN@<OOCDN>JGG@B@9POCJMN?DN>PNN@?OC@DINOMPH@IO:
!JI>PMM@IO <I? >JIQ@MB@IO Q<GD?DOT !<HK=@GG $DNF@

JA OC@N@ H@<NPM@N R<N
@NO<=GDNC@?OCMJPBCA<>OJM<I<GTNDN
<I?R<NAJPI?OJ=@<O<I<?@LP<O@G@Q@G0@GD<=DGDOTJAOC@
A<>OJMNR<N@NO<=GDNC@?OCMJPBCOC@>J@AAD>D@IO<GKC<2C@>JINOMP>ONR@M@M@KM@N@IO@?=T
H@<NPM@NYHPGODKG@ DO@HN >JH=DI@? JI OC@ =<NDN JA A<>OJM <I<GTNDN OJ H<F@ DI?D>@NY<I?
H@<NPM@NR@M@NDIBG@DO@HDI?D><OJMN94<GD?DOT<I?M@GD<=DGDOTR@M@<??M@NN@?:
+PGODKG@M@BM@NNDJI<I?K<OC<I<GTNDN&@DN@
)@MGDIB@M.@?C<UPM
R@M@PN@?OJ
<I<GTU@OC@?<O<
'IOC@><PN<GHJ?@G
DIO@IOOJG@<Q@R<NM@BM@NN@?JI<GGQ<MD<=G@NRCD>CKM@>@?@?DODIOC@
><PN<G N@LP@I>@ 'IO@MQ@IDIB Q<MD<=G@N NDBIDAD><IOGT M@G<O@? OJ DIO@IO OJ G@<Q@ R@M@ OC@I
M@BM@NN@? JI JMB<IDU<ODJI<G Q<MD<=G@N
K@MNJI<G Q<MD<=G@N
@IQDMJIH@IO<G Q<MD<=G@N
<I?
=<>FBMJPI?Q<MD<=G@N9"<O<<I<GTNDNNO@KNR@M@KM@N@IO@?:
#!$#""('#",$&!"( !(#$ "

I @SK@MDH@IO<G H@OCJ? ?DN>PNNDJI AJGGJRN < NO<I?<M? AJMH K<MOD>DK<ION
H<O@MD<GN
KMJ>@?PM@N
<I? H@<NPM@N 2C@N@ AJPM OJKD>N B@I@M<GGT <M@ NPAAD>D@IO 'I OCDN N@>ODJI JA OC@
>C<KO@M
'M@QD@ROC@N@>JHKJI@ION<NR@GG<NDIAJMH<ODJI<=JPOOC@@SK@MDH@IO<G?@NDBI<I?
NO<ODNOD><G<I<GTNDNNRDOCOC@N@>ODJIJINPMQ@TN
OC@DIO@IOC@M@DNOJCDBCGDBCOF@TOJKD>NOJ=@
<??M@NN@? DI N DN AJPI? =T
<INR@MDIBOC@LP@NODJINJIOC@>C@>FGDNONCJRIDI2<=G@
$/@B717>/<BA
0@<?@MN I@@? OJ FIJR <=JPO OC@ N@G@>ODJI

<NNDBIH@IO
<I? IPH=@M JA K<MOD>DK<ION RCJ RDGG
O<F@ K<MO DI OC@ @SK@MDH@IO !JIND?@M OC@ AJGGJRDIB NPBB@NODJIN RC@I RMDODIB OC@ H@OCJ?
N@>ODJIAJM<I@SK@MDH@IO
^ "@N>MD=@ OC@ N@G@>ODJI KMJ>@NN AJM K<MOD>DK<ION <N @DOC@M M<I?JH JM IJIM<I?JH @B
>JIQ@ID@IOGT N@G@>O@? 2C@ K<MOD>DK<ION HDBCO =@ N@G@>O@? =T <+8.97 =/6/->398 JM <+8.97
=+7:6381 5DOCM<I?JHN@G@>ODJIJM @/<2=;A/;>:7<5
@<>CDI?DQD?P<GC<N<I@LP<GKMJ=<=DGDOT
JA=@DIBN@G@>O@?AMJHOC@KJKPG<ODJI
@INPMDIBOC<OOC@N<HKG@RDGG=@M@KM@N@IO<ODQ@JAOC@
KJKPG<ODJI )@KK@G
'I H<IT @SK@MDH@ION
CJR@Q@M
JIGT < -98@/83/8-/ N<HKG@ DN
KJNND=G@ =@><PN@ OC@ DIQ@NODB<OJM HPNO PN@ I<OPM<GGT AJMH@? BMJPKN @B
< >G<NNMJJH
@?PM@DN><GG@?< ?C/A73F>3@7;3@?PM@ DN ><GG@? < B@C3
3F>3@7;3PNN CJR OC@ KMJE@>O RDGG <+8.976C +==318
DI?DQD?P<GN OJ OC@ OM@<OH@IO BMJPKN 2CDN H@<IN OC<O JA OC@ KJJG JA K<MOD>DK<ION
'I?DQD?P<G
BJ@N OJ %MJPK
'I?DQD?P<G OJ %MJPK
<I? NJ AJMOC
NJ OC<O OC@M@ DN IJ NTNO@H<OD> =D<N DI
<NNDBIDIB OC@ DI?DQD?P<GN 2CDN KMJ>@?PM@ @GDHDI<O@N OC@ KJNND=DGDOT JA NTNO@H<OD> ?DAA@M@I>@N
<HJIB >C<M<>O@MDNOD>N JA OC@ K<MOD>DK<ION OC<O >JPG? <AA@>O OC@ JPO>JH@N
NJ OC<O <IT
?DAA@M@I>@NDIJPO>JH@N><I=@<OOMD=PO@?OJOC@@SK@MDH@IO<GOM@<OH@IO)@KK@G

^ '?@IODAT JOC@M A@<OPM@N DI OC@ @SK@MDH@IO<G ?@NDBI OC<O RDGG NTNO@H<OD><GGT >JIOMJG OC@
Q<MD<=G@NOC<OHDBCODIAGP@I>@OC@JPO>JH@-I@<KKMJ<>CDN ;/B167<5>/@B717>/<BA DIO@MHNJA
<>@MO<DIOM<DOJM>C<M<>O@MDNOD><I?OC@I<NNDBIDIBJI@DI?DQD?P<GAMJH@<>CH<O>C@?N@OOJ@<>C
BMJPK$JM@S<HKG@
N>JM@NJI<KM@O@NOHDBCO=@J=O<DI@?'I?DQD?P<GNHDBCOOC@I=@<NNDBI@?
OJBMJPKN
RDOC@<>CBMJPKC<QDIBOC@N<H@IPH=@MNJACDBC
H@?DPH
<I?GJRN>JM@MNJIOC@
KM@O@NOGO@MI<ODQ@GT
OC@>MDO@MD<AJMH<O>CDIBHDBCO=@<=DGDOTG@Q@GNJM?@HJBM<KCD>Q<MD<=G@N
(/0:3 !C@>FGDNOJA/P@NODJINAJM"@NDBIDIB<I#SK@MDH@IO<G.MJ>@?PM@
M@N@<M>C@MH<T?@>D?@IJOOJH<O>C
CJR@Q@M
=@><PN@DODN@SK@INDQ@
O<F@NODH@1<GFDI?

<I? G@<?N OJ DI>JHK<M<=G@ BMJPKN DA K<MOD>DK<ION G@<Q@ OC@ @SK@MDH@IO 0JN@IOC<G
0JNIJR
-OC@M KMJ>@?PM@N OJ KG<>@ >JIOMJG DIOJ @SK@MDH@ION DIQJGQ@ PNDIB >JQ<MD<O@N
@B
KM@O@NO N>JM@N <N HJ?@M<ODIB Q<MD<=G@N <I? >JIOMJGGDIB AJM OC@DM @AA@>ON NO<ODNOD><GGT
N@G@>ODIBCJHJB@I@JPNN<HKG@N
JM=GJ>FDIBOC@K<MOD>DK<IONDIOJNP=BMJPKNJM><O@BJMD@N<I?
<I<GTUDIBOC@DHK<>OJA@<>CNP=BMJPKJIOC@JPO>JH@!M@NR@GG

^2@GGOC@M@<?@M<=JPOOC@IPH=@MJAK<MOD>DK<IONDI@<>CBMJPK<I?OC@NTNO@H<OD>KMJ>@?PM@N
AJM ?@O@MHDIDIB OC@ NDU@ JA @<>C BMJPK $JM @SK@MDH@IO<G M@N@<M>C
DIQ@NODB<OJMN PN@ < KJR@M
<I<GTNDN *DKN@T
OJ D?@IODAT OC@ <KKMJKMD<O@ N<HKG@ NDU@ AJM BMJPKN 2CDN ><G>PG<ODJI
DIQJGQ@N
^>JIND?@M<ODJIJAOC@G@Q@GJANO<ODNOD><GNDBIDAD>@AJMOC@@SK@MDH@IO
JM<GKC<
^ 2C@ <HJPIO JA KJR@M ?@NDM@? DI < NOP?TYOTKD><GGT KM@N@IO@? <NCDBC
H@?DPH
JM GJRYAJM
OC@NO<ODNOD><GO@NOJAOC@IPGGCTKJOC@NDNRDOCN<HKG@?<O<RC@IOC@IPGGCTKJOC@NDNDN
DIA<>O
A<GN@
^2C@@AA@>ONDU@
OC@@SK@>O@??DAA@M@I>@NDIOC@H@<IN=@OR@@IOC@>JIOMJG<I?@SK@MDH@IO<G
BMJPKN@SKM@NN@?DINO<I?<M??@QD<ODJIPIDON
^0@N@<M>C@MNN@OQ<GP@NAJMOC@N@OCM@@A<>OJMN@B
<GKC<
KJR@M
<I?@AA@>ONDU@
<I?><IGJJFPKDI<O<=G@OC@NDU@I@@?@?AJM@<>CBMJPKN@@!JC@I
*DKN@T

'I OCDN R<T
OC@ @SK@MDH@IO DN KG<II@? NJ OC<O OC@ NDU@ JA @<>C OM@<OH@IO BMJPK KMJQD?@N OC@
BM@<O@NO N@INDODQDOT OC<O OC@ @AA@>O JI OC@ JPO>JH@ <>OP<GGT DN ?P@ OJ OC@ @SK@MDH@IO<G
H<IDKPG<ODJIDIOC@NOP?T
*/@7/0:3A
2C@Q<MD<=G@NI@@?OJ=@NK@>DAD@?DI<I@SK@MDH@IONJOC<ODODN>G@<MOJM@<?@MNRC<OBMJPKN
<M@ M@>@DQDIB OC@ @SK@MDH@IO<G OM@<OH@IO <I? RC<O JPO>JH@N <M@ =@DIB H@<NPM@? &@M@ <M@
NJH@NPBB@NODJINAJM?@Q@GJKDIBD?@<N<=JPOQ<MD<=G@NDI<KMJKJN<G
^!G@<MGTD?@IODATOC@ 38./:/8./8>@+<3+,6/= DIOC@@SK@MDH@IO M@><GGOC@?DN>PNNDJIJAQ<MD<=G@N

DI!C<KO@M-I@DI?@K@I?@IOQ<MD<=G@HPNO=@OC@ ></+>7/8>@+<3+,6/ -I@JMHJM@BMJPKN
M@>@DQ@OC@@SK@MDH@IO<GH<IDKPG<ODJI
JMOM@<OH@IO
AMJHOC@M@N@<M>C@M-OC@MDI?@K@I?@IO
Q<MD<=G@NH<TNDHKGT=@H@<NPM@?Q<MD<=G@NDIRCD>CIJH<IDKPG<ODJIJ>>PMN@B
<OODOP?@NJM
K@MNJI<G >C<M<>O@MDNOD>N JA K<MOD>DK<ION 1ODGG JOC@M DI?@K@I?@IO Q<MD<=G@N ><GGT
>JIOMJGG@?
NP>C<N?@HJBM<KCD>N@B
B@I?@MJM<B@2C@H@OCJ?N@>ODJIHPNOGDNO<I?>G@<MGT
D?@IODAT<GGOC@DI?@K@I?@IOQ<MD<=G@NDI<I@SK@MDH@IO
^ '?@IODAT OC@ ./:/8./8> @+<3+,6/ 9< @+<3+,6/= D@

OC@ JPO>JH@N DI OC@ @SK@MDH@IO 2C@
?@K@I?@IOQ<MD<=G@DNOC@M@NKJIN@JMOC@>MDO@MDJIQ<MD<=G@OC<ODNKM@NPH@?OJ=@><PN@?=TJM
DIAGP@I>@? =T OC@ DI?@K@I?@IO OM@<OH@IO >JI?DODJIN <I? <IT JOC@M DI?@K@I?@IO Q<MD<=G@N
0JN@IOC<G<I?0JNIJR<?Q@?OCM@@KMJOJOTKD>JPO>JH@NH@<NPM@NOC@?DM@>ODJIJA
J=N@MQ@?>C<IB@
OC@<HJPIOJAOCDN>C<IB@
<I?OC@@<N@RDOCRCD>COC@K<MOD>DK<IO>C<IB@N
@B
OC@K<MOD>DK<IOM@<>LPDM@NOC@>JMM@>OM@NKJIN@<NDI<NDIBG@NP=E@>O?@NDBI
<AB@C;3<B/B7=</<2!/B3@7/:A
"PMDIB<I@SK@MDH@IO
JI@H<F@NJ=N@MQ<ODJINJMJ=O<DINH@<NPM@NPNDIBDINOMPH@ION<O<KM@
O@NOJMKJNOO@NOJM=JOCNO<B@JAOC@KMJ>@?PM@N
NJPI? M@N@<M>C KG<GGN AJM < OCJMJPBC ?DN>PNNDJI <=JPO OC@ DINOMPH@IO JM DINOMPH@IONY
OC@DM?@Q@GJKH@IO
OC@DMDO@HN
OC@DMN><G@N
<I?M@KJMONJAM@GD<=DGDOT<I?Q<GD?DOTJAN>JM@NJI
K<NO PN@N 2C@ M@N@<M>C@M <GNJ NCJPG? M@KJMO JI OC@ H<O@MD<GN PN@? AJM OC@ @SK@MDH@IO<G
OM@<OH@IO@B
OC@NK@>D<GKMJBM<HJMNK@>DAD><>ODQDOD@NBDQ@IOJOC@@SK@MDH@IO<GBMJPK
^ "@N>MD=@ OC@ DINOMPH@IO JM DINOMPH@ION K<MOD>DK<ION >JHKG@O@ DI OC@ @SK@MDH@IO
OTKD><GGT
>JHKG@O@? =@AJM@ OC@ @SK@MDH@IO =@BDIN <I? <O DON @I? 'I?D><O@ OC@ @NO<=GDNC@? Q<GD?DOT <I?
M@GD<=DGDOT JA OC@ N>JM@N JI DINOMPH@ION
OC@ DI?DQD?P<GN RCJ ?@Q@GJK@? OC@H
<I? <IT
K@MHDNNDJINI@@?@?OJPN@OC@H
^ 2CJMJPBCGT ?DN>PNN OC@ H<O@MD<GN PN@? AJM OC@ @SK@MDH@IO<G OM@<OH@IO -I@ BMJPK
AJM
@S<HKG@
H<T K<MOD>DK<O@ DI < NK@>D<G >JHKPO@M<NNDNO@? G@<MIDIB KGC@M DI <
>G<NNMJJH 2CDNKGD<G RMDOO@I DINOMP>ODJINOJ C@GK
NOP?@IONDIOCDN@SK@MDH@IO<GBMJPKG@<MICJROJNOP?T<NP=E@>OPNDIB>JHKPO@MNKDGJOO@NO
JA OC@N@ H<O@MD<GN H<T <GNJ =@ ?DN>PNN@?
<N R@GG <N <IT OM<DIDIB M@LPDM@? OJ <?HDIDNO@M OC@
H<O@MD<GN DI < NO<I?<M? R<T 2C@ DIO@IO JA OCDN KDGJO O@NO DN OJ @INPM@ OC<O H<O@MD<GN >3@7;3<B/:$@=132C@3A
2C@NK@>DAD>@SK@MDH@IO<G?@NDBIKMJ>@?PM@N<GNJI@@?OJ=@D?@IODAD@?2CDN?DN>PNNDJIDIQJGQ@N
DI?D><ODIB OC@ JQ@M<GG @SK@MDH@IO OTK@
>DODIB M@<NJIN AJM OC@ ?@NDBI
<I? <?QDIB < QDNP<G
HJ?@GOJC@GKOC@M@<?@MPI?@MNO<I?OC@KMJ>@?PM@N
^'?@IODATOC@OTK@JA@SK@MDH@IO<G?@NDBIOJ=@PN@?DIOC@KMJKJN@?NOP?T2C@OTK@N<Q<DG<=G@
DI@SK@MDH@ION<M@KM@@SK@MDH@IO<G?@NDBIN
OMP@@SK@MDH@ION
LP<ND@SK@MDH@ION
<I?NDIBG@
NP=E@>O ?@NDBIN 5DOC :<//B:/<37/8>+6 ?@NDBIN
OC@ M@N@<M>C@M NOP?D@N < NDIBG@ BMJPK <I?
KMJQD?@N<IDIO@MQ@IODJI?PMDIBOC@@SK@MDH@IO2CDN?@NDBI?J@NIJOC<Q@<>JIOMJGBMJPKOJ
>JHK<M@RDOCOC@@SK@MDH@IO<GBMJPK'I ;?+=3/B:/<37/8>= OC@DIQ@NODB<OJMPN@N>JIOMJG<I?
@SK@MDH@IO<G BMJPKN =PO ?J@N IJO M<I?JHGT <NNDBI K<MOD>DK<ION OJ BMJPKN @B
OC@T H<T =@
DIO<>O BMJPKN <Q<DG<=G@ OJ OC@ M@N@<M>C@M 'I < ><?/ /B:/<37/8> OC@ DIQ@NODB<OJM M<I?JHGT
<NNDBINOC@K<MOD>DK<IONOJOM@<OH@IOBMJPKN A7<5:3AC0831B23A75< JM ! JA?@NDBIDIQJGQ@N
J=N@MQDIBOC@=@C<QDJMJA<NDIBG@DI?DQD?P<GJM<NH<GGIPH=@MJADI?DQD?P<GNJQ@MODH@
^ '?@IODAT RC<O DN =@DIB >JHK<M@? DI OC@ @SK@MDH@IO 'I H<IT @SK@MDH@ION
OCJN@ JA < OTK@
><GG@? ,/>A//8=?,4/-> ?@NDBIN
OC@DIQ@NODB<OJM>JHK<M@NORJJMHJM@BMJPKN)@KK@G

0JN@IOC<G 0JNIJR
$JM @S<HKG@
< 0+->9<3+6 ./=318 @SK@MDH@IO
< Q<MD<ODJI JI OC@
=@OR@@IBMJPK ?@NDBI
DIQJGQ@N PNDIB ORJ JM HJM@ OM@<OH@IO Q<MD<=G@N OJ @S<HDI@ OC@
DI?@K@I?@IO <I? NDHPGO<I@JPN @AA@>ON JA OC@N@ OM@<OH@IO Q<MD<=G@N JI JH@ 4JBO
2CDN RD?@GT PN@? =@C<QDJM<G M@N@<M>C ?@NDBI @SKGJM@N OC@ @AA@>ON JA @<>C OM@<OH@IO
N@K<M<O@GT<I?<GNJOC@@AA@>ONJAQ<MD<=G@NPN@?DI>JH=DI<ODJI
OC@M@=TKMJQD?DIB<MD>C<I?
M@Q@<GDIB HPGOD?DH@INDJI<G QD@R )@KK@G
'I JOC@M @SK@MDH@ION
OC@ M@N@<M>C@M NOP?D@N
JIGT JI@ BMJPK DI RC<O DN ><GG@? < A3>2381<9?: ?@NDBI $JM @S<HKG@
DI < </:/+>/. 7/+=?</=
?@NDBI
K<MOD>DK<ION <M@ <NNDBI@? OJ ?DAA@M@IO OM@<OH@ION <O ?DAA@M@IO ODH@N ?PMDIB OC@
@SK@MDH@IOIJOC@M@S<HKG@JA<RDOCDIBMJPK?@NDBIRJPG?=@<NOP?TJAOC@=@C<QDJMJA<
NDIBG@ DI?DQD?P<G JQ@M ODH@ DI RCD>C OC@ @SK@MDH@IO@M KMJQD?@N <I? RDOCCJG?N < OM@<OH@IO <O
?DAA@M@IOODH@NDIOC@@SK@MDH@IO
OJ?@O@MHDI@DONDHK<>O
^.MJQD?@<?D<BM<HJM<ADBPM@OJDGGPNOM<O@OC@NK@>DAD>M@N@<M>C?@NDBIOJ=@PN@?NO<I?<M?
IJO<ODJINTNO@HI@@?NOJ=@PN@?DIOCDNADBPM@ @3A3/@16B7> 'M@>JHH@I?DNOJPN@<>G<NND>
IJO<ODJINTNO@HKMJQD?@?=T!<HK=@GG<I?1O<IG@T
K
^6M@KM@N@ION<I@SKJNPM@JA<BMJPKOJ<I@SK@MDH@IO<GQ<MD<=G@JM@Q@IO
OC@@AA@>ONJARCD>C
<M@OJ=@H@<NPM@?
^-M@KM@N@ION<IJ=N@MQ<ODJIJMH@<NPM@H@IOM@>JM?@?JI<IDINOMPH@IO
^6[N<I?-[NDI<BDQ@IMJR<M@<KKGD@?OJOC@N<H@NK@>DAD>K@MNJIN
6[N<I?-[NDIOC@N<H@>JGPHI
JMKG<>@?Q@MOD><GGTM@G<ODQ@OJ@<>CJOC@M
<M@NDHPGO<I@JPN
^ 2C@ G@AOOJMDBCO ?DH@INDJI DI?D><O@N OC@ O@HKJM<G JM?@M JA KMJ>@?PM@N DI OC@ @SK@MDH@IO
NJH@ODH@NDI?D><O@?RDOC<I<MMJR
^2C@NTH=JG0DI?D><O@NM<I?JH<NNDBIH@IO
^ 1@K<M<ODJI JA K<M<GG@G MJRN =T < CJMDUJIO<G GDI@ DI?D><O@N OC<O >JHK<MDNJI BMJPKN <M@ IJO
@LP<G JM @LP<O@? =T M<I?JH <NNDBIH@IO ,J CJMDUJIO<G GDI@ =@OR@@I OC@ BMJPKN ?DNKG<TN
M<I?JH<NNDBIH@IOJADI?DQD?P<GNOJOM@<OH@IOBMJPKN
'I OC@ AJGGJRDIB @S<HKG@N
OCDN IJO<ODJI DN PN@? OJ DGGPNOM<O@ KM@@SK@MDH@IO<G
LP<ND
@SK@MDH@IO<G
OMP@@SK@MDH@IO<G
<I?NDIBG@NP=E@>O?@NDBIN
F/;>:3
#</B:/<37/8>+6/=318=
#<3'6=B/A3'BC2G
2CDN ?@NDBI DIQJGQ@N $@3(3AB$=AB(3AB3A75<
2CDN ?@NDBI DI>GP?@N < KM@O@NO H@<NPM@ AJGGJR@? =T < OM@<OH@IO <I? < KJNOO@NO AJM < NDIBG@
BMJPK%MJPKYYYY6YYYY
'B/B71@=C>=;>/@7A=<=@$=AB(3AB#<:G+7B6"=<3?C7D/:3<B@=C>A
#SK@MDH@IO@MN PN@ OCDN ?@NDBI <AO@M DHKG@H@IODIB < OM@<OH@IO AO@M OC@ OM@<OH@IO
OC@
M@N@<M>C@M N@G@>ON < >JHK<MDNJI BMJPK <I? KMJQD?@N < KJNOO@NO OJ =JOC OC@ @SK@MDH@IO<G
BMJPKN<I?OC@>JHK<MDNJIBMJPKN
%MJPK6;;;;;;;;;;;;;;;;;;;;;-;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;
%MJPK ;;;;;;;;;;;;;;;;;;;;;;;;-
:B3@</B7D3(@3/B;3<B$=AB(3AB#<:G+7B6"=<3?C7D/:3<B@=C>A3A75<
2CDN?@NDBIPN@NOC@N<H@KMJ>@?PM@<NOC@1O<OD>%MJPK!JHK<MDNJI
RDOCOC@@S>@KODJIOC<O
OC@IJI@LPDQ<G@IO>JHK<MDNJIBMJPKM@>@DQ@?< ?DAA@M@IOOM@<OH@IO
%MJPK6;;;;;;;;;;;;;;;;;;;;-;;;;;;;;;;;;;;;;;;;;;;;;;;;;;
%MJPK 6;;;;;;;;;;;;;;;;;;;;;-
F/;>:3$?+=3B:/<37/8>+6/=318=
"=<3?C7D/:3<B$@3(3AB/<2$=AB(3AB=<B@=:@=C>3A75<
'I OCDN ?@NDBI

< KJKPG<M <KKMJ<>C OJ LP<ND@SK@MDH@ION
OC@ @SK@MDH@IO<G BMJPK <I? OC@
>JIOMJGBMJPK <M@N@G@>O@?RDOCJPOM<I?JH<NNDBIH@IO JOCBMJPKNO<F@<KM@O@NO<I?KJNO
O@NO-IGTOC@@SK@MDH@IO<GBMJPKM@>@DQ@NOC@OM@<OH@IO
%MJPK-YYYY6YYYY-;;;;;;;;;;;;;;;;;;;;;;;;;;;;
%MJPK -YYYYYYYYY-
'7<5:3@=C><B3@@C>B32(7;3'3@73A3A75<
'I OCDN ?@NDBI

OC@ M@N@<M>C@M M@>JM?N H@<NPM@N AJM < NDIBG@ BMJPK =JOC =@AJM@ <I? <AO@M <
OM@<OH@IO%MJPK-Y-Y-Y-Y6Y-Y-Y-Y-
=<B@=:@=C><B3@@C>B32(7;3'3@73A3A75<
HJ?DAD><ODJI JA OC@ 1DIBG@%MJPK 'IO@MMPKO@? 2DH@1@MD@N ?@NDBI DI RCD>C ORJ BMJPKN JA
K<MOD>DK<ION
IJO M<I?JHGT <NNDBI@?
<M@ J=N@MQ@? JQ@M ODH@ OM@<OH@IO DN <?HDIDNO@M@? OJ
JIGTJI@JAOC@BMJPKND@
%MJPK
%MJPK-Y-Y-Y-Y6Y-Y-Y-Y-;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;
%MJPK -Y-Y-Y-Y-Y-Y-Y-Y-
F/;>:3'<?/B:/<37/8>+6/=318=
$@3(3AB$=AB(3AB=<B@=:@=C>3A75<
OM<?DODJI<G
>G<NND><G?@NDBI
OCDNKMJ>@?PM@DIQJGQ@NM<I?JH<NNDBIH@IOJAK<MOD>DK<IONOJORJ
BMJPKN JOC BMJPKN <M@ <?HDIDNO@M@? =JOC < KM@O@NO <I? < KJNOO@NO
=PO OC@ OM@<OH@IO DN
KMJQD?@? JIGT OJ @SK@MDH@IO<G %MJPK %MJPK 0YYY-YYY6YYY- %MJPK 0YYY
-YYYYYYY-
$=AB(3AB#<:G=<B@=:@=C>3A75<
2CDN ?@NDBI >JIOMJGN AJM <IT >JIAJPI?DIB @AA@>ON JA < KM@O@NO <I? DN < KJKPG<M @SK@MDH@IO<G
?@NDBI 2C@ K<MOD>DK<ION <M@ M<I?JHGT <NNDBI@? OJ BMJPKN
< OM@<OH@IO DN BDQ@I JIGT OJ OC@
@SK@MDH@IO<GBMJPK
<I?=JOCBMJPKN<M@H@<NPM@?JIOC@KJNOO@NO
%MJPK0YYYYY6YYYYY-%MJPK 0YYYYYYYYYYY-
'=:=;=<=C@@=C>3A75<
NK@>D<G ><N@ JA < 6 A<>OJMD<G ?@NDBI

OCDN KMJ>@?PM@ DIQJGQ@N OC@ M<I?JH <NNDBIH@IO JA
K<MOD>DK<IONOJAJPMBMJPKN.M@O@NON<I?OM@<OH@ION<M@Q<MD@?AJMOC@AJPMBMJPKNGGBMJPKN
M@>@DQ@<KJNOO@NO
%MJPK0YYY-YYY6YYY-
%MJPK 0YYY-YYYYYYY-
%MJPK!0YYYYYYY6YYY-
%MJPK"0YYYYYYYYYYY-
F/;>:3 &3816/&?,4/->/=318=
'7<5:3'C0831B3A75<
2CDN?@NDBIDIQJGQ@NHPGODKG@J=N@MQ<ODJINJA<NDIBG@DI?DQD?P<G2C@O<MB@O=@C<QDJMJA<NDIBG@
DI?DQD?P<G DN @NO<=GDNC@? JQ@M ODH@ <I? DN M@A@MM@? OJ <N < =<N@GDI@ =@C<QDJM 2C@ =<N@GDI@
=@C<QDJMDN<NN@NN@?
OC@OM@<OH@IOKMJQD?@?
<I?OC@IOC@OM@<OH@IODNRDOC?M<RI
<N@GDI@2M@<OH@IO <N@GDI@
-----66666------
(6@3/BAB=*/:727BG
2C@M@<M@N@Q@M<GOCM@<ONOJQ<GD?DOTOC<ORDGGM<DN@LP@NODJIN<=JPO<I@SK@MDH@IO@M[N<=DGDOTOJ
>JI>GP?@ OC<O OC@ DIO@MQ@IODJI <AA@>ON JH@ <I? IJO NJH@ JOC@M A<>OJM #SK@MDH@IO<G
M@N@<M>C@MNI@@?OJD?@IODATKJO@IOD<GOCM@<ONOJOC@DIO@MI<GQ<GD?DOTJAOC@DM@SK@MDH@ION<I?
?@NDBIOC@HNJOC<OOC@N@OCM@<ONRDGGIJOGDF@GT<MDN@JM<M@HDIDHDU@?2C@M@<M@ORJOTK@NJA
OCM@<ON OJ Q<GD?DOT DIO@MI<G OCM@<ON <I? @SO@MI<G OCM@<ON <B3@</: D/:727BG B6@3/BA <M@
@SK@MDH@IO<G KMJ>@?PM@N
OM@<OH@ION
JM @SK@MD@I>@N JA OC@ K<MOD>DK<ION OC<O OCM@<O@I OC@
M@N@<M>C@M[N <=DGDOT OJ ?M<R >JMM@>O DIA@M@I>@N AMJH OC@ ?<O< <=JPO OC@ KJKPG<ODJI DI MDKODJIJA@<>CJI@JAOC@H
<I?
NPBB@NON KJO@IOD<G M@NKJIN@N =T OC@ M@N@<M>C@M NJ OC<O OC@ OCM@<O H<T IJO J>>PM 2C@M@ <M@
OCJN@ DIQJGQDIB K<MOD>DK<ION D@
CDNOJMT
H<OPM<ODJI
M@BM@NNDJI
N@G@>ODJI
<I? HJMO<GDOT
OCJN@ M@G<O@? OJ OC@ PN@ JA C@M H<IDKPG<O@N D@
?DAAPNDJI
>JHK@IN<OJMT <I? M@N@IOAPG ?@HJM<GDU<ODJI
<I? >JHK@IN<OJMT MDQ<GMT
<I? OCJN@
DIQJGQDIBKMJ>@?PM@NPN@?DIOC@@SK@MDH@IOD@
O@NODIB<I?DINOMPH@ION
.JO@IOD<G OCM@<ON OJ @SO@MI<G Q<GD?DOT <GNJ HPNO =@ D?@IODAD@? <I? ?@NDBIN >M@<O@? OJ HDIDHDU@
OC@N@ OCM@<ON FB3@</: D/:727BG B6@3/BA <MDN@ RC@I @SK@MDH@IO@MN ?M<R DI>JMM@>O DIA@M@I>@N
AMJHOC@N<HKG@?<O<OJJOC@MK@MNJIN
JOC@MN@OODIBN
<I?K<NOJMAPOPM@NDOP<ODJINNNCJRI
DI 2<=G@
OC@N@ OCM@<ON <MDN@ =@><PN@ JA OC@ >C<M<>O@MDNOD>N JA DI?DQD?P<GN N@G@>O@? AJM OC@
N<HKG@
OC@PIDLP@I@NN JAOC@N@OODIB
<I?OC@ODHDIBJAOC@@SK@MDH@IO$JM@S<HKG@
OCM@<ON
OJ@SO@MI<GQ<GD?DOT<MDN@RC@IOC@M@N@<M>C@MB@I@M<GDU@N=@TJI?OC@BMJPKNDIOC@@SK@MDH@IO
OJ JOC@M M<>D<G JM NJ>D<G BMJPKN IJO PI?@M NOP?T
OJ N@OODIBN IJO NOP?D@?
JM OJ K<NO JM APOPM@
NDOP<ODJIN1O@KNAJM<??M@NNDIBOC@N@KJO@IOD<GDNNP@N<M@<GNJKM@N@IO@?DI2<=G@
-OC@M OCM@<ON OC<O HDBCO =@ H@IODJI@? DI OC@ H@OCJ? N@>ODJI <M@ OC@ OCM@<ON OJ AB/B7AB71/:
1=<1:CA7=< D/:727BG OC<O <MDN@ RC@I @SK@MDH@IO@MN ?M<R DI<>>PM<O@ DIA@M@I>@N AMJH OC@ ?<O<
=@><PN@ JA DI<?@LP<O@ NO<ODNOD><G KJR@M JMOC@ QDJG<ODJI JA NO<ODNOD><G <NNPHKODJIN 2CM@<ON OJ
1=<AB@C1B D/:727BG J>>PM RC@I DIQ@NODB<OJMN PN@ DI<?@LP<O@ ?@ADIDODJIN <I? H@<NPM@N JA
Q<MD<=G@N
(/0:3 2TK@NJA2CM@<ONOJ'IO@MI<G 4<GD?DOT

1-30!#?<KO@?AMJH!M@NR@GG
.M<>OD><G @3A3/@16B7>A AJMKMJKJN<GRMDO@MNOJ<??M@NNQ<GD?DOTDNNP@N<M@<NAJGGJRN
^'?@IODATOC@KJO@IOD<GOCM@<ONOJQ<GD?DOTOC<OH<T<MDN@DITJPMNOP?T
N@K<M<O@N@>ODJIDI<KMJKJN<GH<T=@>JHKJN@?OJ<?Q@OCDNOCM@<O
^"@ADI@OC@@S<>OOTK@JAOCM@<O<I?RC<OKJO@IOD<GDNNP@DOKM@N@IONOJTJPMNOP?T
(/0:3 2TK@NJA2CM@<ONOJ#SO@MI<G4<GD?DOT
^"DN>PNNCJRTJPKG<IOJ<??M@NNOC@OCM@<ODI OC@?@NDBIJATJPM@SK@MDH@IO
^ !DO@ M@A@M@I>@N OJ =JJFN OC<O ?DN>PNN OC@ DNNP@ JA OCM@<ON OJ Q<GD?DOT
NP>C <N !JJF <I?
!<HK=@GG !M@NR@GG 0@D>C<M?O <I? +<MF 1C<?DNC
!JJF
!<HK=@GG
<I?2P>FHMD=@DI?@O<DGOC@KMJ>@?PM@AJM>JI?P>ODIBOC@@SK@MDH@IO
M@<?@MNCJPG?=@<=G@OJPI?@MNO<I?OC@?@NDBI=@DIBPN@?
OC@J=N@MQ<ODJIN
OC@OM@<OH@IO
<I?OC@ODH@GDI@JA<>ODQDOD@N
^"DN>PNN<NO@K=TNO@K<KKMJ<>CAJMOC@KMJ>@?PM@DIOC@@SK@MDH@IO$JM@S<HKG@

JMB<I?
%<GG
K JPOGDI@? NDS NO@KN OTKD><GGT PN@? DI OC@ KMJ>@?PM@ AJM < KM@O@NOKJNOO@NO
>JIOMJGBMJPK?@NDBIRDOCH<O>CDIBK<MOD>DK<IONDIOC@@SK@MDH@IO<G<I?>JIOMJGBMJPKN
?HDIDNO@M H@<NPM@N JA OC@ ?@K@I?@IO Q<MD<=G@ JM < Q<MD<=G@ >GJN@GT >JMM@G<O@? RDOC OC@
?@K@I?@IOQ<MD<=G@OJOC@M@N@<M>CK<MOD>DK<ION
NNDBIK<MOD>DK<IONOJH<O>C@?K<DMNJIOC@=<NDNJAOC@DMN>JM@NJIOC@H@<NPM@N?@N>MD=@?
DI1O@K
0<I?JHGT<NNDBIJI@H@H=@M JA@<>CK<DMOJOC@@SK@MDH@IO<GBMJPK<I?OC@JOC@MH@H=@M
OJOC@>JIOMJGBMJPK
#SKJN@OC@@SK@MDH@IO<GBMJPKOJOC@@SK@MDH@IO<GOM@<OH@IO<I?<?HDIDNO@MIJOM@<OH@IO
JM<I<GO@MI<ODQ@OM@<OH@IOOJOC@>JIOMJGBMJPK
?HDIDNO@MH@<NPM@NJAOC@?@K@I?@IOQ<MD<=G@NOJOC@@SK@MDH@IO<G<I?>JIOMJGBMJPKN
!JHK<M@OC@K@MAJMH@JAOC@@SK@MDH@IO<G<I?>JIOMJGBMJPKNJIOC@KJNOO@NONPNDIB
O@NONJANO<ODNOD><GNDBIDAD>@
/B/</:GA7A
2@GGOC@M@<?@M<=JPOOC@OTK@NJANO<ODNOD><G<I<GTNDNOC<ORDGG=@PN@??PMDIBOC@@SK@MDH@IO
^0@KJMOOC@?@N>MDKODQ@NO<ODNOD>N><G>PG<O@?AJMJ=N@MQ<ODJIN<I?H@<NPM@N<OOC@KM@O@NOJM
KJNOO@NO NO<B@ JA @SK@MDH@IO<G ?@NDBIN 2C@N@ NO<ODNOD>N <M@ H@<IN
NO<I?<M? ?@QD<ODJIN
<I?
M<IB@N
^ 'I?D><O@ OC@ DIA@M@IOD<G NO<ODNOD><G O@NON PN@? OJ @S<HDI@ OC@ CTKJOC@N@N DI OC@ NOP?T $JM
@SK@MDH@IO<G ?@NDBIN RDOC ><O@BJMD><G DIAJMH<ODJI BMJPKN JI OC@ DI?@K@I?@IO Q<MD<=G@ <I?
>JIODIPJPN DIAJMH<ODJI JI OC@ ?@K@I?@IO Q<MD<=G@
M@N@<M>C@MN PN@ > O@NON JM PIDQ<MD<O@
<I<GTNDN JA Q<MD@ ,-4
<I<GTNDN JA >JQ<MD@ ,!-4
JM HPGODQ<MD<O@ <I<GTNDN JA
Q<MD@ +,-4YHPGODKG@?@K@I?@IO H@<NPM@N 1@Q@M<G JA OC@N@ O@NON <M@ H@IODJI@? DI
2<=G@
KM@N@IO@?@<MGD@M'IA<>OJMD<G?@NDBIN
=JOCDIO@M<>ODJI<I?H<DI @AA@>ONJA,-4
<M@ PN@? 5C@I ?<O< JI < KM@O@NO JM KJNOO@NO NCJR H<MF@? ?@QD<ODJI AMJH < IJMH<G
?DNOMD=PODJI
PN@IJIK<M<H@OMD>NO<ODNOD><GO@NON
^$JMNDIBG@NP=E@>OM@N@<M>C?@NDBIN
PN@GDI@BM<KCNAJM=<N@GDI@<I?OM@<OH@IOJ=N@MQ<ODJIN
AJM<=N>DNN<CJMDUJIO<G<SDNPIDONJAODH@<I?OC@JM?DI<O@Q@MOD><G<SDNO<MB@O=@C<QDJM#<>C
?<O<KJDIODNKGJOO@?N@K<M<O@GTJIOC@BM<KC
<I?OC@?<O<KJDION<M@>JII@>O@?=TGDI@N@B
N@@,@PH<I+>!JMHD>F
->><NDJI<GGT
O@NONJANO<ODNOD><GNDBIDAD>@
NP>C<N > O@NON
<M@PN@?OJ>JHK<M@OC@KJJG@?H@<IJAOC@=<N@GDI@<I?OC@OM@<OH@IOKC<N@N
<GOCJPBCNP>C
KMJ>@?PM@NH<TQDJG<O@OC@<NNPHKODJIJADI?@K@I?@IOH@<NPM@N JMB%<GG

^ 5DOC DI>M@<NDIB AM@LP@I>T

@SK@MDH@IO<G M@N@<M>C@MN M@KJMO =JOC NO<ODNOD><G M@NPGON JA
CTKJOC@NDNO@NODIB<I?>JIAD?@I>@DIO@MQ<GN<I?@AA@>ONDU@<NDI?D><OJMNJAKM<>OD><GNDBIDAD>@
JAOC@ADI?DIBN 1=<4723<13 7<B3@D/: DN<IDIO@MQ<G@NODH<O@JAOC@M<IB@JAPKK@M<I?GJR@M
NO<ODNOD><GQ<GP@NOC<O <M@>JINDNO@IORDOCOC@J=N@MQ@??<O<<I?<M@GDF@GTOJ>JIO<DIOC@<>OP<G
KJKPG<ODJI H@JI>GPNDJIN <=JPO BMJPK
?DAA@M@I>@N JM OC@ M@G<ODJINCDKN <HJIB Q<MD<=G@N DI LP<IODO<ODQ@ NOP?D@N 2C@ ><G>PG<ODJI JA
@AA@>ONDU@Q<MD@NAJM?DAA@M@IONO<ODNOD><GO@NON
<B3@>@3B7<5&3AC:BA
2C@ADI<GNO@KDI<I@SK@MDH@IODNOJDIO@MKM@OOC@ADI?DIBNDIGDBCOJAOC@CTKJOC@N@NJMM@N@<M>C
LP@NODJINN@OAJMOCDIOC@=@BDIIDIB'IOCDNDIO@MKM@O<ODJI
<??M@NNRC@OC@MOC@CTKJOC@N@NJM
LP@NODJINR@M@NPKKJMO@?JMRC@OC@MOC@TR@M@M@APO@?!JIND?@MRC@OC@MOC@OM@<OH@IOOC<O
R<N DHKG@H@IO@? <>OP<GGT H<?@ < ?DAA@M@I>@ AJM OC@ K<MOD>DK<ION RCJ @SK@MD@I>@? OC@H
1PBB@NO RCT JM RCT IJO OC@ M@NPGON R@M@ NDBIDAD><IO
?M<RDIB JI K<NO GDO@M<OPM@ OC<O TJP
M@QD@R@?!C<KO@M
OC@OC@JMTPN@?DIOC@NOP?T!C<KO@M
JMK@MNP<NDQ@GJBD>OC<OHDBCO
@SKG<DI OC@ M@NPGON ??M@NN RC@OC@M OC@ M@NPGON HDBCO C<Q@ J>>PMM@? =@><PN@ JA DI<?@LP<O@
@SK@MDH@IO<G KMJ>@?PM@N
NP>C <N OCM@<ON OJ DIO@MI<G Q<GD?DOT
<I? DI?D><O@ CJR OC@ M@NPGON
HDBCO=@B@I@M<GDU@?OJ>@MO<DIK@JKG@
N@OODIBN
<I?ODH@N$DI<GGT
DI?D><O@OC@DHKGD><ODJINJA
OC@M@NPGONAJMOC@KJKPG<ODJINOP?D@?JMAJMAPOPM@M@N@<M>C
F/;>:38B:/<37/8>+6 />29.&/->398
2C@AJGGJRDIBDN<N@G@>O@?K<NN<B@AMJH<LP<ND@SK@MDH@IO<GNOP?T=T#IIN<I?&<>F@OO
OC<O?@HJINOM<O@NH<ITJAOC@>JHKJI@IONDI<I@SK@MDH@IO<G?@NDBI2C@DMNOP?T<??M@NN@?
OC@B@I@M<GDNNP@JAH<O>CDIB>GD@IO<I?>JPIN@GJMDIO@M@NON<GJIBOC@?DH@INDJINJA<OODOP?@N
OJR<M? A@HDIDNH 2C@TCTKJOC@NDU@?OC<O A@HDIDNO K<MOD>DK<ION RJPG? =@ HJM@ M@>@KODQ@ OJ<
M<?D><G A@HDIDNO >JPIN@GJM OCDK<ION <I? OC<O IJIA@HDIDNO
K<MOD>DK<IONRJPG?=@HJM@M@>@KODQ@OJ<IJIN@SDNO<I?GD=@M<GA@HDIDNO>JPIN@GJM#S>@KOAJM<
GDHDO@??DN>PNNDJI<=JPO?<O<<I<GTNDN<I?<IDIO@MKM@O<ODJIN@>ODJIAJPI?DIOC@?DN>PNNDJIJA
OC@DM <MOD>G@
OC@DM <KKMJ<>C >JIO<DIN OC@ @G@H@ION JA < BJJ? H@OCJ? N@>ODJI AJM 3-3:+8>=
2C@ K<MOD>DK<ION R@M@ PI?@MBM<?P<O@ RJH@I @IMJGG@? DI =JOC GJR@M<I? PKK@M?DQDNDJI
>JPMN@N DI NJ>DJGJBT
KNT>CJGJBT
<I? >JHHPID><ODJIN <O < HD?NDU@? PIDQ@MNDOT <I? <
>JHHPIDOT >JGG@B@
=JOC JI OC@ R@NO >J<NO 92C@ <POCJMN ?@N>MD=@? OC@ K<MOD>DK<ION DI OCDN
NOP?T:
"@NDBI<I?#SK@MDH@IO<G+<IDKPG<ODJI
2CDN NOP?T PN@? < 6 6 A<>OJMD<G ?@NDBI -MD@IO<ODJI JA !JPIN@GJM IJIN@SDNOCPH<IDNOD>
GD=@M<G A@HDIDNO
JM M<?D><G A@HDIDNO 6 1O<O@H@IO JA 4<GP@N DHKGD>DO JM @SKGD>DO 6 .<MOD>DK<ION[
'?@IODAD><ODJI RDOC $@HDIDNH A@HDIDNO JM IJIA@HDIDNO ->><NDJI<G HDNNDIB ?<O< JI K<MOD>PG<M
DO@HNR@M@C<I?G@?=T<K<DMRDN@?@G@ODJIKMJ>@?PM@9POCJMND?@IODAD@?OC@JQ@M<GG?@NDBI:
2C@ OCM@@ >JPIN@GDIB >JI?DODJIN

IJIN@SDNOCPH<IDNOD>
GD=@M<G
<I? M<?D><G A@HDIDNO
R@M@
?@KD>O@? =T HDI QD?@JO<K@ QDBI@OO@N JA < N@>JI? >JPIN@GDIB N@NNDJI =@OR@@I < A@H<G@
>JPIN@GJM<I?<A@H<G@>GD@IO2C@DHKGD>DONO<O@H@IOJAQ<GP@N>JI?DODJIPN@?OC@N<HKG@
DIO@MQD@R JIGT OC@ >JPIN@GJM[N Q<GP@N R@M@ OC@M@AJM@ DHKGD>DO DI C@M M@NKJIN@N 2C@ @SKGD>DO
NO<O@H@IOJAQ<GP@N>JI?DODJIR<N>M@<O@?=T<??DIBOJ@<>CJAOC@OCM@@>JPIN@GDIB>JI?DODJIN
< HDI G@<?@M OC<O KJMOM<T@? OC@ >JPIN@GJM ?@N>MD=DIB OJ OC@ >GD@IO C@M >JPIN@GDIB <KKMJ<>C
<I? <NNJ>D<O@? Q<GP@N DI>GP?DIB AJM OC@ ORJ A@HDIDNO >JI?DODJIN < ?@N>MDKODJI JA C@M A@HDIDNO
KCDGJNJKCD><GJMD@IO<ODJI
GD=@M<GJMM<?D><G2CM@@>JPIN@GDIBN>MDKONR@M@DIDOD<GGT?@Q@GJK@?
JI OC@ =<NDN JA ?DNODI>ODJIN =@OR@@I IJIN@SDNOCPH<IDNOD>
GD=@M<G
<I? M<?D><G A@HDIDNO
KCDGJNJKCD@N<I?<OO@I?<IO>JPIN@GDIBDHKGD><ODJIN!GD@IONO<O@H@ION<I?OC@JPO>JH@JA@<>C
DIO@MQD@R R@M@ C@G? >JINO<IO
RC@M@<N >JPIN@GJM M@NKJIN@N ?DAA@M@? =T <KKMJ<>C 9POCJMN
?@N>MD=@?OC@OCM@@OM@<OH@IO>JI?DODJINQ<MD<=G@NH<IDKPG<O@?DIOC@ NOP?T:
'INOMPH@ION
+<IDKPG<ODJI>C@>FNN<>C@>FJIK<MOD>DK<ION[K@M>@KODJIJAOC@@SK@MDH@IO<GH<IDKPG<ODJI
<I? <N DK<ION[ K@M>@DQ@? NDHDG<MDOT OJ OC@ OCM@@ >JPIN@GJMN
ORJ
NP=N><G@N JA @MMTH<I$DIF <I? 4@M?@M=@M[N OOMD=PODJIN JA OC@ 2@MH $@HDIDNO 1><G@
R@M@M@QDN@?<I?PN@?DIOCDNNOP?T<NOC@!JPIN@GJM"@N>MDKODJI/P@NODJII<DM@!"/<I?OC@
.@MNJI<G "@N>MDKODJI /P@NODJII<DM@ ."/ @MMTH<I$DIF <I? 4@M?@M=@M M@KJMO@?
DIO@MI<G>JINDNO@I>TM@GD<=DGDOD@NJA<I?AJMOC@JMDBDI<GQ@MNDJINJAOC@N@ORJNP=N><G@N
9POCJMN?DN>PNN@?OC@DINOMPH@ION<I?OC@M@GD<=DGDOTJAOC@N><G@NAJMOC@?@K@I?@IOQ<MD<=G@
DIOC@NOP?T:
.MJ>@?PM@
GG@SK@MDH@IO<GN@NNDJINR@M@>JI?P>O@?DI?DQD?P<GGT2C@ @SK@MDH@IO@M

<I<?Q@??J>OJM<G
NOP?@IODI>JPIN@GDIBKNT>CJGJBT
BM@@O@?@<>CNP=E@>O
@SKG<DI@?OC@KPMKJN@JAOC@NOP?T<N
<NN@NNDIB NOP?@ION[ M@<>ODJIN OJ >JPIN@GDIB
<I? <?HDIDNO@M@? OC@ 2$ 2C@ 2$ R<N OC@I
>JGG@>O@? <I? N>JM@? RCDG@ @<>C NP=E@>O >JHKG@O@? < ?@HJBM<KCD> ?<O<AJMH<I? M@QD@R@? <
N@OJADINOMP>ODJINAJMQD@RDIBOC@QD?@JO<K@2C@ADMNOC<GAJAOC@N<HKG@R<NM<I?JHGT<NNDBI@?
OJJI@JAOC@OR@GQ@QD?@JO<K@NKKMJ<>C@N61O<O@H@ION6!JPIN@GJMN
<I?<H@?D<O@BJMDU@OC@ N@>JI?C<GA JAOC@ BMJPK <NA@HDIDNOJMIJIA@HDIDNO
<I? OC@ M@H<DI?@M JA OC@
K<MOD>DK<ION R<N M<I?JHGT <NNDBI@? OJ >JI?DODJIN N@K<M<O@GT AMJH @<>C A@HDIDNO JMD@IO<ODJI
BMJPKOJ@INPM@I@<MGT@LP<G>@GGNDU@N2C@H@?D<IJIOC@ADI<GN<HKG@R<N>C@>F@?<I?<A@R
K<MOD>DK<IONM@><O@BJMDU@?=TOC@ADI<GH@?D<INKGDO
RCD>CM@NPGO@?DIJMK<MOD>DK<IONK@M
>@GG
AO@MQD@RDIBOC@QD?@JO<K@OC<O>JMM@NKJI?@?OJOC@DM@SK@MDH@IO<G<NNDBIH@IO
K<MOD>DK<ION
>JHKG@O@? OC@ ?@K@I?@IO H@<NPM@N <I? R@M@ ?@=MD@A@? KK POCJMN ?@N>MD=@? OC@
KMJ>@?PM@PN@?DIOC@@SK@MDH@IO:
1-30!# #IIN <I? &<>F@OO V =T OC@ H@MD>CJGJBD><G NNJ>D<ODJI
0@KMDIO@?RDOC K@MHDNNDJI

2CDN>C<KO@MD?@IODAD@?@NN@IOD<G>JHKJI@IONDI?@NDBIDIB<H@OCJ?KMJ>@?PM@AJM<NPMQ@TJM
@SK@MDH@IO<GNOP?T2C@JPOGDI@JANO@KNAJM<NPMQ@TNOP?T=@B<IRDOC<?DN>PNNDJI<=JPOOC@
KPMKJN@
OC@ D?@IODAD><ODJI JA OC@ KJKPG<ODJI <I? N<HKG@
OC@ NPMQ@T DINOMPH@ION OJ =@ PN@?
OC@ M@G<ODJINCDK =@OR@@I OC@ Q<MD<=G@N

OC@ M@N@<M>C LP@NODJIN
NK@>DAD> DO@HN JI OC@ NPMQ@T
<I?NO@KNOJ=@O<F@IDIOC@<I<GTNDN<I?OC@DIO@MKM@O<ODJIJAOC@?<O<AMJHOC@NPMQ@T'IOC@
?@NDBIJA<I@SK@MDH@IO
OC@M@N@<M>C@MD?@IODAD@NK<MOD>DK<IONDIOC@NOP?T
OC@Q<MD<=G@NYOC@
OM@<OH@IO>JI?DODJIN<I?OC@JPO>JH@Q<MD<=G@NY<I?OC@DINOMPH@IONPN@?AJMKM@O@NON<I?
KJNOO@NON<I?OC@H<O@MD<GNOJ=@PN@?DIOC@OM@<OH@ION2C@?@NDBI<GNJDI>GP?@NOC@NK@>DAD>
OTK@JA@SK@MDH@IO
NP>C<N<KM@@SK@MDH@IO<G
LP<ND@SK@MDH@IO<G
OMP@@SK@MDH@IO
JMNDIBG@
NP=E@>O ?@NDBI 2C@I OC@ M@N@<M>C@M ?M<RN < ADBPM@ OJ DGGPNOM<O@ OC@ ?@NDBI
PNDIB <KKMJKMD<O@
IJO<ODJI2CDNDNAJGGJR@?=T>JHH@ION<=JPOKJO@IOD<GOCM@<ONOJDIO@MI<G<I?@SO@MI<GQ<GD?DOT
<I? KJNND=GT NO<ODNOD><G <I? >JINOMP>O Q<GD?DOT OC<O M@G<O@ OJ OC@ @SK@MDH@IO
OC@ NO<ODNOD><G
<I<GTNDNPN@?OJO@NOOC@CTKJOC@N@NJMM@N@<M>CLP@NODJIN
<I?OC@DIO@MKM@O<ODJIJAOC@M@NPGON
0)2),'6%0#)1%1
"@NDBI<KG<IAJMOC@KMJ>@?PM@NOJ=@PN@?DI<NPMQ@TNOP?T0@QD@ROC@>C@>FGDNODI2<=G@
<AO@MTJPRMDO@OC@N@>ODJIOJ?@O@MHDI@DA<GG>JHKJI@IONC<Q@=@@I<??M@NN@?
"@NDBI < KG@?PM@N AJM JHKG@O@TJPMKG<IOJ?@O@MHDI@DA<GGLP@NODJINC<Q@=@@I<??M@NN@?<?@LP<O@GT

<==D@
# &?<@/C</=/+<-27/>29.= I?@? @GHJIO
!5<?NRJMOC
#<MG <==D@ KMJQD?@N < OCJMJPBC

?@O<DG@? O@SO <=JPO <GG <NK@>ON JA NPMQ@T ?@NDBI &@ M@QD@RN
OC@ OTK@N JA ?@NDBIN
OC@ GJBD> JA N<HKGDIB
<I? @S<HKG@N JA ?@NDBIN &@ <GNJ ?DN>PNN@N OC@
>JI>@KOP<GDU<ODJI JA < NPMQ@T DINOMPH@IO <I? DON N><G@N &@ OC@I KMJQD?@N PN@APG D?@<N <=JPO
<?HDIDNO@MDIB < LP@NODJII<DM@ <I? KMJ>@NNDIB OC@ M@NPGON GNJ DI>GP?@? DN < ?DN>PNNDJI <=JPO
?<O< <I<GTNDN RDOC <OO@IODJI OJ >JINOMP>ODIB <I? PI?@MNO<I?DIB O<=G@N <I? RMDODIB < NPMQ@T
M@KJMO 2CDN =JJF DN ?@O<DG@?
DIAJMH<ODQ@
<I? O@>CID><GGT JMD@IO@? OJR<M? NOP?@ION <O OC@
DIO@MH@?D<O@JM<?Q@?G@Q@GJANPMQ@TM@N@<M>C
!<HK=@GG
" 2
1O<IG@T
( ! #SK@MDH@IO<G <I? LP<ND@SK@MDH@IO<G ?@NDBIN AJM
M@N@<M>C 'I , * %<B@ #?
+8.,995 90 </=/+<-2 98 >/+-2381 KK !CD><BJ 0<I?
+>,<GGT
2CDN >C<KO@M DI OC@ %<B@ +8.,995 DN OC@ >G<NND><G NO<O@H@IO <=JPO @SK@MDH@IO<G ?@NDBIN
!<HK=@GG<I?1O<IG@T?@NDBI@?<IJO<ODJINTNO@HAJM@SK@MDH@IONOC<ODNNODGGPN@?OJ?<TOC@T
<GNJ <?Q@? OC@ OTK@N JA @SK@MDH@IO<G ?@NDBIN
=@BDIIDIB RDOC A<>OJMN OC<O E@JK<M?DU@
DIO@MI<G <I? @SO@MI<G Q<GD?DOT
OC@ KM@@SK@MDH@IO<G ?@NDBI OTK@N
OMP@ @SK@MDH@ION
LP<ND
@SK@MDH@IO<G ?@NDBIN
<I? >JMM@G<ODJI<G <I? @S KJNO A<>OJ ?@NDBIN 2C@ >C<KO@M KM@N@ION @GG@IO NPHH<MT JA OTK@N JA ?@NDBIN
OC@DM OCM@<ON OJ Q<GD?DOT
<I? NO<ODNOD><G KMJ>@?PM@N OJ
O@NOOC@?@NDBIN2CDNDN<I@NN@IOD<G>C<KO@MAJMNOP?@ION=@BDIIDIBOC@DMNOP?TJA@SK@MDH@IO<G
NOP?D@N
$DIF
'2/=?<@/C53> I?@?2CJPN<I?-<FN
!1<B@
\2C@1PMQ@T)DO
]DN>JHKJN@?JAHPGODKG@=JJFN<I?@?DO@?=TMG@I@$DIFIJQ@MQD@RJAOC@
=JJFN DI OCDN N@MD@N DN KMJQD?@? DI OC@ ADMNO QJGPH@ N ODJI OJ OC@ QJGPH@N
$DIF
?DN>PNN@N<GG<NK@>ONJANPMQ@TM@N@<M>C
DI>GP?DIBCJROJ<NFLP@NODJIN
CJROJ>JI?P>ONPMQ@TN
CJR OJ @IB<B@ DI O@G@KCJI@ DIO@MQD@RN

CJR OJ N<HKG@
<I? CJR OJ H@<NPM@ Q<GD?DOT <I?
M@GD<=DGDOT+P>CJAOC@?DN>PNNDJIDNJMD@IO@?OJR<M?OC@=@BDIIDIBNPMQ@TM@N@<M>C@M
<I?OC@
IPH@MJPN@S<HKG@N<I?@S>@GG@IODGGPNOM<ODJINH<F@DO<PN@APGOJJGOJG@<MIOC@=<ND>NJANPMQ@T
M@N@<M>C
$JRG@M
$( &?<@/C</=/+<-27/>29.= M?@?2CJPN<I?-<FN
!1<B@
$GJT? $JRG@M KMJQD?@N < PN@APG O@SO <=JPO OC@ ?@>DNDJIN OC<O BJ DIOJ OC@ ?@NDBI JA < NPMQ@T
M@N@<M>C KMJE@>O &@ <??M@NN@N PN@ JA <GO@MI<ODQ@ N<HKGDIB KMJ>@?PM@N
R<TN JA M@?P>DIB
IJIM@NKJIN@ M<O@N
?<O< >JGG@>ODJI
?@NDBI JA BJJ? LP@NODJIN
@HKGJTDIB NJPI? DIO@MQD@RDIB
O@>CIDLP@N
KM@K<M<ODJIJANPMQ@TNAJM<I<GTNDN
<I?@OCD><GDNNP@NDINPMQ@T?@NDBIN
)@KK@G
% /=318+8.+8+6C=3=</=/+<-2/<F=2+8.,995 M? @?#IBG@RJJ?!GDAAN
,(
.M@IOD>@&<GG
%@JAAM@T)@KK@GKMJQD?@N<?@O<DG@?
OCJMJPBCOM@<OH@IOJAOC@?@NDBIJA@SK@MDH@IONAMJHOC@
KMDI>DKG@NJA?@NDBIOJOC@NO<ODNOD><G<I<GTNDNJA@SK@MDH@IO<G?<O<-Q@M<GG
OCDN=JJFDNAJMOC@
HD?G@Q@G OJ <?Q@? NO<ODNOD>N NOP?@IO RCJ N@@FN OJ PI?@MNO<I? OC@ ?@NDBI <I? NO<ODNOD><G
<I<GTNDN JA @SK@MDH@ION 2C@ DIOMJ?P>OJMT >C<KO@M KM@N@ION JHKJI@IONJA@SK@MDH@IO<G?@NDBIN
*DKN@T
+ 5 /=318 =/8=3>3@3>C &>+>3=>3-+6 :9A/< 09< /B:/<37/8>+6 </=/+<-2 ,@R=PMT
.<MF
!1<B@
+<MF *DKN@T C<N <POCJM@? < H<EJM =JJF JI OC@ OJKD>N JA @SK@MDH@IO<G ?@NDBIN <I? NO<ODNOD><G
KJR@M JA OCJN@ ?@NDBIN 'ON =<ND> KM@HDN@ DN OC<O D@IO
N@INDODQDOTOJ?@O@>OOCJN@@AA@>ONDOKPMKJMONOJDIQ@NODB<O@2C@=JJF@SKGJM@NNO<ODNOD><GKJR@M
<I? DI>GP?@N < O<=G@ OJ C@GK M@N@<M>C@MN D?@IODAT OC@ <KKMJKMD<O@ NDU@ JA BMJPKN DI !JMHD>F
1 #?N &3816/=?,4/-> /B:/<37/8>+6 </=/+<-2
::63-+>398=09<63>/<+-C ,@R<MF
"#'IO@MI<ODJI<G0@<?DIBNNJ>D<ODJI
1PN!JMHD>F C<Q@ @?DO@? < PN@APG

KM<>OD><G BPD?@ OJ OC@ ?@NDBI JA
NDIBG@NP=E@>O M@N@<M>C 2C@T KM@N@IO H<IT @S<HKG@N JA ?DAA@M@IO OTK@N JA ?@NDBIN
NP>C <N
M@Q@MN<G?@NDBIN<I?HPGODKG@=<N@GDI@?@NDBIN
<I?OC@T@IPH@M<O@OC@NO<ODNOD><GKMJ>@?PM@N
OC<OHDBCO=@DIQJGQ@?DI<I<GTUDIBOC@NDIBG@NP=E@>O?<O<-I@>C<KO@M
AJM@S<HKG@
DGGPNOM<O@N
OC@>JIQ@IODJINAJM?DNKG<TDIB?<O<JIGDI@ BM<KCNGOCJPBCOCDN=JJF>DO@NH<IT<KKGD><ODJIN
DIGDO@M<>T
DOC<N=MJ<?<KKGD><ODJIDIOC@NJ>D<G<I?CPH<IN>D@I>@N
$(&""
%C/:7B/B7D3$@=132C@3A
%P<GDO<ODQ@KMJ>@?PM@N?@HJINOM<O@<?DAA@M@IO<KKMJ<>COJN>CJG<MGTDILPDMTOC<IH@OCJ?NJA
LP<IODO<ODQ@ M@N@<M>C /P<GDO<ODQ@ DILPDMT @HKGJTN ?DAA@M@IO KCDGJNJKCD><G <NNPHKODJIN
NOM<O@BD@NJADILPDMT<I?H@OCJ?NJA?<O<>JGG@>ODJI
<I<GTNDN
<I?DIO@MKM@O<ODJIGOCJPBCOC@
KMJ>@NN@N<M@NDHDG<M
LP<GDO<ODQ@KMJ>@?PM@NM@GTJIO@SO<I?DH<B@?<O<
C<Q@PIDLP@NO@KNDI
?<O<<I<GTNDN
<I??M<RJI?DQ@MN@NOM<O@BD@NJADILPDMT
'IA<>O
OC@NOM<O@BD@NJADILPDMT>CJN@IDI<LP<GDO<ODQ@KMJE@>OC<Q@<?M<H<OD>DIAGP@I>@JIOC@
KMJ>@?PM@N
RCD>C
@Q@I RDOCDI NOM<O@BD@N
<M@ <ITOCDIB =PO PIDAJMH *JJFDIB JQ@M OC@
G<I?N><K@ JA LP<GDO<ODQ@ KMJ>@?PM@N NCJRN ?DQ@MN@ K@MNK@>ODQ@N M<IBDIB AMJH NJ>D<G EPNOD>@
OCDIFDIB "@IUDI *DI>JGI

OJ D?@JGJBD><G K@MNK@>ODQ@N *<OC@M

OJ KCDGJNJKCD><G
NO@N 1>CR<I?O

OJ NTNO@H<OD> KMJ>@?PM<G BPD?@GDI@N !M@NR@GG
!JM=DI
1OM<PNN
GG K@MNK@>ODQ@N QD@ AJM >@IO@M NO<B@ DI OCDN PIAJG?DIB HJ?@G JA DILPDMT ><GG@?
LP<GDO<ODQ@M@N@<M>C
2CDN >C<KO@M <OO@HKON OJ >JH=DI@ H<IT K@MNK@>ODQ@N

KMJQD?@ B@I@M<G KMJ>@?PM@N
<I? PN@
@S<HKG@N GD=@M<GGT OJ DGGPNOM<O@ Q<MD<ODJIN DI NOM<O@BD@N 2CDN ?DN>PNNDJI ?M<RN JI OCJPBCON
KMJQD?@? =T N@Q@M<G <POCJMN RMDODIB <=JPO LP<GDO<ODQ@ KMJKJN<G ?@NDBI @B
N@@ @MB

+<MNC<GG 0JNNHN DI < KMJKJN<G
N@>ODJIJIKMJ>@?PM@N<M@>C<M<>O@MDNOD>NJALP<GDO<ODQ@M@N@<M>C
OC@M@N@<M>CNOM<O@BT
OC@MJG@
JAOC@M@N@<M>C@M
NO@KNDI?<O<>JGG@>ODJI<I?<I<GTNDN
NOM<O@BD@NAJMQ<GD?DOT
OC@<>>PM<>TJA
ADI?DIBN
<I? I<MM<ODQ@ NOMP>OPM@ 2<=G@ NCJRN < >C@>FGDNO JA LP@NODJIN AJM ?@NDBIDIB
LP<GDO<ODQ@KMJ>@?PM@N
(&(&'('#%) ((*&'&
$JMH<ITT@<MN
KMJKJN<GRMDO@MNC<?OJ?DN>PNNOC@>C<M<>O@MDNOD>NJALP<GDO<ODQ@M@N@<M>C<I?
>JIQDI>@A<>PGOT<I?<P?D@I>@N<NOJOC@DMG@BDODH<>T,JR OC@N@?DN>PNNDJIN<M@G@NNAM@LP@IOGT
AJPI?DIOC@GDO@M<OPM@<I?OC@M@DNNJH@>JIN@INPN<NOJRC<O>JINODOPO@NLP<GDO<ODQ@DILPDMT
2CPN
HTNPBB@NODJIN<=JPOOCDNN@>ODJIJA<KMJKJN<G<M@<NAJGGJRN
(/0:3 !C@>FGDNOJA/P@NODJINAJM"@NDBIDIB </P<GDO<ODQ@.MJ>@?PM@

^0@QD@ROC@I@@?NJAKJO@IOD<G<P?D@I>@NAJMOC@KMJKJN<G"@>D?@RC@OC@M<P?D@I>@H@H=@MN
<M@FIJRG@?B@<=G@@IJPBC<=JPOOC@>C<M<>O@MDNOD>NJALP<GDO<ODQ@M@N@<M>COC<OOCDNN@>ODJIDN
IJOI@>@NN<MT
^ 'A OC@M@ DN NJH@ LP@NODJI <=JPO OC@DM FIJRG@?B@

KM@N@IO OC@ =<ND> >C<M<>O@MDNOD>N JA
LP<GDO<ODQ@ M@N@<M>C DI OC@ KMJKJN<G <I? KJNND=GT ?DN>PNN < M@>@IO LP<GDO<ODQ@ M@N@<M>C EJPMI<G
<MOD>G@JMNOP?TOJPN@<N<I@S<HKG@OJDGGPNOM<O@OC@>C<M<>O@MDNOD>N
^1@Q@M<GGDNONJA>C<M<>O@MDNOD>NHDBCO=@PN@?@B
JB?C
*@!JHKO@1>C@INPG
+<MNC<GG0JNNHJHKJNDO@
<I<GTNDN JA N@Q@M<G JA OC@N@ RMDO@MN OC<O ' DI>JMKJM<O@? DIOJ HT =JJF JI LP<GDO<ODQ@ DILPDMT
!M@NR@GG
+T GDNO ><KOPM@N =JOC OM<?DODJI<G K@MNK@>ODQ@N <I? OC@ I@R@M <?QJ><>T
K<MOD>DK<OJMT
<I?N@GAM@AG@SDQ@K@MNK@>ODQ@NJALP<GDO<ODQ@DILPDMT&@M@<M@OC@>C<M<>O@MDNOD>N
JALP<GDO<ODQ@M@N@<M>C
KM@N@IO@?DIIJNK@>DAD>JM?@MJADHKJMO@
^ ,<OPM<G N@OODIBY/P<GDO<ODQ@ M@N@<M>C@MN O@I? OJ >JGG@>O ?<O< DI OC@ AD@G? <O OC@ NDO@ RC@M@
K<MOD>DK<ION@SK@MD@I>@OC@DNNP@JMKMJ=G@HPI?@MNOP?T2C@T?JIJO=MDIBDI?DQD?P<GNDIOJ<
G<= < >JIOMDQ@? NDOP<ODJI
IJM ?J OC@T OTKD><GGT N@I? JPO DINOMPH@ION AJM DI?DQD?P<GN OJ
>JHKG@O@2CDNPK>GJN@DIAJMH<ODJIB<OC@M@?=T<>OP<GGTO<GFDIB?DM@>OGTOJK@JKG@<I?N@@DIB
OC@H=@C<Q@<I?<>ORDOCDIOC@DM>JIO@SODN<H<EJM>C<M<>O@MDNOD>JALP<GDO<ODQ@M@N@<M>C'IOC@
I<OPM<GN@OODIB
OC@M@N@<M>C@MNC<Q@A<>@OJA<>@DIO@M<>ODJIJQ@MODH@
^ 0@N@<M>C@M <N F@T DINOMPH@IOY/P<GDO<ODQ@ M@N@<M>C@MN >JGG@>O ?<O< OC@HN@GQ@N OCMJPBC

@S<HDIDIB ?J>PH@ION
J=N@MQDIB =@C<QDJM
JM DIO@MQD@RDIB K<MOD>DK<ION 2C@T H<T PN@ <
KMJOJ>JGYJGG@>ODIB ?<O<Y=PO OC@ M@N@<M>C@MN <M@ OC@ JI@N RCJ <>OP<GGT
B<OC@M OC@ DIAJMH<ODJI 2C@T ?J IJO O@I? OJ PN@ JM M@GT JI LP@NODJII<DM@N JM DINOMPH@ION
?@Q@GJK@?=TJOC@MM@N@<M>C@MN
^ +PGODKG@ NJPM>@N JA ?<O<Y/P<GDO<ODQ@ M@N@<M>C@MN OTKD><GGT B<OC@M HPGODKG@ AJMHN JA ?<O<
NP>C<NDIO@MQD@RN
J=N@MQ<ODJIN
<I??J>PH@ION
M<OC@MOC<IM@GTJI<NDIBG@?<O<NJPM>@2C@I
OC@ M@N@<M>C@MN M@QD@R <GG JA OC@ ?<O<
H<F@ N@IN@ JA DO
<I? JMB<IDU@ DO DIOJ ><O@BJMD@N JM
OC@H@NOC<O>PO<>MJNN<GGJAOC@?<O<NJPM>@N
^'I?P>ODQ@ ?<O<<I<GTNDNY/P<GDO<ODQ@M@N@<M>C@MN=PDG?OC@DMK<OO@MIN
><O@BJMD@N
<I?OC@H@N
AMJHOC@=JOOJHPK
=TJMB<IDUDIBOC@?<O<DIOJDI>M@<NDIBGTHJM@<=NOM<>OPIDONJADIAJMH<ODJI
2CDNDI?P>ODQ@KMJ>@NNDGGPNOM<O@NRJMFDIB=<>F<I?AJMOC=@OR@@IOC@OC@H@N <I?OC@?<O<=<N@
PIODG OC@ M@N@<M>C@MN C<Q@ @NO<=GDNC@? < >JHKM@C@INDQ@ N@O JA OC@H@N 'O H<T <GNJ DIQJGQ@
>JGG<=JM<ODIBRDOCOC@K<MOD>DK<IONDIO@M<>ODQ@GT
NJOC<OK<MOD>DK<IONC<Q@<>C@OJNC<K@OC@
OC@H@NJM<=NOM<>ODJINOC<O@H@MB@AMJHOC@KMJ>@NN
^ .<MOD>DK<ION[ H@<IDIBNY'I OC@ @IODM@ LP<GDO<ODQ@ M@N@<M>C KMJ>@NN

OC@ M@N@<M>C@M F@@KN <
AJ>PNJIG@<MIDIBOC@H@<IDIBOC<OOC@K<MOD>DK<IONCJG?<=JPOOC@KMJ=G@HJMDNNP@
IJOOC@
H@<IDIBOC<OOC@M@N@<M>C@MN=MDIBOJOC@M@N@<M>CJMRMDO@MN@SKM@NNDIOC@GDO@M<OPM@
^#H@MB@IO?@NDBIY2C@M@N@<M>CKMJ>@NNAJMLP<GDO<ODQ@M@N@<M>C@MNDN@H@MB@IO2CDNH@<IN
OC<OOC@DIDOD<GKG<IAJMM@N@<M>C><IIJO=@ODBCOGTKM@N>MD=@?
<I?<GGKC<N@NJAOC@KMJ>@NNH<T
>C<IB@JMNCDAO<AO@MOC@M@N@<M>C@M@IO@MN OC@AD@G?<I?=@BDINOJ>JGG@>O?<O<$JM@S<HKG@
OC@
LP@NODJINH<T>C<IB@
OC@AJMHNJA?<O<>JGG@>ODJIH<TNCDAO
<I?OC@DI?DQD?P<GNNOP?D@?<I?
OC@NDO@NQDNDO@?H<T=@HJ?DAD@?2C@F@TD?@<=@CDI?LP<GDO<ODQ@M@N@<M>CDNOJG@<MI<=JPOOC@
KMJ=G@HJMDNNP@AMJHK<MOD>DK<ION<I?OJ<??M@NNOC@M@N@<M>COJJ=O<DIOC<ODIAJMH<ODJI
^ 2C@JM@OD><G G@INY/P<GDO<ODQ@ M@N@<M>C@MN JAO@I PN@ G@IN OJ QD@R OC@DM NOP?D@N
NP>C <N OC@
>JI>@KO JA >PGOPM@
>@IOM<G OJ @OCIJBM<KCT
JM B@I?@M@?
M<>D<G
JM >G<NN ?DAA@M@I>@N AMJH OC@
OC@JM@OD><GJMD@IO<ODJIN?DN>PNN@?DI!C<KO@M1JH@ODH@NOC@NOP?TH<T=@JMB<IDU@?<MJPI?
D?@IODATDIBOC@NJ>D<G
KJGDOD><G
JMCDNOJMD><G>JIO@SOJAOC@KMJ=G@HPI?@MNOP?T
^'IO@MKM@ODQ@Y/P<GDO<ODQ@M@N@<M>CDN<AJMHJADIO@MKM@ODQ@DILPDMTDIRCD>CM@N@<M>C@MNH<F@
<IIJO =@
N@K<M<O@? AMJH OC@DM JRI =<>FBMJPI?N
CDNOJMT
>JIO@SON
<I? KMDJM PI?@MNO<I?DIBN AO@M <
M@N@<M>C M@KJMO DN DNNP@?
OC@ M@<?@MN H<F@ DK<ION
JAA@MDIB T@O JOC@M DIO@MKM@O<ODJIN JA OC@ NOP?T 5DOC OC@ M@<?@MN
OC@ K<MOD>DK<ION
<I? OC@
M@N@<M>C@MN <GG H<FDIB DIO@MKM@O<ODJIN
DO DN <KK<M@IO CJR HPGODKG@ QD@RN JA OC@ KMJ=G@H ><>>JPIOY/P<GDO<ODQ@M@N@<M>C@MNOMTOJ?@Q@GJK<>JHKG@SKD>OPM@JAOC@KMJ=G@HJM
DNNP@ PI?@M NOP?T 2CDN DIQJGQ@N M@KJMODIB HPGODKG@ K@MNK@>ODQ@N
D?@IODATDIB OC@ H<IT A<>OJMN
DIQJGQ@?DI<NDOP<ODJI
<I?B@I@M<GGTNF@O>CDIBOC@G<MB@MKD>OPM@OC<O@H@MB@N QDNP<GHJ?@G
JA H<IT A<>@ON JA < KMJ>@NN JM < >@IOM<G KC@IJH@IJI <D? DI @NO<=GDNCDIB OCDN CJGDNOD> KD>OPM@
N@@
AJM@S<HKG@
!M@NR@GG MJRI

'(&('#"%)&-
@TJI? OC@N@ B@I@M<G >C<M<>O@MDNOD>N <M@ HJM@ NK@>DAD> NOM<O@BD@N JA DILPDMT 2C@N@ NOM<O@BD@N
AJ>PN JI ?<O< >JGG@>ODJI
<I<GTNDN
<I? RMDODIB
=PO OC@T JMDBDI<O@ JPO JA ?DN>DKGDI@N <I? AGJR
OCMJPBCJPO OC@ KMJ>@NN JA M@N@<M>C @B
OTK@N JA KMJ=G@HN
@OCD><G DNNP@N JA DHKJMO@
!M@NR@GG
=
+<IT NOM<O@BD@N @SDNO

NP>C <N OC@ <KKMJ<>C@N D?@IODAD@? =T 2@N>C
OC@ OTK@N DI
5JG>JOO[N OM@@
<I? OC@ <KKMJ<>C@N OJ LP<GDO<ODQ@ DILPDMT =T !M@NR@GG N
?DN>PNN@? DI !C<KO@M
' M@>JHH@I? OC<O LP<GDO<ODQ@ M@N@<M>C@MN >CJJN@ AMJH <HJIB OC@
KJNND=DGDOD@N
NP>C<N I<MM<ODQ@
KC@IJH@IJGJBT
@OCIJBM<KCT
><N@NOP?T
<I?BMJPI?@?OC@JMT
' N@G@>O@? OC@N@ ADQ@ =@><PN@ OC@T <M@ KJKPG<M <>MJNN OC@ NJ>D<G <I? C@<GOC N>D@I>@N OJ?<T
-OC@MN @SDNO OC<O C<Q@ =@@I <??M@NN@? <?@LP<O@GT DI LP<GDO<ODQ@ =JJFN
NP>C <N K<MOD>DK<OJMT
<>ODJI M@N@<M>C )@HHDN 5DGFDINJI
JM ?DN>JPMN@ <I<GTNDN !C@@F
$JM OC@ ADQ@
<KKMJ<>C@N
M@N@<M>C@MNHDBCONOP?TDI?DQD?P<GNI<MM<ODQ@
KC@IJH@IJGJBT@SKGJM@KMJ>@NN@N
<>ODQDOD@N
<I? @Q@ION ><N@ NOP?T
BMJPI?@? OC@JMT JM G@<MI <=JPO =MJ<? >PGOPM@NC<MDIB
=@C<QDJMJADI?DQD?P<GNJMBMJPKN@OCIJBM<KCT
'IRMDODIB<KMJ>@?PM@AJM<LP<GDO<ODQ@KMJKJN<G
>JIND?@MOC@AJGGJRDIB @3A3/@16B7>A
^'?@IODATOC@NK@>DAD><KKMJ<>COJDILPDMTOC<OTJPRDGG=@PNDIB
^ .MJQD?@ NJH@ =<>FBMJPI? DIAJMH<ODJI <=JPO OC@ NOM<O@BT

NP>C <N DON ?DN>DKGDI@ JMDBDI
OC@
<KKGD><ODJINJADO
<I?<=MD@A?@ADIDODJIJADON@@!C<KO@MAJMOC@ADQ@NOM<O@BD@NJADILPDMT
^"DN>PNNRCTDODN<I<KKMJKMD<O@NOM<O@BTOJPN@DIOC@KMJKJN@?NOP?T
^'?@IODATCJROC@PN@JAOC@NOM<O@BTRDGGNC<K@OC@OTK@NJALP@NODJIN<NF@?N@@+JMN@

AJMLP@NODJINOC<OM@G<O@OJNOM<O@BD@N
OC@AJMHJA?<O<>JGG@>ODJI
OC@NO@KNJA?<O<<I<GTNDN
<I?OC@ADI<GI<MM<ODQ@
(&'&&I'&#
NH@IODJI@?DIOC@GDNOJA>C<M<>O@MDNOD>N
LP<GDO<ODQ@M@N@<M>CDNDIO@MKM@O<ODQ@M@N@<M>C
RDOC
OC@ DILPDM@M OTKD><GGT DIQJGQ@? DI < NPNO<DI@? <I? DIO@INDQ@ @SK@MD@I>@ RDOC K<MOD>DK<ION 2CDN
DIOMJ?P>@N < M<IB@ JA NOM<O@BD>
@OCD><G
<I? K@MNJI<G DNNP@N DIOJ OC@ LP<GDO<ODQ@ M@N@<M>C
KMJ>@NN*J>F@@O<G
5DOCOC@N@>JI>@MINDIHDI?
DILPDM@MN@SKGD>DOGTD?@IODATM@AG@SDQ@GT
OC@DM =D<N@N
Q<GP@N
<I? K@MNJI<G =<>FBMJPI?
NP>C <N B@I?@M
CDNOJMT
>PGOPM@
<I?
NJ>DJ@>JIJHD>NO<OPN
OC<OH<TNC<K@OC@DMDIO@MKM@O<ODJINAJMH@? ?PMDIB<NOP?T'I<??DODJI
B<DIDIB@IOMTOJ<M@N@<M>CNDO@<I?OC@@OCD><GDNNP@NOC<OHDBCO<MDN@<M@<GNJ@G@H@IONJAOC@
M@N@<M>C@M[NMJG@
^'I>GP?@NO<O@H@ION<=JPOK<NO@SK@MD@I>@NOC<OKMJQD?@=<>FBMJPI??<O<OCMJPBCRCD>COC@
<P?D@I>@><I=@OO@MPI?@MNO<I?OC@OJKD>
OC@N@OODIB
JMOC@K<MOD>DK<ION<I?OC@M@N@<M>C@M[N
DIO@MKM@O<ODJIJAOC@KC@IJH@IJI
^!JHH@IOJI>JII@>ODJIN=@OR@@IOC@M@N@<M>C@M<I?OC@K<MOD>DK<ION<I?JIOC@M@N@<M>C
NDO@N \ <>FT<M?] M@N@<M>C %G@NI@ .@NCFDI
DIQJGQ@N NOP?TDIB OC@ M@N@<M>C@M[N JRI
JMB<IDU<ODJI
JM AMD@I?N
JM DHH@?D<O@ RJMF N@OODIB 2CDN JAO@I G@<?N OJ >JHKMJHDN@N DI OC@
M@N@<M>C@M[N <=DGDOT OJ ?DN>GJN@ DIAJMH<ODJI <I? M<DN@N ?DAAD>PGO KJR@M DNNP@N GOCJPBC ?<O<
>JGG@>ODJI H<T =@ >JIQ@ID@IO <I? @<NT
OC@ KMJ=G@HN JA M@KJMODIB ?<O< OC<O <M@ =D<N@?
DI>JHKG@O@
JM>JHKMJHDN@?<M@G@BDJI'ANOP?TDIBOC@=<>FT<M?DNI@>@NN<MT
@HKGJTHPGODKG@
NOM<O@BD@N JA Q<GD?DOT <N ?DN>PNN@? G<O@M OJ >M@<O@ M@<?@M >JIAD?@I>@ DI OC@ <>>PM<>T JA OC@
ADI?DIBN
^'I?D><O@NO@KNO<F@IOJJ=O<DIK@MHDNNDJIAMJHOC@'INODOPODJI<G0@QD@R J<M?N@@!C<KO@M
OJKMJO@>OOC@MDBCONJACPH<IK<MOD>DK<IONOO<>C
<N<I<KK@I?DS
OC@<KKMJQ<GG@OO@MAMJHOC@
'0 <I??DN>PNNOC@KMJ>@NNDIQJGQ@?DIN@>PMDIBK@MHDNNDJI
^ "DN>PNN NO@KN O<F@I OJ B<DI @IOMT OJ OC@ N@OODIB <I? OJ N@>PM@ K@MHDNNDJI OJ NOP?T OC@
K<MOD>DK<IONJMNDOP<ODJI+<MNC<GG0JNNH>@NNOJM@N@<M>C
JM <M>CDQ<G NDO@N =T N@@FDIB OC@ <KKMJQ<G JA 5/B3933>3@A
DI?DQD?P<GN <O OC@ M@N@<M>C NDO@ OC<O
KMJQD?@<>>@NNOJOC@NDO@<I?<GGJRJMK@MHDOOC@M@N@<M>COJ=@?JI@=MD@AKMJKJN<GHDBCO
I@@? OJ =@ ?@Q@GJK@? <I? NP=HDOO@? AJM M@QD@R =T B<O@F@@K@MN JB?@OJKD>NOC<O>JPG?=@<??M@NN@?DINP>C<KMJKJN<G
^5CTR<NOC@NDO@>CJN@IAJMNOP?T
^5C<O<>ODQDOD@NRDGGJ>>PM<OOC@NDO@?PMDIBOC@M@N@<M>CNOP?T
^5DGGOC@NOP?T=@?DNMPKODQ@
^&JRRDGGOC@M@NPGON=@M@KJMO@?
^5C<ORDGGOC@B<O@F@@K@MB<DIAMJHOC@NOP?T
^!JHH@IO<=JPON@INDODQ@@OCD><GDNNP@NOC<OH<T<MDN@N@@!C<KO@M
<I? @MB
$JM
@<>CDNNP@M<DN@?
?DN>PNNCJROC@M@N@<M>CNOP?TRDGG<??M@NNDO$JM@S<HKG@
RC@INOP?TDIB<
N@INDODQ@OJKD>
DODNI@>@NN<MTOJH<NFI<H@NJAK@JKG@
KG<>@N
<I?<>ODQDOD@N'IOCDNNDOP<ODJI
OC@KMJ>@NNAJMH<NFDIBDIAJMH<ODJIM@LPDM@N?DN>PNNDJIDIOC@KMJKJN<G
(# (#"$&#)&'
!JHH@ION <=JPO OC@ MJG@ JA OC@ M@N@<M>C@M N@O OC@ NO<B@ AJM ?DN>PNNDJI JA DNNP@N DIQJGQ@? DI
>JGG@>ODIB?<O<2C@?<O<>JGG@>ODJINO@KNDI>GP?@N@OODIB OC@=JPI?<MD@NAJMOC@NOP?T
>JGG@>ODIB
DIAJMH<ODJIOCMJPBCPINOMP>OPM@?JMN@HDNOMP>OPM@?J=N@MQ<ODJIN<I?DIO@MQD@RN
?J>PH@ION
<I?QDNP<GH<O@MD<GN
<NR@GG<N@NO<=GDNCDIBOC@KMJOJ>JGAJMM@>JM?DIBDIAJMH<ODJI
^'?@IODATOC@ :?<:9=/0?66C=/6/->/. NDO@NJMDI?DQD?P<GNAJMOC@KMJKJN@?NOP?T2C@D?@<=@CDI?

LP<GDO<ODQ@ M@N@<M>C DN OJ >C@>=A34C::G A3:31B K<MOD>DK<ION JM NDO@N JM ?J>PH@ION JM QDNP<G
H<O@MD<GOC<ORDGG=@NOC@GKOC@M@N@<M>C@MPI?@MNO<I?OC@KMJ=G@H<I?OC@M@N@<M>CLP@NODJI
2CDN ?J@N IJO I@>@NN<MDGT NPBB@NO M<I?JH N<HKGDIB JM N@G@>ODJI JA < G<MB@ IPH=@M JA
K<MOD>DK<ION <I? NDO@N
<N OTKD><GGT AJPI? DI ;?+8>3>+>3@/ M@N@<M>C ?DN>PNNDJI <=JPO
K<MOD>DK<ION<I?NDO@HDBCODI>GP?@AJPM<NK@>OND?@IODAD@?=T+DG@N<I?&P=@MH<IOC@
=/>>381 RC@M@OC@M@N@<M>CRDGGO<F@KG<>@
OC@ +->9<= RCJRDGG=@J=N@MQ@?JMDIO@MQD@R@?
OC@ /@/8>= RC<O OC@ <>OJMN RDGG =@ J=N@MQ@? JM DIO@MQD@R@? ?JDIB
<I? OC@ :<9-/== OC@
@QJGQDIBI<OPM@JA@Q@IONPI?@MO<F@I=TOC@<>OJMNRDOCDIOC@N@OODIB
^'I?D><O@OC@OTK@JMOTK@NJA?<O<OJ=@>JGG@>O@?'IH<ITLP<GDO<ODQ@NOP?D@N
DILPDM@MN>JGG@>O
HPGODKG@ AJMHN JA ?<O< <I? NK@I? < >JIND?@M<=G@ ODH@ DI OC@ I<OPM<G N@OODIB B<OC@MDIB
DIAJMH<ODJI 2C@ >JGG@>ODJI KMJ>@?PM@N DI LP<GDO<ODQ@ M@N@<M>C DIQJGQ@ AJPM =<ND> OTK@N
<N
NCJRIDI2<=G@
(/0:3
/P<GDO<ODQ@"<O<!JGG@>ODJI2TK@N
-KODJIN
?Q<IO<B@N
<I?*DHDO<ODJIN
^ %C/:7B/B7D3=0A3@D/B7=<A <M@OCJN@DIRCD>COC@M@N@<M>C@MO<F@NAD@G?IJO@NJIOC@=@C<QDJM
<I?<>ODQDOD@NJADI?DQD?P<GN<OOC@M@N@<M>CNDO@'IOC@N@AD@G?IJO@N
OC@M@N@<M>C@MM@>JM?N
DI
<IPINOMP>OPM@?JMN@HDNOMP>OPM@?R<TPNDIBNJH@KMDJMLP@NODJINOC<OOC@DILPDM@MR<IONOJ
FIJR
<>ODQDOD@N <O OC@ M@N@<M>C NDO@ /P<GDO<ODQ@ J=N@MQ@MN H<T <GNJ @IB<B@ DI MJG@N Q<MTDIB
AMJH<IJIK<MOD>DK<IOOJ<>JHKG@O@K<MOD>DK<IO
^ 'I ?C/:7B/B7D3 7<B3@D73EA

OC@ M@N@<M>C@M >JI?P>ONA<>@OJA<>@ DIO@MQD@RN RDOCK<MOD>DK<ION
DIO@MQD@RN K<MOD>DK<ION =T O@G@KCJI@

JM @IB<B@N DI AJ>PN BMJPK DIO@MQD@RN
RDOC NDS OJ @DBCO
DIO@MQD@R@@N DI @<>C BMJPK 2C@N@ DIO@MQD@RN DIQJGQ@ PINOMP>OPM@? <I? B@I@M<GGT JK@I@I?@?
LP@NODJIN OC<O <M@ A@R DI IPH=@M <I? DIO@I?@? OJ @GD>DO QD@RN <I? JKDIDJIN AMJH OC@
K<MOD>DK<ION
^ "PMDIB OC@ KMJ>@NN JA M@N@<M>C

OC@ DIQ@NODB<OJM H<T >JGG@>O ?C/:7B/B7D3 2=1C;3<BA 2C@N@
H<T =@ KP=GD> ?J>PH@ION @B
I@RNK<K@MN
HDIPO@N JA H@@ODIBN
JAAD>D<G M@KJMON JM KMDQ<O@
?J>PH@ION@B
K@MNJI<GEJPMI<GN<I??D<MD@N
G@OO@MN
@H<DGN
^ ADI<G ><O@BJMT JA LP<GDO<ODQ@ ?<O< >JINDNON JA ?C/:7B/B7D3 /C27= /<2 D7AC/: ;/B3@7/:A 2CDN
?<O<H<TO<F@OC@AJMHJAKCJOJBM<KCN
<MOJ=E@>ON
QD?@JO<K@N
JM<ITAJMHNJANJPI?
^'I<?DN>PNNDJI<=JPO?<O<>JGG@>ODJIAJMHN
=@NK@>DAD><=JPOOC@OTK@N<I?DI>GP?@<MBPH@ION
>JI>@MIDIBOC@NOM@IBOCN<I?R@<FI@NN@NJA@<>COTK@
<N?DN>PNN@?DI2<=G@
^ 'I>GP?@ ?<O< >JGG@>ODJI OTK@N OC<O BJ =@TJI? OTKD><G J=N@MQ<ODJIN <I? DIO@MQD@RN 2C@N@
PIPNP<G AJMHN >M@<O@ M@<?@M DIO@M@NO DI < KMJKJN<G <I? ><KOPM@ PN@APG DIAJMH<ODJI OC<O
J=N@MQ<ODJIN<I?DIO@MQD@RNH<THDNN$JM@S<HKG@
@S<HDI@OC@>JHK@I?DPHJAOTK@NJA?<O<
DI2<=G@OC<O><I=@PN@?
OJNOM@O>COC@DH<BDI<ODJI<=JPOKJNND=DGDOD@N
NP>C<NB<OC@MDIB
NJPI?NJMO<NO@N
JMPNDIB>C@MDNC@?DO@HNOJ@GD>DO>JHH@ION?PMDIB<IDIO@MQD@R
(&#&"$&#)&'
@AJM@ @IO@MDIB OC@ AD@G?
LP<GDO<ODQ@ M@N@<M>C@MN KGC OJ ?<O< M@>JM?DIB 2C@
KMJKJN<GNCJPG?D?@IODATRC<O?<O<OC@M@N@<M>C@MRDGGM@>JM?<I?OC@KMJ>@?PM@NAJMM@>JM?DIB
?<O<
^ 3N@ < :<9>9-96 AJM M@>JM?DIB J=N@MQ<ODJI<G ?<O< 0@N@<M>C@MN JAO@I @IB<B@ DI HPGODKG@
J=N@MQ<ODJIN ?PMDIB OC@ >JPMN@ JA < LP<GDO<ODQ@ NOP?T <I? PN@ @=B=1=: AJM
M@>JM?DIBDIAJMH<ODJIRCDG@J=N@MQDIB2CDNH<T=@<NDIBG@K<B@RDOC<?DQD?DIBGDI@?JRIOC@
HD??G@OJN@K<M<O@ ./=-<3:>3@/89>/= KJMOM<DONJA OC@K<MOD>DK<ION
<M@>JINOMP>ODJIJA?D<GJBP@
<?@N>MDKODJIJAOC@KCTND><GN@OODIB
<>>JPIONJAK<MOD>PG<M@Q@ION
JM<>ODQDOD@NAMJH </06/->3@/
89>/= OC@ M@N@<M>C@M[N K@MNJI<G OCJPBCON
NP>C <N \NK@>PG<ODJI
A@@GDIBN
KMJ=G@HN
D?@<N
CPI>C@N
DHKM@NNDJIN
<I?KM@EP?D>@N] JB?398 <=JPOOC@ODH@
KG<>@
<I??<O@JAOC@AD@G?N@OODIBRC@M@
OC@J=N@MQ<ODJIO<F@NKG<>@
2<=G@*DNOJA/P<GDO<ODQ@"<O<!JGG@>ODJIKKMJ<>C@N
^ 3N@ @=B=1=: AJM <NFDIB LP@NODJIN <I? M@>JM?DIB <INR@MN ?PMDIB < LP<GDO<ODQ@
DIO@MQD@R2CDNKMJOJ>JGDI>GP?@NOC@AJGGJRDIB>JHKJI@ION
^C@<?DIB?<O@
KG<>@
DIO@MQD@R@M
DIO@MQD@R@@
^ 'INOMP>ODJIN AJM OC@ DIO@MQD@R@M OJ AJGGJR NJ OC<O NO<I?<M? KMJ>@?PM@N <M@ PN@? AMJH JI@
DIO@MQD@ROJ<IJOC@M
^ 2C@LP@NODJIN OTKD><GGT @=M@<F@MLP@NODJI <OOC@ =@BDIIDIBAJGGJR@? =T LP@NODJIN

OC<O <M@ JAO@I OC@ NP=LP@NODJIN DI < LP<GDO<ODQ@ M@N@<M>C KGJI>GP?DIB
NO<O@H@IOJM<LP@NODJI
NP>C<N
\5CJNCJPG?'QDNDORDOCOJG@<MIHJM@<=JPOHTLP@NODJIN]
^.MJ=@NAJMOC@LP@NODJIN
OJAJGGJRPK<I?<NFDI?DQD?P<GNOJ@SKG<DIOC@DMD?@<NDIHJM@
?@O<DGJMOJ@G<=JM<O@JIRC<OOC@TC<Q@N<D?
^1K<>@=@OR@@IOC@LP@NODJINOJM@>JM?M@NKJIN@N
^ ADI<G OC<IFTJP NO<O@H@IO OJ <>FIJRG@?B@ OC@ ODH@ OC@ DIO@MQD@R@@ NK@IO ?PMDIB OC@
DIO@MQD@RN@@!M@NR@GG

^0@N@<M>C@MNM@>JM?DIAJMH<ODJIAMJHDIO@MQD@RN=TH<FDIBC<I?RMDOO@IIJO@N
=T<P?DJO<KDIB
JM=T QD?@JO<KDIB #Q@IDA JHH@I? OC<O M@N@<M>C@MNO<F@IJO@N
DI
OC@ @Q@IO OC<O M@>JM?DIB @LPDKH@IO A<DGN 'A <P?DJO<KDIB DN PN@?
M@N@<M>C@MN I@@? OJ KG@AJMOC@OM<IN>MDKODJIJAOC@O<K@
^2C@M@>JM?DIBJA?J>PH@ION<I?QDNP<GH<O@MD<GN><I=@=<N@?JIOC@M@N@<M>C@M[NNOMP>OPM@
AJMO<FDIBIJO@N2TKD><GGT
IJO@NM@AG@>ODIAJMH<ODJI<=JPOOC@?J>PH@IOJMJOC@MH<O@MD<G<N
R@GG <N F@T D?@<N DI OC@ ?J>PH@ION 'O DN C@GKAPG OJ IJO@ RC@OC@M OC@ DIAJMH<ODJI M@KM@N@ION
KMDH<MT H<O@MD<G D@
DIAJMH<ODJI ?DM@>OGT AMJH OC@ K@JKG@ JM NDOP<ODJI PI?@M NOP?T JM
N@>JI?<MTH<O@MD<GD@
N@>JI?C<I?<>>JPIONJAOC@K@JKG@JMNDOP<ODJIRMDOO@I=TJOC@MN'ODN
<GNJC@GKAPGOJ>JHH@IOJIOC@M@GD<=DGDOT <I?Q<GP@JAOC@?<O<NJPM>@
(" -''""(&$&((#"
"DN>PNNDJI JA OC@ KGJHKJI@ION 2C@ KMJ>@NN JA
?<O<<I<GTNDNDIQJGQ@NH<FDIBN@IN@JPOJAO@SO<I?DH<B@?<O<'ODIQJGQ@NKM@K<MDIBOC@?<O<
AJM<I<GTNDN
>JI?P>ODIB?DAA@M@IO<I<GTN@N
HJQDIB?@@K@M<I??@@K@MDIOJPI?@MNO<I?DIBOC@
?<O<NJH@LP<GDO<ODQ@M@N@<M>C@MNGDF@OJOCDIFJAOCDN<NK@@GDIB=<>FOC@G<T@MNJA<IJIDJI
M@KM@N@IODIBOC@?<O<
<I?H<FDIB<IDIO@MKM@O<ODJIJAOC@G<MB@MH@<IDIBJAOC@?<O<1@Q@M<G
B@I@MD>KMJ>@NN@NHDBCO=@NO<O@?DIOC@KMJKJN<GOC<O>JIQ@T<N@IN@JAOC@JQ@M<GG<>ODQDOD@NJA
LP<GDO<ODQ@?<O<<I<GTNDN
NP>C<NOC@AJGGJRDIB?M<RIAMJHHTJRIOCJPBCON!M@NR@GG

<I?OCJN@JA0JNNH<I<I?0<GGDN
^ 'O DN @NN DIQJGQDIB >JIODIP<G M@AG@>ODJI <=JPO OC@ ?<O<
<NFDIB <I<GTOD>
LP@NODJIN
<I? RMDODIB H@HJN OCMJPBCJPO OC@ NOP?T ' N<T OC<O LP<GDO<ODQ@ ?<O< <I<GTNDN DN
>JI?P>O@?>JI>PMM@IOGTRDOCB<OC@MDIB?<O<
H<FDIBDIO@MKM@O<ODJIN
<I?RMDODIBM@KJMON5CDG@
DIO@MQD@RN <M@ BJDIB JI
AJM @S<HKG@
OC@ M@N@<M>C@M H<T=@ <I<GTUDIB JGG@>O@?
@<MGD@M
RMDODIB H@HJN OC<O H<TPGODH<O@GT=@ DI>GP?@? <N <I<MM<ODQ@ DI OC@ ADI<G M@KJMO
<I?
JMB<IDUDIBOC@NOMP>OPM@JAOC@ADI<GM@KJMO
^ "<O< <I<GTNDN DIQJGQ@N >JGG@>ODIB JK@I@I?@? ?<O<

=<N@? JI <NFDIB B@I@M<G LP@NODJIN <I?
?@Q@GJKDIB<I<I<GTNDNAMJHOC@DIAJMH<ODJINPKKGD@?=TK<MOD>DK<ION
^-AO@IR@N@@LP<GDO<ODQ@?<O<<I<GTNDNM@KJMO@?DIEJPMI<G<MOD>G@N<I?=JJFNOC<ODN<B@I@MD>
AJMH JA <I<GTNDN 'I OCDN <KKMJ<>C
OC@ M@N@<M>C@M >JGG@>ON LP<GDO<ODQ@ ?<O<
<I<GTU@N DO AJM
OC@H@NJMK@MNK@>ODQ@N
<I?M@KJMONOC@H@N'>JIND?@MOCDN<KKMJ<>COJ=@=<ND>LP<GDO<ODQ@
<I<GTNDNOJ?<TH<ITLP<GDO<ODQ@M@N@<M>C@MNBJ=@TJI?OCDNB@I@MD><I<GTNDNOJ<??<KMJ>@?PM@
RDOCDIJI@JAOC@LP<GDO<ODQ@NOM<O@BD@NJADILPDMT$JM@S<HKG@
B<9?8./.>2/9<C C<NNTNO@H<OD>
NO@KN !JM=DI 1OM<PNN
1OM<PNN !JM=DI

2C@N@ DIQJGQ@ B@I@M<ODIB
><O@BJMD@N JA DIAJMH<ODJI JK@I >J?DIB
N@G@>ODIB JI@ JA OC@ ><O@BJMD@N <I? KJNDODJIDIB DO
RDOCDI<OC@JM@OD><GHJ?@G<SD<G>J?DIB
<I?OC@I@SKGD><ODIB<NOJMTAMJHOC@DIO@M>JII@>ODJI
JAOC@N@><O@BJMD@NN@G@>ODQ@>J?DIB +=/=>?.C <I? />2891<+:23-</=/+<-2 DIQJGQ@<?@O<DG@?
?@N>MDKODJIJAOC@N@OODIBJMDI?DQD?P<GN
AJGGJR@?=T<I<GTNDNJAOC@?<O<AJMOC@H@NJMDNNP@N
N@@ 1O<F@
5JG>JOO
#2/897/896913-+6 </=/+<-2 PN@N OC@ <I<GTNDN JA NDBIDAD><IO
NO<O@H@ION
OC@B@I@M<ODJIJAH@<IDIBPIDON
<I?OC@?@Q@GJKH@IOJARC<O+JPNO<F<N
><GGN @ ?@N>MDKODJI !+<<+>3@/ </=/+<-2 @HKGJTN M@NOJMTDIB OC@ K<MOD>DK<ION[ NOJMD@N
PNDIBNOMP>OPM<G?@QD>@N
NP>C<NKGJO
N@OODIB
<>ODQDOD@N
>GDH<S
<I??@IJP@H@IO!G<I?DIDI
!JII@GGT
NOC@N@@S<HKG@NDGGPNOM<O@
OC@ KMJ>@NN@N<NR@GG<NOC@O@MHN?DAA@MAMJHJI@
<I<GTOD>NOM<O@BTOJ<IJOC@M
^ "@NKDO@ OC@N@ <I<GTOD> ?DAA@M@I>@N ?@K@I?DIB JI OC@ OTK@ JA NOM<O@BT PN@?
LP<GDO<ODQ@
DILPDM@MNJAO@IPN@<B@I@M<GKMJ>@?PM@<I?>JIQ@TDIOC@KMJKJN<GOC@NO@KNDI?<O<<I<GTNDN
I D?@<G NDOP<ODJI DN OJ =G@I? OC@ B@I@M<G NO@KN RDOC OC@ NK@>DAD> M@N@<M>C NOM<O@BT NO@KN I
JQ@MQD@RJAOC@?<O<<I<GTNDNKMJ>@NNDNN@@IDI$DBPM@N< @3A3/@16B7> 'PMB@M@N@<M>C@MN
OJ GJJF <O LP<GDO<ODQ@ ?<O< <I<GTNDN <N AJGGJRDIB NO@KN AMJH OC@ NK@>DAD> OJ OC@ B@I@M<G <I? <N
DIQJGQDIBHPGODKG@G@Q@GNJA<I<GTNDN
75C@3 "<O<I<GTNDNDI/P<GDO<ODQ@0@N@<M>C
2CDNADBPM@NPBB@NON<GDI@<M
CD@M<M>CD><G<KKMJ<>C=PDG?DIBAMJHOC@=JOOJHOJOC@OJK
=PO'
N@@DO<NHJM@DIO@M<>ODQ@DIKM<>OD>@OC@Q<MDJPNNO<B@N<M@DIO@MM@G<O@?<I?IJO<GR<TNQDNDO@?
DIOC@JM?@MKM@N@IO@?2C@N@G@Q@GN<M@@HKC<NDU@?DIOC@AJGGJRDIBNO@KN
1O@K "<1+83D/ +8. :</:+</ OC@ ?<O< AJM <I<GTNDN 2CDN DIQJGQ@N OM<IN>MD=DIB DIO@MQD@RN
JKOD><GGT N><IIDIB H<O@MD<G

OTKDIB PK AD@G? IJO@N
JM NJMODIB <I? <MM<IBDIB OC@ ?<O< DIOJ
?DAA@M@IOOTK@N?@K@I?DIBJIOC@NJPM>@NJADIAJMH<ODJI
1O@K0@<?OCMJPBC<GGOC@?<O<ADMNONO@KDNOJJ=O<DI< 1/8/<+6=/8=/ JAOC@DIAJMH<ODJI<I?

OJM@AG@>OJIDONJQ@M<GGH@<IDIB5C<OB@I@M<GD?@<N<M@K<MOD>DK<IONN<TDIB5C<ODNOC@OJI@
JAOC@D?@<N5C<ODNOC@DHKM@NNDJIJAOC@JQ@M<GG?@KOC
>M@?D=DGDOT
<I?PN@JAOC@DIAJMH<ODJI
1JH@ODH@N LP<GDO<ODQ@ M@N@<M>C@MN RMDO@IJO@N DI H<MBDIN JM NO<MOM@>JM?DIB B@I@M<G OCJPBCON
<=JPOOC@?<O<<OOCDNNO<B@
1O@K @BDI?@O<DG@? <I<GTNDN RDOC < >J?DIB KMJ>@NN =27<5 DN OC@ KMJ>@NN JA JMB<IDUDIBOC@
H<O@MD<GDIOJ>CPIFNJMN@BH@IONJAO@SO=@AJM@=MDIBDIBH@<IDIBOJDIAJMH<ODJI0JNNHOPM@N B<OC@M@? ?PMDIB ?<O< >JGG@>ODJI
N@BH@IODIBN@IO@I>@NJMK<M<BM<KCNJMDH<B@NDIOJ><O@BJMD@N
<I?G<=@GDIBOCJN@><O@BJMD@N
RDOC<O@MH
JAO@I<O@MH=<N@?DIOC@<>OP<GG<IBP<B@JAOC@K<MOD>DK<IO><GG@?@@?DIBOJ1O@K
>JIND?@MNJH@M@H<MFNOC<ORDGGKMJQD?@?@O<DG@?BPD?@AJMOC@
>J?DIB KMJ>@NN 2@N>C
KK KMJQD?@N < PN@APG <I<GTNDN JA OC@ KMJ>@NN DI @DBCO
NO@KN
%@O<N@IN@JAOC@RCJG@0@<?<GGOC@OM<IN>MDKODJIN><M@APGGT.@MC<KNEJO?JRINJH@D?@<N

<NOC@T>JH@OJHDI?
.D>FJI@?J>PH@IOD@
JI@DIO@MQD@RYOC@HJNODIO@M@NODIBJI@
OC@NCJMO@NO
OC@JI@JI
OC@OJKJAOC@KDG@%JOCMJPBCDO
<NFDIBTJPMN@GA
\5C<ODNOCDN<=JPO]"JIJOOCDIF<=JPOOC@
NP=NO@JAOC@DIAJMH<ODJI=PODONPI?@MGTDIBH@<IDIB5MDO@OCJPBCONDIOC@H<MBDI
5C@ITJPC<Q@>JHKG@O@?OCDNO<NFAJMN@Q@M<GK<MOD>DK<ION
H<F@<GDNOJA<GGOJKD>N!GPNO@M
OJB@OC@M NDHDG<M OJKD>N $JMH OC@N@ OJKD>N DIOJ >JGPHIN
K@MC<KN <MM<T@? <N H<EJM OJKD>N
PIDLP@OJKD>N
<I?G@AOJQ@MN
,JR O<F@ OCDN GDNO <I? BJ =<>F OJ TJPM ?<O< ==M@QD<O@ OC@ OJKD>N <N >J?@N <I? RMDO@ OC@
>J?@NI@SOOJOC@<KKMJKMD<O@N@BH@IONJAOC@O@SO2MTOCDNKM@GDHDI<MTJMB<IDUDIBN>C@H@OJ
N@@DAI@R><O@BJMD@N<I?>J?@N@H@MB@
$DI? OC@ HJNO ?@N>MDKODQ@ RJM?DIB AJM TJPM OJKD>N <I? OPMI OC@H DIOJ ><O@BJMD@N *JJF AJM
R<TN JA M@?P>DIB TJPM OJO<G GDNO JA ><O@BJMD@N =T BMJPKDIB OJKD>N OC<O M@G<O@ OJ @<>C JOC@M
.@MC<KN?M<RGDI@N=@OR@@ITJPM><O@BJMD@NOJNCJRDIO@MM@G<ODJINCDKN
+<F@<ADI<G?@>DNDJIJIOC@<==M@QD<ODJIAJM@<>C><O@BJMT<I?<GKC<=@ODU@OC@N@>J?@N
NN@H=G@ OC@ ?<O< H<O@MD<G =@GJIBDIB OJ @<>C ><O@BJMT DI JI@ KG<>@ <I? K@MAJMH <
KM@GDHDI<MT<I<GTNDN
'AI@>@NN<MT
M@>J?@TJPM@SDNODIB?<O<
2C@N@ @DBCO NO@KN @IB<B@ < M@N@<M>C@M DI < NTNO@H<OD> KMJ>@NN JA <I<GTUDIB O@SOP<G ?<O<
4<MD<ODJIN@SDNODIOCDNKMJ>@NNN< @3A3/@16B7> '@I>JPM<B@LP<GDO<ODQ@M@N@<M>C@MNOJ<I<GTU@
OC@DM?<O<AJMH<O@MD<GOC<O><I<??M@NNOC@AJGGJRDIB
^ !J?@NJIOJKD>NOC<OM@<?@MNRJPG?@SK@>OOJADI?
=<N@?JIOC@K<NOGDO@M<OPM@<I?>JHHJI
N@IN@
^!J?@NOC<O<M@NPMKMDNDIB<I?OC<OR@M@IJO<IOD>DK<O@?<OOC@=@BDIIDIBJAOC@NOP?T
^!J?@NOC<O<M@PIPNP<G
<I?OC<O<M@
DI<I?JAOC@HN@GQ@N
JA>JI>@KOP<GDIO@M@NOOJM@<?@MN
@B
DINHPNN@I<I?!M@NR@GG

R@D?@IODAD@? </><311/<381 <NJI@JAOC@>J?@N OC@H@NDI
OC@<I<GTNDNOC<ONPBB@NO@?<I@R?DH@INDJIAJMPNOJ<BPIH<IDI>D?@IOJI><HKPN<I?OC<O
N@@H@?OJ>JII@>ORDOC@SK@MD@I>@NJAJOC@MNJI><HKPN
^!J?@NOC<O<??M@NN<G<MB@MOC@JM@OD><GK@MNK@>ODQ@DIOC@M@N@<M>C
N<I<GO@MI<ODQ@>JI>@KOP<GDU<ODJI
>JIND?@MOC@GDNO=T JB?<I<I? DFG@I
KK
JAOC@OTK@NJA>J?@NOC<OOC@TGJJFAJMDI<LP<GDO<ODQ@?<O<=<N@
^1@OODIB <I?>JIO@SO>J?@N
^.@MNK@>ODQ@NC@G?=TNP=E@>ON
^1P=E@>ON[R<TNJAOCDIFDIB<=JPOK@JKG@<I?J=E@>ON
^.MJ>@NN>J?@N
^>ODQDOT>J?@N
^1OM<O@BT>J?@N
^0@G<ODJINCDK<I?NJ>D<GNOMP>OPM@>J?@N
^.M@<NNDBI@?>J?DIBN>C@H@N
-I@APMOC@MDNNP@<=JPO>J?DIB DNRC@OC@MOC@M@N@<M>C@MNCJPG?<?@Q@GJK>J?@N 986C JIOC@

=<NDNJAOC@@H@MBDIBDIAJMH<ODJI>JGG@>O@?AMJHK<MOD>DK<ION
=PN@KM@?@O@MHDI@?>J?@N<I?
OC@IADOOC@?<O<OJOC@H
JM>PN@NJH@>JH=DI<ODJIJAKM@?@O@MHDI@?<I?@H@MBDIB>J?@N
2C@OM<?DODJI<G<KKMJ<>CDIOC@NJ>D<GN>D@I>@NDNOJ<GGJROC@>J?@NOJ@H@MB@?PMDIBOC@?<O<
<I<GTNDN'IOC@C@<GOCN>D@I>@N
<KJKPG<M<KKMJ<>CDNOJPN@KM@?@O@MHDI@?>J?@N=<N@?JIOC@
OC@JMT=@DIB@S<HDI@?'IOCDN><N@
OC@M@N@<M>C@MNHDBCO?@Q@GJK< ?C/:7B/B7D3 1=230==9
<
O<=G@JMM@>JM?OC<O>JIO<DIN<GDNOJAKM@?@O@MHDI@?>J?@NOC<OM@N@<M>C@MNPN@AJM>J?DIBOC@
?<O<2CDN>J?@=JJFHDBCO=@>JHKJN@?RDOCOC@I<H@NJA>J?@NDIJI@>JGPHI
<?@ADIDODJIJA
>J?@NDI<IJOC@M>JGPHI
<I?OC@INK@>DAD> DINO@N@B
GDI@IPH=@MNDIRCD>COC@>J?@R<N
AJPI?DIOC@ OM<IN>MDKON &<QDIB NP>C < >J?@=JJF DN DIQ<GP<=G@ RC@I HPGODKG@ M@N@<M>C@MN <M@
>J?DIBOC@?<O<AMJH?DAA@M@IOOM<IN>MDKON2CDN>J?@=JJF><I@QJGQ@<I?>C<IB@?PMDIB<NOP?T
=<N@?JI>GJN@ <I<GTNDNJAOC@?<O<
@Q@IRC@IOC@M@N@<M>C@MDNIJONO<MODIBAMJH<I@H@MBDIB
>J?@K@MNK@>ODQ@$JMM@N@<M>C@MNRCJC<Q@<?DNODI>OOC@JMTOC@TR<IOOJO@NODIOC@DMKMJE@>ON
'RJPG?M@>JHH@I?OC<O<KM@GDHDI<MT>J?@=JJF=@?@Q@GJK@?AJM>J?DIBOC@?<O< <I?K@MHDO
OC@>J?@=JJFOJ?@Q@GJK<I?>C<IB@=<N@?JIOC@DIAJMH<ODJIG@<MI@??PMDIBOC@?<O<<I<GTNDN
2C@PN@JA<>J?@=JJFDN@NK@>D<GGTC@GKAPGAJMAD@G?NDIRCD>C ;?+8>3>+>3@/ M@N@<M>C?JHDI<O@N
<I?<HJM@NTNO@H<OD><KKMJ<>COJ ;?+63>+>3@/ M@N@<M>C DNI@@?@?
0@OPMIDIBOJOC@B@I@M<G>J?DIBKMJ>@NN
NJH@M@N@<M>C@MNC<Q@AJPI?DOPN@APGOJC<I?>J?@
LP<GDO<ODQ@ OM<IN>MDKON JM DIAJMH<ODJI
NJH@ODH@N PNDIB >JGJM >J?@ N>C@H@N <I? OJ >PO <I?
K<NO@O@SON@BH@IONJIOJIJO@><M?N2CDNDN<G<=JMDJPN<I?ODH@>JINPHDIB<KKMJ<>C-OC@MN
O@I? OJ PN@ LP<GDO<ODQ@ >JHKPO@M NJAOR<M@ KMJBM<HN OJ C@GK >J?@
JMB<IDU@
<I? NJMO
DIAJMH<ODJI OC<O RDGG =@ PN@APG DI RMDODIB OC@ LP<GDO<ODQ@ NOP?T 1@Q@M<G @S>@GG@IO >JHKPO@M
NJAOR<M@ KMJBM<HN <M@ <Q<DG<=G@
<I? OC@T C<Q@ NDHDG<M A@<OPM@N BJJ? OPOJMD<GN <I?
?@HJINOM<ODJI !"N
<=DGDOT OJ DI>JMKJM<O@ =JOC O@SO <I? DH<B@ @B
KCJOJBM<KCN ?<O<
OC@
A@<OPM@JANOJMDIB<I?JMB<IDUDIB?<O<
OC@N@<M>C><K<>DOTJAGJ><ODIB<GGO@SO<NNJ>D<O@?RDOC
NK@>DAD>>J?@N
DIO@MM@G<O@?>J?@NAJMH<FDIBLP@MD@NJAOC@M@G<ODJINCDK<HJIB>J?@N
<I?OC@
DHKJMO <I? @SKJMO JA LP<GDO<ODQ@ ?<O<OJ ;?+8>3>+>3@/ KMJBM<HN
NP>C <NNKM@<?NC@@ON JM?<O<
<I<GTNDNKMJBM<HN
2C@ =<ND> D?@< =@CDI? OC@N@ KMJBM<HN DN OC<O PNDIB OC@ >JHKPO@M DN D@IO H@<IN AJM
NOJMDIB<I?GJ><ODIBLP<GDO<ODQ@?<O<GOCJPBCOC@M@N@<M>C@MNODGGI@@?NOJBJOCMJPBC@<>CGDI@
JA O@SO <N DI OM<IN>MDKODJIN <I? <NNDBI >J?@N
OCDN KMJ>@NN H<T =@ A<NO@M <I? HJM@ @AAD>D@IO
OCJ?DIB GNJ
DI G<MB@ ?<O<=<N@N
OC@ M@N@<M>C@M >FGT GJ><O@ <GG K<NN<B@N JM
O@SON@BH@ION>J?@?OC@N<H@<I??@O@MHDI@RC@OC@MK<MOD>DK<ION<M@M@NKJI?DIBOJ<>J?@
D?@<DINDHDG<MJM?DAA@M@IOR<TN @TJI?OCDN
OC@>JHKPO@MKMJBM<H><IA<>DGDO<O@>JHK<MDIB
?DAA@M@IO>J?@N@B
&JR?J H<G@N<I?A@H<G@NYOC@ADMNO>J?@JAB@I?@MY?DAA@MDIO@MHNJA
OC@DM <OODOP?@N OJ NHJFDIBY< N@>JI? >J?@ 2C@N@ <M@ EPNO < A@R A@<OPM@N JA OC@ NJAOR<M@
KMJBM<HN OC<O H<F@ OC@H < GJBD><G >CJD>@ AJM LP<GDO<ODQ@ ?<O< <I<GTNDN JQ@M C<I? >J?DIB N
RDOC <IT NJAOR<M@KMJBM<H
LP<GDO<ODQ@ NJAOR<M@ KMJBM<HNM@LPDM@ ODH@<I? NFDGGOJG@<MI <I?
@HKGJT @AA@>ODQ@GT
<GOCJPBC =JJFN AJM G@<MIDIB OC@ KMJBM<HN <M@ RD?@GT <Q<DG<=G@ @B
5@DOUH<I+DG@N

+JNOJAOC@KMJBM<HN<M@<Q<DG<=G@JIGTJIOC@.!KG<OAJMH2C@>JHKPO@MNJAOR<M@KMJBM<HN
OC<OHTNO<AA<I?'PN@DIHTM@N@<M>CJAAD>@<M@OC@N@
^ +6L?< COOK RRRH<SL?<>JH 2CDN DN @GG@IO .!=<N@? KMJBM<H AMJH %@MH<IT
OC<O C@GKN M@N@<M>C@MN NTNO@H<OD><GGT @Q<GP<O@ <I? DIO@MKM@O LP<GDO<ODQ@ O@SON 'O C<N <GG JA OC@
A@<OPM@NH@IODJI@?@<MGD@M
^ OG<NOD COOK RRR<OG<NOD>JH 2CDN DN <IJOC@M .!=<N@? KMJBM<H AMJH %@MH<IT OC<O
@I<=G@N<M@N@<M>C@MOJJMB<IDU@O@SO
BM<KCD>
<P?DJ
<I?QDNP<G?<O<ADG@N
<GJIBRDOC>J?DIB
H@HJN<I?ADI?DIBN
DIOJ<KMJE@>O
^ /10 ,4DQJ COOK RRRLNMDIO@MI<ODJI<G>JH 2CDN KMJBM<H

AMJH PNOM<GD<
A@<OPM@N OC@
KJKPG<M NJAOR<M@ KMJBM<H , JM ,P?DNO <I? ,4DQJ >JI>@KO H<KKDIB DI >JH=DI<ODJI 'O DN
<Q<DG<=G@JIGTAJM5DI?JRN.!
^&TK@M0#1#0!&COOK RRRM@N@<M>CR<M@>JH 2CDNDN<KMJBM<H<Q<DG<=G@AJM@DOC@MOC@

+!JM.!'ODNF<B@@I<=GDIBPN@MNOJ>J?@
M@OMD@Q@
=PDG?OC@JMD@N
<I?>JI?P>O<I<GTN@NJAOC@?<O<
1O@K 3N@ OC@ >J?DIB KMJ>@NN OJ B@I@M<O@ < ?@N>MDKODJI JA OC@ N@OODIB JM K@JKG@ <N R@GG <N
><O@BJMD@N JM OC@H@N AJM <I<GTNDN /=-<3:>398 DIQJGQ@N < ?@O<DG@? M@I?@MDIB JA DIAJMH<ODJI
<=JPOK@JKG@
KG<>@N
JM@Q@IONDI<N@OODIB0@N@<M>C@MN><IB@I@M<O@>J?@NAJMOCDN?@N>MDKODJI
2CDN <I<GTNDN DN PN@APG DI ?@NDBIDIB ?@O<DG@? ?@N>MDKODJIN AJM ><N@ NOP?D@N
@OCIJBM<KCD@N
<I?
I<MM<ODQ@ M@N@<M>C KMJE@>ON 2C@I PN@ OC@ >J?DIB OJ B@I@M<O@ < NH<GG IPH=@M JA >2/7/= JM
><O@BJMD@N
K@MC<KN ADQ@OJ N@Q@I ><O@BJMD@N AJM< M@N@<M>C NOP?T 2C@N@OC@H@N <M@OC@JI@N
OC<O<KK@<M<NH<EJMADI?DIBNDILP<GDO<ODQ@NOP?D@N<I?<M@JAO@IPN@?OJ>M@<O@ C@<?DIBNDIOC@
ADI?DIBNN@>ODJINJANOP?D@N2C@TNCJPG??DNKG<THPGODKG@K@MNK@>ODQ@NAMJHDI?DQD?P<GN<I?=@
NPKKJMO@?=T?DQ@MN@LPJO<ODJIN<I?NK@>DAD>@QD?@I>@
@TJI?D?@IODATDIBOC@OC@H@N?PMDIBOC@>J?DIBKMJ>@NN
LP<GDO<ODQ@M@N@<M>C@MN>C
RDOC OC@H@N OJ =PDG? <??DODJI<G G<T@MN JA >JHKG@S <I<GTNDN $JM @S<HKG@
M@N@<M>C@MN
DIO@M>JII@>OOC@H@NDIOJ<NOJMTGDI@<NDII<MM<ODQ@NJM?@Q@GJKOC@HDIOJ<OC@JM@OD><GHJ?@G
<N DI BMJPI?@? OC@JMT 2C@H@N <M@ <I<GTU@? AJM @<>C DI?DQD?P<G ><N@ <I? <>MJNN ?DAA@M@IO
><N@N <N DI ><N@ NOP?D@N JM NC<K@? DIOJ < B@I@M<G ?@N>MDKODJI <N DI KC@IJH@IJGJBT
1JKCDNOD><O@? LP<GDO<ODQ@ NOP?D@N BJ =@TJI? ?@N>MDKODJI <I? OC@H@ D?@IODAD><ODJI <I? DIOJ
>JHKG@SOC@H@>JII@>ODJIN
1O@K?Q@CJROC@ ?@N>MDKODJI<I?OC@H@NRDGG=@ </:</=/8>/. DIOC@LP<GDO<ODQ@I<MM<ODQ@
2C@HJNOKJKPG<M<KKMJ<>CDNOJPN@<I<MM<ODQ@K<NN<B@OJ>JIQ@TOC@ADI?DIBNJAOC@<I<GTNDN
2CDN HDBCO =@ < ?DN>PNNDJI OC<O H@IODJIN < >CMJIJGJBT JA @Q@ION
OC@ ?@O<DG@? ?DN>PNNDJI JA
N@Q@M<G OC@H@N >JHKG@O@ RDOC NP=OC@H@N
NK@>DAD> DGGPNOM<ODJIN
HPGODKG@ K@MNK@>ODQ@N AMJH
DI?DQD?P<GN
<I? LPJO<ODJIN JM < ?DN>PNNDJI RDOC DIO@M>JII@>ODIB OC@H@N +<IT LP<GDO<ODQ@
M@N@<M>C@MN <GNJ PN@ QDNP<GN
ADBPM@N
JM O<=G@N <N <?EPI>ON OJ OC@ ?DN>PNNDJIN 2C@T KM@N@IO <
KMJ>@NN HJ?@G <N DI BMJPI?@? OC@JMT
<?Q@ < ?M<RDIBJAOC@ NK@>DAD> M@N@<M>C NDO@ <N DI
@OCIJBM<KCT
JM >JIQ@T ?@N>MDKODQ@ DIAJMH<ODJI <=JPO @<>C K<MOD>DK<IO DI < O<=G@ <N DI ><N@
NOP?D@N<I?@OCIJBM<KCD@N
1O@K ADI<GNO@KDI?<O<<I<GTNDNDIQJGQ@NH<FDIB@3B/B7=< JMH@<IDIBJAOC@?<O<

NFDIB
\5C<O R@M@ OC@ G@NNJIN G@<MI@?] ><KOPM@N OC@ @NN@I>@ JA OCDN D?@< *DI>JGI %P=<
2C@N@ 6/==98= >JPG? =@ OC@ M@N@<M>C@M[N K@MNJI<G DIO@MKM@O<ODJI

>JP>C@? DI OC@
PI?@MNO<I?DIB OC<O OC@ DILPDM@M =MDIBN OJ OC@ NOP?T AMJH C@M JM CDN JRI >PGOPM@
CDNOJMT
<I?
@SK@MD@I>@N 'O >JPG? <GNJ =@ < H@<IDIB ?@MDQ@? AMJH < >JHK<MDNJI JA OC@ ADI?DIBN RDOC
DIAJMH<ODJI BG@<I@? AMJH OC@ 63>/<+>?</ JM >2/9<3/= 'I OCDN R<T
<POCJMN NPBB@NO OC<O OC@
ADI?DIBN >JIADMH K<NO DIAJMH<ODJI JM ?DQ@MB@ AMJH DO 'O >398= OC<O
I@@?OJ=@<NF@?YLP@NODJINM<DN@?=TOC@?<O<<I?<I<GTNDNOC<OOC@DILPDM@MC<?IJOAJM@N@@I
@<MGD@M DI OC@ NOP?T -I@ R<T @OCIJBM<KC@MN >JOO
DN OJ <NF
APMOC@M LP@NODJIN 2C@ LP@NODJIDIB <KKMJ<>C DN <GNJ PN@? DI <?QJ><>T <I? K<MOD>DK<OJMT
<KKMJ<>C@N OJ LP<GDO<ODQ@ M@N@<M>C +JM@JQ@M
RC@I LP<GDO<ODQ@ M@N@<M>C@MN PN@ < OC@JM@OD><G
G@IN
OC@T ><GG AJM <>ODJI <B@I?<N AJM M@AJMH <I? >C<IB@ 2CPN
DIO@MKM@O<ODJI DI LP<GDO<ODQ@ M@N@<M>C >JIQ@TK@MNJI<G
M@N@<M>C=<N@?
<I?<>ODJIH@<IDIBN
& (- * (-""& . (-

GOCJPBC Q<GD?<ODJI JA ADI?DIBN J>>PMN OCMJPBCJPO OC@ NO@KN DI OC@ KMJ>@NN JA M@N@<M>C <N
NCJRIDI$DBPM@
OCDN?DN>PNNDJIAJ>PN@NJIDOOJ@I<=G@<M@N@<M>C@MOJRMDO@<K<NN<B@DIOJ
< KMJKJN<G JI OC@ KMJ>@?PM@N AJM Q<GD?<ODIB OC@ ADI?DIBN OC<O RDGG =@ PI?@MO<F@I DI < NOP?T
.MJKJN<G ?@Q@GJK@MN I@@? OJ >JIQ@T OC@ NO@KN OC@T RDGG O<F@ DI OC@DM NOP?D@N OJ >C@>F AJM OC@
<>>PM<>T<I?>M@?D=DGDOTJAOC@DMADI?DIBN
4<GD?DOT?J@NIJO><MMTOC@N<H@>JIIJO<ODJINDILP<GDO<ODQ@M@N@<M>C<NDO?J@NDILP<IODO<ODQ@
M@N@<M>C
IJMDNDO<>JHK<IDJIJAM@GD<=DGDOT@S<HDIDIBNO<=DGDOTJM>JINDNO@I>TJAM@NKJIN@NJM
B@I@M<GDU<=DGDOT OC@ @SO@MI<G Q<GD?DOT JA <KKGTDIB M@NPGON OJ I@R N@OODIBN
K@JKG@
JM N<HKG@N
=JOC<M@?DN>PNN@?DI !C<KO@M %C/:7B/B7D3D/:727BG H@<INOC<OOC@M@N@<M>C@M>C@>FNAJMOC@
<>>PM<>TJAOC@ADI?DIBN=T@HKGJTDIB>@MO<DIKMJ>@?PM@N
RCDG@ ?C/:7B/B7D3@3:7/07:7BG DI?D><O@N
OC<OOC@M@N@<M>C@M[N<KKMJ<>CDN>JINDNO@IO<>MJNN?DAA@M@IOM@N@<M>C@MN<I??DAA@M@IOKMJE@>ON
%D==N

&JR?JLP<GDO<ODQ@M@N@<M>C@MN>C@>FOJ?@O@MHDI@DAOC@DM<KKMJ<>C@N<M@>JINDNO@IOJMM@GD<=G@
7DINPBB@NONOC<OLP<GDO<ODQ@M@N@<M>C@MNI@@?OJ?J>PH@IOOC@KMJ>@?PM@NJAOC@DM><N@
NOP?D@N <I? OJ ?J>PH@IO <N H<IT JA OC@ NO@KN JA OC@ KMJ>@?PM@N <N KJNND=G@ &@ <GNJ
M@>JHH@I?N N@OODIB PK < ?@O<DG@? ><N@ NOP?T KMJOJ>JG <I? ?<O<=<N@ %D==N NPBB@NON
N@Q@M<G @3:7/07:7BG>@=132C@3A
^ !C@>F OM<IN>MDKON OJ H<F@ NPM@ OC<O OC@T ?J IJO >JIO<DI J=QDJPN HDNO<F@N H<?@ ?PMDIB
OM<IN>MDKODJI
^ +<F@ NPM@ OC<O OC@M@ DN IJO < ?MDAO DI OC@ ?@ADIDODJI JA >J?@N
< NCDAO DI OC@ H@<IDIB JA OC@
>J?@N ?PMDIB OC@ KMJ>@NN JA >J?DIB 2CDN >>JHKGDNC@? =T >JINO<IOGT >JHK<MDIB ?<O<
RDOCOC@>J?@N<I?=TRMDODIBH@HJN<=JPOOC@>J?@N<I?OC@DM?@ADIDODJINN@@OC@?DN>PNNDJI
JI<LP<GDO<ODQ@>J?@=JJF
^$JMO@<HM@N@<M>C
>JJM?DI<O@OC@>JHHPID><ODJI<HJIBOC@>J?@MN=TM@BPG<M?J>PH@IO@?
H@@ODIBN<I?=TNC<MDIBOC@<I<GTNDN
^ !MJNN>C@>F >J?@N ?@Q@GJK@? =T ?DAA@M@IO M@N@<M>C@MN =T >JHK<MDIB M@NPGON OC<O <M@
DI?@K@I?@IOGT?@MDQ@?
.MJKJN<G RMDO@MN I@@? OJ DI>GP?@ N@Q@M<G JA OC@N@ KMJ>@?PM@N <N @QD?@I>@ OC<O OC@T RDGG C<Q@
>JINDNO@IOM@NPGONDIOC@DMKMJKJN@?NOP?T'M@>JHH@I?OC<ON@Q@M<GKMJ>@?PM@N=@H@IODJI@?
DI<KMJKJN<G<I?OC<O NDIBG@M@N@<M>C@MNADI?<IJOC@MK@MNJIRCJ>MJNN>C@>FOC@DM>J?@N
AJMRC<O'><GG 7<B3@1=23@/5@33;3MJNN>C@>FDIB1P>C<I<BM@@H@IOHDBCO=@=<N@?JI

RC@OC@MORJJMHJM@>J?@MN<BM@@JI>J?@NPN@?AJMOC@N<H@K<NN<B@NDIOC@O@SODODNIJO
OC<O OC@T >J?@ OC@ N<H@ K<NN<B@ JA O@SO
=PO RC@OC@M <IJOC@M >J?@M RJPG? >J?@ DO RDOC OC@
N<H@ JM < NDHDG<M >J?@ 1O<ODNOD><G KMJ>@?PM@N JM M@GD<=DGDOT NP=KMJBM<HN DI LP<GDO<ODQ@
>JHKPO@MNJAOR<M@K<>F<B@N><IOC@I=@PN@?OJ?@O@MHDI@OC@G@Q@GJA>JINDNO@I>TJA>J?DIB
+DG@N<I?&P=@MH<IM@>JHH@I?OC<OOC@>JINDNO@I>TJAOC@>J?DIB=@DI<BM@@H@IO<O
G@<NOJAOC@ODH@AJMBJJ?LP<GDO<ODQ@M@GD<=DGDOT
4<GD?DOT
JIOC@JOC@MC<I?
DNJI@JAOC@NOM@IBOCNJALP<GDO<ODQ@M@N@<M>C
<I?DODN=<N@?JI
?@O@MHDIDIB RC@OC@M OC@ ADI?DIBN <M@ <>>PM<O@ AMJH OC@ NO<I?KJDIO JA OC@ M@N@<M>C@M
OC@
K<MOD>DK<IO
JM OC@ M@<?@MN JA >JPIO !M@NR@GG +DGG@M
2@MHN <=JPI? DI OC@
LP<GDO<ODQ@ GDO@M<OPM@ OC<O NK@<F OJ OCDN D?@<
NP>C <N ><?=>A9<>238/== +?>2/8>3-3>C
<I?
-</.3,363>C !M@NR@GG+DGG@M

<I?DODN<HP>C?DN>PNN@?OJKD>*DI>JGI%P=<

KMJ>@?PM<GK@MNK@>ODQ@OC<O'M@>JHH@I?AJMM@N@<M>CKMJKJN<GNDNOJD?@IODAT<I??DN>PNNJI@
JM HJM@ NOM<O@BD@N <Q<DG<=G@ OJ >C@>F OC@ <>>PM<>T JA OC@ ADI?DIBN 2C@ M@N@<M>C@M <>ODQ@GT
DI>JMKJM<O@N D/:727BGAB@/B3573A DIOJOC@DMKMJKJN<G'M@>JHH@I?OC@PN@JAHPGODKG@NOM<O@BD@N
<I?OC@N@NCJPG?@IC@OC@M@N@<M>C@M[N<=DGDOTOJ<NN@NNOC@<>>PM<>TJAADI?DIBN<NR@GG<N
>JIQDI>@ M@<?@MN JA OC<O <>>PM<>T 2C@M@ <M@ @DBCO KMDH<MT NOM<O@BD@N
JMB<IDU@? AMJH OCJN@
HJNOAM@LP@IOGTPN@?<I?@<NTOJDHKG@H@IOOJOCJN@J>><NDJI<GGTPN@?<I?HJM@?DAAD>PGOOJ
DHKG@H@IO
^ '<3+81?6+>/ ?DAA@M@IO ?<O< NJPM>@N JA DIAJMH<ODJI =T @S<HDIDIB @QD?@I>@ AMJH OC@ NJPM>@N
<I? PNDIB DO OJ =PDG? < >JC@M@IO EPNODAD><ODJI AJM OC@H@N 'A OC@H@N <M@ @NO<=GDNC@? =<N@? JI
>JIQ@MBDIBN@Q@M<GNJPM>@NJA?<O<JMK@MNK@>ODQ@NAMJHK<MOD>DK<ION
OC@IOCDNKMJ>@NN><I=@
>G<DH@?<N<??DIBOJOC@Q<GD?DOTJAOC@NOP?T
^3N@ 7/7,/<-2/-5381 OJ?@O@MHDI@OC@<>>PM<>TJAOC@LP<GDO<ODQ@ADI?DIBNOCMJPBCO<FDIBOC@

ADI<G M@KJMO JM NK@>DAD> ?@N>MDKODJIN JM OC@H@N =<>F OJ K<MOD>DK<ION <I? ?@O@MHDIDIB RC@OC@M
OC@N@ K<MOD>DK<ION A@@G OC<O OC@T <M@ <>>PM<O@ 2CDN ?J@N IJO H@F OC@ M<R
OM<IN>MDKON OJ >C@>F AJM <>>PM<>T DINO@<?
OC@ M@N@<M>C@M O<F@N =<>F K<MON JA OC@ KJGDNC@?
KMJ?P>O
NP>C<NOC@OC@H@N
OC@><N@<I<GTNDN
OC@BMJPI?@?OC@JMT
OC@>PGOPM<G?@N>MDKODJI
<I?NJAJMOC2CDNKMJ>@?PM@><IDIQJGQ@>JI?P>ODIB< AJGGJRPKDIO@MQD@RRDOCK<MOD>DK<IONDI

OC@NOP?T<I?KMJQD?DIB<IJKKJMOPIDOTAJMOC@HOJ>JHH@IOJIOC@ADI?DIBN
^ 3N@ <3-2 >23-5 ./=-<3:>398 OJ >JIQ@T OC@ADI?DIBN 2CDN ?@N>MDKODJI H<T OM<INKJMO M@<?@MNOJ
OC@ N@OODIB <I? BDQ@ OC@ ?DN>PNNDJI @N 5C@I LP<GDO<ODQ@
M@N@<M>C@MN KMJQD?@ ?@O<DG@? ?@N>MDKODJIN JA OC@ N@OODIB
AJM @S<HKG@
JM KMJQD?@ H<IT
K@MNK@>ODQ@N<=JPO<OC@H@
OC@M@NPGON=@>JH@HJM@M@<GDNOD><I?MD>C@M2CDNKMJ>@?PM@>C@M =MDIBN OJ OC@ NOP?T 2CDN N@GAM@AG@>ODJI >M@<O@N ODQDOTC<N=@@IH@IODJI@?<N<>JM@
>C<M<>O@MDNOD> JA LP<GDO<ODQ@ M@N@<M>C %JJ? LP<GDO<ODQ@ M@N@<M>C >JIO<DIN >JHH@ION =T OC@
M@N@<M>C@MN<=JPOCJROC@DMDIO@MKM@O<ODJIJAOC@ADI?DIBNDNNC<K@?=TOC@DM=<>FBMJPI?
NP>C
<NOC@DMB@I?@M
>PGOPM@
CDNOJMT
<I?NJ>DJ@>JIJHD>JMDBDI
^ GNJ KM@N@IO 8/1+>3@/ JM .3=-</:+8> 3809<7+>398 OC<O MPIN >JPIO@M OJ OC@ OC@H@N @><PN@
M@<GGDA@DN>JHKJN@?JA?DAA@M@IOK@MNK@>ODQ@NOC<O?JIJO<GR<TN>J<G@N>@
?DN>PNNDIB>JIOM<MT
DIAJMH<ODJI<??NOJOC@>M@?D=DGDOTJA<I<>>JPIOM@N@<M>C@M><I<>>JHKGDNCOCDNDI?DN>PNNDIB
@QD?@I>@ <=JPO < OC@H@ +JNO @QD?@I>@ RDGG=PDG? < ><N@ AJM OC@ OC@H@M@N@<M>C@MN >JIOM<?D>ONOC@B@I@M<GK@MNK@>ODQ@JAOC@OC@H@ TKM@N@IODIBOCDN
>JIOM<?D>OJMT@QD?@I>@
OC@<>>JPIO=@>JH@NHJM@M@<GDNOD><I?C@I>@Q<GD?
^ 1K@I? :<96981/. >37/ DI OC@ AD@G? 'I OCDN R<T

OC@ M@N@<M>C@M ?@Q@GJKN JIQ@T?@O<DG <=JPOOC@ NDO@ <I? OC@
K@JKG@OC<O G@I?N >M@?D=DGDOT OJ OC@ I<MM<ODQ@ <>>JPIO 2C@ HJM@@SK@MD@I>@ OC<O < M@N@<M>C@M
C<NRDOCK<MOD>DK<IONDIOC@DM<>OP<GN@OODIB
OC@HJM@<>>PM<O@JMQ<GD?RDGG=@OC@ADI?DIBN
^3N@ ://<./,<3/0381 OJ@IC@OC@<>>PM<>TJAOC@<>>JPIO2CDNKMJ>@NNDIQJGQ@NGJ><ODIB<

K@MNJI<K@@M?@=MD@A@MRCJM@QD@RN<I?<NFNLP@NODJIN<=JPOOC@LP<GDO<ODQ@NOP?TNJOC<O
OC@ <>>JPIO RDGG M@NJI<O@ RDOC K@JKG@ JOC@M OCC@M 2CDN NOM<O@BTYDIQJGQDIB C@M <I? DIQ@NO@? DI <IJOC@M K@MNJIY<??N Q<GD?DOT OJ >JPIO
^ 3N@ /<8+6 +?.3>9< OJ M@QD@R OC@ @IODM@ KMJE@>O N ?DNODI>O AMJH < K@@M ?@=MD@A@M
OCDN
<P?DOJM DN IJO A<HDGD<M RDOC OC@ M@N@<M>C@M JM OC@ KMJE@>O <I? >ODQ@
<NN@NNH@IOJAOC@KMJE@>OOCMJPBCJPOOC@KMJ>@NNJAM@N@<M>CJM<OOC@>JI>GPNDJIJAOC@NOP?T
2C@MJG@DNNDHDG<MOJOC<OJA< ADN><G<P?DOJM
<I?NK@>DAD>LP@NODJIN@SDNOOC<O<P?DOJMNHDBCO<NF
*DI>JGI%P=<
2C@KMJ>@?PM@JAC<QDIB<IDI?@K@I?@IODIQ@NODB<OJMGJJFJQ@MH<IT
<NK@>ON JA OC@ KMJE@>O @B
<>>PM<>T JA OM<IN>MDKODJI
OC@ M@G<ODJINCDK =@OR@@I OC@ M@N@<M>C
LP@NODJIN <I? OC@ ?<O<
OC@ G@Q@G JA ?<O< <I<GTNDN AMJH OC@ M<R ?<O< OCMJPBC DIO@MKM@O<ODJI
@IC@NOC@JQ@M<GGQ<GD?DOTJA<LP<GDO<ODQ@NOP?T
%C/:7B/B7D353<3@/:7H/B7=< DN<O@MHOC<ODNPN@?DI<GDHDO@?R<TDILP<GDO<ODQ@M@N@<M>C
NDI>@
OC@ DIO@IO JA OCDN AJMH JA DILPDMT DN IJO OJ B@I@M<GDU@ ADI?DIBN OJ DI?DQD?P<GN
NDO@N
JM KG<>@N
JPOND?@ JA OCJN@ PI?@M NOP?T N@@ %D==N

AJM CDN ><PODJI<MT IJO@ <=JPO LP<GDO<ODQ@
B@I@M<GDU<=DGDOT'IA<>O
OC@Q<GP@JALP<GDO<ODQ@M@N@<M>CGD@NDIOC@K<MOD>PG<M?@N>MDKODJI<I?
OC@H@N?@Q@GJK@? 38-98>/B> JA<NK@>DAD>NDO@ #+<>3-?6+<3>C M<OC@MOCC %M@@I@
!<M<>@GGD
DNOC@C<GGH<MFJALP<GDO<ODQ@M@N@<M>C&JR@Q@M
OC@M@<M@<A@R?DN>PNNDJIN
DIOC@LP<GDO<ODQ@GDO@M<OPM@<=JPOB@I@M<GDU<=DGDOT
@NK@>D<GGT<N<KKGD@?OJ><N@NOP?TM@N@<M>CDI
RCD>C OC@ DILPDM@M NOP?D@N N@Q@M<G ><N@N 7DI
AJM @S<HKG@
A@@GN OC<O LP<GDO<ODQ@ ><N@
NOP?T M@NPGON >2/9<C 2C@ B@I@M<GDU<ODJI J>>PMN RC@I
LP<GDO<ODQ@M@N@<M>C@MNNOP?T<??DODJI<G><N@N<I?B@I@M<GDU@ADI?DIBNOJOC@I@R><N@N'ODNOC@
N<H@<NOC@ </:63-+>3986913- PN@?DI@SK@MDH@IO<GM@N@<M>C&JR@Q@M
OJM@K@<O<><N@NOP?T[N
ADI?DIBNDI<I@R><N@N@OODIBM@LPDM@NBJJ??J>PH@IO<ODJIJALP<GDO<ODQ@KMJ>@?PM@N
NP>C<N<
KMJOJ>JGAJM?J>PH@IODIBOC@KMJ=G@HDI?@O<DG<I?OC@?@Q@GJKH@IOJA<OCJMJPBC><N@NOP?T
?<O<=<N@7DI

(%) ((*+&()$
KG@?PM@ NCJPG? @I? RDOC NJH@ >JHH@ION <=JPO OC@ I<MM<ODQ@ OC<O
@H@MB@N AMJH OC@ ?<O< <I<GTNDN ,PH@MJPN Q<MD@OD@N JA I<MM<ODQ@N @SDNO
<I? @S<HKG@N AMJH
N>CJG<MGT EJPMI<GN DGGPNOM<O@ HJ?@GN 'I < KGJIND?@M <?QDIB N@Q@M<G KJDION
<=JPOOC@I<MM<ODQ@
2C@=<ND>KMJ>@?PM@DIM@KJMODIBOC@M@NPGONJA<LP<GDO<ODQ@NOP?T<M@OJ?@Q@GJK?@N>MDKODJIN
<I? OC@H@N AMJH OC@ ?<O< N@@ $DBPM@
OJ KM@N@IO OC@N@ ?@N>MDKODJIN <I? OC@H@N OC<O
>JIQ@T HPGODKG@ K@MNK@>ODQ@N AMJH K<MOD>DK<ION <I? ?@O<DG@? ?@N>MDKODJIN JA OC@ N@OODIB JM
DI?DQD?P<GN 3NDIB < LP<GDO<ODQ@ NOM<O@BT JA DILPDMT
OC@N@ M@NPGON H<T <GNJ KMJQD?@ <
>CMJIJGJBD><GI<MM<ODQ@JA<IDI?DQD?P<G[NGDA@I<MM<ODQ@M@N@<M>C
<?@O<DG@??@N>MDKODJIJAOC@DM
@SK@MD@I>@NKC@IJH@IJGJBT
<OC@JMTB@I@M<O@?AMJHOC@?<O<BMJPI?@?OC@JMT
<?@O<DG@?
KJMOM<DO JA<>PGOPM@NC<MDIBBMJPK@OCIJBM<KCT
JM<IDI?@KOC<I<GTNDNJAJI@JMHJM@><N@N
><N@NOP?T
%DQ@IOC@N@?DAA@M@IONOM<O@BD@N
OC@ADI?DIBN<I?DIO@MKM@O<ODJIN@>ODJINJA<KG<IAJM<NOP?T
HDBCO?DN>PNNCJROC@N@>ODJINRDGG=@KM@N@IO@?<NJ=E@>ODQ@<>>JPION
AD@G?RJMF@SK@MD@I>@N
4<I+<<I@I

<>CMJIJGJBT
<KMJ>@NNHJ?@G
<I@SO@I?@?NOJMT
<I<I<GTNDN=T><N@NJM
<>MJNN><N@N
JM<?@O<DG@??@N>MDKODQ@KJMOM<DO!M@NR@GG

OOC@NK@>DAD>G@Q@G
NJH@ E@7B7<5AB@/B3573A HDBCO=@<NAJGGJRN
^3N@LPJO@N<I?Q<MTOC@DMG@IBOCAMJHNCJMOOJGJIB@H=@??@?K<NN<B@N
^ 1>MDKO >JIQ@MN<ODJI <I? M@KJMO OC@ >JIQ@MN<ODJI DI ?DAA@M@IO G<IBP<B@N OJ M@AG@>O >PGOPM<G
N@INDODQDOT
^.M@N@IOO@SODIAJMH<ODJIDIO<=PG<MAJMH@B
H<OMD>@N
>JHK<MDNJIO<=G@NJA?DAA@M@IO>J?@N
^3N@OC@RJM?DIBAMJHK<MOD>DK<IONOJAJMH>J?@N<I?OC@H@G<=@GN
^'IO@MORDI@LPJO<ODJINRDOCOC@<POCJM[NDIO@MKM@O<ODJIN
^3N@DI?@IONJMJOC@MNK@>D<GAJMH<OODIBJAOC@H<IPN>MDKOOJ><GG<OO@IODJIOJLPJO<ODJINAMJH
K<MOD>DK<ION
^3N@OC@ADMNOK@MNJI\']JM>JGG@>ODQ@\R@]DIOC@I<MM<ODQ@AJMH
^ 3N@ H@O<KCJMN <I? <I<GJBD@N N@@

AJM @S<HKG@
0D>C<M?NJI

RCJ ?DN>PNN@N NJH@ JA
OC@N@AJMHN
^ 3N@ OC@ I<MM<ODQ@ <KKMJ<>C OTKD><GGT PN@? RDOCDI < LP<GDO<ODQ@ NOM<O@BT JA DILPDMT @B
?@N>MDKODJIDI><N@NOP?D@N<I?@OCIJBM<KCD@N
<?@O<DG@?NOJMTDII<MM<ODQ@M@N@<M>C
^ "@N>MD=@ CJR OC@ I<MM<ODQ@ JPO>JH@ RDGG =@ >JHK<M@? RDOC OC@JMD@N <I? OC@ B@I@M<G
GDO@M<OPM@JIOC@OJKD>'IH<ITLP<GDO<ODQ@<MOD>G@N
M@N@<M>C@MN?DN>PNNOC@GDO@M<OPM@<OOC@@I?
JAOC@NOP?TN@@OC@?DN>PNNDJIDI!C<KO@M
F/;>:3 $?+63>+>3@/#<9-/.?</=
2C@ AJGGJRDIB DN @?PM@ RMDOO@I <N K<MO JA < ?J>OJM<G KMJKJN<G
+DGG@M
+DGG@M[N KMJE@>O R<N NOP?T JA ADMNOT@<M @SK@MD@I>@N JA OC@
KM@ND?@IOJA<T@<M>JGG@B@N'KM@N@IOOCDN?DN>PNNDJI
'M@A@M=<>FOJOC@N@>ODJIN<??M@NN@?
DIOCDN>C<KO@M<I?CDBCGDBCOOC@HDI=JG?A<>@?OTK@GNJ
'C<Q@H<DIO<DI@?+DGG@M[NPN@JAOC@
O@MH 3809<7+8> <GOCJPBCOJ?<T
OC@HJM@<KKMJKMD<O@O@MH
:+<>3-3:+8> NCJPG?=@PN@?
(63%C/:7B/B7D3&3A3/@16$/@/275;
2C@LP<GDO<ODQ@M@N@<M>CK<M<?DBHC<NDONMJJONDI>PGOPM<G<IOCMJKJGJBT<I?H@MD><INJ>DJGJBT
)DMF+DGG@M
'OC<NJIGTM@>@IOGT=@@I<?JKO@?=T@?P><ODJI<GM@N@<M>C@MN JMB%<GG
2C@ DIO@IO JA LP<GDO<ODQ@ M@N@<M>C DN OJ PI?@MNO<I? < K<MOD>PG<M NJ>D<G NDOP<ODJI
@Q@IO
MJG@
BMJPK
JM DIO@M<>ODJI *J>F@
1KDM?PNJ
1DGQ@MH@NN RC@M@ OC@ M@N@<M>C@M BM<?P<GGT H<F@N N@IN@ JA < NJ>D<G KC@IJH@IJI =T >JIOM<NODIB
>JHK<MDIB
M@KGD><ODIB
><O<GJBPDIB <I? >G<NNDATDIB OC@ J=E@>O JA NOP?T +DG@N &P=@MHCJN@I AJM OC@ NOP?T OC@ M@N@<M>C@M @IO@MN OC@ DIAJMH<ION[ RJMG? <I? OCMJPBC
JIBJDIB DIO@M<>ODJI
N@@FN OC@ DIAJMH<ION[ K@MNK@>ODQ@N <I? H@<IDIBN 9/P<GDO<ODQ@
<NNPHKODJIN<M@H@IODJI@?:
1>CJG<MN>JIO@I?OC<OLP<GDO<ODQ@M@N@<M>C><I=@?DNODIBPDNC@?AMJHLP<IODO<ODQ@H@OCJ?JGJBT
=TIPH@MJPNPIDLP@>C<M<>O@MDNOD>NOC<O<M@DIC@M@IODIOC@?@NDBI2C@AJGGJRDIBDN<NTIOC@NDN
JA >JHHJIGT <MOD>PG<O@? <NNPHKODJIN M@B<M?DIB >C<M<>O@MDNOD>N KM@N@IO@? =T Q<MDJPN
M@N@<M>C@MN
/P<GDO<ODQ@M@N@<M>CJ>>PMNDII<OPM<GN@OODIBN
RC@M@CPH<I=@C<QDJM<I?@Q@IONJ>>PM
/P<GDO<ODQ@ M@N@<M>C DN =<N@? JI <NNPHKODJIN OC<O <M@ Q@MT ?DAA@M@IO AMJH LP<IODO<ODQ@
?@NDBIN2C@JMTJMCTKJOC@N@N<M@IJO@NO<=GDNC@?<KMDJMD
2C@ M@N@<M>C@M DN OC@ KMDH<MT DINOMPH@IO DI ?<O< >JGG@>ODJI M<OC@M OCC<IDNH#DNI@M
$M<IF@G5<GG@I
*DI>JGI%P=<
+@MMD<H

2C@?<O<OC<O@H@MB@AMJH<LP<GDO<ODQ@NOP?T<M@?@N>MDKODQ@2C<ODN
?<O<<M@M@KJMO@?DI
RJM?N KMDH<MDGT OC@ K<MOD>DK<IO[N RJM?N JM KD>OPM@N
M<OC@M OCF@@O<G
+<MNC<GG0JNNHPN JA LP<GDO<ODQ@ M@N@<M>C DN JI K<MOD>DK<ION[ K@M>@KODJIN <I? @SK@MD@I>@N
<I? OC@
R<TOC@TH<F@N@IN@JAOC@DMGDQ@N$M<@IF@G5<GG@I
*J>F@@O<G
+@MMD<H

2C@<OO@HKODNOC@M@AJM@OJPI?@MNO<I?IJOJI@
=POHPGODKG@M@<GDOD@N*DI>JGI%P=<

/P<GDO<ODQ@ M@N@<M>C AJ>PN@N JI OC@ KMJ>@NN OC<O DN J>>PMMDIB <N R@GG <N OC@ KMJ?P>O JM
JPO>JH@0@N@<M>C@MN<M@K<MOD>PG<MGTDIO@M@NO@?DIPI?@MNO<I?DIBCJROCDIBNJ>>PM$M<@IF@G
5<GG@I
+@MMD<H

'?DJBM<KCD>DIO@MKM@O<ODJIDNPODGDU@?'IJOC@MRJM?N
<OO@IODJIDNK<D?OJK<MOD>PG<MN<I??<O<
DN DIO@MKM@O@?DIM@B<M?OJOC@K<MOD>PG<MNJA<><N@M<OC@MOC<IB@I@M<GDU<ODJIN
/P<GDO<ODQ@ M@N@<M>C DN JH@N +@<IDIBN <I?
DIO@MKM@O<ODJIN<M@I@BJOD<O@?RDOCCPH<I?<O<NJPM>@N=@><PN@DODNOC@NP=E@>ON[M@<GDOD@NOC<O
OC@M@N@<M>C@M<OO@HKONOJM@>JINOMP>O*DI>JGI%P=<
+@MMD<H

2CDN M@N@<M>C OM<?DODJI M@GD@N JI OC@ PODGDU<ODJI JA O<>DO FIJRG@?B@ DIOPDODQ@ <I? A@GO
FIJRG@?B@=@><PN@JAO@IOC@IP@NJAOC@HPGODKG@M@<GDOD@N><I=@<KKM@>D<O@?HJNODIOCDN
R<T*DI>JGI%P=<
2C@M@AJM@
?<O<<M@IJOLP<IODAD<=G@DIOC@OM<?DODJI<GN@IN@JAOC@
RJM?
-=E@>ODQDOT<I?OMPOCAPGI@NN<M@>MDOD><GOJ=JOCM@N@<M>COM<?DODJIN
&JR@Q@M
OC@>MDO@MD<AJMEP?BDIB<LP<GDO<ODQ@NOP?T?DAA@M AMJHLP<IODO<ODQ@M@N@<M>C$DMNO<I?
AJM@HJNO
OC@ M@N@<M>C@M N@@FN =@GD@Q<=DGDOT
=<N@? JI >JC@M@I>@
DINDBCO <I? DINOMPH@IO<G
PODGDOT #DNI@M
<I? OMPNORJMOCDI@NN *DI>JGI %P=<
OCMJPBC < KMJ>@NN JA
Q@MDAD><ODJI M<OC@M OCC<M<>O@MDNOD>N<M@H@IODJI@?:
(63B6<=5@/>671&3A3/@163A75<
2CDNNOP?TRDGGPODGDU@OC@@OCIJBM<KCD>M@N@<M>COM<?DODJI2CDN?@NDBI@H@MB@?AMJHOC@AD@G?JA
<IOCMJKJGJBT
KMDH<MDGTAMJHOC@>JIOMD=PODJINJA MJIDNG<R+<GDIJRNFD
0J=@MO.<MF<I?$M<IU
J<N (<>J=
)DMF +DGG@M
2C@ DIO@IO JA @OCIJBM<KCD> M@N@<M>C DN OJ J=O<DI <
CJGDNOD>KD>OPM@JAOC@NP=E@>OJANOP?TRDOC@HKC<NDNJIKJMOM<TDIBOC@@Q@MT?<T@SK@MD@I>@NJA
DI?DQD?P<GN=TJ=N@MQDIB<I?DIO@MQD@RDIBOC@H<I?M@G@Q<IOJOC@MN$M<@IF@G5<GG@I

2C@ @OCIJBM<KCD> NOP?T DI>GP?@N DI?@KOC DIO@MQD@RDIB <I? >JIODIP<G <I? JIBJDIB K<MOD>DK<IO
J=N@MQ<ODJIJA<NDOP<ODJI
(<>J=
<I?DI<OO@HKODIBOJ><KOPM@OC@RCJG@KD>OPM@M@Q@<GNCJRK@JKG@?@N>MD=@<I?
NOMP>OPM@OC@DMRJMG?$M<@IF@G5<GG@I
92C@<POCJMPN@?OC@@OCIJBM<KCD><KKMJ<>C:
(63&3A3/@163@IA&=:3
.<MOD>PG<MGT DI LP<GDO<ODQ@ M@N@<M>C

OC@ MJG@ JA OC@ M@N@<M>C@M <N OC@ KMDH<MT ?<O< >JGG@>ODJI
DINOMPH@IO I@>@NNDO<O@N OC@ D?@IODAD><ODJI JA K@MNJI<G Q<GP@N
<NNPHKODJIN <I? =D<N@N <O OC@
JPON@O JA OC@ NOP?T 2C@ DIQ@NODB<OJM[N >JIOMD=PODJI OJ OC@ M@N@<M>C N@OODIB >F@@O<G
+TK@M>@KODJINJACDBC@M@?P><ODJI<I?OC@>JGG@B@KM@ND?@I>TC<Q@=@@I
NC<K@? =T HT K@MNJI<G @SK@MD@I>@N $MJH PBPNO OJ +<T ' N@MQ@? <N < >JGG@B@
<?HDIDNOM<OJMJIKMDQ<O@><HKPN@NJAOJ
+JNOM@>@IOGT
'N@MQ@?<NOC@
"@<IAJM1OP?@IO*DA@<O<NH<GG>JGG@B@DIOC@+D?R@NON<H@H=@MJAOC@.M@ND?@IO[N><=DI@O
' R<N DIQJGQ@? RDOC <GG OJK G@Q@G <?HDIDNOM<ODQ@ ><=DI@O <>ODQDOD@N <I? ?@>DNDJIN <I? RJMF@?
>GJN@GT RDOC OC@ A<>PGOT
><=DI@O JAAD>@MN
KM@ND?@IO <I? =J<M? JA OMPNO@@N 'I <??DODJI OJ
M@KJMODIB OJ OC@ KM@ND?@IO
' RJMF@? RDOC CDH OCMJPBC CDN ADMNO T@<M DI JAAD>@ ' =@GD@Q@ OCDN
PI?@MNO<I?DIB JA OC@ >JIO@SO <I? MJG@ @IC@N HT <R<M@I@NN
FIJRG@?B@ <I? N@INDODQDOT OJ
H<IT JA OC@ >C<GG@IB@N
?@>DNDJIN <I? DNNP@N @I>JPIO@M@? <N < ADMNO T@<M KM@ND?@IO <I? RDGG
<NNDNOH@DIRJMFDIBRDOCOC@DIAJMH<IODIOCDNNOP?T'=MDIBFIJRG@?B@JA=JOCOC@NOMP>OPM@JA
CDBC@M@?P><ODJI<I?JAOC@MJG@OC@>JGG@B@KM@ND?@I>T.<MOD>PG<M<OO@IODJIRDGG=@K<D?OJOC@
MJG@ JA OC@ I@R KM@ND?@IO DI DIDOD<ODIB >C<IB@
M@G<ODJINCDK =PDG?DIB
?@>DNDJI H<FDIB
<I?
KMJQD?DIBG@<?@MNCDK<I?QDNDJI
"P@OJKM@QDJPN@SK@MD@I>@NRJMFDIB>GJN@GTRDOC<I@R>JGG@B@KM@ND?@IO
'=MDIB>@MO<DI=D<N@N
OJOCDNNOP?TGOCJPBC@Q@MT@AAJMORDGG=@H<?@OJ@INPM@ J=E@>ODQDOT
OC@N@=D<N@NH<TNC<K@
OC@ R<T ' QD@R <I? PI?@MNO<I? OC@ ?<O< ' >JGG@>O <I? OC@ R<T ' DIO@MKM@O HT @SK@MD@I>@N '
>JHH@I>@ OCDN NOP?T RDOC OC@ K@MNK@>ODQ@ OC<O OC@ >JGG@B@ KM@ND?@I>T DN < ?DQ@MN@ <I? JAO@I
?DAAD>PGOKJNDODJI2CJPBC@SK@>O<ODJIN<M@DHH@IN@
'LP@NODJICJRHP>CKJR@MOC@KM@ND?@IO
C<NOJDIDOD<O@ >C<IB@ <I? KMJQD?@ G@<?@MNCDK <I? QDNDJI ' QD@ROC@ADMNO T@<M <N >MDOD><G ADGG@?
RDOC<?EPNOH@ION
AMPNOM<ODJIN
PI<IOD>DK<O@?NPMKMDN@N<I?>C<GG@IB@N9POCJMM@AG@>O@?JIC@M
MJG@DIOC@NOP?T:
=C<27<5B63'BC2G
'3BB7<5
2CDN NOP?T RDGG =@ >JI?P>O@? JI OC@ ><HKPN JA < NO<O@ >JGG@B@ DI OC@ +D?R@NO 2C@ >JGG@B@ DN
NDOP<O@? DI < MPM<G +D?R@NO@MI >JHHPIDOT 2C@ DINODOPODJI[N
NOP?@ION I@<MGT OMDKG@ OC@
OJRI[N KJKPG<ODJI JA
RC@I >G<NN@N <M@ DI N@NNDJI 2C@ DINODOPODJI <R<M?N <NNJ>D<O@
=<>C@GJM<I?H<NO@M[N?@BM@@NDIH<EJMN
1B=@A
2C@DIAJMH<IODIOCDNNOP?TDNOC@I@R.M@ND?@IOJA<NO<O@>JGG@B@DIOC@+D?R@NO2C@KMDH<MT
DIAJMH<IO DI OCDN NOP?T DN OC@ .M@ND?@IO &JR@Q@M
' RDGG =@ J=N@MQDIB CDH DI OC@ >JIO@SO JA
<?HDIDNOM<ODQ@ ><=DI@O H@@ODIBN 2C@ KM@ND?@IO[N ><=DI@O DI>GP?@N OCM@@ 4D>@ .M@ND?@ION
><?@HD> AA<DMN
?HDIDNOM<ODJI
1OP?@IO AA<DMN <I? ORJ "@<IN %M<?P<O@ 1OP?D@N <I?
!JIODIPDIB#?P><ODJI
D3<BA
3NDIB @OCIJBM<KCD> M@N@<M>C H@OCJ?JGJBT
OC@ AJ>PN JA OCDN NOP?T RDGG =@ OC@ @Q@MT?<T
@SK@MD@I>@N <I? @Q@ION JA OC@ I@R >JGG@B@ KM@ND?@IO
<I? OC@ K@M>@KODJIN <I? H@<IDIB
<OO<>C@?OJOCJN@@SK@MD@I>@N<N@SKM@NN@?=TOC@DIAJMH<IO2CDNDI>GP?@NOC@<NNDHDG<ODJIJA
NPMKMDNDIB@Q@IONJMDIAJMH<ODJI
<I?H<FDIBN@IN@JA>MDOD><G@Q@ION<I?DNNP@NOC<O<MDN@
$@=13AA3A
.<MOD>PG<M <OO@IODJI RDGG =@ K<D? OJ OC@ MJG@ JA OC@ I@R KM@ND?@IO DI DIDOD<ODIB >C<IB@
M@G<ODJINCDK=PDG?DIB
?@>DNDJI H<FDIB
<I?KMJQD?DIBG@<?@MNCDK<I?QDNDJI9POCJMH@IODJI@?
?<O<>JGG@>ODJI=JPI?<MD@N:
B671/:=<A723@/B7=<A
+JNO <POCJMN RCJ ?DN>PNN LP<GDO<ODQ@ M@N@<M>C ?@NDBI <??M@NN OC@ DHKJMO@ JA @OCD><G
>JIND?@M<ODJIN*J>F@@O<G
+<MNC<GG0JNNHC@M C<N O OC@ MDBCON
I@@?N
Q<GP@N
<I?
?@NDM@N JA OC@ DIAJMH<IO N 2J M@N@<M>C DN <GR<TN J=OMPNDQ@
.<MOD>DK<IO J=N@MQ<ODJI DIQ<?@N OC@ GDA@ JA OC@ DIAJMH<IO 1KM<?G@T
<I? N@INDODQ@
DIAJMH<ODJI DN AM@LP@IOGT M@Q@<G@? 2CDN DN JA K<MOD>PG<M >JI>@MI DI OCDN NOP?T RC@M@ OC@
DIAJMH<IO[N KJNDODJI <I? DINODOPODJI <M@ CDBCGT QDND=G@ 2C@ AJGGJRDIB N<A@BP<M?N RDGG =@
@HKGJT@? OJ KMJO@>O OC@ DIAJMH<IO[N MDBCON OC@ M@N@<M>C J=E@>ODQ@N RDGG =@ <MOD>PG<O@?
Q@M=<GGT <I? DI RMDODIB NJ OC<O OC@T <M@ >G@<MGT PI?@MNOJJ? =T OC@ DIAJMH<IO DI>GP?DIB <
?@N>MDKODJI JA CJR ?<O< RDGG =@ PN@?
RMDOO@I K@MHDNNDJI OJ KMJ>@@? RDOC OC@ NOP?T <N
<MOD>PG<O@?RDGG=@M@>@DQ@?AMJHOC@DIAJMH<IO
<M@N@<M>C@S@HKODJIAJMHRDGG=@ADG@?RDOC
OC@'INODOPODJI<G0@QD@R J<M?KK@I?DS@N <I?
OC@DIAJMH<IORDGG=@DIAJMH@?JA<GG
?<O<>JGG@>ODJI?@QD>@N<I?<>ODQDOD@N
Q@M=<ODHOM<IN>MDKODJIN<I?RMDOO@IDIO@MKM@O<ODJIN<I?
M@KJMONRDGG=@H<?@<Q<DG<=G@OJOC@DIAJMH<IO
OC@DIAJMH<IO[NMDBCON
DIO@M@NON<I?RDNC@N
RDGG =@ >JIND?@M@?ADMNORC@I >CJD>@N <M@H<?@M@B<M?DIBM@KJMODIB OC@?<O<
<I? OC@ADI<G
?@>DNDJIM@B<M?DIBDIAJMH<IO <IJITHDOTRDGGM@NORDOCOC@DIAJMH<IO9POCJM<??M@NN@?@OCD><G
DNNP@N<I?'0 M@QD@R:
/B/=::31B7=<'B@/B3573A
"<O< RDGG =@ >JGG@>O@? AMJH $@=MP<MT OCMJPBC +<T

2CDN RDGG DI>GP?@ < HDIDHPH JA =D
HJIOCGT
HDIPO@ M@>JM?@? DIO@MQD@RN RDOC OC@ DIAJMH<IO DIDOD<G DIO@MQD@R LP@NODJIN
KK@I?DS!
=DHJIOCGTORJCJPMJ=N@MQ<ODJINJA<?HDIDNOM<ODQ@><=DI@OH@@ODIBN
=DHJIOCGT
ORJCJPMJ=N@MQ<ODJINJA?<DGT<>ODQDOD@N<I?=DHJIOCGT<I<GTNDNJAOC@KM@ND?@IO[N><G@I?<M<I?
?J>PH@ION H@@ODIB HDIPO@N
H@HJN
KP=GD><ODJIN 'I <??DODJI
OC@ DIAJMH<IOC<N <BM@@?OJ
M@>JM? DHKM@NNDJIN JA CDN @SK@MD@I>@N
OCJPBCON <I? A@@GDIBN DI < O<K@? ?D<MT BPD?@GDI@N AJM
M@>JM?@? M@AG@>ODJI
KK@I?DS " 2RJ AJGGJRPK DIO@MQD@RN RDGG =@ N>C@?PG@? AJM OC@ @I? JA
+<T1@@KK@I?DS#AJMKMJKJN@?ODH@GDI@<I?<>ODQDOTN>C@?PG@92C@<POCJMKMJKJN@?
OJPN@A<>@OJA<>@DIO@MQD@RN
K<MOD>DK<O@<NJ=N@MQ@M
<I?J=O<DIKMDQ<O@?J>PH@ION:
2J <NNDNO DI OC@ ?<O< >JGG@>ODJI KC<N@ ' RDGG PODGDU@ < AD@G? GJB
KMJQD?DIB < ?@O<DG@? <>>JPIO JA
R<TN ' KGMDKODJI <I? <I<GTNDN KC<N@
<GNJ>JHK<MDIBOCDNM@>JM?OJCJRODH@DN<>OP<GGTNK@IO'DIO@I?OJM@>JM??@O<DGNM@G<O@?OJ
HTJ=N@MQ<ODJINDI<AD@G?IJO@=JJF<I? F@@K<AD@G??D<MTOJ>CMJID>G@HTJRIOCDIFDIB
A@@GDIB
@SK@MD@I>@N <I? K@M>@KODJIN OCMJPBCJPO OC@ M@N@<M>C KMJ>@NN 92C@ <POCJM M@>JM?@?
?@N>MDKODQ@<I?M@AG@>ODQ@DIAJMH<ODJI:
/B/</:GA7A$@=132C@3A
+@MMD<H <I? +<MNC<GG <I? 0JNNHJIO@I? OC<O ?<O< >JGG@>ODJI <I? ?<O<
<I<GTNDNHPNO=@<NDHPGO<I@JPNKMJ>@NNDILP<GDO<ODQ@M@N@<M>C1>C<OUH<I<I?1OM<PNN
>G<DHOC<OLP<GDO<ODQ@?<O<<I<GTNDNKMDH<MDGT@IO<DGN>G<NNDATDIBOCDIBN
K@MNJIN
<I?@Q@ION<I?
OC@ KMJK@MOD@N RCD>C >C<M<>O@MDU@ OC@H 2TKD><GGT OCMJPBCJPO OC@ ?<O< <I<GTNDN KMJ>@NN
@OCIJBM<KC@MN DI?@S JM >J?@ OC@DM ?<O< PNDIB <N H<IT ><O@BJMD@N <N KJNND=G@ (<>J=

2C@T N@@F OJ D?@IODAT <I? ?@N>MD=@ K<OO@MIN <I? OC@H@N AMJH OC@ K@MNK@>ODQ@ JA OC@
K<MOD>DK<ION
OC@I<OO@HKOOJPI?@MNO<I?<I?@SKG<DIOC@N@K<OO@MIN<I?OC@H@NB<M

"PMDIB ?<O< <I<GTNDN OC@ ?<O< RDGG =@ JMB<IDU@? ><O@BJMD><GGT <I? >CMJIJGJBD><GGT
M@QD@R@?
M@K@<O@?GT
<I? >JIODIP<GGT >J?@? GDNO JA H<EJM D?@<N OC<O NPMA<>@ RDGG =@ >CMJID>G@? <N
NPBB@NO@? =T +@MMD<H
2<K@? DIO@MQD@RN <I? OC@ K<MOD>DK<IO[N O<K@? ?D<MT RDGG =@
OM<IN>MD=@? Q@M=<ODH $D@G? IJO@N <I? ?D<MT @IOMD@N RDGG =@ M@BPG<MGT M@QD@R@? 9POCJM
?@N>MD=@?NO@KNDI?<O<<I<GTNDN:
'I <??DODJI
OC@ ?<O< <I<GTNDN KMJ>@NN RDGG =@ <D?@? =T OC@ PN@ JA < LP<GDO<ODQ@ ?<O< <I<GTNDN
>JHKPO@M KMJBM<H ><GG@? &TK@M/P<G 0<THJI? .<?DGG< MDUJI< 1O<O@ 3IDQ@MNDOT ?@NDBI@?
&TK@M/P<G DI AJM PN@ RDOC OC@ +<>DIOJNC >JHKPO@M &TK@M/P<G PODGDU@N &TK@M!<M?
NJAOR<M@ <I? A<>DGDO<O@N OC@ M@>JM?DIB <I? <I<GTNDN JA O@SOP<G <I? BM<KCD> ?<O< 1K@>D<G NO<>FN
<M@?@NDBI<O@?OJCJG?<I?JMB<IDU@?<O<3NDIB&TK@M/P<GOC@M@N@<M>C@M><I?DM@>OGT\@IO@M
AD@G??<O<
DI>GP?DIBDIO@MQD@R?<O<
J=N@MQ<ODJIN
M@N@<M>C@M[NH@HJN
<I?DGGPNOM<ODJIN_<I?
O<BJM>J?@<GGJMK<MOJAOC@NJPM>@?<O<NJOC<O>CPIFNJA?<O<><I=@KPGG@?JPO<I?OC@I=@
M@<NN@H=G@? DI < I@R <I? DGGPHDI<ODIB >JIADBPM<ODJI] .<?DGG<

KK +@<IDIBAPG
?<O< >CPIFN >J?@ I<H@N >C<IB@?JM?@G@O@?RDOC&TK@M/P<G@?DOJM<I?O@SO><I=@N@<M>C@?AJMF@T><O@BJMD@N
OC@H@N
RJM?NJMKCM<N@N9POCJMH@IODJINOC@KMJKJN@?PN@JA>JHKPO@MNJAOR<M@AJM?<O<<I<GTNDN:
*3@7471/B7=<
'I@INPMDIBDIO@MI<GQ<GD?DOT
OC@AJGGJRDIBNOM<O@BD@NRDGG=@@HKGJT@?
2MD<IBPG<ODJIJA?<O<Y"<O<RDGG=@>JGG@>O@?OCMJPBCHPGODKG@NJPM>@NOJDI>GP?@DIO@MQD@RN
J=N@MQ<ODJIN<I??J>PH@IO<I<GTNDN
+@H=@M>C@>FDIBY2C@DIAJMH<IORDGGN@MQ@<N<>C@>FOCMJPBCJPOOC@<I<GTNDNKMJ>@NNI
JIBJDIB ?D<GJBP@ M@B<M?DIB HT DIO@MKM@O<ODJIN JA OC@ DIAJMH<IO[N M@<GDOT <I? H@<IDIBN RDGG
@INPM@OC@OMPOCQ<GP@JAOC@?<O<
*JIB O@MHN <I? M@K@<O@? J=N@MQ<ODJIN <O OC@ M@N@<M>C NDO@Y0@BPG<M <I? M@K@<O@?
J=N@MQ<ODJINJANDHDG<MKC@IJH@I<<I?N@OODIBNRDGGJ>>PMJINDO@JQ@M<AJPMHJIOCK@MDJ?JA
ODH@
.@@M@S<HDI<ODJIY<?J>OJM<GNOP?@IO<I?BM<?P<O@<NNDNO<IODIOC@#?P><ODJI<G.NT>CJGJBT
"@K<MOH@IORDGGN@MQ@<N<K@@M@S<HDI@M
.<MOD>DK<OJMTHJ?@NJAM@N@<M>CY2C@DIAJMH<IORDGG=@DIQJGQ@?DIHJNOKC<N@NJAOCDNNOP?T
AMJHOC@?@NDBIJAOC@KMJE@>OOJ>C@>FDIBDIO@MKM@O<ODJIN<I?>JI>GPNDJIN<I?
!G<MDAD><ODJIJAM@N@<M>C@M=D<NYOOC@ JPON@OJAOCDNNOP?TM@N@<M>C@M=D<NRDGG=@<MOD>PG<O@?
DIRMDODIBDIOC@?DNN@MO<ODJIKMJKJN<GPI?@MOC@C@<?DIB
\2C@0@N@<M>C@M[N0JG@]
2C@KMDH<MTNOM<O@BTPODGDU@?DIOCDNKMJE@>OOJ@INPM@@SO@MI<GQ<GD?DOTRDGG=@OC@KMJQDNDJIJA
MD>C
OCD>F
?@O<DG@? ?@N>MDKODJIN NJ OC<O <ITJI@ DIO@M@NO@? DI OM<INA@M<=DGDOT RDGG C<Q@ < NJGD?
AM<H@RJMF AJM >JHK<MDNJI +@MMD<H
2CM@@ O@>CIDLP@N OJ @INPM@ M@GD<=DGDOT RDGG =@
@HKGJT@?DIOCDNNOP?T$DMNO
OC@M@N@<M>C@MRDGGKMJQD?@<?@O<DG@?<>>JPIOJAOC@ AJ>PNJAOC@
NOP?T
OC@ M@N@<M>C@M[N MJG@
OC@ DIAJMH<IO[N KJNDODJI <I? =<NDN AJM N@G@>ODJI
<I? OC@ >JIO@SO
AMJHRCD>C?<O<RDGG=@B<OC@M@?*@!JHKO@%J@OU
1@>JI?
OMD<IBPG<ODJIJMHPGODKG@
H@OCJ?N JA ?<O< >JGG@>ODJI <I? <I<GTNDN RDGG =@ PN@?
RCD>C NOM@IBOC@IN M@GD<=DGDOT <N R@GG <N
DIO@MI<GQ<GD?DOT+@MMD<H
$DI<GGT
?<O<>JGG@>ODJI<I?<I<GTNDNNOM<O@BD@NRDGG=@M@KJMO@?
DI?@O<DGDIJM?@MOJKMJQD?@<>G@<M<I?<>>PM<O@KD>OPM@JAOC@H@OCJ?NPN@?DIOCDNNOP?TGG
KC<N@NJAOCDN KMJE@>ORDGG=@NP=E@>OOJN>MPODIT=T<I@SO@MI<G<P?DOJMRCJDN@SK@MD@I>@?DI
LP<GDO<ODQ@M@N@<M>CH@OCJ?N9POCJMD?@IODAD@?NOM<O@BD@NJAQ<GD?DOTOJ=@PN@?DIOC@NOP?T:
&3>=@B7<5B637<27<5A
*JAG<I?NPBB@NONOC<O<GOCJPBC?<O<>JGG@>ODJI<I?<I<GTNDNNOM<O@BD@N<M@NDHDG<M<>MJNN
LP<GDO<ODQ@H@OCJ?N
OC@R<TOC@ADI?DIBN<M@M@KJMO@?DN?DQ@MN@+DG@N<I?&P=@MH@JA>M@<ODIB<?<O<?DNKG<T<I?NPBB@NOOC<OI<MM<ODQ@O@SOC<N=@@IOC@
HJNO AM@LP@IO AJMH JA ?DNKG<T AJM LP<GDO<ODQ@ ?<O< 2CDN DN < I<OPM<GDNOD> NOP?T 2C@M@AJM@
OC@
M@NPGONRDGG=@KM@N@IO@?DI?@N>MDKODQ@
I<MM<ODQ@AJMHM<OC@MOC<I<N<N>D@IODAD>M@KJMO2CD>F
?@N>MDKODJIRDGG=@OC@Q@CD>G@AJM>JHHPID><ODIB<CJGDNOD>KD>OPM@JAOC@@SK@MD@I>@NJA<I@R
>JGG@B@ KM@ND?@IO 2C@ ADI<G KMJE@>O RDGG =@ < >JINOMP>ODJI JA OC@ DIAJMH<IO[N @SK@MD@I>@N <I?
OC@ H@<IDIBN C@ <OO<>C@N OJ OC@H 2CDN RDGG <GGJR M@<?@MN OJ QD><MDJPNGT @SK@MD@I>@ OC@
>C<GG@IB@N C@ @I>JPIO@MN <I? KMJQD?@ < G@IN OCMJPBC RCD>C M@<?@MN >O[N
RJMG?9-PO>JH@NJAOC@NOP?TR@M@H@IODJI@?:

2CDN >C<KO@M @SKGJM@? OC@ NO@KN OC<O BJ DIOJ ?@Q@GJKDIB <I? RMDODIB < LP<GDO<ODQ@ KMJ>@?PM@
0@>JBIDUDIB OC@ Q<MD<ODJI OC<O @SDNON DI LP<GDO<ODQ@ NOP?D@N
OC@ >C<KO@M <?Q@N < B@I@M<G
BPD?@GDI@AJMKMJ>@?PM@N2CDNBPD?@GDI@DI>GP?@N<?DN>PNNDJI<=JPOOC@B@I@M<G>C<M<>O@MDNOD>N
JA LP<GDO<ODQ@ M@N@<M>C DA <P?D@I>@N <M@ IJO A<HDGD<M RDOC OCDN <KKMJ<>C OJ M@N@<M>C 2C@N@
>C<M<>O@MDNOD>N<M@OC<OOC@M@N@<M>CO<F@NKG<>@DIOC@I<OPM<GN@OODIB
M@GD@NJIOC@M@N@<M>C@M
<NOC@DINOMPH@IOAJM?<O<>JGG@>ODJI
@HKGJTNHPGODKG@H@OCJ?NJA?<O<>JGG@>ODJI
DNDI?P>ODQ@
DN=<N@?JIK<MOD>DK<ION[H@<IDIBN
DN@H@MB@IO
JAO@IDIQJGQ@NOC@PN@JA<OC@JM@OD><GG@IN
DN
DIO@MKM@ODQ@
<I?DNCJGDNOD>2C@BPD?@GDI@M@>JHH@I?NH@IODJIDIB<NOM<O@BTJADILPDMT
NP>C
<NOC@NOP?TJADI?DQD?P<GNI<MM<ODQ@
KC@IJH@IJGJBT
OC@@SKGJM<ODJIJAKMJ>@NN@N
<>ODQDOD@N
<I?@Q@ION><N@NOP?T
BMJPI?@?OC@JMT
JMOC@@S<HDI<ODJIJA=MJ<?>PGOPM@NC<MDIB=@C<QDJM
JA DI?DQD?P<GN JM BMJPKN @OCIJBM<KCT 2C@ >CJD>@ JA NOM<O@BT I@@?N OJ =@ KM@N@IO@? <I?
?@A@I?@?$PMOC@M
OC@KMJKJN<GI@@?NOJ<??M@NNOC@MJG@JAOC@M@N@<M>C@MK<NO@SK@MD@I>@N
K@MNJI<G>JII@>ODJINOJOC@NDO@
NO@KNOJB<DI@IOMT
<I?N@INDODQ@@OCD><GDNNP@N"DN>PNNDJIJA
?<O< >JGG@>ODJI NCJPG? DI>GP?@ OC@ KPMKJN@APG N<HKGDIB <KKMJ<>C<I?OC@AJMHN JA?<O<OJ=@
>JGG@>O@? D@
J=N@MQ<ODJIN
DIO@MQD@RN
?J>PH@ION
<P?DJQDNP<G H<O@MD<GN 'O DN PN@APG OJ <GNJ
DI?D><O@ OC@ OTK@N JA ?<O< M@>JM?DIB KMJOJ>JGN OC<O RDGG =@ PN@? "<O< <I<GTNDN DN @NN?PMDIBM@N@<M>C'ODIQJGQ@N<I<GTUDIBK<MOD>DK<IODIAJMH<ODJI
<I?M@N@<M>C@MNOTKD><GGT
@HKGJTB@I@M<G<I<GTNDNNO@KN<NR@GG<NOCJN@NO@KNAJPI?RDOCDI<NK@>DAD>NOM<O@BTJADILPDMT
+JM@ B@I@M<G NO@KN DI>GP?@ JMB<IDUDIB <I? KM@K<MDIB OC@ ?<O<
J?DIB OC@ ?<O<
?@Q@GJKDIB AMJH OC@ >J?@N < ?@N>MDKODJI <I? OC@H<OD> <I<GTNDN
PNDIB >JHKPO@M KMJBM<HN

M@KM@N@IODIB OC@ ADI?DIBN DI O<=G@N
BM<KCN
<I? ADBPM@N
<I?
DIO@MKM@ODIBOC@ADI?DIBN2C@N@DIO@MKM@O<ODJINDIQJGQ@NO<ODIBG@NNJING@<MI@?
>JHK<MDIBOC@
ADI?DIBN RDOC K<NO GDO@M<OPM@ <I? OC@JMT
M<DNDIB LP@NODJIN
<I? JM <?QDIB JIO<DI < N@>ODJI JI OC@ @SK@>O@? JPO>JH@N AJM OC@ NOP?T
$DI<GGT
<I<??DODJI<GDHKJMO<IONO@KDIKG<IIDIB<KMJKJN<GDNOJH@IODJIOC@NOM<O@BD@NOC<ORDGG
=@PN@?OJQ<GD?<O@OC@<>>PM<>TJAOC@ADI?DIBN
?@HJINOM<O@OC@M@GD<=DGDOTJAKMJ>@?PM@N
<I?
?DN>PNNOC@MJG@JAB@I@M<GDU<=DGDOT
0)2),'6%0#)1%1
5MDO@<KG<IAJMOC@KMJ>@?PM@OJ=@PN@?DITJPMLP<GDO<ODQ@NOP?TAO@MRMDODIBOC@KGC@>FGDNOOJ?@O@MHDI@OC@>JHKM@C@INDQ@I@NNJATJPMKGJGPHIJIOC@G@AO
OC@NO@KNTJPKG<IOJO<F@OJ<I<GTU@TJPM
?<O< 'I < >JGPHI JI OC@ MDBCO
DI?D><O@ OC@ NO@KN <N OC@T <KKGT ?DM@>OGT OJ TJPM KMJE@>O
OC@
M@N@<M>CNOM<O@BTTJPKG<IOJPN@
<I??<O<OC<OTJPC<Q@>JGG@>O@?

+<MNC<GG
!
0JNNH+>3@/</=/+<-2 OC@?
2CJPN<I?-<FN
!1<B@
!<OC@MDI@+<MNC<GG<I?%M@O>C@I0JNNH<IDIOMJ?P>@OC@KMJ>@?PM@NAJM?@NDBIDIB<LP<GDO<ODQ@
NOP?T<I?<LP<GDO<ODQ@KMJKJN<G2C@OJKD>N>JQ@M@?<M@>JHKM@C@INDQ@2C@TDI>GP?@=PDG?DIB
< >JI>@KOP<GAM<H@RJMF <MJPI? < NOP?TOC@GJBD> <I? <NNPHKODJIN JA OC@ JQ@M<GG?@NDBI <I?
H@OCJ?N H@OCJ?N JA ?<O< >JGG@>ODJI <I? KMJ>@?PM@N AJM H<I<BDIB
M@>JM?DIB
<I? <I<GTUDIB
LP<GDO<ODQ@?<O<<I?OC@M@NJPM>@N I@@?@?AJM<NOP?T
NP>C<NODH@
K@MNJII@G
<I?API?DIB
2CDNDN<>JHKM@C@INDQ@<I?DINDBCOAPGO@SOAMJHRCD>C=JOC=@BDII@MN<I?HJM@@SK@MD@I>@?
LP<GDO<ODQ@M@N@<M>C@MN><IG@<MI
$GD>F
3#? '2/&+1/$?+63>+>3@/%/=/+<-23> *JI?JI 1<B@
2CDN DN F OC<O DN <POCJM@? =T ?DAA@M@IO RJMG?>G<NN
LP<GDO<ODQ@M@N@<M>C@MN<I?R<N>M@<O@?OJ>JGG@>ODQ@GT<??M@NNOC@>JM@DNNP@NOC<O<MDN@RC@I
M@N@<M>C@MN<>OP<GGT?JLP<GDO<ODQ@M@N@<M>C'O<??M@NN@NCJROJKG<I<I??@NDBI<LP<GDO<ODQ@
NOP?T
OC@ >JGG@>ODJI <I? KMJ?P>ODJI JA LP<GDO<ODQ@ ?<O<
OC@ <I<GTNDN JA LP<GDO<ODQ@ ?<O< @B
QDNP<G ?<O<
?DN>JPMN@ <I<GTNDN
<I? OC@ DNNP@N JA LP<GDOT DI LP<GDO<ODQ@ M@N@<M>C -Q@M<GG
DO
KM@N@ION<M@>@IO
PKOJ?<O@RDI?JRDIOJOC@AD@G?JALP<GDO<ODQ@M@N@<M>C
!M@NR@GG
(5 $?+63>+>3@/38;?3<C+8.</=/+<-2./=318299=381+798103@/+::<9+-2/=
I?@?2CJPN<I?-<FN
!1<B@
1JH@ODH@NOCJN@RCJRMDO@<=JPOLP<GDO<ODQ@M@N@<M>CO<F@<KCDGJNJKCD><GNO@OJR<M?OC@
OJKD> <I? M@<?@MN <M@ G@AO RDOCJPO @?PM@N <I? KM<>OD>@N <>OP<GGT
PN@? DI ?@NDBIDIB <I? >JI?P>ODIB < LP<GDO<ODQ@ NOP?T +T =JJF O<F@N ADQ@ <KKMJ<>C@N OJ
LP<GDO<ODQ@ DILPDMTYI<MM<ODQ@ M@N@<M>C
KC@IJH@IJGJBT
BMJPI?@? OC@JMT
@OCIJBM<KCT
<I?
><N@NOP?TY<I??DN>PNN@NCJROC@KMJ>@?PM@NAJM>JI?P>ODIBOC@N@AJMHNJADILPDMT<M@=JOC
NDHDG<M<I??DAA@M@IO'IOC@@I?
M@<?@MN><IHJM@@<NDGT>CJJN@RCD>CJAOC@ADQ@RJPG?=@NO
NPDOOC@DMM@N@<M>CKMJ=G@HN<N R@GG<NOC@DMK@MNJI<GNOTG@NJAM@N@<M>C
$(&("
!7F32!3B6=2A$@=132C@3A
+DOCOC@?@Q@GJKH@IO<I?K@M>@DQ@?G@BDODH<>TJA=JOCLP<GDO<ODQ@<I?LP<IODO<ODQ@M@N@<M>CDI
OC@ NJ>D<G <I? CPHD@I>@N
HDS@? H@OCJ?N M@N@<M>C
@HKGJTDIB OC@ >JH=DI<ODJI JA
LP<IODO<ODQ@ <I? LP<GDO<ODQ@ <KKMJ<>C@N
C<N B<DI@? KJKPG<MDOT 2CDN KJKPG<MDOT DN =@><PN@
M@N@<M>C H@OCJ?JGJBT >JIODIP@N OJ @QJGQ@ <I? ?@Q@GJK
<I? HDS@? H@OCJ?N DN <IJOC@M NO@K
AJMR<M?
PODGDUDIB OC@ NOM@IBOCN JA =JOC LP<GDO<ODQ@ <I? LP<IODO<ODQ@ M@N@<M>C GNJ
OC@
KMJ=G@HN<??M@NN@?=TNJ>D<G<I?C@<GOCN>D@I>@M@N@<M>C@MN<M@>JHKG@S
<I?OC@PN@JA@DOC@M
LP<IODO<ODQ@JMLP<GDO<ODQ@<KKMJ<>C@N=TOC@HN@GQ@NDNDI<?@LP<O@OJ<??M@NNOCDN>JHKG@SDOT
2C@DIO@M?DN>DKGDI<MTI<OPM@JAM@N@<M>C
<NR@GG
>JIOMD=PO@NOJOC@AJMH<ODJIJAM@N@<M>CO@<HN
RDOC DI?DQD?P<GN RDOC ?DQ@MN@ H@OCJ?JGJBD><G DIO@M@NON <I? <KKMJ<>C@N $DI<GGT
OC@M@ DN HJM@
DINDBCOOJ=@ B<DI@?AMJH OC@ >JH=DI<ODJI JA =JOCLP<GDO<ODQ@ <I? LP<IODO<ODQ@ M@N@<M>COCJH=DI@? PN@ KMJQD?@N C
KMJ=G@HN
2CDN>C<KO@M=MDIBNOJB@OC@MH<ITJAOC@OCM@<?NDIOMJ?P>@?DIOC@@<MGD@M>C<KO@MN'O@SO@I?N
OC@ ?DN>PNNDJI <=JPO OC@ KCDGJNJKCD><G <NNPHKODJIN JA < KM<BH<OD> KCDGJNJKCT
OC@ >JH=DI@?
PN@ JA LP<GDO<ODQ@ <I? LP<IODO<ODQ@ HJ?@N JA DILPDMT
<I? OC@ PN@ JA HPGODKG@ H@OCJ?N
DIOMJ?P>@? DI !C<KO@M 'O <GNJ @SO@I?N OC@ ?DN>PNNDJI <=JPO M@N@<M>C KMJ=G@HN OC<O
DI>JMKJM<O@OC@I@@?=JOCOJ@SKGJM@<I?@SKG<DI!C<KO@M'OAJGGJRN< KPMKJN@NO<O@H@IO
<I? M@N@<M>C LP@NODJIN AJ>PN@? JI PI?@MNO<I?DIB < KMJ=G@H PNDIB =JOC LP<GDO<ODQ@ <I?
LP<IODO<ODQ@H@OCJ?N!C<KO@MN<I?
<I?DO<?Q@NOC@M@<NJINAJMPNDIBHPGODKG@AJMHN
JA?<O<>JGG@>ODJI<I?<I<GTNDN!C<KO@MN<I?
#!$#""('#!,!(#'$&#)&'
+DS@?H@OCJ?NM@N@<M>CC<N@QJGQ@?<N@OJAKMJ>@?PM@NOC<OKMJKJN<G?@Q@GJK@MN><IPN@DI
KG<IIDIB < HDS@? H@OCJ?N NOP?T 'I
OC@ +8.,995 90 3B/. />29.= 38 >2/ &9-3+6
/2+@39< &-3/8-/= 2<NC<FFJMD 2@??GD@
R<N KP=GDNC@?
KMJQD?DIB OC@ ADMNO
>JHKM@C@INDQ@ JQ@MQD@R JA OCDN NOM<O@BT JA DILPDMT ,JR N@Q@M<G EJPMI<GN @HKC<NDU@ HDS@?
H@OCJ?NM@N@<M>C
NP>C<NOC@ 9?<8+690 3B/. />29.=%/=/+<-2$?+63>C+8.$?+8>3>C
<I?
3/6. />29.=
RCDG@ IPH@MJPN JOC@MN <>ODQ@GT @I>JPM<B@ OCDN AJMH JA DILPDMT @B
8>/<8+>398+6 9?<8+6 90 &9-3+6 %/=/+<-2 />29.9691C $?+63>+>3@/ /+6>2 %/=/+<-2 88+6= 90
+736C /.3-38/ ,PH@MJPN KP=GDNC@? M@N@<M>C NOP?D@N C<Q@ DI>JMKJM<O@? HDS@? H@OCJ?N
M@N@<M>CDIOC@NJ>D<G<I?CPHD@I>@NDI?DQ@MN@AD@G?NNP>C<NJ>>PK<ODJI<GOC@M<KT*TN<>F
)M@AODIB

DIO@MK@MNJI<G >JHHPID><ODJI JI@Q<
)M<PO
$MJCGD>C

'"1
KM@Q@IODJI(<IU@O<G

?@H@IOD<><M@BDQDIB5@DOUH<I*@QFJAA

H@IO<GC@<GOC
0JB@MN
"<T
0<I?<GG
@IO<GG

<I?DIHD??G@N>CJJGN>D@I>@&JPOU
,@R=JJFN
<MMDQ@ @<>C T@<M NJG@GT ?@QJO@? OJ HDS@? H@OCJ?N M@N@<M>C MTHC@>FGDNO JA LP@NODJIN AJM ?@NDBIDIB < HDS@? H@OCJ?N NOP?T <KK@<MN DI 2<=G@ 2C@N@
>JHKJI@ION><GGAJM<?QDIBOC@I<OPM@JAHDS@?H@OCJ?NM@N@<M>C<I?OC@OTK@JANOM<O@BT
=@DIBKMJKJN@?AJMOC@NOP?T2C@T<GNJDI>GP?@OC@I@@?AJM<QDNP<G HJ?@GJAOCDN<KKMJ<>C
OC@NK@>DAD>KMJ>@?PM@NJA?<O<>JGG@>ODJI<I?<I<GTNDN
OC@M@N@<M>C@M[NMJG@
<I?OC@NOMP>OPM@
AJM KM@N@IODIB OC@ ADI<G M@KJMO $JGGJRDIB OC@ ?DN>PNNDJI JA @<>C JA OC@N@ >JHKJI@ION
@?PM@N N@>ODJI AMJH < HDS@? H@OCJ?N NOP?T DN KM@N@IO@? OJ NCJR CJR OJ
<KKGTOC@N@D?@<N
("()&#!,!(#'&'&
@><PN@HDS@?H@OCJ?NM@N@<M>CDNM@G<ODQ@GTI@RDIOC@NJ>D<G<I?CPH<IN>D@I>@N<N<?DNODI>O
M@N@<M>C<KKMJ<>C
DODNPN@APGOJ>JIQ@T<=<ND>?@ADIDODJI <I??@N>MDKODJIJAOC@<KKMJ<>CDI<
KMJKJN<G2CDNHDBCODI>GP?@OC@AJGGJRDIB
^2M<>@<=MD@ACDNOJMTJADON@QJGPODJI1@Q@M<GNJPM>@ND?@IODATDONDI>@KODJIDIKNT>CJGJBT<I?DI
OC@ HPGODOM<DOHPGODH@OCJ? H<OMDS JA !<HK=@GG <I? $DNF@ OJ DIO@M@NO DI >JIQ@MBDIB JM
OMD<IBPG<ODIB ?DAA@M@IO LP<IODO<ODQ@ <I? LP<GDO<ODQ@ ?<O< NJPM>@N (D>F
<I? JI OJ OC@
?@Q@GJKH@IOJA<?DNODI>OH@OCJ?JGJBTJADILPDMTN@@!M@NR@GG.G<IJ!G<MF
2<NC<FFJMD
2@??GD@

^"@ADI@HDS@?H@OCJ?NM@N@<M>C =TDI>JMKJM<ODIBOC@?@ADIDODJIDI!C<KO@MOC<OAJ>PN@NJI
>JH=DIDIB =JOC LP<IODO<ODQ@ <I? LP<GDO<ODQ@ M@N@<M>C <I? H@OCJ?N DI < M@N@<M>C NOP?T N@@ <
HJM@@SK<I?@?QD@RJA?@ADIDIBHDS@?H@OCJ?NM@N@<M>CDI(JCINJI
-IRP@B=PUD@
2PMI@M
&DBCGDBCOOC@M@<NJINRCTM@N@<M>C@MN@HKGJT<HDS@?H@OCJ?N?@NDBI@B
OJ=MJ<?@I
PI?@MNO<I?DIB =T DI>JMKJM<ODIB =JOC LP<GDO<ODQ@ <I? LP<IODO<ODQ@ M@N@<M>C
JM OJ PN@ JI@
<KKMJ<>COJ=@OO@MPI?@MNO<I?
@SKG<DI
JM=PDG?JIOC@M@NPGONAMJHOC@JOC@M<KKMJ<>CGNJ
IJO@ OC<O OC@ HDSDIB JA OC@ ORJ HDBCO =@ RDOCDI JI@ NOP?T JM <HJIB N@Q@M<G NOP?D@N DI <
KMJBM<H JA DILPDMT 0@>JBIDU@ OC<O H<IT ?DAA@M@IO O@MHN <M@ PN@? AJM OCDN <KKMJ<>C
NP>C <N
38>/1<+>381 =C8>2/=3= ;?+8>3>+>3@/ +8. ;?+63>+>3@/ 7/>29.= 7?6>37/>29.
<I? 73B/.
7/>29.9691C
=POOC<OM@>@IORMDODIBNPN@OC@O@MH 73B/.7/>29.= MTHFGDNOJA/P@NODJINAJM"@NDBIDIB<+DS@?+@OCJ?N.MJ>@?PM@
^ MD@AGT ?DN>PNN OC@ BMJROC JA DIO@M@NO DI HDS@? H@OCJ?N M@N@<M>C <N @SKM@NN@? DI =JJFN
EJPMI<G<MOD>G@N
?DQ@MN@?DN>DKGDI@N
<I?API?@?KMJE@>ONN@@!M@NR@GG.G<IJ!G<MF
AJM<
?DN>PNNDJI<=JPOOC@H<ITDIDOD<ODQ@NOC<O>JIOMD=PO@OJHDS@?H@OCJ?NOJ?<T
^,JO@OC@>C<GG@IB@NOCDNAJMHJAM@N@<M>CKJN@NAJMOC@DILPDM@M2C@N@DI>GP?@OC@I@@?AJM
@SO@INDQ@ ?<O< >JGG@>ODJI
OC@ ODH@DIO@INDQ@ I<OPM@ JA <I<GTUDIB =JOC O@SO <I? IPH@MD> ?<O<
<I? OC@ M@LPDM@H@IO AJM OC@ M@N@<M>C@M OJ =@ A<HDGD<M RDOC =JOC LP<IODO<ODQ@ <I? LP<GDO<ODQ@
AJMHNJAM@N@<M>C
(-$'#!,!(#''(&('"*') !# '

2C@M@ C<Q@ =@@I N@Q@M<G OTKJGJBD@N AJM >G<NNDATDIB <I? D?@IODATDIB OTK@N JA HDS@? H@OCJ?N
NOM<O@BD@NOC<OKMJKJN<G?@Q@GJK@MNHDBCOPN@DIOC@DMKMJKJN@?HDS@?H@OCJ?NNOP?T!M@NR@GG
<I? .G<IJ !G<MF D?@IODAT >G<NNDAD><ODJI NTNO@HN ?M<RI AMJH OC@ AD@G?N JA @Q<GP<ODJI
IPMNDIB
KP=GD> C@<GOC
@?P><ODJI KJGD>T <I? M@N@<M>C
<I? NJ>D<G <I? =@C<QDJM<G M@N@<M>C 'I
OC@N@ >G<NNDAD><ODJIN
<POCJMN PN@ ?DQ@MN@ O@MHN AJM OC@DM OTK@N JA ?@NDBIN
<I? < NP=NO<IOD<G
<HJPIO JA JQ@MG<K @SDNON DI OC@ OTKJGJBD@N $JM KPMKJN@N JA OCDN ?DN>PNNDJI ' RDGG D?@IODAT <I?
?DN>PNNOC@NDSOTK@NOC<OHT>JGG@<BP@N<I?'<?Q@?DI!M@NR@GG@O<G

$:/<<7<5!7F32!3B6=2A$@=132C@3A
'ODNC@GKAPG
CJR@Q@M
=@AJM@?DN>PNNDIBOC@NDSOTK@N
OJ>JIND?@MN@Q@M<G<NK@>ONOC<ODIAGP@I>@
OC@ ?@NDBI JA KMJ>@?PM@N AJM < HDS@? H@OCJ?N NOP?T $JPM DHKJMO<IO <NK@>ON <M@ ODHDIB
R@DBCODIB
HDSDIB
<I?OC@JMDUDIB<NNCJRIDI$DBPM@
)+),'
.MJKJN<G ?@Q@GJK@MN I@@? OJ >JIND?@M OC@ B7;7<5 JA OC@DM LP<GDO<ODQ@ <I? LP<IODO<ODQ@ ?<O<
>JGG@>ODJI
RC@OC@M DO RDGG =@ DI KC<N@N N@LP@IOD<GGT JM B<OC@M@? <O OC@ N<H@ ODH@
>JI>PMM@IOGT5C@IOC@?<O<<M@>JGG@>O@?DIKC<N@N
@DOC@MOC@LP<GDO<ODQ@JMOC@LP<IODO<ODQ@
?<O< >JH@ADMNO'O?@K@I?NJIOC@DIDOD<GDIO@IOJAOC@M@N@<M>C@M5C@ILP<GDO<ODQ@?<O<<M@
>JGG@>O@?ADMNO
OC@DIO@IODNOJ@SKGJM@OC@OJKD>RDOCK<MOD>DK<ION<ONDO@N2C@IOC@M@N@<M>C@M
@SK<I?N OC@ PI?@MNO<I?DIB OCMJPBC < N@>JI? KC<N@ DI RCD>C ?<O< <M@ >JGG@>O@? AMJH < G<MB@
IPH=@MJAK@JKG@OTKD><GGT<N<HKG@M@KM@N@IO<ODQ@JA<KJKPG<ODJI5C@I?<O<<M@>JGG@>O@?
>JI>PMM@IOGT
=JOC LP<IODO<ODQ@ <I? LP<GDO<ODQ@ ?<O< <M@ B<OC@M@? <O OC@ N<H@ ODH@ <I? OC@
DHKG@H@IO<ODJIDNNDHPGO<I@JPN'IH<ITKMJE@>ONDOH<T=@PIRJMF<=G@OJ>JGG@>O?<O<JQ@MD@I>@NRC@I=PNTH@?D><GK@MNJII@GC<Q@GDHDO@?
ODH@ AJM ?<O< >JGG@>ODJI DI OC@ AD@G? 'I OCDN ><N@
DO DN HJM@ H<I<B@<=G@ OJ >JGG@>O =JOC
LP<IODO<ODQ@ <I? LP<GDO<ODQ@ ?<O< <O MJPBCGT OC@ N<H@ ODH@
RC@I OC@ M@N@<M>C@MN DN DI OC@
AD@G?>JGG@>ODIB?<O<
M<OC@MOC<IOJM@QDNDOOC@AD@G?HPGODKG@ODH@NAJM?<O<>JGG@>ODJI
%)'(2),'
N@>JI? A<>OJM OC<O BJ@N DIOJ ?@NDBIDIB KMJ>@?PM@N DN OC@ E3756B JM KMDJMDOT BDQ@I OJ
LP<IODO<ODQ@JMLP<GDO<ODQ@M@N@<M>CDI<K<MOD>PG<MNOP?T'INJH@NOP?D@N
OC@R@DBCOHDBCO=@
@LP<GDIJOC@MNOP?D@N
DOHDBCO@HKC<NDU@JI@JMOC@JOC@MKMDJMDOTAJMJI@OTK@?@K@I?NJI
OC@DIO@M@NONJAOC@M@N@<M>C@M
OC@<P?D@I>@AJMOC@NOP?T@B
A<>PGOT>JHHDOO@@
KMJA@NNDJI<G
<NNJ>D<ODJI
<I? RC<O OC@ DIQ@NODB<OJM N@@FN OJ @HKC<NDU@ DI OC@ NOP?T 'I KM<>OD><G O@MHN
R@DBCO J>>PMN DI < HDS@? H@OCJ?N NOP?T OCMJPBC NP>C NOM<O@BD@N <N RC@OC@M LP<IODO<ODQ@ JM
LP<GDO<ODQ@DIAJMH<ODJIDN@HKC<NDU@?ADMNO
OC@@SO@IOJAOM@<OH@IOJAJI@OTK@JA?<O<JMOC@
JOC@MDI OC@ KMJE@>O
JMOC@PN@JAKMDH<MDGT ODQ@ <KKMJ<>C D@
B@I@M<ODIB OC@H@NDI
LP<GDO<ODQ@ JM < ?@?P>ODQ@ <KKMJ<>C D@
O@NODIB < OC@JMT 1JH@ODH@N OC@ M@N@<M>C@M
DIO@IODJI<GGTPN@NJI@AJMHJA?<O<DI<NPKKJMODQ@MJG@OJ<G<MB@MNOP?T
<NDNAJPI?DINJH@
@SK@MDH@IO<GOMD<GNN@@0JB@MN@O<G

75C@3 NK@>ONOJ!JIND?@MDI.G<IIDIB<+DS@?+@OCJ?N"@NDBI
1-30!#?<KO@?AMJH!M@NR@GG@O<G
)6),'
+DSDIB OC@ ?<O< <I? DI < G<MB@M N@IN@
HDSDIB OC@ M@N@<M>C LP@NODJIN
KCDGJNJKCT
OC@
DIO@MKM@O<ODJIDN?DAAD>PGO<O=@NORC@IJI@>JIND?@MNOC<OLP<GDO<ODQ@?<O<>JINDNONJAO@SO<I?
DH<B@N<I?LP<IODO<ODQ@?<O<
IPH=@MN2C@M@<M@ORJ?DAA@M@IOLP@NODJINC@M@ *2/8 ?J@N<
M@N@<M>C@M HDS DI < HDS@? H@OCJ?N NOP?T I? 29A ?J@N HDSDIB J>>PM 2C@ ADMNO LP@NODJI DN
HP>C@<ND@MOJ<INR@MOC<IOC@N@>JI?+DSDIBJAOC@ORJOTK@NJA?<O<HDBCOJ>>PM<ON@Q@M<G
NO<B@NOC@?<O<>JGG@>ODJI
OC@?<O<<I<GTNDN
DIO@MKM@O<ODJI
JM<O<GGOCM@@KC<N@N$JMKMJKJN<G
?@Q@GJK@MNPNDIBHDS@?H@OCJ?N
DODNDHKJMO<IOOJ?DN>PNN<I?KM@N@IODI<KMJKJN<GRC@IOC@
HDSDIBRDGGJ>>PM
&JR OC@ ?<O< <M@ HDS@? C<N M@>@DQ@? >JIND?@M<=G@ M@>@IO <OO@IODJI !M@NR@GG .G<IJ !G<MF
!7F7<5 H@<IN@DOC@MOC<OOC@LP<GDO<ODQ@<I?LP<IODO<ODQ@?<O<<M@<>OP<GGTH@MB@?JI

JI@@I?JAOC@>JIODIPPH
F@KON@K<M<O@JIOC@JOC@M@I?JAOC@>JIODIPPH
JM>JH=DI@?DI
NJH@ R<T =@OR@@I OC@N@ ORJ @SOM@H@N 2C@ ORJ ?<O< =<N@N HDBCO =@ F@KO N@K<M<O@ =PO
>JII@>O@? AJM @S<HKG@
DI < ORJKC<N@ KMJE@>O OC<O =@BDIN RDOC < LP<IODO<ODQ@ KC<N@
OC@
<I<GTNDN JA OC@ ?<O< <I? DON M@NPGON >DK<ION AJM LP<GDO<ODQ@ ?<O<
>JGG@>ODJI DI < AJGGJRPK KC<N@ 'I OCDN NDOP<ODJI
OC@ LP<IODO<ODQ@ <I? LP<GDO<ODQ@ ?<O< <M@
>JII@>O@? ?PMDIB OC@ KC<N@N JA M@N@<M>C =<<31B32 DI HDS@? H@OCJ?N M@N@<M>C H@<IN <
HDSDIB JA OC@LP<IODO<ODQ@ <I? LP<GDO<ODQ@ M@N@<M>C <M@ >JII@>O@? =@OR@@I < ?<O< <I<GTNDN JA
OC@ADMNOKC<N@JAM@N@<M>C<I?OC@?<O<>JGG@>ODJIJAOC@N@>JI?KC<N@JAM@N@<M>C'I<IJOC@M
NOP?T
OC@ M@N@<M>C@M HDBCO >JGG@>O =JOC LP<IODO<ODQ@ <I? LP<GDO<ODQ@ ?<O< >JI>PMM@IOGT <I?
DIO@BM<O@JMH@MB@OC@ORJ?<O<=<N@N=TOM<INAJMHDIBOC@LP<GDO<ODQ@OC@H@NDIOJ>JPION<I?
>JHK<MDIBOC@N@>JPIONRDOC?@N>MDKODQ@LP<IODO<ODQ@?<O<'IOCDN><N@
OC@HDSDIB>JINDNONJA
7<B35@/B7<5 OC@ ORJ ?<O<=<N@N =T <>OP<GGT H@MBDIB OC@ LP<IODO<ODQ@ ?<O< RDOC OC@ LP<GDO<ODQ@
?<O<'I<ADI<GN>@I<MDJ
OC@M@N@<M>C@MHDBCOC<Q@<KMDH<MT<DHOJ>JGG@>OJI@AJMHJA?<O<
N<T LP<IODO<ODQ@ <I? C<Q@ OC@ JOC@M AJMH JA ?<O< N<T LP<GDO<ODQ@ KMJQD?@ NPKKJMODQ@
DIAJMH<ODJI,@DOC@MDIO@BM<ODIBOC@?<O<IJM>JII@>ODIB<>MJNNKC<N@NDN=@DIBPODGDU@?'INO@<?
OC@M@N@<M>C@MDN 3;03227<5 <N@>JI?<MTAJMHJA?<O<RDOCDI <G<MB@MNOP?TC<QDIB<?DAA@M@IO

AJMHJA?<O<<NOC@KMDH<MT?<O<=<N@2C@N@>JI?<MT?<O<=<N@KMJQD?@N<NPKKJMODIBMJG@DIOC@
NOP?T
(%-0)8),'-00!,1&-0+),'%01.%#2)4%1
ADI<GA<>OJMOJ>JIND?@MDNRC@OC@M<G<MB@M
OC@JM@OD><GK@MNK@>ODQ@BPD?@N OC@@IODM@?@NDBI'O
H<T=@<OC@JMTAMJHOC@NJ>D<GN>D@I>@N@B
<?JKODJIOC@JMT
G@<?@MNCDKOC@JMT
<OOMD=PODJI
OC@JMTJM<=MJ<?OC@JM@OD><GG@IN
NP>C<N<I<?QJ><>T K<MOD>DK<OJMTG@IN@B
B@I?@M
M<>@
>G<NNN@@!C<KO@MGGM@N@<M>C@MN=MDIBOC@JMD@N
AM<H@RJMFN<I?CPI>C@NOJOC@DMDILPDMD@N
<I? OC@N@ OC@JMD@N H<T =@ H<?@ @SKGD>DO DI < HDS@? H@OCJ?N NOP?T JM =@ DHKGD>DO <I? IJO
H@IODJI@? 5@ RDGGAJ>PN C@M@ JIOC@ PN@JA@SKGD>DO OC@JMD@N 'I HDS@? H@OCJ?N NOP?D@N
OC@
OC@JMD@N<M@AJPI? OTKD><GGTDIOC@=@BDIIDIBN@>ODJIN<N<IJMD@IODIBG@INOC<ONC<K@NOC@OTK@N
JALP@NODJIN<NF@?
RCJK<MOD>DK<O@NDIOC@NOP?T
CJR?<O<<M@>JGG@>O@?
<I?OC@DHKGD><ODJIN
H<?@ AMJH OC@ NOP?T OTKD><GGT AJM >C<IB@ <I? <?QJ><>T 2C@T KM@N@IO CDIB
K@MNK@>ODQ@PN@?RDOC<GGJAOC@HDS@?H@OCJ?NNOM<O@BD@NJADILPDMTOJ=@KM@N@IOGT?DN>PNN@?
+@MO@INKMJQD?@N<BJJ??DN>PNNDJI<NOJCJR<OM<INAJMHDIBG@INNC<K@N<GGKC<N@NJA
OC@M@N@<M>CKMJ>@NNDIHDS@?H@OCJ?NM@N@<M>C
:B3@</B7D3 'B@/B3573A/<2*7AC/:!=23:A
2C@N@AJPMA<>OJMNYODHDIB
R@DBCO
HDSDIB
<I?OC@JMDUDIBYC@GKOJNC<K@OC@KMJ>@?PM@NJA<
HDS@? H@OCJ?N NOP?T GOCJPBCOC@N@?JIJO @SC<PNO <GGOC@ KJNND=DGDOD@N
OC@M@ <M@ NDS H<EJM
NOM<O@BD@NAJMDILPDM@MNOJ>CJJN@AMJHDI?@NDBIDIB<M@N@<M>CKMJKJN<GOC@T<M@<?<KO@?AMJH
!M@NR@GG@O<GKMJKJN<GRJPG?>JIO<DI<?@N>MDKODJIJAOC@NOM<O@BT<I?<QDNP<GHJ?@G
JA DO
<N R@GG <N =<ND> KMJ>@?PM@N OC<O OC@ DIQ@NODB<OJM RDGG PN@ DI DHKG@H@IODIB OC@ NOM<O@BT
#<>CNOM<O@BTDN=MD@AGT?@N>MD=@?<I?DGGPNOM<O@?DI$DBPM@N<I?2C@RJM?N ;?+63>+>3@/
<I? ;?+8>3>+>3@/ C<Q@ =@@I NCJMO@I@? DI OC@ ADBPM@N OJ M@<? \LP<G] <I? \LPODQ@GT
N@@OC@?DN>PNNDJIAJGGJRDIBOC@ADBPM@N
2C@N@ HDS@? H@OCJ?N NOM<O@BD@N >MD=@? PNDIB IJO<ODJI OC<O C<N ?@Q@GJK@? DI OC@
HDS@? H@OCJ?N AD@G? !7F32 ;3B6=2A <=B/B7=< KMJQD?@N NCJMOC<I? G<=@GN <I? NTH=JGN OC<O
>JIQ@T DHKJMO<IO <NK@>ON JA HDS@? H@OCJ?N M@N@<M>C
<I? DO KMJQD?@N < R<T OC<O HDS@?
H@OCJ?N M@N@<M>C@MN >JHHPID><O@ OC@DM KMJ>@?PM@N 2C@ AJGGJRDIB IJO<ODJI DN
<?<KO@?AMJH+JMN@
2<NC<FFJMD<I?2@??GD@
<I?!M@NR@GG<I?.G<IJ!G<MF
RCJNPBB@NOOC@AJGGJRDIB
^\ ]DI?D><O@N<NDHPGO<I@JPNJM>JI>PMM@IOAJMHJA?<O<>JGG@>ODJI
RDOC=JOCLP<IODO<ODQ@
<I?LP<GDO<ODQ@?<O<>JGG@>O@?<ON<H@ODH@
^ \
=PDG?DIBJIOC@JOC@M@B
LP<IODO<ODQ@?<O<
75C@3
1@LP@IOD<G"@NDBIN
75C@3 !JI>PMM@IO"@NDBIN
^!<KDO<GDU<ODJIDI?D><O@N<R@DBCOJMKMDJMDOTJIOC@LP<IODO<ODQ@JMLP<GDO<ODQ@?<O<
<I<GTNDN
<I?DIO@MKM@O<ODJIDIOC@NOP?T'I< HDS@?H@OCJ?NNOP?T

OC@LP<GDO<ODQ@<I?LP<IODO<ODQ@?<O<
H<T =@ @LP<GGT @HKC<NDU@?
JM JI@ H<T =@ HJM@ @HKC<NDU@? OC<O@NOC<O<I<KKMJ<>CJMH@OCJ?DN@HKC<NDU@?
^\/P<I]<I?\/P<G]NO<I?AJM ;?+8>3>+>3@/ <I? ;?+63>+>3@/

M@NK@>ODQ@GT
<I?OC@TPN@OC@N<H@
IPH=@MJAG@OO@MNOJDI?D><O@@LP<GDOT=@OR@@IOC@AJMHNJA?<O<
^ /3, LP<G IJO<ODJI DI?D><O@N OC<O OC@ LP<GDO<ODQ@ H@OCJ?N <M@ @H=@??@? RDOCDI <
LP<IODO<ODQ@?@NDBI
^ JS@NCDBCGDBCOOC@LP<IODO<ODQ@<I?LP<GDO<ODQ@?<O<>JGG@>ODJI<I?<I<GTNDN
'I <??DODJI
DI>JMKJM<O@? DIOJ @<>C ADBPM@ <M@ NK@>DAD> ?<O< >JGG@>ODJI
<I<GTNDN
<I?
DIO@MKM@O<ODJIKMJ>@?PM@NOJC@GKOC@M@<?@MPI?@MNO<I?OC@HJM@NK@>DAD>KMJ>@?PM@NPN@?'I
OCDN R<T
< ADBPM@ C<N <O G@<NO ORJ @G@H@ION OC@ B@I@M<G KMJ>@?PM@ JA HDS@? H@OCJ?N =@DIB
PN@?<I?OC@HJM@NK@>DAD>KMJ>@?PM@NJA?<O<>JGG@>ODJI
<I<GTNDN
<I?DIO@MKM@O<ODJI
%/3%,2)!*6.*!,!2-0720!2%'7
2C@ A3?C3<B7/:3F>:/</B=@GAB@/B35G DN<KJKPG<MNOM<O@BTAJMHDS@?H@OCJ?N?@NDBIOC<OJAO@I
<KK@<GN OJ M@N@<M>C@MN RDOC NOMJIB LP<IODO<ODQ@ G@<IDIBN 'O DN >C<M<>O@MDU@? =T OC@ >JGG@>ODJI
<I? <I<GTNDN JA LP<IODO<ODQ@ ?<O< DI < ADMNO KC<N@ JA M@N@<M>C AJGGJR@? =T OC@ >JGG@>ODJI <I?
<I<GTNDNJALP<GDO<ODQ@?<O<DI<N@>JI?KC<N@OC<O=PDG?NJIOC@M@NPGONJAOC@DIDOD<GLP<IODO<ODQ@
M@NPGON 5@DBCO OTKD><GGT DN BDQ@I OJ OC@ LP<IODO<ODQ@ ?<O<
<I? OC@ HDSDIB JA OC@ ?<O< J>>PMN
RC@IOC@DIDOD<GLP<IODO<ODQ@M@NPGON 3809<7= OC@N@>JI?<MTLP<GDO<ODQ@?<O<>JGG@>ODJI2CPN
OC@
ORJAJMHNJA?<O< <M@N@K<M<O@=PO>JII@>O@?I@SKGD>DOOC@JMTH<TJMH<TIJODIAJMHOC@
JQ@M<GGKMJ>@?PM@2C@NO@KNJAOCDNNOM<O@BT<M@KD>OPM@?DI$DBPM@<
N@LP@IOD<G@SKG<I<OJMT?@NDBIDNOTKD><GGTPN@?OJ@SKG<DI<I?DIO@MKM@OLP<IODO<ODQ@M@NPGON=T
>JGG@>ODIB<I?<I<GTUDIBAJGGJRPKLP<GDO<ODQ@?<O<'O><I=@@NK@>D<GGTPN@APGRC@IPI@SK@>O@?
M@NPGON<MDN@AMJH<LP<IODO<ODQ@NOP?T+JMN@
'IOCDN><N@
OC@LP<GDO<ODQ@?<O<>JGG@>ODJI
OC<OAJGGJRN><I=@PN@?OJ@S<HDI@OC@N@NPMKMDNDIBM@NPGONDIHJM@?@O<DG2CDNNOM<O@BTH<TJM
H<TIJOC<Q@<NK@>DAD>OC@JM@OD><GK@MNK@>ODQ@2C@NOM<DBCOAJMR<M?I<OPM@JAOCDN?@NDBIDNJI@
JADONH<DINOM@IBOCN'ODN@<NTOJDHKG@H@IO=@><PN@OC@NO@KNA<GGDIOJ>G@<M
N@K<M<O@NO<B@N
'I<??DODJI
OCDN?@NDBIA@<OPM@H<F@NDO@<NTOJ?@N>MD=@<I?OJM@KJMO2C@H<DIR@<FI@NNJA
OCDN?@NDBIDNOC@G@IBOCJAODH@DIQJGQ@?DI?<O<>JGG@>ODJI
RDOCOC@ORJN@K<M<O@KC<N@N2CDN
DN@NK@>D<GGT<?M<R=<>FDAOC@ORJKC<N@N<M@BDQ@I@LP<GKMDJMDOT
%/3%,2)!*6.*-0!2-0720!2%'7
2CDNI@SONOM<O@BTDNNDHDG<MOJOC@@SKG<I<OJMTN@LP@IOD<G<KKMJ<>C@S>@KOOC<OOC@KC<N@N<M@
M@Q@MN@? 2C@ A3?C3<B7/: 3F>:=@/B=@G AB@/B35G DIQJGQ@N < ADMNO KC<N@ JA LP<GDO<ODQ@ ?<O<
>JGG@>ODJI<I?<I<GTNDN
AJGGJR@?=T<N@>JI?KC<N@JALP<IODO<ODQ@?<O<>JGG@>ODJI<I?<I<GTNDN
OC<O ,?36.= JIOC@M@NPGONJAOC@ADMNOLP<GDO<ODQ@KC<N@5@DBCODNB@I@M<GGTKG<>@?JIOC@ADMNO
KC<N@
<I?OC@?<O<<M@HDS@?OCMJPBC=@DIB>JII@>O@?=@OR@@IOC@LP<GDO<ODQ@?<O<<I<GTNDN
<I? OC@ LP<IODO<ODQ@ ?<O< >JGG@>ODJI 2C@ ?@NDBI H<T JM H<T IJO =@ DHKG@H@IO@? RDOCDI DOOC@JM@OD><GK@MNK@>ODQ@N@@$DBPM@=
OOC@HJNO=<ND>G@Q@G
OC@KPMKJN@JAOCDNNOM<O@BTDNOJPN@LP<IODO<ODQ@?<O<<I?M@NPGONOJ
<NNDNODIOC@DIO@MKM@O<ODJIJALP<GDO<ODQ@ ADI?DIBN3IGDF@OC@N@LP@IOD<G@SKG<I<OJMT<KKMJ<>C
RCD>C DN =@OO@M NPDO@? OJ @SKG<DIDIB <I? DIO@MKM@ODIB M@G<ODJINCDKN

OC@ KMDH<MT AJ>PN JA OCDN
HJ?@G DN OJ DIDOD<GGT @SKGJM@ < KC@IJH@IJI +JMBDO@? JI@ KPMKJN@ AJM N@G@>ODIB OCDN <KKMJ<>C OJ ?@O@MHDI@ OC@
?DNOMD=PODJI JA < KC@IJH@IJI RDOCDI < >CJN@I KJKPG<ODJI $DI<GGT
OC@ N@LP@IOD<G @SKGJM<OJMT
NOM<O@BTDNJAO@I?DN>PNN@?<NOC@KMJ>@?PM@JA>CJD>@RC@I<M@N@<M>C@MI@@?NOJ?@Q@GJK<PN@@SDNODIBDINOMPH@ION<M@DI<?@LP<O@JMIJO<Q<DG<=G@3NDIB<OCM@@KC<N@
<KKMJ<>C
OC@M@N@<M>C@MADMNOB<OC@MNLP<GDO<ODQ@?<O<<I?<I<GTU@NDO.C<N@
<I?PN@NOC@
<I<GTNDNOJ?@Q@GJKH@IO<IDINOMPH@IO.C<N@OC<ODNNP=N@LP@IOGT<?HDIDNO@M@?OJ<N<HKG@
JA<KJKPG<ODJI.C<N@!M@NR@GG.G<IJ!G<MF

2C@ N@LP@IOD<G @SKGJM<OJMT NOM<O@BT C<N H<IT JA OC@ N<H@ <?Q<IO<B@N <N OC@ N@LP@IOD<G
@SKG<I<OJMT HJ?@G 'ON ORJKC<N@ <KKMJ<>C LP<GDO<ODQ@ M@N@<M>C AJGGJR@? =T LP<IODO<ODQ@
M@N@<M>CH<F@NDO@<NTOJDHKG@H@IO<I?NOM<DBCOAJMR<M?OJ?@N>MD=@ <I?M@KJMO'ODNPN@APGOJ
<M@N@<M>C@MRCJR<IONOJ@SKGJM@<KC@IJH@IJI=PO<GNJR<IONOJ@SK<I?JIOC@LP<GDO<ODQ@
ADI?DIBN2CDNHJ?@GDN@NK@>D<GGT<?Q<IO<B@JPNRC@I<M@N@<M>C@MDN=PDG?DIB<I@RDINOMPH@IO
'I <??DODJI
OCDN HJ?@G >JPG? H<F@ < G<MB@GT LP<GDO<ODQ@ NOP?T HJM@ K<G<O<=G@ OJ JHHDOO@@
JM M@N@<M>C >JHHPIDOT R@GG Q@MN@? DI LP<IODO<ODQ@ M@N@<M>C <I? OC<O H<T =@
PIA<HDGD<M RDOC OC@ LP<GDO<ODQ@ <KKMJ<>C@N N RDOC OC@ N@LP@IOD<G @SKG<I<OJMT <KKMJ<>C
OC@
N@LP@IOD<G @SKGJM<OJMT HJ?@G M@LPDM@N < NP=NO<IOD<G G@IBOC JA ODH@ OJ >JHKG@O@ =JOC ?<O<
>JGG@>ODJI KC<N@N
RCD>C >F AJM NJH@ M@N@<M>C NDOP<ODJIN 'I <??DODJI
OC@
M@N@<M>C@M C<N OJ H<F@ NJH@ F@T ?@>DNDJIN <=JPO RCD>C ADI?DIBN AMJH OC@ DIDOD<G LP<GDO<ODQ@
KC<N@RDGG=@AJ>PN@?JIDIOC@NP=N@LP@IOLP<IODO<ODQ@KC<N@@B
JI@OC@H@
>JHK<MDNJIN
<HJIBBMJPKN
HPGODKG@OC@H@N
%/3%,2)!*0!,1&-0+!2)4%20!2%'7
2CDNADI<GN@LP@IOD<G<KKMJ<>CC<NORJ?DNODI>O?<O<>JGG@>ODJIKC<N@N
JI@AJGGJRDIBOC@JOC@M
<N DI OC@ ADMNO ORJ NOM<O@BD@N ?@N>MD=@? N@@ $DBPM@ > 2C@ A3?C3<B7/: B@/<A4=@;/B7D3
AB@/B35G DN<ORJKC<N@KMJE@>ORDOC<OC@JM@OD><GG@IN@B
B@I?@M
M<>@
NJ>D<GN>D@I>@OC@JMT
JQ@MG<TDIB OC@ N@LP@IOD<G KMJ>@?PM@N 'O OJJ C<N JI? KC<N@ @DOC@M LP<GDO<ODQ@ JM LP<IODO<ODQ@ OC<O =PDG?N JI OC@
@<MGD@M KC<N@ 2C@ OC@JM@OD><G G@IN DN DIOMJ?P>@? DI OC@ DIOMJ?P>ODJI OJ < KMJKJN<G
NC<K@N <
?DM@>ODJI<G M@N@<M>C LP@NODJI <DH@? <O @SKGJMDIB < KMJ=G@H @B
DI@LP<GDOT
?DN>MDHDI<ODJI
DIEPNOD>@
>M@<O@NN@INDODQDOTOJ>JGG@>ODIB?<O<AMJHH<MBDI<GDU@?JMPI?@MM@KM@N@IO@?BMJPKN
<I?@I?NRDOC<><GGAJM<>ODJI'IOCDN?@NDBIOC@M@N@<M>C@MH<TPN@@DOC@MH@OCJ?DIOC@ADMNO
KC<N@JAM@N@<M>C
<I?OC@R@DBCO><I=@BDQ@IOJ@DOC@MJM?DNOMD=PO@?@Q@IGTOJ=JOCKC<N@N
2C@ HDSDIB DN >JII@>O@? <N DI <GG N@LP@IOD<G ?@NDBIN 3IGDF@ OC@ N@LP@IOD<G @SKGJM<OJMT <I?
@SKG<I<OJMT<KKMJ<>C@N
OC@N@LP@IOD<GOM<INAJMH<ODQ@HJ?@GC<N<OC@JM@OD><GK@MNK@>ODQ@OJ
BPD?@OC@NOP?T2C@<DHJAOCDNOC@JM@OD><GK@MNK@>ODQ@
RC@OC@MDO=@<>JI>@KOP<GAM<H@RJMF
< NK@>DAD> D?@JGJBT

JM <?QJ><>T
DN HJM@ DHKJMO<IO DI BPD?DIB OC@ NOP?T OC<GK@MNK@>ODQ@
JAOC@M@N@<M>C@M TPNDIBORJKC<N@N
<N@LP@IOD<GOM<INAJMH<ODQ@M@N@<M>C@MH<T=@<=G@OJ
BDQ@QJD>@OJ?DQ@MN@K@MNK@>ODQ@N
OJ=@OO@M<?QJ><O@AJMK<MOD>DK<ION
JMOJ=@OO@MPI?@MNO<I?<
KC@IJH@IJIJMKMJ>@NNOC<ODN>C<IBDIB<N<M@NPGOJA=@DIBNOP?D@?
2C@ N@LP@IOD<GOM<INAJMH<ODQ@ HJ?@G NC<M@N OC@ H@OCJ?JGJBD><G NOM@IBOCN <I? R@<FI@NN@N JA

OC@ JOC@M ORJ N@LP@IOD<G <KKMJ<>C@N 'ONPN@JA?DNODI>OKC<N@N A<>DGDO<O@N DON DHKG@H@IO<ODJI
?@N>MDKODJI
<I? NC<MDIB JA M@NPGON
<GOCJPBC DO <GNJ M@LPDM@N OC@ ODH@ OJ >JHKG@O@ ORJ ?<O<
>JGG@>ODJI KC<N@N +JM@ DHKJMO<IO
OCDN ?@NDBI KG<>@N HDS@? H@OCJ?N M@N@<M>C RDOCDI <
OM<INAJMH<ODQ@AM<H@RJMF2C@M@AJM@
OCDNNOM<O@BTH<T=@HJM@<KK@<GDIB<I?<>>@KO<=G@OJ
OCJN@M@N@<M>C@MN<GM@<?TPNDIB<OM<INAJMH<ODQ@AM<H@RJMFRDOCDIJI@?DNODI>OH@OCJ?JGJBT
NP>C <N LP<GDO<ODQ@ M@N@<M>C 3IAJMOPI<O@GT

=@><PN@ GDOOG@ C<N =@@I RMDOO@I OJ ?<O@ JI OCDN
<KKMJ<>C
JI@R@<FI@NNDNOC<OOC@M@DNGDOOG@BPD?@JICJROJPN@OC@ OM<INAJMH<ODQ@QDNDJI
OJBPD?@OC@H@OCJ?N*DF@RDN@
<NRDOC<GGN@LP@IOD<GNOM<O@BD@N
F@T?@>DNDJINI@@?OJ=@H<?@
<=JPORC<OADI?DIBNDIOC@ADMNOKC<N@RDGG=@OC@AJ>PNJAOC@N@>JI?KC<N@
-,#300%,20)!,'3*!2)-,20!2%'7
2C@ 1=<1C@@3C DN KMJ=<=GT OC@ HJNO A<HDGD<M JA OC@ NDS H<EJM HDS@?
H@OCJ?N HJ?@GN N@@ $DBPM@ < 'I < >JI>PMM@IO OMD<IBPG<ODJI <KKMJ<>C
OC@ M@N@<M>C@M
>JGG@>ON =JOC LP<IODO<ODQ@ <I? LP<GDO<ODQ@ ?<O< >JI>PMM@IOGT <I? OC@I >JHK<M@N OC@ ORJ
?<O<=<N@N OJ ?@O@MHDI@ DA OC@M@ DN >JIQ@MB@I>@
?DAA@M@I>@N
JM NJH@ >JH=DI<ODJI 1JH@
<POCJMN M@A@M OJ OCDN >JHK<MDNJI <N -9803<7+>398 .3=-9803<7+>398 -<9==@+63.+>398 JM
-9<<9,9<+>398 %M@@I@
!<M<>@GGD
%M<C<H
+JMBFG@M
+>*@MJT
%JJ?H!JMHD>F
2CDN HJ?@G B@I@M<GGT PN@N N@K<M<O@ LP<IODO<ODQ@ <I? LP<GDO<ODQ@
H@OCJ?N<N<H@<INOJJAAN@OOC@R@<FI@NN@NDIC@M@IORDOCDIJI@H@OCJ?RDOCOC@NOM@IBOCN
JA OC@ JOC@M JM >JIQ@MN@GT
OC@ NOM@IBOC JA JI@ <??N OJ OC@ NOM@IBOC JA OC@ JOC@M 'I OCDN
<KKMJ<>C
OC@ LP<IODO<ODQ@ <I? LP<GDO<ODQ@ ?<O< >JGG@>ODJI DN >JI>PMM@IO
C<KK@IDIB DI JI@
KC<N@JAOC@M@N@<M>CNOP?T'?@<GGT
OC@R@DBCODN@LP<G=@OR@@IOC@ORJH@OCJ?N
=POJAO@IDI
KM<>OD>@
KMDJMDOT H<T =@ BDQ@I OJ JI@ JM OC@ JOC@M 2C@ HDSDIB ?PMDIB OCDN <KKMJ<>C
PNP<GGT
AJPI? DI PNNDJI N@>ODJI
DN OJ <>OP<GGT H@MB@OC@ ?<O< D@
OM<INAJMH
JI@OTK@JA?<O<OJOC@JOC@MOTK@JA?<O<NJOC<OOC@T><I@<NDGT=@>JHK<M@?JMDIO@BM<O@JM
>JHK<M@OC@M@NPGONJA ORJ?<O<=<N@NND?@=TND?@DI<?DN>PNNDJI2CDNND?@=TND?@DIO@BM<ODJI
DN JAO@I N@@I DI KP=GDNC@? HDS@? H@OCJ?N NOP?D@N DI RCD>C < ?DN>PNNDJI N@>ODJI ADMNO KMJQD?@N
LP<IODO<ODQ@ NO<ODNOD><G M@NPGON AJGGJR@? =T LP<GDO<ODQ@ LPJO@N OC<O NPKKJMO JM ?DN>JIADMH OC@
LP<IODO<ODQ@M@NPGON
2CDN OM<?DODJI<G HDS@? H@OCJ?N HJ?@G DN <?Q<IO<B@JPN =@><PN@ DO DN A<HDGD<M OJ HJNO
M@N@<M>C@MN <I? >C@MN RC@I OC@T ADMNO >JIND?@M HDS@? H@OCJ?N @HKGJT OCDN HJ?@G JA B<OC@MDIB =JOC
LP<IODO<ODQ@ <I? LP<GDO<ODQ@ ?<O< <I? >JHK<MDIB OC@ ORJ ?<O< NJPM>@N 'I <??DODJI
OC@
>JI>PMM@IO?<O<>JGG@>ODJIM@NPGONDI<NCJMO@M?<O<>JGG@>ODJIODH@K@MDJ?<N>JHK<M@?OJJI@
JAOC@N@LP@IOD<G<KKMJ<>C@N=@><PN@=JOCOC@LP<GDO<ODQ@<I?LP<IODO<ODQ@?<O<<M@B<OC@M@?
<OJI@ODH@<OOC@M@N@<M>CNDO@
2CDNHJ?@G<GNJC<N<IPH=@MJAGDHDO<ODJIN'OM@LPDM@NBM@<O@AAJMO<I?@SK@MODN@OJ<?@LP<O@GT
NOP?T<KC@IJH@IJIRDOCORJN@K<M<O@H@OCJ?N'O<GNJ><I=@?DAAD>PGO OJ>JHK<M@OC@M@NPGON
JAORJ<I<GTN@NPNDIB?<O<JA?DAA@M@IOAJMHN'I<??DODJI
<M@N@<M>C@MH<T=@PI>G@<MCJROJ
M@NJGQ@?DN>M@KD@NOC<O<MDN@DI>JHK<MDIBOC@M@NPGON
<GOCJPBCKMJ>@?PM@N<M@@H@MBDIBDI
OC@ GDO@M<OPM@
NP>C <N >JI?P>ODIB <??DODJI<G ?<O< >JGG@>ODJI OJ M@NJGQ@ OC@ ?DN>M@KT
M@QDNDODIB OC@ JMDBDI<G ?<O<=<N@

B<DIDIB I@R DINDBCO AMJH OC@ ?DNK<MDOT JA OC@ ?<O<
JM
?@Q@GJKDIB<I@RKMJE@>OOC<O<??M@NN@NOC@?DN>M@KT!M@NR@GG.G<IJ!G<MF

-,#300%,2+"%$$%$20!2%'7
*DF@ OC@ >JI>PMM@IO OMD<IBPG<ODJI <KKMJ<>C
OC@ 1=<1C@@3JGG@>ODJI KC<N@
?PMDIB RCD>C =JOC
LP<IODO<ODQ@ <I? LP<GDO<ODQ@ ?<O< <M@ >JGG@>O@? NDHPGO<I@JPNGT N@@ $DBPM@ = 3IGDF@ OC@
OM<?DODJI<GOMD<IBPG<ODJIHJ?@G
< >JI>PMM@IO @H=@??@? <KKMJ<>C C<N <KMDH<MTH@OCJ?OC<O
BPD?@NOC@KMJE@>O<I?<N@>JI?<MT?<O<=<N@OC<OKMJQD?@N<NPKKJMODIBMJG@DIOC@KMJ>@?PM@N
%DQ@IG@NNKMDJMDOT
OC@N@>JI?<MTH@OCJ?LP<IODO<ODQ@JMLP<GDO<ODQ@DN@H=@??@?
JMI@NO@?
RDOCDIOC@ KM@?JHDI<IOH@OCJ? LP<GDO<ODQ@ JMLP<IODO<ODQ@ 2CDN@H=@??DIB H<T H@<IOC<O

OC@ N@>JI?<MT H@OCJ? <??M@NN@N < ?DAA@M@IO LP@NODJI OCJH@N@SK@>O@?AMJHOC@OM@<OH@IONRCDG@
OC@LP<GDO<ODQ@?<O<@SKGJM@NOC@KMJ>@NN@N@SK@MD@I>@?=TDI?DQD?P<GNDIOC@OM@<OH@IOBMJPKN
JM N@@FN DIAJMH<ODJI <O < ?DAA@M@IO G@Q@G JA <I<GTNDN OC@ <I<GJBT OJ CD@M<M>CD><G <I<GTNDN DI
LP<IODO<ODQ@ M@N@<M>C DN C@GKAPG DI >JI>@KOP<GDUDIB OC@N@ G@Q@GNYN@@ 2<NC<FFJMD <I? 2@??GD@
2C@HDSDIBJAOC@?<O<AMJHOC@ORJH@OCJ?NDNJAO@IOJDIO@BM<O@OC@DIAJMH<ODJI<I?
>JHK<M@ JI@ ?<O< NJPM>@ RDOC OC@ JOC@M
OTKD><GGT <>>JHKGDNC@? DI < ?DN>PNNDJI N@>ODJI JA <
NOP?T &JR@Q@M
OC@ ?<O< H<T <GNJ IJO =@ >JHK<M@? =PO M@ND?@ ND?@ =T ND?@ <N ORJ ?DAA@M@IO
KD>OPM@NOC<OKMJQD?@<IJQ@M<GG>JHKJNDO@<NN@NNH@IOJAOC@KMJ=G@H2CDNRJPG?=@OC@><N@
RC@I OC@ M@N@<M>C@M PN@N OCDN <KKMJ<>C OJ <NN@NN ?DAA@M@IO M@N@<M>C LP@NODJIN JM ?DAA@M@IO
G@Q@GN DI C@N
DO OC@JM@OD><G K@MNK@>ODQ@
><I=@PN@?DIOCDNHJ?@G
OTKD><GGTOJDIAJMHOC@KMDH<MTH@OCJ?
2C@>JI>PMM@IO@H=@??@?HJ?@GH<T=@PN@?OJN@MQ@<Q<MD@OTJAKPMKJN@N-AO@I
OCDNHJ?@G
DN PN@? NJ OC<O < M@N@<M>C@M >ODQ@N <N < M@NPGO JA PNDIB OC@ ?DAA@M@IO
H@OCJ?N <N JKKJN@? OJ PNDIB OC@ KM@?JHDI<IO H@OCJ? <GJI@ $JM @S<HKG@
+JMN@
IJO@? OC<O < KMDH<MDGT LP<GDO<ODQ@ ?@NDBI >JPG? @H=@? NJH@ LP<IODO<ODQ@ ?<O< OJ @IMD>C OC@
?@N>MDKODJI JA OC@ N<HKG@ K<MOD>DK<ION *DF@RDN@
NC@ ?@N>MD=@? CJR LP<GDO<ODQ@ ?<O< >JPG? =@
PN@? OJ ?@N>MD=@ O JA < LP<IODO<ODQ@ NOP?T OC<O ><IIJO =@ LP<IODAD@? 'I <??DODJI
<
>JI>PMM@IO@H=@??@?HJ?@GH<T=@@HKGJT@?RC@I<M@N@<M>C@M>CJJN@NOJPODGDU@?DAA@M@IO
H@OCJ?N OJ NOP?T ?DAA@M@IO BMJPKN JM G@Q@GN $JM @S<HKG@
DA JPG?=@NOP?D@?LP<IODO<ODQ@GT
H<I<B@MN>JPG?=@DIO@MQD@R@?LP<GDO<ODQ@GT
@IODM@
?DQDNDJIN>JPG?=@<I<GTU@?RDOCLP<IODO<ODQ@?<O<
<I?NJAJMOC2<NC<FFJMD<I?2@??GD@
?@N>MD=@? OCDN <KKMJ<>C <N < HPGODG@Q@G ?@NDBI $DI<GGT
JI@ H@OCJ? >JPG? =@ PN@? RDOCDI <
AM<H@RJMFJAOC@JOC@MH@OCJ?
NP>C<NDA<M@N@<M>C@M?@NDBI@?<I?>JI?P>O@?JH@N=POPN@?><N@NOP?TH@OCJ?JGJBTOJNOP?TCJRK<MOD>DK<IONDI
OC@NOP?T@SK@MD@I>@?OC@OM@<OH@IOKMJ>@?PM@N
2CDNHDS@?H@OCJ?NHJ?@GDN<OOM<>ODQ@AJMN@Q@M<GM@<NJINM@N@<M>C@MDN<=G@OJ>JGG@>OOC@
ORJOTK@N JA?<O<NDHPGO<I@JPNGT
?PMDIB<NDIBG@?<O<>JGG@>ODJIKC<N@'OKMJQD?@N<NOP?TRDOC
OC@<?Q<IO<B@NJA=JOCLP<IODO<ODQ@<I?LP<GDO<ODQ@?<O<'I<??DODJI
=TPNDIBOC@ORJ?DAA@M@IO
H@OCJ?NDIOCDNA<NCDJI
<M@N@<M>C@M><IB<DIK@MNK@>ODQ@NAMJHOC@?DAA@M@IOOTK@NJA?<O<JM
AMJH?DAA@M@IOG@Q@GNRDOCDIOC@NOP?T
2C@M@ <M@ <GNJ GDHDO<ODJIN OJ >JIND?@M RC@I >CJJNDIB OCDN <KKMJ<>C 2C@ ?<O< I@@? OJ =@
OM<INAJMH@? DI NJH@ R<T NJ OC<O OC@T >C'I<??DODJI
DAOC@ORJ?<O<=<N@N<M@>JHK<M@?
?DN>M@KD@NH<TJ>>PMOC<OI@@?OJ
=@M@NJGQ@? @><PN@OC@ORJH@OCJ?N<M@PI@LP<GDIOC@DMKMDJMDOT
OCDN<KKMJ<>C<GNJM@NPGON
DIPI@LP<G@QD?@I>@RDOCDI<NOP?T
RCD>CH<T=@<?DN<?Q<IO<B@RC@IDIO@MKM@ODIBOC@ADI<G
M@NPGON
-,#300%,20!,1&-0+!2)4%20!2%'7
N RDOC OC@ N@LP@IOD<G OM<INAJMH<ODQ@ HJ?@G
OC@ 1=<1C@@3C DN
BPD?@? =T OC@ M@N@<M>C@M[N PN@ JA < NK@>DAD> OC@JM@OD><G K@MNK@>ODQ@ <N R@GG <N OC@ >JI>PMM@IO
>JGG@>ODJIJA=JOC LP<IODO<ODQ@<I?LP<GDO<ODQ@?<O<N@@$DBPM@>2CDNK@MNK@>ODQ@><I=@
=<N@?JID?@JGJBD@NNP>C<N>MDOD><GOC@JMT
<?QJ><>T
K<MOD>DK<OJMTM@N@<M>C
JM<>JI>@KOP<GJM
OC@JM@OD><GAM<H@RJMF2CDNK@MNK@>ODQ@DNM@AG@>O@?DIOC@KPMKJN@JMM@N@<M>C LP@NODJINJAOC@
NOP?T 'O DN OC@?MDQDIBAJM>@ =@CDI? <GG H@OCJ?JGJBD><G >CJD>@N
NP>C <N ?@ADIDIB OC@ KMJ=G@H
D?@IODATDIB OC@ ?@NDBI <I? ?<O< NJPM>@N

<I<GTUDIB
DIO@MKM@ODIB
<I? M@KJMODIB M@NPGON 2C@
>CJD>@ JA < >JI>PMM@IO HJ?@G
RC@OC@M DO DN OMD<IBPG<ODJI JM @H=@??@? ?@NDBI
DN H<?@ OJ
A<>DGDO<O@ OCDN K@MNK@>ODQ@ $JM @S<HKG@
OC@ ?@NDBI H<T C<Q@ JI@ H@OCJ? @H=@??@? DI OC@
JOC@MNJOC<O?DQ@MN@K<MOD>DK<ION<M@BDQ@I<QJD>@DIOC@>C<IB@KMJ>@NNJA<IJMB<IDU<ODJI'O
H<TDIQJGQ@<OMD<IBPG<ODJIJALP<IODO<ODQ@<I?LP<GDO<ODQ@?<O<OJ=@NO>JIQ@MB@DIAJMH<ODJIOJ
KMJQD?@@QD?@I>@AJM<IDI@LP<GDOTJAKJGD>D@NDI<IJMB<IDU<ODJI
2CPN
OC@ >JI>PMM@IO OM<INAJMH<ODQ@ HJ?@G H<T O<F@ JI OC@ ?@NDBI A@<OPM@N JA @DOC@M <
OMD<IBPG<ODJIJM<I@H=@??@?<KKMJ<>COC@ORJOTK@NJA?<O<<M@>JGG@>O@?<OOC@N<H@ODH@
?PMDIB JI@ ?<O< >JGG@>ODJI KC<N@ <I? H<T C<Q@ @LP<G JM PI@LP<G KMDJMDOT 2C@ HDSDIB JA OC@
?<O< RJPG?=@OCMJPBCH@MBDIB
>JII@>ODIB
JM@H=@??DIB OC@ ?<O< @><PN@ OC@ >JI>PMM@IO
OM<INAJMH<ODQ@HJ?@GNC<M@NA@<OPM@NRDOCOC@OMD<IBPG<ODJI<I?@H=@??@?<KKMJ<>C@N
DO<GNJ
NC<M@NOC@DMNK@>DAD>NOM@IBOCN<I?R@<FI@NN@N&JR@Q@M
OCDNHJ?@GC<NOC@<??@?<?Q<IO<B@
JAKJNDODJIDIBHDS@?H@OCJ?NM@N@<M>CRDOCDI<OM<INAJMH<ODQ@AM<H@RJMF
RCD>CH<TH<F@DO
@NK@>D<GGT <KK@<GDIB OJ OCJN@ LP<GDO<ODQ@ JM LP<IODO<ODQ@ M@N@<M>C@MN <GM@<?T PNDIB <
OM<INAJMH<ODQ@AM<H@RJMFOJBPD?@OC@DMDILPDMT
6==A7<5/!7F32!3B6=2A'B@/B35G
.MJKJN<G ?@Q@GJK@MN I@@? OJ >JIQ@T OC@ NK@>DAD> NOM<O@BT AJM HDS@? H@OCJ?N ?<O< >JGG@>ODJI
OC@T KG@ < QDNP<G ADBPM@ OC<O KM@N@ION OC@ KMJ>@?PM@N
OC@T KG@ &@M@ <M@
NJH@ @3A3/@16B7>A <=JPOCJROJN@G@>O<HDS@?H@OCJ?NNOM<O@BT
^ 3N@OC@DIAJMH<ODJIDI$DBPM@OJ<NN@NNOC@<NK@>ONOC<OTJPRDGG=@RJMFDIBRDOCDITJPM
HDS@? H@OCJ?N KMJ>@?PM@N
<I? OC@I D?@IODAT JI@ JA OC@ NDS <KKMJ<>C@N ?DN>PNN@? DI OCDN
>C<KO@M <N OC@ KMDH<MT ?@NDBI AJM TJPM KMJKJN@? NOP?T .MJQD?@ < RJMFDIB ?@ADIDODJI AJM OCDN
?@NDBI
<GJIBRDOC<QDNP<GHJ?@G<I?<M<ODJI<G@<NOJRCTDODN<PN@APG?@NDBIAJMTJPOJPN
^!JIND?@MOC@<HJPIOJAODH@TJPC<Q@OJ>JGG@>O?<O<!JI>PMM@IO<KKMJ<>C@N<M@G@NNODH@
>JINPHDIB=@><PN@=JOCLP<GDO<ODQ@<I?LP<IODO<ODQ@?<O<<M@>JGG@>O@?<OOC@N<H@ODH@DIOC@
N<H@QDNDOOJOC@AD@G?
^ 0@H@H=@M OC<O OC@ >JGG@>ODJI <I? <I<GTNDN JA =JOC LP<IODO<ODQ@ <I? LP<GDO<ODQ@ ?<O< DN <
MDBJMJPN
ODH@>JINPHDIB KMJ>@NN 5C@I ODH@ DN < KMJ=G@H
' @I>JPM<B@ NOP?@ION OJ OCDIF
<=JPO JGG@>ODJI@B
NPMQ@TN
<I?DO><IDI>GP?@<HDIJMN@>JI?<MTAJMHJA?<O<>JGG@>ODJI@B
<
A@RDIO@MQD@RNRDOCNJH@JAOC@K<MOD>DK<IONRCJ>JHKG@O@?OC@NPMQ@TN2C@ A<>OOC<O=JOC
AJMHN JA ?<O< <M@ IJO @LP<G DI NDU@ <I? MDBJM @I<=G@N OC@ NOP?T OJ =@ M@?P>@? DI N>JK@ <I?
H<I<B@<=G@AJMOC@ODH@<I?M@NJPM>@N<Q<DG<=G@
^ !JIND?@M PNDIB OC@ @SKG<I<OJMT N@LP@IOD<G <KKMJ<>C 'O DN < A<QJMDO@ JA H<IT NOP?@ION
@NK@>D<GGT OCJN@ RCJ C<Q@ GDOOG@ @SK@MD@I>@ RDOC LP<GDO<ODQ@ M@N@<M>C <I? NP=NO<IOD<G
=<>FBMJPI?DILP<IODO<ODQ@M@N@<M>C'IOCDN<KKMJ<>C
<IDIDOD<GLP<IODO<ODQ@?<O<>JGG@>ODJIDN
AJGGJR@?=T<N@>JI?<MTLP<GDO<ODQ@?<O<>JGG@>ODJIOJAJGGJRPKOC@LP<IODO<ODQ@M@NPGON
^1OP?TKP=GDNC@?<MOD>G@NOC<OPN@?DAA@M@IO<KKMJ<>C@N<I??@O@MHDI@RCD>CJI@H<F@NOC@
HJNO N@IN@ OJ TJP !M@NR@GG <I? .G<IJ !G<MF DI>GP?@ AJPM >JHKG@O@ EJPMI<G <MOD>G@N NJ
OC<OM@<?@MN><I@S<HDI@OC@?@O<DGJANOP?D@N@HKGJTDIB?DAA@M@IOAJMHNJA?@NDBIN
^$DI?<KP=GDNC@?HDS@?H@OCJ?NEJPMI<G<MOD>G@OC<OPN@NTJPM?@NDBI<I?DIOMJ?P>@DOOJTJPM
<?QDN@M<I?A<>PGOT>JHHDOO@@NJOC<OOC@TC<Q@<RJMFDIBHJ?@GAJMOC@<KKMJ<>CTJPKG<IOJ
PN@DITJPMNOP?T1DI>@R@<M@<OOC@@<MGTNO<B@JA<?JKODIBHDS@?H@OCJ?NM@N@<M>CDIH<IT
AD@G?N
< KP=GDNC@? @S<HKG@ JA M@N@<M>C DI TJPM AD@G? RDGG C@GK OJ >M@<O@ =JOC G@BDODH<>T AJM
HDS@? H@OCJ?N M@N@<M>C <I? OC@ D?@< OC<O DO DN < A@<ND=G@ <KKMJ<>C OJ M@N@<M>C AJM BM<?P<O@
>JHHDOO@@NJMJOC@M<P?D@I>@N
(# (#"$&#)&'
GOCJPBCOC@QDNP<GHJ?@G<I?OC@?DN>PNNDJI<=JPOOC@NK@>DAD>NOM<O@BD@NDI<KMJKJN<GKMJQD?@
<KD>OPM@JAOC@KMJ>@?PM@N
DODNC@GKAPGOJ?DN>PNNOC@NK@>DAD>OTK@NJA?<O<OJ=@>JGG@>O@?'ODN
<GNJDHKJMO<IOOJD?@IODATOC@N<HKGDIBNOM<O@BD@N<I?OC@<KKMJ<>C@NPN@?OJ@NO<=GDNCQ<GD?DOT
JAOC@?<O<
^'?@IODAT<I?=@NK@>DAD><=JPOOC@OTK@JA?<O<Y=JOCLP<IODO<ODQ@<I?LP<GDO<ODQ@YOC<ORDGG
=@>JGG@>O@??PMDIBOC@KMJKJN@?NOP?T0@A@MOJ2<=G@
RCD>CNCJRN =JOCLP<IODO<ODQ@<I?
LP<GDO<ODQ@ ?<O< "<O< ?DAA@MN DI O@MHN JA JK@I@I?@? Q@MNPN >GJN@?@I?@? M@NKJIN@N 1JH@
AJMHN JA ?<O<
NP>C <N DIO@MQD@RN <I? J=N@MQ<ODJIN
>GJN@?LP<IODO<ODQ@OC@M@NKJIN@JKODJINHDBCO=@DI
<IDIO@MQD@RJM<>C@>FGDNOAJM<IJ=N@MQ<ODJIGOCJPBCM@?P>DIBDIAJMH<ODJIOJIPH=@MNDNOC@
<KKMJ<>CPN@?DILP<IODO<ODQ@M@N@<M>C
DODN<GNJPN@?DILP<GDO<ODQ@M@N@<M>C
^0@>JBIDU@OC<OLP<IODO<ODQ@?<O< JAO@IDIQJGQ@M<I?JHN<HKGDIB
NJOC<O@<>CDI?DQD?P<GC<N
O@?
<I? OC@ N<HKG@ >JGG@>ODJI
KPMKJN@APG N<HKGDIB DN PN@? NJ OC<O DI?DQD?P<GN <M@
N@G@>O@? =@><PN@ OC@T C<Q@ @SK@MD@I>@? OC@ >@IOM<G KC@IJH@IJI 0DBJMJPN N<HKGDIB
KMJ>@?PM@N I@@? OJ =@ >JIQ@T@? DI < KMJKJN<G AJM OC@ LP<IODO<ODQ@ <I? LP<GDO<ODQ@ ?<O<
>JGG@>ODJI'I<??DODJI
2@??GD@<I?7PC<Q@?@Q@GJK@?<OTKJGJBTJAADQ@OTK@NJAHDS@?
H@OCJ?N N<HKGDIB RCD>C M@G<O@N N<HKGDIB OJ OC@ NOM<O@BD@N AJM HDS@? H@OCJ?N OC<O ' C<Q@
?DN>PNN@?
^ <ND>NOM<O@BD@NOC<ODIQJGQ@>JH=DIDIBLP<IODO<ODQ@<I?LP<GDO<ODQ@N<HKGDIB@B
NOM<ODAD@?
KPMKJN@APGN<HKGDIB
KPMKJNDQ@M<I?JHN<HKGDIB
^1@LP@IOD<GN<HKGDIB
DIRCD>COC@N<HKGDIBAMJHOC@ADMNOKC<N@JMNOM<I?DIAJMHNOC@N@>JI?
KC<N@JMNOM<I?
^ !JI>PMM@IO N<HKGDIB
DI RCD>C LP<IODO<ODQ@ KMJ=<=DGDOT <I? LP<GDO<ODQ@ KPMKJN@APG N<HKGDIB
<M@>JH=DI@?<NDI?@K@I?@ION<HKGDIBKMJ>@?PM@NJMEJDIOGT@B
< NPMQ@TRDOC=JOC>GJN@?
@I?@?<I?JK@I@I?@?M@NKJIN@N
^+PGODG@Q@GN<HKGDIB
DIRCD>CN<HKGDIBJ>>PMNDIORJJMHJM@G@Q@GNJMPIDONJA<I<GTNDN
^1<HKGDIBPNDIB<IT>JH=DI<ODJIJAOC@AJM@BJDIBNOM<O@BD@N
^ 'I>GP?@ ?@O<DG@? KMJ>@?PM@N DI TJPM QDNP<G HJ?@G $JM @S<HKG@

DI < N@LP@IOD<G @SKG<I<OJMT
HJ?@G
OC@B@I@M<GKMJ>@?PM@N<M@CDBC@MJIOC@K<B@<I?OC@?@O<DG@?KMJ>@?PM@N=@GJROC@H
<N NCJRI DI $DBPM@ < &JR@Q@M

OC@ ADBPM@ >PNNDJIJAOCDN<KKMJ<>CHDBCODI>GP?@?@N>MD=DIBOC@PN@JANPMQ@T?<O<>JGG@>ODJIAJGGJR@?
=T =JOC ?@N>MDKODQ@ <I? DIA@M@IOD<G ?<O< <I<GTNDN DI OC@ ADMNO KC<N@ 2C@I LP<GDO<ODQ@
J=N@MQ<ODJIN <I? >J?DIB <I? OC@H<OD> <I<GTNDN RDOCDI ?@NDBI HDBCO =@
H@IODJI@?AJM OC@N@>JI?KC<N@
(" -''"* (#"$&#)&'

"<O<<I<GTNDNDIHDS@?H@OCJ?NM@N@<M>CM@G<O@NOJOC@OTK@JAM@N@<M>CNOM<O@BT>CJN@IAJMOC@
KMJ>@?PM@N 2CPN
DI < KMJKJN<G
OC@ KMJ>@?PM@N I@@? OJ =@ D?@IODAD@? RDOCDI OC@ ?@NDBI
&JR@Q@M
<I<GTNDN J>>PMN =JOC RDOCDI OC@ LP<IODO<ODQ@ ?@N>MDKODQ@ <I? DIA@M@IOD<G IPH@MD>
<I<GTNDN <I? OC@ LP<GDO<ODQ@ ?@N>MDKODJI <I? OC@H<OD> O@SO JM DH<B@ <I<GTNDN <KKMJ<>C <I?
JAO@I =@OR@@I OC@ ORJ <KKMJ<>C@N $JM @S<HKG@
NJH@ JA OC@ HJM@ KJKPG<M HDS@? H@OCJ?N
?<O< <I<GTNDN <KKMJ<>C@N <M@ OC@ AJGGJRDIB N@@ !<M<>@GGD %M@@I@
!M@NR@GG .G<IJ
!G<MF
2<NC<FFJMD2@??GD@

^"<O<OM<INAJMH<ODJI'IOC@>JI>PMM@IONOM<O@BD@N
<M@N@<M>C@MH<TLP<IODATOC@LP<GDO<ODQ@
?<O<2CDNDIQJGQ@N>M@<ODIB>J?@N<I?OC@H@NLP<GDO<ODQ@GT
OC@I>JPIODIBOC@IPH=@MJAODH@N
OC@TJ>>PMDIOC@O@SO?<O<JMKJNND=GTOC@@SO@IOJAO<GF<=JPO<>J?@JMOC@H@=T>JPIODIB
GDI@NJMN@IO@I>@N2CDNLP<IODAD><ODJIJALP<GDO<ODQ@?<O<OC@I@I<=G@N<M@N@<M>C@MOJ>JHK<M@
LP<IODO<ODQ@M@NPGONRDOCOC@LP<GDO<ODQ@?<O<GO@MI<ODQ@GT
<IDILPDM@MH<TLP<GDATLP<IODO<ODQ@
?<O< $JM DINO@
DI < A<>OJM <I<GTNDN JA ?<O< AMJH < N><G@ JI C@M
H<T >M@<O@ A<>OJMN JM OC@H@N OC<O OC@I >JHK<M@? RDOC OC@H@N AMJH OC@ LP<GDO<ODQ@
?<O<=<N@
^#SKGJM@JPOGD@MN'I<N@LP@IOD<GHJ?@G
<I<I<GTNDNJALP<IODO<ODQ@?<O<DIOC@ADMNOKC<N@><N@N $JGGJRPK LP<GDO<ODQ@ DIO@MQD@RN RDOC OC@N@ JPOGD@M ><N@N >C

J=O<DI OC@H@N <I? NK@>DAD> NO<O@H@ION
AMJH K<MOD>DK<ION DI JGG@>ODJI 'I OC@ I@SO KC<N@
PN@ OC@N@
NO<O@H@ION <N NK@>DAD> DO@HN <I? OC@ OC@H@N AJM N><G@N OJ >M@<O@ < NPMQ@T DINOMPH@IO OC<O DN
BMJPI?@? DI OC@ QD@RN JA OC@ K<MOD>DK<ION OCDM?
ADI<G KC<N@ HDBCO =@ OJ Q<GD?<O@ OC@
DINOMPH@IORDOC<G<MB@N<HKG@M@KM@N@IO<ODQ@JA<KJKPG<ODJI
^#S<HDI@HPGODKG@G@Q@GN'I<>JI>PMM@IO@H=@??@?HJ?@G
>JI?P>O<NPMQ@T<OJI@G@Q@G@B
RDOC A<HDGD@N OJ B<OC@M LP<IODO<ODQ@ M@NPGON <=JPO < N<HKG@ O OC@ N<H@ ODH@
>JGG@>O
LP<GDO<ODQ@ DIO@MQD@RN @B
RDOC DI?DQD?P<GN OJ @SKGJM@ OC@ KC@IJH@IJI RDOC NK@>DAD>
DI?DQD?P<GNDIOC@A<HDGD@N
^ !M@<O@ < H<OMDS 5C@I >JHK<MDIB ?<O< DI < >JI>PMM@IO OTK@ JA <KKMJ<>C
>JH=DI@
DIAJMH<ODJI AMJH =JOC OC@ LP<IODO<ODQ@ <I? LP<GDO<ODQ@ ?<O< >JGG@>ODJI DIOJ < H<OMDS 2C@
CJMDUJIO<G <SDN JA OCDN H<OMDS >JPG? =@ < LP<IODO<ODQ@ ><O@BJMD><G Q<MD<=G@ @B
OTK@ JA
KMJQD?@MYIPMN@
KCTND>D<G<NNDNO<IO<I?OC@Q@MOD><G<SDNRJPG?=@OC@LP<GDO<ODQ@
?<O<@B
ADQ@OC@H@N<=JPO><MDIBM@G<ODJINCDKN=@OR@@IKMJQD?@MN<I?K<OD@ION'IAJMH<ODJI
DI OC@ >@GGN >JPG? =@ @DOC@M LPJO@N AMJH OC@ LP<GDO<ODQ@ ?<O<
>JPION JA OC@ IPH=@M JA >J?@N
AMJH OC@ LP<GDO<ODQ@ ?<O<
JM NJH@ >JH=DI<ODJI 'I OCDN R<T
OC@ H<OMDS RJPG? KM@N@IO JH=DI@? LP<GDO<ODQ@ <I? LP<IODO<ODQ@ ?<O< /P<GDO<ODQ@ >JHKPO@M NJAOR<M@
KMJBM<HNKMJQD?@H<OMDSJPOKPO><K<=DGDOD@NAJMOC@HDS@?H@OCJ?NM@N@<M>C@MN@@!C<KO@M
IJOC@M <NK@>O JA ?<O< <I<GTNDN DI HDS@? H@OCJ?N M@N@<M>C OJ ?@N>MD=@ DI < KMJKJN<G DN OC@
N@MD@NJANO@KNO<F@IOJ>C@>FOC@Q<GD?DOTJA=JOCOC@LP<IODO<ODQ@?<O<<I?OC@<>>PM<>TJAOC@
LP<GDO<ODQ@ADI?DIBN5MDO@MNJIHDS@?H@OCJ?N<?QJ><O@AJMOC@PN@JAQ<GD?DOTKMJ>@?PM@NAJM
=JOC OC@ LP<IODO<ODQ@ <I? LP<GDO<ODQ@ KC<N@N JA OC@ NOP?T 2<NC<FFJMD 2@??GD@
2C@
KMJKJN<GRMDO@M?DN>PNN@NOC@Q<GD?DOT<I?M@GD<=DGDOTJAOC@N>JM@NAMJHK<NOPN@NJADINOMPH@ION
@HKGJT@? DI OC@ NOP?T 'I <??DODJI
KJO@IOD<G OCM@<ON OJ DIO@MI<G Q<GD?DOT AJM @SK@MDH@ION <I?
NPMQ@TN<M@IJO@?N@@!C<KO@M$JMOC@LP<GDO<ODQ@?<O<
OC@NOM<O@BD@NOC<ORDGG=@PN@?OJ
>C@>F OC@ <>>PM<>T JAOC@ ADI?DIBN I@@? OJ =@ H@IODJI@? N@@ !C<KO@M 2C@N@H<T DI>GP?@
OMD<IBPG<ODIB?<O<NJPM>@N
H@H=@M>C@>FDIB
?@O<DG@??@N>MDKODJI
JMJOC@M<KKMJ<>C@N
I @H@MBDIB AD@G? JA NOP?T DN OJ >JIND?@M CJR Q<GD?DOT HDBCO =@ ?DAA@M@IO AJM HDS@? H@OCJ?N
NOP?D@NOC<IAJM<LP<IODO<ODQ@JM<LP<GDO<ODQ@NOP?T5MDO@MNC<Q@=@BPIOJ?@Q@GJK<=DGDIBP<G
IJH@I>G<OPM@AJMHDS@?H@OCJ?NM@N@<M>C<I?C<Q@><GG@?Q<GD?DOT 6/13>37+>398 -IRP@B=PUD@
(JCINJI

K2C@G@BDODH<ODJIJAOC@HDS@?H@OCJ?NNOP?TM@G<O@NOJH<ITKC<N@NJA
OC@ M@N@<M>C KMJ>@NN
AMJH KCDGJNJKCD><G DNNP@N @B
<M@ OC@ KCDGJNJKCD><G KJNDODJIN =G@I?@?
DIOJ<PN<=G@AJMHOJDIA@M@I>@N?M<RI@B
TD@G?CDBCLP<GDOTDIA@M@I>@N<I?OJOC@Q<GP@JA
OC@ NOP?T AJM >JINPH@MN N@@ -IRP@B=PUD@ (JCINJI
$JM DI?DQD?P<GN RMDODIB < HDS@?
H@OCJ?N M@N@<M>C KMJKJN<G
>JIND?@M OC@ OTK@N JA Q<GD?DOT <NNJ>D<O@? RDOC OC@ LP<IODO<ODQ@
>JHKJI@ION@@!C<KO@M
Q<GD?DOTM@G<O@?OJOC@LP<GDO<ODQ@NOM<I?N@@!C<KO@M
<I?<IT
Q<GD?DOT DNNP@N OC<O HDBCO <MDN@ OC<O M@G<O@ OJ OC@ HDS@? H@OCJ?N <KKMJ<>C 4<GD?DOT DNNP@N DI
HDS@?H@OCJ?NM@N@<M>CH<TM@G<O@OJOC@OTK@NJANOM<O@BD@N?DN>PNN@?DIOCDN>C<KO@M2C@N@
H<T M@G<O@ OJ N<HKG@ N@G@>ODJI
N<HKG@ NDU@
AJGGJR PK JI >JIOM<?D>OJMT M@NPGON
=D<N DI ?<O<
>JGG@>ODJI
DI<?@LP<O@KMJ>@?PM@N
JMOC@PN@JA>JIAGD>ODIBM@N@<M>CLP@NODJINN@@!M@NR@GG
.G<IJ!G<MF
AJM<?DN>PNNDJIJAOC@N@D?@<N
&$#&($&'"((#"'(&)()&
2C@NOMP>OPM@AJMOC@M@KJMO
GDF@OC@?<O<<I<GTNDN
AJGGJRNOC@OTK@JANOM<O@BT>CJN@IAJMOC@
KMJKJN@?NOP?T @><PN@HDS@?H@OCJ?NNOP?D@NH<TIJO=@A<HDGD<MOJ<P?D@I>@N
DODNC@GKAPG
OJKMJQD?@NJH@BPD?@<NOJCJROJNOMP>OPM@OC@ADI<GM@KJMO
^ $JM < N@LP@IOD<G NOP?T

HDS@? H@OCJ?N M@N@<M>C@MN OTKD><GGT JMB<IDU@ OC@ M@KJMO JA
KMJ>@?PM@N DIOJ LP<IODO<ODQ@ ?<O< >JGG@>ODJI <I? LP<IODO<ODQ@ ?<O< <I<GTNDN AJGGJR@? =T
LP<GDO<ODQ@?<O<<I?>JGG@>ODJI<I?<I<GTNDN2C@I
DIOC@>JI>GPNDJINJMDIO@MKM@O<ODJIKC<N@JA
OC@NOP?T
OC@M@N@<M>C@M>JHH@IONJICJROC@LP<GDO<ODQ@ADI?DIBNC@GK@? OJ@G<=JM<O@JIJM
@SO@I?OC@LP<IODO<ODQ@M@NPGONGO@MI<ODQ@GT
OC@LP<GDO<ODQ@?<O<>JGG@>ODJI<I?<I<GTNDN>JPG?
>JH@ ADMNO
AJGGJR@? =T OC@ LP<IODO<ODQ@ ?<O< >JGG@>ODJI <I? <I<GTNDN 'I @DOC@M NOMP>OPM@
OC@
RMDO@M OTKD><GGT KM@N@ION OC@ KMJE@>O <N ORJ ?DNODI>O KC<N@N
RDOC N@K<M<O@ C@<?DIBN AJM @<>C
KC<N@
^ 'I < >JI>PMM@IO NOP?T

OC@ LP<IODO<ODQ@ <I? LP<GDO<ODQ@ ?<O< >JGG@>ODJI H<T =@ KM@N@IO@? DI
N@K<M<O@N@>ODJIN
=POOC@<I<GTNDN<I?DIO@MKM@O<ODJI>JH=DI@NOC@ORJAJMHNJA?<O<OJN@@F
>JIQ@MB@I>@ JM NDHDG<MDOD@N <HJIB OC@ M@NPGON 2C@ NOMP>OPM@ JA OCDN OTK@ JA HDS@? H@OCJ?N
NOP?T?J@NIJOH<F@<>G@<M?DNODI>ODJI=@OR@@IOC@LP<IODO<ODQ@<I?LP<GDO<ODQ@KC<N@N
^'I<OM<INAJMH<ODQ@NOP?T
OC@NOMP>OPM@OTKD><GGTDIQJGQ@N<?QDIBOC@<?QJ><>T DNNP@DIOC@
=@BDIIDIB<I?OC@IPNDIB@DOC@MOC@N@LP@IOD<GJM>JI>PMM@IONOMP>OPM@<N<H@<INJAJMB<IDUDIB
OC@>JIO@IO'IOC@@I?
<N@K<M<O@N@>ODJIH<T<?Q@<I<B@I?<AJM>C<IB@JMM@AJMHOC<O
C<N?@Q@GJK@?<N<M@NPGOJAOC@M@N@<M>C
,!$ '# !,!(#'$&#)&'

'GGPNOM<ODJIN AJGGJR JA HDS@? H@OCJ?N NOP?D@N OC<O PN@ =JOC OC@ N@LP@IOD<G <I? >JI>PMM@IO
NOM<O@BD@N<I?KMJ>@?PM@N
F/;>:3 &/;?/8>3+6&><+>/1C908;?3<C
)PNCHC@M RJMFKG<>@ >JHHDOH@IOYJMB<IDU<ODJI<G
>JHHDOH@IO<I?>JHHDOH@IOOJNOP?@IOG@<MIDIBYDIPM=<I@G@H@IO<MT<I?HD??G@N>CJJGN
&@ KJN@? < ORJKC<N@ @SKG<I<OJMT N@LP@IOD<G HDS@? H@OCJ?N NOP?T
<N KM@N@IO@? DI OC@
KPMKJN@NO<O@H@IO
2C@ >@IOM<G KM@HDN@ JA OCDN NOP?T R<N OC<O JMB<IDU<ODJI<G >JHHDOH@IO <I? >JHHDOH@IO OJ
NOP?@IOG@<MIDIB<??M@NN?DNODI>O=PO@LP<GGTDHKJMO<IOO@<>C@M<OODOP?@NAJM<IJMB<IDU<ODJI<GGT
@AA@>ODQ@N>CJJG
<ID?@<OC<OC<NNJH@NPKKJMODIOC@GDO@M<OPM@=POM@LPDM@NAPMOC@M@HKDMD><G
Q<GD?<ODJI.C<N@ R<N<LP<IODO<ODQ@NOP?TOC<OGJJF@?<ONO<ODNOD><GM@G<ODJINCDKN=@OR@@I
O@<>C@M>JHHDOH@IO<I?JMB<IDU<ODJI<G<IO@>@?@ION<I?JPO>JH@NDI@G@H@IO<MT<I?HD??G@
N>CJJGN $JGGJRDIB OCDN H<>MJG@Q@G <I<GTNDN
.C<N@ GJJF@? RDOCDI NK@>DAD> N>CJJGN
PNDIB
LP<GDO<ODQ@ ><N@NOP?TH@OCJ?NOJ=@OO@MPI?@MNO<I?OC@?TI<HD>NJAO@<>C@M>JHHDOH@IO
)PNCHJH=DI<ODJIJA<KPMKJN@RDOCOC@M<ODJI<G@AJMHDSDIB
\OJ =@OO@M PI?@MNO<I?] <N R@GG <N OC@ NK@>DAD> OTK@N JA ?<O< >JGG@>O@? ?PMDIB OC@ NOP?T 2C@
DIOMJ?P>ODJIAJ>PN@?JIOC@I@@?OJ@S<HDI@JMB<IDU<ODJI<G>JHHDOH@IO<I?>JHHDOH@IOOJ
NOP?@IO G@<MIDIB
G@<?DIB OJ < KMDJMDOT AJM OC@ LP<IODO<ODQ@ <KKMJ<>C 2CDN KMDJMDOT R<N APMOC@M
DGGPNOM<O@?DIN@>ODJIN?@ADIDIBJMB<IDU<ODJI<G>JHHDOH@IO<I?>JHHDOH@IOOJNOP?@IOG@<MIDIB
<I?OC@PN@JA@SO@INDQ@GDO@M<OPM@OJ?J>PH@IOOC@N@ORJ>JI>@KON>JI>@KOP<GAM<H@RJMF
OC@I AJGGJR@?
>JHKG@O@ RDOC < QDNP<G HJ?@G
<I? M@N@<M>C LP@NODJIN R@M@ KJN@? OJ @SKGJM@
M@G<ODJINCDKN2CDNKMJQD?@?<OC@JM@OD><GG@<?AJMOC@LP<IODO<ODQ@KC<N@JAOC@NOP?T+JMN@
2C@ DHKG@H@IO<ODJI R<N /3,`LP<G DI OCDN ORJKC<N@ NOP?T 2C@ <POCJM KM@N@IO@?
M@NPGON DI ORJ KC<N@N
RDOC OC@ ADMNOYOC@ LP<IODO<ODQ@ M@NPGONY?DNKG<TDIB <I? ?DN>PNNDIB
>JMM@G<ODJIN
M@BM@NNDJIN
<I?ORJR<T,-4N2C@IOC@><N@NOP?TM@NPGONR@M@KM@N@IO@?DI
O@MHN JA OC@H@N <I? NP=OC@H@N NPKKJMO@? =T LPJO<ODJIN 2C@ HDSDIB JA OC@ LP<IODO<ODQ@
M@NPGON <I? LP<GDO<ODQ@ ADI?DIBN J>>PMM@? DI OC@ ADI<G ?DN>PNNDJI
DI RCD>C OC@ M@N@<M>C@M
CDBCGDBCO@? OC@ LP<IODO<ODQ@ M@NPGON <I? OC@ >JHKG@SDOD@N OC<O NPMA<>@? AMJH OC@ LP<GDO<ODQ@
M@NPGON2C@<POCJM?D?IJOPN@<OC@JM@OD><GK@MNK@>ODQ@<N<G@INDIOC@NOP?T
F/;>:3
98-?<</8>&><+>/1C908;?3<C
'I
&JNNG@M<I?4@NK@M>JI?P>O@?<NOP?T@S<HDIDIBOC@A<>OJMN<NNJ>D<O@?RDOCK<M@IO<G
N<QDIBN AJM >CDG?M@I <OO@I?DIB CDBC@M @?P><ODJI ><HKPN@N 3NDIB GJIBDOP?DI<G ?<O< >JGG@>O@?
AMJH NOP?@ION <I? K<M@ION JQ@M < T@<M K@MDJ?
OC@ <POCJMN @S<HDI@? A<>OJMN HJNO NOMJIBGT
<NNJ>D<O@?RDOCK<M@IO<GN<QDIBNAJMKJNON@>JI?<MT@?P><ODJI2C@DMM@NPGONAJPI?OC<OK<M@IO<G
NPKKJMO
@?P><ODJI<G @SK@>O<ODJIN
<I? FIJRG@?B@ JA >JGG@B@ >JNON R@M@ DHKJMO<IO A<>OJMN
+JNODHKJMO<IO
AJMJPMKPMKJN@N
OC@<POCJMN>JGG@>O@?DIAJMH<ODJI AMJHK<M@ION<I?NOP?@ION
JINPMQ@TN<I?AMJHDIO@MQD@RN2C@DMKPMKJN@DI?D><O@?<IDIO@M@NODIOMD<IBPG<ODIBOC@
ADI?DIBN
'I G@ @S<HDI@N K<M@IO<G N<QDIB =@C<QDJMN
3NDIB NOP?@IO <I? K<M@IO ?<O< AMJH < GJIBDOP?DI<G NOP?T @HKGJTDIB HPGODKG@ NPMQ@TN JQ@M <
OCM@@T@<MK@MDJ?
GJBDNOD>M@BM@NNDJIR<NPN@?OJD?@IODATOC@A<>OJMNHJNONOMJIBGT<NNJ>D<O@?
RDOC K<M@IO<G N<QDIB AJM KJNON@>JI?<MT @?P><ODJI 'I <??DODJI
DINDBCON B<DI@? AMJH OC@
DIO@MQD@RN JA < NH<GG NP=N<HKG@ JA NOP?@ION <I? K<M@ION RCJ R@M@ DIO@MQD@R@? ADQ@ ODH@N
?PMDIBOC@OCM@@T@<MK@MDJ?<M@PN@?OJAPMOC@M@S<HDI@K<M@IO<GN<QDIBN
&JNNG@M4@NK@M

K
2C@<>OP<G?<O<R<N>JGG@>O@?AMJHNOP?@IO<I?K<M@IOK<MOD>DK<IONAMJHNPMQ@TNJQ@M<
T@<M K@MDJ? JA ODH@ <I? AMJH NOP?@ION <I? OC@DM K<M@ION DI DIO@MQD@RN $MJH OC@ KPMKJN@
NO<O@H@IO
R@ >JGG@>O@? ?<O< >JI>PMM@IOGT <N PNNDJI JA OC@ LP<IODO<ODQ@ <I<GTNDN JA OC@ NPMQ@T ?<O<
DI>GP?DIB <
?DN>PNNDJI <=JPOOC@ H@<NPM@H@IOJA Q<MD<=G@N<I?OC@ ?@O<DGN JA OC@ GJBDNOD> M@BM@NNDJI ?<O<
<I<GTNDN 2C@T <GNJ H@IODJIOC@GDHDO<ODJIN JA OC@ LP<IODO<ODQ@ <I<GTNDN <I? NK@>DAD> >O@NO <I?
M@BM@NNDJIM@NPGON 'I>JIOM<NO
OC@T?@QJO@JI@K<B@OJOC@LP<GDO<ODQ@?<O<<I<GTNDN<I?IJO@
=MD@AGTOC@OC@H@NOC<OJ>>PMM@?DIOC@?DN>PNNDJI2C@R@DBCODIOCDNHDS@?H@OCJ?NNOP?TR<N
<NNDBI@?OJLP<IODO<ODQ@?<O<>JGG@>ODJI<I?<I<GTNDN
<I?OC@IJO<ODJIAJMOC@NOP?TRJPG?=@
/3, LP<G 2C@ HDSDIB JA OC@ ORJ ?<O< NJPM>@N J>>PMM@? DI < N@>ODJI ODOG@? \"DN>PNNDJI JA
1PMQ@T<I?'IO@MQD@R0@NPGON]K
<OOC@DIO@MKM@O<ODJINO<B@JAOC@M@N@<M>CKMJ>@NN'I
OCDN N@>ODJI
OC@T >JHK<M@? OC@ DHKJMO@ JA OC@ A<>OJMN @SKG<DIDIBK<M@IO<G N<QDIBN AJMOC@
LP<IODO<ODQ@ M@NPGON
JI JI@ C<I?
RDOC OC@ ADI?DIBN AMJH OC@ DIO@MQD@R ?<O< JI OC@ JOC@M
1DHDG<MOJ#S<HKG@
IJOC@JM@OD><GG@INBPD?@?OC@NOP?T
<GOCJPBCOC@<MOD>G@=@B<IRDOC
OC@ GDO@M<OPM@ JI @>JIJH@OMD> NOP?D@N <I? M@N@<M>C JI >JGG@B@ >CJD>@ <I? @I?@? RDOC C<M<>O@MDU@OC@PN@JAOC@JMTDIOCDN
NOP?T <N DI?P>ODQ@ <N DI LP<GDO<ODQ@ DILPDMT
?M<RI AMJH OC@ GDO@M<OPM@ <N DI LP<IODO<ODQ@
M@N@<M>C
<I? PGODH<O@GT<NB@I@M<O@??PMDIBOC@KMJ>@NNJAM@N@<M>C
F/;>:3 '<+8=09<7+>3@/&><+>/1C908;?3<C
A@HDIDNO G@IN R<N PN@? DI < OM<INAJMH<ODQ@ OMD<IBPG<ODJI HDS@? H@OCJ?N NOP?T =T CJK<G
1C@ R<N DIO@M@NO@? DI @S<HDIDIB RC@OC@M OC@JMD@N JA K<OMD<M>CT <KKGT OJ 1JPOC ND@OC@N@RJH@IJAO@I
C<Q@<MM<IB@?H<MMD<B@N<I?<M@BDQ@I?JRMD@N
NC@<NNPH@?OC<OAJMHNJAK<OMD<M>CT@SDNOAJM
OC@HOC<O?JIJO@SDNOAJM5CDO@RJH@IDI MDO<DI&@MJQ@M<GG<DHR<NOJ\=PDG?PK<?@O<DG@?
FIJRG@?B@JARJH@I[NGDQ@N
OC@DMA@@GDIBNOJR<M?NOC@DMJRIMJG@N<I?RC<OOC@T<>OP<GGT?D?
DI OC@ CJH@
OC@DM <OODOP?@N OJR<M?N <MM<IB@? H<MMD<B@N
?JRMD@N
?JH@NOD> G<=JPM <I?
?JH@NOD>ADI@]K 1C@NOP?D@?RJH@IPNDIBLP<GDO<ODQ@<I?LP<IODO<ODQ@H@OCJ?N
9OJ: DIQ@NODB<O@ OC@ Q<MTDIB NDBIDAD>@ JA ?DAA@M@I>@ OCMJPBC RCD>C RJH@I @SK@MD@I>@?
K<OMD<M>CT <I? OJ KM@N@IO <>>PM<O@ DIAJMH<ODJI M@B<M?DIB OC@ IPH=@M JA RJH@I RCJ
@SK@MD@I>@? ?DAA@M@IO AJMHN JA K<OMD<M>CT <I? O@NO AJM OC@ NOM@IBOC JA <NNJ>D<ODJIN =@OR@@I
?DAA@M@IODIAGP@I>@NJAK<OMD<M>CT
CJK<G

K
1C@ AJPI? OC<O @?P><ODJI C<? < NDBIDAD><IO DHK<>O PKJI OC@ RJH@I[N GDQ@N +JM@JQ@M
C@M
?DN>PNNDJIKM@N@IO@?CJRA@HDIDNOH@OCJ?JGJBD@NDIAJMH@?C@MNOP?T1C@?DN>PNN@?CJRNC@
<??M@NN@? RJH@I[N GDQ@N DI OC@DM JRI O@MHN
PNDIB OC@ G<IBP<B@ <I? ><O@BJMD@N DI RCD>C
RJH@I@SKM@NN OC@HN@GQ@N &@MM@N@<M>C?D? IJO EPNO DIQJGQ@ RJH@I
DOR<N 09< RJH@I &@M
M@N@<M>C<GNJDIQJGQ@?KPOODIBC@MN@GADIOJOC@KMJ>@NNJAKMJ?P>ODJIDIRCD>CNC@H<?@@SKGD>DO
C@MM@<NJIDIBKMJ>@?PM@N<I?R<NN@GAM@AG@SDQ@<=JPOC@MJRIK@M>@KODJIN<I?=D<N@N'IOCDN
R<T
C@MHDS@?H@OCJ?NNOP?TC@GK@?OJ@SKJN@OC@GDQ@NJARJH@I<I?C<Q@<OM<INAJMH<ODQ@
@AA@>ODIRCD>COC@\RJH@I=@I@ADO@?AMJHOC@M@N@<M>CKMJE@>O]K
2C@DIO@IOJAOC@<POCJMR<NOJKMJQD?@<QJD>@AJMRJH@I<I?OJBDQ@<HJM@KJR@MAPGQJD>@OJ
B@I?@M DI@LP<GDOT 2C@ LP<IODO<ODQ@ ?<O< KMJQD?@? OC@ B@I@M<GDU@? K<OO@MIN JA K<MOD>DK<ODJI
RCDG@OC@LP<GDO<ODQ@?<O<KMJQD?@?OC@K@MNJI<GI<MM<ODQ@NJARJH@I2C@ODHDIBJAOC@NOP?T
R<N OJADMNO >JGG@>O NPMQ@T ?<O< <I? OC@I DIO@MQD@R RJH@IOJ AJGGJR PK <I? PI?@MNO<I? OC@DM
K<MOD>DK<ODJI DI HJM@ ?@KOC JHKJI@ION R<N @LP<G
RDOC OC@ OCJPBCO OC<O =JOC >JIOMD=PO@ OJ
PI?@MNO<I?DIBOC@M@N@<M>CKMJ=G@H2C@HDSDIBR<NOCMJPBC>JII@>ODIBOC@M@NPGONAMJHOC@
LP<IODO<ODQ@ NPMQ@T <I? @SKGJMDIB OC@N@ DI HJM@ ?@KOC DI OC@ LP<GDO<ODQ@ KC<N@ @><PN@
A@HDIDNOOC@JMTR<N?DN>PNN@?OCMJPBCJPOOC@<MOD>G@RDOC<AJ>PNJI@LP<GDOT<I?BDQDIBQJD>@
OJRJH@I
OC@NOP?T@HKGJT@?<I@SKGD>DOOC@JM@OD><GA@HDIDNOG@IN

'I?@NDBIDIBOC@KMJ>@?PM@NAJM<HDS@?H@OCJ?NNOP?T
=@BDI=T>JIQ@TDIBOC@I<OPM@JAHDS@?
H@OCJ?NM@N@<M>C2CDNDI>GP?@NOM<>DIBDONCDNOJMT
?@ADIDIBDO
<I?H@IODJIDIBDON<KKGD><ODJIN
DIH<ITAD@G?NJAM@N@<M>C2C@I
NO<O@<I?@HKGJTAJPM>MDO@MD<OJN@G@>O<I<KKMJKMD<O@HDS@?
H@OCJ?N NOM<O@BT 'I?D><O@ OC@ ODHDIB NOM<O@BT AJM ?<O< >JGG@>ODJI >JI>PMM@IO JM N@LP@IOD<G
GNJ NO<O@ R@DBCO JM KMDJMDOT BDQ@I OJ OC@ LP<IODO<ODQ@ JM LP<GDO<ODQ@ <KKMJ<>C
NP>C <N @LP<G
R@DBCO
JM < KMDJMDOT OJLP<IODO<ODQ@JM LP<GDO<ODQ@ ?<O<+@IODJI CJROC@ ?<O< RDGG =@ HDS@?
NP>C <N OCMJPBC H@MBDIB OC@ ?<O<

>JII@>ODIB OC@ ?<O< AMJH JI@ KC<N@ OJ <IJOC@M
JM
@H=@??DIB<N@>JI?<MTNJPM>@JA?<O<DIOJ<G<MB@M
KMDH<MTNJPM>@$DI<GGT
D?@IODATRC@OC@M<
OC@JM@OD><GG@INJMAM<H@RJMFRDGGBPD?@OC@NOP?T
NP>C<N <OC@JMTAMJHOC@NJ>D<GN>D@I>@NJM
<G@INAMJH<I<?QJ><>TK@MNK@>ODQ@@B
A@HDIDNH
M<>D<GK@MNK@>ODQ@
1DS NOM<O@BD@N <M@ JMB<IDU@? <MJPI? RC@OC@M OC@ ?<O< <M@ >JGG@>O@? N@LP@IOD<GGT @SKG<I<OJMT
<I? @SKGJM<OJMT
>JI>PMM@IOGT OMD<IBPG<ODJI <I? I@NO@?
JM RDOC < OM<INAJMH<ODQ@ G@IN
N@LP@IOD<GJM>JI>PMM@IO#<>CHJ?@GC<NNOM@IBOCN<I?R@<FI@NN@N
<GOCJPBCOC@N@LP@IOD<G
<KKMJ<>CDNOC@@<ND@NOOJDHKG@H@IO!CJD>@JANOM<O@BT<GNJ><I=@KM@N@IO@?DI<ADBPM@DIOC@
M@N@<M>C KMJKJN<G 2C@I
NK@>DAD> KMJ>@?PM@N >ODQDOD@N DI < KMJE@>O 2C@N@ DI>GP?@ OC@ OTK@N JA LP<IODO<ODQ@ <I?
LP<GDO<ODQ@ ?<O< OJ =@ >JGG@>O@? <N R@GG <N OC@ KMJ>@?PM@N AJM ?<O< <I<GTNDN 2TKD><GGT
?<O<
<I<GTNDNDIQJGQ@N?<O<OM<INAJMH<ODJI
@SKGJMDIBJPOGD@MN
@S<HDIDIBHPGODKG@G@Q@GN
JM>M@<ODIB
H<OMD>@NOC<O>JH=DI@OC@LP<IODO<ODQ@M@NPGON<I?OC@LP<GDO<ODQ@ADI?DIBN4<GD?DOTKMJ>@?PM@N
<GNJ I@@? OJ=@ @SKGD>DOGT ?@N>MD=@?2C@ ADI<G RMDOO@I M@KJMO
=@><PN@ DO H<T=@ PIA<HDGD<MOJ
<P?D@I>@N
>MD=@? DI < KMJKJN<G #<>C JA OC@ OCM@@ OTK@N JA NOM<O@BD@NY
N@LP@IOD<G
>JI>PMM@IO
<I? OM<INAJMH<ODQ@YC<N < ?DAA@M@IO NOMP>OPM<G <KKMJ<>C OJ RMDODIB <
HDS@?H@OCJ?NNOP?T
0)2),'6%0#)1%1
"@NDBI<>JH=DI@?LP<GDO<ODQ@<I?LP<IODO<ODQ@NOP?TOC<O@HKGJTNORJKC<N@NN@LP@IOD<GGT
"DN>PNN<I?KMJQD?@<M<ODJI<G@AJMRCTOC@KC<N@N<M@JM?@M@?DIOC@N@LP@I>@TJPKMJKJN@
"@NDBI < >JH=DI@? LP<GDO<ODQ@ <I? LP<IODO<ODQ@ NOP?TOC<O BDQ@NKMDJMDOT OJ LP<GDO<ODQ@ ?<O<
>JGG@>ODJI<I?G@NNKMDJMDOTOJLP<IODO<ODQ@?<O<>JGG@>ODJI"DN>PNNOC@<KKMJ<>COJ=@O<F@IDI
RMDODIBOC@DIOMJ?P>ODJI
OC@KPMKJN@NO<O@H@IO
OC@M@N@<M>CLP@NODJIN
<I?OC@NK@>DAD>AJMHN
JA?<O<>JGG@>ODJI
"@Q@GJK < QDNP<GADBPM@ <I? NK@>DAD>KMJ>@?PM@N OC<O DGGPNOM<O@OC@ PN@ JA < OC@JM@OD><G G@IN
NP>C<N<A@HDIDNOK@MNK@>ODQ@3N@OC@KMJ>@?PM@NJA@DOC@M<N@LP@IOD<GJM>JI>PMM@IOHJ?@G
AJM>JI?P>ODIBOC@NOP?T3N@<KKMJKMD<O@IJO<ODJIDIOC@ADBPM@

!M@NR@GG
(5
.G<IJ!G<MF
4* /=318381+8.-98.?->38173B/.7/>29.=</=/+<-2
2CJPN<I?-<FN
!1<B@
.G<IJ!G<MF
4*!M@NR@GG
(5 '2/73B/.7/>29.=</+./< 2CJPN<I?-<FN
!1<B@
!M@NR@GG <I? .G<IJ !G<MF C<Q@ ?@Q@GJK@? ORJ =JJFN OC<O KMJQD?@ ODJI OJ HDS@?
H@OCJ?N M@N@<M>C <I? N<HKG@ M@N@<M>C NOP?D@N <I? H@OCJ?JGJBD><G <MOD>G@N <=JPO HDS@?
H@OCJ?NM@N@<M>C'IOC@ADMNO
R@@HKC<NDU@AJPMOTK@NJAHDS@?H@OCJ?N?@NDBIN@SKG<I<OJMT
N@LP@IOD<G
@SKGJM<OJMT N@LP@IOD<G
OMD<IBPG<ODJI
<I? OC@ @H=@??@? ?@NDBIN <I? KMJQD?@
<MOD>G@N OC<O DGGPNOM<O@ @<>C ?@NDBI 2CDN ?@NDBI OC@H@ DN ><MMD@? AJMR<M? DI OC@DM %/+./<
DI
RCD>C <??DODJI<G <MOD>G@N <M@ DI>GP?@? OC<O KM@N@IO <>OP<G M@N@<M>C NOP?D@N @HKGJTDIB OC@
?@NDBIN<N R@GG<N?DN>PNNDJINNPMMJPI?DIBOC@=<ND>D?@<NJAOC@AJPM?@NDBIN
%M@@I@
( !
!<M<>@GGD
4 (
%M<C<H
5 $ 2JR<M? < >JI>@KOP<G AM<H@RJMF AJM
HDS@?H@OCJ?@Q<GP<ODJI?@NDBIN .?-+>398+6@+6?+>398+8.#963-C8+6C=3=

(@IIDA@M %M@@I@ <I? <NNJ>D<O@N PI?@MOJJF < NOP?T JA HDS@? H@OCJ?N @Q<GP<ODJI NOP?D@N
M@KJMO@?AMJHOJ$MJHOCDN<I<GTNDN
OC@T?@Q@GJK@?ADQ@?DAA@M@IOHDS@?H@OCJ?N
KPMKJN@N<I?N@Q@I?@NDBI>C<M<>O@MDNOD>N2C@TAJPI?OC@KPMKJN@NJAHDS@?H@OCJ?NNOP?D@N
OJ =@ =<N@? JI N@@FDIB >JIQ@MB@I>@ OMD<IBPG<ODJI
@S<HDIDIB ?DAA@M@IO A<>@ON JA <
KC@IJH@IJI >JHKG@H@IO<MDOT
PNDIB OC@ H@OCJ?N N@LP@IOD<GGT ?@Q@GJKH@IO
?DN>JQ@MDIB
K<M<?JS <I? AM@NC K@MNK@>ODQ@N DIDOD<ODJI
<I? <??DIB =M@<?OC <I? N>JK@ OJ < KMJE@>O
@SK<INDJI2C@T<GNJAJPI?OC<OOC@NOP?D@NQ<MD@?DIO@MHNJAOC@<NNPHKODJIN
NOM@IBOCN
<I?
GDHDO<ODJIN JA OC@ H@OCJ? <I? RC@OC@M OC@T <??M@NN@? ?DAA@M@IO KC@IJH@I< JM OC@ N<H@
KC@IJH@I< R@M@DHKG@H@IO@? RDOCDIOC@ N<H@ JM ?DAA@M@IOK<M<?DBHN R@M@ BDQ@I @LP<G JM
?DAA@M@IO R@DBCO DI OC@ NOP?T <I? R@M@ DHKG@H@IO@? DI?@K@I?@IOGT
>JI>PMM@IOGT
JM
N@LP@IOD<GGT 3NDIB OC@ KPMKJN@N <I? OC@ ?@NDBI >C<M<>O@MDNOD>N
OC@ <POCJMN M@>JHH@I?@?
N@Q@M<GHDS@?H@OCJ?N?@NDBIN
+JMN@
( + KKMJ<>C@N OJ LP<GDO<ODQ@LP<IODO<ODQ@ H@OCJ?JGJBD><G OMD<IBPG<ODJI
!?<=381%/=/+<-2

(<ID>@ +JMN@ NPBB@NON OC<O PNDIB LP<GDO<ODQ@ <I? LP<IODO<ODQ@ H@OCJ?N OJ <??M@NN OC@ N<H@
M@N@<M>CKMJ=G@HG@<?NOJDNNP@NJAR@DBCDIB@<>CH@OCJ?<I?OC@DMN@LP@I>@DI<NOP?T <N@?
JI OC@N@ D?@<N
NC@ OC@I <?Q@N ORJ AJMHN JA H@OCJ?JGJBD><G OMD<IBPG<ODJI NDHPGO<I@JPN
PNDIB =JOC H@OCJ?N <O OC@ N<H@ ODH@ <I? N@LP@IOD<G

PNDIB OC@ M@NPGON JA JI@ H@OCJ? AJM
KG<IIDIB OC@ I@SO H@OCJ? 2C@N@ ORJ AJMHN <M@ ?@N>MD=@? PNDIB < IJO<ODJI JA ><KDO<G <I?
GJR@M><N@G@OO@MNOC<ONDBIDATM@G<ODQ@R@DBCO<NR@GG<NN@LP@I>@2C@?DAA@M@IO<KKMJ<>C@NOJ
OMD<IBPG<ODJI<M@OC@I?DN>PNN@?DIOC@GDBCOJAOC@DMKPMKJN@
GDHDO<ODJIN
<I?<KKMJ<>C@N
2<NC<FFJMD

2@??GD@
! #?N +8.,995 90 73B/. 7/>29.= 38 >2/ =9-3+6
,/2+@39<+6=-3/8-/= 2CJPN<I?-<FN
!1<B@
2CDN C<I?=JJF @?DO@? =T ==<N 2<NC<FFJMD <I? !C<MG@N 2@??GD@

M@KM@N@ION OC@ HJNO
NP=NO<IOD<G@AAJMOOJ?<O@OJ=MDIBOJB@OC@MOC@G@<?DIBRMDO@MN<=JPOHDS@?H@OCJ?NM@N@<M>C
'I >C<KO@MN
DO DIOMJ?P>@N OC@ M@<?@M OJ HDS@? H@OCJ?N
DGGPNOM<O@N H@OCJ?JGJBD><G <I?
<I<GTOD> DNNP@N DI DON PN@
D?@IODAD@N <KKGD><ODJIN DI OC@ NJ>D<G <I? CPHD@I>@N
<I? KGJON
APOPM@?DM@>ODJIN$JM@S<HKG@
N@K<M<O@>C<KO@MNDGGPNOM<O@OC@PN@JAHDS@?H@OCJ?NM@N@<M>C
DI @Q<GP<ODJI
H<I<B@H@IO <I? JMB<IDU<ODJI
C@<GOC N>D@I>@N
IPMNDIB
KNT>CJGJBT
NJ>DJGJBT
<I?@?P><ODJI
:=AA/@G
0AB@/1B DI<GDO@M<OPM@M@QD@RDN<=MD@AM@QD@RJAOC@GDO@M<OPM@OTKD><GGTDI<NCJMOK<M<BM<KC
OC<O NPHH<MDU@N H<EJM @G@H@ION OJ @I<=G@ < M@<?@M OJ PI?@MNO<I? OC@ =<ND> A@<OPM@N JA OC@
<MOD>G@
2D=1/1G>/@B717>/B=@G E=@:2D73E DN<KCDGJNJKCTJAM@N@<M>CDIRCD>CDILPDMTDNDIO@MORDI@?

RDOC KJGDOD>N <I? < KJGDOD><G <B@I?< 2CPN
OC@ M@N@<M>C >JIO<DIN ODJI <B@I?< AJM M@AJMH
OC<OH<T>C<IB@OC@GDQ@NJAOC@K<MOD>DK<ION
OC@DINODOPODJINDIRCD>CDI?DQD?P<GNRJMFJMGDQ@
<I?OC@M@N@<M>C@M[NGDA@+JM@JQ@M
NK@>DAD>DNNP@N<M@<??M@NN@?OC<ONK@<FOJDHKJMO<IONJ>D<G
DNNP@NJAOC@?<T
NP>C<N@HKJR@MH@IO
DI@LP<GDOT
JKKM@NNDJI
?JHDI<ODJI
NPKKM@NNDJI
<I?
<GD@I<ODJI
BB3<B7=<=@7<B3@3ABB6=C56BA DIRMDODIB<M@N@IO@I>@NRCJN@KPMKJN@N<M@OJF@@KOC@M@<?@M
JIOM<>F
JMB<IDU@D?@<N
<I?F@@K<IDI?DQD?P<G[N<OO@IODJI
75 B6=C56BA 7< E@7B7<5 <M@ N@IO@I>@N >JIO<DIDIB NK@>DAD> D?@<N JM DH<B@N OC<O A<GG RDOCDI OC@
M@<GH JA PH=M@GG< OCJPBCON <I? N@MQ@ OJ M@DIAJM>@
>G<MDAT
JM @G<=JM<O@ PKJI OC@ PH=M@GG<
OCJPBCON
/A3 ABC273A <M@ < LP<GDO<ODQ@ NOM<O@BT DI RCD>C OC@ M@N@<M>C@M @SKGJM@N DI ?@KOC < KMJBM<H
@Q@IO
<>ODQDOT
KMJ>@NN
JM JI@ JM HJM@ DI?DQD?P<GN 2C@ ><N@N <M@ =JPI?@? =T ODH@ <I?
<>ODQDOT
<I? M@N@<M>C@MN >JGG@>O ?@O<DG@? DIAJMH<ODJI PNDIB < Q<MD@OT JA ?<O< >JGG@>ODJI
KMJ>@?PM@NJQ@M< NPNO<DI@?K@MDJ?JAODH@
3<B@/:?C3AB7=< DILP<GDO<ODQ@M@N@<M>CDN<=MJ<?LP@NODJIKJN@?=TOC@M@N@<M>C@MOC<O<NFN
AJM<I@SKGJM<ODJIJAOC@>@IOM<GKC@IJH@IJIJM>JI>@KODI<NOP?T
=23A =4 3B671A <M@ OC@ @OCD><G MPG@N <I? KMDI>DKG@N ?M<AO@? =T KMJA@NNDJI<G <NNJ>D<ODJIN OC<O
BJQ@MIN>CJG<MGTM@N@<M>CDIOC@?DN>DKGDI@N
=27<5 DN OC@ KMJ>@NN JA JMB<IDUDIB OC@ H<O@MD<G DIOJ >CPIFN JM N@BH@ION JA O@SO DI JM?@M OJ
?@Q@GJK<B@I@M<GH@<IDIBJA@<>CN@BH@IO
=63@3<137<E@7B7<5 H@<INOC<OOC@D?@<NOD@OJB@OC@M<I?GJBD><GGTAGJRAMJHJI@N@IO@I>@OJ
<IJOC@M<I?AMJHJI@K<M<BM<KCOJ<IJOC@M
=;>CB3@ 2/B/0/A3A =4 B63 :7B3@/BC@3 <M@ IJR <Q<DG<=G@ DI GD=M<MD@N
<I? OC@T KMJQD?@ LPD>F
<>>@NNOJOCJPN<I?NJAEJPMI<GN
>JIA@M@I>@K<K@MN
<I?H<O@MD<GN
=<1C@@3<B3;032232 NOM<O@BTJAHDS@?H@OCJ?NM@N@<M>C><I=@D?@IODAD@?=TDONPN@JAJI@
?<O< >JGG@>ODJI KC<N@
?PMDIB RCD>C =JOC LP<IODO<ODQ@ <I? LP<GDO<ODQ@ ?<O< <M@ >JGG@>O@?
NDHPGO<I@JPNGT 3IGDF@ OC@ OM<?DODJI<G OMD<IBPG<ODJI HJ?@G
< >JI>PMM@IO @H=@??@? <KKMJ<>C
C<N < KMDH<MT H@OCJ? OC<O BPD?@N OC@ KMJE@>O <I? < N@>JI?<MT H@OCJ? OC<O KMJQD?@N <
NPKKJMODIBMJG@DIOC@KMJ>@?PM@N
=<1C@@3<B;7F32;3B6=2A KMJ>@?PM@N<M@OCJN@DIRCD>COC@M@N@<M>C@M>JIQ@MB@NJMH@MB@N
LP<IODO<ODQ@<I? LP<GDO<ODQ@?<O<DIJM?@MOJKMJQD?@<>JHKM@C@INDQ@<I<GTNDNJAOC@M@N@<M>C
KMJ=G@H
=<1C@@3<BB@/<A4=@;/B7D3 <KKMJ<>CDIHDS@?H@OCJ?NDNBPD?@?=TOC@M@N@<M>C@M[NPN@JA<
NK@>DAD> OC@JM@OD><G K@MNK@>ODQ@ <N R@GG <N OC@ >JI>PMM@IO >JGG@>ODJI JA =JOC LP<IODO<ODQ@ <I?
LP<GDO<ODQ@?<O<
=<1C@@3C DI RCD>C OC@ M@N@<M>C@M
>JGG@>ON =JOC LP<IODO<ODQ@ <I? LP<GDO<ODQ@ ?<O< >JI>PMM@IOGT <I? OC@I >JHK<M@N OC@ ORJ
?<O<=<N@NOJ?@O@MHDI@DAOC@M@DN>JIQ@MB@I>@
?DAA@M@I>@N
JMNJH@>JH=DI<ODJI
=<4723<13 7<B3@D/: DN C JA OC@ M<IB@ JA PKK@M <I? GJR@M
NO<ODNOD><GQ<GP@NOC<O<M@>JINDNO@IORDOCOC@J=N@MQ@??<O<<I?<M@GDF@GTOJ>JIO<DIOC@<>OP<G
KJKPG<ODJIH@CH@<INOC<OOC@LP<IODO<ODQ@<I?LP<GDO<ODQ@M@N@<M>C<M@
>JII@>O@? =@OR@@I < ?<O< <I<GTNDN JA OC@ ADMNO KC<N@ JA M@N@<M>C <I? ?<O< >JGG@>ODJI JA OC@
N@>JI?KC<N@
=<AB@C1B D/:727BG J>>PMN RC@I DIQ@NODB<OJMN PN@ <?@LP<O@ ?@ADIDODJIN <I? H@<NPM@N JA
Q<MD<=G@N
347173<173A 7< >/AB :7B3@/BC@3 H<T @SDNO =@><PN@ OJKD>N C<Q@ IJO =@@I @SKGJM@? RDOC <
K<MOD>PG<MBMJPK
N<HKG@
JMKJKPG<ODJIOC@GDO@M<OPM@H<TI@@?OJ=@M@KGD><O@?JMM@K@<O@?OJ
N@@DAOC@N<H@ADI?DIBNCJG?
BDQ@II@RN<HKG@NJAK@JKG@JMI@RNDO@NAJMNOP?TJMOC@QJD>@
JAPI?@MM@KM@N@IO@?BMJPKNC<Q@IJO=@@IC@<M?DIKP=GDNC@?GDO@M<OPM@
347<7B7=< =4 B3@;A DN < N@>ODJI OC<O H<T =@ AJPI? DI < M@N@<M>C KMJKJN<G OC<O ?@ADI@N O@MHN
OC<OM@<?@MNH<TIJOPI?@MNO<I?
3A1@7>B7D3 /</:GA7A JA ?<O< AJM Q<MD<=G@N DI < NOP?T DI>GP?@N ?@N>MD=DIB OC@ M@NPGON OCMJPBC
H@<IN
NO<I?<M??@QD<ODJIN
<I?M<IB@JAN>JM@N
7@31B7=</:6G>=B63A7A
<NPN@?DILP<IODO<ODQ@M@N@<M>C
DNJI@DIRCD>COC@M@N@<M>C@M H<F@N<
KM@?D>ODJI<=JPOOC@@SK@>O@??DM@>ODJIJMJPO>JH@NJAOC@NOP?T
4431B A7H3 D?@IODAD@N OC@ NOM@IBOC JA OC@ >JI>GPNDJIN <=JPO BMJPK ?DAA@M@I>@N JM OC@
M@G<ODJINCDKN<HJIBQ<MD<=G@NDILP<IODO<ODQ@NOP?D@N
;03227<5 DN<AJMHJAHDSDIBDIHDS@?H@OCJ?NM@N@<M>C
RC@M@<N@>JI?<MTAJMHJA?<O<DN
GJ?B@? RDOCDI < G<MB@M NOP?T RDOC < ?DAA@M@IO AJMH JA ?<O< <N OC@ KMDH<MT ?<O<=<N@ 2C@
N@>JI?<MT?<O<=<N@KMJQD?@N<NPKKJMODIBMJG@
B6<=5@/>6G DN<LP<GDO<ODQ@NOM<O@BTDIRCD>COC@M@N@<M>C@M NOP?D@N<IDIO<>O>PGOPM<GBMJPKDI
< I<OPM<G N@OODIB JQ@M < KMJGJIB@? K@MDJ? JA ODH@ =T >JGG@>ODIB KMDH<MDGT J=N@MQ<ODJI<G <I?
DIO@MQD@R?<O<
F>3@7;3<B/: 23A75< DI LP<IODO<ODQ@ M@N@<M>C O@NON OC@ DHK<>O JA < OM@<OH@IO JM JH@
>JIOMJGGDIBAJM<GGJOC@MA<>OJMNOC<OHDBCODIAGP@I>@OC<OJPO>JH@
F>3@7;3<B/: @3A3/@16 N@@FN OJ ?@O@MHDI@ DA < NK@>DAD> OM@<OH@IO DIAGP@I>@N JH@ DI <
NOP?T2CDNDHK<>ODN<NN@NN@?=TKMJQD?DIB<NK@>DAD>OM@<OH@IOOJJI@BMJPK<I?RDOCCJG?DIBDO
AMJH<IJOC@MBMJPK<I?OC@I?@O@MHDIDIBCJR=JOCBMJPKNN>JM@JI<IJPO>JH@
FB3@</:D/:727BGB6@3/BA <MDN@RC@I@SK@MDH@IO@MN?M<RDI>JMM@>ODIA@M@I>@NAMJHOC@N<HKG@
?<O<OJJOC@MK@MNJIN
JOC@MN@OODIBN
<I?K<NOJMAPOPM@NDOP<ODJIN
/B DI RMDODIB M@A@MN OJ RJM?N <??@? OJ KMJN@ OC<O <M@ PII@>@NN<MT OJ >JIQ@T OC@ DIO@I?@?
H@<IDIB
/B3933>3@A <M@DI?DQD?P<GN<OM@N@<M>CNDO@NOC<OKMJQD?@<>>@NNOJOC@NDO@<I?<GGJRJMK@MHDO
<LP<GDO<ODQ@M@N@<M>CNOP?TOJ=@PI?@MO<F@I
@=C<232 B63=@G DN < LP<GDO<ODQ@ NOM<O@BT DI RCD>C OC@ M@N@<M>C@M ?@MDQ@N < B@I@M<G
<=NOM<>O
OC@JMTJA<KMJ>@NN
<>ODJI
JMDIO@M<>ODJIBMJPI?@?DIOC@QD@RNJAK<MOD>DK<IONDI<NOP?T
/07B=4E@7B7<5 DNRMDODIBDI<M@BPG<M<I?>JIODIPJPNR<TJI<KMJKJN<GM<OC@MOC<IDI=DIB@N
JMDIJI<I?JAA<B<DIODH@N
<43@3<B7/:?C3AB7=<A=@6G>=B63A3A M@G<O@Q<MD<=G@NJM>JHK<M@BMJPKNDIO@MHNJAQ<MD<=G@NNJ
OC<ODIA@M@I>@N><I=@?M<RIAMJHOC@N<HKG@OJ<KJKPG<ODJI
<4=@;32 1=<A3DK<IONNDBI=@AJM@OC@T@IB<B@DIM@N@<M>C2CDN
AJMH<>FIJRG@?B@NOC<OK<MOD>DK<ION[MDBCONRDGG=@KMJO@>O@??PMDIB?<O<>JGG@>ODJI
<B35@/B7<5 OC@ ORJ ?<O<=<N@N DI HDS@? H@OCJ?N M@N@<M>C H@<IN OC<O OC@ LP<IODO<ODQ@ <I?
LP<GDO<ODQ@ ?<O<=<N@N <M@ <>OP<GGT H@MB@? OCMJPBC < >JHK<MDNJI <KKMJ<>C JM OCMJPBC ?<O<
OM<INAJMH<ODJI
<B3@1=23@/5@33;3MJNN>C@>FDIBDNRC@IORJJMHJM@>J?@MN<BM@@JI>J?@NPN@?AJM

OC@ N<H@ K<NN<B@N DI OC@ O@SO 'O DN IJO OC<O OC@T >J?@ OC@ N<H@ O@SO
=PO RC@OC@M <IJOC@M
>J?@MRJPG?>J?@<NDHDG<MK<NN<B@RDOCOC@N<H@JM<NDHDG<M>J?@1O<ODNOD><GKMJ>@?PM@NJM
M@GD<=DGDOT NP=KMJBM<HN DI LP<GDO<ODQ@ >JHKPO@M NJAOR<M@ K<>F<B@N >JINDNO@I>TJA>J?DIB
<B3@</: D/:727BG B6@3/BA <M@ @SK@MDH@IO<G KMJ>@?PM@N

OM@<OH@ION
JM @SK@MD@I>@N JA OC@
K<MOD>DK<ION OC<O OCM@<O@I OC@ M@N@<M>C@M[N <=DGDOT OJ ?M<R >JMM@>O DIA@M@I>@N AMJH OC@ ?<O<
<=JPOOC@KJKPG<ODJIDI<I@SK@MDH@IO
<B3@>@3B/B7=< =4 B63 @3AC:BA DI LP<IODO<ODQ@ M@N@<M>C H@<IN OC<O OC@ M@N@<M>C@M ?M<RN
>JI>GPNDJINAMJHOC@M@NPGONAJMOC@M@N@<M>CLP@NODJIN
CTKJOC@N@N
<I?OC@G<MB@MH@<IDIBJA
OC@M@NPGON
<B3@>@3B/B7=< DI LP<GDO<ODQ@ M@N@<M>C H@<IN OC<O OC@ M@N@<M>C@M ?M<RN H@<IDIB AMJH OC@
ADI?DIBNJA?<O<<I<GTNDN2CDNH@<IDIBH<TM@NPGODIG@NNJING@<MI@?
DIAJMH<ODJIOJ>JHK<M@
RDOCOC@GDO@M<OPM@
JMK@MNJI<G@SK@MD@I>@N
<B3@D73E >@=B=1=: DN < AJMH PN@?=T <LP<GDO<ODQ@ M@N@<M>C@MAJMM@>JM?DIB <I? RMDODIB?JRI
DIAJMH<ODJIJ=O<DI@??PMDIB<IDIO@MQD@R
7B3@/BC@3;/> DN<QDNP<GKD>OPM@JMADBPM@JAOC@M@N@<M>CGDO@M<OPM@JI<OJKD>OC<ODGGPNOM<O@N
CJR<K<MOD>PG<MNOP?T>JIOMD=PO@NOJOC@GDO@M<OPM@
!/B167<5 >/@B717>/<BA DI @SK@MDH@IO<G M@N@<M>C DN < KMJ>@?PM@ DI RCD>C K<MOD>DK<ION RDOC
>@MO<DI OM<DON JM >C<M<>O@MDNOD>N <M@ H<O>C@? <I? OC@I M<I?JHGT <NNDBI@? OJ >JIOMJG <I?
@SK@MDH@IO<GBMJPKN
!7F32;3B6=2A<=B/B7=< KMJQD?@NNCJMOC<I?G<=@GN<I?NTH=JGNOC<O>JIQ@TDHKJMO<IO<NK@>ON
JAHDS@?H@OCJ?NM@N@<M>C
<I?DOKMJQD?@N<R<TOC<OHDS@?H@OCJ?NM@N@<M>C@MN><I@<NDGT
>JHHPID><O@OC@DMKMJ>@?PM@N
!7F32;3B6=2A>C@>=A3AB/B3;3<BA >JIO<DIOC@JQ@M<GGDIO@IOJAOC@NOP?T
DIAJMH<ODJI<=JPO
=JOCOC@LP<IODO<ODQ@<I?LP<GDO<ODQ@NOM<I?NJAOC@NOP?T
<I?<M<ODJI<G@JADI>JMKJM<ODIB=JOC
NOM<I?NOJNOP?TOC@M@N@<M>CKMJ=G@H
!7F32;3B6=2A@3A3/@16 DN<I<KKMJ<>COJDILPDMTOC<O>JH=DI@NJM<NNJ>D<O@N=JOCLP<GDO<ODQ@
<I?LP<IODO<ODQ@AJMHNJAM@N@<M>C'ODIQJGQ@NKCDGJNJKCD><G<NNPHKODJIN
OC@PN@JALP<GDO<ODQ@
<I?LP<IODO<ODQ@<KKMJ<>C@N
<I?OC@HDSDIBJA=JOC<KKMJ<>C@NDI<NOP?T
!7F32 ;3B6=2A@3A3/@16 ?C3AB7=< DN<NK@>D<GLP@NODJIKJN@?DI<HDS@?H@OCJ?NNOP?TOC<O

?DM@>OGT<??M@NN@NOC@HDSDIBJAOC@LP<IODO<ODQ@<I?LP<GDO<ODQ@NOM<I?NJAOC@M@N@<M>C2CDNDN
OC@LP@NODJIOC<ORDGG=@<INR@M@?DIOC@NOP?T=<N@?JIOC@HDSDIB
!7F7<5 H@<IN@DOC@MOC<OOC@LP<GDO<ODQ@<I?LP<IODO<ODQ@?<O<<M@<>OP<GGTH@MB@?
JI@@I?JA
OC@>JIODIPPH
JMF@KON@K<M<O@
OC@JOC@M@I?JAOC@>JIODIPPH
JM>JH=DI@?DINJH@R<TJI
OC@>JIODIPPH
"/@@/B7D36==9 DN<O@MH?M<RIAMJH#IBGDNC>JHKJNDODJI
H@<IDIBRJM?NOC<O<M@PN@?DIOC@
JK@IDIB N@IO@I>@ JA <IDIOMJ?P>ODJIOC<O N@MQ@OJ ?M<R
@IB<B@
JMCJJF OC@ M@<?@M DIOJOC@
NOP?T
"/@@/B7D3 @3A3/@16 DN < LP<GDO<ODQ@ NOM<O@BT DI RCD>C OC@ M@N@<M>C@M NOP?D@N OC@ GDQ@N JA
DI?DQD?P<GN <I? <NFN JI@ JM HJM@ DI?DQD?P<GN OJ KMJQD?@ NOJMD@N <=JPO OC@DM GDQ@N 2CDN
DIAJMH<ODJIDNOC@IJAO@IM@OJG?JMM@NOJMD@?=TOC@M@N@<M>C@MDIOJ<I<MM<ODQ@>CMJIJGJBT
"=<27@31B7=</: 6G>=B63A7A DI < LP<IODO<ODQ@ NOP?T DN JI@ DI RCD>C OC@ M@N@<M>C@M H<F@N <
KM@?D>ODJI
=POOC@@S<>OAJMHJA?DAA@M@I>@N@B
CDBC@M
GJR@M
HJM@
JMG@NNDNIJONK@>DAD@?
=@><PN@OC@M@N@<M>C@M?J@NIJOFIJRRC<O><I=@KM@?D>O@?AMJHK<NOGDO@M<OPM@
"C:: 6G>=B63A7A DI LP<IODO<ODQ@ M@N@<M>C M@KM@N@ION OC@ OM<?DODJI<G <KKMJ<>C OJ RMDODIB
CTKJOC@N@N 'O H<F@N < KM@?D>ODJI OC<O
DI OC@ B@I@M<G KJKPG<ODJI
IJ M@G<ODJINCDK JM IJ
NDBIDAD><IO?DAA@M@I>@@SDNON=@OR@@IBMJPKNJI<Q<MD<=G@
#0A3@D/B7=</: >@=B=1=: DN < AJMH PN@? =T < LP<GDO<ODQ@ M@N@<M>C@M AJM M@>JM?DIB <I? RMDODIB
?JRIDIAJMH<ODJIRCDG@J=N@MQDIB
$63<=;3<=:=571/: @3A3/@16 DN < LP<GDO<ODQ@ NOM<O@BT DI RCD>C OC@ M@N@<M>C@M D?@IODAD@N OC@
@NN@I>@JACPH<I@SK@MD@I>@N<=JPO<KC@IJH@IJI<N?@N>MD=@?=TK<MOD>DK<IONDI<NOP?T
$=AB>=A7B7D7ABA M@AG@>O < ?@O@MHDIDNOD> KCDGJNJKCT <=JPO M@N@<M>C DI RCD>C ><PN@N KMJ=<=GT
?@O@MHDI@@AA@>ONJMJPO>JH@N2CPN
OC@KMJ=G@HNNOP?D@?=TKJNOKJNDODQDNONM@AG@>ODNNP@NOC<O
I@@? OJ D?@IODAT <I? <NN@NN OC@ ><PN@N OC<O DIAGP@I>@ OC@ JPO>JH@N
NP>C <N AJPI? DI
@SK@MDH@ION
$@/5;/B7A; <N < RJMG?QD@R JM KCDGJNJKCT <MDN@N JPO JA <>ODJIN
NDOP<ODJIN
<I? >JIN@LP@I>@N
M<OC@MOC<I<IO@>@?@IO>JI?DODJIN<NDIKJNOKJNDODQDNH2C@M@DN<>JI>@MIRDOC<KKGD><ODJINY
RC<O RJMFNY<I? NJGPODJIN OJ KMJ=G@HN 'INO@<? JA AJ>PNDIB JI H@OCJ?N
M@N@<M>C@MN
@HKC<NDU@OC@M@N@<M>CKMJ=G@H<I?PN@<GG<KKMJ<>C@N<Q<DG<=G@OJPI?@MNO<I?OC@KMJ=G@H
$C@>=A3AB/B3;3CKMJKJN<GN@ONOC@J=E@>ODQ@N
OC@DIO@IO
<I?OC@H<EJMD?@< AJM
OC@NOP?T
$C@>=A34C::G A3:31B K<MOD>DK<ION JM NDO@N JM ?J>PH@ION JM QDNP<G H<O@MD<G H@<IN OC<O
LP<GDO<ODQ@ M@N@<M>C@MN N@G@>O DI?DQD?P<GN RCJ RDGG =@NO C@GK OC@H PI?@MNO<I? OC@ M@N@<M>C
KMJ=G@H<I?OC@M@N@<M>CLP@NODJIN
%C/:7B/B7D3/C27=/<2 D7AC/:;/B3@7/:A O<F@OC@AJMHNJAKCJOJBM<KCN
<MOJ=E@>ON
QD?@JO<K@N
JM<ITAJMHNJANJPI?
%C/:7B/B7D3 1=230==9 DN<H@<INAJMJMB<IDUDIBLP<GDO<ODQ@?<O<PNDIB<GDNOJAKM@?@O@MHDI@?

>J?@NOC<O<M@PN@?AJM>J?DIBOC@?<O<2CDN>J?@=JJFHDBCO=@>JHKJN@?RDOCOC@I<H@NJA
>J?@NDIJI@>JGPHI
<?@ADIDODJIJA>J?@NDI<IJOC@M>JGPHI
<I?OC@INK@>DAD>DINO@N@B
GDI@IPH=@MNDIRCD>COC@>J?@DNAJPI?DIOC@OM<IN>MDKON
%C/:7B/B7D3 2=1C;3<BA <M@ KP=GD> ?J>PH@ION @B

I@RNK<K@MN
HDIPO@N JA H@@ODIBN
JAAD>D<G
M@KJMONJMKMDQ<O@?J>PH@ION@B
K@MNJI<GEJPMI<GN<I??D<MD@N
G@OO@MN
@H<DGN
%C/:7B/B7D353<3@/:7H/B7=< DN<O@MHOC<ODNPN@?DI<GDHDO@?R<TDILP<GDO<ODQ@M@N@<M>C
NDI>@
OC@ DIO@IO JA OCDN AJMH JA DILPDMT DN IJO OJ B@I@M<GDU@ ADI?DIBN OJ DI?DQD?P<GN
NDO@N
JM KG<>@N
JPOND?@JAOCJN@PI?@MNOP?T%@I@M<GDUDIBADI?DIBNOJOC@JMD@NDN<I<KKMJ<>CPN@?DIHPGODKG@
><N@NOP?TLP<GDO<ODQ@M@N@<M>C
=POOC@M@N@<M>C@MI@@?NOJC<Q@R@GG?J>PH@IO@?KMJ>@?PM@N
<I?<R@GG?@Q@GJK@?LP<GDO<ODQ@?<O<=<N@
%C/:7B/B7D3 7<B3@D73EA H@<IN OC<O OC@ M@N@<M>C@M >JI?P>ON A<>@OJA<>@ DIO@MQD@RN RDOC
K<MOD>DK<ION
DIO@MQD@RNK<MOD>DK<ION=TO@G@KCJI@
JM@IB<B@NDIAJ>PNBMJPKDIO@MQD@RNRDOCNDS
OJ@DBCODIO@MQD@R@@NDI@<>CBMJPK 2C@N@DIO@MQD@RNDIQJGQ@PINOMP>OPM@?<I?B@I@M<GGTJK@I
@I?@? LP@NODJIN OC<O <M@ A@R DI IPH=@M <I? DIO@I?@? OJ @GD>DO QD@RN <I? JKDIDJIN AMJH OC@
K<MOD>DK<ION
%C/:7B/B7D3 =0A3@D/B7=< H@<IN OC<O OC@ M@N@<M>C@M O<F@N AD@G? IJO@N JI OC@ =@C<QDJM <I?
<>ODQDOD@NJADI?DQD?P<GN<OOC@M@N@<M>CNDO@<I?M@>JM?NJ=N@MQ<ODJIN
%C/:7B/B7D3>C@>=A3AB/B3;3<BA >JIO<DIDIAJMH<ODJI<=JPOOC@>@IOM<GKC@IJH@IJI@SKGJM@?
DIOC@ NOP?T
OC@K<MOD>DK<ION DIOC@ NOP?T
<I?OC@ M@N@<M>C NDO@ 'O <GNJ >JIQ@TN <I@H@MBDIB
?@NDBI<I?M@N@<M>CRJM?N?M<RIAMJHOC@G<IBP<B@JALP<GDO<ODQ@DILPDMT
%C/:7B/B7D3 @3:7/07:7BG DI?D><O@N OC<O < K<MOD>PG<M <KKMJ<>C DN >JINDNO@IO <>MJNN ?DAA@M@IO
M@N@<M>C@MN<I??DAA@M@IOKMJE@>ON
%C/:7B/B7D3 @3A3/@16 DN < H@<IN AJM @SKGJMDIB <I? PI?@MNO<I?DIB OC@ H@<IDIB DI?DQD?P<GN JM
BMJPKN <N>MD=@ OJ < NJ>D<G JM CPH@NN JA M@N@<M>C DIQJGQ@N @H@MBDIB
LP@NODJIN <I? KMJ>@?PM@N >JGG@>ODIB ?<O< DI OC@ K<MOD>DK<ION[ N@OODIB <I<GTUDIB OC@ ?<O<
DI?P>ODQ@GT
=PDG?DIB AMJH K<MOD>PG<MN OJ B@I@M<G OC@H@N <I? H<FDIB DIO@MKM@O<ODJIN JA OC@
H@<IDIBJAOC@?<O<2C@ADI<GRMDOO@IM@KJMOC<N<AG@SD=G@RMDODIBNOMP>OPM@
%C/:7B/B7D3 D/:727BG H@<IN OC<O OC@ M@N@<M>C@M >C@>FN AJM OC@ <>>PM<>T JA OC@ ADI?DIBN =T
@HKGJTDIB>@MO<DIKMJ>@?PM@N
%C/<B7B/B7D3 6G>=B63A3A <M@ KM@?D>ODJIN OC@ M@N@<M>C@M H<F@N <=JPO OC@ @SK@>O@?
M@G<ODJINCDKN<HJIBQ<MD<=G@N
%C/<B7B/B7D3>C@>=A3AB/B3;3<BA DI>GP?@OC@Q<MD<=G@NDIOC@NOP?T<I?OC@DMM@G<ODJINCDK
OC@
K<MOD>DK<IONDI<NOP?T
<I?OC@NDO@ AJMOC@M@N@<M>C'O<GNJDI>GP?@NG<IBP<B@<NNJ>D<O@?RDOC
LP<IODO<ODQ@M@N@<M>C<I?OC@?@?P>ODQ@O@NODIBJAM@G<ODJINCDKNJMOC@JMD@N
%C/<B7B/B7D3 @3A3/@16 DN < H@<INAJMO@NODIB J=E@>ODQ@ OC@JMD@N =T @S<HDIDIBOC@M@G<ODJINCDK

<HJIBQ<MD<=G@N2C@N@Q<MD<=G@N><I=@H@<NPM@?
OTKD><GGTJIDINOMPH@ION
NJOC<OIPH=@M@?
?<O< ><GKMJ>@?PM@N 2C@ ADI<G RMDOO@I M@KJMO C<N< N@O NOMP>OPM@
>JINDNODIBJADIOMJ?P>ODJI
GDO@M<OPM@<I?OC@JMT
H@OCJ?N
M@NPGON
<I??DN>PNNDJI
%C/<B7B/B7D3 @3A3/@16 ?C3AB7=<A <M@ DIO@MMJB<ODQ@ NO<O@H@ION OC<O M<DN@ LP@NODJIN <=JPO OC@
M@G<ODJINCDKN<HJIBQ<MD<=G@NOC<OOC@DIQ@NODB<OJMN@@FNOJ<INR@M
%C/A73F>3@7;3C DI RCD>C DI?DQD?P<GN <M@ IJO M<I?JHGT
<NNDBI@?OJBMJPKN
&/<2=; A/;>:7<5 DN < KMJ>@?PM@ DI LP<IODO<ODQ@ M@N@<M>C AJM N@G@>ODIB K<MOD>DK<ION 'O H@<IN
OC<O @<>C DI?DQD?P<G C<N O@? AMJH OC@ KJKPG<ODJI
@INPMDIB
OC<OOC@N<HKG@RDGG=@M@KM@N@IO<ODQ@JAOC@KJKPG<ODJI
&34 :3F7D7BG H@<IN OC<O M@N@<M>C@MN M@AG@>O <=JPO CJR OC@DM =D<N@N
Q<GP@N
<I? K@MNJI<G
=<>FBMJPI?
NP>C <N B@I?@M
CDNOJMT
>PGOPM@
<I? NJ>DJ@>JIJHD> NO<OPN
NC<K@ OC@DM
DIO@MKM@O<ODJINAJMH@??PMDIB<NOP?T
&3:7/07:7BG M@A@MNOJRC@OC@MN>JM@NOJDO@HNJI<IDINOMPH@IO<M@DIO@MI<GGT>JINDNO@IOD@
M@
OC@ DO@H M@NKJIN@N >JINDNO@IO <>MJNN >JINOMP>ON
NO<=G@ JQ@M ODH@ O@NOM@O@NO >JMM@G<ODJIN
<I?RC@OC@MOC@M@R<N>JINDNO@I>TDIO@NO<?HDIDNOM<ODJI<I?N>JMDIB
&3A3/@1623A75<A <M@KG<IN<I?OC@KMJ>@?PM@NAJMM@N@<M>COC<ONK<IOC@?@>DNDJINAMJH=MJ<?
<NNPHKODJINOJ?@O<DG@?H@OCJ?NJA?<O<>JGG@>ODJI<I?<I<GTNDN'ODIQJGQ@NOC@DIO@MN@>ODJIJA
KCDGJNJKCD><G<NNPHKODJIN
NOM<O@BD@NJADILPDMT
<I?NK@>DAD>H@OCJ?N
&3A3/@16 ;3B6=2A DIQJGQ@ OC@ AJMHN JA ?<O< >JGG@>ODJI

<I<GTNDN
<I? DIO@MKM@O<ODJI OC<O
M@N@<M>C@MNKMJKJN@AJMOC@DMNOP?D@N
&3A3/@16>@=0:3;A <M@OC@KMJ=G@HNJMDNNP@NOC<OG@<?OJOC@I@@?AJM<NOP?T
&3A3/@16B7>A <M@HTOCJPBCON<=JPO<KKMJ<>C@N JMO@>CIDLP@NOC<OC<Q@RJMF@?R@GGAJMH@

<N<I@SK@MD@I>@?M@N@<M>C@M
&3A>=<A3 07/A DN OC@ @AA@>O JA IJIM@NKJIN@N JI NPMQ@T @NODH<O@N
<I? DO H@<IN OC<O DA
IJIM@NKJI?@IONC<?M@NKJI?@?
OC@DMM@NKJIN@NRJPG?C<Q@NP=NO<IOD<GGT>C<IB@?OC@JQ@M<GG
M@NPGONJAOC@NPMQ@T
&3D73E7<5 ABC273A DI ODJI EPNODAD@N OC@ DHKJMO@ JA OC@ NOP?T <I? >M@<O@N
?DNODI>ODJIN=@OR@@IK<NONOP?D@N<I?<KMJKJN@?NOP?T
'1@7>B
<NPN@?DIOCDN=JJF
DN<O@HKG<O@JA<A@RN@IO@I>@NOC<O>JIO<DINOC@H<EJM RJM?N<I?
D?@<NAJMK<MOD>PG<MK<MONJA<M@N@<M>CKMJKJN<GJMM@KJMO@B
KPMKJN@NO<O@H@IOJMM@N@<M>C
LP@NODJI<I?KMJQD?@NNK<>@AJMM@N@<M>C@MNOJDIN@MODIAJMH<ODJIOC<OM@G<O@NOJOC@DMKMJE@>ON
'3?C3<B7/: 3F>:/</B=@GAB@/B35G DIHDS@?H@OCJ?NM@N@<M>CDN>C<M<>O@MDU@?=TOC@>JGG@>ODJI

<I? <I<GTNDN JA LP<IODO<ODQ@ ?<O< DI < ADMNO KC<N@ AJGGJR@? =T OC@ >JGG@>ODJI <I? <I<GTNDN JA
LP<GDO<ODQ@?<O<DI<N@>JI?KC<N@OC<O=PDG?NJIOC@M@NPGONJAOC@DIDOD<GLP<IODO<ODQ@M@NPGON
'3?C3<B7/:3F>:=@/B=@GAB@/B35G DIHDS@?H@OCJ?NM@N@<M>CDIQJGQ@N<ADMNOKC<N@JALP<GDO<ODQ@
?<O< >JGG@>ODJI <I? <I<GTNDN AJGGJR@? =T < N@>JI? KC<N@ JA LP<IODO<ODQ@ ?<O< >JGG@>ODJI <I?
<I<GTNDNOC<O=PDG?NJIOC@M@NPGONJAOC@ADMNOLP<IODO<ODQ@KC<N@
'3?C3<B7/: ;7F32;3B6=2A KMJ>@?PM@N<M@OCJN@DIRCD>COC@M@N@<M>C@MN@@FNOJ@G<=JM<O@JI

JM@SK<I?JIOC@ADI?DIBNJAJI@H@OCJ?RDOC<IJOC@MH@OCJ?
'3?C3<B7/: B@/<A4=@;/B7D3 AB@/B35G DI HDS@? H@OCJ?N M@N@<M>C DN < ORJKC<N@ KMJE@>O RDOC <
OC@JM@OD><G G@IN @B
B@I?@M
M<>@
NJ>D<G N>D@I>@ OC@JMT JQ@MG<TDIB OC@ KMJ>@?PM@N
RDOC JI?KC<N@@DOC@MLP<GDO<ODQ@
JMLP<IODO<ODQ@OC<O=PDG?NJIOC@@<MGD@MKC<N@
'75<7471/<13 =4 B63 ABC2G DI ODJI >JIQ@TN OC@ DHKJMO@ JA OC@ KMJ=G@H AJM
?DAA@M@IO<P?D@I>@NOC<OH<TKMJADOAMJHM@<?DIB<I?PNDIBOC@NOP?T
'7<5:3AC0831B23A75< JM ! JA?@NDBIDIQJGQ@NJ=N@MQDIBOC@=@C<QDJMJA<NDIBG@DI?DQD?P<GJM
<NH<GGIPH=@MJADI?DQD?P<GNJQ@MODH@
'=17/:1=<AB@C1B7D7ABA CJG?OC@<NNPHKODJIOC<ODI?DQD?P<GNN@@FPI?@MNO<I?DIBJAOC@RJMG?DI
RCD>C OC@T GDQ@ <I? RJMF 'I?DQD?P<GN ?@Q@GJK NP=E@>ODQ@ H@<IDIBN JA OC@DM @SK@MD@I>@N
H@<IDIBN?DM@>O@?OJR<M?>@MO<DIJ=E@>ONJMOCDIBN
'B/B7AB71/:1=<1:CA7=<D/:727BG <MDN@NRC@I@SK@MDH@IO@MN?M<RDI<>>PM<O@DIA@M@I>@NAMJHOC@
?<O<=@><PN@JADI<?@LP<O@NO<ODNOD><GKJR@MJMOC@QDJG<ODJIJANO<ODNOD><G<NNPHKODJIN
'B@/B3573A =4 7<?C7@G <M@ OTK@N JA LP<GDO<ODQ@

LP<IODO<ODQ@
<I? HDS@? H@OCJ?N ?@NDBIN JM
HJ?@GNOC<OKMJQD?@NK@>DAD>?DM@>ODJIAJMKMJ>@?PM@NDI<M@N@<M>C?@NDBI
'BG:3 ;/<C/:A KMJQD?@ BPD?@GDI@N AJM >M@<ODIB < N>CJG<MGT NOTG@ JA < H<IPN>MDKO
NP>C <N <
>JINDNO@IO AJMH<O AJM >DODIB M@A@M@I>@N
>M@<ODIB C@<?DIBN
KM@N@IODIB O<=G@N <I? ADBPM@N
<I?
PNDIBIJI?DN>MDHDI<OJMTG<IBP<B@
'C@D3G23A75< KMJQD?@N<KG<IAJM<LP<IODO<ODQ@JMIPH@MD>?@N>MDKODJIJAOM@I?N
<OODOP?@N
JM
JKDIDJINJA<KJKPG<ODJI=TNOP?TDIB<N<HKG@JAOC<OKJKPG<ODJI
'C@D3G@3A3/@16 KMJQD?@N<LP<IODO<ODQ@JMIPH@MD>?@N>MDKODJIJAOM@I?N
<OODOP?@N
JMJKDIDJIN
JA<KJKPG<ODJI=TNOP?TDIB<N<HKG@JAOC<OKJKPG<ODJI
(63=@3B71/::3<A=@>3@A>31B7D37<?C/:7B/B7D3@3A3/@16 KMJQD?@N<IJQ@M<GGJMD@IODIBG@INOC<ODN
PN@?OJNOP?TLP@NODJINJAB@I?@M
>G<NN
<I?M<>@JMJOC@MDNNP@NJAH<MBDI<GDU@?BMJPKN2CDN
G@IN=@>JH@N<I<?QJ><>TK@MNK@>ODQ@OC<ONC<K@NOC@OTK@NJALP@NODJIN<NF@?
DIAJMHNCJR
?<O<<M@>JGG@>O@?<I?<I<GTU@?
<I?KMJQD?@N<><GGAJM<>ODJIJM>C<IB@
(63=@73A DI HDS@? H@OCJ?N M@N@<M>C KMJQD?@ DK<O@N DI OC@ NOP?T
CJR ?<O< <M@ >JGG@>O@?
<I? OC@ DHKGD><ODJIN
H<?@ AMJH OC@ NOP?T OTKD><GGT AJM >C<IB@ <I? <?QJ><>T 2C@T KM@N@IO CDIB
K@MNK@>ODQ@PN@?RDOCJOC@MNOM<O@BD@NJADILPDMT
(63=@G 7< ?C/<B7B/B7D3 @3A3/@16 DN OC@ PN@ JA JINOMP>ON JM Q<MD<=G@N
AJMH@? DIOJ KMJKJNDODJIN
JM CTKJOC@N@N
OC<O NK@>DAT OC@ M@G<ODJINCDK <HJIB Q<MD<=G@N
OTKD><GGTDIO@MHNJAH<BIDOP?@JM?DM@>ODJI<I?KM@?D>ONOC@JPO>JH@NJA<NOP?T
(63=@G CA3 7< ;7F32 ;3B6=2A NOP?D@N H<T DI>GP?@ OC@JMT ?@?P>ODQ@GT DI LP<IODO<ODQ@ OC@JMT
O@NODIB<I?Q@MDAD><ODJIJMDI?P>ODQ@GT
<NDI<I@H@MBDIBLP<GDO<ODQ@OC@JMTJMK<OO@MI
(7;7<5 DIHDS@?H@OCJ?N M@N@<M>C DIQJGQ@N >JGG@>ODIBOC@ LP<IODO<ODQ@ <I?LP<GDO<ODQ@?<O< DI

KC<N@NN@LP@IOD<GGTJMB<OC@MDIBDO<OOC@N<H@ODH@>JI>PMM@IOGT
(=>71 DNOC@NP=E@>OJMNP=E@>OH<OO@MJA<KMJKJN@?NOP?TOC<O<M@N@<M>C@MD?@IODAD@N@<MGT DI
OC@KM@K<M<ODJIJA<NOP?T
(@/<A4=@;/B7D3 ;7F32 ;3B6=2A KMJ>@?PM@N <M@ OCJN@ DI RCD>C OC@ M@N@<M>C@M PN@N <
OC@JM@OD><G G@IN N@@ !C<KO@M <N CDIB K@MNK@>ODQ@ RDOCDI < ?@NDBI OC<O >JIO<DIN
=JOCLP<IODO<ODQ@<I?LP<GDO<ODQ@?<O<
(@C3 3F>3@7;3CDIRCD>CDI?DQD?P<GN<M@M<I?JHGT<NNDBI@?

OJBMJPKN
*/:727BG 7< ?C/<B7B/B7D3 @3A3/@16 M@A@MN OJ RC@OC@M JI@ >@NAMJHN>JM@NJIK<MOD>PG<MDINOMPH@ION
*/:727BGAB@/B3573A DILP<GDO<ODQ@M@N@<M>C<M@KMJ>@?PM@N@B
H@H=@M>C@>FDIB
OMD<IBPG<ODIB
?<O<NJPM>@NOC<OLP<GDO<ODQ@M@N@<M>C@MNPN@OJ?@HJINOM<O@OC@<>>PM<>TJAOC@DMADI?DIBN<I?
>JIQDI>@M@<?@MNJAOCDN<>>PM<>T
*/@7/0:3 M@A@MN OJ < >C<M<>O@MDNOD> JM <OOMD=PO@ JA <GGTRDGGQ<MTDIORJJMHJM@><O@BJMD@NJMJI<>JIODIPPHJAN>JM@N
<I?DO><I=@
H@<NPM@?
+3756B DIHDS@?H@OCJ?NM@N@<M>CDNOC@KMDJMDOTBDQ@IOJLP<IODO<ODQ@JMLP<GDO<ODQ@M@N@<M>CDI
< K<MOD>PG<M NOP?T 'I NJH@ NOP?D@N
OC@ R@DBCO HDBCO =@ @LP<G DI JOC@MN
DO HDBCO @HKC<NDU@
LP<GDO<ODQ@JMLP<IODO<ODQ@?<O<
+=@:2D73E DN?@ADI@?<N\<=<ND>N@OJA=@GD@ANOC<OBPD?@<>ODJI]%P=<

K
&343@3<13A
DFDI
+!#? 8-C-69:/.3+90/.?-+>398+6</=/+<-2 OC@?,@R7JMF+<>HDGG<I.NT>CJGJBD><GNNJ>D<ODJI #?,63-+>398 +8?+690>2/7/<3-+8#=C-296913-+6

==9-3+>398 OC@?5<NCDIBOJI
"!POCJM
I?@MNJI
#&
1K@I>@M
+&!JBIDODQ@M@KM@N@IO<ODJIJA'"1 $?+63>+>3@//+6>2
%/=/+<-2

88?+6</@3/A90:=C-29691C 1O<IAJM?

!IIP<G0@QD@RN
INJMB@
!
!M@NR@GG
(5
1RD?G@M
1
%POH<II
+ (=/9039956+:>9:-97:?>/<=
38>/+-2/</.?-+>398 3IKP=GDNC@?H<IPN>MDKO
3IDQ@MNDOTJA,@=M<NF<*DI>JGI
NHPNN@I
) (
!M@NR@GG
( 5 !<HKPN M@NKJIN@ OJ < NOP?@IO BPIH398
<==D@
# &?<@/C</=/+<-27/>29.= I?@? @GHJIO
!5<?NRJMOC
<==D@
# '2/:<+->3-/90=9-3+6</=/+<-2 OC@? @GHJIO
!5<?NRJMOC 2CJHNJI
<DG@T
#. *<3>381-6/+<6C-98>/7:9<+<C+::<9+-2 !JGPH=PN
-&!C<MG@N+@MMDGG
<PN@GG
0 98.?->3817/+83810?6/B:/<37/8>= 2CJPN<I?-<FN
!1<B@
@JGG@B@
9?<8+690966/1/&>?./8>#/<=988/6
@DN@G
,$@=MP<MT
!G<NN
>PGOPM@
<I?><HK<DBIN<B<DINOQD>@DIOCM@@H@MD>DOD@N
7/<3-+8&9-396913-+6%/@3/A
@H
" 5MDODIB OC@ @HKDMD><G EJPMI<G <MOD>G@ 'I + 8<II< ( "<MG@T #?N
'2/
-97:6/+>+-+./73-:<+->3-+61?3./09<>2/,/1388381=9-3+6=-3/8>3=> KK,@R7JMF
0<I?JH&JPN@
@MB
*$?+63>+>3@/</=/+<-27/>29.=09<>2/=9-3+6=-3/8-/= OC@? JNOJIGGTI
<>JI
@MB@M
. *
*P@FH<II
2 '2/ =9-3+6 -98=><?->398 90 </+63>C ></+>3=/ 38 >2/
=9-39691C90589A6/.1/ %<M?@I!DOT
,(I>CJM
CJK<G
) %@I?@M
\M<>@] <I? KJR@M DI OC@ M@N@<M>C KMJ>@NN 1JPOC NDC
*JI?JI3!*.M@NN
G<GJ>F
& '2/9<C-98=><?->398<97@/<,+6>97+>2/7+>3-+609<7?6+>398= #IBG@RJJ?
!GDAAN
,(.M@IOD>@&<GG
G<GJ>F
& +=?+679./6=38>2/=9-3+6=-3/8-/= ,@R7JMFG?DI@
G<GJ>F
& M@ OC@M@ <IT >JINOMP>ODQ@ <GO@MI<ODQ@N OJ ><PN<G HJ?@GDIB &9-396913-+6
/>29.9691C

G<N@
((
,JQ@H=@M2C@HD>MJKJGDOD>NJAOC@N>CJJG2C@@Q@MT?<TKJGDOD><GJMD@IO<ODJI
JA O@<>C@MN OJR<M? JK@I N>CJJG KMDI>DK<GN .?-+>398+6 .7383=><+>398 $?+<>/<6C

J@F@M
5 .JR@M <I? H<I<B@MD<G ?DNHDNN<G 1><K@BJ<ODIB <O OC@ OJK .7383=><+>3@/
&-3/8-/$?+<>/<6C
JB?+>3@/ </=/+<-2 09< /.?-+>398 8 38><9.?->398 >9
>2/9<C+8.7/>29.= JNOJIGGTI <>JI
JD>@
0 #<90/==9<= += A<3>/<= =/602/6: 1?3./ >9 :<9.?->3@/ A<3>381 1ODGGR<O@M
-)
,@R$JMPHN
JI@Q<

)M<PO
0
$MJCGD>C
" 3NDIB @H<DG AJM K@MNJI<G M@G<ODJINCDKN 7/<3-+8
/2+@39<+6&-3/8>3=>

JJOC)@RG@T
1
#?R<M?N
( #
0JN@IA@G?
. 'HKM@NNDJI H<I<B@H@IO
NJ>D<G
?@NDM<=DGDOT
<I?>JHKPO@M<?HDIDNOM<ODJIJA<OODOP?@LP@NODJII<DM@N"J@NOC@>JHKPO@MH<F@
<?DAA@M@I>@ 9?<8+690::63/.#=C-29691C

JMB
5 0
%<GG
+ " .?-+>398+6 </=/+<-2 8 38><9.?->398 OC @? ,@R 7JMF
*JIBH398+6 </=/+<-2 :<+->3-+6 1?3./
,@R7JMF*JIBHC
0 $ 0<I?JHDU@? >JIOMJGG@? @SK@MDH@ION AJM @Q<GP<ODJI <I? KG<IIDIB 'I *
D>FH29.= KK
2CJPN<I?-<FN
!1<B@
MTH29.=09?<@96?7/=/>*JI?JI1<B@
PIB@
, 38.381 >2/ A9<.= 98@/<=+>398= A3>2 A<3>/<= A29 >/+-2 OC@IN
-&
1R<GGJR.M@NN
-CDJ3IDQ@MNDOT.M@NN
!<CDGG
1 # $<NCDJIDIB H<G@N <I? A@H<G@N KK@<M@ H<I<B@H@IO <I? OC@ NJ>D<G
M@KMJ?P>ODJIJAB@I?@M&C7,963-8>/<+->398

!<HK=@GG
"
1O<IG@T
(#SK@MDH@IO<G<I?LP<ND@SK@MDH@IO<G?@NDBINAJMM@N@<M>C'I
,*%<B@#?
+8.,99590</=/+<-298>/+-2381 KK!CD><BJ0<I?+>,<GGT
!<HK=@GG
" 2
$DNF@
" !JIQ@MB@IO <I? ?DN>MDHDI<IO Q<GD?<ODJI =T OC@ HPGODOM<DO
HPGODH@OCJ?H<OMDS #=C-296913-+6?66/>38
!<HK=@GG
5%
<GGJP
14 9<7+8.=>C6/'2/=/=</:9<>=>/<7:+:/<= OC@?
JNOJI&JPBCOJI+DAAGDI
!<M<>@GGD
4 (
%M@@I@
( ! "<O< <I<GTNDN NOM<O@BD@N AJM HDS@?H@OCJ? @Q<GP<ODJI
?@NDBIN.?-+>398+6@+6?+>398+8.#963-C8+6C=3=

!<MMJGG
"* 7+8?+690A<3>/<F=><3-5= ,@R7JMF.<M<BJI
!<MNO@IN@I
* 5
(M AM<>O<G <I<GTNDN JA ><MOJBM<KCD> B@I@M<GDU<ODJI '2/ 7/<3-+8
+<>91<+:2/<

!<NO@OO@M
5
&@DNG@M
0 1 /@/69:381 +8. ./0/8.381 + .3==/<>+>398 :<9:9=+6
.CDG<?@GKCD<3IDQ@MNDOTJA.@IINTGQ<ID<
%M<?P<O@1>CJJGJA#?P><ODJI
!@IO@MAJM$D@G?1OP?D@N
!C<MH<?->3811<9?8./.>2/9<C 2CJPN<I?-<FN
!1<B@
!C@@F
(OOC@H<MBDIN"DN>JPMN@<I<GTNDN<I?LP<GDO<ODQ@M@N@<M>C $?+63>+>3@//+6>2
%/=/+<-2
!C@MMTCJGH@N
! &
PBPNO1@KO@H=@M ,JO@N JI KM<BH<ODNH <I? N>D@IODAD> M@<GDNH
.?-+>398+6%/=/+<-2/<
!G<I?DIDI
"(
!JII@GGT
$+ !+<<+>3@/38;?3<CB:/<3/8-/+8.=>9<C38;?+63>+>3@/
</=/+<-2 1<I$MDN>J(JNN@T <NN
!JC@I
( &>+>3=>3-+6 :9A/< +8+6C=3= 09< >2/ ,/2+@39<+6 =-3/8-/= ,@R 7JMF ><?@HD>
.M@NN
!JJF
2"
!<HK=@GG
"2 $?+=3/B:/<37/8>+>398/=318+8.+8+6C=3=3==?/=09<03/6.
=/>>381= !CD><BJ0<I?+>,<GGT
!JJK@M
& '2/ 38>/1<+>3@/ </=/+<-2 </@3/A =C=>/7+>3- +::<9+-2 @Q@MGT &DGGN
!
1<B@
!JJK@M
(-
&@MJI
2#
&@R<M?
5* ::63/.,/2+@39< +8+6C=3= !JGPH=PN
-&
+@MMDGG
!JM=DI
(+
1OM<PNN
(+ +=3-=90;?+63>+>3@/</=/+<-2'/-283;?/=+8.:<9-/.?</=
09<./@/69:3811<9?8./.>2/9<C M?@?2CJPN<I?-<FN
!1<B@
!M@NR@GG
(5+DS@?H@OCJ?M@N@<M>C'IOMJ?P>ODJI<I?<KKGD><ODJI'I%(!DU@F#?
+8.,99590/.?-+>398+6:963-C KK1<I"D@BJ

!><?@HD>.M@NN
!M@NR@GG
(5 $?+63>+>3@/38;?3<C+8.</=/+<-2./=318299=381+798103@/+::<9+-2/=
M?@?2CJPN<I?-<FN
!1<B@
!M@NR@GG
(5 .?-+>398+6</=/+<-2#6+88381-98.?->381+8./@+6?+>381;?+8>3>+>3@/
+8.;?+63>+>3@/</=/+<-2 M?@?3KK@M1<??G@0DQ@M
,(+@MMDGG
!M@NR@GG
( 5
MJRI
+ *
$<GG &JR >C<DMK@MNJIN @IC@ A<>PGOT M@N@<M>C
BMJPI?@?OC@JMTNOP?T '2/%/@3/A90312/<.?-+>398

!M@NR@GG
( 5
+DGG@M
" "@O@MHDIDIB Q<GD?DOT DI LP<GDO<ODQ@ DILPDMT '2/9<C 38>9
#<+->3-/

!M@NR@GG
(5
.G<IJ!G<MF
4* /=318381+8.-98.?->38173B/.7/>29.=</=/+<-2
2CJPN<I?-<FN
!1<B@
!M@NR@GG
(5
.G<IJ!G<MF
4
%POH<II
+
&<INJI
5?Q@?HDS@?H@OCJ?N
?@NDBIN'I2<NC<FFJMD !2@??GD@#?N
+8.,9959073B/.7/>29.</=/+<-238>2/=9-3+6
+8.,/2+@39<+6=-3/8-/= KK 2CJPN<I?-<FN
!1<B@
!M@NR@GG
( 5
1@<BM@I

&@IMT
2 .MJA@NNDJI<G ?@Q@GJKH@IO OM<DIDIB I@@?N JA
?@K<MOH@IO>C<DMK@MNJINO@NOJAOC@ DBG<IHJ?@G #6+88381+8.2+81381
!MJOOT
+ '2/09?8.+>398=90=9-3+6</=/+<-2 /+8381+8.:/<=:/->3@/38>2/</=/+<-2
:<9-/== *JI?JI1<B@
!MPO>CAD@G?
( . 9-?= 90 -98><96 38>/<:/<=98+6 ><?=> +8. =-296+<6C :<9.?->3@3>C
3IKP=GDNC@??J>OJM<G?DNN@MO<ODJI
"@%M<R
" % 9, 79>3@+>398+6 0+->9<= 90 /.?-+>9<= A3>238 +.?6> -9<</->398+6
38=>3>?>398= 0<97 @+<39?= =>+>/= 3IKP=GDNC@? ?J>OJM<G ?DNN@MO<ODJI
3IDQ@MNDOT JA ,@=M<NF<
*DI>JGI
"@IUDI
, )
*DI>JGI
7 1 #?N '2/ 2+8.,995 90 ;?+63>+>3@/ </=/+<-2 M? @?
2CJPN<I?-<FN
!1<B@
"DGG<M?
'2/A<3>381630/ ,@R7JMF&<MK@M0JR
"DGGH/6/:298/ =?<@/C= '2/ >9>+6 ./=318 7/>29. ,@R 7JMF (JCI
5DG@T
"PI>DJGJBD><G @S<HKG@N 'I & + G<GJ>F
(M #? +?=+6
79./6=38>2/=9-3+6=-3/8-/= I?@? KK,@R7JMFG?DI@
#?P><ODJI<G 0@NJPM>@N 'IAJMH<ODJI !@IO@M '2/=+?<?= 90 % ./=-<3:>9<= OC @?
.CJ@IDS
8-MTS
#DNI@M
# 5 '2/ /86312>/8/. /C/ $?+63>+>3@/ 38;?3<C +8. >2/ /82+8-/7/8> 90
/.?-+>398+6:<+->3-/ ,@R7JMF+<>HDGG381A3>29?>>/+-2/<= *JI?JI-SAJM?3IDQ@MNDOT.M@NN
#IIN
!8
&<>F@OO
%!JHK<MDNJIJAA@HDIDNO<I?IJIA@HDIDNORJH@I[NM@<>ODJINOJ
Q<MD<IONJAIJIN@SDNO<I?A@HDIDNO>JPIN@GDIB 9?<8+6909?8=/6381#=C-29691C

$<T
<3>3-+6=9-3+6=-3/8-/ 'OC<><
,7!JMI@GG3IDQ@MNDOT.M@NN
$D@G?

&JG@
% 9A>9./=318+8.</:9<>/B:/<37/8>= 2CJPN<I?-<FN
!1<B@
$DI?@MN
+(/P@@IN<I?O@@IUDI@N#<MGT<?JG@N>@IOA@H<G@NM@<?DIBOC@DMR<TOJR<M?
<?PGOCJJ? 8>2<9:9691C+8..?-+>398$?+<>/<6C

$DIF
'2/=?<@/C53> I?@?2CJPN<I?-<FN
!1<B@
$DM@NOJI@
5 +@<IDIB DI H@OCJ? 2C@ MC@OJMD> JA LP<IODO<ODQ@ <I? LP<GDO<ODQ@
M@N@<M>C .?-+>398+6%/=/+<-2/<

$GD>F
3#? '2/&+1/;?+63>+>3@/</=/+<-253> *JI?JI1<B@
$GDI?@MN
" (
+DGGN
% # #?N '2/9<C +8. -98-/:>= 38 ;?+63>+>3@/ </=/+<-2
#/<=:/->3@/=0<97>2/03/6. ,@R7JMF!JGPH=D<3IDQ@MNDOT
2@<>C@MN!JGG@B@.M@NN
$JRG@M
$( &?<@/C</=/+<-27/>29.= M?@?2CJPN<I?-<FN
!1<B@
$M<IFGDI
( *<3>38109<=>9<C<+0>=/-</>=90.<+7+>3-89803->398,C+>A9>37/#?63>D/<
:<3D/A388/< ,@R7JMFOC@I@PH
%<HNJI
( 1@SP<GDOD@N
LP@@M OC@JMT
<I? LP<GDO<ODQ@ M@N@<M>C 'I , ) "@IUDI 7 1
*DI>JGI#?N
+8.,99590;?+63>+>3@/</=/+<-2 KK2CJPN<I?-<FN
!1<B@
%D==N
%0I<GTUDIBLP<GDO<ODQ@?<O<'I3$GD>F#?
'2/&+1/;?+63>+>3@/</=/+<-253>
*JI?JI1<B@
%DJM?<IJ
(
-[0@DGGT
+
2<TGJM
&
"JBM<
, !JIAD?@IOD<GDOT <I? <POJIJHT 2C@
>C<GG@IB@N JA JAA@MDIB M@N@<M>C K<MOD>DK<ION < >CJD>@ JA ?DN>GJNDIB OC@DM D?@IODOT $?+63>+>3@/
/+6>2%/=/+<-2

%G@NI@
!
.@NCFDI
/-97381 ;?+63>+>3@/ </=/+<-2/<= 8 38><9.?->398 5CDO@
.G<DIN
,7*JIBH+>3=>3-=09<>2/,/2+@39<+6=-3/8-/ OC@? @GHJIO
!5<?NRJMOC 2CJHNJI
%M@@I@
(! 3B/.7/>29.=38=9-3+638;?3<C 1<I$MDN>J(JNN@T <NN
%M@@I@
( !
!<M<>@GGD
4 ( #?N .@+8-/= 38 73B/.7/>29. /@+6?+>398 '2/
-2+66/81/= +8. ,/8/03>= 90 38>/1<+>381 .3@/<=/ :+<+.317= ,@R "DM@>ODJIN AJM #Q<GP<ODJI
,J
1<I$MDN>J(JNN@T <NN
%M@@I@
( !
!<M<>@GGD
4 (
%M<C<H
5 $ 2JR<M? < >JI>@KOP<G AM<H@RJMF AJM
HDS@?H@OCJ?@Q<GP<ODJI?@NDBIN .?-+>398+6@+6?+>398+8.#963-C8+6C=3=

%P=<
# % 2C@<GO@MI<ODQ@K<M<?DBH?D<GJB 'I # % %P=< #?
'2/ :+<+.317 .3+691
KK,@R=PMT .<MF
!1<B@
%P=<
# %
*DI>JGI
7 1 .<M<?DBH<OD> >JIOMJQ@MND@N
>JIOM<?D>ODJIN
<I? @H@MBDIB
>JIAGP@I>@N'I,)"@IUDI71*DI>JGI
'2/&+1/2+8.,99590;?+63>+>3@/</=/+<-2 M?@?
KK2CJPN<I?-<FN

!1<B@
&<O>C
( 9381;?+63>+>3@/</=/+<-238/.?-+>398+6=/>>381= G=<IT1O<O@3IDQ@MNDOT
JA,@R7JMF.M@NN
&@MJI
(
0@<NJI
.K<MOD>DK<OJMTDILPDMTK<M<?DBH $?+63>+>3@/8;?3<C
&@NN@ D@=@M
1,
*@<QT
. '2/:<+->3-/90;?+63>+>3@/</=/+<-2 2CJPN<I?-<FN
!
1<B@
&JH<IN
%! '2/2?7+81<9?: ,@R7JMF&<M>JPMO
M<>@
&JKFDIN
2) '2//B/<-3=/903806?/8-/38=7+661<9?:= 2JOJR<
,( @?HDNO@M
&JKNJI
0)
*P><N
)(
.@O@MNJI
( &'4 '"1O<GF'HKGD><ODJINAJMKM@Q@IODJI
DIO@MQ@IODJI<I?@Q<GP<ODJI'I0)&JKNJI#?
9A+8.A2C6+81?+1/7+>>/<=38/@+6?+>398
,@R"DM@>ODJINAJM#Q<GP<ODJI
,PH=@M1<I$MDN>J(JNN@T <NN
&JNNG@M
"
4@NK@M
, I @SKGJM<OJMT NOP?TJA OC@ A<>OJMN <NNJ>D<O@? RDOCK<M@IO<G
N<QDIBNAJMKJNON@>JI?<MT@?P><ODJI 9?<8+690312/<.?-+>398

&JPOU
*#'INOMP>ODJI<GNOM<O@BT>C<IB@<I?OC@<OODOP?@<I?<>CD@Q@H@IOJAN@Q@IOC
<I?@DBCOCBM<?@ N>D@I>@NOP?@ION 9?<8+690%/=/+<-238&-3/8-/'/+-2381

&P=@M
(
5C@G@JAKJNND=DGDOT,@BJOD<ODIBN@GAJIOC@
KMJA@NNDJI<GFIJRG@?B@G<I?N><K@ '/+-2381+8.'/+-2/<.?-+>398
&PH=G@T
+
8PH=J
"?D<G@>OD>JIQ<GD?DOT5C@M@R@C<Q@=@@I<I?RC@M@
R@ <M@ BJDIB '2/ 9?<8+6 90 /8/<+6 #=C-29691C
'N<<>
1
+D>C<@G
5
+8.,99538</=/+<-2+8./@+6?+>398-966/->39890:<38-3:6/=7/>29.=+8.=><+>/13/=
?=/0?6 38 >2/ :6+88381 ./=318 +8. /@+6?+>398 90 =>?.3/= 38 /.?-+>398 +8. >2/ ,/2+@39<+6
=-3/8-/= I?@?1<I"D@BJ
!#?'21
'NM@<G
+
&<T
' %/=/+<-2 />23-= 09< =9-3+6 =-3/8>3=>= />A//8 />23-+6 -98.?-> +8.
</1?6+>9<C-97:63+8-/ *JI?JI1<B@
(<IJQ@>
2 #<9-/.?<+6 4?=>3-/ 38 9<1+83D+>398= 63>/<+>?</ 7+: 3IKP=GDNC@?
H<IPN>MDKO
(<IU
,)
8DHH@MHON 1P>>@NNAPG <KKMJ<>C@N <I? =<MMD@MN OJ KMJBM<H
@AA@>ODQ@I@NN /+6>2.?-+>398$?+<>/<6C

(D>F
2 "
"@>@H=@M +DSDIB LP<GDO<ODQ@ <I? LP<IODO<ODQ@ H@OCJ?N 2MD<IBPG<ODJI DI
<>ODJI .7383=><+>3@/&-3/8-/$?+<>/<6C

(JCINJI
0
-IRP@B=PUD@
(
2PMI@M
*2JR<M?<?@ADIDODJIJAHDS@?H@OCJ?N
M@N@<M>C 9?<8+690 3B/. />29.=%/=/+<-2

(PIBID>F@G
.5 *9<5:6+-/-9<</6+>/=+8.=-296+<6C:/<09<7+8-/90:2+<7+-C-6383-+6
0+-?6>C7/7,/<= 3IKP=GDNC@?H<IPN>MDKO
)<GJA
* 4PGI@M<=DGDOT OJ N@SP<G >J@M>DJI <HJIB >JGG@B@ RJH@I GJIBDOP?DI<G NOP?T
/8./<==?/=

)@@Q@N
( . #? .?-+>398+6 </=/+<-2 7/>29.9691C +8. 7/+=?</7/8> 8
38>/<8+>398+62+8.,995 -SAJM?
3).@MB<HJI
)@HHDN
1
5DGFDINJI
+.<MOD>DK<OJMT<>ODJIM@N@<M>C<I?OC@NOP?TJAKM<>OD>@'I
OR@C
1)@HHDN
.5@@FN#?N
->398</=/+<-238:<+->3-/#+<>8/<=23:=09<=9-3+64?=>3-/
38/.?-+>398 KK,@R7JMF0JPOG@?B@
)@KK@G
% /=318+8.+8+6C=3=</=/+<-2/<F=2+8.,995 M?@?#IBG@RJJ?!GDAAN
,(
.M@IOD>@&<GG
)@MGDIB@M
$, /2+@39<+6</=/+<-2 -98-/:>?+6+::<9+-2 ,@R7JMF&JGO
0DI@C<MO
5DINOJI
)GDI@
0 #<38-3:6/=+8.:<+->3-/90=><?->?<+6/;?+>39879./6381,@R7JMF%PDGAJM?
)JN
0 .@MNDNO@I>@ JA M@<?DIB ?DN<=DGDOD@N 2C@ QJD>@N JA AJPM HD??G@ N>CJJG NOP?@ION
7/<3-+8.?-+>398+6%/=/+<-29?<8+6

)PNCHN JA O@<>C@M RJMFKG<>@
.?-+>398+6.7383=><+>398$?+<>/<6C

)Q<G@
1 "JDIB DIO@MQD@RN 'I 3 $GD>F #?
'2/ &+1/ ;?+63>+>3@/ </=/+<-2 53> *JI?JI
1<B@
*<=JQDOU
1
&<B@?JMI
0 8><9.?->398>9=9-3+6</=/+<-2 ,@R7JMF+>%M<R&DGG
*<?NJI DGGDIBN
%0<>D<GDU@??DN>JPMN@N<I?@OCID>@KDNO@HJGJBD@N'I,)"@IUDI7
1*DI>JGI#?N
+8.,99598 ;?+63>+>3@/</=/+<-2 KK2CJPN<I?-<FN
!1<B@
*<OC@M
.0@N@<M>C<NKM<SDN +<@+<..?-+>398+6%/@3/A
*<OC@M
. />>381=7+<>/7383=></=/+<-2+8.:/.+191CA3>238>2/:9=>79./<8,@R
7JMF0JPOG@?B@
*<PO@M=<>C
1 1 'I <IJOC@M RJMG? KC@IJH@IJGJBD><G K@MNK@>ODQ@ <I? ?DN>JQ@MT JA
H@<IDIBDIHJOC@MN[@SK@MD@I>@RDOC?@<OCJA<RDNC@?AJM=<=T"JDIBKC@IJH@IJGJBT'I.*
+PIC<GG ! - JT? #?N
!?<=381 </=/+<-2 ;?+63>+>3@/ :/<=:/->3@/ KK ,@R
7JMF,<ODJI<G*@<BP@AJM,PMNDIB.M@NN
*@!JHKO@
+ "
1>C@INPG
( ( /=318381 +8. -98.?->381 />2891<+:23- </=/+<-2
5<GIPO!M@@F
!GO<+DM<
*@@
7(
%M@@I@
(2C@KM@?D>ODQ@Q<GD?DOTJA<I#1*KG<>@H@IOO@NOHDS@?H@OCJ?N
<KKMJ<>C 9?<8+690 3B/. />29.=%/=/+<-2

*@NGD@
**M@CDBCM@NKJIN@M<O@N@NN@IOD<GOJQ<GD?NPMQ@TN &9-3+6&-3/8-/%/=/+<-2

*DI>JGI
71
%P=<
#% !+>?<+63=>3-38;?3<C @Q@MGT&DGGN
!1<B@
*DI>JGI
7 1
%P=<
# % .<M<?DBH<OD> >JIOMJQ@MND@N
>JIOM<?D>ODJIN
<I? @H@MBDIB
>JIAGP@I>@N'I71*DI>JGI#%%P=<#?N
+8.,99590;?+63>+>3@/</=/+<-2 KK
2CJPN<I?-<FN
!1<B@
*DKN@T
+ 5 /=318 =/8=3>3@3>C &>+>3=>3-+6 :9A/< 09< /B:/<37/8>+6 </=/+<-2 ,@R=PMT
.<MF
!1<B@
*J>F@
*$
1KDM?PNJ
55
1DGQ@MH2+>A9<51?3./09<:6+88381
.3==/<>+>398=+8.1<+8>:<9:9=+6= OC@?2CJPN<I?-<FN
!1<B@
*TN<>F
! *
)M@AODIB
* /P<GDO<ODQ@ H@OCJ?N DI AD@G? M@N@<M>C I 'I?JI@ND@DI>JHHPIDOT=<N@?KM<>OD>@ '2/"--?:+>398+6'2/<+:C9?<8+690%/=/+<-2

+<MNC<GG
!
0JNNH+>3@/</=/+<-2 OC@?2CJPN<I?-<FN
!1<B@
+<N><M@IC<N
"JH<DIN JA NO<O@JRI@?
KMDQ<O@GT C@G?
<I? KP=GD>GT OM<?@? ADMHN DI
DIO@MI<ODJI<G>JHK@ODODJI .7383=><+>3@/&-3/8-/$?+<>/<6C
+<SR@GG
( $?+63>+>3@/</=/+<-2./=318838>/<+->3@/+::<9+-2 I?@?2CJPN<I?
-<FN
!1<B@
+>!M<>F@I
% '2/698138>/<@3/A ,@R=PMT.<MF
!1<B@
+@B@G
+ #
*<IBNOJI
, $
!M@NR@GG
( 5 1>CJG<MGT KMJ?P>ODQDOT NPMQ@T JA
IPMNDIBA<>PGOTM@N@<M>C@MN 9?<8+690#<90/==398+6!?<=381
+@MMD<H
1 $?+63>+>3@/ </=/+<-2 +8. -+=/ =>?.C +::63-+>398= 38 /.?-+>398 1DN>J(JNN@T <NN
+@MO@IN
" + %/=/+<-2 7/>29.= 38 /.?-+>398 +8. :=C-29691C 8>/1<+>381 .3@/<=3>C
A3>2;?+8>3>+>3@/+8.;?+63>+>3@/+::<9+-2/= 2CJPN<I?-<FN
!1<B@
+@MO@IN
"++DS@?H@OCJ?N<I?OC@KJGDOD>NJACPH<IM@N@<M>C2C@OM<INAJMH<ODQ@
@HDK<OJMTK@MNK@>ODQ@'I2<NC<FFJMD!2@??GD@#?N
+8.,9959073B/.7/>29.=38
>2/=9-3+6 ,/2+@39<+6=-3/8-/= KK2CJPN<I?-<FN
!1<B@
+DG@N
+
&P=@MH+>3@/ .+>+ +8+6C=3= =9?<-/,995 90 8/A
7/>29.= 2CJPN<I?-<FN
!1<B@
+DGG@M
" '2//B:/<3/8-/=90+03<=>C/+<-966/1/:</=3./8>8/>2891<+:2C 3IKP=GDNC@?
?J>OJM<G?DNN@MO<ODJI
+DGG@M
"! +8.,99590</=/+<-2./=318+8.=9-3+67/+=?</7/8> OC@?,@R=PMT
.<MF
!1<B@
+JJM@
" %@I?@M D?@IODOT
I<ODJI<GDNH
<I? NJ>D<G <>ODJI <HJIB (@RDNC <I? M<=
RJH@IDI'NM<@G0@?@ADIDIBOC@NJ>D<GJM?@M /8./<==?/=

+JMBOD><G NOM<O@BD@N AJM >JH=DIDIB LP<GDO<ODQ@ <I? LP<IODO<ODQ@ H@OCJ?N
KKGD><ODJINOJC@<GOCM@N@<M>C $?+63>+>3@//+6>2%/=/+<-2

+JMB<G DHKGD><ODJIN JA
>JH=DIDIBLP<GDO<ODQ@<I?LP<IODO<ODQ@H@OCJ?N 9?<8+690 3B/. />29.=%/=/+<-2

+JMN@
( +
+<M>C KMDG KKMJ<>C@N OJ LP<GDO<ODQ@LP<IODO<ODQ@ H@OCJ?JGJBD><G
OMD<IBPG<ODJI !?<=381%/=/+<-2

+JMN@
(+"@NDBIDIBAPI?@?LP<GDO<ODQ@M@N@<M>C'I,)"@IUDI71*DI>JGI#?N
+8.,99590;?+63>+>3@/</=/+<-2 KK2CJPN<I?-<FN

!1<B@
+JPNO<F<N
! #2/897/896913-+6</=/+<-27/>29.= 2CJPN<I?-<FN
!1<B@
+PMBPD<
#
.<?DGG<
04
.<Q@G
+
1@KO@H=@M#OCID>DOT <I? OC@ >JI>@KO JA NJ>D<G
DIO@BM<ODJIDI2DIOJ[NHJ?@GJADINODOPODJI<G?@K<MOPM@ 9?<8+690966/1/&>?./8>/@/69:7/8>

+PMKCT
(. #<+17+>3=7<97#/3<-/>9+@3.=98 JPG?@M
!-5@NOQD@R
,@N=<MT
") &?<@/C</=/+<-2+8.>2/A9<6.A3./A/, JNOJIGGTI <>JI
,@PH!JMHD>F
1 #?N &3816/=?,4/-> /B:/<37/8>+6 </=/+<-2
::63-+>398=09<63>/<+-C ,@R<MF
"#'IO@MI<ODJI<G0@<?DIBNNJ>D<ODJI
,@PH29.=$?+63>+>3@/ +8. ;?+8>3>+>3@/ +::<9+-2/= OC
@? JNOJIGGTI <>JI
,@RH+>3@/;?+8>3>+>3@/</=/+<-27/>29.9691CB:69<381>2/
38>/<+->3@/-98>38??7 !<M=JI?<G@<I?#?R<M?NQDGG@1JPOC@MI'GGDIJDN3IDQ@MNDOT.M@NN
,D@NRD<?JHT
0+ 9?8.+>398=908?<=381</=/+<-2 I?@?,JMR<GF
!2KKG@OJI
*<IB@
,JM?@IH<MF
+
,TH@DQ@?A<DMI@NNJACJPN@CJG??DQDNDJIJA
G<=JPM<I?B@I?@M@LP<GDOT<HJIBRJH@I<I?H@I '2/?<9:/+89?<8+690*97/8F=&>?.3/=

-[!<OC<DI

+PMKCT
#
,D>CJGG
( 'IO@BM<ODJI <I? KP=GD><ODJIN <N DI?D><OJMN JA
\TD@G?]AMJHHDS@?H@OCJ?NNOP?D@N 9?<8+690 3B/. />29.=%/=/+<-2

-G@N@I
4 * $@HDIDNH <I? LP<GDO<ODQ@ M@N@<M>C <O <I? DIOJ OC@ HDGG@IIDPH 'I , *
"@IUDI 7 1 *DI>JGI
+8.,995 90 ;?+63>+>3@/ </=/+<-2 KK 2CJPN<I? -<FN
!
1<B@
-IRP@B=PUD@
(
(JCINJI
0 2C@ Q<GD?DOT DNNP@ DI HDS@? M@N@<M>C %/=/+<-2 38
>2/&-2996=

.<?PG<
+
+DGG@M
" 3I?@MNO<I?DIB BM<?P<O@ RJH@I[N M@@IOMT @SK@MD@I>@N
#=C-29691C90*97/8$?+<>/<6C

.<OOJI
+/ $?+63>+>3@//@+6?+>398+8.</=/+<-27/>29.= I?@?,@R=PMT.<MF
!
1<B@
.<OOJI
+ / $?+63>+>3@/ </=/+<-2 +8. /@+6?+>398 7/>29.= M? @? 2CJPN<I? -<FN
!1<B@
.CDGGDKN
"!
PM=PG@N
,! #9=>:9=3>3@3=7+8./.?-+>398+6</=/+<-2 *<IC<H
,7
0JRH<I*DOOG@AD@G?
.G<IJ!G<MF
4*
!M@NR@GG
(5 '2/73B/.7/>29.=</+./< 2CJPN<I?-<FN
!1<B@
.MJN@
$ %/+.381635/+A<3>/< ,@R7JMF&<MK@M!JGGDIN
.PI>C
)$ /@/69:381/00/->3@/</=/+<-2:<9:9=+6=*JI?JI1<B@
.PI>C
) $ 8><9.?->398 >9 =9-3+6 </=/+<-2 $?+8>3>+>3@/ +8. ;?+63>+>3@/ +::<9+-2/=
I?@?*JI?JI1<B@
0@D>C<M?O
!1
+<MF
++/P<ND@SK@MDH@IO<ODJI'I* D>FH<I"(0JB#?N
+8.,99590+::63/.=9-3+6</=/+<-27/>29.= KK2CJPN<I?-<FN

!1<B@
0CJ<?N
0'HKGD><ODJINJAOC@BMJRDIBQDND=DGDOTJAB<T<I?=DN@SP<GH<G@NOP?@IONJI
><HKPN !&#9?<8+6

0D>C<M?NJI
* *<3>381=><+>/13/=%/+-2381.3@/<=/+?.3/8-/=,@R=PMT.<MF
!1<B@
0D>CD@
1
$<NNDIB@M
0 #
*DII
1 %
(JCINJI
(
.MJNN@M
(
0J=DINJI
1
.@MNDNO@I>@
>JII@>ODJI
<I?K<NNDJI LP<GDO<ODQ@NOP?TJAOC@><M@@M?@Q@GJKH@IOJACDBCGT
<>CD@QDIB AMD>F <I? 5CDO@ RJH@I 9?<8+6 90 9?8=/6381 #=C-29691C

0D@H@I
"(2C@@NN@IOD<GNOMP>OPM@JA<><MDIBDIO@M<>ODJI"JDIBKC@IJH@IJGJBT'I.
+ +PIC<GG ! ( -DG@M #?N
!?<=381 </=/+<-2 ;?+63>+>3@/ :/<=:/->3@/ KK
,JMR<GF
!,KKG@OJI!@IOPMT!MJAON
0JB@MN

"<T
(
0<I?<GG
$
@IO<GG
0..<OD@ION[PI?@MNO<I?DIB<I?K<MOD>DK<ODJI
DI<OMD<G?@NDBI@?OJDHKMJQ@OC@H<I<B@H@IOJA<IODKNT>CJOD>H@?D><ODJILP<GDO<ODQ@NOP?T
&9-3+6#=C-23+><C+8.#=C-23+><3-:3./739691C
0JMOT
0 98=/;?/8-/=90:<+17+>3=7 +DII@<KJGDN3IDQ@MNDOTJA+DII@NJO<.M@NN
0JMOT
0 .M<BH<ODNH <N <IODM@KM@N@IO<ODJI<GDNH 'I ( . +PMKCT
#<+17+>3=7 <97
#/3<-/>9+@3=98 KK JPG?@M
!-5@NOQD@R
0JN@IOC<G
0
0JNIJR
0 * ==/8>3+6= 90 ,/2+@39<+6 </=/+<-2 />29.= +8. .+>+
+8+6C=3= ,@R7JMF+>%M<R&DGG
0JNN*<MNJI
.3>C9?<=/607+8?+609</@/<C98/A29A9<5=A3>2A9<.= ,@R7JMF
,JMOJI
0JNNH2/03/6.838><9.?->398>9;?+63>+>3@/</=/+<-2
2CJPN<I?-<FN
!1<B@
0JNNHOJ=@M,PH=@MN<I?RJM?N!JH=DIDIBLP<IODO<ODQ@
<I?LP<GDO<ODQ@H@OCJ?NDI<NDIBG@G<MB@N><G@@Q<GP<ODJINOP?T @+6?+>398%/@3/A

0P?@NO<H
)#
,@ROJI
00 &?<@3@381C9?<.3==/<>+>398 M?@?2CJPN<I?-<FN
!1<B@
1<G<IO
.
"DGGH9-98.?->C9?<9A8=?<@/C ,@R7JMF(JCI5DG@T
1<GFDI?
, B:69<381</=/+<-2 ,@R7JMF+<>+DGGHDGGCR<I?O
2 2C@JMT AJM OC@ HJM<G N>D@I>@N !MDNDN JA D?@IODOT <I? KPMKJN@ 'I " (
$GDI?@MN%#+DGGN#?N
'2/9<C+8.-98-/:>=38;?+63>+>3@/</=/+<-2#/<=:/->3@/=0<97>2/
03/6. KK,@R7JMF!JGPH=D<3IDQ@MNDOT
2@<>C@MN!JGG@B@.M@NN
1>CR<I?O
22CM@@@KDNO@HJGJBD><GNO@NAJMLP<GDO<ODQ@DILPDMT'I,)"@IUDI7
1*DI>JGI#?N
+8.,99590;?+63>+>3@/</=/+<-2 I?@?
KK2CJPN<I?-<FN
!
1<B@
1>CR<I?O
2 3->398+<C90;?+63>+>3@/38;?3<C M?@?2CJPN<I?-<FN
!1<B@
1C<?DNC
5 0
!JJF
2 "
!<HK=@GG
" 2 B:/<37/8>+6 +8. ;?+=3/B:/<37/8>+6
./=318=09<1/8/<+63D/.-+?=+6380/</8-/ JNOJI&JPBCOJI+DAAGDI
1D@=@M
( # .G<IIDIB @OCD><GGT M@NKJIND=G@ M@N@<M>C 'I * D>FH29.= KK 2CJPN<I?-<FN

!1<B@
1D@=@M
1 " 2C@ DIO@BM<ODJI JA AD@G? RJMF <I? NPMQ@T H@OCJ?N 7/<3-+8 9?<8+6 90
&9-39691C
1GDA@
"
5DGGD<HN
0 , *2+>F= ,/238. >2/ </=/+<-2 3=-9@/<381 23../8
+==?7:>398=38>2/,/2+@39<+6=-3/8-/=2CJPN<I?-<FN
!1<B@
1HDOC
( )
+<M>C /P<IODO<ODQ@ Q@MNPN LP<GDO<ODQ@ M@N@<M>C I <OO@HKO OJ >G<MDAT OC@
DNNP@ .?-+>398+6%/=/+<-2/<
1KM<?G@T
( . #+<>3-3:+8>9,=/<@+>398 ,@R7JMF&JGO
0DI@C<MO5DINOJI1O<F@
0#
'2/+<>90-+=/=>?.C</=/+<-2 2CJPN<I?-<FN
!1<B@
1O@>FG@M

+>*@MJT
) 0
%JJ?H!JMHD>F
* 2JR<M?
DIO@BM<ODIBLP<GDO<ODQ@<I?LP<IODO<ODQ@H@OCJ?NIDIOMJ?P>ODJI/+6>2.?-+>398$?+<>/<6C

1O@DI=@>F
( 9?<8+690+89@/6'2/+=>90./86/>>/<= ,@R7JMF4DFDIB
1OM<PNN

!JM=DI
( +=3-=90;?+63>+>3@/</=/+<-2<9?8./.>2/9<C:<9-/.?</=+8.
>/-283;?/= NO@?,@R=PMT.<MF
!1<B@
1OM<PNN

!JM=DI
( +=3-=90;?+63>+>3@/</=/+<-2<9?8./.>2/9<C:<9-/.?</=+8.
>/-283;?/= I?@?2CJPN<I?-<FN
!1<B@
1P??POC
% %?<+6 29=:3>+6= ?=/ 90 =><+>/13- +.+:>+>398 38 + -2+81381 2/+6>2 -+</
/8@3<987/8> 3IKP=GDNC@??J>OJM<G?DNN@MO<ODJI
1P@
4+
0DOO@M
* 98.?->38198638/=?<@/C= 2CJPN<I?-<FN
!1<B@
2<MNCDN
9A >9 A<3>/ 635/ + :<9 1?3./ >9 /00/->3@/ 89803->398 A<3>381 ,@R 7JMF
,@RH@MD><I*D=M<MT
2<NC<FFJMD

!M@NR@GG
( 5 #SKGJMDIB OC@ I<OPM@ JA M@N@<M>C LP@NODJIN DI HDS@?
H@OCJ?NM@N@<M>C#?DOJMD<G 9?<8+690 3B/. />29.=%/=/+<-2

2<NC<FFJMD

2@??GD@
! 3B/. 7/>29.9691C 97,38381 ;?+63>+>3@/ +8.
;?+8>3>+>3@/+::<9+-2/= 2CJPN<I?-<FN
!1<B@
2<NC<FFJMD

2@??GD@
! #?N +8.,995 90 73B/. 7/>29. </=/+<-2 38 >2/ =9-3+6
+8.,/2+@39<=-3/8-/= 2CJPN<I?-<FN
!1<B@
2@??GD@
!
7P
$ +DS@? H@OCJ?N N<HKGDIB OTKJGJBT RDOC @S<HKG@N 9?<8+6 90
3B/. />29.=%/=/+<-2

2@M@IUDID
.2
!<=M@M<
$
!JG=@>F
!*
EJMFGPI?
1
.<M@IO@
(+0<>D<G<I?
@OCID>?DQ@MNDOTDIOC@>G<NNMJJH '2/9?<8+690312/<.?-+>398

2@N>C
0 $?+63>+>3@/</=/+<-28+6C=3=>C:/=+8.=90>A+</>996= ,@R7JMF$<GH@M
2CJH<N
%5C<O[NOC@PN@JAOC@JMT +<@+<..?-+>398+6%/@3/A

2CJH<N
( 9381-<3>3-+6/>2891<+:2C ,@R=PMT.<MF
!1<B@
2CJMI?DF@
0 + /+=?</7/8> +8. /@+6?+>398 38 :=C-29691C +8. /.?-+>398 OC @?
,@R7JMF+<>HDGGODQ@N JI =<GGK<MF
>PGOPM@ */=>/<89?<8+690977?83-+>398
2P>FH381 /.?-+>398+6 </=/+<-2 OC @? $JMO 5JMOC
26 &<M>JPMO
M<>@
2PM<=D/<=90>/<7:+:/<=>2/=/=+8..3==/<>+>398= OC@?
!CD><BJ3IDQ@MNDOTJA!CD><BJ.M@NN
3IDQ@MNDOTJA!CD><BJ.M@NN 7+8?+690=>C6/ !CD><BJPOCJM
3IDQ@MNDOT+D>MJADGHN 3==/<>+>398+,=><+->=38>/<8+>398+6 IIM=JM

+'POCJM
4<I&JMI%M<NNH@T@M
) 82+8-381 :<+->3-/ !/A :<90/==398+6 38 =>?./8> +00+3<=
3IKP=GDNC@??J>OJM<G?DNN@MO<ODJI
42/ 03/6. "8 A<3>381 />2891<+:2C !CD><BJ 3IDQ@MNDOT JA
!CD><BJ.M@NN
4@MIJI
(# '2/37:+->90.3@9<-/98>2/1<+8.:+</8>1<+8.-236.</6+>398=23:A2/8>2/
:+</8>1/8/<+>398.3@9<-/= 3IKP=GDNC@??J>OJM<G?DNN@MO<ODJI
4JBO
5. 3->398+<C90=>+>3=>3-=+8.7/>29.9691C898>/-283-+61?3./09<>2/=9-3+6
=-3/8-/= I?@?2CJPN<I?-<FN
!1<B@
5@==
0
%G@NI@
! 2@<>CDIB LP<GDO<ODQ@ M@N@<M>C 'I + " *@!JHKO@
5 *
+DGGMJT
( .M@DNNG@ #?N
'2/ +8.,995 90 ;?+63>+>3@/ </=/+<-2 38 /.?-+>398 KK
1<I"D@BJ
!><?@HD> .M@NN
5@==
5&
@<GN
0
5CDO@
!+ &9?<-/=903809<7+>39838>2/=9-3+6=-3/8-/=
1?3./>9>2/63>/<+>?</ M?@?!CD><BJH@MD><I*D=M<MTNNJ>D<ODJI
5@DOUH/< :<91<+7= 09< ;?+63>+>3@/ .+>+ +8+6C=3=
2CJPN<I?-<FN
!1<B@
5@DOUHC RDOC HDIJMDOT @G?@MN *@NNJIN AMJH < NOP?T JA ?@H@IOD< ><M@BDQDIB 3/6.
/>29.=

5DGFDINJI
+ '2/ =-3/8>3=>F= 2+8.,995 09< A<3>381 :+:/<= +8. .3==/<>+>398=
#IBG@RJJ?!GDAAN
,(.M@IOD>@&<GG
5JG>JOO
& 2 '<+8=09<7381 ;?+63>+>3@/ .+>+ /=-<3:>398 +8+6C=3= +8. 38>/<:</>+>398
2CJPN<I?-<FN
!1<B@
5JG>JOO
&2 >2891<+:2CA+C90=//381 5<GIPO!M@@F
!GO<+DM<
5JG>JOO
&2 *<3>381?:;?+63>+>3@/</=/+<-2 I?@?2CJPN<I?-<FN
!1<B@
7DI
0) +=/=>?.C</=/+<-2/=318+8.7/>29.= I?@?2CJPN<I?-<FN
!1<B@
8DGG@M
0 ! #29>91<+:2381 >2/ =/60 />29.= 09< 9,=/<@381 :/<=98+6 9<3/8>+>398=
,@R=PMT.<MF
!1<B@
8DINN@M
5 *<3>381A3>2+A9<.:<9-/==9< ,@R7JMF&<MK@M!JGJKCJI
CB6=@<23F
DFDI
+!
H@MD><I.NT>CJGJBD><GNNJ>D<ODJI
I?@MNJI
#&
INJMB@
!
NHPNN@I
)(
<==D@
#
<DG@T
#.
<GGJP
14
<PN@GG
0
@<GN
0
@F
&
G<N@
((
J@F@M
5
JB?@
0
JI@Q<

JJOC)@RG@T
1
JMB
50
JMP>C
0$
MJRI
+*
MTH@GGD
4(
!<MMJGG
"*
!<MNO@IN@I
*5
(M
!<MO@M
0(
!<NO@OO@M
5
!C<MHF
!*
!JII@GGT
$+
!JJF
2"
!JJK@M
&
!JJK@M
(-
!JM=DI
(+
!M@NR@GG
(5
!MJOOT
+
!MPO>CAD@G?
(.
"<T
(
"@%M<R
"%
"@IUDI
,)
"DGG<M?

"DGGH<ODJI<G0@NJPM>@N'IAJMH<ODJI!@IO@M
#?R<M?N
(#
#DNI@M
#5
#G=JR
.
#IIN
!8
$<NNDIB@M
0#
$<T

$D@G?

$DI?@MN
+(
$DIF

$DM@NOJI@
5
$DNF@
"
$GD>F
3
$GDI?@MN
"(
$JRG@M
$(
$M<IFGDI
(
$M@P?@I=@MB
,
$MJCGD>C
"
%<GG
(.
%<GG
+"
%<HNJI
(
%D==N
%0
%DJM?<IJ
(
%G@NI@
!
%JJ?HF@OO
%
&<B@?JMI
0
&<INJI
5
&<O>C
(
&<T
'
&@DNG@M
01
&@IMT
2
&@MJI
(
&@MJI
2#
&@NN@ D@=@M
1,
&@R<M?
5*
&JG@
%
&JH<IN
%!
&JKFDIN
2)
&JKNJI
0)
&JNNG@M
"
&JPOU
*#
&P=@M
(
&P=@MH
1
'NM@<G

'NM@<G
+
(<IJQ@>
2
(<IU
,
(D>F
2"
(JCINJI
(
(JCINJI
0
(PIBID>F@G
.5
)<GJA
*
)@@Q@N
(.
)@HHDN
1
)@KK@G
%
)@MGDIB@M
$,
)GDI@
0
)JN
0
)M<PO
0
)PNCHC
11
*@<QT
.
*@!JHKO@
+"
*@@
7(
*@NGD@
**
*@QFJAA
1#
*DI>JGI
71
*DII
1%
*DKN@T
+5
*J>F@
*$
*P><N
)(
*P@FH<II
2
*TN<>F
!*
+<MF
++
+<MNC<GG
!
+<N><M@IC<N

+<SR@GG
(
+>!JMHD>F
*
+>!JMHD>F
1
+>!M<>F@I
%
+>*@MJT
)0
+@B@G
+#
+@MMD<H
1
+@MO@IN
"+
+D>C<@G
5
+DG@N
+
+DGG@M
"
+DGG@M
"!
+DGGN
%#
+JJM@
"
+JMBCJGG
(
,D@NRD<?JHT
0+
,JM?@IH<MF
+
,THC
)$
0<I?<GG
$
0@<NJI
.
0@D>C<M?O
!1
0CJ<?N
0
0D>C<M?NJI
*
0D>CD@
1
0D@H@I
"(
0DOO@M
*
0J=DINJI
1
0JB@MN

0JMOT
0
0JN@IA@G?
.
0JN@IOC<G
0
0JNIJR
0*
0JNN*<MNJI

0JNNHC@INPG
((
1>CR<I?O
2
1@<BM@I

1C<?DNC
50
1D@=@M
(#
1D@=@M
1"
1DGQ@MH@M
+&
1KDM?PNJ
55
1KM<?G@T
(.
1O<F@
0#
1O<IG@T
(
1O@>FG@M

1O@DI=@>F
(
1OM<PNN

1OM<PNN
(+
1P??POC
%
1P@
4+
1RD?G@M
1
2<MNCDN

2<NC<FFJMD

2<TGJM
&
2@??GD@
!
2@M@IUDID
.2
2@N>C
0
2CJH<N
%
2CJH<N
(
2CJMI?DF@
0+
2MPEDGGJ
,
2P>FHMJADGHN
4<I&JMI%M<NNH@T@M
)
4<I+<<I@I
(
4@MIJI
(#
4@NK@M
,
4JBO
5.
5<GGIJOO
&2
5M@I
.
7DI
0)
7P
$
8DGG@M
0!
8DHH@MH@N
=DI?D><O@N=JS@N
ADI?D><O@NADBPM@N
<I?ODI?D><O@NO<=G@N
=NOM<>ON
>ODJI M@N@<M>C
<??DODJI<GM@<?DIBNJI
?QDN@MN
<P?D@I>@N<I?
@OCD><GDNNP@N<I?
CTKJOC@N@N<I?
GDO@M<OPM@<I?
HDS@?H@OCJ?NM@N@<M>C<I?
KMJKJN<GN<I?
LP<GDO<ODQ@M@N@<M>C<I?
M@N@<M>CLP@NODJIN CTKJOC@N@N<I?
OJKD>N<I?
RJMG?QD@RN<I?
?QJ><>T K<MOD>DK<OJMTRJMG?QD@R
H@MD><I#?P><ODJI<G0@N@<M>CNNJ>D<ODJI
IOCMJKJGJBT
KK@I?DS@N
OO@IODJI DIO@M@NOOCJPBCON
P?D@I>@N
DIOMJ?P>ODJIN<I?
NDBIDAD>@JAOC@NOP?TAJM
P?DJO<KDIB
P?DOJMN
POCJMNCDK
@C<QDJM<GM@N@<M>C?@NDBI
DBOCJPBCONDIRMDODIB
&//+6=9 5MDODIBNOM<O@BD@N
P?B@ON API?DIB
!<M@@MBJ<GN
!<N@NOP?D@N
!<PN<GOC@JMT
!@IOM<GLP@NODJIN
!DO<ODJIN
!G<NNDNNP@N
&//+6=9 1J>D<GDNNP@N
!GPNO@MDIB
!J?@NJA@OCD>N
&//+6=9 #OCD><GDNNP@N
!J?DIB
!JC@M@I>@DIRMDODIB
!JHKPO@M?<O<=<N@N
!JI>GPNDJIN
<=NOM<>ON<I?
=D<N<I?
>M@?D=DGDOTJANOP?D@N<I?
@AA@>ONDU@<I?
@SO@MI<G<P?DOJMN<I?
DIO@MKM@O<ODJIJAM@NPGON<I?
!JI>PMM@IO@H=@??@?NOM<O@BT
!JI>PMM@IOHDS@?H@OCJ?N
&//+6=9 +DS@?H@OCJ?NM@N@<M>C
!JI>PMM@IOOM<INAJMH<ODQ@NOM<O@BT
!JI>PMM@IOOMD<IBPG<ODJINOM<O@BT
!JIAD?@I>@DIO@MQ<G
!JIAD?@IOD<GDOT KMDQ<>T
!JIAJPI?DIBQ<MD<=G@N
&//+6=9 4<MD<=G@N
!JII@>O@?
!JINDNO@I>T
!JINOMP>ODQDNH
LP<GDO<ODQ@<KKMJ<>C<I?
NJ>D<G
!JINOMP>ON
LP<IODO<ODQ@KPMKJN@NO<O@H@ION<I?
OC@JMD@N<I?
Q<GD?DOT<I?
!JIOMJGQ<MD<=G@N
&//+6=9 4<MD<=G@N
!JMM@G<ODJI<GNOP?D@N
!M@<ODQ@RMDODIB
&// +6=9 5MDODIBNOM<O@BD@N
!MDOD><G@OCIJBM<KCT &// #OCIJBM<KCT
!MDOD><GOC@JMT
<?QJ><>T K<MOD>DK<OJMTRJMG?QD@R<I?
>JI>PMM@IOOM<INAJMH<ODQ@NOM<O@BT<I?
GDO@M<OPM@M@QD@RN<I?
!PGOPM@ &// #OCIJBM<KCT
"<O<
DIO@MKM@ODIBM@NPGONJA
N@<M>CDIB?<O<=<N@NAJM
&//+6=9 /P<GDO<ODQ@?<O</P<IODO<ODQ@?<O<
"<O<<I<GTNDN
"<O<>JGG@>ODIB
><N@NOP?D@N<I?
@OCD><GDNNP@N<I?
BMJPI?@?OC@JMT<I?
'IO@MI@O<I?
H@<IDIB<I?
KPMKJN@NO<O@H@ION<I?
LP<IODO<ODQ@M@N@<M>C<I?
NOM<O@BD@NJADILPDMT<I?
NPMQ@TN<I?
OC@JMD@N<I?
&//+6=9 1PMQ@TN
"@AD>D@I>D@NHJ?@G
"@ADIDODJIJA O@MHN
"@HJBM<KCD>Q<MD<=G@N
"@K@I?@IOQ<MD<=G@N
LP<IODO<ODQ@M@N@<M>CLP@NODJIN<I?
OC@JMD@N<I?
&//+6=9 'I?@K@I?@IOQ<MD<=G@N4<MD<=G@N
"@N>MDKODQ@<I<GTNDNJA?<O<
"DM@>ODJI<GCTKJOC@NDN
&//+6=9 &TKJOC@N@N
"DN<=DGDOD@N
@OCD><GDNNP@N<I?
HDS@?H@OCJ?NOC@JMTPN@<I?
"DN<=DGDOTOC@JMT
"DN>MDHDI<ODJIDNNP@N
"DNN@MO<ODJI=NOM<>ON
"DQ@MNDOTDNNP@N
"M<AOODOG@N
#?DOJMD<G=J<M?N
#AA@>ONDU@
#H=@??DIB
#H@MB@IO?@NDBI
#KDNO@HJGJBT
#OCD><GDNNP@N
?<O<>JGG@>ODIB<I?
DIAJMH@?>JIN@IOAJMHN<I?
DIO@MQD@RN<I?
KMJKJN<GN<I?
N>D@IODAD>HDN>JI?P>O<I?
#OCID>DOT
#OCIJBM<KCT
>J?DIB<I?
M@N@<M>CLP@NODJIN<I?
OC@JMD@N<I?
#SK@MDH@IO<G?@NDBI
KM@
OMP@
#SK@MDH@IO<GH@OCJ?KMJKJN<GN
?<O<<I<GTNDN<I?
@S<HKG@JA
DIO@MKM@ODIBM@NPGONJA
KMJ>@?PM@NAJM
#SK@MDH@IO<GM@N@<M>C
Q<GD?DOTDNNP@N<I?
#SO@MI<GQ<GD?DOTOCM@<ON
&//+6=9 4<GD?DOTDNNP@N
$<>PGOT
NPKKJMOAMJH
NPMQ@TN<I?
OJKD>N<I?
RJMG?QD@RN<I?
$@HDIDNO DNNP@N
OC@JMD@N<I?
$DBPM@N
NOTG@H<IP<GN<I?
$DI<GM@KJMON
$JJOIJO@N
$JMH<ON
$PI?DIB =P?B@ON
%<O@F@@K@MN
%@I?@MDNNP@N
@OCD><GDNNP@N<I?
DI@LP<GDOT<I?
OC@JMD@N<I?
%J<GN
><M@@M
%JJBG@1>CJG<M
%M<HH<MDNNP@N
%MJPI?@?OC@JMT
&<=DOJARMDODIB
&@<?DIBN
&@<GOCN>D@I>@M@N@<M>C
&JJF<I?@T@@S@M>DN@
&TKJOC@N@N
?DM@>ODJI<G
DIA@M@IOD<GLP@NODJIN<I?
HDS@?H@OCJ?NM@N@<M>CLP@NODJIN<I?
HJ?@GAJM
IPGG
NPMQ@TN<I?
O@MHN<I?
OC@JMD@N<I?
Q<MD<=G@N<I?
&TKJOC@NDNO@NODIB
'I?@K@I?@IOQ<MD<=G@N
M@N@<M>CLP@NODJIN CTKJOC@N@N <I?
OC@JMD@N<I?
&//+6=9 "@K@I?@IOQ<MD<=G@N4<MD<=G@N
'IAJMH@?>JIN@IO
'INODOPODJI<G0@QD@R J<M?'0
'IO@BM<ODQ@NPHH<MD@N
'IO@M>J?@M<BM@@H@IO
'IO@MI<GQ<GD?DOT
'IO@MKM@ODQDNH
'IO@MQ@IDIBQ<MD<=G@N
&//+6=9 4<MD<=G@N
'IO@MQD@RKMJOJ>JG
'IOMJ?P>ODJIN
<=NOM<>ON<I?
?@AD>D@I>D@NHJ?@GN<I?
@OCD><GDNNP@N<I?
DGGPNOM<ODJIJA
DHKJMO@JA
I<MM<ODQ@CJJFN<I?
JK@IDIBN@IO@I>@<I?
KPMKJN@NO<O@H@ION<I? &//+6=9 .PMKJN@NO<O@H@ION
M@N@<M>CKMJ=G@HN<I?
M@QD@RDIBNOP?D@N<I?
NDBIDAD>@JAOC@NOP?T<I?
O@HKG<O@AJM
OC@JMD@N<I?
*<IBP<B@
@OCD><GDNNP@N<I?
CTKJOC@N@N<I?
O@MHN<I?
*D=M<MTM@NJPM>@N
N@<M>CDIB>JHKPO@M?<O<=<N@N<I?
*DO@M<OPM@
?@AD>D@I>D@NDI
@OCD><GDNNP@N<I?&//+6=9 #OCD><GDNNP@N
JMB<IDUDIB
KMDJMDOTAJMN@G@>ODIB
PN@ JA
*DO@M<OPM@H<KN
@S<HKG@JA
DIOMJ?P>ODJIN<I?
*DO@M<OPM@M@QD@RN
?@ADIDODJIJAO@MHN<I?
@S<HKG@NJA
DIOMJ?P>ODJIN<I?
KMJKJN<GN<I?
LP<IODO<ODQ@ HDS@?H@OCJ?NM@N@<M>C<I?
NO@KNDI>JI?P>ODIB
O@MHN<I?
OC@JMD@N<I?
*JBD>NO<O@H@ION
+<>MJG@Q@GOC@JMD@N
+<O>CDIBK<MOD>DK<ION
+@<IDIB
KC@IJH@IJGJBT<I?
NJ>D<G>JINOMP>ODQDNH<I?
O@MHN<I?
+@?D<ODIBQ<MD<=G@N
&//+6=9 4<MD<=G@N
+@NJG@Q@GOC@JMD@N
+@OCJ?JGJBD><GM@QD@RN
+@OCJ?JGJBDNON
+@OCJ?N@>ODJIN
<=NOM<>ON<I?
@SK@MDH@IO<GH@OCJ?KMJKJN<GN<I?
NPMQ@TN<I?
O@MHN<I?
+D>MJG@Q@GOC@JMD@N
+DS@?H@OCJ?NIJO<ODJI
+DS@?H@OCJ?NKPMKJN@NO<O@H@ION
&//+6=9 +DS@?H@OCJ?NM@N@<M>C.PMKJN@NO<O@H@ION
+DS@?H@OCJ?NM@N@<M>C
>C@>FGDNOJALP@NODJINAJM?@NDBIDIB
>JI>PMM@IONOP?D@N<I?
>JI>PMM@IOOMD<IBPG<ODJINOM<O@BT<I?
>JII@>O@?<I?
?<O<<I<GTNDNDI
?<O<>JGG@>ODIB<I?
?@ADIDODJI ?@N>MDKODJIJA
?@NDBIDIBKMJ>@?PM@NAJM
@OCD><GDNNP@N<I?
DIOMJ?P>ODJIN<I?
EJPMI<GN<I?
GDO@M<OPM@H<KN<I?
HDSDIB<I?
K@MNJI<G@SK@MD@I>@N<I?
KG<IIDIB<I?
KM<BH<ODNH<I?
KMJKJN<GN<I?
M@N@<M>CKMJ=G@HN<I?
N@LP@IOD<G@SKGJM<OJMTNOM<O@BT<I?
N@LP@IOD<GOM<INAJMH<ODQ@NOM<O@BT<I?
O@MHN<I?
OC@JMD@N<I?
ODHDIB<I?
OJKD>N<I?
OM<INAJMH<ODQ@NOP?D@N<I?
Q<GD?DOTDNNP@N<I?
R@DBCO<I?
+DS@?H@OCJ?NM@N@<M>CLP@NODJIN
+J?@M<ODIBQ<MD<=G@N
&//+6=9 4<MD<=G@N
,<MM<ODQ@CJJFN
,<MM<ODQ@M@N@<M>C
<??DODJI<GM@<?DIBN JI
>J?DIB<I?
,<OPM<GDNOD>B@I@M<GDU<ODJIN
,JI?@HJBM<KCD>Q<MD<=G@N
&//+6=9 4<MD<=G@N
,JI?DM@>ODJI<GCTKJOC@NDN
,PGGCTKJOC@NDN
&//+6=9 &TKJOC@N@N
-=N@MQ<ODJI<GKMJOJ>JG
-IGDI@EJPMI<GN
-IOJGJBT
.<M<?DBHN
.<MOD>DK<OJMTRJMG?QD@R
.<OO@MIN
DIOMJ?P>ODJIN<I?
KC@IJH@IJGJBD><GM@N@<M>C<I?
OC@JMD@N<I?
.<OO@MIOC@JMT
.@MNJI<GQ<MD<=G@N
&//+6=9 4<MD<=G@N
.C@IJH@IJGJBD><GM@N@<M>C
.C@IJH@IJGJBT
.G<IIDIB
@OCD><GDNNP@N<I?
GDO@M<OPM@<I?
NOTG@H<IP<GN<I?
OJKD>N<I?
RJMG?QD@RN<I?
.JGDOD>N
KM<BH<ODNH<I?
.JNDODQDNH
.JNDODQDNO KJNOKJNDODQDNOM@N@<M>C
.JNOKJNDODQDNHRJMG?QD@R
LP<IODO<ODQ@<KKMJ<>C<I?
.M<BH<ODNH
.M@@SK@MDH@IO<G?@NDBI
&//+6=9 #SK@MDH@IO<G?@NDBI
.MDQ<>T >JIAD?@IOD<GDOT
.MJ=G@HNO<O@H@ION
&//+6=9 0@N@<M>CKMJ=G@HN
.MJ>@?PM@N@>ODJIN
.MJKJN<GN
?@NDBIDIB
?M<AON<I?
AJMH<OAJMHDS@?H@OCJ?
AJMH<OAJMLP<GDO<ODQ@
AJMH<OAJMLP<IODO<ODQ@
JPOGDI@N<I?
M@<?<=DGDOTJA
N@>ODJINDI
.NT>CJGJBT
OC@JMD@N<I?
.PMKJN@APGGTN@G@>OK<MOD>DK<ION
.PMKJN@NO<O@H@ION
<=NOM<>ON<I?
?<O<>JGG@>ODIB<I?
@OCD><GDNNP@N<I?
DIOMJ?P>ODJIN<I?
KMJKJN<GN<I?
LP<GDO<ODQ@M@N@<M>C
O@MHN<I?
Q<MD<=G@N<I?
RMDODIBKMJKJN<GN<I?
/P<GDO<ODQ@<P?DJ<I?QDNP<GH<O@MD<GN
/P<GDO<ODQ@>J?@=JJF
/P<GDO<ODQ@?<O<
<I<GTNDN DIO@MKM@O<ODJIJA
>JGG@>ODIB
M@>JM?DIBKMJ>@?PM@NAJM
N<HKGDIB<I?
&//+6=9 "<O<"<O<>JGG@>ODIB
/P<GDO<ODQ@?J>PH@ION
/P<GDO<ODQ@B@I@M<GDU<ODJI
/P<GDO<ODQ@DIO@MQD@RN
/P<GDO<ODQ@J=N@MQ<ODJIN
/P<GDO<ODQ@KPMKJN@NO<O@H@ION
&//+6=9 .PMKJN@NO<O@H@ION
/P<GDO<ODQ@M@GD<=DGDOT
/P<GDO<ODQ@M@N@<M>C
<>>PM<>T >M@?D=DGDOT<I?
=@NO<KKMJ<>CAJM
>C<M<>O@MDNOD>NJA
>C@>FGDNOJALP@NODJINAJM?@NDBIDIB
>J?DIB<I?
>JINOMP>ODQDNH<I?
@OCD><GDNNP@N<I?
@OCIJBM<KCT<I?
B@I@M<GDU<ODJIN<I?
DIO@MKM@O<ODJI<I?
DIO@MQD@RKMJOJ>JG<I?
DIOMJ?P>ODJIN<I?
GDO@M<OPM@H<KN<I?
K<MOD>DK<OJMTRJMG?QD@R<I?
K@MHDNNDJIN<I?
KM<BH<ODNH<I?
KMJKJN<GN<I?
M@N@<M>CH@OCJ?N<I?
NOM<O@BD@NJADILPDMT<I?
O@MHN<I?
OC@H@N<I?
OC@JMD@N<I?
OJKD>N<I?
Q<GD?DOTDNNP@N<I?
R@DBCO<I?
RMDODIBNOM<O@BD@N<I?
/P<GDO<ODQ@M@N@<M>CLP@NODJIN
/P<GDO<ODQ@Q<GD?DOT
/P<IODO<ODQ@?<O<
<I<GTNDNJA
KMJ>@?PM@NAJM>JGG@>ODIB
N<HKGDIB<I?
&//+6=9 "<O<
/P<IODO<ODQ@CTKJOC@N@N
&//+6=9 &TKJOC@N@N
/P<IODO<ODQ@KPMKJN@NO<O@H@ION
&//+6=9 .PMKJN@NO<O@H@ION
/P<IODO<ODQ@M@N@<M>C
=@NO<KKMJ<>CAJM
@OCD><GDNNP@N<I?
DIO@MKM@O<ODJIJAM@NPGON<I?
DIOMJ?P>ODJIN<I?
GDO@M<OPM@H<KN<I?
KJNOKJNDODQDNORJMG?QD@R<I?
KM<BH<ODNH<I?
KMJKJN<GN<I?
M@N@<M>CH@OCJ?N<I?
O@MHN<I?
OC@JMD@N<I?
OJKD>N<I?
Q<GD?DOTDNNP@N<I?
Q<MD<=G@N<I?
R@DBCO<I?
/P<IODO<ODQ@M@N@<M>CLP@NODJIN
/P<ND@SK@MDH@ION
/P@@MOC@JMT
/P@NODJIN &// 0@N@<M>CLP@NODJIN
/PJO<ODJIN
0<>D<GDNNP@N
0<>D<GDU@??DN>JPMN@N
0<I?JHN<HKGDIB
0@A@M@I>@N
0@AG@SDQDOT
0@GD<=DGDOT
0@N@<M>C
0@N@<M>CH@OCJ?N
0@N@<M>CKMJ=G@HN
@OCD><GDNNP@N<I?
DIOMJ?P>ODJIN<I?
O@MHN<I?
&//+6=9 .MJ=G@HNO<O@H@ION
0@N@<M>CLP@NODJIN
@OCD><GDNNP@N<I?
HJ?@GAJM
KMJKJN<GN<I?
M@N@<M>CKMJ=G@HN<I?
O@MHN<I?
OC@JMD@N<I? &//+6=9 2C@JMT
Q<MD<=G@N<I?
RMDODIBKMJKJN<GN<I?
0@N@<M>CODKN
?<O<<I<GTNDNKMJ>@?PM@N<I?
D?@IODATDIB?@AD>D@I>D@NDIOC@K<NOGDO@M<OPM@<I?
DIOMJ?P>ODJIN<I?
IJO<ODJINTNO@HN<I?
KMJKJN<GN<I?
LP<GDO<ODQ@?<O<<I<GTNDN<I?
LP<GDO<ODQ@KMJKJN<GN<I?
M@N@<M>CKMJ=G@HAJM<IDIOMJ?P>ODJI<I?
N@G@>ODIB<HDS@?H@OCJ?NNOM<O@BT<I?
OC@JMD@N<I?
Q<GD?DOTDNNP@N<I?
0@N@<M>COJKD>N
&//+6=9 2JKD>N
0@NKJIN@=D<N
0@QD@RDIBNOP?D@N
1>D@I>@M@N@<M>C
C@<GOC<I?
1>D@IODAD>H@OCJ?
1>D@IODAD>HDN>JI?P>O
&//+6=9 #OCD><GDNNP@N
1>MDKON
1@<M>CDIB?<O<=<N@N
1@GA?@O@MHDI<ODJI
1@LP@IOD<G@SKGJM<OJMTNOM<O@BT
1@LP@IOD<GHDS@?H@OCJ?NKMJ>@?PM@N
&//+6=9 +DS@?H@OCJ?NM@N@<M>C
1@LP@IOD<GOM<INAJMH<ODQ@NOM<O@BT
1@SP<GJMD@IO<ODJI
1DIBG@NP=E@>O?@NDBI
1J>D<G>JINOMP>ODQDNH
&//+6=9 !JINOMP>ODQDNH
1J>D<GDNNP@N
>G<NNDNNP@N<I?
?DN<=DGDOD@N<I?
?DN>MDHDI<ODJI<I?
?DQ@MNDOT<I?
@OCID>DOT<I?
KM<BH<ODNH<I?
M<>D<GDNNP@N<I?
N@SP<GJMD@IO<ODJI<I?
&//+6=9 #OCD><GDNNP@N%@I?@MDNNP@N5JMG?QD@RN
1J>D<GN>D@I>@M@N@<M>C
1J>DJGJBT
1O<ODNOD><G>JI>GPNDJIQ<GD?DOT
1O<ODNOD><GO@NON
1OM<O@BD@NJADILPDMT
1OM<O@BT?@N>MDKODJI
1OM<ODAD><ODJI
1OP?TNDBIDAD>@
1OTG@H<IP<GN
1PMQ@T?@NDBI<??DODJI<GM@<?DIBNJI
1PMQ@TH@OCJ?N@>ODJI
1PMQ@TN
>C@>FGDNOAJM
?<O<<I<GTNDNKMJ>@?PM@N<I? &//+6=9 "<O<>JGG@>ODIB
?@NDBI<I?
DINOMPH@IO<ODJIJA
K<MOD>DK<ION<I?
M@GD<=DGDOT<I?
N<HKG@N<I?
Q<GD?DOTDNNP@N<I?
Q<MD<=G@N<I?
2<=G@N
2@HKJM<GJM?@M
2@MHN
?@ADIDODJIJA
CTKJOC@N@N<I?
RMDODIBNOM<O@BD@N <I?
2C@H@N
<=NOM<>ON<I?
2C@JM@OD><GG@IN
OC@JMD@N<I?
2C@JM@OD><GK@MNK@>ODQ@N
>J?DIB<I?
@S<HKG@JA
2C@JM@OD><GM@QD@RN
2C@JMT
?@ADIDODJIJA
AJMHNJA
KG<>@H@IOJA
KM<BH<ODNHRJMG?QD@R<I?
OCM@@G@Q@GNJA
Q<MD<=G@N<I?
QDNP<GHJ?@GJA
2DH@GDI@N
2JKD>N
?@AD>D@I>D@N<I?
@OCD><GDNNP@N<I?&//+6=9 #OCD><GDNNP@N
DIOMJ?P>ODJIN<I?
JMB<IDUDIB
KMJKJN<GN<I?
N@G@>ODIBGDO@M<OPM@H<O@MD<GN<I?
2M<INAJMH<ODQ@?@NDBI
2M<INAJMH<ODQ@HDS@?H@OCJ?N
&//+6=9 +DS@?H@OCJ?NM@N@<M>C
2MP@@SK@MDH@IO<G?@NDBI
2MPOC
4<GD?<ODJI
?<O<
&//+6=9 "<O<
4<GD?DOTDNNP@N
?<O<<I?
NPMQ@TN<I?
OCM@<ONOJ
4<MD<=G@N
DIO@MQ@IDIB
KMJKJN<GN<I?
M@N@<M>CLP@NODJIN CTKJOC@N@N<I?
NPMQ@TN<I?
OC@JMD@N<I?
&//+6=9 "@K@I?@IOQ<MD<=G@N'I?@K@I?@IOQ<MD<=G@N
4DNP<GHJ?@GN
O@HKJM<GJM?@M<I?
OC@JMD@N<I?
OTK@NJA
5@=NDO@N
@OCD><GDNNP@N<I?
LP<GDO<ODQ@?<O<<I<GTNDN<I?
NPMQ@TN<I?
5JMFDIBODOG@
5JMG?QD@RN
<?QJ><>T K<MOD>DK<OJMT
>JINOMP>ODQDNO&//+6=9 !JINOMP>ODQDNH
K<MOD>DK<OJMT
KCDGJNJKCD><G
KG<IIDIB<M@N@<M>CKMJE@>O<I?
KJNOKJNDODQDNO
KM<BH<OD> &//+6=9 1J>D<GDNNP@N
5MDODIBNOM<O@BD@N
>JC@M@I>@<I?
>M@<ODQ@
@?DODIB<I?
@OCD><GDNNP@N<I?
A<O<I?
BM<HH<MDNNP@N<I?
C<=DON<I?
CJJF<I?@T@@S@M>DN@<I?
D?@<NAJM
LP<GDO<ODQ@KPMKJN@NO<O@H@ION<I?
M@<?<=DGDOT<I?
O@MHN<I?
OCDIFDIB<I?
&//+6=9 *<IBP<B@

Qualitative, Quantitative

Uploaded by

Document Information

Original Description:

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

Qualitative, Quantitative

Uploaded by

Copyright:

Available Formats

(/0:3=4=<B3<BA

1%#.P=GD><ODJINND< .<>DAD>.O@ *O?

'1 ,      >GJOC

 1J>D<GN>D@I>@NY0@N@<M>CY+@OCJ?JGJBT  1J>D<GN>D@I>@NY1O<ODNOD><GH@OCJ?N ' 2DOG@

& ! Y?>

^2C@CJJF <I? @T@O@>CIDLP@AJMRMDODIB>JINDNO@I>T

^ 2CDN @?DODJI DI>GP?@N

^ 2C@ N@>JI? @?DODJI[N >C<KO@M JI ?@ADIDODJIN

"@NDBIDIB<NOP?TDN<?DAAD>PGO<I?ODH@ >JINPHDIBKMJ>@NN 2CDN=JJFRDGGIJOI@>@NN<MDGTH<F@

^ %C/:7B/B7D3 @3A3/@16 DN<H@<INAJM@SKGJMDIB<I?PI?@MNO<I?DIBOC@H@<IDIBDI?DQD?P<GNJM

'I M@<?DIB .CDGGDKN <I? PM=PG@N 

 0@N@<M>C N@@FN OJ ?@Q@GJK M@G@Q<IO

 2C@ =<ND> B@I@M<ODJI JA H@<IDIB DN <GR<TN NJ>D<G

 'ODNKM<>OD><G<I?>JGG<=JM<ODQ@=@><PN@DODNDILPDMT>JHKG@O@? A3>2 JOC@MNM<OC@MOC<I 98 JM

^'I?DQD?P<GM@N@<M>C@MNC<Q@<AM@@?JHJA>CJD>@ 'IOCDN R<T

^ .M<BH<ODNON <BM@@ OC<O M@N@<M>C <GR<TN J>>PMN DI NJ>D<G

OC@DILPDM@M<GNJ?@>D?@NJI<OTK@JANOP?TRDOCDIOC@N@OCM@@>CJD>@N 'B@/B3573A=47<?C7@G <M@

^ F>3@7;3<B/:@3A3/@16 N@@FNOJ?@O@MHDI@DA<NK@>DAD>OM@<OH@IODIAGP@I>@N<IJPO>JH@ 2CDN

^ @=C<232B63=@G DN<NOM<O@BTJA DILPDMTDIRCD>COC@M@N@<M>C@M?@MDQ@N<B@I@M<G

^ /A3 ABC273A <M@<NOM<O@BTJADILPDMTDIRCD>COC@M@N@<M>C@M@SKGJM@NDI?@KOC<KMJBM<H

^ '3?C3<B7/:;7F32;3B6=2A KMJ>@?PM@N<M@OCJN@DIRCD>COC@M@N@<M>C@MN@@FNOJ @G<=JM<O@

0@N@<M>C@MN >JGG@>O ?<O< JI <I DINOMPH@IO JM O@NO @ B

^ $?+8>3>+>3@/ <KKMJ<>CY.JNOKJNDODQDNO RJMG?QD@R

'I OCDN N>@I<MDJ

^ $?+63>+>3@/ <KKMJ<>CY!JINOMP>ODQDNO RJMG?QD@R

^ $?+63>+>3@/ <KKMJ<>CY.<MOD>DK<OJMT RJMG?QD@R

1DI>@ LP<IODO<ODQ@ NOP?D@N <M@ OC@ OM<?DODJI<G HJ?@ JA M@N@<M>C

$JM OC@ HDS@? H@OCJ?N M@N@<M>C@M

 2<F@ < OJKD> OC<O TJP RJPG? GDF@ OJ NOP?T

KK   2CJPN<I?-<FN

CJR R@ FIJR RC<O R@ FIJR

'I ;?+63>+>3@/ M@N@<M>C

5DOC <I <KKMJ<>C BMJPI?@? DI G@<MIDIBAMJHK<MOD>DK<ION <I? Q<MD<ODJI=T OTK@JALP<GDO<ODQ@

'I< 73B/.7/>29.= NOP?T

^ 'I < ;?+63>+>3@/ NOP?T

^ 3N@ OC@ GDO@M<OPM@ DI < ;?+8>3>+>3@/ NOP?T ?@?P>ODQ@GT

^ 'I < ;?+8>3>+>3@/ NOP?T KG<I

^ 'A < N@K<M<O@ M@QD@R DN PN@?

^'I< 73B/.7/>29.= NOP?T

 5DOC OC@N@ F@T RJM?N DI HDI?

 1FDH OCDN DIDOD<G BMJPK JA <MOD>G@N JM >C<KO@MN

5@= N@<M>C@NAJM DIAJMH<ODJI<=JPOOCDN RJMF

5@= JA )IJRG@?B@

^ 3N@ =JOC OC@ AM@@

NO<MO RDOC =MJ<? NTIOC@N@N JA OC@ GDO@M<OPM@

 'A ODH@ K@MHDON

^ AO@M JMB<IDUDIBOC@ GDO@M<OPM@ DIOJ < ?D<BM<H

5C@I @S<HDIDIB < NOP?T OJ ?@Q@GJK < NPHH<MT

&JR <M@ @NN<TN

'I OCDN @S<HKG@

2C@ #?,63-+>398 +8?+690>2/7/<3-+8#=C-296913-+6==9-3+>39830>2.3>398 .

^5C@IRMDODIB 38>/B> M@A@M@I>@N

^5C@IRMDODIBOC@ /8.90>/B> M@A@M@I>@N

^2C@ 2/+.381= <M@JM?@M@?DI<N>CJG<MGTK<K@MDIO@MHNJAG@Q@GN $DMNO

^'A 099>89>/= <M@PN@?

^ '+,6/= <I? 031?</= C<Q@<NK@>DAD>AJMHDI@<>CNOTG@H<IP<G ,JO@NP>C<NK@>ON<N=JG?GDI@N

5DOC OCDN I@@? AJM KM@>DNDJI

^'I ;?+63>+>3@/ NOP?D@N

^'I 73B/.7/>29.==>?.3/= OC@<KKMJ<>COJ?@ADIDODJINHDBCODI>GP?@<N@K<M<O@N@>ODJIDAOC@

^"@ADI@<O@MH RC@IDOADMNO<KK@<MNDIOC@KMJKJN<G 'IOC@DIOMJ?P>ODJI

^ GOCJPBC IJ JI@ AJMH<O @SDNON AJM ?@ADIDIB O@MHN

$JM< ;?+8>3>+>3@/=>?.C JM >2/;?+8>3>+>3@/=><+8.90+73B/.7/>29.==>?.C RMDO@<M@QD@RJA

2JKD>  <=JPO OC@ ?@K@I?@IO Q<MD<=G@

(/0:3=4=<B3<BA

1%#.P=GD><ODJINND<.<>DAD>.O@*O?

'1 , >GJOC

1J>D<GN>D@I>@NY0@N@<M>CY+@OCJ?JGJBT1J>D<GN>D@I>@NY1O<ODNOD><GH@OCJ?N'2DOG@

&!Y?>

^2C@CJJF<I?@T@O@>CIDLP@AJMRMDODIB>JINDNO@I>T

"@NDBIDIB<NOP?TDN<?DAAD>PGO<I?ODH@>JINPHDIBKMJ>@NN2CDN=JJFRDGGIJOI@>@NN<MDGTH<F@

'I M@<?DIB .CDGGDKN <I? PM=PG@N

0@N@<M>C N@@FN OJ ?@Q@GJK M@G@Q<IO

2C@ =<ND> B@I@M<ODJI JA H@<IDIB DN <GR<TN NJ>D<G

'ODNKM<>OD><G<I?>JGG<=JM<ODQ@=@><PN@DODNDILPDMT>JHKG@O@? A3>2 JOC@MNM<OC@MOC<I 98 JM

^'I?DQD?P<GM@N@<M>C@MNC<Q@<AM@@?JHJA>CJD>@'IOCDN R<T

^ F>3@7;3<B/:@3A3/@16 N@@FNOJ?@O@MHDI@DA<NK@>DAD>OM@<OH@IODIAGP@I>@N<IJPO>JH@2CDN

^ @=C<232B63=@G DN<NOM<O@BTJA DILPDMTDIRCD>COC@M@N@<M>C@M?@MDQ@N<B@I@M<G

^ /A3 ABC273A <M@<NOM<O@BTJADILPDMTDIRCD>COC@M@N@<M>C@M@SKGJM@NDI?@KOC<KMJBM<H

0@N@<M>C@MN >JGG@>O ?<O< JI <I DINOMPH@IO JM O@NO @B

2<F@ < OJKD> OC<O TJP RJPG? GDF@ OJ NOP?T

KK2CJPN<I?-<FN

CJR R@ FIJR RC<O R@ FIJR

5DOC OC@N@ F@T RJM?N DI HDI?

1FDH OCDN DIDOD<G BMJPK JA <MOD>G@N JM >C<KO@MN

'A ODH@ K@MHDON

^ AO@M JMB<IDUDIBOC@ GDO@M<OPM@ DIOJ < ?D<BM<H

2C@ #?,63-+>398 +8?+690>2/7/<3-+8#=C-296913-+6==9-3+>39830>2.3>398 .

^5C@IRMDODIB 38>/B> M@A@M@I>@N

^5C@IRMDODIBOC@ /8.90>/B> M@A@M@I>@N

^2C@ 2/+.381= <M@JM?@M@?DI<N>CJG<MGTK<K@MDIO@MHNJAG@Q@GN$DMNO

^ '+,6/= <I? 031?</= C<Q@<NK@>DAD>AJMHDI@<>CNOTG@H<IP<G,JO@NP>C<NK@>ON<N=JG?GDI@N

^"@ADI@<O@MH RC@IDOADMNO<KK@<MNDIOC@KMJKJN<G'IOC@DIOMJ?P>ODJI

^ GOCJPBC IJ JI@ AJMH<O @SDNON AJM ?@ADIDIB O@MHN

2JKD> <=JPO OC@ ?@K@I?@IO Q<MD<=G@

.MJQD?@ < NPHH<MT OC<O CDBCGDBCON OC@ HJNO DHKJMO<IO NOP?D@N

<N@? JI TJPM N@<M>C M@NPGON AMJH #S@M>DN@

^ 8./:/8./8> @+<3+,6/= <M@ OCJN@ OC<O KMJ=<=GT ><PN@

^ 8>/<@/8381 JM 7/.3+>381@+<3+,6/= NO<I?=@OR@@IOC@DI?@K@I?@IO<I??@K@I?@IOQ<MD<=G@N

*JJFDIOC@?DN>DKGDI@=<N@?GDO@M<OPM@AJM<OC@JMT'AOC@PIDOJA<I<GTNDNAJMQ<MD<=G@NDN<I

^I<?<KO<ODJIJAOC@OC@JMT OJQ<MD<=G@NDIC@MNOP?TPNDIBDAOC@IGJBD>

N OC@ OC >@IOPMT ?M<RN OJ < >GJN@

><GG@? \I<OPM<GDNOD> B@I@M<GDU<ODJIN] K N <IJOC@M @S<HKG@

2CDN KMJKJNDODJI <I? DON NP=KMJKJNDODJIN M@KM@N@IO PIPNP<G

N OCDN @S<HKG@ NCJRN

OC@T NPBB@NO HDSDIB OC@ Q<GP@ >JHHDOH@ION JA ?DAA@M@IO OM<?DODJIN @B

JS 2M<INAJMH<ODQ@#H<I>DK<OJMT /P@NODJIN AJM +DS@? +@OCJ?N 0@N@<M>C@MN

^ 5DGG OC@ M@N@<M>C @S<HDI@ NP=BMJPKN D@

1-30!# ?<KO@? AMJH " + +@MO@IN

&<I?=JJFJA+DS@?+@OCJ?NDIOC@1J>D<G @C<QDJM<G1>D@I>@N?<KO@?RDOCK@MHDNNDJI

F/;>:3'2/9<C38+'<+8=09<7+>3@/7+8-3:+>9<C 3B/. />29.=&>?.C

FIJRG@?B@ JA &'4 '"1 MDNFN

$JM < LP<IODO<ODQ@ KMJKJN<G TJP <M@ KG<IIDIB

1O<O@H@IOJAOC@ KMJ=G@HDI>GP?DIBOC@<?QJ><>T K<MOD>DK<OJMTDNNP@=@DIB<??M@NN@?

F/;>:3 3B/. />29.=9<7+>

2C@ M@N@<M>C LP@NODJIN <I? CTKJOC@N@N LP<IODO<ODQ@ LP@NODJIN JM CTKJOC@N@N

<I?OC@\G@ODO<GGC<IBJPOJIOC@ADMNO?M<AO]RMDO@M

-OC@M@S@M>DN@NH<TKMJQ@PN@APG<NR<MHPKN!<MMJGGKMJQD?@N@S<HKG@NJA@S@M>DN@NOJ

^2<F@<NP=E@>O<I?RMDO@<=JPODOOCM@@?DAA@M@IOR<TNKK

^3N@ -92/</8-/ OJ<??OJOC@M@<?<=DGDOTJAOC@H<IPN>MDKO =63@3<137<E@7B7<5 H@<INOC<O

F/;>:3 I'GGPNOM<ODJIJAOC@&JJF<I?#T@2@>CIDLP@

^ 2C@ H@MD><I 1J>DJGJBD><G NNJ>D<ODJI !J?@ JA #OCD>N

&@NN@ D=@M <I? *@<QT <NF

M@>JHH@I?NT@<MN'IQ@NODB<OJMNNCJPG?OC@I?DN><M?OC@?<O<NJOC<ODO?J@NIJOA<GGDIOJ

*J><O@ < EJPMI<G <MOD>G@ OC<O M@KJMON LP<GDO<ODQ@

+8.,99590+::63/.=9-3+6</=/+<-27/>29.= KK2CJPN<I?-<FN

= M@QD@RDIB OC@ GDO@M<OPM@ <=JPO OC@ KMJ=G@H

@3A3/@16>@=0:3; DNOC@KMJ=G@HJMDNNP@OC<OG@<?NOJOC@I@@?AJM<NOP?T'O><IJMDBDI<O@

*@NNQ<MD<ODJIDNN@@IDI ;?+8>3>+>3@/ DIOMJ?P>ODJIN'I<LP<IODO<ODQ@KMJE@>O

-IGT < M@G<ODQ@ C<I?APG JA NOP?D@N @B

'PN@OC@H@O<KCJMJAOC@RMDO@MGJR@MDIB<=<MM@GDIOJ<R@GG2C@ ,/1388381 RMDO@MKGPIB@NOC@

^ N < B@I@M<G MPG@

^ 1O<T <R<TAMJH D?DJH<OD> @SKM@NNDJINJMOMDO@KCM<N@N @B

AO@M <?Q<I>DIB OC@ KMJ=G@H <I? M@QD@RDIB OC@ GDO@M<OPM@ <=JPO DO

^ '?@IODAT NK@>DAD><GGT OC@ ?@AD>D@I>D@N JA JOC@M NOP?D@N @B