.&-1)! $$(
($/ +,$-1)! &,$(%$
&,$(%$$(&(
$,, +--$)( ,#)& )-)+&$,($-- '(/ ,-$"(' ($/ +,$--$, &,$(%$ (,$,
)-)+&+)"+'' $()*.&-$)( &-#
($/ +,$-1)! &,$(%$
(,-$-.- !)+)& .&+ $$( $(&(
$ ($/ +,$-1)! &,$(%$
&,$(%$$(&(
,,#., --, ( +&),*$-&
),-)(,,#., --, (
# +)(,-$-.- )!(+/+
'+$" ,,#., --,
)-)+&$,, +--$)(-) *+ , (- !)+*.&$$,.,,$)(0$-#-# * +'$,,$)()!
-# .&-1)! $$( )!-# ($/ +,$-1)! &,$(%$$(& -.+ #&&$)' $.' &,$(%$)(-# )! *- ' +-)2&)%
&,$(%$
!:6,7;0857 -LI@?MMIL0;GOFC/CJ;NNC-B!
&HMNCNON?@IL*IF?=OF;L*?>C=CH?#CHF;H>%C)&#"
!?J;LNG?HNI@-O<FC=%?;FNB FCHC=OG#;=OFNSI@*?>C=CH?
2HCP?LMCNSI@%?FMCHEC%?FMCHEC#CHF;H>;H>
1B?LI;>&HMNCNON?I@*&1;H>%;LP;L>
;G<LC>A?*;MM;=BOM?NNM20
88,88578 -LI@?MMIL3?M;,FEEIH?H-B!
*CH?LP;#IOH>;NCIH&HMNCNON?@IL*?>C=;F/?M?;L=B
%?FMCHEC#CHF;H>
%?F?H;(CFJCH?H-B!
2 )$L?;N,LGIH>0NL??N&HMNCNON?I@ BCF>%?;FNB
2HCP?LMCNS IFF?A?)IH>IH
)IH>IH;H>
4?FF=IG?0;HA?L&HMNCNON?
;G<LC>A?2(
1B?#;=OFNSI@*?>C=CH?OM?MNB?2LEOH>MSMN?GJF;AC;LCMGL?=IAHCNCIHNI
?R;GCH?;FF>I=NIL;F>CMM?LN;NCIHM
&0+J;J?L<;=E
&0+-!#
&00+J;J?L<;=E
&00+5-!#
2HCAL;@C;
%?FMCHEC
FIM?NIIH?<CFFCIHBOG;HMMO@@?L@LIG=;L>CIG?N;<IFC=>CM?;M?MQCNB
=;L>CIP;M=OF;L>CM?;M? 3!;MNB?HOG<?LIH?ECFF?LQILF>QC>?MNB?M?
>CM?;M?M;L?GIMNFS=BLIHC=JL?P?HNCIHCMNB?GIMNCGJILN;HNG?;HMNI L?>O=?NB?CL<OL>?H!?MJCN??MN;<FCMB?>LCMEM=IL?M<;M?>IH=FCHC=;FLCME
@;=NILM;F;LA?JLIJILNCIHI@CH>CPC>O;FMQBI>?P?FIJNB?M?>CM?;M?ML?G;CH OHC>?HNC@C?>$CP?HNB?A?HIGC=;MMI=C;NCIHM<?NQ??HP;LC;HNM
;H>P;LCIOMNL;CNMC>?HNC@C?>NI>;N?A?HIGC=CH@ILG;NCIHCM;P?LSJLIGCMCHA
=;H>C>;N?@ILCGJLIPCHA=FCHC=;FLCME;MM?MMG?HN
%SJ?LFCJC>?GC;CMNB?GIMNCGJILN;HNB?LCN;<F?;H>NL?;N;<F?LCME@;=NIL@IL 3!#;GCFC;F=IG<CH?>BSJ?LFCJC>?GC;# %CMNB?=IGGIH?MNCHB?LCN?>
>SMFCJC>?GC;=B;L;=N?LCM?><S?F?P;N?>NIN;F=BIF?MN?LIF1 ;H>NLCAFS=?LC>?
1$F?P?FMQCNB@IF>LCMEI@=ILIH;LS;LN?LS>CM?;M? !&H0NO>S&Q?
;MM?MM?>NB?JL?PCIOMFSOH=F?;LA?H?NC=;L=BCN?=NOL?I@# %<SA?HINSJCHA
;H>CGJONCHAU*A?H?NC=P;LC;HNMCH@;GCFSG?G<?LM@LIG#CHHCMB
# %@;GCFC?M4?@IOH>NB;NFCJC>CH=L?;MCHA;FF?F?MQ?L??HLC=B?>;H>FCJC>
FIQ?LCHA;FF?F?M>?JF?N?>;=LIMMNB?QBIF?;FF?F?@L?KO?H=S#MJ?=NLOG
;GIHANB?# %;@@?=N?>@;GCFSG?G<?LM#OLNB?LGIL?IHFS;B;H>@OFI@
NB?# %;@@?=N?>@;GCFSG?G<?LM=;LLC?>BCABCGJ;=NGIHIA?HC=
>SMFCJC>?GC;P;LC;HNMQB?L?;MB;>BCABJ?L=?HNCF?JIFSA?HC=
LCMEM=IL?M-/0<;M?>IHFIQ>?HMCNSFCJIJLIN?CH)!)=BIF?MN?LIF )!) ILNLCAFS=?LC>?1$;MMI=C;N?>MCHA?HO=F?INC>?JIFSGILJBCMGM 0+-M,OLL?MOFNM=IH@CLG?>NB;NP;LC;HNMI@;FF#M=IHNLC<ON?NI# %;H>
;ECHNIINB?L=IGJF?R=IGGIH>CM?;M?MNB;N;FMILOHCH@;GCFC?M# %CM BCABFS;H>GIMNFSJIFSA?HC=
4B?L?;M@;GCFC;FBSJ?L=BIF?MN?LIF?GC;#%;M?P?L?CHB?LCN?>
>SMFCJC>?GC;=B;L;=N?LCM?><S?RNL?G?FSBCABGGIFF)!) F?P?FM;H>
!LCMECMNSJC=;FFS=;OM?><SGIHIA?HC=BCABCGJ;=NP;LC;HNMMCGCF;LFS BCAB)!) G;S;FMIL?MOFN@LIG;BCABJIFSA?HC=<OL>?H?@IL?0NO>S&&
BIQ?P?LCNQ;MOH=F?;LQB?NB?L;BCABJIFSA?HC=FI;>I@)!) IL1$
CH=L?;MCHAP;LC;HNMCH=L?;M?> !LCMENI;MCGCF;L?RN?HN IGJ;LCHANB?
BCAB?MNNINB?L?G;CH>?LQ?@IOH>NB;N;A?HIG?QC>?)!) -/0QCNB U*P;LC;HNMCH=L?;M?>)!) F?P?FM<SGGIFF;H> !LCME<S QB?L?;M;MCGCF;L1$-/0CH=L?;M?>1$F?P?FM<SGGIFF;H> !LCME
<S4BCF?#%QCNB;HC>?HNC@C?>GON;NCIHCH=L?;M?M !LCMEGIL?NB;H
?RJ?=N?>@LIG;MCHAF?)!) G?;MOL?G?HNNB? !LCME;MMI=C;N?>QCNB;
BCABJIFSA?HC=FI;>I@)!) IL1$CH=L?;MCHAP;LC;HNMQ;MJLIJILNCIH;FNI NB?CLCGJ;=NIHFCJC>F?P?FM
#CH;FFSCH0NO>S&&&Q??RN?H>?>IOLM=IJ?NIN?MNNB?ONCFCNSI@A?HIG?
QC>?-/0MGIL?A?H?L;FFSCH>CM?;M?CH=C>?H=?JL?>C=NCIHC>?HNC@SCHA
J;NC?HNMQCNB?;LFSIHM?N>CM?;M?;H>JL?>C=NCHA>CM?;M?;FIHAMC>?=FCHC=;F LCME@;=NILM4?@I=OM?>IH@CP?=IGGIH>CM?;M?M !NSJ?>C;<?N?M 1!;NLC;F@C<LCFF;NCIH#C<;H><L?;MN;H>JLIMN;N?=;H=?LM IGJ;L?>NI NB?J?L=?HNCF?M;-/0CHNB?NIJNL;HMF;N?>CHNINI J?L=?HN;A?JICHNMBCAB?LFC@?NCG?>CM?;M?LCME;H>NIS?;LM?;LFC?L
>CM?;M?IHM?N4CNBCGJFC=;NCIHMNIMNL;NC@C?>;H><?NN?LN;LA?N?>=;H=?L M=L??HCHANB?=OGOF;NCP?<L?;MN;H>JLIMN;N?=;H=?LCH=C>?H=?ML?;=B?>
;N;A?;H>@ILNBIM?CHNB?BCAB?MN;H>;N;H>CHNB?
<INNIGI@NB?-/0M&H;FF@CP?>CM?;M?M;>>CHA-/0NI=FCHC=;FLCME M=IL?MCGJLIP?>NB?L?=F;MMC@C=;NCIHI@BCAB;H>FIQLCMECH>CPC>O;FM
&H=IH=FOMCIHCHNBCMNB?MCMQ?@CLMNMBIQ?>NB;NNB?GIMN=IGGIH
@;GCFC;F>SMFCJC>?GC;NL;>CNCIH;FFS=IHMC>?L?>GIHIA?HC=# %CMG;CHFS JIFSA?HC=0?=IH>Q?@IOH>NB;NJIFSA?HC=BSJ?LFCJC>?GC;M=IHMC>?L;<FS CH=L?;M?FCJC>F?P?FM;MQ?FF;M !LCME#CH;FFSQ?>?GIHMNL;N?>NB;N-/0M JL?>C=N@ONOL?>CM?;M?IHM?N<?NN?LNB;H=OLL?HN=FCHC=;FLCMEM=IL?M;FIH?M -/0M=;H<?G?;MOL?>;N;HSJICHNCHFC@?NB?M?L?MOFNMB;P?G;DIL
CGJFC=;NCIHMCHMNL;NC@C?>=;H=?LBSJ?LFCJC>?GC;;H>1!M=L??HCHA;MQ?FF
;MCHL?@CHCHA=OLL?HN>CM?;M?LCME?MNCG;NCIHAOC>CHA@ONOL??PC>?H=?<;M?>
FC@?MNSF?;H>>LOACHN?LP?HNCIHM
/0.!0
,+0#+0/
'/0,$,.'%'+)-1 )'!0',+/
.#2'0',+/
+0.,"1!0',+
'0#.01.#.#2'#3
#+#0'!/,$!,**,+!,*-)#4"'/#/#
#+#0'!/,$)'-'")#2#)/
,)5%#+'!.'/(/!,.#/
1#/0',+/
0#.')/+"*#0&,"/
.0'!'-+0/+"*#/1.#*#+0/
#%'/0.5)'+(%#
#+,05-'+%+"'*-100',+
,)5%#+'!.'/(/!,.#!)!1)0',+
00'/0'!)+)5/'/
0&'!//00#*#+0
#/1)0/+""'/!1//',+
&0'/0&#%#+#0'!.!&'0#!01.#,$$*')')!,* '+#"&5-#.)'-'"#*'
&0'/0&#'*-!0,$-,)5%#+'!&5-#.)'-'"#*' &0'/0
')'05,$-,)5%#+'!.'/(/!,.#/'+"'/#/#-.#"'!0',+
1**.5
#/#.!&'+!,+0#40+"!,+!)1/',+/
!(+,3)#"%#*#+0/
#$#.#+!#/
.'%'+)-1 )'!0',+/
1BCMNB?MCMCM<;M?>IHNB?@IFFIQCHAJO<FC=;NCIHM
& 06(990 /VGZ'1 0Z>?LFOH>00OL;EE;&*;NCE;CH?H+
-CLCH?H*-;DOE;HN;-0;LCH-0?LPC=?0();OLCF;--
"BHBIFG 0;FIG;;34CFMIH/(-;FINC?#L?CG?L+
1;MECH?H*/;H>/CJ;NNC01B? IHNLC<ONCIHI@$40)I=CCH
#;GCFC;F!SMFCJC>?GC;M#'#,$!+?
&& 06(990/VGZ'1*;LM+'#O6)CH'0Z>?LFOH>0?HH?L 0OL;EE;&(CCMECH?H1'%;POFCHH;0-;FN;-#L?CG?L+
4C>WH"0;FIG;;31OEC;CH?H1-CLCH?H*#CHH$?H-;FINC?
1;MECH?H*/;H>/CJ;NNC0-IFSA?HC=%SJ?LFCJC>?GC;M;H>
ILIH;LSLN?LS!CM?;M?/CME$*!-% ,$('#'(&$! '"*#!$+$('
#"$!$'#?
&&& *;LM+'(IME?F;'1 06(990(CCMECH?H11'%;POFCHH;0 )CH><IBG'3BIF;,FFC(OLEC*(;LD;F;CH?H'-;FN;-
#CHH$?H+?;F*!;FS*0;FIG;;3-;FINC?4C>WH";H>
/CJ;NNC0-IFSA?HC=;H>=FCHC=;FLCMEM=IL?M;H>NB?CLCGJ;=NIH
;A?;NIHM?N;H>JL?>C=NCIHI@=;L>CIG?N;<IFC=>CM?;M?M;H>
=IGGIH=;H=?LM ,-*##"$!$'#
1B?JO<FC=;NCIHM;L?L?@?LL?>NICHNB?N?RN<SNB?CLLIG;HHOG?L;FM
-O<FC=;NCIH&Q;M;FMIOM?>CH!L'I?F/VGZcM>I=NIL;F>CMM?LN;NCIH
IHNLC<ON?>?KO;FFSNINB?QILE
=BIF?MN?LIF 1$ NLCAFS=?LC>?
# ;FF?F?@L?KO?H=S
#C< ;NLC;F@C<LCFF;NCIH
& E;CE?CH@ILG;NCIH
=LCN?LCIH
&!0 ;=KOCL?>
CGGOHI>?@C=C?H=S MSH>LIG?
+$-1) ;HACIJIC?NCHFCE?
;JI ;JIFCJIJLIN?CH
;JI" ;JIFCJIJLIN?CH"
;JI ;JIFCJIJLIN?CH 0 3! ;NB?LIM=F?LINC= 3!
2 ;L?;OH>?LNB?=OLP?
*& <I>SG;MMCH>?R
=;H=?L ;FC@ILHC;
! =ILIH;LS;LN?LS
>CM?;M?
& =IH@C>?H=?CHN?LP;F ,-! =BLIHC=I<MNLO=NCP?
JOFGIH;LS>CM?;M?
3! =;L>CIP;M=OF;L>CM?;M?
!- >C;MNIFC=<FII>
JL?MMOL?
!+ >?IRSLC<IHO=F?C=;=C>
"* "OLIJ?;H*?>C=CH?M A?H=S
"2#* "OLIJ?;H*OFNC=?HN?L 0NO>SIH#;GCFC;F
!SMFCJC>?GC;MCH -;NC?HNMQCNB -L?G;NOL? !
# % @;GCFC;F=IG<CH?>
BSJ?LFCJC>?GC;
#! 20#II>;H>!LOA
>GCHCMNL;NCIH
#% @;GCFC;F
BSJ?L=BIF?MN?LIF?GC;
#&** &HMNCNON?@IL*IF?=OF;L *?>C=CH?#CHF;H>
$! $FI<;FOL>?HI@
!CM?;M?M&HDOLC?M;H>
/CME#;=NILM0NO>S
$40 A?HIG?QC>?
;MMI=C;NCIHMNO>S
%!) BCAB>?HMCNS FCJIJLIN?CH
%&3 BOG;H
CGGOHI>?@C=C?H=S PCLOM
%/ B;T;L>L;NCI
& ! &HN?LH;NCIH;F F;MMC@C=;NCIHI@
!CM?;M?M
&!) CHN?LG?>C;N?>?HMCNS FCJIJLIN?CH
) 1 F?=CNBCH=BIF?MN?LIF
;=SFNL;HM@?L;M?
)! FCHE;A?>CM?KOCFC<LCOG )!) FIQ>?HMCNSFCJIJLIN?CH
*# GCHIL;FF?F?@L?KO?H=S
*& GSI=;L>C;FCH@;L=NCIH +-3 H?A;NCP?JL?>C=NCP?
P;FO?
+/& H?NL?=F;MMC@C=;NCIH CH>?R
,*&* NB?,HFCH?*?H>?FC;H
&HB?LCN;H=?CH*;H
>;N;<;M?
,/ I>>ML;NCI
- 0( JLIJLIN?CH=IHP?LN;M?
MO<NCFCMCHE?RCHNSJ?
--3 JIMCNCP?JL?>C=NCP?
P;FO?
-/0 JIFSA?HC=LCMEM=IL?
0- MSMNIFC=<FII>JL?MMOL?
0! MN;H>;L>>?PC;NCIH 0" MN;H>;L>?LLIL
0!& 0I=CI>?GIAL;JBC=
&H>?R
0+- MCHAF?HO=F?INC>?
JIFSGILJBCMG 1! NSJ?>C;<?N?M 1 NIN;F=BIF?MN?LIF 1$ NLCAFS=?LC>?M 2( 2HCN?>(CHA>IG 2( 2(CI<;HE 20 2HCN?>0N;N?MI@
G?LC=;
4%/ Q;CMNBCJL;NCI
3)!) P?LS)!)
6)) S?;LMI@FC@?FIMN
+IH=IGGOHC=;<F?>CM?;M?ML?JF;=?>=IGGOHC=;<F?G;N?LH;FH?IH;N;F
;H>HONLCNCIH;F=;OM?M;MNB?F?;>CHAAFI<;F=;OM?I@>?;NBCHNB?M
==IOHNCHA@ILI@>?;NBMCH4?MN?LH=IOHNLC?M=;L>CIP;M=OF;L
>CM?;M?M 3!M;L?HIQNB?F?;>CHA=;OM?I@>?;NBAFI<;FFSQCNB H?IJF;MGMNL;CFCHA=FIM?<?BCH>1;E?HNIA?NB?L;FGIMNIH?<CFFCIH BOG;HMMO@@?L@LIG=;L>CIG?N;<IFC=>CM?;M?MMNB?S;L?GIMNFS
=BLIHC=JL?P?HNCIHCMNB?GIMNCGJILN;HNG?;HMNIL?>O=?NB?AFI<;F<OL>?H I@NB?M?>CM?;M?M
*;HSMNL;N?AC?MNIC>?HNC@SCH>CPC>O;FM;NLCME@IL>CM?;M?;H>N;LA?N JL?P?HN;NCP?G?;MOL?MB;P?NB?L?@IL?<??H>?P?FIJ?>/CMEM=IL?M<;M?>
IHMN;NCMNC=;FJL?>C=NCIHGI>?FMCH=ILJIL;N?NB?=IG<CH?>?@@?=NI@M?P?L;F
=FCHC=;FFSP;FO;<F?LCME@;=NILM#IL;NB?LIM=F?LINC= 3!M0 3!MNB?
LIONCH?FSOM?>LCME@;=NILM=OLL?HNFSCH=FO>?P;LC;<F?MFCE?M?R;A?MGIECHA MN;NOM<FII>FCJC>F?P?FM<FII>JL?MMOL?>C;<?N?M;H>@;GCFSBCMNILS,@
NB?M?MGIECHAFCJC>F?P?FM<FII>JL?MMOL?;H>>C;<?N?M;L?;=NCIH;<F?
OJIHFC@?MNSF?=B;HA?MILG?>C=;NCIH
"RJIMOL?NIBCABF?P?FMI@=CL=OF;NCHA<FII>FCJC>MCMFCE?FSNB?GIMN CGJILN;HNGI>C@C;<F?LCME@;=NIL@IL0 3!#ILNOH;N?FSNB?CH=L?;M?>
0 3!LCME=;OM?><SBCABFCJC>F?P?FM=;H<?;=N?>OJIH;H>L?>O=?>
?@@?=NCP?FSQCNBFC@?MNSF?CGJLIP?G?HNM;H>FCJC>FIQ?LCHAG?>C=;NCIH)CJC>
F?P?FM;L?>?N?LGCH?>HINIHFS<SFC@?MNSF?;H>?HPCLIHG?HN;F@;=NILM<ON;FMI
<SCHB?LCN?>A?H?NC=@;=NILMQCNB;H?MNCG;N?>B?LCN;<CFCNSI@
$CP?HNB?BCABB?LCN;<CFCNSCNCMHIMOLJLCM?NB;N>SMFCJC>?GC;FCE?INB?L B?LCN;<F?=IGGIH=IGJF?R>CM?;M?MLOHMCH@;GCFC?M#%CMNB?GIMNM?P?L?
;H><?MNMNO>C?>@;GCFC;F>SMFCJC>?GC;&NCM=B;L;=N?LCM?><SM?P?L?FS
?F?P;N?>)!) F?P?FMI@N?HGGIFF;H>CMNSJC=;FFS=;OM?><SBCABFS J?H?NL;HN<ONL;L?P;LC;HNMCHIL1B?#CHHCMB JIJOF;NCIHQCNBCNMOHCKO?A?H?NC=;L=BCN?=NOL?;H>>CM?;M?B?LCN;A?
>?GIHMNL;N?M;NF?;MN@CP?OHCKO?@IOH>?L#%GON;NCIHM;FNBIOAB G;HS<?FC?P?GIL?;L?S?NNI<?@IOH>#%J;NC?HNMQCNB;HC>?HNC@C?>
GON;NCIHB;P?;FGIMN@IOLNCG?MBCAB?L !LCMENB;H?RJ?=N?>IHNB?<;MCM I@;MCHAF?)!) G?;MOL?G?HNFCE?FS>O?NIFC@?FIHA?RJIMOL?NIBCAB)!) F?P?FM*;HSJ;NC?HNMQCNBNB?#%JB?HINSJ?BIQ?P?LF;=E;A?H?NC=
>C;AHIMCM1B?L?@IL?CNB;M<??HMOAA?MN?>NB;N;MO<MN;HNC;FJLIJILNCIH I@GON;NCIHH?A;NCP?#%J;NC?HNMGCABNB;P?;H;==OGOF;NCIHI@G;HS
=IGGIHFIQCGJ;=N)!) CH=L?;MCHAP;LC;HNMN?LG?>JIFSA?HC=
BSJ?L=BIF?MN?LIF?GC;1B??@@?=NI@;H;==OGOF;NCIHI@;F;LA?HOG<?L I@)!) IL1$CH=L?;MCHA;FF?F?MNI !LCMEBIQ?P?LL?G;CHMOH=F?;L&H 0NO>S&&OMCHACH@ILG;NCIHIHU*FCJC>;MMI=C;N?>0+-MQ??P;FO;N?>NB?
CGJ;=NI@JIFSA?HC=BSJ?L=BIF?MN?LIF?GC;;H>BSJ?LNLCAFS=?LC>?GC;IHFCJC>
F?P?FM;H> !LCMECHNB?JIJOF;NCIH
# %CM;HINB?LCGJILN;HN@;GCFC;F>SMFCJC>?GC;&NCM=B;L;=N?LCM?><S CH=L?;M?>F?P?FMI@NIN;FIL)!)=BIF?MN?LIF1$MIL<INBCH;NF?;MNNQI@CLMN
>?AL??L?F;NCP?MI@NB?M;G?@;GCFS# %CH=L?;M?M !LCMEOJNI
@CP?@IF>CH@CLMN;H>M?=IH>>?AL??L?F;NCP?MI@;@@?=N?>@;GCFSG?G<?LM;H>
CMNB?GIMN=IGGIHCHB?LCN?>@ILGI@>SMFCJC>?GC;QCNB;JL?P;F?H=?AL?;N?L NB;HCHJIJOF;NCIHMI@"OLIJ?;H;H=?MNLS# %CMNB?GIMN
@L?KO?HN@;GCFC;FLCME@;=NILCHCH>CPC>O;FMQCNBJL?G;NOL? !I==OLLCHACH
`I@CH>CPC>O;FMQCNBNBCM=IH>CNCIHHCGJILN;HN;>>CNCIH;F
=B;L;=N?LCMNC=I@# %CM=IHMC>?L;<F?CHNL;CH>CPC>O;F;H>CHNL;@;GCFC;F P;LC;<CFCNSI@NB?FCJC>JB?HINSJ?MNB?JB?HINSJ?CMB?N?LIA?H?IOMNB?
>C;AHIMCMCMI@N?HGCMM?>;H># %M??GMNI<?OH>?L>C;AHIM?>CHNB?
JIJOF;NCIH
1B?A?H?NC=;L=BCN?=NOL?I@# %B;ML?G;CH?>OHEHIQH;M;NN?GJNMNI C>?HNC@SL;L?BCABCGJ;=NP;LC;HNMCH# %@;GCFC?MB;P?GIMNFS@;CF?>1B?
GIMNCGJILN;HN# %=;H>C>;N?A?H?CM`ILCACH;FFSC>?HNC@C?>@LIGNB?
#CHHCMB# %@;GCFC?M`<ONNB?>?AL??I@CNM=IHNLC<ONCIHNINB?NL;CNL?G;CHM
>?<;N;<F?!?MJCN?MBLCHECHA=IMNM;H>N?=BHIFIAC=;F;>P;H=?MCHBCAB
>?HMCNSA?HINSJCHANB?=IHNLC<ONCIHI@=IGGIHP;LC;NCIHNINB?# % JB?HINSJ?BIQ?P?LB;ML?G;CH?>OH;>>L?MM?>&HMNO>S&Q?
MSMN?G;NC=;FFS;MM?MM?>NB?A?H?NC=<;=EALIOH>I@# %QCNBBCAB>?HMCNS A?HINSJCHA4?BSJINB?MCT?>NB;N;H;AAL?A;NCIHI@=IGGIH)!) IL1$
CH=L?;MCHAP;LC;HNMC>?HNC@C?>@LIGJIJOF;NCIH<;M?>A?HIG?QC>?
;MMI=C;NCIHMNO>C?M$40M=IHNLC<ON?MNINB?# %JB?HINSJ?4?;FMI N?MN?>NIQB;N?RN?HNOH=IGGIHP;LC;HNM@LIGA?H?MCGJFC=;N?>CH GIHIA?HC=>SMFCJC>?GC;MSH>LIG?M=IOF><?C>?HNC@C?>@LIG# %@;GCFS G?G<?LM
$?H?NC=@CH>CHAMB;P?JF;S?>;PCN;FLIF?CHGI>?LHFCJC>FIQ?LCHA>LOA
>?P?FIJG?HN<SC>?HNC@SCHAM?P?L;FA?H?MNB;NI==OLH;NOL;FFSCHBOG;HM;H>
GI>C@SFCJC>F?P?FM;H> 3!LCMEQCNBIONM?P?L?MC>??@@?=NM#IL?R;GJF?;H IP?L;=NCP?A?H?Q;MILCACH;FFSC>?HNC@C?>CH#%@;GCFC?M;M;=;OM?I@
BCAB)!) ;H>HIQ;>;SM- 0(CHBC<CNCHA>LOAM;L?NB?GIMN?@@?=NCP?
NL?;NG?HN@IL>SMFCJC>?GC;/?=?HNFSNB?@I=OMB;M<??HMBC@NCHA@LIG )!) NI1$QCNB;JI ;H>+$-1)CHBC<CNILM>?GIHMNL;NCHAMNLIHA1$
FIQ?LCHA;H>JON;NCP? 3!LCMEFIQ?LCHA?@@?=NMCHM?P?L;FJB;M?;H>
MNO>C?M
OLL?HNLIONCH?=FCHC=;FLCMEM=IL?M=;HC>?HNC@SCH>CPC>O;FMFCE?FSNI<?H?@CN
@LIGJL?P?HNCP?CHN?LP?HNCIHMMO=B;MOMCHAMN;NCHMNIFIQ?L<FII>FCJC>F?P?FM
;H> !LCME1B?SMNCFFBIQ?P?L@;CFNIL?=IAHCT?;F;LA?JLIJILNCIHI@
CH>CPC>O;FMQBI>?P?FIJNB?>CM?;M?MJ;LNC=OF;LFSNBIM?;NBCABLCME@IL?;LFS IHM?N>CM?;M?FMI@ILG;HS>CM?;M?MMO=B;M=IGGIHH?IJF;MGM CH=FO>CHA<L?;MN;H>JLIMN;N?=;H=?LHI?MN;<FCMB?>=FCHC=;FLCMEM=IL?M?RCMN +IP?F<CIG;LE?LMMO=B;M>?N;CF?>FCJC>IGC=JLI@CFCHA;H>A?H?NC=N?MNCHA G;S=IGJF?G?HN=FCHC=;FLCME;MM?MMG?HNMF;LA?M=;F?$40MB;P?
OH=IP?L?>A?HIGC=;MMI=C;NCIHM<?NQ??HP;LC;HNM;H>P;LCIOM
JB?HINSJ?MNI>;N?A?HIGC=CH@ILG;NCIHCM;P?LSJLIGCMCHA=;H>C>;N?NI
?HB;H=?=FCHC=;FLCME;MM?MMG?HN
-/0MCH=ILJIL;N?;H>;AAL?A;N?NB?=OGOF;NCP??@@?=NMI@G;HSCHB?LCN?>
A?H?NC=P;LC;HNMCHNI;MCHAF?G?;MOL?G?HNI@JIFSA?HC=<OL>?H@IL;H CH>CPC>O;F1B?SB;P?=F;MMC@C?>>CM?;M?=;M?M@LIG=IHNLIFMCHG;HS
=;L>CIG?N;<IFC=>CM?;M?M;H>H?IJF;MGM#OLNB?LGIL?;MNB?
A?HIG?L?G;CHM=IHMN;HNNBLIOABIONFC@?-/0M=;H;FMIM?LP?NI;=BC?P?
FC@?NCG?LCMEMNL;NC@C=;NCIH;H>C>?HNC@SCH>CPC>O;FM;NBCABLCME@IL?;LFSIHM?N
>CM?;M?!?MJCN?NB?CGJL?MMCP?MNL;NC@C=;NCIHI@JL?P;F?HN
=;M?M@LIG=IHNLIFMFCGCN?>CH@ILG;NCIH?RCMNMIHBIQQ?FF-/0M=;HJL?>C=N
>CM?;M?CH=C>?H=?>>CNCIH;FFSP?LS@?QMNO>C?MB;>?R;GCH?>NB??@@?=N -/0M;FIHAMC>??MN;<FCMB?>=FCHC=;FLCME@;=NILM&H0NO>S&&&Q?N?MN?>NB?
;MMI=C;NCIHNI>CM?;M?CH=C>?H=?CGJ;=NIH;A?;NIHM?N;H>NB?L?F;NCP?
=IHNLC<ONCIHI@=FCHC=;F;H>JIFSA?HC=LCMEM=IL?MI@A?HIG?QC>?-/0M@IL !1!#C<;H><L?;MN;H>JLIMN;N?=;H=?LM
!
$
#"$ "
1B?BOG;HA?HIG?=IHN;CHMMIG?MCR<CFFCIHHO=F?INC>?M<IOH>CHNBL??
<CFFCIH<;M?J;CLM;MM?G<F?>;M>?IRSLC<IHO=F?C=;=C>!+QBC=BCM ILA;HCM?>CH=BLIGIMIG?J;CLM1B?BOG;HA?HIG?CMGIMNFS@CR?>
;MIH;P?L;A?IHFSMIG?I@NB?A?HIG?>C@@?LM@LIGIH?BOG;HNI
;HINB?L0NCFFCHNIN;FMIG?GCFFCIHBOG;HA?H?NC=P;LC;HNM B;P?<??HC>?HNC@C?>NI>;N?1B?G;DILCNSI@BOG;HA?H?NC=P;LC;HNM;L?
?CNB?LMCHAF?HO=F?INC>?P;LC;HNMMIG?ILMNLO=NOL;FP;LC;HNMMO=B;M CH>?FM;H>=IJSHOG<?LP;LC;HNMMIG?
1B?BOG;HA?HIG?CH=FO>?M<INBJLIN?CH=I>CHA!+;H>HIH=I>CHA
!+-LIN?CH=I>CHA!+=IHMCMNMI@?RIHM;H>=;H<?NL;HMF;N?>CHNI JLIN?CHMFF?RIHM=IG<CH?>`NB??RIG?`=;HJLI>O=?MIG?
>C@@?L?HNJLIN?CHM;FFI@QBC=B;L?=I>?><SNB?CLL?MJ?=NCP?A?H?M,H?
A?H?NSJC=;FFSCH=FO>?MGOFNCJF??RIHM1B??RIG?BIQ?P?L=IGJLCM?MIHFS MIG?I@NB?!+=IHN?HNI@NB??HNCL?BOG;HA?HIG?
"RIHC=P;LC;HNM;L??CNB?LMSHIHSGIOMILHIHMSHIHSGIOM0SHIHSGIOM P;LC;HNMIHIH?B;H>@;CFNI;FN?LNB?;GCHI;=C>=I>?I@NB?!+M?KO?H=?
;H>NBOM;L?GIMNFSCHMCAHC@C=;HN+IHMSHIHSGIOMP;LC;HNMIHNB?INB?L B;H>=B;HA?NB?;GCHI;=C>=I>?I@NB?!+M?KO?H=?L?MOFNCHACH;FN?L?>
JLIN?CHMNLO=NOL?IL?P?H>SM@OH=NCIHI@NB?A?H? IHM?KO?HNFSHIH MSHIHSGIOMP;LC;HNMB;P?NSJC=;FFSGO=BGIL?>L;MNC=CGJ;=NIH<CIFIAS NB;HMSHIHSGIOMP;LC;HNM;H>=;OM?>CM?;M?MGIL?I@N?H
1B?HIH=I>CHA!+M?KO?H=?M=IGJLCM?MIG?I@NB?A?HIG?
!O?NICNMMCT?;H>F?MMMNL;CABN@ILQ;L>@OH=NCIHGIMNI@BOG;HA?H?NC=
P;LC;NCIHCM@IOH>QCNBCHNB?HIH=I>CHAL?ACIHM4B?L?;MNB??RIG?CM NB?<?MNOH>?LMNII>J;LNI@NB?A?HIG?NB?HIH=I>CHAM?KO?H=?M;FMI B;P?GOFNCJF?CGJILN;HN@OH=NCIHMMO=B;ML?AOF;NCIHI@A?H??RJL?MMCIH ILA;HCT;NCIHI@=BLIGIMIG;F;L=BCN?=NOL?;H>=IHNLIFFCHA?JCA?H?NC=
CHB?LCN;H=?M;L?MOFNCHNLIHC=P;LC;NCIHCMGIL?=IGGIH<ONNSJC=;FFS F?MMM?P?L?NB;H?RIHC=P;LC;NCIH!O?NINB?BCAB@L?KO?H=SI@CHNLIHC=
P;LC;HNMBIQ?P?LNB?SM?LP?;M?RNL?G?FSOM?@OFG;LE?LMI@B;JFINSJ?M;H>
;MMO=B;L?OM?>;MJLIRC?M@ILL;L?L;H>GIL?M?P?L??RIHC=P;LC;HNM 1B?@L?KO?H=S;NQBC=BP;LC;HNM=;H<?I<M?LP?>CH;ACP?HJIJOF;NCIH P;LC?MBCABFS1SJC=;FFSP;LC;HNM;L?=F;MMC@C?>;M=IGGIHGCHIL;FF?F?
@L?KO?H=S8*#9FIQ@L?KO?H=S*#ILL;L?*#
4BCF?GIMNEHIQHP;LC;HNM;L?L;L?OJNII@NB?
P;LC;HNM;MCHAF?BOG;H=;LLC?M;L?=IGGIHILFIQ@L?KO?H=S!O?NI
H;NOL;FM?F?=NCIHBCABCGJ;=N>CM?;M?=;OMCHAP;LC;HNM;L?L;L?FS=IGGIH
;H>=IGGIHP;LC;HNMNSJC=;FFSB;P?IHFS;GI>?MNCGJ;=NIH>CM?;M?
MOM=?JNC<CFCNS!O?NIA?H?NC=>LC@NM?F?=NCIH;H>JIMMC<F?<INNF?H?=E?@@?=NM BIQ?P?LCH>CPC>O;FP;LC;HN@L?KO?H=C?M=;HP;LS=IHMC>?L;<FS;=LIMM JIJOF;NCIHM&H#CHHM@IL?R;GJF?>O?NI;L?F;NCP?FSL?=?HN JIJOF;NCIH<INNF?H?=EMIG?>CM?;M?=;OMCHAP;LC;HNM;L??HLC=B?>;H>
MIG?>?JF?N?>=IGJ;L?>NIINB?L"OLIJ?;HJIJOF;NCIHML?MOFNCHACHNB?
OHCKO?#CHHCMB>CM?;M?B?LCN;A?I@L;L?B?L?>CN;LS>CM?;M?M1;<F?
$&'1* ((($)##(((')#$''$)'###
#!#
(4?A8=C431H?4A<8BB8>=5A><)?A8=64A%0CDA4DBC><4A)4AE8244=CA4<1 )?A8=64A%0CDA4 D<0=4=4C82B*748==8B738B40B474A8C064!!!C748=38E83D0;
38B40B4B(489>%>A8>
3;LC;HNM;L?HINCHB?LCN?>L;H>IGFSNBIM?JIMCNCIH?>=FIM?NIIH?
;HINB?L;L?GIL?FCE?FSNI<?CHB?LCN?>NIA?NB?LNB;HNBIM?@;L;J;LN3;LC;HNM NB;N;L?@L?KO?HNFSCHB?LCN?>NIA?NB?L;L?FCHE?>;H>NB?JB?HIG?HIHCM N?LG?>FCHE;A?>CM?KOCFC<LCOG)!$LIOJMI@FCHE?>P;LC;HNM@ILG;
B;JFINSJ?`;=BOHEI@!+NSJC=;FFSCHB?LCN?>;M;QBIF?ILCACH;NCHA@LIG;
=IGGIH;H=?MNIL#IL?R;GJF?QB?HL;L?BCABCGJ;=N>CM?;M?=;OMCHA P;LC;HNCMFCHE?>QCNB;=IGGIHP;LC;HNCNCMJIMMC<F?NIC>?HNC@SNB?=ILL?=N B;JFINSJ?;H>FI=OML?MJIHMC<F?@IL;>CM?;M?;MMI=C;NCIH?P?HQBCF?NB?
?R;=N=;OM;FP;LC;HNL?G;CHMOHEHIQH
' " '!!!!!
1B?=CL=OF;NILSMSMN?GCHN?L=IHH?=NM;FFBOG;HILA;HM;MNB?B?;LNJOGJM IRSA?H;H>HONLC?HNLC=B<FII>;=LIMMNB?<I>S1B?B?;LNCNM?F@CM HIOLCMB?><SNB?=ILIH;LS;LN?LC?MFI=E;>?I@NB?M?;LN?LC?MF?;>MNIFIMM I@HILG;FB?;LN@OH=NCIH;H>CM=;FF?> ! ILIH;LS;LN?LS>CM?;M?CM;@ILG I@0 3!QBC=BCMNB?GIMN=IGGIH=;OM?I@>?;NBAFI<;FFS
)CE?INB?L=IGJF?R=IGGIH>CM?;M?M !>I?MHIN;@@?=N?P?LSIH?
?KO;FFS !LCMECMGI>OF;N?><SGOFNCJF?LCME@;=NILMIHFSMIG?I@QBC=B
;L?EHIQH;H>;GCHILCNSI@QBC=B=;H<?N;LA?N?>;H>GI>C@C?>QCNBG?>C=;F CHN?LP?HNCIHM
!
!CM=OLL?HNFSNB?F?;>CHA=;OM?I@>?;NB;=LIMMGIMN=IOHNLC?M
?NBHC=CNC?M;H>MI=CI?=IHIGC=MNL;N;#CAOL? !<OL>?HJ?;E?>CH
#CHF;H>;H>NB?20CHNB?M;H>B;M<??HIH>?=FCH??P?LMCH=?#CAOL?
4B?L?;M?P?LSNBCL>G?LC=;H>C?>@LIGB?;LN>CM?;M?CHNB?
MMNCFF;KO;LN?LI@G?LC=;HMQ?L?ECFF?><SB?;LN>CM?;M?CH
.,:7* 14'&1&,*89&3)&7).8*))*&9-7&9*8+472&1*8;*78:8+*2&1*8'>(&:8*
*;*1 &3)
)5@B?4E3546B?=8DD@C 4?9?B7 *E>45BD85 B51D9F5?==?>CDDB92ED9?>$935>C5/
8DD@ 3B51D9F53?==?>C?B7 <935>C5C 2I &?381>75CG5B5=145D?D85
?B979>1<697EB5
.,:7* ,*89&3)&7).8*)2479&1.9>+742(4743&7>-*&79).8*&8*.3 14,&7.9-2.(8(&1*+47<470.3,&,*)2*3&3)<42*3&,*>*&78.3
*&89*73.31&3)
)5@B?4E3546B?=8DD@C 4?9?B7 2=:9E>45BD85B51D9F5
?==?>CDDB92ED9?>&?>?==5B391</&<935>35
8DD@ 3B51D9F53?==?>C?B7 <935>C5C 2I>3 &?381>75CG5B5=145D?D85
?B979>1<697EB5
!O?NI;ACHA;H>ALIQCHAJIJOF;NCIHMNB?;<MIFON?HOG<?LI@AFI<;F !>?;NBM;L?H?P?LNB?F?MMCH=L?;MCHAQCNBINB?L0 3!MMO=B;MMNLIE?
NL;CFCHA=FIM?<?BCH>#OLNB?LGIL?0 3!CM;FMINB?F?;>CHAMIG;NC=
=;OM?I@FIMNJLI>O=NCPCNS<S>CM;<CFCNSAFI<;FFS;MQ?FF;MS?;LMI@FC@?FIMNQCNB CH=L?;MCHAHOG<?LM#CAOL?
.,:7* $7*3)84+949&1%8&3)&,*89&3)&7).8*)%7&9*8+47'49-8*=*8 (42'.3*)+742 94 '>945+.;**;*1(&:8*8.3 '>#
6:.39.1*
*814541B51CC8?GE>35BD19>DI9>D5BF1<C<?21<EB45>?69C51C5C
!>:EB95C1>4)9C;13D?BC*DE4I*!*?39?45=?7B1@893!>45H/$$CI51BC?6<965
<?CD
)5@B?4E3546B?=8DD@C 4?9?B7 *E>45BD85 B51D9F5?==?>CDDB92ED9?>$935>C5/
8DD@ 3B51D9F53?==?>C?B7 <935>C5C 2I &?381>75CG5B5=145D?D85
?B979>1<697EB5
&HMJCN?I@JLIGCMCHAJLIAL?MMCHL?>O=CHA !CHNB?J;MN>?=;>?MNB?
>?=FCH?CH !GILN;FCNSM??GMNI<?MFIQCHA>IQH6IOHA?LCH>CPC>O;FM CH4?MN?LH=IOHNLC?MCHJ;LNC=OF;LB;P?MN?;>SIL?P?HCH=L?;MCHA0 3!
LCME@;=NIL<OL>?H;H>>CM?;M?CH=C>?H=?#OLNB?LGIL?; !?JC>?GC=
M??GMNI<?CGJ?H>CHACH>?P?FIJCHA=IOHNLC?M
1B?=IMNI@0 3!CMBOA?;H?MNCG;N?><CFFCIH20!CH
#OLNB?LGIL?FCE? !CH=C>?H=?NB?=IMNM;L?JL?>C=N?>NILCM?<S<S 0 3!JL?P?HNCIH<S;@@?=NCHACNMLCME@;=NILMCMNBOMI@ONGIMN CGJILN;H=?
!!
!CM=;OM?><SI<MNLO=N?><FII>@FIQCHNB?=ILIH;LS;LN?LC?M1B?
I<MNLO=NCIH=;H<?>O?NIM?P?L;FL?;MIHMMN?HIMCMI@NB?;LN?LC?M?G<IFCMG
@LIG;>CMN;HNMIOL=?IL;FI=;F?G<IFCMG=;OM?><SFI=;F;LN?LC;FJF;KO?
LOJNOL?IL?LIMCIH-F;KO?LOJNOL?CMNB?GIMN@L?KO?HNI@NB?M?
ILIH;LSJF;KO?M;LCM?@LIG;NB?LIM=F?LIMCMQBC=BCM;>CM?;M?I@;LN?LS MN?HIMCM>O?NI;NB?LIG;NIOMJF;KO?<OCF>OJ1B??R;=N=;OM?I@
;NB?LIM=F?LIMCML?G;CHMOHEHIQH<ONM?P?L;F=IHNLC<ONCHA@;=NILMNIJF;KO?
<OCF>OJ?RCMNCH=FO>CHA>SMFCJC>?GC;?H>INB?FC;F>SM@OH=NCIHCH@F;GG;NCIH
;H>NBLIG<IMCM&H;>>CNCIHNI=ILIH;LS;LN?LC?M;NB?LIM=F?LIMCM=;H G;HC@?MNCH;HS;LN?LSI@NB?BOG;H<I>S1B?=IHM?KO?H=?MI@
;NB?LIM=F?LIMCMP;LSQC>?FS>?J?H>CHAIHNB?;@@?=N?>ILA;H1B?NBL??
=IGGIH0 3!M;L? !=?L?<LIP;M=OF;L>CM?;M?;H>J?LCJB?L;F;LN?LS
>CM?;M?
NB?LIM=F?LIMCM>?P?FIJMMFIQFSFNBIOAB;NB?LIM=F?LINC=F?MCIHMB;P?
<??H@IOH>CH=BCF>L?H;NB?LIM=F?LIMCML;L?FS=;OM?MMSGJNIGMOHNCFGC>>F?
;A?#CAOL?
.,:7* +8545F5<?@=5>D?6D8561DDICDB51;9>389<48??49C45@93D541C1B5F5BC92<5
@B?35CC!>14?<5C35>35C?=561DDICDB51;C133E=E<1D5=?B5<9@941>42579>D?
45F5<?@1692B?=EC3E<1B31@6?B=9>7D85<5C9?>D5B=541692B?EC@<1AE5!>
CE2C5AE5>DI51BC692B?EC@<1AE5C5><1B751>4E>45B7?31<396931D9?>85=?BB8175 E<35B1D9?>?BBE@DEB51>4D8B?=2?C9C+8B?=2?D93?33<EC9?>@B539@9D1D5C3<9>931<
49C51C545@5>49>7?>G89381BD5BI9C16653D54
%39<< 5>BI"B'B979>?61D85B?C3<5B?C9C9>389<48??41>414?<5C35>35+85
=5B931>"?EB>1<?6<9>931<&EDB9D9?>2I@5B=9CC9?>?6 'H6?B4,>9F5BC9DI(B5CC
&HFCH?QCNBNB?=IGJF?RJ;NBIJBSMCIFIASI@;NB?LIM=F?LIMCMM?P?L;FLCME
@;=NILM@IL0 3!B;P?<??HC>?HNC@C?>;H>;L?<LC?@FSL?PC?Q?><?FIQ
#CAOL?MG;HSI@NB?M?;L?BCABFSGI>C@C;<F?NB?SI@@?L=LO=C;FN;LA?NM
@IL0 3!JL?P?HNCIH&H@;=NCNB;M<??H?MNCG;N?>NB;NGIL?NB;HB;F@I@
JL?G;NOL?0 3!>?;NBMQILF>QC>?;L?JL?P?HN;<F?<S;=NCIHCHAIHNB?LCME
@;=NILM
.,:7* &(9478574249.3,9-*)*;*1452*394+
)5@B9>D542I@5B=9CC9?>6B?=*@B9>75B&1DEB5ECD?=5B*5BF9355>DB5=2
*@B9>75B&1DEB5&1DEB5)5F95GC5>5D93C?@IB978D
=82060+,30(
1B?G;DIL=CL=OF;NCHAFCJC>MCHNB?BOG;H<I>S;L?=BIF?MN?LIFNLCAFS=?LC>?M 1$;H>JBIMJBIFCJC>M)CJC>M;L?NL;HMJILN?>CHNB?=CL=OF;NCIHCHFCJIJLIN?CH J;LNC=F?MNB;N=IHMCMNI@;JIFCJIJLIN?CHGIF?=OF?M=BIF?MN?LIF;H>
JBIMJBIFCJC>MCHNB?BS>LIJBCFC=MOL@;=?;H>;FCJIJBCFC=FCJC>=IL?
-F;MG;FCJIJLIN?CHJ;LNC=F?M;L?=F;MMC@C?><;M?>IHNB?CLMCT?;H>>?HMCNS CHNIBCABFIQCHN?LG?>C;N?;H>P?LSFIQ>?HMCNSFCJIJLIN?CHM%!))!)
&!);H>3)!)L?MJ?=NCP?FS;H>=BSFIGC=LIHM#CAOL?,@NB?M?
=CL=OF;NCHA=BIF?MN?LIFCH)!);H>%!)%!) J;LNC=F?MNIN;F=BIF?MN?LIF 1 ;MQ?FF;M1$M;L?LIONCH?FSG?;MOL?>CH=FCHC=;FJL;=NC=?
.,:7* 1&88*84+.545749*.38
)5@B?4E3546B?=E>45B1B51D9F5?==?>C/&&<935>C5 8DD@ 3B51D9F53?==?>C?B7 <935>C5C 2I>3>4 &?381>75CG5B5=145D?D85
?B979>1<697EB5
!SMFCJC>?GC;G?;HM>CMNOL<?>FCJC>G?N;<IFCMGQBC=BF?;>MNI?CNB?L
=B;HA?MCHJF;MG;FCJIJLIN?CH@OH=NCIHILGIL?I@N?H;<HILG;FJF;MG;FCJC>
F?P?FM==IL>CHANI#CHHCMBL?=IGG?H>?>NL?;NG?HNa(VSJVBICNIb
AOC>?FCH?M>SMFCJC>?GC;CM>?@CH?>;M)!) GGIFF1$GGIFFIL
%!) GGIFFCHG;F?M;H>GGIFFCH@?G;F?M!SMFCJC>?GC;M
;L?P?LS=IGGIHQCNB;JL?P;F?H=?<?NQ??H;H>AFI<;FFS
!SMFCJC>?GC;CMNB?GIMN?RN?HMCP?FSMNO>C?>?RJIMOL?;MMI=C;N?>QCNB !LCME,P?L;FF;JIFCJIJLIN?CH;JI=IHN;CHCHAFCJIJLIN?CHMNB;N CM)!)3)!;H>&!)B;P?<??H>CL?=NFSCGJFC=;N?>CH;NB?LIM=F?LIMCM
>?P?FIJG?HN0J?=C@C=;FFSA?H?NC=?JC>?GCIFIAC=;H>=FCHC=;F CHN?LP?HNCIHMNO>C?M;FFMOJJILNNB?=;OM;FLIF?I@)!)CH;NB?LIM=F?LIMCM
>?P?FIJG?HN;H> !LCME#CLMNFSFIMMI@@OH=NCIHGON;NCIHMCHNB?)!) L?=?JNILA?H?=;OM?P?LSBCABJF;MG;)!) F?P?FM;H>L;JC>
;NB?LIM=F?LIMCMG;HC@?MNCHACHP?LSBCABJL?G;NOL? !LCME 0?=IH>FSG?H>?FC;HL;H>IGCT;NCIHMNO>C?MB;P??MN;<FCMB?>P;LC;HNMCH A?H?MNB;NFIQ?L)!) F?P?FM;H> !LCMEQCNBION;MMI=C;NCIHMNIINB?L JIN?HNC;F !LCME@;=NILM1BCL>FSG?N;;H;FSM?MI@JLIMJ?=NCP?
?JC>?GCIFIAC==IBILNMNO>C?MB;P??MN;<FCMB?>;MNLIHAFIAFCH?;L>IM?
>?J?H>?HN;MMI=C;NCIH<?NQ??HJF;MG;)!) F?P?FM;H> !LCME
#CH;FFSHOG?LIOML;H>IGCT?>=IHNLIFF?>)!) FIQ?LCHA>LOANLC;FM`
CH=FO>CHAMN;NCHMjBS>LIRSjG?NBSFAFON;LSF IL?>O=N;M?CHBC<CNILM
?T?NCGC<?CHBC<CNILI@CHN?MNCH;F;<MILJNCIHI@=BIF?MN?LIF<S<CH>CHANINB?
+C?G;HH-C=E )CE?NL;HMJILN?LJLIJLIN?CH=IHP?LN;M?MO<NCFCMCHE?RCH NSJ?- 0(CHBC<CNILM=BIF?MNSL;GCH?<CF?;=C>M?KO?MNL;HN;H>;
=BIF?MN?LSF?MN?LNL;HM@?LJLIN?CHCHBC<CNIL`B;P?>?GIHMNL;N?> !LCME FIQ?LCHA=IHMCMN?HNQCNBI<M?LP?>L?>O=NCIHMCH)!) F?P?FM
&H;>>CNCIHNI)!) GOFNCJF?FCH?MI@?PC>?H=?JICHNNIQ;L>M1$M<?CHA
=;OM;FLCME@;=NILM@IL;NB?LIM=F?LIMCM;H> !#CLMNFSA?H?NC=P;LC;HNMNB;N FIQ?L1$F?P?FMB;P?MBIQH=IHMCMN?HN !LCMEL?>O=NCIHM 0?=IH>FSCH?JC>?GCIFIAC=;FMNO>C?MBCAB1$F?P?FM?P?H;@N?L;>DOMNCHA@IL
%!) F?P?FMB;P?;MMI=C;N?>QCNBBCAB?L !LCME#CH;FFS C=IM;J?HN?NBSF;Hk@;NNS;=C>>?LCP;NCP?Q;ML?=?HNFSMBIQHNIL?>O=?
1$F?P?FM;H> !LCMECH;F;LA?L;H>IGCT?>=FCHC=;FNLC;FM;L?MOFNI@
NBCML?=?HN?PC>?H=?G;HSGIL?1$FIQ?LCHA>LOAM;L?=OLL?HNFS<?CHA
>?P?FIJ?>
!?MJCN??JC>?GCIFIAC=;F;MMI=C;NCIHQCNB !LCMECHB?;FNBSCH>CPC>O;FM FIQJF;MG;%!) F?P?F>I?MHIN;JJ?;LNI<?;=;OM;FLCME@;=NIL@IL !
#CLMNFSCH;G;DILG?H>?FC;HL;H>IGCT;NCIHMNO>S%!) ;MMI=C;N?>
P;LC;HNM@;CF?>NI;MMI=C;N?QCNB !LCME;@N?L;>DOMNCHA@ILNB?CL?@@?=NIH 1$M0?=IH>FSQCNBNB??R=?JNCIHI@?P;=?NL;JC<;FF%!) CH=L?;MCHA IL@OH=NCIHIJNCGCTCHA>LOAMB;P?@;CF?>NI;=BC?P? !LCMEL?>O=NCIH ),809=
,<?MCNSCM>?@CH?>;M;<I>SG;MMCH>?R*&EAG;H>IP?LQ?CABN;M
*&EAG,<?MCNSCM;HCGJILN;HNLCME@;=NIL@ILCHN?LG?>C;N?0 3!
;MMI=C;N?>JB?HINSJ?MMO=B;M>SMFCJC>?GC;;H>BSJ?LN?HMCIH;MQ?FF;M@IL
;NB?LIM=F?LIMCM;H> !,<?MCNS;FMIJL?>CMJIM?MNIINB?L=BLIHC=0 3!
;MMI=C;N?>>CM?;M?MCH=FO>CHA1!=BLIHC=EC>H?S>CM?;M?;H>@;NNSFCP?L
>CM?;M?*?H>?FC;HL;H>IGCT;NCIHMNO>C?MB;P??MN;<FCMB?>;=;OM;F FCHE<?NQ??HI<?MCNS;H>;NF?;MN1! !;H>MNLIE?
,<?MCNSCMP?LS=IGGIHQCNBUI@;>OFNM<?CHAI<?M?ILIP?LQ?CABN QILF>QC>?1B?JL?P;F?H=?I@I<?MCNSCMCH=L?;MCHAL;JC>FSCNB;M
>IO<F?>CH=IOHNLC?MCHNB?F;MNS?;LM 0(),9,8
!C;<?N?MCM=B;L;=N?LCT?><SBCAB<FII>MOA;LF?P?FMBSJ?LAFS=;?GC;?CNB?L
>O?NIF;=EI@CHMOFCHNSJC=;FFSNSJ?>C;<?N?MILCHMOFCHL?MCMN;H=?NSJC=;FFS 1!-?LMCMN?HNBSJ?LAFS=;?GC;CM;H?MN;<FCMB?>;H>G;DILLCME@;=NIL@IL 0 3!;H> !!C;<?N?MCM;FMIP?LS=IGGIHQCNBMIG?GCFFCIH I@NB?JIJOF;NCIHAFI<;FFS>C;<?NC=M?MNCG;N?>QILF>QC>?CH 2JNI;NBCL>I@;FF>C;<?NC=MMO@@?L@LIG; 3!%SJ?LAFS=;?GC;?P?H QCNBION;>C;AHIMCMI@>C;<?N?M=IH@?LMCH=L?;M?> 3!LCME
%SJ?LAFS=;?GC;CMNBIOABNNICH=L?;M? !LCMEPC;GOFNCJF?G?=B;HCMGM CH=FO>CHAP;M=OF;LCH@F;GG;NCIHNBLIG<IMCMMOM=?JNC<CFCNS;H>?H>INB?FC;F
CHDOLS!C;<?N?MCM;FMI;G;DIL=IHNLC<ONILNIG;HSINB?L0 3!LCME
@;=NILMMO=B;M>SMFCJC>?GC;I<?MCNS;H>BSJ?LN?HMCIH 0,9
!C?NM??GMNIGI>C@S0 3!LCME<INBCH>CL?=NFSNBLIOAB=IHNLC<ONCHANI I<?MCNS;H>>CL?=NFSPC;INB?LG?=B;HCMGMNB;N;L?F?MM=F?;L1B?4?MN?LH
?H?LASLC=BaG?;N;H>MQ??Nb>C?NB;M<??HNBIOABNNI<?;E?SL?;MIH OH>?LFSCHANB?GI>?LHI<?MCNS;H>0 3!?JC>?GC=*IMN>C?N;LS L?M?;L=BBIQ?P?LCM?JC>?GCIFIAC=;F;H>I<M?LP;NCIH;FCHH;NOL?;H>NBOM MNLIHA=IH=FOMCIHML?A;L>CHA=;OM;FCNS;L?M=;L=?
=6,79,48054
%SJ?LN?HMCIHG?;HMJ?LMCMN?HNFS;<HILG;FFSBCAB<FII>JL?MMOL?#CHHCMB AOC>?FCH?M>?@CH?BSJ?LN?HMCIH;M<FII>JL?MMOL?GG%A)CE?
I<?MCNS;H>>SMFCJC>?GC;BSJ?LN?HMCIHCMP?LSJL?P;F?HN;@@?=NCHAOJNI;
NBCL>I@;>OFNMAFI<;FFS%SJ?LN?HMCIH=IHNLC<ON?MNI;==?F?L;N?>
;NB?LIM=F?LIMCM>?P?FIJG?HN;H>;MMI=C;N?MQCNB?F?P;N?>LCMEI@ !;H>
MNLIE?1B?JL?=CM?G?=B;HCMGML?G;CHOH=F?;L<ON;LN?LC;FQ;FF BSJ?LNLIJBSCGJ;CL?>=IHH?=NCP?NCMMO?G?N;<IFCMG;H>JLICH@F;GG;NILS
?@@?=NMB;P?<??HMOAA?MN?>,JNCG;F<FII>JL?MMOL?N;LA?NM BIQ?P?LL?G;CH;MIOL=?I@B?;N?>>?<;N?
!35104.
CA;L?NN?MGIECHACM;=;OM;FLCME@;=NIL@IL0 3!;H>NB?LCMECMFCE?FS G?>C;N?>NBLIOAB?H>INB?FC;F>SM@OH=NCIH;H>CH@F;GG;NCIH&NCM NB?F?;>CHA;=NCIH;<F?;H>JL?P?HN;<F?=;OM?I@>?;NBQILF>QC>?
!?MJCN?>?=L?;MCHAJIJOF;NCIHJL?P;F?H=?>IQH@LIGNICHG?H
;H>NICHQIG?H@LIGNINB?;<MIFON?HOG<?LI@
MGIE?LMCMMNCFFIHNB?LCM?AFI<;FFS
!
!CMJ;LNFSB?LCN;<F?1B?=FCHC=;FI<M?LP;NCIHNB;N !LOHMCH@;GCFC?M
>;N?M<;=ENINB?M*IL?GI>?LHG?NBI>M<;M?>IHNQCHMNO>C?M
;H>A?HIG?QC>?;JJLI;=B?MB;P?M?NNB?B?LCN;<CFCNS?MNCG;N?NIU
#OLNB?LGIL?CHG;HSJLIMJ?=NCP?MNO>C?M;JIMCNCP?@;GCFS BCMNILSI@ !B;M<??H;MNLIHAJL?>C=NILI@ !LCME-IMCNCP?
@;GCFSBCMNILS;FIH?BIQ?P?LCMOH;<F?NI>CM=?LH<?NQ??H?HPCLIHG?HN;F
;H>A?H?NC=@;=NILM@;GCFSBCMNILSGIMNFCE?FSL?JL?M?HNM<INBMB;L?>;H>
NL;HMGCNN?>CHB?LCN?>;H>?HPCLIHG?HN;F@;=NILM
,HFSIH?=F?;LGIHIA?HC==;OM?I@BCABCHB?LCN?> !LCMEB;M<??H C>?HNC@C?>`#%&HMBILNQCNB;JL?P;F?H=?I@UCH#%CMGIMNI@N?H
=;OM?><SFIMMI@@OH=NCIHGON;NCIHMCHNB?)!)L?=?JNILA?H?
F?;>CHANIP?LSBCABJF;MG;)!) F?P?FM;H>L;JC>;NB?LIM=F?LIMCM
G;HC@?MNCHACHP?LSBCABLCME@ILJL?G;NOL? !#%QCFF<?L?PC?Q?>CH
GIL?>?N;CFCHNB?H?RN=B;JN?L#OLNB?LGIL?M?KO?H=CHAMNO>C?MB;P?
C>?HNC@C?>;NF?;MN?CABNINB?LA?H?MCHQBC=B;H;AAL?A;NCIHI@L;L?P;LC;HNM B;M;FN?L?> !LCME1B?M?A?H?MCH=FO>?HINIHFS=OLL?HN>LOAN;LA?NM MO=B;M<ON;FMI<ON;FMIG;HSJLIN?CHM@ILQBC=B>LOAM;L?
=OLL?HNFS<?CHA>?P?FIJ?>1;<F?&HN?L?MNCHAFS;FFNB?M?A?H?MJF;S
=LO=C;FLIF?MCHFCJC>G?N;<IFCMG
$&'1* *""'.$'(*!)('$"#(&*##()*($'
&(+$0=68>?>84C8=;8:4('0?>;8?>?A>C48=*)0B80;>6;H2>?A>C48=
A424?C>A2>A>=0AH0AC4AH38B40B4$DA>?40=$43828=4B64=2H +)>>30=3AD63<8=8BCA0C8>=$$);>F34=B8CH;8?>?A>C48=A424?C>A$(
;8?>?A>C48=0$($;8?>?A>C48=;8?0B4&($%84<0==M'82:;8:48=CA024;;D;0A 27>;4BC4A>;CA0=B?>AC4A(*#?A>?A>C48=2>=E4AC0B4BD1C8;8B8=:4G8=CH?4 0<068=6<DC0C8>=B8=0C;40BC=8=464=4B70E4144=A>1DBC;H0BB>280C43F8C7A8B:
>52>A>=0AH0AC4AH38B40B48=402720B4834=C8584364=4B38BAD?C?0C7F0HBA4;0C43 C>;>F34=B8CH;8?>?A>C48=##27>;4BC4A>;CA86;H24A834A827;8?>?A>C48=B>A
;8?>?A>C48=0<4C01>;8B< '70A<02>;>6820;C74A0?84B0A48=2DAA4=CDB4>A 34E4;>?<4=CC><8<82C74?A>C42C8E4E0A80=CB5>A58E4>5C74B8G64=4B8=F7827 8=7818C8>=>5C74A4;0C43?A>C48=F>D;314?A4382C43C>A43D24A8B:
'A4E0;4=244BC8<0C410B43>=8=38E83D0;B>55A820=0=24BCAH 0AA84A5A4@D4=2H BD1BC0=C80;;H;>F4A8=>C74AA0280;0=34C7=826A>D?B
(4?A8=C431H?4A<8BB8>=5A><)?A8=64A%0CDA4DBC><4A)4AE8244=CA4<1 )?A8=64A%0CDA4%0CDA4(4E84FB4=4C82B>?HA867C
*IMNC>?HNC@C?>A?H?NC==;OM?MI@ !FC?CH=IGGIHP;LC;HNM1I>;N?
$40MB;P?C>?HNC@C?>UA?H?NC=P;LC;HNMLI<OMNFSFCHE?>QCNB !LCME
*IMNI@NB?M?P;LC;HNMB;P?#;H>;L?;MMI=C;N?>QCNBIHFS GI>?L;N?FSCH=L?;M?> !LCMEJ?LLCME;FF?F?1;E?HNIA?NB?L NB?M?P;LC;HNM?RJF;CHI@ !B?LCN;<CFCNS'OMNFCE?QCNB
$40L?MOFNM@LIGINB?L=IGGIH=IGJF?R>CM?;M?M;F;LA?G;DILCNSI@NB?
C>?HNC@C?>P;LC;HNMFC?CHNB?HIH=I>CHAL?ACIHMI@NB?A?HIG?&NCM OHEHIQHBIQ?P?LQB?NB?LNB?M?P;LC;HNM;L?;=NO;FFS=;OM;FILDOMNN;A
F?MM@L?KO?HNJLIN?CH=I>CHAP;LC;HNM#ILGIMNI@NB?C>?HNC@C?>P;LC;HNMNB?
JBSMCIFIAC=;FJ;NBQ;SMI@NB?CL;MMI=C;N?>A?H?ML?G;CHOH=?LN;CH#CAOL?
*IMN !;MMI=C;N?>A?H?MQCNB;EHIQHJBSMCIFIAC=;F@OH=NCIH;L?
BIQ?P?LFCJC>G?N;<IFCMGL?F;N?>FF`CH=FO>CHANB?Q?;EFS;MMI=C;N?>`
A?HIGC=P;LC;HNMN;E?HNIA?NB?L=;HNB?M?>;SMC>?HNC@SI@NB?JIJOF;NCIH NB;NCM;NNBL??@IF>CH=L?;M?>LCME@IL !
.,:7* !->8.414,.(&15&9-<&>87*1&9*)94,*3*9.(14(.&884(.&9*)<.9-(4743&7>
&79*7>).8*&8*
5>5D93<?39945>D96954D?41D51B549C@<1I541<?>7G9D8D85@B5CE=54B5<1D9?>C89@D?
D8531EC1<@1D8G1I$?391B5<125<<5421C54?>D85>51B5CD75>5C2531EC5D85 31EC1<75>5C1>4F1B91>DC81F5>?D255>4569>9D9F5<I945>D969546?B=?CD<?39D89C 3?==?><IEC546?B=?61>>?D1D9?>=1I@B?F59>3?BB53D9>C?=531C5C41@D54 6B?=
)5@B9>D542I@5B=9CC9?>6B?=*@B9>75B&1DEB5ECD?=5B*5BF9355>DB5=2
*@B9>75B&1DEB5&1DEB5)5F95GC5>5D93C?@IB978D
!LCME@;=NILMNII;L?BCABFSB?LCN;<F?1B?B?LCN;<CFCNSI@NB?
=IGJIH?HNMI@>SMFCJC>?GC;1 1$)!) ;H>%!) I<?MCNS*&
>C;<?N?M@;MNCHAAFO=IM?;H>CHMOFCH;H>BSJ?LN?HMCIHMSMNIFC=;H>
>C;MNIFC=<FII>JL?MMOL?80-;H>!-9;FFFC?<?NQ??H;H>
4BCF?CNCM=F?;LNB;NNB?B?LCN;<CFCNSI@NB?M? !LCME@;=NILM
=IHNLC<ON?MMO<MN;HNC;FFSNIIP?L;FF !B?LCN;<CFCNSNB?CLL?F;NCP?=IHNLC<ONCIHM
;H>GONO;FCHN?LJF;SL?G;CHOH=F?;L
MNB?F?;>CHA=;OM?I@>?;NB;H>FIMNJLI>O=NCPCNSCHGIMN=IOHNLC?M ! JL?P?HNCIHCMC@ONGIMNCGJILN;H=?E?SJ;LNI@MO==?MM@OF
JL?P?HN;NCP?G?;MOL?MCMNB?;P;CF;<CFCNSI@;==OL;N?NIIFM@IL !;H> 3!
JL?>C=NCIH
MCH>CPC>O;FML;L?FSB;P?IHFSIH?0 3!LCME@;=NIL=OLL?HNLIONCH?
=FCHC=;F0 3!LCME;MM?MMG?HNL?FC?MIHLCMEGI>?FMNB;N;L?<;M?>IH GOFNCJF?=FCHC=;F@;=NILMMO=B;M;A?MGIECHA<FII>JL?MMOL?>C;<?N?M*&
@;GCFSBCMNILS;H>FCJC>G?;MOL?G?HNM0?P?L;FBOH>L?>LCME
;MM?MMG?HNGI>?FM?RCMNIHFS;GCHILCNSI@QBC=BB;P?<??H?RN?LH;FFS P;FC>;N?>1B?GIMNQC>?FSOM?>;L?NB?"OLIJ?;H0I=C?NSI@
;L>CIFIAScM0SMN?G;NC= ,LIH;LS/CME"P;FO;NCIH0 ,/"@IL ! GILN;FCNS;H>NB?#L;GCHAB;G/CME0=IL?@IL !CH=C>?H=?QCNB MN;NCMNC=M
?KO;FNINB?;L?;OH>?L;L?=?CPCHAIJ?L;NIL=B;L;=N?LCMNC==OLP?P;LSCHA BCABFS`<?NQ??H;H>>?J?H>CHAIHNB?=IBILNOH>?LMNO>S 1B?M?=FCHC=;FLCMEM=IL?MQBCF?OM?@OF@;CFNIC>?HNC@S;F;LA?
JLIJILNCIHI@CH>CPC>O;FMQBI>?P?FIJ=;L>CIP;M=OF;L>CM?;M?#IL?R;GJF?
CH>CPC>O;FMQCNBJL?G;NOL? !I@N?HB;P?#%ILINB?LA?H?NC=>CMIL>?LMNB;N
=FCHC=;FLCMEM=IL?M@;CFNI=IGJL?B?HMCP?FS=;JNOL?*IL?IP?LGIMN M=IL?M;L?<;M?>IH=IBILNMQCNBGC>>F?;A?>ILIF>?LCH>CPC>O;FM;H>B;P?
;FCGCN?>S?;LM=IJ?QBC=B>CM=IOL;A?NB?CLOM?CHSIOHA?LCH>CPC>O;FM QBIGCABN<?H?@CNNB?GIMN@LIGLCMEFIQ?LCHACHN?LP?HNCIHMFIHAN?LG
!?MJCN?NB?CLMBILN=IGCHAMPCLNO;FFS;FFG;DILAOC>?FCH?ML?=IGG?H>OMCHA NB?GNIG;E?LCME=F;MMC@C=;NCIHM;H>;C>CH=FCHC=;F>?=CMCIHG;ECHA
+IP?F<CIG;LE?LMMO=B;M>?N;CF?>FCJC>IGC=JLI@CFCHA;H>A?H?NC=N?MNCHA G;S=IGJF?G?HN=FCHC=;FLCME;MM?MMG?HN-/0<;M?>IHN?HMI@
NBIOM;H>MI@ !;MMI=C;N?>0+-MB;MMCAHC@C=;HNFSCGJLIP?> !LCME JL?>C=NCIHJL?PCIOMFS$?HIGC=CH@ILG;NCIHB;ML?@CH?> !LCME
?MNCG;NCIHCHG;HSINB?LJLIMJ?=NCP?=IBILNM;MQ?FF !CM BCABFSB?LCN;<F?;H>GI>?LHNIIFMMO=B;M-/0MB;P?@CH;FFS?H;<F?>NB?
G?;MOL?G?HNI@NBCMA?H?NC==IGJIH?HN#OLNB?LGIL?;MNB?A?HIG?
L?G;CHM=IHMN;HNNBLIOABIONFC@?NB? !-/0=;H;FMIM?LP?NI;=BC?P?
FC@?NCG? !LCMEMNL;NC@C=;NCIH$?H?NC=CH@ILG;NCIHCMNB?L?@IL?;P?LS JLIGCMCHA=;H>C>;N?NI?HB;H=?=FCHC=;FLCME;MM?MMG?HN-/0M;L?L?PC?Q?>
CHAL?;N?L>?N;CF<?FIQ
1L;HMF;NCIHI@A?H?NC=@CH>CHAMI@=IGGIH=IGJF?R>CM?;M?MNILIONCH?
=FCHC=;FQILEB;MBIQ?P?L<??HGCHCG;F+I?MN;<FCMB?>NIIFM?RCMNNIL?NOLH A?HIGC=CH@ILG;NCIH;=KOCL?>CHL?M?;L=BF;<IL;NILC?MNIJ;NC?HNM;H>NB?CL B?;FNB=;L?JLIPC>?LM&GJILN;HNFSQB?NB?L=IGGOHC=;NCHAA?HIGC=
CH@ILG;NCIHCGJLIP?MJLCG;LSION=IG?MMO=B;ML?>O=?>GIL<C>CNSI@ 3!
J;LNC=OF;LFS<S;@@?=NCHAJ;NC?HNMcB?;FNB<?B;PCIOLL?G;CHMOH=F?;L
" &!!!
1B?JLCH=CJF?MI@NB?A?H?NC=M;H>=B;L;=N?LCMNC=MIONFCH?>@IL !;<IP?
;FMI;JJFS@ILINB?L=IGGIH=IGJF?R>CM?;M?M&H;>>CNCIHNI !CH0NO>S
&&&Q?=BIM?NIMNO>S1!#C<;H>NQI=IGGIH=;H=?LMJLIMN;N?;H>
<L?;MN=;H=?L!?MJCN?L?JL?M?HNCHA@;CLFS>CP?LM?>CM?;M??HNCNC?MN;E?H
NIA?NB?L=FIM?NI;<CFFCIHCH>CPC>O;FMQILF>QC>?MO@@?L@LIGNB?M?>CM?;M?M
#OLNB?LGIL?CH;>>CNCIHNI=F?;L?HPCLIHG?HN;FLCME@;=NILM;FFI@NB?M?
>CM?;M?MB;P?F;LA?A?H?NC==IGJIH?HNMB?LCN;<CFCNC?MI@
*IMNI@NB?B?LCN;<CFCNSCM;NNLC<ON;<F?NI=IGGIHP;LC;NCIH;M$40MB;P?
C>?HNC@C?>BOH>L?>MI@A?H?NC=FI=CNB;NGI>C@SNB?LCMEI@NB?M?>CM?;M?M
#ILNB?=IGGIH=;H=?LMHIQC>?FS;==?JN?>=FCHC=;FLCMEM=IL?M?RCMN
;H>NB?<?H?@CNI@;A?N;LA?N?>JIJOF;NCIHQC>?M=L??HCHACM>?<;N;<F?
1B?MIFONCIH=IOF>FC?CH<?NN?LNIIFM@ILJL?>C=NCIH@ILQBC=BA?H?NC=
CH@ILG;NCIHCM;MNLIHA=;H>C>;N?
"
%CAB<FII>=BIF?MN?LIFF?P?FCM;G;DIL`C@HINNB?GIMNCGJILN;HN`
GI>C@C;<F?LCME@;=NIL@IL0 3!#ILNOH;N?FSCN=;H<?;=N?>OJIH<INB QCNBFC@?MNSF?CGJLIP?G?HNM;H>G?>C=;NCIH#OLNB?LGIL?<FII>FCJC>F?P?FM
;L?BCABFSB?LCN;<F?QCNBH;LLIQM?HM?B?LCN;<CFCNS?MNCG;N?ML;HACHA@LIG NI@IL=BIF?MN?LIFG?;MOL?M;H>@IL1$M;H><LI;>M?HM?
B?LCN;<CFCNS@LIGNI@IL=BIF?MN?LIF;H>@IL1$M1;<F?
$&'1* ')!).()")($")$!(.#'$")')(#)
;;CA08CE0;D4BF4A42>AA42C435>A0640=3B4G1H;8=40AA46A4BB8>=0=3>E4A0;;
74A8C018;8CH4BC8<0C4BF4A4>1C08=4310B43>=C744=C8A4B0<?;40BBD<8=6=>
38554A4=24B8=74A8C018;8CH14CF44=B4G4B>A0646A>D?B 3?A>?>AC8>=>5E0A80C8>=
3D4C>=>=0338C8E464=4C8245542CB3><8=0=24E0A80=24?74=>CH?82E0A80=247
=0AA>FB4=B474A8C018;8CH0338C8E4E0A80=24?74=>CH?82E0A80=24 1A>03B4=B4 74A8C018;8CH.0338C8E4E0A80=243><8=0=24E0A80=24?74=>CH?82E0A80=24/%)B C>C0;=D<14A>5BD1942CB8=2;D3438=C740=0;HB8B)A>1DBCBC0=30A34AA>A>5C74 1A>03B4=B474A8C018;8CH4BC8<0C45A><?>;H*C>C0;27>;4BC4A>;*CA86;H24A834 ,?C>C0;?74=>CH?82E0A80=2405C4AC0:8=6>DC0640=3B4G45542CB
*78BA4B40A27F0B>A868=0;;H?D1;8B7438=C74">DA=0;>5#8?83(4B40A27 JC74
<4A820=)>284CH5>A8>274<8BCAH0=3$>;42D;0A8>;>6H
$!"#"
0IG?NQI>IT?HGIHIA?HC=a*?H>?FC;Hb@;GCFC;FFCJC>>CMIL>?LMB;P?<??H C>?HNC@C?>NBLIOABFCHE;A?;H;FSMCMNI>;N?1;<F??@IL?NB?LCM?I@
$40MCHNB? =?HNOLSNB?S=IHNLC<ON?>NINB?P;MNG;DILCNSI@NB?EHIQH A?H?NC=>CMIL>?LMI@FCJC>;H>FCJIJLIN?CHG?N;<IFCMG*IHIA?HC=FCJC>
>CMIL>?LMI@N?H=;OM??RNL?G?FCJC>JB?HINSJ?M>?J?H>CHAIHNB?;@@?=N?>
G?N;<IFC=J;NBQ;S!?MJCN?NB?CLGIL?MNL;CABN@ILQ;L>=FCHC=;FCGJFC=;NCIHM
<?=;OM?NB?S;L?MIL;L?NB?GIMN=IGGIH#%B;PCHA;JIJOF;NCIH JL?P;F?H=?UGIHIA?HC=FCJIJLIN?CH>CMIL>?LM=IHNLC<ON?FCNNF?NINB?
JIJOF;NCIHQC>?P;LC;<CFCNSCHFCJC>F?P?FM IHM?KO?HNFSNB?CL
=IHNLC<ONCIHNINB?IP?L;FFB?LCN;<CFCNSI@FCJC>F?P?FMCMMG;FF0?F?=N?>
GIHIA?HC=@;GCFC;FFCJC>>CMIL>?LMQCFF<?>CM=OMM?>CHAL?;N?L>?N;CF<?FIQ
$&'1* $#$#.(!%"(#.(!%$%'$)#"(
7A27A><>B><4##;>F34=B8CH;8?>?A>C48=27>;4BC4A>; #786734=B8CH
;8?>?A>C48=27>;4BC4A>;*CA86;H24A834
(4?A8=C431H?4A<8BB8>=5A><)?A8=64A%0CDA4DBC><4A)4AE8244=CA4<1 )?A8=64A%0CDA4DAA4=C4=4C82$43828=4(4?>ACB>?HA867C
4CNBCH=L?;MCHAM;GJF?MCT?M$40MB;P?C>?HNC@C?>GIL?;H>GIL?
A?H?NC=FI=C;MMI=C;N?>QCNB<FII>FCJC>F?P?FMQCNBNB?=OLL?HNHOG<?L<?CHA CHNB?BOH>L?>M1B?P;MNG;DILCNSI@NB?GIMNMNLIHAFS
;MMI=C;N?>0+-MC?NB?F?;>0+-MCHNB?FCJC>;MMI=C;N?>FI=C;L?=IGGIH
*IMNFI=CB;P?MO<M?KO?HNFSMG;FF?@@?=NMCT?M;H>NB?CLCH>?J?H>?HN
=IHNLC<ONCIHMNIFCJC>B?LCN;<CFCNSCMMG;FF1;E?HNIA?NB?LBIQ?P?LNB?S=;H
?RJF;CHOJNII@P;LC;H=?CH=BIF?MN?LIFG?;MOL?M;H>CH1$M
>?J?H>CHAIHNB?JIJOF;NCIHOH>?LMNO>S1BCMCM=FIM?NI?RJF;CHCHA B;F@I@NB?I<M?LP?>B?LCN;<CFCNSI@FCJC>F?P?FMCHNIN;F0NCFFCH=IHNL;MNQCNB L;L?GIHIA?HC=BCABCGJ;=NP;LC;HNMNB?;<MIFON?G;AHCNO>?I@LCME
=IHP?S?>NI;MCHAF?CH>CPC>O;F<S=IGGIHP;LC;HNMCMNSJC=;FFSMG;FF 1B?IP?L;FFA?H?NC=;L=BCN?=NOL?I@FCJC>F?P?FM`FCE?INB?L=IGGIH
=IGJF?RNL;CNM`CMFCE?FS;MJ?=NLOGL;HACHA@LIGL;L?BCABCGJ;=NP;LC;HNMNI
=IGGIHFIQCGJ;=NP;LC;HNMQCNBG?>COGCGJ;=NCHN?LG?>C;N?@L?KO?H=S P;LC;HNMCH<?NQ??H#ILFCJC>F?P?FMHIN;<F??R;GJF?MI@A?H?M B;L<IOLCHACHN?LG?>C;N?@L?KO?H=SG?>COGCGJ;=NP;LC;HNMCH=FO>?
NB?hhA?HINSJ?B;M;@L?KO?H=SI@;H>CH=L?;M?M3)!)
=BIF?MN?LIF83)!) 9<SMIG?@IF>NB?$i1?H=I>CHA /)QCNB;JL?P;F?H=?I@NB;NL?>O=?M)!) <S;H> !LCME
<S;H> LM*#NB;N=IHP?SMCH=L?;M?>
1$F?P?FM
1B?=OGOF;NCP?;H>;AAL?A;N?>CGJ;=NI@;FFA?HIG?QC>?;MMI=C;N?>
P;LC;HNM=;H<?;MM?MM?>OMCHA-/0MQBC=BQCFF<?>CM=OMM?>CHGIL?>?N;CF
<?FIQ&HCNQ;MMOAA?MN?>NB;NNB?BCAB)!) F?P?FMI@NB?#%
JB?HINSJ?=IOF>CH;>>CNCIHNIGIHIA?HC=BCABCGJ;=NP;LC;HNM;FMIL?MOFN
@LIG;BCABJIFSA?HC=<OL>?HI@GIL?=IGGIH)!) CH=L?;MCHAP;LC;HNM 1;FGO>;H>=IQILE?LMMBIQ?>NB;N2(J;NC?HNMQCNBNB?#%
JB?HINSJ?QCNBION;EHIQH#%GON;NCIHB;>;BCABJIFSA?HC=<OL>?HI@
)!) ;MMI=C;N?>0+-M1B?M?CH>CPC>O;FMQ?L?MOAA?MN?>NIB;P?
aJIFSA?HC=@;GCFC;FBSJ?L=BIF?MN?LIF?GC;b@ILQBC=B=;M=;>?N?MNCHAI@
L?F;NCP?MQIOF><?BCABFSCH?@@C=C?HN1B?=FCHC=;FONCFCNSI@;JIFSA?HC=
BSJ?L=BIF?MN?LIF?GC;>C;AHIMCMBIQ?P?LL?G;CHMNI<??MN;<FCMB?> ;LINC>
;NB?LIM=F?LIMCMB;M<??HMBIQHNIG;HC@?MNF?MMJLIHIOH=?>FSCHJIFSA?HC=
=IGJ;L?>NIGIHIA?HC=@;GCFC;FBSJ?L=BIF?MN?LIF?GC;<ONNB??RN?HNNI QBC=B;H;==OGOF;NCIHI@;F;LA?HOG<?LI@)!) CH=L?;MCHA;FF?F?M CH=L?;M?M !LCMEL?G;CHMOHEHIQH
&H;>>CNCIHNIBSJ?L=BIF?MN?LIF?GC;BCABJIFSA?HC=<OL>?H;FMIJF;SM;
G;DILLIF?CHBSJ?LNLCAFS=?LC>?GC;
,HFS;GCHILCNSI@NB?C>?HNC@C?>FCJC>;MMI=C;N?>FI=CB;L<IOLMA?H?M
;FL?;>SEHIQHNI<?CGJFC=;N?>CHFCJC>G?N;<IFCMGFINI@QILENBOM FC?M;B?;>NINBILIOABFSOH>?LMN;H>NB?A?H?NC=L?AOF;NCIHI@FCJC>F?P?FM
'!!
#;GCFC;F>SMFCJC>?GC;M;L?CHB?LCN?>FCJC>>CMIL>?LMNB;NLOHCH@;GCFC?MQB?L?
NB?>SMFCJC>?GC;I@N?H=IM?AL?A;N?MQCNBCH=L?;M?>0 3!LCME1B?S=;H
<?=F;MMC@C?><;M?>IHNB?JLCG;LSFCJC>>CMNOL<;H=?MO=B;MBCAB)!) IL FIQ%!) 0IG?@;GCFC;F>SMFCJC>?GC;ML?JL?M?HN;=IG<CH;NCIHI@
GOFNCJF?>CMNOL<?>FCJC>@L;=NCIHM0IG?;FMI>CMJF;SNSJC=;F=FCHC=;FMCAHMMO=B
;MN?H>IHR;HNBIG;MCH#%&NB;M<??H?MNCG;N?>NB;NGIL?NB;HB;F@I@
J;NC?HNMQCNBJL?G;NOL? !=;LLS;@;GCFC;F>SMFCJC>?GC;
!
#%CMNB?<?MN=B;L;=N?LCM?>;H>GIMNMNO>C?>@;GCFC;F>SMFCJC>?GC;
4CNB;H?MNCG;N?>JL?P;F?H=?IHUCNL?G;CHMM?P?L?FS
OH>?L>C;AHIM?>;HOH>?LNL?;N?>CHNB?A?H?L;FJIJOF;NCIH#%CM
=FCHC=;FFS=B;L;=N?LCM?><SBCAB=BIF?MN?LIFF?P?FM@LIG=BCF>BII>1 NSJC=;FFS GGIFFJL?G;NOL? !;A?CHG?H;H>CHQIG?H;H>
N?H>IHR;HNBIG;M&NM>C;AHIMCMCMGIMN=IGGIHFS<;M?>IHNB?!ON=B )CJC> FCHC=+?NQILE=LCN?LC;NB;NCH=FO>?@;GCFS;H>=FCHC=;FBCMNILSJBSMC=;F
?R;GCH;NCIH@CH>CHAM)!) F?P?FM;H>C>?HNC@C=;NCIHI@;H=;OM;NCP?#%
GON;NCIH#ILNOH;N?FS#%=;H<?NL?;N?>QCNB=BIF?MN?LIFFIQ?LCHA G?>C=;NCIHNSJC=;FFSMN;NCHM?T?NCGC<?;H>- 0(CHBC<CNILM MO<MN;HNC;FJLIJILNCIHI@#%J;NC?HNMBIQ?P?L@;CFNIL?;=BN;LA?N)!) F?P?FMQCNBMN;NCHM;H>?T?NCGC<?QB?L?;MOJNIL?;=BN;LA?N)!) F?P?FMQCNB- 0(CHBC<CNILM
#%CMCHB?LCN?>CH;H;ONIMIG;F>IGCH;HN@;MBCIH;H>CM=;OM?>G;CHFS<S GON;NCIHMCHNB?)!)L?=?JNIL;JIILA?H?M
*ON;NCIHMCH;L?NB?GIMN@L?KO?HN;H>M?P?L?M;A?H?NC=;FFS CMIF;N?>JIJOF;NCIH#%GON;NCIHMC>?HNC@C?>?FM?QB?L?;L?HIN=IGGIHFS
@IOH>CH#CHHM&H=IHNL;MN@CP?NIM?P?H@IOH>?LGON;NCIHMB;P?<??H C>?HNC@C?>CH#CHF;H>0CH=?NB?CL=IG<CH?>;FF?F?@L?KO?H=SI@
BIQ?P?L@;FFM=IHMC>?L;<FSMBILNI@NB??MNCG;N?>QILF>QC>?
G;HSC@HINGIMN#%GON;NCIHMCH#CHF;H>;L?MNCFFS?NNI<?>CM=IP?L?>
*IMN#%GON;NCIHMFCE?FS;FMIL?G;CHNI<?C>?HNC@C?>QILF>QC>?
#OLNB?LGIL?;M>CM=OMM?>CHJL?PCIOM=B;JN?LM;MO<M?NI@MOMJ?=N?>
=FCHC=;F#%J;NC?HNMFCE?FSB;P?;JIFSA?HC=;MIJJIM?>NI;GIHIA?HC=
=;OM?
&HN?L?MNCHAFSGIHIA?HC=#%QCNB;HC>?HNC@C?>GON;NCIHM??GMNI
;MMI=C;N?QCNBBCAB?L !LCMENB;H?RJ?=N?>@LIG;MCHAF?)!) G?;MOL?G?HN1BCMCMFCE?FS>O?NICH=L?;M?>FC@?FIHA?RJIMOL?NIBCAB )!) F?P?FMCH#%GON;NCIH=;LLC?LM
!
,-0409054,60+,30525.=(4+*/(7(*9,70890*8
# %Q;M@CLMN>?M=LC<?>CH<SNQIM?J;L;N?CHP?MNCA;NILMCH@;GCFC?M
;M=?LN;CH?>@LIGSIOHA*&MOLPCPILM&NQ;MILCACH;FFS>?@CH?>;M CH=L?;M?>1 1$IL<INBCH;NF?;MNNQI@CLMN>?AL??L?F;NCP?MI@NB?M;G?
@;GCFS1B?JL?M?H=?I@<INBBSJ?L=BIF?MN?LIF?GC;;H>BSJ?LNLCAFS=?LC>?GC;
CHNB?M;G?@;GCFSQ;M=IHMC>?L?>=B;L;=N?LCMNC=@ILNB?>CM?;M?*IL?
L?=?HNFSCH=FCHC=;FJL;=NC=?@CLMN>O?NINB?>?P?FIJG?HNI@NB?#LC?>?Q;F>
@ILGOF;NB;N?H;<F?>NB??MNCG;NCIHI@)!) =IH=?HNL;NCIHQCNBION
?RJ?HMCP?=?HNLC@OA;NCIH;H>F;N?LNB?QC>?MJL?;>OM?I@?HTSG;NC=
G?NBI>M@IL>CL?=N)!) G?;MOL?G?HN# %B;M<??HL?=B;L;=N?LCT?>;M
CH=L?;M?>)!) 1$IL<INB#OLNB?LGIL?JL?G;NOL? !CH;
>SMFCJC>?GC=@;GCFSG?G<?LCML?KOCL?>@IL>C;AHIMCMCHG;HS# %=LCN?LC;
E?S@?;NOL?I@# %CMNB?BCAB !LCME;MMI=C;N?>QCNBNB?=IH>CNCIH
&H@CLMN;H>M?=IH>>?AL??L?F;NCP?MI@# %;@@?=N?>CH>CPC>O;FM !LCME B;M<??HMOAA?MN?>NI<?CH=L?;M?>NI@CP?@IF> IHP?LM?FS# % JL?P;F?H=?CMCH=L?;M?>NICHJL?G;NOL? !=;M?M;M=IGJ;L?>NI JIJOF;NCIHQC>? OLL?HN#CHHCMBAOC>?FCH?ML?A;L>;FF# % J;NC?HNM;MBCAB 3!LCME;H>L?=IGG?H>MNLC=N)!) AI;FM;H>L?;>S CHN?HM?FCJC>FIQ?LCHA>LOANB?L;JS
1B?# %JB?HINSJ?CMBCABFSP;LC;<F?1B?L?CMHINIHFS=IHMC>?L;<F?
P;LC;NCIH<?NQ??HNB?G?G<?LMI@NB?M;G?@;GCFS<ON;FMICHNB?JB?HINSJ?
;=LIMM>C@@?L?HN@;GCFC?MMCNMH;G?MOAA?MNMNB?P?LS=IH=?JNI@
# %CM<;M?>IHCH=L?;M?MI@NQIM?J;L;N?FCJC>M=BIF?MN?LIF;H>1$
0IG?CH>CPC>O;FcM>SMFCJC>?GC;G;S<?GIL?=BIF?MN?LIF>LCP?HQB?L?;M
;HINB?LcMGIL?1$>LCP?H?P?HQCNBCHNB?M;G?@;GCFS#OLNB?LGIL?NB?
?RJL?MMCIHI@NB?# %JB?HINSJ?=B;HA?MIP?LNCG?CH<INB;@@?=N?>;H>
OH;@@?=N?>CH>CPC>O;FM&HJ;LN>O?NINBCMBCABP;LC;<CFCNS# %CMFCE?FS OH>?L>C;AHIM?>CHNB?JIJOF;NCIH&H;>>CNCIHNIBCAB1 1$;H>)!) CH>CPC>O;FM;@@?=N?>QCNB# %I@N?HB;P?BCAB;JI;H>FIQ%!) F?P?FM
,4,90*04;,890.(9054
M;>CMIL>?LNB;NLOHMCH@;GCFC?MFCE?#%# %Q;MILCACH;FFSNBIOABNNI<?
GIHIA?HC=!?MJCN?G;HS;NN?GJNM;NC>?HNC@SCHAL;L?BCABCGJ;=N P;LC;HNMNB?L?CMIHFSFCNNF??PC>?H=?I@MCHAF?A?H?>?N?LGCH;HNMNINB?
JB?HINSJ?$CP?HNB?BCABFSP;LC;<F?JB?HINSJ?;H>NB;NNB?J?H?NL;H=?I@
# %`;MMOGCHA;H;ONIMIG;F>IGCH;HNGI>?F`Q;MIHFSU;M
=IGJ;L?>NIU@IL#%CHNB?ILCACH;F# %MNO>SJ?>CAL??MNBCMCMB;L>FS MOLJLCMCHA
$?H?FCHE;A?;H;FSMCMCM<;M?>IHNB?=IM?AL?A;NCIHI@;JB?HINSJ?;H>
A?H?NC=G;LE?LM&NM;JJFC=;NCIHCMFCGCN?>NIJ?>CAL??>;N;;H>CNQ;M ILCACH;FFS>?P?FIJ?>@ILGIHIA?HC=>CMIL>?LM*IL?NB;HA?H?MB;P?
<??HFCHE?>QCNB# %CH;NF?;MNIH??;LFC?LFCHE;A?MNO>S,HFS;
@?QBIQ?P?LB;P?<??HL?JFC=;N?>CHINB?LMNO>C?MMCH=?
B;ML?G;CH?>NB?GIMNJLIGCMCHA# %=;H>C>;N?A?H?&N?H=I>?M OJMNL?;GNL;HM=LCJNCIH@;=NILQBC=BB;M<??HMBIQHNIL?AOF;N?NB?
?RJL?MMCIHI@G;HSA?H?MCHPIFP?>CHFCJC>G?N;<IFCMGMO=B;MM?P?L;F
;JIFCJIJLIN?CHM&NQ;M@CLMNC>?HNC@C?>CH#CHHCMB# %@;GCFC?MNB;N;L?
J;LNC;FFSIP?LF;JJCHAQCNBNB?@;GCFC?MCH=FO>?>CHIOLMNO>S1B?@CH>CHA Q;MF;N?LL?JFC=;N?>CH2N;B;H>*?RC=;HJ?>CAL??M,NB?L JLIGCMCHAFCHE?><ONJIILFSL?JFC=;N?># %A?H?MCH=FO>?NB?EHIQHFCJC>
A?H?M =FOMN?L?H=I>CHA;JI;JIFCJIJLIN?CH &&&;H>
;JIFCJIJLIN?CH&3;H>3FCJIJLIN?CHFCJ;M?JLIJLIN?CH
=IHP?LN;M?MO<NCFCMCHE?RCHNSJ?;H>F?=CNBCH=BIF?MN?LIF
;=SFNL;HM@?L;M?1B?M?A?H?MB;P?<??HFCHE?>QCNBFCJC>F?P?FM;FMICH
F;LA?JIJOF;NCIHM=;F?$40MHINB?LCGJILN;HN@CH>CHA
@LIGFCHE;A?;H>INB?L;H;FSM?MCMNB;NGIMNI@N?HCH>?J?H>?HNA?H?NC=FI=C
=IHNLC<ON?>CMNCH=NFSNINB?>C@@?L?HNFCJC>NL;CNM;H>HIFI=OM?RJF;CHMNB?QBIF?
=IGJF?R# %JB?HINSJ?#IL?R;GJF?CHNB?2N;BJ?>CAL??M#%
;MMI=C;N?>GON;NCIHMQ?L?L?MJIHMC<F?@ILCH=L?;M?>1 CHI@
# %;@@?=N?>=;M?MQCNBMIG?;MI@S?NOHEHIQH@;=NIL=IHNLC<ONCHANINB?
CH=L?;M?>1$
-LCILNI0NO>S&OHFCE?QCNB#%NB?=IHNLC<ONCIHI@JIFSA?HC=<OL>?HNI
# %B;>HIN<??H;MM?MM?>FFCH;FFQB?NB?L# %L?JL?M?HNM;MCGCF;L
>CMNCH=N>CM?;M??HNCNS;M#%QCNB;=F?;LGIHIA?HC==;OM?L?G;CH?>;H CGJILN;HNIJ?HKO?MNCIH`IH?QBC=B0NO>S&;CG?>NI;>>L?MM
!
&H;>>CNCIHNI#%;H># %INB?L@;GCFC;F>SMFCJC>?GC;MCH=FO>CHA
BSJ?LFCJC>?GC;M?A@;GCFC;FBCABFCJIJLIN?CH;;H>BSJIFCJIJLIN?CH;?GC;M
?A@;GCFC;FFIQ%!) ;FMI?RCMN1B?S;L?BIQ?P?LA?H?L;FFSL;L?L
@IL?R;GJF?GIHIA?HC=P;LC;HNMOH>?LFSCHABSJ?LNLCAFS=?LC>?GC;;L?JL?M?HN CHIHFSIH?CH;GCFFCIHCH>CPC>O;FMCHNB?JIJOF;NCIH1B?SB;P?;FMI
<??H?RN?HMCP?FS=IP?L?>?FM?QB?L?;H>;L?<?SIH>NB?M=IJ?I@NBCMNB?MCM
%
M@ILGIMN=IGGIH=IGJF?R>CM?;M?MMO=B;M !IHFS;B;H>@OFI@L;L?
GIHIA?HC==;OM?MB;P?<??HC>?HNC@C?>4BCF?NB?CLCGJ;=NIHNB? !LCME IHCH>CPC>O;FF?P?FCMF;LA?NB?S?RJF;CHIHFS;MG;FF@L;=NCIHI@NB?P;LC;NCIH JIJOF;NCIHQC>?&NCMHIQEHIQHNB;NNB?G;DILCNSI@NB?B?LCN;<CFCNSI@NBIM?
>CM?;M?MCM?RJF;CH?><SNB?=IGGIHP;LC;NCIH IGGIH>CM?;M?
;MMI=C;N?>P;LC;HNMB;P?<??HL?;>CFSC>?HNC@C?>QCNB$40M1I>;N?
NBIOM;H>MI@$40MB;P?OH=IP?L?>A?HIGC=;MMI=C;NCIHM
<?NQ??HP;LC;HNM;H>P;LCIOMJB?HINSJ?M4BCF?NB?CH>CPC>O;F?@@?=N MCT?MI@NB?M?=IGGIHP;LC;HNM;L?MG;FFNB?S=;HB;P?;F;LA?;H>
=FCHC=;FFSL?F?P;HN=IHNLC<ONCIHNI>CM?;M?QB?H;AAL?A;N?>NIA?NB?L -/0Q?L?>?P?FIJ?>;M;G?;HMNI;AAL?A;N?NB?=OGOF;NCP?
CH=L?G?HN;F?@@?=NMI@M?P?L;FA?HIGC=P;LC;HNMCHNI;MCHAF?G?;MOL?G?HN
@IL;HCH>CPC>O;F1B?@CLMN;H>MCGJF?MN-/0M=IGJLCM?>NB?OHQ?CABN?>
MOGI@NB?HOG<?LI@LCMEIL?@@?=N;FF?F?M;HCH>CPC>O;F=;LLC?>@IL;J;LNC=OF;L NL;CNMEHIQF?>A?I@NB?A?H?NC=;L=BCN?=NOL?I@=IGGIH=IGJF?R
>CM?;M?AL?QQ?CABN?>-/0MQ?L?CHNLI>O=?>QB?L?NB?HOG<?LI@LCME
;FF?F?MQ;MQ?CABN?>NSJC=;FFS<SNB?FIA;LCNBGI@NB?,/M@LIGFIACMNC=
L?AL?MMCIHIL.L?AL?MMCIH=I?@@C=C?HNM@LIGFCH?;LL?AL?MMCIHCH;$40 1SJC=;F-/0MCH=FO>?>IHFSNB?F?;>0+-MCHNB?A?HIG?QC>?MCAHC@C=;HN FI=C)g@IL;MJ?=C@C=NL;CNM$40M;GJF?MCT?MAL?QMI>C>NB?
HOG<?LI@MCAHC@C=;HNFI=CC>?HNC@C?>;H>=IHM?KO?HNFSNB?HOG<?LI@
P;LC;HNMCH=FO>?>CH-/0M#CH;FFSCNQ;MMBIQHNB;NNB?MN;NCMNC=;FFS MCAHC@C=;HNFI=CIHFSL?JL?M?HN?>NB?NCJI@NB?C=?<?LAI@A?H?NC=MCAH;FCH
$40MNO>C?M/?=?HNFSCHFCH?QCNBNB?IGHCA?HC=CHB?LCN;H=?
BSJINB?MCM`QB?L?;FGIMN;FFFI=CCHNB?BOG;HA?HIG?;L?;MMOG?>NI B;P?;H?@@?=NIH;FGIMN;FFJB?HINSJ?MNBLIOAB=IGJF?RCHN?L=IHH?=N?>
A?H?L?AOF;NILSH?NQILEM`-/0MB;P??PIFP?><?SIH>NB?A?HIG?QC>?
MCAHC@C=;H=?NBL?MBIF>*I>?LH-/0M?GJFISGCFFCIHMI@0+-M
=;JNOLCHANB?NL;CN;MMI=C;N?>P;LC;NCIH;=LIMMNB?QBIF?A?HIG?
$ICHA<?SIH>NB?A?HIG?QC>?MCAHC@C=;H=?NBL?MBIF>BIQ?P?LL?KOCL?M N;ECHA)!CHNI=IHMC>?L;NCIHNI;>DOMN@ILNB?=ILL?F;NCIHMNLO=NOL?;GIHA P;LC;HNM1B?NL;>CNCIH;F;JJLI;=BCM)!JLOHCHA;H>)P;FO?NBL?MBIF>CHA QB?L?$40MOGG;LSMN;NCMNC=MP;LC;HNM;L?@CLMNNLCGG?><;M?>IH;
JL?>?@CH?><ON;L<CNL;LS)P;FO?NBL?MBIF>;H>NB?H;FFP;LC;HNMCH)!
L?GIP?>OMCHA;HMKO;L?>=ILL?F;NCIH<;M?>*NBL?MBIF>NSJC=;FFS GIL?L?=?HNG?NBI>)!JL?>?FCGCH;N?MNB?H??>@IL;H;L<CNL;LS*
NBL?MBIF><S?GJFISCHA;;S?MC;H;JJLI;=BNI=;F=OF;N?;JIMN?LCILG?;H
?@@?=NMCT?@IL?;=BP;LC;HN<;M?>IH;JLCILJLI<;<CFCNSI@?@@?=NMCT?;H>)!
<?NQ??HP;LC;HNMOther methods have also been developed, but have failed to reach widespread adoption(168). 1B?M?G?NBI>IFIAC=;F;>P;H=?M B;P??H;<F?>NB?>?P?FIJG?HNI@NB?=OLL?HNF;LA?MN-/0M
1B??PIFONCIHI@-/0M@ILFCJC>MB;P?@IFFIQ?>NB?J;NBIONFCH?>;<IP?
1B?@CLMNFCJC>$40MC>?HNC@C?>;@?Q>IT?HFCJC>;MMI=C;N?>FI=C FL?;>SN?HS?;LM;AI;Q?CABN?>-/0<;M?>IHFCJC>;MMI=C;N?>FI=C
?RJF;CH?>OJNII@P;LC;NCIHCHFCJC>M;H>;MMI=C;N?>QCNBCH=L?;M?>
!LCMEH?P?HMG;FF?L-/0<;M?>IH0+-MQ;MOM?>CH NIBCABFCABN;MO<MN;HNC;FJLIJILNCIHI@#%GON;NCIHH?A;NCP?J;NC?HNMQCNB JIMMC<F?JIFSA?HC=BSJ?L=BIF?MN?LIF?GC;;M>CM=OMM?>CHJL?PCIOM=B;JN?LM 2HNCFNBCMNB?MCMBIQ?P?LGIMNFCJC>-/0MB;P?<??H<;M?>IHIHFS;
B;H>@OFILMIG?>IT?HMI@0+-M&H0NO>S&Q??GJFIS?>-/0MQCNB FCJC>;MMI=C;N?>0+-M&H0NO>C?M&&;H>&&&Q?CH=L?;M?>NB?HOG<?LI@
0+-MCHNB?FCJC>M-/0MNIGCFFCIHM
1B?M;G?JB?HIG?HIH=;H<?M??HQCNB-/0M@IL !NB;NMN;LN?>QCNB IHFS;B;H>@OFI@P;LC;HNMCHNB?F;N?MQCNBNB?=OLL?HN-/0ML?;=BCHA M?P?HGCFFCIH0+-MGI>?LHF;LA?M=;F?-/0QCNBMIG?
NQIGCFFCIH0+-MQ;M@IF>GIL?;==OL;N?CHMNL;NC@SCHA !=;M?M@LIG
=IHNLIFMNB;H;HIF>?L-/0QCNBDOMN0+-M
-/0MB;P?<??HMO==?MM@OFFS;JJFC?>NI;FGIMN;FF>CM?;M?M;H>NL;CNM QCNB=IHMC>?L;<F?B?LCN;<CFCNS&H;>>CNCIHNIFCJC>M;H> !NB?M?CH=FO>?
B?CABN1!<L?;MN;H>JLIMN;N?=;H=?LM#C<CH@F;GG;NILS<IQ?F>CM?;M?
I<?MCNSFTB?CG?LcM>CM?;M?M=BCTIJBL?HC;;H><CJIF;L>CMIL>?L;GIHA G;HSINB?LM1B?HOG<?LI@JO<FC=;NCIHMOMCHA-/0M B;MLCM?H?RJIH?HNC;FFSCHNB?=OLL?HN>?=;>?QCNBHI?H>CHMCABN#CAOL?
*I>?LHF;LA?M=;F?A?HIG?QC>?-/0MB;P?J?L@ILG?>P?LSCGJL?MMCP?FSCH
=F;MMC@SCHA>CM?;M?=;M?M@LIG=IHNLIFMQCNBL?F;NCP?LCMEM;H>I>>ML;NCIM
,/MOJNI@IF>@ILI<?MCNS;H>CHC>?HNC@SCHA=IHMC>?L;<F?JLIJILNCIHM I@NB?JIJOF;NCIHQCNB>CM?;M?LCME?KOCP;F?HNNIBCABCGJ;=NGIHIA?HC=
GON;NCIHM@IL !@IL-/0PM#%GON;NCIH-/0M;FMIM??GNI C>?HNC@S?;LFSIHM?N>CM?;M?=;M?M;MQ?FF;MNBIM?QBI<?H?@CNGIMN@LIG LCMEFIQ?LCHA>LOANB?L;JS!?MJCN?NB?CGJL?MMCP?
MNL;NC@C=;NCIHI@JL?P;F?HN=;M?M@LIG=IHNLIFMFCGCN?>CH@ILG;NCIH?RCMNMBIQ Q?FF-/0M=;HJL?>C=N>CM?;M?CH=C>?H=?
.,:7* !:'1.(&9.4397*3)8.3,*3*9.('&8*)7.808(47*8
,C9>7D85DG?=?CD3?==?>D5B=C6?B75>5D9321C54B9C;C3?B5C1M@?<I75>93B9C;
C3?B5N1>42M75>5D93B9C;C3?B5NG5C8?G9>3B51C9>7>E=25BC?6@E2<931D9?>C C9>351D16?BD89C697EB5G5B5?2D19>54?>535=25B6B?=(E2%54
"13AE5<9>5B?>1>4)?25BD 575<5+855F?<ED9?>?675>5D9321C54B9C;C3?B5C6?B
<9@94C1>431B49?F1C3E<1B49C51C5EBB5>D'@9>9?>9>$9@94?<?7I 8DD@C :?EB>1<C<GG3?= 3?
<9@94?<?7I 6E<<D5HD +8505F?<ED9?>0?6075>5D93021C540B9C;0C3?B5C06?B1 C@H
-/0M;L?HINMIF?FS>?N?LGCHCMNC=<ON;=NCH=IH=?LNQCNBINB?L>CM?;M?
LCME@;=NILM'OMNFCE?INB?LLCME@;=NILMNB?SGI>C@S>CM?;M?LCME<ON L;L?FS=;OM?;>CM?;M?CHNB?;<M?H=?I@INB?LLCME@;=NILM&H@;=N-/0M=;H MIG?NCG?M?P?H?GJB;MCT?NB?CGJILN;H=?I@INB?LLCME@;=NILMMO=B;MCH NB?=;M?I@ !QB?L?NB?<?H?@CNI@;@;PIOL;<F?FC@?MNSF?CMNB?AL?;N?MN
;GIHANBIM?;NBCABA?H?NC=LCME1B?L?@IL?CH=FCHC=;F>CM?;M?LCME
?MNCG;NCIHNB?LCME=IHP?S?><S-/0MMBIOF><??P;FO;N?>;H>CHN?LJL?N?>
NIA?NB?LQCNBNB?LCME=IHP?S?><SINB?LEHIQHLCME@;=NILM#CAOL?
#OLNB?LGIL?;M;HCH>CPC>O;FcMA?HIG?L?G;CHM=IHMN;HN@LIG@?LNCFCT;NCIH A?H?NC=CH@ILG;NCIHCMNB??;LFC?MNG?;MOL;<F?LCME@;=NIL1B?=FCHC=;F ONCFCNSI@-/0MCM?MJ?=C;FFSJLIGCMCHA@IL>CM?;M?MQCNB?@@?=NCP?JL?P?HNCP?
ILNL?;NG?HNCHN?LP?HNCIHM<ON;F;=EI@?MN;<FCMB?>=FCHC=;FLCME@;=NILMMO=B
;M<L?;MN;H>JLIMN;N?=;H=?L2HNCFL?=?HNFSBIQ?P?LP?LS@?QMNO>C?M B;>?R;GCH?>NB?CGJ;=NI@-/0M;FIHAMC>??MN;<FCMB?>=FCHC=;FLCME@;=NILM
.,:7* 4397&89.3,&3)(42'.3.3,(1.3.(&17.80+&(9478&3)541>,*3.(7.80 +85B5<1D9F5B9C;3?>F5I54D?9>49F94E1<CF913?==?><I=51CEB543<9>931<B9C;
613D?BC<56D@1>5<1>4@?<I75>93B9C;5CD9=1D9?>=944<5@1>5<6?B3?B?>1BI1BD5BI 49C51C59C3?=@1B12<51>4G85>3?=29>5431><514D?49665B5>D13D9?>
B53?==5>41D9?>CB978D@1>5<)5<1D9F5B9C;C6?B3?==?><I=51CEB543<9>931<B9C;
613D?BC<56D@1>5<31>F1BI13B?CC@?@E<1D9?>C1>41B51@@B?H9=1D5485B5?B
@?<I75>93B9C;=944<5@1>5<D852<13;C97=?941<3EBF5B5@B5C5>DCD855CD9=1D54 B9C;B5<1D9F5D?1F5B175@?<I75>93B9C;1D@?@E<1D9?>9>3945>3521C54?>
75>?=5G9451CC?391D9?>CDE4I.*C97>96931>DC9>7<5>E3<5?D945
@?<I=?B@89C=C*&(C+8521BCB5@B5C5>DD85@5B35>D9<5D8B5C8?<4CDI@931<<IEC54 D?4569>5<?G@5B35>D9<5=549E=L@5B35>D9<51>48978
@5B35>D9<5@?<I75>93B9C;+853?=29>1D9?>?63<9>931<1>4@?<I75>93B9C;5CD9=1D5C B978D@1>5<31><514D?3?=29>54B9C;5CD9=1D5CD81D5H3554D851@@B?@B91D5 D8B5C8?<4C?6B9C;F5BCEC25>569DD81D:ECD96I35BD19>=54931<9>D5BF5>D9?>C13D9?>
D8B5C8?<4!>D89C5H1=@<51>9>49F94E1<G9D85CD9=1D543<9>931<B9C;>51BD8513D9?>
D8B5C8?<49>D8512C5>35?6@?<I75>93B9C;9>6?B=1D9?>2?DD?=21B3?E<43<1B96ID859B D?D1<B9C;G9D8D851449D9?>?61@?<I75>93B9C;5CD9=1D5D?4539451719>CD<?G
@?<I75>93B9C;?B6?B8978@?<I75>93B9C;D1;9>73<9>931<13D9?>()*@?<I75>93B9C;
C3?B5
)5@B9>D542I@5B=9CC9?>6B?=*@B9>75B&1DEB5ECD?=5B*5BF9355>DB5=2
*@B9>75B&1DEB5&1DEB5)5F95GC5>5D93C?@IB978D
!?MJCN?=IHMC>?L;<F?JIN?HNC;F@ILONCFCNS;E?SCMMO?BCH>?LMNB?=FCHC=;F
;JJFC=;<CFCNSI@-/0MMGIMN$40M;L?IP?LQB?FGCHAFS"OLIJ?;H-/0M
;L?<?MN@CNN?>NI"OLIJ?;HJIJOF;NCIHM#OLNB?LGIL?;MNB?
J?L@ILG;H=?MI@-/0M;L?;FMINSJC=;FFSN?MN?>;H>L?JILN?>CH"OLIJ?;H
=IBILNMNB??MNCG;N?MCHJO<FCMB?>MNO>C?M;L?FCE?FSG;HS@IF>BCAB?LNB;HCH L?;FFC@?=FCHC=;F;JJFC=;NCIH@ILINB?L?NBHC=CNC?M$L?;N?L?NBHC=>CP?LMCNS CMOLA?HNFSH??>?>CH$40;H>-/0MNO>C?MQCNB<INBG?NBI>IFIAC=;F;H>
?GJCLC=;F?@@ILNM@ILNOH;N?FS;FL?;>SOH>?LQ;S
&HNBCMNB?MCMQ?;ME?>@OH>;G?HN;FKO?MNCIHM;<IONNB?A?H?NC=;L=BCN?=NOL?
I@=;L>CIG?N;<IFC=>CM?;M?M;H>;<IONNB?CGJ;=NI@=OLL?HNA?HIGC=
G?;MOL?G?HNMIH=FCHC=;FLCME@;=NILM;H>>CM?;M?M
4B;NCMNB?A?H?NC=;L=BCN?=NOL?I@# %&
• 4B;NCMNB?=IHNLC<ONCIHI@GIHIA?HC=L;L?BCABCGJ;=NP;LC;HNM
• 4B;NCMNB?=IHNLC<ONCIHI@;AAL?A;N?>=IGGIHFIQCGJ;=N P;LC;HNM
4B;NCMNB?CGJ;=NI@JIFSA?HC=BSJ?LFCJC>?GC;IHFCJC>F?P?FM;H>
!&&
• 4B;NCMNB?CGJ;=NI@JIFSA?HC=BSJ?L=BIF?MN?LIF?GC;IH)!) F?P?FM;H> !LCME
• 4B;NCMNB?CGJ;=NI@JIFSA?HC=BSJ?LNLCAFS=?LC>?GC;IH1$F?P?FM
;H> !LCME
• %IQ>I-/0M@ILFCJC>M=IGJ;L?NI;-/0@IL !
4B;NCMNB?ONCFCNSI@-/0MCH>CM?;M?JL?>C=NCIH&&&
• %IQGO=B>I-/0M;@@?=NCH=C>?HN;H>FC@?NCG?>CM?;M?LCME
• !I-/0MJL?>C=N;A?;N>CM?;M?IHM?N
• 4B;N;L?NB?L?F;NCP?CGJ;=NMI@-/0M;H>=FCHC=;FLCMEM=IL?MIH
>CM?;M?JL?>C=NCIHCH@CP?=IGGIH>CM?;M?M
1;<F?>?M=LC<?M;FFMNO>S=IBILNM;H>NB?CL=FCHC=;F=B;L;=N?LCMNC=MOM?>CH NBCMNB?MCM
$&'1* !#!#")$!')'()($()*.%')%#)(
!
"!!
1B?#CHHCMB# %@;GCFC?MQ?L?CH=FO>?>CH0NO>S&
1B?AI;FI@NB?"OLIJ?;H*OFNC=?HN?L0NO>SIH#;GCFC;F!SMFCJC>?GC;MCH -;NC?HNMQCNB-L?G;NOL? ILIH;LS%?;LN!CM?;M?"2#*CMNIL?MIFP?NB?
G?N;<IFC=;H>A?H?NC=;<HILG;FCNC?MCH@;GCFC;F>SMFCJC>?GC;MNB;NJL?>CMJIM?
NI !1B?#CHHCMB# %@;GCFC?M;L?;J;LNI@NB?"2#*MNO>S;H>
Q?L?=IFF?=N?>GIMNFS<?NQ??H;H>QCNBNB?1OLEO2HCP?LMCNS ?HNL;F%IMJCN;F;MNB?=IIL>CH;NCHA=?HN?L1;<F?1B?@;GCFC?MQ?L?
C>?HNC@C?>PC;JLI<;H>J;NC?HNM;>GCNN?>NI#CHHCMBOHCP?LMCNSBIMJCN;FM;H>
>C;AHIM?>QCNBJL?G;NOL? !S?;LM*&ILMN?HIMCMCH_
=ILIH;LS;LN?LS;H>>SMFCJC>?GC;FFL?F;NCP?M;H>MJIOM?MQ?L?CHPCN?>NI J;LNC=CJ;N?CHNB?MNO>SC@_@CLMN>?AL??L?F;NCP?QCNB>SMFCJC>?GC;Q;M C>?HNC@C?>-LI<;H>ML?=?CP?>>SMFCJC>?GC;>C;AHIM?M<;M?>IHNB?CL
* )#$#* )#
'-'"),2#.'+%
*#"'! 0',+1/ %#
*,('+%
%#3# . 4 4 4
'/0!'.!1*$#.#+!#!* 4 4
(%* 4 4 4
,0 )!&,)#/0#.,)**,)) 4 4
**,)) 4 4
.'%)3!#.'"#**,)) 4 4
**,)) 4 4
-,)'-,-.,0#'+%) 4 4
,+**,)) 4 4
#*+ +0**,)) 4 4
