! " # $ % & ' ( ) * & " " & * # + , - . & ( % * & * # /,+& #,(!,%,0&! ##1234#1535#
61278#
!"#$% &'()'* + ,*-#.%*' ,/0/%1
!"#$%&' () *"+$%, )%-#-,./ #-0 .,(-(1%, 23(4&5
#6789:;8< /9:;<=#:>:?<9@<A9=9?B#9:#;C@:9DEFED#<:#<#G>@D<HE@?<=#FEI>9FEHE@?#CG#E;CJ
@CH9;#KFCL?MN#"ME#O<OEF#:?>D9E:#?M9:#?CO9;#FEK<FD9@K#?ME#($#0EHAEF#*?<?E:4#E:OE;9<==B#
?ME#@EL#C@E:N#"ME#<KE9@K#:C;9E?B#CG#?ME#($#;C>@?F9E:#FE:>=?:#9@#KFCL9@K#DEOE@DE@;B#F<J
?9C# <@D# KFCL9@K# <KEJFE=<?ED# A>DKE?# EPOE@D9?>FE# <:# 9HO=9;9?# FEI>9FEHE@?:N# ==# ?ME:E# FEJ I>9FE#?ME#H<9@?E@<@;E#CG#?ME#;>FFE@?#:?<?E#DEA?#F<?9C#<@D#<#OEFH<@E@?#A>DKE?#<DQ>:?HE@?N##
"ME#D9GGEFE@;E:#<HC@K#0EHAEF#*?<?E:#<FE#:9K@9G9;<@?4#?ME#;C>@?FB#F9:R:#<FE#D9SEF:EN#
&@#;EF?<9@#;C>@?F9E:#>@:>:?<9@<A=E#O>A=9;#G9@<@;E:#T:>:?<9@<A9=9?B#K<O#T#H9KM?#ESC=SEN##
*>:?<9@<A=E# O>A=9;# G9@<@;E:# <FE# ;C@:9DEFED# CG# :OE;9<=# 9HOCF?<@;E# 9@# ?ME# :B:?EH# CG#
?ME#(0$N#->E#?C#?ME#=<;R#CG#EP;M<@KE#F<?E:4#F9:R#OFEH9<#9?#;CHE:#?C#?ME#:O9==JCSEF#CG#G9:J
;<=#:>:?<9@<A9=9?B#OFCA=EH:N##
UE:9DE:# ?ME# FED>;?9C@# 9@# :?<?E# DEA?# ?ME# ;FE<?9C@# CG# :>:?<9@<A=E# O>A=9;# G9@<@;E:# FEJ I>9FE:#EHO=CBHE@?#<@D#OFCD>;?9S9?B#KFCL?M4#<@D#?ME#FEGCFH:#CG#<KEJFE=<?ED#EPOE@D9?>FEN#
"ME#I><=9?B#CG#O>A=9;#G9@<@;E:#FEI>9FE:#?ME#QC9@?#CA:EFS<@;E#CG#:ESEF<=#D9HE@:9C@:V#
=C@KJ?EFH# :>:?<9@<A9=9?B4# :?<A9=9W<?9C@# XDEH<@D# :MC;R:Y4# <DQ>:?HE@?# XEGGE;?:# CG# :>OO=B#
:MC;R:Y#<@D#?ME#OFCHC?9C@#CG#=C@KJ?EFH#KFCL?M#<FE#CG#C>?:?<@D9@K#9HOCF?<@;EN##
0<9@#G<;?CF:#CG#?ME#I><=9?B#CG#O>A=9;#G9@<@;E:#<FE#?ME#:9WE#CG#KCSEF@HE@?4#?ME#=ESE=#
CG#DEG9;9?#<@D#:?<?E#DEA?4#;CHOC:9?9C@#CG#O>A=9;#:OE@D9@K4#?ME#:?F>;?>FE#CG#?ME#?<P#:B:?EH4#
<@D#?ME#G9:;<=#KCSEF@<@;E#<@D#FEK>=<?9C@N##
"ME#(;C@CH9;#<@D#0C@E?<FB#$@9C@#9?:E=G#M<:#@C?#GCF;ED#C>?#?ME#@E;E::<FB#FEGCFH:#
BE?N# "ME# G>@D<HE@?<=# O>A=9;# G9@<@;E# FEGCFH:# <FE4# MCLESEF4# >@<SC9D<A=EN# &@# ?ME# <KE9@K#
:C;9E?B#?MEFE#9:#<#KFCL9@K#@EED#GCF#GCFL<FDJ=CCR9@K#OC=9;9E:N#"ME#9@?EKF<?ED#:?F>;?>F<=#FEJ GCFH:#?M<?#;C>=D#;C@?F9A>?E#?C#?ME#OFCHC?9C@#CG#?ME#OC?E@?9<=#KFCL?M#H9KM?#AF9@K#OEFH<J
@E@?#:C=>?9C@:N#
=>?@A9B7<#G9:;<=#:>:?<9@<A9=9?B4#I><=9?B#CG#O>A=9;#G9@<@;E:4#E;C@CH9;#KFCL?M4#:?F>;J
?>F<=#FEGCFH:N#
CD %-&3(0",&%(-
# "ME#23%45$'6 7%48#9 54#$6#*'( *0 7$##*67 43# 4: ;%$'#9N# "FE@D:# X:9H>=<?9C@:#
A<:ED#C@#OFCD>;?9C@#G>@;?9C@:#?M<?#<::>HE#>@;M<@KED#T#:?<?9;JOC=9;9E:Y#:>KKE:?#?M<?#
:3%#9$% 0*76*:*<'6# =$<%$'0$ 4: 54#$6#*'( 7%48#9#9:#>@<SC9D<A=EN#ZC?E@?9<=#KFCL?M#F<?E#
;C>=D#AE#M<=SED#9@#?LC#?C#?MFEE#DE;<DE:N#X:EE#G9K>FE#3#<@D#[<=H<9#T#'\:\FB4#155]YN#
#################################################
#ZFCGE::CF4#Z<@@C@#$@9SEF:9?B4#*WE@?#&:?S\@#$@9SEF:9?B4#[>@K<FBN#
# ::C;9<?ED#OFCGE::CF4#Z<@@C@#$@9SEF:9?B4#*WE@?#&:?S\@#$@9SEF:9?B4#[>@K<FBN#
Z^?EF#[<=H<94#'9R?_F9<#'\:\FB#
1`5
!"
#
#!"
$
$!"
%
%!"
&
&!"
"
$ &'$ # $ ##'$ $ $ $#'$ % $ %#'$ & $ &#'$ "
()$" ()#" ()# *)
/9K>FE#3N#-ESE=COHE@?#CG#OC?E@?9<=#KFCL?M#F<?E#
*C>F;EV#[<=H<9#T#'\:\FB4#155]N#
#
#
"ME#;C@SEFKE@;E#F<?E#CG#;<?;M9@K#>O#;C>@?F9E:#H9KM?#DE;FE<:E#<?#<#F<O9D#O<;E#
<@D#9?#H9KM?#:L9?;M#?C#D9SEFKE@;E#9@#<AC>?#?LC#DE;<DE:N# ;;CFD9@K#?C#:;E@<F9C:#
?M<?#;<@#AE#:9H>=<?ED#@CL<D<B:#?ME#@EL#0EHAEF#*?<?E:#X%0*:Y#;<@@C?#;<?;M#>O#
L9?M#?ME#HC:?#<DS<@;ED#;C>@?F9E:#A>?#9@#?ME#HED9>HJ?EFH#?MEB#GCFH#<#:?<K@<@?#
a;C@SEFKE@;E#;=>AbN##
:# FEK<FD:# ?ME# :C=>?9C@# ?C# ?ME# (>FCOE<@# KFCL?M# OFCA=EH# ?ME#*6#$7%'#$=
0#%3<#3%'( %$:4%)0# X+9:AC@J?BOE# FEGCFH:Y# <FE# CG# :9K@9G9;<@?# 9HOCF?<@;EN# &@# ?ME#
FES9EL# CG# ?ME# +9:AC@# *?F<?EKB# @EL# <:OE;?:# <OOE<FEDV# ?ME# <:OE;?# CG# :>:?<9@<A=E#
53;(*< :*6'6<$0# <@D# ?ME#>3'(*#1 4: 53;(*< :*6'6<$0?# &?# 9:# G>@D<HE@?<==B# FEI>9FED#
?M<?# 9@# <@# E@S9FC@HE@?# ;M<F<;?EF9WED# AB# HCFE# ;=C:E=B# 9@?EKF<?ED# H<FRE?:# <@D#
:?FC@KEF#K=CA<=#;CHOE?9?9C@#?ME#O>A=9;#G9@<@;E:#:MC>=D#G<;9=9?<?E#?ME#CAQE;?9SE:#CG#
:?<A=E#E;C@CH9;#KFCL?M#<@D#M9KMEF#EHO=CBHE@?#?C#<#KFE<?EF#EP?E@?#?M<@#9?#>:ED#
?C#AE#DC@EN##
[EFE9@<G?EF#?ME#=9@R:#AE?LEE@#?ME#:>:?<9@<A=E#O>A=9;#G9@<@;E:4#?ME#I><=9?B#CG#
O>A=9;#G9@<@;E:#<@D#?ME#E;C@CH9;#KFCL?M#<DD9?9C@<==B#?ME#H<9@#=E::C@:#?M<?#;<@#
AE#DF<L@#GCF#?ME#($#HEHAEF#:?<?E:#X0*:Y#<FE#C>?=9@EDN##
c><=9?B#CG#Z>A=9;#/9@<@;E:#<@D#(;C@CH9;#dFCL?M 1`3
ED /"/&#%-#+$. *"+$%, )%-#-,./
#
,@E#CG#?ME#KFE<?E:?#;M<==E@KE:#LM9;M#M<SE#?C#AE#G<;ED#AB#?ME#(>FCOE<@#:CJ
;9E?9E:#<@D#O>A=9;#G9@<@;E:#9:#;C@:9DEFED#?ME#'7$*67 04<*$#1N##
"ME#:9WE#<@D#<KEJ:?F>;?>FE#CG#?ME#(>FCOE<@#OCO>=<?9C@#L9==#;M<@KE#DF<H<?9J
;<==B# CSEF# ?ME# @EP?# DE;<DE:N# X,@# ?ME# C@E# M<@D# D>E# ?C# ;M<@KE:# 9@# ?ME# @<?9C@<=#
FEO=<;EHE@?#F<?E4#C@#?ME#C?MEF#M<@D#AE;<>:E#CG#;C@?9@>C>:#9@;FE<:E#9@#=9GE#EPOE;J
?<@;BNY# -E:O9?E# ?ME# @E?# 9@L<FD# H9KF<?9C@# 9@G=CL:# ?ME#4(= '7$ =$5$6=$6<1 %'#*4#
X?M<?#9:#?ME#F<?9C#CG#OECO=E#CSEF#e`#;CHO<FED#?C#OECO=E#<KED#3`Te2Y#8*(( ;$ =43@
;($=#AB#15`5#X9?#L9==#9@;FE<:E#?C#`fgYN#
!=C:E=B# =9@RED# ?C# <==# ?M<?# ?ME# <@@><=# <SEF<KE#54#$6#*'( AB! 7%48#9# H9KM?#
DE;FE<:E#GFCH#<@#<SEF<KE#S<=>E#CG#CSEF#1g#HE<:>FED#CSEF#?ME#O<:?#?LC#DE;<DE:#
?C#<OOFCP9H<?E=B#34h`g##?M<@#?C#341`g#CSEF#?ME#@EP?#?LC#DE;<DE:N# :#?ME#EHJ O=CBHE@?# KFCL?M# 9:# KF<D><==B# DE;=9@9@K# X<@D# 9?# L9==# AE;CHE# @EK<?9SEY4# 9@# ?ME#
=C@K#F>@#OFCD>;?9S9?B#L9==#AE;CHE#?ME#C@=B#:C>F;E#CG#KFCL?M#9@# ?ME#H<QCF9?B#CG#
?ME#(>FCOE<@#;C>@?F9E:N##
Z>F:>9@K# ?ME# OFE:E@?# OC=9;9E:# ?ME# F<?E# CG#'7$@%$('#$= $C5$6=*#3%$#<4)5'%$=
#4 #9$ AB! 8*(( *6<%$'0$ ;1 DE 36#*( FGHG?#X(>FCOE<@#!CHH9::9C@4#155]4#37eN#
ONY#"M9:#KFCL?M#9@#EPOE@D9?>FE#9:#;<>:ED#H<9@=B#AB#OE@:9C@#<@D#?C#<#=E::EF#EP?E@?#
AB# ME<=?M# ;<FE# <@D# =C@KJ?EFH# ;<FEN# X(>FCOE<@# !CHH9::9C@4# 155eY# ?# ?ME# :<HE#
?9HE#?ME#EPOE@D9?>FE#FE=<?ED#?C#ED>;<?9C@#<@D#>@EHO=CBHE@?#H9KM?#DE;FE<:E#A>?#
?ME#OC?E@?9<=#;C>@?EF#EGGE;?#H9KM?#AE#C@=B#=9H9?EDN#
&@#?ME#;C@?EP?#CG#?ME:E#OFCA=EH:#X9NEN#?ME#KFCL9@K#A>DKE?#A>FDE@:#CG#<KE9@KY#
?ME#030#'*6';*(*#1 7'5 *6=*<'#4%# ;<@# AE# ;FE<?EDN# X(>FCOE<@# !CHH9::9C@4# 155e4#
155]Y# "M9:# 9@D9;<?CF# :MCL:# ?ME# OEFH<@E@?# A>DKE?# <DQ>:?HE@?# @EEDED# GCF# ?ME#
H<9@?E@<@;E#CG#?ME#:?<?E#DEA?#F<?9C#EPOFE::ED#<:#OEF;E@?<KE#CG# ?ME#d-Z#9@#9@G9J
@9?E#MCF9WC@N#"ME#9@D9;<?CF#9:#?C#AE#D9S9DED#9@#?LC#;CHOC@E@?:V#C@#?ME#C@E#M<@D#
?ME#9HO<;?:#CG#?ME#HE<:>FE:#@EEDED#?C#AE#9HO=EHE@?ED#<=:C#L9?MC>?#?ME#EPOE@D9J
?>FE# KFCL?M# FE=<?ED# ?C# <KE9@K# <@D# C@# ?ME# C?MEF# M<@D# ?ME# 9HO<;?:# CG# HE<:>FE:#
LM9;M#?<RE#9@?C#<;;C>@?#?ME:E#EGGE;?:N##
"ME#:>:?<9@<A9=9?B#K<O#9:#<SEF<KE=B#<OOFCP9H<?E=B#14`g#CG#d-ZN#"ME#9HO<;?#
CG#?ME#<KE9@K#C@#?ME#:>:?<9@<A9=9?B#K<O#9:#M9KMEF#?M<@#?M<?#X<OOFCP9H<?E=B#f4`gY4#
A>?# ?ME# 9@9?9<=# OF9H<FB# G9:;<=# OC:9?9C@# 9:# =<FKE# E@C>KM# ?C# OFCS9DE# <@# CGG:E?# CG#
<FC>@D#3g#CG#d-ZN##
&@# <# :;E@<F9C# ;FE<?ED# >@DEF# ;9F;>H:?<@;E:# CG# >@;M<@KED# OC=9;9E:# ?ME# :?<?E#
DEA?#9@#?ME#(>FCWC@E#;C>@?F9E:#H9KM?#DFCO#AE=CL#e5g#CG#d-Z#<?#?ME#AEK9@@9@K#
CG# ?ME# OEF9CD# EP<H9@EDN# &?# :?<F?:# ?C# 9@;FE<:E# 9@# ?ME# H9DD=E# CG# 1515:# <@D# H9KM?#
FE<;M#315g#XiY#CG#d-Z#X:EE#G9K>FE#1YN##
#
Z^?EF#[<=H<94#'9R?_F9<#'\:\FB#
1`1
#
/9K>FE#1N#-EA?#DESE=COHE@?:#9@#?ME#E>FC#<FE<4#155`T15`5#
*C>F;EV#(>FCOE<@#!CHH9::9C@N#
#
#
?#?ME#:<HE#?9HE#?MEFE#9:#<#7%$'# =*::$%$6<$ ')467 #9$ IJ0N#"MEFE#9:#<#:>:J
?<9@<A9=9?B#K<O#9@#<=HC:?#E<;M#;C>@?B#9@#?ME#(>FCWC@EN#&@#;EF?<9@#;C>@?F9E:#O>A=9;#
G9@<@;E:#<FE#>@:>:?<9@<A=E#<=:C#9@DEOE@DE@?=B#GFCH#?ME#=C@KJ?EFH#A>DKE?#EGGE;?:#
CG#?ME#<KE9@K#:C;9E?B#X:EE#G9K>FE#fYN##
#
#
/9K>FE#fN#,SEF<==#F9:R#;=<::9G9;<?9C@#<@D#?ME#:>:?<9@<A9=9?B#K<O#
*C>F;EV#(>FCOE<@#!CHH9::9C@N#
#
c><=9?B#CG#Z>A=9;#/9@<@;E:#<@D#(;C@CH9;#dFCL?M 1`f
K9$ :*0<'( 030#'*6';*(*#1 *0 4: 05$<*'( *)54%#'6<$ *6 #9$ 23%4L46$N# &@# ?ME#
0C@E?<FB# $@9C@# ?MEFE# <FE# @C# GCFE9K@# EP;M<@KE# F9:R# OFEH9<N# "M<?# 9:# LMB# KCSJ EF@HE@?:#<FE#G<;ED#L9?M#LE<REF#H<FRE?#D9:;9O=9@9@K#EGGE;?:N# ?#?ME#:<HE#?9HE#?ME#
:O9==CSEF#EGGE;?:#CG#?ME#G9:;<=#:>:?<9@<A9=9?B#OFCA=EH:#<FE#:9K@9G9;<@?#T#?MFC>KM#?ME#
9@?EFE:?# F<?E:# <@D# EP;M<@KE# F<?E:# OFES<9=9@K# 9@# ?ME# LMC=E# ?EFF9?CFB# T# 9@# ?ME#
GF<HELCFR# CG# ?ME# 0C@E?<FB# $@9C@# <:# FEK<FD:# ?ME# C?MEF# ;C>@?F9E:# 9@# ?ME# (>FCJ WC@EN#J30#'*6';($ 53;(*< :*6'6<$0 '%$ <460*=$%$= ' 54(*<1 <9'(($67$ #9'# %$@
>3*%$0 :36=')$6#'( '608$%0 '(467 #9%$$ )'*6 =*)$60*460M# DE;FE<:E# 9@# O>A=9;#
DEA?4# EHO=CBHE@?# <@D# OFCD>;?9S9?B# KFCL?M# <@D# <KEJFE=<?ED# EPOE@D9?>FE# OFCJ KF<H:N# X"M9:# ?MFEE# OFC@KED# :?F<?EKB# L<:# DE;9DED# <?# ?ME# *?C;RMC=H# *>HH9?# 9@#
0<F;M#1553NY#"ME#<DEI><?E#H9P#CG#?ME#?MFEE#<OOFC<;ME:#9:#FEI>9FEDN#&?#DEOE@D:#
C@#?ME#C@E#M<@D#C@#?ME#;M<==E@KE#C@#?ME#C?MEF#M<@D#C@#?ME#OC=9;B#OF9CF9?9E:#CG#?ME#
;C>@?F9E:N#"ME#OFE;9:E#OC=9;B#DE?EFH9@<?9C@#<@D#?ME#G<:?#9HO=EHE@?<?9C@#CG#?ME:E#
OC=9;9E:#9:#<@#9HOCF?<@?#OFEFEI>9:9?E#GCF#?ME#:>:?<9@<A=E#O>A=9;#G9@<@;E:N#
#
#
FD &5. !"#$%&' () *"+$%, )%-#-,./ G!*)H
#
"ME# I><=9?B# CG# O>A=9;# G9@<@;E:# 9:# ;M<F<;?EF9WED# AB#N'%*430 =*)$60*460V# 9@#
LM<?#L<B#?ME#G9:;<=#OC=9;B#E@:>FE:#?ME#=C@KJ?EFH#:>:?<9@<A9=9?B4#?ME#:?<A9=9W<?9C@#
9@#FE:OC@:E#?C#DEH<@D#:MC;R:4#?ME#<DQ>:?HE@?#9@#FE:OC@:E#?C#:>OO=B#:MC;R:#<@D#
?ME#=C@KJ?EFH#E;C@CH9;#KFCL?MN#X0CFE#DE?<9=:#C@#9@?EFOFE?<?9C@#CG#cZ/#:EE#U<FJ F9C:J*;M<E;M?EF4# 155]4# hT]# OOY# "ME:E# <:OE;?:# <FE# ;=C:E=B# FE=<?EDN# (NKN# ?ME# :>:J
?<9@<A=E# O>A=9;# G9@<@;E:# <FE# G<;9=9?<?ED# AB# <# G9:;<=# OC=9;B# LM9;M# OFCHC?E:# ?ME#
=C@KJ?EFH# E;C@CH9;# KFCL?MN# "ME# +9:AC@# *?F<?EKB# O>?:# EHOM<:9:# C@#?ME# H>?><=#
FE=<?9C@# AE?LEE@# G9:;<=# :>:?<9@<A9=9?B4# I><=9?B# CG# O>A=9;# G9@<@;E:# <@D# ?ME# =C@KJ
?EFH# KFCL?MN# &?# M9KM=9KM?:# ?ME# @EED# GCF# KFCL?M# CF9E@?ED# O>A=9;# :OE@D9@K# <@D#
:?FE::E:#?M<?#?ME#DEA?#:?F>;?>FE#:MC>=D#:?FE@K?ME@#?ME#KFCL?M#OC?E@?9<=N# ;;CFD9@K#
?C# ?ME# :?F<?EKB# 0EHAEF# *?<?E:# M<SE# ?C# E@:>FE# ?M<?# HE;M<@9:H# <FE# 9@# O=<;E# ?C#
<::E::# ?ME# =9@R:# AE?LEE@# O>A=9;# :OE@D9@K# <@D# ?ME# <;M9ESEHE@?# CG# OC=9;B# CAQE;J
?9SE:4#<@D#M<SE#?C#E@:>FE#?ME#CSEF<==#;CMEFE@;E#CG#FEGCFH#O<;R<KE:N##
K9$ >3'(*#1 4: 53;(*< :*6'6<$0#9:#;C@:9DEFED#?C#AE#H>;M#HCFE#?M<@#?ME#;CHJ OC:9?9C@#CG#O>A=9;#:OE@D9@KN#"MEFE#<FE#D9GGEFE@;E:#@C?#C@=B#:9HO=B#<HC@K#E<;M#
O>A=9;# :OE@D9@K# 9?EH4# A>?# O<F?=B# <HC@K# ?ME# =ESE=# CG# ?ME# :OE@D9@K# <@D# O<F?=B#
<HC@K# ?ME# DEA?# A>FDE@V# :>;M# <@# EGGE;?9SE# :OE@D9@K# OFCKF<H# ?M<?# 9:# G9@<@;ED#
?MFC>KM# D9:?CF?9@K# ?<PE:# 9:# @C?# KFCL?MJE@M<@;9@K# <:# FEK<FD:# ?ME# A<=<@;EN# />FJ
?MEFHCFE# ?ME# :OE@D9@K# OFCKF<H:# <@D# ?ME# ?<P# :B:?EH:# <FE# DE:9K@ED# @C?# C@=B# ?C#
<;M9ESE# H<;FCJE;C@CH9;# ?<FKE?:4# A>?# <=:C# ?C# M<SE# OC=9;B# OFEGEFE@;E:# <@D# D9:J OFEGEFE@;E:#XOCSEF?B4#:C;9<=#<@D#;>=?>F<=#;CME:9C@YN#"M<?b:#LMB#?ME#=<??EF#CAQE;J
?9SE:# M<SE# ?C# AE# ?<RE@# 9@?C# <;;C>@?# D>F9@K# ?ME# <::E::HE@?N# "ME:E# KC<=:# <FE# 9@#
OF9@;9O=E#@C?#9@;C@:9:?E@?#L9?M#?ME#H<;FCJE;C@CH9;#KC<=:#CG#:?<A9=9W<?9C@4#<D<OJ
Z^?EF#[<=H<94#'9R?_F9<#'\:\FB#
1`2
?<?9C@#<@D#KFCL?MN# ?#?ME#:<HE#?9HE#?ME#:OE@D9@K#OFCKF<H:#<@D#?ME#?<P#:B:?EH:#
H9KM?#FE:>=?#9@#<DSEF:E#D9:?CF?9C@:N##
"ME#H<9@#DE?EFH9@9@K#G<;?CF:#CG#?ME#I><=9?B#CG#O>A=9;#G9@<@;E:#<FEV#?ME#KCSJ EF@HE@?#:9WE4#?ME#:?<?E#DEA?#<@D#A>DKE?#DEG9;9?4#?ME#;CHOC:9?9C@#CG#O>A=9;#:OE@DJ 9@K4#?ME#?<P<?9C@#<@D#?ME#G9:;<=#KCSEF@<@;EN##
#
FDCD 2AI>9JK>J8 7LM>
#
U9K#KCSEF@HE@?#XO>A=9;#<DH9@9:?F<?9C@Y#A>FDE@:#?ME#E;C@CHB3#X:EE#G9K>FE#2YN##
/9K>FE#2N#*9WE#CG#KCSEF@HE@?#<@D#FE<=#d-Z#9@#?ME#E>FC#<FE<#<SEF<KE:#37]5T37]74## #
3775T37774#1555T155h#
*C>F;EV#(>FCOE<@#!CHH9::9C@N#
#
#
=:C#?ME#M9KM#=ESE=#CG#?<P<?9C@#T#?M<?#KCE:#M<@D#9@#M<@D#L9?M#?ME#<GCFEHE@J
?9C@ED#T#DE;FE<:E:#?ME#KFCL?M#OC?E@?9<=N#X GC@:C#E?#<=4#155`j# KE==#E?#<=4#377hYN#
&@#OF9@;9O=E#?ME#A9K#KCSEF@HE@?#:E;?CF#;C>=D#G9==#?ME#FC=E#CG#<@#<>?CH<?9;#:?<A9J
=9WEF#9@#?ME#0C@E?<FB#$@9C@N#X(:OE;9<==B#D>E#?C#?ME#=<;R#CG#EP;M<@KE#F<?E#T#<@D#
@<?9C@<=# HC@E?<FB# OC=9;BNY#U>?# ?ME# M9KM# DEA?# A>FDE@:#=9@RED#?C# ?ME# A9K# KCSEF@J HE@?:# M<SE# <# @EK<?9SE# 9HO<;?# @C?# C@=B# C@# ?ME# KFCL?M# OC?E@?9<=# A>?# <=:C# C@# ?ME#
<DQ>:?HE@?# ;<O<;9?B# CG# ?ME# E;C@CHBN# X-EAF>@4# Z9:<@BJ/EFFB# <@D# *<O9F4# 155]Y#
;;CFD9@K# ?C# E:?9H<?9C@:# ?ME# <>?CH<?9;# :?<A9=9W9@K# ;<O<;9?B# CG# ?ME# KCSEF@HE@?#
DE;=9@E:# <ACSE# 25g# CG# ?ME# d-ZN# UEBC@D# ?M9:# :9WE# <>?CH<?9;# :?<A9=9WEF:# <DD# ?C#
#################################################
3# ;;CFD9@K#?C#?ME#:CJ;<==ED#k<K@EFb:#=<L#KCSEF@HE@?#:OE@D9@K#KFCL:#G<:?EF#?M<@#E;C@CH9;#
OEFGCFH<@;EN#X:EE#DE?<9=:# FO<9<#<@D#">FF9@9#X155]Y4#U<FF9C:#<@D#*;M<E;M?EF#X155]Y##
c><=9?B#CG#Z>A=9;#/9@<@;E:#<@D#(;C@CH9;#dFCL?M 1``
F<?MEF# ?M<@# <??E@><?E# ?ME# 9@G=<?9C@<FB# 9HO<;?# CG# DEH<@D# :MC;R:# <@D# <=:C# O>:M#
DCL@# <;?9S9?B# <G?EF# <@# <DSEF:E# :>OO=B# :MC;RN# "ME# M9KM# ?<PE:# <@D# ?ME# KE@EFC>:#
9@;CHE#FEO=<;EHE@?#:?FE@K?ME@#?ME#FE<=#L<KE#FE:9:?<@;E#<@D#H9KM?#?F9KKEF#9@G=<J
?9C@<FB# :MC;RN# # =E::# ;C:?=B# L<B# CG# OFCHC?9@K# ?ME# :?<A9=9W9@K# G>@;?9C@# 9:# ?ME#
DE;FE<:E#9@#?ME#:M<FE#CG#O>A=9;#:E;?CF#9@#?ME#E;C@CHBN#"ME#9HO<;?:#CG#?ME#:C;9<=#
:E;>F9?B# :B:?EH:# ?ME# =<AC>F# H<FRE?# 9@:?9?>?9C@:# <@D# ?ME# ?<P# :B:?EH:# M<SE# ?C# AE#
;C@:9:?E@?#L9?M#?ME#FEI>9FEHE@?:#CG#?ME#G=EP9A=E#=<AC>FJ#<@D#OFCD>;?#H<FRE?:4#?ME#
E;C@CH9;#<DQ>:?HE@?N##
#
FDED /8:8> B>6:8 :JB 6NBO>8 B>PL;L8
#
:#<#G>@D<HE@?<=#E=EHE@?#CG#?ME#(0$#?ME#@EED#GCF#:>:?<9@<A=E#G9:;<=#OC:9J
?9C@#9:#;C@:9DEFEDN#"M>:#?ME#OC?E@?9<=#@EK<?9SE#:O9==JCSEF#EGGE;?:#H9KM?#AE#<SC9DJ
<A=EN# ?#?ME#:<HE#?9HE#?ME#@<?9C@<=#G9:;<=#OC=9;B#9:#FEI>9FED#G>F?MEF#C@N#*C#D>F9@K#
?ME# FES9EL# CG# ?ME# *?<A9=9?B# <@D# dFCL?M# Z<;?# X*dZY# 9@# 155`# ?ME# HEHAEF# :?<?E:#
LEFE# CA=9KED# ?C# DEG9@E# HED9>HJ?EFH# A>DKE?# KC<=:N# ,@# ?ME# C@E# M<@D# ?ME# 0*:#
M<SE#?C#;FE<?E#:?<A=E#:?<F?9@K#OC:9?9C@#<@D#?M>:#?MEB#M<SE#?C#:?<A9=9WE#?ME#DEH<@D#
:MC;R:#LM9=E#REEO9@K#?ME#A>DKE?#DEG9;9?#AE=CL#?ME#fg#CG#d-Z#?MFE:MC=DN#,@#?ME#
C?MEF#M<@D#?ME#=ESE=#CG#:?<?E#DEA?#M<:#?C#AE#DE;FE<:ED#<@D#O>A=9;#G9@<@;E:#:MC>=D#
AE#O>?#C@#:>:?<9@<A=E#O<?M#9@#?ME#=C@K#F>@N##
#
FDFD ,AKQA7L8LAJ AP QN6RL; 7Q>JBLJO
#
"ME# ;CHOC:9?9C@# CG# O>A=9;# :OE@D9@K# O=<B:# <@# 9HOCF?<@?# FC=E# <=:C# GFCH# ?ME#
OC9@?#CG#S9EL#CG#?ME#KFCL?M#OC?E@?9<=#<@D#?ME#<DQ>:?HE@?#?C#:MC;R:N#"ME#KCSEF@J HE@?#H9KM?#FE<;?#9@#<#HCFE#G=EP9A=E#L<B#9G##9$ %'#$ 4: =*0<%$#*46'%1 $C5$6=*#3%$#
X9@SE:?HE@?4# 9@?EFHED9<?E# ;C@:>HO?9C@# :OE@D9@KY# 9@# ?ME# A>DKE?#*0 9*79N# X"M9:#
F<?E#9:#<AC>?#3eg#C@#<SEF<KE#9@#?ME#(>FCWC@E#<@D#9?#G=>;?><?E:#AE?LEE@#33T12g#
<HC@K# HEHAEF#:?<?E:NY#"ME#M9KM#F<?E#CG#O>A=9;#:E;?CF#L<KE:#9@#=C@KJ?EFH#;C@J
?F<;?:# H<RE:# ?ME# G=EP9A=E# A>DKE?# <DQ>:?HE@?# D9GG9;>=?N# X%C?<A=B# 9G# ?ME# <DSEF:E#
:>OO=B#:MC;R:#@E;E::9?<?E#<#DCL@L<FD#<DQ>:?HE@?#CG#FE<=#L<KE:N# XdFE@C>9==E<>#
E?#<=4#155hYY# ?#?ME#:<HE#?9HE#?ME#M9KM#OFCOCF?9C@#CG#)l-#EPOE@D9?>FE#<@D#EPJ OE@D9?>FE#C@#ED>;<?9C@#H9KM?#9@;FE<:E#?ME#OFCD>;?9S9?B#<@D#E@M<@;E#?ME#<A9=9?B#?C#
CSEF;CHE#@EK<?9SE#:MC;R:N##
"MEFE# 9:# <# :?F>;?>F<=# FE=<?9C@:M9O# AE?LEE@# ?ME# @C@J;B;=9;<=# ;CHOC@E@?# CG#
O>A=9;# EPOE@D9?>FE# <@D# ?ME# OC?E@?9<=# C>?O>?# X FO<9<# <@D# ">FF9@94# 155]YN1# "MEFE#
<FE# D9GGEFE@?# EHO9F9;<=# FE:>=?:# C@# ?ME# D9GGEFE@?# KFCL?MJE@M<@;9@K# EPOE@D9?>FE#
?BOE:N#"ME9F#:M<FE#9@#?ME#?C?<=#EPOE@D9?>FE#9:#AE?LEE@#15T2`gN#X(>FCOE<@#!CHJ
#################################################
1# ?#?ME#:<HE#?9HE#?ME#=<?E:?#EHO9F9;<=#<@<=B:9:#;C>=D#DE:;F9AE#C@=B#=9H9?ED#9HO<;?:N#XdEHHE=#
E?#<=4#1557YN#
Z^?EF#[<=H<94#'9R?_F9<#'\:\FB#
1`e
H9::9C@4#155f4#1552Y#&@#<#L9DE#:E@:E#X9NEN#AE:9DE:#)l-#EPOE@D9?>FE#<@D#EPOE@J D9?>FE# C@# ED>;<?9C@# ?ME# ME<=?M;<FE4# ?ME# E@S9FC@HE@?<=# EPOE@D9?>FE# <@D# ?ME# EPJ OE@D9?>FE# C@# O>A=9;# CFDEF# <@D# :E;>F9?B# <FE# 9@;=>DEDY# ?ME# KFCL?MJE@M<@;9@K#
:OE@D9@K#M<:#AEE@#9@?E@:9GB9@K#X:EE#G9K>FE#`YN#
"
#
#"
$
$"
%
%"
&
&"
+( ,- (. /- .+ 0( +- 1)2 3- 45 4+ 6( 71 89 (1
#::; $ "
#
/9K>FE#`N#dFCL?MJE@M<@;9@K#O>A=9;#:OE@D9@K#X*M<FE#9@#?C?<=#O>A=9;#:OE@D9@KY#
*C>F;EV#(>FCOE<@#!CHH9::9C@N#
"ME# D9GGEFE@;E:# <HC@K# 0*:# <FE4# MCLESEF4# :9K@9G9;<@?N# :# FEK<FD:# ?ME# :>:J
?<9@<A=E#O>A=9;#G9@<@;E#9?#9:#DEG9@9?E=B#FEI>9FED#?M<?#?ME#EPOE@D9?>FE#DC@b?#<;;>J H>=<?E# ?MFC>KM# 9@;FE<:E# 9@# OE@:9C@# <@D# C?MEF# :C;9<=# EPOE@D9?>FE# X0<@D=# E?# <=4#
155]YN#
"ME#9HOCF?<@;E#CG#?ME#$::*<*$6<1 4: 05$6=*67 5%47%')0#9:#KFCL9@KN#"ME#EGG9J
;9E@;B#KFCL:#9@#?ME#;<:E#CG#O>A=9;#:OE@D9@K#9G#?ME#:<HE#=ESE=#CG#O>A=9;#KCCD:#;<@#
AE#OFCS9DED#>:9@K#=E::#FE:C>F;E:#X#$<96*<'( $::*<*$6<1Y#CF#<#AE??EF#H9P#CG#O>A=9;#
KCCD:# ;<@# AE# OFCS9DED# <?# ?ME# >@;M<@KED# =ESE=# CG# :OE@D9@K# X'((4<'#*46 $::*@
<*$6<1YN#"MEFE#<FE#EHO9F9;<=#:?>D9E:#E:OE;9<==B#C@#O>A=9;#:OE@D9@K#C@#)l-#ED>J
;<?9C@#<@D#ME<=?M#;<FE#XENKN#*>?MEF=<@D#E?#<=4#155hj# GC@:C#<@D#*?N# >AB@4#155eYN#
"ME# OC=9;B# CO?9C@:# 9@;=>DE# HCFE# FE:>=?JCF9E@?ED# H<@<KEHE@?4# HCFE# H<FRE?J A<:ED#HE<:>FE:4#?ME#>:E#CG#O>A=9;#OF9S<?E#O<F?@EF:M9O#XZZZY#<@D#C>?:C>F;9@KN##
FDSD &:T:8LAJ
K9$ ($N$( '6= #9$ )*C 4: #'C$0 9'N$ ' 0*76*:*<'6# *)5'<# 46 #9$ '=O30#)$6#
<'5'<*#1 4: #9$ $<464)*$0 '6= #9$ (467@#$%) 7%48#9+#G9F:?#CG#<==#?MFC>KM#M<S9@K#
<@# 9HO<;?# C@# ?ME# =<AC>F# <@D# ;<O9?<=# <==C;<?9C@N# "ME# M9KMEF# ?ME# H<FK9@<=# =<AC>F#
?<P# LEDKE# X?ME# D9GGEFE@;E# AE?LEE@# FE<=# =<AC>F# ;C:?# <@D# FE<=# ?<REJMCHE# O<BY# T#
c><=9?B#CG#Z>A=9;#/9@<@;E:#<@D#(;C@CH9;#dFCL?M 1`h
?M<?#H9KM?#AE#;<>:ED#AB#?ME#:?FC@K#9@;CHE#?<P#OFCKFE::9S9?B#T#9:4#?ME#=E::#G=EP9A=E#
?ME# =<AC>F# :>OO=B# 9:# <@D# ?ME# :?FC@KEF# ?ME# SC=<?9=9?B# CF9K9@<?9@K# GFCH# ?ME# :>OO=B#
:MC;R#9:#XU>?9#E?#<=4#155fYN##
K9$ %$('#*N$(1 9*79 09'%$ 4: *6=*%$<# #'C$0#H9KM?#OFCHC?E#M9KMEF#;<O9?<=#<;J
;>H>=<?9C@# <@D# G<:?EF# KFCL?MN#"ME# D9FE;?#?<PE:#O>@9:M# :<S9@K:# <@D#9@SE:?HE@?:#
X,(!-4#155hYN#"ME#0*)5($ '6= #%'605'%$6# #'C 010#$)0#H9KM?#DE;FE<:E#?ME#<DJ H9@9:?F<?9SE#;C:?:N#&@#?ME#(0$#?MEFE#9:#<#:M9G?#GFCH#9@D9FE;?#?<PE:#?C#D9FE;?#C@E:N#
"ME#D9FE;?#=<AC>F#?<PE:#<FE#DE;FE<:ED#X!<FC@E#E?#<=4#155hj# =LCF?M#<@D# F<;M94#
155]YN#P(#47$#9$% #9$ #'C %$:4%) 9'0 ;$$6 (*)*#$= '6= 54*6#@8*0$# X(>FCOE<@#
!CHH9::9C@4#155]4#155#ONYN##
#
FDUD )L7;:R OAI>9J:J;>
#
"ME# G9:;<=# KCSEF@<@;E# ;FC::;>?:# <==# D9HE@:9C@:# CG# ?ME# O>A=9;# G9@<@;E:N# "ME#
:?FC@K# FEK>=<?9C@:# L9?M# @>HEF9;<=# ;F9?EF9<# ?M<?# <FE# L9DE=B# <S<9=<A=E# 9HOFCSE#
A>DKE?# OEFGCFH<@;EN# "ME# :?FC@K# <@D# EP?E@DED# :OE@D9@K# F>=E:# <FE# <;;CHO<@9ED#
L9?M#=CLEF#OF9H<FB#:OE@D9@K#;<=;>=<?ED#<:#OEF;E@?<KE#CG#?ME#d-ZN# ;;CFD9@K#?C#
?ME# G9:;<=# FEK>=<?9C@# 9@DEP# ;<=;>=<?ED# AB# ?ME# (>FCOE<@# !CHH9::9C@# ?ME# <::E::J HE@?# CG# HC:?# (>FCWC@E# ;C>@?F9E:# M<:# AEE@# 9HOFCSED# ?ME# <OOF<9:<=# :;CFE:# M<SE#
AEE@#;C@SEFK9@KN##
;;CFD9@K# ?C# ?ME# (>FCOE<@# !CHH9::9C@# X(>FCOE<@# !CHH9::9C@4# 155hY# 9@#
?LC#?M9FD:#CG#?ME#;<:E:#?ME#:?<A9=9?B#<@D#;C@SEFKE@;E#OFCKF<H:# ;C>=D#@C?#G<;9=9J
?<?E#?ME#9HOFCSEHE@?#<:#FEK<FD:#?ME#KE@EF<=#KCSEF@HE@?#A<=<@;EN#Q# 8'0 )'*6(1
<'30$= ;1 #9$ $C<$$=$= 5('66$= 05$6=*67N#U<:ED#C@#E;C@CHE?F9;#<@<=B:9:#9?#9:#?C#
AE# :?<?ED# ?M<?# ;C>@?F9E:# L9?M# :?FC@KEF# HED9>HJ?EFH# G9:;<=# GF<HELCFR:# >:><==B#
DC@b?#DC#?M<?N#"ME#:?FC@K#HED9>HJ?EFH#A>DKE?#:B:?EH#;CSEF:#?ME#LMC=E#KCSEF@J HE@?# :E;?CF4# 9?# 9:# LE==J;CCFD9@<?ED# AE?LEE@# ?ME# D9GGEFE@?# =ESE=:# CG# KCSEF@HE@?#
<@D#9?#M<:#:?FC@K#EPE;>?9@K#<@D#HC@9?CF9@K#HE;M<@9:HN#
"ME# @<?9C@<=# G9:;<=# 9@:?9?>?9C@:# H9KM?# O=<B# <@# 9HOCF?<@?# D9:;9O=9@9@K# FC=EN#
"ME# KCSEF@HE@?:# <FE# :CHE?9HE:# ?CC# CO?9H9:?9;# LM9=E# DE?EFH9@9@K# H<;FCE;CJ
@CH9;#<::>HO?9C@:#:>OOCF?9@K#?ME#A>DKE?N#"M<?#9:#LMB#?ME#9@DEOE@DE@?#9@:?9?>J
?9C@:#CF#<KE@;9E:#H9KM?#O=<B#<@#9HOCF?<@?#FC=E#E9?MEF#<:#FEK<FD:#H<;FCE;C@CH9;#
GCFE;<:?:# CF# G9:;<=# OEFGCFH<@;E# HC@9?CF9@K# <@D# <::E::HE@?# XmC@>@K# <@D# +<F;M4#
155eYN#
/9:;<=# KCSEF@<@;E# O=<B:# <@# 9HOCF?<@?# FC=E# 9@# 9@;FE<:9@K# ?ME# :OE@D9@K# EGG9J
;9E@;BN#&?# H9KM?#;C@?F9A>?E#?C#<#KFE<?#EP?E@?#?C#?ME#9@;FE<:E#9@#?F<@:O<FE@;B#<@D#
?ME#<AC=9?9C@#CG#;CFF>O?9C@N##U>DKE?#FEK>=<?9C@:#;C@?<9@9@K#OEFGCFH<@;E#9@GCFH<J
?9C@#E@M<@;E#EGG9;9E@;BV#?MEB#:M9G?#?ME#EHOM<:9:#GFCH#9@O>?#?C#C>?O>?#<@D#FE:>=?N##
#
Z^?EF#[<=H<94#'9R?_F9<#'\:\FB#
1`]
SD )%/,#$ *.3)(31#-,. %- &5. -.4 1.1+.3 /&#&./
#
&@# HC:?# @EL# 0*:# T# ?ME# :<HE# <:# 9@# ?ME# C=D# C@E:# T# ?MEFE# L<:# <@#*)5%4N*67 64)*6'( ;3=7$# '6= 0#%3<#3%'( ;'('6<$ '6= (48$% =$;#@%'#*4 36#*( FGGR? !CFFE;J
?9C@:# CG# EP;E::9SE# DEG9;9?# M<SE# C;;>FFED# <@D# HEHAEF# :?<?E:# LEFE# ME<D9@K# ?CJ L<FD:#HED9>H#?EFH#A>DKE?#CAQE;?9SE:N#X(>FCOE<@#!CHH9::9C@4#1557Y#
"ME#A>DKE?#<@D#:?F>;?>F<=#A<=<@;E#L<:#9HOFCSED#H<9@=B#?MFC>KM#FESE@>E:#9@#
*=CS<R9<#<@D#ZC=<@D#A>?#H<9@=B#?MFC>KM#EPOE@D9?>FE#9@#U>=K<F9<4#!ME;R#)EO>AJ
=9;# <@D# *=CSE@9<N# !C@:C=9D<?9C@# ?MC>KM# DE;FE<:9@K# :OE@D9@K# :MCL:# ?ME# OEFH<J
@E@?#;CFFE;?9C@#CG#KCSEF@HE@?#DEG9;9?N#X =E:9@<#<@D#ZEFC??94#377hY#
&@# HC:?# %0*:# ?ME#0#'#$ =$;# %'#*4# ;CHO<FED# ?C# ?ME# d-Z# M<:# FEH<9@ED# <?##
<#=CL#=ESE=N#"MEFE#9:#<@#EP;EO?9C@V#[>@K<FB#L9?M#<#:?<?E#DEA?#F<?9C#CG#CSEF#e5gN##
Q6 #9$ SIJ #9$ )'O4%*#1 4: :*0<'( N'%*';($0 *)5%4N$= *6 #9$ 5$%*4= FGGDT FGGR?#"ME#:?F9;?#($JF>=E:#;C@?F9A>?ED#?C#?M<?#?C#<#KFE<?#EP?E@?N#&@# m>=B#1552#?ME#
!C>@;9=#T#GC==CL9@K#?ME#!CHH9::9C@b:#OFCOC:<=#T#9@9?9<?ED#$C<$00*N$ =$:*<*# 5%4@
<$=3%$#<K<9@:?#:9P#@EL#HEHAEF#:?<?E:#X[>@K<FB4#ZC=<@D4#!ME;R#)EO>A=9;4#*=CJ S<R9<4# !BOF>:# <@D# 0<=?<YN# "ME:E# ;C>@?F9E:# ;C>=D# DE;FE<:E# ?ME# DEG9;9?# :>;;E::J G>==B#:C#9@#HC:?#;<:E:#?ME#OFC;ED>FE#L<:#;<@;E==EDN#U3# #'-*67 *6#4 '<<436# #9$
5%$0$6# :*6'6<*'( <%*0*0 *# *0 (*-$(1 #9'# )40# 4: #9$ SIJ0 8*(( 9'N$ #4 :'<$ #9$
$C<$00*N$ =$:*<*# 5%4<$=3%$ '7'*6N##
->F9@K# ?ME# G9:;<=# OEFGCFH<@;E# <::E::HE@?# 9?# 9:# 9HOCF?<@?# @C?# C@=B# ?C# <SC9D#
?ME# EP;E::9SE# DEG9;9?# OFC;ED>FE# A>?# <=:C# ?C# H<RE# OFCKFE::# <:# FEK<FD:# ?ME#
<;M9ESEHE@?# CG#)$=*3)@#$%) ;3=7$# 4;O$<#*N$0N# "MFC>KM# FE<;M9@K# :C>@D# G9:;<=#
OC:9?9C@# ?ME# EP;E::9SE# DEG9;9?# H9KM?# AE# <SC9DEDN# ?# ?ME# :<HE# ?9HE# 9?#9:# CG# KFE<?#
9HOCF?<@;E#?C#?<RE#9@?C#<;;C>@?#?ME#9HO=9;9?#=9<A9=9?9E:#:>A:EI>E@?#>OC@#?ME#<KEJ 9@K#:C;9E?BN##
"ME#HED9>HJ?EFH#A>DKE?#CAQE;?9SE:#<FE#=E::#<HA9?9C>:#9@#?ME#%0*:#?M<@#9@#
?ME#C=D#C@E:V#H<9@=B#D>E#?C#?ME#=CLEF#DEA?#F<?9C#<@D#M9KMEF#OC?E@?9<=#KFCL?MN# ?#
?ME#:<HE#?9HE#C@=B#;EF?<9@#@EL#0*:#;C>=D#XLEFE#<==CLED#?CY#QC9@#?ME#(>FCWC@E#
CF#?ME#()0#&&#:B:?EHN#*C#?ME9F#:?F9;?#F>=E:#<OO=B#C@=B#?C#;EF?<9@#@EL#0*:N##
#
UD .-/"3%-2 1#,3(V)%-#-,%#$ +#$#-,.
#
/C==CL9@K#?ME#?F<@:GCFH<?9C@<=#;F9:9:#XFC>KM=B#GFCH#?ME#H9DD=E#CG#3775:Y#?ME#
!((!:# KC?# A<;R# C@# ?ME# O<?M# ?C# E;C@CH9;# KFCL?MN# *9H>=?<@EC>:=B# :9K@9G9;<@?#
DEG=E;?9C@:# XENKN# OEF9CD9;<=# <;;E=EF<?9C@# CG# 9@G=<?9C@Y#C;;>FFED#?CKE?MEF# L9?M# ?ME#
KFCL?M#OFC;E::N#U>?#?ME#EP?FEHE=B#:?FC@K#;B;=E:#CG#;FED9?:4#<::E?#OF9;E:4#;>FFE@?#
<;;C>@?#<@D#FE<=#EP;M<@KE#F<?E:#E@D<@KEF#?ME#:?<A9=9?BN#"ME#HC@E?<FB#OC=9;B#<@D#
?ME#A<@R9@K#:>OEFS9:9C@#O=<B#<#DE;9:9SE#FC=E#9@#FEK>=<?9@K#?ME:E#OFC;E::E:N#
c><=9?B#CG#Z>A=9;#/9@<@;E:#<@D#(;C@CH9;#dFCL?M 1`7
#F<?9C@<=#OF>DE@?#G9:;<=#OC=9;B#H9KM?#;C@?F9A>?E#:9K@9G9;<@?=B#?C#?ME#A<=<@;E#
<@D#9?#;<@#FE:?F<9@#?ME#EP<KKEF<?ED#;FED9?#EPO<@:9C@N#&?#H9KM?# FE<;?#OC:9?9SE=B#?C#
?ME#9HO<;?:#CG#?ME#OF9S<?E#9@SE:?HE@?:#C@#?ME#EP?EF@<=#A<=<@;E#X;>FFE@?#<;;C>@?YN#
?#?ME#:<HE#?9HE#?ME#<DD9?9C@<=#G9:;<=#ME<DFCCH#H9KM?#ME=O#?C#H<@<KE#?ME#OFEJ :E@?# ;F9:9:4# ?ME# <=HC:?# =C:?# ;C@G9DE@;EN#Q: #9$ IJ0 )'*6#'*6 (48$% =$:*<*# '6=
9*79$% 03%5(30 #9'# '%$ *6<(3=$= *6 #9$ J#';*(*#1 '6= A%48#9 !'<# =3%*67 $C@
#$6=$= ;44)0 #9$6 #9$0$ <436#%*$0 '%$ 9$'=*67 #48'%=0 030#'*6';($ 53;(*< :*@
6'6<$0 '6= :'<*(*#'#$ #9$ '3#4)'#*< 0#';*(*L$%0 #4 45$%'#$N###
"ME##%'605'%$6# <@D#<>?ME@?9;#)$=*3)@#$%) ;3=7$# 010#$)0#<FE#CG#KFE<?#9HJ OCF?<@;EN#"ME#CSEFE:?9H<?9C@#CG#?ME#OC?E@?9<=#KFCL?M#<@D#?ME#EP;E::9SE#D9:?F9A>J
?9C@#A<:ED#C@#EP<KKEF<?ED#CO?9H9:?9;#KFCL?M#<::>HO?9C@:#9@#?ME# A>DKE?#M<SE#?C#
AE#<SC9DEDN#"ME#9@;FE<:E#9@#?<P#FESE@>E#9:#CG?E@#?EHOCF<FB#ENKN#LM9=E#<::E?#OF9;E:#
KFCLN# Xm<EKEF# <@D# *;M>R@E;M?4# 1552V K9$ 5%3=$6# :*0<'( 54(*<1 )*79# %$03(# *6 9*79$% 7%48#9 $N$6 *6 #9$ 094%# %36+ )40#(1 #9%4379 <%$=*;*(*#1 $::$<#0 X)WC@;<#
<@D#!9WRCL9?W4#155`YN##
"ME# 9@?EFFE=<?9C@:M9O# AE?LEE@# ?ME# EP;M<@KE# F<?E# FEK>=<?9C@# <@D# ?ME# G9:;<=#
OC=9;B#9:#CG#KFE<?#9HOCF?<@;EN# :#FEK<FD:#?ME#G=EP9A=E#EP;M<@KE#F<?E#:B:?EH#?ME#
9@;FE<:E#9@#GCFE9K@#;>FFE@;B#;FED9?#@EED:#?C#AE#H9?9K<?EDN#X"M9:#L<B#?ME#;>FFE@?#
<;;C>@?#DEG9;9?#H9KM?#DE;FE<:ENY#&@#?ME#G9PED#EP;M<@KE#F<?E#:B:?EH#?ME#:OFE<D#CG#
9@:?<A9=9?B#9:#ESE@#HCFE#:9K@9G9;<@?N#"MEFEGCFE#?ME#@EED#GCF#OF>DE@?#G9:;<=#OC=9;B#
9:#ESE@#:?FC@KEFN##
"ME#:(3<#3'#*460# 9@# ?ME# E;C@CH9E:# <@D# O>A=9;# G9@<@;E:# CG# ?ME# %0*:# M<SE#
AEE@#DE;FE<:9@K#:9@;E#($J<;;E::9C@N#&?#M<:#;CHE#E:OE;9<==B#?C#?ME#H9?9K<?9C@#CG#
G=>;?><?9C@#9@#?ME#F<?E#CG#9@?EFE:?4#<HC@K#C?MEF#G<;?CF:#D>E#?C#?ME#:?<A9=9W9@K#EGJ GE;?#CG#?ME#($JHEHAEF:M9ON#$@DEF#=E::#:?<A=E#E;C@CH9;#;C@D9?9C@:#?ME#E;C@CH9;#
<@D#G9:;<=#GCFE;<:?#9:#O<F?9;>=<F=B#;CHO=EPN#XnEEFEH<@4#155`Y#"ME#M9KM#S<F9<A9=J 9?B#CG#?ME#KE@EF<=#KCSEF@HE@?#FESE@>E#<@D#?ME#OF9H<FB#EPOE@D9?>FE#<:#OEF;E@?<KE#
CG# ?ME# d-Z4# ?ME# :?FC@KEF# G=>;?><?9C@# 9@# 9@G=<?9C@# <@D# :?<?E# DEA?# 9@# ?ME# %0*# 9:#
:9K@9G9;<@?#;CHO<FED#?C#?ME#C=D#0*:N##
"ME#U<=?9;J:?<?E:4#U>=K<F9<#<@D#)CH<@9<#:MCL#<@#E:OE;9<==B#M9KM#G=>;?><?9C@#
9@#?ME#OF9H<FB#EPOE@D9?>FEN#[>@K<FB#<@D#)CH<@9<#<FE#SEFB#:E@:9?9SE#?C#?ME#9@?EFJ E:?#;M<@KE:N##
"ME#$::$<#0 4: #9$ 5%$0$6# :*0<'( <%*0*0#C@#?ME#O>A=9;#G9@<@;E:#;<@@C?#AE#CSEFJ S9ELED#;CHO=E?E=BN#"ME#A>DKE?#A<=<@;E#DE?EF9CF<?9C@#9@#?ME#%0*#;<@#AE#;C@:9DJ EFED#<:#<#KE@EF<=#:BHO?CHN#X*EE#?<A=E#3Y# ==#?ME:E#:?FE@K?ME@#?ME#:9K@9G9;<@;E#CG#
OF>DE@?# O>A=9;# G9@<@;E:# 9@# ?ME# HED9>HJ?EFHN# ?# ?ME# :<HE# ?9HE# ?ME# OC?E@?9<=#
A>DKE?#A<=<@;E#DE?EF9CF<?9C@#9:#FE=<?ED#L9?M#D9:;FE?9C@<FB#HE<:>FE:#<OO=9ED#?C#?ME#
;F9:9:# H<@<KEHE@?4# L9?M# ?ME# O<F?9;9O<?9C@# 9@# ?ME# (>FCOE<@# (;C@CH9;# )E;CSEFB#
Z=<@N#X"ME#=<??EF#A>FDE@:#<=:C#?ME#1535#A>DKE?NY#"M9:#O<F?9;9O<?9C@#9:4#MCLESEF4#
HCFE# HCDEF<?ED#9@#?ME#%0*:N#,@#?ME#C@E#M<@D#9@#;EF?<9@#%0*:#?ME#E;C@CH9;#
KFCL?M# M<:@b?# :?COOED# X?MC>KM# 9?# M<:# DE;FE<:ED# ?C# <# KFE<?# EP?E@?Y4# C@# ?ME# C?MEF#
Z^?EF#[<=H<94#'9R?_F9<#'\:\FB#
1e5
M<@D#?MEFE#9:#<#=<;R#CG#G9:;<=#=<?9?>DE#9@#C?MEF#;C>@?F9E:N#X"MEFEGCFE#[>@K<FB#<@D#
+<?S9<#?F9E:#?C#H<@<KE#?ME#;F9:9:#AB#HE<@:#CG#?ME#($#<@D#9@?EF@<?9C@<=#G9@<@;9<=#
9@:?9?>?9C@:NY# *C# G<F# ?ME# !ME;R# )EO>A=9;4# ZC=<@D4# 0<=?<# <@D# *=CSE@9<# M<SE#
=<>@;MED#<#G9:;<=#9@;E@?9SE#O<;R<KEN# ?#?ME#:<HE#?9HE#?MEFE#<FE#@C#:>;M#O<;R<KE:#
CF# C@=B# O<;R<KE:# CG# @EK=9K9A=E# :9WE# 9@# U>=K<F9<4# +9?M><@9<4# [>@K<FB4# )CH<@9<#
<@D#*=CS<R9<N##
#
"<A=E#3N#U>DKE?#A<=<@;E:#CG#($#0EHAEF#*?<?E:#Xg#CG#d-ZY#
U>DKE?#A<=<@;E# *?F>;?>F<=#OF9H<FB#A<=<@;E#
#
155e# 155h# 155]# 1557# 1535# 155h# 155]# 1557# 1535#
!.# T1Ne# T5Ne# T3N`# T2Nf# T2N7# T3N2# T1Nf# T1N7# T1N`#
((# 1N7# 1Nh# TfN5# TfN5# TfN7# T5Nh# TfN7# T5Ne# T3N2#
+'# T5N`# T5N2# T2N5# T33N3# T3fNe# T2N3# T2N7# T]N3# T7N1#
+"# T5N2# T3N5# TfN1# T`N2# T]N5# T1N3# T2N`# TfN3# TfN7#
[$# T7N1# T2N7# TfN2# TfN2# TfN7# T3N`# T5N1# fN3# 1N7#
Z+# TfN7# T3N7# TfN7# TeNe# ThNf# T5N7# TfN3# TfN3# T1Nh#
),# T1N1# T1N`# T`N2# T`N3# T`Ne# TfNh# ThN1# TfNh# TfN3#
*+# T3Nf# 5N`# T5N7# T`N`# TeN`# T5N2# T3Nf# TfNf# TfN2#
*n# TfN`# T3N7# T1N1# T2Nh# T`N2# 1N2# TfN`# TfNh# TfNf#
( J3e# T3Nf# T5Ne# T3N7# T`Nf# TeN`# 3N3# 5N1# T5N7# T3N`#
($J1h# T3N2# T5N]# T1Nf# TeN5# ThNf# 5Nh# T5N2# T3N]# T1N`#
*C>F;EV#(>FCOE<@#!CHH9::9C@4#m>@E#1557N#
#
#
WD !"#$%&' () *"+$%, )%-#-,./ %- &5. -.4 1.1+.3 /&#&./
WDCD *N6RL; LJI>78K>J87 :JB 8X> YN:RL8? AP QN6RL; PLJ:J;>7
#
Z>A=9;# G9@<@;E:# H9KM?# ;C@?F9A>?E#?C# ?ME# E;C@CH9;# KFCL?M# <@D#?ME# ;<?;MJ>O4#
G9F:?# CG# <==# ?MFC>KM# DESE=CO9@K# 9@GF<:?F>;?>FE4# )l-# <@D# ED>;<?9C@N#B3%*67 #9$
5$%*4= FGGDTFGGW #9$%$ 8'0 ' 0#%467 540*#*N$ <4%%$('#*46 ;$#8$$6 53;(*< :*@
6'6<$0 '6= 7%48#9 *6 #9$ 6$8 2X )$);$% 0#'#$0?#X*EE#G9K>FE#eY#
/C==CL9@K#?ME#($J<;;E::9C@#DE:O9?E#?ME#:?F9;?EF#G9:;<=#F>=E:#?ME#09'%$ 4: 53;@
(*< *6N$0#)$6#0 <4)5'%$= #4 #9$ AB!# FC:E# C@# <SEF<KE# <FC>@D# ?C# 2g# 9@# ?ME#
%0*:N#X!C@?F<FB#?C#?ME#C=D#0*:4#LMEFE#?ME#:<HE#F<?E#L<:#1N`gNY##
"ME#G9:;<=# OC=9;B# H9KM?# ;C@?F9A>?E# ?C#?ME# OC?E@?9<=# KFCL?M# L9?M# :>OO=BJ:9DE#
EGGE;?:#XdEHE==#<@D#n@E==EF4#1553Y4# GC@:C#E?#<=4#155`YN#&?#@EED:#?C#AE#;=<F9G9ED#
?C#LM<?#EP?E@?#?ME#G9:;<=#OC=9;B#<==CL:#?ME#:?<?E#?C#G9@<@;E#9@SE:?HE@?:N##
?# ?ME# :<HE# ?9HE# ?ME# M9KM# KFCL?M# OEFGCFH<@;E# E@M<@;E:# ?ME# DEA?JAE<F9@K#
;<O<;9?B# CG# ?ME# E;C@CHBN#Q6 #9$ 094%#@%36 #$60*46 )*79#+ 948$N$%+ 4<<3% ;$@
#8$$6 0#';*(*#1 '003%'6<$ '6= #9$ 5%*4%*#1 5%47%') :*6'6<*67?# "M9:# ?F<DE# CG# 9:#
c><=9?B#CG#Z>A=9;#/9@<@;E:#<@D#(;C@CH9;#dFCL?M 1e3
D9:;>::ED#<=:C#9@#?ME#%0*:N# ;;CFD9@K#?C#C@E#<OOFC<;M#?ME#KFCL?M#;<@#AE#OFCJ HC?ED# ?MFC>KM# <# A>DKE?# DEG9;9?# ?M<?# 9:# 9@# EP;E::# CG# ?ME# GCFHEF# O=<@@ED# S<=>E:#
X<@D#?ME#*dZJF>=E:YN##
"ME# H<;FCJE;C@CH9;# :?<A9=9?B# F9:R:# D9;?<?E4# MCLESEF4#<# SEFB# ;<>?9C>:# G9:;<=#
OC:9?9C@N# ZC?E@?9<=# ?F<DE# CGG# M<:# ?C# AE# ?<RE@# 9@?C# <;;C>@?# 9@# ?ME# <@<=B:9:# CG# ?ME#
:?<A9=9W9@K#FC=E#CG#?ME#G9:;<=#OC=9;BN##
#
#
#
/9K>FE#eN#Z>A=9;#9@SE:?HE@?4#1552T155]#
###################*C>F;EV#(>FCOE<@#!CHH9::9C@N#
WDED %KQ9AI>K>J8 LJ YN:RL8? AP QN6RL; PLJ:J;>7
#
/>F?MEF#9HOCF?<@?#D9HE@:9C@#CG#?ME#I><=9?B#CG#O>A=9;#G9@<@;E:#<FE#;C@:9DEFEDV#
DEA?# :>:?<9@<A9=9?B4# ;CHOC:9?9C@# CG# :OE@D9@K# <@D# G9:;<=# KCSEF@<@;EN# "ME:E# G<;J
?CF:# T#?CKE?MEF# L9?M# ?ME# <ACSEJD9:;>::ED#?CO9;:#T# M<SE# :9K@9G9;<@?# EGGE;?# C@#?ME#
:?<A=E#;C@SEFKE@;EN#
#
WDEDCD 0>68 7N78:LJ:6LRL8?
#
[9KM# :?<?E# DEA?#<@D#A>DKE?# DEG9;9?# M<SE#<@# EGGE;?# C@# ?ME# :<S9@K# <@D#9@SE:?J HE@?#DE;9:9C@:N#"ME9F#9HO<;?#C@#?ME#E;C@CH9;#KFCL?M#9:#@EK<?9SEN#"ME#9@;FE<:J 9@K# ;FED9?# DEH<@D# CG# ?ME# A>DKE?# H9KM?# 9@;FE<:E# FE<=# 9@?EFE:?# F<?E:# <@D# ?MFC>KM#
?M<?# 9?# ;<@# ;FCLD# C>?# OF9S<?E# 9@SE:?HE@?:N# (;C@CH9;# <;?CF:# LMC# ;C@:9DEF# ?ME#
Z^?EF#[<=H<94#'9R?_F9<#'\:\FB#
1e1
;>FFE@?# G9:;<=# OC=9;B# ?C# AE# >@:>:?<9@<A=E# H9KM?# 9@;FE<:E# ?ME9F# :<S9@K:# X<@DoCF#
H9KM?# DE;FE<:E# ?ME9F# 9@SE:?HE@?:Y# 9@# CFDEF# ?C# K><FD# <K<9@:?# ?ME# G>?>FE# DEA?#
KFCL?MN# X&?# ;<@# FE:>=?# 9@# FCA>:?# ;<O9?<=# C>?G=CLNY# "ME# ?<P# 9@;FE<:E# ?CL<FD# DEA?#
FED>;?9C@#<@D#?ME#DE;FE<:E#9@#O>A=9;#9@SE:?HE@?:#M<SE#<#@EK<?9SE#9HO<;?#C@#?ME#
E;C@CH9;#KFCL?M#X"<@W9#<@D#!M<=R4#1551YN#"ME:E#OFCA=EH:#<FE#SEFB#?9HE=B#GCF#
?ME#%0*:N#"ME#KFE<?E:?#O<;E#CG#E;C@CH9;#KFCL?M#M<:#AEE@#FE<;MED#AB#;C>@?F9E:#
L9?M#?ME#=CLE:?#DEA?#=ESE=N#X:EE#G9K>FE#hYN#
#
#
#
/9K>FE#hN#Z>A=9;#DEA?4#1552T155]#
#########################*C>F;EV#(>FCOE<@#!CHH9::9C@N#
#
#
&@# ;EF?<9@# @EL# HEHAEF# :?<?E:# ?ME# F9:R# CG# O>A=9;# :OE@D9@K# F9:E:# D>E# ?C# ?ME#
OE@:9C@# <@D# ME<=?M# ;<FE# :OE@D9@K# ?M<?# <FE# >@:>:?<9@<A=E# 9@# ?ME# =C@K# F>@N# "ME:E#
F9:R:#H9KM?#M<SE#<@#EGGE;?#C@#?ME#=C@KJ?EFH#KFCL?M#EPOE;?<?9C@:N#X"ME#F9:R#F<?9@K#
CG#?ME#;C>@?F9E:#9:#SEFB#D9GGEFE@?NY#
=:C#D>E#?C#?ME#<ACSEHE@?9C@ED#:9K@9G9;<@?#OE@:9C@#<@D#C?MEF#:?F>;?>F<=#FEJ GCFH:#M<SE#AEE@#=<>@;MED#9@#?ME#%0*:N##
#
WDEDED ,AKQA7L8LAJ AP QN6RL; 7Q>JBLJO
#
"ME#G9:;<=#:>OOCF?#CG#?ME#E;C@CH9;#FE:?F>;?>F9@K#H9KM?#ME=O#E:?<A=9:M9@K#?ME#
;C@D9?9C@:#CG#?ME#G<:?#KFCL?M#CG#?ME#OF9S<?E#:E;?CFN#&?#M<:#?C#AE#EPO=9;9?=B#:?FE::ED#
?M<?# ?ME# D9:?F9A>?9C@# ?E@:9C@:# M<SE# ?C# AE# H<@<KED# <:# 9?# 9:# <# KFCL?M# OFCHC?9@K#
c><=9?B#CG#Z>A=9;#/9@<@;E:#<@D#(;C@CH9;#dFCL?M 1ef
;C@D9?9C@N# ?#?ME#:<HE#?9HE#@C?#C@=B#?ME#;CHOC:9?9C@#A>?#<=:C#?ME#EGG9;9E@;B#CG#
FESE@>E:#<@D#EPOE@D9?>FE:#M<:#?C#AE#9HOFCSEDN#XENKN#*CHE?9HE:#EPOE@D9?>FE:#;<@#
AE#<AC=9:MED#?MFC>KM#<AC=9:M9@K#:>OOCF?:#CF#DE;FE<:9@K#?ME#<DH9@9:?F<?9C@NY#
!CHO<F9@K# ?ME# ;CHOC:9?9C@# CG# :OE@D9@K# <HC@K# ;C>@?F9E:# 9?# 9:# ?C# AE# :?<?ED#
?M<?#?ME#%'#$ 4: *6N$0#)$6#0 *0 9*79$% #9$ %'#$ 4: <4603)5#*46 *0 (48$% *6 #9$ U'(@
#*<@0#'#$0 '6= 043#9@$'0#$%6 23%45$'6 <436#%*$0 #9'6 *6 #9$ 4#9$% SIJ0?# &?#
:MC>=D#M<SE#<@#EGGE;?#C@#?ME#KFCL?M#OEFGCFH<@;EN##
#
WDEDFD )L7;:R OAI>9J:J;>
#
"ME# ?F<DE# CGG# AE?LEE@# A>DKE?# ;C@:C=9D<?9C@# <@D# ;<?;MJ>O# :OE@D9@K# ?ME#
:?FE@K?ME@9@K# G9:;<=# F>=E:# <@D# 9@:?9?>?9C@:# ;C@?F9A>?E# ?C# ?ME# 9HOFCSEHE@?# 9@# ?ME#
OC?E@?9<=#;CHO=EP#;MC9;E:N#0EHAEF#:?<?E:#M<S9@K#<DS<@;ED#G9:;<=#F>=E:#<@D#9HJ OFCS9@K# ?ME9F# A>DKE?# OEFGCFH<@;E# XENKN# U<=?9;J:?<?E:Y# M<SE# FE<;MED# <# M9KMEF#
KFCL?M#?M<@#?ME#;E@?F<=#(>FCOE<@#;C>@?F9E:#L9?M#=E::#<DS<@;ED#G9:;<=#F>=E:N##
#
ZD ,(-,$"/%(-/
#
"ME#H<9@#;C@;=>:9C@:#A<:ED#C@#?ME#<@<=B:9:#;<@#AE#:>HH<F9WED#?ME#GC==CLJ 9@K#L<BV##
3N2 J436= 53;(*< :*6'6<$0+ 0#%467 '6= 030#'*6';($ ;3=7$# 540*#*460 '6= =$;#
($N$(0 '%$ =$<*0*N$ :'<#4%0 4: #9$ 7%48#9@$69'6<*67 :*0<'( 54(*<1?#"ME#M9KM#:?<?E#
DEA?# A>FDE@:# ?ME# E;C@CHB4# ;FCLD:# C>?# ?ME# OF9S<?E# 9@SE:?HE@?:N# &G# ?ME# :?<?E# <DJ H9@9:?F<?9C@# AE;CHE:# ?CC# A9K# 9?# A>FDE@:# <@D#=9H9?:#?ME# E;C@CH9;# KFCL?M4#E:OEJ
;9<==B#9G#9?#9:#=9@RED#L9?M#M9KM#?<PE:#C@#=<AC>F#<@D#;<O9?<=#<@D#?ME#9@EGGE;?9SE#>:E#
CG#:?<?E#FE:C>F;E:N##
1N2 Q# *0 36'N4*=';($ #4 %$:4%) #9$ 23%45$'6 04<*'( )4=$(N## #:?F<?EKB#OFCJ HC?9@K# =<AC>F# >?9=9W<?9C@# <@D# OFCD>;?9S9?B# KFCL?M# 9:# M9KM=B# FEI>9FED# <:# FEK<FD:#
?ME#<KE9@K#:C;9E?BN#"ME#9@;FE<:9@K#@>HAEF#CG#OECO=E#LCFR9@K#<?#<@#C=DEF#<KE#X?ME#
9@?E@:9G9;<?9C@#CG#?ME:E#9@;E@?9SE:Y#M<:#:ESEF<=#EGGE;?:V#?ME#:?FC@KEF#9@;E@?9SE:#GCF#
;FE<?9C@#CG#LCFRO=<;E:#G<;9=9?<?E#T#AEBC@D#?ME#9@;FE<:E#9@#KFCL?M#OC?E@?9<=#T#?ME#
G9@<@;9@K# CG# ?ME# LE=G<FE# :B:?EH:# <@D# DE;FE<:E# ?ME# ;C:?# CG# ?ME:E# :B:?EH:N# "ME#
:M9G?# 9@# KFCL?MJE@M<@;9@K# O>A=9;# :OE@D9@K# <@D# ?<P<?9C@# FE:>=?:# 9@# M9KMEF# S<=>E#
GCF#O>A=9;#HC@EB#L9?M#=E::#D9:?CF?9C@#?M<@#E<F=9EFN#&?#;C@;E@?F<?E:#AE??EF#C@#;<O9J
?<=# <@D# 9@GF<:?F>;?>FE# OFCHC?E:# AE??EF# ?ME# ;FE<?9C@# CG# LCFRO=<;E:# <@D# EHO=CBJ HE@?N##
fN2 "ME#I><=9?B#CG#O>A=9;#G9@<@;E:#9:#<#H>=?9D9HE@:9C@<=#;C@;EO?N#&?#OFCS9DE:#
:ESEF<=# OC::9A9=9?9E:# GCF# ?ME# G9:;<=# OC=9;B# H<@<KEHE@?# <:# FEK<FD:# ?ME# OFCHC?9C@#
CG#E;C@CH9;#KFCL?MN#-9GGEFE@?#OC=9;BJH9PE:#;<@#AE#C>?=9@EDN#U>?#C@E#M<:#?C#AE#
;MC:E@N# # A9K# O>A=9;# :E;?CF# ;<@# AE# =9@RED# L9?M# M9KM# E;C@CH9;# KFCL?M# C@=B# 9G#
Z^?EF#[<=H<94#'9R?_F9<#'\:\FB#
1e2
?MEFE#<FE#:>:?<9@<A=E#A>DKE?#OC:9?9C@:#<@D#DEA?#=ESE=:#O=>:#?ME#KCSEF@HE@?#<DH9@9J :?F<?9C@#?ME#FESE@>E#<@D#:OE@D9@K#:B:?EH:#?ME#G9:;<=#9@:?9?>?9C@:#<FE#EGGE;?9SEN##
#HCFE#?MCFC>KM#EPO=CF<?9C@#<@D#<@<=B:9:#CG#?ME#9HO<;?:#CG#O>A=9;#G9@<@;E:#
C@# E;C@CH9;# KFCL?M# 9:# <# G>@D<HE@?<=# FEI>9FEHE@?# GCF# :>;;E::G>=# :?F>;?>F<=# FEJ GCFH:N#"ME#;C@:EI>E@?#9HO=EHE@?<?9C@#CG#?ME:E#FEGCFH:#9:#<#;F>;9<=#G<;?CF#CG#?ME#
:>;;E::G>=#;<?;MJ>O#OFC;E::#9@#?ME#@EL#HEHAEF#:?<?E:N##
3.).3.-,./
#
GC@:C4# N#E?#<=N#X155`YV#ac><=9?B#CG#O>A=9;#G9@<@;E:#<@D#KFCL?Mb4#(!U#kCFR9@K#Z<OEF4#%CN#2f]N2 GC@:C4# N4##*?N# >AB@#0N#X155eY4#a)E=<?9SE#EGG9;9E@;B#CG#ME<=?M#OFCS9:9C@V# #-( #<OOFC<;M#L9?M#
@C@JD9:;FE?9C@<FB#9@O>?:b4#&*(dJ$"+#(;C@CH9;:#kCFR9@K#Z<OEF4#ffo155eo-(o$(!(4#"E;MJ
@9;<=#$@9SEF:9?B#CG#+9:AC@4#-EO<F?HE@?#CG#(;C@CH9;:N#
KE==4# mN4# +9@DM# "N4# ,M=::C@# [N# X377hYV# adFCL?M# <@D# ?ME# O>A=9;# :E;?CFV# # ;F9?9;<=# FES9EL# E::<Bb4#
(>FCOE<@#mC>F@<=#CG#ZC=9?9;<=#(;C@CHB4#%CN#3f4#OON#ffT`1N#
=E:9@<# N4#ZEFC??9#)N4#X377h<Y4#/9:;<=# DQ>:?HE@?:#9@#,(!-#!C>@?F9E:V#!CHOC:9?9C@#<@D#0<;FCJ E;C@CH9;#(GGE;?:4#&0/#*?<GG#Z<OEF:4#m>@E4#OON#135T12]N#
=LCF?M4#mN4# F<;M9#dN#X155]YV#a"<P<?9C@#ZC=9;B#9@#(0$b4#(>FCOE<@#(;C@CHB#T#(;C@CH9;#Z<OEF:4#
f354#(;C@CH9;#<@D#/9@<@;9<=# GG<9F:#-d4#(>FCOE<@#!CHH9::9C@N#
FO<9<4# N4#">FF9@94# N#X155]YV##dCSEF@HE@?#EPOE@D9?>FE#<@D#E;C@CH9;#KFCL?M#9@#?ME#($V#=C@KJF>@#
?E@DE@;9E:# <@D# :MCF?J?EFH# <DQ>:?HE@?4# (>FCOE<@# (;C@CHB4# (;C@CH9;# O<OEF:# f55N# UF>::E=:4#
`1#OON###
U<FF9C:4#*N4#*;M<E;M?EF4# N#X155]YV##"ME#I><=9?B#CG#O>A=9;#G9@<@;E:#<@D#E;C@CH9;#KFCL?M4#(>FCOE<@#
(;C@CHB4#(;C@CH9;#O<OEF:N#ffhN#*EO?EHAEF#155]N#UF>::E=:N#`5#OON#
U<FF9C:4#*N4#ZE@;M#+N4#*;M<E;M?EF4# N#X1557YV#"ME#I><=9?B#CG#O>A=9;#G9@<@;E:#<@D#E;C@CH9;#KFCL?MN#
ZFC;EED9@K:# ?C# ?ME# <@@><=# kCFR:MCO# C@# O>A=9;# G9@<@;E:# X1]# %CSEHAEF# 155]Y# (>FCOE<@#
(;C@CHB4#,;;<:9C@<=#O<OEF:N#Z Z()*N#SUN#0<F;M#1557N#UF>::E=:N#ODGN#12`OON#
U>?94#0N#/F<@;C4#-N4#,@KE@<#[N#X377]YV#p/9:;<=#-9:;9O=9@E#<@D#/=EP9A9=9?B#9@#(0$V#?ME#&HOE=HE@?<?9C@#
CG#?ME#*?<A9=9?B#<@D#dFCL?M#Z<;?4#,PGCFD#)ES9EL#CG#(;C@CH9;#ZC=9;B4#'C=N#324#OON#]3T7hN#
!<FC@E4# dN4# *;MH9D?# mN# [N4# %9;CDqHE# dN# X155hYV# a"<P# FESE@>E:# 9@# ?ME# (>FCOE<@# $@9C@V# )E;E@?#
?FE@D:# <@D# ;M<==E@KE:# <ME<Db4# (>FCOE<@# (;C@CHB# T# (;C@CH9;# Z<OEF:4# %CN# 1]54# (;C@CH9;#
<@D#/9@<@;9<=# GG<9F:#-d4#(>FCOE<@#!CHH9::9C@4#0<BN#
-EAF>@4#rN4#Z9:<@9J/EFFB#mN4#*<O9F# N#X155]YV#adCSEF@HE@?#*9WE#<@D#,>?O>?#'C=<?9=9?BV#*MC>=D#kE#
/CF:<RE# >?CH<?9;# *?<A9=9W<?9C@sb4# (>FCOE<@# (;C@CHB# T# (;C@CH9;# Z<OEF:4# %CN# f3e4# (;CJ
@CH9;#<@D#/9@<@;9<=# GG<9F:#-d4#(>FCOE<@#!CHH9::9C@N#
(>FCOE<@#!CHH9::9C@#X155fYV#aZ>A=9;#G9@<@;E:#9@#(0$#T#155fb4#(>FCOE<@#(;C@CHB4#%CN#fo155f4#
(;C@CH9;#<@D#/9@<@;9<=# GG<9F:#-d4#(>FCOE<@#!CHH9::9C@N##
(>FCOE<@# !CHH9::9C@# X1552YV# a(0$# <G?EF# G9SE# BE<F:b4# (>FCOE<@# (;C@CHB# *OE;9<=# )EOCF?# %CN#
3o15524#(;C@CH9;#<@D#/9@<@;9<=# GG<9F:#-dN#
(>FCOE<@# !CHH9::9C@# X155eYV# a"ME# =C@KJ?EFH# :>:?<9@<A9=9?B# CG# O>A=9;# G9@<@;E:# 9@# ?ME# (>FCOE<@#
$@9C@b4# (>FCOE<@# (;C@CHB4# %CN# 2o155e4# (;C@CH9;# <@D# /9@<@;9<=# GG<9F:# -d4# (>FCOE<@#
!CHH9::9C@N#
(>FCOE<@#!CHH9::9C@#X155hYV#aZ>A=9;#G9@<@;E:#9@#(0$#T#155hb4#(>FCOE<@#(;C@CHB4#%CN#fo155h4#
(;C@CH9;#<@D#/9@<@;9<=# GG<9F:#-dN#
(>FCOE<@#!CHH9::9C@#X1557YV#Z>A=9;#G9@<@;E:#9@#(0$#T#15574#(>FCOE<@#(;C@CHB#`N#m>@E#15574#
UF>::E=:##
(>FCOE<@# !CHH9::9C@4# X155]YV#(0$t35V# :>;;E::E:# <@D# ;M<==E@KE:# <G?EF# 35# BE<F:# CG# (;C@CH9;#
<@D#0C@E?<FB#$@9C@4#(;C@CH9;#<@D#/9@<@;9<=# GG<9F:#-d#
c><=9?B#CG#Z>A=9;#/9@<@;E:#<@D#(;C@CH9;#dFCL?M 1e`
(>FCOE<@# !CHH9::9C@4# X1557YV# /9SE# BE<F:# CG# <@# E@=<FKED# ($# (;C@CH9;# <;M9ESEHE@?:# <@D# ;M<=J
=E@KE:4#(>FCOE<@#(;C@CHB4#%CN#3o15574#(;C@CH9;#<@D#/9@<@;9<=# GG<9F:#-dN#
dEHHE==4# %N4# n@E==EF# )N# X1553YV# a"ME# 9HO<;?# CG# G9:;<=# OC=9;B# C@# =C@KJF>@# KFCL?Mb4# 9@# (>FCOE<@#
!CHH9::9C@V#a!>FFE@?#&::>E:#9@#E;C@CH9;#KFCL?Ma4#(>FCOE<@#(;C@CHB#T#)EOCF?:#<@D#*?>DJ 9E:4#%CN#34#OON#77T317N#
dEHHE==4# %N4# n@E==EF# )N4# *<@W# &N# X1557YV# "ME# !CHOC:9?9C@# CG# KCSEF@HE@?# EPOE@D9?>FE# <@D# E;CJ
@CH9;#KFCL?MV#:CHE#ES9DE@;E#GFCH#,(!-#;C>@?F9E:#&@V#U<FF9C:4#*N4##ZE@;M#+N4#*;M<E;M?EF4# N#
X1557YV# "ME# I><=9?B# CG# O>A=9;# G9@<@;E:# <@D# E;C@CH9;# KFCL?MN# ZFC;EED9@K:# ?C# ?ME# <@@><=#
kCFR:MCO# C@# O>A=9;# G9@<@;E:# X1]# %CSEHAEF# 155]Y# (>FCOE<@# (;C@CHB4# ,;;<:9C@<=# O<OEF:N#
Z Z()*N#2`N#0<F;M#1557N#UF>::E=:N#ODGN#12`OON#
dFE@C>9==E<>4#-N4#)<??C#0N4#)CEKEF#kN#X155hY4#a DQ>:?HE@?#?C#:MC;R:V# #;CHO<F9:C@#AE?LEE@#?ME#
E>FC#<FE<#<@D#?ME#$*#E:?9H<?ED#-*d(#HCDE=b4#kCFR:MCO#C@#:?F>;?>F<=#FEGCFH:#<@D#E;C@CH9;#
FE:9=9E@;EV#ES9DE@;E#<@D#OC=9;B#9HO=9;<?9C@:4#Z<F9:4#32#m>@EN#
[<=H<94#ZN4#'\:\FB4#'N#X155]YV#!<?;M9@K#>O#<@D#?ME#(0$#&@V#ZFC;EED9@K:#CG# A:?F<;?:#CG#<@#&@?EFJ
@<?9C@<=# !C@GEFE@;EV# (;C@CH9;# <@D# 0C@E?<FB# $@9C@V# 35# uE<F:# CG# *>;;E::s# XED:N# /9DFH>;4#
+<;9@<4# )>:ERY# 0E@DE=# $@9SEF:9?B# UF@C# !WE;M# )EO>A=9;# %CSEHAEF# 1hN1]4# 155]4# !-V#
EVv<A:?F<;?:vwN#w##1x53xM<=H<9xS<:<FB4#&*U%#7h]J]5J]h35eJ3fJe#
m<EKEF4# N4#*;M>R@E;M?#+N#X1552Y4#aUCCHA>:?#OM<:E:#9@#<::E?#OF9;E:#<@D#G9:;<=#OC=9;B#AEM<S9C>Fb4#
&0/#kCFR9@K#Z<OEF:4#%CN#52o`2N2
mC@>@K4# +N4# +<F;M# 0N# X155eYV# a/9:;<=# OC=9;B# 9@# ?ME# ($# y# FE# CGG9;9<=# C>?O>?# GCFE;<:?:# A9<:EDsb4#
(;C@CH9;#ZC=9;B4#13X2hY#OON#273T`f24#m>=BN#
nEEFEH<@4# /N# X155`YV# a(;C@CH9;# GCFE;<:?:# <@D# G9:;<=# OC=9;B# 9@# ?ME# FE;E@?=B# <;;EDED# 0EHAEF#
*?<?E:b4# (>FCOE<@# (;C@CHB# T# (;C@CH9;# Z<OEF:4# %CN# 1f24# (;C@CH9;# <@D# /9@<@;9<=# GG<9F:#
-d4#(>FCOE<@#!CHH9::9C@N#
,(!-#X155hYV#"<P#<@D#E;C@CH9;#KFCL?M4#kCFR9@K#Z<F?B#%CN#3#C@#0<;FCE;C@CH9;#<@D#*?F>;?>F<=#
ZC=9;B# @<=B:9:N#
)WCz;<4# N4# !9WRCL9;W# ZN# X155`Y4# a%C@J# nEB@E:9<@# EGGE;?:# CG# G9:;<=# ;C@?F<;?9C@# 9@# @EL# HEHAEF#
:?<?E:b4#(!U#kCFR9@K#Z<OEF4#%CN#`37N#
*>?MEF=<@D4#-N4#ZF9;E#)N4#mC>H<FD#&N4#%9;I#!N#X155hYV#aZEFGCFH<@;E#9@D9;<?CF:#GCF#O>A=9;#:OE@D9@K#
EGG9;9E@;B#9@#OF9H<FB#<@D#:E;C@D<FB#ED>;<?9C@b4#,(!-#(;C@CH9;:#-EO<F?HE@?#kCFR9@K#Z<J OEF:4#%CN#`2e4#,FK<@9:<?9C@#GCF#(;C@CH9;#!CCOEF<?9C@#<@D#-ESE=COHE@?N#
"<@W94# 'N4# !M<=R# %N# X1551YV# a&HO<;?# CG# =<FKE# O>A=9;# DEA?# C@# KFCL?M# 9@# ?ME# ($V# # D9:;>::9C@# CG#
OC?E@?9<=#;M<@@E=:b4#9@#U>?94#0N4#mN#SC@#[<KE@#<@D#!N#0<F?9@EWJ0C@K<B#XED:NYV#"ME#AEM<S9C>F#
CG#G9:;<=#<>?MCF9?9E:4#KFCL?M#<@D#9@:?9?>?9C@:4#OON#3]heT133N#
