"What Is It About Horses?" A Qualitative Exploration of Equine Facilitated Psychotherapy
`2#/$.$/*0/#*-. .a,0'$//$1 3+'*-/$*)
*! ,0$) !$'$// +.4#*/# -+4
@JJ<IK8K@FE
+I<J<EK<;KFK?<!8:LCKPF=
EK@F:?0E@M<IJ@KP.8EK88I98I8
$EG8IK@8C=LC=@CCD<EK=FIK?<;<>I<<F=
*/*-*!+.4#*'*"4
9P
8K?<I@E<.D@K?(
*-$.:?FC8I)F
GI@C
`2#/$.$/*0/#*-. .a
,0'$//$1 3+'*-/$*)*! ,0$) !$'$// +.4#*/# -+4
/?@J;@JJ<IK8K@FE9P8K?<I@E<.D@K??8J
9<<E8GGIFM<;9PK?<:FDD@KK<<D<D9<IJJ@>E<;9<CFN
N?FI<:FDD<E;K?8K@K9<8::<GK<;9PK?<=8:LCKPF=
EK@F:?0E@M<IJ@KP.8EK88I98I8
@EG8IK@8C=LC=@CCD<EKF=I<HL@I<D<EKJ=FIK?<;<>I<<F=
*/*-*!+.4#*'*"4
@JJ<IK8K@FEFDD@KK<<
CC<E@J?FG+??8@IG<IJFE
C@Q89<K?8K<J!I<<;+JP
I<E;8(LIIFN+?
@@
FGPI@>?KY9P8K?<I@E<.D@K?
CC-@>?KJ-<J<IM<;
@@@
`2#/$.$/*0/#*-. .a,0'$//$1 3+'*-/$*)
*! ,0$) !$'$// +.4#*/# -+4
8K?<I@E<.D@K?(
EK@F:?0E@M<IJ@KP.8EK88I98I8
.8EK88I98I8
/?@JHL8C@K8K@M<JKL;PFE HL@E<!8:@C@K8K<;+JP:?FK?<I8GP !+ LK@C@Q<;8:FD9@E<;
D<K?F;FCF>P@E:FIGFI8K@E><C<D<EKJ=IFDG?<EFD<EFCF>P8E;>IFLE;<;K?<FIPKF:FEKI@9LK<KF
K?<<O@JK@E>9F;PF=I<J<8I:?FE<HL@E<K?<I8G<LK@:GI8:K@:<J9P8 :C8I@=P@E>=FLE;8K@FE8C
LE;<IJK8E;@E>J@KJD<:?8E@JDJF=K?<I8G<LK@:8:K@FE8E;9 <OGCFI@E>98II@<IJKFK?<>IFNK?F=
K?<=@<C;=IFD8GI8:K@K@FE<IGF@EKF=M@<N !@M<G?<EFD<EFCF>@:8C:8K<>FI@<JN<I<@;<EK@=@<;8E;
;<J:I@9<;8J@EK<INFM<ED<:?8E@JDJF=K?<I8G<LK@:8:K@FEN@K?@EK?<GI8:K@:<F= !+
F9J<IM8K@FE:FDDLE@:8K@FED@E;=LCE<JJ<D9F;@D<EK8E;:FEE<:K@FE ;;@K@FE8CCPJ@O
G?<EFD<E8N<I<@;<EK@=@<;8E;<OGCFI<;8J:?8CC<E><JKFK?<=@<C;cJ>IFNK?=LE;@E>8N8I<E<JJ
:F?<J@FE:C8I@KP8::<JJ@9@C@KP8E;D<8JLI89@C@KP /?@J;@JJ<IK8K@FE@J8M8@C89C<@EFG<E8::<JJ8K
0-KWWSVDXUDDQWLRFKHGX8E;*?@F'$)& /<EK<IKWWSVHWGRKLROLQNHGX
)<:25(6<HL@E<=8:@C@K8K<;GJP:?FK?<I8GP<HL@E<K?<I8GP<HL@E<8JJ@JK<;C<8IE@E>8E@D8C
8JJ@JK<;K?<I8GPFLK;FFIK?<I8GPE8KLI<K?<I8GPE8KLI<98J<;K?<I8GPD@E;=LCE<JJJFD8K@:
K?<I8GP<D9F;@<;<OG<I@<E:<JG@I@KL8C8E;;<GK?GJP:?FCF>P+/.KI8LD8:FDGC<OKI8LD8
C+/.;<M<CFGD<EK8CKI8LD8
@M
%$)#!3).-
1@<N@E>(<;LJ89PD<8EJF=?@JD@IIFIJ?@<C;?<:LKF==?<I?<8;68E;7FLKF=K?<
J<M<I<;?<8;=C<N+<>8JLJK?<N@E><;?FIJ< 6]7$K@J8J@=K?<;<:8G@K8K@FEF=K?<
(<;LJ8E?FIIFI?8;K?<<==<:KF=KI8EJ=FID@E>K?<E<>8K@M<<E<I>P:FEK8@E<;@E?<I
8E;I<C<8J@E>@K@EKFGFJ@K@M<:I<8K@M<GFN<IJ@>E@=@<;9PK?<?FIJ<8JPD9FCF=
G?PJ@:8C <E<I>P K?8K @J K?< J8D< K@D< N@E><; 6]7 .F K?< 8IKJ ;<I@M<; =IFD
+<>8JLJc C@9@;F 9LK K?<@I LCK@D8K< JFLI:< N8J (<;LJ8 J@E:< (<;LJ8 N8J K?<
DFK?<IF=+<>8JLJ ^ ;N8I; ;@E><I ,)7)51%/5%0%
/F!ILD@FLJ8E;<IJE8K:?K?<GC8P=LC=LEEP:LI@FLJ`JKI8E><N?@K<?FIJ<aF=DPPFLK?^
K?8EBPFL=FIJ8M@E>DPC@=<
/F8CCJLIM@MFIJF=:FDGC<O;<M<CFGD<EK8C8E;FI@EK<I><E<I8K@FE8CKI8LD8<JG<:@8CCP:FM<IK
89LJ< (8PPFL;8I<KF9<J<<E (8PPFL;8I<KFBEFN8E;JG<8BPFLIKILK?^@E:CL;@E>KILK?KF
GFN<I (8PK?<;<GK?JF=PFLIJL==<I@E>9<KI8EJ=FID<; 4FL8I<EFK8CFE< F127>@M<LG
4FLIC@=<D8KK<IJ $K@JE<M<IKFFC8K<KF9<:FD<N?8KPFLD@>?K?8M<9<<E
M
#*-.6+%$'%,%-32
$NFLC;C@B<KF8:BEFNC<;><JFD<F=K?<D8EP@EJKIL:KFIJJLG<IM@JFIJD<EKFIJ=I@<E;J
8E;CFM<;FE<JN?F?8M<?<CG<;D8B<K?@JNFIBGFJJ@9C<I E><C8<M@K8I .LJ8E!<II8EK
I (8KK?<N<EE<KKI 8E.:?N8IKQI ?I@JKFG?<I% #FN8I;I *C@M<I2@CC@8DJI
"<FI><<IDL;<QI 1@:KFIF?<EI ?IPJK8C-8?D8E@I !8@QFE- 2FF;I I@:%
8P'L:PFKK<I'(!/%@CC#FN<1<I:FJ'(!/18C<I@<&C8PD8E'(!/I '8LI8@8Q
2@EK<IJ<KI .@DFE<<I@I )8K8J?82?<<C<II .LJ8E!I8EB<C%8E<K"I8?8D'(!/
?I@JKFG?<I)F:?<Q'.2.?<@C8#8K:?<I'(!/I %F;P :?8>8I8PI C<O88?I8
C8B<9I8DFM@KQ.:FKK-8;@E.K<G?8E@<#FCC8E;I CC@JFE;<CD8EI ?I@JK@E<!FIK<
.?<C9PJ?1<I<E@:<(L<KK)@:FC<'@E;JKIFD-8:?<CC<%F?EJFE(8IB(8IDFIJK<@E@8E<
IFNE8E;-FP8C.D@K?^K?8EBPFL=FI8CCK?<BEFNC<;><N@J;FDB@E;E<JJ<E:FLI8><D<EK
DFI8CJLGGFIK8E;@EJG@I8K@FEPFL?8M<GIFM@;<;KFD<8CFE>K?@JG8K?
.G<:@8CK?8EBJKFDP;@JJ<IK8K@FE:FDD@KK<<=FI:FEKI@9LK@E>PFLIK@D<8KK<EK@FE:8I@E>
8E;<OG<IK@J<I <KJP8K<J!I<<;I I<E;8(LIIFN8E;K?8EBJ<JG<:@8CCPKFI CC<E
@J?FG^=FIK?<KI<D<E;FLJJLGGFIK8E;>L@;8E:<8J8:?<I@J?<;@EJKIL:KFI8:8;<D@:8;M@JFI
GIF=<JJ@FE8C8;MF:8K<G<IJFE8CIFC<DF;<C8E;;@JJ<IK8K@FE:?8@IG<IJFE $K?8JKILCP9<<E8E
?FEFI8E;8GI@M@C<><C<8IE@E>=IFDPFL
M@
/89C<F=FEK<EKJ
./-/ @M
<;@:8K@FE M
:BEFNC<;><D<EKJ M@
/89C<F=FEK<EKJ M@@
'@JKF=/89C<J OM@@
#+/ -$)/-*0/$*)
+LIGFJ<
-<C<M8E:<F=K?</FG@:=FIC@E@:8C+JP:?FCF>P
LKF9@F>I8G?@:8C*I@>@EJF=K?<-<J<8I:?<IcJ$EK<I<JK@EK?</FG@:
-<J<8I:?,L<JK@FEJ
<=@E@K@FEJ
HL@E<JJ@JK<;:K@M@K@<J8E;/?<I8G@<J
HL@E<!8:@C@K8K<;+JP:?FK?<I8GP
E@D8CJJ@JK<;/?<I8GP
)8KLI<8J<;/?<I8GP
(<:?8E@JDJF=:K@FE
/I8LD8
FDGC<O/I8LD8<M<CFGD<EK8C/I8LD8
#+/ -$$'$/ -/0- - 1$ 2
(<K88E8CPJ<J8E;'@K<I8KLI<-<M@<NJ
!+(F;8C@K@<J8E;!LE:K@FEJ
M@@
/ !+=FI.#
!+=FI+I@JFE$ED8K<J
!+=FID<I@:8E$E;@8E4FLK?8E;!8D@C@<J
/ !+=FI/I8LD8
1<K<I8EJN@K?+/.
4FLK?/I8LD8.LIM@MFIJ
2FD<E/I8LD8.LIM@MFIJ
!+8J<;FE.K8E;8I;+JP:?FK?<I8GP(F;8C@K@<J8E;/?<FI@<J
.FCLK@FE!F:LJ<;I@<=/?<I8GP.!/
/I8LD8!F:LJ<; HL@E<JJ@JK<;+JP:?FK?<I8GP/! +
"<JK8CK HL@E<+JP:?FK?<I8GP" +
HL@E<!8:@C@K8K<;/?<I8GP=FIFDGC<O/I8LD8 !//
KK8:?D<EK/?<FIP8E; !+
+?PJ@FCF>@:8C8E;)<LIF9@FCF>@:8C-<J<8I:?FE/
/8E;FIK@JFC
/8E;*OPKF:@E
==<:K@M<)<LIFJ:@<E:<
+FCPM8>8C/?<FIP
I8@E.:8EJ
FE:CLJ@FE
#+/ -$$$( /#*
*M<IM@<N
M@@@
?F@:<F=(<K?F;
+?<EFD<EFCF>P
"IFLE;<;/?<FIP
FD9@E<;(<K?F;FCF>P0J<;@E/?@J.KL;P
+8IK@:@G8EKJ
-<J<8I:?<J@>E
-<J<8I:?$EJKILD<EK
8K8FCC<:K@FE8E;E8CPJ@J
FDGC@8E:<N@K? K?@:8C"L@;<C@E<J
#+/ -$1- .0'/.
$EK<IM@<N*E<
+8IK@:@G8EK*E<(8P8
*9J<IM8K@FE
OK<IE8C^#<I;8E;#FIJ<
$EK<IE8C^.<C=*9J<IM8K@FE
FDDLE@:8K@FE
)FEM<I98C^"IFLG
1<I98C
(@E;=LCE<JJ
*G<EE<JJKF OG<I@<E:<
+I<J<E:<.8=<KP
@O
F>E@K@M<-<=I8D<
D9F;@D<EK
)<IMFLJ.PJK<D-<>LC8K@FE
FEE<:K@FE
LK?<EK@:@KP
18C@;8K@FE
.<:FE;8IP-<J<8I:?,L<JK@FE?8CC<E><JKFK?<"IFNK?F=K?<!@<C;
(<8JLI89@C@KP
!LE;@E>
F?<J@FE'8:BF=
$EK<IM@<N/NF
+8IK@:@G8EK/NF%8D<J
*9J<IM8K@FE
OK<IE8C^#<I;8E;#FIJ<
$EK<IE8C^.<C=*9J<IM8K@FE
(@E;=LCE<JJ
$EK<EK@FE8C@KP
+I<J<E:<
D9F;@D<EK
)<IMFLJ.PJK<D-<>LC8K@FE
FEE<:K@FE
O
FE>IL<E:<
+8IKE<I@E>
*9C@HL< OGFJLI<^(<K8G?FI
FDDLE@:8K@FE
)FEM<I98C^?FIJ<KF?LD8E
.<:FE;8IP-<J<8I:?,L<JK@FE?8CC<E><JKFK?<"IFNK?F=K?<!@<C;
!LE;@E>
F?<J@FE'8:BF=
$EK<IM@<N/?I<<
+8IK@:@G8EK/?I<<8IFC
(@E;=LCE<JJ
*9J<IM8K@FE
OK<IE8C^#FIJ<<?8M@FI
$EK<IE8C^.<C=*9J<IM8K@FE
FDDLE@:8K@FE
)FEM<I98C^?FIJ<KF?LD8E
.<:FE;8IP-<J<8I:?,L<JK@FE?8CC<E><JKFK?<"IFNK?F=K?<!@<C;
(<8JLI89@C@KP
!LE;@E>+L9C@:N8I<E<JJ
F?<J@FE'8:BF=
$EK<IM@<N!FLI
O@
+8IK@:@G8EK!FLI.K<M<E
(@E;=LCE<JJ
*G<EE<JJKF OG<I@<E:<
.<C=-<=C<:K@FE
D9F;@D<EK
)<IMFLJ.PJK<D-<>LC8K@FE
FEE<:K@FE
.8=<KPK?IFL>?FEE<:K@FE
FEE<:K@FEKF.<C=
DFK@FE8CFEE<:K@FE
FDDLE@:8K@FE
1<I98C
)FEM<I98C^?FIJ<KF?FIJ<?LD8EKF?FIJ<
.<:FE;8IP-<J<8I:?,L<JK@FE?8CC<E><JKFK?<"IFNK?F=K?<!@<C;
(<8JLI89@C@KP
+L9C@:N8I<E<JJ::<JJ@9@C@KP
!LE;@E>
F?<J@FE8E;C8I@KP'8:BF=
$EK<IM@<N!@M<
+8IK@:@G8EK!@M<#8EE8?
(@E;=LCE<JJ
O@@
+I<J<E:<
*G<EE<JJKF OG<I@<E:<
D9F;@D<EK
)<IMFLJ.PJK<D-<>LC8K@FE
*9J<IM8K@FE
OK<IE8C^#FIJ<<?8M@FI
$EK<IE8C^.<C=*9J<IM8K@FE
FDDLE@:8K@FE
.<:FE;8IP-<J<8I:?,L<JK@FE?8CC<E><JKFK?<"IFNK?F=K?<!@<C;
(<8JLI89@C@KP
F?<J@FE8E;C8I@KP'8:BF=
!LE;@E>
$EK<IM@<N.@O
+8IK@:@G8EK.@O C8@E<
*9J<IM8K@FE
OK<IE8C^#<I;8E;#FIJ<*9J<IM8K@FE
$EK<IE8C^.<C=*9J<IM8K@FE
(@E;=LCE<JJ
*G<EE<JJKF OG<I@<E:<
D9F;@D<EK
(FM<D<EK8J<;-<=C<:K@FE
O@@@
FEE<:K@FE
-<C8K@FEJ?@G
+8IKE<I@E>
FE>IL<E:<
LK?<EK@:@KP
.<:FE;8IP-<J<8I:?,L<JK@FE?8CC<E><JKFK?<"IFNK?F=K?<!@<C;
(<8JLI89@C@KP
C8I@KP'8:BF=
::<JJ@9@C@KP
!LE;@E>
$EK<IM@<N.<M<E
+8IK@:@G8EK.<M<E%@CC@8E
(@E;=LCE<JJ
$EK<EK@FE8C@KP
*G<EE<JJKF OG<I@<E:<
D9F;@D<EK
FDDLE@:8K@FE
.<:FE;8IP-<J<8I:?,L<JK@FE?8CC<E><JKFK?<"IFNK?F=K?<!@<C;
(<8JLI89@C@KP
!LE;@E>+L9C@:N8I<E<JJ
F?<J@FE8E;C8I@KP'8:BF=
#+/ -1$.0..$*)
O@M
!+(<:?8E@JDJF=/?<I8G<LK@::K@FE
*9J<IM8K@FE
*9J<IM8K@FE@E !+
FDDLE@:8K@FE
FDDLE@:8K@FE@E !+
(@E;=LCE<JJ
(@E;=LCE<JJ@E !+
D9F;@D<EK
D9F;@D<EK@E !+
FEE<:K@FE
FEE<:K@FE@E !+
?8CC<E><JKFK?<"IFNK?F=K?< !+!@<C;
!LE;@E>
N8I<E<JJ
F?<J@FE'8:BF=
C8I@KP'8:BF=
::<JJ@9@C@KP
(<8JLI89@C@KP
FE:CLJ@FE
!@M</?<FI<K@:8C+@CC8IJ
1<O@E>?8CC<E><J
OM
'@D@K8K@FEJ
$DGC@:8K@FEJ8E;!LKLI<@I<:K@FEJ
-<=<I<E:<J
GG<E;@:<J
GG<E;@O^-<:IL@KD<EK'<KK<I O8DGC<J
GG<E;@O^.KL;P+8IK@:@G8K@FE$E=FID<;FEJ<EK!FID
GG<E;@O^$EK<IM@<N+IFKF:FC
OM@
'@JKF=/89C<J
+8IK@:@G8EK<DF>I8G?@:J]]]]]]]]]]]]]]]]]]]]]]]]]]
(<:?8E@JDJF=/?<I8G<LK@::K@FE]]]]]]]]]]]]]]]]]]]]]]
?8CC<E><J8E;8II@<IJKF"IFNK?F=K?<!@<C;]]]]]]]]]]]]]]]]]
OM@@
41/.2%
*M<IK?<G8JKKNF;<:8;<J HL@E<!8:@C@K8K<;+JP:?FK?<I8GP !+ ?8JJK<8;@CP>8@E<;
8::<GK8E:<8E;GFGLC8I@KP8J8E8CK<IE8K@M<8E;FI8;ALE:KK?<I8GP8CFE>N@K?M8I@FLJFK?<I
HL@E<JJ@JK<;:K@M@K@<J8E;/?<I8G@<J / 8E;E@D8CJJ@JK<;/?<I8G@<J/ F=
N?@:?@K@J8JL9J<K /?@J?8JI<JLCK<;@E8I8G@;CP>IFN@E>9F;PF=HL8C@K8K@M<I<J<8I:?FE@KJ
<==<:K@M<E<JJG8IK@:LC8ICP=FIK?<KI<8KD<EKF=KI8LD8 #FN<M<I !+?8JP<KKFI<:<@M<
D8@EJKI<8DI<:F>E@K@FEN@K?@EK?<GJP:?FCF>@:8C:FDDLE@KP8J8JK8E;8CFE<DF;8C@KP /?<
N@;<M8I@<KPF=K<IDJ;<=@E@K@FEJ8E;GIFKF:FCJ@E<O@JK<E:<@EM8I@FLJ<HL@E<K?<I8GPGIF>I8DJ
?8M<:FEKI@9LK<;KF;@==@:LCKP@E;<K<ID@E@E>:FEJ@JK<EKFLK:FD<J "I<8K<ILE;<IJK8E;@E>F=@KJ
G?<EFD<EFCF>P8E;K?<FI<K@:8CLE;<IG@EE@E>JN@CC9L@C;LGFEK?<<M@;<E:<98J<M8C@;8K@FE8E;
D8@EJKI<8DI<:F>E@K@FEF= !+8J8E<==<:K@M<=FIDF=D<EK8C?<8CK?KI<8KD<EK
%+%5!-#%.&3(%./)#&.1+)-)#!+28#(.+.'8
<JG@K<@KJ8GG8I<EKI<J@JK8E:<KF<DG@I@:8CM8C@;8K@FEK?LJ=8I !+?8JJ?FNEGIFD@J<8J
8KI<8KD<EK=FIM8I@FLJD<EK8C?<8CK?GI<J<EK8K@FEJ8:IFJJ;@M<IJ<GFGLC8K@FEJ@E:CL;@E>9LKEFK
C@D@K<;KF8;FC<J:<EKJ8E;8;LCKJN@K?.L9JK8E:<0J<@JFI;<I;8DJ<K8C &<IE"F;8C
I<EE8&F>JK8;IE<M@B-8ME;8C NFD<EN@K?<8K@E>;@JFI;<IJ.?8IG<
PFLK?JN@K?LK@JD.G<:KILD@JFI;<IE;<IJFE(<@EKJ"89I@<CJ<K8C #FCD
<K8C PFLK?8E;8;LCKJLIM@MFIJF=@EK<IG<IJFE8CM@FC<E:<8E;J<OL8C89LJ<J?C<P
&<DG.@>E8CFKIFJ/8PCFI+I<EK@:<(<@E<IJD8EEI8;9<IIP-F9<IKJ
.:?IF<;<I.KIFL; 8JN<CC8J8;FC<J:<EKJ8E;8;LCKJEFKI<JGFE;@E>KFD8@EJKI<8D
KI<8KD<EK%F?8EJ<EI=N<;JFE28E>@E;<I(8CK KI8LD8=F:LJN@CC9<8GGC@<;
N?<E<OGCFI@E>K?<M8I@FLJ8GGC@:8K@FEJF= !+8CFE>N@K?I<C8K<;JKL;@<JFEK?<G?PJ@FCF>@:8C
<==<:KJF=?LD8E8E@D8C@EK<I8:K@FEJJFD<D<8JLI89C<9PD<;@:8CK<:?EFCF>P8E;FK?<IJ9<JK
<OGC8@E<;9PK?<FI<K@:8C:FE:<GKJJL:?8J@EK<IG<IJFE8CE<LIF9@FCF>P8E;
GJP:?FE<LIF<E;F:I@EFCF>P
43.").'1!/()#!+1)')-2.&3(%%2%!1#(%1:2-3%1%23)-3(%./)#
J8JLIM@MFIF=J<M<I<I<GI<JJ<;:?@C;?FF;KI8LD8<8ICPJK<GJFEK?@JI<J<8I:?<IcJFNE
G8K?KFI<:FM<IPC<;KFK?<I<8C@Q8K@FED8EPP<8IJ8=K<IK?<=8:KK?8KK@D<JG<EKN@K??FIJ<JEFK
FECP=8:@C@K8K<;?<IN@CCKFJLIM@M<@K=FID<;K?<=FLE;8K@FE=FI?<IGJP:?FCF>@:8CN<CC9<@E>
;<JG@K<8C8:BF=I<JFCLK@FE8E;FE>F@E>8;M<IJ@KP JJL:?K?@JI<J<8I:?8@DJKF8;M8E:<K?<
>F8CF=9I@E>@E> !+DFI<I<8;@CPKFFK?<IJN?F?8M<JL==<I<;FI8I<JL==<I@E>J@D@C8ICP
%2%!1#(4%23).-2
/?<GI@D8IPI<J<8I:?HL<JK@FEFM<I8I:?@E>K?@JNFIB@J2?8K8I<K?<D<:?8E@JDJF=
8:K@FEF= !+/?<J<:FE;8IPHL<JK@FE@J2?8K:?8CC<E><J8E;FI98II@<IJ@E?@9@KK?<
8::<JJ@9@C@KPF= !+2?8K=FCCFNJ@J8G?<EFD<EFCF>@:8C<OGCFI8K@FEN?@:?J<<BJKFLK@C@Q<K?<
C@M<;<OG<I@<E:<F=GI8:K@K@FE<IJN@K?<OG<IK@J<@E !+KF8 JPEK?<J@Q<;<=@E<8E;:C8I@=P@KJ
DFJKJ8C@<EKD<:?8E@JDJF=8:K@FE8E;9 LE;<IJK8E;GI8:K@K@FE<IJcM@<NJFEN?8K=8:KFIJ
:FEJK@KLK<J@>E@=@:8EK:?8CC<E><J98II@<IJKFK?<8;M8E:<D<EKF=K?<=@<C; $;<8CCPK?<I<JLCKJF=
K?@JNFIBN@CC:FEKI@9LK<KFK?<;<M<CFGD<EKF=D8EL8C@Q<;GIFKF:FCJ JL@K89C<=FIHL8EK@K8K@M<
<M8CL8K@FE@EFI;<IKF=LCCPALJK@=P8E;M8C@;8K<K?<LJ<F= !+8J8D8@EJKI<8DGI8:K@:<
%&)-)3).-2
04)-% 22)23%$ #3)5)3)%2!-$(%1!/)%2
/?<K<ID HL@E<JJ@JK<;:K@M@K@<J8E;/?<I8G@<J / @J8N@;<CPI<:F>E@Q<;
LD9I<CC8K<ID=FI8M8I@<KPF=8:K@M@K@<J@EMFCM@E>?LD8E@EK<I8:K@FEN@K??FIJ<J=FIK?<I8G<LK@:
GLIGFJ<J'8K<CC89I8DJ KGI<J<EKK?<I<8I<K?I<<GIF=<JJ@FE8CFI>8E@Q8K@FEJ8KK?<
=FI<=IFEKF=K?< /=@<C;K?<+IF=<JJ@FE8CJJF:@8K@FEF=/?<I8G<LK@:#FIJ<D8EJ?@G
$EK<IE8K@FE8C+/#K?< HL@E<JJ@JK<;"IFNK?8E;'<8IE@E>JJF:@8K@FE "'8E;K?<
#LD8E HL@E<-<C8K@FE8C<M<CFGD<EK$EJK@KLK<# - "'E ; # -E ; +/#
E ; +/#$EKC N8J:I<8K<;@EN?<EK?< HL@E<!8:@C@K8K<;(<EK8C#<8CK?JJF:@8K@FE
!(#N?@:?N8J=FLE;<;@ED<I><;N@K?K?<)8K@FE8CD<I@:8E-@;@E>=FIK?<
#8E;@:8GG<;JJF:@8K@FE)-#N?@:?N8JFI@>@E8CCP=FLE;<;@E+/#E ;
/?<J<FI>8E@Q8K@FEJF==<I8::I<;@K8K@FE=FI:<EK<IJ8E;:<IK@=@:8K@FE=FI /
GI8:K@K@FE<IJ8CFE>N@K?JG<:@=@:KI8@E@E>8E;>L@;<C@E<J # -F==<IJD<D9<IJ?@G8E;
:<IK@=@:8K@FEGIF>I8DJ@E HL@E<!8:@C@K8K<;+JP:?FK?<I8GP !+ =FIC@:<EJ<;D<EK8C?<8CK?
GIF=<JJ@FE8CJ8E;KNFC<M<CJF= HL@E<!8:@C@K8K<;'<8IE@E> !' =FI:F8:?<J<;L:8KFIJ
KI8@E@E>GIF=<JJ@FE8CJ8E; HL@E<.G<:@8C@JKJ# -E ; "'GIFDFK<J8DF;<C
@E:FIGFI8K<J8C@:<EJ<;D<EK8C?<8CK?GIF=<JJ@FE8C8E;8E HL@E<.G<:@8C@JKN?FNFIBKF><K?<I
8E;F==<IKI8@E@E>8E;:<IK@=@:8K@FE=FI9FK?IFC<J "'E ; +/#C@JKJK?<.G<:@8CKP
@J:@GC@E<JLE;<IK?< /LD9I<CC88J/?<I8G<LK@:-@;@E>/?<I8G<LK@:I@M@E>$EK<I8:K@M<
18LCK@E>#@GGFK?<I8GP+/#$EK<IE8K@FE8C HL@E<.<IM@:<J=FI#<IF<J1<K<I8EJ HL@E<
!8:@C@K8K<;+JP:?FK?<I8GP8E; HL@E<JJ@JK<;'<8IE@E>+/#E ; ?FN<M<ID8EPFK?<I
JG<:@=@:<HL@E<=8:@C@K8K<;K?<I8G<LK@:DF;8C@K@<J8CJF<O@JK
04)-%!#)+)3!3%$28#(.3(%1!/8
HL@E<!8:@C@K8K<;+JP:?FK?<I8GP8E /@JJG<:@=@:8CCP;<=@E<;8J`8E@EK<I8:K@M<
GIF:<JJ@EN?@:?8C@:<EJ<;D<EK8C?<8CK?GIF=<JJ@FE8CNFIB@E>N@K?FI8J8E8GGIFGI@8K<CP
:I<;<EK@8C<;<HL@E<GIF=<JJ@FE8CG8IKE<IJN@K?JL@K89C<<HL@E<J KF8;;I<JJGJP:?FK?<I8GP>F8CJ
J<K=FIK?9PK?<D<EK8C?<8CK?GIF=<JJ@FE8C8E;K?<:C@<EKa+/#G8I8 CK?FL>?
C8E>L8><@J:FEK@EL8CCP9<@E>I<M@J<;8E;;<M<CFG<;KF;@==<I<EK@8K< !+=IFDK?<N@;<I9F;PF=
GI8:K@:<JBEFNE8J /=FIGLIGFJ<JF=J@DGC@:@KPK?<8:IFEPD !+N@CC9<LJ<;K?IFL>?FLK
K?@JGIFA<:KKFI<=<IKF8N@;<I8E><F=DF;8C@K@<JN@K?;@==<I@E>E8D<J8E;8:IFEPDJ8CCF=
N?@:?LK@C@Q<<HL@E<J8JK?<I8G<LK@:G8IKE<IJN@K?K?<<OGI<JJ>F8CF=@DGIFM<;D<EK8C?<8CK?
/?<J<@E:CL;<9LK8I<EFKC@D@K<;KF HL@E<JJ@JK<;+JP:?FK?<I8GP + HL@E<!8:@C@K8K<;
/?<I8GP !/ #FIJ<JJ@JK<;/?<I8GP#/ HL@E<!8:@C@K8K<;'<8IE@E> !' HL@E<
JJ@JK<;'<8IE@E> ' HL@E<JJ@JK<;+JP:?FK?<I8GP8E;'<8IE@E> +' #FIJ<@;<;
+JP:?FK?<I8GP HL@E<JJ@JK<;FLEJ<C@E> HL@E</?<I8GP8E;JFD<=FIDJF=/?<I8G<LK@:
#FIJ<98:B-@;@E>8E;FI/?<I8G<LK@:-@;@E>8CFE>N@K?JG<:@=@:8CCP;<=@E<;GIFKF:FCJJL:?8J
/I8LD8!F:LJ<; HL@E<JJ@JK<;+JP:?FK?<I8GP/! + "<JK8CK HL@E<+JP:?FK?<I8GP
" + HL@E<=8:@C@K8K<;F;P8E; DFK@FEFI@<EK<;+JP:?FK?<I8GP + HL@E<!8:@C@K8K<;
/?<I8GP=FIFDGC<O/I8LD8 !// <K: (FI<JG<:@=@:EFD<E:C8KLI<@JLJ<;N?<EI<=<II@E>
KF<8:?GI8:K@:<@E;@M@;L8CCPN@K?K?<JG<:@=@:E8D<8E;;<J:I@GK@FEF=<8:?I<=C<:K@E>@KJFNE
F=K<EJL9KC<;@==<I<EK@8K@FE=IFDFK?<IDF;8C@K@<J?FN<M<I8;<K8@C<;8E8CPJ@JF=<8:?C89<C8E;
;<=@E@K@FEC@<JFLKJ@;<K?<J:FG<F=K?@JGIFA<:K
-),!+ 22)23%$(%1!/8
.@E:< !+=8CCJN@K?@EK?<C8I><I:8K<>FIPF=E@D8CJJ@JK<;/?<I8G@<J/ K?<
8:IFEPD/@J8GGC@<;8J8ELD9I<CC8K<IDKFI<=<I><E<I8CCPKFI<C8K<;GI8:K@:<J@E:CL;@E>
E@D8CJJ@JK<;$EK<IM<EK@FEJ$ E@D8CJJ@JK<;+JP:?FK?<I8GP+ E@D8CJJ@JK<;
+C8P/?<I8GP8E;+<K/?<I8GP8JN<CC8JKFK?<=@<C;F=JKL;PBEFNE8J#LD8EE@D8C
$EK<I8:K@FE#$ 8CK?FL>?N?<I<8GGIFGI@8K<JG<:@=@:K<IDJ8I<LJ<;
!341%!2%$(%1!/8
!@E8CCPJ@E:<9FK? /8E;/:8E9<:FEJ@;<I<;N@K?@EK?<JK@CCC8I><I:8K<>FIPF=
)8KLI<8J<;/?<I8GP)/ K?<8:IFEPD)/@J<DGCFP<;8J8ELD9I<CC8K<IDKFI<=<IKF
E8KLI<98J<;GI8:K@:<J@E:CL;@E> :FK?<I8GP-<:I<8K@FE8C/?<I8GP;M<EKLI</?<I8GP<K:
#FN<M<I8>8@EN?<I<8GGIFGI@8K<JG<:@=@:K<IDJ8I<LJ<;
%#(!-)2,2.& #3).-
/?<K<ID(<:?8E@JDF=:K@FE@JDFJK:FDDFECPLJ<;@EK?<=@<C;F=G?8ID8:FCF>PKF
I<=<IKFK?<9@F:?<D@:8CGIF:<JJ<J@EMFCM<;@EGIF;L:@E>;IL>Jc<==<:KJ$E><IJFCC-8B
$EGJP:?FCF>PK?<K<ID@J8CJFLJ<;KFI<=<IKFJG<:@=@:@EK<IM<EK@FEJK?8KGIF;L:<8:?8E><@E8
G8K@<EKcJJPDGKFDJ !FI<O8DGC<@EI<J<8I:?K?8K?8J9<<E:FE;L:K<;KF@CCLD@E8K<K?<JG<:@=@:
D<:?8E@JDJF=8:K@FEF=F>E@K@M<<?8M@FI/?<I8GP/.G8E>C<I8C;N@E>I8J
8E; P<(FM<D<EK<J<EJ@K@Q8K@FE8E;-<GIF:<JJ@E> (-+8>8E@ <K8C /?<K<IDJ
(<:?8E@JDJF=?8E><FI(<:?8E@JDJF=+JP:?FCF>@:8C?8E><#@>>@EJFE(8EJ<CC
8I<8CJF=I<HL<EKCPLJ<; !FIK?@JGIFA<:KK?<K<ID(<:?8E@JDJF=:K@FEFI(<:?8E@JDJF=
/?<I8G<LK@::K@FE@EK<I:?8E><89CP N8J:?FJ<ELGFEI<M@<NF=<O@JK@E>C@K<I8KLI<FE !+8E;
/ KF8:BEFNC<;><K?<@EK<IJ<:K@FEF=@KJGJP:?FJF:@8C8E;G?PJ@FCF>@:8C<==<:KJ
1!4,!
$EK?<@8>EFJK@:8E;.K8K@JK@:8C(8EL8CF=(<EK8C@JFI;<IJK?<;@K@FE.(
KI8LD8@J;<=@E<;8J=FCCFNJ` OGFJLI<KF8:KL8CFIK?I<8K<E<;;<8K?J<I@FLJ@EALIPFIJ<OL8C
M@FC<E:<@EFE<FIDFI< F=K?<=FCCFN@E>N8PJ @I<:KCP<OG<I@<E:@E>K?<KI8LD8K@:
<M<EKJ N@KE<JJ@E>@EG<IJFEK?<<M<EKJ 8J@KF::LII<;KFFK?<IJ C<8IE@E>K?8KK?<
KI8LD8K@:<M<EKJ F::LII<;KF8:CFJ<=8D@CPD<D9<IFI:CFJ<=I@<E;^@E:8J<JF=8:KL8CFI
K?I<8K<E<;;<8K?F=8=8D@CPD<D9<IFI=I@<E;K?<<M<EKJ DLJK?8M<9<<EM@FC<EKFI8::@;<EK8C
<OG<I@<E:@E>I<G<8K<;FI<OKI<D<<OGFJLI<KF8M<IJ@M<;<K8@CJF=K?<KI8LD8K@:<M<EKJ < >
=@IJKI<JGFE;<IJ:FCC<:K@E>?LD8EI<D8@EJGFC@:<F==@:<IJI<G<8K<;CP<OGFJ<;KF;<K8@CJF=:?@C;
89LJ< aD<I@:8E+JP:?FCF>@:8CJJF:@8K@FEG 2?@C<K?@J;<=@E@K@FE@JG8IK@:LC8ICP
LJ<=LC=FI<OG<I@<E:<IJF=8:LK<KI8LD8K@:<M<EKJ@KcJ9<<E8I>L<;K?8K@KC<8M<JFLK<M<EKJK?8K
8I<EFKC@=<K?I<8K<E@E>9LKN?@:?K?I<8K<EGJP:?FCF>@:8C@EK<>I@KP@ < <OKI<D<<DFK@FE8C89LJ<
;<>I8;8K@FEFI?LD@C@8K@FED8AFICFJJ<JFIJ<G8I8K@FEJ8E;:F<I:<;J<OL8C<OG<I@<E:<JN?@:?
8I<EFKJG<:@=@:8CCPM@FC<EK
2?<K?<I<M<EKJK?8K;FEFKD<<KK?<89FM<;<=@E@K@FEJ?FLC;9<:FEJ@;<I<;`KI8LD8K@:a
?8J9<<EK?<JL9A<:KF=FE>F@E>;<98K< $E=8:K>@M<EK?@J;<=@E@K@FED8EP8I>L<K?8KK?<<OK<EK
F=KI8LD88DFE>K?<><E<I8CGFGLC8K@FED8P9<>IFJJCPLE;<I<JK@D8K<;J@E:<:LII<EK:I@K<I@8=FI
;@8>EFJ@JF=9FK?GFJKKI8LD8K@:JKI<JJ;@JFI;<I+/. 8E;8:LK<JKI<JJ;@JFI;<I. 8GG<8IKF
@EK<IGI<KKI8LD8K@:<M<EKJKFFE8IIFNCPI@<I<.:FKK <JG@K<:LII<EK;@8>EFJK@:
F9JK8:C<JKI8LD8<OG<IKJ?8M<:FE:CL;<;`K?8K8E<M<EK@JKI8LD8K@:@=@K@J<OKI<D<CPLGJ<KK@E>
8KC<8JKK<DGFI8I@CPFM<IN?<CDJK?<@E;@M@;L8CcJ@EK<IE8CI<JFLI:<J8E;GIF;L:<JC8JK@E>
GJP:?FCF>@:8CJPDGKFDJaI@<I<.:FKKG
&$'#/),$ -#&'$%+#),$
@8>EFJ<JF=:FDGC<OGFJKKI8LD8K@:JKI<JJ;@JFI;<I#<ID8E 8E;;<M<CFGD<EK8C
KI8LD8M8E;<I&FCB N?@:??8M<9<<EGIFGFJ<;=FI@E:CLJ@FE@EK?<.(@E:CL;<@EK?<@I
;<=@E@K@FEF=KI8LD8DLCK@GC<GIFCFE><;KI8LD8K@:<M<EKJKPG@:8CCPI<C8K@FE8C@EE8KLI<LJL8CCP
9<>@EE@E>@E:?@C;?FF;)8JK<<K8C CK?FL>?K?<J<;<=@E@K@FEJ?8M<P<KKF9<F==@:@8CCP
8::<GK<;9PK?<.(:FDD@KK<<K?<PEFE<K?<C<JJJ<IM<8JKILJK<;NFIB@E>DF;<CJN@K?@EK?<
KI8LD8=@<C; <JG@K<K?<J<;@8>EFJK@:F9JK8:C<J8E;@EG8IK9<:8LJ<F=K?<D@K@J=I<HL<EKCP
GFJ@K<;K?8KKI8LD88E;FIKI8LD8K@:JKI<JJDLJK9<:FEJ@;<I<;@EK?<<K@FCF>PF=DFF;8EO@<KP
JL9JK8E:<89LJ<GJP:?FK@:8E;G<IJFE8C@KP;@JFI;<IJI@<I<.:FKK#<ID8E
(8K<'<M@E<'@E<?8E.@<><C.FCFDFEM8E;<I&FCBM8E;<I
&FCB(:!8IC8E<2<@J8<8K? 8E;@J8D8AFII@JB=8:KFI@E:?IFE@:G?PJ@:8C?<8CK?
GIF9C<DJ@E:CL;@E>G<ID8E<EK:?8E><JKF9I8@EJKIL:KLI<8E;J?FIK<E<;C@=<<OG<:K8E:P!<C@KK@
<K8C (8K</<@:?<IE;<IJFE+FC:8I@M8E;<I&FCB
CK?FL>?HL8EK@K8K@M<I<J<8I:?FE !+8JP<KI<D8@EJC@D@K<;K?<I<@J8M8JK8E;>IFN@E>
9F;PF=HL8C@K8K@M<I<J<8I:?@EK?@J8I<8 2?8K=FCCFNJ@J8:I@K@:8C<O8D@E8K@FEF=ELD<IFLJ
JKL;@<JF= !+8CFE>N@K?I<C<M8EKJKL;@<JN@K?@EK?<C8I><I=@<C;J@EN?@:?@K@JE<JK<;@ <
//<K:
K=@IJK>C8E:<DFJKFLK:FD<JKL;@<JFE !+8E;/8GG<8I=F:LJ<;FE9<?8M@FI8C
JF:@8C8E;8==<:K@M<D<8JLI<JJL:?8JJPDGKFDI<;L:K@FE:?8E><J@EHL8C@KPF=8KK8:?D<EKJ<C=
I<>LC8K@FE@DGIFM<;9<?8M@FI8E;JF:@8C:FDG<K<E:@<J *=K<EK?<J<K8B<K?<=FIDF=JKL;@<J
=F:LJ<;FEJG<:@=@:GFGLC8K@FEJ:8K<>FI@Q<;9P8><8E;GI<J<EK@E>;@8>EFJ@J #FN<M<I;<JG@K<
K?<GIFC@=<I8K@FE@EI<J<8I:?J@>E@=@:8EKF9JK8:C<JI<D8@EN?@:?8I<<==<:K@M<CPJLDD8I@Q<;9P
K?<=FCCFN@E>HLFK<`8CK?FL>?D8EPK?<I8G@JKJ8I<:FE;L:K@E><HL@E<8JJ@JK<;K?<I8GPK?<I<@J
C@KKC<:FEJ<EJLJ89FLK?FN@KJ?FLC;9<:FE;L:K<;FI?FN<==<:K@M<;@==<I<EKK?<I8GPGIF>I8DJ
8I<=FIK?<KI<8KD<EKF=;@==<I<EKGJP:?FCF>@:8CJPDGKFDJa 8IC<J1<IEFE4<KQG
%3!!-!+82%2!-$)3%1!341%%5)%62
.@E:<I<J<8I:?8IK@:C<JFE /8E;/GI8:K@:<J8I<JFELD<IFLJJ@;<9PJ@;<
:FDG8I@JFEJF=JKL;@<JJ<IM<8J8CF>@:8CGF@EKF=<EKIP@EKFK?@JM8JK9F;PF=NFIB8JK?<PF==<I
M8CL89C<@EJ@>?KJ *E<JL:?GIFA<:K8JPJK<D8K@:I<M@<NF=J:?FC8ICPC@K<I8KLI<FEE@D8C
JJ@JK<;$EK<IM<EK@FEGI8:K@:<J=FIKI8LD8*#8@I<"LTI@E&@IB?8D JPEK?<J@Q<;K?<
FLK:FD<JF=K<E<DG@I@:8CJKL;@<J=@M<@EMFCM@E><HL@E<J +8IK@:@G8EKJ@EK?<J<JKL;@<J?8;9<<E
<OGFJ<;KFKI8LD8JF=M8IP@E>;<>I<<J8E;@EMFCM<;8;LCKJDFJKCPN8IM<K<I8EJ;@8>EFJ<;N@K?
+/. 8E;:?@C;I<E8E;8;FC<J:<EKJDFJKF=N?FD?8;9<<E<OGFJ<;KF=8D@CPM@FC<E:<
@E:CL;@E>G?PJ@:8C89LJ<J<OL8C89LJ<FILEJG<:@=@<;KI8LD8 #8C=F=K?<JKL;@<J<O8D@E<;
@E:CL;<;8:FDG8I@JFE:FE;@K@FEN?@C<FK?<IJLJ<;8GI<GFJK;<J@>EFII<KIFJG<:K@M<@EK<IM@<NJ
KF<O8D@E<K?<KI<8KD<EK:FE;@K@FE *E<JKL;PI<M@<N<;8C8998J<;<OG<I@D<EKN@K?;F>J
<OGFJ<;FK?<IN@J<?<8CK?P8;LCKJL9A<:KJKFKI8LD8K@:M@;<F:FEK<EK
*LK:FD<J:FDDFEKFK?<I<M@<N<;JKL;@<J@E:CL;<;J?FIKK<IDI<;L:K@FEJ@E;<GI<JJ@FE
+/.8E;8EO@<KPJPDGKFDJ8CFE>N@K?@DGIFM<;JF:@8C:FDG<K<E:@<J8E;:?@C;9<?8M@FI
CFE>N@K?K?<J<GFJ@K@M<FLK:FD<JK?<I<J<8I:?K<8DJK8K<;`8I<M@<NF=K?<D<K?F;FCF>P
@E;@:8K<;K?8KI<J<8I:?@EK?@J8I<8@J@E@KJM<IP<8ICPJK8><J "@M<EK?<GI<C@D@E8IPE8KLI<F=K?<
;8K8N<:FE:CL;<K?8K8KGI<J<EK$J?FNJGIFD@J<8J8:FDGC<D<EK8IPK<:?E@HL<9LKJ?FLC;
EFK9<<EC@JK<;8JK?<=@IJKC@E<F=GI@D8IPKI<8KD<EK=FIKI8LD8 !LIK?<II<J<8I:?@JE<<;<;KF
9<KK<ILE;<IJK8E;K?<E8KLI<F=FLK:FD<J=FI;@==<I<EKKPG<JF=KI8LD8KF;@I<:KCP<M8CL8K<
=<8J@9@C@KP8E;:FDGC@8E:<KFD8EL8C@Q<<M@;<E:<98J<;$KI<8KD<EKGIFKF:FCJ8E;KF
<M8CL8K<><E<I8C@Q89C<FLK:FD<J@EC8I><I:FDDLE@KPJ8DGC<Ja*#8@I<"LTI@E&@IB?8D
G )FK89CP89J<EK=IFDK?@J:FE:CLJ@FE@J8E<OGC8E8K@FEF=N?P$cJLK@C@KP@J
GI<JLD<;KF9<C@D@K<;@ < K?8K@J9<JKJL@K<;8J8:FDGC<D<EK8IPK<:?E@HL<I8K?<IK?8E8=@IJK
C@E<F=KI<8KD<EK
D<K88E8CPJ@J:FE;L:K<;@E8E8;8KF<M8CL8K<K?<<==@:8:PF= HL@E</?<I8GP8DFE>
KI@JB4FLK?P@<C;<;J@D@C8II<JLCKJ2@CB@<"<ID8@E/?<LC< /?@JI<J<8I:?K<8D
HL8EK@K8K@M<CP8JJ<JJ<;KI<8KD<EK<==<:KJF=<HL@E<K?<I8GPGIF>I8DJ8::I<;@K<;9P+/#$EKC
!F:LJ@E>FEJ<M<EJKL;@<JK?<P:FE;L:K<;8KI<8KD<EKMJ :FEKIFC8E8CPJ@JN?@:?GIFM<;
?<K<IF><E<@KP8E;ILC<;FLKGL9C@:8K@FE9@8JK?<ELJ<;K?<I8E;FD<==<:KJDF;<CKF8>>I<>8K<
8E;:FDG8I<FM<I8CC<==<:KJ /?<@II<JLCKJ@E;@:8K<;D<;@LDFM<I8CC<==<:KJ@Q<J98J<;FEN?@:?
K?<P:FE:CL;<;K?8K`G8IK@:@G8K@FE@E8E<HL@E<K?<I8GPGIF>I8D<==<:K@M<CP@E:I<8J<FM<I8CCC<M<C
F==LE:K@FE@E>8DFE>8;FC<J:<EK8KI@JBPFLK?aG #FN<M<I8>8@ED8EPJ@>E@=@:8EK
C@D@K8K@FEJN<I<:@K<;@E:CL;@E> C@D@K<;ELD9<IF=<C@>@9C<JKL;@<JN?@:?GI<M<EK<;K?<
89@C@KPKFILEDF;<I8KFI8E8CPJ<J GIF9C<DJN@K?JKL;P;<J@>E@ < GFK<EK@8C:FE=FLE;@E>
=8:KFIJGI<J<EK8DFE>:FEKIFC>IFLGJ8E;=I<HL<EKCPC8:B@E>=FCCFNLGD<8JLI<J8E; 8C8:B
F=:FEJ@JK<E:P8E;:C8I@KP@EK?<:FEK<EKF=K?<<HL@E<K?<I8GPGIF>I8DJI<JLCK@E>@EGIF9C<DJ
N@K?:C@E@:8C@EK<IGI<K8K@FE`JG<:@=@:GIF>I8DJ@;<EK@=@<;@E<8:?JKL;P@E:CL;<<HL@E<8JJ@JK<;
C<8IE@E><HL@E<8JJ@JK<;:FLEJ<C@E><HL@E<8JJ@JK<;GJP:?FK?<I8GP<HL@E<=8:@C@K8K<;K?<I8GP
8E;<HL@E<=8:@C@K8K<;GJP:?FK?<I8GP CK?FL>?K?<E8D<J@;<EK@=P@E>K?<J<GIF>I8DJM8IP
JC@>?KCPK?<8:K@M@K@<JI<D8@E<;I<C8K@M<CPJ@D@C8IK?FL>?EFK@;<EK@:8C $EFI;<IKF@DGIFM<?FN
I<JLCKJ8I<@EK<IGI<K<;:C@E@:8CCP@K@JJKIFE>CPJL>><JK<;K?8KJK8E;8I;@Q<;D8EL8CJ9<
@DGC<D<EK<;8E;LK@C@Q<;8:IFJJ8CC<HL@E<I<C8K<;K?<I8G@<Ja2@CB@<"<ID8@E/?<LC<
G
I<M@<NF=I<:<EKGL9C@:8K@FEJ'<EK@E@&EFO =FLE; !+KF9<8LJ<=LC
DF;8C@KPN@K?:?@C;I<E8E;8;FC<J:<EKJN@K?8M8I@<KPF=GI<J<EK@E>GIF9C<DJ8E;;@JFI;<IJN@K?
DFJKF=K<EJKL;@<;GFGLC8K@FEJ9<@E>K-@JB4FLK?J8E;:?@C;I<E;@8>EFJ<;N@K?LK@JD
.G<:KILD@JFI;<I. <JG@K<GIFD@J@E>I<JLCKJFM<I8CCK?<PKFF:@K<;8DFE>K?<@I
C@D@K8K@FEJ`8C8:BF=:FEJ<EJLJFE8GGIFGI@8K<D<K?F;J@E:CL;@E>C<E>K?F=KI<8KD<EKKPG<F=
@EK<IM<EK@FE]<K: K?<I<M@<NN8JEFK89C<KF:8GKLI<8E;I<GFIK89FLK8?@>?CPLE@=FID
JK8E;8I;@Q<;@EK<IM<EK@FEaG 8E;:FE:CL;<;K?8K`8CK?FL>?K?<J<I<JLCKJ8I<GIFD@J@E>
N@K?I<>8I;KFK?<<==<:K@M<E<JJF= !+=FI:?@C;I<E8E;PFLK?JJ<M<I8C:?8CC<E><JI<D8@E !@IJK
K?<=@<C;NFLC;>I<8KCP9<E<=@K=IFD8E@E:CLJ@M<9F;PKF:FD<KF8:FEJ<EJLJFEK<ID@EFCF>P
.<:FE;K?<I<@J8E<<;=FIDFI<I8E;FD@Q<;:FEKIFCC<;JKL;@<JN@K?C8I><J8DGC<JLJ@E>EFE
JL9A<:K@M<FLK:FD<D<8JLI<JaG
'<<8B@E(:'LI< :FE;L:K<;8E8II8K@M<JPEK?<J@JF=JKL;@<JFE HL@E<
JJ@JK<;+JP:?FK?<I8GP + /?<P=FLE;8DFE>K?<HL8C@K8K@M<<OG<I@D<EK8C8E;HL8J@
<OG<I@D<EK8CI<J<8I:?K?<PI<M@<N<;`@E@K@8C<M@;<E:<=FIK?<M8CL<F= +aG =FI
<E?8E:@E>:?@C;I<E8E;8;FC<J:<EKJ:FDDLE@:8K@FE8E;I<C8K@FEJ?@GJB@CCJ8JN<CC8J<DFK@FE8C
JF:@8C8E;9<?8M@FI8C=LE:K@FE@E> 4<KK?<PI<GFIK<;K?8K;<JG@K<K?<DF;<CcJ@E:<GK@FE
` +I<J<8I:?@JJK@CC@E@KJ@E=8E:Pa'<<8B@E(:'LI<G 8;;@E>K?8K`=LKLI<
I@>FIFLJI<J<8I:?@JE<<;<;KF9L@C;<M@;<E:<=FIK?@J@E:I<8J@E>CPGFGLC8I8E;@EEFM8K@M<
<D<I>@E>D<EK8C?<8CK?KI<8KD<EKaG
.$!+)3)%2!-$4-#3).-2
JJK8K<;89FM<K?<I<8I<8M8I@<KPF=JG<:@=@: !+GIFKF:FCJ@E:FDDFEGI8:K@:< .FD<
F=K?<J<@E:CL;<I@;@E>8E;FK?<IJ;FEFK (FJK@=EFK8CC@EMFCM<K@D<FLK;FFIJ@EJLEC@>?K8J
N<CC8JM8IP@E>;<>I<<JF=G?PJ@:8C8:K@M@KPN?@:?DFI<F=K<EK?8EEFK:FLC;9<:C8JJ@=@<;8J
C@>?K<O<I:@J< $EK<I8:K@FEN@K??FIJ<J8CJFKPG@:8CCP@EMFCM<JM8IP@E>;<>I<<JF=G?PJ@:8CKFL:?
N?@:?@K:FLC;FJK<EJ@9CP9<8I>L<;D@>?K9<:C8JJ@=@89C<8JD8JJ8>< 8:?F=K?<J<C@>?K
<OGFJLI<.:?N8IKQ*C;J <O<I:@J<*KJLB8<K8C 8;M<EKLI<J@EE8KLI<.K@:?
.<E@FI 8E;D8JJ8><.C@Q.D@K?2@<9B@E>)FIK?F==#8PC<P ?8J9<<EJ?FNE
KF?8M<GFJ@K@M<<==<:KJFEDFF;JC<<GI<>LC8K@FE8E;FM<I8CCG?PJ@:8C?<8CK?8E;8CCF=K?<J<
<C<D<EKJGC8P@EKFK?<G?PJ@FCF>@:8C8JN<CC8JK?<JKI@:KCPGJP:?FCF>@:8C9<E<=@KJF= !+
/?FL>?M8I@<;@EK?<@I<O<:LK@FEDFJK !+D<K?F;FCF>@<J8GG<8IKF=F:LJFE?FN
<HL@E<J:8E=8:@C@K8K<:FEJ:@FLJ8N8I<E<JJF=@EK<IE8C@Q<;8==<:KJK8K<J@EEFEM<I98C<OG<I@<EK@8C
N8PJ *E<JKL;PFEK?<LJ<F= !+KF8;;I<JJ;<GI<JJ@FEJ<C=<JK<<D8E;FK?<IGJP:?FCF>@:8C
@DG8:KJF=KI8LD84FIB<;8DJF8;P =FLE;@KG8IK@:LC8ICPGIFD@J@E>@EK<IDJF=
G<IJFE8C:FEE<:K@FE`K?<<HL@E<?LD8E9FE;J;<J:I@9<;9PG8IK@:@G8EKJ?8M<G8I8CC<CJ9FK?N@K?
@DGFIK8EK<C<D<EKJF=K?<I8G<LK@:8CC@8E:<J9<KN<<EGIF=<JJ@FE8CJ8E;:C@<EKJ8E;N@K?K?<
GFJ@K@M<@DG8:KF=I<C8K@FEJ?@G=8:KFIJFE:C@<EKFLK:FD<JaG (8EP8E<:;FK8C;<J:I@GK@FEJ
8E;:8J<JKL;@<J?8M<9<<EF==<I<;KF;<J:I@9<?FNK?<I8G<LK@:NFIBN@K?<HL@E<G8IKE<IJ
GIFDFK<JG?PJ@:8C8E;<DFK@FE8CJ<C=8N8I<E<JJI<JFCLK@FEF=LEGIF:<JJ<;KI8LD8J@E:I<8J<;
D@E;=LCE<JJ9F;PGI<J<E:<@E:I<8J<;?<8CK?P8KK8:?D<EKJ<C=I<>LC8K@FE:FDDLE@:8K@FEJB@CCJ
8E;K?<;<M<CFGD<EKF=:C<8I9FLE;8I@<J8:?@FC<D8E!FI;#8D@CKFE
&F?8EFM(:LCCFL>?(:FID@:B(:FID@:B/?FD8J'PKC<
8DD8EE
&.1
.<M<I8CJKL;@<J?8M<<M8CL8K<;K?<<==<:KJF=K?<I8G<LK@:?FIJ<98:BI@;@E>/#- 8DFE>
:?@C;I<E8E;8;FC<J:<EKJ;@8>EFJ<;N@K?8LK@JDJG<:KILD;@JFI;<I. DFE>K?<C@JK<;
9<E<=@KJF=/#-=FIK?@JGFGLC8K@FEN<I<@E:I<8J<;<DG8K?PI<;L:<;D8C8;8GK@M<9<?8M@FIJ
E;<IJFE(<@EKJ @DGIFM<;J<C=I<>LC8K@FEJF:@8C@Q8K@FE:FDDLE@:8K@FE8;8GK@M<
8E;DFKFI9<?8M@FIJ"89I@<CJ<K8C 8E;J@>E@=@:8EKCP@DGIFM<;G8I<EKEFD@E8K<;K8I><K
9<?8M@FIJN?@:?F::LII<;;LI@E>/#-J<JJ@FEJ8E;N<I<><E<I8C@Q<;KF?FD<J:?FFC8E;
:FDDLE@KP<EM@IFED<EKJ#FCD<K8C EFK?<IJKL;PFEK?<<==<:KJF=<HL@E<8JJ@JK<;
K?<I8GP / FE8;8GK@M<8E;<O<:LK@M<=LE:K@FE@E>@E:?@C;I<EN@K?.EFK<;@DGIFM<D<EKJ
@EJF:@8C=LE:K@FE@E>DFKFI89@C@K@<J8E;<O<:LK@M<=LE:K@FE@E>8DFE>G8IK@:@G8EKJ:FDG8I<;KF
8:FEKIFC>IFLG
JKL;PFE8E@D8C8JJ@JK<;K?<I8GP/ =FI:?@C;I<EN@K?8KK<EK@FE;<=@:@K?PG<I8:K@M@KP
;@JFI;<I# 8CJFEFK<;=8MFI89C<<==<:KJFEJ<M<I8C:FI<JPDGKFDJ@E:CL;@E>J<C=
I<>LC8K@FEJF:@8CJB@CCJDFK@M8K@FELJ:?<K8C
&.11)2.--,!3%2
.@E:<GFC@:PD8B<IJ8E;:FII<:K@FE8C8LK?FI@K@<JJ<<BKF<E?8E:<<==<:K@M<E<JJF=
@E:8I:<I8K@FE8E;I<;L:<I<:@;@M@JD HL@E<=8:@C@K8K<;GI@JFE98J<;MF:8K@FE8CGIF>I8DJ?8M<
9<<E<OGCFI<;=FI@ED8K<I<?89@C@K8K@FE *E<JKL;PLJ<;8HL8J@<OG<I@D<EK8CD<K?F;FCF>@:8C
KI@8E>LC8K@FE;<J@>EKF<M8CL8K<<DFK@FE8C8E;9<?8M@FI8C<==<:KJF=8EJL:?8GIF>I8D=FI
GI@JFE<IJ8:?@ +I@FIKFK?<JKL;PI<:@;@M@JD8E;;@J:@GC@E8IPD@J:FE;L:KI8K<J8DFE>
GI@JFE<IJN<I<>8K?<I<;M@8:C@E@:8C;8K8D@E@E>F=@EJK@KLK@FE8CI<:FI;J ,L8EK@K8K@M<CPK?<JKL;P
=FLE;K?8KG8IK@:@G8EKJ?8;8JK8K@JK@:8CCPCFN<I:?8E:<F=I<:@;@M@JD:FDG8I<;N@K?K?<:FEKIFC
>IFLG9LKK?8KK?<GIF>I8D;@;EFKFK?<IN@J<8I<;L:<J<M<I@KPF=;@J:@GC@E8IPD@J:FE;L:K
,L8C@K8K@M<=@E;@E>J?@>?C@>?K<;K?<M8CL<F=?LD8E?FIJ<I<C8K@FEJN@K?@E8GI@JFE:FEK<OK
@E:CL;@E>8CK<IE8K@M<FGGFIKLE@K@<JKF<OG<I@<E:<:FDG8E@FEJ?@GN?@:?D8P?<CG@ED8K<J
GIF:<JJK?<@II<C8K@FE8C@JJL<J8E;@DGIFM<:FDG<K<E:@<J@E:I<8J<;?<8CK?P:FG@E>N@K?
GJP:?FCF>@:8C@DG8:KF=@DGI@JFED<EKFGGFIKLE@K@<J=FI@ED8K<JKFG<I=FID8JD8KLI<
@E;@M@;L8CJ@EMFCM<;@ED<8E@E>=LC8:K@M@K@<JN?@:?:8E><E<I8K<GIFJF:@8CJB@CCJ8E;JF:@8C
C<8IE@E>@EN?@:?G8IK@:@G8EKJN<I<89C<KF@EK<IGI<K?<I;;PE8D@:J9PGIFA<:K@E>?LD8E
@EK<I8:K@FEJFE?FIJ<J8:?@
&.1 ,%1)#!--$)!- .43(!-$!,)+)%2
J@ODFEK?@EK<IM<EK@FEN8JJKL;@<;=FID<I@:8E$E;@8EPFLK?8E;K?<@I=8D@C@<J
"FF;B@E;'8)FL<'<<!I<<C8E;!I<LE; !<8J@9@C@KP8E;GI<C@D@E8IPFLK:FD<JN<I<
<O8D@E<;@E8D@O<;D<K?F;N@K?@E>IFLG;<J@>E 8J<;FEK?<@;<8K?8KN<CC9<@E>=FIK?@J
GFGLC8K@FE@JIFFK<;@EKI8;@K@FE8C:LCKLI8C9<C@<=J8E;GI8:K@:<JN?@:?I<HL@I<8GIF:<JJF=
?<8C@E>8E;LE;<IJK8E;@E>K?<=FLI=F:LJ8I<8JF=K?<GIF>I8DN<I< I<:F>E@Q@E>?<8C@E>
?@JKFI@:8CKI8LD8 I<:FEE<:K@E>KFKI8;@K@FE8C:LCKLI< G8I<EK@E>JF:@8CJB@CC9L@C;@E>8E;
JKI<E>K?<E@E>=8D@CPI<C8K@FEJ?@GJK?IFL>?<HL@E<8JJ@JK<;8:K@M@K@<J /?@JGIF>I8DJKL;P=FLE;
K?8KN?@C<<E>8><D<EK8E;I<K<EK@FEGIFM<;:?8CC<E>@E>JL>><JK@E>ELD<IFLJ98II@<IJKF
G8IK@:@G8K@FE PFLK?N?F:FDGC<K<;K?<GIF>I8D<OG<I@<E:<;J@>E@=@:8EK@E:I<8J<J@EJ<C=
<JK<<DHL8C@KPF=C@=<GFJ@K@M<:FG@E>JKI8K<>@<JJF:@8C8;ALJKD<EK8E;:LCKLI8C@;<EK@KP
&.11!4,!
.<M<I8CJKL;@<J?8M<9<<E:FE;L:K<;KFJKL;P/8E;DFI<JG<:@=@:8CCP !+=FIK?<
KI<8KD<EKF=KI8LD8
%3%1!-26)3(
GIF>I8DF=<HL@E<K?<I8GP=FIM<K<I8EJN@K?+/.8E;+/.JPDGKFDJN8J<M8CL8K<;
K?IFL>?K?<D8K@:8E;:8J<JKL;P8E8CPJ@JK?8K@E:CL;<;FLK:FD<D<8JLI<J=FI+/.JPDGKFDJ
D@E;=LCE<JJ8E;HL8C@KPF=C@=<"FD<Q +8IK@:@G8EKJc;<J:I@9<;FLK:FD<J@E:CL;<;
@E:I<8J<;8N8I<E<JJF==<<C@E>J@E:I<8J<;GFJ@K@M<=<<C@E>JC<JJ8E><I8>>I<JJ@FE8E;=FI:<
>I<8K<IJ<EJ<F=D8JK<IP>I<8K<I<E>8><D<EK@DGIFM<;J<C=<JK<<D@DGIFM<;:FG@E>8E;
I<;L:K@FEF=JPDGKFDJI<C8K<;KFKI8LD8;<GI<JJ@FE8E;8EO@<KP -<JLCKJ@E;@:8K<;K?8K !+@J8
GIFD@J@E>KI<8KD<EK=FI+/.8E;+/.JPDGKFDJ@EM<K<I8EJ8E;K?8K<HL@E<K?<I8GPD8P9<
<==<:K@M<=FIFK?<ID<EK8C?<8CK?GIF9C<DJJL:?8J;<GI<JJ@FE8E;8EO@<KP@DGIFM@E>JF:@8C
=LE:K@FE@E>8E;<E?8E:@E>HL8C@KPF=C@=<
.43(1!4,!415)5.12
(:LCCFL>?-@JC<PLIK@JJ-FIB< :FE;L:K<;8G@CFKJKL;PLK@C@Q@E><HL@E<
=8:@C@K8K<;GJP:?FK?<I8GP !+ =FIK?<KI<8KD<EKF=+/.JPDGKFDJ@ED8CKI<8K<;PFLK?
GLIGFJ@M<J8DGC<F=PFLK?8><J^N?FGI<J<EK<;N@K?+/.JPDGKFD8KFCF>P
G8IK@:@G8K<;@E<@>?KN<<BCP !+FLKG8K@<EKJ<JJ@FEJ KF?FLIJ@EC<E>K? <G<E;<EK
M8I@89C<JN<I<:?8E><@E+/.JPDGKFDJ8JD<8JLI<;9PK?<?@C;I<EcJ-<M@J<;$EM<EKFIPF=
M<EKJ.:8C<-$ . 8E;:?8E><@EC<M<CJF=?LD8E8E@D8C9FE;@E>8JD<8JLI<;LJ@E>K?<
#LD8EE@D8CFE;.:8C<#. 8;D@E@JK<I<;8KGI<GFJK8E;D@;GF@EK <:I<8J<;
-$ .J:FI<J8E;@E:I<8J<;#.J:FI<JN<I<J<<E@EE@E<FLKF=G8IK@:@G8EKJN?@:?
@E;@:8K<;K?8K !+:8E9<<==<:K@M<@EI<;L:@E>+/.JPDGKFDJ8E;K?8KK?<?LD8E8E@D8C9FE;
9<KN<<EG8IK@:@G8EK8E;<HL@E<D8P?8M<:FEKI@9LK<;KFK?<CFN<I+/.JPDGKFD8KFCF>P
J:FI<J FE:CLJ@FEJ@E:CL;<;K?<=8:KK?8K !+KI<8KD<EK<==<:KJ8I<DLCK@DF;8CNFIB@E>@E
DLCK@GC<;@I<:K@FEJ8KFE:<8E;I<JLCKJ@E;@:8K<;K?8K !+J?FN<;GIFD@J<=FIKI8LD8K@Q<;PFLK?
JL==<I@E>+/.JPDGKFD8KFCF>P
EFK?<IJKL;PF= !+KFKI<8KJLIM@MFIJF=:?@C;J<OL8C89LJ<. 8GFGLC8K@FEBEFNE
KF9<G8IK@:LC8ICPI<K@:<EK=FLE;K?8K<HL@E<G8IKE<IJ=8:@C@K8K<;K?<;<M<CFGD<EKF=K?<
K?<I8G<LK@:8CC@8E:<N@K?GI8:K@K@FE<IJ8E;K?8K`K?<I8G@<JLK@C@Q@E>?FIJ<J?8M<K?<8;;<;9FELJ
F=<DGFN<I@E>:C@<EKJa&<DG.@>E8CFKIFJ/8PCFI+I<EK@:<G 8CK?FL>?K?<
8LK?FIJD8;<EFD<EK@FEF=?FNK?<:FE:<GKF=<DGFN<ID<EKD@>?K9<D8;<D<8JLI89C<@ <
FG<I8K@FE8C@Q<; J@D@C8IJKL;PN?@:?=F:LJ<;FE !+=FI:C@<EKJN@K?898:B>IFLE;F=
G8I<EK8CJL9JK8E:<D@JLJ<8E;J<M<I<KI8LD8@E:?@C;?FF;=FLE;K?8K?FIJ<JcE<>8K@M<I<8:K@FEJ
8E;LE:FFG<I8K@M<E<JJ@EK?<GI<J<E:<F=;PJ=LE:K@FE8C9<?8M@FI8CG8KK<IEJ8JJ@JK<;@EK?<@I
I<JFCLK@FE`K?<B<PK?<I8G<LK@:<C<D<EK@JKFLJ<K?<?FIJ<cJ?@>?J<EJ@K@M@KP8E;I<JGFEJ@M<E<JJ
KF?LD8E9F;PC8E>L8><8J8E8@;KF@DGIFM<8N8I<E<JJF=<DFK@FEJ9F;@CPI<JGFEJ<J8E;
:FDDLE@:8K@FEa%F?8EJ<EI=N<;JFE28E>@E;<IG
.,%-1!4,!415)5.12
;;@K@FE8C:C@E@:8C:8J<JKL;@<J?8M<8I>L<;K?8K !+JJL::<JJ=LCCPLK@C@Q<<HL@E<G8IKE<IJ
KF8;;I<JJK?<<DFK@FE8C8E;E<LIFG?PJ@FCF>@:8CNFLE;JF=KI8LD8@E8;FC<J:<EKJ8E;PFLE>
8;LCKJDFJKF=K<EPFLE>NFD<E K?IFL>?8=F:LJFEI<:C8@D@E>9FLE;8I@<JFC<D8E
8GGCP@E>:FDG<K<E:P98J<;@EK<IM<EK@FEJD@E;=LCE<JJ:F>E@K@M<I<=I8D<JJFD8K@:8GGIF8:?<J
GC8P8E;8KK8:?D<EKNFIB<+I<B<C 8E;LK@C@Q@E>K?<?LD8E8E@D8C:FEE<:K@FE8J8
:8K8CPJK=FI:FDDLE@:8K@FE@EJ@>?K8E;:?8E><`/?IFL>?K?<@I9F;PC8E>L8><<HL@E<J>@M<
@DD<;@8K<=<<;98:BKF:C@<EKJFE?FNK?<P8I<=LE:K@FE@E>8E;?8E;C@E>K?<@I=<<C@E>J /?@J
=<<;98:B?<CGJ:C@<EKJC<8IE?FNKFG8P9<KK<I8KK<EK@FEKFK?<:FEE<:K@FE9<KN<<EK?<@I9F;P8E;
D@E;JFK?<P:8E@E?89@KK?<@I9F;P@E8E<NN8P +IF:<JJ@E>K?@J=<<;98:B8CJFF==<IJ:C@<EKJ
@EJ@>?KJN?@:?8JJ@JKK?<D@E8DFI<GIF;L:K@M<8E;?<8CK?@<I<OGI<JJ@FEF=K?<@I<DFK@FEJa
<GI<B<C)<QE@BG
!+?8J9<<ELJ<;<==<:K@M<CPKF?<CG8;FC<J:<EK>@ICJ8E;8;LCKNFD<EKFFM<I:FD<K?<
KI8LD8F=;FD<JK@:8E;FIJ<OL8CM@FC<E:< *E<JL:?GIF>I8DBEFNE8J HL@E<+8IKE<I@E>
)8KLI8CCPY 8IC<J<K8C =FLE;<M@;<E:<JL>><JK@E><==<:K@M<E<JJ@EK?<KI<8KD<EKF=
8EO@<KP8E;GFJKKI8LD8K@:JKI<JJJPDGKFDJ8DFE>NFD<E8;LCKG8IK@:@G8EKJN?F?8;
<OG<I@<E:<;8`I@K<I@FEaKI8LD8K@:<M<EKJL:?8J8I8G<FIJ<I@FLJ8::@;<EK8E;?8;:LII<EK
+/.JPDGKFDJ89FM<FEK?<+/.?<:BC@JK $DD<;@8K<CP=FCCFN@E>KI<8KD<EK
G8IK@:@G8EKJI<GFIK<;J@>E@=@:8EKCPI<;L:<;GFJKKI8LD8K@:JKI<JJJPDGKFDJC<JJJ<M<I<<DFK@FE8C
I<JGFEJ<JKFKI8LD8C<JJ><E<I8C@Q<;8EO@<KP8E;=<N<IJPDGKFDJF=;<GI<JJ@FEJ@>E@=@:8EKCP
@E:I<8J<;D@E;=LCE<JJJKI8K<>@<J8E;;<:I<8J<;8C:F?FCLJ<
!+@E>IFLGJ<KK@E>J?8J8CJFJ?FNEGIFD@J<=FIK?@JGFGLC8K@FE .:?IF<;<I.KIFL;
8I>L<;K?8KJ@E:<`E<8ICPFE<K?@I;F==<D8C<J<OL8C8JJ8LCKJLIM@MFIJKI<8K<;N@K?
:F>E@K@M<9<?8M@FI8C8GGIF8:?<J<@K?<I:FDGC<K<;8CC:FLEJ<C@E>8E;K?<I8GPJ<JJ@FEJP<K
I<K8@E<;8+/.;@8>EFJ@JGFJKKI<8KD<EKFIJKFGG<;KI<8KD<EKGI<D8KLI<CP]KI<8KD<EKE<<;JKF
9<@EK<>I8K@M<@EFI;<IKF@E:I<8J<<E>8><D<EK8E;8;;I<JJKI8LD8JLIM@MFIJc=LE:K@FE@E>8:IFJJ
8==<:K@M<:F>E@K@M<8E;@EK<IG<IJFE8C;FD8@EJaG /FK?8K<E;K?<@IJKL;PFE !+>IFLGJ
=FINFD<EJLIM@MFIJF=KI8LD88==@ID<;K?8K9<E<=@KJN<I<KNF=FC;K?<?FIJ<JcJ<EJ@K@M@KP
@E:I<8J<;:C@<EKJc8N8I<E<JJF=8KK@KL;@E8C8E;8==<:K@M<:?8E><J@EK?<DFD<EK8E;NFIB@E>@E8
>IFLG=FID8KF==<I<;@DD<;@8K<FGGFIKLE@K@<JKF><E<I8C@Q<E<N@EJ@>?KJKF@EK<IG<IJFE8C
<OG<I@<E:<J
!2%$.-3!-$!1$28#(.3(%1!/8.$!+)3)%2!-$(%.1)%2
/?<I<8I<J<M<I8C !+GIFKF:FCJ@E<O@JK<E:<N?@:?8I<8;8GK8K@FEJF=KI8;@K@FE8C
GJP:?FK?<I8G<LK@:DF;8C@K@<J
.+43).-.#42%$1)%&(%1!/8
=FIDF=JFCLK@FE=F:LJ<;9I@<=K?<I8GP.!/ K?8K@E:FIGFI8K<J<HL@E<JN8J=FLE;KF
9<8E<==<:K@M<JKI<E>K?J98J<;DF;<C&8B8:<B .@E:<K?<>F8CF=JKI<E>K?J98J<;DF;<CJ
@J8JJ@JK@E>:C@<EKJKF:F:I<8K<JFCLK@FEJ !+:8ELK@C@Q<;KFGIFM@;<8E<OG<I@<EK@8C?8E;JFE
8:K@M@KPK?8K?<CGJK?<:C@<EK:I<8K<JFCLK@FEJ`<HL@E<J8I<?<I;8E@D8CJF=GI<PK?<I<=FI<K?<P
8I<I<:<@M<KFK?<JFLE;JM@<NJ8E;<DFK@FEJ8IFLE;K?<D /?@J:?8I8:K<I@JK@:F=<HL@E<J
GIFM@;<JK?<FGGFIKLE@KP=FID@IIFI@E>=<<C@E>JF=:C@<EKJ]$K@JK?<D<8E@E>FI@EK<IGI<K8K@FEJ
K?8K:C@<EKJ>@M<KFK?<@EK<I8:K@FEJN@K?K?<<HL@E<JK?8KGIFM@;<@E=FID8K@FE=FIK?<:FLEJ<CFIKF
?<CG:C@<EKJ:?8E><9<?8M@FIaGG /?@J<HL@E<=8:@C@K8K<;.!/DF;<CLK@C@Q<JD<K8G?FI
8JK?<GI@D8IPD<:?8E@JD=FI:?8E><N@K?K8I><K8I<8J;@M@;<;@EKF=FLI:8K<>FI@<J`8 LJ@E>
D<K8G?FIJKF<OGC8@E8E<HL@E<J9<?8M@FI2?8K@JK?<?FIJ<ILEE@E>8N8P=IFD 9
8E8CF>FLJC8E>L8><KF;@J:LJJGIFGJFIKFFCJ2?8K;F<JK?<?8CK<ID<8EKFK?<?FIJ<8E;N?8K
@JPFLI?8CK<I@EC@=< J :C@<EKJI<C8K@E>C@=<C<JJFEJC<8IE<;2?8K;F<J@KD<8EK?8KPFL
N8CB<;KF><KK?<?FIJ<FM<IK?<F9JK8:C< 8E;; :C@<EKJ@E=<II@E>C<JJFEJC<8IE<;@E:FG@E>
2?<EN<NFIBK?IFL>?FLIF9JK8:C<JN<JL::<<; a&8B8:<BG
1!4,!.#42%$04)-% 22)23%$28#(.3(%1!/8
EFK?<IJKL;PN8J:FE;L:K<;KF<O8D@E<K?<G?<EFD<EFCF>@:8C<OG<I@<E:<JF=C@:<EJ<;
GJP:?FK?<I8G@JKJGI8:K@:@E>KI8LD8=F:LJ<;<HL@E<8JJ@JK<;GJP:?FK?<I8GP/! + $K8CJF
<OGCFI<;K?FJ<K?<I8G@JKJ9<C@<=J89FLKK?<9<E<=@KJKF:?@C;I<EN?F?8M<<OG<I@<E:<;89LJ<8E;
E<>C<:K<:B FDGFE<EKJK?<J<GI8:K@K@FE<IJ=FLE;DFJK@DGFIK8EKKFK?@JDF;8C@KP
@E:CL;<;`?<@>?K<E<;<E>8><D<EKJLJK8@E<;<==FIKG8I<EK8C@EMFCM<D<EK@EK?<KI<8KD<EK
DF;<C8E;K?<<OG<I@<EK@8C<C<D<EKF=I<C8K@FEJ?@G;<M<CFGD<EKN@K?K?<?FIJ<aG
%23!+304)-%28#(.3(%1!/8
G?<EFD<EFCF>@:8CJKL;P:FE;L:K<;FE"<JK8CK HL@E<+JP:?FK?<I8GP" + N?@:?
JFL>?KKF@;<EK@=P@KJ<JJ<EK@8CGJP:?FCF>@:8CJKIL:KLI<'8: =FLE;K?8KG8K@<EKJc
;<J:I@GK@FEJF=" +@E:CL;<;J<M<I8C<JJ<EK@8C<C<D<EKJ<OG<I@<E:<;8J8`DFD<EKKFDFD<EK
LE=FC;@E>F=K?<=LCCE<JJF=FE<J9F;@CP8E;<DFK@FE8C<O@JK<E:<aG /?<J<@E:CL;<;
J?8I@E>9I<8K?8E;KFL:?8J8EFEM<I98C8:KF=:FEE<:K@FEGJP:?FCF>@:8CI<C<8J<=IFD
@EK<IE8C@Q<;:FEJKI8@EKJFG<E@E>G8K?N8PJKFI<C8K@FEJ?@G8E;GJP:?FCF>@:8C<OG8EJ@FE
I<KLIE@E>KF8GC8:<F==LCCE<JJF=9<@E>8E;=@E;@E>JFC@;@KP@EFE<J<C= 2?@C<8:BEFNC<;>@E>
K?8KK?@JI<J<8I:?FECPF==<IJ8>C@DGJ<@EKFK?<GFK<EK@8C<==@:8:P=FIK?<DF;8C@KP@KF==<I<;8E
LE;<IJK8E;@E>F=?FN" +8E;FK?<IJFD8K@:<OG<I@<EK@8CK?<I8G@<JC@B<@K:8EGIFDFK<K?<J<C=
;@J:FM<IPK?8K=8:@C@K8K<J:?8E><
04)-%!#)+)3!3%$(%1!/8&.1.,/+%71!4,!
HL@E<!8:@C@K8K<;/?<I8GP=FIFDGC<O/I8LD8 !// :I<8K<;=FIJLIM@MFIJF=
:FDGC<OKI8LD8@ < DLCK@GC<8E;FI;<M<CFGD<EK8CCP8;M<IJ<<M<EKJKPG@:8CCPF=8I<C8K@FE8C
E8KLI< N8JI<:<EKCPJKL;@<;)8JK<<K8C !//N?@:?<D9<;J !+GI8:K@:<JN@K?@E
8EKK8:?D<EK-<>LC8K@FE8E;FDG<K<E:P- =I8D<NFIB=FLE;:FEJ@JK<EK;<:I<8J<J
8DFE>G8IK@:@G8EKJ@E8EO@<KP;<GI<JJ@FEJFD8K@:J<EJFIP:FDGC8@EKJ8E;9<?8M@FI8C
;PJI<>LC8K@FE8CFE>N@K?@DGIFM<;@EK<IG<IJFE8CJB@CCJ:FDDLE@:8K@FEJKI8K<>@<J8E;FM<I8CC
JF:@8C=LE:K@FE@E> `J8I<JLCKF=:C@E@:@8EJLGGFIK8E;K?<;<M<CFGD<EKF=8J?8I<;J<EJ<F=
J8=<KP=FJK<I<;9PIFLK@E<J8E;I@KL8CJGIFKFKPG@:8CG8IK@:@G8EKJ;<DFEJKI8K<;@DGIFM<;@EK<IE8C
I<>LC8K@FE8E;FI>8E@Q8K@FE !@E8CCP8=K<IKI<8KD<EK:FDGC<K@FED8EPG8IK@:@G8EKJ<M@;<E:<;
?@>?<IFI;<I:F>E@K@M<=LE:K@FE@E>< > 8::<JJ@E>C8E>L8><;<:@J@FED8B@E> 8E;K?<
;<M<CFGD<EKF=GFJ@K@M<:FG@E>JB@CCJ aG
33!#(,%-3(%.18!-$
JKL;PF= !+=FLE;K?8K;<JG@K<K?<><E<I8CC8:BF=:FEJ<EJLJ8IFLE;?FN8E;N?PK?<
?LD8E<HL@E<I<C8K@FEJ?@G:FEKI@9LK<JKFGJP:?FJF:@8CN<CC9<@E>K?<J<D<:?8E@JDJD@>?K9<
9<KK<ILE;<IJKFF;8E;FI>8E@Q<;N?<E:FEJ@;<I<;N@K?@E8E8KK8:?D<EK=I8D<NFIB.8B8@
/?<JKL;P:FE:CL;<;K?8K8KKLE<D<EK@EK<IE8CNFIB@E>DF;<CJ8E;K?<:FII<:K@M<
<DFK@FE8C<OG<I@<E:<N<I<B<PD<:?8E@JDJF=:?8E><@EK?<<HL@E<:C@<EKK?<I8G<LK@:
I<C8K@FEJ?@G
EFK?<IJKL;PN?@:?8CJFM@<N<; !+K?IFL>?8E8KK8:?D<EKC<EJ1@E:<EK!8IB8J
J@D@C8ICP:FE:CL;<;K?8K`8KK8:?D<EKK?<FIP:8E>L@;<K?<LE;<IJK8E;@E>F=?FN !/
FG<I8K<J8E;:8EJLGGFIKDFI<I@>FIFLJ@EHL@IPKF<M8CL8K<@KJ<==<:K@ED<EK8C?<8CK?KI<8KD<EKa
G 8E;:8CC<;=FIDFI<I<J<8I:?KFJKI<E>K?<E@KJ<DG@I@:8C98J<
(82).+.')#!+!-$%41.").+.')#!+%2%!1#(.-
<IK8@EG?PJ@FCF>@:8CD8IB<IJ?8M<9<<ED<8JLI<;KF;F:LD<EKK?<9<E<=@KJF=/ !FI
<O8DGC<D<;@:8CJKL;@<J?8M<;F:LD<EK<;I<;L:<;JPDGKFDJF==@9IFDP8C>@88E;G8@E
I<JLCK@E>=IFD/I8LE.K8E>C<I)8IM<JFE+<KK@E><CC(8I:LJ<K8C .@E:<
D8EP9@F:?<D@:8CD8IB<IJ8I<I<8;@CPD<8JLI89C<DFI<HL8EK@K8K@M<I<J<8I:?FEK?<GFJ@K@M<
<==<:KJF= !+9<:FD<J8M8@C89C<N?<E@K@J:FEJ@;<I<;N@K?@EK?<9IF8;<IJ:FG<F=E@D8C
JJ@JK<;/?<I8G@<J/ .<M<I8CJL:?JKL;@<J=FCCFN9<CFN
!-$.13)2.+
)LD<IFLJJKL;@<J?8M<;F:LD<EK<;K?<9L==<I@E><==<:KJF=/FE?LD8EJKI<JJ
JPJK<DJ (8EP?8M<LJ<;<E;F:I@EFCF>@:8CG8I8D<K<IJKF;F:LD<EK@E:I<8J<J@EFOPKF:@E8E;
;<:I<8J<;:FIK@JFC8E;@E:I<8J<;FOPKF:@EC<M<CJ@EGC8JD88E;J8C@M8 8I;@FM8J:LC8IG8I8D<K<IJ
?8M<8CJF9<<ELJ<;KF;F:LD<EKGFJ@K@M<<==<:KJFE9CFF;GI<JJLI<?<8IKI8K<8E;?<8IKI8K<
M8I@89@C@KP<<KQ8C<J&I8LJ<+8I<CCF&FC8JJ8 .B@E:FE;L:K8E:<I<JGFEJ<J
8DFE>:?@C;I<EN@K?.;LI@E>=I<<GC8PN@K?G<<IJ@EK?<GI<J<E:<F=8E@D8CJ:FDG8I<;KF
KFPJ8CJF@E;@:8K<;K?8K8E@D8CJD8P8:K8JJF:@8C9L==<IJ:FE=<II@E>LE@HL<8EO@FCPK@:<==<:KJ
*#8@I<(:&<EQ@<<:B.C8L>?K<I
18I@FLJJKL;@<J?8M<8JJF:@8K<;/N@K?I<;L:<;:FIK@JFCC<M<CJN?@:?8I<:FDDFECP
LE;<IJKFF;8J8D8IB<IF=:?IFE@:JKI<JJ@E8M8I@<KPF=GFGLC8K@FEJ #FIJ<98:BI@;@E>K?<I8GP@E
G8IK@:LC8I?8J9<<E=FLE;KFI<;L:<:FIK@JFCC<M<CJ@E<C;<ICPG<IJFEJ?F&@D&@D?F
8E;:?@C;I<EN?F?8M<<OG<I@<E:<;89LJ<8E;E<>C<:K4FIB<<K8C FIK@JFC
I<;L:@E><==<:KJF=/@EMFCM@E>;F>J8E;FI:8KJ?8M<8CJF9<<E;F:LD<EK<;@EG8K@<EKJN@K?
J:?@QFG?I<E@88CMF<K8C D@C@K8IPM<K<I8EJN@K?+/.-F;I@>L<QIP:<"I8E><I
*c#8@I< :?@C;I<EN@K?8LK@JD1@8L<K8C :FCC<><JKL;<EKJ.FD<IM@CC<K
8C 8E;:?@C;I<E;<DFEJKI8K@E>KI8LD8<==<:KJ4FIB<
!-$783.#)-
/?FL>?@K8JP<KD8PC8:BK?<J:@<EK@=@:8KK<EK@FEI<HL@I<;KF9<:FDGC<K<CPLE;<IJKFF;
K?<IFC<GC8P<;9PFOPKF:@E@EK?<<==<:K@M<E<JJ/DLJKEFK9<D@E@D@Q<; *OPKF:@E@J8
E<LIFG<GK@;<N?@:?@JI<C<8J<;@EKFK?<9I8@EcJ:@I:LC8KFIPJPJK<D=IFDK?<?PGFK?8C8DLJ@EK?<
GI<J<E:<F=J<EJFIPJK@DLC8K@FE<<KQ8C<J $K?8J9<<E8JJF:@8K<;N@K?=8MFI89C<
DFF;<==<:KJC@EB@E>@KKFK?<E<LIFKI8EJD@KK<IJ<IFKFE@E(8:FE8C;<K8C 8E;?8J9<<E
:FEJ@;<I<;8J8GFJJ@9C<D<;@8KFIF=..-$@E;L:<;8EK@;<GI<JJ8EK<==<:KJ0MESJ(F9<I>
AWIBJKI8E;#@CC<>88IK?C<E@LJ
D<K88E8CPJ@JFEK?<E8KLI8CFOPKF:@EGIFDFK@E><==<:KJF=/I<M@<N<;FI@>@E8C
JKL;@<JFE?LD8E8E@D8C@EK<I8:K@FEJ#$J =@E;@E>N<CC;F:LD<EK<;9<E<=@KJK?8K@E:CL;<;
@DGIFM<;JKI<JJI<C8K<;G8I8D<K<IJJL:?8J:FIK@JFC?<8IKI8K<8E;9CFF;GI<JJLI<J<C=I<GFIK<;
=<8I8E;8EO@<KP8E;D<8JLI<JF=D<EK8C8E;G?PJ@:8C?<8CK?<JG<:@8CCP:8I;@FM8J:LC8I;@J<8J<J
8E;GIFGFJ<;K?8KK?<E8KLI8CCPF::LII@E>8:K@M8K@FEF=K?<FOPKF:@EJPJK<DGC8PJ8B<PIFC<@E
K?<D8AFI@KPF=K?<89FM<I<GFIK<;GJP:?FCF>@:8C8E;GJP:?FG?PJ@FCF>@:8C9<E<=@KJ
*OPKF:@E8E;#$<==<:KJC8I><CPFM<IC8G8J;F:LD<EK<;9PI<J<8I:?@E9FK?
?LD8EJ8E;8E@D8CJ8E;=@IJKJKL;@<J=FLE;K?8K#$8==<:KJK?<FOPKF:@EJPJK<D
J8:FDDFELE;<ICP@E>D<:?8E@JDK?<8:K@M8K@FEF=K?<FOPKF:@EJPJK<D;F<J
EFKFECPGIFM@;<8E<OGC8E8K@FE9LK8CJF8CCFNJ8E@EK<>I8K@M<M@<NF=K?<
;@==<I<EK<==<:KJF=#$<<KQ0MESJ(F9<I>%LC@LJ&FKIJ:?8CG
&&%#3)5%%41.2#)%-#%
%8:HL<J+8EBJ<GG K?< JKFE@8EE<LIFJ:@<EK@JK8E;GJP:?F9@FCF>@JKN?F=8DFLJCP
:I<8K<;K?<=@<C;F=8==<:K@M<E<LIFJ:@<E:<JKL;@<;K?<E<LI8CD<:?8E@JDJF=<DFK@FE9P
<O8D@E@E>@DGFIK8EK:FEE<:K@FEJ8E;:FDDFE8C@K@<J9<KN<<E?LD8EJ8E;8E@D8CJ #<NIFK<
`FOPKF:@E:C<8ICPNFIBJGI@D8I@CPK?IFL>?@E=CL<E:<JFECFN<I9I8@ED<:?8E@JDJN<J?8I<N@K?
FK?<I8E@D8CJK?8KDF;LC8K<FLI?@>?<ID@E;=LE:K@FEJaG
.+85!'!+(%.18
CJFI<C<M8EKKFK?<9@FCF>@:8CD<:?8E@JDJ@EMFCM<;@E/@JGFCPM8>8CK?<FIP+FI><J
+FI><J N?@:?:<EK<IJFE8E<MFCLK@FE8IP;<M<CFGD<EK:FDDFEKFD8DD8CJ8E;
<DG?8J@Q<JK?<IFC<F=K?<M8>LJE<IM<@E8:F?<I<EK:FLGC@E>9<KN<<EM@J:<I8CJK8K<J@ <
;<=<EJ@M<E<JJ 8E;I<8;@E<JJ=FIJF:@8C@EK<I8:K@FEK?FL>?KKF9<I<>LC8K<;9PK?<FOPKF:@E
JPJK<D
FK?#$J8E;/J8I<>IFLE;<;@EK?<J8D<E<LI8CJPJK<DJK?8K8I<LJ<;KF
<OGC8@EK?<><E<I8C9<E<=@KJF=JF:@8CJLGGFIK $;<EK@=P@E>K?<J<JPJK<DJ:8EF==<I
@EJ@>?K@EKFE8KLI8CCPF::LII@E>GIF:<JJ<JK?IFL>?N?@:?G<I:<@M<;JF:@8CJLGGFIK
GIFK<:KJFII<JKFI<J?LD8E?<8CK? #<I<N<=F:LJGI@D8I@CPFEK?<E<LIF9@FCF>PF=
#$JLE;<I:FE;@K@FEJ@EN?@:?K?<J<I<C8K@FEJ?@GJ8I<I<:@GIF:8C8E;GFJ@K@M<
8E;K?LJDLKL8CCP:8G89C<F=I<>LC8K@E>9<?8M@FI #FN<M<I#$JGI<J<EK
9<?8M@FI8C:?8CC<E><J8JN<CC8J9<E<=@KJ '8I><8E@D8CJD8PK?I<8K<EFI?8ID
?LD8EJ /?<:F<O@JK<E:<F=FM<IC8GG@E>E<LI8CJPJK<DJ=FI8==@C@8K@M<JLGGFIK8E;
;<=<EJ@M<8>>I<JJ@FE:I<8K<J9<?8M@FI8C:FDGC<O@KP=FIK?<#$ /?LJ8N8I<E<JJ
F=K?<8LKFEFD@:8E;E<LIF<E;F:I@E<98J<JF=;<=<EJ@M<9<?8M@FIJ:8EGIFM@;<
@EJ@>?KJ@EKFJ@KL8K@FEJ@EN?@:?;8E><IFI8>>I<JJ@FED8P8I@J<8IK<I+FI><J
G
/?@JI<J<8I:?GF@EKJKFK?<E8KLI8CK<E;<E:PKFN8I;:FI<>LC8K@FE8==FI;<;9P@EK<I8:K@FEJ
N@K?8E@D8CJ8E;D8P8CJF9<>@EKF<OGC8@EN?P?FIJ<J8JGI<P8E@D8CJDL:?C8I><IK?8E
?LD8EJ?FC;JL:?M8CL<8JD@IIFIJF=@EK<IE8C@Q<;8E;F=K<ELE:FEJ:@FLJ E<>8K@M<8==<:KJK8K<J
8E;N?@C<F==<I@E>EFEM<I98C<OG<I@<EK@8C@EJKIL:K@FEFEJ8=<I<:F>E@K@FE8E;8GGIFGI@8K<
KFC<I8E:<=FI;8E><IGFK<EK@8CJ8E;FI8>>I<JJ@FEGI<J<EK@EK?<<EM@IFED<EK
IFNEF8E JKL;@<;K?<JF:@8CI<>LC8K@FEF=E<LI8CK?I<8KI<JGFE;@E>@E?LD8EJ
8E;GFJ@K<;K?8K?FLJ<?FC;G<KJJG<:@=@:8CCP;F>J?8M<8;8GK<;KFK?@J?LD8EJF:@8C<:FCF>P
JL:?K?8K`:FDG8E@FE8E@D8CJD8P@E;<<;=LC=@CCK?<IFCCF=8JF:@8CJLGGFIKGIFM@;<I_<M<E8
I<C8K@FE8CG8IKE<I_N@K?:FEJ<HL<E:<J=FIK?<I<>LC8K@FEF=E<LIF9@FCF>@:8CD<:?8E@JDJ
JLGGFIK@E>K?<9I8@EcJK?I<8KI<JGFEJ<8E;9P<OK<EJ@FE=FIK?<D8EP:FEJ<HL<E:<JF=K?8K
I<>LC8K@FE=FI?<8CK?8E;N<CC9<@E>9FK??LD8E8E;8E@D8CaG
1!)-#!-2
-<J<8I:?@EK?<I<:<EKCP;<M<CFG@E>=@<C;F=8EK?IFQFFCF>@:8CE<LIFJ:@<E:<K?<LJ<F=
E<LIFJ:@<E:<K<:?E@HL<JKFJKL;P?LD8E8E@D8C@EK<I8:K@FE <DGCFP<;=(-$K<:?EFCF>PKF
JKL;PE<LI8C:FII<C8K<J=FIG<I:<GK@FEF=:FDG8E@FE8E@D8CG?FKF>I8G?J#8P8D8?8E>
"LDLJ&@E> IEJK /?@IKP8;LCKD8C<G8IK@:@G8EKJ`+<K*NE<IJa8E;`)FE+<K
*NE<IJaM@<N<;G?FKF>I8G?JF=:FDG8E@FE8E@D8CJ;LI@E>=LE:K@FE8C(-$=(-$ J:8EJ8E;
GIFM@;<;I8K@E>JF=8KKI8:K@FEKFK?<8E@D8CJG<:@<JI<GI<J<EK<;@EK?<G?FKF>I8G?J !FLIK<<E
JL9A<:KJ8;;@K@FE8CCPJL9D@KK<;8E;M@<N<;G<IJFE8CG<KG?FKF>I8G?J;LI@E>=(-$J:8EJ8E;
:FDGC<K<;K?<'<O@E>KFEKK8:?D<EKKF+<KJ.:8C<'+.
/?@JJKL;P=FLE;K?8KG<KFNE<IJ<O?@9@K<;>I<8K<I8:K@M8K@FE@EK?<@E8I<8JF=K?<@EJLC8
8E;=IFEK8C8E;F::@G@K8C:FIK@:<JK?8E;@;EFEG<KFNE<IJ8E;=FLE;K?8KI8K@E>JF=8KKI8:K@FEKF
8E@D8CJ:FII<C8K<;GFJ@K@M<CPN@K?E<LI8C8:K@M8K@FE@EK?<:@E>LC8K<>PILJGI<:<EKI8C>PILJ
@E=<I@FIG8I@<K8CCF9LC<8E;JLG<I@FIK<DGFI8C>PILJ;LI@E>K?<M@<N@E>F=I<GI<J<EK8K@M<
G?FKF>I8G?J .:FI<JFEK?<'+.=FIK?<JL9A<:KJN@K?G<KJ8K?FD<:FII<C8K<;GFJ@K@M<CPN@K?
E<LI8C8:K@M8K@FE;LI@E>K?<M@<N@E>F=FNE<;G<KG?FKF>I8G?J@EK?<GI<:LE<LJ:LE<LJ8E;
JLG<I@FIG8I@<K8CCF9LC< /?<P:FE:CL;<;
*LIGI<C@D@E8IP=@E;@E>JJL>><JKK?8K?LD8EG<I:<GK@FEF=:FDG8E@FE8E@D8CJ
@EMFCM<K?<M@JL8C8KK<EK@FEE<KNFIBN?@:?D8P9<DF;LC8K<;8KK?<E<LI8CC<M<C
9PJL9A<:K@M<<OG<I@<E:<JF=8KKI8:K@FEFI8KK8:?D<EKKF8E@D8CJ *LI
LE;<IJK8E;@E>F=?LD8E8E@D8C@EK<I8:K@FEJK?IFL>?8EK?IFQFFCF>@:8C
E<LIFJ:@<E:<D8P9<KK<I;@I<:KK?<I8G<LK@:8GGC@:8K@FEJJL:?8J8E@D8C8JJ@JK<;
K?<I8GP#8P8D8?8E>"LDLJ&@E> IEJK
CK?FL>?=(-$K<:?EFCF>P?8JEFKP<K8;M8E:<;KFK?<C<M<CF=GFIK89@C@KPK?8KN@CC9<
E<:<JJ8IP=FILJ<@EFLK;FFIC@M<8:K@FE=@<C;NFIBK?@JI<J<8I:?9F;<JN<CC=FI8=LKLI<
@EMFCM@E>@E:I<8J<;<DG@I@:8CM8C@;8K@FEF=K?<9@F:?<D@:8CD<:?8E@JDJF=8:K@FEF=/
@E:CL;@E> !+
.-#+42).-
<JG@K<@KJGIFD@J<I<J<8I:?@EK?<=@<C;F= !+8GG<8IJKFI<D8@E@E@KJ@E=8E:P /?<
=@<C;F= !+NFLC;:C<8ICP9<E<=@K=IFDDFI<FG<I8K@FE8C@Q<;=FIDJN?@:?NFLC;C<E;
K?<DJ<CM<JDFI<I<8;@CPKF<DG@I@:8CD<8JLI<D<EK8:?@ CK?FL>?K?<I<@J8DGC<
HL8C@K8K@M<I<J<8I:?KFJL>><JK@KJ<==@:8:PG8IK@:LC8ICP=FIK?<KI<8KD<EKF=KI8LD8K?LJ=8IK?<
=@<C;C8:BJK?<:F?<J@FE8E;:C8I@KPI<HL@I<;=FIK?<I<GC@:89C<I8E;FD@Q<;:FEKIFCKI@8CJK?8K8I<
E<<;<;@EFI;<IKFM8C@;8K< !+8J8E<M@;<E:<98J<;GI8:K@:< C<8IGIFKF:FCJ:8E9<NI@KK<EFI
8;8GK<;=IFDFK?<IKI8;@K@FE8CK?<FI@<J8E;FIK?<I8G@<JN?@:?NFLC;C<E;K?<DJ<CM<JKF
I<GC@:89C<HL8EK@K8K@M<JKL;P J8E<OKJK<G@EK?@J;@I<:K@FEK?@JGIFA<:K8@DJKFJPEK?<J@Q<8E;
;<=@E<K?<D<:?8E@JDJF=8:K@FEF= !+=FIKI8LD8KF8JJ@JKFK?<IJ@ENI@K@E>GIFKF:FCJ N?@:?
NFLC;C<E;K?<DJ<CM<JDFI<I<8;@CPKF<DG@I@:8CD<8JLI<D<EK8E;FIFK?<IN@J<:FEKI@9LK<KF
K?<D8@EJKI<8D8;M8E:<D<EK8E;LE;<IJK8E;@E>F= !+8J8M8CL89C<D<EK8C?<8CK?KI<8KD<EK
5%15)%6
18I@FLJ !+DF;8C@K@<J?8M<9<<E=FLE;<==<:K@M<=FI8M8I@<KPF=GFGLC8K@FEJ
G8IK@:LC8ICPJLIM@MFIJF=KI8LD88E;KI8LD8K@:JKI<JJ #FN<M<ID8EP=8:KFIJ:FEKI@9LK<KFK?<
=@<C;J98II@<IJKFD<K?F;FCF>@:8CCPJFLE;D<8JLI<D<EK8E;D8@EJKI<8DLE;<IJK8E;@E> <JG@K<8
C8I><8E;I8G@;CP<OG8E;@E>9F;PF=I<J<8I:?K?<=@<C;8JP<KC8:BJK?<:F?<J@FE8E;:C8I@KP
I<HL@I<;=FI<DG@I@:8CM8C@;8K@FE
!+@JG8IKF=K?<C8I><I=@<C;F=/N?@:??8J>8@E<;D8@EJKI<8DI<:F>E@K@FE@EI<:<EK
P<8IJ?FN<M<II8K?<IK?8E9I@E>@E>JD8CC8E@D8CJJL:?8J;F>JFI:8KJKFK?<:C@<EKJ !+
K?<I8G@JKJNFIBN@K?K?<@I:C@<EKJLJ@E>C8I><<HL@E<G8IKE<IJJFK?<K?<I8GPDLJKK8B<GC8:<@E
EFEKI8;@K@FE8C:C@E@:8CJ<KK@E>J /?@J=8:KFI8CFE>N@K?K?<8;;<;<OG<EJ<F=B<<G@E>C8I><
8E@D8CJC<8;JKF=<8J@9@C@KPHL<JK@FEJ@EK?<89J<E:<F=HL8EK@K8K@M<M8C@;8K@FEKFALJK@=PK?<<OKI8
<OG<EJ<8E;<==FIK !LIK?<IDFI< !+DF;8C@K@<J8GG<8IKFM8IPN@;<CP@EK?<FIP8E;<O<:LK@FE
8E;<O@JK@E>C@K<I8KLI<?8JP<KKF:C<8ICP8E;:FEJ@JK<EKCP;<C@E<8K<ALJK?FN@K@JK?8K?FIJ<J
=8:@C@K8K<:?8E><
!FI<O8DGC<K?<C8:BF=JK8E;8I;@Q<;K<ID@EFCF>P@EK?<=@<C;F= !+:I<8K<J:FE=LJ@FE
N?@:?9<:FD<J898II@<IKFD8@EJKI<8D8::<GK8E:<8E;LE;<IJK8E;@E> /?@JJKL;P8KK<DGKJKF
:C8I@=PK?<G?<EFD<EFCF>PF= !+9P>8K?<I@E>=@IJK?8E;@E=FID8K@FE98J<;FEK?<C@M<;
<OG<I@<E:<JF=GI8:K@K@FE<IJN@K?<OG<IK@J<@EK?<=@<C;
+IFA<:K<;9<E<=@KJF=K?@JNFIB@E:CL;<8:C<8I<ILE;<IJK8E;@E>F=K?<D<:?8E@JDJF=
8:K@FEF= !+8JN<CC8JK?<@IJG<:@=@:@DG8:KJFE:C@<EKJG8IK@:LC8ICPK?FJ<I<:FM<I@E>=IFD
KI8LD8FIKI8LD8K@:JKI<JJ $;<8CCPK?@JNFIBN@CC:FEKI@9LK<KF:C<8I<IK?<FI<K@:8C=FLE;8K@FEJ
LGFEN?@:?=LIK?<II<J<8I:?:8E9L@C; ;;@K@FE8CCPK?IFL>?8EFG<E<E;<;<OGCFI8K@FEF= !+
GI8:K@K@FE<IJcC@M<;<OG<I@<E:<J:FDGC<O;<K8@C<;LE;<IJK8E;@E>J:8E9<;<M<CFG<;N?@:?D8P
J<IM<KF8EJN<I@DGFIK8EKHL<JK@FEJ89FLKN?8KC@D@K8K@FEJ8E;98II@<IJ:?8CC<E><K?<>IFNK?F=
K?<=@<C;
(.)#%.&%3(.$
2?<E8GIF9C<DFI@JJL<E<<;JKF9<<OGCFI<;=FIN?@:?M8I@89C<J:8EEFK<8J@CP9<
;<=@E<;8E;D<8JLI<;HL8C@K8K@M<I<J<8I:?@J@E;@:8K<; .@E:<K?<=@<C;F= !+8JP<K8GG<8IJKF
C8:BK?<:F?<J@FE8E;:C8I@KPE<<;<;=FI<DG@I@:8C<M8CL8K@FEK?@JGIFA<:K:8CCJ@EJK<8;=FI8
;<K8@C<;8E;:FDGC<O<OGCFI8K@FEF=@KJD<:?8E@JDJ8E;@JJL<J@E:FEK<OKN?@:?8==FI;JK?<
=C<O@9@C@KPKF@;<EK@=P8E;8;;I<JJ>8GJ@ELE;<IJK8E;@E> /?LJ8HL8C@K8K@M<D<K?F;FCF>PN8J
J<C<:K<;=FIK?@JI<J<8I:?8JFG<E<E;<;@EHL@IP8E;8=C<O@9C<JKPC<F=I<GFIK@E>8GG<8IJDFJK
8GGIFGI@8K<I<JN<CC+FK? /?<:FD9@E<;D<K?F;FCF>PLJ<;@EK?@JJKL;P;I8NJ=IFD
9FK?G?<EFD<EFCF>P8E;>IFLE;<;K?<FIP8GGIF8:?<J8J;<J:I@9<;9<CFN
%&$%&#&0
+?<EFD<EFCF>P;I8NJC8I><CPLGFEK?<G?@CFJFG?PF=K?<"<ID8ED8K?<D8K@:@8E
#LJJ<IC 8CFE>N@K?.8IKI<8E;#<@;<>><IN?F8I<J8@;KF?8M<<OG8E;<;LGFE?@J
NFIBI<JN<CC+FK? +I<J<EK;8PG?<EFD<EFCF>@:8CI<J<8I:?<IJ?FC;:FDDFE
G?@CFJFG?@:8C8JJLDGK@FEJN?@:?GC8:<K?<JKL;PF=@E;@M@;L8CJc:FEJ:@FLJC@M<;<OG<I@<E:<J8K
K?<=FI<=IFEKM8E(8E<E 8E;J<<BKF;<J:I@9<K?<<JJ<E:<F=K?<J<<OG<I@<E:<JI8K?<I
K?8EALJK<OGC8E8K@FEFI8E8CPJ@J(FLJK8B8J
+?<EFD<EFCF>PC<E;J@KJ<C=KFK?@JKFG@:9<:8LJ<@KJ8@D@JKF<OGCFI<K?<`N?8Ka8E;K?<
`?FNaF=8E<OG<I@<E:<9P8?<K<IF><EFLJ>IFLGF=@E;@M@;L8CJ@EK?@J:8J<K?<D<:?8E@JDJF=
K?<I8G<LK@:8:K@FE8J<OG<I@<E:<;9P !+GI8:K@K@FE<IJ=IFDM8IP@E>98:B>IFLE;J /?<:LII<EK
JKL;PJ<<BJKF<OGCFI<8E;8E8CPQ<@EJL9A<:K@M<8E;F9A<:K@M<N8PJ<OG<I@<E:<JK?8K8I<LE@HL<
KFK?<@E;@M@;L8CJ8CFE>N@K?K?FJ<:FDDFEKFK?<>IFLG "@M<EK?<:LII<EKJK8K<F=K?< !+
=@<C;K?@JD<K?F;FCF>P@J8GGIFGI@8K<=FI><E<I8K@E>8EJN<IJKF9FK?K?<GI@D8IP8E;J<:FE;8IP
HL<JK@FEJGLK=FIK?9PK?@JGIFA<:KJ@E:<9FK?8I<E<:<JJ8I@CPFG<E<E;<; /?<D<K?F;8CJF
8CCFNJ=FI8:<IK8@EC<M<CF=8EFEPD@KPN?@:?N<C:FD<JG8IK@:@G8EKJcFG<E<OGI<JJ@FEF=
;@==<I@E>8E;FI:FEKIFM<IJ@8CM@<NGF@EKJ
)&,% &)0
"IFLE;<;K?<FIP@J8E<D<I><EKI<J<8I:?8GGIF8:?N?<I<@ELE;<IJK8E;@E>F=8G8IK@:LC8I
8I<8F=@EK<I<JKLE=FC;J8JBEFNC<;><@J8::IL<;?8ID8Q /?@JD<K?F;8@DJKF><E<I8K<
K?<FI@<JK?8K<OGC8@EJF:@8CG?<EFD<E89P<JJ<EK@8CCPNFIB@E>98:BN8I;_=IFD;8K8KFK?<FIP
CFFD9<I>1FCG< @JK@E>L@J?@E>:?8I8:K<I@JK@:JF=>IFLE;<;K?<FIP@E:CL;<
J@DLCK8E<FLJ;8K8:FCC<:K@FE8E;8E8CPJ@J8E8CPK@::8K<>FI@<J8E;:F;<J;<M<CFG<;=IFD;8K8
I8K?<IK?8EGI<:FE:<@M<;?PGFK?<J<J8E;D@;;C<I8E><K?<FI@<J:FEJKIL:K<;KFLE;<IJK8E;8E;
<OGC8@EGIF:<JJ<J"C8J<I.KI8LJJ
.PJK<D8K@:GI@E:@GC<JF=>IFLE;<;K?<FIP@E:CL;<@K<I8K@M<;<=@E@K@FE8E;I<;<=@E@K@FEF=
GIF:<JJ<J8:K@FEJ8E;9<C@<=J8E;I8@J@E>=F:LJ<;:F;<JKF:FE:<GKL8C:8K<>FI@<J?8ID8Q
"C8J<I.KI8LJJ.KI8LJJFI9@E "@M<EK?<:LII<EKJK8K<F=K?< !+=@<C;
K?@JD<K?F;FCF>PC<E;J@KJ<C=KFK?@JJKL;PcJI<J<8I:?HL<JK@FEJJ@E:<9FK?8I<E<:<JJ8I@CPFG<E
<E;<;8E;FE<@DGFIK8EK>F8CF=K?@JGIFA<:K@JKF><E<I8K<@;<8JN?@:?@EKLIE`D8PC8K<I9<
M<I@=@<;K?IFL>?KI8;@K@FE8CHL8EK@K8K@M<D<K?F;Ja?8ID8QG
&$!%+ &&#&0*!% !*+,0
2?@C<K?<D8@ED<K?F;FCF>PLK@C@Q<;@EK?@JGIFA<:K@JG?<EFD<EFCF>P@K@J@DGFIK8EKKF
EFK<K?8KK?<JG<:@=@:8@DJF=K?<GI@D8IPI<J<8I:?HL<JK@FE@EMFCM<8;<G8IKLI<=IFD8JKI@:KCP
G?<EFD<EFCF>@:8C8GGIF8:? 2?<I<8J@EKI8;@K@FE8CG?<EFD<EFCF>P:F;@E>F=J@>E@=@:8EK
JK8K<D<EKJ@JC@D@K<;K?<:LII<EKJKL;P@;<EK@=@<JG?<EFD<E88JJ@>E@=@:8EK@E8JDL:?8JK?<P:8E
:C8I@=PG8IK@:@G8EKJcC@M<;<OG<I@<E:<8IFLE;`K?<N?8K8E;K?<?FNaF=K?<@I<HL@E<GI8:K@:< J
JL:?;LI@E>K?<@;@F>I8G?@:8E8CPJ@J8>I<8K<IK?8ELJL8CELD9<IF=G?<EFD<E8N<I<@;<EK@=@<;
8JJ@>E@=@:8EKJK8K<D<EKJN<I<=LIK?<I:F;<;@EKFJL9:8K<>FI@<JN?@:?J<<BKF:C8I@=P !+J
D<:?8E@JDJF=K?<I8G<LK@:8:K@FE /?<J<G?<EFD<E8N<I<K?<E8E8CPQ<;@E8>>I<>8K<
EFDFK?<K@:8E8CPJ@J KF<OGCFI<:FDDFE8C@K@<JN@K?@E8E;8DFE><HL@E<GI8:K@K@FE<IJcC@M<;
<OG<I@<E:<F=?FNK?<@I<HL@E<GI8:K@:<9I@E>J89FLK:?8E><=FIK?<@I:C@<EKJ
JJL:?K?<I<8;<IN@CC=@E;K?8KK?@JGIFA<:KN?@C<<JJ<EK@8CCPG?<EFD<EFCF>@:8C8CJF
9FIIFNJ?<8M@CP=IFD>IFLE;<;K?<FIP JN@K?>IFLE;<;K?<FIPFE<F9A<:K@M<F=K?@JGIFA<:K@J
KF<OK<E;:FDDFELE;<IJK8E;@E>F=<O@JK@E>K?<FIPCFFD9<I>1FCG< 89FLK?FN !+
NFIBJ #FN<M<IN?@C<K?@JGIFA<:K;F<JJ<<BKF;<J:I@9<J@>E@=@:8EKD<:?8E@JDJF= !+LEC@B<
>IFLE;<;K?<FIP@K;F<JEFK8@DKF><E<I8K<FI;<=@E<8JG<:@=@:<DG@I@:8CK?<FIP8KK?@JK@D<9LK
I8K?<IKFGIFM@;<8E8J:<EK=I8D<NFIB=FI=LKLI<K?<FI<K@:8C8E;FI<DG@I@:8CI<J<8I:?
!13)#)/!-32
@>?K<HL@E<GI8:K@K@FE<IJ=IFD8IFLE;K?<0E@K<;.K8K<JN<I<=FLE;K?IFL>?FEC@E<
8;M<IK@J@E>8E;FI9PG<IJFE8CI<:FDD<E;8K@FE8E;:FEK8:K<;K?IFL>?JF:@8CD<;@8FI9P<D8@C
J<<GG<E;@O CK?FL>?K?<JKL;PN8J@E@K@8CCPGC8EE<;KF=F:LJFECPFEC@:<EJ<;
GJP:?FK?<I8G@JKJJ@O K?<@E:CLJ@FE:I@K<I@8N<I<;<C@9<I8K<CPN@;<E<;@EFI;<IKF:8GKLI<
@EJ@>?KJI<=C<:K@M<F=K?<N@;<I8E><F=<;L:8K@FE8E;HL8C@=@:8K@FEC<M<CJ?<C;9P<HL@E<
GI8:K@K@FE<IJN?F?8M<=FLE;JL::<JJ@EK?<=@<C; 0GFEGI<C@D@E8IP<E>8><D<EKFE<G8IK@:@G8EK
N8JILC<;FLKN?<E@K9<:8D<:C<8IK?8KK?<@IGI8:K@:<:<EK<I<;GI@D8I@CPFE?@GGFK?<I8GPN?@:?
8CK?FL>?@K:8E@E:CL;<<C<D<EKJF= !+@JGI@D8I@CP8=FIDF=G?PJ@:8CK?<I8GP *=K?<J<M<E
GI8:K@K@FE<IJN?F:FDGC<K<;K?<=LCC@EK<IM@<NFE<@J8:C@E@:8CGJP:?FCF>@JK8EFK?<I@JGLIJL@E>
8;F:KFI8CC<M<CC@:<EJ<@E:C@E@:8CGJP:?FCF>PKNF8I<D8JK<IJC<M<C:C@E@:@8EJ@ < C@:<EJ<;
GJP:?FK?<I8G@JKJN?F?FC;(;<>I<<J@E:C@E@:8CGJP:?FCF>P 8E;K?I<<8I<EFE
GJP:?FK?<I8G@JK 'GI8:K@K@FE<IJN?F@E:@;<EK8CCP?FC;;<>I<<J@E=@<C;JFK?<IK?8E
GJP:?FCF>P
CCG8IK@:@G8EKJN<I<8JJLI<;8EFEPD@KP=FIK?<GIFA<:KJFE8D<J?8M<9<<E:?8E><;8E;
;<DF>I8G?@:;<K8@CJ89FLK<8:?G8IK@:@G8EK?8M<9<<EGLIGFJ<=LCCPKILE:8K<; $E8;;@K@FE
@E=FID8K@FEG<IK8@E@E>KFK?<G8IK@:@G8EKJcCF:8K@FEJ?8M<9<<EI<;8:K<;@ < JK8K<JKFNEJ
9LJ@E<JJE8D<J !@E8CCPKFJ?@<C;G8IK@:@G8EKJ=IFD8EPGFK<EK@8CGIF=<JJ@FE8C:FE=C@:KJ8E;KF
D8@EK8@E@DG8IK@8C@KPE8D<JF=JG<:@=@::<IK@=P@E>8><E:@<JKI8@E@E>GIF>I8DJ8E;K?<@I8LK?FIJ
@ < +/# "')8KLI8C'@=<D8EJ?@G GFE8<K: ?8M<9<<EI<;8:K<;8JN<CC
%2%!1#( %2)'-
=K<I8GI<C@D@E8IPJ:I<<E@E>:8CC:FDGC<K<J<D@JKIL:KLI<;@EK<IM@<NJN<I<:FE;L:K<;
N@K?J@OG8IK@:@G8EKJ9PK<C<G?FE< *G<E<E;<;HL<JK@FEJN<I<8JB<;N@K?I<JGFEJ<J;@>@K8CCP
I<:FI;<;8E;K?<EKI8EJ:I@9<;
=K<IKI8EJ:I@GK@FE<8:?@EK<IM@<NN8JJL9A<:K<;KF8E@;@F>I8G?@:8E8CPJ@JN?<I<9PB<P
JK8K<D<EKJN<I<@;<EK@=@<;8E;K?<EFI>8E@Q<;@EKFG?<EFD<EFCF>@:8CD<8E@E>LE@KJ8E;:F;<;
=FIK?<@IJ@>E@=@:8E:<KFK?<JKL;PcJGI@D8IP8E;J<:FE;8IPI<J<8I:?HL<JK@FEJ
!@E8CCP8EFDFK?<K@:8E8CPJ@JN8J8GGC@<;KFK?<G?<EFD<E8@;<EK@=@<;8JJ@>E@=@:8EK
N@K?@E8CCJ<M<E@EK<IM@<NJKF<OGCFI<:FDDFE8C@K@<J8DFE>K?<C@M<;<OG<I@<E:<F=8CCJKL;P
G8IK@:@G8EKJ
/?<J<GIF:<JJ<JN<I<:FDGC<K<;N@K?K?<>F8CF=><E<I8K@E>8E8J:<EK>IFLE;<;K?<FIPKF
8;;I<JJK?<`N?8K8E;K?<?FNaF= !+8E;KF:C8I@=PLE;<IJK8E;@E>JF=@KJ8JJF:@8K<;
G?<EFD<E8@EJLGGFIKF=8;;@K@FE8CI<J<8I:?FE@KJM8C@;@KP8J8K?<I8G<LK@:DF;8C@KP
%2%!1#(-2314,%-3
$E8::FI;8E:<N@K?9FK?G?<EFD<EFCF>@:8C8E;>IFLE;<;K?<FIPI<J<8I:?D<K?F;J8E
@EK<IM@<NGIFKF:FCN8J;<J@>E<;J<<GG<E;@O N?@:?J<IM<;8J8>L@;<=FI:FEM<IJ8K@FE8J
FGGFJ<;KF8;?<I@E>KF8I@>@;JKIL:KLI< /?@J=C<O@9@C@KPN8J:?FJ<E@EFI;<IKF8 8MF@;CF8;<;
8E;C<8;@E>HL<JK@FEJ8E;=FJK<IFG<E<E;<;E<JJ9 KFGIFM@;<CF>@:8CG8:@E>F=KFG@:J8E;
;@I<:K@FE8E;: KFGIFM@;<8=I8D<NFIB=FIF9K8@E@E>I@:?;8K8K?8K8CCFN<;=FIG8IK@:@G8EKJc
I<=C<:K@FEFEK?<I<J<8I:?KFG@:8E;N?@:?:FLC;:8GKLI<K?<@I@E;@M@;L8CI<JGFEJ<J@E8JDL:?FI
8JC@KKC<;<K8@C8JK?<P:8I<;KFGIFM@;<
!3!.++%#3).-!-$ -!+82)2
8K8N<I<:FCC<:K<;=IFD@EK<IM@<NJN@K?@E;@M@;L8CJN?F?8M<<OG<I@<E:<;K?<
G?<EFD<EFEF= !+@E8GI8:K@K@FE<IIFC< /?<J<N<I<K?<E8E8CPQ<;@E8::FI;8E:<N@K?
(FLJK8B8Jc JPJK<D8K@:GIF:<;LI<J=FIG?<EFD<EFCF>@:8CI<J<8I:? .@>E@=@:8EKJK8K<D<EKJ
=IFDK?<@EK<IM@<NJN<I<@;<EK@=@<;8E8CPQ<;=FIK?<D<J8E;:F;<;
$;@F>I8G?@:8E8CPJ<JF=K?<;8K8N<I<:FE;L:K<;KF><E<I8K<;<K8@C<;;<J:I@GK@FEJF=
JG<:@=@:G?<EFD<E8J@>E@=@:8EKKFK?<I<J<8I:?HL<JK@FEJFLKC@E<;89FM<N@K?<DG?8J@JFEK?<
`N?8Ka8E;K?<`?FNa@ < K?<GI8:K@:<F= !+N@K?:C@<EKJ8E;@KJD<:?8E@JDJF=K?<I8G<LK@:
8:K@FE 8J<OG<I@<E:<;9PK?<JKL;PG8IK@:@G8EKJ
/?<EK?<J<;8K8N<I<JL9A<:KKF8E8>>I<>8K<EFDFK?<K@: 8E8CPJ@J@E8E<==FIKKF
><E<I8K<8ELE;<IJK8E;@E>F=K?<<JJ<EK@8C<C<D<EKJF= !+GI8:K@:<@ < N?8KD<:?8E@JDJF=
K?<I8G<LK@:8:K@FEN<I<:FDDFEKFDFJK<OG<I@<E:<IJF=K?<G?<EFD<E898J<;FEC@M<;
<OG<I@<E:<E8II8K@M<JF= !+GI8:K@K@FE<IJ /?<J8D<D<K?F;FCF>PN8J8GGC@<;KFK?<J<:FE;8IP
I<J<8I:?HL<JK@FEN?@:?JFL>?K8;<K8@C<;:FDDFELE;<IJK8E;@E>F=:?8CC<E><J98II@<IJ8E;
C@D@K8K@FEJKFK?<>IFNK?8E;D8@EJKI<8D8::<GK8E:<F=K?<=@<C;
.,/+)!-#%6)3(3()#!+4)$%+)-%2
/?@JI<J<8I:?:FDGC@<JN@K?EK@F:?0E@M<IJ@KP8E;D<I@:8E+JP:?FCF>@:8CJJF:@8K@FE
+ <K?@:J 8K8N<I<:F;<; )F:FDG<EJ8K@FEN8JF==<I<;=FI8EPI<JGFE;<EK -<JGFE;<EKJ
N<I<@E=FID<;@ENI@K@E>F=K?<I@>?KJ8E;I@JBJ8JJF:@8K<;N@K?G8IK@:@G8K@FE@EK?<JKL;P CC
G8IK@:@G8EKJ@EK<IM@<N<;:FEJ<EK<;KFK?<JKL;P9PJ@>E@E>8E$E=FID<;FEJ<EK=FIDJ<<
GG<E;@O CCI<JGFE;<EKJN<I<F==<I<;K?<FGK@FEKFI<=LJ<8EPF=K?<@EK<IM@<NHL<JK@FEJ
8E;N<I<8;M@J<;K?8KK?<P:FLC;:?FFJ<KFN@K?;I8NG8IK@:@G8K@FE8K8EPK@D< 2?<I<;@I<:K
G<IJFEKFG<IJFEI<=<II8CJN<I<EFKGFJJ@9C<@E=FID8K@FE89FLKGFK<EK@8CG8IK@:@G8EKJN8J
;<I@M<;=IFDGL9C@:8::<JJC@EBJ8;M<IK@J<;FEJF:@8CD<;@88E;FK?<IFEC@E<JFLI:<J@ <
!8:<9FFB+JP:?FCF>P/F;8P
+I<M@FLJ:?8GK<IJFLKC@E<;8NFIB@E>;<=@E@K@FEF= !+<M8CL8K<;I<J<8I:?:LII<EKCP
8M8@C89C<FEK?<=@<C;8E;K?<EGIFM@;<;8I8K@FE8C<8E;;<J:I@GK@FEF=N?P8E;?FNK?@J
G?<EFD<EFCF>@:8CJKL;PN8J:FE;L:K<; $EK?@J:?8GK<II<JLCKJ8I<GI<J<EK<;=IFD<8:?
@EK<IM@<N@EE8II8K@M<=FID9<>@EE@E>N@K?89I@<=FM<IM@<NF=<8:?GI8:K@K@FE<IcJ98:B>IFLE;
8E;8GGIF8:?=FCCFN<;9PB<PI<JGFEJ<JKFFG<E<E;<;@EK<IM@<NHL<JK@FEJN?@:??8M<9<<E
8E8CPQ<;:F;<;@EKFG?<EFD<EFCF>@:8CD<8E@E>LE@KJ8E;FI>8E@Q<;9PK?<@IJ@>E@=@:8E:<KFK?<
JKL;PcJGI@D8IP8E;FIJ<:FE;8IPI<J<8I:?HL<JK@FEJ J;@J:LJJ<;GI<M@FLJCPK?<D<K?F;LJ<;
@EK?@JJKL;P:FD9@E<;<C<D<EKJ=IFDG?<EFD<EFCF>P8E;>IFLE;<;K?<FIP /?<I<=FI<K?<
I<JLCKJ9<CFN8I<GI<J<EK<;8J@;@F>I8G?@:8E8CPJ<J9LK@EFI;<IKF8::FDDF;8K<K?<8@DKF
;<=@E<K?<D<:?8E@JDJF=K?<I8G<LK@:8:K@FEF= !+<C<D<EKJF=>IFLE;<;K?<FIPN<I<8GGC@<;
@EC@<LF=C@D@K@E>K?<ELD9<IF=J@>E@=@:8EKG?<EFD<E8;@J:LJJ<;
!"+%
%57-'-3%17)02+5%3,-'6
+J<L;FEPD
(8P8
;L:8K@FE
(.FLEJ<C@E>
+I8:K@K@FE<I.K8KLJ
'+
/PG<F= HL@E<+I8:K@:<
HL@E<JJ@JK<;'<8IE@E>
%8D<J
+JP8E;@;8K<
+JP:?JJ@JK8EK HL@E<JJ@JK<;+JP:?FK?<I8GP
8IFC
.LJ@E<JJ
F8:?
HL@E<JJ@JK<;'<8IE@E>
.K<M<E
(.I@D@E8C%LJK@:< /<8:?<I
HL@E<JJ@JK<;'<8IE@E>
#8EE8?
+?+JP:?FCF>P
+JP:?FCF>@JK
HL@E<JJ@JK<;+JP:?FK?<I8GP
C8@E<
(+JP:?FCF>P
(!/
HL@E<JJ@JK<;+JP:?FK?<I8GP
%@CC@8E
('@K<I8KLI<
/<8:?<I
HL@E<JJ@JK<;'<8IE@E>
-3%15)%6-%
!13)#)/!-3-% !8!
(8P8N?F?FC;J8(8JK<IJc<>I<<@EFLEJ<C@E>@J8'@:<EJ<;+IF=<JJ@FE8CC@E@:8C
FLEJ<CFI'+ N?F:LII<EKCPGI8:K@:<J HL@E<JJ@JK<;'<8IE@E> ' 9LKJK8K<;K?8KJ?<
D8P:?8E><K?@J;<J@>E8K@FEKF HL@E<JJ@JK<;+JP:?FK?<I8GP + 8=K<IGLIJL@E>8;;@K@FE8C
:<IK@=@:8K@FEJ 2?<E8JB<;N?@:?GFGLC8K@FEJ8I<9<JKJ<IM<;9P?<I<HL@E<GI8:K@:<J?<
I<GC@<;`/?8KJ8KFL>?FE< $D<8E$K?@EB<M<IPFE<8EPFE<:8E9<E<=@K LKI<:<EKCP8KC<8JK
$M<;<8CKDFI<N@K?8EO@<KP LK@KJ9<<E:8LJ<;9P;@==<I<EK<M<EKJ 2<M<?8;8CFKF=KI8LD8
$D<8EDP:C@<EK<C<@JGI@D8I@CP8CCKI8LD8=F:LJ<; 2<M<;<8CKN@K?8CFKN@K?8CCK?<9@>=@I<J
?<I<@EK?<C8JK:FLGC<F=P<8IJ *LI:FLEKPJ9<<EM<IP@DG8:K<;JFK?<I<J8CFKF=G<FGC<K?8K
?8M<8EO@<KP<JG<:@8CCP;LI@E>=@I<J<8JFE8E;8KK?8KK@D< .FP<8?8EO@<KP8E;KI8LD8?8M<
9<<EJFD<F=K?<D8@EFE<JK?8K$M<J<<E a
(8P8;<J:I@9<;?<I;<:@J@FEKF<EK<I@EKF<HL@E<GI8:K@:<8J8E<G@G?8EPF=JFIKJN?@:?
F::LII<;N?<EJ?<I<8C@Q<;K?<@DGFIK8EKIFC<K?8K?FIJ<J?8M<GC8P<;@E?<IFNED<EK8C?<8CK?
`$M<?8;?FIJ<J@EDPC@=<J@E:<N<CC$>L<JJJ@E:<9<=FI<$N8J9FIE /?<PM<8CN8PJ^ALJK
<E;<;LGG8IKF=D<8E;K?<PM<;<=@E@K<CP9<<EDPJ8M@E>>I8:< "IFN@E>LGK?<I<N<I<
GIF989CPJ<M<I8C@EJK8E:<JN?<E$J?FLC;?8M<9<<E^:FLC;?8M<>FE<KFK?<I8GP9LK$ALJKN<EK
FLKKFDP98IEFIKFN?<I<M<IDP?FIJ<JN<I< /?<PM<8CN8PJ?<CG<;D<K?IFL>? KK?8KGF@EK
$;@;EKI<8CCP?8M<8N8I<E<JJFIK?<BEFNC<;><KFLE;<IJK8E;N?8KFI?FNFIN?PK?<PN<I<JF
@DG8:K=LCALJKK?8KK?<PN<I< /?<EC8K<I$N<EKK?IFL>?8;@MFI:<8E;8>8@EI<8C@Q<;K?8K$
KLIE<;98:BKFDP?FIJ<JKF?<CGD<K?IFL>?K?8K $N8J@E8B@E;F=8D@;N8PGF@EK $?8;
=@E@J?<;DP98:?<CFIJ@EGJP:?FCF>P8E;$?8;8EFK?<I98:?<CFIJ@E:I@D@E8CALJK@:<8E;$ALJK$
ALJK^N8JB@E;F=LEJLI<N?8K$N8EK<;KF;F E;PFLBEFNJ<<@E>?FNDP?FIJ<J?<CG<;D<
8>8@E$I<8C@Q<;bK?8KJN?8K$N8EKKF;F c$K?FL>?Kb4FLBEFNK?<?FIJ<J?8M<?<CG<;D< $
N8EKKF?<CGG<FGC<N@K??FIJ<J ca
2?<E8JB<;N?<K?<I?<I:LII<EKGI8:K@:<@EMFCM<JI@;@E>(8P8J?8I<;K?8K@E?<I
<OG<I@<E:<F==<I@E>?<I:C@<EKJFGGFIKLE@K@<JKFI@;<8==FI;JJ@>E@=@:8EK8E;@DD<;@8K<>8@EJ@E
9FK?:FE=@;<E:<8E;DFK@M8K@FE`(PGI8:K@:<;F<J@E:FIGFI8K<I@;@E>=FIDFJK:C@<EKJEFK
E<:<JJ8I@CP=FI<M<IP9F;P !FID<@KJALJK8EFK?<IC<M<C@EK<IDJF=KILJK8E;:FDDLE@:8K@FE
N@K?K?<?FIJ< E;@K:8EI<8CCP?<CGJFD<K@D<J<M<EN@K?I<>LC8K@E>=FIK?<:C@<EKJ .F<M<E@=
K?<PI<EFKG<IJ<8KK?<GF@EKN?<I<K?<PN8EKKFI@;<FEK?<@IFNEJ@KK@E>FEK?<?FIJ<8E;
9<@E>C<;8E;=F:LJ@E>FEK?<@I9I<8K?@E>=<<C@E>K?<DFM<D<EK:8E?<CGK?<:C@<EKI<>LC8K<
K?<DJ<CM<J@=K?<PI<8EO@FLJ .F@KJALJK@KJALJK8EFK?<I=FID<8M<IP@DGFIK8EKKFFC8E;IFC<
=FIK?<?FIJ<KF9<89C<KFGC8P9LK@KJEFK=FI<M<IP:C@<EK;<G<E;@E>PFLBEFNFEK?<@I
:@I:LDJK8E:<J LK$;FPFLBEFN$;F><E<I8CCP@E:FIGFI8K<8=K<IJFD8EPJ<JJ@FEJ;<G<E;@E>
FEN?<I<K?<PI<8KK?8KK?<I<CC9<K?<DFLEK<;K@D< a
.?<J?8I<;K?8K<OG<I@<E:@E>DFM<D<EK8JKI@;<8?FIJ<<E?8E:<J?<I:C@<EKJc<OG<I@<E:<
F=9FK?J<C=I<>LC8K@FE8E;:FE=@;<E:<`*E<<O8DGC<@J$G8IKE<IN@K?FLI?FJG@:<J<IM@:<J?<I<
CF:8CCP8E;N<;F9<I<8M<D<EK:8DGJ8E;$9I@E>K?<?FIJ<J8E;K?FJ<K?<PJG<E;JFD<K@D<
9LK8CJFPFLBEFNK?<PB@E;F=><KGFE@<;8IFLE;=FIK?<B@;JKFJ@KFE8?FIJ< LK<M<EALJK
PFLBEFN=IFDK?<=@IJKK@D<:8LJ<J<M<I8CF=K?<J<B@;J?8M<E<M<IJ<<E8?FIJ< E;PFL
BEFNN?<EK?<PI<=@IJK><KK@E>FE8?FIJ<PFLBEFNK?<PI<J:8I<; /?<PI<E<IMFLJ /?<PI<
8CI<8;P;<8C@E>N@K?8CFKF=FK?<I<DFK@FEJ9LKK?<E<M<EALJK9PK?<K@D<N<;FFLIC@KKC<C8G
8E;K?<PI<><KK@E>F==K?<?FIJ<K?<PI<C@B<b*?$;@;@KcE;K?<E9PK?<E<OKK@D<K?<P><KFE
K?<?FIJ<9<:8LJ<K?<PLJL8CCP:8E><KFEDFI<K?8EFE:<@KJC@B<K?<PI<8CDFJKC@B<ALDG@E>
FEK?<?FIJ<:8LJ<BEFNK?<PI<89C<KF;F@K8E;K?<PBEFNN?8KK?<PI<;F@E> E;K?<EK?<
I<JKF=K?<;8PK?<PI<DFI<:FE=@;<EK@E;F@E>8EPK?@E>9<:8LJ<K?<PM<8CI<8;P;FE<
8::FDGC@J?<;89@>?L><K8JB@EK?<DFIE@E> a
/?@J@EK<IM@<N@CCLD@E8K<;J<M<I8CJK8K<D<EKJJ@>E@=@:8EKKFK?<GI@D8IPI<J<8I:?HL<JK@FE
F=?FN !+NFIBJ (8P8cJC@M<;<OG<I@<E:<E8II8K@M<8J8E<HL@E<GI8:K@K@FE<I:FEK8@E<;
;<J:I@GK@FEJF=J@>E@=@:8EKD<:?8E@JDJN?@:?N<I<:F;<;@EKFD<8E@E>LE@KJ8E;FI>8E@Q<;
LE;<I=@M<G?<EFD<EFCF>@:8C:8K<>FI@<JF9J<IM8K@FE:FDDLE@:8K@FED@E;=LCE<JJ<D9F;@D<EK
8E;:FEE<:K@FE
"2%15!3).-
$E(8P8cJ;<J:I@GK@FEF=8KPG@:8C@E@K@8C<HL@E<J<JJ@FEJ?<JGFB<F=8J<KF=GI<C@D@E8IP
8:K@M@K@<J@EMFCM@E>N?@:?N<I<8JJ@>E<;K?<C89<C2&6)59%7-21 /?<J<K8B<GC8:<9FK?@EK<IE8CCP
8E;<OK<IE8CCP@E:FE:I<K<8E;89JKI8:KN8PJ JK?<J<JJ@FELE=FC;JF9J<IM8K@FEJ:8E9<
GIFDGK<;FID8PLE=FC;E8KLI8CCP@EJPE<I>@JK@:J@DLCK8E<FLJN8PJ !@IJKK8B@E>GC8:<8KK?<
DFJK:FE:I<K<<OK<IE8CC<M<C@JF9J<IM8K@FEF=?<I;8E;?FIJ<9<?8M@FI )<OK:FD<FGGFIKLE@K@<J
=FI@EK<IE8CJ<C=F9J<IM8K@FEN?@:?:8EK8B<GC8:<9FK?:FEJ:@FLJCP8E;LE:FEJ:@FLJCP
/+)%#1 )% &)*
*E<J@>E@=@:8EKD<:?8E@JDN@K?@E(8P8cJGI8:K@:<?<I;F9J<IM8K@FE@J<OK<IE8CKFK?<
:C@<EK?8GG<EJFE8E@EK<CC<:KL8CC<M<C8E;@EMFCM<J:FE:I<K<C<8IE@E>I<C8K<;KF?FIJ<9<?8M@FI
$K8CJFC8PJ8=FLE;8K@FE=FI98J@:?FIJ<D8EJ?@G8E;J8=<KP`KPG@:8C@E@K@8CJ<JJ@FE@J6K?<
:C@<EKJ7:FD<8E;K?<P><KKFD<<KK?<?<I; $C@B<KF?8M<K?<DF9J<IM<K?<?<I;8E;J<<K?<D
FLK@E8E8KLI8CJ<KK@E> $D<8E@KJJK@CC8E<E:CFJ<;C@B<G8JKLI<8I<89LKK?<PI<ALJKB@E;F=
CFFJ<ILEE@E>8IFLE; a.@E:<?FIJ<9<?8M@FI8E;?<I;;PE8D@:J:8EK<E;KFD@IIFIK?<
@EK<IG<IJFE8C9<?8M@FIF=?LD8EJFGGFIKLE@K@<J=FI?FIJ<8E;?<I;F9J<IM8K@FEF==<IJ:FE:I<K<
C<8IE@E>FGGFIKLE@K@<J8IFLE;9F;PC8E>L8><EFEM<I98C:FDDLE@:8K@FEC<8;<IJ?@G?@<I8I:?@<J
8JJ<IK@M<E<JJ8E;9FLE;8I@<JN?@:?8I<I<8;@CP><E<I8C@Q89C<KF?LD8E;PE8D@:J
%+)%#1#*)-+!&%
CFE>N@K?:FE:I<K<<OK<IE8CF9J<IM8K@FEJK?<@E@K@8CG?8J<F=(8P8cJJ<JJ@FE8CJF
GIFDGKJ@EK<IE8CJ<C=F9J<IM8K@FEN?@:?8JJ@JKJ:C@<EKJKF9<:FD<DFI<:FEJ:@FLJF=K?<@I8==<:K
JK8K<J`/?8KN8PK?<P:8EF9J<IM<K?<?FIJ<J8E;J<<N?8K=<<C@E>J:FD<LG]9<=FI<K?<P<M<E
>F@EKFD<<K8EPF=K?<?FIJ<JK?<P:8EJ8P?FNK?<PcI<=<<C@E>9<:8LJ<K?<@I=<8IFI8EO@<KP^
K?8KI@>?KK?<I<:8E8CI<8;P9<?8I;=FIJFD<:C@<EKJ a
/?@J@E@K@8CG?8J<F=(8P8cJKPG@:8CJ<JJ@FE@E:CL;<JFGGFIKLE@K@<J=FIK?<<D<I><E:<F=
@EK<IE8CF9J<IM8K@FEJN?@:?N<I<GI<M@FLJCPLE:FEJ:@FLJ /?@J?8GG<EJK?IFL>?GIFA<:K@FE
N?@:?:8EP@<C;J@>E@=@:8EK@EJ@>?KJ89FLKK?<:C@<EKcJ@EE<INFIC;`*E:<K?<PcI<:FD=FIK89C<
N@K?K?8KK?<P>F@EJ@;<8E;D<<KJFD<F=K?<?FIJ<J8E;J<<K?<@IG<IJFE8C@K@<J $8JBN?8K
K?<PI<><KK@E>=IFDK?<?FIJ<J@EK<IDJF=C@B<b2?FJB@E;F=K?<FE<@E:?8I><cFIb2?FJK?<
DFI<GC8P=LCcALJKJFK?<P:8EB@E;F=C<8IEK?<;@==<I<EK;PE8D@:JF=K?<?FIJ<J8E;JFN<:8E
=@E;FLK?FNK?<:C@<EKJ8I<J<<@E>K?<D a/?FL>?K?<J<@EK<IE8C8E;<OK<IE8C:FEJ:@FLJ8E;
LE:FEJ:@FLJF9J<IM8K@FEJ:FEK@EL<KFLE=FC;K?IFL>?FLK(8P8cJGI8:K@:<K?<J<=@IJKDFD<EKJF=
?<I;8E;?FIJ<F9J<IM8K@FEJ<KK?<JK8><=FI<OG<I@<E:<JK?8K:8E9<KI8EJ=FID8K@M<FED8EP
C<M<CJ
.,,4-)#!3).-
EFK?<ID<:?8E@JDJ@>E@=@:8EKKF(8P8cJ<OG<I@<E:<F=<HL@E<GI8:K@:<@J
'20081-'%7-21 /?@J@E:CL;<JEFKFECPC<8IE@E>?FN?FIJ<J:FDDLE@:8K<EFEM<I98CCP@ <
K?IFL>??<I;F9J<IM8K@FE;<J:I@9<;89FM< 9LK8CJFLK@C@Q@E>K?<D@E>IFLGJ<JJ@FEJ=FI
<OG<I@<EK@8C<O<I:@J<JN?@:?F==<IEFM<C:FDDLE@:8K@FE:?8CC<E><J8E;D<K8G?FI@:@EJ@>?KJ
N?@:?I<8;@CPJLGGFIKK<8D9L@C;@E>8E;;<M<CFGD<EKF=C<8;<IJ?@GJB@CCJ(8P88CJFEFK<;
<OG<I@<E:<J@E?<IGI8:K@:<@EMFCM@E>:C@<EKJN?FJ<M<I98C:FDDLE@:8K@FE@DGIFM<;
JGFEK8E<FLJCP8E;J@>E@=@:8EKCP9PNFIB@E>N@K??FIJ<J
&%-)#1)&,'
*E<JL:?<O<I:@J<(8P8:8CC<;`K?<8GG<E;8><J8:K@M@KPaN?@:?J?<;<J:I@9<;8J
=FCCFNJ`.F@=K?<I<J8KC<8JKKNFG<FGC<FIK?I<<@K:8E9<]K?<EFE<><KJKF9<K?<9I8@E8E;
K?<FK?<IFE<ALJKI<JGFE;JKFN?8K<M<IK?<9I8@EJ8PJ E;K?<P?8M<KFNFIBKF><K?<IKF>F8E;
?8CK<I8?FIJ<8E;K?<EJFD<K@D<JC<8;K?<DK?IFL>?68;<J@>E8K<;G8K?7 $=K?<PI<JL::<JJ=LC@E
K?<N?FC<K<II8@E;<G<E;@E>FEN?8KJL::<JJD<8EJKFK?<DK?<EK?<PCCJFD<K@D<JC<8;K?<D
FM<I8:FLGC<F=F9JK8:C<J LKK?<9I8@E@JK?<FE<N?F?8JKFK<CCK?<FK?<IJ@;<N?8KKF;F E;
K?<PI<8CC8KK8:?<;8KK?<8IDJ .F]FE<G<IJFEN@CCLJ<K?<@II@>?K?8E;K?<FK?<IFE<:8EFECP
LJ<K?<@IC<=K?8E; .8D<N@K?K?<@I=<<K]0CK@D8K<CPK?<>F8C@JKF><KK?<?8CK<IFEK?<?FIJ<8E;
KF9<89C<KFJL::<JJ=LCCPC<8;K?<?FIJ< a
+I<;@:K89CPK?@JJFIKF=<O<I:@J<C<8;JKF8M8I@<KPF=<DFK@FE8C<OG<I@<E:<J=FI@KJ
G8IK@:@G8EKJI8E>@E>=IFD=ILJKI8K@FEKF?LDFI8E;<M<IPK?@E>@E9<KN<<E`/?@E>J>F
JFD<K@D<J8C@KKC<PFLBEFN=LEBP K=@IJKK?<P;FEK:FDDLE@:8K<M<IPN<CC E;JFN<K?<E
D8P9<<M<E>@M<K?<FGK@FEF=JN@K:?@E>C@B<bF<JK?<9I8@EN8EKKF>@M<8EFK?<IG<IJFEK?<
:?8E:<KF9<K?<9I8@Ec8E;J<<@=K?<PI<DFI<JL::<JJ=LC E;K?<ECFFB@E>8K?FNK?<P
:FDDLE@:8K<;N?8K?<CG<;N?8KN8JGFJ@K@M<N?8K;@;EKNFIB8E;KFB@E;F=NFIBK?IFL>?
K?8K a
.@E:<<OG<I@<E:<JC@B<K?@J:8EP@<C;I8G@;8E;C8JK@E>@EJ@>?KJ@EKF9FK?@E;@M@;L8C8E;
>IFLG;PE8D@:JK?<P8I<9IF8;CPJFL>?KFLK8J8K<8D9L@C;@E>@EJ<IM@:<FI:FEK@EL@E>
<;L:8K@FE8:K@M@KP9P:FDG8E@<J8E;FI>8E@Q8K@FEJJG8EE@E>K?<GI@M8K<8E;GL9C@:J<:KFI `$KJ
@EK<I<JK@E>N?<EPFL><K@K9<:8LJ<PFL:8E><K8>IFLGF=C@B<J@OG<FGC<9<@E>FE<9F;P8E;
K?<9I8@E@J@EK?<D@;;C<8E;?8M@E>KFI<C8PK?<D<JJ8><FLKKFK?<FLK<I8GG<E;8><J $K:8E9<
N@K?89@>>IFLGFI@K:8E9<N@K?PFLBEFNKNFG<FGC< .F $KJ8=LE8E;M<IP<EC@>?K<E@E>
<O<I:@J< a
)#
(8P88CJF;<J:I@9<;<OG<I@<E:<JF=8EFK?<I@DGFIK8EK:FDDLE@:8K@FEG?<EFD<EFE
=I<HL<EKCPI<GFIK<;8:IFJJ8CC8E@D8C8JJ@JK<;K?<I8G@<J?FNK?<GI<J<E:<F=8E8E@D8C:8E
DFK@M8K<FK?<IN@J<DLK<C8K<K8CB@E>:?@C;I<EKFJGFEK8E<FLJCP9<>@EJG<8B@E>8E;FI
8C<O@K?PD@::?@C;I<EKF;@J:FM<I8:8G8:@KP=FIM<I98C@Q@E>=<<C@E>J *E<<O8DGC<J?<J?8I<;N8J
8:?@C;N@K?8EO@<KP`#<cJ<OG<I@<E:<;8:FLGC<F=;<8K?J@E?@J=8D@CPI<:<EKCP8E;DFDN8J
:FE:<IE<;:8LJ<J?<N8JC@B<b2<CC?<JEFKK8CB@E>KFD<89FLKK?<D cE;?<KFC;?<Ib2<CC
$?8M<?FIJ<K@D<KF;8PI@>?KE;J?<J8@;b2<CCP<8? cE;?<N8JC@B<b*B8PN<CC$CCK8CB
N@K?L99C<JcN?FN8JK?<D@E@?FIJ<?<LJL8CCPNFIB<;N@K??<>F<Jb$CCK8CBKFL99C<J8E;
(8P889FLK@KN?<E$DK?<I< caDFE>K?<D8EP9<E<=@KJ<OG<I@<E:<;9PK?@JP<8IFC;9FP
?<C<8IE<;KFLJ<?@JK@D<8KK?<I8E:?KFGIF:<JJ;@==@:LCK<DFK@FEJ +<I(8P8`8E;?<PFL
BEFN@KN8J>I<8K=FI?@DKF?8M<K?8KI<JFLI:< a
)-$&4+-%22
EFK?<IJ@>E@=@:8EK8JG<:KF=(8P8cJ<HL@E<C<8IE@E>GI8:K@:<@EMFCM<JD@E;=LCE<JJ
G?<EFD<E8N?@:??<I:C@<EKJ9<>@E<OG<I@<E:@E>@E9FK?>L@;<;8E;FI>8E@:N8PJ=IFDK?<
DFD<EKK?<PcI<@EKIF;L:<;KFK?<?FIJ<J !FLIK?<D<JI<=C<:K@E>D@E;=LCE<JJN<I<@;<EK@=@<;8E;
C89<C<;23)11)6672);3)5-)1')35)6)1')6%*)7<8E;'2+1-7-9)5)*5%0)
'%%**+& /')!%
P(8P8cJ;<J:I@GK@FEJ@DGCP<EK<I@E>K?<G8JKLI<8E;9<@E>@EKIF;L:<;KFK?<?FIJ<J
=8:@C@K8K<J8C<M<CF=FG<EE<JJKF<OG<I@<E:<JF=K?<LEBEFNEN@K?=I<HL<EKCPLE:8EEPI<JLCKJ $E
(8P8cJ<OG<I@<E:<8=K<I8G<I@F;F=?<I;8E;?FIJ<F9J<IM8K@FE;<J:I@9<;89FM< ?<I:C@<EKJ
`8CN8PJJ<<DKF:?FFJ<K?<I@>?K?FIJ<=FIK?<D8E;=FIN?8KK?<P:8D<KFNFIBFE a*IM@:<
M<IJ8` @K?<IK?<PG@:B8?FIJ<FI8?FIJ<<E;JLGB@E;F=G@:B@E>K?<D a
)*%+0
(8P8;<J:I@9<;@EKIF;L:K@FEJK?8K8I<J@DGC<GI<J<EK=F:LJ<;8E;:LCK@M8K<8J<EJ<F=
J8=<KP8E;G<8:< `/?<EN<K8B<K?8K?FIJ<FM<IKF8JD8CC<IIFLE;G<EN?<I<K?<P:8EJG<E;
JFD<K@D<ALJKN@K?K?8KG8IK@:LC8I?FIJ< E;@K:8E9<]ALJK9<@E>K?<I< *I@K:8E9<9ILJ?@E>
$K:8E9<C<8;@E>K?<D8IFLE; LKALJKB@E;F=><KK@E>KFBEFNK?8K?FIJ<8C@KKC<9@K9<KK<I 2<
8CJF=F:LJ8C@KKC<9@KFEJ8=<KP E;ALJKJFD<98J@:?FIJ<D8EJ?@GJB@CCJKF><KK?<D8C@KKC<9@K
DFI<:FD=FIK89C<@EK?8KJ@KL8K@FE a$E(8P8cJ<OG<I@<E:<K?<9<E<=@KJF=8D@E;=LCGI<J<E:<@E
K?<:FDG8EPF=?FIJ<J:8E9<F9J<IM<;8CDFJK@DD<;@8K<CP`$;F8CFKF=NFIBN@K?B@;J8E;
@KJN?P$J8PFE<F=K?<HL@:B<JKK?@E>JK?8K$:8EJ<<<M<EALJK@E8D8KK<IF=GIF989CPD@ELK<J
@J8C@KKC<9@KF=K?<@I:FE=@;<E:<:?8E><]ALJK@EK?<@IGI<J<E:<8E;?FNK?<PJK8E;FI?FNK?<P
?FC;K?<DJ<CM<J a
(8P8cJ;<J:I@GK@FEF=8JG<:@=@::8J<@CCLJKI8K<;K?<9<E<=@KJF=GI8:K@:@E>D@E;=LC
GI<J<E:<N@K??FIJ<J8J8=FIDF=<OGFJLI<KI<8KD<EK`2<CC]6K?@J9FP7JK8IK<;C8JKP<8I8E;?<
N8JM<IPM<IP8EO@FLJ 1<IPNFII@<;89FLK9<@E>;@IKP8E;?8M@E>KF;FK?@E>J@EPFLBEFN
<O8:KCPK?<I@>?KGIFG<IN8P8E;ALJKPFLBEFNALJK?@>?8EO@<KP #<@J
`/?<M<IP=@IJKK@D<?<:8D<FLK?<N8JK<II@=@<;F=K?<;@IK8E;K?<;LJK8E;K?<
?FIJ<?8@I $KN8JFE<F=K?FJ<FLI=@IJK;8PN8JC@B<b2<CC$;FEKBEFN@=K?@J@J>F@E>KFNFIB
=FI?@D9<:8LJ<@KJ:8LJ@E>?@DJFDL:?8EO@<KPI@>?KEFN9<@E>?<I< c<:8LJ<?<N8JNFII@<;
K?8KDFDN8J>F@E>KF><KD8; /?8K?<N8J>F@E>KF9<8CC=@CK?P E;PFLBEFNJFNFIB@E>
8E;K8CB@E>N@K?9FK?F=K?<D89FLK?FNC@B<b2<CCD8P9<N<:8E?<CG9P?8M@E>JG<:@=@:
I8E:?:CFK?<JK?8K?<N<8IJK?8K;8PN?<E?<:FD<JFLK .FK?8K<M<IPFE<BEFNJK?8K@KJ>FEE8
><K;@IKP c.FK?<P;@;K?8K8E;PFLBEFN?<?8J?@JC@B<FLK=@KK?8K?<N<8IJN?<E?<:FD<J a
/?<J<<OG<I@<E:<J8KK?<I8E:?8==FI;<;K?<:C@<EKFGGFIKLE@K@<JKF<OG<I@<E:<;LJK8E;;@IK@E
E<NN8PJ
(8P8:FEK@EL<;`.F]@E@K@8CCP<M<EKIP@E>KF9ILJ?8?FIJ<N8J;@==@:LCK=FI?@D
9<:8LJ<@KN8J;LJKP E;C<8;@E>K?<?FIJ< #<N8JFE<N?<I<?<N8JI<8CCPN8EK@E>KF><KK?<
D@E@6?FIJ<7KFDFM<8E;K?<D@E@N8JC@B<b$DEFK>F@E>8EPN?<I<cE;JFN<N<I<89C<KF
NFIBFEJFD<;<<G9I<8K?@E> E;N?<EPFL><KE<IMFLJFI=ILJKI8K<;8E;C@B<@=N<K<EJ<LG
PFLBEFN?FN?<=<CK8E;K?<EI<C8K@E>K?8KKFD8P9<?FNK?<?FIJ<D@>?K?8M<9<<E=<<C@E>8
C@KKC<9@K E;C<8IE@E>?FNKFPFLBEFNKF:8CD?@DJ<C=;FNE E;K?<EK?<?FIJ<N<EKN@K?
?@D LKK?<GI@D8IP:FE:<IE?<:8D<@EN@K?N8J^PFLBEFN?@JDFDALJKN8EK<;?@DKF
C<8IEK?8K@KN8JFB8PKF><K;@IKP /?8KJFD<K@D<J@KN8JFB8PKFPFLBEFNEFK9<JF8EO@FLJ
@E><E<I8C aLI@E>?@JJ<JJ@FEJK?@JPFLE>:C@<EKcJ;@JKI<JJKFC<I8E:<@E:I<8J<;8J?@J<==FIKJ8K
J<C=I<>LC8K@FEN<I<I<N8I;<;9PK?<?FIJ<cJ@E:I<8J<;N@CC@E>E<JJKFG8IK@:@G8K<N@K??@D
&%!+!-)$
*M<IK@D<K?<J<FGGFIKLE@K@<JKF8GGIF8:?EFM<C<OG<I@<E:<J@EMFCM@E>;@IK8E;;LJK
DFI<D@E;=LCCPC<;KF8:F>E@K@M<I<=I8D<F=K?<J<8EO@<KPKI@>><IJ=FI9FK?K?<:C@<EK8E;?@J
DFK?<I (8P8J?8I<;`.F8:FLGC<DFEK?J8>F?<:8D<FLK E;N<N<I<@EJ<JJ@FE8E;K?<
D@E@?FIJ<?<I<8CCPC@B<;N?<EJ?<NFLC;><KI<8CCPE@:<8E;:8CD8E;I<C8O<;J?<8CN8PJC@B<J
KFIFCC E;JF?<N8JALJKN8K:?@E>?<IIFCC8E;PFLBEFNK?8KLJ<;KFD8B<?@DLGJ<K
9<:8LJ<?<;LJL8CCPALJK9ILJ?<;?<I8E;>FK?<I8CC:C<8E LKK?@JK@D<?<N8JC@B<N<CCbF
PFLK?@EB@=$J8KFEK?<>IFLE;FI@=$IFCC<;N@K??<IK?8KJ?<NFLC;B<<GIFCC@E>c
`E;JF@KN8JC@B<b2<CC$;FEcKBEFNC<KcJPFLBEFNN?P;FEcKPFLKIP@KcE;JF
?<N8J89C<KF><K;FNE@EK?<;@IK8E;IFCC8IFLE;8E;K?<;@IKP?@DJ<C=PFLBEFN.F=FI8B@;
N?F;@;EKLJ<;KF9<89C<KF<M<E?8I;CPN8CBK?IFL>?K?<;@IKC<K8CFE<PFLBEFNGFFGFI
8EPK?@E>KF9<89C<KF><K;FNE@EK?<;@IKE<OKKFK?<?FIJ<8E;K?<P9FK?N<I<ALJKCP@E>FEK?<
>IFLE;@EK?<;@IKGC8P@E> 4<8?@KN8J^@KN8J?L>< E;K?<EPFLBEFN?<>FKLG8E;?<N8J
C@B<b*?EF$D=@CK?Pc9LK$N8JC@B<bCI@>?KN<CCC<KJ;LJKF== 2<?8M<?FJ<J 2<:8E
8CN8PJN8J?F==@=N<E<<;KF c
`.F?<C<8IE<;K?<JB@CCJF=C@B<bN<:8E8;ALJKK?@E>J@=N<><KLE:FD=FIK89C<c9LKKF9<
FB8PN@K?9<@E>89C<KF><KK?8K;@IKP8E;EFK9<JFNFII@<; 2?<E$KFC;DFD8K=@IJKJ?<B@E;
F=>FKK<EJ<8E;8JN<K8CB<;9LKJ?<I<8C@Q<;b$BEFN$D8G8IKF=N?8K:8LJ<JK?<8EO@<KP=FI
?@D cE;JFKF9I@E>K?8K8N8I<E<JJKF?<IB@E;F=?8J?<CG<;9FK?F=K?<D a
,".$),%-3
(8P8cJ<HL@E<GI8:K@:<@EMFCM<JEFKALJKD@E;98J<;FIKFG;FNEGIF:<JJ@E>
D<:?8E@JDJJ?<8CJFEFK<;J@>E@=@:8EK9F;P98J<;FI9FKKFDLGG?<EFD<E8 (L:?@=EFKDFJK
F=K?<C<8IE@E>N?@:?K8B<JGC8:<;LI@E>?<IJ<JJ@FEJ@J<OG<I@<EK@8CN@K?<==<:KJK?8K:8E9<
EFK<;JFD8K@:8CCPEFKALJKK?IFL>?D<EK8C@Q8K@FE
)-&,*0*+$,#+!&%
$E8;;@K@FEKFK?<D@E;=LCE<JJG?<EFD<E8;<J:I@9<;89FM<(8P8cJ;<J:I@GK@FEJF=?<I
C@M<;<OG<I@<E:<8J8E !+GI8:K@K@FE<I:FEJ@JK<EKCPI<=C<:KK?8KJ@DGCP9<@E>@EK?<GI<J<E:<F=
?FIJ<J8==FI;J<D9F;@<;<OG<I@<E:<JF=J<C=I<>LC8K@FEK?IFL>?:FI<>LC8K@FE .?<JK8K<;K?8K
=I<HL<EKCP?<I:C@<EKJ`@EJK8EK8E<FLJCP=<<CK?<DJ<CM<J:8CD<;;FNE8JK?<?FIJ<:8CDJ E;
K?<EJ8D<N8PN@K?K?<?FIJ<K?<PcI<?<CG@E>6K?<?FIJ<7:8CD;FNE9P=F:LJ@E>FEFI=<<C@E>
K?<?FIJ<9I<8K?< .F@K:8E?<CGK?<DI<>LC8K< a
(8P88CJF;@J:LJJ<;?<I<OG<I@<E:<LJ@E>G?PJ@FCF>@:8CD<8JLI<JKF<E:FLI8><?<I
:C@<EKJc9F;P8N8I<E<JJ8E;KI8:BFLK:FD<J`$M<;FE<JFD<K@D<JN?<I<PFLBEFNN<K8B<K?<
9CFF;GI<JJLI<8E;J<<N?8KK?<@I?<8IKI8K<@J 2?<EK?<P><KDFI<E<IMFLJFIN?<EK?<PI<
><KK@E>8EO@FLJKF9<C@B<bCI@>?KN<CCC<KJJ<<N?<I<FLI?<8IKI8K<J8I<I@>?KEFN cE;K?<E
PFLBEFN8KK?<<E;F=K?<J<JJ@FEFI<M<E8=K<I8:FLGC<F=9I<8K?@E>:P:C<JN@K?K?<?FIJ<
(FJKK@D<JN?<E$M<;FE<@KK?<@I?<8IKI8K<J?8M<;<:I<8J<; /?<PM<B@E;F=>FKK<EDFI<8K
<8J<PFLBEFNDFI<I<C8O<; a
.--%#3).-
EFK?<IG?<EFD<EFEJ@>E@=@:8EKKF(8P8cJ<HL@E<GI8:K@:<@JJFD<K?@E>J?<:8CCJ
:FEE<:K@FEN?@:?K?FL>?;@==@:LCKKF;<=@E<@ENFI;JMJ <OG<I@<E:< @JJF@DGFIK8EKK?8K@K
LCK@D8K<CP;<K<ID@E<J?<I:C@<EKJc89@C@KPKF<==<:K@M<CP<E>8><N@K?8E<HL@E<G8IKE<I $E8JDL:?
8J:FEE<:K@FE@JI<HL@I<;9P?<I?FIJ<J=FIG8IK@:@G8K@FE@K@J8CJFJFD<K?@E>K?<PK<8:?J@DGCP
9PK?<@IN@CC@E>E<JJKF8==@IDFI;<EP@KJGI<J<E:< .FD<K@D<JI<=<II<;KF8J`AF@E@E>aFI
`G8IKE<I@E>N@K?aK?<GIF:<JJF=:FEE<:K@FENFIBJJPE<I>@JK@:8CCPN@K?K?<F9J<IM8K@FE
:FDDLE@:8K@FE8E;D@E;=LCE<JJ:FDGFE<EKJ;<J:I@9<;89FM< P(8P8cJ;<J:I@GK@FEKNFF=
K?<DFJK@DGFIK8EK8JG<:KJF=:FEE<:K@FE8I<8LK?<EK@:@KP8E;M8C@;8K@FE
,+ %+!!+0
`/?<?FIJ<?8JKF8KC<8JKKILJK $D<8E?FIJ<J8I<^K?<@I9@>><JK:FE:<IEJ8I<PFLBEFN
LCK@D8K<CPK?<@IJ8=<KP8E;@=K?<I<J=FF; .F@=K?<P;FEKKILJKPFL8K8CC$D<8EPFL:8EGLCC
8E;GLCC8E;GLCCFEK?<?FIJ<8E;@KJEFK>F@E>KF9LP@K@=@K;F<JEKN8EKKFFI;F<JEKKILJKPFL
PFLBEFNE;<M<EN@K?K?<D@E@PFLBEFN@=J?<;F<JEK=<<C:FD=FIK89C<N@K?FE<F=K?<
B@;JFI8E8;LCKPFLBEFNALJK9<:8LJ<J?<JJD8CC;F<JEKD<8EPFLI<>F@E>KF9<89C<KFGLCC
?<I a(8P8cJ:C@<EKJC<8IE=IFD?<I?FIJ<JK?8K@E:FE>IL<EK8==<:K8E;:F<I:@M<K<:?E@HL<J8I<
EFK<==<:K@M<N8PJF=<E>8>@E>8E;K?<<OG<I@<E:<F=>8@E@E>K?<?FIJ<cJKILJK8E;:FFG<I8K@FE
:8E9<KI8EJ=FID8K@M<
#!+!&%
::FI;@E>KF(8P8=@E;@E>K?@J89@C@KPKF:FEE<:K@J<DGFN<I@E>=FI?<I:C@<EKJ`<M<E
9<@E>89C<KF><K:FD=FIK89C<9<@E>LG8IFLE;K?<?FIJ<8E;K?<E;F@E>8EPB@E;F=K8JBN@K?
K?<D $;F?8M<8N@;<I8E><F=J@Q<J9LKN@K?8EPF=K?<DK?<=LCCJ@Q<?FIJ<J@EG8IK@:LC8I]KF
><K8EP?FIJ<KF;FN?8KK?<PN8EKPFLBEFNKFG8IKE<IN@K?K?<D8E;KF8::FDGC@J?8EPK8JB^
BEFN@E>K?8K8GFLE;8E@D8C@JN@CC@E>KF;FK?@J9<:8LJ<K?<PJ@DGCP8JB$K>@M<JK?<D
K?8KDL:?DFI<GFN<I8E;:FE=@;<E:<@EK?<DJ<CM<JF=9<@E>89C<KF:FDDLE@:8K<JFD<K?@E>KF
JFD<9F;P<CJ<FI<M<EALJK=FIK?<DJ<CM<JKFBEFNC@B<b$;@;@K ca
::FI;@E>KF(8P8K?<J<C<JJFEJ89FLK:FEE<:K@FE?8M<C8JK@E>@DG8:K`.FK?8K
BEFNC<;><=FIK?<DKFBEFNK?8KK?<?FIJ<JNFEK;FJFD<K?@E>@=K?<P;FEK=<<C:FEE<:K<;8K8CC
FIKILJKPFL<EFL>?KFPFLBEFN9<K?<I<N@K?PFL?<CGJK?<D8CI<8;PBEFNC@B<b#<PK?@J
?FIJ<@J^$DEFK=FI:@E> $KJEFKFLKF==<8I $KJ9<:8LJ<K?<PI<N8EK@E>KFC@B<K?<P=<<C
JFD<K?@E>@ED<K?<PKILJKD<cPFLBEFNE;JFKFBEFN8E8E@D8CK?8KD8P9<K?<PALJKD<K
:8EKILJKK?<DKF8::FDGC@J?JFD<K?@E>$KJ<DGFN<I@E>=FIK?<DK?8K$?8M<J<<E8KC<8JK a
%#.-$!18%2%!1#(4%23).- (!++%-'%23.3(%1.63(.&3(%)%+$
/?@J@EK<IM@<NP@<C;<;K?I<<JK8K<D<EKJJ@>E@=@:8EKKFK?@JJKL;PcJJ<:FE;8IPI<J<8I:?
HL<JK@FEI<>8I;@E>G<I:<@M<;C@D@K8K@FEJ8E;FI98II@<IJKFK?<>IFNK?F= !+ (8P8J?8I<;?<I
@;<8J89FLKK?<D<8JLI89@C@KPF=<HL@E<=8:@C@K8K<;GI8:K@:<J8E;@;<EK@=@<;KNFFK?<ID8@E8I<8J
F=:FE:<IE=@E8E:@8C?LI;C<J8E;C8:BF=:F?<J@FE8DFE>GI8:K@K@FE<IJ
*,)!#!+0
2?<E$8JB<;(8P8=FI?<I@;<8J89FLKN?8KD<8JLI<JD@>?K9<LJ<;KF8::LI8K<CP
<M8CL8K<K?<<==<:K@M<E<JJF= !+J?<I<GC@<;`4<8?N?<E$N8J@EJ:?FFCN<B<GKILEE@E>@EKF
K?8K8JN<CC -<J<8I:??8JEK^PFLBEFN^@JGFFI@EK?8KI<>8I; $D<8EN<BEFN@KNFIBJ LK
$D<8EP<8? 2<:8ELJ<K?<J@DGC<B@E;F=J:8C<J=IFDQ<IFKFN?<EPFLJK8IK8J<JJ@FEKF
Q<IFKFN?<EPFLI<;FE<8KC<8JKKF9<89C<KFJ<<8EP:?8E><JK?<I< CJFG?PJ@FCF>@:8C
D<8JLI<JC@B<9CFF;GI<JJLI<8E;?<8IKI8K< .F$K?@EBK?FJ<8I<JFD<N8PJK?8KGFJJ@9CP:FLC;
?<CG@EK<IDJF=KI8:B@E>KFJ<<K?<8:KL8C@DG8:K
`$BEFN;F@E> (-:8E9<@E:FIGFI8K<;N@K?K?<?FIJ<J8E;6FE<DF;8C@KP7?8JK?<
KI8@E@E>J@EFI;<IKF;FK?8K@E8CFKF=K?<KI8LD8NFIB E;8CJF@EK?<=LKLI<GFJJ@9CP;F@E>
E<LIF@D8>@E>KFJ<<@=K?<I<J8EP:?8E><J@EK?<:C@<EKJ9<=FI<FI8=K<I *9M@FLJCPK?8KJ8CFK
DFI<DFE<P8E;8CFKDFI<GIF:<JJ LKK?8KJALJKD8P9<N?8K:FLC;9<;FE<8KJFD<GF@EK]KF
J<<@=K?<I<J8EP:?8E><J@EK?<9I8@E8=K<INFIB@E>N@K?K?<?FIJ<J a
,%!%
(8P8J?8I<;?<IG<IJG<:K@M<FEK?<=@E8E:@8C:?8CC<E><J@E?<I<EKKFB<<G@E>8E;NFIB@E>
N@K??FIJ<J`$DJK8IK@E>DPFNE9LJ@E<JJ8E;$DKIP@E>KF9L@C;DPI8E:?8E;><KK@E>K?<
=8:@C@K@<J?8J9<<E;@==@:LCK JG<:@8CCPN@K?:?8E><J@EN<8K?<I8E;K@D<JF=P<8IPFLBEFN
?8M@E>8GC8:<KFJ<KLGN?<E:FD@E>K?IFL>?8K@D<F=P<8IN?<I<$;FEK?8M<8JD8EPJ<JJ@FEJ
9<:8LJ<@K><KJI8@E@<I8E;$;FEK?8M<8=8:@C@KPP<K]$DGI@M@C<><;KF?8M<FK?<IG<FGC<E<8I9P
N@K?98IEJ8E;JKL==K?8K$:8ELJ< LKDFE<P@J8=8:KFI@EKIP@E>KF><K<JK89C@J?<; /?<I<JEF
GC8:<?<I<CF:8CCPE<8ID<<CJ<K?8KF==<IJJ<IM@:<JJFKF9<89C<KF:FDG8I<PFLBEFN<M<E@E
DPJD8CC<I:FLEKPM<IJLJC@B<$PFLBEFNC@M<;@E68EFK?<IN<8CK?@<I7:FLEKPN?<I<K?<PF==<I
JFD<J<IM@:<JKFF8E;K?<PI<8CFKDFI<<OG<EJ@M< LK;FNEK?<I<DFI<G<FGC<:8E8==FI;
DFI<8E;K?<I<JEFN8P$:FLC;:?8I><K?8K?<I<CF:8CCPN@K?DP:C@<EK<C< .F$DKIP@E>KF=@E;
K?8K98C8E:<F=<EFL>?N?<I<PFLBEFNK?8KG<FGC<:8E9<E<=@K9LKK?8K$:8EJK@CCJLIM@M<8E;
B<<G;F@E>9LJ@E<JJ^K?8KcJ9<<E8JKIL>>C< a
& *!&%"&
(8P8J?8I<;K?8K8CK?FL>?J?<?8J<OG<I@<E:<@EJ<M<I8C<HL@E<K?<I8G<LK@:DF;8C@K@<J
K?IFL>?K?<LE@M<IJ@KPN?<I<J?<:FDGC<K<;?<I(@E HL@E<JJ@JK<;(<EK8C#<8CK?J?<?8J
K?LJ=8I:?FJ<EEFKKFJ<<B:<IK@=@:8K@FE@E8EPFE<F=K?<D;L<KF?<IG<I:<GK@FEK?8KK?<P:I<8K<
8JD8EPC@D@K8K@FEJ8JK?<P;FFGGFIKLE@K@<J .?<J?8I<;K?8K`@EK<IDJF=K?<<HL@E<NFIB8E;
J<IM@:<J$K?@EBK?<I<JM8CL<@E8CCF=K?<D LKJFD<GI8:K@K@FE<IJ><KJFJKL:B@E:<IK8@E
:<IK@=@:8K@FEJK?8KK?<PM<>FKK<E]C@B<b/?@J@JK?<9<JKN8P /?<FECPN8P 4FL:8EK;FK?@J
8E;;F8EFK?<I c/?8KPFL?8M<KFFECP9<PFLBEFN:<IK@=@<;@EFE<8E;PFL:8EKKFL:?K?<
FK?<IJ 4FLBEFN=FID<G<IJFE8CCP$K?@EBK?8K@=@KcJI<8CCP:C@<EK98J<;]PFLD@>?KE<<;KF
GLCC=IFDJFD<F=K?<FK?<IFE<JKFI<8CCP?<CGK?<:C@<EK .F6K?8K?8J7B<GKD<=IFD><KK@E>
:<IK8@E:<IK@=@:8K@FEJ9<:8LJ<$;FEKN8EKKF9<=FI:<;KFFECP9<K?8KN8PFIFECPLJ<K?<@IKFFCJ
8E;K?<@IDF;8C@K@<J .F8J8N?FC<@K;9<E@:<@=K?<I<:FLC;9<DFI<FG<ED@E;<;E<JJKFC@B<
:FCC89FI8K@E>8E;C<8IE@E>=IFD<8:?FK?<I 4FLBEFNKF9<89C<KFALJK?8M<DFI<BEFNC<;><@E
><E<I8CKF9<89C<KFGIFM@;<9<KK<I8E;DFI<J<IM@:<J=FIFLI:C@<EKJ a
-3%15)%66.
!13)#)/!-36. !,%2
%8D<J8GJ<L;FEPDKFGIFK<:K8EFEPD@KP @J8+JP:?FCF>@:8CJJ@JK8EK:LII<EKCP
NFIB@E>KFN8I;?@J;F:KFI8K<@EGJP:?FCF>P+JP N@K?8GC8EKFGI8:K@:<8J8C@:<EJ<;:C@E@:8C
GJP:?FCF>@JK #<:LII<EKCP@EK<IEJ8K8KI8@E@E>J@K<K?8KF==<IJ HL@E<JJ@JK<;+JP:?FK?<I8GP
+ 2?<E8JB<;N?@:?GFGLC8K@FEJ?<=<<CJ8I<9<JKJ<IM<;9PK?@J<HL@E<GI8:K@:<%8D<J
I<GC@<;`N<NFIBN@K?DFI<FIC<JJ?<8CK?PE<LIFK@:JN<CC$>L<JJN<;FNFIBN@K?JFD<
G<IJFE8C@KP;@JFI;<IJ9LKN<NFLC;EKNFIBN@K?JFD<9F;PN?FN8J@E8GJP:?FK@:JK8K<=FI
<O8DGC< 2<;FNFIBN@K?GI<KKPJ<I@FLJ;<GI<JJ@FEGI<KKPJ<I@FLJ8EO@<KP $K?@EBK?<E@=$
?8;KFG@E@K;FNEKFN?F?8JDFJK9<E<=@K<;$K?@EBK?8K@KNFLC;9<C@B<;<GI<JJ@FE8E;
8EO@<KPK?8K@JI<JLCK@E>=IFDKI8LD8 a
2?<E8JB<;N?8K=L<C<;?@J@EK<I<JK@E<HL@E<GJP:?FK?<I8GP%8D<JJ?8I<;K?8K@KN8J8
AF98J8KI8@C>L@;<8K8GFGLC8IKFLI@JK;<JK@E8K@FEK?8KJK8IK<;?@DK?@EB@E>89FLK?FIJ<J9<@E>
LJ<;@E8K?<I8G<LK@:D8EE<I`/?@JN8JP<8IJ8>F8E;K?<I<N8JJK@CCC@B<8K?I<<?FLII@;<
8M8@C89C<N?@:?$;FEKK?@EBK?<P;F8EPDFI<9LKN<LJ<;KF>F=IFD6KFNE87KF6KFNE97KF
K?@JI<JK8LI8EK8E;98:B E;@KN8JGI<KKP9@>;<8C8:IFJJ6C8I><E8KLI<I<J<IM<78E;@KNFLC;9<
C@B<KFK8C9<>@EE<II@;<IJI@;@E>K?<J<?FIJ<J^8E;G<FGC<NFLC;9<K<II@=@<;I<8CCP '@B<K?<P;
J@>E<;LG=FIDFI<K?8EK?<PK?FL>?KK?<P:FLC;?8E;C< E;$N8J98J@:8CCP8:K@E>8JK?<@I
GJP:?FCF>@JKFEK?<?FIJ<C@B<:F8:?@E>K?<DK?IFL>?=<8IJ8E;;@==<I<EKK?@E>J E;K?<E
8=K<IN8I;$NFLC;J<<K?@J?L><:?8E><JFD<K@D<J8CFKF=K@D<JALJK=IFD?8M@E>K?@J
<OG<I@<E:<N@K?K?<?FIJ<8E;FM<I:FD@E>K?<@I=<8IJ E;JF$JK8IK<;K?@EB@E>K?8KK?<I<N8J
I<8CCPJFD<K?@E>KFK?<:?8E><K?8K:8E?8GG<EN@K?G<FGC<=IFDNFIB@E>N@K??FIJ<J a
%8D<JD8;<J@D@C8IF9J<IM8K@FEJC8K<IFEN?@C<NFIB@E>N@K??FIJ<J8E;K?<@IE<N
FNE<IJ`$N8J<O<I:@J@E>G<FGC<J?FIJ<J=FIK?<D@E6KFNE7 E;K?<PNFLC;K?@EBK?8K$N8J
C@B<KI8@E@E>K?<@I?FIJ<JN?<EI<8CCP$N8JALJK><KK@E>K?<@I?FIJ<J=@K9<:8LJ<K?<PE<<;<;KF
9<?8GGPJFK?8KK?<P:FLC;I@;<K?<DFEK?<N<<B<E; E;9LKK?<E$NFLC;EFK@:<K?8KG<FGC<
N<I<8=I8@;KFI@;<K?<@I?FIJ<J9<:8LJ<K?<P?8;8CCF=K?<J<@;<8J8E;9CF:BJ8E;JKFI@<J89FLK
JKL==K?8KI<8CCP?8;KF;FN@K?K?<DJ<CM<J .F8KK?8KGF@EK$N8JC@B<NFNK?@J@JI<8CCPI@:?
=FI98J@:8CCPGJP:?FCF>@:8C8E8CPJ@J a
2?<E8JB<;N?<K?<I?@J:LII<EKGI8:K@:<@EMFCM<JI@;@E>%8D<JI<GC@<;`DPN8P;F<J
EFKD8@ECP9<:8LJ<K?<?FIJ<JK?8KN<LJ<^K?<?<I;8I<8CCI<J:L<J8E;K?<P8CC?8M<JFD<JFIK
F=@EALIPFIJFD<K?@E>N?<I<K?<PI<EFCFE><II@;<89C<98J@:8CCP 2?@:?$K?@EB@J>I<8K9<:8LJ<
$K?@EB@K;F<J9I@E>JFIKF=K?<bNFLE;<;?<8C<Ic@;<8 $K?@EB@K;F<JD8B<K?<D<M<E9<KK<I
?<8C<IJ a#<N<EKFEKF8;;K?8KLE;<IK?<I@>?K:@I:LDJK8E:<JC<8IE@E>KFI@;<:8E9<
K?<I8G<LK@:`G<IJFE8CCP$NFLC;CFM<KFLJ<?FIJ<J=FIJFD<B@E;F=I@;@E>9<:8LJ<$K?@EBK?<I<
@J8CFKF=K?<I8G<LK@:M8CL<KF9<@E>@EK?<J8;;C< $K?@EB@K:8EI<8CCPI<JKFI<J<C=:FE=@;<E:<
8E;J<EJ<F=J<C=8E;?<CGN@K?KI8LD8 a#FN<M<I?<8CJFGF@EK<;FLKK?8K@E:CL;@E>I@;@E>:8E
@EKIF;L:<LEE<:<JJ8IPC@D@K8K@FEJ`$8CJFK?@EB=FIDFJKG<FGC<@KJ9<KK<IK?8KN<ALJK;F
>IFLE;NFIB9<:8LJ<K?8KJI<8CCP8M8@C89C<KF8EPFE< /?<I<cJ8CFKC<JJ=<8I8E;8EO@<KPKF
FM<I:FD<8E;@KJC<JJKFD8E8><8J=8I8JK?<?FIJ<8E;I@;<I>F<J '@B<JFN<F==<ID@ELK<
?FLIJ8E;D@ELK<?FLIJ8E;K?<I<JEFN8PN<;9<89C<KF;F8I@;<@EK?<D@ELK<?FLI a
2?<E8JB<;?@JM@<NJFEN?<K?<I !+J?FLC;9<8E8;ALE:KFIJK8E;8CFE<GI8:K@:<
%8D<JN<@>?<;@EK?8K9FK? !+8E;KI8;@K@FE8C:C@E@:8CNFIB8I<M8CL89C<`$K?@EB9FK?8I<
>I<8K #FE<JKCP$K?@EB@K;<G<E;JFEK?<@E;@M@;L8C .FD<G<FGC<N8EKKFALJKK8CBPFLBEFN
.FD<G<FGC<E<<;KF?8M<K?<@IJKFI@<JKFC;8E;K?8K:8E9<?<CG=LC E;$M<?8;:C@<EKJN?<I<
98J@:8CCPK?<PN8EKKFK<CCD<K?<@IJKFI@<J@EK?<GI<J<E:<F=?FIJ<J )FNN?@:?@J=@E<9LKK?@J
@JDFI<<OG<EJ@M< .F$K?@EB9FK?8I<>I<8K a
%8D<JcC@M<;<OG<I@<E:<8J8E<HL@E<GI8:K@K@FE<II<M<8C<;J<M<I8CK?<D<JI<C<M8EKKFK?@J
JKL;PcJGI@D8IPI<J<8I:?HL<JK@FEN?@:?J<<BJKFLE;<IJK8E;K?<D<:?8E@JDJF=8:K@FEK?8K
:I<8K<:?8E><=FIK?<:C@<EKJ@E?@JGI8:K@:< $?8M<FI>8E@Q<;K?<J<G?<EFD<E8LE;<I=@M<
:8K<>FI@<JF9J<IM8K@FED@E;=LCE<JJ:FEE<:K@FE<OGFJLI<8E;:FDDLE@:8K@FE $E8E<==FIKKF
:C8I@=P8E;LE;<IJK8E;K?<JG<:@=@:JF=K?<J<:8K<>FI@<J$?8M<=LIK?<I<ELD<I8K<;JL9:8K<>FI@<J
N@K?@E<8:?FE<
"2%15!3).-
JN@K?K?<GI<M@FLJJKL;PG8IK@:@G8EKJ<<(8P889FM< F9J<IM8K@FEC@<J8KK?<
=FLE;8K@FEF=%8D<Jc +GI8:K@:< /?@JK8B<JGC8:<9FK?<OK<IE8CCP8E;@EK<IE8CCP $E%8D<Jc
GI8:K@:<@K8GG<8IJK?8K8CCFGGFIKLE@K@<J=FIF9J<IM8K@FE;LI@E>K?<J<JJ@FE=IFDJ@DGCPEFK@:@E>
K?<?FIJ<cJ9<?8M@FIKF@;<EK@=P@E>N@K?K?<?FIJ<@E;<<GLE:FEJ:@FLJN8PJ8I<LCK@D8K<CP
@EM@K8K@FEJ=FI9<KK<IJ<C=LE;<IJK8E;@E> J?<GLK@K`JFD<G<FGC<J8P?FIJ<J8I<C@B<>@8EK
9@F=<<;98:BD8:?@E<J LKF=:FLIJ<@KcJDFI<K?8EK?8K %LJK9PN8K:?@E>K?<DN<:8EJ<<JF
DL:? 9FLK<M<IPK?@E> !IFDC@B<>IFLG;PE8D@:JKFI<8CCPJG<:@=@:@E=FID8K@FE89FLK?FN
N<cI<J?FN@E>LG@EK?<NFIC; .FK?<I<J^JF@K;F<JNFIBFECFKJF=;@==<I<EKC<M<CJ a
/+)%#1 )% &)*
::FI;@E>KF%8D<J?FIJ<J:8EDF;<CJ<C=I<>LC8K@FE`?FIJ<J8I<I<8CCP>FF;8K:8CD@E>
98:B;FNE .F8?FIJ<:8E9<JK8IKC<;8E;ALDG8N8PFI<M<EILE8C@KKC<9@K9LKK?<EK?<PI<
N@CC@E>KFJKFG8JJ<JJK?<PBEFN?FNKF<E>8><K?8KG8I8JPDG8K?<K@:E<IMFLJJPJK<D .FN?<E
PFLN8K:?K?<DK?<PK8B<K?<J<;<<G9I<8K?JK?<PJ?8B<K?<PIFCCK?<P;F8CCK?<J<K?@E>JKF
:FII<:KKF8:?@<M<C@B<G?PJ@:8C98C8E:< .F8CCF=K?8K:8E9<?<CG=LC8JC<8IE@E> a/?@J@JALJK
FE<<O8DGC<F=?FNF9J<IM@E>8J@E>C<?FIJ<FI8E<EK@I<?<I;:8EF==<IDF;<CJ=FI9<?8M@FI
8E;<OG<I@<E:<K?8KFE:<8N8I<:C@<EKJ:8E9<>@EKFEFK@:<8E;8GGCP@EK?<@IFNEC@=<8E;
I<C8K@FEJ?@GJ .@DGC<@EM@K8K@FEJ=FI<OK<IE8CF9J<IM8K@FEFG<EK?<;FFIKF8E;8I<@EK<INFM<E
N@K?8CCF=K?<FK?<IG?<EFD<E8;<J:I@9<;9<CFNJ<<JG<:@=@:8CCP(@E;=LCE<JJFEE<:K@FE
%+)%#1#*)-+!&%
%8D<Jc;<J:I@GK@FEF=?@JGI8:K@:<@CCLJKI8K<;?FNK@D<NFIB@E>N@K??FIJ<J8CJFGIFDGKJ
@EK<IE8CF9J<IM8K@FE`K?<P;FEK:8I<N?8KPFLCFFBC@B<N?8K9I<<;PFL8I<N?8KJ<OL8C
GI<=<I<E:<PFL8I< 2?8KK?<P:8I<89FLK@J@=K?<P:8EKILJKPFL^@=PFLI@EJ@;<JD8K:?PFLI
FLKJ@;<J a#FIJ<J8I<?@>?CP8KKLE<;KFK?<@EK<IE8CJK8K<JF=FK?<I9<@E>J@EK?<@IGI<J<E:< .@E:<
NFIB@E>K?<I8G<LK@:8CCPN@K?K?<D@EMFCM<J>8@E@E>K?<@IKILJKK?<@II<JGFEJ<KFFLIGI<J<E:<
F==<IJ8HL@:B8E;KILK?=LC8JJ<JJD<EKF=FLI@EK<IE8C=<<C@E>JK8K<J
$E%8D<Jc<OG<I@<E:< +F==<IJ:C@<EKJLE@HL<8E;@DD<;@8K<FGGFIKLE@K@<J=FI@EK<IE8C
J<C=F9J<IM8K@FE@ < 9<:FD@E>:FEJ:@FLJF=;@J:I<G8E:@<J9<KN<<EFLKN8I;8==<:K8E;@EK<IE8C
=<<C@E>JK8K<J #<?8J=FLE;K?8KK?@J89@C@KP@J;<M<CFG<;M<IPHL@:BCPJ@E:<@K@J<JJ<EK@8CCP
GI<I<HL@J@K<KFK?<?FIJ<=<<C@E>J8=<<EFL>?KFNFIBN@K?K?<:C@<EK.<<8CJFFE>IL<E:<
9<CFN
%8D<JcGI8:K@:<8CJF@EM@K<J8=FIDF=@EK<IE8CF9J<IM8K@FEK?8KI<M<8CJ8JG<:KJF=?@J
:C@<EKJcLE:FEJ:@FLJ LI@E>K?<?<I;F9J<IM8K@FEG?8J<F=?@JJ<JJ@FEJ?<J?8I<;`$CC
JFD<K@D<JALJK?8M<8:C@<EKK<CCD<N?8KK?<PK?@EBK?<?<I;@J;F@E>FI?FN@JK?<?<I;=<<C@E>
FIN?8K@JK?<?FIJ<;F@E>EFNE;K?<E98J<;FEK?<JKFIPK?8KK?<PK<CCPFLC@B<b*?K?8K
?FIJ<@JI<8CCPJ8;cFIb?<J8N8P=IFD?@J=I@<E;JcFI8CCF=K?<J<K?@E>J@KGIFM@;<JK?@JI@:?
D8K<I@8C aP?8M@E>?@J:C@<EKJJ?8I@E>N?8KK?<P@D8>@E<8JK?<P>8Q<8KK?<?<I;%8D<Jc
:C@<EKJF==<I8N@E;FN@EKFK?<@I@EK<IE8CNFIC;K?IFL>?GIFA<:K@FEN?@:?8CCFNJ=FILE:FEJ:@FLJ
:FEK<EK8E;GIF:<JJ<JKF9<F9J<IM<;
)-$&4+-%22
.<M<I8CG?<EFD<E8K?8K=@>LI<;C8I><CPN@K?@E%8D<Jc?@J +GI8:K@:<E8II8K@M<:8E9<
:FEJ@;<I<;8J8JG<:KJF=D@E;=LCE<JJFID@E;=LCE<JJGI8:K@:< /?<J<8I<@EK<EK@FE8C@KP
JFD<K@D<JI<=<II<;KF8J`J<KK@E>8E@EK<EK@FEa GI<J<E:<@ < 8GI8:K@:<F=`9<@E>@EK?<
DFD<EKa 8E;E<IMFLJJPJK<DI<>LC8K@FE@ < :LCK@M8K@E>:8CDK?IFL>?J<C=I<>LC8K@FE8E;FI
:FI<>LC8K@FE
%+%+!&%#!+0
%8D<Jc;<J:I@GK@FEF=8KPG@:8C +J<JJ@FE@EMFCM<J8E8JG<:KF=D@E;=LCE<JJBEFNE8J
@EK<EK@FE8C@KP #<J?8I<;K?8K8=K<I8:?<:B@E`<@K?<I@EK?<GI<J<E:<F=?FIJ<JFI@E8EFK?<I8I<8
FLK;FFIJa@ < KF@EK<>I8K<<OG<I@<E:<J=IFDG8JKJ<JJ@FEJ8E;J?8I<8EK@:@G8KFIPK?FL>?KJ89FLK
K?<:LII<EKJ<JJ@FE =FCCFN<;9P8I<M@<NF=J8=<KPILC<J`K?<I<CCLJL8CCP9<JFD<B@E;F=
8:K@M@KPK?8K?8JKF;F98J@:8CCPN@K?8JJ@>E@E>D<8E@E>KF8K8JBK?8KPFLI<>F@E>KF9I@E>K?<
?FIJ<K?IFL>?8E;JFD<K@D<J8JJ@>E@E>D<8E@E>KFK?<?FIJ< .F=FI<O8DGC<N<:FLC;?8M<
:FE<JJ<KLGK?8KD<8E;@==<I<EK>F8CJ@E8G<IJFEJC@=< E;K?<E$CC8JBK?<:C@<EKKF8JJ@>E
D<8E@E>KFK?<?FIJ<8E;K?<E$@EK<IGI<KK?<?FIJ<=FIK?<D a/?<:FEM<I><E:<F=K?<J<8JJ@>E<;
D<8E@E>JN@K?K?<?FIJ<cJ9<?8M@FIJ8I<K?<EJL9A<:KKF:FCC89FI8K@M<FG<E<E;<;
@EK<IGI<K8K@FEJ `.F@=K?<?FIJ<JKFGJ8K;@==<I<EKGC8:<JFI@JJK8IK@E>KF><K8EEFP<;FI;@>J@E
8E;B@E;F=9I<<Q<JG8JKJFD<K?@E>N<;FEK:FEJ@;<I8EPK?@E>KF9<8::@;<EKJFI:F@E:@;<E:<
2<LJ<@K8CC8J@E=FID8K@FE8E;JFN<LJ<@K8JD<K8G?FI9LKN<8CJFLJ<@K8J8:KL8C=<<;98:B
=IFDK?<?FIJ< a/?@JD@E;=LC:FD9@E8K@FEF=@EK<EK@FE8C@KP8E;FG<EE<JJJ<KJK?<JK8><=FIK?<
<D<I><E:<F=LE<OG<:K<;@EJ@>?KJ8K9FK?:FEJ:@FLJ8E;LE:FEJ:@FLJC<M<CJ
)*%
/?<:FE:<GKF=GI<J<E:<@J8EFK?<I8JG<:KF=D@E;=LCE<JJGI8:K@:<N?@:?=@>LI<JC8I><CP
@E%8D<JcC@M<;<OG<I@<E:<8J8E<HL@E<GI8:K@K@FE<I 2?<E8JB<;=FI?@J;@I<:KFG@E@FEJFE?FN
+NFIBJ?<I<GC@<;`.F@K;F<JNFIBFECFKJF=;@==<I<EKC<M<CJ $>L<JJN<CCJK8IKN@K?K?<
G?PJ@:8CC<M<C /?<I<J8:8CD@E>GI<J<E:<9<:8LJ<?FIJ<JC@M<@EK?<GI<J<EK /?<PI<8CN8PJ
I<8;PKF8:K9LKK?<PI<EFK>F@E>KFN8JK<K?<<E<I>PC@B<?LD8EJ;F=LKLI<KI@GG@E>FI
;N<CC@E>FEI<>I<KJ .FK?<PI<8CN8PJI@>?KN?<I<K?<@I=<<K8I<N?@:?:8E9<I<8CCPI<C@<M@E>
JG<:@8CCP@EFLI:LCKLI<J@E:<N<I<8CN8PJ=F:LJ<;FE=FIN8I;DFK@FE8E;><KK@E>K?@E>J;FE<
N@K?FLIKF;FC@JKJ .FALJKKF9<@EK?<GI<J<E:<F=FK?<I9<@E>JK?8K8:KL8CCPBEFN?FNKF9<
GI<J<EK@JK?<I8G<LK@:8CCP9<E<=@:@8C$K?@EB a
,".$),%-3
JN@K?(8P8J<<89FM< K?@J@EK<IM@<NP@<C;<;8J@>E@=@:8EKI<=<I<E:<KF9FKKFDLG
JFD8K@:8CCP98J<;G?<EFD<E8 /?<J<:CFJ<CP:F@E:@;<8E;NFIB@EK8E;<DN@K?K?<D@E;=LCE<JJ
G?<EFD<E8;<J:I@9<;@EK?<GI<M@FLJJ<:K@FE
)-&,*0*+$,#+!&%
CFE>N@K?K?<D@E;=LCE<JJG?<EFD<E889FM<%8D<J8CJF;<J:I@9<;J<C=I<>LC8K@FE
K?IFL>?:FI<>LC8K@FEN?@:?@E?@J<OG<I@<E:<K<E;JKFF::LIE8KLI8CCP@EK?<GI<J<E:<F=?FIJ<J
#<J?8I<;`.FD<JKL;@<JJ8PK?8KFLI:8I;@FM8J:LC8IJPJK<D:8E8:KL8CCPC@EBLGN@K?K?<C8I><I
8E@D8CJ /?8K9<:8LJ<N?<EN<I<989@<J98J@:8CCPN<I<I<>LC8K@E>FLI?<8IK9<8KK?IFL>?FLI
DFK?<IJ?<8IK9<8K /?<EK?<I<@JJK@CCJFD<F=K?8K^JFN?<EN<I<JK8E;@E>C@B<?<8IKKF?<8IK
N?@:?@J8CJFB@E;F==IFDPFLIGI<M@FLJHL<JK@FEK?<G?@CFJFG?PF=<P<KF<P<8E;?<8IKKF
?<8IKI8K?<IK?8E8G<IJFE9<@E>FEKFGF=8?FIJ<K?8K@K:8E8:KL8CCP?<CGKFI<>LC8K<PFLI
:8I;@FM8J:LC8IJPJK<D8E;<E>8><K?<G8I8JPDG8K?<K@:E<IMFLJJPJK<D8E;:FD<;FNE=IFDK?<
=@>?KFI=C@>?K a
.--%#3).-
%8D<Jc +GI8:K@:<F==<IJFGGFIKLE@K@<JKF<OG<I@<E:<:FEE<:K@FE@EN8PJK?8K8I<9FK?
@EKI8G<IJFE8C8E;@EK<IG<IJFE8C /?@J?8GG<EJM@8KNFJ@>E@=@:8EKG?<EFD<E8N?@:?N<I<
8JJ@>E<;K?<C89<CJ'21+58)1')8E;3%571)5-1+ FE>IL<E:<@ < F=@EK<IE8CDFF;8E;;@JGC8P<;
8==<:K :8E9<LE;<IJKFF;8J8D<:?8E@JD=FI<OGCFI@E>:FEE<:K@FEKFFE<J<C=J<<8CJF$EK<IE8C
*9J<IM8K@FE^FEJ:@FLJ89FM< +8IKE<I@E>@J8D<8EJ=FI<OGCFI@E>:FEE<:K@FEN@K?FK?<IJ
%8D<Jc;<J:I@GK@FEF=?@J +GI8:K@:<@CCLJKI8K<;9FK?
&%),%
::FI;@E>KF%8D<JFE<N8P?FIJ<JK<8:?:FEE<:K@FE@J9PI<HL@I@E>8N8I<E<JJF=FLI
FNE@EK<IE8C<DFK@FE8CJK8K<J $E:FE>IL<E:<F=DFF;8E;8==<:K@J8=FIDF=@EKI8G<IJFE8C
;@J:FEE<:K@FEN?@:??FIJ<J=@E;@EKFC<I89C<`2?8KK?<P:8I<89FLK@J@=PFLI<:FE>IL<EK
D<8E@E>@=PFLI@EJ@;<J8I<D8K:?@E>PFLIFLKJ@;<J E;K?<PE<<;K?8K9<:8LJ<K?<PI<GI<P
8E@D8CJ .FK?<PE<<;KF9<89C<KFJ@Q<LGK?<GI<;8KFIN?@:?@JLJ8E;BEFN@=N<8I<?LE>IP
8E;ALJKGI<K<E;@E>KF9<=LCCFIPFLBEFN8:KL8CCP=LCC $J@KJ8=<KFN8CBG8JKLJ8E;>FKFK?<
N8K<I@E>?FC<FI8I<N<>F@E>KFKLIE8IFLE;8E;?LEKK?<D.FK?8KJN?<I<K?8K89@C@KPK?8K
K?<P?8M<:FD<J=IFDKFI<8CCPJ<<@=FLIFLKJ@;<J8I<D8K:?@E>FLI@EJ@;<J E;KF=<<CK?8K
K?<PI<8;LJG?PJ@:8CCP9LKK?<I<J8CJFK?@JFK?<I<E<I><K@::FDGFE<EKK?<PI<C@B<>@8EK
9@F=<<;98:BD8:?@E<J9<:8LJ<K?<PI<FG<I8K@E>FEK?<J<FK?<IC<M<CJK?8KN<:8EK;<K<:K a.@E:<
:FE>IL<E:<@J<JJ<EK@8CCPGI<I<HL@J@K<KF<E>8>@E><==<:K@M<CPN@K?K?<?FIJ<@K@J8=LE:K@FEF=
%8D<Jc +GI8:K@:<N?@:?GI<J<EKJ@KJ<C=<8ICP8E;F=K<E .@E:<K?<P8I<C<8IE<;<OG<I@<EK@8CCP
C<JJFEJ=IFD?FIJ<J89FLK:FE>IL<E:<8I<D<DFI89C<@E<D9F;@<;N8PJ
)+%)!%
PI<HL@I@E>:FE>IL<E:<=FIG8IK@:@G8K@FE%8D<Jc?FIJ<J8CJFK<8:??LD8EJN?<E
@EK<IE8C98II@<IJ<O@JKN?@:?KFD8P9<GI<M<EK@E>8LK?<EK@::FEE<:K@FEN@K?FK?<IJ`.F@=N<
8I<GI<K<E;@E>KF9<9I8M<FIJFD<K?@E>C@B<K?8KN?<EN<I<8:KL8CCPE<IMFLJK?<PI<EFK>F@E>
KFN8CBN@K?LJ /?<PI<EFK>F@E>KFG8IK@:@G8K<N@K?LJ9<:8LJ<N<I<EFK8J8=<G8IKE<I .F=FI
LJ<DFK@FE8CCPK?8KC<KJLJ:?<:B@EN@K?FLIJ<CM<J8E;J<<N?8KJI<8CCP>F@E>FE *I@KC<KJK?<
K?<I8G@JK:LKK?IFL>?8CFKF=;<=<EJ<JHL@:BCP8E;J8Pb.FIIP$DALJKEFK9<C@<M@E>PFL9<:8LJ<
PFLI?FIJ<;F<JEKC@<8E;?<@JJ8P@E>EF c2?<K?<IJL::<JJ=LCFIEFKFGGFIKLE@K@<J=FI
G8IKE<I@E>N@K??FIJ<J:8EF==<IC8JK@E>@EJ@>?KJ@EKF8:C@<EKcJ8M8@C89@C@KP=FI:FEE<:K@FE
#!(, /'&*,)1+' &)
%8D<Jc:8J<;<J:I@GK@FEF=8:C@<EK+<K<I8GJ<L;FEPD F==<I<;8E@CCLJKI8K@FEF=?FN
D<K8G?FI:8E9<LJ<;N@K?@E !+8J8=FIDF=F9C@HL<<OGFJLI<@ < 8N8PF=8;;I<JJ@E>
KI8LD8K@:D8K<I@8CN@K?FLK?8M@E>KF;@I<:KCPI<K<CC@K %8D<JJ?8I<;`.FK?@J:C@<EK@J8PFLE>
D8C<9<KN<<EK?<8><JF=8E;C<KJJ8P E;?<N8JM@FC8K<;^J<OL8CCP89LJ<;9P?@J
;F:KFIC8JKJLDD<I E;<M<IJ@E:<K?8K?8GG<E<;?<?8J?8;I<8CCP98;G8E@:8KK8:BJ?8JEK
9<<E89C<KFNFIB E;?@JJ<C=<JK<<D@JC@B<>FE< #@JI<C8K@FEJ?@GJ?8M<JL==<I<; $KJ9<<E8
I<8C@JJL< E;?<@J8CJF@EI<>LC8IK?<I8GP #@JI<>LC8IK?<I8G@JKJL>><JK<; +8J8E8;ALE:K
.FK?@J@JC@B<K?<G<I=<:K<O8DGC<F=N?<I<@K:8E9<?<CG=LC9<:8LJ<JFD<K@D<J@KJEFK?<CG=LC
KFI<K<CCFLIJKFI@<J9<:8LJ<@KI<KI8LD8K@Q<JFI:8LJ<J:FDGC<OKI8LD8
`E;JFK?@J@J8N8PKFNFIBFLKK?<KI8LD8G?PJ@:8CCP8E;:I<8K@M<CP8E;><KJLGGFIK
><K<DFK@FE8CJLGGFIK=IFDJFD<K?@E>K?8K@JEFEK?I<8K<E@E>J@E:<?<?8J9<<EK?I<8K<E<;9P
?LD8EJ .FN?8K?8GG<E<;K?8KN8JJFIKF=I<D8IB89C<N8J^?<:8D<J8P@E>b$;FEKN8EKKF
?8M<KFI<K<CCDPJKFIP c/?8KJ=@E<N@K?LJ9<:8LJ<@KJI<8CCP9<KN<<E?@D8E;K?<<HL@E< ]
.F$8JB<;?@DKF8JJ@>ED<8E@E>KF?<I8E;J8@;K?8K?<;@;EKE<<;KFK<CCD<8E;K?<E8CJFKF
8JJ@>ED<8E@E>KFK?@JC@KKC<F9JK8:C<:FLIJ<K?8KN<?8;D8;< aP8JJ@>E@E>D<8E@E>KFK?<
?FIJ<8E;K?<8:K@M@K@<JK?<PN<I<89FLKKF:FDGC<K<+<K<IN8JF==<I<;K?<FGGFIKLE@KPKFGIF:<JJ
?@JKI8LD8@E;@I<:KCP .@E:<@EK?@J:8J<K?<G?<EFD<EFEF=F9C@HL<<OGFJLI<K?IFL>?D<K8G?FI
@J@EK<INFM<EN@K?FK?<IJ@>E@=@:8EKG?<EFD<E8@KJ:FDGC<K<@CCLJKI8K@FE:FEK@EL<J9<CFN
.,,4-)#!3).-
FDDLE@:8K@FEN8J8EFK?<ID<:?8E@JDK?8K<D<I><;K?IFL>?J@>E@=@:8EKJK8K<D<EKJ
N@K?@EK?@J@EK<IM@<N JN@K?K?<GI<M@FLJE8II8K@M<J<<(8P889FM< K?<GI@D8IP=F:LJN8JFE
:FDDLE@:8K@FE=IFD?LD8EKF?LD8E8E;FI=IFD?LD8EKF?FIJ<?FN<M<I%8D<JcE8II8K@M<
F==<I<;8;<<G<ICFFB@EKF8EFK?<IKPG<F=EFEM<I98C:FDDLE@:8K@FE=IFD?FIJ<KF?LD8E
CK?FL>??FIJ<KF?LD8E:FDDLE@:8K@FEKPG@:8CCP?8GG<EJFM<IKCPK?IFL>?K?<?FIJ<Jc
9F;PC8E>L8><8E;FI9<?8M@FIJ<< OK<IE8C*9J<IM8K@FE89FM< @K:8E8CJFK8B<GC8:<FE
;<<G<IC<M<CJ@EJL9KC<N8PJK?8K:8EJFD<K@D<J;<=PD8K<I@8C<OGC8E8K@FE ::FI;@E>KF%8D<J
`K?<I<J8CJFK?@JFK?<I<E<I><K@::FDGFE<EK]9<:8LJ<6?FIJ<J8I<7FG<I8K@E>FEK?<J<FK?<I
C<M<CJK?8KN<:8EK;<K<:K a%8D<Jc:8J<;<J:I@GK@FEF=?@J:C@<EK+<K<I:FEK8@E<;<O8DGC<JF=
EFEM<I98C:FDDLE@:8K@FE=IFD?FIJ<KF?LD8E8GG<8I<;@E9FK?FM<IK8E;;<<G<IDFI<
EL8E:<;N8PJ
&%-)#1 &)*+& ,$%
J%8D<J:FEK@EL<;;<J:I@9@E>K?<:8J<F=+<K<I?<JK8K<;`.F$8JB<;?@DKFG@:B8E
<HL@E<8E;?<G@:B<;FE<N<NFLC;JFD<K@D<J:FEJ@;<I8DFI<8;M8E:<;D8I<8J=8I8JJ?<:8E
9<K<JKP8E;@JEKHL@:BKF@KK8B<JHL@K<89@KKF=FID8I<C8K@FEJ?@GN@K??<I98J@:8CCP LK?<
N8EK<;KFNFIBN@K?K?@JD8I<JF$J8@;FB8P #<N8JEKI<8CCP89C<KFKFL:??<IN@K?FLK?<I
><KK@E>C@B<?<I<8IJ98:B8C@KKC<9@K .8P@E>C@B<bEFK?8EBPFL cLKJ?<N8J?8GGP=FI?@DKF
ALJKJK8E;E<OKKF?@D .F8:FLGC<F=J<:FE;J8=K<IK?8KK?<D8I<JK8IKJG8N@E>8KK?<>IFLE;
.F$J8PKF?@D '<KJLE:C@:B?<I=IFD?<IC<8;8E;>@M<?<IK?<=I<<;FDKFIFCC <:8LJ<J?<
N8JK<CC@E>D<J?<N8EK<;KFIFCC9PG8N@E>K?<>IFLE; a
/?@JG8IKF=%8D<Jc:8J<;<J:I@GK@FE;<DFEJKI8K<;?FNN@K?K?<?<CGF=K?<K?<I8G@JK
8E;FI<HL@E<JG<:@8C@JK:C@<EKJ:8EC<8IEKF@EK<IGI<K?FIJ<Jc:FDDLE@:8K@FE89FLKN8EKJ8E;
GI<=<I<E:<JK?IFL>?9F;PC8E>L8><N?@:?8J;@J:LJJ<;GI<M@FLJCP@JE<:<JJ8IP=FIJ8=<KP
8IFLE;?FIJ<J8E;:8E8JJ@JKK?<:C@<EK@E;<M<CFG@E>><E<I8C@Q89C<@EK<IG<IJFE8CJB@CCJ
#FN<M<I8J%8D<Jc:8J<;<J:I@GK@FE:FEK@EL<;KFLE=FC;@KJFFEI<M<8C<;8KPG<F=
:FDDLE@:8K@FE=IFDK?<?FIJ<N?@:??8GG<EJ8K;<<G<IDFI<JL9KC<C<M<CJ %8D<J:FEK@EL<;
`.F6K?<?FIJ<7JK8IKJKFALJK;IFG;FNEI@>?K@E=IFEKF=LJ8E;$D:FDD<EK@E>K?8K@KJPFL
BEFNI<8CCPKILJK@E>F=?<I@EG8IK@:LC8I9<:8LJ<F=?<IG<IJFE8C@KP9LKF=8EPGI<P8E@D8CKFC8P
;FNEFEK?<@I98:B8E;JK8IKKFIFCCN@K?8:FLGC<F=GI<;8KFIJJK8E;@E>8IFLE;9<:8LJ<K?<PI<
:FDGC<K<CP;<=<EJ<C<JJ@EK?8KGFJ@K@FE a2?@C<%8D<J@EK<IGI<K<;K?@J=8@ICPI<D8IB89C<
K?FIFL>?:FE:I<K<9<?8M@FI8C:FDDLE@:8K@FEF=KILJK=IFDK?<D8I<KFK?<?LD8EJ@E?<I
GI<J<E:<?<JFFEI<8C@Q<;K?8KJFD<K?@E><CJ<N8J8CJF?8GG<E@E>=FIK?<:C@<EK
`.FDP:C@<EKJK8IKJKF:IP E;$K?@EB@KJALJK9<:8LJ<K?@J@JHL@K<89<8LK@=LCJ@>?K=FI
K?@JI<8CCPC8I><D8A<JK@:9C8:B?FIJ<KF;IFG;FNEI@>?K@E=IFEKF=LJ8E;JK8IKIFCC@E> LKK?<E
?<J8PJb$ALJK:8EK9<C@<M<K?8KPFLJ8@;`"@M<?<I?<I=I<<;FD a<:8LJ<K?8KcJN?8K$
8JJ@>E<;KF?<I?<ID<8E@E>N8J=I<<;FD E;8JJFFE8J$K?FL>?KK?8KJ?<JK8IK<;G8N@E>K?<
>IFLE;8E;K?<EPFLJ8@;KF>@M<?<I?<I=I<<;FD ca/?@JG@MFK8CDFD<EK@E+<K<IcJJ<JJ@FE
@CCLJKI8K<J8G?<EFD<EFEN?@:?G<I%8D<JF::LIJ=I<HL<EKCP=FI?@J:C@<EKJFE<K?8KC@<J8K
@EK<IJ<:K@FEF=F9J<IM8K@FED<K8G?FI8E;:FDDLE@:8K@FE
/?<I<JKF=%8D<Jc;<J:I@GK@FEI<=C<:KJ?FNK?<J<K?I<<@EK<INFM<ED<:?8E@JDJLE=FC;<;
=FI+<K<I@EK?@J:8J<N@K?LE:8EEPI<JLCKJ %8D<JJ?8I<;B.FK?<E6K?<?FIJ<7><KJLG8E;
J?8B<J@KF==?<:C@GJK?<C<8;98:BFEKFK?<?8CK<I8E;K?<E8J?<K8B<J?<IK?IFL>?K?@JF9JK8:C<
:FLIJ<J?<B<<GJJKFGG@E>98J@:8CCP8K<M<IPJK8K@FE .FC@B<?<?8;K?<J<;@==<I<EKALJKC@KKC<
C@B<K?@E>JK?8K?<D8;<LG^ALJKC@KKC<:FE<D8IB<IJK?8K?<:?FJ<KFI<GI<J<EKK?<J<;@==<I<EK
K?@E>J .?<B<GKJKFGG@E>8E;K?<E8CCK?<FK?<I?FIJ<J8:KL8CCPJK8IK<;KFD8B<K?@J=LJJ E;8J
K?<:C@E@:@8E$DK?@EB@E>bJ?LKLGFK?<I?FIJ<J9<:8LJ<PFLI<@EK<IILGK@E>K?<J<JJ@FEcI@>?K
/?<PI<C@B<^9LKN<8CN8PJ=FI><KN?8KK<8:?<IJK?<P8I<
`.F6+<K<I7=@E8CCP:FD<J98:B8IFLE;8>8@E #<J>FKK?<J<K<8IJ@E?@J<P<J8E;$8JB<;
?@D@=?<N8EKJKFJ?8I<8E;?<J8@;bPFLBEFN8K<M<IPF9JK8:C<J?<JKFGG<;8E;K?<EJ?<N8J
CFFB@E>FM<IKFN8I;JK?<FK?<I?FIJ<JN?FN<I<C@B<GC8P@E>c8E;?<J8@;K?8K?<c;8JJ@>E<;6KF
K?<F9JK8:C<:FLIJ<7K?<D<8E@E>F=^><KK@E>K?IFL>??8M@E>KFI<K<CCK?<JKFIPN@K?C8NP<IJ E;
8K<M<IPF9JK8:C<?<?8;KFI<8JJ<JJ@=@KN8JNFIK?@KKF>F=FIN8I; E;J?<B<GKJKFGG@E>8E;
?<NFLC;?8M<KF:F8O?<I=FIN8I; E;K?<EJ?<N8JC@B<N?<EK?<FK?<I?FIJ<JJK8IK<;GC8P@E>
8E;JKL==?<JK8IK<;:IP@E>9<:8LJ<?<=<<CJC@B<<M<IP9F;P<CJ<@E?@J:F?FIK@JF==GC8P@E>8E;
?8M@E>K?@J>I<8KK@D<8E;?<JK?<I<?8M@E>KF:FEJK8EKCPC@B<9<:F8O<;@EKFDFM@E>=FIN8I;
N@K?K?<JKFIP8E;K?<K?@E>K?8K?<J>F@E>K?IFL>? aC<8ICPK?<:C@<EKN8JDFM<;9PK?<
J<JJ@FEG8IK@:LC8ICP=IFDK?<<D9F;@<;<OG<I@<E:<F==<<C@E>J<<E8E;LE;<IJKFF;8J@E;@I<:KCP
:FDDLE@:8K<;9PK?<?FIJ<cJI<JGFEJ<JKFK?<K8JB8K?8E;
%#.-$!18%2%!1#(4%23).- (!++%-'%23.3(%1.63(.&3(%)%+$
LI@E>K?@J@EK<IM@<NKNF@;<8J<D<I><;N?@:?N<I<J@>E@=@:8EKKFK?<J<:FE;8IP
I<J<8I:?HL<JK@FEN?@:?8JBJN?8K=8:KFIJGFJ<:?8CC<E><J98II@<IJKFK?<>IFNK?F= !+ %8D<J
I<=<I<E:<;=@E8E:@8C@JJL<J8E;8C8:BF=:F?<J@FE9<KN<<E:<IK@=@:8K@FE8M<EL<J8JKNFD8@E
@E?@9@K@E>=8:KFIJ
,%!%
%8D<JI<=<I<E:<;@EJLI8E:<9F8I;@E>:FJKJ8E;KI8EJGFIK8K@FE8JK?I<<D8AFI=@E8E:@8C
:?8CC<E><JI<C<M8EKKF?@JJG<:@=@:GI8:K@:<`$EJLI8E:< JG<:@8CCP@E6DPJK8K<7@K=8:KFIJ@EKF
?FN<OG<EJ@M<@K@JKF?8M<8=8:@C@KPFIF==<I<HL@E<8JJ@JK<;?<8C@E> E;K?<EK?<I<JK?<:FJKF=
?8M@E>?FIJ<J8E;I<EK #8P8E;8CCK?8K E;KI8EJGFIK8K@FE '@B<=FI<O8DGC<@EK?<=@I<J
N<M<?8;8?FIJ<KI8@C<IFEK?<I<8;P '@B<DPJGFK:8E98I<CPGLCC@KF==8E;K?<P:?8I><
9<KN<<EKF8J<JJ@FE .FP<8?K?<I<J8CFKF=F9JK8:C<JKFFM<I:FD< a
& *!&%"&
$E?@J@EK<IM@<N%8D<JJGFB<89FLKC@D@K8K@FEJ8JJF:@8K<;N@K?9FK?K?<GJP:?FCF>@:8C
8E;K?<?FIJ<D8EJ?@G8JG<:KJ?<<E:FLEK<I<;N?<E<OGCFI@E>;@==<I<EK:<IK@=@:8K@FEG8K?J`.F$
:?FJ< +98J@:8CCP9<:8LJ<$;@;EKN8EKKF><KIFG<;@EKF6KNFD8AFI:<IK@=P@E>FI>8E@Q8K@FE7
]$:?<:B<;6K?<D7FLK8KK?<K@D<8E;E<@K?<IJ<<D<;KF?8M<K?<GJP:?FCF>@:8C;<GK?K?8K$
N8J@EK<I<JK<;@EC@B<I<8CCP><KK@E>KFK?<IFFKF=G<FGC< /?<JKL==K?8KG<FGC<98J@:8CCPK?<
JKFI@<JK?8KG<FGC<K<CCK?<DJ<CM<JK?8KGI<M<EKK?<D=IFD<E>8>@E>@E9<KK<II<C8K@FEJ?@GJ E;
K?<E$8CJF;@;EKJ@E:<$>L<JJ$D9<@E>G<I=<:KCP?FE<JK8KK?<K@D<I<JG<:KK?<?FIJ<D8EJ?@G
8JG<:KF=<@K?<IFI>8E@Q8K@FE $K?FL>?K@KN8JB@E;F=EFE?FIJ<PG<FGC<8E;EFEK?<I8G@JKJ
KIP@E>KF;F9FK? a
%8D<J8CJF<OGI<JJ<;FG@E@FEJ89FLKN?8K?<M@<NJ8JGIF9C<DJ:I<8K<;9PK?<
GIFC@=<I8K@FEF=;@==<I<EK:<IK@=P@E>FI>8E@Q8K@FEJ #<J?8I<;`$K?@EB@KJI<8CCP;8E><IFLJKF
:FEK@EL<KFD8B<K?<J<JG<:@8C@Q8K@FEJ $K?@EB@K:LKJFLK8CFKF=K?<GFGLC8K@FEN?F:FLC;9<
>I<8K?<8C<IJ9LKD8P9<K?<PI<EFKJ:?FFCG<FGC< (8P9<K?<P;FEK?8M<DFE<P=FI
:<IK@=@:8K@FEJ E;$K?@EB@K8CJF:LKJFLK8CFKF=K?<GFGLC8K@FE9<:8LJ<K?<E9PK?<K@D<PFL>F
KFJ:?FFC8E;8CCF=K?8KPFL?8M<KF:?8I><8CFKF=DFE<P 4<8?$K?@EB$;FEKK?@EBK?8KK?FJ<
6FI>8E@Q8K@FEJ7JG<:@=@:8CCP8I<898II@<I9LK$K?@EB@=@K9<:8D<D8E;8KFIPKF?8M<^C@B<@=@K
9<:8D<N?<I<@=PFL?8M<8?FIJ<8E;PFLN8EKKFJ<<8:C@<EKPFL?8M<KF<@K?<I?8M<6FE<
:<IK@=@:8K@FEFI8EFK?<I7$K?@EBPFLBEFNK?<I<8I<9<E<=@KJF=:FLIJ<9<:8LJ<@KGIFK<:KJK?<
:FEJLD<I@EJFD<N8PJKFBEFNK?8KK?<I<JFM<IJ@>?K LKFEK?<FK?<I?8E;$K?@EBK?8K@KJ
9<:FD@E>KFFGIFGI@<K8IP a
-3%15)%6(1%%
!13)#)/!-3(1%% !1.+
8IFC8GJ<L;FEPDKFGIFK<:K8EFEPD@KP @J8N<CCE<JJ:F8:?N?FGI8:K@:<J HL@E<
JJ@JK<;'<8IE@E> ' 2?<E8JB<;N?8KGFGLC8K@FEJFI;@8>EFJ<JJ?<KPG@:8CCPNFIBJN@K?
8IFCI<GC@<;`$DEFK8K?<I8G@JKJF$DEFK8:KL8CCP8:HL@I@E>K?8KB@E;F=@E=FID8K@FE .F
8EPK?@E>$?8M<@JI<8CCPDFI<F=ALJKB@E;F=DPF9J<IM8K@FE E;$K?@EBK?8K$K<E;KF><K
G<FGC<N@K?:?IFE@:?<8CK?@JJL<J $><K8CFKF=G<FGC<N@K?8EO@<KPK?8K8I<JKI<JJ<; +<FGC<
KIP@E>KF=@>LI<FLKK?<@IC@=<8E;N?8KJ>F@E>FE8E;N?8KK?<@IFGK@FEJ8I< 4FLBEFNN?<E
G<FGC<:FD<KFD<=FIGI@M8K<J<JJ@FEJK?<P8I<LJL8CCP:FD@E>=FI8?<8CK?@JJL<FII<C8K@FEJ?@G
@JJL<FI8NFIBFI:8I<<I@JJL< .FK?8KJKPG@:8CCPK?<:8K<>FI@<JF=K?@E>JK?8KG<FGC<:FD<KF
D<=FI a
2?<E8JB<;89FLK?FNJ?<;<:@;<;KF>F@EKFK?@J=@<C;8IFCJ?8I<;K?8K<8ICP@E?<I
:8I<<IJ?<NFIB<;8J8C@=<:F8:?8E;?8;8JJ@JK<;@E=FLE;@E>8N<CCE<JJ:F8:?KI8@E@E>8E;
:<IK@=@:8K@FEFI>8E@Q8K@FE9<=FI<C<8M@E>K?8K=@<C;KFGLIJL<FK?<INFIB /?<EJ?<J?8I<;`$?8;
>FKK<EFLKF=K?8KC@E<F=NFIB8E;$N8EK<;KF><K98:B@EKF@K]$N8J>F@E>K?IFL>?B@E;F=
8EFK?<I;@==<I<EK:<IK@=@:8K@FE=FI:F8:?@E>?<8CK?8E;J<C=?<8C@E> E;$>FK:FDGC<K<;N@K?
K?8K8E;N8JI<8;PKF><KJK8IK<;9L@C;@E>DPN<9J@K<8E;D8IB<K@E>8E;;F@E>8CCK?8K8E;C@B<
$JK8CC<; 6C8L>?7.FD<K?@E>ALJK;@;EK=<<CI@>?K8E;$;@;EKBEFNN?8K@KN8J a
/?<E8K?<I8G@JK=I@<E;8JB<;@=8IFCNFLC;C@B<KFG8IK@:@G8K<N@K??<I@E8:FLIJ<F=
KI8@E@E>=IFDFE<F=K?<D8@E:<IK@=P@E>8><E:@<J `.?<?8;8JB<;D<@=$NFLC;;FK?<
:<IK@=@:8K@FEN@K??<I9<:8LJ<$?8M<8CFKF=<OG<I@<E:<@E?FIJ<J8E;J?<N8EK<;D<KF9<K?<
<HL@E<JG<:@8C@JK E;JFJ?<8JB<;D<KFK8B<8CFFB8K@K8E;$;@; E;$N8J9CFNE8N8P
9<:8LJ<@KN8JALJK89JFCLK<CPC@B<DP:8CC@E> .FP<8?$:8CC<;?<I98:B $KFC;?<I$D
89JFCLK<CP@EK<I<JK<;8E;K?<EPFLBEFNALJK9<=FI<K?<:<IK@=@:8K@FEJ?<9FN<;FLK E;$N8J
I<8CCP;@J8GGF@EK<;9LKK?<E$I<J<8I:?<;8E;=FLE;8CCK?<FK?<IN8PJK?8KPFL:FLC;NFIBN@K?
?FIJ<J@E:F8:?@E>8E;?<CG@E>G<FGC<JFK?8KN8J8:8K8CPJK a
=K<IK?@J<OG<I@<E:<8IFC8:?@<M<;K?I<<<HL@E<C<8IE@E>:<IK@=@:8K@FEJ=IFDKNF
;@==<I<EKE8K@FE8CFI>8E@Q8K@FEJN?@:?J?<LJ<;KF:I<8K<?<IFNED<K?F;N?@:?J?<;<J:I@9<;
8J=FCCFNJ`$KJB@E;F=8:KL8CCP$K?@EBK?<I<J8C@KKC<9@K;@==<I<EKK?8EN?8KN8J9<@E>;FE<8K
K?<K@D<K?8K$@EKIF;L:<;N?8K$N8J;F@E> E;$M<>FE<FEKFGI<J<EKN?8K$M<;FE<KF?<CG
FK?<IG<FGC<8K8:FLGC<F=:FE=<I<E:<J9<:8LJ<@KN8J8M<IPB@E;F=<8JPN8PKFJK8IKLG E;$
?8M<?<CG<;FK?<IG<FGC<N@K?;<M<CFG@E>GIF>I8DJK?8K8I<B@E;F=98J<;FEN?8K$M<;FE<
N?@:?N8J8C@KKC<9@K;@==<I<EK8KK?<K@D< a
8IFCcJ;<J:I@GK@FEF=?<IC@M<;<OG<I@<E:<8J8E<HL@E<GI8:K@K@FE<IP@<C;<;K?I<<
G?<EFD<E8K?8KGIFM<;J@>E@=@:8EKKFK?<GI@D8IPI<J<8I:?HL<JK@FEN?@:?J<<BJLE;<IJK8E;@E>
F=`K?<N?8K8E;K?<?FNaF= !+ /?<J<=<CC@EKFK?I<<F=K?<:8K<>FI@<JGI<M@FLJCP;<=@E<;
N@K?@EK?@J:?8GK<ID@E;=LCE<JJF9J<IM8K@FE8E;:FDDLE@:8K@FE
)-$&4+-%22
2?<E8JB<;KF;<J:I@9<8:8J<K?8KJKFF;FLK@E?<ID@E;8IFCcJI<JGFEJ<I<=C<:K<;
D@E;=LCE<JJ8J8D<:?8E@JDK?8K@JJ@>E@=@:8EKKF?<IGI8:K@:< /?@JK8B<JGC8:<9FK?
@EK<EK@FE8CCP8J@E8D<;@K8K@FE:@I:C<8E;@DGC@:@KCP@EK?8KK?@J8:K@M@KPJ<KJK?<JK8><=FI
LE<OG<:K<;@EJ@>?KJKF<D<I><`4FLBEFNN?<EPFL8JBK?8KHL<JK@FEK?<I<JALJKFE<K?@E>K?8K
GFGJ@EKFDP?<8; E;$;FEKBEFN@=@KJ<O8:KCPK?<B@E;F=K?@E>K?8KPFLI<CFFB@E>=FI9LK$
?8;N?8K$:8CC8?<8C@E>?FIJ<:@I:C< $KJ8D<;@K8K@FE:@I:C<$;FN@K??FIJ<J8E;N@K?8>IFLG a
JLE=FC;J@EK?<=FCCFN@E><O8DGC<K?@J;<C@9<I8K<GI8:K@:<F=D@E;=LCE<JJ:8EP@<C;M<IPI@:?
@EJ@>?KJ=FI8IFCcJ:C@<EKJ
"2%15!3).-
2?<E8JB<;89FLK?FN:?8E><:FD<J89FLK=FI?<I:C@<EKJ8IFC;<J:I@9<;F9J<IM8K@FE
8J?<ID8@EAF9 .?<F9J<IM<JK?<?FIJ<Jc<OK<IE8C9<?8M@FIJ@EJ<JJ@FEKF=8:@C@K8K<?<I:C@<EKJc
GIF:<JJF=@EK<IE8CJ<C=F9J<IM8K@FE `$KJ<OG<I@<EK@8CaJ?<J?8I<;`]$J<<@K8JDPAF9@JKF8JB
K?<I@>?KHL<JK@FEJKF?<CGK?<DJ<C=;@J:FM<I 2?8KJ>F@E>FEN?8KJNFIB@E>FIEFKNFIB@E>
=FIK?<D E;K?<EDPAF9@JKFLK@C@Q<K?<?FIJ<8E;K?<=<<;98:BK?<?FIJ<>@M@E>D<KF?<CG
>L@;<DPHL<JK@FEJ8E;N?8K$D8JB@E>8E;GIF9@E>=FI a/?@JK8B<JGC8:<FEDLCK@GC<C<M<CJ
K?<=@IJKF=N?@:?@JJ@DGC<<OK<IE8CF9J<IM8K@FEF=?FIJ<9<?8M@FI
/+)%#1 &)* -!&)
.<M<I8C<O8DGC<JF=<OK<IE8CF9J<IM8K@FE9P8IFC8JN<CC8J?<I:C@<EKJ8I<:FEK8@E<;@E
?<I;<J:I@GK@FEF=K?<JG<:@=@:?<8C@E>?FIJ<:@I:C<I<=<I<E:<;89FM< #FN<M<IFE<<OK<IE8C
F9J<IM8K@FEF=?FIJ<9<?8M@FI;LI@E>K?@J8:K@M@KPJKFF;FLK 8IFCJ?8I<;`$?8;8?FIJ<K?8K
N<EKFM<IKF8NFD8E .?<?8;8M<JKFE8E;?<?FIJ<B<GKJN@J?@E>@KJEFJ<98:B8E;=FIK?8E;
98:B8E;=FIK?8E;98:B8E;=FIK?C@B<@E8JG<:@=@:B@E;F=8I<8FEK?<I@>?KJ@;<F=?<I:?<JK8E;
I@9J]K?8KJK?<B@E;F=9<?8M@FIK?8K$D<8E$BEFNDP?FIJ<JN<CC<EFL>?KFBEFNK?8KDP
?FIJ<JALJK;FEK;FK?8K=FIALJKEFI<8JFE .FK?<I<N8JJFD<K?@E>>F@E>FE a
%+)%#1#*)-+!&%
)FK@E>K?<?FIJ<cJLELJL8C9<?8M@FI8IFC<E>8><;K?<:C@<EK@E8EFGGFIKLE@KP=FIJ<C=
F9J<IM8K@FE`$8:KL8CCP8JB<;?<I@=K?<I<N8J8EPK?@E>@EK?<GF:B<K8E;J?<J8@;EF E;K?<
?FIJ<ALJK:FEK@EL<;C@B<K?8K $D<8E@KN8JEKALJKF9M@FLJKFD< $KN8JF9M@FLJKFK?<<EK@I<
>IFLGK?8KJFD<K?@E>N8J>F@E>FE E;=@E8CCP$ALJK$?8;8E@EKL@K@FEK?8KK?<?FIJ<N8EK<;
?<IKFFG<EK?<M<JKLG E;JF$8JB<;?<I@=J?<=<CK:FD=FIK89C<FG<E@E>?<IM<JK .FJ?<
FG<E<;?<IM<JK8E;K?<?FIJ<GLK?@JEFJ<I<8CCP:CFJ<@EFE?<I8E;K?<EALJKJKFGG<;8E;
9I<8K?<; $KN8JI<8CCP=8J:@E8K@E> a
.,,4-)#!3).-
/?@J:8J<;<J:I@GK@FEI<=C<:K<;8EFK?<ID<:?8E@JDK?8K?FC;J>I<8KJ@>E@=@:8E:<8IFCcJ
GI8:K@:<:FDDLE@:8K@FE LI@E>K?<D<;@K8K@FE:@I:C<8K=@IJKK?<D<8E@E>F=K?@J?FIJ<cJ
LELJL8C9<?8M@FIN8JGLQQC@E> #FN<M<IJFFE<EFL>?@K9<:8D<:C<8IK?8KN?8K?8;K8B<EGC8:<
N8J8=FIDF=:FDDLE@:8K@FE $EK?@J:8J<;@I<:KEFEM<I98C:FDDLE@:8K@FE=IFD8E@D8CKF
?LD8E
&%-)#1 &)*+& ,$%
8IFCJ?8I<;`8E;JF8=K<IFLID<;@K8K@FE@EDP;<9I@<=$8JB<;6K?<:C@<EK78=<N8
C@KKC<DFI<GIF9@E>HL<JK@FEJ89FLKN?8KD@>?KM<9<<E>F@E>FEN@K?K?8K 2?PJ?<K?FL>?K
D8P9<K?<?FIJ<N8J;F@E>@K E;J?<:FLC;EFK=FIK?<C@=<F=?<I>@M<D<8EPI<8JFEJ?<:FLC;
LE;<IJK8E;N?PK?<?FIJ<N8J;F@E>K?8K E;<M<EK?<>IFLGKI@<;KFG8IK@:@G8K<@E
9I8@EJKFID@E>8E;K?<@I@DGI<JJ@FEJF=N?8KN8J?8GG<E@E> E;JFN<?8;K?8KB@E;F=
;<9I@<=8E;I<8CCP;@;EK:FD<LGN@K?8EPK?@E>JG<:@=@:
`.FK?<EN<C<=KK?<8I<E88E;$?8M<G<FGC<=@CCFLK8J<C=<M8CL8K@FEF=N?8K?8GG<E<;
=K<IK?<P=@E@J?<;K?8KN<:FEK@EL<;KFK8CB89FLKN?8KJLIGI@J<;K?<D8E;N?8K?8GG<E<;@E
K?8KJ<JJ@FE E;K?@JNFD8EN?FK?<?FIJ<?8;9<<E8K?<I:?<JKJ8@;bPFLBEFNN?8Kc.?<
>F<Jb$ALJKI<8C@Q<;K?8K^$?8;CLE>:8E:<II@>?KN?<I<K?<?FIJ<N8JGIF9@E>8E;$?8;8CLE>
I<DFM<; E;$?8;KL9<J:FD@E>FLKN?<I<K?<?FIJ<N8J;FNEFEDPI@9Jc8E;J?<J8@;bJF$
K?@EBK?8KDLJKM<9<<E@K cE;<M<IP9F;PALJKB@E;F=>FK>FFJ<9LDGJPFLBEFNFE
<M<IP9F;PJ8IDJ9<:8LJ<6C8L>?7P<8? a.L;;<ECP@K9<:8D<LE:8EE@CP:C<8IKF8CC@EMFCM<;K?8K
K?<?FIJ<?8;@E=8:K9<<E:FDDLE@:8K@E>JFD<K?@E>?<?8;8GG8I<EKCPG<I:<@M<;K?IFL>?
J<EJFIP89@C@K@<JK?8K?LD8E9<@E>JC<=KKFFLIFNE;<M@:<JK<E;KFC8:B
0GFEI<=C<:K@FE8E;;@J:LJJ@FE8DFE>K?<>IFLGK?<@;<88CJFJLI=8:<;K?8KK?<?FIJ<cJ
G<IJ@JK<EK9<?8M@FI;LI@E>K?<D<;@K8K@FE:@I:C<8CJF:FDDLE@:8K<;8E@DGFIK8EKD<K8G?FI=FI
K?<:C@<EK `.FK?<EN<ALJKGIF9<;8C@KKC<9@K=LIK?<I E;8E;K?<=8:KK?8KJ?<;@;EK<M<EK?@EB
F=K?8KN8J@EK<I<JK@E> E;K?<EJ?<J8@;K?8KJ?<N8JI<8CCP]EFKN8EK@E>KFK?@EB89FLKK?FJ<
K?@E>J E;J?<;I<8CCPGLJ?<;K?8K@E=FID8K@FE@E?<ID@E;;FNE8E;;@;EKN8EKKFI<8CCP
8:BEFNC<;><@K .?<;@;EKN8EKKFI<8CCP;<8CN@K?@K .F$8JB<;?<I@=@KD@>?KM<9<<E
JPD9FC@:N?8KK?<?FIJ<;@;8JB@E>?<IKFFG<ELG?<IM<JK E;J?<^@KN8JALJKC@B<K?@JC@>?K
9LC9N<EKLGN<EKFE=FI?<I a/?<;<GK?F=@EJ@>?K8==FI;<;9PK?@J?FIJ<cJ:FDDLE@:8K@FEN8J
LE=FI><KK89C<8E;I<JFE8K<;;<<GCP=FIK?<:C@<EK
8IFC:FEK@EL<;`$<E;<;LGJ<<@E>?<I8:FLGC<F=DFEK?JC8K<I8E;J?<J8@;K?8K
<OG<I@<E:<N8JALJK8I<8Cb8?8DFD<EKc=FI?<I89FLK?FNJ?<?8J;<8CKN@K??<I:8E:<I8E;
KI@<;KF;@JD@JJ@K8E;EFNJ?<N8JDL:?DFI<N@CC@E>KFFG<ELG8E;K8CB89FLK@K8E;8E;C<K@K
>F 4<8?@KN8JI<8CCPGI<KKPPFLBEFN^$D<8E^C@B<$J8@;@KN8JALJK^<M<IP9F;PN8J
N@KE<JJKF@KKFFJF@KN8JC@B<^@KN8JI<D8IB89C< /?<?FIJ<J:8EJ<EJ<K?<J<K?@E>J8E;@KJALJK
8D8Q@E> a/?FL>?;@==@:LCKKFHL8EK@=P@KN8J:C<8IKF8CCN?FG8IK@:@G8K<;@E8IFCcJ?FIJ<
D<;@K8K@FE:@I:C<K?8K;8PK?8KK?<?FIJ<cJGI<J<E:<8==FI;<;;<<G<I@EJ@>?KJK?8E8J@D@C8I
8:K@M@KP@EMFCM@E>FECP?LD8EG8IK@:@G8EKJ
%#.-$!18%2%!1#(4%23).- (!++%-'%23.3(%1.63(.&3(%)%+$
8IFCcJI<JGFEJ<J;LI@E>K?@J@EK<IM@<N;<J:I@9<;=FLIG?<EFD<E8J@>E@=@:8EKKFK?@J
GIFA<:KcJJ<:FE;8IPI<J<8I:?HL<JK@FE89FLK=8:KFIJK?8KD8P@E?@9@KFIP=8:KFIJKFK?< !+=@<C;
#<II<JGFEJ<JI<=C<:K<;D<8JLI89@C@KP=@E8E:<JGL9C@:8N8I<E<JJ8E;:F?<J@FE8JJ@>E@=@:8EK
?LI;C<J
*,)!#!+0
2?<E8JB<;N?<K?<IJ?<?8;8EP@;<8JFIFG@E@FEJ89FLK?FN 'GI8:K@:<JFI
FLK:FD<JD@>?K9<D8;<DFI<:FEJ@JK<EKCPD<8JLI89C<8IFCJ?8I<;K?8KJ?<>8K?<IJJ<C=I<GFIK
I8K@E>J=IFD:C@<EKJ9<=FI<8E;8=K<IJ<JJ@FEJ`4FLBEFN$M<?8;GIF989CPEFND8P9<8
K?FLJ8E;G<FGC<>FK?IFL>?K?@JFE<GIF>I8D $?8M<K?<DI@>?K9<=FI<K?<P>F@EJ<C=I<GFIK
K?<@IC<M<CF=JKI<JJFE8J:8C<F=FE<KF E;$?8M<K?<DJ<C=I8K<K?<@IC<M<CF=G8@E E;
K?<E8=K<IN8I;J$?8M<K?<DI<GFIK98:B8>8@E E;JF$?8M<JK8K@JK@:8CCPI<:FI;<;K?8KFM<I8
CFE>G<I@F;F=K@D< E;$K?@EBK?8K@KJ8JLG<IJLG<IJ@DGC<N8P aCK?FL>?J?<=@E;JK?<J<
J@DGC<J<C=I<GFIKFLK:FD<D<8JLI<J8;<HL8K<=FI?<IGLIGFJ<J8IFC8CJFJ?8I<;?<IFG@E@FE
K?8K`K?<I<J8CFKK?8KN<?8M<P<KKFC<8IEK?8KN<E<<;8CFKDFI<I<J<8I:?FEPFLBEFNI<8C
KI8;@K@FE8CKPG<F=I<J<8I:?FEK?<9<E<=@KJF=<HL@E<K?<I8GPFIC<8IE@E> a
,%!%,#!.)%**
2?<E8JB<;?<IFG@E@FEJ89FLKK?<C@D@K8K@FEJFI98II@<IJKFK?<>IFNK?F=K?<=@<C;8IFC
:@K<;K?<?@>?:FJK8JFE<GI@D8IP@JJL<`@KJ=@E8E:@8CCP:?8CC<E>@E> /?<GI@D8IPI<8JFE$
JK8IK<;;F@E>>IFLGJK?<N8P$D;F@E>@K@J9<:8LJ<F=GI@:@E>9<:8LJ<F=K?<:FJK .F$K?@EB
K?8KK?<I<J9<<E8CFKF=?LI;C<J a
$E8IFCJ<OG<I@<E:<K?@JGIF9C<DF=?@>?:FJK@J:FDGFLE;<;9P8C8:BF=GL9C@:
8N8I<E<JJ8IFLE;G<I:<@M<;M8CL<`=@IJKF==ALJKG<FGC<;FEKLE;<IJK8E;K?<NFIB JFN?<EPFL
?8M<G<FGC<K?8K8I<EK=8D@C@8IN@K?@K8E;K?<EPFL?8M<8?@>?GI@:<KF@K8E;K?<EFI@>@E8CCP
G<FGC<N<I<8JB@E>=FIG<FGC<KF:FDD@K?8C=;8PFI=LCC;8PJKFK?<J<KPG<JF=GIF>I8DJ$K?@EB
@KN8JALJKM<IP;@==@:LCKKFJ<CC .F$K?@EBK?8KN<M<?8;KF=@E;N8PJKFI<;L:<K?<GI@:< a
8IFCJ?8I<;?<IGIF8:K@M<8GGIF8:?=FI8;;I<JJ@E>9FK?GIF9C<DJ`$;FK?@J>IFLG
GIF>I8DJFG<FGC<:8E:FD<@EK?<P:8E<OG<I@<E:<@KK?<P:8EJ<<8C@KKC<9@KDFI<89FLKN?8K
K?<?FIJ<@J;F@E>8E;K?<@IM8CL<KFK?<GIF>I8D8E;>8@E:FE=@;<E:<@EK?<G<IJFEN?FJ
=8:@C@K8K@E> E;K?<EK?<PD@>?K9<N@CC@E>KF:FD<98:B8E;;F8GI@M8K<J<JJ@FE <:8LJ<K?8KJ
N?<E@K><KJDFI<<OG<EJ@M< .F$K?@EBK?8KK?<:FJK?8J9<<E8?LI;C< /?<LE;<IJK8E;@E>8E;
8E8N8I<E<JJF=K?<M8CL<F=K?<?FIJ<?8J9<<E8?LI;C< a
& *!&%"&
8IFC@E;@:8K<;8C8:BF=:F?<J@FE8J8EFK?<IC@D@K@E>=8:KFIKFK?<>IFNK?F=K?< !+
.?<JK8K<;`$K?@EBK?8KK?<I<JJFD8EP;@==<I<EK:<IK@=@:8K@FEJ8E;KI8@E@E>GIF>I8DJFLKK?<I<
K?8K@KJFM<IN?<CD@E> CFKF=G<FGC<N@CC:FD<KFD<8E;ALJKN8EK?<CG89FLKN?<I<K?<P
J?FLC;>F a8IFCJ?8I<;K?8K@E8;;@K@FEKF8EFM<IN?<CD@E>ELD9<IF=;@==<I<EK:<IK@=@:8K@FE
GIF>I8DJ<8:?FE<?8J@KJFNEI<HL@I<D<EKJJFD<F=N?@:?8;;KFK?<=@E8E:@8C:?8CC<E><J
D<EK@FE<;89FM<`/?<6I<;8:K<;7DF;<C@J8KNFG<IJFEDF;<C8E;K?8K<M<E=LIK?<I<J:8C8K<J
K?<GI@:< a
CFE>N@K?K?<FM<IN?<CD8E;:FE=LJ@FEI<C8K<;KFJFD8EPJG<:@=@:KI8@E@E>8E;
:<IK@=@:8K@FEGIF>I8DJ8IFC8CJF:FDD<EK<;FEK?<M8I@<KPF=<HL@E<K?<I8G<LK@:8E;C<8IE@E>
GI8:K@:<J8M8@C89C<`K?<I<JJFD8EP;@==<I<EKN8PJK?8KK?<?FIJ<J8I<9<@E>LJ<;K?<I<JFEK?<
>IFLE;FE?FIJ<98:BK?<I8GPEFEK?<I8GP a!@E8CCPJ?<:FDD<EK<;FE?FN;@==<I@E>M@<NJFE
?FIJ<D8EJ?@G:FEKI@9LK<KFK?@JC8:BF=:F?<J@FE`K?<I<JALJK8CFKF=:FE=LJ@FE89FLK?FNKF
?8E;C<?FIJ<J8E;?FNKFI@;<?FIJ<J a
-3%15)%6.41
!13)#)/!-3.41 3%5%-
.K<M<E8GJ<L;FEPDKFGIFK<:K8EFEPD@KP @J8=FID<I+I@M8K<<K<:K@M<N@K?8.@E
I@D@E8C%LJK@:< #<@J8E<OG<IK?FIJ<D8EN?F:LII<EKCPGI8:K@:<J HL@E<JJ@JK<;'<8IE@E>
' 8K8EFI>8E@Q8K@FEN?@:??<=FLE;<;8E;ILEJ 2?<E8JB<;KF;<J:I@9<?@JGIF>I8D
.K<M<EI<GC@<;`=FIK?<DFJKG8IK@KJN?8KN<:8CC8E@EK<IJG<:@<J:FDDLE@:8K@FE:FLIJ< E;
$CCK<CCPFLK?8KK?<?@JKFIP9<?@E;K?8K@JK?8KN<CC=FID8P9<K?<=@IJKP<8IK?8KN<FG<I8K<;
6I<;8:K<;E8D<F=GIF>I8D78J8=FID8CGIF>I8D=FI+/.8E;<DFK@FE8CJKIL>>C<JN<N<I<
FG<I8K@E>8J8E + E;N?8KN<N<I<=@E;@E>N8JN<N<I<;@J:FLI8>@E>8CFKF=G<FGC<=IFD
G8IK@:@G8K@E> <:8LJ<@KN8JGJP:?FK?<I8GP E;G8IK@:LC8ICPM<K<I8EJC8N<E=FI:<D<EKHL@:B
I<JGFE;<IJ>LPJC@B<DPJ<C=8J$N8J8GI@M8K<@EM<JK@>8KFI=FIP<8IJ K?<C8JKK?@E>N<N8EK@J
KF9<GJP:?F8E8CPQ<;8>8@E8E;8>8@E8E;8>8@E8E;8>8@E E;JFN?8KK?<J<>LPJ8I<CFFB@E>
=FI@JK?<PI<CFFB@E>=FIJFD<I<C@<==IFDK?<@IJKIL>>C<J E;PFLBEFN$:8EK<CCPFLK?8K
K?<I<JJFD8EPG<FGC<K?8K?8M<N8CB<;@EDP;FFIFIK?8K$M<:FD<KFDPGI<J<EK8K@FEJ8E;
J8@;b4FLBEFN@=K?@J@J>F@E>KF9<DFI<:FLEJ<C@E>:FLEKD<FLK $M<;FE<K?8K <<EK?<I<
J8KFEGC<EKPF=:FL:?<J8E;$DEFK;F@E>@K8EPDFI< c4FLJ<<.FK?8KJN?PN<F==<I@K9FK?
N8PJ E;$?8M<KFJ8PK?8KK?<D8AFI@KPF=FLINFIB@J8J8E@EK<IJG<:@<J:FDDLE@:8K@FEJ
:FLIJ< a
2?<E8JB<;89FLK?@J<EKIP@EKFK?<GIF=<JJ@FE.K<M<EJ?8I<;`$M<9<<E8?FIJ<D8E8CC
DPC@=< !IFDK?<K@D<$N8J8C@KKC<B@; $>FKD8II@<;@E8E;$?8;DP?FIJ<K?8K$;?8;=FI
JFD<K@D< E;8AF9KFFBD<8N8P=IFDDP?FD<KFNE .FDPN@=<8E;$DFM<;8E;$KFFB
DP?FIJ<N@K?D< a#<I<.K<M<EJ?8I<;?@JJKFIPF=9<@E>@E8E<NKFNE8E;D<<K@E>8CF:8C
:?@C;N?F9<=I@<E;<;?@D8E;?@J?FIJ< /?8K:?@C;LE9<BEFNEJKKF?@D?8;9<<EGI<M@FLJCP
DLK< /?@J<OG<I@<E:<J<<FDDLE@:8K@FE9<CFN =FI<J?8;FN<;?@J:LII<EK<HL@E<GI8:K@:<
LK=@IJK.K<M<EJ?8I<;`$9<:8D<8GI@M8K<@EM<JK@>8KFI E;;LI@E>K?8K:FLIJ<F=
P<8IJ8J8GI@M8K<@EM<JK@>8KFI$?8;ELD<IFLJ:8J<JN?<I<$?8;B@;JK?8K:FLC;EKJG<8B9<:8LJ<
F=KI8LD8$?8;G8I<EKJN<I<K?I<8K<E@E>JL@:@;<9<:8LJ<K?<@I:?@C;?8;9<<EB@CC<;FI?8;
:FDD@KK<;JL@:@;< 4FLBEFNALJK8CCK?@JKI8LD8 (PGI@M8K<@EM<JK@>8K@FEGI8:K@:<N8J8CFKF=
?FD@:@;<8E;JL@:@;<@EM<JK@>8K@FE9IFB<E=8D@C@<J8E;ALJK_CFKJF=KI8LD8 .F$=FLE;
DPJ<C=8>8@EB@E;F=LE:FEJ:@FLJCP9I@E>@E>G<FGC<FLKKFDP=8ID8E;?8M@E>K?<DJG<E;
K@D<N@K?DP?FIJ<JKFI<C@<M<K?<DF=JFD<F=K?<KI8LD8K?8KK?<PN<I<;<8C@E>N@K? E;K?<E
K?<I<N8J8G<I@F;F=K@D<;LI@E>K?8KK?8K$8CJF9<:8LJ<$N8J8CFE>K@D<?FIJ<D8E8E;$N8J
>@M@E>K?<J<:C@E@:JK?<J<KI8@E@E>:C@E@:JKFG<FGC<N@K??FIJ<J E;$?8;G<FGC<:FD@E>KFD<
J8P@E>PFLBEFNbN<K?FL>?KK?@JN8JALJK8?FIJ<:C@E@:9LKNFN /?@J?8J:?8E><;DPC@=< c
`4FLBEFN$?8;KNF:FLGC<JKNF;@==<I<EK:FLGC<JK?8KJ8@;K?<P:8D<?<I<=FI8:C@E@:
8=K<IK?<P?8;=@C<;=FI;@MFI:<9LKK?<P;@;EKN8EKKFCFJ<K?<@IDFE<PK?8KK?<PJG<EKFEK?<
:C@E@:JFK?<P:8D<8EPN8P E;9PK?<K?@I;;8P@EK?<:C@E@:K?<PI<:FD@E>KFD<J8P@E>
PFLBEFNb98J<;FEN?8KN<M<C<8IE<;89FLKFLIJ<CM<JK?IFL>?K?@JGIF>I8DN<I<>F@E>KF
>@M<FLID8II@8><8EFK?<IJ?FK c4FLBEFN8E;9FK?F=K?FJ<:FLGC<J8I<JK@CCD8II@<; 4FL
BEFNE@E<P<8IJC8K<I KK?8KGF@EKC@B<89FLK$I<8C@Q<;K?8K8E;$?8;G<FGC<
J8P@E>KFD<b2?8KPFLI<J?8I@E>N@K?LJ8J?FIJ<D<EPFL>FKK89<J?8I@E>N@K?FK?<IG<FGC< c
/?8KN8JB@E;F=K?<9@IK?F=K?<?LD8E8E;<HL@E<@EK<IJG<:@<J:FDDLE@:8K@FE:FLIJ< a
2?<E8JB<;N?<K?<I?@JGI8:K@:<@EMFCM<;I@;@E>.K<M<EJ?8I<;`*LIGIF>I8D;F<JEFK
@EMFCM<I@;@E> $KJ8CC>IFLE;NFIB E;K?<I<8JFE=FIK?8K_K?<I<JKNFI<8JFEJ /?<=@IJKFE<
@JK?8KN<NFLC;;@J:FLI8><8CFKF=G<FGC<=IFD><KK@E>K?<?<CGK?8KK?<PE<<;@=K?<PK?FL>?K
K?8KK?<PN<I<>F@E>KF?8M<KFI@;<8?FIJ< $EK?<G8JKJ@OP<8IJN<M<GLKKFG<FGC<
K?IFL>?K?@JGIF>I8D?<I<8KFLI98IE E;$NFLC;>L<JJK?8KGIF989CPKFF=K?FJ<
G<FGC<NFLC;?8M<EFK>FE<K?IFL>?K?<GIF>I8D@=K?<PK?FL>?KK?<PN<I<>F@E>KF?8M<KFI@;<
8?FIJ< CFKF=K?<DN<I<J@DGCP8=I8@;F=?FIJ<J /FN?<I<K?<P;:FD<?<I<8E;J8Pb$;FEK
C@B<?FIJ<J cE;JFK?<PI<EFK89FLKKF:FD<KF8GIF>I8DN?<I<K?<PK?@EBK?<PI<>FEE8><K
GLKFE8?FIJ<8E;><K9L:B<;F== +<FGC<N?F8I<8=I8@;FIK?@EBbK?<PI<ALJK>F@E>KF9L:BD<
F==FIB@:BD<FIJFD<K?@E> c.FN<GIFM@;<K?@J8J8EFEI@;@E>8CC>IFLE;NFIBGIF>I8DJF
K?8KN<;FEK;@J:FLI8><G<FGC<N?F8I<8=I8@;F=?FIJ<J .<:FE;CPKFFD8EPG<FGC<8I<GLKK@E>
G<FGC<FE?FIJ<JN@K?FLKK?<8;<HL8K<>IFLE;NFIB@EK?<I< 2@K?FLKK?<8;<HL8K<:FEE<:K@FE
N@K?K?<?FIJ< E;K?8K<C<M8K<JK?<;8E><I=8:KFIK?<I@JB=8:KFI a
CK?FL>?.K<M<EcJK?<I8G<LK@:GI8:K@:<;F<JEFK@EMFCM<I@;@E>?<JK8K<;K?8KJKL;<EKJ
N?F?8M<:FDGC<K<;?@JGIF>I8DF=K<E:FEK@EL<FEKFGLIJL<8E@EK<I<JKI@;@E>8E;
?FIJ<D8EJ?@G`*?8E;JFK?<EN?<EK?<PM<:FDGC<K<;K?<6I<;8:K<;7GIF>I8DK?<
>IFLE;NFIBGIF>I8DD8EPF=K?<D:FD<98:B=FII@;@E>C<JJFEJ *IK?<P>FKFJFD<9F;P<CJ<J
98IE8E;K?<PK8B<I@;@E>C<JJFEJN?<I<K?<P:8ELJ<N?8KK?<PM<C<8IE<;KFGLIJL<K?<@II@;@E>
C<JJFEJ 2<<M<E?8M<JKL;<EKJK?8K?8M<>FE<8E;9FL>?KK?<@IFNE?FIJ<J8E;EFN?8M<K?<@I
FNE?FIJ<JJ@E:<K?<GIF>I8D a
.K<M<EcJ;<J:I@GK@FEJF=?@JC@M<;<OG<I@<E:<P@<C;<;J<M<I8CJ@>E@=@:8EKJK8K<D<EKJ
I<C8K@E>KFK?@JJKL;PcJGI@D8IPI<J<8I:?HL<JK@FE /?<J<I<=C<:K<;K?<D<JF=D@E;=LCE<JJ
<D9F;@D<EK:FEE<:K@FE8E;:FDDLE@:8K@FE
)-$&4+-%22
/NFD@E;=LCE<JJG?<EFD<E8?<C;J@>E@=@:8E:<N@K?@E.K<M<EcJ@EK<IM@<N89FLK?@J
<HL@E<C<8IE@E>GI8:K@:<FG<EE<JJKF<OG<I@<E:<8:K@M@K@<JKFJ<KK?<JK8><=FII<:<GK@M@KP 8E;
J<C=I<=C<:K@FE8:K@M@K@<JKFD@E;=LCCP@EK<>I8K<C<JJFEJ=IFDK?<?FIJ<J
'%%**+& /')!%
2?<E8JB<;KF;<J:I@9<?@JGIF>I8D.K<M<EJ?8I<;K?8K?<9<>@EJ<8:?J<JJ@FEF=?@JJ@O
N<<BGIF>I8DN@K?:C8JJIFFDNFIBN?@:?@E:FIGFI8K<J8J<I@<JF=D@E;=LCE<JJ98J<;8:K@M@K@<J
8E;K?<FIPKFJ<KK?<JK8><=FI@EJ@>?KJ=IFDNFIB@E>N@K?K?<?FIJ<J #<J?8I<;`=@IJKN<<BK?<P
:FD<=FIK?<=@IJKKNF?FLIJ 2<?8M<8ELGJK8@IJ:C8JJIFFDK?8KFM<ICFFBJFLI8I<E8] N<J<K
@KLG@E8:@I:C<N?8KN<:8CC8K8CB@E>:@I:C<FI8E<OGI<JJ@FE:@I:C< 2<J@KFE;FNE8E;N<B@E;
F=><KKFBEFN<8:?FK?<I M<IP9F;PD8P9<K<CCJK?<@IJKFIPFIC@JK<EJKFFK?<IG<FGC<JJKFI@<J
89FLKK?<@IC@=<8E;PFLBEFNN?PK?<PI<?<I< E;FE:<N<;FK?8KN<;F8D<;@K8K@FE $KJ
I<8CCPEFK8KPG@:8CD<;@K8K@FE $KcJB@E;F=8M8I@8K@FEF=D<;@K8K@FEK?8KJ:FD=FIK89C<=FI
<M<IP9F;P9<:8LJ<EFK<M<IP9F;PJ:FD=FIK89C<N@K?D<;@K8K@FE *E:<N<;FK?8KN<;FJFD<
@EKL@K@M<NI@K@E>8E;;FJFD<@EJG@I8K@FE8CNFIB89FLKK?<@I@EKL@K@M<NI@K@E> 2<JFD<K@D<J;F
JFD<PF>8FIJFD<K8@:?@8JG8IKF=8I<C8O8K@FEGIF>I8D8E;J<C=8N8I<E<JJGIF>I8D E;K?<E
N<>F;FNEJK8@IJ8E;N<D<<K?FIJ<J E;K?8KJB@E;F=K?<=@IJKJ<JJ@FE a
##+!&%
%8D<JJ?8I<;K?8K8CK?FL>?<DG?8J@JFEK?<J<:C8JJIFFD8:K@M@K@<J;<:I<8J<J8J?@J>IFLG
F==@M<FIG8IK@:@G8EKJ GIF:<<;JK?IFL>?K?<GIF>I8DK?<P9FFB<E;<8:?<HL@E<J<JJ@FEKF
F==<I:C@<EKJ@DGFIK8EKFGGFIKLE@K@<J=FI9FK?GI<G8I8K@FE9<=FI<8E;I<=C<:K@FE8=K<IN8I; .K<M<
=@E;JK?@JGI8:K@:<F=J<C=I<=C<:K@FE8JJ@JKJ?@J:C@<EKJKF@EK<>I8K<K?<@IC<8IE@E>8E;><E<I8C@Q<
K?<@I<OG<I@<E:<JN@K?K?<?FIJ<J`JFK?<EK?8KE<OKJ<JJ@FEN<;FJFD<F=K?8K:C8JJIFFDNFIB
8E;K?<EN<I<;FNEN@K?K?<?FIJ<JHL@:B<I E;N<JG<E;DFI<K@D<N@K?K?<?FIJ<J E;
GIF>I<JJ@M<CP8JN<>FK?IFL>?K?<J@ON<<BJN<;F8C@KKC<C<JJ:C8JJIFFDNFIB8E;DFI<?FIJ<
NFIB LKN<8CN8PJ<E;LG@EK?<:C8JJIFFDB@E;F=GIF:<JJ@E>N?8K?8GG<E<;N@K?K?<?FIJ<J
8E;?FNN<I<C8K<K?<K?@E>JK?8K_K?<G?@CFJFG?@<J8E;D<K?F;JK?8KN<NFIBFE@EK?<
:C8JJIFFD89FLKFLIJ<CM<J8E;89FLKC@=<_?FNK?8K<HL8K<JKFN?8KJ?8GG<E@E>N@K?K?<?FIJ<
8E;?FNK?<?FIJ<@JI<JGFE;@E>KFLJ .F@KJI<8C?8E;JFE *E<F=K?<GIF=<JJFIJF=E<LIFCF>P
KFC;D<J?<J8@;K?8K@KN8JGIF989CPK?<9<JK:F>E@K@M<<O<I:@J<J?<J<M<IJ<<E@E8GIF>I8D a
,".$),%-3
.K<M<EcJ !+GI8:K@:<8:K@M<CP@EK<>I8K<JKFG;FNE:F>E@K@M<CP98J<; 8E;9FKKFDLG
JFD8K@:8CCP98J<; C<8IE@E><OG<I@<E:<J9P8CK<IE8K@E>K?<D@E;=LC@EK<EK@FE8CNFIB;<J:I@9<;
89FM<N@K?FGGFIKLE@K@<J=FI<D9F;@<;J<EJFI@DFKFI<OG<I@<E:<JN@K?K?<?FIJ<J`9<:8LJ<a8J
?<JK8K<;`N<I<EFKALJKK8CB@E>89FLK?FNK?@E>J:8E:?8E>< $EK?<:C8JJIFFDN<K8CB89FLKK?<
N8PN<:8E:?8E><FLIG<IJG<:K@M<FEC@=<8E;K?<EN<>F;FNE8E;@K9<:FD<JI<8CN@K?K?<
?FIJ< 4FLI<<OG<I@<E:@E>8J<EJ8K@FE 4FLI<EFKALJK<OG<I@<E:@E>8E<O8DGC<F=JFD<K?@E>
PFLI<<OG<I@<E:@E>8J<EJ8K@FE a
)-&,*0*+$,#+!&%
.K<M<EJ?8I<;K?8K8M<IP@DGFIK8EK8JG<:KF=?@JNFIB@EMFCM<JK<8:?@E>:C@<EKJKF
9<:FD<:FEJ:@FLJF=K?<@I9F;@<Jc@EK<IE8CJK8K<J8E;GIF:<JJ<J9<=FI<;LI@E>8E;8=K<INFIB@E>
N@K?K?<?FIJ<J /?@J@E:CL;<JFGGFIKLE@K@<JKFEFK@:<8E;:LCK@M8K<J<C=8E;:FI<>LC8K@FE@EK?<@I
GI<J<E:< #<JK8K<;`N<NFIB8CFKN@K?M8I@89C<?<8IKI?PK?DJ8E;M@9I8K@FEJ /?<N8PN<
I<JFE8K< .FN<JK8IKC<8IE@E>?FNKFI<:F>E@Q<K?8KE;PFLBEFN$=FCCFNK?<#<8IK(8K?
$EJK@KLK<JNFIB8E;$KIP8E;8GGCP8CFKF=K?8KKFN?8KN<I<;F@E> <:8LJ<@KJGI<KKP<M@;<EK
K?8KK?<?FIJ<J8I<:?8E>@E>K?<N8P_K?<PI<:?8E>@E>LJD<K89FC@:8CCP
`4FLBEFN$?8M<G<FGC<K<CCD<PFLBEFNbDP8EO@<KPC<M<CcJ;FNEcbDP9CFF;
GI<JJLI<J;FNEcPFLBEFNb8CCK?<J<K?@E>J$M<EFK@:<;@ED<JG<E;@E>K@D<N@K?K?<?FIJ<c
PFLJ<< .FK?<GIF:<JJ@J:C8JJIFFD8E;?FIJ<NFIB8E;K?<E:C8JJIFFD8E;?FIJ<NFIB 8:B
8E;=FIK? E;PFLBEFNK?<KNF>FKF><K?<I E;8KK?<<E;F=K?<6GIF>I8D7@K8CCB@E;F=
:FD<JKF><K?<I8E;@KJC@B<89@>C@>?K:8D<FE a
.--%#3).-
2?<E8JB<;KF<C89FI8K<FE:?8E><:FD<J89FLK=FIK?<G8IK@:@G8EKJ@E.K<M<EcJGIF>I8D
?@J8EJN<I<DG?8J@Q<;:FEE<:K@FE8JK?<8EK@;FK<KF@JFC8K@FE FEE<:K@FE@E?@JGIF>I8D
:<EK<IJFE<DFK@FE8CJ8=<KPM8CL@E>FE<J<C=8E;?8M@E>K?<:FLI8><KF`C<8;K?<?<I; a
+0+ )&, &%%+!&%
.K<M<EJ?8I<;K?8KD8EPF=?@J:C@<EKJ8I<I<KLIE@E>JFC;@<IJN?F@EK?<@I8KK<DGKJKF
=@E;J8=<CP?8M<C<8IE<;K?<LEJ8=<:FG@E>JKI8K<>PF=J<C=@JFC8K@FEN?@:?G<IG<KL8K<J8:P:C<F=
;@J:FEE<:K@FECFE<C@E<JJ8E;I8>< 2FIB@E>N@K?K?<?FIJ<J@E?@JGIF>I8DF==<IJK?<J<:C@<EKJ
FGGFIKLE@K@<JKF<OG<I@<E:<J8=<KPK?IFL>?:FEE<:K@FEKFK?<?FIJ<N?@:?@JLCK@D8K<CP8:?@<M<;
K?IFL>?I<:F>E@Q@E>K?<@IFNEM8CL<8E;K?<I<9P:FEE<:K@E>KFK?<DJ<CM<J %8D<JJK8K<;`*E<
F=K?<=@IJKK?@E>JN<NFIBFE@EK?<8I<E8N@K?K?<?FIJ<_8=K<IK<8:?@E>JFD<F=K?<
G?@CFJFG?@<J8E;9<?8M@FI<HL@E<9<?8M@FIJM<IJLJ?LD8E9<?8M@FIJ_K?8KB@E;F=K?@E> *E<
F=K?<=@IJKK?@E>JN<J?8I<N@K?FLIJKL;<EKJ@J?FNKF9<:FD<K?8K?FIJ<JJ8=<GC8:< E;
K?<I<JG8IK@:LC8ID<K?F;JK?8KN<LJ<KF;FK?8K E;G?@CFJFG?@<JK?8KK?<PM<C<8IE<;@EK?<
:C8JJIFFDK?8K?<CGK?<D><KK?<I< E;@KJI<8CCP@DGFIK8EKG8IK@:LC8ICP=FIJFD<9F;PN?F
=<<CJ;@J:FEE<:K<;N@K?JF:@<KPFLIJFC;@<IJ9<@E>8I<8CCP>FF;<O8DGC<F=K?8K CFKF=FLI
M<K<I8EJ:FD<98:B8E;K?<PI<KIP@E>KFI<@EK<>I8K<@EKFK?<@I:FDDLE@K@<J8E;K?<@I=8D@C@<J
8E;K?<P=<<CI<8CCP;@J:FEE<:K<; $KJI<8CCP@DGFIK8EK=FIK?<DKFLE;<IJK8E;?FNM8CL89C<K?<P
8I<@EK?@JI<C8K@FEJ?@GN?8KN<:8CCPFLBEFN8?<I;F=KNF E;K?<P9<:FD<K?<C<8;<IF=
K?8K?<I;F=KNF E;JFN?<EK?<P<OG<I@<E:<K?<M8CL<F=9<@E>K?@J?FIJ<JJ8=<GC8:<@K
:?8E><JK?<@IG<IJG<:K@M<F=K?<DJ<CM<J a
&%%+!&%+&#
%8D<J:FEK@EL<;`.F$?8;8PFLE>(8I@E<N?F:8D<KFK?<GIF>I8D E;K?<=@IJK
E@>?K?<KFC;LJ?<;@;EK<M<E9<CFE>?<I<K?8K?<FECP:8D<9<:8LJ<?@JN@=<8E;?@J:FLEJ<CFI
FIK?<I8G@JK@EJ@JK<;K?8K?<KIPK?@J LK?<J8@;bPFLBEFN$?8M<DPFNED<K?F;F=;F@E>
K?@E>JN@K?DP+/.c8E;?<J8@;b$;FEKI<8CCPE<<;K?@J c.F8E;K?8KD<K?F;N8JCF:B@E>
?@DJ<C=LG=FI8G<I@F;F=K@D<<M<IP;8PKFB<<G=IFD>F@E>98CC@JK@:N@K??@J=8D@CP E;JF?<
>F<JK?IFL>?K?<GIF>I8D8E;89FLKK?<K?@I;FI=FLIK?N<<B$K?@EB@KN8J?<:8D<@E8E;?<
N8EK<;KFK8CBKFD<GI@M8K<CP
`E;JFN<N<EK8E;K8CB<; E;?<@J8>LPN?F?8;8KK<DGK<;JL@:@;<8E;@KN8J_
<M<IP9F;PBE<N@K $KN8J89@>;<8C8E;K?<P98I<CPJ8M<;?@D8E;8CCK?8KB@E;F=JKL== .F?<
:8D<KFD<8E;?<J8@;bPFLBEFNK?8KK?@E>N<M<9<<EC<8IE@E>?<I<89FLKK?<J8=<GC8:< c
E;$J8@;bP<J cE;?<J8@;b$ALJKN8EKPFLKFBEFNK?8K$DEFK>F@E>KF:FDD@KJL@:@;< 4FL
;FEK?8M<KFNFIIP89FLKK?8KEFN cE;?<C8L>?<;
`#<J8@;bC8JKN<<B8=K<IK?@J8=K<IFLI:C8JJ$N<EK?FD<8E;$I<8C@Q<;K?8K$DDPN@=<
8E;DPC@KKC<>@ICJJ8=<GC8:< E;$E<<;KF9<K?<I<=FIK?<D $:8EK@D8>@E<K8B@E>DPFNEC@=<
EFN $I<8CCPC<8IE<;K?8KN@K?K?8K?FIJ< /?8K?FIJ<I<8CCP?<CG<;D<LE;<IJK8E;?FN@DGFIK8EK
$8DKFDPN@=<8E;DPC@KKC<>@IC c.FK?8KJK?<B@E;F=K?@E>N<J<<FE8I<>LC8I98J@JPFL
BEFNK?<PI<K8B@E>K?<J<G?@CFJFG?@<J8E;K?<J<D<K?F;J8E;K?<PI<K8B@E>K?<<OG<I@<E:<N@K?
K?<?FIJ<8E;K?<PI<8GGCP@E>@KKFK?<@IC@=<8E;@KJNFIB@E> a
$&+!&%#&%%+!&%
2?@C<<DFK@FE8C:FEE<:K@FE8J8K?<I8G<LK@:D<:?8E@JDF=8:K@FE@J;@==@:LCKKF;<J:I@9<
@E:FE:I<K<K<IDJ@K:8E9<;<DFEJKI8K<;@EK<IDJF=C@M<;<OG<I@<E:< /?<=FCCFN@E>:8J<
<O8DGC<@CCLJKI8K<J?FN?FIJ<J:8EK<8:??LD8EJ<OG<I@<EK@8CC<JJFEJ89FLK<DFK@FE8C
:FEE<:K@FE `$cCCK<CCPFL8EFK?<IC@KKC<JKFIP89FLK8:?8GC8@E 2?F?<J8:?8GC8@E=FIC8N
<E=FI:<D<EKN?FJ<<M<IP;8PNFIB@J>F@E>8E;BEF:B@E>FEJFD<FE<J;FFIK<CC@E>K?<DK?8K
K?<@ICFM<;FE<J9<<EB@CC<;@E8:8I8::@;<EKFI?FD@:@;<FIJL@:@;<FIN?8K<M<I E;?<:8D<
KFK?<GIF>I8D8E;PFLBEFNJ<M<I8CF=K?<FK?<IG<FGC<@EK?<GIF>I8DBE<N?@D E;K?<P
N<I<K<CC@E>D<C@B<bNFN?<I<8CCPE<<;JK?@J9<:8LJ<F=N?8K?<;F<J c
`.F@EK?<K8CB@E>:@I:C<?<K8CB<;8C@KKC<9@K89FLK?FNKI8LD8K@:@K@JKFBEF:BFE
JFD<FE<J;FFI8E;K<CCK?<DK?8KK?<@I:?@C;?8;9<<EB@CC<;9LK E;?<KFC;LJK?8K?<8E;?@J
N@=<N<I<NFIB@E>FEK?@JFK?<IGIF>I8D9LK@KN8JEK>F@E>M<IPN<CC E;?<B@E;F=8CCL;<;
KFK?8KPFLBEFN?<8E;?@JN@=<N<I<EK><KK@E>8CFE>M<IPN<CCFM<IK?@JN?FC<@JJL<9LK@K
;@;EK><K@EKF@KM<IP;<<G .FK?<J<:FE;;8PF=K?<GIF>I8D6]7$DK<8:?@E>K?<D?FNK?8K
?FIJ<I<JGFE;JKFK?<<E<I>PC<M<CK?8KN<?8M<N?8KN<GIFA<:K=IFDFLI?<8IK:<EK<I8E;?FN
N<J8PK?8EBPFL=IFDFLI?<8IK8E;EFK=IFDFLIC<=K9I8@EJ<< .F$?8M<K?@JGIF:<JJK?8K$
?8M<K?<D>FK?IFL>?8E;$D8JB@E>K?<DKF8JBK?<@I?FIJ<K?<J<HL<JK@FEJ E;?@J?FIJ<
8EJN<I<;?@JHL<JK@FEKN@:<8E;K?<EJKFGG<; E;NFLC;EK;F8EPDFI<8E;>FK=ILJKI8K<; E;
JFN<EKFM<IKF?@D8E;$8JB<;?@D@=$:FLC;?<CG?@D E;?<J8@;bP<8?K?@J;F<JEKNFIB
=FID<c?<J8@;b@KNFIB<;KN@:<9LKEFN@K;F<JEKNFIB /?<?FIJ<;F<JEKN8EK8EPK?@E>KF;F
N@K?D< c
`.F$J?FN<;?@D E;$<OGC8@E<;KF?@D$J8@;bI<D<D9<IN<C<8IE<;@EK?<
:C8JJIFFD89FLKPFLBEFNK?@EB@E>N@K?FLI?<8IK8E;EFKN@K?FLI?<8;E;8EJN<I@E>K?<
HL<JK@FEJ8E;J?FN@E>8GGI<:@8K@FE=IFDFLI?<8IKcPFLBEFNE;$J8@;bJFN?8K$DJ<<@E>
?<I<@JK?@J?FIJ<I<JGFE;<;KFK?8K #<8EJN<I<;PFLIHL<JK@FEKN@:< LKPFL;@;EKK?8EB?@D
=IFDPFLI?<8IKPFLK?8EB<;?@D=IFDPFLI?<8; /?<I<JEF8GGI<:@8K@FE:FD@E>=IFDPFLI
?<8; $K?8JKF:FD<=IFDPFLI?<8IK cE;$J8@;bJFN?<EPFLK?8EBK?@J?FIJ<N@K?PFLI?<8IK
?<N@CCI<JGFE;KFPFL <:8LJ<EFN?<:8EKILJK cE;JF$J<EK?@D98:B8K@K E;?<N8JB@E;
F=@EK<8IJ8E;GI<KKP<DFK@FE8C89FLKK?<N?FC<K?@E> LK?<N<EK98:BKF@K E;@KNFIB<; CC
F=8JL;;<EK?@J?FIJ<N8JALJK>CL<;KF?@D a/?@J<O8DGC<@CCLJKI8K<J?FN.K<M<cJ?FIJ<J:8E
K<8:??LD8EJN?<EN<8I<EFK:FEE<:K<;KFFLI=<<C@E>JK8K<J8E;K?<;@==<I<EK<OG<I@<E:<JK?8K
:8E9<9FK?>@M<E8E;I<:<@M<;N?<EN<8I<89C<KF:FEE<:KKFFLIJ<CM<J
-<>8I;@E>K?<<==<:KK?8KK?@J;8PF=NFIB@E>N@K?K?<?FIJ<?8;FEK?@JJKL;<EK%8D<J
J?8I<;`8E;JFN<=@E@J?<;LGK?<;8P /?8KN8J8.8KLI;8P E;.LE;8PDFIE@E>?<:8D<8E;
?<8E;?<8JB<;KFK8CBKFD< E;?<KFC;D<?<J8@;b4FLBEFNK?8KK?@E>K?8K?8GG<E<;
P<JK<I;8PN@K?K?<K?8EBPFLcE;$J8@;bP<8? c#<J8@;b$I<8C@Q<;N?<E$N<EK?FD<C8JK
E@>?KK?8K@EP<8IJF=D8II@8><$?8M<E<M<I>@M<EDPJ<C=KFDPN@=<C@B<PFL?8;D<>@M<
DPJ<C=KFK?8K?FIJ< .F$;@;C8JKE@>?K $N<EK?FD<8E;$>8M<DPJ<C=KFDPN@=< '@B<$>8M<
DPJ<C=KFK?8K?FIJ< cE;?<J8@;b2<?8;K?<DFJK8D8Q@E><M<E@E>F=P<8IJ ca+I@FIKFK?@J
<OG<I@<E:<K?<JKL;<EK?8;9<<ELE89C<KF;@==<I<EK@8K<N?<E?<N8J8M8@C89C<KF:FEE<:K
<DFK@FE8CCPM<IJLJN?<E?<N8JEFK =K<IGI8:K@:@E>K?@JE<NJB@CCK?<:C@<EKN8J89C<KF9I@E>
K?<C<JJFE?FD<N@K??@D
$EI<=<I<E:<KFK?@J:8J<.K<M<E:FE:CL;<;`JFK?8KJPFLBEFNK?8KJK?<B@E;F=K?@E>
N<I<NFIB@E>KFN8I;J /?8KJK?<B@E;F=K?@E>N<?FG<FLIJKL;<EKJ8::FDGC@J? .<C=
;@J:FM<IP8N8I<E<JJ89FLKK?<@IGI<J<EK8K@FE@EC@=<8E;PFLBEFN?FNKF8JBHL<JK@FEJ8E;
?<8IK?<8EJN<IJKFK?<@IHL<JK@FEJ #FNKF8GGI<:@8K<K?<8EJN<IKFK?FJ<HL<JK@FEJ .FD<K@D<J
K?<PI<EFK<O8:KCPN?8KN<?FG<K?<8EJN<I@J>F@E>KF9<<@K?<I9LKN<C<8IEKF8GGI<:@8K<K?8K
8EJN<I a
.,,4-)#!3).-
FDDLE@:8K@FE@J:C<8ICPK?<D<:?8E@JDF=K?<I8G<LK@:8:K@FEDFJKJ@>E@=@:8EKKF
.K<M<EcJ<HL@E<GI8:K@:< #<I<=<IJKF?@J<HL@E<C<8IE@E>GIF>I8D8J8E@EK<IJG<:@<J
:FDDLE@:8K@FE:FLIJ< $EK?@J:FLIJ<K?<=FIDF=:FDDLE@:8K@FE<DG?8J@Q<;@JC8I><CPEFE
M<I98C9<KN<<E?FIJ<8E;?LD8E #FN<M<IK?<@E:<GK@FEF=?@JGIF>I8D:FEK8@E<;8E<O8DGC<
F=?FNNFIB@E>N@K??FIJ<J:8EGIFDFK<M<I98C:FDDLE@:8K@FE8JN<CC
)#
.K<M<EcJE8II8K@M<89FLK?FN?<:8D<@EKF<HL@E<GI8:K@:<@E:CL;<;8;<J:I@GK@FEF=
G@MFK8C<OG<I@<E:<@EN?@:??<8E;?@J?FIJ<@E8;M<IK<EKCP=8:@C@K8K<;8EFEM<I98C:?@C;cJ8::<JJ
KFJG<<:?`$<E;<;LGI<8CCPLE:FEJ:@FLJCP?<CG@E>8C@KKC<9FPN?F?8;EKJGFB<E=FIK?I<<
P<8IJK8CB8>8@EN@K?DP?FIJ< #@J;8;:8D<KFD<@EK<8IJ8E;J8@;bPFLBEFN$>FKKF?8M<
K?8K?FIJ<9<:8LJ<DPJFEJK8CB@E>KF?@D cE;$;@;EK<M<EBEFNK?@JC@KKC<9FP:FLC;EKK8CB
:8LJ<?<K8CBJKFD<8E;DP?FIJ< E;=FIN<<BJ$D>@M@E>?@DGFEPI@;<J8E;?<JK8CB@E>KF
D<C@B<8EPFK?<IC@KKC<J<M<EFI<@>?KP<8IFC;B@; E;?@J;8;:FD<JKFD<8E;J8PJbN<M<
?8;?@DKF<M<IPK?<I8G@JK@EK?<6I<>@FE78E;?<J9<<EDLK< 4FLBEFNK?@J?FIJ<?8J?8J
:?8E><;FLIC@M<J cE;JF$<E;<;LGJ<CC@E>?@DDP?FIJ<8E;NFIB@E>N@K?K?8KC@KKC<9FP=FI
89FLKK?<E<OKJ@ODFEK?JK?8KN<C@M<;K?<I< .FK?8KB@E;F=_K?8KB@E;F=FG<E<;K?<;FFIJ=FI
D< J=8I8JPFLBEFNN?8KDP?FIJ<J?8;9<<E;F@E>=FID<8J8:?@C;8E;8J$>I<NLGN@K?
K?<D$I<8C@Q<;K?8KPFLBEFNK?<I<JALJK8CFKF=C@KKC<B@;J8CFKF=G<FGC<K?8K;FEK?8M<K?8K
FGGFIKLE@KP a
&%-)#1 &)*+& &)* ,$%+& &)*
2?<E8JB<;KF<C89FI8K<FEN?8K?<I<=<IJKF8J@EK<IJG<:@<J:FDDLE@:8K@FE%8D<J
J?8I<;89FLK?@JFNE<OG<I@<E:<F=C<8IE@E>KF:FDDLE@:8K<N@K??@J?FIJ< `2<CCN<JG<8B
N@K?FLI<P<J8E;K?<?FIJ<LE;<IJK8E;JK?8KC8E>L8><9<KK<IK?8EN<;F (P?FIJ<.8DN8JK?<
FE<N?FK8L>?KD<?FNKF:FDDLE@:8K<N@K?DP<P<JN@K?8?FIJ<
`$N8K:?<;?@D:FDDLE@:8K<N@K?DPC@KKC<?<I;F=?FIJ<J8K=<<;@E>K@D< E;8=K<I8CC
K?<P<8IJK?<C@>?KJALJKB@E;F=:8D<FE8E;$J8@;b2FN?<J;F@E>JFD<K?@E>$?8M<E<M<I
;FE< c.F$GI8:K@:<;K?8KN@K??@D E;N?<E$=@E8CCP:FEE<:K<;N@K??@DN@K?DP<P<J?<
:8D<98:BKFD<N@K?C@B<b4FL=@E8CCP><KK?@JG8CcPFLBEFN E;JFN<C<8IE<;KF
:FDDLE@:8K<N@K?FLI<P<J E;N<:8EN<:8E8JBK?<DHL<JK@FEJ 2<:8E8EJN<IK?<@I
HL<JK@FEJN<:8EDFM<K?<@I9F;PG8IKJN?<K?<IN<I<FEK?<>IFLE;FIFEK?<@I98:BJN<:8E
9<K?<@IC<8;<IJK?IFL>?FLI<P<:FEE<:K@FE /?IFL>?FLI<P<:FDDLE@:8K@FE E;K?8KJI<8CCP
@DGFIK8EK $K<CCDPJKL;<EKJK?8K8CCK?<K@D<@EK?<:C8JJ
`*E<F=K?<K?@E>J$<HL8K<K?@JKF@J_PFLBEFNN<M<8CCJ<<EK?<J<N@C;C@=<GIF>I8DJ
N?<I<K?<I<J8C@FE8E;8Q<9I88KK?<J8D<N8K<I@E>?FC<PFLBEFN E;K?<I<8JFE=FIK?8K@J
PFLM<>FK8GI<;8KFI8E;8E8E@D8CF=GI<P LKK?<PN@CC9FK?BEFNK?8KK?<PI<K?<I<=FIN8K<I
/?<P:FDDLE@:8K<K?IFL>?K?<@I<P<J E;K?<D@ELK<K?8KC@FEJ<P<:?8E><J=IFDb$DALJK
><KK@E>N8K<I=FIDPJLIM@M8CcKFb/?8KQ<9I8@J8GFJJ@9C<CLE:?cK?<Q<9I8BEFNJ@K $E_@E8
D@:IFJ<:FE; E;?<JFLKF=K?<I<PFLJ<< %LJK9PK?8KC@FEJ<P<J /?<N8PK?<C@FECFFBJ8K
?@D
`E;JF@KJKIL<N@K??FIJ<J 2<I<GI<;8KFIJ8E;K?<PcI<GI<P .FK?<PI<:FEJK8EKCP
CFFB@E>=FIFLI<P< !FIKILJK=FI;@I<:K@FE8E;=FIK?<J8=<GC8:< .F 4FLBEFN$KIP8E;K<8:?
DPJKL;<EKJ?FN@DGFIK8EK@K@JK?8KK?<PF==<IK?<?FIJ<K?<@I<P<8E;K?<P:FDDLE@:8K<N@K?
K?8K<P< E;K?<EK?<E<OKG8IKF=K?8K@JK?<<P<:8EKC@< *LIDFLK?J:8EC@<9LKFLI<P<J:8EK
C@< E;JFPFLBEFNFK?<I?LD8EJI<8;FLI<P<J8JN<CC8J?FIJ<J
`E;N<;FEK8CN8PJLE;<IJK8E;?FNDL:?N<I<I<8;@E>JFD<9F;P<CJ<J<P< 0EK@C_
K?<P?8M<8G8@IF=JLE>C8JJ<JFE 2<I<8CCLE:FD=FIK89C<K8CB@E>KFJFD<9F;PN@K?;8IB>C8JJ<J
FE 2?<EN<:8EKJ<<N?<I<K?<@I<P<J8I< E;JFDPJKL;<EKJ9<:FD<I<8CCP8N8I<F=K?8K
2?<EK?<PI<8C@Q<?FN@DGFIK8EKPFLI<P<@J /FK?@JK?@J8E@D8CF=GI<P a
%#.-$!18%2%!1#(4%23).- (!++%-'%23.3(%1.63(.&3(%)%+$
/?@J@EK<IM@<NP@<C;<;=FLII<JGFEJ<JJ@>E@=@:8EKKFK?@JJKL;PcJJ<:FE;8IPI<J<8I:?
HL<JK@FEI<>8I;@E>G<I:<@M<;C@D@K8K@FEJ8E;FI98II@<IJKFK?<>IFNK?F=K?<=@<C; .K<M<EJ?8I<;
?@J@;<8J89FLKK?<D<8JLI89@C@KPF=<HL@E<=8:@C@K8K<;GI8:K@:<J8E;@;<EK@=@<;K?I<<FK?<I8I<8JF=
:FE:<IEGL9C@:8N8I<E<JJ=LE;@E>8E;K?<C8:BF=:F?<J@FE8E;:C8I@KP8DFE>GI8:K@:<J8E;
GI8:K@K@FE<IJ
*,)!#!+0
.K<M<EcJI<JGFEJ<KFK?<@EHL@IP@EKF?@J@;<8J89FLKK?<D<8JLI89@C@KPF=<HL@E<
GI8:K@:<JI<=C<:K<;B<<E@EK<I<JK`N<I<NFIB@E>FE8GIF>I8DI@>?KEFNKFJK8IKD<8JLI@E>
M@K8CJ E;CFE>K<ID<==<:KJ .FFE<F=K?<GIFA<:KJ@JN<CC9<GLKK@E>DFE@KFIJFEJFD<F=FLI
JKL;<EKJK?8KMFCLEK<<I8E;DFE@KFIJFEK?<?FIJ<J8JN<CC /F;<DFEJKI8K<N?8KD<K89FC@:
:?8E><JF::LIN@K?K?<@I?<8IKI?PK?DJ8E;=I<HL<E:@<J8E;?<8IKI8K<J E;JC<<G@J89@>;<8C
`$cM<>FK8:FDG8EPI@>?KEFNK?8K$DK8CB@E>KF89FLK89I8:<C<KK?8KDPJKL;<EKJN@CC
N<8IK?IFL>?K?<J@ON<<BG<I@F; .FK?8K@KCC8CJFD<8JLI<K?<@IJC<<G8:K@M@KP <:8LJ<FE<
F=K?<K?@E>JK?8KJ:FD<98:BKFD<9PJFD<F=DPJKL;<EKJ^@EG8IK@:LC8IM<K<I8EJ^PFLBEFN
K?<PCCJ8P@EK?<=FLIK?FI=@=K?N<<BF=J@ON<<BJK?<PCCJ8PbNFNK?@J@JK?<=@IJKK@D<$JC<GK
8CCE@>?KJ@E:<$N8J;@J:?8I><;cPFLBEFNE;$K?@EBK?8KK?8KJ8?L><K?@E>9<:8LJ<8CFKF=
G?PJ@:8C?<8CK?@J;@I<:KCPI<C8K<;KFFLIJC<<GHL8C@KP
`4FLBEFN$D?8M@E>G<FGC<8JBD<8CCK?<K@D<b$JK?@J8?<8CK?9<E<=@Kc4FLBEFN
b*9M@FLJCP@KJ8D<EK8C?<8CK?9<E<=@K9LK@JK?<I<8G?PJ@:8C?<8CK?9<E<=@KcE;N@K?FLKK?<
;8K8KF;8P$JK@CCJ8P@K@J <:8LJ<$D><KK@E>JFDL:?=<<;98:B=IFDJKL;<EKJJ8P@E>PFL
BEFNb$JC<<G9<KK<IcPFLBEFNb$DEFKN8B@E>LG@EK?<E@>?Kc8E;b$DEFK?8M@E>K?<98;
;I<8DJ$N8J?8M@E> c.F$DB@E;F=8EO@FLJKF><KK?8K;8K8:FCC<:K<; $?8M<KNF;@==<I<EK
LE@M<IJ@K@<J@EK<I<JK<;@E?<CG@E>D<;FK?8K a
,#!.)%****!!#!+0
*E<:?8CC<E><.K<M<EI<=<I<E:<;@JGL9C@:8N8I<E<JJ89FLK<HL@E<K?<I8G<LK@:GIF>I8DJ
N?@:?@EK<IJ<:KJN@K?8::<JJ@9@C@KPN?@:??<M@<NJ@EI<C8K@FEJ?@GKFFM<I:FD@E>JK@>D8
`N8I<E<JJ@J8C@KKC<DFI<:FDGC<OK?8EALJKK?8KK<ID9LKPFL=@IJK?8M<KFD8B<JLI<K?8KPFLI
:FDDLE@K@<JBEFNK?8K@KJ8M8@C89C< E;K?<J<:FE;G8IKF=8N8I<E<JJ@JPFLcM<>FKKFD8B<@K
:FD=FIK89C<=FIG<FGC<KF<E>8><@E@K <:8LJ<DFJKF=LJN?FM<>FK+/.FI?8M<JKIL>>C<;
N@K?KI8LD8I<8CCP;FEKN8EKKFJK8E;LG8E;N8M<FLI?8E;J8Pb#<P$>FK+/.cFIb#<P$
E<<;?<CG c.FK?<8N8I<E<JJ@JB@E;F=DLCK@=8:<K<; 4FLI<D8B@E>K?<:FDDLE@K@<J8N8I<K?8K
PFLI<K?<I<8E;K?<ED8B@E>@KGFJJ@9C<=FIK?<DKF9<:FD=FIK89C<:FD@E> .FK?8KJFE<
IF8;9CF:BFIFE<JKIL>>C< a
,%!%
2?<E8JB<;?FN?<8GGIF8:?<JK?@J?LI;C<.K<M<EI<GC@<;`.FD<F=@KJ9<<ENFI;F=
DFLK?8E;N<ALJKI<:<EKCP9<>8E8GGCP@E>=FIJFD<>I8EKJ8E;PFLBEFNALJKBEF:B@E>FE
JFD<;FFIJ8E;KIP@E>KF><KJFD<G<FGC<KFJLGGFIKK?<GIF>I8D E;$CCJ8PK?@J$M<B@E;F=
D8;<K?<D@JK8B<F=KIP@E>KF><KCF:8C>FM<IED<EKJ9<?@E;LJ <:8LJ<PFLBEFNCF:8C
>FM<IED<EKLJL8CCPDFI<DFE<P>F<J@EKF8;D@E@JKI8K@FE8E;N8JK<K?8EN?8K<M<I?@KJK?<
>IFLE; .FKF;8PPFLBEFN$DKIP@E>KFJK8P8N8P=IFD>FM<IED<EK8><E:@<J8JDL:?8J
GFJJ@9C<8E;GIFDFK<GI@M8K<=FLE;8K@FEJ8E;@E;@M@;L8C9<E<=8:KFIJJLGGFIKK?<GIF>I8D a
/?<K?@I;:?8CC<E><.K<M<EI<=<I<E:<;@JG<I?8GJK?<DFJKF9M@FLJ`E;K?<FK?<I
JKIL>>C<F=:FLIJ<@J=@E8E:<J <:8LJ<@EDPGIF>I8DN<;FEK:?8I><G<FGC<KF>FK?IFL>?K?<
GIF>I8D 2<GIFM@;<K?@JGIF>I8D=I<<F=:?8I>< .FN<I<CPFEFLI=LE;I8@J@E>89@C@K@<J8E;
DP89@C@KPKF><E<I8K<@E:FD<KFG8P=FI@K .F;LI@E>K?<G<I@F;F=K@D<K?8K$N8JK?8K$N8J8
J<C=<DGCFP<;GI@M8K<@EM<JK@>8KFI8E;D8;<;<:<EKDFE<P$:FLC;=LE;K?@JGIF>I8D=FIK?<
DFJKG8IK )FN$DI<K@I<;=IFDK?<+$GI8:K@:<JF$?8M<EF@E:FD< $DI<CP@E>EFNJKI@:KCPFE
;FE8K@FEJ8E;9<E<=8:KFIJK?8KN8EKKF?<CGJLGGFIKK?<J<=FCBJK?8KE<<;K?<?<CG 2<CC
=LE;I8@J@E>@J89@>@JJL< a
.@E:<.K<M<ED<EK@FE<;M<K<I8EJ8J8J@>E@=@:8EKGFGLC8K@FEJ<IM<;9P?@JGIF>I8D$
8JB<;N?<K?<I?<?8J<M<INFIB<;N@K?K?<1 #<I<GC@<;`*ECP@EK?<J<EJ<F=I<=<II8CJ /?<
CF:8C1I<=<IM<K<I8EJKFLJ8E;K?<18CJF>@M<LJ8GGIFM8CKF:<IK@=P@EJKIL:KFIJ .FN<I<8
18GGIFM<;J:?FFC=FI@EJKIL:KFIJ E;K?8KJ_DP>F8CI@>?KEFN@JKF;LGC@:8K<N?8KN<I<
;F@E>?<I<8K6I<;8:K<;I8E:?E8D<78CCFM<IK?<E8K@FE 2<M<>FKGIF>I8DJ>F@E>@E.FLK?
8IFC@E88E;K?<EJ<M<I8C:@K@<J?<I<@EK?<JK8K<F=6I<;8:K<;78E;$M<>FKI<HL<JKJKF>FKF
J<M<I8CFK?<I.K8K<J8IFLE;K?<0E@K<;.K8K<J8E;JK8IKK?<GIF>I8D 4FLBEFNDP9@>>IFNK?
JK<G?<I<@JKI8@E@E>FK?<I@E;@M@;L8CJKF9<@EJKIL:KFIJF=K?<6I<;8:K<;E8D<F=7GIF>I8D *LI
>F8C@JKFJGI<8;8JN@;<8JN<:8E9LK$?8M<KF?8M<DFI<G<FGC<;F@E>N?8K$D;F@E>@E
FI;<IKF;FK?8K $D<8E@KK8B<JDFE<PPFLBEFNa
& *!&%%#)!+0"&
.K<M<EcJI<JGFEJ<JKF@EK<IM@<N@K<DJG<IK8@E@E>KF@E?@9@KFIP=8:KFIJKFK?<>IFNK?F=
!+8CJF8;;I<JJ<;8C8:BF=:C8I@KP8E;:F?<J@FE8DFE>K?<M8I@FLJGI8:K@K@FE<IJ8E;GIF>I8DJ
8J8J@>E@=@:8EK:?8CC<E><KFK?<=@<C; #<JK8K<;`4FLBEFNN<I<;@==<I<EKK?8E$NFLC;J8P
F=K?<<HL@E<GIF>I8DJFLKK?<I< $?8M<9<<EJFC@:@K<;9PJ<M<I8C;@==<I<EK<HL@E<
GIF>I8DJ $K?@EB@KN8JGIF989CPFE<F=K?<I<8JFEJ$;<M<CFG<;6K?@JGIF>I8D7N?<E$;@;
<:8LJ<K?<I<8I<8CFKF=<HL@E<GIF>I8DJFLKK?<I< E;N?@C<K?<PI<>FF;$K?FL>?Kb2<CC
N?P:8EKN<;FK?@JE;N?P:8EKN<8;;K?8KcE;8E;JF$K?FL>?KPFLBEFNK?<N8PKF
;FK?8K@JKF:I<8K<DPFNEGIF>I8DJF$:8E?8M<8CCK?<J<K?@E>J
`4FLBEFNN@K?FLKD<EK@FE@E>8EPE8D<J$:8EK<CCPFLK?8K$?8M<G<FGC<:FD<KFD<
8E;J8Pb2<CC$N<EKF==8E;>FK:<IK@=@<;LE;<IJL:?8E;JL:?8GIF>I8D cE;K?<@I
:<IK@=@:8K@FE@J@EMFCM@E>I@;@E>K<:?E@HL<J8E;?@>?C<M<CI@;@E>K<:?E@HL<JK?8KD<8EEFK?@E>
KFK?<G<IJFEN@K?+/.FI<DFK@FE8CJKIL>>C<J 4FLBEFN$;FEKBEFN?FNKF><K8?FIJ<KF
;F8=CP@E>C<8;:?8E><FI8?8G@8==<FI;I<JJ8><FI?FNKFPFLBEFN><K?FIJ<JKF;FK?<J<
K?@E>J LKK?8K@JEK>F@E>KF?<CGJFD<FE<?<8CN?F=<<CJC@B<PFLBEFNK?<PI<8DFEJK<I
9<:8LJ<K?<PN<I<@EMFCM<;@E:FD98KFIK?8KK?<@I;8L>?K<I?LE>?<IJ<C= )FK?8KcJEFKI<8CCP
F=8EP?<CG8K8CC E;JF$DEFK@EK<I<JK<;@E:<IK@=P@E>G<FGC<KF9<N8QFF:FDG<K@K@M<
?FIJ<D<E $D@EK<I<JK<;@EG<FGC<><KK@E>@EKFK?<?<8IKJF=G<FGC<8E;K?<?<8IKJF=K?<?FIJ<J
E;:FEE<:K@E>K?<D a
.K<M<E:FEK@EL<;KF<C89FI8K<K?8KALJK8JGI8:K@K@FE<IJN?F8I<FM<ICP=F:LJ<;FE
?FIJ<D8EJ?@G:8E9<GIF9C<D8K@:JF8I<K?FJ<N?F;FEFKBEFN<EFL>?89FLK@K`*E<F=K?<
@JJL<JN@K? +J@JPFLBEFN$BEFNJ<M<I8CG<FGC<K?8K8I<;F@E><HL@E<8JJ@JK<;
GJP:?FK?<I8GP8E;K?<PM<>FE<F==KFK?@J_LD_J:?FFCKF9<:FD<:<IK@=@<;?FIJ<
JG<:@8C@JKJK?<P:8CCK?<D E;K?<P:FD<98:B8E;K?<PJ8Pb2<CCEFN$D8:<IK@=@<;?FIJ<
JG<:@8C@JK $KN8JK?<=@IJKK@D<$<M<IKFL:?<;8?FIJ<9LK@EPFLBEFN8N<<B$9<:8D<8
:<IK@=@<;?FIJ<JG<:@8C@JKcPFLBEFNE;JFK?<P;FEKI<8CCPLE;<IJK8E;PFLBEFNK?<;<GK?
F=K?<?FIJ<8E;I<8CCPN?8KJ?8GG<E@E> .F$M<>FE<8E;8L;@K<;FK?<IGIF>I8DJN?<I<
GJP:?FK?<I8G@JKJ8I<LJ@E>?FIJ<J=FIK?<I8GP8E;_8E;@KJJ8;KFD<9<:8LJ<$J8KK?<I<8E;$
N8K:?<;K?@J;@J:FEE<:K9<KN<<EK?<?FIJ<8E;K?<?LD8E E;@KD8B<JD<I<8C@Q<K?8KD8EP
G<FGC<K?@EB<HL@E<K?<I8GP@J?8M@E>8?FIJ<@EK?<IFFD '@B<8G@<:<F==LIE@KLI< /?<PI<
D@JJ@E>K?<M8CL<K?8KK?<?FIJ<?8JKFF==<IJ<<
`E;K?<E$M<ILE@EKF8ELD9<IF=G<FGC<;F@E><HL@E<8JJ@JK<;K?<I8GP9<:8LJ<
K?<PI<PFLBEFN8E8K@FE8CCPI<:F>E@Q<;:FDG<K@KFI@E;I<JJ8><FIIF;<FFIPFLBEFNJFD<
;@J:@GC@E< E;^$N8J8:FDG<K@KFI=FIP<8IJ $GC8P<;GFCF=FIP<8IJ8E;$N8JB@E;F=8E
FM<IK?<KFG:FDG<K@KFI $?8;KFI<<CDPJ<C=98:B@E9<:8LJ<PFLBEFN$>FKNI8GG<;LG@EK?<
:FDG<K@K@FE8E;$N8J9<@E>89LJ@M<KFDP?FIJ< E;JF$BEFN=IFD8G8JK:FDG<K@KFIJ
G<IJG<:K@M<K?8KK?<I<JEFIFFD=FI:FDG<K@K@FE@E?<8C@E> 4FL?8M<KFGLKK?8K8J@;<8E;PFL
?8M<KFGLKK?8K9<?@E;PFL $E=8:K@=8EPK?@E>@KJFE<F=K?<<OG<I@<E:<JK?8KPFL?8M<@EC@=<
K?8K9I@E>JPFLKF8E<NGC8:<F=I<:F>E@K@FE8E;8N8I<E<JJF=PFLBEFN?FNN<8CC=@K@EK?@J
FE<E<JJF=:I<8K@FE 4FLBEFN8E;$>L<JJK?8KJK?<FK?<IK?@E>$E<<;<;KF_FI=8@C<;KFJ8P
89FLK6.K<M<EcJGIF>I8DE8D<I<;8:K<;7@KJEFK8I<C@>@FLJGIF>I8D9LK@K@JM<IPJG@I@KL8C E;
@KJPFLBEFN8CFKF=G<FGC<N8EKKF;@J:FLEK@KFIJ8PN<:8EK?8M<K?8KKF9<G8IKF=N?8K
N<I<;F@E>9<:8LJ<@KJ8E<:;FK8C $KJM<IPM<IP@DGFIK8EK <:8LJ<?LD8EJ8I<JG@I@KL8C9<@E>J
E;JF8I<?FIJ<J8E;;F>J 8E;<M<IPC@M@E>K?@E>FE<8IK?@J8JG@I@KL8C9<@E> E;LEK@CN<
C<8IE?FNKFI<:F>E@Q<K?8K8E;8::<GK@K /?<EN<JKIL>>C< .F
`.<<8E;K?8KN8J89@>KI8EJ@K@FE=FID<8J8GI@M8K<@EM<JK@>8KFI $LJ<;KFK<CCG<FGC<@E
DP:8I<<IbC@JK<E@=$:8EKD<8JLI<@KFIG?FKF>I8G?@K@K;F<JEK<O@JK c<:8LJ<$BE<N$?8;KF
>FJ@KFE8N@KE<JJJK8E;8E;$?8;KF:FEM@E:<8AL;><8E;8ALIPK?8K@KJI<8C9<:8LJ<$>FK8
D<8JLI<D<EKF=@KFI$>FK8G?FKF>I8G?F=@K 4FLJ<<E;JF$N8JJKL:B@EK?8KNFIC;=FI
D8EPP<8IJK?8K<M<EK?FL>?$N8JI8@J<;@E8JG@I@KL8C?FD<8E;N@K?8JG@I@KL8C98:B>IFLE;
8E;8JG@I@KL8C:<EK<I$=FLE;DPJ<C=GLKK@E>8CCK?8K8J@;<=FIK?@JNFIC;F==8:KJ8E;=@>LI<J
.:@<E:<
`LKJ@E:<K?<E$I<8C@Q<;PFLBEFNJ:@<E:<@JI<8CCP89FLKP<8IJFC;8E;_8E;
C@=<@JFM<IP<8IJFC; .FPFLBEFNN?@:?FE<;FN<;FN<I<8CCPN8EKKFI<CPFE)FKKF
J8PK?8KJ:@<E:<@JEFK>FF; 8LJ<J:@<E:<?8JD8;<JFD<8D8Q@E>;@J:FM<I@<J E;N<K8CB8
CFK89FLKJ:@<E:<@E6.K<M<EcJGIF>I8DE8D<I<;8:K<;7 /?<J:@<E:<F=M8I@89C<?<8IKI?PK?DJ
8E;M@9I8K@FEJ8E;K?<DFC<:LC8I:?8E><JN@K?@EFLIJ<CM<J^@EK?<=@I@E>8E;I<=@I@E>F=E<LI8C
G8K?N8PJK?8KF::LI9<:8LJ<F=K?<:?8E><@E<E<I>P8E;K?<:?8E><@EM8I@89C<?<8IKI?PK?DJ^
@J8CCJ:@<EK@=@:8CCPGIFM<E E;@K?<CGJLJLE;<IJK8E;K?8KK?<I<JDFI<KFK?@JK?8E8E<:;FK8C
I<JLCKJ a
-3%15)%6)5%
!13)#)/!-3)5% !--!(
#8EE8?9<>8EGI8:K@:@E>GJP:?FK?<I8GP@EK?<C8K<J8J8(8II@8><8E;!8D@CP
/?<I8G@JK(!/ 9LKK?<EN<EKFEKF<8IE?<I+?8E;?8J9<<EGI8:K@:@E>LE;<I8:C@E@:8C
GJP:?FCF>PC@:<EJ<J@E:< .?<9<>8E?<I HL@E<!8:@C@K8K<;+JP:?FK?<I8GP !+ GI8:K@:<
P<8IJ8>F 2?<E8JB<;89FLK?<I<EKIP@EKFK?<=@<C;#8EE8?J?8I<;`#FIJ<J?8M<8CN8PJ9<<E
8E@DGFIK8EKG8IKF=DPC@=< .FJ<M<I8CP<8IJ8>F$?<8I;89FLK6FE<F=K?<D8AFI<HL@E<
:<IK@=P@E>8><E:@<J78E;9<:8D<FE<F=K?<=@IJKG<FGC<:<IK@=@<;K?IFL>?K?<D98:B@E
2?<E$N<EKK?IFL>?K?<KI8@E@E>$J8@;b*B8PK?@J@JG<I=<:KK?@J:FD9@E<JDPKNFG8JJ@FEJ c
LKK?<EC@=<?8GG<EJNFIBALJKB@E;F=KFFBD<8N8P=IFDK?8KG8K? .FK?<E89FLK=@M<P<8IJ
8>F$N8JALJKPFLBEFN><KK@E>8C@KKC<9LIEKFLKFEDPAF9K?8K$N8J;F@E> E;$J8@;bPFL
BEFN$;C@B<KF>@M<K?@J8KIP /?@J@JJFD<K?@E>K?8K$DG8JJ@FE8K<89FLK c.FK?8KJN?<E$
;<:@;<;8E;>8M<8K?I<<DFEK?EFK@:<8E;K?<EALDG<;I@>?K@EKF;F@E>JFC<CP<HL@E<K?<I8GP a
2?<E8JB<;N?8KGFGLC8K@FEJFI;@8>EFJ<JJ?<KPG@:8CCPJ<<J@E?<IGI8:K@:<#8EE8?
J?8I<;`/?8KJ8?8I;HL<JK@FE $KJ8?8I;HL<JK@FE9<:8LJ<$NFIBN@K?JFD8EP;@==<I<EK
GFGLC8K@FEJJFD8EP;@8>EFJ<J8CC8><I8E><J $NFIB8K8:KL8CCPK?I<<;@==<I<EKGC8:<J /?<=@IJK
FE<@J8EFEGIF=@KFI>8E@Q8K@FEK?8KNFIBJN@K?J:?FFC8><B@;JDFJKCPFEJF:@8CJB@CCJ E;K?<E
$?8M<DPFNEGI@M8K<GI8:K@:<N?<I<$LK@C@Q<8?FIJ<I<J:L< $KJ8K8GI@M8K<?FD<N@K??FIJ<J
FEK?<GIFG<IKPN?@:?D8B<J@K@;<8C=FIK?<I8GP E;K?<E$8CJFNFIB8K8>IFLGGI8:K@:<=FI
=8D@C@<J /?<P?8M<B@E;F=8?FC@JK@:8GGIF8:?JFK?<PM<>FKGJP:?FK?<I8GPJG<<:?K?<I8GP
GJP:?@8KIPELKI@K@FEPFLE8D<@K /?<P?8M<8?FIJ<KFFJF$GIFM@;<K?<<HL@E<K?<I8GP
:FDGFE<EK=FIK?<@IB@;JFLK8K8=8:@C@KP@E6KFNEE8D<I<;8:K<;7
2?<E8JB<;89FLKK?< !+DF;8C@KPJ?<GI8:K@:<J#8EE8?I<GC@<;`.FP<8? 6D8AFI
<HL@E<:<IK@=@:8K@FE8><E:P7 $PFLBEFN$;FEKBEFN?FN$<M<I:8D<8:IFJJK?<D@EK?<=@IJK
GC8:< .FK?8KJF9M@FLJCPK?<IFLK<$KFFB E;K?<EALJKN@K?@EK?<G8JK:FLGC<F=P<8IJ$M<
9<<ECFFB@E>8KC<8IE@E>;@==<I<EKDF;8C@K@<J *9M@FLJCP6K?8KFI>8E@Q8K@FE7@JK?<C8I><JK8E;
DFJKN<CCBEFNE9LK$M<9<<EB@E;F=9I8E:?@E>FLK=IFDK?<DFM<IK?<G8JK=<NP<8IJ a
`$>L<JJ@E><E<I8C$=FCCFNK?<GI@M8K<GI8:K@:<DF;<CN?<I<K?<=@IJKJ<JJ@FE$;F8=LCC
GJP:?FJF:@8C8JJ<JJD<EK 4FLBEFN:8J<:FE:<GKL8C@Q8K@FE8E;KI<8KD<EKGC8EE@E>8CCF=K?8K
JKL== /?<E8KPG@:8CJ<JJ@FE=FID<NFLC;9<PFLBEFN<M<IPK?@E>FLKJ@;< .FN<?8M<8GC8:<
N?<I<N<:@I:C<LG=FI8=<ND@ELK<JALJKKFKFL:?98J<89FLK8EPGIF>I<JJ8EP:?8E><J E;
K?<E$;F>IFLE;98J<;NFIB M<EK?FL>?$LJ<JFD<FK?<IDF;8C@K@<J@KJJK@CC8CC>IFLE;98J<;
I<8CCPCFFB@E>DFI<KFN8I;J8D@E;=LCE<JJG<IJG<:K@M< (PPFLE><JKB@;$M<NFIB<;N@K?@J
K?I<<8E;K?<FC;<JK?8J9<<E@E?<I<@>?K@<JJFP<8? -<8CCPB@E;F=M8I@<; .F@KJ?8I;=FID<
KFJ8P8E<O8:KFE< a
2?<E8JB<;?<IFG@E@FE89FLKK?<GFGLC8K@FEJK?8K9<E<=@KDFJK=IFD<HL@E<NFIB
#8EE8?J?8I<;`$;FNFIBN@K?8CFKF=I<J@;<EK@8CJL9JK8E:<89LJ<GIF>I8DJN?<I<K?<P9I@E>
FLKK?<@II<J@;<EKJN<<BCP .F$DB@E;F=K?@EB@E>89FLKK?8KGFGLC8K@FE8E;K?<KI8LD8
GFGLC8K@FE (PGI8:K@:<J<<DJKF9<8C@KKC<?<8M@<I@EK?8KI<>8I;@EK<IDJF=DFI<F=K?<KI8LD8
NFIBK?<JL9JK8E:<89LJ<NFIB E;$K?@EBK?<P;F><K8CFKF=9<E<=@K8>8@E9<:8LJ<^=IFD
K?<D@E;=LCE<JJG<IJG<:K@M< +<FGC<N?F8I<;<8C@E>N@K?JL9JK8E:<89LJ<PFLBEFNK?<PI<
;@J:FEE<:K<; /?<PBEFNK?<K8CBFIBEFNN?8KKFJ8PJFALJK9<@E>89C<KF<E>8><N@K?K?<
?FIJ<8E;K8B<F==K?8KGI<JJLI<FII<J@JK8E:<KFK?<I8GP $M<;FE<6NFIB<;N@K?78J<OKI8==@:B@E>
I<:FM<IP>IFLG8E;8>8@EK?8KJ8D<K?@E>ALJKB@E;F=9L@C;@E>KILJK8>8@E9L@C;@E>:FEE<:K@FE
<@E>89C<KF9<@EK?<DFD<EKN@K?K?8KK?8KKI8LD8NFIB
`LKP<8?K?<FECPGFGLC8K@FE$NFEKJ<<8I<G<FGC<N?F8I<FEK?<GJP:?FK@:JG<:KILD
F9M@FLJCP9<:8LJ<F=K?<PFLBEFNGIFA<:K@M<E8KLI<F=@K E;:?@C;I<EN?F8I<DFI<J<M<I<
FEK?<8LK@JDJG<:KILD$K?@EBK?<PE<<;DFI<9<?8M@FI8CK?<I8GP LK@=K?<P?8M<C@B<8
J<:FE;8IPD<EK8C?<8CK?@JJL<C@B<8EO@<KPFI;<GI<JJ@FEFIJFD<K?@E>K?<EF9M@FLJCP$:8E$
:8ENFIBN@K?K?<D .F9LKP<8?$NFIBN@K?8D@OF=8;LCKJ8E;B@;J8D@OF=;@8>EFJ<J9LK$
K?@EBKI8LD8GIF989CPJK8E;JFLKK?<DFJK=FIK?@JNFIB a
2?<E8JB<;N?<K?<I?<IGI8:K@:<@EMFCM<JI@;@E>#8EE8?J?8I<;`$KJM<IP@EK<I<JK@E>
9<:8LJ<DP=@IJK6D8AFI<HL@E<:<IK@=@:8K@FEFI>8E@Q8K@FE7KI8@E@E>98:B@E8:KL8CCP;@;?8M<
8I@;@E>:FDGFE<EK E;8:KL8CCP;LI@E>K?<N<<BCFE>:<IK@=@:8K@FEN<8:KL8CCPIF;<K?<
?FIJ<JKFF8E;GI8:K@:<;JFD<K?@E>JFEK?<?FIJ<J .F@EDPD@E;P<8? 4FLBEFN6K?8K
FI>8E@Q8K@FE7?8J<MFCM<;D8EPK@D<JFM<I LKK?8KN8JN?<E9FK?6=FLE;@E>G8IKE<IJ7N<I<
K<8:?@E>K?<:C8JJ<J .F8=K<I?<8I@E>K?<@I;@==<I<EKG<IJG<:K@M<JPFLBEFN$K?@EBI@;@E>:8E
9<M<IP9<E<=@:@8C !FID<J@E:<K?<GC8:<K?8K$NFIB8KLK@C@Q<JI<J:L<?FIJ<JK?8KJALJKEFK8E
FGK@FE@EK<IDJF=K?<@IG?PJ@:8C?<8CK? LK@EK<IDJF=K?<FIP$K?@EB@EJFD<:@I:LDJK8E:<J
K?8KI@;@E>:8E9<K?<I8G<LK@:8E;9IFL>?K@EKFK?<K?<I8GPJ<JJ@FE
`$C@B<KFK?@EB89FLK@K@EK<IDJF=KI8LD8NFIBN?<I<K?<I?PK?D@:I@;@E>K?<I?PK?D@:
G8KK<IE:FLC;9<LK@C@Q<; $;FEKN8EKKF><K@EKF?FNKFI@;<8?FIJ<8E;8CCPFLBEFN;@==<I<EK
KPG<JF=K8:B8E;PFLBEFN^:8LJ<K?<EPFLM<>FKB@E;F=K?8KGFN<I;@==<I<EK@8C9<KN<<EPFL
8E;K?<?FIJ<8E;@KB@E;F=>@M<JK?<G<IJFE8E8><E;8C@B<b*B8P$D>F@E>KF;FK?@JN@K?K?<
?FIJ<FIK?8KN@K?K?<?FIJ< cLK$K?@EB@EK<IDJF=K?<I?PK?D@:I@;@E>K?<KI8LD8NFIB@KJ
>FF; 4FLBEFN$M<8:KL8CCPGI<J:I@9<;8CFKF=K?<I8G<LK@:I@;@E>=FIJFD<F=DP8LK@JK@:B@;J
.F$K?@EBK?<KNF@E:FD9@E8K@FE:8ENFIBI<8CCPN<CC a
2?<E8JB<;N?<K?<IJ?<=<<CJ !+@JDFI<<==<:K@M<8JJK8E;8CFE<DF;8C@KPFI8J8E
8;ALE:KKFKI8;@K@FE8CK?<I8GP#8EE8?I<GC@<;`$;<=@E@K<CPK?@EBK?<I<J9FK? $M<?8;J@KL8K@FEJ
N?<I<$M<?8;G8I<EKJ:8CCLGN?<I<K?<PM<?8;8JL@:@;8C:?@C; ?@C;J9<<EKFD@CC@FE
K?<I8G@JKJI<=LJ<JKF>FKFK?<I8GP9LKK?<PCCKIP<HL@E< .F$CCD8B<8;<8CC@B<b'@JK<EK?@J
@JEKKI8;@K@FE8CK?<I8GP c4FLBEFN /?<I<JGIFJ8E;:FEJ E;B@E;F=D8B@E>8;<8C $KcJC@B<
bFB8P$CCJ<<PFL8:FLGC<F=K@D<JFEK?<:FE;@K@FEK?8KPFLCCK?<E>FKF8K?<I8G@JK@E8;;@K@FE
KFD< c.FPFLBEFN9<:8LJ<G8I<EKJ8I<9<>>@E>C@B</?<PE<<;?<CG9LKK?<PNFEK>F $
:8EK><KK?<DKF>F cE;K?8KJB@E;F=K?<JFD<F=K?<GI<D@J<F=<HL@E<K?<I8GP@J9<@E>FLK
?<I<=FIG<FGC<N?FN8EKKFKIP8EFEKI8;@K@FE8C8GGIF8:?9LK98C8E:@E>K?8KN@K?K?<:C@E@:8C
E<<;JF=8:C@<EK *9M@FLJCPK?<DFI<J<M<I<:C@<EKJ8CFKF=K?<D?8M<KF?8M<8I<>LC8IK?<I8G@JK
8E;N?<K?<IN<9FK?J<<K?<DK?<J8D<N<<BFI<M<IPFK?<IN<<B@K;<G<E;J $;F8CFKF=
:FCC89FI8K@FEN@K?FLKJ@;<K?<I8G@JKJ LK$K?@EB=FIG<FGC<N?F8I<?@>?CP=LE:K@FE@E>N?F8I<
;F@E>DFI<F=K?<J<C=>IFNK?C<8IE@E>?FNKFJ<K9FLE;8I@<J@EK?<@IC@=<>F8CJ<KK@E>JKL==C@B<
K?8K 2?<I<K?<P;FEKN8EKKF;FKI8;@K@FE8CK?<I8GPK?@JNFIBJFLKALJK=@E<8J8JK8E;8CFE<
J<IM@:< .FF9M@FLJCPK?<J<M<I@KPKFD<@JN?8KN@CC;@:K8K<N?8K@JE<:<JJ8IP a
#8EE8?cJE8II8K@M<P@<C;<;J<M<I8CJK8K<D<EKJJ@>E@=@:8EKKFK?@JGIFA<:KcJGI@D8IP@EHL@IP
@EKFK?<D<:?8E@JDJF=K?<I8G<LK@:8:K@FEGI<J<EKN@K?@E !+GI8:K@:< #8EE8?cJC@M<;
<OG<I@<E:<8J8E<HL@E<GI8:K@K@FE<II<=C<:K<;=FLIJ@>E@=@:8EKG?<EFD<E8D@E;=LCE<JJ
<D9F;@D<EKF9J<IM8K@FE8E;:FDDLE@:8K@FE
)-$&4+-%22
/?I<<KPG<JF=D@E;=LCE<JJG?<EFD<E88GG<8IJ@>E@=@:8EKKF#8EE8?cJ<HL@E<
GJP:?FK?<I8GPGI8:K@:< /?<J<8I<GI<J<E:<FG<EE<JJKF<OG<I@<E:<8E;J<C=I<>LC8K@FE
)*%
2?<E8JB<;KF;<J:I@9<?FN?<I !+GI8:K@:<NFIBJ#8EE8?I<GC@<;`#DD +IF989CP
?LE;I<;JF=K?@E>J $KJ;@==@:LCKKFKIPKFE8IIFN;FNE8E;HL8EK@=P@K 4FLBEFN$K?@EBK?<:FI<
F=K?@J@JK?<<OG<I@<EK@8CE8KLI<F=@K 4FL:8E?8M<:C@<EKJN?FM<9<<E@EK?<I8GP=FIPFL
BEFN=FI<M<IN?F:8EK<CCK?<@IJKFI@<J8E;@KJDFI<;<K8:?<; LKLJ@E>K?8KD@E;=LCE<JJ
G<IJG<:K@M<F=K?<D9<@E>@EK?<DFD<EKN@K?K?<?FIJ<8E;K?<P?8M<KF<E>8><K?@E>JALJK
:FD<LGN?<K?<IK?<PN8EKK?<DKFFIEFK .F$=@E;K?8K8CFKF=@JJL<J;F:FD<LG=8JK<I
68IFLE;?FIJ<J78E;G<FGC<;FPFLBEFNG<FGC<B@E;F=?8M<K?<@IFNE8EJN<IJ a
'%%**+& /')!%
2?<E8JB<;KF;<J:I@9<8:8J<K?8KJKFF;FLK=FI?<I#8EE8?J?8I<;89FLK8:?@C;=FI
N?FD !+F==<I<;8C<M<CF=FG<EE<JJK?8K?<?8;EcK9<<E89C<KF8::<JJK?IFL>?KI8;@K@FE8C
K?<I8G<LK@:DF;8C@K@<J .?<JK8K<;`*E<9FP$M<NFIB<;N@K?N?FN8JGIF989CP8IFLE;FI
N?<E?<JK8IK<; .<M<I<KI8LD8?@JKFIP9FIE8;;@:K<;N8J@E=FJK<I:8I<I<:<EKCPI<LE@K<;
N@K??@JDFK?<I8E;;@;EKBEFNK?8K?@JDFK?<IN8J8:KL8CCP?@JDFK?<I /?<>I8E;DFK?<I
8;FGK<;?@D E;JF?<JK@CCK?FL>?KK?<>I8E;DFK?<IN8J?@JDFK?<I E;?8;J<M<I<J<M<I<
# E;;L<KFK?<JL9JK8E:<89LJ<@JJL<JK?<DFD?8;@EK?<G8JKJ?<;@;EFKN8EKKF;F
D<;@:8K@FE .F?<?8;EF<DFK@FE8CI<>LC8K@FEJB@CCJJFDL:?JFK?8K?<N8JK8B<EFLKF=GL9C@:
J:?FFC8E;GLK@EKF8;8PKI<8KD<EKJ:?FFC <:8LJ<F=9@K@E>JK899@E>B@;JN@K?G<E:@CJ %LJK^
ALJKFLK9LIJKJ E;EF=I@<E;J:8LJ<?<JALJK^PFLBEFNK?<JF:@8CJB@CCJN<I<EKK?<I< E;
?<;9<<EKFK?<I8GPPFLBEFNJF?<BE<N89FLKK?<;<<G9I<8K?@E>BE<N89FLKK?@JFIK?8K
9LKK?<P:FLC;EK><K?@DKFJK8E;JK@CC=FI8J<:FE;FIN8EKKF<E>8><@EK?<I8GP@E8EPN8P .F
M<IPI<J@JK8EKF9M@FLJCP .F?<NFLE;LGI<8CCPC@B@E>K?@JFE<?FIJ<K?8KN<?8;N?F^PFL
BEFNK?<I<8I<EF:F@E:@;<E:<J^K?@J?FIJ<?8;8J<M<I<KI8LD8?@JKFIPN?<I<@KK?<?FIJ<N8J
9<8K<EN@K?8KNF9P=FLI .F9<:8LJ<F=K?8KK?<?FIJ<@JM<IPI<8:K@M<8E;PFLBEFN?<J@K8EK
8IFLE;G<FGC< .FJFD<K?@E>^N?8K<M<I^8KKI8:K<;?@DKFK?8K?FIJ< a
,".$),%-3
$E8;;@K@FEKFD@E;=LCE<JJ98J<;G?<EFD<E8#8EE8?cJ:8J<;<J:I@GK@FE:FEK@EL<;=IFD
89FM< :FE:CL;<;N@K?8E<O8DGC<F=<D9F;@D<EK8JK?<D<:?8E@JDN?@:?GIFM<;DFJK
@DGFIK8EK
)-&,*0*+$,#+!&%
/?<:?@C;@EK?<M@>E<KK<89FM<?8;9<<EK8L>?KD@E;=LCE<JJJB@CCJ=FIJ<C=I<>LC8K@FE
K?IFL>?KI8;@K@FE8C:C@E@:8CGJP:?FK?<I8GP9LK?8;9<<ELE89C<KF8GGCPK?<DLEK@C?<
<OG<I@<E:<; !+ #8EE8?cJ;<J:I@GK@FEF=K?<:8J<:FEK@EL<;N@K?8E@CCLJKI8K@FEF=?FNK?<
?FIJ<JGIFM@;<;9FK?K?<DFK@M8K@FE8E;K?<GFJ@K@M<<OG<I@<E:<J?<E<<;<;KF8::<JJK?<D
`E;F=:FLIJ<N@K??@JGI<J<EK8K@FE^8CCF=?@J<E<I>P?@J9F;PC8E>L8><8E;JKL==^K?<?FIJ<
NFLC;ALJKB<<GC@B<9FCK@E>8N8P=IFD?@D E;K?@JN<EKFEFE8E;FE .F@KN8JB@E;F=
><KK@E>KFK?<GF@EKF=C@B<b4FLBEFNN?8K;FPFLK?@EBK?<?FIJ<E<<;J@EFI;<IKF=<<CJ8=<
2?8K;FPFLK?@EB?FN:FLC;PFL;FK?8Kc/IP@E>KF9I@E>@EJFD<F=K?FJ<:FG@E>JB@CCJ8>8@E
89FLK?@DC<8IE@E>KFI<>LC8K<?@DJ<C= /FD8B<8CFE>JKFIPJ?FIK?<C<8IE<;KF:FEE<:KN@K?
K?8K?FIJ< E;<M<EKL8CCPN8J89C<KF?8CK<IK?<?FIJ<K8B<K?<?FIJ<=FI8N8CB]8E;K?<E
8:KL8CCPD8E8><?@J9<?8M@FI@EJ:?FFC9<KK<I .F?<N8J8:KL8CCPI<KLIE<;KFGL9C@:J:?FFC .F
PFLBEFN@KN8J8GI<KKP@EK<EJ<:8J<8E;N<NFIB<;N@K??@D=FIK?@JN8JGIF989CPFM<IK?<
:FLIJ<F=8KC<8JK8P<8I8E;8?8C= .FF9M@FLJCPCFE>K<IDNFIB9LK@KN8JI<8CCP>I<8KKFJ<<
8LJ<@KN8J89FLKK?<?FIJ<J $KN8JEK89FLKK8CB@E>KFD<FI^PFLBEFNG<IJ< $KN8JI<8CCP
?@J;<J@I<KF:FEE<:KN@K?K?<?FIJ<K?8K>8M<?@DK?8KDFK@M8K@FEKF:?8E>< a
"2%15!3).-
EFK?<IJ@>E@=@:8EKD<:?8E@JDN@K?@E#8EE8?cJGI8:K@:<@JF9J<IM8K@FEN?@:?K8B<J
GC8:<9FK?<OK<IE8CCP@EK?<=FIDF=?<I;8E;?FIJ<F9J<IM8K@FE8E;@EK<IE8CCP@EK?<=FIDF=
FGGFIKLE@K@<J=FIJ<C=I<=C<:K@FE
/+)%#1 &)* -!&)
#8EE8?;<J:I@9<;?FNF9J<IM8K@FE=@>LI<JC8I><CP@E?<IIFC<8J8E<HL@E<
GJP:?FK?<I8G@JK .?<J?8I<;`JK?<K?<I8G@JKK?<=@IJKG8IKF=DPAF9@JKFF9J<IM<K?<
@EK<I8:K@FE9<KN<<E8?FIJ<8E;8:C@<EK8E;GLK8J@;<AL;>D<EK .F$cCCF9J<IM<K?<?FIJ<JN?8K
K?<?FIJ<J8I<;F@E>8E;F9J<IM<K?<:C@<EKJ8E;N?8KK?<PI<;F@E>8E;:FDD<EKFEN?8K$J<<
LJ@E>NFI;JK?8K?8M<EFAL;>D<EKN?8KJF<M<I .F$cCC;<J:I@9<PFLBEFNbFE<?FIJ<@J@E=IFEK
F=K?<FK?<I c/?<I<JEFAL;>D<EK89FLKK?8K .F8E !+J<JJ@FEJFIKF=JLJG<E;JK?<<C<D<EKF=
AL;>D<EKN?@:?N<8CC;F@E:FEM<EK@FE8CFEK?<:FL:?K?<I8GP E;K?<EKPG@:8CCPK?<I<JEF
;@I<:K@E>K?<:C@<EKFEN?8K;FFK?<IK?8E$CC>@M<K?<D<O<I:@J<JKF@EK<I8:KN@K?K?<?FIJ<J E;
K?<G?@CFJFG?P@JK?8KK?<G8K@<EKJ?8M<K?<@IFNE8EJN<IJDFI<FIC<JJ8E;DPAF9@JKF>L@;<
K?<DN@K?K?<?<CGF=K?<?FIJ<JKFKLE<@EKFK?<DJ<CM<J@E8EFEAL;>D<EK8CN8PJFK?<P:8E
BEFN8E;LE;<IJK8E;K?<DJ<CM<J9<KK<I a
`.FI<8CCPALJKB@E;F=8CCFN@E>K?8KJG8:<N?<I<G<FGC<:8EG?PJ@:8CCPKFNFIBFLK@JJL<J
8E;;@J:FM<IJFCLK@FEJ $K?@EBN?<I<K?<:?8E><:FD<J@J?8M@E>K?8KM@JL8C8E;J<<@E>?FNK?<
?FIJ<I<8:KJI<8CCP>@M<JG<FGC<=<<;98:BK?8KK?<PD8P9<:8E?<8I9<KK<IK?8EN?<E@KJ:FD@E>
=IFD8K?<I8G@JK 8LJ<K?<I<JJFD<J<JJ@FEJN?<I<N<;FEKK8CB8K8CC9LKK?<PF9M@FLJCP><K8
CFKFLKF=@K *9M@FLJCP@KM8I@<J LKP<8?$K?@EBI<8CCPK?<<OG<I@<EK@8CE8KLI<F=@K@JB@E;F=
K?<B<P a
%+)%#1#*)-+!&%
$E#8EE8?cJ<OG<I@<E:<NFIB@E>N@K??FIJ<JE8KLI8CCP=8:@C@K8K<J8::<JJKFLE:FEJ:@FLJ
D8K<I@8C8E;=I<HL<EKCP?<IIFC<@JKF8JJ@JK@E9I@E>@E>K?8KKF8N8I<E<JJN@K?FLKAL;><D<EKJF
K?8KK?<:C@<EK:8EF9J<IM<8E;@EK<IGI<KK?<@IFNE<OG<I@<E:< .?<J?8I<;`2?8K$cD;F@E>@J
ALJKK8GG@E>@EKFK?<?FIJ<J@EK?<@I=I<<<EM@IFED<EK8E;K?<:C@<EKJLE:FEJ:@FLJALJK9P
@EK<I8:K@E>N@K?K?<?FIJ<JK?8KJN?8KK?<P;F /?<PcI<M<IP8KKLE<;KFK?<LE:FEJ:@FLJ .FALJK
9<@E>@EK?8KE8KLI8C<EM@IFED<EK:8E9I@E>K?@E>JLG E;N?<E6K?<:C@<EKJ7:FD<FLKF=K?<
J<JJ@FE?8M@E>@EK<I8:K<;N@K?K?<?FIJ<J$cCC8JBb2?8KN8JK?8KC@B<=FIPFLc)FK><KK@E>@EKF
PFLBEFNb2?8KJNIFE>N@K?PFL8E;N?8K8I<PFLIGIF9C<DJcFI8EPK?@E>C@B<K?8K
`/?<@;<8@JKF?<CGG<FGC<K8CB89FLKK?<@I<DFK@FEJ@E8:FEJKIL:K@M<N8P E;JFN<CC
J8PK?@E>JC@B<b2?8KN8JK?8KC@B<cE;@KKLIEJFLKK?8KALJK@EK<I8:K@E>N@K?K?<?FIJ<J;I8NJ
FLK<DFK@FEJ@EK?<:C@<EK <:8LJ<K?<I<JEFGC8:<=FIAL;>D<EK@EK?<<HL@E<K?<I8GP $KJ8B@E;
F=8CDFJK8JG@I@KL8CK?@E> 2<KIPKFI<DFM<N8PJ@EN?@:?FLIAL;>D<EKJFI^FLIFNE
F9JK8:C<JFI<DFK@FEJNFLC;><K@EK?<N8PF=?<CG@E>8:C@<EK 2<N8EKKFI<DFM<8JDL:?F=
K?<:FLEK<IKI8EJ=<I<E:<8JN<:8EJFK?<I<cJ8GLI<@EK<I8:K@FE9<KN<<EK?<:C@<EK?@DJ<C=8E;
K?<?FIJ< /?<K?<I8G@JKALJK?<CGJK?<DF9J<IM< a
.,,4-)#!3).-
#8EE88CJFJ?8I<;89FLKK?<@DGFIK8E:<F=;@I<:K:FDDLE@:8K@FE=IFD8E;89FLKK?<
?FIJ<N?@:?9<:FD<JG8IK@:LC8ICP@DGFIK8EK@E:8J<JC@B<K?<9FP;<J:I@9<;89FM<`$K?@EBPFL
BEFN6I<;8:K<;E8D<F=D8AFI !+:<IK@=P@E>FI>8E@Q8K@FE79<@E>JF^FG<E/?8KNFIBJ=FI
JFD<G<FGC<F9M@FLJCP9LK$K?@EBJFD<G<FGC<E<<;DFI<;@I<:K@FE .F@EK<IDJF=
LE;<IJK8E;@E>?FIJ<9<?8M@FI^C@B<@=K?<?FIJ<J<8IJ8I<G@EE<;98:B6FE<D8AFI:<IK@=P@E>
FI>8E@Q8K@FE7NFLC;ALJK8JBK?<G<IJFEb2?8K;FPFLK?@EBK?<?FIJ<@J=<<C@E>c2?<I<8J
68EFK?<I !+FI>8E@Q8K@FE7NFLC;J8Pb4FLBEFNK?@J@E;@:8K<J8E>IP9<?8M@FI c.F$K?@EB
?8M@E>K?8KBEFNC<;><NFIBJN@K?JFD<G<FGC<KFFM<IJLJK?<:FDGC<K<PFLBEFNGIFA<:K@FE
98J<;DF;<C a
)6)%5',)5 `.F@KJFLE;JC@B<K?<PK8B<@KKF8;@==<I<EKC<M<C@EKFC@B<8:KL8C
:FDDLE@:8K@FE9P9F;PC8E>L8>< a
%11% ` O8:KCP 4<8? F;PC8E>L8><8E;K?<<E<I>P 4<8?@KJ8D8Q@E> /?<I<JALJK
^P<8?KLE@E>@EKFK?8K E;N?<EPFL?8M<8?FIJ<K?8KJPFLBEFNN?<EK?<:C@<EKJ
F9M@FLJCP8>@K8K@E>K?<?FIJ<8E;K?<PcI<C@B<b*?EFK?<?FIJ<@J?8GGPcFIb/?<?FIJ<@JC@B@E>
D<c8E;K?<EPFLJ<<K?<?FIJ<6@E;@:8K@E>8>@K8K@FE7@KJC@B<L?4FLBEFN$;FEKK?@EBK?<
G<IJFE?8JK?8KC<M<CF=8N8I<E<JJ<M<E .FK?8KJN?<E$cCCJ8PKFDPJ<C=b*B8PK?@JGIFA<:K@FE
KPG<JKL==@JEK>F@E>KFNFIB@EK?@J:8J< c/PG@:8CCPK?<J<N@CC9<K?<:C@<EKJK?8KE<<;8C@KKC<
DFI<LE;<IJK8E;@E>KF9<89C<KFI<8;G<FGC<J<DFK@FEJ .FC<8IE@E>89FLK?FN?FIJ<J
:FDDLE@:8K<K?<@I<DFK@FEJB@E;F=>@M<JK?<DK?8K:CL<@E8N8P a
%#.-$!18%2%!1#(4%23).- (!++%-'%23.3(%1.63(.&3(%)%+$
/?@J@EK<IM@<NP@<C;<;K?I<<I<JGFEJ<JJ@>E@=@:8EKKFK?<J<:FE;8IPI<J<8I:?HL<JK@FEF=
K?@JGIFA<:KI<>8I;@E>G<I:<@M<;C@D@K8K@FEJ8E;FI98II@<IJKFK?<>IFNK?F=K?< !+=@<C;
#8EE8?J?8I<;K?8K98J<;FE?<IC@M<;<OG<I@<E:<J?<@;<EK@=@<;K?I<<8I<8JF=:FE:<IE
D<8JLI89@C@KPK?<C8:BF=:F?<J@FE8E;:C8I@KP8DFE>GI8:K@:<J8E;GI8:K@K@FE<IKI8@E@E>8E;
=@E8E:<J
*,)!#!+0
2?<E8JB<;=FI?<I@;<8JFIFG@E@FEJ89FLK?FN +GI8:K@:<J:FLC;9<D8;<DFI<
:FEJ@JK<EKCPD<8JLI89C<#8EE8?I<GC@<;`$K?@EB^>FF;HL<JK@FE $D<8E8J=FID<NFIB@E>
N@K?K?<EFEGIF=@KJ8E;JKL==$M<8CN8PJ;FE<FLK:FD<D<8JLI<J $LJ<K?<+#,K?<"
8E;K?<4*,KF>@M<JFD<JFIKF=F9A<:K@M<;8K8M<IJLJK?<NFE;<I=LCJL9A<:K@M<;8K8K?8KN<
><K E;KF><KK?<;@==<I<EKM8C@;@KPKFb?<PPFLBEFNK?<PI<EFKALJK:FD@E>FLK?<I<G<KK@E>
?FIJ<JK?<I<J:?8E><>F@E>FE c$K?@EBKFC<E;DFI<:I<;@9@C@KPKFK?@J=@<C;$K?@EBN<;E<<;
DFI<GIF=<JJ@FE8CJDFI<;8K8DFI<F=K?8KJK8E;8I;@Q8K@FEKF<M<EKL8CCP><K@KKF8GC8:<F=8E
<M@;<E:<98J<;GI8:K@:< LKN@K?JFD8EP;@==<I<EKG<FGC<;F@E>@K8E;JFD8EP;@==<I<EKJKPC<J
^8E;$NFLC;CFM<=FI@KKF9< LK$DI<8CCPEFKJLI<?FNN<NFLC;><KK?<I< a
& *!&%%#)!+0"&
#8EE8?cJJ@>E@=@:8EKJK8K<D<EKJI<=C<:K<;<OG<I@<E:<JF=89J<EK:F?<J@FE8DFE>
GIF>I8DJ8E;GI8:K@K@FE<IJ8E;8C8:BF=:C8I@KP@EK<IDJF=9<JKGI8:K@:<J`(PFE<:FE:<IE=FI
K?@J>IFN@E><OGFE<EK@8C=@<C;@JK?<I<8I<JFD8EP;@==<I<EKb:<IK@=@:8K@FEGIF>I8DJ c/?<I<8I<
JFD8EP;@==<I<EKDF;8C@K@<J8E;PFLBEFNLJ@E>K?<NFI;K?<I8GP8E;K?<I8G@JKJN?<I<8CFKF=
K?<J<G<FGC<;FEKI<8CCP?8M<8EPD<EK8C?<8CK?98:B>IFLE;G<IJ<K?<PI<LJ@E>K?@E>J=IFD
:F8:?@E>FIK?@E>JC@B<K?8K $K?@EB@KC<E;J@KJ<C=KFJL:?8N@;<I8E><F=HL8C@KP E;$BEFN
6D8AFI !+FI>8E@Q8K@FE7@JKIP@E>I<8CCP?8I;KF:I8:B;FNEFEK?8K /F?8M<K?8KLE@=FID8E;
K?8KJK8E;8I; LK$I<8CCP;FEKBEFN?FNK?8K:8E9<;FE<
`4FLBEFN$M<NFIB<;N@K?8:FLGC<F=G<FGC<8E;@KJC@B<*?>FJ?^68L;@9C<J@>?7
E;K?<EFEKFGF=@K<JG<:@8CCPN@K?6D8AFI !+FI>8E@Q8K@FE7$K?@EBK?<?8I;K?@E>$?8M<
N@K?K?<D@JK?<<HL@E<JG<:@8C@JK $=PFL?8M<8M<IPJ8MMPG<IJFEN?F?8JD8P9<>FE<
K?IFL>?K?<@IFNENFIBFI?8M<?8;K?8KC<M<CF=@EJ@>?K$K?@EBK?<P:FLC;9<M<IPM8CL89C< LK
$M<J<<E8CFKF=<HL@E<JG<:@8C@JKJN?F8I<N8P FM<IJK<GG@E> FLE;8I@<J E;>F@E>PFL
BEFN /?<P^=FIK?<DKF9<NFIB@E>@EK?<D<EK8C?<8CK?=@<C;8E;?8M<89JFCLK<CPEFD<EK8C
?<8CK?KI8@E@E>^ E;$BEFNK?<PI<JLGGFJ<;KFALJK9<=F:LJ@E>FEK?<?FIJ<8E;K?<?FIJ<J
9<?8M@FI9LK8CFKF=K?<D;FEK CFKF=K?<DPFLBEFNN@CCJK8IK8JB@E>K?FJ<;@>>@E>
HL<JK@FEJFID8B@E>DFI<I<=C<:K@M<JK8K<D<EKJ 4FLBEFNN?<I<F9M@FLJCP@=PFL?8M<8
D<EK8C?<8CK?GIF=<JJ@FE8CK?<I<JJFD<C<M<CF=:<IK@=@:8K@FE9<?@E;K?8K LKN@K?K?<<HL@E<
JG<:@8C@JK@KJALJKPFLBEFNb?8M<PFLNFIB<;N@K?K?<?FIJ<=FIJFD8EP?FLIJc.F$K?@EB
K?8KJFE<K?@E>K?8K?8JD8;<@K?8I;
`$M<NFIB<;N@K?JFD<I<8CCP>I<8K<HL@E<JG<:@8C@JKJ8E;$M<NFIB<;N@K?JFD<G<FGC<
N?F$CC?8M<KFK<CCK?<DbALJKJK8E;FM<IK?<I< c$KJALJKC@B<F?N?<EK?<PJ8PJFD<K?@E>K?8KJ
^L?'@B<$NFIB<;N@K?8E<8K@E>;@JFI;<I>IFLG8E;K?<P?8;8G<IJFEFLKK?<I<K?8KN8J8E
<HL@E<JG<:@8C@JK8E;J?<N8JN8EK@E>KFK8CB89FLKN<@>?K8E;K?<?FIJ<cJN<@>?K8E;K?@J^
8E;$DC@B<b*?"F;cPFLBEFN@KJALJK^PFLALJK=C@E:?9<:8LJ<@KJEFKE@:< $KJC@B<PFL
BEFNPFLI<@EK?<D@;;C<F=K?<>IFLG 4FL:8EKI<8CCP8;;I<JJ@K9LK?8M@E>PFLBEFN
6JFLE;@E>G8@E<;7 4FLBEFN $BEFN=FI6D8AFI !+FI>8E@Q8K@FE7^K?8KJALJK^K?<98J@JF=
K?<@IGIF>I8D@J?8M@E>K?8KK<8D8GGIF8:? LK$K?@EB@KNFLC;9<^@KJM<IPM<IP?8I;KF
JK8E;8I;@Q<8E;CFFB8K8HL8C@KPJK8E;GF@EK=FIK?8K 4<8?JFK?8KcJ8:FE:<IE E;$D<8E
K?<PI<F9M@FLJCP:FD@E>=IFD>FF;GC8:<J9LKN<8JGIF=<JJ@FE8CJBEFNFLIIFC<J /?@J@J8CC
=FI<@>EKFK?<D /?<<HL@E<JG<:@8C@JKJ;FEK?8M<ILC<J8E;<K?@:J8E;C8NJ8E;<M<IPK?@E> .F$
K?@EBK?IFN@E>K?<D@EKFK?8KNFIC;PFLBEFN:8E:8LJ<JFD<@JJL<J a
,%!%
::FI;@E>KF#8EE8?8EFK?<IJ@>E@=@:8EK:?8CC<E><KFK?< !+=@<C;@J=@E8E:@8C #8EE8
J?8I<;`/?<I<JI<8CCPM<IP=<NG<FGC<K?8K;FK?@J=LCCK@D<9<:8LJ<F=K?<:FJK $K?@EBK?<
KI@:B@<JKK?@E>@JPFLBEFNF9M@FLJCPK?<?FIJ<JK?<:8I<?8M@E>JFD<KPG<F=<HL@E<JG<:@8C@JK
^KF9<89C<KF:FM<IK?<:FJKF=K?8KN?<I<K?<@EJLI8E:<:FDG8E@<JJK@CC8I<EKG8P@E>=FIK?<
J<IM@:< .F$CC;FJLG<I9@CCJ8CFKF=K?<K@D<8E;ALJK=@CC@K8JKI8;@K@FE8CK?<I8GP9<:8LJ<KFD<
@K@J@KJALJKK?<DF;8C@KP@J8C@KKC<9@K;@==<I<EK LKK?<E@=K?<P8JB=FIK?<EFK<J8E;G8G<INFIB
K?<J<:FE;K?<PJ<<<HL@E<K?<P;<EPK?<:C8@D
`.FI<8CCP$><K8CFKF=:8CCJ9LK$ALJKK8B<JKI8@>?K:8J?G8P 2?<I<F9M@FLJCP8CFKF=
G<FGC<NFLC;C@B<KF>FK?IFL>?K?<@I@EJLI8E:<8E;$K?@EB@KNFLC;9<>I<8K=FIK?<DKF>F
K?IFL>?K?<@I@EJLI8E:<9LK?8M@E>K?8K98II@<IF=K?<@EJLI8E:<:FDG8E@<JEFK:FM<I@E>@K$
K?@EB@J8?L><;<KI@D<EKKFG<FGC<9<@E>89C<KFG8IK@:@G8K<@E@K $K?@EBDFJKG<FGC<PFLBEFN
FI>8E@Q8K@FEJN@CC?8M<K?<EFEGIF=@KJ@;<JFK?<P:8E><K8IFLE;@K8E;ALJKJ<<N?8K<M<I:C@<EKJ
K?<PN8EKKFJ<<N@K?FLKNFIIP@E>89FLKK?<G8PD<EK8JG<:KF=@K 4<8?$K?@EBI<8CCP^K?<:FJK
$K?@EBDFI<8E;DFI<G<FGC<BEFN89FLK@K<JG<:@8CCP9<:8LJ<$K?@EBF=8CCK?<GL9C@:@KPK?8K
K?<M<K<I8EJcGIF>I8DJ8I<><KK@E> .FPFLBEFNDP:8CCJ8E;<M<IPK?@E>?8M<;<=@E@K<CP>FE<
LG9LKK?8K98II@<IN@K?K?<:FJK8E;N@K?K?<@EJLI8E:<:FDG8E@<J@KJI<8CCPB@E;F=K?<9@>><JK
C@D@K@E>=8:KFI a
-3%15)%6)7
!13)#)/!-3)7 +!)-%
C8@E<8GJ<L;FEPDKFGIFK<:K8EFEPD@KP @J8E !+GI8:K@K@FE<IN?F?8J9<<E8
'@:<EJ<;(8II@8><8E;!8D@CP/?<I8G@JKJ@E:< 2?<E8JB<;N?<K?<IJ?<GI8:K@:<JLE;<I8
:<IK8@E<HL@E<:<IK@=@:8K@FEJ?<I<JGFE;<;`$N8J:<IK@=@<;6D8AFI<HL@E<:<IK@=P@E>
FI>8E@Q8K@FE79LK$;@;EFKB<<GDP:<IK@=@:8K@FE:LII<EK $N8JCFFB@E>=FI8DF;<CK?8KN8J
DFI<=C<O@9C< E;8E;JF$;<M<CFG<;DPFNEGIF>I8D .FK?8KK?<K?<GI8:K@:<F=<HL@E<
8JJ@JK<;K?<I8GPFI>IFNK?8E;C<8IE@E>:FLC;B<<G<OG8E;@E>KF9<89C<KF=@K8:C@<EKJE<<;J
9<KK<I E;DPGIF9C<DN@K?6D8AFI:<IK@=P@E>FI>8E@Q8K@FE7N8JFE:<K?<P;<M<CFG<;8DF;<C
PFL?8;KF;FK?8KDF;<C8E;@KN8J@=K?8KN8JK?<FECPDF;<C 2?<E@K@JEK E;$K?@EB8J8
K?<I8G@JKN<8I<D8E;8K<;KF;FN?8K@J9<JK=FIK?<:C@<EKN?@:?@JN?PK?<I<8I<JFD8EP
DF;<CJF=GJP:?FK?<I8GP E;@KJ?FLC;9<K?<J8D<=FI<HL@E<K?<I8GP a
2?<E8JB<;89FLKK?<G8K?K?8KC<;?<IKF9<:FD<8E<HL@E<GI8:K@K@FE<I C8@E<J?8I<;
K?8K@KN8JGIF=FLE;CPKI8EJ=FID8K@M<<OG<I@<E:<J8IFLE;?FIJ<J@EJG@I<;?<IKFJ?8I<K?<DN@K?
FK?<IJ .?<JK8K<;`2?<E$C<=KK?<6GI<M@FLJ:8I<<I7@E;LJKIP$N8JEKJLI<N?8K$N8EK<;KF;F
N@K?K?<I<JKF=DPC@=< $K?FL>?K89FLKILEE@E>F==8E;9<@E>8:FN>@IC<M<EK?FL>?$BE<N
EFK?@E>89FLK?FIJ<J E;K?<E$J8N8E8;K?8KJ8@;b:FD<JC<<G@EFLI98IE=FIK?I<<;8PJ8E;
N<CCK<8:?PFL?FNKF><EKC<8N@C;?FIJ< cE;=FIJFD<I<8JFE$K?FL>?KK?8KN8J8JD8IK@;<8
`.F$N<EKKFNFIB=FI8N@C;?FIJ<I<J:L< $JC<GKFEJFD<98C<JF=?8P8E;K?<PGLKD<
@E8=FFKIFLE;G<EN@K?8?<CD<K8E;8N@C;?FIJ<8E;8N@C;?FIJ<KI8@E<IN?FJ8@;b.FN<
;FEK9I<8B?FIJ<J 2<><EKC<K?<D c$N8JKFC;K?8KK?<?FIJ<NFLC;KILJKD<N?<E$N8J
:FE>IL<EKN?<EDPK?FL>?KJDP=<<C@E>J8E;DP8:K@FEJN<I<K?<J8D< #<K8L>?KD<K?8K@K
N8JEK89FLK:FEKIFC@KN8J89FLK:FEE<:K@FE .F@KJK8IK<;N@K?9I<8K?@E>8E;:FEE<:K@E>KF
N?8K$N8J=<<C@E> $C<8IE<;K?8K$N8JGLKK@E>8CFKF=GI<JJLI<FEDPJ<C=N@K?M<IPC@KKC<I<C<8J<
/?@E>JJ?@=K<;=FID<N?<E$C<8IE<;?FNKFGLK8C@KKC<9@K6C<JJ7GI<JJLI<8E;8CFKDFI<I<C<8J<
`.F$GI8:K@:<;K?8K E;K?<E$B<GKGI8:K@:@E>@EK?8KIFLE;G<E E;FM<IK?FJ<K?I<<
;8PJ$>FK8C@KKC<9@K9<KK<I8K:8CD@E>DPJ<C=8E;><EKC@E>DPJ<C= E;=@E8CCPN8J><EKC< .F
K?8KK?<?FIJ<=<CKJ8=<<EFL>?KF8GGIF8:?JD<CC8E;KFL:?DPFLKJKI<K:?<;?8E; E;$9LIJK
@EKFK<8IJ $I<8C@Q<;K?8K8CCF=DPG8JKKI8LD8N?@:?$?8;9<<EILEE@E>=IFD=FIJFD<K?@E>
P<8IJ:8D<LGC@B<8K@;8CN8M<8E;K?<EJ<KKC<; (L:?C@B<8KK?<9<8:?N?<E89@>N8M<
:I8J?<JFEK?<J?FI< /?8KDFD<EKN8JJFGIF=FLE;=FID< E;@KC8JK<; CCK?FJ<N<CCE<JJ
GI8:K@:<JF=9I<8K?@E>F=D8B@E>JLI<$N8J8LK?<EK@:F=EFKKIP@E>KF:FEKIFCK?<J@KL8K@FE8E;
KF9<KILJKNFIK?PK?8KJN?8K?<CG<;D<JK8IKDPFNE?<8C@E> E;=IFDK?<I<$=@>LI<;$:FLC;
<@K?<IJG<E;KF><K@EKFK?<I8GPFI$:FLC;JG<E;K?8KDFE<PKF9<:FD<8E<HL@E<
K?<I8G@JK $N8EK<;KFNFIBN@K?G<FGC<8E;?FIJ<J .F$:?FJ<<HL@E<K?<I8GP E;K?8KJ?FN$
JK8IK<; 9FLKP<8IJ8>F a
2?<E8JB<;N?8KGFGLC8K@FEJFI;@8>EFJ<JJ?<KPG@:8CCPJ<<J@E?<IGI8:K@:< C8@E<
I<GC@<;`2<CC=FIK?<C8JKK?I<<8E;8?8C=P<8IJ$M<NFIB<;8CFKN@K?:FD98KM<K<I8EJ8E;=@IJK
I<JGFE;<IJ8E;$M<JFIKF=;<MFK<;DPJ<C=KFK?8KGFGLC8K@FE LK9<=FI<K?8K$;@;8CFKN@K?
G<FGC<JKIL>>C@E>N@K?JL9JK8E:<LJ<8E;89LJ< $M<8CJF?8;CFKJF=B@;JFLKKFK?<I8E:?K?8K8I<
FEK?<6LK@JD7JG<:KILD E;$8CN8PJAFB<8E;J8P@KJK?<G<FGC<K?8KI<JGFE;K?<DFJKFIK?<
9<JKEFKK?<;@8>EFJ<JK?8KK?<P?8M< $KJEFK89FLK;@8>EFJ@J
`<:8LJ<N<8:KL8CCP;FEK9I@E>K?<;@8>EFJ<J@EKFK?<:FII8CN<8:KL8CCP9I@E>K?<
G<IJFE@E .F8J=8I8J$D:FE:<IE<;$D8PBEFNK?8KK?<P?8M<8;@8>EFJ@J9LKK?8KJEFKN?8K
$D@EKIF;L:@E>KFK?<?FIJ< /?<?FIJ<;F<JEKBEFNPFL?8M<8;@8>EFJ@JJF@K;F<JEK:8I< $K
;F<JEK:8I<N?PJ?FLC;N<E;JFN?8K$;FN@K?G<FGC<N?F?8GG<EKF?8M<8;@8>EFJ@J
K?8KJ8:KL8CCP@II<C<M8EKKFD<=FIK?<DFJKG8IK E;N<>F@E8E;D<<KK?<?FIJ<J8J8?LD8E
=@IJK /?8KN8P$?8M<EK=FLE;8EP9F;PK?8K;F<JEKI<JGFE;FI>8@EJFD<N<CCE<JJGI8:K@:<J
=IFD9<@E>N@K??FIJ<J $M<ALJKEFKD<K8EP9F;P E;$;FEK:8I<@=PFLALJK9ILJ?K?<D8E;
?8E>FLKN@K?K?<DFIN?<K?<IPFL>FK?IFL>?JFD<M<IP<OK<EJ@M<8:K@M@K@<JN@K?K?<D
LI@E>DP@EK<IM@<NN@K? C8@E<J<M<I8CJ@>E@=@:8EKG?<EFD<E8<D<I><;N?@:?N<I<
I<C<M8EKKFK?<GI@D8IPI<J<8I:?HL<JK@FEF=K?@JGIFA<:K /?<J<:8E9<LE;<IJKFF;LE;<IK?<
:8K<>FI@<JF=F9J<IM8K@FED@E;=LCE<JJ<D9F;@D<EK8E;:FEE<:K@FE
"2%15!3).-
C8@E<cJ;<J:I@GK@FEF=8KPG@:8C@E@K@8C<HL@E<GJP:?FK?<I8GPJ<JJ@FE@E;@:8K<;
F9J<IM8K@FE8J8J@>E@=@:8EKD<:?8E@JDN@K?@E?<IGI8:K@:< /?@J=@IJK?8GG<EJ<OK<IE8CCPK?IFL>?
?<I;8E;?FIJ<F9J<IM8K@FE8E;JFFEJ?@=KJ@EKF8=FIDF=@EK<IE8CJ<C=F9J<IM8K@FEN?@:?@E
C8@E<cJ<OG<I@<E:<K<E;JKFLE=FC;@ELE:8EEPN8PJ
/+)%#1 )% &)**)-+!&%
C8@E<cJE8II8K@M<F=8KPG@:8C@E@K@8CJ<JJ@FE@E:CL;<;8;<J:I@GK@FEF=?FNJ?<
@E:FIGFI8K<J<OK<IE8CF9J<IM8K@FE@EKF?<I@E=FID<;:FEJ<EKGIF:<JJ .?<J?8I<;`/?<M<IP=@IJK
K?@E>@JKFD<<KK?<DFLKJ@;<K?<IFLE;G<EFIFLKJ@;<K?<:FII8CFIK?<G8JKLI<8E;KF?8M<8
J<EJ<K?8KK?@JDF;8C@KP@JJFD<K?@E>K?8KK?<:C@<EKN8EKJKF;F 2<>FK?IFL>?8CCK?<K?@E>JK?8K
PFLNFLC;;FN@K?8EPK?<I8GP;@J:CFJ@E>PFLI=<<K?<:FEJ<EK=FIKI<8KD<EK<OGC8@E@E>
:FE=@;<EK@8C@KP8E;<M<IPK?@E><CJ<?8M@E>K?<DJ@>E8CCK?<GIFG<I=FIDJ a/?<E<8:?J<JJ@FE
9<>@EJN@K?8I<C8O<;LEJKIL:KLI<;G<I@F;F=F9J<IM8K@FE .?<JK8K<;`*E:<6:FEJ<EKJ8E;
;@J:CFJLI<J8I<J@>E<;78E;K?<:C@<EK@J:C<8IK?8KK?<PNFLC;C@B<KF;FK?@JK?<M<IP=@IJK8:K@M@KP
@JKFJK8E;FLKJ@;<K?<G<E8E;KF?8M<K?<:C@<EKN8K:?K?<?FIJ<J E;8JK?<:C@<EK@JN8K:?@E>
K?<?FIJ<JN<8JBK?<DKFALJKJ<<N?8KK?<PI<;F@E> E;K?<P;FEK?8M<KFBEFN8EPK?@E>
89FLKK?<?FIJ<JKFALJKN8K:?8E;KF9<F9J<IM8EK *E:<K?<PF9J<IM<K?<?FIJ<J=FI8=<N
D@ELK<JN<>F@E E;K?<E6K?<P:8E7<@K?<I8GGIF8:?K?<?FIJ<FIEFK8E;C<KK?<?FIJ<
8GGIF8:?K?<DFIEFK a
C8@E<cJ@E@K@8CJ<JJ@FE:FEK@EL<JN@K?8E<OK<IE8CF9J<IM8K@FE8:K@M@KPK?8K@JDFI<
;@I<:K<;8E;JG<:@=@:`.FN?@C<6K?<:C@<EKJ8I<7@EK?<I<K?<PDLJK:?FFJ<FE<?FIJ<K?8K@JDFJK
C@B<K?<D98J<;FE8KC<8JKFE<9<?8M@FIK?8KK?<P?8M<J<<EK?<?FIJ<;F .FK?8K:FLC;9<8?<I;
F=D8P9<=FLI?FIJ<J8CCK?<N8PLGKF<@>?K?FIJ<J *E:<8:C@<EK?8JD<KD<8E;K?<PJ8PKF
D<b4<J$M<:?FJ<EK?<?FIJ<K?8K$K?@EB@JDFJKC@B<D<c$8JBK?<DN?@:??FIJ<@K@J E;$CC
J8Pb2?8KN8JK?<9<?8M@FIK?<?FIJ<<O?@9@K<;K?8KD8;<PFLJ8P@KN8JDFI<C@B<PFLK?8E8EP
F=K?<FK?<I?FIJ<Jc
%+)%#1#*)-+!&%
*E<N8P C8@E<=8:@C@K8K<J:?8E><=FI?<I:C@<EKJ@J9PLK@C@Q@E>@DGI<JJ@FEJ>8@E<;=IFD
K?<@I<OK<IE8CF9J<IM8K@FEJF=K?<?<I;8E;K?<?FIJ<JKF<E:FLI8><@EK<IE8CJ<C=F9J<IM8K@FE $E
?<I;<J:I@GK@FEF=8KPG@:8C@E@K@8CJ<JJ@FE:FEK@EL<;=IFD89FM< J?<J?8I<;K?8K8=K<I8JB@E>?<I
:C@<EKJN?8K=IFDK?<@I<OK<IE8CF9J<IM8K@FEN8J@KK?8KC<;K?<DKFJ<C<:KK?<?FIJ<K?<P;@;J?<
J?8I<;`/?<PN@CCF=K<EK@D<JK<CCD<JFD<K?@E>C@B<b4FLBEFNK?8K?FIJ<N8CB<;I@>?KLG8E;
J8@;?<CCFKFD<8E;8E;N8EK<;KF9<I@>?KK?<I<N@K?D< E;K?8KJN?8K$;FN?<E$:FD<
@EKF8IFFD$ALJKN8CBI@>?KLGKFG<FGC< c*I@K:FLC;9<K?<FGGFJ@K<$N8CB@EKF8JG8:<8E;
$D8CN8PJKFK?<98:B8E;$8CN8PJB@E;F=F9J<IM<9<=FI<$>F8E;$D<<K8EP9F;P ca.F=FI
C8@E<cJ:C@<EKJK?<@I<OK<IE8CF9J<IM8K@FEJF=?<I;8E;?FIJ<9<?8M@FI=I<HL<EKCPC<8;@EKFJ<C=
F9J<IM8K@FE *GGFIKLE@K@<JKF@;<EK@=PN@K?8G8IK@:LC8I?FIJ<8E;FIGIFA<:KK?<@I@EK<IE8CNFIC;
FEKF8:?FJ<E<HL@E<G8IKE<I=I<HL<EKCPP@<C;JJ@>E@=@:8EKG<IJFE8C@EJ@>?KJ /?<;<GK?F=N?@:?
D@>?K9<JK9<LE;<IJKFF;N@K?@EK?<:FEK<OKF=8EFK?<IG?<EFD<EFEJ@>E@=@:8EKKF?<IGI8:K@:<
D@E;=LCE<JJJ<<9<CFN
)-$&4+-%22
C8@E<cJ@EK<IM@<N@E;@:8K<;FG<EE<JJKF<OG<I@<E:<8J8J@>E@=@:8EKD<:?8E@JDN@K?@E
?<I !+GI8:K@:< !FIGLIGFJ<JF=K?@JGIFA<:KK?@J@J:FEJ@;<I<;LE;<IK?<:8K<>FIPF=
D@E;=LCE<JJG?<EFD<E8 .@E:<?<IG<IJFE8C<OG<I@<E:<JN@K??FIJ<J@EMFCM<;JG@I@KL8C
8N8B<E@E>8E;KI8EJ=FID8K@FE C8@E<cJ !+GI8:K@:<<E:FLI8><JFG<EE<JJKFG<IJFE8C
<OG<I@<E:<JF=JL9KC<G?<EFD<E8C@B<@EKL@K@FE8E;<E<I>PG<I:<GK@FE
'%%**+& /')!%
C8@E<cJ;<J:I@GK@FEF=?FN:?8E><:FD<J89FLK=FI?<I:C@<EKJ@E:CL;<;J@>E@=@:8EK
JK8K<D<EKJI<=C<:K@E>D@E;=LCE<JJG?<EFD<E8=FIN?@:?$?8M<:?FJ<EK?<C89<C23)11)6672
);3)5-)1') $EK?<:8J<F= C8@E<cJ<HL@E<GI8:K@:<K?@JFG<EE<JJI<=<IJKF?<I?FIJ<Jc89@C@KPKF
D@IIFI8E;=8:@C@K8K<:C@<EK<OG<I@<E:<JF=CFE>=FI>FKK<E@EJK@E:KL8C:8G8:@K@<JN?@:?J?<
;<J:I@9<J8J@EE8K< .?<<OGC8@E<;K?8K?FIJ<J8I<9FIEN@K?@EKL@K@FE8JG8IKF=K?<@IE8KLI8C
@EJK@E:KJ8E;G<I:<GKL8C89@C@K@<J8E;K?8KK?IFL>?FLKK?<@IC@M<JK?<PI<D8@E<OHL@J@K<CP8KKLE<;
KFK?<JL9KC<<E<I>PJ?@=KJK?8K@E=FID@K /?@J@J9<:8LJ<K?<@IJLIM@M8C8J8JG<:@<J;<G<E;JFE@K
::FI;@E>KF C8@E<?LD8EJ8I<9FIEN@K?K?<J8D<@EKL@K@FE8E;G<I:<GKL8C89@C@K@<JN?@:?N<
HL@:BCP9<:FD<JF:@8C@Q<;KF@>EFI<`9LKK?<?FIJ<J:8E?<CGLJI<D<D9<I a
#<I;<J:I@GK@FEF=K?<KPG@:8C@E@K@8CJ<JJ@FE=IFD89FM< :FE:CL;<;N@K?K?<=FCCFN@E>
J@>E@=@:8EKJK8K<D<EK@CCLJKI8K@E>K?<@DGFIK8E:<N@K?@E?<IGI8:K@:<F=FG<EE<JJKF<OG<I@<E:<J
F=@EKL@K@FE8E;<E<I>PG<I:<GK@FE`E;K?<E68=K<IK?<:C@<EK?8J@;<EK@=@<;K?<?FIJ<K?8KK?<P
=<<C@JDFJKC@B<K?<D7$J8Pb'<KJ=@E;FLK@=K?<?FIJ<J98:BJKFIP@J8EPK?@E>C@B<PFLIJKFIP c
E;$GIF:<<;KFK<CCK?<:C@<EKK?<<EK@I<?@JKFIPF=K?8K?FIJ<N?<I<@K:8D<=IFDN?8K@KJ
KI8LD8?8J9<<E8E;?FN@KJ9<<ELJ<;N?<I<8E;N?8K@J@KJGC8:<@EK?<?<I;?<I<
`E;?<I<JN?8K?8GG<EJ M<IP .@E>C< /@D</?8K?FIJ<J98:BJKFIP@KJGC8:<@EK?<
?<I;8E;N8PF=9<@E>N@K?K?<?<I;N@CC9<<O8:KCPC@B<K?<G<IJFEJ<OG<I@<E:<@EK?<@IC@=<
-@>?K;FNEKF@=K?<I<J8EP:?@C;89LJ<@=K?<I<J8EP@EALI@<J@=K?<I<N8J8EPJ8PE<>C<:K
N?8K<M<I@K@J $KJ=FI8I<8JFEK?8K$;FK?8K=@IJK E;K?<I<8JFE:,<K?@J8:K@M@KP@JJF@DGFIK8EK
@J9<:8LJ<?FIJ<J8I<<E<I><K@: E;JF8I<N<
`2?<EN<I<C@KKC<N<E8KLI8CCPEFK@:<N?<EFE<F=FLIG8I<EKJ@JLGJ<K 2<J8P8JK?<
:?@C;bI<PFLLGJ<KcE;K?<G8I<EKCFFBJI@>?K8KLJ8E;C@<J8E;J8PJb)F$D=@E< cE;N<
JKFGLJ@E>K?8K89@C@KP /F9<89C<KFG@:BLG<E<I>PEFKALJKI<8;9F;PC8E>L8>< $KJI<8CCPALJK
<E<I><K@: E;N?P$;FK?8K@J9<:8LJ<@KGIFM<JKF6K?<:C@<EK7I<>8I;C<JJF=K?<@I;@8>EFJ@J
I<>8I;C<JJF=N?8KJ?8GG<E<;KFK?8K?LD8E9<@E>K?<@I@EKL@K@FE@J:FDGC<K<CP@EK8:K /?<PALJK
?8M<KFI<C<8IE@K .FK?8KJK?<=@IJKK?@E>$;F9<:8LJ<6E8D<F= C8@E<cJDF;<CI<;8:K<;7@J
98J<;FEN<CCE<JJGI8:K@:< $KJ98J<;FEK?<@;<8K?8KI<>8I;C<JJF=?FNPFLM<9<<EKI8@E<;FI
K?<KI8LD8PFLM<<OG<I@<E:<;PFL:8EGI8:K@:<8N8PF=9<@E>@EK?<NFIC;K?8K?<CGJPFL:I<8K<
K?<G<IJFEPFLN8EKKF9<8E;K?<C@=<K?8KPFL;<J<IM<KFC@M< a
,".$),%-3
C8@E<cJE8II8K@M<@E:CL;<;<D9F;@D<EK8J8J@>E@=@:8EKD<:?8E@JDF=K?<I8G<LK@:8:K@FE
N@K?@E?<IGI8:K@:<N?@:?@EK<IKN@E<;N@K?K?<D@E;=LCE<JJG?<EFD<E8;<J:I@9<;89FM<F==<IJ
?<I:C@<EKJJPE<I>@JK@:@EJ@>?KJFI@>@E8K@E>8KK?<JFD8K@:C<M<C
&-$%+*#+!&%
2?<E8JB<;N?<K?<I C8@E<cJGI8:K@:<@E:CL;<JI@;@E>?<I;<J:I@GK@FEF=?FNJ?<
@E:FIGFI8K<J@K@E:CL;<;8J@>E@=@:8EK<D9F;@<;G?<EFD<EFEN?@:?@JDFM<D<EK98J<;8E;
GIFDFK<J:C@<EKI<=C<:K@FE@EG?PJ@:8CN8PJFEK?<@IEFK@FEJF=KILJK8E;:FEKIFC C8@E<J?8I<;
`2?<E$N8J:<IK@=@<;@E6D8AFI !+FI>8E@Q8K@FE7N<;@;?8M<DFLEK<;8:K@M@K@<J8E;$K?FL>?K
K?<PN<I<JFGFN<I=LC$B<GKK?<D@EDPDF;<C .FDP:C@<EKJ8:KL8CCPD@>?K><KFEK?<?FIJ<
98I<98:B^8E;$D?FC;@E>K?<C<8;IFG<EFN E;F9M@FLJCP$?8M<KNFFIK?I<<G<FGC<K?<I<
?<CG@E>D<8E;N<D@>?KC8PFEK?<?FIJ< 2<D@>?K?8M<K?<?FIJ<DFM<8E;N<:8CC@K
bDFM@E>N@K?K?<?FIJ<cEFKI@;@E>
`4FL:8EKI@;<8?FIJ< 4FL:8EI@;<89@:P:C<PFL:8EI@;<8DFKFI:P:C<9LKPFL:8EK
I@;<8?FIJ< ?FIJ<?8J@KJFNE@;<8J89FLKN?8KJ>F@E>FEJFPFL:8EDFM<N@K?@KPFL:8E
G8IKE<IN@K?@K8E;:FEE<:KN@K?@K9LKPFL:8EK:FEKIFC@K /?<I<JEF9@KEFKK?8KN<LJ<K?<D
K?<I<JEF9@KK?8K:8EJKFG8?FIJ<K?8KN8EKJKF>F8E;K?<I<JEFJ8;;C<K?8KCCB<<GPFLFE@=@K
N8EKJPFLF==
`.FN<:8E:?FFJ<KFLJ<K?8K E;JFK?8KG<IJFE><KJKF=<<CK?<<EK@I<DFM<D<EKF=K?<
?FIJ<J9F;P 2?<EK?<P8I<DFM@E>8E;9<@E>N8CB<;8IFLE;K?<8I<E8$cCC8JBK?<DKFK8CBKF
D<89FLKJFD<F=K?<K?@E>JK?8KK?<PNFLC;C@B<KFJ<<@EK?<@IC@=< .FD<F=K?<:?8E><JK?<P
NFLC;C@B<KFKIP8E;GI8:K@:< E;N?8KJ@EK<I<JK@E>@J$cDK<CC@E>PFL@KJC@B< (-FE
JK<IF@;J /?<P8I<;F@E>89@C8K<I8CDFM<D<EKK?<DJ<CM<JDFM@E>N@K?K?@J?FIJ< /8CB@E>8E;
DFM@E>8CCF=K?<@I=<<C@E>J8E;8:K@FEJK?IFL>?K?<@I9F;P8E;9<@E>:FEE<:K<;EFKFECPKF
K?<DJ<CM<J9LKKFK?<?FIJ<8JN<CC
`$K?@EBK?8KPFLBEFNK?8KJFE<F=D8EPK?@E>JK?8KN<;F 2<8:KL8CCPC8P;FNEFE
K?<?FIJ< .FN<cCCJFD<K@D<J6?8M<K?<:C@<EK7C8P=FIN8I;8E;@=@KJ8G<IJFEK?8K9<C@<M<J
9<:8LJ<F=K?<@IKI8LD8K?<@IKI8@E@E>K?8KK?<P?8M<KFK8B<:8I<F=<M<IPK?@E>8E;K?8KEFFE<
9LKK?<D:8EFE<F=K?<=@IJKK?@E>JN<;FN?<EK?<P><KFEK?<?FIJ<@JK?<P?8M<KF8JB=FI
?<CG .FDFJKF=LJ;FEKBEFN?FNKF;FK?8K .F@KJ9<JKKF?8M<^$;FEKE<:<JJ8I@CP?8M<
JK8@IJ /?<P?8M<KF8JB<@K?<I=8D@CPD<D9<IJFILJKF?<CGK?<D><KLGJFK?8KK?<PLE;<IJK8E;
K?8KK?@J@J8CC89FLKNFIB@E>KF><K?<I
`$8JBK?<D=@IJKKFC8P;FNEFEK?<?FIJ<=8:<=@IJKJFK?8KK?<PN@CCGLKK?<@I:?<<B@E
K?<@I?<8;FEK?<?FIJ<cJE<:B /?<PN@CC?8M<K?<@I8IDJFE<@K?<IJ@;<F=K?<E<:B8E;K?<P8I<
:FDGC<K<CPI<C8O<;8E;K?<P>@M<K?<?FIJ<K?<@I<EK@I<N<@>?K *B8P $;FEK:8I<@=@KJ8J@O=FFK
=@M<GFLE;>LP $8CN8PJLJ<89@>;I8=K?FIJ< *E:<$BEFNK?<PI<9I<8K?@E>8E;K?<PI<
:FDGC<K<CPI<C8O<;FEK?8K?FIJ<8E;>@M@E>K?<?FIJ<8CCF=K?<@IN<@>?KN@K?FLK?FC;@E>FE$
8JBK?<D8M<IP@DGFIK8EKHL<JK@FEN?@:?@Jb2?<EN8JK?<C8JKK@D<K?8KJFD<FE<:FLC;?FC;
PFLLGc4<8?K?8KLJL8CCP9I@E>J8K<8IKF8E<P<9<:8LJ<DFJKF=K?<K@D<K?<8EJN<I@Jb$
;FEKI<D<D9<Ic8E;b$M<9<<E?FC;@E>DP^JFD<9F;P<CJ<^LG=FIJFCFE> c
`/?<EN<8CJF?8M<K?<DC8P;FNEFEK?<98:BJFK?<@I?<8;@JFEK?<9LKKF=K?<?FIJ<
8E;K?<@I8IDJ8E;K?<@I:?<JK8E;K?<@I?<8IK@JFG<E8E;K?<@IC<>J8I<FG<E .FFE<F=K?<K?@E>J
K?8KN<?8M<KFLE;<IJK8E;@JK?8KN?<EN<><K@E8EF==@:<8E;N<J@K;FNEN<8I<:CFJ<;F==
E;N?<EPFL8I<C8P@E>FEK?8K?FIJ<8E;PFLI<N@;<FG<EK?<<DFK@FE8C8E;K?<JG@I@KL8C8I<
:FEE<:K<; E;K?8K:8EKE<:<JJ8I@CP?8GG<E@E8EF==@:< a
.--%#3).-
2?<E8JB<;89FLK8EPJG<:@=@:GIF:<JJ<JFID<:?8E@JDJK?8K9I@E>89FLK:?8E><=FI?<I
:C@<EKJ C8@E<<DG?8J@Q<;:FEE<:K@FE8J8J@>E@=@:8EKD<:?8E@JDF=8:K@FEN@K?@E?<I<HL@E<
GIF>I8D9PJK8K@E>`2?8KJ@DGFIK8EK@J:FEE<:K@FE )FKALJKGI8:K@:@E>?FNKFFM<I:FD<8
GIF9C<D 2<I<EFKGIF9C<D=F:LJ<;N<I<:FEE<:K@FE=F:LJ<; a2@K?@E C8@E<cJ;<J:I@GK@FEF=
:FEE<:K@FEN<I<=FLIJ@>E@=@:8EKG?<EFD<E8I<C8K@FEJ?@GG8IKE<I@E>:FE>IL<E:<8E;
8LK?<EK@:@KP
#+!&%* !'
*E<8JG<:KF=:FEE<:K@FEN?@:?N8J<DG?8J@Q<;N@K?@E C8@E<cJ@EK<IM@<N@J
I<C8K@FEJ?@G .?<J?8I<;`.FFE<F=K?<DFJK@DGFIK8EKK?@E>J=FID<@JI<C8K@FEJ?@G E;K?8KJ
N?8KN<EFNBEFN $=PFLJ<<K?<P<8IFC;#8IM8I;.KL;P6F=;LCK<M<CFGD<EK7K?<K?@E>
K?8KD8KK<IJDFJK8E;K?<P><KK?<J8D<I<JLCK<M<IPP<8I@JFLI:FEE<:K@FEKFFK?<IG<FGC< .F
@KJ<<DJKFD<K?8KN<KIPKF;FK?8KN?<EN<I<@E=8D@C@<J9LKDFJK=8D@C@<J6;F8N8P7N@K?
K?@J@;<8F=:FEE<:K@FE8E;K?<PB<<GG8JJ@E>;FNE8N8PF=9<@E>K?8K@JEKE<:<JJ8I@CP?<CG=LC
@EK<IDJF=:FEE<:K@FE .F@KN8J@DGFIK8EKKFD<K?8KK?@J<HL@E<K?<I8GPNFLC;8:KL8CCP
@E:I<8J<8E;FG<EG<FGC<LGKF9<89C<KFGI8:K@:<?FNKF9<@E:FEE<:K@FEN@K?8E;@E
G8IKE<IJ?@GN@K?FK?<IJ a
)+%)!%
C8@E<8CJF<DG?8J@Q<;G8IKE<I@E>8J8J@>E@=@:8EK8JG<:KF=:FEE<:K@FE C8@E<J?8I<;
`.F8CCK?<J<NFE;<I=LCGI8:K@:<JK?8K?<CGPFL?8M<N?8K$NFLC;:8CC8DFI<98C8E:<;N8PF=
9<@E>@EI<C8K@FEJ?@G8I<8CC^K?<JKL==?FIJ<JBEFN /?<PN8EKPFLKF9<8>FF;C<8;<I8E;K?<P
N8EKPFLKF9<8>FF;=FCCFN<I /?<PN8EKPFLKF9<J8=< E;K?<P8CJFN8EKPFLKFK?<PN8EK
PFLKF9<MLCE<I89C<8E;K?<PN8EKPFLKFJ<K9FLE;8I@<J .FK?<P8I<DL:?DFI<:<EK<I<;8E;
98C8E:<;K?8EN<8I< /?<PN8EKKF9<>L@;<;K?<P;FEKN8EKKF9<:FEKIFCC<; .F$K?@EBN?8KJ
@DGFIK8EK@JKFLE;<IJK8E;K?8K?FIJ<J>@M<LJ8EFGGFIKLE@KPKF9<9<KK<I?LD8EJ a
&%),%
C8@E<cJ@EK<IM@<N<DG?8J@Q<;:FE>IL<E:<8J8J@>E@=@:8EK8JG<:KF=:FEE<:K@FE@EK?<
:FEK<OKF= !+J@E:<9PI<HL@I@E>:FE>IL<EKDFF;8E;8==<:K@EFI;<IKF<E>8><N@K??LD8EJ
?FIJ<JK<8:?<DFK@FE8C8N8I<E<JJ C8@E<JK8K<;`.FFE<F=K?<DFJK@DGFIK8EK8JG<:KJF=6DP
D<K?F;7@JK?8K^K?<?FIJ<J8I<EFK:F;<G<E;<EK 2<8I<K?<PI<EFK /?<I<=FI<K?<P;FEK,%9)
KF9<N@K?LJ $EFI;<I=FIK?<DKF:%17KF9<N@K?LJ^PFL;F?8M<KF9<:FE>IL<EK 4FLI
K?FL>?KJPFLI=<<C@E>JPFLI8:K@FEJ?8M<KF9<K?<J8D< 4FLDLJKGI8:K@:<9<@E>?FE<JK8E;
9<@E>D@E;=LC8E;8CJF9<@E>89C<KFJ<K9FLE;8I@<J8E;9<@E>:FEJ@JK<EK a
,+ %+!!+0
!@E8CCP C8@E<<DG?8J@Q<;8LK?<EK@:@KP8J8J@>E@=@:8EK8JG<:KF=:FEE<:K@FEN@K?@E?<I
<HL@E<GI8:K@:< .?<JK8K<;`E;K?<FK?<IK?@E>$N8EKKFJ?8I<@J$8DJFK@I<;F=DPG<<I
>IFLGJ8P@E>K?8KK?<I<8JFEN?PK?@JNFIBJ@J9<:8LJ<?FIJ<J8I<GI<P8E@D8CJ )LD9<IFE<
ALJK9<:8LJ<K?<P;FEK<8KD<8K;F<JEKD8B<K?<DGI<P8CCK?<K@D< $?8M<N8K:?<;D8EP8
?FIJ<>F8=K<I8E@EKIL;<IJ<K9FLE;8I@<JGIFK<:KFK?<I?FIJ<J8E;=@>?K=FIK?<@ID8I<J8E;=FI
K?<@I=I@<E;J .FK?8KJEFKKIL<
`E;ELD9<IKNFK?<FK?<I?LIK=LCK?@E>N<J8P9<:8LJ<N<8I<K?<DFJKE8I:@JJ@JK@:
8E@D8CJFEK?@JGC8E<KN<J8P?FIJ<JD@IIFILJ /?8K@JEFKKIL<<@K?<I /?<PI<JGFE;KFLJ@E8E
8LK?<EK@:N8P98J<;FEK?<@I<OG<I@<E:<8E;K?<@IG8JKN@K??LD8E9<@E>J8JN<CC .F $=K?<PM<
?8;JFD<M<IP98;<OG<I@<E:<JN@K??LD8E9<@E>JK?<P8I<>F@E>KF9<M<IPC<<IPF=N?FPFL
8I<8E;N?8KPFL8I< E;K?<PI<>F@E>KF8JBPFLKFKILCPI<M<8CPFLIJ<C=
`E;K?<PD8PK8B<8CFE>K@D<9<=FI<K?<P<M<EN8EKKF><K:CFJ<KFPFLLEK@CK?<P8I<
89JFCLK<CPJLI<K?8KPFL8I<EFK>F@E>KF@DG@E><FEK?<DFI9<;8E><IFLJ .F$K?@EB@KJI<8CCP
@DGFIK8EKKFLE;<IJK8E;K?8K<8:??FIJ<9I@E>J8;@==<I<EKB@E;F=GI8:K@:<KF<8:??LD8EK?8K@K
D<<KJ8E;K?8KN<J?FLC;JKFGJ8P@E>K?8KK?<PD@IIFILJ /?<P8I<EFKbD@IIFIJ c/?<PI<JGFE;
8LK?<EK@:8CCPKFLJ a
%#.-$!18%2%!1#(4%23).- (!++%-'%23.3(%1.63(.&3(%)%+$
/?@J@EK<IM@<NP@<C;<;=FLIJ@>E@=@:8EKJK8K<D<EKJK?8KG<IK8@E@E>KFK?<J<:FE;8IP
I<J<8I:?HL<JK@FEF=K?@JGIFA<:KN?@:?<OGCFI<JGI8:K@K@FE<IJcG<I:<@M<;C@D@K8K@FEJ8E;FI
98II@<IJKFK?<>IFNK?F= !+ C8@E<N8J:8E;@;N@K??<I=<<C@E>J89FLK;<=@E@E><==<:K@M<
D<8JLI<J=FI<HL@E<=8:@C@K8K<;GI8:K@:<J8E;EFK<;C8:BF=:C8I@KP8::<JJ@9@C@KP8E;=LE;@E>
:FE:<IEJ8JJ@>E@=@:8EKC@D@K@E>=8:KFIJ
*,)!#!+0
2?<E8JB<;=FI8EP@;<8JFIFG@E@FEJJ?<NFLC;C@B<KFJ?8I<89FLK?FN<HL@E<GI8:K@:<J
FIFLK:FD<J:FLC;9<D8;<DFI<:FEJ@JK<EKCPD<8JLI89C<FI@=J?<9<C@<M<J<HL@E<
GJP:?FK?<I8GP:FLC;<M<I9<:FD<8E<M@;<E:<98J<;GI8:K@:< C8@E<I<GC@<;`0?/?8K@J8
HL<JK@FEK?8K $D<8E$ALJKN8EKKFJ8PC@B<$?8M<8?8I;K@D<N@K?K?<<EK@I<9<?8M@FI8C
?<8CK?;<G8IKD<EK 69FK?C8L>?7-@>?K.F@KJK?@JK?@E>:8CC<;GJP:?FCF>P9LK@KD<8EJN<K8CB
89FLK9<?8M@FI8C?<8CK?:?8E><G<FGC<J9<?8M@FI E;<M@;<E:<98J<; *B8P .FC<KD<><KK?@J
JKI8@>?K M<IP?LD8E9<@E>@JM<IP;@==<I<EK@ED8EPN8PJ8E;N<I<M<IPJ@D@C8I@ED8EP
N8PJ E;N<?8M<9@>;@==<I<E:<J@EJFD<GI8:K@K@FE<IJ8E;K?<EK?<I8G@JKJ .FLEC@B<8
JLI>@:8CKFFCN?@:?@JK?<J8D< $BEFNK?<JLI><FEN@CC9<8C@KKC<9@K;@==<I<EK8E;K?<M<@EJ
K?FL>?8I<GI<KKPDL:?K?<J8D< .FK?<@;<8K?8KPFL:FLC;?8M<JFD<K?@E><M@;<E:<98J<;
N?<EPFL?8M<JL:?8:FE=@E<;8I<8F=NFIBK?8KD8B<JJ<EJ<KFD< LKKF8:KL8CCP9<C@<M<K?8K
PFL:FLC;?8M<N?8KJ:8CC<;8Eb<M@;<E:<98J<;GI8:K@:<cN?<E@K:FD<JKF?LD8E9<@E>J8E;
?FIJ<J <M<IPK?@E><CJ<$DEFKJFJLI<N<J?FLC;9<<M<E;F@E>K?8K E;JF$I<8CCPJKIL>>C<
N@K?K?8K@;<8
`/?<<M@;<E:<@JK?<G<IJFEK?<DJ<CM<J E;K?<D@ELK<K?8KN<;FEKN8EKKF?8M<K?<
G<IJFEN?F@J;F@E>K?<:?8E><8E;K?<?<8C@E>;<:@;<=FIK?<DJ<CM<JK?8KK?@J?8J:?8E><;
K?<DK?8K?8J?<CG<;K?8K:I<8K<K?<C@=<K?<P;<J<IM< $JK@CC;FEKLE;<IJK8E;@K $=N<I<^@=
N<I<JLGGFJ<;KF?<CGG<FGC<C<8;89<KK<IC@=<K?<EK?<PJ?FLC;9<K?<FE<JKFK<CCLJK?8K
K?<PM<9<<E89C<KF;FK?8KEFKD< E;$;FEKE<<;KF9<^KF9<HL8EK@=@89C<;F<JEKD<8EKF
9<M8C@;8K<; /?<FECPG<IJFEK?8KE<<;JKF9<M8C@;8K<;@JK?<:C@<EKK?<DJ<C= !FI?8M@E>K?<
:FLI8><KF=8:<K?<@IKI8LD88E;K?<<==<:KJF=K?<@IKI8LD8K?<GFJKKI8LD8K@:>IFNK?8E;K?<E
N8EKKFB<<G:?8E>@E>8E;>IFN@E> /?8KJPFLI<M@;<E:< a
#)!+0"&
2?<E8JB<;?<IFG@E@FEJ89FLKJFD<F=K?<C@D@K8K@FEJ8E;:?8CC<E><JKFK?<>IFNK?F=
K?<=@<C; C8@E<JK8K<;K?8KFE<F=K?<;@==@:LCK@<JJ?<?8J<E:FLEK<I<;@JK?<C8:BF=:C8I@KPEFK
ALJKN@K?@EK?< !+=@<C;9LKN@K?@EK?<I8GP8J8N?FC< #<II<JGFEJ<@E;@:8K<;;@J8>I<<D<EK
N@K?K?<@;<8K?8KGJP:?FK?<I8GP:8E9<8GGIFGI@8K<CPLE;<IJKFF;N@K?@EK?<D<;@:8CDF;<C
:@K@E>?PGF:I@JP8J8G8IK@:LC8I=ILJKI8K@FEK?8K8I@J<J=FI?<IN?<EGI8:K@K@FE<IJ8KK<DGKKF;FJF
.?<J?8I<;`4<8? .FG8IKF=K?<D<;@:8CDF;<C@JK?8K8;F:KFI^K?<P:8EKI<8KPFL<M<E
K?FL>?K?<PI<EFKK8B@E>K?<KI<8KD<EKK?<DJ<CM<J
`.FN<:8E?8M<8C8I><8DFLEKF=?PGF:I@JP@EK?<D<;@:8C=@<C; E;:<IK8@ECP@E
9<?8M@FI8C?<8CK? 2<?8M<8CFKF=@K .FALJKFE<<O8DGC<6FE<F=K?<D8AFI<HL@E<
FI>8E@Q8K@FEJ7N8JJK8IK<;9P8D8E8E;8NFD8E8:FN9FP8E;8C@:<EJ<;JF:@8CNFIB<I
*B8P /?<PJ8@;bK?@JG8IK@:LC8IDF;<CN@CC?<CGPFL?8M<9<KK<II<C8K@FEJ?@GJ cE;8=K<I$;FEK
BEFN?FND8EPP<8IJF=K?<DNFIB@E>K?<I<K?<9F8I;8E;K?<JF:@8CNFIB<I8JB<;K?<:FN9FP
KFC<8M< .FK?<EK?<PN<I<@E8E<@>?KP<8IC<>8C98KKC< E)-+,7<)%5C<>8C98KKC< .F8GG8I<EKCP
K?<6FI>8E@Q8K@FEE8D<I<;8:K<;7DF;<C;@;EK?<CGK?<D .FDPGIF9C<DN@K?DFJK8EPDF;<C
K?8K;F<JEK?8M<N?8K$:8CCbK?<G8I8CC<CGI8:K@:<c@J@KcJ@E?<I<EKCP?PGF:I@K@:8C +8I8CC<CGI8:K@:<
D<8EJK?8K$;FEK8JB8EP9F;PKF;F8EPK?@E>$DEFK;F@E>FI?8M<EK;FE< $KcJEFKFB8P=FI
D<KFALJK:FD<KF?<CGPFL:I<8K<89<KK<IC@=<8E;;F8N<CCE<JJGI8:K@:<K?8K$8DEFK;F@E>
DPJ<C= a
**!!#!+0
2?<E8JB<;N?<K?<IJ?<=<<CJK?8K<HL@E<K?<I8G@<J8I<DFI<<==<:K@M<8J8E8;ALE:KKF
KI8;@K@FE8C:C@E@:8CGJP:?FK?<I8GPFI@=K?<P?8M<M8CL<8J8JK8E;8CFE< C8@E<I<GC@<;`$
LE;<IJK8E;K?8KEFK<M<IP9F;P:8E><KKFK?<?FIJ< $I<8CCPLE;<IJK8E;K?<C@D@K8K@FEF=@K E;
N?P@K@JGIF989CPDFI<F=8E8;ALE:KK?8EKI8;@K@FE8CK?<I8GP@JALJK9<:8LJ<@K@JF=K<EK@D<J
DFI<;@==@:LCKKF><KKF E;KF><KKF8?FIJ<@KJ8C@KKC<9@K;@==@:LCK $BEFNN<:FLC;D8B<@K
<8J@<I M<E@E)<N4FIB@KP /?<I<J<EKI8C+8IB E;K?<I<:<IK8@ECP:FLC;9<8GIF>I8D@E
<EKI8C+8IB /?<I<D8P9<FE<8CI<8;P EPN8P $K?@EBK?<I<8CN8PJ?8JKF9<:?F@:<J )FK
<M<IP9F;P:8EJK8IKF==JK8E;@E>@E=IFEKF=8?FIJ< $LE;<IJK8E;K?8K9LK@=@KcJ<8JP<EFL>?=FI
G<FGC<KF><KKF$K?@EB@K:8ENFIBM<IPN<CC=FI:<IK8@EG<FGC<8J8JK8E;8CFE<KI<8KD<EKI8K?<I
K?8EALJK8E8;ALE:K a
,%!%
C8@E<cJ8EJN<IKFK?<89FM<HL<JK@FE:FEK@EL<;N@K?8J@>E@=@:8EKJK8K<D<EK89FLKK?<
=@E8E:@8C:?8CC<E><J@E?<I<EK@E !+GI8:K@:< .?<J?8I<;`KK?<J8D<K@D<K?<N8PK?8K@K
9<:FD<JDFI<8::<JJ@9C<KFG<FGC<@J9PD8B@E>@KDFI<8==FI;89C< E;K?8KJJFD<K?@E>K?8K
N<?8M<KFK8B<8CFFB8K@EK<IDJF=8CCK?<I8G<LK@:GI8:K@:<J #FN;FN<D8B<K?<D8G8IKF=8
N<CCE<JJC@=<4FLBEFNN?<EPFL><KFC;<IK?<PGLKPFLFE(<;@:8I<8E;K?<PF==<IPFL
K?@E>JC@B<>PDD<D9<IJ?@GJ=FI )FNN<G8P=FI(<;@:8I<K?8KJ=FIJLI<KFF $
LE;<IJK8E;K?8K LKK?<=8:K@JK?8KN<E<<;M<IPDL:?JFKF:?8E><?FNN<8I<G8@; E;?FN
DL:?@K:FJKJKF9<89C<KF><KKF8EPN<CCE<JJGI8:K@:<@E:CL;@E><HL@E<K?<I8GP E;K?8KJ
JFD<K?@E>K?8K$DNFIB@E>FE68KDP7I8E:?
`2<:?FJ<KF9<:FD<8EFEGIF=@KJFK?8KN<:FLC;><K;FE8K@FEJ8E;N<;FEK?8M<KF
:?8I><8EP9F;P E;JFN?8KJ@EK<I<JK@E>@J<M<EK?FL>?D8EPG<FGC<:FD<N?F8I<M<IP
N<8CK?P8E;:8EG8P=FIK?<J<IM@:<N<;FEK:?8I><K?<D LKN?8KN<;F@JK?<P^N<;FEK
8:KL8CCP6I<HL<JK7@K9LKFE:<K?<P>FK?IFL>?6FLIGIF>I8D7K?<PD8EPD8EPK@D<J^@=EFK
<M<IPK@D<^K?<P>@M<LJ8M<IPC8I><;FE8K@FE 2@K?8bK?8EBPFL /?8EBPFLc9<:8LJ<K?<P
I<8CCP=<<CFK?<IG<FGC<;<J<IM<KF?8M<K?@J<OG<I@<E:<8JN<CC a
-3%15)%6%5%-
!13)#)/!-3%5%- )++)!-
%@CC@8E8GJ<L;FEPDKFGIFK<:K8EFEPD@KP @J8C@=<K@D<?FIJ<NFD8EN?FGI8:K@:<J
HL@E<JJ@JK<;'<8IE@E> ' FE?<IFNE8E;F::8J@FE8CCP8:KJ8J8?FIJ<JG<:@8C@JK=FI
HL@E<JJ@JK<;+JP:?FK?<I8GP + N?<E:8CC<;LGFEKFG8IK@:@G8K<@EJ<JJ@FEJC<;9P8
C@:<EJ<;GJP:?FK?<I8G@JK .?<?FC;J8E(@EC@K<I8KLI<8E;?<I=@IJK:8I<<IN8JK<8:?@E>8KK?<
GFJKJ<:FE;8IPC<M<C
2?<E8JB<;N?8KGFGLC8K@FEJFI;@8>EFJ<JJ?<KPG@:8CCPNFIBJN@K?%@CC@8EI<GC@<;`$D
EFK8K?<I8G@JKJF$DEFK8:KL8CCP8:HL@I@E>K?8KB@E;F=@E=FID8K@FE .F8EPK?@E>$?8M<@J
I<8CCPDFI<F=ALJKB@E;F=DPF9J<IM8K@FE E;$K?@EBK?8K$K<E;KF><KG<FGC<N@K?:?IFE@:
?<8CK?@JJL<J $><K8CFKF=G<FGC<N@K?8EO@<KPK?8K8I<JKI<JJ<; +<FGC<KIP@E>KF=@>LI<FLKK?<@I
C@=<8E;N?8KJ>F@E>FE8E;N?8KK?<@IFGK@FEJ8I< 4FLBEFNN?<EG<FGC<:FD<KFD<=FI
GI@M8K<J<JJ@FEJK?<P8I<LJL8CCP:FD@E>=FI8?<8CK?@JJL<FII<C8K@FEJ?@G@JJL<FI8NFIBFI
:8I<<I@JJL< .FK?8KJKPG@:8CCPK?<:8K<>FI@<JF=K?@E>JK?8KG<FGC<:FD<KFD<=FI a
2?<E8JB<;89FLK?<I<EKIP@EKFK?< !+=@<C;%@CC@8EJ?8I<;`/?8KN8J8CFE>K@D<8>F
0D8IFLE;$K?@EB@KN8J .F$I<8CCPJK8IK<;FEDPFNE9<:8LJ<^$?8;8;FGK<;8
DLJK8E>8E;=FLE;8GC8:<KF9F8I;?@DN?<I<K?<PALJK?8;>FKK<E8:FEKI8:KKFNFIBN@K?K?<
CF:8C1N@K?1@<KE8DM<KJN?F?8;9<<EJFIKF=EFE=LE:K@FE@E>=FIK?<G8JK8CDFJKP<8IJ
E;JF8KK?8KK@D<6GIFD@E<EK !+:<IK@=@:8K@FEGIF>I8D7N8JFLK9LK@KN8JE<N8E;N<;@;EK
BEFN@K<O@JK<; 6EFK?<I !+KI8@E@E>GIF>I8D7<O@JK<;9LKN<;@;EKBEFN89FLK@K .FN<
N<I<ALJKPFLBEFNN<K?FL>?KN<N<I<@EM<EK@E>K?<N?<<C .FK?8KJ?FN$>FKJK8IK<; E;
I<8CCP$D<8E$N8J8E E>C@J?GIF=<JJFI8E;$K8L>?K8K8:FDDLE@KP:FCC<><9<:8LJ<$C@B<;@K
9<KK<IK?8EK?<LE@M<IJ@KP $;@;8CFKF=8KK?8KK@D<C<8IE@E>:FDDLE@K@<J8E;:FDDLE@KP
J<IM@:<KPG<:C8JJ<JFI$K<E;<;KF8;;K?FJ<;<J@>E8K@FEJ@EKFK?<:C8JJ<J$K8L>?K 8LJ<K?8K
N8J^$C@B<;K?8KJKL==
`E;E<8IN?<I<$C@M<;8KK?8KK@D<K?<I<J8G<ID8E<EK?FC;@E>=8:@C@KP=FIDLJK8E>J
E;JFK?8KN8JB@E;F=K?<J<KLG .F$ALJKJK8IK<;DFM@E>@EKF@K9<:8LJ<F=K?8K $?8;9<<E
>@M@E>I@;@E>C<JJFEJJ@E:<$N8JPFLE>8E;$?8;J?FNE?FIJ<J E;$;;FE<8CCJFIKJF=K?@E>J
N@K??FIJ<J8E;$N8JGI@D8I@CP8?FIJ<G<IJFE9LK$8CJFNFIB<;N@C;<IE<JJK?<I8GP@EK?<
JLDD<IJ9<:8LJ<F=K?<<EM@IFED<EK8CC@KB@E;F==F:LJ$?8; .FK?@J9IFL>?K8CCDPG8JJ@FEJ
KF><K?<IJFP<8?
`LK8KK?<K@D<$;@;EKBEFN@K<O@JK<; $K?FL>?K$N8J:I<8K@E>@K $?8;>FKK<EK?<@;<8
N?<E$NFIB<;N@C;<IE<JJK?<I8GP8E;$LJ<;KFPFLBEFN8=K<IK?<B@;JN<EKKF9<;N<K?<
JK8==NFLC;J@K9PK?<=@I<8E;$NFLC;K<CCK?<D89FLKK?@JK?@E>$?8;@ED@E;K?8K$K?FL>?K
NFLC;9<I<8CCPGIF=FLE;=FIB@;J E;$N8EK<;KF:I<8K<8GIF>I8DGFJJ@9CPK?IFL>?K?<
0E@M<IJ@KPFIN?8K<M<I9LK8EPN8P a
CK?FL>??FIJ<J?8;8CN8PJ9<<E8E@EK<>I8CG8IKF=?<IC@=<K?<=LCCJ:FG<F=K?<@I
@E=CL<E:<FE%@CC@8EcJFNE?<8C@E>G8K?<D<I><;J?FIKCP8=K<IJ?<9<>8E?<IGI8:K@:<N?<E
KI8><;PJKIL:B .?<J?8I<;`.F$>FK:8E:<I $CFJK<M<IPK?@E> $D<8E$CFJKDP=8:@C@KPDP
?FD<DP?LJ98E;8E;<M<IPK?@E><CJ<I@>?K9<=FI<$>FK:8E:<IK?<E$>FK:8E:<I E;K?<E$
:FLC;EKNFIB:8LJ<$N8JM<IPJ@:B /?<P;@;EK<OG<:KD<KFC@M<9LK8=<NDFEK?J .F?FN$
JLIM@M<;K?8KN8JE8KLI8CCPN@K?DP?FIJ<J8E;N@K?ELKI@K@FE8E;N@K?JFIKF=PFLBEFN-<@B@
8E;PFLBEFN8EPK?@E>JFD<FE<NFLC;>@M<D<=FI=I<< <:8LJ<K?<C@KKC<9@KF=D<;@:8C:8I<$
>FKKFFB8CCK?<C8JKF=DPDFE<P a
%@CC@8EcJ<OG<I@<E:<F=FM<I:FD@E>?<I@CCE<JJ8E;=@E8E:@8C?8I;J?@GJ9IFL>?K89FLK8
JG@I@KL8C8N8B<E@E> =K<IK?8K?<I8GGIF8:?KF !+J?@=K<;=IFDLK@C@Q@E>?FIJ<JKF?<CGG<FGC<
C<8IEKF%66-67-1+?FIJ<JKF?<CGG<FGC<,)%/ .@E:<K?8KK@D<%@CC@8EJ?8I<;`$;FEKBEFN
8EPK?@E>&87JG@I@KL8C $EDPFG@E@FE .F<M<E9PK?8K$ALJKD<8E<E<I><K@: '@B<K?<?FIJ<J
;FEK:8I<N?8KC89<CJN<GLKFE@K9LKN?8K$M<DFM<;8N8P=IFD@J8EPK?@E>K?8KJ8:KL8CCP$
D<8E$JK@CC><K OG<I@<EK@8C'<8IE@E> /?8KJN?8K$:8CC@KJFD<K@D<J LK$F=K<E:8CC@K?<8C@E>
`<:8LJ<EFNK?8K$M<9<<E;F@E>@K=FIP<8IJK?8KJN?8KJ?8GG<E@E> $D<8EG<FGC<
8I<?<8C@E>@EHL8EKLDN8PJ8E;K?<?FIJ<JI<8CCP8DGC@=P8EP?<8C@E> .FP<8? $K?@EBK?<P
8DGC@=PN?8K<M<IN<:I<8K< .FPFLBEFN@=N<N8EKKF:8CC@KK?<I8GP=@E< /?<P8DGC@=PK?<
K?<I8GP LK$K?@EBK?<DFI<N<><KFLKF=K?<@IN8PK?<DFI<6K?<?FIJ<J7?<8C;@I<:KCP E;
PFLBEFN8:KL8CCP@=N<JKFGKIP@E>KF9<8K?<I8G@JKN?@C<K?<?FIJ<J8I<NFIB@E>N@K?G<FGC<
K?<EK?8K?<CGJK?<?FIJ<JNFIBN@K?K?<G<FGC<DFI< E;JF$I<8CCP=FCCFNK?<?FIJ<J8CFK
4FLBEFN$=FCCFNN?8KK?<PI<K<CC@E>D<E<<;JKF?8GG<E8E;$?<CGKIPKF?<CGK?<G<IJFEJ<<
N?8KKF;F $KIPKF?<CGK?<DJ<<N?8KJ?8GG<E@E> $DK?<@IM8C@;8K@FEF=N?8KK?<PI<=<<C@E>
8E;J<<@E>8E;JFIKF=K?<@IN@KE<JJ '@B<8KI8EJC8KFIFI^EFK<M<E8KI8EJC8KFI $K?@EBG<FGC<
:8EKI8EJC8K<GI<KKPHL@:BCP $K?@EBK?<HL@:B<I$:8EDFM<FLKF=bKI8EJC8K@E>=FIK?<DcHLFK<
LEHLFK<K?<9<KK<I $;FEKK?@EBK?<PE<<;K?8K a$E%@CC@8EcJGI8:K@:<J?<J<<J?<IJ<C=8J8
=8:@C@K8KFI=FIK?<NFIB?<I?FIJ<J;F /?@J@J;@I<:KCP@E=FID<;9P?<IFNE<OG<I@<E:<F=?FNK?<
?FIJ<J?8M<NFIB<;N@K??<I $K@JK?@J<OG<I@<E:<K?8KJ?<EFNG8JJ<JFEKF?<I:C@<EKJ
2?<E8JB<;N?8KGFGLC8K@FEJFI;@8>EFJ<JJ?<=<<CJ:8E;<I@M<K?<DFJK9<E<=@K=IFD?<I
<HL@E<GI8:K@:<%@CC@8EI<GC@<;`4<8? $K?@EBPFLBEFN@KF9M@FLJCPNFIBJN@K?+/. /?8KJ
N?<I<$JK8IK<;K?@J 2@K?81@<KE8DM<KN?F?8;+/. /?8KN8JK?<@I;@8>EFJ@J $?8M<8
:FCC<8>L<N?F:8CCJ@KDFI8C@EALIP $;FEKBEFN@=PFLM<?<8I;K?8KK<ID $KJ8K<IDK?<PI<EFN
LJ@E>@EJK<8;F=FI@E8;;@K@FEKF+/. E;$K?@EBK?8KJ8I<8CCP>FF;N8PKFJ<<N?8KJ
?8GG<E@E>KFF E;$K?@EBK?<?FIJ<JI<8CCPJ?FNK?8K /?8KN?8KJ?8GG<E@E>@JK?<I<@J8E
@EALIPKFPFLIJFLC=FI^B@CC@E>JFD<FE<FI=IFD?8M@E>KF9<@E8J@KL8K@FEN?<I<K?<I<N8JEF
:?F@:<9LKKFB@CCJFD<FE< 4FLBEFNK?FJ<KPG<JF=K?@E>J +/.@JDFI<89FLKN?8K?8GG<E<;
KFPFL (FI8C@EALIP@JDFI<89FLKJFIKF=K?<K?@E>JK?8KPFLM<;FE<8E;N?8K@K^8E;K?<:FJK
KFPFLIGJP:?<=IFDK?FJ<K?@E>J /FJFD<;<>I<<K?8KJ8I<8CCP@DGFIK8EK;@==<I<E:< E;$
K?@EB@KNFIBJI<8CCPN<CC=FI;<GI<JJ@FE E;9FI;<IC@E<^I<8CCP8EPJFIKF=G<IJFE8C@KP
;@JFI;<IFI;<GI<JJ@FE8EO@<KP *I<M<EG<FGC<N?F8I<K?I@M@E>9LK8I<J<<B@E>KFK?I@M<DFI<
$D<8E$M<NFIB<;N@K?8CFKF=G<FGC<=IFD LIFG<N?F8I<C<8;<IJ@EK?<@IPFLBEFN
:FIGFI8K<FI>8E@Q8K@FEJFIN?8K<M<I8E;=IFDD<I@:8 E;$?8;8E E>C@J??LJ98E;N?FJ<
:C@<EKJN<I<8CC=IFD!I8E:<8E; E>C8E;8E;;@==<I<EKG8IKJF= LIFG< E;$NFIB<;N@K?K?<D
8CFK E;JF8CCF=K?<J< M<IPFE<J<<DJKF><K8KFEFLKF=@K $D<8E$?8M<EKJ<<E8EPK?@E>
@K;F<JEKNFIB=FI
`*?N8@K^K?<FECPK?@E>$M<J<<EK?8K@K;F<J127J<<DKFNFIBN<CC=FI8KC<8JK=IFD
DPG<IJG<:K@M<@JJFD<FE<N@K?JFD<B@E;F=GJP:?FJ@J *ID8P9<K?8KJALJKK?<N8PK?8K$
GI8:K@:< LKJF P<8? E;@KJ<<DJKF9<?8ID=LCKFK?<?FIJ<J8E;EFKM<IP<==<:K@M<=FIK?<
G<IJFEE<:<JJ8I@CP *I@=@KJ<==<:K@M<=FIK?<G<IJFE@KJ<<DJKF9<98;=FIK?<?FIJ<J .F$:8EK
;F@K@=$BEFNK?<G<IJFE?8JGJP:?FJ@J E;EFNDP?FIJ<JJ?FND<K?<PBEFNKFF /?<PN@CC
EFK<E>8><N@K?JFD<FE<K?8K:FD<J@EFI@J9IFL>?K@EN?<I<D8P9<K?<P?8M<EKKFC;D<K?8K
^K?8KK?<PI<;@8>EFJ<;N@K?JFD<B@E;F=GJP:?FJ@J LKK?<?FIJ<JNFEKNFIBN@K?K?<D
`$E=8:KN?<E$NFIB<;8K8I<J@;<EK@8CKI<8KD<EK=8:@C@KPN<;@;LJ<K?<?FIJ<JKF?<CGLJ
;<:@;<N?8KN<K?FL>?KK?<;@8>EFJ@JN8JN?<EK?8KJ9<<E8HL<JK@FE E;K?<EN<NFLC;>F
98:BKFK?<@IGJP:?FK?<I8G@JK8E;J8Pb/?@J@JN?8KN<K?@EB c<:8LJ<P<8?N<?8;8CFKF=
9FI;<IC@E<:C@<EKJ8E;6=I<HL<EKCP7K?<Pc;9<K?FJ<FE<JK?8KJFD<K@D<JK?<?FIJ<JNFLC;J?FNLJ
b/?@J@JJFD<FE<N<N@CCEFKNFIBN@K? c.FP<8?N?<EK?8K?8GG<E<;K?<PLJL8CCP;@;EK><KKF
JK8P@EK?<GIF>I8DDL:?CFE><I <:8LJ<N<KILJK<;K?<?FIJ<JJFDL:? E;@=K?<JK8==N<I<
8CI<8;P?8M@E>KIFL9C<N@K?K?<G<IJFE^JF@=K?<P:8LJ<;8CFKDFI<KIFL9C<N@K?JK8==8E;K?<
FK?<IJKL;<EKJ $KJALJKEFK=8@I@E8GIF>I8DC@B<K?8KPFLBEFNN?<I<K?<I<J8CFKF==I<<;FD $K
N8JEKK?<B@E;F=GIF>I8DK?8KNFIB<;=FIK?<D a
2?<E8JB<;N?@:?JG<:@=@: 'DF;8C@KPJ?<GI8:K@:<J%@CC@8EJ?8I<;`2<CC$GI8:K@:<
DPFNEDF;8C@KP $?8M<KI8@E<;N@K?6K?I<<GIFD@E<EKKI8@E@E>8E;:<IK@=@:8K@FEFI>8E@Q8K@FEJ7
$M<>FE<K?IFL>?8CFKF=K?<JFIKF=DFI<N<CCBEFNEKI8@E@E>J6]79LK9PK?<E$ALJK=<CKC@B<$
8CI<8;P^$D<8E$JK8IK<;FEDPFNE E;K?<E$KI8@E<;N?<E$=FLE;FLKK?<I<N<I<KI8@E@E>J
9LK8CFKF=K@D<J$=<CKC@B<K?<KI8@E@E>N8J^$B<GKDFM@E>=FIN8I; 8LJ<$N8J;F@E>K?@J=LCC
K@D<N?<EG<FGC<N<I<JK@CCKIP@E>KF^N?<EEFFE<N8JPFLBEFNE;JF$NFIB<;=LCCK@D<
$?8;8=LCCK@D<AF9;F@E>K?@JNFIB8E;K?<E$8CJFNFIB<;N@K?JFD<K?<I8G@JKJFM<IK?<
:FLIJ<F=K@D<8K8GC8:<N?<I<$N8JK?<:FEKI8:K HL@E<.G<:@8C@JK=FI68GIFD@E<EKKI8@E@E>8E;
:<IK@=@:8K@FEDF;<C7 .F$cM<?8;8CFKF=<OG<I@<E:< a
2?<E8JB<;?<IFG@E@FE89FLKN?<K?<I !+@J<==<:K@M<8J8JK8E;8CFE<J<IM@:<FI9<KK<I
8J8E8;ALE:KKFGJP:?FK?<I8GP@E8KI8;@K@FE8CJ<KK@E>J?<I<GC@<;`$K?@EB9FK? $K?@EBN?8K<M<I
NFIBJ $M<J<<E@K9<M<IP<==<:K@M<=FIK?<G<IJFEKF?8M<:FL:?K@D<8E;?8M<K?<J<J<JJ@FEJ $
K?@EB@=JFD<FE<J@EK?<I8GPP<8?$K?@EBK?<PJ?FLC;JK8P@EK?<I8GP8E;K?<EK?<@IK?<I8G@JK
:8E^JF@K:8E9<8>I<8K8L>D<EK8K@FE .FD<K@D<JPFLBEFNFE<<HL@E<J<JJ@FE:FLC;9<JF
I@:?PFL:FLC;I<8CCPB<<GGIF:<JJ@E>@KN@K?PFLIK?<I8G@JK=FI=FLIFI=@M<J<JJ@FEJPFLBEFN
9<=FI<PFL:FD<FLKKFK?<?FIJ<J8>8@E
`LKK?<EK?<I<8I<G<FGC<N?FALJK;FEKN8EKKFNFIBN@K?8K?<I8G@JK E;K?FJ<8I<
K?<FE<J$><K 4FLBEFN=FIN?8K<M<II<8JFEK?<P;FEKN8EKKF>FKFK?<I8GP <:8LJ<K?<P
;FEKKILJKK?<I8G@JKJFIK?<I8GP?8JEKNFIB<;=FIK?<DFIN?8K<M<I CFKF=K@D<J=FID<@KJ
G<FGC<N?F?8M<8?@>?GIF=@C< '@B<N?<K?<I@KJ8?@>?GIF=@C<@EK?<@I:FDDLE@KPFIN?<K?<I
@KJ9<:8LJ<K?<PI<8GFC@K@:@8EFI9<:8LJ<K?<P8I<=IFD#FCCPNFF;FIN?8K<M<I 4FLBEFN
PFLB@E;F=><KK?<@;<8K?8KK?FJ<B@E;JF=G<FGC<^K?<P;FEKI<8CCPE<:<JJ8I@CPN8EKKF
I<GFIK<IJKF=@E;FLKK?8KK?<PI<>F@E>KFK?<I8GP LK@=K?<PI<>F@E>FLKKF>FI@;@E>N@K?@EK?<
<OG<I@<EK@8CC<8IE@E>GIF>I8DK?8KALJKJFLE;J:FFC -@>?K.FK?8K@JB@E;F=G<IJFE$J<<8CFK a
%@CC@8EcJC@M<;<OG<I@<E:<E8II8K@M<8J8E<HL@E<GI8:K@K@FE<IP@<C;<;J<M<I8CJK8K<D<EKJ
J@>E@=@:8EKKFK?<GI@D8IPI<J<8I:?HL<JK@FEF=K?@JJKL;PN?@:?J<<BJ8ELE;<IJK8E;@E>F=K?<
<JJ<EK@8CD<:?8E@JDJF= !+ /?<J<G?<EFD<E8:8E9<LE;<IJKFF;8JN@K?@EK?<:8K<>FI@<JF=
D@E;=LCE<JJ8E;:FDDLE@:8K@FE
)-$&4+-%22
/?<JG<:@=@:D@E;=LCE<JJG?<EFD<E8N?@:?<D<I><;8JJ@>E@=@:8EKN@K?@E%@CC@8EcJ
GI8:K@:<N<I<:F;<;8J@EK<EK@FE8C@KP8E;FG<EE<JJKF<OG<I@<E:<
%+%+!&%#!+0
2?<E8JB<;?<IM@<NJFE?FN%@CC@8E=<<CJ:?8E><:FD<J89FLK=FI?<I:C@<EKJJ?<
I<GC@<;`/?<I<8I<JFD8EPN8PJK?8K@KJ?8GG<E@E> .F@KJ?8I;KFBEFNN?<I<KFJK8IK .FPFL
BEFN68J8E !+GI8:K@K@FE<I7PFLI<I<8CCP=F:LJ@E>8J8=8:@C@K8KFI8E;K?8KG<IJFED8P?8M<
G8IK@:LC8I>F8CJK?8K8I<98J<;FEK?@E>JK?<PI<JKIL>>C@E>N@K? E;K?<PI<GI8:K@:@E>K?FJ<
G8IK@:LC8I>F8CJ '@B<C<8;<IJ?@GFIK<8DNFIBFIJ<C=:FE=@;<E:<FIN?8K<M<I@K@JPFLBEFN
`2?8K$8CN8PJ=@E;@J@=PFL:8EJ<K8>F8CC@B<K?8KFIPFL:8E?8M<8K?<D< E;@=K?8K
K?<D<@JI<C<M8EKK?<?FIJ<JN@CCLJ<@K LKC@B<N?8K<M<IJ>F@E>FE@EK?<G<IJFEcJC@=< .FC<KJ
J8PK?<PI<=F:LJ<;FEC<8;<IJ?@G '@B<K?<>LPN?FJ8?<8;F=8=@E8E:@8CFI>8E@Q8K@FE 4FL
BEFNN?8K<M<I:FD<JLG@E?@JIFC<8J8C<8;<IF=K<E8CJF:FD<JLG@EFK?<I8I<8JF=?@JC@=<
C@B<?@J?FD<C@=<FI^<M<IPK?@E><CJ< JN<8CI<8;PBEFN .FKFD<K?<=8:@C@K8KFIJAF9@JKF
=I8D<K?8KJKL== /?<?FIJ<JK?<PI<ALJKCFFB@E>=FIN?8K^N?8KJK?<9@>><JK9CF:B@EK?@J
G<IJFEJC@=<FIN?8KE<<;JKF9<?<8C<; a
'%%**+& /')!%
%@CC@8EcJ;<J:I@GK@FEF=?FN:?8E><:FD<J89FLK=FI?<I:C@<EKJ@E;@:8K<;K?<J@>E@=@:8E:<
F=FG<EE<JJKF<OG<I@<E:<:FEJ@;<I<;=FIGLIGFJ<JF=K?@JJKL;P8J8D@E;=LCE<JJG?<EFD<EFE
J@JKIL<N@K? C8@E<J<<$EK<IM@<N.@O89FM< =FI%@CC@8EK?@JFG<EE<JJI<=<IJKF<OG<I@<EK@8C
G?<EFD<E88JJF:@8K<;N@K?JG@I@KL8C@KP@EKL@K@FE8E;FIG<I:<GK@FEF=JL9KC<<E<I>@<JN?@:?
?FC;?@>?J@>E@=@:8E:<N@K?@E?<IC@M<;<OG<I@<E:<9FK?G<IJFE8CCP8E;8J8E !+GI8:K@K@FE<I
.?<J?8I<;`$8CJFNFIBN@K?:FEJK<CC8K@FEJK?<I8GPN?@:?:8D<FLKF="<ID8EP=IFD8>LP
E8D<;#<CC@E><I $K?8J8CFKF=J@D@C8I@K@<JN@K?JPJK<DJK?<I8GP9LK@ED8EPN8PJ@K@J8M<IP
JG@I@KL8CGIF:<JJ .F$N8JKI8@E<;@EK?8KD8@ECP9<:8LJ<$B<GKJ<<@E>K?<?FIJ<J;F@K .F=FI
D<K?8KJDPD8@EK?@E>_K?<?FIJ<JJ?FND<@=JFD<FE<E<<;JK?8K
`E;$:8EF=K<E><K8J<EJ<<M<EN?<EK?<PI<J:?<;LC@E>8J<JJ@FE<JG<:@8CCPC@B<8
GI@M8K<:C@<EKK?<PI<K<CC@E>D<8CI<8;PN?8KJ>F@E>FE E;K?<EK?<P=@CCFLKG8G<INFIBK?8K$
J<<@K8>8@E .FJFD<K@D<J$ALJKJ<<K?8KbK?@J@J8:FEJK<CC8K@E>@JJL<c9<:8LJ<@=K?<PM<9<<EKF8
CFKF=K?<I8GPFIPFLBEFNC@B</K?<I8GPFIJFD<K?@E>8E;K?<PM<NFIB<;FEK?@J@JJL<=FI
8N?@C<9LK@KJJK@CC8E@JJL<^KFD<K?8KJ9<:8LJ<K?<I<JJFD<K?@E>:FEJK<CC8K@E>@EK?<@I
JPJK<DK?8K@JK?<GIF9C<D E;JFK?<PM<;FE<K?<9<JKK?<P:8EN@K?@KEFN@KJK@D<KF
8:KL8CCP8JB=FI^?<8C@E>I<8CCP
,".$),%-3
%@CC@8EcJC@M<;<OG<I@<E:<E8II8K@M<8CJF@E:CL;<;8@E;@:8K@E>K?<K?<D<F=<D9F;@D<EK8J
J@>E@=@:8EKKF?<I !+GI8:K@:< JN@K?FK?<IGI8:K@K@FE<IJ@EK<IM@<N<;K?@JG?<EFD<EFE@J
:CFJ<CPC@EB<;KFK?<D@E;=LCE<JJG?<EFD<E8;<J:I@9<;89FM< #FN<M<I%@CC@8EcJI<=<I<E:<KF
<D9F;@D<EKC@EBJ?<ILE;<IJK8E;@E>F=9FK?<D9F;@<;<OG<I@<E:<N@K?K?<:FE:<GKF=<D9F;@<;
:FEJK<CC8K@E><E<I>P
FEK@EL@E>N@K??<I;<J:I@GK@FE89FM<%@CC@8EJ?8I<;`E;JF:FEJK<CC8K@FENFIBC<8;J
KFFK?<IB@E;JF=?<8C@E> (P?FIJ<JBEFN /?<PM<PFLBEFNK?<P?8M<?8;-<@B@>@M<EKF
K?<D .FK?<PI<JFIKF=^K?<PBEFN EPB@E;F=?<8C@E>$K?@EB?8GG<EJ=IFDK?8K /?<P
?<8C<;D<=IFD:8E:<I@EDPFG@E@FE E;PFLBEFNN?<E$N8J;@8>EFJ<;$N8JJLGGFJ<;KF
;@<N@K?@E8=<NN<<BJ
`.FN?8K$J8NK?<?FIJ<J;F@E>N8J@EK<EK@FE8CCP:?FFJ@E> 2?<EJFD<FE<NFLC;9<
K8CB@E>89FLKK?<@JJL<$;J<<K?<?FIJ<JK<G@EK?<@IGFJ@K@FE E;$JK8IK<;KFI<8C@Q<K?8K@=$
:FLC;JK<G@EK?8KGFJ@K@FEK?<E$:FLC;=<<CN?8KK?8K?FIJ<?@J9F;PC8E>L8><N8JJ?FN@E>
E;$N8JC@B<b*?DP>FJ?/?<I<J<E<I>PK?8KN<K?@EBF=8JJFIKF=@EK<IE8CNFIC;J8E;JKL==
K?8K8:KL8CCPK8B<J8GC8:<@EJG8:< $EFLI@EFLIG?PJ@:8CNFIC; cE;K?<?FIJ<JN@CCK8B<8
GC8:<@EJG8:<8E;K?<EK?<PCCJK8IKKFGC8PJFD<K?@E>FLK E;JFD8P9<PFL:8ENFIBK?IFL>?
@JJL<J@EK?8KN8PPFLBEFN'@B<G?PJ@:8CCP E<I><K@:8CCP OG<I@<EK@8CCP
`E;JFK?8KJN?8K$;FN@K??FIJ<J aE<O8DGC<F=K?@J<D9F;@D<EKG?<EFD<EFE@J
@E:CL;<;@E%@CC@8EcJ:8J<;<J:I@GK@FE9<CFN
.,,4-)#!3).-
2?<E8JB<;KF;<J:I@9<8:8J<K?8KJKFF;FLK@E?<ID@E;%@CC@8EcJI<GCPGIFM@;<;8E
<O8DGC<?@>?C@>?K@E>K?<G?<EFD<EFEF=?FIJ<KF?LD8E:FDDLE@:8K@FE8J8J@>E@=@:8EK
D<:?8E@JDF=K?<I8G<LK@:8:K@FEN@K?@E?<IGI8:K@:< /?@JM@>E<KK<@CCLJKI8K<;?FN?<I?FIJ<J
:FDDLE@:8K<89FLKK?<:FEJK<CC8K@E><E<I>P;<J:I@9<;89FM< 689FLK7N?@:?K?<:C@<EK@J
LE8N8I<K?8KJ?<D8P9<GIFA<:K@E>K?IFL>??<ILE:FEJ:@FLJ %@CC@8EJ?8I<;`.FK?<:C@<EKN8J
NFIB@E>@E8IFLE;G<E8E;K?<FK?<I?FIJ<JN<I<8IFLE; /?@JGC8:<N@K?K?<6K@<I<;C8E;J:8G<7
NFIB<;I<8CCPN<CC .F9<:8LJ<K?<?FIJ<JN<I<8K;@==<I<EKC<M<CJN<:FLC;LJ<=<E:<C@E<JKF
J8PC@B<b/?@J@JPFLI@EE<INFIC; /?@J@JPFLI=8D@CPcC@B<@EK?<8I<E8 .F$?8;K?<IFLE;
G<E8E;K?<8I<E88E;K?<G8JKLI<N8JJLIIFLE;@E>K?8K E;K?<I<N<I<>8K<JK?8KN<I<FG<EJF
K?<?FIJ<J:FLC;:FD<@E8E;FLK
`E;8JK?<P;@;K?8KNFLC;JFIKF=J?FN?FNK?8K^K?8KG8IK@:LC8I<E<I>PFIG<IJFE@E
K?8K:C@<EKJC@=<DFM<;K?IFL>?K?FJ<;@==<I<EK8I<8JF=K?<@IC@=< .F$F=K<E?8M<K?<G<FGC<
C89<C '@B<b*B8P 2?8K;F<JK?<IFLE;G<EI<GI<J<EK=FIPFL@EK?@JJ<JJ@FEK?8KPFLN8EKKF
?8M<c*IN?8K<M<I
`$EK?@J:8J<N<CC@KKLIEJFLKK?<NFD8E@J9@J<OL8C9LK8KK?8KK@D<N8JJ8P@E>J?<N8J
>8P CCF=?<II<C8K@FEJ?@GJN@K?D<E8CN8PJN<EK98;CP8E;@KJ<<D<;C@B<K?8KN8JN?PJ?<c;
;<:@;<;b$DALJK>F@E>KF9<8C<J9@8E cLKJ?<N8JJ8P@E>K?8KN8JEKK?<I<8JFE .?<J8@;b$D
I<8CCP8KKI8:K<;KFFECPNFD<E c.FN?<EJ?<>FK@EN@K?K?<?FIJ<JK?@JJK8IK<;KFJ?FN .?<
:?FJ<K?@JD8C<?FIJ<8E;@KALJKCFFB<;C@B<K?<PN<I<?8M@E>89C8JKKF><K?<I E;@KN8JM<IP
=C@IK8K@FLJ8E;J?<PFLBEFNJ?<N8JDFM@E>K?<?FIJ<8IFLE;@EK?<IFLE;G<E $KN8JM<IP
CFM@E>8E;=LE E;J?<N8J>@>>C@E>8E;K?<?FIJ<J<8IJN<I<LG8E;?@J<P<JN<I<9I@>?K8E;
K?<PN<I<^K?<PCFFB<;JF8;FI89C<
`/?<EK?FL>?@KN<EK=IFDCFFB@E>I<8CCP:LK<8E;:L;;CP8E;J?<NFLC;>FG<K?@D]
KF?@DJK8IK@E>KF><KB@E;F=DFI<G?PJ@:8CN@K??<I /FK?<GF@EKN?<I<GI<KKPJFFE@KCFFB<;
8CDFJKJ:8IP '@B<PFLBEFN$BE<N?<N8JGC8P8:K@E> .F?<N8JEK8:KL8CCP8KK8:B@E>?<I
9LK?<N8JC@B<GLJ?@E>8K?<I *ICFFB@E>C@B<?<:FLC;GLJ?8K?<I .FGI<KKPJFFEJ?<J8@;
b/?@J@JEK=LE8EPDFI< cE;J?<8KJFD<GF@EKJ?<J8@;b/?@JI<D@E;JD<F=DP=@IJK9FP=I@<E;
8E;?FNDL:?=LE@KN8J cE;K?<EJ?<J8@;b2<CCK?@J@J<O8:KCPN?8K?8GG<E<;N@K?DP=@IJK
9FP=I@<E; $KN8J=LE8K=@IJK9LKGI<KKPJFFE@K9<:8D<I<8CCP8CDFJK89LJ@M< c'@B<>FKJ:8IP
N?<I<?<JK8IK<;?@KK@E>?<I8E;JKL==N?@:?N8JEKHL@K<J?FN@E>LG9LKP<8? E;K?<EJ?<
J8@;b$E=8:KK?@J@JN?8K?8GG<EJN@K?<M<IPFE< $E:CL;@E>DP;8; /?@J@JN?8K?8GG<EJN@K?
DP;8; c.FF=:FLIJ<K?<@EJ@>?KK?8KJ<<DJDFJKGIF=FLE;N8JK?8K<M<IPI<C8K@FEJ?@G@JC@B<
?<II<C8K@FEJ?@GN@K??<I;8; -@>?KE;PFLBEFNFM<IK@D<9<:8LJ<$;FK?<:FEJK<CC8K@FEJ
N?8KN<M<6I<G<8K<;CP7=FLE;@J^K?@JN8J8G8KK<IE@E8ELD9<IF=G<FGC<@E?<I=8D@CPJG8JK
`E;JFK?8KN8JK?<NFIB=FIK?@J:C@<EK
`.?<N8JNFIB@E>N@K?89L:BJB@EDLJK8E>N@K?8CFKF=8JJ<IK@M<E<JJ9LK8CFKF=
GC8P=LCE<JJ E;JFK?<EN<NFLC;K8B<K?8K?FIJ<FLK8E;GLK8;@==<I<EK?FIJ<@E8E;K?<
<O8:KJ8D<K?@E>NFLC;?8GG<EN@K?K?8K?FIJ<KFF .F6?<IJ<JJ@FEJ7ALJKJ?FN<;7,%7 )F
D8KK<IN?8K E;98:BK?<EPFLBEFNN<N<I<>F@E>=IFDJ<JJ@FEKFJ<JJ@FEKFJ<JJ@FE .F
J?<;LJ<K?8KC@KKC<9L:BJB@EDLJK8E> E;K?<E8EFK?<IG<IJFEN<EK@EN@K?K?8KJ8D<9L:BJB@E
DLJK8E>I@>?K8=K<IK?8K8E;K?<?FIJ<8:K<;:FDGC<K<CP;@==<I<EKCP8E;@KN8J8N?FC<;@==<I<EK
J<JJ@FE 2?@:?PFLGIF989CPBEFN .FK?8KJALJK8C@KKC<M@>E<KK<@=PFLN8EK@K a
%#.-$!18%2%!1#(4%23).- (!++%-'%23.3(%1.63(.&3(%)%+$
%@CC@8EcJI<JGFEJ<J;LI@E>K?@J@EK<IM@<N;<J:I@9<;=FLIG?<EFD<E8J@>E@=@:8EKKFK?@J
GIFA<:KcJJ<:FE;8IPI<J<8I:?HL<JK@FEI<>8I;@E>=8:KFIJK?8KC@D@KFI:?8CC<E><K?<>IFNK?F=
!+ #<II<JGFEJ<JI<=C<:K<;K?<=FCCFN@E>=FLIK?<D<JD<8JLI89@C@KP=@E8E:<JGL9C@:
8N8I<E<JJ8E;:F?<J@FE
*,)!#!+0
2?<E8JB<;N?<K?<IJ?<?8;8EP@;<8JFIFG@E@FEJ89FLK?FN 'GI8:K@:<JFI
FLK:FD<JD@>?K9<D8;<DFI<:FEJ@JK<EKCPD<8JLI89C<%@CC@8EI<GC@<;`$;FEKI<8CCPBEFN $
D<8E$M<NFIB<;@E8:8;<D@8PFLBEFN$N8J8E E>C@J?GIF=<JJFI .F$N8JEKI<8CCP8
J:@<EK@JK9LK@EDP=@<C;8J8E<EM@IFED<EK8CC@KGIF=<JJFI$?8;KF?8M<8J:@<E:<8J8J<:FE;
C8E>L8><I@>?K.F8E;K?<E$K8L>?K8K6I<;8:K<;7:FCC<><JGJP:?;<G8IKD<EK $K8L>?KK?<
?LD8E<HL@E<9FE;@EK?8K;<G8IKD<EK=FIJ?FIKK@D< E;K?8KHL<JK@FE:8D<LG8CFK E;$ALJK
=FLE;$;@;EKI<8CCP^@KN8JEK8E@EK<I<JK@E>HL<JK@FEKFD< <:8LJ<$DGI8:K@:@E>FE8:LKK@E>
<;><8E;$DEFKI<8CCP$;FEK^C@B<8CFKF=JKL==KF><KI<J<8I:?<;$D<8E$K?@EBN?8KPFLI<
;F@E>K?<G?<EFD<EFCF>@:8CHL<JK@FE@E>8E;K?<EKIP@E>KF=@E;8N8PKFHL8EK@=PK?8K@J
GIF989CP8CDFJKK?<DFJK@EK<I<JK@E>N8PKFD<
`$;@;?8M<8K<JK^$:I<8K<;8J<C=K<JK=IFDJFD<F=K?<J<C=<M8CL8K@FE@EJKILD<EKJK?8K
N<I<FLK E;N<N<I<>F@E>KFLJ<K?8K8JI<J<8I:? E;K?<E$DFM<;FE .F$N8JEKK?<I<=FI
CFE><EFL>?=FI@KKFI<8CCP^$K?@EBN<FECPLJ<;@K=FI89FLKJ@ODFEK?J8E;N?<EN<;@;@KN8J
I<8CCP>I<8K9<:8LJ<@KN8J8>I<8KN8P=FIK?<:C@<EKJKFJ<C=I<GFIK .F$;FEKBEFNK?8K$?8M<
8>FF;8EJN<I=FIPFL9<:8LJ<KFD<DP@EK<I<JK8E;=F:LJ<JFEK?<?FC@JK@:8JG<:KJ8E;EFKK?<
HL8EK@=@:8K@FE $=JFD<FE<N8EK<;KF:FD<FLK8E;:I<8K<8JKL;PK?<E$NFLC;9<N@CC@E>KFC<K
K?<D @=$=<CKC@B<@K;@;EKC@D@KN?8K$N8J;F@E>N@K?DP:C@<EKJ LK$M<;<:@;<;8=K<I9<@E>
@E8:FLGC<F=8:8;<D@:J<KK@E>JK?8KALJKN8JEKN?<I<$^N?8K$:8I<;89FLK .F 4<8? LK$
C@B<N?8KPFLI<;F@E> $C@B<K?8KPFLI<;F@E>@K
,%!%,#!.)%**
2?<E8JB<;?<IFG@E@FEJ89FLKN?8K98II@<IJFI:?8CC<E><JJ?<G<I:<@M<J8JC@D@K@E>K?<
>IFNK?F=K?< !+=@<C;%@CC@8EcJI<GCPI<=C<:K<;:FE:<IEJ8IFLE;8N8I<E<JJ8E;=LE;@E> .?<
J?8I<;`$D<8E@KJK@CCE<<;JKF9<:FD<DFI<D8@EJKI<8D9<:8LJ<G<FGC<FE:<K?<PM<;FE<@K
@K9CFNJK?<D8N8P -@>?KLKLEK@CK?<PM<KI@<;@KG<FGC<;FEKI<8CCPBEFNN?8K@KJNFIK?
E;JFJFD<K@D<J><KK@E><EFL>?:C@<EK<C<KFG8PK?8K8DFLEKK?<8DFLEKK?8K@KJ?FLC;:FJK
PFLBEFN@J;@==@:LCK .FK?8KJ8C@D@K8K@FE $KJALJKK?<8N8I<E<JJ <:FD@E>8DFI<
D8@EJKI<8DN8PF=GI8:K@:@E>
`4<8? N8I<E<JJ8E;K?<EN?8KG<FGC<K?@EBJ?FLC;9<:?8I><;=FI@K .FN?<E$NFIB
N@K?8K?<I8G@JKPFLBEFNK?<:C@<EKJG8PK?<@I:FG8P^K?<PN8EKKFG8PK?<J8D<6=FI<HL@E<7
8JK?<PG8P=FI8EFID8CK?<I8GPJ<JJ@FE9LKEFNK?<PI<@E8N?FC<;@==<I<EKJG8:< 4FLBEFN
D8P9<K?8KK?<I8G@JK?8J8EF==@:<KFG8P=FI9LKK?<P;FEK?8M<K?<FM<I?<8;F=?FIJ<J8E;8CC
K?8KJKL== .FN?<E$M<NFIB<;N@K?K?<I8G@JKJFE<F=K?<:?8CC<E><J@JKF=@>LI<FLKN?8K=<<
NFIBJ E;LJL8CCPN?8K?8GG<EJ@JK?<K?<I8G@JK?8JKFK8B<8?@K *E:FJK 2<CCK?8KJ?FLC;EK
9<?FN@K@J /?<PJ?FLC;><KK?<J8D<8DFLEK9LKJFJ?FLC;K?<<HL@E<JG<:@8C@JKPFLBEFN8J
K?<PNFLC;=FI8EPJ<JJ@FE LKK?<EPFLBEFN=8:KFI@EN?8K<M<I@KK8B<JKF8CJFG8P=FIK?<
=8:@C@K@<J8E;JFFE .FK?8KJ89@>:?8CC<E>< 4<8? !LE;@E>8E;K?<EG<I:<@M<;M8CL< a
& *!&%%#)!+0"&
%@CC@8E8CJF;@J:LJJ<;K?<C8:BF=:F?<J@FE8E;:C8I@KP@EK?<=@<C;8J:?8CC<E><JKF@KJ
>IFNK? .?<J?8I<;`$K?@EBK?@J@J><KK@E>9<KK<I9LKK?<I<JJK@CCJFDL:?IFFD=FI>IFNK? E;
=@>LI@E>FLKN?8KNFIBJ9<JK@EN?8KJ<KK@E>KFF $NFLC;EKN8EKKFC@D@KK?@E>J9LK6]7K?<I<J
JFD<>8GJ@EN?8KJ8M8@C89C<^N?<I<KF><KJFIKF=JK8E;8I;FG<I8K@E>GIF:<;LI<J8E;9<JK
GI8:K@:<J=IFD /?<I<@JEFKI8@E@E>K?8KF==<IJK?8K E;8J8I<JLCK$K?@EBK?<I<J8CFKF=G<FGC<
;F@E>JFD<K?@E>JK?8K8I<I<8CCP>I<8K E;K?<I<8I<JFD<K@D<JK?@E>JN?<I<K?<PI<EFKJF
>I<8K .F@=JFD<FE<?8J898;<OG<I@<E:<K?<PI<C@89C<KFK?@EBb2<CCK?8KN8J<HL@E<
K?<I8GPcI@>?K.FK?8KJ8GIF9C<D /?<I<JEFK<EFL>?:FEJ@JK<E:P
`.FK?<I<E<<;JKF9<8CFKF=I<JG<:K=FIK?<=8:KK?8K8?LD8E9F;PPFLBEFNJPJK<D
8E;MLCE<I89@C@K@<J8I<9<@E>FG<E<;KFLJ E;PFLBEFN$K?@EBK?@JNFIBI<8CCP:?8CC<E><J8
CFKF=6N?8K@J><E<I8CCPBEFNE89FLKK?<I8GP78E;<O8:KCP?FN@KJGI8:K@:<; E;K?<I<=FI<
PFL><KG<FGC<;F@E>K?@E>JK?8K8I<C@B<^PFL:8EI<8CCP=@E;8CFKF=K?<I8G@JKJN?F8I<
GIFA<:K@E>FEKFK?<@I:C@<EKJ E;C89<C@E> E;K?<I<JK?8K=@J?9FNC<==<:KK?8KK?<NFIB?8JFE8
:C@<EK E;K?8K:8EC<8M<K?<D=<<C@E>I<8CCPMLCE<I89C< E;K?8KPFLBEFND8P9<K?8K
I<HL@I<JJFD<KI8@E@E>6]78E;K?8KKI8@E@E>;F<JEK8CN8PJ?8GG<EPFLBEFN.F$M<J<<E
JFD<K?@E>J?8GG<EK?8KN<I<EK>FF; E;$>L<JJN@K?6%@CC@8EcJGIF>I8DE8D<I<;8:K<;7$M<
?8;G<FGC<I<8CCPN8EKD<KF9<:FD<8PFLBEFN8>8K<B<<G<I LK$DC@B<$DI<8CCPDFI<
@EK<I<JK<;@EKI8@E@E>G<FGC<N@K?K?<9<JKBEFNC<;><GFJJ@9C< .FK?8KI8K?<IK?8EK<CC@E>K?<D
b4FL:8EK;F@KK?@JN8PFIPFL:8EK;F@KK?8KN8Pc$;I8K?<IK?<PB<<G<;L:8K@E>K?<DJ<CM<J
E;K?8KJ?FNK?<P@DGIFM<I8K?<IK?8E9C8D@E>K?<DFIKIP@E>KFKI8:B;FNEN?FJ;F@E>@K
NIFE>
`LKKFD<K?<J8D<K?@E>JK?8K8I<8GIF9C<D8I<8CJF$K?@EBN?P$NFLC;EK:?8E><@K
<:8LJ<K?<P8CJFC<8;KF8>I<8K;<8CF=:I<8K@M@KP8E;<OGCFI8K@FE@E8=@<C;K?8K@JDFM@E>I<8CCP
=8JK@EKFE<N8I<8JF=:FEJ:@FLJE<JJK?8KN<;FEKI<8CCPBEFNK?8KDL:?89FLK 4FLBEFN.F$
NFLC;J8P6K?<C8:BF=:F?<J@FE7@JEFKJFD<K?@E>N<:8E:?8E><I@>?KEFN9LK@K;F<J:I<8K<
JFD<GIF9C<DJ $KJALJKN?<I<N<8I<@EK?<NFIC;I@>?KEFN .F$NFLC;EKJ8P@KJ8GIF9C<DKF
D< $KJ8:FEJKIL:K@M<GIF9C<D9<:8LJ<@KALJKD<8EJ@KJ8PFLE>=@<C;8E;K?<I<JIFFDKF>IFN
`$cM<K?FL>?K89FLK:I<8K@E>8KI8@E@E>GIF>I8DK?8KcJJFIKF=C@B<:FEK@EL@E><; !FIC@B<
@=JFD<FE<8CI<8;P?8J8CCK?<:<IK@=@:8K@FEJK?<PN8EK^J8PK?<PI<?8GG@CP86D8AFI<HL@E<
:<IK@=@:8K@FE7G<IJFEFI86;@==<I<EK<HL@E<:<IK@=@:8K@FE7G<IJFEFIN?8K<M<I9LKK?<P;FEK=<<C
C@B<K?<P?8M<<EFL>?<OG<I@<E:<@EJ8PLE;<IJK8E;@E>?FIJ<JFIN?8K<M<I *ID8P9<K?<PI<
GI8:K@:@E>@E8;@==<I<EKN8P8J8:F8:?N@K?FE<G8IK@:LC8I:C@<EKJFK?<PN8EKDFI<:F8:?@E>
JB@CCJFIN?8K<M<I .FEFKC@B<8G8IK@:LC8IDF;<C9<@E>K8L>?K9LK@KJDFI<b$E<<;JFD<JB@CCJ
@EK?@J8I<8 c6(8AFI<HL@E<:<IK@=@:8K@FE7@J8M<IP>FF;DF;<CKFC<8IE@=PFLI<8K?<I8G@JK8E;
PFL;FEKBEFN8CFK89FLK?FIJ<JFI@=PFLI<8?FIJ<G<IJFE8E;PFL;FEKBEFN8CFK89FLK
K?<I8GP 4FLBEFN@KJ8>I<8KDF;<CF=KI8@E@E>=FI<EKIPC<M<CG<FGC< E;@K:8E:FEK@EL<
9<PFE;K?8K9LK@=PFL8;;<;JFD<BEFNC<;><=IFDJ8PN?8K6D8AFI<HL@E<C<8IE@E><OG<IK7
;F<JFI6D8AFI<HL@E<K?<I8GP<OG<IK78EPF=K?8KB@E;F=;@==<I<EKBEFNC<;><PFLBEFN
PFLI<><KK@E>8DL:?DFI<^PFLI<ALJKI<8CCP<OG8E;@E>N?8KJGFJJ@9C< a
$EB<<G@E>N@K?K?@JJKL;PcJ8GGIF8:?N?@:?:FD9@E<JG?<EFD<EFCF>@:8C8E;>IFLE;<;
K?<FIPD<K?F;FCF>@<JN?8K=FCCFNJ@J8EFDFK?<K@:8E8CPJ@JF=K?<G8IK@:@G8EKJcJK8K<D<EKJK?8K
N<I<:F;<;8JJ@>E@=@:8EKN@K?@EK?<@;@F>I8G?@:8E8CPJ<JFLKC@E<;89FM< /?@JGIFA<:KN?@C<
<JJ<EK@8CCPG?<EFD<EFCF>@:8C8CJF9FIIFNJ?<8M@CP=IFD>IFLE;<;K?<FIP@EK?8K@E8;;@K@FEKF
<OGCFI@E>JG<:@=@:G?<EFD<E8:FDDFEKFGI8:K@K@FE<IJF= !+@K8CJFJ<<BJKF<OG8E;FEK?<
:FDDFELE;<IJK8E;@E>F=@KJNFIB@E>J #FN<M<IN?@C<K?<JKL;P8@DJKF;<=@E<J@>E@=@:8EK
D<:?8E@JDJF= !+LEC@B<KI8;@K@FE8C>IFLE;<;K?<FIP@K;F<JEFK;<=@E<8JG<:@=@:K?<FIP
9<PFE;K?<:FEKI@9LK@E><C<D<EKJN?@:?D8P>L@;<FI=I8D<=LKLI<NFIB@EK?@JI<>8I;
!"+%
)',%1-6062* ,)5%3)87-''7-21
+I8:K@K@FE<I *9J<IM8K@FE FDDLE@:8K@FE (@E;=LCE<JJ
D9F;@D<EK FEE<:K@FE
(8P8
%8D<J
8IFC
.K<M<E
#8EE8?
C8@E<
%@CC@8E
%#(!-)2,2.&(%1!/%43)# #3).-
/?<GI@D8IP>F8CF=K?@JGIFA<:KN8JKF>8K?<IJ@>E@=@:8EKJK8K<D<EKJ98J<;FEK?<C@M<;
<OG<I@<E:<F= !+GI8:K@K@FE<IJN@K?K?<JG<:@=@:8@DKF;@J:FM<ID<:?8E@JDJF=8:K@FEN@K?@E
K?<@INFIBN@K?:C@<EKJ F;<;JK8K<D<EKJ=IFDK?<J<E8II8K@M<JP@<C;<;J<M<I8CG?<EFD<E8
I<C<M8EKKFK?<`N?8K8E;K?<?FNaF= !+ /?<J<=FCCFN<;FE=@M<D8@EK?<D<JF9J<IM8K@FE
:FDDLE@:8K@FED@E;=LCE<JJ<D9F;@D<EK8E;:FEE<:K@FE *=K?<J<D@E;=LCE<JJG?<EFD<E8
N<I<K?<DFJKG<IM8J@M<8GG<8I@E>N@K?@E8CCJ<M<E@EK<IM@<NJ=FCCFN<;9P:CFJ<CP9PK?<K?<D<
F=<D9F;@D<EKN?@:?N8JGI<J<EK@EJ@O *9J<IM8K@FE:FDDLE@:8K@FE8E;:FEE<:K@FE8CJF
<D<I><;8JJ@>E@=@:8EKK?<D<J<8:?N8J<DG?8J@Q<;N@K?@EK?<E8II8K@M<JF==@M<FLKF=J<M<E
GI8:K@K@FE<IJ.<</89C<
"2%15!3).-
*9J<IM8K@FE@J;<=@E<;9PK?<*O=FI; E>C@J?@:K@FE8IP8JK?<:8I<=LCN8K:?@E>8E;
EFK@E>F=8G?<EFD<EFE@EI<>8I;KF@KJ:8LJ<FI<==<:KFIF=G?<EFD<E8@EI<>8I;KFK?<@I
DLKL8CI<C8K@FEJK?<J<9<@E>F9J<IM<;8JK?<PF::LI@EE8KLI<`*9J<IM8K@FEa@E*O=FI; E>C@J?
@:K@FE8IP ?KKGNNN F<; :FD /?@J:FE:<GK8J:FDDFECP8GGC@<;N@K?@E9FK?:C@E@:8C
8E;<;L:8K@FE8C:FEK<OKJK8B<JGC8:<FE9FK?<OK<IE8C8E;@EK<IE8CC<M<CJ
!FIGLIGFJ<JF=K?@JJKL;P<OK<IE8CF9J<IM8K@FEI<=<IJKF>8K?<I@E>8E;EFK@E>
@E=FID8K@FE=IFDFE<cJJLIIFLE;@E>J8E;@EK<IE8CF9J<IM8K@FE;<J:I@9<J8KK<E;@E>KF@E=FID8K@FE
K?8K<D<I><J=IFDN@K?@EK?<J<C=@ < @;<8J8JJF:@8K@FEJI<8:K@FEJ<DFK@FE8CI<JGFEJ<J9F;P
J<EJ8K@FEJ<K: /?<K<IDF9J<IM8K@FE@DGC@<JE<LKI8C@KP^KFF9J<IM<@JEFKKFAL;><I8K?<IKF
EFK@:<9<:FD<8N8I<8E;GFJJ@9CPKF9<:LI@FLJ
*9J<IM8K@FEI<:LII<;8J8J@>E@=@:8EKK?<D<N@K?@EK?<C@M<;<OG<I@<E:<E8II8K@M<JF==@M<
F=K?<J<M<E !+GI8:K@K@FE<IJ@EK<IM@<N<;=FIK?@JGIFA<:KJ<</89C<
*)-+!&%!%
/?FL>?J@DGC@JK@:8K=@IJK>C8E:<F9J<IM8K@FED<I@KJ<OGC@:8K@FE@EK?<:FEK<OKF= !+8J
@K8GG<8IJKF9<=FLE;8K@FE8CKFK?<<OG<I@<E:<@KJ<==<:K@M<E<JJ=FIGI8:K@K@FE<IJ8JN<CC8J
:C@<EKJ $EI<JGFEJ<KFHL<JK@FEJ<OGCFI@E>K?<@IM@<NJFE?FN !+GI8:K@:<NFIBJF9J<IM8K@FE
<D<I><;8J8J@>E@=@:8EKD<:?8E@JDF=K?<I8G<LK@:8:K@FEN@K?@EK?<E8II8K@M<JF=(8P8%8D<J
8IFC#8EE8?8E; C8@E<.<</89C< CC=@M<GI8:K@K@FE<IJ;<J:I@9<;;@I<:K@EM@K8K@FEJ=FI
F9J<IM8K@FEK?8KKPG@:8CCP9FFB<E;<8:?J<JJ@FE8E;K8B<GC8:<FED8EPC<M<CJ:FE:LII<EKCP
K?IFL>?FLK /?<J<F9J<IM8K@FEJF::LI9FK?<OK<IE8CCP8E;@EK<IE8CCP /?<:C@<EKJc<OK<IE8C
F9J<IM8K@FEJ< > :C@<EKJEFK@:@E>8E;J?8I@E>@DGI<JJ@FEJF=?<I;8E;?FIJ<9<?8M@FI
=I<HL<EKCP>L@;<K?<GI8:K@K@FE<IJcNFIBN?@:?@EMFCM<JF==<I@E>K?<@IFNEF9J<IM8K@FEJ8J
E<LKI8CCP8JGFJJ@9C< /?<J<@EK<IGI<K8K@FEJK?<EGIFDGK8E;=8:@C@K8K<K?<@I:C@<EKJcJ<C=
F9J<IM8K@FEJ9FK?8G8IK=IFD8E;;LI@E>K?<@I@EK<I8:K@FEJN@K?K?<?FIJ<
!FIK?<:C@<EKJ<OK<IE8CF9J<IM8K@FE8:K@M@K@<JN@K?K?<?FIJ<J@;<8CCPGIFDFK<8E8KK@KL;<
F=:LI@FJ@KP8E;GC8PN?@:?@EKLIEJ<KK?<JK8><=FIJ<C=F9J<IM8K@FEN?@:?:8EK?<EF::LI@E
EFM<C:FEK<OKJ8E;8KC<M<CJF=;<GK?8E;8:L@KPN?@:?@E8::<JJ@9C<GI<M@FLJCP (8P8%8D<J
8IFC8E;#8EE8?8CCI<=<I<E:<;F9J<IM8K@FE8J@EK<>I8CKFK?<AF9F=K?<<HL@E<GI8:K@K@FE<I
J#8EE8?GLK@K`/?<=@IJKG8IKF=DPAF9@JKFF9J<IM<K?<@EK<I8:K@FE9<KN<<E8?FIJ<
8E;8:C@<EK8E;GLK8J@;<AL;>D<EK a.?<JK8K<;`DPAF9@JKF>L@;<K?<DN@K?K?<?<CGF=K?<
?FIJ<JKFKLE<@EKFK?<DJ<CM<J@E8EFEAL;>D<EK8CN8PJFK?<P:8EBEFN8E;LE;<IJK8E;
K?<DJ<CM<J9<KK<I a.?<K?<E8;;<;`$K?@EBN?<I<K?<:?8E><:FD<J@J?8M@E>K?8KM@JL8C8E;
J<<@E>?FNK?<?FIJ<I<8:KJI<8CCP>@M<JG<FGC<=<<;98:BK?8KK?<PD8P9<:8E?<8I9<KK<IK?8E
N?<E@KJ:FD@E>=IFD8K?<I8G@JK $K?@EBI<8CCPK?<<OG<I@<EK@8CE8KLI<F=@K@JB@E;F=K?<B<P a
/?<J<JK8K<D<EKJN<I<<:?F<;9P8IFC8C@=<:F8:?8E; !'GI8:K@K@FE<IN?FJ?8I<;`$KJ
<OG<I@<EK@8C6]7DPAF9@JKF8JBK?<I@>?KHL<JK@FEJKF?<CGK?<DJ<C=;@J:FM<I 2?8KJ>F@E>FE
N?8KJNFIB@E>FIEFKNFIB@E>=FIK?<D E;K?<EDPAF9@JKFLK@C@Q<K?<?FIJ<8E;K?<
=<<;98:BK?<?FIJ<>@M@E>D<KF?<CG>L@;<DPHL<JK@FEJ8E;N?8K$D8JB@E>8E;GIF9@E>=FI a
#8EE8?JK8K<;`2?8K$cD;F@E>@JALJKK8GG@E>@EKFK?<?FIJ<J@EK?<@I=I<<<EM@IFED<EK
8E;K?<:C@<EKJLE:FEJ:@FLJALJK9P@EK<I8:K@E>N@K?K?<?FIJ<JK?8KJN?8KK?<P;F /?<PcI<M<IP
8KKLE<;KFK?<LE:FEJ:@FLJ a$E?<I<OG<I@<E:<`%LJK@EK<I8:K@E>N@K?K?<?FIJ<J;I8NJFLK
<DFK@FEJ@EK?<:C@<EK 6]7$KJ8B@E;F=8CDFJK8JG@I@KL8CK?@E> 2<KIPKFI<DFM<N8PJ@E
N?@:?FLIAL;>D<EKJFI^FLIFNEF9JK8:C<JFI<DFK@FEJNFLC;><K@EK?<N8PF=?<CG@E>8
:C@<EK 2<N8EKKFI<DFM<8JDL:?F=K?<:FLEK<IKI8EJ=<I<E:<8JN<:8EJFK?<I<cJ8GLI<
@EK<I8:K@FE9<KN<<EK?<:C@<EK?@DJ<C=8E;K?<?FIJ< /?<K?<I8G@JKALJK?<CGJK?<DF9J<IM< a
.,,4-)#!3).-
/?<*O=FI; E>C@J?@:K@FE8IP;<=@E<J:FDDLE@:8K@FE8JK?<@DG8IK@E>FI<O:?8E>@E>
F=@E=FID8K@FEFIE<NJ68E;7K?<JL::<JJ=LC:FEM<P@E>FIJ?8I@E>F=@;<8J8E;=<<C@E>J
FDDLE@:8K@FE@E*O=FI; E>C@J?@:K@FE8IP ?KKGNNN F<; :FD !FIGLIGFJ<JF=
K?@JJKL;P:FDDLE@:8K@FE@E:CL;<JM<I98C8E;EFEM<I98C=FIDJK8B@E>GC8:<9<KN<<E
@E;@M@;L8CJ8E;FI>IFLGJF=?LD8EJ8E;FI8E@D8CJJG<:@=@:8CCP?FIJ<J
&$$,%!+!&%!%
FDDLE@:8K@FE<D<I><;8J8J@>E@=@:8EKD<:?8E@JDF=K?<I8G<LK@:8:K@FEN@K?@EK?<
E8II8K@M<JF==@M<FLKF=J<M<E !+GI8:K@K@FE<IJ@EK<IM@<N<;8E;8GG<8I<;@E9FK?:FE:I<K<8E;
LE<OG<:K<;N8PJ -<>8I;@E>?LD8EKF?FIJ<8E;?LD8EKF?LD8EM<I98C:FDDLE@:8K@FE(8P8
8E;.K<M<EI<C8K<;<OG<I@<E:<JF=:?@C;I<EFM<I:FD@E>DLK@JD8E;8C<O@K?PD@89PJ@DGCP
JG<E;@E>K@D<@EK?<GI<J<E:<F=?FIJ<J -<>8I;@E>EFEM<I98C?LD8EKF?LD8E:FDDLE@:8K@FE
(8P8;<J:I@9<;8E8:K@M@KPJ?<@E:FIGFI8K<J@EKF:FIGFI8K<I<KI<8KJ:8CC<;`K?<8GG<E;8><J
8:K@M@KPaN?<I<9PJD8CC>IFLGJF=8;LCKJ<E>8><@E8E<OG<I@<EK@8CC<8IE@E><O<I:@J<89FLK
:FDDLE@:8K@FE9P8JJ@JK@E>FE<8EFK?<I8CFE>N@K?8?FIJ<KFE8M@>8K<8EF9JK8:C<:FLIJ<
N@K?FLK8CCFN@E>M<I98C:FDDLE@:8K@FE
-<>8I;@E>?FIJ<KF?LD8E:FDDLE@:8K@FE8IFC;<J:I@9<;?FN;LI@E>?<I?<8C@E>
?FIJ<D<;@K8K@FE:@I:C<8:K@M@KP@E;@:8K<;K?<J@K<F=?<I:C@<EKcJGI<M@FLJJLI><IP8E;8GG<8I<;
KF:FDDLE@:8K<N@K??<IK?IFL>?9<?8M@FI8E;9F;PC8E>L8><89FLKLEGIF:<JJ<;<DFK@FEJ
8IFLE;JLIM@M@E>:8E:<I %8D<Jc;<J:I@GK@FE8CJFI<=C<:K<;K?<LE:8EEPE8KLI<F=?FIJ<KF?LD8E
:FDDLE@:8K@FE9PJK8K@E>`/?<I<J8CJFK?@JFK?<I<E<I><K@::FDGFE<EK]9<:8LJ<6?FIJ<J8I<7
FG<I8K@E>FEK?<J<FK?<IC<M<CJK?8KN<:8EK;<K<:K a/?@J<E<I><K@:G?<EFD<EFEN8J=LIK?<I
@CCLJKI8K<;9P%@CC@8EN?F;<J:I@9<;K?<:8J<F=8?FIJ<:FDDLE@:8K@E>:FEJK<CC8K@E><E<I>P
8IFLE;LEGIF:<JJ<;KI8LD8K?IFL>?IFC<GC8P:FDDLE@:8K<;?<IG8KK<IEF=@EK<I8:K@FEJN@K?D<E
K?8KNFLC;9<>@EGC8P=LCCP9LK<E;LG89LJ@M<
#8EE8?J?8I<;?FNC<8IE@E>KF:FDDLE@:8K<N@K??FIJ<J?<CGJ?<I:C@<EKJ:FDDLE@:8K<
8E;N@K?FK?<IG<FGC< .?<J?8I<;K?8KJ?<J?@=KJ8JE<<;<;9<KN<<E@EK<IGI<K@E>K?<:C@<EKcJ
GIFA<:K@FEJ8E;8JJ@JK@E>K?<DKFLE;<IJK8E;:FE:I<K<?FIJ<9<?8M@FI<JG<:@8CCP=FI`K?<:C@<EKJ
K?8KE<<;8C@KKC<DFI<LE;<IJK8E;@E>KF9<89C<KFI<8;G<FGC<J<DFK@FEJ .FC<8IE@E>89FLK?FN
?FIJ<J:FDDLE@:8K<K?<@I<DFK@FEJB@E;F=>@M<JK?<DK?8K:CL<@E8N8P a
.K<M<EJ?8I<;?FNJKL;<EKJF=?@J@EK<IJG<:@<J:FDDLE@:8K@FE:FLIJ<JKL;PK?<N8P
?FIJ<J8E;FK?<I8E@D8CJ:FDDLE@:8K<N@K?FE<FK?<ILJ@E>K?<N8K<I@E>?FC<<O8DGC<KF
@CCLJKI8K<?FIJ<Jc8KKLE<D<EKKF<E<I>P8E;@EK<EK@FE8E;?FNKF8GGCPK?@JLE;<IJK8E;@E>KFN8I;
:FDDLE@:8K@FEJN@K?K?<?FIJ<J`2<JG<8BN@K?FLI<P<J8E;K?<?FIJ<LE;<IJK8E;JK?8K
C8E>L8><9<KK<IK?8EN<;F a#<8CJF<OGC8@E<;?FNK?IFL>?K?<@I@EK<I8:K@FEJN@K?K?<?FIJ<J
?@JJKL;<EKJ<OG<I@<E:<K?<;@==<I<E:<9<KN<<E:FDDLE@:8K@FEK?8K@J:FEE<:K<;KF<DFK@FEJMJ
K?8KN?@:?@J;@J:FEE<:K<;N?@:?@J<8J@CP>8L><;9PK?<?FIJ<cJN@CC@E>E<JJKFG8IK@:@G8K< #<
JK8K<;`$DK<8:?@E>K?<D?FNK?8K?FIJ<I<JGFE;JKFK?<<E<I>PC<M<CK?8KN<?8M<N?8KN<
GIFA<:K=IFDFLI?<8IK:<EK<I8E;?FNN<J8PK?8EBPFL=IFDFLI?<8IK8E;EFK=IFDFLIC<=K
9I8@EJ<< a#<J?8I<;K?8K?@JJKL;<EKJD8EPF=N?FD8I<I<:FM<I@E>=IFDJ<M<I<KI8LD8
<OG<I@<E:<9I<8BK?IFL>?JN?<EK?<P9I@E>K?<J<JB@CCJ?FD< #<J?8I<;K?<:8J<F=8GI<M@FLJCP
M<K<I8EN?FKFC;?@DK?8KK?<?FIJ<?<CG<;?@DFM<I:FD<JL@:@;8C@KPJK8K@E>`c=K<IFLI:C8JJ$
N<EK?FD<8E;$I<8C@Q<;K?8K$DDPN@=<8E;DPC@KKC<>@ICJJ8=<GC8:< E;$E<<;KF9<K?<I<
=FIK?<D $:8EK@D8>@E<K8B@E>DPFNEC@=<EFN 6]7/?8K?FIJ<I<8CCP?<CG<;D<LE;<IJK8E;
?FN@DGFIK8EK$8DKFDPN@=<8E;DPC@KKC<>@IC ca%8D<J:FDD<EK<;`.FK?8KJK?<B@E;F=
K?@E>N<J<<FE8I<>LC8I98J@J6]7K?<PI<K8B@E>K?<<OG<I@<E:<N@K?K?<?FIJ<8E;K?<PI<
8GGCP@E>@KKFK?<@IC@=<8E;@KJNFIB@E> a
#8EE8?J?8I<;K?8KC<8IE@E>?FN?FIJ<J:FDDLE@:8K<<DFK@FEJ?<CGJ?<I:C@<EKJ8:?@<M<
DFI<8::LI8:P@EG<I:<@M@E>:FDDLE@:8K@FE $E:<IK8@E@EJK8E:<JJ?<J?@=KJ=IFD@EK<IGI<K@E>8
:C@<EKcJGIFA<:K@FEJKF<;L:8K@E>K?<DFE:FE:I<K<?FIJ<9<?8M@FIJN?@:?J?<=@E;JM<IP?<CG=LC
=FI`K?<:C@<EKJK?8KE<<;8C@KKC<DFI<LE;<IJK8E;@E>KF9<89C<KFI<8;G<FGC<J<DFK@FEJ .F
C<8IE@E>89FLK?FN?FIJ<J:FDDLE@:8K<K?<@I<DFK@FEJB@E;F=>@M<JK?<DK?8K:CL<@E8N8P a
)-$&4+-%22
/?<:FE:<GKF=D@E;=LCE<JJ?8J9<<E;<=@E<;8JK?<@EK<EK@FE8CGIF:<JJF=8KK<E;@E>KF
FE<cJGI<J<EKDFD<EK<OG<I@<E:<N@K?8EFG<E8E;8::<GK@E>8KK@KL;<8E;=IFD8:LI@FLJ
;<K8:?<;8E;EFEI<8:K@M<FI@<EK8K@FEI<JN<CC&898K5@EE `(@E;=LCE<JJ
@EK<IM<EK@FEJ=FJK<I8E89@C@KPKFDFI<F9A<:K@M<CPF9J<IM<FE<cJDFD<EKKFDFD<EK<OG<I@<E:<
8E;K?@J;<:<EK<I<;D@E;J<K8CJF;<J:I@9<;8JD<K8:F>E@K@M<8N8I<E<JJFIEFE8KK8:?D<EK D8P
9<8E@DGFIK8EKGJP:?FCF>@:8CD<:?8E@JDF=:?8E><I<JN<CCG PK?@J
LE;<IJK8E;@E>D@E;=LCE<JJG?<EFD<E8<D<I><;8JJ@>E@=@:8EKN@K?@EK?<C@M<;<OG<I@<E:<
E8II8K@M<JF=8CCJ<M<E !+GI8:K@K@FE<IJ@EK<IM@<N<;=FIK?@JGIFA<:K
!%,#%**!%
2?<E:FEJ@;<I<;N@K?@EK?<:FEK<OKF= !+K?<;<=@E@K@FE89FM<:8E9<8GGC@<;8J
:8K<>FI@:8CK<ID=FIJ@>E@=@:8EKFM<IC8GG@E>G?<EFD<E8N?@:?F::LII<;I<G<8K<;CP8DFE>K?<
E8II8K@M<JF=8CCJ<M<EJKL;PG8IK@:@G8EKJ /?<J<N<I<GI<J<E:<@EK<EK@FE8C@KP8E;FG<EE<JJKF
<OG<I@<E:<
)8II8K@M<J=IFD(8P8%8D<J8E;#8EE8@E:CL;<;;<J:I@GK@FEJF=GI<J<E:<8J8
D<:?8E@JDF=8:K@FEN@K?@EK?<@IGI8:K@:< %8D<JJ?8I<;?FN?FIJ<JDF;<C8E;@EJG@I<K?<JK8K<
F=GI<J<E:<`9<:8LJ<?FIJ<JC@M<@EK?<GI<J<EK /?<PI<8CN8PJI<8;PKF8:K9LKK?<PI<EFK>F@E>
KFN8JK<K?<<E<I>PC@B<?LD8EJ;F=LKLI<KI@GG@E>FI;N<CC@E>FEI<>I<KJ .FK?<PI<8CN8PJ
I@>?KN?<I<K?<@I=<<K8I<N?@:?:8E9<I<8CCPI<C@<M@E> JG<:@8CCP@EFLI:LCKLI<J@E:<N<I<
8CN8PJ=F:LJ<;FE=FIN8I;DFK@FE8E;><KK@E>K?@E>J;FE<N@K?FLIKF;FC@JKJ .FALJKKF9<@E
K?<GI<J<E:<F=FK?<I9<@E>JK?8K8:KL8CCPBEFN?FNKF9<GI<J<EK@JK?<I8G<LK@:8CCP9<E<=@:@8C$
K?@EB a#8EE8?J?8I<;89FLK<OG<I@<E:<JN@K?:C@<EKJN?F?8M<9<<EKF:FEM<EK@FE8CK?<I8GP=FI
P<8IJ8E;`:8EK<CCK?<@IJKFI@<J8E;@KJDFI<;<K8:?<; LKLJ@E>K?8KD@E;=LCE<JJG<IJG<:K@M<F=
K?<D9<@E>@EK?<DFD<EKN@K?K?<?FIJ<8E;K?<P?8M<KF<E>8><K?@E>JALJK:FD<LGN?<K?<I
K?<PN8EKK?<DKFFIEFK a
*G<EE<JJKF<OG<I@<E:<8GG<8I<;J@>E@=@:8EK8J8D<:?8E@JDN@K?@EK?< !+GI8:K@:<JF=
(8P88IFC.K<M<E#8EE8? C8@E<8E;%@CC@8E CC;<J:I@9<;?FN<OG<I@<E:<J8JJ@DGC<8J
<EK<I@E>K?<G8JKLI<F9J<IM@E>8E;9<@E>GI<J<EKN@K?K?<?FIJ<J:LCK@M8K<J8EFG<EE<JJKFK?<
LEBEFNE=I<HL<EKCPN@K?LE:8EEPI<JLCKJC@B<K?<:C@<EK@EM8I@89CP>I8M@K8K@E>KFN8I;8J(8P8
GLK@K`K?<I@>?K?FIJ<=FIK?<D8E;N?8KK?<P:8D<KFNFIBFE a*IM@:<M<IJ8` @K?<IK?<P
G@:B8?FIJ<FI8?FIJ<<E;JLGB@E;F=G@:B@E>K?<D a
)8II8K@M<J=IFD8CCJ<M<EGI8:K@K@FE<IJJKI<JJ<;K?<@DGFIK8E:<F=@EK<EK@FE8C@KP8J8
D@E;=LCE<JJD<:?8E@JDN@K?@E !+GI8:K@:< .K<M<E8E;8IFCJ?8I<;K?<M8CL<@EK?<@IIFLK@E<
GI8:K@:<F=<E>8>@E>:C@<EKJ@ED<;@K8K@FE:@I:C<JN?@:?K8B<GC8:<<@K?<I9<=FI<;LI@E>FI8=K<I
K?<@I<E:FLEK<IJN@K?K?<?FIJ<J %8D<J8E;%@CC@8E?@>?C@>?K<;?FN;<C@9<I8K<@EK<EK@FEJ<KK@E>
:8EJ<IM<8J8=I8D<K?8K>L@;<JK?<@I:C@<EKJc<D<I><E:<F=LE:FEJ:@FLJD8K<I@8CK?IFL>?K?<@I
@EK<I8:K@FEN@K?K?<?FIJ<J
J%@CC@8EJ?8I<;`2?8K$8CN8PJ=@E;@J@=PFL:8EJ<K8>F8CC@B<K?8KFIPFL:8E?8M<8
K?<D< E;@=K?8KK?<D<@JI<C<M8EKK?<?FIJ<JN@CCLJ<@K a$EK?<:8J<;<J:I@GK@FEJ?8I<;9P
%8D<J@EK<EK@FE8CCP8JJ@>E@E>D<8E@E>KFK8JBJ:FDGC<K<;;LI@E>?@JJ<JJ@FE>8M<?@J:C@<EKK?<
FGGFIKLE@KPKFGIF:<JJ?@JKI8LD8K@:<OG<I@<E:<JF9C@HL<CPN?@:?K?<?FIJ<N8JJFD<?FN89C<
KF=8:@C@K8K<@EKILCPLE:8EEPN8PJN?@:?:8II@<;;<<G@DG8:K
,".$),%-3
D9F;@D<EK@J;<=@E<;9PK?<*O=FI; E>C@J?@:K@FE8IP8J8K8E>@9C<FIM@J@9C<=FIDF=
8E@;<8HL8C@KPFI=<<C@E>a D9F;@D<EK@E*O=FI; E>C@J?@:K@FE8IP
?KKGNNN F<; :FD $EK?<:FEK<OKF=GJP:?FK?<I8GPK?@J;<=@E@K@FEF=<D9F;@D<EK:8E9<
LE;<IJKFF;8J8E<OG<I@<EK@8CG?<EFD<EFE@EN?@:?8N8I<E<JJF=8E@;<8HL8C@KPFI=<<C@E>
FI@>@E8K<J8E;FI@JK8E>@9CP=<CKKFFI@>@E8K<8KK?<C<M<CF=K?<9F;P /?FL>?:CFJ<CP8JJF:@8K<;
N@K?D@E;=LCE<JJGI8:K@:<&898K5@EE =FIGLIGFJ<JF=K?@JJKL;PK?<:FE:<GKF=
<D9F;@D<EK9<8IJ<OGCFI8K@FE8J8;@JK@E:KG?<EFD<EFE /?@J@EG8IK9<:8LJ<JKL;@<JFE
E<LIF@D8>@E>?8M<;<K<ID@E<;K?8K9F;@CP8IFLJ8C=I<HL<EKCPGI<:<;<J:FEJ:@FLJI<:F>E@K@FEF=
<M<EK?<DFJK@EK<EJ<<DFK@FE8CJK8K<J E><CJ<K8C
*M<IK?<G8JK;<:8;<JFD8K@:8CCP98J<;D8EP`9FKKFDLGaKI<8KD<EKDF;8C@K@<J?8M<
<D<I><;8J<==<:K@M<=FIK?<KI<8KD<EKF=KI8LD8G8IK@:LC8ICPF=K?<KPG<N?@:?@J:FEJ@;<I<;KF
9<;<M<CFGD<EK8C8E;FI:FDGC<O@EE8KLI<@ < .FD8K@: OG<I@<E:@E>.<EJFI@DFKFI
+JP:?FK?<I8GP#8BFD@(@E;=LC.FD8K@:+JP:?FK?<I8GP)<LIF==<:K@M<-<C8K@FE8C(F;<C
8E;DFI< /?<J<DF;<CJ=F:LJFEN8PJ@EN?@:?`K?<9F;PB<<GJK?<J:FI<aM8E;<I&FCB
M@8=FI<O8DGC<<DFK@FE8C=C8J?98:BJ8E;FI=I8>D<EK<;J<C=JK8K<JN?@:?FI@>@E8K<=IFD
LEI<JFCM<;KI8LD8K?8K?8J9<<EJKFI<;JFD8K@:8CCP8JKI@>><IJKFD8C8;8GK@M<E<IMFLJJPJK<D
I<JGFEJ<J /?<>F8CF=K?<J<KI<8KD<EKJ@JKF8JJ@JK:C@<EKJ@EI<JFCM@E>KI8LD8K?IFL>?
;@J:FE=@ID@E><D9F;@<;<OG<I@<E:<JN?@:?8::<JJK?<9F;PcJ@EE8K<I<JKFI8K@M<D<:?8E@JDJ
#<CC<I'8+@<II<'<M@E*>;<E!@J:?<I+FI><J.:?FI<
.@<><C.@C9<I>M8E;<I&FCB /?<@EK<IM@<NJ:FE;L:K<;=FIK?@JGIFA<:K
@E;@:8K<K?8KNFIB@E>K?<I8G<LK@:8CCPN@K??FIJ<JE8KLI8CCPJLGGFIKJ8E;=8:@C@K8K<JK?@JKPG<F=
:FII<:K@M<<D9F;@<;<OG<I@<E:<
$&!$%+!%
/?<@;<8F=<D9F;@D<EK8J8E@DGFIK8EKD<:?8E@JD@E !+GI8:K@:<I<:LII<;N@K?@EK?<
C@M<;<OG<I@<E:<E8II8K@M<JF=J@OFLKF=J<M<EGI8:K@K@FE<IJ(8P8%8D<J.K<M<E C8@E<
#8EE8?8E;%@CC@8E $EK?<:FEK<OKF= !+@K@J@DGFIK8EKKF;@==<I<EK@8K<9<KN<<EKFG;FNE
D@E;=LCE<JJG?<EFD<E8@EN?@:?8N8I<E<JJF=<DFK@FE8CJK8K<JKPG@:8CCPFI@>@E8K<J8KK?<C<M<C
F=K?<D@E;FI:F>E@K@FE =IFD9FKKFDLGG?<EFD<E8@EN?@:?K?<G8K?N8PKF<DFK@FE8C
8N8I<E<JJFI@>@E8K<J@EK?<9F;PJFD8K@:8CCP *E<8JG<:KN?@:?J<KJ !+8G8IK=IFDFK?<I
K?<I8G@<J@JK?<N8P@EN?@:?@K8GG<8IJKFJ<8DC<JJCPD8IIPK?<9<E<=@KJF=9FK?KFG;FNE
:F>E@K@M<9<?8M@FI8C 8E;9FKKFDLG<D9F;@<;<OG<I@<EK@8C GIF:<JJ@E>JKI8K<>@<J
(8P8%8D<J8E;.K<M<E8CC;@J:LJJ<;<D9F;@<;<OG<I@<E:<JF=:FI<>LC8K@FEN?@:?
F::LIE8KLI8CCP8IFLE;?FIJ<J (8P8I<GFIK<;K?8K=I<HL<EKCP?<I:C@<EKJ`@EJK8EK8E<FLJCP=<<C
K?<DJ<CM<J:8CD<;;FNE8JK?<?FIJ<:8CDJ .F@K:8E?<CGK?<DI<>LC8K< a%8D<JJ?8I<;
`.FD<JKL;@<JJ8PK?8KFLI:8I;@FM8J:LC8IJPJK<D:8E8:KL8CCPC@EBLGN@K?K?<C8I><I8E@D8CJ
6N?@:?7:8E8:KL8CCP?<CGKFI<>LC8K<PFLI:8I;@FM8J:LC8IJPJK<D8E;<E>8><K?<G8I8JPDG8K?<K@:
E<IMFLJJPJK<D8E;:FD<;FNE=IFDK?<=@>?KFI=C@>?K a*I8J.K<M<EGLK@K`$KJGI<KKP<M@;<EK
K?8KK?<?FIJ<J8I<6]7:?8E>@E>LJD<K89FC@:8CCP a
$E8;;@K@FEKFK?<G?PJ@FCF>@:8C<==<:KJ;<J:I@9<;89FM<8::FI;@E>KF%8D<JNFIB@E>N@K?
?FIJ<J8CJFGIFDFK<J<D9F;@<;8N8I<E<JJF=<DFK@FE8CJK8K<J #<JK8K<;`$=N<8I<GI<K<E;@E>
KF9<9I8M<FIJFD<K?@E>C@B<K?8KN?<EN<I<8:KL8CCPE<IMFLJK?<PI<EFK>F@E>KFN8CBN@K?
LJ /?<PI<EFK>F@E>KFG8IK@:@G8K<N@K?LJ9<:8LJ<N<I<EFK8J8=<G8IKE<I .F=FILJ
<DFK@FE8CCPK?8KC<KJLJ:?<:B@EN@K?FLIJ<CM<J8E;J<<N?8KJI<8CCP>F@E>FE *I@KC<KJK?<
K?<I8G@JK:LKK?IFL>?8CFKF=;<=<EJ<JHL@:BCP8E;J8PbJFIIP$DALJKEFK9<C@<M@E>PFL9<:8LJ<
PFLI?FIJ<;F<JEKC@<8E;?<@JJ8P@E>EF ca
/?@JG?<EFD<EFEN8J<:?F<;9P#8EE8?I<>8I;@E>?<I<OG<I@<E:<JN@K?K?<:?@C;N?F
:FLC;FECPC<8IE:FE>IL<E:<8E;J<C=I<>LC8K@FEK?IFL>?<D9F;@<;<OG<I@<E:<8JK8L>?K9P8
K?<I8GP?FIJ<`2@K??@JGI<J<EK8K@FE^8CCF=?@J<E<I>P?@J9F;PC8E>L8><8E;JKL==^K?<?FIJ<
NFLC;ALJKB<<GC@B<9FCK@E>8N8P=IFD?@D 6]7.F@KN8JB@E;F=><KK@E>KFK?<GF@EKF=C@B<
b4FLBEFNN?8K;FPFLK?@EBK?<?FIJ<E<<;J@EFI;<IKF=<<CJ8=<2?8K;FPFLK?@EB?FN
:FLC;PFL;FK?8Kc6]7/FD8B<8CFE>JKFIPJ?FIK?<C<8IE<;KF:FEE<:KN@K?K?8K?FIJ< E;
<M<EKL8CCPN8J89C<KF?8CK<IK?<?FIJ<K8B<K?<?FIJ<=FI8N8CB]8E;K?<E8:KL8CCPD8E8><?@J
9<?8M@FI@EJ:?FFC9<KK<I #<?8;?<8I;8CCK?@J9<=FI<?<ALJKE<<;<;K?8K<OG<I@<E:<KF
LE;<IJK8E; a
C8@E<cJ !+GI8:K@:<@E:CL;<J<D9F;@<;<OG<I@<E:<JN?@:?K8B<GC8:<FE?FIJ<98:B J
J?<J?8I<;`2<:8CC@KbDFM@E>N@K?K?<?FIJ<cEFKI@;@E> 6]7E;JFK?8KG<IJFE><KJKF=<<C
K?<<EK@I<DFM<D<EKF=K?<?FIJ<J9F;P 2?<EK?<P8I<DFM@E>8E;9<@E>N8CB<;8IFLE;K?<
8I<E8$8JBK?<DKFK8CBKFD<89FLKJFD<F=K?<K?@E>JK?8KK?<PNFLC;C@B<KFJ<<@EK?<@IC@=<
.FD<F=K?<:?8E><JK?<PNFLC;C@B<KFKIP8E;GI8:K@:< E;N?8KJ@EK<I<JK@E>@J$cDK<CC@E>
PFL@KJC@B< (-FEJK<IF@;J /?<P8I<;F@E>89@C8K<I8CDFM<D<EKK?<DJ<CM<JDFM@E>N@K?
K?@J?FIJ< /8CB@E>8E;DFM@E>8CCF=K?<@I=<<C@E>J8E;8:K@FEJK?IFL>?K?<@I9F;P8E;9<@E>
:FEE<:K<;EFKFECPKFK?<DJ<CM<J9LKKFK?<?FIJ<8JN<CC a/?<:FD9@E8K@FEF=DFM<D<EK9F;P
GFJ@K@FE@E>8E;K?<JLGGFIKF=K?<@IN<@>?K9PK?<?FIJ<9<E<8K?K?<D8==FI;J C8@E<cJ:C@<EKJK?<
FGGFIKLE@KP=FI<D9F;@<;<OG<I@<E:<JK?8K:8E9<HL@K<GIF=FLE; .?<JK8K<;`/?<EN<8CJF
?8M<K?<DC8P;FNEFEK?<98:BJFK?<@I?<8;@JFEK?<9LKKF=K?<?FIJ<8E;K?<@I8IDJ8E;K?<@I
:?<JK8E;K?<@I?<8IK@JFG<E8E;K?<@IC<>J8I<FG<E 6]7E;N?<EPFL8I<C8P@E>FEK?8K?FIJ<
8E;PFLI<N@;<FG<EK?<<DFK@FE8C8E;K?<JG@I@KL8C8I<:FEE<:K<; E;K?8K:8EKE<:<JJ8I@CP
?8GG<E@E8EF==@:< a
%@CC@8E;<J:I@9<;I<=<II<;KFK?<G?<EFD<EFEF=<D9F;@D<EK@EK<IDJF=?<I?FIJ<Jc
89@C@KPKFG<I:<@M<<E<I>@<JK?8K?LD8EJKPG@:8CCP:8EEFK .?<J?8I<;`2?<EJFD<FE<NFLC;9<
K8CB@E>89FLKK?<@JJL<$;J<<K?<?FIJ<JK<G@EK?<@IGFJ@K@FE E;$JK8IK<;KFI<8C@Q<K?8K@=$
:FLC;JK<G@EK?8KGFJ@K@FEK?<E$:FLC;=<<CN?8KK?8K?FIJ<?@J9F;PC8E>L8><N8JJ?FN@E>
E;$N8JC@B<b*?DP>FJ?/?<I<J<E<I>PK?8KN<K?@EBF=8JJFIKF=@EK<IE8CNFIC;J8E;JKL==
K?8K8:KL8CCPK8B<J8GC8:<@EJG8:< $EFLI@EFLIG?PJ@:8CNFIC; cE;K?<?FIJ<JN@CCK8B<8
GC8:<@EJG8:<8E;K?<EK?<PCCJK8IKKFGC8PJFD<K?@E>FLKPFLBEFNE;JFD8P9<PFL:8E
NFIBK?IFL>?@K@EK?8KN8PPFLBEFN'@B<G?PJ@:8CCP<E<I><K@:8CCP OG<I@<EK@8CCP E;JF
K?8KJN?8K$;FN@K??FIJ<J a%8D<J8CCL;<;KFJ@D@C8I<OG<I@<E:<JN@K?I<>8I;KF?FIJ<Jc89@C@KP
KFG<I:<@M<8E;I<JGFE;KF<D9F;@<;<E<I>P`K?<PI<8;LJG?PJ@:8CCP9LKK?<I<J8CJFK?@JFK?<I
<E<I><K@::FDGFE<EKK?<PI<C@B<>@8EK9@F=<<;98:BD8:?@E<J9<:8LJ<K?<PI<FG<I8K@E>FEK?<J<
FK?<IC<M<CJK?8KN<:8EK;<K<:K a
.--%#3).-
/?<*O=FI; E>C@J?@:K@FE8IP;<=@E<J:FEE<:K@FE8J8I<C8K@FEJ?@G@EN?@:?8G<IJFE
K?@E>FI@;<8@JC@EB<;FI8JJF:@8K<;N@K?JFD<K?@E><CJ<FEE<:K@FE@E*O=FI; E>C@J?
@:K@FE8IP ?KKGNNN F<; :FD !FIGLIGFJ<JF=K?@JGIFA<:K:FEE<:K@FE:8E9<
:FEJ@;<I<;@EK?I<<@EK<IJ<:K@E>N8PJ !@IJK@EK<IDJF=E8KLI<:FEE<:K<;E<JJK?<9<E<=@KJF=
N?@:??8M<9<<EJKL;@<;8DGCP9PK?<=@<C;F=<EM@IFED<EK8CGJP:?FCF>P!@;F-<<JC8IB<
+<KIFEQ@-@:?8I;JFE&8D@KJ@J!I8E:@J'<FE>!@J:?<I(:CLI<
(8P<I!I8EKQ .<:FE;CP:FEE<:K@FE:8E9<LE;<IJKFF;8JI<C8K@FE8C^@E8JDL:?8J
?FIJ<JcE<<;=FI8?<I;D@IIFIJFLI?LD8EE<<;=FI:FDDLE@KP8E;9<CFE>@E>:FE:<GKJN?@:?
8I<<DG?8J@Q<;9PI<C8K@FE8C:LCKLI8CK?<I8GP%FI;8E E;K?@I;@K:8E9<:FEJ@;<I<;@E
K<IDJF=8G<IJFEcJ89@C@KPKF:FEE<:KKFFE<cJFNE<DFK@FE8CJK8K<J^8J@EK?<8EK@;FK<KF
GIF9C<DJ8JJF:@8K<;N@K?8C<O@K?PD@8N?@:?8I<9FK?@E;@M@;L8C8E;JF:@8C+FII<:8<8IC@
!@C@GG@+8IFC@E.@DFE<CC@28JK<CCFFK?
&%%+!&%!%
/?<:FE:<GKF=:FEE<:K@FE<D<I><;8J8D<:?8E@JDJ@>E@=@:8EKKF=@M<FLKF=J<M<E
GI8:K@K@FE<IJ@EK<IM@<N<;J<</89C< <J:I@GK@FEJF=K?<G?<EFD<EFE8GG<8I<;@E@EK<IM@<NJ
N@K?(8P8%8D<J.K<M<E C8@E<8E;#8EE8? /?IFL>?K?<J<:FEM<IJ8K@FEJ@K9<:8D<:C<8IK?8K
:FEE<:K@FE@J8G?<EFD<EFE9<KK<ILE;<IJKFF;K?IFL>?<D9F;@<;<OG<I@<E:<K?8E@EK<CC<:KL8C
:FE:<GKL8C@Q8K@FE .FD<K@D<JI<=<II<;KF8J`AF@E@E>aFI`G8IKE<I@E>N@K?aK?@JB<PKF<==<:K@M<
<E>8><D<EKN@K?8E<HL@E<G8IKE<I@J8JDL:?I<HL@I<;9PK?<?FIJ<J8J@K@JK8L>?K9PK?<D
<OG<I@<EK@8CCPM@8K?<@I@EE8K<89@C@KP8==@IDFI;<EP@KJGI<J<E:<
8J<;FEK?<E8II8K@M<JF= !+GI8:K@K@FE<IJK?<DFJK@DGFIK8EK8JG<:KF=:FEE<:K@FEFE
K?<G8IKF=K?<?FIJ<@JJ8=<KPFIKILJK .@E:<?@J?<I;8E;JLIM@M8C@EJK@E:KJ;<G<E;FE
@EJK8EK8E<FLJI<JGFEJ<JKF<M<EK?<JC@>?K<JKJ?@=KJ@E<E<I>P8E;@EK<EK@FEK?<?FIJ<?8J<MFCM<;
KF9<<OHL@J@K<CP8KKLE<;KFK?<<DFK@FE8CJK8K<JF=FK?<I9<@E>J?<<E:FLEK<IJ /?<I<=FI<N?<E
>@M<E8:?F@:<N?<K?<IFIEFKKF<E>8><N@K?8?LD8E8?FIJ<cJ89@C@KP8E;N@CC@E>E<JJKF
:FEE<:KN@K?K?8KG<IJFE9<:FD<J:FEK@E><EKFE?@JJ<EJ<F=J8=<KP /?LJK?<?FIJ<I<HL@I<J
8LK?<EK@:@KP8E;:FE>IL<E:<@E8?LD8EG8IKE<I@EFI;<IKF:FEE<:K8KKI@9LK<JN?@:?LCK@D8K<CP
;<G<E;FEK?8K?LD8EcJ89@C@KPKF:FEE<:K<DFK@FE8CCPKF?@DJ<C= <=FI<K?<:FE:<GKF=
:FEE<:K@FE@JLE;<IJKFF;@K:8EJ<<D:FE=LJ@E>8E;FLKF=I<8:?K?@J@J9<:8LJ<@K;<=@<JNFI;J
#FN<M<IFE:<@K?8J9<<E<OG<I@<E:<;K?<:FE:<GK@JI<D8IB89CPJ@DGC< 0EK@CN<:8E9<>@EKF
:FEE<:KKFFLI9F;@<J8E;FLI<DFK@FEJ?FIJ<JN@CCEFK=<<CJ8=<:FEE<:K@E>N@K?LJ !FIKLE8K<CP
?FN<M<IK?<M<IP@EJK8EKN<:8EK?<P;<DFEJKI8K<K?@J9PG8IKE<I@E>N@K?LJ>C8;CP
J C8@E<J?8I<;?LD8EJLEC@B<?FIJ<J8I<K8L>?K=IFD8E<8ICP8><KF;@J:FEE<:K=IFD
FLIKIL<=<<C@E>J .?<JK8K<;`2?<EN<I<C@KKC<N<E8KLI8CCPEFK@:<N?<EFE<F=FLIG8I<EKJ@J
LGJ<K 2<J8P8JK?<:?@C;bI<PFLLGJ<KcE;K?<G8I<EKCFFBJI@>?K8KLJ8E;C@<J8E;J8PJ
b)F$D=@E< cE;N<JKFGLJ@E>K?8K89@C@KP a/?@J?8GG<EJ=FI<O8DGC<9<:8LJ<JLIM@M@E>
@E=8E:P8E;<8ICP:?@C;?FF;=I<HL<EKCP;<G<E;JFED8@EK8@E@E>8KK8:?D<EKJN@K?D@J8KKLE<;
:8I<>@M<IJN?F@EJLIM@M8CDF;<K?<DJ<CM<J8I<LE89C<KF:FEE<:KKF8E;M8C@;8K<K?<@IFNE
<DFK@FE8C<OG<I@<E:< E;EFG8I<EK:8E>@M<JFD<K?@E>K?<P?8M<EcK<OG<I@<E:<;K?<DJ<CM<J
.F8J:?@C;I<E?FG@E>KF><K8CFE>@EFLI=8D@C@<J8E;@E=@K@EN@K?JF:@<KPN<@EK<IE8C@Q<K?<
NFIC;cJ@EKFC<I8E:<F=@E:FEM<E@<EKLEGC<8J8EKFIFK?<IN@J<LEN8EK<;<DFK@FEJ8E;C<8IEFM<I
K@D<KFJLGGI<JJK?<D J8I<JLCKK?<J<LEN<C:FD<8JG<:KJF=FLI9<@E>8I<;<E@<;^;<<D<;
LE@DGFIK8EK8E;I<C<>8K<;KFK?<LE:FEJ:@FLJN?<I<N<?FG<KF=FI><KK?<P<O@JK /?LJ=FI
D8EPF=LJ@E:FE>IL<E:<^FLI89@C@KPKFGI<J<EKN@K?8E8==<:KK?8K;F<JEFKD8K:?FLI@EK<IE8C
<DFK@FE8C<OG<I@<E:<^9<:FD<J8D8KK<IF=JLIM@M8C KC<8JK8K=@IJK
#FN<M<IJ@E:<N?8K@J;<E@<;;F<JEFKJ@DGCP:<8J<KF<O@JKFLI;@J8MFN<;8JG<:KJ
@E:CL;@E>@EKFC<I89C<8==<:KJK8K<JEFE<K?<C<JJJ<<B<OGI<JJ@FE 2?<I<8J8?@>?CPJB@CC<;
K?<I8G@JK:8E?<CGLJKF;@J:FM<IK?<J<LE:FEJ:@FLJ8JG<:KJ8E;:FCC89FI8K<M<I98CCPKF9I@E>
K?<DKFFLI8N8I<E<JJFM<IK@D<8?FIJ<N?FJ<JLIM@M8C;<G<E;JFE?@J@EJK8EK8E<FLJI<JGFEJ<J
KFJL9KC<J?@=KJ@E<E<I>P@E:CL;@E>K?<8==<:KJK8K<JF=FK?<I9<@E>J :8E;<K<:K8E;:FDDLE@:8K<
<DFK@FE8C@E:FE>IL<E:<@DD<;@8K<CP FEE<:K@FE@JK?<D<:?8E@JDK?IFL>?N?@:?K?@J@J
8::FDGC@J?<;
FEE<:K@FE@E !+:8E8CJF9<8>I<8KDFK@M8K@E>=8:KFI J#8EE8?J?8I<;89FLK?<I
:?@C;:C@<EK`$KN8JI<8CCP?@J;<J@I<KF:FEE<:KN@K?K?<?FIJ<K?8K>8M<?@DK?8KDFK@M8K@FEKF
:?8E>< a*E:<K?<:C@<EKJ?8M<<OG<I@<E:<;G8IKE<I@E>N@K?8?FIJ<FI?FIJ<J D8EP=<<CJ<<E
8::<GK<;8E;M8C@;8K<;@ELE<OG<:K<;N8PJ J(8P8;<J:I@9<;@K`/F><K8EP?FIJ<KF;FN?8K
K?<PN8EKPFLBEFNKFG8IKE<IN@K?K?<D8E;KF8::FDGC@J?8EPK8JB^BEFN@E>K?8K8
GFLE;8E@D8C@JN@CC@E>KF;FK?@J9<:8LJ<K?<PJ@DGCP8JB$K>@M<JK?<DK?8KDL:?DFI<GFN<I
8E;:FE=@;<E:<@EK?<DJ<CM<JF=9<@E>89C<KF:FDDLE@:8K<JFD<K?@E>KFJFD<9F;P<CJ<FI<M<E
ALJK=FIK?<DJ<CM<JKFBEFNC@B<b$;@;@K ca
'<8IE@E>KF:FEE<:KN@K??FIJ<JF==<IJ !+:C@<EKJcFGGFIKLE@K@<JKFLE;<IJK8E;?FNK?<P
FG<I8K<@EK?<NFIC;8E;KF8;ALJK8::FI;@E>CP J%8D<JJ?8I<;`.F@=N<8I<GI<K<E;@E>KF9<
9I8M<FIJFD<K?@E>C@B<K?8K8E;K?<EN<I<8:KL8CCPE<IMFLJK?<PI<EFK>F@E>KFN8CBN@K?LJ
/?<PI<EFK>F@E>KFG8IK@:@G8K<N@K?LJ9<:8LJ<N<I<EFK8J8=<G8IKE<I .F=FILJ<DFK@FE8CCP
K?8KC<KJLJ:?<:B@EN@K?FLIJ<CM<J8E;J<<N?8KJI<8CCP>F@E>FE a
*M<IK@D< !+:C@<EKJ:FD<KFLE;<IJK8E;9FK?K?<M8CL<8E;J8=<KP@E:FEE<:K@FE J
.K<M<EJ?8I<;`CFKF=FLIM<K<I8EJ:FD<98:B8E;K?<PI<KIP@E>KFI<@EK<>I8K<@EKFK?<@I
:FDDLE@K@<J8E;K?<@I=8D@C@<J8E;K?<P=<<CI<8CCP;@J:FEE<:K<; $KJI<8CCP@DGFIK8EK=FIK?<D
KFLE;<IJK8E;?FNM8CL89C<K?<P8I<@EK?@JI<C8K@FEJ?@GN?8KN<:8CCPFLBEFN8?<I;F=KNF
E;K?<P9<:FD<K?<C<8;<IF=K?8K?<I;F=KNF E;JFN?<EK?<P<OG<I@<E:<K?<M8CL<F=
9<@E>K?@J?FIJ<JJ8=<GC8:<@K:?8E><JK?<@IG<IJG<:K@M<F=K?<DJ<CM<J a/?IFL>?K?<D<:?8E@JD
F=:FEE<:K@FE !+:C@<EKJC<8IE<OG<I@<EK@8CCPK?8KF9J<IM@E>KILJK@E>8E;GIF:<JJ@E>K?<@I
<DFK@FE8CJK8K<J@J9<E<=@:@8CEFKFECP=FIK?<DJ<CM<J9LK=FI?FNK?<P<E>8><N@K?FK?<IJ /?@J
LE;<IJK8E;@E><D9FC;<EJK?<DKFE8M@>8K<K?<NFIC;N@K?@E:I<8J<;8LK?<EK@:@KP=I<<;FD8E;
:FE=@;<E:<
C8@E<JK8K<;`.F8CCK?<J<NFE;<I=LCGI8:K@:<JK?8K?<CGPFL?8M<N?8K$NFLC;:8CC8
DFI<98C8E:<;N8PF=9<@E>@EI<C8K@FEJ?@G8I<8CC^K?<JKL==?FIJ<JBEFN /?<PN8EKPFLKF9<
8>FF;C<8;<I8E;K?<PN8EKPFLKF9<8>FF;=FCCFN<I /?<PN8EKPFLKF9<J8=< E;K?<P8CJF
N8EKPFLKFK?<PN8EKPFLKF9<MLCE<I89C<8E;K?<PN8EKPFLKFJ<K9FLE;8I@<J .FK?<P8I<
DL:?DFI<:<EK<I<;8E;98C8E:<;K?8EN<8I< /?<PN8EKKF9<>L@;<;K?<P;FEKN8EKKF9<
:FEKIFCC<; .F$K?@EBN?8KJ@DGFIK8EK@JKFLE;<IJK8E;K?8K?FIJ<J>@M<LJ8EFGGFIKLE@KPKF9<
9<KK<I?LD8EJ a
(!++%-'%23.3(%1.63(.&3(%)%+$
/?<J<:FE;8IP>F8CF=K?@JGIFA<:KN8JKF>8K?<IJ@>E@=@:8EKJK8K<D<EKJI<>8I;@E>
G<I:<@M<;:?8CC<E><J8E;FI98II@<IJKFK?<>IFNK?F=K?< !+=@<C;=IFDK?<GI8:K@K@FE<IJc
G<IJG<:K@M< +8IK@:@G8EKJc;<J:I@GK@FEJF=K?<@IC@M<;<OG<I@<E:<@;<EK@=@<;J@OJ@>E@=@:8EK
:?8CC<E><J:F?<J@FE=LE;@E>8N8I<E<JJ:C8I@KP8E;8::<JJ@9@C@KP CCJ<M<E@EK<IM@<NJ
:FEK8@E<;J@>E@=@:8EKJK8K<D<EKJI<>8I;@E>=LE;@E>:F?<J@FE?<C;J@>E@=@:8E:<N@K?@EJ@OFLKF=
J<M<E@EK<IM@<NJ8N8I<E<JJN8J8;;I<JJ<;8JJ@>E@=@:8EK@E=FLIF=K?<@EK<IM@<NJ:C8I@KP@E
K?I<<8E;8::<JJ@9@C@KP?<C;J@>E@=@:8E:<@EKNF.<</89C< ;;@K@FE8CCPFE<@EK<IM@<N
HL<JK@FEN8J@E:CL;<;@EK?<@EK<IM@<NJFL>?KG8IK@:@G8EKJcG<IJG<:K@M<JFEK?<HL<JK@FEF= !+cJ
D<8JLI89@C@KP CCJ<M<E@EK<IM@<NJP@<C;<;J@>E@=@:8EKJK8K<D<EKJFEK?@JKFG@:
!"+%
,%//)1+)6%1(%55-)567252:7,2*7,)-)/(
+I8:K@K@FE<I F?<J@FE !LE;@E>
(8P8
N8I<E<JJ C8I@KP ::<JJ@9@C@KP
%8D<J
8IFC
.K<M<E
#8EE8?
C8@E<
%@CC@8E
4-$)-'
!LE;@E>N8J;@J:LJJ<;8J8J@>E@=@:8EK?LI;C<9P8CCJ<M<EG8IK@:@G8EKJJ<</89C< 8E;
:FDDFECP@EK<INFM<EK?<FK?<IJ<:FE;8IPG?<EFD<E8 (8P8:FDD<EK<;FEK?<=@E8E:@8C
:?8CC<E><J@EMFCM<;@EJK8IK@E>8E !+GI8:K@:< .?<J?8I<;`$DJK8IK@E>DPFNE9LJ@E<JJ8E;
$DKIP@E>KF9L@C;DPI8E:?8E;><KK@E>K?<=8:@C@K@<J?8J9<<E;@==@:LCK JG<:@8CCPN@K?:?8E><J
@EN<8K?<I8E;K@D<JF=P<8IPFLBEFN?8M@E>8GC8:<KFJ<KLGN?<E:FD@E>K?IFL>?8K@D<F=
P<8IN?<I<$;FEK?8M<8JD8EPJ<JJ@FEJ9<:8LJ<@K><KJI8@E@<I8E;$;FEK?8M<8=8:@C@KP
P<K]$DGI@M@C<><;KF?8M<FK?<IG<FGC<E<8I9PN@K?98IEJ8E;JKL==K?8K$:8ELJ< LKDFE<P@J
8=8:KFI@EKIP@E>KF><K<JK89C@J?<; a
2?<E;@J:LJJ@E>K?<=LE;@E>:?8CC<E><J<E:FLEK<I<;9P?@J>IFLGGI8:K@:<%8D<JJK8K<;
`$EJLI8E:< JG<:@8CCP@E6DPJK8K<7@K=8:KFIJ@EKF?FN<OG<EJ@M<@K@JKF?8M<8=8:@C@KPFIF==<I
<HL@E<8JJ@JK<;?<8C@E> E;K?<EK?<I<JK?<:FJKF=?8M@E>?FIJ<J8E;I<EK #8P8E;8CCK?8K
E;KI8EJGFIK8K@FE '@B<=FI<O8DGC<@EK?<=@I<JN<M<?8;8?FIJ<KI8@C<IFEK?<I<8;P
'@B<DPJGFK:8E98I<CPGLCC@KF==8E;K?<P:?8I><9<KN<<EKF8J<JJ@FE .FP<8?
K?<I<J8CFKF=F9JK8:C<JKFFM<I:FD< a
.K<M<EJ?8I<;K?8K?<8GGIF8:?<J=LE;@E>?LI;C<JK?IFL>?;FE8K@FEJ`LI@E>K?<G<I@F;
F=K@D<K?8K$N8JK?8K$N8J8J<C=<DGCFP<;GI@M8K<@EM<JK@>8KFI8E;D8;<;<:<EKDFE<P$
:FLC;=LE;K?@JGIF>I8D=FIK?<DFJKG8IK )FN$DI<K@I<;=IFDK?<+$GI8:K@:<JF$?8M<EF
@E:FD< $DI<CP@E>EFNJKI@:KCPFE;FE8K@FEJ8E;9<E<=8:KFIJK?8KN8EKKF?<CGJLGGFIKK?<J<
=FCBJK?8KE<<;K?<?<CG 2<CC=LE;I8@J@E>@J89@>@JJL< a
8IFC8;;I<JJ<J?<I=LE;@E>:?8CC<E><J9PF==<I@E>@EKIF;L:KFIPFGK@FEJ`$;FK?@J>IFLG
GIF>I8DJFG<FGC<:8E:FD<@EK?<P:8E<OG<I@<E:<@KK?<P:8EJ<<8C@KKC<9@KDFI<89FLKN?8K
K?<?FIJ<@J;F@E>8E;K?<@IM8CL<KFK?<GIF>I8D8E;>8@E:FE=@;<E:<@EK?<G<IJFEN?FJ
=8:@C@K8K@E> E;K?<EK?<PD@>?K9<N@CC@E>KF:FD<98:B8E;;F8GI@M8K<J<JJ@FE <:8LJ<K?8KJ
N?<E@K><KJDFI<<OG<EJ@M< .F$K?@EBK?8KK?<:FJK?8J9<<E8?LI;C< /?<LE;<IJK8E;@E>8E;
8E8N8I<E<JJF=K?<M8CL<F=K?<?FIJ<?8J9<<E8?LI;C< a
#8EE8?;@J:LJJ<;=@E8E:@8C?LI;C<JN@K?I<>8I;KF?<8CK?@EJLI8E:<:FDG8E@<J .?<
J?8I<;`$><K8CFKF=:8CCJ9LK$ALJKK8B<JKI8@>?K:8J?G8P 2?<I<F9M@FLJCP8CFKF=G<FGC<
NFLC;C@B<KF>FK?IFL>?K?<@I@EJLI8E:<8E;$K?@EB@KNFLC;9<>I<8K=FIK?<DKF>FK?IFL>?
K?<@I@EJLI8E:<9LK?8M@E>K?8K98II@<IF=K?<@EJLI8E:<:FDG8E@<JEFK:FM<I@E>@K$K?@EB@J8
?L><;<KI@D<EKKFG<FGC<9<@E>89C<KFG8IK@:@G8K<@E@K $K?@EBDFJKG<FGC<PFLBEFN
FI>8E@Q8K@FEJN@CC?8M<K?<EFEGIF=@KJ@;<JFK?<P:8E><K8IFLE;@K8E;ALJKJ<<N?8K<M<I:C@<EKJ
K?<PN8EKKFJ<<N@K?FLKNFIIP@E>89FLKK?<G8PD<EK8JG<:KF=@K 4<8?$K?@EBI<8CCP^K?<:FJK
$K?@EBDFI<8E;DFI<G<FGC<BEFN89FLK@K<JG<:@8CCP9<:8LJ<$K?@EBF=8CCK?<GL9C@:@KPK?8K
K?<M<K<I8EJcGIF>I8DJ8I<><KK@E> .FPFLBEFNDP:8CCJ8E;<M<IPK?@E>?8M<;<=@E@K<CP>FE<
LG9LKK?8K98II@<IN@K?K?<:FJK8E;N@K?K?<@EJLI8E:<:FDG8E@<J@KJI<8CCPB@E;F=K?<9@>><JK
C@D@K@E>=8:KFI a
C8@E<J?8I<;`2<:?FJ<KF9<:FD<8EFEGIF=@KJFK?8KN<:FLC;><K;FE8K@FEJ8E;N<
;FEK?8M<KF:?8I><8EP9F;P E;JFN?8KJ@EK<I<JK@E>@J<M<EK?FL>?D8EPG<FGC<:FD<N?F
8I<M<IPN<8CK?P8E;:8EG8P=FIK?<J<IM@:<N<;FEK:?8I><K?<D LKN?8KN<;F@JK?<P^N<
;FEK8:KL8CCP6I<HL<JK7@K9LKFE:<K?<P>FK?IFL>?6FLIGIF>I8D7K?<PD8EPD8EPK@D<J^@=
EFK<M<IPK@D<^K?<P>@M<LJ8M<IPC8I><;FE8K@FE 2@K?8bK?8EBPFL /?8EBPFLc9<:8LJ<K?<P
I<8CCP=<<CFK?<IG<FGC<;<J<IM<KF?8M<K?@J<OG<I@<E:<8JN<CC a
6!1%-%22
N8I<E<JJN8J8;;I<JJ<;8J8:?8CC<E><KFK?<>IFNK?F=K?< !+=@<C;@E=FLIG8IK@:@G8EK
@EK<IM@<NJJ<</89C< 8>8@E=I<HL<EKCPK@<;@EN@K?K?<FK?<I:?8CC<E><J8E;98II@<IJ
;@J:LJJ<; 8IFCJK8K<;`!@IJKF==ALJKG<FGC<;FEKLE;<IJK8E;K?<NFIB .FN?<EPFL?8M<
G<FGC<K?8K8I<EK=8D@C@8IN@K?@K8E;K?<EPFL?8M<8?@>?GI@:<KF@K8E;K?<EFI@>@E8CCPG<FGC<
N<I<8JB@E>=FIG<FGC<KF:FDD@K?8C=;8PFI=LCC;8PJKFK?<J<KPG<JF=GIF>I8DJ$K?@EB@KN8J
ALJKM<IP;@==@:LCKKFJ<CC .F$K?@EBK?8KN<M<?8;KF=@E;N8PJKFI<;L:<K?<GI@:< a
-<>8I;@E>8N8I<E<JJ.K<M<EJ?8I<;`4FL=@IJK?8M<KFD8B<JLI<K?8KPFLI:FDDLE@K@<J
BEFNK?8K@KJ8M8@C89C< a%@CC@8E;@J:LJJ<;8N8I<E<JJ@EK<IDJF=G<I:<@M<;M8CL<`$D<8E@KJK@CC
E<<;JKF9<:FD<DFI<D8@EJKI<8D9<:8LJ<G<FGC<FE:<K?<PM<;FE<@K@K9CFNJK?<D8N8P
-@>?KLKLEK@CK?<PM<KI@<;@KG<FGC<;FEKI<8CCPBEFNN?8K@KJNFIK? E;JFJFD<K@D<J
><KK@E><EFL>?:C@<EK<C<KFG8PK?8K8DFLEKK?<8DFLEKK?8K@KJ?FLC;:FJKPFLBEFN@J;@==@:LCK
.FK?8KJ8C@D@K8K@FE $KJALJKK?<8N8I<E<JJ <:FD@E>8DFI<D8@EJKI<8DN8PF=GI8:K@:@E> a
.(%2).-!#*.&
/?<GIF9C<DF=8><E<I8CC8:BF=:F?<J@FEN@K?@EK?<=@<C;N8J;@J:LJJ<;9PJ@OFLKF=
J<M<EJKL;PG8IK@:@G8EKJJ<</89C< %8D<J?@>?C@>?K<;GIF9C<DJ:I<8K<;9PK?<GIFC@=<I8K@FEF=
;@==<I<EKKI8@E@E>8E;:<IK@=P@E>FI>8E@Q8K@FEJ #<J?8I<;`$K?@EB@KJI<8CCP;8E><IFLJKF
:FEK@EL<KFD8B<K?<J<JG<:@8C@Q8K@FEJ $K?@EB@K:LKJFLK8CFKF=K?<GFGLC8K@FEN?F:FLC;9<
>I<8K?<8C<IJ9LKD8P9<K?<PI<EFKJ:?FFCG<FGC< (8P9<K?<P;FEK?8M<DFE<P=FI
:<IK@=@:8K@FEJ E;$K?@EB@K8CJF:LKJFLK8CFKF=K?<GFGLC8K@FE9<:8LJ<K?<E9PK?<K@D<PFL>F
KFJ:?FFC8E;8CCF=K?8KPFL?8M<KF:?8I><8CFKF=DFE<P 4<8?$K?@EB$;FEKK?@EBK?8KK?FJ<
6FI>8E@Q8K@FEJ7JG<:@=@:8CCP8I<898II@<I9LK$K?@EB@=@K9<:8D<D8E;8KFIPKF?8M<^C@B<@=@K
9<:8D<N?<I<@=PFL?8M<8?FIJ<8E;PFLN8EKKFJ<<8:C@<EKPFL?8M<KF<@K?<I?8M<FE<
:<IK@=@:8K@FEFI8EFK?<I$K?@EB^PFLBEFNK?<I<8I<9<E<=@KJF=:FLIJ<9<:8LJ<@KGIFK<:KJK?<
:FEJLD<I@EJFD<N8PJKFBEFNK?8KK?<I<JFM<IJ@>?K LKFEK?<FK?<I?8E;$K?@EB@KJ
9<:FD@E>KFFGIFGI@<K8IP a
(8P8<:?F<;%8D<Jc;@J:FD=FIKN@K?K?<8GG8I<EKGIFGI@<K8IPE8KLI<F=M8I@FLJKI8@E@E>
GIF>I8DJ .?<J?8I<;`$EK<IDJF=K?<<HL@E<NFIB8E;J<IM@:<J$K?@EBK?<I<JM8CL<@E8CCF=
K?<D LKJFD<GI8:K@K@FE<IJ><KJFJKL:B@E:<IK8@E:<IK@=@:8K@FEJK?8KK?<PM<>FKK<E]C@B<bK?@J
@JK?<9<JKN8P /?<FECPN8P 4FL:8EK;FK?@J8E;;F8EFK?<I c/?<@;<8K?8KPFL?8M<KFFECP
9<:<IK@=@<;@EFE<8E;PFL:8EKKFL:?K?<FK?<IJ !FID<G<IJFE8CCP$K?@EBK?8K@=PFLI=F:LJ@J
I<8CCP:C@<EK98J<;PFLD@>?KE<<;KFGLCC=IFDJFD<;@==<I<EKKI8@E@E>JKFI<8CCP?<CGK?<:C@<EKJ
/?8K?8JB<GKD<=IFD><KK@E>:<IK8@E:<IK@=@:8K@FEJ9<:8LJ<$;FEKN8EKKF9<=FI:<;KFFECPLJ<
JG<:@=@:KFFCJ8E;K<:?E@HL<J .F8J8N?FC<@K;9<E@:<@=K?<I<:FLC;9<DFI<FG<ED@E;<;E<JJ
KFC@B<:FCC89FI8K@E>8E;C<8IE@E>=IFD<8:?FK?<I 4FLBEFNALJKKF9<89C<KF?8M<DFI<
BEFNC<;><@E><E<I8CKF9<89C<KFGIFM@;<9<KK<I8E;DFI<J<IM@:<J=FIFLI:C@<EKJ a
.K<M<EJ?8I<;`/?<I<8I<8CFKF=<HL@E<GIF>I8DJFLKK?<I< E;N?@C<K?<PI<>FF;$
K?FL>?Kb2<CCN?P:8EKN<;FK?@JE;N?P:8EKN<8;;K?8KcE;8E;JF$K?FL>?KPFL
BEFNK?<N8PKF;FK?8K@JKF:I<8K<DPFNEGIF>I8DJF$:8E?8M<8CCK?<J<K?@E>J6]7N@K?FLK
D<EK@FE@E>8EPE8D<J$:8EK<CCPFLK?8K$?8M<G<FGC<:FD<KFD<8E;J8Pb2<CC$N<EKF==
8E;>FK:<IK@=@<;LE;<IJL:?8E;JL:?8GIF>I8D cE;K?<@I:<IK@=@:8K@FE@J@EMFCM@E>?@>?C<M<C
I@;@E>K<:?E@HL<JK?8KD<8EEFK?@E>KFK?<G<IJFEN@K?+/.FI<DFK@FE8CJKIL>>C<J 4FLBEFN
$;FEKBEFN?FNKF><K8?FIJ<KF;F8=CP@E>C<8;:?8E><FI8?8G@8==<FI;I<JJ8><FI?FNKF
PFLBEFN><K?FIJ<JKF;FK?<J<K?@E>J LKK?8K@JEK>F@E>KF?<CGJFD<FE<?<8CN?F=<<CJC@B<
K?<PI<8DFEJK<I9<:8LJ<K?<PN<I<@EMFCM<;@E:FD98KFIK?8KK?<@I;8L>?K<I?LE>?<IJ<C= )F
K?8KcJEFKI<8CCPF=8EP?<CG8K8CC E;JF$DEFK@EK<I<JK<;@E:<IK@=P@E>G<FGC<KF9<N8QFF
:FDG<K@K@M<?FIJ<D<E $D@EK<I<JK<;@EG<FGC<><KK@E>@EKFK?<?<8IKJF=G<FGC<8E;K?<?<8IKJF=
K?<?FIJ<J E;:FEE<:K@E>K?<D
`E;K?<E$M<ILE@EKF8ELD9<IF=G<FGC<;F@E><HL@E<8JJ@JK<;K?<I8GP9<:8LJ<
K?<PI<PFLBEFN8E8K@FE8CCPI<:F>E@Q<;:FDG<K@KFI@E;I<JJ8><FIIF;<FFIPFLBEFNJFD<
;@J:@GC@E< E;^$N8J8:FDG<K@KFI=FIP<8IJ $GC8P<;GFCF=FIP<8IJ8E;$N8JB@E;F=8E
FM<IK?<KFG:FDG<K@KFI $?8;KFI<<CDPJ<C=98:B@E9<:8LJ<PFLBEFN$>FKNI8GG<;LG@EK?<
:FDG<K@K@FE8E;$N8J9<@E>89LJ@M<KFDP?FIJ< E;JF$BEFN=IFD8G8JK:FDG<K@KFIJ
G<IJG<:K@M<$:8ELE<HL@MF:8CCPJ8PK?8KK?<I<JEFIFFD=FI:FDG<K@K@FE@E?<8C@E> 4FL?8M<KF
GLKK?8K8J@;<8E;PFL?8M<KFGLKK?8K9<?@E;PFL $E=8:K@=8EPK?@E>@KJFE<F=K?<<OG<I@<E:<J
K?8KPFL:8E?8M<@EC@=<K?8K9I@E>JPFLKF8E<NGC8:<F=I<:F>E@K@FE8E;8N8I<E<JJF=PFL
BEFN?FNN<8CC=@K@EK?@JFE<E<JJF=:I<8K@FE a
#8EE8?J?8I<;`(PFE<:FE:<IE=FIK?@J>IFN@E><OGFE<EK@8C=@<C;@JK?<I<8I<JFD8EP
;@==<I<EKb:<IK@=@:8K@FEGIF>I8DJ c/?<I<8I<JFD8EP;@==<I<EKDF;8C@K@<J8E;PFLBEFNLJ@E>
K?<NFI;K?<I8GP8E;K?<I8G@JKJN?<I<8CFKF=K?<J<G<FGC<;FEKI<8CCP?8M<8EPD<EK8C?<8CK?
98:B>IFLE;G<IJ<K?<PI<LJ@E>K?@E>J=IFD:F8:?@E>FIK?@E>JC@B<K?8K $K?@EB@KC<E;J@KJ<C=KF
JL:?8N@;<I8E><F=HL8C@KP E;$BEFN6D8AFI !+FI>8E@Q8K@FE7@JKIP@E>I<8CCP?8I;KF:I8:B
;FNEFEK?8K /F?8M<K?8KLE@=FID8E;K?8KJK8E;8I; LK$I<8CCP;FEKBEFN?FNK?8K:8E9<
;FE< a%@CC@8EJK8K<;`$K?@EBK?<I<J8CFKF=G<FGC<;F@E>JFD<K?@E>JK?8K8I<I<8CCP>I<8K E;
K?<I<8I<JFD<K@D<JK?@E>JN?<I<K?<PI<EFKJF>I<8K .F@=JFD<FE<?8J898;<OG<I@<E:<
K?<PI<C@89C<KFK?@EBbN<CCK?8KN8J<HL@E<K?<I8GPcI@>?K.FK?8KJ8GIF9C<D /?<I<JEFK
<EFL>?:FEJ@JK<E:P a
+!1)38!#*.&
!FLIJKL;PG8IK@:@G8EKJD<EK@FE<;:C8I@KP8J8J@>E@=@:8EK:?8CC<E><KFK?<>IFNK?F=K?<
!+=@<C;J<</89C< DFJK@E:FEE<:K@FEN@K?K?<K?<D<F=:F?<J@FE .K<M<E<OGI<JJ<;K?8K
ALJK8JGI8:K@K@FE<IJN?F8I<FM<ICP=F:LJ<;FE?FIJ<D8EJ?@G:8E9<GIF9C<D8K@:JF8I<K?FJ<
N?F;FEFKBEFN<EFL>?89FLK@K`*E<F=K?<@JJL<JN@K? +J@JPFLBEFN$BEFNJ<M<I8C
G<FGC<K?8K8I<;F@E><HL@E<8JJ@JK<;GJP:?FK?<I8GP8E;K?<PM<>FE<F==KFK?@J_LD_
J:?FFCKF9<:FD<:<IK@=@<;?FIJ<JG<:@8C@JKJK?<P:8CCK?<D E;K?<P:FD<98:B8E;K?<PJ8P
b2<CCEFN$D8:<IK@=@<;?FIJ<JG<:@8C@JK $KN8JK?<=@IJKK@D<$<M<IKFL:?<;8?FIJ<9LK@EPFL
BEFN8N<<B$9<:8D<8:<IK@=@<;?FIJ<JG<:@8C@JKcPFLBEFNE;JFK?<P;FEKI<8CCP
LE;<IJK8E;PFLBEFNK?<;<GK?F=K?<?FIJ<8E;I<8CCPN?8KJ?8GG<E@E> .F$M<>FE<8E;
8L;@K<;FK?<IGIF>I8DJN?<I<GJP:?FK?<I8G@JKJ8I<LJ@E>?FIJ<J=FIK?<I8GP8E;_8E;@KJJ8;KF
D<9<:8LJ<$J8KK?<I<8E;$N8K:?<;K?@J;@J:FEE<:K9<KN<<EK?<?FIJ<8E;K?<?LD8E E;@K
D8B<JD<I<8C@Q<K?8KD8EPG<FGC<K?@EB<HL@E<K?<I8GP@J?8M@E>8?FIJ<@EK?<IFFD '@B<8
G@<:<F==LIE@KLI< /?<PI<D@JJ@E>K?<M8CL<K?8KK?<?FIJ<?8JKFF==<I a
#8EE8?<OGI<JJ<;`*E<K?@E>$?8M<8?8I;K@D<N@K?@JK?<b<HL@E<JG<:@8C@JK c$=PFL
?8M<8M<IPJ8MMPG<IJFEN?F?8JD8P9<>FE<K?IFL>?K?<@IFNENFIBFI?8M<?8;K?8KC<M<CF=
@EJ@>?K$K?@EBK?<P:FLC;9<M<IPM8CL89C< LK$M<J<<E8CFKF=<HL@E<JG<:@8C@JKJN?F8I<
N8P FM<IJK<GG@E> FLE;8I@<J $BEFNK?<PI<JLGGFJ<;KFALJK9<=F:LJ@E>FEK?<?FIJ<8E;
K?<?FIJ<J9<?8M@FI9LK8CFKF=K?<D;FEK CFKF=K?<DPFLBEFNN@CCJK8IK8JB@E>K?FJ<
;@>>@E>HL<JK@FEJFID8B@E>DFI<I<=C<:K@M<JK8K<D<EKJ 4FLBEFNN?<I<F9M@FLJCP@=PFL
?8M<8D<EK8C?<8CK?GIF=<JJ@FE8CK?<I<JJFD<C<M<CF=:<IK@=@:8K@FE9<?@E;K?8K LKN@K?K?<
<HL@E<JG<:@8C@JK@KJALJKPFLBEFNb?8M<PFLNFIB<;N@K?K?<?FIJ<=FIJFD8EP?FLIJc.F$
K?@EBK?8KJFE<K?@E>K?8K?8JD8;<@K?8I; $BEFN=FI6FE<D8AFI !+FI>8E@Q8K@FE7^K?8KJALJK
^K?<98J@JF=K?<@IGIF>I8D@J?8M@E>K?8KK<8D8GGIF8:? LK$K?@EB@KJM<IPM<IP?8I;KF
JK8E;8I;@Q<8E;CFFB8K8HL8C@KPJK8E;GF@EK=FIK?8K 4<8?JFK?8KcJ8:FE:<IE E;$D<8E
K?<PI<F9M@FLJCP:FD@E>=IFD>FF;GC8:<J9LKN<8JGIF=<JJ@FE8CJBEFNFLIIFC<J /?@J@J8CC
=FI<@>EKFK?<<HL@E<JG<:@8C@JKJ /?<P;FEK?8M<K?<ILC<J8E;<K?@:J8E;C8NJ8E;<M<IPK?@E>K?<
C@:<EJ<;GJP:?FK?<I8G@JKJ?8M< .F$K?@EBK?IFN@E>K?<D@EKFK?8KNFIC;PFLBEFN:8E:8LJ<
JFD<@JJL<J a
%@CC@8EJ?8I<;`/?<I<JJFD<>8GJ@EN?8KJ8M8@C89C<^N?<I<KF><KJFIKF=JK8E;8I;
FG<I8K@E>GIF:<;LI<J8E;9<JKGI8:K@:<J=IFD /?<I<@JEFKI8@E@E>K?8KF==<IJK?8K .F$M<J<<E
JFD<K?@E>J?8GG<EK?8KN<I<EK>FF; E;$>L<JJN@K?6%@CC@8EcJGIF>I8DE8D<I<;8:K<;7$M<
?8;G<FGC<I<8CCPN8EKD<KF9<:FD<8PFLBEFN8>8K<B<<G<I LK$DC@B<$DI<8CCPDFI<
@EK<I<JK<;@EKI8@E@E>G<FGC<N@K?K?<9<JKBEFNC<;><GFJJ@9C< .FK?8KI8K?<IK?8EK<CC@E>K?<D
bPFL:8EK;F@KK?@JN8PFIPFL:8EK;F@KK?8KN8Pc$;I8K?<IK?<PB<<G<;L:8K@E>K?<DJ<CM<J
E;K?8KJ?FNK?<P@DGIFM<I8K?<IK?8E9C8D@E>K?<DFIKIP@E>KFKI8:B;FNEN?FJ;F@E>@K
NIFE> a
C8@E<<OGI<JJ<;JKIFE>M@<NJFEG<IJFE8C8E;GIF>I8D@EK<>I@KPJK8K@E>`.FDP
GIF9C<D@JN@K?DFJK8EPDF;<CK?8K;F<JEK?8M<N?8K$:8CCbK?<G8I8CC<CGI8:K@:< c$KcJ
@E?<I<EKCP?PGF:I@K@:8C +8I8CC<CGI8:K@:<D<8EJK?8K$;FEK8JB8EP9F;PKF;F8EPK?@E>$DEFK
;F@E>FI?8M<EK;FE< $KcJEFKFB8P=FID<KFALJK:FD<KF?<CGPFL:I<8K<89<KK<IC@=<8E;;F8
N<CCE<JJGI8:K@:<K?8K$8DEFK;F@E>DPJ<C= a
##%22)")+)38
::<JJ@9@C@KPN8JD<EK@FE<;9PKNFJKL;PG8IK@:@G8EKJ8J8J@>E@=@:8EK:?8CC<E><KFK?<
>IFNK?F=K?< !+=@<C; C8@E<8;;I<JJ<;8::<JJ@9@C@KP@EK?<:FEK<OKF=N?<K?<I !+:FLC;9<
:FEJ@;<I<;8J8JK8E;8CFE<I8K?<IK?8E8E8;ALE:KKFK?<I8GP@EKI8;@K@FE8C:C@E@:8CJ<KK@E>J .?<
J?8I<;`$LE;<IJK8E;K?8KEFK<M<IP9F;P:8E><KKFK?<?FIJ< $I<8CCPLE;<IJK8E;K?<C@D@K8K@FE
F=@K E;N?P@K@JGIF989CPDFI<F=8E8;ALE:KK?8EKI8;@K@FE8CK?<I8GP@JALJK9<:8LJ<@K@J
F=K<EK@D<JDFI<;@==@:LCKKF><KKF E;KF><KKF8?FIJ<@KJ8C@KKC<9@K;@==@:LCK $BEFNN<
:FLC;D8B<@K<8J@<I M<E@E)<N4FIB@KP /?<I<J<EKI8C+8IB E;K?<I<:<IK8@ECP:FLC;9<
8GIF>I8D@E<EKI8C+8IB /?<I<D8P9<FE<8CI<8;P EPN8P $K?@EBK?<I<8CN8PJ?8M<KF9<
:?F@:<J )FK<M<IP9F;P:8EJK8IKF==JK8E;@E>@E=IFEKF=8?FIJ< $LE;<IJK8E;K?8K9LK@=@KcJ<8JP
<EFL>?=FIG<FGC<KF><KKF$K?@EB@K:8ENFIBM<IPN<CC=FI:<IK8@EG<FGC<8J8JK8E;8CFE<
KI<8KD<EKI8K?<IK?8EALJK8E8;ALE:K a
.K<M<EJGFB<F=8::<JJ@9@C@KP@EK?<:FEK<OKF=GL9C@:8N8I<E<JJ@EK<IDJF=JK@>D88E;
:C@<EKJc:FD=FIKN@K?K?<@;<8F= !+ #<JK8K<;`4FLcM<>FKKFD8B<@K:FD=FIK89C<=FIG<FGC<
KF<E>8><@E@K <:8LJ<DFJKF=LJN?FM<>FK+/.FI?8M<JKIL>>C<;N@K?KI8LD8I<8CCP;FEK
N8EKKFJK8E;LG8E;N8M<FLI?8E;J8Pb#<P$>FK+/.cFIb#<P$E<<;?<CG c.FK?<
8N8I<E<JJ@JB@E;F=DLCK@=8:<K<; 4FLI<D8B@E>K?<:FDDLE@K@<J8N8I<K?8KPFLI<K?<I<8E;
K?<ED8B@E>@KGFJJ@9C<=FIK?<DKF9<:FD=FIK89C<:FD@E> a
%!241!")+)38
$E8;;@K@FEKFK?<89FM<8E@EK<IM@<NHL<JK@FEN8J@E:CL;<;KF>8K?<IG<IJG<:K@M<JFEK?<
D<8JLI89@C@KPF= !+98J<;FEK?<C@M<;<OG<I@<E:<F=GI8:K@K@FE<IJ CCJ<M<E@EK<IM@<NJP@<C;<;
J@>E@=@:8EKJK8K<D<EKJFEK?@JKFG@:N?@:?GI@D8I@CP:<EK<I<;FEK?<D<JF==<8J@9@C@KP8E;
G<I:<@M<;M8CL<KFN8I;8;;I<JJ@E>K?<FK?<I:?8CC<E><J8E;C@D@K8K@FEJ;@J:LJJ<;89FM<
(8P8<OGI<JJ<;=ILJKI8K@FE8K?FNC@KKC<HL8EK@K8K@M<I<J<8I:?<O@JKJKFM8C@;8K< !+
JK8K@E>`4<8?N?<E$N8J@EJ:?FFCN<B<GKILEE@E>@EKFK?8K8JN<CC -<J<8I:??8JEK^PFL
BEFN^@JGFFI@EK?8KI<>8I; a.?<J?8I<;?<I<OG<I@<E:<N@K?GI<8E;GFJKJ<C=I<GFIKFLK:FD<
D<8JLI<J8E;LJ@E>G?PJ@FCF>@:8CD<8JLI<JC@B<9CFF;GI<JJLI<8E;?<8IKI8K<8E;J?8I<;?<I@;<8
F=`GFJJ@9CP;F@E>E<LIF@D8>@E>KFJ<<@=K?<I<J8EP:?8E><J@EK?<:C@<EKJ9<=FI<FI8=K<I6]7KF
J<<@=K?<I<J8EP:?8E><J@EK?<9I8@E8=K<INFIB@E>N@K?K?<?FIJ<J a8IFCJK8K<;K?8KJ?<8CJF
:FCC<:KJJ<C=I<GFIK9<=FI<8E;8=K<IFLK:FD<D<8JLI<J8E;:FDD<EK<;`K?<I<J8CFKK?8KN<
?8M<P<KKFC<8IEN<E<<;8CFKDFI<I<J<8I:?6]7FEK?<9<E<=@KJF=<HL@E<K?<I8GPFIC<8IE@E> a
#8EE8?J?8I<;`$M<8CN8PJ;FE<FLK:FD<D<8JLI<J $LJ<K?<+#,K?<"8E;
K?<4*,KF>@M<JFD<JFIKF=F9A<:K@M<;8K8M<IJLJK?<NFE;<I=LCJL9A<:K@M<;8K8K?8KN<><K
E;KF><KK?<;@==<I<EKM8C@;@KPKFb?<PPFLBEFNK?<PI<EFKALJK:FD@E>FLK?<I<G<KK@E>
?FIJ<JK?<I<J:?8E><>F@E>FE c$K?@EBKFC<E;DFI<:I<;@9@C@KPKFK?@J=@<C;$K?@EBN<;E<<;
DFI<GIF=<JJ@FE8CJDFI<;8K8DFI<F=K?8KJK8E;8I;@Q8K@FEKF<M<EKL8CCP><K@KKF8GC8:<F=8E
<M@;<E:<98J<;GI8:K@:< LKN@K?JFD8EP;@==<I<EKG<FGC<;F@E>@K8E;JFD8EP;@==<I<EKJKPC<J
^8E;$NFLC;CFM<=FI@KKF9< LK$DI<8CCPEFKJLI<?FNN<NFLC;><KK?<I< a
.K<M<EJ?8I<;`2<I<NFIB@E>FE8GIF>I8DI@>?KEFNKFJK8IKD<8JLI@E>M@K8CJ6]7KF
;<DFEJKI8K<N?8KD<K89FC@::?8E><JF::LIN@K?K?<@I?<8IKI?PK?DJ8E;=I<HL<E:@<J8E;?<8IK
I8K<J E;JC<<G@J89@>;<8C 6]7<:8LJ<$D><KK@E>JFDL:?=<<;98:B=IFDJKL;<EKJJ8P@E>
PFLBEFNb$JC<<G9<KK<IcPFLBEFNb$DEFKN8B@E>LG@EK?<E@>?Kc8E;b$DEFK?8M@E>K?<
98;;I<8DJ$N8J?8M@E> c.F$DB@E;F=8EO@FLJKF><KK?8K;8K8:FCC<:K<; $?8M<KNF;@==<I<EK
LE@M<IJ@K@<J@EK<I<JK<;@E?<CG@E>D<;FK?8K a
C8@E<<OGI<JJ<;JKIFE>=<<C@E>J89FLKK?<@;<8F=F9A<:K@M<D<8JLI<D<EKJK8K@E>`/F
8:KL8CCP9<C@<M<K?8KPFL:FLC;?8M<N?8KJ:8CC<;8Eb<M@;<E:<98J<;GI8:K@:<cN?<E@K:FD<JKF
?LD8E9<@E>J8E;?FIJ<J <M<IPK?@E><CJ<$DEFKJFJLI<N<J?FLC;9<<M<E;F@E>K?8K E;
JF$I<8CCPJKIL>>C<N@K?K?8K@;<86]7@=N<I<JLGGFJ<;KF?<CGG<FGC<C<8;89<KK<IC@=<K?<E
K?<PJ?FLC;9<K?<FE<JKFK<CCLJK?8KK?<PM<9<<E89C<KF;FK?8KEFKD< E;$;FEKE<<;@KKF
9<^KF9<HL8EK@=@89C<;F<JEKD<8EKF9<M8C@;8K<; /?<FECPG<IJFEK?8KE<<;JKF9<M8C@;8K<;@J
K?<:C@<EKK?<DJ<C= !FI?8M@E>K?<:FLI8><KF=8:<K?<@IKI8LD88E;K?<<==<:KJF=K?<@IKI8LD8
K?<GFJKKI8LD8K@:>IFNK?8E;K?<EN8EKKFB<<G:?8E>@E>8E;>IFN@E> /?8KJPFLI<M@;<E:< a
%@CC@8EJ?8I<;`.F$N8JEKI<8CCP8J:@<EK@JK9LK@EDP=@<C;8J8E<EM@IFED<EK8CC@K
GIF=<JJFI$?8;KF?8M<8J:@<E:<8J8J<:FE;C8E>L8><I@>?K.F8E;K?<E$K8L>?K8K6I<;8:K<;7
:FCC<><JGJP:?;<G8IKD<EK $K8L>?KK?<?LD8E<HL@E<9FE;@EK?8K;<G8IKD<EK=FIJ?FIKK@D<
E;K?8KHL<JK@FE:8D<LG8CFK E;$ALJK=FLE;$;@;EKI<8CCP^@KN8JEK8E@EK<I<JK@E>
HL<JK@FEKFD< <:8LJ<$DGI8:K@:@E>FE8:LKK@E><;><8E;$DEFKI<8CCP$;FEK^C@B<8CFKF=
JKL==KF><KI<J<8I:?<;$D<8E$K?@EBN?8KPFLI<;F@E>K?<G?<EFD<EFCF>@:8CHL<JK@FE@E>
8E;K?<EKIP@E>KF=@E;8N8PKFHL8EK@=PK?8K@JGIF989CP8CDFJKK?<DFJK@EK<I<JK@E>N8PKFD< a
.-#+42).-
/?@JGIFA<:K9<>8EN@K?8E<OK<EJ@M<C@K<I8KLI<I<M@<NN?@:?@;<EK@=@<;K?8KN?@C<8DGC<
HL8C@K8K@M<I<J<8I:?<O@JKJJL>><JK@M<F=@KJM8CL<8J8D<EK8C?<8CK?KI<8KD<EKG8IK@:LC8ICP=FI
KI8LD88E;I<C8K<;:FE;@K@FEJK?LJ=8IK?<<M@;<E:<98J<=FI !+C8:BJK?<:C8I@KP8E;:F?<J@FE
E<:<JJ8IP=FI<DG@I@:8CM8C@;8K@FE +I@D8I@CPK?@JJKL;PJFL>?KKF8;;I<JJK?<@JJL<F=:C8I@KP9P
GIF9@E>=FI>I<8K<ILE;<IJK8E;@E>F=K?<K?<I8G<LK@:D<:?8E@JDJF= !+ J<:FE;8IP>F8CKF
N8JKF>8K?<I@EJ@>?K8IFLE;K?<C8:BF=:F?<J@FEN@K?@EK?<=@<C;8E;KF<OGCFI<FK?<I
G?<EFD<E8I<GI<J<EK@E>:?8CC<E><JKFK?<>IFNK?8E;D8@EJKI<8D8::<GK8E:<F= !+8J8
JK8E;8I;D<EK8C?<8CK?KI<8KD<EK
:FD9@E<;D<K?F;FCF>PF=G?<EFD<EFCF>P8E;>IFLE;<;K?<FIPN8J:?FJ<E=FI;8K8
:FCC<:K@FE8E;8E8CPJ@J =K<I@EK<IM@<NJN<I<KI8EJ:I@9<;@;@F>I8G?@:8E8CPJ<JF=J<M<E
GI8:K@K@FE<IE8II8K@M<JN<I<:FDGC<K<;I<JLCK@E>@E:F;<;;<J:I@GK@FEJF=D8EP@EK<IJ<:K@E>
G?<EFD<E8N?@:?:FEKI@9LK<KF:?8E><=FI !+:C@<EKJ EFDFK?<K@:8E8CPJ@JN8JK?<E8GGC@<;
K?IFL>?N?@:?K?@J;8K8N8J8>>I<>8K<;@EKF=@M<D8@EG?<EFD<EFCF>@:8C:8K<>FI@<JI<GI<J<EK@E>
!+JD<:?8E@JDJF=K?<I8G<LK@:8:K@FE CJF8JK?<JKL;PcJJ<:FE;8IP8@DJ@OG?<EFD<E8N<I<
@;<EK@=@<;8JJ@>E@=@:8EK:?8CC<E><JKFK?<>IFNK?8E;D8@EJKI<8D8::<GK8E:<F= !+
)5%(%.1%3)#!+)++!12
-<>8I;@E>K?<GI@D8IPI<J<8I:?HL<JK@FEK?@JJKL;P@;<EK@=@<;D<:?8E@JDJN?@:?
F::LII<;N@K?I<C8K@M<LE@=FID@KP8:IFJJ8CCG8IK@:@G8EK@EK<IM@<NJI<>8I;C<JJF=GI8:K@K@FE<I
:I<;<EK@8CJFIK?<JG<:@=@:<HL@E<DF;8C@KPGI8:K@:<; JJL:?K?@JJKL;PcJ=@E;@E>JJL>><JKK?<
=FCCFN@E>=@M<:8K<>FI@<J8JG@CC8IJKF8E8J:<EKK?<FI<K@:8CDF;<C=FILE;<IJK8E;@E> !+
2&6)59%7-21'20081-'%7-210-1(*8/1)66)0&2(-0)178E;'211)'7-21 2@K?<8:?F=K?<J<
D<:?8E@JDJ GI8:K@K@FE<IJJ<IM<;8J=8:@C@K8KFIJKF>L@;<@EK<I8:K@FEJN@K??FIJ<JN@K?K?<><EKC<
<OG<:K8K@FEK?8K`K?<:C@<EKJKPG@:8CCP?8M<K?<@IFNE8EJN<IJa8E;E<LKI8C:LI@FJ@KP89FLK?FN
K?<@I<HL@E<G8IKE<IJD@>?K;I8NK?<DFLK 9I@<=E8II8K@M<JLDD8IPF=<8:?G@CC8I=FCCFNJ
9<CFN
LI@E> !+J<JJ@FEJ?FIJ<J=8:@C@K8K<?<@>?K<E<;F9J<IM8K@FEFED8EPC<M<CJ9PF==<I@E>
EFM<CFGGFIKLE@K@<JKFEFK@:<K?FL>?KJ9<C@<=J@DGLCJ<J8E;9F;PJ<EJ8K@FEJN@K?FLKK?<9LI;<E
F=NFI;JFIAL;><D<EK !+GI8:K@K@FE<IJJLGGFIKK?@JD<:?8E@JD9PD8B@E>K?<@IFNE
F9J<IM8K@FEJ8JE<LKI8C8JGFJJ@9C<JF8JKF><EKCP>L@;<N@K?FLK@EK<I=<I<E:<
LI@E> !+J<JJ@FEJ?FIJ<J:FDDLE@:8K<8E;@EM@K<:FDDLE@:8K@FEFED8EPC<M<CJ
I8E>@E>=IFDM<IP:C<8I8E;:FE:I<K<@ < 9<?8M@FIJ8E;9F;PC8E>L8>< KF<OKI<D<CPJL9KC<8E;
LE:8EEP@ < G<I:<@M@E>8E;@EM@K@E>K?<<D<I><E:<F=LE:FEJ:@FLJD8K<I@8C !+GI8:K@K@FE<IJ
JLGGFIKK?@JD<:?8E@JDK?IFL>?E<LKI8CHL<JK@FE@E>@ < @EM@K@E>:LI@FJ@KP 8E;M<IP98J@:
@EK<IGI<K8K@FEJ@ < <;L:8K@E>FE?<I;8E;?FIJ<9<?8M@FI
LI@E> !+J<JJ@FEJ?FIJ<JE8KLI8CCPGIFDFK<D@E;=LCE<JJ9PDF;<C@E>GI<J<E:<@ <
9<@E>@EK?<DFD<EK %LJK9<@E>E<8IK?<D@EJG@I<J8N<I<JG<:K=FIE8KLI<8E;FG<EE<JJKF
<OG<I@<E:<JN?@:?KI8EJ:<E;K?<<M<IP;8P8E;N?@:?=I<HL<EKCP;<=PD8K<I@8C<OGC8E8K@FE@ <
JG@I@KL8C<E<I><K@:@EKL@K@M< !+GI8:K@K@FE<IJ=8:@C@K8K<K?<J<D@E;=LCE<JJD<:?8E@JDJ9P
>L@;@E>FGGFIKLE@K@<J=FII<=C<:K@FE8E;:LI@FJ@KP89FLKK?<LEBEFNE9P@EM@K@E>@EK<EK@FE@ <
K?<8JJ@>E@E>F=D<8E@E>KF?FIJ<J8E;FIK8JBJ 8E;FI9P<DG?8J@Q@E>J8=<KPFED8EPC<M<CJ
LI@E> !+J<JJ@FEJ?FIJ<J=8:@C@K8K<<D9F;@D<EK9PDF;<C@E>J<C=I<>LC8K@FE8E;HL@:B
I<JFCLK@FEF=E<IMFLJJPJK<D8:K@M8K@FE:P:C<J9PE8KLI8CCP:FI<>LC8K@E>N@K?:C@<EKJ8E;9P
K<8:?@E>K?<DK?IFL>?<D9F;@<;<OG<I@<E:< !+GI8:K@K@FE<IJ=8:@C@K8K<K?@JD<:?8E@JD9P
<E>8>@E>:C@<EKJ@E<D9F;@<;<OG<I@<E:<JN@K?<HL@E<G8IKE<IJ8E;><EKCP@EHL@I@E>@EKFK?<@I
<==<:KJ
LI@E> !+J<JJ@FEJ?FIJ<JK<8:?:FEE<:K@FE9PI<HL@I@E>:FE>IL<E:<@ < 9<KN<<E
@EK<IE8CDFF;8E;FLKN8I;8==<:K 9PF==<I@E>=<<;98:BI<C8K<;KF@EK<IG<IJFE8CJ8=<KP8E;9P
I<N8I;@E>?<8IK=LC@EK<>I@KP8E;><EL@E<E<JJ /?<J<<OG<I@<E:<JF=:FEE<:K@FEN@K?8E<HL@E<
G8IKE<I;@J8==@ID8LKFEFD@:KI8LD8I<JGFEJ<JG<E<KI8K<:PE@:@JD8E;><EKCP:FE=IFEK
D8C8;8GK@M<J:?<D8J8IFLE;?FG<C<JJE<JJ8E;@JFC8K@FE !+GI8:K@K@FE<IJ=8:@C@K8K<K?@J
D<:?8E@JD9PG8K@<EKCP>L@;@E>8DGC<FGGFIKLE@K@<J=FIK?<:C@<EKKF8:?@<M<:FEE<:K@FEN@K?K?<
?FIJ<8E;9P@EM@K@E>I<=C<:K@FE@EN8PJK?8KJLGGFIK><E<I8C@Q8K@FEKFFK?<I;FD8@EJ@ <
:FEE<:K@FEKFCFM<;FE<JKF<DFK@FEJKFFE<J<C=
%7)-'(!++%-'%2
2@K?I<>8I;KFK?<JKL;PcJJ<:FE;8IPI<J<8I:?HL<JK@FEJ<M<I8CJ@>E@=@:8EKG?<EFD<E8
<D<I><;8JC@D@K@E>=8:KFIJKFK?<>IFNK?8E;8;M8E:<D<EKF= !+8J8M@89C<D8@EJKI<8D
D<EK8C?<8CK?KI<8KD<EK .@O@EK<I:FEE<:K<;@JJL<JN<I<@;<EK@=@<;8J*81(-1+%:%5)1)66
'2,)6-21'/%5-7<%'')66-&-/-7<8E;0)%685%&-/-7< 2?@C<G8IK@:@G8K@E>GI8:K@K@FE<IJ<OGI<JJ<;
J@D@C8IM@<NJFECF>@JK@:8C:?8CC<E><JC@B<=LE;@E>GL9C@:8N8I<E<JJ8E;8::<JJ@9@C@KPK?<@I
M@<NGF@EKJFEK?<=@<C;cJG<IJ@JK<EK;@==@:LCK@<J8IFLE;:F?<J@FE:C8I@KP8E;K?<I<=FI<
D<8JLI89@C@KPJ<IM<;8JDL:?KF;<DFEJKI8K<8J:C8I@=PK?<J<GIF9C<DJN@K?:FEJK<IE8K@FE9<@E>
K?<D8@ELE@=P@E>=8:KFI
!FI@EJK8E:<@KJ<<DJK?8KEFK89C<:FEK<EK@FE<O@JKJ8IFLE;9<JKGI8:K@:<J@ < ?FNK?<J<
J?FLC;9<8I9@KI8K<;8E;9PN?FD8E;=FIN?FD +8IK@:@G8EKJ@E;@:8K<;JFD<;@M@J@M<8E;FI
GIFGI@<K8IP;PE8D@:JN?@:?8GG<8IKF<O@JK9<KN<<E8E;8DFE>;@==<I<EK !+DF;8C@K@<J /?<J<
J<<DKFD@IIFI:FDG<K@K@M<8JG<:KJF=`K?<?FIJ<NFIC;a@EN?@:?<HL@E<J8I<LJ<;GI@D8I@CP=FI
JGFIK /?<I<JLCK8EKC8:BF=:FFG<I8K@FE8GG<8IJKF:FEKI@9LK<8J@>E@=@:8EKC@D@K@E>=8:KFI=FIK?<
=@<C;F= !+ $K8GG<8IJK?8KGI8:K@K@FE<IJ8I<=8:<;K?<;@C<DD8F=:?FFJ@E>9<KN<<E:FJKCP
:<IK@=@:8K@FEGIF>I8DJK?8KI<HL@I<8;?<I<E:<KFGIFKF:FCJN?@:?K?<P=@E;C@D@K@E>8E;FI
FK?<IN@J<EFK@;<8C@ < 8;;<OG<EJ<8E;FI;<I8@CK?<K?<I8G<LK@:GIF:<JJ I<J@>E@E>K?<DJ<CM<J
KFNFIB@EI<C8K@M<@JFC8K@FEFI`@EM<EK@E>K?<N?<<Ca9PJK8IK@E>8GIF>I8DF=K?<@IFNE
;;@K@FE8CI<GFIK<;:FE:<IEJ@E:CL;<;JK8IB:FEKI8JKJ@EHL8C@KP8E;<DG?8J@JJL:?8J
`J?FNI@;@E>9LKG8:B8><;8JK?<I8GPaFI`I<>LC8IK?<I8GP9LKN@K?8?FIJ<GI<J<EKaFI`EFE
?FIJ<PG<FGC<8E;EFEK?<I8G@JKJB@E;F=KIP@E>KF;F9FK? a0E=FIKLE8K<CPK?<J<=8:KFIJ;FEFK
9F;<N<CC=FI<JK89C@J?@E>C<>@K@D8:PFI8;M8E:@E>K?<I<GLK8K@FEF= !+8J8=@<C;G8IK@:LC8ICP
@EK?<<P<JF=K?<GJP:?FCF>@:8C:FDDLE@KP8E;FIGFK<EK@8C=LE;@E>JFLI:<JJL:?8J@EJLI<IJ
CK?FL>?K?<@EK<EKF=K?@JGIFA<:KN8JDFI<;<J:I@GK@M<K?8EGI<J:I@GK@M<@K;F<J9<8I
D<EK@FEK?8KK?<=@<C;NFLC;9<E<=@K=IFDDFI<FM<IJ@>?K:C<8I<I8E;DFI<;<K8@C<;<ELD<I8K@FE
F=@KJJG<:@=@:9<E<=@KJKF:C@<EKJ8E;?FNK?<J<:FD<89FLK8CFE>N@K?K?<:8I<=LC<C@D@E8K@FEF=
=8:KFIJK?8K@E8;M<IK<EKCPNFIB8>8@EJK@KJK?<I8G<LK@:8@DJ
),)3!3).-2
'@D@K8K@FEJF=K?<:LII<EKJKL;P@E:CL;<;@KJM<IPJD8CCJ8DGC<J@Q<8E;GFK<EK@8C=FI
J8DGC<9@8J;L<KFJ<C=J<C<:K@FE=FIG8IK@:@G8K@FE8CFE>N@K?@KJ98J@JFEJ<C=I<GFIK@ <
GI8:K@K@FE<IJD8PEFK?8M<:?FJ<EKF9<:FDGC<K<CP=FIK?:FD@E>@EI<JGFEJ<KFK?<@EK<IM@<N
HL<JK@FEJ<K: CK?FL>?@KN8JEFK@E@K@8CCPLE;<IJKFF;8JJL:?;LI@E>K?<:FLIJ<F=K?<
@EK<IM@<NJK?@JI<J<8I:?<I:8D<KFI<:F>E@Q<K?<9@8J@DGC@<;N@K?@EK?<@;<8K?8K<O@JK@E> !+
GIFKF:FCJJ?FLC;9<D8EL8C@Q<;FIE<NFE<J:I<8K<;JFK?8K8E<HL@E<GJP:?FK?<I8GPDF;<C
D@>?K8:?@<M<I<:F>E@K@FE8J8E<M@;<E:<98J<;GI8:K@:< )FK8CCGI8:K@K@FE<IJ@EK<IM@<N<;8>I<<;
K?8KK?@JJ?FLC;<M<E&)8>F8CC<K8CFE<FE<K?8KD@>?K9<GFJJ@9C<KF8::FDGC@J? +<I?8GJK?<
>I<8K<JK9<E<=@KJF= !+D8P@E=8:KC@<N@K?@E@KJ8JG<:KJN?@:?I<D8@E8JP<K@DD<8JLI89C<
,/+)#!3).-2!-$4341% )1%#3).-2
+IFA<:K<;9<E<=@KJF=K?@JNFIB@E:CL;<8:C<8I<ILE;<IJK8E;@E>F= !+D<:?8E@JDJ8E;
K?<@IJG<:@=@:@DG8:KJFE:C@<EKJG8IK@:LC8ICPK?FJ<I<:FM<I@E>=IFDKI8LD8FIKI8LD8K@:JKI<JJ
$;<8CCPK?@JGIFA<:K?8J:FEKI@9LK<;8E8J:<EK:FE:<GKL8C=I8D<NFIBK?8K9<>@EJKF:8GKLI<K?<
<JJ<EK@8C8JG<:KJF= !+N?@:?D@>?K>L@;<:FEM<IJ8K@FEJ8E;=LKLI<I<J<8I:?:8E9L@C;N?<K?<I
K?FJ<J<IM<KF:FE=@IDI<=@E<FII<=LK<@K !LKLI<;@I<:K@FEJF=JKL;PJ?FLC;J<<BKF8;M8E:<
K?<FI<K@:8CLE;<IJK8E;@E>JF= !+8E;:FEKI@9LK<KF@KJJL@K89@C@KP=FI<DG@I@:8CM8C@;8K@FE
;;@K@FE8CCP8E;G<I?8GJG8I8;FO@:8CCPK?@JGIFA<:K?8JJFL>?KKF9I@E>KFC@>?KK?FJ<=8:KFIJ
N?@:?:LII<EKCP@E?@9@K@KJ>IFNK?8E;8;M8E:<D<EK8J8D8@EJKI<8DK?<I8G<LK@:KI<8KD<EKJF
K?8KK?<J<:FE:<IEJD@>?K9<K8B<E@EKF8::FLEKN?<E;<K<ID@E@E>K?<KI8A<:KFIPF==LKLI<
I<J<8I:?8E;GI8:K@:<
%&%1%-#%2
D<I@:8E+JP:?@8KI@:JJF:@8K@FE @8>EFJK@:8E;JK8K@JK@:8CD8EL8CF=D<EK8C;@JFI;<IJ
K?<; IC@E>KFE10)5-'%16<',-%75-'8&/-6,-1+
;F@ 8GG@ 9FFBJ
?KKGJ;F@ FI> 8GG@ 9FFBJ
E;<IJFE. (<@EKJ& I@<=I<GFIK/?<<==<:KJF=<HL@E<8JJ@JK<;8:K@M@K@<JFEK?<
JF:@8C=LE:K@FE@E>@E:?@C;I<E8E;8;FC<J:<EKJN@K?8LK@JDJG<:KILD;@JFI;<I 2851%/2*
87-60%1()9)/230)17%/-625()56 ^ ;F@ J
?KKGJ;F@ FI> J
E;I<NJ+ 2 /?FDJFE%I% DJK8;K<I )<8C<( +I@DLDEFEEF:<I<
8E<MFCLK@FE8IP8E8CPJ@JF=N?<K?<I8EK@;<GI<JJ8EKJ;FDFI<?8IDK?8E>FF; 5217-)56
-16<',2/2+< ;F@ =GJP>
?KKGJ;F@ FI> =GJP>
J?C<P% CFE>@E>@EK?<JFLC#<8C@E>J<OL8CKI8LD8N@K?<HL@E<=8:@C@K8K<;
GJP:?FK?<I8GP $E! % &8BC8LJB8J % C<D<EKJ #F:FP' #F==D8E! %
&8BC8LJB8J % C<D<EKJ ' #F==D8E ;J @E,%(2:6%1(/-+,7 ,)25<
5)6)%5',%1(35%'7-')-175%163)5621%/36<',2/2+< %/.6%1(5)*/)'7-216GG
0E@M<IJ@KP+IF=<JJFIJ+I<JJ
8:?@& HL@E<=8:@C@K8K<;GJP:?FK?<I8GP/?<>8G9<KN<<EGI8:K@:<8E;BEFNC<;><
2'-)7<%1-0%/6 2851%/2*80%11-0%/78(-)6
;F@ ?KKGJ;F@ FI>
8:?@& GGC@:8K@FEF=8KK8:?D<EKK?<FIPKF<HL@E<=8:@C@K8K<;GJP:?FK?<I8GP 2851%/
2*217)0325%5<6<',27,)5%3< ;F@ J
?KKGJ;F@ FI> J
8:?@& E<HL@E<=8:@C@K8K<;GI@JFE98J<;GIF>I8D#LD8E?FIJ<I<C8K@FEJ8E;<==<:KJ
FE@ED8K<<DFK@FEJ8E;9<?8M@FIJ*I;<I)F M8@C89C<=IFD+IF,L<JK
@JJ<IK8K@FEJ/?<J<J"CF98C
<:B # /I8LD8=F:LJ<;<HL@E<8JJ@JK<;GJP:?FK?<I8GPG?<EFD<EFCF>@:8CJKL;P
F=K?<I8G@JKJ9<C@<=J89FLK:FDGFE<EKJF=<==<:K@M<KI<8KD<EK=FI:?@C;I<EN?F?8M<
<OG<I@<E:<;89LJ<8E;E<>C<:K*I;<I)F M8@C89C<=IFD+IF,L<JK
@JJ<IK8K@FEJ/?<J<J"CF98C
<<KQ 8C<J& ==@C@8K@FE@E?LD8E8E@D8C@EK<I8:K@FE $E' . !I<LE;.
(:LE<' JGFJ@KF) - "<<+ (:8I;C< ;J ,)62'-%/1)8526'-)1')2*
,80%1%1-0%/-17)5%'7-21 GG ^ D<I@:8E+JP:?FCF>@:8CJJF:@8K@FE
;F@ ?KKGJ;F@ FI>
<<KQ 0MESJ(F9<I>& %LC@LJ# &FKIJ:?8C& +JP:?FJF:@8C8E;
GJP:?FG?PJ@FCF>@:8C<==<:KJF=?LD8E8E@D8C@EK<I8:K@FEJ/?<GFJJ@9C<IFC<F=FOPKF:@E
5217-)56-16<',2/2+< ;F@ =GJP>
?KKGJ;F@ FI> =GJP>
<I><K B<9<I>\\ I88JK8; * E@D8C8JJ@JK<;K?<I8GPN@K?=8ID8E@D8CJ
=FIG<IJFEJN@K?GJP:?@8KI@:;@JFI;<IJ ==<:KJFEJ<C=<==@:8:P:FG@E>89@C@KP8E;HL8C@KP
F=C@=<8I8E;FD@Q<;:FEKIFCC<;KI@8C /-1-'%/5%'7-')%1(3-()0-2/2+<-1)17%/
)%/7, ;F@ ?KKGJ;F@ FI>
CFFD9<I>' 1FCG<( ! 203/)7-1+#2858%/-7%7-9)-66)57%7-21
2%(0%3*520)+-11-1+721(." +L9C@:8K@FEJ ;F@
?KKGJ;F@ FI>
FI>@( 'FC@M8 <I@EF. ?@8IFKK@! 1<E<IFJ@ I8D@E@( @ILCC@!
==<:K@M<E<JJF=8JK8E;8I;@Q<;<HL@E<8JJ@JK<;K?<I8GPGIF>I8D=FI:?@C;I<EN@K?8LK@JD
JG<:KILD;@JFI;<I 2851%/2*87-60%1()9)/230)17%/-625()56
;F@ J?KKGJ;F@ FI> J
I@<I<% ) .:FKK E; ; 5-1'-3/)62*75%80%7,)5%3< +8-()726<037206
)9%/8%7-21%1(75)%70)17/?FLJ8E;*8BJ.8><+L9C@:8K@FEJ$E:
;F@ ?KKGJ;F@ FI>
I8LE .K8E>C<I/ )8IM<JFE% +<KK@E><CC. E@D8C8JJ@JK<;K?<I8GP8J8G8@E
I<C@<=@EK<IM<EK@FE=FI:?@C;I<E203/)0)17%5< ,)5%3-)6-1/-1-'%/5%'7-')
$..) ;F@ A :K:G
?KKGJ;F@ FI> A :K:G
IFNE F8E% /?<JF:@8CI<>LC8K@FEF=E<LI8CK?I<8KI<JGFE;@E> $E' .
!I<LE;. (:LE<' JGFJ@KF) - "<<+ (:8I;C<' . !I<LE; + (:8I;C<
;J ,)2'-%/)8526'-)1')2*80%11-0%/17)5%'7-21GG
28J?@E>KFE0.D<I@:8E+JP:?FCF>@:8CJJF:@8K@FE ;F@
?KKGJ;F@ FI>
LJ:? /L:?8' /8C8IFM@:FM8 !L<ID8@<I ( '<N@J M8EJ /L:?8*
E@D8C8JJ@JK<;@EK<IM<EK@FEJ=FI:?@C;I<EN@K?KK<EK@FE<=@:@K#PG<I8:K@M@KP@JFI;<I
K?<FI<K@:8CI<M@<N8E;:FEJ@;<I8K@FEF==LKLI<I<J<8I:?;@I<:K@FEJ 6<',2/2+-'%/
)32576 ;F@
?KKGJ;F@ FI>
8CMF+ !FIKLEP% - "LQDRE. (8:U8J FN<E% "8I:U8( ' !8KAV%
E@D8C8JJ@JK<;K?<I8GP/ GIF>I8D8J8LJ<=LC8;ALE:KKF:FEM<EK@FE8CGJP:?FJF:@8C
I<?89@C@K8K@FE=FIG8K@<EKJN@K?J:?@QFG?I<E@8-<JLCKJF=8JD8CCJ:8C<I8E;FD@Q<;
:FEKIFCC<;KI@8C 5217-)56-16<',2/2+< ;F@ =GJP>
?KKGJ;F@ FI> =GJP>
8IK<I . +FI><J. 2 )<LI8CD<:?8E@JDJLE;<ICP@E>?LD8E8E@D8C@EK<I8:K@FE
E<MFCLK@FE8IPG<IJG<:K@M< $E' . !I<LE;. (:LE<' JGFJ@KF) - "<<+
(:8I;C< ;J ,)62'-%/1)8526'-)1')2*,80%1%1-0%/-17)5%'7-21GG ^
;F@ ?KKGJ;F@ FI>
?8ID8Q& "IFLE;<;K?<FIP $E% .D@K?( *J9FIE ;J 8%/-7%7-9)36<',2/2+<
35%'7-'%/+8-()725)6)%5',0)7,2(6GG /?FLJ8E;*8BJ.8><
+L9C@:8K@FEJ$E: ;F@ E
?KKGJ;F@ FI> E
?F. # &@D% 2 &@D. - ?F % ==<:KJF=?FIJ<98:BI@;@E><O<I:@J<
K?<I8GPFE?FIDFE<C<M<CJ@E<C;<ICPG<IJFEJ 2851%/2*,<6-'%/ ,)5%3<'-)1')
^ ;F@ AGKJ ?KKGJ;F@ FI> AGKJ
FC<D8E1 -<:C8@D@E>9FLE;8I@<JK?IFL>?<HL@E<8JJ@JK<;:FLEJ<C@E> $E&8P
/IFKK<I ; %51)66-1+7,)32:)52*)48-1)%66-67)('2816)/-1+ ((-1+%1-0%/
%66-67)(7,)5%3<72<28535%'7-') )4-FLKC<;></8PCFI!I8E:@J
FDDLE@:8K@FE ;*25(1+/-6,-'7-21%5< M8@C89C<8K?KKGNNN F<; :FD
::<JJ<;(8I:?
FEE<:K@FE *O=FI; E>C@J?@:K@FE8IP M8@C89C<8K?KKGNNN F<; :FD ::<JJ<;
(8I:? I<JN<CC% (@E;=LCE<JJ@EK<IM<EK@FEJ 118%/)9-):2*
6<',2/2+< ^
I<JN<CC% 2 8E;+FK? ) 8%/-7%7-9)148-5<%1()6)%5',)6-+1,226-1+%021+
-9)3352%',)6 K? ;@K@FE." +L9C@:8K@FEJ$E: /?FLJ8E;*8BJ
<+I<B<C( HL@E<=8:@C@K8K<;GJP:?FK?<I8GP=FIK?<KI<8KD<EKF=KI8LD8 $E& .
/IFKK<I ; %51)66-1+7,)32:)52*)48-1)%66-67)('2816)/-1+ ((-1+%1-0%/
%66-67)(7,)5%3<72<28535%'7-')GG )4-FLKC<;></8PCFI!I8E:@J
HL@E<JJ@JK<;"IFNK?8E;'<8IE@E>JJF:@8K@FE "' E ; -<KI@<M<;=IFD
?KKGNNN <8>8C8 FI>
8IC<J% ' 1<IEFE' ' 4<KQ% + HL@E<8JJ@JK<;K?<I8GP=FI8EO@<KP8E;
GFJKKI8LD8K@:JKI<JJJPDGKFDJ 2851%/2* 5%80%7-'75)66
;F@ AKJ ?KKGJ;F@ FI> AKJ
D9F;@D<EK *O=FI; E>C@J?@:K@FE8IP M8@C89C<8K?KKGNNN F<; :FD ::<JJ<;
(8I:?
!<C@KK@1 E;8- )FI;<E9<I> 2@CC@8DJFE .G@KQ ;N8I;J1 &FJJ(
-<C8K@FEJ?@GF=:?@C;?FF;89LJ<8E;?FLJ<?FC;;PJ=LE:K@FEKFD8EPF=K?<
C<8;@E>:8LJ<JF=;<8K?@E8;LCKJ/?<;M<IJ<?@C;?FF; OG<I@<E:<J .KL;P
0)5-'%12851%/2*5)9)17%7-9))(-'-1) ;F@ J
?KKGJ;F@ FI> J
!@;F -<<J C8IB<+ +<KIFEQ@ -@:?8I;JFE( O8D@E@E>K?<:FEE<:K@FE
9<KN<<EE8KLI<:FEE<:K<;E<JJ8E;;8IBG<IJFE8C@KP 2851%/2*19-5210)17%/
6<',2/2+< ;F@ A A<EMG
?KKGJ;F@ FI> A A<EMG
!FI; 8E:@E>N@K??FIJ<JFD9@E@E>;8E:<DFM<D<EKK?<I8GP8E;<HL@E<
=8:@C@K8K<;GJP:?FK?<I8GP 0)5-'%12851%/2*%1') ,)5%3<
;F@ JQ?KKGJ;F@ FI> JQ
"89I@<CJ- ' +8E5 <:?8EK >E<N% I@D) (<J@9FM"
-8E;FD@Q<;:FEKIFCC<;KI@8CF=K?<I8G<LK@:?FIJ<98:BI@;@E>@E:?@C;I<E8E;8;FC<J:<EKJ
N@K?8LK@JDJG<:KILD;@JFI;<I 2851%/2*7,)0)5-'%1'%()0<2*,-/(%1(
(2/)6')176<',-%75< ^ ;F@ A A88:
?KKGJ;F@ FI> A A88:
"C8J<I " 8E;.KI8LJJ ' ,)(-6'29)5<2*+5281()(7,)25< ?@:8>F$'C;@E<
;F@ ?KKGJ;F@ FI>
"FF;B@E;% '8)FL<( '<< !I<<C8E;' !I<LE;- !<8J@9@C@KP8::<GK89@C@KP
8E;@E@K@8C=@E;@E>J=IFD8:FDDLE@KP98J<;:LCKLI8CD<EK8C?<8CK?@EK<IM<EK@FE=FI
D<I@:8E$E;@8EPFLK?8E;K?<@I=8D@C@<J 2851%/2*20081-7<6<',2/2+<
;F@ A:FG ?KKGJ;F@ FI> A:FG
#8D@CKFE % $)10-1(=)1,256) ,)6'-)1')%1(63-5-78%/-7<2*:25.-1+:-7,,256)6
.KFI<P+L9C@J?@E>
#8P8D8. ?8E>' "LDLJ& &@E>" - IEJK/ )<LI8C:FII<C8K<J=FI
G<I:<GK@FEF=:FDG8E@FE8E@D8CG?FKF>I8G?J )85236<',2/2+-%
;F@ A E<LIFGJP:?FCF>@8
?KKGJ;F@ FI> A E<LIFGJP:?FCF>@8
#<CC<I' '8+@<II< )%/-1+()9)/230)17%/75%80% 2:)%5/<75%80%%**)'766)/*
5)+8/%7-216)/*-0%+)%1(7,)'%3%'-7<*255)/%7-216,-3<IB<C<P)FIK?KC8EK@:
FFBJ $.)
#<ID8E% 5%80%%1(5)'29)5< ,)%*7)50%7,2*9-2/)1')*520(20)67-'%&86)72
32/-7-'%/7)5525)<N4FIB)4+<IJ<LJFFB"IFLG$.)
#<ID8E% ' +<IIP% M8E;<I&FCB ?@C;?FF;KI8LD8@E9FI;<IC@E<
G<IJFE8C@KP;@JFI;<I 0)5-'%12851%/2*6<',-%75<
;F@ 8AG ?KKGJ;F@ FI> 8AG
#LD8E HL@E<-<C8K@FE8C<M<CFGD<EK$EJK@KLK<# - E ; -<KI@<M<;=IFD
?KKGNNN ?<I;@EJK@KLK< :FD
#FCD( 8@I;% ( &@D4 % -8AFI8& c.@CM8 +F;FC@EJBP' ](@EJ?<N
) /?<I8G<LK@:?FIJ<98:BI@;@E>FLK:FD<JF=G8I<EK@;<EK@=@<;>F8CJ=FI:?@C;I<E
N@K?8LK@JDJG<:KILD;@JFI;<IEDLCK@GC<:8J<;<J@>E<O8D@E@E>;FJ@E>8E;
><E<I8C@Q8K@FEKFK?<?FD<8E;:FDDLE@KP 2851%/2*87-60%1()9)/230)17%/
-625()56 ^ ;F@ JO
?KKGJ;F@ FI> JO
$E><IJFCC- -8B ! 6<',23,%50%'2/2+<*250)17%/,)%/7,352*)66-21%/6 1
-17)+5%7-9)%3352%',)<CJFE ;L:8K@FE
%F?8EJ<E. " I=N<;JFE28E> @E;<I+ (8CK0 ! HL@E<=8:@C@K8K<;
9F;P8E;<DFK@FEFI@<EK<;GJP:?FK?<I8GP;<J@>E<;=FI8;FC<J:<EKJ8E;8;LCKJEFK
I<JGFE;@E>KFD8@EJKI<8DKI<8KD<EKJKIL:KLI<;GIF>I8D 2851%/2*6<',27,)5%3<
-17)+5%7-21 ;F@ 8?KKGJ;F@ FI> 8
%F?8EJ<E. " I=N<;JFE28E> @E;<I+ !8:@C@K8K@E>:?8E><@E8:C@<EKJ
;PJ=LE:K@FE8C9<?8M@FLI8CG8KK<IEN@K??FIJ<8@;<;GJP:?FK?<I8GP :8J<JKL;P
2816)//-1+6<',27,)5%3<)6)%5',
%FI;8E% 1 )/%7-21%/A'8/785%/7,)5%3<E;<; D<I@:8E+JP:?FCF>@:8CJJF:@8K@FE
;F@ ?KKGJ;F@ FI>
&898K5@EE% 8//'%7%67523,)/-9-1+ !6-1+7,):-6(202*<285&2(<%1(0-1(72*%')
675)663%-1%1(-//1)66)<N4FIB)4<CK8
&8B8:<B. ' HL@E<8JJ@JK<;GJP:?FK?<I8GPGGCP@E>JKI<E>K?J98J<;JFCLK@FEJ@E8E
8I<E8=FI:?8E>< $E% & ;N8I;J 4FLE># % )@B<CJ% & ;N8I;J 4FLE>#
% )@B<CJ ;J %1(&22.2*675)1+7,6&%6)('/-1-'%/35%'7-')6 -1(-1+'20021
*%'7256GG )<N4FIB)40.-FLKC<;></8PCFI!I8E:@J"IFLG
&8D@KJ@J$ !I8E:@J % + .G@I@KL8C@KPD<;@8K<JK?<I<C8K@FEJ?@G9<KN<<E
<E>8><D<EKN@K?E8KLI<8E;GJP:?FCF>@:8CN<CC9<@E> 2851%/2*19-5210)17%/
6<',2/2+<^ ;F@ A A<EMG
?KKGJ;F@ FI> A A<EMG
&<DG& .@>E8C/ FKIFJ# /8PCFI) +I<EK@:<& HL@E<=8:@C@K8K<;K?<I8GP
N@K?:?@C;I<E8E;8;FC<J:<EKJN?F?8M<9<<EJ<OL8CCP89LJ<;GIF>I8D<M8CL8K@FE
JKL;P 2851%/2*,-/(%1(%0-/<78(-)6 ;F@ J
?KKGJ;F@ FI> J
&<IE"F;8C I<EE8$ # &F>JK8;) IE<M@B -8ME;8C FEKI@9LK@FE
F=K?<G8K@<EK?FIJ<I<C8K@FEJ?@GKFJL9JK8E:<LJ<;@JFI;<IKI<8KD<EK+8K@<EKJc
<OG<I@<E:<J 17)51%7-21%/2851%/2*8%/-7%7-9)78(-)621)%/7,%1(")//&)-1+
;F@ H?N M ?KKGJ;F@ FI> H?N M
&F?8EFM' ,)7%22*)4886 )FM8KF)<N2FIC;+I<JJ
&I8LJ<+8I<CCF &FC8JJ8% +<KK?<I8GP E?8E:@E>JF:@8C8E;:8I;@FM8J:LC8I
N<CCE<JJ@E:FDDLE@KP;N<CC@E>FC;<I8;LCKJ 2851%/2*20081-7<)%/7,856-1+
;F@
?KKGJ;F@ FI>
'8:1 FD@E>?FD<KFI<C8K@FEJ?@G$DGFIK8EK<D9F;@<;<OG<I@<E:<J@E><JK8CK<HL@E<
GJP:?FK?<I8GP*I;<I)F M8@C89C<=IFD+IF,L<JK@JJ<IK8K@FEJ/?<J<J
"CF98C
'8K<CC8 9I8DJ ) /?<IFC<F=K?<<HL@E<@E8E@D8C8JJ@JK<;@EK<I8:K@FEJ $E
# !@E< # !@E< ;J %1(&22.21%1-0%/%66-67)(7,)5%3< 281(%7-216%1(
+8-()/-1)6*25%1-0%/%66-67)(-17)59)17-216K?<;GG .8E@<>F0.
CJ<M@<I:8;<D@:+I<JJ ;F@ 9
?KKGJ;F@ FI> 9
'<<+ 8B@E (:'LI<( )8II8K@M<JPEK?<J@JF=<HL@E<8JJ@JK<;GJP:?FK?<I8GP
C@K<I8KLI<LII<EKBEFNC<;><8E;=LKLI<I<J<8I:?;@I<:K@FEJ )%/7,2'-%/%5)-17,)
20081-7< ;F@ ?J: ?KKGJ;F@ FI> ?J:
'<EK@E@% &EFO( . HL@E<=8:@C@K8K<;GJP:?FK?<I8GPN@K?:?@C;I<E8E;
8;FC<J:<EKJELG;8K<8E;C@K<I8KLI<I<M@<N 2851%/2*5)%7-9-7<-1)17%/)%/7,
;F@
?KKGJ;F@ FI>
'<FE>' 4 !@J:?<I- (:CLI<% I<E8KLI<CFM<IJDFI<@EEFM8K@M</?<
I<C8K@FEJ?@G9<KN<<E:FEE<:K<;E<JJN@K?E8KLI<8E;:F>E@K@M<JKPC<J 2851%/2*
19-5210)17%/6<',2/2+<^ ;F@ A A<EMG
?KKGJ;F@ FI> A A<EMG
'<M@E<+ 1%181632.)192-') 2:7,)&2(<)/)%6)675%80%%1(5)6725)6+22(1)66
<IB<C<P8C@=FIE@8)FIK?KC8EK@:FFBJ $.)
'@E<?8E( ( ?6.-//675%-1-1+0%18%/E;<; )<N4FIB)4"L@C=FI;+I<JJ
(8:FE8C;& (8:FE8C;/ ( IXE<( '8D9& 2@CJFE( + "FCJ?8E. !<@=<C
*OPKF:@E8E;GJP:?FK?<I8GPG@CFKJKL;PF=@KJG?PJ@FCF>@:8C9<?8M@FI8C8E;
JL9A<:K@M<<==<:KJ@ED8C<JN@K?;<GI<JJ@FE 6<',21)852)1(2'5-12/2+<
F@ A GJPE<L<E
?KKGJ;F@ FI> A GJPE<L<E
(8P<I! . !I8EKQ ( /?<:FEE<:K<;E<JJKFE8KLI<J:8C<D<8JLI<F=
@E;@M@;L8CJc=<<C@E>@E:FDDLE@KPN@K?E8KLI< 2851%/2*19-5210)17%/6<',2/2+<
^ ;F@ A A<EMG
?KKGJ;F@ FI> A A<EMG
(:FID@:B (:FID@:B( 256)6)16)%1(7,),80%1,)%57 ",%7,256)6'%1
7)%',86%&28775867&21(-1+'5)%7-9-7<%1(63-5-78%/-7<<<I=@<C;9<8:?!CFI@;8#<8CK?
FDDLE@:8K@FEJ
(:LCCFL>?' $EK<>I8K@E>F;P(@E;KK8:?D<EK+I8:K@:<J@EKF HL@E<!8:@C@K8K<;
+JP:?FK?<I8GP 48-1)66-67)()17%/)%/7,17)59)17-216^
;F@ ?KKGJ;F@ FI>
(:LCCFL>?' -@JC<PLIK@JJ -FIB<% HL@E<=8:@C@K8K<;GJP:?FK?<I8GP
G@CFKJKL;PF=<==<:KFEGFJKKI8LD8K@:JKI<JJJPDGKFDJ@ED8CKI<8K<;PFLK? 2851%/2*
1*%17,-/((2/)6')176<',27,)5%3<
;F@ ?KKGJ;F@ FI>
(<@E<IJD8EE& ( I8;9<IIP% -F9<IKJ! HL@E<=8:@C@K8K<;GJP:?FK?<I8GP
N@K?8;LCK=<D8C<JLIM@MFIJF=89LJ< 2851%/2*6<',262'-%/856-1+%1()17%/
)%/7,)59-')6 ;F@
?KKGJ;F@ FI>
(FLJK8B8J ,)120)12/2+-'%/5)6)%5',0)7,2(6 /?FLJ8E;*8BJ.8><
)8JK</ ( +I@:<( &8IFC% (8IK@E' (LIG?P& (@>L<C% .G@E8QQFC8%
HL@E<!8:@C@K8K<;/?<I8GP=FIFDGC<O/I8LD8 !// 2851%/2*,-/(
(2/)6')17 5%80% ;F@ J
?KKGJ;F@ FI> J
*9J<IM8K@FE ;*25(1+/-6,-'7-21%5< M8@C89C<8K?KKGNNN F<; :FD ::<JJ<;
!<9IL8IP
*>;<E+ !@J?<I% )1625-0272536<',27,)5%3< 17)59)17-216*2575%80%%1(
%77%',0)17)<N4FIB)42 2 )FIKFE
*#8@I<( "LTI@E) &@IB?8D E@D8CJJ@JK<;$EK<IM<EK@FE=FI
KI8LD8JPJK<D8K@:C@K<I8KLI<I<M@<N 5217-)5616<',2/2+<
;F@ =GJP> ?KKGJ;F@ FI> =GJP>
*#8@I<( (:&<EQ@<. % <:B ( .C8L>?K<I1 E@D8CJD8P8:K8JJF:@8C
9L==<IJ.B@E:FE;L:K8E:<8IFLJ8C@E:?@C;I<EN@K?8LK@JDJG<:KILD;@JFI;<I@E8JF:@8C
:FEK<OK )9)/230)17%/6<',2&-2/2+< ;F@ ;<M
?KKGJ;F@ FI> ;<M
*KJLB8/ )@J?@@ D<D@P8. &L9FK8) )@J?@A@D8/ &@K8$ ==<:KJF=
8:LK<KI<8;D@CCILEE@E>8K;@==<I<EK@EK<EJ@K@<JFE8:K@M@K@<JF=J<IFKFE@E8E;:FIK@:FKIFG@E
I<C<8J@E>=8:KFIE<LIFEJ8E;8EO@<KP8E;;<GI<JJ@M<C@B<9<?8M@FIJ@EI8KJ ),%9-285%/
5%-1)6)%5',+8IK ;F@ A 99I
?KKGJ;F@ FI> A 99I
+8>8E@( D8EE ' '8E;@E-FD<IF- 8IC<KKF. P<DFM<D<EK
;<J<EJ@K@Q8K@FE8E;I<GIF:<JJ@E>8E;JCFNN8M<JC<<GGLK8K@M<D<:?8E@JDF=8:K@FE
5217-)56-16<',2/2+< ;F@ =GJP>
?KKGJ;F@ FI> =GJP>
+8EBJ<GG% +I@D8IP+IF:<JJ==<:KJ8E;I8@E*OPKF:@E -2/2+-'%/6<',-%75< GG
;F@ A 9@FGJP:?
?KKGJ;F@ FI> A 9@FGJP:?
+/#$EKC /<=@E@K@FEJ HL@E<!8:@C@K8K<;+JP:?FK?<I8GP !+ -<KI@<M<;
<:<D9<I=IFD?KKGJNNN G8K?@EKC FI>I<JFLI:<J
<;L:8K@FEI<JFLI:<J<88KI<JFLI:<J><E<I8C<88K;<=@E@K@FEJ
+FII<:8 <8IC@+ !@C@GG@ +8IFC@E( .@DFE<CC@ (FK?<IJc8C<O@K?PD@8
@EK?<:FEK<OKF=G8I<EK8CJL9JK8E:<LJ<;@JFI;<I2?@:?@DGC@:8K@FEJ=FIG8I<EK@E>
9<?8M@FIJ,-/(&86))+/)'7 ;F@ A :?@89L
?KKGJ;F@ FI> A :?@89L
+FI><J. 2 *I@<EK@E>@E8;<=<EJ@M<NFIC;(8DD8C@8EDF;@=@:8K@FEJF=FLI
<MFCLK@FE8IP?<I@K8>< GFCPM8>8CK?<FIP 6<',23,<6-2/2+<
;F@ A K9 O?KKGJ;F@ FI> A
K9 O
+FI><J. 2 /?<GFCPM8>8CK?<FIP)<N@EJ@>?KJ@EKF8;8GK@M<I<8:K@FEJF=K?<
8LKFEFD@:E<IMFLJJPJK<D /)9)/%1(/-1-'2851%/2*)(-'-1).LGGC .
. ;F@ ::AD J ?KKGJ;F@ FI> ::AD J
+IF=<JJ@FE8CJJF:@8K@FEF=/?<I8G<LK@:#FIJ<D8EJ?@G$EK<IE8K@FE8C+/# E ; -<KI@<M<;
=IFD?KKGNNN G8K?@EKC FI>
.8B8@% KK8:?D<EKK?<FIP8E;K?<K?<I8G<LK@:I<C8K@FEJ?@G$DGC@:8K@FEJ=FI<HL@E<
=8:@C@K8K<;GJP:?FK?<I8GP !+ 8E;K?<?LD8E8E@D8C9FE;*I;<I)F
M8@C89C<=IFD+IF,L<JK@JJ<IK8K@FEJ/?<J<J"CF98C
.:?FI< **)'75)+8/%7-21%1(7,)5)3%-52*7,)6)/*)<N4FIB)4)FIKFE
.:?IF<;<I& .KIFL; HL@E<=8:@C@K8K<;>IFLGNFIB=FINFD<EJLIM@MFIJF=
@EK<IG<IJFE8CM@FC<E:< 2851%/*253)'-%/-676-15283"25.
;F@ ?KKGJ;F@ FI>
.:?N8IKQ- . *C;J% /?<GJP:?@8KIPF=C@>?K %59%5()9-):2*6<',-%75<
;F@ ?IG
?KKGJ;F@ FI> ?IG
.?8IG<# HL@E<=8:@C@K8K<;:FLEJ<CC@E>8E;NFD<EN@K?<8K@E>;@JFI;<IJIK@:LC8K@E>
9F;@CP<OG<I@<E:< %1%(-%12851%/2*2816)//-1+%1(6<',27,)5%3<
.@<><C % 2'.)7+8-()72-17)53)5621%/1)852&-2/2+< 1-17)+5%7-9),%1(&22.2*7,)
0-1(2 2 )FIKFEFDG8EP
.@<><C .FCFDFE( )%/-1+75%80% %77%',0)170-1(&2(<%1(&5%-1 )<N
4FIB2 2 )FIKFEFDG8EP
.@C9<I>% ' ,)',-/(6859-925 )%/-1+()9)/230)17%/75%80%%1((-662'-%7-21
-FLKC<;></8PCFI!I8E:@J"IFLG ;F@
?KKGJ;F@ FI>
.C@Q .D@K? 2@<9B@E> )FIK?F==" #8PC<P. )<LI8C:FII<C8K<JF=8
J@E>C<J<JJ@FED8JJ8><KI<8KD<EK 5%-10%+-1+%1(),%9-25
;F@ JQ?KKGJ;F@ FI> JQ
.FD<IM@CC% 2 &IL>C@BFM84 -F9<IKJFE- ' #8EJFE' ( (8:'@E* #
+?PJ@FCF>@:8C-<JGFEJ<J9PFCC<><.KL;<EKJKF8F>8E;88K$DGC@:8K@FEJ=FI+<K
/?<I8GP 257,0)5-'%12851%/2*6<',2/2+<
.G8E>C<I ' 8C;N@E. >I8J2 . E<O8D@E8K@FEF=K?<D<:?8E@JDJF=
8:K@FE@E:F>E@K@M<9<?8M@FI8CK?<I8GP=FI9LC@D@8E<IMFJ8 ),%9-25 ,)5%3<
^ ;F@ P; ?KKGJ;F@ FI> P;
.K@:?/ ! .<E@FI) ;M<EKLI<K?<I8GPE@EEFM8K@M<KI<8KD<EK=FIGJP:?@8KI@:
G8K@<EKJ ):-5)'7-216*25)17%/)%/7,)59-')6
.KI8LJJ ' FI9@E% ( %6-'62*48%/-7%7-9)5)6)%5', 5()( 7)',1-48)6%1(
352')(85)6*25()9)/23-1++5281()(7,)25< /?FLJ8E;*8BJ." +L9C@:8K@FEJ
$E: ;F@ ?KKGJ;F@ FI>
/<@:?<I( # E;<IJFE ( +FC:8I@ ?@C;?FF;D8CKI<8KD<EK@J8JJF:@8K<;
N@K?I<;L:<;MFCLD<@EK?<?@GGF:8DG8CJL9=@<C;J;<EK8K<>PILJ8E;JL9@:LCLD
52'))(-1+62*7,)%7-21%/'%()0<2*'-)1')62*7,)!1-7)(7%7)62*0)5-'%
;F@ GE8J ?KKGJ;F@ FI> GE8J
/?FD8J' 'PKC<( 8DD8EE /I8EJ=FID@E>K?<I8GPK?IFL>??FIJ<J8J<
JKFI@<JF=K<8:?@E>K?< "'DF;<C@E8:K@FE %17%48-10/ "'
0MESJ(F9<I>& AWIBJKI8E; #@CC<>88IK1 ?C<E@LJ. *OPKF:@E8J8GFJJ@9C<
D<;@8KFIF=..-$@E;L:<;8EK@;<GI<JJ8EK<==<:KJ 6<',23,%50%'2/2+<
;F@ J?KKGJ;F@ FI> J
M8E;<I&FCB (:!8IC8E< 2<@J8<K?' ;J 5%80%7-'675)66 ,))**)'76
2*29)5:,)/0-1+);3)5-)1')210-1(&2(<%1(62'-)7<"L@C=FI;+I<JJ $.)
M8E;<I&FCB ,)&2(<.))367,)6'25) 5%-10-1(%1(&2(<-17,),)%/-1+2*
75%80%)<N4FIB)41@B@E>
M8E;<I&FCB <M<CFGD<EK8C/I8LD8@JFI;<I/FN8I;8I8K@FE8C;@8>EFJ@J=FI
:?@C;I<EN@K?:FDGC<OKI8LD8?@JKFI@<J 6<',-%75-'11%/6 ^
;F@ ?KKGJ;F@ FI>
M8E(8E<E( ,)120)12/2+<2*35%'7-') )%1-1++-9-1+0)7,2(6-1
3,)120)12/2+-'%/5)6)%5',%1(:5-7-1+ 28CELKI<<B'<=KF8JK+I<JJ
;F@ ?KKGJ;F@ FI>
1@8L- IJ<E8LCK'8G@<II<" !<:K<8L. ?8DG8>E<) 28CB<I 'LG@<E.
==<:KF=J<IM@:<;F>JFEJ8C@M8IP:FIK@JFCJ<:I<K@FE@E8LK@JK@::?@C;I<E
6<',21)852)1(2'5-12/2+<^ ;F@ A GJPE<L<E
?KKGJ;F@ FI> A GJPE<L<E
1@E:<EK !8IB8J& % GGC@:8K@FEF=KK8:?D<EK/?<FIPKF HL@E<!8:@C@K8K<;
/?<I8GP 2'-)7<)+-67)5 ;F@ JI
?KKGJ;F@ FI> JI
1FID9IF:B% & "IFJJ9<I>% ( 8I;@FM8J:LC8I<==<:KJF=?LD8EG<K;F>@EK<I8:K@FEJ
),%9)(^ ;F@ 9=?KKGJ;F@ FI> 9=
2@CB@<& "<ID8@E. /?<LC<% M8CL8K@E>K?<<==@:8:PF=<HL@E<K?<I8GP
8DFE>8KI@JBPFLK?D<K88E8CPJ@J 17,52=2>6 ;F@
?KKGJ;F@ FI>
2FC== !I@J?D8E2 E@D8C8JJ@JK<;K?<I8GP@E:8I;@FM8J:LC8I;@J<8J<)0-1%56-1
17)+5%7-9))(-'-1) $..) ;F@ A J@>D
?KKGJ;F@ FI> A J@>D
4FIB<% ;8DJ F8;P) /?<I8G<LK@:M8CL<F=<HL@E<#LD8E9FE;@E>@E
I<:FM<IP=IFDKI8LD8 17,52=2>J ;F@ 3
?KKGJ;F@ FI> O
4FIB<% )L><EK2 .KI8E; FC<E- )<N% 8M@J HL@E<8JJ@JK<;
K?<I8GP8E;@KJ@DG8:KFE:FIK@JFCC<M<CJF=:?@C;I<E8E;?FIJ<JG@CFKJKL;P8E;D<K8
8E8CPJ@J %5/<',-/(()9)/230)17%1('%5)
;F@ ?KKGJ;F@ FI>
//%-$)#%2
//%-$)7 9%#14)3,%-3%33%17!,/+%2
.8DGC<@EHL@IP8JJ<EKM@8!8:<9FFB(<JJ<E><I
.8DGC<@EHL@IP8JJ<EKM@8+JP:?FCF>P/F;8PN<9:FEK8:K=FID
//%-$)7934$8!13)#)/!3).--&.1,%$.-2%-3.1,
:FEK@EL<;FEE<OKG8><
//%-$)79-3%15)%61.3.#.+
$EK<IM@<N,L<JK@FEJ
8 I<PFL:LII<EKCPC@:<EJ<;FIGLIJL@E>C@:<EJLI<8J8GJP:?FK?<I8G@JK$=JFN?8KKPG<C<M<C
F=C@:<EJ<9 I<N<I<PFL8:<IK@=@<;GI8:K@K@FE<IFIGLIJL@E>JFD<KPG<F=<HL@E<K?<I8GPFI
C<8IE@E> :<IK@=@:8K@FE$=JFN?8K@JK?<<HL@E<K?<I8GPC<8IE@E>DF;<CPFLGI8:K@:<;8E;N?8K
@J<EK8@C<;@EK?<KI8@E@E>:<IK@=@:8K@FE=FIK?8KDF;8C@KP$=EFKN?PEFK
2?8KC<;PFLKF9<:FD<8E<HL@E<GI8:K@K@FE<I
2?P;@;PFL:?FFJ<K?<JG<:@=@:DF;8C@KPPFLGI8:K@:<8EPFL;<J:I@9<8KPG@:8CJ<JJ@FE
F<J;@;PFLI<HL@E<GI8:K@:<@EMFCM<I@;@E>8E;FI;FPFL9<C@<M<@KJ?FLC;2?PFIN?PEFK
#FN;F<J !+NFIB$EPFLI<OG<I@<E:<?FN;F<J:?8E><:FD<89FLK=FIK?<:C@<EK@ < 8E
PFLE8D<JG<:@=@:GIF:<JJ<JFI:8K<>FI@<JKF;<J:I@9<N?8K@J>F@E>FEN?<E8:C@<EKNFIBJN@K?
PFL8E;8E<HL@E<G8IKE<I
2?8KKPG<F=GFGLC8K@FEJ ;FPFL=@E;9<E<=@KDFJK=IFD<HL@E<NFIB2?F;FPFL<E;LG
J<<@E>DFJK@EPFLIGI8:K@:<2?8K8I<JFD<:FDDFEGI<J<EK8K@FEJ8E;FI;@8>EFJ<JPFL?8M<
NFIB<;N@K?
2@K?FLKI<M<8C@E>@;<EK@=P@E>@E=FID8K@FE:8EPFL;<J:I@9<8JG<:@=@::C@<EK:8J<G<IJFEPFL
NFIB<;N@K?K?8KN8JG8IK@:LC8ICP@EK<I<JK@E>KFPFL#FN;@; !+LE=FC;=FIK?<D
FPFL?8M<8EP@;<8JFIFG@E@FEJ89FLK?FN !+GI8:K@:<JFIFLK:FD<J:FLC;9<D8;<DFI<
:FEJ@JK<EKCPD<8JLI89C<FLC;@K<M<I9<:FD<8E<M@;<E:<98J<;GI8:K@:<
8EPFLK<CCD<PFLIFG@E@FEJ89FLKJFD<F=K?<C@D@K8K@FEJF= !+2?8K;FPFLG<I:<@M<8J
98II@<IJKFG8IK@:@G8K@FE8E;FI:?8CC<E><JKFK?<>IFNK?F=K?<=@<C;
FPFL=<<C !+@JDFI<<==<:K@M<8J8E8;ALE:KKFKI8;@K@FE8CK@D<FEK?<:FL:?GJP:?FK?<I8GP
FINFLC;PFLGI<=<I@KN<I<DFI<:FDDFECPLJ<;8JK8E;8CFE<DF;8C@KP2?PFIN?PEFK