Karmik Astroloji-Cilt 3

Download as pdf or txt
Download as pdf or txt
You are on page 1of 115

+B2?C=2D65 7B@> ?8=:C9D@+EB<:C9 GGG @?=:?65@4DB2?

C=2D@B 4@>

&)0))+ 

".&"/ 3

%)+!&* ,$%&

*%,$.!*)!&
&6G0@B<
V=<H2H`?=2?2? 
*2>E6=.6:C6B!?4
 B@25G2H
&6G0@B<&0 

+6=:7 2<<`K 


%2BD:?*49E=>2?

V<:?4:32C<` 

6B92<<`C2<=`5`B EH2H`?`?9:Q3:B3R=S>SD6=:792<<`
C29:3:?:?R?4656?:I?:@=>2<C`I`?Q@U2=D`=2>2I3:B6B:X:>
C:CD6>:?56C2<=2?2>2IF6H26=6<DB@?:<>6<2?:<7@D@<@A:
<2H`DF6H232X<296B92?8:3:B3:Q:>56F6H296B92?8:3:B
H@==2:=6D:=6>6I

!*&   /

:Q:?5632C`=>`XD`B
>6B:<2:B=6X:<6F=6D=6B:
&@3=6'7C6D(B:?D6BC!?4 &6G0@B<
:DHD2B27`?52?
VMV&#V$)

H2B:Q:?(2BD@7                           
R=S>:=6:=8:=:W2?CF6#2B>:<N5S= 
R=S>6,=2X>2<:=6:=8:=:+2=:9              R=S>
:=6:=8:=:@BDE?6:B'52<6=:B=6H:4: 
6C6?=6BF6(2BQ2:=6:=8:=:<`C>6D 
(2BQ2:=6:=8:=:+2=:9F6,7E< 
W2?C`?(2BQ2C`:B,HE>&@<D2C` 

*6BF6D:?F=6B56<:#`C>` 
#256B:?VX2B6D=6B56<:#`C>` 

0R?=6BF6#256B:?#`C>` 

W2?C`?(2BQ2C`F6#2B>2 

2=`?(2BQ2C`F6O?=SEBQ=2B   *@?EQ
  

3:B2=68@B:                                         
<                                        
  4`Q6<>6H:3:=6?C:I=6B:Q:?HS<=6B:?:I927:7=6C:?

   SIS?<EHECE?E?56B:?=:<=6B:?6@H2?=2B:Q:?
W:>5:?6X65@=5EB23:=:B

_6?:C@?CEI2<252B?6<252B2I3:=5:U:>:<6X76D>6H6D6XF:<656?
RUB6?4:=6B:>6 VC:>=6B:C2H`=2>2H242<<252BQ@<C6F8:=6B:F6
32U=`=`<=2B`<6=:>6=6B=62?=2D`=2>2H242<<252BQ@<DEB

  M@<X6H9:CC656?*6F8:=:(B6?C6C(6??H*E6H28:+(:&)&3,.
2<`>`?56U6B=:56U6B: F65S?H2?`?56B:?=:<=6B:?56?,+1+
>(A*:4&($")&3,.'?E?5S?H2H2?6X6965:H6C:@=2?
V=92>`?
:B:?4:3R=S>

$V0+()M*!

CDB@=@;:?:?6?>6B2<EH2?5`B2?F62H?`I2>2?526?
8:I6>=:HR?=6B:?56?3:B:W2?C`?(2BQ2C`5`B EBQD2<:3EQ@<RI6=
?@<D2?`?<SQS<D2?`>=2B`@BD2H2<@?>EX@=C2525@UE>
92B:D2C`?52<:3E6?R?6>=:2=2?`?D2>2?=2>`?`96?SI?6D3:B
X6<:=56@BD2H2<@H2?9:Q3:BQ2=`X>2H@<DEB


V?C2?:?:X=6BF6Q`<`X=2B56?6>6=6BF6C`<`?D`=2BH2X2B<6?
<256B:?:??:92:B6729`?2:X2B6D656?3:BE>ED`X`U`H=2
56CD6<=6?:B  2H2D`?2<`X`@?2<2BX`8:DD:U:?565292:H:8S?=6B:?
R?S?56@=5EUE?E3:=:B '5292:H:8S?=6B56<6?5::Q:?565292
72I=2?6X69:CC6DD:U:?565SXS?46=6B:?:?5EH8E=2B`?`?F6
722=:H6D=6B:?:?@?E)E9E?E?C2>:>:2BIECE@=2?3E9656765292
52H2<=2XD`B5`U`?`9:CC6563:=:B

?=`<:9D:H2Q=2B`?`?RD6C:?5696B:?C2?`?<6?5::Q:?56
RI=6>=6B:?:?H2A`C`F2B5`B '?25@UBE:=6H2?=`X2B2C`?52<:72B<`
RUB6D6?3E:562==6BQ6BQ6F6C:5:B :B:?C2?3EQ6BQ6F6?:?5`X`?2
Q`<D`U`?525@UBEF6H2?=`X5EH8ECE?E<2H3656B:Q:?56<2=>2<
:562==6B68RDSB6?96BX6H:?5@UBE@?EC2AD`B2?96BX6H:?H2?=`X
@=5EUE?E2?=2>2H`<@=2H=2XD`B`B E?656?=696B92?8:3:B3:B6H
:Q:?5@UBEF6H2?=`X<2FB2>`:Q:?56H2X25`U`D@A=E>E?29=2<`?`?
Q@<52922I3:BSBS?S5SB
.*&( /0.,),'&

<6?5:C::Q:?<6?5:RI6=96567:@=2B2<D2?`>=25`U`3EC@HED
:562==6B:D2?`H23:=646U:2B2QD`B E:562==6B6E=2X>2<@?23:B
R>SB3@HE>ED=E=E<F6B646<D:  :Q3:B:>:IA6B:>2C2==2B`?2H252
+2?B`?`?F2B=`U`?2:?2?2>2H242<<252BH2X=`H252H@B8E?
56U:=:I?:92::H:H:E>>2<H25292H2=8S4S?S?E7<E?E?96>6?
RD6C:?56<:EI2<3:BBSH2 V?C2?2H2=?`I42H2X2>2C6F:?4:?:F6
>6F4ED<2I2?`>=2B`?`?RD6C:?686Q>62BIECE?E56U:=2H?`
I2>2?5286=646<D6<:<256B:?:?:H:>C6BC@?E4E?28SQ=S3:B
:?2?4`F6B6?3EC@HEDE>ED5EH8ECE5EB

6B3:B6H5@UEXD2?3:BH6B=6B56<6?5:8R<<EX2U`?`?
C@?E?5236<=6H6?3:B2=D`?QR>=6U:@=5EUE?E3:=:B '?2
E=2X>2<:Q:?:?C2?:Q:?56?<6?5:86>:C:?:?<2AD2?`@=2B2<
Q`<D`U`H2X2>7`BD`?2=2B`?52?86Q>6H6:CD6<=:5:B 2F6D6DD:U:F6
<2D=2?5`U`:>D:92?=2B<6?5:F22D6DD:U:D@AB2<=2B25@UBEH@=
2=5`U`56?:I=6B56<:52=82=2B52?32X<23:BX6H56U:=5:B V562=:CD3:B
9656768:56?H@=523:B6?86=:?SCD6C:?56?86=>6<<:X:H:<`H`H2
H2<=2XD`B`B

:B6B<6U:?92H2DD2D2>2>6?@DEB>EX9:CC6DD:U:2?=2B
96567=6B:?65@UBE:=6B=6>6<:Q:?92B425`U`I2>2?=2:=:X<:=:@=2B2<
?:CA6D6?2I5`B 2I6?:?C2?AECE=2H`<2H3656BF6H@=E?EX2X`B`B 
0:?65696BI2>2?6?56B:?C6F:H6=6B56:562=:?C27RIS
<@BE?EBV?C2?<6?5:86>:C:?:86D:B>6H6:CD6<=:HC692H2D`?
>ED=E=EUE@?E36<=:H@B 2I`=2B`:Q:?3E3SHS<C6F:?Q32X<23:B
<:X:H632U=`@=23:=:BF6H2A2B2?`?8SF6?462=D`?22=`?>2C`?`
:Q6B63:=:BH252@=5E<Q26I@D6B:<H252BE9C2=2H5`?=2?>2?`?3:B
X6<=:@=23:=:B :BQ@<:?C2?:Q:?@=5E<Q232C:D3:BX6H@=23:=:B 
C25646<6?5:=6B:?6@=>2<:Q:?I2>2?D2?`>2<

*6F:?Q:562==6B:2Q`<Q2C`C2H`C`IF6Q6X:D=:5:B E?656?=6
96B3:B6H:?6?3SHS<?6X6F6>6>?E?:H6D5EH8ECE?E86D:B646<
@=2?@RI6=:562=:<6?5:?6RI8S3:BX6<:=56<:X:C6==6XD:B>6<:Q:?
H6D6B=:2=2?2F6C6Q6?6U6C29:A@=>2C`5`B
W2?C`?(2BQ2C` 

:BX2:B :Q<:>C63:B25256U:=5:B H2I>`XD`B E


?656?=6<:X:?:?6?3SHS<:562==6B:?:D2?`>=2>2C`<@=2H3:BCSB6Q
56U:=5:B V?C2?<6?5:C:?:)E9E?E?C2>:>:2BIECE?2E=2XD`B242<
36=:B=:<@XE==2B`?<2B`X`>`?`3:=>656?R?46<6?5:5`X`?52<:
72<DRB=6B=6@=5EUE<252B:Q:?56<:=6B=656HSI=6X>6=:5:B V?C2?`?
3EH@=52<2BX`=2XD`U`6?3SHS<6?86=:QF65`XEHE>E?
C2U=2?>2C`5`B `XEHE>:QEHE>52?<2H?2<=2?`B :QEHE>:I:?
F6B:B<:X:H6>ED=E=E<86D:B646<2>2QF6:562==6B:3:=>6< 2=D`?
QR>=6<

CDB@=@;:<5:=563E2=D`?QR>=6<*6BF6D:?(2BQ2C`@=2B2<
3:=:?:B V?C2?`?<6?5:?:6?Q@<6F:?569:CC6D>6C:F692H2DD2<:
5@UBE?:X:?:9:CC6D>6C:3E?@<D2?`?:7256C:5:B W2?C`?(2BQ2C`
2H?`I2>2?52<:X:?:?F2B=`U`?`?>6B<6I:?56<R<C2=5`U`?`
9:CC6DD:U:?@<D25`B
:BR>SB3@HE2>2QF6:562==6B6E=2X>2<32I6?3:B
R>SB2=23:=:B  2H2D`?6B<6?5R?6>=6B:?563RH=63:B2=D`?
D:DB6X:>6E=2X242<<252BX2?C=`@=2?=2B:Q:??:CA6D6?<`C23:B
CSB6H6C`<`XD`B`=>`XQ@<72I=2>S4256=6@=>2C`86B6<:B5: E
?656?=6*6BF6D:?#`C>`?`?3:B3:B6H:Q:?@BD2H2XD2?C@?B2
86?Q=:U:?56@=5EUE?52?5292:H:Q2=`XD`U`2Q`<D`B

#6?5:?6RI8S5@U2C`F6C29:A@=5EUEQ@<72I=2:H:=:<
F225:?656?:H=6#256B(2BQ2C`3EBQD23:B6H:?<6?5::Q:?56
:562==6B:?56?R5S?F6B>6>6C:86B6<D:U:?:3:=5:U:H6B:D6>C:=
656B %S><S?@=5EUE?E3:=5:U:X6H:?C278SI6==:U:?::QC6=@=2B2<
56?6H:>=6>6<F65`XC2=@=2B2<:72566D>6<:Q:?H2=?`I42<6?5:
Q2D`X>2=2B`H=256U:=Q6FB6C:?56<::?C2?=2B=252>S4256=6656B

E:562=:I>H@=E?52<:X:?:?<2BX`=2XD`U`:=<72<DRB<:X:?:?
S?6X5@U2C`?`2?=2>2C`5`B S?6XEB4E2B24`=`U`H=2<:X:<:>
@=5E<=2B`?`?6H:D6>C:=6DD:<=6B:?:RUB6?>6=:F6H2X2>`?F6B5:U:
96BX6H=65292EHE>=E3SHSH6?Q@<@=E>=E3:B<:>=:<D:DB6X:>:
@=EXDEB>2=`5`B :B<:X:HSI=6X>6H6:CD6<=:@=>2=`5`B
.*&( /0.,),'&

2C=`?52?6B656HC6:?2?`=>2H242<<252B:H:@=2?<6?5::Q:?56<:6?
A2B=2<A2BQ2=2B #:X:3E:H:=:U6?2C`=6?6B;:F6B646U:?:@?E?=2
RI56X=6X>6<@?ECE?522BD`<XSA96<2=>2H2?2<252B
RUB6?>6=:5:B #:X:+2?B`?`?Q@<RI6=Q@4E<=2B`?52?3:B:@=2B2<
6FB6?:?@?E?:Q:??62?=2>286=5:U:?:<23E=6D>6=:F62H?`
I2>2?5242?=`=`U`52U`D2?F66?3SHS<A@D2?C:H6==6B:?:?
A2B=2<=`U`?`2I2=D2?5292<SQS<A2BQ2=2B`?`5:C:A=:?66D>6=:5:B 
S?6XEB4E2B24`=`U`H=2<:X:<:>@=5EUE?E32X<2=2B`?`??6
5SXS?5SUSF6H2CRH=65:U:2Q`C`?52?56U:=<6?5:C:?:??6
<252B`?`?3:=:?63:=646U::=63:=>6=:5:B #6?5:>:I6<2BX`2H?`2?52
96>?2I:<96>56<2D`@=>2<8:3:I@B=E3:B8RB6F=6<2BX`
<2BX`H2H`I M:Q6<=:3:B3:D<:8:3:F2B=`U`?>6B<6I:@=242<@H6B56
<R<C2=2B<6?<6?5:>:I:S?6X`X`?=2B`?2HR?6=D>6H:
RUB6?>6=:H:I #6?5:8S4S>SIS:?<2B6D>6>6=:H:II2H`7=`<=2B`>`I`
72B<6D>6=:F68S4S>SIS?3E?=2B=232X2Q`<>2C`?2:I:?
F6B>6=:H:I :B<:X:@=5EUE96BX6H:H2H>2H`RUB6?>6=:5:B
3RH=6463SHS>6F2B<6?F2B=`U`?`?6?6B;:C:?:F68SI6==:U:?:5292
C273:BX6<:=56H2?C`D>2H6D6?6U:F2B5`B

HEB4E2B24`=`U`H=2:?C2?5@U2C`?`?Q@<72B<=`3:B
A2BQ2C`H=2HSI=6X>6<I@BE?525`B EB252<:X:H2X2>`?DS>
EH2B`4`8SQ=6B:?65EH8EC2=@=2B2<?2C`=D6A<:F6B646U:?:RUB6?:B 
M@<AB2D:<H2A2B2<<:X:DEDE>=2B`?H2A`D2X=2B`92=:?686=6?D6A<:
<2=`A=2B`86=:XD:B:B V?C2?H2X2>`?Q6FB6C6=<@XE==2B`H=2:=8:=:6?
3SHS<C`?2F=2B`?`<2BX`=2B VQ:?562<2?>6FC:>=6B:F6H2
56U:X:<=:<=6B:56?6H:>=6H6?<:X:H2=?`I42<6?5:8RI=6B:H=656U:=
32X<2=2B`?52?2=`?2?86B:3:=5:B:>=6B=65636?=:U:??6DF65@UBE
3:BH2?C`>2C`?`6=566D>6H:F6CSB5SB>6H:32X2B>2=`5`B H
A@I:CH@?E2B24`=`U`H=23:=:?4:?HS<C6=D:=>6C:2C=`?52Q@<I@B3:B
:XD:B E3:B6H:?5EH8EC2=<@?DB@=EH8E=2>2C`86B6<D:U:
2?=2>`?286=>6I3E?E?H6B:?6<:X:?:?5EH8EC2=EHE>E
C2U=2>2C`86B6<:B E:<:C:Q@UEI2>2?2H?`X6H56U:=5:B 3:B:?:
<@?DB@=6D>6<:Q:?#6?5:5`X`?52<:?29@X6D<6?=6B:?`X`U`2=D`?52
5EH8E=2B`H2U>EBH2U5`U`?52X6>C:H6<E==2?>2H2Q@<36?I6B 
:B
W2?C`?(2BQ2C` 

92?D2=3:BX6>C:H6D2X`>2>2H`D6B4:9656B2?42<2H?`I2>2?528S?6X
`X`U`F6H2U>EB2B2C`?52C6Q:>H2A>2<H2U>EBH2U>2>2C`?`D6B4:9
656B 6BQ6<5EH8EC2=EHE><:X:?:?92F2H`56U:XD:B6>6H646U:?:2?42<
<:X:?:?@?2EHE>C2U=2>2H@==2B`?`<6C:?=:<=656U:XD:B63:=646U:?:<23E=
6D>6<D6?86=:B `BD`?2526U:=6?56U:X6?BSI82B=2B=2H2AB2<=2B`
C2FBE=2?CRUSD2U24`7`BD`?25:?:?46H6?:56?5:<=6X:H@BF65@U2?`?6?
>E9D6X6>6C6B=6B:?56?3:B:@=2B2<H6?:56?`X`=5`H@B H?`I2>2?52
<`B`=82?3:B2U2Q96BI2>2?7`BD`?2D2B27`?52?<`B`=`B *RUSDS??2B:?
52==2B`F6H2AB2<=2B`H`?D6>C:=6DD:U:8:3::?C2?`?5EH8EC2=5@U2C`?2
Q@<36?I6B 2==2BF6H2AB2<=2B96B6C:?D::=63S<S=C65692H2DD2
<2=>2=2B`?`?F63SHS>6=6B:?:?2U24`?8RF56C:?6@=2?32U=`=`<=2B`?`
CSB5SB>6H6D6?6<=6B:?632U=`@=5EUE<@?ECE?52<6C<:?3:B
72B<`?52=`U2C29:3:I EB2522U2Q8RF56C:2>24`>`I`?>6B<6I:@=2?
S?6XEB4E?236?I6D:=63:=:B
S?6XEB4E3:B6H:?RIS@=2?F6<:X:H:36?I6BC:I<`=2?3:B
965:H6@=2?72<DRB=6B:D6>C:=656B HVX2B6D:C2H6C:?56<:X:
56U:X6?5S?H2H2?2C`=EHE>C2U=2H242U`?`RUB6?:B H92H2DD2
<2=>2<:Q:?RUB6?:=6?2=`X<2?=`<=2B`?56A@CE5EB V?C2?H2X25`U`
5S?H2H2<2BX`<6?5:?:R=Q6BF6S?6XEB4E?E36C=6H646<
:9D:H2Q=2B:=6D@A=E>E?96B92?8:3:BI2>2?52H6B:?6
86D:B>6C:?6:I:?F6B5:U::9D:H2Q=2B2B2C`?523:B56?86<EB>2H2
Q2=`X`B HEB4E2B24`=`U`H=2<:X:5:U6B:?C2?=2B`?:9D:H2Q=2B`?`F6
8RBSX=6B:?:5:<<2D62=`BF6@?=2B22?=2>=`H2?`D=2BF6B6B6<96>
<6?5:?:96>5632X<2=2B`?`2H2<D2DED2B HD2B27`?52?
9:CC65:=6?5EH8E=2B:=6S?6X:?:9D:H2Q=2B`2B2C`?52<:56?86F6
3E?=2B`?6?D68B2CH@?E3:B6H:?92H2DD2D6<F6HR?=6?5:B:=>:X3:B
2>24`56?6H:>=6>6C:?:C2U=2H2?H6?:3:BF2B=`<5EH8ECE
@=EXDEBEB F62>2Q
 .*&( /0.,),'&
S?6XF6H`D6<32X`?23:B6H:?:Q:?563:B56?86H6
8RDSB6?72<DRB=6B@=2B2<5SXS?>6<6FB6?C6=3:BH2C2H`
8RI2B5`6D>6>:I2?=2>`?286=:BSQ=SH252SQH2C2C` 
@U2?`?D2>2>`?5296B92?8:3:BX6H56?:<:C:@D@>2D:<
@=2B2<3:B56?86C:I=:U6?656?@=EB +29D6B6F2==:?:?<2BX`D
EQ=2B`?`?3:BE4EHE<2B`F65:U6BE4E2X2U`@=5EUE?2D2?`<
@=E? '=E>=E @=E>CEI5EBE>=2B96BI2>2?:<:72<DRBD6<
32X`?25SXS?S=5SUS?56F2B5`B  6BX6H5@UBEH252
H2?=`XC:H29H25236H2IHS<C6<H2522=Q2<C@=H252
C2U5@UEH25232D`3SHS<H252<SQS<32C<`?H252
:D22D<2B8:3:8RBS?SH@BF6=:CD6C@?CEI2<252B56F2>
6563:=:B %S<6>>6=EHE>F656?862?42<OQS?02C2C`
5SXS?S=5SUS?566=5665:=:B +S>8S4S?@52<=2?5`U`
A:B2>:5:?D6A6C:?56<:D6A65:B<2BX`=`<=`EQ=2B`?
56?86=6?63:=5:U:D29D6B6F2==:?:?>6B<6I:?56<:52H2?2< 
2D`5S?H2C`?`?Q@UE?52+2?B`<2FB2>`OQ=S:B=:<
3:Q:>:?56CE?E=EB V<::?C2?2B2C`?52<::=:X<:=6B2?42<:=29:
HS<C6<8S4S?F2B=`U`?52C@BE?CEIQ2=`X`B :B>252=H@?E?
:<:HSISA2B2?`?2?=2>`?`?RIS?S?SQS?4S72<DRBS
@=>252?2?=2>C`I5`B
OQ02C2C`CDB@=@;:5696BH6B56>6F4EDDEB 
1@5H2<`?96B:X2B6D:SQ3R=S>6F6H256<2?2D=2B2
3R=S?>SXDSB  6B3EBQD2SQQ2BA`@?@DEI56B646
F2B5`B 1@5H2<`?96BQ6HB6U:H`=`?>6FC:>=6B:?:
D6>C:=656?SQ:X2B6D:Q6B:B =6>6?D=6B:Q:?SQ?:D6=:<
F2B5`B#2B5:?2=*23:DF66U:X<6? %E4:I6F:3:B:=29:
<@BE>2?`?A2B=`H@B8:3:8RBS?5SUSF696BI2>2?
3:B<:X:?:?2H2<=2B`?`?SI6B:?6Q`<>2C`?2H2B5`>4`
@=2?B2?5+B:?6HR?SSQ?@<D2:=6C6>3@=:I665:=:B 
CDB@=@;:?:?5@UBE52?:=:X<:=:@=5EUE86@>6DB:3:=:>:
:?C2?`?3:B3:?2:Q:?6?8SQ=S>:>2B:7@B>@=2?
7:I:<C6=SQ86?::?X26D>6C:?6:I:?F6B5:

0S<C6=6?S?6XF6H3EBQ=2B`?`56?86=6H6?
SQS?4S72<DRB5SB +S>86I686?C6=6?6B;:=6B0S<C6=6?
2B24`=`U`H=256?6H:>=6?:BF6:725665:=:B E
W2?C`?(2BQ2C`

RI6==:<=63EB252S?6XF6H2B2C`?52<:Q6<:>6?8SQ=S
9:CC65:=646< EB252<:X::9D:H2Q=2BF65EH8E=2B=2B292DQ232X2
Q`<>2C`?2:I:?F6B6?<:X:=:U:86=:XD:B:B `X<@XE==2B=232X2
Q`<>252H2X2?2?I@B=E<=2B86?6==:<=6Q@UE:?C2?`0S<C6=6?:
<E==2?2B2<H`?6?6B;:=6B:?:S?6X:?<:=6BA292C`?2EHE>=E92=6
86D:B>6<:Q:?<E==2?>2H2I@B=2B RH=6460S<C6=6?56
86=:XD:B:=6?<:X:=:<3:B3:B6H:?DS>9:C=6B:?:F65:U6B=6B:?:?
9:CC6D>6C:86B6<D:U:?6:?2?5`U`96BX6H:HE>EX2D>2<:Q:?2B24`
3:B46A96@=2B2<52<E==2?`=`B EH23SHS<:=8:8RCD6B:H@B
2?42<2C=`?52S?6XEB4E?E?:9D:H2Q=2B`:Q:?Q@<2IX6H
CRH=SH@B

0S<C6=6?D2B27`?52?C6>3@=:I665:=6?<:X:=:U:?F6H
D2B27`?52?C6>3@=:I665:=6?5EH8EC2=F6H22=`X`=>`X36?=:U:?
S?6X69S<>6D>6C:?6:I:?F6B:=5:U:?563:BA:B2>:5:?
D232?`?`?D6A6?@<D2C`?52?5292R?6>=:8RBS=5SUS3:B
5EBE>=2<2BX`<2BX`H2<2=`B`I  +232?D6A6H:56CD6<=6>6<:Q:?
F2BD6BC:?:56U:= V?4:=56XRH=656?:B-6:?X22DQ`=2B<2A2<D2X`?`
B6556DD: NI8RI2B5`65:=5:F652925SXS<3:BF2B=`<5SI6H::Q:?
765265:=5:

6?86H:H6?:56?2H2B=2>2<:Q:?3:B<:X:S?6XVX2B6D:?:?
8S4S?S?529272I=272B<`?2F2B>2=`5`B E?E2CDB@=@;:<@=2B2<
H2A>2?`?6?:H:H@=ES?6X0S<C6=6?56H<6?5@UE>92B:D2C`?`
H6?:56?Q:I>6<F6H2S?6X:I:9:?C6=@=2B2<@<@?E>2
H6B=6XD:B>6<D:B S?6X:0S<C6=6?:=6<2FEXE>92=:?686D:B6B6<
3:B6H:?<:X:=:U:<6?5:C:?:S?6X:?:9D:H2Q=2B`?28RB62H2B=2B 
RH=646S?6X:?R?6>:?:2BD`B`H@BEIF6<:X:=:U:?@?52?
32U`>C`I92B6<6D6D>6C:?6:I:?F6B>:H@BEI W:>5:96B:<:C:56
@BD2<3:B2>2Q:Q:?3:B=:<D6Q2=`X>2=`5`B Q`<Q2C`3EH`?
FEB8ECE?E56U:XD:B:B 0S<C6=6?X:>5:S?6X:?3:BSBS?S@=2B2<
:X=6F8RBSH@BC2F62BD`<H`?3:B46A96C:56U:=C6@I2>2?
3:B6H:?8S4S?SF6A@D2?C:H6=:?:D6>C:=656?3EH6?:56?86:=6
X:>5::X3:B=:U:H2A>2C`86B6<6?H5`B :=656F2>6D>6<:Q:?
 #2B>:<CDB@=@;:!!!

CRUSD2U24`36?I6D>6C:U6B2U2Q8RF56C:S?6X
0S<C6=6?6?2<=65:=5:HC6@I2>2?H2AB2<=2BHF6
5EH8EC2=:9D:H2Q=2B5292B6<6D6D>6=:5:B F62H?`R=QS 
U24`>`I`<6C6>6H:I E?E?86BQ6<=6X>6C::Q:?H`
2H?`C2H`5292B6<6D6DD:B:B:I !"." "2H?`HR?56:+">
&*"0(&)"+*&>NB?6U:?S?6X #@QD2H 
'U=2<D2F60S<C6=6? 06?86QD6@=C2H5`S?6X:
0S<C6=6?56B646C:?56F6H` 56B6462B<2C`?52
F6H2 #@QD292H2=656B5:< S?6XF6H2B2C`?52<:
56B646:=:X<:C:56U:X>6I 2H?` 56B6465:B ?42<
D236=2H6B=6X:>:56U:XD:B:=:B :BRB?6<5292S?6X
2=`<D2H#@F2520S<C6=6?06?86QD6 
S?6XF6H2B2C`?52<:>6C27656B6465:B S?6X
0S<C6=6?06?86QD68RBC6==6XD:B:=:BC6H@=242<D`B 
56B6462B<2C`?52F6H2 V<:I=6B X2U`52<:
5:H28B2>=2B3ECSB64:Q@<2Q`<92=686D:B>6=:5:B 
H`?H6?:<@?E>:X2B6D:F656B646C:\+2=:9:?#`C>`?`
@=EXDEB>2<D25`B NB?6<=6B:>:I56:=<:(2BQ2H` 
#@Q2:<:?4:C:(2BQ2H` V<:I=6B6H6B=6XD:B:B

#256B(2BQ2C`3EBQD2S?6XHF60S<C6=6?:?
3:B3:B=6B:H=66?:H:EHE>=E:=:X<::Q:?56@=5EUEF6
3:B6H:Q:?6?3SHS<2F2?D2;2<@=2H42:725665:=5:U:
H6B:C6>3@=:I6656B

W2?C`?(2BQ2C`"SA:D6B86I686?:8:3:3@==E<
F22D65:H@B E?E?=23:B=:<D6529286?:X3:B
2?=2>5296B92?8:3:B36=:B=:86I686?56?Q@<5292
72I=23:B6H:?F2B=`U`?`<2AC2B :B6H:32X2B`=`
@=>2C`?`?6?5@U2=@=5EUE@BD2>22H2B=2BF696B
3:B6H:Q:?<6?5:36?I6BC:IF6RI6=32X2B`<2FB2>`?`?
?6B656@=242U`?`D2?`>=2B H?`I2>2?52DS>
F2B=`U`?`?D:DB6XD:U:@RI6=2Q`=`X?@DE?ED2?`>=2H2B2<
3:B<:X:56<:6?8SQ=S:9D:H24`8RCD6B:B
W2?C`?(2BQ2C`&2C`=E=E?EB
W2?C`?(2BQ2C` 

6B3:B6H563:B68@F63:B68@:562=:F2B5`B 8@HE
D2?`>=2>2?`?6?32C:DH@=E<:X:?:?<6?5:C:92<<`?52?6
5SXS?5SUS?SCRH=6>6<D:B #6?5:C:H=6:=8:=:5SXS?46=6B:5@UBE
@=CE?H252@=>2C`?@?=2B`2=8`=2>2X6<=:@?E?68@CE@=EB H?`
I2>2?5268@:562=:@=>2<:CD65:U:96BX6H:@=>25`U`92=56
D6>C:=656?5SXS?46=6B56?@=EXEB E?656?=668@:562=:
<:X:?:?86BQ6<=6XD:B>692H2==6B:2Q`C`?52?96BI2>2?86BQ6<
68@52?Q@<529272I=2C`5`B *@?EQ@=2B2<<:X:<6?5:?6
32<D`U`?5268@:562=:?:H252@=>2<:CD65:U:96BX6H:F6
68@CE?E86BQ6<D6@=5EUE96BX6H:?3:=8:C:?:2H?`2?528RBSB 
6?6==:<=63E:<:C:2B2C`?523SHS<3:B3@X=E<8RBSB E3@X=E<
@?E>6F4ED<2FB2H`X`?52<:96BX6H:?RD6C:?686Q>6H6>@D:F6
656B
8@?E?<6?5:C:3:B6H:??6H2AD`U`?2:Q:?563E=E?5EUE
Q6FB6H6F6<6?5:?:?6<252B32X2B`=`8RB5SUS?632U=`@=2B2<
<6?5:8RIS?56F632X<2=2B`?`?8RIS?56 8S?56?8S?6
2?362?56U:X:B ?42<68@:562=:3:B6H:?I:9?:?565S?H2C`?52
F6<256B:?565292Q@<C23:D3:B?@<D25`B U6BE=2X23:=:BC6
<6?5:C:?:D2D>:?65646U:?6:?2?5`U`@A2BQ2C`?`C6>3@=:I6656B 
RH=64668@:562=:3:B6H:?:QC6=@=2B2<Q232=25`U`3:BX6H:D6>C:=
656BF6@?E??6X6=:H6B:?686D:B:=>6C:W2?C(2BQ2C`D2B27`?52?
F22D65:=6?EHE>E3E=2B2<6=5665:=63:=:B

*6BF6D:?()M*!-#)%V#NO$O

#256B:?#`C>`3:B<:X:?:?S?6XHF60S<C6=6?:?2C`=
<E==2?5`U`?232U=`@=5EUE?52?3E?52?2=242U`72H523ESQ
72<DRBS?3EB4E?52?2C`=Q2=`XD`U`?232U=`@=242<D`B ESQ72<DRB
@=E>CEI@=2B2<<E==2?`=>`XC2W2?C`?(2BQ2C`+2=:9C:I=:<(2BQ2C`
8:3:8RBS?63:=:B E3:B6H:?H`?D6>C:=6DD:U:3:=:?4:HS<C6=D>6
8:B:X:>:?563E=E?>2>2C`?656?:H=6@=EXEB S?6X:92B6<6D
6DD:B6B6<3E?E72B<6DD:U:?:I563E?E??656?3RH=6@=5EUE?E
8RB>6<<@=2H5`B
 <2B>:< /0.,),'&/0)A;A

0S<C6=6?3EBQD2#256B#`C>`?`7::=6?C23:D=6H6?
H`?H6?:H6B=6X:>:5:B
:B<:X:H`?`2<`4`3:BX6<:=56F63EB4E?
5:?2>:<2HB`=>2I3:BA2BQ2C`@=2B2<<E==2?`H@BC2
H2?:)E9EF2B=`U`?`?86B:<2=2?`H=22H2B=`H@BC2@
I2>2?#256B3R=S>S?S?@=5E<Q2@=E>=EQ2=`X>2C`
36<=6?63:=:B ND6H2?52?3:B<:X:H`?`@=E>CEI
2?`=2B`?56A@CE@=2B2<<E==2?`H@BC2W2?C(2BQ2C`?`?
@=E>=E3:BX6<:=56Q2=`X>2>2C`36<=6?63:=:B H6?
<RDSCS?563:=63SHS>6H:56U:X:>:H6?:
2=`X<2?=`<=2B`?86=:X:>:?:F6?:92H6D:?56<:X:?:?
<2B>2C`?`HS<C6=D>6H6H2B5`>4`@=2?H6?:5EH8EC2=
DEDE>=2B`?32X=2?8`4`?`D6>C:=656B M@UE2CDB@=@8
:?C2?=2B26?3SHS<I@B=E<=2B`?`H`?F6B>6
6U:=:>:?56@=5EUE<@?ECE?5296>7:<:B5:B  @B2BH
3:B32<`X2Q`C`?52?XE?E36=:BD>6<:=8:?QD:BQ@UE
:?C2?2CDB@=@;:<@<E>2=2B:Q:?B2?56FE=2B`?`DB2?C:D
H`?3EBQ=2B`?52<:D2>6F56?86QD:U:8S?=6B562=`B
3E52@<E>2H`:=<32XD2?656?D2=6A6DD:<=6B:?:
2Q`<=2B RH=646 H`?3:B:?:?AB@3=6>=6B:?:
QRI>656<:B@=S?S??6<252BR?6>=:@=5EUE
8RBS=63:=:B EDSBAB@3=6>=6B:?QRIS=>6C:H@=EH=2
W2?C(2BQ2C`@:562=:=92><2H?2U`92=:?686=:B 
<:X:?:?8R<<EX2U`?`?C@?E?52<:>6X9EB2=D`?<2A

$V0+V&()M*!&!$+%#
M@<32C:D3:B5SI6H56(2BD@7@BDE?6
<:X:?:?3EB4E?52X2?C=`3:B?@<D26?3SHS<
2BIE=2B`?`86BQ6<=6XD:B63:=646U:3:B7`BC2D<2H?2U`
@=2B2<8RBS=>6C: 0:?656X2?C7`BC2D
86BQ6<=6XD:B>6F6D2>2>=2>27:<B:3:B6H2>24`?2
HR?6=:<EHE>=EQ2328RCD6B>65:<Q6C@HED<2=`B
EHSIH`=`?32X=2B`?523:BQ@<8RQ>6?
>6B:<2H2C@<2<=2B`?2=D`?=25RX6?5:U:?6:?2?2B2<
86=5: &6H2I`<<:Q@UE3E?EH2<`?52RUB6?646<D:
W2?C`?(2BQ2C` 

3EC256463:B67C2?6H5: E?E?=23:B=:<D63E67C2?6H:86BQ6U6
5R?SXDSB>6H6HR?6=:<3:B6HC6=Q232=2B`3E?E<6?5:
H2X2>=2B`?5286BQ6<D6?H2A2?3:B<2Q<:X:F2B5` +2?B`?`?
8RIS?5696B3:B6H:?>ED=E@=>2X2?C`?`?6X:D@=5EUE7:<B:
Q232=2B`3EC@HED8RBS?6?<2FB2>`F2B=`<=2B`?`?86BQ6U:92=:?6
86D:B6?=6B5`X`?523:B7:<:B@=2B2<<2=`B E8S?5S?H252<:>2?6F:
92B6<6D:?F:IH@?E86BQ6<D6?Q@<8SI6= ?42<3E?E?86BQ6<
56?6H:>:H2=?`I42<6?5:=6B:?:V=29:6?=:<=6B::=63:B=6X>6<D6?
2=`<@H2?6?86==6B=6HSI=6X>6H6F6SCD6C:?56?86=>6H6:CD6<=:
@=2?6B<6<=6BF6<25`?=2B:Q:?86Q6B=:5:B NIS?56W2?C`?(2BQ2C`
2H?`X6<:=56Q2=`X`B =>2<:Q:?@B2525`B2?42<3E?E?:Q:?Q232
C2B765:=>6=:5:B E2?=2>523:B86BQ6<Q@<2Q`<92=686=:B#256B
#`C>`?5296BI2>2?8:I=:3:BV=29:$SDE7F2B5`B :B6H:?3E
<EDC2>2H`2=23:=>6C:D2>2>6?H2X2>`?6?HS<C6<:562==6B6
@52<=2?`A@52<=2?>2>2C`?232U=`5`B 6U:=C6@I2>2?5292
9@XF65292<@=2H6=5665:=6?X6H=6B:?2?=`<5:<<2D:52U`=`B @U2=
@=2B2<3E?:>6D:?56B646C:96B3:B6H68RB656U:X:B 6<=6?D:=6B
>255:3:B5SI=6>56HC6@I2>2?W2?C(2BQ2C`>255:@=2B2<
:X=6H646<D:B36<=6?D:=6B>2?6F::C6@I2>2?#256B(2BQ2C`
>2?6F:@=2B2<Q2=`X242<D`B  2H2D=2B`?`?96BHR?SSI6B:?56
<@?DB@=EH8E=2H2?=2BRIS?562H?`I2>2?52W2?CR=S>=6B:?:
56<@?DB@=656B=6B E@=2C`=`<=2B`C`?`B=2>26U:=:>:?565:B :B6H
H2X2>`?52<:DS>72<DRB=6B:?F6<@XE==2B`?5S?H2?`?@=5EUE
<252B<6?5:6FB:>:?:?56?:92::H:=:U::Q:?D2C2B=2?5`U`?2
8SF6?63:=5:U:?56@I2>2?W2?C(2BQ2C`?`?86D:B63:=646<=6B:?6
C@?CEI@=2C`=`<=2B6<=:H@B E32<`X2Q`C`H=236<=6?D:=6B:?RD6C:?56
@=2?`2=23:=:B RH=6A2B=2<3:B`X`?`?:?C2?`?92H2D`?28:B>6C::Q:?
3SHS<92I`B=`<=2B86B6<:B

#:X:?:?DEDE>=2B`<:X:?:?92H2D232<`X2Q`C`?52Q@<
3SHS<3:BB@=@H?2B EDEDE>=2BC`B2H=23:BA2BQ2C`F63:B
 .*&( /0.,),'&

<:X:?:?56U6BC:CD6>=6B:?:?H2?C`>2C` 6U6B=6B<:X:?:?
636F6H?=6B:?:?6D<:C:H=66B<6?H2XD286=:XD:B:=:B E?E2CDB@=@;:<
@=2B2<3232H`D6>C:=656?S?6XF62??6H:D6>C:=656?H`?
H6B=6X:>:?56?8RB63:=:B:I :B<:X:3SHS5S<Q6@D@B:D6F6?6I2<6D
:Q:?H656<7:8SB=6B3E=>2H232X=2B 6U6BC:CD6>=6B:?:@=EXDEB2?
5:U6B72<DRB=6B:?H2?`C`B23E?=2B`56?86=6>6<:Q:?3:B8SF6?=:<
5EH8ECED6C:C65:=:B 2X<23:B56H:X=6<:X:3SHS5S<Q656U6B=6B
56U:X:B E?E?=23:B=:<D692B:D252<:S?6XF6H<@?E>=2B`?`?
Q6BQ6F6C:?:2C=2D2>@=2B2<D6B<6D>6I=6B E:<2>6CSB64:5292
HS<C6<56U6B=6B3E=5E<Q2:QC6=EHE>6FB:>:92B6<6D686Q:B6?
:562==6B6529252H2<`?=2X`B #2=`A=2B56U:X:BF60S<C6=6?=6B
2B24`=`U`H=2:725665:=6?H6?:3:B<:>=:<@BD2H2Q`<2B EH6?:
<:>=:U:?86?Q=:<D6RUB6?:=6?=6B6H2<`?F6H2EI2<@=EA@=>25`U`
R?6>=:56U:=5:B N?6>=:@=2?:562==6B:?Q2BA`D`=>2C`?`F6H26?
56B:?96567=6B:?EHE>=E3:B<2B`X`>`?`D6>C:=6D>6C:5:B E
96567=6B6C25`<<2=`BC2<56U6BC:CD6>:?56?86=:X6?DEDE>=2B
3:I:*6BF6D(2BQ2C`F225:?68RDSB646<D:B

$V0+N$O%O'#$V)$0VV

W2?C(2BQ2C`96B92?8:3:B3:B6HD2B27`?52?2=`?23:=646<
6?3SHS<R5S=SC6>3@=:I6656B E?656?=63EBQD2Q@<R?6>=:
F692CC2C3:B?@<D292=:?686=:B E?656?=6DS>Q:I6=86
SI6B:?56?@<E?23:=:B #:X:3:B6H:6?3SHS<F22DH@=E?2
H6B=6XD:B>6<:Q:?86I686?6?6B;:=6B:?:??2C`=<E==2?`=23:=646U:?:
8RB63:=:B EH2A`=5`U`?52Q:I6=86568RBS?6?DS>6?86==6B
Q2D`X>2=2BF686B:=:>=6B3:B6H66?3SHS<?6X6H:86D:B646<@=2?@
D6<:=2>242E=2X>2<:Q:?2B2Q=2BF6H22?=2>=`32C2>2<D2X=2B`
@=2B2<8RBS=63:=:B EBQ2BD`<Q@<529286?:X3:BA6BCA6<D:76
C29:A  6B92?8:3:B:?6@52<=2?>2<H6B:?6
W2?C`?(2BQ2C` 

36=:B=:3:BC@BE?F6H2Q2D`X>2<:X:?:?6?3SHS<:7256H:F6?6X6H:
3E=23:=646U:Q:I6=8656@36=:B=:?@<D2H25:<<2D:HR?=6?5:B:B *@?EQ
@=2B2<3:B<:X:DS>86I686?6?6B;:=6B:?:?2C`=<E==2?242U`?`
RUB6?63:=:BF6@?=2B`)E9E?6?3SHS<RI=6>:?:?@=5EUE2=2?2
@52<=2H23:=:B '52<36=:B=6H:4:@=2B2<#256B(2BQ2C`<:X:?:?5292
5SXS<F6H2C@>EDI:9?:?2=8`=25`U`X6H:?RD6C:?632<>2C`?2
H2B5`>4`@=EBF65292HS<C6<F6H2C6I8:C6=I:9?:?2Q`=>2C`:Q:?
EH8E?A6BCA6<D:7:H2B2D`B E2Q`<=`<)E9E?D6>6=5@U2C`?`:7256
656B6<86BQ6<:562==6B:?F696567=6B:?@BD2H2Q`<>2C`?2:I:?F6B:B 
*A:B2=2H?`2?52:Q6F65`X25@UBE5R?SH@B

*&$)-#)V&()M*!

@=E?2H5@UE>Q:I6=86=6B:?5686BQ6<D692?8:6F=6B:?
CRI<@?ECE@=5EUE?232<`=>2<C`I`?*6BF6D:?(2BQ2C`96BI2>2?
065:?4:F65SX6B S?6X H<2BX`D=`U`96BI2>2?636F6H?=6B=6
3:BDSBQ2D`X>2H`8RCD6B:B :B6H86?6==:<=66F=:=:<F6636F6H?=:<
C@?B2C`?52Q2D`X>2?`?QRIS>S?632X=2B ERB?6<D6065:?4:
F56<:#256B:?#`C>`H2X2>`??6B656HC6H2B`C`3@HE?423:B<:X:H:
HR?6D646<@=2?Q2D`X>2=2B`?SCD6C:?56?86=5:<D6?C@?B2@BD2H2
Q`<23:=646<@=2C`>ED=E=EU2:X2B6D656B

2X<23:B5SI6H563:B<:X:6F=:@=CE?H252@=>2C`?
S?6X H<2BX`D=`U`?:92H6D:?56Q@<?6C?6=F6?6D 8RB6?3:B3:=:?Q
5EBE>E86D:B646<D:B +6B2I:?:?5@U2=9S<S>52B=`U`:=6
56?86=6?6?065:?4:F#256B3:B6H692H2D`<6?5:C:?:?@=5EUE
<252B32X<2=2B`?`?8RIS?56?568RB>67`BC2D`F6B:B 02X2>2=8`C`
3:BEI2?D`92=:?686=:BF2C`D2C`H=232X<2=2B`?`?2=8`=2B` &:92H6D:?56
DS>@=2C`8RB>6H@==2B`2B2C`?523:B56?86C2U=2?`BF63:B6H:
2BD2?BE9C2=6?6B;:?:?F62>24`?@52U`92=:?686D:B>6H69:I>6D
656?3:B5EH8EF6F2B=`<3:B=:U:C2U=2?`B
 .*&( /0.,),'&
S?6XF6H`?<2FEXE>E?E8RCD6B6?
3EBQ=2B5206?:H3EB4E?52#256B(2BQ2C`96B
I2>2?0S<C6=6?65SX6B 2U=2?D`?`?<6C:?=:U:?6
32U=`@=2B2<R=S>:B:?4:F6H2'?V<:?4:F56
32X=2?8`Q?@<D2C`?`?3:BF6H2:<:56B646C::Q:?56
@=23:=:B +2=:9:?06?:H#`C>`3:B6H:?<6?5:C:?:F6
5S?H2H`32X<2=2B`?`?8RIS?56?56U:=<6?5:
8RIS?56?2?=2H2B2<6?3SHS<5@HE>2E=2X242U`?`
8RCD6B:B ES?6X H<2FEXE>E?E6?@=E>=E
X6<:=56<E==2?>2H`RUB6?6B6<86BQ6<=6XD:B:=:B E?E
H2A2B2<<:X:6?:??6X6=:3:B=:U:?:?:725665:=5:U:F6
C2U=2>3:BX6<:=56H6B=6XD:U:<:X:=:<D63:BEHE>
86=:XD:B63:=:B  2H2D232<`X2Q`C`@=5E<Q2RI?6=
@=242<D`B ?42<3E3:B6HS?6XF6H`?
3:B=6X>6C:?56?86=6?3:BD2I6=:<F642?=`=`<<2D23:=:B 
H`?D6>C:=6DD:U:86Q>:XS?6X:?`C`C`F6`X`U`
D2B27`?52?H2<`=`B W:>5:86B:H6<2=2?D6<X6HH6?:3:B
32X=2?8`Q)E9E?:7256C::Q:?3:B2B2Q@=2B2<<:X:=:U:?
>S<6>>6==6X>6C:?6HR?6=:<BE9E?5`X2B`
5R<S=>6C:
HS?6X6#2B62Q`@=EXDEB5EUE?52#256B:?
(2BQ2C`520S<C6=6?63E2Q`H`@=EXDEB242<F6
'?E?4EF6H2RB5S?4SF6%:5962F6?F6H2
&25:B65SX646<D:B E2Q`C2=6F32X=2?8`QQ:I8:=6B:
CSA6B92CC2CD`B'U=2<F606?86QD2B27`?52?
HR?6D:=5:<=6B::Q:?*2DSB?F6H`?5@U2=HR?6D:>:
2=D`?28:B6B=6BF63:BQ@<X6H:?H2?`C`B28:I=:
A@D2?C:H6=F6@?E?D6I29SBS2?=2>`?286=:B S?6X
H<2B6C:636F6H?=6B2B2C`?52<:86B:=:>:8RCD6B:B 
:B6H3E?E9:CC656BF6H2X2>`3@HE?42H2?`?52
D2X`B E?656?=63E86B8:?=:U63:BQRIS>3E=>2<
:Q:?8SQ=S3:B:9D:H2QF2B5`B 36F6H?=6B56?3:B:?:?
5SXS?46=6B:H=6EHE>C2U=2>2<86?6==:<=63E
QRIS>S?86BQ6<=6X>6C:?69:I>6D656B RB5S?4S
F2??6H:F6'?E?4EF3232H`8RCD6B5:U:?56?
W2?C`?(2BQ2C` 

3E86B8:?=:<D6?<EBDE=E? E?E?=23:B=:<D63:B636F6H?:?<2BX`
6F568RBS=63:=646U:5EBE>=2BF2B5`B :BQ:I6=86?:?H2<`?52?
:?46=6?>6C:36=:B=:3:B636F6H?692?8:6F:?EH8E?X6<:=56
2D2?23:=646U:?:8RCD6B646<D:B ?3SHS<D2D>:?:C2U=2H242<@=2?
H2X2>`?3E2=2?`F6636F6H?B@=S?S?3:B6HD2B27`?52?
SCD=6?:=>63:Q:>=6B:@=242<D`B
W2?C(2BQ2C`92H2D`?2D=`<2B`?42SI6B:?56<:A:B:?QHSISU6
36?I6D:=63:=:B E?2E=2X>2<:Q:?8:B:XS4B6D:R56?>6=:F63:B6H
H@=4E=EU2Q`<>2H2:CD6<=:@=>2=`5`B S?6XF6H2B2C`?52<:2Q`
EHE>=EF6H2EHE>CEI:C6<:X:?:?*6BF6D#`C>`?52?3SHS<72H52
6=566563:=>6C::Q:?5292H2A`=242<Q@<:XF2B5`B

%E92=676D5EBE>E?52H2X2>=2B3@HE?4256F2>656?
<2B>2H`D6>:I=6>6=:H:I FB6?:?>6B<6I:@=>2H2Q2=`X>2<D2?
F2I86Q>6=:F63SHS<A=2?52<:Q@<<SQS<B@=S>SIS2?=2>2=`H`I 
=>2F6F6B>62B2C`?5296B:<:C:?:?5672I=2C`?`?D2>?6C?6==:<
96567::Q:?H`<`4`@=5EUE2?=2H`X`H=23:B56?86@=>2=`5`B :B6H3:B
2H2U`86Q>:XD65:U6B:86=646<D6@=242<X6<:=565EBEB H=6>
2BIECEF632X<2=2B`?`?92B6<6D6DD:U:?:8RB>62BIECEF2B5`B 
N?56B=:<6D>6F6HR?6D:=>62BIECEF2B5`B86=:X>6F62H?`
<2=>22BIECE 5:?>6:9D:H24`F6C6B36CD3`B2<>2:9D:H24`F2B 
@=E?2H525@U2?3:B6H:?CSB6<=:I`D=`<=2BD2B27`?52?
A2BQ2=2?>2C`X2X`BD`4`56U:=5:B H?`2?52:<:6FB6?56H2X2>2<
F6:<:C:?:2H?`2?528RB>6<8:3:3:B9:CF2B E525:U6BOCD2D=2B
F6H5`?=2?>`X-2B=`<=2B:=63:B=:<D63ES?6X H<2BX`D=`U`?`?3:B
RB?6U:5:BF6W2?C`?065:?4:F#`C>`?`??:92:R5S==6B:5:B :BQ@<
HR?56?3EHR?6?HS<C6<52U`D6>C:=656BF63E?656?=6
D`B>2?>2C`6?I@B@=2?`5`B >2HE<2B`52?>2?I2B2?676C
<6C:4:

06?:H5@UE>E3:B6H:Q:?5292EHE>=E8RBS?63:=:B 
?42<H`?<:X:?:?5S?H2H2F6B5:U:D6A<:=6B:D6>C:=6DD:U:?:
E?ED>2>2<86B6<:B
 <2B>:< /0.,),'&
5`X@BD2> H?`I2>2?523:B3:B6H:?32X<2=2B`?`?@?E?92<<`?52?6
5SXS?5SUS?6:?2?5`U`?`52D6>C:=656B E?656?=6<:X:?:?SCD6C:?56?
86=>6C:86B6<6?3SHS<RI 3:=:?Q?656?:H=63ERI6=3:B=6X>6C@?56B646
I@B92=686=:B E<:X:?:?<6?5:?:2Q`<Q28RB63:=>6C:?56?R?465`X
Q6FB6H:5@UBE52?F6H2<:X:C6=@=2B2<9:CC65:=6?F65SXS?S=6?X6H=6:=8:=:
@=2B2<8RB>656?32X2B`=>2=`5`B 6?Q=:<D63E<:X:8SQ=S3:BX6<:=5696B
X6H=6F696B<6C=6RI56X=6X:B 2X<2=2B`?`?:Q:?5672B<65:=6?96B92D2H`
72B<6DD:U:?652:B3:B:?2?QF2B E86BQ6<D6<:X:C6=@=>2H2?Q6FB6C6=
<@XE==2B22X`B`D6A<:F6B>66U:=:>::=6C@?EQ=2?`B E3:B6H:?6?I@B
8RB6F:5`XC2==2B252922IF6:Q6B:56?H2?C`D`=2?25292Q@<32U=`@=2?3:B
<:>=:<86=:XD:B>6<:Q:?<6?5:C:H=6HSI=6X>6<D:B 36F6H?EHE>E
6?6==:<=6S?6X H3:B=6X:>::=6:725665:=6?HSI6H568RBS?5SUS<252B
32C:D3:B72<DRB@=>2H23:=:B 292C`7:<:B=6B:?F6DEDE>=2B`?3:B=:U:EHE>
86D:B:H@B8:3:8RBS?63:=:B2?42<2C=`?52<:X:C6=<:>=:U:?56B:?=:U:?F6
F2B=`U`?D2>=`U`?`?<EBE=>2C`?26?86=@=23:=:B @=2H`C`H=2RI?6=
HR?6=:>=:3:B6H3:=63SHS>6F656U:X:>CSB64:?56?86Q>6=:5:B 
M@4E<<6?<6?5:C:?6H2?C`D`=2?=2B52?I:H25686=646<:Q:?E>ED=2B2F6
H6?:7:<:B=6B6529272I=2@52<=2?>2C`86B6<:H@B @=2H`C`H=2RI?6=
HR?6=:>=:3:B6H3:=63SHS>6F656U:X:>CSB64:?56?86Q>6=:5:B 
M@4E<<6?<6?5:C:?6H2?C`D`=2?=2B52?I:H25686=646<:Q:?E>ED=2B2F6
H6?:7:<:B=6B6529272I=2@52<=2?>2C`86B6<:H@B @=2H`C`H=2RI?6=
HR?6=:>=:3:B6H3:=63SHS>6F656U:X:>CSB64:?56?86Q>6=:5:B 
M@4E<<6?<6?5:C:?6H2?C`D`=2?=2B52?I:H25686=646<:Q:?E>ED=2B2F6
H6?:7:<:B=6B6529272I=2@52<=2?>2C`86B6<:H@B

S?6X H>6H52?`?52@=5E<Q272B<=`3:B
B6C>:>:IF2B %6H52?52H2B2D`=2?:55:2=`CSBSX
C@?E?52(2BD@7@BDE?6E?3E=E?5EUE6FF6H26?
H2<`?I:BF6D2B27`?52?D6>C:=65:=6?636F6H?:?
<23E=S?S<2I2?>2<:Q:?D2C2B=2?>`XD`B E?656?=6
Q@<8SQ=S3:B:QC6=5SBDS3:B6H:H286?Q=:<D69:CC65:=6?
H6D6BC:I=:<=6B:D6=27:6D>6H6(2BQ2RB5S?4SF56HC6
H252@D@B:D67:8SB=6B:2=D`?52@=>25EH8ECE?E?
SCD6C:?56?86=>6H6'?E?4EFI@B=2B  6B:<:
5EBE>5252Q232<6?5:?:>6>?E?6D>6H6
Q2=`X>2<D2?Q@<SCD@=2B2<8RBS=6?=6B:?<23E=S?6=2H`<
@=5EUE?E<2?`D=2>28:B:X:>:5:B 0:?6563E?E?=23:=6
W2?C`?(2BQ2C` 

>@D:F2CH@?F68RBS?S>3:B6H3SHS<3:BD2D>:?6=566563:=:B E
D292<<S>D2B27`?52?H2B2D`=2?C`?`B=2>2=2B`?32X2B`=2BQ232=2>2
F6:562==6B632U=`=`<H@=EH=2SCD6C:?56?86=:?63:=646U:?:<23E=
656BC6F69:CC656BC6H2A`=23:=:B ES?6X H<2B6C:F6W2?C
#`C>`?`?H6B=6XD:B:=>6C:3:B6H:?A@D2?C:H6=:?6E=2X>2C`?`
6?86==6H6?3:B7:<B:?3:B:=<6?:?5@UEXD2?86=6?3:BI2H`7=`U`?
F6H232C<`?3:B<:X:=:U:?SI6B:?6Q`<>2:9D:H24`?`C6>3@=:I6656B 
#:X:2?42<3EA@D2?C:H6=686BQ6<D6?E=2X>2H232X=25`U`?52
#`C>6D:?F22D6DD:U:96BX6H:?3:B<`C>`?`8RB63:=:B

S?6XF6H2B2C`?52<:C@?3SHS<:=:X<:SQ86?5:B !X`<=2B
2B2C`?52<:3EHR?D6>C:=6DD:<=6B::=<6=6B:?:QC6=EHE>E?E
8RCD6B:B EF6Q96?6B6568RBS?SBC68RBS?CS?#256B(2BQ2C`
96BI2>2?0S<C6=6?:=6SQ86?2Q`H2A242<D`B M@UE5EBE>52
(2BQ2C=2?D2B27`?52?HR?6D:=6?6X:?4:F56F6H202H
D2B27`?52?HR?6D:=6?@<EIE?4EF568RBS?SB E?=2BC`B2C`H=2
S?6XF6"SA:D6BD2B27`?52?HR?6D:=:BF63E?=2BSQ86?
8RBS?S>S?6?:D6=:<=6B:?:F6B:B<@=2H<2H8`C`I2<`X8SF6? 
<:X:?:?92<=`F63:=5:U::?2?4` F6X2?C OQ86?HE<2B`52
36=:BD:=6?6F=6B6F6H2:X2B6D=6B6H6B=6XD:B:=>6C63:=696BI2>2?3E
?:D6=:<=6B6C29:AD:B

OQ86?2D6X5@U2C`?`?AB2D:<D2B27`?`2<D:7@=2B2<
86=:XD:B>6:9D:H24`?`F6I`D:X2B6D=6B=6B67=6<C@=2B2<92F2
:X2B6D=6B:?:?AB2D:<D2B27`?`8RCD6B:B ECSB64:?2<D:7<`C>`
32X=2D`4`<2B5:?2=2D6X:X2B6D:@=2?#@QE?HR?6D:4:C:%2BCD2?
DSB6D:=>:XD:B
OQ=S2H?`I2>2?523:B6H:?<@?DB@=S5`X`?52<:3:BQ@<
5EBE>E52D6>C:=656B C=2?3EB4EF66X:?4:F:B256SI6B:?56
9S<S>52B=`U`6=:?56DED2B #:X:5`X6D<6?=6B=632X2Q`<>2<:Q:?
:QC6=8S4S86=:XD:B>6=:5:B W2?C`?(2BQ2C`6X:?4:F56:C6:B256
86?6==:<=6H6B=6X:<D@A=E>E?:=<6=6B:H=6EHE>=E5EB (2BQ2
@<EIE?4EF56:C6I:9:?H6B=6X:<:=<6=6B=6>ED=2<2
Q6=:X>6>6<=63:B=:<D6H:?656@=23:=646<:562==6B6F6CD2?52BD=2B2
HR?=6?5:B:=63:=:B
 #2B>:<CDB@=@;:!!!

3:B3SDS?@=2B2<?S7ECD2B27`?52?3:=:?Q=:@=2B2<5:<<2D62=`?>2H2?3:BRI=6>5SI6H:?:D6>C:=656B 

E?E?=23:B=:<D6$6@?E?:=@I@7#B2=F602H`? 2H`BC6F6B6CA@D@=23:=646U:?:92D`B=2>2<R?6>=:5:B 

EB25236=:B=6?>:X<EB2==2BH@<DEB :IC25646@=2C`H2<=2X`>Q:I8:=6B:?:R?6B:H@BEIF66X:?4:F:?

5292>E9272I2<2BH252@<EIE?4EF:?5292=:36B2=F6H286=:X>:X3:B5@U2H2C29:A@=5EUE?E

CRH=6>:H@BEI  6B:<:5EBE>52523EBQ=2BF66F=6B5@U2=@=2B2<6?HS<C6<:=<6=6B:D6>C:=656?

86I686?=6BD2B27`?52?HR?6D:=:B`X`<F692<:<2D OQ86?3:B=:<D66?86=C:IQ2=`X2?3E:<:72<DRBS

C6>3@=:I6656B '?=2BF6B:=:B :B6H92H2D`?CE?5EUE56BC=6B:32X2B`=`3:BX6<:=56RUB6?:BC6:B256F6

RI=6>=6BHS<C6=6?2B24`=`U`H=2<@=2H42:725665:=63:=:B ESQ=S?S?D6>6=?@DE5EB <@=2H:7256 S?6X

HSQ86?::B256F6RI=6>:?HE>EX2<8RCD6B:>::=6<6?5:?:8RCD6B:B86Q>:X56BC=6B=6EHE>=E:B256=:

3:B86=646<F6EHE>=E3:B86Q>:XD6?5@U2?:562==6B 2I6?3E:7256?6B656HC6Q@<ASBSICSI5SBF6

3:B6H<6?5:H2X2>`?522<D:7F6H22>2Q=`3:BB@=SCD=6?>656?@=2H=2B`2<`X`?23`B2<>2H2>6H:==:5:B V=<

2D6X3EB4E@=2?#@QE?R?6>:3EB252@BD2H2Q`<`H@B2<D:7<2B2B=`2>2Q=`%2BC6?6B;:C:5SXS?46=:

I6<:<6C:?+6B2I:-6?SC6?6B;:C:H=656?86=6?:H@B D6XSQ=SCS?S?56?86C:SQ=S2Q`H=2C6>3@=:I6

65:=:B3:B6H62>24`:B256H:F6H2X2>`CSB5SB6?F6BE9EHS46=D6?RI=6>=6B:F6B:B F6EHE>=E3:B

86Q>:XD6?5@U2?:562==6B 2I6?3E:7256?6B656HC6Q@<ASBSICSI5SBF63:B6H<6?5:H2X2>`?522<D:7

F6H22>2Q=`3:BB@=SCD=6?>656?@=2H=2B`2<`X`?23`B2<>2H2>6H:==:5:B V=<2D6X3EB4E@=2?#@QE?

R?6>:3EB252@BD2H2Q`<`H@B2<D:7<2B2B=`2>2Q=`%2BC6?6B;:C:5SXS?46=:I6<:<6C:?+6B2I:-6?SC

6?6B;:C:H=656?86=6?:H@B D6XSQ=SCS?S?56?86C:SQ=S2Q`H=2C6>3@=:I665:=:B3:B6H62>24`:B256H:F6

H2X2>`CSB5SB6?F6BE9EHS46=D6?RI=6>=6B:F6B:B F6EHE>=E3:B86Q>:XD6?5@U2?:562==6B 2I6?3E

:7256?6B656HC6Q@<ASBSICSI5SBF63:B6H<6?5:H2X2>`?522<D:7F6H22>2Q=`3:BB@=SCD=6?>656?

@=2H=2B`2<`X`?23`B2<>2H2>6H:==:5:B VXD63EB252:=<2D6X3EB4E@=2?#@QE?R?6>:@BD2H2Q`<`H@B2<D:7

<2B2B=`2>2Q=`%2BC6?6B;:C:5SXS?46=:I6<:<6C:?+6B2I:-6?SC6?6B;:C:H=656?86=6?:H@B D6X

SQ=SCS?S?56?86C:SQ=S2Q`H=2C6>3@=:I665:=:BF63:B6H62>24`:B256H:F6H2X2>`CSB5SB6?F6BE9E

HS46=D6?RI=6>=6B:F6B:B 5SXS?46=:I6<:92CC2C+6B2I:-6?SC6?6B;:C:H=656?86=6?>:X<2B2B=`2>2Q=`

%2BC6?6B;:C: D6XSQ=SCS?S?56?86C:SQ=S2Q`H=2C6>3@=:I665:=:BF63:B6H62>24`:B256H:F6H2X2>`

CSB5SB6?F6BE9EHS46=D6?RI=6>=6B:F6B:B 5SXS?46=:I6<:92CC2C+6B2I:-6?SC6?6B;:C:H=6

56?86=6?>:X<2B2B=`2>2Q=`%2BC6?6B;:C: D6XSQ=SCS?S?56?86C:SQ=S2Q`H=2C6>3@=:I665:=:B3:B6H6

2>24`:B256H:F6H2X2>`CSB5SB6?F6BE9EHS46=D6?RI=6>=6B:F6B:B

$V0+N$O%O-,7E<
W2?C(2BQ2C`3EB4E?72B<=`H2B`><SB6=6B:?56
8RBS?5SUS?5672B<=`52FB2?`B
W2?C`?(2BQ2C`E7<E?2=D`?528RBS?5SUS?56
<:X:?:?56?6H:>=65:U:5@HE>2B>2U2?`F6B>6565:B 
?3SHS<C6F:?QDS>@2B24`=`U`H=26=5665:=:B
W2?C`?(2BQ2C` 

32X<2=2B`?2F6B:B &6<252BQ@<F6B63:=:BC6@<252BQ@<D2D>:?
56?6H:>=6H63:=:B
#256B(2BQ2C`SCDH2B`><SB6568RBS?5SUS?563:B6H:?
<256B:?5632X<2=2B`?52?3:BDSB<EDC2>22=>2<F2B5`B E?2
#2B>:<3:B32<`X2Q`C`H=232<`=5`U`?52BE9ER?46<:9:I>6D
H2X2>=2B`?52?D2BD`X>2C`I3:BX6<:=563E?E<2I2?>`XD`B 
6=646<D6<:R5S==6B:2=242<@=2?<:X:2=DH2B`<SB656<:*6BF6D
#`C>`2B24`=`U`H=23E?=2B`X:>5:<2I2?`H@B E3:B<:X:?:?X:>5:<:
H2X2>`?526<6?3:B#2B>2>`H@<C23:Q6?3:B#2B>2>`
H2X25`U`?`2Q`<Q28RCD6B:B =DH2B`<SB656*6BF6D(2BQ2C`@=2?
3:B6H86=646<D62H?`C`?`2=>2<:Q:?X:>5:C6F8:D@9E>=2B`6<:H@B 
#:X:?:?F6B>66H=6>=6B:?56?56?6H:>=65:U:?56?52923SHS<3:B
C6F:?QH@<DEB *6BF6D:?:SCDH2B`><SB656@=2?<:X:86Q>:XD6
6<D:U:96BX6H:?92C25`?`2=5`U`92C2D#2B>2C`?`H2X`H@B
V<:?4:3R=S>

$V0+V&()M*!V)
,0,%&'#+*!

S?6XEB4ECDB@=@;:C:Q2=`X>2=2B`<2BX`D3EBQ=2B`?
6D<:C:?6Q@<5:<<2D656B :B<:X:<6?5:S?6XEB4E?E
H2X2>2<D2I@B=E<Q6<D:U:?56<2BX`3EB4E?6?@=E>CEI
?:D6=:<=6B:?::72566D>6<@?ECE?528SQ=S3:B6U:=:>@=5EUE
H2H8`?@=2B2<<23E=8RB>SX8RBS?>6<D65:B DS>1@5H2<D2<:6?
A2D=2H`4`R7<6?R36D=6B:?6C29:A@=5E<=2B`3:=:?>6<D65:B EQ@<
?25:B2>28SQ=SA2D=2>2=2B@U23EB4E?E?:7256C:56U:=D2>
D6BC:D2>D6BC:<B6A:?5292@=E>CEI?:D6=:<=6B:5:B

06?86Q=6B:?4:?5:<=6B:?562H2U2<2=<`A3:B<23EU2
8:B6B=6B3:B5EF2B`?2B<2C`?2C2<=2?`B=2BF62H=2B42@?=2B`
:?4:D>:X@=2?=2B=2<6=:>6?:?D2>2?=2>`H=2<@?EX>2I=2B E
52FB2?`XDSBS06?86Q3EB4E?E?86BQ6<C`42<=`U`F6
C2>:>:H6D:H=69:Q56EHE>=E56U:=5:B2?42<D2>D6BC:'U=2<
3EB4E?E?@=E>CEI:7256=6B:?56?3:B:5:B
#:X::=8:=6?6?C=2?`?H2B5`>`?`F64R>6BDB6936B=:U:?:
B6556DD:U:?56C=2?`?<2BX`=`U`?52+2>2>6=:>56?86=6?:
H2AD`>X:>5:<6?5:?H2A56>6C:36<=6?63:=:B E8RBS?SX6
8RB63`B2<>2DEDE>E2C=2C=2?3EB4E?E?<6?5:C:?56
3E=E?>2I :B:?4:=2>24`96BI2>2?<@>ED252@=>2<D`B 
E?E?=23:B=:<D696B92?8:3:B5EBE>E?H2B2BC`I=`U`?`8RB>6<
#@F2?`?EI2<=`U`?`56FB2=`B
W2?C`?(2BQ2C`:B,HE>&@<D2C` 

H?`X6<:=5696B3:BS?6XEB4E?E?<6?5:I`D3EB4E?E?
8SQ=SRI6==:<=6B:?:?2C`=C6B8:=6H646U:<@=2H=`<=28RI=6>=6?63:=:B 
M@UEI2>2?3E?=2B@3EB4E?6?@=E>CEIRI6==:<=6B:@=242<D`B
QS?<S86?6==:<=6<:X:?:?<6?5:C:@=>2H2Q2=`X`B<6?<2BX`=2XD`U`
5:B6?QF692H2=<`B`<=`U`?`?3:BC@?E4E@=2B2<@BD2H2Q`<2B=2B 
E?2<2>6D6<2A>2<56?63:=:B
?42<W2?C#`C>`?286=5:U:>:I56I`D<EDEA=2B`72B<=`3:B
X6<:=566=62=>2<86B6<:B W2?C(2BQ2C`96BI2>2?3:BEHE>
?@<D2C`5`B EX6<:=56Q2=`X23:=>6C::Q:?<2BX`52<:3EB4E?
@=E>CEIHR?56Q6<>6C:?6:I:?F6B:=>6>6=:5:B E?E?@=>2C`?2
:I:?F6B:=:BC6W2?C(2BQ2C`3:B6H:?92B:D2C`?5292B>@?:<3:B
>6B<6I@=2B2<Q2=`X2>2I E?E?H6B:?65SXDSUS3EBQ:=6<2BX`D
3EBQ2B2C`?52<:Q@<8SQ=S3:BQ6<:>652H2=`3:BQ2BA`D>292=:?6
86=:B :B6H<2BX`D3EB4E?6?@=E>=E?:D6=:<=6B:?:?2C`=:7256
65646U:?:RUB6?>6H6:CD6<=:HC6@I2>2?2<C:D2<5:B56W2?C
#`C>`?`?6?HS<C6<:7256C:?:6?86==6H6?6?86==6B:@BD252?
<2=5`B`H@B56>6<D:B

*6F:?QX2?C:X=6F<@=2H=`U`F686?6=@=2B2<EHE>
<2FB2>`H2=?`I42A@I:D:78SQ=6B:?H2<`?C2>2C`?`?SBS?=6B:
56U:=5:B E>252=H@?E?C256463:BHSIS@=242<D`B E?=2B
2C=`?52<2BX`D8SQ=6B:?H@<=EUE?E?3:B:7256C:5:B E?656?=6
6U6B3:B<:X:92H2D`?52@?A@I:D:78S4S2H?`2?5256?6H:>=6BC6
@??682D:7S?:D6 @?<2BX`DS?:D6 56?6H:>=6BC6D@A=2>C@?EQ
9:CC:I3:BD2B27C`I=`<9:CC:3`B2<242<D`B 6?863:BA@I:D:7
6<=6?6B6<F6H23:B<2BX`D<EFF6D<2=5`B`=2B2<56FB:=5:U:2?52
3:B6H529272I=2?6X6H2X2>2H232X=2B ND6H2?52?3:BA@I:D:7
Q`<2B`=2B2<F6H23:B<2BX`<EFF6D6<=6?6B6<56?865:U6BHR?6
Q6FB:=:BC63:B6H?6X65EH8ECE?E<2H36D>6H632X=2B :B6H:?6?
3SHS<>ED=E=EUE?2?2C`=E=2XD`U`?`2?=2>2<:Q:?DS>?6X6
<2FB2>`A@I:D:7F6?682D:78SQ=6BH6=A2I6C:?56>6B<6I=6?>6>:X
8:3:8RBS?6?3:B?@<D2@=2B2<8RBS=>6=:5:B >6B<6IC:I@=2B2<
 .*&( /0.,),'&
D2>A@I:D:7?6X656?6H:>:8RBS?5SUS8:3:2C=`?52
F2B=`U`>`I`?86BQ6<>6B<6I:5:B
S?H2<6?5:=6B:?:96B:?C2?`?EUB2X>2C`
86B6<6?2BIE65:=6?F6H2:CD6?>6H6?5EBE>=2B
@=2B2<:7256656?@=E>=EF6@=E>CEI8SQ=6B=65@=E
8:3:8RBS?SH@B EB25296A:>:I:?3E8SQ=6B=6
86BQ6<F2B=`<>6B<6I:>:I56?32X2Q`<>2>`I
86B6<D:U:?:2?=2>2<R?6>=:5:B V?C2?`?XE2?52<:
D6<2>S=F63:=:?Q5EBE>E8RIR?S?62=`?5`U`?52
3E9:Q3:BI2>2?96B92?8::<:2?522H?`56U:=5:B
9:Q3:B:<::?C2?:Q:?562H?`56U:=5:B 02A`=>2C`
86B6<6?:X3EB252 F2B=`U`>`ISI6B:?56 H?`
I2>2?523:=8:>:ISI6B:?56Q2=`X>2=`H`I E?656?=6
X:>5:<:I2>2?5296>:H:96>56<RDSH252@=E>=E
F6@=E>CEI2BIE65:=:BF6:CD6?>6H6?>:=H@?=2B42
8RBS?SXD6<2BX`D<EFF6D:?56?86C:?:D2B27C`I=`U`?`
56?6H:>=6>6<H2=?`I42+2?B`H22:DD:B V?C2?
C6F:H6>:I5696B3:B:>:IV=29:3SDS?S?<SQS<3:B
A2BQ2C`H`I  6B3:B:>:I:?F2B=`<>6B<6I:

6B3:B6HS?6XHF60S<C6=6?:6?@=E>=E
X6<:=56<E==2?2B2<C6F:?4:?:2B2BC2W2?C#`C>`?2
<2BX`3EBQF66F:?D6>C:=6DD:U:<:X:F65EBE>=2B=2
:?4:D>6>6H6:?4:D>6>6H6F6H2@=E>CEI=E<
H2B2D>2>2H2Q2=`X`BC2@BD2H2Q`<2B +2?B`?`?
8RIS?565S?H2?`?@=E>=E3:B6FB:>H2X25`U`?` ND6
H2?52?6U6B96B3:B:&."3/")6?@=E>=EEHE>=E
<E==2?`>`H=2?6X62B2B @?E?S?6X:HF60S<C6=6?
2>232X2B`C`ID2B27`?52?C6>3@=:I665:=6?<:X:=6B6
<@XE==2B2F6@=2H=2B23@HE?6U>6< "2F6@?E?
*6BF6D#`C>`?2<2BX`3:B:X2B6DC@?B22/A0/A3)
+2?B`?`?8RIS?565S?H2<2@CH2X2B
#256B(2BQ2C`96BI2>2?3:B6H:?<:X:C6=
Q232=2B`?`?:?2?Q=2B`?`?F6>ED=E=E<5EH8ECE?E?
RD6C:?56:=29:3:B?:D6=:U6C29:AD:B E?656?=6
3:B6H:?<6?5:C::Q:?6?:H:@=2?`2B2>2C`?52<:X:?:?
W2?C`?(2BQ2C`:B,HE>&@<D2C` 

B@=@H?25`U`D@A=E>E?6FB:>::Q:??:92:@=2B2<6?:H:@=2?`:9=2=
6D>6< E?656?=63:B3:B6H:?W2?C#`C>`?`?Q:Q6<2Q>2C`?2
<2BX`Q`<2?DS>72<DRB=6B>S><S?@=2?6?@=E>=EX6<:=566=6
2=`?>2=`5`B +S>3E?=2B`?46F23`<:X:?:?6F563E=E?2?F6W2?C
#`C>`?2I`D@=2?DS>3E72<DRB=6B<@XE==2BF6@=2H=2B=2D2>2>6?
<:X:=:<C:I@=>2H6D6?6U:?56H2D>2<D25`B E72<DRB=6B<:X:H:6?
3SHS<?6X6H:86D:B646<@=2?36=:B=:H@=52?<@=2H42
EI2<=2XD`B23:=6?5S?H2F6H26FB6?C6=72<DRB=6B5:B #:X:3E
72<DRB=6B:?2C`=<23E=65646U:?:F65S?H26FB:>:?6H@=2Q2?
H@==2B=2@?=2B=2?2C`=32X2Q`<242U`?`RUB6?>6=:5:B3RH=646<:X:
H2=?`I42V=29:VH:=:<=6:X3:B=:U:H2A>2<=2<2=>2I2H?`I2>2?52
<:X:C6=2=8`H2<2BX`Q`<`H@B8:3:8RBS?6?DS>3E72<DRB=6B6<2BX`
82HB:X29C:<2=`B ?6X6

:B6H6F56<:X:C6=@=>2H2?36?=:U:H=6HSI=6X:BF6@BDE?6
#`C>`?`?<2BX`C`?2:>I22D2B E32X<2=2B`?`?DEDE>F652FB2?`X
<2=`A=2B`?`5SI6=D>6H6HR?6=:<8SQ=S3:B6U:=:>H2B2D>2
6U:=:>:?565:B EB252<:X:<:X:C6=@=>2H2?3E?E?H6B:?6>2CD6B
A=2?52@H?25`U`B@=SH2?C`D2?<6?5:A2BQ2C`?`2?=2>2H232X=2B 
#:X:3E2=2?52+2?B`?`?F6B5:U:C6F8:2?=2H`XF63:=86=:U::7256
65:H@BC202B252?2<2BX`3:BHS<S>=S=SUSH6B:?686D:B:H@B
56>6<D:B E?E?6<252B:H:H2A23:=:BC6<W2?C(2BQ2C`?`
56?6H:>=6>6>:I6@<252BQ@<:I:?F6B:=646< EH2<=2X`>52
+2?B`:Q:?H2B2D`=>`X@=2?A2BQ2>`I`?#:X:C6='=>2H2?6?=:U:?
D2?`?>2C`F6:725665:=>6C:H@=EH=2<:X:C6=36?=:<D6?DS>
@=E>CEI8SQ=6B:?EI2<=2XD`B`=>2C`F2B5`B (2BD@7@BDE?652
3E=E?2?<:X:C6=?6X65EH8ECEF63:B

6B3:B:>:I:?6FB6?C6=86BQ6<=:U:?3:BA2BQ2C`?`
56?6H:>=65:U:>:I#256B#`C>`?`?<2BX`C`?52<:D2>56B646F6
:X2B6D6#:X:C6='=>2H2?#`C>`5:H@BE>
 #2B>:<CDB@=@;:!!!

:=:?Q\C6>3@= D23=@=2B5236=:BD:=5:U:8:3:
065:?4:R=S> :B3:B6H#:X:C6='=>2H2?:=:?4:?
R=S>S?SH6B:?686D:B5:U:?5692B:D2?`?3E2=2?`?52?
2=`?2?2BIF656CD6<76F<2=2563@=@=EB *25646W2?C
(2BQ2C`?`?3SHS<72H52=2B`?`56?6H:>=6>6H@=E?522<C:
D2<5:B56@=242<@=2?6?86==6B:<2=5`B>2H232X=2>2<=2
<2=>2I2H?`I2>2?52<:X:?:?3SHS<<:X:C6=?6X6
9:CC6563:=646U:5@UBEA6BCA6<D:75EH8ECE?EF6B:B H?`
I2>2?52<:X:?:?<@I>:<3SDS?S?2HB`=>2I3:BA2BQ2C`
@=5EUE?E3:=>6C:?:C2U=2B
:B:?C2?`?+2?B`H`3:BX6H@=2B2<8RBSA8RB>65:U:EI2<
<2=5`B`=>`X36=:BC:ID2?B`F6H2D@A=2>2B2C`?522=8`=2?23:=:B
<@I>:<86BQ6<=:<3EB252Q@<2IR?6>=:5:B &6R?6>=:@=2?
3:B3:B6H:?<:X:C6=2=8`C`?`?:H:C6BF6DF6?6X65EH8E=2B`
@=>252?:><2?C`I5`B&*5292HS<C6<3:B8S4S?:X3:B=:U: E
HS<C6<8SQ<:X:?:?:?2?5`U`C@?CEI3:BX6H>:H@<C2
>S<6>>6=3:BX6<:=5656?86=6?>:X3:B6FB6?:?<2H?2U`>`
H@<C232C:DQ6@#:X:C6=<@?DB@=S?RD6C:?56<:5@U2=8SQ=6B6
EHE>C2U=2H2?3E8SQ3E8S4SD2?`>252F6@?E?=2
:X3:B=:U:?563SHS<>ED=E=EUE56?6H:>=6>6<:Q:?DS>
A@D2?C:H6=:?H2DD`U`?2F6<:X:?:?H2X2>`?`??2C`=92H2D`?
2<`X`?`?3:BA2BQ2C`@=5EUE?E?2?=2X`=>2C`?2:=:X<:?9:Q3:B
C@BEH@<DEB DS>92H2D`??69B:
OQS?4S3R=S>

$V0+V&N$O%O
-$)

V$#-

EB2523:B6HH2=?`I42<6?5:C:92<<`?5256U:=86?6=
@=2B2<5S?H2H232<`X2Q`C`<@?ECE?5252D2>2>6?RI?6=@=>2H`
RUB6?5:<D6?C@?B292H2DD2?6?3SHS<72H52C`?`8RB646<D:B 
NI?6=3:=:?Q<2FB2>`?6C?6=3:B86BQ6<=:<2=8`C`:=6
<2BX`=2XD`B`=5`U`?5286?6==:<=6@=E>CEI3:BX6<:=568RBS=SB 
E?E?=23:B=:<D6W2?C`?:B:?4:F#`C>`@=2?3:B6H:Q:?
<6?5:C:?6F65S?H2C`?232X<2=2B`?`?8RIS?56?I:H256H2=?`I42
<6?5:8RI=6B:H=632<23:=>6H6D6?6U:@?26?3SHS<32X2B`=2B`?`
86D:B646<D:B  2H2D`?96B92?8:3:B2=2?`?5232X2B`7:<B:5:<<2D:
52U`=>252?6?6B;:H:D6<3:BHR?6@52<=2>2H6D6?6U:?652H2?`B 
E?EH2A23:=>6<:Q:?92H2D2C@?56B646RI?6=D6<HR?=S3:B
32<`X2Q`C`86=:XD:B:=>6=:5:B :B6H96BX6H:?<6?5:C:?56?86=5:U:?:
RUB6?5:<Q6

W2?C(2BQ2C`:=<6F568RBS?5SUS?56S?6XF6H`?
3EBQD23:B<2FEXE>@=EXDEB>2C`8SQ=S3:B@=2C`=`<D`B RH=6
@=5EUE5EBE>=2B523:B6H:?<6?5:C:?:92H2D`?`?>6B<6I:@=2B2<
8RB63:=>6C::Q:?96B:<:2H5`?=`U`?8S4S?S3:B2B2H286D:B>6C:?:?
?6<252BR?6>=:@=5EUE@BD2H2Q`<>2<D25`B
 #2B>:<CDB@=@;:!!!

C@?E?52D2>2>=2?>2<:Q:?Q232=2>2< V=6D:X:><EB5EUE
5S?H2?`?86B:<2=2?`<6?5:96567=6B:F66>6==6B:H=6EHE>
:Q:?56@=242<D`B E<:X:?:?92H2D`?`2?=2>=`3:BB@D252
HR?=6?5:B>6C:R?6>=:5:B 'D2=6A6D>65:<Q6
32X<2=2B`?52?72I=2H2B5`>2=>2H242< 0:?6563E
:CD6U:?5686=:XD:B>6H6D6?6U:?6C29:A@=5EUEEHE>=E
36?=:U:?8S4S?652922I8SF6?6B6<3E:B:?4:F:?*6BF6D
#`C>`?`?72H52=2B`?`I2H`7=2D`B ?3SHS<C6BF6D:
32U`>C`I=`<F6<6?5:<6?5:?6H6D6B=:=:<C6B8:=65:U:I2>2?
86=:B  2H2DD26=566DD:U:96567=6BF69`BC=2B?6<252B
3SHS<8RBS?SBC68RBS?CS??:92H6D:?56<6?5:?:
<6X7656B6<2?=25`U`96BX6H6:<:?4:=@=242<D`B
:B6H3:BA:H2?8@3:=6D:<2I2?`BC2H2=?`I@=5EUE
I2>2?86BQ6<=6X:B :B:XD6B7:C:2=`BC2?:H6D32X<2=2B`?`?
Q232=2B`?252H2?>2>2=`5`B U6B@3:B2?D:<24`52X2?C=`3:B
3E=E?DEH2B2CD=2BC23E?E??656?:3:B:C:?:?@?28:5:=646<
H6B:?@B2C`@=5EUE?ECRH=6>6C:56U:=5:B @?:H6D@=>2C`
<@XE=EH=2<6?5:RI6=2=D`?A@DE?E3E=E?96F6C=:<6?5:C:?6
E=2X>2<:Q:?
2X2B`:Q:?Q232=2B<6?C@?56B646B6<236DQ:
5@U2C`?`?<6?5:5`X`?52<:8SQ=6B=6:?C2?=2B=2F6H2
AB@;6=6B=6B6<236D6D>6<H6B:?686Q>:X32X2B`=2B`2X>2H2
Q2=`XD`U`?526?:H:X6<:=56Q2=`XD`U`?`8RB646<D:B EC25646
C2Q`=`B6?6B;:=6B:@52<=2BF652U`D`B
ERI6=H6B=6X:>:=6R=S>@BDE?652<:X:C6=
8RBS?S>Q@<R?6>=:92=686=:B RH=646<:X:EHE>=E
3:B8RBS?S>?2I:<6C?6<3:B<:X:=:<F652=82
86Q>6>6:CD6<=:=:U::=632X<2=2B`?`>6>?E?6D>6H:@
<252B:H:RUB6?63:=:B :Q:?565:U6B:?C2?=2B`?92H2D=2B`
5:U6B=6B:@?2529272I=22=2?F6B646<D:B
#:X:C6='=>2H2?:=:?4:?!(2BQ2C`065:?4:
F65SXDSUS:Q:?3E<:X:2=>2<6F=:=:U6F65:U6B
:?C2?=2B=2:=:X<:=6B:?@=5EUEDS>:=:X<:=6B6<2BX`<:X:C6=
@=>2H2?F6>2?6F:3:BH2<=2X`> ?HS<C6<
86BQ6<=6B:?::Q:?56H<6?3:=646< X:B<6D5:U6B=6B: 
V?C2?=2B2Q`=`X:Q:?2B24`@=2B2<92B6<6D65646<
*6BF6D:?F=6B56<:#`C>` 

:Q:?56 E<:X:3E:5B2<=6B:F6H286BQ6<=6B:<6?5:C:?6
EH8E=2H23:=:BC6?:92H6D:?56C`?`B=`68@SI6B:?563SHS<3:B
ECD2=`<<2I2?242<D`B :BRIF6B:C:I=:<3:Q:>:?:2?=2>2<<:X:?:?
5292HS<C6<5SI6H563:BRI8SB=SUS56?6H:>=6>6C:?6:I:?F6B:B
<:X:C6=:9D:H2Q=2B`?F632X<2=2B`?`?:9D:H2Q=2B`?`?D64B:D2HB`>`?`
<2H36DD:U:3:B5EBE> *`?`B=`68@96B<6C:Q:?2H?`@=2?HS<C6<
36?=:U69:I>6D656B EECD2=`<2BDD`<Q2<:X:86BQ6<<6?5:?:
86BQ6<=6XD:B>6?:?C6F:?4:?:H2X2B

V#V&V-

EB2523:B6HR?46<6?5:C::Q:?86BQ6<56U6B:??6
@=5EUE?E<6X7656B6<2=D`?QR>=6U:?6E=2X242<D`B *2U=2>
D6>6==6B2D>2=`<:H`==2B86QD:<Q6?6B6565EB5EUE?52?8:D8:56
6>:?@=CE? 6U:X:>BSI82B=2B`D2B27`?52?56U:XD:B:=>656?
<6?5:C:F65:U6B=6B::Q:??:92H6D:?56F2B=`U25292I6?8:?3:B
2?=2>F6B646<3:B>2556:?X26D>6H6Q2=`X`B

(2B2F6C2D`?2=23:=646U:X6H=6B@?E?:Q:?C@?56B646
R?6>=:5:B2?42<H2=?`I42C29:A@=5EUEX6H=6B:?86BQ6<
56U6B=6B:?:H2?C`DD`U`R=QS56 &6H:?:X6H2B2H`A?6H:?
H2B2>25`U`?`RUB6?6B6<C@?E?5272H52=`X6H=6B6C29:A@=>2?`?
9:Q3:BI2B2B`@=>25`U`?`2?=2B 12B2B2BD`<H2B2B=`@=>2H2?X6H=6B6
32U=2?>2525`B
E<:X:C2>:>:56U6B=6B:?:H2?C`D2?:X=6B56A2B2
<@?ECE?52C@?56B646X2?C=`@=23:=:B H?`I2>2?526?HS<C6<
56U6B=6B:?:H2?C`D>2H2?96B92?8:3:BX6H6E=2X>2H2F6H2C29:A
@=>2H2Q2=`XD`U`?52D2>D6BC:3:B6D<:H2X2H242<D`B

*6<:I:?4:F65SX6?#:X:C6='=>2H2?:=:?Q(2BQ2C`!:=6
C6>3@=:I665:=6?<6?5:C:?:?<:X:C6=@=>2H2?<`C>`32X<2=2B`?`?
56U6B=6B:?:56?6H:>=6B #6?5:56U6B=6B::=632X<2=2B`?`?56U6B=6B:
2B2C`?522HB`>H2A>2H`RUB6?>6C:86B6<D:U:R=QS563E56U6B=6B:
RIS>C6>66U:=:>:?565:B
 #2B>:<CDB@=@;:!!!

EH6B=6X:>:?6?3SHS<I2H`7=`U`<:X:?:?32X<2=2B`?`?
4:?C6=56U6B=6B:?:?6>:=:>:F6H2H2?C`>2C`D2B27`?52?
C2==2?>2C`?2:I:?F6B>6C:5:B ?3SHS<>ED=E=E<:QC6=3:B
:CD:<B2B2E=2X>2<D2?86=:B
@BD2<=2B`?C2A>2=2B`D2B27`?52?56U:XD:B:=>6H6?<EHED@A=E>
@=2B2< *SB6<=:2B2?2?I6?8:?=:<?:92H6D:?56<:X:?:?<6?5:
92H2D`?`HR?=6?5:B>6H:RUB6?646U:3:B:=<63:Q:>:?5686=646<D:B 
E:=<6?6<252B8SQ=S@=EBC2@=CE?5:U6B:?C2?=2B`?<6?5:
<EB2==2B`?`3E=>2=2B`?2:I:?F6B:=>6=:5:B MS?<S3:B:>6B<6I:?:
2B25`
3E<252BEIE?CSB6<:X:C6=F2B@=EX:=<6C:3E=8E:=6:=8:=:D6<
32X`?232X<2=2B`?2F6B>6<:CD6>6C:?:C2U=2B E?EH2A>2<:Q:?
8:B:X:>=6B@=242<D`B2?42<RUB6?:=>6=:5:B<:5:?=6H:4:?:?
5:?=6>65:U:5EBE>=2B52<@?EX>24`86?6==:<=6
I2H`7=2BF6<6?5:B676B2?CQ6BQ6F6C:?:<2H3656B &65:B3:B::Q:?
5@UBE36=<:RH=6@=3SDS?5S?H22>2@&*@=2?=2B2F6B>6H6
Q2=`X2B2<3E?E92D`B=2>2<92H2D:R?6>D2X`B &*<23E=656>6>6<
@B2523:BX2?C:=6:=8:=:8RB>6<2H3`:=6:=8:=:2>2Q

#:X:C6='=>2H2?:=:?4:?*6<:I:?4:F#`C>`2B24`=`U`H=23E
<:X:5S?H2?`?56U6B=6B:?:32U`>C`I3:BX6<:=568RB>6H:
RUB6?>6=:5:B :B:<23E=6D>6<I@BE?5256U:=
8RB5SUS96BX6H=6 6Q6B=:=:U:?:<23E=6D>6<86B6<:B:=6:=8:=:
#6?5::?2?4`?22H<`B`:?2?QF68RBSX=6B2C=`?52<:X:?:?<6?5:
:?2?Q=2B`?523E=E?2?8SF6?=:U:D695:D6D>65:U:?:2?=2H2B2< 
S?H2?`?<6?5:H@=E?256F2>6D>6C:?6:I:?F6B:=63:=:B

E32<`X2Q`C`?2E=2X`=5`U`?528RBSH@BEI<:96BX6H
S?H252<::<:HSI=S=SUS?SI6B:?56Q@<2I6D<:C:F2B<:X:H6RI6=
>ED=E=E< V<:=:<8RB646=:5:B :Q:?R?6>=:5:B:I68RB6
QRIS=63:=>6C::Q:?CRI565E2=:D6H632<`? E?@<D252<:X:C6=
@=2B2<2?=2>=`@=2?F6@=>2H2?2B2C`?52<:72B<`?:92H6D:?56
2?=2H23:=:B:I
@BDE?6E?V<:?4:F#`C>`>2556?:?:?X2C`?`:Q6B:B<6?
*6<:I:?4:F!?:?H2?=`X@=2?`?H@<65:=>6C:?::Q6B5:U:?:
36=:BD>6<:=8:?QD:B
*6BF6D:?F=6B56<:#`C>` 

3E>2556?:?HR?=6B: E>2556=6B7:I:<C6=F6H2I:9:?C6=@=23:=:B 
E6F56<:!<:X:C6=>ED=E=EUE?RIS?S?:?X2C`?2Q@<2I<2D<`52
3E=E?2?56U6B=6B:8RCD6B646<D:B E<:X:2B<252X=2B`?`?F6
D2?`5`<=2B`?`?56U:X>6<@?ECE?52<::CD6<C:I=:U:?:72B<65646<F6
3E?E?C@?E4E?52:?C2?=2B=23:BQ@<Q2D`X>2H2X2H242<D`B 
6U6B=6B56<:D6>6=72B<=`=`<=2B?656?:H=65@CD=E<<2H`A=2B`
@=242<D`B 0:?6563E<2H`AD2<:X:V=29:5@U2?`?R?6>=:3:B
3R=S>S?S:725665:H@B E<:X:?:?8SQ=SRB?6U:2?=2>=`:=<6=6B6
32U=`<2=>2?`?R?6>:?:RUB6D63:=:B #:X:*6<:I:?4:F
56?6H:>=6B:H=6:=8:=:@=2B2<86BQ6<D6?<:X:=:<C:I92=6
86=63:=5:U:?563EQ2D`X>2=2B6?2I2:?5:B:=:B BD`<@BDE?6E?
V<:?4:F#`C>`2B24`=`U`H=2<:X:C6=>ED=E=EUE?:?X2C`?2>S5292=6
6D>:H@B=2B RH=646!?:?3EH6B=6X:>:92?8:H2A`D2X=2B`?`?
3:I:>H2A`>`I292?8:=6B:?:?32X<2=2B`?`?H2A`=2B`?2EH5EUE?E
8RCD6B:B #:X:C6=@=2B2<?6H:?2?=2>=`F686B6<=:@=5EUE?E8RB>6
H6D6?6U:86=:X:B

OMO&O-

EB252:=:X<:=6BH@=EH=2:=6D:X:>:?I6F<=6B:6?3SHS<
D2D>:?:86D:B646<D:B E<:X:32X<2=2B`D2B27`?52?3SHS<3:B
4:55:H6D=62?=2X`=>2H2Q2=`X`B :=F6<6=:>6=6B:?<E==2?`>`@?E?
:Q:?Q@<R?6>=:5:BF6<6?5:5SXS?46C:?5652923SHS<3:B32<`X
2Q`C`86=:XD:B>6<:Q:?32X<2=2B`?`??2C`=5SXS?5SUS?SF6
8RB5SUS?S2?=2>2H2Q2=`X`B V?C2?=2BF692H2D`?52<:X6H=6B
2B2C`?52<::=:X<:=6B:?6<252B?6D8RB63:=:BC65SXS?>6
H6D6?6U:?:@<252B:H:86=:XD:B:B E<:X:?:??6D5SXS?>6
H6D6?6U:?:92H6D:?566?3SHS<C6BF6D:86D:B646<D:B =8`=2B`
:H:=6XD:B>6H6HR?6=:<CSB6<=:3:B2B2H`XF632X<2=2B`?2522H?`
X6H:?2C`=H2A242<=2B`?`RUB6D>6<D6?3SHS<3:B<6H:7F2B5`B E
<:X:7:<:B=6B:A2H=2X>2H`C6F6B 3E3:B3SHS>6F68SF6?=:<9:CC:
F6B:B EB2528SF6?=:<>255:X6H=6B56?I:H2565SXS?46H6
52H2?>2<D25`B
 #2B>:<CDB@=@;:!!!

#:X:C6='=>2H2?:=:?4:?@<EIE?4EF#`C>`
3:B6H:?3:=:?4:2Q`C`?52?36?I6BC:I3:B56?6H:>
H2B2D`B EB252V=29:<@I>:<7:<:B=6B:?<:X:C6=@=>2H2?
3:B:7256C:F2B F2C`D2C`H=25292HS<C6<2<`= 0:?656
92H2DD2<:3SHS<?6X63:B:?C2?`?2=DF6H2C@>ED
I:9:?2B24`=`U`H=2:725665:=6?7:<:B=6B:?56?86=:B 
B252<:72B<`2?=2H2?2F62B2C`?52<::=:X<:&*Q@<
<:X:H6RI6=2=D2<`=F6<:X:C6=@=>2H2?HS<C6<I:9:?@B252
3:BQ2D`X>256?6H:>:
'B2C`92H`BC@BE2>23E<:X:?:?5292HS<C6<3:B3:=:?4:
52922BIE65:=:B@=2B2<8RB5SUS?S ?42<96?SI:Q:?56
H2X2H2>2I '3:B5@UEXD2?RUB6D>6?:=6:=8:=:7:<:B=6BF6:562==6B
2?8:C25646C`B252?2?=2H`X`?RD6C:?56 RH=646@
@=2B2<:562==6B:?>6F4E5:H6D:2B2C`?52<:72B<`RUB6?>6H6
86=>6=:5:B <`=2FEI5:B6<=6B:Q:?:?C2?=`<F6@=5EUE86BQ6<=:<
@=>2=`=2BH2X25` E?=2B5292HS<C6<:562==6B&*CSB6<=::D>6
SI6B:?6@ 6U6BH2A23:=:BC6<23E=@?=2B`?3:=86=:U:F6
EH8E=2>2<:Q6B:@?E?#6?5:92H2D`C@?B2DS>:=:X<:=6B:
:=6D:X:>H6D6?6U:?652H2?2?86=:X646<D:B 'I2>2?
C25646:?C2?=2B=23:B=:<D6@=>2<3SHS<3:BC6F:?Q
H2X2?242< ECRH=6H646<R?6>=:3:BX6H:@=5EUE:Q:?
@=EB 02B8`=2H`4`@=>2>2H`RUB6?>6=:5:BQS?<S
@<EIE?4EF!2B24`=`U`H=29:CC6DD:U::562==6B:Q@UE
I2>2?5:U6B=6B::Q:?56EH8E=2>2<@?E?:Q:?@=5EUE
<252BI@B5EB E?656?=67:<:B=6B:?:5S?H2H2
CE?>2C`@?E?:Q:?R?6>=:@=5EUE<252B<6?5:
>ED=E=E<5EH8ECE:Q:?563E7:<:B=6B:<23E=6D>6H6
:CD6<=:@=>2H2?=2B2I@B=2>2>2<2H?`56B64656
R?6>=:5:B @U2C`86B6U:C23`BC`I86BQ6<RUB6D:>:
>S><S?<`=2?@RI6=2?`36<=6>6H:RUB6?>6=:5:B 
XC:I3:BX6<:=56:725665:=6?3:B32X<2C`?522?=2H`X`?
>6X2=6C:?:H2<242<X6<:=56:725665:=6?3:B7:<:B@?2
72H52=`@=5EUE?E3:=>6?:?>ED=E=EUE?EF6B:B 
+@A=E>E?7:<:B=6B:?6:9D:H24`@=5EUE?E2?=2>2H`
RUB6?:B
:?76=C676F692H2D252:BDEDE>=2B92<<`?52
3:BQ@<72B<=`5SXS?46H:RIS?56RIS>C6>:X@=2?
*6BF6D:?F=6B56<:#`C>` 

@<EIE?4EF!6?HS<C6<86BQ6<=6B:?:?C2?=2B`2H`B2?I:9:?C6=
6?86==6B:2XD`U`?`8RB5SUS?566?>ED=E@=EB W2?C`?OQS?4SF
#`C>`?2C29:A3:BQ@<<:X:72B<=`5:?:6D?:<F6>2?6F:<@?E=2B`
:?46=6>66U:=:>:?565:B *@?EQ@=2B2<<:X:C6=:=:X<:=6B:D6<D2B27=`
3:B32<`X2Q`C`H=26?86==6?>6I ?=2>2?`?R?<@XE==2B`?52?3:B:
3:B5EBE>E?DS>HR?=6B:?:8RB>6H6D6?6U:?56?86=6?252=6DD:B 
RH=646DS>:?C2?:=:X<:=6B:?65292HS<C6<3:B2?=2H`X86D:B>6
H6D6?6U:C2H6C:?56W2?C`?OQS?4SF#`C>`@=2?3:B6HD2?`XD`U`
96B<6C2B24`=`U`H=23SHS<>ED=E=E<H2X2H23:=:B

N)O&O-

EB2523:B6HH2X2>`?32X=2?8`Q=2B`?`36C=6H6B6<6?
3SHS<C6F:?4:?6E=2X242<D`B V?C2?H2X2>`3:D<:=6B6F4:=
92HF2?=2B7:<:B=6B:?5@UEXEF6H286=:XD:B:=>6C:RI6=32<`>
86B6<D:B6?AB@;6=6B:?32X=2?8`4`@=23:=:B EB252F6B>6563SHS<
3:BD2D>:?5EH8ECEF2B5`B W2?C(2BQ2C`?`?CE?5EUE3SDS?=S<
5EH8ECE3:B:?6?6<252B:9D:H2Q5EHE=5EUE?E9:CC6D>6<D6?
86=:B SDS?3E?=2B`H2A2B<6?3:B6H<R<=6B:?:<EB>2H2Q2=`X`B 
6=646<D6<:3SHS>6H:56CD6<=6H646<<252B8SQ=S@=242<
5EH8EC2=3:BD6>6=:?X26D>62BIECEF2B

#:X:C6='=>2H2?:=:?4:?'?E?4EF#`C>`2B24`=`U`H=2
<:X:X6H=6B:?@=8E?=2X>2C`?`?I2>2?2=5`U`?`RUB6?>6=:5:B 292
D@9E>=2B6<:=>656?92C25`D@A=2>2H2HR?6=:<Q@<8SQ=S3:B
6U:=:>F2B E?656?=6<:X:H2X2>`?`?I6?8:?=6XD:B:=>:X3:B2>24`
F6HR?S@=>2C`:Q:?:?C2?`?96567=6B<@H5EUE?E2?=2>2=`5`B 
#:X:96B3:B96567:?C@?E?E?R?8RBS=>6C:?:?<:X:H:3:BX6H:?
86BQ6<D6?32X2B`=5`U`H2?`=C2>2C`:=65@=5EB>2C`?2:I:?
F6B>6>6=:5:B E?656?=696B3:B965676E=2X`=>2C`?26X=:<
65646<@=2?3SHS<32X2B`5EH8E=2B`96567:?<6?5:C::=692H2=
65:=:B<6?D@9E>=2B6<:=6?6<252B86BQ6<Q:@=2B2<E=2X`=2>2I
@=2B2<8RBS=>6=:5:B @=2?<:X::Q:?
 .*&( /0.,),'&

RB5S?4SF#256B:?#`C>`3SHS<C6F:?Q96BH@=4E=EUE?
C2U=2>32X=2?8`Q25`>=2B`?`2D2B<6?@=5EUE8:3:?:92:
32X2B`5256U:=
#:X:C6='=>2H2?:=:?4:?'?E?4EF#`C>`?`5@UBE
A6BCA6<D:7D68RB63:=>6<:Q:?3E<:X:?:?5S?H252<EBE=E3:B
5SI6?6@=2?:9D:H24`D2?`>2C`F62?=2>2C`86B6<:B VQ:?56
H2X25`U`D@A=E>E?H2A`C`?`8RB63:=>6=:2?42<3SHS<=SUSF6
<B:CD2=:I65@U2C`H2AD`U`Q@<R?6>=:2?42<8RBS?SXD6R?6>C:I
32X=2?8`Q=2B=2:=8:=:5EH8E=2B`?`<@B<ED>2C`?2:I:?F6B>6>6=:5:B 
+S>BH2A`C`?`?6?:?56C@?E?5286=:X646U:@?E?32X=2?8`4`?52?
:D:32B6?5:B RH=646H6B=6X:<D@A=E>E?H2A`C`?`8S4S?SF6
8S4S?S5S?H2H23:Q:>:?:F6B6?X6H@=2B2<8RB>6=:5:B E7@B>=2
RI56X=6X>6>6=:5:BQS?<S3RH=6H2A2BC2<6?5:2>2Q
5EH8ECE?E<2H3656B

E<:X::Q:?2=D`?QR>=6<2C=`?528R<<EX2U`?`?
32X=2?8`4`?525`B M:7DQ:6<D:U:D@9E>=2B52?92?8:C:?:?Q`<242U`?`
3:=6>6I 0:?65696B3:B:?66X:D56B64656R?6>F6B:H@B 2<`>
@?E?5@U2C`?52F2B E5:<<2D=6D@9E>=2B7:=:I=6?:BF6<R<=6?:B 
E3:B6H6?3SHS<C6F:?4:?:3EB2523E=EB #:X:C6=@=2B2<
36C=6H63:=5:U:F636C=6H63:=5:U:X6H=6B@?2H2B2D`=`X`?<2H?2U`:=6
3:B=:<5EH8ECEF6B646<D:B

#:X:C6='=>2H2?:=:?4:?'?E?4EF#`C>`?`:7256
656B<6?>255:5S?H2?`?DS>HR?=6B:H=6HSI=6X>6=:F63E?=2B=2
EUB2X>2=`5`B F6@?=2B`:H:3:=:B E?E<23E=6D>6C:R?6>=:5:B
QS?<S3E72<DRB=6B:?32X=25`U`96BX6H:??:92:C@?E4ESI6B:?56
3SHS<6D<:C:F2B5`BF6<:X:C6=@=>2H2?3:B2?=2>525S?H252<:
DS>32X=2?8`Q=2B`?D2>2>=2?>2C`?`C6>3@=:I6656B V?C2?`?
:?C2?2<2BX`C@BE>=E=EUE?E8RB5SUSH6B3EB2C`5`B 
*@BE>=E=E<=2B`?`X29C:@=>2H2?3:BX6<:=56H6B:?6
86D:B63:=:H@BC28SF6?=:<5EH8ECE?E2C=2<2H36D>6H646<D:B

E<:X:8RBS?SXD6B292DC`I65:4:F6H2B292DC`I65:4:
@=>2C2525@U2=@=>2<D2?3SHS<<6H:72=`B
*6BF6D:?F=6B56<:#`C>` 

A=2CD:<5S?H2 EB252<:X:92CC2CF66C?6<@=>2=`<`B`=82?F6
5EH2BC`I@=2?`B292DC`I6D>6>6=:5:B +@AB2U2F65@U2?`?
H@==2B`?2C@?56B646EHE>C2U=2H2?3E<:X:32X<2=2B`?26<@=@;:
F6X6H=6B:?<2H?2<=2B`?`?<@BE?>2C`92<<`?523:=8:F6B>6H6
Q2=`X`B -2B@=EXE?<R<S?6?6<252BH2<`?5EBEBC2@<252BQ@<
>ED=E=E<9:CC656B SHS<?6X6565@U2==`<5EH8ECE?52?86=:B 
0:?656H2A2H8RBS?6?:<23E=6D>6H:RUB6?>6=:5:B

2I`=2B`:Q:?3EH6B=6XD:B>63:B636F6H?2B24`=`U`H=2F6H2
3:B:?:?>:B2C`?2F6H22D2=2B`?2H2<`?<2=>2<H@=EH=23SHS<3:B
D2D>:?2?=2>`?286=:B :U6B=6B::Q:?3EBE9=2B`?`?<R<=6B:H=6
D6>2C92=:?56@=>2?`?6>?:H6D:6>?:H6D:F6D2D>:?:2?=2>`?2
86=:B :B6HW2?C`?(2BQ2C`?`2B2>2H`92?8:5SI6H56C6Q6BC6
C6QC:?'?E?4EF!2B24`=`U`H=29:CC6DD:U:5S?H2?`?68@CE?E?
9:CC656?2<2?<6?5:C:?:?86BQ6<RIS?6>S5292=66D>6C:?6
:I:?F6B>65:U:?566?3SHS<C6F:?4:?:86BQ6<=6XD:B646<D:B 
5@U2?`?Q@4EUE@=2B2<?676C2=`BF63SHSB

WV&V-

EB2523:B6H3:BH2B2D>26H=6>:H=6>6X8E=@=5EUE?526?
3SHS<C6F:?4:?:9:CC656B E:CD6B36=:B=:3:BH6D6?6<@=2B2<:7256
65:=C:?:CD6BC6C2564692H2DD2@H?2>2?`?3:BH@=E@=2B2<:7256
65:=C:?H2B2DD`U`96BX6H=6<:X:C6=@=2B2<RI56X=6X63:=:B RH=646
H2AD`U`96BX6HH2=?`I42<6?5:C:?:?3:BSBS?S@=>2<=2<2=>2I2H?`
I2>2?52H2AD`U`96BX6H:?SBS?S@=EB  2H2==6B:?:86BQ6U6
5R?SXDSB>6<:Q:?3SHS<3:BH6D6?6U6C29:A 02X25`U`86BQ6<=:<
3SHS<R=QS56<6?5:6C6B:5:B
#:X:C6='=>2H2?:=:?4:?'?3:B:?4:F#`C>`:562=
86BQ6<=:U:D2C2FFEB656B #:X:3E:562=56?H2B2D>2=`5`B E
?656?=6:562==6BQ@<5SXS<C6:562==6B:6C:?=6?>6>:X
2B<252X=2B`?6D<:C:H=672I=252U`=>`XC2H2B2D>2H6D6?6U:2I2=`B 
ND6H2?52?2B<252XQ6FB6C:E>ED=2B`92H2==6B:F6:CD6<=6B:
42?=2?5`B`H@BF6@?=2B`3:B2IRD6C:?6:D:H@BC2
 (.*&( /0.,),'&

<2FB2>2< 2>2H:?65692H2=8S4S2=2?`?52 5292C@?B2


@BDE?6E?H2B2D`4`6X:?4:F#`C>`86=:XD:B:=:B <8&+!"E<:X:?:?
6?3SHS<>ED=E=EUE?2E=2X23:=>6C::Q:?C256462B<252X@=2B2<
C6QD:U::?C2?=2B`2H`BD6D>6C:56U:=2H?`I2>2?52?6X6?:?:=92>`
H252H`<`>`@=23:=646<8S46C29:A@=>2C`56U:=2H?`I2>2?52
92H2=:?:<EB>2H`C6QD:U:BSH2=2B5252C6Q:4:@=>2C`86B6<:B C<:
3:BCRIF2B5`B&65:=65:U:?65:<<2D6D@?E6=566563:=:BC:? 
@BDE?6E?6X:?4:F#`C>`?2C29:A<:X::Q:?52925@UBECRI=6B
CRH=6?>6>:XD:B E<:X:DS>2B<252X=`<=2B`?`<:X:C6=@=>2H2?3:B
X6<:=562=>2H`F6BSH2=2B`?`H2=?`I426FB6?C6=3:=:?Q5`X`?52?
86=6?C6>3@==6B:?3:B<@=6<C:H@?E@=2B2<8RB>6H:RUB6?6?6
<252BH2B2D`4`CSB64:?562X`B`'?3:B:?4:F6D<:C:H2X2B E@?E
86BQ6<32X2B`52?Q@<BSH2H2:?2?5`B2B2<H6D6?6<=6B:?:
52U`D23:=:B E<:X:D2>3:B:72562B25`U`:Q:?I2>2?`?56U6B=:3:B
F2B=`<@=5EUE?ERUB6?>6=:5:B

#:X:C6='=>2H2?:=:?4:?'?:B:?4:F#`C>`H6?:7:<:B=6B
2=>2<:Q:?<E==2?`=23:=:B2?42<RI6==:<=6H2B2D`4`Q`<D`H2
EH>25`<Q23E?=2B=2D2?`>=2?>2>2=`5`B +S>H2B2D`=`X`?HSI56
3:B:=92>F6HSI565@<C2?5@<EID6B@=5EUE?E92D`B=2>2<
R?6>=:5:B :BX6H:H2A23:=646U:?:3:=>6<=686BQ6<D6?H2A>2<
2B2C`?523SHS<3:B72B<F2B5`B

'?3:B:?4:F!5@UBE<E==2?`=`BC23SHS<8SI6==:<
56?6H:>=6?63:=:BQS?<S3EB252V?C2?`?96F6C=:92H2==6B:
8RBS=SB #:X:<:X:=:<C:I<2=2B2<6FB6?C6=3:=:?QD6BSH2CSB64:?:?3:B
A2BQ2C`92=:?686=:B EB2525296B92?8:3:B86BQ6<=:<SI6B:?6
<EBE=E8RBS?>6H6?2?42<3SHS<3:BH2B2D`=`XA`?2B`:X=6F:8RB6?
5@CD=E<=2B523:B:562=:I>@=23:=:B B<252X=2B3E<:X:H692HB2?5`B
F63E92HB2?=`<D2?<:X:*6BF6D:?6X:?4:F#`C>`?`H2B2D>2<:Q:?
3SHS<3:B:=92>2=23:=:B
*6BF6D:?F=6B56<:#`C>` 

'?3:B:?4:F!C:?5686?6==:<=63SHS<3:B3:=86=:<F2B5`B
2?42<965:H6C256463@X=27=2B:Q:?<E==2?`=>2I #:X:H2B2D>2H`
2>2Q=25`U`96BX6H92<<`?52?6<252BQ@<<@?EXEBC26=:?56@
<252B2I:B256F66?6B;:@=EB E<:X:5S?H252<:92H2=A6B6CD=6B6
@=2?:9D:H24`2?=`H@B C=`?52@?=2B`D6XF:<65:H@B 02B2D`=`X`?
8RBS?>6I<2H?2U`?`?92H2=A6B6CD=6B@=5EUE?E3:=:B HB`42
529:=@=>2>2F62HB`=>2<2FB2>`?252:B3:B2?=2H`XF2B5`B 0:?6
563E<:X:?:?6?3SHS<?6X6C:F6>ED=E=EUEH2B2D23:=5:U:96B
X6H656B:?56?F6H@UE?3:BX6<:=56529:=@=>2<D2?86=:B

EH6B=6X:>6C29:A3:BQ@<:?C2?C2?2DD25B2>252H252
Q@<RI6=3:BQ@4E<2B24`=`U`H=2A2B=2H2?D6<3:BH2B2D`>
2B24`=`U`H=26?3SHS<C6F:?Q=6B:?:H2X2H242<D`B E3:B6H
:?C2?=2B`?<E==2?>2H`3:=>65:<=6B:92H2==6B:RIS>C6H6B6<@?=2B`
6=6H6B6<F6RUB6?5:<=6B:?:<:X:C6=H2B2D`>`?2EH8E=2H2B2<96B
I2>2?:?C2?=`U29:I>6D656B (6<Q@<:?C2?`?92H2=6DD:<=6B:?:
H2A>2:B256C:?6C29:A@=>25`U`?`8RB646<D:B '?=2B`<6?5:
:B256C:H=62X`=2>2H2Q2=`X`BC2529272I=2529:=@=>2=2B`
86B6<D:U:?:9:CC656B6<<6?5:C:?6>E92=676DH2B2D`B

FB6?C6=3:=:?QD686?:X3:B56?6H:>H6=A2I6C:F2B5`B 
02B2D`4`<:X::Q:?2<D:73:B6H=6>F2B=`<F6@=EX92H2D`?52?5292
3SHS<3:BC6F:?QH@<DEB +2<=:DCSB64:3@HE?42<:X:02B252?2
5292H2<`?9:CC656B 0:?6563E3:B6HH:?602B252?`H2?C`D2B2<
@=2H=2B52?F6<@XE==2B52?86BQ6<<@AEXE?E2?=2H23:=:B E
6X:?4:F56<:*6BF6D(2BQ2C`D2B27`?52?F6B:=6?RI6=?6X65:B

$+!&!-

EH6B=6X:>Q2=`X>2H@=EH=2Q@<72I=2>ED=E=E<F6B:B #:X:
I2>2?`?`F66?6B;:C:?:5:<<2D=:<E==2?2B2<<6?5:?:D2D>:?656B 
2X<2=2B`?`?92=:92I`B52F2B@=2?5EBE>=2B`5SXS?6B6<
86Q>:X=6B:?6?2C`=86B:5R?5SUS?S8RBSB
 <2B>:< /0.,),'&!!!

QRIS=>SXDSBF696BI2>2?9:I>6D656?F632X2B2?
C@?56B6462<D:73:B5@U2H=2<6?5:C:?:@=E>CEI5EH8E
<2B>2X2C`?`?SI6B:?56DED23:=:B '2?52<2=>2H`
3:=:H@B EQ@UE:?C2?`?8RB>6I56?86=5:U:F6H2:9>2=
6DD:U:2HB`?D`=2B25:<<2D656B6<H2A`=`B !:>:+*"(3:B
X6<:=568:5646<=6B VX=6B:??6X656?6H:>:?66?86=
@=242<<252BH`U`=>2C`?2:I:?F6B>6I  2H2D`?`?
C:CD6>=6XD:B:=>6C:H@=EH=23SHS<3:BD2D>:?5EH8ECE
9:CC656B  2H2D`?`:H:H2U=2?>`X3:B>2<:?68:3:
Q2=`X242<X6<:=565SI6?=6>6H6Q2=`X`H@B E?E?6<252B
Q@<H2A2BC2F2B@=EXE?>6B<6I:2B6?2C`?2<2D`=5`U`?`@
<252BQ@<9:CC656B
#:X:C6='=>2H2?:=:?4:?'?V<:?4:F#`C>`
2B24`=`U`H=23E<:X:V?C2?`?:QC6=:9D:H2Q=2B`?`56?6H:>=6B 
02B2D`=`X`?8SQ=6B:?6<2BX`3:B92CC2C:H6DF2B5`B2?42<<2D`
3:BX6<:=56A2C:73:B8RI=6>4:@=2B2<<2=>2<H6B:?63E
8SQ=6B=6?2C`=Q2=`X`=242U`?`RUB6?>6<R?6>=:5:B 'B252
3.A &.D@A=E>2<2BX`HS<S>=S=S<5EH8ECEQS?<S
'?:<:?4:F2B24`=`U`H=2<:X:56B:?56?X67<2D=:3:BF2B=`<
@=23:=:B 0:?6563EX67<2D=63:BX6H=6BH2A`=>2=`H@<C2
<656B65R?SXSB
EB2526H=6>:FDH>ED=E=EUE?2?29D2B
CRI4SUS5SB *@?CEI=EUE3:=>6<3646B:=6B:?6?:H:X6<:=56
EH8E=2?23:=646U:C@?=E5S?H252:X=6F8RB>6=:5:B +S>
I@5H2<H6B=6X:>=6B:2B2C`?523EB252W2?C(2BQ2C`@=2?
<:X:3:BX6H:??2C`=H2A`=242U`?`6?:H:3:=:B '?V<:?4:F
2B24`=`U`H=2C@?CEI3SDS?S8RB>6H6D6?6U:?:?H2?`C`B2
:X=6B:??2C`=HSBS5SUS?652:B<2AC2>=`3:B2?=2H`X=2
5@UBE6H=6>:Q:?8SQ=S3:BA@D2?C:H6=F2B5`B
E<:X:H2A>2H`C6QD:U:X6H3:B32X<2C`?2<:X:C6=3:B
:9D:H24`?H6B:?686D:B:=>6C:?:86D:B5:U:?566?>ED=E@=EB 
2I`=2B`:Q:?9:I>6DF6:X<2FB2>`C`B252?C`<`4`3:BF2B@=EX
2?=2>`?286=:B E?E?=23:B=:<D6=D`?4`FW2?C#`C>`@=2?
<:X:A@D2?C:H6=:2Q`C`?52??6<252B:H:Q2=`XD`U`?`3:=5:U:?56
F2B=`U`?`?>6B<6I:?66?:H:X6<:=56EHE>C2U=2B E3SHS<
3:BC6F:?Q86D:B:H@B
*6BF6D:?F=6B56<:#`C>` 

=D`?4`F56<:#256B:?#`C>`3:B<:X:?:?86?Q=:U:?:'?
V<:?4:F56<2B2<2B25SXS?>6C::=686Q:B>6H6>6H:==:5:B *@?B2
@B2529:CC65:=6?96BX6H:?86BQ6<D6?<:X:C6=@=>25`U`C25646
@=E>CEI=EUEF62H?`I2>2?52@=E>=E6FB6?C6=F6C@?CEI@=2?`
56?6H:>=6>6F6H2?C`D>2H6D6?6U:@=5EUE?E?72B<`?2F2B`=`B 
EB252<:X:36X5EHE:=62=8`=2?23:=646<@=2?`?RD6C:?56<:5292
3SHS<<@I>:<86BQ6<=:U:5SXS?>65:U:?566?:H:X6<:=56:X=6F
8RBSB E<:X:?:?6FB6?=66?EHE>=E@=5EUEI2>2?=2B3E
I2>2?=2B5`B 12>2?`?`<@I>:<8SQ=6B=6EHE>:Q:?56@=>2H2
Q2=`X2B2<92B42BC2D2>D6BC:?:32X2B242<D`B ND6H2?52?6U6B
H2X2>5@U2=H6D6?6<=6B:?86=:XD:B:=>6C:?6252?5`HC2@I2>2?
6FB6?:X3:B=:U:?632X=2BF63SHS<3:BC6F:?QA2D=2>2C`@=EB

0V&V-

EB252 3:B6H:?6?3SHS<?6X6C:32X<2=2B`?52?86=:B E


#256B(2BQ2C`:Q:?6?BE9C2=F66XC:IH6B=6X:>=6B56?3:B:5:B
QS?<S#:X:C6='=>2H2?:=:?4:?(2BQ2C`36?=:U:?:=<6F:?65SX6B 
:B6HH2=?`I4232X<2=2B`?`?9EIEBE?52@=5EUE?52<:X:C6=92=6
86=6?<:X:C6=@=>2H2?3:B<:>=:<H2X`H@B F=:=:<2B<252X=`<H252
2B<252X=`<H@=EH=2CSB6<=:@=2B2<3:B=:<2B2B EF65:U6B:=:X<:
3:Q:>=6B:@?E3:B32X<2C`?`?<:X:C6=<:>=:U:?:56?6H:>=6>6H6
H2<=2XD`B`B 2X<2=2B`?5296BI2>2?<6?5::Q:?568RB63:=5:U:?56?
529272I=2?6X68RBSB *@?EQ@=2B2<32X<2=2B`?`<6?5:<:X:C6=
>ED=E=E<=2B`?52?529272I=29236B52B6D>6<@?ECE?523SHS<
3:B6U:=:>:F2B5`B

:BQ@<HR?56?@3:B9:I>6D<2B5`BQS?<S+2?B`H`DS>
<6?5:C:2B24`=`U`H=2:7256656B RH=64686BQ6<D6?<:X:C6=
@=>2H2?3:B<:>=:<H2X`H@BQS?<S2BIE=25`U`96BX6H32X<2=2B`?`?
:H:=:U::Q:? V?C2?=2B`?:9D:H2Q=2B`?`C6I63:=:BF6@?=2B`<6?5:=6B:?:
86BQ6<=6XD:B>6=6B::Q:?>@D:F66563:=:B SHS>6=6B:H=6@?2?6X6
F6B:=:B
 .*&( /0.,),'&
#6?5:<:>=:U:D2>2>6?<:X:C6=3:B5SI6H56@=>25`U`
:Q:?5S?H2H2@3;6<D:7@=2B2<32<>2H6D6?6U:?6C29:AD:B D<:
F6D6A<:H:?656?F6C@?E4E:?46=6BF6:?C2?=2B`?3:B3:B=6B:H=6
?2C`=:=:X<:<EB5EUEH=256B:?56?:=8:=6?:B E?656?=63:B
8S?3E72<DRB=6B:?2C`=92B>2?=2H242U`?`3:=646< 2?8:
+2?B`:?C2?`?>S<6>>6=3:B3:B=6X>656?6H:>:@=>2C`?`
2>2Q=2>`XD`B 32X2B>2<:Q:?<6?5:?56?Q@<X6H765265646<
E8S??2C`=C`?F63E86BQ6<=6XD:U:?562=5`U`C6F8:?:?Q@UE
:?C2?`?56?6H:>=65:U:?56?Q@<5292I6?8:?F656B:?
@=5EUE?E3:=646<
:=:?QC:I3:B5SI6H5632X<2=2B`?`<6?5:=6B:?56?5292
72I=2R?6>C6B :U6B:?C2?=2B`?92H2D=2B`?52<:3@X=E<=2B`
5@=5EB>2H2Q2=`X`BQ@UEI2>2?@?=2B`?DB2F>2=2B`?`F6
C`<`?D`=2B`?`HE>EX2D>2H2F6HE>EX2D>2H2Q2=`X`B ?42<
<6?5:C::Q:?86BQ6<D6??6:CD65:U:?:F6C@?E?5286>:C:?:92?8:
B@D252HR?6D646U:?:3:=>6<D68SQ=S<Q6<:H@B ?:H6D@?2
32X<2=2B`2B24`=`U`H=28RCD6B:=>6=:5:B
6?Q=:<5R?6>:?563E<:X:?6B6H68:DD:U:?:
3:=6>6H646<<252B5`X8SQ=6B56?<@=2H426D<:=6?:B 
'=2B2<3E=23:=5:U:2?=25`U`F6<23E=6DD:U:2?52@?E?
<:X:C6=@=>2H2?36?=:<92H2D`?52<:6?R?6>=:F6
D2D>:?65:4:72<DRB92=:?686=6?F66?3SHS<?6X6H:
86D:B6?:QA=2?=2B523:B3:B=:<@=EXEB
W2?CF6:H:X2?C96BI2>2?@=242U`?52?6=>6<
E<:X:?:?92H2D`?52<::?C2?=2B2B24`=`U`H=2H2AD`U`F6
5SXS?5SUS96BX6HC6F5:U:<:X:H:>6>?E?6D>6H6
2525`U`?52:QD6?=:<=66?>ED=E@=2?3:B<2Q<:X:56?3:B:5:B 
EBE9E?C2>:>:2BIECE5EBF692B:D2?`?56?86C:?:?
8RCD6B63:=646U:DS>5:U6B2BIE=2B52?R?4686=:B
2X<23:B<:X:H=6<:X:C6=3:B3:B=:<D6=:U:?
@=>2>2C`EHE>CEI=EU2F6H2X2>522>2QHR?F6
2?=2>6<C:<=:U:5EH8ECE?2?656?@=EB -6B6B6<6?
3SHS<C6F:?4:?:2=`B2=>2H2Q2=`X2B2<6<C:<=:U:?:?
529272I=272B<`?2F2B`B E<:X:C6=36?=:<=6
RI56X=6X>656?86=:B
*6BF6D:?F=6B56<:#`C>` 

*#V1V&V-

E3:B6H6?3SHS<C6F:?4:?632X<2=2B`D2B27`?52?
<6?5:C:?6F6B:=6?=6B=6E=2X242<D`B EB2528RBS?SXD6<:X:C6=
Q6BQ6F6?:?RD6C:?56@=2?56U6BC:CD6>=6B:?:92H6D:?56
<6?5:=6B:?:6?:H:@=2B2<8RCD6B:B=6B E<:X:H6CSB6<=:@=2B2<
32X<23:BH@=8RCD6B:=:B &6I2>2?32X<23:BH@=56?6>6<:Q:?
3:B2Q`=`>@=C2H6?:<:X:C6=<6X:7=6B@=EB E<:X:32X<2=2B`?`?
56U6B=6B:?::?46=6BF65:U6B:?C2?=2B`??6H63E<252BQ@<56U6B
F6B5:U:?:3:=>6<:CD6B E5`X56U6B=6B:?6<252B<6X76563:=:BF6
<:X:C6=H2X2>`?2EH8E=2H23:=:BC656?6H:>:@<252BI6?8:?=6X:B 
#6?5:56U6B=6B:RI6==:<=656H2B2B=`=`<=2B`?`H:D:B>:X8RBS?6?
56U6B=6B:3E5`XEH2B2?=2B`?`X`U`?52H6?:56?:?46=6?63:=:BF6
H6?:3:BH2X2>F62?=2>F6B:=63:=:B E<:X:X:>5:6C?6<=:U:?3SHS<
6B56>:?:RUB6?:H@B

E3SHS>6H:6?86==6>6>6<:Q:?#:X:C6='=>2H2?
:=:?4:?V<:?4:F#`C>`?`?<:X:C6=@=5EUE?2:?2?`=2?DS>
56U6B=6B:?<6?5:C:?62:D@=>25`U`?`8RCD6B>6C:?6:I:?
F6B:=>6=:5:B E?E?H6B:?665:?>6F6C29:A@=>22BIECE?E?
<:X:C6=@=>2H2?3:B:7256C:5:B V<:?4: *6<:I:?4:F<EDEA=E=EUE
<:X:?:?DEDE?>2C`86B6<6?=6B:=6C6B36CD3`B2<`=>2C`86B6<6?=6B
2B2C`?52<:8SQ=S3:BQ6<:X>65:B E3:B6H:Q:?6?56U6B=:>S=<
86BQ6<F6C@?CEI56U6B=6B@=>2=`5`B #E==2?`X=`=`U`?`F62?=2>`?`
H:D:B>:X@=2?=2BC6B36CD3`B2<`=>2=`5`B ERUB6?>6C:<@=2H3:B
56BC56U:=

W2?C`?*6<:I:?4:F#`C>`2B24`=`U`H=23E<:X:?:?
92H2D`?52<::?C2?=2B@?22?=`<2BIE=2B`?86Q:4:?:D6=:<=6B:?:2X2?
56U6B=6B:?H2?`C`B2@?22U`B=`<F6B6?96BX6H:8RCD6B:B 6U6B:
@=>2H2?96BX6H@?EC6F6?=6BD2B27`?52?H@<65:=646<F6V=29:
5@U2?`?:?C2?:Q:?D2C2B=25`U`86BQ6<56U6B=6B:F6>S=<=6B::7256
6D>6<:Q:?#:X:C6='=>2H2?:=:?4:?V<:?4:F#`C>`?2H6B
3`B2<242<D`B
 #2B>:<CDB@=@;:!!!

6=<:565:U6B96B92?8:3:BI@5H2<
A@I:CH@?E?52@=5EUE?52?529272I=23E3:B6H:?
*6<:I:?4:F:?*6BF6D#`C>`?`?6?:H:X6<:=56Q2=`X>2C`
:Q:?68@CE?E?Q@UE?ED6C=:>6D>6C:86B6<:B #:X:C6=3:B
>:B2C2B`H@B (2B27:<:B=6BH6?:56U6B=6B4:?C6==:U:?
I6?8:?=6XD:B:=>6C:X6<=:?5686=:A86=>65:U:3!
&)&+8)&,).(3".&+"$"0&.&)*"/&F2B=`U`?`?RIS<6?5:
32X`?23:B252@=>25`U`?`2?=2>2=`5`B
?3SHS<<:X:C6=C6BF6D:96BI2>2?32X<23:B
:?C2?52?86=646U:?56?2=Q2<8R?S==S=SUSRUB6?>6=:
F6:72566D>6H:C6QD:U:56U6B=6B:??:92H6D:?56
<6?5:C:?632X<2=2B`D2B27`?52?F6B:=6?=6B56?52922I
56U6B=:@=23:=646U:?:3:=>6=:5:B E?656?=6<6?5:
56U6B=6B:?6C29:AQ`<>2>2=`5`B E?E?H6B:?6
:=<6=6B:?6H232?4`8RBS?6?2>22C=`?52@?2BE9E?E
H6?:=6>6C6F:?4:?:F6B6?56U6BC:CD6>=6B:F67:<:B=6B:?
2<`X`?22Q`<@=>2C`?2:I:?F6B>6=:5:B

'#,1,&,-

@<EIE?4EF56<:#256B:?#`C>`3:B3:B6H:?
86BQ6U:?<6X7:H@=EH=26?3SHS<C6F:?4:?:
H2X2>2C`?2:I:?F6B:B E<:X:BED:?:=:X<:=6B56
56?6H:>=6?6?5S?H6F:F2B@=EXE?SI6B:?56<@I>:<
3:B86BQ6<=:<2B2B
#:X:C6='=>2H2?:=:?4:?OQS?4SF#`C>`
5S?H2?`?5:?=6B8:3:8RBS?6?=6BD2B27`?52?
2?=2X`=>252?3:B3:B=6B:H=6<@?EX2?:?C2?=2B=25@=E
@=5EUE?E8RCD6B:B EB252<6=:>6=6B:?Q2UB`X`>C2=
2?=2>=2B`86BQ6U:?6?86==6B:F6Q2BA`D>2=2B`@=2B2<
8RBS=SB E?E2?=2>2<:Q:?<:X:3E?E<:X:C6=@=>2H2?
F6Q@<>6C276=:3:BX6<:=568RB>6H:RUB6?>6=:5:B
5E2=:D67:<B::?C2?56?6H:>:?:?5@U2C`5`B E3:B<6I
<2FB2?5`U`?5286BQ6<:=6D:X:>>S><S?5SB
E<:X:D2>2>6?5@UBE@=>25`U`?`3:=5:U:5SXS?46=6B:
:72566DD:U:?:C`<=`<=28RB646<F6H25EH242<D`B RUB6?>6<86B6<:B
*6BF6D:?F=6B56<:#`C>` 

3E?E8RBS?SXD6<:5E2=:D6?:?:?C2?56?6H:>:D2B27`?52?
6>:=6?:?3:BA2BQ2C`?`?:7256C:@=2B2<<23E=6D>6< #:X:
@<EIE?4EF:?*6BF6D#`C>`?`?:H::X=6>6C:?::CD:H@BC2
86BQ6U:?86BQ6<@=>2H2?`?72B<`?52=`U`?52?3:=:?63:=646U:?6
52:B3:B2?=2H`X@=>2=`5`B V<:=:<?6<252BQ@<56?6H:>=6?:BF6
:725665:=:BC6:<:=:U:3:B=:<:Q:?56QRI>6<:Q:?5292HS<C6<3:B
86BQ6U65EHE=2?:9D:H2Q@<252B3SHS<@=EB
W2?C#`C>`?`?@<EIE?4EF5606B=6XD:B:=>6C:V=29:=6
8SQ=S3:BRI56X=6X>6F6H23EV=29`?32I`<:X:C6=D6>C:==6B:?:
H2B2D`B EH6B=6X:>6C29:A3:B6H=6B2H?`I2>2?525292
3SHS<72B<`?52=`U`F66FB6?C6=86BQ6U:D6<32X`?2F65@U2?`?
8SQ=6B:H=6EHE>:Q:?5656?6H:>=6H646<=6B5:B S?H23E?2Q@<
C`<:I:?F6B>6IF63E<:X:86?6==:<=6:=6D:X:><EB>2<F6:=:X<:
<EB>2<I@BE?52<2=`B
:562=<@XE==2B52H2X2?2?=2B`?3:B2I2=D`?25SX6?C6F:H6=6B 
2925S?H6F:3:=:?Q5SI6H=6B:?:?D2?`?>2C`F6<23E=
65:=>6C:?:?H2?`C`B256?86=:3:B2HB`=>2C6F:?4:CSB5SB646<
F6OQS?4SF!2B24`=`U`H=2:=6D:X:><EB>2:9D:H24`?`
<2BX`=2H242<D`B E?656?=632X<2=2B`?`<SQS<8RB>656?3E
<:X:8RBS?SXD632X<23:B:?6E=2X>2<EUBE?2<6?5:
CD2?52BD=2B`?`5SXSB>6>6=:5:B
52922I72B<`?52@=>2< C=`?525:U6B<:X:86?6==:<=6@?E?<252B
72B<`?525`B2?42<@?E?:?46=:<=6B:?56@<252BECD2@=>2H23:=:B
:<:=:@=>2H2?5SXS?46  6B5EBE>526?HS<C6<
CD2?52BD=2B`<@BE>2<96BI2>2?6?:H:C:5:B E86?6==:<=6DS>
:=8:=:=6B6H2B2BC2U=2BF65SXS?46F6F2B=`<C6F:H6C:?:HS<C6=D:B
:=86=:<@?E5292HS<C6<D6?52922X2U`C@>ED
I:9?62<D2B>28:B:X:>:?565@U2=8SI6==:U:?:?Q@UE?E
<2H3656B 2U5EBEH@BF6F25:@?E8RB>656?656>:H@B 2U
F25:H6:?6BC62BD`<52U56U:=5:B E?656?=6W2?C`?
@<EIE?4EF#`C>`?2C29:A@=2?5@U2?`?I6F<=6B:?:F6
<@I>:<86BQ6<=:U:?56?6H:>:?:2B2H2?3:B6H

52922IR?6>=:8RBS?6?8S?=S<7:<:BF65SXS?46=6B
5S?H2C`?52H2X2BF6:X=6F8RBSB '86B6<:B
C256463E7:<:B=6B6D292>>S=6D>6<=6<2=>2H`A?2C`=@=5EUE?E522?=2H`?
 #2B>:<CDB@=@;:

-25:86B6<=:@=5EUE8:3:@?=2B5286B6<=:5:B -25:
52U`?SI6B:?565EB5EUEI6>:?5:B RH=646
8RB6=:=:U:?5@U2C`3:=:?468:B6BF65E2=:D6?:?
86BQ6<C:I=:U:@BD2H2Q`<2B 2U`>C`I=`<!"+$")&
2?=2>2<3E3:B6H:Q:?C6F:?4:?2?29D2B`5`B SHS<
>ED=E=E<6FB6?=6@=2?:=:X<:C:?652:B8SQ=S
5EH8ECE?52?86=646<D:B
EH6B=6X:>56A6<Q@<5@U2=X2?CF2B5`BF6
3E?=2B`?Q@UE3:B6H:?<6?5:32X`?2<6X76DD:U:
<2H?2<=2B52?86=646<D:B V?C2?=2B`??656?2U`B2U`B
HSBS5S<=6B:?:2?=2>2<D28SQ=S<Q6<6B<6?2/A0/A3)I@B
H@=52?92H2DH:?656@?=2B2:I:?F6B>6=:5:B MS?<S
32X<2=2B`?`?7:<:BF6DEDE>=2B`?`5SI6=D>6H:3`B2<`BC2
<@=2H42Q`<>2I28:B63:=:BF636?I6BC:IH@=E?52<6?5:C:?:
36<=6H6??6X656?<6?5:?:>29BE>3`B2<23:=:B
2X<2=2B`?2RUB6D646<Q@<X6H:@=5EUE?52?F6
RUB6D>6H6Q2=`X>2<D2?2C=2F2I86Q>6H646<@=5EUE?52?
XSA96H@< NUB6D:=6B:?:??2C`=2=`?5`U`?2<2H`DC`I<2=2?2
<252B3:=8:C:?:?HS<C6<=:U:?:F686?:X=:U:?:86BQ6<:X=6F:?:F6
:?C2?=2B`?86BQ6<56U6B:?:86BQ6<D6?9:CC6D>6H632X=2B E
?@<D2528R<<EX2U`?`?C@?E?52<:2=D`?QR>=6<8RBS?DSCS?S
H2<2=2>2H232X=2B

'&,&,-

EH6B=6X:>6C29:A3:B3:B6H<6?5:C::Q:?C6Q:A
D2?`>=25`U`36=:B=:86=6?6<C6=96567=6B:
86BQ6<=6XD:B6B6<6?3SHS<C6F:?4:?6E=2X242<D`B 
EB252D@A=E>F6@D@B:D6<@?E>E?52@=2?=2B
D2B27`?52?<23E=8RB>62BIECEF2B5`B
'?E?4EF:?2H52=2B`W2?C`?#`C>`2C=2<@=2H
86=>6I2?42<CSB6<=:Q232H=2<2I2?`=>2=`5`B #:X:86BQ6<
@=8E?=E<86=:XD:B:B<6? H2=?`I42H2X2>`?2H`==2B6<=6>6<=6
<2=>2I 5S?H2H2?`=C2>2=2B@=>252?F63SHS<3:B
2?=2H`X=28RBS=SB  ERB5S?4SF56?3SHSB
*6BF6D:?F=6B56<:#`C>` 

V?C2?=`U`>@D:F6656?5EH8E=2BF6:9D:H2Q=2B:Q:?X67<2D5EH2?F6
2H?`I2>2?52@?=2B=2RI56X=6X>6DEI2U`?52?<2Q`?2?#:X:C6=
'=>2H2?:=:?4:?3:BA2BQ2C`

R=S>S?S?@=E>CEIHR?=6B:F2B5`B
?=2X`=>2C`F65R?SXDSBS=>6C:86B6<6?#:X:C6='=>2H2?:=:?Q
Q@4E<CE5EH8E=2B<R<=6X>:XD6<B2B=2H2?D6A<:<2=`A=2B`F6
<6C<:?5EH2B=`=`< 0:?6563E?=2B`?32C:D2Q`<?6X6=:<23E=
8SF6?:=:B=:<F636=:B=::9D:H2Q=2B`<2BX`=2>2H6D6?6U:F65:U6B
:?C2?=2B`?5EH8E=2B`?`?72B<`?52@=>2<@?ECE?52Q@<@=E>=E
<2BX`=`<=2B`F2B5`B E?E2<`=52DED2B2<'?E?4EF56Q2=`X>2<F6
8RBS?SXD636?I6B5EBE>=2B2F6C@BE?=2B2AB@8B2>=2?>`X
D6A<:=6B8:3:X6H=6B56?<2Q`?>2<>S><S?5SB E?E?H6B:?6<:X:
:Q8RBSF6<:X:C6=@=>2H2?72B<`?52=`U252H2=`C6I8:C6=6H=6>=6B6
2Q`<92=686=:B EH8EC2=5SI=6>>255:5S?H2?`?2?29D2B`
92=:?686=:B RH=646AB@;6=6BF6H27:<:B=6B'?E?4EF2B24`=`U`H=2
36C=6?63:=:BF6D2>2>=2?23:=:B

'?E?4EF56W2?C#`C>`?`?06B=6XD:B:=>6C:3:B3:B6H6
8SF6?F6@D@B:D6A@I:CH@?=2B`Q6<63:=:B *@BE>=E=E<F6H6D<:?:?
<:X:?:?5:U6B:?C2?=2B232<>2F6@?=2B2B6936B=:<6D>6
H6D6?6U:?:H2?C`DD`U`?`36=:BD>6<:=8:?QD:B E#:X:C6='=>2H2?
:=:?4:?RB5S?4SF#`C>`?`?@=E>=E3:B72H52C`5`BF6
96567=6B:>:I:?F6:9D:H2Q=2B`>`I`?Q6FB6>:I56<::?C2?=2B=2?2C`=
5@UBE52?32U=2?D`=`@=5EUE?252:B3:BRB?6<D:B

EB252<:W2?C`?(2BQ2C`3:BQ@<<:X:?:?5@UBEF6
H2?=`XC@BE?E?EQRI>6H6Q2=`X>2C`?2?656?@=23:=:B 
6?6==:<=6H26B<6?Q@4E<=E<5:C:A=:?:?6H2525:?:6U:D:>6
52H2?2?8SQ=S3:B29=2<2?=2H`X`F2B5`B E3:B6H:?6H=6>2=2?`?`
R?6>=:R=QS56<`C`D=2>26U:=:>:?565:B E?E?=23:B=:<D6@=E>=E
2?=2>52:?C2?=2B`?92<=2B`?2C2H8`5EH2?F6<:X:C6=HS<S>=S=S<
F6C@BE>=E=EUED2?`H2?8SQ=S3:B<2B2<D6B5@UBE=EUEF2B5`B
 <2B>:< /0.,),'&

E<:X:5@UBEF6H2?=`X`?>ED=2<@=>25`U`?`
I2>2?2>6<2?2F6D2B:9C6=Q2U28RB656U:XD:U:?:
2?=25`U`?52722=:H6D2=2?=2B`?296>I:9:?5696>56
7:I:<C6=5S?H25252923SHS<3:B<2AC2>6<=6?:B #:X:C6=
3SDS?=S<F686BQ6<252=6D5EH8ECE765265:=>65:U:
CSB6463E<:X:?:?32X2B`C`I@=2B2<8RBS=>6C:>S><S?
56U:=5:B
*@?@=2B2<<:X:?:?96567=6B:?:D2?`>=2>2C`?`?
96B92?8:3:B5EBE>E?5@UBECE?EF6H2?=`X`?`36=:B=65:U:?:
92D`B=2>2=`H`I 292R?465636=:BD:=5:U:8:3:<:X:H:965676
H2<=2XD`B2?96BX6H5@UBE5EB RBS=646<@=2?@I2>2?
96567:?3:B6H:?86BQ6<5@U2C`?2EH8E?@=>2C`86B6<D:U:5:B
E<:X:?:?H6D6?6<=:3:B:?C2?@=5EUE?E
3:=>6?:?C6F:?4:?:9:CC6D>6C:<6?5:?68SF6?F6
C2H8`92F2C`H2B2D2?3SHS<3:B8SQDSB  P=P2B2XD`B2?
F686=:X6?=6B:Q:?A2CD`B>2@=EH@B=2BB6936B@=2B2<
<E==2?>2H256U6B3:BRB?6<

'&V)V&V-

'?3:B:?4:F3:BQ@<2CDB@=@8D2B27`?52?:=92>=2
:=:X<:=6?5:B:=>:XD:BQS?<S36=<:562?:?6B656HC6<RB65:4:
3:B:Q8RBS86I686?:@=2?,B2?SCD2B27`?52?
HR?6D:=>6<D65:B EB2H2H6B=6XD:B:=6?#256B#`C>`S?6X
D2B27`?52?HR?6D:=6?6X:?4:F56<:#:X:C6='=>2H2?
:=:?4:?<2BX`=`<86=6?#`C>`?2C29:A@=242<D`B E6<C6?
S?6X ,B2?SCH2B2D`4`H2B2D`4`F66D<:F66D<:32<`>`?52?
86?:X<2AC2>=`5`B '?:B:?4:F56<:#256B:?#`C>`3RH=646
:?C2?=`U`?F6H2B2D`=`X`?8SI6==:U:F686=:X:>::=6:=8:=:
F:IH@?=2B=2:=:X<:=6?5:B:=:B E86BQ6<D6?6XC:I3:B
H6B=6X:>5:BQS?<S3E3:B6H:?C2?`?6FB:>:?:?72B<`?525`B
F6?:92:96567:<6C:?@=2B2<3:=5:U:?:9:CC656B E<:X:
2H?`I2>2?52C@?56B64632U`>C`I5`BQS?<S3E
72B<`?52=`<@?E:?C2?=`U`?8S?=S<C@BE?=2B`?52?F6
>S4256=6=6B:?56?<EBD2B`BF6HS<C6=D:B
*6BF6D:?F=6B56<:#`C>` 

CSB6<=:>6F4ED86=646<6 02?:X:>5:F2B@=2?86=646<6U6B
96A:>:I@?E8RB63:=C6H5:< ?42<3E32<`X2Q`C`A6<Q@<:?C2?
D2B27`?52?<@=2H42<23E=65:=>6IF6H22?=2X`=>2I

#:X:C6='=>2H2?:=:?4:?6X:?4:F#`C>`
HR?=6?5:B:=>65:U:D2<5:B563SHS<9EIEBCEI=E<=2B2?656?
@=23:=646<C`?`BC`I6?6B;:C2U=2B V?C2?`?3:BX6HH2A>2C`F6H2
H2B2D>2C`86B6<D:U:?652:BCSB6<=:3:B9:CF2B5`B ?42<3E
H2B2D`=`X`?3:B72:=:@=2B2<:?C2?2F6B:=6?H2B2D`4`8S4S?
H@UE?=2XD`B`=>`X3:B56?6H:>:?56?32X<23:BX6H56U:=5:B U6B
<:X:@?E?=236?:>H2B2D>2:9D:H24`>@=2B2<D2?`>=2?>2IC2
96>6?96>6?96B6H=6>56AB@;656F6H2:=:X<:563:BQ`<`X
3E=23:=:B EB252<R<C2=>26U:=:>:3E?E?@=5EUE7:<B:5:B 3:I:>
6?6B;: EC256466?6B;:5:B #:X:C6=@=>2H2?3:BX6<:=56<2?2=:I6
65:=5:96B<6C6H2B2B*4B@@8636?I6B:3:BX6<:=56:CD:7=6?:BF6H2
<E==2?`=`BC2H2=?`I426?86==6>6F6C`?`B=2>23E=242<D`B
6X:?4:F!:?C2?=2B`F6H27:<:B=6B:42?=2?5`B>2<F6
@B82?:I66D>6<F686?6=72H52C2U=2H2?@BD2<:9D:H24`F6H2
96567:8RB>6<:Q:?:B256F68SQC2U=2B RH=646'?3:B:?4:F56<:
*6BF6D#`C>`@=2?<:X:2Q`<F6D2B27C`I3:BX6<:=56EH8E=2?>2C`
86B6<6?6?6B;:=6B:?<2?2=`@=EB EX6<:=56<2BX`=`<=`8SF6?F6
H2B5`>=2X>2@BD2>`?523SHS<F6H2>6B<6I:AB@;6=6B
HSBSDS=63:=:B

'?3:B:?4:F36?I6B5SXS?4656<::?C2?=2B`3:B2B2H2
86D:B:H@B RH=6463EH6B=6X:><:X:H:A2B=2<I6<:F63:B2IC`B25`X`
D@A=E>E?CD2?52BD=2B`?28RB6:?C2?=2B=2D6>2C286Q:B646<D:B

E<:X:92H2D`?2?6X686D:B6?:=92>F6B6?:H:>C6B=:<F6
7:<:B=6B=632<`X2Q`C`?`F692H2=8S4S?S2H5`?=2D2?2B<252X=2B
2B24`=`U`H=2:H:X2?C=2B3E=242< HB`42<6?5:?:@86=646U:?96>
<2D2=:IRBS96>56SBS?S@=2B2<8RB6B6<:?C2?=`U`?86=646U:
92<<`?5292H2=<EB>2<D2?I6F<2=242<D`B

RB>6<#2B>:<CDB@=@;:!- W:>5:?:?#2B>2C`%2BD:?*49E=>2?D2B27`?52?H2H`?=2?2?
*2>E6=.6:C6B!?4 &6G0@B< 
 /0.,),'&
(.*&(
S?H2?`?F:IH@?6B=6B6F692H2=A6B6CD=6B6:9D:H24`F2B 
SHS<5:?=6BD6<:=3:B6H=6B:?:=92>65:=>:XF:IH@?=2B`SI6B:?6
<EBE=>EXDEB N?6>=:3E=EX=2B2H?`DSB56?3:BF:IH@?52?
86=5: V?C2?=`U`?DS>6FB:>:3EDSBF:IH@?F6BSH2=2BSI6B:?6
:?X265:=>:XD:B 3E+&.&+ &2&,)+&."3&+/%&-,)!1;1
$:4"))&(0:.:@BDE?6E?3:B<`C>`56?6H:>=6H63:=:B 
+@A=E>E?<`C`D=2>2=2B`?292AC@=>EX9:CC6D>:H@B '
<6X76563:=:B,)/A)A().96?SI!:>:+:)*"*&>D2B27`?52?
D2B27`?52?!:+32"D@A=E>SI6B:?56<:6D<:=6B:?:2?=2>2<2"
"2.&*,S4B6DC:I/,.$1)*(H2A`=2B2"$")"+"()".(&
,)*1>01.:?C2?=2BD2B27`?52?52<RBS<RBS?6<23E=
3()+!A,+).A+C29:A@=>2<%30).AC29:A@=>2<
I2>2?(*(8RB>6<2"&)*"(+"&*,.!
"(/+0.&()&(3:B3.$A)3A A+6B:>0.#A+!+13$1)++<2D`
&."3)".@=2?:?C2?=2B2#.()A&.3,)1)!1'?3:B:?4:F:
@=2?<:X:R=S>@BDE?6@7@BDE?62=`X`=>`X`?5`X`?52
B25:<2=6<C2?DB:<@=2B2<8RBS=646<D:B F6H2")(&3:B2I
82B:A
:Q:?2=D`?QR>=6<E8S??2C`=C`?".)">0&.*"&*
@BDE?6E?3:BA2BQ2C`>6B2<5EH8ECE5EB2"
$:4"))&(F6@?=2B52?86=6?I6F< &*&)$&:?C2?`?
86BQ6<H6B:92H2D`?3:B86BQ6U:5:B&*/,.1*)1)1(
D6I29SB6D>6C:?:C2U=2>2<D`B #:X:&)" 9):*&)"&)$&)&
'?3:B:?4:6F56C6BF6D:CD6H6B6<F6/"2&+8)":Q:?
86BQ6U:?F66FB:>:?<2?2=`@=EB%"-/&:?C2?=`<F6
H2X25`U`86I686?

<<<

#256B:?'?V<:?4:F#`C>`3:B<:X:?:?6?3SHS<
>ED=E=EUE?EF6C6F:?4:?:Q6FB6C:H=6EHE>C2U=2H2B2<
6=5665646U:?:8RCD6B:B :QRI <8&+!"3EX6<:=56<:X:
2?=2>22BIECE?ED2D>:?656B /"+6FB6?:92B6<6D
6DD:B6?<EFF6D=6B VQ6?=:U:>:I5:B&8&+!"92<:<2D02B2D`=`X`?
SDS?S@=2?+6<6?:=62H?`5`B ED6<B62=:D656?DS>
3:B6HC6=B62=:D6=6B@BD2H2Q`<2B'?V<:?4:F
*6BF6D:?F=6B56<:#`C>` 

@BDE?6E?3:BA2BQ2C`3:B6H63E8RBS?SXD62HB`86BQ6<=:<=6B:?
3:B=:U:?:F6+6<3:B6BQ6<=:U:?F2B=`U`?`?86BQ6U:?:<6X76D>6
7`BC2D`F6B:B
#:X:C6='=>2H2?:=:?4:?=D`?4`F#`C>`<:X:H68S?56=:<
5S?H2528RBS?SXD6C`?`B=`C`?`B=2>2=2B`:=6:X=6F8RB>67`BC2D`
F6B:B<6?2H?`I2>2?52W2?C`?'?V<:?4:F#`C>`2B24`=`U`H=2
<@XE==2B`?F6@=2H=2B`?86?6=3:B=:U:?:72B<656B #:X:?:?3ECRI56
C`?`B=2>2=2B`?RD6C:?686Q>6C:?6F66H=6>=6BB@==6B@=2H=2B
F6H25EBE>=2B=2RI56X=6X>6<D6?<2Q`?>2C`?2:9D:H2QF2B5`B 
E?=2B#:X:C6='=>2H2?6?=:<A=2?`:Q:?86B6<=:8RBS=>6=:5:B

=D`?4`F!3:B<:X:H696B92?8:3:B5EBE>E?A2BQ2=2B`?`
3:B=:<D6?2C`=Q2=`XD`<=2B`?`F63:B3SDS?@=2B2<:X=6F8RB5S<=6B:?56
?66=566DD:<=6B:?:8RB>6H6D6?6U:F6B:B '?V<:?4:F:?*6BF6D
#`C>`DS>3E?=2B`<@I>:<F6H26FB6?C6=3:BR=Q6<D68RB>6
H6D6?6U:F6B:B 2X<23:B56H:X=6<:X:8RBS?SXD63:B3:B:?56?2HB`
5EBE>F6@=2H=2B5:I:C:?:?3:B3:B:H=6?2C`=:=:X<:=:@=5EUE?E8RBSB

E?656?=6RB?6U:?:X2B<252X=2B`?`?@=E>CEI
DEDE>=2B`<:X:36?4:=46H2=?`I42@=E>=E<@XE==2B`56?6H:>=6>6H6
Q2=`XD`U`?52@=E>CEI<@XE==2B`?@BD2H2Q`<D`U`?`?72B<`?2F2B`=2B2<
2X`=23:=:B +S>5EBE>=2BF656?6H:>=6BD2B27C`IF6<:X:C6=
@=>25`U`CSB646@?=2B`3:I:>8:3:8RB>65:<Q6@=E>CEIF6
@=E>=EH@<DEB E2?=2H`X=D`?4` '?V<:?4:F6<C6?:?:?5@UBE
:X=6>:5:B EB252%6B4EB:2=8RI=6>8SQ=6B:F6&6ADS?S?X67<2D=:
C6F8:F6:Q8RBS8SQ=6B:@=2U2?H2X2>56?6H:>=6B:?:2X>2<:Q:?
3:B=6X:B ?=`<@=2H=2B5EH8E=2BF67:<:B=6B3RH=646@=5E<=2B`8:3:
2?=`<F686Q:4: 8RBS=SBF6<:X:?:?H2X2>56?6H:>:5`X6D<:=6B:?
8RBS?SB6D<:=6B:?56?32U`>C`I@=2B2<56B:?F686?:X@=EB

E?E?=23:B=:<D63EB2H2H6B=6XD:B:=6?*6BF6D#`C>`?`?
72H52=2B`96BI2>2?2Q`<56U:=5:B 6BQ6<D6?563:B6H86BQ6<D6?
@=2H=2BF65EH8E=2B=22<>2C`?2:I:?F6B>65:<Q6
 .*&( /0.,),'&

F6@?=2B=2RI56X=6X>656?8:D>6=6B:?6:I:?F6B:?92H2D`?F6
86BQ6U:?CSAD:=2?=2H`X`D2>2>6?<2Q`B`=242<D`B =D`?4`F6'?
V<:?4:F=6B:?H2?C`DD`U`9:I>6DF6X67<2D7:<B:Q@UE>EI
D2B27`?52?86BQ6<D6?2?=2X`=>2I 6?6==:<=63E?=2B`H2=?`I42
9:I>6D:>:?C`?`B=`56?6H:>:?56F6H2X67<2D5EH8E>528RBSBSI 
?42<DS>H2B2D`=>`X5S?H2?`?2=D`?52H2D2?3E:<:3SHS<
:=<6?:?<:X:C6=@=>2H2?3:BHR?SF2B5`B 6BQ6<D6?5602B252?
3:I696BI2>2?9:I>6D656BF63:I6<2BX`C`?`BC`IX67<2D=:3:B
C6F8:H6C29:AD:B M@<2I`>`I3E?E56?6H:>=:H@BEI52922I`92=2
RH=6@=5EUE?2:?2?`H@B

#256B:?'?V<:?4:F#`C>`F6#:X:C6='=>2H2?:=:?4:?
=D`?4`F#`C>`2B24`=`U`H=2'?3:B:?4:F#`C>`?`?F66X:?4:F
!?:?:B256C:F6F:IH@?E5S?H2H2F6B:>=:3:BX6<:=56F6<:X:C6=
@=>2H2?3SHS<3:BC6F8::=6D2X`?`B EB252(2BD@7@BDE?6F6
!?:?R?46<:DS>6FH6B=6X:>=6B:?:?5@BE<?@<D2C`?`8RBSH@BEI 
R?8SF62>2QD6I29SB6DD:B:=:BF6

+2>2>=2?5` X2>23:BC@?B2<:5R?8S:Q:?2H2B=2?`BF625292HS<C6<
96567

E3:B6H3SHS<3:BC6BF6D6C29:A&*
:CD6BC6<B2==`U`?2?29D2B=2B`<E==2?>2<@?=2B2 *6CC:I
>65:D2CH@?F6H2=?`I=`<5R?6>=6B:8S4SH6?:=6>6<F6H2X2>`?F6
5@U2?`?3SHS<86BQ6<=6B:?:92D`B=2>2H2H2B5`>4`@=>2<:Q:?Q@<X6H
H2A2B E?=2B<:X:?:?92H2D`?`?5SI6?=:3:BA2BQ2C`92=:?686=:BC6
72H52=`@=EB
E@BDE?6R=S>S:Q:?Q@<RI6=3:BH6B=6X:>5:BQS?<S
:Q:?563:B6H:+2?B`H2H2<=2XD`B>2F225:?:32B`?5`B`B `X
5S?H252<:H2X2>56?6H:>=6B:?:2?=2>2<?:92H6D:?56DS>
H2X2>`?:=29::Q8SI6==:U:?:?86BQ6<=6X>6C:?6H@=2Q242<D`B #:X:
96BX6H:?RIS?S9:CC6D>6H632X=25`U`?52:QC6=8S4S?
<2H?2U`H=23:B=6X:B *@?B2<:X:2H5`?=2?>22<`X`?522<2B96B<6C
:Q:?>6F4ED@=2?@:QC6=`X`<D2H`<2?`B

W2?C(2BQ2C`?`?6?86=C:IQ2=`X23:=>6C::Q:?3:B6H:?C@?CEI
5@U2C`?`6?86==6>6>6C:86B6<:B
*6BF6D:?F=6B56<:#`C>` 

<6?5:?:H252H2X2>`?`C`?`B=`<`C`D=2>2=2B2C29:A@=2B2<
5SXS?6B6< '?V<:?4:F<2Q`X`?6F:@=2B2<25=2?5`B`=>`XD`B M@<
=2I`>56U:= RBS?6?:?<:X:C6=5EH8E@=2B2<9:CC65:=6?:?F6H2
5@<E?E=2?`?RD6C:?686Q>6H6?C`?`B=`3:B86BQ6<=:U:
56?6H:>=6H6?:?C2?:Q:?56H2X25`U`:QC6=92A:C92?656?3:B
<2Q`XD`B #:X:C`?`B=`5EHE=2B`:?C2?`529272I=2:?C2?2F6<@XE==2B2
32U=2H2?:?C2?=2B=2<@XE==2BF65EBE>=2B=25@=5EBEBC2H2X2>
8RBS?SXD6C@?CEI3:BHS<S>=S=S<=6BI:?4:B:@=2?2<252B
92A:C92?6529252<RDS=6X:B '?V<:?4:F3:B6H6BE9E?52RI8SB
@=5EUE?E96BX6H:?86BQ6<D6?3:B@=5EUE?EF6
56?6H:>=6>6>:I:Q:?52923SHS<3:B86BQ6<@=5EUE?E3:=>6
7`BC2D`F6B6B6<DS>3E?=2B`2X2B RH=63:B3:=:?46E=2X>2<D2?
52923SHS<3:BC6F:?Q@=23:=:B>:V?C2?3SHS<C2U=2H`4`:=63:B
@=5EUE:Q:?DS>86BQ6<:9D:H2Q=2B`?`?C@?CEI256<
<2BX`=2?242U`?`3:=>6<D6?52923SHS<3:BD2D>:?H2X2H23:=:B
.*&( /0.,),$3/0

R=S>5RBD

<= <<= < 7 

EBQ=2B52<:3EBQ=2BF66F=6B2B2C`?52<:72B<@<252B
:?465:B<:H6?:32X=2H2?=2B:<:C:2B2C`?522HB`>H2A>2<D2
I@B=2?`B=2B -6@=5E<Q25SBSCD@=>2<86B6<:BC63:BQ@<2CDB@=@8
5@UE>92B:D2C`92<<`?529`I=`56U6B=6?5:B>6=6BH2A>2<:Q:?
246=6656B6<C2?<:EUB2XD`<=2B`<@?EHE9:Q3:=>:H@B=2B>`X8:3:
5:==6B:32U=`92=686=:B=6B M@<<@>:<@=23:=:B

F=6B96A:>:I:?HSI=6X>6C:86B6<6?72B<=`H2X2>
56?6H:>=6B:?:D6>C:=656B<:X:C6=<:>=:<86=:X:>:56U6B@=EXE>E
2:=632U=2B`6F=:=:<4:?C6==:<29=2<:F65:?:76=C676=6BF6:=<6=6BF3 
2H2D`?96B3R=S>S36=:B=:3:B<2=`3`:7256656BF696B3:B:3E
3R=S>=6B:?96AC:?:36?I6BC:I3:BX6<:=5656?6H:>=6B EB252
6F=6BF6:X2B6D=6B2B2C`?522HB`>H2A23:=:B:I V725665:=646<@=2?
6?6B;:?:??:D6=:U:?:F6B6?:X2B6D=6B5:B 2925@UBECEA@D2?C:H6=
6?6B;:=6B:D6>C:=656B=6B

VX2B6D=6BF66F=6B2B2C`?52<:72B<=2B`5292:H:2?=2>2<:Q:?
96B:X2B6D:>@D@B=E3:B@D@>@3:=@=2B2<5SXS?S? S4SF2B5`BF6
3:B:?C2?`8:D>6<:CD65:U:96BH6B68RDSB63:=:B H?`I2>2?523:B
6F:8:5:=646<H@=E8RCD6B6?H@=92B:D2C`@=2B2<5SXS?S? E
?656?=6:X2B6D3:BH2A>2A@D2?C:H6=:?:D6>C:=656B<6?6F3E
A@D2?C:H6==6?6H2A`=242U`?`8RCD6B:B
EBQ=2B52W2?C`?(2BQ2C` 

VX2B6D=6B:5@UBE2?=2>2<:Q:?6?C2792==6B:H=66?6B;:
@=2B2<8RBS=>6=:5:B=6B #:X:?:?6?6B;::=6H2A242U`32I`X6H=6B:
CRH=6>6<>S><S?@=C2523E2C=`?52<:X:?:?3EBQ=2B:Q:?56
C29:A@=5EUERI8SB=SU6C`?`B=2>2=2B86D:B>6<D65:B RH=646
72B<=`3EBQ=2B522H?`:X2B6D=6B:?Q@<72B<=`X6<:==6B56<E==2?`=5`U`?`
8RBSH@BEI :B6H:?5@UEXD2?C29:A@=5EUEA@D2?C:H6=:
<6X76D>6C:F6<E==2?>2C`5`B CDB@=@8=2B@=2B2<96B:?C2?`??2C`=
3SHSHSA86=:X646U:?:<6C:?@=2B2<CRH=6H6>6H:I

EBQ=2B528RBS=5SUS8:3:W2?C`?(2BQ2C`3:B3:B6H:?
6?6B;:=6B:?<6?5:=6B:?:2Q`<Q2:72566D>6C:?6:I:?F6B6B6<
>ED=E=EU2F65@HE>2?2C`=E=2X23:=646U:?:8RCD6B:B M@UE
I2>2?3E<EFF6D=6B32CD`B`=`BF6H2HS46=D:=:B3E525@U2=C6B36CD
6?6B;:2<`X`?`?D`<2?>2C`?2?656?@=EB RH=646<:X:96BH2X2>
56?6H:>:H=6HSI=6X:B<6?5EBE>E:52B66D>6<:Q:?52922I
6?6B;:H6C29:A@=EB SHS<A@D2?C:H6=2?=2>=`3:BX6<:=56
<E==2?`=>2IF6H2HR?=6?5:B:=>6I *2?<:3SHS<F68SQ=S3:B
>@D@BE@=2?3:B2B232C`F2B>`X52@?ECSB6<=:82B2;523`B2<>`X
8:3: :B<:X:32X<2=2B`?`:?4:D>6<D6?32U`>=`@=5EUE?E
5SXS?5S<=6B:?:SI>6<D6?F6H23:BX6<:=5672B<=`8RBS?646U:?:
9:CC6D>656?3EB4E?E?6?6B;:=6B:?:?<6?5:=6B:?::72566D>6C:?6
:I:?F6B>6H6:CD6<=:HC6

W2?C#`C>`?`?H6B=6X:>:3:B6H:?6?:H:6?6B;:2<`X`?`
56?6H:>=65:U:2=2?`8RCD6B:B EDSB6?6B;:H:2?=2>2H`F6@?E?=2
:X3:B=:U:H2A>2H`RUB6?>6<:9D:H2Q=2B`F62BIE=2B`D2D>:?656B 
%ED=2<2<:X:?:?<6?5:Q232=2B`H=256U:=?:92:@=2B2<6?:H:@=2?
36=:B=:6?6B;:<2=:D6C:H=6CSIS=>6H6D6?6U:H=6

#:X:C6='=>2H2?:=:?4:?(2BQ2C`8RBS?SXD63:B6H:?6?:H:
2<`X`?2<2BX`Q`<2?6?6B;:H:D6>C:=656B ?42<3E5292R?46
8RCD6B:=5:U:8:3:5EBE>3RH=656U:=5:B C=`?523E6?6B;:<:X:C6=
@=>2H2?3:BX6<:=56D6I29SB6D>6C:?6:I:?F6B:=:BC6C@?EQD2
R=S>S?6?6B;:C:?6H2B5`>65646<F656CD6<=6H646<D:B
.*&( /0.,),'&

+2=:9 !D2B27`?52?D6>C:=65:=6?6FB6?C6=8SQ=6B:?96B<6C:?
:H:=:U::Q:?92B6<6D6D>6C:?6:I:?F6B:=:B #`C>6?@BDE?6
D2B27`?52?D6>C:=65:=6?RI6=:H:6FB6?C6=:H:?:?3:BHR?S5SB 
2923SHS<:H:?:?52922I:H:H::Q6B5:U:F69:I>6D6DD:U:2Q`<D`B

#'M+

EH6B=6XD:B>6:=63:B6H2<D:F:D6:Q:?:9D:H2QF66?6B;:H:
56?6H:>=6B E?E?=22<2BC2H@=E?52SCD6C:?56?86=6>6H646U:
Q@<2I6?86=@=5EUE?E8RB646<D:B @UEXD2?86=6?3:B46C2B6D
@?E:=6B:H65@UBE:D6B
DS>XSA96=6B:?:2X23:=:B @?E?92B:<22X2B`=2B3E6?6B;:?:?
@?232U`>C`I=`<F6B646<<252B8SQ=S@=5EUE?E?72B<`?2
F2B>2<D2?86=:B 6=646<D6:9D:H2Q5EHE=23:=646U:?56?<@B<2B2<
32X<2=2B`?23@HE?6U>6<I@BE?5256U:=5:B V?C2?=2B`?#@Q
6?6B;:C:?:Q@UEI2>2?H2?=`X2?=2>2C`@?E?8SQ=S32C<`C`
2=D`?52Q2=`X2?<:X:H:32X<2=2B`?`?8RBSX=6B:?:B6556D>6H6F6
<6?5:H@=E?528:D>6H6I@B=2B

0:?656+6B2I:56<:#:X:C6='=>2H2?:=:?4:?(2BQ2C`
C2H6C:?563E<:X::?C2?=2B`?2=`4`A2C:75@U2C`?`2?=2H23:=:BF6
<2B2BF6B:A92B6<6D656>6H6?=6B=66>A2D:<EB23:=:B 
2X<2=2B`?`??6I2<6D:?:?I2>2?I2>2?<@B<EH252H2=`3:B
C2>:>:H6DC:I=:<3:Q:>:@=5EUE?E8RBSB
C`?`B=2B`?`2X>2<D2? ?8SQ=SF6+6B2I:!?:?72H52=`HR?S
@BDE?6E?#@QR=S>S?S?HR?SQ@<?6D3:BX6<:=568RB>6C:?:
C2U=2H2?EHE>F6I:9:?C6=5SI6?5EH8ECE5EB E?:D6=:<=6B
%2BC#@Q:Q:?3:B<2?2=8RB6F:8RB6?-6?SCS?+6B2I:3:B
RB?6U:5:B B:2?92H2D2X69F6D=:3:BH2<=2X`>?656?:H=63E
5SI6?:Q@<C`<<E==2?`B 6?86H:C2U=2H23:=>6<<:X:?:?
H6D6?6<=6B:?:3:=>6C:F6F6B:>=:<E==2?>2C`56>6<D:B +6B2I:!
H2A23:=:B 3E?E??2C`=H2A`=23:=646U:?:8RCD6B:?
EBQ=2B52W2?C`?(2BQ2C` 

E8R<<EX2U`?`?C@?E?52<:2=D`?QR>=6<
3:B6H:?:CD6B7:<:B:CD6B>255:>25563:Q:>:?56@=CE?
<6?5:Q232=2B`H=26=566DD:U:X6H@=242<D`B 
#@B<>2>2=`QS?<S3:BQ@<BE9C2=<:D2AF6RUB6D:2BIE
<2FB2>`?2<2BX`<@?EXEH@B BIEH232U=`=`<D2?F6
5EHE=2B`?29=2<C`I42D2D>:?65:=>6C:?56?
329C656B=6B '2BIE?E?92DD286BQ6U:?2BIECE?E?
3:BH2B2D`U`5`BF63E2BIE@=>252?96567=6B:?:
36=:B=6H6>6I5:  6567=6B:@=>2H2?3:B3:B6H
H2X2>52<:HR?S?S<@=2H42<2H3656BHSI>6H6F6
H2X2>=2B`@?25@<E?2?=2B`?8SQ=6B:?56?6D<:=6?>6H6
6U:=:>=:5:B #:X:8SQ=SB:2?6?6B;:C:?:<`C`D=2BC2
#:X:C6='=>2H2?:=:?4:?+6B2I:#`C>`?`?@=E>CEI
:X=6H:X:?56@=23:=646<@=2?3E5EB
E<:X:D6<3:B965676HR?=6?5:B:=63:=646<3:B2<`=
F6:B2563:B=:U:2B2B #:X:3E965675@UBE=DECE?52?6
<252BQ@<2<2BC292H2D@<252B<@=2H=2X`B #:X:
<6?5:C:?6B6936B=:<656?6?6B;:?:?@?ED6<>@D:F665:4:
8SQ=6D6>2C286Q:B646U:?56?2C=2XSA966D>6>6=:5:B 
&:92:965673E5EB '?E3E=>2<6?3SHS<?6X6H:
86D:B:B

'T

EH6B=6X:>6C29:A<:X:C2U=2>F6<2=`4`@=2?
96BX6H:2B2BF686Q:4:F6HSI6HC6=@=2?I6F<=6B:
E>EBC2>2I *2U=2>3:B86=646<:?X26563:=>6<:Q:?
96BX6H:?2?=2>`?`F6<E==2?`>=2B`?`3:=>6<:CD6B 
'?E?C6F:?4:H2X2>`?RIS?SCSB5SB>6F686=:XD:B>6
H6D6?6U:?652H2?`B E>25562B24`=`U`H=2<2?2=:I6
65:=6?<B6A!?:?A@I:D:76?6B;:=6B:?6F63E?E?
@BDE?6R=S>S2B24`=`U`H=2:725665:=>63:Q:>:?63:B
RB?6<D:B E<B6A<EFF6D=6B:?6@=E>CEI32<`=`BC2
C256465S?H2?`?H`<`>`5SI6?C:I=:U:F6QSBS>6C:
8RBS=SB
 #2B>:<CDB@=@;:!!!
@U252W2?C(2BQ2C`@=2?<:X:3:B6H=6B:?
<6?5:=6B:?:?2C`=H6?63:=646U:?:3:=:B 2/A0/A3):X=6B:?
2?`?5286BQ6<=6X>65:U:86BQ6U:?56?<2H?2<=2?2?
C23`B6<C:<=:U:  2H2DD2<2BX`<2BX`H2<2=2?:CD:<B2BC`I
F6R?8RBS=6>6H6?5EBE>=2B`?8RI=6>4:C:5:B 
E?=2B=2RI56X=6X>6<<:X:?:?<6?5::CD:<B2B
5EH8ECE?E<2H36D>6C:5:B @U26?6B;:C:32U=`=`U`F6
56F2>=`=`U`D6>C:=656B<6?<B6A:?@=E>CEI:7256C:
3:B5R?SXS>H6B:?63:BQR<SXSD6>C:=6563:=:B
E<:X:3:BX6H=6B:?A2BQ2=2?>2C`?2:9D:H2Q
@=5EUE?E2?=2>2=`5`B3EH`<`>F6C@?=2BH2B2D`4`
CSB64:?3:BA2BQ2C`5`B ECSB6QD6<:B@=S6U6B>ED=E
@=242<C2Q@<8SQ=SF62?=2>=`D6>6==6B@=EXDEB>2H2
56F2>6D>6<D:B 0`<`>5R?SXS>@=2B2<
8RBS=>6=:5:B
E<:X:B292D=2>2H`C6F6B2?42<B292D=2>2<D2?
>ED=E56U:=5:B &6<252BH2F2X@=EBC2@=CE?:=6B=6>6
HR?S?56Q2=`X>2H`D6B4:9656B5: ,).(:?X26DD:U:
8SF6?=:<D686BQ6<D6?B292D=2H23:=646U:@?:92:8S?S
82B2?D:65646<<252B:CD:<B2B=`5`B EB25286FX6>6F6
<2C`D=`H2F2X:=6B=6>6<B6A!?:?RB?6<=6B:5:B 
H6?:=6?>6F63SHS>6
@U2#`C>`?`?6?3SHS<C6F:?Q=6B:?56?3:B:
<:X:C6=C6F8:?:?6=5665:=>6C:F67:I:<C6=A=2?52:7256
65:=>6C:5:B 0:?656@U2F6<B6A4:?C6==:U:2B2C`?52
3SHS<3:B72B<F2B5`B @U2EB4E:=6<:X:4:?C6==:U:F6
2X<`2H`B>2>2<86B6<D:U:?:8RBSB EH2A2H2HB`=`<
+2EB:2?`?86BQ6<2>24`?2I2B2BF6B6?<B6A:?5292
5SXS<C6F:H6=6B:?:?56?6H:>:?6?656?@=242<D`B 
@U23EB4E?E?4:?C6==:U:96BI2>2?C`42<=`<
C2>:>:H6DF632U=`=`U252H2=`2?=2>=`3:B3:B=:<D6=:<
<EB>2H`2>2Q=2B <B6AD6<:#:X:C6='=>2H2?:=:?4:?
(2BQ2C`2B24`=`U`H=23:B6H4:?C6==:U:?<RDSH6<E==2?`>`
@=2B2<8RBS=6?F69:CC65:=6?X6H:?3:B8RI=6>4:C:
@=23:=:B <B6A:=:X<:=6B6F6C6F8:H6:I:?F6B>6H6
Q2=`X`B
EBQ=2B52W2?C`?(2BQ2C` 

C275EH8E=2B`?C`42<CE=2B`?`?:?C2?`?:QH2X2>`?`H2D`XD`B>2<F6
36C=6>6<:Q:?Q6<:=5:U:F65R?SXDSBS=>6C:?6:I:?F6B6?<EHE
@=E? E%2BCF6(=ED@?E?3:BCE3EB4E?E?9S<S>52B=`U`
2B24`=`U`H=2722=:H6D8RCD6B6?:X=6F=6B:?56?3:B:5:B

@U23EB4E?52<`C>6D@=2?3:B6H?6B6H68:DD:U:?:
3:=5:U:?56>ED=E@=EB '?E6?86==6>66U:=:>:?56@=2?5`X
<@XE==2BF6:?C2?=2B<:X:C6=@=>2H2?3:BX6<:=568RBS=>6=:5:B 
12H`7?@<D2=2B`?52?3:B:<6?5:?:96567>:X8:3:9:CC6D>6F6
2B5`?52?@=E>CEID6A<:F6B>66U:=:>:5:B <B6A!D2B27`?52?
F6B:=6?5EH8E=2B2:=:X<:?:Q8RBS8S4S?S?H2B5`>`H=23E5EH8EH2
?6D3:B32<`X@?296567@=>25`U`?`8RCD6B646<D:B :BX6HF2BC2
@C25646@B252H5`96AC:3E ?8SQ=SHR?=6B:?56?3:B:3:B
X6H=6B:DED>2F6H26=56DED>2H6D6?6U:@=C252<B6A!:=6
@=E>CEIRI56X=6X>686Q>:XD6@=2?=2B2<2BX`<:?36C=6H6B6<
6?6B;:C:?:52U`D23:=:B

@U26?6B;:C:?:?6?:H:X6<:=56Q2=`X23:=>6C::Q:?3:B6H
:X=6B:D6BC:?6Q6F:B>6H6F65R?SXDSB>6H6>6H:==:@=2?<B6A
6?6B;:C:?:6?86==6>6>6H:RUB6?>6=:5:B V?X26D>6H6Q2=`XD`U`
X6H:8RI56?<2Q`B>252?<@BE>2H`RUB6?>6=:5:B E<:X:H2X2>
<2=`A=2B`?5256U:X:<=:<H2A>2<@?ECE?52@=2U2?SCDSH2F2XD`B 
?42<<2=`4`F62?=2>=`<2=`A=2B@=EXDEB>2F6CSB5SB>6H6D6?6U:
6?3SHS<>ED=E=EUE86D:B646<D:B #6?5::Q:?56<6?5:C:?:?F6
32X<2=2B`?`?8SF6?63:=646U:3:B8SF6?:=:B=:<:?X26DD:U:?:
3:=>6<D6?I6F<2=`B

@U26?6B;:C:5@U2?`?8SQ=6B:H=6EHE>:Q:?56@=2?
32B`XQ`=3:BF2B@=EXD2?3:B:5:B E1@5H2<D2<:X:?:?>6>?E?:H6D
5EH23:=646U:3:B<2Q:X2B6DD6?3:B:5:B @U2Q@<F6B6?3:B
:X2B6DD:B E3:B6H92H2D`?52<:9@X?EDCEI:?C2?=2B`?6<252B
C2<:?=6XD:B>6H6F6C2<:?=6XD:B>6H6Q2=`X`BC2<B6A!:=6
@=E>CEI3:BRI56X=6X>6F2BC2<6?5:9EIEBE?E@<252B72I=2
3@I242<D`B #:X:H2X2>2H`F6H2X2D>2H`RUB6?6B6<F692H2DD2F2B
@=2?DS>5@=E=EUED2<5:B656B6<@U26?6B;:C:H=66?:H:X6<:=56
:X3:B=:U:H2A23:=:B
 <2B>:< /0.,),'&

<B6A:?H@UE?=EUEH2X2>52<6C:?3:BH6B:@=C252
@=E>CEI3:BX6<:=56D6I29SB6D>6<I@BE?5256U:=5:B E
H@UE?=EUE?2>2Q=`:7256C:3E:=<8S4S?Q2=`X>2H2
2B2XD`B>2H2BE9C2=2B2H`X2F63SHS>6H6HR?6=5:U:?56
H2B2B=`@=5EUE?E92D`B=25`U`?523E=E?23:=:B 2/A0/A3)
?6C:=F6B6;6?6B2CH@?
E8R<<EX2U`?`?C@?E?52<:2=D`?QR>=6<F22D
65:=>:XD@AB2<=2B28:B>6H636?I6D:=63:=:B ,IE?3:B
56?6H:>56?C@?B2<:X:@=E>CEI>S4256=6H:3`B2<>2H`F6
96BI2>2?RI=6?6?8SI6=9EIEB=EC6F8:5@=EF2B@=EXE
<23E=6D>6H:RUB6?:B EB2525:B6?>6<D6?Q@<
D6C=:>:H6D=6<2I2?`=`B

V#V1$)

V<:I=6B6H6B=6XD:B:=6?W2?C`?(2BQ2C`:=6D:X:>F6
RUB6?>6F63E?=2B`?@=EXDEB5EUE:?C2?=2B=2
32U=2?D`H@=EH=23SHS<3:B?6X6F6B:B E<:X:
32X<2=2B`?52?H6?:2?=2H`X=2B2B`H@BF6D@A=EH@B
%".("/@3E=EXEB  2H2D`?52<::?C2?=2B<:>
@=5E<=2B`?52?Q@<2<D2B5`<=2B`7:<:B=6B:Q:?R?6>=:5:B 
EB252525EH8E=2B`?DEI2U`?25SX>656?96BX6H:
927:73:BC6F:H656DED>2Q232C`F2B  2H2D`?23:BQ@<
:?C2?86=:BF68:56BF696AC:?56?EH2B`F63:=8:2=`B 
RH=64632X<2=2B`?`?56?6H:>=6B:?56?56B=6?6?
86BQ6<3:BHSBSH6?F6B:F63:=8:2?C:<=@A65:C:92=:?6
86=:B &6<252BQ@<D@A=2BC292H2D`?3:B3:B:H=6
Q6=:X6?3:BQ@<72B<=`HR?S?S@<252BQ@<72B<656B

E<:X:32U=2?>2<@B<ECE?52?5@=2H`56U:=
92?8:7:<:BF6H25SXS?46?:?5292:H:F6H25292
5@UBE@=5EUE?2<2B2BF6B>6>6H:D6B4:96DD:U::Q:?
D2299SDD63E=E?>2>2H2Q2=`X`B RH=646:<:<@?E>E
3:B2B252DED>2H2Q2=`X`B (2CD2C`?`2=`AH6>6<
:CD6H6?3:B:@=C2H5`@52V<:I=6B56W2?C(2BQ2C`@=2?
<:X:@=EB5E V<:C:?:?72H52C`?`8RB>6<:CD:H@B
EBQ=2B52W2?C`?(2BQ2C` 

<2>A=2B:<:C:H=65686BQ6<D6?3:B:DD:72<<EB>252? 2I6?
32X2B`B EH2X2>`?2<2AC2>F6B6?<<2D2?92B6<6DRI8SB=SUS
C2U=2B  2H2D`?52<:96BBSI82B56U:X:<=:U:?69`I=2D6A<:
F6B63:=:BF6D6A<:F6B63:=:B :B6H7:<:B=6B:?D6@B:=6B:?F6<:X:C6=
@=>2H2?8RI=6>=6B:?Q@<=EUE?52?I6F<2=5`<Q23SHS<?6X6F6
86BQ6<I6F<H2X2?`B E96AC:?:3:B3:B:?632U=2H2?@BD2<
?@<D2H`F6H2D6>6=:=<6H:3E=>2H2Q2=`X2?02H!D2B27`?52?
2BD`B`=`B

#:X:C6='=>2H2?:=:?4:?02H(2BQ2C`2B24`=`U`H=286BQ6U:
6?A2B=2<`X`U`?528RBSB E86BQ6U:8RB>6<"SA:D6B:?
HR?6DD:U:!?:??6X6C:F6I6F<:H=6DS>:?C2?=2B=2F65EBE>=2B=2
RI8SB46:=:X<:<EB>2C`?`C2U=2B E<2=6>E?8:3:%6B4EB:2=
6?6B;:C:5EBE>H6?:3:BD2=6AD63E=E?5EUE?52?2?`?52
56U:X>6C:?6:I:?F6B:B :=:?4:?86?:X=6>6C:?6:9D:H2Q@=5EUE?E
3:=:B2?42<3E?E86B6U:?56?72I=2FEB8E=2BC2H2X2>=2F6
:9D:H2Q5EH5EUE:?C2?=2B=2@=2?H2<`?D6>2C`?`<2H3656B 
EBE>=2B`?:<:=:U:?:<:X:C6=@=2B2<H2B8`=2>252?Q6FB6C:?56
@=EA3:D6?96BX6H=6H2<`?52?:=8:=6?5:U:?566?>ED=E5EB

#:X:C6='=>2H2?:=:?4:?02H#`C>`?`?@=E>CEI<E==2?`>`
<:X:?:?H2B8`=2H`4`@=>2C`?2?656?@=23:=:B #:X:3E?2H@=2Q2?
@D@B:D6BDEDE>=2B=2RI56X=6X>6>6H:RUB6?>6=:5:B #:X:?6<252B
Q@<H2B8`=2BC2@<252BQ@<2B2?2?2B<252X=`U`@<252BQ23E<
<2H3656B %6B<SB "SA:D6B6<C6?:8RI=6>F63:=86=:U:?8S4SH=6
:=8:=:5:B EB252!?:?@=E>=E:7256C::?C2?@=>2?`?36=:B=:
86Q:4:C`?`B=2>2=2B`86B6<D:B5:U:?:92D`B=2>2?`I2:I:?F6B646<D:B 
2<`X2Q`C`I:9:?C6=5SI6H566?3SHS<86?:X=6>6H6:I:?F6B646<
F62H?`I2>2?52>6F4ED:?C2?=`<5EBE>E?E?2?=2X`=>2C`?2
:I:?F6B646<<252B86?:X@=>2=`5`B

V<:I=6B#`C>`?`?6?3SHS<?6X6C:2?=`<86BQ6<=:<=632X2
Q`<>2H6D6?6U:?56?86=:B :B6H02H!?:?EI2<Q2UB`=2B`H=2
3:B=:<D6CSASBS=>6C:?6:I:?F6B:BC68SQ=S3:B
 .*&( /0.,),'&

3EB252F6X:>5:Q2=`X>2H6D6?6U:?:<2H36D>6@=2C`=`U` M@<2Q`<
>6F4E5:H6D5EH8ECEF6X:>5:<:I2>2?7:<B:!,;1>0+V<:I=6B56
9):*:=6:=8:=:)&%3E3:B6H:Q:?6?D2D>:?65:4:?6X6
<2H?2U`5`B #:X:C6=2=D`?<2A=2B`86Q:4:@=2?=2?2C`=
H2X2H242<=2B`?`3:=>6<D6?86=:B 

#&*)

EH6B=6X:>6C29:A<:X:36C=6?>66?6B;:C:?:?C6B36CD
2<`X`?2:I:?F6B6B6<6?3SHS<C6F:?4:?6E=2X`B E3:B6H<6?5:C:?:
F632X<2=2B`?`86=646<D6<:3SHS>6:Q:?86B6<=:@=2?96BX6H=6
36C=6>6H6Q2=`X`B EB252<:X:96B<6C:RIF6B:=:3:BX6<:=56
36C=6H6?V=29:??6?:?C6F8:C:?:56?6H:>=6B

E<:X:H656B:?56?9:CC65:=6?252?>`X=`<5SBDSCS?S
:7256656B<6?3SHS<C6F:?QF6B:=:B *`42<=`<F6H2<`?=`<
H2X2H23:=646U::?C2?=2B`F6<@XE==2B`2B2B E3:B5EH8E
6?6B;:C:5:B @U2H2H2<`?@=>2?`?F6B5:U:Q@<>ED=E=E<F2B5`B
QS?<S<:X:6FB6?=63:B=:U:?F6:X3:B=:U:?:?RIS?S5@U22B24`=`U`H=2
9:CC6563:=:B

+S>6H=6>=6B56Q@4E<CE3:BC256=:<2BIECEF2B5`B #:X:
#:X:C6='=>2H2?:=:?4:?'U=2<R=S>S2B24`=`U`H=2X6H=6B:
@=8E?=2XD`B2?6?6B;:=6B:8RBSB<6?X6H=6B:?32X=2?8`4`H=26?
EHE>=E@=2?92CC2C?2I:<06?86Q6?6B;:C:H=6EHE>:Q:?56
<2=>2<6?:H:C:5:B 'U=2<6D<:C:6?:H:6?6B;::Q:?5@UBEF66?
H2B2B=`<2?2=`?2H`BD65:=>6C:H=6:725665:=:B

@UE>CSB64:?:56?6H:>=6>6<3SHS<3:B?6X6
86D:B646<D:B E:CD6B3:BQ@4EUE?5@UE>E:CD6B3:B7:<:B:CD6BC6
56@?E?@BD2H2Q`<>2C`?52<:X:C6=3:BB@=@H?2>252?R?46F2B
@=>2H2?96B92?8:3:BX6H@=CE?6?3SHS<>ED=E=E<F6D2D>:?
5EH8ECE?E86D:B6?X6H96BI2>2?@?E?32X=2?8`Q=2B=2@=2?Q@<
H2<`?:=:X<:C:5:B

_WE2?52>6F4E5:H6DF6:=8:=:>2D6BH2=:?5@U2C`92<<`?52529272I=23:=8:2H*49E=>2?`?H2<`?52
Q`<242<@=2?32X=`<=`<:D23`?52D2BD`X`=242<D`B #2B>:<CDB@=@;:"/!-.*:=6:=8:=:X:>5:*2>E6=
.6:C6B!?4 D2B27`?52?H2H`?=2?242<D`B
EBQ=2B52W2?C`?(2BQ2C` 

#:X:C6='=>2H2?:=:?4:?'U=2<(2BQ2C`2B24`=`U`H=2<:X:
9`BC`?6?6B;:C:?:8RBSBF6<2FB2B HB`42:?C2?`?<`C>6?@=EX>EX
@=2?`?2C`=>6HF6F6B>6H6Q2=`XD`U`529:CC65:=:B 'U=2<6?6B;:C:
C2U=2>F6<B:CD2=:I6:<6?06?86Q6?6B;:C:6C?6<F6HE>EX2<D`B 
6B:<:3EBQD2522<D:F:D6H6HR?6=:<8SQ=S3:B6?6B;:F2B5`B 'U=2<
6?6B;:C:3:BC@?E4E?2BIE65:=:B=:U:?:8RB6B6<>@D:F6@=EB 
@=2H`C`H=2!562>2Q=2B86?6==:<=62B2Q=2B`92<=`Q`<2B2?
:I=6?:>:F6B:B 06?86Q6?6B;:C::C6H2A>2<:Q:?H2A>2H252H2?`B 
>2Q=2B52?Q@<2B2Q=2B`?6?6B;:C:5:B 'U=2<3:B6H56?5292EIE?
CSB652H2?242<X6H:32X2B>2H2Q2=`X`B<6?06?86Q<:X:H6
H2B2D`=`X`?<6?5:C:?56H6B2=5`U`?`9:CC6DD:B6?X6H:H2B2D>2H2
Q2=`X`B

06?86Q3EB4E?E?86?Q=:U:F642?=`=`U`3:=86=:<F6
@=8E?=E<2B2H`X`?52'U=2<D2B27`?52?56?86=6?:B E?656?=6
3:B6H<D:U:DS>D@9E>=2B`?D2>C6F:?4:?6W2?C`?06?86Q#`C>`
2B24`=`U`H=2E=2X>2<:CD:H@BC2#:X:C6='=>2H2?:=:?4:?#`C>`?2
<6?5:?:<2AD`B>2>2=`5`B !?:?6?6B;:C:?6H2A`F6HR?F6B>6C:?6
:I:?F6B>6=:2?42<3:BQ@4EUE?86?QF6<2B>2X`<@=>2H2?
5@U2C`?`<@BE>2=`5`B

E8R<<EX2U`?`?C@?E?52<:2=D`?QR>=6<DS>5@U252F6
I:9:?5686BQ6<=6X6?5@UE>CSB64:?62HB`42=`<=`3:B<2D`=`>4`
@=>2?`?F6B5:U:>ED=E=E<DEB *6F:?Q2H?`I2>2?52
86=:X63:=>6=6B:F686=:X63:=>6=6B::Q:?X67<2D=:32<`>2:9D:H2Q
5EH2?96BX6H:?36C=6?>6C:?56?56<2H?2<=2?`B #:X::Q:?56?
7`X<`B2?=2B`?3SHS>6C:?::I=6B<6?H2X2>`?D6>6==6B:?:?86BQ6<
3:BA2BQ2C`@=5EUE?E3:=>6<D63SHS<3:BD2D>:?F2B5`B

$'

EB252>6B<6I@=2B2<92B6<6D6D>6F6<@>ED26D>6
<@?ECE?523SHS<3:BRI=6>F2B #6?5:?692<:>@=>2H@=EH=23:B6H
32X<2=2B`?2:=92><2H?2U`F6B6936B=:<<2H?2U`@=>2H2Q2=`X`B
(.*&( /0.,),'&

$:56B=:56B=:<6D>6=:QRI>6:B256C:F68S4SC25646<6?5:C:?56
@=2?C@BE?=2B52?F6C@BE>=E=E<=2B52?<2Q>2>2=`5`B SHS<
C6F:?Q3:BX6<:=56:?C2?`?A@D2?C:H6=:?:<E==2?5`U`?52?6=6B
H2A23:=646U:?:?A2B=2<RB?6<=6B:F6C6>3@==6B:@=2B2<5EB2?
3SHS<R=Q6<=:32X2B`=2B6=566D>6<D6?86=:B E<:X:C25646
<6?5:?::H:=6XD:B>6H:56U:=2H?`I2>2?523:B3SDS?@=2B2<
D@A=E>E:H:=6XD:B>6H:56:CD6B
:=:?4:?#@F2#`C>`2B24`=`U`H=2<:X:32X<2=2B`?`<6?5:
#:X:=:<C:I
HR?D6>=6B:?6EH>2H2I@B=2>2>2H`RUB6?:B E?E?H6B:?696B
3:B6H:?<6?5:H@=E?E3E=5EUE?E2?=2>2H2Q2=`X>2=`5`B :BQ@<
2=2?526?6B;:=6B:52U`D>2H2B2<H2B2D`4`8S4S<@BEHEA
HR?=6?5:B63:=:B:I E6?:?56C@?E?52D2D>:?F6>ED=E=E<
86D:B646<D:B +S>32X2B`=2B<:X:C6=Q232H=26=5665:=646U:?56?
<:X:<6?5:<2=6C:?:?D2BD`X>2C`I<B2=`@=>2?`?C6F:?4:?:
H2X2H242<D`B  6AC:?56?R?6>=:C:<B2==`<@?EB=E@=242<QS?<S
?6@=EBC2@=CE?

5SBSCD@=>2H2?HR?D6>=6B=66=5665:=6?3:B2I$6@52*6BF6D
(2BQ2C`@=2?3:B6H:Q:?2?=2>

E<:X:?:?#:X:C6='=>2H2?:=:?4:?#@F2#`C>`2B24`=`U`H=2
32X<2=2B`?2F6B5:U:RUSD=6B3:B6>:B@=2B2<56U:=3:B965:H6
@=2B2<F6B:=>6=:5:B '?E?8S4S
:I:?F6B>6H:RUB6?5:U:?56H2B2D>2<86BQ6<D6?92B:<2@=EB&*
5S?H2?`?86B:<2=2?`@?E?D2FC:H6C:?:<23E=656BF6H2B655656B
F6<6?5:C:?6H2B5`>6D>67`BC2D`F6B:=5:U:86BQ6U:H=6H6D:?:B

6>C=2?96>56#@F2F6B>6?:?6?6B;:=6B:5:B #@F2
6?6B;:C::?C2?=`U2<:X:C6=@=>2H2?3:B32U`XD`B 2
3SDS?9:Q3:BX6H36<=6>656?:Q:?56`B<`?6FB:>:5`X`?52
5R?SX ND6H2?52?C=2?`?4R>6BD=:U:<:X:?:?H2<`?H2X2>
2=2?`?`@=EXDEB2?3:B6H=6B6HR?6=:<@=2B2<52922>2Q=`5`B E
?656?=6@BDE?6E?C=2?52<:(2BQ2C`<:X:C6=2X<<2FB2>`
6DB27`?52D@A=2?`B 6=:B=:3:B>:<D2B5286B:3:=5:B:>86B6<=:5:B
EBQ=2B52W2?C`?(2BQ2C` 

3E<:X:?:?4R>6BD=:U:?:?9`BC=2B`?`?F696567=6B:?:?5@UBE
H@=52:=6B=65:U:?:9:CC6D>6C::Q:?
C=2?6?6B;:C:Q@<8SQ=S@=>2C`?2B2U>6?@=5E<Q2<2D`
@=>26U:=:>:?565:B 6=:B=:86=6?6<=6B:F6H2:=<6=6B:D2<:A656?
3:B6HH2X2>`?`<6?5:C:?6@?EBAB6CD:;92HC:H6DF6C2H8`
86D:B646<@=2?`?C`?`B=2B`:Q:?56DED>2H2Q2=`X`B >24`?`H6B:?6
86D:B>6<:CD:H@BC2#@F26?6B;:C:?56?<2H?2<=2?23:=646<2?=`<
5:<<2D52U`D`4`X6H=6B56?<2Q`?>2=`5`B -6H6B:?686D:B>6C:
86B6<:BQS?<S<6?5:C:?63SHS<D2=6A=6B563E=E?EB ?42<3E
D2=6A=6B<6?5:HS<C6<CD2?52BD=2B`?28RB6<2BX`=2?5`U`?52D2D>:?
9:CC65646<D:B ?6B;:?:?2>2Q=`HR?S3SHS<32X2B`=2B86D:B:B E
32X2B`=2B`?C@?E?52<2I2?`=242<@=2?92HB2?=`<3E
8R<<EX2U`?`?C@?E?52<:2=D`?QR>=6<D:B

2X2<D2

EB2523:B6HQ6FB6C:?56@B82?:I6C27=`<5EH8ECE
H2B2D2B2<3SHS<3:B>ED=E=EU2E=2X`B *25646<:X:C6=9:;H6?56
56U:=H2X2>F6Q2=`X>22=2?=2B`?5252D6>:I=:<2B2B 
SXS?46=6B:?5SI6?=6?>63:Q:>:?56563:BDSBD6>:I=:<
56?6H:>=6B `XQ6FB6H6<2BX`C@?56B6465EH2B=`@=2?3E<:X:
8RBS?SXD6@=E>CEI5EH8E=2B2F6B:=6?<:X:C6=D6A<:=6B56??6
<252B6D<:=6?5:U:?:?Q@<72B<`?525`B

#:X:C6='=>2H2?:=:?4:?2=`<(2BQ2C`2B24`=`U`H=2X67<2D:?
5@U2C`?`D2>@=2B2<2?=2B2?42<W2?C`?(2BQ2C`:H:Q2=`X242<C2
8RBS=6>6H6?8SQ=6B=6RI56X=6X>6<D6?<2Q`?>2=`5`B 
RBS?>6H6?3:=:?QC:IF6<:X:C6=<@?DB@=S?S?RD6C:?56<:C@?CEI
8SQ=6B:?72B<`?52@=2B2<H:?656H2X2>`?`]X:>5:F63EB2H2^
252?>`XC@?56B6463:=:?Q=:3:BF2B@=EX2HR?=6?5:B>6<
I@BE?525`B

E<:X:@=E>CEIX6H=6B6Q@<2IH6B3`B2<2B2<CSB6<=:F6
3:=:?Q=:3:BX6<:=56>6X8E=@=>2H2Q2=`X`B
.*&( /0.,),'&
2X<2=2B`?`?5EH8E=2B`?`3:=:?4:?::CD:=26D>6<:Q:?E
?656?=65S?H6F:86BQ6<=:<=6>6X8E=8:3:8RBS?6?X6H
2C=`?523E<:X:H6@B82?:I63:BH2X2>2=8`C`H@=EH=2
SCDS?3:B?6X65EH8ECE86D:B:H@B
1:9?:?F63656?:?D6>:I=:U:R?6>=:5:BQS?<S
3E?=2B86B6<C:I5`X6D<6?=6B56?2B`?>`X?6D3:B
5SXS?4632C:D=:U:56?6H:>:?6:I:?F6B:B=6B #6?5:?:
5:C:A=:?66D>6H:RUB6?6B6<@?E:Q32B`X2HR?=6?5:B6?
2=`<!C:?:@=E>=E3:BX6<:=56<E==2?2B2<?:92H6D:?56
@=E>CEI5EH8E=2B`?SI6B:?6Q`<23:=:B :B:?4:=2>24`:H:
F66<C:<C:I3:BX6<:=56Q2=`X>2<D`B 2X<2=2B`92<<`?52
?69:CC6DD:U:?56?32U`>C`I@=2B2<5EH8E=2B`?86Q:4:
@=5EUE?EF696BI2>2?3:B56U:X:>92=:?56@=5EUE?E
3:=:B #ECEBCEI2Q`=>2HR?S?56:=6B=6>6H656F2>
6D>6<:Q:?Q@<<:X:C6=3:B8RB6F:?72B<`?52=`U`F2B5`B
&682D:72=`<6?6B;:C:?:?86Q>:XD6<2=>2
6U:=:>:F2B5`B 2X2<6?6B;:C:X:>5:<:I2>2?`?
2HB`?D`=2B`H=28SQ=S3:B>6X8E=:H6D=6>6B<6I=6?:B 
2X2<3EB4E?E?F22D6DD:U:>ED=E=E<3E8S?SRH=6
F6B:>=:3:BX6<:=566=62=>2<D2?86=:B<:2HB`?D`=2B
2C=23:B:<:A86Q>:XD6?86=646U6D2X`?2?3:BHS<
92=:?686=:B RH=6462=`<!6?6B;:H:3SDS?S?F6
@?E?X:>5:<:2?=2>`F66D<:C:?:?<2FB2?>2C`H@=EH=2
HR?=6?5:B:B
'U=2<3EB4E6?;2>:?B2?<=:?:?C`B25`X`
5EHE565:U:32C:D>2?D`U`?:7256C:?563SHS<3:B
?6X6F2B5`B 2X2<6D<:C:H2X2>`?2HB`?D`=2B`?`Q@<
>2?D`<=`3:B9656768RDSB6?3:B5:I:@=2H@=EXDEB242<
X6<:=563:B2B2H286D:B63:=:B EH:?6X:>5:<:I2>2?2
F66?6B;:2<`X`?`?HR?S?6D2>3:B86?6=32<`XCE?2?
#:X:C6='=>2H2?:=:?4:?2=`<(2BQ2C`?`?3:B
RB?6U:5:B :B6H2C=`?52@<252BF6B:>=:@=23:=:B<:
3:B2IB@3@D8:3:9:CC6563:=:B *@?EQ@=2B2<6U6B92=2
9:CC6563:=:H@BC2>2?D`<=`@=2B2<2?=2>2<:Q:?5EH8E
2B2B E?EH2A>2<:Q:?I`D:X2B6D686Q6BF62=`<!H:
:72566D>6H632X=2B C=25:<<2D=:@=>2=`
EBQ=2B52W2?C`?(2BQ2C` 

3EHR?S?S?@=E>CEIHR?S:=6RI56X=6X>6< EB2523:B
H2?`=C2>2:?4692H2==6BF6C@?CEI72?D6I:=6B56?:I:?56AB2D:<
5@U2H`8RI56?<2Q`B23:=:BC:?:I E?=2B<:X:?:?6?3SHS<?6X6H:
86D:B6?XE2?`?3:=:?Q=:5EH8ECE?52?EI2<=2X>2C`?2?656?@=EB 
E?E?H6B:?6H2X2>`?2F6X:>5:<:56?6H:>656B:?=:<<2D242<
2=`<3EB4E?E?C27=`U`?`F66FB6?C6==:U:?:2B2>2=`5`B

2=`<F62X2<9:I>6D6?6B;:=6B:?:D6>C:=656B 
2X<2=2B`?2X67<2D=69:I>6D656?2=`<2X2<<6?5:?69:I>6D:
D6>C:=656B E3:B6H6?:H:X6<:=56Q2=`XD`U`?52H6D6?6<=6B6
32X<2=2B`D2B27`?52?Q@<:9D:H2Q5EHE=242<F6H2B5`>6D>6<
:CD6H646<D:B EB252<:X:F2B@=EX>6B<6I:?56?2HB`=>2>2H2
5:<<2D6D>6=:5:BQS?<S<:X:32X<23:B<:X:?:?C@BE?=2B`H=2
@=E>CEI@=2B2<RI56X=6X:BC6:X=6FH6D6?6U:?:<2H36D>6H6
32X=2B 2X<2=2B`?`<@=2H425EH8EC2=3:B56AB6CH@?5EBE>E?2
C@<23:=646<72<DRB=6B:?SI6B:?6Q`<>2C`?`C2U=2H2?X6H3E
<:X:?:?:X=6FC6==:<H6D6?6U:5:B

E3:B6H:Q:?2=D`?QR>=6<XE2?526=:?56DEDDEUEF6
EUB2XD`U`X6H5:B 2=`<`?6?6B;:C:96BI2>2?C@?CEI@=2?=2
:=8:=:5:B *25646HS<C6<5EHE=2B=22=8`=2?23:=6?8RBS?>6I3:B
6FB6?6EHE>5EB 2X2<6?6B;:C:C@>ED@=2?2HR?=6?5:B:=:B W6H=6B
5S?H2C`?52H2X2B EX6H=6B:?EH8E?@B82?:I2CH@?E32<`>`F6
D6>:I=:U:C2H6C:?56W2?C`?2X2<(2BQ2C`B@=S?S3E=EB E2=`<
!?:?<:X:C6=@=>2H2?:7256C:?6:I:?F6B:BC6F8:?:?92H2D2
:?7SIH@?EI2>2?C`I2?`?56?6H:>:

+)1V

EB2523:B6H6?3SHS<>ED=E=EUE?2<6?5:?::55:2
6D>6>656?:=63:=646<3:B6?6B;:H=6:X3:B=:U:H2A2B2<E=2X`B #:X:C6=
2BIE=2B`?`:72566D>6<D6?Q@<32X<2=2B`H=23:B=:<D6@=>2<D2?
5292B292DD`B
 <2B>:< /0.,),'&
Q2=`XD`U`X:B<6DD62B25`U`EHE>E3@I23:=:B 010.
./A3:B8:B:X:>5:B(.A>0A.*(32X<2=2B`?`?
2BIE=2B`H=2 ECSB6<=:@=2B2<C@?EQ=2?`B(3*/A&*
-1+6=566D>6<2>24`H=28RBSX(1)
E<:X:<6?5:2BIE=2B`?`I@B=2:=6B:CSB6B6<32X<2=2B`?`
8S46?5:B>6?:?2B<252X=`<=2B`F6:=:X<:=6B:D69=:<6H62DD`U`?`
3:=:B RH=646<6?5::B256C:?:@BD2H2<@H>2<H6B:?692H2D`?
@?252H2DD`U`5EBE>F6X2BD=2B?6@=EBC2@=CE?@?E?=2
:X3:B=:U:H2A>2H2Q2=`X`B &25:B6?<6?5:32X`?2R?6>=:
<2B2B=2B2=`BQS?<S@=E>=E2?=2>52<6?5:C:?:<@?DB@=S
5`X`?52<:8SQ=6B56?@=EX2?52923SHS<3:B3SDS?S?A2BQ2C`
@=2B2<8RBSB E6D<:=6B:8RIR?S?563E=E?5EB>252?<6?5:
:B256C:?:@BD2H2<@H>2?`?<:X:H:>6F4ED2<`X=2EHE>CEI
92=686D:B5:U:?:9:CC656B 3,)$9/0".& &92H2D
#@Q!2B24`=`U`H=2R?4S6?6B;:C:?62X:?2=`<F2B5`B 
#:X:<:X:C6=2BIEHE<6?5:2BIECE?E?3:BSBS?S92=:?6
86D:B6B6<86=646U6H2?C`D>2<:Q:?8SQ=S3:BH6D6?6<
9:CC656B %ED=E@=242<C23E3:=8::=6
RI56X=6XD:B:=>6>6=:5:B #@Q6?6B;:C:@<252BHS<=S5SB<:
@?E36?4:=46<E==2?>2<32<`X2Q`C`F656?86<2H3`?2
?656?@=EB H=6>=6B:?6D<:=6B:?:?2=`?>252?R?46
5:<<2D62=`?>2C`C@?56B646R?6>=:5:B @=2H`C`H=2
+6B2I:?:?96B:<:D2B27`523:=>6C:86B6<:B E<:X:C6=
:B256?:?D2>:7256C:?56?I:H25632X<2=2B`?`?522BIE
6DD:U:X6H=6B652H2?2?3:B92H2D2H@=2Q2B ?42<3E
3:B6H66?3SHS<>ED=E=EUE86D:B646<@=2?5@U2=
:Q8S5S56?<2Q`?>2?`?D2<6?5:C:5:B &*;)*(:=6
:=8:=:(&>&3"94")<2BX`=`<=`<`C`D=2>2H252H2?2?:=:X<::=8:=:
DS>:?C2?=2B`D2D>:?656B
+6B2I:56W2?C(2BQ2C`@=2?<:X:2:D@=5EUE3:B
X6H:?A2BQ2C`@=>2C`86B6<D:U:?:9:CC656B 02X2>
2=2?`?`D2?`>=2H242<7:<:BF656?6H:>=6B:D6>C:=656?
:?C2?=2B`F6<@XE==2B`3E=2B2<3E6<C:<=:<9:CC:?6C@?
F6B>6H6Q2=`X`B 8@CEIF6I2B2BC`I@=>2Q232C`H=2
?2C`=>6>?E?65646U:?:F6C6F646U:?:3:=6??2I:<F6
5SXS?46=:3:B5@U286=:XD:B:B
,B2?C=2D65 7B@> ?8=:C9D@,EB<:C9 GGG @?=:?65@4DB2?C=2D@B 4@>
EBP=2B52V2?CZ?)2BP2CZ 

I2DZWDZB>2< E?E?6<252BP@<I2A23:=:BC6 <ZC>6? B292DCZJ


65:4:<@WE==2BZ?I2B2DZ=>2CZ?52?2C=2<:W:C6=@=2B2<C@BE>=E
@=>25ZTZ3:=8:C:?56?<2I?2<=2?2?:PC6=3:BD2D>:?:@<252BP@<
56?6I:>=6I63:=:B
+92<6CA62B692I2DZ?6?56B:?C@BECE?EWEW6<:=56
C@B>EWDEB(=>2<I252@=>2>2< E $@P ,6B2J:
A@=2B:D6C:?6IQ?6=:<@=23:=:B 6F2A$@PD2?86=:I@BC2 <6C:?=:<=6
@=>2<@=242<DZB ,6B2J:?:?5@T2=D6A<:C:@=>2>2<DZB 
EB252<:V2?C)2BP2CZ 1@5I2<Z?>6B<6J:?56<:3:B56?86I:
C6>3@=:J6656B :B6I:?DR>@=2CZ=Z<=2BZ8QB5RTR 2?42<
9:P3:B:I=6<:W:C6=3:B<:>=:<<EB>25ZTZ3:BA6?46B65:B !2CC2C3:B
56?86I:<@BEB 3:BP@<<:W:=:T:?QJ6==:<=6B:?:56?6I:>=6B 2?42<
2C=236?J6BC:JF6<6?5:?62:D@=2?Z<EB>2J E?E?=23:B=:<D6 
6DB27Z?52<:DR>I2W2>Z?56?6I:>:I@=EI=2 3:B>6>?E?:I6D
5EI8ECE86=:WD:B63:=:B !:P3:BW6I:CD6>656?96BW6I6C29:A
@=23:=646T:?:3:=:I@BC29:A@=>252?96AC:?65@<E?E? +6>3@=:<
@=2B2<DR>5RWR?46=6B:?>6B<6J:?56I6B2=ZB (86BP6<3:B
A2B25@<C!:P3:BW6I:P:?56T:= 96BW6I:P:?5EBEI@B

?D:<M:?3:=86C:%2@,CEWQI=6I2J>ZWDZB(DEJA2B>2< 
D6<6B=6T:?<6?2BZ?ZA2I=2WZB (?=2BZ<E==2?ZW=ZI2A2?8Q36<D:B 
F632W<23:BI6B56 V2?CZ?,6B2J:)2BP2CZ86BP6<D6?3:B
>6B<6JF62PZ<3:B3:=:?PA6?46B6C:5:B DB27Z?525Q?6BF6@?E?
2B24Z=ZTZI=2:?C2?=ZTZ?DR>5RWR?46=6B: 2BJE=2BZF65EI8E=2BZ
2<2B (<252BP@<DR>C6CF6B6?<=6B:?3:B<@=6<C:I@?E5EB<: 
3E?=2B52?96B92?8:3:B:I=6QJ6= <:W:C6=QJ56W=6W>6I6<2BWZ
32TZWZ<92=686=:B 02?:3E:W2B6D:P:?96BW6IF2B V2?CZ?3E
$ZC>Z?2C29:A@=2?<:W: <RPR<Q=PR561@5I2<Z?DR>6?6B;:=6B:?:
56?6I:>=:I@B &6B<6J565EB2?,6B2J: 3E6?6B;:=6B:?D@A=E42
6<C:<C:J3:B3:B6I@=EWDEB>2=2BZ:P:?3:B<:W:?:?:P:?56?2<>2CZ?2
:J:?F6B:B
 .$40,.5642/2-,

96BW6I62:DD:B E72B<Z?52=Z< <:W:I:86BP6<D2D>:?:?


D6>6=:@=242<@=2?2BJECEJ=E<3:=:?4:?6I2<=2WDZB23:=:B 
(=>252?,+6,9$@'79$1:=6,+6,9$@I252C29:A
@=>25Z<=2BZ?Z32W<2=2BZ?2<ZC<2?2B2< 3EI6B=6W:>6
C29:A<:W: DR>56?6I:>F65EI8E=2BZ56?86=6I63:=:BF6
I2W2>525:?=6?>6I632W=2I23:=:B 6?86 3:B3:B=:<
9:CC65:=6?6<252B <6?5:F6I25:T6B92=<=2BZ?<2BWZD
5EI8E=2BZ?Z56?86=6I6B6<C2T=2?ZB 02W2>:P:?2B2PF6I2
<2?2=@=2B2<92B6<6D6D>6< 3E<:W:?:?<:W:C6=@=>2>2
5EI8ECE?E86=:WD:B>6C:?6:J:?F6B:B $:W:C6=@=>2>2
I6D6?6T: 5:T6B:?C2?=2BZ?,6B2J: .6?RC5EI8ECE
2B24Z=ZTZI=2<2?2=:J665:=6?"2B24Z=ZTZI=2$@PE?2<ED
<:W:C6=5@T2CZ?Z?72B<Z?52=ZTZ?52?DRB6D:=:B U?C2?=2BZ?
36?4:=F6I2QJ6=2BJE=2BZ?Z8QBRB 2?42<3RIR<
5RJ6?5696AC::P:?3:BI6B3E=23:=:B
E8Q<<EW2TZ?Z?C@?E?52<:2=DZ?PQ>=6< <:W:?:?
92I2DZ?52<::?C2?=2B52?F6@?=2BZ?2BJE=2BZ?52?86=6?
I2B2DZ4Z6?6B;:=6B:?5@TBEI2W2>3:P:>:?:36=:B=6I646T:?:
3:=>6<D:B QI=646 2=ZWZ=>25Z<3:BW6<:=56 <:W:9:P3:BJ2>2?
5@TBEI252I2?=ZW3:B<2B2BF6B>6<J@BE?52<2=>25ZTZ:P:?
:=8:=6?:=:B $:W:I:IQ?=6?5:B6?8RP=6B=63:B=:<D62<>2< 86B6<=:
<2B2B=2BZ?2=Z?>2CZ?ZC2T=2B $@J>@C2@=2?3E:?2?P $@P
3EB4E?E?A@J:D:7=:T:?56?86=:B ,F,/,.5,:3:=:?P :=:?>6I6?
<2BWZCZ?52&2BC=Z46C2B6D:?:?3:B:7256C:5:B R?I2?Z?
E>EBC2I242TZ?Z3:=>6<3RIR<3:B9EJEB5(1:P:?56+(492/
DR>J2>2?=2BZ? ,6B2J:$ZC>Z?Z?8:J=:?6W6C:3EB252
I2D>2<D25ZB

<B6AD6

EB2523:B6I I6?:=6?>6CRB64:?6<2DZ=2B2<6?
3RIR<C6F:?4:?6E=2WZB E 7:J:<C6=5RJ=6>564:?C6==:<
F65292IR<C6<J:9:?C6=F65EI8EC2=C6F:I6=6B56
BE9C2=2B2IZW=232T=2?DZ=Z5ZB 02W2>Z?QJRF6I2B2DZ4Z
8RP@=2?4:?C6==:<
EBP=2B52V2?CZ?)2BP2CZ 

E3:B6I:?>2<I2;Z?52Q?6>=:3:B72<DQB !2I2DZ?2?=2>Z?Z52
2B2WDZB>2<:P:?I@TE?3:B:CD6<F2B5ZB E<252B<6C<:? <6C<:?
2=8Z=2B2F6BE92C29:A3:B::P:?3E<@=2I3:B:WD:B E<:W:2I?Z
J2>2?52:?C2?Z?3RIR>6C:F66FB:>:<@?ECE?528RP=R3:B
2?=2IZW2C29:AD:B E72<DQB=6B:?DR>R 3:=:?>6I6?:2B2WDZB>2
I6D6?6T:F6B>6<:P:?3:B2B2I286=:BDR>3:D:W=6B:?F6
32W=2?8ZP=2BZ?>6B<6J:?56@=>2<
$:W:C6=(=>2I2?:=:?4:?@T2)2BP2CZ2B24Z=ZTZI=23E<:W: 
:?C2?=2BZ?F6D@A=E>E?<6?5:C:?:8RF6?=:<56?:=6?BED:P:?56
?2CZ=DEDDETE?E8QBRB <B6A6?6B;:C:96BJ2>2?I6?:@=2?96B
W6I:<6W76D>6I6P2=ZWZB (?E86=:WD:B>6<:P:?<EBE=E5RJ6?:
<Q<R?56?CQ<>6<:CD6B <B6A6?6B;:C:3EB2522BDZ<I2B2B=Z
@=>2I2?Z?2=DZ?Z@I>2I25@TBEIQ?=6?5:B:=:B

<B6A3EB4E?2I6B=6WD:B:=6?$256B)2BP2CZ 3:B6I:?
<6?5:C:?:?F6D@A=E>E?3:=:?PC:J5RWR?465RJ6I=6B:?6EIE>
C2T=2B  6?6=@=2B2<3:=:?>6I6?3E8RP=6B6B2T>6?:=6B=6>6
I6D6?6T:?56?3RIR<8EBEB5EIEI@B 2W<2=2BZ?Z?8QJR?56 :?W2
6D>6<:P:?IZ==2BZ?Z92B425Z<=2BZW6I:I@<65:I@B8:3:8QBR?RI@B 
6BP6<D6 I@<65:=63:=646<@=2? 32W=2?8ZPD29:P3:BJ2>2?86BP6<
@=>25Z ,9:C)2BD@7@BDE?6 6FB6?:?>:CD:<86BP6<=:T:?:2B2B 
M@<W6I56FB:=646<  :J=:CZB=2BIRJ6I6PZ<2BZ=242<F6CE=2B
36BB2<=2WZ?42I2<252B:?C2?Z?5RWR?46F65EI8E=2BZI@TE?3:B
DED<EI=2<2BZWDZBZ=242<DZB

$:W:C6=(=>2I2?:=:?4:?@T2$ZC>Z?Z?6?6B;:C::?W2
6D>6 <B6A:?$256B$ZC>Z?52<:6?6B;:C::C6:?W26D>6F6I2
3@J>26?6B;:C:5:B FB:>565:T:>:JCRB646E=2W>2<:P:?96B
:<:C:?656:9D:I2PF2B5ZB C<:3:?2=2BIZ<Z=ZI@B 3QI=6462I?ZC:D6I6
I6?:=6B:5:<:=63:=:I@B <B6A$256B)2BP2CZ@=2?<:W: 3:?2=2BZ
D2C2B=2>2?Z?F6:?W26D>6?:?I2?ZCZB2IZ<23:=>6C:32<Z>Z?52?
36?J6BC:J5:B

V2?C)2BP2CZ?Z?3EW6<:=56I6B=6WD:B:=>6C:?6C29:A<:W: 
2C=25:?=6?>6C:?6:J:?F6B>6I6?ZCB2B=Z3:B6?6B;:DRBR
56?6I:>=6B RIR>6< 2B2>2<F696BW6I:2?=2>2<:P:?QJ=6>

:?C6==:<<@?ECE86=646<:<:4:=DD66=62=Z?242<DZB CDB@=@;::=6:=8:=:4:?C6==:< +2>E6=


/6:C6B "?4 D2B27Z?52?I2IZ?=2?242<DZB
 <2B>:<5642/2-,

E8QBR?>6J @?E?C6F:?4:2C=232BZWPZ=F2B@=EWD2<Q<=6?>6J ( 
I2B2DZ=5ZTZ:P:?6B<6<=6B:?5Q?RWDRBR4RCR5RB +2F17657:/7.
6DB27Z?52<:=6B568QB5RTR92B6<6DF6:=6B=6>66<C:<=:T:?56?2
&,15(//,.'+5$'(&('+676$102624@+$4(.(6/,:=:W:>
,6<?@=@;:*(6,4,9242*B@/B2=8Z5$0,0,9(63E 86BP6T:?
56B:?=:<=6B:I=6I@TE?3:B32T=2?DZ9:CC:EI2?5ZBZB +@7:CD:<6
46A96=6B62=52?>2JF686BP6T:?6D3:BW6<:=562=8Z=2B @T2?Z?
8RP=6B:I=6<6C<:?3:BEIE>:P:?56@=2?<B6A 6?P@<521'(4(&(
*(/,F0,F$/*I1@5I2<D2<:96B92?8:3:B:W2B6D:?

@T2"2B24Z=ZTZI=2 3E<:W:?:?B292D=2>2F6>6>?E?:I6D
6?6B;:C:?:56?6I:>=6>6C:?6:J:?F6B:=:B E <B6AI@TE?=ETE?2
3:B56?868QB6F:8QBRB +@?EPD23E?E?96B<6C:?96567:
@=5ETE?E3:=:I@B >2<2J2?5ZTZ?Z9:CC656?6<252B3E?E
<6?5:C::P:?<23E=656>6J  Q<<EW2TZ?Z?E4E?52<:2=DZ?PQ>=6< 
:?C2?=2BZ?>ED=E@=>2I2P2=ZWDZ<=2BZ:P:?56T:= 8RF6?=:F632BZWPZ=
3:B5R?I2?Z?:?W2CZ?2IQ?6=:<P2=ZW>2=2B522<D:73:BB@=
@I?2>2<D2?86=:I@B %79B:'(1,@(4(4(.%$56I4$4$.8(
(1*(//(9(4(.'2C$/:P8R5R=6B2>2PR?<R21/$4'+'$+$)$:/$
:P:?56'2.710$,/(%,4/,.6(DR>I2W2>Z?<2I?2TZ 
2W<2=2BZ?Z2I5Z?=2D23:=5:T:?56F6@?=2B25RWR?>6I6<@B<DE<=2BZ
I6?:I@==2BZ8QCD6B63:=5:T:?566?>ED=E@=EI@B

00

EB2523:B6I3@=QJ8RB=RTR?6?6B;:C:?:9:CC656B !6>
J:9:?C6=96>567:J:<C6=2PZ<2=2?=2B2B2BF6@=2?2<=2BZ?Z
CZ?ZB=2I2?CZ?ZB=Z5EBE>F6<@WE==2B52?<2PZ?ZB 1@5I2<Z?DR>
:W2B6D=6B:2B2CZ?52 3E ?6W6=:3:BI2W2>56?6I:>=6>6
<@?ECE?526?3RIR<I6D6?6T6C29:AD:B EB252<:F2B@=EW5@T2=
@=2B2<>ED=EF63@=@=23:=:B E<:W:W2?CZ?Z56?6>6<D6?
<@B<>25ZTZ?52 5@T2=@=2B2<W2?C=Z@=5ETE?E<6W7656B +6I292D
6D>6<D6?<@B<>25ZTZ?52 6?3RIR<C6BF6D:?:?6F:?56?P@<
EJ2<=2B52 6?EJ2<I6B=6B56@=5ETE?E<6W7656B 0Z==2B86PD:<P6 
92I2DZ56F2>65:I@B
EBP=2B52V2?CZ?)2BP2CZ 

86?:W=6I6?F6?6B656IC6<6?5:C:?6B2T>6? I2W25ZTZ<@WE==2BF6
56?6I:>=6B3RIR>6I656F2>65:I@BF652922?=2>=Z
8QBR?RI@B
$:W:C6=(=>2I2?:=:?4:?U<:J=6B$ZC>ZC2I6C:?56 CRB6<=:@=2B2<
32W<2=2BZ?Z??65RWR?5RTR?R?72B<Z?525ZB EDRB3:B5RWR?46?:?
86BP6<D6?6<252B86B6<C:J@=5ETE?E2?=2I2?3:B?@<D2I2<252B
3:=:?4:86?:W=6D>6I6P2=ZW>2<I6B:?6 32W<2=2BZ?Z?6J2<6D=6>6>?E?
6D>6I6P2=ZW>2<=292I2DZ??6<252BZ?Z?3@W292B42?23:=646T:?:
8QBRB
0@TE?3:B>6B2<=2 92I2DD2D25Z=23:=646<96BW6I:3E=>2<
:P:?5R?I2IZ5@=2W>2I2P2=ZWZB @T2I2I2<Z?@=>2<D2?3RIR<
>ED=E=E<5EIEI@BF66?P@< :P:?56?2<2?5@T2=I2W2>BE9EI=2
3:B=:<D65RWR?>6F6?676C2=>2I6D6?6T:?:CZ?ZB=2I2?F6
CZ?ZB=2I2?<2=232=Z<W69:B=6B56B292DCZJ@=EI@B

02I6?6B;:C: 5@T2=I2C22?=2IZWZ?252I2?2?86BP6<=6B56?
3:B:5:B U<:J=6B6?6B;:C:3:B5E2=:D65:BF6:?C2?Z?:?C2?=2:=:W<:
<EB>28:B:W:>:?652I2?2?3:B5E2=:D672B<Z?52=ZTZ5ZB V2?CZ?02I
)2BP2CZ@=2?<:W: @?2IF6I2<23E=<2J2?>2<:P:?<6=:>6=6B:
<ZCDZTZ?52I252@?=2B2?6CQI=6I646T:?:2?=2>2<:P:?<6?5:?:
32W<2CZ?Z?I6B:?6<@I5ETE?52 <6?5:C:?6<2BWZ5RBRCD
@=>25ZTZ?Z<6W7656B :=:?4:?:?86?:W2=2?Z?52DR>5EBE>E
?6B656IC62?Z?528QJ56?86P:B63:=5:T:?56? 6?:I:W6<:=562PZ<
CQJ=RF6<@?EI2@52<=Z@=5ETE?522<2B EW6<:=56<6?5:
86BP6T:?:?C2>:>:I6D:?56?WRA965EI>2J  6>:?:" 8QBR?6?
5E2=:D65R?I2CZ?Z?6DF632TZ>CZJ3:BW6<:=568QB>6I6D6?6T:
F6B:B E <:W:?:?5EBE>=2BZF6I2@=2I=2BZ9ZJ=Z3:BW6<:=56
D2B2>2CZ?ZC2T=2B F6V2?CZ?02I)2BP2CZ?Z?3E8QJ=6>=6B:I6?:
3:B3:B=:<92=:?56C6?D6J=6>6C:?:>R><R?<Z=2B EI2AZ=5Z<D2?
C@?B2 :=<8QJ=6>=6B6IQ?F62?=2>F6B:=:BF6<:W:EI8E?6I=6>:
86BP6<=6WD:B63:=:B

E$ZC>6D6C29:A<:W: I6?:56?6I:>=6B:?96BJ2>2?5292
72J=2?6W6F6>ED=E=E<86D:B>6I:36<=65:T:?:3:=:B
 <2B>:<5642/2-,"""

529272J=2I6B:?686D:B>6 E?656?=6 86=646T6


I2?CZD>2F6@86=646T:5@=5EB242<56?6I:>=6B:F6
I6B=6B:92I2=6D>6IQ?R?568RP=R3:B6T:=:>F2B5ZB E
6T:=:> 02I3EB4E?E?<692?6D5@T2CZ?Z?D6>6=:?:
@=EWDEBEB MR?<R@=242<=2BZI2C6J8:I@=EI=28QBRBI2
523RIR<:B2568R4R?56?5@=2IZ 86=646T:2BJECE?2
EI8E?@=2B2<F2B656B
RIR<>ED=E=E< 92I2DZ?5@=E5@=EI2W2>2<D2?
32W<23:B2?=2>Z@=>25ZTZ?Z3:=>6<D6?86=:B E
?656?=6 U<:J=6B" 92I2DD23:BIQ?6<2B2BF6B>6I6
P2=ZW2?F696BJ2>2?>EDCEJ9:CC656?:?C2?=2BZ
8QBRB<6? 3:B:?:?5:T6B:?:?I6B:?6C6P:=>6C:86B6<D:T:?6
:?2?5Z<=2BZ:P:? +6BF6D:?02I)2BP2CZDR>IQ?=6B:3:B
<6B6563:=63:=:B !2I2DD2<:?:W:?:3E=2>2>2?Z?<@B<E?P
92I2=<ZBZ<=ZTZ3E<:W:D2B27Z?52?3:=:?>:I@B V2A<2CZ?Z
?6B6I62C2BC2@B2525ZB !2I2DZ?Z96B?6W6<:=56
<2J2?ZI@BC2@?E?>6C=6T:5:B $:>:?I2?Z?52IC2 @?E?
2B<252WZ5ZB M6FB6C:?:?8RP=6B:I=6EIE>:P:?56
4@W<ECE?E?2<>2CZ?2:J:?F6B6?3EDEDE>5EB
E<:W:I2W2>Z?IRJ6I:?5686J:?63:=:BF696BJ2>2?
>6F4ED@=2?:I:>C6B32<ZW2PZCZ?Z@=E>CEJ=2I23:=646<
5EBE>=2B2<6?5:?:<2ADZB>2J &ED=E=ETE?E?Q?R?56<:6?
3RIR<6?86= <6?5:?:32W<2=2BZ?Z?8QJR?56?8QB>6I6
P2=ZW>2<DZB E $:W:C6=(=>2I2?:=:?4:?U<:J=6B$ZC>Z:=6
QJ56W=6W>6?:?QJ6=6WD:B6=3:BIQ?R5RB (C6F:?PI2I2B (
?6W65:B ?42<3:BZWZ<?6<252BA2B=2<@=EBC2@=CE?<6?5:?:
8QB6>6J 2W<2=2BZ@?E?:P:?56<:C6F:?4:8QB63:=:BF63E?E
3:=6B6<32J6?<:>@=5ETE?E?3:BI2?CZ>2CZ:P:?@?=2B2
32<>292D2CZ?25RW6B (=E>=E86B:3:=5:B:>C2I6C:?56 
<2BWZ=ZTZ?5232W<2=2BZ?Z>ED=E6563:=646T:I2?Z=C2>2CZ?2
<2AZ=23:=:B EDRB3:BJ:9:?C6=J@BE?=E=E<2=DZ?52I2W2>2< 
<:W:?:?>ED=E=E<5EI8ECE?E<2I36D>6C:?6?656?@=23:=:B
02I3EB4E?52@BDE?6@=2?<:W:
>ED=E=ETE?>ED=2<23:B<:W:56?5:T6B:?62<D2BZ=2>2I242<3:B
W6I@=5ETE?EQTB6?:? E  6>:?:"D2B27Z?52?QTB6D:=6?
92B:<256BC=6B56?3:B:5:B I2A>2I2P2=ZW>2<"$30$.
EBP=2B52V2?CZ?)2BP2CZ 

3E56T:WD@<EWC256463:B:?:J2IZ7=2D>26T:=:>:?565:B $6?5:?:
3ZB2<ZBC2 5R?I2@?E?:CD:B:5I6C:@=23:=:B E?EI2A>2IZ
QTB6?5:T:?56 92I2DZ1@5I2<D2<:96B92?8:3:B3EBPD26>C2=C:J
@=2?4@W<E=E3:B<6?5:=:T:?56?=:<<2J2?ZB EIQ?=6?5:B:=>6>:W
<6?5:=:T:?56?=:<C2I6C:?56E52?Z?92I2DZ?86BP6<2?=2>Z?Z?
C25646@=>2<@=5ETE?E36=:BDD:T:?56?656>6<:CD65:T:?6
I2<=2W23:=:B E3:B6I:P:?8Q<<EW2TZ?Z?E4E?52<:2=DZ?PQ>=6< 
96B2?56?6I:>=6I63:=5:T:>6F4E5:I6D5EI8ECE<252B42?=Z5ZB

(T=2<3EB4E?52

EB2523:B6I I2W2>Z?Z?36=:B=:3:B3:P:>F6I2AZI2
3RBR?>6C:?::J=6I6B6<6?3RIR<>ED=E=ET2E=2WZB E<:W:?:?A6<
P@<9ZBCZF6E>E5EF2B5ZB 2?42<3E?=2BZ?92I2D286P:B:=>6C::P:?
86B6<=:25Z>=2B7@B>R=665:=:A92B6<6D686P:B:=6?6<252B
9@W?EDCEJ<2=ZB !6BJ2>2??:92:2>24Z:=6D6>2C92=:?56
@=>2I2P2=ZWZBF692I2DZD2>@=2B2<56?6I:>=6>6?:?6?:I:
I@=E?E? @?E<6?5:F2B=ZTZ?52?5292EJE?CRB652I2?242<3:B
W6II2B2D>2<:P:?92B42>2<@=5ETE?E3:=:B  6?P=:T:?56
<6?5:C:?6<@?2?<ZCZD=2>2=2BZ2W>2I2P2=ZWZB !2I2DZ?Z?<6?5:
6=:?56F6<6?5:6C6B:@=5ETE?E8QB>6C:?:C2T=2I2?3:B8RP
86=:WD:B63:=:B !6BW6I:?<@=2I42@=>2CZ?Z:CD6>6J PR?<RP@TE
56?6I:>:? ?6C?6?:?F66F6D 92DD2:=:W<:=6B:?EP2BZ 86P:4:
5@T2CZ?Z?A=2?=25ZTZ3RIR<2>2PD2?EJ2<=2WDZTZ?Z9:CC656B

$:W:C6=(=>2I2?:=:?4:?06?86P$ZC>Z 3E<:W:?:?DR>
5EI8EC2=6?6B;:I:56?6I:>=6>6C:?6:J:?F6B:B $EDEA=E=ETE?3:B
3:B6I:?5EI8EC2=56?6I:>:?:2BDZB>2CZ?2:J:?F6B5:T:DR>
I6B=6W:>=6B56@=5ETE8:3: <:W:C6=@=>2I2?<2=>2:9D:I24Z
FEB8E=2?ZB $:W:?:?C2T=2>2CZ86B6<6?56?86 6?6B;:?:?5@TBE
<E==2?Z>Z:P:?92I2D:Q?6>D2WZB ,R>5R?I2:W2B6D=6B:?:?
@=5ETE?25:<<2D6D>6<Q?6>=:5:B
 $2B>:<CDB@=@;:"""

'(1*(/,CE:=6,F$4(6/(4$EBE6234$.5@TEB82?56T:=5:B ,@%,4
F(9'(C,/:?C2?:P:?P@<I2B2B=Z@=2?3QI=63:BD@AB2<D2
3RIRI646< (/.,56T6B=:>:?6B2==6BF2B%7/71'7:P:?56%A9/(
9(4/(4$1&$.%71/$4I16(05,/(66,C,:(1*,1/,.*(1(//,./(
*B8(1/,C,5$C/$0$.,@,1.7//$1I/I4J6?8:? F6B:>=:D@AB2TZ?
RBR?=6B: ND6I2?52? <2B2+$1*,5,57/$4$/6I1'$.$/'ICEI2
<252BP@<2J:W6I2B2B8$4'I4P6<:=5:F6D@AB2<3:B2J<EBE5E 
(T=2<6?6B;:C:AB@;6=6B:?D2>2>=2?>2CZ?25@TBE:D6B 06?86P
6?6B;:C:96BW6I:?32WZ?525@TE>I2A>2?Z?5EI8EC2=
4@W<ECE?EI2W2B $ZC>6D:?3EB2526?:I:W6<:=56P2=ZW>2CZ:P:?
5EI8EI292<:>@=E?>2=ZF6IQ?=6?5:B:=>6=:5:B E36=<:56
96B92?8:3:B:?C2?:P:?32W2BZ=>2CZ6?J@B8QB6F5:B :B6I:?
9:CC6DD:T:96BW6I 86BP6<D6?I2A>2<:CD65:T:96BW6I6<2BWZ
42I5ZBZ4Z@=23:=:B M@4E<=E<D2<:8RF6?C:J=:<=6B <@B<E=2BF6
<6?5:?56?WRA965EI>2 3:B<6?2B23ZB2<Z=>2=Z5ZB 32<ZW2PZCZ
86=:WD:B63:=:B!2?8:
<:W:?:?92I2DZ?Z?:W:?:?<6?5:=6B:?56?5292Q?6>=:@=5ETE?E
8QB>6C:?:C2T=2B E<:W:3E?EI2A23:=5:T:?56I6?:3:B2171
$4$&I/ICI9/$'A1BF6BCB.,0/,.'+.$/,6(F60,.6$4@?E?96B
W6I:9(6(1(./,:=6:=8:=:B4(6(1
2?46B" 96B92?8:3:BAB@;6:P:?:I:3:B32W=2?8ZPF6I2
D6>6=65EIE=2?:9D:I24Z?56B:?=6>6C:?62?=2WZ=>2CZ?ZC2T=2B U=<
25Z>F6I27:<:BQ?6>C6?>65:T: 36C=6?>65:T:F6
IQ?=6?5:B:=>65:T:CRB6469:P3:BW6I32W2BZ=Z@=2>2J 06?86P" 
,2=:9:?(T=2<$ZC>Z@=2?<:W:?:?8636<2=>2CZ?2:J:?F6B:B 
@=8E?=ET26B:W646<F686BP6<D6?56<6?5:?62:D3:BI2W2>Z
@=242<@=2?Z5@TEBEBF636C=6B
V2?C$ZC>Z?Z?3E<@?E>E >ED=E=ETE92I2DZ?C@?B2<:
J2>2?=2BZ?2<252B6BD6=6B E 3:B6I:?3:BP@<<:W:D2B27Z?52?
>R<6>>6==6WD:B:=6?3646B:F68R4R86B6<D:B6?J@B=E6?86==6B:
2W>2CZ86B6<D:T::P:?86BP6<@=8E?=ETE?86=:W>6C:?6:J:?F6B:B
:24,FD@,1'(1$2?C6B)2BP2CZ,F,/,.5,::=:?P @=E>CEJ
5EI8E=2BZ?2C=Z?527:J:<C6=6?6B;:=6B:?:DR<6DD:T:?:F6@?E
CRB5RB>6<:P:?:9D:I2P5EI5ETE:=6B=6>69:CC:?6E=2W>2CZ?Z
6?86==65:T:?:QTB6?>6=:5:B @%B9B.A/@B'(:9D:I2P=2BZ?25EI2B=Z
',C(4/(4,8(
EBP=2B52V2?CZ?)2BP2CZ 

QJ6==:<=6<:W:C6=5EI8EC2=5RJ6I56C2FE?>2CZJ E?656?=6 V2?C


$ZC>Z?Z?6?:I:W6<:=56P2=ZW>2CZ:P:? <272CZ?Z<2BZWDZB2?F6QJ
C2I8Z5EI8ECE?EJ2IZ7=2D2?@=E>CEJ5EI8EC2=<2BZWZ<=Z<=2B52?
<2PZ?>2IZQTB6?>6=:5:B

?3RIR<>ED=E=ETE D2>2>6?I6D6?6<=:3:B3:B6I
@=5ETE?E72B<6D>6C:?56?86=:B M@<86BP6<2?=2>52 <6?5:
3232CZ@=EB $6?5:?:?2CZ=IQ?6D646T:?:QTB6?:BF692I2DZ?52<:
5EBE>=2BF6<@WE==2B?6@=EBC2@=CE? 6?:I:<@WE==2B523:=6P@TE
:?C2?D2B27Z?52?86?6==:<=66B:W:=6>6I6?C6F:I6=6B56:W=6F8QB>6
I6D6?6T:?:86=:WD:B:B

(T=2< 3RIR<3:B56B:?=:T:?:W2B6D:5:B !6BJ2>2?


6I=6>=6B:?:?2=DZ?52I2D2?3:BA=2?F2B5ZB:I:D2?Z>=2?>ZW3:B
2>2P5EI8ECE?E?C6P:=6?9656765@TBE:=6B=65:T:3:BI@= 
+2A>2=2B3:=63:BW6<:=56A=2?2529:=65:=5: E3:B6I:P:?>ET=2<
C@IED=2>2=2BF6I286?6==6>6=6B@=2>2J PR?<RQJR?5692I2DZ?
>ED=E=ETE?E?Q5R=R @?E?96BJ2>2?96567:?56?6>:?
@=>2CZ?52?86=:B E8Q<<EW2TZ?Z?C@?E?52<:2=DZ?PQ>=6< 
P:J5:T:36=:B=:B@D23@IE?42IZ==2B42CRB6?P232=2B52?C@?B26=56
65:=:B (?2E=2W>2?Z?W2?CI252:I:3:BD2=:95EI8ECEI=256T:= 
<6?5:8RP=R3:BW6<:=56IQ?=6?5:B:=>:WP232=2BZF6:PC6=56T6B:I=6
@=242TZ?Z3:=:B !6B?6I2AZ=ZBC2I2AZ=CZ? 2=DZ?PQ>=6<@=2?3E
:PC6=86=:W:>:?3:BC:>86C:@=2B2<3:=:?:B

$(.

EB2523:B6I 72B<Z?52=Z<F62I5Z?=2?>26?6B;:=6B:I=6
2<2B2<6?3RIR<>ED=E=ETE?EI2W2B ,@A=E>D2B27Z?52?<EBE=2?
32T=2B52?32TZ>CZJ Q?8QBR=63:=:B36<=6?D:=6B:?CZ?ZB=2BZI=2
CZ?ZBCZJ I6B=6W:<D@A=E>E?CZ?ZB=2BZ5ZWZ?52F2B@=2?96BW6I:
56?6I:>=6I63:=:B U?C2? 5R?I2 6FB6?92<<Z?5296BW6I:3:=>6<
:CD:I@B $2PD2?6@=5ETE?E3:=>6<:CD:I@B
 <2B>:<5642/2-,"""

8QBR?RW68QB692I2DZ?72B<=ZIQ?=6B:3:B3:B:?6EI>2IZ32W2BZI@B
$@F2@BDE?6$ZC>Z?Z?2>24Z 3:B<@?DB@=CRJ=R<
5EI8ECE5EB &ED=E=ETE 9:P3:BW6I5:T6B:?56?5292:I:
F6I25292<QDR@=>252? 96BW6I:?72B<=Z@=23:=646T:?:
2?=2>2<D2?86=:B E8$5I6$5I9/$EDEDE> I2B8Z52
3E=E?>2?Z?C@?EP=2BZ?52?EJ2<5EB>2I2>E<D65:B5:B 
@T2CZ86B6T:25:=F6D2B27CZJ5ZB R?I2?Z?3E25:=
>E2>6=6C:?56? QJ8RB=R<=6:=:W<:=:DR>?6W6I:
56?6I:>=6B ( <@AE<@=5ETEF632W<2=2BZ?Z?<:W:C6=
:=<6=6B:?62WZBZ56B64656529:=@=>25ZTZ:P:? 5R?I2@?2
<6?5:EI2?ZWZ?Z<6W76D>6QJ8RB=RTRF6B:B C=2
32W<2=2BZ?Z?I@=E?ED2<:A6D>6<J@BE?5256T:=5:B 
)ECE=2?Z?IQ?R96BJ2>2?I2B2DZ4Z=ZTZF632<ZW2PZCZ?Z?
QJ8R?=RTR?RD6WF:<656?I6?:7:<:B=6BD2B27Z?52?
36=:B=6?:B ,2=6A=6B56?86B:P6<:=63:=>6C::P:?CZ<CZ<
I2=?ZJ=Z<2B2B :=6:=8:=:86=6?6<C6=D@A=E> PR?<R@?E?
C6F:?4::?C2?=2BZ?I2C2=2BZ?2F6I2<ZCZD=2>2=2BZ?256T:= 
:?C2?Z6?IR<C6<I6D6?6<=6B:?6P6<6?<@J>@CE?
8RP=6B:?:?5RBDRCR?652I2?ZB )=2?CZJI2W2>2<:CD:I@B 
!6B92?8:3:B36=:B8:?<2=Z3Z? <27:I6?:?F6I22<=Z?
I@<=ETE?52? I2W2>Z?2P@<CZB25ZWZ3:BI2W2>F6
I2W2>25EI8ECE86=:B WC:J=:T:?:3EB252?2=ZI@B 
I2B2DZ4Z=Z<F672B<Z?52=Z<8RP=6B:
$:W:C6=(=>2I2?:=:?4:?C=2?)2BP2CZ2B24Z=ZTZI=2
3E<:W: :?C2?=2BZ?8RPF6<@>ED2:P:??2CZ=3@WI6B6
P232=25ZTZ?ZF62IBZ42QJC2I8Z=2BZ?Z<EB23:=646<=6B:
:=<6=6B:CRB5RB>62BJECE?E8QB63:=:B R?I2523EDRB
W6I=6B6I6B@=5ETE?E3:=:I@B2>22I?ZJ2>2?523E
W6I=6B:?<QDRI6<E==2?Z=>2CZF6CE:CD:>2=65:=>6C:
?656?:I=65R?I2?Z?5RWDRTR5EBE>52@=5ETE?E52
3:=:I@B !2I2DZ?<6?5:=:T:?56?2<ZWZ?Z6?86==6I63:=646<
8R4R?CZ?ZB=2>2CZI=2QJ56W=6W>6<D6?J:I256 @?E?:P:?
3:B:W2B6D8QB6F:8QB6?C=2?Z?86BP6T6F65292IR<C6<
:=<6=6B6@=2?C6F8:C:5:B
R?I252P@<2JW6I $@F2?Z?+6BF6D)2BP2CZ
@=2?<:W:I:W@<6563:=:BPR?<RI6D6B=:I6BF2B
EBP=2B52V2?CZ?)2BP2CZ 

96B92?8:3:B@=2IZ?@=2CZ=ZTZ?Z<23E=6D>63:=:?4:5:B  6=646<D6
I2WZI@B :?C2?=ZTZ?6?EJ2<@=2CZ=Z<=2BZ@=2B2<8QB5RTRW6I:
<6W765:I@BF6<6W765:I@B (86BP6<3:BQJ8RBBE9DEB7:<:B=6B56
=:36B2=F6DEDE>=2B522=ZWZ=>25Z< (?E?:P:?>6>?E?:I6D 
D@A=E>E?92?8:IQ?65@TBE92B6<6D6DD:T:?:<:W:C6=@=2B2<
E>EBC2>2>2<D2?86=:B  6?:W<2AC2>=Z3:B92<:<2DF:JI@?E?2
52I2?2?5292:I:3:B86=646T:3:=:I@B E?656?=6 W:>5:<:
J2>2?Z?C@BE?=2BZ@?E?:CA6D6?:=8:C:J3ZB2<23:=:B ?:I:W6<:=56
PQJR=646<=6B:?:3:=:I@B ?5:W6=6?>6I686B6<I@<

C=2?6?6B;:C: <@>ED2F68RPI@=EI=268@?E?I6B:?6
86D:B:=>6C:?68RP=R3:BW6<:=5652I2?5ZTZ?52?F6$@F26?6B;:C: 
68@DEJ2TZ?25RW>6<D6?<2PZ?>2I252I2?5ZTZ?52? 6?3RIR<
>ED=E=ETE <@AE<=ETE?52?F6EIE>CEJ=ETE?52?<@B<>2>2<
F6I2ED2?>2>2<@=242<DZB DEDE>=2B E?EI2A>28R4R 2I?Z
%6@?:2?6?6B;:C:?56?86=:I@B $:W:?:?8RP2BJECEI=2C2F2W>2CZ?Z
C2T=2I2?C=2?8R4R5RBPR?<RF:JI@?96>:P696>565ZW2
5@TBEIQ?=6?5:B:=>:WD:B E<:W:<6?5:?:72B<=Z@=2B2<<23E=656B
6D>6J 2BJE=2BZ?Z?F67:<:B=6B:?:?36?J6BC:J 92DD286=:W>:W
5@T2=2BZ2PZCZ?52?<692?6D?:D6=:T:?56@=5ETE?E<23E=656B
6D>6J BE9E?E?QJ=6>:?:P6<D:T:86BP6<=:T:@BD2I2PZ<2B>2I2
32W=2I242<DZB 1:9?:?:?72B<Z?52=ZTZ ?:92I6D:?56:?C2?=ZTZ<@=6<D:7
68@CE?E?AB2?82=2BZ?52?<EBD2B242<3:=:?4:<6W76D>6<D6QJ8RB
@=5ETE?E3:=646<

%"$,

EB2523:B3:B6I 1@5I2<Z?I2B2DZ4Z6?6B;:=6B:?:?
D@A=2>Z?Z56?6I:>=6>67ZBC2DZ?2C29:AD:B ?:?46I@==2B52? 3E
<:W:<@J>@CE?8RP=6B:I=6EIE>:P:?565:B $6?5:?:3:BF2B=Z<
@=2B2<D6J29RB6DD:T:?:3:=5:T:8QBR?>6J3:B86BP6<=:<=62<23:=:B
 <2B>:<5642/2-,"""

C@>ED7:J:<C6=86BP6<=:< @717%,/,924'+84(1
@=>2I2?3:B>255656?@=EWEB 5I1I4/I>2556D2B27Z?52? 
!6BW6I:?3:B=:T:?:I2W2BF6<6?5:?:96BDRB=RD:DB6W:>6
252AD66563:=:BF696B:9D:I24Z<2BWZ=2I23:=:B
EB2I2I6B=6WD:B:=6?+6BF6D:?)2BP2CZ <:W:?:?
>ED=E=ETE?EI2W2>2CZ?ZC2T=2B $F$1J2>2? >6<2?
F65RWR?46 2=Z<3EB4E?52<:+6BF6D$ZC>Z?52?86=6?
8RP=RC6J8:F6<@J>:<8RP=6B6EIE> 3:B6I68:J6>=: 
>2?I6D:<3:B?:D6=:<<2J2?5ZBZB E<:W:?:?3:=:?>6I6?:
I2<Z?52?3:=5:T:?652:B3:B9:CF2B
$:W:C6=(=>2I2?:=:?4:?2W2<)2BP2CZ
2B24Z=ZTZI=2 3E<:W::?C2?=2BZ?92I2D=2BZ?Z?2CZ=
A=2?=2>2I2F65RJ6?=6>6I6P2=ZWDZ<=2BZ?Z8QBRB<6? 
96BJ2>2?D2>B6C>:F62?=2>Z?Z8QB6>6J=6B I?Z
J2>2?52 D6<86BP6<=:T:?8QBR=63:=6? 5@<E?E=23:=6?
F6I25EI8EC2=@=2B2<9:CC65:=63:=6?@=5ETE5RWR?R=6?
C@?=E3:B3:=:?PD6I2W2>2?Z?<ZCZD=2>2=2BZ?Z52
56?6I:>=6B &ED=E@=242<C2 3EDRB3:B86BP6<=:<=6
QJ56W=6W>6>6=:5:B =8Z=2BZC@?=E6FB6?:2W2B 12>2?
F6EJ2IZ?3@IED=2BZP@<<RPR<5217@:=652157:.$/,6(
:=6:=8:=:96BW6I@2=8Z=2B
,2?BZ?Z?C@?CEJ3:B=:T:?:9:CC6D>6<D6?5292
3RIR<3:BC6F:?P?2CZ=@=23:=:B06BIRJR?56 5R?I6F:
@=>2I2?Z?I2?CZ>2CZ@=>2I2?3:BW6I?2CZ=@=23:=:B
:BJ:9:?5EBE>E?52?86=>6I6?3:BW6I?2CZ=
@=23:=:B+QJ=R:=6D:W:>:?QD6C:?563:BW6<:=56 3E2=Z<
$256B:?$ZC>Z <:W:?:?86BP6<=:T:?QJR?R3:=>6C:?:
C2T=2B C=Z?523E3:B6I ,2?BZ?Z?5R?I2CZ:=6:?C2?
5R?I2CZ2B2CZ?525EBEBF6@?=2BZ?3:B@=5ETE?E3:=:B 
E3:B=:T:56?6I:>=:I@B
2=Z<$ZC>Z@BDE?6@=2?<:W:
CQJF6B>6I:C6F6B :BCQJRDED>2?Z?F6I2DED>2?Z?96BJ2>2?
<:W:?:?<:W:C6=<@?DB@=R?56@=>25ZTZ?Z3:=:B &ED=E=ETE?E82B2?D:
2=DZ?22=>2<:P:? 5292C@?B256?6>6<J@BE?52<2=242TZ36=:B=: 
CZ?ZB=Z3:BI2W2>D2BJZ?Z>2?:AR=66D>6F6A=2?=2>2I2IQ?6=:<
2W2<6T:=:>:?56?<2PZ?>2=Z5ZB 42?=Z@=2B2<5ZW2BZ
EBP=2B52V2?CZ?)2BP2CZ 

E?E?I6B:?62W2<Z?F2B@=2?Z?>R<6>>6==:T:?:8QB>6
I6D6?6T:?56?72I52=2?>2=ZF692I2DZ?<6?5:I@=E?28:B>6C:?6:J:?
F6B>6=:5:B
2=Z<+6BF6D$ZC>Z@=2?<:W:76D96D>6<J@BE?5256T:=5:B 
PR?<R@96BW6I:?676?5:C:@=2?Z?3:BA2BP2CZ5ZB (3@IE?6T>6<
J@BE?5256T:=5:B PR?<R3@IE?6T>6C:86B6<6?9:P3:BW6I
@=>25ZTZ?Z?72B<Z?525ZB PR?<R3@IE?6T>6<F676D:93:B
<2FB2>Z?I2=?ZJ42JZDI2?=2BZ5ZB +6F:?P 92I2DZ?56?6I:>=6B:?56?
?2J:<P62<>2CZ?2:J:?F6B6?C6CC:J3:B2?=2IZWD2?86=:B

Q<<EW2TZ?Z?C@?E?52<:2=DZ?PQ>=6<2C=Z?52
8Q<<EW2TZ?Z?<6?5:C:5:B @BDE?6E?2=Z<)2BP2CZ <:W:I6
I2W2>Z? 7:<:B=6B5R?I2CZ?Z?F63E?=2BZ?CZ?ZB=2BZ?Z? C@?EPD2
I2=?ZJ423:B8QBR?R>@=5ETE?E3:=>6?:?36=:B8:?2F2?D2;Z?Z
F6B:B $2=3:F6J:9?:QJ8RB<Z=23:=646<W6I I2?Z=C2>256T:= 5292
IR<C6<86BP6< 2?=2IZWF6C6F8:72B<Z?52=ZTZ?252I2=ZI2B2DZ4Z
92I2=8R4R5RB +6F:?PF6>ED=E=E< 5292IR<C6<3:=:?P
C6F:I6=6B:?6EIE>=2?>252?86=:B EC6F:I6=6B6:?463:BW6<:=56
EIE>C2T=2>2I6D6?6T: <:W:?:?J:9?:?56<:5RWR?46=6B:
2BZ?5ZB>2CZ?2 5RJ6?=6>6C:?6F6IQ?=6?5:B>6C:?6:J:?F6B6?
2W2<"56?86=:B 2W2<Z?&6B<RB6?6B;:C: #RA:D6BF6
'6ADR?R?96BW6I:<2AC2I2?<E42<=2>2CZ?2I@=2P2?IR<C6=6?
2=8ZF62?=2IZWC6F:I6=6B:2B2CZ?52<QABR8QB6F:8QBRB 292
C6F8:5@=E3:B5R?I2IZW6<:==6?5:B>6I6I2B5Z>6D>6
<@?ECE?52<:W67<2D=:2BJECEI=2 E>ED=2BZ BRI2=2BF65:=6<=6B 
96>4:?C::P:?52928RJ6=3:B3:=:?PI2B2DZI@B !2I2=6563:=5:<=6B:
96BW6I<6?5:86BP6<=:T:?:?3:BA2BP2CZ92=:?686=:B
(F,1&,A/B0

)*,(.0,-'-'N1%%U$%*U

+6BF6D:?)2BP2CZ36=:B=:3:B86J686?56?J:I2563:BB2A
'@<D2CZ5ZBF632JZCDB@=@8=2B
86J686?C6=IQ?=6B:?6D<:=6B:?:5:<<2D62=5ZAE2?:P:?56
3EBP ?42<3:B<2PD2?6P@<8RP=R3E?@<D2I286J686?C6=
D6>2C=2B23:B2JP2=ZW>2F6B>6<:P:??656?=6B

V2?C$ZC>Z?Z?3:B3:B6I:?3EB4E?52P@<92CC2C3:B
<@?E>ED6>C:=6DD:T:2?=2WZ=>2=Z5ZB $:W: <6?5:C:?65@<E?2?
86J686?=6B:@=2?5:T6B3:B6I=6B6W:556D=6D6A<:F6B:B$:W:3E
?@<D252<:Q?6>=:86P:W=6B6F6:=6B=6>6=6B6568RP=RD6A<:F6B:B 
E?656?=6 3:B<:W:?:?92B:D2CZ?52<:3:B2=2? 5ZW8RP=6B6D6A<:
F6B>6C:?6?656?@=242<<252B92CC2CC2 I2W2>ZRJ6B:?568RP=R
3:B6D<:C:@=2?72<DQB=6B56?3:B:@=2B2<<23E=65:=63:=646<<252B
8RP=R@=5ETE2PZ<DZB QI=63:BB2A)2BP2CZ?Z?C29:A@=5ETE
8R4R?<2AC2>Z @?E?3:B86J686?@=>25ZTZ2PZ<P22<Z=52
DEDE=2B2<C@B8E=2?23:=:B QI=63:B5RWR?46:?C2?Z @?E?3:B
86J686?56?J@BE?=E@=2B2<5292J2IZ7@=5ETE?2:?2?>2I2
IQ?=6?5:B:B (J2>2?V2?C)2BP2CZ?Z?96B92?8:3:B86J686?:?
C@?E4E@=>25ZTZ?Z2?=2>2<Q?6>=:92=686=:B 5292J:I256 96B
:<:2B>2DRBR?86?6==:<=692B:D252<:6?8RP=R:<:86J686?@=2B2<
<23E=65:=:BF60R<C6=6?:?3:B=6W:<8R4R?RF692CC2C:I6D:?:
D6>C:=656B(J2>2?2?=2WZ=>2=Z5ZB<:
0Q?=6BF6V2?CZ?)2BP2CZ 

V2?C 3EBPD22PZ<P2P@<8RP=R3:B2=2?5ZBF686?6==:<=65ZW
EI2B2?=2B2D6<3:B86J686?56?529272J=2@=>2C2522I?Z8RP=6
D6A<:F6B:B
E3:J:32W<23:B56T6B=6?5:B>6I686D:B:I@B V2?C
)2BP2CZ 86P:W=6BF6:=6B=6>6=6BC@?E4E?52>6I52?286=6?
56?6I:>=6BF6<@WE==2BI@=EI=25ZW8RP=6B6<2BWZ5EI2B=ZIC2 
3:B6I:?<6?5:CZ?ZB=2BZ:P:?563:=:?4:?56?<2I?2<=2?2?:P8RP=6B6
565EI2B=Z@=>2CZ>R><R?>R5RB5@TE>92B:D2CZE IZ=5ZJ
72=Z?52<:5:T6B86J686?C6=@=>2I2?A2BP2=2BRJ6B:?56I2AZ=2?
P2=ZW>2=2B52?@=5E<P2<@=2I3:BW6<:=56I2?ZD=2?23:=:B 0R<C6=6? 
&:5962F6? '@56C !@EC6ECAC .6BD6H '25:B 6C46?52?DF6
3EB4E?5:T6BDR>86J686?C6=@=>2I2?<ZCZ>=2BZ?Z:CD6I:A
:CD6>65:T:?:J:5RWR?R?  6BP6<86J686?=6BD2B27Z?52?
@=EWDEBE=2?>6C276:=:W<:=6B:?6F6I2IQ?=6B:?65EI2B=Z=2B>Z:B
86J686?:?0R<C6=6?:=63:B32T=2?DZ<EB>2CZQ?6>=:>:F6D 
!2B:D2?Z?DR>8QBR?R>R?R56T:WD:B:B:B86J686?:?3:B!@EC6
ECA2<2B6@=EWDEB>2CZQ?6>=:>:M@<P@<  6J686?:?6?6B;:C:
:=6@6F:?C6>3@=:J66DD:T:56?6I:>=6B2B2CZ?52P@<QJ6=
86B:=:>=6BI2B2DZB :B3:B6I:?$EJ6IRTR>R:=6<2FEWE>
@=EWDEB2?RP86J686?:@=>2CZQ?6>=:>:=36DD6QI=6:B6I:3:B
24:=:I6D5EI8ECEI=2$2B>2CZ?ZI6B:?686D:B>6I6J@B=2B

!2B:D252<:92CC2C?@<D2=2B286J686?C6=IQ?=6B:?
86BP6<D6?2CZ=6D<:=6B:@=5ETE?252:B3:BP@<QB?6<RJ6B:?56?
86P>6<>R><R?5RB EB2522?=2WZ=>2CZ86B6<6??@<D2 
3EBPD2<:3:B3Q=R>R? 86J686?@=>2C252 2PZ=2B52?
6D<:=6?5:T:5:B
E?232<>2?Z?32W<23:BI@=E5292F2B CDB@=@;:I:3:B
2?:P:?D2>2>6?E?EDEA V2?C$ZC>Z?Z?<:W:?:?92I2DD22B25ZTZ
+6F:?4:C:>86=65:T:?:92DZB=2I2B2<WE?=2BZ8QJQ?R?56
3E=E?5EBE?M@<CZB252? 8R?=R<3:B5RWR?465RJ6I:?56 3:B6I:?
92I2DZ?52@?EC6F:?5:B6?W6I=6BF2B5ZB  .6
.$40,.5642/2-,
E?=2B286=:?46 @?E?C6F:?4:?:I2W2>2CZ?2:J:?
F6B6?I252@?26?86=@=242<W6I=6B56F2B5ZB :B
<:W:?:??6W6C:P@<:I:8Q?R=B292D=ZTZ:P:?56@=23:=:B
2/'7.@$52976%,4F(9$4@$5I*,%,@2.,2=:9 
)$674$(60(.:P6B:86=:B3256$$1/I.C6F:?4:?:?
56?6I:>:?6>R5292=6656B 2DEB2P@<5292C@>ED
3:B2?=2>52 3:B86J686?6P@<36?J:I@B :B:
5:T6B:?56?5292C@>ED@=C252 :<:C:2B2CZ?5292=2
8RP=R3:B:=:W<:F2B :B6I:?72DEB2IZQ56>6<J@BE?52
@=5ETE86BP6T:?6<6?5::P:?56?86=6?5EI8EC2=
D6A<:C:5:<<2D:52TZDZB 2:D:32B6?2171$0$&I3E
5EBE>529EJEBF2B5Z I?ZW6<:=56 +6BF6D:?
)2BP2CZ?Z?86J686?C6=3:BIQ?R566D<:C:?6C29:AD:B
%,43:B6I:?92I2DZ
2W<23:BQB?6T:6=62=>2<:P:? 3:B3:B6I:?I:=6
<2FEWE>@=EWDEB2?6W:?4:F$ZC>Z?2C29:A@=5ETE?E
F2BC2I2=Z> M@<86BP6<P:3:B5RJ6I56@?=2BZ??6W6C:3:B
3636<C29:3:@=>2IZ:CD6>6<D:B I @3636T:?86BP6<
5@TE>E?EC6>3@=:J6656B 0:?6CDB@=@;:I:3:B2?:P:?
E?EDEA 2D2CQJR?R2B2>2< :CD6>6< 36<=6>6<F6
36<=6>6<2B2CZ?52<::=:W<:I:8QBR? <RPR<C6F:?P
56>6D:F63E?E??:92:86BP6<86BP6<=6W>6C: EB252
523:B:5:T6B:?56?5292C@>ED0:?6563:B3:B=6B:I=6
5@TBE52?56F2>=Z=Z<=2BZF2B
E?656?=6 2CDB@=@;:<5RWR?>6C6F:I6=6B:?56 3:B
3EB4E?3:BA2BP2CZ J@BE?=E@=2B2<52922?=2>=Z@=>2<CZJZ? 
5:T6B:?56?5292C@>ED@=23:=:B !:PWRA96I@<<: 3:B3636T:?
C@>ED5@TE>E3:B:?C2?:P:?C@?56B646Q?6>=:5:B 2?42<
2I=2B42E>ED5@=E36<=6?D:=6B A=2?=2B 86=646<:P:?92I2==6BF6
,2?BZ?Z?I2B2DZ=ZWZ?Z?3:BA2BP2CZ?Z56?6I:>=6B<6?C29:A@=E?2?
:?2?Z=>2J9EWE5EI8ECE 96B92?8:3:BW6I56T:=5:B 52922J
Q?6>=:
&255:F6>255:@=>2I2?2I?Z>252=I@?E?:<:
IRJR5RB !6BJ2>2?3:B=:<D6P2=ZWZB=2B EB25292=25292
3RIR<3:B<2FB2IZW286=:I@BEJ @BDE?6E?)2BP2CZ86BP6<D6?
C@IED56T:=5:B '6I65@TBE8:56?P@<<6C:?I@==2BF2B
0Q?=6BF6V2?CZ?)2BP2CZ 

I2W2>C6F:?4:@=2B2<2BZI@B :B<:W:86?6==:<=6@?E?6I:?>ED=E
6DD:T:?:3:=:B E3:=>6C@>EDDEB E@?E?56?6I:>=6I63:=646T: 
9:CC6563:=646T: D2523:=646T:F65@<E?23:=646T:3:BW6I5:B (?E
:P6B:56?5@=5EBEBF6@?ED2?ZWDZTZ96B<6C6I2I>2CZ?ZC2T=2B

E36?J6D>6=6B2B24Z=ZTZI=2 V2?C)2BP2CZ?Z?IQ?=6B:?:? <:W:?:?


<6?5:QJ6=+6F:?P:?6E=2W>2I@==2BZRJ6B:?56P@<<6C:?3:B6D<:C:
@=5ETE?E8QB>6<<@=2I=2WZB EIQ?=6B2I?ZJ2>2?523EC6F:?4:
86BP6<=6WD:B>6<:P:?2WZ=>2CZ86B6<6?6?86==6B=656:=8:=:5:B ?86=
<6=:>6C:?:3:B32W<2?@<D2I2529256T:?>6<:P:?5:<<2D=6C6PD:> 
!6B92?8:3:B3EBPD286BP6<D6?@=E>CEJ3:BW6II@<DEB ?=2>2CZJ2>2?
2=2?W6I=6BF2B EW6I=6B:?2?=2WZ=>2CZ?2E=2W2?2<252B I@=E>EJE
<2A2DZI@BF63:J:2BJE6DD:T:>:JW6I56?2=Z<@IEI@B8:3:8QBR?RI@B=2B 
E?=2B6?86==6B ?42<6?86==6B P232=2>2CRB64:?56<6?5:>:J6:?W2
6DD:T:>:JDR>8RPC2I6C:?566=5665:=5:T:?56<:W:C6=+6F:?4:>:J:P@<
52923RIR<I2A2?32C2>2<=2B5ZB =5665:=>6C:IZ==2B2=2?W6I=6B 
86?6==:<=6:<:25Z>:=6B:F63:B25Z>86B:P@<52922?=2>=Z5ZBP@<<@=2I
86=6?W6I=6B8QJR>RJ5656T6B<2I36D>66T:=:>:?565:B E?656?=6 
V2?C)2BP2CZ?Z?C6BDF6I2<@=2IIQ?=6B:?65@TBEA6BCA6<D:7D6?
32<Z=>2=Z5ZB96B3:B:?:D2>@=2B2<?6I656T6B@=2B2<8QB>6< $@=2I42
86=6?W6I=6B:P:?2=P2<8Q?R==R@=>2=ZIZJ 1@B=E<=286=6?W6I=6B:P:?
>:??6DD2B@=>2=ZIZJ .63EB252 V2?CZ?)2BP2CZ?Z?D6>C:=6DD:T:DR>
5:T6BC6F:?P=6B:?RJ6B:?56 <:W:?:?86BP6< <2=Z4Z?6W6?:D6=:T:?6?2CZ=
E=2WZ=242TZ5ZB >:??6DD2B@=>2=ZIZJ .63EB252 V2?CZ?)2BP2CZ?Z?D6>C:=
6DD:T:DR>5:T6BC6F:?P=6B:?RJ6B:?56 <:W:?:?86BP6< <2=Z4Z?6W6
?:D6=:T:?6?2CZ=E=2WZ=242TZ5ZB >:??6DD2B@=>2=ZIZJ .63EB252 V2?CZ?
)2BP2CZ?Z?D6>C:=6DD:T:DR>5:T6BC6F:?P=6B:?RJ6B:?56 <:W:?:?86BP6< 
<2=Z4Z?6W6?:D6=:T:?6?2CZ=E=2WZ=242TZ5ZB

%U0,N%O&O'$*%*

6J686?=6B$256B$ZC>Z:=6<2B62PZI2AZI@BC2 <:W:
3E?=2BZ?3:B3:B6I:?6W6C:?56?>29BE>3ZB2<242TZ?2:?2?>2I2
>6I:==:5:B E 86BP6<=6B56?6?EJ2<@=2?Z5ZB C=Z?523:BC@?E42
I@=2P2?86B:=:>:I2B2DZB=2B
.$40,.5642/2-,

<:W:6I=6>IQ?R?56 B6E528QB66I=6> <:W:I:BRI2


5EBE>E?52?PZ<2B2?W6I5:B $:W:?6<252BP@<W6II2A2BC2 
6I=6>563E=E?EB <2DZ=ZB P2=ZWZB P232=2BC2F3 92I2==6B:86BP6T6
5Q?RWDRB>6I6@<252BI2<=2W23:=:B

'6I:??6W686D:B646T:?:92I2=6D>6<F6I292I2=6D>6< 
@?E6=566D>6<56T:=5:B @=5ETE?E<6?5:?6:D:B276D>6<
<:W:?:?6?3RIR<2BJE=2BZ?2E=2W>2CZRBR?@=242<DZB:=6:=8:=:
EIE>=EP232 3E?=2BZ?86BP6<=6W>6C:?6IQ?6=:<:=<25Z>5ZB
$256B$ZC>Z?2<2B6=6B@=EWDEB2?86J686?=6B?6<252B
J2B2B=ZIC2 @<252B56B:?5:B %,4(95(/290$/$45ZW2BZ2171:I:
5I.I16I@?E?C6F:?4:?:?8:B>6C::P:?P@<529272J=2I6B2P>2<
:P:? !6BJ2>2?2<Z=52DEDE=>2=Z5ZB<: I2AZ=2?96BW6I :=8:=:
6>6<=6B92<<Z?52W:<2I6DD63E=E?23:=>6<:P:?@B25256T:= 5292
P@< Q=R>56?6?@=E>=EC@?EP=2BZ?6=5665:=>6C:?6I2B5Z>4Z
@=242<I@=EF6I@==2BZF62B2P=2BZ2PZ<F6<6C:?3:BW6<:=56
D2?Z>=2>2<:P:?@B2525ZB ,2=:9

+6BF6D$ZC>Z?2<2B62PZ=2B@=EWDEB2?72I52=Z86J686?=6B 
3:B3:B6I:?2BJE=2BZ?ZI2W2>Z?6B<6?5Q?6>=6B:?56F6I25292
<@=2IIQ?D6>=6B=6I6B:?686D:B>6C:?:C2T=2I23:=:B EB252<:W: 
C6F:?4:CRB5RB>6?:?6=566D>6<D6?P@<5292J@B3:BW6I
@=5ETE?E92DZB=2>2=Z5ZB:B<:W:3:BW2B<Z4Z@=>2IZ2BJE=2I23:=:B
F63:B(?E?4EF$ZC>Z?272I52=Z<2B6=6BI@=EI=2C@?E?523:B9:D
B6<@BE<ZB>2<:P:?P2328QCD6B63:=:B >23:B9:DB6<@BE<ZB2?
>:=I@?=2B42W2B<Z4Z2B2CZ?52 86BP6<D6IRJ56<2PZ?52:<:?4:F6I2
RPR?4R3:B9:DF2B 6BP6<WE<: IRJ563:B:?56?52922JZ32W2BZIZ
32W2B23:=:I@BE?23EBPD2<:32W<23:B3Q=8656?32<Z=5ZTZ?52 
3:B3:B6I 2I52=Z$2B6=6B:@=2?3:B(?3:B:?4:FV2?C$ZC>Z?2
C29:A@=23:=:B E$2B6=6B 2<D:7@=2B2<2B<252W=Z<=2B2B2>2<:P:?
6?6B;:F6B>6I6I2B5Z>4Z@=EB 2<2D
0Q?=6BF6V2?CZ?)2BP2CZ

32W2BZ=>ZW@=2?Z?D2>56T6B:?:?72B<Z?2F2BZ=>2J

(92=56QJR?56 +6BF6D$ZC>Z?2$2B6=6B 3:B6I:?6?


3RIR<?6W6C:?6E=2W>2<:P:?<E==2?23:=646T:5:?2>:<6?6B;:
I2B2DZB +6F:?P:CD6B<@=2I86=C:? :CD6BJ@B=E<=286=C:? ?:CA6D6?
<ZC23:BJ2>2?5:=:>:I2523:BQ>RBCRBCR? +6F:?P:?
<6?5:C:?:?3:BA2BP2CZ@=>2<D2?52923RIR<3:BW6II@<DEB E
$2B6=6B56?2=Z?242<56BC Q5R=R?P232I256T6B@=5ETE5EB

%U0,N%O&O'OM%O%*

V2?C$ZC>Z?2OP86?2PZ=2BZ@=EWDEB2?86J686?=6B 
3:B6I:?I2W2>Z?2@?E>ED=E=ETE?28QDRB6?5ZW<@WE==2BZ86D:B:B 
EIQ?=6B=6 V2?C)2BP2CZ?Z?A6W:?56?2<D:7@=2B2<8:D>6>6C:
P@<Q?6>=:92=686=:B PR?<RI2A2BC296B7ZBC2DD2@?52?
<2P242<DZB ND6I2?52? C2564692I2DZ?28:B6?F6PZ<2?<@WE==2B 
:?C2?=2BF6@=2I=2B=2?2CZ=2<242TZ?ZQTB6?6B6< 3:=:?P=:@=2B2<
I2A>2I2P2=ZW>252?@D@>2D:<@=2B2<V2?C$ZC>Z?2E=2W242<DZB

,B:?6C96BJ2>2?5ZW56?6I:>=6B86D:B:B 2?42<96B
J2>2?5RWR?R=5RTR<252B<@=2I56T:=5:B &2=67:< 6J686?=6B 
@BDE?6Q=R>R?6RP86?2PZ52 3:B6I:32W<2=2BZ?Z?6==6B:?56
@=5E<P2J@B<@WE==2B2C@<2B 0:?656 3E?=2BD2>@=2B2<@?E?
2BJE=2BZ?Z?:92:@=2B2<86BP6<=6WD:B5:T:<@WE==2B5ZB :B<:W:?:?
+6BF6D$ZC>Z?2$2B6=6B:@=5ETE?52 I@=E52925@TBE52?
8QBR?RI@BPR?<R:P:?56?86=:I@B ?42<3EB4E3E'@<D2I2
RP86?=6B8QCD6B5:T:?56 3:BP@<72B<=ZIQ?68:5:I@B>EW8:3:
8QBR?RB QJR?56D2?ZWDZTZ96B<6C:?86BP6<=6B:?68:B:APZ<2B E
86BP6<=6B3:BW6<:=56+6BF6D:?:?)2BP2CZ?Z?@?E?:P:??62?=2>2
86=5:T:?:D6>C:=65:I@B ( IEF2B=2<3:B>:=IRBRI6?2>2I:?6
568:DD:T:I6B6F2B2?<:W:5:B .6:=8:?P@=2?WE<: @B2I2CZ<CZ<
<6?5:?6B2T>6?F2BZI@B
 .$40,.5642/2-,

,B:?6CD@D96)2BD@7@BDE?686=5:T:?56 6?67:<
6J686?=6B56?3:B6I:?92I2==6B:?:86BP6<=6WD:B>6C:C@?56B646
<@=2I5ZB ,6<B2BD6<B2B @P@<8QBR?RI@BF$15/I3:B2=2?522@?E?
A/B0C6BF6D5(0%2/,:(('(456BC74$'$:=6:=8:=:.745
W2?CZ?Z72J=2J@B=2>2<56T:= 3:=:?>6I6?3:B?656?=62=>2I2
=2IZ<@=5ETE?E:=29:D2=:9:?:?3:BA2BP2CZ@=2B2<D2<5:B6D>6<D:B

%U0,N%O&O'$*V"$*V"%"$%*

$256B$ZC>Z:=6<2BWZD=Z<@=EWDEB2?86J686?=6B 2I?Z
J2>2?52$:W:C6=(=>2I2?:=:?P$ZC>Z:=656<2FEWE>
@=EWDEBEB=2B QI=646 ?621/$43:BW6I56?EJ2<=2WZI@B8:3:
8QBR?RI@B%,4(95(/3:B:?56$/$121/$432W<2CZ?2F6B E
6J686?=6B6?:I:W6<:=56P2=ZWZBJ2>2?<:W:3E?=2BZ<:W:C6=PZ<2B
:P:?<E==2?>2I2P2=ZW>2J $:W:?:?2=2?56T:=56F6B6?@=>2CZ 
92DD23EI6=A2J6568QBR=>6C:@<252B52Q?6>=:56T:=5:B E?E?
I6B:?6 3E 6J686?C6=6?6B;:=6B:? D6>C:=6DD:<=6B::W=6F=6B6F6I2
I2B2DDZ<=2BZRBR?=6B6C29:A@=>2F6I2C29:A@=>2:=6:=8:=:@=>252?
<E==2?Z=>2CZ5292Q?6>=:5:B :B<@AE<=E<92F2CZ @?=2BZ?6?:I:
W6<:=56P2=ZW>2CZ?2I2B5Z>4Z@=EBF6CQJF6B:=6?+6F:?P:V2?C
$ZC>Z?52I2W2I2?3:B<:W:56?9:P3:BW6<:=56EJ2<=2W>2J

E 6J686?=6B 3:B6I:?<:W:C6=@=>2I2?3:B3:=:?P


2B24Z=ZTZI=25R?I2I2<2DZ=>23:P:>=6B:?:C6>3@=:J6656B QI=646 
<:W:?:?36?=:<<:>=:T:I2AZCZ@=2B2<<6?5:?563E=>2IZ
:CD6I63:=646T:3:B:4:<=:T6:W2B6D6D>6<I6B:?6 @?E?5:T6B
96B<6C=6?6<252B2I?Z@=5ETE?E@?28QCD6B:B=6B E 6J686?=6B
<:W:C6=5RJ6I56:W=6F8QB>6C656 8$5I6$5I9/$3E?=2B523:B6I 
96B<6C:P:?@BD2<@=2?I2W2>56?6I:>=6B:?:?2<ZWZ?Z?3RIR<3:B
A2BP2CZ@=5ETE?E8QB63:=:B .6@?E?<:W:C6=C6F:I6C:?563E
0Q?=6BF6V2?CZ?)2BP2CZ 

@?232W<2DRB=R72B<656>6I646T:3:B2:5:I6D5EI8ECEF6B:B

%U0,)*M+"U%S%',"%*

$256B)2BP2CZ:=632T=2?DZ<EB2?86J686?=6B 3:B6I:?
@?=2BZ?2CZ=<E==2?242TZ?ZQTB6?:BC6F6@=E>=EW6<:==6B56
P2=ZW>2CZ?2:J:?F6B:BC6 3:B6I:?6?3RIR<'6W6C:?6E=2W>2CZ?2
I2B5Z>4Z@=EB ?6B;:=6B:?:>ED=E=ET25@TBEIQ?=6?5:B:B=6B 
3QI=646@?E3E=>252?656>6J NJR?56 IQ?6=5:T:I6B56?
C2A>2>2CZ:P:?@52<=2?>2I6D6?6T:6<=6B=6B

E86J686?=6B2I?ZJ2>2?52$:W:C6=(=>2I2?:=:?4:?
$ZC>Z?2<2BWZD=Z<@=EWDEBEI@B=2B QI=646<:W:I:72J=2<:W:=:<C:J92=6
86D:B>6<D6?2=Z<@I2B=2B E <:W:C6=86BP6<=:T:?56?3:B5:<<2D
52TZD>28QB6F:8QB646<D:B <@=2B2< 96B92?8:3:B86J686?:?
@BDE?6$ZC>Z:=6<2FEWE>@=EWDEB2?5@T2CZ 3:B<:W:I6>ED=E=E<
86D:B646<W6I:?D2>@=2B2<?6@=5ETE?E5292?6D3:BW6<:=56
D2?Z>=2>2I2I2B5Z>4Z@=EB 12B2B=Z86J686?=6B3:=63:B>ED=E=E<
86D:B63:=:B :BP@<:?C2?5QFRWD63RIR<3:B+6F:?PI2W2B$2F82
6D>6=6B:?:?F6I2>R4256=66D>6=6B:?:??656?=6B:?:@BD252?
<2=5ZBZ?F656B:?56?>EDCEJ@=EB=2B :BP@<:?C2? 92I2DZ
J@B=2WDZB2B2<3RIR<3:B>ED=E=E<6=56656B !2I2DZ@?=2B:P:?
<@=2I=2WDZB>2I2P2=ZWZ? >EDCEJ@=242<=2BE?656?=6 3:B
+6F:?P92=: <:W:?:?D2C2FFEB6563:=646T:92I2=65:=6?>ED=E=E<
5EI8ECE@=>2<J@BE?5256T:=5:B

%U0,N%O&O'O'!UMU*0N'O0($

$ZC>6D:?9:P3:BIQ?R?R3E=2>2>2<@=5E<P2I2I8Z?5ZB 
E5EBE>=2B52 86J686?::?46=6>6<:=8:?PD:B
 $40,.5642/2-,

E 3E)2BP2I26?I2<Z?@=2?Z5ZB  6?6==:<=6?2CZ=@=5ETE?252:B3:B
:AE4EF6B:B 3:B6I<6?5:5EI8ECE?E6=566D>6I6P2=ZWZB5(8,1@9$1,
2>2P=2BZ?2E=2W>2<:P:?<E==2?5ZTZ2?=2>Z?286=:B E2B2P=2BZ?@?E?
:P:?<@=2I>ZI@<C2J@B>E I25286BP6<D6?@?E?+6BF6D$ZC>Z?2
E=2W>2CZ?2I2B5Z>65:A6D>65:T:I252@?E@B252?C2ADZB5ZTZ 3E
6?I2<Z?86J686?:?92B:D2522=5ZTZ5:T6BIQ?=6B68QB636=:B=6?:B
=DZ?4ZQ=R>

%U0,.$*&N%O&O

V2?CZ?)2BP2CZ 3:B3:B6I:?6?3RIR<?6W6C:?6F6
>6>?E?:I6D:?6?2CZ=E=2W23:=646T:I@==2BZ?ZD6>C:=656B PZ<P2CZ 
@J2>2? 3:B3:B6I:??682D:7<2B>2CZ?Z?6<252B:I:<2BWZ=25ZTZF6
RCD6C:?56?86=:B<6?2I?ZJ2>2?52A@J:D:7<2B>2?Z?Q5R==6B:?:
I2B2DZA<23E=6D>6C:I=656P@<:=8:C:F2B5ZB

6P>:WI2W2>56?6I:>=6B:?56?32TZ>CZJ@=2B2< 
>6F4EDI2W2>52<:W:?:?72B<6563:=646T:?56?529272J=2<2B>2
I2B2DZ=ZBF6I2W2?ZB :B<:W:CRB6<=:@=2B2<CEP=E=E<5EI5ETE3:B
I2W2>D2BJZI2WZI@BC2 DR>92B:D2CZ?Z+2DRB?6@52<=2>2
6T:=:>:?565:B QI=63:B5EBE>52 CEP=E=E<5EI8ECEI=25@=E3:B
3:=:?P5ZWZ 2C=Z?52D23=@52<:5292@=E>=E2=2?=2BZ?<6?5:=6B:?:
8QCD6B>6C:?:6?86==6I63:=:B
:B3:B6IC@BE>=E=E<=2B52?<2PZ?>26T:=:>:?56IC6 
C@BE>=E=E<=2B<272CZ?2IZTZ=>2I232W=2B EB25252+2DRB?R?
IR<R 3:B6I:?32<ZW2PZCZ?Z<2I36D>6C:?6?656?@=242<<252B
2TZB=2WZI@B $6?5:?:CRB6<=:@=2B2<<2PZ?>2I2P2=ZWDZTZ96BW6I:
I2<2=2>2I2P2=ZWZB<6?8QBR?46 92B:D2CZ?Z??2CZ=3:B2B2I2
86=63:=646T:?:F6@?22B25ZTZ>ED=E=ETE?2CZ=86D:B63:=646T:?:
<2PZBZB
:B3:B6I 636F6I?=6B::=6:=8:=:PQJ>6C:86B6<6?C@BE?=2BZ
@=5ETE?E3:=:I@BC2F6I:?656@?=2BZ:?4:D>6<D6?<@B<DETE:P:?
<6?5:<:W:=:T:?65Q?RW>6C:?6I@=2P242<IRJ=6W>6=6B56?
<2PZ?ZI@BC2 @J2>2?+2DRB?R?2TZB=ZTZ?Z7@B>529:CC656B
$40,.5642/2-,
@?E<2B2BD2?F63E=2?5ZB2?8:J=:6?5:W6=6B:?*A4B1B092I2DD2
:B3:B6I636F6I?=6B:?:?F6I22D2=2BZ?Z?5EBE>E?52?
C@BE>=E9:CC65:I@BC2 I:?6+2DRB?R?DEDC2TZ5ZB $6?5:C:?:?
@=>2CZ86B6<6?636F6I?@=>25ZTZ?Z9:CC656BC6 C@?EP
96>6?96>6?2I?Z5ZB
,2?BZ?Z?<6?5:=6B:?6:?C2?=ZTZ?6FB:>:?56
Q?6>=:3:BB@=@I?2I242<P@<QJ6= 36?J6BC:J3:B>:CI@?
IR<=65:T:I2?=ZW:?2?4Z?2C29:A3:BP@<CDB@=@;:F6
J@D6B:<:=:>=6BQTB6?4:C:F2B5ZB EDRB3:BDEDE>2I?Z
J2>2?52+2DRB?R?6>6<P:=6B:?: 3:B6I:?92B:D2CZ?Z?
86B:<2=2?ZRJ6B:?562TZB3:B3E=ED8:3:2CZ=Z<2=>2I2
52F6D656B
CDB@=@;:I6I6?:32W=2I2?QTB6?4:=6B:?
P@TE?E? 3EBP=2BZ?Z:=<<6J8QB5R<=6B:?56F6
2?=25Z<=2BZ?52 +2DRB?R92B:D252?C:=>62BJECE?2
C29:A@=>2=2BZ:=8:?PD:B I?ZW6<:=56 @<EI2?=2B
$5642/2-,3:B<2PIZ=3@IE?42 @=23:=:B@2.)$:/$
.290$.+2DRB?R?P2TBZCZ?2FEB8E !6B:<:DEDE>52
EP?@<D2=2B5ZBF63E:D:32B=2 96B:<:C:563:B6I:?
3RDR?<:W:=:T:?:?ARBRJCRJ2<ZWZ?ZI2W2>2CZ?Z
6?86==6B +2DRB?6P@<2JF6I2P@<72J=2@52<=2?>2< 
3:B6I:?F2B=Z<>6B<6J:?56QI=63:BEIE>CEJ=ET2
?656?@=EB<: 86BP6<D6<:>@=5ETE?EF6?2CZ=:W=6F
8QB63:=646T:?:3E=>2CZ?Z6?86==6B
+2DRB?R?52923:=:?>6I6?F6>:CD:<
?:D6=:<=6B:?56?3:B: 96BW6I:?@=EWE>E?E2?=2>2
:9D:I24Z5ZB $:W:3:=86=:T:@<252BP@<2B2B<: 3E
CRB6PD62WZBZ3:=8:I=6<6?5:C:?6IR<@=>2
6T:=:>:?565:B :=86=:<2B2?2>2J 02W2>Z?
56?6I:>=6?>6C:I=686=:B $:D2A=2B52?I252
32W<2=2BZ?Z?CQJ=6B:?:5:?=6>6<D6?86=6>6J :B6I:?
<:W:C6=@=2B2<32WZ?52?86P6?=6B652I2?2B2<3:=5:T:
96BW6I:?RBR?R5RB :=86=:<56<@?E=>2=ZEI8E=2>2 
I@<C2D2W25Q?RWRB
+2DRB?R?5@TBE<E==2?Z>Z @?23EB4E?5:T6B3Q=R>=6B:?56?
529272J=2F6I252922J2TZB=Z<F6B>6>6<D:B 6F6D5@CDE>
V2?CZ?)2BP2CZF6$2B>2 

<6?5:I2B2DDZTZ:9D:I2P=2B252I2=ZC@BE>=E=E<=2BZF2B5ZB U?C2?Z
I2W2?23:=646<96BW6I6<2BWZ<@=2I42<QB6563:=6?<2I8Z=2B 
IR<=6BF6IR<R>=R=R<=6BRJ6B:?565EB>2<=2 C@BE>=E=E<=2BZ?Z
>R><R?@=2?6?32C:DW6<:=56I6B:?686D:B>6< @?=2BZ92I2DZ?
3RDR?=RTR?R?C256463:BA2BP2CZ@=2B2<<23E=6D>6<2B2CZ?52
3RIR<3:B72B<F2B5ZB F6D23:B:42:JC652923RIR<F65292:I:
W6I=6B65@TBE:=6B=6>6<

+2DRB?<@=2I423:B5EB8E?=E<86J686?:@=23:=:BF63:B
3:B6I:DR>I2W2>Z3@IE?422I?Z3:=:?P5RJ6I:?56DED2B ,R>3E
IZ==2B3@IE?42  R?6W I 0R<C6=6?F63E?E?C@?E4E?52@BD2I2
PZ<2?$256B)2BP2CZ 2B<2:<F6>@52CZ86P>:W5RWR?>6F6
I2W2>23:P:>=6B:?6:<:?4:<6>2?@I?2>2I2J@B=2?ZB

!2I2DD2@=>2<:CD6I6?=6BF2BF6@=>2<:CD6I6?=6BF2B 
?2CZ=@=E?242TZ?Z2?=2 U=<: 92I2DZ5@=E5@=E56?6I:>=6B 
>6FC:>=6B:?56T:W:>=6B:?:D252B2<F692I2D23:B92B6<6DF6
:=6B=6>69:CC:F6B6?I6?:56?6I:>=6B6<2DZ=ZB U<:?4:C: 2I2<
A2B>2<=2BZ?Z5EI8ECE=2BZ?2F62<Z==2BZ?Z2<Z= 92<:<2DF6
3:=86=:T:?92F2CZ?2C@<>2<D2?<@B<2? I2W2>Z?8QJ=6>4:=6B:
F6I2>2?:AR=2DQB=6B:@=>26T:=:>:?565:B

,6>6=565R?I252C25646:<:DRB:?C2?F2B5ZB :=6?=6B
F2B 3:=>6I6?=6BF2B :=>6I6?=6B C25646<6?5:92I2D=2BZ
RJ6B:?5656T:= 6DB27=2BZ?52<:96B<6C:?92I2D=2BZRJ6B:?5656D2>
<@?DB@=6C29:A@=5E<=2BZI2?Z=C2>2CZ2=DZ?52I2W2B=2B @T2I=2
EIE>:P:?56@=>2<=22C=2:=8:=6?>6J=6B M6FB6=6B:?56<:5R?I2?Z?
5@T2=8RJ6==:T:?:?D25Z?ZPZ<2B23:=:BF6D2<5:B6563:=:B=6B 2?42<
DR>3E?=2BZ?92I2D=2BZ?Z?A=2?ZI=29:P3:B:=8:C:@=>25ZTZ?Z
5RWR?RB=6B E:?C2?=2B92I2D=2BZ?Z?3RIR<3:B<ZC>Z?ZI2T>EB=E
92F2?Z?A:<?:T66?86=@=5ETE5EBE>=2B52 P@<72J=28R?6WZWZTZ
@?=2BZB292DCZJ6DD:T:?56I2522C=Z?52<6?5:5ZWZ?52<:96B92?8:
3:B8RP<6?5:<:W:C6=:B256C:?::72566D>6C:?:6?86==65:T:?56
W:<2I6D656B6<86P:B:B=6B ND6I2?52? 3:=6?=6BF2B 252>
@=5ETE?E3:=:I@B=2B
$40,.5642/2-,
92I2D5@T252?2IBZ56T:= @?E?3:BA2BP2CZ5ZB 02T>EB2
C6F:?:B=6B PR?<RI2T>EB96BW6I:I6W:==6?5:B:B<6?2D>@C76B6
D6>:J3:B76B29=Z<86D:B:B  R?6WZWZTZ?52C6F:?:B=6B PR?<R
@?E?A2B=2<=ZTZ?525@T2?Z?8RJ6==:T:?:?3RIR<8QCD6B:C:
52928QBR?RB5RB 9:P32<>2J=2B%,4F(9/(4:?C2?=2BI252
<@WE==2B<6?5::B256=6B:?::72566D>6=6B:?66?86=@=2B2<
56T:= 5292P@<5@T2?Z?2BJF656CD6T:?:?@BD2<3:B
A2I=2WZ>Z@=2B2<I2W2>=2BZ?ZCRB5RBRB=6B
:=>6I6?=6B<6?5:=6B:I=6@<252BEIE>CEJ5EB=2B
<: QJ6=92I2D=2BZ?52P@<2JW6I@?=2B2>ED=E=E<
86D:B646<W6<:==6B56W6<:==6?:B :B6W6T:?Q?R?6<@?2?
3:B92FEP8:3:@?=2BZ3:B56?6I:>56?5:T6B:?68QDRB6?
3:B68@I2?Z=C2>2CZ:=6C@?CEJ256<B6<236D
92=:?565:B=6B :=6?=6B62C=2C@BE>=E=E<IR<=6?>6J
2C=2<@B<E=2BD2B27Z?52?6?86==6?>6J?:?56C@?E?52
J2D6?<6?5:=6B:I=6:=8:=6?6?2PZ<=2?2>2J6?5:W6=6B=6
2C=28QJ52TZ=>2I242<
$:W:<6?5:<2B>2CZ?Z??6@=5ETE?E3E=>2I2
P2=ZWZBC2 @J2>2?2C=Z?523@W28:563:=:B PR?<R3E
CRB6:P:?56 WEI2523EW6I:?2?=2>Z?Z
C@B8E=2>252? <:W:J2D6?<2B>2CZ?ZI2WZI@B@=EB5E 
&6C6=6WE<: 36=:B=:3:B86J686?56T:= 3EBPD2<:RP
72<DQBR?3:B<2BZWZ>Z@=2?$256B)2BP2CZ <:W:<6?5:
92I2DZ?ZI2W2>2I2P2=ZWDZTZ?526?:I:W6<:=56P2=ZWZB
92I2D@=23:=5:T:?465@T2= E?E:I:I2A23:=>6<:P:? 
+2DRB?R?@=E>CEJ<E==2?Z>Z?Z?P@<QJ6==:T:@=2?
I2<Z?>2F686P>:W52FB2?ZW<2=ZA=2BZ?232T=Z
<2=>2?Z?RCD6C:?56?86=:?>6=:5:B  QBR?5RTR<252B
A2B25@<C2= 3:B6I<6?5:<:W:C6=36?=:T:?:3E=>2<:P:?
<:W:C6=36?=:T:?:2W>2=Z5ZB
R?I2?Z?CE?23:=646T:@<252BP@<W6IF2B<: :?C2?=ZTZ?
6?4:55:C@BE?E ?6I:C6P646T:?:2C=2D2>@=2B2<3:=6>6>6C:5:B 
U?C2?6?:?56C@?E?52C6P:>=6BI2ADZTZ?52 I2ADZTZC6P:>:?
<6?5:C:?:529272J=2J6F<F6B63:=646<32W<256?6I:>=6B56?
EJ2<=2WDZBZA<2A2D>25ZTZ?52?2C=2D2>@=2B2<6>:?@=2>2J 
:B:?:?I2W2>D2BJZ?ZCZ?ZB=2>2<@B<ECE32W<2
V2?CZ?)2BP2CZF6$2B>2 

+2DRB?6@=E>CEJ3:BD6A<:?:?QJ6==:T: ?42<3:=6?=6B@=2I2
2C=23E8QJ=632<>2J=2B
:B<:W:?:?<6?5:C:?:I2W2>D2BJZ:P:?6?:I:@=2?=2EIE>=E
92=686D:B>6<:P:?I2A23:=646T:@=E>=EW6I=6B56?3:B: 3RIR>6I:
5EB5EB>2I2 6?6B;:C:?:52TZD>2I2F6P@<C2IZ52@I2=2?>2
I2B2D>2I2>6I:==:@=2?56?6I:>=6B: <@WE==2BZF63:B6I=6B:
CZ?ZB=2>2<DZB E?=2B <:W:I:P2A2CZ?52?86BP6T6P6<>6
6T:=:>:?565:B E 5RJ6? EIE>I2B2D>2I2F686?6=@=2B2<
92I2DZJ6?8:?=6WD:B>6I69:J>6D656B R?I2 96AC:?6C29:A
@=>2<:P:?P@<3RIR<F632W<2=2BZ?Z?56?6I:>=6B:?:D2D>2<
:><2?CZJ !6B3EBPD2 V2?C)2BP2CZI2=?ZJ423:BFF63:BEBPD2
8QBR?RB E <:W:?:?A@J:D:76?6B;:=6B:?:@52<=2I23:=5:T:D2<5:B56 
@?2<6?5:6WC:J?6W65EI8ECE?E86D:B646<Q5R==6B:
D@A=2I23:=646T:36=:B=:3:B2=2?Z8QCD6B:B

M@<72J=232<>2<:?C2?Z?5EIE=2BZ?Z<2>2WDZBZB U?C2?
CRB6<=:@=2B2<IR<=6B:?632<2B2<92I2D2:I:>C6B32<ZWZ?Z
<2I3656B @T2=8RP=6B:?@?E@52<=25ZTZI@==2B=22<>2CZ?2:J:?
F6B:BC6 P@<86P>656?<6?5:36?J6BC:J3:=:?P2<ZWZ?Z<6W7656B 
.25:?:?:P:?65@TBE2<2?86BP6<52T56B6C:8:3: <6?5:C:?:
D2?Z>=2I2?<ZIZ=2BZ?CZ?ZB=2BZ:P:?56<2=ZBC2 5@T2=2<Z?DZI=2
2<242<DZB E2<Z?DZ6?:?56C@?E?52@?E?6W6@<I2?ECE?2
D2WZI242<DZB
"(',1&,A/B0

D"D=!
?? =

0%'
V2B<Z4Z >RJ:CI6? W2:B >:CD:<F6<6?5:
J2>2?Z?Z?3:B67C2?6C:@=2?@3I=2?Z?3EB4E?52 (?
U<:?4:F56@T252+6BF6D:?)2BP2CZ?Z3E=EI@BEJ 
$:W:C6=(=>2I2?:=:?4:?$ZC>Z=DZ?4ZF56<:<B6AD6
871D.,1&,8$'(4I50I,@5(/F(9/(4,$4$0$.,@,1
%B9B.%,4A:/(0*A56(4,4 %71/$4I%7/0$.8($1/$0$.
0$'',2/0$9$1'79*7/$46D<:=6>6<$'$0I15ZWI2W2>79B:'(172J=2
E5EBE>52 $256B)2BP2CZ-B2?RC:=6?6B656IC6
D2>3:B<2FEWE>@=EWDEBEI@BF63E52$9'I1/$10$
72B<Z?52=Z<F6<:W:?:?3:=:?4:?65Q?RW>6C:
)6<P@<AB@76CI@?6=>RJ:CI6?:?@T23EB4E?526?
2J3:B86J686?:F2B5ZB I=2?Z?3EB252C29:A@=5ETE5QBD
86J686?66<@=2B2< 3E3EBPD2<:+6BF6D$ZC>Z >RJ:T:?@?E?
6?3RIR<?6W6C:?6E=2W>2?Z?I@==2BZ?52?3:B:@=5ETE?E
8QCD6B:I@B (?E?(?U<:?4:F56@=>2CZ @?E?6?>ED=E
@=5ETE?E8QCD6B:B <2=232=Z<C6I:B4:=6BQ?R?56C29?6
2=5ZTZ?5256T:=PR?<R@T23EB4E?E?<6?5:C:D6>6=56
ED2?82PDZB 2>2(?U<:?4:F:?CE?5ETEI2=?ZJ=Z<F6
:?J:F2?Z?D25Z?ZPZ<2B5ZTZ?52 E @?2 P@TEJ2>2?3:B5Q?8R
:P:?56I>:W8:3:8QBR?6?9ZJ=Z92B6<6D656?3:B5R?I2?Z?
D2=6A=6B:?56?P@<72J=2J2>2?2IZB>2CZ?2:J:?F6B:B
(?:<:?4:F:?32<ZW2PZCZ?52? 3:B3:B6IDR>
?6C?6=6B:8QB63:=:B ,15$1/ICI1$&I5I
V2?CZ?)2BP2CZF6?1/B74@/$4

F6<6?5:?6C@B>2< ?6C636A=6U?C2?Z?@=5ETE?52?5292
72J=2CZ@=>28:B:W:>=6B:?:?I2?=ZW=ZTZF6C2?Z=5ZTZ?52?52922J
@=5ETE?E?:5B2<Z (?U<:?4:F:?32<ZW2PZCZ?52?@BD2I2
PZ<>2<D25ZB :B252>2252>5:I63:=>6?:J:P:?3:B252>Z?<2P
I@=52?86P>6C:86B6<:BI=2?=@G:?8:?D96/:?5
W2B<ZCZ?522T=ZI@B 0:?632W<23:BW2B<Z52 +2?2C29:A@=>2<
:CD6>:I@BE>  +6?:56T:WD:B>6<:CD6>:I@BE> I2JZI@B 
3QI=6C:?68RP=R3:B,@B@CCD6=:E>E?52?86=6?82B:AF636?J6BC:J
3:BD2FZB '6ADR?D2B27Z?52?IQ?6D:=6?(?U<:?4:F @T2?Z?
5R?I6F:5@T2CZ?Z5292IR<C6<3:B<@J>:<86BP6<=:<=6P@<:?463:B
EIE>=2>2I286D:B:I@B I=2? 3E32<ZW2PZCZI=2:?C2?=ZTZ 
:?C2?=2BZ?529256?86=:3:BF2B=Z<5EBE>E?2E=2W>2=2BZ?2
I2B5Z>4Z@=23:=646<I6?:3:B2?=2IZW5RJ6I:?6EI2?5ZB23:=:B

(?U<:?4:FV2?C$ZC>Z <6?5::P:?563RDR?=RTR3E=2B2<
3:B6I63RIR<>ED=E=E<86D:B:B 2W<2=2BZ?Z?@=>2CZ?Z:CD65:T:8:3:
@=>2I2P2=ZW>2I2B2< I2W2>D2BJZ?ZC@CI2=J@BE?=E=E<CZ?ZB=2BZI=2
CZ?ZB=2>2I2B2<F632W<2=2BZ?Z?36<=6?D:=6B:I=6<:W:C6=@=2B2<:=:W<:
<EB>2I2B2<<:W:<6?5::>2;Z?ZI2B2D23:=:B (?U<:?4:F56?86=6?
3E8QBR?DR 2C=232W<2=2BZ:P:?3:B46A96@=>2I242< 5292P@<
*E9E?<6?5:C:?:?8QBR?DRCR@=242< I=2? <2B:I6B:?:?3:B
?@<D2CZ?52 <:W:C6=@=2B2<8QBR?>656?@?:<:IZ=86P:B5: $256B:?
(?U<:?4:F$ZC>Z 3QI=6C:J2>2?5:=:>=6B:2B24Z=ZTZI=23:B6I:?
:P:?56 F2B=ZTZ?Z?86BP6<<2I?2TZ?52?86=6?3:B3RIR>6
>6I52?286D:B:B (?:<:IZ=Z?C@?E?52I=2? 029E5:&:CD:C:J>:
RJ6B:?63:B<:D2AI2J5Z

I=2?Z?>RJ:T:?56 @T2?Z?5R?I6F:?:D6=:<=6B:?:?D:A:<
3:BQB?6T:@=2?<232=Z<:7256=6B:?6J2>2?J2>2?B2CD=2BZJ 
&@56B?:?C2?ZI6BIRJR?6:?5:B6? 3:B6I:<6?5:?:3:BF2B=Z<@=2B2<
8QB>6I6J@B=2I2?D2>523E5:=F6RC=EADEB
2%9/$1
$9I5   
7/76+,11(526$
V2?CZ?)2BP2CZF6O?=REBP=2B  

@QI=6 @T2?Z?6?:I:QJ6==:<=6B:?56?3:B: I=2?Z?DR>


I2JZ=2BZ?Z?P@<2PZ<3:BW6<:=56I2?CZDDZTZ8:3:B@=I2A>2>2CZ5ZB 
UWD6@T252<:8RP=RCD6=IE>E? @T2$256B:?@T2$ZC>Z:=6
3:B=:<D6 ?@B>2=56I2=2?F6IRJ6IC6==:<RJ6B:?5686=:W6?:<:=:
U<:J=6B6D<:C:?:?2CZ=86P6BC:J<Z=5ZTZ?252:B>R<6>>6=3:BQB?6<

<B6AD6<:$:W:C6=(=>2I2?:=:?4:?=DZ?4ZF$ZC>Z
2B24Z=ZTZI=2I=2? I2A2I=Z<<2D>2?=2BZ?Z@BD252?<2=5ZBZBF6
6C6B=6B:2B24Z=ZTZI=2I2W2>Z?QJR?6:?6B U?C2?=ZTZ?32WZ?236=2
@=2?56BD=6B:<2JZI@BF6)=RD@?4E3:BI2<=2WZ>=2@?=2BZ
I6?:=6?>6CRB64:?:?3:BA2BP2CZ@=2B2<32W2PZ<Z=23:=646<=6B:
IRJ6I6PZ<2BZI@B

C6B=6B:?::4B26D>6 92=<22PZ=>2F6<6?5:?:5R?I2I2
CE?>2RC=E3EI=2 5EB8E?3:BD@A=E>E?<2DZ=ZTZ?ZC2BC>2<:P:?
P@<W6II2A2B <B6A6?6B;:C:2B24Z=ZTZI=2 4:?C6==:<D6?QJ8RB46
W2B<ZCQI=6B ?6B656IC6ZCB2B=2:?C2?=ZTZ:=<6=:P8R5R=6B:I=6
IRJ=6W>6I6J@B=2B +:8>E?5B6E5F6#@2?@7B48:3: 96B:<:C:
56+2DRB?<@?E>=2BZ<6?5:5@TE>+2DRB?R:=6?6B656IC6<6C:?
3:B32T=2?DZ@=EWDEB2?3:B92P=Z@=>EWDEB 2<2D56T:W:>F6
5Q?RWR>:P:?<B6A92P=ZC676B:?56 :?C2?=Z<:P:?<E==2?5ZTZ
)=RD@?6?6B;:=6B:I=6QJ56W=6W>6>6I65:<<2D6D>6=:5:B E
6?6B;:=6B <6?5:>ED=E=ETE:P:?:9D:I2P5EI5ETE6?6B;:=6B56?P@<
72B<=Z5ZB

@T252<:(?U<:?4:F:?+6BF6D$ZC>Z <6?5:2=DZ?
PQ>=6T:?:?:PC6=72B<Z?52=Z< 9EJEBF6EIE>6=566D>6
P232CZ?52?86=5:T:?:8QCD6B:B <B6A6?6B;:C:96BW6I:2I?Z2?52
I2A>2<:CD6B 2?42<I=2?Z?86BP6<D6?>ED=E@=>2CZ:P:? 
5R?I2?Z?96BJ2>2?3:=5:T:?:2?=2>2CZ?Z?2C=Z?52?6<252B
J2>2?2=242TZ?Z3:=>6<D6@T2?Z?C23BZI=2:=:W<:<EB>2CZ
86B6<:B 2JZ:?C2?=2B@?52??67B6D65:I@B J6F<2=>2<
:CD65:<=6B:3:BI2W2>D2BJZ8QBRI@B 2?42<QI<R?>6<:P:?
86=6?6<C6= CZ?ZB=ZI@==2B2P@<<Q<C2=ZI@B=2B 2JZ=2BZC6CC:J46
@?E?=2:=8:=:5:B
 $40,.5642/2-,

:P=6B:?56D6D:<=65:T:QJ6= 8:J=:92<:<2D5EI8E=2BZ M@TE


:?C2?@?E?>:CD:<5692CZ?Z2C=22?=2>2I242<
I=2? 5R?I2?Z?@?E?92<<Z?52?65RWR?5RTR?6I2
52<:W:C6=@=>2I2?3:BW6<:=56 2PZ<P256B:?3:BW67<2D
5EI5ETE3:BD@A=E>2<2BWZIR<R>=R=RTR@=5ETE?E
9:CC6DD:T:?632<Z=>2<CZJZ? BE9E?E?:P2<Z>Z?Z
56?6I:>=6>6<D6QJ8RB5RB ':92:9@W?ED=ETE?E?F6
C6F:?4:?:?<2I?2TZ @?E?:PC6=56?6I:>:5:B

#-%+.*'
#E=6C.6B?6:?3EB4E?52 I2J2BZ0:B>:
6?:J=6B=DZ?52:?6BC29 @BDE?6E?)2BP2CZ?Z3E=EI@BEJ
(?E?4EF56<:2=Z< $:W:C6=(=>2I2?:=:?4:?$ZC>Z
QB5R?4RF56<:2W2<25RWRI@B 2=Z< 56?:J=6:=8:=:DR>
>6C6=6=6B69R<>6DD:T:?56?F6+6BF6D:?3E$ZC>Z <2B:I6B
6F:?68:B5:T:?56? 5:<<2DP6<646T:<:D23Z?3E<@?E52
@=>2CZ5@T2=5ZB 2=Z<2I?ZJ2>2?52I2B2DZ4Z92I2=
8R4R?R56IQ?6D:BF63EB4E?:<:?4:56<2?2DZ?52<:+6BF6D
)2BP2CZF6I22=Z<Z?06?86PA2BP2CZ:=6#E=6C.6B?6 
86=646T:?3:B56?:J2=DZCZ?52?P@<529272J=2CZ?Z92I2=6DD: 
$6=:>6?:?D2>2?=2>ZI=2CE2=DZ?523:B6F5: U?C2?=2BZ?
CE?:C@=E?E>4:92J=2BZI=2@<I2?ECE?56B:?=:<=6B:?56?2CZ=
IRJ63:=646<=6B:?:92I2=6DD: U?C2?Z?DR>92I2DZ?Z96B
:9D:I24Z<2BWZ=2I2B2<I2W2I23:=646T:3:BCE2=DZD6<?6C:?:?
D2>2>6?<6?5:<6?5:?6I6D6B=:=:T:?:92I2=6DD: U=8:?PD:B<: 
92I2=6DD:T:?6B656IC696BW6IW:>5:86BP6<@=EI@B ?42<
 =6B56.6B?6:?<:D23Z P@<D:A:<3:B2=Z<3EB4EBRI2CZ
@=2?P@<8RJ6=3:B<2PZW72?D6J:C:?56?P@<529272J=2CZ
@=2B2<8QBR=>6J5: EB252 92I2=A6B6CD=6B:?:P:?56
I2W25ZTZ>ZJ5R?I2IZ86BP6<D6?2CZ=W6<:==6?5:B5:T:?:?P@<
>R<6>>6=3:BQB?6T:?:8QBRI@BEJ
QB5R?4RFC25646<:W:?:?6F:?:56T:= 2I?ZJ2>2?52
<:W:?:?2?2F2D2?Z?Z <R=DRBR?RF6:P:?56I2W25ZTZJ2>2?=2BZ
P6FB6=6I6?D2B:9:<@WE==2BZ52IQ?6D:B QB5R?4RI6
I6B=6WD:B:=6?$:W:C6=(=>2I2?:=:?4:?2W2<)2BP2CZ:=6
7/(5!(41(
E7%$6 
$16(54$15$
  $2B>:<CDB@=@;:"""

!@EC6 #E=6C.6B?6 I2B2DZ4Z92I2=8R4R?R:72566D>6


<@?ECE?52<:<:W:C6=C6F:?4:?6E=2W>2<:P:?8R?R?R?
CZ?ZB=Z5RWR?>6CZ?ZB=2BZ?Z2W23:=>6=:I5: $:W:C6=(=>2I2?
:=:?4:?2W2<)2BP2CZ 3EB4E?(T=2<56<2?2DZ?5236=:B:B
F6I2W2>Z?ZP6FB6=6I6?<EB2==2BZ? 5RJ6?=6>6=6B:? 
CZ?ZB=2>2=2BZ?F6<ZCZD=2>2=2BZ??6<252B2TZB@=5ETE?E
8QCD6B:B $@F2 R?6W:2B24Z=ZTZI=2<6?5:?:86=646T6
I2?CZD>2<J@BE?52<2=242<DZ 2?42<C2564646J36D>6<=6
<2=>2I242< 2I?ZJ2>2?5292I2=8R4R?R3E?E?2CZ=
I2A242TZ?Z8QCD6B646<@=2?V2?CZ?2=Z<)2BP2CZ@=242<DZ
$2B:I6B:?I2?ZCZB2(?E?4EF <:W:?:?92I2DD2
2B25ZTZ2>24Z IQ?RF62?=2>Z52D6>C:=656B  R?6W
F6&6B<RB$@F252F6$256B:?)2BP2CZ2=Z<D2I<6?
#E=6C.6B?6:?I2J>25692CZ AB2D:< 86BP6<P:F692DD2
>2?DZ<2=2?Z?525RWR?R=6?96BW6I:?P@<QD6C:?56
@=2?>E2JJ2>3:BQ?8QBRF6F:JI@?5EI8ECE8QCD6B:B 
@?E?J2>2?Z U?C2?Z? 5@T2?Z?8RP=6B:?56?<2PZ?2B2<
56T:= @?=2BZ<6?5:I2B2BZ?2<E==2?>2IZQTB6?6B6<?2CZ=
36?J6BC:J3:BW6<:=5632TZ>CZJ@=23:=646T:?:92I2=6DD: 
0Q?RF62>24Z 32W<2=2BZ?292I2=:8QBR?646<D: V2?CZ?
2=Z<$ZC>Z?Z?5@T2CZ?523E=E?2?3RIR<C6J8:C6=
8RP=6B @?2I2WZD=2BZ?Z?<2FB2IZWZ?Z?QD6C:?563:B?6W6
86D:B:B5:
M@<<:W:C6=3:BW6<:=56(?E?4EF 3:B6B<6T:?
2>24Z?Z?@=8E?=2W>2CZ?ZD6>C:=656B ?42<3EB252 
V2?CZ?2=Z<)2BP2CZ<:W:C6=36?4:==:T:?QD6C:?686P6B 
&:B2CZ?+6<:J:?4:F:?569R<R>52BZ'6ADR?:=6
3:B=:<D6.6B?6 :?C2?Z?>:B2CZ?Z5RWR?5RF6@?E
5@T2?Z?4Q>6BD<2I?2<=2BZ@=2B2<3E=5E +6<:J:?4:F
(T=2< '6ADR?F6V2?CZ?2=Z<)2BP2CZD2B27Z?52?
I2B2DZ=2?3RIR<W67<2DC2I6C:?56 3E>:B2CZ2C=2
3:=6>6I646T:?6C:==6B6<:W:C6=2B>2T2?Z@=2B2<
2<D2B242<DZ
/U%%U&+!$+)*
/:==:2>+92<6CA62B6:?IZ=5ZJ72=Z?52 =DZ?4Z
F56<:02I52$256B$ZC>Z?Z3E=EBEJF6
/:==:2>+92<6CA62B6
':C2?
+DB2D7@B5 @? F@? U?8:=D6B6
  <2B>:<5642/2-,
(?U<:?4:F56<:U<:J=6B56$:W:C6=(=>2I2?:=:?4:?
)2BP2CZ #RA:D6B:?0Q?6DD:T:$256B:?)2BP2CZ 
@IE?=2BZ?522B25ZTZF6:72566DD:T:3RIR<3:=86=:T:
8QCD6B:B EB252 P2=ZW>2 9:J>6DF6<:W:?:?:?C2?=ZT2
<2BWZ9:CC6DD:T:IR<R>=R=R<=6:=8:=:=DZ?4ZF:?56 
6B:I65@TBE8:56?-B2?RC:=63:B32T=2?DZ@=EWDEB2?
$256B)2BP2CZ +92<6CA62B6:?92<<Z?52I2J>2I2
P@<>6I:==:@=5ETE252=6D:?:B@?:<DE927=Z<=2BZ?Z
2PZ<=ZI@B @BDE?6Q=R>R?RIQ?6D6?#RA:D6B
86J686?:C=2?523E=E?EB C=2? 02I
<@>3:?2CI@?E <2B2<D6B=6B:?:?P@TE?E??656?
92I2DD2?52923RIR<@=5ETE?E2PZ<P2@BD2I2
<@IEI@B $B2==2BF6<2=6=6B :9D:W2>F6D:B2?=Z<
92<<Z?52I2J5ZF6I2JZ=2BZRB6D<6?5: (IE?=2BZ?52 
I2=?ZJ42+6BF6D:?02I$ZC>Z?Z?3@==ETE?E?
2?=2I23:=646T:3:B5@=E=E<F2B5Z 02J5Z<P292I2DZ
5292:I:2?=25Z

@T2IZC6F6B5: ZW>6<2?C29?6=6B:?:?D2CF:B:
C2I6C:?56:?C2?C2?<:86BP6<D6?@B252I>ZW8:3:
9:CC6563:=:B5: *:D:>=6B:F65Q?8R=6B:?56?:?C2?=ZTZ
IQ?6D6?6FB6?C6=I2C2=2BZ2?=2>2I232W=25ZTZ
5@T2I=2C22D=6B46:=6D:W:><EB5E E :?C2?Z96B
J2>2?5@T2I2F65@T2?Z?I@==2BZ?2P6<6?02I
3EB4E?E?3:B32W<2:7256C:5:B

(?U<:?4:F56<:U<:J=6B56<:$:W:C6=(=>2I2?:=:?P
Q=R>R2B24Z=ZTZI=2:=:W<:=6B:F6:?C2?=2BZ?CRB6<=:@=2B2<
3:B3:B=6B:?:2=52D>2I@==2BZ?Z:?46=65: EB252 '6ADR?:=6
<2FEWE>I@=EI=2 :?C2?=2BZ?J:9?:?56@I?2I2?CRAD:=
3:=:?P5ZWZ8RP=6B:?72B<Z?52I5Z +@?E?5292I2DZ?
D2>2>Z?Z?3RIR<3:B@IE?@=5ETE?EQTB6?5:F63E@?E
P@<RJ5R U<:J=6B:?:<:=:5@T2CZC2I6C:?5692I2DZ?DB2;:
<@>65:C:?:8QB5R $6?5:<:W:C6=>ED=E=ETE U<:J=6B
Q=R>R?56?8QBR=5RTR8:3: >252=I@?E?96B:<:D2B27ZI=2
52QJ56W=6W>6>6<D6?86=:B5:
V2?CZ?)2BP2CZF6O?=REBP=2B  

$:W:C6=(=>2I2?:=:?P 3E?E?I6B:?6DR>B6C>:?5292IR<C6<
3:B#RA:D6B2?=2IZWZ?2E=2W>2<I@=EI=2
=DZ?4ZFV2?C$ZC>ZC2I6C:?56 :?C2?Z?
IR<R>=R=R<=6B:?:?@=5E<P23:=:?4:?56I5: ?3RIR<2BJECE 
32W<2=2BZ?2<2BWZIR<R>=R=R<=6B:?:I6B:?686D:B>6?:?3:B
A2BP2CZ@=2B2<8QB5RTR:<:=:<=6B=6F62I?ZJ2>2?52C@>ED
J:9:?=62?=2WZ=2>2I2?8QBR?6?:<:4:8RP=6B=632W2PZ<>252@?2
I2B5Z>4Z@=23:=646<3:=86=:T:6=566D>6<D:

$6?5:2=DZ?PQ>=6T: 96B92?8:3:B<2B2<D6B:?
I2B2DZ=>2CZ?52?56T:= DR><2B2<D6B=6B:?:?8QJ6D>6?:
@=>2CZ?52?86=5: $6?5::P:?569:CC6DD:T:P@<C2IZ52<:W:=:T:
@IE?=2BZ?52C6>3@=:<<2B2<D6B=6B@=2B2<@BD2I2PZ<2B>ZWDZB 
QI=646?6<252BP@<P2=ZWZBC2 <6?5:?:@<252BP@<8QB63:=:I@B
F63:=:?4:?:86?:W=6D63:=:I@B5E :=:?4:?:?6<252B86?:W=6D63:=:BC6 
<6?5:C:?:5292IR<C6<86BP6T:?ZWZTZ?2@<252BI2<=2WDZB23:=:B5:

+%.(*%"
+2=F25@B2=:?:?3EB4E?52 $256B$ZC>Z(?3:B:?4:F56
U<:J=6B56 $:W:C6=(=>2I2?:=:?4:?$ZC>Z6W:?4:F56 UI:5@T2CZ
F66<C2?DB:<=:T::=6D2?Z?2?2=:?:?6?3RIR<C6F:?4: EI8E?=E<
CZ?ZB=2BZ?Z?5ZWZ?52I2W2I23:=>6I6D6?6T:?56?86=:B U<:J=6B 02I
6<C6?::P:?D:A:<@=2?B6C:>=6B:?:?96B92?8:3:B:?5686?6==:<=63:B
D2<Z>W6I=6B@=EB

02B2DZ4Z=ZTZ?Z?I2?ZCZB292I2D2B@>2?D:<32<ZW2PZCZ?Z
IQ?6D6?6W:?4:F $:W:C6=(=>2I2?:=:?4:?$ZC>Z:=6:=8:=6?>6C:
86B6<6?I6B5:B 02I3EB4E?E?WQF2=I6=:< A2B=2<JZB9=Z
WQF2=I6=6B <B2==2BF6<2=6=6BP2TZ?529R<R>52B=ZTZ6=:?56
DEDDETE?E36=:BD>6<:=8:?PD:B 2=:?:?DE927=Z<=2BZ?52?3:B:
@=2B2<<23E=65:=63:=646<W6I <2BZCZ?Z?EJE?IZ==2B3:BW2D@52
I2W2>2CZF6@?E8QB>6<:CD65:T:?56@?2>6<DEA=2B
I2J>2CZ5ZB QI=64692I2DZ?52<:2W<5@T2CZ86B6T:@=2?
>6C276I:2=ZB
+2=F25@B 52=:
&2IZC  
)2B:C B2?C2
V2?CZ?)2BP2CZF6O?=REBP=2B  

02I3EB4E?E?<2B2<D6B:CD:T:F63:B3:B:?56?2IBZI2W2I2?:<:
:?C2?Z?<:W:=:<C:J=:T:
2=:?:?<:W:C6=@=2B2<32T=Z@=5ETE3:BW6IF2BC2 @?E?
2=ZWZ=>ZWZ?5ZWZ?52<2B2<D6B:?:<@BE>2I6D6?6T:@=23:=:B E 
-B2?RCD2B27Z?52?IQ?6D:=6?(?3:B:?4:F:?$256B$ZC>Z?Z?D:A:<
3:BQB?6T:5:BF63E52@?E I2W2>Z@=2?6WC:J>246B252
I2W25ZTZI2B2DZ4ZC6F:?4::72566D>6?:?I6?:I@==2BZ?Z2B2>2I2
:D6B
@CD42?=ZCZ :I:9EI=EF6C@?56B6464Q>6BDD:B +6BF6D:?
U<:J=6B$ZC>Z@?2:?C2?=2B ?6C?6=6BF6@?E?3RIR=6I:4:
B6C:>=6B:?562<2?$@F2D2B27Z?52?IQ?6D:=6?(?3:B:?4:F
7:<:B=6B:?:?P@<=ETE2B2CZ?52<::=:W<:=6B:56?6I:>=6>6C6F:?4:?:
86D:B:I@B !2I2DD2?PZ<2B5ZTZ6?3RIR<2?=2> W:>5:<:J2>2?2
:=8:I2B2D2?DR><RPR<W6I=6B:2?=2>2<D2?86=:B ,6<3:BCRB6<=:
:A=:<I6B:?62?=2B252I2?2?3:BI2W2>D2BJZ ?:92I6D:?562I?Z
2?52DR>2?=2B92=:?686=:B E@?E?DR>C2?2DZ?52<6?5:?:
8QCD6B:B 0:?6562=:I66?3RIR<?6W6C:?:86D:B646<@=2?
C2?2DZ?<6?5:C:@=>2I242<DZ (?E?P@<<:W:C6=2=DZ?PQ>=6T: 
I2W2>Z?DR>U<:J=6B:?46=:<=6B:?:8QJ=6>=6>6<F6
56?6I:>=6>6<D6?86=:B5: E ?:92I6D:?56B6C>:?C6F:?4:?56?
J:I256B6C:>=6B:?56:725665:=646<D:

02B2DZ4Z=ZTZ?Z?2<DZTZ6W:?4:F:?:?$:W:C6=(=>2I2?
:=:?4:?)2BP2CZ B2?CZJ*:F:6B2CZ?52<29F2=DZ52W2B2AF66<>6<
I6>6QJ8RB=RTR?6:J:?F6B6?2B2P=2B92=:?686=:B,2=:9
=>#?

:BP@<IQ?56? 92I2D<6?5:?::<:E4E<6C<:?3:B<Z=ZP
@=2B2<CE?2B B<6<252>1(4('(95(+(4:$0$1
%$F.$/$4I1I9$4*I/$4@?=2BZ?(9/(0<6?5:?::562==6B:?68QB6
I2B8Z=2B<6? $256B)2BP2CZ :?C2?Z?:562==6B:?:3E=23:=646T:F6
92I2DD2<:6WC:JF225:I=696BW6I=6:W3:B=:T:I2A2B2<@?=2BZ
86BP6<=6WD:B>6I6P2=ZW23:=646T:?@<D25ZB $:W:C6=(=>2I2?
:=:?4:?$ZC>Z :?C2?Z?32W<2=2BZ?Z?6I=6>=6B:?6:=:W<:?
8QJ=6>=6B:?56<:W:C6=@=>2I2?@=>2I2P2=ZW>2CZ86B6<6?
?@<D25ZB 02B8Z=2>2I2>6I:==:@=5ETEW6I 3E6I=6>=6B:?
QJR5RB C=Z?52@ 32W<2=2BZ?Z?:562==6B:?:3:=6>65:T: 2?42<
:?C2?=ZTZ?C25646I2?CZ>2=2BZ?Z8QB5RTR2=2?=2B52<6?5:?:
I2B8Z=ZI@B (=E>CEJ@=2B2<2=Z?ZBC2 @?E??6W65EI8ECE?E
P2=2B=2B
E?656?=6 96B:?C2?Z?I2W2>Z?92?8:3Q=R>=6B:?:?
<:W:C6=@=>2I2? 92DD236=<:56<:W:?:?IQ?R?R?>6B<6J:
P6<:B56T:I=62=2<2CZJ@=5ETE?EF6I2W2>Z?92?8:3Q=R>=6B:?:?
3EP6<:B56T:?<6?5:C:?:?P@<C2>:>:QJR@=5ETE?E2?=2>2CZ
Q?6>=:92=686=:B V2?CZ?)2BP2CZF6$:W:C6=(=>2I2?:=:?4:?
)2BP2CZ :?C2?Z?3E?E?2CZ=I2A242TZ?Z2?=2>2CZ?2I2B5Z>4Z
@=EB $6?5:?:>6B<6J56DED>2<:P:?3:B252> $2B>2CZI=2D6<
32WZ?232W2PZ<>2CZ86B6<D:T:?:2?=2>2=Z5ZB E92D=2B3@IE?42
3:B2JP232C2B76DD:<D6?C@?B2 56T:W6?D:DB6W:>5632JZ@=E>=E
C@?EP=2BZ?72B<Z?2F2B>2I232W=2B
MQJR> 

92I2DZ?ZI2B2DZBF6IQ?=6?5:B:B M@TE@=E>CEJ$2B>2 32W<2=2BZ


92<<Z?523:BDRBI2B8Z523E=E?>2?Z?3:BC@?E4E@=2B2<@BD2I2
PZ<2B EDRB5RWR?46=6B<6?5:?6C2<=2?C23:=6 I:?6563:B6I:?
D:DB6W:>9ZJZ?Z 2EB2CZ?Z <:W:=:T:?:F656?6I:>=6B:?:I2B2D>2I2
P2=ZWZB<6?I2W25ZTZD6>6=6D<:=6B:<@?DB@=656B U?C2? <6?5:C:?:
?@B>2=56I2?=ZWI@=2C@<242<W6I=6B6<2BWZW67<2D=:3:B2?=2IZW=2 
82IB:W29C:@=>2IZQTB6?:BQTB6?>6J <6?5:C:?:?6W6 >ED=E=E<
F6>6>?E?:I6D5EI8ECE?2<2BWZPZ<2?DR>8RP=6B56?<EBD2BZB

@T2=@=2B2< 3E?ECQI=6>6<I2A>2<D2?5292<@=2I 
-JE?IZ==2BCRB6?3:BCRB6PD:B $:W:I2B8Z=2IZ4Z@=>2>2<=2
QFR?>6I632W=2C23:=6 I2B8Z=2IZ4Z3:B5R?I252I2B8Z=2IZ4Z
@=>2>2?Z??6<252B3RIR<@=5ETE?E:PC6=@=2B2<I2B8Z=2I2B2<
<6?5:?:I6?:56?DEJ2T25RWRB5RTR86BP6T:I=632W2PZ<>2=Z5ZB 
EP@<:?463:BDEJ2<DZB
$2B>2?Z?6D<:=6B:?:I2W2>2<F6RCD6C:?56?86=>6<
<@=2I3:BCRB6P56T:=5:B &ED=E=ETE3E=>2<529252J@B5EB 
!6B92?8:3:B3:=:?P5RJ6I:?56?6W6@=>2I2?<:W:C6=:=:W<:=6B:?
@BD252?<2=5ZBZ=>2CZ?Z:P6B:BE?656?=6:?C2?=ZTZ?P@TE CZ?ZB=Z
3:BW6<:=56F6C256466?56B2?=2B52C6F:?PI2W2B :BQ>RB
3@IE?42 3E2?=2B>E9D6>6=6?:?C2?Z?A2B>2<=2BZI=2
C2IZ=23:=:B

E?E?=23:B=:<D6 <6?5:=6B:?6<2BWZC2>:>:@=>2I2
P2=ZW2?<:W:=6B56F2B5ZB EC2>:>:I6DD6? 3EBP=2BZ?Z?DR>
D:DB6W:>: I2W2>Z?@=E>CEJ?:D6=:<=6B:?56?529272J=2@=E>=E
?:D6=:T:?:RCD=6?>6I632W=2B '6<6?5:=6B:?:?65632W<2=2BZ?Z
I2B8Z=2B=2B !2I2D=2BZ?Z?6A=2?=2B=2B?656A=2?=2>2<D2?
<2PZ?ZB=2B E?E?I6B:?6 ,2?BZ?Z?@?=2B2F6B5:T:2<ZW=2P2=ZWZB=2B
F6P@<56B:?3:BWR<B2?5EI8ECEI=296BW6I56?6W68QB>6I:
QTB6?:B=6B +6BF6D$ZC>Z?Z?FF6UW2B6DI6B=6W:>:?656?:I=696B
3:B6I:?32<ZW2PZCZ3:B2J72B<=Z@=C252 92?8:IRJ632<2BC2
32<CZ?3:BAZB=2?D2?Z?8RJ6=@=5ETE2PZ<DZB UCD6B3:B:?:?
 <2B>:<5642/2-,

92I2D76=C676C:5@TE=EI25232DZ=Z5ZB :CD6BP:P6<=6B632<CZ? :CD6B


>RJ:<5:?=6C:? 6T6B:?C2?92I2DZ??6W6C:?632<2B 2?42<5:T6B
96BW6I=6<:W:=:<C:J<2=ZBC296BW6I56296?<F2B5ZB

!6B<6C<6?5:36?J6BC:J32<ZW2PZCZI=23E?E96BJ2>2?
I2A23:=C6I5: 3E?E??2CZ=3:B5R?I2@=242TZ?Z92I2=65:?
% (*U

,-'UMU''U*
:?=6B46IZ=5ZB:?C2?WEC@BEIE5RWR?5R,2=:9'65:B
:?=6B4646F2A3E=5E V2WZBDZ4Z3:BW6<:=56 DR>3E46F2A=2B=2 
P@<2J:?C2?86BP6<D6?W2?C=Z@=5ETE?ECQI=6I63:=:B @BDE?6E?
5@T2CZ?52?C@?56B646:=8:?P3:BW6<:=56329C656?6C<:3:BM:?
9:<2I6C:F2B5ZB

:B<2P3:?IZ=Q?46M:? C@?56B646J2=:>F636?4:=3:B
5:<D2DQB6C29:AD: O=<6?:?5QBD3:BI2?Z?22=DZ3:?>:==:<5EF2BZ?
:?W2CZ?Z6>B656?<:W:@I5E Q?6>:?=6JJ6D:?:2?=2>2<:P:? @
5EF2BZ?I2AZ>Z?52P@<C2IZ52:?C2?Z?Q=5RTR?RF646C6D=6B:?:?
@B2I28Q>R=5RTR?R3:=>6<86B6<:B V:>5:3ECRB6J2B7Z?52 
5R?I252C6F5:T::<:W6I6C29:A@=2?P@<I2W=Z3:BM:?=:252>
F2B5Z3:B:4:<@T=EF63:B:4:<2DZ >2W2?C6C6B:3:B8R?2D<2PDZ 
E?E5EI2?<2C232?Z?3RDR?:=6B:86=6?=6B:@?ED6C6==:6D>6I6
86=5:=6B '6I2JZ<<:2DZ?ZJ<2PDZ 02W=Z252>@?=2B232<DZF6
46F2AF6B5: E?E?D2=:9C:J@=5ETE?E?6B656?3:=:I@BCE?

:B<2P8R?C@?B22D86B:5Q?5R 2B5Z?52?2=DZ2D5292
86=5: QI=646252>Z?C6BF6D:3RIR<Q=PR562BDDZ E?E8QB6?
<2C232?Z?:=6B:86=6?=6B: '6>ED=E<:I65:2DZ?ZJF2B565:=6B 
02W=Z252>3:B2?5RWR?5R
 $40,.5642/2-,

+@?B2@?=2B26C<:C:8:3:32<DZF646F2A=25Z &ED=E@=5ETE?E
?6B656?3:=:I@BCE?
(QT=656?C@?B2I2W=Z252>Z?D6<@T=EF29W:2D=2B52?
3:B:?63:?>6I6<2B2BF6B5: +@?EP@=2B2<5RWDRF6C2<2D<2=5Z 
V:>5::9D:I2B=2BD6<B2B6DB272D@A=2?5Z=2BF6(T=E?EJE?2DD2?
5RW>6C:F6IRBRI6>6>6C:?63RIR<D2=:9C:J=:<565:=6B 02W=Z
252>@?=2B22I?ZW6<:=5646F2AF6B5:,2=:9C:J@=5ETE?E
?6B656?3:=:I@BCE?02W=Z=2BP@<W2WZB5Z=2BF68:DD:=6B

BD6C:8R?:>A2B2D@BE?252>=2BZ2I?ZW69B686=5:=6B =DZ
3:?>:==:<<@B<E?P5EF2BZ6==6:?W26D>68QB6F:?6DR>8RP=R
<EFF6D=:86?P=6B:529:=6D>66>B:2=5Z=2B 02W=Z252>Z?@T=E
5ZWZ?52<2C23252<:96B86?P2=Z?5Z E86BP6<=6WD:T:?56 
<2C232?Z?I2W=Z=2BZC@?E?52I2W=Z252>Z?3:=86=:T:?:
2?=25Z<=2BZ?52?6>:?5:=6B ,6<B2BI2?Z?286=5:=6BF6'6
W2?C=ZCZ?<:@T=E?5EF2BZ:?W26D>6I68QDRBR=>65:565:=6B 
02W=Z252>D6<B2B@?=2B232<DZF6WQI=6565:E?E?D2=:9=:
@=5ETE?E?6B656?3:=:I@BCE?

EJ2>2?2<252BI2W=Z=2BD2>2>6?W2W<Z?5Z $6?5:
32W=2BZ?28:DD:=6BF63:B3:B=6B:I=6<@?C6I5RJ6?=65:=6B +@?B2
I2W=Z252>25Q?5R=6BF6565:=6B<: B2>ZJ52<@?EWDE<F6DR>
M:?56<:6?3:=86252>@=5ETE?<@?ECE?5296>7:<:B@=5E< 
6=65:I632W<2?Z>ZJ@=>2?ZJZP@<W2?C=ZC2I2BZJ 02W=Z252>
P2B6C:J466==6B:?:92F2I2<2=5ZB5ZF6'6B56?3:=:I@BCE?D2=:9=:
@=242TZ?ZUW::CD6>:I@BE>565: .6EJ2<=2WDZ

,R>M:?56<:6?W2?C=Z252>@=23:=:B5: PR?<RD2=:9:?
CZBBZ?Z3:=:I@B5E

E?E2?=2DDZTZ:P:?B !26+@EI2D6W6<<RB=6B$/(*24,I2J2B2
6< 

$

+6BF6D)2BP2CZ?Z3E=>2<:P:?86=6?6<C6=IQ?D6>

R?6W$@F252:C6  (T=2<3EB4E?52<:I  


0R<C6=6? U<:J=6B   C@?B2

:W2B6D=6B 56B646 52<:<2

BD   
I   

  

 R?6W   

)2BP2CZ   
,2=:9
F6I2@T2  

EIQ?D6>560R<C6=6? $@PF6@T2@=>2<RJ6B6:<:
3EB4ED2>2>=2>ZWF6RPR?4R3EBP@=2?U<:J=6B6 56B646
52<:<2<2=296C2A=2B I5@<EJD2>3EB4E?ED2>2>=25ZF6
@?E?4E3EBP(T=2<256B646F652<:<2EJ2<=Z<D2  R?6W@?
3EBPD292B6<6D:?:D2>2>=25ZF6@?3:B:?4:3EBP@=2?$@F2I2
56B646F652<:<2EJ2<=Z<D2

You might also like