/,<+?-2=+86/3>?81 /,35=++8A34D381 $ 9./ .
82+6>=@/= ?8. )+<8238A/3=/ ,=@ 23; 7<0/C 73@/BC@ET6:3@ /19=43<7<<3<@/C; .C036]@ (9< ./7 /<=>/8 /,<+?-2 /19=43< 3@67BH3< (37<75C<5 23A .
82+6>=@/=-2?>D <3@573 A>/@3< +;E3:B53@316B 3@/9B7A163 7
%3-2/<2/3>= ?8. )+<8238A/3=/ 7BB3 :3A3< )73 273A3 3273@3163<23 3273
38A/3=/ D? 2 73A3A 3@TB 7AB @7D/B3< /CA6/:B 03AB7;;B 3
,3@0@3<37A3< ;7B 5@=Q3< #3<53< /< 6=16>@=H343 9]<<3< A716 7; /@@/C; 3@=H3
)+==/< 37 2/3H/8 +-590/8 !37< -/AA3@ 7; <<3@3< 23A 637Q3< /19=434 -T@;3A16E/<9C<53< 9]<<3< )16T23< /; ;/7: C<2 /; .C036]@ D3@C@A/163< 6R==31/ !37<3 :`AA75937B3< `03@ 37<3< :T<53@3< .37B@/C; 7; <<3@3< 23A /19=43>/6 -2>=K0>/ /A :316 037 23@ .
2< 8/?/< +-590/8 73@ :3@<3< )73 6@3< <3C3< /19=43< 93<<3< < 273A3; 0A16<7BB 3@9:T@3< E7@ 6<3< 2/A 3273<43:2 C<2 273 37
8)0092+ ")6;)2(92+ C:== <=6:?6 =V496 C:==6? G@? <=6:?6? &6?86? ,E62:EE=6C6 -6:= 56D C:==96:K<_CA6CD H:C5 96:S .?E6C9:EK6 :?<@496? F?5 '249324<6? @56C c3CVF?6? :6 !:EK6 <@>>E G@? F?E6? 24<@76?=2>A6 24<@76?=2>A6 6:?D492=E6? !6:K2CE >:E 56C 5:6 ?6C8:6c 77:K:6?K<=2DD6 ?249 ' 36DE:>>E HFC56 -3<< )73 23< C<9B7=3 7; /19=43< 37< */3>=-2+6>?2< #7B 23@ .37BA16/:BC6@ 9]<<3< )73 37<3 .
&/7:/<+>?3@/BC@ET6:3@ AB3::3< )73 273 *3;>3@/BC@ =23@ @7::ABC43 37< 8)0092+ )()9892+ Ú 'F==DE6==F?8 6C 24<@76? 96:KE ?:49E c -6>A6C2EFC36C6:49 -6>A6C2EFC :> 2CC2F> :? O " "" """ C:==DEF76? C:==DEF76? 7aC 56? C:== >:E <=6:?6C F?5 8C@S6C =V496 " ,EF76 =6:49E "" ,EF76 >:EE6= """ ,EF76 DE2C< -3<< 23@ /19=43< 637HB :3C16B3B 273 3 `03@ 23; *3;>3@/BC@ET6:3@ /C4 < 23< 37H>/CA3< 3@:7A16B A73 73 3 :3C16B3B <716B 037 "716B4C<9B7=<
*?,/2Q< /A .C036]@ 9/<< 7< D3@A167323<3< ]63< 7< 23< /19=43< 53AB3::B E3@23< )73 9]<<3< 2/A .C036]@ HC HE37 @7BB3:< 63@/CAH7363< =6<3 2/AA 3A 97>>B )= :/AA3< A716 273 3@716B3 :3716B 3
1%-0 %'/&0)', 8-)* !2-:)67%04*%22) aC D27E:86 $F496? 24 +@DE 8C:==6? 2D 24<3=649 >:E 56C 3D49CV8F?8 KFC 24<@76?EaC :? 56? 24<@76? D49:636? %98.
(9< ./7 /<=>/8 /,<+?-2 73@ 3@4/6@3< )73 E/A )73 BC< ;`AA3< 03D=@ )73 6@3< /19=43< HC; 3@AB3< #/: 7< 30@/C16 <36;3< "3A3< )73 D=@63@ 2/A !/>7B3: +-590/8 /<23>D/8 +; 23< 3@C16
/3D+<> ?8. &/7:/<+>?< 37A>73: 7< 23< 007:2C<53< %03@a +3@/BC@ET6:3@ 273 *3;>3@/BC@ =23@ @7::ABC43 37/8 C<9B7=/66?81/8 K8.
"06/1/ ?8. $/3831?81 6@ /19=43< 0:370B :/<53 AB@/6:3<2 C<2 D=:: 4C<9B7=4:35B E7@2 -73 )73 6@3< /19=43< @716B75 >4:353< C<2 @37<753< 3@9:T@3< E7@ 6<3< 673@ &3::= ?8.
)6)-', )-2-+92+71-88)0 24<@76?7C@?E !6:S6 ,Aa==2F86 &:E 6:?6> ,Aa=EF49 C6:?:86? F?5 >:E 6:?6> H6:496? -F49 EC@46? 56=DE29= =2D -aCD496:36? =2D23564A6 :49EF?8 ':49E 23?69>6? !6:S6 ,Aa==2F86 &:E 6:?6> ,Aa=EF49 C6:?:86? F?5 >:E 6:?6> H6:496? -F49 EC@46? 02DD6C 6EE &2:D>69= F?5 :H6:S7=64<6? D@7@CE 6?E76C?6? 52CF?E6C <2?? D:49 $@CC@D:@? 3:=56? 6:> $F?56?5:6?DE @56C :> 24992?56= D:?5 DA6K:6==6 56=DE29=c)7=686>:EE6= 6C9V=E=:49 5:6 D:49 7aC H2C>6 (36C7=V496? 6:8?6? 2D
/6/?-2>?81= 0?85>398 `@ 37<3 3@:3716B3@B3 /19=43<@37<75C<5 7AB 3A ;]5:716 273 "/;>3 7; <<3<@/C; 23A /19=43/8 )B3::3< )73 23< C<9B7=/8 )B3::3< )73 23< C<9B7=/66/ +?=S ?8. /382K81/8 /=>/66/ +?=2K81/8 73 "/;>3 A16/:B3B A716 37< 3@ *3;>3@/BC@ET6:3@ ;CAA /CA53A16/:B3B A37< .
73 3AB3::3 >/AA3< @316BA C<2 :7<9A 73 CA0C16BC<5 ;CAA 7;;3@ CR< /38 ?8. +?=2K81/8 .
/19=433@@
,3@:3BHC<5A534/6@ -3<< 273 /19=43>B <716B 7Q81/8 D? >?8 3=> *@7BB 37<3 )B]@C<5 /C4 A= 6/<23:B 3A A716 =4B @98 /><3/,==>Q81/8 8J692+ J+0-',) !67%',) &,-0*) -2;)-7) 6C 24<@76? 7F?
:/A/02319C<5 2C@16 "7<9A2@363< 63@/CAA16@/C03< "/;>3 2C@16 23< 5:37163< "/;>3 3@A3BH3< :/A/02319C<5 E7323@ 37 +/@/BC@3< 23A 3@TBA 23< !/C4 D=< .
// ?8. +,<35+>398=8?77/< -3<< )73 C3>6C 'F>>6C $F?56?5:6?DE % 38A/3=/ D? 8/<13//38=:+81 ?8.
'7A/6>1/ /8>=9<1/8 /19C<5 C;E3:B53@316B ó 73A3A 3@TB 7AB 53;TQ 23@ (716B:7<73 `03@ :39B@= C<2 :39B@=<79 :B53@TB3 - 5393</E37B 43AB &+,/66/8 ?8. (9<=-26K1/ 73@ 47<23< )73 37<3 CAE/6: /< 3@716B3< C<2 273 2/4`@ 83E37:A =>B7;/:3 7
< 23< */03::3< 47<23< )73 273 4`@ 273 .C03@37BC<5 23@ !C163< =23@ *375E/@3< 03AB3 37H/@B *3;>3@/BC@ C<2 /19H37B 6T<53< D=< 23@ #3<53 C<2 23@ !=B3< AB3BA 37<3 .
9',)2 %9* ()1 0)', J,) )->%68 )14)6%8 %'/(%9)6 96 ? -298)2 >2:=c 24<3=649 t c c ,E@==6? >:E <8 &69= >2:=c 24<3=649 t c c ,ECF56= DaS >2:=c 24<3=649 t c c ):KK2 >2:=c 24<3=649 t c c J,) )->%68 )14)6%8 %'/>)-8 -2 96 ? -298)2 ,E@==6? >:E 8 &69= 638 92( 6J8',)2 !6763C@E 2FD <8 &69= /@C96:K6? >2:= 24<3=649 t c ,2F6CE6:83C@E 2FD b<8 &69= /@C96:K6? >2:= 24<3=649 t c
$+>=-26K1/ ?8.
)-1 %'/)2 :32 7%*8-+)2 9',)2 &-0()8 7-', 32()27;%77)6 6:> 24<6? <2?? D:49 02DD6C52>A7 3:=56? :? -6:= 5:6D6D 02DD6C52>A76D H:C5 a36C 56? F?DE23KF8 56D 24<@76?D 2386=6:E6E F?5 <2?? D:49 :? @C> G@? 02DD6CEC_A7496? 2> 65:6?76=5 @56C 56? C@?ED6:E6? 56C 2?8C6?K6?56? &_36= ?:656CD49=286? 2D 9V?8E G@? 56C ;6H6:=:86? ,:EF2E:@? 23 6/3=-2 /06R1/6 3=-2 /=-23<< )73 9]<<3< 8323A 67BH303ABT<2753 3A167@@ D3@E3<23< `@ 5@=Q3 @/B3< 375<3B A716 /C16 273 ;/7:0:316 )B3::3< )73 2/A 3A167@@ 7;;3@ 7< 273
-3<23< )73 273 @7::AB`193 3@ A16/:B3B A716 7;;3@ E7323@ 37< C<2 /CA /A 7AB <=@;/: -73 =4B 2/A 53A16736B @716B3B A716
0)-7', );-',8 )7',-66 J,) )->%68 $2=3D3C2E6? <8 <8 @776? %2>><6F=6 @9?6 $?@496? <8 @776? )14)6%M 896 ? 6-00789*) %9)6 -298)2 t t c c t c 06?56? ,:6 +@2DE3667 ?249 56C !V=7E6 56C 16:E 0:4<6=? ,:6 6D ?249 56> 2C6? :? =F7@=:6 F?5 =2DD6? ,:6 6D :> 24<@76? &:?FE6? CF96? ,49?6:56? ,:6 36: ,49H6:?67=6:D49 5:6 ,49H2CE6 6:? F?5 =686? ,:6 6D KF6CDE >:E 56C ,49H2CE6 ?249 F?E6? :?D 6D49:CC >2:=3=649 :? !_96 6:?D49:636? /06R1/6 73 */
3=-2 73 */03::3 57:B 4`@ 2/A 7%68 :D49 868C:==E :D49 :> (76? KF36C6:E6E T 8 <8 <8 +@DE x t t c c c c c :D49 :? ,496:36? K $@E6=6EED ;6 +@DE x c 8 )14)6%896 %9)6 ? 6-00789*) -298)2 >2:=3=649 :? !_96 6:?D49:636? "<+5>3=-2/ $+>=-26K1/ 0R< .3/ *?,/?81 @98 <+>/8 37 +-590/8 ?8. ?8>/< .
)-1 $9&)6)-8)2 ()6 6%8)273@) )2878),8 #%77)6(%14* ?06K?0/ <+>38= &9+=> :? -6:= 5:6D6D 02DD6C52>A76D H:C5 a36C 56? F?DE23KF8 56D 24<@76?D 2386=6:E6E F?5 <2?? D:49 :? @C> G@? 02DD6CEC_A7496? 2> 65:6?76=5 @56C 56? C@?ED6:E6? 56C 2?8C6?K6?56? &_36= ?:656CD49=286? 2D 9V?8E G@? 56C ;6H6:=:86? ,:EF2E:@? 23 73 */03::3 57:B 4`@ 2/A 7%68 F7=VF76 DaS K *F2C<2F7=2F7 >:E (3DE F7=2F77@C> t c c F7=VF76 A:<2?E 2FD 8682CE
)6-',8 J,) )->%68 )14)6%896 ? %9)6 -298)2 ,ECF56= >:E (3DE7a==F?8 >2:=c 24<3=649 t c c )@>>6D C:E6D >2:=c 24<3=649 t c c ):KK2 +@DE t c c ):KK2c 28F6EE6 +@DE t c c 6=686? ,:6 52D 1F369_C >:E 24A6C2EFC6? 866:8?6E :DE 38A/3= /A ;/7:a /190:316 9/<< A716 ET6@3<2 23A /1933@/BC@C
73 /<535303<3< /@H37B3< A7<2 (716BE3@B3 73 (/C;B3;>3@/BC@ 3@/BC@ 23A <6/:B3A 23@ :TA3@ 9]<<3< 273A3 -3@B3 0337<4:CAA3< 3D=@ )73 23< /19=43< /0A16/:B3< AB3::3< )73 A7163@ 2/AA 23@ <6/:B 23@ :TA3@ :/A3< A16:T5B %9 =>/66/8 %3/ .
3859-2/8 @98 /7R=/ )=0/:2 23@ <6/:B 7< 23< 73@/BC@ ;7B 23; *3;>3@/BC@ET6:3@ /C4 J AB3::3< )363< )73 7< 23@ */03::3 3@/BC@ET6:3@ /053A16/:B3B E3@23< A=::B3 "/AA3< )73 2/A 3;`A3 <=16 3BE/ a #7
)6-',8 $9&),J6 92( -2;)-7) J,) )->%68 )14)6%896 ? %'/(%9)6 -298)2 !6763=6492:= 24<3=649 t c c >2:= 24<3=649 06:S3=649 ,AC:?8c 7@C>6? O 4> t c c 65642:= 24<3=649 73 */03::3%68 6-00789*) %9)6 -298)2 -@2DE 3CVF?6? &:? G@C96:K6? +@DE 1 c 6673FC86C ,Ea4< +
829?.=9:1+@/ &3:= /8 A++<=-2?A381/8 97> ./ @/36312/3.
829?.
&3:= /8 A++<=-2?A381/8 97> ./ @/36312/3. "33A 23 7 >/@//B //< 33< /<23@ =D3@2@//5B 5334 3@ 2/< ==9 23 078036=@3<23 6/<2:3727<5 078 3H3 530@C79A//://B 53:3D3@23 530@C79A//>3< 2//@D/< B3 :3@3< 93<<3< (99< ./ 798>+1/ %-2+./ 9:1/69:/8 >34.
8=>->3/= @99< ?A @/36312/3. 7B />>/@//B 7A /::33< D==@ 6C7A6=C23:789 530@C79 03AB3;2 30@C79 63B C7BA:C7B3<2 D==@ 63B 03@3723< D/< 53@316B3< ,=:E/AA3<3< 3< 97<23@3< ;=53< 63B />>/@//B <73B H=<23@ B=3H716B 530@C793< E/<<33@ H H3 673@B=3 :716/;3:789 =4 533AB3:789 <73B 7< AB//B H78< H =4 <73B =D3@ 23 <=2753 93<<7A 3< 3@D/@7<5 03A167993< "//B 97<23@3< <==7B ;3B 63B />>/@//B A>3:3< !@/8.
,3@0@/<27<5A53D//@ $==7B 53@316B3< 9://@;/93< 273 33< 6==5 >3@133< 9C<<3< 7< 23 =D3<@C7;B3 D:/; D/BB3< 30@C79 /::33< 9:37<3 6=3D33:6323< 2@/<9 ;3B 33< 6==5 /:1=6=:>3@133< 23 23C@ D/< 63B />>/@//B D==@H716B75 />/ >9/,/29/<<3<:/>>3< C7B 23 =D3<@C7;B3 <3;3< !8./=5?8.
)+>/< 38 ./ 2/>/ 9@/8 73B 533< E/B3@ 7< 23 =D3< /:A 23H3 E/@; 7A @ = 3 B3;>3@/BCC@A16=;;3:7<5 9/< A16/23 //< 63B 3;/7: 3< //< 23 /113AA=7@3A D3@==@H/93< (69/3,++< @9/.
'A 83/?A/ 9@/8 -78 >@3A3/<33: 3< D/< 23 /4H=<23@:7893 =<23@23:3< C7B53:352 =D3<273< E=@2B 7<4=@;/B73 5353D3< =D3@ 23 /113AA=7@3A 3< 23 =<23@23:3< 07<<3<7< 23 =D3< /.
8%2( )&69-/ C:== <=6:? !6E 8C:==6? G2? <=6:?6 9@6G66=9656? DE62:556=DE6 566= G2? 96E 8C:==6=6>6?E H@C5E 966E (?56CH2C>E6 "?<@<6? 6? ?232<<6? @7 c3CF:?6? 6 9:EE6 <@>E G2? @?56C6? (G6?=2>A (G6?=2>A :?D492<6=6? /6CH2C>:?8D>6E9@56 H22C3:; 56 6?6C8:6c677:4:[?E:6<=2DD6 @G6C66?<@>E >6E ' -/<<33@ C 23 4C<1B7393CH39<=> 783 7< 23 =D3< //< 995A/55/< #3B 23 9==9E3993@ 9C@=5@/;;3@3< B=B ;7
&/7:/<+>??<589: 3 B3;>3@/BCC@9<=> 2733@/BCC@ =4 63B 5@7::<7D3/C B3 A3:31B3@3< 8%2( )8)/)2-7 Ú 'F=DE2?5 6 @G6? G6CH2C>E ?:6E c -6>A6C2EFFC>2C86 6 E6>A6C2EFFC 3:??6? :? 56 @G6? :? O " "" """ C:==?:G62FD 6 ?:G62FD G@@C 56 8C:== >6E <=6:? @AA6CG=2< 6? 8C@@E @AA6CG=2< " ?:G62F =228 "" ?:G62F >:556=9@@8 """ ?:G62F 9@@8 :A 23 =D3< //< 63B D3@E/@;3< 7A 0:784B 63B 7<271/B73:/;>83 D/< 23 B3;>3@/BCC@9<=> 0@/<23< *7823/CH3A 7< 23 D3@E/@;7<5 5//B 63B C7B
--/==93://BAB => D3@A167::3<23 6==5B3A #/F7;//: 233: D/< 63B /113AA=7@3 9/< E=@23< C7B53A16=D3< H=<23@ 2/B 63B 9/ 273 ;/<73@ 9C 23 E3@97<5 +E =D3< 03A1679B /::33< =D3@ A=;;753 D/< 23 D=:53<23 /113AA=7@3A *=3036=@3< 9C
-)4) +)G1%-00))6() &%/40%%8 /@@C D2AA:86 E22CE6? 32?<6E 5:6AGC:6D86C649E6? 6? 8C@@E 863C225 6K6 <2? @@< 863CF:2:==66C56 326E 96E 86566=E6 >6E ?:G62FG6CD49:= :? 56 C:49E:?8 G2? 56 @G6?56FC %:/-3+6/ +--/==932:==66C56 32317/:3 /113AA=7@3A 9C<<3< E=@23< //<53A16/4B 7< 53A>317/:7A33@23 6/<23:AH/93< =4 D7/ 23 *316<7A163 73317/:3 /113AA=7@3A
(99< 2/> //<=>/ 1/,35 73@ E=@23< 23 AB/>>3< C7B53:352 273 ;=3B3< E=@23< =>53D=:52 /:D=@3 33< B3;>3@/BCC@ 6=53@ 3< :/53@ 2/< K .
%99<> @//7:/<+>??< ,==@033:2 D/< 23 /4033:27<5 E/@;B3 6=53@ 3< :/53@ 2/< K !73A 63B A==@B D3@E/@;7<5 ;3B 23 4C<1B739<=> !73A ;3B 23 B3;>3@/BCC@9<=> 23 B3;>3@/BCC@ =4 63B 5@7::<7D3/C 3 =D3< 0357D/>>/8 .
!8./<29?.
$32) )-2-+-2+71-(()0)2 /@@CK:;56 G2? 56 @G6? 02C> H2E6C >6E 66? 366E;6 27H2D>:556= ,49@@?>2<6? >6E 66? 5@6<;6 6? 275C@86? >6E 66? K249E6 5@6< +@6DEGC:; DE22= 02C> H2E6C >6E 66? 366E;6 27H2D>:556= ,49@@?>2<6? >6E 66? 5@6<;6 6? 275C@86? >6E 66? K249E6 5@6< &22< G=6<<6? G6C@@CK222:D>66= 6? 6:H:E @?>:556==:;< D49@@? (?56C 56K6 G=6<<6? <2? 2?56CD 4@CC@D:6 @?EDE22? :; 56 -649?:D496 :6?DE @7 86DA64:2=:D66C56 92?56=DK2<6?
3-2>0?8->3/ %; 23 @37<757<5 D/< 23 =D3< B3 D3@33 07<<3< 7< 23 =D3< E=@23< //<53H3B +8D/>>/8 @+8 ./ 9@/86+7: @//7 23 4C<1B739<=> D/>>/8 @+8 .
3 @==AB3@A 9C<<3<
=3 23 =D3<23C@ 2716B B=B 678 <73B D3@23@ 9/< /4033:27<5 &/9 23 23C@ ;3B 03723 6/<23< @316BA 3< :7<9A 033B =3 23 23C@ 33< 033B83 D3@23@ 2716B 3< <33; 63; C7B / .
(7A71= => D3@E=<27<5 (//9 23 A16/@<73@3< <73B //< 7< 53D/: 23 23C@ >3@ =<53:C9 D/:B =4 /:A 33< A16/@<73@ >:=BA3:7<5 A:C7B $33; 1= ;3B 23 *316<7A163 73 >/ .9/8 38 1/@+6 @+8 //8 =>9<381 :A H716 3@ 33< AB=@7<5 D==@2=3B 7A 2/B D//9 B3 E78B3< //< 33< 9:37<3 /4E7897<5 273 333< 7A &@=033@ 23 AB=@7<5 B3 D3@63:>3< ;3B 036C:> D/< 23 =<23@AB//<23 B/03: /:D=@39<381=>+,/6 836-2+ 3+)0-.
(/<@+81/8 @+8 2/> 6+7:4/ ?3> ./ ,9@/8:6++> @+8 .
&/-283=-2/ .3/8=> %
/@/B73A //< 63B />>/@//B 23 //@=2C1B3< =4 273
%>3< 23 =D3<23C@ H= E37<75 ;=53:789 B7823 273 ;/<73@ E=@2B 23 03@3727<5AB782 D/< 23 BE3323 B//@B D3@9=@B %=9 9C<<3< 3@ BE33 @316B6=39753 0/9D=@;3< B353:789 E=@23< 530@C79B 78 :/<53 03@3727<5AB7823< 9/< 23 =D3< ;7
&++<>/8 /8 ,+85/> +5@9<7/8 3 ;33AB 53A1679B3 0/9D=@;3< H78< 273 D/< 2=<93@ ;3B//: &://BA 23 0/9D=@; /:B782 => 63B @==AB3@ &+,/66/8 3 D=:53<23 9==9B/03: 7A C7BA:C7B3<2 C7B53E3@9B D==@ 23 >://BA7<5 D/< 63B D=32A3: 7< 33< 9=C23 =D3< 7B E3@9B 3<3@57303A>/@3<2 :A 23 =D3< E=@2B D==@D3@E/@;2 E=@23< 23 //<5353D3< 0/9B7823< ;3B B=B ;7:353< 273 63B ;33AB 53A1679B 7A D==@ 63B A==@B B//@B =4 530/983A 3 B3;>3@/BCC@ 3< 23 0/9B782 H78< /46/<93:789
%%68)2 )2 '%/)7 -2 :361)2 "361 34 ,)8 63378)6 )14)6%M -.(7(996 33+8) ")6;%6M 1-2+7M 8996 ? 1-298)2 1)8,3() :;?6 GCF49E6?E22CE G2? C@6C5668 ,AC:?8G@C> -F=32?5G@C> t c c ):<2?E6 E22CE 3:;G BF:496c F:6?E22CE ,AC:?8G@C> t c c -22CE 42 >:?FE6? :? 56 @G6? =2E6? 27<@6=6? )&%/ 34 () 40%%8 33+8) ")6;%61-2+7M )14)6%M 1)8,3() 8996 ? -.
633( )2 &633(.)7 33+ 8) 3368 :)6;%6M 1-2+ )14)6%M %/8-.( 8996 ? 1-298)2 :DE3C@@5 >6E <8 >66= G@@CG6CH2C>6? 6[>2:==66C56 323C@@5 >6E b<8 >66= G@@CG6CH2C>6? 6[>2:==66C56 322:==66C56 326 @G6? 0)-2 +)&%/ 33+8) ")6;%61-2+7M )14)6%8996 1)8,3() ? -.
!6E 8632< :D :? 96E >:556? 9@@8 86C6K6? 6? =286C 3:; 56 C2?56? 6 C2?5 G2? 56 DAC:?8G@C> ?:6E :?G6EE6? '2 96E 32<<6? >226E 66? >6D !6E 8632< H@C5E E6 5@?<6C 22? 56 3@G6?<2?E )=22ED 96E G6C56C ?22C 3:??6? <:6D 66? =286C6 E6>A6C2EFFC 6? 32< 96E :6ED =2?86C !6E 8632< :D E6 5C@@8 =D 96E 8632< <=22C :D AC:6E 66? AC:<<6C <=6:?6 822E;6D :? /6CG@=86?D 365CFAA6=E F 96E >6E GCF49E6?D2A @7 2=4@9@= ,E6= 56 E6>A6C2EFFC 56 G@=86?56 <66C 8C256? 9@86C :? 6? 9@F5 <@CE6C6 32<
+8A34D381/8 @99< 2/> ,<+.
"0))7 );-',8 6DE@@75 CF?5G=66D 3:;G <=2ADEF< <8 <8 <8 +F?56C=6?56 +@D3:67 C@DY 33+8) ")6;%6M 1-2+7M 1)8,3() )14)6%M 8996 ? +6-00 -.
:A C 27@31B => 63B @==AB3@ 5@7:B A16C74 2/< 23 3;/7: >://B => 6==5B3 7< 23 =D3< )B339 078 33<2 =4 5/3< 3D=53:B3 E=@2B 078H=<23@ 9>3@75 0@C7< /:A C 63B B353< 63B 37<23 D/< 23 03@3727<5AB782 03AB@789B ;3B 0=B3@ 53H=CB3< E/B3@ =4 A7>3:A/> ):3+)08) );-',8 33/M )2 &%/+)6)- 33+8) ")6;%6M 1-2+7M 1)8,3() !2=G6 <:AA6? E@E DEF
"<+5>3=-2/ >3:= @99< 1/A998 ,<+./8 /8 ,<+./8 9: ./ 1<366 6 >-.
)6)',8 33/M )2 &%/+)6)- 33+8) ")6;%6M 1-2+7M 1)8,3() )14)6%M 8996 E +6-00 -.
+7 595/8 (99<,/=BB3< 3< @C003@3< @7<53< 7< >3@431B3 AB//B 3 >=BB3< ;=3B3< H= ;=53:789 23H3:423 /4;3B7<53< 63003< 3 E//@23< D/< 23 B/03: 63003< 03B@3997<5 => @=<23 >=BB3< ;3B 33< 7<6=C2 D/< :7B3@ %>53:3B 30@C79 533< 5@=B3@3 =4 6=53@3 >=BB3< 3 239A3:A 9C<<3< A>@7<53< 30@C79 C7BA:C7B3<2 4@C7B 3< 5@=33@431B3 AB//B -/A H3 /:B782 5=32 =3 63B 4@C7B =4 23 5@=3<23 7< 23 >=BB3< #//9 23 @/<23< D/< 23 >=B H= <=275 <=5;//:A A16==< .
$33; 23 >=BB3< @3ABE/@;B3 C7B 23 =D3< ==@ 23 >=BB3< 532C@3<23 :/<53@3 B782 /4 B3 9=3:3< 7< 23 =D3< = C7BH3BB3< 69-8 -2 4388)2 1)8 ))2 -2,39( :%2 0-8)6 :%2%* ,)8 :)67',-.2)2 :%2 &)00)8.)7 %(-)2 :)6;%61)2 AA6=D 36DD6? 22C536:6? .:ED492<6=6? 42 >:?FE6? $6CD6? 23C:<@K6? A6CK:<6? 36DD6? .:ED492<6=6? 42 >:?FE6? AA6= .
&/=>1//8 ,=:53@=2C1B3< 273 7< 23 =://BAB )6)',8 3)&),36)2 )2 %%2;-.>-2+)2 33+8) ")6;%6M 1-2+7M 1)8,3() )14)6%8996 ? -.
&+,6/ ./ 7+>3M
&+,6/ ./ 7+>3M
98=318/= ./ =N-?<3>N "7A3H /BB3>/@37: 3AB 1W2W R C<3 /CB@3 >3@A=<<3 :3 ;/=<2//5<3@ 3A <=B713A 2 7=C@ :3A 4=C@A 7<2W>3<2/=C@ :3A 4=C@A >=:GD/:3=:GD/:3:/?C3 1=<13@ 6 +==/7,6+1/ 977+1/= :/8.
8.3-+>398= :9?< @9>N 3B />>/@37: 3AB 23AB7>/@37: 3F1:CA7D3;3=C@ >@W>/@3@ 23A /:7;3>/@37: A/6GA7?C3;3/A 3< ;3AC@3 =C H A 7:A =W@73<13 $3 8/;/7A :/7AA3@ 23A 3<4/>/@37: "9<>/ .
(7A?C3 23 0@_:C@3A $3 8/;/7A >@W>/@3@ 23A ;3BA /D31 23 5@/<23A ?C/3C@A 2 /:1==: >3CD3/@B7;33B7B3A ?C/@C23;;3=@B3 23 : />>/@37: --/==93 = -2+?.
+? .+8= 6/ 09?< -2+?. $3 D3@A3H >/A 2 3/C R : 73C@ A3 4=@;3@/7B "3A D/@7/B7=3CD3= 63;?3./= $3 1=/A 2 /:7;3A R : 7=@B3 43@;W3 /C @7A?C3 2 3<2=;;/53@ : W;/7: ?= .
(9>7B@3 2W1@7B :3A 4=<1B7==A/@VA : />3@UC 2C 0/<23/C 23 1=;;/<23 3A D/@7/B7==AA70:3A A3:=< :3 ;=2V:3 2 />>/@37: % 9@C=@86 -96C>@DE2E %N6/->/?< .
37-8-32 !8-0-7%8-32 C:= A6E:E6 DFC7246 2:C6 8C:==6C 56D DE62@C462FI 56 A@:DD@? 6? A6E:E6D BF2?E:EYD %2 A2CE:6 46?EC2=6 56 =2 CYD:DE2?46 5F 8C:= 492F776 92=6FC 56 D@=6 &6EEC6 6? 4@?D6CG6D 6E A@FCDF:GC6 =2 4F:DD@? 6E =6 3CF?:DD286 56 8UE62FI %2 492=6FC 6DE 5:77FDY6 A2C =2 D@=6 %2>A6 5F 7@FC ==F>6C =2 =2>A6 5F 7@FC &@56 56 4F:DD@? 2J2?E YEY FE:=:DY A@FC 5YE6C>:?6C =6 4=2DD6>6?E D6=@? = 677:424:EY Y?6C8YE:BF6 D6=@? ' "=@A?C3 D=CA @W5:3H :3 AW:31B3C@ 23A 4=
9?>98 ./ -977+8.
--/==933CD3:/1WA 2/=AA70:3 2 3FB@/7@3 : /113AA=7@3 2 33CD33CD3@3<2@=/A /:BW@W3 ,=B@3 4=C@ 3AB 4=C@<7 /D31 ?C3:?C3A C=CD3H /163B3@ 23A /113AA=7@3A /C>@VA 2C A3@D713 />@VAaD3
I0) () '9-7732 E1%-00E) 463*32() )@FC 8UE62FI >@6==6FI AUE:DD6C:6D A=2ED DFC86=YD 6E C^E:DD286 56 8C@D >@C462FI 56 G:2?56 /@FD A@FG6K Y82=6>6?E FE:=:D6C 46EE6 E^=6 A@FC CY4FAYC6C =2 8C2:DD6 56D A:X46D 56 G:2?56 C^E:6D DFC =2 8C:==6 "?EC@5F:D6K =2 E^=6 56 4F:DD@? Y>2:==Y6 AC@7@?56 6? G6:==2?E T 46 BF6 =6 3@C5 :?4=:?Y D6 EC@FG6 G6CD =2 A@CE6 5F 7@FC --/==93=CD3H /1?CW@7@ :3A /113AA=7@3A A>W17/CF 2/W17/:7AW =C /C>@VA 2C )3@D713 B316<7?C3 "/ 27A>=<707:7BW 23A
=:DD:XC6D EC:A=6D T 6IEC24E:@? 4@>A=XE6 ! 1 6D C2:=D 5 6IEC24E:@? 56D 92FE6FCD 6E A6C>6EE6?E 56 D@CE:C 4@>A=XE6>6?E =6D 2446DD@:C6D 5F 7@FC D2?D =6D C6?G6CD6C @+8> 6+ :363=+>398 $=CA D=CA >@WA3@VA :3A 2744W@33A R AC7D@3 /D/=C@ :/ >@3;7V@3 4=7A =;;3<13H >/@ :7@3 :3 16/>7B@3 2+?00/< 6/ 09?< &=C@ AC>>@7;3@ : =23C@ 23 <3C4 16/C443H :3 4=C@ R D723 3B 43@;W "/ ;37::3C@3 A=:CB7=< 1=3<2/
$N16+1/ .? 09?< "3 @W5:/53 2C 4=C@ A3 4/7B A7;>:3;37B@3 */0:3/CF 3B 1=W@/BC@3 />>@=>@7WA R 23 <=;0@3CF >:/BA $/7+<;?/ : 3AB @31=;;/<2W 23 >@W16/C443@ B=C8=C@A :3 4=C@ /D/=C@ WD7B3@ :/ 1@W/B7=< 3F13AA7D3 23 1=<23
F>/38.=A7B7=< HW@= 9.
"/D3H A=75<3CA3;3=<53A <3CD3A /D/>Y5:2E6>6?E =6D E2496D 5 62F 56 8C2:DD6 56 >2]K6?2 6E 56 3=2?4 5 dF7 A@FC YG:E6C BF 6==6D ?6 4@CC@56?E =6D DFC7246D /@FD A@FG6K 24BFYC:C 52?D =6D 46?EC6D 56 ,6CG:46 E649?:BF6 @F 4@>>6C46D DAY4:2
98->398 6?73M:7473@ :3 <3BB=G/53 2C 4=C@ 7: 3AB >=AA70:3 2 /::C;3@ : /;>=C:3 2C 1=;>/@B7;3=A7B7=< " /;>=C:3 A /::C;3 "3 0=CB=< B3;>W@/BC@3 2=7B XB@3 WB37/38.
"3A AC>>=@BA A /2/>B3/< /> /< 6+ :9<>/ .
N798>/< 6+ :9<>/ %CD@3H :/ >=@B3 2C 4=C@ 3< 5@/<2 )=@B3H :3A 23CF B/?C3BA 23 D3@@=C7::/53 A7BCWA R 2@=7B3 3B R 5/C163 )16W;/ (343@;3H :/ >=@B3 2C 4=C@ 8CA?C R :/ 0CBW3 )16W;/ *3<3H :/ >=@B3 >/@ :3A 1\BWA /D31 :3A 23CF ;/7C7A A=@B3H :/ $/798>/< 6+ :9<>/ (3>:/13H :/ >=@B3 3< AC7D/3A ;/7A 3< A3=A3@ :/ >=@B3 D37::3H R 13 ?C3 :3A 23CF 16/@<7V@3A A 3<1/AB@3/@4/7B3;331B7D3 )16W;/
/<53@ 23 :WA7=/A :/ 16/@<7V@3 A7 :/ >=@B3 D3 'C/<2 C< 7<1723@=2C7B 7: A /57B 5W3B7B3 /<=;/:73 4/17:3 R 1=@@753@ D/>3: /C )3@D713 B316<7?C3 3AA/G3H 23 @WA=C2@3 : 7<1723
2+81/< 6 +7:9?6/ ./ 6+ :6+;?/ =?:N<3/?
%/<@3-/ >/-283;?/ $=B@3 )3@D713 B316<7?C3 3AB R :/ 27A>=A7B7=< 23A CB7:7A/B3C@A >=C@ 34431BC3@ 23A @W>/@/B7=>/@37: @W/:7A3@ : /16/B 2 /113AA=7@3A =C 23 >7V13A 2WB/16W3A 3B @W>=<2@3 R B=CB3 ?C3AB7=< AC@ <=A >@=2C7BA =C A3@D713A "3A 7<4=@;/B7==<70:3A AC@ :/ 2=1C;3 /> 8E .
%CD@3H :3 ;=7=AA70:3 :/ >=@B3 2C 4=C@ >3<2/:CA73C@A 5SB3/CF 4/7B3A :3 23 >@W4W@3<13 C< >/@ C< "3 4=C@ A3@/ 3<1=@3 16/C2 3B D=CA @W2C7@3H /7A 23 1C7AA=< 2C A31=<2 5SB3/C ,=CA >=CD3H W5/:3;3A 23 1C7AA=< :=<5A D=CA >=CD3H WB37<2@3 :3 4=C@ ;7=C@ B7@3@ >@=47B 23 :/ 16/:3C@ @WA72C3::3 F63738+>398 ./=
J>/+?B /> :J>3==/<3/= 9?6/= I :J>3==/<3/ 2W/:3;33A 23 1C7AA=< 7<27?CWA =:/U/@W16/C443@ :3 4=C@ @/11=C@17AA3H :3A B3;>A 23 1C7AA=< 23 R ;7=CD3H 1=3 23 5SB3/C =C >3B7BA 4=C@A 3< ?C3AB7=< "/ B3;>W@/BC@3
B8)%9< '9-87 (%27 ()7 1390)7 390) 796 0% +6-00) %98)96 3() () '9-7732 -2CE6 2FI 7CF:ED @F 2F 7C@>286 3=2?4 AUE6 3C:DY6 &@F=6 5Y>@?E23=6 6? 4@F=6FC 7@?4Y6 t c c UE62FI 2FI 7CF:ED AUE6 =6GY6 7:?6 &@F=6 5Y>@?E23=6 >@F=6 T <@F8=@7 t c c -2CE6D D2=Y6D A 6I 56D BF:496D E2CE6D 2FI @:8?@?D &@F=6 5Y>@?E23=6 t c c )14E6%896) 96E) () ? '9-7732 1-298)7 %2:DD6K C67C@:5:C =6 8UE62F 6?G >:?FE6D 52?D = 2AA2C6:= B8)%9< '9-87 (%27 ()7 1390)7 390) 796 0% +
%-2 )8 4)8-87 4%-27 %98) 3() () )14E6%8 )147 () 96 '9-7732 96) ? '9-7732 1-298)7 )2:? T =2 =6GFC6 56 3@F=2?86C 2G64 -^=6 56 4F:DD@? <8 56 72C:?6 ACY492F776C Y>2:==Y6 t c )2:? 2F =6G2:? 2G64 b<8 56 72C:?6 ACY492F776C -^=6 56 4F:DD@? Y>2:==Y6 t c )6E:ED A2:?D 2F D6:8=6 A2C 6I -^=6 56 4F:DD@? Y>2:==Y6 t c c '6 G6CD6K ;2>2:D 5 62F 5:C64E6>6?E T = :?EYC:6FC 5F 7@FC 492F5 %-2 )8 4)8-87 4%-27 %98)96 3() () )14E6%896) 96E) '9-77
%6 8UE62F 2 >@?EY 52G2?E286 2F 46?EC6 BF6 DFC =6D 3@C5D '6 8C2:DD6K A2D =6 E@FC 5F >@F=6 5Y>@?E23=6 ACXD =2 4F:DD@? 5YE2496K D@:8?6FD6>6?E =6 8UE62F T = 2:56 5 F? 4@FE62F %6 56DDFD 5F 8UE62F 6DE EC@A 4F:E ?7@FC?6Kc=6 ;FDBF 2F 7@?5 49@:D:DD6K F?6 E6>AYC2EFC6 A=FD 32DD6 6E 72:E6D 4F:C6 =6 8UE62F F? A6F A=FD =@?8E6>AD %6 8UE62F 6DE EC@A D64 = 2:56 5 F? 4FC6c56?E A6C46K A=FD:6FCD A6E:ED EC@FD 52?D =6 8UE62F 4F:E CC@D6K 56 ;FD 56 7CF:E @F 56 =:BF:56 =Y8XC6>6?E 2=4@@=:DY F 8UE62F DF:G2?E 2F8>6?E6K =2 E
98=/36= :9?< 6/=
3= "3 @WAC:B/B 2C @\B7AA/53 2W>3<2 23 :/ 3 23 :7?C723 3B R 1C7::3@A R A=C>3 23 :7?C723 AC@ :3A @\B7A R 0@/7A3@ 1317 AC7D/A 23 :/ 1C7AA=< :3A ;=@13/CF 23 D7/<23 +<3 4=7A ?C3 :3 @\B7 3AB 1C7B :/7AA3Ha:3 @3>=A3@ ;7:CA 2//@B7B ;73CF 2/
"-%2() 3-(7 "%-77)00) +^E: 56 3dF7 T 3C2:D6C A 6I ?@:I 6?EC64^E6 <8 <8 <8 76C>Y t t t c c c =@J2F <8 <8 <8 @FG6CE t t t c c c <8 4924F?6 @FG6CE t c x x +@D3:7 T A@:?E ,E62
&3@13H :/ >3/C A=CA :3A /7:3A 23A 1/C7AA3 A W1=C:3@ "3A D=:/7::3A A3@=/@B71C:7V@3;3@:E:YD 56 8 C:==6 &@C462FI 56 A@F=6E 56 8 C:==6 )@F=6E 6?E:6C T A@F=6ED 56 <8 2?2C5 "%-77)00) %98)96 3() () '9-7732 )14E6%896) ? 96E) 1-298)7 t c c t c c C:==6 t c c
98=/36= :<+>3;?/= :9?< 6/
3==+1/ -98@/8>3988/6 /> 6+ 1<366+./ 9'92) 6E*E6)2') 2 %44%6%H8 (%27 )C@8C2>>6K =6 A@:5D :?7YC:6FC =6 A=FD AC@496 6E 2==@?86K =6 4J4=6 0) 8%&0)%9 ( 36-)28%8-32 56 4F:DD@? '32')62%28 0) 43-(7 (9 6I8- 59) .) 739,%-8) 46E4%6)6 311)28 :E6-*-)6 59) 0) 6I8- )78 A 43-28 .
)87 "%-77)00) %98)96 3() () '9-7732 ,@F77=YD DF4CYD A 6I D@F77=Y 2F 7C@>286 3=2?4 2G64 56D 7CF:ED &@F=6 T D@F77=Y ,@F77=YD D2=YD T 32D6 5 :?8CY5:6?ED 4F:ED A 6I 8C2E:? 2FI AUE6D )=2E T 8C2E:? >@F=6 Y>2:==Y ,@F77=YD D2=YD T 32D6 5 :?8CY5:6?ED 4CFD A 6I 8C2E:? 56 A@>>6D 56 E6CC6 &@F=6 T D@F77=Y @F =>@F=6 Y>2:==Y CF?:C 56D E@2DED C2E:?6C 56D E@2DED )14E6%896) E +6-0 96E) 1-298)7 t c c t t c c c c t t c c c c C:==6 x
$/7+<;?/ &3<2/3CB A3 2W4=@;3@ 317 3AB 2_ /CF 7;>=@B/W@/BC@3 2//@/ZB 2 3::3a;X;3 >3<2/398 .
9803>?>/@/ZB@3 R 7=BA />@VA R ;7W@/BC@3 "/7AA3H :3 0=CB=< 23 4=<1B7=@VA R ;7=BA 2C 4=C@ "3A :/7AA3H @34@=727@ :=<5B3;>A 2/>/@7B7=< 23 53@;3A 3B :3A 1=<47BC@3A A3@/73:CA /172C:W3A MB375<3H :3 0=CB=< 23 4=<1B7=>6D 8C@D
"6+>= >/=>= )3:=< :/ <=@;3 $ 3B $ ?3=C@ C< 3<4=C@<3;3:?:F> t c c )6E:ED 8UE62FI A:X46D A2C A=2BF6 ACY492F776C -\=6 56 4F:DD@? 6? 2=F>:?:F> t c c :D4F:E T = 62F &@F=6 5Y>@?E23=6 t c c UE62F T =2 =6GFC6 56 3@F=2?86C DFC =2 A=2BF6 -\=6 56 4F:DD@? 6? 2=F>:?:F> t c c -@FCE6 2FI A@>>6D -\=6 56 4F:D
$ % "& ' & $ $ '% 2>>: AAA ,9=-2S2+?=1/<+/>/ ./ 2>>: AAA ,9=-2+::63+8-/= -9 ?5 2>>: AAA ,9=-2S/6/-><97/8+1/< -97 2>>: AAA ,9=-2S2?3=29?./6345/S+::+<+>/8 83 2>>: AAA ,9=-2S59.38598//> -97 2>>: AAA ,9=-2S2@3./@+>: AAA ,9=-2S/. -97 2>>: AAA ,9=-2 :> 2>>: AAA /6/-><9 ,9=-2 ,/ 2>>: AAA ,9=-2 -97 +? 2>>: AAA ,9=-2S2+?=1/<+/>/ +> 2>>: AAA ,9=-2/6/-><9.