Professional Documents
Culture Documents
REPORT
2018
A PLATFORM FOR GROWTH
To Our Shareholders:
Over the past decade
decade, On the sales front we continued to grow our indindustry vertical
ical
we have methodically and field sales organizations over this past year and haveh
worked to expand our recently deployed the Salesforce CRM (customer relationship
relation
network, extend our management) tool to help us better manage our growing sales
domestic and international pipeline. Through these efforts wee are starting to see some real
service offerings and progress in driving organic growthh and over the second half of
enhance our back-office the year we were able to achievee double digit revenue
revenu growthwth
infrastructure, always with across our forwarding, brokeragege and valued added
add servicevice lines
an eye towards profitable of business.
growth. We look back
on our accomplishments with a great sense of achievement On the technology front ont we also continue
cont to make
ake meaningful
and appreciation for the support of our customers, operating progress on a number mber of strategic
strateg technology ogy initiatives, including
in
partners, carriers, shareholders and hard-working employees that (1) the continuedued expansion
expansio of our new w SAP-based transportation
t
have come together to make Radiant one of the fastest growing management
ement system (“SAP-TM”)) that is now deployedd in 7 of our
transportation and logistics
tics companies in North America. company
mpany
pany owned
ow locations and on tr track for deployment to our
strategic operating partners
strateg rtners later this year,
r, (2) the recent launch
launch
Today we enjoy one of the most robust platforms in our industry;stry; of our new customeromer portal
porta which provides our customers mers with
providing domestic and international freight forwarding g services,
servic online booking
oking
ng and
a d even
event based tracking through gh dir
direct
rect
truck and rail brokerage services and an array of other h integration
gration with
w SAP-TM with futu future phases
es of functionality
functi
value-added supply chain management
mana services from over that
hat
at will include ad additional collaboratio
oration,
ratio
ion, quoting,
qu and a user
100 operating locations across North th America, incl
including a operated reporting engine, (3) 3) the co
completi
pletion of our blue-printing
significant presence in Canada. As we continue to grow ow and efforts to operationalize interna
ernational air and d ocean functionality
scale the business, our multi-brand strategy has tra
translated into a within our new SAP-TM platform, m, (4) the succes essful deployment
uniquee and differentiated platform from which to service our end of our new back-office digitization technology tto provide
customers with better purchasing
hasing p
power with our vendors, a optical
tical character recognition and process autom mation solution
best-in-class technology operating syste
syystem andd an extensive to streamline
reamline ouro r procure-to-pay
proc re to pay processes wit with
th our carriers and
global network of service ppartners to suppo
pport our customers (5) further
urther progress on migrating
migratin our SAP prod oduction environment
around
und the w
world. to
o Amazon’s
Ammazon’s cloud
clou computing
computin platform whic hich is also on track to
occur
ccur later this calendar
calenda
endar
ar yea
year which willl ggive us cost effective
The heart of our growth
owthh strategy has
h been o our ability
bilit to
t access to the comput
acces computing power,wer, da
database
abase storage and other
differentiate ourselves
urselves
lves
ves in the marketplac
marketplace
ma
m e by bringing new value functionality
ality to
o hhel
help us scale and gro
grow
ow oour business.
to the agent based
sed forwarding
forwardi community:
munity:y: leveragin
leverag
leveraging
ging our status
us
as a public company
ompany to provide o our strategic operating
ope g par
partne
rtners Ass we head into the new ye year,
ear, we remain comco
ommitted to our
with an opportunity
opportunit
pp to work as shareholders
shareholder
ld and sha sharee in the llong-standing strategyy to del eliver profitab
rofitable groowth through a
value
ue that they
they help createte and providing
provid a uniquee opportunity
op
opportu
pportunity combination of orga organic and a acquisition growthh initiatives. We
acqui
in term
terms of succession
on planning
ning
gaand liquidity for logistics have low leverage
verage on our ba balance sheet, stronng free cash flow,
entrepreneurs
entrepren
p neurs bothoth internal
inte
interna and external
xternal
ternall to the
th Radiant
Radi
R di network.
netwo and
a ndd contin
continue
ontinue
ti ourr disciplined
disc
discipline
di i lined search for acqui
acquuisition ccandidates
that
hat bring
br critica
critical masss to our current platform
orm with respect
pect to
Fiscal
al 2018
201
018 itself
i represented d another year
y of steady progress
progres for geography,
geograp phy, purcha
purchasin
asing power, and comp mplementary service
Radiant. In a year that will be
Radia be remembered
re bered for extreme capacity
ca acity offerings.
f We are patiently
iently per
persistent in the pursuit of this long-
and pricing sw
swings
wings
i gss felt
fe
f lt across
a
acro
cross our industry
industry,
dustry,
t we were ableabb
ble tot term visionn wh
which we believe, over ver
er time,
time will deliver meaningful
mean
deliver solid
id financial
finan i l results
ressults whilee also taking
takin thee opp
o
opportu
opportunity ity to valuee for shareholders,
eholders, oour opera
perating partne
artners andnd th
the end
focus on a number of strategic sales and techno techn
ecchnology
echnolology initi
initiati
tiati
atives customers that we serve.
custo
whichh are expected
ex
expec to deliver vver organic
g ic growth
gr
gro and prod
productivity it
improvement
mprove
proveme in future
f peri
periods. Thanks for your continued
ontinued support a and the opport
rtunity to
repres
resent you
ou at Radiant Logistics.
Logis
For the year ended June 30, 2018, 8, Rad
Radiant
ad
diant reporte
reported net income
allocablee to common
comm stockholders rs of $8.1
81 m million on $842.4 It’s the Network that Delivers!®
million
illion
on of revenues,
re or $0.17
17 per basic and $0 $0.16 per fully diluted
share, including
share ding a one-time
e-time benefit
ben of $2.4 miillion related to
a re-measurement ent of deferred
de tax liabilities
lia ass a result of the
recently enacted Tax Cuts and Jobs Act. Forr tthe yearr ende ended d Ju
June
30, 2017,
2017 Radiant reported
eported net income
i allocable
llocable
ocable to common
commo Bohn H. Crain
ain
stockholders of $2.82.8 million on $777.6
77.66 million
mil of revenues,
reve or
Founder,
der, Chairman & CEO
$0.06 per basicasic and fully
ful diluted sha
share.
h
FINANCIAL HIGHLIGHTS
0.0 100 200 300 400 500 600 700 800 900 1000 0.0 25 50 75 100 125 150 175 200 225 250
0.0 5 10 15 20 25 30 35 40 45 50 0.0 2.5% 5.0% 7.5% 10% 12.5% 15% 17.5% 20% 22.5% 25%
12.51%
7.21% 29.77%
80.28%
70.23%
9.11%
25.9%
15.03%
43.46%
$25.3 Million $14.6 Million
30.64% 75.86%
' &%&&%
%'$&% * !%%!
)% &!
!$
07,B,=0
%?,?0:=:?30=5@=4>/4.?4:9 $%8;7:D0=
:149.:=;:=,?4:9:=:=2,94E,?4:9 /09?414.,?4:9 @8-0=
?3A09@0%&34=/7::=
0770A@0),>3492?:9
//=0>>:1"=49.4;,7C0.@?4A0!114.0>
$024>?=,9?F>&070;3:90 @8-0=9.7@/492=0,:/0
%0.@=4?40>=024>?0=0/;@=>@,9??:%0.?4:9
-:1?30.?
&4?70:1,.37,>> ,80:1C.3,920:9B34.3$024>?0=0/
:88:9%?:.6 ",=(,7@0 +%80=4.,9
%0.@=4?40>=024>?0=0/@9/0=%0.?4:9
2:1?30C.3,920.?
:90
!?5:42E63J4964<>2C<:7E96C68:DEC2?E:D2H6==
<?@H?D62D@?65:DDF6C 2D567:?65:?CF=6
@7E96+64FC:E:6D4E16D &@⌧
!?5:42E63J4964<>2C<:7E96C68:DEC2?E:D?@EC6BF:C65E@7:=6C6A@CEDAFCDF2?EE@+64E:@?@C+64E:@?5@7E964E16D &@⌧
!?5:42E63J4964<>2C<H96E96CE96C68:DEC2?E7:=652==C6A@CEDC6BF:C65E@367:=653J+64E:@?@C5@7E96+64FC:E:6DI492?864E@75FC:?8E96
A2DE>@?E9D@C7@CDF49D9@CE6CA6C:@5E92EE96C68:DEC2?EH2DC6BF:C65E@7:=6DF49C6A@CED 2?592D366?DF3;64EE@DF497:=:?8C6BF:C6>6?ED7@CE96A2DE
52JD16D⌧&@
!?5:42E63J4964<>2C<H96E96CE96C68:DEC2?E92DDF3>:EE656=64EC@?:42==J2?5A@DE65@?:ED4@CA@C2E6/63D:E6 :72?J 6G6CJ!?E6C24E:G62E2:=6C6BF:C65E@
36DF3>:EE652?5A@DE65AFCDF2?EE@*F=6
@7*68F=2E:@?+
,M
@7E9:D492AE6C5FC:?8E96AC6465:?8>@?E9D@C7@CDF49D9@CE6CA6C:@5E92EE96
C68:DEC2?EH2DC6BF:C65E@DF3>:E2?5A@DEDF497:=6D16D⌧&@
!?5:42E63J4964<>2C<:7E965:D4=@DFC6@756=:?BF6?E7:=6CDAFCDF2?EE@!E6>
@7*68F=2E:@?+
#M
@7E9:D492AE6C:D?@E4@?E2:?6596C6:? 2?5H:==
?@E364@?E2:?65 E@E9636DE@7C68:DEC2?EUD<?@H=6586 :?567:?:E:G6AC@IJ@C:?7@C>2E:@?DE2E6>6?ED:?4@CA@C2E653JC676C6?46:?(2CE!!!@7E9:D??F2=*6A@CE
@?@C>
#@C2?J2>6?5>6?EE@E9:D??F2=*6A@CE@?@C>
#⌧
!?5:42E63J4964<>2C<H96E96CE96C68:DEC2?E:D2=2C862446=6C2E657:=6C 2?2446=6C2E657:=6C 2?@?
2446=6C2E657:=6C 2D>2==6CC6A@CE:?84@>A2?J@C2?
6>6C8:?88C@HE94@>A2?J+66567:?:E:@?D@7S=2C862446=6C2E657:=6C TS2446=6C2E657:=6C TSD>2==6CC6A@CE:?84@>A2?JT2?5S6>6C8:?88C@HE94@>A2?JT:?
*F=63
@7E96I492?864E
&@?
2446=6C2E657:=6C +>2==6CC6A@CE:?84@>A2?J ⌧
>6C8:?88C@HE94@>A2?J
!72?6>6C8:?88C@HE94@>A2?J :?5:42E63J4964<>2C<:7E96C68:DEC2?E92D6=64E65?@EE@FD6E966IE6?565EC2?D:E:@?A6C:@57@C4@>A=J:?8H:E92?J?6H@C
C6G:D657:?2?4:2=244@F?E:?8DE2?52C5DAC@G:565AFCDF2?EE@+64E:@?2@7E96I492?864E
!?5:42E63J4964<>2C<H96E96CE96C68:DEC2?E:D2D96==4@>A2?J2D567:?65:?*F=63
@7E96I492?864E16D &@⌧
,96288C682E6>2C<6EG2=F6@7E96G@E:?82?5?@?
G@E:?84@>>@?6BF:EJ96=53J?@?
277:=:2E6D@7E96C68:DEC2?E32D65@?E964=@D:?8D92C6AC:46@7E96C68:DEC2?EUD
4@>>@?DE@4<@?646>36C
H2D2AAC@I:>2E6=J>:==:@?
D@7+6AE6>36C
D92C6D@7E96C68:DEC2?EUD4@>>@?DE@4<H6C6@FEDE2?5:?8
:.@809?>9.:=;:=,?0/-D$010=09.0
(@CE:@?D@7E96C68:DEC2?EUDAC@IJDE2E6>6?E7@CE96
??F2=%66E:?8@7+E@4<9@=56CD2C6:?4@CA@C2E6596C6:?3JC676C6?46:?(2CE!!!@7E9:D??F2=*6A@CE
@?@C>
#+F49AC@IJDE2E6>6?EH:==367:=65H:E9E96+64FC:E:6D2?5I492?86@>>:DD:@?H:E9:?
52JD@7E96C68:DEC2?EUD7:D42=J62C6?565"F?6
,$''&,&,+
"$&
!,% -+!&++
!,%* !+#,'*+
!,%- &*+'$.+,'%%&,+
!,% (*'(*,!+
!,% $$(*'!&+
!,% %!&+,1!+$'+-*+
"$&
!,% %*#,'**!+,*&,U+'%%'&)-!,1 *$,+,'# '$*%,,*+&!++-*
(-* ++')-!,1+-*!,!+
!,% +$,!&&!$,
!,% %&%&,U+!+-++!'&&&$1+!+'!&&!$'&!,!'&&*+-$,+'
'(*,!'&+
!,%) -&,!,,!.&)-$!,,!.!+$'+-*'-,%*#,*!+#
!,% !&&!$+,,%&,+&+-(($%&,*1,
!,% &+!&&!+*%&,+/!, '-&,&,+'&'-&,!&&!&&!$
!+$'+-*
!,% '&,*'$+&(*'-*+
!,%' , *!&'*%,!'&
"$&
!,%
!*,'*+ 0-,!.'!*+&'*('*,'.*&&
!,%0-,!.'%(&+,!'&
!,% +-*!,1'/&*+ !('*,!&&!!$'/&*+ &%&%&,&*$,
+,'# '$*%,,*+
!,%*,!&*$,!'&+ !(+&*$,,*&+,!'&+ &!*,'*!&(&&
!,%(*!&!($'-&,&,+&+*.!+
"$&(
!,%0 !!,+&!&&!$+,,%&,+ -$+
!,%'*%
#+-%%*1
+:8?2EFC6D
:
[This page intentionally left blank]
'&! $+%&& &!'&!$)$!! %&& &%
,@?4:9,=D%?,?0809?1:=:=B,=/::6492%?,?0809?>
,9:DC6A@CE4@?E2:?DS7@CH2C5
=@@<:?8DE2E6>6?EDTH:E9:?E96>62?:?8D6E7@CE9:?-?:E65+E2E6DD64FC:E:6D=2HD2?5C68F=2E:@?DQE92E
:D DE2E6>6?EDC6=2E65E@7FEFC6 ?@EA2DE 6G6?ED!?E9:D4@?E6IE 7@CH2C5
=@@<:?8DE2E6>6?ED@7E6?255C6DD@FC6IA64E657FEFC63FD:?6DD
7:?2?4:2=A6C7@C>2?462?57:?2?4:2=4@?5:E:@? 2?5@7E6?4@?E2:?H@C5DDF492DS2?E:4:A2E6 TS36=:6G6 TS6DE:>2E6D TS6IA64E TS7FEFC6 T
S:?E6?5 TS>2J TSA=2? TSD66 TSD66< TSDEC2E68J T@CSH:==T@CE96?682E:G6E96C6@7@C2?JG2C:2E:@?E96C6@?@CD:>:=2CE6C>:?@=@8J@C
6IAC6DD:@?D ,96D6 7@CH2C5
=@@<:?8 DE2E6>6?ED 2C6 ?@E 8F2C2?E66D 2?5 2C6 DF3;64E E@ <?@H? 2?5 F?<?@H? C:D<D F?46CE2:?E:6D 2?5
2DDF>AE:@?D23@FEFDE92E>2J42FD6@FC24EF2=C6DF=ED =6G6=D@724E:G:EJ A6C7@C>2?46@C249:6G6>6?EDE@36>2E6C:2==J5:776C6?E7C@>
2?J7FEFC6C6DF=ED =6G6=D@724E:G:EJ A6C7@C>2?46@C249:6G6>6?ED6IAC6DD65@C:>A=:653JDF497@CH2C5
=@@<:?8DE2E6>6?ED/692G6
56G6=@A65 @FC 7@CH2C5
=@@<:?8 DE2E6>6?ED 32D65 @? >2?286>6?EUD 36=:67D 2?5 2DDF>AE:@?D H9:49 :? EFC? C6=J FA@? :?7@C>2E:@?
2G2:=23=6 E@ E96> 2E E96 E:>6 DF49 DE2E6>6?ED H6C6 >256 +F49 7@CH2C5
=@@<:?8 DE2E6>6?ED C67=64E @FC 4FCC6?E A6CDA64E:G6D @? @FC
3FD:?6DD 7FEFC6A6C7@C>2?46 6I:DE:?8EC6?5D2?5:?7@C>2E:@?7C@>E9652E6@7E9:DC6A@CE,96D6:?4=F56 3FE2C6?@E=:>:E65E@ @FC
36=:67D23@FE7FEFC6C6G6?F62?56IA6?D6=6G6=D 8C@HE9C2E6D AC@DA64EDC6=2E65E@@FCDEC2E68:4:?:E:2E:G6D2?53FD:?6DDDEC2E68:6D 2=@?8
H:E96IAC6DD@C:>A=:652DDF>AE:@?D23@FE 2>@?8@E96CE9:?8D@FC4@?E:?F65C6=2E:@?D9:ADH:E9@FCDEC2E68:4@A6C2E:?8A2CE?6CDE96
A6C7@C>2?46@7@FC9:DE@C:43FD:?6DD 2DH6==2DE963FD:?6DD6DH692G6C646?E=J24BF:C65 2E=6G6=D4@?D:DE6?EH:E9C646?EEC6?5D2?5
C67=64E:G6@7E96DJ?6C8:6DH636=:6G6H:==362G2:=23=6E@FD2D2C6DF=E@7DF4924BF:D:E:@?D@FC23:=:EJE@DF446DD7F==J:?E68C2E6@FC
C646?E=J24BF:C653FD:?6DD6D@FC23:=:EJE@=@42E6DF:E23=624BF:D:E:@?@AA@CEF?:E:6D2?5D64FC6E967:?2?4:?8?646DD2CJE@4@>A=6E6DF49
24BF:D:E:@?D E96 @44FCC6?46 @7 ?@ 25G6CD6 56G6=@A>6?ED 27764E:?8 5@>6DE:4 2?5 :?E6C?2E:@?2= 64@?@>:4 A@=:E:42= @C 4@>A6E:E:G6
4@?5:E:@?DH:E9:?@FC:?5FDECJEC2?DA@CE2E:@?4@DEDC6>2:?:?8:?
=:?6H:E9C646?E=6G6=D2?56IA64E65EC6?5D@FC23:=:EJE@>:E:82E6 E@
E9636DE6IE6?EA@DD:3=6 @FC56A6?56?46@?4FCC6?E>2?286>6?E2?546CE2:?@7@FC=2C86CDEC2E68:4@A6C2E:?8A2CE?6CD@FC4@>A=:2?46
H:E97:?2?4:2=2?5@E96C4@G6?2?EDF?56C@FC:?563E65?6DDE9623D6?46@72?J25G6CD6=2HD@C8@G6C?>6?E2=C68F=2E:@?D27764E:?8E96
EC2?DA@CE2E:@?:?5FDECJ:?86?6C2= 2?5@FC@A6C2E:@?D:?A2CE:4F=2C2?5DF49@E96C724E@CDE92E>2J36:56?E:7:657C@>E:>6E@E:>6:?
@FC+64FC:E:6D2?5I492?86@>>:DD:@?S+T7:=:?8D2?5@E96CAF3=:42??@F?46>6?ED:?4=F5:?8E9@D6D6E7@CE9F?56CE9642AE:@?
S*:D<24E@CDT:?(2CE!E6>@7E9:DC6A@CE==DF3D6BF6?EHC:EE6?2?5@C2=7@CH2C5
=@@<:?8DE2E6>6?ED2EEC:3FE23=6E@FD @CA6CD@?D
24E:?8@?@FC3692=7 2C66IAC6DD=JBF2=:7:65:?E96:C6?E:C6EJ3JE967@C68@:?8*6256CD2C642FE:@?65?@EE@A=246F?5F6C6=:2?46@?@FC
7@CH2C5
=@@<:?8DE2E6>6?ED 2DE96JDA62<@?=J7C@>E9652E6>256/65:D4=2:>2?J@3=:82E:@?E@AF3=:4=JFA52E62?J7@CH2C5
=@@<:?8
DE2E6>6?ED H96E96C2D2C6DF=E@7?6H:?7@C>2E:@? 7FEFC66G6?ED@C@E96CH:D6
"$&
,9C@F89@FC@A6C2E:?8=@42E:@?D24C@DD&@CE9>6C:42 H6@776C5@>6DE:42?5:?E6C?2E:@?2=2:C2?5@462?7C6:89E7@CH2C5:?8D6CG:46D
2?57C6:89E3C@<6C286D6CG:46D:?4=F5:?8ECF4<=@25D6CG:46D =6DDE92?ECF4<=@25S$,$TD6CG:46D 2?5:?E6C>@52=D6CG:46D H9:49:DE96
>@G6>6?E@77C6:89E:?EC2:=6CD@C4@?E2:?6CD3J4@>3:?2E:@?@7ECF4<2?5C2:='FCAC:>2CJ3FD:?6DD@A6C2E:@?D:?G@=G62CC2?8:?8E96
D9:A>6?E @?3692=7@7@FC4FDE@>6CD @7>2E6C:2=D AC@5F4ED 6BF:A>6?E2?5@E96C8@@5DE92E2C686?6C2==J=2C86CE92?D9:A>6?ED92?5=65
3J:?E68C2E6542CC:6CD@7AC:>2C:=JD>2==A2C46=D DF492D65I $2?5-(+'FCD6CG:46D:?4=F562CC2?8:?82?5>@?:E@C:?8 2==
2DA64ED@7>2E6C:2=7=@H24E:G:EJFE:=:K:?825G2?465:?7@C>2E:@?E649?@=@8JDJDE6>D/62=D@AC@G:56@E96CG2=F6
25565DFAA=J492:?
D6CG:46D :?4=F5:?8@C56C7F=7:==>6?E :?G6?E@CJ>2?286>6?E H2C69@FD62?55:DEC:3FE:@?D6CG:46D4@==64E:G6=J S%2E6C:2=D%2?286>6?E
2?5:DEC:3FE:@?T@CS%%TD6CG:46D 2?54FDE@>D3C@<6C286D6CG:46DE@4@>A=6>6?E@FC4@C6EC2?DA@CE2E:@?D6CG:46@776C:?8
/66IA64EE@8C@H@FC3FD:?6DD@C82?:42==J2?53J4@>A=6E:?824BF:D:E:@?D@7@E96C4@>A2?:6DH:E94@>A=6>6?E2CJ86@8C2A9:42=2?5
=@8:DE:4DD6CG:46@776C:?8D'FC@C82?:48C@HE9DEC2E68JH:==4@?E:?F6E@7@4FD@?DEC6?8E96?:?86I:DE:?82?56IA2?5:?8?6H4FDE@>6C
C6=2E:@?D9:AD=6G6C28:?8E9636?67:E@7@FCECF4<3C@<6C2862?5:?E6C>@52=D6CG:46@776C:?8D H9:=64@?E:?F:?8@FC677@CED@?E96@C82?:4
3F:=5
@FE@7@FC?6EH@C<@7DEC2E68:4@A6C2E:?8A2CE?6C=@42E:@?D!?255:E:@? 2DH64@?E:?F6E@8C@H2?5D42=6E963FD:?6DD H636=:6G6
E92EH62C64C62E:?856?D:EJ:?@FCEC256=2?6DH9:494C62E6D@AA@CEF?:E:6D7@CFDE@>@C6677:4:6?E=JD@FC462?5>2?286@FCEC2?DA@CE2E:@?
42A24:EJ!?255:E:@?E@@FC7@4FD@?@C82?:48C@HE9 H6H:==4@?E:?F6E@D62C497@C24BF:D:E:@?42?5:52E6DE92E3C:?84C:E:42=>2DD7C@>
286@8C2A9:42?5AFC492D:?8A@H6CDE2?5A@:?E2=@?8H:E9AC@G:5:?84@>A=6>6?E2CJD6CG:46@776C:?8DE@E964FCC6?EA=2E7@C>DH6
4@?E:?F6E@8C@H2?5D42=6E963FD:?6DD H62=D@C6>2:?7@4FD65@?=6G6C28:?8@FC324<
@77:46:?7C2DECF4EFC62?5E649?@=@8JDJDE6>DE@
5C:G6AC@5F4E:G:EJ:>AC@G6>6?E24C@DDE96@C82?:K2E:@?
:8;0?4?4A0%?=092?3>
D 2 ?@?
2DD6E 32D65 E9:C5
A2CEJ =@8:DE:4D AC@G:56C H6 36=:6G6 E92E H6 2C6 H6==
A@D:E:@?65 E@ AC@G:56 4@DE
67764E:G6 2?5 677:4:6?E
D@=FE:@?D E@ 255C6DD E96 56>2?5 :? E96 >2C<6EA=246 7@C EC2?DA@CE2E:@? 2?5 =@8:DE:4D D6CG:46D /6 36=:6G6 E92E E96 >@DE :>A@CE2?E
4@>A6E:E:G6 724E@CD :? @FC :?5FDECJ 2C6 BF2=:EJ @7 D6CG:46 :?4=F5:?8 C6=:23:=:EJ C6DA@?D:G6?6DD 6IA6CE:D6 2?5 4@?G6?:6?46 D4@A6 @7
@A6C2E:@?D 86@8C2A9:44@G6C286 :?7@C>2E:@?E649?@=@8J2?5AC:46/636=:6G6@FCAC:>2CJ4@>A6E:E:G625G2?E286D2C62D7@==@HD
+*.."/."!0.&*"..)+!"(
D2?@?
2DD6E32D65=@8:DE:4DAC@G:56C H6@H?@?=J2>:?:>2=2>@F?E@76BF:A>6?EJ?@E@H?:?8E96EC2?DA@CE2E:@?6BF:A>6?EFD65
E@EC2?DA@CEE967C6:89E H9:49C6DF=ED:?C6=2E:G6=J>:?:>2=7:I65@A6C2E:?84@DED H62C623=6E@=6G6C286@FC?6EH@C<@7=@42E:@?DE@
@776C4@>A6E:E:G6AC:4:?82?57=6I:3=6D@=FE:@?DE@@FC4FDE@>6CD%@C6@G6C @FC32=2?465AC@5F4E@776C:?8AC@G:56DFDH:E9C6G6?F6
DEC62>D7C@>>F=E:A=6D@FC46D2?56?23=6DFDE@C6E2:?4FDE@>6CD6G6?2DE96JD9:7E24C@DDG2C:@FD>@56D@7EC2?DA@CE2E:@?/636=:6G6
@FC=@H42A:E2=:?E6?D:EJ>@56=2==@HDFDE@AC@G:56=@H
4@DED@=FE:@?DE@@FC4FDE@>6CD @A6C2E6@FC3FD:?6DDH:E9DEC@?842D97=@H
492C24E6C:DE:4D 2?5C6E2:?D:8?:7:42?E7=6I:3:=:EJ:?C6DA@?5:?8E@492?8:?8:?5FDEC:6D2?564@?@>:44@?5:E:@?D
+2"--&.'+,"-/&+*+#*"/2+-'+#./-/"$& +,"-/&*$,-/*"-.
/656C:G62DF3DE2?E:2=A@CE:@?@7@FCC6G6?F6AFCDF2?EE@28C66>6?EDH:E9@FCDEC2E68:4@A6C2E:?8A2CE?6CD@A6C2E:?8F?56C@FCG2C:@FD
3C2?5D,96D62CC2?86>6?ED277@C5FDH:E92C6=2E:G6=J=@HC:D<8C@HE9>@56=2D6249DEC2E68:4@A6C2E:?8A2CE?6C:DC6DA@?D:3=67@C:ED
@H?D2=6D2?54@DED@7@A6C2E:@?D-?56CD92C6564@?@>:42CC2?86>6?ED H62C6C6DA@?D:3=6E@AC@G:56E@@FCDEC2E68:4@A6C2E:?8A2CE?6CD
46?EC2=:K65324<
@77:46:?7C2DECF4EFC6 EC2?DA@CE2E:@?2?5244@F?E:?8DJDE6>D 3:==:?82?54@==64E:@?D6CG:46D
&1"-." 0./+)"-."
/6 D6CG:46 2 =2C86 2?5 5:G6CD:7:65 244@F?E 32D6 @7 @G6C
244@F?ED 4@?D:DE:?8 @7 4@?DF>6C 8@@5D 7@@5 2?5 36G6C286
>2?F724EFC:?82?5C6E2:=4FDE@>6CDC@>E9652E6@7E9:DC6A@CE ?@D:?8=64FDE@>6C2?5?@DEC2E68:4@A6C2E:?8A2CE?6CC6AC6D6?E65>@C6
E92?@7@FC4@?D@=:52E65?6EC6G6?F6D C65F4:?8C:D<D2DD@4:2E65H:E92?JA2CE:4F=2C:?5FDECJ 86@8C2A9:4@C4FDE@>6C4@?46?EC2E:@?
E:>6:?7@C>2E:@?@?E96DE2EFD@7D9:A>6?ED92D2?5H:==364@>6:?4C62D:?8=J:>A@CE2?E:?@FC:?5FDECJ'FC4FDE@>6C56=:G6CJE@@=D
6?23=64@??64E:G:EJH:E9@FC4FDE@>6CDU2?5EC25:?8A2CE?6CDUDJDE6>D H9:49=625DE@>@C6244FC2E62?5FA
E@
52E6:?7@C>2E:@?@?E96
DE2EFD@7D9:A>6?ED'FC46?EC2=:K65EC2?DA@CE2E:@?>2?286>6?EDJDE6>C2E:?8 C@FE:?8 E6?56C2?57:?2?4:2=D6EE=6>6?EAC@46DD5C:G6D
D:8?:7:42?E677:4:6?4J24C@DD@FC?6EH@C<
(+(*"/2+-'+#/-*.,+-//&+*,-+1&!"-.
/6AC@G:56H@C=5H:56DFAA=J492:?D6CG:46D H9:49:?4=F56:?E6C?2E:@?2=2:C2?5@462?D6CG:46DE92E4@>A=6>6?E@FC5@>6DE:4D6CG:46
@776C:?8D'FC@776C:?8D:?4=F56962GJH6:89E2?5D>2==A24<2862:CD6CG:46D AC@G:5:?8D2>652J?6IE7=:89E@FE2:C492CE6CD ?6IE52J
2>A> D64@?552J2>A>2DH6==2DE:>6567:?:E6DFC7246EC2?DA@CE>@G6D'FC?@?
2DD6E32D653FD:?6DD>@56=2==@HDFDE@FD6
4@>>6C4:2=A2DD6?86C2?542C8@7=:89ED,9FD H692G6E9@FD2?5D@752:=J7=:89E@AE:@?DE@49@@D67C@> 2?5@FCA:4<FA2?556=:G6CJ
?6EH@C<AC@G:56DFDH:E9K:A4@56E@K:A4@564@G6C286E9C@F89@FE&@CE9>6C:42
+0- &*$*!)*$&*$/-*.,+-//&+*
DH64@?E:?F6E@8C@H2?5D42=6E963FD:?6DD H636=:6G6E92EH62C656G6=@A:?856?D:EJ:?@FCEC256=2?6DH9:494C62E6D@AA@CEF?:E:6D
7@C FD E@ >@C6 677:4:6?E=J D@FC46 2?5 >2?286 @FC EC2?DA@CE2E:@? 42A24:EJ /:E9 @FC 24BF:D:E:@? @7 /966=D C@FA !?4 :?
@FC
?6EH@C<92D2446DDE@ECF4<3C@<6C2862?5:?E6C>@52=42A23:=:E:6D/636=:6G6E9636?67:E@7@FCC6=2E:G6AFC492D:?8A@H6C2=@?8H:E9
@FCD6CG:46=:?66IA2?D:@?H:==D6CG62D24@>A6E:E:G65:776C6?E:2E@C:?E96>2C<6EA=246E@96=AFDD64FC6?6H4FDE@>6CD2?52EEC24E
255:E:@?2=DEC2E68:4@A6C2E:?8A2CE?6CDE@@FC?6EH@C<
(0"!!"!."-1& ".
!?255:E:@?E@@FC4@C6EC2?DA@CE2E:@?D6CG:46@776C:?8D H62=D@AC@G:56G2=F6
25565DFAA=J492:?D6CG:46D:?4=F5:?8@C56C7F=7:==>6?E
:?G6?E@CJ>2?286>6?E H2C69@FD62?55:DEC:3FE:@?D6CG:46DS%%T 2?54FDE@>D3C@<6C286D6CG:46D/636=:6G6E92E@FCG2=F6
25565D6CG:46D2==@HFDE@=6G6C286@FCEC2?DA@CE2E:@?D6CG:46DE@86?6C2E6255:E:@?2=C6G6?F62?5AC@G:56255:E:@?2=4@?G6?:6?46E@@FC
4FDE@>6CD
9/@>?=D!A0=A40B
,96=@8:DE:4D:?5FDECJ:D9:89=J7C28>6?E65H:E9E9@FD2?5D@74@>A2?:6D@7G2C:@FDD:K6D4@>A6E:?8:?E965@>6DE:42?5:?E6C?2E:@?2=
>2C<6ED D 3FD:?6DD C6BF:C6>6?ED 7@C 677:4:6?E 2?5 4@DE
67764E:G6 =@8:DE:4D D6CG:46D 92G6 :?4C62D65 D@ 92D E96 :>A@CE2?46 2?5
4@>A=6I:EJ @7 67764E:G6=J >2?28:?8 7C6:89E EC2?DA@CE2E:@? FD:?6DD6D :?4C62D:?8=J DEC:G6 E@ >:?:>:K6 :?G6?E@CJ =6G6=D A6C7@C>
>2?F724EFC:?82?52DD6>3=J@A6C2E:@?D:?E96=@H6DE4@DE=@42E:@?D 2?55:DEC:3FE6E96:CAC@5F4ED:??F>6C@FD8=@32=>2C<6EDD2
C6DF=E 4@>A2?:6D2C6:?4C62D:?8=J=@@<:?8E@E9:C5
A2CEJ=@8:DE:4DAC@G:56CDE@96=AE96>6I64FE6E96:CDFAA=J492:?DEC2E68:6D
+9:AA6CD EJA:42==J >2?286 E96:C DFAA=J 492:?D FD:?8 D@>6 4@>3:?2E:@? @7 2DD6E 2?5 ?@?
2DD6E 32D65 D6CG:46 AC@G:56CD /6 @A6C2E6
AC:?4:A2==J 2D 2 ?@?
2DD6E 32D65 E9:C5
A2CEJ =@8:DE:4D AC@G:56C 7@4FD65 @? 7C6:89E 7@CH2C5:?8 ECF4< 3C@<6C286 2?5 :?E6C>@52=
EC2?DA@CE2E:@?D6CG:46D2=@?8H:E92DD@4:2E65G2=F6
25565D6CG:46D44@C5:?8E@C>DEC@?82?5DD@4:2E6D E96>2C<6E7@CE9:C5
A2CEJ
=@8:DE:4DD6CG:46D:?E96-?:E65+E2E6D2?52?252:D6DE:>2E652E2AAC@I:>2E6=J
3:==:@?
642FD6?@?
2DD6E32D654@>A2?:6DD6=64E7C@>G2C:@FDEC2?DA@CE2E:@?@AE:@?D:?C@FE:?84FDE@>6CD9:A>6?ED E96J2C6@7E6?23=6E@
D6CG64FDE@>6CD=6DD6IA6?D:G6=J2?5H:E98C62E6C7=6I:3:=:EJE92?E96:C2DD6E32D654@>A6E:E@CD H9@2C6EJA:42==J7@4FD65@?>2I:>:K:?8
E96FE:=:K2E:@?@7E96:C@H?42AE:G67=66ED@7ECF4<D 2:C4C27E2?5D9:ADC2E96CE92?E96DA64:7:4?665D@7E964FDE@>6C
/636=:6G6E96C62C6D6G6C2=724E@CDE92E2C6:?4C62D:?856>2?57@C8=@32==@8:DE:4DD@=FE:@?D,96D6724E@CD:?4=F56
• @FED@FC4:?8@7?@?
4@C624E:G:E:6D
• 8=@32=:K2E:@?@7EC256
• :?4C62D65?6657@CE:>6
567:?:E656=:G6CJ
• 4@?D@=:52E:@?@78=@32==@8:DE:4DAC@G:56CD2?5
• :?4C62D:?8:?7=F6?46@76
3FD:?6DD2?5E96!?E6C?6E
!@==:B?3%?=,?02D
'FC@3;64E:G6:DE@AC@G:564FDE@>6CDH:E94@>AC696?D:G6>F=E:
>@52=EC2?DA@CE2E:@?2?5=@8:DE:4DD@=FE:@?D@776C653JFDE9C@F89@FC
*25:2?EN /966=DO :C8C@FAN 54@>N O2?5+6CG:463J:CO3C2?5D+:?46:?46AE:@?@7@FC3FD:?6DD:?
H692G6
6I64FE65 2 DEC2E68J E@ 6IA2?5 @A6C2E:@?D E9C@F89 2 4@>3:?2E:@? @7 @C82?:4 8C@HE9 2?5 E96 DEC2E68:4 24BF:D:E:@? @7 ?@?
2DD6E 32D65
EC2?DA@CE2E:@?2?5=@8:DE:4DAC@G:56CD>66E:?8@FC24BF:D:E:@?4C:E6C:2/692G6DF446DD7F==J4@>A=6E6524BF:D:E:@?DD:?46@FC:?:E:2=
24BF:D:E:@?@7:C8C@FA:?"2?F2CJ@7
:?4=F5:?8
• FE@>@E:G6+6CG:46DC@FA 6IA2?5:?8@FCD6CG:46D:?E@E962FE@>@E:G6:?5FDECJ :?
• 54@>IAC6DD !?4 S54@>T255:?85@>6DE:4@A6C2E:?8A2CE?6C=@42E:@?D :?
• :DEC:3FE:@?+6CG:46D !?4 ST255:?8EH@@>A2?J
@H?65=@42E:@?D2?5@A6C2E:?8A2CE?6C=@42E:@?D :?
• !+$ !?E6C?2E:@?2= $E5 S!+$T 255:?8 2 @>A2?J
@H?65 =@42E:@? :? $2C65@ ,6I2D AC@G:5:?8 FD H:E9 3:=:?8F2=
6IA6CE:D6:?3@E9?@CE92?5D@FE93@F?54C@DD
3@C56CEC2?DA@CE2E:@?2?5=@8:DE:4DD6CG:46D :?
• CF?DH:4<D$@8:DE:4D !?4 S$+T255:?82DEC2E68:4@>A2?J
@H?65=@42E:@?:?&6H1@C<
"# :?
• %2CG:C$@8:DE:4D !?4 S%2CG:CT255:?82@>A2?J=@42E:@?:?$@D?86=6D7C@>E964@?G6CD:@?@727@C>6C@A6C2E:?8
A2CE?6CD:?46
:?
• !?E6C?2E:@?2=C6:89E+JDE6>D@7'C68@? !?4 S!+T255:?82@>A2?J=@42E:@?:?(@CE=2?5 'C68@? 7C@>E964@?G6CD:@?
@727@C>6C@A6C2E:?8A2CE?6CD:?46
:?
• '? ,:>6 IAC6DD !?4 S'? ,:>6T 255:?8 E9C66 @>A2?J
@H?65 =@42E:@?D :? (9@6?:I C:K@?2 2==2D ,6I2D 2?5
E=2?E2 6@C8:2 E@AC@G:5:?8255:E:@?2==:?6
92F=2?5E:>64C:E:42==@8:DE:4D42A23:=:E:6D :?
• (9@6?:I 2CE286 2?5 :C C6:89E $$ S(T @A6?:?8 2 @>A2?J
@H?65 =@42E:@? :? (9:=256=A9:2 (6??DJ=G2?:2 :?
• ,C2?D
&, !?4 S,&!T 6IA2?5:?8 @>A2?J
@H?65 @A6C2E:@?D :? +62EE=6 /2D9:?8E@? 2?5 AC@G:5:?8 2 82E6H2J @7
D6CG:46DE@E96*FDD:2?2C2DE :?
• @? 2>6C@? 2?5 DD@4:2E6D !?4 ST 2 %:??6D@E2 32D65 AC:G2E6=J 96=5 4@>A2?J E92E AC@G:56D 2 7F== C2?86 @7
5@>6DE:42?5:?E6C?2E:@?2=EC2?DA@CE2E:@?2?5=@8:DE:4DD6CG:46D24C@DD&@CE9>6C:42 :?
• /966=D C@FA !?4 S/966=DT @?6 @7 E96 =2C86DE E9:C5
A2CEJ =@8:DE:4D AC@G:56CD :? 2?252 @776C:?8 ECF4< 3C@<6C286
D6CG:46D2?5:?E6C>@52=D6CG:46@776C:?8E9C@F89@FEE96-?:E65+E2E6D2?52?2522=@?8H:E9G2=F6
25565H2C69@FD62?5
5:DEC:3FE:@?D6CG:46@776C:?8D:?DFAA@CE@7-+D9:AA6CD=@@<:?8E@2446DDE962?25:2?>2C<6ED :?
• +6CG:463J:C !?4S+T 2AC:G2E6=J
96=54@CA@C2E:@?32D65:?&6H1@C< 255:?8E9C66@>A2?J
@H?65@A6C2E:?8
=@42E:@?D2?57@CEJDEC2E68:4@A6C2E:?8A2CE?6C=@42E:@?D24C@DD&@CE9>6C:42 :?
• :89H2JD2?5+<JH2JD !?4S :89H2JDT 2AC:G2E6=J96=5#6?EF4<J32D654@>A2?J 255:?82@>A2?J
@H?65=@42E:@?
?62CE96:?4:??2E:2:CA@CE7C@>E964@?G6CD:@?@727@C>6C+@A6C2E:?8A2CE?6C:?
• @AA6C$@8:DE:4D !?4@CA@C2E65S@AA6CT 2%:??62A@=:D %:??6D@E232D65AC:G2E6=J96=54@>A2?JE92EAC@G:56D27F==
C2?86@75@>6DE:42?5:?E6C?2E:@?2=EC2?DA@CE2E:@?2?5=@8:DE:4DD6CG:46D24C@DD&@CE9>6C:42 :?
• $@>2D$@8:DE:4DS$@>2DT 25:G:D:@?@7$.$@>2D$:>:E65 22?25232D65E9:C5
A2CEJ=@8:DE:4DAC@G:56CE92E@A6C2E6D
:?'?E2C:@2?5C:E:D9@=F>3:2 :?
2?5
• 65:42E65 $@8:DE:4D ,649?@=@8:6D !?4 S$,T 2 AC:G2E6=J 96=5 4@>A2?J E92E 92D 9:DE@C:42==J @A6C2E65 F?56C E96
@>A2?JUD+3C2?5:?&6H2C< &6H"6CD6J2?5$@D?86=6D 2=:7@C?:2 :?
2?5
• +2?5:76C
.2==6J,C2?DA@CE2E:@?2?5$@8:DE:4D $E5S+.,T 2AC:G2E6=J96=54@>A2?JAC@G:5:?827F==C2?86@75@>6DE:4
2?5:?E6C?2E:@?2=4C@DD
3@C56CD6CG:46DH:E9%6I:4@ :?
/66IA64EE@8C@H@FC3FD:?6DD@C82?:42==J2?53J4@>A=6E:?824BF:D:E:@?D@7@E96C4@>A2?:6DH:E94@>A=6>6?E2CJ86@8C2A9:42=2?5
=@8:DE:4DD6CG:46@776C:?8D/6H:==4@?E:?F6E@>2<66?92?46>6?EDE@@FC324<
@77:46:?7C2DECF4EFC6 EC2?DA@CE2E:@?>2?286>6?E 2?5
244@F?E:?8DJDE6>DE@DFAA@CEE9:D8C@HE9'FC@C82?:48C@HE9DEC2E68JH:==4@?E:?F6E@7@4FD@?DEC6?8E96?:?86I:DE:?82?56IA2?5:?8
?6H4FDE@>6CC6=2E:@?D9:AD H9:=64@?E:?F:?8@FC677@CED@?E96@C82?:43F:=5
@FE@7@FC?6EH@C<@7DEC2E68:4@A6C2E:?8A2CE?6C=@42E:@?D
!?255:E:@? H6H:==2=D@36H@C<:?8E@5C:G67FCE96CAC@5F4E:G:EJ:>AC@G6>6?ED6?23=65E9C@F89@FCG2=F6
25565ECF4<3C@<6C2862?5
4FDE@>D9@FD63C@<6C286D6CG:4642A23:=:E:6D
'FC24BF:D:E:@?DEC2E68J92D366?56D:8?65E@E2<625G2?E286@7D9:7E:?8>2C<6E5J?2>:4D,96E9:C5
A2CEJ=@8:DE:4D:?5FDECJ4@?E:?F6D
E@8C@H2D2?:?4C62D:?8?F>36C@73FD:?6DD6D@FED@FC46E96:C=@8:DE:4D7F?4E:@?DE@>@C64@DE67764E:G6=J>2?2862?56IEC24EG2=F67C@>
E96:CDFAA=J492:?D,96:?5FDECJ:DA@D:E:@?657@C7FCE96C4@?D@=:52E:@?2D:EC6>2:?D9:89=J7C28>6?E65 2?52D4FDE@>6CD2C656>2?5:?8
E96EJA6D@7D@A9:DE:42E652?53C@25C6249:?8D6CG:46@776C:?8DE92E42?>@C667764E:G6=J3692?5=653J=2C86C>@C65:G6CD6@C82?:K2E:@?D
/636=:6G6E969:89=J7C28>6?E654@>A@D:E:@?@7E96>2C<6EA=246 E96:?5FDECJA2CE:4:A2?EDU?6657@C42A:E2= 2?5E96:C@H?6CDU56D:C6
7@C=:BF:5:EJ92D2?5H:==4@?E:?F6E@AC@5F462=2C86?F>36C@72EEC24E:G624BF:D:E:@?42?5:52E6D@CE96>@DEA2CE @FCE2C86E24BF:D:E:@?
42?5:52E6D2C686?6C2==JD>2==6CE92?E9@D6:56?E:7:652D24BF:D:E:@?E2C86ED@7=2C86CAF3=:44@>A2?:6D2?592G6=:>:E6523:=:EJE@4@?5F4E
E96:C@H?AF3=:4@776C:?8D@C@3E2:?7:?2?4:?8E92EH:==AC@G:56E96>H:E942A:E2=7@C=:BF:5:EJ@CC2A:58C@HE9/636=:6G6E92E>2?J@7
E96D6SD>2==6CT4@>A2?:6D2C6C646AE:G6E@@FC24BF:D:E:@?AC@8C2>2D2G69:4=67@C=:BF:52E:@?@C8C@HE9/6:?E6?5E@36@AA@CEF?:DE:4
:?6I64FE:?8@FC24BF:D:E:@?DEC2E68JH:E928@2=@76IA2?5:?83@E9@FC5@>6DE:42?5:?E6C?2E:@?2=42A23:=:E:6D
!@=!;0=,?492%?=,?02D
$6G6C286 E96 (6@A=6 (C@46DD 2?5 ,649?@=@8J G2:=23=6 E9C@F89 2 6?EC2= (=2E7@C> <6J 6=6>6?E @7 @FC @A6C2E:?8 DEC2E68J :D E@
>2I:>:K6@FC@A6C2E:@?2=677:4:6?4:6D3J:?E68C2E:?886?6C2=2?525>:?:DEC2E:G67F?4E:@?D:?E@@FC324<
@77:46@A6C2E:@?D2?5C65F4:?8
@C6=:>:?2E:?8C65F?52?E7F?4E:@?D2?5724:=:E:6D2E24BF:C654@>A2?:6D,9:D:D56D:8?65E@6?23=6FDE@BF:4<=JC62=:K6A@E6?E:2=D2G:?8D
2?5DJ?6C8:6D 677:4:6?E=J4@?EC@=2?5>@?:E@C@A6C2E:@?D@724BF:C654@>A2?:6D 2?52==@H24BF:C654@>A2?:6DE@7@4FD@?8C@H:?8
E96:CD2=6D2?5@A6C2E:@?D
6G6=@A2?5%2:?E2:?+EC@?8FDE@>6C*6=2E:@?D9:AD/6D66<E@56G6=@A2?5>2:?E2:?DEC@?8:?E6C24E:G64FDE@>6CC6=2E:@?D9:AD3J
2?E:4:A2E:?8 2?5 7@4FD:?8 @? @FC 4FDE@>6CDU ?665D /6 6>A92D:K6 2 C6=2E:@?D9:A
@C:6?E65 2AAC@249 E@ 3FD:?6DD C2E96C E92? E96
EC2?D24E:@?@C2DD:8?>6?E
@C:6?E652AAC@249FD653J>2?J@7@FC4@>A6E:E@CD,@56G6=@A4=@D64FDE@>6CC6=2E:@?D9:AD H62?5@FC
?6EH@C<@7@A6C2E:?8A2CE?6CDC68F=2C=J>66EH:E93@E96I:DE:?82?5AC@DA64E:G64FDE@>6CDE@96=A56D:8?D@=FE:@?D7@C 2?5:56?E:7JE96
C6D@FC46D?66565E@6I64FE6 E96:CDFAA=J492:?DEC2E68:6D/636=:6G6E92EE9:DC6=2E:@?D9:A
@C:6?E652AAC@249C6DF=ED:?8C62E6C4FDE@>6C
D2E:D724E:@?2?5C65F4653FD:?6DD56G6=@A>6?E6IA6?D6
!;0=,?4:9>
,9C@F89@FC@A6C2E:?8=@42E:@?D24C@DD&@CE9>6C:42 H6@776C5@>6DE:42?5:?E6C?2E:@?2=2:C2?5@462?7C6:89E7@CH2C5:?8D6CG:46D
2?57C6:89E3C@<6C286D6CG:46D:?4=F5:?8ECF4<=@25D6CG:46D $,$D6CG:46D 2?5:?E6C>@52=D6CG:46D H9:49:DE96>@G6>6?E@77C6:89E:?
EC2:=6CD @C 4@?E2:?6CD 3J 4@>3:?2E:@? @7 ECF4< 2?5 C2:= D 2 E9:C5
A2CEJ =@8:DE:4D AC@G:56C @FC AC:>2CJ 3FD:?6DD @A6C2E:@?D :?G@=G6
2CC2?8:?8E96D9:A>6?E @?3692=7@7@FC4FDE@>6CD @7>2E6C:2=D AC@5F4ED 6BF:A>6?E2?5@E96C8@@5DE92E2C686?6C2==J=2C86CE92?
D9:A>6?ED92?5=653J:?E68C2E6542CC:6CD@7AC:>2C:=JD>2==A2C46=D DF492D65I $2?5-(+ :?4=F5:?82CC2?8:?82?5>@?:E@C:?8
2==2DA64ED@7>2E6C:2=7=@H24E:G:EJFE:=:K:?825G2?465:?7@C>2E:@?E649?@=@8JDJDE6>D/62=D@AC@G:56@E96CG2=F6
25565DFAA=J492:?
D6CG:46D :?4=F5:?8@C56C7F=7:==>6?E :?G6?E@CJ>2?286>6?E H2C69@FD:?82?55:DEC:3FE:@?D6CG:46DS%%T 2?54FDE@>D3C@<6C286
D6CG:46D E@4@>A=6>6?E@FC4@C6EC2?DA@CE2E:@?D6CG:46@776C:?8
D2?@?
2DD6E32D65AC@G:56CH686?6C2==J5@?@E@H?E96EC2?DA@CE2E:@?6BF:A>6?EFD65E@EC2?DA@CEE967C6:89E/686?6C2==J6IA64E
E@?6:E96C@H??@C@A6C2E62?J>2E6C:2=EC2?DA@CE2E:@?2DD6ED2?5 4@?D6BF6?E=J 2CC2?867@CEC2?DA@CE2E:@?@7@FC4FDE@>6CDUD9:A>6?ED
G:2ECF4<:?84@>A2?:6D 4@>>6C4:2=2:C=:?6D 2:C42C8@42CC:6CD C2:=C@25D @462?42CC:6CD2?5@E96C?@?
2DD6E32D65E9:C5
A2CEJAC@G:56CD
/6D6=64EE9642CC:6C7@C2D9:A>6?E32D65@?C@FE6 56A2CEFC6E:>6 2G2:=23=642C8@42A24:EJ2?54@DE/6>2J492CE6C42C8@2:C4C27E
2?5@C@462?G6DD6=D7C@>E:>6E@E:>656A6?5:?8FA@?D62D@?2=:EJ 7C6:89EG@=F>6D2?5@E96C724E@CD/686?6C2E6@FC8C@DD>2C8:?@?
E96 5:776C6?46 36EH66? H92E H6 492C86 E@ @FC 4FDE@>6CD 7@C E96 D6CG:46D AC@G:565 E@ E96> 2?5 H92E H6 A2J E@ E96 EC2?DA@CE2E:@?
AC@G:56CDE@EC2?DA@CEE967C6:89E
/62C6@C82?:K657F?4E:@?2==J:?EH@86@8C2A9:4@A6C2E:?8D68>6?ED-+2?52?252'FCEC2?DA@CE2E:@?D6CG:46D7@C3@E9E96-+
2?52?252D68>6?ED42?363C@25=JA=2465:?E@E9642E68@C:6D@77C6:89E7@CH2C5:?82?57C6:89E3C@<6C286D6CG:46D
D2ECF4<3C@<6C H6>2E49E964FDE@>6CDU?665DH:E942CC:6CDU42A24:EJE@AC@G:56E96>@DE67764E:G64@>3:?2E:@?@7D6CG:462?5AC:46
/692G64@?EC24EDH:E92DF3DE2?E:2=?F>36C@742CC:6CD2==@H:?8FDE@>66EE96G2C:65?665D@7@FC4FDE@>6CDDA2CE@7E96ECF4<
3C@<6C286 D6CG:46D H6 ?68@E:2E6 C2E6D EC24< D9:A>6?ED :? EC2?D:E 2?5 92?5=6 4=2:>D 7@C 7C6:89E =@DD 2?5 52>286 @? 3692=7 @7 @FC
4FDE@>6CD@C@FC$,$D6CG:46 H66>A=@J2A@:?E
E@
A@:?E>@56=E92EH636=:6G6D6CG6D2D24@>A6E:E:G625G2?E286@G6CE96EC25:E:@?2=
9F32?5DA@<6$,$>@56=:?E6C>D@772DE6CEC2?D:EE:>6D =@H6C:?4:56?46@752>286 2?5C65F4657F6=4@?DF>AE:@?
,@ 4@>A=6>6?E @FC 4@C6 EC2?DA@CE2E:@? D6CG:46 @776C:?8D H6 2=D@ AC@G:56 2 ?F>36C @7 G2=F6
25565 D6CG:46D :?4=F5:?8 4FDE@>D
3C@<6C2862?5%%D@=FE:@?D
91:=8,?4:9%0=A4.0>
,96C68F=2C6?92?46>6?E@7@FC:?7@C>2E:@?DJDE6>D2?5F=E:>2E6>:8C2E:@?@724BF:C654@>A2?:6D2?5255:E:@?2=DEC2E68:4@A6C2E:?8
A2CE?6CDE@24@>>@?D6E@7324<
@77:462?54FDE@>6C724:?82AA=:42E:@?D:D2<6J4@>A@?6?E@7@FC8C@HE9DEC2E68J/636=:6G6E92E
E9623:=:EJE@AC@G:56244FC2E6C62=
E:>6:?7@C>2E:@?@?E96DE2EFD@7D9:A>6?ED92D364@>6:?4C62D:?8=J:>A@CE2?E2?5E92E@FC677@CED
:?E9:D2C62H:==C6DF=E:?4@>A6E:E:G6D6CG:4625G2?E286D!?255:E:@? H636=:6G6E92E46?EC2=:K:?8@FCEC2?DA@CE2E:@?>2?286>6?EDJDE6>
C2E:?8 C@FE:?8 E6?56C 2?5 7:?2?4:2= D6EE=6>6?E AC@46DD6D H:== 4@?E:?F6 E@ 5C:G6 D:8?:7:42?E AC@5F4E:G:EJ :>AC@G6>6?E 24C@DD @FC
?6EH@C<
!?@FC7@CH2C5:?8@A6C2E:@?D H6FD62H63
6?23=65E9:C5
A2CEJEC2?DA@CE2E:@?>2?286>6?EDJDE6>2C8@H:D6E92E:D:?E68C2E65E@@FC
E9:C5
A2CEJ244@F?E:?8DJDE6>+(,96D6DJDE6>D4@>3:?6E@7@C>E967@F?52E:@?@7@FCDFAA=J
492:?E649?@=@8:6D H9:49H642==
S=@32=G:D:@?T 2?5H9:49AC@G:56DFDH:E924@>>@?D6E@7324<
@77:46@A6C2E:?8 244@F?E:?82?54FDE@>6C724:?82AA=:42E:@?DFD65
24C@DD@FC?6EH@C<!?@FC3C@<6C286@A6C2E:@?D H6FE:=:K6/966=DU,+DJDE6>7@CEC2?DA@CE2E:@?>2?286>6?E2?5%682EC2?D7@C
:?E6C>@52=D6CG:46D!?@FCH2C69@FD:?8@A6C2E:@?D H6FD6%:4C@D@7EUD&2G:D:@?,96D6DJDE6>D2C64@??64E65E@A:4@C7@C244@F?E:?8
2?5 7:?2?4:2= C6A@CE:?8 == 3C@<6C286 DJDE6>D 2C6 :?E68C2E65 H:E9 S/966=D=:?<T @FC @?=:?6 4FDE@>6C 724:?8 2AA=:42E:@? AC@G:5:?8
:?7@C>2E:@?2?5C6A@CE:?824C@DD2==D6CG:46D/62C6:?E96:?:E:2=DE286D@7>:8C2E:?8E96D6G2C:@FD@A6C2E:?82?57:?2?4:2=C6A@CE:?8
DJDE6>DE@2D:?8F=2C+(
32D65A=2E7@C>/62C6E2<:?82A92D652AAC@249E@E96D6>:8C2E:@?D2?52C64FCC6?E=JH@C<:?8E@EC2?D:E:@?
@FC 5@>6DE:4 7C6:89E 7@CH2C5:?8 D6CG:46D E@ @FC ?6H +(
32D65 EC2?DA@CE2E:@? >2?286>6?E DJDE6> FEFC6 A92D6D H:== :?4=F56 E96
EC2?D:E:@?@7@FC:?E6C?2E:@?2=7C6:89E7@CH2C5:?8D6CG:46D2?5@FC=6824J3C@<6C286EC2?DA@CE2E:@?>2?286>6?E2?57:?2?4:2=C6A@CE:?8
DJDE6>DE@+(
%,70>,9/,=60?492
/6AC:?4:A2==J>2C<6E@FCD6CG:46DE9C@F89@FC?6EH@C<@7@>A2?J
@H?652?5DEC2E68:4@A6C2E:?8A2CE?6C=@42E:@?D24C@DD&@CE9
>6C:42249@77:46:DDE27765H:E9@A6C2E:@?2=6>A=@J66DE@AC@G:56DFAA@CE7@CE96D2=6DE62> 56G6=@A7C6BF6?E4@?E24EH:E9E96
4FDE@>6CUDEC277:456A2CE>6?E 2?5>2:?E2:?4FDE@>6CD6CG:46'FC4FCC6?E?6EH@C<:DAC65@>:?2?E=JC6AC6D6?E653JDEC2E68:4@A6C2E:?8
A2CE?6CDE92EC6=J@?FD7@C@A6C2E:?8 2FE9@C:EJ E649?@=@8J D2=6D2?5>2C<6E:?8DFAA@CE 2446DDE@H@C<:?842A:E2= @FC42CC:6C2?5
:?E6C?2E:@?2=A2CE?6CD?6EH@C<D 2?54@==64E:G6AFC492D:?8A@H6C,9C@F89E9:D4@==23@C2E:@? @FCDEC2E68:4@A6C2E:?8A2CE?6CD92G6E96
23:=:EJE@7@4FD@?E96@A6C2E:@?2=2?5D2=6DDFAA@CE2DA64ED@7E963FD:?6DDH:E9@FE5:G6CE:?84@DED@C6IA6CE:D6E@E96DECF4EFC2=2DA64E
@7E96:C@A6C2E:@?D AC@G:5:?8@FCA2CE?6CDH:E9E96C68:@?2= ?2E:@?2=2?58=@32=3C2?5C64@8?:E:@?E92EE96JH@F=5?@E@E96CH:D63623=6
E@249:6G63JD@=6=JD6CG:?8E96:C=@42=>2C<6E/692G6?@4FDE@>6CD@CDEC2E68:4@A6C2E:?8A2CE?6CDE92ED6A2C2E6=J244@F?E7@C>@C6
E92? @7 @FC 4@?D@=:52E65 ?6E C6G6?F6D 2=E9@F89 H6 5@ 92G6 2 ?F>36C @7 D:8?:7:42?E 4FDE@>6CD 2?5 DEC2E68:4 @A6C2E:?8 A2CE?6C
=@42E:@?D H:E9 G@=F>6 2?5 DE2EFC6 E96 =@DD @7 @?6 @C >@C6 @7 H9:49 4@F=5 ?682E:G6=J :>A24E @FC 23:=:EJ E@ C6E2:? 2?5 D6CG:46 @FC
4FDE@>6CD
$0>0,=.3,9/0A07:;809?
FC:?8E96A2DEEH@7:D42=J62CD H692G6?@EDA6?E2?J>2E6C:2=2>@F?E@?C6D62C492?556G6=@A>6?E24E:G:E:6D
:8;0?4?4:9,9/@>490>>:9/4?4:9>
,96=@8:DE:4D3FD:?6DD:D5:C64E=J:>A24E653JE96G@=F>6@75@>6DE:42?5:?E6C?2E:@?2=EC256,96G@=F>6@7DF49EC256:D:?7=F6?4653J
>2?J724E@CD :?4=F5:?864@?@>:42?5A@=:E:42=4@?5:E:@?D:?E96-?:E65+E2E6D2?523C@25 >2;@CH@C<DE@AA286D 4FCC6?4J7=F4EF2E:@?D
24ED @7 H2C E6CC@C:D> 2?5 @E96C 2C>65 4@?7=:4ED -?:E65 +E2E6D 2?5 :?E6C?2E:@?2= =2HD C6=2E:?8 E@ E2C:77D EC256 C6DEC:4E:@?D 7@C6:8?
:?G6DE>6?ED2?5E2I2E:@?*646?E492?86D:?:E:2E653JE96-?:E65+E2E6DE@6I:DE:?8E2C:7728C66>6?ED2?5492?86DE@E96&@CE9>6C:42?
C66,C2568C66>6?E4@F=5C6DF=E:?D:8?:7:42?E492?86DE@@FC7C6:89EG@=F>6D
,968=@32=EC2?DA@CE2E:@?2?5=@8:DE:4DD6CG:46D:?5FDECJ:D:?E6?D:G6=J4@>A6E:E:G62?5:D6IA64E65E@C6>2:?D@7@CE967@C6D6623=6
7FEFC6 /6 H:== 4@>A6E6 282:?DE 2DD6E 32D65 2?5 @E96C ?@?
2DD6E 32D65 E9:C5
A2CEJ =@8:DE:4D 4@>A2?:6D 4@?DF=E2?ED :?7@C>2E:@?
E649?@=@8JG6?5@CD2?5D9:AA6CDUEC2?DA@CE2E:@?56A2CE>6?ED,9:D4@>A6E:E:@?:D32D65AC:>2C:=J@?C2E6D BF2=:EJ@7D6CG:46DF492D
52>286
7C66D9:A>6?ED @?
E:>656=:G6CJ2?54@?D:DE6?EEC2?D:EE:>6D C6=:23=6A:4<FA2?556=:G6CJ2?5D4@A6@7@A6C2E:@?D6CE2:?@7
@FC4@>A6E:E@CD92G6DF3DE2?E:2==J8C62E6C7:?2?4:2=C6D@FC46DE92?H65@ @H6G6C H636=:6G6E96:?4C6>6?E2=D6CG:46@776C:?8D6?23=65
E9C@F89@FC24BF:D:E:@?DEC2E68J68/966=DUECF4<3C@<6C2862?5:?E6C>@52=42A23:=:E:6DH:==D6CG62D242E2=JDE7@C>2C8:?6IA2?D:@?
:? @FC 6I:DE:?8 3FD:?6DD 2?5 2 4@>A6E:E:G6 5:776C6?E:2E@C :? E96 >2C<6EA=246 E@ 96=A FD D64FC6 ?6H 4FDE@>6CD 2?5 2EEC24E 255:E:@?2=
DEC2E68:4@A6C2E:?8A2CE?6CDE@@FC?6EH@C<
@>490>>!=2,94E,?4:9
/6 92G6 EH@ 86@8C2A9:4 @A6C2E:?8 D68>6?ED -?:E65 +E2E6D 2?5 2?252 FCE96C :?7@C>2E:@? C682C5:?8 @FC 86@8C2A9:4 @A6C2E:?8
D68>6?ED>2J367@F?5:?(2CE!! !E6>@7E9:D??F2=*6A@CE@?@C>
#F?56CE96DF39625:?8S*6DF=ED@7'A6C2E:@?D T2?5:?E96
S&@E6DE@E964@?D@=:52E657:?2?4:2=DE2E6>6?EDT:?&@E6 S'A6C2E:?82?56@8C2A9:4+68>6?E!?7@C>2E:@?T
$02@7,?4:9
!?E6CDE2E62?5:?E6C?2E:@?2=EC2?DA@CE2E:@?@77C6:89E:D9:89=JC68F=2E652:=FC6E@4@>A=JH:E92AA=:423=6DE2E62?57656C2=C68F=2E:@?D
@CE@>2:?E2:?C6BF:C65A6C>:ED@C=:46?D6D 42?C6DF=E:?DF3DE2?E:2=7:?6D@CC6G@42E:@?@7@A6C2E:?8A6C>:ED@C2FE9@C:E:6D:>A@D65@?
3@E9EC2?DA@CE2E:@?:?E6C>65:2C:6D2?5E96:CD9:AA6C4FDE@>6CD/642??@E8:G62DDFC2?462DE@E96568C66@C4@DE@77FEFC6C68F=2E:@?D
@?@FC3FD:?6DD+@>6@7E96C68F=2E:@?D27764E:?8@FC4FCC6?E2?5AC@DA64E:G6@A6C2E:@?D2C656D4C:36536=@H
+FC72467C6:89E7@CH2C5:?8@A6C2E:@?D2C6DF3;64EE@G2C:@FDDE2E62?57656C2=DE2EFE6D 2?52C6C68F=2E653JE96656C2=%@E@C2CC:6C
+276EJ5>:?:DEC2E:@?@7E96-+6A2CE>6?E@7,C2?DA@CE2E:@?2?5 E@2G6CJ=:>:E656IE6?E E96+FC7246,C2?DA@CE2E:@?@2C5,96D6
7656C2=286?4:6D92G63C@25:?G6DE:82E@CJ2?5C68F=2E@CJA@H6CD :?4=F5:?8E96A@H6CE@:DDF6246CE:7:42E6@72FE9@C:EJ@C=:46?D6E@
6?8286:?E963FD:?6DD E@2AAC@G6DA64:7:65>6C86CD 4@?D@=:52E:@?D2?524BF:D:E:@?D 2?5E@C68F=2E6E9656=:G6CJ@7D@>6EJA6D@7
5@>6DE:4D9:A>6?ED2?5@A6C2E:@?DH:E9:?A2CE:4F=2C86@8C2A9:42C62D
,96656C2=%@E@C2CC:6C+276EJ5>:?:DEC2E:@?2=D@92DE962FE9@C:EJE@C68F=2E6:?E6CDE2E6>@E@C42CC:6C@A6C2E:@?D :?4=F5:?8E96
C68F=2E:@?@746CE2:?C2E6D 492C86D2?5244@F?E:?8DJDE6>D E@C6BF:C6A6C:@5:47:?2?4:2=C6A@CE:?8 2?5E@C68F=2E6:?DFC2?46 5C:G6C
BF2=:7:42E:@?D @A6C2E:@?@7>@E@CG69:4=6D A2CED2?52446DD@C:6D7@C>@E@CG69:4=66BF:A>6?E 9@FCD@7D6CG:46@75C:G6CD :?DA64E:@?
C6A2:C >2:?E6?2?46DE2?52C5D2?5@E96CD276EJC6=2E65>2EE6CD,967656C2==2HD8@G6C?:?8:?E6CDE2E6>@E@C42CC:6CD92G63@E95:C64E2?5
:?5:C64E2AA=:42E:@?E@E96@>A2?J,963C625E92?5D4@A6@7E967656C2=C68F=2E:@?D>2J27764E@FC@A6C2E:@?D2?5E96>@E@C42CC:6CD
E92E2C6FD65:?E96AC@G:D:@?:?8@7E96EC2?DA@CE2E:@?D6CG:46D!?46CE2:?=@42E:@?D DE2E6@C=@42=A6C>:ED@CC68:DEC2E:@?D>2J2=D@36
C6BF:C65E@AC@G:56@C@3E2:?:?EC2DE2E6>@E@C42CC:6CD6CG:46D
,96656C2=%2C:E:>6@>>:DD:@? @C% C68F=2E6D2?5=:46?D6D@462?7@CH2C5:?8@A6C2E:@?D&@?
G6DD6=@A6C2E:?84@>>@?42CC:6CD
2C6 DF3;64E E@ % C68F=2E:@? F?56C E96 % E2C:77 7:=:?8 2?5 DFC6EJ 3@?5 C6BF:C6>6?ED 2?5 F?56C E96 +9:AA:?8 4E @7
A2CE:4F=2C=JE9@D6E6C>DAC@D4C:3:?8C632E:?8AC24E:46D
-?:E65+E2E6D4FDE@>D3C@<6C286@A6C2E:@?D2C6DF3;64EE@E96=:46?D:?8C6BF:C6>6?ED@7E96FC62F@7FDE@>D2?5@C56C(C@E64E:@?
@7 E96 6A2CE>6?E @7 @>6=2?5 +64FC:EJ $:<6H:D6 2?J 4FDE@>D 3C@<6C286 @A6C2E:@?D >FDE 2=D@ 36 =:46?D65 :? 2?5 DF3;64E E@ E96
C68F=2E:@?D@74@F?EC:6D:?E@H9:497C6:89E:D:>A@CE65
8;7:D00>
D@7"F?6
H692G66>A=@J66D @7H9:492C67F==E:>6&@?6@7E96D66>A=@J66D2C64@G6C653J24@==64E:G632C82:?:?8
28C66>6?E/692G66IA6C:6?465?@H@C<DE@AA286D2?54@?D:56C@FCC6=2E:@?DH:E9@FC6>A=@J66DE@368@@5
A,47,-7091:=8,?4:9
/6>2:?E2:?2H63D:E62E222-!&*/!"(&1"-. +)/62C6?@E:?4=F5:?8E96:?7@C>2E:@?4@?E2:?65@?@FCH63D:E62D2A2CE@7 ?@C
:?4@CA@C2E:?8:E3JC676C6?46:?E@ E9:D??F2=*6A@CE@?@C>
#/6A@DE@?@FCH63D:E6 7C66@7492C86 5@4F>6?EDE92EH67:=6
H:E9@C7FC?:D9E@E96+ :?4=F5:?8@FC??F2=*6A@CED@?@C>
# )F2CE6C=J*6A@CED@?@C>
) FCC6?E*6A@CED@?@C>
$%%"$&'$&!!'$'% %%
$4>6>$07,?0/?::@=@>490>>
$-$$#3., (-3 (- -#$7/ -#.41$7(23(-&231 3$&("./$1 3(-&/ 13-$1-$36.1*3.(-"1$ 2$1$5$-4$2
/6 D6== @FC D6CG:46D E9C@F89 @>A2?J
@H?65 =@42E:@?D @A6C2E:?8 F?56C E96 *25:2?E 2?5 /966=D 3C2?5D 2?5 E9C@F89 2 ?6EH@C< @7
:?56A6?56?E=J
@H?65DEC2E68:4@A6C2E:?8A2CE?6CDE9C@F89@FE&@CE9>6C:42@A6C2E:?8F?56CE96:C8C@FA 54@> 2?5+6CG:46
3J:C3C2?5D@CE96J62CD6?565"F?6
2?5
2AAC@I:>2E6=J2?5@7@FC4@?D@=:52E65?6EC6G6?F6DH6C656C:G65
E9C@F89@FCDEC2E68:4@A6C2E:?8A2CE?6CD/636=:6G6@FCDEC2E68:4@A6C2E:?8A2CE?6CDH:==C6>2:?24C:E:42=4@>A@?6?EE@@FCDF446DD7@C
E967@C6D6623=67FEFC6=E9@F89E96E6C>D@7@FCDEC2E68:4@A6C2E:?8A2CE?6C28C66>6?EDG2CJH:56=J E96J86?6C2==J4@G6CE96>2??6C
2?52>@F?E@7A2J>6?ED E96D6CG:46DE@36A6C7@C>65 E96=6?8E9@7E964@?EC24E 2?5AC@G:56FDH:E946CE2:?AC@E64E:@?DDF492DDEC2E68:4
@A6C2E:?8A2CE?6C
7F?565C6D6CG6D282:?DEA@E6?E:2=325563ED :?56>?:7:42E:@?@3=:82E:@?D 2?5:?46CE2:?:?DE2?46D:?4=F562A6CD@?2=
8F2C2?EJ @7 E96 :?56A6?56?E @H?6CD @7 E96 DEC2E68:4 @A6C2E:?8 A2CE?6CD 55:E:@?2==J 46CE2:? @7 @FC DEC2E68:4 @A6C2E:?8 A2CE?6C
28C66>6?ED>2J:>A@D6C6DEC:4E:@?D@?FD :?4=F5:?8@FC23:=:EJE@AC@G:56D6CG:46D:?46CE2:?E6CC:E@C:6D@CE@46CE2:?4FDE@>6CD2?5@FC
23:=:EJE@9:C66>A=@J66D@7@FCDEC2E68:4@A6C2E:?8A2CE?6CD6CE2:?@7@FCDEC2E68:4@A6C2E:?8A2CE?6C28C66>6?ED2C67@C567:?65E6C>D
H9:=6 @E96CD 2C6 DF3;64E E@ S6G6C8C66?T E6C>D @C 4@?E2:? 2FE@>2E:4 C6?6H2= AC@G:D:@?D @C 2C6 2E
H:== @? 2 >@?E9
E@
>@?E9 32D:D
*682C5=6DD@7DE2E65E6C> :?>@DED:EF2E:@?DE9628C66>6?ED42?36E6C>:?2E653JE96DEC2E68:4@A6C2E:?8A2CE?6CH:E9AC:@C?@E:46D
46CE2:?28C66>6?ED6IA:C6 E96C642?36?@2DDFC2?46E92EH6H:==3623=6E@6?E6C:?E@?6H28C66>6?EDE92EAC@G:567@CE96D2>6E6C>D
2?564@?@>:4D2DE9@D6AC6G:@FD=J28C665FA@? :72E2==,9FD H62C6DF3;64EE@E96C:D<@7DEC2E68:4@A6C2E:?8A2CE?6CE6C>:?2E:@?D2?5
E9672:=FC6@CC67FD2=@746CE2:?@7@FCDEC2E68:4@A6C2E:?8A2CE?6CDE@C6?6HE96:C6I:DE:?828C66>6?ED,9:DC:D<:D@7E6?2446?EF2E65FA@?
E9624BF:D:E:@?@72?6H286?4J
32D65?6EH@C</692G62?F>36C@74FDE@>6CD2?5DEC2E68:4@A6C2E:?8A2CE?6C=@42E:@?DH:E9D:8?:7:42?E
G@=F>62?5DE2EFC6 9@H6G6C ?@D:?8=64FDE@>6C@CDEC2E68:4@A6C2E:?8A2CE?6C=@42E:@?C6AC6D6?ED>@C6E92?@7@FC4@?D@=:52E65
?6EC6G6?F6D/642??@E3646CE2:?E92EH6H:==3623=6E@>2:?E2:?2?56IA2?5@FC6I:DE:?8DEC2E68:4@A6C2E:?8A2CE?6CC6=2E:@?D9:AD@C
6?E6C:?E@?6HDEC2E68:4@A6C2E:?8A2CE?6CC6=2E:@?D9:AD @CE92E?6H@CC6?6H65DEC2E68:4@A6C2E:?8A2CE?6CC6=2E:@?D9:ADH:==362G2:=23=6
@?4@>>6C4:2==JC62D@?23=6E6C>D!7H62C6F?23=6E@>2:?E2:?2?56IA2?5@FC6I:DE:?8DEC2E68:4@A6C2E:?8A2CE?6CC6=2E:@?D9:AD C6?6H
6I:DE:?8DEC2E68:4@A6C2E:?8A2CE?6CC6=2E:@?D9:AD @C6?E6C:?E@?6HDEC2E68:4@A6C2E:?8A2CE?6CC6=2E:@?D9:AD H6>2J=@D64FDE@>6CD
4FDE@>6C:?EC@5F4E:@?D2?54@
>2C<6E:?836?67:ED 2?5@FC@A6C2E:?8C6DF=ED>2J36?682E:G6=J:>A24E65/6>2J2=D@36C6DEC:4E65
7C@>8C@H:?8:?46CE2:?E6CC:E@C:6D@CH:E946CE2:?4FDE@>6CD 6I46AEE9C@F89@FCDEC2E68:4@A6C2E:?8A2CE?6CD
%.41231 3$&("./$1 3(-&/ 13-$12% (+3., (-3 (- #$04 3$1$2$15$2 & (-234-/ (#"423.,$1(-5.("$2.1(%6$ 1$4- !+$3..%%2$3
& (-23 ".,,(22(.-2 $ 1-$# -# / 8 !+$ !8 42 3. .41 231 3$&(" ./$1 3(-& / 13-$12 %.1 4-/ (# "423.,$1 (-5.("$2 .41 1$24+32 .%
./$1 3(.-2 -#%(- -"( +".-#(3(.-, 8!$ #5$12$+8 %%$"3$#
/656C:G62DF3DE2?E:2=A@CE:@?@7@FCC6G6?F6AFCDF2?EE@28C66>6?EDH:E9DEC2E68:4@A6C2E:?8A2CE?6CD@A6C2E:?8F?56C@FCG2C:@FD
3C2?5D-?56CE96D628C66>6?ED 6249:?5:G:5F2=DEC2E68:4@A6C2E:?8A2CE?6C:DC6DA@?D:3=67@CD@>6@C2==@7E964@==64E:@?@72>@F?ED
5F67C@>4FDE@>6CD36:?8D6CG:4653JDF49DEC2E68:4@A6C2E:?8A2CE?6C6CE2:?@7@FCDEC2E68:4@A6C2E:?8A2CE?6CD2C6C6BF:C65E@>2:?E2:?
2D64FC:EJ56A@D:EH:E9FDE@36FD65E@7F?5E9@D64FDE@>6C244@F?EDF=E:>2E6=J?@E4@==64E653JFD/6492C866249@7E96DEC2E68:4
@A6C2E:?8A2CE?6CD7@C2?J244@F?EDC646:G23=6286536J@?5
52JD!7E96DEC2E68:4@A6C2E:?8A2CE?6CUD56A@D:EH:E9FD92D366?56A=6E65
2?2>@F?EH:==36@H65E@FD3J@FCDEC2E68:4@A6C2E:?8A2CE?6C2D65@?=6824J4@?EC24ED2DDF>65FA@?24BF:D:E:@? D@>6DEC2E68:4
@A6C2E:?8A2CE?6CD2C6?@EC6BF:C65E@>2:?E2:?2D64FC:EJ56A@D:E 9@H6G6C E96J2C6DE:==C6DA@?D:3=67@C567:4:ED2?5E96:CDEC2E68:4
@A6C2E:?8A2CE?6C28C66>6?EDAC@G:56E92EH6>2JH:E99@=52==@C2A@CE:@?@77FEFC64@>>:DD:@?DA2J23=6E@E96DEC2E68:4@A6C2E:?8
A2CE?6C:?D2E:D724E:@?@72?J567:4:ED@7"F?6
2AAC@I:>2E6=J>:==:@?H2D@H65E@FD3J@FCDEC2E68:4@A6C2E:?8A2CE?6CD
@7H9:49 2AAC@I:>2E6=J>:==:@?H2D@H65E@FD3J@FC7@C>6CC:E:D9@=F>3:2@A6C2E:?8A2CE?6CH9@C646?E=J4=@D65E96:C7C6:89E
7@CH2C5:?8@A6C2E:@?D 2?57C@>H9@>H692G6C646?E=JD64FC6525672F=E;F58>6?E2?52C6:?E96AC@46DD@74@==64E:@?AC@4665:?8D
@H6G6C E@ E96 6IE6?E 2?J @7 E96D6 DEC2E68:4 @A6C2E:?8 A2CE?6CD 462D6 @A6C2E:@?D @C 2C6 @E96CH:D6 F?23=6 E@ C6A=6?:D9 E96D6 567:4:E
244@F?ED H6H@F=5362EC:D<@7=@DD7@C2?JDF492>@F?E/6:?4=F56DF492>@F?ED:?E962==@H2?467@C5@F3E7F=244@F?EDH96?:E:D
AC@323=6E962>@F?ED@H65H:==?@E364@==64E65
41 !42(-$22 6(++ !$ 2$1(.42+8 ' 1,$# (% 6$ % (+ 3. #$5$+./ (,/+$,$-3 , (-3 (- 4/&1 #$ $-' -"$ /1.3$"3 -# (-3$&1 3$
(-%.1, 3(.-3$"'-.+.&82823$,2
/6C6=J962G:=J@?@FC:?7@C>2E:@?E649?@=@8JDJDE6>DE@677:4:6?E=JCF?@FC3FD:?6DD 2?5E96J2C62<6J4@>A@?6?E@7@FC8C@HE9
DEC2E68J,@<66AA246H:E9492?8:?8E649?@=@8:6D2?54FDE@>6C56>2?5D H6>FDE4@CC64E=J:?E6CAC6E2?5255C6DD>2C<6EEC6?5D2?5
6?92?46E96762EFC6D2?57F?4E:@?2=:EJ@7@FCE649?@=@8JA=2E7@C>:?C6DA@?D6E@E96D6EC6?5D H9:49>2J=625E@D:8?:7:42?E@?8@:?8
D@7EH2C656G6=@A>6?E@C=:46?D:?84@DED/6>2J36F?23=6E@244FC2E6=J56E6C>:?6E96?665D@7@FC4FDE@>6CD2?5DEC2E68:4@A6C2E:?8
A2CE?6CD 2?5 E96 EC6?5D :? E96 EC2?DA@CE2E:@? D6CG:46D :?5FDECJ @C E@ 56D:8? @C =:46?D6 2?5 :>A=6>6?E E96 2AAC@AC:2E6 762EFC6D 2?5
7F?4E:@?2=:EJ@7@FCE649?@=@8JA=2E7@C>:?2E:>6=J2?54@DE
67764E:G6>2??6C H9:494@F=5C6DF=E:?564C62D6556>2?57@C@FCD6CG:46D
2?524@CC6DA@?5:?8564C62D6:?@FCC6G6?F6D6DA:E6E6DE:?8 6IE6C?2=2?5:?E6C?2=C:D<D DF492D>2=H2C6 :?D64FC64@5:?8 S4ED@7
@5 T52E2=62<2862?59F>2?6CC@CA@D625:C64EE9C62EE@@FC:?7@C>2E:@?E649?@=@8JDJDE6>D2?5@A6C2E:@?D/6>2J2=D@36DF3;64E
E@4J36CD64FC:EJ2EE24<D2?5@E96C:?E6?E:@?2=924<:?8?J72:=FC6E@:56?E:7J2?5255C6DDDF4956764ED@C6CC@CD@CAC6G6?E24J36C
41, - &$,$-3(-%.1, 3(.- -#%(- -"( +1$/.13(-&2823$,2 1$2/1$ # "1.22#(5$12$/+ 3%.1,2 -#&$.&1 /'($2
,968C@HE9@7@FC3FD:?6DDE9C@F8924BF:D:E:@?D92DC6DF=E65:?@FCC6=:2?46@?E96244@F?E:?8 3FD:?6DD:?7@C>2E:@? 2?5@E96C4@>AFE6C
DJDE6>D@7E96D624BF:C656?E:E:6DE@42AEFC62?5EC2?D>:E:?7@C>2E:@?4@?46C?:?84FDE@>6C@C56CD 42CC:6CA2J>6?E A2JC@== 2?5@E96C
4C:E:42=3FD:?6DD52E2/62C6:?E96:?:E:2=DE286D@7>:8C2E:?8@FCG2C:@FD=6824J@A6C2E:?82?5244@F?E:?8DJDE6>DE@2?6HD:?8F=2C
+(
32D65DJDE6>D=@?82D2?24BF:C653FD:?6DDC6>2:?D@?2?@E96C:?7@C>2E:@?E649?@=@8JDJDE6> H67246255:E:@?2=>2?F2=
42=4F=2E:@?D EC2:?:?84@DED 56=2JD 2?52?:?4C62D65A@DD:3:=:EJ@7:?244FC24:6D:?E9652E2H6FD6E@>2?286@FC3FD:?6DD2?5C6A@CE@FC
7:?2?4:2=C6DF=ED?J56=2J:?4@>A:=:?8 2DD6DD:?8 2?5C6A@CE:?8:?7@C>2E:@?4@F=525G6CD6=J:>A24E@FC3FD:?6DD @FC23:=:EJE@E:>6=J
C624EE@492?86D:?G@=F>6D AC:46D @C@E96CEC6?5D @CE@E2<624E:@?DE@4@>A=JH:E97:?2?4:2=4@G6?2?ED 2==@7H9:494@F=5?682E:G6=J
:>A24E@FCDE@4<AC:46
!?255:E:@? 2?J56E6C>:?2E:@?E92E@FCE9:C5
A2CEJ42CC:6CD92G6G:@=2E65=2HD2?5C68F=2E:@?D4@F=5D6C:@FD=J52>286@FCC6AFE2E:@?2?5
3C2?5D C6DF=E:?8:?5:>:?:D965C6G6?F62?5AC@7:E2?5:?4C62D65@A6C2E:?84@DED
".-.,("1$"$22(.-2 -#.3'$1% "3.123' 31$#4"$%1$(&'35.+4,$2".4+#' 5$ , 3$1( + #5$12$(,/ "3.-.41!42(-$22
,96EC2?DA@CE2E:@?:?5FDECJ9:DE@C:42==J92D6IA6C:6?4654J4=:42=7=F4EF2E:@?D:?7:?2?4:2=C6DF=ED5F6E@64@?@>:4C646DD:@? 5@H?EFC?D
:? 3FD:?6DD 4J4=6D @7 @FC 4FDE@>6CD :?E6C6DE C2E6 7=F4EF2E:@?D 2?5 @E96C 64@?@>:4 724E@CD 36J@?5 @FC 4@?EC@= 6E6C:@C2E:@? :? E96
64@?@>:46?G:C@?>6?EDF3;64ED@FC3FD:?6DDE@G2C:@FDC:D<DE92E>2J92G62>2E6C:2=:>A24E@?@FC@A6C2E:?8C6DF=ED2?542FD6FDE@
?@EC6249@FC=@?8
E6C>8C@HE98@2=D 2?5H9:49>2J:?4=F56E967@==@H:?8
• 2C65F4E:@?:?@G6C2==7C6:89EG@=F>6D:?E96>2C<6EA=246C65F46D@FC@AA@CEF?:E:6D7@C8C@HE9!?255:E:@? :725@H?EFC?:?
@FC4FDE@>6CDU3FD:?6DD4J4=6D42FD6D2C65F4E:@?:?E96G@=F>6@77C6:89ED9:AA653JE9@D64FDE@>6CD @FC@A6C2E:?8C6DF=ED
4@F=53625G6CD6=J27764E65
• D@>6@7@FC4FDE@>6CD>2J724664@?@>:45:77:4F=E:6D2?5>2J?@E3623=6E@A2JFD 2?5D@>6>2J8@@FE@73FD:?6DD!?
255:E:@? D@>64FDE@>6CD>2J?@EA2JFD2DBF:4<=J2DE96J92G6:?E96A2DE 42FD:?8@FCH@C<:?842A:E2=?665DE@:?4C62D6
• 2D:8?:7:42?E?F>36C@7@FCEC2?DA@CE2E:@?AC@G:56CD>2J8@@FE@73FD:?6DD2?5H6>2J36F?23=6E@D64FC6DF77:4:6?E
6BF:A>6?E@C@E96CEC2?DA@CE2E:@?D6CG:46DE@>66E@FC4@>>:E>6?EDE@@FC4FDE@>6CD2?5
• H6>2J?@E3623=6E@2AAC@AC:2E6=J25;FDE@FC6IA6?D6DE@492?8:?8>2C<6E56>2?5D!?@C56CE@>2:?E2:?9:89G2C:23:=:EJ
:?@FC3FD:?6DD>@56= :E:D?646DD2CJE@25;FDEDE277:?8=6G6=DE@492?8:?8>2C<6E56>2?5D!?A6C:@5D@7C2A:5492?86 :E:D
>@C65:77:4F=EE@>2E49@FCDE277:?8=6G6=E@@FC3FD:?6DD?665D!?255:E:@? H692G6@E96CAC:>2C:=JG2C:23=66IA6?D6DE92E
2C67:I657@C2A6C:@5@7E:>6 2?5H6>2J?@E3623=6E@256BF2E6=J25;FDEE96>:?2A6C:@5@7C2A:5492?86:?>2C<6E
56>2?5
41(-#42318(2".-2.+(# 3(-& -#(%6$" --.3& (-24%%("($-3, 1*$3/1$2$-"$6$, 8-.3!$ !+$3.".,/$3$24""$22%4++8 & (-23
+ 1&$1".,/ -($2(-.41(-#42318
,96C64FCC6?E=J:D2EC6?5H:E9:?@FC:?5FDECJE@H2C5D4@?D@=:52E:@?@7E96?:496A=2J6CD:?E@=2C86C4@>A2?:6DE92E2C62EE6>AE:?8E@
:?4C62D68=@32=@A6C2E:@?DE9C@F89E9624BF:D:E:@?@7C68:@?2=2?5=@42=7C6:89E7@CH2C56CD 3C@<6CD 2?5@E96C7C6:89E=@8:DE:4DAC@G:56CD
!7H642??@E82:?DF77:4:6?E>2C<6EAC6D6?46@C@E96CH:D66DE23=:D92DF446DD7F=DEC2E68J:?@FC:?5FDECJ H6>2J?@E3623=6E@4@>A6E6
DF446DD7F==J282:?DE=2C86C4@>A2?:6D:?@FC:?5FDECJ
%6$ 1$-.3 !+$3.+(,(3.41+( !(+(38%.1"423.,$12<"+ (,2%.1+.22.1# , &$3.3'$(1&..#23'1.4&'".-31 "33$1,2 -#+(,(3.41
$7/.241$3'1.4&'3'$/41"' 2$.%(-241 -"$6$".4+#!$1$04(1$#3./ 8+ 1&$ ,.4-323..41"423.,$12 2".,/$-2 3(.-%.13'$(1
"+ (,2 -#.411$24+32.%./$1 3(.-2".4+#!$, 3$1( ++8 #5$12$+8 %%$"3$#
!?@FC7C6:89E7@CH2C5:?8@A6C2E:@?D H692G6=:23:=:EJF?56C=2HE@@FC4FDE@>6CD7@C=@DD@C52>286E@E96:C8@@5D/62EE6>AEE@=:>:E
@FC6IA@DFC6E9C@F89C6=62D6=:>:ED :?56>?:7:42E:@?3JE962:C @462? 2?58C@F?542CC:6CDE92EEC2?DA@CEE967C6:89E 2?5:?DFC2?46
%@C6@G6C 3642FD627C6:89E7@CH2C56CC6=2E:@?D9:AE@2?2:C=:?6@C@462?42CC:6C:DE92E@72D9:AA6CE@242CC:6C E962:C=:?6@C@462?
42CC:6C86?6C2==J2DDF>6DE96D2>6C6DA@?D:3:=:EJE@FD2DH62DDF>6E@@FC4FDE@>6CD/96?H624E:?E9642A24:EJ@72?2FE9@C:K65
286?E7@C2?2:C@C@462?42CC:6C E9642CC:6C C2E96CE92?FD 2DDF>6D=:23:=:EJ7@CE96D27656=:G6CJ@7E964FDE@>6CUD42C8@E@:EDF=E:>2E6
56DE:?2E:@? F?=6DD5F6E@@FC@H?6CC@CD2?5@>:DD:@?D @H6G6C E96D6677@CED>2JAC@G6F?DF446DD7F=2?5H6>2J36=:23=67@C=@DD
2?552>286E@E968@@5D
!?255:E:@?E@=682==:23:=:EJ 7C@>E:>6E@E:>64FDE@>6CD6I6CE64@?@>:4AC6DDFC6H96?E96F?56C=J:?842CC:6C72:=DE@4@G6CE964@DED@7
=@DD@C52>286/692G6 7C@>E:>6E@E:>6 >256A2J>6?EDE@@FC4FDE@>6CD7@C4=2:>DC6=2E65E@@FCD6CG:46D2?5>2J>2<6DF49
A2J>6?ED:?E967FEFC6+9@F=5H66IA6C:6?462?:?4C62D6:?E96?F>36C@CD:K6@7DF494=2:>D@C2?:?4C62D6:?=:23:=:EJAFCDF2?EE@
4=2:>D@CF?72G@C23=6C6D@=FE:@?D@74=2:>D @FCC6DF=ED4@F=53625G6CD6=J27764E65
,96C642?36?@2DDFC2?46E92E@FC:?DFC2?464@G6C286H:==AC@G:56FDH:E9256BF2E64@G6C2867@CDF494=2:>D@CE92EE96>2I:>F>
2>@F?ED7@CH9:49H62C6=:23=6:?4@??64E:@?H:E9@FCD6CG:46DH:==?@E492?86:?E967FEFC6@C6I4665@FC:?DFC2?46=6G6=DDH:E9
6G6CJ:?DFC2?46A@=:4J E96C62C6=:>:ED 6I4=FD:@?D2?5565F4E:3=6DE92E2AA=J 2?5H64@F=536DF3;64EE@4=2:>D7@CH9:49:?DFC2?46
4@G6C286>2J36:?256BF2E6@C6G6?5:DAFE652?5DF494=2:>D4@F=525G6CD6=J:>A24E@FC7:?2?4:2=4@?5:E:@?2?5C6DF=ED@7@A6C2E:@?D
!?255:E:@? D:8?:7:42?E:?4C62D6D:?:?DFC2?464@DED4@F=5C65F46@FCAC@7:E23:=:EJ
%6$ 1$4- !+$3., (-3 (-.41!1 -#(, &$2 -#".1/.1 3$1$/43 3(.-.41!42(-$22, 824%%$1
'FCDF446DD56A6?5D:?A2CE@?@FC23:=:EJE@>2:?E2:?E96:>286@7E96*25:2?E /966=D :C8C@FA 54@> 2?5+6CG:463J:C
3C2?5D2?5@FCC6AFE2E:@?7@CAC@G:5:?86I46==6?ED6CG:46E@@FC4FDE@>6CD+6CG:46BF2=:EJ:DDF6D 24EF2=@CA6C46:G65 6G6?H96?72=D6
@CF?7@F?565 4@F=5E2C?:D9E96:>286@7@FC3C2?52?5>2J42FD64FDE@>6CDE@FD6@E96C7C6:89E
7@CH2C5:?84@>A2?:6D2>286E@@FC
C6AFE2E:@?2?5=@DD@73C2?56BF:EJ4@F=5C65F4656>2?57@C@FCD6CG:46D2?5E9FD92G62?25G6CD667764E@?@FC3FD:?6DD 7:?2?4:2=
A@D:E:@?2?5C6DF=ED@7@A6C2E:@?D 2?54@F=5C6BF:C6255:E:@?2=C6D@FC46DE@C63F:=5@FCC6AFE2E:@?2?5C6DE@C6E96G2=F6@7@FC3C2?5D
'FC72:=FC6E@@3E2:? >2:?E2:?2?56?7@C46@FC:?E6==64EF2=AC@A6CEJC:89ED4@F=5E96C67@C692G62>2E6C:2=25G6CD667764E@?@FC3FD:?6DD
7:?2?4:2=4@?5:E:@?2?5C6DF=ED@7@A6C2E:@?D
41 +. -2 -# "1$#(3 % "(+(3($2 ".-3 (- %(- -"( + ".5$- -32 3' 3 , 8 +(,(3 "411$-3 5 (+ !(+(38 -# (,/.2$ .-&.(-& ./$1 3(.- +
+(,(3 3(.-2 -#1(2*.%".,/+( -"$
/64FCC6?E=J>2:?E2:?:2-+
>:==:@?C6G@=G:?84C65:E724:=:EJE96S+6?:@CC65:E24:=:EJTH:E92?<@7>6C:42 & @?
:ED@H?3692=72?52D286?EE@E96@E96C=6?56CD?2>65E96C6:? 4FCC6?E=J4@?D:DE:?8@7E962?<@7%@?EC62=2DE96:?:E:2=>6>36C@7
E96DJ?5:42E6F?56CDF49=@2? AFCDF2?EE@2?>6?5652?5*6DE2E65$@2?2?5+64FC:EJ8C66>6?E 2D2>6?565 ::2
>:==:@?D6?:@CD64FC652?25:2?E6C>=@2?7C@>!?E68C2E65(C:G2E663EF?5!.$(S!(!.TAFCDF2?EE@2
C65:E
24:=:E:6D$@2?8C66>6?EE96S!(!.$@2?8C66>6?ET 2?5:::2
>:==:@?D6?:@CD64FC652?25:2?E6C>=@2?7C@>
!?E68C2E65(C:G2E663EF?5.$(S!(.TAFCDF2?EE@2
C65:E24:=:E:6D$@2?8C66>6?EE96S!(.$@2?
8C66>6?ET2?5 E@86E96CH:E9E96!(!.$@2?8C66>6?E E96S!($@2?8C66>6?EDT*6A2J>6?E@7E967@C68@:?84C65:E724:=:E:6D
:DD64FC653J@FC2DD6ED2?5E962DD6ED@7@FCDF3D:5:2C:6D :?4=F5:?8 H:E9@FE=:>:E2E:@? 2==@7E9642A:E2=DE@4<@7@FCDF3D:5:2C:6D
-?56CE96E6C>D@7E967@C68@:?84C65:E724:=:E:6D H62C6C6BF:C65E@4@>A=JH:E946CE2:?7:?2?4:2=4@G6?2?ED 56A6?5:?8@?E96EJA6@7
=@2?724:=:EJ2?5H96E96C46CE2:?4@?5:E:@?D2C6EC:886C65!?255:E:@? F?56CE96!($@2?8C66>6?ED H62C6C6BF:C65E@>2:?E2:?:
27:I65492C864@G6C286C2E:@@7E@
::2563ED6CG:464@G6C286C2E:@@72E=62DEE@
2?5:::2D6?:@C563EE@!,C2E:@
@72E=62DE
E@
'FC4@>A=:2?46H:E9E967:?2?4:2=4@G6?2?ED@7@FC4C65:E724:=:E:6D:DA2CE:4F=2C=J:>A@CE2?E8:G6?E96>2E6C:2=:EJ@7DF49724:=:E:6DE@
@FC52J
E@
52J@A6C2E:@?D2?5@G6C2==24BF:D:E:@?DEC2E68J!7H672:=E@4@>A=JH:E9E96D64@G6?2?ED2?52C6F?23=6E@D64FC62H2:G6C
@C@E96CC6=:67 @FC7:?2?4:2=4@?5:E:@?H@F=536>2E6C:2==JH62<6?652?5@FC23:=:EJE@7F?552J
E@
52J@A6C2E:@?DH@F=536>2E6C:2==J
2?525G6CD6=J27764E6544@C5:?8=J H6:?E6?5E@6>A=@J!,2?525;FDE65!,2D>2?286>6?EE@@=DE@>62DFC6@FC9:DE@C:42=
7:?2?4:2=A6C7@C>2?462?52D236?49>2C<7@C7FEFC67:?2?4:2=7=6I:3:=:EJ
-?56C@FC4C65:E724:=:E:6D H62C6AC@9:3:E657C@>564=2C:?82?5A2J:?85:G:56?5DF?=6DD:E96C62C6?@6I:DE:?86G6?ED@75672F=EF?56C
E964C65:E724:=:EJ@C2?6G6?E@75672F=EH@F=5?@E3642FD653JE96564=2C2E:@?@CA2J>6?E@7DF495:G:56?5 2?5::FA@?8:G:?8AC@
7@C>267764EE@E965:G:56?5 E962>@F?E2G2:=23=6F?56CE964C65:E724:=:EJ27E6CE96AC@7@C>267764E@7DF495:G:56?5:D6BF2=E@E96
8C62E6C@7@7E96-+3@CC@H:?832D6F?56CE96+6?:@CC65:E24:=:EJ@C
>:==:@? 2?5-+2G2:=23:=:EJ:D2E=62DE
>:==:@?
$./$1 3$6(3' 2(&-(%(" -3 ,.4-3.%(-#$!3$#-$226'("'(22$"41$#!824!23 -3( ++8 ++.%.41 22$32 -#24!)$"33.5 1( !+$
(-3$1$231 3$2 -#1$231("3(5$".5$- -32
'FCDF3DE2?E:2=:?563E65?6DD4@F=592G625G6CD64@?D6BF6?46D DF492D
• C6BF:C6FDE@565:42E62DF3DE2?E:2=A@CE:@?@7@FC42D97=@H7C@>@A6C2E:@?DE@A2J>6?ED@?@FC:?563E65?6DDH:E9@FC
=6?56CD H9:49 4@F=5 C65F46 E96 2G2:=23:=:EJ @7 @FC 42D9 7=@H E@ 7F?5 7FEFC6 @A6C2E:?8 42A:E2= 42A:E2= 6IA6?5:EFC6D
24BF:D:E:@?D2?5@E96C86?6C2=4@CA@C2E6AFCA@D6D
• 6IA@D6FDE@E96C:D<@7:?4C62D65:?E6C6DEC2E6D 2D2DF3DE2?E:2=A@CE:@?@7@FC3@CC@H:?8D2C62EG2C:23=6C2E6D@7:?E6C6DE
• C6BF:C6FDE@D6==2DD6EDE@C65F46:?563E65?6DD@C:?7=F6?46@FC564:D:@?D23@FEH96E96CE@5@D@
• :?4C62D6@FCGF=?6C23:=:EJE@86?6C2=25G6CD664@?@>:42?5:?5FDECJ4@?5:E:@?D
• =:>:E@FC7=6I:3:=:EJ:?A=2??:?87@C @CC624E:?8E@ 492?86D:?@FC3FD:?6DD2?5@FC:?5FDECJ
• C6DEC:4EFD7C@>>2<:?8DEC2E68:424BF:D:E:@?D 3FJ:?82DD6ED@CAFCDF:?83FD:?6DD@AA@CEF?:E:6D2?5
• =:>:E 2=@?8H:E9E967:?2?4:2=2?5@E96CC6DEC:4E:G64@G6?2?ED:?@FC:?563E65?6DD 2>@?8@E96CE9:?8D @FC23:=:EJE@3@CC@H
255:E:@?2=7F?5D
$/$-#$-"$.-*$8/$12.--$+
@CE967@C6D6623=67FEFC6 @FCDF446DDH:==56A6?5=2C86=J@?E964@?E:?F65D6CG:46D@7@FC92:C>2?2?59:67I64FE:G6'77:46C @9?
C2:? 2DH6==2D46CE2:?@7@FC@E96C<6J6I64FE:G6D2?56I64FE:G6D@7@FC24BF:C653FD:?6DD6D3642FD6@7E96:C4@==64E:G6:?5FDECJ
<?@H=6586 >2C<6E:?8D<:==D2?5C6=2E:@?D9:ADH:E9G6?5@CD 4FDE@>6CD2?5DEC2E68:4@A6C2E:?8A2CE?6CD+9@F=52?J@7E96D6:?5:G:5F2=D
=62G6FD H64@F=592G65:77:4F=EJC6A=24:?8E96>H:E9BF2=:7:65:?5:G:5F2=D2?5:E4@F=592G62>2E6C:2=25G6CD667764E@?@FC7FEFC6
C6DF=ED@7@A6C2E:@?D
$11.1(23 33 "*2 -#.3'$1 "32.%5(.+$-"$ -3(3$11.1(2,,$ 241$2.16 1, 8 %%$"3.41./$1 3(.-2 -#.41/1.%(3 !(+(38
D2C6DF=E@7E96A@E6?E:2=7@CE6CC@C:DE2EE24<D 7656C2= DE2E62?5>F?:4:A2=2FE9@C:E:6D92G6:>A=6>6?E652?54@?E:?F6E@7@==@HG2C:@FD
D64FC:EJ >62DFC6D :?4=F5:?8 4964<A@:?ED 2?5 EC2G6= C6DEC:4E:@?D @? =2C86 ECF4<D +F49 >62DFC6D >2J C65F46 E96 AC@5F4E:G:EJ @7 @FC
:?56A6?56?E4@?EC24E@CD2?5EC2?DA@CE2E:@?AC@G:56CD@C:?4C62D6E964@DED2DD@4:2E65H:E9E96:C@A6C2E:@?D H9:49H64@F=5367@C465E@
362C@C6I2>A=6 D64FC:EJ>62DFC6D:>A@D652E3C:586D EF??6=D 3@C56C4C@DD:?8D2?5@E96CA@:?ED@?<6JECF4<:?8C@FE6D>2J42FD6
56=2JD2?5:?4C62D6E96?@?
5C:G:?8E:>6@7@FC:?56A6?56?E4@?EC24E@CD2?5EC2?DA@CE2E:@?AC@G:56CD H9:494@F=592G62?25G6CD667764E
@?@FCC6DF=ED@7@A6C2E:@?D/62=D@92G69:896C4@DED5F6E@>2?52E65D64FC:EJD4C66?:?8@72:C42C8@EC2G6=:?8@?A2DD6?86C2:C=:?6D
2?5@462?7C6:89E/2C C:D<@7H2C @C2E6CC@C:DE2EE24<2=D@>2J92G62?25G6CD667764E@?E9664@?@>J564=:?6:?64@?@>:424E:G:EJ
4@F=525G6CD6=J27764E@FCC6G6?F6D@CC6DEC:4E@FC7FEFC68C@HE9!?DE23:=:EJ:?E967:?2?4:2=>2C<6ED2D2C6DF=E@7E6CC@C:D>@CH2C2=D@
4@F=5:>A24E@FC23:=:EJE@C2:D642A:E2=!?255:E:@? E96:?DFC2?46AC6>:F>D492C8657@CD@>6@C2==@7E964@G6C2864FCC6?E=J>2:?E2:?65
3JFD4@F=5:?4C62D65C2>2E:42==J@CDF494@G6C2864@F=536F?2G2:=23=6:?E967FEFC6
!72?J@7E967@C68@:?8724E@CD92G62?682E:G667764E@?E96:?E6C?2E:@?2=EC256>2C<6E H64@F=5DF776C2564C62D6:?@FC:?E6C?2E:@?2=
3FD:?6DD H9:494@F=592G62>2E6C:2=25G6CD667764E@?@FCC6DF=ED@7@A6C2E:@?D2?57:?2?4:2=4@?5:E:@?
!?255:E:@? @FC:?E6C?2E:@?2=@A6C2E:@?D2=D@6IA@D6FDE@4FCC6?4J7=F4EF2E:@?D2DH6EC2?D=2E6E967:?2?4:2=DE2E6>6?ED@7@FC7@C6:8?
@A6C2E:@?DE@E96-+5@==2C,96C642?36?@8F2C2?E66E92EE9667764E@74FCC6?4J7=F4EF2E:@?DH:==?@E36>2E6C:2=:?E967FEFC6
'FC:?E6C?2=4@?EC@=@G6C7:?2?4:2=C6A@CE:?8>2J?@EAC6G6?E@C56E64E>:DDE2E6>6?ED3642FD6@7:ED:?96C6?E=:>:E2E:@?D :?4=F5:?8E96
A@DD:3:=:EJ @7 9F>2? 6CC@C E96 4:C4F>G6?E:@? @C @G6CC:5:?8 @7 4@?EC@=D @C 7C2F5 G6? 67764E:G6 :?E6C?2= 4@?EC@=D 42? AC@G:56 @?=J
C62D@?23=62DDFC2?46H:E9C6DA64EE@E96AC6A2C2E:@?2?572:CAC6D6?E2E:@?@77:?2?4:2=DE2E6>6?ED!7H672:=E@>2:?E2:?E96256BF24J@7
@FC:?E6C?2=4@?EC@=D :?4=F5:?82?J72:=FC6E@:>A=6>6?EC6BF:C65?6H@C:>AC@G654@?EC@=D @C:7H66IA6C:6?465:77:4F=E:6D:?E96:C
:>A=6>6?E2E:@? @FC3FD:?6DD2?5@A6C2E:?8C6DF=ED4@F=53692C>65 2?5H64@F=572:=E@>66E@FC7:?2?4:2=C6A@CE:?8@3=:82E:@?D
$4>6>$07,?0/?::@=.<@4>4?4:9%?=,?02D
'$1$(2 2" 1"(38.% -#".,/$3(3(.-%.1 "04(2(3(.-.//.134-(3($2
,96C62C62=:>:E65?F>36C@7@A6C2E:?84@>A2?:6D2G2:=23=67@C24BF:D:E:@?E92EH6566>E@3656D:C23=6E2C86ED!?255:E:@? E96C6:D2
G6CJ9:89=6G6=@74@>A6E:E:@?2>@?84@>A2?:6DD66<:?8E@24BF:C6E96D6@A6C2E:?84@>A2?:6D/62C62?5H:==4@?E:?F6E@362G6CJ
>:?@CA2CE:4:A2?E:?E963FD:?6DD@7D66<:?824BF:D:E:@?D@7E96D6EJA6D@74@>A2?:6D=2C86?F>36C@76DE23=:D9652?5H6==
7:?2?465
6?E:E:6D2C624E:G6:?24BF:C:?8:?E6C6DED:?4@>A2?:6DE92EH6>2J7:?5E@3656D:C23=624BF:D:E:@?42?5:52E6D%2?J@7E96D66?E:E:6D
92G6D:8?:7:42?E=J8C62E6C7:?2?4:2=C6D@FC46D E649?:42=6IA6CE:D62?5>2?286C:2=42A23:=:E:6DE92?FD@?D6BF6?E=J H6H:==362E2
4@>A6E:E:G65:D25G2?E286:??68@E:2E:?82?56I64FE:?8A@DD:3=624BF:D:E:@?D@7E96D63FD:?6DD6DG6?:7H62C623=6E@DF446DD7F==J
4@>A6E6H:E9E96D66?E:E:6D E9:D4@>A6E:E:@?>2J27764EE96E6C>D@74@>A=6E65EC2?D24E:@?D2?5 2D2C6DF=E H6>2JA2J>@C6@CC646:G6
=6DD72G@C23=6E6C>DE92?H66IA64E657@CA@E6?E:2=24BF:D:E:@?D/6>2J?@E3623=6E@:56?E:7J@A6C2E:?84@>A2?:6DE92E4@>A=6>6?E
@FCDEC2E68J 2?56G6?:7H6:56?E:7J24@>A2?JE92E4@>A=6>6?ED@FCDEC2E68J H6>2J36F?23=6E@4@>A=6E62?24BF:D:E:@?@7DF492
4@>A2?J7@C>2?JC62D@?D :?4=F5:?8
• 72:=FC6E@28C66@?E96E6C>D?646DD2CJ7@C2EC2?D24E:@? DF492DE96AFC492D6AC:46
• :?4@>A2E:3:=:EJ36EH66?@FC@A6C2E:@?2=DEC2E68:6D@C>2?286>6?EA9:=@D@A9:6DH:E9E9@D6@7E96A@E6?E:2=24BF:C66
• 4@>A6E:E:@?7C@>@E96C24BF:C6CD@7@A6C2E:?84@>A2?:6D
• =24<@7DF77:4:6?E42A:E2=E@24BF:C62AC@7:E23=6=@8:DE:4D4@>A2?J
• F?H:==:?8?6DD@72A@E6?E:2=24BF:C66E@28C66E@DF3@C5:?2E62?J7FEFC6A2J>6?E@762C?
@FED@CAC@>:DD@CJ?@E6DE@E96
A2J>6?ED5F6E@@FC=6?56CD2?5
• F?H:==:?8?6DD@72A@E6?E:2=24BF:C66E@H@C<H:E9@FC>2?286>6?E
/6 2C6 A6C>:EE65 E@ >2<6 255:E:@?2= 24BF:D:E:@?D H:E9@FE E96 4@?D6?E @7 E96 =6?56CD @?=J :7 46CE2:? 4@?5:E:@?D 2C6 D2E:D7:65 ,96D6
4@?5:E:@?D:?4=F56E967@==@H:?8:E9623D6?46@72?6G6?E@75672F=EF?56CE96+6?:@CC65:E24:=:EJ ::E9624BF:D:E:@?>FDE36
4@?D6?DF2=:::E964@>A2?JE@3624BF:C65>FDE36:?E96EC2?DA@CE2E:@?2?5=@8:DE:4D:?5FDECJ =@42E65:?E96-?:E65+E2E6D 2?252@C
46CE2:?@E96C2AAC@G65;FC:D5:4E:@?D 2?592G62A@D:E:G6!,7@CE96>@?E9A6C:@5>@DEC646?E=J6?565AC:@CE@DF4924BF:D:E:@?
:G?@563E@C=:6?D>2J36:?4FCC65 2DDF>65@CC6DF=E7C@>E9624BF:D:E:@? DF3;64EE@=:>:E656I46AE:@?D G E96AC@7@C>27:I65
492C864@G6C286C2E:@:D8C62E6CE92?@C6BF2=E@E@
2?5G:27E6C8:G:?867764E7@CE967F?5:?8@7E9624BF:D:E:@? H6>FDE92G6
2G2:=23:=:EJ F?56C E96 +6?:@C C65:E 24:=:EJ @7 2E =62DE E96 8C62E6C @7 @7 E96 -+
32D65 3@CC@H:?8 32D6 2?5 2?25:2?
32D65
3@CC@H:?8 32D6 @C
>:==:@? 2?5 -+ 2G2:=23:=:EJ @7 2E =62DE
>:==:@? !? 255:E:@? F?56C E96 !( $@2? 8C66>6?ED E96
288C682E642D94@?D:56C2E:@?D92==?@E6I4665
>:==:@?7@C2?JD:?8=6EC2?D24E:@?2?5
>:==:@?:?E96288C682E6:?2?J7:D42=
J62C
!?E966G6?EH62C6?@E23=6E@D2E:D7JE964@?5:E:@?D@7@FC4C65:E724:=:E:6D:?4@??64E:@?H:E92AC@A@D6524BF:D:E:@? H6>FDE6:E96C
7@C68@E9624BF:D:E:@? @3E2:?E964@?D6?E@7E96=6?56CD @CC6E:C6E964C65:E724:=:EJ,9:D>2JAC6G6?EFD7C@>4@>A=6E:?824BF:D:E:@?D
E92EH656E6C>:?62C656D:C23=67C@>23FD:?6DDA6CDA64E:G62?5=:>:E@CD=@H@FC23:=:EJE@249:6G6E964C:E:42=>2DDH6?665E@249:6G6
@FCDEC2E68:4@3;64E:G6D
. 3'$ $73$-3 6$ , *$ -8 , 3$1( + "04(2(3(.-2 .41 $ 1-(-&2 6(++ !$ #5$12$+8 %%$"3$# !8 -.-" 2' "' 1&$2 1$+ 3(-& 3. 3'$
,.13(9 3(.-.%(-3 -&(!+$ 22$326'("', 8" 42$.4123."*/1("$3.#$"+(-$
-?56C2AA=:423=6244@F?E:?8DE2?52C5D AFC492D6CD2C6C6BF:C65E@2==@42E6E96E@E2=4@?D:56C2E:@?A2:5:?23FD:?6DD4@>3:?2E:@?E@E96
:56?E:7:6524BF:C652DD6ED2?5=:23:=:E:6D32D65@?E96:C72:CG2=F6D2EE96E:>6@724BF:D:E:@?,966I46DD@7E964@?D:56C2E:@?A2:5E@
24BF:C623FD:?6DD@G6CE9672:CG2=F6@7E96:56?E:7:23=6E2?8:3=62DD6ED24BF:C65>FDE362==@42E652>@?8:56?E:7:23=6:?E2?8:3=62DD6ED
:?4=F5:?8 8@@5H:== ,96 2>@F?E 2==@42E65 E@ 8@@5H:== :D ?@E DF3;64E E@ 2>@CE:K2E:@? @H6G6C :E :D E6DE65 2E =62DE 2??F2==J 7@C
:>A2:C>6?E,962>@F?E2==@42E65E@:56?E:7:23=6:?E2?8:3=62DD6ED DF492D4FDE@>6CC6=2E:@?D9:AD2?5E96=:<6 :D2>@CE:K65@G6CE96=:76
@7E96D6:?E2?8:3=62DD6ED/66IA64EE92EE9:DH:==DF3;64EFDE@A6C:@5:4492C86D282:?DE@FC62C?:?8DE@E966IE6?E@7E962>@CE:K2E:@?
:?4FCC657@CE92EA6C:@5642FD6@FC3FD:?6DDDEC2E68J7@4FD6D :?A2CE @?8C@HE9E9C@F8924BF:D:E:@?D @FC7FEFC662C?:?8DH:==36
DF3;64EE@8C62E6C?@?
42D92>@CE:K2E:@?492C86DE92?24@>A2?JH9@D662C?:?8D2C656C:G65D@=6=J7C@>@C82?:48C@HE9D2C6DF=E
H6H:==6IA6C:6?462?:?4C62D6:??@?
42D9492C86DC6=2E65E@E962>@CE:K2E:@?@7:?E2?8:3=62DD6ED24BF:C65:?@FC24BF:D:E:@?D'FC
7:?2?4:2=DE2E6>6?EDH:==D9@HE92E@FC:?E2?8:3=62DD6ED2C65:>:?:D9:?8:?G2=F6 6G6?:7E9624BF:C653FD:?6DD6D2C6:?4C62D:?8@C?@E
5:>:?:D9:?8:?G2=F6642FD6@7E9:D5:D4C6A2?4J H636=:6G6@FC!, 2>62DFC6@77:?2?4:2=A6C7@C>2?46E92E5@6D?@E4@?7@C>
E@86?6C2==J2446AE65244@F?E:?8AC:?4:A=6DS(T AC@G:56D2>62?:?87F=>62DFC6@7@FC7:?2?4:2=A6C7@C>2?46 @H6G6C E96
:?G6DE>6?E4@>>F?:EJ86?6C2==J>62DFC6D2AF3=:44@>A2?JUDA6C7@C>2?463J:ED?6E:?4@>6FCE96C E967:?2?4:2=4@G6?2?ED@7@FC
4C65:E724:=:EJ25;FDE!,E@6I4=F564@DEDC6=2E65E@D92C6
32D654@>A6?D2E:@?2?5@E96C?@?
42D9492C86D,9FD H636=:6G6E92E
!,2?525;FDE65!,AC@G:562>62?:?87F=>62DFC6@7@FC7:?2?4:2=A6C7@C>2?46!7E96:?G6DE>6?E4@>>F?:EJ6=64EDE@
A=246>@C66>A92D:D@??6E:?4@>6 E967FEFC6AC:46@7@FC4@>>@?DE@4<4@F=53625G6CD6=J27764E65
$ 1$-.3.!+(& 3$#3.%.++.6 -8/ 13("4+ 1"1(3$1( .123 -# 1#2%.1(#$-3(%8(-& "04(2(3(.-" -#(# 3$2
'E96CE92?2DC6BF:C65F?56CE964C65:E724:=:EJ H62C6?@E@3=:82E65E@7@==@H2?JA2CE:4F=2C@A6C2E:?8 7:?2?4:2= 86@8C2A9:4@C@E96C
4C:E6C:2:?6G2=F2E:?842?5:52E6D7@CA@E6?E:2=24BF:D:E:@?D@C3FD:?6DD4@>3:?2E:@?D/6H:==56E6C>:?6E96AFC492D6AC:462?5@E96C
E6C>D2?54@?5:E:@?D@724BF:D:E:@?D'FCDE@4<9@=56CDH:==?@E92G6E96@AA@CEF?:EJE@6G2=F2E6E96C6=6G2?E64@?@>:4 7:?2?4:2=2?5
@E96C:?7@C>2E:@?E92E@FC>2?286>6?EE62>H:==FD62?54@?D:56C:?564:5:?8H96E96C@C?@EE@6?E6C:?E@2A2CE:4F=2CEC2?D24E:@?
$, 8!$1$04(1$#3.(-"41 2(&-(%(" -3 ,.4-3.%(-#$!3$#-$22(-.1#$13.24""$22%4++8(,/+$,$-3.41 "04(2(3(.-231 3$&8
+F3;64EE@E96C6DEC:4E:@?D4@?E2:?65F?56C@FC4FCC6?E4C65:E724:=:E:6D H6>2J36C6BF:C65E@:?4FC2D:8?:7:42?E2>@F?E@7:?563E65?6DD
:?@C56CE@4@>A=6E67FEFC624BF:D:E:@?D!7H62C6?@E23=6E@86?6C2E6DF77:4:6?E42D97=@H7C@>E96@A6C2E:@?D@724BF:C653FD:?6DD6D
E@>2<6D4965F=65A2J>6?ED@7AC:?4:A2=2?5:?E6C6DE@?E96:?563E65?6DD E96?H6H:==36C6BF:C65E@FD6@FC42A:E2=7@CDF49A2J>6?ED
,9:DH:==C6DEC:4E@FC23:=:EJE@>2<6255:E:@?2=24BF:D:E:@?D/6>2J2=D@367@C465E@D6==2?24BF:C653FD:?6DD:?@C56CE@D2E:D7J
:?563E65?6DD/642??@E3646CE2:?E92EH6H:==3623=6E@@A6C2E6AC@7:E23=J@?46H6:?4FCE9:D:?563E65?6DD@CE92EH6H:==3623=6E@
86?6C2E62DF77:4:6?E2>@F?E@7AC@4665D7C@>E96F=E:>2E65:DA@D:E:@?@7DF4924BF:C653FD:?6DD6DE@C6A2JE96:?563E65?6DD:?4FCC65
E@>2<6E96D624BF:D:E:@?D
$ , 8 $7/$1($-"$ #(%%("4+3($2 (- (-3$&1 3(-& 3'$ ./$1 3(.-2 /$12.--$+ -# 22$32 .% "04(1$# !42(-$22$2 3' 3 , 8 #(214/3 .41
!42(-$22#(+43$23."*'.+#$15 +4$ -# #5$12$+8 %%$"3.41./$1 3(-&1$24+32
4@C64@>A@?6?E@7@FC3FD:?6DDA=2?:DE@24BF:C63FD:?6DD6D2?52DD6ED:?E96EC2?DA@CE2E:@?2?5=@8:DE:4D:?5FDECJ,96C642?36?@
2DDFC2?46E92EH6H:==3623=6E@:56?E:7J 24BF:C6@CAC@7:E23=J>2?2863FD:?6DD6D@CDF446DD7F==J:?E68C2E624BF:C653FD:?6DD6D:?E@E96
@>A2?J H:E9@FE DF3DE2?E:2= 4@DED 56=2JD @C @E96C @A6C2E:@?2= @C 7:?2?4:2= AC@3=6>D +F49 24BF:D:E:@?D 2=D@ :?G@=G6 ?F>6C@FD
@A6C2E:@?2=C:D<D :?4=F5:?8
• 5:77:4F=E:6D:?:?E68C2E:?8@A6C2E:@?D E649?@=@8:6D D6CG:46D2?5A6CD@??6=
• E965:G6CD:@?@77:?2?4:2=2?5>2?286>6?EC6D@FC46D7C@>6I:DE:?8@A6C2E:@?D
• E96C:D<@76?E6C:?8?6H>2C<6ED
• E96A@E6?E:2==@DD@76I:DE:?8@C24BF:C65DEC2E68:4@A6C2E:?8A2CE?6CD7@==@H:?82?24BF:D:E:@?
• E96A@E6?E:2==@DD@7<6J6>A=@J66D7@==@H:?82?24BF:D:E:@?2?5E962DD@4:2E65C:D<@74@>A6E:E:G6677@CED7C@>DF4956A2CE65
A6CD@??6=
• A@DD:3=6=682=5:DAFE6DH:E9E9624BF:C654@>A2?J7@==@H:?82?24BF:D:E:@?2?5
• E96:?23:=:EJE@86?6C2E6DF77:4:6?EC6G6?F6E@@77D6E24BF:D:E:@?@C:?G6DE>6?E4@DED
!?46CE2:?24BF:D:E:@?D H6>2JC64@8?:K6?@?
42D982:?D@C=@DD6D@?492?86D:?72:CG2=F6@74@?E:?86?E4@?D:56C2E:@?/6:?4=F56
4@?E:?86?E4@?D:56C2E:@?32D65@?7FEFC67:?2?4:2=A6C7@C>2?462D2A@CE:@?@7E96AFC492D6AC:46@746CE2:?24BF:D:E:@?D,@E966IE6?E
E92E2?24BF:C65@A6C2E:@?F?56CA6C7@C>DC6=2E:G6E@2?E:4:A2E6562C?:?8D=6G6=D H62C623=6E@D6E
@7746CE2:?=6G6=D@77FEFC6F?A2:5
AFC492D6AC:467@CDF4924BF:C65@A6C2E:@?D,9:DH:==C6DF=E:?E96C64@8?:E:@?@72?@?
42D982:?@?E96492?86:?72:CG2=F6@74@?E:?86?E
4@?D:56C2E:@?!?E962=E6C?2E:G6 E@E966IE6?E2?24BF:C65@A6C2E:@?@FEA6C7@C>D2?E:4:A2E6562C?:?8D=6G6=D H6H:==C64@8?:K62?@?
42D96IA6?D6@?E96492?86:?72:CG2=F6@74@?E:?86?E4@?D:56C2E:@?,96D6?@?
42D982:?D2?56IA6?D6D>2J92G62>2E6C:2=:>A24E
@?@FC7:?2?4:2=C6DF=ED 2?5E96:>A24E4@F=536@AA@D:E6E@E96F?56C=J:?8C6DF=ED@7E9624BF:C65@A6C2E:@?
&@E 6G6CJ 24BF:D:E:@? :D DECF4EFC65 FE:=:K:?8 4@?E:?86?E 4@?D:56C2E:@? 'FC
24BF:D:E:@?D @7 /966=D 2?5 + 2?5 @FC
24BF:D:E:@?@7$@>2DH6C6DECF4EFC65H:E9@FEFD:?84@?E:?86?E4@?D:56C2E:@?/6H:==36F?23=6E@C65F46E96AFC492D6AC:46@7E96D6
6?E:E:6D:7E96JF?56CA6C7@C>C6=2E:G6E@2?E:4:A2E6562C?:?8D=6G6=D
+ (,2 & (-2342.1.3'$1+( !(+(3($26$(-"411$+ 3(-&3. -8 "04(2(3(.-.1!42(-$22".,!(- 3(.-, 8-$"$22(3 3$.412$$*(-&"+ (,2
& (-233'$2$++$1%.16'("'3'$2$++$1, 8-.3(-#$,-(%842.13' 3, 8$7"$$#3'$2$++$1<2(-#$,-(%(" 3(.-.!+(& 3(.-2
,96C6>2J36=:23:=:E:6DH62DDF>6:?2?J24BF:D:E:@?@C3FD:?6DD4@>3:?2E:@?E92EH65:5?@E5:D4@G6C@CF?56C6DE:>2E65:?E964@FCD6
@7A6C7@C>:?8@FC5F65:=:86?46:?G6DE:82E:@?D6==6CH:==?@C>2==J92G6:?56>?:7:42E:@?@3=:82E:@?DE@FDF?56C2?24BF:D:E:@?@C
>6C86C28C66>6?E 3FEE96D6@3=:82E:@?DH:==36DF3;64EE@7:?2?4:2==:>:E2E:@?D DF492D86?6C2=565F4E:3=6D2?5242A 2DH6==2DE:>6
=:>:E2E:@?D,96C642?36?@2DDFC2?46E92E@FCC:89EE@:?56>?:7:42E:@?7C@>2?JD6==6CH:==366?7@C4623=6 4@==64E:3=6@CDF77:4:6?E:?
2>@F?E D4@A6@C5FC2E:@?E@7F==J@77D6EE962>@F?E@72?JF?5:D4@G6C65@CF?56C6DE:>2E65=:23:=:E:6D?JDF49=:23:=:E:6D :?5:G:5F2==J
@C:?E96288C682E6 4@F=592G62>2E6C:2=25G6CD667764E@?@FC3FD:?6DD C6DF=ED@7@A6C2E:@?D@C7:?2?4:2=4@?5:E:@?
$, 8% "$".,/$3(3(.-%1.,/ 13($26'.2$++423'$(1!42(-$22$2 -#%1.,/1.%$22(.- +26'."$ 2$6.1*(-&%.142
!?4@??64E:@?H:E9@FC24BF:D:E:@?D H686?6C2==J@3E2:??@?
D@=:4:E2E:@?28C66>6?ED7C@>E96AC@76DD:@?2=DH69:C6 2DH6==2D?@?
4@>A6E:E:@?28C66>6?ED7C@>D6?:@C>2?286CD2?5AC@76DD:@?2=D,9628C66>6?EDAC@9:3:EDF49:?5:G:5F2=D7C@>4@>A6E:?8H:E9FD
5FC:?8E96E6C>@7E96:C6>A=@J>6?E2?57@C27:I65A6C:@527E6CH2C5D2?5D66<:?8E@D@=:4:E@FC6>A=@J66D@C4=:6?ED!?D@>642D6D
3FE?@E2== H6>2J@3E2:??@?
4@>A6E:E:@?@C?@?
D@=:4:E2E:@?28C66>6?ED7C@>A2CE:6DH9@D6==FDE96:C3FD:?6DD@C2DD6ED6CE2:?
24E:G:E:6D>2J3642CG65@FE@7@C@E96CH:D6>2J?@E36AC@9:3:E653JE96D62CC2?86>6?ED/642??@E2DDFC6E92E@?6@C>@C6@7E96
A2CE:6D7C@>H9@>H624BF:C62DD6ED@C23FD:?6DD@CH9@5@?@E;@:?FD@C=62G6@FC6>A=@J>6?EH:==?@E4@>A6E6H:E9FD@CD@=:4:E
@FC6>A=@J66D@C4=:6?ED:?E967FEFC6G6?:7F=E:>2E6=JC6D@=G65:?@FC72G@C 2?J=:E:82E:@?2DD@4:2E65H:E9E96?@?
4@>A6E:E:@?@C
?@?
D@=:4:E2E:@? 28C66>6?ED 4@F=5 36 E:>6 4@?DF>:?8 4@DE=J 2?5 5:DEC24E >2?286>6?EUD 7@4FD 7C@> =@42E:?8 DF:E23=6 24BF:D:E:@?
42?5:52E6D2?5@A6C2E:?8@FC3FD:?6DD%@C6@G6C DE2E6D2?57@C6:8?;FC:D5:4E:@?D>2J:?E6CAC6EC6DEC:4E:@?D@?4@>A6E:E:@??2CC@H=J2?5
:?72G@C@76>A=@J66D
$4>6>$07,?0/?::@=:88:9%?:.6
'$, 1*$3/1("$.%.41".,,.-23."*, 8%+4"34 3$2(&-(%(" -3+8 -#3'(2, 8, *$(3#(%%("4+3%.18.43.1$2$++.41".,,.-23."*
33(,$2.1 3/1("$28.4%(-# 331 "3(5$
,96>2C<6EAC:46@7@FC4@>>@?DE@4<>2J7=F4EF2E6D:8?:7:42?E=J2D2C6DF=E@72?F>36C@7724E@CD >2?J@7H9:492C6@FED:56@FC
4@?EC@=,964FCC6?E>2C<6EAC:46@7@FC4@>>@?DE@4<>2J?@E36:?5:42E:G6@77FEFC6>2C<6EAC:46D=F4EF2E:@?D>2J@44FC:?C6DA@?D6
E@E96@E96CC:D<724E@CD=:DE65:?E9:DAC@DA64EFDDFAA=6>6?E2?57@C>2?J@E96CC62D@?D :?4=F5:?8
• 24EF2=@C2?E:4:A2E65G2C:2E:@?D:?62C?:?8D 7:?2?4:2=@C@A6C2E:?8A6C7@C>2?46@C=:BF:5:EJ :?4=F5:?8E9@D6C6DF=E:?87C@>
E96D62D@?2=:EJ@7@FC3FD:?6DD
• @FC7:?2?4:2=A6C7@C>2?46@CE96A6C7@C>2?46@7@FC4@>A6E:E@CD2?5D:>:=2C4@>A2?:6D
• E96AF3=:4UDC624E:@?E@@FCAC6DDC6=62D6D @E96CAF3=:42??@F?46>6?ED2?57:=:?8DH:E9E96+
• 492?86D:?6DE:>2E6D@7@FCA6C7@C>2?46@CC64@>>6?52E:@?D3JD64FC:E:6D2?2=JDED
• 72:=FC6E@>66ED64FC:E:6D2?2=JDEDUBF2CE6C=J2?52??F2=AC@;64E:@?D
• E96:>A24E@7?6H7656C2=@CDE2E6C68F=2E:@?D
• 492?86D:?244@F?E:?8DE2?52C5D A@=:4:6D 8F:52?46 :?E6CAC6E2E:@?D@CAC:?4:A=6D
• E96:?EC@5F4E:@?@7?6HD6CG:46D3JFD@C@FC4@>A6E:E@CD
• E962CC:G2=@C56A2CEFC6@7<6JA6CD@??6=
• 24BF:D:E:@?D DEC2E68:42==:2?46D@C;@:?EG6?EFC6D:?G@=G:?8FD@C@FC4@>A6E:E@CD
• E649?@=@8:42=:??@G2E:@?D@C@E96CEC6?5D:?@FC:?5FDECJ
• ?6HD27764E:?8@FC4FDE@>6CD
• @A6C2E:?82?5DE@4<A6C7@C>2?46@7@E96C4@>A2?:6D566>65E@36A66CD
• C68F=2E@CJ@C=23@C4@?5:E:@?D2AA=:423=6E@FD @FC:?5FDECJ@CE96:?5FDEC:6DH6D6CG6
• >2C<6E4@?5:E:@?D:?@FC:?5FDECJ E96:?5FDEC:6DH6D6CG6 E967:?2?4:2=>2C<6ED2?5E9664@?@>J2D2H9@=6
• 492?86D:?@FC42A:E2=DECF4EFC62?5
• D2=6D@7@FC4@>>@?DE@4<3JFD@C>6>36CD@7@FC>2?286>6?EE62>
!? 255:E:@? E96 DE@4< >2C<6E 9:DE@C:42==J 92D 6IA6C:6?465 D:8?:7:42?E AC:46 2?5 G@=F>6 7=F4EF2E:@?D ,96D6 7=F4EF2E:@?D 2C6 @7E6?
F?C6=2E65E@E96@A6C2E:?8A6C7@C>2?46@72A2CE:4F=2C4@>A2?J,96D63C@25>2C<6E7=F4EF2E:@?D>2J42FD6564=:?6D:?E96>2C<6EAC:46
@7@FC4@>>@?DE@4<
.@=2E:=:EJ:?E96>2C<6EAC:46@7@FC4@>>@?DE@4<>2J>2<6:E5:77:4F=E7@CJ@FE@C6D6==D92C6D@7@FC4@>>@?DE@4<H96?J@FH2?E
@C2E2EEC24E:G6AC:46D!?255:E:@? H96?E96>2C<6EAC:46@724@>A2?JUD4@>>@?DE@4<5C@ADD:8?:7:42?E=J DE@4<9@=56CD@7E6?:?DE:EFE6
D64FC:E:6D4=2DD24E:@?=2HDF:ED282:?DEE96@>A2?J=2HDF:E282:?DEFD4@F=542FD6FDE@:?4FCDF3DE2?E:2=4@DED :?4=F5:?8D6EE=6>6?E
4@DED@C2H2C5D7@C=682=52>286D 2?54@F=55:G6CEE96E:>62?52EE6?E:@?@7@FC>2?286>6?E2?5@E96CC6D@FC46D
1.5(2(.-2.%.41"$13(%(" 3$.%(-".1/.1 3(.-!8+ 62 -#$+ 6 1$+ 6, 8, *$ ".-3$23$#3 *$.5$1,.1$#(%%("4+3
6CE2:?AC@G:D:@?D@7@FC46CE:7:42E6@7:?4@CA@C2E:@? 3J=2HD2?5E966?6C2=@CA@C2E:@?$2H@7E96+E2E6@76=2H2C6S$T
4@F=556E6C2492?86:?@FC>2?286>6?E@CC6?56C>@C65:77:4F=E2?2EE6>AEE@@3E2:?4@?EC@=@7FD 6G6?:7DF492AC@A@D2=:D72G@C65
3J2>2;@C:EJ@7@FCDE@4<9@=56CD@C6I2>A=6 H62C6DF3;64EE@E96AC@G:D:@?D@7E96$E92EAC@9:3:E2AF3=:46=2H2C64@CA@C2E:@?
7C@>6?828:?8:?23C@25C2?86@73FD:?6DD4@>3:?2E:@?DH:E92A6CD@?H9@ E@86E96CH:E9277:=:2E6D2?52DD@4:2E6D @H?D@C>@C6
@7 DF49 4@CA@C2E:@?UD @FEDE2?5:?8 G@E:?8 D92C6D 2? S:?E6C6DE65 DE@4<9@=56CT 7@C E9C66 J62CD 27E6C E96 A6CD@? 3642>6 2? :?E6C6DE65
DE@4<9@=56C F?=6DDE963FD:?6DD4@>3:?2E:@?:D2AAC@G65:?2AC6D4C:365>2??6C'FC46CE:7:42E6@7:?4@CA@C2E:@?AC@G:56DE92E5:C64E@CD
>2J@?=J36C6>@G657@C42FD63JE96277:C>2E:G6G@E6@7@7@FC@FEDE2?5:?8D92C6D2?5E92E2>6?5>6?EDE@@FC3J=2HDC6BF:C6E96
277:C>2E:G6G@E6@79@=56CD@7EH@
E9:C5D@7@FC@FEDE2?5:?8D92C6D'FC46CE:7:42E6@7:?4@CA@C2E:@?2=D@:?4=F56DF?56D:8?2E65AC676CC65
DE@4< H9:49>2J6?23=6@FC3@2C5@75:C64E@CDE@5:D4@FC2862?2EE6>AEE@@3E2:?4@?EC@=@7FD3J>62?D@72E6?56C@776C AC@IJ4@?E6DE
>6C86C@C@E96CH:D6:?2==J @FC3J=2HD:?4=F562?25G2?46?@E:46AC@465FC67@CDE@4<9@=56CDE@?@>:?2E65:C64E@CD@CDF3>:EAC@A@D2=D
2E2DE@4<9@=56CD>66E:?8
'$(224 -"$.% ##(3(.- +2' 1$2, 81$24+3(- ##(3(.- +#(+43(.-3..41$7(23(-&23."*'.+#$12
E2?JE:>6 H6>2J>2<6AC:G2E6@776C:?8D@7@FCD64FC:E:6D/692G6:DDF65 2?5>2J36C6BF:C65E@:DDF6 255:E:@?2=D92C6D@74@>>@?
DE@4<@C4@>>@?DE@4<6BF:G2=6?ED:?A2J>6?E@7E96AFC492D6AC:46@73FD:?6DD6DH692G624BF:C65,9:DH:==92G6E9667764E@77FCE96C
:?4C62D:?8E96?F>36C@7D92C6D@FEDE2?5:?8!?4@??64E:@?H:E97FEFC624BF:D:E:@?D H6>2JF?56CE2<6E96:DDF2?46@7>@C6D92C6D@7
4@>>@?DE@4<H:E9@FE?@E:46E@@FCE96?6I:DE:?8DE@4<9@=56CD/6>2J2=D@:DDF6255:E:@?2=D92C6D:?@C56CE@ 2>@?8@E96CE9:?8D
4@>A6?D2E66>A=@J66D@C4@?DF=E2?ED@C7@C@E96CG2=:53FD:?6DDC62D@?D:?E965:D4C6E:@?@7@FC3@2C5@75:C64E@CD H9:494@F=5C6DF=E
:?5:=FE:?8E96:?E6C6DED@7@FC6I:DE:?8DE@4<9@=56CD
,966I6C4:D6@C4@?G6CD:@?@7@FC@FEDE2?5:?8@AE:@?D H2CC2?ED@C@E96C4@?G6CE:3=6D64FC:E:6D@C2?J56C:G2E:G6D64FC:E:6DH6:DDF6:?
E967FEFC6H:==C6DF=E:?E965:=FE:@?@7E96@H?6CD9:A:?E6C6DED@7@FC6I:DE:?8DE@4<9@=56CD2?5>2J4C62E65@H?H2C5AC6DDFC6@?E96
EC25:?8AC:46@7@FC4@>>@?DE@4</62C64FCC6?E=J2FE9@C:K65E@:DDF6
>:==:@?D92C6D@74@>>@?DE@4<D@7+6AE6>36C
H6925
@FEDE2?5:?8D92C6D@74@>>@?DE@4</6>2J:?E967FEFC6:DDF6FAE@ 255:E:@?2=D92C6D@7@FC4@>>@?
DE@4<FA@?6I6C4:D6@76I:DE:?8@AE:@?D
%6$ 1$4- !+$3./ 804 13$1+8#(5(#$-#23.3'$'.+#$12.%.41$1($21$%$11$#' 1$26$, 8!$24!)$"33. ##(3(.- +/$- +3($2
-#1$04(1$,$-32 ++.%6'("'".4+#' 5$ -$& 3(5$$%%$"3.-3'$'.+#$12.%.41".,,.-23."*
/62C6C6BF:C65E@A2JBF2CE6C=J5:G:56?5D@?E96D92C6D@7@FC+6C:6D(C676CC65+92C6D6BF2=E@A6C2??F>A6C
DE2E65
=:BF:52E:@?AC676C6?46A6C+6C:6D(C676CC65+92C6!7H65@?@EA2J5:G:56?5D:?7F==@?E96+6C:6D(C676CC65+92C6D@?2?JEH@
5:G:56?5A2J>6?E52E6DH96E96C4@?D64FE:G6@C?@E E96?E96A6C2??F>5:G:56?5C2E6H:==:?4C62D63J2?255:E:@?2=
A6C
DE2E65=:BF:52E:@?AC676C6?46 @C
A6C2??F>A6C+6C:6D(C676CC65+92C6 4@>>6?4:?8@?2?527E6CE9652J7@==@H:?8DF49D64@?5
5:G:56?5A2J>6?E52E6'?6249DF3D6BF6?E5:G:56?5A2J>6?E52E6@?H9:4942D95:G:56?5D@?E96+6C:6D(C676CC65+92C6D2C6?@E
564=2C652?5A2:5 E962??F2=5:G:56?5C2E6@?E96+6C:6D(C676CC65+92C6DA2J23=6D92==:?4C62D63J2?255:E:@?2=
A6C2??F>
A6C
DE2E65=:BF:52E:@?AC676C6?46A6C+6C:6D(C676CC65+92C6 FAE@2>2I:>F>2??F2=5:G:56?5C2E6@?E96+6C:6D(C676CC65
+92C6D@7
,96:?4C62D6:?5:G:56?5C2E6DH@F=592G6256EC:>6?E2=67764E@?E96G2=F6@7E96@>A2?J2?5E969@=56CD@7:ED
4@>>@?DE@4<
56D4C:365C6DEC:4E:@?D@?E9623:=:EJ@7@FCDF3D:5:2C:6DE@86?6C2E62?5EC2?D76C42D9E@FD
• 2?J@7E966G6?ED56D4C:365@FC7:=:?8DH:E9E96+@CE965@4F>6?ED:?4@CA@C2E653JC676C6?4696C6:?@CE96C6:?E92E:>A24E
@FC7FEFC67:?2?4:2=A@D:E:@?@CA6C7@C>2?46
• @FC23:=:EJE@D6CG:462?5C67:?2?46@FC4FCC6?E2?57FEFC6:?563E65?6DD
• 492?86D:?@FC42D9C6BF:C6>6?EDE@7F?542A:E2=6IA6?5:EFC6D 24BF:D:E:@?D@C@E96C@A6C2E:@?2=@CDEC2E68:4:?:E:2E:G6D
• @FC23:=:EJE@3@CC@H@CC2:D6255:E:@?2=42A:E2=E@D2E:D7J@FC42A:E2=?665D
• C6DEC:4E:@?D:>A@D653J@FC6I:DE:?8 @C2?J7FEFC6 4C65:E724:=:E:6D 563ED64FC:E:6D@C=62D6D :?4=F5:?8C6DEC:4E65A2J>6?E
2?5=6G6C2864@G6?2?EDE92E4@F=5=:>:E@FC23:=:EJE@>2<6A2J>6?EDE@9@=56CD@7E96+6C:6D(C676CC65+92C6D2?5
• =:>:E2E:@?D@?42D9A2J>6?EDE@DE@4<9@=56CDF?56C6=2H2C6=2H :?4=F5:?8=:>:E2E:@?DE92EC6BF:C65:G:56?5A2J>6?ED36
>256@FE@7DFCA=FD@C DF3;64EE@46CE2:?=:>:E2E:@?D @FE@7?6EAC@7:ED7@CE96E96?
4FCC6?E@CAC6465:?8J62C:?E966G6?E
E96C6:D?@DFCA=FD
'$$1($21$%$11$#' 1$2' 5$-.3!$$-1 3$# -#3'$+ "*.% 1 3(-&, 8 #5$12$+8 %%$"33'$31 #(-&/1("$.%3'$$1($2
1$%$11$#' 1$2
/692G6?@ED@F89EE@@3E2:?2C2E:?87@CE96+6C:6D(C676CC65+92C6D 2?5E96D92C6D>2J?6G6C36C2E65!E:DA@DD:3=6 9@H6G6C E92E
@?6@C>@C6C2E:?8286?4:6D>:89E:?56A6?56?E=J56E6C>:?6E@2DD:8?2C2E:?8E@E96+6C:6D(C676CC65+92C6D@CE92EH6>2J6=64EE@
@3E2:?2C2E:?8@7@FC+6C:6D(C676CC65+92C6D:?E967FEFC6!?255:E:@? H6>2J6=64EE@:DDF6@E96CD64FC:E:6D7@CH9:49H6>2JD66<
E@@3E2:?2C2E:?8,96>2C<6EG2=F6@7E96+6C:6D(C676CC65+92C6D4@F=53625G6CD6=J27764E65:7
• 2?JC2E:?8D2DD:8?65E@E96+6C:6D(C676CC65+92C6D:?E967FEFC6@CE@@E96CD64FC:E:6DH6:DDF6:?E967FEFC62C6=@H6CE92?
>2C<6E6IA64E2E:@?D@C2C6DF3D6BF6?E=J=@H6C65@CH:E95C2H? @C
• C2E:?8D7@CDF49@E96CD64FC:E:6DH@F=5:>A=J2=@H6CC6=2E:G6G2=F67@CE96+6C:6D(C676CC65+92C6D
41$1($21$%$11$#' 1$2 1$)4-(.13..41#$!3+( !(+(3($2 -#+$ 2$.!+(& 3(.-23'$#$!3 -#.3'$1+( !(+(3($2.%.4124!2(#( 1($2
-#3'(1#/ 138'.+#$12.%$04(38(-3$1$232(-.4124!2(#( 1($2 -#3'$(-3$1$232".4+#!$#(+43$#!8.41(224 -"$.% ##(3(.- +2' 1$2
.%/1$%$11$#23."*(-"+4#(-& ##(3(.- +$1($21$%$11$#' 1$2 -#!8.3'$131 -2 "3(.-2
'FC+6C:6D(C676CC65+92C6D2C6DF3@C5:?2E65E@2==@7@FC6I:DE:?82?57FEFC6:?563E65?6DD2?5=62D6@3=:82E:@?DD@7"F?6
H62?5@FCDF3D:5:2C:6D925@FEDE2?5:?8:?563E65?6DD2?5=:23:=:E:6D@72AAC@I:>2E6=J>:==:@? 2==@7H9:49:DD6?:@C:?C:89E@7
A2J>6?EE@E96+6C:6D(C676CC65+92C6D'FC6I:DE:?8:?563E65?6DDC6DEC:4ED 2?5@FC7FEFC6:?563E65?6DD>2J:?4=F56C6DEC:4E:@?D@?
@FC23:=:EJE@A2J5:G:56?5DE@AC676CC65DE@4<9@=56CD
'FC46CE:7:42E6@7:?4@CA@C2E:@?4FCC6?E=J2FE9@C:K6DE96:DDF2?46@7FAE@7:G6>:==:@?D92C6D@7AC676CC65DE@4<:?@?6@C>@C64=2DD6D
@CD6C:6D 2?5H6H:==36A6C>:EE65 H:E9@FE?@E:46E@@C4@?D6?E@7E969@=56CD@7+6C:6D(C676CC65+92C6D E@:DDF6255:E:@?2=+6C:6D
(C676CC65+92C6D@C@E96CD64FC:E:6DE92E92G6C:89ED;F?:@CE@DF49D92C6D FAE@E96>2I:>F>288C682E6?F>36C@72FE9@C:K65D92C6D@7
@FCAC676CC65DE@4<,96:DDF2?46@7255:E:@?2=AC676CC65DE@4<@?2A2C:EJH:E9@CD6?:@CE@@FC+6C:6D(C676CC65+92C6DH@F=55:=FE6
E96:?E6C6DED@7E969@=56CD@7@FC+6C:6D(C676CC65+92C6D 2?52?J:DDF2?46@7AC676CC65DE@4<D6?:@CE@@C@?2A2C:EJH:E9@FC+6C:6D
(C676CC65+92C6D@C@7255:E:@?2=:?563E65?6DD4@F=525G6CD6=J27764E@FC23:=:EJE@A2J5:G:56?5D@? C6566>@CA2JE96=:BF:52E:@?
AC676C6?46@?@FC+6C:6D(C676CC65+92C6D
I46AE:?=:>:E654:C4F>DE2?46D ?@AC@G:D:@?DC6=2E:?8E@@FC+6C:6D(C676CC65+92C6DAC@E64EE969@=56CD@7@FC+6C:6D(C676CC65
+92C6D:?E966G6?E@729:89=J=6G6C2865@C@E96CEC2?D24E:@? :?4=F5:?82>6C86C@CE96D2=6 =62D6@C4@?G6J2?46@72==@CDF3DE2?E:2==J
2==@FC2DD6ED@C3FD:?6DD 2?J@7H9:49>:89E25G6CD6=J27764EE969@=56CD@7@FC+6C:6D(C676CC65+92C6D
-?:E65+E2E6D
,6>A6 C:K@?2 %6?5@E2 6:89ED %:??6D@E2 @=4C@7E (6??DJ=G2?:2
2CD@? 2=:7@C?:2 +@FE92G6? %:DD:DD:AA: %:55=6E@H? (6??DJ=G2?:2
/@@5C:586 !==:?@:D 5:D@? &6H"6CD6J C8J=6 ,6I2D
63C@? #6?EF4<J "2>2:42 &6H1@C< $2C65@ ,6I2D
$@F:DG:==6 #6?EF4<J /@@53FCJ &6H1@C< %4==6? ,6I2D
,2J=@C %:49:82? (@CE=2?5 'C68@?
2?252
6=E2 C:E:D9@=F>3:2 %:DD:DD2F82 '?E2C:@ $2G2= )FL364
C2>AE@? '?E2C:@
/636=:6G6@FC4FCC6?E@77:46D2?5H2C69@FD6D2C6256BF2E6=J4@G6C653J:?DFC2?462?52C6DF77:4:6?EE@DFAA@CE@FC@A6C2E:@?D7@CE96
7@C6D6623=67FEFC6
"$&
&
$& !$ $%&$ &F% !! #'&+ $& %&!!$ &&$% %%'$
"'$%%!#'&+%'$&%
,=60?91:=8,?4:9
'FC4@>>@?DE@4<EC256D@?E96&1+>6C:42?F?56CE96DJ>3@=S*$,T,967@==@H:?8E23=6DE2E6DE969:892?5=@HD2=6DAC:46
A6CD92C6@7@FC4@>>@?DE@4<7@C624942=6?52CBF2CE6C5FC:?8@FCA2DEEH@7:D42=J62CD2DC6A@CE653JE96&1+>6C:42?,96
4=@D:?8AC:46@7@FC4@>>@?DE@4<2DC6A@CE65@?E96&1+>6C:42?@?+6AE6>36C
H2DA6CD92C6
:89 $@H
162C6?565"F?6
)F2CE6C6?565"F?6
)F2CE6C6?565%2C49
)F2CE6C6?565646>36C
)F2CE6C6?565+6AE6>36C
162C6?565"F?6
)F2CE6C6?565"F?6
)F2CE6C6?565%2C49
)F2CE6C6?565646>36C
)F2CE6C6?565+6AE6>36C
:7/0=>
D@7+6AE6>36C
E96?F>36C@7DE@4<9@=56CD@7C64@C5@7@FC4@>>@?DE@4<H2D
,9:D7:8FC65@6D?@E:?4=F5628C62E6C
?F>36C@736?67:4:2=9@=56CD@7@FC4@>>@?DE@4< H9@D6D92C6D2C696=5@7C64@C53J32?<D 3C@<6CD2?5@E96C7:?2?4:2=:?DE:EFE:@?D
4A4/09/":74.D
/6 92G6 ?6G6C 564=2C65 @C A2:5 42D9 5:G:56?5D @? @FC 4@>>@? DE@4< !? 255:E:@? H6 2?5 @FC DF3D:5:2C:6D 2C6 DF3;64E E@ 46CE2:?
C6DEC:4E:@?D @? 564=2C:?8 5:G:56?5D F?56C @FC 6I:DE:?8 4C65:E 724:=:E:6D 2?5 E96 6CE:7:42E6 @7 6D:8?2E:@? @7 @FC +6C:6D
F>F=2E:G6 *6566>23=6 (6CA6EF2= (C676CC65 +E@4< /6 4FCC6?E=J 5@ ?@E 2?E:4:A2E6 564=2C:?8 @C A2J:?8 2?J 42D9 5:G:56?5D :? E96
7@C6D6623=67FEFC6@?@FC4@>>@?DE@4<?J7FEFC656E6C>:?2E:@?E@564=2C642D95:G:56?5D@?@FC4@>>@?DE@4<H:==36>2562EE96
5:D4C6E:@?@7@FC3@2C5@75:C64E@CD DF3;64EE@2AA=:423=6=2HD2?54@?EC24EF2=C6DEC:4E:@?D 2?5H:==56A6?5@?@FC7:?2?4:2=4@?5:E:@?
C6DF=ED@7@A6C2E:@?D 42A:E2=C6BF:C6>6?ED 86?6C2=3FD:?6DD4@?5:E:@?D2?5@E96C724E@CDE92E@FC3@2C5@75:C64E@CD>2J566>C6=6G2?E
&=,9>10=209?
,96EC2?D76C286?E2?5C68:DEC2C7@C@FC4@>>@?DE@4<:DC@25C:586@CA@C2E6!DDF6C+@=FE:@?D !?4,96EC2?D76C286?E2?5C68:DEC2CUD
255C6DD:DC49+EC66E +F:E6
(9:=256=A9:2 (6??DJ=G2?:2
$0.09?>>@,9.0:1'9=024>?0=0/%0.@=4?40>
C@>"F=J
E9C@F89E9652E6@7E9:DC6A@CEH6:DDF65E967@==@H:?8F?C68:DE6C65D64FC:E:6D
• !?+6AE6>36C
H6:DDF65
D92C6D@74@>>@?DE@4<E@+.,:?D2E:D724E:@?@7
@7E96AFC492D6AC:462?5
• !?&@G6>36C
H6:DDF65
D92C6D@74@>>@?DE@4<:?D2E:D724E:@?@7
>:==:@?@7G2C:@FD62C?
@FEA2J>6?ED
7@CE96A6C:@56?565"F?6
/65:5?@EFE:=:K6@C6?82862AC:?4:A2=F?56CHC:E6C:?4@??64E:@?H:E9E9623@G6D64FC:E:6DEC2?D24E:@?D,9623@G6D64FC:E:6DH6C6@?=J
@776C65 D@=5E@@CEC2?D24E65H:E962C?
@FEDE@S244C65:E65:?G6DE@CDT2DE92EE6C>:D567:?65:?*F=6
@7*68F=2E:@? AC@>F=82E65
F?56CE96+64FC:E:6D4E@7 2D2>6?565%2?286>6?E36=:6G6DE9623@G6D92C6D@74@>>@?DE@4<H6C6:DDF65AFCDF2?EE@E96
6I6>AE:@?7C@>C68:DEC2E:@?F?56C+64E:@?2@7E96+64FC:E:6D4E@7 2D2>6?565
&%& &
&@E2AA=:423=6
& &F% %'%%! +%% ! ! &! $%'&% !
!"$&! %
,96 7@==@H:?8 5:D4FDD:@? 2?5 2?2=JD:D @7 @FC 7:?2?4:2= 4@?5:E:@? 2?5 C6DF=E @7 @A6C2E:@?D D9@F=5 36 C625 :? 4@?;F?4E:@? H:E9 E96
4@?D@=:52E657:?2?4:2=DE2E6>6?ED2?5E96C6=2E65?@E6D2?5@E96C:?7@C>2E:@?:?4=F5656=D6H96C6:?E9:DC6A@CE
!A0=A40B
/6@A6C2E62D2E9:C5
A2CEJ=@8:DE:4D4@>A2?J AC@G:5:?8>F=E:
>@52=EC2?DA@CE2E:@?2?5=@8:DE:4DD6CG:46DAC:>2C:=J:?E96-?:E65+E2E6D
2?52?252/6D6CG:462=2C862?55:G6CD:7:65244@F?E32D64@?D:DE:?8@74@?DF>6C8@@5D 7@@52?536G6C286 >2?F724EFC:?82?5C6E2:=
4FDE@>6CD H9:49 H6 DFAA@CE 7C@> 2? 6IE6?D:G6 ?6EH@C< @7 @A6C2E:?8 =@42E:@?D 24C@DD &@CE9 >6C:42 2D H6== 2D 2? :?E68C2E65
:?E6C?2E:@?2=D6CG:46A2CE?6C?6EH@C<=@42E65:?@E96C<6J>2C<6ED2C@F?5E968=@36/6AC@G:56E96D6D6CG:46DE9C@F892>F=E:
3C2?5
?6EH@C< H9:49 :?4=F56D @G6C
=@42E:@?D @A6C2E65 6I4=FD:G6=J @? @FC 3692=7 3J :?56A6?56?E 286?ED H9@ H6 2=D@ C676C E@ 2D @FC
SDEC2E68:4 @A6C2E:?8 A2CE?6CDT 2D H6== 2D 2AAC@I:>2E6=J
@>A2?J
@H?65 @77:46D D 2 E9:C5
A2CEJ =@8:DE:4D 4@>A2?J H6 92G6
2AAC@I:>2E6=J
2DD6E
32D65EC2?DA@CE2E:@?4@>A2?:6D :?4=F5:?8>@E@C42CC:6CD C2:=C@25D 2:C=:?6D2?5@462?=:?6D:?@FC42CC:6C
?6EH@C</636=:6G6D9:AA6CDG2=F6@FCD6CG:46D3642FD6H62C623=6E@@3;64E:G6=J2CC2?86E96>@DE677:4:6?E2?54@DE
67764E:G6>62?D
EJA62?5AC@G:56C@7EC2?DA@CE2E:@?D6CG:46H:E9@FEF?5F6:?7=F6?4642FD653JE96@H?6CD9:A@7EC2?DA@CE2E:@?2DD6ED!?255:E:@? @FC
>:?:>2=:?G6DE>6?E:?A9JD:42=2DD6ED277@C5DFDE96@AA@CEF?:EJ7@C29:896CC6EFC?@?:?G6DE6542A:E2=2?5?6E42D97=@HDE92?@FC2DD6E
32D654@>A6E:E@CD
,9C@F89@FC@A6C2E:?8=@42E:@?D24C@DD&@CE9>6C:42 H6@776C5@>6DE:42?5:?E6C?2E:@?2=2:C2?5@462?7C6:89E7@CH2C5:?8D6CG:46D
2?57C6:89E3C@<6C286D6CG:46D:?4=F5:?8ECF4<=@25D6CG:46D $,$D6CG:46D 2?5:?E6C>@52=D6CG:46D H9:49:DE96>@G6>6?E@77C6:89E:?
EC2:=6CD@C4@?E2:?6CD3J4@>3:?2E:@?@7ECF4<2?5C2:='FCAC:>2CJ3FD:?6DD@A6C2E:@?D:?G@=G62CC2?8:?8E96D9:A>6?E @?3692=7@7@FC
4FDE@>6CD @7>2E6C:2=D AC@5F4ED 6BF:A>6?E2?5@E96C8@@5DE92E2C686?6C2==J=2C86CE92?D9:A>6?ED92?5=653J:?E68C2E6542CC:6CD@7
AC:>2C:=JD>2==A2C46=D DF492D65I $2?5-(+'FCD6CG:46D:?4=F56 2CC2?8:?82?5>@?:E@C:?82==2DA64ED@7>2E6C:2=7=@H
24E:G:EJFE:=:K:?825G2?465:?7@C>2E:@?E649?@=@8JDJDE6>D/62=D@AC@G:56@E96CG2=F6
25565=@8:DE:4DD6CG:46D :?4=F5:?84FDE@>D
3C@<6C2862?5%%D@=FE:@?DE@4@>A=6>6?E@FC4@C6EC2?DA@CE2E:@?D6CG:46@776C:?8
/66IA64EE@8C@H@FC3FD:?6DD@C82?:42==J2?53J4@>A=6E:?824BF:D:E:@?D@7@E96C4@>A2?:6DH:E94@>A=6>6?E2CJ86@8C2A9:42?5
=@8:DE:4DD6CG:46@776C:?8D'FC@C82?:48C@HE9DEC2E68JH:==4@?E:?F6E@7@4FD@?DEC6?8E96?:?86I:DE:?82?56IA2?5:?8?6H4FDE@>6C
C6=2E:@?D9:AD=6G6C28:?8E9636?67:E@7@FCECF4<3C@<6C2862?5:?E6C>@52=D6CG:46@776C:?8D H9:=64@?E:?F:?8@FC677@CED@?E96@C82?:4
3F:=5
@FE@7@FC?6EH@C<@7DEC2E68:4@A6C2E:?8A2CE?6C=@42E:@?D!?255:E:@?E@@FC7@4FD@?@C82?:48C@HE9 H64@?E:?F6E@D62C497@C
24BF:D:E:@?42?5:52E6DE92E3C:?8E@@FC4FCC6?EA=2E7@C>24C:E:42=>2DD7C@>286@8C2A9:42?5@CAFC492D:?8A@H6CDE2?5A@:?E2=@?8
H:E94@>A=6>6?E2CJD6CG:46@776C:?8DDH64@?E:?F6E@8C@H2?5D42=6@FC3FD:?6DD H636=:6G6E92EH62C64C62E:?856?D:EJ:?@FC
EC256=2?6DH9:494C62E6D@AA@CEF?:E:6D7@CFDE@>@C6677:4:6?E=JD@FC462?5>2?286@FCEC2?DA@CE2E:@?42A24:EJ!?255:E:@? H6C6>2:?
7@4FD65@?=6G6C28:?8@FC324<
@77:46:?7C2DECF4EFC6E@5C:G6AC@5F4E:G:EJ:>AC@G6>6?E24C@DDE96@C82?:K2E:@?
"0=1:=8,9.00?=4.>
'FCAC:?4:A2=D@FC46@7:?4@>6:D56C:G657C@>7C6:89E7@CH2C5:?82?57C6:89E3C@<6C286D6CG:46DH6AC@G:56E@@FC4FDE@>6CDD2
E9:C5
A2CEJ =@8:DE:4D AC@G:56C H6 2CC2?86 7@C E96 D9:A>6?E @7 @FC 4FDE@>6CDU 7C6:89E 7C@> A@:?E @7 @C:8:? E@ A@:?E @7 56DE:?2E:@?
6?6C2==J H6 BF@E6 @FC 4FDE@>6CD 2 EFC?<6J 4@DE 7@C E96 >@G6>6?E @7 E96:C 7C6:89E 'FC AC:46 BF@E6 H:== @7E6? 56A6?5 FA@? E96
4FDE@>6CUD E:>6
567:?:E6 ?665D 7:CDE 52J E9C@F89 7:7E9 52J 56=:G6CJ DA64:2= 92?5=:?8 ?665D 962GJ 6BF:A>6?E 56=:42E6 :E6>D
6?G:C@?>6?E2==JD6?D:E:G68@@5D 6=64EC@?:44@>A@?6?ED 6E4 2?5E96>62?D@7EC2?DA@CE>@E@C42CC:6C 2:C @462?@CC2:=!?EFC? H6
2DDF>6E96C6DA@?D:3:=:EJ7@C2CC2?8:?82?5A2J:?87@CE96F?56C=J:?8>62?D@7EC2?DA@CE2E:@?
'FCEC2?DA@CE2E:@?C6G6?F6C6AC6D6?EDE96E@E2=5@==2CG2=F6@7D6CG:46DH6D6==E@@FC4FDE@>6CD'FC4@DE@7EC2?DA@CE2E:@?:?4=F56D
5:C64E4@DED@7EC2?DA@CE2E:@? :?4=F5:?8>@E@C42CC:6C 2:C @462?2?5C2:=D6CG:46D'FC?6EEC2?DA@CE2E:@?C6G6?F68C@DDEC2?DA@CE2E:@?
C6G6?F6=6DDE965:C64E4@DE@7EC2?DA@CE2E:@?:DE96AC:>2CJ:?5:42E@C@7@FC23:=:EJE@D@FC46 255G2=F62?5C6D6==D6CG:46DAC@G:5653J
E9:C5
A2CE:6D 2?5 :D 4@?D:56C65 3J >2?286>6?E E@ 36 2 <6J A6C7@C>2?46 >62DFC6 !? 255:E:@? >2?286>6?E 36=:6G6D >62DFC:?8 :ED
@A6C2E:?84@DED2D27F?4E:@?@7?6EEC2?DA@CE2E:@?C6G6?F6AC@G:56D2FD67F=>6EC:4 2D@FC23:=:EJE@4@?EC@=4@DED2D27F?4E:@?@7?6E
EC2?DA@CE2E:@?C6G6?F65:C64E=J:>A24ED@A6C2E:?862C?:?8D
'FC@A6C2E:?8C6DF=EDH:==3627764E652D24BF:D:E:@?D@44FC+:?462==24BF:D:E:@?D2C6>256FD:?8E9624BF:D:E:@?>6E9@5@7244@F?E:?8
7@C3FD:?6DD4@>3:?2E:@?D @FC7:?2?4:2=DE2E6>6?EDH:==@?=J:?4=F56E96C6DF=ED@7@A6C2E:@?D2?542D97=@HD@724BF:C654@>A2?:6D7@C
A6C:@5DDF3D6BF6?EE@E9652E6@724BF:D:E:@?
'FC(
32D65?6E:?4@>6H:==3627764E653J?@?
42D9492C86DC6=2E:?8E@E962>@CE:K2E:@?@74FDE@>6CC6=2E65:?E2?8:3=62DD6ED2?5
@E96C:?E2?8:3=62DD6ED2EEC:3FE23=6E@4@>A=6E6524BF:D:E:@?D-?56C2AA=:423=6244@F?E:?8DE2?52C5D AFC492D6CD2C6C6BF:C65E@2==@42E6
E96E@E2=4@?D:56C2E:@?:?23FD:?6DD4@>3:?2E:@?E@E96:56?E:7:652DD6ED24BF:C652?5=:23:=:E:6D2DDF>6532D65@?E96:C72:CG2=F6D2EE96
E:>6@724BF:D:E:@?,966I46DD@7E964@?D:56C2E:@?A2:5@G6CE9672:CG2=F6@7E96:56?E:7:23=6?6E2DD6ED24BF:C65:DE@362==@42E65E@
8@@5H:== H9:49:DE6DE652E=62DE2??F2==J7@C:>A2:C>6?EAA=:423=6244@F?E:?8DE2?52C5DC6BF:C6E92EH6D6A2C2E6=J244@F?E7@C2?5
G2=F646CE2:?:56?E:7:23=6:?E2?8:3=62DD6ED32D65@?E96F?:BF6724ED2?54:C4F>DE2?46D@7624924BF:D:E:@?D2C6DF=E@7@FC24BF:D:E:@?
DEC2E68J @FC?6E:?4@>6H:==:?4=F56>2E6C:2=?@?
42D9492C86DC6=2E:?8E@E962>@CE:K2E:@?@74FDE@>6CC6=2E65:?E2?8:3=62DD6ED2?5
@E96C:?E2?8:3=62DD6ED24BF:C65:?@FC24BF:D:E:@?D=E9@F89E96D6492C86D>2J:?4C62D62DH64@>A=6E6>@C624BF:D:E:@?D H636=:6G6
H6H:==368C@H:?8E96G2=F6@7@FC:?E2?8:3=62DD6ED684FDE@>6CC6=2E:@?D9:AD,9FD H636=:6G6E92E62C?:?8D367@C6:?E6C6DE E2I6D
56AC64:2E:@?2?52>@CE:K2E:@? @C!, :D2FD67F=7:?2?4:2=>62DFC67@C:?G6DE@CD3642FD6:E6=:>:?2E6DE9667764E@7E96D6?@?
42D9
4@DED2?5AC@G:56D2?:>A@CE2?E>6EC:47@C@FC3FD:?6DD
'FC@A6C2E:?8C6DF=ED2C62=D@DF3;64EE@D62D@?2=EC6?5DH96?>62DFC65@?2BF2CE6C=J32D:D,96:>A24E@7D62D@?2=:EJ@?@FC3FD:?6DD
H:== 56A6?5 @? ?F>6C@FD 724E@CD :?4=F5:?8 E96 >2C<6ED :? H9:49 H6 @A6C2E6 9@=:52J D62D@?D 4@?DF>6C 56>2?5 2?5 64@?@>:4
4@?5:E:@?D+:?46@FCC6G6?F6:D=2C86=J56C:G657C@>4FDE@>6CDH9@D6D9:A>6?ED2C656A6?56?EFA@?4@?DF>6C56>2?52?5;FDE
:?
=4?4.,7..:@9?492":74.40>
44@F?E:?8A@=:4:6D >6E9@5D2?56DE:>2E6D2C62?:?E68C2=A2CE@7E964@?D@=:52E657:?2?4:2=DE2E6>6?EDAC6A2C653J>2?286>6?E2?5
2C632D65FA@?>2?286>6?EUD4FCC6?E;F58>6?ED,96D6;F58>6?ED2C6?@C>2==J32D65@?<?@H=65862?56IA6C:6?46C682C5:?8A2DE2?5
4FCC6?E6G6?ED2?52DDF>AE:@?D23@FE7FEFC66G6?ED6CE2:?244@F?E:?8A@=:4:6D >6E9@5D2?56DE:>2E6D2C6A2CE:4F=2C=JD6?D:E:G63642FD6
@7 E96:C D:8?:7:42?46 E@ E96 7:?2?4:2= DE2E6>6?ED 2?5 3642FD6 @7 E96 A@DD:3:=:EJ E92E 7FEFC6 6G6?ED 27764E:?8 E96> >2J 5:776C 7C@>
>2?286>6?EUD 4FCC6?E ;F58>6?ED /9:=6 E96C6 2C6 2 ?F>36C @7 244@F?E:?8 A@=:4:6D >6E9@5D 2?5 6DE:>2E6D E92E 27764E @FC 7:?2?4:2=
DE2E6>6?ED E962C62DE92E2C6A2CE:4F=2C=JD:8?:7:42?E:?4=F56C6G6?F6C64@8?:E:@? 244CF2=D7@CE964@DE@7AFC492D65EC2?DA@CE2E:@? E96
72:C G2=F6 @7 24BF:C65 2DD6ED 2?5 =:23:=:E:6D 72:C G2=F6 @7 4@?E:?86?E 4@?D:56C2E:@? 244@F?E:?8 7@C D92C6
32D65 4@>A6?D2E:@? E96
2DD6DD>6?E@7E96C64@G6C23:=:EJ@7=@?8
=:G652DD6ED 8@@5H:== :?E2?8:3=62DD6ED 2?5E966DE23=:D9>6?E@72?2==@H2?467@C5@F3E7F=
244@F?ED
/6A6C7@C>2?2??F2=:>A2:C>6?EE6DE7@C8@@5H:==2D@7AC:=@76249J62CF?=6DD6G6?ED@C4:C4F>DE2?46D:?5:42E6:>A2:C>6?E>2J
92G6@44FCC65367@C6E92EE:>6/62DD6DDBF2=:E2E:G6724E@CDE@56E6C>:?6H96E96C:E:D>@C6
=:<6=J
E92?
?@EE92EE9672:CG2=F6@7E96
C6A@CE:?8F?:E:D=6DDE92?E9642CCJ:?82>@F?E7E6C2DD6DD:?8BF2=:E2E:G6724E@CD :77FCE96CE6DE:?8:D?646DD2CJH6H@F=556E6C>:?6E96
72:CG2=F6@76249C6A@CE:?8F?:E 2?54@>A2C6E9672:CG2=F6E@E96C6A@CE:?8F?:EUD42CCJ:?82>@F?E
/6C6G:6H=@?8
=:G652DD6EDE@3696=5
2?5
FD657@C:>A2:C>6?EH96?6G6C6G6?ED@C492?86D:?4:C4F>DE2?46D:?5:42E6E9642CCJ:?8
2>@F?E@7E962DD6ED>2J?@E36C64@G6C23=6!7E96DF>@7E96F?5:D4@F?E656IA64E657FEFC642D97=@HD@G6CE96C6>2:?:?8FD67F==:76
@72=@?8
=:G652DD6E:D=6DDE92?:ED42CCJ:?82>@F?E E962DD6E:D4@?D:56C65E@36:>A2:C65!>A2:C>6?E=@DD6D2C6>62DFC652DE96
2>@F?E3JH9:49E9642CCJ:?82>@F?E@7E962DD6E6I4665DE9672:CG2=F6@7E962DD6E/96?72:CG2=F6D2C6?@E2G2:=23=6 H66DE:>2E6
72:CG2=F6FD:?8E966IA64E657FEFC642D97=@HD5:D4@F?E652E2C2E64@>>6?DFC2E6H:E9E96C:D<D2DD@4:2E65H:E9E96C64@G6CJ@7E96
2DD6EDD6EDE@365:DA@D65@72C6C6A@CE652EE96=@H6C@742CCJ:?82>@F?E@C72:CG2=F6=6DD4@DEDE@D6==
D2?@?
2DD6E32D6542CC:6C H65@?@E86?6C2==J@H?EC2?DA@CE2E:@?2DD6ED/65@ 9@H6G6C @H?46CE2:?EC2:=6CD2?5C67C:86C2E65EC2:=6CD
E92E H6 FD6 :? @FC 3FD:?6DD /6 86?6C2E6 E96 >2;@C:EJ @7 @FC 2:C 2?5 @462? 7C6:89E 7@CH2C5:?8 2?5 7C6:89E 3C@<6C286 C6G6?F6D 3J
AFC492D:?8EC2?DA@CE2E:@?D6CG:46D7C@>5:C64E2DD6E
32D6542CC:6CD2?5C6D6==:?8E9@D6D6CG:46DE@@FC4FDE@>6CD2D65FA@?E96E6C>D
:?E964@?EC24E@742CC:286 7C6:89E7@CH2C5:?8C6G6?F6DC6=2E65E@D9:A>6?EDH96C6H6:DDF62 @FD6:CH2J:==@C2 @FD6'462?:==
@7$25:?82C6C64@8?:K652EE96E:>6E967C6:89E:DE6?56C65E@E965:C64E42CC:6C2E@C:8:?@DEDC6=2E65E@E96D9:A>6?ED2C62=D@C64@8?:K65
2EE9:DD2>6E:>632D65FA@?2?E:4:A2E65>2C8:?D 4@?EC24EF2=2CC2?86>6?EDH:E95:C64E42CC:6CD 2?5@E96C<?@H?724E@CD,966DE:>2E6D
2C6 C@FE:?6=J >@?:E@C65 2?5 4@>A2C65 E@ 24EF2= :?G@:465 4@DED ,96 6DE:>2E6D 2C6 25;FDE65 2D 566>65 ?646DD2CJ 3J FD E@ C67=64E
5:776C6?46D36EH66?E96@C:8:?2=244CF2=D2?524EF2=4@DED@7AFC492D65EC2?DA@CE2E:@?,9:D>6E9@586?6C2==JC6DF=ED:?C64@8?:E:@?@7
C6G6?F6D2?5AFC492D65EC2?DA@CE2E:@?4@DED62C=:6CE92?E96AC676CC65>6E9@5DF?56C(H9:495@?@EC64@8?:K6C6G6?F6F?E:=2
AC@@7@756=:G6CJ:DC646:G65@CH9:49C64@8?:K6C6G6?F62DAC@8C6DD@?E96EC2?D:E:D>256'FC>6E9@5@7C6G6?F62?54@DEC64@8?:E:@?
5@6D?@EC6DF=E:?2>2E6C:2=5:776C6?467C@>2>@F?EDE92EH@F=536C6A@CE65F?56CDF49@E96C>6E9@5D
==@E96CC6G6?F6 :?4=F5:?8C6G6?F67C@>@E96CG2=F6
25565D6CG:46D:?4=F5:?87C6:89E3C@<6C286D6CG:46D 4FDE@>D3C@<6C286D6CG:46D
2?5H2C69@FD:?82?57F=7:==>6?ED6CG:46D :DC64@8?:K65FA@?4@>A=6E:@?@7E96D6CG:46
$0>@7?>:1!;0=,?4:9>
(2" +8$ 1$-#$#4-$
".,/ 1$#3.%(2" +8$ 1$-#$#4-$
'$%.++.6(-&3 !+$24,, 1(9$231 -2/.13 3(.-2$15("$21$5$-4$".23.%31 -2/.13 3(.- -#-$331 -2/.13 3(.-2$15("$21$5$-4$!8
&$.&1 /'("./$1 3(-&2$&,$-32%.13'$%(2" +8$ 12$-#$#4-$
-# (-3'.42 -#2
162C?565"F?6
162C?565"F?6
@CA@C2E6 @CA@C2E6
-?:E65+E2E6D 2?252 =:>:?2E:@?D ,@E2= -?:E65+E2E6D 2?252 =:>:?2E:@?D ,@E2=
,C2?DA@CE2E:@?D6CG:46DC6G6?F6
@CH2C5:?8
C@<6C286
@DE@7EC2?DA@CE2E:@?
@CH2C5:?8
C@<6C286
&6EEC2?DA@CE2E:@?D6CG:46DC6G6?F6
@CH2C5:?8 R
R
C@<6C286
R
R
R R
"//-*.,+-//&+*)-$&*
'E96CG2=F6
25565D6CG:46D
R
R
&6EC6G6?F6D
R
R
@CH2C5:?8C6G6?F6H2D>:==:@?2?5
>:==:@?7@CE96J62CD6?565"F?6
2?5
C6DA64E:G6=J,96:?4C62D6@7
>:==:@? @C :DAC:>2C:=J2EEC:3FE23=6E@:?4C62D65C6G6?F6D3J46CE2:?DEC2E68:4@A6C2E:?8A2CE?6CD :?4C62D65AC@;64EC6G6?F6D
2?5E9624BF:D:E:@?@7$@>2D@CH2C5:?8?6EEC2?DA@CE2E:@?C6G6?F6H2D>:==:@?2?5
>:==:@?7@CE96J62CD6?565"F?6
2?5
C6DA64E:G6=J&6E7@CH2C5:?8EC2?DA@CE2E:@?>2C8:?D564C62D657C@>E@ AC:>2C:=J5F6E@4@>A6E:E:G6
>2C<6E5J?2>:4D2?5D9:7ED:?AC@5F4E>:I :?4=F5:?829:896CE92??@C>2=7C6BF6?4J@72:C492CE6CD2?5AC@;64ED H9:4942CCJ2=@H6C
>2C8:?E92?E9632=2?46@7@FC7@CH2C5:?8D6CG:46@776C:?8D
'E96CG2=F6
25565D6CG:46DH6C6>:==:@?2?5>:==:@?7@CE96J62CD6?565"F?6
2?5
C6DA64E:G6=J,96:?4C62D6
:DAC:>2C:=J2EEC:3FE23=6E@E9624BF:D:E:@?@7$@>2D
'$%.++.6(-&3 !+$".,/ 1$2".-#$-2$#".-2.+(# 3$#23 3$,$-32.%./$1 3(.-2# 3 !8&$.&1 /'("./$1 3(-&2$&,$-32%.13'$%(2" +
8$ 12$-#$#4-$
-# (-3'.42 -#2
162C?565"F?6
162C?565"F?6
@CA@C2E6 @CA@C2E6
-?:E65+E2E6D 2?252 =:>:?2E:@?D ,@E2= -?:E65+E2E6D 2?252 =:>:?2E:@?D ,@E2=
&6EC6G6?F6D
R
R
'A6C2E:?8A2CE?6C4@>>:DD:@?D R R
R R
(6CD@??6=4@DED
+6==:?8 86?6C2=2?525>:?:DEC2E:G6
6IA6?D6D
6AC64:2E:@?2?52>@CE:K2E:@?
,C2?D:E:@?2?5=62D6E6C>:?2E:@?4@DED
R
92?86:?72:CG2=F6@74@?E:?86?E
4@?D:56C2E:@? R R R R
,@E2=@A6C2E:?86IA6?D6D
!?4@>6=@DD7C@>@A6C2E:@?D
'E96C:?4@>66IA6?D6
!?4@>6=@DD367@C6:?4@>6E2I6D
!?4@>6E2I6IA6?D6 R R R R
&6E:?4@>6=@DD
$6DD?6E:?4@>62EEC:3FE23=6E@?@?
4@?EC@==:?8:?E6C6DE R R R R
&6E:?4@>6=@DD2EEC:3FE23=6E@*25:2?E
$@8:DE:4D !?4
$6DDAC676CC65DE@4<5:G:56?5D R R
R R
&6E:?4@>6=@DD2EEC:3FE23=6E@4@>>@?
DE@4<9@=56CD
162C?565"F?6
162C?565"F?6
+6=64E65@A6C2E:?86IA6?D6D2D2A6C46?E @CA@C2E6 @CA@C2E6
@7?6EC6G6?F6 -?:E65+E2E6D 2?252 =:>:?2E:@?D ,@E2= -?:E65+E2E6D 2?252 =:>:?2E:@?D ,@E2=
'A6C2E:?8A2CE?6C4@>>:DD:@?D
&
&
(6CD@??6=4@DED & &
+6==:?8 86?6C2=2?525>:?:DEC2E:G6
6IA6?D6D
& &
'A6C2E:?8A2CE?6C4@>>:DD:@?D564C62D65>:==:@? @C E@>:==:@?7@CE96J62C6?565"F?6
AC:>2C:=J5F6E@2
564C62D6:??6E7@CH2C5:?8EC2?DA@CE2E:@?C6G6?F6D2D2C6DF=E@75:776C6?E>2C8:?492C24E6C:DE:4D2DD@4:2E65H:E9E96DEC2E68:4@A6C2E:?8
A2CE?6CDU 4FCC6?E J62C 3FD:?6DD 2D H6== 2D E96 24BF:D:E:@? @7 $, H9:49 @A6C2E65 2D 2 DEC2E68:4 @A6C2E:?8 A2CE?6C 2?5 H2D A2:5
4@>>:DD:@?D:?E964@>A2C23=6AC:@CJ62CA6C:@5
@H?65=@42E:@?:?&6H"6CD6JE92E@44FCC65:?4@??64E:@?H:E9E9624BF:D:E:@?@7$,,964@>A2C23=6AC:@CJ62CA6C:@5AC:>2C:=J
C6AC6D6?ED?@?
C64FCC:?8A6CD@??6=4@DED7@C+E92EH6C6:56?E:7:657@C6=:>:?2E:@?:?4@??64E:@?H:E9E96H:?5:?85@H?@7+UD
9:DE@C:42=324<
@77:46@A6C2E:@?D
92?86:?72:CG2=F6@74@?E:?86?E4@?D:56C2E:@?H2D282:?@7>:==:@?7@CE96J62C6?565"F?6
4@>A2C65E@2=@DD@7
>:==:@?7@CE96J62C6?565"F?6
,96492?86:?6249J62C:D2EEC:3FE23=6E@2492?86:?>2?286>6?EUD6DE:>2E6D@77FEFC662C?
@FEA2J>6?EDE9C@F89E96C6>2:?56C@7E96C6DA64E:G662C?
@FEA6C:@5D
,96564C62D6:?:?4@>6E2I6IA6?D6:DAC:>2C:=J5F6E@2E2I36?67:E2D2C6DF=E@72A6C>2?6?E492?86:?-+7656C2=:?4@>6E2I=2HD
'FC492?86:??6E:?4@>6:D5C:G6?AC:?4:A2==J3J:?4C62D65?6EC6G6?F6D A2CE:2==J@77D6E3J:?4C62D65@A6C2E:?82?5@E96C6IA6?D6D
4@>A2C65E@E96AC:@CJ62C 2?5A2CE:2==J@77D6E3J2564C62D6:?:?4@>6E2I6D
'FC7FEFC67:?2?4:2=C6DF=ED>2J36:>A24E653J2>@CE:K2E:@?@7:?E2?8:3=62DD6EDC6DF=E:?87C@>24BF:D:E:@?D2DH6==2D82:?D@C=@DD6D
7C@>492?86D:?72:CG2=F6@74@?E:?86?E4@?D:56C2E:@?E92E2C65:77:4F=EE@AC65:4E
&6E42D9AC@G:5653J7:?2?4:?824E:G:E:6DH2D>:==:@?2?5>:==:@?7@CE96J62CD6?565"F?6
2?5
C6DA64E:G6=J
,9642D9AC@G:5653J7:?2?4:?824E:G:E:6DAC:>2C:=J4@?D:DE65@7AC@4665D7C@>E964C65:E724:=:EJ2?5?@E6DA2J23=6 C6A2J>6?ED@7?@E6D
A2J23=6 A2J>6?ED@74@?E:?86?E4@?D:56C2E:@?2?5A2J>6?ED@7AC676CC65DE@4<5:G:56?5D(C@4665D7C@>E964C65:E724:=:EJH6C6
>:==:@?2?5
>:==:@?7@CE96J62CD6?565"F?6
2?5
C6DA64E:G6=J*6A2J>6?ED@7?@E6DA2J23=6H6C6>:==:@?2?5
>:==:@?7@CE96J62CD6?565"F?6
2?5
C6DA64E:G6=J 2?5AC@4665D7C@>?@E6DA2J23=6H2D>:==:@?7@CE96J62C
6?565"F?6
(2J>6?ED@74@?E:?86?E4@?D:56C2E:@?H6C6
>:==:@?2?5>:==:@?7@CE96J62CD6?565"F?6
2?5
C6DA64E:G6=J(2J>6?ED@7AC676CC65DE@4<5:G:56?5DH6C6
>:==:@?7@C6249@7E96J62CD6?565"F?6
2?5
.1*(-& /(3 +
:G6?@FC4@?E:?F657@4FD@?E963F:=5
@FE@7@FC?6EH@C<@7@A6C2E:?8A2CE?6C=@42E:@?D H636=:6G6E92E@FC4FCC6?EH@C<:?842A:E2=
2?52?E:4:A2E6542D97=@H7C@>@A6C2E:@?D2C6256BF2E6E@7F?56I:DE:?8@A6C2E:@?D7@CE96?6IE>@?E9D @H6G6C 4@?E:?F658C@HE9
E9C@F89DEC2E68:424BF:D:E:@?DH:==C6BF:C6255:E:@?2=D@FC46D@77:?2?4:?82D@FC6I:DE:?8H@C<:?842A:E2=:D?@EDF77:4:6?EE@7:?2?46@FC
@A6C2E:@?D2?52?24BF:D:E:@?AC@8C2>,9FD @FC23:=:EJE@7:?2?467FEFC624BF:D:E:@?DH:==36=:>:E653JE962G2:=23:=:EJ@7255:E:@?2=
42A:E2=/6>2J 9@H6G6C 7:?2?4624BF:D:E:@?DFD:?8@FC4@>>@?DE@4<2D2==@CD@>6A@CE:@?@7E964@?D:56C2E:@?!?E966G6?EE92E
@FC4@>>@?DE@4<5@6D?@E2EE2:?@C>2:?E2:?2DF77:4:6?E>2C<6EG2=F6@CA@E6?E:2=24BF:D:E:@?42?5:52E6D2C6@E96CH:D6F?H:==:?8E@
2446AE@FCD64FC:E:6D2DA2CE@7E96AFC492D6AC:467@CE96D2=6@7E96:C3FD:?6DD6D H6>2J36C6BF:C65E@FE:=:K6>@C6@7@FC42D9C6D@FC46D
:72G2:=23=6 :?@C56CE@4@?E:?F6@FC24BF:D:E:@?AC@8C2>!7H65@?@E92G6DF77:4:6?E42D9C6D@FC46DE9C@F896:E96C@A6C2E:@?D@C7C@>
563E724:=:E:6D @FC8C@HE94@F=536=:>:E65F?=6DDH62C623=6E@@3E2:?DF49255:E:@?2=42A:E2=
"04(2(3(.-2
/692G6?@E>2562?J>2E6C:2=24BF:D:E:@?D:?E96=2DEEH@7:D42=J62CD
$"'-.+.&8
AC:>2CJ4@>A@?6?E@7@FC3FD:?6DDDEC2E68J:DE964@?E:?F6556G6=@A>6?E2?5:>A=6>6?E2E:@?@725G2?465:?7@C>2E:@?DJDE6>DE@
AC@G:56244FC2E62?5E:>6=J:?7@C>2E:@?E@@FC>2?286>6?E DEC2E68:4@A6C2E:?8A2CE?6CD2?54FDE@>6CDFC:?8E96J62C6?565"F?6
H6 DA6?E 2AAC@I:>2E6=J
>:==:@? @? 6?92?4:?8 @FC E649?@=@8J 2?5 D@7EH2C6 DJDE6>D :? @C56C E@ :?4C62D6 @FC @A6C2E:?8
677:4:6?4J/6:?E6?5E@DA6?5:?6I46DD@7
>:==:@?5FC:?8E967:D42=J62C6?565"F?6
:?@C56CE@4@?E:?F6:>AC@G:?8@FC
E649?@=@8JDJDE6>D H9:49H66IA64EH:==:?4=F56E96:>A=6>6?E2E:@?@72<6JEC2?DA@CE2E:@?>2?286>6?EDJDE6>E92EH:== 2>@?8
@E96CE9:?8D >@C67F==J:?E68C2E6@FCDJDE6>DH:E9@FCDEC2E68:4@A6C2E:?8A2CE?6CD2?52?J?6H@A6C2E:@?DE92EH6>2J24BF:C6:?E96
7FEFC6
$-(.11$#(3 "(+(38
/692G6E96-+
>:==:@?+6?:@CC65:E24:=:EJH:E92?<@7>6C:42 & @?:ED@H?3692=72?52D286?EE@E96@E96C=6?56CD
?2>65E96C6:? 4FCC6?E=J4@?D:DE:?8@7E962?<@7%@?EC62=2DE96:?:E:2=>6>36C@7E96DJ?5:42E6F?56CDF49=@2?,96+6?:@CC65:E
24:=:EJ>2EFC6D@?"F?6
2?5:D4@==2E6C2=:K653J27:CDE
AC:@C:EJD64FC:EJ:?E6C6DE:?2==@7E962DD6ED@7E96-+4@
3@CC@H6CD 2
7:CDE
AC:@C:EJD64FC:EJ:?E6C6DE:?2==@7E96244@F?EDC646:G23=62?52DD@4:2E652DD6ED@7E962?25:2?4@
3@CC@H6CDE96S2?25:2?*
DD6EDT2?52D64@?5
AC:@C:EJD64FC:EJ:?E6C6DE@?E96@E96C2DD6ED@7E962?25:2?3@CC@H6CD5G2?46DF?56CE96+6?:@CC65:E24:=:EJ
2C62G2:=23=6E@7F?57FEFC624BF:D:E:@?D 42A:E2=6IA6?5:EFC6D C6AFC492D6@7@>A2?JDE@4< @C7@C@E96C4@CA@C2E6AFCA@D6D@CC@H:?8D
F?56CE96+6?:@CC65:E24:=:EJ244CF6:?E6C6DE2E2G2C:23=6C2E6@7:?E6C6DE32D65FA@?$!'*2?5@C@?6@C>@C6@E96C:?E6C6DEC2E6
:?5:46DA=FD2?2AA=:423=6>2C8:?,96+6?:@CC65:E24:=:EJAC@G:56D7@C25G2?46D@7FAE@@7@FC6=:8:3=62?25:2?2?55@>6DE:4
244@F?EDC646:G23=6 @76=:8:3=6244CF653FEF?3:==655@>6DE:4C646:G23=6D2?56=:8:3=67@C6:8?244@F?EDC646:G23=6 2==@7H9:492C6
DF3;64EE@46CE2:?DF3
=:>:ED C6D6CG6D2?5C65F4E:@?D
,964@
3@CC@H6CD@7E96+6?:@CC65:E24:=:EJ:?4=F56E967@==@H:?8:H:E9C6DA64EE@-+@3=:82E:@?DF?56CE96+6?:@CC65:E24:=:EJ
*25:2?E$@8:DE:4D !?4 *25:2?E=@32=$@8:DE:4D !?4 *25:2?E,C2?DA@CE2E:@?+6CG:46D !?4 *25:2?E$@8:DE:4D(2CE?6CD$$ 54@>
IAC6DD !?4 *25:2?EFDE@>D+6CG:46D !?4 :DEC:3FE:@?+6CG:46D !?4 !?E6C?2E:@?2=C6:89E+JDE6>D@7'C68@? !?4 *25:2?E
'77
+9@C6 @=5:?8D $$ C66? 4BF:D:E:@? @>A2?J !?4 '? ,:>6 IAC6DD !?4 =:AA6C IAC6DD @>A2?J *25:2?E =@32=
$@8:DE:4D +6CG:463J:C !?4 :89H2JD2?5+<JH2JD !?4 2?5*25:2?E,C256+6CG:46D !?42?5::H:E9C6DA64EE@2?25:2?
@3=:82E:@?D F?56C E96 +6?:@C C65:E 24:=:EJ /966=D !?E6C?2E:@?2= !?4 '?E2C:@ !?4 /966=D %+% 2?252 !?4
'?E2C:@!?4 DD@4:2E62CC:6CD2?252!?42?5/966=DDD@4:2E62CC:6CD!?4D4@
3@CC@H6CDF?56CE96+6?:@CC65:E24:=:EJ E96
244@F?ED C646:G23=6 @7 E96 7@C68@:?8 6?E:E:6D 2C6 6=:8:3=6 7@C :?4=FD:@? H:E9:? E96 @G6C2== 3@CC@H:?8 32D6 @7 E96 @>A2?J 2?5 2==
3@CC@H6CD2C6C6DA@?D:3=67@CC6A2J>6?E@7E96563E2DD@4:2E65H:E92AA=:423=625G2?46D-+@C2?25:2?F?56CE96+6?:@CC65:E
24:=:EJ!?255:E:@? H62?5@FC-+DF3D:5:2C:6D8F2C2?E663@E9E96-+2?52?25:2?@3=:82E:@?DF?56CE96+6?:@CC65:E24:=:EJ
H9:=6@FC2?25:2?DF3D:5:2C:6D8F2C2?E66@?=JE962?25:2?@3=:82E:@?DF?56CE96+6?:@CC65:E24:=:EJ
,96E6C>D@7E96+6?:@CC65:E24:=:EJ2C6DF3;64EE@27:?2?4:2=4@G6?2?EH9:49>2J=:>:EE962>@F?E@E96CH:D62G2:=23=6F?56CDF49
724:=:EJ,964@G6?2?EC6BF:C6DFDE@>2:?E2:?232D:47:I65492C864@G6C286C2E:@@72E=62DE
E@
5FC:?82?JA6C:@5E96S,C:886C
(6C:@5T:?H9:49H62C6:?5672F=EF?56CE96+6?:@CC65:E24:=:EJ:7E@E2=2G2:=23:=:EJ72==D36=@H
>:==:@?@C:7-+2G2:=23:=:EJ
:D=6DDE92?
>:==:@?
-?56CE96E6C>D@7E96+6?:@CC65:E24:=:EJ H62C6A6C>:EE65E@>2<6255:E:@?2=24BF:D:E:@?DH:E9@FEE964@?D6?E@7E96D6?:@C=6?56CD
@?=J:746CE2:?4@?5:E:@?D2C6D2E:D7:65,964@?5:E:@?D:>A@D653JE96+6?:@CC65:E24:=:EJ:?4=F56E967@==@H:?8:E9623D6?46@72?
6G6?E@75672F=EF?56CE96+6?:@CC65:E24:=:EJ ::E9624BF:D:E:@?>FDE364@?D6?DF2=:::E964@>A2?JE@3624BF:C65>FDE36:?E96
EC2?DA@CE2E:@?2?5=@8:DE:4D:?5FDECJ =@42E65:?E96-?:E65+E2E6D@C46CE2:?@E96C2AAC@G65;FC:D5:4E:@?D 2?592G62A@D:E:G6!,
7@CE96>@?E9A6C:@5>@DEC646?E=J6?565AC:@CE@DF4924BF:D:E:@? :G?@563E@C=:6?D>2J36:?4FCC65 2DDF>65@CC6DF=E7C@>E96
24BF:D:E:@? DF3;64EE@=:>:E656I46AE:@?D G27E6C8:G:?867764E7@CE967F?5:?8@7E9624BF:D:E:@? H6>FDE92G62G2:=23:=:EJF?56CE96
+6?:@CC65:E24:=:EJ@72E=62DEE968C62E6C@7@7E96-+
32D653@CC@H:?832D62?52?25:2?
32D653@CC@H:?832D6@C
>:==:@? 2?5-+2G2:=23:=:EJ@72E=62DE
>:==:@? 2?5G:E96AC@7@C>27:I65492C864@G6C286C2E:@:D2E=62DEE@
!?E96
6G6?EE92EH62C6?@E23=6E@D2E:D7JE964@?5:E:@?D@7E96+6?:@CC65:E24:=:EJ:?4@??64E:@?H:E92AC@A@D6524BF:D:E:@? H6>FDE6:E96C
7@C68@E9624BF:D:E:@? @3E2:?E964@?D6?E@7E96D6?:@C=6?56CD @CC6E:C6E96+6?:@CC65:E24:=:EJ,9:D>2J=:>:E@CD=@H@FC23:=:EJE@
249:6G6E964C:E:42=>2DDH6>2J?665E@249:6G6@FCDEC2E68:4@3;64E:G6D
,96=@2?D>2J36AC6A2:5:?H9@=62E2?JE:>6FA@?AC@G:5:?82E=62DE
52JDAC:@CHC:EE6??@E:462?5A2J:?8E965:776C6?4636EH66?
:E96AC6D6?EG2=F6@7E96=@2?:?E6C6DE2?5E96AC:?4:A2=A2J>6?ED7@C68@?65:D4@F?E652EE96@G6C?>6?E@72?252@?51:6=57@C
E96E6C>7C@>E9652E6@7AC6A2J>6?EE@E96>2EFC:EJ52E6 2?5::E967246G2=F6@7E96AC:?4:A2=2>@F?E36:?8AC6A2:5
,96=@2?D2C64@==2E6C2=:K653J2:7:CDE
AC:@C:EJD64FC:EJ:?E6C6DE:?2==@7E962DD6ED@7/966=D6I46AEE962?25:2?*DD6ED ::2
D64@?5
AC:@C:EJD64FC:EJ:?E6C6DE:?E962?25:2?*DD6ED 2?5:::2D64@?5
AC:@C:EJD64FC:EJ:?E6C6DE@?2==@7@FC2DD6ED
-?56CE96E6C>D@7E96!($@2?8C66>6?ED H62C6A6C>:EE65E@>2<6255:E:@?2=24BF:D:E:@?DH:E9@FE!(UD4@?D6?E@?=J:746CE2:?
4@?5:E:@?D2C6D2E:D7:65 :?4=F5:?8 2>@?8@E96CD:E966BF:EJ:?E6C6DED@CAC@A6CEJ24BF:C65:?DF4924BF:D:E:@?4@?DE:EFE623FD:?6DD
C62D@?23=JC6=2E65E@@FC3FD:?6DD@CE963FD:?6DD@7/966=D::?@5672F=E@C6G6?E@75672F=ED92==6I:DEAC:@CE@@CH:==3642FD652D2
C6DF=E @7 DF49 24BF:D:E:@? ::: H6 @C /966=D D92== 92G6 AC@G:565 !( H:E9 2E =62DE
3FD:?6DD 52JD AC:@C HC:EE6? ?@E:46 @7 DF49
24BF:D:E:@?E92E>FDE:?4=F5646CE2:?56D4C:AE:G6:?7@C>2E:@?2?5AC@7@C>2:?7@C>2E:@?C682C5:?8E9624BF:D:E:@?:GDF49A6CD@?H9@D6
6BF:EJ:?E6C6DED@CAC@A6CEJ2C636:?824BF:C65D92==92G6 7C@>E96=2DE52J@7E96>@DEC646?E7:D42=BF2CE6C@7DF49A6CD@? 24EF2=@C
AC@7@C>2E@E966IE6?E2AAC@G65:?HC:E:?83J!(A@D:E:G6!,2?5?6E:?4@>6 :?624942D67@CE96>@?E9A6C:@56?5:?8@?
DF4952E6GE96288C682E642D94@?D:56C2E:@?A2J23=62EE964=@D:?8@7E9624BF:D:E:@?D92==?@E6I4665
>:==:@?7@C2?JD:?8=6
EC2?D24E:@?2?5
>:==:@?:?E96288C682E6 :?2?J7:D42=J62C@CDF498C62E6C2>@F?E2AAC@G65:?HC:E:?83J!(AC@G:565 9@H6G6C
E92EE967@C68@:?8=:>:E2E:@?D92==6I4=F5642D94@?D:56C2E:@?56C:G657C@>E96AC@4665D@7D2=6D@7?6H=J:DDF656BF:EJ:?E6C6DED@7
*25:2?E 5FC:?8 E96 EH6=G6
>@?E9 A6C:@5 AC:@C E@ E96 4=@D:?8 @7DF49 24BF:D:E:@? 2D 56D4C:365 36=@H G: ?@ 563E @C =:6?D >2J 36
:?4FCC65 2DDF>65@CC6DF=E7C@>E9624BF:D:E:@? DF3;64EE@=:>:E656I46AE:@?DG::E962DD6EDDF3;64EE@E9624BF:D:E:@?2C67C667C@>2==
=:6?D6I46AEE9@D6A6C>:EE65F?56CE96!($@2?8C66>6?EDG:::E96A@DE
4=@D:?8-+2G2:=23:=:EJF?56CE96+6?:@CC65:E24:=:EJ:D
2E=62DE
>:==:@?@?2AC@7@C>232D:D2?5:IE96AC@7@C>27:I65492C864@G6C286C2E:@:D2E=62DEE@
!11,7,9.0%300?==,920809?>
D@7"F?6
H65:5?@E92G62?JC6=2E:@?D9:ADH:E9F?4@?D@=:52E656?E:E:6D@C7:?2?4:2=A2CE?6CD DF492D6?E:E:6D@7E6?C676CC65
E@ 2D DECF4EFC65 7:?2?46 @C DA64:2= AFCA@D6 6?E:E:6D H9:49 925 366? 6DE23=:D965 7@C E96 AFCA@D6 @7 724:=:E2E:?8 @77
32=2?46 D966E
2CC2?86>6?ED@C@E96C4@?EC24EF2==J?2CC@H@C=:>:E65AFCA@D6DDDF49 H62C6?@E>2E6C:2==J6IA@D65E@2?J7:?2?4:?8 =:BF:5:EJ
>2C<6E@C4C65:EC:D<E92E4@F=52C:D6:7H69256?82865:?DF49C6=2E:@?D9:AD
$0.09?..:@9?492@4/,9.0
,96C646?E244@F?E:?88F:52?46:D5:D4FDD65:?&@E6@7E96S&@E6DE@E964@?D@=:52E657:?2?4:2=DE2E6>6?EDT4@?E2:?656=D6H96C6:?
E9:DC6A@CE
,@E96@2C5@7:C64E@CD2?5+92C69@=56CD
*25:2?E$@8:DE:4D !?4
!;494:9>:9?30:9>:74/,?0/49,9.4,7%?,?0809?>,9/9?0=9,7:9?=:7:A0=49,9.4,7$0;:=?492
/692G62F5:E65E96244@>A2?J:?84@?D@=:52E6532=2?46D966ED@7*25:2?E$@8:DE:4D !?4SE96@>A2?JT2D@7"F?6
2?5
E96C6=2E654@?D@=:52E65DE2E6>6?ED@74@>AC696?D:G6:?4@>6 492?86D:?6BF:EJ 2?542D97=@HD7@C6249@7E96J62CDE96?6?565
2?5E96C6=2E65?@E6D4@==64E:G6=JC676CC65E@2DE964@?D@=:52E657:?2?4:2=DE2E6>6?ED/62=D@92G62F5:E65E96@>A2?JD:?E6C?2=
4@?EC@=@G6C7:?2?4:2=C6A@CE:?82D@7"F?6
32D65@?E964C:E6C:26DE23=:D965:?*/"-*(+*/-+(*/"$-/"!-)"2+-'
:DDF653JE96@>>:EE66@7+A@?D@C:?8'C82?:K2E:@?D@7E96,C625H2J@>>:DD:@?S'+'T
,>4>1:=!;494:9
,96@>A2?JD>2?286>6?E:DC6DA@?D:3=67@CE96D64@?D@=:52E657:?2?4:2=DE2E6>6?ED 7@C>2:?E2:?:?867764E:G6:?E6C?2=4@?EC@=@G6C
7:?2?4:2=C6A@CE:?8 2?57@C:ED2DD6DD>6?E@7E9667764E:G6?6DD@7:?E6C?2=4@?EC@=@G6C7:?2?4:2=C6A@CE:?8:?4=F565:?E96244@>A2?J:?8
%2?286>6?EUD*6A@CE@?!?E6C?2=@?EC@='G6C:?2?4:2=*6A@CE:?8'FCC6DA@?D:3:=:EJ:DE@6IAC6DD2?@A:?:@?@?E96@>A2?JD
4@?D@=:52E657:?2?4:2=DE2E6>6?ED2?52?@A:?:@?@?E96@>A2?JD:?E6C?2=4@?EC@=@G6C7:?2?4:2=C6A@CE:?832D65@?@FC2F5:ED/6
2C6 2 AF3=:4 244@F?E:?8 7:C> C68:DE6C65 H:E9 E96 (F3=:4 @>A2?J 44@F?E:?8 'G6CD:89E @2C5 -?:E65 +E2E6D (' 2?5 2C6
C6BF:C65E@36:?56A6?56?EH:E9C6DA64EE@E96@>A2?J:?244@C52?46H:E9E96-+7656C2=D64FC:E:6D=2HD2?5E962AA=:423=6CF=6D2?5
C68F=2E:@?D@7E96+64FC:E:6D2?5I492?86@>>:DD:@?2?5E96('
/64@?5F4E65@FC2F5:ED:?244@C52?46H:E9E96DE2?52C5D@7E96(',9@D6DE2?52C5DC6BF:C6E92EH6A=2?2?5A6C7@C>E962F5:ED
E@@3E2:?C62D@?23=62DDFC2?4623@FEH96E96CE964@?D@=:52E657:?2?4:2=DE2E6>6?ED2C67C66@7>2E6C:2=>:DDE2E6>6?E H96E96C5F6E@
6CC@C@C7C2F5 2?5H96E96C67764E:G6:?E6C?2=4@?EC@=@G6C7:?2?4:2=C6A@CE:?8H2D>2:?E2:?65:?2==>2E6C:2=C6DA64ED
'FC2F5:ED@7E964@?D@=:52E657:?2?4:2=DE2E6>6?ED:?4=F565A6C7@C>:?8AC@465FC6DE@2DD6DDE96C:D<D@7>2E6C:2=>:DDE2E6>6?E@7E96
4@?D@=:52E657:?2?4:2=DE2E6>6?ED H96E96C5F6E@6CC@C@C7C2F5 2?5A6C7@C>:?8AC@465FC6DE92EC6DA@?5E@E9@D6C:D<D+F49AC@465FC6D
:?4=F5656I2>:?:?8 @?2E6DE32D:D 6G:56?46C682C5:?8E962>@F?ED2?55:D4=@DFC6D:?E964@?D@=:52E657:?2?4:2=DE2E6>6?ED'FC2F5:ED
2=D@:?4=F5656G2=F2E:?8E96244@F?E:?8AC:?4:A=6DFD652?5D:8?:7:42?E6DE:>2E6D>2563J>2?286>6?E 2DH6==2D6G2=F2E:?8E96@G6C2==
AC6D6?E2E:@? @7 E96 4@?D@=:52E65 7:?2?4:2= DE2E6>6?ED 'FC 2F5:E @7 :?E6C?2= 4@?EC@= @G6C 7:?2?4:2= C6A@CE:?8 :?4=F565 @3E2:?:?8 2?
F?56CDE2?5:?8@7:?E6C?2=4@?EC@=@G6C7:?2?4:2=C6A@CE:?8 2DD6DD:?8E96C:D<E92E2>2E6C:2=H62<?6DD6I:DED 2?5E6DE:?82?56G2=F2E:?8
E9656D:8?2?5@A6C2E:?867764E:G6?6DD@7:?E6C?2=4@?EC@=32D65@?E962DD6DD65C:D<'FC2F5:ED2=D@:?4=F565A6C7@C>:?8DF49@E96C
AC@465FC6D2DH64@?D:56C65?646DD2CJ:?E964:C4F>DE2?46D/636=:6G6E92E@FC2F5:EDAC@G:562C62D@?23=632D:D7@C@FC@A:?:@?D
01494?4:9,9/484?,?4:9>:19?0=9,7:9?=:7!A0=49,9.4,7$0;:=?492
4@>A2?JD:?E6C?2=4@?EC@=@G6C7:?2?4:2=C6A@CE:?8:D2AC@46DD56D:8?65E@AC@G:56C62D@?23=62DDFC2?46C682C5:?8E96C6=:23:=:EJ@7
7:?2?4:2=C6A@CE:?82?5E96AC6A2C2E:@?@77:?2?4:2=DE2E6>6?ED7@C6IE6C?2=AFCA@D6D:?244@C52?46H:E9244@F?E:?8AC:?4:A=6D86?6C2==J
2446AE65:?E96-?:E65+E2E6D4@>A2?JD:?E6C?2=4@?EC@=@G6C7:?2?4:2=C6A@CE:?8:?4=F56DE9@D6A@=:4:6D2?5AC@465FC6DE92E
A6CE2:?E@E96>2:?E6?2?46@7C64@C5DE92E :?C62D@?23=656E2:= 244FC2E6=J2?572:C=JC67=64EE96EC2?D24E:@?D2?55:DA@D:E:@?D@7E962DD6ED
@7E964@>A2?JAC@G:56C62D@?23=62DDFC2?46E92EEC2?D24E:@?D2C6C64@C5652D?646DD2CJE@A6C>:EAC6A2C2E:@?@77:?2?4:2=DE2E6>6?ED
:?244@C52?46H:E9244@F?E:?8AC:?4:A=6D86?6C2==J2446AE65:?E96-?:E65+E2E6D 2?5E92EC646:AED2?56IA6?5:EFC6D@7E964@>A2?J2C6
36:?8>256@?=J:?244@C52?46H:E92FE9@C:K2E:@?D@7>2?286>6?E2?55:C64E@CD@7E964@>A2?J2?5AC@G:56C62D@?23=62DDFC2?46
C682C5:?8 AC6G6?E:@? @C E:>6=J 56E64E:@? @7 F?2FE9@C:K65 24BF:D:E:@? FD6 @C 5:DA@D:E:@? @7 E96 4@>A2?JD 2DD6ED E92E 4@F=5 92G6 2
>2E6C:2=67764E@?E967:?2?4:2=DE2E6>6?ED
642FD6@7:ED:?96C6?E=:>:E2E:@?D :?E6C?2=4@?EC@=@G6C7:?2?4:2=C6A@CE:?8>2J?@EAC6G6?E@C56E64E>:DDE2E6>6?ED=D@ AC@;64E:@?D
@72?J6G2=F2E:@?@767764E:G6?6DDE@7FEFC6A6C:@5D2C6DF3;64EE@E96C:D<E92E4@?EC@=D>2J364@>6:?256BF2E63642FD6@7492?86D:?
4@?5:E:@?D @CE92EE96568C66@74@>A=:2?46H:E9E96A@=:4:6D@CAC@465FC6D>2J56E6C:@C2E6
+(,*+'&+-$$!.&$$(
/692G6D6CG652DE96@>A2?JD2F5:E@CD:?46
+62EE=6 /2D9:?8E@?
+6AE6>36C
& %&& &% %'"" &$+&
,96244@>A2?J:?8?@E6D2C62?:?E68C2=A2CE@7E96D64@?D@=:52E657:?2?4:2=DE2E6>6?ED
$ &!%&%
:9>:74/,?0/%?,?0809?>:1:8;=0309>4A09.:80
!?E9@FD2?5D 6I46AED92C62?5A6CD92C652E2 162C?565"F?6
*6G6?F6D
@DE@7EC2?DA@CE2E:@?
&6EC6G6?F6D
'A6C2E:?8A2CE?6C4@>>:DD:@?D
(6CD@??6=4@DED
+6==:?8 86?6C2=2?525>:?:DEC2E:G66IA6?D6D
6AC64:2E:@?2?52>@CE:K2E:@?
,C2?D:E:@?2?5=62D6E6C>:?2E:@?4@DED
92?86:?72:CG2=F6@74@?E:?86?E4@?D:56C2E:@?
,@E2=@A6C2E:?86IA6?D6D
!?4@>67C@>@A6C2E:@?D
'E96C:?4@>66IA6?D6
!?E6C6DE:?4@>6
!?E6C6DE6IA6?D6
@C6:8?4FCC6?4JEC2?D24E:@?82:?D=@DD6D
'E96C
,@E2=@E96C6IA6?D6
!?4@>6367@C6:?4@>6E2I6D
!?4@>6E2I6IA6?D6
&6E:?4@>6
$6DD?6E:?4@>62EEC:3FE23=6E@?@?
4@?EC@==:?8:?E6C6DE
&6E:?4@>62EEC:3FE23=6E@*25:2?E$@8:DE:4D !?4
$6DDAC676CC65DE@4<5:G:56?5D
&6E:?4@>62==@423=6E@4@>>@?DE@4<9@=56CD
'E96C4@>AC696?D:G6:?4@>6=@DD
@C6:8?4FCC6?4JEC2?D=2E:@?82:?=@DD
@>AC696?D:G6:?4@>6
!?4@>6A6CD92C62==@423=6E@4@>>@?DE@4<9@=56CD
2D:4
:=FE65
/6:89E652G6C2864@>>@?D92C6D@FEDE2?5:?8
2D:4
:=FE65
,96244@>A2?J:?8?@E6D2C62?:?E68C2=A2CE@7E96D64@?D@=:52E657:?2?4:2=DE2E6>6?ED
"$#$##$"#!%$&
$49'1"'*/'39
)):2:1'9+* 4-/89/)8
39.4:8'3*8+<)+598.'7+'3*5+78.'7+ **/9/43'1 9.+7 3) 43
*'9' 7+,+77+*#94)0 42243#94)0 '/*/3 $7+'8:7= +,+77+* "+9'/3+* 4257+.+38/;+ #94)0.41*+78 4397411/3- $49'1
#.'7+8 24:39 #.'7+8 24:39 '5/9'1 #94)0 425+38'9/43 '73/3-8 3)42+488 6:/9= 39+7+89 6:/9=
'1'3)+'84,:3+
?
88:'3)+4,)42243894)094,472+7
8.'7+.41*+784,')6:/7+*(:8/3+88+8 ? ?
? ? ? ? ? ?
"+5:7).'8+4,)42243894)0 ? ?
? ? ? ? ? ?
#.'7+('8+*)425+38'9/43 ? ? ? ?
? ? ? ?
?
2479/>'9/434,*+,+77+*)425+38'9/43 ? ? ? ? ? ?
? ?
?
88:'3)+4,)42243894)0:543+<+7)/8+
4,894)0459/438 ? ?
?
? ? ? ?
?
7+,+77+**/;/*+3*85'/* ? ? ? ? ? ? ?
?
?
/897/(:9/4394343)4397411/3-/39+7+89 ? ? ? ? ? ? ? ? ? ?
+9/3)42+ ? ? ? ? ? ? ?
?
9.+7)4257+.+38/;+1488 ? ? ? ? ? ? ? ? ?
'1'3)+'84,:3+
?
88:'3)+4,)42243894)094,472+7
8.'7+.41*+784,')6:/7+*(:8/3+88+8 ? ?
? ? ? ? ?
#.'7+('8+*)425+38'9/43 ? ? ? ?
? ? ? ?
?
88:'3)+4,)42243894)0:543+<+7)/8+
4,894)0459/438 ? ?
? ? ? ? ? ?
7+,+77+**/;/*+3*85'/* ? ? ? ? ? ? ?
?
?
/897/(:9/4394343)4397411/3-/39+7+89 ? ? ? ? ? ? ? ? ? ?
+9/3)42+ ? ? ? ? ? ? ?
?
9.+7)4257+.+38/;+/3)42+ ? ? ? ? ? ? ? ?
?
'1'3)+'84,:3+
$ &!%&%
;:?;850-@10%@-@191:@?;2-?48;C?
?E9@FD2?5D6I46AED92C62?5A6CD92C652E2 062C?565!F?6
&')+ %+ - + *
%6E:?4@>6
2>@CE:K2E:@?@7:?E2?8:3=62DD6ED
492?86:?72:CG2=F6@74@?E:?86?E4@?D:56C2E:@?
=@DD82:?@?5:DA@D2=@7E649?@=@8J2?56BF:A>6?E
492?86:?C64@G6CJ@72==@H2?467@C5@F3E7F=244@F?ED
%* %&')+ %**+*%# # + *
244@F?EDC646:G23=6
:?4@>6E2IC646:G23=6
AC6A2:56IA6?D6D56A@D:ED2?5@E96C2DD6ED
244@F?EDA2J23=6
@A6C2E:?8A2CE?6C4@>>:DD:@?DA2J23=6
44CF656IA6?D6D
@E96C=:23:=:E:6D
5676CC65C6?E=:23:=:EJ
A2J>6?E@74@?E:?86?E4@?D:56C2E:@?
EC2?D:E:@?2?5=62D6E6C>:?2E:@?=:23:=:EJ
%6E42D9AC@G:5653J@A6C2E:?824E:G:E:6D
'FC492D6D@7E649?@=@8J2?56BF:A>6?E
'C@4665D7C@>D2=6@7E649?@=@8J2?56BF:A>6?E
'2J>6?EDE@7@C>6CD92C69@=56CD@724BF:C653FD:?6DD6D
M
%6E42D9FD657@C:?G6DE:?824E:G:E:6D
M
'2J>6?ED@7563E:DDF2?464@DED
)6AFC492D6D@74@>>@?DE@4<
M
'2J>6?ED@74@?E:?86?E4@?D:56C2E:@?
'2J>6?ED@7AC676CC65DE@4<5:G:56?5D
'2J>6?ED@76>A=@J66E2IH:E99@=5:?8DC6=2E65E@42D9=6DD6I6C4:D6@7DE@4<@AE:@?D
*%*(, -#%+* %% %&') &
$ &!%&%
;:?;850-@10%@-@191:@?;2-?48;C?/;:@5:A10
%A<<8191:@-805?/8;?A>1;2:;:/-?45:B1?@5:3-:025:-:/5:3-/@5B5@51?
?!F?6
E96@>A2?J:DDF65D92C6D@74@>>@?DE@4<2E272:CG2=F6@7
A6CD92C6:?D2E:D724E:@?@7@7E96
65:42E65#@8:DE:4D+649?@=@8:6D ?4
AFC492D6AC:46C6DF=E:?8:?2?:?4C62D6E@4@>>@?DE@4<2?5255:E:@?2=A2:5 :?42A:E2=@7
?!F?6
E96@>A2?J:DDF65D92C6D@74@>>@?DE@4<2E272:CG2=F6@7
A6CD92C6:?D2E:D724E:@?@7@7E96'9@6?:I
2CE2862?5:CC6:89E##62C? @FEA2J>6?E7@CE96A6C:@56?56563CF2CJ
C6DF=E:?8:?2564C62D6E@E964FCC6?EA@CE:@?
@74@?E:?86?E4@?D:56C2E:@?2?:?4C62D6E@4@>>@?DE@4<2?5255:E:@?2=A2:5 :?42A:E2=@7
?*6AE6>36C
E96@>A2?J:DDF65
D92C6D@74@>>@?DE@4<2E272:CG2=F6@7
A6CD92C6:?D2E:D724E:@?@7@7E96
*2?5:76C -2==6J+C2?DA@CE2E:@?#@8:DE:4D#E5
AFC492D6AC:46C6DF=E:?8:?2?:?4C62D6E@4@>>@?DE@4<2?5255:E:@?2=A2:5 :?42A:E2=
@7
?%@G6>36C
E96@>A2?J:DDF65
D92C6D@74@>>@?DE@4<2E272:CG2=F6@7
A6CD92C6:?D2E:D724E:@?@7@7
G2C:@FD62C? @FEA2J>6?ED7@CE96A6C:@56?565!F?6
C6DF=E:?8:?2564C62D6E@E964FCC6?EA@CE:@?@74@?E:?86?E4@?D:56C2E:@?
2?:?4C62D6E@4@>>@?DE@4<@7
2?52?:?4C62D6E@255:E:@?2=A2:5 :?42A:E2=@7
?!F?6
E96@>A2?J24BF:C65@7C67C:86C2E65EC2:=6CD7:?2?465E9C@F89242A:E2==62D6
+96244@>A2?J:?8?@E6D2C62?:?E68C2=A2CE@7E96D64@?D@=:52E657:?2?4:2=DE2E6>6?ED
$ &!%&%
;@1?@;@41;:?;850-@105:-:/5-8%@-@191:@?
;88->?5:@4;A?-:0?1D/1<@?4->1-:0<1>?4->10-@-
!& F!$ ,&! &'$!!"$&! %
)25:2?E#@8:DE:4D ?4
2?5:ED4@?D@=:52E65DF3D:5:2C:6DE96N@>A2?JO@A6C2E6D2D2E9:C5 A2CEJ=@8:DE:4D4@>A2?JAC@G:5:?8>F=E:
>@52=EC2?DA@CE2E:@?2?5=@8:DE:4DD6CG:46DAC:>2C:=JE@4FDE@>6CD32D65:?E96,?:E65*E2E6D2?52?252
+96@>A2?JD6CG:46D2=2C86
2?55:G6CD:7:65244@F?E32D6H9:49:EDFAA@CED7C@>2?6IE6?D:G6>F=E: 3C2?5?6EH@C<@7@G6C
@A6C2E:?8=@42E:@?D:?4=F5:?8
@>A2?J @H?65 @77:46D 24C@DD %@CE9 >6C:42 2D H6== 2D 2? :?E68C2E65 :?E6C?2E:@?2= D6CG:46 A2CE?6C ?6EH@C< =@42E65 :? @E96C <6J
>2C<6ED2C@F?5E968=@36
D2E9:C5 A2CEJ=@8:DE:4D4@>A2?JE96@>A2?J92D242CC:6C?6EH@C<@72AAC@I:>2E6=J
2DD6E 32D65
EC2?DA@CE2E:@?4@>A2?:6D:?4=F5:?8>@E@C42CC:6CDC2:=C@25D2:C=:?6D2?5@462?=:?6D
+96@>A2?J36=:6G6DD9:AA6CDG2=F6:EDD6CG:46D
3642FD6:E:D23=6E@@3;64E:G6=J2CC2?86E96>@DE677:4:6?E2?54@DE 67764E:G6>62?DEJA62?5AC@G:56C@7EC2?DA@CE2E:@?D6CG:46D:?46:E
:D?@E:?7=F6?4653JE96@H?6CD9:A@7EC2?DA@CE2E:@?2DD6ED
?255:E:@?E96@>A2?JPD>:?:>2=:?G6DE>6?E:?A9JD:42=2DD6ED277@C5D:E
E96@AA@CEF?:EJ7@C29:896CC6EFC?@?:?G6DE6542A:E2=2?5?6E42D97=@HDE92?E96@>A2?JPD2DD6E 32D654@>A6E:E@CD
+9C@F89:ED@A6C2E:?8=@42E:@?D24C@DD%@CE9>6C:42E96@>A2?J@776CD5@>6DE:42?5:?E6C?2E:@?2=2:C2?5@462?7C6:89E7@CH2C5:?8
D6CG:46D2?57C6:89E3C@<6C286D6CG:46D:?4=F5:?8ECF4<=@25D6CG:46D=6DDE92?ECF4<=@25D6CG:46D2?5:?E6C>@52=D6CG:46DH9:49:DE96
>@G6>6?E@77C6:89E:?EC2:=6CD@C4@?E2:?6CD3J4@>3:?2E:@?@7ECF4<2?5C2:=
+96@>A2?JPDAC:>2CJEC2?DA@CE2E:@?D6CG:46D:?G@=G6
2CC2?8:?8 D9:A>6?ED @? 3692=7 @7 :ED 4FDE@>6CD @7 >2E6C:2=D AC@5F4ED 6BF:A>6?E 2?5 @E96C 8@@5D E92E 2C6 86?6C2==J =2C86C E92?
D9:A>6?ED92?5=653J:?E68C2E6542CC:6CD@7AC:>2C:=JD>2==A2C46=DDF492D65I#2?5,'*:?4=F5:?82CC2?8:?82?5>@?:E@C:?8
2==2DA64ED@7>2E6C:2=7=@H24E:G:EJFE:=:K:?825G2?465:?7@C>2E:@?E649?@=@8JDJDE6>D
+96@>A2?J2=D@AC@G:56D@E96CG2=F6 25565
DFAA=J492:?D6CG:46D:?4=F5:?8@C56C7F=7:==>6?E:?G6?E@CJ>2?286>6?EH2C69@FD62?55:DEC:3FE:@?D6CG:46D4@==64E:G6=JN$$O
D6CG:46D2?54FDE@>D3C@<6C286D6CG:46DE@4@>A=6>6?E:ED4@C6EC2?DA@CE2E:@?D6CG:46@776C:?8
+96 @>A2?J 6IA64ED E@ 8C@H :ED 3FD:?6DD @C82?:42==J 2?5 3J 4@>A=6E:?8 24BF:D:E:@?D @7 @E96C 4@>A2?:6D H:E9 4@>A=6>6?E2CJ
86@8C2A9:42=2?5=@8:DE:4DD6CG:46@776C:?8D
+96@>A2?JPD@C82?:48C@HE9DEC2E68JH:==4@?E:?F6E@7@4FD@?DEC6?8E96?:?86I:DE:?8
2?56IA2?5:?8?6H4FDE@>6CC6=2E:@?D9:AD=6G6C28:?8E9636?67:E@7E96@>A2?JPDECF4<3C@<6C2862?5:?E6C>@52=D6CG:46@776C:?8D
H9:=64@?E:?F:?8:ED677@CED@?E96@C82?:43F:=5 @FE@7E96@>A2?JPD?6EH@C<@7DEC2E68:4@A6C2E:?8A2CE?6C=@42E:@?D
?255:E:@?2D
E96@>A2?J4@?E:?F6DE@8C@H2?5D42=6:ED3FD:?6DDE96@>A2?J36=:6G6DE92E:E:D4C62E:?856?D:EJ:?:EDEC256=2?6DH9:494C62E6D
@AA@CEF?:E:6D7@CE96@>A2?JE@>@C6677:4:6?E=JD@FC462?5>2?286:EDEC2?DA@CE2E:@?42A24:EJ
?255:E:@?E@:ED7@4FD@?@C82?:48C@HE9E96@>A2?JH:==4@?E:?F6E@D62C497@C24BF:D:E:@?42?5:52E6DE92E3C:?84C:E:42=>2DD7C@>
286@8C2A9:42?5AFC492D:?8A@H6CDE2?5A@:?E2=@?8H:E9AC@G:5:?84@>A=6>6?E2CJD6CG:46@776C:?8DE@E964FCC6?EA=2E7@C>
DE96
@>A2?J4@?E:?F6DE@8C@H2?5D42=6:ED3FD:?6DD:E2=D@C6>2:?D7@4FD65@?=6G6C28:?8:ED324< @77:46:?7C2DECF4EFC62?5E649?@=@8J
DJDE6>DE@5C:G6AC@5F4E:G:EJ:>AC@G6>6?E24C@DDE96@C82?:K2E:@?
!&
F%'$+!% &!' & "!%
- ">5:/5<81?;2;:?;850-@5;:
+964@?D@=:52E657:?2?4:2=DE2E6>6?ED:?4=F56E96244@F?ED@7)25:2?E#@8:DE:4D ?4
2?5:EDH9@==J @H?65DF3D:5:2C:6D2DH6==2D2
D:?8=6G2C:23=6:?E6C6DE6?E:EJ)25:2?E#@8:DE:4D'2CE?6CD##N)#'OH9:49:D@H?653J)25:2?E=@32=#@8:DE:4D ?4N)#O
2H9@==J @H?65DF3D:5:2CJ2?5@H?653J)25:2?E2A:E2='2CE?6CD##N)'OD66%@E62?6?E:EJ@H?653JE96@>A2?JPD
9:67I64FE:G6&77:46C
==D:8?:7:42?E:?E6C4@>A2?J32=2?46D2?5EC2?D24E:@?D92G6366?6=:>:?2E65
==5@==2CD:?E964@?D@=:52E65
7:?2?4:2=DE2E6>6?ED2C6DE2E65:?E9@FD2?5D6I46AED92C62?5A6CD92C62>@F?ED
%@? 4@?EC@==:?8:?E6C6DE:?E964@?D@=:52E6532=2?46D966EDC6AC6D6?EDE96>:?@C:EJDE@4<9@=56CDPAC@A@CE:@?2E6D92C6@76BF:EJ:?DF49
DF3D:5:2CJ
@?D@=:52E65?6E:?4@>6=@DD:D2==@42E65E@E96@>A2?J2?5?@? 4@?EC@==:?8:?E6C6DE>:?@C:EJDE@4<9@=56C:?AC@A@CE:@?
E@E96:CA6C46?E286@H?6CD9:A
. '?1;2?@59-@1?
+96AC6A2C2E:@?@77:?2?4:2=DE2E6>6?ED2?5C6=2E655:D4=@DFC6D:?244@C52?46H:E9244@F?E:?8AC:?4:A=6D86?6C2==J2446AE65:?E96,?:E65
*E2E6DN'OC6BF:C6D>2?286>6?EE@>2<66DE:>2E6D2?52DDF>AE:@?DE92E27764EE96C6A@CE652>@F?ED@72DD6ED2?5=:23:=:E:6D2?5
5:D4=@DFC6@74@?E:?86?E2DD6ED2?5=:23:=:E:6D2EE9652E6@7E967:?2?4:2=DE2E6>6?ED2?5E96C6A@CE652>@F?ED@7C6G6?F62?56IA6?D6D
5FC:?8E96C6A@CE:?8A6C:@5
F6E@E96:?96C6?EF?46CE2:?EJ:?G@=G65:?>2<:?86DE:>2E6D24EF2=C6DF=EDC6A@CE65:?7FEFC6A6C:@5D>2J
3632D65FA@?2>@F?EDE92E4@F=55:776C7C@>E96D66DE:>2E6D
/ -?4-:0-?4=A5B-81:@?
+96 @>A2?J 4@?D:56CD 2== 9:89=J =:BF:5 :?G6DE>6?ED H:E9 @C:8:?2= >2EFC:E:6D @7 E9C66 >@?E9D @C =6DD E@ 36 42D9 6BF:G2=6?ED
+96
@>A2?J >2:?E2:?D :ED 42D9 :? 32?< 56A@D:E 244@F?ED E92E 2E E:>6D >2J 6I4665 7656C2==J :?DFC65 =:>:ED
+96 @>A2?J 92D ?@E
6IA6C:6?4652?J=@DD6D:?DF49244@F?ED
0 //;A:@?$1/15B-.81
+96@>A2?JPDC646:G23=6D2C6C64@C565H96?3:==652?5C6AC6D6?E4=2:>D282:?DEE9:C5 A2CE:6DE92EH:==36D6EE=65:?42D9
+9:D:?4=F56D
2>@F?ED@H653JE9:C5A2CEJ4FDE@>6CD2DH6==2D2>@F?ED@H653JDEC2E68:4@A6C2E:?8A2CE?6CD
+9642CCJ:?8G2=F6@7E96@>A2?JPD
C646:G23=6D?6E@7E962==@H2?467@C5@F3E7F=244@F?EDC6AC6D6?EDE96:C6DE:>2E65 ?6E C62=:K23=6 G2=F6
+96 @>A2?J 6G2=F2E6D E96
4@==64E23:=:EJ@7244@F?EDC646:G23=6@?24FDE@>6C 3J 4FDE@>6C32D:D
+96@>A2?JC64@C5D2?2==@H2?467@C5@F3E7F=244@F?EDE@
C65F46 E96 ?6E C64@8?:K65 C646:G23=6 E@ 2? 2>@F?E E96 @>A2?J 36=:6G6D H:== 36 C62D@?23=J 4@==64E65
+96 2==@H2?46 7@C 5@F3E7F=
244@F?ED :D 56E6C>:?65 7C@> E96 2?2=JD:D @7 E96 28:?8 @7 E96 244@F?ED C646:G23=6D 9:DE@C:42= 6IA6C:6?46 2?5 <?@H=6586 @7 DA64:7:4
4FDE@>6CD
+96@>A2?J56C:G6D2DF3DE2?E:2=A@CE:@?@7:EDC6G6?F6E9C@F89:?56A6?56?E=J @H?65DEC2E68:4@A6C2E:?8A2CE?6C=@42E:@?D@A6C2E:?8
F?56CG2C:@FD@>A2?J3C2?5D
249DEC2E68:4@A6C2E:?8A2CE?6C:DC6DA@?D:3=67@CD@>6@C2==@7E964@==64E:@?@7E96244@F?EDC6=2E65
E@E96F?56C=J:?84FDE@>6CD36:?8D6CG:4653JDF49DEC2E68:4@A6C2E:?8A2CE?6C
+@724:=:E2E6E9:D2CC2?86>6?E32D65@?4@?EC24EF2=
28C66>6?ED46CE2:?DEC2E68:4@A6C2E:?8A2CE?6CD2C6C6BF:C65E@>2:?E2:?2325563EC6D6CG6:?E967@C>@72D64FC:EJ56A@D:EH:E9E96
@>A2?J
7E96DEC2E68:4@A6C2E:?8A2CE?6CD4FDE@>6CD5@?PEC6>:E7F?5DE:>6=JE96@>A2?J492C86D6249DEC2E68:4@A6C2E:?8A2CE?6CPD
325563EC6D6CG6244@F?E7@C2?J244@F?EDC646:G23=6286536J@?552JD2=@?8H:E92?J@E96C2>@F?ED@H65E@E96@>A2?J3J
DEC2E68:4@A6C2E:?8A2CE?6CD
@H6G6CE96325563EC6D6CG6244@F?E>2J42CCJ2567:4:E32=2?46H96?2>@F?ED492C865E@E9:DC6D6CG6
244@F?E 6I4665 2>@F?ED @E96CH:D6 2G2:=23=6 :? E9:D C6D6CG6 244@F?E
? E96D6 4:C4F>DE2?46D 2 567:4:E 325 563E C6D6CG6 244@F?E :D
C64@8?:K652D2C646:G23=6:?E96@>A2?JPD7:?2?4:2=DE2E6>6?ED
*@>6DEC2E68:4@A6C2E:?8A2CE?6CD2C6?@EC6BF:C65E@6DE23=:D92325
563E C6D6CG6 9@H6G6C E96J 2C6 DE:== C6DA@?D:3=6 E@ >2<6 FA 567:4:ED 2?5 E96 @>A2?J >2J H:E99@=5 2== @C 2 A@CE:@? @7 7FEFC6
4@>>:DD:@?DA2J23=6E@E96DEC2E68:4@A6C2E:?8A2CE?6C:?D2E:D724E:@?@72?J567:4:E32=2?46
FCC6?E=J2?F>36C@7E96@>A2?JPD
DEC2E68:4@A6C2E:?8A2CE?6CD92G62567:4:E32=2?46:?E96:C325563EC6D6CG6244@F?E
+96@>A2?J6IA64EDE@C6A=6?:D9E96D67F?5D
E9C@F89E967FEFC63FD:?6DD@A6C2E:@?D@7E96D6DEC2E68:4@A6C2E:?8A2CE?6CD@C2DE96:C4FDE@>6CDD2E:D7JE962>@F?EDA2J23=6E@E96
@>A2?J
@H6G6CE@E966IE6?E2?J@7E96D6DEC2E68:4@A6C2E:?8A2CE?6CDH6C6E@462D6@A6C2E:@?D@C@E96CH:D636F?23=6E@C6A=6?:D9
E96D6 567:4:E 244@F?ED E96 @>A2?J H@F=5 36 2E C:D< @7 =@DD 7@C 2?J DF49 2>@F?E 2?5 :?4=F56D DF49 2>@F?ED :? E96 2==@H2?46 7@C
5@F3E7F=244@F?ED2D4@?D:56C65?646DD2CJ
1 &1/4:;8;3E-:0=A5<91:@
+649?@=@8J2?56BF:A>6?E:DDE2E652E4@DE=6DD244F>F=2E6556AC64:2E:@?2?52>@CE:K2E:@?
6AC64:2E:@?2?52>@CE:K2E:@?:D4@>AFE65
FD:?8E96DEC2:89E =:?6>6E9@5@G6CE966DE:>2E65FD67F==:G6D@7E96C6=2E652DD6ED
,A@?C6E:C6>6?E@C@E96C5:DA@D:E:@?@7E96D62DD6ED
E964@DE2?5C6=2E65244F>F=2E6556AC64:2E:@?@C2>@CE:K2E:@?2C6C6>@G657C@>E96244@F?ED2?5E96C6DF=E:?882:?@C=@DD:72?J:D
C67=64E65:?@E96C:?4@>6@C6IA6?D6
IA6?5:EFC6D7@C>2:?E6?2?46C6A2:CD2?5C6?6H2=D@7>:?@C:E6>D2C6492C865E@6IA6?D62D
:?4FCC65
$2;@CC6?6H2=D2?5:>AC@G6>6?ED2C642A:E2=:K65
2 ;;0C588
@@5H:==C6AC6D6?EDE966I46DD24BF:D:E:@?4@DE@72?24BF:C656?E:EJ@G6CE966DE:>2E6572:CG2=F6D2DD:8?65E@E96?6EE2?8:3=62?5
:56?E:7:23=6:?E2?8:3=62DD6ED24BF:C65
+96@>A2?JEJA:42==JA6C7@C>D:ED2??F2=8@@5H:==:>A2:C>6?EE6DE67764E:G62D@7AC:=
@7
6249J62C@C>@C67C6BF6?E=J:7724ED@C4:C4F>DE2?46D:?5:42E6E92EE9642CCJ:?82>@F?E>2J?@E36C64@G6C23=6
72BF2?E:E2E:G62DD6DD>6?E:DA6C7@C>652C6A@CE:?8F?:EPD72:CG2=F6:D4@>A2C65E@:ED42CCJ:?8G2=F6
C6A@CE:?8F?:EPD72:CG2=F6:D
56E6C>:?6532D65FA@?4@?D:56C2E:@?@7G2C:@FDG2=F2E:@?>6E9@5@=@8:6D:?4=F5:?8E96:?4@>62AAC@249H9:49FE:=:K6DAC@;64E657FEFC6
42D97=@HD5:D4@F?E652EC2E6D4@>>6?DFC2E6H:E9E96C:D<D:?G@=G652?5>F=E:A=6D@74FCC6?E2?57FEFC662C?:?8D
7E9672:CG2=F6@72
C6A@CE:?8F?:E:D=6DDE92?:ED42CCJ:?82>@F?E2?:>A2:C>6?E492C86:DC64@8?:K657@CE962>@F?E3JH9:49E9642CCJ:?82>@F?E6I4665D
E96C6A@CE:?8F?:EPD72:CG2=F69@H6G6CE96=@DDC64@8?:K6542??@E6I4665E96E@E2=2>@F?E@78@@5H:==2==@42E65E@E92EC6A@CE:?8F?:E
D@7!F?6
>2?286>6?E36=:6G6DE96C62C6?@:?5:42E:@?D@7:>A2:C>6?E
3 ;:35B10??1@?
#@?8 =:G652DD6EDDF492DE649?@=@8J2?56BF:A>6?E2?5567:?:E6 =:G65:?E2?8:3=62DD6ED2C6C6G:6H657@C:>A2:C>6?EH96?6G6C6G6?ED
@C492?86D:?4:C4F>DE2?46D:?5:42E6E9642CCJ:?82>@F?E@7E962DD6ED>2J?@E36C64@G6C23=6
74:C4F>DE2?46DC6BF:C62=@?8 =:G65
2DD6E@C2DD6E8C@FAE@36E6DE657@CA@DD:3=6:>A2:C>6?EE96@>A2?J4@>A2C6DE96F?5:D4@F?E656IA64E657FEFC642D97=@HDE@36
86?6C2E65 3J E92E 2DD6E @C 2DD6E 8C@FA E@ :ED 42CCJ:?8 2>@F?E
7 E96 42CCJ:?8 2>@F?E @7 E96 =@?8 =:G65 2DD6E @C 2DD6E 8C@FA :D ?@E
C64@G6C23=6@?2?F?5:D4@F?E6542D97=@H32D:D2?:>A2:C>6?E492C86:DC64@8?:K65E@E966IE6?EE9642CCJ:?82>@F?E@7E962DD6E@C
2DD6E 8C@FA 6I4665D E96 72:C G2=F6
2:C G2=F6D @7 =@?8 =:G65 2DD6ED 2C6 56E6C>:?65 E9C@F89 G2C:@FD E649?:BF6D DF49 2D 2AA=J:?8
AC@323:=:EJH6:89E656IA64E65AC6D6?EG2=F642=4F=2E:@?DE@E966DE:>2E657FEFC642D97=@HDFD:?82DDF>AE:@?D2>2C<6EA2CE:4:A2?E
H@F=5FE:=:K6@CE9C@F89E96FD6@72E9:C5 A2CEJ:?56A6?56?E2AAC2:D6C@CG2=F2E:@?DA64:2=:DE
$2?286>6?E92DA6C7@C>652C6G:6H@72===@?8 =:G652DD6ED2?592D56E6C>:?65?@:>A2:C>6?E@7E96C6DA64E:G642CCJ:?8G2=F692D
@44FCC652D@7!F?6
?E2?8:3=62DD6ED4@?D:DE@74FDE@>6CC6=2E65:?E2?8:3=62DD6EDEC256?2>6D2?5EC256>2C<D2?5?@?
4@>A6E628C66>6?ED2C:D:?87C@>E96@>A2?JPD24BF:D:E:@?D
FDE@>6CC6=2E65:?E2?8:3=62DD6ED2C62>@CE:K65FD:?8E96DEC2:89E =:?6
>6E9@5@G6C2A6C:@5@7FAE@
J62CDEC256>2C<D2?5EC256?2>6D2C62>@CE:K65FD:?8E96DEC2:89E =:?6>6E9@5@G6C
J62CD2?5
?@? 4@>A6E628C66>6?ED2C62>@CE:K65FD:?8E96DEC2:89E =:?6>6E9@5@G6CE96E6C>@7E96F?56C=J:?828C66>6?ED
4 A?5:1??;9.5:-@5;:?
+96 @>A2?J 244@F?ED 7@C 3FD:?6DD 24BF:D:E:@?D FD:?8 E96 24BF:D:E:@? >6E9@5 2D C6BF:C65 3J * * +@A:4
-+#'++
(&#',#('+
+96 2DD6ED 24BF:C65 2?5 =:23:=:E:6D 2DDF>65 :? 3FD:?6DD 4@>3:?2E:@?D :?4=F5:?8 :56?E:7:23=6 :?E2?8:3=6 2DD6ED 2C6
C64@C56532D65FA@?E96:C6DE:>2E6572:CG2=F6D2D@7E9624BF:D:E:@?52E6
+966I46DD@7E96AFC492D6AC:46@G6CE966DE:>2E6572:CG2=F6
@7E96?6EE2?8:3=62?5:56?E:7:23=6:?E2?8:3=62DD6ED24BF:C65:DC64@C5652D8@@5H:==
4BF:D:E:@?6IA6?D6D2C66IA6?D652D:?4FCC65
.9:=6 E96 @>A2?J FD6D :ED 36DE 6DE:>2E6D 2?5 2DDF>AE:@?D E@ 244FC2E6=J G2=F6 2DD6ED 24BF:C65 2?5 =:23:=:E:6D 2DDF>65 2D @7 E96
24BF:D:E:@?52E6E966DE:>2E6D2C6:?96C6?E=JF?46CE2:?2?5DF3;64EE@C67:?6>6?E
+9672:CG2=F6D@7:?E2?8:3=62DD6ED2C66DE:>2E65FD:?825:D4@F?E6542D97=@H2AAC@249H:E9#6G6=:?AFED
+966DE:>2E6@772:CG2=F6
@72?:?E2?8:3=62DD6E:D6BF2=E@E96AC6D6?EG2=F6@7E96:?4C6>6?E2=27E6C E2I42D97=@HD6I46DD62C?:?8D2EEC:3FE23=6D@=6=JE@E96
:?E2?8:3=62DD6E@G6C:EDC6>2:?:?8FD67F==:76
+@6DE:>2E672:CG2=F6E96@>A2?JFD6DC:D< 25;FDE6542D97=@HD5:D4@F?E652EC2E6D
4@?D:56C652AAC@AC:2E68:G6?E96:?96C6?EC:D<D2DD@4:2E65H:E96249EJA6@72DD6E
+96@>A2?J36=:6G6DE96=6G6=2?5E:>:?8@742D9
7=@HD2AAC@AC:2E6=JC67=64ED>2C<6EA2CE:4:A2?E2DDF>AE:@?D
@C 24BF:D:E:@?D E92E :?G@=G6 4@?E:?86?E 4@?D:56C2E:@? E96 @>A2?J C64@C5D 2 =:23:=:EJ 6BF2= E@ E96 72:C G2=F6 @7 E96 4@?E:?86?E
4@?D:56C2E:@? @3=:82E:@? 2D @7 E96 24BF:D:E:@? 52E6
+96 @>A2?J 56E6C>:?6D E96 24BF:D:E:@? 52E6 72:C G2=F6 @7 E96 4@?E:?86?E
4@?D:56C2E:@?32D65@?E96=:<6=:9@@5@7A2J:?8E96255:E:@?2=4@?D:56C2E:@?
+9672:CG2=F6:D6DE:>2E65FD:?8AC@;64E657FEFC6@A6C2E:?8
C6DF=ED2?5E964@CC6DA@?5:?87FEFC662C? @FEA2J>6?EDE92E42?3662C?65FA@?E96249:6G6>6?E@7DA64:7:65@A6C2E:?8@3;64E:G6D2?5
7:?2?4:2=C6DF=ED3J24BF:C654@>A2?:6DFD:?8#6G6=:?AFED2?5E962>@F?ED2C6E96?5:D4@F?E65E@AC6D6?EG2=F6
+96D6=:23:=:E:6D2C6
>62DFC65 BF2CE6C=J 2E 72:C G2=F6 2?5 2?J 492?86 :? E96 72:C G2=F6 @7 E96 4@?E:?86?E 4@?D:56C2E:@? =:23:=:EJ :D C64@8?:K65 :? E96
4@?D@=:52E65DE2E6>6?ED@74@>AC696?D:G6:?4@>6
>@F?ED2C686?6C2==J5F62??F2==J@?%@G6>36C
DE2?552JD7@==@H:?8E96
BF2CE6C@7E967:?2=62C? @FEA6C:@5@76249C6DA64E:G624BF:D:E:@?
FC:?8E96>62DFC6>6?EA6C:@5H9:49>2J36FAE@@?6J62C7C@>E9624BF:D:E:@?52E6E96@>A2?JC64@C5D25;FDE>6?EDE@E962DD6ED
24BF:C652?5=:23:=:E:6D2DDF>65H:E9E964@CC6DA@?5:?825;FDE>6?EE@8@@5H:==
,A@?E964@?4=FD:@?@7E96>62DFC6>6?EA6C:@5@C7:?2=
56E6C>:?2E:@?@7E96G2=F6D@72DD6ED24BF:C65@C=:23:=:E:6D2DDF>65H9:496G6C4@>6D7:CDE2?JDF3D6BF6?E25;FDE>6?ED2C6C64@8?:K65
:?E964@?D@=:52E65DE2E6>6?ED@74@>AC696?D:G6:?4@>6
5 125:10;:@>5.A@5;:%-B5:3?"8-:?
+96@>A2?J92D2?6>A=@J66D2G:?8DA=2?F?56CH9:49E96@>A2?JAC@G:56DD27692C3@C>2E49:?84@?EC:3FE:@?D
@CE96J62CD
6?565!F?6
2?5
E96@>A2?JPD4@?EC:3FE:@?DF?56CE96A=2?H6C62?5C6DA64E:G6=J
6 :/;91&-D1?
?4@>6 E2I6D 2C6 244@F?E65 7@C FD:?8 E96 2DD6E 2?5 =:23:=:EJ >6E9@5
676CC65 E2I 2DD6ED 2C6 C64@8?:K65 7@C 565F4E:3=6 E6>A@C2CJ
5:776C6?46D 2?5 5676CC65 E2I =:23:=:E:6D 2C6 C64@8?:K65 7@C E2I23=6 E6>A@C2CJ 5:776C6?46D
+6>A@C2CJ 5:776C6?46D 2C6 E96 5:776C6?46D
36EH66?E96C6A@CE652>@F?ED@72DD6ED2?5=:23:=:E:6D2?5E96:CE2I32D6D
676CC65E2I2DD6ED2C6C65F4653J2G2=F2E:@?2==@H2?46H96?
:?E96@A:?:@?@7>2?286>6?E:E:D>@C6 =:<6=J E92? ?@EE92ED@>6A@CE:@?@C2==@7E965676CC65E2I2DD6EDH:==?@E36C62=:K65
676CC65
E2I2DD6ED2?5=:23:=:E:6D2C625;FDE657@CE9667764ED@7492?86D:?E2I=2HD2?5C2E6D@?E9652E6@76?24E>6?E
+96@>A2?JC64@C5D2=:23:=:EJ7@CF?C64@8?:K65E2I36?67:EDC6DF=E:?87C@>F?46CE2:?:?4@>6E2IA@D:E:@?DE2<6?@C6IA64E65E@36
E2<6? :? 2? :?4@>6 E2I C6EFC?
?E6C6DE 2?5 A6?2=E:6D :7 2?J 2C6 C64@C565 2D 2 4@>A@?6?E @7 :?E6C6DE 6IA6?D6 @C @E96C 6IA6?D6
C6DA64E:G6=J
7 $1B1:A1$1/;3:5@5;:-:0"A>/4-?10&>-:?<;>@-@5;:;?@?
D2?@? 2DD6E32D6542CC:6CE96@>A2?J86?6C2==J5@6D?@E@H?EC2?DA@CE2E:@?2DD6ED
+96@>A2?J86?6C2E6DE96>2;@CA@CE:@?@7
:ED7C6:89E7@CH2C5:?8C6G6?F6D3JAFC492D:?8EC2?DA@CE2E:@?D6CG:46D7C@>5:C64E2DD6E 32D6542CC:6CD2?5C6D6==:?8E9@D6D6CG:46DE@:ED
4FDE@>6CD
2D65FA@?E96E6C>D:?E964@?EC24E@742CC:286C6G6?F6DC6=2E65E@D9:A>6?EDH96C6E96@>A2?J:DDF6D2@FD6:CH2J
:==@C2@FD6&462?:==@7#25:?82C6C64@8?:K652EE96E:>6E967C6:89E:DE6?56C65E@E965:C64E42CC:6C2E@C:8:??6E@75FE:6D2?5
E2I6D
@DEDC6=2E65E@E96D9:A>6?ED2C62=D@C64@8?:K652EE9:DD2>6E:>632D65FA@?2?E:4:A2E65>2C8:?D4@?EC24EF2=2CC2?86>6?ED
H:E95:C64E42CC:6CD2?5@E96C<?@H?724E@CD
+966DE:>2E6D2C6C@FE:?6=J>@?:E@C652?54@>A2C65E@24EF2=:?G@:4654@DED
+966DE:>2E6D
2C625;FDE652D566>65?646DD2CJ3JE96@>A2?JE@C67=64E5:776C6?46D36EH66?E96@C:8:?2=244CF2=D2?524EF2=4@DED@7AFC492D65
EC2?DA@CE2E:@?
+9:D>6E9@586?6C2==JC6DF=ED:?C64@8?:E:@?@7C6G6?F6D2?5AFC492D65EC2?DA@CE2E:@?4@DED62C=:6CE92?E96AC676CC65>6E9@5DF?56C
'H9:495@6D?@EC64@8?:K6C6G6?F6F?E:=2AC@@7@756=:G6CJ:DC646:G65@CH9:49C64@8?:K6DC6G6?F62DAC@8C6DD@?E96EC2?D:E:D
>256
+96@>A2?JPD>6E9@5@7C6G6?F62?54@DEC64@8?:E:@?5@6D?@EC6DF=E:?2>2E6C:2=5:776C6?467C@>2>@F?EDE92EH@F=536
C6A@CE65F?56CDF49@E96C>6E9@5D
== @E96C C6G6?F6 :?4=F5:?8 C6G6?F6 7C@> @E96C G2=F6 25565 D6CG:46D :?4=F5:?8 3C@<6C286 D6CG:46D H2C69@FD:?8 2?5 7F=7:==>6?E
D6CG:46D:DC64@8?:K65FA@?4@>A=6E:@?@7E96D6CG:46
+96@>A2?J:DE96AC:>2CJ@3=:8@CC6DA@?D:3=67@CAC@G:5:?8E96D6CG:4656D:C653JE964FDE@>6C2?5:DC6DA@?D:3=67@C7F=7:==>6?E
:?4=F5:?8E962446AE23:=:EJ@7E96D6CG:46D@C56C65@CAFC492D653JE964FDE@>6C
EE96@>A2?JPDD@=65:D4C6E:@?:ED6EDE96AC:46D
492C865E@:ED4FDE@>6CD2?5:D?@EC6BF:C65E@@3E2:?2AAC@G2=@C4@?D6?E7C@>2?J@E96CA2CEJ:?6DE23=:D9:?8:EDAC:46D
+96@>A2?J
92D >F=E:A=6 DFAA=:6CD 7@CE96D6CG:46D:ED6==DE@:ED4FDE@>6CD 2?5 92D E96 23D@=FE6 2?5 4@>A=6E6 5:D4C6E:@? 2?5 C:89EE@ D6=64EE96
DFAA=:6CE92EH:==AC@G:56E96AC@5F4ED@CD6CG:46D@C56C653J24FDE@>6C:?4=F5:?8492?8:?8E96DFAA=:6C@?2D9:A>6?E 3J D9:A>6?E
32D:D
? >@DE 42D6D E96 @>A2?J 56E6C>:?6D E96 ?2EFC6 EJA6 492C24E6C:DE:4D 2?5 DA64:7:42E:@?D @7 E96 D6CG:46D @C56C65 3J E96
4FDE@>6C
+96@>A2?J2=D@2DDF>6D4C65:EC:D<7@CE962>@F?E3:==65E@E964FDE@>6C
2D65@?E96724EDDFCC@F?5:?8D9:A>6?EDE96
@>A2?JC64@C5DC6G6?F6@?28C@DD32D:D:?244@C52?46H:E9'
8 %4->1-?10;9<1:?-@5;:
+96@>A2?J8C2?EDC6DEC:4E65DE@4<2H2C5DC6DEC:4E65DE@4<F?:ED2?5DE@4<@AE:@?DE@46CE2:?5:C64E@CD@77:46CD2?56>A=@J66D
+96
@>A2?J244@F?ED7@CD92C6 32D654@>A6?D2E:@?2D6BF:EJ2H2C5DDF49E92E4@>A6?D2E:@?4@DE:D>62DFC652EE968C2?E52E632D65@?
E9672:CG2=F6@7E962H2C52?5:D6IA6?D65C2E23=J@G6CE96G6DE:?8A6C:@5
+9672:CG2=F6@7C6DEC:4E65DE@4<:DE96>2C<6EAC:462D@7E96
8C2?E52E62?5E9672:CG2=F6@76249DE@4<@AE:@?8C2?E:D6DE:>2E652D@7E968C2?E52E6FD:?8E96=24< *49@=6D@AE:@?AC:4:?8>@56=
6E6C>:?:?8E9672:CG2=F6@7D92C6 32D652H2C5D2EE968C2?E52E6C6BF:C6D;F58>6?E23@FE2>@?8@E96CE9:?8DDE@4<G@=2E:=:EJE96
6IA64E65=:76@7E962H2C52?5@E96C:?AFED
+96@>A2?J244@F?ED7@C7@C76:EFC6D2DE96J@44FC
+96@>A2?J:DDF6D?6HD92C6D@7
4@>>@?DE@4<E@D2E:D7J6I6C4:D6D2?5G6DE:?8@72H2C5D8C2?E65F?56C:EDDE@4<A=2?D
9 -?5/-:058A@10:/;91"1>;99;:%4->1
2D:4:?4@>6A6C4@>>@?D92C6:D4@>AFE653J5:G:5:?8?6E:?4@>62==@423=6E@4@>>@?DE@4<9@=56CD3JE96H6:89E652G6C286?F>36C
@7 4@>>@? D92C6D @FEDE2?5:?8
:=FE65 :?4@>6 A6C 4@>>@? D92C6 :D 4@>AFE65 3J 5:G:5:?8 ?6E :?4@>6 2==@423=6 E@ 4@>>@?
DE@4<9@=56CD3JE96H6:89E652G6C286?F>36C@74@>>@?D92C6D@FEDE2?5:?8A=FDE96?F>36C@7255:E:@?2=4@>>@?D92C6DE92EH@F=5
92G6366?@FEDE2?5:?8:7E96A@E6?E:2=4@>>@?D92C6DDF492DC6DEC:4E65DE@4<2H2C5D2?5DE@4<@AE:@?D925366?:DDF652?5H6C6
4@?D:56C655:=FE:G6
%6E:?4@>62==@423=6E@4@>>@?DE@4<9@=56CD:D27E6C4@?D:56C2E:@?7@CAC676CC65DE@4<5:G:56?5DH96E96C@C?@E
564=2C65
: ;>153:A>>1:/E&>-:?8-@5;:
@CE96@>A2?JPD7@C6:8?DF3D:5:2C:6DE92EAC6A2C67:?2?4:2=DE2E6>6?ED:?4FCC6?4:6D@E96CE92?,
*
5@==2CDE96=@42=4FCC6?4J:DE96
7F?4E:@?2=4FCC6?4J
==2DD6ED2?5=:23:=:E:6D2C6EC2?D=2E652EJ62C 6?56I492?86C2E6D2?52==:?4@>6DE2E6>6?E2>@F?ED2C6EC2?D=2E65
2EE96H6:89E652G6C286C2E6D7@CE96A6C:@5
+C2?D=2E:@?25;FDE>6?ED2C6C64@C5652D244F>F=2E65@E96C4@>AC696?D:G6=@DD:?4@>6
2:?D2?5=@DD6D@?EC2?D24E:@?D@7>@?6E2CJ:E6>D56?@>:?2E65:?27@C6:8?4FCC6?4J2C6C64@8?:K65:?@E96C:?4@>66IA6?D6:?E96
4@?D@=:52E65DE2E6>6?ED@74@>AC696?D:G6:?4@>6
; $1/8-??525/-@5;:?;2">1B5;A?8E??A105:-:/5-8%@-@191:@?
6CE2:? 2>@F?ED 7@C AC:@C A6C:@5D 92G6 366? C64=2DD:7:65 :? E96 4@?D@=:52E65 7:?2?4:2= DE2E6>6?ED E@ 4@?7@C> E@ E96 4FCC6?E J62C
AC6D6?E2E:@?
< $1/1:@8E??A10//;A:@5:3A50-:/1
?$2J
E96:?2?4:2=44@F?E:?8*E2?52C5D@2C5N*O:DDF6544@F?E:?8*E2?52C5D,A52E6N*,O
.'-
*(&(',*,+/#,"-+,(&*+2()#3H9:49H:==DFA6CD6566I:DE:?8C6G6?F6C64@8?:E:@?8F:52?46F?56C'
+96DE2?52C5PD
4@C6AC:?4:A=6:DE92E2?6?E:EJD9@F=5C64@8?:K6C6G6?F6H96?:EEC2?D76CDAC@>:D658@@5D@CD6CG:46DE@4FDE@>6CD:?2?2>@F?EE92E
C67=64EDE964@?D:56C2E:@?E@H9:49E966?E:EJ6IA64EDE@366?E:E=65:?6I492?867@CE9@D68@@5D2?5D6CG:46D
+96DE2?52C5C6BF:C6D>@C6
56E2:=655:D4=@DFC6DE@6?23=6FD6CD@7E967:?2?4:2=DE2E6>6?EDE@F?56CDE2?5E96?2EFC62>@F?EE:>:?82?5F?46CE2:?EJ@72?6?E:EJPD
C6G6?F6D2?542D97=@HD2C:D:?87C@>4@?EC24EDH:E94FDE@>6CD
+@A:4:D67764E:G67@CE96@>A2?J368:??:?8!F=J
2?5
A6C>:EDE96FD6@7E967F==C6EC@DA64E:G6@C>@5:7:65C6EC@DA64E:G6EC2?D:E:@?>6E9@5D
+96@>A2?J92D366?C6G:6H:?82?56G2=F2E:?8:ED6I:DE:?84FDE@>6C4@?EC24ED
,?56CE96?6H8F:52?46C6G6?F67C@>EC2?DA@CE2E:@?
D6CG:46DH:==36C64@8?:K65@G6CE:>62D4@?EC@=:DEC2?D76CC65E@E964FDE@>6C
)6G6?F67C@>H2C69@FD:?82?57F=7:==>6?ED6CG:46DH:==
4@?E:?F6E@36C64@8?:K652DE96AC@>:D65D6CG:46D2C6EC2?D76CC65E@E964FDE@>6C
+96@>A2?J92D2=D@6G2=F2E65H96E96C:E24ED2D
2AC:?4:A2=@C286?EH:E9C682C5E@:EDAC@>:D6E@EC2?D76CEC2?DA@CE2E:@?D6CG:46D2?55@6D?@E6IA64E:ED4FCC6?EAC6D6?E2E:@?@7C6G6?F6
2?5C6=2E654@DED7C@>EC2?DA@CE2E:@?D6CG:46DC67=64E65@?28C@DD32D:DE@492?86
+96@>A2?J:D7:?2=:K:?8E96:>A24E@7+@A:4
@? E96 5:D4=@DFC6D :? E96 ?@E6D E@ E96 4@?D@=:52E65 7:?2?4:2= DE2E6>6?ED 2?5 6IA64ED E96 5:D4=@DFC6D E@ 36 6?92?465
+96 @>A2?J
4@?E:?F6DE@56G6=@A2?5:>A=6>6?E492?86DE@:ED244@F?E:?8A@=:4:6DAC24E:46D2?54@?EC@=DE@DFAA@CEE96?6H8F:52?46
= $1/1:@8E0;<@10//;A:@5:3A50-:/1
?E96AC:@C7:D42=J62CE96@>A2?J25@AE65*,
,($(&)'+,#('*,
,,&',( +"%(/+2?5*,
','!#%+1((/#%%',"*
!&F$ %"$%$
+967@==@H:?8D6ED7@CE9E964@>AFE2E:@?D@732D:42?55:=FE65:?4@>6A6CD92C62D7@==@HD
?E9@FD2?5D6I46AED92C652E2 062C?565!F?6
%F>6C2E@C
%6E:?4@>62EEC:3FE23=6E@)25:2?E#@8:DE:4D ?4
.6:89E652G6C2864@>>@?D92C6D@FEDE2?5:?85:=FE65
'@E6?E:2==J5:=FE:G64@>>@?D92C6D6I4=F565
!&F'% %%#'%&! %
+96C6DF=ED@7@A6C2E:@?D7@C24BF:C653FD:?6DD6D56D4C:36536=@H2C6:?4=F565:?E96@>A2?JPD4@?D@=:52E657:?2?4:2=DE2E6>6?ED
7C@>E96:CC6DA64E:G624BF:D:E:@?52E6D
5?/-8+1->
/=A5?5@5;:?
&? *6AE6>36C
E96 @>A2?J E9C@F89 2 H9@==J @H?65 DF3D:5:2CJ 24BF:C65 E96 @A6C2E:@?D 2?5 2DD6ED @7 *2?5:76C -2==6J
+C2?DA@CE2E:@?#@8:DE:4D#E5
2+6I2D32D654@>A2?JAC@G:5:?827F==C2?86@75@>6DE:42?5:?E6C?2E:@?2=4C@DD 3@C56CD6CG:46DH:E9
$6I:4@
+96AFC492D6AC:4692D366?DECF4EFC65H:E92A@CE:@?@7E966IA64E65AFC492D6AC:46A2J23=62D4@?E:?86?E4@?D:56C2E:@?:?
DF3D6BF6?E A6C:@5D 32D65 @? 7FEFC6 A6C7@C>2?46 @7 E96 24BF:C65 @A6C2E:@?
+96C6 :D ?@ >2I:>F> E@ E96 4@?E:?86?E 4@?D:56C2E:@?
A2J23=6
+964@?D:56C2E:@?A2:5AFC492D6AC:462==@42E:@?2?5AC@7@C>2C6DF=ED@7@A6C2E:@?D2?5@E96C5:D4=@DFC6D92G6?@E366?AC6D6?E65
3642FD6E96AFC492D6AC:46@7E9:D24BF:D:E:@?H2D?@E>2E6C:2=E@E967:?2?4:2=DE2E6>6?ED
5?/-8+1->
/=A5?5@5;:?
&?AC:=
E96@>A2?JE9C@F892H9@==J @H?65DF3D:5:2CJ24BF:C65#@>2D#@8:DE:4DN#@>2DO25:G:D:@?@7#
-
#@>2D
#:>:E65
#@>2D@A6C2E6D2D2E9:C5 A2CEJ=@8:DE:4DAC@G:56CD6CG:?84@>A2?:6D24C@DD2C2?86@7:?5FDEC:6D:?4=F5:?84@?DF>6C8@@5D
962=E942C67@@5496>:42=D2?5E649?@=@8J2?5@A6C2E6D7C@>=@42E:@?D:?&?E2C:@2?5C:E:D9@=F>3:22?252
+96#@>2D24BF:D:E:@?
H2D7:?2?465H:E9AC@4665D7C@>E96 ?E68C2E65'C:G2E663EF?5-#'=@2?%@E6
+9624BF:D:E:@?52E672:CG2=F6@7E964@?D:56C2E:@?EC2?D76CC657@CE9624BF:D:E:@?D2D25;FDE657@CE96>62DFC6>6?EA6C:@525;FDE>6?E
4@?D:DE65@7E967@==@H:?8
?E9@FD2?5D
2D9?6E@742D924BF:C65
@>>@?DE@4<C6DEC:4E65D92C6D
.@C<:?842A:E2=2?5@E96C9@=5324<D
@?E:?86?E4@?D:56C2E:@?2E72:CG2=F6
+96AFC492D6AC:462==@42E:@?7@CE9624BF:D:E:@?D2D25;FDE657@CE96>62DFC6>6?EA6C:@525;FDE>6?E:D2D7@==@HD
?E9@FD2?5D
+649?@=@8J2?56BF:A>6?E
&E96C2DD6ED
?E2?8:3=62DD6ED
&E96C=:23:=:E:6D
+@E2=:56?E:7:23=6?6E2DD6ED
@@5H:==
?E2?8:3=62DD6EDE92EH6C624BF:C652?5E96:CC6DA64E:G6FD67F==:G6D2D25;FDE657@CE96>62DFC6>6?EA6C:@525;FDE>6?E2C62D7@==@HD
?E9@FD2?5D >@F?E ,D67F=#:76
FDE@>6CC6=2E65
J62CD
@G6?2?ED?@EE@4@>A6E6
J62CD
?646>36C
E96@>A2?J@3E2:?65255:E:@?2=:?7@C>2E:@?5FC:?8E96>62DFC6>6?EA6C:@5E92E6I:DE657C@>E9624BF:D:E:@?52E6
C6DF=E:?8:?2>62DFC6>6?EA6C:@525;FDE>6?E7@C#+E@E96AC6=:>:?2CJ2>@F?EDC64@8?:K65
+96@>A2?JC64@C5652564C62D6E@
:?E2?8:3=62DD6ED@72564C62D6E@4@?E:?86?E4@?D:56C2E:@?@72?524@CC6DA@?5:?8564C62D6E@8@@5H:==@7
+96
492?86:?2>@CE:K2E:@?6IA6?D6C6=2E65E@E96AC:@CA6C:@5@7=6DDE92?
H2DC64@C565:?E96J62C6?565!F?6
+9672:CG2=F6D@7E96:?E2?8:3=62DD6EDH6C66DE:>2E65FD:?825:D4@F?E6542D97=@H2AAC@249H:E9#6G6=:?AFED
,?56CE9:D>6E9@5
2?:?E2?8:3=62DD6EPD72:CG2=F6:D6BF2=E@E96AC6D6?EG2=F6@7E96:?4C6>6?E2=27E6C E2I42D97=@HD6I46DD62C?:?8D2EEC:3FE23=6D@=6=J
E@E96:?E2?8:3=62DD6E@G6C:EDC6>2:?:?8FD67F==:76
+@42=4F=2E672:CG2=F6E96@>A2?JFD65C:D< 25;FDE6542D97=@HD5:D4@F?E652E
C2E6D4@?D:56C652AAC@AC:2E68:G6?E96:?96C6?EC:D<D2DD@4:2E65H:E96249EJA6@72DD6E
+96@>A2?J36=:6G6DE96=6G6=2?5E:>:?8@7
42D97=@HD2AAC@AC:2E6=JC67=64E>2C<6EA2CE:4:A2?E2DDF>AE:@?D
+968@@5H:==C64@C565:D6IA64E65E@36565F4E:3=67@C:?4@>6E2I
AFCA@D6D@G6C2A6C:@5@7
J62CD
+96AC@7@C>2C6DF=ED@7@A6C2E:@?D92G6?@E366?AC6D6?E653642FD6E9667764E@7E96D623@G6 >6?E:@?6524BF:D:E:@?DH2D?@E>2E6C:2=
E@E964@?D@=:52E657:?2?4:2=DE2E6>6?ED
!&
F& !!+ #'" &
?E9@FD2?5D !F?6
,D67F=#:76
@>AFE6CD@7EH2C6
@>AFE6C6BF:A>6?E
M
2=2?466?5@7J62C
!@41>:@-:35.81??1@?
&E96C:?E2?8:3=62DD6ED4@?D:DE@7E967@==@H:?8
?E9@FD2?5D !F?6
.6:89E65
G6C286 C@DD %6E
>@CE:K2E:@? 2CCJ:?8 44F>F=2E65 2CCJ:?8
'6C:@5 >@F?E >@CE:K2E:@? >@F?E
FDE@>6CC6=2E65
J62CD
+C256?2>6D2?5EC256>2C<D
J62CD
@G6?2?ED?@EE@4@>A6E6
J62CD
?E9@FD2?5D !F?6
.6:89E65
G6C286 C@DD %6E
>@CE:K2E:@? 2CCJ:?8 44F>F=2E65 2CCJ:?8
'6C:@5 >@F?E >@CE:K2E:@? >@F?E
FDE@>6CC6=2E65
J62CD
+C256?2>6D2?5EC256>2C<D
J62CD
@G6?2?ED?@EE@4@>A6E6
J62CD
>@CE:K2E:@?6IA6?D62>@F?E65E@2?5
7@CE96J62CD6?565!F?6
2?5
C6DA64E:G6=J
FEFC62>@CE:K2E:@?
6IA6?D67@C6249@7E96?6IE7:G67:D42=J62CD6?5:?8!F?62C62D7@==@HD
?E9@FD2?5D
!&F !&%"+
%@E6DA2J23=64@?D:DE@7E967@==@H:?8
?E9@FD2?5D !F?6
*6?:@CC65:E24:=:EJ
,?2>@CE:K65563E:DDF2?464@DED
+@E2=?@E6DA2J23=6
#6DD4FCC6?EA@CE:@?
+@E2=?@E6DA2J23=6?6E@74FCC6?EA@CE:@?
FEFC6>2EFC:E:6D@7?@E6DA2J23=67@C6249@7E96?6IE7:G67:D42=J62CD6?5:?8!F?62?5E96C627E6C2C62D7@==@HD
?E9@FD2?5D
+96C627E6C
%1:5;>>105@-/585@E
+96@>A2?J92D2*6?:@CC65:E24:=:EJH:E92?<@7>6C:42%
E96N#6?56CO@?:ED@H?3692=72?52D286?EE@E96
@E96C=6?56CD?2>65E96C6:?4FCC6?E=J4@?D:DE:?8@7E962?<@7$@?EC62=2DE96:?:E:2=>6>36C@7E96DJ?5:42E6F?56CDF49=@2?
AFCDF2?EE@2*64@?5>6?5>6?EE@>6?5652?5)6DE2E65#@2?2?5*64FC:EJ8C66>6?E
+96*6?:@CC65:E24:=:EJ:?4=F56D2
DF3=:>:EE@DFAA@CE=6EE6CD@74C65:E2?5>2EFC6D!F=J
@CC@H:?8D244CF6:?E6C6DE32D65@?E96@>A2?JPD2G6C28652:=J2G2:=23:=:EJ2EE96#6?56CPD32D6C2E6A=FD
E@
@C# &)
A=FD
E@
+96*6?:@CC65:E24:=:EJAC@G:56D7@C25G2?46D@7FAE@@7E966=:8:3=62?25:2?2?55@>6DE:4244@F?ED
C646:G23=6@76=:8:3=6244CF653FEF?3:==655@>6DE:4C646:G23=6D2?56=:8:3=67@C6:8?244@F?EDC646:G23=62==@7H9:492C6DF3;64EE@
46CE2:?DF3 =:>:EDC6D6CG6D2?5C65F4E:@?D
+96*6?:@CC65:E24:=:EJ:D4@==2E6C2=:K653J27:CDE AC:@C:EJD64FC:EJ:?E6C6DE:?2==@7E962DD6ED
@7E96,
*
4@ 3@CC@H6CD27:CDE AC:@C:EJD64FC:EJ:?E6C6DE:?2==@7E96244@F?EDC646:G23=62?52DD@4:2E652DD6ED@7E962?25:2?4@ 3@CC@H6CD
E96N2?25:2?)DD6EDO2?52D64@?5 AC:@C:EJD64FC:EJ:?E6C6DE@?E96@E96C2DD6ED@7E962?25:2?3@CC@H6CD
@CC@H:?8D2C62G2:=23=6E@7F?57FEFC624BF:D:E:@?D42A:E2=6IA6?5:EFC6DC6AFC492D6@7@>A2?JDE@4<@C7@C@E96C4@CA@C2E6AFCA@D6D
+96E6C>D@7E96*6?:@CC65:E24:=:EJ2C6DF3;64EE@4FDE@>2CJ7:?2?4:2=2?5@A6C2E:@?2=4@G6?2?ED:?4=F5:?84@G6?2?EDE92E>2J=:>:E
@CC6DEC:4EE9623:=:EJE@2>@?8@E96CE9:?8D3@CC@HF?56CE96*6?:@CC65:E24:=:EJ:?4FC:?563E65?6DD7C@>@E96C=6?56CD2?5>2<6
24BF:D:E:@?D
D@7!F?6
E96@>A2?JH2D:?4@>A=:2?46H:E92==@7:ED4@G6?2?ED
D @7 !F?6
32D65 @? 2G2:=23=6 4@==2E6C2= 2?5 @FEDE2?5:?8 =6EE6C @7 4C65:E 4@>>:E>6?ED E96C6 H2D
2G2:=23=6 7@C
3@CC@H:?8F?56CE96*6?:@CC65:E24:=:EJ
%1:5;>%1/A>10;-:?
?4@??64E:@?H:E9E96@>A2?JPD24BF:D:E:@?@7.966=D ?E6C?2E:@?2= ?4
N.966=DO.966=D@3E2:?652D6?:@CD64FC65
2?25:2? E6C> =@2? 7C@> ?E68C2E65 'C:G2E6 63E F?5 - #' N ' -O AFCDF2?E E@ 2 C65:E 24:=:E:6D #@2?
8C66>6?E
+96@>A2?J2?5:ED,
*
2?52?25:2?DF3D:5:2C:6D2C68F2C2?E@CD@7E96.966=D@3=:82E:@?DE96C6F?56C
+96=@2?>2EFC6D
@?AC:=
2?5244CF6D:?E6C6DE2E27:I65C2E6@7
A6C2??F>
+96@>A2?J:DC6BF:C65E@>2:?E2:?7:G6>@?E9D:?E6C6DE:?
2563ED6CG:46C6D6CG6244@F?EE@364@?EC@==653J ' -
+962>@F?E@72AAC@I:>2E6=J:DC64@C5652D56A@D:ED2?5@E96C2DD6ED
:?E96244@>A2?J:?84@?D@=:52E657:?2?4:2=DE2E6>6?ED
+96@>A2?J>256:?E6C6DE @?=JA2J>6?ED7@CE967:CDE
>@?E9D7@==@H653J
>@?E9=JAC:?4:A2=2?5:?E6C6DEA2J>6?ED@7E92EH:==36A2:5E9C@F89>2EFC:EJ
?4@??64E:@?H:E9E96@>A2?JPD24BF:D:E:@?@7#@>2D.966=D@3E2:?652
D6?:@CD64FC652?25:2?E6C>=@2?7C@>
?E68C2E65'C:G2E663EF?5-#'AFCDF2?EE@2
C65:E24:=:E:6D#@2?8C66>6?E
+96@>A2?J2?5:ED,
*
2?5
2?25:2?DF3D:5:2C:6D2C68F2C2?E@CD@7E96.966=D@3=:82E:@?DE96C6F?56C
+96=@2?>2EFC6D@?!F?6
2?5244CF6D:?E6C6DE2E2
7:I65C2E6@7
A6C2??F>
+96=@2?C6A2J>6?E4@?D:DED@7>@?E9=JAC:?4:A2=2?5:?E6C6DEA2J>6?ED@7
+96=@2?D>2J36AC6A2:5:?H9@=62E2?JE:>6FA@?AC@G:5:?82E=62DE52JDAC:@CHC:EE6??@E:462?5A2J:?8E965:776C6?4636EH66?
:E96AC6D6?EG2=F6@7E96=@2?:?E6C6DE2?5E96AC:?4:A2=A2J>6?ED7@C68@?65:D4@F?E652EE96@G6C?>6?E@72?252@?50:6=57@C
E96E6C>7C@>E9652E6@7AC6A2J>6?EE@E96>2EFC:EJ52E62?5::E967246G2=F6@7E96AC:?4:A2=2>@F?E36:?8AC6A2:5
-<5@-81-?1-/585@E
?AC:=
E96@>A2?JE9C@F89:EDH9@==J @H?65DF3D:5:2CJ6?E6C65:?E@2=62D67:?2?4:?828C66>6?EH:E92?4@7>6C:42
#62D:?8 2A:E2= 7@C E96 =62D6 @7 FA E@
C67C:86C2E65 EC2:=6CD H:E9 E96 288C682E6 7:?2?4:?8 4@DE ?@E E@ 6I4665 E9C@F89
646>36C
D@7!F?6
E96@>A2?J92D7:?2?4652AAC@I:>2E6=J@7EC2:=6C6BF:A>6?EF?56CE9628C66>6?E
+96E6C>@7E96=62D6D92==36@C>@?E9D7C@>2?28C665FA@?DE2CE:?852E62?52D=6DD66E96@>A2?JH:==36@3=:82E65 E@
AFC492D6E96EC2:=6CD2EE966?5@7E96=62D67@C2?@>:?2=2>@F?E
+96EC2?D24E:@?:DDF3;64EE@E966I64FE:@?@7255:E:@?2=5@4F>6?E2E:@?
:?4=F5:?82>@?8@E96CE9:?8D2>2DE6C=62D628C66>6?E8F2C2?E@C2FE9@C:K2E:@?2?5:?4F>36?4J46CE:7:42E68F2C2?EJ2?5AC@8C6DD
A2J>6?E28C66>6?E
!&F%&!!$%G#'&+
+96@>A2?J:D2FE9@C:K65E@:DDF6D92C6D@7AC676CC65DE@4<A2CG2=F62E
A6CD92C62?5
D92C6D@74@>>@?
DE@4<
A6CD92C6
%1>51?">121>>10%@;/7
+96@>A2?J92DD92C6D:DDF652?5@FEDE2?5:?8@7
*6C:6DF>F=2E:G6)6566>23=6'6CA6EF2='C676CC65*E@4<N*6C:6D
'C676CC65*92C6D:DDF652?5@FEDE2?5:?8OH9:4992G62=:BF:52E:@?AC676C6?46@7
A6CD92C6
:G:56?5D@?E96*6C:6D'C676CC65*92C6D2C64F>F=2E:G67C@>E9652E6@7@C:8:?2=:DDF62?52C6A2J23=6@?!2?F2CJ
AC:=!F=J
2?5&4E@36C
2D2?5:7564=2C653JE96@>A2?JPD3@2C5@75:C64E@CD
7E96@>A2?J5@6D?@EA2J5:G:56?5D:?7F==@?2?JEH@
A2J>6?E52E6DH96E96C4@?D64FE:G6@C?@EE96A6C2??F>5:G:56?5C2E6H:==:?4C62D62?255:E:@?2=
A6C2??F>A6C
DE2E65
=:BF:52E:@?AC676C6?46FAE@2>2I:>F>@7
A6C2??F>
7E96@>A2?J72:=DE@>2:?E2:?E96=:DE:?8@7E96*6C:6D'C676CC65
*92C6D@?E96%0*>6C:42?@C@E96C6I492?867@C52JD@C>@C6E96A6C2??F>5:G:56?5C2E6H:==:?4C62D63J2?255:E:@?2=
A6C2??F>D@=@?82DE96=:DE:?872:=FC64@?E:?F6D
+96*6C:6D'C676CC65*92C6DC6BF:C6E96@>A2?JE@>2:?E2:?2:I6592C86
@G6C286)2E:@@72E=62DE
7E96@>A2?J:D?@E:?4@>A=:2?46H:E9E9:DC2E:@E96?:E42??@EA2J2?J5:G:56?5@?:ED4@>>@?DE@4<
D@7!F?6
E96@>A2?JH2D:?4@>A=:2?46H:E9E9:DC2E:@
;99;:%@;/7
?!2?F2CJ
E96@>A2?JPD3@2C5@75:C64E@CD2FE9@C:K65E96C6AFC492D6@7FAE@D92C6D@7E96@>A2?JPD4@>>@?DE@4<
E9C@F89646>36C
,?56CE9:DC6AFC492D6AC@8C2>E96@>A2?JAFC492D65
D92C6D@7:ED4@>>@?DE@4<2E2?2G6C286
4@DE@7
A6CD92C67@C2?288C682E64@DE@77@CE96J62C6?565!F?6
?$2C49
E96@>A2?JPD3@2C5@75:C64E@CD
2FE9@C:K65E96C6AFC492D6@7FAE@D92C6D@7E96@>A2?JPD4@>>@?DE@4<E9C@F89646>36C
+96C692G6366??@
AFC492D6D@74@>>@?DE@4<6I64FE65F?56CE96C6AFC492D6AC@8C2>E9C@F89E9652E6@7E9:D7:=:?8
,?56CE96DE@4<C6AFC492D6AC@8C2>
E96@>A2?J:D2FE9@C:K65E@C6AFC492D67C@>E:>6 E@ E:>6D92C6D@7:ED@FEDE2?5:?84@>>@?DE@4<:?E96@A6?>2C<6E2EAC6G2:=:?8
>2C<6EAC:46D@CE9C@F89AC:G2E6=J?68@E:2E65EC2?D24E:@?D2DA6C>:EE653JD64FC:E:6D=2HD2?5@E96C=682=C6BF:C6>6?ED
+96AC@8C2>5:5
?@E@3=:82E6E96@>A2?JE@C6AFC492D62?JDA64:7:4?F>36C@7D92C6D2?54@F=536DFDA6?565@CE6C>:?2E652E2?JE:>6H:E9@FEAC:@C
?@E:46
6CE2:?6?E:E:6D:?H9:496BF:EJ:?G6DE@CD5@?@E92G6E96492C24E6C:DE:4D@724@?EC@==:?87:?2?4:2=:?E6C6DE@C5@?@E92G6E96DF77:4:6?E
6BF:EJ2EC:D<7@CE966?E:EJE@7:?2?46:ED24E:G:E:6DH:E9@FE255:E:@?2=DF3@C5:?2E657:?2?4:2=DFAA@CE7C@>@E96CA2CE:6D2C64@?D:56C65
G2C:23=6:?E6C6DE6?E:E:6D
)#'BF2=:7:6D2D2G2C:23=6:?E6C6DE6?E:EJ2?5:D4@?D@=:52E65:?E96D64@?D@=:52E657:?2?4:2=DE2E6>6?ED
+967@==@H:?8E23=6DF>>2C:K6DE9632=2?46D966ED@7)#'
?E9@FD2?5D !F?6
**+*
44@F?EDC646:G23=6 )25:2?E=@32=#@8:DE:4D ?4
44CF656IA6?D6D
!& F$('%'$ &%
+96244@F?E:?88F:52?467@C72:CG2=F62>@?8@E96CE9:?8D567:?6D72:CG2=F66DE23=:D96D24@?D:DE6?E7C2>6H@C<7@C>62DFC:?872:C
G2=F62?56IA2?5D5:D4=@DFC67@C6249>2;@C2DD6E2?5=:23:=:EJ42E68@CJ>62DFC652E72:CG2=F6@?6:E96C2C64FCC:?8@C?@?C64FCC:?8
32D:D
2:CG2=F6:D567:?652DE96AC:46E92EH@F=536C646:G65E@D6==2?2DD6E@CA2:5E@EC2?D76C2=:23:=:EJ2?6I:EAC:46:?2?@C56C=J
EC2?D24E:@?36EH66?>2C<6EA2CE:4:A2?ED2EE96C6A@CE:?852E6
+967C2>6H@C<7@C>62DFC:?872:CG2=F64@?D:DED@72E9C66 =6G6=G2=F2E:@?
9:6C2C49JE92EAC:@C:E:K6DE96:?AFEDE@G2=F2E:@?E649?:BF6DFD65E@>62DFC672:CG2=F632D65FA@?H96E96CDF49:?AFED2C6@3D6CG23=6
@CF?@3D6CG23=6
&3D6CG23=6:?AFEDC67=64E>2C<6E52E2@3E2:?657C@>:?56A6?56?ED@FC46DH9:=6F?@3D6CG23=6:?AFEDC67=64E>2C<6E
2DDF>AE:@?D>2563JE96C6A@CE:?86?E:EJ
?86?6C2=72:CG2=F6D56E6C>:?653J#6G6=
:?AFEDFE:=:K6BF@E65AC:46DF?25;FDE65:?
24E:G6>2C<6ED7@C:56?E:42=2DD6ED@C=:23:=:E:6D
2:CG2=F6D56E6C>:?653J#6G6=:?AFEDFE:=:K6@3D6CG23=6:?AFED@E96CE92?#6G6=
AC:46DDF492DBF@E65AC:46D7@CD:>:=2C2DD6ED@C=:23:=:E:6DBF@E65AC:46D:?>2C<6EDE92E2C6?@E24E:G6@C@E96C:?AFEDE92E2C6@3D6CG23=6
@C42?364@CC@3@C2E653J@3D6CG23=6>2C<6E52E27@CDF3DE2?E:2==JE967F==E6C>@7E96C6=2E652DD6ED@C=:23:=:E:6D
2:CG2=F6D56E6C>:?65
3J#6G6=:?AFED2C6F?@3D6CG23=652E2A@:?ED7@CE962DD6E@C=:23:=:EJ2?5:?4=F56D:EF2E:@?DH96C6E96C6:D=:EE=6:72?J>2C<6E24E:G:EJ
7@CE962DD6E@C=:23:=:EJ
+9672:CG2=F6>62DFC6>6?E=6G6=H:E9:?E969:6C2C49J:D32D65@?E96=@H6DE=6G6=@72?J:?AFEE92E:DD:8?:7:42?E
E@ E96 72:C G2=F6 >62DFC6>6?E
-2=F2E:@? E649?:BF6D FD65 ?665 E@ >2I:>:K6 E96 FD6 @7 @3D6CG23=6 :?AFED 2?5 >:?:>:K6 E96 FD6 @7
F?@3D6CG23=6:?AFED
DD6ED2?5=:23:=:E:6D>62DFC652E72:CG2=F62C632D65@?@?6@C>@C6@7E967@==@H:?8E9C66G2=F2E:@?E649?:BF6D
• $2C<6E2AAC@249'C:46D2?5@E96CC6=6G2?E:?7@C>2E:@?86?6C2E653J>2C<6EEC2?D24E:@?D:?G@=G:?8:56?E:42=@C4@>A2C23=6
2DD6ED@C=:23:=:E:6D
• @DE2AAC@249>@F?EE92EH@F=536C6BF:C65E@C6A=246E96D6CG:4642A24:EJ@72?2DD6EC6A=246>6?E4@DE2?5
• ?4@>6 2AAC@249 +649?:BF6D E@ 4@?G6CE 7FEFC6 2>@F?ED E@ 2 D:?8=6 AC6D6?E 2>@F?E 32D65 FA@? >2C<6E 6IA64E2E:@?D
:?4=F5:?8AC6D6?EG2=F6E649?:BF6D@AE:@? AC:4:?82?56I46DD62C?:?8D>@56=D
@19?1-?A>10-@-5>(-8A1;:-$1/A>>5:3-?5?
+967@==@H:?8E23=6D6ED7@CE9E96@>A2?JPD7:?2?4:2==:23:=:E:6D>62DFC652E72:CG2=F6@?2C64FCC:?832D:D
2:C-2=F6$62DFC6>6?ED2D@7!F?6
?E9@FD2?5D
#6G6= +@E2=
@?E:?86?E4@?D:56C2E:@?
2:C-2=F6$62DFC6>6?ED2D@7!F?6
#6G6= +@E2=
@?E:?86?E4@?D:56C2E:@?
+967@==@H:?8E23=6AC@G:56D2C64@?4:=:2E:@?@7E96=:23:=:E:6D>62DFC652E72:CG2=F6FD:?8D:8?:7:42?EF?@3D6CG23=6:?AFED#6G6=
@?E:?86?E
?E9@FD2?5D @?D:56C2E:@?
2=2?462D@7!F?6
?4C62D6C6=2E65E@244@F?E:?87@C24BF:D:E:@?D
@?E:?86?E4@?D:56C2E:@?A2:5
92?86:?72:CG2=F6
2=2?462D@7!F?6
?4C62D6C6=2E65E@244@F?E:?87@C24BF:D:E:@?D
$62DFC6>6?EA6C:@525;FDE>6?E%@E6
@?E:?86?E4@?D:56C2E:@?A2:5
92?86:?72:CG2=F6
2=2?462D@7!F?6
+96@>A2?J92D4@?E:?86?E@3=:82E:@?DE@EC2?D76C42D9A2J>6?ED2?56BF:EJD92C6DE@7@C>6CD92C69@=56CD@724BF:C65@A6C2E:@?D:?
4@?;F?4E:@? H:E9 46CE2:? 24BF:D:E:@?D :7 DA64:7:65 @A6C2E:?8 C6DF=ED 2?5 7:?2?4:2= @3;64E:G6D 2C6 >6E @G6C E96 ?6IE 7@FC 7:D42= J62CD
@?E:?86?E4@?D:56C2E:@?:D>62DFC65BF2CE6C=J2E72:CG2=F62?52?J492?86:?E9672:CG2=F6@7E964@?E:?86?E=:23:=:EJ:D:?4=F565:?
E964@?D@=:52E65DE2E6>6?ED@74@>AC696?D:G6:?4@>6
+96@>A2?JC64@C5652564C62D6E@4@?E:?86?E4@?D:56C2E:@?@7
2?52?
:?4C62D6@7
7@CE96J62CD6?565!F?6
2?5
C6DA64E:G6=J
+96492?86:?E964FCC6?EA6C:@5:DAC:?4:A2==J2EEC:3FE23=6
E@2?6E564C62D6:?>2?286>6?EPD6DE:>2E6D@77FEFC662C? @FEA2J>6?EDE9C@F89E96C6>2:?56C@7:ED62C? @FEA6C:@5DH96C62DE96
492?86:?E96AC:@CA6C:@5:DAC:?4:A2==J2EEC:3FE23=6E@2?6E:?4C62D6:?>2?286>6?EPD6DE:>2E6D@77FEFC662C? @FEA2J>6?ED
+96@>A2?JFD6DAC@;64E657FEFC67:?2?4:2=C6DF=ED32D65@?C646?E2?59:DE@C:42=52E2E@G2=F6E962?E:4:A2E657FEFC662C? @FEA2J>6?ED
+@ 42=4F=2E6 72:C G2=F6 E96 7FEFC6 62C? @FE A2J>6?ED H6C6 E96? 5:D4@F?E65 FD:?8 #6G6= :?AFED
+96 @>A2?J 92D 4=2DD:7:65 E96
4@?E:?86?E4@?D:56C2E:@?2D#6G6=5F6E@E96=24<@7C6=6G2?E@3D6CG23=6>2C<6E52E2@G6C72:CG2=F6:?AFED
+96@>A2?J36=:6G6DE96
5:D4@F?EC2E6FD65E@5:D4@F?EE9662C? @FEA2J>6?EDC67=64ED>2C<6EA2CE:4:A2?E2DDF>AE:@?D
92?86D:?2DDF>AE:@?D2?5@A6C2E:?8
C6DF=ED4@F=592G62D:8?:7:42?E:>A24E@?E9662C? @FE2>@F?EFAE@2>2I:>F>@7E9C@F8962C? @FEA6C:@5D>62DFC65E9C@F89
F8FDE
2=E9@F89E96C62C6?@>2I:>F>D@?46CE2:?62C? @FEA2J>6?ED
@?E:?86?E4@?D:56C2E:@?:D?6E@725G2?46D@762C?@FE
A2J>6?ED@7:?4=F56D2AAC@I:>2E6=J
E92EH2D62C?655FC:?87:D42=J62C
2?5:DA2J23=6%@G6>36C
-5>(-8A1;25:-:/5-8:?@>A91:@?
+9642CCJ:?8G2=F6D@7E96@>A2?JPD42D9C646:G23=6D244@F?EDA2J23=64@>>:DD:@?DA2J23=6244CF656IA6?D6D2?5E96:?4@>6E2I
C646:G23=62AAC@I:>2E6E9672:CG2=F6D5F6E@E96C6=2E:G6=JD9@CE>2EFC:E:6D@7E96D6:?DECF>6?ED
+9642CCJ:?8G2=F6@7E96@>A2?JPD
4C65:E724:=:EJ?@E6DA2J23=62?5@E96C=@?8 E6C>=:23:=:E:6DH@F=5?@E5:776CD:8?:7:42?E=J7C@>72:CG2=F632D65@?#6G6=:?AFED:7
C642=4F=2E6532D65@?4FCC6?E:?E6C6DEC2E6D
!& F !&*%
+96+2IFED2?5!@3D4EE96N4EOH2D6?24E65@?646>36C
+964E4@?E2:?D>2?JD:8?:7:42?E492?86DE@E96,
*
7656C2=:?4@>6E2I=2HD
+96AC:>2CJ:>A24E@7E964E:?7:D42=J62C
:D2C65F4E:@?@7E967656C2=DE2EFE@CJE2IC2E67C@>E@
2G6C286C2E6@77@CE967:CDE92=7@77:D42=J62C
2?5
7@CE96D64@?592=7@77:D42=J62C
4@?D:DE6?EH:E9 ?E6C?2=
)6G6?F6@56*64E:@?
55:E:@?2==JE964EC6BF:C6D4@>A2?:6DE@A2J2@?6 E:>6EC2?D:E:@?E2I@?62C?:?8D@746CE2:?7@C6:8?
DF3D:5:2C:6D E92E H6C6 AC6G:@FD=J E2I 5676CC65 2?5 4C62E6D 2 ?6H E2I @? 46CE2:? 7@C6:8? D@FC465 62C?:?8D
D @7 !F?6
E96
@>A2?J92D?@E4@>A=6E65:ED244@F?E:?87@CE96E2I67764ED@76?24E>6?E@7E964E2?5:E6IA64EDE9:DC6G:6HE@364@>A=6E65H:E9
E964@>A=6E:@?@7E962??F2=,
*
E2IC6EFC?9@H6G6CE96@>A2?J92D>2562C62D@?23=66DE:>2E6@7E9667764ED@?6I:DE:?85676CC65
E2I32=2?46D2?5E96@?6 E:>6EC2?D:E:@?E2I
+965676CC65:?4@>6E2I36?67:E:?4=F56D2AC@G:D:@?2=36?67:E@7C64@8?:K657@C
E9@D6 :E6>D H9:49 E96 @>A2?J 4@F=5 56E6C>:?6 2 C62D@?23=6 6DE:>2E6 7C@> E96 C6>62DFC6>6?E @7 7656C2= 5676CC65 E2I =:23:=:E:6D
C6DF=E:?87C@>E96A6C>2?6?EC65F4E:@?:?E96,
*
DE2EFE@CJ4@CA@C2E6E2IC2E67C@>E@
+966DE:>2E652>@F?E@7E96@?6 E:>6
EC2?D:E:@?E2I:D6IA64E65E@36:?D:8?:7:42?E5F6E@E96@>A2?JPD4@?EC@==657@C6:8?4@>A2?:6DP?682E:G662C?:?8D2?5AC@7:ED
+96
7:?2=:>A24E@7E964E>2J5:776C5F6E@2?52>@?8@E96CE9:?8D492?86D:?:?E6CAC6E2E:@?D2DDF>AE:@?D>256E96:DDF2?46@7255:E:@?2=
8F:52?462?524E:@?DE96@>A2?J>2JE2<62D2C6DF=E@7E964E
+96D:8?:7:42?E4@>A@?6?ED@7:?4@>6E2I6IA6?D636?67:E2C62D7@==@HD
?E9@FD2?5D 062C6?565!F?6
FCC6?E
656C2=
@C6:8?
+@E2=4FCC6?E
@C6:8?
+@E2=5676CC65
+967@==@H:?8E23=6C64@?4:=6D:?4@>6E2I6D32D65@?E96,
*
DE2EFE@CJE2IC2E6E@E96@>A2?JPD:?4@>6E2I6IA6?D6
?E9@FD2?5D 062C6?565!F?6
?4@>6E2I6IA6?D62E,
*
DE2EFE@CJC2E6
M
'6C>2?6?E5:776C6?46D
*E2E6:?4@>6E2I6D?6E@77656C2=36?67:E
@C6:8?:?4@>6E2I6D
@?E:?86?E4@?D:56C2E:@?
M
,?46CE2:?E2IA@D:E:@?D
M
&E96C?6E
+@E2=:?4@>6E2I6IA6?D6
*:8?:7:42?E4@>A@?6?ED@75676CC65E2I2DD6ED2?5=:23:=:E:6D2C62D7@==@HD
?E9@FD2?5D !F?6
676CC65E2I2DD6ED=:23:=:E:6D
==@H2?467@C5@F3E7F=244@F?ED
*92C6 32D654@>A6?D2E:@?
+649?@=@8J2?56BF:A>6?E32D:D5:776C6?46D
?E2?8:3=62DD6ED
%6E@A6C2E:?8=@DD42CCJ 7@CH2C5
%6E5676CC65E2I=:23:=:E:6D
+96@>A2?JPD67764E:G6E2IC2E67@CE96J62C6?565!F?6
:D=@H6CE92?E96,
*
7656C2=DE2EFE@CJC2E6AC:>2C:=J5F6E@E96
AC@G:D:@?2=5676CC65:?4@>6E2I36?67:EC6DF=E:?87C@>E96C6>62DFC6>6?E@77656C2=5676CC65E2I=:23:=:E:6D5F6E@E964E2DH6==2D
DE2E6 2?5 7@C6:8? :?4@>6 E2I6D
+96 @>A2?JPD 67764E:G6 E2I C2E6 7@C E96 J62C 6?565 !F?6
:D 9:896C E92? E96 ,
*
7656C2=
DE2EFE@CJC2E6AC:>2C:=J5F6E@DE2E6:?4@>6E2I6D2?5E2I6IA6?D6@?E9625;FDE>6?E@76?5:?85676CC65E2I2DD6ED7@CE96,
*
>2C8:?
E2I3C24<6EC2E6
+96@>A2?J5@6D?@E92G62?JF?46CE2:?E2IA@D:E:@?D2?592D27656C2=?6E@A6C2E:?8=@DD42CCJ@G6C@72AAC@I:>2E6=J
5F6E@6IA:C6AC:>2C:=JE9C@F89E967:D42=J62C2?527@C6:8??6E@A6C2E:?8=@DD42CCJ@G6C@72AAC@I:>2E6=J
5F6E@
6IA:C6E9C@F89E967:D42=J62C
+96@>A2?J2?5:EDH9@==J @H?65,
*
DF3D:5:2C:6D7:=624@?D@=:52E65656C2=:?4@>6E2IC6EFC?
+96@>A2?J2=D@7:=6DF?:E2CJ@C
D6A2C2E6C6EFC?D:?G2C:@FDDE2E6=@42=2?5?@? ,
*
;FC:D5:4E:@?D32D65@?DE2E6=@42=2?5?@? ,
*
7:=:?8C6BF:C6>6?ED
+2IJ62CDE92E
C6>2:?DF3;64EE@6I2>:?2E:@?3J,
*
2FE9@C:E:6D2C6E96J62CD6?565!F?6
E9C@F89!F?6
+2IJ62CDE92EC6>2:?
DF3;64EE@6I2>:?2E:@?3JDE2E62FE9@C:E:6D2C6E96J62CD6?565!F?6
E9C@F89!F?6
+2IJ62CDE92EC6>2:?DF3;64EE@
6I2>:?2E:@?3J?@? ,
*
2FE9@C:E:6D2C6E96A6C:@5D6?565646>36C
E9C@F89!F?6
&442D:@?2==J24BF:C656?E:E:6D
92G6E2IJ62CDE92E5:776C7C@>E96@>A2?J2?52C6DE:==@A6?F?56CE96C6=6G2?EDE2EFE6@7=:>:E2E:@?D2?5E96C67@C62C6DF3;64EE@
A@E6?E:2=25;FDE>6?E
+96@>A2?JPD2?25:2?*F3D:5:2CJ.966=D ?E6C?2E:@?2= ?4
:D4FCC6?E=JF?56C6I2>:?2E:@?3JE962?252)6G6?F686?4J7@C
E96J62C
+962>@F?E@7A@E6?E:2=6IA@DFC6:72?J:DF?<?@H?2?5E96C6:D?@C62D@?E@36=:6G6E96@>A2?JD9@F=5C64@C52
C6D6CG6
!&
F%$%!" %&!
+96@>A2?J92DEH@DE@4< 32D65A=2?DE96*E@4< ?46?E:G6'=2?2?5E96
*E@4<&AE:@?2?5'6C7@C>2?46H2C5'=2?
249
A=2?2FE9@C:K6DE968C2?E:?8@7FAE@D92C6D@7E96@>A2?JPD4@>>@?DE@4<
+96A=2?DAC@G:567@CE968C2?E@7DE@4<@AE:@?D
DE@4<2AAC64:2E:@?C:89EDD92C6D@7C6DEC:4E65DE@4<C6DEC:4E65DE@4<F?:EDA6C7@C>2?46D92C6D2?5A6C7@C>2?46F?:ED
)6DEC:4E65DE@4<
2H2C5D2?5F?:ED2C66BF:G2=6?EE@@?6D92C6@74@>>@?DE@4<2?586?6C2==JG6DE27E6CE9C66J62CD
+96@>A2?J5@6D?@EA=2?E@>2<6
255:E:@?2=8C2?EDF?56CE96*E@4< ?46?E:G6'=2?
$1?@>5/@10%@;/7C->0?
+96@>A2?J8C2?E65C6DEC:4E65DE@4<2H2C5DE@46CE2:?6>A=@J66D:?F8FDE
+96D92C6DH6C6C6DEC:4E65:?EC2?D76C23:=:EJ7@C2
E6C>@7FAE@7:G6J62CD2?52C67@C76:E65:?E966G6?EE966>A=@J66E6C>:?2E6D6>A=@J>6?EAC:@CE@E96=2AD6@7E96C6DEC:4E:@?2?5
86?6C2==JG6DEC2E23=J@G6C27:G6 J62CA6C:@5
+96@>A2?J3682?8C2?E:?8C6DEC:4E65DE@4<F?:EDE@46CE2:?6>A=@J66D:?&4E@36C
FC:?8E96J62CD6?565!F?6
2?5
E96@>A2?JC64@8?:K65D92C6 32D654@>A6?D2E:@?6IA6?D6C6=2E65E@DE@4<2H2C5D
@7 2?5
C6DA64E:G6=J
D @7 !F?6
E96 @>A2?J 925 2AAC@I:>2E6=J
@7 E@E2= F?C64@8?:K65 D92C6 32D65
4@>A6?D2E:@?4@DEDC6=2E65E@F?G6DE65DE@4<2H2C5DH9:49:D6IA64E65E@36C64@8?:K65@G6C2H6:89E652G6C286A6C:@5@7
J62CD
+967@==@H:?8E23=6DF>>2C:K6DDE@4<2H2C524E:G:EJF?56CE96A=2?D
%F>36C@7 .6:89E65
,?:ED G6C2862:C-2=F6
,?G6DE6532=2?462D@7!F?6
C2?E65
@C76:E65
,?G6DE6532=2?462D@7!F?6
%@;/7!<@5;:?
*E@4<@AE:@?D2C68C2?E652E6I6C4:D6AC:46D6BF2=E@E9672:CG2=F6@7E964@>>@?DE@4<2EE9652E6@7E968C2?E2?592G62E6C>@7
J62CD
6?6C2==J8C2?EDF?56C6249A=2?G6DE2??F2==J@G6C27:G6 J62CA6C:@57C@>E9652E6@78C2?E
@CE96J62CD6?565!F?6
2?5
E96@>A2?JC64@8?:K65D92C6 32D654@>A6?D2E:@?6IA6?D6C6=2E65E@DE@4<@AE:@?D@72?5
C6DA64E:G6=J
D@7!F?6
E96@>A2?J9252AAC@I:>2E6=J
@7E@E2=F?C64@8?:K65D92C6 32D654@>A6?D2E:@?4@DEDC6=2E:?8E@F?G6DE65
DE@4<@AE:@?DH9:49:D6IA64E65E@36C64@8?:K65@G6C2H6:89E652G6C286A6C:@5@7
J62CD
+967@==@H:?8E23=6DF>>2C:K6DDE@4<@AE:@?24E:G:EJF?56CE96A=2?D
.6:89E65
G6C286
.6:89E65 )6>2:?:?8 88C682E6
%F>36C@7 G6C286 @?EC24EF2=#:76 ?EC:?D:4-2=F6
*92C6D I6C4:D6'C:46 062CD :?E9@FD2?5D
&FEDE2?5:?82D@7!F?6
M
@C76:E65
M M
&FEDE2?5:?82D@7!F?6
I6C4:D23=62D@7!F?6
+967@==@H:?8E23=6DF>>2C:K6D@FEDE2?5:?82?56I6C4:D23=6@AE:@?D3JAC:46C2?862D@7!F?6
&FEDE2?5:?8&AE:@?D I6C4:D23=6&AE:@?D
.6:89E65 .6:89E65
G6C286 G6C286
.6:89E65 )6>2:?:?8 88C682E6 .6:89E65 )6>2:?:?8 88C682E6
%F>36C@7 G6C286 @?EC24EF2= ?EC:?D:4-2=F6 %F>36C@7 G6C286 @?EC24EF2= ?EC:?D:4-2=F6
I6C4:D6'C:46D *92C6D I6C4:D6'C:46 #:76062CD ?E9@FD2?5D *92C6D I6C4:D6'C:46 #:76062CD ?E9@FD2?5D
M
M
M
M
M
M
M
M
M
M
M
M
!& F!& &% ! & %
13-8">;/1105:3?
+96@>A2?J:D:?G@=G65:?G2C:@FD4=2:>D2?5=682=24E:@?D2C:D:?8:?E96@C5:?2CJ4@FCD6@73FD:?6DD
?>2?J4=2:>D2?524E:@?D:E
:D:?96C6?E=J 5:77:4F=EE@56E6C>:?6H96E96C2?J=@DD:DAC@323=6@C6G6?C62D@?23=JA@DD:3=6@CE@6DE:>2E6E96D:K6@CC2?86@7E96
A@DD:3=6 =@DD
44@C5:?8=J 2? 25G6CD6 @FE4@>6 7C@> DF49 AC@4665:?8D 4@F=5 92G6 2 >2E6C:2= 25G6CD6 67764E @? E96 @>A2?JPD
4@?D@=:52E657:?2?4:2=A@D:E:@?C6DF=ED@7@A6C2E:@?D@C=:BF:5:EJ
#682=6IA6?D6D2C66IA6?D652D:?4FCC65
DF>>2CJ@7A@E6?E:2=
>2E6C:2=AC@4665:?8D2?5=:E:82E:@?:D2D7@==@HD
'!*#
*"('.(-',#%#,#+'(-',#%#,#+, #'!'#',%(%(!#+,#+''
#+,*#-,#('
*.#+''!*#
*"('%# (*'#%++,#('
&?&4E@36C
A=2:?E:77 ?8C:52C29@?27:=652AFCA@CE654=2DD24E:@?=2HDF:E:?E96*FA6C:@C@FCE@7E96*E2E6@72=:7@C?:2
282:?DE )# :DEC:3FE:@? *6CG:46D ?4
NO 2 H9@==J @H?65 DF3D:5:2CJ 2?5 EH@ E9:C5 A2CEJ DE277:?8 4@>A2?:6D
4@==64E:G6=J E96 N*E277:?8 676?52?EDO H:E9 H9@> )25:2?E 2?5 4@?EC24E65 7@C E6>A@C2CJ 6>A=@J66D
? E96 =2HDF:E $D
2C29@?2@?3692=7@796CD6=72?5E96AFE2E:G64=2DDD66<D52>286D2?5A6?2=E:6DF?56C2=:7@C?:2=2HA=FD:?E6C6DE2EE@C?6JDP766D
2?5 4@DED 2=@?8 H:E9 6BF:E23=6 C6>65:6D 2==68:?8 E92E D96 2?5 E96 AFE2E:G6 4=2DD H6C6 E96 DF3;64E @7 F?72:C 2?5 F?=2H7F= 3FD:?6DD
AC24E:46D:?4=F5:?846CE2:?H2862?59@FCG:@=2E:@?DC6=2E:?8E@2>@?8@E96CD72:=FC6E@AC@G:56>62=2?5C6DEA6C:@5D72:=FC6E@A2J
>:?:>F>H286D2?5@G6CE:>62?572:=FC6E@C6:>3FCD66>A=@J66D7@CH@C< C6=2E656IA6?D6D
$D
2C29@?22==686DE92ED96H2D;@:?E=J
6>A=@J653JE96DE277:?84@>A2?:6D2?5)25:2?E2?5
)25:2?E2?556?J$D
2C29@?2PD2==682E:@?D:?E96:C6?E:C6EJ56?J
E92EE96J2C6=:23=6E@$D
2C29@?2@CE96AFE2E:G64=2DD>6>36CD:?2?JH2J2?52C6G:8@C@FD=J5676?5:?8282:?DEE96D62==682E:@?D
32D65 FA@? 2 AC6=:>:?2CJ 6G2=F2E:@? @7 2AA=:423=6 C64@C5D 2?5 =682= DE2?52C5D
@H6G6C :7 $D
2C29@?2 H6C6 E@ AC6G2:= @? 96C
2==682E:@?D @? 2== 4=2:>D 282:?DE E96 @>A2?J E96 @>A2?J 4@F=5 36 =:23=6 7@C F?:?DFC65 52>286D :? 2? 2>@F?E E92E H9:=6 ?@E
D:8?:7:42?EH96?6G2=F2E65282:?DE6:E96CE96@>A2?JPD2DD6ED@C4FCC6?E2?56IA64E65=6G6=@72??F2=62C?:?8D4@F=536>2E6C:2=H96?
;F5865282:?DEE96@>A2?JPD62C?:?8D:?E96A2CE:4F=2CBF2CE6C:?H9:492?JDF4952>286D2C@D6:72E2==
+9642D6C6>2:?D:?G@=G65
:?G2C:@FDAC@465FC2=>2EE6CD:?4=F5:?8>@E:@?D5:D4@G6CJC6BF6DEDDE2EFD4@?76C6?46D2?5>65:2E:@?DE92EE@52E692G6?@E=65E@
D6EE=6>6?E@CC6D@=FE:@?@7E964=2:>D
EE9:DE:>6E96@>A2?J:DF?23=6E@6IAC6DD2?@A:?:@?2DE@E96=:<6=J@FE4@>6@7E96>2EE6C
#',%(%(!#+,#+'.
(**0)*++*.#+,'',"*-&&(''-*'*-&&('
?!F?6
E96@>A2?J@3E2:?6524:G:=;F58>6?E282:?DE:ED7@C>6CC:E:D9@=F>3:2DEC2E68:4@A6C2E:?8A2CE?6C7@C2AAC@I:>2E6=J
@72>@F?ED@H65F?56CE96A2CE:6DP+C2?DA@CE2E:@?*6CG:46D8C66>6?EE96N8C66>6?EO7@CF?A2:57C6:89ED9:A>6?ED
+96
@>A2?J92D7:=657FCE96C=2HDF:EDE@6?7@C46:ED;F586>6?E7@C4@==64E:@?2?5E@2DD6CEC:89EDF?56C2A6CD@?2=8F2C2?EJ282:?DEE96
;F58>6?E563E@CD
+96F?A2:52>@F?EDC6AC6D6?E653JE964:G:=;F58>6?E2C6:?4=F5652D244@F?EDC646:G23=6:?E964@?D@=:52E6532=2?46
D966ED2D@7!F?6
?6E@72?2==@H2?467@C5@F3E7F=244@F?ED@72AAC@I:>2E6=J
;995@91:@?
+96 @>A2?J 92D @A6C2E:?8 =62D6 4@>>:E>6?ED 7@C 6BF:A>6?E C6?E2=D @77:46 DA246 2?5 H2C69@FD6 DA246 F?56C ?@? 42?46=23=6
@A6C2E:?8=62D6D6IA:C:?82EG2C:@FD52E6DE9C@F89!2?F2CJ
)6?E6IA6?D6:DC64@8?:K65@?2DEC2:89E =:?632D:D@G6CE96E6C>@7E96
=62D6
$:?:>F>7FEFC6=62D6A2J>6?ED6I4=F5:?8E96=62D6A2J>6?ED:?4=F565:?E96EC2?D:E:@?2?5=62D6E6C>:?2E:@?=:23:=:EJF?56CE96D6
?@? 42?46=23=6@A6C2E:?8=62D6D7@C6249@7E96?6IE7:G67:D42=J62CD6?5:?8!F?62?5E96C627E6C2C62D7@==@HD
?E9@FD2?5D
+96C627E6C
+@E2=>:?:>F>=62D6A2J>6?ED
)6?E6IA6?D62>@F?E65E@2?57@CE96J62CD6?565!F?6
2?5
C6DA64E:G6=J
&>-:?5@5;:-:01-?1&1>95:-@5;:;?@?
#62D6E6C>:?2E:@?4@DED4@?D:DE@76IA6?D6DC6=2E65E@7FEFC6C6?EA2J>6?ED7@CH9:49E96@>A2?J?@=@?86C:?E6?5DE@C646:G62?J
64@?@>:436?67:E
=:23:=:EJ:DC64@C565H96?E96@>A2?J462D6DE@FD6=62D65DA246
#62D6E6C>:?2E:@?4@DED2C642=4F=2E652DE96
AC6D6?EG2=F6@7=62D6A2J>6?ED?6E@76IA64E65DF3=62D6:?4@>62?5E96=@DD@?5:DA@D:E:@?@72DD6ED
#62D6E6C>:?2E:@?4@DED4@?D:DE
@74@?D@=:52E:@?@7724:=:E:6DE92E@44FCC65:?+@C@?E@2?5:?%6H2C<%6H!6CD6J
+96EC2?D:E:@?2?5=62D6E6C>:?2E:@?=:23:=:EJ4@?D:DE@7E967@==@H:?8
#62D6+6C>:?2E:@? )6E6?E:@?2?5 %@? C64FCC:?8
?E9@FD2?5D @DED *6G6C2?46@DED '6CD@??6=@DED +@E2=
2=2?462D@7!F?6
;:@5:31:@;:?501>-@5;:-:0->:;A@"-E91:@?
+96@>A2?JPD28C66>6?EDH:E9C6DA64EE@AC6G:@FD24BF:D:E:@?D4@?E2:?7FEFC64@?D:56C2E:@?AC@G:D:@?DH9:49AC@G:567@CE96D6==:?8
6BF:EJ@H?6CDE@C646:G6255:E:@?2=4@?D:56C2E:@?:7DA64:7:65@A6C2E:?8@3;64E:G6D2?57:?2?4:2=C6DF=ED2C6249:6G65:?7FEFC6A6C:@5D
2C? @FEA2J>6?ED2C686?6C2==J5F62??F2==J@?%@G6>36C
DE2?552JD7@==@H:?8E96BF2CE6C@7E967:?2=62C? @FEA6C:@57@C6249
C6DA64E:G624BF:D:E:@?
+967@==@H:?8E23=6C6AC6D6?EDE966DE:>2E65F?5:D4@F?E6562C? @FEA2J>6?EDE@36A2:5:?6249@7E967@==@H:?87:D42=J62CD
?E9@FD2?5D
+@E2=
2C? @FEA2J>6?ED
2D9
BF:EJ
+96@>A2?J86?6C2==J92DE96C:89E3FE?@EE96@3=:82E:@?E@D2E:D7J2A@CE:@?@7E9662C? @FEA2J>6?ED:?DE@4<
!& F!"$& !$"% & !$&!
&A6C2E:?8D68>6?ED2C6:56?E:7:652D4@>A@?6?ED@72?6?E6CAC:D623@FEH9:49D6A2C2E65:D4C6E67:?2?4:2=:?7@C>2E:@?:D2G2:=23=67@C
6G2=F2E:@?3JE9649:67@A6C2E:?8564:D:@? >2<6C@C564:D:@? >2<:?88C@FA:?>2<:?8564:D:@?DC682C5:?82==@42E:@?@7C6D@FC46D2?5
2DD6DD:?8A6C7@C>2?46
+96@>A2?JPD49:67@A6C2E:?8564:D:@? >2<6C:DE969:67I64FE:G6&77:46C
+96@>A2?J92DEH@@A6C2E:?8
D68>6?ED,?:E65*E2E6D2?52?252
+96@>A2?J6G2=F2E6DE96A6C7@C>2?46@7E96D68>6?EDAC:>2C:=J32D65@?E96:CC6DA64E:G6C6G6?F6D?6EC6G6?F6D2?5:?4@>67C@>
@A6C2E:@?D
44@C5:?8=J42A:E2=6IA6?5:EFC6D2?5E@E2=2DD6ED2C6?@EC6A@CE65:?D68>6?EC6DF=ED
?255:E:@?E96@>A2?J:?4=F56DE96
4@DED@7E96@>A2?JPD6I64FE:G6D3@2C5@75:C64E@CDAC@76DD:@?2=D6CG:46DDF492D=682=2?54@?DF=E:?82>@CE:K2E:@?@7:?E2?8:3=6
2DD6ED2?546CE2:?@E96C4@CA@C2E64@DED2DD@4:2E65H:E9@A6C2E:?82D2AF3=:44@>A2?J2D@CA@C2E6
@CA@C2E6
062C?565!F?6
?E9@FD2?5D ,?:E65*E2E6D 2?252 =:>:?2E:@?D +@E2=
)6G6?F6D
%6EC6G6?F6D
)6G6?F6D
%6EC6G6?F6D
!&
F%'%#' &( &
&?!F=J
E96@>A2?JPD3@2C5@75:C64E@CD564=2C65242D95:G:56?5E@9@=56CD@7E96*6C:6D'C676CC65*92C6D:?E962>@F?E@7
A6CD92C6
+96564=2C655:G:56?5E@E2=65
2?5H2DA2:5@?!F=J
& % %$ &% )& !' & &% ! !' &
%!%'$
%@?6
$2?286>6?EPD)6A@CE@? ?E6C?2=@?EC@=@G6C:?2?4:2=)6A@CE:?8
&FC>2?286>6?E:DC6DA@?D:3=67@C6DE23=:D9:?82?5>2:?E2:?:?8256BF2E6:?E6C?2=4@?EC@=@G6C7:?2?4:2=C6A@CE:?82D567:?65:?)F=6
2
7@7E96I492?864E
,?56CE96DFA6CG:D:@?2?5H:E9E96A2CE:4:A2E:@?@7@FC>2?286>6?E:?4=F5:?8@FCAC:?4:A2=6I64FE:G6
@77:46C2?5AC:?4:A2=7:?2?4:2=@77:46CH64@?5F4E652?2DD6DD>6?E@7E9667764E:G6?6DD@7@FC:?E6C?2=4@?EC@=@G6C7:?2?4:2=C6A@CE:?8
?>2<:?8E9:D2DD6DD>6?EH6FD65E964C:E6C:2D6E7@CE93JE96@>>:EE66@7*A@?D@C:?8&C82?:K2E:@?D@7E96+C625H2J@>>:DD:@?
N&*&O:? ?E6C?2=@?EC@=M ?E68C2E65C2>6H@C<
2D65@?>2?286>6?EPD2DD6DD>6?E32D65@?E964C:E6C:2@7&*&H6
4@?4=F565E92E2D@7!F?6
@FC:?E6C?2=4@?EC@=@G6C7:?2?4:2=C6A@CE:?8:D67764E:G62EE96C62D@?23=62DDFC2?46=6G6=
&FC :?E6C?2= 4@?EC@= DJDE6> H2D 56D:8?65 E@ AC@G:56 C62D@?23=6 2DDFC2?46 C682C5:?8 E96 C6=:23:=:EJ @7 7:?2?4:2= C6A@CE:?8 2?5 E96
AC6A2C2E:@?@77:?2?4:2=DE2E6>6?ED7@C6IE6C?2=AFCA@D6D:?244@C52?46H:E986?6C2==J2446AE65244@F?E:?8AC:?4:A=6D:?E96,
*
&FC
:?E6C?2=4@?EC@=@G6C7:?2?4:2=C6A@CE:?8:?4=F56DE9@D6A@=:4:6D2?5AC@465FC6DH9:49
: A6CE2:?E@E96>2:?E6?2?46@7C64@C5DE92E:?C62D@?23=656E2:=244FC2E6=J2?572:C=JC67=64EE96EC2?D24E:@?D2?55:DA@D:E:@?D
@7@FC2DD6ED
:: AC@G:56C62D@?23=62DDFC2?46E92EEC2?D24E:@?D2C6C64@C5652D?646DD2CJE@A6C>:EAC6A2C2E:@?@77:?2?4:2=DE2E6>6?ED:?
244@C52?46H:E9244@F?E:?8AC:?4:A=6D86?6C2==J2446AE65:?E96,
*
2?5E92EC646:AED2?56IA6?5:EFC6D@7E96@>A2?J
2C636:?8>256@?=J:?244@C52?46H:E92FE9@C:K2E:@?@7@FC>2?286>6?E2?55:C64E@CD2?5
::: AC@G:56C62D@?23=62DDFC2?46C682C5:?8AC6G6?E:@?@CE:>6=J56E64E:@?@7F?2FE9@C:K6524BF:D:E:@?FD6@C5:DA@D:E:@?@7@FC
2DD6EDE92E4@F=592G62>2E6C:2=67764E@?@FC4@?D@=:52E657:?2?4:2=DE2E6>6?ED
'6E6CD@?*F==:G2?##'2?:?56A6?56?EC68:DE6C65AF3=:4244@F?E:?87:C>92D:DDF652?2EE6DE2E:@?C6A@CE@?@FC:?E6C?2=4@?EC@=@G6C
7:?2?4:2=C6A@CE:?8H9:49:DD6E7@CE9@?A286@7E9:D??F2=)6A@CE@?@C>
"
92?86D:? ?E6C?2=@?EC@=&G6C:?2?4:2=)6A@CE:?8
+96C692G6?@E366?2?J492?86D:?@FC:?E6C?2=4@?EC@=@G6C7:?2?4:2=C6A@CE:?82D567:?65:?)F=6D
2
72?5
5
7F?56CE96
I492?864EE92E@44FCC655FC:?8E967:D42=BF2CE6C6?565!F?6
E92E92G6>2E6C:2==J27764E65@C2C6C62D@?23=J=:<6=JE@
>2E6C:2==J27764E@FC:?E6C?2=4@?EC@=@G6C7:?2?4:2=C6A@CE:?8
&!&$ !$&!
%@?6
"$&
:C64E@C
$:4926=@F=5
:C64E@C
C?@=5@=5DE6:?
*6?:@C-:46'C6D:56?E9:67@>>6C4:2=&77:46C
+@55
$24@>36C
*6?:@C-:46'C6D:56?E9:67:?2?4:2=&77:46C
!@D6A96?E@
*6?:@C-:46'C6D:56?E9:67&A6C2E:?8&77:46C@7)2:=2?5+CF4<C@<6C286
&A6C2E:@?D
!@9?.
*@332
*6?:@C-:46'C6D:56?E6?6C2=@F?D6=
;->0;25>1/@;>?
.636=:6G6E92E@FC@2C5D9@F=5364@>A@D65@7:?5:G:5F2=DH:E9D@A9:DE:42E:@?2?56IA6C:6?46:?>2?JDF3DE2?E:G62C62DE92E:>A24E
@FC3FD:?6DD
.636=:6G6E92E6IA6C:6?46BF2=:7:42E:@?D@CD<:==D:?E967@==@H:?82C62D2C6>@DE:>A@CE2?E244@F?E:?82?57:?2?46
DEC2E68:4 A=2??:?8 =@8:DE:4D 2?5 @A6C2E:@?D 9F>2? C6D@FC46D 2?5 56G6=@A>6?E AC24E:46D 2?5 3@2C5 AC24E:46D @7 @E96C 4@CA@C2E:@?D
+96D62C62D2C6:?255:E:@?E@E96A6CD@?2=BF2=:7:42E:@?D56D4C:365:?E9:DD64E:@?
.636=:6G6E92E2==@7@FC4FCC6?E@2C5>6>36CD
A@DD6DDE96AC@76DD:@?2=2?5A6CD@?2=BF2=:7:42E:@?D?646DD2CJ7@C3@2C5D6CG:462?592G69:89=:89E65A2CE:4F=2C=J?@E6H@CE9J2EEC:3FE6D
7@C6249@2C5>6>36C:?E96:?5:G:5F2=3:@8C2A9:6D36=@H
+96AC:?4:A2=@44FA2E:@?2?53FD:?6DD6IA6C:6?467@C2E=62DEE96A2DE7:G6
J62CD@762494FCC6?E5:C64E@C:D2D7@==@HD
;4:>-5:$C
C2:?92DD6CG652D@FC9:67I64FE:G6&77:46C2?592:C>2?@7@FC@2C5@7:C64E@CDD:?46&4E@36C
$C
C2:?3C:?8D2AAC@I:>2E6=JJ62CD@7:?5FDECJ2?542A:E2=>2C<6ED6IA6C:6?46:?EC2?DA@CE2E:@?2?5=@8:DE:4D
*:?46!2?F2CJ
$C
C2:?92DD6CG652DE96$2?28:?8$6>36C@7)25:2?E2A:E2='2CE?6CD##2?6?E:EJ967@C>65E@6I64FE624@?D@=:52E:@?DEC2E68J
:?E96EC2?DA@CE2E:@?2?5=@8:DE:4DD64E@C
'C:@CE@7@F?5:?8)25:2?E$C
C2:?D6CG652DE96I64FE:G6-:46'C6D:56?E2?5E969:67
:?2?4:2=&77:46C@7*E@?6A2E9C@FA ?4
7C@>!2?F2CJF?E:=646>36C
?
$C
C2:?D6CG652DE96I64FE:G6-:46
'C6D:56?E2?59:67:?2?4:2=&77:46C@7*49?6:56C#@8:DE:4D ?4
2E9:C5 A2CEJ=@8:DE:4D4@>A2?J2?57C@>E@
96D6CG652D
E96-:46'C6D:56?E2?5+C62DFC6C@7=@C:522DE@2DE ?5FDEC:6D ?4
2%6H0@C<*E@4<I492?86=:DE654@>A2?J6?82865:?C2:=C@25
2?5 C62= 6DE2E6 3FD:?6DD6D
6EH66?
2?5 $C
C2:? 96=5 G2C:@FD G:46 AC6D:56?E 2?5 EC62DFCJ A@D:E:@?D 7@C */ @CA
2
@CEF?6EC2?DA@CE2E:@?4@>A2?J=:DE65@?E96%6H0@C<*E@4<I492?862?5D6G6C2=@7:EDDF3D:5:2C:6D
62=D@D6CG6D@?E96@2C5
@7+CFDE66D7@C2DED:56'C6A2C2E@CJ*49@@=:?6==6GF6.2D9:?8E@?
$C
C2:?62C?6522496=@C@7CED:?FD:?6DD5>:?:DEC2E:@?
H:E9 2? 6>A92D:D :? 44@F?E:?8 7C@> E96 ,?:G6CD:EJ @7 +6I2D
D 2 C6DF=E @7 E96D6 2?5 @E96C AC@76DD:@?2= 6IA6C:6?46D $C
C2:?
A@DD6DD6D A2CE:4F=2C <?@H=6586 2?5 6IA6C:6?46 :? =@8:DE:4D >2?286>6?E :?5FDECJ EC6?5D 3FD:?6DD @A6C2E:@?D 2?5 244@F?E:?8 E92E
DEC6?8E96?E96@2C5PD4@==64E:G6BF2=:7:42E:@?DD<:==D2?56IA6C:6?46
-/70C->0?$C
5H2C5DH2D2AA@:?E652D25:C64E@C:?646>36C
$C
5H2C5D:D2?:?56A6?56?E3FD:?6DD6I64FE:G6H9@
D:?4692D366?AC@G:5:?8DEC2E68:4:?G6DE>6?E2?5@A6C2E:@?2=25G:D@CJD6CG:46DE@23C@25C2?86@74@CA@C2E62?5AC:G2E66BF:EJ
4=:6?ED2?53@2C5D
C@>
E9C@F8996H2DE96'C6D:56?E2?59:67I64FE:G6&77:46C@7>6C:42?$65:42=)6DA@?D6 ?4
2
AC@G:56C@7AC:G2E62>3F=2E@CJD6CG:46D
'C:@CE@E9:D$C
5H2C5DD6CG652DE96'C6D:56?E2?59:67I64FE:G6&77:46C2E2G2C:6EJ@7
=@8:DE:4D2?57C6:89E 7@CH2C5:?84@>A2?:6D:?4=F5:?82?K2D@CA@C2E:@?2?5 +#+C2?DA@CE2E:@?C@FA
'C6G:@FD=J9696=5D6?:@C
6I64FE:G6A@D:E:@?D2E:C4=6 ?E6C?2E:@?2=>6C:42?'C6D:56?E#:?6D2?5+96*@FE96C?'24:7:4+C2?DA@CE2E:@?@>A2?J
$C
5H2C5D
92DD6CG652D25:C64E@C@7D6G6C2=AF3=:4=JEC25654@CA@C2E:@?D:?4=F5:?8#2:5=2H ?4
%0* +#@CA
%0*2?5*F?C@
@CE:4F=EFC6 2?252 #E5
+*/ H96C6 96 D6CG65 2D 92:C>2? @7 E96 @2C5
$C
5H2C5D 4FCC6?E=J D6CG6D 2D 2 5:C64E@C 7@C 1@?2C
*JDE6>D 06D=6C 2?5 %
$C
5H2C5D C646:G65 2 2496=@C @7 *4:6?46 :? @@5 *4:6?46 2?5 +649?@=@8J 7C@> E96 ,?:G6CD:EJ @7
2=:7@C?:22G:D2?52$2DE6C@7FD:?6DD5>:?:DEC2E:@?:?$2C<6E:?87C@>E96,?:G6CD:EJ@7&C68@?
D2C6DF=E@7E96D62?5@E96C
AC@76DD:@?2=6IA6C:6?46D$C
5H2C5DA@DD6DD6DA2CE:4F=2C<?@H=65862?56IA6C:6?46:?E96EC2?DA@CE2E:@?2?5=@8:DE:4D:?5FDECJ2=@?8
H:E93FD:?6DD4@>3:?2E:@?D2?57:?2?4:2=>2?286>6?EE92EDEC6?8E96?E96@2C5PD4@==64E:G6BF2=:7:42E:@?DD<:==D2?56IA6C:6?46
$5/4->0""-8951>5$C
'2=>:6C:H2D2AA@:?E652D25:C64E@C:?$2C49
692D366?E96$2?28:?8'2CE?6C@7%)'2CE?6CD
##2'9:=256=A9:2 32D65>2?286>6?E2?57:?2?4:2=4@?DF=E:?87:C>D:?46
'C:@CE@E9:D7C@>E@
$C
'2=>:6C:D6CG65
2DE96'C6D:56?E2?5&@72?@?:?2?4:2=*6CG:46D ?4
E9642AE:G67:?2?46DF3D:5:2CJ@72?@?,*
C@>E@96H2D
E96'C6D:56?E2?5&@7*49?6:56C:?2?4:2=*6CG:46D27:?2?4:2=D6CG:46DDF3D:5:2CJ@72=2C86AC:G2E6=J 96=5 EC2?DA@CE2E:@? 2?5
=@8:DE:4D4@>A2?J
C@>
E@96D6CG652D2$2?28:?8:C64E@C2?54@ 9625@7E96+C2?DA@CE2E:@?2?5#@8:DE:4D:?G6DE>6?E
32?<:?88C@FA2EC65:E*F:DD6C@FA
C@>
E@
96D6CG652D2$2?28:?8:C64E@C2?54@ 9625@7E96+C2?DA@CE2E:@?2?5
#@8:DE:4D :?G6DE>6?E 32?<:?8 8C@FA 2E 6FED496 *64FC:E:6D
67@C6 E9:D 96 D6CG65 :? G2C:@FD 7:?2?46 2?5 >2?286>6?E A@D:E:@?D 2E
D6G6C2==2C864@>A2?:6D:?4=F5:?8.9:C=A@@=:?2?4:2=@CA@C2E:@?'24:7:4@CAC65:E@>>6C4:2=C65:E@>A2?J2?52A:E2=
$C
'2=>:6C:C646:G6522496=@C@7*4:6?46:?44@F?E:?87C@>.28?6C@==686
D2C6DF=E@7E96D62?5@E96CAC@76DD:@?2=6IA6C:6?46D
$C
'2=>:6C:A@DD6DD6DA2CE:4F=2C<?@H=65862?56IA6C:6?46:?=@8:DE:4D2?57:?2?4:2=>2?286>6?EE92EDEC6?8E96?E96@2C5PD4@==64E:G6
BF2=:7:42E:@?DD<:==D2?56IA6C:6?46
5/4-18;A80$C
@F=5H2D2AA@:?E652D25:C64E@C:?!F=J
$C
@F=5:D2D62D@?65:?7@C>2E:@?E649?@=@8J6I64FE:G692G:?8
>@DEC646?E=JD6CG652D*6?:@C-:46'C6D:56?E&C24=6@?DF=E:?8:?%@CE9>6C:422E&C24=6@CA@C2E:@?
'C:@CE@E9:D7C@>E@
$C
@F=5=65E96>6C:42D+649?@=@8J*6CG:46D@?DF=E:?8&C82?:K2E:@?7@C6H=6EE '24<2C5@>A2?JN'O2DE96-:46
'C6D:56?E2?56?6C2=$2?286C
'C:@CE@'$C
@F=5D6CG65:?G2C:@FDC@=6D2E&C24=662C:?8'@:?E2?5
69@=5D22496=@C
@7*4:6?46568C66:?$6492?:42=?8:?66C:?87C@>+6I2D$,?:G6CD:EJ2?52$2DE6C@7FD:?6DD5>:?:DEC2E:@?7C@>*2?E2=2C2
,?:G6CD:EJ
D 2 C6DF=E @7 E96D6 2?5 @E96C AC@76DD:@?2= 6IA6C:6?46D $C
@F=5 A@DD6DD6D A2CE:4F=2C <?@H=6586 2?5 6IA6C:6?46 :?
>2?286>6?E2?5E649?@=@8JE92EDEC6?8E96?E96@2C5PD4@==64E:G6BF2=:7:42E:@?DD<:==D2?56IA6C:6?46
D1/A@5B1!225/1>?
>:;80;80?@15:$C
@=5DE6:?92DD6CG652D@FC*6?:@C-:46'C6D:56?E2?59:67@>>6C4:2=&77:46CD:?46!F?6
$C
@=5DE6:?2=D@92DD:8?:7:42?E6IA6C:6?46H:E9:?E96EC2?DA@CE2E:@?:?5FDECJ92G:?8D6CG652D9:67&A6C2E:?8&77:46C@7*6CG:463J:C
H9:49H2D24BF:C653JE96@>A2?J:?!F?6
2?5:?G2C:@FD=6256CD9:AC@=6D2E6==>2?.@C=5.:56#@8:DE:4D7C@>$2JE@
63CF2CJ
$C
@=5DE6:?62C?6522496=@C@7CED:?'DJ49@=@8J7C@>E96,?:G6CD:EJ@7)9@56 D=2?52?52$2DE6C@7FD:?6DD
5>:?:DEC2E:@?7C@>CJ2?E,?:G6CD:EJ
&;00-/;9.1>$C
$24@>36C92DD6CG652D@FC*6?:@C-:46'C6D:56?E2?59:67:?2?4:2=&77:46CD:?46$2C49
2D@FC
*6?:@C -:46 'C6D:56?E 2?5 9:67 44@F?E:?8 &77:46C D:?46 F8FDE
2?5 2D @FC -:46 'C6D:56?E 2?5 @CA@C2E6 @?EC@==6C D:?46
646>36C
'C:@C E@ ;@:?:?8 FD $C
$24@>36C D6CG65 2D *6?:@C -:46 'C6D:56?E 2?5 9:67 :?2?4:2= &77:46C @7 :@EC246
?E6C?2E:@?2= ?4
2 DF3D:5:2CJ @7 :@EC246 ?E6C?2E:@?2= '# 2? :?5FDEC:2= >:4C@3:@=@8J 4@>A2?J =:DE65 @? E96 #@?5@? *E@4<
I492?86
$C
$24@>36C62C?6522496=@C@7CED6>A92D:D:?44@F?E:?87C@>*62EE=6,?:G6CD:EJ
;?1<41:@;$C
6?E@;@:?65E96@>A2?J:?!2?F2CJ
2?5D6CG652D*6?:@C-:46'C6D:56?E@7&A6C2E:@?DF?E:=9:D2AA@:?E>6?E
E@*6?:@C-:46'C6D:56?E2?59:67&A6C2E:?8&77:46C@7C6:89E@CH2C5:?8&A6C2E:@?D:?>:5
'C:@CE@;@:?:?8E96@>A2?J$C
6?E@D6CG65:?2G2C:6EJ@7D:8?:7:42?EC@=6DH:E9:?E96EC2?DA@CE2E:@?:?5FDECJ:?4=F5:?87C@>*6AE6>36C
E@AC:=
2DE96
9:67*2=6D&77:46C@7*"&#@8:DE:4D2?57C@>
E@
:?G2C:@FD=6256CD9:AC@=6D2E28=6=@32=#@8:DE:4D2?5:EDDF446DD@C
-#@8:DE:4D
$C
6?E@62C?6522496=@C@7*4:6?46:?:?2?467C@>2=:7@C?:2*E2E6,?:G6CD:EJL#@?86249
&59;E/1$C
@J4692DD6CG652D@FC*6?:@C-:46'C6D:56?E2?59:67&A6C2E:?8&77:46C@7)2:=2?5+CF4<C@<6C286&A6C2E:@?D
D:?46@FC24BF:D:E:@?@7.966=D:?AC:=
642>6E@.966=D@?63CF2CJ
E@D6CG62DE96I64FE:G6-:46'C6D:56?E
$2C<6E:?82?5*2=6D2?5H2DAC@>@E65E@9:67$2C<6E:?8&77:46CD9@CE=JE96C627E6C
C@>&4E@36C
F?E:=AC:=
96D6CG65
2D'C6D:56?E@7.966=DP,
*
@A6C2E:@?D
'C:@CE@;@:?:?8.966=D$C
@J46H2D6>A=@J653J2?25:2?'24:7:4)2:=H2JH96C696
D6CG65:?G2C:@FDD6?:@CC@=6D:?4=F5:?86?6C2=$2?286C *2=6D2?5$2C<6E:?8@>6DE:4 ?E6C>@52=
'C:@CE@E9:D96H2DE96-:46
'C6D:56?E *2=6D2?5$2C<6E:?8H:E92?A2C+C2?DA@CE#E52=625:?82?25:2?4@FC:6C4@>A2?J2?5+*+7@C>6C=J+%+&G6C=2?5
IAC6DD2=625:?82?25:2?32D65#+#4@>A2?JD6CG:?84FDE@>6CD24C@DD%@CE9>6C:42
;4:)%;..-$C
*@33292DD6CG652D@FC*6?:@C-:46'C6D:56?E2?56?6C2=@F?D6=D:?46$2J
'C:@CE@;@:?:?8E96@>A2?J
$C
*@332H2D:?2AC:G2E6=2HAC24E:467C@>E@
92?5=:?82?F>36C@786?6C2=4@>>6C4:2=C62=6DE2E62?53FD:?6DD>2EE6CD
7@C4=:6?EDH:E9:?E96E649?@=@8JEC2?DA@CE2E:@?@FE5@@C862C2?52AA2C6=:?5FDEC:6D
$C
*@332H2D:?E96AC:G2E6AC24E:46@7=2HH:E9
E96=2H7:C>D@7@CD6J.9:E?6J2?5=2E6CH:E9@DE6C'6AA6C7C@>E9C@F89
662C?6522496=@C@7CED568C667C@>
E96,?:G6CD:EJ@7&C68@?2!FC:D@4E@C7C@>*62EE=6,?:G6CD:EJ2$2DE6C@7+2I2E:@?7C@>@DE@?,?:G6CD:EJ2?52$2DE6C@7FD:?6DD
5>:?:DEC2E:@?7C@>E96,?:G6CD:EJ@7.2D9:?8E@?
+96:?7@C>2E:@?:?E96'C@IJ*E2E6>6?ED6E7@CE9F?56CE9642AE:@?DN@CA@C2E6@G6C?2?46O2?5N*64E:@?
26?67:4:2=&H?6CD9:A
)6A@CE:?8@>A=:2?46O:D:?4@CA@C2E6596C6:?3JC676C6?46
& *'&(!" %&!
+96:?7@C>2E:@?:?E96'C@IJ*E2E6>6?ED6E7@CE9F?56CE9642AE:@?DNI64FE:G6@>A6?D2E:@?O:D:?4@CA@C2E6596C6:?3JC676C6?46
&
%'$&+ !) $%" ! $& !) $% & $&
%&!!$&&$%
+96 :?7@C>2E:@? :? E96 'C@IJ *E2E6>6?E D6E 7@CE9 F?56C E96 42AE:@?D N'C:?4:A2= *E@4<9@=56CDO 2?5 NI64FE:G6 @>A6?D2E:@? M
*64FC:E:6D2FE9@C:K657@C DDF2?46F?56CBF:EJ@>A6?D2E:@?'=2?DO:D:?4@CA@C2E6596C6:?3JC676C6?46
& $& $&! %"% $&&$ %&! % $&!$ "
+96:?7@C>2E:@?:?E96'C@IJ*E2E6>6?ED6E7@CE9F?56CE9642AE:@?DN@CA@C2E6@G6C?2?46O:D:?4@CA@C2E6596C6:?3JC676C6?46
& "$ "!' & % %$(%
+96:?7@C>2E:@?:?E96'C@IJ*E2E6>6?ED6E7@CE9F?56CE9642AE:@?DN'C:?4:A2=44@F?E:?866D2?5*6CG:46DO:D:?4@CA@C2E6596C6:?3J
C676C6?46
"$&(
&
*&% %&& &%'%
#+,( (-&',+#%+)*,( ,"#+)(*,
%%#''#%,,&',+'-))%&',%' (*&,#('
+96@>A2?JPD4@?D@=:52E657:?2?4:2=DE2E6>6?ED7:=65:?E9:D??F2=)6A@CE@?@C>
"2C6:?4=F565:?'2CE E6>
#''#%,,&',"-%+
%@E2AA=:423=6
0"##,+
+966I9:3:EDC6BF:C653J E6>
@7)68F=2E:@?* "2C6:?4=F565F?56C E6>
336=@H
0"##,+
:/;><;>-@10.E$121>1:/1
D45.5@ 5810A>:5?410 "1>5;0 D45.5@ 585:3
A9.1> 1?/>5<@5;: 1>1C5@4 ;>9 :05:3 A9.1> -@1
CC2?86>6?E8C66>6?E2>@?8)25:2?E#@8:DE:4D ?4
"
)25:2?E=@32=#@8:DE:4D,#2?5.966=DC@FA ?4
*E@4< 'FC492D6 8C66>6?E 3J 2?5 36EH66? )25:2?E "
#@8:DE:4D ?4
2?5*6CG:463J:C ?4
6CE:7:42E6@7 ?4@CA@C2E:@? *
>6?5>6?E E@ )68:DEC2?EPD 6CE:7:42E6 @7 ?4@CA@C2E:@? "
6CE:7:42E6 @7 &H?6CD9:A 2?5 $6C86C $6C8:?8 )25:2?E
#@8:DE:4D ?4
:?E@ @=7 +H@ ?4
52E65 &4E@36C
>6?5652?5)6DE2E65J=2HD "
6CE:7:42E6@7>6?5>6?E@76CE:7:42E6@7 ?4@CA@C2E:@?
(
6CE:7:42E6 @7 6D:8?2E:@?D 'C676C6?46D 2?5 ):89ED @7
"
4F>F=2E:G6)6566>23=6'6CA6EF2='C676CC65*E@4<
I64FE:G6 >A=@J>6?E 8C66>6?E 52E65 !2?F2CJ
"
3J2?536EH66?)25:2?E#@8:DE:4D ?4
2?5@9?
C2:?
#6EE6C 8C66>6?E 52E65 !F?6
2>6?5:?8 E96 "
>A=@J>6?E8C66>6?E36EH66?)25:2?E#@8:DE:4D ?4
2?5@9?
C2:?
>A=@J>6?E 8C66>6?E 52E65 $2J
3J 2?5 "
36EH66?)25:2?E#@8:DE:4D ?4
2?5+@55$24@>36C
>A=@J>6?E8C66>6?E52E6563CF2CJ
3J2?5 "
36EH66?.966=DC@FA ?4
2?5+:>@J46
>A=@J>6?E 8C66>6?E 52E65 %@G6>36C
3J
"
2?536EH66?)25:2?E#@8:DE:4D ?4
2?5!@D6A96?E@
>A=@J>6?E8C66>6?E52E6563CF2CJ
3J2?5
"
36EH66?)25:2?E#@8:DE:4D ?4
2?5C?@=5@=5DE6:?
>A=@J>6?E8C66>6?E52E65AC:=
3J2?5 "
36EH66?)25:2?E#@8:DE:4D ?4
2?5!@9?.
*@332
&A6C2E:?88C66>6?E@7)25:2?E#@8:DE:4D'2CE?6CD## "
52E65!F?6
:D4C6E:@?2CJ$2?286>6?E ?46?E:G6@>A6?D2E:@?'=2? "
67764E:G6!F=J
:/;><;>-@10.E$121>1:/1
D45.5@ 5810A>:5?410 "1>5;0 D45.5@ 585:3
A9.1> 1?/>5<@5;: 1>1C5@4 ;>9 :05:3 A9.1> -@1
>6?5>6?E2?5)6DE2E65#@2?2?5*64FC:EJ8C66>6?E "
52E65AC:=
3J2?52>@?8)25:2?E#@8:DE:4D ?4
)25:2?E =@32= #@8:DE:4D ?4
)25:2?E +C2?DA@CE2E:@?
*6CG:46D ?4
)25:2?E#@8:DE:4D'2CE?6CD##54@>
IAC6DD ?4
)25:2?E FDE@>D *6CG:46D ?4
:DEC:3FE:@?*6CG:46D ?4
?E6C?2E:@?2=C6:89E*JDE6>D
?4
)25:2?E &77 *9@C6 @=5:?8D ## C66?
4BF:D:E:@? @>A2?J ?4
&? +:>6 IAC6DD ?4
=:AA6C IIAC6DD @>A2?J =F6?@D6 :?2?46 ##
.966=D $*$ ,* ?4
)25:2?E +C256 *6CG:46D ?4
)25:2?E =@32= #@8:DE:4D #+
.966=D C@FA ?4
&?E2C:@ ?4
.966=D $*$ 2?252 ?4
&?E2C:@ ?4
DD@4:2E6 2CC:6CD 2?252 ?4
.966=D DD@4:2E6 2CC:6CD ?4
2?5 2?< @7 >6C:42
%
*64@?5 >6?5>6?E 2?5 )6DE2E65 #@2? 2?5 *64FC:EJ "
8C66>6?E 52E65 !F?6
3J 2?5 2>@?8 )25:2?E
#@8:DE:4D ?4
)25:2?E =@32= #@8:DE:4D ?4
)25:2?E
+C2?DA@CE2E:@?*6CG:46D ?4
)25:2?E#@8:DE:4D'2CE?6CD
## 54@> IAC6DD ?4
)25:2?E FDE@>D *6CG:46D
?4
:DEC:3FE:@? *6CG:46D ?4
?E6C?2E:@?2=
C6:89E*JDE6>D ?4
)25:2?E&77 *9@C6@=5:?8D##
C66?4BF:D:E:@?@>A2?J ?4
&?+:>6IAC6DD ?4
=:AA6C IIAC6DD @>A2?J )25:2?E =@32= #@8:DE:4D
?4
)25:2?E+C256*6CG:46D ?4
*6CG:463J:C
?4
:89H2JD *<JH2JD ?4
.966=D ?E6C?2E:@?2=
?4
&?E2C:@ ?4
.966=D $*$ 2?252 ?4
&?E2C:@ ?4
DD@4:2E6 2CC:6CD 2?252 ?4
.966=D DD@4:2E6 2CC:6CD ?4
2?5 2?< @7 >6C:42
%
C65:E 24:=:E:6D #@2? 8C66>6?E 52E65 "
AC:=
3J 2?5 2>@?8 .966=D C@FA ?4
2?5
?E68C2E65'C:G2E663EF?5 -#'
)25:2?E #@8:DE:4D ?4
*E@4< &AE:@? 2?5
??6I
'6C7@C>2?46H2C5'=2?
@C>@7 ?46?E:G6*E@4<&AE:@?H2C58C66>6?EF?56C
(
E96 )25:2?E #@8:DE:4D ?4
*E@4< &AE:@? 2?5
'6C7@C>2?46H2C5'=2?
@C> @7 )6DEC:4E65 *E@4< H2C5 8C66>6?E F?56C E96
(
)25:2?E #@8:DE:4D ?4
*E@4< &AE:@? 2?5
'6C7@C>2?46H2C5'=2?
@C> @7 *) H2C5 8C66>6?E F?56C E96 )25:2?E
(
#@8:DE:4D ?4
*E@4< &AE:@? 2?5 '6C7@C>2?46
H2C5'=2?
@C>@7%@? BF2=:7:65*E@4<&AE:@?H2C58C66>6?E
(
F?56CE96)25:2?E#@8:DE:4D ?4
*E@4<&AE:@?2?5
'6C7@C>2?46H2C5'=2?
@C>@7)6DEC:4E65*E@4<,?:EH2C58C66>6?EF?56C
(
E96 )25:2?E #@8:DE:4D ?4
*E@4< &AE:@? 2?5
'6C7@C>2?46H2C5'=2?
:/;><;>-@10.E$121>1:/1
D45.5@ 5810A>:5?410 "1>5;0 D45.5@ 585:3
A9.1> 1?/>5<@5;: 1>1C5@4 ;>9 :05:3 A9.1> -@1
@C>@7%@? BF2=:7:65*E@4<&AE:@?H2C58C66>6?E
(
:C64E@C F?56C E96 )25:2?E #@8:DE:4D ?4
*E@4<
&AE:@?2?5'6C7@C>2?46H2C5'=2?
@C> @7 )6DEC:4E65 *E@4< ,?:E H2C5 8C66>6?E
(
:C64E@C F?56C E96 )25:2?E #@8:DE:4D ?4
*E@4<
&AE:@?2?5'6C7@C>2?46H2C5'=2?
@C> @7 2?25:2? )6DEC:4E65 *E@4< ,?:E H2C5
(
8C66>6?EF?56CE96)25:2?E#@8:DE:4D ?4
*E@4<
&AE:@?2?5'6C7@C>2?46H2C5'=2?
@C> @7 2?25:2? %@? BF2=:7:65 *E@4< &AE:@? H2C5
(
8C66>6?EF?56CE96)25:2?E#@8:DE:4D ?4
*E@4<
&AE:@?2?5'6C7@C>2?46H2C5'=2?
@56@7FD:?6DD@?5F4E2?5E9:4D
"*
*F3D:5:2C:6D@7E96)68:DEC2?E /
@?D6?E@7'6E6CD@?*F==:G2?##' /
6CE:7:42E:@? @7 9:67 I64FE:G6 &77:46C 'FCDF2?E E@ /
*64E:@?@7E96*2C32?6D &I=6J4E@7
6CE:7:42E:@? @7 9:67 :?2?4:2= &77:46C 'FCDF2?E E@ /
*64E:@?@7E96*2C32?6D &I=6J4E@7
6CE:7:42E:@?@79:67I64FE:G6&77:46C2?59:67 /
:?2?4:2=&77:46C'FCDF2?EE@*64E:@?@7E96
*2C32?6D &I=6J4E@7
%* /)# ?DE2?46 /
* /)#+2I@?@>JIE6?D:@?*496>2 /
# /)#+2I@?@>JIE6?D:@?2=4F=2E:@? /
/)#+2I@?@>JIE6?D:@?67:?:E:@? /
# /)#+2I@?@>JIE6?D:@?#236= /
') /)#+2I@?@>JIE6?D:@?'C6D6?E2E:@? /
@>A6?D2E@CJA=2?D@C2CC2?86>6?ED
& !$ %'$+
%@?6
% &'$%
'FCDF2?EE@E96C6BF:C6>6?ED@7E96*64FC:E:6DI492?864E@7
E9:DC6A@CE92D366?D:8?6536=@H3JE967@==@H:?8A6CD@?D@?
3692=7@7E96C68:DEC2?E2?5:?E9642A24:E:6D2?5@?E9652E6D:?5:42E65
%53:-@A>1? &5@81 -@1
D!24<5H2C5D :C64E@C *6AE6>36C
!24<5H2C5D
D):492C5'
'2=>:6C: :C64E@C *6AE6>36C
):492C5'
'2=>:6C:
D$:4926=@F=5 :C64E@C *6AE6>36C
$:4926=@F=5
D@9?
C2:? 92:C>2?2?5 *6AE6>36C
@9?
C2:? 9:67I64FE:G6&77:46C
'C:?4:A2=I64FE:G6&77:46C
D+@55
$24@>36C *6?:@C-:46'C6D:56?E2?59:67 *6AE6>36C
+@55
$24@>36C :?2?4:2=&77:46C
'C:?4:A2=:?2?4:2=2?544@F?E:?8&77:46C
Reconciliation of Non-GAAP Financial Measures
The table below is provided to reconcile certain financial disclosures in the letter to Shareholders, page 1.
(Dollars in Thousands)
Year Ended June 30: 2018 2017 2016 2015 2014
Net Income (Loss) Attributable to Radiant Logistics, Inc. $ 10,188 $ 4,862 $ (3,519) $ 5,874 $ 5,118
Taxes 73 3,673 (1,886) 2,017 3,082
Depreciation and Amortization 14,389 12,349 12,033 6,359 4,532
Net Interest Expense 3,075 2,497 4,872 1,856 1,187
EBITDA 27,725 23,381 11,500 16,106 13,919
Share-based Compensation 1,514 1,304 1,407 1,115 666
Lease Termination and Related Costs 176 566 2,545 611 –
Foreign Exchange Loss (Gain) (1) 8 (222) (700) 739 27
Change in Contingent Consideration (1,176) 3,431 1,003 (3,921) (2,041)
Expenses Specifically Attributable to Acquisitions 239 944 2,446 2,017 353
Litigation 346 177 1,066 601 615
Non-recurring Costs – 14 279 – –
MM&D Start-up Costs 410 – – – –
Loss on Impairment of Acquired Intangible Assets – – 3,680 – –
Loss on Write-Off of Loan Fees – – 1,180 – 1,238
Adjusted EBITDA 29,242 29,595 24,406 17,268 14,777
Transition Costs – 1,539 2,408 158 –
Normalized EBITDA $ 29,242 $ 31,134 $ 26,814 $ 17,426 $ 14,777
(1) Foreign exchange gains and losses for the current and prior periods have been included in the EBITDA reconciliation as a result of the increased
volatility associated with foreign exchange gains and losses primarily due to our acquisition of Canada-based Wheels Group Inc.
Our GAAP-based net income will be affected by non-cash charges relating to the amortization of customer-related intangible assets and other intangible
assets attributable to completed acquisitions. Under applicable accounting standards, purchasers are required to allocate the total consideration in a business
combination to the identified assets acquired and liabilities assumed based on their fair values at the time of acquisition. The excess of the consideration paid
over the fair value of the identifiable net assets acquired is to be allocated to goodwill, which is tested at least annually for impairment. Applicable accounting
standards require that we separately account for and value certain identifiable intangible assets based on the unique facts and circumstances of each acquisition.
As a result of our acquisition strategy, our net income will include material non-cash charges relating to the amortization of customer related intangible assets and
other intangible assets acquired in our acquisitions. Although these charges may increase as we complete more acquisitions, we believe we will be growing the
value of our intangible assets (e.g., customer relationships). Thus, we believe that earnings before interest, taxes, depreciation and amortization, or EBITDA, is a
useful financial measure for investors because it eliminates the effect of these non-cash costs and provides an important metric for our business.
EBITDA is a non-GAAP measure of income and does not include the effects of preferred stock dividends, interest and taxes, and excludes the “non-cash” effects
of depreciation and amortization on long-term assets. Companies have some discretion as to which elements of depreciation and amortization are excluded in
the EBITDA calculation. We exclude all depreciation charges related to technology and equipment, all amortization charges (including amortization of leasehold
improvements), and other intangible assets. We then further adjust EBITDA to exclude changes in contingent consideration, expenses specifically attributable to
acquisitions, severance and lease termination costs, foreign exchange gains and losses, extraordinary items, share-based compensation expense, non-recurring
litigation expenses, and other non-cash charges. Adjusted EBITDA is then normalized by excluding non-recurring transition costs. While management considers
EBITDA, adjusted EBITDA, and normalized adjusted EBITDA useful in analyzing our results, it is not intended to replace any presentation included in our
consolidated financial statements.
CORPORATE HEADQUARTERS the Executive Oversight Committee Charter INVESTOR RELATIONS CONTACT
405 114th Avenue SE, Third Floor and the Company’s Code of Ethics. Copies of JP Deenihan
Bellevue, WA 98004 these documents are available to shareholders Director of Marketing & Communications
Tel: (800) 843-4784 without charge upon written request to our communications@radiantdelivers.com
www.radiantdelivers.com Secretary at the Company’s principal address. (800) 843-4784
ANNUAL MEETING The Company is required to file as an Exhibit to STOCK TRANSFER AGENT
November 14, 2018 its Form 10-K for each fiscal year certifications Questions regarding stock holdings, certificate
Corporate Headquarters under the Sarbanes-Oxley Act signed by the placement/transfer and address changes should
Chief Executive Officer and the Chief Financial be directed to:
CORPORATE GOVERNANCE Officer. In addition, the Company is required
Copies of the Company’s 2018 Annual Report to submit a certification signed by the Chief Broadridge Corporate Issuer Solutions, Inc.
on Form 10-K, Quarterly Reports on Form Executive Officer to the NYSE American within 1717 Arch Street
10-Q, Current Reports on Form 8-K, Proxy 30 days following the Annual Meeting of STE 1300
Statement and this Annual Report are available Shareholders. Copies of the certifications will Philadelphia, PA 1910
online at http://financials.radiantdelivers.com be posted promptly upon filing. (855) 418-5054
or to shareholders without charge upon written
request to our Secretary at the Company’s COMMON STOCK ONLINE ANNUAL REPORT
principal address or by calling (800) 843-4784. Listed on NYSE American http://radiantdelivers.com/about/financials
Symbol: RLGT
In addition, on the Company’s Corporate
Governance website at SHAREHOLDER RELATIONS CONTACT
www.radiantdelivers.com/about, Todd Macomber
shareholders can view the Company’s Chief Financial Officer
Corporate Governance Principles, the Audit and (800) 843-4784
THE RADIANT FAMILY OF BRANDS
WHEELS
FOR MORE INFORMATION, PLEASE VISIT:
IS
ZZZUDGLDQWGHOLYHUVFRPDERXWÀQDQFLDOV