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+
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6(("*06)*#+.J+ 7HL+ K=BHF+ =F+ MD+ C>DNCO+ I?P+ FA+ GHAKJ+ 5AG+ PAD>+ =F+ QHI?BD+ FHD+ NCFCRD+ AN+ D?FDRSR=>D+
IRQH=FDQFCRD>J+ 5AG+ K=BHF+ QOACP>+ NARK+ FHD+ MIQTMA?D+ AN+ FGD?FLUN=R>FUQD?FCRL+ DQA>L>FDK>V+ @=RFCIO+
ARBI?=WIF=A?>+ I?PV+ NAR+ I+ SIRF=QCOIR+ DXIKSODV+ HDIOFHQIRD+ >L>FDK>+ FHIF+ IRD+ FRCOL+ ASD?V+ >QIOIMODV+
HDFDRABD?DAC>+ I?P+ QISIMOD+ AN+ >CSSARF=?B+ FHD+ SOILDR>YSRA@=PDR>+ 5#)1& 5*,& 6+%& .'6""J+ + '?+ FHD+ SI>FV+ '&+
IRQH=FDQFCRD>+FAAT+I=K+IF+FHD+D?FDRSR=>D+I>+FHD=R+D?PSA=?FE++1DRHIS>+?AG+GD+KC>F+RIP=QIOOL+RI=>D+FHD+MIR+
ML+ =KSODKD?F=?B+ IRQH=FDQFCRD>+ QISIMOD+ AN+ >CSSARF=?B+ D?F=RD+ DQA>L>FDK>+ I?PV+ =?+ >A+ PA=?BV+ D?IMOD+ FHD>D+
IRQH=FDQFCRD>+FA+>QIOD+MAFH+PAG?GIRP+FA+I?+D?FDRSR=>D+IRQH=FDQFCRD+I>+GDOO+I>+CSGIRP+I?P+ACFGIRPE+
7D+>DD+QOACP+QAKSCF=?B+ANNDR=?B>+FAPIL+FHIF+IRD+>C=FIMOD+FA+HA>F+D?FDRSR=>D+IRQH=FDQFCRD>E+6CF+GH=OD+FHD>D+
ANNDR=?B>+ SRA@=PD+ QODIR+ MD?DN=F+ FA+ QARSARIF=A?>+ ML+ SRA@=P=?B+ QISIM=O=F=D>+ QAKSODKD?FIRL+ FA+ GHIF+ FHDL+
HI@DV+FHD+NIQF+FHIF+FHDL+QI?+HDOS+FA+DOI>F=QIOOL+>QIOD+D?FDRSR=>D+IRQH=FDQFCRD>+>HACOP+?AF+MD+C?PDR>FAAP+FA+
IO>A+ KDI?+ FHIF+ >=KSOL+ >QIO=?B+ =?+ FH=>+ GIL+ G=OO+ KDDF+ FGD?FLUN=R>FUQD?FCRL+ QAKSCF=?B+ RDZC=RDKD?F>E+ &HD+
IRQH=FDQFCRD+ RDZC=RDKD?F>+ AN+ OIRBD+ SOIFNARK>+ O=TD+ >AQ=IO+ ?DFGART>+ IRD+ /6%*06""7+ P=NNDRD?F+ NRAK+ FHD+
RDZC=RDKD?F>+AN+I+HDIOFHQIRD+SOIFNARK+=?+GH=QH+BDABRISH=QIOOL+I?P+QARSARIFDOL+P=>FR=MCFDP+QIRD+SRA@=PDR>V+
KDP=QIO+PD@=QD>V+SIF=D?F>V+ =?>CRI?QD+SRA@=PDR>V+ QO=?=Q>V+ QAPDR>V+I?P+M=OO=?B+>FINN+QA?FR=MCFD+=?NARKIF=A?+FA+
SIF=D?F+QHIRF>+IQQARP=?B+FA+QIRD+SRABRIK>V+ZCIO=FL+AN+>DR@=QD+I?P+5'133+QA?>FRI=?F>E+3?P+FHD+RDZC=RDKD?F>+
NAR+ MAFH+ AN+ FHD>D+ IRD+ @DRL+ P=NNDRD?F+ FHI?+ FHA>D+ FHIF+ SRA@=>=A?+ .)/6*,1)8)1/#$,1& (/#02..*+,+ >DR@=QD>+
QAKKA?+ =?+ FHD+ N=?I?Q=IO+>DR@=QD>+=?PC>FRLE+,OACP>+ G=OO+HI@D+FA+IQQAKKAPIFD+P=NNDRD?QD>+ =?+IRQH=FDQFCRD+
RDZC=RDKD?F>+O=TD+FHA>D+=KSO=DP+HDRDV+I>+GDOO+I>+FHA>D+RDOIF=?B+FA+QHIRIQFDR=>F=Q>+GD+>CM>DZCD?FOL+P=>QC>>E++
'?+FH=>+SISDRV+GD+GI?F+FA+RD@=>=F+6$)#+#'*0&0#'($)*+,V+GH=QH+PDN=?D>+I+>DF+AN+IRQH=FDQFCRIO+QHIRIQFDR=>F=Q>+
FA+KI?IBD+>L>FDK>+GHDRD+QAKSODX=FL+=>+=?QRDI>=?B+MCF+KC>F+MD+KI?IBDP+G=FHACF+=?QRDI>=?B+QA>F>+AR+FHD+
>=WD+AN+FHD+KI?IBDKD?F+FDIKV+GHDRD+I+>L>FDK+KC>F+MD+ZC=QTOL+IPISFIMOD+FA+?DG+FDQH?AOAB=D>+=?FDBRIFDP+
FA+=FV+I?P+GHDRD+I+>L>FDK+KC>F+MD+DXFD?>=MOD+NRAK+G=FH=?+I+QARSARIF=A?+ACF+FA+FHD+MRAIPDR+DQA>L>FDK+I?P+
@=QD+@DR>IE+&HD+SR=KIRL+BAIO+AN+ICFA?AK=Q+QAKSCF=?B+=>+FHIF+[>L>FDK>+KI?IBD+FHDK>DO@D>+IQQARP=?B+FA+I?+
IPK=?=>FRIFAR\>+ BAIO>E+ )DG+ QAKSA?D?F>+ =?FDBRIFD+ ]+ DNNARFOD>>OL+ EEE^iE+ + 9$)#+#'*0& 0#'($)*+,+ SDR+ >D+ KIL+
HI@D+MDD?+@=DGDP+?DBIF=@DOL+=?+FHD+SI>F+LDIR>+_+SA>>=MOL+PCD+FA+=F>+M=AOAB=QIO+KDFISHAR+AR+FHD+9:+AR+'6,*08
16((2+.812/2+ NDDO+ AN+ KA>F+ ICFA?AK=Q+ =?=F=IF=@D>E+ 6CF+ =??A@IF=A?>+ =?+ QOACP+ QAKSCF=?B+ =?+ FHD+ IRDI>+ AN+
@=RFCIO=WIF=A?+ I?P+ N=?DRUBRI=?DPV+ QA?FI=?DRUMI>DP+ KI?IBDKD?F+ =?FDRNIQD>V+ I>+ GDOO+ I>+ FHA>D+ =?+ HIRPGIRD+
I?P+ >ANFGIRDV+ IRD+ PDKA?>FRIF=?B+ FHIF+ FHD+ BAIO>+ AN+ ICFA?AK=Q+ QAKSCF=?B+ QI?+ MD+ RDIO=WDP+ FA+ I+ SRIQF=QIO+
PDBRDDV+ I?P+ FHIF+ FHDL+ QACOP+ MD+ C>DNCO+ =?+ PD@DOAS=?B+ QOACP+ IRQH=FDQFCRD>+ QISIMOD+ AN+ >C>FI=?=?B+ I?P+
>CSSARF=?B+DQA>L>FDKU>QIODP+C>DE+
&IT=?B+ I?+ ICFA?AK=Q+ ISSRAIQH+ SDRK=F>+ C>+ FA+ =PD?F=NL+ QARD+ QAKSA?D?F>+ AN+ I?+ ICFA?AK=Q+ QAKSCF=?B+
IRQH=FDQFCRD+ FHIF+ ,OACP+ ,AKSCF=?B+ =?>FI?F=IF=A?>+ HI@D+ FHC>+ NIR+ SOIQDP+ O=FFOD+ DKSHI>=>+ A?E+ 7D+ =PD?F=NL+
FDQH?=QIO+ QHIRIQFDR=>F=Q>+ MDOAG+ FHIF+ KC>F+ ?AF+ MD+ A@DROAATDP+ =?+ NCFCRD+ IRQH=FDQFCRD>V+ I?P+ GD+ DOIMARIFD+
FHDK+KARD+NCOOL+OIFDR+=?+FH=>+SISDR`++
! 3?+IRQH=FDQFCRD+>FLOD+aAR+>FLOD>b+FHIF+>HACOP+MD+C>DP+GHD?+=KSODKD?F=?B+QOACPUMI>DP+>DR@=QD>++
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2:=J:'12'56E:=K1G:'7:K565E5/62'E.1E'G/6E=/;'1GG:22'E/'167'/=G.:2E=1E:'1G=/22'HF256:22'KF6GE5/61;5E<'
! L6' %6E:=1GE5/6' (/6E156:=' E.1E' :6G1I2F;1E:2' E.:' 56K=12E=FGEF=:' 2:=J5G:2' 167' I/;5G<' 0161@:0:6E'
6:G:221=<'E/'I=/J525/6'56E:=1GE5/62'
! L6':DE:=61;5M:7'I/;5G<'0161@:0:6E':6@56:'E.1E':62F=:2'E.1E'56E:=1GE5/62'G/6K/=0'E/'=:@F;1E/=<N'
HF256:22'I1=E6:=N'167'56K=12E=FGEF=:'I/;5G<'G/62E=156E2''
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*+& 0+& 34)31+0"& %0)0& 53+)31' R2/0:E50:2' G1;;:7' *+/10.)1$5)$13& 0.& 0& .316*53SN' FE5;5E<' G/0IFE56@' R>.5G.'
I1GT1@:2' G/0IFE56@'=:2/F=G:2' 2/'E.:<' G16'H:'F2:7'12'1'FE5;5E<'56'16'1;>1<2B/6N' 0:E:=:7N'167' :;12E5G1;;<'
2G1;1H;:' >1<SN' I;1EK/=0' 2:=J5G:2' R2/0:E50:2' G1;;:7' 0577;:>1=:' 12' 1' 2:=J5G:SN' 167' 1II;5G1E5/6' ./2E56@'
R2/0:E50:2'G1;;:7'2/KE>1=:'/='1II;5G1E5/62'12'1'2:=J5G:SU'L;;'/K'E.:2:'>1<2'2::0'Q'56'2/0:'>1<'Q'=5@.EN'HFE'
E.:<'1=:'6/E'.:;IKF;'E/'F67:=2E167'E.:'E/I/;/@<'/K'1'G;/F7N'E.:'50I1GE'E.1E'(;/F7'(/0IFE56@'>5;;'.1J:'/6'
7:I;/<0:6E' /K' HF256:22' I;1EK/=02N' >.:E.:=' /=' 6/E' E.:' HF256:22' 2<2E:0' 1=G.5E:GEF=:' H:56@' 7:I;/<:7' 56'
G/00:=G51;' /=' I=5J1E:' 71E1' G:6E:=2' E/71<' >5;;' H:' :KK:GE5J:' 56' 1' G;/F7N' /=' >.1E' 1=G.5E:GEF=:2' 2./F;7' H:'
50I;:0:6E:7'K/='G;/F7BH12:7'G/0IFE56@U'):5E.:='7/'E.:<':J:6'H:@56'E/'@:E'1E'E.:'G.1;;:6@:'/K'0161@56@'
J:=<';1=@:'167'7<6105G'/=@165M1E5/62N'G1;;:7'6*1)$0"&#1,0+*70)*#+.'RE/'H:'7:K56:7';1E:='56'E.52'I1I:=SN'E.1E'
=:/=5:6E'E.56T56@'1H/FE'E.:'6::7'K/='16'1=G.5E:GEF=:'E/'2G1;:'01225J:;<N'167'E.:'6::7'E/'01T:'I1=E2'/K'16'
1=G.5E:GEF=:'IFH;5G'E.1EN'E/'E.52'I/56EN'.1J:'H::6'T:IE'I=5J1E:U'
&/'21E52K<'E.:'=:VF5=:0:6E2'/K'6:DE' G:6EF=<' G/0IFE56@N'G;/F7'G/0IFE56@' '>5;;'6::7'E/' 0:16'0/=:'E.16'
WF2E':DE:=61;5M:7'71E1'G:6E:=2'167'./2E56@'0/7:;2U'L;E./F@.'1=G.5E:GEF=:2'E.1E'>:'7:I;/<'56'71E1'G:6E:=2'
E/71<' 2./F;7' H:' 1H;:' E/' =F6' 56' 1' G;/F78' 250I;<' 0/J56@' E.:0' 56E/' 1' G;/F7' 2E/I2' >:;;' 2./=E' /K' >.1E' /6:'
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E=1756@' I1=E6:=' 6:E>/=T' I=/H;:02' 56' @/J:=60:6EN' 05;5E1=<N' 2G5:6E5K5GN' 167' HF256:22' G/6E:DE2' >5;;' =:VF5=:'
0/=:'E.16'>.1E'GF==:6E'1=G.5E:GEF=:2'G16'=:175;<'2FII/=EU'+/=':D10I;:X'
! %E' >5;;' H:' 6:G:221=<' E/' =1I57;<' 2:E' FI' 1' E:0I/=1=<' G/;;1H/=1E5/6' 6:E>/=T' :61H;56@' 6:E>/=T'
0:0H:=2' E/' 2:GF=:;<' 56E:=1GE' /6;56:N' >.:=:' 56E:=1GE5/6' G/F;7' 50I;<' 56E:=/I:=1H5;5E<' >5E.' H1GT'
/KK5G:' 2<2E:02' 12' >:;;' 12' .F016B/=5:6E:7' :DG.16@:2' Q' 1;;' 56' 1' 01EE:=' /K' ./F=2U' "D10I;:2' E.1E'
G/0:' E/' 0567' 56G;F7:' :0:=@:6G<' 0:75G1;' 2G:61=5/2N' @;/H1;' 2FII;<' G.1562' 167' /E.:=' HF256:22'
I=/G:22' 6:E>/=T2U' ?/;5G5:2' 7:K5656@' 56K=12E=FGEF=:' 167' HF256:22' G/62E=156E2' >5;;' H:' J1=5:7N' 2/'
I/;5G<'0F2E'H:':DE:=61;'E/N'167'0F2E'56E:=1GE'>5E.N'7:I;/<:7'KF6GE5/61;5E<U'&.:2:':D10I;:2'1;2/'
50I;<'E.:'6::7'K/='56E:=/I:=1H5;5E<'H:E>::6'IFH;5G'167'I=5J1E:'G;/F72U'
! 3F256:22' 56E:=1GE5/62' .1J:' E.:' I/E:6E51;' E/' H:G/0:' 0/=:' G/0I;:D' E.16' I:=2/61;' E=1621GE5/62U'
3:G1F2:'E.:<'1=:';5T:;<'E/'H:'K/=0:7'12'G/0I/25E:'2:=J5G:2N'167'H:G1F2:'2:=J5G:2'/6'>.5G.'E.:<'
7:I:67' 01<' H:' I=/J525/6:7' 56' 0F;E5I;:' G;/F72N' E.:' 1H5;5E<' E/' I=/J525/6' 167' F65K/=0;<' 0161@:'
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21E52K<'2I:G5K5:7'HF256:22'I/;5G<'G/62E=156E2U''
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HF256:22'56E:=1GE5/62U'*/;:2'>5;;'H:'I;1<:7'H<'I:/I;:'/FE257:'/K'/='1G=/22'G/=I/=1E:'H/F671=5:2&56'
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0/=:' K:125H;:' E/' G/0I/25E:' KF6GE5/61;' H:.1J5/=' 56E/' 752E=5HFE:7' 2:=J5G:B/=5:6E:7' 1II;5G1E5/62'
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&.:2:'G/6257:=1E5/62'2F@@:2E'E.1E'G;/F72'>5;;'.1J:'E/'.1J:'0)&"30.)'E.:'K/;;/>56@'G.1=1GE:=52E5G2iiX'

&./012'3'456162'167'8/.6'9::;<'3=/>6' '' ?1@:'ABC'


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I/62G=156G2'/6'56H=12G=DIGD=:'G/'01Q:'G.:0'0161@:1E;:'56'1@@=:@1G:K'
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167'=:2/D=I:'I/62D0MG5/6'/J:='G50:K'
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I1D2:'2/0:'/='1;;'/H'5G2'M1=G2'G/'01;HD6IG5/6K'''
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