206007;0
:IGAJAH
-/
TfB )%/%! Wg
9PXPPY_P]LLO aLY 4^_PY BZ^_M`^ *1(
-/*( 49 4^_PY
9P>LD@A 9PF@IH@LF
<==FIOHH@L -@C=I?@G==L -DEG=B@ I :@LQ@I??=NOH 6I?@LP@LK
DA?'*()/'(+/-1- 7PSPP]:&<& 5]PXLY
( 78<! $"#)
JTPY^bTUdPZ[ZY_bP][MP^_PXXTYR^[WLY=LYLLWbPR-%04^_PY
$.01&(/)0
7JMN>OM$*"
&(26,08JH@L@I
)2.)%&(/)0
;DGC@GHDI=KG@DI#
&(((/38JH@L@I
;AFABIIH
"%!$"%"$$$
;AFAB>N
"%!$"%"$#
"#,&*+
B@H@@IN@+MJH@L@I!IG
=A?KCLA PPP!MJH@L@I!IG
P-,7 ;AE!HJ!
54&'-501"$)!&"!"E!*%E
#!#'.()
-50154Q.
9PLNS_P WPOPYaLYOP ]LLO&
A[*1 ^P[_PXMP]*()/ T^MPVPYO RPXLLV_OL_SP_ ZY_bP][MP^_PXXTYR^[WLY
=LYLLWbPR -%04^_PY "HP^_PWTUVP BZZ]_4^_PY# RPO`]PYOPdP^bPVPY_P]TYdLRPbP]O RPWPRO PY OL_PPYdTPY^bTUdPZ[ SP_ [WLYVZYOPYbZ]OPY TYRPOTPYO&
HTU SPMMPY VPYYT^RPYZXPY aLY SP_ZY_bP][MP^_PXXTYR^[WLY PYOPZY_bTVVPWTYRPY OTP STP]XPP XZRPWTUVRPXLLV_ XZP_PYbZ]OPY& 7P bTUdPbLL]Z[OPdP
ZY_bTVVPWTYRPY TYOP_ZPWTNS_TYR$ OP ]PRPW^PY Z[OPaP]MPPWOTYR dTUY Z[RPYZXPY aZ]X_aZZ]ZY^LLYWPTOTYR ZX_P ]PLRP]PY Z[ SP_ZY_bP][MP^_PXXTYR^[WLY&
5]LYOPYM`]NS 5&G&
GZZ]OP _ZPVZX^_[WLYYPY aLY OT_ MPO]TUQbZ]OPYLLYdTPYWTUV ]`TXP]P
MPMZ`bTYR^XZRPWTUVSPOPY TY SP_MP^_PXXTYR^[WLYZ[RPYZXPY& :P_ MZ`baWLVbZ]O_
aP]R]ZZ_ PYOP XLcTX`X RZZ_% PY YZVSZZR_PbZ]OPY aP]SZZRO& ?P_ YLXP SP_
aP]WPRRPY aLY OP MPMZ`bTYR^R]PY^ TY OP ]TNS_TYR aLY OP J`TO%HTWWPX^aLL]_TY NZXMTYL_TP XP_OP SZRP]P MZ`bSZZR_P aTYOPY bTUMPdbLL]WTUV&
7PXLcTX`XRZZ_% PY YZVSZZR_P bZ]O_aP]SZZROaLY 0 PY )) XP_P]YLL] ), XP_P]
aZZ]dZbPWOP RZZ_%PY YZVSZZR_P& GZZ] )- aLY SP_ MZ`b[P]NPPW T^MZaPYOTPY PPY XLcTX`XSZZR_PaLY +0XP_P]_ZPRP^_LLY "L]_TVPW +&*&+& aLYOP [WLY]PRPW^#&
4LYRPdTPYOT_ TY MPRTY^PW MTYYPY SP_RPSPWP MZ`baWLVXZRPWTUV T^$ ^_LL_SP_
MP^_PXXTYR^[WLY SP__ZP ZX WLYR^OP =LYLLWbPRPPY RPMZ`bZ[_P ]TNS_PY XP_PPY RPaPWM]PPO_PaLY NL& )*( XP_P]PY PPY MZ`bSZZR_PaLY +0 XP_P]& 7T_LNS_PY bTU RPPY RPbPY^_PZY_bTVVPWTYR&
#)""%*$+$
;YOP _ZPWTNS_TYR aLY SP_[WLY T^LLYRPRPaPYOL_OP SZRP]P MZ`bSZZR_PYZOTR T^
aLY`T_ PPY MPO]TUQ^XL_TRZZR[`Y_ TY aP]MLYO XP_SP_ RPM]`TVaLY ^TWZ!^& 8PY aP]OP]P ZYOP]MZ`bTYR ZaP]OP [WLYZWZRT^NSP LLYaLL]OMLL]SPTOaLY PPYOP]RPWTUVP SZZR_PPY OPOLL]LLY RPVZ[[PWOP Z[[P]aWLV_PZY_M]PPV_aZWWPOTR& 9PWP_Z[ OPQZ]^P LQbTUVTYR aLY OP MZ`b]PRPW^ "OP S`TOTRP XLcTX`X MZ`bSZZR_P aZZ]RPMZ`bPY MPO]LLR_ )) XP_P]PY aZZ]MZ`bbP]VPY RPPY RPMZ`bdTUYOP 0 XP_P]# LW^XPOPSP_
QPT_OL_ Z[OPWPY aLY SP_[P]NPPW PP]OP]SPWPXLLW RPPYRPMZ`bPYbL]PY
_ZPRP^_LLY$ T^PPYdZ]Ra`WOTRP LQbPRTYR PY XZ_TaL_TP STP]aZZ]bPWPPY aP]PT^_P&
:TP]MTU dLW TY TPOP]RPaLW OPTX[LN_aLYOPdP MZ`b]PRPW^aZZ]OP
PTRPYL]PY'MPbZYP]^aLYOP bZYTYRPY LLY OP LYOP]PdTUOP aLY SP_ VLYLLWZ[
DZXP]PY^R]ZYORPMTPO YLO]`VVPWTUV TYZRPY^NSZ`b RPYZXPY XZP_bZ]OPY&
HTU RPaPY ` TY ZaP]bPRTYR ZX MTU OPaL^_^_PWWTYR aLY SP_ [WLY$ NZYN]PP_LLY _P RPaPY Z[bPWVP OPWPYaLY SP_MZ`b[P]NPPW SZRP]P MZ`bSZZR_PYdTUY _ZPRP^_LLYPY bL_OTP SZZR_PXLR MPO]LRPY& :P__ZP^_LLYaLYPPY MZ`bSZZR_P aLY +0 XP_P]Z[
OP MZ`baWLVR]PY^ LLY OPdTUOPaLYOP =LYLLWbPR$ dZYOP]LLYa`WWPYOP MP[LWTYRPY ZQ dZYOP]PPYYLOP]P LQbPRTYR^MPaZPROSPTO$ T^aZWRPY^ ZY^RPPY RZPOP ]`TX_PWTUVP Z]OPYTYR& 7P SZRP]PMZ`bSZZR_PRPWO_aZWRPY^OP [WLY]PRPW^ZaP]TRPY^LWWPPYaZZ]
RPMZ`bPY$ aZZ]MZ`bbP]VPY RPPY RPMZ`bdTUYOP T^PPYXLcTX`XSZZR_P aLY 0 XP_P]Z[RPYZXPY& 4LYRPdTPY aZWRPY^OP_ZPWTNS_TYROP SZRP MZ`bSZZR_P XP_YLXP T^ MPOZPWO aZZ]^TWZ!^ T^ SP_[WLY Z[ OT_[`Y_YTP_ NZY^T^_PY_&
;Y OP_ZPWTNS_TYRaLY SP_ [WLY bZ]O_ YTP_`T_RPWPRO bLL]ZX OP MPMZ`bTYR^R]PY^
XZP_ bZ]OPYaP]WPRO TYOP ]TNS_TYRaLY OP J`TO%HTWWPX^aLL]_PY bLL]ZX OT_
[WLYZWZRT^NS LLYaLL]OMLL]dZ` dTUY$ OT_ TY ]PWL_TP_Z_OP "aPPW# SZRP]P MZ`bSZZR_P OTP YZOTRdZ` dTUY& 8PY YLOP]P ZYOP]MZ`bTYR aLY OPdPLLY[L^^TYR TYOP MZ`b]PRPW^
LNS_PY bTUYZZOdLVPWTUV&
5P_ZYNPY_]LWP CLTTXLVP]^
GZZ] SP__P]]PTY aLY OP MP_ZYNPY_]LWP T^TY SP_ ZY_bP][MP^_PXXTYR^[WLY "OTRT_LLW [WLY dZLW^ RP[WLL_^_Z[ bbb&]`TX_PWTTVP[WLYYPY&YW#^WPNS_^PPY VWPTYMZ`baWLV aZZ]
SP_ RPMZ`b XP_S`T^Y`XXP] 0 TYRP_PVPYO& 7P ZaP]TRP MPMZ`bTYR VZX_OLL]OZZ]
R]Z_PYOPPW^ M`T_PY SP_MZ`baWLV_P WTRRPY& 4LYRPdTPY LLY SP_ [P]NPPWbPWPPY ]PR`WTP]P MPO]TUQ^MP^_PXXTYR bZ]O__ZPRPVPYO$ bLL]dTNS YLL^_ OPMP_ZYNPY_]LWP ZZVLYOP]PMPO]TUaTRSPTO XLR aP^_TRPY$ T^OL_ ZY^TYdTPY^ RPPY WZRT^NSP VP`dP& :P_
^_PX_ TY TPOP]RPaLW YTP_ZaP]PPY XP_ SP_RPPYZ[ [LRTYL ), aLY OP_ZPWTNS_TYR T^
MP^NS]PaPY!:P_ MPO]TUQ^[P]NPPWaLY CLLTUXLVP]^DZXP]PY 5G"MP_ZYNPY_]LWP# MWTUQ_
TYdTUY S`TOTRP ZXaLYR PY XP_OP S`TOTRPMZ`bXZRPWTUVSPOPY RPSLYOSLLQO!&
5P^_LLYOP MZ`bXZRPWTUVSPOPY dTUY aL^_RPWPRO TY OP MPSPP]^aP]Z]OPYTYR!4^_PY MPO]TUaPY_P]]PTY =LYLLWbPR *()+!& 7`TOPWTUVT^OL_MP^_LLYOPRPMZ`bPY PY
MZ`bbP]VPY RPPY RPMZ`b dTUYOPZZVLW LQbTUVPYaLY OP TYOP MPSPP]^aP]Z]OPYTYR RPYZPXOP]PRPW^$RPMZ`bPY^_LLY M`T_PY SP_MZ`baWLV PY OPLLYbPdTRP^TWZ!^_PY MPSZPaPaLYOP MP_ZYNPY_]LWP dTUY MPO`TOPYO SZRP]OLY OP0 XP_P]OTPT^
_ZPRP^_LLYaZZ]MZ`bbP]VPY RPPYRPMZ`b dTUYOP& :P_WTUV_ ZY^ WZRT^NS ZX OP MZ`bXZRPWTUVSPOPY aLY SP_ YTP`bP MP^_PXXTYR^[WLY TYTPOP]RPaLW LQ_P^_PXXPY Z[ OPLLYbPdTRP MPMZ`bTYR&
4W^SP_ `b MPOZPWTYR T^ZX XPP]MPMZ`bTYR OTNS_P]Z[ OP =LYLLWbPR XZRPWTUV_P XLVPY OLYdLW OL_ZZVPc[WTNTP_ MPYZPXO XZP_PYbZ]OPY& 5P[P]VTYRPYdZLW^OP LLYbPdTRSPTO aLY PPY RL^WPTOTYR PY MP[P]VTYRPY OTPRPVZ[[PWOdTUY LLY OP a]TUbL]TYR^dZYP%bL_P]VP]TYROTPYPY TYOTPLQbPRTYR MP_]ZVVPY_P bZ]OPY&
GP]MPPWOTYR$ ]PRPW^PY_ZPWTNS_TYR OTPYPY ZY^ TYdTPY^LLYRP[L^__P bZ]OPY&
B`TY M]PVPY 'Z[% PY ZaP]^WLR R]LY`WLL_
7T_ZYOP]OPPW aLY SP_[WLY MP_]PQ_ PPY `T_M]PTOTYR aLY SP_ MP^_LLYOP MPO]TUaPY_P]]PTY& CPRTZYLLW T^OPdP `T_M]PTOTYR LVVZZ]O MPaZYOPY
"5PO]TUaPY_P]]PTYPY[]ZR]LXXP]TYR 7P BPPW#&
:P_ RLL_ZX PPY ]PWL_TPQR]Z_P `T_M]PTOTYRXP_ STYOP]WTUVP MPO]TUaTRSPTO"[`TY M]PVPY#& HLL]MTURPW`TO$ ^_ZQPYOP aT^`PWP`T_^_]LWTYR OPaZZ]YLLX^_P
LLYOLNS_^[`Y_PY dTUY& :P__P]]PTY dLW R]Z_PYOPPW^bZ]OPYZX]TYRO OZZ]SZRP VPP]bLYOPY bLL]_PRPYPPY_LW`ObZ]O_Z[RPbZ][PY& 7T__LW`O XP_OP OLL]Z[LLY _P M]PYRPY MP[WLY_TYR ZY__]PV_ SP__P]]PTY LLY SP_dTNS_PY SPPQ_PPYRPW`TO^bP]PYOP Q`YN_TP&
7P LLYWPR aLY SP__LW`O'VPP]bLYOPY T^Z[RPYZXPYLW^ aZZ]bLL]OPWTUVPaP][WTNS_TYR TY SP_ [WLY LW^ ZYOP]OPPW aLY OP WLYO^NSL[[PWTUVP TY[L^^TYR& 4LY OP dTUOP aLY J`TO%
HTWWPX^aLL]_ RPWO_ZZVOPQ`YN_TPLLYO`TOTYR HL_P]VP]TYR & :P_Z[]TNS_PY aLY MZ`bbP]VPY dZLW^ VPP]bLYOPY MTYYPY OPdPdZYP T^ YTP_OT]PN__ZPRP^_LLY$ OT_T^
RPVZ[[PWO LLY PPYLQbTUVTYR^MPaZPROSPTO "L]_TVPW )*&0&) aLY OP [WLY]PRPW^#PY _ZP^_PXXTYR OTPaP]WPPYO XZP_bZ]OPY OZZ]OP MPSPP]OP]aLY OP bL_P]VP]TYR& AZV aZZ] SP_LLYWPRRPY aLY SP__LW`O MTYYPY OT_ RPMTPO T^ aZWRPY^ZY^_ZP^_PXXTYR aLY OP MPSPP]OP]YZOTR&
7T_ T^PPY ZYLLYaLL]OML]PZYdPVP]SPTO TY SP_ [WLY& 7P `T_M]PTOTYR aLY SP_
MPO]TUaPY_P]]PTY T^TXXP]^LWWPPY LLYaLL]OMLL]LW^ SP__P]]PTY bZ]O_ ZX]TYRO OZZ]
OP VPP]X`]PY'_LW`O XP_OPOLL]MTU MPSZ]PYOP WLYO^NSL[[PWTUVPTY[L^^TYR& 7P MPZZ]OPWTYR ZQSP__LW`O'VPP]X``]Z[ OTP[WPV aP]PYTRMLL]T^ XP_ MPWLYRPYaLY bL_P]^_LL_PY'ZQbL_P]VP]TYROTPY_aZZ]LQ[WLL_^_PaTYOPY& 8]aLY `T_RLLYOPOL_OTP _ZP^_PXXTYR bZ]O_aP]WPPYO$ OLY dZ` aZZ]SP_ Z[]TNS_PYaLY VPP]bLYOPY '
LLYWPRRPY _LW`OPPY `T_dZYOP]TYRRPXLLV_ XZP_PY bZ]OPYZ[ SP_aP]MZO dZLW^
Z[RPYZXPY TY L]_TVPW )*&0&)& 7LL]YLL^_ RPaPY bTU ` TY ZaP]bPRTYR ZX aZZ]OP VPP]bLYOPY PPY XTYTX`XSZZR_P TY OP ]PRPW^ Z[ _P YPXPY& 4LYRPdTPY OP Z[RPRPaPY XL_PY aLY - PY 0 XP_P] ZZV LW^ `T_RLYR^[`Y_ dTUY RPYZXPY aZZ] SP_
LVZP^_T^NS ZYOP]dZPV&
9PdZYPP]O TYO`^_]TP_P]]PTY DW`T^ I;':LWQ 8WQTP
:P_ [WLYRPMTPO XLLV_ OPPW `T_ aLY SP_ RPdZYPP]O TYO`^_]TP_P]]PTY bLL]aZZ] MTU
=ZYTYVWTUV 5P^W`T_ aLY * U`YT )11( "Y]&1(&(.).-*0# PPY bP__PWTUVP dZYP T^
aL^_RP^_PWO& 7PdP dZYP WTR_ dZbPW Z[ DZXP]PY^ LW^ Z[ 4^_PY^ R]ZYORPMTPO&
6ZY^P\`PY_TP aLY OT_ MP^W`T_ T^ OL_ SP_ RPdLXPYWTUV RPW`TO^YTaPL` aLY LWWP TY]TNS_TYRPY OTP dTUY RPWPRPY Z[ SP_ RPdZYPP]O TYO`^_]TP_P]]PTY YTP_ XPP] OLY -(
O5"4# XLR MPO]LRPY Z[ OP dZYPR]PY^ "PY YTP_ XPP] XLR dTUY OLY OP
aZZ]VP`]^R]PY^bLL]OP$ PY YTP_ XPP] OLY OP PP]OP] aL^_RP^_PWOP SZRP]P bLL]OP aLY RPW`TO^RPaZPWTRP ZMUPN_PY TY OP RPW`TO^dZYP#&
FT_ OP QZ]X`WP]TYR aLY L]_TVPW )*&)&*& aLY OP [WLY]PRPW^ MWTUV_ ZYaZWOZPYOP OL_ ZZV ]PVPYTYR RPSZ`OPY XZP_ bZ]OPY XP_ OP MPO]TUQ^LN_TaT_PT_PY Z[ SP_ DZXP]PY^
R]ZYORPMTPO& HTU ^_PWWPY ` aZZ] ZX OT_ L]_TVPW LW^ aZWR_ LLY _P [L^^PY2
4]_TVPW )*&)&*& 4QbTUVPY aLY OP MZ`b]PRPW^
?T_^ OP RPdLXPYWTUVP RPW`TO^MPWL^_TYR aLY LWWP TY]TNS_TYRPY OTP dTUY RPWPRPY Z[ SP_
RPSPWP RPdZYPP]O TYO`^_]TP_P]]PTY DW`T^ I;':LWQ 8WQUP Z[ OP RPaPW^ aLY PPY RPW`TORPaZPWTR ZMUPN_ YTP_ SZRP] dLW dTUY OLY OP OLL]aZZ] RPWOPYOP
aZZ]VP`]^R]PY^bLL]OP ZQ PPY aP]V]PRPY SZRP]P R]PY^bLL]OP$ VLY XP_ PPY ZXRPaTYR^aP]R`YYTYR bZ]OPY LQRPbPVPY aLY SP_ MP[LLWOP TY )*&)&)&
;Y L]_TVPW +&+&* JZYPMPSPP] RPdZYPP]O MPO]TUaPY_P]]PTY T^ LLYRPRPaPY OL_ SP_
`T_ZPQPYPY aLY MPO]TUQ^XL_TRP LN_TaT_PT_PY `T_^W`T_PYO T^ _ZPRP^_LLY$ aZZ] dZaP]
[L^^PYO MTYYPY OP aZZ] SP_ RPdZYPP]O TYO`^_]TP_P]]PTY DW`T^ I;':LWQ 8WQUP aL^_RPWPROP dZYPR]PY^ -( O5"4#& GZWWPOTRSPTO^SLWaP bTWWPY bTU ` aZZ]^_PWWPY ZX STP]LLY _ZP _P aZPRPY2 PY aZZ] dZaP] OLL]XPP bZ]O_ aZWOLLY LLY OP aL^_RP^_PWOP :ZRP]P HLL]OPY Z[ RPW`TO^RPaZPWTRP ZMUPN_PY TY OP RPW`TO^dZYP&
A[XP]VTYRPY _ZPWTNS_TYR
A[ aP]^NSTWWPYOP [WLL_^PY TY OP _ZPWTNS_TYR bZ]O_ RP^NS]PaPY OL_ SP_ [WLYRPMTPO PP]OP] OPPW `T_XLLV_P aLY SP_ MPO]TUaPY_P]]PTY :LWQ 8WQUP& 7T_ T^ YTP_ NZ]]PN_$ OL_
XZP_ dTUY SP_ MPO]TUaPY_P]]PTY DW`T^ I;& "MTUaZZ]MPPWO [L]LR]LLQ )&*$ *&)$ *&*#
;Y OP RPMTPO^MP^NS]TUaTYR "[L]LR]LLQ *&)# bZ]O_ YTP_ TYRPRLLY Z[ SP_ R]ZYORPMTPO aLY OP RPXPPY_P DZXP]PY& 9PWP_ Z[ OP LL]O PY OP ]`TX_PWTUVP `T_^_]LWTYR aLY OP
RPbPY^_PZY_bTVVPWTYR PY OP VZ]_P LQ^_LYO_Z_ MTUaZZ]MPPWO OPbZYTYRPYLLY OP
=LYLLWOTUV%@ZZ]OZ[ ZY^R]ZYORPMTPO T^ OL_PPYZXT^^TP OTP SP]^_PWO XZP_bZ]OPY&
% aZZ]ZaP]WPR "[L]LR]LLQ0&* aLY OP_ZPWTNS_TYR#
A[ LXM_PWTUVYTaPL` T^ TYOP]OLLOPP]OP]NZY_LN_RPbPP^_XP_ZYdPRPXPPY_P$
bLL]MTU TY LWRPXPYPdTY ZaP]OPZY_bTVVPWTYR T^RP^[]ZVPY& AQQTNTPPWaZZ]ZaP]WPR SPPQ_ZY^ TYdTPY^YTP_ [WLL_^RPaZYOPY$PPY aZZ]ZY_bP][MP^_PXXTYR^[WLY T^
MTUaZZ]MPPWO YTP_LLY ZY^aZZ]RPWPRO&
AYdP TY^_PXXTYR XP_OP aP]VZZ[aLY ZY^ PTRPYOZX MTYYPY SP_ [WLYRPMTPO ^_LL_WZ^
aLY OPdP MP^_PXXTYR^[WLY[]ZNPO`]P& ;YOP MP^_PXXTYR^[WLY[]ZNPO`]P OTPYPY ZYdP MPWLYRPY PY OPMPWLYRPY aLYOP]OPYZ[ ZY^ R]ZYORPMTPO "MPbZYP]^'MPO]TUaPY#$ OTP MTYYPY OPTYaWZPO^QPP] aLY OPdPZY_bTVVPWTYR WTRRPY$ Z[PPYdZ]Ra`WOTRP bTUdP MPZZ]OPPWOPY LQRPbZRPY _PbZ]OPY&
.IH@FMKCA
HTUaP]dZPVPY ` ZX SP_ MP^_PXXTYR^[WLY Z[ OP STP]MZaPY RPYZPXOP [`Y_PYLLY_P [L^^PY PY'ZQ_PaZZ]dTPY aLY RZPOP XZ_TaL_TPbLL]`T_ MWTUV_Z[bPWVPbTUdP XP_ZYdP MPWLYRPY T^ZXRPRLLY&
:PM_` YZR a]LRPY ZaP]OPdP M]TPQ3 @PPX OLYNZY_LN_ Z[ XP_ZY^ =WLY_ 6ZY_LN_
6PY_]`X$ _PWPQZZYY`XXP](,1+%,1,000& ?P_ SP_dLLVY`XXP]DA?'*()/'(+/-1- MTUOP SLYO V`YYPY bTU` MP_P]aLY OTPY^_dTUY&
5`]RPXPP^_P]PYbKZ`OP]^ aLY
OP ^PN]P_L]T^$ K OP
DZXe]PY$
M`]RLXPP
K9&'aLY >PP`bPY 4&B&?&GPW_XLY
206007;0
:IGAJAH
Y]&2 4TO$ ;
#
9IJL ,7/6 ##!#) 40 7AL:316,&+6
BZ^_LO]P^
7JMN>OM$*"
82DJ,.8JH@L@I