`( )*+,-*-./0 1+ 23,+*45674-8

0113456789
87969575!9"#$
&
'(&
)*+,-*-./0&1+&23,+*45674-8&
&
&
9:;<=>?@ABC>B;DEFGHI@>JKHEHEHLDE@EKHMKH;;@KENE>B;;@E;HJHEH;<:K:OL@GEJHE
OK@P@G?BDEQL@>JBEBEBK:H>O@JBKERB:E<KBSLK@JBE<BKELAESBA<@>?H:KBEJHEHGHT@J@E
HI<KH;;UBE?:HKVKQL:S@DEQLHEAHE;@LJBLE:ML@GAH>OHDEJHAB>;OK@>JBEMK@>JHE
@<KHWBEHES@K:>?BXE
YEZHKH:EPKHTHEYEJ:;;HEHGHE@BEAHLE:>;OKLOBKDEQLHEBE@OH>J:@DE;BG[S:OBEYDEBE
OHA<BE>UBEAHE<HKA:OHEGB>M@;ESB>THK;@W\H;XE
]DEABJ:R:S@>JBE@EHI<KH;;UBER:;:B>^A:S@DE@SH>OLBL_E
YÈHAPK@C;HEJHEZHM:;AL>JBDE>B;;BETHG?BE@A:MBaE
YEbBABE>UBaEYEcHJ@KML:LEBE:>OHK<HG@JBE@APB;EG?HEJHTHAB;E
;:M>:R:S@O:TB;ER@TBKH;EJHEBLOKBEOHA<BXE
YEdB:;EPHAEYEOBK>BLEBET:;:O@>OHXEYEZHM:;AL>JBE>HSH;;:O@ESBG@PBK@WUBE
LKMH>OHXEcHSB>?HWBEQLHETBSeE>UBEfEH;<HS:@G:;O@EHAEOK@P@G?B;EKHRHKH>OH;ENE
KHH>S@K>@WUBXEgBEH>O@>OBDE;:>OBCAHESBA<HG:JBE@EKHSBKKHKE@BESB>SLK;BEJB;E
@A:MB;XE
hE>BTBESBA<@>?H:KBERHiE<HQLH>BE:>OHKT@GBEHESB>O:>LBL_E
YEgUBE;HEH;QLHSHLETBSeEJHEQLHEBE>B;;BE@A:MBDE>UBEBP;O@>OHEB;EK@;MB;E
JHEMH>HKB;:J@JHDE@;;LA:LESBA<KBA:;;B;EAL:OBE;fK:B;E>BE<@;;@JBaE
YEZ:ADE;:AEYEKH;<B>JHLEBEBK:H>O@JBKEYDEBEJK@A@EJHGHET:THE@:>J@EHAE
>B;;@EAHAjK:@XE
YEZHM:;AL>JBDE<KH;H>OHAH>OHEYE<KB;;HML:LEBEBLOKBEYDETBGO@KVE@BEK:BEJ@E
T:J@ER[;:S@XEFE;:OL@WUBE@;;:AEBEHI:MHEHE>UBEJHTHAB;E<HKJHKE@EB<BKOL>:J@JHEJHE
H>S@A:>?VCGBE@BE>HSH;;VK:BEKH;M@OHXEZHML>JBEH;OVE:>RBKA@JBDEc@QLHGDE@E<BPKHE
SK:@OLK@EQLHEHGHEJH;T:BLDEHAE>B;;@Ef<BS@EJHEG@WB;E@RHO:TB;EA@:;ERBKOH;DEHE
FJHG:>BDEBE:>RHG:iEA@K:JBEQLHEBE>B;;BE:KAUBE@;;@;;:>BLEHAEG@AH>OVTHGE
SBA<HO:WUBE@KA@J@DEkVE;HEH>SB>OK@AE>@EbKB;O@EJH;JHEAL:OBEHDE?VEQL@OKBE@>B;DE
KHG:M@K@AY;HE>B;EHGB;EJBEA@OK:A^>:BXElLJBEH;OVE<KH<@K@JBE@ER:AEJHEQLHE
ZHM:;AL>JBEKHMKH;;HENESBA<@>?:@EJ@ET[O:A@EHEJBE:>:A:MBEJBE<KHOfK:OBDE>BE
;H>O:JBEJHE;@>O:R:S@KEBESBK@WUBXEZHKVEHGHDEJHESB>RBKA:J@JHESBAE@E<HKA:;;UBEJHE
>B;;B;Em@:BKH;DEBE;HML>JBER:G?:>?BEJBES@;@GXElBJ@T:@DEH;O@AB;EGLO@>JBESBAE
MK@>JH;EJ:R:SLGJ@JH;E<@K@EGBS@G:iVCGBXEn>RHG:iAH>OHDEFJHG:>BDEQLHEG?HE;HKVEBE
RLOLKBE<@:EOK@>;:OjK:BDEKH<HGHCBESBAES@GBKDEOUBEGBMBE;LKMHAE@;E?BK@;EJHE;B>BE
R[;:SBDEOK@P@G?@>JBESB>OK@EB;E>B;;B;EAHG?BKH;E<KB<j;:OB;EJHE?@KAB>:i@WUBXE]AE
T:;O@EJ:;;BDEBEOK@P@G?BE<KH<@K@OjK:BEJ@E>BT@EHI<HK:e>S:@EOHAE;:JBEAL:OBEABKB;BE
%
$
%
0103opqqprstuprqvwx%
HEJH;@MK@JVTHGXE
YE]EZHM:;AL>JBaEYE:>J@MBLEBEAH>OBKDE<KHBSL<@JBEYEQL@GE@E;L@E@O:OLJHE
JBA:>@>OHaE
yHKSLG@>BDEBEAH>;@MH:KBEQLHE>B;ET:;:O@T@DE:>RBKABLESBAERK@OHK>@GE
:>OHKH;;H_E
YEFE<K:>S[<:BDE@>:A@T@C;HEJ@EAHG?BKEH;<HK@>W@XEFMBK@DE<BKfADEQLHEBE
K:T@GE@>O:MBEG?HEBRHKHSHE<H>;@AH>OB;EJHEjJ:BEHES:=AHDEBGT:J@>JBESBA<KBA:;;B;E
@;;LA:JB;EHAE>B;;@EH;RHK@EJHE@WUBDE;H>OHC;HE>BT@AH>OHEJH;TH>OLK@JBEHE;HAE
RBKW@;E<@K@EKH<@K@KEBEA@GXE9HEBLOK@;ETHiH;DEH>S?HC;HCG?HE@EOK:;OHi@EJHE<KBRL>J@E
KHTBGO@EHDE>H;;HEH;O@JBE>HM@O:TBDE;LPOK@:C;HENE>B;;@ESBB<HK@WUBEHR:S:H>OHXE
hET:;:O@>OHERHiEG:MH:K@E<@L;@EHE@SKH;SH>OBLDESBAE:>RGHIUBEJHEKBM@O:T@_E
YEgUBE<BJHKVETBSeE@kLJ@KC>B;E>H;;HEJ:R[S:GE<KBSH;;BEJHEKHH>S@K>@WUBaE
`HAPKBCAHEJHEQLHE;L@E@A:i@JHEJ:T:J:@C;HEH>OKHE@APB;XEzLHAE;@PHE;HE@E;L@E
:>OHKTH>WUBE@RHOLB;@ESB>;HML:K:@ESB>TH>SHKEFJHG:>BaE
YEbB>OHESBA:MBEYEKHJ@KML:LEBEBK:H>O@JBKDE@OH>S:B;@AH>OHEYDER@KH:E
QL@>OBEH;O:THKEHAEA:>?@;E<B;;:P:G:J@JH;E<@K@EQLHE>UBE;HE<HKS@EBEH>;HkBEHAE
T:;O@XE
F>OHEBE;BKK:;BEJHE;@O:;R@WUBEJBEBLOKBDEFGHI@>JKHESB>SGL:L_E
YEg@E<KjI:A@E;HA@>@DEH;O@KH:E@BE;HLEG@JBE<@K@ESB>THK;@KE
H;<:K:OL@GAH>OHESBAEFJHG:>BEHE;BGLS:B>@KEBE<KBPGHA@EJ@EKH@<KBI:A@WUBXE
];OHk@AB;ESB>R:@>OH;E>BE@LI[G:BEJ:T:>BXE
yHKSLG@>BE@MK@JHSHLEHEJH;<HJ:LC;HESBABT:J@AH>OHXE
FE;j;ESBAEBEAH>OBKEJHTBO@JBEHE@A:MBDESBAHSH:E@EAHJ:O@KE>@E
<B;;:P:G:J@JHEJHESB>OK:PL:KE:ML@GAH>OHE>BES@;BEQLHE;HEAHEJH<@K@T@XEgL>S@E
O:THK@EB<BKOL>:J@JHEJHE@SBA<@>?@KDEJHE<HKOBDELAE<KBSH;;BEJHEKHH>S@K>@WUBDE
H;OLJ@>JBEB;E@;SH>JH>OH;EH;<:K:OL@:;E>@;EQLH;O\H;EJ@EHAPK:BGBM:@XEgUBE;HK:@E
:>OHKH;;@>OHDE<@K@EA:ADELO:G:i@KE@EHI<HK:e>S:@aEgH;;HE<KB<j;:OBDEJ:K:M:CAHE@BE
:>;OKLOBKDE;HAER@G@KDE<BKfADEJ@EA:>?@E<KHOH>;UBEHAE;H>O:JBEJ:KHOB_E
YEgBOVTHGE<@K@EA:AE@E;BG:S:O@WUBEJHE?BkHEYEHISG@AH:XEYÈB>MHEH;O@T@EJHE
<H>;@KDE>BEAL>JBDE>@EALGO:<G:S:J@JHEJHEO@KHR@;E@OK:PL[J@;E@B;EPH>RH:OBKH;EHE
A:;;:B>VK:B;EJH;H>S@K>@JB;XEFEHIOH>;UBEJBE;HKT:WBEHAE>B;;BES@A<BEJHE@WUBE
@;;BAPK@K:@E@EQL@GQLHKEABKO@GXE
YEZHAEJ=T:J@EYEKH;<B>JHLEBEAH>OBKDE@OH>S:B;BEYDEB;EOK@P@G?B;E;HE
JH;JBPK@AEHAEOBJ@;E@;EJ:KHW\H;XEhE<HJ:JBEJHEyHKSLG@>BETHAERBS@G:i@KELAEJB;E
A@:;E:A<BKO@>OH;E<KBPGHA@;EJ@ERHG:S:J@JHE?LA@>@_EBEJ@E@<KBI:A@WUBERK@OHK>@GDE
JBE<HKJUBEKHS[<KBSBDEJ@E;HAH@JLK@EJBE@ABKDE@OK@Tf;EJ@EGH:EKHH>S@K>@S:B>:;O@XE
FGHI@>JKHEAHJ:OBLE@GML>;EABAH>OB;EHESB>O:>LBL_E
YEhES@;BEfEO[<:SBXEhEJK@A@EJHEZHM:;AL>JBEfEJHA@;:@J@AH>OHESBA<GHIBE
<@K@E;HKESBAH>O@JBEHAE<BLS@;E<@G@TK@;XE{@;O@DEOBJ@T:@DEKHSBKJ@KEQLHEHGHDE
FJHG:>BEHEc@QLHGE;UBEB;E<KBO@MB>:;O@;ESLGA:>@>OH;EJHEJBGBKB;@EOK@MfJ:@DE
BSBKK:J@E@BEOHA<BEJHEA:>?@E=GO:A@E<HKHMK:>@WUBE<HG@EbKB;O@XE]AE;HML:J@E@E
LA@E<@:IUBEJH;T@:K@J@DE|}~€‚ƒ„‚€ƒ…†‡€ˆ‰ƒ}~ƒŠ‚ˆ€‹†}€‚Œƒ~Ž€ˆ}‚‘ƒ}‚ƒ‹’€ˆ~Œƒ
HEc@QLHGDEJBE<KB;O[PLGBXE9H;H>S@K>@K@ADES@J@ELAE<BKE;L@ETHiDE;BPE:>OH>;@E
T:PK@WUBEJHEjJ:BEHEJH;H;<HK@WUBDE<@JHSH>JBETVK:B;E@>B;DEHAEiB>@;E:>RHK:BKH;XE
m@:;EO@KJHDE<BKE:>OHKSH;;UBEJHE@A:MB;EKHJ:A:JB;DEB;E@>O:MB;ES^>kLMH;EBPO:THK@AE
%
%
01“3456789
87969575!9"#$
@ETBGO@E@BESBK<BER[;:SBDE@ER:AEJHE;@>O:R:S@KHAEB;EG@WB;E;H>O:AH>O@:;EHE;HE
KH@<KBI:A@KHAEJB;E@>O:MB;E@JTHK;VK:B;XEm@;DESBABE@SB>OHSHEQL@;HE;HA<KHDEB;E
?HKj:;E>@E<KBAH;;@ERK@QLHk@AE>@EKH@G:i@WUBDE<BKQLHE;HE@<HM@AEAL:OBEA@:;E@B;E
<Kj<K:B;EJH;HkB;EQLHENESBA<KHH>;UBEJ@E”B>O@JHE9:T:>@XE9HE<B;;HEJB;EPH>;EJ@E
T:J@ER[;:S@DE>HM@C;HEFJHG:>BE@E<HKJB@KDEKHS@<:OLG@>JBEHKK@J@AH>OHE@;EG:W\H;EJBE
<@;;@JBXEF>OH;EAH;ABEJ@EKHH>S@K>@WUBEJBE@>O:MBEOK@>;T:@JBDEkVE;HEA@>:RH;O@E
SB>OKVK:BE@EQL@GQLHKE@LI[G:BXEZHA<KHEBETHG?BES[KSLGBET:S:B;BDEQL@>JBERBK@EJ@E
B<BKOL>:J@JHEPH>J:O@EJHEOK@P@G?BEOHKKH;OKHEHETH>JBE@EHIOH>;UBEJ@;E<Kj<K:@;E
>HSH;;:J@JH;DEJH;THG@C;HEBESBA<@>?H:KBEHAE<KBAHOHKER:JHG:J@JHEHEKH@G:i@WUBDE
A@;DEGBMBEQLHE;HE@<B;;@EJBEOH;BLKBEJBESBK<BER[;:SBDETBGO@E@BEH>JLKHS:AH>OBE
H;<:K:OL@GEHE@BEAH>B;<KHiBEJ@;EGH:;EJHE9HL;XE
b@GBLC;HEBEAH>OBKDE<BKE@GML>;E:>;O@>OH;DE@SH>OL@>JBEHAE;HML:J@_E
YE{L;S@KH:DE<BKfADES?@AVCGB;ENEKHSBKJ@WUBEJB;ESBA<KBA:;;B;XE
gH;OHE[>OHK:ADEH>OH>JH>JBEQLHE@EB<BKOL>:J@JHEHK@E<KHS:B;@DE;BG:S:OH:_E
YEZHKCAHC:@E<B;;[THGE@SBA<@>?VCGBaEbKH:BEQLHE@<KBTH:O@K:@EAL:OBXE
dBJHK:@EO@GTHiE@JQL:K:KET@GBKH;E;:M>:R:S@O:TB;E<@K@EBE;HKT:WBEJBE<KjI:ABEHE<@K@E
AHLEPH>HR[S:BE<H;;B@GXEnM>BKBE@OfEQL@>JBEAHE;HKVE<HKA:O:JBEH;OLJ@KEHAE;L@E
SBA<@>?:@EHEH;O:A@KH:EBE@<KBTH:O@AH>OBE:>OHMK@GEJHE;HAHG?@>OHEB<BKOL>:J@JHXE
FGHI@>JKHE;BKK:LDESBA<@;;:TBDEHER@GBL_E
YEgUBEOH>?BEBPkHW\H;XE]>OKHO@>OBDE>UBESKH:BEJHT@E;HML:KEB;EOK@P@G?B;E
;HAE@GMLAESB>?HS:AH>OBE<KfT:BEJBE@;;L>OBXE]AEOBJ@EHJ:R:S@WUBE
THKJ@JH:K@AH>OHE=O:GDE>UBE<BJHAB;E<KH;S:>J:KEJ@EP@;HXElHAB;EPB>;E@A:MB;E>BE
dG@>Hk@AH>OBEJHEcHH>S@K>@W\H;DE;HKT:WBEAL:OBE:A<BKO@>OHEHAE>B;;@ESBG^>:@E
H;<:K:OL@GDEJ:KHO@AH>OHEKHG@S:B>@JBESBAE@;E@O:T:J@JH;EJBE];SG@KHS:AH>OBXEgH;;@E
:>;O:OL:WUBEJLK@>OHE@GML>;EJ:@;DETBSeEOHKVELA@E:JH:@E@<KBI:A@J@EJHE>B;;@E
O@KHR@DE<BKO@;E@JH>OKBEJHE;HAHG?@>OH;EOK@P@G?B;XE•K@>JHE<HKSH>O@MHAEJHE
KHH>S@K>@W\H;E>@EbKB;O@E;HE<KBSH;;@EHAEABGJH;E<@JKB>:i@JB;E<@K@EOBJB;DE>BE
S@A<BEJHEA@>:RH;O@W\H;E<LK@AH>OHEHTBGLO:T@;XEm@;EBLOK@E<HKSH>O@MHAE>UBE
BPHJHSHE@BEAH;ABE<KBMK@A@XE]GHT@>JBC;HE@E@GA@EHAESLGOLK@EHESB>?HS:AH>OB;DE
HDESB>;HQLH>OHAH>OHDEHAEKH;<B>;@P:G:J@JHDEBE<KBSH;;BEKHH>S@K>@S:B>:;O@E
:>J:T:JL@GEfEA@:;ESBA<GHIBDERLM:>JBENEHI<KH;;UBEMHK@GDESBABEfEGjM:SBXE]AET:;O@E
J:;;BDE@;ESBG^>:@;EH;<:K:OL@:;EA@:;EHGHT@J@;EA@>OeAE;HKT:WB;EH;<HS:@:;E<@K@E@E
KHH>S@K>@WUBEJHEOK@P@G?@JBKH;EHEA:;;:B>VK:B;XE
F;EHI<G:S@W\H;EHK@AE;HJLOBK@;EHEKHGHT@>OH;EHDESBA<KHH>JH>JBE@E
:A<BKO–>S:@EJB;EH;SG@KHS:AH>OB;E<@K@EAHLE<BPKHEH;<[K:OBDEFGHI@>JKHE
SB>O:>LBL_E
YEzL@>JBEAHEKHR:KBE@EOK@P@G?@JBKH;DER@GBEJB;ESBA<@>?H:KB;E>UBE
SBA<GHO@AH>OHEPB>;EHEKHJ:A:JB;DEA@;EJ@QLHGH;EQLHE@<KH;H>O@AEA@:BKE;BA@E
JHEQL@G:J@JH;E;L<HK:BKH;DE@ES@A:>?BEJ@ET:OjK:@E<GH>@E;BPKHE@;ESB>J:W\H;EHE
A@>:RH;O@W\H;EMKB;;H:K@;EJ@ET:J@XE]AEMHK@GDESBABE@SB>OHSHE@E>j;EBLOKB;DE;UBE
H>O:J@JH;EHAEJfP:OBDEA@;ESBAET@GBKH;EJHEPB@ETB>O@JHDE<HK;HTHK@>W@EHE
;:>SHK:J@JHDEQLHEG?H;EBLOBKM@AEBEJ:KH:OBEJHE:>RGL:KE;BPKHEB;ER@OBKH;EJHE;L@E
KHH>S@K>@WUBDEH;S@<@>JBDEJHESHKOBEABJBDE@BE<@JKUBEMHK@GXEbG@KBEQLHE>HAE
;HA<KHEO@:;E@GOHK@W\H;E;HETHK:R:S@AEHAESB>J:W\H;E@MK@JVTH:;E<@K@E@EHI<HK:e>S:@E
RLOLK@XEh;E;HKT:WB;EJHEKHO:R:S@WUBEKH<KH;H>O@AEO@KHR@;EH>BKAH;XE
%
$
%
01—3opqqprstuprqvwx%
]EJH;Hk@>JBE:A<K:A:KERBKOHAH>OHEHAEAHLEH;<[K:OBE@E>BWUBEJ@E
KH;<B>;@P:G:J@JHDEBE:>;OKLOBKE<KB;;HML:LDEOBK>@>JBEA@:;EMK@THE@E:>RGHIUBEJ@E
TBi_E
YEhE<KBPGHA@EJ@EQLHJ@EfEO@APfAELA@EQLH;OUBEJHE@<KH>J:i@JBEHEBEA@GE
:>J:S@E<B;:WUBEJHEJH;HQL:G[PK:BDEHI:M:>JBEKH;O@LK@WUBEHESBKK:MH>J@XEFEHTBGLWUBE
SB>RHKHC>B;E<BJHKDEA@;EM@;O@AB;EAL:OBEOHA<BDE@<KH>JH>JBE@ELO:G:i@KEH;;HE
<BJHKE?@KAB>:S@AH>OHXEFEK@S:B>@G:J@JHEBRHKHSHES@A<BE;HMLKBE@B;E>B;;B;E
‹‚Š~‹€ˆ~‡‚ŒEH>OKHO@>OBDEF>JKfDEQL@;HEOBJB;E>j;DEOK@P@G?@JBKH;EJ@ElHKK@DE
>B;EJHABK@AB;E;fSLGB;E>BE;HKT:WBEJHE:GLA:>@WUBE[>O:A@DE<BKQLHE>UBEP@;O@E
@JQL:K:KE:JH:@;EHE<B;;:P:G:J@JH;DEfE<KHS:;BE;HKEKH;<B>;VTHGDEHE>HAEfEkL;OBE
OH>?@AB;EOUBE;BAH>OHE@E:>RBKA@WUBEJBEK@S:BS[>:BDEA@;EO@APfAE@EGLiEJBE@ABKXE
YE9@[E@;EGLO@;E;LSH;;:T@;EHAESB>O:>L@J@;EKHH>S@K>@W\H;EJ@E@GA@˜EYE
HISG@AH:DET:T@AH>OHE:A<KH;;:B>@JBXE
YEZ:AEYESB>O:>LBLEAHLE@AVTHGE:>OHKGBSLOBKEYDEOHAB;E>HSH;;:J@JHEJ@E
GLO@EQLHESBKK:MHDEKH>BT@DEKH;O@LK@EHE@<HKRH:WB@XEFEKHH>S@K>@WUBEfEBEAH:BDE@E
HJLS@WUBEJ:T:>@EfEBER:AXEdBKE:;;BEAH;ABDE@E<@KEJHEA:G?\H;EJHE;HAHG?@>OH;E
>B;;B;EQLHEHTBGTHADEHI:;OHAEA:G?\H;EQLHE;HEKHHJLS@AEHAEJHOHKA:>@JB;E
;HOBKH;EJBE;H>O:AH>OBDE<BKQL@>OBDE;HEkVE<B;;LHAESHKOB;ET@GBKH;EJ@ET:J@DER@GO@AC
G?H;EBLOKB;E>UBEAH>B;E:A<BKO@>OH;XE
nJH>O:R:S@>JBCAHE@EJ:R:SLGJ@JHE<@K@ESBA<KHH>JHKCG?HEBEH>;:>@AH>OBE
JHEA@>H:K@E:>OHMK@GDEAHLEBK:H>O@JBKETBGOBLE@EJ:iHK_E
YE]APBK@E>@ESB>J:WUBEJHEAfJ:SBEJBEAL>JBDE@SKHJ:OBEQLHETBSeE>UBE
OH>?@E;:JBESBA<GHO@AH>OHEH;OK@>?BE@B;EH;OLJB;EHT@>MfG:SB;XE
YEZ:ADE;:AEYEKHOKLQLH:EYDEOH>?BE@;EA:>?@;EKHSBKJ@W\H;E>H;;HE;H>O:JBXE
YEdB:;EPHADEBE<Kj<K:BE™H;L;E>B;EJH:IBLEA@OHK:@GEJHE<H>;@AH>OBE<@K@EBE
@;;L>OBEHAEHI@AHDEQL@>JBE>B;E@;;HTHKBLEQLHE;HE@E>B;;@EAUBEBLEB;E>B;;B;E
BG?B;ERB;;HAEABO:TB;EJHEH;S–>J@GBEJHTHK:@AE;HKESBKO@JB;E@BE<H>HOK@KAB;E>BE
OHA<GBEJ@ET:J@XEbBA<HOHC>B;EOK@>;RHK:KE@E:A@MHAEG:OHK@GE<@K@E@E:>OHK<KHO@WUBE
;:A<GH;EJBEH;<[K:OBXEZHEkVER@G:AB;EAL:O@;ETHiH;EHAEHI<HK:e>S:@;EJ@E@LOBK:J@JHDE
J@EK:QLHi@DEJ@EPHGHi@ER[;:S@DEJ@E:>OHG:Me>S:@DE>UBE;HK:@EGjM:SBEKHSHPHKE:Je>O:S@E
B<BKOL>:J@JHE>B;EOK@P@G?B;EKHO:R:S@JBKH;XE
bBA<KHH>JHK@ESG@K@AH>OHEB>JHEFGHI@>JKHE<KHOH>J:@ES?HM@KESBAEB;E
;HL;EH;SG@KHS:AH>OB;E@A:MB;XE
YEšE<@K@E@EKHMLG@AH>O@WUBEJHE;HAHG?@>OH;E;HKT:WB;EQLHERL>S:B>@EHAE
>B;;@E‹‚›€‰ƒ~œ€’€‡‰‘ƒœ‚’ƒ~~ˆœ‚‘ƒ‚ƒž‰~Ÿ‰ˆ~‡‚ƒ}~ƒ ~~‹‰’‰¡¢~Œƒ‚}~ƒ
TBSeEOHKVEBS@;:UBEJHEKHSBG?HKEH>;:>@AH>OB;E<KHS:B;B;XE
]DE@OH>JH>JBCAHEN;E>HSH;;:J@JH;ESBABE<@:E@RHOLB;BDE@<KH;H>OBLCAHEBE
:>;OKLOBKDE>BEJ:@E:AHJ:@OBDENE:A<B>H>OHE:>;O:OL:WUBXE
bB>;O:OL[@C;HEBEABT:AH>O@JBESH>OKBEJHE;HKT:WBEJHETVK:B;E<KfJ:B;EHE
>LAHKB;@;E:>;O@G@W\H;XE£KTBKH;E@SBG?HJBK@;EH>R[GH:K@T@AY;HE@OK@Tf;EJHE
HIOH>;B;Ek@KJ:>;DE:A<K:A:>JBEH>S@>O@JBKE@;<HSOBENE<@:;@MHAXEcHSB>?HS:EGBMBE
QLHEBE:>;O:OLOBE;HES@K@SOHK:i@T@E<BKEMK@>JHEABT:AH>OBXE]>O:J@JH;E:>;LG@J@;EBLE
HAE<HQLH>B;EMKL<B;E:@AEHET:>?@ADEH;O@A<@>JBE@OH>S:B;BE:>OHKH;;HE>@E
HI<KH;;UBER:;:B>^A:S@XEd@KHS:@AE;LA@AH>OHEJH;<KHBSL<@J@;EJHE>B;;@E
<KH;H>W@E@G:DE<BKQLHDEQL@>JBE>UBE<@;;@T@AE;Bi:>?@;DE@BE>B;;BEG@JBDEH>MBGR@J@;E
%
%
01¤3456789
87969575!9"#$
HAE<KBRL>JB;E<H>;@AH>OB;DE:@AEHAEMKL<B;E@RHOLB;B;DE@G:AH>O@>JBEJ:;SKHO@;E
SB>THK;@W\H;DEALGOBEMK@TH;EHE@P;BKTH>OH;DE@BEQLHEAHE<@KHS:@XEmL:OB;EJH;;H;E
:KAUB;DEQLHE<@;;@T@AEkL>OBEJHE>j;DEHA<L>?@T@AEKHJLi:JB;EKBGB;EJHE
;LP;O–>S:@E;HAHG?@>OHE@BE<HKM@A:>?BEOHKKH;OKHDEKHG@O:T@AH>OHE@B;EQL@:;E>UBE
<B;;L[@EHLDE@OfEH>OUBDE@EA@:;EGHTHE>BO[S:@XE
FGHI@>JKHDE<BKfADESBABE;HA<KHDETH:BEHAE;BSBKKBEJHEA:>?@EH;OK@>?Hi@DE
HI<G:S@>JBDEPB>JB;@AH>OH_E
YEF;EH>O:J@JH;E;BPE>B;;B;EBG?B;E;UBEOK@P@G?@JBKH;EJHE>B;;@EH;RHK@DE
:>OHKH;;@JB;EHAEKHH>S@K>@W\H;E<KjI:A@;XEgHAEOBJB;EH;OUBEJ:KHO@AH>OHEG:M@JB;E
@BE;HAHG?@>OHE<KB<j;:OBDE<BKQLHEMK@>JHE<@KOHEH;OVEHAEOK@P@G?BEJHE:>OHKSH;;UBDE
BPOH>JBER@TBKH;EJH;;@E>@OLKHi@E<@K@E@A:MB;E[>O:AB;XEh;EKBGB;EPK@>SB;EQLHE
SB>JLiHAE;UBE<HQLH>B;EA@<@;EJHERBKA@;EBKM–>:S@;DEHG@PBK@JB;E<BKE
BK:H>O@JBKH;EJHE>B;;BE<G@>BDEH;<HS:@G:i@JB;EHAESB>?HS:AH>OB;EP:BGjM:SB;EJ@E
HI:;Oe>S:@EOHKKH>@XEbB>RBKAHEBEMK@LEJHE@J:@>O@AH>OBEJBERLOLKBEKHH>S@K>@>OHEHE
JHE@SBKJBESBAEBE;HKT:WBEQLHEG?HEfEJH;:M>@JBE>BESBK<BES@K>@GDEfE>HSH;;VK:BE
H;O@PHGHSHKE<G@>B;E@JHQL@JB;E@B;ER:>;EH;;H>S:@:;XE
YE]E@EGH:EJ@E?HKHJ:O@K:HJ@JHER:;:BGjM:S@aEYE<HKML>OH:XE
YE¥L>S:B>@ESBAE:>@G:H>VTHGEJBA[>:BE;BPKHEOBJB;EB;E;HKH;EHAEHTBGLWUBDE
A@;E;BRKHDE>@OLK@GAH>OHDE@E:>RGLe>S:@EJHEOBJB;E@QLHGH;EQLHE@GS@>W@AEQL@G:J@JH;E
;L<HK:BKH;E@BE@AP:H>OHEMHK@GXEFGfAEJBEA@:;DEQL@>JBEBE:>OHKH;;@JBEHAE
HI<HK:e>S:@;E>BT@;E>BE<G@>BEJ@EbKB;O@EfEAHKHSHJBKEJHE;HKT:WB;E
¦€‡~’‹~§’€‚¨‘ƒ‰ƒ„‚’¡‰ƒˆ‰€EHGHT@J@;E<BJHAE:A<K:A:KESHKO@;EABJ:R:S@W\H;ENE
A@OfK:@DEJH;JHE@;E@O:T:J@JH;EHAPK:BGjM:S@;DEJHOHKA:>@>JBE@GOHK@W\H;E
R@TBKVTH:;E@BEOK@P@G?BEJHEKHJH>WUBXE
FEH;;@E@GOLK@EJ@E<@GH;OK@EH;SG@KHSHJBK@DEFGHI@>JKHESB>T:JBLCAHE@E
OK@>;<BKEBEG:A:@KXEFS?@ABC>B;DEHAEPKHTHDE>LAEJB;EM@P:>HOH;EHIOH>;B;EJBE
HJ:R[S:BE<K:>S:<@GDE@B>JHELAEJB;E>LAHKB;B;E@A:MB;EJBEBK:H>O@JBKETH:BE@OH>JHKC
>B;E@OH>S:B;@AH>OHXE
F<KH;H>OBLCAHEFGHI@>JKHE@BEF;;:;OH>OHE™B;:>BDEQLHEAHEKHSHPHLESBAE
HIOKHA@EMH>O:GHi@EHER:J@GML:@EJHEOK@OBXE];SG@KHSHLEBE:>;OKLOBKEBEBPkHO:TBEJHE
>B;;@ET:;:O@XE9H;Hk@T@EAHERB;;HESB>RHK:J@E@E<B;;:P:G:J@JHEJHET:;:O@KE@E:>;O:OL:WUBE
JHE<G@>Hk@AH>OBDEQL@>O@;ETHiH;EAHERB;;HE<B;;[THGEJLK@>OHE@E;HA@>@EHAESLK;BDE
HAET:;O@EJ@EA:>?@E>HSH;;:J@JHEJHE@JQL:K:KE>BW\H;E;HMLK@;DEKHRHKH>OHAH>OHE@BE
OK@P@G?BEJHE@LI[G:BE>@;E@O:T:J@JH;EKHH>S@K>@S:B>:;O@;XEhEF;;:;OH>OHE<KBAHOHLE@E
AHG?BKEPB@ETB>O@JHXEbB>JLi:KCAHC:@E@ESBGHM@;EJHGHDE<@K@EQLHEAHE>UBER@GO@;;HAE
A:>=S:@;EJHESB>?HS:AH>OBDEHI<BK:@E;L@;E<Kj<K:@;EHI<HK:e>S:@;ENEA:>?@E
BP;HKT@WUBDE<@K@EQLHEHLEKHO:K@;;HEJHG@;EBEAVI:ABE<KBTH:OBEHDE<BKER:ADEQL@>OBE
H;O:TH;;HE@BE;HLE@GS@>SHDEML:@K:@EAHL;E:A<LG;B;E>BE@<KH>J:i@JBXE
¥HG:S:O@T@AYAHEBE[>O:ABE@;EAHG?BKH;EHEA@:;ESB>RBKO@JBK@;E:A<KH;;\H;DE
>UBE;jE<HG@EKHSH<WUBES@K:>?B;@DE;H>UBEO@APfAE<HGBE@AP:H>OHEHJLS@O:TBXEgUBE
GB>MHEJHE>j;DEHAEGLA:>B;B;E<HJH;O@:;DEJH;S@>;@T@AEJL@;EA@K@T:G?@;EJ@E
H;O@OLVK:@DE@ER:MLK@WUBEJHG:S@J@EJHELAESBK<BEA@;SLG:>BEHEBLOKBEABJHGBE
RHA:>:>BDE;:>MLG@KAH>OHEPHGBE<HG@E<HKRH:WUBE@>@O^A:S@DE>UBE;BAH>OHEJ@ERBKA@E
HAE;:DEA@;EO@APfAEJHEOBJB;EB;EjKMUB;EHE@;EA@:;EJ:THK;@;EMG–>JLG@;XEFOK@Tf;EJHE
J:;<B;:W\H;EHGfOK:S@;DE@AP@;E@;ER:MLK@W\H;E<@G<:O@T@AEJHET:J@EHES@GBKDEHI:P:>JBE
%
$
%
01©3opqqprstuprqvwx%
HRG=T:B;EGLA:>B;B;DEQL@:;EB;E?BAH>;EHEALG?HKH;EA@:;EHTBGT:JB;E>@EH;RHK@E
S@K>@GXE
nJH>O:R:S@>JBCAHE@E@JA:K@WUBDEFGHI@>JKHE;BKK:LEHEJ:;;HE@BEF;;:;OH>OHE
™B;:>BDESBAEBE<KB<j;:OBEJHER@iHKC;HEBLT:JBE<BKEA:A_E
YEl@GTHiEF>JKfE>UBESB>?HW@EP@;O@>OHEBE>B;;BEKH;<H:OBEHEMK@O:JUBE@BE
@<@KHG?BER[;:SBEOHKKH;OKHXE
YE]AETHKJ@JHEYE@kL>OH:EYE:M>BK@T@DE@OfE@MBK@DEQLHEBESBK<BES@K>@GERB;;HDE
H>OKHE>j;DEBPkHOBEJHEO@A@>?B;ESL:J@JB;XEgUBE;@P:@EQLHE@E>B;;@ESBG^>:@ESB>O@;;HE
SBAE:>;O:OL:WUBEJH;;HEOHBKXE
YEbBABE>UBDEAHLE@A:MBaEYE:>OHKRHK:LEBEF;;:;OH>OHDESBAE:>RGHIUBEJHE
S@K:>?BEYEBESBK<BER[;:SBE>@EbKB;O@EdG@>HOVK:@EKH<KH;H>O@ELA@EPe>WUBEJHEgB;;BE
]OHK>BEd@:XEbB>;O:OL:E<K:ABKB;@EBPK@EJ@EZ@PHJBK:@E9:T:>@DEHAESLkBE
@<HKRH:WB@AH>OBE:>SH;;@>OHEOHAB;E>j;E@ERHG:S:J@JHEJHESBG@PBK@KXEzL@>OBE
JHTHAB;ENEAVQL:>@E?LA@>@E<HGB;E;HL;EA:Ge>:B;EJHE;HKT:WBE@ER@TBKEJHE>B;;@E
HGHT@WUBE>@ET:J@EHOHK>@aEgL>S@EKHG@S:B>@KHAB;E@EHIOH>;UBEJHE;HAHG?@>OHE
JfP:OBXE
]DER:I@>JBEB;EABJHGB;EQLHEAHE<KBTBS@T@AE@;;BAPKBDE@SH>OLBL_E
YElBJBEBE>B;;BEiHGBDE>BE;HKT:WBEJHEKHH>S@K>@WUBDE<HKA@>HSHEAL:OBE
@QLfAEJBEQL@>OBEJHTHK[@AB;EKH@G:i@KEHAEPH>HR[S:BEJBE@<K:ABK@AH>OBEJ@E
AVQL:>@EBKM–>:S@XE
]APBK@E?H;:O@>OHDEBL;H:E<HKML>O@K_E
YElBJB;EB;E>=SGHB;EJHEH;<:K:OL@G:J@JHE;L<HK:BKEA@>OeAES[KSLGB;EJHE
OK@P@G?BEJH;;@E>@OLKHi@aE
¥B:EFGHI@>JKHEQLHAEKH;<B>JHLDESBAE@EJHG:S@JHi@E?@P:OL@G_E
YE]AEOBJ@;E@;ESBG^>:@;EJHEHI<KH;;UBEHGHT@J@DEH;;@;EO@KHR@;E;UBE
JH;HA<H>?@J@;ESBAE:>R:>:OBES@K:>?BXEhE@LI[G:BENEKHH>S@K>@WUBEJHE
SBA<@>?H:KB;E>B;;B;EOK@JLiEBE>B;;BEKHSB>?HS:AH>OBE@BE@<@KHG?BER[;:SBEQLHE
>B;EOHAE<KB<BKS:B>@JBE‡‰‡‚ƒª~~„†‹€‚Œƒ‰‡’‰…«ƒ}‚ƒ‡~ˆœ‚¬E
cHSBKJH:DE<BKfADEQLHEBEAHLE<@:EOHKKH;OKHDELAEJ:@DETBGO@K@ENEHI<HK:e>S:@E
S@K>@GDE<KBSHJH>JBEJ@;EiB>@;ERK@>S@AH>OHE:>RHK:BKH;DEHE:>J@MLH:_E
YE]E@QLHGH;EQLHEKHMKH;;@AENEbKB;O@DE<@KO:>JBEJ@;EKHM:\H;EA@:;EP@:I@;DE
OHKUBEBEAH;ABEMH>HKB;BE@LI[G:BaE
9H;Hk@>JBE:A<K:A:KENE<HKML>O@E@EA@:;ET:T@E;:>SHK:J@JHDE@SKH;SH>OH:_E
YEmHLEMH>:OBKDE>@EJHKK@JH:K@EKBA@MHAEOHKKH;OKHDETBGOBLDER@iE@GMLAE
OHA<BDENEH;RHK@ES@K>@GEHAESB>J:W\H;EPHAE@A@KM@;XXXE
FGHI@>JKHE:>OHKKBA<HLCAHEBESLK;BEJ@ERK@;HDE<B>JHK@>JB_E
YEbBA<KHH>JHAB;XEZHERBKEHGHESK:@OLK@EJHEK@iUBEH;SG@KHS:J@DEHAPBK@E>UBE
:GLA:>@J@DE<HKA@>HS:@E@<j;E@EABKOHEHAEH;O@JBEJHEQLHJ@EHE>UBEJHTHEOHKETBGO@JBE
NEª~}€‡‰ƒ‚œ‚’‡€}‰}~ƒ}‰ƒ~‹‚‰ƒ„†€‹‰ƒ~ˆƒ‚ƒ‡’‰ª‰Š‚ƒ¦€‡~’‹~§’€‚¨ƒ~ƒ„‚’‡~ƒ
@kLJ@EJHESBK@W\H;EPHAC@A@JB;EJHE>B;;BE<G@>BXEgH;;HES@;BDEOHKVEKHSHP:JBE@E
SBB<HK@WUBEJHEPH>RH:OBKH;DE;:OL@JB;EHAE<B;:W\H;EA@:;E@GO@;DEQLHEG?HEOHKUBE
H>JB;;@JBE@;E<KBAH;;@;E>BE;HKT:WBEKHMH>HK@JBKXEZHEHGHERB:DE<BKfADESK:@OLK@EHAE
H;RBKWBE<LK@AH>OHEHTBGLO:TBDES:KSL>;O–>S:@EH;;@E>@EQL@GE>UBEOHK:@EKHMKH;;@JBE
HAESB>J:W\H;E@A@KMLKB;@;DESB>OBLEHGHE>@OLK@GAH>OHESBAEBE@PH>WB@JBE
SB>SLK;BEJB;EOK@P@G?@JBKH;EH;<:K:OL@:;EQLHETHG@ADE>@EbKB;O@DE<HG@EHIHSLWUBEJB;E
%
%
01­3456789
87969575!9"#$
OK@P@G?B;EKHH>S@K>@S:B>:;O@;DEHAE<KBSH;;B;E>@OLK@:;XE
]AER@SHEJB;EH;SG@KHS:AH>OB;EJBE:>;OKLOBKDEH>OH>J:E@;EJ:RHKH>W@;EHE
OK@>QL:G:iH:EBESBK@WUBXE¥B;;HE<BKQLHE@E<@GH;OK@EH;S@G<HG@K@EAHG:>JKB;BE@;;L>OBE
JHER@A[G:@E?LA@>@DERB;;HE<HGBE<KB<j;:OBEJHEAHEJH:I@KHAE@E;j;ESBAE@;EA:>?@;E
<KBRL>J@;EKHRGHI\H;E>@QLHGHEHIOH>;BEM@P:>HOHEJHE;HKT:WBDEBEBK:H>O@JBKEHEBE
@;;:;OH>OHEH>OK@K@AEHAE;:Ge>S:BDESBA<HG:>JBCAHE@EKHPL;S@KE>BTB;EABO:TB;EJHE
SB>THK;@WUBE<@K@EBEAHLE@<KH>J:i@JBXE
d@;;H:EH>OUBE@EBP;HKT@KEJHO:J@AH>OHEB;EABJHGB;EA@;SLG:>BEHERHA:>:>BDE
>UBEGB>MHEJHEAHL;EBG?B;XEmL:OBEMH>O:GE™B;:>BE<BL;BLE@EJH;OK@DEJHEGHTHDE>B;EAHL;E
BAPKB;DEHER@GBLCAH_E
YEF<KBI:AHC;HEJ@;ESK:@W\H;EHJLS@O:T@;XE”BSeEGLSK@KVEAL:OBDEBP;HKT@>JBE
JHE<HKOBXE
gUBESB>O:THELAEMH;OBEJHE@MK@JHS:AH>OBEHE@R@;OH:CAHEJB;EJB:;E
KH;<H:OVTH:;E@A:MB;DE@SHKS@>JBCAHEJ@;ER:MLK@W\H;E@G:EHI<B;O@;XE9HO:THCAHE>@E
SB>OHA<G@WUBEJBEABGJHEA@;SLG:>BDEQLHE@<KH;H>O@T@E@P;BGLO@E?@KAB>:@EJHE
G:>?@;DEQL@GE@KOHE?HGe>:S@EJHE;@PBKE@>O:MBXEhEABJHGBDEH;OKLOLK@JBEHAE;LP;O–>S:@E
GLA:>B;@DESB>;O:OL[@DE@EAHLE<@KHSHKDE@EA@:;E<K:ABKB;@EBPK@E@>@O^A:S@E@OfEH>OUBE
;BPEA:>?@E@>VG:;HXEZHAHG?@T@C;HE@QLHG@ER:MLK@E?LA@>@DE:AjTHGDE@EQL@GQLHKE
SB:;@EJ:T:>@GXE
¥:IH:CG?HE@;EA:>LS:B;:J@JH;ESBAEH;<@>OBXEgL>S@ET:K@E;HAHG?@>OHE
<HKRH:WUBEJHEA:>LJe>S:@;ER:;:BGjM:S@;XElBJ@E@EAL;SLG@OLK@EH;O@T@DE@G:DERBKA@J@E
HAER:PK@;EK@J:B;@;XE9H;JHEBERKB>O@GE@BEG:M@AH>OBE@>LG@KEJBEO@K;BDET:@AY;HER:B;E
JHEGLiE;:APBG:i@>JBE@;EKHM:\H;EJ:THK;@;EJ@EAL;SLG@OLK@EHAEMHK@GXE9HOHKA:>@J@;E
R:PK@;DEOBJ@T:@DESBABE@;EQLHE;HEGBS@G:i@T@AE>@EiB>@EBKP:SLG@KEJ@;E<VG<HPK@;DE>BE
OK:@>MLG@KEJB;EGVP:B;DE>BEMK@>JHE<H:OBK@GDE>BE<HSO:>HBDE>@;EHA:>e>S:@;EOH>@KEHE
?:<BOe>@KE@OfEBEHIOH>;BKEJB;EJHJB;DEHK@AEA@:;EPK:G?@>OH;XE9BEHI@AHEJHE
;L<HKR[S:HDE<@;;H:E@EBP;HKT@W\H;EA@:;E<KBRL>J@;DE:JH>O:R:S@>JBE@;EJ:;<B;:W\H;E
A@K@T:G?B;@;EJ@;ER:MLK@;EKH<KH;H>O@O:T@;EJ@ES:KSLG@WUBEG:>RVO:S@EHE;@>ML[>H@XE
h?˜Eh;EjKMUB;EH;O@T@AEOBJB;E@G:DET:PK@>JBEHAEBPHJ:e>S:@E@EJ:;<B;:O:TB;E
HGfOK:SB;E<@K@EJHAB>;OK@W\H;EHJLS@O:T@;XEh;ET@;B;E<@K@EBE;@>MLHETH>B;BE
@<KH;H>O@T@AY;HEHAEGLiE@S:>iH>O@J@DE@BE<@;;BEQLHE@;EKHM:\H;EJBE;@>MLHE
@KOHK:@GER:MLK@T@AY;HEHAESBKEH>S@K>@J@XE
ZLK<KHH>J:JBDEKH>J:E;:GH>S:B;BE<KH:OBEJHE@JA:K@WUBENEZ@PHJBK:@E9:T:>@DE
QLHE>B;ESB>SHJHEBE;LPG:AHE@<@KHG?BER[;:SBEOHKKH;OKHE<@K@E@;E>B;;@;E@QL:;:W\H;E
HOHK>@;XEnA<KH;;:B>@T@CAHE@ESBA<B;:WUBE<HKRH:O@EJB;ET@;B;EJ:;OK:PL[JB;EHAE
OBK>BEJBEOKB>SBESHG[@SBDENEA@>H:K@EJHE<HQLH>B;EK:B;EJHEGLiDEJH;O@S@>JBC;HEHAE
HI<KH;;UBE@EGLA:>B;:J@JHEJ@;ES@T@;E;L<HK:BKEHE:>RHK:BKDEJ@;EkLMLG@KH;EHIOHK>@EHE
:>OHK>@DEJ@;E@KOfK:@;EHETH:@;E@I:G@KH;DEJ@ETH:@E<BKO@DEJ@;E@KOfK:@;EH;<Ge>:S@EHE
AH;H>OfK:S@E;L<HK:BKDEJ@E@BKO@EJH;SH>JH>OHDEJB;ET@;B;E:G[@SB;EHEJB;EM–>MG:B;EJ@E
T:K:G?@XE
bBPK:>JBE@;EA@K@T:G?@;EBKM–>:S@;DEH;O@T@EBE;:;OHA@E>HKTB;BDE
;HAHG?@>JBC;HE@ES@<@EK@J:@>OHEH;OKLOLK@J@EHAER:B;EOH>L[;;:AB;EJHEGLiERHfK:S@XE
FEKHM:UBEJBESfKHPKBE<@KHS:@ELA@EG–A<@J@EHAE@iLGE;L@T[;;:ABDESLk@E
GLA:>B;:J@JHE;HEG:M@T@EHAE;H>O:JBEJ:KHOBE@BESHKHPHGBDEJH;SH>JBEHAE;HML:J@E
<HG@EAHJLG@EH;<:>?@GE@OfEBE<GHIBE;@MK@JBDEB>JHEBERBSBEPK:G?@>OHE@JQL:K:@E
%
$
%
01®3opqqprstuprqvwx%
HI<KH;;UBEA@:;E:>OH>;@DE<@K@E@OH>L@KC;HDEJH<B:;DE>BEMK@>JHES:VO:SBXE
lK@>;RHK:EA:>?@;EBP;HKT@W\H;E<@K@E@ERBKA@ERHA:>:>@DE:ML@GAH>OHE
K@J:B;@DESB>SH>OK@>JBEAHLE<BOH>S:@GE@>@G[O:SBE;BPKHEBE;:;OHA@EH>JBSK[>:SBDE
J:;<B;OBENEA@>H:K@EJHESB>;OHG@WUBDEH>OKHE@;E<HW@;EBKM–>:S@;XE9H;JHE@EH<[R:;HDE
;:OL@J@EH>OKHEB;E?HA:;RfK:B;ESHKHPK@:;DE@OfEB;E>=SGHB;E<KBSK:@JBKH;DE@;E
MG–>JLG@;E<@KHS:@AERBKA@KEPHGBE;:;OHA@EGLA:>B;BDE;HAHG?@>OHE@E<HQLH>B;E
@;OKB;EJHET:J@DESB>MKHM@JB;EHAE;H>O:JBETHKO:S@GDEQL@GE@>OH>@EK=O:G@E@OK@:>JBE@E
GLiE<KBSHJH>OHEJHEA@:;E@GOBXEb@J@EQL@GE@<KH;H>O@T@E;L@ERBKA@EH;<HS[R:S@DE;L@;E
HI<KH;;\H;ET:PK@OjK:@;DE;L@;ES@K@SOHK[;O:S@;E<@KO:SLG@KH;DEJ:THK;:R:S@>JBC;HDE
:ML@GAH>OHDE@ESBKEJHES@J@ELA@DEHAPBK@EKHSHPH;;HAEOBJ@;DE@E;HLEABJBDE@E
SBGBK@WUBEJ@EH<[R:;HDE;HAHG?@>OHE@E<HQLH>:>BE;BGE@iLG@JBDEA@>OH>JBEHAE;HLE
S@A<BEJHE@OK@WUBEA@M>fO:S@EOBJ@;E@;EJHA@:;DEJH;JHE@E?:<jR:;HENEKHM:UBEJB;E
BTVK:B;DESBABEBE>B;;BE@;OKBEJHET:J@DEM@K@>O:>JBE@ESBH;UBEHEBEABT:AH>OBEJ@E;L@E
MK@>JHER@A[G:@EJHE<G@>HO@;EHE@;OHKB:JH;XE
m:>?@EH;OL<HR@WUBE>UBEO:>?@EG:A:OH;XEšERBKWB;BESB>RH;;@KDE<BKfADEQLHE
A:>?@E;LK<KH;@E;HEJ:;OH>J:@EAL:OBEA@:;DE@BER:I@KEB;EHRG=T:B;EPK:G?@>OH;EQLHE
HA@>@T@AEJB;ESH>OKB;EMH>:O@:;DE;HAHG?@>JBC;HDEHAESB>kL>OBDE@EA:>=;SLGBE
;@>OLVK:BES?H:BEJHEGLiXE
bBABEHLEJ:K:M:;;HE@BEAHLE:>;OKLOBKELAEBG?@KEJHE:>J@M@WUBDE;HL;E
H;SG@KHS:AH>OB;E>UBE;HER:iHK@AEH;<HK@KXE
YEg@EbKB;O@EYEJ:;;HCAHEFGHI@>JKHDE;BKK:>JBDE@<j;EKH@<KBI:A@KC;HEJHE
A:AEYDEHAE;H>O:JBEMHK@GE@:>J@EHI:;OHEAL:O@E:M>BK–>S:@E@SHKS@EJ@EA:;;UBEJ:T:>@E
JBE;HIBXEd@K@E>j;DE<BKfADEQLHEJH;Hk@AB;ET@GBK:i@KE@;EHI<HK:e>S:@;DE@E
<@OHK>:J@JHEHE@EA@OHK>:J@JHEOHKKH;OKH;E;UBE;@MK@J@;XEFER@SLGJ@JHESK:@JBK@EfE
O@APfAEJ:T:>J@JHEJBE?BAHAXEhE=OHKBEA@OHK>@GE;:M>:R:S@DE<@K@E>j;EBLOKB;DE@E
œ‚’‡‰ƒª~}€‡‰ƒœ‰’‰ƒ‰ƒ’~}~¡¯‚ŒE<@K@EMK@>JHE>=AHKBEJHE<H;;B@;E>@EH;RHK@EJBE
MGBPBDE@ET:;UBESHGH;O:@GEfE;[APBGBEJHEKH<BL;BEHE@GHMK:@E;HAER:ADEH>QL@>OBDE<@K@E
AL:OB;EJHE>j;DE@ET:;UBEOHKKH;OKHE;:M>:R:S@EOK@P@G?BEHJ:R:S@>OHEHE;@GLO@KXEgUBE
@GS@>W@KHAB;DE<BKfADE@EOHKK@E<KBAHO:J@EJBE;HKT:WBEKHJH>OBKDE;HAEBESB>SLK;BE
J@;ERBKW@;ESK:@JBK@;E@;;BS:@J@;DEJBE?BAHAEHEJ@EALG?HKXE
bBA<KHH>J:DESBAE>BTBEH;<[K:OBDEBES@KVOHKE;LPG:AHEJ@;EH>HKM:@;E;HIL@:;E
HEKHSBKJH:CAHDESBA<@JHS:J@AH>OHDEJHEOBJB;EB;EH>S@K>@JB;EQLHE@:>J@E>UBE
SB>;HML:K@AEHJ:R:S@KEBEKH;<H:OBEHEBEH>OH>J:AH>OBDEKHG@O:TB;E@B;E;@MK@JB;E
jKMUB;E<KBSK:@JBKH;XE
mHLEBK:H>O@JBKDEH>OKHO@>OBDESBABE@>OH>@EKHSH<OBK@EJHEOBJ@;E@;EA:>?@;E
HA:;;\H;EAH>O@:;DE@JTHKO:LCAHDEPB>JB;B_E
YEcHGHMLHE@BEH;QLHS:AH>OBEQL@GQLHKEHI<KH;;UBEJ@;EKHA:>:;Se>S:@;E
AH>B;ESB>;OKLO:T@;XEh;EQLHELGOK@k@AEBE;HIBDEH;SKHTH>JBDE@M:>JBEBLER@G@>JBDEkVE
;UBEMK@>JH;E:>RHG:iH;E<BKE;:EAH;AB;XE
•L@KJH:E@EG:WUBEHE@PH>WBH:E@E>BT@EHI<HK:e>S:@EQLHESBAHW@T@XE
9H;<HJ:LC;HEFGHI@>JKHDEJH:I@>JBCAHE>@EMK@>JHE:>;O:OL:WUBEJHE
<G@>Hk@AH>OBDEB>JHEBEF;;:;OH>OHE™B;:>BDEBSL<@JBE>B;EH>S@KMB;EJHE;HLE
A:>:;OfK:BDEAHESB>R:BLE@B;ESL:J@JB;EJHEm@>@;;f;DELAE:KAUBEJB;E;HKT:WB;E
:>RBKA@O:TB;EJ@ES@;@DEQLHEAHE@SBG?HLE<K@iHKB;@AH>OHDESHKS@>JBCAHEJHE
MH>O:GHi@EHES@K:>?BXEZH>O:E:AHJ:@O@AH>OHEQLHEBEAHLE@<KH>J:i@JBE@G:E;HE:>:S:@T@E
%
%
01°3456789
87969575!9"#$
SBAE:AH>;BE<KBTH:OBXEm@>@;;f;EHK@ELAEG:TKBETBG@>OHXEZHL;E<@KHSHKH;EHE:>RBKAH;E
OK@JLi:@AET@G:B;B;EH>;:>@AH>OB;XE
F<KBI:A@>JBC>B;EJB;E<@T:G?\H;EJHEJH;H>?BDEB>JHE>LAHKB;B;E
SBB<HK@JBKH;EOK@W@T@AE<G@>B;E<@K@EKHH>S@K>@W\H;E:>SBAL>;DERB:EBEAHLE>BTBE
SBA<@>?H:KBE<KBSLK@JBE<BKELA@EH>O:J@JHE;:A<VO:S@EQLHEG?HE<HJ:@E
:>RBKA@W\H;XEm@>@;;f;E@<KH;H>OBLCA@DEBO:A:;O@XElK@O@T@C;HEJLAESBGHM@EQLHDE
JH<B:;EJHEQL:>iHE@>B;EJHEOK@P@G?BE>@;E@O:T:J@JH;EJHE@LI[G:BDEKHMKH;;@K:@ENEH;RHK@E
S@K>@GE<@K@E@EG:QL:J@WUBEJHEJHOHKA:>@J@;ESB>O@;XEhEKHSfACS?HM@JBE<@KHS:@E
?H;:O@>OHXE”:@C;HCG?HEBEKHSH:BDE@E:>JHS:;UBXE
YEgUBE;HEJH:IHEJBA:>@KE<HG@;E:A<KH;;\H;E>HM@O:T@;EYEJ:K:M:@C;HE
m@>@;;f;E@EHGHDE:>RL>J:>JBCG?HEPBAE–>:ABXE
YEhE<KBPGHA@EJBEKH>@;S:AH>OBE>UBEfE@;;:AEOUBE:>OK:>S@JBXE
g@OLK@GAH>OHDEHI:MHESBK@MHADEPB@;EJ:;<B;:W\H;XE
YE]>OKHO@>OBEYEHISG@A@T@EBE:>OHKGBSLOBKDE@GMBEOK:;OHEYDEOHABESB>OK@:KE
>BTB;EJfP:OB;E@BE:>Tf;EJHE<@M@KEB;ETHG?B;ESBA<KBA:;;B;XEšEOUBE<H>B;BETH>SHKE
>@EHI<HK:e>S:@ES@K>@GDEHAET:;O@EJBEH;QLHS:AH>OBEQLHE;BPKHTfAENEH>S@K>@WUBXXXE
YEm@;E;HK:@EAL:OBEA@:;EJ:R[S:GEOK:L>R@KEML@KJ@>JBE@EGHAPK@>W@EYE
KHJ@KML:LEm@>@;;f;DE:>SB>O:>H>OHXE
dKB;;HML:>JBDE;BKK:JH>OHDE@SKH;SH>OBL_E
YEZHEO:Tf;;HAB;EMK@>JH;ET:KOLJH;EHEPHG@;EKH@G:i@W\H;DE>UBE
<KHS:;@K[@AB;EKHS@<:OLG@KE@;EG:W\H;EkVET:T:J@;E>@ES@K>HXE]E;HE@<H>@;E<B;;L[AB;E
S?@M@;EHEJH;T:B;E<@K@EKHAHABK@KDE@PH>WBHAB;EBEBGT:JBEQLHEBEZH>?BKE>B;E
SB>SHJHEHAES@KVOHKEOHA<BKVK:BXE
];RBKWBLC;HEBEBLOKBE<@K@EH;PBW@KELAE;BKK:;BEHEBPkHOBL_E
YEbB>?HWBCG?HE‚ƒ‚‡€ˆ€ˆ‚Œƒ±€~’‰ƒ~’ƒ€Ž‰ˆ~‡~ƒ‰€ˆ¬ƒ²‚‡‰’~€E
SB>R:@>OHE>BESB>SLK;BERK@OHK>BEJHETBSe;XE
]EABJ:R:S@>JBEBEOBAEJHETBiDE:>J@MBL_E
YEdBJHE:>RBKA@KE;HEBEAHLEABJHGBEH;OVE<KB>OBaE
YEbKH:BEQLHE<BJHKVE<KBSLKVCGBE@A@>?UEYEOBK>BLEm@>@;;f;DEPHAE
J:;<B;OBEYŒEkVERL:EBP;HKT@KEBEMKVR:SBE:>:S:@GEHEJBLCG?HE<@K@Pf>;E<BKE?@THKE
@SH:O@JBE@E;LMH;OUBE@ABKB;@EJB;E@A:MB;EPHAEBK:H>O@JB;DE;BPKHEBEJHRH:OBEJ@E
<HK>@XEbHKO@AH>OHDEGLO@KVETBSeESBAEMK@>JH;EJ:R:SLGJ@JH;E>B;E<K:>S[<:B;EJ@E>BT@E
GLO@DEA@;E@EKH;BGLWUBEG?HER@KVEMK@>JHEPHAXE
YEZ:AEYEJ:;;HEBEBLOKBDE@GMBESB>RBKO@JBEYDE<KHS:;BEJHRH>JHKCAHESB>OK@E
SHKO@;EOH>O@W\H;EJHEA:>?@E>@OLKHi@E:>RHK:BKEHE@E<HK>@EJBH>OHEAHE@LI:G:@KVDE
A:>:;OK@>JBCAHEPB@;E<KHBSL<@W\H;XEZHKCAHCVELAE@>O[JBOBENET@:J@JHDELA@E
;H>O:>HG@ESB>OK@E@EJHT@;O@WUBEJBE@ABKC<Kj<K:BEHISH;;:TBXE
YEmL:OBEPHA˜EYEKH;<B>JHLEm@>@;;f;DERK@>S@AH>OHEBO:A:;O@XEYE]E<BJHE
:>RBKA@KCAHE@:>J@E@EAfJ:@EJHEOHA<BESB>RHK:J@ENEA:>?@ERBKA@ER[;:S@ERLOLK@aE
YEZHOH>O@E@>B;DE>BEA[>:ABEYEKHJ@KML:LEAHLE>BTBESBA<@>?H:KBDE
SB>OH>OHXE
hEBLOKBER:IBLELA@EHI<KH;;UBEJHEKHSB>?HS:AH>OBDEH>QL@>OBEm@>@;;f;E
SB>O:>L@T@_E
YEdB>JHKHE@EMK@W@EKHSHP:J@DEZ:GTfK:BDEHDEJH<B:;EJHEOBA@KCG?HE@E<B;;HE>BE
<G@>BER[;:SBDE>UBETBGOHE@QL:E@>OH;EJB;E;HOH>O@XElK@OHEJHE@<KBTH:O@KE@E
%
$
%
01³3opqqprstuprqvwx%
B<BKOL>:J@JHXElBJB;EB;E;HL;E@A:MB;EH;<HK@AEQLHETBSeETBGOHDEA@:;EO@KJHDENE
>B;;@ESBG^>:@DE>@EŽ‚’€‚‰ƒ‹‚}€¡¯‚ƒ}~ƒˆƒ¦‹‚ˆœ~‡€‡‰¨¬E
hE:>OHK<HG@JBEAB;OKBLELAEK@:BEJHEH;<HK@>W@E>B;EBG?B;DE@MK@JHSHLEHE
JH;<HJ:LC;HXE
F;E=GO:A@;EBP;HKT@W\H;EJHEm@>@;;f;E@SH>JHK@AYAHESLK:B;:J@JHEA@:;E
RBKOHXEgUBESB>O:THE@E:>J@M@WUBEQLHEAHET@MLH@T@E>BE<H>;@AH>OBEHE<HKML>OH:E
;HAEKHPLWB;_E
YÉ~ƒ‰ˆ€Ž‚‘ƒ±~ƒ€Ž€„€‹‰ƒ‰ƒœ‰‰…’‰ƒ¦‹‚ˆœ~‡€‡‰¨µE
]GHE;BKK:LDESBA<G@SH>OHDEHEKHOKLSBLDEPHAC?LABK@JB_E
YEšEBEO[OLGBEQLHEJH;:M>@EB;EK@KB;E:KAUB;EQLHE@<KBTH:O@K@AEOBJ@;E@;E
<B;;:P:G:J@JH;ESB>;OKLO:T@;EQLHEBESBK<BEOHKKH;OKHEG?H;EBRHKHS:@XE]AEMHK@GDEQL@;HE
OBJB;E>j;DEHAEKHMKH;;@>JBENEH;RHK@ES@K>@GDE<HKJHAB;EB<BKOL>:J@JH;EAL:OBE
:A<BKO@>OH;E>BEJH;<HKJ[S:BEJ@;ERBKW@;ER:;:BGjM:S@;XEdHK@APLG@AB;E<BKEGVDE
R@iH>JBE@GMLA@ESB:;@EJHE=O:GE<@K@E>j;EHE<@K@EBLOKHADEA@;DE<BKETHiH;DE
JH;<KHi@AB;ES:>QLH>O@DE;H;;H>O@DE;HOH>O@E<HKESH>OBEHDERKHQLH>OHAH>OHDE@OfE
A@:;DEJHE>B;;@;E<B;;:P:G:J@JH;XE]AEAL:O@;EBS@;:\H;DE<KHT@GHSHE@:>J@DESB>OK@E>j;DE
@E@MK@T@>OHEJHEOHKAB;EABT:AH>O@JBE@;EH>HKM:@;E;@MK@J@;EJ@ET:J@EHAE
@O:T:J@JH;E:>RHK:BKH;EQLHEJHMK@J@AE@E:>OHG:Me>S:@EHEHAPKLOHSHAEBESBK@WUBXE
FQLHGH;DE<BKfADEQLHEABP:G:i@AE@EAVQL:>@ER[;:S@DENEA@>H:K@EJBEB<HKVK:BE
R:JHG[;;:ABDESB>QL:;O@AEJ:KH:OB;EAL:OBEHI<KH;;:TB;EHAE>B;;B;E<G@>B;XEhE
¦‹‚ˆœ~‡€‡‰¨‘ƒ‰ƒ±‰€}‰}~ƒ}~ƒ‡’‰ª‰Š‰}‚’ƒ~‰ƒ~ƒœ’‚}‡€…‚‘ƒœ‚}~ƒ~‹‚Š~’‘ƒ¶E
TB>O@JHDEBESBK<BERLOLKBDEQL@>JBEG?HE@<K@iEBEKHMKH;;BENEbKB;O@EHAEA:;;\H;EJHE
@ABKEHE:GLA:>@WUBDEBLEKHSHPHETH[SLGBEH>BPKHS:JBE<@K@EBE<KB;;HML:AH>OBEJHE
;L@;EO@KHR@;DE@ES@A:>?BEJHES[KSLGB;EA@:;EHGHT@JB;EJHEOK@P@G?BXE
ZHAHG?@>OHE>BO[S:@EKH<KH;H>O@T@E<@K@EA:AET@G:B;@EKHTHG@WUBXEg@J@E
A@:;EGHM[O:ABEQLHEJBO@KEBE;HKT:JBKER:HGEJHEKHSLK;B;ESBA<GHOB;XE]EGHAPKH:CAHEJB;E
JH;KHMK@AH>OB;EJHEOBJ@E@E;BKOHE@EQLHE;HEH>OKHM@AE@;ESK:@OLK@;E?LA@>@;DEHAE
OBJB;EB;E<@[;H;DEJBLOK:>@;EHE;:OL@W\H;DESBA<G:S@>JBEB;ES@A:>?B;EHTBGLO:TB;DE
SK:@>JBEG@WB;EH;SK@T:i@>OH;DEH>K@:i@>JBC;HE>BE@<HMBE@B;EQL@JKB;EOK@>;:OjK:B;E
J@EHI:;Oe>S:@EA@OHK:@GDE@G:AH>O@>JBEH>M@>B;EHER@>O@;:@;DEJH;OKL:>JBEBESBK<BEHE
H>TH>H>@>JBE@E@GA@XEgLAEOK@>;<BKOHEJHEkL;O:R:S@J@E@JA:K@WUBDEKHJ@KML:_E
YEcHSBKJ@>JBEBES@O:TH:KBEJB;E];<[K:OB;EH>S@K>@JB;E>BE<G@>BEJ@E
;H>;@WUBDESB>;BG@C>B;E;@PHKEQLHE?VELAE<KeA:BE@B;EK@K[;;:AB;E?BAH>;EQLHE
T:THAE>@E;LPG:AHE@KOHEJBEHQL:G[PK:BEH;<:K:OL@GDEAH;ABE>@ES@K>HXE
YEZ:AEYEJ:;;HEm@>@;;f;DE@<KBT@>JBCAHESBAEBEBG?@KEYDE<BKEA@:;E
H;OK@>?BEQLHE<B;;@E<@KHSHKDE;HAHG?@>OH;EHISHW\H;EHI:;OHAE>BEAL>JBXEd@;;@ADE
RKHQLH>OHAH>OHDE<@K@ESVDEH>OKHEB;E@>^>:AB;EJ@EbKB;O@DE;HAER:S?@;EJHE
<KB<@M@>J@EOHKKH;OKHDEA@;ESBAE:AH>;BEG@;OKBEJHEH;<:K:OL@G:J@JHE;L<HK:BKXE
]EJ@>JBCAHE@E:A<KH;;UBEJHEQLHEJH;Hk@T@EH;SG@KHSHKCAHDEKHG@O:T@AH>OHE
@EHGHEAH;ABDE@SKH;SH>OBL_E
YEyVEAL:OB;E@>B;EAHEH;RBKWBE<@K@ESB>;HML:KE@ESB>J:WUBEJB;E
¦‹‚ˆœ~‡€‡‰¨Œƒ‚ƒ~‡‰‡‚‘ƒ‰‡«ƒ‰Ž‚’‰ƒ‹‚‡€‚ƒ~ˆƒ„‰~ƒ}~ƒœ’~œ‰’‰¡¯‚¬¬¬E
bBA<KHH>J:EQLHEm@>@;;f;DEO@>OBEQL@>OBEHLDEOK@i:@EKHMLG@KEP@M@MHAEJHE
KHSBKJ@W\H;EAH>B;ERHG:iH;DESBAEKH;<H:OBE@BEL;BEQLHER:iHK@EJBESBK<BEOHKKH>BE>@;E
HI<HK:e>S:@;E<@;;@J@;EHE<KBSLKH:EABJ:R:S@KE@EBK:H>O@WUBEJ@E<@GH;OK@_E
%
%
0013456789
87969575!9"#$
YE‰ª~ƒ}~ƒ‰Žˆƒ¦‹‚ˆœ~‡€‡‰¨ƒ±~ƒ‡~Š‰ƒ’~Ž’~‰}‚ƒ¶ƒ·’‚‡‰µƒYE
:>OHKKBMLH:XE
YEZ:AXE
YEg@OLK@GAH>OHEYESB>O:>LH:DESLK:B;BEYEOHKVEH;SBG?:JBELAEBKM@>:;ABE
:KKH<KHH>;[THGXE
mHLE>BTBESBA<@>?H:KBEAB;OKBLE;:M>:R:S@O:T@EHI<KH;;UBER:;:B>^A:S@EHE
@SH>OLBL_E
YEgH>?LAEJB;EQLHEOH>?BET:;OBE<@KO:KDEHAPBK@EB;EAfK:OB;EJHEQLHE;HE
H>SB>OK@T@AEKHTH;O:JB;DEH;SBG?HK@AERBKA@;E:KKH<KHH>;[TH:;DEQL@>OBEN;EG:>?@;E
HIOHK:BKH;XEZBG:S:O@K@AE<KBT:Je>S:@;EHAER@TBKEJ@EHI:;Oe>S:@E;@J:@DE<KHBSL<@>JBC
;HESBAE@EKH;:;Oe>S:@DEHQL:G[PK:BDEJLK@P:G:J@JHEHERBKO@GHi@EJBE:>;OKLAH>OBEQLHEB;E
JHTHK:@E;HKT:KDEA@;E<HJ:K@AEAHJ:J@;EOH>JH>OH;E@EG?H;E@OH>L@KHAEBE
A@M>HO:;ABE<H;;B@GDEHAES@KVOHKE<KBT:;jK:BDEHT:O@>JB;HCG?H;E@<KH;H>O@WUBER[;:S@E
AL:OBE<K:ABKB;@DEBSLGO@>JBDE@;;:ADE@EPHGHi@EJHE;L@;E@GA@;E<@K@E@EHR:S:H>OHE
M@K@>O:@EJHE;L@;EO@KHR@;XEF;;:AE<KBSHJHADE<BKQL@>OBDET:TH>JBE@EA@:BK:@EJ@;E
SK:@OLK@;E>BEkBMBEJ@;E@<@Ke>S:@;DEQL@>JBE>@EbKB;O@EdG@>HOVK:@DE:>SLAP:KC;HC:@AE
HG@;E<Kj<K:@;EJHEH;A@M@KEB;EA:;;:B>VK:B;EJBE{HADE;HEG?H;ESB>?HSH;;HAE@E
THKJ@JH:K@ESB>J:WUBDE@OK@Tf;EJ@;ET:PK@W\H;EJH;OKL:JBK@;EJ@E:>THk@DEJBEJH;<H:OBDE
J@E@>O:<@O:@EMK@OL:O@EHEJ@;EJ:;<LO@;E:>kL;O:R:SVTH:;XE]AET:;O@EJ:;;BDEB;E
OK@P@G?@JBKH;ESB>;S:H>OH;DE>@EA@:BK:@EJ@;ETHiH;DEBKM@>:i@AE;HL;EOK@P@G?B;EHAE
ABGJH;EHIOHK:BKH;EAH>B;EMK@S:B;B;DERLM:>JBDE<BKE@>OHS:<@WUBDE@BE:>RGLIBEJ@;E
<@:I\H;EJHT@;O@JBK@;EJ@;E@GA@;EHAEJH;HQL:G[PK:BXE
]>OH>J:E@EHIOH>;UBEJBEH;SG@KHS:AH>OBEHEAHJ:O@T@E>@EMK@>JHi@EJB;E
<K:>S[<:B;EH;<:K:OL@:;EQLHEKHMHAE@EHI<HK:e>S:@E?LA@>@DEQL@>JBEm@>@;;f;E
@SKH;SH>OBLDE@<j;EGB>M@E<@L;@_E
YEF;EAH>OH;EkLTH>:;DEQL@:;ESK:@>W@;EJBEAL>JBDEPK:>S@AESBAEBERBMBEJ@;E
~ˆ‚¡¢~Œƒ‡‚}‰…€‰‘ƒ‚ƒ¸œ†’€‡‚ƒ‰ˆ‰}’~‹€}‚‘ƒˆ‚’ˆ~‡~ƒ±‰}‚ƒ‹Š~Ž‰ˆƒ¶E
;:OL@WUBE}~ƒ¦‹‚ˆœ~‡€‡‰¨‘ƒ‰ª‰}‚‰ˆƒ‡‚}‰ƒ~œ~’€¹>S:@EQLHEB;E<B;;@EJ:;OK@:KE
>BES@A:>?BEJHEKH@G:i@WUBEJ@E”B>O@JHE9:T:>@XE
]AE;HML:J@DESB>T:J@JBE<HGBEAHLE>BTBE@A:MBDE<H>HOKH:E>LA@EJ@;E
JH<H>Je>S:@;ESB>;@MK@J@;E@B;E;HKT:WB;EJHEJH;H>?BXEdHQLH>@;EOHG@;DE
JHAB>;OK@>JBE<HW@;EJBEBKM@>:;ABE?LA@>BDEH;O@T@AEBKJH>@J@AH>OHEHAEOBJB;E
B;EKHS@>OB;XEl:>?@E@E:A<KH;;UBER:HGEJHEQLHEAHEH>SB>OK@T@E>LAEMK@>JHESH>OKBEJHE
@>@OBA:;O@;DESHKS@JB;EJHE@LI:G:@KH;ESBA<HOH>OH;EHEB<HKB;B;XE];<@G?@T@AY;HE
JH;H>?B;EJHEAHAPKB;DEOHS:JB;DEMG–>JLG@;DER:PK@;DEjKMUB;EJHEOBJB;EB;ERH:O:B;EHE
<@K@EOBJB;EB;EMB;OB;XE
YEbBABE;@PHEYEBP;HKTBLEm@>@;;f;DESL:J@JB;BEYDE>BE;HKT:WBEJHE
KHS@<:OLG@WUBEBLEJHEO@KHR@;EH;<HS:@G:i@J@;E>@E;L<HKR[S:HEJBE•GBPBDE@E
KHH>S@K>@WUBE>L>S@E<BJHE;HKETLGM@KXEd@K@E:;;BDEOK@P@G?@AE@QL:ESH>OH>@;EJHE
OfS>:SB;EHAEQLH;O\H;EJHE]APK:BGBM:@EHE{:BGBM:@EHAEMHK@GDE>BE;H>O:JBEJHE
BK:H>O@KE@;EHI<HK:e>S:@;E:>J:T:JL@:;EJBERLOLKBEJHEQL@>OB;E:KAUB;E;HEG:M@AE@E>j;E
>BEH;RBKWBESBGHO:TBXE
ZH>O:>JBEH;<B>O–>H@ETH>HK@WUBDESB>OHA<GH:EB;E;HKT:JBKH;EQLHE;HE
:>SG:>@T@AE@OH>S:B;B;DE@KQL:OHO@>JBEBE<BKT:KEJHEAL:OB;ESBA<@>?H:KB;XEbBABE
HK@ESBA<GHI@E@EB<BKOL>:J@JHEJHEKH>@;SHK˜EzLHE@O:T:J@JH;E:>OH>;@;EHI:M:@AEJB;E
%
$
%
0003opqqprstuprqvwx%
PH>RH:OBKH;EH;<:K:OL@:;˜E
FBEAHLEMH;OBEJHEH;OK@>?Hi@DEKH;<B>JHLEm@>@;;f;E>LA@E;[>OH;HE
HI<KH;;:T@_E
YE”BSeE>UBE:M>BK@EQLHEB;E?BAH>;E@:>J@E;HGT@MH>;EBLE;HA:;;HGT@MH>;DE
HAPBK@ELO:G:i@>JBEB;EKHSLK;B;E;HA<KHE;@MK@JB;EJ@Eg@OLKHi@DEHJ:R:S@AE;L@;E
Š‰ª€‡‰¡¢~ƒ~ˆƒˆ‚}~ƒˆ‰€ƒ€ˆœ~ƒ~ƒ’}€ˆ~‡‰’~Œƒ‡‚}‰…€‰‘ƒ‚ƒŠ‚ˆ~ˆƒ±~ƒŸºE
@O:>M:LESHKOBE<@JKUBEJHE:JH@GDEJH;H>TBGTH>JBER@SLGJ@JH;E;L<HK:BKH;DEbB>;OKj:EBE
G@KDEBKM@>:i@>JBE<G@>O@;E<KfT:@;XE
n>J:S@>JBE BE QL@JKBE :>OHK:BKDE HIOKHA@AH>OHE ABT:AH>O@JBDE
@SKH;SH>OBLDE;BKK:JH>OH_E
YEgUBEH;O@AB;E@QL:E;H>UBESBM:O@>JBDE:ML@GAH>OHDEJHE<KBkHOB;E<@K@E
RLOLK@;E?@P:O@W\H;ES@K>@:;XEhESBK<BE?LA@>BE>UBEJH:I@EJHE;HKE@EA@:;E:A<BKO@>OHE
ABK@J:@E<@K@E>j;EBLOKB;DEQL@>JBESBA<HG:JB;ENE<HKA@>e>S:@E>@EbKB;O@XEgUBE
<BJHAB;EH;QLHSHKEQLHEBE<Kj<K:BE9:T:>BEmH;OKHESG@;;:R:S@T@CBESBABEOHA<GBEJBE
ZH>?BKXE
nA<KH;;:B>@JBDE;HML:@E@OH>S:B;@AH>OHEB;EOK@P@G?B;EHAESLK;BXE
9:;<=>?@ABC>B;E@E;HML:KE@J:@>OHDEQL@>JBELA@E:KAUDEJHE<BKOHEAL:OBE
KH;<H:OVTHGDE;HE@<KBI:ABLE;@LJ@>JBEm@>@;;f;E@RHOLB;@AH>OHXE]GHEKH;<B>JHLE
SBAEMH>O:GHi@EHE@<KH;H>OBLCA@_E
YEšE>B;;@E:KAUEF>@SGHO@XE
bLA<K:AH>OH:C@DE;H>O:>JBCG?HE@E;:A<@O:@E<H;;B@GXE
YElK@O@C;HEJHELA@EJ@;E>B;;@;EOK@P@G?@JBK@;EA@:;ESBK@kB;@;EYE@SH>OLBLE
BERL>S:B>VK:BEJBEOK@P@G?BEJHE:>RBKA@W\H;XE
FE;H>?BK@E;BKK:LDE@GMBESB>OK@RH:O@E<BKE;HETHKERBS@G:i@J@E>@EB<:>:UBE
RK@>S@EJBESBA<@>?H:KBXElBJ@T:@DEm@>@;;f;DESBAEBEBO:A:;ABEQLHEG?HEHK@E
S@K@SOHK[;O:SBDE<KB;;HML:L_E
YEnA@M:>HEQLHETBGO@KVENEH;RHK@EJBE•GBPBDEHAEPKHTH;EJ:@;DEHAEO@KHR@EJHE
<KBRL>J@E@P>HM@WUBE<BKEQL@OKBEH>O:J@JH;EQLHDE?VEA@:;EJHEQL@KH>O@E@>B;DE;HE
JHP@OHAEHAEKHM:\H;E@P:;A@:;EJ@;EiB>@;E:>RHK:BKH;XE
YEgUBETHkBE>:;;BE@P>HM@WUBE@GMLA@EYE@O@G?BLENE;H>?BK@DE;BKK:>JBEYDE
SLA<K:KH:EOUBE;BAH>OHELAEJHTHKXE
]ER:I@>JBCAHDEJH;@;;BAPK@J@EHE;HKH>@DE@;;HTHKBL_E
YEF;EAUH;EQLHE>UBESBA<GHO@K@AE@EBPK@EJHE@ABKEQLHEBEd@:EG?H;ESB>R:@E
kL>OBEJB;ER:G?B;E@A@JB;DEJHTHAE;HKEP@;O@>OHERBKOH;E<@K@EKHSBAHW@KHAEB;E
;HKT:WB;E:A<HKRH:OB;XE];;HEBEAHLES@;BXEgUBE;HEJHTHEAH>S:B>@KE;@SK:R[S:BEB>JHE
HI:;OHE@<H>@;EBPK:M@WUBXE
n>OHKH;;@T@CAHE@E?:;OjK:@EJ@QLHG@E:KAUEJH;<KHOH>;:B;@EHE;:A<VO:S@EHDE
<BKE:;;BEAH;ABDE@>:AH:CAHE@E<HKML>O@KCG?H_E
YEcHMKH;;@KVDEH>OUBDEJH>OKBEHAEPKHTHaE9HEQL@GQLHKEA@>H:K@DE;L@E
KH;BGLWUBEOK@JLiEJHTBO@AH>OBEHEPB>J@JHXEgUBE<B;;BEH;QLHSHKEQLHEO@APfAE
A:>?@EAUHETBGOBLE@BES[KSLGBEJ@ES@K>HDEO@>M:J@E<BKE;LPG:AHEJHJ:S@WUBXE
gBOH:EQLHEB;EBG?B;EJHG@E;HEH>S?HK@AEJHEGVMK:A@;EJ:;SKHO@;DEQLHE>UBE
S?HM@K@AE@ES@:KDEHABS:B>@J@EO@GTHiESBAE@EA:>?@EBP;HKT@WUBE;:>SHK@XE];OH>JHLC
AHE@EJH;OK@DEMH>O:GAH>OHDEHDEJ@>JBE@E:JH:@EJHEQLHE>UBEJH;Hk@T@ESB>O:>L@KEHAE
SB>THK;@WUBEKHG@O:T@E@BE@;;L>OBDEJ:;;HCAHDESBABT:J@_E
%
%
00“3456789
87969575!9"#$
YEmL:OBEMK@O@E<HGBESB>RBKOBEJHE;L@;E<@G@TK@;XEm@:;EO@KJHDE@BE;HEGHAPK@KE
JHEA:ADE@kLJHCAHESBAEBE;HLE<H>;@AH>OBE@A:MBXE
gH;;HE<B>OBEJ@EG:MH:K@E<@GH;OK@DEm@>@;;f;E:>J@MBL_E
YE™VEKHSHPHLEOBJB;EB;E<KBkHOB;aE
YEZ:AEYEKH;<B>JHLEHG@EYDE>UBE;BAH>OHEB;EQLHE;HEKHRHKHAE@B;EAHL;E
<BPKH;ER:G?B;DEA@;EO@APfAE@E<G@>O@EKHG@O:T@ENEA:>?@E<Kj<K:@ERBKA@ERLOLK@XE
YE];OVE;@O:;RH:O@aE
YEmL:O[;;:AB˜EYEKHJ@KML:LE@EJ@A@XE
YEg@EGH:EJBEd@:DE@EkL;O:W@EH;OVES?H:@EJHEA:;HK:SjKJ:@EHESB>O:>LBE>@E
SB>J:WUBEJHEMK@>JHEJHTHJBK@XE
]AE;HML:J@DEJH;<HJ:LC;HDES@GA@EHE@RVTHGXE
m@>@;;f;ESBA<KHH>JHLCAHE@ESLK:B;:J@JHEHEHI<G:SBL_E
YEF>@SGHO@EfELAEHIHA<GBET:TBEJHEOHK>LK@EHEJHTBO@AH>OBDEA@;ETBGO@KVE
N;EGLO@;EJBESBK<BE@ER:AEJHEB<HK@KEJHOHKA:>@J@;EKHO:R:S@W\H;E>BESBK@WUBE
A@OHK>BXEdBKE:A<KHT:Je>S:@EJHG@DE>BLOKBEOHA<BDEB;EQL@OKBER:G?B;DEQLHEBEZH>?BKE
G?HESB>R:@K@DES@[K@AEJH;@;OK@J@AH>OHXEFE<BPKHi:>?@E@GPHKM@T@ESHKO@;E>BW\H;EJHE
S@K:>?BEQLHE>UBE;HESBA<@JHSHAESBAE@EKH@G:J@JHXEZHLEH;<B;BEHK@E?BAHAE<KBPBE
HEOK@P@G?@JBKEHDE@<H;@KEJHE@P@;O@JBDE>L>S@E;HEH;QLHSHLEJB;EJHTHKH;EQLHEG?HE
<KH>J:@AE@;E@O:T:J@JH;EJHE?BAHAEJHEPHAE@BES@A<BEJ@E;BS:HJ@JHEHAEMHK@GXE
b@K@SOHK:i@T@C;HE<BKELA@EH>HKM:@E;HA<KHESB>;OKLO:T@DEA@;E@EH;<B;@DEHAPBK@E
JHTBO@J[;;:A@DESB>OK@K:@T@CG?HE@E:>RGLe>S:@EJBEG@KDET:S:@>JBEBE@RHOBEJHEAUHESBAE
HISH;;B;EJHEAH:ML:SHEJH;@KK@iB@J@XE]DESBABESB>;HQLe>S:@E:>J:KHO@DEQL@OKBE
@GA@;E>UBEH>SB>OK@K@AEKHSLK;B;E<@K@E@EkBK>@J@EJHEKHJH>WUBXElKe;EK@<@iH;EHE
LA@EkBTHADESLk@E<KH<@K@WUBE:>OHGHSOL@GEHI:M:K@EB;EA@:;EVKJLB;E;@SK:R[S:B;DE
S@[K@AEAL:OBESHJBEHAEJH;KHMK@AH>OB;EJHE>@OLKHi@ER[;:S@EHEABK@GDE@E<KHOHIOBEJHE
@OH>JHKHAE@EBPK:M@W\H;E;BS:@:;XE]EOUBEJHMK@J@>OH;ERBK@AEH;;H;EJH;KHMK@AH>OB;E
QLHE<HKJHK@AEAL:OBESHJBEBEOHA<GBEJBESBK<BDEH>OK@>JBEHAEKHM:\H;EP@:I@;DEHAE
OK:;OH;ESB>J:W\H;XEF>@SGHO@DESB>OLJBDETBGO@>JBE@BES@A<BEH;<:K:OL@GDE
SBA<KHH>JHLEBE<KBPGHA@EHEJ:;<^;C;HE@EOK@P@G?@KE@R@>B;@AH>OHE<@K@ESB>;HML:KDE
>UBE;jE@EKHH>S@K>@WUBEJHE;:E<Kj<K:@DE;H>UBEO@APfAE@EJB;ER:G?B;EQLHEJHTHKUBE
;HML:CG@E>@;E<KBT@;E<LK:R:S@JBK@;EJ@EbKB;O@XE
YEzL@>OB;E@>B;EM@;O@K@AE<@K@EBPOHKE;HAHG?@>OHESB>SH;;UBaEYE
<HKML>OH:DE:A<KH;;:B>@JBXE
YEm@:;EJHEOK:>O@XE
YEnA@M:>BCG?HEB;E;@SK:R[S:B;ERLOLKB;˜EYEHISG@AH:XE
YEZ:AEYEH;SG@KHSHLEm@>@;;f;EYDE@EHI<HK:e>S:@E;HKCG?HCVEPHAEJLK@DE
<BKQLHEJB:;EJB;EK@<@iH;EJHTHKUBEKHMKH;;@KE>@ESB>J:WUBEJHE<@K@G[O:SB;DELAE>@E
QL@G:J@JHEJHEJfP:GEAH>O@GEHDE<@K@E@LI:G:VCG@E>@ET:LTHiE<KHSBSHDEOHKVEOUBE;BAH>OHE
@ER:G?@DEQLHDE<BKE;:EAH;A@DE;HKVEO@APfAE<BKO@JBK@EJHE<KHAH>OH;E>HSH;;:J@JH;E
JHEKHO:R:S@WUBXE
n@EJ:iHKEJHEA:>?@E<KBRL>J@E;LK<KH;@DEJ:@>OHEJBEAHS@>:;ABEJHE
:>OKBJLWUBE@BE;HKT:WBEKHH>S@K>@S:B>:;O@DEQL@>JBEBLOK@E:KAUE;HE@SHKSBLEJHE>j;DE
<KBSLK@>JBE<BKEm@>@;;f;XE9H<B:;EJ@;E;@LJ@W\H;E@RHO:T@;DEHI<G:SBLC;HEHG@DE
MH>O:GDEJ:K:M:>JBC;HE@BEAHLE>BTBE@A:MB_E
YE9H;HkBE;L@EBP;HQL:B;@E:>OHKRHKe>S:@E>@EKHO:R:S@WUBEJBEAHLE<G@>BXE
%
$
%
00—3opqqprstuprqvwx%
]E@PK:>JBE<HQLH>BEA@<@DEB>JHE;HET:@EJH;H>?@JBESBAEHIOKHA@E
<HKRH:WUBELAEBKM@>:;ABEJHEALG?HKDE@SH>OLBL_E
YE”Hk@EPHAEBEAHLE<KBkHOBE<@K@EBE;:;OHA@EH>JBSK[>:SBXEZH:EQLHEB;E
@A:MB;EAHER@TBKHSHK@ADE<G@>Hk@>JBCBESBAEAL:O@E?@KAB>:@E>@;EAH>BKH;E
}€œ‚€¡¢~ŒEH>OKHO@>OBDEJH;Hk@K:@EABJ:R:S@W\H;XXXE
YE]AEQLHE;H>O:JBaEYE:>J@MBLEBE:>OHK<HG@JBDE;LK<KH;BXE
FEKHSfACS?HM@J@E:>J:SBLEB;E<B>OB;EJBE<KBkHOBEB>JHE;HEGBS@G:i@T@EBESBGBE
HER@GBL_E
YE¥L:E@JTHKO:J@E<BKEPH>RH:OBKH;EJ@QL:DE>BE;H>O:JBEJHE>UBEAHE@<KH;H>O@KE
>@EbKB;O@DEJH>OKBEJHEG:>?@;E:A<HSVTH:;E<@K@E@ERBKA@ER[;:S@EHDEHAEK@iUBEJ:;;BDE
<@K@EQLHEHLEOH>?@EA@:;E<KBP@P:G:J@JH;EJHEeI:OBEHAEAHLER@TBKDE>@EO@KHR@EQLHEAHE
<KB<B>?BEJH;HA<H>?@KDEH;O:A@K:@EQLHE@EO:KHj:JHEHE@;E<@K@O:KHj:JH;E>UBE
H;O:TH;;HAEOUBE<HKRH:O@AH>OHEJHG:>H@J@;XEbBABE;@PHDEm@>@;;f;DEA:>?@EO@KHR@E
>UBE;HKVERVS:GXE9HTBEKH@THKELAE<@OK:A^>:BEH;<:K:OL@GEJHEMK@>JH;E<KB<BKW\H;XE
dKHS:;BERLM:KEJHEQL@GQLHKE<B;;:P:G:J@JHEJHEQLHJ@EHE@E<HKRH:O@E?@KAB>:@ER[;:S@E
AHE<HKOLKP@K:@E@;E@O:T:J@JH;XE
hE>BTBESBA<@>?H:KBEH>JHKHWBLCAHEHI<KH;;:TBEBG?@KEHEJ:;;HCG?H_E
YElHAEK@iUBXEFE;HJLWUBES@K>@GEfE:AH>;BE<HK:MBDE>UBE;jE<@K@E@QLHGH;E
QLHEHA:OHAE@E;L@E:>RGLH>S:@WUBDESBABEO@APfAE<@K@EQL@>OB;E@EKHSHPHAXE
YEdKHR:KBE@ERH@GJ@JHESBK<jKH@EYEOBK>BLEHG@XEYEgUBEH;OBLE:>OHKH;;@J@E>LAE
SBK<BEJHE”e>L;EHDE;:ADE>@EKHJH>WUBEJHEAHLEH;<[K:OBE<@K@E@E]OHK>:J@JHXE
m@>@;;f;E<KBAHOHLE:>OHK<BKEB;E;HL;EPB>;EBR[S:B;DEHDEOUBEGBMBE;HE
JH;<HJ:LEJ@E>BT@E:>OHKGBSLOBK@DE<@;;BLE@EAB;OK@KCAHE@;EA@:;E:>OHKH;;@>OH;E
R:MLK@W\H;EJHEjKMUB;EJBESBK<BE?LA@>BXE
|}ˆ€’‰…‰‘ƒ‡‚ˆ‰}‚ƒ}~ƒœ’‚„}‰ƒ€ˆœ’~¯‚Œƒ‰±~~ƒŽ’º„€‹‚ƒˆ~’‚‚ƒ
QLHE;HE@G:>?@T@ADESBAE@P;BGLO@EBKJHADEJHAB>;OK@>JBEBESL:J@JBEH;<:K:OL@GEQLHE
<KHSHJHEBE;HKT:WBEJHEKHH>S@K>@W\H;DEQL@>JBEBEAHLE@A:MBE<B>JHKBL_E
YEFEAHJ:S:>@E?LA@>@E;HKVEAL:OBEJ:RHKH>OHE>BERLOLKBDEQL@>JBE@Eb:e>S:@E
<LJHKESBA<KHH>JHKE@EHIOH>;UBEHESBA<GHI:J@JHEJB;ER@OBKH;EAH>O@:;E>BES@A<BE
J@;EABGf;O:@;EJBESBK<BER[;:SBXEmL:OBEK@K@AH>OHE>UBE;HEH>SB>OK@AE@;E@RHSW\H;E
J:KHO@AH>OHEKHG@S:B>@J@;ESBAEBE<;:QL:;ABXElBJB;EB;EjKMUB;E;UBE;LPBKJ:>@JB;E
NE@;SH>Je>S:@EABK@GXEF;E<KHBSL<@W\H;EHISH;;:T@;ESBAEB;E;:>OBA@;E<@OBGjM:SB;E
‰ˆ~‡‰ˆƒ‰ƒ~„~’ˆ€}‰}~Œƒ‰ƒŽ’‰}~ƒ~ˆ‚¡¢~ƒœ‚}~ˆƒ‹’‰’ƒ‚ƒ‹‚’œ‚ƒ‚ƒ
@>:QL:GVCGBXEZHE:;;BE<BJHE@SB>OHSHKE>@EH;RHK@EJHE@O:T:J@JH;ETLGM@KH;EJ@;EGLO@;E
R[;:S@;DE:A@M:>HEBES@A<BEH>BKAHEJHEBP;HKT@W\H;EQLHE>B;EBRHKHSHEBE<G@>BE
H;<:K:OL@GDE<@K@EB>JHE;HEOK@>;RHKHADEOBJB;EB;EJ:@;DEA:G?@KH;EJHE@GA@;E
JH;H>S@K>@J@;DEHAEG@AH>OVTH:;ESB>J:W\H;EJHEJH;HQL:G[PK:BEJ@EAH>OHXEhEAfJ:SBE
JBE<BKT:KESB>?HSHKVE;HAHG?@>OH;ETHKJ@JH;EHE>UBES:KSL>;SKHTHKVE;L@E@WUBE
<KBR:;;:B>@GE@BE;:A<GH;ERBK>HS:AH>OBEJHE:>J:S@W\H;EOfS>:S@;DEJ:K:M:>JBC;HDEAL:OBE
A@:;DE>B;EOK@P@G?B;ESLK@O:TB;DEN;E<KBT:Je>S:@;EH;<:K:OL@:;DEB>JHEBE@ABKESK:;OUBE
KH<KH;H>OHEBEA@:BKE<@<HGXE
9H;Hk@>JBDE<BKfADE<KB;;HML:KE>B;EH;SG@KHS:AH>OB;DEQL@>OBE@BE;HKT:WBE
KHH>S@K>@S:B>:;O@DEm@>@;;f;EOBABLE<HQLH>BEMKVR:SBEHDE@<KH;H>O@>JBCAHE@;E
G:>?@;EMHK@:;DE@SH>OLBL_E
YEFQL:EOHAB;EBE<KBkHOBEJHERLOLK@EKHH>S@K>@WUBEJLAE@A:MBEAHLXEgUBE
%
%
00¤3456789
87969575!9"#$
BP;HKT@ESHKOB;E<B>OB;EH;SLKB;DEJH;JHEBESjGB>EJH;SH>JH>OHENE@GW@E;:MAj:JHaEn;;BE
:>J:S@EQLHEHGHE;BRKHKVELA@E=GSHK@EJHE:A<BKO–>S:@DE>H;;@EKHM:UBDEGBMBEQLHES?HMLHE
NEA@:BK:J@JHER[;:S@XElK@O@C;HDE<BKfADEJHEH;SBG?@EJHGHXE
]E<BKQLHEHIOKHA@ESLK:B;:J@JHEAHET@MLH@;;HE>B;EBG?B;DEm@>@;;f;E
HI<G:SBL_E
YE];;HE@A:MBDER@iEA@:;EJHESHAE@>B;DESBAHOHLEKHTBGO@>OHESK:AHDE
@;;@;;:>@>JBELAE<BPKHE?BAHA_E@E„‰‹‰}‰Œƒ‚Ž‚ƒ±~ƒ~ƒ~‡’~Ž‚ƒ‰‚ƒŠ‚ˆ€‹†}€‚‘ƒ
SBABE@SB>OHSHEAL:O@;ETHiH;DE@ET[O:A@EJH;H>S@K>@J@EG:MBLC;HERBKOHAH>OHE@EHGHDEHE
J@E;HAH>OHEJBESK:AHDEQLHEBE:>RHG:iE@;;@;;:>BE<G@>OBLE>LAEABAH>OBDESBG?HLE
KH;LGO@JB;EOHKK[TH:;E<BKEAL:OB;E@>B;XEbBABE>UBE:M>BK@DEBEjJ:BEKHS[<KBSBEB<HK@E
:ML@GAH>OHET:MBKB;@E:A@>O@WUBEHE@EH>O:J@JHDERBK@EJ@ES@K>HDE<@;;BLE@ET:>M@KC;HE
JHGHDEOBJB;EB;EJ:@;DEA@O@>JBCBEJHT@M@Ki:>?BDE@OK@Tf;EJHE@O@QLH;E;:;OHAVO:SB;E
<HGBE<H>;@AH>OBEABKO[RHKBXE]AE;LA@DEQL@>JBEBE?BA:S:J@EJH;H>S@K>BLDE<BKE;L@E
THiDEOK@i:@EBEBKM@>:;ABE<HK:;<:K:OL@GEHAEJBGBKB;@;ESB>J:W\H;DE@GfAEJBEKHABK;BE
>@OLK@GEQLHE@E;:OL@WUBEG?HE:A<L;HK@XEFKKH<H>JHLC;HEJBESK:AHDE;BRKHLEAL:OBE>@;E
KHM:\H;E<LKM@OBK:@:;EHDEJH<B:;EJHEG@KMB;E<@JHS:AH>OB;E<LK:R:S@JBKH;DE
@<KBI:ABLC;HEJ@ET[O:A@DEPH>HR:S:@>JBC@EHAEGBLTVTH:;E;HKT:WB;EJHEKH;M@OHEHE
<H>:Oe>S:@XEbKH;SHLEABK@GAH>OHDEOBK>BLC;HE@A:MBEJHEAL:OB;EPH>RH:OBKH;DE
SB>QL:;OBLE@E;:A<@O:@EJHETVK:B;E@MKL<@AH>OB;EJHE>B;;BE<G@>BEHEBPOHTHE
<KHS:B;@;E:>OHKSH;;\H;XE]>OKHO@>OBXXXEFEJ[T:J@E<HKA@>HSHXEhE@ABKDESB>OLJBDE
OK@>;RBKABLEBES@KVOHKEJBEOK@P@G?BEJHE<@M@AH>OBXEhE>B;;BE@A:MBDE@BETBGO@KENE
bKB;O@DE>UBE<KHS:;@KVEJH;H>S@K>@KEHAEH;<HOVSLGBE;@>MKH>OBDEA@;EB>JHEH;O:THKDE
JLK@>OHEB;EOHA<B;EJHESLK@ESBA<GHO@DE>@ES@K>HEQLHEHGHEBLOKBK@EAH>B;<KHiBLDE
S@KKHM@KVE@E<Kj<K:@ERHK:J@DESB>QL:;O@>JBDEJ:@E@EJ:@DE@E>HSH;;VK:@EKH>BT@WUBXE
]I<HK:AH>O@KVEJH;MB;OB;DEHAET:KOLJHEJBE;BRK:AH>OBER[;:SBE<HKO:>@iDEGLO@KVE
:>SH;;@>OHAH>OHDEJH;JHE@EHSGB;UBEJ@E=GSHK@E@OfEBEJ:@EJBEKH;M@OHER:>@GE>BE
@<@KHG?BE„€€‚§Ž€‹‚Œƒ~‡’~‡‰‡‚‘ƒ~ƒ‚ª~’ƒˆ‰‡~’C;HER:HGE@B;ESBA<KBA:;;B;E
>BTB;DEOHKVE@O:>M:JBDEA@:;EO@KJHDE@E<GH>@EG:PHKO@WUBXE
]>QL@>OBER:I@T@E>BE<KBkHOBEA:>?@EAHG?BKE@OH>WUBDEm@>@;;f;E
SB>O:>L@T@_E
YEZHML>JBEBP;HKT@AB;DE@EkL;O:W@E;HESLA<KHE;HA<KHDEA@;DEGBMBEQLHE;HE
J:;<B>?@EBE];<[K:OBE@E<KHS:;@EOK@>;RBKA@WUBE>BEZH>?BKDE@OH>L@C;HEBEK:MBK:;ABE
JBEœ’‚‹~‚ƒ’~}~‡‚’¬ƒ»ƒœ’§œ’€‚ƒž~}’‚ƒ‚ƒ~ˆª’‚‘ƒŠºƒˆ€‡‚ƒ«‹‚‘ƒ±~ƒ¦‚ƒ
@ABKE‹‚ª’~ƒ‰ƒˆ‡€}¯‚ƒ}‚ƒœ~‹‰}‚¨¬E
]I@A:>H:DE:A<KH;;:B>@JBDE@E<G@>O@EHJLS@O:T@EHDE<BKQLHE>UBEH>SB>OK@;;HE
<@G@TK@;E P@;O@>OHE SG@K@;E <@K@E <:>O@KE A:>?@E @JA:K@WUBDE ;:GH>S:H:E
SBABT:J@AH>OHXE
bBA<KHH>JH>JBCAHE‚ƒ~‡‰}‚ƒ}¼‰ˆ‰‘ƒ‚ƒ‹‚ˆœ‰Š~€’‚ƒ‹‚‡€‚½E
YEZUBE:>=AHKB;EB;E<KBkHOB;EJHESBK<B;ERLOLKB;EHAE>B;;B;E;HOBKH;EJHE
;HKT:WBXE9H<KHH>JHC;HDEJ@EA@:BK:@EJHGH;DEQLHEOBJB;EB;EH>RHKAB;E>@ES@K>HE;UBE
@GA@;EHAEOK@P@G?BEJ@E:>MH>OHESB>QL:;O@EJHE;:E<Kj<K:@;XEg:>MLfAEOK@:E@E”B>O@JHE
JHE9HL;DE>B;E<KBSH;;B;EHTBGLO:TB;DE;HAEMK@TH;EO@KHR@;EJHEKH<@K@WUBDEHEOBJB;EB;E
QLHEOH>O@AEH>M@>@KE@Eg@OLKHi@DEQL@JKBEGHM[O:ABEJ@;EGH:;EJ:T:>@;DE@S@P@AE<BKE
H>M@>@KE@E;:EAH;AB;XEFET:J@EfELA@E;:>RB>:@E<HKRH:O@XEzL@>JBE<KBSLK@AB;E
JH;@R:>VCG@DE>BES[KSLGBEJ@;E>BO@;EQLHEJHTHAB;EHA:O:KE<@K@E@E;L@EAVI:A@E
%
$
%
00©3opqqprstuprqvwx%
MGBK:R:S@WUBDE;BAB;ESBA<HG:JB;E@EH;O@S:B>@KEHAE<H;@JBE;HKT:WBEJHE
KHSBA<B;:WUBEJ@E?@KAB>:@EQLHPK@J@XE]DEJLK@>OHE@GML>;EJ:@;DE@G:E<HKA@>HS:E>@E
:>;O:OL:WUBEPH>HAfK:O@DESBA<KHH>JH>JBEQLHE@EHI:;Oe>S:@E?LA@>@E>UBEfELAE@OBE
@S:JH>O@GEHEQLHDE>BE<G@>BEJ@EBKJHAEJ:T:>@DE@EkL;O:W@EHIHKSHEBE;HLEA:>:;OfK:BDE
OBJB;EB;EJ:@;DEBPHJHSH>JBE@BE@GOBEJH;[M>:BEQLHEA@>J@EA:>:;OK@KEB;EJB>;EJ@E
…€}‰ƒ¦‰ƒ‹‰}‰ƒˆƒœ‚’ƒ‰ƒ‚ª’‰¨¬E
%
%