Read the full stored bill text
MURIELBOWSERMAYOR
June 10,2025
Honorable PhilMendelson
Chairman
Councilofthe Districtof Columbia
John A. Wilson Building
1350 PennsylvaniaAvenue, NW, Suite504
Washington,DC 20004
Dear Chairman Mendelson:
Pursuantto section451 of the Districtof Columbia Home Rule Act (D.C. OfficialCode § 1-
204.51)and section202 of theProcurementPracticesReform Act of 2010 (D.C.OfficialCode §
2-352.02),enclosedforconsiderationand approvalby theCouncilof theDistrictof Columbia is
proposed ModificationNo. M001 toContractNo. DCHBX-2025-C-0001 with IdeaCrew, Inc.to
increasethenot-to-exceedamount by $3,500,000,from $8,500,000to$12,000,000.The periodof
performanceisfrom October 1,2024,throughSeptember 30,2025.
ThiscontractwasoriginallyapprovedbyCouncilonSeptember9,2024asCA25-0967.Undertheproposedmodification,IdeaCrew,Inc.willprovideadditionalservicesforimplementingaprograminresponsetoMedicaideligibilitychanges.Thenewprogramwasnotpreviously
anticipated.
My administrationisavailabletodiscussanyquestionsyoumayhaveregardingtheproposed
contractmodification.Inordertofacilitatearesponsetoanyquestionsyoumayhave,pleasehaveyourstaffcontactKennethWallington,ContractingOfficer,DC HealthBenefitExchange‘Authority,at(202)679-5952.
I lookforwardtotheCouncil’sfavorableconsiderationof thiscontractmodification.
Sincerely, Mgriel Bawser
1
GOVERNMENT OF THE DISTRICT OF COLUMBIA
Office of Contracting and Procurement
Pursuant to section 202(c-1) of the Procurement Practices Reform Act of 2010, as amended, D.C.
Official Code § 2-352.02(c-1), the following contract summary is provided:
COUNCIL CONTRACT SUMMARY
(Retroactive)
(A) Contract Number: DCHBX-2025-C-0001
Proposed Contractor: IdeaCrew, Inc.
Contract Amount: (Base Year) Minimum Amount: $500.00
Maximum Amount: $12,000,000.00 NTE (not-to-exceed)
Unit and Method of Compensation: Hourly Rate
Term of Contract: October 1, 2024, through September 30, 2025
Type of Contract: Indefinite Delivery Indefinite Quantity (IDIQ)
Source Selection Method: Request for Proposal (RFP)
(B) For a contract containing option periods, the contract amount for the base period and for
each option period. If the contract amount for one or more of the option periods differs from
the amount for the base period, provide an explanation of the reason for the difference:
Base Period Amount: $12,000,000 (NTE)
Option Period 1 Amount: TBD
Explanation of difference from base period (if applicable): The option amounts will be
determined at the time the options are executed. The not-to-exceed amount will be based on the
program estimated need of current and upcoming developments and anticipated resources that may
be required.
Option Period 2 Amount: TBD
Explanation of difference from base period (if applicable): The option amounts will be
determined at the time the options are executed. The not-to-exceed amount will be based on the
2
program estimated need of current and upcoming developments and anticipated resources that may
be required.
Option Period 3 Amount: TBD
Explanation of difference from base period (if applicable): The option amounts will be
determined at the time the options are executed. The not-to-exceed amount will be based on the
program estimated need of current and upcoming developments and anticipated resources that may
be required.
Option Period 4 Amount: TBD
Explanation of difference from base period (if applicable): The option amounts will be
determined at the time the options are executed. The not-to-exceed amount will be based on the
program estimated need of current and upcoming developments and anticipated resources that may
be required.
(C) The goods or services to be provided, the methods of delivering goods or services, and any
significant program changes reflected in the proposed contract:
DC Health Link is the online marketplace where District residents, businesses, and their employees can find
and enroll in a health plan that best meets their needs. Through the website, residents can also learn if they
may qualify for public insurance programs such as Medicaid or are eligible for tax credits toward the
purchase of private health insurance plans. IdeaCrew, Inc. will develop customizations and enhanced
functionality for the DC Health Link website, including improving the consumer health insurance plan
selection experience by redesigning how plan information is displayed; and adding new administrative
features to allow HBX staff to perform functions currently performed by consultants (such as enrolling
household members in COBRA coverage); and improving cost comparison features at renewal for small
businesses. IdeaCrew, Inc. will also provide technical staff to support DC Health Link’s continuing online
operations and maintenance for its small business and individual private health insurance markets.
(D) The selection process, including the number of offerors, the evaluation criteria, and the
evaluation results, including price, technical or quality, and past performance components:
Solicitation DOC705656 IT Support Services was issued as a request for proposal (RFP) through
Ariba’s E-Sourcing Procurement Automated Support System (PASS) on March 25, 2024. The due
date for proposal submissions was May 17, 2024, at 2:00 pm local time. Five (5) responsive
proposals were received before the closing date and time of the solicitation. The proposals were
evaluated in accordance with the following criteria, stated in the RFP: project overview and
description, experience and qualifications, past performance, key personnel, and price. A Technical
Evaluation Panel (TEP) evaluated initial proposals. The Contracting Officer then requested best and
final offers (BAFOs) from each offeror. The TEP evaluated BAFOs. The Contracting Officer
reviewed the TEP’s findings and evaluation reports and evaluated price proposals.
The Contracting Officer recommended awards to two offerors that submitted the two highest
overall rated proposals. IdeaCrew had one of the two highest overall rated proposals. Their proposal
3
was evaluated as meeting or exceeding the RFP’s requirements under the technical evaluation
criteria. Their proposed hourly labor rates were evaluated as fair and reasonable.
(E) A description of any bid protest related to the award of the contract, including whether the
protest was resolved through litigation, withdrawal of the protest by the protestor, or
voluntary corrective action by the District. Include the identity of the protestor, the grounds
alleged in the protest, and any deficiencies identified by the District as a result of the protest:
There were no protests filed.
(F) The background and qualifications of the proposed contractor, including its organization,
financial stability, personnel, and performance on past or current government or private
sector contracts with requirements similar to those of the proposed contract:
IdeaCrew, Inc. is a District of Columbia Certified Business Enterprise (CBE) that was established
in Ward 2 of the District of Columbia in 2002. IdeaCrew is an award -winning State -based
Marketplace (SBM) full IT services company that meets all the requirements stipulated in the RFP.
IdeaCrew, Inc. has a portfolio of clients that include Massachusetts Health Connector, State of
Maine’s CoverMe.gov, Maryland Behavioral Health Services, Pennsylvania Department of Human
Resources, as well as District agencies. HBX received past performance evaluations from three
government references in which work was performed in a similar capacity to HBX’s requirements.
IdeaCrew received a rating of ‘Excellent’ or ‘Good’ from all three past performance references on
every performance element (Quality of Services/Work, Timeliness of Performance, Cost Control,
Business Relations and Customer Service).
IdeaCrew, Inc. has provided satisfactory IT support services to HBX for the past (10) years.
(G) The period of performance associated with the proposed change, including date as of which
the proposed change is to be made effective:
The period of performance associated with the proposed change, including the date as of which the
proposed change is made to be effective is from the date of Council approval through 9/30/2025.
(H) The value of any work or services performed pursuant to a proposed change for which the
Council has not provided approval, disaggregated by each proposed change if more than one
proposed change has been aggregated for Council review:
$0
(I) The aggregate dollar value of the proposed changes as compared with the amount of the
contract as awarded:
$3,500,000
4
(J) The date on which the contracting officer was notified of the proposed change:
May 1, 2025
(K) The reason why the proposed change was sent to Council for approval after it is intended to
take effect:
The proposed change is being sent to Council for approval before it is intended to take effect.
(L) The reason for the proposed change:
This increase is for additional services for implementing a program in response to Medicaid
eligibility changes. The new program was not previously anticipated.
(M) The legal, regulatory, or contractual authority for the proposed change:
DC Official Code 31-3171.04(a)(5) and § 2–352.02
(N) A summary of the subcontracting plan required under section 2346 of the Small, Local, and
Disadvantaged Business Enterprise Development and Assistance Act of 2005, as amended,
D.C. Official Code § 2-218.01 et seq. (“Act”), including a certification that the subcontracting
plan meets the minimum requirements of the Act and the dollar volume of the portion of the
contract to be subcontracted, expressed both in total dollars and as a percentage of the total
contract amount:
As the prime contractor, IdeaCrew, Inc., is a certified business enterprise (CBE) and has attested
that they will perform 100% of the work under contract DCHBX-2025-C-0001.
(O) Performance standards and the expected outcome of the proposed contract:
The overall outcome of this contract is for IdeaCrew, Inc. to provide information support services in
three broad areas: 1) Ongoing operations and maintenance of HBX IT Systems (“O&M”); 2)
Design, development, and implementation of software customizations and enhancements to the DC
Health Link exchange platform (“C&E”); and 3) Specialized IT staffing services, as needed
(“ITS”).
(P) The amount and date of any expenditure of funds by the District pursuant to the contract
prior to its submission to the Council for approval:
The contract was approved by Council for $8,500,000 on September 9, 2024. To date, the total
expenditure is $5,722,283.20.
(Q) A certification that the proposed contract is within the appropriated budget authority for the
agency for the fiscal year and is consistent with the financial plan and budget adopted in
accordance with D.C. Official Code §§ 47-392.01 and 47-392.02:
5
The Chief Financial Officer has certified in the enclosed funding certification memorandum that
funding in the amount of $12,00,000.00 is available in the budget authority for the agency for fiscal
year 2025. This is an increase of $3,500,000 over the original contract ceiling and certification.
(Attachment A)
(R) A certification that the contract is legally sufficient, including whether the proposed
contractor has any pending legal claims against the District:
The contract has been reviewed for legal sufficiency and deemed legally sufficient. (Attachment B)
(S) A certification that Citywide Clean Hands database indicates that the proposed contractor is
current with its District taxes. If the Citywide Clean Hands Database indicates that the
proposed contractor is not current with its District taxes, either: (1) a certification that the
contractor has worked out and is current with a payment schedule approved by the District;
or (2) a certification that the contractor will be current with its District taxes after the District
recovers any outstanding debt as provided under D.C. Official Code § 2-353.01(b):
IdeaCrew, Inc. is in compliance with DC taxes per the Clean Hands Report dated May 30, 2025
(Attachment C)
(T) A certification from the proposed contractor that it is current with its federal taxes, or has
worked out and is current with a payment schedule approved by the federal government:
IdeaCrew, Inc. is current with its federal taxes as indicated by the System of Award Management
record results. (Attachment D)
(U) The status of the proposed contractor as a certified local, small, or disadvantaged business
enterprise as defined in the Small, Local, and Disadvantaged Business Enterprise
Development and Assistance Act of 2005, as amended, D.C. Official Code § 2-218.01 et seq.:
IdeaCrew, Inc. is a certified local, small, or disadvantaged business enterprise as defined in the
Small, Local, and Disadvantaged Business Enterprise Development and Assistance Act of 2005.
(V) Other aspects of the proposed contract that the Chief Procurement Officer considers
significant:
None
(W) A statement indicating whether the proposed contractor is currently debarred from providing
services or goods to the District or federal government, the dates of the debarment, and the
reasons for debarment:
IdeaCrew, Inc. has no record of debarment or suspension actions on the federal and District
Excluded Parties Lists Systems (EPLS). (Attachment E)
6
(X) Any determination and findings issued relating to the contract’s formation, including any
determination and findings made under D.C. Official Code § 2-352.05 (privatization
contracts):
D&F for Contractor Responsibility
D&F for Price Reasonableness
(Y) Where the contract, and any amendments or modifications, if executed, will be made
available online:
www.ocp.dc.gov and www.hbx.dc.gov
(Z) Where the original solicitation, and any amendments or modifications, will be made available
online:
www.ocp.dc.gov
Governmentofthe ofColumbiaOfficeoftheChiefFinancialOfficer 11014%Street,SWOfficeofTaxandRevenue Washington,DC20024
*
*
*
DateofNotice:May30,2025 NoticeNumber:L0014235882 =
IDEACREW,INC FEIN:#*-*98656 :3904EDITHCT CaseID:18617017ELLICOTTCITYMD 21043-4842
CERTIFICATE OF CLEAN HANDS
AsreportedintheCleanHandssystem,theabovereferencedindividual/entityhasnooutstanding
liabilitywiththeDistrictofColumbiaOfficeofTaxandRevenueortheDepartmentofEmploymentServices.Asofthedateabove,theindividual/entityhascompliedwithDC Code§47-2862,thereforethisCertificateofCleanHandsisissued.
TITLE47.TAXATION, LICENSING,PERMITS,ASSESSMENTS, AND FEES.
CHAPTER 28GENERAL LICENSE
SUBCHAPTER II.CLEAN HANDS BEFORE RECEIVING A LICENSE OR PERMIT
D.C. CODE § 47-2862 (2006)
§47-2862PROHIBITIONAGAINST ISSUANCE OF LICENSEOR PERMIT
a ——AuthorizedByMelindaJenkins
BranchChief,CollectionandEnforcementAdministration
Tovalidatethiscertificate,pleasevisitMyTax.DC.gov.OntheMyTaxDC homepage,clickthe“ValidateaCertificateofCleanHands”hyperlinkundertheCleanHandssection.
11014thStreetSW,SuiteW270,Washington,DC20024/Phone:(202)724-S048/MyTax.DC.gov
1225 I Street, N.W., Washington, D.C. 20005 (202) 715-7576 FAX (202)730-1658
GOVERNMENT OF THE DISTRICT OF COLUMBIA
DC Health Benefit Exchange Authority
Office of the Chief Financial Officer
MEMORANDUM
TO: Kenneth Wallington
Contracting Officer
DC Health Benefit Exchange Authority
THRU: Delicia V. Moore
Associate Chief Financial Officer, HSSC
FROM: Marjorie Edmonds
Agency Chief Financial Officer
DC Health Benefit Exchange Authority
DATE: June 2, 2025
SUBJECT: Certification of Initial IDIQ Contract for an Increase in the Base Year for
IdeaCrew, Inc. Contract # DCHBX-2025-C-0001
This memorandum certifies that contingent upon approval of the FY 2025 budget the DC Health
Benefit Exchange Authority (HBX) will request $500 in its FY2025 budget to cover potential
costs that may be incurred if a minimum order is achieved for a CBE contract with IdeaCrew,
Inc.
The IdeaCrew contract is established as an Indefinite Delivery/Indefinite Quantity (IDIQ)
contract, and HBX may place orders against this contract by means of individual task orders or
delivery orders. If no orders are placed against this contract, HBX guarantees the minimum
order in the amount of $500. The contract is expected to be funded in an amount not to exceed
$12,000,000.00 for the period October 1, 2024, through September 30, 2025. This is an increase
of $3,500,000 over the original contract ceiling and certification.
If there are any questions or concern, please contact Marjorie Edmonds at (202) 503-5272.
HBXDC HealthBenefitExchangeAuthority
LEGAI [CIENCY MEMO}
[DUM
TO: KennethWallingtonContractingOfficer
FROM: BrianK. Flowers
GeneralCounsel
DATE: June 10,2025
SUBJECT: Legal SufficiencyReviewof ContractNo. DCHBX-2025-C-0001 with IdeaCrew,
Inc.
The proposedactionistoaward an IndefiniteDeliveryIndefiniteQuantity(IDIQ) contractwith a
minimum amount of $500 and a maximum amount Not to Exceed $12,000,000 (forthe base
period),fortheprovisionofinformationtechnology(IT)services,withfour1-yearoptionperiods
or successivefractionsthereof,theamounts tobe determinedatthetime theoptionsareexecuted.
The contractorwilldevelop customizationsand enhanced functionalityfortheDC Health Link
website.The contractorwillalsoprovidetechnicalstaffto supportDC HealthLink’scontinuing
onlineoperationsand maintenance foritssmallbusinessand individualprivatehealthinsurance
markets.
TheContractingOfficerrecommendedawardstotwoofferorsthatsubmittedthetwohighest
overallratedproposals.IdeaCrewhadoneofthetwohighestoverallratedproposals.Their
proposalwasevaluatedasmeetingorexceedingtheRFP’srequirementsunderthetechnical
evaluationcriteria.IdeaCrew,Inc.,isaDistrictofColumbiaCertifiedBusinessEnterprise(CBE)
thatwasestablishedin2002.IdeaCrewisanaward-winningState-BasedMarketplace(SBM)full-
serviceITcompanythatmetalltherequirementssetforthintheRFP.
ThisistoCertifythatthisOfficehasreviewedtheabove-referencedlegislationandhasfounditto
belegallysufficient.Ifyouhaveanyquestionsregardingthiscertification,pleasedonothesitatetocontactmeat(202)812.8444.
Beli fre
BrianK. Flowers
&. 1225 Eye Street, NW, Suite 400, Washington, DC 20005
(X)
X
Contract Value $12,000,000.00
(Signature of Contracting Officer)
15A. Name and Title of Signer (Type or print)
Kenneth Wallington
16B. District of Columbia 16C. Date Signed
1. Increase contract ceiling by $3,500,000.00 from $8,500,000.00 to $12,000,000.00. The new contract value is not to
15B. Name of Contractor 15C. Date Signed
CONTRACT RECAP
All other terms and conditions remain unchanged.
MOD# M001- Increase ceiling amount $3,500,000.00
Base Year 10/1/2024- 9/30/2025 NTE $8,500,000.00
16A. Name of Contracting Officer
14. Description of amendment/modification (Organized by UCF Section headings, including solicitation/contract subject matter where feasible.)
E. IMPORTANT: Contractor is not, is required to sign this document and return 1 copies to the issuing office.
A. This is a change order is issued pursuant to the contract.
D. Other (Specify type of modification and authority)
PRIOR TO THE HOUR AND DATE SPECIFIED MAY RESULT IN REJECTION OF YOUR OFFER. If by virtue of this amendment you desire to change
an offer already submitted, such change may be made by letter or fax, provided each letter or telegram makes reference to the
12. Accounting and Appropriation Data (If Required)
13. THIS ITEM APPLIES ONLY TO MODIFICATIONS OF CONTRACTS/ORDERS,
IT MODIFIES THE CONTRACT/ORDER NO. AS DESCRIBED IN ITEM 14
Offers must acknowledge receipt of this amendment prior to the hour and date specified in the solicitation or as amended, by one of the
amendment number. FAILURE OF YOUR ACKNOWLEDGEMENT TO BE RECEIVED AT THE PLACE DESIGNATED FOR THE RECEIPT OF OFFERS
solicitation and this amendment, and is received prior to the opening hour and date specified.
Facility 24-Sep-24
11. THIS ITEM ONLY APPLIES TO AMENDMENTS OF SOLICITATIONS
The above numbered solicitation is amended as set forth in Item 14. The hour and date specified for receipt of Offers is extended. is not extended.
Washington, DC 20036 10A. Modification of Contract/Task Order No.
POC: Trevor Garner DCHBX-2025-C-0001
202/688-3130 10B. Dated (See Item 13)
Code
1225 "I" Street, NW., 4th Floor
8. Name and Address of Contractor (No. Street, city, country, state and ZIP Code) 9A. Amendment of Solicitation No.
IdeaCrew, Inc. 9B. Dated (See Item 11)
1150 Connecticut Avenue, NW STE 710
2. Amendment/Modification Number
7. Administered By (If other than line 6)
Washington, DC 20005
202/741-0846
DC Benefit Exchange Authority
M001 See Block 16C IT Consulting Services
6. Issued By: Code
AMENDMENT OF SOLICITATION/MODIFICATION OF CONTRACT 1. Contract Number Page of Pages
DCHBX-2025-C-0001 1 1
3. Effective Date 4. Requisition/Purchase Request No.
B. The above numbered contract/order is modified to reflect the administrative changes (such as changes in paying office, appropriation
date, etc.)
C. This is a supplemental agreement to the above-numbered contract/order for
negotiated equitable adjustments, to formalize a letter contract or to reflect other agreements to modify the terms of the contract.
5. Solicitation Caption
X
(Signature of person authorized to sign)
Except as provided herein, all terms and conditions of the document referenced in Item (9A or 10A) remain unchanged and in full force and effect
Contract Ceiling Increase
exceed $12,000.000.00.
Contract# DCHBX-2025-C-0001 is hereby being modified as follows:
,
('C>>=@B'3@D713A
3286&(8
91'*6
'
++*(8.:*&8*
*84),6
*59.7.8.32
96(-&7* *59*78
63/*(8
3$/53
=4
&1*&2)))6*773+3286&(836
+,(6,;3*
433,*80*98:,39,
&"8,
&(7/03.843
883#6,:46(63,6
*0.:*6<))6*77
,(18/,3,-08<*/(3.,98/4608='
>?"86,,8
&
8/ 1446
&(7/03.843
3286&(8367-&0079'1.8&00.2:3.(*783
1,*86430*(11=:0(8/,%,3+46 468(1
/8857:,3+465468(1+*.4:
*7*6:*)+36+9896*97* ((3928.2 ,&2)446346.&8.32&8&
8*1 !9440.*7!*6:.(*7 9&28.8< #2.8 #2.8
6.(* "38&0
#"955468",6:0*,7""#
!
"$
4884
<*,,+
4386(*803. --0*,6;0114251,8,8,2
46
(75510*()1, 8,2
075510*()1,
'
" "
!
""
"
3286&(836.76*59.6*)837.,28-.7)3(91*28&2)6*8962(34.*7
83.779.2,3++.(*
3286&(836&,6**783+962.7-&2))*0.:*6&00.8*17364*6+361&00
8-*7*6:.(*77*8+368-3638-*6;.7*.)*28.+.*)&'3:*&2)32&2<
(328.29&8.327-**87+368-*(327.)*6&8.3278&8*)-*6*.2"-*
6.,-87&2)3'0.,&8.3273+8-*4&68.*7838-.7(3286&(87-&00'*
79'/*(883&2),3:*62*)'<8-*+3003;.2,)3(91*287&8-.7
&;&6)(3286&(8'8-*730.(.8&8.32.+&2<&2)(79(-
463:.7.3276*46*7*28&8.327(*68.+.(&8.327&2)74*(.+.(&8.327&7
&6*&88&(-*)36.2(36436&8*)'<6*+*6*2(*-*6*.288&(-1*287
&6*0.78*)-*6*.2
$ 3286&(836.72386*59.6*)837.,28-.7)3(91*28
%3963++*632!30.(.8&8.32
91'*6.2(09).2,8-*&)).8.32736(-&2,*7
1&)*'<<39;-.(-&)).8.32736(-&2,*7&6*7*8+368-.2+900&'3:*.7
-*6*'<&((*48*)&7838-*.8*170.78*)&'3:*&2)32&2<(328.29&8.32
7-**87"-.7&;&6)(327911&8*78-*(3286&(8;-.(-(327.7873+8-*
+3003;.2,)3(91*287
&"-*3:*621*287730.(.8&8.32&2)<3963++*6&2)'8-.7
&;&6)(3286&(8
3+968-*6(3286&(89&0)3(91*28.72*(*77&6<
&1*&2)".80*3+!.,2*6"<4*3646.28
&1*3+3286 &(8.2,
++.(*6
,33,8/&(1103.8434386(*803. --0*,6
&8*
.786.(83+3091'.&
&8*
98-36.=*) *46*7*28&8.:*>7!.,2&896* 3286&(8.2,
++.(*6>7! .,2&896*
Trevor W. Garner COO
7-15-24 9/24/2024
,
('C>>=@B'3@D713A
'(
#"
#"(&((-$"$&
'
)
-:7
;EFD;5FA8
A>G?4;3!73>F:7@78;F
J5:3@97GF:AD;FKP!1Q:3E3I3D676
35A@FD35FFA"673
D7I "@5
P
A@FD35FADQFABDAH;67;@8AD?3F ;A@F75:@A>A9K
EGBBADFE7DH;57E;@F:D774DA363D73E
(@9A;@9AB7D3F;A@E3@6?3;@F7@3@57A8!1EKEF7?EP(&Q
7E;9@ 67H7>AB?7@F 3@6 ;?B>7?7@F3F;A@ A8 EA8FI3D7 5GEFA?;L3F;A@E 3@6
7@:3@57?7@FEFAF:7
!73>F:%;@=7J5:3@97B>3F8AD?P
Q3@6
,B75;3>;L76"-EF388E7DH;57E 3E@77676P"-,Q
"
"
(
*&-I
"
"
(%)"(
(-#"(&(
-:;E;E3@"@678;@;F7
7>;H7DK
"@678;@;F7*G3@F;FK"
"*
A@FD35F8ADF:7EGBB>;7EAD
E7DH;57EEB75;8;76;@,75F;A@
3@678875F;H78ADF:7B7D;A6A8B7D8AD?3@57EF3F76;@
,75F;A@
AD735:"
"*5A@FD35F3I3D676 F:7?;@;?G?9G3D3@F7765A@FD35F 3?AG@F8ADF:7
3E7)7D;A63@68AD735:(BF;A@)7D;A6;E
-:7?3J;?G?I;>>4767F7D?;@76
GBA@5A@FD35F3I3D6
7>;H7DKA8B7D8AD?3@57G@67D
%"'E
3@6
3@6
E:3>>4 7?367A@>K3E
3GF:AD;L764KF3E=AD67DEAD67>;H7DKAD67DE;EEG76;@355AD63@57I;F:F:7(D67D;@9
>3GE73F,75F;A@
-:7D7;E@A>;?;FA@F:7@G?47DA8AD67DEF:3F?3K47;EEG76
-:7D7;E@A9G3D3@F77A@F:7@G?47DA8AD67DEF:3FF:7EG557EE8 G>5A@FD35FADEI;>>
D757;H7ADF:73?AG@FA8?A@7K47KA@6F:7?;@;?G?AD67D9G3D3@F 77E7F8ADF:;@
,75F;A@
(D67DE?3K47;EEG76A@38;D?8;J76
BD;57 )AD>34AD
:AGD43E;E
AD35A?4;@3F;A@F:7D7A8 3@6?3KD7CG;D767>;H7DKFA?G>F;B>7 67EF;@3F;A@EAD
B7D8AD?3@573F?G>F;B>7>A53F;A@E
@KAD67D;EEG766GD;@9F:778875F;H7B7D;A6A8F:;E
A@FD35F3 @6@AF5A?B>7F76
I;F:;@F:3FB7D;A6E:3>>475A?B>7F764KF:7
A@FD35FADI;F:;@F:7F;?7EB75;8;76;@
F:7AD67D
-:7
A@FD35FE:3>>9AH7D@F:7)3DF;7ERD;9:FE3@6A4 >;93F;A@EI;F:D7EB75F
FAF:3FAD67DFAF:7E3?77JF7@F3E;8F:7AD67DI7D75A?B>7F766GD;@9F:7
A@FD35FE
78875F;H7B7D;A6 BDAH;676F:3FF:75A@FD35FADE:3>>@AF47D7CG;D76FAB7D8AD?G@67D
F:;E
A@FD35F47KA@6E;J?A@F:E8DA?F:763F7A87JB;D3F;A@A8F:7
A@FD35F
-:;E5A@FD35F;E@AF
FA
7J5776'-
$&
'
) I7F32:/0=@6=C@@/B3A
-:7:AGD>KD3F7E;@F:;E
A@FD35FE:3>>478G>>K>A36763@6;@5>G67I397E AH7D:736
97@7D3>3@636?;@;EFD3F;H77JB7@E7E 3@6BDA8;F
,
('C>>=@B'3@D713A
'$&
#
'&
$(
#"
,
#)& - #&
&(
%"'
(B7D3F;A@E3@6&3;@F7@3@57,(0M
%34AD
3F79AD;7E
,.
%"'
'C0831B!/BB3@F>3@B
%7H7>
%7H7>
%7H7>
$@=831B7@31B=@
%7H7>
%7H7>
%7H7>
$@=831B!/</53@
%7H7>
%7H7>
%7H7>
'GAB3;'>317/:7AB
%7H7>
%7H7>
%7H7>
=<AC:B/<BICA7<3AA</:GAB
%7H7>
%7H7>
%7H7>
+30>>:71/B7=<3D3:=>3@
%7H7>
%7H7>
%7H7>
/B/0/A32;7<7AB@/B=@ </:GAB
%7H7>
%7H7>
%7H7>
,
('C>>=@B'3@D713A
'&
$(
#"
,
#)& - #&
&(
%"'
GEFA?;L3F;A@E3@6
@:3@57?7@FE
,(0M
%34AD
3F79AD;7E
,.
%"'
'C0831B!/BB3@F>3@B
%7H7>
%7H7>
%7H7>
$@=831B7@31B=@
%7H7>
%7H7>
%7H7>
$@=831B!/</53@
%7H7>
%7H7>
%7H7>
'GAB3;'>317/:7AB
%7H7>
%7H7>
%7H7>
=<AC:B/<BICA7<3AA</:GAB
%7H7>
%7H7>
%7H7>
+30>>:71/B7=<3D3:=>3@
%7H7>
%7H7>
%7H7>
/B/0/A32;7<7AB@/B=@ </:GAB
%7H7>
%7H7>
%7H7>
,
('C>>=@B'3@D713A
" '&
$(
#"
,
#)& - #&&(
%"'
"-,F388;@9,7DH;57E"-,,(0M
%34AD
3F79AD;7E
,.
%"'
'C0831B!/BB3@F>3@B
%7H7>
%7H7>
%7H7>
$@=831B7@31B=@
%7H7>
%7H7>
%7H7>
$@=831B!/</53@
%7H7>
%7H7>
%7H7>
'GAB3;'>317/:7AB
%7H7>
%7H7>
%7H7>
=<AC:B/<BICA7<3AA</:GAB
%7H7>
%7H7>
%7H7>
+30>>:71/B7=<3D3:=>3@
%7H7>
%7H7>
%7H7>
/B/0/A32;7<7AB@/B=@ </:GAB
%7H7>
%7H7>
%7H7>
,
('C>>=@B'3@D713A
#$(
#"-&#"
'&
$(
#"
,
#)& - #&
&(
%"'
(B7D3F;A@E3@6&3;@F7@3@57,(0M
%34AD
3F79AD;7E
,.
%"'
'C0831B!/BB3@F>3@B
%7H7>
%7H7>
%7H7>
$@=831B7@31B=@
%7H7>
%7H7>
%7H7>
$@=831B!/</53@
%7H7>
%7H7>
%7H7>
'GAB3;'>317/:7AB
%7H7>
%7H7>
%7H7>
=<AC:B/<BICA7<3AA</:GAB
%7H7>
%7H7>
%7H7>
+30>>:71/B7=<3D3:=>3@
%7H7>
%7H7>
%7H7>
/B/0/A32;7<7AB@/B=@ </:GAB
%7H7>
%7H7>
%7H7>
,
('C>>=@B'3@D713A
'&
$(
#"
,
#)& - #&&(
%"'
GEFA?;L3F;A@E3@6
@:3@57?7@FE
,(0M
,.
%"'
'C0831B!/BB3@F>3@B
%7H7>
%7H7>
%7H7>
$@=831B7@31B=@
%7H7>
%7H7>
%7H7>
$@=831B!/</53@
%7H7>
%7H7>
%7H7>
'GAB3;'>317/:7AB
%7H7>
%7H7>
%7H7>
=<AC:B/<BICA7<3AA</:GAB
%7H7>
%7H7>
%7H7>
+30>>:71/B7=<3D3:=>3@
%7H7>
%7H7>
%7H7>
/B/0/A32;7<7AB@/B=@ </:GAB
%7H7>
%7H7>
%7H7>
,
('C>>=@B'3@D713A
" '&
$(
#"
,
#)& - #&&(
%"'
"-,F388;@9,7DH;57E"-,,(0M
,.
%"'
'C0831B!/BB3@F>3@B
%7H7>
%7H7>
%7H7>
$@=831B7@31B=@
%7H7>
%7H7>
%7H7>
$@=831B!/</53@
%7H7>
%7H7>
%7H7>
'GAB3;'>317/:7AB
%7H7>
%7H7>
%7H7>
=<AC:B/<BICA7<3AA</:GAB
%7H7>
%7H7>
%7H7>
+30>>:71/B7=<3D3:=>3@
%7H7>
%7H7>
%7H7>
/B/0/A32;7<7AB@/B=@ </:GAB
%7H7>
%7H7>
%7H7>
,
('C>>=@B'3@D713A
#$(
#"-&(+#
'&
$(
#"
,
#)& - #&
&(
%"'
(B7D3F;A@E3@6&3;@F7@3@57,(0M
,.
%"'
'C0831B!/BB3@F>3@B
%7H7>
%7H7>
%7H7>
$@=831B7@31B=@
%7H7>
%7H7>
%7H7>
$@=831B!/</53@
%7H7>
%7H7>
%7H7>
'GAB3;'>317/:7AB
%7H7>
%7H7>
%7H7>
=<AC:B/<BICA7<3AA</:GAB
%7H7>
%7H7>
%7H7>
+30>>:71/B7=<3D3:=>3@
%7H7>
%7H7>
%7H7>
/B/0/A32;7<7AB@/B=@ </:GAB
%7H7 >
%7H7>
%7H7>
,
('C>>=@B'3@D713A
" '&
$(
#"
,
#)& - #&&(
%"'
GEFA?;L3F;A@E3@6
@:3@57?7@FE
,(0M
,.
%"'
'C0831B!/BB3@F>3@B
%7H7>
%7H7>
%7H7>
$@=831B7@31B=@
%7H7>
%7H7>
%7H7>
$@=831B!/</53@
%7H7>
%7H7>
%7H7>
'GAB3;'>317/:7AB
%7H7>
%7H7>
%7H7>
=<AC:B/<BICA7<3AA</:GAB
%7H7>
%7H7>
%7H7>
+30>>:71/B7=<3D3:=>3@
%7H7>
%7H7>
%7H7>
/B/0/A32;7<7AB@/B=@ </:GAB
%7H7>
%7H7>
%7H7>
,
('C>>=@B'3@D713A
" '&
$(
#"
,
#)& - #&&(
%"'
"-,F388;@9,7DH;57E"-,,(0M
,.
%"'
'C0831B!/BB3@F>3@B
%7H7>
%7H7>
%7H7>
$@=831B7@31B=@
%7H7>
%7H7>
%7H7>
$@=831B!/</53@
%7H7>
%7H7>
%7H7>
'GAB3;'>317/:7AB
%7H7>
%7H7>
%7H7>
=<AC:B/<BICA7<3AA</:GAB
%7H7>
%7H7>
%7H7>
+30>>:71/B7=<3D3:=>3@
%7H7>
%7H7>
%7H7>
/B/0/A32;7<7AB@/B=@ </:GAB
%7H7>
%7H7>
%7H7>
,
('C>>=@B'3@D713A
#$(
#"-&(
&
'&
$(
#"
,
#)& - #&
&(
%"'
(B7D3F;A@E3@6&3;@F7@3@57,(0M
,.
%"'
'C0831B!/BB3@F>3@B
%7H7>
%7H7>
%7H7>
$@=831B7@31B=@
%7H7>
%7H7>
%7H7>
$@=831B!/</53@
%7H7>
%7H7>
%7H7>
'GAB3;'>317/:7AB
%7H7>
%7H7>
%7H7>
=<AC:B/<BICA7<3AA</:GAB
%7H7>
%7H7>
%7H7>
+30>>:71/B7=<3D3:=>3@
%7H7>
%7H7>
%7H7>
/B/0/A32;7<7AB@/B=@ </:GAB
%7H7>
%7H7>
%7H7>
,
('C>>=@B'3@D713A
" '&
$(
#"
,
#)& - #&&(
%"'
GEFA?;L3F;A@E3@6
@:3@57?7@FE
,(0M
,.
%"'
'C0831B!/BB3@F>3@B
%7H7>
%7H7>
%7H7>
$@=831B7@31B=@
%7H7>
%7H7>
%7H7>
$@=831B!/</53@
%7H7>
%7H7>
%7H7>
'GAB3;'>317/:7AB
%7H7>
%7H7>
%7H7>
=<AC:B/<BICA7<3AA</:GAB
%7H7>
%7H7>
%7H7>
+30>>:71/B7=<3D3:=>3@
%7H7>
%7H7>
%7H7>
/B/0/A32;7<7AB@/B=@ </:GAB
%7H7>
%7H7>
%7H7>
,
('C>>=@B'3@D713A
" '&
$(
#"
,
#)& - #&&(
%"'
"-,F388;@9,7DH;57E"-,,(0M
,.
%"'
'C0831B!/BB3@F>3@B
%7H7>
%7H7>
%7H7>
$@=831B7@31B=@
%7H7>
%7H7>
%7H7>
$@=831B!/</53@
%7H7>
%7H7>
%7H7>
'GAB3;'>317/:7AB
%7H7>
%7H7>
%7H7>
=<AC:B/<BICA7<3AA</:GAB
%7H7>
%7H7>
%7H7>
+30>>:71/B7=<3D3:=>3@
%7H7>
%7H7>
%7H7>
/B/0/A32;7<7AB@/B=@ </:GAB
%7H7>
%7H7>
%7H7>
,
('C>>=@B'3@D713A
#$(
#"-&#)&
'&
$(
#"
,
#)& - #&
&(
%"'
(B7D3F;A@E3@6&3;@F7@3@57,(0M
,.
%"'
'C0831B!/BB3@F>3@B
%7H7>
%7H7>
%7H7>
$@=831B7@31B=@
%7H7>
%7H7>
%7H7>
$@=831B!/</53@
%7H7>
%7H7>
%7H7>
'GAB3;'>317/:7AB
%7H7>
%7H7>
%7H7>
=<AC:B/<BICA7<3AA</:GAB
%7H7>
%7H7>
%7H7>
+30>>:71/B7=<3D3:=>3@
%7H7>
%7H7>
%7H7>
/B/0/A32;7<7AB@/B=@ </:GAB
%7H7>
%7H7>
%7H7>
,
('C>>=@B'3@D713A
" '&
$(
#"
,
#)& - #&&(
%"'
GEFA?;L3F;A@E3@6
@:3@57?7@FE
,(0M
,.
%"'
'C0831B!/BB3@F>3@B
%7H7>
%7H7>
%7H7>
$@=831B7@31B=@
%7H7>
%7H7>
%7H7>
$@=831B!/</53@
%7H7>
%7H7>
%7H7>
'GAB3;'>317/:7AB
%7H7>
%7H7>
%7H7>
=<AC:B/<BICA7<3AA</:GAB
%7H7>
%7H7>
%7H7>
+30>>:71/B7=<3D3:=>3@
%7H7>
%7H7>
%7H7>
/B/0/A32;7<7AB@/B=@ </:GAB
%7H7>
%7H7>
%7H7>
,
('C>>=@B'3@D713A
" '&
$(
#"
,
#)& - #&&(
%"'
"-,F388;@9,7DH;57E"-,,(0M
,.
%"'
,.
%"' 'C0831B!/BB3@F>3@B
%7H7>
%7H7>
%7H7>
$@=831B7@31B=@
%7H7>
%7H7>
%7H7>
$@=831B!/</53@
%7H7>
%7H7>
%7H7>
'GAB3;'>317/:7AB
%7H7>
%7H7>
%7H7>
=<AC:B/<BICA7<3AA</:GAB
%7H7>
%7H7>
%7H7>
+30>>:71/B7=<3D3:=>3@
%7H7>
%7H7>
%7H7>
/B/0/A32;7<7AB@/B=@ </:GAB
%7H7>
%7H7>
%7H7>
,
('C>>=@B'3@D713A
'(
#"
'$
(
#"' '((!"(#+#&
'#$
-:7
;EFD;5FA8
A>G?4;3!73>F:7@78;F
J5:3@97GF:AD;FKP!1Q:3E3I3D676
35A@FD35FFA"673
D7I "@5
P
A@FD35FADQFABDAH;67;@8AD?3F ;A@F75:@A>A9K
EGBBADFE7DH;57E;@F:D774DA363D73E
(@9A;@9AB7D3F;A@E3@6?3;@F7@3@57A8!1EKEF7?EP(&Q
7E;9@ 67H7>AB?7@F 3@6 ;?B>7?7@F3F;A@ A8 EA8FI3D7 5GEFA?;L3F;A@E 3@6
7@:3@57?7@FEFAF:7
!73>F:%;@=7J5:3@97B>3F8AD?P
Q3@6
,B75;3>;L76"-EF388E7DH;57E 3E@77676P"-,Q
&#)"
-:7 !73>F: 7@78;F
J5:3@97 GF:AD;FK !1 ;E 3 CG3E;
9AH7D@?7@F3>
;@67B7@67@F397@5K7EF34>;E:764KF:7
;EFD;5FA8
A>G?4;3 AH7 D@?7@FFA
;?B>7?7@F 3 EF3F7
43E76 :73>F: ;@EGD3@57 ?3D=7FB>357 ;@ F:7
;EFD;5F ;@
355AD63@57I;F:F:7)3F;7@F)DAF75F;A@3@688AD634>7
3D75FA8
3E3?7@676 3@6F:7!73>F:7@78;F
J5:3@97GF:AD;FK
EF34>;E:?7@F5FA8
(88;5;3>
A67MM
O
!1BDAH;67E355 7EEFA
CG3>;FK3@6388AD634>7:73>F:53D7FA3>>
;EFD;5FD7E;67@FE3@ 6E?3>>4GE;@7EE7E
F:DAG9:*G3>;8;76!73>F:)>3@E*!)EEA>6A@F:77J5:3@97?3D=7FB>357
!1
;ED7EBA@E;4>78AD57DF;8K;@9*!)EF:3F?77F57DF3;@CG3>;8;53F;A@E;@5>G6;@9F:7
BDAH;E;A@A87EE7@F;3>:73>F:47@78;FE8A>>AI7EF34>;E:76>;?;FEA@5AEFE:3D;@9
3@6?77FAF:7DD7CG;D7?7@FE
!1BDAH;67EF:7E7E7DH;57EF:DAG9:;FEA@>;@7?3D=7FB>357
!73>F:%;@=
!13>EA?3@397EF:7AB7D3F;A@A8F:7
!73>F:%;@=
A@F35F
7@F7D ?3@63F76
4KF:7
FABDAH;675GEFA?7DE7DH;573EE;EF3@57FA5A@EG?7DE D793D6;@9
7>;9;4;>;FK3@67@DA>>?7@F
!73>F:%;@=;E3PA@7
EFABE:ABQI:7D7;@6;H;6G3>E
3@6E?3>>4GE;@7EE7E53@D7E73D5:3@6BGD5:3E7*!)E 3@667F7D?;@77>;9;4;>;FK
8AD&76;53;6 BD;H3F7:73>F:;@EGD3@57 3EI7>>3EBD7?;G?F3J5D76;FE3@65AEF
E:3D;@9D76G5F;A@EI:;5::7>B;@6;H;6G3>?3D=7F5A@EG?7DEB3K8 ADBD;H3F7
5AH7D397
-:7D73D7@G?7DAGEABF;A@E3H3;>34>7F:DAG9:
!73>F :%;@=
;@6;H;6G3> :73>F: 5AH7D397 I;F: 8;@3@5;3> 3EE;EF3@57 ;@5>G6;@9& 7 6 ; 5 3 ; 6
BD7?;G?F3J5D76;FE 3@65AEFE:3D;@9D76G5F;A@E ;@6;H;6G3>B D;H3F7:73>F:
;@EGD3@57I;F:AGF8;@3@5;3>3EE;EF3@57 E?3>>4GE;@7EE7?B>AK7D7@DA>>?7@F 3@6
E?3>>4GE;@7EE7?B>AK777@DA>>?7@F
!73>F:%;@=E7DH7E3EF:7E?3>>4GE;@7EE?3D=7FB>3578AD3>> 4GE;@7EE7E;@
F:3F:3H7
AD87I7D8G>>
F;?77CG;H3>7@F7?B>AK77E3@6A88 7D:73>F:
;@EGD3@57
!73>F:%;@=EKEF7?E7@34>7E?3>>4GE;@7EE7EFAA8 87D:73>F:
;@EGD3@575AH7D397FAF:7;D7?B>AK77E3@63>>AIF:AE77?B>AK77E FAE:AB3@6
E7>75F8ADF:7;D5AH7D39743E76A@F:7;D7?B>AK7DREE7>75F;A@E
,
('C>>=@B'3@D713A
GEFA?7DE53@GE7A@>;@7FAA>EA@F:7
!73>F:%;@=I74E;F73@ 63BB>K8AD
5AH7D397 AD53>>F:7
!73>F:%;@=
A@F35F
7@F7D8AD3EE;EF3 @57
-:7D73D7
3>EAFD3;@764DA=7DEAD;@
B7DEA@3EE;EF7DED79;EF7D76I;F:
!73>F:%;@=
3H3;>34>7FA7?B>AK7DE 7?B>AK77E 3@6;@6;H;6G3>EFA:7>BI;F: 4AF:7>;9;4;>;FK
3@67@DA>>?7@F
@@G3>>K 8A>>AI;@9F:7B>3@57DF;8;53F;A@BDA57EE
!73>F:% ;@=>A36EB>3@
;@8AD?3F;A@ ;@5>G6;@9 ,G??3D;7E A8 )>3@ 3@6 7@78;FE 3@6 B>3@D3F7
;@8AD?3F;A@;@FA;FEEKEF7?E
"@AD67DFAH3>;63F7F:7355GD35 KA8B>3@3@6D3F7
>A36;@9
!73>F:%;@=BDAH;67E;EEG7DEI;F:3@ABBADFG@;FKFAF7EF3@6H3>;63F7
;@3@A@
BDA6G5F;A@7@H;DA@?7@F
-:;EBDA57EE;EEGBBADF764K!1"-EF3883@6
5A@FD35FADE
!1?3K3>EABDAH;67E;?;>3DE7DH;57E ;@5>G6;@9A@9A;@9"-(&
FAAF:7DEF3F7 >A53> AD8767D3>7@F;F;7E
"@AD67DFABDAH;67F:7E7H3D;AGEE7DH;57E3@68G>8;>>;FE?;EE ;A@ !1AB7D3F7E
3@6?3;@F3;@E:;9:>K3H3;>34>7"-EKEF7?EFAE7DH7?G>F;B>75GE FA?7DE5A?B>K
I;F:3BB>;534>7 767D3>3@6>A53>>3IE D79G>3F;A@E 3@6BA>;5; 7E3GFA?3F7
4GE;@7EE8G@5F;A@E3@6BDAH;67
!73>F:%;@=5GEFA?7DEI;F:G E7D
8D;7@6>K
D7>;34>7"-E7DH;57E
-(&!'&#"-!'
NF:7)3F;7@F)DAF75F;A@3@688AD634>7
3D75FA8
)G4
%
'A
,F3F
5F;H7
;D75FADK,7DH;57E
AD
,N&;5DAEA8FF75:@A>A9KF: 3FBDAH;67E
@7FIAD=E7DH;57E
GFA?3F;5
3F3)DA57EE;@9
)NBDA57EE;@9;@8AD?3F;A@GE;@935A?BGF7D
?3LA@074,7DH;57E0,N!1AB7D3F7E
!73>F:%;@=7@F;D7> K;@F:7
?3LA@5>AG6 3@6GF;>;L7E5A??A@0,E7DH;57E;@5>G6;@9
, +AGF7
%
DA=7DENDA=7DE3D7>;57@E76G@67D
>3IFAE7>>:73>F:;@EGD3@573@6?3K47
57DF;8;76F:DAG9:
!73>F:%;@=FAE7DH7;@6;H;6G3>E 83?;>;7E E?3>>4GE;@7EE7E
3@6F:7;D7?B>AK77E
GE;@7EE"@F7>>;97@57"N"F75:@A>A9;7EBDAH;67:;EFAD;5 5GDD7@F 3@6
BD76;5F;H7H;7IEA84GE;@7EEAB7D3F;A@E
GEFA?7D"@8AD?3F;A@
A@FDA>,KEF7?
"
,N3FD3@E35F;A@E7DH 7DF:3FDG@E
BD;?3D;>KA@"&?3;@8D3?7EKEF7?E
3E536;@9EFK>7E:77FE
,,N3>3@9G397GE76FA67E5D;47F:7>AA=3@68AD?3FF;@9
A836A5G?7@FID;FF7@;@3?3D=GB>3@9G397
A??7D5;3> A88
F:7
E:7>8
(-,N;F7?EEG5:3ED736K
?367EA8 FI3D7AD
:3D6I3D7F:3F3D75GEFA?3D;>KGE764KF:797@7D3>BG4>;53@6EA>6;@EG4EF3@F;3>CG3@F;F;7E
;@F:75A??7D5;3>?3D=7FB>357
>EA=@AI@3EP5A??7D5;3>>K3H3;>34>7A88
F:7
E:7>8
Q
,
('C>>=@B'3@D713A
"
AD
"
N5A@F;@GAGE;@F79D3F;A@3@65A@F;@GAGE67>;H7DK
!1GE7E
"
FAA>E8AD5A67?3@397?7@FBGDBAE7E
>AG6
A?BGF;@9NF:7BDAH;E;A@A8A@
67?3@65A?BGF;@93@6D7>3 F76E7DH;57E
7
9
63F343E7:AEF;@9AH7DF:7;@F7D@7F
>AG65A?BGF;@9E7DH;57E3D7:AEF764K
3F:;D6
B3DFKBDAH;67D7
9
?3LA@074,7DH;57E &;5DAEA8F
>AG6 7F5
N
GEFA?;L3F;A@ 7@:3@57?7@F AD873FGD77@:3@57?7@FE
-:7F7D?E3D7GE76
;@F7D5:3@9734>KFA67E5D;473@K@7IAD;?BDAH76873FGD7EAD5GEFA?;L3F;A@EFA
!73>F:%;@= 47KA@6F:75GDD7@FEF3F7A8F:7BDA6G5F;A@EKEF7?3F39;H7@BA;@F;@
F;?7
3F343E7
N3EFDG5FGD765A>>75F;A@A8D75AD6EAD63F3EFAD 76;@35A?BGF7D
EKEF7?
@F7DBD;E7,7DH7D
6;F;A@
N3D7>3F;A@3>63F343E7?3@397?7@FEKEF7?
A@7A8"&RE83?;>;7EA8D7>3F;A@3>63F343E7?3@397?7@FEKEF7? EA8FI3D7
BDA6G5FE
3F343E736?;@;EFD3FAD
NB7DEA@D7EBA@E;4>78ADF:77@H;DA@?7@F3>3EB75FE
A8363F343E7
3F343E7 ?3@397?7@F EKEF7?
&, N 5A?BGF7D EA8FI3D7 F:3F ?3@397E
63F343E7E
&,3>>AIEGE7DE3@6EA8FI3D7FAEFAD73@6D7FD;7 H763F3;@3
EFDG5FGD76I3K
AD
;EFD;5FNGE76;@F7D5:3@9734>KFAD787DFAF:7
;EFD;5F A8
A>G?4;3
AH7D@?7@F
!73>F:%;@=N!1REA@>;@7:73>F:;@EGD3@57?3D=7FB>3573557EE763FF:7.+%
!73>F:%;@=
5A?
!73>F:%;@=AB7D3F7EA@AB7@EAGD57EA8FI3D7>A53F763F
:FFBE
9;F:G4
5A?
65:4J
K@3?;5!AEF
A@8;9GD3F;A@)DAFA5A>
!
)N3@7FIAD=3BB>;53F ;A@BDAFA5A>
GE764K67H;57EFAA4F3;@5A@8;9GD3F;A@;@8AD?3F;A@8ADAB7D3F; A@;@3@"@F7D@7F
)DAFA5A> @7FIAD=
-:;E BDAFA5A> D76G57E EKEF7? 36?;@;EFD3F;A@ IAD=>A36
3>>AI;@967H;57EFA4736676FAF:7@7FIAD=I;F:>;FF>7AD@A?3@G3>;@F7DH7@F;A@
K@3?;5:KB7DF7JF?3D=GB>3@9G397
!-&%N35A>>75F;A@A8F75:@A>A9;7E
GE76FA5D73F7;@F7D35F;H73@63@;?3F76I74E;F7E4KGE;@935A?4;@3F;A@A83EF3F;5
?3D=GB>3@9G397EG5:3E!-&% 35>;7@F
E;67E5D;BF;@9>3@9G397EG5:3E
#3H3,5D;BF 3BD7E7@F3F;A@A8678;@;F;A@>3@9G397EG5:3E
,,3@6F:7
A5G?7@F
(4<75F&A67>
A?3;@@3?7EKEF7?
',N3:;7D3D5:;53>@3?;@9EKEF7?8AD5A? BGF7DE
E7DH;57E AD3@KD7EAGD57B3DF;5;B3F;@9;@F:7"@F7D@7F
"F3EE A5;3F7EH3D;AGE
;@8AD?3F;A@I;F:F:76A?3;@@3?7E3EE;9@76FA735:A8F:7B3DF;5;B3@FE
,
('C>>=@B'3@D713A
>75FDA@;5
3F3"@F7D5:3@97
"NF:7BDA57EEA8FD3@E35F;@9 63F347FI77@
FD36;@9B3DF@7DE;@3EF3@63D6;L76 39D776
GBA@8AD?3F
!1GE7 E
"1FA
FD3@E35F7@DA>>?7@F3@6AF:7D63F347FI77@;FEEKEF7?E3@6F:AE 7?3@39764K
;@EGD3@5753DD;7DE
@DA>>BBNF:7:73>F:;@EGD3@577@DA>>?7@FBADF3>67H7>AB764K !1F:DAG9:
I:;5:;@6;H;6G3>E E?3>>4GE;@7EE7E 3@6F:7;D7?B>AK77E3557EE 3@67@DA>>;@
BD;H3F7:73>F:;@EGD3@57
-:73BB>;53F;A@;E4G;>FGE;@9F:7+G 4KA@+3;>E
8D3?7IAD=
@F7DBD;E763F3I3D7:AGE7
0N3D7BAE;FADKA83@AD93@;L3F;A@RE
7>75FDA@;53>>KEFAD7663F3 67E;9@76FA835;>;F3F7D7BADF;@93@63@3>KE;E
@F7DBD;E7D7EAGD57B>3@@;@9
+)N3EKEF7?F:3F;EGE76FA? 3@3973@6
5AAD6;@3F73>>F:7D7EAGD57E ;@8AD?3F;A@3@68G@5F;A@EA834GE;@7EE
,+"N3EA8FI3D767H7>AB?7@F3@6E7DH;57E5A?B3@KBDAH;6;@997A9D3B:;5
;@8AD?3F;A@EKEF7?EA8FI3D73@697A63F343E7?3@397?7@F3BB>;53F;A@E
7A9D3B:;5;@8AD?3F;A@EKEF7? ",N3EKEF7?8AD5D73F;@9 EFAD;@9 3@3>KL;@9
3@6?3@39;@9EB3F;3>63F33@63EEA5;3F763FFD;4GF7E
>G7
3F343E7NF:7
"FD3@E35F;A@EKEF7?A8D75AD6GE764K! 1FAE7DH73E
F:7D7BAE;FADK8AD7@DA>>?7@F;@8AD?3F;A@I:;5:;E7J5:3@976I;F:FD36;@9B3DF@7DE
EG5:3E:73>F:;@EGD3@5753DD;7DE
D3B:;53>GE7D;@F7D8357 ."NGE7D;@F7D8357F:3F3>>AIEB7AB>7FA;@F7D35FI;F:
7>75FDA@;567H;57EEG5:3E5A?BGF7D3@6:3@6:7>6EI;F:;?397ED 3F:7DF:3@F7JF
5A??3@6E
!1N
;EFD;5FA8
A>G?4;3!73>F:7@78;F
J5:3@97GF:AD;FK
!KB7DF7JF?3D=GB>3@9G397!-&%NF:7BD76A?;@3@F?3D=GB>3@9G3978ADI74
B397E I:;5:BDAH;67E3?73@EFA67E5D;47F:7EFDG5FGD7A8F7JF
43E76;@8AD?3F;A@
;@36A5G?7@F3@6FAEGBB>7?7@FF7JFI;F:;@F7D35F;H78AD?E 7? 476676;?397E
3@6AF:7DA4<75FE
!KB7DF7JF FD3@E87D BDAFA5A> !--) N BDAFA5A> GF;>;L;@9 -
) FA FD3@E87D
:KB7DF7JF D7CG7EFE 3@6 ;@8AD?3F;A@ 47FI77@ E7DH7E 3@6 4DAIE7DE
0:7@
;?B>7?7@F76GE;@9,75GD7,A5=7F%3K7D,,%F:;EBDAFA5A>;ED7 87DD76FA3E
!--),
"@F7D@7F;@8AD?3F;A@E7DH;57E"",N3E7FA8"@F7D@7F
43E76E 7DH;57E8ADE7DH7DE
5D73F764K&;5DAEA8F8ADGE7I;F:0;@6AIE
"@8AD?3F;A@ ,75GD;FK "' (,
N BDAF75F;@9 ;@8AD?3F;A@ 3@6 ;@8AD?3F;A@
EKEF7?E8DA?G@3GF:AD;L763557EE GE7 6;E5>AEGD7 6;EDGBF;A@ ?A6;8;53F;A@AD
67EFDG5F;A@
,
('C>>=@B'3@D713A
"@F7D@7FBDAFA5A>")N");EF:7BD;?3DKBDAFA5A>;@F:7"@F7 D@7F%3K7DA8F:7
"@F7D@7F)DAFA5A>,G;F73@6:3EF:7F3E=A867>;H7D;@96;EF;@9G ;E:76BDAFA5A>
63F39D3?EB35=7FE8DA?F:7EAGD57:AEFFAF:767EF;@3F;A@:AE FEA>7>K43E76A@
F:7;D366D7EE7E
"@8AD?3F;A@F75:@A>A9K"-NF:7EFG6K 67E;9@ 67H7>AB?7@F ; ?B>7?7@F3F;A@
EGBBADFAD?3@397?7@FA85A?BGF7D
43E76;@8AD?3F;A@EKEF7?E B3 DF;5G>3D>K
EA8FI3D73BB>;53F;A@E3@65A?BGF7D:3D6I3D7
#3H3)>3F8AD?
@F7DBD;E7
6;F;A@#
N3I;67>KGE76B>3F8A D?8ADE7DH7D
BDA9D3??;@9;@F:7#3H3BDA9D3??;@9>3@9G397
#3H3EFAD76BDA576GD7#,)N3E7FA8,*%EF3F7?7@FE ID;FF7@ ;@F:7#3H3
BDA9D3??;@9>3@9G397 9DAGB76FA97F:7D3E3@7J75GF34>7G@;F
$7KB7D8AD?3@57;@6;53FADE$)"N8;@3@5;3>3@6@A@
8;@3@5;3> ?73EGD7EAD
?7FD;5EGE76FA:7>B3@AD93@;L3F;A@678;@73@67H3>G3F7:AIEG 557EE8G>;F;E
FKB;53>>K;@F7D?EA878875F;H7@7EE
%A53>3D73@7FIAD=%'N35A?BGF7D@7FIAD=5AH7D;@93E?3>>>A53>3D73 EG5:
3E3:A?7ADA88;57
'3F;A@3>"@EF;FGF7A8,F3@63D6E3@6-75:@A>A9K'",-N38767D 3>>34AD3FADK
I:AE7?;EE;A@;EFABDA?AF7.
,
;@@AH3F;A@3@6;@6GEFD;3>5A?B 7F;F;H7@7EE4K
36H3@5;@9?73EGD7?7@FE5;7@57 EF3@63D6E 3@6F75:@A>A9K
'7FIAD=AB7D3F;A@E57@F7D'(
NA@7AD?AD7>A53F;A@E8DA?I:;5:5A@FDA>;E
7J7D5;E76AH7D35A?BGF7D F7>7H;E;A@4DA3653EFADF7>75A??G@;53F;A@E@7FIAD=
'7FIAD=?A@;FAD;@9EKEF7?'&,N3EKEF7?F:3F5A@EF3@F>K?A@;FADE3
5A?BGF7D@7FIAD=8ADE>AIAD83;>;@95A?BA@7@FE3@6@AF;8;7EF:7@7FIAD=
36?;@;EFD3FAD;@53E7A8AGF397EH;37?3;> B397DADAF:7D3>3D?E
(@>;@73@3>KF;53>BDA57EE;@9(%)N3FKB7A8EA8FI3D73@6FAA>EGE76FA
B7D8AD?D73>
F;?7 5A?B>7J3@3>KE;EA863F3EFAD76;@A@7AD?AD763F343E7E
(@>;@7FD3@E35F;A@BDA57EE;@9(%-)N3FKB7A8EA8FI3D73@6F AA>EGE76FA
B7D8AD?D73>
F;?75D73F;A@3@676;F;@9A863F3;@363F343E7
(&NAB7D3F;A@E3@6?3;@F7@3@57
(B7@
@DA>>?7@FN3>;?;F76B7D;A6A8F;?77H7DKK73DI:7@
D7E;67@FE53@
7@DA>>;@3:73>F:;@EGD3@57B>3@8ADF:7@7JFB>3@K73D
AD; @6;H;6G3>E3@6
83?;>;7E F:73@@G3>AB7@7@DA>>?7@FE73EA@;E7H7DK83>>3@6G EG3>>K>3EFE
?A@F:E FKB;53>>K8DA?'AH7?47DFA#3@G3DK
"83@7?B>AK7D A887DE:73>F:
;@EGD3@57 F:7AB7@7@DA>>?7@FF;?7I;>>47E:ADF7D3@63F36;887D7@FF;?7
(B7D3F;A@EKEF7?(,N3EA8FI3D7BDA9D3?F:3F7@34>7EF:75A?BGF7D:3D6I3D7
FA5A??G@;53F73@6AB7D3F7I;F:F:75A?BGF7DEA8FI3D7
,
('C>>=@B'3@D713A
)ADF34>76A5G?7@F8AD?3F)
N38;>78AD?3F5D73F764K6A47 ,KEF7?E8AD
6A5G?7@F7J5:3@97
)
;EGE768ADD7BD7E7@F;@9FIA
6;?7@E;A@3>6A5G?7@FE;@
3?3@@7D;@67B7@67@FA8F:73BB>;53F;A@EA8FI3D7 :3D6I3D73@6AB7D3F;@9EKEF7?
)7D>N3:;9:
>7H7> 97@7D3>
BGDBAE7 ;@F7DBD7F76 6K@3?;5BDA9D3??;@9>3@9G397
67H7>AB76 3E 3 97@7D3>
BGDBAE7 %;@GJ E5D;BF;@9 >3@9G397 FA ?3=7 D7BADF
BDA57EE;@973E;7D
)!)N3E5D;BF;@9>3@9G397AD;9;@3>>K67E;9@768ADBDA6G5;@96K@3?;5I74B397E
"F:3E7HA>H76FA;@5>G6735A??3@6>;@7;@F7D835753B34;>;FK3@653@47GE76;@3
EF3@6
3>A@79D3B:;53>3BB>;53F;A@
)DA<75F&3@397?7@F)DA87EE;A@3>)&)N357DF;8;53F;A@A887D76 4KF:7)DA<75F
&3@397?7@F"@EF;FGF7
*G3>;FK 3EEGD3@57 * N B>3@@76 3@6 EKEF7?3F;5 BDA57EE7E F:3FBDAH;67
5A@8;67@57;@3BDA6G5FREEG;F34;>;FK8AD;FE;@F7@676BGDBAE7
*G3>;FK5A@FDA>*
NGE76;@67H7>AB;@9EKEF7?EFA7@EGD7EA8FI3D7;E67E;9@76
3@6BDA6G576FA?77FAD7J57765GEFA?7DD7CG;D7?7@FE
+76?;@7N3@AB7@EAGD57 5DAEE
B>3F8AD?3@65DAEE
63F343E7BDA<75F?3@397?7@F
I743BB>;53F;A@
,77:FFBE
III
D76?;@7
AD9
!1GE7E+76?;@78ADEA8FI3D7
67H7>AB?7@F3@6A@9A;@9AB7D3F;A@EFDAG4>7F;5=7F?3@397?7@F
+7>3F76EKEF7?EN+7>3F76EKEF7?E;@5>G67 4GF3D7@AF>;?;F76FA
@DA>>BB >G7
3F343E7 0, 3@6+76?;@7
,!())DA9D3?N
!136?;@;EF7DEF:7
;EFD;5FRE-:7,?3>>GE;@7EE!73>F:
(BF;A@E)DA9D3?,!()
,!();E3BDA9D3?G@67DF:788AD634>7
3D75F
F:3FE;?B>;8;7EF:7BDA57EEA84GK;@9:73>F:;@EGD3@578ADE?3>>4GE;@7EE7E
&7?47DEA8
A@9D7EE3@667E;9@3F76EF38853@E7>75F5AH7D397F: DAG9:F:7
;EFD;5FRE,!()
,KEF7?3@6(D93@;L3F;A@3@6
A@FDA>+7BADF,(
-:7?7D;53@"@EF;FGF7A8
7DF;8;76)G4>;555AG@F3@FE"
)AD93@;L3F;A@;EF:79AH7D@;@94A6KA8F:7
,(
8D3?7IAD=3@6E7FF:7.
,
3G6;F;@9EF3@63D6EF:3F3G6;FADE GE78AD,(
7J3?;@3F;A@
,(
D7BADF67E5D;47EI:7F:7D3@7@F;FKRE5A@FD A>E;@5>G6;@9
5K47DE75GD;FK8G@5F;A@3E;@F7@676AH7D3B7D;A6A8F;?7
,FAD3973D73@7FIAD=N3@3D5:;F75FGD7FA3FF35:D7?AF75A?BGF7DEFAD39767H;57E
EG5:3E6;E=3DD3KE F3B7>;4D3D;7E3@6ABF;53><G=74AJ7EFAE7DH7DE;@EG5:3I3K
F:3FF:767H;57E3BB73D3E>A53>>K3FF35:76FAF:7AB7D3F;@9EKEF7?
,7DH;57>7H7>39D77?7@F,%N35>3GE7 E7FA85>3GE7E AD3BB7@6;JFA3E7DH;57
5A@FD35FF:3FEB75;8;7EF:7D7CG;D76>7H7>A8E7DH;57AD?;@;?G ?EF3@63D6E8AD
E7DH;57
"@BD35F;57 F:7F7D?,%A8F7@D787DEFAF:767>;H7DKF;?78ADB7D8AD?3@57
EG5:3EF;?7>;@7E8ADD7?76K;@9F75:@;53>83;>GD7E
,
('C>>=@B'3@D713A
,KEF7?&A6;8;53F;A@)DA9D3?
JF7@676,&)
N3EF3@63D6GF;>; FKGE76;@
5A@<G@5F;A@I;F:"&REL
(,AB7D3F;@9EKEF7?
,&)
;EF:75A??A@;@EF3>>3F;A@
FAA>8AD?3@39;@9AB7D3F;@9EKEF7?5A?BA@7@FE3@6?;66>7I3D7A@L
(,
,FAD397'7FIAD=;@9"@6GEFDKEEA5;3F;A@,'"N3@3EEA5;3F;A@ A8BDA6G57DE
3@65A@EG?7DEA8EFAD397@7FIAD=;@9BDA6G5FE I:AE79A3>;EFA 8GDF:7DEFAD397
@7FIAD=;@9F75:@A>A9K3@63BB>;53F;A@E
,75GD7EA5=7FE>3K7D,,%N5DKBFA9D3B:;5BDAFA5A>F:3FBDAH;6 7EE75GD;FK3@6
63F3;@F79D;FK8AD5A??G@;53F;A@EAH7D@7FIAD=EEG5:3EF:7"@F7D@7F
,FDG5FGD7*G7DK%3@9G397,*%N363F343E75A?BGF7D>3@9G39767E;9@768ADF:7
D7FD;7H3>3@6?3@397?7@FA863F3;@D7>3F;A@3>63F343E7?3@397?7@FEKEF7?E
-;5=7FN!1?3@397E;FE5GEFA?7DEGBBADF8G@5F;A@EH;3,3>7E8A D573@6
+76?;@7
PF;5=7FQD787DEFA3+76?;@7AD,3>7E8AD57F;5=7FF: 3FD7CG;D7E
;@F7DH7@F;A@4K7;F:7D3@!17?B>AK77AD35A@FD35FAD 3E67F7 D?;@764KF:7
F;5=7F3GF:AD
-D3@E?;EE;A@5A@FDA>BDAFA5A>3@6"@F7D@7FBDAFA5A>-
)
")N F:7"@F7D@7F
)DAFA5A>,G;F75A??A@>K=@AI@3E-
)
");EF:7E7FA85A??G@; 53F;A@E
BDAFA5A>EGE768ADF:7"@F7D@7F3@6AF:7DE;?;>3D@7FIAD=E
/;EG3>3E;5
'
-/
'
-N3@A4<75F
AD;7@F765A?BGF7D>3@9G397F:3F53@47
H;7I763E3@7HA>GF;A@A8&;5DAEA8FRE/;EG3>3E;5/;?B>7?7 @F76A@F:7
&;5DAEA8F
'
- D3?7IAD=
/;DFG3>>A53>3D73@7FIAD=/%'N39DAGBA8:AEFEI;F:35A? ?A@E7FA8
D7CG;D7?7@FEF:3F5A??G@;53F73E;8F:7KI7D73FF35:76FAF:74DA3653EF6A?3;@
D793D6>7EEA8F:7;DB:KE;53>>A53F;A@
/&I3D7N35A??7D5;3>EA8FI3D7F:3FBDAH;67E35A?B>7F7>KH;DFG 3>;L76E7FA8
:3D6I3D7FAF:79G7EFAB7D3F;@9EKEF7?
/A;57AH7D"@F7D@7F)DAFA5A>/A")N383?;>KA8FD3@E?;EE;A@ F75:@A>A9;7E8AD
67>;H7DKA8HA;575A??G@;53F;A@EAH7D")@7FIAD=EEG5:3EF:7" @F7D@7FADAF:7D
B35=7F
EI;F5:76@7FIAD=E
0;673D73@7FIAD=0'N35A?BGF7D@7FIAD=F:3F5AH7DE34DA363D73
0;@6AIE"@F7D@7F'3?7,7DH;570"',N357@FD3>?3BB;@9A8:AE F@3?7EFA@7FIAD=
366D7EE7E
0;D7>7EE8;67>;FK0;
;NGE7EA@7A8F:7"
I;D7>7E EEF3@63D6EFA
35:;7H73I;D7>7EE@7FIAD=
JF7@E;4>7&3D=GB%3@9G3971&%N397@7D3>
BGDBAE7EB75;8;53F;A@8AD
5D73F;@95GEFA??3D=GB>3@9G397E
JF7@E;4>7EFK>7E:77F>3@9G3971,%N383?;>KA8FD3@E8AD?3F;A@>3@9G397EF:3F
3>>AIA@7FA67E5D;47:AIFA8AD?3FADFD3@E8AD?8;>7E7@5A676 ;@F:71&%
,
('C>>=@B'3@D713A
EF3@63D6
1&%E5:7?3678;@;F;A@1,
NA@7A8E7H7D3>1&%E5:7?3>3@9G39 7E
&%)
&!"('
&7A9AA3AA;3<B/<2&7A9!7B75/B7=<>>:71/0:3B=
""=A
A@FD35FADE3@6A887DADE?GEFEG4?;F GBA@D7CG7EF3@6GBA@F:7EG4?;EE;A@A8
F:7;DF75:@;53>BDABAE3>E F:7;D?AEFD757@F,7DH;57(D93@;L3F;A@
A@FDA>,(
3G6;F
3EE7EE?7@FD7BADF3@6AD57DF;8;53F;A@
>>IAD=BDA6G5FBDA6G5768AD!1 ;@5>G6;@94GF@AF>;?;F76FAI743BB>;53F;A@
5A6767H7>AB?7@F3@6(&F3E=E ?GEF47E75GD763F3>>F;?7E3@636:7D7FA!1
E75GD;FK3@6EA8FI3D767H7>AB?7@F47EFBD35F;57E G@67DF:76;D75F;A@A8!1EF388
A@FD35FADE:3>>EGBBADF5K47DE75GD;FK3@6BD;H35K3@6D;E=3EE7EE?7@F35F;H;F;7E
-:;E;@5>G67E4GF;E@AF>;?;F76FABDAH;6;@9FA!1B7DEA@@7>3>>63F33@6EKEF7?
3557EE@77676FA5A?B>7F7!1
>765K47DE75GD;FK3@6BD;H35K3@6D;E=
3EE7EE?7@FE
(887DADE:3>>;@5>G67;@F:7;DBDABAE3>35A?B>7F76/7@6AD+;E=EE7EE?7@F
CG7EF;A@@3;D7FF35:?7@F
#"
#
"
#$&(
#"'"!
"(""#
(
"
"& ('-'(!'#!
""=
"@5A>>34AD3F;A@I;F:!1EF388 F:7
A@FD35FADE:3>>BDAH;67A @9A;@9F75:@;53>
AB7D3F;A@E3@6EA8FI3D7?3;@F7@3@57EGBBADFFA;@5>G67F:78A>>AI;@9
"-AB7D3F;A@EN?3@39;@93@6?3;@F3;@;@9!1"-;@8D3EFDG5FGD7 ;@5>G6;@94GF@AF
>;?;F76FA0,D7EAGD57E 5A673@6D7>73E7?3@397?7@F 3@6F;5= 7F;@9EKEF7?
?3;@F7@3@573@6?3@397?7@F
-D36;@9B3DF@7D3@663F3;@F79D3F;A@N?3@39;@93@6?3;@F3;@;@9F:7EKEF7?ED7>3F76
FA:AI!1FD3@E35FE63F3I;F:;FEFD36;@9B3DF@7DE
3F3?3@397?7@FN7@EGD;@963F3?3;@F3;@76;@!1RED7>3F76EKEF7?E;E355GD3F7
3@65A@E;EF7@F35DAEE3>>EKEF7?E 3@67@EGD;@95ADD75F;A@E3D7?367I:7@F:7D73D7
67H;3F;A@E8DA?F:77JB75F7663F3
G98;J7EN;67@F;8K;@9F:753GE7A8BDA6G5F;A@4G9EAD67875FE 67H7>AB;@9F:7?AEF
788;5;7@F3@678875F;H78;J7E 3@6F7EF;@93@667B>AK;@9F:AE78;J7EF:DAG9:F:7D7>73E7
?3@397?7@FBDA57EEFABDA6G5F;A@
,A8FI3D7?3;@F7@3@57N7@EGD;@93>>5AD7F75:@A>A9K3@65A67;E ?3;@F3;@76A@3
EF34>7 5GDD7@F>KEGBBADF76H7DE;A@ 3@667H7>AB;@93@6;?B>7?7@F;@9GB9D367B>3@E
;@5A>>34AD3F;A@I;F:!1EF388
)DA<75F?3@397?7@FNBDA<75F?3@397?7@FA8A@9A;@9(&35F;H;F; 7EFA7@EGD7
!1BD;AD;F;7E3@6D7CG;D7?7@FE3D747;@9?7F
-7EF;@93@6H3>;63F;A@NCG3>;FK3EEGD3@57F7EF;@93@6H3>;63F;A@A83>>IAD=
,
('C>>=@B'3@D713A
@@G3>B>3@>A36;@93@6F7EF;@9NEGBBADF;@9!1EF388;@F:73@@G3>B>3@3@6D3F7
>A36;@93@6F7EF;@9BDA57EE7EI;F:F:;D6B3DF;7E
+7EA>GF;A@A83>>BDA6G5F;A@EKEF7?
67875FE
+7EA>GF;A@A83>>5GEFA?7DE7DH;57D7CG7EFEF:3FD7CG;D7"-;@F7DH7@F;A@
'3@D7133:7D3@GF>31B/B7=<A>>:71/0:3B=
""=A
-:7
A@FD35FADE:3>>D7EA>H73>>3EE;9@76AB7D3F;A@E;EEG7E;@355AD63@57I;F:F:78A>>AI;@9
?3FD;J G@>7EEAF:7DI;E739D776
$@7=@7BG 347<7B7=< 3A1@7>B7=< F/;>:3A &3A=:CB7=<(7;3
D;F;53> +7E7DH768AD
EKEF7?
I;67;EEG7E
,KEF7?6AI@
,75GD;FKHG>@7D34;>;FK6;E5AH7D76 ,3?763KAD3EEAA@
3EBD35F;53>3E
3BBDAH76
"??76;3F7
!;9:7EF
'A@
,KEF7?0;67
)D;AD;FK%7H7>
,KEF7?7DDADEI;F:@AIAD=3DAG@6E7
9
3EKEF7?;EEG7F:3F
53@@AF47D7EA>H764K!1EF388;@F7DH7@F;A@AD38875F;@9
3E;9@;8;53@FBADF;A@A8
?7?47DE:;B7
9
;@5ADD75F
;@EGD3@57D3F7EADD3F753>5G>3F;A@E6;EB>3K;@9FA7?B>AK7DE
)AF7@F;3>63F3D;E=E7
9
?A@F:>K9DAGBD7@7I3>43F5:
83;>GD7E4G>=63F3FD3@E?;EE;A@83;>GD7E
557EEFA53D7;EEG77
9
7?B>AK77@AFE:AI;@93E7@DA>>76
;@5AH7D397
x
;E34>73557EE8AD67B3DF;@9EF388 5A@FD35FADE 3@6AF:7D
GE7DE
:AGDEAD3EEAA@
3EBD35F;53>3E
3BBDAH76
.D97@F
!3>FE97@7D3>GE7A8
3BB>;53F;A@8AD
?AEF
3>>GE7DE
>A5=E7@DA>>?7@FE6GD;@9;?B>7?7@F3F;A@5K5>76736>;@7E
I;F: @A IAD=3DAG@6 7
9
7?B>AK7D G@34>7 FA 3557EE
355AG@F 3@6!1EF3883>EAG@34>7FA3557EE7?B>AK7D
355AG@F
"@5ADD75F9DAGB7>;9;4;>;FKD7EG>FE
)397>A36;@97DDADE38875F;@97@DA>>?7@FE8AD3=@AI@
BABG>3F;A@A8?AD7F:3@
?7?47DE
.E7D
835;@9;EEG738875F;@9=@AI@BABG>3F;A@A8?AD7F:3@
?7?47DEAD4DA=7DBABG>3F;A@3FF;?7A86;E5AH7DK
:AGDE
!;9:
)D7H7@FE3BB>;53F;A@
8DA?B7D8AD?;@9;FE
7JB75F76
8G@5F;A@3>;FK
I;F:AGF7>34AD3F7
IAD=3DAG@6E
8875FE=@AI@BABG>3F;A@A8?AD7F:3@
?7?47DE3F
F;?7A86;E5AH7DK
A7E@AF38875F7@DA>>?7@F6736>;@7E8AD?7?47DE 4GF@A
IAD=3DAG@67
9
7?B>AK7DG@34>7FA3557EE355AG@F 3@6
!1EF3883>EAG@34>7FA3557EE7?B>AK7D355AG@F
4GE;@7EE63KEAD
>A@97D3E3BBDAH76
'AD?3>
8875FE7JB75F76
8G@5F;A@3>;FK4GF53@
475GD76I;F:3
E;?B>7IAD=3DAG@6
8875FE=@AI@BABG>3F;A@A8
FA
?7?47DE3FF;?7A8
6;E5AH7DK
A7E@AF38875F7@DA>>?7@F6736>;@7E8AD?7?47DE
4GE;@7EE63KEAD
>A@97D3E3BBDAH76
%AI
'A?3<AD;?B35FE
A@7JB75F76
8G@5F;A@3>;FK
8875FE>7EEF:3@
?7?47DE
A7E@AF38875F7@DA>>?7@F6736>;@7E8AD?7?47DE 3@6@A
IAD=3DAG@67
9
7?B>AK7DG@34>7FA3557EE355AG@F 3@6
!1EF3883>EAG@34>7FA3557EE7?B>AK7D355AG@F
4GE;@7EE63KEAD
?AD73E3BBDAH76
,
('C>>=@B'3@D713A
(7193B7<5
"-EGBBADF3@6?3;@F7@3@57D7CG7EFE5A?74DA36>K8DA?F:D77EAGD57E
;
-:7!1
A@F35F
7@F7D
5GEFA?7D
;@;F;3F76EGBBADFD7CG7EF;E 8ADI3D676
F:DAG9:F:75A@F35F57@F7DFA3@!17?B>AK77I:AN;8G@34>7F AD7EA>H7F:7
;EEG7I;F:AGF"-;@F7DH7@F;A@NAB7@E3EGBBADFF;5=7FF:3F;EDAGF76FA"-
;;
@!17?B>AK77
@!1
;@;F;3F76EGBBADFD7CG7EF?3K5A?78DA?3@KA8F:7
8G@5F;A@3>3D73EA8F:74GE;@7EEAB7D3F;A@EF73?I:AN;8G@34>7FAD7EA>H73@;EEG7
I;F:AGF"-;@F7DH7@F;A@NAB7@E3EGBBADFF;5=7FI;F:"-
;;;
!1"-(&AD
AD"-,
A@FD35FAD-:7!1(&3@6
3@6"- ,
5A@FD35FADI;>>B7D8AD??3@KF3E=EF:3F3D7D7CG;D76FA?3;@F3;@F:7EKEF7?ADFA
67>;H7DF:7BDA6G5F4GF3D7@AFEB75;8;53>>KD7CG7EF764K35GE FA?7DAD!1"-
,F388
,G5:F3E=EI;>>47D75AD6763@6>A99764KF:75A@FD35FAD 3EF;5=7FG@>7EE
AF:7DI;E76;D75F76
0:7@3@"-F;5=7F;E5D73F76 ;F;E3EE;9@763BD;AD;FK4KF:7!1EF388?7?47D
I:A5D73F7E;F
-:7BD;AD;FKI;>>5A;@5;67I;F:F:7E5AB73@6GD97@5KA8F:7F;5=7F
43E76A@F:7?3FD;J34AH7;@
0:7@3EE;9@76F:7F;5=7F F:7
A@FD35FAD
E:3>>D7EA>H7F:7F;5=7FI;F:;@F:75ADD7EBA@6;@9D7EA>GF;A@F;?7;@F:7?3FD;JG@>7EE
AF:7DI;E73BBDAH76
-:7@G?47DA8"-EGBBADFAD?3;@F7@3@57F;5=7FEH3D;7E?A@F:>K43E76A@4GE;@7EE
>7H7>E
!;EFAD;53>>K F:7D7;E3@;@5D73E76HA>G?7A8EGBBADFF;5=7FE5D73F7647FI77@
F:7?A@F:EA8,7BF7?47DF:DAG9:#3@G3DK 5A;@5;6;@9I;F:AB7@7@DA>>?7@F3@6
AF:7D35F;H;F;7EEG5:3ED3F7>A36;@93@6B>3@D7@7I3>E
-:7?A@F:>K@G?47DA8
EGBBADFF;5=7FE;E97@7D3>>K>AI7D6GD;@9F:7?A@F:EA8 74DG3DKF:DAG9:G9GEF
'
"* #$!"("
!$ !"((
#"#'#(+&
)'(#!
.(
#"' " "
"!"(' (# (
(
" ,
"
$ (#&!
""=
A@FD35FADE:3>>BDAH;675GEFA?;L3F;A@3@67@:3@57?7@FEE7DH;57E
GEFA?;L3F;A@E3@67@:3@57?7@FED787DFA3@K@7I873FGD7AD8G@5F;A@FAF:7
!73>F:%;@=EKEF7?
E3D797@7D3>>K67E;9@76FA;?BDAH7F:75GEFA?7D
7JB7D;7@57AD;@5D73E7397@5K788;5;7@5K3@6AB7D3F;A@E
-:7@7768AD
EFAF:7
!73>F:%;@=EKEF7??3K47;67@F;8;764K5GEFA?7DE
7?B>AK77E 4DA=7DE ADAF:7DEF3=7:A>67DE
35:D7CG7EF765GEFA?;L3F;A@AD
7@:3@57?7@F9A7EF:DAG9:3D7H;7I3@63BBDAH3>BDA57EE67E;9@76FA8A5GE
!1RE>;?;F76D7EAGD57EA@;?BDAH7?7@FEF:3F47EFE7DH7
D7E;67@FE
-3E=AD67DE8AD
E:3>>47;EEG76;@355AD63@57I;F:F:7AD67D;@9BDA576GD7E
A8,75F;A@
,
('C>>=@B'3@D713A
'$
('(
"
'&*
'
('
""=
-:7
A@FD35FADE:3>> I:7@@776764K!1 BDAH;677JB7DF"-5A@EG>F;@9E7DH;57E
4KCG3>;8;76B7DEA@@7>;@H3D;AGE>34AD53F79AD;7E
JB7DF5A@EG>F;@9E7DH;57E3D7
A83EB75;3>;L76@3FGD73@6?3K;@5>G67 4GF3D7@AF>;?;F76FA
6H;E;@93@65A@EG>F;@9;@3D73EEG5:3EE7CG7@5;@9A8"-67H7>AB?7@FFA
7@EGD7!167>;H7DEF:7:;9:7EFBD;AD;FK
3FF:747EFH3>G78ADF:797@5K
@:3@5;@93@6EFD7@9F:7@;@9BDA57EE7ED7>3F76FAF:7,A8FI3D7
7H7>AB?7@F
%;875K5>7,
%
AD(B7D3F;A@E3@6&3;@F7@3@57(&FABDAH;6767875F
8D77EA8FI3D7FA!13@6
,F388;@93@6D7EAGD57>7H7>E@757EE3DKFA35:;7H7F3D97F765GEFA?7DE7DH;57
FGD@3DAG@6F;?7EFABDAH;67
;EFD;5FD7E;67@FEI;F:3:;9:
CG3>;FK D7EBA@E;H7
5GEFA?7D7JB7D;7@57
-3E=AD67DE8AD"-,E7DH;57EE:3>>47;EEG76;@355AD63@57I;F :F:7AD67D;@9
BDA576GD7EA8,75F;A@
#&
"
.(
#"
"
!""
!"(
!136:7D7EFA3EFD;5F
:3@97&3@397?7@FBA>;5K
-:7BGDBAE7A8F:;EBA>;5K
;EFA7EF34>;E:38D3?7IAD=3@69G;67>;@7E8AD?3@39;@95:3@97EFA;@8AD?3F;A@
F75:@A>A9K"-EKEF7?E 3BB>;53F;A@E ;@8D3EFDG5FGD7 3@6E7DH;57EI;F:;@F:7
AD93@;L3F;A@
-:;EBA>;5K3;?EFA7@EGD7F:3F5:3@97E3D7;?B>7?7@F76;@3
5A@FDA>>763@65AAD6;@3F76?3@@7D ?;@;?;L;@9D;E=E 3@6?3J;?;L;@9F:7
47@78;FEA85:3@97EFAF:7AD93@;L3F;A@E"-7@H;DA@?7@F
-:75GDD7@FBDA57EE
3BB>;534>7FA"-,GBBADF
A@FD35FADE;E67E5D;47647>AI3@6;EEG4<75FFA5:3@97
6/<53!/</53;3<B'1=>3
-:;EBA>;5K3BB>;7EFA3>>B7DEA@@7>;@HA>H76;@F:7B>3@@;@9 ;?B>7?7@F3F;A@
3@6EGBBADFA8"-5:3@97EI;F:;@F:7AD93@;L3F;A@
-:;E;@5>G67E
!1EF388
A@FD35FADE /7@6ADE ,KEF7?6?;@;EFD3FADE
7H7>AB7DE )DA<75F&3@397DE
3@63@KAF:7D;@6;H;6G3>EADF73?ED7EBA@E;4>78AD?3@39;@93@6;?B>7?7@F;@9
5:3@97EFA"-EKEF7?E 3BB>;53F;A@E ;@8D3EFDG5FGD7 ADE7DH;57E
6/<53!/</53;3<B$@=13AA
>>5:3@97EFA"-EKEF7?E 3BB>;53F;A@E ;@8D3EFDG5FGD7 5A@8;9GD3F;A@E AD
E7DH;57E?GEF8A>>AI3678;@765:3@97?3@397?7@FBDA57EE
-:;EBDA57EE
;@5>G67EF:7EG4?;EE;A@ D7H;7I 3BBDAH3> 3@6;?B>7?7@F3F;A@A85:3@97E 3E
I7>>3EBAEF
;?B>7?7@F3F;A@7H3>G3F;A@3@66A5G?7@F3F;A@
:3@97EE:AG>64753F79AD;L7643E76A@F:7;D;?B35F3@6GD97@5K EG5:3E
5D;F;53> ;??76;3F7 :;9: ?76;G? 3@6>AI5:3@97E
-:753F79AD;L3F;A@I;>>
67F7D?;@7F:7>7H7>A8E5DGF;@K F7EF;@9 3@63BBDAH3>D7CG;D768AD735:5:3@97
5:3@97?3@397?7@FF73?AD5A??;FF77E:3>>477EF34> ;E:76FAAH7DE77F:7
5:3@97?3@397?7@FBDA57EE D7H;7I5:3@97D7CG7EFE 3@6BDAH;67 9G;63@57A@
5:3@97;?B>7?7@F3F;A@
-:7F73?I;>>;@5>G673>>D7>7H3@FD7BD7 E7@F3F;H7E8DA?
!1 "- 6;E5;B>;@7E 3@6
A@FD35FAD
/7@6AD B7DEA@@7> 5AG@F7DB3DFE 3E
,
('C>>=@B'3@D713A
D7CG7EF764K
!1"-
6/<53!/</53;3<B&3?C3AB'C0;7AA7=</<2&3D73E
>>D7CG7EF76EKEF7?GB63F7EAD5:3@97E?GEF47EG4?;FF76F:DAG9:F:7
:3@97
A@FDA> A3D6
-:7 D7CG7EFE I;>> 7@5A?B3EE (B7D3F;A@E 3@6 &3;@F7@3@57
7H7>AB?7@F)DA<75FE
DGB3>
7H7>AB?7@F)DA<75FE 3@6"@8D3EFD G5FGD7
35:
D7CG7EFE:AG>6;@5>G67EG88;5;7@F67F3;>EFA7@34>73BDAB7D7H 3>G3F;A@3@6
3EE7EE?7@FA8F:7BDABAE765:3@97
-:75:3@97?3@397?7@FF73?E:3>>D7H;7I735:5:3@97D 7CG7EF3@63EE7EE;FE
;?B35FA@"-EKEF7?E 3BB>;53F;A@E ;@8D3EFDG5FGD7 3@6E7DH;57 E 3EI7>>3E;FE
3>;9@?7@FI;F:AD93@;L3F;A@3>9A3>E3@6BD;AD;F;7E
-:75:3@97?3@397?7@FF73??3KD7CG7EF366;F;A@3>;@8AD?3F;A@AD5>3D;8;53F;A@
8DA?F:7D7CG7EF7DADAF:7DEF3=7:A>67DE3E@757EE3DK
-:75:3@97?3@397?7@FF73?E:3>>7H3>G3F7F:7D;E=E3 EEA5;3F76I;F:F:75:3@97
3@6;67@F;8K3BBDABD;3F7?;F;93F;A@?73EGD7E
6/<53>>@=D/:/<2CB6=@7H/B7=<
:3@97EE:3>>473BBDAH764KF:7
:3@97
A@FDA>A3D6 A@>K38F7D367CG3F7
67?A@EFD3F;A@F:3FF:75:3@97355A?B>;E:7EF:767E;D76AGF5A?7 3@6B3EE7E
E75GD;FK;?B35F3EE7EE?7@F,"D7H;7I
-:7
:3@97
A@FDA>A3D6AD67E;9@3F765:3@97?3@397? 7@FB7DEA@@7>E:3>>
7@EGD7F:3F3>>@757EE3DKD7EAGD57E3D73H3;>34>7FA;?B>7?7@FF:75:3@973@6B>3@
355AD6;@9>K
-:7
:3@97
A@FDA>A3D6E:3>>5A??G@;53F7F:73BBDAH 3>ADD7<75F;A@A8F:7
5:3@97D7CG7EFFAF:7D7CG7EF7D3@6AF:7DD7>7H3@FEF3=7:A>67DE
6/<53
;>:3;3<B/B7=<
:3@97EE:3>>47;?B>7?7@F768A>>AI;@93EFDG5FGD76B >3@ I:;5:;@5>G67E
3BBDABD;3F7F7EF;@9 E75GD;FK3EE7EE?7@F 3@6DA>>435=BDA576GD 7EFA?;F;93F7
BAF7@F;3>D;E=E3@6?;@;?;L76;EDGBF;A@E
-:75:3@97?3@397?7@FF73?E:3>>5AAD6;@3F7I;F:D7>7 H3@F"-F73?E3@6
EF3=7:A>67DEFA7@EGD73E?AAF:3@65AAD6;@3F76;?B>7?7@F3F;A@ A83BBDAH76
5:3@97E
:3@97;?B>7?7@F3F;A@E:AG>647E5:76G>766GD;@967E; 9@3F76?3;@F7@3@57
I;@6AIEAD>AI
;?B35FB7D;A6EFA?;@;?;L7F:7;?B35FA@BDA6G5F;A@EKEF7?E3@6
7@6
GE7DE
$&'#""
-:7
A@FD35FADE:3>>BDAH;67:;9:>KCG3>;8;76B7DEA@@7>FA8G>8;>>F:7BDA9D3??3F;5
@776EA8!1;@F:7D7CG;D76IAD=FA3EE;EF?3@397?7@F;@;67@F;8K;@9A4<75F;H7E
H;E;A@ ?;EE;A@3@69A3>E3EF:7KD7>3F7FAF:7BDA<75F
-:;EE:3>>47BDAH;6768AD
A@9A;@9(&3@63@K
AD"-,BDA<75FE
3EE;9@?7@FEF:7
A@FD35FAD?3K
D757;H7
,
('C>>=@B'3@D713A
!15A@E;67DEF:78A>>AI;@9BAE;F;A@EFA47$7K)7DEA@@7>8ADF:;E
A@FD35F
3)DA<75F
;D75FAD
4)DA<75F&3@397D
5,7@;AD
%736(B7D3F;A@E&3;@F7@3@57GE;@7EE@3>KEF
6,7@;AD
%736
7H7>AB?7@FGE;@7EE@3>KEF
7,7@;AD
"
-D36;@9)3DF@7DGE;@7EE@3>KEF3@6
8,7@;AD
%736
7H7>AB7D
,G4EF;FGF;A@EA8$7K)7DEA@@7>3D7B7D?;FF76I;F:BD;AD3BBDAH3>8DA?F:7!1
:;78
"@8AD?3F;A@(88;57D
"(ADF:7
"(RE67E;9@77
+7CG;D76>34AD53F79AD;7E3@65ADD7EBA@6;@9>34ADCG3>;8;53F;A@E3D7>;EF76;@
FF35:?7@F
,F388;@9.B63F7E
A@FD35FADE:3>>@AF;8K
A@FD35F6?;@;EFD3FAD;@ID;F;@9 AD3E
AF:7DI;E76;D75F76 I;F:;@:AGDEA8F:7F7D?;@3F;A@A83@K
A@FD35FADB7DEA@@7>
A@F:7
A@FD35F
(887DADE:3>>;@5>G67I;F:;@F:7;DF75:@;53>BDABAE3>3@638F7D5A@FD35F3I3D63@6
GBA@F:77J7D5;E7A83@KABF;A@B7D;A6 3EF388;@9B>3@F:3F;@5>G67E3F>73EFF:7
8A>>AI;@97>7?7@FE
3'3?7A8735:;@6;H;6G3>
4-;F>7
8G@5F;A@3>DA>7A8735:;@6;H;6G3>
5,5:76G>78AD735:;@6;H;6G3> ;@6;53F;@9F:763KE3@6:AGDEF:7 ;@6;H;6G3>I;>>
IAD=
6 ADI3D6
>AA=;@9E5:76G>78ADF:7B7D;A68DA?5A@FD35F3I3D6AD 7J7D5;E7A83@
ABF;A@K73DF:DAG9: 74DG3DK
FA67?A@EFD3F7:AIF:7
A @FD35FADI;>>
7@EGD7E7DH;5767>;H7DKD7CG;D7?7@FEI;>>47?7F6GD;@9(B7@
@DA>>?7@F,73EA@
E77,75F;A@
I:;5:;E!1RE4GE;7EFB7D;A63@6
7+79G>3DGB63F7EFAF:7EF388;@9E5:76G>73F>73EF?A@F:>K
#)&'##$&(
#"
'AD?3>!14GE;@7EE:AGDE3D78DA?3
?
FA
B
?
&A@63KF:DAG9: D;63K
-:7
A@FD35FADE:3>>BDAH;67EGBBADF8;H763KEB7DI77= &A@63KF:DAG9: D;63K
8AD7;9:F:AGDEB7D63K6GD;@9@AD?3>!14GE;@7EE:AGDE
-:7
A@FD35FAD?3K
I;F:F:7BD;AD5A@E7@FA8F:7!1 B7D8AD?IAD=47FI77@F:7:AGDEA8
3
?
F:DAG9:
?;6@;9:F
753GE7A8F:7@3FGD7A8F:7E7DH;57E!1BDAH;67E
;EFD;5FD7E;67@FE IAD=?3K47
D7CG;D763FF;?7EAF:7DF:3@6GD;@9@AD?3>!14GE;@7EE:AGDE 8AD7J3?B>7 6GD;@9
,
('C>>=@B'3@D713A
(B7@
@DA>>?7@F
!1?3KF:7D78AD7D7CG;D7F:7
A@FD35FADFABDAH;67EGBBADF
AGFE;67A8@AD?3>!14GE;@7EE:AGDE ;@5>G6;@9A@I77=7@6E3@6:A>;63KE 3E
D7CG;D76FA?77F4GE;@7EE@776E
$ #$&#&!"
-:7
A@FD35FADE:3>>BDAH;67E7DH;57EA@>K8DA?3IAD=EB3573BBDAH764K!1
GDF:7D 3@6
G@>7EEAF:7DI;E73BBDAH764KF:7!1
"(
;
A@FD35FADE:3>>B7 D8AD?3>>E7DH;57E3@63557EE!1EKEF7?EI:;>7B:KE;53>>K>A53F76;@F:7
.@;F76,F3F7E 3@6
;;3>>63F33@6EKEF7?E5AH7D764KF:;E9D77?7@FE:3>>47> A53F76I;F:;@F:75A@F;@7@F3>.@;F76
,F3F7E
-:7
A@FD35FADREIAD=EB357?GEF5A?B>K;@3>>D7EB75FEI;F:F:7
J5:3@97)D;H35K
3@6,75GD;FK
A?B>;3@57667@6G?FAF:;E
A@FD35FFF35:?7@F
-:7
A@FD35FADREIAD=EB357?GEF475A@8;9GD76EG5:F:3F3>>!163F3;EBDAF75F76
3F3>>F;?7E;@F:7E3?783E:;A@3E;8;FI3E>A53F763F3@!1
?3@3976E;F7
AD
7J3?B>7 3557EEFAF:7EB357E:AG>647D7EFD;5F76FAB7DEA@@7>IAD=;@9A@F:7!1
BDA<75F
7H;57EF:3F53@3557EE!163F3?GEF47E75GD764K35A?B>7JGE7D@3?7
3@6B3EEIAD6F:3FA@>KF:7GE7D=@AIE
0;D7>7EE@7FIAD=E?GEF47B3EEIAD6
BDAF75F76
557EEFA!163F343E7E?GEF47D7EFD;5F76FAA@>KF:AE7B7DEA@@7>I:A
:3H73@776FA3557EE
A@FD35FADE?3K3>EABDAH;677?B>AK77EI:AIAD=A@3D7?AF743E;E;83GF:AD;L76
;@ID;F;@94KF:7!1
A@FD35F6?;@;EFD3FAD
&#)(
"&$#&(
"
!(
"
"&*
+
-:7
A@FD35FADE:3>>5A??G@;53F7D79G>3D>KI;F:F:7!1
A@FD35F6?;@;EFD3FAD3@6D7BADF
A@D7>7H3@F35F;H;F;7E 3E67E5D;47647>AI
!(
"
'
(@3I77=>K43E;E F:7
A@FD35FADE:3>>?77F7;F:7DF7>7B:A@;53>>KAD;@B7DEA@
I;F:F:7!1
A@FD35F6?;@;EFD3FAD3@6AF:7D3GF:AD;L76!1EF3883ED7CG;D76
-:7I77=>K?77F;@9EI;>>;@5>G673EF3@6;@9397@63;F7?FA6;E5GEEBDA<75F
EB7@6;@93E5A?B3D76FA4G697FI:7D73BB>;534>73@63@KD;E=EAD;EEG7EFAF:7
EG557EE8G>B7D8AD?3@573@65A?B>7F;A@A83EE;9@?7@FEAD67>;H7DKA8BDA<75FE3@6
(&F3E=E
-:7!1
A@FD35F6?;@;EFD3FAD3@6
AD3GF:AD;L76!1EF 3883@6
A@FD35FADEF388E:3>>
?77F3:736A8(B7@
@DA>>?7@FB7D;A6EFA67H7>ABF7EF;@93@667B>AK?7@FE5:76G>7ED7>3F76
FABD7B3D;@98ADAB7@7@DA>>?7@F
-:7
A@FD35FADE:3>>B3DF;5;B3F7;@AF:7D?77F;@9EI;F:!1EF3883E6;D75F76
A@FD35FADE:3>>
7@EGD7F:3FEB75;8;5BDA<75F
F3E=?3@397DE3D7;@3FF7@63@573@6GBA@D7CG7EF 7@EGD7F:3FI74
3BB>;53F;A@67H7>AB7DE3D73H3;>34>7FA67?A@EFD3F7F3E=
BDA<75F?;>7EFA@7E3D7?7F
,
('C>>=@B'3@D713A
AD5A@FD35FADEBDAH;6;@9(&E7DH;57EG@67D
%"''A
F:7!1
A@FD35F
6?;@;EFD3FAD3@6
AD3GF:AD;L76!1EF3883@6
A@FD35FADEF388E:3>>3>EA?77F
F7>7B:A@;53>>KA@3D79G>3D43E;E6GD;@9F:7I77=FAD7H;7I(&BD;AD;F;7E
AD5A@FD35FADEBDAH;6;@9
G@67D
%"''A
3@6"- ,G@67D
%"''A
!1EF3883@6
A@FD35FADEF388E:3>>3>EA?77FF7>7B:A@;53>>KA@3I77=>K
43E;EFAD7H;7IBDA<75FEF3FGE
&$#&('
(&)7D8AD?3@57+7BADFE
E6;D75F764KF:7
8AD5A@FD35FADEBDAH;6;@9(&E7DH;57EG @67D
%"''A
F:7
A@FD35FADE:3>>A@3I77=>K43E;EBDAH;673ID;FF7@( &B7D8AD?3@57
D7BADF ;@5>G6;@94GF@AF>;?;F76D7BADF;@9A@F:78A>>AI;@9
3 -AF3>@G?47DA8F;5=7FE5D73F76
4 -AF3>@G?47DA8F;5=7FED7EA>H76
5 D73=6AI@A8F;5=7FE4KBD;AD;FK3@64KEF3FGE
6 H7D397397A8F;5=7FE
7 ,G??3DKA8D;E=EAD;EEG7E3@6
8 'G?47DA8D7EAGD57EIAD=;@9A@F:7BDA<75F
9
A@FD35FADE:3>>5D73F7F;5=7FE8ADIAD=EG5:3E(&@AFEF7? ?;@98DA?3
5GEFA?7DE7DH;57F;5=7FADF;5=7F6D38F764K!1,F388 4GF;@EF736;@;F;3F764KF:7
A@FD35FADREB7D8AD?3@57A83@(&F3E=
)DA<75F,F3FGE+7BADFE
E6;D75F764KF:7
F:7
A@FD35FADE:3>>A@3I77=>K43E;EBDAH;673EF3FGED7BADF
A@3>>3BBDAH76EA8FI3D75GEFA?;L3F;A@3@67@:3@57?7@FBDA<75FE 3@63>>"-,F388;@9
,7DH;57E ;@5>G6;@94GF@AF>;?;F76FAD7BADF;@9A@F:78A>>AI;@9
3 ,F3FGEA8735:BDA<75FADE7DH;57
4 &;>7EFA@7E35:;7H76;@F:7BD;ADI77=
5 &;>7EFA@7E7JB75F76;@F:75GDD7@FI77=
6 +;E=EAD;EEG7EFAF:74G697FADF:77EF34>;E:76F;?7>;@73@6
7 ,B7@6;@93@3>KE;EA8735:BDA<75FADE7DH;574G697FH7DEGE35FG3>
+7EAGD57.E7+3F7+7BADFE
E6;D75F764KF:7
F:7
A@FD35FADE:3>>BDAH;67I77=>KEB7@63@3>KE;ED7BADFE8AD735:
E7DH;575A?B3D;@94GD@D3F7E393;@EFF:74G697F
>>D7BADFEE:3>>47EG4?;FF76;@F:7>3F7EF!1
5A?B3F;4>7H7DE;A@A83BB>;53F;A@E
;67@F;8;76I;F:;@F:7&;5DAEA8F(88;57,G;F7
,
('C>>=@B'3@D713A
$&
*-"')&
(-+&"''(&
"
"
-:7
A@FD35FADE:3>>D7CG;D73>>B7DEA@@7>FA;@5>G673>>EG45A@FD35FADB7DEA@@7>
I;F:3557EEFA)7DEA@3>>K"67@F;8;34>7"@8AD?3F;A@)""FAD757;H7!1)D;H35K3@6
,75GD;FKI3D7@7EE-D3;@;@9
-:7
A@FD35FADE:3>>D7CG;D73>>B7DEA@@7>I:AE7DA>7;@5>G67E3557EEFA)"" 3@63>>
B7DEA@@7>F:3F3D7>;=7>KFAE77)""4753GE7A8F:7;DBDAJ;?;FKFA;@6;H;6G3>E
3GF:AD;L76FA3557EE)"" FAD757;H73BBDAJ;?3F7>KF:D77:AGDE!1)D;H35K3@6
,75GD;FKI3D7@7EE-D3;@;@93F>73EF3@@G3>>K 3EBDAH;6764KAD67H7>AB764K
!1
-:7
A@FD35FADE:3>>5AAB7D3F7;@9AA683;F:FA7@EGD73>>IAD=8AD57F;?7>K
7@DA>>3@6D757;H7F:73@@G3>!1)D;H35K3@6,75GD;FKI3D7@7EE-D3;@;@9
-:7
A@FD35FAD39D77EFA36?;@;EF7D3@6
ADD757;H7!1)D;H35K3@6,75GD;FK
-D3;@;@9;@D7EBA@E7FA3@K5A@FD35FAD
D7>3F76BD;H35KADE75GD;FK;@5;67@FE3@6
AD
4D735:7E;@5>G6;@9,G45A@FD35FAD
D7>3F76BD;H35KADE75GD;FK;@5;67@FE
,G5:
FD3;@;@9E:3>>473FF:7
A@FD35FADREEA>75AEF 3@6@A366;F;A@3>5AEFE:3>>47
B3EE76F:DAG9:!1EG5:3E4;>>;@98AD
A@FD35FADAD,G45A@FD35FADB7DEA@@7>
F;?7 D7CG;D76?3F7D;3>E ADFD3;@;@9877E
-:7
A@FD35FADE:3>>7@EGD7;FEB7DEA@@7>57DF;8K?3@G3>>KAD7>75FDA@;53>>K
3557BF3@57A8D7EBA@E;4;>;F;7E8ADBD;H35K3@6E75GD;FKD7CG;D7?7@FE3F>73EF
3@@G3>>K3@6BDAH;67F:7E757DF;8;53F;A@EFA!1
,
('C>>=@B'3@D713A
'(
#"
$&
##$&#&!"
*& '
(&!##"(&(
-:7F7D?A8F:7
A@FD35FE:3>>478ADA@7K73D8DA?F:778875F;H763F7EB75;8;76A@F:7
5AH7DB397A8F:75A@FD35F
#$(
#"(#,("(
(&!#(
#"(&(
!1?3K7JF7@6F:7F7D?A8F:;E
A@FD35F8AD3B7D;A6A88AGD A@7
K73DABF;A@
B7D;A6E ADEG557EE;H78D35F;A@EF:7D7A8 4KID;FF7@@AF;57FAF:7
A@FD35FAD478AD7F:7
7JB;D3F;A@A8F:7
A@FD35FBDAH;676F:3F!1I;>>9;H7F:7
A@ FD35FADBD7>;?;@3DK
ID;FF7@@AF;57A8;FE;@F7@FFA7JF7@63F>73EFF:;DFK
63K E478AD7F:7
A@FD35F
7JB;D7E
-:7BD7>;?;@3DK@AF;576A7E@AF5A??;F!1FA3@7JF7@E;A@
-:77J7D5;E7
A83@ABF;A@;EEG4<75FFAF:73H3;>34;>;FKA88G@6E
-:7
A@FD 35FAD?3KI3;H7F:7
F:;DFK
63KBD7>;?;@3DK@AF;57D7CG;D7?7@F4KBDAH;6;@93I D;FF7@I3;H7DFAF:7
A@FD35F;@9(88;57DBD;ADFA7JB;D3F;A@A8F:75A@FD35F
"8!17J7D5;E7E3@ABF;A@ F:77JF7@676
A@FD35FE:3>>475A@E;67D76FA;@5>G67F:;E
ABF;A@BDAH;E;A@
-:7BD;578ADF:7ABF;A@B7D;A6E:3>>473EEB75;8;76;@,75F;A@A8F:7
A@FD35F
-:7FAF3>6GD3F;A@A8F:;E
A@FD35F ;@5>G6;@9F:77J7D5;E7A8 3@KABF;A@EG@67DF:;E
5>3GE7 E:3>>@AF7J57768;H7K73DE
*& '
-:7
A@FD35FADE:3>>BDAH;67F:78A>>AI;@967>;H7D34>7E
=<B@/1B
'31B7=< 3:7D3@/0:3
=@;/B C3
3N6 ,F388;@9,5:76G>7 &,(88;57AD3E
D7CG7EF76
F5A@FD35F3I3D63@6
3F7J7D5;E7A8735:
ABF;A@B7D;A6
7 ,F388;@9,5:76G>7.B63F7E &,(88;57AD3E
D7CG7EF76 &A@F:>K
,F388;@9.B63F7E &,(88;57AD3E
D7CG7EF76 0;F:;@:AGDEA8
EF388;@95:3@97
(&)7D8AD?3@57+7BADF &,(88;57AD3E
D7CG7EF76 077=>K
,A8FI3D7
7H7>AB?7@F,F3FGE
+7BADF
&,(88;57AD3E
D7CG7EF76 077=>K
+7EAGD57.E7+3F7+7BADFE &,(88;57AD3E
D7CG7EF76
077=>K
,(
+7BADF )
E6;D75F76
,
('C>>=@B'3@D713A
-:7
A@FD35FADE:3>>EG4?;FFA!1 3E367>;H7D34>7 F:7D7BADF67E5D;476;@,75F;A@
F:3F;ED7CG;D76
4KF:7
;EFD;5F+7E;67@FE'7I!;D7E+7CG;D7?7@FE3@6 ;DEF,AGD57
?B>AK?7@F9D77?7@F
"8F:7
A@FD35FAD6A7E@AFEG4?;FF:7D7BADF3EB3DFA8F:767>;H7D34>7E 8;@3>B3K?7@FFAF:7
A@FD35FADE:3>>
@AF47B3;6BGDEG3@FFA,75F;A@
#&&
"
)'
@K(&
3@6"-,EGBB>;7E3@6E7DH;57E
%"''AE
3@6
3@6
D7EB75F;H7>KFA478GD@;E:76G@67DA8F:;E
A@FD35FE:3>>A@>K47AD67D76F:DAG9:F:7
;EEG3@57 ;@ID;F;@9 A8F3E=AD67>;H7DKAD67DE7J75GF764KF: 7!1
A@FD35F;@9
(88;57D
(
-:7
(;EF:7A@>KB7DEA@3GF:AD;L76FA;EEG7F3E =AD67>;H7DKAD67DE
G@67DF:;E
A@FD35F
-3E=AD67DE?3K47;EEG76A@38;D?8;J76
BD;57 )AD>34AD
:AGD43E;E AD3
5A?4;@3F;A@F:7D7A8
>>F3E=AD67DE ADBADF;A@EF:7D7A8 ;EEG76A@3>34AD
:AGD43E;E?3K47EG4<75FFA3
@AF
FA
7J5776'-
BD;5757;>;@9FA4767F7D?;@763FF:7F;?7A8;EEG3@57 3@6?3K
47EG4<75FFA38;J76>7H7>A8788ADF%(
AD>34AD?;J>34AD53F79AD;7E3@6:AGDE
>>F3E=AD67>;H7DKAD67DE3D7EG4<75FFAF:7F7D?E3@65A@6;F;A@EA8F:;E
A@FD35F
"@
F:77H7@FA835A@8>;5F47FI77@F:7F7D?EA83@AD67D3@6F:7F 7D?EA8F:7
A@FD35F
F:7F7D?EA8F:7
A@FD35FE:3>>5A@FDA>
"@F:77H7@FF:3F3@7I>34AD53F79ADKAD53F79AD;7E@AF>;EF76;@
%"''A
AD
3D7D7CG;D76 F:7
A@FD35FAD3@6!1I;>>@79AF;3F7>34A DD3F7E8ADF:7@7I
53F79AD;7E
-:7@7I53F79AD;7E3@6D3F7E;@5>G6;@93@@G3>BD;5 77E53>3F;A@ ;83@K
I;>>47;@5ADBAD3F76;@FAF:7
A@FD35F F:DAG9:34;>3F7D3>&A6 ;8;53F;A@ 8ADF:7
D7?3;@67DA8F:7
A@FD35FF7D? ;@5>G6;@93>>ABF;A@E
&%)'('#&(' #&&$&#$#' '
!1?3K;EEG7+7CG7EFE8AD-3E=(D67D)DABAE3>+ -()8AD(&
3@6"-,
E7DH;57E
-:7+ -()I;>>67E5D;47F:74GE;@7EE@7763@63@KF75:@;53>D7CG;D7?7@FE
3@6I;>>97@7D3>>K47;EEG76GE;@9E;?B>;8;76?73@E 7
9
4K7?3;>
-:7+ -()?3KD7CG7EFBD;5;@9A@3 )AD>34AD
:AGD43E;E AD 35A?4;@3F;A@
F:7D7A8 67B7@6;@9A@F:7FKB73@6@G?47DA8BDA<75FEADF:7@G ?47DA8E7DH;57E
D7CG;D76
ADF3E=AD67DEADBADF;A@EF:7D7A8;EEG76A@3>34AD
:AGD43 E;E F:7+ -()?3K
EB75;8K38;J76%(
3@6>34AD?;JADB7D?;FF:7
A@FD35FADFABDABAE7;FEAI@%(
3@6>34AD?;J
)DABAE3>E8AD>34AD
:AGDFKB7F3E=AD67DEE:3>>4767H7>AB76GE;@9F:7
A@FD35FADRE >34AD D3F7E G@67D
%"' 'A
AD
A@FD35FADE 3D7
7@5AGD3976FAA887D6;E5AG@FE8DA?F:7;D
%"'>34ADD3F7E 4GF ;@@A7H7@FE:3>>F:7
A@FD35FADREF3E=AD67DBDABAE3>CGAF7BD;57E7J5776F:7
A@FD35FADRE3BB>;534>7
%"'
>34ADD3F78ADF:75GDD7@FB7D8AD?3@57B7D;A6
,
('C>>=@B'3@D713A
'(
#"
#"(&(!
"
'(&(
#"
#"(&(
"
#
&
A@FD35FEI;>>477@F7D76;@FA3@6E;9@76A@47:3>8A8!1A@>K 4KF:767E;9@3F76
A@FD35F;@9(88;57D
( I:AE75A@F35F;@8AD?3F;A@;E
$7@@7F:03>>;@9FA@
A@FD35F;@9(88;57D
!73>F:7@78;F
J5:3@97GF:AD;FK
P"Q,FD77F '0F: >AAD
03E:;@9FA@
$7@@7F:
03>>;@9FA@65
9AH
-:7
(;EF:7A@>KB7DEA@3GF:AD;L76FA3BBDAH75:3@97E;@3@KA8F:7D7CG;D7?7@FE
A8F:;E
A@FD35F
-:7
A@FD35FADE:3>>@AF5A?B>KI;F:3@KAD67D 6;D75F;H7 ADD7CG7EFF:3F5:3@97EAD
?A6;8;7EF:7D7CG;D7?7@FEA8F:;E
A@FD35F G@>7EE;EEG76;@ID;F;@93@67J75GF764K
F:7
(
"@F:77H7@FF:7
A@FD35FAD78875FE3@K5:3@973FF:7;@EFDG5F; A@ADD7CG7EFA83@K
B7DEA@AF:7DF:3@F:7
( F:75:3@97I;>>475A@E;67D76FA:3H7477@?367I;F:AGF
3GF:AD;FK3@6@A36<GEF?7@F?3K47?367;@F:75A@FD35FBD;57F A5AH7D3@K5AEF
;@5D73E7;@5GDD763E3D7EG>FF:7D7A8
"
'
-:7
(?3K 3F3@KF;?7 4KID;FF7@AD67D3@6I;F:AGF@AF;57FAF:7EGD7FK ;83@K
?3=75:3@97E;@F:7
A@FD35FI;F:;@F:797@7D3>E5AB7:7D7A8
"8EG5:5:3@9753GE7E
3@;@5D73E7AD675D73E7;@F:75AEFA8B7D8AD?3@57A8F:7
A@FD 35F AD;@F:7F;?7
D7CG;D768ADB7D8AD?3@57 3@7CG;F34>736<GEF?7@F?3K47?367
@K5>3;?8AD
36<GEF?7@F8AD35:3@97I;F:;@F:797@7D3>E5AB7?GEF473EE7DF 76I;F:;@F7@
63KE8DA?F:763F7F:75:3@97;EAD67D76BDAH;676 :AI7H7D F: 3F;8F:7
(
67F7D?;@7EF:3FF:7835FE<GEF;8KEG5:35F;A@ F:7
(?3KD757;H7 5A@E;67D3@636<GEF
3@KEG5:5>3;?3EE7DF763F3@KF;?7BD;ADFAF:763F7A88;@3> E7FF>7?7@FA8F:7
A@FD35F
"8F:7B3DF;7E83;>FA39D77GBA@F:736<GEF?7@FFA47?367 F:76;EBGF7E:3>>
4767F7D?;@763EBDAH;676;@,75F;A@
;EBGF7EA8!1,F3@6 3D6
A@FD35F
)DAH;E;A@E
FF35:?7@F
!1E:3>>@AFD7CG;D7F:7
A@FD35FAD 3@6F:7
A@FD35FADE:3>> @AFD7CG;D73
EG45A@FD35FAD FAG@67DF3=73@KIAD=F:3F;E47KA@6F:7AD;9;@3>E5AB7A8F:7
A@FD35F
ADEG45A@FD35F ;@5>G6;@9IAD=G@67D3@!1
;EEG765:3@97AD67D I:7@F:7
,
('C>>=@B'3@D713A
366;F;A@3>IAD=;@5D73E7EF:75A@FD35FBD;5747KA@6F:7@AF
FA
7J5776BD;57AD
@79AF;3F76?3J;?G?BD;57A8F:;E
A@FD35F G@>7EEF:7
(
;
39D77EI;F:F:7
A@FD35FAD 3@6F:7EG45A@FD35FAD;83BB>;534>7 A@3BD;578AD
F:7366;F;A@3>IAD=
;;
A4F3;@E357DF;8;53F;A@A88G@6;@9FAB3K8ADF:7366;F;A@3>IAD=
;;;
?3=7E3ID;FF7@ 4;@6;@95A??;F?7@FI;F:F:7
A@FD35FADFAB3K 8ADF:7
366;F;A@3>IAD=I;F:;@
63KE38F7DF:7
A@FD35FADEG4?;FE3BDAB7D;@HA;573@6
;H
BDAH;67EF:7
A@FD35FADI;F:ID;FF7@@AF;57A8F:78G@6;@957DF;8;53F;A@
-:7
A@FD35FADE:3>>;@5>G67;@;FEEG45A@FD35FE35>3GE7F:3FD7CG;D7EF:7
A@FD35FAD
FA
;
I;F:;@4GE;@7EE63KEA8;FED757;BFA8@AF;57A8F:73BBDAH76366;F;A@3>8G@6;@9
BDAH;67 F:7 EG45A@FD35FAD I;F: @AF;57 A8 F:7 3?AG@F FA 47 B3;6FA F:7
EG45A@FD35FAD8ADF:7366;F;A@3>IAD=FA47B7D8AD?764KF:7EG45A@FD35FAD
;;
B3KF:7EG45A@FD35FAD3@KG@6;EBGF763?AG@FFAI:;5:F:7EG45A@ FD35FAD;E
7@F;F>768ADF:7366;F;A@3>IAD=I;F:;@
63KEA8D757;BFA8B 3K?7@F8DA?F:7
;EFD;5F3@6
;;;
@AF;8KF:7EG45A@FD35FAD3@6
(;@ID;F;@9A8F:7D73EA@F:7
A@FD35FADI;F::A>6E
3@KB3K?7@F8DA?3EG45A@FD35FAD8ADF:7366;F;A@3>IAD=
'7;F:7D!1 F:7
;EFD;5F F:7
A@FD35FAD @AD3@KEG45A@FD35FAD?3K675>3D73@AF:7D
B3DFKFA47;@6783G>F AD3EE7EE 5>3;? ADBGDEG763?397E8AD67>3KE G@F;>F:7B3DF;7E
39D77A@3BD;578ADF:7366;F;A@3>IAD=
#"(&(!
"
'(&(#&
-:7
A@FD35F6?;@;EFD3FAD
;ED7EBA@E;4>78AD97@7D3>36?; @;EFD3F;A@A8F:7
A@FD35F3@636H;E;@9F:7
(3EFAF:7
A@FD35FADRE5A?B>;3@57 AD@A@5A?B>;3@57
I;F:F:7
A@FD35F
-:75A@F35F;@8AD?3F;A@8ADF:7
;E
3F:7D;@77@@7FF
"@8AD?3F;A@-75:@A>A9K)DA9D3?&3@397D
!73>F:7@78;F
J5:3@97GF:AD;FK
K7,FD77F '0
03E:;@9FA@
53F:7D;@7
47@@7FF65
9AH
-:7
:3EF:7D7EBA@E;4;>;FKA87@EGD;@9F:7IAD=5A@8AD?EFAF:7D7CG;D7?7@FEA8
F:7
A@FD35F3@6EG5:AF:7DD7EBA@E;4;>;F;7E3@63GF:AD;F;7E3E?3K47EB75;8;76;@F:7
A@FD35F
-:7E7;@5>G67
,
('C>>=@B'3@D713A
;
=77B;@9 F:7
( 8G>>K ;@8AD?76 A8 3@K F75:@;53> AD 5A@FD35FG3> 6;88;5G>F;7E
7@5AG@F7D766GD;@9F:7B7D8AD?3@57B7D;A63@636H;E;@9F:7
(A 83@KBAF7@F;3>
BDA4>7?3D73EG@67DF:7
A@FD35F
;;
5AAD6;@3F;@9E;F77@FDK8AD
A@FD35FADB7DEA@@7> ;83BB>;534>7
;;;
D7H;7I;@9;@HA;57E8AD5A?B>7F76IAD=3@6D75A??7@6;@93BBDAH3>4KF:7
(;8F:7
A@FD35FADRE5AEFE3D75A@E;EF7@FI;F:F:7@79AF;3F763?AG@FE3 @6BDA9D7EE;E
E3F;E835FADK3@65A??7@EGD3F7I;F:F:7D3F7A87JB7@6;FGD7
;H
D7H;7I;@93@63BBDAH;@9;@HA;57E8AD67>;H7D34>7EFA7@EGD7D75 7;BFA89AA6E3@6
E7DH;57E
-:;E;@5>G67EF:7F;?7>KBDA57EE;@9A8;@HA;57E3@6HAG5:7DE;@355AD63@57
I;F:F:7!1B3K?7@FBDAH;E;A@E,75F;A@
3@6
H
?3;@F3;@;@938;>7F:3F;@5>G67E3>>5A@FD35F5ADD7EBA@67@57 ? A6;8;53F;A@E D75AD6E
A8;@EB75F;A@EE;F7 63F3 7CG;B?7@F3@6;@HA;57EADHAG5:7DE
-:7
E:3>>'(-:3H7F:73GF:AD;FKFA
;
3I3D6 39D77FA ADE;9@3@K5A@FD35F 67>;H7DKAD67DADF3E=AD67D
(@>KF:7
(E:3>>
?3=75A@FD35FG3>39D77?7@FE 5A??;F?7@FE AD?A6;8;53F;A@E
;;
9D3@F67H;3F;A@E8DA?ADI3;H73@KA8F:7F7D?E3@65A@6;F;A@EA8F:75A@FD35F
;;;
;@5D73E7F:76A>>3D>;?;FA8F:7
A@FD35FAD3GF:AD;L7IAD=47KA@6F:76A>>3D>;?;FA8
F:7
A@FD35F
;H
3GF:AD;L7F:77JB7@6;FGD7A88G@6E4KF:7
A@FD35FAD
H
5:3@97F:7B7D;A6A8B7D8AD?3@57AD
H;
3GF:AD;L7F:7GE7A8!1BDAB7DFK 7J57BF3EEB75;8;76G@67DF:7
A@FD35F
-:7
A@FD35FADE:3>>478G>>KD7EBA@E;4>78AD3@K5:3@97E@AF3GF:AD;L76;@36H3@57
;@ID;F;@9 4KF:7
(?3K4767@;765A?B7@E3F;A@ADAF:7DD7>;788AD3@K366;F;A@3>
IAD=B7D8AD?76F:3F;E@AFEA3GF:AD;L763@6?3K3>EA47D7CG;D76 3F@A366;F;A@3>
5AEFFA!1 FAF3=73>>5ADD75F;H735F;A@@757EE;F3F764KD73EA@A8F:7G@3GF:AD;L76
5:3@97E
"*#
')!
(( "$-!"(
-:7
A@FD35FADE:3>>5D73F73@6EG4?;FB3K?7@FD7CG7EFE;@3@7 >75FDA@;58AD?3F
F:DAG9:F:7
/7@6AD)ADF3> :FFBE
H7@6ADBADF3>
65
9AH
-:7
A@FD35FADE:3>>EG4?;FBDAB7D;@HA;57EA@3?A@F:>K43E; EAD3EAF:7DI;E7
EB75;8;76;@F:7
A@FD35FADF3E=AD67>;H7DKAD67D
-A5A@EF;FGF73BDAB7D;@HA;57 F:7
A@FD35FADE:3>>7@F7D3>>D7CG;D76;@8AD?3F;A@;@FA
F:7
/7@6AD)ADF3>38F7DE7>75F;@9F:73BB>;534>7BGD5:3E7AD67D@G?47D>;EF76A@
F:7
A@FD35FADREBDA8;>7
!1I;>>?3=7B3K?7@FEFAF:7
A@FD35FAD GBA@F:7EG4?;EE;A@A8BDAB7D;@HA;57E
3FF:7BD;57EEF;BG>3F76;@F:75A@FD35FADF3E=AD67>;H7DKAD67D 8ADEGBB>;7E
67>;H7D763@63557BF76ADE7DH;57EB7D8AD?763@63557BF76 >7EE3@K6;E5AG@FE
3>>AI3@57E AD36<GEF?7@FEBDAH;6768AD;@F:7
A@FD35F
,
('C>>=@B'3@D713A
!1I;>>B3KF:7
A@FD35FADA@AD478AD7F:7
F:63K38F7DD757;H;@93BDAB7D;@HA;57
8DA?F:7
A@FD35FAD
%)
$-!"((
"(&'($" (
'(##"(&(#&'
!1I;>>B3K;@F7D7EFB7@3>F;7EA@3?AG@FE6G7FAF:7
A@FD35FADG@67DF:7*G;5=
)3K?7@F5F
(88;5;3>
A67M
3E3?7@676 8ADF:7B7D;A6
479;@@;@9A@F:763K38F7DF:7D7CG;D76B3K?7@F63F73@67@6;@9 A@F:763F7A@
I:;5:B3K?7@FA8F:73?AG@F;E?367
'A;@F7D7EFB7@3>FKE:3>>47B3;6;8B3K?7@F
8ADF:75A?B>7F7667>;H7DKADE7DH;57;E?367A@AD478AD7F:7 D7CG;D76B3K?7@F
63F7
-:7D7CG;D76B3K?7@F63F7E:3>>47F:763F7A@I:;5:B3K?7@F;E6G7G@67D
F:7F7D?EA8F:;E
A@FD35FAD@AF>3F7DF:3@
53>7@63D63KE 7J5>G6;@9>793>
:A>;63KE 38F7DD757;BFA83BDAB7D;@HA;578ADF:73?AG@FA8F:7B3K?7@F6G7
@K3?AG@FA83@;@F7D7EFB7@3>FKI:;5:D7?3;@EG@B3;63FF:77@6A83@K
63K
B7D;A6E:3>>4736676FAF:7BD;@5;B3>3?AG@FA8F:7674F3@6F :7D738F7D;@F7D7EF
B7@3>F;7EE:3>>355DG7A@F:7366763?AG@F
$-!"('(#')#"(&(#&'
"@366;F;A@FAEG45A@FD35FBDAH;E;A@D7CG;D76G@67D,75F;A@7A8!1,F3@63D6
A@FD35F
)DAH;E;A@E
FF35:?7@F
F:7
A@FD35FADE:3>>;@5>G67 ;@735:EG45A@FD35FG@67D
F:;E
A@FD35F3BDAH;E;A@F:3FA4>;93F7EF:7
A@FD35FAD 3FF:77>75F;A@A8F:7EG45A@FD35FAD FA
B3DF;5;B3F7;@@79AF;3F;A@AD?76;3F;A@3E3@3>F7D@3F;H7FA36 ?;@;EFD3F;H7AD<G6;5;3>
D7EA>GF;A@A836;EBGF747FI77@F:7?
#)& - #&&(
"
-:7BD;5757;>;@9E8ADEB75;8;76:AGD>K>34ADD3F7E3D7E7F8ADF:;@,75F;A@
-:7:AGD>KD3F7E;@F:;E
A@FD35FE:3>>478G>>K>A36763@6;@5>G67I397E AH7D:736
97@7D3>3@636?;@;EFD3F;H77JB7@E7E 3@6BDA8;F
-:7FAF3>5AEFFA!1E:3>>@AF
7J5776F:757;>;@9EEB75;8;76;@,75F;A@E
-:7
A@FD35FAD39D77EFAGE7;FE47EF788ADFEFAB7D8AD?F:7IA D=EB75;8;76;@F:;E
A@FD35F3@6?77F3>>A4>;93F;A@EG@67DF:;E
A@FD35FI;F:;@F:7:AGD>KD3F757;>;@9E
-:7
A@FD35FAD?GEF@AF;8KF:7
( ;@ID;F;@9 I:7@7H7D;F:3ED73EA@FA47>;7H7F:3F
F:7FAF3>5AEF8ADF:7:AGD>K>34ADD3F7EA8F:;E
A@FD35FI;>> 477;F:7D9D73F7DAD
EG4EF3@F;3>>K>7EEF:3@F:7:AGD>KD3F757;>;@9E
EB3DFA8F:7@AF;8;53F;A@ F:7
A@FD35FAD?GEFBDAH;67F:7
(3D7H;E767EF;?3F7A8
F:7FAF3>5AEFA8F:7:AGD>K>34ADD3F7EA8F:;E
A@FD35F
!1;E@AFA4>;93F76FAD7;?4GDE7F:7
A@FD35FAD8AD:AGD>KD3F7E;@5GDD76;@7J57EE
A8F:7:AGD>KD3F757;>;@9EEB75;8;76;@,75F;A@E
-:7
A@FD35FAD;E@AFA4>;93F76FA
5A@F;@G7BDAH;6;@9:AGD>K>34ADD3F7EG@67DF:;E
A@FD35F;@5>G6;@935F;A@EG@67DF:7
-7D?;@3F;A@5>3GE7EA8F:;E
A@FD35F ADAF:7DI;E7;@5GD5AEFE;@7J57EEA8F:7:AGD>K
D3F757;>;@9EEB75;8;76;@,75F;A@G@F;>F:7
(@AF;8;7EF:7
A@FD35FAD ;@ID;F;@9
F:3FF:77EF;?3F765AEF:3E477@;@5D73E763@6BDAH;67ED7H;E76 :AGD>KD3F757;>;@9E
8ADF:7:AGD>KD3F7;F7?E;@F:;E
A@FD35F
,
('C>>=@B'3@D713A
'A@AF;57 5A??G@;53F;A@ ADD7BD7E7@F3F;A@;@3@K8AD?8DA?3@KB7DEA@AF:7DF:3@
F:7
(E:3>>5:3@97F:7:AGD>K>34ADD3F757;>;@9E
"@F:734E7 @57A8F:7EB75;8;76
@AF;57 !1;E@AFA4>;93F76FAD7;?4GDE7F:7
A@FD35FAD8AD3@ K5AEFE;@7J57EEA8
F:7:AGD>KD3F757;>;@9E I:7F:7DEG5:5AEFEI7D7;@5GDD766GD; @9F:75AGDE7A8
5A@FD35FB7D8AD?3@57AD3E3D7EG>FA8-7D?;@3F;A@
&'('#)&
&!"(&%)'(#&
" $-!"(
AD5A@FD35FEEG4<75FFAF:7
;EFD;5F+7E;67@FE'7I!;D7E+7CG;D7?7@FE3@6 ;DEF
,AGD57
?B>AK?7@F9D77?7@FD7CG;D7?7@FE 8;@3>D7CG7EF8ADB3K ?7@F?GEF47
355A?B3@;764KF:7D7BADFAD3I3;H7DA85A?B>;3@576;E5GEE76;@,75F;A@
!1E:3>>@AF?3=78;@3>B3K?7@FFAF:7
A@FD35FADG@F;>F:7!1
:;78 ;@3@5;3>
(88;57D:3ED757;H76F:7
(RE8;@3>67F7D?;@3F;A@AD3BBDAH3>A 8I3;H7DA8F:7
A@FD35FADRE5A?B>;3@57I;F:
;EFD;5F+7E;67@FE'7I!;D7E+7CG;D7?7@FE3@6
;DEF,AGD57
?B>AK?7@F9D77?7@FD7CG;D7?7@FE
,
('C>>=@B'3@D713A
'(
#"
#"(&( )''
$$
(-#
,'("&#"(&($&#*
'
#"'
!1,F3@63D6
A@FD35F)DAH;E;A@E
FF35:?7@F
3D7;@5A DBAD3F76;@3@6
?3673B3DFA8F:;E
A@FD35F;@D7>7H3@FB3DF
)DAH;E;A@E;@FF35:?7@F
F:3F:3H7
477@EGB7DE76763D7EFD;5=7@67@AF76GE;@9EFD;5=F:DAG9:3@6 ;@5ADBAD3F76;@
5GDD7@F8AD?;@D7>7H3@FE75F;A@EA8F:7
A@FD35F
&
"
#
'(&
(&'
"(''$$&"(
'"(&
"'
AD3>>@7I7?B>AK?7@FD7EG>F;@98DA?F:;E
A@FD35FADEG45A@FD 35FE:7D7FA 3E
678;@76;@&3KADRE(D67D
3@6;?B>7?7@F;@9;@EFDG5F;A@E F:7
A@FD35FADE:3>>
GE7;FE47EF788ADFEFA5A?B>KI;F:F:78A>>AI;@943E;59A3>3@ 6A4<75F;H7E8AD
GF;>;L3F;A@A84A@38;67D7E;67@FEA8F:7
;EFD;5FA8
A>G?4;3 ;@735:BDA<75FRE>34AD
8AD57
F>73EF8;8FK
A@7B7D57@FA83BBD7@F;57E3@6FD3;@77E7?B>AK76E:3>>47D7E;67@FE
A8F:7
;EFD;5FA8
A>G?4;3D79;EF7D76;@BDA9D3?E3BBDAH764K F:7
;EFD;5FA8
A>G?4;3BBD7@F;57E:;B
AG@5;>
-:7
A@FD35FADE:3>>@79AF;3F73@
?B>AK?7@F9D77?7@FI;F:F:7
7B3DF?7@FA8
?B>AK?7@F,7DH;57E
(
,8AD<A4E5D73F763E3D7EG>FA8F:;E5A@FD35F
-:7
(
,
E:3>>47F:7
A@FD35FADRE8;DEFEAGD57A8D787DD3>8ADCG3>;8;763BBD7@F;57E3@6FD3;@77E
;@F:7;?B>7?7@F3F;A@A87?B>AK?7@F9A3>E5A@F3;@76;@F:;E5>3GE7
$&(!"(# #&+
(&!
"(
#"'
-:7
A@FD35FADE:3>>474AG@64KF:70397
7F7D?;@3F;A@'A
&3D7A7=<
2/B32
;EEG764KF:7.
,
7B3DF?7@FA8%34AD;@355AD63@57I;F:F:7
,7DH;57
A@FD35F5F .
,
M
-:7
A@FD35FADE:3>>474AG@64KF:7
I397D3F7E8ADF:7F7D?A8F:7
A@FD35FEG4<75FFAD7H;E;A@3EEF3F76:7D7;@
"83@ABF;A@
;E7J7D5;E76 F:7
A@FD35FADE:3>>474AG@64KF:73BB>;534>7I 397D3F7E3FF:7F;?7
A8F:77J7D5;E7A8F:7ABF;A@
"8F:7ABF;A@;E7J7D5;E763@6F:7
(A4F3;@E3D7H;E76
I39767F7D?;@3F;A@ F:7D7H;E76I39767F7D?;@3F;A@;E3BB>;534> 78ADF:7ABF;A@
B7D;A6E3@6F:7
A@FD35FAD?3K477@F;F>76FA3@7CG;F34>736<GEF?7@F
$&
""(+#& &'
&"''
-:7
A@FD35FADE:3>>5A?B>KI;F:F:7)DAF75F;@9)D79@3@F0AD=7DE 3;D@7EE5FA8
(88;5;3>
A67M
))0 5F
-:7
A@FD35FADE:3>>@AF
3+78GE7FA?3=7D73EA@34>7355A??A63F;A@EFAF:7=@AI@>;?;F3F;A @ED7>3F76FA
BD79@3@5K 5:;>64;DF: D7>3F76 ?76;53> 5A@6;F;A@E AD 4D73EF8776;@9 8AD 3@
7?B>AK77 G@>7EEF:7
A@FD35FAD53@67?A@EFD3F7F:3FF:7355A??A63F;A@IAG>6
,
('C>>=@B'3@D713A
;?BAE73@G@6G7:3D6E:;B
4-3=73@36H7DE735F;A@393;@EF3@7?B>AK77I:AD7CG7EFEADGE7E 3D73EA@34>7
355A??A63F;A@ ;@ D793D6 FA F:7 7?B>AK77E 5A@6;F;A@E AD BD;H;>797E A8
7?B>AK?7@F ;@5>G6;@983;>;@9FAD7;@EF3F7F:77?B>AK77I:7@F: 7@7768AD
D73EA@34>7355A??A63F;A@E573E7EFAF:77?B>AK77EAD;9;@3><A4 ADFA3@
7CG;H3>7@FBAE;F;A@I;F:7CG;H3>7@F
)3K
55G?G>3F76E7@;AD;FK3@6D7F;D7?7@F
7@78;FE3@6
(F:7D3BB>;534>7E7DH;575D76;FE
5
7@K7?B>AK?7@FABBADFG@;F;7EFA3@7?B>AK77 AD3<A43BB>;53@F ;8F:767@;3>
;E43E76A@F:7@776A8F:77?B>AK7DFA?3=7D73EA@34>7355A??A63F;A@EFAF:7
=@AI@>;?;F3F;A@ED7>3F76FABD79@3@5K 5:;>64;DF: D7>3F76?76;53>5A@6;F;A@E AD
4D73EF8776;@9
6+7CG;D7 3@ 7?B>AK77 38875F76 4K BD79@3@5K 5:;>64;DF: D7>3F76?76;53>
5A@6;F;A@E AD4D73EF8776;@9FA3557BF3@355A??A63F;A@F:3FF: 77?B>AK77
5:AAE7E@AFFA3557BF;8F:77?B>AK776A7E@AF:3H73=@AI@>;?;F3F;A@D7>3F76FA
BD79@3@5K 5:;>64;DF: D7>3F76 ?76;53> 5A@6;F;A@E AD 4D73EF8776;@9 AD F:7
355A??A63F;A@;E@AF@757EE3DK8ADF:77?B>AK77FAB7D8AD?:7D6GF;7E
7+7CG;D73@7?B>AK77FAF3=7>73H7;83D73EA@34>7355A??A63F;A@ 53@47
BDAH;676AD
8-3=736H7DE735F;A@393;@EF3@7?B>AK77I:A:3E477@34E7@F8DA ?IAD=3E3
D7EG>FA83BD79@3@5K
D7>3F765A@6;F;A@ ;@5>G6;@93BD7
4;DF:5A?B>;53F;A@
-:7
A@FD35FADE:3>>BAEF3@6?3;@F3;@;@35A@EB;5GAGEB>3573 @AF;57A8D;9:FE;@
4AF:
@9>;E:3@6,B3@;E:3@6BDAH;67ID;FF7@@AF;57A83@7?B>A K77ED;9:FFA3
@77676D73EA@34>7355A??A63F;A@D7>3F76FABD79@3@5K 5:;>64;DF: D7>3F76?76;53>
5A@6;F;A@E AD4D73EF8776;@9BGDEG3@FFAF:7))0 5F FA
3'7I7?B>AK77E3FF:75A??7@57?7@FA87?B>AK?7@F
4
J;EF;@97?B>AK77E3@6
5@7?B>AK77I:A@AF;8;7EF:77?B>AK7DA8:7DBD79@3@5K ADAF:7 D5A@6;F;A@
5AH7D764KF:7))0 5F I;F:;@
63KEA8F:7@AF;8;53F;A@
-:7
A@FD35FADE:3>>BDAH;673@355GD3F7ID;FF7@FD3@E>3F;A@A8F:7@AF;57A8D;9:FEFA
3@K@A@
@9>;E:AD@A@
,B3@;E:EB73=;@97?B>AK77
/;A>3F;A@EA8F:7))0 5FE:3>>47EG4<75FFA5;H;>B7@3>F;7E3E67E5D;476;@F:75F
)"!$ #-"(
'&
!
"(
#"
-:7
A@FD35FADE:3>>5A?B>KI;F:F:7.@7?B>AK76@F;
;E5D;?;@3F;A@5FA8
(88;5;3>
A67M
-:7
A@FD35FADE:3>>@AF
3 3;>ADD78GE7FA5A@E;67D8AD7?B>AK?7@F AD83;>ADD78GE7FA :;D7 3@;@6;H;6G3> 3E3@
,
('C>>=@B'3@D713A
7?B>AK774753GE7A8F:7;@6;H;6G3>EEF3FGE3EG@7?B>AK76AD
4 )G4>;E: ;@BD;@F A@F:7"@F7D@7F AD;@3@KAF:7D?76;G? 3@ 36H7DF;E7?7@FAD
3@@AG@57?7@F8AD3@KH353@5K;@3<A48AD7?B>AK?7@FF:3F;@5>G67E
@K BDAH;E;A@ EF3F;@9 AD ;@6;53F;@9 F:3F 3@ ;@6;H;6G3>E EF3FGE3 E
G@7?B>AK766;ECG3>;8;7EF:7;@6;H;6G3>8ADF:7<A4AD
@KBDAH;E;A@EF3F;@9AD;@6;53F;@9F:3F3@7?B>AK?7@F397@5KI ;>>@AF
5A@E;67DAD:;D73@;@6;H;6G3>8AD7?B>AK?7@F43E76A@F:3F;@6 ;H;6G3>E
EF3FGE3EG@7?B>AK76
/;A>3F;A@EA8F:7.@7?B>AK76@F;
;E5D;?;@3F;A@5FE:3>>47E G4<75FFA5;H;>
B7@3>F;7E3E67E5D;476;@F:75F
'(&
(&'
"('"+
&'&%)
&!"('"
&'(
'#)&!$ #-!"(
&!"(
AD5A@FD35FE8ADE7DH;57E;@F:73?AG@FA8
AD?AD7 F :7
A@FD35FADE:3>>
5A?B>KI;F:F:7 ;DEF,AGD57
?B>AK?7@F9D77?7@F5FA8 3E3?7@676
(88;5;3>
A67M
7FE7C
;DEF,AGD575F
-:7
A@FD35FADE:3>>7@F7D;@FA3@6?3;@F3;@6GD;@9F:7F7D?A8F:75A@FD35F 3 ;DEF
,AGD57
?B>AK?7@F9D77?7@F
?B>AK?7@F9D77?7@FI;F:F:7
;E FD;5FA8
A>G?4;3
7B3DF?7@FA8
?B>AK?7@F,7DH;57RE
(
, ;@I:;5:F: 7
A@FD35FAD
E:3>>39D77F:3F
3 -:78;DEFEAGD578AD8;@6;@97?B>AK77EFA8;>>3>><A4E5D73F76;@AD67DFAB7D8AD?
F:75A@FD35FE:3>>47F:7 ;DEF,AGD57+79;EF7D3@6
4 -:78;DEFEAGD578AD8;@6;@97?B>AK77EFA8;>>3@KH353@5KA55GDD;@9;@3>><A4E
5AH7D764KF:7
?B>AK?7@F9D77?7@FE:3>>47F:7 ;DEF,AGD57+79;EF7D
-:7
A@FD35FADE:3>>@AF479;@B7D8AD?3@57A8F:75A@FD35FG@F; >;FE
?B>AK?7@F
9D77?7@F :3E 477@ 3557BF76 4K
(
,
(@57 3BBDAH76 F:7
?B>AK?7@F
9D77?7@FE:3>>@AF473?7@6767J57BFI;F:F:73BBDAH3>A8
(
,
-:7
A@FD35FAD39D77EF:3F3F>73EFA8F:7@7I7?B>AK77E:;D76FAB7D8AD?F:7
A@FD35FE:3>>47
;EFD;5FD7E;67@FE
-:7
A@FD35FADRE:;D;@93@6D7BADF;@9D7CG;D7?7@FEG@67DF:7 ;DEF,AGD575F3@6
3@KDG>7EBDA?G>93F76F:7D7G@67DE:3>>5A@F;@G78ADF:7F7D?A8F:7
A@FD35F
-:7
(?3K;?BAE7B7@3>F;7E ;@5>G6;@9?A@7F3DK8;@7EA8A8 F:7FAF3>3?AG@F
A8F:76;D75F3@6;@6;D75F>34AD5AEFEA8F:7
A@FD35F 8AD3I ;>>8G>4D735:A8F:7
?B>AK?7@F9D77?7@F 83;>GD7FAEG4?;FF:7D7CG;D76:;D;@95A?B>;3@57D7BADFE AD
67>;47D3F7EG4?;EE;A@A883>E;8;7663F3
"8F:7
A@FD35FAD6A7E@AFD757;H739AA683;F:I3;H7D F:7
( ?3K3>EA;?BAE73@
366;F;A@3>B7@3>FK7CG3>FA
A8A8F:7FAF3>3?AG@FA8F: 76;D75F3@6;@6;D75F
>34AD5AEFEA8F:7
A@FD35F8AD735:B7D57@F3974KI:;5:F:7
A@FD35FAD83;>EFA?77F
;FE:;D;@9D7CG;D7?7@FE
@K5A@FD35FADI:;5:H;A>3F7E ?AD7F:3@A@57I;F:;@3
K73D F;?78D3?7 F:7
,
('C>>=@B'3@D713A
:;D;@9ADD7BADF;@9D7CG;D7?7@FEA8F:7 ;DEF,AGD575FE:3>> 47D787DD768AD
6743D?7@F8AD@AF?AD7F:3@8;H7K73DE
-:75A@FD35FAD?3K3BB73>3@K675;E;A@A8F:7
(BGDEG3@FFAF:;E5>3GE7FAF:7
A@FD35FBB73>EA3D63EBDAH;676;@;@,75F;A@
;EBGF7E A8!1,F3@63D6
A@FD35F)DAH;E;A@E
FF35:?7@F
-:7BDAH;E;A@EA8F:7 ;DEF,AGD575F6A@AF3BB>KFA@A@BDA8;FAD93@;L3F;A@EI:;5:
7?B>AK
7?B>AK77EAD>7EE
!"(#&-')#"(&(
"
&%)
&!"('
AD3>>5A@FD35FE;@7J57EEA8
3F>73EFA8F:76A >>3DHA>G?7A8F:7
5A@FD35FE:3>>47EG45A@FD35F76FACG3>;8;76E?3>>4GE;@7EE7@F7DBD;E7E,
E
"8F:7D73D7;@EG88;5;7@F,
EFA5A?B>7F7>K8G>8;>>F:7D7CG;D 7?7@FA8B3D39D3B:
F:7@F:7EG45A@FD35F;@9?3K47E3F;E8;764KEG45A@FD35F;@9A8F:76A>>3D
HA>G?7FA3@KCG3>;8;7657DF;8;764GE;@7EE7@F7DBD;E7E
E BDAH;676 :AI7H7D
F:3F3>>D73EA@34>7788ADFEE:3>>47?367FA7@EGD7F:3F,
E3 D7E;9@;8;53@F
B3DF;5;B3@FE;@F:7AH7D3>>EG45A@FD35F;@9IAD=
BD;?75A@FD35FADF:3F;E57DF;8;764K
,%
3E3E?3>> >A53> AD6;E36H3@F3976
4GE;@7EE7@F7DBD;E7E:3>>@AF47D7CG;D76FA5A?B>KI;F:F:7BDAH;E;A@EA8E75F;A@E
3@6
J57BF3EBDAH;676;@
3@6
3BD;?75A@FD35FADF:3F;E3
3@6:3E477@
9D3@F763BDABAE3>BD787D7@57BGDEG3@FFA
(88;5;3>
A67M
AD;E
E7>75F76F:DAG9:3E7F
3E;67BDA9D3? E:3>>B7D8AD?3F>73EF A8F:75A@FD35F;@9
788ADFI;F:;FEAI@AD93@;L3F;A@3@6D7EAGD57E3@6 ;8;FEG45A @FD35FE A8F:7
EG45A@FD35F;@9788ADFE:3>>47I;F:
E
BD;?75A@FD35FADF:3FB7D8AD?E>7EE
F:3@A8F:75A@FD35F;@9788ADFE:3>>47EG4<75FFA7@8AD57?7@F35F;A@EG@67D
(88;5;3>
A67M
"8F:7BD;?75A@FD35FAD;E357DF;8;76<A;@FH7@FGD73@6:3E47 7@9D3@F7634;6
BD787D7@57BGDEG3@FFA
(88;5;3>
A67M
AD;EE7> 75F76F:DAG9:3E7F
3E;67BDA9D3? F:7
?7?47DA8F:757DF;8;76<A;@FH7@FGD7E: 3>>B7D8AD?3F>73EF
A8F:75A@FD35F;@9788ADFI;F:;FEAI@AD93@;L3F;A@3@6D7E AGD57E3@6 ;8;F
EG45A@FD35FE A8F:7EG45A@FD35F;@9788ADFE:3>>47I;F:
E
"8F:7
?7?47DA8F:757DF;8;76<A;@FH7@FGD7BD;?75A@FD35FADB7D8AD?E>7EEF:3@
A8F:7
5A@FD35F;@9788ADF F:757DF;8;76<A;@FH7@FGD7E:3>>47EG4<75FFA7@8AD57?7@F35F;A@E
G@67D
(88;5;3>
A67M
35:
GF;>;L76FA?77FF:7E7EG45A@FD35F;@9D7CG;D7?7@FEE:3 >>B7D8AD?3F>73EF
A8;FE5A@FD35F;@9788ADFI;F:;FEAI@AD93@;L3F;A@3@6D7E AGD57E
BD;?7
5A@FD35FADF:3F;E3
3@6:3E477@9D3@F763BDABAE3>BD787D7@57BGDEG3@FFA
(88;5;3>
A67M
AD;EE7>75F76F:DAG9:3E7F
3E;67BDA9D3? E:3>>B7D8AD?3F
>73EF
A8F:7A@
E;F7IAD=I;F:;FEAI@AD93@;L3F;A@3@6D7EAGD57E;8F:75A@FD35F
;E?;>>;A@AD>7EE
,
('C>>=@B'3@D713A
&&
!
" &#&'&"
"
-:7
A@FD35FADE:3>>5A?B>KI;F:F:7BDAH;E;A@EA8F:7 3;D
D; ?;@3>+75AD6
,5D77@;@9?7@6?7@F5FA8
78875F;H7
757?47D
%3I
F:7P5FQ3EGE76;@F:;E,75F;A@
-:;EE75F;A@3BB>;7EF A3@K7?B>AK?7@F
;@5>G6;@97?B>AK?7@FA@3F7?BAD3DKAD5A@FD35FG3>43E;E I:7D7 F:7B:KE;53>
>A53F;A@A8F:77?B>AK?7@F;E;@I:A>7ADEG4EF3@F;3>B3DFI;F: ;@F:7
;EFD;5FA8
A>G?4;3
)D;ADFA?3=;@935A@6;F;A@3>A887DA87?B>AK?7@F F:7
A@FD35F ADE:3>>@AFD7CG;D7
3@3BB>;53@F8AD7?B>AK?7@F AD3B7DEA@I:A:3ED7CG7EF765A@E ;67D3F;A@8AD
7?B>AK?7@F4KF:7
A@FD35FAD FAD7H73>AD6;E5>AE73@3DD7EFAD5D;?;@3>355GE3F;A@
F:3F;E@AFF:7@B7@6;@9AD6;6@AFD7EG>F;@35D;?;@3>5A@H;5F;A@
8F7D?3=;@935A@6;F;A@3>A887DA87?B>AK?7@F F:7
A@FD35FAD ?3KD7CG;D73@
3BB>;53@FFA6;E5>AE7ADD7H73>35D;?;@3>5A@H;5F;A@
-:7
A@FD35FAD?3KA@>KI;F:6D3I35A@6;F;A@3>A887DA87?B>AK? 7@F ADF3=7
36H7DE735F;A@393;@EF3@3BB>;53@F 8AD3>79;F;?3F74GE;@7EE D73EA@3E67E5D;476;@
F:75F
-:;EE75F;A@3@6F:7BDAH;E;A@EA8F:75FE:3>>@AF3BB>K
30:7D738767D3>AD
;EFD;5F>3IADD79G>3F;A@D7CG;D7EF:75A@E ;67D3F;A@A83@
3BB>;53@FRE5D;?;@3>:;EFADK8ADF:7BGDBAE7EA87?B>AK?7@F
4-A3BAE;F;A@67E;9@3F764KF:77?B>AK7D3EB3DFA838767D3>AD
;EFD;5F
9AH7D@?7@FBDA9D3?ADA4>;93F;A@F:3F;E67E;9@76FA7@5AGD397F:77?B>AK?7@F
A8F:AE7I;F:5D;?;@3>:;EFAD;7E
5-A3@K835;>;FKAD7?B>AK7DF:3FBDAH;67EBDA9D3?E E7DH;57E AD6;D75F53D7FA
5:;>6D7@ KAGF: ADHG>@7D34>736G>FEAD
6-A7?B>AK7DEF:3F7?B>AK>7EEF:3@7?B>AK77E
B7DEA@5>3;?;@9FA47399D;7H764K3H;A>3F;A@A8F:75F?3K8;>73@36?;@;EFD3F;H7
5A?B>3;@FI;F:F:7
(88;57A8!G?3@+;9:FE 3@6F:7
A??;EE ;A@A@!G?3@
+;9:FE?3K;?BAE7?A@7F3DKB7@3>F;7E393;@EFF:7
A@FD35FAD
&
!
"
&#)"
'#&#"(&(#&!$ #-'
-:7
A@FD35FADE:3>>D7CG;D75D;?;@3>435=9DAG@65:75=E8AD3>>;@6;H;6G3>EF:3FB7D8AD?
E7DH;57EG@67DF:;E
A@FD35F
5D;?;@3>435=9DAG@65:75=?73@EF:7;@H7EF;93F;A@A83@
;@6;H;6G3>E5D;?;@3>:;EFADKF:DAG9:F:7D75AD6EKEF7?EA8F:7 767D3>GD73GA8"@H7EF;93F;A@
3@6F:7&7FDABA>;F3@)A>;57
7B3DF?7@F4K?73@EA88;@97DBD;@F3@6'3F;A@3>
D;?;@3>
"@8AD?3F;A@
7@F7D5:75=E;@355AD63@57I;F:8767D3>3@6
;EFD;5FA8
A>G?4;3>3IED7>3F76FA
BAE;F;A@EI;F:F:7BAF7@F;3>D;E=A88D3G6 I3EF7 AD34GE7
-:7
A@FD35FADE:3>>;@8AD?735:7?B>AK773@63BB>;53@FF:3F35D;?;@3>435=9DAG@65:75=
,
('C>>=@B'3@D713A
?GEF475A@6G5F76478AD7F:7K?3KB7D8AD?E7DH;57EG@67DF:;E5A@FD35F
-:7
A@FD35FADE:3>>
47D7EBA@E;4>78ADA4F3;@;@93>>ID;FF7@3GF:AD;L3F;A@ED7CG;D76FA5A@6G5F35D;?;@3>
435=9DAG@65:75=3@68AD?3;@F3;@;@9D75AD6EA83>>5D;?;@3>435=9DAG@65:75=D7EG>FE
-:7
A@FD35FADE:3>>47D7EBA@E;4>78AD3EE7EE;@9F:78;F@7EE3@65:3D35F7DA83>>;@6;H;6G3>E
I:AB7D8AD?E7DH;57EG@67DF:;E5A@FD35F43E76A@F:7;D5D;?;@3>435=9DAG@65:75=D7EG>FE
D;?;@3>435=9DAG@65:75=D7BADFEA4F3;@76G@67DF:;EE75F;A@E:3>>475A@8;67@F;3>3@63D7
8ADF:77J5>GE;H7GE7A8?3=;@97?B>AK?7@F
D7>3F7667F7D?;@3F;A@E
-:7
A@FD35FADE:3>>@AF
D7>73E7ADAF:7DI;E76;E5>AE7F:7D7BADFEFA3@KB7DEA@ 7J57BFFAF:7
!1
A@FD35F
6?;@;EFD3FAD;8D7CG7EF76
-:7
A@FD35FADE:3>>47D7EBA@E;4>78AD3>>5AEFE3EEA5;3F76I;F:F:75D;?;@3>435=9DAG@6
5:75=EG@67DF:;E,75F;A@
3@68AD5A?B>;3@57I;F:,75F;A@
"@@A7H7@FE:3>>
!1
ADF:7
;EFD;5F?3=73@KB3K?7@FADD7;?4GDE7F:7
A@FD35FAD8AD5AEFE3EEA5;3F76I;F:
5D;?;@3>435=9DAG@65:75=EAD5A?B>;3@57I;F:,75F;A@
AD,75F;A@
,
"
$&
*-"')&
(-#!$
"
-:7
A@FD35FADE:3>>5A?B>K;@3>>D7EB75FEI;F:F:7
J5:3@97)D;H35K3@6,75GD;FK
A?B>;3@57667@6G?FF35:?7@F
FAF:;E
A@FD35F 3E?3K47GB63F764K!18DA?
F;?7FAF;?7
"')&"
'
+%+
*."+
&
'-,
-:7
A@FD35FAD3F;FEEA>77JB7@E7E:3>>BDA5GD73@6?3;@F3;@ 6GD;@9
F:77@F;D7B7D;A6A8B7D8AD?3@57G@67DF:;E5A@FD35F F:7FKB7EA8;@EGD3@57EB75;8;7647>AI
-:7
A@FD35FADE:3>>EG4?;F3
7DF;8;53F7A8"@EGD3@57FAF:7
A@FD35F;@9(88;57D
(9;H;@97H;67@57A8F:7
D7CG;D765AH7D397BD;ADFA5A??7@5;@9B7D8AD?3@57G@67DF:;E5A@FD35F
"@@A7H7@FE:3>>3@KIAD=47
B7D8AD?76G@F;>F:7D7CG;D76
7DF;8;53F7EA8"@EGD3@57E;9@764K3@3GF:AD;L76D7BD7E7@F3F;H7A8F:7
;@EGD7DE:3H7477@BDAH;676FA 3@63557BF764K F:7
(
-:7 AH7D@?7@FA8F:7
;EFD;5FA8
A>G?4;3E:3>>47;@5>G676;@3>>BA>;5;7E I:7D73BB>;534>73@6
3>>AI34>74K>3I D7CG;D76:7D7G@67DFA47?3;@F3;@764KF:7
A@FD35FAD3@6;FEEG45A@FD35FADE7J57BF
8ADIAD=7DER5A?B7@E3F;A@3@6BDA87EE;A@3>>;34;>;FK;@EGD3@573E3@366;F;A@3>;@EGD76E8AD5>3;?E
393;@EF-:7 AH7D@?7@FA8F:7
;EFD;5FA8
A>G?4;3D7>3F;@9FAF:;E5A@FD35F I;F:F:7G@67DEF3@6;@9F:3F
3@K388;D?3F;H7A4>;93F;A@;?BAE76GBA@F:7;@EGD76
A@FD35FADAD;FEEG45A@FD35FADE;@5>G6;@9I;F:AGF
>;?;F3F;A@F:7>;34;>;FKFAB3KBD7?;G?EE:3>>47F:7EA>7A4>;93F;A@A8F:7
A@FD35FADAD;FE
EG45A@FD35FADE 3@6@AFF:7366;F;A@3>;@EGD76
-:7366;F;A@3>;@EGD76EF3FGEG@67DF:7
A@FD35FADRE3@6
;FEEG45A@FD35FADER
A??7D5;3> 7@7D3>%;34;>;FK;@EGD3@57BA>;5;7EE:3>>4778875F76GE;@9F:7",(
66;F;A@3>"@EGD76
@6ADE7?7@F8AD?
AD
/<2
ADEG5:
AF:7D7@6ADE7?7@FAD5A?4;@3F;A@A87@6ADE7?7@FEBDAH;6;@95AH7D3973F>73EF3E4DA363@63BBDAH764K
F:7
(;@ID;F;@9
>>A8F:7
A@FD35FADRE3@6;FEEG45A@FD35FADER>;34;>;FKBA>;5;7E7J57BF8ADIAD=7DER
5A?B7@E3F;A@3@6BDA87EE;A@3>>;34;>;FK;@EGD3@57E:3>>477@6ADE76GE;@9",(8AD?
AD
;FE7CG;H3>7@FEA3EFA;@6;53F7F:3FEG5:BA>;5;7EBDAH;67BD;?3DK5AH7D397I;F:AGF3@KD;9:FA8
5A@FD;4GF;A@4K3@KAF:7D;@EGD3@57 D7;@EGD3@57ADE7>8
;@EGD3@57 ;@5>G6;@93@K676G5F;4>7ADD7F7@F;A@
?3;@F3;@764K3@66;F;A@3>"@EGD768AD3>>5>3;?E393;@EFF:7366;F;A@3>;@EGD763D;E;@9AGFA8F:7
,
('C>>=@B'3@D713A
B7D8AD?3@57A8F:;E,F3F7?7@FA80AD=4KF:7
A@FD35FADAD;FEEG45A@FD35FADE AD3@KA@78ADI:A?F:7
A@FD35FADAD;FEEG45A@FD35FADE?3K47>;34>7
-:7E7BA>;5;7EE:3>>;@5>G673E7B3D3F;A@A8;@EGD76E
5>3GE73BB>;534>7FAF:7366;F;A@3>;@EGD76
"8F:7
A@FD35FAD3@6
AD;FEEG45A@FD35FADE?3;@F3;@4DA367D5AH7D3973@6
AD:;9:7D>;?;FEF:3@F:7
?;@;?G?EE:AI@47>AI F:7
;EFD;5FD7CG;D7E3@6E:3>>477@F;F>76FAF:74DA367D5AH7D3973@6
ADF:7
:;9:7D>;?;FE?3;@F3;@764KF:7
A@FD35FAD3@6EG45A@FD35FADE
"',.+'
+
*."+
&
'-,
A??7D5;3> 7@7D3>%;34;>;FK"@EGD3@57P
%Q
-:7
A@FD35FADE:3>>BDAH;677H;67@57E3F;E835FADKFA
F:7
(I;F:D7EB75FFAF:7E7DH;57EB7D8AD?76F:3F;F53DD;7E3
%BA>;5K ID;FF7@A@3@A55GDD7@57@AF
5>3;?E
?36743E;E A@"@EGD3@57,7DH;57E(88;57 "@5
P",(Q8AD?
AD3@AF:7D
A55GDD7@57
43E768AD?I;F:5AH7D3973F>73EF3E4DA363@63BBDAH764KF:7
(;@ID;F;@9 5AH7D;@9
>;34;>;FK8AD3>>A@9A;@93@65A?B>7F76AB7D3F;A@EA8F:7
A@FD35FAD3@6G@67D3>>EG45A@FD35FE 5AH7D;@9
5>3;?E8AD4A6;>K;@<GDK ;@5>G6;@9I;F:AGF>;?;F3F;A@E;5=@7EE 6;E73E7AD673F:3@6?7@F3>3@9G;E:A8
3@KB7DEA@E 4DA368AD?BDAB7DFK63?397 ;@5>G6;@9>AEEA8GE7D7EG>F;@9F:7D78DA? B7DEA@3>3@6
36H7DF;E;@9;@<GDK 3@6;@5>G6;@95AH7D3978AD>;34;>;FK3D;E;@9AGFA83@"@EGD76
A@FD35F;@5>G6;@9F:7
FADF>;34;>;FKA83@AF:7D3EEG?76;@35A@FD35F3@635FEA8F7DDAD;E?I:7F:7D53GE764K38AD7;9@AD
6A?7EF;5EAGD57
,G5:5AH7D397E:3>>:3H7>;?;FEA8>;34;>;FKA8@AF>7EEF:3@
735:A55GDD7@57 3
97@7D3>399D793F7
-:7
A??7D5;3> 7@7D3>%;34;>;FKE:3>>478GDF:7D7@6ADE76FA
3 -AF:78G>>7EF7JF7@FB7D?;FF764K>3I BDAH;67366;F;A@3>;@EGD765AH7D397GE;@9",(8AD?
AD;FRE7CG;H3>7@FFA-:7 AH7D@?7@FA8F:7
;EFD;5FA8
A>G?4;3
4
AH7D3973H3;>34>7FAF:7366;F;A@3>;@EGD76EE:3>>3BB>KA@3BD;?3DK3@6@A@
5A@FD;4GF;@9
43E;E3ED7EB75FE3@KAF:7D;@EGD3@57 676G5F;4>7E ADE7>8
;@EGD3@573H3;>34>7FAF:7366;F;A@3>
;@EGD76E
5 I3;H7DA8EG4DA93F;A@;@83HADA8-:7 AH7D@?7@FA8F:7
;EFD;5FA8
A>G?4;3
6 @K@@G3>99D793F7E:3>>3BB>KA@3B7D>A53F;A@ADB7DBDA<75F43E;EI:7D73BB>;534>7
7
787@E75AEFEE:3>>47;@366;F;A@FA3@6@AF7DA67F:7>;?;FEA8>;34;>;FK
GFA?A4;>7%;34;>;FK"@EGD3@57
-:7
A@FD35FADE:3>>BDAH;677H;67@57E3F;E835FADKFAF:7
(A8
5A??7D5;3>4GE;@7EE3GFA?A4;>7>;34;>;FK;@EGD3@57ID;FF7@A@",(8AD?
AD3@AF:7D
8AD?I;F:5AH7D3973F>73EF3E4DA363@63BBDAH764KF:7
(;@ID;F;@9;@5>G6;@95AH7D3978AD3>>
AI@76 :;D76 4ADDAI763@6@A@
AI@76H7:;5>7E3@67CG;B?7@FGE764KF:7
A@FD35FAD;@5A@@75F;A@
I;F:IAD=G@67DF:;E39D77?7@F I;F:3?;@;?G?5A?4;@76E;@9>7>;?;FA8
8AD4A6;>K;@<GDK
AD673F:3@6BDAB7DFK63?397 ;@5>G6;@9>AEEA8GE7F:7D7A8
,G5:BA>;5KADBA>;5;7EA83GFA?A4;>7
>;34;>;FK;@EGD3@57E:3>>47ID;FF7@A@3@A55GDD7@573EABBAE76FA35>3;?E?36743E;E
GFA):KE;53>
3?397
AH7D397
-:7
A@FD35FADE:3>>BDAH;673G FAB:KE;53>63?397;@EGD3@57FA
5AH7D>AEEFA35AH7D763GFAAD;FE7CG;B?7@F
3
A?BD7:7@E;H7
;D7 >;9:F@;@9AD7JB>AE;A@F:78FI;@6EFAD? :3;>AD73DF:CG3=78>AA6
?;E5:;78ADH3@63>;E?ADF:7E;@=;@9 4GD@;@9 5A>>;E;A@AD67D3;>?7@FA83@K5A@H7K3@57
FD3@EBADF;@9F:75AH7D763GFA
4
A>>;E;A@
AH7D397
3GE764K-:75AH7D763GFAE5A>>;E;A@I;F:3@AF:7DA4<75FADF:7
5AH7D763GFAEAH7DFGD@
,
('C>>=@B'3@D713A
-:7
A??7D5;3>GFA%;34;>;FKBA>;5KE:3>>478GDF:7D7@6ADE76FA
3 -AF:78G>>7EF7JF7@FB7D?;FF764K>3I BDAH;67366;F;A@3>;@EGD765AH7D397FA-:7
AH7D@?7@FA8F:7
;EFD;5FA8
A>G?4;3
4
AH7D3973H3;>34>7FAF:7366;F;A@3>;@EGD76EE:3>>3BB>KA@3BD;?3DK3@6@A@
5A@FD;4GF;@9
43E;E3ED7EB75FE3@KAF:7D;@EGD3@57 676G5F;4>7E ADE7>8
;@EGD3@573H3;>34>7FAF:7366;F;A@3>
;@EGD76E
5 I3;H7DA8EG4DA93F;A@;@83HADA8-:7 AH7D@?7@FA8F:7
;EFD;5FA8
A>G?4;3
6
787@E75AEFEE:3>>47;@366;F;A@FA3@6@AF7DA67F:7>;?;FEA8>;34;>;FK
7 "83BB>;534>7 ;@5>G67 AD?
)A>>GF;A@%;34;>;FK
DA367@76
AH7D3978AD
AH7D76GFAE
GE;@7EEGFA &AFAD
3DD;7D3@6-DG5=7DEAD;FRE7CG;H3>7@F
0AD=7DER
A?B7@E3F;A@"@EGD3@57
-:7
A@FD35FADE:3>>BDAH;677H;67@57E3F;E835FADKFAF:7
(A8
0AD=7DER
A?B7@E3F;A@;@EGD3@57;@355AD63@57I;F:F:7EF3FGFADK?3@63F7EA8F:7
;EFD;5FA8
A>G?4;3
ADF:7<GD;E6;5F;A@;@I:;5:F:75A@FD35F;EB7D8AD?76
?B>AK7DRE%;34;>;FK"@EGD3@57
-:7
A@FD35FADE:3>>BDAH;67 7H;67@57E3F;E835FADKFAF:7
(A8
7?B>AK7DRE>;34;>;FK;@EGD3@573E8A>>AIE
B7D355;67@F8AD;@<GDK
B7D7?B>AK778AD
6;E73E73@6
8ADBA>;5K6;E73E7>;?;F
-:70AD=7DE
A?B7@E3F;A@3@6
?B>AK7DE%;34;>;FKE:3>>478GDF :7D7@6ADE76FA
3 "@5>G67303;H7DA8,G4DA93F;A@;@83HADA8-:7 AH7D@?7@FA8F:7
;EFD;5FA8
A>G?4;3
4 0:7D73BB>;534>7 ;@5>G67.@;F76,F3F7E%A@9E:AD73@6!3D4AD0AD=7DE
A?B7@E3F;A@5F
.,%!
5 0:7D73BB>;534>7 ;@5>G67#A@7E5F
AH7D3978ADE73?7@AD5D7I?7?47DEA@3@P;83@KQ43E;E
-75:@A>A9K%;34;>;FK &76;3%;34;>;FK3@6'7FIAD=,75GD;FK
)D;H35K
K47D%;34;>;FK"@EGD3@57
5AH7D;@935FE 7DDADE A?;EE;A@E 4D735:A85A@FD35F 3@6H;A>3F;A@A83@K5A@EG?7DBDAF75F;A@>3IE
3D;E;@9AGFA8
A@FD35FADREAB7D3F;A@EADE7DH;57EI;F:3>;?;FA8
B7D5>3;?3@6;@F:7
399D793F7
,G5:5AH7D397E:3>>;@5>G674GF@AF47>;?;F76FA F:;D6B3DFK3@68;DEFB3DFK5AH7D3978AD>AEE
AD6;E5>AEGD7A83@K63F3 ;@5>G6;@9B7DEA@3>>K;67@F;8;34>7;@8AD?3F;A@3@6B3K?7@F53D6;@8AD?3F;A@
@7FIAD=E75GD;FK83;>GD7 H;A>3F;A@A83@K5A@EG?7DBDAF75F;A@>3IE G@3GF:AD;L763557EE3@6
ADGE7AD
AF:7D;@FDGE;A@E ;@8D;@97?7@FA83@K;@F7>>75FG3>BDAB7DFKD;9:FE7J57BFB3F7@F G@;@F7@F;A@3>4D735:A8
5A@FD35F @79>;97@57AD4D735:A86GFKFAGE7D73EA@34>753D7 4D735:A83@K6GFKA85A@8;67@F;3>;FK
;@H3E;A@A8BD;H35K ADH;A>3F;A@EA83@KAF:7D>793>BDAF75F;A@E8ADB7DEA@3>;@8AD?3F;A@ 6783?3F;A@
>;47> E>3@67D 5A??7D5;3>6;EB3D397?7@F @79>;97@FFD3@E?;EE;A@A85A?BGF7DH;DGE ADGE7A85A?BGF7D
@7FIAD=E;@5A@@75F;A@I;F:67@;3>A8E7DH;573FF35=E
,G5:5AH7D397E:3>>;@5>G67D79G>3FADK6787@E7
3@68;@7E
B7@3>F;7E;@3@K<GD;E6;5F;A@3@KI:7D7;@F:7IAD>6
,G5:5AH7D397E:3>>;@5>G675A@FD35FG3>
BD;H35K5AH7D3978AD63F34D735:D7EBA@E73@65D;E;E?3@397?7@F5AEFEF:3FIAG>647;@5GDD764K
A@FD35FADA@47:3>8A8-:7 AH7D@?7@FA8F:7
;EFD;5FA8
A>G?4;3;@F:77H7@FA8363F34D735:
;@5>G6;@9>793>3@68AD7@E;57JB7@E7E @AF;8;53F;A@5AEFE 5D76;F?A@;FAD;@95AEFE 3@65AEFEFAAB7D3F73
53>>57@F7D
A@FD35FADE:3>>?3;@F3;@5AH7D397;@8AD576GD;@9F:7F7D?A8F:;E9D77?7@F3@68AD3@
7JF7@676D7BADF;@9B7D;A6A8@AF>7EEF:3@FIAK73DE38F7D
)DA87EE;A@3>%;34;>;FK"@EGD3@57
DDADE(?;EE;A@E
-:7
A@FD35FADE:3>>BDAH;67)DA87EE;A@3>
%;34;>;FK"@EGD3@57
DDADE3@6(?;EE;A@EFA5AH7D>;34;>;FKD7EG>F;@98DA?3@K7DDADADA?;EE;A@;@F:7
B7D8AD?3@57A8BDA87EE;A@3>E7DH;57EG@67DF:;E
A@FD35F
-:7BA>;5KE:3>>BDAH;67>;?;FEA8
B7D5>3;?ADB7DA55GDD7@578AD735:IDA@98G>35F3@6
3@@G3>399D793F7
-:7
A@FD35FAD
,
('C>>=@B'3@D713A
I3DD3@FEF:3F3@K3BB>;534>7D7FDA35F;H763F7BD75767EF:763F7F:7
A@FD35FAD8;DEFB7D8AD?763@K
BDA87EE;A@3>E7DH;57E8ADF:7 AH7D@?7@FA8F:7
;EFD;5FA8
A>G?4;33@6F:3F5A@F;@GAGE5AH7D397I;>>
47?3;@F3;@76AD3@7JF7@676D7BADF;@9B7D;A6I;>>477J7D5;E768AD3B7D;A6A83F>73EFF7@K73DE38F7DF:7
5A?B>7F;A@A8F:7BDA87EE;A@3>E7DH;57E
%;?;FE?3K@AF47E:3D76I;F:AF:7D>;@7EA85AH7D397
A??7D5;3>.?4D7>>3AD
J57EE%;34;>;FK
-:7
A@FD35FADE:3>>BDAH;677H;67@57E3F;E835FADKFAF:7
(
A85A??7D5;3>G?4D7>>3AD7J57EE>;34;>;FK;@EGD3@57I;F:?;@;?G?>;?;FEA8
B7DA55GDD7@57
3@6
;@F:73@@G3>399D793F7 8A>>AI;@9F:78AD?3@6;@7J57EEA83>>>;34;>;FKBA>;5;7E
::
>;34;>;FK5AH7D397E?GEF47E5:76G>76G@67DF:7G?4D7>>33@6
AD7J57EEBA>;5K
-:7;@EGD3@57D7CG;D76
G@67DF:;EB3D39D3B:E:3>>47ID;FF7@;@38AD?F:3F3@@G3>>KD7;@EF3F7E3>>D7CG;D76>;?;FE
AH7D397E:3>>
47BD;?3DKFA3@K;@EGD3@57 E7>8
;@EGD3@57ADD7;@EGD3@57?3;@F3;@764K-:7 AH7D@?7@FA8F:7
;EFD;5F
A8
A>G?4;33@6F:7PAF:7D;@EGD3@57QBDAH;E;A@?GEF473?7@676;@355AD63@57I;F:F:;ED7CG;D7?7@F
3@6BD;@5;B>7EA8H7DF;53>7J:3GEF;A@
?B>AK?7@F)D35F;57E%;34;>;FK
-:7
A@FD35FADE:3>>BDAH;677H;67@57E3F;E835FADKFAF:7
(I;F:
D7EB75FFAF:7AB7D3F;A@EB7D8AD?76FA5AH7DF:76787@E7A85>3;?E3D;E;@98DA?7?B>AK?7@FD7>3F76
IDA@98G>35FE;@5>G6;@94GF@AF>;?;F76FA
;E5D;?;@3F;A@ ,7JG3>!3D3EE?7@F 0DA@98G>-7D?;@3F;A@
0AD=B>357-ADFE G>>K;@9;@3@K>A53F;A@3@64K3@K?73@E ;@5>G6;@9F:7"@F7D@7F I:7F:7D
47FI77@7?B>AK77EA85A@FD35FADAD393;@EFF:;D6B3DF;7E
?B>AK?7@F)D35F;57E%;34;>;FK5AH7D397?GEF
EB75;8;53>>KEF3F7-:;D6)3DFK%;34;>;FK5AH7D397;E;@5>G676
A@FD35FADI;>>;@67?@;8K3@66787@6-:7
AH7D@?7@FA8F:7
;EFD;5FA8
A>G?4;3E:AG>6;F47@3?765A
6787@63@FAD47EG4<75FFAADB3DFKA8
3@K5>3;?
AH7D397E:3>>3>EA7JF7@6FA-7?BAD3DK!7>B ;D?E3@6"@67B7@67@F
A@FD35FADE:;D764K
A@FD35FAD
-:7BA>;5KE:3>>BDAH;67>;?;FEA8@AF>7EEF:3@
8AD735:IDA@98G>35F3@6
3@@G3>399D793F78AD735:IDA@98G>35F
,.
('-+
-(+"',.+'
+
*."+
&
'-,
@K3@63>>EG45A@FD35FADE7@939764K
A@FD35FAD8ADIAD=G@67DF:;E39D77?7@FE:3>>47D7CG;D76FA
:3H7F:7E3?7;@EGD76D7CG;D76A8
A@FD35FAD
,:AG>6F:7
A@FD35FADI;E:FABDABAE76;887D7@F;@EGD3@57
D7CG;D7?7@FEF:3@AGF>;@7647>AI F:7@ BD;ADFA5A??7@57?7@FA8IAD=4KF:7EG45A@FD35FAD F:7
A@FD35FADE:3>>EG4?;F;@ID;F;@9F:7@3?73@64D;7867E5D;BF;A@A8IAD=FA47B7D8AD?764KF:7
EG45A@FD35FADA@F:7,G45A@FD35FADE"@EGD3@57+7CG;D7?7@F-7?B>3F7BDAH;676FAF:7(88;57A8+;E=
&3@397?7@F(+&
(+&I;>>67F7D?;@7F:7;@EGD3@57D7CG;D7?7@FE3BB>;534>7FAF:7EG45A@FD35FAD
3@6BDA?BF>K67>;H7DEG5:D7CG;D7?7@FE;@ID;F;@9FAF:7
A@FD35FAD
"@7;F:7D;@EF3@57 F:7
A@FD35FAD
?GEFBDAH;67BDAA8A8F:7EG45A@FD35FADED7CG;D76;@EGD3@57BD;ADFA5A??7@57?7@FA8IAD=4KF:7
EG45A@FD35FAD
)+"&+2'
'('
('-+".-(+2"',.+'
-:7;@EGD3@57D7CG;D76:7D7;@E:3>>47BD;?3DKFA3@6I;>>@AFE77=5A@FD;4GF;A@8DA?3@KAF:7D;@EGD3@57
D7;@EGD3@57ADE7>8
;@EGD3@57;@5>G6;@93@K676G5F;4>7ADD7F7@F;A@ ?3;@F3;@764KF:7 AH7D@?7@FA8F:7
;EFD;5FA8
A>G?4;3
.+-"('
-:7
A@FD35FADE:3>>53DDK3>>D7CG;D76;@EGD3@57G@F;>3>>5A@FD35FIAD=;E3557BF764K
-:7 AH7D@?7@FA8F:7
;EFD;5FA8
A>G?4;33@6E:3>>53DDK>;EF765AH7D397E8ADF7@K73DE8AD
5A@EFDG5F;A@BDA<75FE8A>>AI;@98;@3>3557BF3@57A8F:7IAD=B7D8AD?76G@67DF:;E5A@FD35F3@6FIAK73DE
8AD@A@
5A@EFDG5F;A@D7>3F765A@FD35FE
%""%"-2
-:7E73D7F:7D7CG;D76?;@;?G?;@EGD3@57D7CG;D7?7@FE7EF34>;E:764K-:7 AH7D@?7@F
,
('C>>=@B'3@D713A
A8F:7
;EFD;5FA8
A>G?4;3
!AI7H7D ;F;EG@67DEFAA6F:3F-:7 AH7D@?7@FA8F:7
;EFD;5FA8
A>G?4;3
6A7E@AF;@3@KI3KD7BD7E7@FF:3FF:7;@EGD3@57ADF:7>;?;FEA8;@EGD3@57EB75;8;76:7D7;@3D7EG88;5;7@F
AD367CG3F7FABDAF75FKAGD;@F7D7EFEAD>;34;>;F;7E3@6I;>>@AF;@3@KI3K>;?;FF:75A@FD35FADRE>;34;>;FK
G@67DF:;E5A@FD35F
('-+
-(+R,)+()
+-2
A@FD35FAD3@6EG45A@FD35FADE3D7EA>7>KD7EBA@E;4>78AD3@K>AEEAD
63?397FAF:7;DB7DEA@3>BDAB7DFK ;@5>G6;@94GF@AF>;?;F76FAFAA>E3@67CG;B?7@F E5388A>6;@93@6
F7?BAD3DKEFDG5FGD7E D7@F76?35:;@7DK ADAI@763@6>73E767CG;B?7@F
I3;H7DA8EG4DA93F;A@E:3>>
3BB>K;@83HADA8-:7 AH7D@?7@FA8F:7
;EFD;5FA8
A>G?4;3
!
&
,.+
( )2&
'-
-:7 AH7D@?7@FA8F:7
;EFD;5FA8
A>G?4;3E:3>>@AF?3=73@KE7B3D3F7
?73EGD7ADB3K?7@F8ADF:75AEFA8;@EGD3@573@64A@6E
-:7
A@FD35FADE:3>>;@5>G673>>A8F:75AEFEA8
;@EGD3@573@64A@6E;@F:75A@FD35FBD;57
"
'(-" "
-"('
-:7
A@FD35FADE:3>>7@EGD7F:3F3>>BA>;5;7EBDAH;67F:3FF:7
(E:3>>479;H7@F:;DFK
63KEBD;ADID;FF7@@AF;57;@F:77H7@FA853@57>>3F;A@ @A@
D7@7I3> AD?3F7D;3>5:3@97EFAF:77JF7@F
EG5:53@57>>3F;A@AD?3F7D;3>5:3@97ED7EG>FE;@
A@FD35FAD@A>A@95A?B>K;@9I;F:F:734AH7
D7CG;D7?7@FE
-:7
A@FD35FADE:3>>BDAH;67F:7
(I;F:F7@
63KEBD;ADID;FF7@@AF;57;@F:77H7@FA8
@A@
B3K?7@FA8BD7?;G?
-:7
A@FD35FADI;>>3>EABDAH;67F:7
(I;F:3@GB63F76
7DF;8;53F7A8
"@EGD3@57E:AG>6;FE;@EGD3@575AH7D397ED7@7I6GD;@9F:75A@FD35F
-:7 AH7D@?7@FA8F:7
;EFD;5FA8
A>G?4;3?3KD73EA@34>K5:3@97F:734AH7;@EGD3@575AH7D397D7CG;D7?7@FE6GD;@9F:7-7D?4K9;H;@9
A@FD35FAD3F>73EF
63KER@AF;57A8F:75:3@97
A@FD35FAD?GEF5A?B>K 3FKAGD7JB7@E7 3@667>;H7D
FAF:7
(7H;67@57A85A?B>;3@57478AD7F:75:3@97475A?7E78875F;H7
#
+-" "
-
,( "',.+'
-:7
A@FD35FAD?GEFE7@6FA
( 3F>73EF
63KE38F7D7J75GF;A@A8
F:;E9D77?7@F 57DF;8;53F7EA8;@EGD3@577H;67@5;@9F:7D7CG;D76;@EGD3@575AH7D3973@67@6ADE7?7@FE
D7CG;D76:7D7;@
A@FD35FAD?GEF3>EABDAH;67GEI;F:7H;67@57A8D7@7I3>478AD7F:77JB;D3F;A@63F7A8
735:;@EGD3@57BA>;5K
A@FD35FAD;ED7EBA@E;4>78ADBDAH;6;@9GEI;F:
63KE36H3@576ID;FF7@@AF;57;8
F:757DF;8;53F7A8;@EGD3@574KF:7;@EGD7D:3E477@53@57>76 D76G576;@5AH7D397 ADAF:7DI;E73>F7D76
7DF;8;53F7EA8;@EGD3@57?GEFD787D7@57F:75ADD7EBA@6;@95A@FD35F@G?47D
H;67@57A8;@EGD3@57E:3>>
47EG4?;FF76FA
(63
=D3@<;3<B=4B637AB@71B=4=:C;07/
<2;/7:32B=B63/BB3<B7=<=4
$7@@7F:03>>;@9FA@
A@FD35F;@9(88;57D
!73>F:7@78;F
J5:3@97
"
K7,FD77F ,0 ,F7
03E:;@9FA@
):
?3;>$7@@7F:
I3>>;@9FA@65
9AH
-:7
(?3KD7CG7EF3@6F:7
A@FD35FADE:3>>BDA?BF>K67>;H7DG B63F7657DF;8;53F7EA8;@EGD3@57
7@6ADE7?7@FE;@6;53F;@9F:7D7CG;D765AH7D397E 3@6
AD57DF;8;765AB;7EA8F:7;@EGD3@57BA>;5;7E
"8F:7
;@EGD3@57;@;F;3>>KA4F3;@764KF:7
A@FD35FAD7JB;D7EBD;ADFA5A?B>7F;A@A8F:75A@FD35F D7@7I3>
57DF;8;53F7EA8;@EGD3@573@6366;F;A@3>;@EGD763@6AF:7D7@6ADE7?7@FEE:3>>478GD@;E:76FAF:7
(BD;AD
FAF:763F7A87JB;D3F;A@A83>>EG5:;@;F;3>;@EGD3@57
AD3>>5AH7D397D7CG;D76FA47?3;@F3;@7638F7D
5A?B>7F;A@ 3@366;F;A@3>57DF;8;53F7A8;@EGD3@577H;67@5;@9EG5:5AH7D397E:3>>47EG4?;FF76FAF:7
(
,
('C>>=@B'3@D713A
A@3@3@@G3>43E;E3EF:75AH7D397;ED7@7I76ADD7B>3576
$
",
%(,.+
( "' (+&-"('
-:7
A@FD35FAD39D77EF:3F-:7 AH7D@?7@FA8F:7
;EFD;5FA8
A>G?4;3?3K6;E5>AE7F:7@3?73@65A@F35F;@8AD?3F;A@A8;FE;@EGD7DEFA3@KF:;D6B3DFKI:;5:BD7E7@FE
35>3;?393;@EF-:7 AH7D@?7@FA8F:7
;EFD;5FA8
A>G?4;38AD3@K63?397EAD5>3;?ED7EG>F;@98DA?AD
3D;E;@9AGFA8IAD=B7D8AD?764KF:7
A@FD35FAD ;FE397@FE 7?B>AK77E E7DH3@FEADEG45A@FD35FADE;@F:7
B7D8AD?3@57A8F:;E5A@FD35F
%
++"
++-"' ,
>>
A@FD35FADRE3@6;FEEG45A@FD35FADER;@EGD3@57D7CG;D76;@5A@@75F;A@I;F:
F:;E5A@FD35FE:3>>47ID;FF7@4K;@EGD3@575A?B3@;7EI;F:3@
&
7EF"@EGD3@57 G;67D3F;@9A83F
>73EF
/""AD47FF7DADF:77CG;H3>7@F4K3@KAF:7DD3F;@9397@5K3@6>;57@E76;@F:7
;EFD;5FA8
A>G?4;3
&
0++'-"
,
0:7@3BB>;534>7 F:7
A@FD35FADE:AG>647@3?763E3@366;F;A@3>;@EGD76A@F:7
3BB>;534>7?3@G835FGD7DRE
6;EFD;4GF7DRE
A??7D5;3> 7@7D3>%;34;>;FKBA>;5KGE;@9"@EGD3@57,7DH;57E
(88;57 "@5
P",(Q8AD?
AD3@AF:7DA55GDD7@57
43E768AD?I;F:5AH7D3973F>73EF3E
4DA36
(E:AG>65A>>75F D7H;7I8AD355GD35K 3@6?3;@F3;@3>>I3DD3@F;7E8AD9AA6E3@6E7DH;57E
,
('C>>=@B'3@D713A
'(
#"
((
!"('")!
-:78A>>AI;@93FF35:?7@FE3D7;@5ADBAD3F76 7;F:7D;@I:A>7 ;@D7>7H3@FB3DF AD4KD787D7@57
3@6?3673B3DFA8F:7
A@FD35F
BB/16;3<B
"C;03@
=1C;3<B
!1,F3@63D6
A@FD35F)DAH;E;A@E
>A53F763F
:FFBE
:4J
65
9AH
BG4>;53F;A@
65:4J
BA>;5;7E
3@6
BDA576GD7E
%34AD
3F79AD;7E3@6%7H7>EA8
JB7D;7@57
J5:3@97)D;H35K3@6,75GD;FK
A?B>;3@57667@6G?
-:;D6)3DFK,75GD;FK+;E=EE7EE?7@F*G7EF;A@@3;D7
!1
A@FD35F;@93@6)DA5GD7?7@F)A>;5;7E3@6)DA576GD7E
>A53F763F
:FFBE
:4J
65
9AH
BG4>;53F;A@
65:4J
BA>;5;7E
3@6
BDA576GD7E
,
('C>>=@B'3@D713A
#&&#$&"
5A@8>;5F;@>3@9G397E:3>>47D7EA>H764K9;H;@9BD75767@57FAF:76A5G?7@F;@F:7
:;9:7EFAD67DA8BD;AD;FKF:3F5A@F3;@E>3@9G397366D7EE;@9F:7;EEG7;@CG7EF;A@
-:7
8A>>AI;@96A5G?7@FE3D7;@5ADBAD3F76;@FAF:7
A@FD35F4KD787D7@57AD;@D7>7H3@F
B3DF3@6?3673B3DFA8F:7
A@FD35F;@F:78A>>AI;@9AD67DA8BD75767@57
@3BB>;534>7
AGDF(D67D ;83@K
A@FD35F
!1,F3@63D6
A@FD35F)DAH;E;A@E
A@FD35FFF35:?7@FEAF:7DF:3@,F3@63D6
A@FD35F)DAH;E;A@E
!1
A@FD35F3@6)DA5GD7?7@F)A>;5;7E3@6)DA576GD7E
+ ) 3E3?7@676
,AGD5;@9
A5
7EF3@6 ;@3>(887DE (
)DABAE3>E