<<



 "D=C+AD6C6C9$>I:G6IJG:6CC6ANH>HD; $>I:G6GN!C;AJ:C8:H>CI=:/DG@H6C9 /G>I>C86CGI>HI 



N

%& *! !'



I=:H>HHJ7B>II:9IDI=:-C>K:GH>IND;>GB>C<=6B;DGI=::

%+,*1*+* !&& $!+ $!,*,-*







B:G>86C6C96C69>6C+IJ9>:H:CIG: +8=DDAD;CH=G6B6B:G>86C6C69>6C+IJ9>:H DAA:<:D;GIH6C9$6L -C>K:GH>IND;>GB>C<=6B '8ID7:G 

University of Birmingham Research Archive

e-theses repository

This unpublished thesis/dissertation is copyright of the author and/or third parties. The intellectual property rights of the author or third parties in respect of this work are as defined by The Copyright Designs and Patents Act 1988 or as modified by any successor legislation.

Any use made of information contained in this thesis/dissertation must be in accordance with that legislation and must be properly acknowledged. Further distribution or reproduction in any format is prohibited without the permission of the copyright holder.



*+)+

,=>HI=:H>H6C6ANH:HI=:A>I:G6GN>C;AJ:C8:HEG:H:CI>CI=:6GILDG@H6C9LG>I>C

B:G>86C6GI>HI"D=C+AD6C ,=:6>BD;I=:I=:H>H>HID688DBE6CNI=:G:69:GI=GDJ<=6

?DJGC:NI=6I:MEADG:HI=G::9>;;:G:CIH>9:HD;I=:6GI>HII=:G:69:GI=:>AAJHIG6IDG6C9I=:

LG>I:G ,=:;>GHI8=6EI:G6C6ANH:H+AD6C6H6G:69:G:MEADG>C<=DL=>H6GILDG@HL:G:

>C;AJ:C8:97NI=:A>I:G6IJG:=:G:69;DGA:>HJG:6C97NA>I:G6GN6C96GI>HI>8;>

:C8DJCI:G:9>C=>HA>;: !CI=:H:8DC98=6EI:G+AD6C>H>CIGD9J8:96H6C>CI:GEG:I:GD;I=:

A>I:G6IJG:=:G:69JC9:G8DBB>HH>DC;DGI=:EJGEDH:D;8G:6I>C<>AAJHIG6I>DCH ,=>H

8=6EI:G>CIGD9J8:H=DL+AD6C699G:HH:H6C9>CI:GEG:IHI=:G:A6I>DCH=>E7:IL::CLDG9

6C9>B6<:L=>A:>AAJHIG6I>C<H=DGIHIDG>:HED:BH6C9CDK:AH ,=:I=>G96C9;>C6A8=6EI:G

:M6B>C:H+AD6C`HDLCLG>I>C<6C6ANH>C<I=:8DCI:CII=:A>I:G6GNHINA:6C9I=:A6C

=:69DEI:96HL:AA6H8DCH>9:G>C<HDB:D;I=:>AAJHIG6I>DCHI=6I688DBE6CN=>HDLC

LG>I>C<ID=><=A><=I+AD6C`H6L6G:C:HH6C98DCHI6CI:C<6<:B:CIL>I=I=:G:A6I>DCH=>E

7:IL::CLDG96C9>B6<: 



  

#&'.$ %&+*

>GHI6C9;DG:BDHIBNH>C8:G:HI6C99::E:HII=6C@HHDGHG"D=C6<< 6C9G*DC6G6C ,=:>GHJEEDGI6C969K>8:=6K:7::CK>I6AIDBNCHE>G>C<IDHE:6@IDI=:B6C9ID9>H8JHHI=:L6NHI=6I! 8DJA98DCIG>7JI:IDI=:G:H:6G8=>CI=>H;>:A9 AHD6L6GBI=6C@NDJIDG>II6CN%DHI:G L=D=69I=:>BB:CH:E6I>:C8:IDEGDD;G:69BNLDG@ 

!LDJA9A>@:IDI=6C@BN:BEADN:G6C9BN8DAA:6C<6C9HJEEDGI>K:I=GDJ<=DJII=>H?DJGC:N 

!LDJA96AHDA>@:IDI=6C@BN;6B>ANL=D7:A>:K:9>CB:6C9HJEEDGI:9B:L>I=@>C9 LDG9HD;:C8DJG6<:B:CII=GDJ<=DJII=>H?DJGC:N HE:8>6AB:CI>DCIDBDB6C9969 L=D6AL6NH@C:LL=6IIDH6NL=:C!C::9:9>II=:BDHI 

$6HI7JICDIA:6HI!LDJA9A>@:IDI=6C@BN;>6C8T(:I:G;DGI=:>BB:CH:E6I>:C8: 9:BDCHIG6I:9>CI=:E6HIILDN:6GH  :EJIJEL>I=B:I6A@>C<8DCHI6CIAN67DJII=>H I=:H>H;DGI=:E6HI8DJEA:D;N:6GH9:HE>I:=>HA>IIA:>CI:G:HI>CI=:HJ7?:8I  >HBDG6A HJEEDGI=6H7::CK>I6A;DGI=>HEGD8:HH=:=6H7::CBNGD8@>CBN96G@:HI96NH6C9BN CJB7:GDC:;6CI=GDJ<=DJI ,=6C@NDJ 

 

  

$' '&+&+*



$>HID;!AAJHIG6I>DCH  DCK:CI>DCH-H:9  !CIGD9J8I>DC  =6EI:G +AD6C6H6*:69:G   =6EI:G+AD6C6H6C!AAJHIG6IDG  =6EI:G+AD6C6H6/G>I:G  DC8AJH>DC   /DG@H>I:9   EE:C9>M  !AAJHIG6I>DCH    EE:C9>M +AD6CH$:II:GID :CG>6I:9I=:8:B7:G    EE:C9>M +AD6CH$:II:GID :CG>6I:9 I='8ID7:G    





























  



"*+' $$,*+)+"'&*

 "D=C+AD6C 7*-:<-6:1)16<-:  %:IGDEDA>I6C%JH:JBD;GI&:L 1DG@ 

 "D=C+AD6C"0-1<<4-:1,-  $>7G6GND;DCC

 "D=C+AD6C1.<0>-6=-1:+=;  6G7:G!CHI>IJI:D;>C:GIH >GB>C<=6B 

 "D=C+AD6C"=:616/=<<0-1/0<  +B>I=HDC>6CB:G>86CGI%JH:JB /6H=>C

 "D=C+AD6C"0-%75)6I;)/-  %:IGDEDA>I6C%JH:JBD;GI&:L 1DG@ 

 *D7:GI :CG>>):--6  *DA6C9( %JG9D8=DAA:8I>DC/>8=>I6GI %JH:JB#6CH6H 

 "D=C+AD6C4-+<1761/0<  %:BDG>6AGI 6AA:GN-C>K:GH>IND; *D8=:HI:G&:L1DG@ 

 "D=C+AD6C47?6)316/#8  ,=:(=>AA>EHDAA:8I>DC/6H=>C

 "D=C+AD6C!8:16/4)6<16/:--6?1+0$144)/-  DAJB7JH%JH:JBD; GIDAJB7JH 

 *6E=6:A"0-!+07747.<0-6;    EDHIDA>8(6A68:.6I>86C>IN 

 "D=C+AD6C&-)<;)<-<1<8);  DG8DG6C 6AA:GND;GI/6H=>C

 "D=C+AD6C-57:A  :A6L6G:GI%JH:JB/>AB>C

 $:DC6G9D6.>C8>"0-);<!=88-:  DCK:CID;+6CI6%6G>69:AA: G6O>:%>A6C 

  "D=C+AD6CLDG9EJOOA:_/=6I%JH>86A!CHIGJB:CIHG:,=:H:`014),-4801) :-;;+:EI:B7:G   

  "D=C+AD6C%0)<=;1+)46;<:=5-6<;:-"0-;-\9:I6>A 

  

  "D=C+AD6C"0-%75)6I;)/-  ,=:%JH:JBD;%D9:GCGI&:L 1DG@ 

  "D=C+AD6CJG>DH>IN>BE:AA:G  _,=::7ID;CID>C:`7N/   %68 6G<+4=:-I;:8      

  ,=DB6H&6HI"0-#;=)4:1;0%)A7.716/"016/;  ):8-:I;%--34A +:EI:B7:G  

  "D=C+AD6C$6HI>AAJHIG6I>DCD;_,=::7ID;CID>C:`  _,=::7ID; CID>C:`7N/  %68 6G<+4=:-I;:8      

  "D=C+AD6C-::1:;+0D;_,=::7ID;CID>C:`  _,=::7ID; CID>C:`7N/  %68 6G<+4=:-I;:8      

  "D=C+AD6CJG>DH>IN>BE:AA:GD;_!9:AA66C9I=:/=>I:(A6I:(A6C8DAC+4=:-I;%6N     

  "D=C+AD6C"0-:7+-;;7>-,+:7;;<0-&):,D;_,=::7ID;CID>C:`   _!9:AA66C9I=:/=>I:(A6C8DAC+4=:-I; %6N     

  "D=C+AD6C_%>66GADII6`D;)6B7617N,=DB6H6AN  EJ7A>H=:96H E6GID;)6B761(=>A69:AE=>66I=DA>8+I6C96G9,>B:H(J7 D    

  "D=C+AD6C!AAJHIG6I>DCD;_6:HI6G6C9`D;)6B7617N,=DB6H6AN   EJ7A>H=:96HE6GID;)6B761(=>A69:AE=>66I=DA>8+I6C96G9,>B:H(J7 D    

  "D=C+AD6C47?6)316/#8  ,=:(=>AA>EHDAA:8I>DC/6H=>C

  "D=C+AD6C"0-:<"-)+0-: ,=:G>I>H=%JH:JB$DC9DC 

  "D=C+AD6C014),-4801)!<7+3@+0)6/-  :A6L6G:GI%JH:JB />AB>C

  "D=C+AD6C"0-":1)6/4-!01:H=:97N"0--? &7:3)44DCI=%6G8=  

  "D=C+AD6C -+<7  EJ7A>H=:9>C:CC6G9 (:GAB6C ->74=<176):1-;7. -)41;5<0--<<-:;7.706!47)6)6, 7*-:<-6:1(G>C8:IDC-C>K:GH>IN (G:HH  

  

  "D=C+AD6C$-:;7  EJ7A>H=:9>C:CC6G9 (:GAB6C ->74=<176):1-;7. -)41;5<0--<<-:;7.706!47)6)6, 7*-:<-6:1(G>C8:IDC-C>K:GH>IN(G:HH (G>C8:IDC-C>K:GH>IN(G:HH  

  "D=C+AD6C`HA:II:GID*D7:GI :CG> I=&DK:B7:G   "D=C+AD6C %6CJH8G>EIDAA:8I>DC:A6L6G:GI%JH:JB/>AB>C





















  

'&-&+"'&**



AAD;"D=C+AD6C`HFJDI6I>DCH8>I:9>CI=>HI=:H>H6G:;GDB6IG6CH8G>7:96CCDI6I:96C9 JCEJ7A>H=:9K:GH>DCL=>8=L6H<>K:CIDB:7NG"D=C6<<6II=:7:<>CC>C<D;I=>H EGD?:8I ,=>HIG6CH8G>7:96C96CCDI6I:9K:GH>DCD;+AD6C`H9>6G>:H>H7N"J9>I='`,DDA: >C8DCHJAI6I>DCL>I= :A:C6GG+AD6C6C9;JGI=:G:9>I>C<L:G:B69:7N":6C:II: ,DD=:N>C67DJI  ,=:DG><>C6AB6CJH8G>EIHD;I=:9>6G>:H6G:EG:H:GK:96II=: :A6L6G:GI%JH:JB/>AB>CCI=:%6CJH8G>EIDAA:8I>DCD;I=: :A:C6GG +AD6C$>7G6GNG8=>K:H 

,=:96I:H;DGI=::CIG>:H8>I:96G:<>K:C>CI=:I:MI>CE6G:CI=:H:H 







































  

&+)',+"'&

,=>HI=:H>H:M6B>C:H7DI=I=:6GI>HI>86C9LG>II:CLDG@HD;"D=C+AD6C7N=><=A><=I>C<

I=:8DBEA:M9>6ADI:G6GN6C9K>HJ6A6GI>CI=:6GI>HI`HLDG@ 

+AD6C`H>CI:G:HI>CA>I:G6IJG:>HL:AAEDGIG6N:9>CI=::I8=>C< 7*-:<-6:1

)16<-: B69:>C  ID8DBB:BDG6I:=>H;G>:C96C9;:AADL6GI>HI*D7:GI :CG>

;DAADL>C<=>H9:6I=>C  +AD6CEDGIG6NH=>H;G>:C9H>II>C<DC68=6>G>C;GDCID;6

7DD@86H:HBD@>C<68><6G AI=DJ<=I=:HJ7?:8I>H*D7:GI :CG>I=:E6>CI:GI=:6GI>HI>C

I=:E>8IJG:>HC:>I=:GE6>CI>C<CDG9G6L>C< !CHI:69 :CG>>HEDH:9>C;GDCID;6

7DD@86H:L=>8=6AAJ9:HIDI=:>BEDGI6C8:I=6I7DD@H6C9A>I:G6IJG:=69;DGI=:6GI>HI

9JG>C<=>HA>;: +AD6C`H>C8AJH>DCD;I=:7DD@86H:>CI=:768@DCH6H6

G:B>C9:GIDI=:K>:L:GD;=DLI=:>G;G>:C9H=>E7:<6C +AD6C6C9 :CG>B:I6I6E6GIN;DG

7DI=8JGG:CIHIJ9:CIH6C96AJBC>D;I=:(:CCHNAK6C>6869:BND;I=:>C:GIH>C

(=>A69:AE=>66C9I=:ILD6GI>HIH7DC9:99J:IDI=:>GBJIJ6A>CI:G:HI6C969B>G6I>DCD;

I=:ED:IGND;/6AI/=>IB6C $>I:G6IJG:L6H6E>KDI6A:A:B:CI>CI=:A>K:HD;+AD6C6C9

:CG>6HI=:ND;I:CHJ<<:HI:9G:69>CH8JHH>DCHDCI=:

A>I:G6IJG:I=:NG:69 +AD6C>CE6GI>8JA6GIDD@>CHE>G6I>DC;DG=>H6GI;GDBI=:7DD@H=:

G:69G:>CHI6I>C<I=:>BEDGI6C8:D;A>I:G6IJG:>C=>HA>;:6C96GI>HI>886G::G !I>HI=:G:;DG:

:K>9:CI=DLI=:EG:H:C8:D;I=:7DD@86H:>CI=::I8=>C< 7*-:<-6:1)16<-:

HJBB6G>H:HCDIDCANI=:>BEDGI6C8:D;A>I:G6IJG:;DG+AD6C7JI6AHDI=:6>BD;I=>H

I=:H>HL=>8=>HIDEG:H:CI+AD6C6H6C:C67A:GD;I=:9>6ADHJ6A6GI6C9

A>I:G6IJG: 

 >74=<176):1-;7. -)41;5<0--<<-:;7.706!47)6)6, 7*-:<-6:1(G>C8:IDC -C>K:GH>IN(G:HH 00. 

  

*:7:8862JG>:GCDI:H>C1+<=:16/<0-1

!+0774+AD6C`H>CI:G:HI>CA>I:G6IJG:9:K:ADE:9:6GA>:G6C9BDG:9::EANI=6C=>H>CI:G:HI

>C6GI $>I:G6IJG:>CHE>G:9=>H6GI>HI>886G::G6H=>H_;>GHIK:CIJG:>CID>AAJHIG6I>DC;DG

>CHI6C8:L6H6II=:6<:D;IL:AK:L=:C=:>AAJHIG6I:9=>HDLC8DEND;*D7:GI$DJ>H

+I:K:CHDC`H":-);=:-;4)6, `II=:6<:D;H:K:CI::C>C =:L6H=>G:96H6C

6HH>HI6CI86H=>:G6I(DGI:G6C9D6I:H`7DD@H=DE6C9D7I6>C:96;JAA I>B:?D76H6C

>AAJHIG6IDG6II=:014),-4801)69=1:-:6II=:6<:D;IL:CIN $>I:G6IJG:G:IJGC:9ID=>H

A>;:A6I:G>C=>H86G::GL=:C=:9G:L>AAJHIG6I>DCH;DGCDK:AH6C98DCI:BEDG6GN;>8I>DC

EJ7A>H=:9>CB6<6O>C:H NI=:6<:D;IL:AK:=:=69G:696C9L6H;6B>A>6GL>I=

+=6@:HE:6G:>8@:CH,L6>C2DA66C9DI=:G@:NA>I:G6GN;>

_/:L:G:EDDG7JICDIJC9:GEG>K>A:<:93[4!6AL6NH=696AAI=:7DD@HL:L6CI:9ID

G:693 43%N4E6G:CIHL:G:CDI9:BDCHIG6I>K:7JII=:N=698DC;>9:C8:>C3B:4

:C8DJG6<:93B:4ID9DI=>CC>I>6I>K:` ,=>HHI6I:B:CI>HI=:HI6GI>C<ED>CI;DG

BNI=:H>H6H>I>CIGD9J8:H+AD6C`HKD86I>DC6A6C96JID9>968I>8>CI:G:HI>CA>I:G6IJG: 

+AD6C`H8JG>DH>INB69:=>BG:696:IND;A>I:G6IJG:G6C<>C<;GDBCDK:AHID

6869:B>86GI>8A:HL=>8=I=:C=696H>;>86CI>BE68IDC=>HI=>C@>C<6C9

8DCH:FJ:CIAN=>H6GI 

!CI=>HI=:H>H!6GI>H9>;;>8JAIIDJC9:GHI6C9+AD6C`H6GIL>I=DJI

68@CDLA:9<>C<L=6I=:G:69H6C9H8=DA6GH6C96GI8G>I>8H=6K:6AG:69NG:8DH:9

 *:7:8862JG>:G1+<=:16/<0-1K:GH>IND; 6A>;DGC>6(G:HH   GJ8:+I "D=C706!47)6&:L1DG@(G6:<:G(J7A>H=:GH     "D=C+AD6C706!47)676:)?16/)6,)16<16/1;<7.:<%>C:DA6&:L1DG@DK:G (J7A>86I>DCH 0!!  A>O67:I=  6L@:H_"D=C+AD6C`H&:LHE6E:G6G::GCAI:GC6I>K:IDGI+8=DDA`>C"0- =4<1>)<1767.:<1;<;1616-<--6<0-6<=:A5-:1+):9  :DG<>6G69A:N6GC=>AA>6C6#DGO:C>@6C9 6GDA>C: +AD6I/DG8:HI:G%6HH B:G>86CCI>FJ6G>6C+D8>:IN       +AD6C0! 

  

+AD6C`HKDG68>DJHG:69:GH=>E6C9I=:>C;AJ:C8:I=6II=>H=69DC=>H6GI>HI>886G::G 2JG>:G

D7H:GK:H>C=:G8=6EI:G_/6A@,=GDJ<=I=:>INDC(6E:GI=:,G69>I>DCD;I=:

%D7>A:'7H:GK:G`I=6I+AD6C6C9I=:G:HID;I=:B:B7:GHD;I=:H=86C+8=DDA

7:86B:68I>K:JG76CG:EDGI:GH6HHJB>C<I=:GDA:D;B:G>86C;A6C:JGHB:6C>C<I=6I

I=:NH=6G:9I=:>G;>GHI =6C9:ME:G>:C8:6C9G:6A>IND;I=:8>INI=GDJ<=I=:>G6GILDG@ 

,=:NG:EG:H:CI:9I=:G:6A>IND;JG76CA>;:7N_G:K:6A>C<>C;6B>A>6G9:I6>AHI=:JG76C

:K:GN96N` IDI=:K>:L:GHD;I=:>G6GI=><=A><=I>C<8:GI6>CHD8>6A>HHJ:HHJ8=6HEDK:GIN

>C&:L1DG@ 2JG>:G68@CDLA:9<:H6C9=><=A><=IHI=:>C;AJ:C8:I=6II=:&6IJG6A>HI

A>I:G6IJG:D;2DA6=69DC+AD6C`H6GI7:86JH:=:69DEI:92DA6`H9:E>8I>DCD;I=:EDDG

8DC9>I>DCHD;I=:ADL:G8A6HH:H=><=A><=I>C<I=:9>HE6G>IN6BDC<HD8>6A8A6HH:H 

+8=DA6G6C97>DC=>H7DD@706!47)6)16<-:

)6, -*-4 I=6I :CG>>CIGD9J8:9/>AA>6B%DGG>H JCI`H")43;76:<6C9 :DG<:

%DDG:`H7,-:6)16<16/ID+AD6C $DJ<=:GN8DBB:CIHI=6I+AD6CLDJA9G:A>H=%DDG:

7:86JH:=:L6H_HDB:DC:L=DL6H7DI=HDE=>HI>86I:96C9KDAJ7AN8DCH8>DJHD;=>H

GDDIH6H6C6I>K:D;68DJCIGNDJIH>9:I=:6GI>HI>8B6>CHIG:6B ` DGI=>HG:6HDCI=:;>GHI

8=6EI:GD;I=>HI=:H>HL>AAH=DL=DL+AD6C8DCC:8I:9L>I=I=:!G>H=CDK:A>HI $>@:

%DDG:+AD6CL6H8DCH8>DJHD;7:>C<E6GID;68DJCIGNI=6I9>9CDI=6K:6HIGDC<6GI>HI>8

=:G>I6<:A>@:!I6ANDGG6C8: %DG:DK:G+AD6CA>@:9%DDG:`HCDK:A"0-)3-  HD

BJ8=I=6I=:G:8DG9:9G:69>C<>I>C=>H9>6GN_G:69>C< :DG<:%DDG:`H],=:$6@: ^

+EA:C9>9>IHJ>IHB:E:G;:8IAN` :7GJ6GN   ,=:;>GHI8=6EI:GD;I=:G:H:6G8=L>AA

IDJ8=JEDCI=>H:CIGN7N+AD6CID=><=A><=II=:8DCC:8I>DCB69:7N$DJ<=:GN>C=>H

 !C1+<=:16/<0-1K:GH>IND;6A>;DGC>6(G:HH    2JG>:G  !7>9   "D=C$DJ<=:GN706!47)6)16<-:)6, -*-4&:L1DG@ :CGN DAI  

  

7>DHI6C9ID;JGI=:G8DC;>GBI=:8DCC:8I>DCI=6I+AD6C;:AIIDL6G9H

%DDG: 

,=:8JGG:CIA>I:G6IJG:DC+AD6C>HCDIA>B>I:9IDCDI>C<2DA6`H>C;AJ:C8:DC

+AD6C`H6GI6C9I=:>CI:G:HI6C969B>G6I>DC=:=69;DG%DDG: +AD6C`H6GIK6G>:9;GDB

E6>CI>CCAAJHIG6I>DCH6C9H8=DA6GH6C96GI=>HIDG>6CHA>@:2JG>:G%>8=6A

$D7:A6C9"D=C6<<9>H8JHH:9=>H6GI:MI:CH>K:AN6C9=>H>AAJHIG6I>DCH>CE6GI>8JA6G 

2JG>:GEG>B6G>ANH::H+AD6C`H>AAJHIG6I>DCH6HC<=>B>CEDEJA6GK>HJ6A9>H8DJGH:

D;JG76CA>;:$D7:A;D8JH:HDCI=:L6N>IH=6E:H=>HH:CH:D;=>BH:A;6H6C6GI>HI6C9

6<<ADD@H6II=:L6N+AD6C:MEADG:H=>HDEEDH>I>DCID;DGBHD;>9:6A>HBI=GDJ<==>H

H6I>G>86A6II68@DC >7HDC:I6A !AAJHIG6I>DCH6G:I=:6GI>HI`H>CI:GEG:I6I>DCD;6C:K:CIDG

6E>:8:D;A>I:G6IJG:6C9BNG:H:6G8=6AHD>CK:HI><6I:H+AD6C`H6EEGD68=ID>AAJHIG6I>C<

I:MIHI=6I=:G:69JC9:G8DBB>HH>DC NADD@>C<>CID+AD6C`H>AAJHIG6I>DCHD;I:MIHHJ8=

6HI=:H=DGIHIDG>:H_,=::7IHD;CID>C:`7N/  %68 6G<6C9_!9:AA66C9I=:/=>I:

(A6C8DAC6C9I=:8DAA:8I>DCD;ED:BH)6B7617N,=DB6H6AN!

L>AA9:BDCHIG6I:+AD6C`H68I>K:GDA:6H:C67A:GD;I=:9>6AD

>B6<: 

!I>H>BEDGI6CIIDB:CI>DCI=6II=:G:A6I>DCH=>E7:IL::CLDG96C9>B6<:>H6

BJ8= 9>H8JHH:9IDE>87N7DI=6GI=>HIDG>6CH6C9A>I:G6GNH8=DA6GH7:86JH:I=:C6IJG:D;

I=:6G<:HI=:9>H8>EA>C:HD;6GI6C9A>I:G6IJG:ID:CI:G>CID69>G:8I9>6AD

G6I=:G>C: 6C9:G6C9G+6G6= 6GA6C9:MEADG:I=:G:A6I>DCH=>E7:IL::CK:G76A

LG>II:C6C9K>HJ6A8DCK:CI>DCH>CB:G>86C8JAIJG: L=>A:6GI=>HIDG>6C":CC>;:G

G::C=>AAG:8DH:HI=:G:A6I>DCH=>E7:IL::CLDG9H6C9>B6<:H>C=:G6GI>8A:_A>E

 +::6I=:G>C: 6C9:G6C9+6G6= 6GA6C91@-,-;;)/-;5-:1+)67::-;876,-6+-;16$1;=)4)6, $-:*)4:)+<1+-;%6C8=:HI:G%6C8=:HI:G-C>K:GH>IN(G:HH  

  

$>C<:G A>9:DA:H(=>AA>EH6C9I=:%DK:B:CIHD;%6<6O>C:(>8IJG:H` L=:G:

H=:IDJ8=:HJEDC JHI6K:A6J7:GI`H:MI:CH>K:9:H8G>EI>DCHI=6I;JC8I>DC6H>AAJHIG6I>DCH

D;6HE:8>;>8H8:C:A>B>I>C<I=:G:69:G`H;G::9DBID>CI:GEG:II=:I:MI +8=DA6G%>8=6:A

6M6C96AA6GHCDIK:GNL:AA:FJ>EE:9IDD;;:G6CDI6I>DCD;6

E6GI>8JA6GE>8IJG:` DGE>:8:D;6GI7:86JH:LDG9H<:C:G6A>H:I=:G:6AB:6C>C<D;6C

>B6<: 6M6C96AAG:8DH:HI=:A>B>IHD;A6C:K:HI=6I>B6<:H6G:B:6CI

ID7:H::CG6I=:GI=6C7:>C<C6GG6I:9L>I=LDG9H +::>C<6C9D7H:GK>C<6G:>CC6I:6C9

CHI>C8IHD;=JB6CHL=>A:A6CIHDLCA>B>IH7:86JH:>IC::9HID7:

A:6GC:9 K:CL=:CDC:A:6GCHDC:A6CG@CDLA:9<:6C967>A>INIDJC9:GHI6C9

>HA>B>I:9IDI=6IDC:A6CC<8DB:H7:;DG:

LDG9H` G:>CHI6I>C<6M6C96AA`H6GB>IHD;A6C

8A6>BHD;:G<:G6C96M6C96AA6G:I=:HI6GI>C<ED>CI;DGI=:6GHH:8DC9

H:8I>DCD;I=:G:H:6G8=7:86JH:I=:NG:8DH:I=:>BEDGI6C8:I=6I>B6<:H86C=6K:>C6

A>I:G6GN8DCI:MIH>C8:I=:N86C68I6H6B:9>JBID8A6G>;N:MEA6>C6C9HDB:I>B:H

IG6CHA6I:I=:I:MI 

!CDG9:GIDH=DL86H:+AD6C`H>CI:G:HI6C9>CKDAK:B:CIL>I=A>I:G6IJG:6C9I=:

8DCC:8I>DC7:IL::CLDG96C9>B6<:I=:G:H:6G8=>H9>K>9:9>CIDI=G::8=6EI:GH:68=

9>H8JHH>C<69>;;:G:CI6HE:8ID;+AD6C`:C<6<:B:CIL>I=A>I:G6IJG: ,=:;>GHI8=6EI:GL>AA

=><=A><=I=DLI=:>C;AJ:C8:H;GDB9>;;:G:CI6JI=DGH+AD6CG:69=6K:EA6N:96H>;>86CI

GDA:>C9:;>C>C<=>H6GI ,=:8=6EI:G7:<>CH7N68@CDLA:9<>C<I=:>C;AJ:C8:I=6IG:C8=

&6IJG6A>HIA>I:G6IJG:=69DC+AD6C`H6GII=:CL>AAEG:H:CII=:E:GHDC6A6C9>CI:AA:8IJ6A

 ":CC>;:G  G::C=>AA_A>E$>C<:G A>9:DA:H(=>AA>EH6C9I=:%DK:B:CIHD;%6<6O>C:(>8IJG:H` ;;7+1)<1767.:<1;<7:1)6;KDA  C      %>8=6:A6M6C96AA)<<-:6;7.6<-6<176;&:L 6K:C6C9$DC9DC16A:-C>K:GH>IN(G:HH   "D=C:G<:G%)A;7.!--16/$DC9DC(:CCDD@H  

  

G:A6I>DCH=>EI=6I+AD6CH=6G:9L>I=I=::8A:8I>8>CI:AA:8IJ6A"D=CJIA:G1:6IH DAADL>C<

I=:68@CDLA:9C;AJ:C8:H6AG:69N9>H8JHH:9>CI=:8JGG:CIA>I:G6IJG:!L>AA

7:67A:IDEGDK>9:699>I>DC6A:M6BEA:HI=6I8DCIG>7JI:IDI=::ME6CH>DCD;I=:

H8=DA6GH=>E6GDJC9I=:>C;AJ:C8:I=6I+AD6C=69;GDBI=:A>I:G6IJG:=:G:69 

!CI=:H:8DC98=6EI:G!L>AAEG:H:CI+AD6C6H6C>AAJHIG6IDGD;I=:A>I:G6IJG:=:

G:69HJC9:G8DBB>HH>DC6C9=DLI=:6GI>HI:C<6<:HL>I=I=:G:A6I>DCH=>E7:IL::CLDG9

6C9>B6<: !C"0-1;<+AD6C68@CDLA:9<:HI=:8DBEA:B:CI>C<C6IJG:D;LDG9H6C9

>B6<:H7NHI6I>C<I=6ILDG9H6G:67HIG68IHNB7DAH;DGI=:8DC8:EII=6II=:NB:6CID

9:E>8I6C9I=6I9G6L>CAAJHIG6I>DCH6G:I=:>9:D

HNB7DAH LDG9H >CIDHDB:I=>C<I=6I>HG:8DH67A:IDI=:G:69:GD;6I:MI ,=:

H:8DC98=6EI:GL>AAG:KDAK:6GDJC9I=>H>9:6EG:H:CI:97N+AD6C6C9L>AA6II:BEIID

H=DL=DLI=:6GI>HI=>BH:A;:C<6<:9L>I=>I 

!CI=:I=>G96C9;>C6A8=6EI:GD;I=:I=:H>H!L>AA8DCH>9:G6H:A:8I>DCD;+AD6C`H

LG>I>CH8DGG:HEDC9:C8:6C99>6G>:HID9:BDCHIG6I:=DLI=:6GI>HI6EEA>:9

=>H@CDLA:9<:6C9JC9:GHI6C9>C<D;A>I:G6GN;DGBH>CID=>HDLC96N ID 96NLG>I>C

+AD6C`H9>6G>:H6C98DGG:HEDC9:C8:=6K:7::CJH:97NH8=DA6GH6C96GI=>HIDG>6CH6H

9D8JB:CIHI=6I86GGN68:GI6>C9:HIDG>86AK6AJ:6HI=:N688DJCI;DGI=:6GI>HI`H

68I>K>I>:HEDA>I>86AK>:LH6C968I6H;>GHI =6C9688DJCIHD;A>;:>C&:L1DG@>CI=::6GAN

 H ,=>H8=6EI:GL>AA68@CDLA:9<:I=:=>HIDG>86AK6AJ:D;+AD6C`HLG>I>CAA

:MEADG:L=>8=A>I:G6IJG:I:8=C>FJ:H+AD6CJH:9>CI=::M6BEA:HH:A:8I:9>CI=:6II:BEI

IDH=DL86H:I=:6GI>HI`H9::EJC9:GHI6C9>C<D;A>I:G6IJG:6C967>A>INID6EEAN8:GI6>C

I:8=C>FJ:HDC=>HE:GHDC6ALG>I>CAA9:BDCHIG6I:=DLHDB:E6HH6<:HD;=>HA:II:GH

 +AD6C  

  

6C99>6G>:H9:BDCHIG6I:I=6II=:A>I:G6IJG:=:G:69=696C>BE68IDCI=:L6N=:LGDI:6H

L:AA6H=>H6GI 























 

  

!(+) $'&*) 

,=>H8=6EI:G9:BDCHIG6I:HI=GDJ<=6H:G>:HD;86H:HIJ9>:H=DL"D=C+AD6C`H6GI

7:6GHI=:>C;AJ:C8:D;=>HA>I:G6GN>CI:G:HIH GDB+AD6C`H9>6G>:H6C97>D:H>I

7:8DB:H:K>9:CII=6II=:B:G>86C6GI>HIL6H6KDG68>DJHG:69:G;GDB6C:6GAN6<:6C9

=:H6LA>I:G6IJG:6H7DI=6HD8>6A6C9E:GHDC6A68I>K>IN 

,=:DK:G6AA6>BD;I=>HI=:H>H>HIDEG:H:CI"D=C+AD6CCDIDCAN6H6E6>CI:G6C9

>AAJHIG6IDG7JI6AHD6H6H:A; I6J<=I6869:B>86C9LG>I:G>CHE>I:D;I=:A>IIA:;DGB6A

:9J86I>DC=:G:8:>K:96;I:GI=:6<:D;;DJGI::CL=:C=::C9:9=>H7G>:;:CGDAB:CI>C

I=:(=>A69:AE=>6:CIG6A ><=+8=DDA ,=>H8=6EI:G>CIGD9J8:H"D=C+AD6C6H6C6K>9

G:69:GL>I=I=:EJGEDH:D;9:BDCHIG6I>C<I=:>C;AJ:C8:I=6I+AD6C`HG:69>C<6C9A>I:G6GN

C:ILDG@H=69DC=>H6GI>HI>886G::G ,=:8=6EI:G=><=A><=IH=DL9>;;:G:CIA>I:G6GN

>C;AJ:C8:H=6K:EA6N:968GJ8>6AGDA:>C9:;>C>C<"D=C+AD6C6H6C6GI>HI6C9>I6AHD

I6G<:IHI=:EGDK:C6C8:D;=>H<>;ID;6C6ANI>86AD7H:GK6I>DCL=>8==::K>9:CIAN6EEA>:9

>C=>H6GIE6GI>8JA6GAN9JG>C<I=:H=86C+8=DDAE:G>D9 +AD6C9:8A6G:9>C"0-1;<7.

:< I=6I@:+=6@:HE:6G:_7DGGDL:9;GDBI=:I:8=C>FJ:D;IG69>I>DC

6C98G:6I:9C:L>B6<:H7NI=:EDL:GD;I=:>G>B6<>C6I>DC6C9=JB6CJC9:GHI6C9>C<` 

6C9I=6I68DCHJB:GD;6GIH=DJA97:67A:ID_:C?DN6LDG@D;6GI;DGL=6I>I>H6

9D8JB:CID;=JB6CHE>G>IJ6A8DBBJC>86I>DC` DI=8A6>BHHJ<<:HII=6I+AD6C=>BH:A;

L6HHJ7?:8IIDI=:_I:8=C>FJ:D;IG69>I>DC`6C9I=6I=:L6H9G6L>C<;GDBIG69>I>DCID

:MEG:HH=>HDLCI=DJ<=IH6C98G:6I:=>HDLCI:8=C>FJ:HL>I=I=:IDDAH=:9:K:ADE:9

I=GDJ<=DJI=>HA>;: +AD6C7:A>:K:9I=6I6GIH=DJA97:>CI:GEG:I:96H6IG6CHA6I>DCD;I=:

 "D=C+AD6C"0-1;<7.:<&:L1DG@DK:G   !7>9   

   

:HIDCID86CK6H6GI688DG9>C<ID+AD6C>HI=:>B>I6I>DCD;I=:HDJA6HL:AA

6HI=:6GI>HI`HK>H>DCD;HD8>:IN 

/=:I=:GI=:6GI>H7DGGDL:9;GDBIG69>I>DCDG>H6G:;A:8I>DCD;I=:HDJA6C9

:ME:G>:C8:D;I=:6GI>HI>I>H>BEDGI6CIIDI6@:>CID688DJCII=6I7DI=:

_>CHE>G6I>DC`;GDBDI=:GLDG@H9:E:C9DCI=:>C;AJ:C8:HI=6IDI=:G6GI>HIH6JI=DGH6C9

A>;::ME:G>:C8:=6K:=69DCI=:;>C6AEGD9J8ID;I=:6GI>HIL=>8=>HI=:6GILDG@ 

HI6GI>C<ED>CI;DGI=:8=6EI:GL>AA7:68@CDLA:9<>C<I=:JGDE:6CA>I:G6GNH8:C:D;I=:

A6I:  H6HL:AA6H:K6AJ6I>C<>IHG:8:EI>DC>CI=:-C>I:9+I6I:H6C9E6GI>8JA6GAN

+AD6C`HG:8:EI>DCD;>I G:C8=&6IJG6A>HIA>I:G6IJG:EA6N:96C>BEDGI6CIGDA:>C

>C;AJ:C8>C<+AD6C`H8DCI:BEDG6G>:H9J:ID2DA6`HE=>ADHDE=NI=6I_I=:LDG@D;;>8I>DC

BJHI:M:BEA>;N6G:EG:H:CI6I>DCD;A>;::MEG:HH:9>CI:GBHD;IGJI= ` DCH>9:G>C<2DA6

6AO686C9%6JE6HH6CI6H@:N;>C;AJ:C8:9B:G>86CA>I:G6IJG:I=:8=6EI:G

L>AAEG:H:CI=DL2DA6>CE6GI>8JA6GL6H6C>C;AJ:CI>6A;>

6C6GI>HI6H68@CDLA:9<:97N*:7:8862JG>:G:I6A ,=:H:8I>DC6II:BEIHID=><=A><=I

@:N;:6IJG:HD;G:C8=A>I:G6IJG:EG:H:CI>C+AD6C`H6GI9:BDCHIG6I>C<I=:IG6CHC6I>DC6A

6C9>CI:G9>H8>EA>C6GN8DCC:8I>DCH7:IL::CI=:6GIH 

,=:8=6EI:GL>AAI=:CIJGCIDI=:>BEDGI6CI>CI:AA:8IJ6A6C9E:GHDC6AG:A6I>DCH=>E

7:IL::C+AD6C6C9I=:BJAI> I6A:CI:9!G>H=E6>CI:G"D=CJIA:G1:6IH 1:6IHD;;:G:9=>H

69K>8:6HL:AA6HHI>BJA6I:96C9;:9+AD6C`H>CI:G:HI>CA>I:G6IJG:7NHJ<<:HI>C<G:69>C

6C9>CIGD9J8>C<=>BID!G>H=ED:IH6C9LG>I:GH CDI=:G>BEDGI6CI8DCC:8I>DCI=6IL>AA

7:CDI:9>CI=:8=6EI:G>H+AD6C`HG:A6I>DCH=>EL>I=CH=A>I:G6IJG:6C9>CE6GI>8JA6G

=DL+AD6C`HLDG@H8DCC:8IIDI=:A>I:G6IJG:D;"DH:E=DCG696C9/6AI/=>IB6C 

 AB6/ NG9"0-1:;<-6-:)<176 -+-8<1767.<0-7>-4;7.514-'74)16:1<)16)6,5-:1+))6 667<-,1*417/:)80A7.6/41;0)6/=)/- -;876;-;<701;%7:3$:L>HIDC6C9$6BE:I:G,=:9L>C %:AA:C(G:HH   

   

/=>A:+AD6CLDJA98A6>B>C=>H 7DD@1;<7.:<I=6I6GI>HIH>CIJ>I>K:AN_@CDL?JHI

=DLID>CI:GEG:II=:>GDJIADD@DCA>;:` I=>H8=6EI:G6C9I=:H>H6H6L=DA:9:BDCHIG6I:

I=6I>C;AJ:C8:HA>I:G6GN6GI>HI>86C9E=>ADHDE=>86A=:AEIDH=6E:I=6IDJIADD@ 

,=:;DAADL>C<E6G6AA699G:HHI=:>C;AJ:C8:I=6IG:C8=&6IJG6A>HB>C

E6GI>8JA6GI=:A>I:G6IJG:D;PB>A:2DA6=69DCI=:+AD6C6C9=DLI=>H>C;AJ:C8:86C7:

9:I:8I:9>C=>H6GI ,=::M6BEA:9>H8JHH:97:ADLL>AA:M6B>C:=DL+AD6C`HDJIADD@DC

A>;:=6H7::CH=6E:97N2DA6`H&6IJG6A>HIA>I:G6IJG:H>C8:G:C8=&6IJG6A>HB6>BH

IDL6G9H_G:EG:H:CI>C<I=:8G>:H;DG?JHI>8:;DGI=:L:6@6C9DEEG:HH:96C9G:8DI>DCD;

I=:D7A><6I>DCHD;HD8>:IN` L=>8==696H>;>86CI>C;AJ:C8:>CJGDE:6HL:AA6H>C

B:G>86 G:C8=&6IJG6A>HI6JI=DGH8G:6I:9H86C96A7:86JH:L:G:H6>97N8G>I>8HID7:

_C6JH:DJHAND;;:CH>K:36C94G::@>C<L>I=;>AI=`:K:CI=DJ<=I=:NL:G:G:EDGI>C<I=:

G:6A>INA>K:97NI=:ADL:G8A6HH:H +AD6CA>@:B6CNDI=:GB:G>86CH8=DA6GHHJ8=6H/ 

+ $>AAN/   A:69:AA6C9A6I:G/>AA>6B:6C DL:AAH6C9 :CGN"6B:HG:692DA6

6C9DI=:GG:C8=&6IJG6A>HI6JI=DGH6C9+AD6C69DEI:96C6L6G:C:HHD;I=:>BEDGI6C8:

D;I=:I=:B:HG6>H:97N2DA6 2DA6;D8JH:HDCI=:EDK:GIN6C9HFJ6ADGD;I=:HAJBH6C9

EDGIG6NHI=:HD8>6A>HHJ:H9:G>K>C<;GDBI=>HEDK:GINHJ8=6H6A8D=DA>HBEGDHI>IJI>DC

>AAC:HH6C99:6I=6H:M:BEA>;>:9>C=>HCDK:AHHJ8=6HI;;7571: )6)

  6C9I:/-6<   

(G>DGID2DA6`HEJ7A>86I>DCHB:G>866C9JGDE::ME:G>:C8:9>CI=:  H6

G6E>9IG6CH;DGB6I>DC9JG>C<L=>8=B6>CANGJG6AHD8>:I>:H7:86B:JG76C6G:6HL=>8=

6IIG68I:98DBBJC>I>:H>CH:6G8=D;:8DCDB>8HI67>A>IN !CB:G>866H>CJGDE:I=:

  +AD6C    NG9    :G7:GI9L6G9H_2DA66C9I=:B:G>86CG>I>8H`5-:1+)61<-:)<=:-.DA C       

   

A>K>C<8DC9>I>DCHD;LDG@:GH>C8>I>:HL:G:HFJ6A>96H>C=6GA:H>8@:CH`9:H8G>EI>DCD;

6.>8IDG>6CHAJB

HJGGDJC9:97N6BJ99N9>I8=H>MDG:><=I;::I9::E3[4G6ONLDD9:C <6AA:G>:H8DBBDCIDI=:768@HD;=6A;69DO:C=DJH:HL>I==DA:H;GDB L=>8=IDADD@JEDCI=:HA>B:7:C:6I=L>C9DLH7GD@:C6C9E6I8=:93[4 GDDBHHDHB6AAHD;>AI=HD8DC;>C:9I=6II=:6>GLDJA9H::BIDDI6>CI:9 :K:C;DGI=:9>GI6C9HFJ6ADGI=:NH=:AI:G3[4:K:GNG:EJAH>K:A>C:6B:CID; EDK:GIN:K:GNAD6I=HDB:>C9>86I>DCD;;>AI=GDI6C9<6G76<: 

DAADL>C<I=:>C8G:6H>C<>C;AJ:C8:D;2DA6>8@:CH6C9%6N=:L6C9DI=:G6JI=DGH

L=D6>B:9ID<>K:KD>8:ID_I=:JG76CEDDG`H>CK>H>7>A>IN6C9>HDA6I>DC`6GI>HIH6C9

LG>I:GH7:<6CIDEDGIG6NI=:H:>C9>K>9J6AH>CI=:>G:K:GN96NA>K:H ,=:EDDGI=:

EGDHI>IJI:6C9I=:6A8D=DA>87:86B:I=:;D8JHD;I=:H:C6GG6I>K:HG6I=:GI=6C7:>C<

B6G<>C6A>;CDI>86C6JI=DG6C9:9>IDG/>AA>6B:6C DL:AAH

8DBB:CI:9I=6I_2DA6`HA>;:LDG@L6H9DB>C6I:97N6CM>:IN;DGH>C8:G>IN6C9IGJI=6C

6CM>:IN>CHE>G:97N=>HCIN6C9?JHI>8:` ,=>HHI6I:B:CI9:8A6G:H

2DA6`H8DBB>IB:CIID8DBBJC>86I>C<I=:9>H8DB;DGID;HD8>:IN>CI=:A6I:  H6C9

7:86JH:D;I=>H2DA6L6H:K:CIJ6AAN>CI:GEG:I:96C9688:EI:97NB:G>86CG:69:GH6;I:G

6N:6G8DCH>9:G:9E>KDI6A7N/>AA>6B G>:GHDC6C9 :G7:GI9L6G9H>CI=:

EJ7A>8688:EI6C8:D;2DA6`HLDG@H>CI=:-C>I:9+I6I:H 

(G>DGIDI=:A6I:  H2DA6`HG:EJI6I>DC>CI=:- + L6HI=6ID;6C6JI=DGL=DH:

7DD@HL:G:CDILDGI=G:69>C<6HI=:>G_>BEJG:E>8IJG:HB6N7:A>;: A>@:7JIHDLDJA9

 =6GA:H>8@:CH41>-:"?1;<$DC9DC*>8=6G99L6G9#>C<   *JHH:AA% $6LHDC6C9:C?6B>C$6LHDC7>-:8JI6C9$DC9DC G::CLDD9(G:HH    />AA>6B:6C DL:AAH_B>A:2DA6`"0-7:<05-:1+)6 ->1-?.DA  C       />AA>6B G>:GHDC6C9 :G7:GI9L6G9H_!BE68ID;G:C8=&6IJG6A>HBDCB:G>86CG>I>86A 'E>C>DC`.DA C      

   

7:I=:G:EGD9J8I>DCD;686C8:GDJHHDG:DG6H8GD;JADJHJA8:G `,=>H<:C:G6AE:G8:EI>DC

D;2DA6H=>;I:9L=:CL:AA @CDLCB:G>86C8G>I>8HHJ8=6H :CGN"6B:H6C9 DL:AAH

G:8DH:92DA6`HLDG@6C97:<6CIDEG6>H:=>H8DCIG>7JI>DC6H6C6JI=DG6C9BDHI

>BEDGI6CIAN6H6=JB6C>HI / + $>AAN8DBB:CI:9>C I=6I_I=:&:L&6IJG6A>HB

L=6I:K:GDJG;::A>CIB6N7:>HL:AALDGI=ND;I=:6II:CI>DCD;I=:HIJ9:CID;

B6C6C9HD8>:IN` ,=>HFJDI6I>DCHJ<<:HIHI=6I&6IJG6A>HBH=DJA97:8DCH>9:G:96

HDJG8:D;@CDLA:9<:;DGI=DH:L=DHIJ9NHD8>:IN6C9>I=><=A><=IHI=:G:6HDCI=6I6GI>HIH

A>@:+AD6C6C9*D7:GI :CG>L:G:6IIG68I:9IDHJ8=A>I:G6IJG:;DGI=:NL:G:I=:BH:AK:H

_HIJ9:CI3H4D;B6C6C9HD8>:IN` 

+AD6C6C9=>H8>G8A::B7G68:92DA6`H9:E>8I>DCD;EDK:GIN6C9I=:8DC9>I>DCHD;

I=:ADL:G8A6HH:HI=:NG:8DH:9I=:G:6A>I>:HI=6I2DA6C6GG6I:H6H>HHJ:H>CI=:>GDLC

8DJCIGN6C9;:AII=:C::9IDH=6G:L>I=I=:G:HID;HD8>:INI=GDJ<=6GII=6IEDK:GIN

6A8D=DA>HB6C9EGDHI>IJI>DCL:G:CDI?JHIJGDE:6C8DC8:GCH !CDG9:GIDH=DL86H:I=:

9>HE6G>IN7:IL::CG>8=6C9EDDG>C&:L1DG@6C9=><=A><=II=:8DC9>I>DCHD;I=:ADL:G

8A6HH+AD6CEGD9J8:96H:G>:HD;:I8=>CIN$>;:`7:IL::C  

6C9   !CI=>HH:G>:H+AD6CH=DLHI=:JEE:G8A6HHB6>CAN:C<6<:9>C68I>K>I>:HI=6I

EJ7A>8AN9>HEA6NI=:>GL:6AI=HJ8=6H>CI=::I8=>CC<D;"0-1<<4-

:1,-   6C9G>8=LDB:C>C686GG>6<:1.<0>-6=-1:+=;     DL:K:G

;DGI=:H8:C:HG:EG:H:CI>C<I=:ADL:G8A6HH:H+AD6C8=DDH:H69DB:HI>8H:II>C<

  :G7:GI9L6G9H_2DA66C9I=:B:G>86CG>I>8H`5-:1+)61<-:)<=:-.DA C        / + $>AAN],=:&:L&6IJG6A>HB^:9  :DG<:"DH:E=:8@:G7+=5-6<7.7,-:61<-:):A -)41;5 (G>C8:IDC(G>C8:IDC-C>K:GH>IN(G:HH   $>AAN   >

  >

   

HJ<<:HI>C<I=:6GI>HI`H>CI:CIIDH=6G:L>I=I=:K>:L:GI=:>CI>B6I:9:I6>AHD;A>K:HD;I=:

ADL:G8A6HH 

,=::I8=>C<"=:616/=<<0-1/0<  E>8IJG>C<6NDJC<LDB6CIJGC>C<

D;;I=:A6BE>C=:G7:9GDDB7:;DG:C<ID7:9>H6C:M6BEA:D;+AD6C`HJH:D;I=:

9DB:HI>8H:II>C< ,=:GDDB>HBD9:HIAN;JGC>H=:9I=:8=6>GDCI=:G><=I =6C9H>9:D;I=:

7:9>I>H8DK:G:9L>I=8ADI=:H6C9I=:7:9>IH:A;G:H:B7A:HI=:DC:E>8IJG:9>C"0-

%75)6I;)/-  6AAJ9>C<ID6EDI:CI>6AHIDGNA>C:7:IL::CI=:ILD:I8=>C

HJ7?:8I6C9>BB:9>6I:;D8JH;DGI=:K>:L:G>HI=:NDJC<LDB6CL=D>H@C::A>C<DCI=:

7:9G:68=>C<;DGI=:A6BEL>I==:GG><=I=6C9 +=:IL>HIH=:G7D9N7NBDK>C<=:G=:69

ID:M8=6C<:6@CDL>C<<6O:L>I=I=:B6A:;>C<DCI=:7:9DCI=:A:;I H

>9:CI>;>:97N#6I=:G>C:%6CI=DGC:+AD6C9:HI=:K>:L:GI=GDJ<=6?DJGC:NJH>C<

_K>:L>C<6CDCD;I=:>G9:H>G:`6C9ID

:BE=6H>H:I=:I=:B:D;I=::I8=>C< +AD6C`H>B6<:EJH=:HI=:7DJC96G>:HD;;:B6A:

H:MJ6A>IN7NEDGIG6N>C<I=>H>CI>B6I:H8:C:7JI>I6AHD=><=A><=IHI=:8DCC:8I>DCL>I=

2DA6`HLDG@6C9=>H8DC8:GCL>I=;:B6A:H:MJ6A>IN:MEG:HH:9>CLDG@HA>@:I=:-;

7=/76)+9=):<H:G>:H>CL=>8==::MEADG:HI=:GDA:D;LDB:C6C9=DLI=:>G

H:MJ6A>IN6;;:8IHI=:9:DCD;I=:*DJAN 

$>@:2DA6`HCDK:AHHJ8=6H)"-::- L=>8=L:G:D;I:C8:CHDG:99J:ID

>C9:8:C8N+AD6C`H"=:616/=<<0-1/0<>H8DCH>9:G:9_DC:D;I=:BDHIIG6CHK:

D;+AD6C`H&:L1DG@H:G>:H6C93[4I=:BDHI8:CHDG:9`6C9>IL6H6AHDG:?:8I:9;DG

 >C:%6CI=DGC:_"D=C+AD6C`H%DK>C< (>8IJG:N:`5-:1+)6:<.DA C      !7>9  

  

EJ7A>8:M=>7>I>DC>C  9J:ID>IHE:G8:>K:9KJA<6G>IN 2DA6`H>C;AJ:C8:DC+AD6C`H

6GI>H:K>9:CICDIDCAN>CI=:H>B>A6GG:8:EI>DCD;I=:>GLDG@H<:C:G6AB>A>:J6C9

;G6C@C:HHG:<6G9>C<H:MJ6A>IN7JI6AHD>CI=:>9:6AD;_8=6G68I:GE6>CI>C<`6HDEEDH:9ID

_HIDGNI:AA>C<`L=>8=>H:MEG:HH:9>CG:6A>HB +AD6C`H>CI:CI>DC>HIDEDGIG6NI=:G:6A>IN

D;I=:HD8>6A>HHJ:EG:H:CI:9\>CI=>H>CHI6C8:LDB:C`HH:MJ6A>IN\K>6I=:EDGIG6>IJG:

D;68=6G68I:GL>I=>CI=:8DCHIGJ8I:9H8:C6G>DL=>8=G:EG:H:CIH6G:6A>INI=6I=:L6CIH

ID8G>I>8>H:DG67DJIL=>8==:L6CIHIDG6>H:6L6G:C:HH ,=>HG:EG:H:CI6I>DCD;6

8DCHIGJ8I:9G:6A>INHJEEDGIHL=6I+AD6CLDJA9A6I:GLG>I:67DJI+=6@:HE:6G:>C"0-1;<

7.:<

&DHI:K:G6AADLH;68IHID>CI:G;:G:L>I=I=:IGJI=  68IH6G:CDIC:8:HH6G>ANIGJI= (D:IGN86C8DCK:NI=:IGJI=BDG:I=6C6 HI6I:B:CID;;68I3[4BDHIEA6NH6G:HJBHD;;68IH !G6I=:GI=>C@6EA6N H=DJA97:B69:JED;JCIGJI=HID7G>C<DJIHDB:D;I=:9::EIGJI=HD;A>;:  +=6@:HE:6G:9>9CDI=:H>I6I:ID9>HIDGI;68IHID:MEDH:IGJI=H67DJI=JB6C C6IJG: 

,=>HHI6I:B:CI8DC;>GBHI=6I+AD6C69B>G:9+=6@:HE:6G:;DGG:8DCHIGJ8I>C<G:6A>IN

I=GDJ<=ED:IGN6C98DB:9N *:6A>IN>HHJ7?:8I>K:IDI=:>C9>K>9J6A6C96GI>HIH6C9

6JI=DGHE:G8:>K:I=:>GDLCK:GH>DCD;G:6A>IN7DI=6GDJC96C9L>I=>CI=:B +AD6C6G

I=6II=>H>H_EDHH>7AN3[4BDG:G:6AI=6CI=:A>;:6GDJC93I=:6GI>HI47:86JH:>I>HI=:A>;:

L>I=>C=>B6EEA>:9IDI=:A>;:L>I=DJIL=>8=G:6AAN<>K:H=>B=>H8G:6I>K:

8DCH8>DJHC:HH %6CNE:DEA::>I=:GC:K:G=6K:>IDG:AH:>I>H6IGDE=>:9` ,=>H

G:>C;DG8:HI=:8A6>BI=6IG:6A>IN>HE:GHDC6AIDI=:>C9>K>9J6A=DL:K:GI=:G:6G:8:GI6>C

HD8>6A>HHJ:HI=6I6G:JC>K:GH6AHJ8=6HI=DH:EDGIG6N:97N&6IJG6A>HI6JI=DGHA>@:2DA6

 !7>9   BN#6EA6C"0-!7+1)476;<:=+<1767.5-:1+)6 -)41;5=>86K:GH>IND;=>869  

  

6C9I=:H8:C6G>DHI=:N9:E>8I6999:EI=IDI=:G:6A>INI=:N>CI:C9ID8DCK:N !I>HI=:

6GI>HI`H6C9LG>I:G`H9JINIDEDGIG6NG:6A>IN6HI=:NE:G8:>K:>I>C6L6N>CL=>8=I=:

G:8>E>:CI86CG:A6I:IDJC9:GHI6C96C9HNBE6I=>H:L>I= 

G:C8=A>I:G6IJG:L6HCDII=:DCAN:MI:GC6A>C;AJ:C8:DC+AD6C !C +AD6C

B:I :CG>6C9I=:N;6BDJHAN:HI67A>H=:96ADC<;G>:C9H=>E9J:IDI=:>GBJIJ6A>CI:G:HI

>C/6AI/=>IB6C6H:HI67A>H=:97N*JI=$ D=6C  %>8=6:A*D7:GIHDCCDI:HI=6I

E:DEA:L=D:C8DJCI:G:9/=>IB6CL:G:86EI>K6I:97N=>HB68FJ6A>IN6C9I=6I

B::I>C<=>BA:9ID_BDHIE:DEA:C<6L6N>C68JG>DJHHI6I:D;:M6AI6I>DC6C9

:M8>I:B:CI6HIDEGD9J8:6E6GI>6AL6@:;JAC:HH`  AI=DJ<=+AD6C6C9 :CG>9>9CDI

B::I/=>IB6CI=:BH:AK:HI=:N@C:L DG68:$DIB6C`HA>I:G6GN

:M:8JIDG6C97>D

I=:6GI>HIH;::A68DCC:8I>DCL>I=/=>IB6C=>BH:A; %DG:DK:G+AD6C6C9/=>IB6C

:ME:G>:C8:9H>B>A6GA>;::K:CIH>CI=:>GNDJI=7DI=D;I=:>G;6I=:GHL:G:JC67A:ID

EGDK>9:;DGI=:>G;6B>A>:H;DG8>C<6C:C9IDI=:7DNH`;DGB6A:9J86I>DC !C699>I>DCI=:N

7DI==69?DJGC6A>HI>8;DJC96I>DCH6AI=DJ<=/=>IB6CL6H6?DJGC6A>HIG6I=:GI=6C6C

>AAJHIG6IDGA>@:+AD6C6C9I=:N7DI=HJ;;:G:9;>C6C8>6A9>;;>8JAI>:HI=GDJ<=DJII=:>G

EGD;:HH>DC6AA>K:H 

,=:>C;AJ:C8:I=6I/=>IB6C=69DC+AD6C>HH=DLCDCDC:=6C97NI=:ED:I`H

7:A>:;I=6II=:_I=:EGDD;D;6ED:I>HI=6I=>H8DJCIGN67HDG7H=>B6H6;;:8I>DC6I:AN6H=:

=6H67HDG7:9>I` ,=>HH=6E:9 :CG>`H6C9+AD6C`HG:6A>HI>86GI6HI=:N8DCK:N:9I=:>G

G:A6I>DCH=>EL>I=7DI=HD8>:IN6C9I=:>G:CK>GDCB:CI6H9:BDCHIG6I:9>C+AD6C`H_&:L

  *JI=$ D=6C_*D7:GI :CG>/6AI/=>IB6C6C9I=:B:G>86CGI>HI `%)<%01<5)6 =):<-:4A ->1-?        %>8=6:A*D7:GIHDC%7:;018816/%)4<<0-%01<5)61;+184-;(G>C8:IDC(G>C8:IDLC-C>K:GH>IN (G:HH   /6AI/=>IB6C-)>-;7.:);;:-.)+-<7<0-:1/16)4,1<176$DC9DC,GX7:GD   

  

1DG@>IN$>;:`H:G>:H6C96HD=6C6G`HHNBE6I=:I>8G:EG:H:CI6I>DCD;6C

;G>86CB:G>86C<>GA>):--6  6C9DI=:GEDGIG6>IHI=6I_8:A:7G6I:394I=:

9>IN=JB6C>IN6C9G:HE:8ID;I=DH:D;I:CDK:GADD@:97NB6>CHIG:6BB:G>86C

HD8>:IN`  :CG>JG<:9I=:>C;AJ:C8:D;/=>IB6C6C9B:GHDCD==>H;G>:C9H>C8AJ9>C<

+AD6C6C9DI=:GB:B7:GHD;,=:><=I6C9=>HHIJ9:CIH>C8AJ9>C< :DG<::AADLH6C9

A:CC' DA:B6C HD=6CCDI:HI=6I;DG :CG>_/6AI/=>IB6CL6HHJ8=6H!=6K:

EGDEDH:9I=:G:6A6GIHIJ9:CIH=DJA97:  >HLDG@3[4>H6C6JID7>D

6C9B>H=6EH7JID;=>H9::E:HII=DJ<=IH=>HA>;:>C9::9` ,=>HHI6I:B:CI6AHDG:;A:8IH

=DL7DI=+AD6C6C9 :CG>8DC8:>K:9I=:BH:AK:H6H6GIHIJ9:CIH 

'CI=:DI=:G=6C9/=>IB6C`HD7H:GK6I>DC6C9G:EG:H:CI6I>DCD;&:L1DG@>IN

>CHE>G:9+AD6C`HDLC6II:CI>DCID6C9>AAJHIG6I>DCD;=>HJG76CHJGGDJC9>C

+AD6C`H6GI6C9/=>IB6C`HED:IGN_9:H8G>7:6EE:6G6C8:H6C9144=;<:)<-:K:CIH`

:HE:8>6AAN>CG:A6I>DCIDJG76CHE68:H ,=:NEG:H:CII=:>HHJ:6C9JCLG6E>I>C6

86G:;JAANB:6HJG:9B6CC:GI=6ICDIDCAN:C67A:HI=:6C6ANH>H6C98G>I>FJ:D;HD8>:IN7JI

6AHD6AADLHI=:G:8>E>:CID;I=:6GIID;DAADLI=:>GDLCI=DJ<=IEGD8:HH:H6C9B6@:>I

I=:>GDLC ,=>H8DCC:8I>DC7:IL::C+AD6C6C9/=>IB6C86C7:H::C>CI=:G:A6I>DCH=>E

7:IL::C-)>-;7.:);;6C9HDB:D;+AD6C`H6GI 

/=>IB6C`H8DAA:8I>DCD;ED:BHL6HEG6>H:97NB:GHDC6H6_LDC9:G;JA<>;I

3[4I=:BDHI:MIG6DG9>C6GNE>:8:D;L>I6C9L>H9DBI=6IB:G>86=6HN:I

8DCIG>7JI:9` B:GHDC`H8DBB:CIL6H>CHE>G:97NI=:;68II=6II=:G:69:G8DJA9

 >"0-:<!81:1<-++I:AA6GA6HH>8H   *D7:GIHDC   

  

8DCC:8IID-)>-;7.:);;DCA:K:AHG6C<>C<;GDBG:A><>DCIDC6I>DC6A>9:CI>IN 

/=>IB6CLGDI:>C)<176)41

/:C::9I=>H8DCK>8I>DCD;C6I>DC6A>IN6H6;6>I=ID7:67HDG7`9>CI=:7ADD9 6C97:A>:;D;I=:E:DEA::K:GNL=:G:HDJI=CDGI=L:HI:6HIID:B6C6I:>C I=:>GA>;:6C9>CC6I>K:A>I:G6IJG:6C96GI /:L6CII=:<:GB>C6A>9:6I=6I B:G>86>C=:G>IDGD;I=:E6HI>HI=:8JHID9>6CD;I=:;JIJG:D;=JB6C>IN 

!9:CI>IN6C9JG76C>H6I>DC6G:G:8JGG:CII=:B:H>C/=>IB6C>CE6GI>8JA6G>C_GDHH>C<

GDD@ANC:GGN`  HG6C8:H>8@:N6C9% ">BB>:#>AA>C

/=>IB6CCDIDCAN6II:BEIHIDCDI:I=:>C:K>I67A:8DC;A>8IHL>I=>C6CJG76C>H>C<8JAIJG:

7JIBDHI>BEDGI6CIAN=>HED:BH_7:6GI=:H>C969?JHI>C<ID6C:LH:CH:D;

>9:CI>IN6C98DBBJC>IN`H>8=6G:6AHD;DJC9>C+AD6C`H6GI 

+AD6C`HE6>CI>C<4-+<1761/0<   L=>8=9:E>8IH&:L1DG@:GH8GDL9:9

7:C:6I=I=::A:K6I:9IG6>CIG68@H8:A:7G6I>C<I=:G:HJAIHD;I=:EG:H>9:CI>6A:A:8I>DC86C

7:H::C6H6E6>CI>C<6II:BEI>C<IDEDGIG6NI=:H:6G8=;DGDC:`H>9:CI>IN 'C4-+<176

1/0<+AD6CLG>I:H>C=>H9>6GN

,DD@6L6A@>CI=:6;I:GCDDC6C9H6L7DNH>C9GDK:H;DG6<>C<;DG;J:A;DG I=::A:8I>DC;>G:HI=>H:K:C>C<3[4;I:G9>CC:G3[4DJI6<6>C6C9H6LI=: CD>HNIGJBE:I7ADL:GH8DC;:II>I=GDL:GH6C9I=:_I>8@A:GH`>CJH:\6HB6AA ;:6I=:G9JHI:GDC6HI>8@L=>8=>HEJH=:9>CI=:;68:D;:68=<>GA7NI=:B:C 6C9>CI=:;68:D;B:C7NI=:<>GAH C EA68:HI=6I>I>H>BEDHH>7A:ID8DCIGDADC:`HBDK:B:CII=&DK:B7:G   

 "DH:E=" #L6>I_*D7:GI :CG>6C9I=:B:GHDC /=>IB6C,G69>I>DC`KDA  C       G6C8:H>8@:N6C9% ">BB>:#>AA>CO6I>DCDBBJC>IN>C /6AI/=>IB6C`H(D:IGN6C9(G6HI(=>ADHDE=N`%)4<%01<5)6 =):<-:4A ->1-?.DA  C        >

  

(6>CI:9I=:N:6G7:;DG:,=:><=I:M=>7>I>DC6C9JC9:GI=:H>;>86CI>C;AJ:C8:D;

*D7:GI :CG>I=>HD>AE6>CI>C<DC86CK6H86C7:H::C6H6G:EG:H:CI6I>DCD;/=>IB6C`H

69?JHIB:CIID6C:L8DBBJC>INL=>8=>H:MEG:HH:9>C=>HED:IGN;GDBI=:B>9  H 

4-+<1761/0<86EIJG:HILDH>9:HD;I=:8>INBD9:GC>ING:EG:H:CI:97NI=:IG6>C

6C9I=::A:K6I:9G6>AIG68@H67DK:I=:8GDL96C9I=:8=6DHI=6I>I86JH:HIDE:DEA:6H

I=:NEA68:I=:BH:AK:H>CI=>HC:L:CK>GDCB:CI ,=:HNB7DAHD;BD9:GC>IN6C9

JG76C>H6I>DCEG:H:CI>CI=:E6>CI>C<=6K:6H>B>A6GGDA:IDI=6ID;C6IJG:>C/=>IB6C`H

ED:B_GDHH>C<GDD@ANC:GGNIDI=/=>IB6C`HG>K:G6C9+AD6C`HJG76CHE68:

G:EG:H:CI:97NI=:IG6>CEGDKD@:I=:>C9>K>9J6AIDFJ:HI>DC=>HDG=:GEDH>I>DC>C

G:A6I>DCIDI=:8>IN ,=:ED:B`HC6GG6IDG>B6<>C:HI=:A6C9ID7:6E=NH>86A:CI>INL=>A:

I=:G>K:G>H6HE>G>IJ6AB:9>JBI=6I6AADLH8DBBJI:GH>C8AJ9>C<I=:C6GG6IDGIDG:;A:8I

DCI=:>GG:A6I>DCH=>EL>I=I=:ILDHIG:I8=:HD;A6C9DC:>I=:GH>9:6HL:AA6HDCI=:>G

8DCC:8I>DCL>I=I=:JG76C>H:9>HA6C9D;%6C=6II6C ,=:;:GGNL=>8=GJCHH:K:G6AI>B:H

E:G96NG:EG:H:CIHI=:;G:FJ:CIG:8JGG:C8:D;I=:H:6G8=;DG7:ADC<>C<6C9

JC9:GHI6C9>C<DC:`H8DCC:8I>DCIDI=:JG76C !C8DCIG6HI+AD6C`HE6>CI>C<9D:HCDI

:BEADNC6IJG:ID8=6AA:C<:6C9G:;A:8IDC=>HDGI=:K>:L:G`H8DCC:8I>DCL>I=I=:

JG76C7JI>CHI:69JH:HI=:8GDL9HIDFJ:HI>DC=>HDLC7:ADC<>C< 

,=:_8JG>DJH8GDL9HD;B:C6C9LDB:C6II>G:9>CI=:JHJ6A8DHIJB:H` D;

4-+<1761/0<6EE:6GID7:BDK>C<6C98:A:7G6I>C<I=:DJI8DB:D;I=::A:8I>DCI=:

:;;:8ID;I=:8GDL9`HBDK:B:CI>H<>K:C7NI=:FJ>8@7GJH=HIGD@:H6C9=>CIHD;7G><=I:G

8DADJGL=>8=B>B>8I=:G:;A:8I>DCD;A><=IDCI=:E:DEA: ,=:K>:L:G`H9:I68=:96C9

9>HI6CIED>CID;K>:L;GDBI=:8GDL9HJ<<:HIHI=:>CH:8JG>IN6C9JC6L6G:C:HHD;I=:

  /6AI/=>IB6C_GDHH>C<GDD@ANC:GGN`>C-)>-;7.:);;&:L1DG@/B  =6E>CD   A  

   

6GI>HI`HDLC>9:CI>IN:C=6C8>C<=>H6A>:C6I>DC;GDBI=:8GDL9>IH:A; 4-+<1761/0<`H

8GDL9DC8ADH:G>CHE:8I>DC>H>CI>B>96I>C<6C9>IHE:DEA:=6K:8

;:6IJG:H ,=:K>:L:GHBJ8=A>@:I=:6GI>HIHIGJ<9:CI>;NL>I=I=:8GDL9L=>8=>H

E:G8:>K:96H:K>A6C9I=:G:;DG:CDIIGJHILDGI=N7:86JH:I=:K>:L:G9D:HCDIH=6G:I=:

;:6IJG:H6C98=6G68I:G>HI>8HI=6I9:;>C:I=>H8GDL9 

,=:B:B7:GHD;I=:8GDL9=6K:688:EI:96C9:B7G68:9BD9:GC>IN6C9HDI=:N

6G:E:G8:>K:96H6A>:CIDI=:K>:L:GD;4-+<1761/0<6C9C6GG6IDGD;_GDHH>C<

GDD@ANC:GGN` !C7DI=I=:E6>CI>C<6C9I=:ED:BI=:8GDL9H6G:I=:6CI6HID;I=:

6GI>HI6C9I=:6JI=DG8DCIG>7JI>C<IDI=:6A>:C6I>DCD;I=:6GI>HII=:K>:L:G6C9;>C6AAN

I=:ED:I !C_GDHH>C<GDD@ANC:GGN`I=:C6GG6IDG6C9I=:8GDL96G:E=NH>86AAN

H=6G>C<I=:?DJGC:NDCI=:;:GGN_!6BL>I=NDJNDJB:C6C9LDB:CD;6

<:C:G6I>DC` AI=DJ<=I=:C6GG6IDG>HH=6G>C<I=:?DJGC:NL>I=I=:E:DEA:DCI=:;:GGN

I=:G:>H6CDI:D;9:I68=B:CIL=:CI=:ED:BHI6I:H_"JHI6H6CND;NDJ>HDC:D;6A>K>C<

8GDL9!L6HDC:D;68GDL9`=><=A><=I>C<I=:C6GG6IDG`HH:E6G6I>DC;GDBI=:8GDL9 

,=>H6A>:C6I>DC6C99:I68=B:CI;GDBI=:8GDL9>H:K>9:CI>C+AD6C`H4-+<176

1/0<L=:G:I=:6GI>HIB6@:HJH:D;69>HI6CIED>CID;K>:LH=DL>C<=>H>CI:G:HI>C_A>;:

I=:L6N D9>H>CI:G:HI:9>CI=:JC>K:GH:\6H6HE:8I6IDG` !C7DI=+AD6C`HE6>CI>C<

6C9/=>IB6C`HED:BI=:C6GG6IDGHD;I=:H8:C:H6G:HE:8I6IDGHG6I=:GI=6CB:B7:GHD;

I=:8GDL9H6C9I=>H6AADLHI=:BIDB:9>I6I:DCI=:>GEDH>I>DCH>CI=:JG76CHE68: ,=:

8GDL9H6G:8=6DI>86C9EGDK>9:69>G:8I8DCIG6HIL>I=I=:DG9:G6C9C:6IC:HH8G:6I:97N

I=:IG6>CIG68@H6C9I=:7J>A9>CINH=DLC7N+AD6C>C4-+<1761/0<6C9L>I=

 /=>IB6C_GDHH>C<GDD@ANC:GGN`AA   /=>IB6C_GDHH>C<GDD@ANC:GGN`AA   9L6G9 %699:C6C9%6G>6C %699:C_,G6CH8:C9:CI6A>B:CH>DCD;B:G>86CGI` ":)6;)+<176;7.<0-0):4-;!1-:+-!7+1-

   

/=>IB6C`H_HE>G>IJ6A`6C98DCI:BEA6I>K:G>K:G8G:6I>C<6EDL:G;JA9>8=DIDBNI=6I

>BEA>:HI=6II=:8GDL9>HI=:EGD?:8I>DCD;I=:6GI>HI`H6CM>:I>:H6C9;::A>C:C6I>DC

>C9J8:97NA>K>C<>C6G6E>9AN9:K:ADE>C<8>IN HCDI:97N+AD6C`H8DCI:BEDG6GN

JHI6K$:7DC>C68GDL9I=:G:>H6

>H6EE:6G6C8:D;I=:8DCH8>DJHE:GHDC6A>INI=:EG:9DB>C6C8:D;I=: JC8DCH8>DJHE:GHDC6A>INI=:EG:9DB>C6C8:D;I=:JC8DCH8>DJHE:GHDC6A>IN I=:IJGC>C<7NB:6CHD;HJ<<:HI>DC6C98DCI6<>DCD;;::A>C9:6H>C6C >9:CI>86A9>G:8I>DCI=:I:C9:C8NID>BB:9>6I:ANIG6CH;DGBI=:HJ<<:HI:9 >9:6H>CID68IHI=:H:L:H::6G:I=:EG>C8>E6A8=6G68I:G>HI>8HD;I=: >C9>K>9J6A;DGB>C<E6GID;68GDL9 3,=:>C9>K>9J6A4>HCDADC<:G=>BH:A; 7JI=6H7:8DB:6C6JIDB6IDCL=D=6H8:6H:9ID7:9:97N=>HL>AA 

,=>HL6H6E:HH>B>HI>8I6@:DCI=:@>C9D;ADHHD;H:A;IDI=:8GDL9I=6I/=>IB6C>C

]GDHH>C<GDD@ANC:GGN^6C9DI=:GED:B8=6G68I:G>H:96H6IG6CH8:C9:CI8DBBJC6A

:ME:G>:C8: 

,=:E6G6AA:A7:IL::C+AD6C6C9/=>IB6C7G>CDCD;I=:K>:L:G

6C9G:69:GI=6II=:G:>H6C:A:B:CID;8DC8:GC;GDBI=:6GI>HIHG:<6G9>C<I=:EHN8=DAD

D;7DI=I=:B6HH:H6C9I=:>C9>K>9J6A ,=:HIJ9ND;EHN8=DADCI=:

:6GAN  HL=:CJHIG>6CC:JGDAD<>HI+>

=NHI:G>86A<>GAL>I=G"DH:E=G:J:G686H:I=6IG:HJAI:9>CI=:EJ7A>86I>DCD;!<=,1-6

E*-:A;<-:1-  DAADL>C<I=>HEJ7A>86I>DCG:J98DCI>CJ:9HIJ9N>C<6C9

9:K:ADE>C<I=:DG>:HDCI=:=JB6CEHN8=:7:8DB>C<6E>DC::GD;I=>H:B:G<>C<;>:A9 !C

=>H EJ7A>86I>DC601*1<176;!A58<75;)6,6@1-

6CM>:ING:K:6A>C<I=6I>I>HI=:8DCH:FJ:C8:D;6IG6JB6 :E:C9>C<DCI=:86JH:D;I=:

IG6JB6HJ;;:G:97NI=:>C9>K>9J6A6CM>:IN86C7:_D7?:8I>K:`_C:JGDI>8`6C9_BDG6A` 

  JHI6K$:7DC"0-:7?,!<=,A7.<0-78=4):16,=6GA:HIDC>7A>D6O66G   +><>C6C9:K:ADEB:CID;(HN8=D6C6ANH>H`"0-5-:1+)67=:6)47. ;A+0747/AK  C         

   

JI=DG :CGN"6B:H;6BDJHANEG:H:CI:96C:M6BEA:D;_6C:JGDI>886H:D;H:M

G:EG:HH>DC`>C=>HCDK:AA6"0-"=:67.<0-!+:-? 9>HEA6N>C<6_B6GK:AADJH

JC9:GHI6C9>C<D;=JB6CEHN8=DAD8>E6I>DCD;G:J9>6CI=:DG>:HDC

6CM>:IN 9BJC9/>AHDCG:8DH:9 :CGN"6B:H6H6E>DC::GD;G:J9>6CI=:DG>:H>C

=>H:HH6N_,=:B7>IND; :CGN"6B:H`6C97NI=::C9D;I=:C>C:I::CI=8:CIJGN

DI=:G6JI=DGH6AHD7:<6CID:ME:G>B:CIL>I=G:EG:H:CI6I>DCHD;8=6G68I:GH`EHN8=DAD<>86A

HI6I:H>CI=:>GCDK:AH 

!C=>HCDK:A-):<7.):36-;; "DH:E=DCG69:MEADG:HG:J9`HI=:DGN

D;I=:JC8DCH8>DJHC:HH6C9+AD6C=>BH:A;CDI:HG:69>C<_"DH:E=DCG69`H]$DG9">B^`

>C=>H9>6GN9:H8G>7>C<>I6H_6HEA:C9>9EHN8=DAD<>86AHDGID;C6GG6I>K:E:G=6EH67>I

]HINA:9^ID7:8G>I>86AD;>I`C9&DK:B7:G   +AD6C699G:HH:HDCG69`HCDK:A6H

_EHN8=DAD<>86A`>BEAN>C<=>HJC9:GHI6C9>C<6C96L6G:C:HHD;I=:HIJ9>:HD88JGG>C<>C

I=:H:N:6GH>CI=>H;>:A9 'CI=+:EI:B7:G  I=:+AD6C`H9>6GNG:8DG9HB::I>C<DC:

D;I=::MEDC:CIHD;EHN8=D6C6ANH>HC9GT,G>9DCL=DLDJA9A6I:GIG6CHA6I:I=:LDG@H

D;G:J96C99A:GB:6C>C<I=6I=:=69I=:DEEDGIJC>INID9>H8JHH6C9FJ:HI>DC

EHN8=D6C6ANH>H6C9>IHI=:DG>:H ,=:>C8G:6H>C<EDEJA6G>IND;;>8I>DC6C99G6B6

;D8JHH>C<DCI=:EHN8=DAD

!+):-+:7?L=>8=+AD6C`HL>;:DAAN6C9;G>:C91:6IHL6HL=>A:=:HI6N:96I=DB:

E6>CI>C<B:6CII=6II=:G:L:G::K:CBDG:DEEDGIJC>I>:HID9>H8JHHI=:

EHN8=D6C6ANI>86AI=:DG>:H7:>C<9:K:ADE:9>CJGDE:6II=:I>B:6C9I=6I=6H;>GHI7::C

 'H86G6G<>AA_ :CGN"6B:H6HG:J9>6C(>DC::G`01+)/7 ->1-?.DA C       !7>9  !I>HCDI:9>CI=:9>6GN;DDICDI:D;:7GJ6GN  :CIGNI=6IDAANH6LI=:EA6N !CI=>H:CIGN+AD6C B:CI>DCH]L=>8=>HID;6>A^:MEG:HH>C<=>H9>H6EED>CIB:CI 

   

7GDJ<=IIDI=:6II:CI>DCD;I=:B:G>86CEJ7A>87N/>AA>6B"6B:HL=DG:8DH:9I=:

I=:G6E:JI>8EDI:CI>6AD;G:J9`HI=:DG>:H>C   

+AD6C`HK>:LHD;7:,15:MEG:HH:9>C=>H:6GA>:G8G>I>8>HB6G:6AHD:K>9:CI>C

=>HE6>CI>C<47?6)316/#8   L=>8==:7:<6CDCC9%6G8=  _!CI=:

6;I:GCDDC/>AHDCEDH:96H6]ADLC^;DGB:6C9!=6K:HI6GI:96I=>C<L=>8=ADD@H6H

I=D`>IB><=IIJGCDJIL:AA` ,=:LDG@EDGIG6NH68ADLC<:II>C<G:69N;DG=>HH=DL6H

I=:I>IA:HJ<<:HIH (6GID;I=:(=>AA>EHDAA:8I>DCI=:E6>CI>C<>HH::C6H_HD6CI>I=:I>86A

ID+AD6C`HL6ND;I=>C@>C<6H6C6GI>HII=6I>IH::BHA>@:ANI=6I=:JC9:GIDD@I=:E6>CI>C<

ID<>K::BEADNB:CIID=>H;G>:C9/>AHDC6HE:8>6A>HI>CBD9:AA>C<>C8DHIJB:` HI=>H

8DBB:CIHJ<<:HIHI=:EGD8:HHL=>8=+AD6CJH:9;DGI=>HE6>CI>C<>HJCJHJ6AH>C8:=:

G6G:ANE6>CI:9EDH:9HJ7?:8IH 

DL:K:G47?6)316/#8B6N=6K:69::E:GB:6C>C<I=6C?JHI_<>K>C<

:BEADNB:CIID6;G>:C9`6C9>I8DJA9G:A6I:ID+AD6C`HG:69>C<D;7:,15 /=>A:I=:

HJ7?:8IB6II:GEG:H:CI:97N7DI=DCG69\">B`HH=>ELG:8@\6C9+AD6C\I=:768@HI6<:

D;68>G8JH\6G:H>;>86CIAN9>;;:G:CII=:N6G:7DI=8DC8:GC:9L>I=I=:EHN8=DAD

I=:>G8=6G68I:GH6C9I=:NEDGIG6NI=:B6II=:>GBDHIKJAC:G67A: DI=8=6G68I:GH6G:

86EIJG:98DCI:BEA6I>C<I=:8DCH:FJ:C8:HD;I=:>G9:8>H>DCH6C9I=:N6G:7DI=_HINA:9`

;DGI=:G:EG:H:CI6I>DCHD;I=:8=6G68I:GH6G:EJGEDH:ANHI6<:9 (6JA#>CIO:A:H::H7:,

156H6CDK:AI=6I_8DCI>CJ6AANEJH=:HI=:G:69:GID8=DDH:IDB6@:6?J9A:

6II=:H6B:I>B:>IJC9:GB>C:HI=:K:GN8DC9>I>DCHL=:G:7N6?J9

  A6G:C8:(6JA'7:GC9DG;1;<7:A7.;A+07)6)4A;1;165-:1+)&:L1DG@ GJC:+IG6IIDC    >6GN :CIGN96I:9%6G8=G9  

   

EDHH>7A:` !CI=:CDK:A">B?JBEHI=:)<6) +DB:D;I=:8G:L7:A>:K:I=6II=:H=>E>H

H>C@>C<7JII=:K:HH:A9D:HCDIH>C@6C9">BADH:H=>H_=DCDJG\I=:=DCDJG

BDCH>:JG`7:86JH:=:8DL6G9AN:H86E:9;GDBI=:96C<:GG6I=:GI=6C;68>C<>IA>@:6

=:GD DI=DCG69`HG:EG:H:CI6I>DCD;">B`H;::A>CCI=:CDK:A6C9+AD6C`HE6>CI>C<

EG:H:CI6C6C6AD86A>CI:CH>IN 

+AD6C`H8DBB:CI67DJIDCG69`HCDK:A7:>C<IDD_HINA:9`7:8DB:H8A:6G:GL=:C

6C6ANH>C<>IHC6GG6I>K:HINA: ,=:CDK:A`HJCHI67A:C6GG6I>DCH=>;IH;GDB6CDBC>H8>:CI

I=>G9 E:GHDCC6GG6IDGID">B`H8DAA:6K>C<I=:H:CH:I=6II=:C6GG6I>K:

>HJCG:A>67A: +AD6C`HC6GG6I>K:6EEGD68=>C8DCIG6HI>HBDG:9>G:8I6C99>;;:GH;GDB

DI=:GLDG@H6C6ANH:9>CI=>H8=6EI:GHD;6G !6C/6II9:;>C:H7:,156H6CDJIHI6C9>C<

:M6BEA:D;_>BEG:HH>DC>HI>BB:9>68N`6C97N  +AD6CL6HBDK>C<6L6N;GDB

>BEG:HH>DC>HIE6>CI>C<B:6C>C<I=6I=>H6EEG:8>6I>DC;DGJCHI67A:C6GG6I>K:HA>@:

DCG69`H9>B>C>H=:96H=:BDK:9IDL6G9H6BDG:8DCHIGJ8I:96C9A:HHIG6CH>IDGNHINA:

D;6GI 47?6>H9>;;:G:CI;GDBI=:LDG@H8>I:9HD;6G>CI=>H8=6EI:G7:86JH:>I;D8JH:H

=:6K>ANDCI=:EHN8=DAD:L:G86C6ABDHI=:6GI=:B6C

G:;A:8I>C<DCI=:8=D>8:H=:B69:6C9I=:8DCH:FJ:C8:HI=6II=:H:=69DC=>HA>;: 

+AD6C`H9G6B6I>88DBEDH>I>DCD;47?6)316/#8H=DLH=>HK>

7GJH=HIGD@:H=><=A><=I>C<I=:A>B>I:98DADJGE6A:II:D;7GDLCHDG6C<:H6C9

8ADLCB6@>C<JE768@HI6<:6I6I=:6IG:DG8>G8JHL6H>CI:CI>DC6AAN9:E>8I:9>CI=>H

BDB:CID;6A>:C6I>DC6C9;G6<>A>INL=>8=>H=><=A><=I:97NI=:9G6B6I>8JH:D;I=:

 (6JA#>CIO:A:_^$DG9">B^DCG69`H67A:D;"J9K:GH>IND;6A>;DGC>6(G:HH  

  

8=>6GDH8JGDI=6IEGD?:8IHI=:8ADLCIDI=:;DG:H:H=>HEG:H:C8:6C9

HDA>IJ9: 

+AD6C:M8AJ9:H9:I6>AH6C99:8DG6I>K:D7?:8IHIDEJGEDH:AN9G6LI=:6II:CI>DCD;

I=:K>:L:GIDI=:8ADLC6C9IDIG6CHB>I=>HADC:A>C:HH6C9E:G=6EHID:BE=6H>H:=>H

6A>:C6I>DC;GDBHD8>:IN ,=:K>:L:G>H67A:ID

I=3I=:4B6CH>CI>B6I:C::9I=6I3I=:K>:L:G4E:G8:>K:3H4=DL >C8DBEG:=:CH>7A:L6K:G>C<6C9B>HIN6G:I=:7:>CI=JHI=: H><=ID;I=:HI6GH6C9I=:L6GBI=D;I=:HJC !I>H6H>;ADC:A>C:HHL:G:6=6G9 6C967HDAJI:8DC9>I>DCD;:M>HI:C8:I=::CK:ADE:D;;A:H=6C97ADD9DC L=>8=DJG:N:H6G:;>M:9B:AIH7:;DG:I=:DJIHIG:I8=:9=6C96C9I=:G: G:B6>CHDCANI=:86EG>8>DJHJC8DCHDA67A:6C9:AJH>K:HE>G>II=6ICD:N:86C ;DAADLCD=6C986C

DCG69`HBDG:67HIG68IE6HH6<:HDC">B`HEHN8=DADCID47?6+AD6C`H

8DBEDH>I>DC>H9:H>HIID:BE=6H>H:I=:EHN8=DADHB6C=:

L6CIHI=:K>:L:GIDHNBE6I=>H:L>I=6C9?J9<:I=:B6C7:=>C9I=:8ADLC`HB6H@ ,=:

B6C8=DDH:HID7:8DB:68ADLC6C9JCA>@:">B=:=6HID9:8>9::K:GNI>B:=:

DCHI6<:L=:I=:GIDB6@:JE=>H=6<<6G9;68:DGIDH=DL=>HIGJ:H:A;IDI=:8GDL9 ">B

DCI=:DI=:G=6C99:8>9:HID7:=>BH:A;L>I=%6GADLDC:D;I=:C6GG6IDGHD;I=:CDK:A

6C9IDEG:I:C9L>I=DI=:G8=6G68I:GH>CI=:CDK:AJEJCI>A=>H7G:6@>C<ED>CI 

K:CI=DJ<=I=:HJ7?:8IH6G:9>;;:G:CI6C9I=:>GA>;:8=D>8:H6G:9>;;:G:CI6H6

8DCH:FJ:C8:7DI=">B`H6C9I=:8ADLC`H9:8>H>DCHG:HJAI>C6H:A; >C;A>8I:9HD8>6A

6A>:C6I>DC6HI=:N8=DDH:ID=>9:I=:>GIGJ:H:AK:H;GDBHD8>:IN +AD6C`HE6>CI>C<86C7:

H::C6H6H:A; G:;A:8I>K:E>:8:;DG7N;D8JHH>C<6AAD;I=:K>:L:G`H6II:CI>DCDCI=:

8ADLC=:;DG8:HI=:K>:L:GID:C<6<:L>I=I=::BDI>DCHD;I=:HJ7?:8IL=>A:

8=6AA:C<>C<I=:K>:L:G`HDLC;::A>CCHIDHNBE6I=>H:L>I=

 DCG69  

  

I=:8ADLC`HADC:A>C:HH />I=47?6)316/#8+AD6C8G:6I:96JC>FJ:6C99G6B6I>8

LDG@I=6I=:8DJA9CDIG:EA>86I:>C6CNA6I:GE6>CI>CIH>CI:CH>IN6C9

EHN8=DAD<>86A9:EI=FJ6A>I>:HI=6I9:BDCHIG6I:I=:IND;I=:6GI>HI6II=>H

HI6<:D;=>H86G::G 

,=:8DCC:8I>DC7:IL::C+AD6C`H6GI6C9DCG69`HA>I:G6IJG:>HCDII=:B6I>8A>@:

I=:8DCC:8I>DC7:IL::C+AD6C6C92DA6 DI=DCG696C9I=:B:G>86C6GI>HIH=6G:I=:

67>A>INIDEDGIG6N=JB6C;G6<>A>IN6C9ADC:A>C:HH7NEJH=>C<7DI=G:69:GH6C9K>:L:GHID

:M6B>C:I=:>GA>;:9:8>H>DCH +AD6C`H;:AADLH=86CC:G :DG<::AADLH:MEG:HH:H=>H

69B>G6I>DCD;+AD6C`H47?6)316/#8>C6C9EG>A  A:II:GID"DH:E=,6NADG

+AD6C>HLDC9:G;JAI=>HL6N !C6AA=>HI=>CC9NDJGH:A;9G:6B>C< 67DJII=:A>K:HD;I=:E:DEA:=:E6>CIH ><6C97GD696C9H>BEA:GDJ<=>C 8DADG6C9L>I=DJIEDA>H=I=:H:E>8IJG:H=6K:69>HI>C8I>DC6H=JB6C 9D8JB:CIHL=>8=>CBN:ME:G>:C8:D;E6>CI>C<!7:A>:K:ID7:I=:FJ6A>IND; 6AAI=:G6G:HI 

,=:8=6G68I:G>HI>8HCDI:9>C47?6)316/#88DCI>CJ:9ID9:K:ADE>CA6I:GN:6GHL=:C

+AD6C`H;G>:C9H=>EL>I="D=CJIA:G1:6IHH=6GI>HI6C9;6I=:GD;I=:ED:I

/>AA>6BJIA:G1:6IH=69H>;>86CI>C;AJ:C8:DC+AD6C`H6GI>HI>8I=DJ<=IH6C9HINA>HI>8

9:K:ADEB:CI 6GAN>C+AD6C`H86G::G1:6IH8DBE6G:9+AD6CID D<6GI=*DHH:II>DG

:K:C >DG<>DC:HJ<<:HI>C<I=6II=:B:G>86C6GI>HI9:HE>I:CDI=6K>C<HDA96E6>CI>C<

N:I=69I=:I6A:CID;I=:HIH %DG:DK:G>C6  A:II:GIDI=:

A6LN:G6C9E6IGDC"D=C)J>CC1:6IHLG>I:H_+AD6C>HG:69>C<*JH@>CL>I=L=6IG:HJAIH

6HG:<6G9H=>H6GI6C9=>BH:A;!H=6AA7:8JG>DJHID@CDL *JH@>CADK:97G><=I8DADJGH

8DCC:8I>C<I=:B>C=>HB>C9L>I=ED:IGN6C9=DA>C:HH

 $:II:GID"DH:E=,6NADGEG>A  3,G6CH8G>EI4DM  :DG<:/:HA:N:AADLH(6E:GHB=:GHI DAA:<:G8=>K:H6C9+E:8>6ADAA:8I>DCH3DC8ADLCE6>CI>C<4  *D7:GI DG9DC706=<4-:&-)<;)6,706!47)6<0- -+7:,;7.):1-6,;018J7A>CDAB:C(G:HH   

  

H69C:HH6C9H>C` ,=>H>C;AJ:C8:DC+AD6C`HE6>CI>C<86C7:CDI>8:968GDHH=>H

E6>CI>C9  H6H>CLDG@HHJ8=6H!8:16/4)6<16/:--6?1+0$144)/- 

  6C9I=:A6C9H86E:H=:B69:>CI=:H:6H>9:6GI>HIH`8DADCN6I ADJ8:HI:G

%6HH68=JH:IIH ,=:H:E6>CI>CC`H

8DBB:CIHDC8DADJG6C9E:G=6EHH=6G:9=>H_6EEGD68=IDI=:=:6A>C<GDA:D;I=:<6G9:C`

I=6I6AADL:9*JH@>C=>BH:A;ID:MEADG:I=:_>CIGDHE:8I>K:G:A6I>DCID=>HDLCE:GHDC6A

HE>G>IJ6A6C9>CI:AA:8IJ6A8G>H>H`  'C6BDG:EG68I>86AA:K:ADC I="JC:   :CG>

=69>CIGD9J8:9+AD6CID6_C:LH:ID;E>

G:I=I=:H6B:

]>CI:GK6AH^6C9ADL @:N:9H:ID;]=J:H^D;I=:H6B:8DADGH`I=6I6AADL:9+AD6CID

:ME6C9=>HE6A:II:ID>C8AJ9:BDG:K>7G6CI8DADJGHI=6IEGDK>9:6?DAA>:G6IBDHE=:G:6C9

7G><=IC:HHID=>H6GI 

!8:16/4)6<16/:--6?1+0$144)/->H6H8:C:9:E>8I>C<I=G::LDB:CEA6CI>C<

>CI=:>G768@<6G9:CDC6HEG>C<96NL=>A:6;DJGI=LDB6C>HD7H:GK>C<I=:B;GDBI=:

L>C9DLD;6;A6I7:=>C9I=:>G;:C8: ,=:E6>CI>C<`H9:EI=>H8G:6I:97NI=:;:C8:6C9I=:

7J>A9>CC9>I6C9I=:A6JC9GN=JC<DCI=:A>C:67DK:I=:;D86AED>CID;I=:

E:GHE:8I>K:7G>CHBIDI=:E6>CI>C< ,=:8=6C<:D;8DADJGE6A:II:>HCDI

I=:DCAN:A:B:CII=6IB6@:HI=>HLDG@9>;;:G:CI;GDBDI=:GE6>CI>CHE:G>D9I=:

8=D>8:D;HJ7?:8I6C9I=:6G:69:E>8I:96G:6AHDJC>FJ:  G::CL>8=.>AA6<:L6H@CDLC

6H68DADJG;JA6C97D=:B>6C6G:6D;%6C=6II6C>CI=:  HB6@>C<I=>HH:II>C<>9:6AID

:ME:G>B:CIL>I=6C:L8DADJGE6A:II: ,=:9DB>C6CI8DADJG>H7AJ:>C6AA>IHCJ6C8:H

 -CEJ7A>H=:9A:II:G"JAN  "D=C)J>CC%:BDG>6ADAA:8I>DC%6CJH8G>EI>K>H>DC&:L1DG@ (J7A>8$>7G6GN   >CC6C9 6G9:C>C<`):,-61;<7:A.DA C     

  

EGDK>9>C<6;G:H=6C96>GN6IBDHE=:G: ,=:H8:C:9:E>8IHI=:HJCH:II>C<I=:7J>A9>C

>CI=:;6G768@CI:9E>C@

L=>8=6AADLHI=:K>:L:GID>CIJ>II=:I>B:D;I=:96N>CI=:E6>CI>C< 

,=:E6>CI>C<H=DLH_I=6I7G>AA>6C8ND;I=:=J:6C9K><=I6C9:K:C

I=:6HE:8ID;IG6CHE6G:C8N>CH=69:6G::HH:CI>6AAN9:E:C9:CIDC3+AD6C`H8=D>8:D;

E6A:II:6C9I:8=C>FJ:4=6G9C:HH8DA9C:HH6C9DE68>ING:HJAI>C<;6GBDG:;GDB-9=)41

D;8DADJGI=6C;GDBC6IJG:D;8DADJG` ,=>HE6>CI>C<L6H6C:ME:G>B:CIEG>B6G>AN>C

I:GBHD;C:L8DADJGH7JI+AD6C6AHDEDGIG6NH69>;;:G:CI6HE:8ID;I=:8>INI=:=J:6C9

A><=I:HE:8>6AANDCI=:;:C8:7G><=I:CI=:L=DA:E>8IJG:6C99G6L6II:CI>DCC6IJG6AANID

IDI=:8:CIG6A;>C<I=:H=DK:A :HE>I:7AJ:7:>C<IG69>I>DC6AAN6_8DA9`8DADJG

+AD6C`H86G:;JAG:69>C<D;*JH@>C`H"0-4-5-6<7.:)?16/:C8DJG6<:9=>BID

:ME:G>B:CIDC_I=:FJ6A>IN3D;8DADJGH4 6H9:EI=9:A>868N8` D;7AJ:HID8DCK:N6

;G:H=6IBDHE=:G:G6I=:GI=6C68DA9C:HH6C99>HI6C8: 

DG*JH@>C<6G9:CHEA6N6=:6A>C<GDA:;DGI=:>C9>K>9J6A6HI=:N6AADLDC:ID

<:I768@IDC6IJG:6C9G:8DCC:8IIDI=:;DG8A>;:  6G9:CH6G:6_C6IJG6A

H6C8IJ6GN;DGB6C`6C9>C6A>I=I=>H9:H8G>EI>DCI=:E6>CI>C<H=DLHI=:

LDB6C6II=:L>C9DLL>IC:HH>C<I=:I=G::LDB:C>CI=:<6G9:C7J>A9>C<I=:>GI:BEA:

L=>8=L>AA6AADLI=:BIDG:8DCC:8IL>I=C6IJG:>CI=:B>99A:D;67JHN6C99:K:ADE>C<

8>IN ,=:<6G9:CJH:HC6IJG:6H6EG>B6GNIDDA;DG;>C9>C<DC:`HHE>G>IJ6A>IN6C9I=:;DJG

;>C!8:16/4)6<16/68=>:K:9>;;:G:CI9:G>IJ6A:CG>8=B:CI6C9

8DCC:8I>DCIDC6IJG: ,=:LDB6C6II=:L>C9DL>HI=:;JGI=:HI;GDBC6IJG:=:GEDH>I>DC

>CI=:E6>CI>C<=><=A><=IHI=6IH=:>HCDIN:IG:69NID68=>:K:HE>G>IJ6AG:C:L6AI=GDJ<=

 "D=C*JH@>C"0-4-5-6<;7.:)?16/$DC9DC+B>I=A9:G6C9D    *JH@>C  !AA>C

  

C6IJG: +=:>H>BB:GH:9>CI=:JG76C7JIH=:>H6IIG68I:97NI=:DI=:G;>

E:G=6EHH=:>HL>AA>C<ID676C9DCI=:C9=:GHNB7DA>H>C<I=:

H69C:HH6C9H>CD;JG76CA>;:B:CI>DC:97N*JH@>CH8=DA6G"D=C!AA>CCI=:

=DA>C:HHD;C6IJG: 

,=:I=G::;>CI=:<6G9:C6G:6I9>;;:G:CIHI6<:HD;I=:>GHE>G>IJ6A?DJGC:N

I=GDJ<=C6IJG:I=:LDB6CDCI=:G><=I6EE:6GHID7:L6>I>C<;DG=:GIJGCID8DCIG>7JI:

IDI=:8DCHIGJ8I>DCD;I=:_H6C8IJ6GN` ,=:DC:>CI=:B>99A:>H9><<>C<6C9I=>H68I>DC

>H8DCC:8I>C<=:GIDI=:9>K>C:6HH=:>HI=:DCANDC:8JGG:CIAN8DCIG>7JI>C<IDI=:

8DCHIGJ8I>DCD;I=:_H6C8IJ6GN` ,=:LDB6CDCI=:A:;I9:H6C969K>H:HI=:DI=:G

LDB:C  :GEDH>I>DCDCI=:DCIDC6IJG:

9:BDCHIG6I>C<I=:=:6A>C<6C9HE>G>IJ6A;JC8I>DCD;I=:<6G9:C K:CI=DJ<=I=:LDB6C

>H8ADH:GIDI=:H=DL:K:GCDIH>II>C<9>G:8IANDC>I :IL::C=:GH:A;6C9

I=:A6C9I=:G:>H6B6CB69:E6I=L=>8=ID<:I=:GL>I=I=:96G@:G8DADJGH6C9H=69:H

6GDJC9=:GB><=IB:6CI=6IH=:=6HCDI7::CHJ7?:8IIDI=:;JAA=:6A>C<EDL:GD;I=:

<6G9:C %6N7:I=:<6G9:C86CCDI;JA;>AI=:;JC8I>DCD;6H6C8IJ6GN9J:ID>IHAD86I>DC>C

I=:8>INI=:G:;DG:>I86CDCANE6GIAN=:6AI=:>C9>K>9J6A;GDBI=:EDAAJI>DCD;BD9:GC>IN

9:BDCHIG6I>C<L=6I*JH@>C86AA:96_E:GHDC6AHE>G>IJ6A6C9>CI:AA:8IJ6A8G>H>H` 

!8:16/4)6<16/8DJA96AHD7:>CI:GEG:I:96H+AD6C`H6II:BEIID86EIJG:

B:GHDC`HE=>ADHDE=>86AI=:DGNI=6IC6IJG:>H6C:8:HH6GN:MEG:HH>DCD;I=:9>K>C:HE>G>I

L=>8=68IHI=GDJ<==JB6C>IN6H9:BDCHIG6I:9L>I=I=:,G>69>8%DI>; +AD6C`HE6>CI>C<

I=:C8DJA97:H::C6H6IG6CH8:C9:CI6A>HIB6C>;:HID *:69>C<*JH@>C`HI=:DG>:HDC

8DADJG6C97:>C<6L6G:D;=>HE6HH>DC;DG<6G9:C>C<6C9C6IJG:6LD@:>C+AD6CI=:

B:GHDC>6CI=:DG>:HL=>8=L:G:I=:C6EEA>:9IDI=:E6>CI>C<D;!8:16/4)6<16/ ,=:

8DC8:EID;IG>69>8BDI>;A>C@HID*JH@>C`H7:A>:;I=6I_ D9G:K:6A:97DI=7:6JIN6C9

   

JC>K:GH6ABDG6AA6LHI=GDJ<=C6IJG:6C96GI ,=:6GI>HII=:CH=DJA9>B>I6I:I=:

E6GI>8JA6GHD;C6IJG:>CI=:A6CCDG9:GID8DBBJC>86I:I=:=><=:HIBDG6A

K6AJ:H` *JH@>CL6H6C6GI>HI6C96C6869:B>8=>HI=DJ<=IH6GI>HI>8:ME:G>:C8:6C9

I:8=C>FJ:HL:G:LG>II:C67DJI>CH8=DA6GANEJ7A>86I>DCHL=>8=L:G:G:696C9JI>A>H:97N

6GI>HIH6C98G>I>8HA>@:+AD6CL=DI=:C:ME:G>B:CI:9L>I=6C97J>AIDCI=:LG>II:C

I:8=C>FJ:HID8G:6I:=>HDLCHINA: 9L6G9 6C9%6G>6C %699:CH`6GI>8A:

_,G6CH8:C9:CI6A>B:CH>DCHD;B:G>86CGI` HI6I:HI=6I :CG>6C9=>H

6HHD8>6I:H9>9CDI688:EIB:GHDC`HHE>G>IJ6A6C9>9:6A>HI>8>CI:GEG:I6I>DCHD;C6IJG:DG

I=:CDI>DCI=6IC6IJG:G:;A:8IHI=:9>K>C>IN>C=:G:CI>C=JB6C7:>C

8DCIG69>8IHI=:I=:DGNB:CI>DC:967DK:  DL:K:G:K:CI=DJ<= :CG>6C9+AD6C

G:?:8I:9B:GHDC`H>CI:GEG:I6I>DCHD;C6IJG:I=6I9D:HCDIB:6CI=6II=:N9>9CDI

6II:BEIIDG:EGD9J8:>I>CE6>CI>C<DGI=6II=:NG:?:8I:9B:GHDC`H>9:DADI=DJI

6C6ANH>C<>I !I=6H7::C:HI67A>H=:9I=6I!8:16/4)6<16/>H6C:ME:G>B:CI6AE6>CI>C<HD

DC:86C6GB:CI:9I=GDJ<=EGD8:HH>C<B:GHDC`H

I=DJ<=IH>C=>HLDG@ 

,=:JH:D;8=>6GDH8JGD>CI=:E6>CI>C<8DJA96AHD=6K:6GDA:>C9:;>C>C<I=:

HE>G>IJ6A?DJGC:ND;I=:I=G::;:B6A:;>8=8DCIG69>8IHI=:67DK:6C6ANH>H ,=:

LDB6CDCI=:A:;IL=>8=L6H7:A>:K:9ID7:I=:8ADH:HIIDC6IJG:9J:ID=:GADL:G

EDH>I>DCDCI=:<=I68IJ6AAN7:I=:;JGI=:HI6L6N;GDBC6IJG:6C9I=:9>K>C:>;

DC:8DCH>9:GHI=:I=:DGND;G:69>C<8DADJGH *JH@>CHJ<<:HIHI=6I96G@:G8DADJGH8DCK:N

H69C:HH6C9H>CI=>H;>IH>CI=:H=69:D;I=:8=>6GDH8JGDL>I=67A68@86I

 %6GNCC:+I6C@>:L>8O_^,=:N:>H6&D7A:G'G<6C^*JH@>C6C9B:G>86CGI9J86I>DC`"0- 7=:6)47.-;<0-<1+,=+)<176!8-+1)4;;=--.1616/=4<=:)4)6,,=+)<176)4 -4)<176;H6 6<-:6)<176)4-:;8-+<1>-    9L6G9 %699:C6C9%6G>6C %699:C_,G6CH8:C9:CI6A>B:CH>DCHD;B:G>86CGI` ":)6;)+<176;7.<0-0):4-;!-1:+-!7+1-

   

D7H:GK>C<=:G;GDBI=:;:C8: ,=:EG:H:C8:D;I=:7A68@86I>CI=6IE6GID;I=:E>8IJG:

>BEA>:HHDB:HE>G>IJ6A6C9:HDI:G>88DCCDI6I>DCHL=>8=6G:G:B>C>H8:CID;B:GHDC`H

E=>ADHDE=N_&DC=JB6C6C>B6AHHJ8=6H9DB:HI>886IH3[46G:FJ>I::HI>86AL>I=6

HIGDC<>CHI>C8I;DGH:A; EG:H:GK6I>DC6C9H:A; B6>CI:C6C8:` ,=:HI6I:B:CIB><=I>BEAN

I=6II=:86I>CI=:E>8IJG:68IH6H6G:B>C9:G;DGI=:LDB:CID7J>A9I=:_I:BEA:`D;I=:

<6G9:C>C6C6II:BEIIDH6K:I=:BH:AK:H;GDBI=:>GJG76C:CK>GDCB:CI 

B:GHDC`H>C;AJ:C8:86C6AHD7:6EEG:8>6I:9>;DC:I6@:H>CID688DJCI=>H,G>69>8

%DI>;;DGB:GHDC>6C,=:6IG:D;,GJ:G:6BB:CI>DC:97N6K>9$NIIA:L=:G:I=:

I=G::;><=ID;I=:9>K>C:ID8G:6I:I=:6EE6G:CILDGA9D;C6IJG: 

&6IJG:>HI=:G:;DG:6G:;A:8I>DCD;I=:9>K>C:6C97:>C<8ADH:ID>IB6@:H6E:GHDC8ADH:G

IDI=:9>K>C:>IH:A; _!CI=:,=:6IG:D;,GJ:G:6BHI=:$><=I6C9I=:A:CH6G:I=:G:6A>IN

6C9I=:E>8IJG:C6IJG:>H6EE:6G6C8: &DDC:E6GID;I=>HIG>69>8BDI>;D;=>HBDC>HB

86C7:H:E6G6I:9;GDBI=:DI=:GDGI=:I=:6IG:C

!8:16/4)6<16/+AD6C;DJC9I=:_A><=I`D;I=:9>K>C:>CDI=:GLDG9H+AD6C68=>:K:96

L6ND;EGD?:8I>C<A><=IDCID=>HE6>CI>C<6C9I=>H>HI=:B6>C9>;;:G:C8:7:IL::C=>H

:6GA>:GLDG@H6C9I=:DC::M6B>C:9=:G: 

:DG<:%DDG:A>@:*JH@>CL6H6CDI=:GCDI67A:;>C+AD6C`H6GI>HI>886G::G 

$DJ<=:GN>C706!47)6)16<-:)6, -*-4 G:8DH:H%DDG:ID7:6@:N

>C;AJ:C8:DC+AD6C`HLDG@H_I=:!G>H=CDK:A>HI8G>I>86C9:6GAN69KD86I:D;

!BEG:HH>DC>HBL6H3[4HDB:DC:L=DL6H7DI=HDE=>HI>86I:96C9KDAJ7AN8DCH8>DJHD;

 *6AE=/6A9DB:GHDC"0-7=:6)4;)6,1;+-44)6-7=;7<-*773;7. )480%)4,75-:;76.DA .  :9 %:GIDC% +:6AIH"G6B7G>9<:%6HH68=JH:IIH,=::A@C6E(G:HHD; 6GK6G9(G:HH   6K>9$NIIA:_^,=:/DGA9!H6>K>C:G:6B^B:GHDC`H+J7?:8I>K:!9:6A>HB`"0-76+7:, !)=6<-:-:-?!-:1-;.DA      !7>9  

   

=>HGDDIH6H6C6I>K:D;68DJCIGNDJIH>9:I=:6GI>HI>8B6>CHIG:6B`   >H@CDLA:9<:D;

6GI>HIHA>@::<6H6C9%6C:I6AADL:9+AD6CID:ME6C9=>H6GI>HI>8@CDLA:9<:I=GDJ<=

G:69>C<%DDG:`H7,-:6)16<16/ 6LDG@L=>8=L6H6_;DGB6I>K:I:MI;DG

+AD6CL=D6I6I>B:L=:CB6CNB:G>86C6GI>HIH3[4IG6K:AA:9IDJGDE:;DG

:9J86I>DC6C9>CHE>G6I>DCA68@:9I=:B:6CHID9DHD`  H:8@:GB:CI>DCH>C=>H

G:K>:L_ :DG<:%DDG:\GI>HI6C9GIG>I>8`7NI=::6GAN  H%DDG:L6H_G6C@:9

L>I=CC<8G>I>8HD;BD9:GC6GI3[4%DDG:=69;G::96GI8G>I>8>HB;GDBI=:

BDG6AIG6EE>CH:B>C:CIEG:9:8:HHDG3"D=C*JH@>C46C968=>:K:968DBB:CI6GN

DC6GII=6I8DCK:N:9]I=::HH:CI>6A6C9JCIG6CHA6I67A:B:6C>C<D;I=:E>8IJG:^` 

+AD6C6C9 :CG>6EEG:8>6I:9%DDG:`HLDG@6C967HDG7:9=>H8G>I>8>HBID7:I=:C

6EEA>:9>CI=:>GDLCLDG@H 7,-:6)16<16/B6N7:H::C6HEA6N>C<6H>B>A6GGDA:ID

.6H6G>`H-$1<-  L=>8=8DAA6I:9I=:A>K:H6C96GID;=>H8DCI:BEDG6G>:HHJ8=6H

$:DC6G9D6.>C8>%>8=:A6C<:AD6C9BDG:EGDK>9>C<I=:;>GHI6GI8G>I>8>HBDC

H8JAEIJG:E6>CI>CI:8IJG:6C9;JC8I>DC>C<6H69:;DG6GI>HIHDC=DLI=:H:

6GIHH=DJA97::M:8JI:9 %DDG:`HLDG@>HCDI6H8DBEA:M6C9HIGJ8IJG:96H.6H6G>`HH>M

KDAJB:H=::MEADG:HI=:LDG@HD;=>HJGDE:6C8DCI:BEDG6G>:H>C E6<:HEGDK>9>C<

BDG:E:GHDC6A>CH><=I6C9A:HH:C8N8ADE6:9>8>C;DGB6I>DCDCI=:6GI>HIH=:>C8AJ9:H 

%DDG:HJ<<:HIHI=6I/:HI:GC6GI>HIH=69I=:I:C9:C8N_ID8DEN&6IJG:7JII=:

"6E6C:H:@C:L>IL6H7:II:GIDD7H:GK:&6IJG:3[4I=:L=DA:6GID;"6E6C>HH:A:8I>DC

6C9"6E6CI6J<=I%G/=>HIA:GDG>BEG:HH:9JEDC%G/=>HIA:GI=:>BE:G6I>K:C:8:HH>IN

  "D=C$DJ<=:GN706!47)6)16<-:)6, -*-4&:L1DG@ :CGN DAI    "D=C6<<_&:6G.:GB::G9BJC9 ,6G7:AA`H6C9"D=C+AD6C`HJI8=(>8IJG:H7,-:61;<=4<=:-; .DA  C      *D7:GI+I:E=:C:8@:G_ :DG<:%DDG:GI>HI6C9GIG>I>8`:1;0:<; ->1-?.DA C     

   

D;H:A:8I>DC` "6E6C:H:6GIC;AJ:C8:9A6I:C>C:I::CI= 8:CIJGN/:HI:GC6GI

>C8AJ9>C<%DC:I6C9DI=:G!BEG:HH>DC>HIH/=>HIA:G6C9=>H8>G8A:6C9I=:86C9

EDHI:G6GID;I=:  HI=6I+AD6CL6H>CHIGJB:CI6A>C7G>C<>C<IDB:G>86C>AAJHIG6I>DC

6C98DBB:G8>6A6GI !C >HID;GI=:G:86AAHI=6I

68@>CI=:&>C:I>:HL=:C!L6HLDG@>C<;DG014),-4801)69=1:-:!B:I :>H:C#J7DI6"6E6C:H:GIDBB>HH>DC:GIDI=:=>86G 6C9!7:<6C9G6L>C<>C6;A6IHDGID;"6E6C:H:7A68@6C9L=>I:HINA: 3[4 ,=6IL6H7:;DG:!=69:K:GH::CI=:LDG@D;:6G9HA:N%86GI:GG69A:I +I:>CA:C6C9,DJADJH: $6JIG:8 

+AD6C=696AG:69NG:697,-:6)16<16/HD7NI=:I>B:=::C8DJCI:G:9I=:"6E6C:H:

GIDBB>HH>DC:G=:@C:L67DJII=:I:8=C>FJ:I=6I=:I=:C6EEA>:9ID=>HLDG@HD;

I=6IE:G>D9 ,=>H>CI:G:HI6C9>C;AJ:C8:8DCI>CJ:9DC>CID=>H&:L1DG@N:6GH6H=:

CDI:H>C=>H9>6GNDCI=EG>A  

6B:=DB:I=:CDJI6<6>C6C9L6A@:9JEID:GA>C(=DID<6AA:GNIDH:: D@JH6>"6E 9G6L>CCI:G:HI>C< +IDEE:9>CI= K: &DI=>C<=6H7::C9DC:DCBNHIJ9>DI=:G: /:CIID(J7A>8$>7G6GNID H::BDG:"6E6C:H:LDG@EG>CIH .:GN>CI:G:HI>C<ADI 

,DJADJH: $6JIG:8`HLDG@H6HL:AA6HI=DH:D;DI=:G6GI>HIHE=NH>86AAN6GG>K:9>CI=:

-C>I:9+I6I:HL>I=I=:GBDGN+=DL>C  HD6GI>HIHE:DEA:E6HH>DC6I:67DJI6GI

6C9+AD6C=>BH:A;8DJA9H::I=:DG><>C6AB6HI:GE>:8:H %DDG:`H7,-:6)16<16/

EGDK>9:9G:69:GHL>I=6C>CIGD9J8I>DCIDI=:BDK:B:CIH6C9I=:6GI>HIHI=6IL:G:H=DLC

6II=:GBDGN+=DLHJ8=6H%6I>HH::<6H6C9%6C:I +AD6C`H8A6>BI=6I_6GILDJA9

7:;L:8DJA9ADH:HDB:D;I=6I>C9>K>9J6A>HB`B><=IA>:>CI=:9:H>G:;DG

  :DG<:%DDG:7,-:6)16<16/    +AD6C  !7>9  

   

6CNDC:ID7:67A:IDJC9:GHI6C96C96EEG:8>6I:6GIG6I=:GI=6C6AADL>C<DCAN6H:A:8I

C9>K>9J6A>HB6EEA>:9IDI=:6GILDG@ 

+AD6C`H8A6>B8DCC:8IHID%DDG:`H8G>I>8>HBDC!BEG:HH>DC>HBB:CI>DC:9>C

7,-:6)16<16/6C9>I>BEA>:HI=6II=:EG>B6GNEJGEDH:D;%DDG:`HLDG@>HID:9J86I:

G:69:GHHDI=6II=:N8DJA96EEG:8>6I:8DCI:BEDG6GN6GILDG@H /=>HIA:G%6C:I6C9

:<6H6G:E6GI>8JA6GANEG6>H:9>C7,-:6)16<16/%DDG:G:8DH:HI=:JC>FJ:C:HHD;

I=:H:B:C6H6GI>HIHL=D;DAADL:9I=:>GK>H>DCH6C96II:BEI:9ID7G:6@I=:

H:I7NEG:K>DJHBDK:B:CIH %DDG:HI6I:9I=6I!BEG:HH>DC>HB

>H6LDG9I=6I=6HA:CI>IH:A;ID:K:GN@>C9D;B>H>CI:GEG:I6I>DC;DG>C>IH :M68IH:CH:6AAIGJ:E6>CI>C<>HE:C:IG6I:9L>I=>BEG:HH>DC>HBIDJH:I=: LDG9>C>IHBDHIBD9:GCH:CH:\I=6I>HIDH6NIDH>;NI=:G6E>9CDI>C<D; >AAJH>K:6EE:6G6C8:\%DC:I>HI=:DCANE6>CI:GIDL=DB>IB6N7: G:6HDC67AN6EEA>:9 

,=>HHIGDC<HI6I:B:CI>BEA>:HI=6IE:DEA:=6K:ADDH:AN6EEA>:9I=:I:GB!BEG:HH>DC>HB

ID688DBBD96I:6GI>HIHL=D9DCDI;6AA>CIDI=:86I:DC>HIH %DDG:`H

LDG@L6H6JH:;JAI:MI7DD@I=6I+AD6C6C9 :CG>8DCHJAI:9;DGI=:>GDLCLDG@H6C9

I=:NI6J<=II=:>GHIJ9:CIHI=:DG>:H6C9I:8=C>FJ:HI=6II=:NA:6GCI;GDB%DDG:`HLDG@

HJ8=6H=>H8DC8:EID;8DADJGH6C9IDC:H %DDG:LG>I:H

IDC:>H68DB7>C6I>DCD;8DADJGH !C&6IJG:8DADJGH6G:H:E6G6I:I=:N68I 6C9G:68IDC:DCI=:DI=:G6C9HD8G:6I:>CI=::N:I=:>AAJH>DCD;6B>MIJG: D;K6G>DJH8DADJGH >CDI=:GLDG9HD;6IDC: JI>;I=:=JB6C:N:86C E:G;DGBI=>HEGD9>C<DC8DADJG6H:KDAK:9I=GDJ<=I=: HE:8I68A:D;I=:LDGA9L=NH=DJA9CDII=::N:7:67A:IDE:G;DGBI=:H6B: EGD9>C<DC8DADJGH6H9>HEA6N:9DK:GI=:HJG;68:D;6 86CK6H

 %DDG:  !7>9   

  

:DG<:%DDG:L6HCDIDCAN6C6GI>HI>8>CHE>G6I>DC;DG+AD6C !C69>6GN:CIGN

96I:9 I=:7GJ6GN  +AD6CG:8DG9HI=6I=:L6H_G:69>C< :DG<:%DDG:`H],=:

$6@: ^+EA:C9>9>IHJ>IHB:E:G;:8IAN` ,=>HCDK:A:MEADG:HI=:>CI:GC6A76IIA:7:IL::C

I=:G:A><>DJH;6>I=6C986GC6AADK:D;66I=DA>8EG>:HI !I>H6C>CI:CH:CDK:A6C9JH:H

I=:HIGDC<B:I6E=DGD;I=:A6@:6H6C_D7HI68A:ID7:8DCFJ:G:9H>C8:>I=DA9HBDG:

H>C>HI:G8DCC:8I>DCHD;AI9:6I=HE>G>IJ6AHI6DC6C9HJ>8>9:` ,=>HB:I6E=DG;DG

JC8DBEGDB>H>C<6I=DA>8>HBB><=I=6K:_6EE:6A:9ID+AD6C`HG:7:AA>DJHHI6I:D;B>C9

6II=>HI>B:`L=>8=8DJA9=6K:7::C68DCH:FJ:C8:D;=>HBDK:;GDB(=>A69:AE=>6ID

&:L1DG@>IN>C   ,=:6GI>HIL6H69?JHI>C<ID6C:LA>;:HINA:6C9:CK>GDCB:CII=6I

7:86B:HDJG8:HD;>CHE>G6I>DC;DG=>H*:6A>HILDG@H  >H6GI>HI>8G:7:AA>DC8DJA9=6K:

9:K:ADE:9;GDBI=:_7DG:9DB`D;9:E>8I>C<=>HHJ7?:8IH>CH>B>A6GHINA:HID:68=DI=:G 

!C  6C9  +AD6C;:AII=:C::9IDG:7:A6<6>CHII=:HINA:=:69DEI:9JC9:G :CG>`H

>C;AJ:C8:  :HI6GI:9:ME:G>B:CI>C<L>I=C:LHINA:H6C9I:8=C>FJ:HI=6II=:CG:HJAI:9>C

9::E:G6C9BDG::A67DG6I:8DBEDH>I>DCH>CA6I:GN:6GH6HEG:H:CI:9:6GA>:G>CI=:

8=6EI:GHJ8=6H:ME:G>B:CI>C<L>I=C:L8DADJGE6A:II:H6C9HJ7?:8IB6II:GH +AD6C

>CI:GEG:I:9I=:A6@:6HG:EG:H:CI>C<I=:6GILDGA9=:L6HE6GID;6C9;:AIHJ79J:97N 

DCH:FJ:CIAN=:6II:BEI:9ID;>C9=>HDLCE6I=>C6GI6C9I=>HD;8DJGH:L6H

JCH:IIA>C<;DGI=:6GI>HIL=DH:6GI>HI>8G:7:AA>DCB69:=>B;68:=>HDLC_A6@:`6C9B69:

=>B67A:IDHNBE6I=>H:L>I=6I=:G D<6GIN>C%DDG:`HCDK:A 

%DDG:L6H6HDJG8:D;6GI>HI>8>CHE>G6I>DC6C9E:G=6EHH:A; G:;A:8I>DC;DG+AD6C

7JI"D=CJIA:G1:6IH`8DCIG>7JI>DCIDI=:B:G>86C6GI>HI`H86G::GH=DJA96AHD7:CDI:9 

1:6IH`;G>:C9H=>EL>I=+AD6C=696H>;>86CI>C;AJ:C8:DC+AD6C`H6GI>HI>86C9E:GHDC6A

 $>C96:CC:II_ :DG<:%DDG:6C9"6B:H"DN8:+IDGN I:AA:GK:GHJH+INA>HI`!<=,1-;6:1;0 =):<-:4A ->1-?.DA C      DDICDI:D;"D=C+AD6C`H9>6GN :CIGN:7    

  

A>;:8DCIG>7JI>C<ID=>H9:K:ADEB:CI6C9HI +AD6C`H>C>I>6A>BEG:HH>DC

D;I=:;6I=:GD;I=:!G>H=ED:I/>AA>6BJIA:G1:6IHL6HI=6ID;6C_>CI:G:HI>C<DA9

<:CIA:B6CL>I=L=>I:7:6G9@>C9AN6C9L:AA>C;DGB:9  :>H6E6>CI:G!7:A>:K:6AHD6

LG>I:G`C9"JAN  6C9=:68I:9A>@:6;6I=:G;>:C96HJEEDGI:G6C96C

6GI>HI>869K>HDG;DG+AD6C  

1:6IH`>C;AJ:C8:DC+AD6C9>;;:G:9;GDBI=6ID;DI=:G6JI=DGH6C9>IL6HHD

HIGDC<I=6I+AD6C`HH:8DC9L>;: :A:C6GG+AD6CD7H:GK:9_3+AD6C4=69H6>9I=6I

:CG>L6H=>H];6I=:G>C6GI^\6H6E=G6H:\7JI>C9::EH:CH:1:6IHL6H8ADH:GID=>B

BJ8=8ADH:G` HJ<<:HI>C<I=:A:K:AD;:BE6I=N6C98DAA67DG6I>DC7:IL::CI=:B ,=:>G

;G>:C9H=>EEGDK>9:H6K6AJ67A:8DBB:CI6GNDCI=:6GI>HI>86C9A>I:G6GNG:6A>IND;&:L

1DG@6II=:I>B: 1:6IH`6GI>HI>86C9A>I:G6GNC:ILDG@H>C7DI=JGDE:6C9B:G>86L:G:

6HDJG8:D;>CHE>G6I>DC;DG+AD6CL=DL6HHI>AA9:K:ADE>C<=>HHINA: 1:6IH`C6B:

6EE:6GH>CB6CND886H>DCH>C+AD6C`HDLC9>6G>:H1:6IHE6GI>8>E6I:9>CCJB:GDJH

9>CC:GH6C9:K:CIH:CI:GI6>C>C<I=:E6GI>8>E6CIHL>I=G:69>CHDLCLDG@HDGD;

DI=:G!G>H=6JI=DGH6C9I=:H:G:69>CCIGD9J8:9+AD6C6C9I=:DI=:G

8DCI:BEDG6GN!G>H=A>I:G6IJG: 

1:6IHL6H67JHNB6C=>BH:A;=:A:8IJG:9H@:I8=:9E6>CI:9EDGIG6>IHDC

8DBB>HH>DC6C9LGDI:H=DGIHIDG>:HED:BH6C9?DJGC6A6GI>8A:H  >K:CI=>H>I>H

JC9:GHI6C967A:=DL+AD6C`H6II:CI>DCL6H86EIJG:97NHJ8=6C:8A:8I>88=6G68I:GL=D

:B7D9>:96AAD;+AD6C`H>CI:G:HIH6C9HI>BJA6I:9=>H>CI:AA:8IJ6A>CI:G:HIH  :6AHD

  (6JA G6C@>C_(>AB6I=:G&6I>K:+DC"D=CJIA:G1:6IH"D=C+AD6C6C9I=:%6@>C<D;6 G>:C9H=>E>C&:L1DG@>IN   `>C:7,1/)4)<0-: ->1;1<-,:<1;<;)6,%:1<-:;16<0-%7:4, 7.706=<4-:&-)<;:9 "6C>H$DC9G6K>AA:/:HIDGCL6AA,$D8JHI >AA(G:HH    !CI:GK>:L:8:B7:G  8>I:9>C*D7:GI DG9DC706=<4-:&-)<;)6,706!47)6<0- -+7:,;7. ):1-6,;018J7A>CDAB:C(G:HH  

  

EGDK>9:9+AD6CL>I=8DC;>9:C8:6H+AD6C7:A>:K:91:6IHL6H6_B6CD;=:6GID;6

B6CD;<:C>JH\6B6C6AL6NH>CI:G:HI>C<\L>I=L=DB>I>H6AL6NH6EA:6HJG:ID

6HHD8>6I:` ,=:G:A6I>DCH=>E7:IL::C+AD6C6C91:6IHL6H:M8:EI>DC6AI=:N=69

6C>B6I:99>H8JHH>DCH67DJII=:>G9>;;:G:CIK>:LHG:<6G9>C<6GIA>I:G6IJG:6C9EDA>I>8H

9J:ID+AD6C`HHIGDC<K>:LHDC+D8>6A>HB  DL:K:GI=:H:6GG

G:A6I>DCH=>E>CI:AA:8IJ6AAN8=6AA:C<>C<6C9HI>BJA6I>C<;DG7DI= +AD6C69B>G:91:6IH

6C96EEG:8>6I:9=>H69K>8:6EEA>:9>IID=>H6GI>CBDHID886H>DCH +AD6CL6H6L6G:I=6I

1:6IH_=6HA>K:96C9=69I=:ED:I`H?DN3I=6I4=:=6H@CDLCE:DEA:`I=%6N  6H

=>HNDJC<E:GHDC6A>IN6C98=6G>HB66IIG68I:9NDJC<I6A:CIH 

1:6IH68I:96H6CG>HIDI:A>6C;>@:I=:G>HIDIA:EDGIG6N:9

7N*6E=6:A>C"0-!+07747.<0-6;  L=D6>B:9;DGE:DEA:IDI6@:E6GI>C

6GI>HI>8A>I:G6GN6C9E=>ADHDE=>86A9>H8DJGH:HL>I==>H8>G8A:D;9>H8>EA:H6I(:I>IE6H ,=:

9>H8JHH>DCH8DK:G:96GIEDA>I>8H6C9;DG:>I:G6IJG:ID:ME6C9I=:E6GI>8>E6CIH`

@CDLA:9<:I=GDJ<=H=6G>C<:ME:G>:C8:H6C9>9:6H H6I:HI>BDCNIDI=:H:9>6AD

6C98DAA67DG6I>DCH6BDC<I=:6GIH6C9I=:>G:MEDC:CIH+AD6C_LDG@:9DC6C:L86CK6H

I=:(:I>IE6H`16G9]DJGI67A:^%G 1:6IH6II=:=:69D;>I`C9J

7>GI=96N>C  

,=:E6>CI>C<&-)<;)<-<1<8);  CDIDCANH:I6EG:8:9:CI;DG+AD6C`H

HJ7H:FJ:CI%8+DGA:N`HE>8IJG:H9J:IDI=:>C9DDGH:II>C<7JI>IL6H6C6B7>I>DJH

8DBEDH>I>DC !C=>H9>6GN+AD6CCDI:9I=6I=:_H8G6E:9DJII=:(:I>IE6HE>8IJG:6C9B69:

6C:LHI6GIDC>I` I=JI>DCB69:D;I:C;>

  DG9DC  >:66C9>AA:CC>HDC_%8+DGA:N`H"D=C+AD6C`H.>HJ6ADBB:CI6GNDC%6A:DC9>C< (GD=>7>I>DC6C9I=:/DG@>C<A6HH`5-:1+)6!<=,1-;KDA C    

  

K:GN8DBEA:MCDIDCAN9J:IDI=:FJ6CI>IND;I=:8=6G68I:GHL=>8=L6HJCJHJ6A;DG

+AD6C7JIB6>CAN7:86JH:=:L6CI:9ID9:E>8I:68=>C9>K>9J6A`HE:GHDC6A>IN6C9

EHN8=DAD8=D;8DJGH:L6HBDG:9>;;>8JAI>C6BJAI> HJ7?:8IE6>CI>C<G6I=:GI=6C6

H>C@:47?6)316/#8 

!C6;DDICDI:G:A6I:9IDI=::CIGN?JHI8>I:9I=:G:>H6B:CI>DCD;I=::I8=>C<

-57:A  7:>C<I=:;>GHI6C9DCAND;+AD6C`HLDG@HID6II:BEI7:>C<6

_8DCK:GH6I>DC6AE>:8:` -57:AEG:H:CIHDCAN;DJGHJ7?:8IH+AD6C=>BH:A;DCI=:A:;I

DAANADD@>C<9>G:8IAN6II=:K>:L:G*D7:GI :CG>DCDAAN`HG><=I6C9;>C6AAN$>C96

:CG>>CI=:;DG:C<DC:D;B6CN:K:C>CCI>B68N6C9

;:AADLH=>EI=6II=:H:ILD8DJEA:HH=6G:9>CI=:>G7G>:;I>B:ID<:I=:G>C&:L1DG@` 

,=:8DBEDH>I>DCD;I=>H:I8=>C<>HH>BEA:GI=6CI=6ID;&-)<;)<-<1<8);6C9>HA:HH

HDE=>HI>86I:9>CI:GBHD;I=:8=6G68I:GH`EHN8=DADHL6H8G:6I:9>C

6C:6GA>:GHI6<:D;=>H86G::G6C9E6GIAN7:86JH:I=:>CI:CIL6HCDIID9:E>8II=:

EHN8=DAD`HL>;:$>C96L=D9>:9

I=:EG:K>DJHN:6G ,=:HJ7?:8IH6G::C<6<:9>C68I>DCHI=6I=:AEI=:K>:L:GID>9:CI>;N

I=:E:GHDC9:E>8I:9+AD6C6C9 :CG>6G:9G6L>C<;68>C<:68=DI=:G76A6C8>C<I=:

8DBEDH>I>DC6C9$>C96G:69HL=>A:DAANADD@HB>C9A:HHAN6II=:K>:L:G ,=:9:I6>AD;

I=:;68:HA:6K:HCDGDDB;DGHE:8JA6I>DC6HIDI=:>9:CI>IND;I=:HJ7?:8IHG:EG:H:CI:9

I=JH;68>A>I6I>C<I=:>9:CI>;>86I>DCD;:68=8=6G68I:G ,=::I8=>C<L6H8DC8:>K:9>C

B:BDGND;$>C96`H9:6I=6C9>IL6H6AHDDG><>C6AANG:;:GG:97N+AD6C6H_6B>AN

EA6I:`HIG:HH>C<I=:E:GHDC6A6C9EGD;:HH>DC6AG:A6I>DCH=>E7:IL::CI=:ILD6GI>HIH 

,=:E>8IJG:D;(:I>IE6HDCI=:DI=:G=6C9>HI=:G:EG:H:CI6I>DCD;+AD6C`H6GI>HI>8

 >

 $DJ<=:GN 

  

;6B>ANL>I=1:6IH;JC8I>DC>C<6HI=:E6IG>6G8=6C9G>HIDI:A>6C;>

I=6II=:E>8IJG:L6H_G:LDG@:96ID99BDB:CIHDK:G6E:G>D9D;I=G::N:6GHJCI>A+AD6C

L6H=6EENL>I=>I` ,=:86CK6HH=DLH;GDBA:;IIDG><=IA>I:G6GN8G>I>8.6C/N8@

GDD@HL=DLGDI:+AD6C`H7>D

1:6IHED:IA6C+::<:GDAAN:A:HI>C:(:I>IE6HHI6C9>C<7:IL::CI=:6GI>HI`HL>;:

6C9B>C>6IJG:E6>CI:GJA67::>M+AD6C=>BH:A;>CI=:G><=I8DGC:GI=::9>IDGD;

1<-:):A1/-;<G:9G>8@AA:C#>C<6C9;>C6AAN.:G6":A>=DKH@N"D=CHIDCI=:L>;:

D;I=:!G>H=H8=DA6G=6GA:H"D=CHIDC !C8DCIG6HIID-57:ACDI6AAD;I=:8=6G68I:GH`

;68:HEG:H:CI6C>BE:8867A:A:K:AD;9:I6>A6H>HCDI>8:67A:>CI=:EDGIG6>IHD;G:9#>C<

6C9A6C+::<:GL=>8=6G:?JHI6;:L7GJH=HIGD@:HD;9>;;:G:CI8DADJGH6II:BEI>C<ID

9:;>C:I=:;>9:CI>I>:H ,=:8DADJGHJH:9;DGI=:8DBEDH>I>DCH9DCDIG:68=I=:

A:K:AD;HDE=>HI>86I>DCH=DLC>C!8:16/4)6<16/6HI=:G:>HCD:K>9:CI>C;AJ:C8:D;

*JH@>C`H"0-4-5-6<;7.:)?16/6C9=>HI=:DG>:HDC8DADJGHN:I 

DL:K:GI=:8DADJGH>CI=>H86CK6H6G:CDI>CI:C9:9ID=6K:I=:H6B:;JC8I>DCH

6H>C!8:16/4)6<16/H>C8:I=:N6G:CDI7:>C<JH:9ID8DCIG6HII=:C6IJG6AIDI=:JG76C

6C9>CHI:696G:JH:9ID9G6L6II:CI>DCIDI=:9:E>8I:98=6G68I:GH +AD6CJH:H6H>B>A6G

I:8=C>FJ:IDL=6I=:JH:9>C"=:616/7=<<0-1/0<ID9G6LI=:6II:CI>DCD;I=:K>:L:GID

1:6IH6AAD;I=:B6A:8=6G68I:GHDCI=:G><=I =6C9H>9:D;I=:E6>CI>C<6C9.:G6

":A>=DKH@N"D=CHIDC6G:;68>C<IDL6G9H1:6IHA:69>C<I=::N:D;I=:K>:L:GIDL6G9H

=>B 1:6IHI=:C7:8DB:HI=:8:CIG:D;I=:E6>CI>C<A>@:*6E=6:A`HG>HIDI:A:H

:BE=6H>H>C<=>HGDA:6HI=:B:CIDGD;I=:CI>C<D;I=:

(:I>IE6H9D:HCDI=6K::>I=:GI=:8DBEDH>I>DCDGI:8=C>FJ:HD;I=:*:C6>HH6C8:;G:H8D

7JI7DI=6GI>HIH:BE=6H>H:I=:EG:H:C8:6C9G:8DH:I=:L>H9DB6C9A:69:GH=>ED;I=:

 $DJ<=:GN  

   

ILD;>C<I=:6II:CI>DCD;I=:K>:L:GIDI=DH:HJ7?:8IH ,=:<6O:HD;I=:

DI=:G;><=I>CI=:E6>CI>C<=6K:7::C>9:CI>;>:97N#6I=:G>C: 

%6CI=DGC:6H6L6N;DGI=:6GI>HIID8DCK:NI=:K>I6A>IN6C9BDK:B:CII=6I=:6HHD8>6I:9

L>I=1:6IH (6JA G6C@A>C6AHDG:8DH:HI=:!I6A>6C*:C6>HH6C8:8DCC:8I>DCD;I=>H

E6>CI>C<8DBE6G>C<>IID$:DC6G9D6.>C8>`H"0-);<!=88-:  8 86L=:G:_6I

I=:I67A:6I(:I>IE6HHJGGDJC9:97N=>H;AD8@D;;DAADL:GH1:6IH8D:-EA6N:9I=:E6GID;

=G>HI6C9>BEDK:G>H=:9HDDI=H6N:G3[4JC:C8JB7:G:97NB6I:G>6AIG6EE>C

EG:68==>HAA>C<IDA>HI:C` 

&-)<;)<-<1<8);B6N6AHDG:EG:H:CI=DL+AD6C;:AI67DJIA>I:G6IJG:6GI6C9

7:>C<6C6GI>HI=:EDGIG6NHI=:EGDEDC:CIHD;HDB:D;=>H>CI:AA:8IJ6A>CI:G:HIH:C8ADH:9

>C6_H6C8IJ6GNDGG:IG:6I;GDBI=:JG76CLDGA9` L=:G:I=:N86CHE:C9_6C:K:C>C<D;

I=:HDGI!A>@: +@:I8=>C<B6@>C<;JCCN9G6L>CC<6IE>8IJG:7DD@H`G9

'8ID7:G  6C99>H8JHH>C<>CI:AA:8IJ6AB6II:GH ,=>HE6>CI>C<H=DLHL=6IB69:

+AD6C8DB;DGI67A:6C9=6EEN6C9I=:E6>CI>C<7:8DB:HI=:C6_JIDE>6CI6A:D;I=:

;:ID7:;DJC9>C68DHBDEDA>I6CH:II>C<` NEDGIG6N>C<=>BH:A;>CA>I:G6GN

8DBE6CN+AD6CH=DLH=DLI=:_(=>A69:AE=>6C;DJC96L6NID];::AA>@:6C6GI>HI^7N

8G:6I>C<=>HC:L8DBBJC>IN>C&:L1DG@` 

,=:E>8IJG:6I(:I>IE6HEDGIG6NH+AD6C`HA>;:>CI:G:HIH\A>I:G6IJG:6C96GI\6C9>I

>H8A:6G:K>9:C8:D;I=:8DCC:8I>DCHI=:6GI>HI=696II=:I>B:6C9I=:>C;AJ:C8:I=6II=:H:

=69DC=>HLDG@H ,=JHI=:E6>CI>C<EGDK>9:H:K>9:C8:>C;6KDJGD;I=:6GH:9

 %6CI=DGC:   >C  *:7:8862JG>:G1+<=:16/<0-1K:GH>IND; 6A>;DGC>6(G:HH   !7>9   !7>9 

   

>CI=>H8=6EI:GD;6GI7:>C<>C;AJ:C8:97NA>I:G6IJG:6C9K>8:K:GH6 &-)<;)<-<1<8);

H=DL86H:H=DL+AD6C`H:CK>GDCB:CI6C9;G>:C9H=>EH:HE:8>6AANL>I= :CG>6C91:6IH

L:G:EGD;DJC9ANHI>BJA6I>C<CI:AA:8IJ6A9>H8JHH>DCHI=6I;68>A>I6I:9

>CI:G9>H8>EA>C6GN>CI:G68I>DCH ,=:DE:C9>H8JHH>DCHL=>8=6AADL:9I=:6GI>HIHIDA:6GC

;GDB:68=DI=:G6C9H=6G:I=:>G:ME:G>:C8:HI:8=C>FJ:H6C9ED>CIHD;K>:L:C67A:96C

>BEDGI6CI6C9K6AJ67A:8DAA67DG6I>DCI=6I:CG>8=:9I=:E6GI>8>E6CIH`JC9:GHI6C9>C

JGDE:6C6GIA>I:G6IJG:6C9E=>ADHDE=NI=JH7:C:;>I>C<6AAA>I:G6I:B:G>86CH6C9

E6GI>8JA6GAN"D=C+AD6C=>BH:A; ,=>H8=6EI:GEG:H:CIH69>;;:G:CIH>9:D;+AD6C\I=6ID;

6C6K>9G:69:G6C9@::C:ME:G>B:CI:G>C6EEAN>C<HDB:D;I=:I:8=C>FJ:HJH:97N

6JI=DGHID=>HE6>CI>CC<6EG:A>B>C6GNG:A6I>DCH=>E7:IL::CLDG96C9>B6<: !C

I=:;DAADL>C<8=6EI:GD;I=>HG:H:6G8=EGD?:8I!L>AA:MEADG:>CBDG:9:EI==DL+AD6C

6EEGD68=:H6C9>CI:GEG:IHI=:G:A6I>DCH=>E7:IL::CLDG96C9>B6<:7N;D8JHH>C<DCI=:

>AAJHIG6I>DCH+AD6CB69:6I9>;;:G:CIHI6<:HD;=>HA>;:6C986G::G 

























   

!(+) $'&*&$$,*+)+') 

,=:EG:K>DJH8=6EI:GD;I=>HEGD?:8I;D8JHH:9DCI=:>C;AJ:C8:I=6IA>I:G6IJG:6C9A>I:G6GN

;>H8=6EI:G>H9:9>86I:9ID6C6ANH>C<I=:G:A6I>DCH=>E

7:IL::CLDG96C9>B6<:L>I=6HE:8>;>8;D8JHDCI=:>AAJHIG6I>DCHI=6I+AD6CEGD9J8:9

JC9:G8DBB>HH>DC;DGED:BH6C9H=DGIHIDG>:H6I9>;;:G:CIHI6<:HD;=>H86G::G +AD6C

HI6I:H>C"0-1;<7.:<

I=:LG>I:G6JIDB6I>86AANJH:HHNB7DAH ,=:LDG96C>B6A9D:HCDIADD@A>@: I=:I=>C<7JI>I>H6HNB7DA;DGI=:8DBBJC>86I>DCD;I=:>9:6 G6L>C<>H DC:D;I=:I=G::B:6CHD;8DBBJC>86I>DC7:IL::CHE>G>IHA>@:HE::8=6C9 BJH>8 [GI>H6C>9:DHI;DGBH8DC8:EIHD;L=6I=:=6H D7H:GK:9>CC6IJG:  :8GNHI6AA>O:HI=:EGDH:D;C6IJG:>CIDED:I>8>B6<:H  GI>HI=:G:HJAID;I=:8G:6I>K:JG<:D;A>;:8DCH8>DJHC:HH 

,=>HHI6I:B:CIB69:A6I:G>C=>HA>;:699G:HH:H+AD6C`HI=DJ<=IHDCI=:G:A6I>DCH=>E

7:IL::CLDG96C9>B6<:9:BDCHIG6I>C<I=6I+AD6CJC9:GHIDD96C9I=DJ<=II=DGDJ<=AN

67DJII=>HG:A6I>DCH=>E6C9:B7G68:9I=:8DBEA:B:CI>C<C6IJG:HD;I=:6GIH ,=:8=6EI:G

EG:H:CIH+AD6C`HJC9:GHI6C9>C<6C9:6GAN6EEA>86I>DCD;I=:G:A6I>DCH=>E7:IL::CLDG9

6C9>B6<:HJEEDGI:97NI=:6C6ANH>HD;>AAJHIG6I>DCH7N+AD6CL=>8=L:G:8DBB>HH>DC:9

7NB6<6O>C:HHJ8=6H+4=:-I;6C97441-:I;6HL:AA6H>AAJHIG6I>DCH=:B69:;DG

ED:BHHJ8=6H,=DB6H6AN`H8DAA:8I>DCD;K:GH:)6B761  6C9/ +DB:GH:I

%6J<=6B`H.=5)676,)/-   ,=:6>B>HID9:BDCHIG6I:I=:6GI>HI`H

G:B6G@67A:K:G76A6C9K>HJ6AH@>AAHL=>8=L:G:G:FJ>G:9IDJC9:GHI6C9>CI:GEG:I6C9

G:EG:H:CIA>I:G6GNLDG@H>C6GI;DGB ,=:;>GHI8=6EI:G:HI67A>H=:9I=6IA>I:G6IJG:L6H6

8GJ8>6A:A:B:CID;+AD6C`HE:GHDC6AA>;:6C96GI>HI>886G::G ,=>HH:8DC9H:8I>DCD;I=:

I=:H>HEG:H:CIH+AD6C6H6K>HJ6A>CI:GEG:I:GD;I=:A>I:G6IJG:=:G:697N9>HEA6N>C<=>H

 "D=C+AD6C706!47)676:)?16/)6,)16<16/1;<7.:<%>C:DA6&:L1DG@DK:G (J7A>86I>DCH   

   

67>A>INID8DCK:NI=:B:HH6<:D;I=:6JI=DG6HL:AA6HI=:8DBBDC:ME:8I6I>DCHD;I=:

G:69:G>C699>I>DCIDEGDK>9>C<=>HDLCE:GHDC6A>CI:GEG:I6I>DCD;I=:A>I:G6IJG:=:

>AAJHIG6I:9 

!CDG9:GID:MEADG:I=:G:A6I>DCH=>E7:IL::CLDG96C9>B6<:6C9+AD6C`HDLC

>CI:GEG:I6I>DCD;I=>HG:A6I>DCH=>EI=:8=6EI:GL>AA6C6ANH:I=:>AAJHIG6I>DCH+AD6CB69:

;DGI=:H=DGIHIDG>:H_,=::7IHD;CID>C:`7N/  %68 6G<6C9_!9:AA66C9I=:

/=>I:(A6C8DAC7DI=EJ7A>H=:97N+4=:-I;>C   H:A:8I>DC

D;>AAJHIG6I>DCHB69:;DG=>H;G>:C96AN`H8DAA:8I>DCD;ED:BH)6B761  L>AA6AHD

7:6C6ANH:9 ,=:>AAJHIG6I>DCH;DGI=:H=DGIHIDG>:H6C9K:GH:H?JHIA>HI:9EGDK>9:I=:

G:69:GL>I=6C>CH><=I>CIDI=:A>;:D;JGDE:6C>BB>CI=:-C>I:9+I6I:H6C9I=:

G:HEDCH:HD;I=:B:G>86CE:DEA:IDI=>HE=:CDB:CDC %DG:DK:GI=:8=6EI:GL>AA

EG:H:CI=DL>AAJHIG6I>DCH>CI=>HHD8>D =>HIDG>86A8DCI:MIH:GK:96H6B:9>JB;DG

JC9:GHI6C9>C<6I:MILG>II:C>C6A6CIND;I=:

EDEJA6I>DCD;&:L1DG@6II=:IJGCD;I=:8:CIJGN 

>C6AANI=:8=6EI:GL>AA;D8JHDCI=:CDK:A.=5)676,)/-  7N

%6J<=6B6C9=DL+AD6C`H>AAJHIG6I>DC"0-:<"-)+0-:=6H7::CG:<6G9:9=>HA6HI

IG>7JI:ID=>H;G>:C9"D=CJIA:G1:6IH AI=DJ<=+AD6C`H>AAJHIG6I>DCH=6K:7::CL>9:AN

9>H8JHH:97N6GI=>HIDG>6CH6C96869:B>8HHJ8=6H"D=C6<<*:7:8862JG>:G6C9

%>8=6:A$D7:AI=>H8=6EI:G;D8JH:HDC:MEADG>C<A:HH;G:FJ:CIAN9>H8JHH:9>AAJHIG6I>DCH

7N+AD6CL>I=I=:>CI:CIIDEGDK>9:6C699>I>DC6AK>:LIDI=::M>HI>C<A>I:G6IJG:DC

+AD6C`HLDG@6H6C>AAJHIG6IDG6HL:AA6H8DCIG>7JI>C<IDI=:8JGG:CI9>H8JHH>DCH

G:<6G9>C<I=:G:A6I>DCH=>E7:IL::CLDG9H6C9>B6<:H6C9=DL+AD6C8DCIG>7JI:9ID

I=:H:9>H8JHH>DCH 

   

,=:G:A6I>DCH=>E7:IL::CLDG96C9>B6<:>H6HJ7?:8IL=>8==6H7::C:MEADG:9

7N7DI=A>I:G6GNH8=DA6GH6C96GI=>HIDG>6CHH>C8:I=:C6IJG:D;I=:6GC

9>H8>EA>C:HD;6GI6C9A>I:G6IJG:>CID9>G:8I9>6ADHIDG>6C":CC>;:G G::C=>AA

:MEADG:HI=>HG:A6I>DCH=>E;GDBI=:E:GHE:8I>K:D;8DBB:G8>6A6GI>HIDA:H(=>AA>EH6C9

=>HG:EG:H:CI6I>DCD;LDB:CDCI=:8DK:GHD;B6<6O>C:HHJ8=6H77,7=;-3--816/ 

G::C=>AAHIG:HH:HI=6I_B6<6O>C:>AAJHIG6I>DCL6HCDIA>@:D>AE6>CI>C<6C9>IB6@:H

H:CH:I=6I6C6GI>HIL=DHIG:HH:9=>H8DBB>IB:CI3A>@:(=>AA>EH6C9+AD6C4IDI=:;A:M>7A:

6C98DAA67DG6I>K:;G6B:LDG@HD;8DBB:G8>6A6GILDJA9>CK:HI><6I:I=::ME:G>B:CI6A

E6GI>8JA6G>I>:HI=6IG:>C;DG8:9\>AAJHIG6I:9:K:C\I=:H:8DC9>I>DCH`  G::C=>AA

G:8DH:HI=:8DAA67DG6I>DC6C9:ME:G>B:CI6I>DCL=>8=>HC:8:HH6GN;DG8DBB:G8>6A

6GI>HIHA>@:+AD6C>C=>H:6GAN86G::GIDEG68I>8:>CDG9:GIDEGD9J8:6GII=6I86C7:

6EEG:8>6I:96C9JC9:GHIDD97NI=:G:69:G6C9I=6I>HG:8DH67A:6HI=:>GDLC 

G::C=>AAIDJ8=:HJEDCI=:G:A6I>DCH=>E7:IL::CLDG96C9>B6<:7ND7H:GK>C<I=6I

_ JHI6K:A6J7:GIEG:E6G:H6G:69:GID>B6<>C:67D9NBDK>C<:K:CK6C>H=>C<;GDB

I=:H8:C:7NEG:8:9>C<I=:E6HH6<:L>I=9:H8G>EI>DCD;HDB:I=>C<A:HHHDA>96C9BDG:

;6>CIDG;A::I>C<` !CDI=:GLDG9H G::C=>AAG:8DH:HI=6IHDB:6JI=DGHA>@:

A6J7:GI_>AAJHIG6I:`I=:>GLDG@HI=GDJ<=A:CEI>DCHD;H8:C6G>DHI=6II=:

G:69:GB><=I7:;6B>A>6GL>I=>CDG9:GID8G:6I:I=:>B6<:D;I=:H8:C:>CI=:G:69:G`H

>B6<>C6I>DC 

+>B>A6GAN>AAJHIG6I>DCHLDG@IDH=6E:6C9>C;DGBI=:G:69:G`H>CI:GEG:I6I>DCD;

I=:H8:C:6AADL>C<I=:BID7:8DB:6;JC96B:CI6AE6GID;I=:I:MIA>@:A6J7:GI`H

 ":CC>;:G  G::C=>AA_A>E$>C<:G A>9:DA:H(=>AA>EH6C9I=:%DK:B:CIHD;%6<6O>C:(>8IJG:H` ;;7+1)<1767.:<1;<7:1)6;KDA  C      !7>9  

  

:MI:CH>K:AN9:I6>A:99:H8G>EI>DCH>C),)5-7>):A I=6I9DCDI6AADLI=:G:69:G

ID>B6<>C:6CN9:I6>AHA>B>I>C<I=:>G;G::9DBID>CI:GEG:II=:I:MI

`TI6>IJC:9:8:H8D>;;JG:H9`DG9G:8DBEDH>I:DWA`DCG:IGDJK:A:HTATB:CIH 9J7DCC:IQED>A9J8=6EH@69J8=6E:6JGDC99:A686HFJ:II:9:ADJIG::I 9J7DCC:I9:8DIDCJC:9:8:HE6JKG:H8=DH:H:C;>C9DCIA6A6>9:JGBJ:II: 69:HEGD;DC9:GJH9`:MEG:HH>DC8DBB:A:K>H6<:9`JC>B7T8>A: 'KDV9::I G:C;AT:9:76A:>C:H:AA:8DBB:CS6>IE6GIGD>H7DJ9>CH8>G8JA6>G:HEJ>H H`6AI:GC6>IHTE6GTHE6GJC:76C9:GDJ<:9:HADH6C<:H9:K:ADJGH:I9:ED>AH 9:A6E>CK:C6>I:CHJ>I:JC:;6SDC9:H68FJ>H:I:GB>C6>IE6GJCEDAN::CHDJI68=:8DBEA>FJT::I9`DWE:C96>I 6J7DJI9`JCADC<8DG9DCIGDEB>C8:JCE:I>I8GD>H>AADC9:;>AH9`DG:C B6C>UG:9:IC:JK:A6K>H>UG:7G>AA6>I  

:I6>A:99:H8G>EI>DCHEGDK>9:I=:G:69:GL>I=6AAD;I=:C:8:HH6GN:A:B:CIHID

K>HJ6A>H:I=:D7?:8IDGH8:C:G6I=:GI=6C6AADL>C<I=:BID8G:6I:6C9K>HJ6A>H:I=:>GDLC

K:GH>DC !AAJHIG6I>DCHDCI=:DI=:G=6C96G:>CI:GEG:I6I>DCHD;I=:I:MI:MEG:HH:97NI=:

6GI>HI6C9>CHDB:>CHI6C8:HI=:H:9>9CDIB::II=::ME:8I6I>DCHD;I=:G:69:GDG;>I

HJ88:HH;JAANL>I=I=:I:MI />I=>AAJHIG6I>DCHI=:G:69:G=6HI=:;G::9DBID:>I=:G688:EI

I=:>CI:GEG:I6I>DCD;I=:>AAJHIG6IDGDGIDJH:>I6H6HI6GI>C<ED>CIID7J>A9I=:>GDLC

>CI:GEG:I6I>DCD;I=:I:MI /=:CEJ7A>H=>C<>AAJHIG6I:9H=DGIHIDG>:HI=::9>IDGD;I=:

EJ7A>H=>C<B6<6O>C:LDJA9=6K:G:K>:L:9I=:>AAJHIG6I>DCH7:;DG:EG>CI>C<6C>HHJ:ID

8=:8@I=6II=:9G6L>C8>E6I:9:ME:8I6I>DCHD;I=:G:69:GH !;I=::9>IDG

9:8>9:9I=6II=:>AAJHIG6I>DCHL:G:CDIHJ>I67A:DG9>9CDI;>II=:I:MII=:>B6<:HLDJA9

7:G:?:8I:9 

 _!IL6HDC:D;I=DH:=:69 <:6GHD;8DBEDH>I:DG9:G>CL=>8=L:86C;>C9IG68:HD;7:6GH@>CH=6@D 7>AAN8D8@=6IH:6AH@>C86E6C98DIIDCC><=I86EDC:D;I=DH:EDDGI=>CC;>C:L=DH:9JB7JC:HH =6H9:EI=HD;:MEG:HH>DCA>@:6C>B7:8>A:H;68: 'K6AHI>;;:C:9L>I=L=6A:7DC:>I7:<6CL>I=I=G:: GDJC9@CD7HI=:C86B:>CHJ88:HH>DCADO:C<:HD;K:AK:I6C9G677>I H@>CH:E6G6I:97N6G:976C96;I:G I=6I6HDGID;76<I=6I:C9:9>C686G97D6G9EDANI=68DBEA>86I:97G6>9>C<;GDBL=>8= =JC<6II=::C9D;6ADC<I=>C8DG9HB6AAIL>HI:9CI=:B6CC:GD;6I6HH:A ,=:86EL6H C:L>IHE:6@H=DC: ` JHI6K:A6J7:GI),)5-7>):A(6G>H&:AHDCP9>I:JGH  

  

CDI=:GED>CII=6II=>H8=6EI:GL>AAG6>H::K:CI=DJ<=>I=6H7::C:MEADG:97N

6869:B>8HHJ8=6H"D=C6<<>C=>H:HH6N_:L=>H@:G:9*JHI>8,JGC:9'G6IDG` >H

I=:GDA:D;>AAJHIG6I>DCH>CA>I:G6GNI:MIH H6<<=><=A><=IHHDB:>AAJHIG6I>DCHB6@:JH:

D;6B:AD9G6B6I>8IDC:6C98DCK:CI>DCHID8DBBJC>86I:I=:>GB:HH6<:A>@:*D7>CHDC`H

"0-:-)<%01<-%)A  EDHI:G ,=:>C8AJH>DCD;B:AD9G6B6>CI=:>CI:GEG:I6I>DCD;

HDB:>AAJHIG6I>DCH>CIGD9J8:H69>;;:G:CI6CC<D;>AAJHIG6I>K:6GI

6C9I=>H8=6EI:G:MEADG:HI=:GDA:D;>AAJHIG6I>DCH>C6BJAI>A>C:INL=:G:

B:AD9G6B6I>8>B6<:H\L=>8=IG6CHA6I:9I=:LG>II:CI:MI;DG>AA>I:G6I:E:DEA:6C9;DG

>BB>CCH=\8DJA97:JC9:GHIDD96C9:C?DN:9L>I=DJI6

=><=A:K:AD;A>I:G68N6C9L>I=DJI6CJC9:GHI6C9>C<D;I=:I:MI`HA6C

K:CI=DJ<=*D7:GIHDC`H>B6<:G:A>:HDCB:AD9G6B6ID8DCK:N=>HB:HH6<:>I

;:6IJG:HLG>II:CLDG9HI=6IEGDK>9:6C:MEA6C6I>DCIDI=:B:AD9G6B6I>8:MEG:HH>DCD;

I=:HJ7?:8I9:E>8I:9 ,=:>C8AJH>DCD;LDG9H>CI=:>B6<:>BEA>:HI=6II=:LDG9H6G:

8DCC:8I:9IDI=:>B6<:>CDG9:GID8DCK:NI=:B:HH6<:D;I=:6GI>HI ,=:8DCC:8I>DC

7:IL::CLDG9H6C9>B6<:>HCDI=DL:K:G?JHI6C6GI>HI>88DC8:GCB6CN6JI=DGH

:MEADG:9HJ8=8DCC:8I>DC>CA>I:G6IJG:>CDG9:GID6GI>8JA6I:6E>:8:D;6GI @E=G6HI>8

A>I:G6IJG:>H6K>K>99:H8G>EI>DCD;6LDG@D;6GIDG6H8:C:6H;6BDJHAN:M:BEA>;>:97N

#:6IH`_'9:DC6 G:8>6C-GC`   ,=GDJ<=I=:EGD8:HHD;699G:HH>C<I=:JGC>IH:A;

6C9E:GHDC>;N>C<>I7N86AA>C<>I_7G>9:D;FJ>:IC:HH` I=:ED:I6II:BEIHID<>K:KD>8:ID

6CD7?:8II=6I86CCDIHE:6@ />I=I=>HED:B#:6IH>CIGD9J8:HI=:9:76I:I=6I:@E=G6H>H

 "D=C6<<_],=::L=>H@:G:9*JHI>8,JGC:9'G6IDG^*D7:GI*D7>CHDC`H'A9%:C(DA>I>8H6C9I=: +6IJG96NK:C>C<(DHI`5-:1+)6:<    "D=C#:6IH_'9:DC6 G:8>6C-GCA >C:9 "D=C6GC6G9706-)<;'M;DG9'M;DG9-C>K:GH>IN (G:HH  

  

=6H8G:6I:96BDCI:G6IJG:>HBDHI:;;:8I>K:>C

8DBBJC>86I>DC 

@E=G6H>HG:A>:HDCI=:9:H8G>EI>DCD;6LDG@D;6GI />I=DJII=:6GILDG@I=:

:@E=G6HI>8ED:BDGE>:8:D;A>I:G6IJG:LDJA9CDI:M>HIL=>A:I=:LDG@D;6GILDJA9HI>AA

:M>HIL>I=DJI>IHLG>II:C9:H8G>EI>DC  DL:K:G6869:B>8HA>@:%>8=6:A6K>9HDC6H

CDI:97N"6B:H  :;;:GB6CDK:GH>BEA>;N:@E=G6H>H7N>BEAN>C<I=6I6GI86CCDI

8DBE:I:L>I=A>I:G6IJG:H>C8:LDG9H86C7:BDG:EDL:G;JAI=6C6E=NH>86AANHI6I>8D7?:8I

I=6I>H6GI _'9:DC6 G:8>6C-GC`A>@:BDHI:@E=G6HI>8A>I:G6IJG:_G:K:6AHI=:

I:CH>DCH7:IL::CI=:ILD8DBE:I>C<HIG6>CHD;:@E=G6HI>89:H8G>EI>DCI=:N:6GC>C<;DG

BDK:B:CI;DG6C>B6I>DC6C9I=::FJ6AANHIGDC<9:H>G:;DG8HI6H>H` ,=:H:

I:CH>DCH7:IL::CBDK:B:CI6C99:H>G:;DGHI6H>H86C6AHD7:CDI:9>C>AAJHIG6I>DCH

L=:G:I=:6GI>HI86EIJG:HI=:9:K:ADEB:CID;6HIDGNDG6ED:B\I=:BDK:B:CI\>CID

I=:8HI6H>HD;6E>8IJG:I=JH699G:HH>C<L=6I:@E=G6H>H>HJC67A:ID699G:HH;JAAN 

!AAJHIG6I>DCH6G:6;DGBD;6GI>HI>8G:EG:H:CI6I>DCD;6@:NH:8I>DCD;6A>I:G6GN

I:MI6C9I=:N;JC8I>DC>C6L6NH>B>A6GID:@E=G6H>HH>C8:I=:N=><=A><=I8:GI6>CE6GIHD;

I=:I:MI6C9=:AEI=:G:69:GID>CI:GEG:II=:I:MII=:NG:EG:H:CI 'CI=>HHJ7?:8I

6M6C96AA8A6>BH

A6CHCDIK:GNL:AA:FJ>EE:9IDD;;:G6CDI6I>DCD;6E6GI>8JA6GE>8IJG:  !I>H6<:C:G6A>H>C<IDDA <6>CI=:G:E:GIDGND;8DC8:EIH>ID;;:GH;DG 9:H8G>7>C<6EA6C:HJG;68:7:6G>C<6C6GG6ND;HJ7IAN9>;;:G:CI>6I:96C9 DG9:G:9H=6E:H6C98DADJGH>HG6I=:G8GJ9:6C9G:BDI: <6>CI=:G:>H6C 6L@L6G9C:HH6IA:6HI67DJI9:6A>C<L>I=6H>BJAI6C:DJHAN6K6>A67A:;>:A9\ L=>8=>HL=6I6E>8IJG:>H\>C6B:9>JB6HI:BEDG6AANA>C:6G6HA6C

 "6B:H  :;;:GB6C]@E=G6H>H6C9*:EG:H:CI6I>DC^-?1<-:):A1;<7:AKDA C (GD7>CI>8>HB :CG:       G6CI +8DII_#:6IH6C9I=:-GC`>C706-)<;#8,)<-,,1<176:9  6GDA9ADDB&:L1DG@ !C;D76H:(J7A>H=>C<   

  

;DG>CHI6C8:>I>H9>;;>8JAIID6KD>9I:C9:CI>DJHG: DG9:G>C<D;I=:E>8IJG: H>BEAN7NB:CI>DC>C<DC:I=>C<7:;DG:6CDI=:G 

6M6C96AA`HHI6I:B:CI9D:HCDI>BEANI=6IA6CH_>C;:G>DG`ID6GIDGE>8IJG:H

7:86JH:>I>HCDI67A:ID:MEG:HHI=:E>8IJG:>IH:A;=DL:K:G=:G:8DH:H>IHA>B>IH ,=>H

6GDCI=6I]H::>C<8DB:H7:;DG:LDG9H !I>HH::>C<

I=6I:HI67A>H=:HDJGEA68:>CI=:HJGGDJC9>C<LDGA9L::MEA6>CI=6ILDGA9L>I=LDG9H

7JILDG9H86CC:K:GJC9DI=:;68II=6IL:6G:HJGGDJC9:97N>I^ DI=6M6C96AA`H

6C9:G<:G`H6GCI=:>BEDGI6C8:D;>AAJHIG6I>DCH>CLG>II:CI:MIHH>C8:

I=:N9G6LDCI=:G:69:G`H76H>8>CHI>C8ID;ADD@>C<6C9D7H:GK>C<G6I=:GI=6C=6K>C<ID

:C<6<:L>I=6BDG:8DBEA:M68I>DCA>@:>CI:GEG:I>C<6K:G76ADGED:I>8I:MI6H>H

G:FJ>G:97N:@E=G6HI>8A>I:G6IJG: 

N>AAJHIG6I>C<A>I:G6IJG:+AD6C6AADLHA>I:G6IJG:ID7:E6GID;I=:B:6CHD;

_8DBBJC>86I>DC7:IL::CHE>G>IH` HD9G6L>C<:CI:GH>C8DBBJC>86I>DCL>I=I=:

6JI=DG`HLDG9H6C9K>8:K:GH6 +AD6CL6H6L6G:D;I=:8DAA67DG6I>K:G:A6I>DCH=>E

7:IL::C6GI6C9A>I:G6IJG:LDG9H6C9>B6<: ,=GDJ<==>H>AAJHIG6I>DCH+AD6C7:<>CHI=:

9>6ADI=A>I:G6IJG:C:8:HH6GN;DG=>BID_8GNHI6AA>O:I=:EGDH:D;C6IJG:3I=6I=:

G:8:>K:H;>AI:G:97NI=:6JI=DG`HED>CID;K>:L4>CIDED:I>8>B6<:H` L=>8=6G:=>H

>AAJHIG6I>DCH +AD6C`HGDA:>HIDJC9:GHI6C9I=:6JI=DG`HB:6C>C<6C9>CI:GEG:I6I>DCD;I=:

C6IJG:EDGIG6N:9>CI=:>GA>I:G6GNLDG@H6C9IDG:EGD9J8:>C6GI;DGBI=:6JI=DG`H

>CI:C9:9B:HH6<:;DGI=:G:69:G 'C8:+AD6C86EIJG:9I=:H::A:B:CIH=:>C8DGEDG6I:9

I=:B>CIDI=:>AAJHIG6I>DC:A:B:CIHD;I=:I:MI %DG:DK:G+AD6CEGDK>9:9:A:B:CIHD;=>H

 6M6C96AA)<<-:6;7.6<-6<176;&:L 6K:C6C9$DC9DC16A:-C>K:GH>IN(G:HH   "D=C:G<:G%)A;7.!--16/$DC9DC(:CCDD@H   +AD6C   +AD6C1;<7.:<  

  

DLC>CI:GEG:I6I>DCD;I=:I:MIL=>8=6AADLHI=:E>8IJG:HID7:G:8DH:96H=>HLDG@

6C98A6HH>;>:HI=:B6HJC>FJ:E>:8:HD;6GI 

%>8=6:A$D7:ACDI:HI=6IL=:C+AD6C6ADC<L>I=$J@H+=>CC6C9 A68@:CH

7:<6CID>AAJHIG6I:I=:_:ME6CH>DCD;C:LHE6E:G6C9B6<6O>C:EJ7A>H=>C<>CIDIGJAN

BD9:GCB6HHB:9>6>CI=:A6I:C>C:I::CI=8:CIJGND;;:G:967JC96CIDEEDGIJC>I>:H;DG

>AAJHIG6IDGH` +AD6C`H86G::G6H6C>AAJHIG6IDGHI6GI:96II=:014),-4801)69=1:-:

;DAADL>C<I=>HDEEDGIJC>IN=:>AAJHIG6I:96C99:H>C:H

HJ8=6H+4=:-I;6C97441-:I;7:;DG:EJGHJ>C<686G::G6H6E6>CI:G6C9I:68=:G 

,=:H::6GAN?D7H6H6C>AAJHIG6IDG6C99:H>

>C=>H86G::GL>I=I=:G:A6I>DC7:IL::C>B6<:6C9LDG9 !C=>H:6GANEJOOA:HHJ8=6H

I=DH:=:EGD9J8:9;DGI=:+JC96NHJEEA:B:CID;I=:014),-4801):-;;=:

9:BDCHIG6I:H=DLLDG9H6C9>B6<:H6G:8DCC:8I:97N6HJ7IA:A>C@6C9>I>HI=:6GI>HI`H

K:G76A6C96GI>HI>8H@>AAHI=6I=><=A><=II=>H8DCC:8I>DC ,=:%0)<=;1+)4%16,

6;<:=5-6<;:-"0-;- EJOOA::M:BEA>;>:H+AD6C`HL>I6C96BJH:B:CI>C8G:6I>C<

_LDG98=6G69:`EJOOA:HL=:G:=:EA6NHL>I=A:II:GH6C9>B6<:HID8G:6I:LDG9HDG

H:CI:C8:H ,DHDAK:I=:EJOOA:I=:G:69:G=6HID86A>CHIGJB:CI76H:9

DCI=:8AJ:HL=>8=6G:B69:JED;7DI=A:II:GH6C9>B6<:H ,=:IDEA:;IHFJ6G:  D;I=:

HIG>EEG:H:CIHI=:E:GHDC>;>:9A:II:G_+`HL>C<>C<6C6M:IDL6G9HI=:I:A:E=DC:DCI=:

L6AAID8G:6I:I=:LDG9_H6MDE=DC:` K:CI=DJ<=I=:G:7JH>IH:A;>HH>BEA:IDHDAK:I=>H

;>GHIH:8I>DCD;I=:EJOOA:>H9>;;:G:CI;GDBI=:DI=:GH6H>I>C8DGEDG6I:H+AD6C`H

86G>86IJG:9;68:6H6L6NIDB6G@=>H6GIH>C8:EJOOA:9:H>

 +AD6C   >K:GH>IN(G:HH     >

  

BDHID886H>DCH  ,=>HEJOOA:9:BDCHIG6I:H+AD6C`H6L6G:C:HHD;6C9>C>I>6A6EEGD68=

IDK>HJ6AANG:EG:H:CI>C<I=:G:A6I>DCH=>E7:IL::CLDG9H6C9>B6<:H !CG:7JH:HA:II:GH

6C96GI=6K:ID7:>CI:GEG:I:9ID<:I=:G>CDG9:GIDG:HDAK:I=:EJOOA:;DG8>C<I=:G:69:G

IDH::7:NDC9A:II:GH6C9>B6<:H6C9:ME:G>:C8:I=:G:A6I>DCH=>E7:IL::CI=:H:6GI

;DGBH 

+>C8:=>H:6GANLDG@HL:G:8DBB>HH>DC:97NI=:B6<6O>C:H+AD6C=69ID;DAADL

I=:9:A>C:H<>K:C7NI=::9>IDGH>CDG9:G;DG=>HLDG@HID7:6EEGDK:9 DGBDHID;

=>HE>:8:H+AD6C=69IDB::IL>I=I=::9>IDG6HG:8DG9:9>C69>6GN:CIGN96I:9C9"JAN

 L=:C=:_H6LA68@B6C\=6K:I=:69K:GI>H>C<9G6L>C<ID;>C>H= />H=>IL6H

9DC:6B6;G6>9I=:G:L>AA7:IGDJ7A:HJ>I>C<=>B` !CI=:;DDICDI:G:A6I:9IDI=:I=

"6CJ6GN  :CIGNI=::9>IDGD;I=:9>6G>:H:MEA6>CHI=6ICDGB6AANEJ7A>H=:GHDLC:9I=:

DG><>C6A6GI8DBB>HH>DC:9;GDB>AAJHIG6IDGHJCA:HHI=:G:L6H6HE:8>6A6

7:IL::C>AAJHIG6IDGH6C9EJ7A>H=:GH ,=:8DBB>HH>DC:9LDG@HI=6I+AD6CIDD@DC6I

I=>HHI6<:D;=>H86G::G86C7:8DBE6G:9ID8DBB>HH>DC:9LDG@HI=6I*:C6>HH6C8:6GI>HIH

EGD9J8:9>C;>;I::CI= 8:CIJGN!I6AN !C)<<-:6;7.6<-6<176;6M6C96AACDI:HI=:

EGD8:HH:HI=6I6GI>HIHI=GDJ<=DJI=>HIDGN=69ID

=69ID;JA;>AL=>A:8DBEA:I>C<8DBB>HH>DCHD;K6G>DJH@>C9H :HE>I:I=::K>9:CI

9>HE6G>IN7:IL::C+AD6C6C9;>;I::CI= 8:CIJGN6GI>HIHD;7DJG<:D>HE6IGDC6<:I=:N6AA

=69IDD7A><:I=:8DCIG68IJ6AI:GBHD;8DBB>HH>DC6HL:AA6H69=:G:IDI=:C::9H

9:B6C9H6C9K>H>DCHD;I=:>G8DBB>HH>DC:GH L=>8=8DCHIG6>C:9I=:>9:6D;_6GI>HI>8

  $D7:A   ,=:;JAA;DDICDI:8>I:H_6H6<:C:G6AGJA:>C I=:CIJGNEJ7A>H=:GHDLC:9I=:DG><>C6A6GI 8DBB>HH>DC:9;GDB>AAJHIG6IDGHJCA:HH6HE:8>6A6GG6C<:B:CI=6H7::CB69: +DB:L:G:HDA9HDB:L:G: @:EI7N:9>IDG>6AHI6;;7JIBDHIL:G:9:HIGDN:9 6GAN>CI=: I=:CIJGN6H6EGD;:HH>DC6ADG<6C>O6I>DC L6HIGN>C<IDG:K:GH:I=>HH>IJ6I>DC6C9:K:CIJ6AANHJ88::9:9 +AD6C:K>9:CIAN=69IDC:6I:L>I= -6<=:A;DGI=:G:IJGCD;=>HDG><>C6A9G6L>C9 

  

;G::9DB`  DL:K:G6GI>HIH9:BDCHIG6I:9I=:67>A>INID>CH:GII=:>GDLC>CI:GEG:I6I>DCH

D;E6IGDCH`>9:6H6C9IDEJII=:>GDLCH>C>H=:9E>:8:HB6@>C<I=:>G

LDG@HJC>FJ:6C9G:8DH67A:6HI=:>GDLC 

(J7A>H=:GH6C9:9>IDGHD;B6<6O>C:HEA6N:96H>;>86CIGDA:>C>C;AJ:C8>C<6C9

9:K:ADE>C<I=:EGD9J8I>DCD;>AAJHIG6I>DCH7N>BEDH>C<HE:8>;>8HI6C96G9HID>AAJHIG6IDGH

DC=DLIDEGD9J8:>B6<:HI=6ILDJA9>CI=:EJ7A>H=:G`HB>C96EE:6AIDI=:G:69:G 

K>9:C8:D;HJ8=HI6C96G9H6C9;::9768@EGDK>9:9ID>AAJHIG6IDGH86C7:;DJC9>C

+AD6C`H9>6G>:H  :G:EDGI:98DBB:CIH;GDBEJ7A>H=:GHHJ8=6H7441-:I;I=6I8:GI6>C

9:I6>AHD;=>HLDG@C::9:9_6A>IIA:HIG:CC<`C9%6G8=  >CDG9:GID7:

688:EI:97NI=:EJ7A>H=:G +AD6C:ME:G>:C8:9G:?:8I>DC;GDB7441-:I;L=:C=:L6H

IGN>C<ID<:I=>H_&:L1DG@>IN$>;:`H:G>:HEJ7A>H=:97:86JH:=>H6:HI=:I>89>9CDI;>I

I=:B6<6O>C:

*:JI:G9=6A86B:>C=6K>C<H=DLCBN:I8=>C6AAN]*DD;,DEH\ +JBB:G&><=I^ID%G DAA>:GL=DH6>9I=6IL=>A:=:6EEG:8>6I:9I=:B =>BH:A;=:;:AII=6I=>HB>AA>DCHD;G:69:GHL:G:CDI:9J86I:9IDI=6IED>CI\ L=>8=8DBB:CI7NBNH:A;>H6AAGDI\6C9B:G:ANH=DLHI=6I=:9DC`I G:6AAN7:A>:K:I=6II=:N6G:I`H=6G9IDG:68=I=:]8DBBDCE:DEA:^>H I=6I:9J86I:9>9>DIH>C9GDK:H7AD8@I=:E6I=\EGDI:8I>C<I=:B  I="JAN  

!I>H8A:6G;GDBI=::CIGNI=6I+AD6C9>9CDI6I=I=:HI6C96G9>BEDH:97N(:I:G

:C:ADCDAA>:G>CI=>HD886H>DC6H=:7:A>:K:9I=:B6<6O>C:L6HC:<6I>K:AN

>C;AJ:C8>C<I=:K>:LD;I=:G:69:GH6C9>CHJAI>C<I=:B7N8DCH>9:G>C<I=:B_CDI

:9J86I:9`:CDJ<=IDJC9:GHI6C9+AD6C`H6GI 

,=:>CHJAI>C<IDC:D;I=::9>IDGH=DLHI=6IB6<6O>C:HL:G:ADD@>C<;DG6GII=6I

L6H:6HNIDJC9:GHI6C96C9>CI:GEG:I;DGI=:JC:9J86I:9G:69:G GI>HIHA>@:DA:H

  

(=>AA>EH*D7:GI*D7>CHDC9L6G9 DEE:G6C9+AD6C=>BH:A;=69IDD7A><:I=>H6C9

DI=:GG:FJ:HIH;GDBI=:EJ7A>H=:GHL=:C8G:6I>C<B6HHEGD9J8I>DC>AAJHIG6I>DCH (=>AA>EH

8DCIG>7JI:9IDI=:8DK:GHD;B6>CHIG:6BB6<6O>C:HHJ8=6H1.-),1-;I75-7=:6)4

$7/=-6C977,7=;-3--816/I6G<:I>C<LDB:C>CE6GI>8JA6G_I=:EG:IIN<>GA`L=D

LDJA9:K:CIJ6AAN7JNI=:B6<6O>C:H6C9I=:EGD9J8IH69K:GI>H:9 GI>HIHD;B6HH

EGD9J8I>DC>AAJHIG6I>DCHC::9:9ID_8G:6I:67DC9D;H=6G:9H:CI>B:CI6C9;6B>A>6G>INI=6I

LDJA9HI>BJA6I:I=:>BEJAH:ID7G>C<I=:D7?:8I>CIDDC:`HDLCE=NH>86AHE68:\7N

7JN>C<7NDLC>C<` !CDI=:GLDG9HI=:H:>AAJHIG6I>DCH=69ID>CHI><6I:I=:G:69:GID

EJG8=6H:68DEND;I=:B6<6O>C:L=>8=D;8DJGH:B:6CIEGD;>IH;DGI=:EJ7A>H=:GH N

>CHI><6I>C<I=:JG<:IDDLCI=:B6<6O>C:EJ7A>H=:GH6C9>AAJHIG6IDGH8G:6I:9I=:>AAJH>DC

;DGI=:G:69:GI=6I7NDLC>C<6E=NH>86A8DEND;I=:A>;:G:EG:H:CI:97N6B6<6O>C:I=:N

DLC:9E6GID;I=6ILDGA96C9HD8>:IN ,=>HC:L8DC8:EID;B6I:G>6A>HB>HH::C>C

+AD6C`H"0-%75)6I;)/-   L=:G:I=:LDB6CE>8IJG:9>H:H86E>C<;GDB=:G

ADL:G 8A6HH768@A:G:69>C<I=:LDB:C`HE6<:D;I=:E6E:G (:I:G:C:ADC

DAA>:G`H8DBB:CIG:EDGI:97N+AD6C>C  B6N7::MEG:HH>C<I=:EJ7A>H=:G`HC::9

ID=6K:G:A6I67A:H>BEA:>CIJ>I>K:6C9:;;:8I>K:6GII=6I6AADL:9I=:G:69:GID:H86E:

;GDBG:6A>IN 

DAADL>C<I=:8G:6I>DCD;EJOOA:H;DGI=:014),-4801)69=1:-:+AD6CHI6GI:9

>AAJHIG6I>C<H=DGIHIDG>:H;DGB6<6O>C:HHJ8=6H+4=:-I;6C97441-:I; 'C I=

+:EI:B7:G  +AD6C_B69:HDB:GDJ<=H@:I8=:HDCI=:]:7IHD;CID>C:^HIDGN;DG

%8AJG:`H`L=>8=IDG;DG;DAADL>C<96N _,=::7IHD;

  G::C=>AA  !7>9   >BILDL6I:G8DADGHD; &6C`HL=>8==:H6>9=:A>@:97JI8DJA9CDIJH:` +:EI:B7:G   

  

CID>C:`7N/  %68 6G<IDJ8=:HJEDCI=:EG:?J9>8:6<6>CHI>BB>

I=:IJGCD;I=:8:CIJGN>CB:G>86 ,=:EGDI6HICID>C:>H6G:C8=>BB>

IG>:HID>CI:I==>HAD86A8DBBJC>IN !CHI:69=:>H86J<=I@>HH>C<6<>GADCI=:

=6C9L=>8=86JH:HIJGBD>A  >HG:9:BEI>DC>H7GDJ<=I67DJIL=:C6C:E>9:B>8D;

A>IIA: EDM=>IHI=:8DBBJC>IN6C96B:B7:GD;I=:<>GA`H;6B>AN%GJG@:>H6;;:8I:9 

:HE>I:I=:9>H:6H:7:>C<=><=AN8DCI6<>DJHCID>C:ADD@H6;I:GI=:B6CJCI>A=>H;JAA

G:8DK:GN  >H68I>DC6AADLH=>BID<6>CG:HE:8I6C9688:EI6C8:L>I=>CI=:

8DBBJC>IN 

JG>C<I=:_C:L>BB>DC`L=>8=D88JGG:97:IL::CI=:  H6C9I=:

 HIL:CIN ;DJGB>AA>DCE:DEA:6GG>K:9DCB:G>86CHD>A  L=>8=G:HJAI:9>CI=:

B:G>86CC<9G6HI>88=6C<:H>C>BB>DCEDA>8>:HIDG:9J8:I=:

>C;AJMD;>BB>DC8ID;  6C9I=:B:G<:C8N)JDI6

8ID;%6N   JGDE:6C8>I>O:CHL:CIIDB:G>86H::@>C<DEEDGIJC>I>:HI=6II=:>G

C6I>K:8DJCIG>:H8DJA9CDIEGDK>9: +DB:HDJ<=I;>C6C8>6AHI67>A>IN6C9I=:=DE:;DG6

L:6AI=>:G;JIJG:L=>A:DI=:GH:H86E:9HI6GK6I>DC6C9G:A><>DJHE:GH:8JI>DC ,=:=DE:HD;

I=:>BB>AA:9&6C8NDC:GHJBB6G>H:H>BB>

8DC9>I>DCH>C&:L1DG@6II=:IJGCD;I=:8:CIJGNE6GI>8JA6GANI=DH:6GG>K>C<_L>I=A>IIA:

DGCDCH=6C9;:LIG6CH;:G67A:H@>AAH`L=D=69ID_:C9JG:LDG@>C<8DC9>I>DCH>C

?D7HCD7D9N:AH:L6CIH` DC:G6AHDG:B6G@HI=6I>BB>C

 /  %68 6G<_,=::7ID;CID>C:`%8AJG:`H:8        M:A* +8=R;:G]B:G>86C!BB>DC^EE  8=6EI:GD;-?6<:7,=+<176<75-:1+)6 !<=,1-;:9 N9L6G9,:BE:GAN6C9=G>HIDE=:G>DC$>B>I:9     H=A:N+ ,>BB:G":;;G:N />AA>6BH_!BB>DC(DA>8N(G>DGIDI=:  H$67DG%6G@:IH(DA>8N !CI:G68I>DCH6C9 AD76A>H6I>DC68@A6H=`78=4)<176)6,->-4785-6< ->1-?KDA C      &6C8NDC:G_,=:C6C9&DLDG,=:CID&DL!BB>DCID&:L1DG@>CDCI:BEDG6GN6C9 >HIDG>86A(:GHE:8I>K:`7=:6)47.5-:1+)6<061+1;<7:AKDA C  !BB>DC!C8DGEDG6I>DC !CI:DC6C9,G6CHC6I>DC6A>HB!CI:G9>H8>EA>C6GN6C9!CI:GC6I>DC6A(:GHE:8I>K:H   

  

:I=C>8C:><=7DG=DD9HL>I=I=:>G8DBE6IG>DIH3[43ID4H::@8DB;DGI6C9H:8JG>IN6BDC<

@>C;DA@6C9;G>:C9H` ,=:;DGB6I>DCD;I=:H:6G:6HHJ8=6H$>IIA:!I6AND;I:C=696

8A:6GEG:9DB>C6C8:D;DC:C6I>DC6A>IN 

%6CND;I=:H:8DC9>I>DCH6C9H>IJ6I>DCH86C7:H::C>CI=:HIDGN+AD6C

>AAJHIG6I:9 CID>C:_LDG@:9>C6A>I=DC<:HI67A>H=B:CI` 6C9_I=:

C:><=7DJG=DD9L6H=DHI>A:ID=>B8=GDC>86AAN  :BDK:9ID=>HHD8>:IND;B>C

G68:HIDL=>8=DC:B><=II=>C@CDI=>C<8DJA97:6A>:C6H6C6A>:C\CDIJC9:GHIDD9CDI

JC9:GHI6C9>C<=>BH:A;` ,=>HA68@D;>CI:DC>CI=:8DBBJC>IN8DCIG6HIHL>I=

DC:G`H:MEA6C6I>DCHD;>BB>;:7JII=:G:>H6C:MEA6C6I>DC;DGI=>H %68 6G<

8A6G>;>:HI=6ICID>C:>H_I=:A6I:HI6GG>K6A3L=>8=L6H4BDG:A>@:ANID7:<>CA>;:>C&:L

1DG@DJIH>9:I=:8A6HH>8:I=C>8C:><=7DG=DD9>CB6CN86H:H>CEDAN:I=C>8

C:><=7DG=DD9HD;:MIG6DG9>C6GN9>K:GH>IN` =>HC:><=7DJG=DD9>HB69:D;!G>H=6C9

:GB6C>BB>CDG>I>:HCDIB:CI>DC:97NI=:6JI=DG 

CID>C:`H6A>:C6I>DC>H:K>9:CI;GDBI=:;>GHIA>C:HD;I=:I:MIL=:C%GH*:<6C

6C9=:G;6B>AN6II68@=>B7:86JH:=:L6H86J<=I@>HH>C<I=:=6C9D;%GH*:<6C`H

96J<=I:G ,=:>AAJHIG6I>DC D;I=>HH8:C:=6H7::CEA68:96II=:IDE8:CIG:D;I=:E6<:

;JC8I>DC>C<6H_8JG>DH>IN>BE:AA:G` ;DGI=:G:69:GH>C8:>IH:IHI=:K>HJ6AIDC:D;I=:

I:MI6C9HI>BJA6I:HI=:B>CIDL6CI>C<ID@CDLBDG:67DJII=:HIDGN N7:>C<>CKDAK:9

>CH>B>A6GEGD?:8IH+AD6CL6H6L6G:D;I=:GDA:D;I=:H:E>8IJG:H6C9>C9G6L>C<I=>H

 DGC:G  %68 6G< \   !7>9  DC:G  >DC%6<6O>C:E \>B6<:EGDK>9:97N,=:&:L1DG@ (J7A>8$>7G6GNHIDG$:CDM6C9,>A9:CDJC96I>DC =IIEH 8=GDC>8A>C<6B:G>86 AD8

  

;>GHI>AAJHIG6I>DC=:86EIJG:HI=:6JHI:G:6IBDHE=:G:6HH:IDJI7N%68 6G<>CI=:;>GHI

A>C:H !CI=:8:CIG:D;I=:>B6<:I=:G:>HCID>C:>C69:;:CH>K:EDH:IGN>C<ID9:;:C9

=>BH:A;HJGGDJC9:97N688JH6IDGN;>C<:GH6C96HIDC>H=:96C98DC;JH:9;68:HDC=>HA:;I

9:E>8I>C<I=:;>GHIH:CI:C8:D;I=:H=DGIHIDGN_I=:G:L6HIGDJ7A:DCI=:HI6>GL6N` 

%69:D;I:C;>;;:G:CIA:K:AHI=:8DBEDH>I>DC6EE:6GHID7:

8DBEA:MCID>C:HI6C9HDCI=:;ADDG9>G:8IAN>C;GDCID;I=:HI6>GHHJGGDJC9:96H6

_LDA;6BDC<H=::E 9DI=DJIG:69>C<I=:

;>GHIE6G6AAJHIG6I>DCI=6II=:B6A:

8=6G68I:G>H>CIGDJ7A: ,=:;68:HD;I=:LDB:CED>CI>C<DCI=:G><=I6C9I=:LDB6C

9>G:8IAN7:=>C9=>BADD@K>DA:CI6C9G:69NID;><=IG:86AA>C<I=:!G>H=HI:G:DINE:

9:E>8I:97N,=DB6H&6HI`H>AAJHIG6I>DC"0-#;=)4:1;0%)A7.716/"016/;  

EJ7A>H=:97N):8-:I;%--34A>C  &6HI`H!G>H=B6C>HEDGIG6N:96H69GJC@6C9

6<K:6E:L6>K>C<6C:BEIN7DIIA:D;A>FJDG6C9A><=I>C<I=:76GG:AD;

DCL=>8==:H>IH ,=:  >AAJHIG6I>DC>H9>;;:G:CI;GDB+AD6C`H>AAJHIG6I>DCD;I=:

LDB:C+AD6C69DEIHHDB:D;&6HI`H;:6IJG:H\HJ8=6HI=:6<K::N:HI=:DE:C

BDJI=HJ<<:HI>C<H=DJI>C<6C9HL:6G>C<6C9I=:6GBHL6K>C<>C6C<:G\6C9B:AADLH

I=:BHDI=6II=:LDB:C`HC6I>DC6A>IN>HG:8DH67A:7JICDI

;:6IJG:HD;I=:LDB:C7:=>C9CID>C:8DCIG6HIL>I=I=:9:A>86I:;>

96J<=I:GDCI=:IDEG><=I6C9CID>C:=>BH:A; N9:E>8I>C<CID>C:6H6;G6>A

>C9>K>9J6A+AD6C=><=A><=IH=>H>C;:G>DG>IN>CI=>H8DCI:MI=:>HI=:DCAN69JAIB6A:>C

I=:H8:C:6C9=:>HI=:DCANG:C8=C6I>DC6A 

 !7>9     %68 6G<    >

  

,=:;>GHIE6G6<=A><=IH%68 6G<`H8=D>8:D;LG>I>C<I=:

C6GG6I>K:D;I=:HIDGN>CCDGB6ACH=6C969DEI>C<I=:K:GC68JA6GDG9>6A:8I;DGI=:

9>6ADHI:8=C>FJ:=6H7::C;G:FJ:CIANJH:9>CB:G>86CA>I:G6IJG:ID>CIGD9J8:6

BDG:G:6A>HI>89:E>8I>DCD;I=:8=6G68I:GH7N6II:BEI>C<IDIG6CHA6I:I=:HE:6@:GH`

9>6A:8IH6C9688:CIH>CIDLG>II:CLDG9H %6G@,L6>C69DEI:9I=>HC6GG6I>K:I:8=C>FJ:>C

=>HCDK:A,>-6<=:-;7.=+34-*-::A166 L=>8=HE6G@:99>H8JHH>DCH6BDC<

E=>ADAD<>HIHG:<6G9>C<9>6A:8I6C9C6I>DC6A>HB ,L6>C6GC76+-:616/<0-

5-:1+)6)6/=)/- I=6I_6C6I>DC`HA6CHCDIH>BEAN6B6CC:GD;

HE::8=D7I6>C>C<6BDC<I=::9J86I:9=6C9;JAI=:B6II:GD7I6>C>C<6BDC<I=:K6HI

JC:9J86I:9BJAI>IJ9:BJHI7:8DCH>9:G:96AHD` AI=DJ<=,L6>C`H6G

9>G:8I:96II=:A>CHI>86C9HD8>6A:A>I>HBD;B:G>86CCH=>CI=:A6I:  HI=>H

86C7:IG6CH;:GG:9ID9>H8DJGH:H8DC8:GC>C<JGDE:6C>BB>GJH:D;

B:G>86CCH= %68 6G<`HJH:D;I=:K:GC68JA6G>C_,=::7ID;CID>C:`=:AEHI=:

G:69:G9>HI>CH=I=:C6I>DC6A>I>:HD;I=:8=6G68I:GHHE:6@>C< %68 6G<>C8AJ9:H;DG

:M6BEA:_I=:8DAADFJ>6AIDC:D;KD>8:]6>C`I6 C<IDCDBDG:^I=:86A

:GGDGH]@CDL:9^B>HHE:AA>C<]H>K>A>H:9^`6AAD;L=>8=_8G:6I:6H:CH:D;

HEDCI6C:>IN`  :6AHD>C8AJ9:H<:CJ>C:9>6ADK:6C9A:HH

:9J86I:9CH=HE:6@:GHHJ8=6H_1:@>HH:9=:G`_!=6K:CDL :GG >GH8=I=>GIN

H:K:CN:6GH`6C9_:IL6HCDH>C<` 

 ,=:;>GHI6C9A6HI>AAJHIG6I>DCHD;I=:H=DGIHIDGN86EIJG:I=:H=>;I>CI=:BDD9

7:IL::CI=:7:<>CC>C<6C9I=::C9D;I=:HIDGN ,=:>AAJHIG6I>DCH`8DBEDH>I>DCH6G:

 )JDI:;GDB,L6>C76+-:616/<0-5-:1+)6)6/=)/-  ,=>HL6HDG><>C6AANLG>II:C6H6 8=6EI:G;DG":)58*:7),  7JIL6H:M8AJ9:9;GDBI=:EJ7A>H=:9K:GH>DC DJC9I=>H8>I6I>DC>C 6K>C"DC:H!<:)6/-")436IE6<:   +>:C9:$:C@:"0-$-:6)+=4):)<<-:;7.5-:1+)61<-:)<=:-&:L1DG@(6AAA6C   

  

9>;;:G:CII=:;>GHIH=DLHCID>C:7:>C<HJGGDJC9:96AI=DJ<=+AD6C>C8AJ9:HHE68:

7:IL::CCID>C:6C9I=:DI=:G;><=A><=II=:6A>:C6I>DC=:>H:ME:G>:C8>C< 

/>I=I=:EGDDCD;I=:HIDGN>I7:8DB:H8A:6GIDI=:G:69:GI=6I>BB>

EGDK:I=:>GLDGI=HD>I>HDCAN6;I:GCID>C:I6@:H86G:D;%GJG@:I=6I=:>H688:EI:9

6C9;JAAN>CI:CIDI=:8DBBJC>IN DCH:FJ:CIANI=:A6HI>AAJHIG6I>DC H=DLH

CID>C:6HA:HH9>HI>CH=67A:;GDBI=:DI=:GB:B7:GHD;I=:8DBBJC>IN6H=:7A:C9H

>CL>I=I=:G:HID;I=:8=6G68I:GH6AI=DJ<==:>HG:8DH67A:7N=>HBDJHI68=:6C9

6II>G:;:6IJG:9>CEG:K>DJH9G6L>CH:HDB:8=6G68I:GHA>@:

:GG >GH8= L=DL6H;:6IJG:9>C6C>AAJHIG6I>DC:6GAN>CI=:C6GG6I>DC6C9%GJG@:

L=D>HHI6C9>C<6ICID>C:`HG><=I9>C<=>BI=GDJ<=I=:L:A8DB>C<8GDL9 ,=:

DK:G6AA8DBEDH>I>DCD;I=:A6HI>AAJHIG6I>DC>HA:HHHIGJ8IJG:9I=6CI=:;>GHI6HI=:

8=6G68I:GH6G:EG:H:CI:96AADCDC:A:K:AHNB7DA>H>C<I=:>G:FJ6A>IN 

_,=::7ID;CID>C:`A>@:B6CNDI=:GHIDG>:HEJ7A>H=:9>CB6<6O>C:HL6H6

HIDGN67DJI>BB>BB>;;:G:CIA:K:AHD;;AJ:C8N>CCH= 

!AAJHIG6I>DCH>CI=:H:@>C9HD;HIDG>:HEA6N:96H>;>86CIGDA:>C:MEA6>C>C<I=:HIDGN

>IH:A;7:86JH:I=:N9>9CDIG:FJ>G:6CNA6CAAHID7:JC9:GHIDD9L=>8=6AADLH

I=:I:MIID7:688:HH>7A:ID6CNDC:G:<6G9A:HHD;I=:>G;AJ:C8N>CCH= :G<:G

D7H:GK:HI=6IE:DEA:A:6GCIDH::I=:>GHJGGDJC9>CC<67A:ID:MEG:HHL=6I

I=:NH::>CLDG9H !CI:GBHD;>AAJHIG6I>DCH;DG6I:MIDC:86C6GC<6II=:

>AAJHIG6I>DCH>HI=:H>BEA:G6C9BDHIC6IJG6AL6N;DG6C>C9>K>9J6AIDJC9:GHI6C96I:MI

6HI=:LDG9H;DGB>C<I=:I:MIBJHI7:A:6GCI>CDG9:GIDJC9:GHI6C96C9>CI:GEG:II=:>G

B:6C>C< :G<:G`HHI6I:B:CIHJEEDGIHI=:6GAAJHIG6I>DCHH>BEA>;NI=:

 >

  

>CI:GEG:I6I>DCD;6I:MI;DGCDC C6I>K:HE:6@:GH6C9>AA>I:G6I:>C9>K>9J6AH7:86JH:I=:N

:C<6<:L>I=I=:>CC6I:H@>AAD;ADD@>C<6I6CD7?:8IDG>B6<: %DG:DK:GI=:JH:D;

>AAJHIG6I>DCH6H_IG6CHA6I>DCH`D;I=:I:MI:KD@:HI=:_G:9JC96C8N`D;A6CDC:9

7N6M6C96AA>C)<<-:6;7.6<-6;176; 

 'C"6CJ6GN  +AD6CL6H_LDG@>C<G6I=:G;>I;JAANDC>AAJHI3G6I>DC4H;DGHIDGN

;DG+4=:-I;)/)B16-!9:AA66C9I=:/=>I:(A6GAL=DG>9H=:G;6B>AND;

I=:>BEJI6I>DCD;I=:EDEJA6G9>IIN` ,=:H=DGIHIDGNLG>II:C7N"DH:E= $>C8DAC6C9

EJ7A>H=:9>C+4=:-I;>C  >CIGD9J8:HI=:+E6GGDL;6B>ANL=DH:;6I=:G

/6H=>CH9:8A6G:9IDD>AAIDLDG@7N9D8IDGHHD=>HL>;:6C9:A9:HI96J<=I:G

!9:AA6=6K:IDLDG@>CDG9:GIDHJEEDGII=:;6B>AN ,=>HH8:C6G>DL6HCDIJC8DBBDC>C

HDB:D886H>DCHI=:7G:69L>CC:GHD;I=:;6B>AN8DJA9CDILDG@9J:ID>C?JGN>AAC:HHDG

7:86JH:I=:G:L:G:CD?D7HI=6IG:FJ>G:9I=:>GH@>AAHHDDI=:GB:B7:GHD;I=:;6B>AN=69

IDB:H8=>A9G:C_=69ID<>K:JEH8=DDA6I;DJGI::C3>;CDINDJC<:G4ID

HI6N6I=DB:6C9B:C96C98DD@6C9HL::E6C9I:C9767NL=>A:=:GBDI=:GL:CIDJI

L6H=>C<` /6H=>CBHID=6K:I=:HNBEIDBHD;IJ7:G8JADH>HDG_/=>I:

(A6IHI=:HNBEIDBHD;I=>H9>H:6H:ID@::E;GDBLDG@>C< !9:AA6G:IJGCH

=DB:L>I==:GC:L=JH76C96;I:GLDG@>C<6H6=DJH:@::E:G6I69D8IDG`H=DB:6C9

EGDEDH:H68JG:;DG=:G_>CK6A>9`;6I=:G *:AJ8I6CIAN=:6

;DAADL>C<B6CN6II:BEIH!9:AA6_8JG:H`=:G;6I=:GL=D:K:CIJ6AANI==>H

HDC>CA6L 

,=:>AAJHIG6I>DCH;DAADL6H>B>A6GE6II:GCIDI=DH:>C_,=::7ID;CID>C:`

L=:G:I=:8JG>DH>IN>BE:AA:G>AAJHIG6I>DC>HEA68:96II=:IDED;I=:HIDGN`H;GDCIE6<:I=:

 6M6C96AA  "DH:E= $>C8DAC_!9:AA66C9I=:/=>I:(A6

  

A6HI>AAJHIG6I>DCEDGIG6NHI=::C9>C<D;I=:HIDGN6C9I=:DI=:G>B6<:H>AAJHIG6I:I=:@:N

E6HH6<:HD;I=:I:MI !CI=:8JG>DH>IN>BE:AA:G>AAJHIG6I>DC ;DG$>C8DAC`HHIDGN_I=:

K>:L:GADD@HDK:GI=:H=DJA9:GD;6LDB6CH:6I:9L>I=6L>C9DLDC=:GG><=I6C9

9DB:HI>88=6DH6AA6GDJC9=:G`  L=>8=G:86AAHI=:%75)6I;)/-6H=><=A><=I:97N

6<< ,=:H8:C:`H8=6DH6C9CD>H:6G:>C9>86I:97NI=:B:AD9G6B6I>8EDH:HD;HDB:

8=6G68I:GH 'C8:6<6>C+AD6C=:AEHI=:G:69:G`HJC9:GHI6C9>C<D;I=:HIDGN7N

:M6<<:G6I>C<EDH:H6C9;68>6A:MEG:HH>DCHHJ8=6HI=:<>GAL=DH>IH>C7:IL::C=:G

E6G:CIH6C9L=D=6H6G6I=:GHI6<:9HJGEG>H:9G:68I>DCIDI=:C:LHD;=:GH>HI:G`H

L:99>C< 

CDI=:G:M6BEA:D;L=:G:+AD6C:M6<<:G6I:H8:GI6>C8=6G68I:GH`:MEG:HH>DCH6C9

;:6IJG:HID>CI:GEG:II=:H8:C:;DGI=:G:69:G>H>C"0-:7+-;;1767>-,+:7;;<0-

&):,  NK>:L>C<I=:>AAJHIG6I>DCI=:G:69:G>H67A:IDJC9:GHI6C9>BB:9>6I:ANI=6I

!9:AA66C9=:G=JH76C9>AA@CDLI=6I/6H=>CHAN>C<67DJI=>H8DC9>I>DC >AA`H

8DCI:BEIJDJHHB>A:H=DLHIDI=:K>:L:G=>HEA:6HJG:>CEJH=>C</6H=>C

!9:AA6`H:MEG:HH>DC8DCK:NHHA><=IEA:6HJG:>C>C;A>8I>C<6EJC>H=B:CIDC=:G;6I=:G;DG

=>HA>:H ,=:BDI=:GI=:;>GHI8=6G68I:GDCI=:G><=I>HLDGG>:9;DG=:G=JH76C9`H=:6AI= 

>C6AAN/6H=>CC<

6C9=><=A><=I>C<8:GI6>C:A:B:CIHD;I=:>AAJHIG6I>DC+AD6C8A6G>;>:HIDI=:G:69:GI=:

8=6G68I:GH`>CI:CI>DCHI=DJ<=IH6C968I>DCH;68>A>I6I>C<I=:JC9:GHI6C9>C<D;I=:HIDGN 

!CI=>H>CHI6C8:I=:>AAJHIG6I>DC>HEA68:968DJEA:D;E6<:H7:;DG:I=:H8:C:I6@:HEA68:

>CI=:HIDGNL=>8=B6N>C;AJ:C8:I=:L6NI=6II=:G:69:G>CI:GEG:IHI=:I:MI NH::>C<

 >7HDC >GAHAJII:G6C9%6II:G>C"D=C+AD6C`H G6E=>8GI` 5-:1+)6:<KDA C       >

  

I=:>AAJHIG6I>DC7:;DG:G:69>C<I=:H8:C:I=:G:69:G=6H6AG:69N:CK>H6<:9+AD6C`H

>CI:GEG:I6I>DCD;I=:E6HH6<:6HL:AA6HI=:G:HID;I=:HIDGNL=>8==:AEHI=:G:69:GID

JC9:GHI6C9I=:I:MI6H6L=DA: 

/=>A:LDG@>C<DCEJOOA:H6C9>AAJHIG6I>DCH;DGB6<6O>C:H>C  +AD6C7:<6C

>AAJHIG6I>C<68DAA:8I>DCD;K:GH:H7N=>H;G>:C9,=DB6HJC:6AN6HCDI:9>C6

9>6GN:CIGN96I:9C9JHB6G@HI=:7:<>CC>C<D;6C:LLDG@>C<

G:A6I>DCH=>EL=>8=L6H9>;;:G:CI;GDBI=:8DAA67DG6I>DC=:=69L>I=B6<6O>C:H<>K>C<

I=:6GI>HII=:DEEDGIJC>INID69DEI69>;;:G:CIE:GHE:8I>K:L=:C:C<6<>C<L>I=I=:

G:A6I>DCH=>E7:IL::CLDG96C9>B6<:>C6ED:I>88DCI:MI H:MEADG:9:6GA>:G>CI=:

8=6EI:G>AAJHIG6I>C<H=DGIHIDG>:HG:FJ>G:9I=:6GI>HIID=6K:6C<D;I=:

B:HH6<:I=6II=:6JI=DGL6CI:9ID8DCK:N6HL:AA6HI=:67>A>INID8DBEGDB>H:L>I=I=:

:ME:8I6I>DCHD;I=:EJ7A>H=:G /DG@>C<L>I=6ANB:6CII=6I+AD6C`H>AAJHIG6I>DCH=69ID

7:6EEGDK:9DCAN7NI=:6JI=DGL=>8=A:;II=:6GI>HI;G::;GDB=6K>C<ID;JA;>AI=:

EJ7A>H=:G`H:ME:8I6I>DCL=>A::M:8JI>C<I=:>AAJHIG6I>DCH 

6AN7:86B:L:AA@CDLC;DGI=:K:GH:H8DAA:8I:9>C)6B761  L=>8=

7:86B:EDEJA6G:CDJ<=ID7:_G6C@>C<L>I=I=:7:HI9>6A:8IG=NB>C<D;I=:E:G>D9` 

&DIDCANL:G:I=:K:GH:HL>9:AN6EEG:8>6I:97JI+AD6C`H>AAJHIG6I>DCHB69:6C:M8:AA:CI

>BE68IDC7DI=6JI=DG6C9G:K>:L:GH 'C I=+:EI:B7:G  +AD6CG:8:>K:96_A:II:G

;GDB,DB6AN:MEG:HH>C<=>HH6I>H;68I>DCL>I=I=:9G6L>C

 +AD6C8DC;>GB:9I=6I_)6B7617N,  6AN3G:8:>K:947NB6>AID96N I8=>C<

6C9>AAJH B>C: `,=:G:8:EI>DCD;I=:>AAJHIG6I>DCH;GDBC:LHE6E:GHL:G:EDH>I>K:

 ],DB6ANLG>I:H;GDB(=>A6 I=6I=:LDJA9A>@:3B:4ID>AAJHIG6I:67DD@D;=>HED:BHL=>8==:>H C<ID<:IDJI>CI=:;6AA^   6:I6CD>EDAA6_,=DB6HJC:6ANC6GAN.D>8:D;I=:!I6A>6C!BB>

  

688DG9>C<IDI=:6GI>HI6H=:CDI:HDCI='8ID7:G  _,=:K:C>C<+JCDD@

*:K>:L8DAJBCID96NCDI>8:H]6CODC>^G6I=:G9>HE6G6<>C<6AN`HK:GH:H7JIHE:6@>C<

IDDL:AAD;BNLDG@ `)6B761  >AAJHIG6I:97N"D=C+AD6C_>CDCAN96NH`I=

"JAN  HDA9  8DE>:H>C :9>I>DCH6C9+AD6C`H9>6G>:HB:CI>DC;6>GANG:

E6NB:CIHB69:ID=>B 'C I=:8:B7:G  =:G:8DG9HI=:G:8:>EID;;DGI=:

9G6L>C^>H>C>IH;DJGI=I=DJH6C96C9

I=6II=:G:L>AA7:6CDI=:GE6NB:CIIDB:L=:C=:<:IH688DJCIHHIG6><=I:C:9`?JHIID

B:CI>DC68DJEA:D;:M6BEA:H 

 /=>A:I=:G:>HCD9:I6>A:9G:8DG9D;I=:>GG:A6I>DCH=>E>I>H8A:6GI=6I+AD6C6C9

6ANL:G:;G>:C9HEGD767AN96I>C<768@IDI=:>GI>B:>C(=>A69:AE=>6 +AD6C`H  

9>6GNG:8DG9HDAANB6@>C<_69G:HH;DGA>IIA:&6C8N6AN36AN`H96J<=I:G4L=>8=3!4

B6>A:9ID(=>A6` I=%6N   /=6I:K:GI=::M68IC6IJG:D;I=:G:A6I>DCH=>E>I>H

A>@:ANI=6I6AN6EEGD68=:9+AD6CID>AAJHIG6I:)6B761DCI=:76H>HD;+AD6C=6K>C<6

G:B6G@67A:EDGI;DA>D6C9I=:G:EJI6I>DC=:=697J>AIL>I=I=:(=>A69:AE=>6E6E:GH 6AN

L6H6AHDEGD767AN:C8DJG6<:97NI=:>AAJHIG6I>DCH+AD6CB69:;DG 6GK:N'` ><<>CH`

_,=:+I:69N`EJ7A>H=:97N+4=:-I;)/)B16->CJDC;DG

>AAJHIG6I>C<>BB>:H8DB7>C:9L>I==>H@CDLA:9<:6C9:ME:G>:C8:D;&:L

1DG@>INEA6N:968:GI6>C69K6CI6<:L=:CEGD9J8>C<I=:>AAJHIG6I>DCH;DG)6B761 

%6CND;I=:ED:BH6G:H:I>C&:L1DG@6C9+AD6C`H@CDLA:9<:D;I=:8>IN6C9=>HL:AA

@CDLC9:H>G:IDD7H:GK:I=:E:DEA:D;&:L1DG@EGDK>9:96BDG:688JG6I:9:E>8I>DC

D;I=:ED:BH`HJ7?:8IH ,=:H:8G:9:CI>6AH6C9I=:68FJ6>CI6C8:7:IL::C+AD6C6C96AN

8:GI6>CAN6AADL:9+AD6CBDG:6GI>HI>8;G::9DBL=:C8G:6I>C<I=:>AAJHIG6I>DCH6H6AN

L6HI=:DCAN@CDLCG:K>:L:GD;I=:>AAJHIG6I>DCH ,=>H6AADL:9+AD6CID=6K:ID:C<6<:

DCANL>I=I=:6JI=DG`H:ME:8I6I>DCH 

  

)6B761:C<6<:HL>I=I=:HD8>6A6C9EDA>I>86A9>H8DJGH:HG:A6I:9ID>BB>DC

6C9>IE6GI>8JA6GANEDGIG6NH>BB>C<I=:H:II>C<D;

I=:ED:BHHDB::MEA>8>IANB:CI>DC&:L1DG@L=>AHIDI=:GH9DCDIHE:8>;NI=:8>IN>C

L=>8=I=:N6G:H:IA:6K>C<I=:G:EG:H:CI6I>DCD;>BB>

;GDB6AADK:GI=:-C>I:9+I6I:H8DJA9G:8DH:I=:E:DEA:9:E>8I:9 6AN`HK:GH:H>C

!I6A>6C6C9!G>H=9>6A:8IHL:G:>CI:GEG:I:97N6AN`H8DCI:BEDG6G>:H6H6BD8@:GN7NI=:

6JI=DGD;I=:>BB>C9>K>9J6AHD;I=:>G8JAIJG:6C9D;I=:>GEDDGCH=DG

9>;;:G:CI688:CIH6C9EGDCJC8>6I>DC GCI:GEG:I6I>DCD;I=:K:GH:H7N6AN`H

8DCI:BEDG6G>:H9:G>K:97NI=:I:C9:C8ND;B:G>86CE:DEA:ID>CHJAI6C9G>9>8JA:I=:

C:LAN6GG>K:9>BB>DC:9  >K:CI=>HG:8:EI>DC6C9

>CI:GEG:I6I>DCHD;6AN`HK:GH:HI=:9:;>C>I>DCD;9>6A:8I=JBDJG<>K:C7NH8=DA6GH6C9

A>CHIHG:;A:8IHI=:6II>IJ9:D;I=DH::C<6<>C<>CHJ8=C6GG6I>K:I:8=C>FJ:6H

DC:D;9>H96>CIDL6G9HI=:>GI6G<:I ,=:HE::8=7:>C<B69:;JCD;>H 8DCH>9:G:9_>C;:G>DG`_8GJ9:`DG_EG>B>I>K:`6C9>IH8=6G68I:G>HI>8H6G:D;I:C 6IIG>7JI:9ID768@L6G9C:HHHIJE>9>IN6C93HDB:4DI=:GC:<6I>K:FJ6A>I>:H 

*68>6A6C9:I=C>8HI:G:DINE:H=:AE:9I=:G:69:GIDEA68:I=:C6I>DC6A>IND;I=:;>

EG:H:CI:9I=JH6AADL>C<I=:BIDG:69I=:ED:BL>I=I=:8DGG:8I9>6A:8I>CB>C9 6AN

LDG@:9>C6C(=>A69:AE=>6L=:G:=::C8DJCI:G:9I=:!I6A>6C B:G>86C

9>6A:8IL=>8==:A6I:G6EEA>:9>C=>HED:BH :86JH:D;=>HE:GHDC6A:ME:G>:C8:L>I=

!I6A>6C>BB>CE6GI>8JA6G>I>HEDHH>7A:ID6GCHI6AN`HH::B>C<

L>AA>CC;:G>DG6C9IDHJ<<:HI>CHI:69I=6I=:JH:9=>H

 % $ EI:]>6A:8I JBDG^>C"0-6+A+478-,1)7.)6/=)/-)6,16/=1;<1+;:9 *  H=:G  KDAH 'M;DG9(:G<6BDC(G:HH !!   >EDAA6 

  

ED:IGNID=><=A><=II=:>GA6C;;:G:C8:H6C9H=DL68:GI6>C9:

6;;:8I>DC;DGI=:!I6A>6C8DBBJC>IN 

!CI=:ED:B_ 6C9>86EE:9`>C)6B7616AN=><=A><=IHI=:HIGJ<

>BB>:G  6:I6CD>EDAA66G

6C9EDHH>7AN+AD6C6HL:AAL6H9G>K:C_7N69:H>G:IDEDGIG6N!I6A>6CB:G>86CH>C6

G:6A>HIL6N7JI6AHD7NI=:9:H>G:IDH=DLI=:>G8DCHI6CIHIGJ<I=6IDDAI=6IL6HIDD

JCL>:A9AN6C9IDDG:;G68IDGN` +AD6C`H>AAJHIG6I>DCH>C)6B7616H6L=DA:I:C9ID

EDGIG6N!I6A>6C6C9!G>H=E:DEA:>C6G:6A>HIB6CC:G:K:CI=DJ<==:6EEA>:HHDB::I=C>8

HI:G:DINE:H>CDG9:GIDB6@:I=:8=6G68I:GHBDG:G:8DH67A:;DGI=:G:69:G !CI=:

>AAJHIG6I>DCD;_%>66GADII6` +AD6CEDGIG6NHI=:B6C>CI=:8:CIG:D;I=:>AAJHIG6I>DC

;JA;>AA>C<HDB:!I6A>6CHI:G:DINE:H_I=:B:CLDG:E:6@:9=6IH6C9=699GDDE>C<

BJHI68=:H +DB:L:G:DG<6CC9:GH6C9;GJ>IE:99A:GH7JIBDHILDG@:96I

8DCHIGJ8I>DC ,=:!I6A>6CL6HHJEEDH:9ID7:=DI 7ADD9:96C9KDA6I>A:<>K:CIDFJ>8@

6GDA:C8:`  :EG:H:CIHI=:E=NH>86A8=6G68I:G>HI>8H?JHI

B:CI>DC:9=DL:K:GI=:G:>HCDHE:8>;>86I>DCD;H=DGII:BE:G6C9=:9D:HCDILDG@>C

8DCHIGJ8I>DC6C9>H>CHI:69676G7:G ,=:>AAJHIG6I>DC>HEDH>I>DC:9=6A;L6NI=GDJ<=I=:

ED:BI=:;>GHI;DJGHI6CO6HL=>8=6G:9:H8G>EI>K:D; >JH:EE:`H6EE:6G6C8:6G:

;DAADL:97N+AD6C`H>AAJHIG6I>DC8DC;>GB>C<I=:9:H8G>EI>DC<>K:C7NI=:ED:I6C9=:AE

I=:G:69:GK>HJ6A>H:I=:H8:C:6C9I=:8=6G68I:G ,=:;>C6AILDHI6CO6H;DAADL>C<I=:

>B6<:G:E:6I >JH:EE:`HE=NH>86A9:H8G>EI>DC=:=69_967><<6967A68@6BJHI68=:` 

 !7>9   >AA>6B* $>CC:B6C_!BB>C:6AN_%>66GADII6`>C)6B761(=>A69:AE=>66I=DA>8+I6C96G9,>B:H (J7 D   A  

  

A>@:I=:HI:G:DINE:8>I:967DK:6C97A68@8JGAN=6>GL=>8=6G:8DBBDC;:6IJG:HD;

+DJI=:GC!I6A>6C6C9%:9>I:GG6C:6CE:DEA: 

GDBI=:ED:BI=:G:69:G<6I=:GHI=6I >JH:EE:_EA6NCI6

+AD6C86EIJG:HI=>H7NEDGIG6N>C<=>B>C6I=G:: E>:8:HJ>I6C9=6I6C986GGN>C<686C:

JC9:G=>HG><=I6GB>C68DC;>9:CIEDH: !C>AAJHIG6I>C<)6B761+AD6CIDD@>CHE>G6I>DC

;GDBG:6A>INL=:I=:GI=>HL6H:MEG:HH:9>CE=DIDIC:HH:9>I7N

L6A@>C<I=:HIG::IHD;&:L1DG@ !I>H9:76I67A:L=:I=:G+AD6CL6H>CHE>G:97NI=:

HI:G:DINE>86A>B6<:H9G6LC7NDI=:G>AAJHIG6IDGH6HI=:>B6<:HD;!I6A>6CH8>G8JA6I>C<6I

I=:I>B:L:G:E=DID8=9:E>8I:9I=:G:6A>IND;I=:HJ7?:8IG6I=:GI=6C

:M6<<:G6I>C<8:GI6>C;:6IJG:H6C9=><=A><=I>C<DI=:GH6H6C>AAJHIG6IDGLDJA99D 

88DG9>C<ID>EDAA6)6B761L6HG:8:>K:96H69:G>H>DCD;I=:_G68>6A>C;:G>DGH

6C9DJIH>9:GH`  6C9=:6G9:I=:G:69:GL>I=6C>CI:G:HI>C<

688DJCID;=DL!G>H=6C9!I6A>6C>BB>86CH6II=:I>B:6HL:AA

6H6G:EG:H:CI6I>DCD;I=:>GHIGJ<8:D;I>IA:;DGI=:8DAA:8I>DC>C9>86I:H

6AN`H>CI:G:HI>C!I6A>6C8JAIJG:6C9L>AA>CCI:6CED:I>86AI:8=C>FJ:H

6C9I:GB>CDADCIDIL:CI>:I= 8:CIJGNB:G>86G:>C;DG8>C<I=:I=:DGNI=6I6AN9>9

CDI>CI:C9ID7:A>IIA::>I=:GI=:!I6A>6CHDGI=:>G8JAIJG: 6CODC>L:G:;DGBHD;ED:IGN

;GDBB:9>:K6A6C9G:C6>HH6C8:!I6AN6C96CI:G6C@:9I=:B67DK:I=:HDCC:I6C9

76AA6I6>CA>I:G6GN:M8:AA:C8: !I>H6ED:I>8;DGBL=>8=6AI=DJ<=>IHC6B:B:6CH

_HDC<`L6HCDI>CI:C9:9;DGBJH>86A6GG6C<:B:CIA>@:I=:76AA6I6 6CODC>L:G:

_9:9>86I:9IDAD;IN6C9H:G>DJHHJ7?:8IH` HJ8=6H8DJGIANADK:I=6I86CG:A6I:ID

  _%>66GADII6`A    DC:G  ].JA<6G>JBED:I6IJBHJEG:B6IJB^8>I:9>C/ ,=DB6H%6GGD88D_,=:C>

  

>BB>DC>C6AN`H8DCI:MI N8=DDH>C<IDC6B:I=:8DAA:8I>DC)6B7616ANL6H

EG6>H>C<!I6A>6CA>I:G6GNIG69>I>DC6C9I=:C6I>DC`HG>8=8JAIJG6A768@

BD8@>C<>IH>BB>86EE:967>A>INIDHE:6@CH= N:MEG:HH>C<I=>H

>CI:AA:8IJ6A69B>G6I>DC;DG!I6A>6C>BB>:LD;!I6A>6CB:G>86CH6H

=JB6C:6C9>CI:G:HI>C<E:DEA:6K>:L3[4L=>8=GJCH8DJCI:GIDI=6I<:C:G6AAN=:A97N

B:G>86CHD8>:IN` 

,=:E:G8:>K:9<:C:G6AI=:B:D;)6B761>HI=:9:HE:G6I:9:H>G:D;>BB>

8DBEANL>I=B:G>86CHI6C96G9HD;A6CB>A6I:9

>CIDI=:B:G>86C8DBBJC>INL=>A:6II:BEI>C<IDG:I6>CI=:>GC6I>DC6A>9:CI>IN6C9

IG69>I>DCH ,=>H8DAA:8I>DC:MEADG:HI=:I=:B:7N688DJCI>C<;DGI=:6A>:C6I>DC;:AI7N

HDB:>BB>8G:6A>H6I>DCI=6II=:N9>9CDI;>C9I=:

B:G>86CG:6BDC8:6GG>K>C<>CB:G>86 $6C<<:HI=JG9A:I=6I

HIDEE:9I=:>G;JAA>CI:DC>CIDB:G>86CHD8>:IN:HE:8>6AAN;DG!I6A>6C>BB>

,=:ED:B_ 6C9>86EE:9`HI6I:HI=>H>HHJ:8A:6GAN_:;!8DJA9I6A@6%:G>86C $>@:

L`6I-86C!I6A>6C` ,=:ED:BH=DLHI=:;GJHIG6I>DCD;68=6G68I:GL=D86CCDI

:MEG:HH=>BH:A;I=:L6N=:L6CIHIDHDE:DEA:_B6@`96;68:6C`A6J<=` 6I=>H_IDC

3I=6I4::H<6IIDDIL>HI`;DGHE:6@` ,=:JH:D;K:GC68JA6GA6CC6AN`HED:BH

_EGDK>9:3H4DEEDGIJC>I>:H;DGA6CB:CIH6C9A>CHI>8>CCDK6I>DC` 6C9>I

=><=A><=IHI=:HD8>6A6C9E:GHDC6A>HHJ:HD;CDC C6I>K:CH=HE:6@:GH ,=:9NC6B>HB

8G:6I:97NI=:JH:D;I=:K:GC68JA6G7N6JI=DGHA>@:6AN=6HI=:_EDI:CI>6AID8=6AA:C<:

 >EDAA6  ,=DB6HJC:6AN_ 6C9>86EE:9`>C)6B761(=>A69:AE=>66I=DA>8+I6C96G9,>B:H (J7 D   AA   _ 6C9>86EE:9`A   _ 6C9>86EE:9`A    DA<:G#:GHI:C_,=:G:6I>K:(DI:CI>6AD;>6A:8I/G>I>C<>C$6I:G &>C:I::CI= :CIJGNB:G>86` 16-<--6<0-6<=:A1<-:)<=:-KDA C    

  

EG:K6>A>C<A>I:G6GNE6II:GCH6C98DCK:CI>DCHIDIJGC>IH8G:6I>K::C:G<>:HIDEGD9J8I>K:

JH:>CI=:;JIJG:9:K:ADEB:CID;B:G>86CA>I:G6IJG:` L=>8=B6N=6K:7::CDC:D;

I=:G:6HDCH;DG6AN`HEDEJA6G>IN6II=:I>B: 

.:GC68JA6GLG>I>C<L6H6EDEJA6G;DGBD;A>I:G6GN:MEG:HH>DC>CI=:A6I:  H

6C9L6HJH:9BDHIANIDEDGIG6N9>6ADCDG9:GID8DCK:N6BDG:G:6A>HI>8

G:EG:H:CI6I>DCD;I=:8=6G68I:GHI=:BH:AK:H6C9I=:>G9>;;:G:CI688:CIH6C99>6A:8IHA>@:

I=DH:>C_,=::7ID;CID>C:` AI=DJ<=I=>HI:8=C>FJ:L6HEDEJA6G,=DB6H6>A:N

A9G>8=HI6I:9I=6II=>H_:C96C<:G:9I=:CH=A6CIND;I=:B:G>86C

E:DEA:`  H>C8:A6CDC6A>9:CI>IN9J:IDB6HH

>BB>DC6II=:IJGCD;I=:8:CIJGN II=>HED>CIH8=DA6GHA>@: DL:AAH9>HI>CH=

7:IL::C_I=:7GD@:CCH=D;E6GIANB:G>86C>O:9>BB>6A:8I`\

I=:9:H8G>EI>K:D;<:C:G>8;68IH6C9>9:6H\  HIG:HH>C<I=6II=:9>;;:G:C8:7:IL::C

A6CDC6A>I>:HL6HL:AA9:;>C:9  DL:K:GI=:>BB>DCD;9>;;:G:CI

C6I>DC6A>I>:HIDB:G>867GDJ<=IC:LKD867JA6GNI=6I8DCIG>7JI:9IDI=:9:K:ADEB:CI

6C9:CG>8=B:CID;B:G>86CCH= />I=I=>HH6>9A9G>8=`HHI6I:B:CI>HCDI:CI>G:AN

8DGG:8IH>C8:I=:CH=A6C

BJI6I>DCH6C9:CG>8=B:CI7GDJ<=I7NC:LLDG9H9>;;:G:CIEGDCJC8>6I>DCH6C9I=:

C8>H6I>DCD;;DG:>CIGD9J8:97NCDC C6I>K:HE:6@:GH  DL:AAH`9>HI>C8I>DC

7:IL::C_7GD@:CCH=`6C9_IGJ:9>6A:8I`9:;>C:H>C6BDG:G:;>C:9B6CC:GI=:

:KDAJI>DCD;B:G>86CCH=6C9>IHG:;A:8I>DC>CB:G>86CA>I:G6IJG:6II=>HED>CI>C

=>HIDGN7:86JH:I=:C:LKD867JA6GN6C9EGDCJC8>6I>DCH6EE:6G>C<>CA>I:G6IJG::C67A:9

 !7>9   ,=DB6H6>A:NA9G>8=]-C;;A>C   H::6AHD%>8=6:A&DGI="0-1)4-+<7.7,-:61;5 )+-)6/=)/-)6,"?-6<1-<0-6<=:A1<-:)<=:-&:L1DG@'M;DG9-C>K:GH>IN(G:HH     AH6&:II:AH)6/=)/- )+-)6,!7+1)44);;167?-44I;5-:1+)$:M>CK:GH>IND; #:CIJ8@N(G:HH  

  

G:69:GHIDG:8DH:6C969DEII=DH:>CI=:>G96>ANHE::8=HD7:8DB>C<E6GID;I=:

B:G>86CKD867JA6GN 

+AD6C`H8=6AA:C<:L=>A:>AAJHIG6I>C<)6B761L6HID8G:6I:I=:K>HJ6AA6C

6AN`HK:GC68JA6G=JBDJGHDI=6II=:K:GH:H6C9I=:>AAJHIG6I>DCHLDJA98DCK:NI=:H6B:

B:HH6<: !C699>I>DC=:=69IDEGDK>9:8AJ:H;DGI=:G:69:GIDJCAD8@I=:HE:AA>C<6C9

B:6C>C<D;I=:ED:BHIDB6@:I=:ED:BBDG:688:HH>7A:IDI=:G:69:G ,=:K:GC68JA6G

86C7:H::C6HI=:G:6A>HI>8G:EG:H:CI6I>DCD;8=6G68I:GH`HE::8=7:86JH:>I>C8AJ9:H

9>HI>C8I>K:9:I6>AHHJ8=6HI=:HE:6@:G`H7GD@:CCH=DG_IGJ:9>6A:8I`B:CI>DC:97N

DL:AAH8DCIG>7JI>C<ID6BDG:<:CJ>C:G:EG:H:CI6I>DCD;I=:8=6G68I:GH6C9I=:>G

:ME:G>:C8:H DGI=>HG:6HDCI=>HI:8=C>FJ:>HI=:BDHI6EEGDEG>6I:DC:ID:MEG:HHI=:

I=:B:HG:EG:H:CI:9>C)6B7617:86JH:>IEGDK>9:H6BDG:=DC:HIG:EG:H:CI6I>DCD;I=:

>HHJ:HI=6I6ANL6CIHID8DCK:N 

ED:BI=6IHJBB6G>H:HI=:<:C:G6AI=:B:D;6A>:C6I>DC6C99:H>G:D;

>CI:DCD;>BB>H:9>C)6B7616C9DC:L=>8=8=6AA:C<:H+AD6C`H67>A>INID

G:8G:6I:6AN`H>CI:C9:9B:HH6<:IDI=:G:69:G>H_6:HI6G6C9` ,=:ED:B

EG:H:CIHG:C<8DJEA:IHI=GDJ<=DJI6C9I=:HIGJ8IJG:B>GGDGHI=6ID;

(:IG6G8=`H$71+0I);+74<)<-16:15-;8):;-14;=767:8=D>C<I=:!I6A>6CIG69>I>DCD;

ED:IGNI=6I=:6AG:69N8:A:7G6I:HL>I=I=:I>IA:D;I=:8DAA:8I>DC ,=:ED:B>CIGD9J8:HI=:

6A>:C6I>C<:ME:G>:C8:D;B6CN>BB>B:G:<6G9A:HHD;I=:>GC6I>DC6A>IN

_+DB`E:DEA:8DB`6C`ADD@7JI9:N "JH`HB>A:6C`CDII686G: +DEG:II6HDDC9:N

C`9:G:` ,=:H:K:GH:H6G:C6GG6I:9>CI=:;>GHI E:GHDC

K:GC68JA6GID:BE=6H>H:I=:HIGJ<HL6NI=:6JI=DG6AADLHI=:

 >C:6AN_6:HI6G6C9`>C)6B761(=>A69:AE=>66I=DA>8+I6C96G9,>B:H(J7  D   AA   

  

EGDI6HIID_HE:6@`67DJI=>H:ME:G>:C8:9:HE>I:=>HA>B>I:9KD867JA6GN6C9HDI=:

8=6G68I:G7:8DB:H6HE:6@:G;DGB6CN>BB>CH>B>A6GH>IJ6I>DCH !CI=>H>CHI6C8:

I=:K:GC68JA6G6AHDEJIHI=:G:69:G>CID6GAD`HEDH>I>DCD;HIGJ<C<D;

I=:ED:B>H=6G9IDJC9:GHI6C96C9G:69;AJ:CIAN 

II=:IJGCD;I=:8:CIJGN_3":LH6C94!I6A>6CH:CI:G:968>INI=6I=697::C

9G6B6I>86AAN8=6C<:97NI=:B6HH>K: :GB6C6C9!G>H=>BB>DCD;:6GA>:G9:869:H

6C9L=:G:3[4!G>H=B:G>86CHL:G:;G:FJ:CIANI=:=DHIHL=DI6J<=IC:L8DB:GH

A:HHDCH67DJIG68>6A6C9:I=C>87DJC96G>:H` 6H>IJ6I>DCI=6IG:86AAHI=:DC:>AAJHIG6I:9

7N+AD6C>CI=:;>GHI>B6<:D;%68 6G<`HHIDGNL=:G:>I>H8A:6GI=6II=:!G>H=LDB:C

L6CIIDI:68=CID>C:=>HEA68:L>I=>CI=:8DBBJC>IN AI=DJ<=I=:>9:CI>IND;I=:

GD77:GB:CI>DC:96IA>C:C>C:I::CD;_6:HI6G6C9`>HJC@CDLC>I8DJA9=6K:7::C

6C68I>DC6>B>C<ID_I:68=6A:HHDC`IDI=:C:LAN6GG>K:9!I6A>6C>BB>

:>C<GD77:9L6HCDI6GAD`HDCANC:<6I>K::ME:G>:C8:I=:_::<EDA::B6C` 

=:6EEGD68=:H;DG=:AEA6J<=H6I=>HEA><=I6C9A:6K:H6GAD6ADC:6C9E:CC>A:HH !I>H6

9:BDCHIG6I>DCD;I=:A>IIA:>CI:G:HII=6II=:8DBBJC>INH=DLH;DG>BB>H

IG:6IB:CI8:GI6>CAN9>9CDIB::II=::ME:8I6I>DCHD;B6CNE:DEA:L=D:B76G@:9DC6

?DJGC:N;DG67:II:GA>;:DCI=:&:LDCI>C:CIL=D:ME:8I:96HJEEDGI>K:8DBBJC>IN

G6I=:GI=6C7:>C<6A>:C6I:99J:IDI=:>GC6I>DC6A>IN6C9>C67>A>INID6GI>8JA6I:I=:>GC::9H

>C6;DG:>C<D;I=:ED:B=DL:K:G>H=DE:;JA6AI=DJ<=6GAD

9D:HCDIG:IG>:K:=>H7:ADC<>CK:H=>BG:6HHJG6C8:_JI

HI::AA=:A::8@BN=6C9 H::;=:H6NIDB:]=::GJE !

:HE>I:I=:9>;;>8JAIH>IJ6I>DC9:E>8I:9I=:8=6G68I:G>HHI>AA_7A:HH:9L>I=

 DC:G  _6:HI6G6C9`A   _6:HI6G6C9`AA   

  

6C9L>I6C93>H486E67A:6II>B:HD;6EEG:8>6I>C<>GDCN`HNBEIDBHD;6_HJE:G>DG;DGB

D;>CI:AA><:C8:` ,=:ED:B`H;>GHIHI6CO69:BDCHIG6I:HI=>HED>CIL=>8=>H=><=A><=I:9

7N>EDAA6 ,=:IDC:H:I>CI=:;>GHIA>C:H>H6<K:7:86JH:D;=DL_%::HI:G

_%:G>86C` =6HB>HIG:6I:96GAD`H9D<  DL:K:GI=:IDC:7:8DB:H6EDAD<:I>86C9

;G>:C9A>:GL>I=I=:9:K:ADEB:CID;I=:ED:B>CI=:=DE:I=6I6GAD`H6J9>IDG8DJA9

A>HI:CID=>HHIDGN6C9D;;:G=>B=:AE

&D@::8@BN9D< 6DC`I696G: DG?JH`HDFJ::8@NDJ9D 1DJ%::HI:G_%:G>86C!HL:6G !7G68@NDJG;68:;DGNDJ =/`6I/:AA9:C96I`H6AA6G><=I 3[4 H8JH6B:;DG<6I:M>I:` DB`ADD@!HB>A6+:: !L6CIID;G6C9L::I=NDJ 

,=>H8=6C<:D;IDC:9:BDCHIG6I:H6GAD`HL>I7:86JH:=:696EIH=>H6II>IJ9:7N

7:8DB>C<6HIDGNI:AA:GD;=>HB>H;DGIJC: ,=:HE:AA>C<D;LDG9H>H8=6AA:C<>C<;DGI=:

G:69:G6HI=:NBJHIA:6GC6HI=:NG:69I=:E=DCDAD6C

9>6A:8I 6AN6>B:9;DGI=:G:69:GID_=:6G`I=:ED:B6C968FJ>G:I=:9>6A:8ID;I=:

EGDI6HIHL=>A:G:69>C<EA68>C<I=:G:69:G>C6CJC8DB;DGI67A:EDH>I>DCI=6I;DG8:H

I=:BIDHNBE6I=>H:L>I=6GAD 6ANA>@:+AD6C>H6L6G:D;I=:>BEDGI6C8:D;A6C

6C9=DLI=:>C67>A>INID6GI>8JA6I:H:CI:C8:HEGDE:GAN8DCIG>7JI:9IDI=:HI:G:DINE:D;

!I6A>6CH7:>C<7A:6C9JC>CI:AA><:CIA>@:I=:EGDI6HID;_6:HI6G>:C9` 

+AD6C`H>AAJHIG6I>DC86EIJG:H6GAD`H9:HE:G6I>DC6C9I=:=DE:6C9

:C8DJG6<:B:CI<>K:C7NI=:9D<7DI=D;L=>8=6G:@:N:BDI>DCHI=6I6ANL6CI:9ID

 >EDAA6 _6:HI6G6C9`A   _6:HI6G6C9^AA 

  

8DCK:N>CI=:K:GH:H ,=:9D<>HI=:_@>C96_%:G>86C96;>GHI3=:4:KK6@C:L`  L=D

8DB;DGIHI=:>BB>C<;JCD;=>B +AD6C`HG:EG:H:CI6I>DCD;I=:

B6C>H>CH><=I;JA6C9HDBDK>C<I=6IDC:86C=:6GI=:B6CHD77>C<_!H::I::CHIG::I\!

6BHD7AJ:  C`?JHI6=DA9BN=:69 C`I=::C@]L`6I6B!

96I!6B9:69 `  N68=>:K>C<I=>H+AD6CG:>C;DG8:HI=:CDC A>CHI>8EDL:GD;

>AAJHIG6I>DCH6C97N6AADL>C<6AN`HED:BID7:_=:6G9`7NI=:G:69:GL=>A:ADD@>C<6I

I=:>AAJHIG6I>DC=::C<6<:HBJAI>EA:H:CH:H6C96AADLH6BDG:8DBEG:=:CH>K:

:ME:G>:C8: +AD6C=><=A><=IH6GAD6C9I=:9D<IDK>HJ6AAN:BE=6H>H:I=:9:HE:G6I>DC

6C9>HDA6I>DCD;6B6CL=D=6HADHI=>HB6I:G>6AEDHH:HH>DCH +AD6C>AAJHIG6I:H6GAD

H>II>C<DCI=::9<:D;I=:E6K:B:CIA:6C>C<=>H=:69DC=>HA:;I=6C96EDH:I=6I

8DBBJC>86I:H=>H9>HIG:HH6C9:M6HE:G6I>DC ,=:G:69:G9D:HCDIC::9IDH::6GAD`H

;68:=>99:C7NI=:=:6KN8=>6GDH8JGDID>CI:GEG:I=>H;::A>CH:L>I==>H

H>IJ6I>DC ,=:EDH:6C9I=:8DBEDH>I>DC6G:CDIB:AD9G6B6I>86GAD`H7D9NA6C

G:B>C9HDC:BDG:D;I=:_K:G>H>B>A6G8D9:`9:;>C:I=>H69DEI:97N68IDGH;GDBI=:

 H 6HDEEDH:9IDI=:_=>HIG>DC>8` C6IJG:D;>AAJHIG6I>DCH6H=><=A><=I:9:6GA>:G>C

I=:8=6EI:G>C>B6<:HHJ8=6H_!9:AA66C9I=:/=>I:(A6C:` 

K:CI=DJ<=I=:>AAJHIG6I>DC>HCDIB:AD9G6B6I>8>I69=:G:HID6M6C96AA`H9:;>C>I>DCD;

6C:@E=G6HI>8E>8IJG:6AADL>C<I=:G:69:G

L>I=>CI=:;>GHIH:8DC9DGHDD;ADD@>C<3ID4=6K:6HDGID;>BEG:HH>DCD;I=: L=DA:;>:A9D;6E>8IJG: /=6I;DAADLH>HH=6GE:C>C<D;9:I6>ACDI>C<D; G:A6I>DCHE:G8:EI>DCD;DG9:GH6C9HDDCI=:H:FJ:C8:D;DEI>86AH86CC>C<

  _6:HI6G6C9`AA     _6:HI6G6C9`AA    "D=C6<<_],=::L=>H@:G:9*JHI>8,JGC:9'G6IDG^*D7:GI*D7>CHDC`H'A9%:C(DA>I>8H6C9I=: +6IJG96NK:C>C<(DHI`  !7>9 

  

7:>C<>C;AJ:C8:97DI=7N<:C:G6AH86CC>C<=67>IH6C97NE6GI>8JA6G8J:H>C I=:E>8IJG:68I>C<DCDJG6II:CI>DC 

,=>H>H6H>B>A6GEGD8:HHI=6I6EEA>:HID47?6)316/#8 6C6ANH:9>CI=:EG:K>DJH

8=6EI:G+AD6C`H>AAJHIG6I>DC>CI:GEG:IHI=:I:MI6C9;68>A>I6I:HI=:G:69:G`HJC9:GHI6C9>C<

D;I=:ED:B>IH:A; +AD6CG:9J8:HI=:HI:G:DINE:9:A:B:CIHB6@:HI=:=JBDJGBDG:

<:CIA:6C9:BE=6H>H:HI=:E>8IJG:HFJ:FJ6A>I>:H6CD7H:GK:GA>@:=>BLDJA9E:G8:>K:

>CI=:$>IIA:!I6ANC:><=7DJG=DD9 

H>C=>H  E6>CI>C<47?6)316/#8>CI=:>AAJHIG6I>DCD;6GAD+AD6C

9G>K:HI=:K>:L:G`H6II:CI>DCIDI=:B6CI=:C6GG6IDG6C9EGDI6HI6C9=><=A><=IH=>B

7NHJGGDJC9>C<=>BL>I=A><=I:G6C9H@:I8=:HD;D7?:8IHI=6I6G:A><=I:G>C8DADJG ,=>H

I:8=C>FJ:B>GGDGH6C9K>HJ6AANG:EG:H:CIH6AN`HJH:D;I=:;>GHI E:GHDCC6GG6IDG !I>HI=:

:BE=6H>HDCI=:HJ7?:8I7:>C<JCEDH:96C9I=::C<6<:B:CIL>I==>H;::A>C

6GADID_HE:6@`IDI=:G:69:G:A:K6I>C<I=:ED:B6C9I=:>B6<:ID6BJAI> H:CH6I>DC6A

:ME:G>:C8:;DGI=:K>:L:G +AD6CJH:H96G@8DADJGHE:G=6EHIDHNB7DA>H:I=:96G@C:HHD;

I=:BDB:CI6GAD>H:ME:G>:C8>C<G6I=:GI=6CI=:A><=I:GIDC:H=:JH:H;DGI=:8ADLC

L=>8=HNB7DA>H:I=::E>E=6CNI=6II=:B6C=6H7::C86J<=I>C 6GAD`H9D<DCI=:

DI=:G=6C9>HA><=I:GE6GIAN7:86JH:6AN9:H8G>7:H=>H;JG6H7:>C<N:AADL7JI6AHD

7:86JH:=:>HHNB7DAD;=DE:;DGI=:B6C ,=>HJH:D;8DADJG>H6C>BEDGI6CI8DBEDC:CI

D;+AD6C`H6GI6H=:8DC8AJ9:9I=6I;DGB6C9_8DADG6G:H:E6G6I::CI>I>:H>CE:G8:EI>DC

6C9I=:G:;DG:H=DJA9=6K:H:E6G6I:HNB7DAHIDHJ<<:HII=:B`  :9:BDCHIG6I:HI=>H

L=:C:BE=6H>H>C<I=:EG:H:C8:6C9:BDI>DCHD;68=6G68I:G +AD6C`H>CI:GEG:I6I>DCD;

I=:ED:B:MEG:HH:9>C8=>6GDH8JGD:M=>7>IHI=:_;67A:HD;=>H8=6G68I:GHL>I=DJI:>I=:G

 6M6C96AA  >8/DG@D;"D=C+AD6C`"0-014),-4801)=;-=5=44-<16.DA  C  "D=C+AD6C%:BDG>6A >H8DBEA:I: G6E=>8/DG@      

  

:MEAD>I>C<I=:BDG9:H8:C9>C<ID86G>86IJG:` 6H+AD6C6CDCNB>H:H6GAD`H>9:CI>IN 

,=>H8DC;>GBHI=:E:G8:EI>DCI=6I6G:69:GB><=I=6K:;DGB:9D;6GAD;GDB6AN`H

K:GC68JA6GI=:G:;DG:76A6C8>C<I=:BD8@:GNI=:G:69:G`HE:G8:EI>DCL>I=DJI

JC9:GB>C>C<6AN`H6JI=DG>6A>CI:CI6C9IDC: 

+AD6C8DCI>CJ:9EGD9J8>C<:I8=>CAAJHIG6I>DCHJCI>A6;:LN:6GH7:;DG:=>H

9:6I=>C  !CEG>A +AD6CB69:H>MI::C:I8=>CAAJHIG6I>C<%6J<=6B`H.

=5)676,)/-  68DBB>HH>DC;GDB :DG<:%68NI=:9>G:8IDGD;I=:$>B>I:9

9>I>DCHAJ7D;&:L1DG@L=>8=L6H9:KDI:9IDEGD9J8>C<;>C:>AAJHIG6I:9:9>I>DCHD;

L:AA @CDLC7DD@H ,=>H8DBB>HH>DC9>;;:GH;GDB6AN`H6HDCI=>HD886H>DC+AD6C

L6HCDIH:A:8I:97NI=:6JI=DG=>BH:A;6C9I=:>AAJHIG6I>DCHL:G:CDIE6GID;I=:;>GHI

:9>I>DCD;I=:CDK:AHDI=:;>GHIG:69:GHD;I=:CDK:AL:G:CDI>C;AJ:C8:97N+AD6C`H6GI

>CI=:H6B:L6NI=6I)6B761`HG:69:GHB6N=6K:7::C H:HI67A>H=:9>CI=:;>GHI

8=6EI:G"D=CJIA:G1:6IHL6H6C>BEDGI6CI;>C+AD6C`H;DGB6I>DC6H6C6GI>HI

7:86JH:=:B:CIDG:9+AD6C6C98=6AA:C<:9=>H6GI6C96GI>HI>8I=DJ<=I 1:6IH9>:9>C

6C9+AD6CE6NH=>HA6HI6GI>HI>8IG>7JI:IDI=:>G;G>:C9H=>E7N_IJGC>C<>CB:BDGNID

L=6I1:6IH=69IDA9=>BD;=>HDLC:ME:G>:C8:H>C6GIH8=DDA>C$DC9DC>CI=:A6I:

 `H` L=:C=:B69:I=:>AAJHIG6I>DCD;8=6EI:G"0-:<"-)+0-:D;%6J<=6B`H

CDK:A.=5)676,)/- 

%6J<=6B`HCDK:AC6GG6I:HI=:8GJ8>6A9:8>H>DCH6C9:K:CIHD;I=:A>;:D;(=>A>E

6G:N68=6G68I:GL=DH=DLHH:K:G6A6JID7>D86AIG6>IHD;I=:6JI=DG6C9L=D>H

A:;IDGE=6C:96I6NDJC<6<:6C9IG6K:AHJGDE:>CI=:_H:6G8=;DG=>HE6II:GC>C=JB6C

 >EDAA6   A>8:$::(6G@:G6C9%>AIDC#6EA6C_(G>CIH6C9(=DIDCDAB:C (G:HH  

  

:ME:G>:C8:`  (=>A>EIG6K:AHID(6G>HIDHIJ9N6GI>CI=:=DE:D;7:8DB>C<6EGD;:HH>DC6A

6GI>HI ;I:GG:6A>H>C<I=6I6GILDJA9CDIHJEEDGI=>B;>C6C8>6AAN=:G:IJGCHID$DC9DCID

EJGHJ:=>HA6I:;6I=:G`H86G::G6C9HIJ9>:HB:9>8>C: 

"0-:<"-)+0-:  I=:>AAJHIG6I>DCD;8=6EI:GD;I=:CDK:AG:8DG9H+AD6C`H

B:BDG>:HD;1:6IH`I6A:HD; :6I=:GA:N`H6GIH8=DDA>C$DC9DC6C9>CI=>H9G6L>C<

+AD6C696EIH=>H;G>:C9`H:ME:G>:C8:IDG:EG:H:CI(=>A>E`HDLC:ME:G>:C8:6II=:(6G>H>6C

6GIH8=DDA H*D7:GI DG9DCD7H:GK:H_1:6IH=69C:K:G8GDHH:9I=:=6CC:AID

HIJ9N` 7JI+AD6C`HB:BDG>:HD;1:6IH`:ME:G>:C8:HL:G:688JG6I::CDJ<=;DGI=:

6JI=DGID7:H6I>H;>:9L>I=I=:>AAJHIG6I>DCD;I=:CDK:A`HE6HH6<: ,=:H8:C:9:H8G>7:97N

%6J<=6BD;(=>A>E`H;>GHI6GIA:HHDC>HA>@:ANID=6K:IG><<:G:9+AD6C`H>CHE>G6I>DC;DG

I=:>AAJHIG6I>DC

I=:HIJ9>DL6HA6G<:6C976G:L>I=8=L:G:E>CC:9I=: HIJ9>:HI=6I=69G:8:>K:9EG>O:H BD9:AL6HH>II>C<>C68=6>GL>I=6ADDH: LG6EI=GDLCDK:G=:G6C967DJI69DO:CB:C6C9LDB:CL:G:HI6C9>C<67DJI HDB:I6A@>C<6C9DI=:GHHI>AALDG@>C<DCI=:>GH@:I8= 

,=:>B6<:>HD;6CJ9:6HB:CI>DC:97N%6J<=6BHI6C9>C<DC6E:9:HI6AHJGGDJC9:9

7NA:6GC>C<6GI>HIH ,=:6II:CI>DCD;I=:K>:L:G>H9G6LCIDI=:B6CH>II>C<6C98DGG:8I>C<

I=:E>8IJG:D;DC:D;=>HHIJ9:CIH ,=:G:H:B7A6C8:ID1:6IH>HID7:CDI:9I=:B6C=6H

6ADC<7:6G9I=>CC>C<=6>G6C96I=G:: E>:8:HJ>I6C9ADD@HA>@:1:6IH6HEDGIG6N:97N

+AD6C>C&-)<;)<<0--<1<8);  HJ<<:HI>C<I=6I+AD6CJH:9=>HB:BDG>:HD;1:6IH`

6EE:6G6C8:ID>AAJHIG6I:I=:6GII:68=:G>C%6J<=6B`HCDK:A !CI=:;DG:HI

EDI:CI>6AAN(=>A>EG:H:B7A:H+AD6C6C9>HADD@>C<6II:CI>K:AN6II=:I:68=:G6C9I=:

  ,=:D9DG:+E:C8:G_+DB:GH:I%6J<=6B`744-/-6/41;0KDA C       >C:CI6ADD@D     

  

8DGG:8I>DCHI=6I=:>HB6@>C<ID6;:AADL`HH@:I8= ,=:6EE:6G6C8:D;I=:H:ILD

8=6G68I:GHHJ<<:HIHI=:6JID7>D86AC6IJG:D;I=:>AAJHIG6I>DC6EA6JH>7A:

>CI:GEG:I6I>DCD;I=>H>HI=6I+AD6CL6CI:9ID8:A:7G6I:=>H;G>:C9H=>EL>I=1:6IH7N

EDGIG6N>C<L=6I=:8DCH>9:G:9ID7:I=:BDHI>BEDGI6CI6HE:8ID;I=:>GG:A6I>DCH=>E

1:6IH`B:CIDGH=>ED;+AD6C 'C:86C6GAAJHIG6I>DC6AI=DJ<=76H:9DC

%6J<=6B`H8=6EI:G;DGIN I=G::>C8AJ9:HB6CND;+AD6C`H;DC9B:BDG>:HD;=>H

;G>:C9H=>EL>I=1:6IH8G:6I>C<6C:BDI>DC6AIG>7JI:IDI=::8A:8I>86GI>HI !C"0-:<

"-)+0-:+AD6C`H6GI>HI>8B6IJG>IN>HH=DLCCDIHDBJ8=>C=>HI:8=C>FJ:7JI>CI=:L6N

=:B6C6<:HID8G:6I:6C6JID7>D86A>AAJHIG6I>DCI=6IHJ>IHI=:I:MI>C6L6NI=6II=:

G:69:GB6NCDIG:6A>H:I=:E:GHDC6AG:;:G:C8:I=6I+AD6C>C8DGEDG6I:9>CI=:9G6L>C< 

K:CI=DJ<="0-:<"-)+0-:9>;;:GHID6C:MI:CI;GDBI=:DI=:G>AAJHIG6I>DCH

6C6ANH:9>CI=>H8=6EI:G7:86JH:>I>HB6>CAN6C6JID7>D86A>AAJHIG6I>DC>IHI>AA

EG:H:CIHI=:B6>CEG>C8>EA:HDJIA>C:9>CI=>H8=6EI:G :HE>I:I=:;68II=6I+AD6C

>AAJHIG6I:9I=:6GII:68=:GIDADD@A>@:1:6IH6C99G:LA6G<:AN;GDB=>HDLCB:BDGN=:

HI>AA:C<6<:9L>I=I=:I:MI>CDG9:GID8G:6I:6C>AAJHIG6I>DCI=6IL6HG:A6I67A:IDI=:I:MI

;GDBI=:G:69:G`HE:GHE:8I>K: ,=GDJ<=DJII=:8=6EI:G!=6K:EG:H:CI:9:M6BEA:HD;

+AD6C`H6L6G:C:HH6C9:C<6<:B:CIL>I=I=:G:A6I>DCH=>E7:IL::CLDG96C9>B6<:

L=:G:=:7:8DB:H6C>CI:GEG:I:GD;I=:A>I:G6IJG:L=>8==:L6H8DBB>HH>DC:9ID

>AAJHIG6I: +AD6C`HGDA:6H>AAJHIG6IDGL6HDC:>CL=>8==:B:9>6I:97:IL::CLDG9H6C9

>B6<:H7NB6@>C<I=:I:MIH=:>AAJHIG6I:9BDG:688:HH>7A:IDI=:G:69:G ,=::M6BEA:H

H=DL86H:9>CI=>H8=6EI:GH=DL=DL+AD6C`H>AAJHIG6I>DCH:C<6<:L>I=I=:>CC6I:

>CHI>C8IHD;D7H:GK>C<6C9ADD@>C<>CHI:69D;G:FJ>G>C<I=:E:G;DGB6C8:D;6C68I>K>IN

A>@:G:69>C<I=6IG:FJ>G:HA:6GC:9H@>AAH ,=>H8=6EI:G=6H9:BDCHIG6I:9+AD6C`H9::E

JC9:GHI6C9>C<D;A>I:G6IJG:L=>8=L>AA7::MEADG:9;GDB69>;;:G:CIE:GHE:8I>K:>CI=:

  

I=>G96C9;>C6A8=6EI:GD;I=>HG:H:6G8=EGD?:8IL=:G:!L>AAADD@6I+AD6C6H6LG>I:G6C9

=DL=::C<6<:HL>I=I=:G:A6I>DCH=>E7:IL::CLDG96C9>B6<:;GDB6A>I:G6GNED>CID;

K>:L 















  

!(+) $'&*)"+)

,=:EG:K>DJH8=6EI:GH:MEADG:9"D=C+AD6C6H6C6GI>HI>AAJHIG6IDG6C9>CI:GEG:I:GD;I=:

A>I:G6IJG:=:G:69 ,=:;>GHI8=6EI:G>CK:HI><6I:9I=:>C;AJ:C8:I=6II=:A>I:G6IJG:+AD6C

G:69;DGA:>HJG:6C9H:A; >BEGDK:B:CI=69DC=>HE6>CI>CDCH

D;I:MIHA>@:*JH@>C`H"0-4-5-6<;7.:)?16/ ,=:H:8DC98=6EI:G:MEADG:9I=:GDA:

I=6II=:6GI>HI=69>C>CI:GEG:I>C<6C98DCK:N>C<I=:A>I:G6IJG:=:G:69;DGLDG@H

8DBB>HH>DC:97NB6<6O>C:HHJ8=6H+4=:-I;6C97441-:I;6C96JI=DGHA>@:,DB

6AN ,=:6>BD;I=>H;>C6A8=6EI:G>HID>CK:HI><6I:6C98DCI:MIJ6A>H:+AD6C`HDLC

LG>I>C< +AD6CLGDI:H:K:G6A9>;;:G:CI@>C9HD;I:MIH>C8AJ9>C<8DGG:HEDC9:C8:ID=>H

;G>:C9H=>HJCEJ7A>H=:99>6G>:H\L=>8==6K:7::C:MI:CH>K:ANG:;:G:C8:9>CI=>HI=:H>H

\6C9=>H 8DAA:8I>DCD;A:8IJG:H1;<7.:< NG:69>C<+AD6C`HLG>II:CLDG9H=>H

6GI7:8DB:HBDG:688:HH>7A:7:86JH:DC:86CA:6GCBDG:67DJII=:8=6AA:C<:H=:

:ME:G>:C8:9 ,=:G:;DG:I=:H:9D8JB:CIH68FJ>G:68:GI6>C9:HIDG>86AK6AJ:;DG

I=:>GG:69:GH6C9I=:N7G>C<I=:G:69:G8ADH:GIDI=:6GI>HI6H6C>C9>K>9J6A ,=:8=6EI:G

L>AA;DGL6G9I=:>9:6I=6I+AD6C`H8DGG:HEDC9:C8:6C99>6G>:HEGDK>9:I=:G:69:GL>I=

I=:C:8:HH6GN8DCI:MIID>BEGDK:I=:>GJC9:GHI6C9>C<D;+AD6C`H6GI6C9I=:768@

;GDBL=>8==:8G:6I:9>I !CEG:H:CI>C<6H:A:8I>DCD;A:II:GHI=6I+AD6CLGDI:ID :CG>

8DAA:8I:9>C ->74=<176):1-;7. -)41;5 :9>I:97N:CC6G9 (:GAB6C6C9

H:A:8I:9:CIG>:H;GDB=>HJCEJ7A>H=:99>6G>:HI=:8=6EI:G=><=A><=IH+AD6C`H>CI:G:HI>C

8G:6I>K:LG>I>C<L=>8=L6H:MEG:HH:9>CK>K>9AN9:H8G>7:9E6HH6<:H6C9ED:IGN 

%DG:DK:GI=:8=6EI:GL>AA8DCI>CJ:IDEG:H:CI+AD6C`H:C<6<:B:CIL>I=I=:G:A6I>DCH=>E

7:IL::CLDG96C9>B6<:6C9=DLI=>H:C<6<:B:CIL6HCDIA>B>I:9IDI=:>CI:GEG:I6I>DC

D;6JI=DGH`I:MIHI=GDJ<==>H6GI7JIL6H6AHDEG:H:CI>C=>HEG>K6I:A:II:GHL=>8==:

D;I:C688DBE6C>:9L>I=H@:I8=:HDG86AA>

  

+AD6C`HLG>I>C<=6H7::CJH:97N6GI=>HIDG>6CH6C9>CI=>HI=:H>H6H=>HIDG>86A6C9

6JID7>D86A:K>9:C8:D;I=:I=DJ<=IH6C9DE>C>DCHD;I=:6GI>HI>CB6II:GHG:A6I>C<

ID6GIEDA>I>8H6C9A>I:G6IJG: >6G>:H6C9EG>K6I:A:II:GH_7:ADC<IDI=:DK:GA6EE>C<

9DB6>CHD;=>HIDGN6C9A>I:G6IJG:` B:6C>C<I=6II=:N86C7:>CI:GEG:I:96H7DI=

=>HIDG>86A6C9A>I:G6GN9D8JB:CIH:K:C>;I=:N=6K:7::CD;I:C8DCH>9:G:9B6G<>C6A7N

A>I:G6GN6869:B>6 ,=>H8=6EI:G9:BDCHIG6I:HI=6I+AD6C9>9CDILG>I:=>H9>6G>:H?JHI

;DGI=:H6@:D;EGD9J8>C<6_H:G>6AC6GG6I>K:` D;=>HE:GHDC6A6C96GI>HI>8A>;:DG=>H

A:II:GH;DG8DBBJC>86I>C<L>I=G:A6I>K:H6C968FJ6>CI6C8:H 'C:D;I=:@:N6>BHD;I=>H

8=6EI:G>HID>9:CI>;NI=:EJGEDH:D;+AD6C`HLG>I>C<6C9I=>H8=6EI:GL>AA:HI67A>H=I=6I

+AD6CJH:9LG>I>C<6H6IDDA;DG=>HDLC6C9DI=:GE:DEA:`H:CI:GI6>CB:CI6HL:AA6HID

86EIJG:=>H>BEG:HH>DCHD;=>HJG76C:CK>GDCB:CI6C9I=::K:CIHI=6I=696E6GI>8JA6G

>BE68IDC=>HA>;: 

!I>HEA6JH>7A:IDI=>C@I=6I+AD6C>B6<>C:9=>H9>6G>:H7:>C<EJ7A>H=:96C9JH:9

6H6HDJG8:7NDI=:GH6H>IL6H8DBBDCEG68I>8:>CI=:C>C:I::CI=8:CIJGNID8DAA:8I6C9

EDHI=JBDJHANEJ7A>H=I=:EG>K6I:8DGG:HEDC9:C8:6C9?DJGC6AHD;EGDB>C:CI>CI:AA:8IJ6A

;>7JI:IDI=:>GA>K:H6C9LDG@68JHIDBI=6I:C8DJG6<:9I=:9:K:ADEB:CID;

6G8=>K6AG:H:6G8=  >K:CI=>HEG68I>8:HDB:6JI=DGHEDA>I>8>6CH6C96GI>HIHG:FJ:HI:9

I=6II=:>GEG>K6I:LG>I>C6AANI=:>G8DGG:HEDC9:C8:6C99>6G>:H7:9:HIGDN:9

HDDC6;I:GI=:>G9:6I= +>C8:I=:EG68I>8:D;EJ7A>H=>C<EG>K6I:I:MIHL6HG:H:GK:9;DG

 !G>C6(6E:GCD_/=6I6C:DC:L>I=>6G>:H`>C"0- =;;1)6 ->1-?KDA    E    "J9N+>BDCH1):1-;)6,7=:6)4;7.1<-:):A%75-6.:75)66A=:6-A<7$1:/161)%774.$DC9DC %68%>AA6C    "D8=:C :AA7:8@_,=:>6GN7:IL::C$>I:G6IJG:6C9 >HIDGN >HIDG>6C`HG>I>86A*:HEDCH:`"0- =;;1)6 ->1-?.DA C     9 :A:HI: %6G>::GC>:G"J9>:&:LB6C6C9%6II=:L(:I=:GH81;<74):A!<=,1-;)6,16-<--6<0 -6<=:A5-:1+)6-<<-:;)6,-<<-:%:1<16/9>C7JG<=9>C7JG<=-C>K:GH>IN(G:HH :EJ7 688:HH:96II=:G>I>H=$>7G6GN!+&    !7>9  

  

G:CDLC:9>CI:AA:8IJ6AHDC:86CHE:8JA6I:I=6I6GI>HIH6C96JI=DGHL=D=DE:9;DG

EDHI=JBDJHG:8DI>DC7:<6CIDI6@:BDG:86G:D;I=:;DGBA6C

I=:NJH:9>CI=:>GEG>K6I:LG>I>CCDG9:GIDEGDK>9:G:69>C<B6I:G>6A;DG;JIJG:

<:C:G6I>DCH 

869:B>8JOO+E:8IDGG:8DH:HI=6IHDB:6GI>HIHHJ8=6H:A68GD>M6C9

6JC8G:6I:9E6HH6<:H>CI=:>G?DJGC6AHI=6I_=6K:I=:;DG8:6C9ED:IGND;

A>I:G6IJG:` 6C9;GDBI=:E6HH6<:HG:8DG9:9>CI=>H8=6EI:G>IL>AA7:8A:6GI=6I+AD6C

69DEI:96H>B>A6G6EEGD68=ID8G:6I:>CI:G:HI  >HH:8DC9L>;: :A:C6GG+AD6C@:EI

6C99DC6I:9IDI=::A6L6G:GI%JH:JB6K6HI8DAA:8I>DCD;+AD6C`H8DGG:HEDC9:C8:

8G:6I>C<_6JI=DG>IN6C9EJGEDH:;DG=:GDLCA>;:6C9;DG=:G=JH76C9`HA:<68N` 6HL:AA

6H7J>A9>C<6K6AJ67A:6G8=>K:;DGI=:G:H:6G8=6C9HIJ9ND;:6GANB:G>86CBD9:GC>HB 

+AD6C`HLG>I>C<>HCDIA>B>I:9IDA:II:GH6C99>6G>:HA6I:G>C=>H6GI>HI>886G::G6C9A>;:=:

6AHDA:8IJG:9DC6GI  >HA:8IJG:HL:G:8DAA:8I:96C9EJ7A>H=:97NI=:B:G>86CGI>HI

GDJE>C JC9:GI=:C6B:"0-1;<7.:< ,=>H8DAA:8I>DCD;+AD6C`HA:8IJG:H>H6C

>BEDGI6CI6C9K6AJ:9E>:8:6H>I8DBBJC>86I:H+AD6C`HI=DJ<=IHDC6GI6C9=>H

G:;A:8I>DCHDC=>HDLCLDG@H>C6A6I:GHI6<:D;=>HA>;:6C986G::G :86JH:"0-1;<7.

:<L6HEJ7A>H=:9IDL6G9HI=::C9D;=>H86G::G>IL>AACDI7::MEADG:9>CI=>H8=6EI:G

6HI>B:;G6B:D;I=>HG:H:6G8=EGD?:8I:C9H>C  6C9:M6B>C:HDCANI=::6GANN:6GHD;

+AD6C`H86G::G  DL:K:G:K:CI=DJ<="0-1;<>C8AJ9:H8DCIG69>8I>DCHID6C9G:?:8I>DCH

D;HDB:D;=>H:6GA>:GLDG@H6C9I=DJ<=IH>IL>AAHI>AA7:JH:96H6=:AE;JAG:HDJG8:ID

9>H8JHHED>CIHG6>H:9>CI=:8=6EI:GL=:C6EEGDEG>6I: 

 JOO+E:8IDG6C9"D=C/>A9:_GI>HIH`/G>I>C<`GI"DJGC6A.DA &D G>I>86A!HHJ:H>C(J7A>8 GI E   A:M>H$ DNA6C_,=:JG>DJH6H:D;I=:,LD%GH +AD6C`%75)6I;:<7=:6)4KDA C      

  

,=:;DAADL>C<E6G6AA:MEADG:HDB:D;+AD6C`H8DGG:HEDC9:C8:ID=>H

;G>:C9B:CIDG6C9;:AADL6GI>HI*D7:GI :CG> :CC6G9 (:GAB6CCDI:H>C=>H7DD@

->74=<176):1-;7. -)41;5<0--<<-:;7.706!47)6)6, 7*-:<-6:1I=6II=:A:II:GH

8DAA:8I:9>C=>H7DD@H=DLI=:HE:8>6A;G>:C9H=>EH=6G:97NI=:ILD6GI>HIHI=GDJ<=DJI

I=:>GA>K:H7JII=6I8:6H:9JEDC :CG>`H9:6I=>C   HL6HI=:86H:;DGB6CN

A>I:G6I:E:DEA:>CI=:ADC<C>C:I::CI=8:CIJGN+AD6C`HEG>B6GN;DGBD;8DBBJC>86I>DC

L>I=;6B>AN6C9;G>:C9HL6H:E>HIDA6GN8DGG:HEDC9:C8: :A:HI: %6G>::GC>:G"J9>:

&:LB6C6C9%6II=:L(:I=:GH=><=A><=I>CI=:>CIGD9J8I>DCD;81;<74):A!<=,1-;)6,

16-<--6<0-6<=:A5-:1+)6-<<-:;)6,-<<-:%:1<16/I=6I9JG>C<I=:C>C:I::CI=

8:CIJGNLG>II:C8DGG:HEDC9:C8:EA6N:96C>BEDGI6CIGDA:>C7G>C<>C<ID<:I=:G

_>C9>K>9J6AHH:E6G6I:97NI=:C6I>DC`H:MI:CH>K:<:DC<46EG>B68N

CB6HHA>I:G68N6C9I=:7J>A9>C<D;6K6HIEDHI6AC:ILDG@`  ,=:H:;68IDGH

8DCIG>7JI:9IDB:G>867:8DB>C<6C>BEDGI6CI6G:6;DGI=:9:K:ADEB:CID;BD9:GC

:E>HIDA6GN8JAIJG: :GC>:G:I6A =6K:6AHD6GGDLC<:CG:

8=6G68I:G>O:97N9>HI>C8I>K:8DCK:CI>DCH6C9;DGBHI=6I9DCDI8DBEGDB>H:I=:

>C8AJH>DCD;;DGBH;GDBDI=:G8JAIJG:H6C986C7:9:A>K:G:97N6G6C<:D;9>;;:G:CI

LG>I:GH  :GC>:G:I6A `HED>CI>HH=DLC7N+AD6C`HA6G<:8DGG:HEDC9:C8:L=>8=K6G>:H

>C8DCI:CI6C9HIGJ8IJG:7JIHI>AAEG:H:CIHI=:9>HI>C8I>K:8DCK:CI>DCHI=6I8=6G68I:G>H:

I=:<:CG: (:GAB6C`H ->74=<176):1-;7. -)41;5H=DLHI=:K6G>:IND;8DCI:CI6C9

HIGJ8IJG:HI=6I+AD6CJH:9>C=>HA:II:GHID :CG> 

  :CC6G9 (:GAB6C ->74=<176):1-;7. -)41;5<0--<<-:;7.706!47)6)6, 7*-:<-6:1 (G>C8:IDC-C>K:GH>IN(G:HH 00   :GC>:G:I6A    !7>9  

  

+AD6CHD=><=ANK6AJ:9A:II:GH;GDB=>H;G>:C9 :CG>I=6I=:8G>I>8>H:9 :CG>>C

=>H9>6GNL=:C=:@:EIG:8:>K>C<EDHI86G9H>CHI:69D;A:II:GH

*:8:>K:96H:ID;EDHI86G9H;GDB DH:L>H8=>C 6CDK:G  6K:=:6G9;GDB :CG>DCAN>CI=>HL6N *6I=:G9>HA>@:I=:EDHI86G9;69 /DJA9G6I=:G=6K:6 A:II:G;GDB6;G>:C9I=6C696B6<:9E=DIDCI=:IDLCL=:G: I=:NHIDE>CDG86C8:A>C@HI6>C:9G:EGD9J8I>DCD;6E6>CI>C< I=J

,=::CIGN8A:6GANHI6I:H+AD6C`H9>H6EED>CIB:CI>CG:8:>K>C<67G>:;CDI:;GDB=>H;G>:C9

L=DL6HIG6K:AA>C<JGDE:6II=:I>B:=><=A><=I>C<I=:>BEDGI6C8:I=6I+AD6C6IIG>7JI:9

IDA:II:GH>CE6GI>8JA6GI=DH:;GDB69:6G;G>:C9 HCDI:9>CI=:>CIGD9J8I>DCIDI=>H

8=6EI:G+AD6CIJGC:9IDLG>I>C<CDIDCANID@::E>CIDJ8=L>I=;6B>AN6C9;G>:C9H7JI

6AHD6H6;DGBD;:CI:GI6>CB:CI;DG=>BH:A; 'C:86CCDI>8:I=6I>CHDB:D;I=:>CHI6C8:H

EG:H:CI:9>C(:GAB6C`H7DD@+AD6C`H6>BL6HID:CI:GI6>C :CG>L=>A:HI>AA@::E>C<=>B

>C;DGB:967DJIL=6I=6EE:C:9>C=>H67H:C8: 

!C6A:II:GID :CG>96I:9:8:B7:GI=  +AD6C>C8AJ9:H6H8:C:H:II>C<

I=6I8DJA9=6K:7::CE6GID;6EA6N ,=>HA:II:G>H6BDC<I=:ADC<:HI8DGG:HEDC9:C8:

8DAA:8I:97N(:GAB6C6C9>I86C7:9>K>9:9>CIDI=G::H:8I>DCH ,=:;>GHIILDH:8I>DCH

699G:HH+AD6C`H9>H6EED>CIB:CIL>I=I=:,J:H96NC><=I6L::@AN<6I=:G>C<=:A96I

:CG>`HHIJ9>D6I /6ACJI+IG::II=6I+AD6C7:<6CID6II:C9;DAADL>C<I=:;6>AJG:D;

I=:=6G8D6AAJ7 7DJII=:<6I=:G>C<+AD6CLG>I:H_,J:H96NC><=IH6G:<:II>C<

]8JG>DJH:G6C98JG>DJH:G ^,=:NA68@E:68:;JA8DCI:BEA6I>K:C:HH6C9>CI:AA:8IJ6AIDC:

!`B6;G6>91DJ@CDLI=:NH=DL:9HNBEIDBHD;I=>H@>C9D;9:<:C:G6I>DC:K:C7:;DG:

NDJA:;I6C9D;8DJGH:L=:CNDJ\L:AAL:LDCI7:8DBEA>B:CI6GN`  ,=:H::K:C>C

  (:GAB6C   I=:L=DA:A:II:G>HG:EGD9J8:96HEE:C9>M   (:GAB6C  

  

L:G:B:6CIID7:6_9>H8JHH>DCI:G6IJG:6C9E=>ADHDE=N>C8AJ9>C<I=:

I=DJ<=ID;/=>IB6CB:GHDC,=DG:6J2DA66AO686C9!7DGH:C`  +AD6C`H

?J9<:B:CID;I=:,J:H96NC><=IH>H:MEG:HH:97NFJDI>C<;GDB$:L>H6GGDAA`H41+-16

%76,-:4)6,\_,J:H96NC><=IH6G:<:II>C<]8JG>DJH:G6C98JG>DJH:G^` \6FJDI6I>DC

L=>8=6CI>8>E6I:HI=:8=6DI>8:K:CIHI=:6GI>HIL>AA9:H8G>7:>CI=:H8:C: H:II>C<H:8DC9

E6GID;I=:A:II:GL=>8=!L>AA699G:HH>C9:I6>A6;I:G8DBB:CI>C<7G>:;ANDCI=:A:II:G`H

I=>G9H:8I>DC 

,=:;>C6AE6GID;I=:A:II:G699G:HH:H68DBBDCIDE>8D;8DCK:GH6I>DC7:IL::C

I=:ILD;G>:C9HL=>8=>H6GI +AD6CB:CI>DCH=6K>C<H:CI :CG>`HE6>CI>C<476,

7:<:)1<ID(>IIH7JG<=;DG6C:M=>7>I>DC6C9=:8DBB:CIHDCI=:LDG@HD;I=:+L:9>H=

E6>CI:GC9:GH2DGCH6N>C<I=6I2DGC`HLDG@>H_6L;JAAN8A:K:G7JIH::BHI=>CA68@H

9>INIDD96BCAN8A:K:G`   :6AHDHE:6@H67DJI=>HH>HI:G%6G>6CC6L=D=696

EDHI:GEJ7A>H=:97NI=:%75)6I;,1<176:-;; ,=:A:II:G9D:HCDI>C8AJ9:

6C6ANH>HD;:>I=:G2DGCDG%6G>6CC6=DL:K:GI=>H;>C6AH:8I>DCD;I=:A:II:G;JA;>AHI=:

EJGEDH:D;JH>C<LG>I>C<6H6IDDA;DGH=6G>C<I=DJ<=IHDC6GI 

,=:H:8DC9H:8I>DCD;I=:A:II:G>C8AJ9:HI=:A:II:G`H68IJ6AEJGEDH:L=>8=>HID

:CI:GI6>C :CG>L>I=I=:8DCI:MI6C99:K:ADEB:CIHD;6C:K:CIL=>8=+AD6CL>IC:HH:9

9JG>C< :CG>`H67H:C8: ,=:;>GHIE6G6DC6C968I>DCH_+8:C:

 /6ACJI+II=;ADDGI>B:,J:H96N  ( % 6G@:C:9HIJ9>DH6K:;DGI=:G:;A:8I:9

ABDG:HDK:GI=:L6N`  'CANILD8=6G68I:GH:CI:GI=:H8:C:+AD6C6C9

#:AANH3H>84 =DHI II=::M>ID;I=: =DHII=:H8:C:7:8DB:H>C8G:6H>C

  *D7:GI$  6B7DC:1.-76<0-:-;;<0-78=4)::<)6,44=;<:)<176;7.-7:/--62)516=3; "68@HDC-C>K:GH>IN(G:HHD;%>HH>HH>EE>    (:GAB6C    !7>9    (:GAB6C  

  

6C98=6DI>89J:IDI=:EGD8:HH>DCD;6EE6G:CIANG6C9DB8=6G68I:GHL=D6G:>CIGD9J8:9

DCAN7NI=:>GC>8@C6B:H

CI:G(G:HIDCC<=IE>E:HL6C9:G39>IIDB6G@HJC9:G _6>BA:HHAN67DJIGDDB`4L>H=I=:NL:G:=6G9LDG@:GHHI6GIID=6K:6C :9>;N>C<8DCK:GH6I>DCDCI=:7:C:;>IHD;I=>C@>C<BJ8=6C9LDG@>C<A>IIA:  &D>H::ADL6HI=DJ<=6=:G9D;86IIA:L:G:7:>C<9G>K:CJEHI6>GHCI:G _77N`+=>CC6C9_>C@7DIH`+G ,=:A6II:G>HJHJ6AANHD7:GE:G=6EH CI:G DL:HD;DHIDC7:6G>C<E68@6<:D;8=::H:CI:G6K>H7:6G>C<AD6K:H D;7G:69'CI=:C><=I>C:K>9:C8:I=:;>GHII>B:H>C8:NDJA:;I:CI:G *:9;>:A9=DGI>8JAIJG6A>HI(:HH>B>HI(6>CI:G6C9(D@:G;>:C9_HI6G`H:AA:G6I I=:G:8:CIGIAJ7:M=>7>I>DC=:HDA96E>8IJG:E:G=6EH=:=6HLG>II:CI=: I>9>CH_L:AA6CNL6N ` 

,=:6ABDHI67HJG96C986HJ6A:CIG6C8:D;8=6G68I:GH>H;DAADL:97N6C:FJ6AAN

G6C9DBH:G>:HD;:K:CIHI=6IJC;DA9DC:6;I:GI=:DI=:G8G:6I>C<68G:H8:C9DD;68I>DCH 

,=>HB6NG:B>C9DC:D;6E6CIDB>B:DGD;I=:%69 6II:G`HI:6E6GIN>C6GGDAA`H

CDK:AL=:G:I=::H86A6I>DCD;:K:CIH=6EE:CHG6E>9AN6C9L>I=DJI6CNAD<>86ADG9:G 

,=:H:CH:D;8=6DH6C98DC;JH>DC>H8DCK:N:97NI=:A68@D;E6G68=

LDJA99:;>C:68A:6GH:FJ:C8:D;:K:CIH  DL:K:GI=::K:CIHGDAADC:6;I:GI=:DI=:G

8DCK:N>C<I=:G6E>9:H86A6I>DC;GDB6EE6G:CIDG9:GID8:GI6>C>CI:AA:8IJ6A>C9>K>9J6AH`

E:G;DGB>C<D;:MDI>896C8:H_ :AA DLAH,=:] DJA6 DJA6^6C8:>HEA6N:96C9

+AD6C9DCH6L><6C976AA:IH@>GI6C99D:HI=:6CH:9J.:CIG:`  ,=:DG9:G>HG:HIDG:9

7NI=:G:6EE:6G6C8:D;#:AAN`H =DHIL=DH>CI=6G:

G=NB:H8=:B: !I>HCDI8:GI6>CL=:I=:GI=:HDC<=6H7::CLG>II:C7N+AD6C

;DGI=:EJGEDH:D;I=>HA:II:GDG>;I=>HL6H68IJ6AANHJC<6II=::C9D;I=:<6I=:G>C< 

  !7>9      !7>9   

  

,=:H8:C:8DC8AJ9:HL>I=I=::C9D;I=:C><=IL=:C_I=:;DDIHI:EHDCI=:HI6>GH

8:6H:I=:;GDCI9DDG76CA:C8: C`  ,=:A68@D;9>6AD

E6G6C:6C9I=:A:CEI6CI>8>E6I:HI=:,=:6IG:D;I=:

7HJG9L=:G:_I=:8=6G68I:GH=6G9AN=6K:6CN>C9>K>9J6A>IN6C9D;I:C:K:CA68@6

C6B:`6C9_=6A;L6NI=GDJ<=I=:68I>DCI=:NI:C9ID8=6C<:I=:>GC6IJG:8DBEA:I:AN`  

,=>H8=6DI>8;DGBH::BHIDED>CIIDL6G9H+AD6C`H9>H6EED>CIB:CIL>I=I=::K:C>C<6C9

L>I=I=:<6I=:G>C

,=>HA:II:GEGDK>9:H>CH><=I>CID+AD6C`H>CI:G:HI>C:ME:G>B:CI>C<L>I=9>;;:G:CI

@>C9HD;A>I:G6IJG: ,=:I:MI>C8DGEDG6I:HI=G::A>I:G6GN;DGBH\8DGG:HEDC9:C8:

EA6NLG>I>C<6C9ED:IGN\L=>8=9:BDCHIG6I:+AD6C`H;6B>A>6G>INL>I=9>;;:G:CIA>I:G6GN

HINA:H6C967>A>INID7G>C<I=:BID<:I=:GL>I=>CI=:H6B:I:MIL=>A:HI>AA;JA;>AA>C<=>H

EG>B6GNEJGEDH:D;:CI:GI6>C>C<6C9>C;DGB>C< :CG> ,=:IDC:D;I=:A:II:GK6G>:H>C

688DG96C8:L>I=I=:HINA:D;A>I:G6IJG:=:69DEIH>CI=:8DGG:HEDC9:C8:H:8I>DCD;I=:

I:MI=::MEG:HH:H=>H9>H6EED>CIB:CI9>G:8IAN6H=><=A><=I:97NI=:41+-16

%76,-:4)6,`HG:;:G:C8:  DL:K:G;DGI=:H:8I>DCHG:A6I>C<IDI=:I=:6IG>86AH8G>EI6C9

ED:B=:69?JHIHI=:IDC:ID7:BDG:8DB>86AL=>8==:AEHID8DCK:NI=:67HJG9

H:FJ:C8:D;:K:CIH6C9I=:;G>:C9ANIDC:D;I=:8=6CI +AD6C`H67>A>INID696EII=:IDC:D;

I=:A:II:GID;>II=:9>;;:G:CILG>I>C<HINA:H>H>C9>86I>K:D;=>H>CI:G:HI>C:ME:G>B:CI>C<

6C9B6C>EJA6I>C<A>I:G6IJG:>C6H>B>A6GL6NID=DL=:6EEGD68=:H6GI6HH=DLC>CI=:

EG:K>DJH8=6EI:GH GI:>C6I=:6IG>86AHINA:I=6I9:K:ADE:9

>CI=:,=:6IG:D;7HJG9>CI=:  H6HINA:D;9G6B6LG>I>C<6EE:6G:9DCJGDE:6C

  (:GAB6C   %6GI>CHHA>C_,=:,=:6IG:D;I=:7HJG9`"0-"=4)6-:)5) ->1-?KDA C     

  

HI6<:HL>I=I=:EA6NHD;+6BJ:A:8@:IIGI=JG96BDK6C9J

HJ<<:HIH+AD6C`H6K6CI <6G9:K>H>DC>CI:GBHD;A>I:G6IJG: 

,=:I=:8:B7:G A:II:GB6N7:H::C6H6C:M:G8>H:;DG+AD6CID:CI:GI6>C

=>H;G>:C9 :CG>L=>A:>C;DGB>C<=>BD;L=6I=6EE:C:99JG>C<DC:D;I=:,J:H96NC><=I

B::I>CI6AHD9>HEA6NHI=6I+AD6C9D:HCDI>CI:C9;DG6AAD;=>HLG>I>C<ID

=6K:G:;A:8I>K:6C99::EANB:6C>C<;JA8DCI:CI +AD6CJH:9=>HEG>K6I:8DGG:HEDC9:C8:

L>I= :CG>6H6IDDAID:CI:GI6>C=>H;G>:C96C99>HEA6N=>H67>A>INIDLG>I:EA6N;JAAN6C9

6BJH>CH86C7:H::C>C6CJC96I:9CDI:LG>II:CID :CG>>C 

+6>96G>H>C<NDJC<6GI>HIC6B:9 :CG> /=DH:;6KDG>I:CI>CAAHI:E9DLCID :AA C9E6>CI+68G:9+J7?:8IH;GDB%:B`GN " +  

,=>HA>B:G>8@9:BDCHIG6I:HI=:6GI>HI`H8DC;>9:C8:6C967>A>INIDJC9:GHI6C9EA6NL>I=

6C9B6C>EJA6I:LDG9H (:GAB6CD7H:GK:HI=6II=:EJGEDH:D;I=:A>B:G>8@L6HID:6H:

:CG>`H9>H6EED>CIB:CI6;I:GCDI=6K>C<HDA96CNE6>CI>CC<DC:D;=>H:M=>7>I>DCH

6II=:(6G>H+6ADC  /G>I>C<K:GH:HG:FJ>G:H@CDLA:9<:D;ED:I>8B:IG:6C9D;I=:GDA:

I=6ILDG9H86CEA6N>C8DCHIGJ8I>C<ED:IGN +AD6C69DEIHI=:A>B:G>8@;DGB6C9BD9>;>:H

>IHA><=IAN9:BDCHIG6I>C<=>H6>BD;:CI:GI6>C>C< :CG>6ADC9:=>H@CDLA:9<:D;

A>I:G6GN;DGBH  >H;6B>A>6G>INL>I=LDG9H6C9A>I:G6IJG:8:GI6>CAN9:G>K:9;GDB=>H

KDG68>DJHG:69>C<=67>IH6C9;GDB=>HC6IJG6A8G:6I>K>INFJ6A>I>:HI=6I6AADL:9=>BID

8G:6I:A>I:G6IJG:;DG=>HDLC6C9DI=:GE:DEA:`H:CI:GI6>CB:CIA>@:DCI=>HD886H>DC 

  HHA>C   (:GAB6C   !7>9 

  

,=:H:ILD:M6BEA:HD;+AD6C`H8DGG:HEDC9:C8:L:G:>CI:C9:9ID7:EG>K6I:6C9

I=:N6AADLI=:G:69:GID86EIJG:6BEH:D;+AD6C`HA>;:6C9E:GHDC6A>IN7:NDC9I=:6GI

=:EGD9J8:9 ,=:A:II:G6C9I=:A>B:G>8@G:K:6A6BDG:EA6N;JAH>9:D;+AD6C6C9I=:N

6AADLI=:G:69:GID8G:6I:6C>B6<:D;+AD6C6H6C>C9>K>9J6AI=6I

E6>CI:G6C9=>H6GI  DL:K:G+AD6C6AHD>C8AJ9:9=>H6GI>HI>8K>:LH>C=>HE:GHDC6A

8DGG:HEDC9:C8:HJ8=6H>C6A:II:GID :CG>96I:9 I='8ID7:G >CL=>8==:

:MEG:HH:H=>H>9:6H67DJI6GI6C97:>C<6C6GI>HI>C&:L1DG@6C9(=>A69:AE=>6  !C

"JAN +AD6CBDK:9ID&:L1DG@IDLDG@;DGI=:-?&7:3-:)4,  :I=:C

G:IJGC:97G>:;ANID(=>A69:AE=>6>C'8ID7:GD;I=:H6B:N:6G\I=:H6B:96I:6HI=:A:II:G

ID :CG> GDBI=:A:II:GI=:G:69:GE:G8:>K:H+AD6C`HHIGJ<;:>C&:L

1DG@L=>8=>H8DBBJC>86I:97NI=:6GI>HII=GDJ<=I=:L6N=:6GG6C<:HI=:I:MI 

+AD6C7:<>CHI=:A:II:G7N:MEG:HH>C<=>H=6EE>C:HHID7:768@I:BEDG6G>AN>C

(=>A69:AE=>66C9=:I=:C8DBE6G:HI=::ME:G>:C8:H=:=69LDG@>C<;DGI=:E6E:GH

B:CI>DC:967DK: ,=:-:)4,`H;JAAI>B:I:6BL6HA6G<:G6C9L6HHJEEDGI:97N:MI:GC6A

6GI>HIHL=>A:"0-:-;;D;(=>A69:AE=>6=69;:L:GHI6;;6C99:B6C9:9BDG:;GDBI=:B

6H>IJ6I>DCL=>8=9>9CDI_<>K:6B6CI=:I>B:ID;>C>H=` =>H?D7 ,=:8DBE6G>HDCD;

I=:H:E6E:GH>H>BB:9>6I:AN;DAADL:97NI=:HI6I:B:CII=6I+AD6CLDJA9CDILDG@;DG

"0-:-;;6H=:C::9:9ID_I6@:I=:C:8:HH6GNI>B:IDIJGCDJIHA>8@C:LHE6E:G

LDG@`  ,=>H>H;DAADL:97N6CDI=:GB:CI>DCD;LDG@>C<>C&:L1DG@6C9=DLBJ8=

BDG:=::6GC:9>CI=:8>IN>CI=:I=G::BDCI=H=:A>K:9I=:G:  DL:K:G+AD6C6AHD

LG>I:HI=6I=:;::AH_A>@:6C6GI>HI>C(=>A69:AE=>6:K:CI=D`I=:IDLC>HHDJ

  (:GAB6C I=:L=DA:A:II:G>HG:EGD9J8:9>CEE:C9>M   !7>9    !7>9 

  

8DBE6G:9ID&:L1DG@` 6C9I=>HHI6I:B:CIJC9:GA>C:H=>H;GJHIG6I>DC67DJICDI

;::A>C<A>@:6C6GI>HI>C&:L1DG@ ,=:A:II:GG:K:6AH6C6AI:GC6I>DCD;EDH>I>K:6C9

C:<6I>K:;::A>C6I:9L>I=:>I=:G&:L1DG@DG(=>A69:AE=>6 (=>A69:AE=>6>H

E:G8:>K:97NI=:6GI>HI6H6BDG:G:A6M:9A:HH7JHN6C9B:6HJG:98>INL=:G:6GI>HIHHI>AA

=6K:I>B:IDEGD9J8:=><= FJ6A>IN6GI 'CI=:DI=:G=6C9&:L1DG@>HE:G8:>K:96H6C

JC;G>:C9AN6C97JOO>C<:CK>GDCB:CIL=:G:I=:G:L:G:BDG:DEEDGIJC>I>:H6C97:II:G

H6A6G>:H=DL:K:G&:L1DG@6GI>HIHL:G:DK:GLDG@:9;DGLDG@>CI=:8>INL6H;6HI

E68:9>CDG9:GIDH6I>H;NI=:9:B6C9HD;B6HHEGD9J8I>DC 

&:L1DG@EA6N:96C>BEDGI6CIGDA:>C+AD6C`H6GI>HI>886G::G  :7:86B:@CDLC

;DG=>H6;;>A>6I>DCL>I=,=:><=IL=DLDG@:9>C&:L1DG@E6>CI>C<>IHE:DEA:6C9

8JAIJG:6C9=:7:86B:6EGDB>C:CI>AAJHIG6IDG;DG&:L1DG@E6E:GH ,=: I='8ID7:G

A:II:GID :CG>86EIJG:HI=:;::A>CCH:8JG>IN6C9JC8:GI6>CINI=6IL:G:;>GBAN

EG:H:CI>C&:L1DG@`H6GI>HIHL=DL:G::ME:G>:C8>C<CDC:D;I=:BDHI

EDEJA6I:9I=G>K>C<6C9BD9:GC8>I>:HD;I=::6GANIL:CI>:I=8:CIJGN ,=:EDHIH8G>EID;

I=: I='8ID7:G A:II:GID :CG>>H96I:9 &DK:B7:G7:86JH:=:=697::C

_86GGN>C<I=:67DK:>CBNED8@:I;DGL::@H`  ,=:EDHIH8G>EIL>IC:HH:H+AD6C`HIDC:

7:>C<BDG:EDH>I>K:6H=:LG>I:H67DJII=:E6>CI>CC<DC %DG:DK:G

I=:7G:K>IND;I=:CDI:B6N6AHD>C9>86I:I=6I=:9>9CDIC::9IDJH:E:C6C9E6E:G6H

I=:G6ENID:MI:GC6A>H:=>HLDGG>:HL=>8=8DJA9=6K:EDI:CI>6AANEJI67AD8@:GDC=>H

>CHE>G6I>DCIDEGD9J8:6GI 

+AD6C`HH:CH:D;9>H8DB;DGIL=>8=>H8DBBJC>86I:9>C=>H'8ID7:GA:II:GID

:CG>86C6AHD7:9:I:8I:9>C=>H6GI;GDBI=>HE:G>D9 ,=:D>ADC86CK6H014),-4801)

  (:GAB6C   !7>9  

  

!<7+3@+0)6/-  :M:BEA>;>:HI=:HIGJ<86I:97N

+AD6CID=>H;G>:C9 ,=:E6>CI>C<>H9DB>C6I:97NI=:>8DC>8HID8@:M8=6C<:7J>A9>C<>C

(=>A69:AE=>6L=>8=D88JE>:HI=G::FJ6GI:GHD;I=:E6>CI>C< ,=:9DB>C6CI6C96ABDHI

HDA>I6GNEG:H:C8:D;I=:(=>A69:AE=>67J>A9>C<=><=A><=IH6C6EE6G:CIAN9:H:GI:98>IN

8DC;>GB>C<+AD6C`HE:G8:EI>DC>CI=:A:II:GL=>8=8A:6GAN8DCIG6HIH&:L1DG@`H7JOO>C<

CI>C<=JB6CEG:H:C8:>H6ABDHI67H:CII=:6GI>HI

E6>CIHILD;>CI=:768@A9>C<=ID;I=:+ID8@

M8=6C<:6H>;IDG:B>C9I=:K>:L:GI=6I(=>A69:AE=>6>HCDI69:H:GI:98>IN :HE>I:I=:

L6GBI=D;I=:7GDLCE6A:II:+AD6C8G:6I:H68DA96C9HI:G>A:6IBDHE=:G:L>I=I=:

7GJH=HIGD@:H6C9I=:8DB7>C6I>DCD;7GDLCH6C9AAJH>DCD;I=:

6;I:GB6I=D;6H6C9HIDGB 

,=:A:II:GID :CG>L6HLG>II:C6;I:GI=:E6>CI>C<L6HB69:K:G76A>H>C<I=:

:BDI>DCHI=6II=:6GI>HIE6>CI:9DCI=:86CK6H !CI=>H>CHI6C8:I=:A:II:G6AADLH

014),-4801)!<7+3@+0)6/-ID7:8DB:BDG:688:HH>7A:IDI=:K>:L:G6HDC:86CG:69

I=6I+AD6C`HE:G8:EI>DCD;(=>A69:AE=>6=6H8=6C<:96;I:G=>H:ME:G>:C8:D;A>;:>C&:L

1DG@  :7:<6CIDG:8DH:I=:A68@D;DEEDGIJC>I>:HI=6I(=>A69:AE=>68DJA9D;;:G

6GI>HIHA>@:=>BL=>8=>HG:EG:H:CI:97NI=:H:CH:D;9:HDA6I>DC6C9HI:G>A>INIG6CHB>II:9

7NI=:E6>CI>C< 

GDBI=:A:II:GH?JHI6C6ANH:9I=:G:69:GE:G8:>K:H+AD6C`HD7H:GK6I>DCD;6C9

8JG>DH>IN67DJII=:LDGA9HJGGDJC9>C<=>BL=>8==:I=:C6EEA>:9ID=>H6GI  >H

LG>I>C8JA6GAN=>H9>6G>:HL:G:6L6N;DG+AD6CIDCDI:=>HD7H:GK6I>DCH67DJII=:

JG76C:CK>GDCB:CIE6GI>8JA6G:K:CIH=6EE:C>C<>CI=:8>INDG:K:CH>BEA:D88JGG:C8:H

 >

  

D;=>HE:GHDC6AA>;:HJ8=6HE:GHDC6A6C9HD8>6A:C<6<:B:CIH ,=:9>6G>:HL:G:@:EI

;GDB  ID:6GAN  EGDK>9>C<6C6ABDHI96>AN688DJCID;I=:6GI>HI`HA>;: ,=:

;G:FJ:C8ND;I=::CIG>:H>HA:HH8DCH>HI:CI;GDB  IDI=:A6HI:CIGNDC HI%6N   

,=:G:69:GD;=>H9>6G>:H7:8DB:HE6GID;+AD6C`HLDGA96C9A>;:>C&:L1DG@6C9I=:N

6G:6HDJG8:D;K6AJ67A:>C;DGB6I>DC67DJI=>HE:GHDC6A6C96GI>HI>8A>;:EGDK>9>C<I=:

G:69:GL>I=67GD69:GJC9:GHI6C9>C<D;I=:8DCI:MI>CL=>8==:EGD9J8:9=>H6GI 

,=:A6C:HK6GN>CHDB::CIG>:HI=:A6CH

H@:I8=N6C9B>C>B6A>HIA>@:>CI=::CIGN96I:9 HI'8ID7:G  L=:G:=:7G>:;AN

6CCDI6I:H_%69:ILD86GIDDCH;DG,=:6AA>;I=:N86G:ID=6K:I=:B` G>:;H:CI:C8:H

6C98DAADFJ>6AA6CCAN>C:CIG>:H8DC8:GC>C<=DJH:=DA96C9

7JH>C:HHG:8DG9HL=:G:=:B6>CAN6CCDI6I:HI6H@H9:A>K:G>:H6C9LDG@86GG>:9DJI7N

=DJH:=DA9=:AE !CHDB:DI=:G>CHI6C8:HI=:H@:I8=N6C96ABDHI?DJGC6A>HI>8HINA:>H

JH:9IDG:8DG9BJAI>EA::K:CIHI=6I=6EE:C:9>CDC:96NHJ8=6HI=: HI:7GJ6GN  

:CIGN ,=::CIGN>H8DBEDH:9D;;DJGE6G6C<6

9>;;:G:CI:K:CIDG:E>HD9:I=6I=6EE:C:9DCI=:96N AI=DJ<=I=:A:CH

ADC<:GI=6CI=::CIG>:H67DJI=DJH:@::E>C<DG7JH>C:HH:68=E6G6H6B6M>BJB

D;ILDH:CI:C8:HADC<6C9I=:A6CB>I6I:I=DH:D;C:LH=:69A>C:H !CI=:

;>C6AE6G6DCHI=6I_BN86G96C9DAAN`H86G9B:B7:GH=>E>C

+D8>6A>HI(6GIN6GG>K:9ID96N3[4&DLL:6G:*:9H` HI:7GJ6GN   AI=DJ<=

:68=E6G6HD;H>B>A6GA:C

+AD6CI=>H:K:CIL6HBDG:>BEDGI6CIDG:M8>I>C<I=6CI=:DI=:GH>HI=:JC9:GA>C:9

H:CI:C8:_L:6G:*:9H` +D8>6A>HBL6H6C>BEDGI6CI:A:B:CID;+AD6C`HE:GHDC6A6C9

 -CEJ7A>H=:99>6G>:HD;"D=C+AD6C\E >CI=>HCDI:I=:N6AHDB:CI>DCI=6IEG:K>DJH:9>IDGHD;I=: 9>6G>:H=6K:G:BDK:9HJ8=>C;DGB6I>DC6HI=:N9>9CDI;::AI=:C::9ID>C8AJ9:>I 

  

6GI>HI>8A>;:6C9=:7:<6CID8DCIG>7JI:9G6L>CAAJHIG6I>DCHIDI=:-?&7:3)44

6C9DI=:GHD8>6A>HIC:LHE6E:GH6C9B6<6O>C:H>C    DL:K:G:K:CI=DJ<==:L6H6C

68I>K:B:B7:GD;I=:(6GIN+AD6C8=DH:ID@::E=>HEDA>I>86A6C96GI>HI>8A>K:HH:E6G6I: 

:HI6I:H>C"0-1;<

!9G6L69>HI>C8I>DC7:IL::C6C6GI>HI6C96LDG@>C< B6C68G6;IHB6C ,=: 6GI>HII=:G:6A6GI>HIBJHILDG@;DG=>BH:A; GI>HIHL=D8A6HH>;NI=:BH:AK:H 6HIG69:HB:C=6K:<>K:CJEI=:>G7>GI=G><=IID>C9:E:C9:CILDG@ 3[4,D B6@:6A>K>C<NDJ=6K:IDB6@:HDB:I=>C<I=6IHDB:DC::AH:L6CIH 3[4!; 6C6GI>HIB6@:H=>HA>K>C<6H68G6;IB6C9D>C<8DBB:G8>6ALDG@=:BJHI 7:ADC<ID6A67DGDG<6C>O6I>DCI=6IL>AAEGDI:8I=>HA>K>C< ,=:LDG@=:9D:H ;DG=>BH:A;=>HE6>CI>C<86CCDI8DB:JC9:GI=:HI6C96G9HD;8DBB:G8>6A 8DBE:I>I>DC 

/=>A:+AD6CL6H>C9::9>CKDAK:9L>I=I=:+D8>6A>HI(6GIN6C98DCIG>7JI:9IDB6<6O>C:H

6C9E6E:GH=:9>9HDJC9:GI=:EH:J9DCNB"DH=&DA6CHDI=6I=:8DJA9@::E=>H

EDA>I>86A68I>K>HBH:E6G6I:;GDB=>H6GI>HI>886G::G 

!C8DCIG6HIIDI=:?DJGC6A>HI>8A6CCB6CND;=>H9>6GN:CIG>:H6I

I>B:H=:6AHDJH:HBDG::A67DG6I:H:CI:C8:HIGJ8IJG:6C9A:HH8DAADFJ>6AA6C

E6GI>8JA6GAN>CI=DH::CIG>:H9:H8G>7>C<:K:CIHI=6I86J<=I=>H6II:CI>DC6C9L=>8==:

7:A>:K:9L:G:LDGI=ADC<:GB:CI>DCHH>C8:I=:N7GD@:=>H96>ANGDJI>C: C:M6BEA:D;

I=>HBDG:8DBEA:M8DBEDH>I>DC86C7:;DJC9>CI=::CIGN96I:9 HI:7GJ6GN  !C

I=>H>CHI6C8:>I86C7:HE:8JA6I:9I=6I+AD6C`HHNCI6M>H>C9>86I>K:D;68G:6I>K:LG>I>C<

:M:G8>H:I=6II=:6GI>HIEG68I>8:9;DG=>HDLCA:>HJG:  :9:H8G>7:H6C:6G7N=DJH:;>G:

6C9+AD6C`HD7H:GK6I>DCH86C7:8DBE6G:9ID2JG>:G`HB:G>86C;A6C:JGL=>8=2JG>:G

 "D=C+AD6C"0-1;<7.:<&:L1DG@DK:G(J7A>86I>DCH!C8      6>A :A7JG9_"D=C+AD6C`H.:>A:9(DA>I>8H6C9GI`"0-7=:6)47.<0-14,-,/-)6,:7/:-;;1>- :)KDA C    

  

9:;>C:H6H6_A>I:G6GNE:GHDC6L>I=?DJGC6A>HI>8DG><>CH` +AD6C`HG:EDGID;I=::K:CI

HI6I:H

68@D;JH6HA><=I;>G:L>I=ADIHD;HBD@: NDJC<C9DLDCID 6;>G::H86E:L=:G:H=:HIDD9A>@:6BJ8=;G><=I:C:9AJBED;9DJ<= 7G6K: ":LA69;GDB6I=K: 9:A>86I:HH:CH=DE8A>B7:9I=:A699:GIDI=:G6>A:9>GDC EA6I;DGBL=:G:H=:HIDD9  :IG>:9ID<:I=:GDK:GI=:G6>AID6C:6G7N;>G: :H86E:7JIH=:L6HIDD;6I6C9>C:GIL>I=;:6G AHDH=:L6HIDD7><IDC<>CI=:EA6I;DGBIDI=:A699:G ,=:HBD@:EDJG:9DJID;I=:L>C9DLH 6C96CDA9:GLDB6CL6HEJAA:9DJID;I=:HB6AAL>C9DL7NI=:":LA69L=D L6H7G6K::CDJ<= ,=:A>IIA:L>C9DLL6HK:GN=><=;GDBI=:;ADDGHDI=6II=:H: :M>IHL:G:BDHI9>;;>8JAI &:><=7DGHE6HH:96ADC<;JG8D6IL=>8=I=:NDJC< E><<>H=LDB6CEJIDC 9;DGI=:DA9LDB6C ,=:H:A;>H=I:GGDG D;I=:NDJC<:GL6H8DB>8 ,=G::;>G:B:C86B:IDI=:L>C9DL7JI:K>9:CIAN IDA9I=:LDB6CIDHI6NDCI=::H86E:DJID;I=:HBD@:I=:;>G:7:>C<JC9:G 8DCIGDA  G:6I9>;;>8JAINI=:BH:AK:H768@I=GD`I=:L>C9DL 

AI=DJ<=+AD6C`H9:H8G>EI>DC>H;JAAD;9:I6>AHI=:H8:C:6EE:6GHID7:_HE:6@>C<6H>HID

6C6J9>:C8:D;;6B>A>6GHL=DG:8DO:I=:I:AA>C<9:I6>AH9:H8G>7:9`G6>H>C<I=:

FJ:HI>DCD;L=:I=:G+AD6C>CI:C9:9;DG=>H9>6G>:HID7:EJ7A>H=:96C9G:69

EDHI=JBDJHAN !CDI=:GLDG9H+AD6CEGDK>9:HB6CN9:I6>AHD;I=:>C8>9:CI7JI>IH::BH

I=6I=::ME:8IHI=:G:69:GID7:;6B>A>6GL>I=HDB:D;I=:9:I6>AH=:9:H8G>7:H DG

:M6BEA:L=:C+AD6CB:CI>DCHI=:_":LA69;GDB6I=K:9:A>86I:HH:CH=DE`+AD6C

>BEA>:HI=6II=:G:69:G@CDLHL=D=:>HG:;:GG>C<IDHD=:;6>AHIDEGDK>9:6CN;JGI=:G

9:H8G>EI>DCD;I=:8=6G68I:G 

,=>HE6HH6<:86C7:H::C6HBDG:I=6C?JHI6C688DJCID;6C>C8>9:CI+AD6C

L>IC:HH:9I=GDJ<==>HL>C9DL>IG:K:6AH+AD6C`HD7H:GK6I>DCD;6C9:C<6<:B:CIL>I=

I=:JG76CHE68:6C9I=:H:CH:D;8DBBJC>INHJGGDJC9>C<=>B ,=:E6HH6<:6AHD6A>

 *:7:8862JG>:G1+<=:16/<0-1K:GH>IND; 6A>;DGC>6(G:HH   !7>9 

  

+AD6CL>I=I=:D7H:GK6CIJG76C6:HI=:I:A>@:I=DH:;:6IJG:9>CI=:$DC9DC!8-+<)<7:

L=D9:H8G>7:9_JG76C>C8>9:CIH6C98=6G68I:GH;GDB6C>GDC>8E:GHE:8I>K:` +AD6C`H

_>GDC>8E:GHE:8I>K:`>HB6C>;:HI:9>CI=:=JBDGDJH9:H8G>EI>DCHD;I=:8=6G68I:GH

>CKDAK:9HJ8=6HI=:_NDJC<<<>H=LDB6C`6C9>CI=:9:H8G>EI>DCD;

I=:H8:C: ,=>H9>6GNE6HH6<:=><=A><=IH+AD6C`HD7H:GK6C8:D;I=:8>IN6C9H=DLH=>H

67>A>INIDLG>I:6E>:8:D;G:6A>HIA>I:G6IJG:I=6I6AADLHI=:G:69:GID_A>K:`I=6IBDB:CI 

,=:9:I6>A:99:H8G>EI>DC6AADLHG:69:GHID8G:6I:6E>8IJG:>CI=:>GB>C9HD;I=::K:CI>C

6B6CC:GH>B>A6GID JHI6KA6J7:GI`H9:H8G>EI>DCD;%GDK6GN`H86E9>H8JHH:9>C

=6EI:G %DG:DK:GI=::CIGN=><=A><=IH+AD6C`H6II:CI>DCIDE6HH6<:HLG>II:C7NDI=:G

6JI=DGH6C9=>H67>A>INID696EI=>HA6CIC:HH:9 ,=:

H8:C:>HG:B>C>H8:CID;6E6HH6<:9:H8G>7:9>C%8 6G<`H_,=::7ID;CID>C:`I=:

H=DGIHIDGNB:CI>DC:9>C=6EI:GD;I=>HEGD?:8I DI=I:MIH;>II=:H6B:<:CG:D;JG76C

G:EDGI6<:L=>8=6>BHIDG:8DG9HIDG>:HD;:K:GN96NA>;: DI=>CKDAK:69DB:HI>8;>G:>C

EGDM>B>INIDI=:C6GG6IDG6C9>C7DI=67G6K:8>K>A>6C8A>B7H6A699:GIDH6K:6LDB6C

9:BDCHIG6I>C<I=:HIGDC<H:CH:D;8DBBJC>IN9>HEA6N:9>C8:GI6>C6G:6HD;&:L1DG@ 

DI=+AD6C6C9%68 6G<9:H8G>7:I=:HBD@:D;I=:;>G:6H_EDJG>C<DJID;I=:

L>C9DLH`6C9I=>HB><=I7:H::C6H6C:M6BEA:D;+AD6C>B>I6I>C<I=:A6C

86B:68GDHHL=>A:G:69>C<%68 6G<HH=DGIHIDGN 

K:CI=DJ<=+AD6C`HI:MIEG:H:CIHH>B>A6G>I>:HID%68 6G<`HE6HH6<:I=:G:6G:

HDB:9>;;:G:C8:H ,=:A:C;>86CIAN9>;;:G:CI6H6G:I=:>G

EJGEDH:H %68 6G<`HI:MI>HE6GID;6C6GG6I>K:I=6IH=DLH=DLI=:B6>C8=6G68I:G

CID>C:8DB:HID7:688:EI:97N=>H8DBBJC>IN 'CI=:DI=:G=6C9+AD6CH>BEAN

 2JG>:G  /  %68 6G<_,=::7ID;CID>C:`%8AJG:`H:8        

  

G:EDGI:96C:K:CI=:CDI>8:9L=>A:ADD@>C<DJID;=>HL>C9DL6C9JH:9I=>H:K:CIID

EG68I>8:=>H8G:6I>K:LG>I>C< +AD6C9D:HCDI>C8AJ9:9>6ADC=>HE6HH6<:7:86JH:=:

=6HEGD9J8:96G:EDGI>C<C6GG6I>K:G6I=:GI=6CC6GG6I>K:;>8I>DCL=:G:I=:>C8AJH>DCD;

9>6ADHC:8:HH6GN;DGI=:C6GG6I>K:EJGEDH:D;I=:HIDGN !I>HL>9:AN68@CDLA:9<:9

I=6I+AD6CL6H6H=:LG>I:H>CI=:_=67>ID;L6I8=>C<:K:GN7>ID;=JB6CA>;:!86CH::

67DJIBNL>C9DLH`"JANI=  6C9I=: HI:7GJ6GN  :CIGN8A:6GAN

9:BDCHIG6I:H=DL=>HDLCA>;::ME:G>:C8:6C9=>HD7H:GK6I>DCD;DI=:GE:DEA:`HA>K:H

L6HI=:>CHE>G6I>DC;DGI=>H6C9DI=:G:CIG>:H6HL:AA6H;DGI=:>AAJHIG6I>DCHD;_,=::7I

D;CID>C:`6C9DI=:GHIDG>:H 

'C%6G8=I=  DCAN6;:LL::@H6;I:G+AD6CLGDI:I=::7GJ6GN9>6GN

:CIGN6;>G:7GD@:DJI6II=:,G>6CGI/6>HIDBE6CN>C$DL:G%6C=6II6C 

+AD6C`HG:68I>DCIDI=::K:CI>C=>H9>6GN=6H69>;;:G:CIIDC:;GDBI=::CIGN=:LGDI:

67DJII=:=DJH:;>G: ,=>HDC:>HBDG:?DJGC6A>HI>86C9;68IJ6A9:HE>I::MEG:HH>C<=>H

EDA>I>86A6C9E:GHDC6ADE>C>DCH

'K:G  H=>GIL6>HIB6@:GHL:G:7JGC:9ID9:6I=>CI=:,G>6CGAHB69:I=:HJ88:HH;JAHIG>@:D;A6HIN:6G,=>HHDGID;=DAD86JHI>8 8:A:7G6I>DC>C=DCDJGD;I=:;68II=6II=:+JEG:B:DJGID;& 1 N:HI:G96N 9:8A6G:9I=::BEADN:GHA>67>A>IN68ID;A6HIH:HH>DCJC8DCHI>IJI>DC6A !IL6HC`I BJ8=D;6C68I7JI>IL6H6BDK:>CI=:G><=I9>G:8I>DC 

:G:;:GHIDI=:_HJ88:HH;JAHIG>@:`D;I=:K>8I>BHL=>8=IDD@EA68:7:IL::CC9

&DK:B7:G  6C9 I=:7GJ6GN  6C99JG>C<L=>8=I=DJH6C9HD;LDB:CLDG@>C<

>C;68IDG>:H6C9HL:6IH=DEH9:B6C9:97:II:G6C9H6;:GLDG@>C<8DC9>I>DCH6BDC<DI=:G

G><=IH 88DG9>C<IDAA:C/>A:N,D99I=:_,G>6CGHI

6<6>CHIL=>8=LDG@:GHHIGJ8@DC:D;I=:;>GHIIDHI6<:6AD8@DJI6<6>CHI>I:BEADN::H

3[4>CI=::C9I=:,G>6C

  

DG<6C>O:6C9>BEGDK:LDG@>C<8DC9>I>DCH` G:HJAI>C<>CI=:IG6<:9NG:8DJCI:97N

+AD6C 

DI=9>6GN:CIG>:H\I=:DC:;GDB:7GJ6GN6C9I=:DC:;GDB%6G8=\EG:H:CII=:

>C8>9:CID;67J>A9>C<DC;>G:=DL:K:G+AD6C`HG:68I>DCHIDI=::K:CIH6G:G69>86AAN

9>;;:G:CI !CI=:;>GHI>CHI6C8:=::MEG:HH:H=>HG:68I>DC>CLG>I>C<7N8G:6I>C<6L:AA

6GI>8JA6I:9:CIGNI=6IEDGIG6NHI=:>C8>9:CI6C9=DL>IJC;DA9H !CI=:%6G8=:CIGN

9J:IDI=:EDA>I>86A8DCC:8I>DCHD;I=::K:CI>IH:A;+AD6C`HHINA:D;LG>I>C<>H8DC8>H:

6C9IDI=:ED>CI8=6G68I:G>HI>8HI=6ID88JG>C?DJGC6A>HI>8LG>I>C< ,=:7G:K>IND;I=>H

:CIGN>CG:A6I>DCIDI=:68IJ6AH86A:D;I=:>C8>9:CIB6N7:G:A6I:9IDI=:;68II=6I=:L6H

HI>AA>CH=D8@L=>A:LG>I>C<>I %DG:DK:G7:86JH:+AD6CCDI:9I=>H:K:CI>C=>HEG>K6I:

?DJGC6AI=:G:>HCDG:6HDCID7:A>:K:I=6I=:L6H>CI:G:HI:96II=:I>B:>CB6@>C<6

EJ7A>8EDA>I>86AHI6I:B:CI67DJI>I +AD6C9>9=DL:K:GA6I:GB6@:=>HI=DJ<=IHDCI=:

>C8>9:CIEJ7A>8 

>HH:8DC9G:68I>DCIDI=:,G>6CG:L6H:MEG:HH:96H69G6L>C<

86AA:9"0-":1)6/4-!01:H=:97N"0--?&7:3)44DCI=

%6G8=  ,=:9G6L>C<B6C>;:HIH+AD6C`HDE>C>DCHD;I=:G:6HDCH;DGI=:;68IDGN

LDG@:GH`9:6I=H ,=:8DBEDH>I>DC>HH>BEA:7JI:;;:8I>K:>C8DCK:N>C<+AD6C`H

>C9>DC6C9G6<:6II=::K:CI ,=:IG>6CCI=:9G6L>C<L=>8=>H6

G:;:G:C8:IDI=:;68IDGN8>I:H_G:CIEGD;>I>CI:G:HI`:A:B:CIHI=6II=:6GI>HIG:<6G9H6H

I=:86JH:HD;I=:IG6<:9N ,=:7JGCI8DGEH:D;6LDB6CAN>C<>CI=:B>99A:D;I=:

IG>6CCI:G:HI`>HI=:8A:6GG:EG:H:CI6I>DCD;6AAD;I=:K>8I>BHL=D

  AA:C/>A:N,D99_(=DID?DJGC6A>HB.>HJ6AJAIJG:6C9I=:,G>6CGIL6>HI>G:`)*7:!<=,1-; 16%7:316/4);;1;<7:A7.<0-5-:1+);KDA C      >:L D7?:8IH 6H>I:B >I:BH   

  

L:G:B6>CANNDJC<LDB:C ,=:;:B6A:;>H688DBE6C>:97NILD;>C<

DC:>I=:GH>9:D;=:G ,=:H@:A:IDCDCI=:A:;IG:EG:H:CIH9:6I=>H9G6LC7NI=:LDG9

_G:CI`L=>A:I=:;6IB6CDCI=:G><=I7NI=:LDG9_EGD;>I`G:EG:H:CIHI=::BEADN:GL=D

7:C:;>IH:8DCDB>86AAN;GDBI=>HIG6<:9N6C97:8DB:HG>8=:G6C9;6II:GA>@:6 6G<6CIJ6 

,=:BEADN:GH$>67>A>IN>AA>HE>CC:97:H>9:I=:K>8I>BL>I=6@C>;:;GDBI=:8DJGIH\

_L=6I:K:G>IH6NHHE:8>;>86AAN>CI=:9G6L>C<`>HLG>II:CDC>IH=6C9A:\ID=><=A><=II=:

;6>AJG:D;I=:A6LIDD7A><::BEADN:GHIDEGDK>9:6H6;:GLDG@:CK>GDCB:CIIDI=:>G

:BEADN::H +AD6C`HEJ7A>8G:68I>DCIDI=::K:CIL6H>CI:C9:9IDHEJG6EDA>I>86A

6L6@:C>C<>CI=:E:DEA:K>:L>C<I=:9G6L>C< +AD6CJH:9=>H6GIID:MEG:HH=>HEDA>I>86A

K>:L>CI=:EDL:G;JA>B6<:I=6I>H"0-":1)6/4-!01:C<I=:

K>:L:G>CCD9DJ7I67DJII=:6GI>HI`HEDH>I>DCDCI=:B6II:G AI=DJ<=+AD6C`HB6>C

B:HH6<:>H8DCK:N:97NE>8IJG:H=:688DBE6C>:HI=:H:L>I=LDG9HEGDK>9>C<I=:

K>:L:GL>I=HDB:8AJ:HID>CI:GEG:II=:LDG@>C6H>B>A6GL6NIDI=:_LDG98=6G69:`

EJOOA:HH::C>C=6EI:G ,=:EG:H:C8:D;LDG9H>C=>HLDG@HG:>CHI6I:H+AD6C`H

8DCI>CJDJH>CK:HI><6I>DCD;I=:G:A6I>DCH=>E7:IL::CLDG96C9>B6<:I=GDJ<==>H6GI6H

L:AA6H=>HLG>I>C

,=:8=6EI:G=6HHD;6G:HI67A>H=:9I=6I+AD6CJH:9LG>I>C<;DG6CJB7:GD;

G:6HDCHL=>8=>C8AJ9:98DBBJC>86I>DC6C9:CI:GI6>CB:CI;DGI=:G:8>E>:CID;=>H

LG>I>C< !I>H8GJ8>6AID9>K>9:+AD6C`HLG>I>C<>CIDILD86I::HLG>I>C<I=6IL6H

B:6CI;DGI=:_EJ7A>8`A>@:=>H8DGG:HEDC9:C8:6C9LG>I>C<>CI:C9:9ID7:_EG>K6I:`A>@:

=>H9>6G>:H $6LG:C8:*DH:CL6A99:;>C:H9>6G>:H6HI:MIHI=6IL:G:LG>II:C_>CI=:;>GHI

E:GHDC>CH:E6G6I:>CHI6AB:CIH>9:6AANDC696>AN76H>H6C9DHI:CH>7AN;DGI=:EJGEDH:H

D;<>K>C<6C688DJCID;I=:LG>I:G`HE:GHDC6A:ME:G>:C8:>C6<>K:C96NL=>8=>HCDI

  

C:8:HH6G>AN699G:HH:9IDHDB:DC:DI=:GI=6CI=:9>6G>HI` +AD6C`H9>6G>:HH6I>H;NI=:

8G>I:G>6H:I7N*DH:CL6A9=DL:K:GI=:A6C:H>BEAN

I=6I+AD6C>H699G:HH>C<6C6J9>:C8:DI=:GI=6C=>BH:A;6H6AG:69NCDI:967DJII=: HI

:7GJ6GN  :CIGN 

+AD6C`HG:6HDC;DG@::E>C<69>6GNL6HCDIDCANID:C<6<:>C68DCI>CJDJH

C6GG6I>K:6C98DBB>IB:CIL>I==>BH:A;IDLG>I:L=6I=6EE:C:9>C=>HA>;:7JIE:G=6EH

IDH=6G:L>I=;JIJG:<:C:G6I>DCH=>HG:;A:8I>DCHDC=>HE:GHDC6A6C96GI>HI>8A>;: A:M>H$ 

DNA6C`HE6E:G_,=:JG>DJH6H:D;I=:,LD%GH +AD6CH`>CIGD9J8:HDI=:GILD

;JC8I>DCHD;+AD6C`H9>6GN@::E>C<_;>GHI6H6B:8=6C>HBHJ<<:HI:97NI=:E=NH>8>6C

IG:6I>C<DAANIDG:HDAK:HDB:D;+AD6C`HJC=6EE>C:HH6C9H:8DC96H6CDEEDGIJC>IN

;DG=>BIDLG>I:8DBEA>B:CI6GNI=>CH

9>6GN` !CDI=:GLDG9H7NLG>I>C<9DLC=>HJC=6EE>C:HH@CDL>C<I=6IDAANLDJA9

G:69D;I=>H=:7AJGHI=:A>C:7:IL::CEG>K6I:6C9_EJ7A>8`D;8:GI6>C:CIG>:HD;=>H9>6GN

7:86JH:I=DH::CIG>:H6G:CDADC<:G6E:GHDC6ADJIA:ID;+AD6C`H:BDI>DCH7JI7:8DB:6

IDDA;DGA:II>C<DAAN@CDLD;=DL=:G6A8D=DA>HB6;;:8I:9=>B ,=:EJGEDH:HD;

+AD6C`H9>6G>:H=><=A><=I:97NDNA6C8DC;>GB+I:E=:C#69:6I=6I_I=:A>;:D;6

9>6GN>HD;I:C7DGCD;I:CH>DC69>H:FJ>A>7G>JB>CI=:A>;:D;>IH6JI=DGL=>8=C::9HID

7:G:HDAK:9DG=:A9>C8=:8@` +AD6C`HC::9ID6GI>8JA6I:=>H_I:CH>DC`6C9

_9>H:FJ>A>7G>JB`8G:6I:97NDAAN`H8DC9>I>DC?JHI>;NL=NHDB:E6HH6<:H6G:BDG:

9:H8G>EI>K:I=6CDI=:GH6C969DEI9>;;:G:CIHIGJ8IJG:H6C9A6CC<7:NDC9I=:

IG6CH8G>EI>DCD;E:GHDC6A:ME:G>:C8:I=6I8=6G68I:G>H:HBDHI9>6G>:H6C9?DJGC6AH C

:M6BEA:D;I=>H>HI=::CIGN96I:9 I="6CJ6GN  

 $6LG:C8:*DH:CL6A95-:;76)6,<0-:<7.<0-1):A&:L1DG@    DNA6C  +I:E=:C #6H=:GH  

  

,=:HIGJ8IJG:D;I=>H:CIGNHJ<<:HIHI=6II=>HL6HB:6CIID7:G:697NHDB:DC:

:AH:E:G=6EHDAANI=::K:CIH6G:9>K>9:9>CIDI=G::E6GIHHJ<<:HI>C<I=G::9>;;:G:CI

I>B:HD;I=:96N>CL=>8=I=:ND88JG 

& JG>C<I=:96N!LDG@:9HEDG69>86AAN6HNDJB><=IH6NDC I=:DAA>:G(>G6I:9G6L>C`H>CI=::K:C>C<!8DJA9CDIH:IIA:9DLCIDLDG@EGDE:GAN 

 %GH -AAB6C86AA:9DCDAAN +=:H=DL:9 6C9B:6A:<6AE6E:G ]DC +=:H6>9I=6I"J9<:G>:H:@:-AAB6C`H;G>:C9 =6HIDA9=:G>IL6H6AAG><=I !IL6H9G6LCJEDCE6E:GL>I=I=:C6B:D;6C !I6A>6CA6LN:GD686!I=>C@ -AAB6CH>I7JIH=:9>9CDI !LDC9:G:9 L=NI=:CDI6GN DA9HI::C=69CDI=697DI=H>HI=:HJB H=:>HID<:IID7:H:CI=:G: /  

  ;I:G9>CC:G=6B6C9HE>C68=L:9G:HH:96C9L:CIID :CG>`H  A68@:CH6C9%GH (G:HIDC6C9%GH L=D>HADD@>C<I=>CC:GI=6CL=:C! H6L=:GA6HIC:6GAN6N:6G6C@ >IO :G6GA9L=D>HADD@>C<BJ8= 7:II:G  :=6H=DC:ID!G:A6C96C9G:IJGC:9H>C8:!A6HIH6L=>B "D=CHDC 3H>84I=:;6I:9>IDGD;I=:+JC96N/DGA96C9=>HL>;:G:EA68>C<=>H;>GHI I=:NL:G:9>KDG8:9 +=:>HG6I=:GI=>C6C996G@L>I=E6A:H@>C  :DG<: $J@H6GG>K:96ADC:L>I=6_?6<`DC  :L6H;JCCNIDHI6GIL>I=7JI6H=: 9G6C@BDG:=:7:86B:I>G:HDB: %GH $J@HI:A:E=DC:97JI9>9CDI8DB: 9DLC 2>CO><3H>84L6HI=:G:BNHI:G>DJHAN +IJE>9H::BHID7:I=:LDG9;DG =>B ,=:*D7:GIH:H=:;>GHIH=:86B:A6I:G %NDA9DA97JIL:AA9:I:HI:9 7:6HID;6;G>:C9/>@:;GJC9L6HI=:G:IDHED>ABN:K:C>C<  69CDIH::C =>B;DGHDB:I>B: 

,=:;>GHIE6G6H67G>:;CDI:HI6I>C<L=6II=:6GI>HIL6H6II:BEI>C<ID

9DE:G=6EH>CI=:BDGC>C< ,=:H:8DC9E6G67ANLG>II:C>CI=:

6;I:GCDDC6EE:6GHID7:6G:B>C9:GID=>BH:A;6C9IDI=:G:69:GD;L=6I%GH-AAB6C

G:8:>K:9;GDBI=:A6LN:G ,=:I=>G96C9;>C6AH:8I>DC8DCI6>CHI=:BDHI:C<6<>C<

8DCI:CID;I=::CIGN +AD6C9:H8G>7:HI=::K:CIHL=>8==6EE:C:9>CI=::K:C>C<6I

:CG>`H6C9B:CI>DCH_BNDA9DA97JIL:AA9:I:HI:97:6HID;6;G>:C9/>@:;GJC9L6H

I=:G:IDHED>ABN:K:C>C<  69CDIH::C=>B;DGHDB:I>B:`G:;:GG>C<ID=>H9GJC@:C

L>;:DAAN ,=>HH:CI:C8:86C7:>CI:GEG:I:96H68AJ:IDI=:EJGEDH:D;I=:L=DA::CIGN

  

L=>8=>HIDG:B>C9DAAND;I=::K:CIHL=>8==6EE:C:9I=6I96N6HDNA6CHJ<<:HIH 

+AD6C`HL>;:`H9GJC@:C7:=6K>DJG86JH:9=>B:B76GG6HHB:CIL=>8==><=A><=IHI=:

:MI:CID;I=:EGD7A:B>C+AD6C`H:N:H ,=:6GI>HIHI6I:H>CI=:1;<I=6I_!C:K:GB:6C

:M68IANL=6I!H6N`6C9>I=6H7::C=><=A><=I:97N 6>A :A7JG9I=6I=:D;I:CJH:9I=:

C6B:/>@:;GJC96C6C6;:`IDG:;:GIDDAAN NJH>C<I=:

6C69:H=>HL>;:`H>9:CI>IN>C86H:I=:9>6G>:HL:G:ID7:G:697N

HDB:DC:JC;6B>A>6GL>I=+AD6C`HEG>K6I:A>;:I=JH=>9>C<I=::B76GG6HHB:CID;=>H

L>;:`H6A8D=DA>HB  DL:K:G>;I=:9>6GNL:G:G:697NHDB:DC:L=D@C:LI=:+AD6CH`

8>G8JBHI6C8:H;DG>CHI6C8:DAAN :CG>DG6CNDC:8ADH:IDI=:BI=:G:69:GLDJA9=6K:

JC9:GHIDD9L=D=:L6HG:;:GG>C<ID6C9JC9:GHIDD9I=:>BE68II=6I=:G6A8D=DA>HBL6H

=6K>C<DC=>HA>;: ,=:I=>G9E6HH6<:D;I=::CIGN:MEG:HH:H+AD6C`HH@>AA6I=>9>C<I=:

IGJI=7:=>C96I=>CK:>AH=DL>C<=>H67>A>INID699G:HH6C>HHJ:7NE6GI>6AAN9:I68=>C<

=>BH:A;;GDBI=:E:GHDC6AI=GDJ<=I=:68ID;LG>I>C<6C97:8DB>C<67A:ID6C6ANH:I=:

:K:CIH6C9DAAN`HEGD7A:BI=GDJ<=I=:A:CHD;D7?:8I>K>IN 

,=::CIGND;I=:;DAADL>C<96NA68@HD7?:8I>K>IN6C9H=DL:K>9:CIG:H:CIB:CI

IDL6G9HDAAN`H6C9DI=:GE6GI>8>E6CI`H9GJC@:C7:=6K>DJG  :G:;:GHIDI=::K:CI6H6

_HIJE>96;;6>G` I="6CJ6GN  6C99:HE>H:HI=:_8GDL9D;HJEEDH:9AN>CI:AA><:CI

E:DEA:H>II>C<67DJIA>HI:C>C<6C9<><C<6II=:B6JC9:G>C

L=DA:>9:6H::BHID7:IDA6N8A6>B>CHDB:G:BDI:L6NID!G>H=6C8:HIDGH` AI=DJ<=

I=::CIGNBDHIANI6A@H67DJII=:E6>CI:G :DG<:$J@H>I>HEDHH>7A:ID>CI:GEG:II=>H

E6HH6<:6H+AD6C:MEG:HH>C<=>H6C<:G6C9;GJHIG6I>DCIDL6G9H=>HL>;:`H9GJC@:C

7:=6K>DJG ,=:H:ILD:CIG>:H9:BDCHIG6I:I=6I_9>6G>HIHC:K:G=6K:8DCIGDADK:GL=6I

8DB:HC:MI>CI=:>GI:MIH ,=:NLG>I:L>I=CDL6ND;@CDL>C<L=6IL>AA=6EE:CC:MI>C

 +AD6C 

  

I=:EADIBJ8=A:HH=DL>IL>AA:C9` (=>A>EE:$:?:JC:`HHI6I:B:CI>HK6A>9L=:C

6EEA>:9IDI=::CIG>:H?JHIB:CI>DC:97:86JH:D;8DJGH:+AD6C86CCDI6CI>8>E6I:L=6I

L>AA=6EE:CI=:;DAADL>C<96N  DL:K:G+AD6CH::BHID7:8DCIGDAA>C<L=6I=:LG>I:H

>C=>HI:MIH7:<>CC>C<;GDB699>C<6C6CHI:69D;=>HL>;:`HC6B:6C9HIG:HH>C<

8:GI6>C7:=6K>DJGHA>@:=:9D:H>CI=: I=6C9 I="6CJ6GN  :CIG>:H 

!I>H:K>9:CII=6I+AD6CA>@:6CN9>6G>HI_:MEG:HH3:H4I=:;::A>C

6C99:H8G>7:HI=::K:CI_6H=:;::AH>IL6H6C9CDI6HBDG:8DCH>9:G:9?J9<=I

=6K:BDG:IGJANH=DLC>IID7:`  DL:K:G=6K>C<I=:9>6GNG:697NDI=:GHHJ8=6H

DAANEJH=:H+AD6CID8DCHIGJ8II=:I:MI6C99:EG>K:>I;GDB8:GI6>C:A:B:CIHD;

>CI>B68N6C9>BB:9>68NI=6I8=6G68I:G>H:9>6GNA>I:G6IJG:6H=:B><=I=6K:=69ID

G:HIG6>C=>BH:A;IDLG>I:=>HIGJ:I=DJ<=IHL=>8=86CIG6CH;DGBI=:I:MI;GDB6

9D8JB:CII:AA>C<I=:HIDGND;+AD6C`HA>;:>CID;>8I>DC &:K:GI=:A:HH>I>H6AHD6G

I=6II=:6C6CI=>HE6HH6<:6G:6IDDA;DG=>BIDG:HIDG:E6GID;I=:

EG>K68N=:G:FJ>G:HID:MEG:HH=>HG:6A;::A>C6GN6H6IDDAIDG:HDAK:DG

@::EJC9:G8DCIGDAI=:6JI=DG`HA>;:9>H:FJ>A>7G>JB6HHJ<<:HI:97N#6

I=>H9D:HCDIB:6CI=6I+AD6C`H9>6G>:H6G:CDIG:A:K6CI6H=>HIDG>86A9D8JB:CIH6HI=:N

HI>AAEGDK>9:=>HIDG>86A>C;DGB6I>DC<>K:C;>GHI =6C97NI=:6JI=DG *68=6:A$6C<;DG96C9

*JHH:AA/:HIHI6I:I=6I9>6G>:H6G:

6CJC8:GI6>C<:CG:JC:6H>AN76A6C8:97:IL::CA>I:G6GN6C9=>HIDG>86ALG>I>C< 7:IL::CI=:HEDCI6C:>IN6C9G:EDGI6<:6C9G:;A:8I>K:C:HHD;I=:8G6;I:9I:MI 7:IL::CH:A;=DD96C9:K:CIH7:IL::CHJ7?:8I>K:AN6C9D7?:8I>K:AN7:IL::C I=:EG>K6I:6C9I=:EJ7A>88DCHI6CIAN9>HIJG7H6II:BEIHIDHJBB6G>O:>IH 8=6G68I:G>HI>8HL>I=>C;DGB6A>H:97DJC96G>:H 

 (=>A>EE:$:?:JC:_,=:>6GN6H]CI>;>8I>DC^`61):A (J7A>H=:97N-C>K:GH>IND; 6L6>`>  #6DC>6G>:H6C9%6G<>CH`>C):/16)4$71+-; ):/16)47:5;1):1-;16=:78-)61<-:)<=:-)6,1;<7:A:9 *68=6:A$6C<;DG96C9*JHH:AA/:HI BHI:G96B*D9DE>  

  

 J:ID9>6GNLG>I>C<7:>C<8DC;JH:967DJIL=>8=DC:>I>H7:IL::CA>I:G6GN6C9

=>HIDG>86ALG>I>C<9>6G>:H=6K::C8DJG6<:9L>9:G9:76I:HDC=DLDC:H=DJA9>CI:GEG:I

I=:H:I:MIH !I>H8:GI6>C=DL:K:GI=6I+AD6C`HLG>I>C

>C;DGB6I>DC67DJI=>HA>;:6C967DJII=:68I>K>I>:H6C9HIGJ<HIL>I=6C

6A8D=DA>8L>;: 

>6G>:HI:AADC:G:6A>INL=>8=>HI=:DC:LG>II:C7NI=:9>6G>HII=:N8DJA9

I=:G:;DG:7:8DCH>9:G:9G:6A>HIA>I:G6IJG:7:86JH:I=:G:6A>IN86EIJG:97NI=:9>6G>HI>H6

HJ7?:8I>K:_G:EDH>IDGND;:BJAI6C:DJHAN:MEG:HH6C9EGD9J8:

CDI>DCHD;H:A;`  HH::CL=:C6C6ANH>C<I=::CIGN67DK:=>HDB>HH>DCHD;8:GI6>C

C6B:H6C9;68IHID<:I=:GL>I=6C6

6GI>HI`HA>;:>CID8DCHIGJ8I:9;>8I>DC !I>HA>@:ANI=6I+AD6CG:8DH:9I=6I=>H9>6G>:H

8DJA9=6K:7::CEJ7A>H=:9EDHI=JBDJHANI=JHG:68=>C<69>;;:G:CI6C9L>9:G6J9>:C8:

I=6C=:DG><>C6AAN>CI:C9:9 ,=>HG:6A>H6I>DCD;I=:EDI:CI>6AK6AJ:D;=>HDLCLDG9H

EDHH>7ANB69:=>BBDG:8DCH8>DJH67DJII=:I:GBH=:JH:96C9E:DEA:=:699G:HH:9

G:HJAI>C<>CBDG:86G:;JAANHIGJ8IJG:9E6HH6<:H6C9I=:DB>HH>DCD;8:GI6>CC6B:H;GDB

I=::CIG>:H 

+D;6GI=:8=6EI:G=6H:HI67A>H=:9I=6I+AD6C`HLG>I>C<L6H6CDI=:GIDDA;DGI=:

6GI>HIIDI:HI=>H67>A>INID:C<6<:L>I=A>I:G6GN;DGBH HH::C>C=6EI:G+AD6C`H9::E

JC9:GHI6C9>C<>CA>I:G6GN;DGBHHJ8=6HED:IGN6C9;>8I>DC6AADL:9=>BID:C<6<:L>I=

I=:G:A6I>DCH=>E7:IL::CLDG9H6C9>B6<:H +AD6C`H:C<6<:B:CIL>I=HJ8=G:A6I>DCH=>E

=DL:K:GL6HCDIA>B>I:9IDIG6CHA6I>C<>CID6GII=:A>I:G6IJG:=:G:696HH::C>CI=:;>GHI

  "D8=:C :AA7:8@_,=:>6GN7:IL::C$>I:G6IJG:6C9 >HIDGN >HIDG>6C`HG>I>86A*:HEDCH:`"0- =;;1)6 ->1-?.DA C    

   

ILD8=6EI:GHD;I=:EGD?:8I +AD6C6AHDJH:96GIL=:C=:L6CI:9ID8DBBJC>86I:=>H

DE>C>DC>C6EJ7A>8;DGJB6HL>I=I=:,G>6CC8>9:CI !I>HEDHH>7A:I=6I>C

I=>H>CHI6C8:=:7:A>:K:9I=6I=>H6GILDJA97:BDG::;;:8I>K:I=6CLDG9H6H=:8DJA9

8DJCIDC=>H6GI>HI>8H@>AAH6C9B>C>B6A7JI:;;:8I>K:LDG9HIDEGDK>9:I=:K>:L:GL>I=6

EDL:G;JAB:HH6<:I=6I:MEG:HH:9=>HDE>C>DCG:<6G9>C<I=::K:CI  DL:K:G+AD6C9>9

CDIG:K:GIID6GI?JHIID8DCK:N=>HDLCEDA>I>86AK>:LH  :>C8AJ9:HH@:I8=:H6C9

9G6L>CCBJ8=D;=>HE:GHDC6A8DGG:HEDC9:C8:ID :CG>6C9>CHDB:E6<:HD;=>H

9>6GN6H6B:6CHID8DBEA:B:CII=:I:MI 

!C ->74=<176):1-;7. -)41;5(:GAB6C>C8AJ9:HB6CNA:II:GH;GDB7DI= :CG>

6C9+AD6CI=6I>C8DGEDG6I:H@:I8=:H6C99G6L>CHIHID:68=DI=:G ,=:H:

>C8AJ9:+AD6C`H9G6L>CHBDI=:G`H;JGC>IJG: :CG>`HH@:I8=:HD;IG69>I>DC6A

JI8=8ADI=>C<6C96H6I>G>86AH@:I8=7N+AD6CD; :CG>8DBEA:I>C<6EDGIG6>ID;I=:

B6NDGD; 6A>;6MIDC6B:6;:L:M6BEA:H  ,=:EG:H:C8:D;I=:H@:I8=:H6C9

9G6L>C:H9:E:C9>C<DCI=:A:C

D88JGL=:CE:G=6EHI=:6GI>HIH;:AII=6I6C>AAJHIG6I>DC8DJA9=6K:699:96:HI=:I>8DG

=JBDGDJHK6AJ:IDI=:8DGG:HEDC9:C8: 

;JGI=:G:M6BEA:D;+AD6C`H:ME:G>B:CI6I>DC6C9EA6N;JAC:HHL>I=LDG9H6C9

>B6<:H86C7:6EEG:8>6I:9>C6CJC96I:9A:II:G;GDB"JC:  L=>8=EG:H:CIHILD

86AA>C:97NI=:7:HI @CDLC6JI=DGD;I=>H;DGBD;ED:IGN J>AA6JB:

EDAA>C6>G:86AA>9:6A>H6I>DC9:A6EDTH>:K:GHA>7G>HI::IJCEG:8>H>DC

INEDFJ:QA`TEDFJ:DWA6INED:I:GB>C:7G>AA6B:CIH686GG>UG:QA`6JGDG:

  +::(:GAB6C      !7>9     ,=:86AA>C>

   

9:HBDN:CHCDJK:6JM9:G:EGD9J8I>DCFJ:HDCIA:8>C:B6:IA:E=DCD

DI=:GLDG9H86AA>CL=>8=I=:K>HJ6A6GG6C<:B:CID;I=:LDG9H8G:6I:H

6C>B6<:I=6I86C7:6G6B:I6E=DG>86ADGB:IDCNB>86AB:6C>C<>CG:A6I>DCIDI=:LDG9H

D;I=:ED:B>IH:A; $>I:G6GNH8=DA6GHA>@:*D<:G$>IIA:6C9/>AA6G9D=CG:8DH:I=:

A>C@7:IL::CEDAA>C6>G:`H86AA>HBH>C8:I=:N7DI=8=6AA:C<:

8DCK:CI>DC6AHIGJ8IJG:HD;ED:IGN6C9E:GHE:8I>K: !I>H6AHDIDCDI:I=6I7DI=+AD6C6C9

EDAA>C6>G:L:G::8A:8I>8>C9>K>9J6AH6C9KDG68>DJHG:69:GHL=D:MEG:HH:96C>CI:G:HI

>CI=:JC>DCD;LDG9H6C9I=:>GK>HJ6AG:EG:H:CI6I>DC /=>A:EDAA>C6>G:9>9CDI>CK:CI

I=:86AA>:G:M6BEA:HD;HJ8=ED:BH96I>C<;GDBI=: I=8:CIJGN

\+I:E=:C 6L:H`_(6>GD;/>CH6GGDAA`H_%DJH:

,6>A`>C=>HB6CJH8G>EI41+-I;,>-6<=:-;#6,-::7=6,6G:HDB::M6BEA:H\=:9>9

6II:BEI_ID:HI67A>H=I=:E6G6B:I:GHD;=>H6GI7N:MEDH>C<I=:;DJC96I>DCD;I=:8G:6I>K:

EGD8:HH` D=C`HE6E:G_%:I6E=DG6C9%:IDCNBN>CEDAA>C6>G:`H6AA>

>AAJHIG6I:HI=:EG>C8>EA:H;DGL=>8=EDAA>C6>G:`HLDG@H6G:JC>FJ:6C9G:8DH:HI=:

8DBEA:M>IN7:=>C9I=:8DCHIGJ8I>DCD;I=:H:E>8IJG: ED:BH +AD6C`H86AA>

6C9_.:GHD`6G:CDI6H8DBEA:M6HEDAA>C6>G:`HLDG@H7JII=:NHI>AA:M=>7>II=:

EG>C8>EA:D;6GG6C<>C<LDG9HID8G:6I:6C>B6<: 

+AD6C`H86AA>HILGDI:ID=>H;G>:C9 :CG>ID

G:699JG>C<=>HC6K6AIG>E;GDBDHIDCID >7G6AI6G;DAADL>C<6A:II:GI=6I :CG>LGDI:>C

"JC:  67DJI=>HH:6 H>8@C:HH ,=:6GG6C<:B:CID;LDG9H8G:6I:H6HE>G6A7DI=

CDI:H7:<>C;GDBI=:DJI:GH>9:D;I=:H=6E:6C9I=:LDG9HLDG@I=:>GL6N>CL6G9H

 $:II:GIDC9GT>AAN"JAN  FJDI:9>C*D<:G$>IIA:_,=:+=6E>C<D;%D9:GCG:C8=(D:IGN .>HJ6A$NG>8>HB` 7/-: ->1-?;KDA C      $>IIA:  G:6I:98 86    D=C   (:GAB6C00! 

   

7:8DB>C<>C8G:6H>CC<IDG:69 !C7DI=CDI:H+AD6CB:CI>DCH :CG>`H

H:6H>8@C:HHL=>8=B6@:HI=:8DCI:CID;I=:E>8IJG: ED:BH>C>IH:A;G6I=:G6BJH>C<H>C8:

=:HJ<<:HIHI=6I :CG>G:69I=:;>GHI86AA>8:6;I:G:68=B:6A`L=>8=LDJA9D;

8DJGH:86JH:9>OO>C:HH6C9C6JH:6 +AD6C`H:CI:GI6>C>C<CDI:H>C8DGEDG6I:I=:>CIG>86I:

_C:ILDG@D;68I>DCG:68I>DC6C9>CI:G68I>DC` >9:CI>;>:97ND=C +AD6C`H86AA>

6>BIDB6@: :CG>;::A9>OON6C9C6JH:DJHL=>A:G:69>C< ,DG:69I=:ED:BHI=:G:69:G

=6HIDIJGCI=:E6<:8AD8@L>H:L=>A:G:69>C<L=>8=CDIDCANEGD9J8:HI=:C6JH:DJH

G:68I>DC7JI:BE=6H>H:HI=:>CI:G68I>DCI=6I :CG>=6HL>I=I=:I:MI 

+AD6C`H86AA>I=EDAA>C6>G:`H-=6-;144-;C

0)8=44-8-+7:86JH:I=:N=6K:6H>B>A6GH=6E:  DL:K:GI=:HIG>@>C<9>;;:G:C8:

7:IL::CI=:B>HI=6I+AD6C`HH:FJ:C8:D;LDG9H>HBDG:8DCK:CI>DC6A9:HE>I:7:>C<

6GG6C<:96H6HE>G6A7:86JH:I=:L=DA:I:MI;DAADLHDC:A>C: EDAA>C6>G:`H=DL:K:G

8=6AA:C<:HI=:G:69:G>C9:8>E=:G>C<:68=LDG9L>I=>CI=:9:H>

_*:8ID` >HBDG:8=6AA:C<>C<ID>CI:GEG:I;DGI=:G:69:GI=6C_.:GHD` ,=:DJIA>C:HD;

7DI=86AA>O:=DL:K:G>C_*:8ID`I=:G:6G:BDG:LDG9H

L=>8=B6@:I=:HE>G6ABDG:8DBE68I6C98DCH:FJ:CIANBDG:9>;;>8JAIIDG:69 !C

_.:GHD`=DL:K:GI=:A:<>7>A>IN>H>BEGDK:97:86JH:I=:G:6G:;:L:GLDG9H>CI=:ED:B

6AADL>C<BDG:HE68:7:IL::C:68=ADDED;I=:HE>G6A /=>A:+AD6C8G:6I:986AA>

;DG:CI:GI6>CB:CI7DI==>HDLC6C9 :CG>`HL=6I>HBDHI>BEDGI6CI67DJII=:H:ILD

:M6BEA:H>HI=:;JGI=:GEGDD;D;+AD6C`H>CKDAK:B:CI>C:MEADG>C<6C9:ME:G>B:CI>C<

 !7>9     D=C    >

   

L>I=I=:G:A6I>DCH=>E7:IL::C>B6<:6C9LDG96C98G:6I>C<HDB:I=>C<CDK:A6C96K6CI

<6G9:I=6I6AADL:9=>BID:MEADG:I=>HG:A6I>DCH=>E;GDB69>;;:G:CIE:GHE:8I>K: 

CDI=:G:M6BEA:D;+AD6C`HA:II:G >AAJHIG6I>DCH>H;GDB6A:II:GLG>II:CDC

&DK:B7:G I=  >CL=>8=+AD6C>CK>I:H :CG>ID G::CL>8=.>AA6<:IDK>H>I=>B

I=:;DAADL>C<96N 88DG9>C<ID(:GAB6C :CG>_HE:CII=:HJBB:GD;  L>I=6C6GI

8A6HH>C+E6>C6C9G:IJGC:9ID&:L1DG@>C'8ID7:GL=:C=:L6HL:A8DB:9ID+AD6C`H

C:LHIJ9>D6I+>MI=K:CJ:`L>I=I=>HA:II:G9G6L>C< ,=:>AAJHIG6I>DCEG:H:CIHE6GI

D; G::CL>8=.>AA6<:`HH@NA>C:>C8AJ9>C<6H@NH8G6E:GI=6IADD@HA>@:I=:A6I>GDC

J>A9>C<6C9;GDBL=>8=686G>86IJG:D;+AD6CL>I=7>CD8JA6GH>HD7H:GK>C<DAAN

7:ADLL6>K>C<6=6C9@:G8=>:;6I=>B ,=:>AAJHIG6I>DC>C8AJ9:HILDE>:8:HD;LG>I>C<

A67:AA>C<E6GIHD;I=:9G6L>C<DC:_=DB:HB6AA:HI`ID>C9>86I:=>H=DB:>HAD86I:96C9

_HIJ9>DA6G<:HI=DJH:>C G::CL>8=`L=>8=6>BHID9>G:8I :CG>;DG=>HK>H>I H :6I=:G

6BE7:AADNA:6C9"DN8:# +8=>AA:G=><=A><=I>CI=:>G7DD@706!47)6I;-?&7:3

I=:86G>86IJG:D;=>BH:A;>CI=:_;A6I >GDC`7J>A9>C<_HJ<<:HIH6C:LA:K:AD;8DB;DGI>C

I=:8>IN6C9=>HG:H>9:CIHI6IJH` ,=:8DB;DGI8DCK:N:9;GDBI=>H>AAJHIG6I>DC8DCIG6HIH

L>I=I=:IDC:D;+AD6C`HA:II:GID :CG>96I:9 I='8ID7:G 6C6ANH:9EG:K>DJHAN>C

L=>8=+AD6C:MEG:HH:9=>HIDGB:CI67DJIA>K>C<>C&:L1DG@ HCDI:97N6GI8G>I>8

=6GA:H/>HC:G6GG:A7N  +AD6C_=6HB69:=>H=DB:>CI=:=:6GID;&:L1DG@

>IN3[4&:L1DG@ID=>B>HB:G>868GNHI6AA>O:96C9;GDB=>HGDD;DGHIJ9>DL>C9DL

=:86CL6I8=I=:E6<:6CID;=JB6C>INHIG:6B7N>C6AA>IHB>AA>DCE=6H:H` H6GG:A

HJ<<:HIH+AD6CL6H;>C9>C<=>HEA68:>C&:L1DG@6C9I=:9G6L>C<>C=>HA:II:G

 (:GAB6C 6C9>AA:G"D=C+AD6C706!47)6I;-?&7:3&:L 6K:C6C9 $DC9DC:A6L6G:GI%JH:JB>C8DAA67DG6I>DCL>I=16A:-C>K:GH>IN(G:HH    =6GA:H/>HC:G6GG:A_,=:*:6AG6B6D;I=:+AJBH6H,DA9>C"D=C+AD6C`HI8=>C

   

=><=A><=IH6C:L;DJC9E:68:6C96GI>HI>8;JA;>AB:CII=6I8DCIG6HIHL>I=I=:6CM>:IN

:MEG:HH:9>CI=: A:II:G N  +AD6C=69G:68=:96=><=:GA:K:AD;;JA;>AB:CI

6C9L6H6C:HI67A>H=:9>AAJHIG6IDG7JIBDHI>BEDGI6CIAN=:=697J>AI6C:ILDG@D;

68FJ6>CI6C8:H6C9;G>:C9H=>EHL=>8=>C8AJ9:9"D=CJIA:G1:6IHI=6IHI>BJA6I:9=>B

6GI>HI>86AAN6C9>CI:AA:8IJ6AAN6C9=:AE:9=>BIDH:IIA:>C>C&:L1DG@ ,=:CDI:>CI=:

I=&DK:B7:G  A:II:G9D:HCDI86GGN6CNE6GI>8JA6GA>I:G6GN>BEDGI6C8:6C9I=:

H@:I8=>HH>BEA:7JI:;;:8I>K:  DL:K:GI=:CDI:>HLDGI=B:CI>DC>C<7:86JH:>I>H

;JGI=:G:K>9:C8:D;I=:JH:I=6I+AD6CB6@:HD;6GI !CI=>H>CHI6C8:=:>HJH>C<6GI6H6

IDDAI=6I8DBEA:B:CIH=>HLDG9H6H>;=:8DJA9:MEG:HH=>BH:A;7:II:GL>I=H@:I8=:H6C9

9G6L>CI=LDG9H  :8=DH:IDEGDK>9: :CG>L>I=68:MEA6C6I>DC

D;L=:G:=>HC:LHIJ9>DL6HAD86I:96C9JH:9I=:G:A6I>DCH=>E7:IL::CLDG96C9>B6<:

ID8DCK:N=>HB:HH6<:6C9E:G=6EHID6996C:A:B:CID;;JCID6CDI:I=6ILDJA9=6K:

7::CDI=:GL>H:IDDEA6>C;DGI=:6GI>HI 

,=::M6BEA:?JHI<>K:C8DC;>GBHI=:ED>CIHG6>H:9>CI=>H8=6EI:G7:86JH:=>H6GI

JE96I:HI=:G:69:GDGK>:L:GDC=>H:BDI>DCH6C9C:L ;DJC9=6EE>C:HHD;A>K>C<>C

&:L1DG@I=:8=6EI:GDK:G6AA9:BDCHIG6I:H=DL+AD6C`HLG>I>C<86C7:JH:96H6IDAA

;DGI=:G:69:GID<:IID@CDLI=:6GI>HI7:NDC9=>H6GIE:GHDC6 ,=>H8=6EI:G=6H

9:BDCHIG6I:97DI=I=:A>I:G6GN6C9HD8>DAD<>86AK6AJ:D;+AD6C`HLG>I>C<L=>8=

H=DL86H:H=>HI6A:CI;DG8G:6I>K:LG>I>C<L=>A:7G>C<>C<I=:G:69:G8ADH:GIDI=:6GI>HI7N

EGDK>9>C<>CH><=I>CID=>HA>;:6C9=>H>CI:AA:8IJ6A8>G8A:>C&:L1DG@6I6I>B:D;

8=6C<: !IBJHI7:68@CDLA:9<:9I=6II=:LG>I>CCI=>H8=6EI:GEGDK>9:I=:

G:69:GDCANL>I=+AD6C`HG:6A>INL=>8=9D:HCDI688DJCI;DGI=:ED>CID;K>:LD;I=:

E:DEA:B:CI>DC:9>C=>HLG>I>CIND;I=:

:K:CIH6C98=6AA:C<:HEDGIG6N:97N+AD6C>C=>H9>6G>:H6C98DGG:HEDC9:C8:G:H:6G8=:GH

  

H=DJA98DCH>9:GI=:9>6G>:H6C98DGG:HEDC9:C8:D; :CG>6C9DI=:GH=86CC:GH6C9

8DBE6G:I=:G:6A>I>:HI=6II=:NEG:H:CI +>C8:I=>HG:H:6G8=EGD?:8I;D8JH:HDC"D=C

+AD6CI=:6>BD;I=>H8=6EI:G=6H7::CIDEG:H:CI=>HLG>I>CCIGD9J8:=DLI=:H:

86C7:JH:96H6IDDAID>CI:GEG:I6C97:II:GJC9:GHI6C9I=:B:6C>C<D;=>H6GI ,=>H;>C6A

H:8I>DCD;I=>HI=:H>HEGDK:HI=6I+AD6C`HJC9:GHI6C9>C<D;A>I:G6IJG:

H>BEA:6EEG:8>6I>DC;DGA>I:G6IJG:6C9G:HJAI:9>C=>H67>A>INIDEA6N6C9:ME:G>B:CIL>I=

LDG9H>C6H>B>A6GL6NI=6I=:9D:HL>I=6GI 



  

'&$,*"'&

,=:I=:H>HD;;:GH69>;;:G:CI6C9699>I>DC6AED>CID;K>:LIDI=::M>HI>C<A>I:G6IJG:DC

"D=C+AD6C7:86JH:>I9:BDCHIG6I:H=DL7DI==>H6GILDG@H6C9=>HLG>I>C

>C;AJ:C8:97NI=:A>I:G6IJG:=:G:69 ,=:6C6ANH:H!EG:H:CII=GDJ<=DJII=>HI=:H>H86C7:

JH:9IDHIG:C9:699>I>DC6A

:M6BEA:HI=6I8DCIG>7JI:IDI=:G:H:6G8=EG:H:CI:97N*:7:8862JG>:G%>8=6:A$D7:A

6C9"D=C6<< ,=>HG:H:6G8=;6AAHJC9:GI=:A:HH:MEADG:9;>:A9I=6IH::HI=:9>H8>EA>C:H

D;6GI6C9A>I:G6IJG:7:>C<8DCC:8I:9L=>A:8DBEA:B:CI>C<:68=DI=:G +AD6C6H

JC9:GA>C:9>CBNI=:H>HL6H6L6G:D;I=>H8DCC:8I>DC7:IL::CI=:ILD9>H8>EA>C:H6C9

=:G:EGD9J8:9>I>C=>H6GI 

,=:DK:G6AA8DC8AJH>DCID9G6LDC;GDBI=>HG:H:6G8=>HI=6IA>I:G6IJG:=6H6

H>;>86CI>C;AJ:C8:>C+AD6C`HE:GHDC6AA>;:6C96GI>HI>886G::G6C>C;AJ:C8:I=6I

7:8DB:H:K>9:CI>C=>H6GI6C9LG>I>C< !=6K:EG:H:CI:9:M6BEA:HD;+AD6C`H6GI>HI>86C9

LG>II:CLDG@H=><=A><=I>C<=DLI=:6GI>HI=>BH:A;:C<6<:9L>I=I=:G:A6I>DCH=>E7:IL::C

LDG96C9>B6<: !=6K:=><=A><=I:9I=>H8DCC:8I>DC>C:68=8=6EI:G>CI=:;>GHI8=6EI:G

!9:BDCHIG6I:=DL+AD6C>C8DGEDG6I:9>C=>H6GI:A:B:CIHD;I=:A>I:G6IJG:D;PB>A:2DA6

6C9/6AI/=>IB6C\6AG:69N68@CDLA:9<:97NH8=DA6GH\6HL:AA6H :DG<:%DDG:

"D=C*JH@>C6C9"DH:E=DCG69\699>I>DC6AG:69>C9:CI>;>:9I=GDJ<=

+AD6C`H9>6G>:H 'C8:!=6K:=><=A><=I:9I=:H:A>I:G6GN8DCC:8I>DCH!>CK:HI><6I:9

+AD6C`HGDA:6H>AAJHIG6IDGD;H=DGIHIDG>:H6C9ED:IGN>CI=:H:8DC98=6EI:GH=DL>C<=DL

I=:6GI>HI7:86B:6K>HJ6A>CI:GEG:I:GD;I=:I:MIH=:G:69JC9:G8DBB>HH>DC >C6AAN>C

I=:I=>G98=6EI:G!6C6ANH:9+AD6C`HDLC9>6G>:H6C98DGG:HEDC9:C8:=><=A><=I>C<=DL

+AD6C`HLG>I>C<L6H>C;AJ:C8:97NI=:A>I:G6IJG:=:G:69 />I=I=:;>C6A8=6EI:GD;I=:

I=:H>H!6>BID8DCIG>7JI>C<IDI=:8JGG:CIA>I:G6IJG:DC+AD6CL>I=I=:=DE:I=6I=>H

  

9>6G>:H6C98DGG:HEDC9:C8:86C7:8DCH>9:G:9;DG6C>C 9:EI=6C6ANH>HIDEG:H:CI=DL

I=:A>I:G6IJG:=:G:69>C;AJ:C8:9=>HLG>I>C<6HL:AA6H=>H6GI 

NEG:H:CI>C<I=:H>;>86CI>C;AJ:C8:I=6IJGDE:6CA>I:G6IJG:EA6N:9DC

+AD6C`H6GI>I>HEDHH>7A:ID6GHI6H=:>H

EDGIG6N:97NH8=DA6GH +AD6C=6HD;I:C7::CG:<6G9:96H6AD86A6GI>HI9J:IDI=:;D8JHD;

=>H6GI7:>C<I=:9:E>8I>DCD;I=:C:><=7DG=DD9H6C9E:DEA:D;=:AH:66C9 G::CL>8=

.>AA6<:>C&:L1DG@  DL:K:G>C9:E>8I>C<I=:H:C:><=7DG=DD9H+AD6C69DEIHI=:

I:8=C>FJ:H6C9>9:6H9:K:ADE:97NJGDE:6C6GI>HIH6C9>CI:AA:8IJ6AHHJ8=6H2DA6`H

C6IJG6A>HIG:EG:H:CI6I>DCHD;I=:EDDG6C9"D=C*JH@>C`HI=:DG>:HDC8DADJGH ,=:G:;DG:

:K:CI=DJ<=+AD6C9:E>8I:9B:G>86CHJ7?:8IH=:9>9HDL=>A:8:A:7G6I>C<6C9

EGDBDI>C<JGDE:6CA>I:G6IJG: ,=:G:H:6G8=I=:G:;DG:=><=A><=IHI=6I6AI=DJ<=+AD6C

L6HH::@>C<;DG=>HDLC>C9>K>9J6A>IN6H6CB:G>86C6GI>HI7NEDGIG6N>C<B:G>86C

HJ7?:8IH=:G:A>:HDCI=:JGDE:6CIG69>I>DCID8DCK:N9DB:HI>8HJ7?:8IH C:M6BEA:

I=6I!<>K:ID9:BDCHIG6I:I=>H>HBN6C6ANH>HD;I=:E6>CI>C<!8:16/4)6<16/

:--6?1+0$144)/-   !CI=>HE6>CI>C<+AD6C9:E>8IHI=:7D=:B>6C6C98DADJG;JA

6G:6D;%6C=6II6C>C6B6CC:GI=6I9>HEA6NH:A:B:CIHD;*JH@>C`H4-5-6<;7.747=:;

I=6I=:G:69I=:N:6G7:;DG:=:E6>CI:9!8:16/4)6<16/ 

H!9>H8JHH>CI=:I=G::8=6EI:GHD;I=:I=:H>H*JH@>CL6HCDII=:DCANA>I:G6GN

>C;AJ:C8:I=6I+AD6C=699JG>C<=>H6GI>HI>886G::G 68=7DD@:HH6NDGED:B=:G:69

8DCIG>7JI:9ID=>H9:K:ADEB:CI6H6C6GI>HI *:69>C<6AA@>C9HD;A>I:G6IJG:B69:+AD6C

BDG:G:HEDCH>K:6C9DE:CID>CI:GC6I>DC6A6C9>CI:AA:8IJ6A>C;AJ:C8:HL=>8=B69:=>B

HI6C9DJI;GDBI=:DI=:GB:B7:GHD;I=:H=86C+8=DDA  >H6GII:8=C>FJ:H6C9

6EEGD68=IDDC I=: HEDI9G6L>C<L6H9>;;:G:CIIDI=DH:I=6I8=6G68I:G>H:9,=:><=I  >H

;G>:C9 :CG>D;I:CBD8@:9+AD6C7NH6N>C<I=6I=>HHJGC6B:L6H_I=:E6HIE6GI>8>EA:D;

  

]+ADL^`7:86JH:=:IDD@=>HI>B:IDHIJ9N6C98DCHIGJ8II=:8DBEDH>I>DCD;=>H

9G6L>CC< :CG>`H6EEGD68=D;8G:6I>C<=>H6GIDCI=:HEDI 

!AAJHIG6I>C<A>I:G6IJG:EGDK>9:9+AD6CL>I=6BDG:G:;A:8I>K:6C986A8JA6I:96EEGD68=ID

8DBEDH>C<=>H6GI7:86JH:=:L6HG:FJ>G:9IDEGDK>9:6C>CI:GEG:I6I>DCD;I=:G:6A>IN=:

H6L6C9IG6CHA6I:9I=>H>CID6GI %DG:DK:G=6K>C<IDG:6986G:;JAANID86EIJG:I=:

B:HH6<:D;I=:6JI=DGHDI=6I=:8DJA9>C8AJ9:>I>CI=:>AAJHIG6I>DCHI6J<=I+AD6CID

67HDG7L=6I=:G:69L=>8=G:HJAI:9>C=>B<6>C>C<69::EJC9:GHI6C9>C<D;A>I:G6IJG: 

H6G:HJAID;I=>H9:EI=>CJC9:GHI6C9>C<=:7:<6CID:ME:G>B:CIL>I=A>I:G6GN;DGBH>C

7DI==>HLG>I>C<6C96GILDG@H 

,D8DC8AJ9:I=:I=:H>H=6HEG:H:CI:9DI=:GE:GHE:8I>K:HID"D=C+AD6CI=:6GI>HI

6C9!=6K:BDG::M6BEA:HIDEGDK>9:>CDG9:GIDG:>CHI6I:I=:ED>CIHB69:>C:68=

8=6EI:G ,=>HG:H:6G8=86C7::ME6C9:9;JGI=:G>;DC::MEADG:HE:G=6EH6H6D8IDGD;

(=>ADHDE=NEGD?:8II=:H>B>A6G>I>:H6C99>;;:G:C8:H7:IL::C+AD6C`HLDG@6C9 :DG<:

GJ>@H=6C@I=:>AAJHIG6IDGD;=6GA:H>8@:CH`LDG@H !LDJA97:>CI:G:HI:9>C

:MEADG>C<I=:E6G6AA:A7:IL::CI=:ILD6GI>HIH7:86JH:DC:8DJA96C6ANH:I=:6GI>HI>8

I:8=C>FJ:H69DEI:97N7DI=+AD6C6C9GJ>@H=6C@L=:C9:E>8I>C<I=:HJ7?:8IHD;I=:

I:MIHI=:N>AAJHIG6I:\EDDGE:DEA:>C6=6GH=:CK>GDCB:CI\L=>A:EGDK>9>C<6C6C6ANH>H

D;I=:HD8>6A6C9A>I:G6GNH8:C:D;.>8IDG>6CC







 GDD@H.6C/N8@706!47)6)16<-:I;1.-&:L1DG@JIIDC  

  

')#*"+

Archer, Stanley. ‘Artists and in Maugham's of Human Bondage.’ English Literature in Transition 14, no. 3 (1971): 181-89.

Arksey, Laura, Nancy Pries, Marcia Reed, and William American diaries Matthews. American Diaries: An Annotated Bibliography of Published American Diaries and Journals. 1st ed. ed. Detroit, Mich.: Gale Research, 1983.

Asher, R.E., ed. The Encyclopedia of Language and Linguistics. X vols. Vol. II. Oxford: Pergamon Press, 1994.

Association of American Painters and Sculptors, Inc. ‘Catalogue of The International Exhibition of Modern Art in New York.’ 32. New York, N.Y.: Frederick A. Stokes Company Publishers, 1913. https://archive.org/details/catalogueofinter00asso.

Balk, Eugene. ‘The “American Scene” Print and the .’ Print Quarterly 11, no. 4 (1994): 379-94.

Barnhill, Georgia Bradley, Diana Korzenik, and Caroline F. Sloat, eds. The Cultivation of Artists in Nineteenth-Century America. Worcester, Mass: American Antiquarian Society, 1997.

Barrel, Charles Wisner. ‘The Real Drama of the Slums as Told in 's Etchings.’ Craftsman 15 (1909): 559-65.

Barry, Peter. ‘Contemporary Poetry and Ekphrasis.’ The Cambridge Quarterly 31, no. 2 (2002): 155-65.

Baxandall, Michael. Patterns of Intention: On the Historical Explanation of Pictures. New Haven; London: Yale University Press, 1985.

Becker, George Joseph, ed. Document of Modern Literary . Princeton: Princeton University Press, 1967.

Becker, Robert Stephen. ‘: Artist and Art Critic’ Irish Arts Review 2, no. 3 (1985): 49–55.

   

Bellows, George Wesley. Letter to Joseph Taylor April 2nd, 1910 [Transcript]. 1910. Box 6.13, Amherst College Archives and Special Collections.

Bennett, Jacob. ‘George Savary Wasson's Approach to Dialect Writing.’ American Speech 54, no. 2 (1979): 90-101.

Bennett, Linda. ‘George Moore and James Joyce: Story-Teller Versus Stylist.’ Studies: An Irish Quarterly Review 66, no. 264 (1977): 275-91.

Berger, John. Ways of Seeing. London: Penguins Books, 1972.

Berger, Peter L. ‘Towards a Sociological Understanding of Psychoanalysis.’ Social Research 32, no. 1 (1965): 26-41.

Bernier, Celeste-Marie editor, Judie editor Newman, and Matthew editor Pethers. The Edinburgh Companion to Nineteenth-Century American Letters and Letter-Writing.

Bloom, Harlod, ed. John Keats: Updated Edition. New York: Infobase Publishing, 2007.

Blumson, Ben. ‘Interpreting Images.’ In Resemblance and Interpretation: An Essay in the Philosophy of Pictures. Cambridge: Open Book Publisher, 2014.

Bogart, Michele Helene. The Politics of Urban Beauty: New York & Its Art Commission. Chicago, Ill.; London: University of Chicago Press; 2006.

Bohan, Ruth L. Looking into Walt Whitman: American Art, 1850- 1920. University Park, Pa.: Pennsylvania State University Press; [London: Eurospan, distributor], 2006.

———. ‘, Walt Whitman, and the American Artist.’ Walt Whitman Quarterly Review 29, no. 4 (2012): 131-51.

Bohn, Willard. "Metaphor and Metonymy in Apollinaire's Calligrams." Willard Romanic Review 72, no. 2 (1981): 166-81.

   

———. ‘Selected Apollinaire Letters 1908-1918.’ French Forum 4, no. 2 (1979): 99-113.

Boisseau, Tracey Jean. ‘The Crowd.’ Feminist Studies 43, no. 1 (2017): 230- 32.

Boylan, Alexis L. ‘The Curious Case of the Two Mrs. Sloans.’ Woman's Art Journal 33, no. 1 (2012): 25-31.

Braudy, Leo. ‘Zola on Film: The Ambiguities of Naturalism.’ Yale French Studies, no. 42 (1969): 68-88.

Brown, Blanche R. ‘The Correlation of Literature and Fine Arts.’ College Art Journal 9, no. 2 (Winter, 1949-1950): 176-80.

Byrd, Alma W. The First Generation Reception of the Novels of Emile Zola in Britain and America: An Annotated Bibliography of English Language Responses to His Work, 1877-1902. Lewiston; Lampeter: The Edwin Mellen Press, 2006.

Caffin, Charles H. The Story of American . New York: Frederick A. Stokes Company, 1907.

Cahill, Timothy. ‘"My Dear Miss Nicholls": 's Letters to a Drawing Student.’ Master Drawings 40, no. 4 (2002): 305-16.

Campbell, Donna M. ‘Howell's Untrustworthy Realist: Mary Wilkins Freeman.’ American Literary Realism 38, no. 2, Special Issue on W.D. Howells (2006): 115-31.

Cargill, Oscar. ‘Henry James as Freudian Pioneer.’ Chicago Review 10, no. 2 (1956): 13-29.

Childs, Elizabeth C. ‘Big Trouble: Daumier, Gargantua, and the Censorship of Political .’ Art Journal 51, no. 1, Uneasy Pieces (1992): 26- 37.

Cipolla, Gaetano. ‘Thomas Augustine Daly: An Early Voice of the Italian Immigrants.’ Italian Americana 6, no. 1 (1980): 44-59.

   

Coco, Janice M. ‘Re-Viewing John Sloan's Images of Women.’ Oxford Art Journal 21, no. 2 (1998): 81-97.

Conrad, Joseph. Lord Jim. New York: Bantam Books, 1958.

Countryman, Edward. ‘The Problem of the Early American Crowd.’ Cambridge University Press on behalf of the British Association for American Studies 7, no. 1 (1973): 77-90.

Coyle, Heather Campbell, Joyce K. Schiller, and John Sloan. John Sloan's New York. New Haven, Conn.; London: in association with Yale University Press, 2007.

Culley, Margo. ‘"I Look at Me": Self as Subject in the Diaries of American Women.’ Women's Studies Quarterly 17, no. 3/4, Women's Nontraditional Literature (1989): 15-22.

Culver, Stuart. ‘How Photographs Mean: Literature and the Camera in American Studies.’ American Literary History 1, no. 1 (1989): 190- 205.

Cummins, Anthony. ‘Émile Zola's Cheap English Dress: The Vizetelly Translations, Late-Victorian Print Culture, and the Crisis of Literary Value.’ The Review of English Studies 60, no. 243 (2009): 108-32.

Cunningham, Valentine. ‘Why Ekphrasis?’. Classical Psychology 102, no. 1, Special Issue on Ekphrasis Edited by Shadi Bartscha and Jás Elsner (2007): 57-71.

Daly, Thomas Augustine. Canzoni ... Pictures by John Sloan. : Catholic Standard & Times Pub. Co., 1906.

———. Madrigali ... Pictures by John Sloan. London, Edinburgh; Philadelphia, printed: W. & R. Chambers, 1913.

David Prown, Jules. ‘Mind in Matter: An Introduction to Material Culture Theory and Method.’ Winterthur Portfolio 17, no. 1 (1982): 1-19.

David Prown, Jules. ‘Style as Evidence.’ Winterthur Portfolio 15, no. 3 (1980): 197-210.

   

Davidson, Michael. ‘Ekphrasis and the Postmodern Painter Poem.’ The Journal of Aesthetics and Art Criticism 42, no. 1 (1983): 69-79.

Dennison, Mariea Candill. ‘Mcsorley's: John Sloan's Visual Commentary on Male Bonding, Prohibition, and the Working Class.’ American Studies 47, no. 2 (2006): 23-38.

Dickens, Charles. The Adventures of Oliver Twist. [with Plates.] [Electronic Resource]. London: Richard Edward King, 1893.

Dickey, Frances, and Jimmie M. Killingsworth. ‘Love of Comrades: The Urbanization of Community in Walt Whitman's Poetry and Pragmatists Philosophy.’ Walt Whitman Quarterly Review 21, no. 1 (2003): 1-24.

Edwards, Herbert. ‘Zola and the American Critics.’ America Literature 4, no. 2 (1932): 114-29.

Elsner, Jás. ‘Art History as Ekphrasis.’ Association of Art Historians 33, no. 1 (2010): 10-27.

Erickson, Charlotte Writer on Economic History. Invisible Immigrants: The Adaptation of English and Scottish Immigrants in Nineteenth-Century America. London: London School of Economics and Political Science; Weidenfeld and Nicolson, 1972.

Ernstrom, Adele M. ‘Elizabeth Eastlake V. John Ruskin: The Content of Idea and the Claims of Art.’ RACAR: Revue d'Art Canadienne / Canadian Art Review 37, no. 2 (2012): 27-46.

Esslin, Martin. ‘The Theatre of the Absurd.’ The Tulane Drama Review 4, no. 4 (1960): 3-15.

Fagg, John. ‘Near Vermeer: Edmund C. Tarbell's and John Sloan's Dutch Pictures.’ Modernist Cultures 11, no. 1 (2016): 86-117.

———. ‘"The Bewhiskered Rustic, Turned Orator" Robert Robinson's Old Men, Politics, and The Saturday Evening Post.’ American Art 27, no. 2 (2013): 68-93.

   

———. ‘Chamber Pots and Gibson Girls: Clutter and Matter in John Sloan's Graphic Art.’ American Art 29, no. 3 (2015): 29-57.

Flaubert, Gustave. Madame Bovary. [S.l.]: Nelson Editeurs, 1957.

Flynn, Joyce. ‘Melting Pots: Patterns of Racial and Ethnic Amalgamation in American Drama before Eugene O'neill.’ American Quarterly 38, no. 3 (1986): 417-38.

Foner, Nancy. One out of Three: Immigrants in New York in the Twenty-First Century.

———. ‘Then and Now or Then to Now: Immigration to New York in Contemporary and Historical Perspective.’ Journal of American Ethnic History 25, no. 2/3, Immigration, Incorporation, Integration, and Transnationalism: Interdisciplinary and International Perspectives (2006): 33-47.

Freud, Sigmund. ‘The Origin and Development of Psychoanalysis.’ The American Journal of Psychology 21, no. 2 (1910): 181-218.

Frierson, William C., and Herbert. Edwards. "Impact of French Naturalism on American Critical Opinion 1877-1892.". PMLA 63, no. 3 (1948): 1007- 16.

Frohock, W.M. ‘Camus: Image, Influence and Sensibility.’ Yale French Studies, no. 4 (1949): 91-99.

Gambone, Robert L. Life on the Press: The Popular Art and of George Benjamin Luks. Jackson: University Press of Mississippi, 2009.

Gander, Catherine, and Sarah Garland. Mixed Messages: American Correspondences in Visual and Verbal Practices. Manchester: Manchester University Press, 2016.

Gelburd, Gail. ‘John Sloan's Veiled Politics and Art.’ The Journal of the and Progressive Era 7, no. 1 (2008): 69-88.

Goldman, Alan H. ‘Interpreting Art and Literature.’ The Journal of Aesthetics and Art Criticism 48, no. 3 (1990): 205-14.

  

Gordon, Robert. and John Sloan: The Records of a Friendship. Dublin: Dolmen Press, 1978.

Greenhill, Jennifer A. ‘Flip, Linger, Glide: and the Movements of Magazine Pictures.’ Association of Art Historians 40, no. 3 (2017): 582-611.

———. ‘Troubled Abstraction: Whiteness in and .’ Association of Art Historians 34, no. 4 (2011): 732-53.

Gurkin Altman, Janet. ‘Review: Toward a Cultural Poetics of Literary Genres: The Case of Diary Fiction.’ Poetics Today 7, no. 3, Poetics of Fiction (1986): 547-53.

Haenni, Sabine. The Immigrant Scene: Ethnic Amusements in New York, 1880-1920. Minneapolis, Minn.: University of Minnesota Press; Bristol: University Presses Marketing [distributor], 2008.

Hall Petry, Alice. ‘Gin Lane in the Bowery: Crane's Maggie and William Hogarth.’ American Literature 56, no. 3 (1984): 417-26.

Harran, Don. ‘Verses Types in the Early Madrigal.’ Journal of the American Musicological Society 22, no. 1 (1969): 27-53.

Haskell, Barabara. The American Century: Art and Culture 1900-1950. New York: Whitney Museum of American Art, 1999-2000.

Hefferman, James A. ‘Ekphrasis and Representation.’ New Literary History 22, no. 2, Probings: Art, Criticism, Genre (1991): 297-316

Hellbeck, Jochen. ‘The Diary between Literature and History: A Historian's Critical Response.’ The Russian Review 63, no. 4 (2004): 621-29.

Henri, Robert. The Art Spirit. USA: Stellar Classics, 2013.

Hirschman, Charles. ‘Immigration and the American Century.’ Demography 42, no. 4 (2005): 595-620.

  

Holcomb, Grant. ‘John Sloan And "Mcsorley's Wonderful Saloon"’. The American Art Journal 15, no. 2 (1983): 4-20.

Hollander, John. ‘The Poetics of Ekphrasis.’ Word & Image: A Journal of Verbal/Visual Enquiry 4, no. 1 (1988): 209-19.

Howells, W.D. ‘Émile Zola.’ The North American Review. 175, no. 552 (1902): 587-96.

Hudson Guild (New York, N.Y.). Exhibition of Paintings Etchings and

Drawings by John Sloan February 10th to April 10th Inclusive New York Hudson Guild, 1916.

Illingworth, John. ‘Ruskin and Gardening.’ Garden History 22, no. 2 (1994): 218-133.

John, Bruce St. ‘John Sloan in Philadelphia, 1888-1904.’ The American Art Journal 3, no. 2 (1971): 80-87.

Jones, Gavin Roger. Strange Talk: The Politics of Dialect Literature in Gilded Age America. Berkeley, Calif.; London: University of California Press, 1999.

Kagle, Steven E. America: Exploration and Travel. Bowling Green, Ohio: Bowling Green State University Popular Press, 1979.

———. American Diary Literature, 1620-1799. Boston, Mass.: Twayne Publishers, 1979.

———. Late Nineteenth-Century American Diary Literature. Boston: Twayne Publishers, 1988.

Kaplan, Amy. The Social Construction of . Chicago: The University of Chicago Press, 1988.

Kapse, Anupama. ‘Melodrama as Method.’ Framework: The Journal of Cinema and Media 54, no. 2 (2013): 146-51.

Keats, John author, and John editor Barnard. John Keats. First edition. ed.

  

Kennedy, Martha H. ‘Drawing () from Artistic Tradition.’ American Art 22, no. 1 (2008): 10-15.

Kersten, Holger. ‘The Creative Potential of Dialect Writing in Later- Nineteenth-Century America.’ Nineteenth-Century Literature 55, no. 1 (2000): 92-117.

Kintzele, Paul. ‘"Lord Jim": Conrad's Fable of Judgment.’ Journal of Modern Literature 25, no. 2 (2001-2002): 69-79.

Knobel, Dalel T. ‘A Vocabulary of Ethnic Perception: Content Analysis of the American Stage Irishman, 1820-1860.’ Journal of American Studies 15, no. 1 (1981): 45-71.

Kolb, Harold H. The Illusion of Life: American Realism as a Literary Form. Charlottesville: The University Press of Virginia, 1969.

Kwait, Joseph J. ‘Robert Henri and the Emerson-Whitman Tradition.’ PMLA 71, no. 4 (1956): 617-36.

———. ‘Stephen Crane and Painting.’ American Quarterly 4, no. 4 (1952): 331-38.

———. ‘Stephen Crane, Literary-Reporter: Commonplace Experience and Artistic Transcendence.’ Journal of Modern Literature 8, no. 1 (1980): 129-38.

———. ‘The Social Responsibilities of the American Painter and Writer: Robert Henri and John Sloan; Frank Norris and Theodore Dreiser.’ The Centennial Review 21, no. 1 (1977): 19-35.

L.E.S. ‘John Sloan 1871-1951.’ Bulletin (St. Louis Art Museum) 8, no. 1 (1972): 10-11.

Langford, Rachael Ed, and Russell Ed West. Marginal Voices - Marginal Forms: Diaries in European Literature and History. Rodopi, 1999.

Lawson, Russell M., and Benjamin A. Lawson. Poverty in America: An Encyclopedia. Westport, Conn.; London: Greenwood Press, 2008.

  

Le Bon, Gustav. The Crowd: A Study of the Popular Mind. Milton Keynes: Lightening Source UK Ltd., TBC.

Lebon, Gustav. The Crowd: A Study of the Popular Mind. Charleston: BiblioBazaar, 2008.

Lehan, Richard. ‘American Literary Naturalism: The French Connection.’ Nineteenth-Century Fiction 38, no. 4 (1984): 526-57.

Lejeune, Philippe. On Diary. Honolulu: Published for the Biographical Research Center by the University of Hawai\02BBi Press, 2009.

Lenke, Sieglinde. The Vernacular Matters of American Literature. 1st ed. ed. New York, NY: Palgrave Macmillan, 2009.

Lincoln, Joseph C. ‘Idella and the White Plague.’ McClure's Magazine 27 (1906): 104-12.

Linneman, William R. ‘Immigrant Stereotypes: 1880-1900.’ Studies in American Humor 1, no. 1 (1974): 28-39.

Little, Roger. ‘The Shaping of Modern French Poetry: Visual Lyricism.’ Roger NP Reviews 19, no. 1 (1992): 58-60

Lobel, Michael. John Sloan: Drawing on . New Haven and London: Yale University Press, 2014.

———. ‘John Sloan: Figuring the Painter in the Crowd.’ The Art Bulletin 93, no. 3 (2011): 345-68.

Londraville, Janis. Prodigal Father Revisited: Artists and Writers in the World of John Butler Yeats. West Cornwall, Conn.: Locust Hill Press, 2003.

Lorensen, Jutta. ‘Between Image and Word, Color and Time: Jacob Lawrence's "The Migration Series"’. African American Review 40, no. 3 (2006): 571-86.

Loughery, John. John Sloan: Painter and Rebel. New York: Henry Holt, 1995.

  

Luther Cary, Elizabeth. ‘Daumier's Unconquerable Soul.’ Parnassus 4, no. 5 (1932): 7-10.

Lyas, Colin A. ‘The Semantic Definition of Literature.’ The Journal of Philosophy 66, no. 3 (1969): 81-95.

Lyttle, David. ‘"The World Is a Divine Dream": Emerson's Subjective Idealism.’ The Concord Saunterer, New Series, 5 (1997): 92-110.

M'Cormick, William B. ‘The Realism of John Sloan.’ Arts & Decoration (1910-1918) 5, no. 10 (1915): 390-91.

MacCarthy, Molly. ‘Frontier Diaries Transporting the Daily Habits of Home.’ A Journal of California 2, no. 4 (2012): 8-13.

MacHarg, W.B. ‘The Debt of Antoine.’ McClure's Magazine 28, no. 2 (1906): 188-97.

Madden, Edward H., and Marian C. Madden. ‘Transcendental Dimensions of American Art.’ Transactions of the Charles S. Peirce Society 32, no. 2 (1996): 154-80.

Manthorne, Katherine. ‘John Sloan's Moving-Picture Eye.’ American Art 18, no. 2 (2004): 80-95.

Marrocco, W. Thomas. ‘The Enigma of the Canzone.’ Speculum 31, no. 4 (1956): 704-13.

Maugham, W. Somerset. Of Human Bondage. Stockholm; London: Continental Book Co., 1947.

McCarthy, Bernadette. ‘W.B. Yeats, John Ruskin, and the 'Lidless Eye'’. Irish University Review 41, no. 2 (2011): 25-41.

McMeekin, Dorothy. ‘The Use of Somerset Maugham's "Of Human Bondage’ In a General Education Science Class." Journal of College Science Teaching 12, no. 1 (1982): 40.

Meng, Sara F. ‘ and John Sloan: Their Urban Scenes, 1910- 1928.’ Woman's Art Journal 25, no. 1 (2004): 18-25.

   

Meservey, Anne Farmer. ‘The Role of Art in American Life: Critics' View on Native Art Literature, 1830-1865.’ The American Art Journal 10, no. 1 (1978): 72-89

Miller, J. Hillis. Illustration. Reaktion Bks., 1992.

Monteiro, George. ‘John Sloan's "Cranes"’. Journal of Modern Literature 14, no. 4 (1988): 584-98.

Moore, George. Modern Painting. London: Walter Scott, 1893.

———. The Lake. London: William Heinemann, 1905.

Mowll Mathews, Nancy, and Charles Musser. Moving Pictures: American Art and Early Film 1880-1910. Manchester: Hudson Hills Press, 2005.

Myerson, Joel. ‘Reviewed Work(S): Emerson and the Art of Diary by Lawrence Rosenwald.’ The New England Quarterly 62, no. 3 (1989): 459-61.

Nettels, Elsa. Language, Race, and Social Class in Howell’s America Lexington: University of Kentucky Press, 1988.

North, Michael. The Dialect of : Race, Language, and Twentieth- Century Literature New York: Oxford University Press, 1994.

O'Donovan, Donal. ‘Reviewed Work(s): The Lake by George Moore.’ Studies: An Irish Quarterly Review 71, no. 282 (1982): 206- 07.

O'Higgins, Harvey J. ‘The Steady.’ McClure's Magazine (1905): 399-405.

Oberndorf, Clarence Paul. A History of Psychoanalysis in America. New York: Grune & Stratton, 1953.

Pacey, W.C.D. ‘Henry James and His French Contemporaries.’ American Literature 13, no. 3 (1941): 240-56.

Paperno, Irina. ‘Diaries and Intimate Archives: What Can Be Done with Diaries?’. The Russian Review 63 (2004): 561-73.

   

———. ‘What Can Be Done with Diaries?’. The Russian Review 63 (2004): 561-73.

Parker, Alice Lee, and Milton Kaplan. ‘Prints and Photographs.’ Quarterly Journal of Current Acquisitions 17, no. 1 (1959): 51-62.

Pearson, Roberta E. Eloquent Gestures: The Transformation of Performance Style in the Griffith Biograph Films. Berkeley; Oxford: University of California Press, 1992.

Perlman, Bennard B., ed. Revolutionaries of Realism: The Letters of John Sloan and Robert Henri. Princeton: Princeton University Press, 1997.

Peters Corbett, David. ‘Ashcan Perspectives.’ American Art 25, no. 1 (2011): 13-15.

Pfefferkorn, Eli. ‘In Image and Word.’ In The Müselmann at the Water Cooler, 201-02. Brighton: Academic Study Press, 2011.

Portes, Alejandro. ‘Immigration Theory for a New Century: Some Problems and Opportunities.’ The International Migration Review 31, no. 4, Special Issue: Immigrant Adaptation and Native-Born Responses in the Making of Americans (1997): 799-825.

Quigley, David. ‘Reviewed Work(S): The Postal Age: The Emergence of Modern Communications in Nineteenth-Century American by David M Henkin.’ Reviews in American History 36, no. 1 (2008): 55-60.

Quirk, Tom, and Gary Scharnhorst, eds. American Realism and the Canon. Newark: University of Delaware Press, 1994.

Rebaza-Soraluz, Luis. ‘A Word on Image: The Relationship between Language and the Visual.’ Contemporary 21, no. 13 (2008): 22-23.

Robertson, Michael. Worshipping Walt: The Whitman Disciples. Princeton, N.J.; Oxford: Princeton University Press, 2008.

Rosenwald, Lawrence. Emerson and the Art of the Diary. New York and Oxford: Oxford University Press, 1988.

   

Ross, Woodburn O. ‘W. Somerset Maugham: Theme and Variations.’ College English 8, no. 3 (1946): 113-22.

Rosso, Ana. ‘Female Sexuality in French Naturalism and Realism, and British Fiction, 1850 - 1900.’ Doctor of Philosophy in English, University of Exeter, 2012.

Rowland, s. C.G. Jung and Literary Theory: The Challenge from Fiction. London: McMillan Press LTD, 1999.

Ruskin, John. The Element of Drawing. London: Smith, Elder and Co., 1857.

S., Timmer Ashley, and Jeffrey G. Williams. "Immigration Policy Prior to the 1930s: Labor Markets, Policy Interactions, and Globalisation Backlash." Population and Development Review 24, no. 4 (1998): 739- 71.

Saint John, Bruce, and John Sloan. John Sloan. New York; London: Praeger, 1971.

Sanders, Lise Shapiro. ‘The Failures of the Romance: Boredom, Class, and Desire in George Gissing's the Odd Women and W. Somerset Maugham's of Human Bondage.’ MFS Modern Fiction Studies 47, no. 1 (2001): 190-228.

Schwab, Arnold T. ‘Irish Author and American Critic: George Moore and James Huneker. Part One.’ Nineteenth-Century Fiction 8, no. 4 (1954): 256-71.

Scott, Clive. ‘Afterword: Reading Twentieth-Century French Verse.’ In Twentieth-Century French Poetry: A Critical Anthology, edited by Hugues Azérad and Peter Collier. Cambridge: Cambridge University Press, 2010.

Scott, David W. ‘The City from .’ Studies in the History of Art 4 (1971-1972): 106-19.

Scott, Grant F. ‘Ekphrasis.’ European Romantic Review 3, no. 2 (1992): 215- 24.

   

Sealts, Merton M. Jr, ed. The Journals and Miscellaneous Notebooks of Ralph Waldo Emerson Vol. V. Cambridge, Massachusetts: The Belknap Press of Harvard University Press, 1965.

Sherry, Norman. ‘Conrad's Source for Lord Jim.’ The Modern Language Review 59, no. 4 (1964): 545-57.

Simons, Judy. Diaries and Journals of Literary Women from Fanny Burney to Virginia Woolf. Basingstoke: Macmillan, 1990.

Sloan, John. ‘John Sloan Diaries, 1906 through 1913. 1906-1913’. Library & Archives, Delaware Art Museum, Wilmington, Delaware.

———. John Sloan on Drawing and Painting (the Gist of Art). Mineola, New York: Dover Publications, 1994.

———. New York Etchings (1905-1949). New York: Dover Publications [etc.]; London: Constable, 1978.

Smallwood, Philip. ‘The Definition of Literature.’ New Literary History 27, no. 3 (1996): 545-54.

Smith, James L. Melodrama. London: Methuen, 1973.

Soyer, Daniel. A Coat of Many Colors: Immigration, Globalism, and Reform in the Garment Industry. New York, N.Y.: Fordham University Press, 2005.

Spector, Buzz, and John Wilde. ‘Artists' Writings.’ Art Journal 48, no. 4, Critical Issues in Public Art (1989): 349- 53.

Spencer, Theodore. ‘Somerset Maugham.’ College English 2, no. 1 (1940): 1- 10.

Stankiewicz, Mary Anne. ‘"The Eye Is a Nobler Organ": Ruskin and American Art Education.’ The Journal of Aesthetic Education, Special Issue: Defining Cultural and Educational Relations - An International Perspective 1984 (1984): 51-64.

   

Stevens, A. Jung. Oxford & New York: Oxford and University Press, 1994.

Stevenson, Burton Egbert, ed. Poems of American History. Boston: Houghton Mifflin, 1908.

Taghizadeh, Ali. ‘A Theory of Literary Realism.’ Theory and Practice in Language Studies 4, no. 8 (2014): 1628-35.

Taylor, Francis Henry. ‘Steinlen and Zola: Realism with a Purpose.’ Parnassus 3, no. 5 (1931): 3-5.

Temperley, Howard, and Christopher Bigsby, eds. A New Introduction to American Studies. Harlow: Pearson Education Limited, 2006.

Temperly, Edward, and Christopher Bigsby, eds. A New Introduction to American Studies. Harlow: Pearson Education Limited, 2006.

Tottis, James W., Valerie Ann Leeds, Vincent DiGirolamo, Marianne Doezema, and Suzanne Smeaton. Life's Pleasures: The Ashcan Artists' Brush with Leisure, 1895-1925. London & New York: Merrell, 2007.

Tynan, Katherine. ‘Reviewed Work(S): Essays: Irish and American by John Butler Yeats.’ An Irish Quarterly Review 7, no. 27 (1918): 537-38.

Unknown. ‘Delaware Art Museum: the Triangle Shirtwaist Factory Fire.’ emuseum.delart.org, 2016, http://emuseum.delart.org:8080/emuseum/view/objects/asitem/ite ms$0040:9974.

Unknown. ‘The Illustrators and Some Other Artists: How Shall Pictures Made for Reproduction Be Studied?’ The Sun (N.Y.) (New York), October 27, 1912, Fourth Section Magazine p.15. https://chroniclingamerica.loc.gov/lccn/sn83030272/1912-10- 27/ed-1/seq-57/.

Van Wyck, Brooks. John Sloan: A Painter’s Life New York: Dutton, 1955.

Vellon, Peter G. A Great Conspiracy against Our Race: Italian Immigrant Newspapers and the Construction of Whiteness in the Early Twentieth Century.

  

Watt, Ian. Conrad in the Nineteenth Century. Berkeley: University of California Press, 1979.

Weisberg, Gabriel P. ‘Realists Resurrected.’ Art Journal 40, no. 1/2 (1980): 399-403.

Weitenkampf, Frank. ‘John Sloan in the Print Room.’ The American Magazine of Art 20, no. 10 (1929): 554-59.

Wells, B.W. ‘Zola and Literary Naturalism.’ The Sewanee Review 1, no. 4 (1893): 385-401.

Whitman, Walt. Leaves of Grass. New York: Wm. E. Chapin & Co., 1867.

———. Leaves of Grass ... Preface to the Original Edition. London: Trüber & Co., 1885.

Wiley Todd, Ellen. ‘Photojournalism, Visual Culture, and the Triangle Shirtwaist Fire.’ Labor. Studies in Working-Class History of the Americas 2, no. 2 (2005): 9-17.

Williams, Jeff. ‘Narrative Games: The Frame Of "The Turn of the Screw"’. The Journal of Narrative Technique 28, no. 1 (1998): 43-55.

Woollen, Geoff. ‘Reviewed Work(S): Expérimentation Et Adaptation: Essai Sue La Méthode Naturaliste D'émile Zola by Janice Best.’ The Modern Language Review 83, no. 3 (1988): 739-40.

Yeats, John Butler. Letter to John Quinn July 28th, 1912. 1912. John Quinn Memorial Collection, Manuscript Division, New York Public Library.

Zeki, Semir. ‘Art and the Brain.’ Daedalus 127, no. 2 (1998): 71-103.

Zhu, Jiang. ‘Analysis on the Artistic Features and Themes of the Theatre of the Absurd.’ Theory and Practice in Language Studies 3, no. 8 (2013): 1462-66.

Zigrosser, Carl. ‘The Graphic Work of John Sloan.’ The Philadelphia Museum Bulletin 51, no. 248 (1956): 19-31, John Sloan Memorial: His Complete Graphic Work.

  

Zurier, Rebecca. Picturing the City: Urban Vision and the . Berkeley: University of California Press, 2007.

Zurier, Rebecca, Robert W. Snyder, and Virginia Mecklenburg, eds. Metropolitan Lives: The Ashcan Artists and Their New York. New York: Norton, 1995.

 

 



((&"/0$'&1*$++)+'&)"+ +!%) 

 /6ACJI+I

(=>A6 :8 

:6G :CG> :6G]:<:C:G6I:,NE:^ 

 ,=:G:\I=>HA:II:G>HHI6GI:96IA6HI!K:7::CL6>I>C<6C9=DE>C<;DGHDB: HJ7?:8IB6II:G;DG6A:II:G;DGL::@H7JI6HCDI=>C<D88JGHCDL!K:EAJC<:9>CID >C@6C9L>AAI6@:BN8=6C8:DCHDB:>CHE>G6I>DC

 '=BN>IHFJ>:I !L>H=>IL:G:EDHH>7A:;DGB:ID;DAADLNDJG;DDIHI:EHID (6G>H6C9688:EII=:]H=6@:9DLC^NDJHD@>C9AND;;:GH;DGI=:8DA9ID8JG:! <=I6C9D;8DJGH:H=DJA9CDI;A>C8=6II=:];>C:^ 6C98JG6SD

 !=6K:DC:L=::ADJID;I=:GJIDG6IA:6HI>CID6H=6AADL:GGJI !=6K:A:;II=: !CFJ>G:G6C986HIBN;DGIJC:HL>I=(G:HIDC]>C@7DIH^6K>H*JNAG6C: DL:H6C9DBE6CN%6G@B6@:GH6C9E:CEJH=:GH'; ;>8:I=;ADDG(G:HH J>A9>C< 

 !6B>C7:II:G8DBE6CN6C9!6B<:II>C<BDG:BDC:N;DGL=>8=AA6=7: I=6C@:96C9B6N=:HE::9I=:96NL=:C!H=6AAFJ>II=:C:LHE6E:G7JH>C:HH :CI>G:AN 

 ,J:H96NC><=IH6G:<:II>C<]8JG>DJH:G6C98JG>DJH:G ^,=:NA68@E:68:;JA 8DCI:BEA6I>K:C:HH6C9>CI:AA:8IJ6AIDC:!`B6;G6>91DJ@CDLI=:NH=DL:9 HNBEIDBHD;I=>H@>C9D;9:<:C:G6I>DC:K:C7:;DG:NDJA:;I6C9D;8DJGH:L=:C NDJ\L:AAL:LDCI7:8DBEA>B:CI6GN\

 ,=:B6II:GD;6,J:H96NC><=II=:H:96NH>HHDB:I=>C<6;I:GI=>HL>H: 

+8:C: /6ACJI+II=;ADDGI>B:,J:H96N  ( % 6G@:C:9HIJ9>D H6K:;DGI=:G:;A:8I:9ABDG:HDK:GI=:L6N CI:G"D=C+AD6C ;DAADL:9JEHI:EH7N#:AANH<=DHINDJ@CDLI=:HDJC9C9HB6I8=6;I:GBJ8=;JB7A>C<6BDC<7G>8 67G68IJGCHDC<6H6II:BEIHIDHIG>@:B6I8=;6>AHDC8:BDG:;6>AH8JGH:H %6I8=HIG>@:HDCANDC7DM =DHIA6J<=H6H+AD6CH::@H7DM6IA6HI;>C9H>I 6C9<6H>HA>I + A><=IHE>E:;>M:HHIDK:L6C9:GH6>BA:HHAN67DJIGDDB L>H=:H=:L6HBDG:>C9JHIG>DJHA><=IH6CDI=:GE>E:AD6939>IIDB6G@HJC9:G ]L6C9:GH6>BA:HHAN67DJIGDDB^4:I8

M>I =DHI

   

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

(D@:G<6B:HI6GIH6IDC8:7:IL::C*:99N+AD6C6C9>C@9>HI6CIBJII:G>CI^]DB:DC>C@^+I6GI=:GJE]GDEI=6I<6B:^:I8  %JII:G>CI8=6C96H>C@>H]>C^8:CIH=:FJ>IH6C9 HI6GIHI=:*6G:7>I\>C@BDJCI:9DCHI:EA699:G>H86EI6>C6C9]:CIG:^I=: G:HID;I=:I:6B6G:HI6I>DC:96II=:N:6G9A>C:6GB:9L>I=EA6I:H6C9 7JGC:9KG:69>CHA>8:H,=: 6B7A:GH6G:ID7::J8=`G:9DJID;I=:>GG6G:7>I 7N;DDI76AAHIG6I:CHIDH>BB:G>CI=:;GN>C<E6CL=>8= >C@=DA9HDK:GI=:<6H7JGC:G ]^\] ^\]^\]^\] ^\]^\] ^ \]^H=DJIH6EI6>C$J@HI=:8DD@6C9I=:HDA>9E=6A6CMD;=JCC<9D:CDCI=:*6G:7>I,=: 6B7A:GH@::EDCEA6N>C<,=: 8=::HNHHEA6H=:9DK:G:K:GNI=>C<7JI:K:GNDC:<:IHHDB: H=6G::M8:EI>C<I=: 6B7A:GHL=D=DL:K:GB6C6<:IDH:8JG:6EDGI>DCD; 6EDGI>DCI=GDJ<=:6GC:HIEA:69>C<L>I=DC:L=D=6HBDG:I=6C=:86C:6I ]/=:G:HI=:L=>H@:N^+ EGD9J8:HdE>CI6CDI=:G>HH:CI;DG6EJC8=>H 7G:L:96C9I:=CI=:G:HE6HI B6HI:GD;I=:DC8=H=:AA76HH=DGC]=>BBN^(G:HIDCI=GJBHI=:7GD@:C I6GILDI>CEA6I:H;JGC>H=+=>CCL>I=8NB76AH6K>HEA6NHI=:D86G>C6 6C9C<>C67DIIA:L=>A:E6HH>C<6CJB7G:AA668GDHHI=:;GDCID;6C :6H:AB6@:676HHK>DA688DBE6C>B:CIID+AD6CHB6CC:GD;I=>C@>C< AA K>H>IDGH6G:6GB:9L>I=DI=:GHIG6C<:CD>H:B6@>C<9:K>8:H  :AA DLAH,=: ] DJA6 DJA6^6C8:>HEA6N:96C9+AD6C9DCH6L><6C976AA:IH@>GI6C9 9D:HI=:6CH:9J.:CIG:$J@H>B>I6I:H:K:GNA>K>C<B6C7:6HI7>G96C9 ;>:C96C9L>C9HJEL>I=6ADC<H>9:HEA>II>C<9>H8DJGH:DC\'=L:AANDJ =6K:B:I=>B ,=: 6B7A:GHG:HJB:EA6N>C<,G6>CI>B:8DB:H;DG ]=>BBN^(G:HIDC6C9DI=:GH CDC:7JII=: 6B7A:GH6G:A:;I ,=:<6B: I`HDK:G + >HHI6GADDH:GD;8DJGH:CDI;DGK:GNBJ8=I=>H C><=I=DL:K:G6C9I=>>HG:6AANI=:;>GHI<6B:H>C8:NDJA:;I\1DJH::*:9N =6HCDI7::CDC=6C9AA:M>I+AD6CEJIHDJI<6H6C9:M>IHCI:G#:AANH 9:6GDA; =DHI+>C

'C:D;I=:BHI>AA6B! &:K:GIDG:6AAN9>:

   

+DADC<6H,J:H96NC><=IH=6AAA6HI  +>C<>C<6C9FJ6;;>C<7::G $>IIA:I=:NI=>C@!`B=:G: +::@>C<;DGI=:8DBG69:HD;I=:E6HI %6NDGIJC::68=7:;G>:C9 C99:I=:BIDI=::C9 C9%:GGNB:C6C9:C9HD;;G>:C9H6G:B:I $:ICDDC:H;G>:C9;DG<:I ,DHBD@:6E>E:6C99G6>C6I =DHI

,=:;DDIHI:EHDCI=:HI6>GH8:6H:I=:;GDCI9DDG76CA:C8: C

'+6N=DL67DJII=DH:E=DID8@JE;DGB:>C(6G>H

!=6K:6H@:9]+IABD^67DJI%DD9H=:H6NH=:H:CIILD8DE>:H699G:HH:9 IDNDJ8 D%DG<6C 6G?:HI>:DC:;DGNDJ6C9DC:;DG A68@ 

 NI=:L6N!HCJB7:GDJGCJB7:G>HI=:A6HID;]%DD9H^

 $:L>H=6H@>C9D`9GDE:9DJI=:`H=6G:7G6>C:9NDJ@CDL

 !H:CINDJGADC9(DGIG6>IID(>IIH7JG<=6C9*J9NI:AAHB:>I>HL:AAEA68:9 E:G=6EHNDJ=6K:G:8:>K:968=:8@;DG>I;DGDJ<=I!@CDL!=6K:CDI=:6G9 L=:I=:GI=::M=>7>I>DC>HDK:GDG&DI6I6CNG6I:I=:86I=6HCDI]86B:768@^ID B: 

 /:6G:I=>C@>C<D;<:II>C<JE6.6G>:IN>AA;DG=G>HIB6H?6B7DG::6I +IJ9>D 

 ,=:G:=6H7::C6+L:9>H=:M=>7>I>DC6II=:869:BNLDG@>HK:GN >CI:G:HI>C<7JIE:8JA>6G2DGC`HLDG@>H6L;JAAN8A:K:G7JIH::BHI=>CA68@H 9>INIDD96BCAN8A:K:GI=:LDG@ADD@HIDD:6HN;DG=>BL=:G:LDG@>HHD :6H>AN9DC:I=DJ<=IH=DJA97:=6G9:G>IH::BHIDB: D;8DJGH:!HE:6@DCAND; L=6I!=6K:H::C

 ,=:G:=6H7::C6]/DB6CH9>I>DCD;I=:(G:HH^+>HI:GB69:6EDHI:G;DG>I D;8DJGH:JC9:GI=::6IDG%>HH+6GI6>C6AABNH>HI:G`H 7:HIH@:I8=:H;DGEDHI:GHL:G:IJGC:99DLC6C9I=:LDGHIE:G=6EHD;=:G H@:I8=:HH:A:8I:9I=:DA9A69N>H8:GI6>CAN67>< 7:6G>C686H:A>@:I=>H 

 !L>H=!LDJA9L>C9JEI=>HA:II:G7N?JBE>C<>C6C9H:6A>C<BNH:A;JE7JI !B6;G6>9!86CI6;;DG9I=:HI6BEHHD!AAH:C9BN7:HI=G>HIB6HL>H=:HID :CG>  A68@:CH6C9768@I=:BJEL>I=G:B:B7G6C8:H;GDB(G:HIDC6K>H$J@H

   

+=>CC6C9I=:G:HID;I=:IGJ::A>:K:GHDCI<:I:K:C7NL6>I>C<ADC<7:;DG: NDJA:IB:=:6G;GDBNDJ7DI=

1DJG:68=DC:H;G>:C9H

"D=C+AD6C



   

((&"/0$'&1*$++)+'&)"++!+') 

(=>A69:AE=>6'8I \_ ,D*D7:GI :CG>>C(6G>H :6G :CG>   (:G=6EHDA9B6CHDB::MEA6C6I>DCD;I=:96I:A>C:6II=:IDED;I=>HE6<:>H;>GHI>CDG9:G \DG!6B768@>C(=>A69:AE=>66C96<6>CDCI=:(G:HH\6C9DC8:BDG:D88JENI=:DA9] ^ HIJ9>DL=:G:NDJB6NN:I=DE:IDH::B:>CDA96<:HJGGDJC9:97N7DD@H6C9HI6<:EGDE:GI>:H 96I>C<768@6H;6G6H,=:]/>9DLADDC6C`HGJH:^  JI!9DCII=>C@I=6I!=6K:7::CJC67A:ID=DA9BNDE>C>DC>CI=:%:IGDEDA>HDGI=6I! =6K:G:IJGC:9DC8:BDG:IDHA::EI=:HA::ED;I=:(=>A69:AE=>6C!=6K:G:IJGC:97NBNDLCL>H= \6C9JC9:GBNDLCHI:6B\IDI=:(G:HH,=:,DLC6C9I=:+IJ9>D>CDG9:GID7:LDG@:9JC9:G BDG:EG:HHJG: ';8DJGH:6&:L1DG@:GB><=ICDI7:A>:K:>I7JI>I>H6;68I\C:LHE6E:G6GIHI>HI DCI=: :G6A9I=: G:6I:HI(6E:G>CI=:/DGA99DCI@CDLL=6ILDG@>H8DBE6G:9IDI=:6GI>HIDC I=:](G:HH^D;(=>A69:AE=>6 ,=:G:6HDC>H:6H>AN<>K:C ,=: :G6A9=6H B:CDC>IHG:CI=:DJIH>9: ,=: :G6A9A>@:HLDG@ ]I>8@A:9JE^];>C>H=:9^,=:6GI>HI>H:ME:8I:9ID9DHD6C9>H<>K:CI>B:ID9DHD ,=:(G:HH=6H B:C\D;I=:BDCAN6G::FJ6AH>CFJ6A>IND;LDG@;GDB6C:LHE6E:GHI6C9ED>CIIDI=: :G6A9 HI6;;,=:(G:HH86CCDI<>K:6B6CI=:I>B:ID];>C>H=^:K:CI=D`I=::9>IDGHB6NL>H=IDH:: :G6A9LDG@>CI=:](G:HH^ &DL>;+AD6CBJHI9DC:LHE6E:GLDG@>H=:CDI7:II:GD;;L=:G:=: >HI=:7><;GD<>CI=:A>IIA:EJ99A:6C9L=:G:=:96G:CDII6@:I=:I>B:C:8:HH6GNIDIJGCDJIHA>8@ C:LHE6E:GLDG@!I=>C@HD\6C96HI=:(G:HHL>I=BJ8=C<86B:JEIDE:G696H =:G:>H:FJ6AID>C&:L1DG@!;::AFJ>I:L:AAH6I>H;>:9L>I=I=:8=6C<:!=6K:A:6GC:96 CI=:BDI=HD;&:L1DG@6C9HDB:=DL!;::A9>;;:G:CIAN;GDBBNDA9GJHINH:A; ,=>HB6N7:69:AJH>DC=DL:K:GI6CNG6I:!`AA<>K:BNH:A;6IG>6A6C9H::L=:I=:G!6B8=6C<:9 6II=::C9D;H6N6N:6G   !;::ABDG:A>@:6C6GI>HI>C(=>A69:AE=>6:K:CI=D`I=:IDLC>HHDJC6;JAAE6<:9G6L>C<;DGI=:+JC96N (G:HH ';8DJGH:BNLDG@L>AA7:]JC9:G67JH=:A^=:G:>C(=>A69:AE=>6,=:LDGA9LDC`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`6(:68:"J7>A::I=G::96NHD;&6K6A%>A>I6GN6C9>K>8 E6G69:H6C9<:C:G6A;DDA>H=C:HHGDL9H>CIDLC6C96;I:G D8AD8@6IC><=ICDDC:HD7:G6 8=ADD@:9EG:IIN;>C:6AI=D

   

CDIE:G;:8I9:H>AAH::>;!86C<:I6EG>CID;6E=DIDL=>8=6K>HIDDA6IC><=IH=DL>C<I=: !AAJB>C6I>DCH(DDGDA9/>AA>6BDCI=:,DL:G=6H=6968>G8A:D;:A:8IG>8A><=IHDC=>H=696AA L::@6HL:AA6HI=:A><=IHL=>8=L:G:6GDJC9=>H;::IL=:CNDJH6L=>BA6HI  (DHIH8G>EI6;I:G86GGN>C<I=:67DK:>CBNED8@:I;DGL::@H  &DK  /:AA!HI>AAI=>C@I=:8=6C<:L6H6AAG><=I!=6K:7::CE6>CI>C<DGBDGC>CC68A6HHL=>8=L:],=:(G:HH 6C<^=6K:HI6GI:96II=:HIJ9>D6C96BB6@>C<HDB:EGDC@%>HHNDJG8G>I>8>HBI=D`  6K:H::C68DJEA:D;9G6L>CCI=:A6HIDC:!I=>C@I=:G:>H8DCH>9:G67A:>BEGDK:B:CI>C=>HLDG@ *:B:B7:GB:ID=>BD; NDJH::=>BI:AA=>BIDLG>I:>;=:<:IH68=6C8:  ,=:DA9 >HADD@>C<>C7:II:GIG>EI=6C>I=6H;DGN:6GH"D:6C9!=6K:I=GDLCDJIADIHD; HIJ;;6C9>IADD@HA>@:6LDG@GDDB +JEEDH:!`AAH::HDB:I=>C<D;NDJGH6II=:869:BNI=>HM   %NG:<6G9HID%GH :CG>6C97:HIL>H=:H;DGNDJ6C9NDJGLDG@ +>C8:G:ANNDJG;G>:C9 +AD6C