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;F<:<'GC=:;8@G;:'H@=G;9C=<A'9='B'K8<J<=;9J<'9=;<8J<=;9C=>''4<HC8<';<:;9=M';F<'<HH<G;:'CH';F<'
9=;<8J<=;9C='C=':CG9B?'GCEK<;<=G<'B=A'GCK9=MN';F<'K8<:<=;':;@A6'H98:;'<_BE9=<A';F<'<HH9GBG6'
CH'B'HBE9?6'M8C@K'GCM=9;9J<3D<FBJ9C8B?'K8<J<=;9J<'9=;<8J<=;9C='9='8<A@G9=M':6EK;CE:'9='
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;FC:<'8<KC8;<A'D6'!CEKB:'<;'B?>'[OPPX]'B=A'9=A9GB;<';FB;'8<?B;9J<';C'B':<?H3:;@A6'GC=A9;9C=N';F<'
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9=;<8=B?9V9=M':6EK;CE:'QO'EC=;F:'BH;<8';F<'9=9;9B;9C='CH';F<'9=;<8J<=;9C=>''5CT<J<8N'@=?9U<'
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GF9?A':6EK;CE:':<KB8B;<?6N';F<'G@88<=;':;@A6'9=G?@A<A'GCEKC:9;<':GC8<:';FB;'GCED9=<A'KB8<=;'
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[OPPQ]'B=A'4<B8A:?<<'<;'B?>'[OPPe]'B=A'GC=;89D@;<';C'<J9A<=G<';FB;'CHH:K89=M'CH'A<K8<::<A'
KB8<=;:'GB='D<=<H9;'H8CE'9=;<8J<=;9C=>''#89C8':;@A9<:N'FCT<J<8N'A9A'=C;'H9=A':9M=9H9GB=;'<HH<G;:'
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A<EC=:;8B;9=M':9M=9H9GB=;'9=;<8J<=;9C='<HH<G;:'C='GF9?A':6EK;CE:'B:'8<KC8;<A'D6'DC;F'
GF9?A8<='B=A'KB8<=;:>
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GF9?A8<=^:':<GC=AB86'GC=;8C?'GCK9=M>''*<GC=AB86'GC=;8C?'GCK9=MN'TF9GF'HCG@:<:'C='BABK;9=M'
B=A'BAW@:;9=M';C':;8<::N'TB:';B@MF;';C'GF9?A8<='9=';F<'G@88<=;'9=;<8J<=;9C='D<GB@:<'K8<J9C@:'
8<:<B8GF'FBA'<:;BD?9:F<A'B'8<?B;9C='D<;T<<=':<GC=AB86'GC=;8C?'GCK9=M'B=A'?CT<8'?<J<?:'CH'
:6EK;CE:'9='CHH:K89=M'CH'A<K8<::<A'KB8<=;:'[<>M>N'SB:<8'<;'B?>N'OPPZN'OPPe]>''-J9A<=G<'HC8';F<'
9=;<8J<=;9C=^:'<HH9GBG6'9='GFB=M9=M'GCK9=M'9:'GC=:9:;<=;'T9;F'C;F<8'9=;<8J<=;9C='K8CM8BE:';FB;'
FBJ<'D<<=':@GG<::H@?'9='9EK8CJ9=M'GF9?A8<=^:'GCK9=M'[<>M>N'*B=A?<8'<;'B?>N'OPPdf'.<9='<;'B?>N'
OPPb]>''5CT<J<8N';F9:'9:';F<'H98:;'<J9A<=G<';FB;';F<'TB6:'9='TF9GF'GF9?A8<='GCK<':K<G9H9GB??6'
T9;F';F<':;8<::'B::CG9B;<A'T9;F'KB8<=;B?'A<K8<::9C='GB='D<'9EK8CJ<A';F8C@MF'9=;<8J<=;9C=>
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:CG9B?'GCEK<;<=G<N'9;'TB:'F6KC;F<:9V<A';FB;'GF9?A8<=^:':CG9B?'GCEK<;<=G<'E9MF;'D<'9=A98<G;?6'
BHH<G;<A'B:';F<'9=;<8J<=;9C='K8CEC;<A'KB8;9G9KB;9C='9='BG;9J9;9<:'C@;:9A<'CH';F<'HBE9?6N'EB=6'CH'
;F<E':CG9B?'9='=B;@8<N'B:'B'E<;FCA'CH'A9:;8BG;9C=>''5CT<J<8N';F<'9=;<8J<=;9C='A9A'=C;'8<:@?;'9='
:9M=9H9GB=;'GFB=M<:'9='GF9?A':CG9B?'GCEK<;<=G<N'9=A9GB;9=M';FB;'9=':K9;<'CH'<=GC@8BM9=M'
GF9?A8<=';C'<=MBM<'9=':CG9B?'BG;9J9;9<:'C@;:9A<'CH';F<'HBE9?6N';F<'9=;<8J<=;9C='TB:'=C;'<HH<G;9J<'
9='B?;<89=M'GF9?A8<=^:':CG9B?'GCEK<;<=G<>''";F<8'9=;<8J<=;9C=:';FB;'FBJ<':FCT=':@GG<::'9='
9EK8CJ9=M'GF9?A8<=^:':CG9B?'GCEK<;<=G<'9=JC?J<A'9=;<8J<=;9C='GCEKC=<=;:'B9E<A'A98<G;?6'B;'
GFB=M9=M'B:K<G;:'CH':CG9B?'GCEK<;<=G<N':@GF'B:'9EK8CJ9=M':CG9B?'K8CD?<E':C?J9=MN':CG9B?'
:U9??:'<A@GB;9C='B=A';8B9=9=MN'B=A'D@9?A9=M':CG9B?'=<;TC8U:'[(@M@:;'<;'B?>N'OPPaf'!BK?B='<;'B?>N'
QXXOf'!##/&N'OPPa]>''.F<'G@88<=;':;@A6'A9A'=C;'9=G?@A<'B=6':@GF';8B9=9=M'9=':CG9B?':U9??:>
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9=;<8J<=;9C=N'DC;F'GC=:;8@G;:'T<8<';<:;<A'B:'E<A9B;C8:'CH';F<'8<?B;9C='D<;T<<=';F<'9=;<8J<=;9C='
B=A':6EK;CE:>''*@KKC8;'<E<8M<A'HC8'B'H@??6'E<A9B;<A'ECA<?'9='TF9GF'GCK9=M'BGGC@=;<A'HC8'
;F<'<HH<G;:'CH';F<'9=;<8J<=;9C='C='B=_9<;6`A<K8<::9J<'B=A'9=;<8=B?9V9=M':6EK;CE:>'',C8<'
:K<G9H9GB??6N'GFB=M<:'9='GCK9=M'BH;<8';F<'BG@;<'KFB:<'[O'EC=;F:]'CH';F<'9=;<8J<=;9C='A9A'=C;'
E<A9B;<';F<'9=;<8J<=;9C='<HH<G;:N'D@;'GFB=M<:'9='GCK9=M'BH;<8';F<'EC=;F?6'DCC:;<8':<::9C=:'[b'
EC=;F:]'A9A':FCT':@KKC8;'B:'B'E<A9B;C8>''.F9:'9:'9='U<<K9=M'T9;F';F<'HCG@:'CH';F<'
9=;<8J<=;9C=N'TF9GF'9=G?@A<A';<BGF9=M'GF9?A8<=';C'BGG<K;';F<98'9=BD9?9;6';C'GC=;8C?'KB8<=;B?'
ECCA'B=A'D<FBJ9C8N'9A<=;9H69=M'=<MB;9J<'GCM=9;9C=:'B=A'M<=<8B;9=M'EC8<'BABK;9J<'GCM=9;9J<'
8<BKK8B9:B?:'CH';F<98'KB8<=;:^'A<K8<::9C=N'B=A'<=MBM9=M'9='<=WC6BD?<'BG;9J9;9<:';C'A9:;8BG;'
ed
;F<E:<?J<:'H8CE':;8<::'B::CG9B;<A'T9;F'KB8<=;B?'A<K8<::9C=>''.F9:'9:'GC=:9:;<=;'T9;F'C;F<8'
:;@A9<:';FB;'FBJ<'HC@=A';FB;'GFB=M<:'9='GCM=9;9C=:'B=A'D<FBJ9C8:'8<?B;<A';C'GCK9=M'[<>M>N'
GFB??<=M9=M'=<MB;9J<'D<?9<H:'B=A'B;;89D@;9C=:]'E<A9B;<A';F<'<HH<G;'CH'GCM=9;9J<'9=;<8J<=;9C=:'
C='A<K8<::9J<'B=A'9=;<8=B?9V9=M':6EK;CE:'[5C8CT9;V'<;'B?>N'OPPef'.<9='<;'B?>N'OPPb]>''.F<'HBG;'
;FB;';F<'D<=<H9G9B?'<HH<G;:'CH';F<'9=;<8J<=;9C='T<8<'GCEK?<;<?6'BGGC@=;<A'HC8'D6'GF9?A8<=^:'
8<:KC=:<:';C':;8<::'8<?B;<A';C'KB8<=;B?'A<K8<::9C='KC9=;:';CTB8A';F<'9EKC8;B=G<'CH'GCK9=M'B:'B'
TB6';C'CHH:<;';F<':;8<::'B::CG9B;<A'T9;F'FBJ9=M'B'A<K8<::<A'KB8<=;'B=A';C'HBG9?9;B;<'D<;;<8'
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9=;<8J<=;9C=N'9;'A9A'=C;'E<<;';F<'G89;<89B':<;'C@;'D6'4B8C='B=A'7<==6'[QXhb]'HC8'E<A9B;9C=>'
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;F<'TFC?<':BEK?<'T<8<'K8<A9G;9J<'CH'?CT<8'9=;<8=B?9V9=M':6EK;CE:'B;'QO3EC=;F:'B=A'T<8<'
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A9A':C'9=A<K<=A<=;?6'CH';F<'9=;<8J<=;9C=>''.F@:N'B?;FC@MF';F<'G@88<=;'9=;<8J<=;9C='A9A'=C;'
K8CEC;<':CG9B?'GCEK<;<=G<N'9EK8CJ<E<=;:'9=':CG9B?'GCEK<;<=G<'CJ<8';9E<'EB6'K?B6'B'8C?<'9='
8<A@G9=M'9=;<8=B?9V9=M':6EK;CE:'9='CHH:K89=M'CH'A<K8<::<A'KB8<=;:>''.F9:'9:'GC=:9:;<=;'T9;F'
;F<'TC8U'CH'!C?<'B=A'GC??<BM@<:'[QXXb]'TFC'A<EC=:;8B;<A';FB;'?<J<?:'CH':CG9B?'GCEK<;<=G<'
T<8<'K8<A9G;9J<'CH'GFB=M<:'9='BAC?<:G<=;:^'A<K8<::9J<':6EK;CE:'CJ<8';9E<>''.F<'G@88<=;'
:;@A6'<_;<=A:';FC:<'H9=A9=M:';C'CHH:K89=M'CH'A<K8<::<A'KB8<=;:>''
ea
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4B:<A'C=';F<'H9=A9=M:'K8<:<=;<A'D6'!CK<?B=A'<;'B?>'[OPPZ]N'TF9GF':@MM<:;<A';FB;';F<'
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<_BE9=<A'B:'B'E<A9B;C8'CH';F<'8<?B;9C=:F9K'D<;T<<=':CG9B?'GCEK<;<=G<'B=A'GF9?A':6EK;CE:'
9=';F<'GC=;<_;'CH';F<'9=;<8J<=;9C=>''$='BAA9;9C=N':CG9B?'GCEK<;<=G<'TB:'B?:C'<_BE9=<A'B:'B'
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GCK9=M'D<FBJ9C8:'B::<::<A'9=';F<'G@88<=;':;@A6'B8<'K89EB89?6'GCM=9;9J<>''.F<'B:K<G;'CH':CG9B?'
GCEK<;<=G<';FB;'TB:'F6KC;F<:9V<A';C'D<'9EKC8;B=;'HC8'K8CEC;9=M'GCK9=M'TB:'9=JC?J<E<=;'9='
:CG9B?'BG;9J9;9<:>''(?;FC@MF':@GF'D<FBJ9C8:'B8<'8<?B;<A';C';F<'A9:;8BG;9C=':@D:GB?<'C=';F<'/*u'
[!C==C83*E9;F'<;'B?>N'OPPP]N';F<'EBWC89;6'CH'9;<E:'C=';F<'/*u'B::<::'GCM=9;9J<N'9=A9J9A@B??63
DB:<A'GCK9=M':;8B;<M9<:'[9><>N'BGG<K;B=G<N'GCM=9;9J<'8<:;8@G;@89=MN'KC:9;9J<';F9=U9=M]>'
.F<8<HC8<N'9;'9:'=C;':@8K89:9=M';FB;'B:'GF9?A8<='ECJ<A';F8C@MF';F<'9=;<8J<=;9C=N';F<':CG9B?'
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:6EK;CE:'HC8';FC:<'GF9?A8<=';FB;'FBA'F9MF<8'?<J<?:'CH':CG9B?'GCEK<;<=G<'GCE9=M'9=;C';F<'
9=;<8J<=;9C=>''$='BAA9;9C=N':CG9B?'GCEK<;<=G<'TB:';<:;<A'9='B'ECA<8B;<A'E<A9B;9C='ECA<?'9='
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;F<'9=;<8J<=;9C='<HH<G;:>''!C=;8B86';C'<_K<G;B;9C=N';F<'<HH9GBG6'CH';F<'9=;<8J<=;9C='TB:'=C;'
BHH<G;<A'D6'GF9?A8<=^:'?<J<?:'CH':CG9B?'GCEK<;<=G<'B;'K8<9=;<8J<=;9C=N'=C8'A9A':CG9B?'
GCEK<;<=G<'BHH<G;'GF9?A8<=^:'BD9?9;6';C'?<B8='B=A'<HH<G;9J<?6'@:<':<GC=AB86'GC=;8C?'GCK9=M'
:U9??:>''.F<8<HC8<N';F<'<_BE9=B;9C='CH'GF9?A8<=^:':CG9B?'GCEK<;<=G<'B:'B'ECA<8B;C8'A9A'=C;'
8<:@?;'9='9A<=;9H9GB;9C='CH'B=6':@DM8C@K:'HC8'TF9GF';F<'9=;<8J<=;9C='TF9GF';F<'9=;<8J<=;9C='
TB:'EC8<'C8'?<::'<HH<G;9J<>''5CT<J<8N';F<:<'B=B?6:<:'GC@?A'=C;'H@??6';<:;';F<'ECA<8B;9C='
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[5B8;<8N'QXhZ]>''(:'B'8<:@?;N';F<':BEK?<'TB:'@=A<8KCT<8<A'HC8';F<'ECA<8B;C8'B=B?6:<:>''
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