0,1! ./’*+$,-+)! +-/! .-.1+$-2.-! &’1 · 0,1! ./’*+$,-+)! +-/! .-.1+$-2.-! &’1 ......
TRANSCRIPT
!"#$%&"'()*!"#$%!&'()$*+"$,-!$%!$-".-/./!
0,1! ./'*+"$,-+)! +-/! .-".1"+$-2.-"!
&'1&,%.%!,-)34!/,!-,"!+*"'+))3!,**'&3!
+-3"#$-54!-,6!5."!(+*7!",!6,178
9
+)(,&$(*-./0-1$$2+03
6:!;<!=>:!'%!>?@:!A::<!=BB!=;C;D!EBF!=BB!GB<H4!6:!?F:!?EF?;D!BE!=>:!IBJK4!
6:!?F:!?EF?;D!BE!GBK;<H!BLF!MBAK!BF!H:==;<H!:NJ:GG:D!EFBC!KI>BBG4!-B!B<:!
O?<=K!=B!=?P:!F;KPKQ<B!B<:!O?<=K!?<RB<:!:GK:!=B!=?P:!F;KPKQKB!JFB=:K=K!
?F:!JBBFGR!?==:<D:D!?<D! ;<:EE:I=;@:4!&:?I:ELG!C?FI>:K!BF! F?GG;:K! F:DLI:!
LK!=B!J?KK;@:!BAK:F@:FK!BE!O>?=! ;K!KLJJBK:D!=B!A:!BLF!BO<!?I=;@;=R4!6:!
?F:!=BGD!=B!:NJF:KK!BLF!?<H:F!?<D!EFLK=F?=;B<!AR!K>BL=;<H!BF!I>?<=;<H!AL=!
B=>:FO;K:S!O:!?F:!?KP:D!=B!:N:FI;K:!F:K=F?;<=4!
+=!=>:!'*%*!O?GPBL=!B<!%:J=!TUS!JFB=:K=BFK!I>?<=:D!?<D!I?FF;:D!K;H<KS!
AL=!=>:R!IFBKK:D!=>:!K=F::=!B<GR!O>:<!=>:!VO?GPW!K;H<!O?K!G;=4!">:!K=F;P;<H!
L<;B<!>?D!?!J;IP:=!G;<:!AL=!D;D!<B=!?I=;@:GR!JF:@:<=!J:BJG:!EFBC!IFBKK;<H!
=>?=!G;<:4!">:R!P<:O!=>?=!!"#$%&'("'#%)$%$*+%,-%*).+%/"'$0)/$#%1*(/*%+23
45(/($56%7"0/+%$*+(0%!+!8+0#%$"%/0"##%$*+%4(/9+$%5('+#%"7%"$*+0%&'("'#4!
$<!(:FP:G:RS! ?=! =>:!H:<:F?G! ?KK:CAGR! >:GD! B<! =>:! K?C:!D?RS! JFB=:K=BFK!
O:F:!?KP:DX!VO>?=!DB!RBL!O?<=!=B!DB!<:N=YW!(L=!=>:R!O:F:!<:@:F!?KP:D!=>:!
BA@;BLK!ZL:K=;B<QVO>?=!DB!RBL!O?<=!=B!DB!F;H>=!<BOYW!6>R!<B=!D:I;D:!B<!
?<! ;CC:D;?=:!IBLFK:!BE!?I=;B<!?<D!DB! ;=Y!,FH?<;[:FK!IBCJG?;<!=>:R!?F:!
GBK;<H!C:CA:FK!O;=>!:?I>!KLII:KK;@:!C::=;<H\!=>:R!K::C!=B!A:G;:@:!=>?=!
C::=;<H!;K!?<!:<D!;<!;=K:GE8
">;K!O?GG!BE!J?KK;@;=R!I?<!B<GR!A:!D;KC?<=G:D!=>FBLH>!?I=;B<4!(L=!:ZL?GGRS!
O:!>?@:!=B!?@B;D!=>:!=:CJ=?=;B<!BE!A:IBC;<H!V?I=;@;K=KW4!,<!%:J=!]^S!?I_
=;@;K=K! ;<=:FFLJ=:D!?!C::=;<H!BE! =>:!'*!(B?FD!BE!1:H:<=K4!">:R!K>BL=:D!
?=!2?FP!3LDBES!F:ELK:D!=B!ZL;:=!DBO<!?<D!O:F:!?FF:K=:D!AR!IBJK4!">:K:!
!"#$%&#%"'("#)%*+!("$,(-%!$./)%0,12.)(*+'3(4*4,+)"$%'35(6#)%0%!)!(-,/,+-(
B<! =>:!C:D;?! =B! JLAG;I;[:! =>:;F! HF;:@?<I:KS! AL=! =B! H?;<! =>:! ?==:<=;B<! BE!
=>:!C:D;?S!=>:R!>?@:!=B!JFB@BP:!=>:!?DC;<;K=F?=;B<!;<=B!?<!:CA?FF?KK;<H!
IB<EFB<=?=;B<4!+DC;<;K=F?=BFK!?F:!<B=!KB!K=LJ;D4!">:R!P<BO!>BO!=B!<:L=F?G_
;[:!=>:K:!?I=;B<KX!=>:R!K;CJGR!?@B;D!IB<EFB<=?=;B<4!+E=:F!=>:!?I=;@;K=K!O:F:!
DF?HH:D!EFBC!=>:!FBBCS!3LDBE!K?;DS!V=>:!K=LD:<=K!BLH>=!=B!A:!?<HFR!?ABL=!
=>:!E::!;<IF:?K:K4!$WC!?<HFR!?ABL=!;=S!=BB4W
QQQQQQQQQQ
">:K:!?F:! =>:!JFBAG:CK!O:! E?I:X!<B=!B<GR! =>:!IL=KQ<B=!B<GR! =>:!IF;K;K!
78%#8(#".!,-()8,(#.)!12.)()8,(%+,99,#)%0,+,!!(*9(*.$(4,"+!(*9(&:8)%+:(
=>:C4!6:!<::D!=B!AL;GD!?!CB@:C:<=S!AL=!O:!>?@:!<B=!A::<!?AG:!=B!DB!KB4!
&:BJG:!O;GG!B<GR!MB;<!?!CB@:C:<=!;E! ;=!>?K!=>:!JB=:<=;?G!=B!I>?<H:!KBC:_
=>;<HS!AL=!?!CB@:C:<=!O;GG!B<GR!I>?<H:!KBC:=>;<H!;E!J:BJG:!>?@:!?GF:?DR!
MB;<:D!;=4!%B!:@:FRB<:!DB:K!O>?=!;K!;<!=>:;F!BO<!A:K=!;<=:F:K=KX!=>:R!;H<BF:!
U
)8,(/$*),!)!("+-(:,)(*+(7%)8()8,%$('%0,!5(;,)),$()*()$3()*(&+-("(+,7(<*2()8"+(
O?K=:!=;C:!E?;G;<H!=B!H:=!RBLF!BGD!B<:!A?IP4!">:!JFBAG:C!;K!<B=!=>?=!J:BJG:!
G?IP!?!VIB<KI;BLK<:KKW!BE!=>:;F!BO<!;<=:F:K=K4!
$=!;K!=>:!)/$(.(#$#!O>B!E?;G!=B!L<D:FK=?<D4
QQQQQQQQQQ
.@:FR=>;<H!;K!K:=!LJ!;<!?D@?<I:!=B!:<KLF:!=>?=!<B=>;<H!?I=L?GGR!I>?<H:K4!
=,("$,(:%0,+(*/)%*+!(9*$(4"+":%+:()8,(#$%!%!("+-(*/)%*+!(9*$(&:8)%+:()8,(
IL=K4!6:!?==:<D!;<=:FC;<?AG:!C::=;<HK!?<D!JG?<!KRCABG;I!?I=;B<K4!">:K:!
=>;<HK!I>?<H:!<B=>;<H4!">:!JFBAG:C!;K!K;CJG:X!<B!D:I;K;B<!C?P;<H!ABDR!
>?K!=>:!JBO:F!=B!H;@:!LK!O>?=!O:!O?<=Q:KJ:I;?GGR!DLF;<H!?!IF;K;K4!">:!
D:?<K!?<D!I>?<I:GGBFK!C?P;<H!=>:!IL=K!?F:!KLABFD;<?=:!=B!=>:!'*!JF:K;_
D:<=4!">:!'*!JF:K;D:<=!;K!KLABFD;<?=:!=B!=>:!(B?FD!BE!1:H:<=K4!">:!(B?FD!
BE!1:H:<=K!H:=K!;=K!EL<D;<H!EFBC!=>:!G:H;KG?=LF:4!+<D!=>:!>?<DK!BE!=>:!G:H_
;KG?=LF:!?F:!=;:D!AR!=>:!=>:!*?G;EBF<;?!IB<K=;=L=;B<S!O>;I>!F:ZL;F:K!?!=OB_
=>;FDK!C?MBF;=R!=B!F?;K:!=?N:K4
6:!CLK=!F:M:I=!?GG!BJ=;B<K!B<!BEE:F!?<D!D:CB<K=F?=:!=>?=!O;=>BL=!<:HB=;?_
=;B<KS!($%(#%#$(55%4"##(85+%$"%)/$4!">?=!;K!O>R!O:!DB!<B=!C?P:!D:C?<DK4!+GG!
D:C?<DK!?KKLC:!=>:!:N;K=:<I:!BE!?!JBO:F!I?J?AG:!BE!IB<I:D;<H!=>:C4!
6:!P<BO!=>;K!JBO:F!DB:K!<B=!:N;K=4!6>R!HB!=>FBLH>!=>:!CB=;B<K!BE!<:_
HB=;?=;<H!O>:<!O:!P<BO!O:!O;GG!<B=!O;<!?<R=>;<H!AL=!J?G=FR!IB<I:KK;B<KY!
(:==:F!=B!F:@:?G!=>:!<?=LF:!BE!=>:!K;=L?=;B<X!=>:F:!;K!<B!JBO:F!=B!O>;I>!O:!
I?<!?JJ:?G!:NI:J=!=>?=!O>;I>!O:!>?@:!EBL<D!;<!B<:!?<B=>:F4
">?=!;K!?GKB!O>R!O:!F:M:I=!=>:!GBH;I!BE!F:JF:K:<=?=;B<4!-B!F:JF:K:<=?=;@:S!
<B!C?==:F!>BO!I>?F;KC?=;IS!I?<!?I>;:@:!?<R=>;<H!BE!IB<K:ZL:<I:S!:NI:J=!
=B!D:JF;@:!LK!BE!BLF!BO<!?H:<IR4!#?@;<H! F:JF:K:<=?=;@:K! F:DLI:K!LK! =B!
J?KK;@:!B<GBBP:FK!BE!BLF!BO<!?I=;@;=R4!6:!>?@:!=B! =?P:!C?==:FK! ;<=B!BLF!
BO<!>?<DK4!+!>LH:!D:CB<K=F?=;B<!;K!<B=!?!C:?<K!EBF!A:==:F!A?FH?;<;<H\!;=!
;K!<B=>;<H!;E!;=!;K!<B=!?<!:<D!;<!;=K:GE4!+!>LH:!D:CB<K=F?=;B<!A:IBC:K!?<!:<D!
;<!;=K:GE!B<GR!O>:<!J:BJG:!?=!=>:!D:CB<K=F?=;B<!#$)0$%$"%)/$%"'%$*+(0%"1'\!
O>:<!=>:R!F:M:I=!=>:!G:?D:FK!O>B!=:GG!J:BJG:!=B!A:!VF:?KB<?AG:WS!=B!O?;=!EBF!
=>:!VF;H>=!CBC:<=W4!
6:!:"%'"$%O?<=!=B!O?;=!?<R!GB<H:F4!6:!/)''"$!?EEBFD!=B!O?;=!?<R!GB<H:F4!
">;K!J?CJ>G:=!;K!?!HL;D:!=B!;CC:D;?=:!?I=;B<4!$=!:NJG?;<K!>BO!=B!BIILJR!
AL;GD;<HKS!O;=>!J?F=;ILG?F!?==:<=;B<!=B!L<;@:FK;=;:K4!">?=!;K!<B=!A:I?LK:!O:!
A:G;:@:!K=LD:<=K!?=!=>:!L<;@:FK;=R!>?@:!?!KJ:I;?G!FBG:!=B!JG?RS!BF!A:I?LK:!
`
BIILJ?=;B<K!?F:!=>:!B<GR!=?I=;I!O:!LK:4!$=!;K!K;CJGR!A:I?LK:!O:!)0+!?=!=>:!
L<;@:FK;=RS!O:!*).+!BIILJ;:D!?!AL;GD;<H!?<D!O:!A:H;<!O;=>!O>?=!O:!P<BO4!
,IILJ?=;B<K!?F:!?!IBCCB<!=?I=;I!LK:D!?=!L<;@:FK;=;:K!?<D!B=>:F!OBFPJG?I_
:K!?FBL<D!=>:!OBFGD4!$<!]aaaS!K=LD:<=K!BIILJ;:D!=>:!-?=;B<?G!+L=B<BCBLK!
'<;@:FK;=R!BE!2:N;IBS!=>:!G?FH:K=!L<;@:FK;=R!;<!)?=;<!+C:F;I?4!$<!TbbcS!K=L_
D:<=K!BIILJ;:D!L<;@:FK;=;:K!=>FBLH>BL=!0F?<I:!=B!F:J:?G!=>:!*&.!?C:<D_
C:<=4!$<!TbbdS!OBFP:FK!BIILJ;:D!=>:!1:JLAG;I!6;<DBOK!?<D!/BBFK!E?I=BFR!
;<!*>;I?HB4!$<!TbbaS!OBFP:FK!BIILJ;:D!=>:!%K?<HRB<H!I?F!E?I=BFR!;<!%BL=>!
>*$,"?(8*'-%+:(%)(9*$()7*(4*+)8!("+-(&:8)%+:("(/%)#8,-(2"))',(":"%+!)()8,(
JBG;I:4!">:K:!?F:!AL=!?!E:O!:N?CJG:K4
QQQQQQQQQQ
6:!>?@:!A::<!IF;=;I;[:D!EBF!>?@;<H!?I=:D!?K!IG?<D:K=;<:!V?D@:<=LF;K=KWS!EBF!
;H<BF;<H!=>:!D:CBIF?=;I!JFBI:KK4!6:!>?@:!K::<!=>:!F:KLG=K!BE!=>?=!JFBI:KK!
=BB!C?<R!=;C:K4!$=!;K!<:@:F!=>:!I?K:!=>?=S!?E=:F!J:BJG:!K::!=>:!E?;GLF:K!BE!
G:==:F_OF;=;<H!I?CJ?;H<K!BF! =:?I>_;<KS! =>:R!D:I;D:!=B! =FR!KBC:=>;<H!:GK:4!
">:R!?F:!D;K>:?F=:<:D!=>?=!=>:;F!>?FD!OBFP!>?K!IBC:!=B!<B=>;<HS!?<D!=>:R!
F:=LF<!=B!=>:;F!:@:FRD?R!G;@:K4!6>:<!=>:!<:N=!IF;K;K!BIILFKS!<:O!J:BJG:!H:=!
;<@BG@:D!?<D!D:CBIF?=;I?GGR!D:I;D:!=B!C?P:!=>:!K?C:!C;K=?P:K4!
6:!>?@:!G;@:D!=>FBLH>!=BB!C?<R!IRIG:K!BE!E?;GLF:!?<D!K::P!=B!DB!KBC:_
=>;<H!:GK:4
,LF!O?H:F!;K!=>?=S!O>:<!J:BJG:!K::!O>?=!O:!?F:!DB;<HS!=>:R!O;GG!H:=!;<_
@BG@:D!;<!BLF!?I=;B<K4!,<I:!:<BLH>!J:BJG:!?F:!;<@BG@:DS!O:!O;GG!<B!GB<H:F!
>?@:!=B!?I=!;<!?!IG?<D:K=;<:!E?K>;B<4!6:!O;GG!BJ:<GR!D:I;D:!O>?=!=B!DB!<:N=4!
6;GG!O:!C?FI>! ;CC:D;?=:GR! =B! =>:! ?DC;<;K=F?=;@:! AL;GD;<H! ?<D! BIILJR! ;=!
%+-,&+%),'3?(7%)8*.)(-,4"+-!@(A"32,(7,(4"$#8(9$*4(2.%'-%+:()*(2.%'-%+:(
O;=>!ALGG>BF<KS!I?GG;<H!K=LD:<=K!?<D!OBFP:FK!BL=!;<=B!=>:!K=F::=Y!&:F>?JK!
O:!O;GG!C?FI>!=B!=>:!A?K:!BE!I?CJLK!?<D!K:=!LJ!A?FF;I?D:KS!AGBIP;<H!:<_
=F?<I:K!=B!=>:!L<;@:FK;=R4!">:K:!?F:!C?=:F;?GGR!:EE:I=;@:!?I=;B<KS!F?=>:F!=>?<!
EBFCK!BE!KRCABG;I!JFB=:K=4
$<!?<R!I?K:S!O:!P<BO!=>?=!BLF!CB@:C:<=!O;GG!HFBO!B<GR!;<!?<D!=>FBLH>!?I_
=;B<4!6:!DB!<B=!>?@:!=B!O?;=X!O:!I?<!)/$%'"1%)':%)/$%5)$+04!$E!;<!=>:!J?K=S!;=!
>?K!=?P:<!GB<H:F!=B!BFH?<;[:!=>:K:!V=?I=;I?GW!?I=;B<KS!;=!;K!A:I?LK:!J:BJG:!
O:F:!LJ!?H?;<K=!K=FB<H:F!EB:K!=>?<!=>:!ALCAG;<H!?DC;<;K=F?=;B<!BE!?!JLAG;I!
L<;@:FK;=R4! $<!E?I=S! =>:!F:?KB<!;=! =BBP!KB!GB<H!=B!BFH?<;[:!=>;K!?I=;B<!O?K!
K;CJGR!=>?=!C?<R!J:BJG:!O:F:!?EF?;D!=B!DB!;=4!
c
6:! F:KJ:I=! =>:K:! E:?FK! :@:<! ;E! O:! :<IBLF?H:! :@:FRB<:! =B! JLK>! =>:;F!
ABL<D?F;:K4!,=>:FK!O;GG!MB;<!=>:!CB@:C:<=S!<B=!O>:<!=>:;F!IB<KI;BLK<:KK!
;K!F?;K:D!=B!=>:!?JJFBJF;?=:!G:@:GS!AL=!O>:<!=>:R!D:I;D:!=>?=!J?F=;I;J?=;B<!
;K!OBF=>!=>:!?KKBI;?=:D!F;KPK4!%BC:!J:BJG:!E::G!=>:R!>?@:!<B=>;<H!=B!GBK:!
?<D!H:=!;<@BG@:D!;CC:D;?=:GR4!,=>:FK!>?@:!KB!CLI>!=B!GBK:!=>?=!=>:R!O;GG!
B<GR!H:=! ;<@BG@:D!?=! =>:! G?K=!JBKK;AG:!CBC:<=4!6:! =FLK=!B<:!?<B=>:F! =B!
P<BO!O>?=!=B!DB4
">BK:!O:!C::=QO>B!?F:!<:;=>:F!>BK=;G:!=B!I>?<H:!?K!KLI>!<BF!K:GE_D:_
KIF;A:D!VG:?D:FKW!BEE:<D:D!AR!?I=;B<!=?P:<!O;=>BL=!=>:;F!J:FC;KK;B<Q>?@:!
+*)(#$%)%#%B,-(.!(9*$("#)%+:()**(!**+(2.)(9*$(*##./3%+:("+(%+!%:+%&#"+)(2.%'-_
;<H4!"B!=>:K:!O:!F:JGRX!RBL!?F:!<B=!?GB<:!;<!RBLF!D:K;F:!EBF!:KI?G?=;B<4!0;<D!
LK4!6>:<!O:!>?@:!CBF:!<LCA:FKS!O:!O;GG!=?P:!CBF:!?<D!CBF:!AL;GD;<HK!
L<=;G!=>:!I?CJLK!;K!BLFK4!
">:!HB?G!;K!<B=!=B!K>L=!DBO<!I?CJLK!?K!?<!:<D!;<!;=K:GE4!,<I:!O:!D:C_
B<K=F?=:!BLF!IBGG:I=;@:!JBO:F!=B!D;KKBG@:!=>:!L<;@:FK;=RS!O:!O;GG!D:I;D:!=B_
H:=>:F!O>?=! =B!DB!<:N=4!(R! =>:<S!J:BJG:!O;GG!>?@:! =?P:<!?I=;B<!?=!B=>:F!
OBFPJG?I:KS!?<D!O:!D:I;D:!O;=>!=>:C4!6:!P<BO!B<GR!=>;KX!=>?=!O>:<!O:!
H:=! =>:! I>?<I:! =B! K=F;P:S!O:!O;GG! =?P:! ;=!O;=>BL=!>:K;=?=;B<4!6:!O;GG! =?P:!
O>?=:@:F!C:?KLF:K!?F:!<:I:KK?FR!AB=>!=B!D:K=FBR!=>;K!OBFGD!?K!ZL;IPGR!?K!
JBKK;AG:!?<D!=B!IF:?=:S!>:F:!?<D!<BOS!=>:!OBFGD!O:!O?<=X!
&-.1)%!-
."4/124-.&5(#6-
."4/124-71##(#6-
."4/124-#4&4(#8
^
5(9()&%-4/(1)0-1,-
1$$2+&4"19#
6:!?D?J=:D!BLF!C:=>BDK!EFBC!.LFBJ:?<!BIILJ?=;B<KS!?<D!?GKB!EFBC!=>:!
F:I:<=!BIILJ?=;B<K!?=!=>:!-:O!%I>BBG!?<D!?=!-3'!;<!2?<>?==?<4!$<!=>:!
'%S!O:! E?I:! =>F::!JFBAG:CK!?AB@:!?GGX! ;<!.LFBJ:S! e]f! ;GG:H?G! =?I=;IK!?F:!
CBF:!?II:J=?AG:!?CB<H!=>:!H:<:F?G!JBJLG?=;B<!e=>:F:!;K!G:KK!E:?F!BE!=>:!
JBG;I:f\!eTf!K=LD:<=K!IBCC?<D!CBF:!F:KJ:I=!A:I?LK:!BE!=>:;F!FBG:!;<!=O:<_
=;:=>_I:<=LFR!?<=;_E?KI;K=!CB@:C:<=K!e?<D!EBF!=>:!K?C:!F:?KB<S!=>:!JBG;I:!
?F:!CBF:!D:KJ;K:Df\!e9f!K=LD:<=!G;E:!;K!?GKB!CBF:!JBG;=;I;[:DX!K=LD:<=!L<;B<K!
JG?R!?!G?FH:F!FBG:!;<!C?<?H;<H!K=LD:<=!G;E:S!KB!;=!;K!JBKK;AG:!=B!F?GGR!K=LD:<=K!
?=!O:GG_?==:<D:D!H:<:F?G_?KK:CAG;:K!eO>:<!=>:!K=LD:<=!HB@:F<C:<=!E?;GK!
)*("#)C5(=,("$,(!)%''(&:.$%+:(*.)(8*7()*(4"+,.0,$(%+()8,(DEF("9),$(,"#8(*#_
ILJ?=;B<S!O:!I>?<H:!BLF!C:=>BDK!?K!O:!G:?F<!EFBC!J?K=!C;K=?P:K4!+D?J=!
BLF!C:=>BDK!EBF!RBLF!BO<!J?F=;ILG?F!K;=L?=;B<4
;5)'%)*+):<!6>:=>:F!RBL!BIILJR!?K!?!KC?GG!HFBLJ!BE!IG?<D:K=;<:!?D@:<_
=LF;K=K!BF!?=! =>:!>:?D!BE!?<!L<FLGR!IFBODS! ;=! ;K!HBBD! ;D:?!=B!JG?<!?>:?D4!
%IBJ:!BL=!=>:!AL;GD;<H4!#BO!C?<R!DBBFK!DB!RBL!>?@:!=B!GBIP!DBO<Y!6>?=!
P;<DK!BE!DBBFK!DB!RBL!>?@:!=B!GBIP!DBO<Y!6>?=!I?<!RBL!LK:!=B!AL;GD!A?F_
F;I?D:K!AB=>!;<K;D:!?<D!BL=K;D:!BE!=>:!AL;GD;<HY!*BLGD!RBL!:KI?J:S!;E!RBL!
<::D!=BY!/B!RBL!<::D!=B!H?=>:F!FBIPK!=B!=>FBO!?=!=>:!IBJKY
=0)1%)%/0"1:<!+<R!=;C:!=>:F:!;K!?!IB<EFB<=?=;B<!O;=>!=>:!JBG;I:S!?!IFBOD!
O;GG!EBFC!=B!H?OP!?=!=>:!KJ:I=?IG:4!(L=!RBL!O?<=!?!IFBOD!=B!H:=!?K!IGBK:!
=B! =>:!BIILJ;:D!AL;GD;<H!?K!JBKK;AG:!A:EBF:! =>:!JBG;I:!?FF;@:4!">?=!O?RS!
;E!=>:!J;HK!AL;GD!A?FF;I?D:KS!=>:!IFBOD!O;GG!A:!A:=O::<!RBL!?<D!=>:!J;HKS!
F?=>:F!=>?<!BL=K;D:!BE!JBG;I:!G;<:K4!/F?O!?!IFBOD!AR!I?GG;<H!?!C::=;<H4!+=!
=>:!C::=;<HS!?<<BL<I:!=>?=!?<!BIILJ?=;B<!;K!;CC;<:<=!,1S!O>?=!;K!A:==:FS!
IB<@;<I:!J:BJG:!=B!BIILJR!O;=>!RBL!?<D!=>:<!DB!;=!;CC:D;?=:GR4
-"'$0"5% )%:""0<(=8,+(3*.(!#*/,(*.)( "(2.%'-%+:?( 3*.(7"+)( )*( &:.$,(*.)(
>BO!RBL!O;GG!BJ:<!LJ!=>:!KJ?I:!=B!B=>:FK!B<I:!=>:!BIILJ?=;B<! ;K!L<D:F!
O?R4!*>BBK:!KBC:!C:?<K!BE!H:==;<H!J:BJG:!;<=B!?<D!BL=!BE!=>:!KJ?I:!eEBF!
:N?CJG:S!?!DBBF!BF!O;<DBOf4!)BIP!DBO<!=>?=!:<=F?<I:!;<!KLI>!?!O?R!=>?=!;=!
I?<!A:!BJ:<:D!?<D!IGBK:D!CBF:!:?K;GR4!$E!J:BJG:!AL;GD!A?FF;I?D:K!BL=K;D:S!
C?P:!KLF:!=>:R!DB!<B=!B@:FGR!A?FF;I?D:!=>:!B<:!:<=F?<I:!RBL!JG?<!=B!BJ:<4!
>4+'%$*+%#4)/+<!,IILJ;:FK!BE=:<!D:A?=:!O>BC!=>:R!K>BLGD!G:=!;<!=B!=>:!
KJ?I:S!AL=!;=!;K!A:K=!=B!G:=!;<!?K!C?<R!J:BJG:!?K!JBKK;AG:X!=>:!F;KPK!BE!D;GL=_
;<H!=>:!V;<K;D:W!HFBLJ!BF!BE!G:==;<H!;<!VKP:=I>RW!J:BJG:!?F:!GBOS!?K!GB<H!?K!RBL!
?F:!:N:FI;K:!I?L=;B<!?=!=>:!DBBF4!+GKBS!G:=!J:BJG:!;<!?K!KBB<!?K!JBKK;AG:X!
d
=>:!J;HK!C?R!D;KJ:FK:!=>:!IFBOD!BFS!O>?=! ;K!CBF:! G;P:GRS! =>:!IFBOD!C?R!
D;KJ:FK:!B<I:!=>:!J;HK!G:?@:4!&:BJG:!?F:!K?E:F!;E!=>:R!?F:!;<K;D:!=>:!AL;GD_
;<HS!K;<I:!=>:F:!?F:!A?FF;:FK!A:=O::<!=>:C!?<D!=>:!JBG;I:4
?0)'#7"0!%$*+%#4)/+<!6>:<!RBL!BIILJR!KJ?I:KS!RBL!?F:!<:@:F!ABL<D!AR!
)8,%$( G*9&#%"'H( .!,!F( '%2$"$%,!( "$,( +*)( +,#,!!"$%'3( 9*$( !).-3%+:5(I"J,( *0,$(
KJ?I:K!=B!=F?<KEBFC!=>:CX!BFH?<;[:!=B!BIILJR!CBF:!KJ?I:K!?<D!AL;GD!?!
CB@:C:<=S!AL=!?GKB!>?@:!EL<4!">FBO!?!K;IP!?K!ELIP!D?<I:!J?F=R8
,IILJ?=;B<K!?F:!=?I=;IK!O;=>;<!?!AFB?D:F!K=FLHHG:4!">:F:!;K!<B!F:?KB<!=B!
H:=!?FF:K=:D!MLK=!=B!JFB@:!?!JB;<=4!6>:<!?GG!:GK:!E?;GKS!FL<!?O?R4
a
)($199&"##&9$(
*>BBK:!?!AL;GD;<H!;<!?!I:<=F?G!GBI?=;B<!=>?=!>?K!?!A?GIB<R!BF!A;H!O;<DBOK!
e<B=!B<!HFBL<D!G:@:Gf4!*>BBK:!?!AL;GD;<H!O;=>!E:O!DBBFK!?<D!G?FH:S!>:?@R!
ELF<;=LF:4!$=!;K!<B=!?GO?RK!<:I:KK?FR!=B!=?P:!?!O>BG:!AL;GD;<HX!KBC:=;C:KS!
3*.(#"+(!,#.$,("(K**$(*$(,0,+("('"$:,($**4?(',"0%+:()8,($,!)(*9()8,(2.%'-%+:(
;<=?I=4!0;<D!BL=!O>B!BO<K!=>:!AL;GD;<H!?<D!:NJGB;=!?CA;HL;=;:K!;<!BO<:F_
K>;J4!/B!<B=!A:!?EF?;D!=B!=?P:!KJ?I:!EFBC!RBLF!VF:JF:K:<=?=;@:KWX!L<;B<KS!
K=LD:<=!HB@:F<C:<=S!:=I4
+=!?!L<;@:FK;=RS!?DC;<;K=F?=;@:!AL;GD;<HK!?F:!>?FD:F!=B!>BGD!=>?<!K=LD:<=!BF!
IG?KKFBBC!KJ?I:S!AL=!?F:!<B=!EBF!=>?=!F:?KB<!VA:==:F!=?FH:=KW4!3BL!?F:!=FR;<H!
=B!AF;<H!=>:!L<;@:FK;=R!=B!?!>?G=4!$=!C?R!A:!CBF:!:EE:I=;@:S!=BO?FDK!=>?=!:<DS!
=B!D;KFLJ=!IG?KK:K!=>?<!=B!JF:@:<=!?DC;<;K=F?=BFK!EFBC!H:==;<H!;<=B!=>:;F!BE_
&#,!(L,!/,#%"''3(%9()8,3(),',#*44.),C5(
6>:<!DB;<H!F:IB<<?;KK?<I:S!A:!D;KIF::=!AL=!=>BFBLH>4!#BO!C?<R!DBBFK!
-*(3*.(8"0,()*(!,#.$,(L'**J(9*$(8%--,+(-**$!("+-(&$,(,!#"/,!C@(=8")(-*(
=>:!DBBFK!GBBP!G;P:!?<D!>BO!?F:!=>:R!BJ:<:DY!+F:!=>:F:!?<R!K=FLI=LF?G!KLJ_
JBF=K!eJ;J:K!BF!JBG:Kf!<:?F!=>:!DBBFKS!O>;I>!RBL!I?<!LK:!=B!K:ILF:!=>:CY!
6>?=!I?<!RBL!LK:! =B!AL;GD!A?FF;I?D:KY! $K! =>:F:!?!A?=>FBBCY!+II:KK! =B!
FL<<;<H!O?=:FY!+!O?R!=B!H:=!KLJJG;:K!;<!?<D!BL=!O;=>BL=!BJ:<;<H!?!DBBFY
0;HLF:!BL=!O>;I>!:<=F?<I:!RBL!?F:!HB;<H!=B!LK:!=B!G:=!J:BJG:!;<=B!?<D!BL=!
BE!=>:!KJ?I:!B<I:!=>:!BIILJ?=;B<!;K!L<D:F!O?R4!#BO!I?<!RBL!K:ILF:!;=Y
$E!JBKK;AG:S! =?P:!J;I=LF:K!BF!?=! G:?K=!<B=:K4!"?P:!?!J;I=LF:!BE! =>:!:KI?J:!
FBL=:K4!$=!;K!?GO?RK!>?FD:F!=B!F:C:CA:F!=>:!D:=?;GK!=>?<!RBL!=>;<P8!
@&0'+0%4*"'+#<%(:EBF:!=>:!?I=;B<S!H:=!ALF<:F!J>B<:KS!=>?=!;K!J?R_?K_RBL_
HBS!<B_IB<=F?I=!J>B<:K!eEBF!;<K;D:S!BL=K;D:S!?<D!C:D;?f4!2?P:!KLF:!:@:FR_
B<:!;<@BG@:D!>?K!=>:!F:G:@?<=!J>B<:!<LCA:FK4
A"/9#<!(:EBF:!=>:!?I=;B<S!H:=!=>:!GBIPK!RBL!<::D!=B!K:ILF:!=>:!DBBFK4!5:=!
:N=F?!GBIPK4!$<!=>:!CBC:<=S!J:BJG:!C;H>=!O?<=!=B!DB!CBF:!BIILJ?=;B<K4
]b
!"#$%&'()%*
+,-.%'/%0*%%"',1+2
/-3'-"&'&443
*%//)"#
5)&%'()%*
"4'+,-.%
,1+2'/-3+
-00-.2'04'-'"%-3/6'+031.013-$
+1,,430'43'713")013%
?*+%B/5)##(/C%!+$*":
]]
#($2)"95-!11)#
/BBFK!BJ:<!:;=>:F!;<=B!BF!BL=!EFBC!=>:!KJ?I:!RBL!?F:!BIILJR;<H4!0BF!DBBFK!
=>?=!BJ:<!;<=B!=>:!KJ?I:S!RBL!>?@:!B<GR!B<:!BJ=;B<X!A?FF;I?D:!=>:C!IGBK:D4!
0BF!DBBFK!=>?=!BJ:<!BL=!eCBK=!DBBFK!;<!<:O:F!AL;GD;<HKfS!RBL!>?@:!C?<R!
BJ=;B<KS!D:J:<D;<H!B<!O>?=!P;<DK!BE!>?<DG:K!?F:!LK:D!=B!BJ:<!=>:!DBBFK4!
#:F:!?F:!KBC:!:N?CJG:K4
$%&##"$-'(4/1!#-:;<=>-?@ABC-BD?E;*
=""0%1($*%$&0'('D%*)':5+#<!)BBJ!B<:!:<D!BE!?!I?AG:!GBIP!?FBL<D!=>:!DBBF!
>?<DG:4!";:!=>:!B=>:F!:<D!=B!?!K=FLI=LF?G!KLJJBF=S!BF!GBBJ!;=!?FBL<D!?<B=>:F!
DBBF!>?<DG:4!
=""0#%1($*%4&#*38)0#<!$E!=>:F:!;K!<B!KJ?I:!A:=O::<!=>:!A?F!?<D!=>:!DBBFS!
K:ILF:!?!I_IG?CJ!=B!=>:!A?F!=B!IF:?=:!?!KJ?I:4!.;=>:F!e]f!GBBJ!?!I?AG:!GBIP!
=>FBLH>!=>:!KJ?I:!,1!eTf!IG?CJ!?!G:<H=>!BE!O:AA;<H!=B!=>:!A?F4!";:!=>:!
B=>:F!:<D!BE!=>:!I?AG:!BF!O:AA;<H!=B!?!K=FLI=LF?G!KLJJBF=4!$E!<B!K=FLI=LF?G!
KLJJBF=!;K!?@?;G?AG:S!=;:!;=!?FBL<D!?!=?AG:4
=""0#%1($*% '"%*)':5+#<!">:K:!?F:!?GCBK=! ;CJBKK;AG:! =B! K:ILF:!O;=>BL=!
D?C?H;<H!=>:!DBBFK4!'<G:KK!=>:R!BJ:<!;<=B!=>:!BIILJ;:D!KJ?I:S!?@B;D!=>:C4
E(D*%#/*""5%"//&4)$("'%:&0('D%)'$(3-;F%#$0&DD5+G%H0)'/+%IJJK
]T
71%!-9(.-'(4/1!-:;<=>-FG:?E-F<CHIDJ=;
=""0#%1($*%4&#*38)0#<%5:=!=FLIP!=;:_DBO<K!EFBC!=>:!GBI?G!>?FDO?F:!K=BF:4!
0;<D!B<:K!O;=>!=:<!E::=!BE!<RGB<!O:AA;<H!?==?I>:D!=B!?!C:=?G!ALIPG:!?=!B<:!
:<D4!%BC:!BE!=>:K:!ALIPG:K!I?<!>BGD!B@:F!]bbb!JBL<DK!BE!O:;H>=4!)BBJ!
=>:!O:AA;<H!=>FBLH>!=>:!KJ?I:!A:=O::<!=>:!A?F!?<D!=>:!DBBF!eBF!LK:!?!
!"##$%"&$'()*$+,)*-!!$'(
.$&-)/$-*
+#0%1)+$-2&3*'
?*+%B8"5:%'+1C%!+$*":<%
LM55%$*+%/""5%9(:#%)0+%:"('D%($%$*(#%6+)0<N
]9
IG?CJ!=B!IF:?=:!=>?=!KJ?I:f!?<D!?FBL<D!?!=?AG:!eBF!?<R=>;<H!G?FH:F!=>?<!=>:!
DBBF!EF?C:f4!&LGG!=>:!O:AA;<H!=>FBLH>!=>:!ALIPG:!?K!=;H>=GR!?K!JBKK;AG:4!
=8,+()8,(/%:!()$3()*(*/,+()8,(-**$?()8,()"2',(7%''(+*)(&)()8$*.:8()8,(9$"4,(
BE!=>:!DBBFS!KB!=>:!DBBF!O;GG!<B=!BJ:<4!$E!DB<:!F;H>=S!=>:K:!DBBFK!?F:!IBC_
JG:=:GR!;CJ:FC:?AG:!eL<G:KK!=>:!J;HK!I?<!AF:?P!?!O;<DBO!=B!H:=!;<f4!'K:!
CBF:! =>?<!B<:! =;:_DBO<! EBF! :?I>!DBBF! ?<D!C?P:!KLF:! =>:F:! ;K! <B!H;@:!
eF:C:CA:F!=>?=!=>:!<RGB<!O;GG!K=F:=I>!?!G;==G:!A;=S!KB!R?<P!B<!;=!?<D!F:?DMLK=f4!
'K;<H!=;:_DBO<KS!=OB!J:BJG:!I?<!I?FFR!?!=?AG:!=B!?!DBBF!?<D!GBIP!;=!DBO<!
;<!L<D:F!=OB!C;<L=:K4
2?P:!KLF:!=>:!DBBFK!?F:!K:ILF:D!?K!=;H>=GR!?K!JBKK;AG:4!$E!=>:!DBBF!BJ:<K!
:@:<!?<!;<I>S!=>:!J;HK!I?<!IL=!=>:!GBIP4!'K:!I?F?A;<:FK!=B!=;:!GBIPK!=B!B<:!
?<B=>:FS!BF!=B!C?P:!;=!:?KR!=B!BJ:<!DBBFK!O;=>BL=!D;K?KK:CAG;<H!=>:!GBIP_
;<H!C:I>?<;KC4!(.!*1.+"$g.X!:NJGB;=!L<;ZL:!DBBF!>?<DG:K8!
72"%!"95-
7&))"$&!(#
6>:<:@:F!JBKK;AG:S!AL;GD!A?FF;I?D:K!
AB=>!;<K;D:!?<D!BL=K;D:!=>:!DBBFK4
H"0%$*+%('#(:+<%'K:!>:?@R!ELF<;=LF:4!
/;K=F;AL=:!;=!:@:<GR!?CB<H!=>:!DBBFK4!
2?P:!KLF:!=>:!A?FF;I?D:K!?F:!?I=L_
?GGR!EL<I=;B<?G4!/B<W=!DB!?<R=>;<H!=BB!
IBCJG;I?=:D! BF! JF:I?F;BLK4! $E! J;HK!
?F:! JLK>;<H! B<! =>:! A?FF;I?D:! EFBC!
=>:! BL=K;D:S! RBL! K>BLGD! A:! ?AG:! =B!
JLK>! A?IP! EFBC! =>:! ;<K;D:4! /B! <B=!
K=?IP! LJ! ELF<;=LF:! =>?=! I?<!A:!:?K_
;GR! JLK>:D! ?K;D:! B<I:! =>:! J;HK! H:=!
=>FBLH>! =>:! DBBF! eL<G:KK! RBL! >?@:!
<B=>;<H!:GK:f4!/B!<B=!LK:!GBIP_ABN:K!
BF!I>?;<!RBLFK:GE! =B!?<R=>;<H! ;<K;D:!
=>:!AL;GD;<H4
H"0%$*+%"&$#(:+<%+<!VBL=K;D:W!=:?C!K>BLGD!FBGG!;<S!AL;GD!BL=K;D:!A?FF;I?D:K!
?<D!=>:<!D;KJ:FK:4!'K:!DLCJK=:FKS!=F::KS!OBBD!J?GG:=KS!I>?;<_G;<P!E:<I:KS!
/%#+%#()"2',!?('.M.$3(#"$!?("+-(:"$2":,(#"+!(&'',-(7%)8($*#J!()*(2'*#J()8,(
]U
:<=F?<I:K4!2?P:!KLF:! =>:!BL=K;D:! =:?C!P<BOK!O>;I>!DBBF! RBL!O?<=! =B!
IB<=FBGS!KB!=>:R!DB!<B=!B@:FGR!A?FF;I?D:!;=4
O"$+%"'%*&!)'%8)00(/):+#<( N+(*.$(&$!)(*##./")%*+?(7,($,'%,-(*+(8.4"+(
A?FF;I?D:K4!6:!HB=!?!G?FH:!IFBOD!=B!KLFFBL<D!=>:!BIILJ;:D!AL;GD;<H4!">:R!
GBIP:D!?FCK!=B!JFB=:I=!=>:!DBBFK4!(L=!O:!EBL<D!=>?=S!?E=:F!?!AF;:E!J:F;BD!
BE! ;<=;C;D?=;B<S!=>:!JBG;I:!G:E=! =>:!BIILJ?=;B<!?GB<:!eA:I?LK:!=>:!?DC;<_
;K=F?=;B<!O?<=:D! =B!?@B;D!IB<EFB<=?=;B<f4!,<I:! =>:!JBG;I:! G:E=S! =>:!IFBOD!
D;KJ:FK:D4!0:O!J:BJG:!K=?R:D!?GG!<;H>=S!:KJ:I;?GGR!O>:<!=>:F:!O?K!<B!;C_
C:D;?=:!=>F:?=!BE!JBG;I:!IB<EFB<=?=;B<4!$=!OBLGD!>?@:!A::<!A:==:F!=B!H:=!=>:!
IFBOD!;<K;D:!=>:!BIILJ;:D!AL;GD;<H4!3BL!I?<!=FLK=!=>:!J>RK;I?G!A?FF;I?D:K!
)*(/$*),#)(/,*/',(%+!%-,5(=83(9*$#,()8,(/,*/',(*.)!%-,()*(!"#$%&#,()8,4_
K:G@:K!L<<:I:KK?F;GRY!$E!JBKK;AG:S!>?@:!?!IFBOD!KLFFBL<D!=>:!AL;GD;<H!DLF_
;<H!=>:!;<;=;?G!IB<EFB<=?=;B<!?<D!=>:<!H:=!:@:FRB<:!;<K;D:!=>:!AL;GD;<H!?K!
KBB<!?K!=>:!JBG;I:!G:?@:4
124#"!(-#2++1)4*-%(5&%-4(&'
-"'$)/$%)%5)16+0<!%BC:!G?OR:FK!?F:!O;GG;<H!=B!JFB@;D:!EF::!G:H?G!KLJJBF=4!
2?<R!G?OR:FK!O;GG!O?<=!=B!C::=!O;=>!=>:!BIILJ;:FK!A:EBF:!=>:!?I=;B<!=?P:K!
/'"#,5(N9(")("(.+%0,$!%)3?(&+-("('"73,$(78*(8"!(!*4,(,M/,$%,+#,(7%)8(.+%_
0,$!%)3(#*.$)!5(O"0,(/,*/',(&''(*.)(',:"'($,',"!,(9*$4!("+-(/$*0%-,(4,-%#"'(
;<EBFC?=;B<!A:EBF:>?<D4
A+D)5% #&44"0$% $+)!<! #?@:! KBC:B<:! BL=K;D:! =B! <B=:! BF! F:IBFD! JBG;I:!
?ALK:4!#?@:!KBC:B<:!K=?=;B<:D!?=!?!G?<DG;<:S! ;E!?<D!O>:<!J:BJG:!<::D!
M?;G!KLJJBF=4!+GG!BIILJ;:FK!K>BLGD!OF;=:!=>:!M?;G_KLJJBF=!J>B<:!<LCA:F!B<!
=>:;F!?FCK4!,IILJ;:FK!K>BLGD!>?@:!=>:;F!$/K!AL=!G;==G:!:GK:S!K;<I:!;=!O;GG!?GG!A:!
=?P:<!?O?R!;<!=>:!:@:<=!BE!?<!?FF:K=4
P'"1%6"&0%0(D*$#<%/B!<B=!K?R!?<R=>;<H!=B!JBG;I:!:NI:J=!RBLF!<?C:!?<D!=>?=!
RBL!O;GG!<B=!KJ:?P!L<=;G!RBLF!G?OR:F!;K!JF:K:<=4
Q+#(#$('D%)00+#$<%N9("(/*'%#,(*9&#,$(!)*/!(3*.?("!J(%9(3*.("$,(2,%+:(-,)"%+,-5(
$E!RBL!?F:!<B=!A:;<H!D:=?;<:DS!O?GP!?O?R4!$E!RBL!?F:!?FF:K=:DS!DB!<B=!F:K;K=!
"$$,!)?(!%+#,(%)($"%!,!()8,(#8"$:,!(!%:+%&#"+)'35(P*(+*)(#*+!,+)()*(!,"$#8_
:K4!/B!<B=!?<KO:F!ZL:K=;B<K4!$E!RBL!>?@:!=>:!I>?<I:S!FL<!?O?R4!O"$+%7"0%
-)5(7"0'()'#4!*B<I:?G;<H!RBLF!;D:<=;=R!O>;G:!IBCC;==;<H!?!IF;C:!F?;K:K!=>:!
#8"$:,5(N9(3*.(7,"$("(4"!J?(4"J,(!.$,(%)(%!(/$*),#),-(23(&$!)("4,+-4,+)(
F;H>=K!e=>?=!;KS!;=!>?K!?!KGBH?<S!:=I4!OF;==:<!B<!;=f4
]`
124#"!(-#2++1)4*-'(!"$&%-4(&'
R+:(/#<%#?@:!C:D;IK!AB=>!;<K;D:!?<D!BL=K;D:!=>:!AL;GD;<H4!2:D;IK!K>BLGD!
J+*7("2*.)( )8,( +,,-!( *9( !/,#%&#( %+-%0%-."'!( %+0*'0,-( %+( )8,( "#)%*+( 2,_
9*$,8"+-(L4,-%#")%*+!?("'',$:%,!C5(I8,3(!8*.'-(8"0,("(&$!)("%-(J%)5(A,-%#!(
K>BLGD! >?@:!O;=>! =>:CS! AB=>! ;<K;D:! ?<D! BL=K;D:! =>:! BIILJ?=;B<X! O?=:FS!
HBHHG:KS! G?=:N! HGB@:KS! DLI=! =?J:S! A?<D_?;DKS! H?L[:!?<D! =?J:S! >RDFBH:<!
J:FBN;D:S!C;GP!BE!C?H<:K;?S!<:BKJBF;<S!?KJ;F;<S!A:<?DFRG!?<D!:C:FH:<*4!
&:BJG:!HB;<H!;<K;D:!K>BLGD!O:?FX!IBCEBF=?AG:!IGB=>;<HS!FL<<;<H!K>B:KS!?<D!
GB<H_KG::@:K4!/B!-,"!O:?FX!IB<=?I=!G:<K:KS!B;G_A?K:D!C?P:_LJ!BF!=>;<HK!
O>;I>!I?<!A:!HF?AA:D!:?K;GR4!/B!<B=!LK:!=?CJB<K!;E!RBL!C?R!:<D!LJ!;<!M?;G4
;+44+03#40)6<%*G:?<!BL=!:R:K!O;=>!?!C;N=LF:!BE!C;GP!BE!C?H<:K;?!?<D!O?=:F4!
?+)03D)#<%*B@:F!CBL=>!O;=>!?!IGB=>!KB?P:D!;<!O?=:F\!LK:!:R:_JFB=:I=;B<4
124#"!(-#2++1)4*-'(!"&-4(&'
">;K!;K!<B=!?!KRCABG;I!?I=;B<S!AL=!;=!;K!K=;GG!;CJBF=?<=!=B!>?@:!?!C:D;?!=:?C4
;0+##%Q+5+)#+#4!#?@:!?<! ;<;=;?G!K=?=:C:<=!JF:J?F:D!A:EBF:! =>:!BIILJ?_
=;B<!;K!?<<BL<I:D4!&BLF!BL=!RBLF!E::G;<HK!AL=!C?P:!KLF:!RBL!?GKB!JFB@;D:!
?!F:?KB<?AG:!:NJG?<?=;B<!EBF!O>?=!RBL!?F:!DB;<HS!K;<I:!C?<R!J:BJG:!O;GG!
7"+)()*(J+*7(783(3*.(-%-(%)5(P*(+*)(8"0,("+(*9&#%"'('%+,5(P*(+*)(/$,0,+)(
J:BJG:! EFBC! :NJF:KK;<H! =>:CK:G@:K! ;<! =>:;F! BO<! O?R4! #?@:! J:BJG:! B<!
8"+-()*(4"J,("+-(-%!)$%2.),(K3,$!("2*.)(78")(3*.("$,(-*%+:5
R+:()% $+)!<! /:K;H<?=:! B<:! BF!CBF:! J:BJG:! ?K!C:D;?! IB<=?I=K! B<! =>:!
BL=K;D:!BE!=>:!BIILJ?=;B<4!1:C:CA:F!=B!:CJ>?K;[:!=>:!C:D;?!J:BJG:!?K!
D:G:H?=:KS!<B=!F:JF:K:<=?=;@:K!BE!=>:!BIILJ?=;B<4!+G=:F<?=;@:!C:D;?!KLI>!
?K!$<DRA?R!?GGBOK!EBF!K:GE_JLAG;I?=;B<!BE!:@:<=K4!%:=!LJ!?<!:C?;G!?DDF:KK!
?<D!O:AK;=:!?KKBI;?=:D!O;=>!=>:!BIILJ?=;B<4!2?P:!=>;K!;<EBFC?=;B<!:?K;GR!
?@?;G?AG:4!/B!<B=!LK:!=>:!:C?;G!BE!?<RB<:!;<@BG@:D!;<!=>:!?I=;B<4
R+:()%0+5)$("'#%7"0%$*"#+%('#(:+<!-B!J?F=;ILG?F!;<D;@;DL?GK!;<K;D:!=>:!BIIL_
J?=;B<!K>BLGD!A:IBC:!=BB!@;K;AG:S!G:K=!=>:R!A:!AF?<D:D!?K!G:?D:FK4!-B!B<:!
B<! =>:! ;<K;D:!K>BLGD!H;@:! =:G:@;K:D! ;<=:F@;:OKS!BF!?<R!CBF:! ;<EBFC?=;B<!
?ABL=!=>:CK:G@:K!=>?<!;K!<:I:KK?FR4
]c
14/()-4/"95#-41-1)5&9"K(
*BGG:I=! J>B<:!<LCA:FK! =B! K:=! LJ!?<!:C:FH:<IR!C?KK! =:N=_C:KK?H:! ;<!
I?K:!BE!?!JBG;I:!F?;D4
@0('D%#&445(+#<%N)(%!(/*!!%2',()8")(3*.(7%''(2,($,4*0,-(%+()8,(&$!)(9,7(8*.$!5(
/B!<B=!B@:FJ?IP4!(F;<H!KBC:!EBBD!?<D!O?=:F!e;E!RBL!>?@:!<B!?II:KK!=B!
FL<<;<H!O?=:FfS!?<D!C:D;I?G!KLJJG;:KS!AL=!<B=!CLI>!:GK:4!&?IP!:N=F?!GBIPKS!
I?AG:K!?<D!=;:_DBO<K!;<!I?K:!RBL!<::D!=>:C4!(F;<H!?!K?E:!IBCJL=:FS! ;<!
#"!,(/*'%#,( #*+&!#"),( 3*.$( !.//'%,!5( N9( 3*.("$,( !.##,!!9.'?( /,*/',( #"+(
AF;<H!RBL!:N=F?!KLJJG;:KX!EBBDS!I;H?F:==:KS!AG?<P:=KS!:=I4
S*)0+%+.+06$*('D<%$<K;D:!=>:!BIILJ?=;B<S!=>:F:!;K!<B!JF;@?=:!JFBJ:F=R4
@0+)9%:"1'%8)00(+0#<%$<K;D:S!KBI;?G!K=?=LK!?<D!MBAK!?F:!C:?<;<HG:KK4
$E! RBL!>?@:! =;C:S!OF;=:!?K!CLI>!?K!JBKK;AG:!?ABL=!O>?=!RBL!?F:!DB;<H4!
7::J!?!D;?FR!BE!D?;GR!:@:<=K!EBF!JBK=:F;=R4
$E!JBKK;AG:S!=?P:!J;I=LF:K!BE!AL;GD;<H!A:EBF:!RBL!G:?@:S!EBF!G:H?G!F:?KB<K4
,#+%$*+%8&(5:('D%)#%)'%"0D)'(T('D%#4)/+<!-BO!=>?=! ;=WK!BLFKS! ;=!I?<!A:!?!
G?L<I>J?D!EBF!CBF:!BIILJ?=;B<K!?<D!B=>:F!?I=;B<K4!$=!I?<!A:IBC:!?!H?=>_
:F;<H!JB;<=!EBF!=>:!D;K?EE:I=:D!?<D!J;KK:D_BEE4!$<@;=:!C:CA:FK!BE!RBLF!IBC_
CL<;=R!O>B!?F:!A:;<H!ELIP:D!B@:F!=B!IBC:!;<!?<D!>:GJ!AL;GD!=>:!K=FLHHG:4
,LF!OBFP!;K!<:@:F!B@:F4!">:!HB?G!BE!:@:FR!BIILJ?=;B<!;K!=B!HFBOS!:NJ?<D!
?<D!A:IBC:!;FF:@:FK;AG:4
>//&46%7&/9('D%+.+06$*('D<
]^
$19$%2#"19*-91-,242)(-,1)-2#
(:EBF:! =>:!BIILJ?=;B<S!J:BJG:! ;<!BLF!IBGG:I=;@:!O:F:!IB<@;<I:D! =>?=!O:!
OBLGD!A:!DF?HH:D!?O?R!AR! =>:!IBJK!?K!KBB<!?K!O:!K:;[:D! =>:!KJ?I:4!
#BO:@:FS!=>?=!O?K!<B=!=>:!I?K:4!">:!K>BIP!BE!@;I=BFR!=>F:O!=>:!IBGG:I=;@:!
;<=B!D;K?FF?R4!-B=! P<BO;<H!O>?=! =B! DB!O;=>! BLFK:G@:KS!O:!O:F:! =F?JJ:D!
A:=O::<!=OB!CBD:K!BE!A:;<HX!B<!=>:!B<:!>?<DS!=>:!JF:K:<=!BE!I?J;=?G;KCS!
B<!=>:!B=>:FS!=>:!BIILJ?=;B<S!O>;I>!>?D!FLJ=LF:D!=>:!A?<?G;=R!BE!=>:!<BFC?G!
K=?=:!BE!?EE?;FK4!6>;G:!O:!AL;G=!KBG;D?F;=;:K!?<D!=>F:O!KBC:!O;IP:D!D?<I:!
J?F=;:KS!O:!O:F:! L<?AG:! =B! :NJ?<D! =>FBLH>! ELF=>:F! =?I=;I?G! ?I=;B<K4!6:!
>?@:!=B!F:C:CA:F!=>?=!$*+0+%(#%)51)6#%!"0+%$"%8+%:"'+G%$*)$%#$"44('D%$"%
40+#+0.+%1*)$%6"&%*).+%"'56%:+#$0"6#%($<%P++4%D"('DU
$<!=FLGR!:KI?G?=;<HS!=>:!B<GR!D:C?<D!;K!BE!BLFK:G@:KX!=B!IF;=;ZL:!IB<K=?<=GRS!
=B!G:?F<!EFBC!BLF!J?K=!C;K=?P:K4!V0?;G!?H?;<S!E?;G!A:==:F4W
QQQQQQQQQQ
V+%)0+%'"$% )%D0"&45(=,("$,(+*)( "+(*$:"+%B")%*+5(Q$*./!(-,&+,( )8,4_
K:G@:K!=>FBLH>!?!=F;@;?G!IBCC:FI:! ;<!@?HL:!JF;<I;JG:K!?<D!;D:?GKS!F?=>:F!
=>?<! =>FBLH>! C?=:F;?G! ?I=;B<K4! 5FBLJK! K:=! J?F?C:=:FK! B<! V>BO! =>;<HK!
K>BLGD!A:!DB<:WS!KLABFD;<?=;<H!=>:!O;GG!BE!=>:!;<D;@;DL?G!=B!=>:!O;GG!BE!=>:!
HFBLJ!?<D!;=K!G:?D:FK4!
V+%)0+%70(+':#<%,LF!EF;:<DK>;J!;K!JBG;=;I?G4!,LF!?I=;B<K!A;<D!LK!=BH:=>:FS!BF;_
:<=;<H!LK!IBGG:I=;@:GR!=BO?FD!BLF!BAM:I=;@:X!=?P;<H!B@:F!=>:!C:=FBJBG;K!?<D!
C?P;<H!;=!BLFK4!,IILJ?=;B<K!?F:!B<GR!B<:!BE!C?<R!O?RK!=B!IF:?=:!;<=:<K;@:!
KBG;D?F;=;:K!A:=O::<! EBFC:FGR!?=BC;[:D! ;<D;@;DL?GK4!(R!IB<=F?K=S!?!HFBLJ!
7%)8("+(G*9&#%"'H('%+,(4,$,'3($,/$*-.#,!()8,('*:%#(*9()8,(/!,.-*R"#)%0%)3(*9(
?I=;@;KCS!IB_BJ=;<H!BLF!K=FLHHG:K! =>FBLH>!IBCJFBC;K:!?<D!F:DLI;<H!BLF!
?L=B<BCBLK!O;GGK!=B!?!=>:?=F:!BE!1*)$%*)#%)50+):6%*)44+'+:S!F?=>:F!=>?<!
1*)$%(#%*)44+'('D%'"14!6:!?F:!<B!GB<H:F!KJ:I=?=BFKS!AL=!?I=BFK4
5(4-51"95L]d
#((-&%#1
'<;@:FK;=R!,IILJ?=;B<KX!0F?<I:!]acdS!Tbbc!5F::I:!Tbbc!-3*!Tbbd_a!h!
">:!$<BJ:F?=;@:!*BCC;==::
-:O!%I>BBG!,IILJ?=;B<X!&:FKJ:I=;@:K!B<!=>:!"?P:B@:F!BE!?!(L;GD;<H!h!
">:!$<BJ:F?=;@:!*BCC;==::
&F:BIILJ;:DX!">:!)BH;I!BE!,IILJ?=;B<K!h!">:!$<BJ:F?=;@:!*BCC;==::
*BCCL<;ZL:!EFBC!?<!+AK:<=!0L=LF:!!!h!1:K:?FI>!?<D!/:K=FBR
6BFP:F_%=LD:<=!+I=;B<!*BCC;==::KS!0F?<I:!2?R!Vcd!h!1BH:F!5F:HB;F:!
?<D!0F:DR!&:FGC?<
">:!*G?KK!%=FLHHG:!?<D!;=K!2BK=!*>?F?I=:F;K=;I!+KJ:I=K!;<!1:I:<=!3:?FK!
h!0F?<IB;K!2?F=;<
">:!1:A:GG;B<!;<!)BK!+<H:G:K!h!+LE>:A:<
V+<=;_I?J;=?G;KCW!?K!;D:BGBHRi!?<D!?K!CB@:C:<=Y!h!+LE>:A:<
"OB!O::PK!KJ:<=!;<!1:<<:K!h!+<B<RCBLK
">:!?<=;_*&.!K=FLHHG:!F:JBF=!h!">:BF;:!*BCCL<;K=:
E,'9R*$:"+%!")%*+(%!()8,(&$!)("#)(*9()8,($,0*'.)%*+(S(I8,*$%,(T*44.+%!),
">:!F:A:GG;BLK!J?KK?H:!BE!?!JFBG:=?F;?<!C;<BF;=R!=>FBLH>!?!AF;:E!J:F;BD!BE!
=;C:!h!"&"5
5F::I:!L<F:K=X!);P:!?!O;<=:F!O;=>!?!=>BLK?<D!/:I:CA:FK!h!"&"5j
(G?LC?I>:<
(F;<H!BL=!RBLF!D:?D!h!.<D<B=:K
">:!*?GG!h!";ZZL<
">:!*BC;<H!$<KLFF:I=;B<!h!">:!$<@;K;AG:!*BCC;==::
>==JXjjBIILJRI?4OBFDJF:KK4IBC!h!'*%*!,IILJ?=;B<K
>==JXjjF:BIILJ;:D4OBFDJF:KK4IBC!h!-:O!%I>BBG!,ILJ?=;B<K
>==JXjjO:O?<=:@:FR=>;<H4OBFDJF:KK4IBC!h!">:BF:=;I?G!OF;=;<HKS!
&FBJ?H?<D?!k!2:D;?1 $ $ 2 + 0-
(M()04/"95
! " # $ % !&
% ' ( ) * % +&