Technical ReportPDF Available

Visual Network Analysis

!"#$%&'()*+,-.'%(%&/#"#0'
*1)')2%34&)',5'*1)'-",678',(&"()'9):%*)'
*;<<=>;'!?@ABCD@DE'3=AFD?B'G=H;<IE'9JK;C='4?C?DC=!
"(*-,9$L*",('
"@'AF?'M=>A'N?O'I?=C>E'='>P?HAC?'F=>'K??@'F=B@AD@Q';BC'=H=R?<DH'=@R'P;PBM=C'HBMABC?'S'AF?'>P?HAC?';N'
@?AO;CT>U'*FC;BQF;BA'>;HD=M'=>'O?MM'=>'@=ABC=M'>HD?@H?>E'<;C?'=@R'<;C?'PF?@;<?@='F=V?'H;<?'A;'K?'
H;@H?DV?R'=>'@?AO;CT>U'*?M?H;<<B@DH=AD;@'@?AO;CT>E'@?BC=M'@?AO;CT>E'>;HD=M'@?AO;CT>E'?PDQ?@?ADH'
@?AO;CT>E'?H;M;QDH=M'=@R'?H;@;<DH'@?AO;CT>WE'AF?'V?CI'N=KCDH';N';BC'?XD>A?@H?'>??<>'A;'K?'<=R?';N'MD@?>'
=@R'R;A>U'3;C?'C?H?@AMIE'AF?'D@A?C?>A'N;C'QC=PF>';V?CNM;O?R'NC;<'>HD?@H?'A;'P;PBM=C'HBMABC?'=@R'D<=Q?>'
;N'@?AO;CT>'>A=CA?R'A;'=PP?=C'?V?CIOF?C?U'*F?I'R?H;C=A?'KBDMRD@Q>'=@R';KY?HA>Z'AF?I'=C?'PCD@A?R';@'A[
>FDCA>'=@R'NBC@DABC?Z'AF?I'H;M;@D\?'AF?'R?>TA;P';N';BC'H;<PBA?C>'=@R'AF?'O=MM>';N';BC'=DCP;CA>U'(?AO;CT>'
F=V?'K?H;<?'AF?'?<KM?<';N'<;R?C@DAIE'AF?'PCDVDM?Q?R'<?A=PF;C';N';BC'O;CMR]>'H;<PM?XDAIU'
,BC'QC;OD@Q'N=>HD@=AD;@'N;C'@?AO;CT>'D>'@;A'B@YB>ADND?RU'(?AO;CT>'=C?'P;O?CNBM'H;@H?PAB=M'A;;M>E'
?@H=P>BM=AD@Q'D@'='>D@QM?';KY?HA'<BMADPM?'=NN;CR=@H?>'N;C'H;<PBA=AD;@'^@?AO;CT>'=>'QC=PF>_E'VD>B=MD\=AD;@'
^@?AO;CT>'=>'<=P>_'=@R'<=@DPBM=AD;@';N'R=A='^@?AO;CT>'=>'D@A?CN=H?>_U'
"@'AF?'NDC>A'PM=H?'=@R'A;'='M=CQ?'?XA?@AE'AF?'>BHH?>>';N'@?AO;CT>'F=>'A;'K?'HC?RDA?R'A;'AF?'=<=\D@Q'
V?C>=ADMDAI';N'QC=PF'<=AF?<=ADH>U'5C;<'C=DMO=I>'A;'D@N;C<=AD;@'C;BAD@QE'NC;<'ND@=@HD=M'A;'
H;<<B@DH=AD;@>'NM;O>E'NC;<'?H;>I>A?<>'A;';CQ=@D\=AD;@'<=@=Q?<?@A'QC=PF>'F=V?'<?A'H;B@AM?>>'
=PPMDH=AD;@>U'`C=PF'H;<PBA=AD;@=M'N;C<=MD><'PC;V?R'>;'?NN?HADV?'AF=A'O?'>A=CA?R'>??D@Q'@?AO;CT>'
?V?CIOF?C?'=@R'ABC@?R'?V?CIAFD@Q'D@A;'>I>A?<>';N'RD>HC?A?'KBA'D@A?CH;@@?HA?R'DA?<>U'"A'O;BMR'K?'B@N=DCE'
F;O?V?CE'A;'C?RBH?'@?AO;CT>'A;'AF?DC'<=AF?<=ADH=M'PC;P?CAD?>U'`C=PF'<=AF?<=ADH>'F=>'K??@'=C;B@R'
>D@H?')BM?C]>'O=MT';@'.a@DQ>K?CQ]>'KCDRQ?>7E'KBA'DA'D>'@;A'B@ADM'AF?'?@R';N'AF?'M=>A'H?@ABCI'AF=A'@?AO;CT>'
=HbBDC?R'='<BMADRD>HDPMD@=CI'P;PBM=CDAIU'`C=PF'H;<PBA=AD;@'D>'H?CA=D@MI'P;O?CNBME'KBA'DA'D>'=M>;'V?CI'
R?<=@RD@Q'=@R'N;C'<=@I'I?=C>'DA>'=RV=@A=Q?>'C?<=D@?R'AF?'PCDVDM?Q?';N'>HF;M=C>'ODAF'>;MDR'
<=AF?<=ADH=M'K=>?>U'
"@'AF?'M=>A'N?O'R?H=R?>E'F;O?V?CE'@?AO;CT>'=HbBDC?R'='@?O'>?A';N'=NN;CR=@H?>'=@R'C?=HF?R'='M=CQ?C'
=BRD?@H?E'AF=@T>'A;'AF?'QC;OD@Q'=V=DM=KDMDAI';N'A;;M>'A;'!"#$%&'AF?<U'9C=O@';@'P=P?C';C'>HC??@E'
@?AO;CT>'K?H;<?'?=>D?C'A;'F=@RM?'=@R';KA=D@'PC;P?CAD?>'AF=A'H=MHBM=AD;@'H=@@;A'?XPC?>>U'5=C'NC;<'K?D@Q'
<?C?MI'=?>AF?ADHE'AF?'QC=PFDH=M'C?PC?>?@A=AD;@';N'@?AO;CT>'F=>'=@'D@ACD@>DH'F?C<?@?BADH'V=MB?U'(?AO;CT>'
'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''
W'c*F?';CQ=@DH'>;HD?AD?>E'MDT?'=@AFDMM>'=@R'K??FDV?>E'=C?'<?A=PF;C>'AF=A'PC;Y?HA'AF?'@=ABC=M'?@VDC;@<?@A'D@'AF?'
A?HF@;M;QDH=M'>;HD=M'>P=H?E'=>'O?MM'=>'AF?'>ACBHABC?';N'@?BC;@>'=@R'H?MM>'=C?'<;R?M>'N;C'B@R?C>A=@RD@Q'AF?'
@?AO;CT?R'O;CMRU'"@'N=HAE'@?AO;CT>'@=ABC=MMI'C?NM?HA'AF?'^RD>_';CQ=@D\=AD;@';N'AF?'B@DV?C>?'=@R'@=ABC?U'"@'='
N;C?>AE'?QUE'?H;>I>A?<>'=C?';CQ=@D\?R'D@'@?AO;CTd'^L=PC=E'Weef_'
7'()*+,$)'-.)/*"01,$#'1!'%")0",.$10'#$,+#'-".,$&"&,$#E'WghfU'
K?H;<?'<=P>'i'AF;BQF';N'='V?CI'P?HBMD=C'AIP?U'*F?'K?>A'?X=<PM?';N'AFD>'F?C<?@?BADH'V=MB?'D>';NN?C?R'KI'
AF?'N=<;B>'Wehh'<=P';N'AF?'&;@R;@'ABK?'KI'1=CCI':?HT'^%99'-)5)-)(L)_U':?N;C?':?HT]>'C?R?>DQ@?R'DAE'
AF?'RD=QC=<';N'AF?'&;@R;@'$@R?CQC;B@R'O=>'='Q?;QC=PFDH=M'<=P'^AF?'>A=AD;@'K?D@Q'M;H=A?R'=HH;CRD@Q'A;'
AF?DC'Q?;QC=PFDH=M'H;;CRD@=A?>_U'%NA?C'AF?'C?R?>DQ@E'AF?'ABK?]>'<=P'K?H=<?'='@?AO;CT';N'
H;CC?>P;@R?@H?>'OF?C?'>A=AD;@>'=C?'P;>DAD;@?R'=HH;CRD@Q'A;'AF?DC'H;@@?HADVDAI'D@'AF?'AC=@>P;CA=AD;@'
>I>A?<U'*F?'Q=D@'D@'M?QDKDMDAI'O=>'>BHF'AF=A'@;A';@MI':?HT]>'=PPC;=HF'>ADMM'>F=P?>'A;R=I]>'&;@R;@'ABK?]>'
<=PE'KBA'DA'=M>;'>PC?=R'A;'VDCAB=MMI'=MM'O;CMR>'AC=@>P;CA=AD;@'>I>A?<>U'
^=_ ^K_ '
2$%+."'3'4'5)&!)&',+/"'01-'617'$&'389:'/";)."'<"=>'."!"#$%&'1&!'6/7'$&'38??'1;,".'<"=>'."!"#$%&@'
'
5D@=MMIE'AF?'?@H;B@A?C'ODAF'P?C>;@=M'H;<PBAD@Q'F=>'C?H?@AMI'ABC@?R'@?AO;CT>'D@A;'A;;M>'N;C'R=A='
<=@DPBM=AD;@U'(;A';@MI'@?AO;CT[MDT?'VD>B=MD\=AD;@>'=C?'?<PM;I?R'D@'='QC;OD@Q'@B<K?C';N'RDQDA=M'
D@A?CN=H?>E'KBA'<;C?'=@R'<;C?'>P?HD=MD\?R'>;NAO=C?'F=>'K??@'R?>DQ@?R'A;'>BPP;CA'AF?'?XPM;C=AD;@';N'
@?AO;CT'R=A=U'*;;M>'MDT?'4=Y?T'^VM=R;UN<NUB@D[MYU>DjPBKj@?AO;CT>jP=Y?T_E'(?A9C=O'
^>DA?>UQ;;QM?UH;<j>DA?j@?ARC=O>;NAO=C?_E'$HD@?A'^OOOU=@=MIADHA?HFUH;<jBHD@?A_E'`B?>>'
^QC=PF?XPM;C=AD;@UH;@RU;CQ_'=@R'<;C?'C?H?@AMI'`?PFD'^Q?PFDUQDAFBKUD;_'F=V?'PC;QC?>>DV?MI'><;;AF';BA'
AF?'RDNNDHBMAD?>';N'QC=PF'<=AF?<=ADH>E'ABC@D@Q'='H;<PM?X'<=AF?<=ADH=M'N;C<=MD><'D@'='<;C?'=HH?>>DKM?'
P;D@A[=@R[HMDHT'D@A?CN=H?hU'
L;<KD@D@Q'AF?'H;<PBA=AD;@'P;O?C';N'QC=PF>'ODAF'AF?'VD>B=M'?XPC?>>DVDAI';N'<=P>'=@R'AF?'D@A?C=HADVDAI';N'
H;<PBA?C'D@A?CN=H?E'@?AO;CT>'=HH;<PMD>F'AF?'RC?=<';N')XPM;C=A;CI'9=A='%@=MI>D>'^*BT?IE'Wegg_0'='
@=VDQ=AD;@'AFC;BQF'R=A='>;'NMBDR'AF=A'\;;<D@Q'D@'='>D@QM?'R=A=[P;D@A'=@R';BA'A;'='M=@R>H=P?';N'='<DMMD;@'
AC=H?>'=C?'YB>A'='HMDHT'=O=I'^=HH;CRD@Q'A;'#F@?DR?C<=@]>'<=@AC='c,V?CVD?O'NDC>AE'\;;<'=@R'NDMA?CE'AF?@'
R?A=DM>';@'R?<=@Rd'%99'-)5)-)(L)_U'(;'O;@R?C'AF=A'@?AO;CT>'=C?'P;PBM=Ck'
*F?'?XP=@>D;@';N'@?AO;CT>'NC;<'QC=PF>'A;'<=P>'=@R'D@A?CN=H?>'F=>'K??@'D<P?AB;B>'=@R'C?=HF?R'RD>A=@A'
C?QD;@>';N'>HD?@H?'=@R'>;HD?AIU'/?A'AF?'VD>B=MD\=AD;@';N'@?AO;CT>'F=>'>;'N=C'M=HT?R'AF?'C?NM?XDVDAI'=@R'
N;C<=MD\=AD;@'AF=A'>BPP;CA';AF?C'O=I>'A;'C?PC?>?@A'R=A=E'MDT?'Q?;QC=PFDH=M'<=P>';C'QC=PFDH=M'>A=AD>ADH>U'
(?AO;CT'?@AFB>D=>A>'^=@R'O?'=C?'H;B@AD@Q';BC>?MV?>'D@_'R?>DQ@'AF?DC'VD>B=MD\=AD;@>'=>'DN'AF?DC'VD>B=M'
'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''
h'%'>D<PM?'M;;T'=A'AF?'$-&>';N'AF?'>BK>?bB?@A'A;;M>'C?V?=M>'AF?'?NN;CA>'R?PM;I?R'A;'<=T?'@?AO;CT[<=@DPBM=AD;@'
A;;M>'B>?C[NCD?@RMI'=@R'AF?C?KI'=V=DM=KM?'A;'='M=CQ?C'PBKMDH'
QC=<<=C'=@R'O=>';KVD;B>'=@R'@;'=<KDQBDAI'?XD>A?R';@'AF?DC'<?=@D@QU'$@N;CAB@=A?MIE'AFD>'D>'@;A'AF?'
H=>?U'+?'P=D@NBMMI'M=HT'AF?'H;@H?PAB=M'A;;M>'A;'AFD@T';N'AF?'PC;Y?HAD;@';N'QC=PF>';@'AF?'>P=H?';N'='>HC??@'
;C'='P=Q?U'*F?'V?CI'V;H=KBM=CI'O?'B>?'F=>'K??@'K;CC;O?R'NC;<'<=AF?<=ADH>'^?UQU'HMB>A?CE'>ACBHABC=M'
?bBDV=M?@H?l_'=@R'Q?;QC=PFI'^?UQU'H?@AC=MDAIE'KCDRQD@Ql_'=@R'@??R>'A;'K?'=R=PA?R'A;'AF?'@?O'VD>B=M'
P=C=RDQ<U'*FD>'P=P?C'<?=@>'A;'H;@ACDKBA?'A;'>BHF'C?NM?HAD;@'=@R'PC;P;>?>'='A?@A=ADV?'NC=<?O;CT'N;C'AF?'
VD>B=M'=@=MI>D>';N'@?AO;CT>U'
'
:?N;C?'O?'<;V?'A;'AF?'?@B@HD=AD;@';N'='VD>B=M'QC=<<=C';N'@?AO;CT>E'F;O?V?CE'O?'O;BMR'MDT?'A;'KCD?NMI'
RD>HB>>'AF?';K>A=HM?>'AF=A'F=V?'>;'N=C'R?M=I?R'>;'N=C'AFD>'AIP?';N'C?NM?HAD;@U'*F?'C?=>;@>'R=A?'K=HT'A;'AF?'
V?CI'N;B@R=AD;@';N'QC=PF'<=AF?<=ADH>U':I'>;MVD@Q'AF?'PC;KM?<';N'.a@DQ>K?CQ]>'KCDRQ?>E')BM?C'P?CN;C<?R'
AF?'<;>A'HM=>>DH=M';N'<=AF?<=ADH=M';P?C=AD;@>U'1?'=K>AC=HA?R'AF?'N;C<=M'>ACBHABC?';N'AF?'PC;KM?<'NC;<'
DA>'?<PDCDH=M'N?=ABC?>0'F?'A;;T'='HDAI'=@R'ABC@?R'DA'D@A;'='A=KM?';N'@B<K?C'^>??'NDQBC?'W_U'"@'R;D@Q'>;E')BM?C'
M=DR'AF?'N;B@R=AD;@';N'RD>HC?A?'<=AF?<=ADH>'=A'AF?'H;>A';N'>?P=C=AD@Q'AF?'DR?=';N'@?AO;CT'NC;<'DA>'
PFI>DH=M'<=A?CD=MD\=AD;@>U'1D>';P?C=AD;@'O=>'>;'>BHH?>>NBM'AF=A'N;C'<;C?'AF=@'AO;'H?@ABCD?>'AF?'C?NM?HAD;@'
;@'@?AO;CT>'O=>'R;<D@=A?R'KI'AF?DC'>ACBHABC=M'PC;P?CAD?>E'ODAF'MDAAM?'D@A?C?>A'N;C'PC=HADH=M'=PPMDH=AD;@>U'
,@?';N'AF?'H;@>?bB?@H?>';N'>BHF'N;HB>';@'>ACBHABC?>'^=A'AF?'?XP?@>?>';N'AF?'=HAB=M'H;@A?@A>';N'
@?AO;CT>_'F=>'K??@'AF=A'<=AF?<=ADHD=@>'@?V?C'>=O'AF?'D@A?C?>A';N'C?PC?>?@AD@Q'@?AO;CT>U'5;C'AF?<E'
R?>DQ@'='@?AO;CT'O=>'^=@R'A;'>;<?'?XA?@A'>ADMM'D>_'P?CN?HAMI'B>?M?>>U'
'
2$%+."'9'4'A.$%$&1*';$%+."'1&!',1/*"';.)0'B+*".C#'1.,$=*"@'
'
*F?'DR?='AF=A'DA'H;BMR'K?'O;CAF'A;'RC=O'='@?AO;CT'A;'>??'OF=A'DA'M;;T>'MDT?'H;<?>'NC;<'='RDNN?C?@A'
AC=RDAD;@0'AF?'AC=RDAD;@';N'>;HD=M'@?AO;CT>'=@=MI>D>U'G=H;K'3;C?@;E'N;B@R?C';N'AFD>'=PPC;=HFE'O=>'V?CI'
?XPMDHDA'=K;BA'AF?'D<P;CA=@H?';N'VD>B=MD\=AD;@0'c%'PC;H?>>';N'HF=CAD@Q'F=>'K??@'R?VD>?R'KI'AF?'
>;HD;<?ACD>A>E'AF?'>;HD;QC=<E'OFDHF'D>'<;C?'AF=@'<?C?MI'='<?AF;R';N'PC?>?@A=AD;@U'"A'D>'NDC>A';N'=MM'='
<?AF;R';N'?XPM;C=AD;@U'"A'<=T?>'P;>>DKM?'AF?'?XPM;C=AD;@';N'>;HD;<?ACDH'N=HA>d'^WemhE'PPU'em[ef_U'#D@H?'
3;C?@;'=@R'FD>'N;MM;O?C>'O?C?'O;CTD@Q';@'C?=M'@?AO;CT>'H;@>ACBHA?R'KI'AF?';K>?CV=AD;@';N'=HAB=M'>;HD=M'
C?M=AD;@>E'DA'<=R?'>?@>?'A;'AF?<'A;'R?>DQ@'@?AO;CT>U'"R?@ADNID@Q'D$#+1*'-1,,".&#'K?H=<?'AF?'?bBDV=M?@A'
;N'M;;TD@Q'N;C'>;HD=M'RI@=<DH>U'"@'='>?<D@=M'P=P?C'PBKMD>F?R';@'AF?'(?O'/;CT'*D<?'D@'WeheE'3;C?@;'
C?N?C>'A;'@?AO;CT'=@=MI>D>'=>'c='@?O'Q?;QC=PFId'^>??'NDQU'7_U':I'RC=OD@Q'FD>'>;HD;QC=<>E'3;C?@;'
C?H;@@?HA?R'@?AO;CT>'ODAF'AF?DC'<;>A'=@HD?@A'=@H?>A;C0'AF?'Q?;<?ACDH'NDQBC?E'='>?A';N'P;D@A>'=@R'MD@?'
OF;>?'PC;P?CAD?>'=C?'<?=@A'A;'K?'?XPM;C?R'KI'DA>'VD>B=M'C?PC?>?@A=AD;@U'`C=PF>'C?ABC@?R'A;'K?'QC=PFDHU'
'
2$%+."'?'4'A.$%$&1*';$%+."'1&!',$,*"';.)0'E)."&)C#'1.,$=*"@'
'
*FD>';N'H;BC>?E'O=>';@MI'AF?'K?QD@@D@Q';N'AF?'C?NM?HAD;@';@'@?AO;CT'VD>B=MD\=AD;@U',@H?'I;B'R?HDR?'A;'
RC=O'='@?AO;CT'=>'='>?A';N'R;A>'=@R'MD@?>E'I;B'>ADMM'F=V?'A;'R?HDR?'OFDHF'H;M;C>'A;'B>?E'OFDHF'>AC;T?E'
OFDHF'>AIM?'=@RE'<;>A'HCBHD=MMIE'OFDHF'H;<P;>DAD;@'CBM?>'A;'N;MM;OU'(;@?';N'AF?>?'bB?>AD;@>'D>'ACDVD=M'=@R'
AF?'>A;CI';N'F;O'?=CMI'=@=MI>A>';N'>;HD=M'@?AO;CT>'OC?>AM?R'ODAF'AF?DC'R?>DQ@'D>'M;@Q'=@R'D@A?C?>AD@QU'
$@N;CAB@=A?MIE'O?'R;'@;A'F=V?'F?C?'AF?'>P=H?'A;'A?MM'>BHF'>A;CI'^KBA'>??'5C??<=@E'78W8'N;C'='
C?<=CT=KM?'=HH;B@A';N'DA_U'5;C'AFD>'P=P?CE'DA'ODMM'K?'?@;BQF'A;'C?<=CT'AF=AE'AF;BQF'HCBHD=M'N;C'AF?'
N;B@R?C>';N'>;HD=M'@?AO;CT'=@=MI>D>E'AF?'C?NM?HAD;@';@'@?AO;CT'R?>DQ@'PC;QC?>>DV?MI'M;>A'DA>'D@A?C?>A'N;C'
AF?DC'N;MM;O?C>U'$@R?C>A=@R=KMI'N=>HD@=A?R'KI'AF?'P=C=MM?M'R?V?M;P<?@A>';N'QC=PF'<=AF?<=ADH>E'M=A?C'
>;HD=M'@?AO;CT>]'=@=MI>A>'N;HB>?R';@'>A=AD>ADH>'=@R'PC;QC?>>DV?MI'@?QM?HA?R'@?AO;CT>'R?>DQ@U'"@'AFD>'
P=P?CE'O?'RC=O';@'AF?'C?NM?HAD;@';N'3;C?@;'=@R'FD>'?=CMI'N;MM;O?C>'A;'RD>HB>>'F;O'AF?'VD>B=MD\=AD;@';N'
@?AO;CT>'H=@'K?'?XPM;DA?R'N;C'AF?'>ABRI';N'>;HD=M'PF?@;<?@=U'
*F?'@?XA'P=C=QC=PF'ODMM'D@AC;RBH?'AF?'AFC??'<=D@'VD>B=M'V=CD=KM?>'^:?CAD@E'Wefg_'<;KDMD\?R'KI'VD>B=M'
@?AO;CT'=@=MI>D>0'AF?'P;>DAD;@';N'@;R?>E'AF?DC'>D\?'=@R'AF?DC'H;M;C'^;CE'<;C?'PC?HD>?MIE'AF?DC'FB?_U'+?'ODMM'
KCD?NMI'RD>HB>>'AF?'N?=ABC?>';N'?=HF';N'AF?>?'V=CD=KM?>'=@R'O?'ODMM'R?>HCDK?'F;O'AF?I'=C?'?<PM;I?R'A;'
C?PC?>?@A'RDNN?C?@A'HF=C=HA?CD>ADH>';N'@?AO;CT>U'%NA?C'F=VD@Q'>?A'AF?'AF?;C?ADH=M'K=>D>';N';BC'=PPC;=HFE'
O?'ODMM'AF?@'PC;P;>?'=@'?X=<PM?';N'=@=MI>D>'D@';CR?C'A;'PC;VDR?'='PC=HADH=M'QBDR?MD@?'N;C'VD>B=M'@?AO;CT'
=@=MI>D>U'
4,#"*",(E'#"n)E'1$)'%(9'*1)'3%4"5"L%*",(',5'()*+,-.#'
,N'AF?'AFC??'V=CD=KM?>'B>?R'A;'QC=PFDH=MMI'C?PC?>?@A'@?AO;CT>'i'P;>DAD;@E'>D\?'=@R'FB?'i'AF?'NDC>A';@?'D>'
KI'N=C'AF?'<;>A'D<P;CA=@AU'&DT?'Q?;QC=PFDH=M'<=P>E'QC=PF>'=C?'Q?@?C=MMI'AO;[RD<?@>D;@=M'
C?PC?>?@A=AD;@>E'KBA'B@MDT?'<=P>'AF?I'H=@@;A'C?MI';@'='PC?R?ND@?R'>?A';N'PC;Y?HAD;@'CBM?>U'"@'='
Q?;QC=PFDH=M'C?PC?>?@A=AD;@E'AF?'>P=H?'D>'R?ND@?R'1'-.$).$'KI'AF?'O=I'AF?'F;CD\;@A=M'=@R'V?CADH=M'=X?>'=C?'
H;@>ACBHA?RU'4;D@A>'=C?'PC;Y?HA?R';@'>BHF'PC?[?XD>AD@Q'>P=H?'=HH;CRD@Q'A;'='>?A';N'CBM?>'AF=A'=>>DQ@'AF?<'
='P=DC';N'H;;CRD@=A?>'=@R'AF?C?KI'='B@DV;H=M'P;>DAD;@U'*F?'>=<?'D>'ACB?'N;C'=@I'L=CA?>D=@'H;;CRD@=A?'
>I>A?<E'KBA'@;A'N;C'@?AO;CT>U'
"@'@?AO;CT>E'AF?'P;>DAD;@';N'@;R?>'R;?>'@;A'R?P?@R';@'='PC?[?XD>AD@Q'>I>A?<';N'H;;CRD@=A?>E'=>'PC;V?@'
KI'AF?'N=HA'AF=A'AF=A'@?AO;CT>'H=@'K?'C;A=A?R';C'NMDP'ODAF;BA'M;>>';N'D@N;C<=AD;@U'-=AF?C'@;R?>]'P;>DAD;@'
D>'R?A?C<D@?R'KI'AF?'?NN;CA'A;'<D@D<D\?'VD>B=M'HMBAA?CD@QU'%>'>;;@'=>'3;C?@;'>A=CA?R'RC=OD@Q'QC=PF>E'F?'
RD>H;V?C?R'AF=A'>;<?'O=I>';N'P;>DAD;@D@Q'@;R?>'H;BMR'<=T?'FD>'>;HD;QC=<'?=>D?C'A;'C?=RU'1?'AF?@'
?@B@HD=A?R'AF?'<=D@'CBM?'>ADMM'D@'B>?'A;R=I'A;'RC=O'HM?=C?C'@?AO;CT>0'cAF?'N?O?C'AF?'@B<K?C';N'MD@?>'
HC;>>D@QE'AF?'K?AA?C'AF?'>;HD;QC=<d'^WemhE'PUWoWE'N;C'='C?H?@A'B>?';N'AFD>'HCDA?CD;@'A;'?V=MB=A?'AF?'bB=MDAI'
;N'='M=I;BA'>??'E",.$=#';).'F.1-G'H.1I$&%'J"#,G",$=#E'1?M?@'LU'4BCHF=>?E'7887'%99'-)5)-)(L)_U'
)=>I'A;'N;MM;O'OF?@'O;CTD@Q';@'='QC=PF';N'='N?O'R;\?@'@;R?>'=@R'?RQ?>E'3;C?@;]>'PC?H?PA'K?H;<?>'
D<P;>>DKM?'A;'D<PM?<?@A'RDC?HAMI';@'M=CQ?C'@?AO;CT>U'`C=PF>'ODAF'FB@RC?R>';N'@;R?>'=@R'?RQ?>'H=@@;A'
=V;DR'AF;B>=@R>';N'MD@?'HC;>>D@Q>0'F;O'A;'?V?@'T@;O'DN'<;VD@Q'='@;R?'D@HC?=>?>';C'R?HC?=>?>'AF?DC'
@B<K?Cp'#D@H?'RDC?HA'D<PM?<?@A=AD;@';N'3;C?@;]>'PC?H?PA'D>'D<P;>>DKM?E';@?'H=@'ACI'=@'D@RDC?HA'
=PPC;=HF0'RC=OD@Q'HM;>?C'AF?'H;@@?HA?R'@;R?>'<D@D<D\?>'AF?'M?@QAF';N'AF?'?RQ?>'=@R'AF?C?N;C?'AF?'
P;>>DKDMDAI';N'HC;>>D@Q>U':BAE'?V?@'>;E'>D@H?'?=HF'@;R?'D>'@;C<=MMI'H;@@?HA?R'A;'>?V?C=M';AF?C'@;R?>'
AF?<>?MV?>'H;@@?HA?R'A;'R;\?@>';N';AF?C'@;R?>E'<D@D<D\D@Q'?RQ?>]'M?@QAF'D>'N=C'NC;<'K?D@Q'ACDVD=MU'
*F?'>;MBAD;@'D>'='>P=AD=MD\=AD;@'A?HF@DbB?'AF=A'H=<?'A;'K?'T@;O@'=>'cN;CH?[RDC?HA?R'PM=H?<?@A'
=MQ;CDAF<>dU'%'N;CH?[RDC?HA?R'M=I;BA'O;CT>'N;MM;OD@Q'='PFI>DH=M'=@=M;QI0'@;R?>'=C?'QDV?@'='C?PBM>DV?'
N;CH?'AF=A'RCDV?>'=P=CAE'OFDM?'?RQ?>'=HA'=>'>PCD@Q>'KD@RD@Q'AF?'@;R?>'AF=A'AF?I'H;@@?HAU',@H?'AF?'
=MQ;CDAF<'D>'M=B@HF?R'DA'HF=@Q?>'AF?'RD>P;>DAD;@';N'@;R?>'B@ADM'DA'C?=HF?>'AF?'?bBDMDKCDB<'AF=A'QB=C=@A??>'
AF?'K?>A'K=M=@H?';N'N;CH?>U'#BHF'?bBDMDKCDB<'<D@D<D\?>'AF?'@B<K?C';N'MD@?'HC;>>D@Q>'=@R'AF?C?KI'
<=XD<D\?>'AF?'M?QDKDMDAI';N'AF?'QC=PFU'5CqHFA?C<=@'=@R'-?D@Q;MRE'OF;'PC;P;>?R'AF?'NDC>A'?NNDHD?@A'N;CH?[
RDC?HA?R'=MQ;CDAF<'D@'AF?DC'N=<;B>'P=P?C'F.1-G'H.1I$&%'/K'2).="L!$."=,"!'M*1="0"&,E'^%99'
-)5)-)(L)_E'HDA?'MD@?'HC;>>D@Q'=>'AF?'>?H;@R';N'AF?DC'm'=?>AF?ADH'HCDA?CD=U''
#BHF'VD>B=MD\=AD;@'A?HF@DbB?E'F;O?V?CE'F=V?'='<;>A'D@A?C?>AD@Q'KI[PC;RBHA';N0'@;A';@MI'R;'N;CH?[RDC?HA?R'
=MQ;CDAF<>'<D@D<D\?'?RQ?'HC;>>D@Q>E'KBA'AF?I'=M>;'QDV?'>?@>?'A;'AF?'RD>P;>DAD;@';N'@;R?>'D@'AF?'>P=H?';N'
AF?'QC=PFU'%NA?C'>P=AD=MD\=AD;@E'AF?'Q?;<?ACDH=M'RD>A=@H?'K?AO??@'=@I'AO;'@;R?>'K?H;<?'='PC;XI';N'
AF?DC'<=AF?<=ADH=M'^AF=A'D>'A;'>=I'AF?'@B<K?C';N'?RQ?>'AF=A'F=V?'A;'K?'rO=MT?R]'A;'Q;'NC;<';@?'A;'AF?'
;AF?C_U'3;C?'?X=HAMIE'AO;'@;R?>'=C?'VD>B=MMI'HM;>?'DN'AF?I'=C?'RDC?HAMI'H;@@?HA?R';C'DN'AF?I'=C?'H;@@?HA?R'
A;'AF?'>=<?'>?A';N'@;R?>'^@;R?>'ODAF'AF?'?X=HA'>=<?'@?DQFK;C>'=C?'<?HF=@DH=MMI'R?>AD@?R'A;';HHBPI'AF?'
?X=HA'>=<?'P;>DAD;@_U'#P=AD=MD\=AD;@'R?MDV?C>'=@'=<=\D@Q'C?>BMA0'DA'ABC@>'AF?'RD>H;@AD@B;B>'<=AF?<=ADH>'
;N'QC=PF>'D@A;'='H;@AD@B;B>'>P=H?U'
*F?';AF?C'AO;'VD>B=M'V=CD=KM?>'?<PM;I?R'D@'AF?'VD>B=MD\=AD;@';N'@?AO;CT>'i'>D\?'=@R'FB?'i'=C?'M?>>'HCBHD=M'
=@R'?=>D?C'A;'B@R?C>A=@RU'%HH;CRD@Q'A;':?CAD@'^Wefg_'AF?'<=D@'RDNN?C?@H?'K?AO??@'AF?>?'AO;'V=CD=KM?>'D>'
AF=A'OFDM?'>D\?'D>'=R=PA?R'A;'C?PC?>?@A';CRD@=M'V=MB?>'^H;<P=CD@Q'AO;'?M?<?@A>E'DA'D>'P;>>DKM?'A;'>=I'
OFDHF';@?'D>'KDQQ?C'=@R'F;O'<BHF_E'FB?'D>'@;AU'5;MM;OD@Q'>BHF'RDNN?C?@H?E'D@'R?>DQ@D@Q'@?AO;CT>'AF?'>D\?'
;N'AF?'@;R?>'D>'Q?@?C=MMI'B>?R'A;'R?>DQ@=A?'bB=MDA=ADV?'V=MB?>'^>BHF'@;R?>'D<P;CA=@H?';C'AF?'H;@@?HAD;@>'
>AC?@QAF_E'OFDM?'AF?'FB?'A?@R>'A;'K?'B>?R'A;'RD>AD@QBD>F'RDNN?C?@A'H=A?Q;CD?>';N'?M?<?@A>U'
%(')2%34&)',5'!"#$%&'()*+,-.'%(%&/#"#'
"@'AFD>'>?HAD;@'O?'ODMM'PC;VDR?'>;<?'QBDR?MD@?>'N;C'VD>B=M'@?AO;CT'=@=MI>D>'KI'RC=OD@Q';@'='PC=HADH=M'
?X=<PM?U',BC'H=>?'>ABRI'D>'='@?AO;CT';N'O?K>DA?>'=@R'FIP?CMD@T>'C?M=A?R'A;'AF?'78W7'$@DA?R'(=AD;@>'
L;@N?C?@H?';@'#B>A=D@=KM?'9?V?M;P<?@A';N'-D;'R?'G=@?DC;'^=T='-D;678_oU'*FD>'H=>?'>ABRI'ODMM'K?'
?X=<D@?R'AFC;BQF'AF?'AFC??'VD>B=M'V=CD=KM?>'D@AC;RBH?R'=K;V?'=@R'AFC;BQF'NDV?'=@=MIADH=M'>A?P>'AF=A'
H;@>ADABA?';BC'NC=<?O;CT'N;C'VD>B=M'@?AO;CT'=@=MI>D>0'
%U !D>B=MD\D@Q'@;R?'P;>DAD;@>'
WU 1;O'A;'C?=R'AF?'V=CD=AD;@>';N'R?@>DAI'
7U 1;O'A;'C?=R'AF?'>D\?'=@R'R?@>DAI';N'HMB>A?C>'
hU 1;O'A;'C?=R'H?@A?C>'=@R'KCDRQ?>'
:U !D>B=MD\D@Q'@;R?'>D\?>'
oU 1;O'A;'C?=R'AF?'FD?C=CHFI';N'H;@@?HADVDAI'
LU !D>B=MD\D@Q'@;R?'H;M;C>'
mU 1;O'A;'C?=R'AF?'RD>ACDKBAD;@';N'H;M;C?R'H=A?Q;CD?>'
)=HF';N'AF?'NDV?'>A?P>'AFD>'NC=<?O;CT'O?'ODMM'K?'RD>HB>>?R'KI'=_'D@AC;RBHD@Q'AF?'H;@H?PAB=M'PCD@HDPM?'
?<PM;I?R'A;'C?=R'AF?'@?AO;CTZ'K_'?X?<PMDNID@Q'AF?'=PPMDH=AD;@';N'AF?'PCD@HDPM?';@';BC'H=>?'>ABRIZ'H_'
PC;VDRD@Q'='P;>>DKM?'D@A?CPC?A=AD;@';N'AF?';K>?CV?R'P=AA?C@>U'
%U'!"#$%&"n"(`'(,9)'4,#"*",(#'
*F?'RD>ACDKBAD;@';N'@;R?>'D@'>P=H?'D>'AF?'NDC>A'^=@R'<;>A'D<P;CA=@A_'A?HF@DH=M';P?C=AD;@'O?'F=V?'A;'
;P?C=A?';@';BC'@?AO;CTU'5DQBC?'W'>F;O>'AF?'C?>BMA';N'='N;CH?[RCDV?@'>P=AD=MD\=AD;@';KA=D@?R'ODAF'AF?'
`?PFD'B>D@Q'AF?'=MQ;CDAF<'5;CH?%AM=>7'^G=H;<I'?A'=MUE'78Wo_'^&D@&;Q'<;R?E'>H=MD@Q'8UhmE'QC=VDAI'8U7E'
PC?V?@A';V?CM=P_U'
'
'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''
o' s'r-D;678]'D>'AF?'>F;CA'@=<?'N;C'AF?'$@DA?R'(=AD;@>'L;@N?C?@H?';@'#B>A=D@=KM?'9?V?M;P<?@A'OFDHF'A;;T'PM=H?'
D@'-D;'R?'G=@?DC;E':C=\DM'D@'GB@?'78W7'i'AO?@AI'I?=C>'=NA?C'AF?'M=@R<=CT'Wee7')=CAF'#B<<DA'D@'-D;U'%A'AF?'-D;678'
L;@N?C?@H?E'O;CMR'M?=R?C>E'=M;@Q'ODAF'AF;B>=@R>';N'P=CADHDP=@A>'NC;<'AF?'PCDV=A?'>?HA;CE'(`,>'=@R';AF?C'
QC;BP>E'H=<?'A;Q?AF?C'A;'>F=P?'F;O'O?'H=@'C?RBH?'P;V?CAIE'=RV=@H?'>;HD=M'?bBDAI'=@R'?@>BC?'?@VDC;@<?@A=M'
PC;A?HAD;@';@'=@'?V?C'<;C?'HC;OR?R'PM=@?At'^FAAP0jjOOOUB@U;CQj?@j>B>A=D@=KM?NBABC?j=K;BAU>FA<M_U'
'*F?'O?K>DA?>'AF=A'H;<P;>?'AF?'H;CPB>'AF=A'O?'ODMM'=@=MI\?'F=V?'K??@'>?M?HA?R'=HH;CRD@Q'A;'AO;'HCDA?CD=0'
WU DN'AF?I'=C?'D>>B?R'KI';CQ=@D\=AD;@>'=@R'QC;BP>'=HADV?';@'?@VDC;@<?@A=M'D>>B?>Z'
7U DN'AF?I'H;@A=D@'H;@A?@A>'>P?HDNDH=MMI'C?M=A?R'A;'-D;678';C'DN'AF?I'=BAF;C>'O?C?'PC?>?@A'=@R'=HADV?'RBCD@Q'AF?'
L;@N?C?@H?U'
'
2$%+."'N'4'O",I).>'1;,".',G"'#-1,$1*$P1,$)&@'QG"'01$&'=)0-)&"&,'$#',G"'0)#,'$&,"."#,$&%'-1.,@'QG"'
!$#=)&&"=,"!'&)!"#';).0',G"'.$&%'6#$P"'1&!'=)*).#'G1D"'&),'/""&'0)!$;$"!7@'
'
WU'1,+'*,'-)%9'!%-"%*",(#',5'9)(#"*/'
RBJHSOF'MRSOTSM5B'
"@'<;>A'@?AO;CT>E'>P=AD=MD\=AD;@'C?V?=M>'C?QD;@>'OF?C?'@B<?C;B>'@;R?>'=C?'=>>?<KM?R'=@R'C?QD;@>'AF=A'
=C?'?<PAI';C'=M<;>AU'*F?>?'RDNN?C?@H?>';N'R?@>DAI'^R?A?C<D@?R'KI'AF?'B@?V?@'RD>ACDKBAD;@';N'MD@T>'
=<;@Q'@;R?>_'=C?'C?V?=M?R'KI'AF?'N;CH?[RDC?HA?R'=MQ;CDAF<'=@R'AC=@>M=A?'AF?'<=AF?<=ADH=M'PC;P?CAD?>'
;N'AF?'@?AO;CTU'%>'H;@VD@HD@QMI'>F;O@'KI'%@RC?=>'(;=HT'^788e_E'AF?'VD>B=M'HMB>A?CD@Q'PC;RBH?'KI'N;CH?[
RDC?HA?R'=MQ;CDAF<>'D>'?bBDV=M?@A'A;'AF?'H;<PBA=AD;@';N'AF?'HMB>A?C>'KI'<;RBM=CDAI'^='A?HF@DbB?';NA?@'
B>?R'A;'R?A?HA'H;<<B@DAD?>'D@'@?AO;CT>'i'(?O<=@E'788f_U'3=AF?<=ADH=M'HMB>A?CD@Q'F;O?V?C'D<P;>?>'='
RD>>?HAD;@';N'AF?'@?AO;CT'AF=A'D>';NA?@'A;;'HM?=C[HBAU'*F?'=RV=@A=Q?';N'AF?'VD>B=M'A?HF@DbB?>'D>'AF?DC'
NB\\D@?>>'AF=A'=MM;O>'@?Q;AD=AD@Q'AF?'NC;@AD?C>';N'HMB>A?C>U'*F?>?'NC;@AD?C>'=C?'@=ABC=MMI'KMBCC?RE'>D@H?'
HMB>A?C>'=C?'@;A'?XHMB>DV?'H=A?Q;CD?>E'KBA'>F=R?>';N'R?@>DAIU'LMB>A?C>'<=I'F=V?'HM?=C'K;B@R=CD?>E'MDT?'
HMDNN>'>?P=C=AD@Q'='PM=A?=B'NC;<'AF?'V=MM?IE'KBA'<;>A';N'AF?'AD<?'AF?DC'K;CR?C>'=C?'QC=RB=M'=>'AF?'>M;P?>';N'
='<;B@A=D@U'*F?'NB\\D@?>>';N'HMB>A?C>]'NC;@AD?C>E'KI'AF?'O=IE'D>'@;';K>A=HM?'A;'AF?DC'C?H;Q@DAD;@0'='
<;B@A=D@'D>'?=>I'A;'>??'?V?@'D>'DA'D<P;>>DKM?'A;'>=I'?X=HAMI'OF?C?'DA'>A=CA>'=@R'?@R>U'
+F=A'D>'D<P;CA=@A'D>'A;'K?'=KM?'A;'RD>AD@QBD>F'AF?'HMB>A?C>'=@R'DR?@ADNI'AF?'?<PAI'\;@?>'K?AO??@'AF?<U'
*F?>?'\;@?>'=C?'H=MM?R'c>ACBHABC=M'F;M?>dU'*F?'M=CQ?C'AF?I'=C?E'AF?'<;C?'AF?>?'F;M?>'R?@;A?'AF?'=K>?@H?'
;N'H;@@?HAD;@'K?AO??@'HMB>A?C>U'5D@=MMIE'O?'H=@'C?<=CT'AF=A'M=CQ?'HMB>A?C>'=C?';NA?@'H;<P;>?R'KI'
><=MM?C'^=@R'M?>>'RD>AD@HA_'>BK[HMB>A?C>U'+?'H=@'AF?@'>B<<=CD\?'AF?'NDC>A'>A?P'KI'N;BC'bB?>AD;@>0'
+FDHF'=C?'AF?'<=D@'HMB>A?C>p'
+FDHF'=C?'AF?'<=D@'>ACBHABC=M'F;M?>'AF=A'>?P=C=A?'AF?<p'
+FDHF'=C?'AF?'>BK[HMB>A?C>'ODAFD@'?=HF'HMB>A?Cp'
+FDHF'=C?'AF?'><=MM?C'>ACBHABC=M'F;M?>'>?P=C=AD@Q'AF?<p'
JMM5STJQSAO'QA'RSAU9:'
!"#$"%&'(%)"(%*&#+%$,-.)('./%"@';BC'?X=<PM?'DA'D>'?=>I'A;'DR?@ADNI'AFC??'<=D@'HMB>A?C>'=A'AF?'A;P'^%_E'=A'
AF?'K;AA;<'CDQFA'^:_'=@R'=A'AF?'K;AA;<'M?NA'^L_';N'AF?'@?AO;CT'^>??'NDQU'm_U'*F?'HMB>A?C>'%'=@R':'=C?'AF?'
M=CQ?>A'=@R'AF?'?=>D?>A'A;'DR?@ADNIU'*F?'HMB>A?C'L'D>'><=MM?C'=@R'R;?>'@;A'H;@A=D@'<;C?'@;R?>'AF=@'AF?'
>BK[HMB>A?C>';N'%'=@R':U'*F?'HMB>A?C'LE'F;O?V?CE'D>'HM?=CMI'RD>AD@QBD>F?R'NC;<'%'=@R':'=@R';HHBPD?>'$,#'
)I&'#-1="U'*F?'ACD=@QBM=C'>F=P?';N';BC'@?AO;CT'D>'AFB>'AF?'C?>BMA';N'AF?'AFC??'<=D@'HMB>A?C>'-+**$&%'$&'
,G.""'!$;;"."&,'!$."=,$)&#U'
'
2$%+."'V'4'QG"',G.""'01$&'=*+#,".#'
'
:?>DR?>'%E':'=@R'LE'A?@'><=MM?C'HMB>A?C>'=C?'PC?>?@A'D@'AF?'@?AO;CT'^>??'NDQU'f_U'*F?>?'HMB>A?C>'H=@'K?'
RDVDR?R'D@'AO;'QC;BP>U'^W_'*F?'D@A?C<?RD=CI'HMB>A?C>'3E')E'5'=@R'&'M;H=A?R'=<;@Q'AF?'<=D@'HMB>A?C>U'^7_'
*F?'P?CDPF?C=M'HMB>A?C>'.E'`E'"E'9E'G'=@R'1'PB>F?R'A;O=CR>'AF?'<=CQD@>';N'AF?'QC=PF'KI'AF?'>H=CHDAI';N'
?RQ?>'AF=A'H;@@?HA>'AF?<'A;'AF?'AFC??'<=D@'HMB>A?C>'^>;<?';N'AF?<'=C?'>;'R?A=HF?R'NC;<'AF?'QC=PF'AF=A'
O?'=C?'M?R'A;'H;@>DR?C'AF?'P;>>DKDMDAI';N'?XHMBRD@Q'AF?<'NC;<'AF?'H;CPB>_U'
'
2$%+."'W'4'QG.""'01$&'=*+#,".#'6JLT7'1&!',"&'#01**".'=*+#,".#'6H',)'E7'
%
!"#$"%&'(%)"(%.-01$,-.)('./%"@'AF?'DR?@ADNDH=AD;@';N'AF?'>BK[HMB>A?C>E'AF?C?'D>'=MO=I>'='P=CA';N'
>BKY?HADVDAIU':I'R?ND@DAD;@'>BK[HMB>A?C>'><=MM?C'=@R'M?>>'HM?=C[HBA'AF=@'AF?'<=D@'HMB>A?C>'=@R'OFDM?'>;<?'
=C?'PC?AAI'?VDR?@A'^=WE'=7'=@R'HW'D@'NDQU'g_E'<;>A'=C?'@;A0'R;?>'Hh'H;@A=D@>'?@;BQF'@;R?>'A;'K?'
D@A?C?>AD@Qp'">'=h'C?=MMI'>?P=C=A?R'NC;<'=Wp',@MI'='bB=MDA=ADV?'=PPC?HD=AD;@';N'AF?'@?AO;CT'H=@'=@>O?C'
AFD>'bB?>AD;@U'5;C'AF?'<;<?@AE'O?'PC;P;>?'A;'RDVDR?'HMB>A?C'%'D@'AO;'<=D@'>BK[HMB>A?C>'^=W'=@R'=7_'=@R'
AFC??'><=MM?C'QC;BP>';N'@;R?>'^=hE'=oE'=m_'=@R'A;'RDVDR?'HMB>A?C'L'D@'AFC??'>BK[HMB>A?C>'^HWE'H7E'Hh_U'
LMB>A?C':'D>'>DQ@DNDH=@AMI'<;C?'H;<P=HA'=@R'N;C'AF?'<;<?@A'O?'ODMM'@;A'HBA'=@I'>BK[HMB>A?C>';BA';N'DAU''
'
2$%+."'X'4'(+/L=*+#,".#');'JY'<'1&!'T'
%
!"#$"%&'(%)"(%*&#+%.)'-$)-'&,%"2,(./'"@';BC'@?AO;CTE'AF?C?'=C?'N;BC'<=D@'>ACBHABC=M'F;M?>'^>??'NDQU'u_0'
;@?'=A'AF?'H?@A?C';N'AF?'QC=PF'=@R'AFC??'>?P=C=AD@Q'AF?'<=D@'HMB>A?C'AO;'KI'AO;U'*F?'HMB>A?C'L'D>'<;C?'
D>;M=A?R'AF=@'AF?';AF?C'AO;U'*F?'>ACBHABC=M'F;M?>'=C?'?VDR?@A'D@'AFD>'@?AO;CT0'AF?'=K>?@H?';N'MD@T>'
K?AO??@'<=D@'HMB>A?C>'D>'C=RDH=M'=@R'R?<=@R>'A;'K?'?XPM=D@?RU'
'
2$%+."'Z'4'(,.+=,+.1*'G)*"#'#"-1.1,$&%'JY'<'1&!'T'
'
SOQBRMRBQJQSAO'
%NA?C'F=VD@Q'DR?@ADND?R'AF?'HMB>A?C>'=@R'>BK[HMB>A?C>';N';BC'@?AO;CTE'O?'H=@'ACI'A;'<=T?'>?@>?';N'AF?<U'
*F?'HCBHD=M';P?C=AD;@';N'AFD>'PF=>?'D>'A;'ND@R'='>BDA=KM?'rH;MM?HADV?'@=<?]'N;C'?=HF'QC;BP';N'@;R?>U'*FD>'D>'
R;@?'KI'?X=<D@D@Q'AF?'@;R?>'D@'?=HF'HMB>A?C'=@R'ACID@Q'A;'ND@R'OF=A'AF?I'F=V?'D@'H;<<;@'^;C'=A'M?=>A'
OF=A'<;>A';N'AF?<'F=V?'D@'H;<<;@_U'LM?=CMI'>;<?'T@;OM?RQ?';N'AF?'O?K>DA?>'=@R'AF?DC'H;@A?@A>'D>'
@?H?>>=CI'A;'RD>H;V?C'AF?DC'>D<DM=CDAD?>'=@R'AF=A'OFI'VD>B=M'@?AO;CT'=@=MI>D>'>F;BMR'=MO=I>'K?'
=HH;<P=@D?R'KI'>;<?'N;C<';N'bB=MDA=ADV?'?@bBDCIU'"@';BC'H=>?'=MM'AF?'O?K>DA?>'F=V?'K??@'VD>DA?R'=@R'
<=@B=MMI'=@=MI\?R'OFDM?'H;@>ADABAD@Q'AF?'H;CPB>U'3=TD@Q'>?@>?';N'HMB>A?C>'D>'?>>?@AD=M'=A'AFD>'>A=Q?'>D@H?'
O?'ODMM'D@A?@>DV?MI'C?N?C'A;'AF?<'D@'AF?'@?XA'>?HAD;@>U'LMB>A?C>'=C?'AF?'<=D@'M=@R<=CT>';N'AF?'C?=RD@Q'
PC;H?>>U'*F?'N;MM;OD@Q'A=KM?'=MM;O>'H;<P=CD@Q'AF?'AFC??'<=D@'HMB>A?C>0'
3,-.)('%
4(*&'5&0,(%6(&)-'(.%
7$)2'.%
32+)(+).%
%'
3;>A'F?A?C;Q?@?;B>'
HMB>A?C'
5?O'=BAF;CDAD?>'
9DVDR?R'D@A;'m'>BK[HMB>A?C>'
#;HD=M'<;V?<?@A>E'?@VDC;@<?@A=M'=@R'FB<=@'
CDQFA>'(`,>'^<;>AMI'D@':C=\DM_U'
3=D@'>DA?>0'3#*E'3%:E'!D='L=<P?>D@=E'L4*E'
-=HD><;'%<KD?@A=ME'Lv@RDR;'(?A;E'*?M<='
3;@A?DC;E')H;R?K=A?E'2D@QB'!DV;E'LwPBM='R;>'
4;V;>E'`C??@P?=H?E'">=E'"@A?C@=AD;@=M'-DV?C>E'
5xCB<':CWfhE'5xCB<'L=C=Yy>E'"@QyE'-=D@N;C?>AE'
`;V?C@;'R;':C=>DMU''
3=@DN?>A=AD;@>'=@R'>;HD=M'H;@NMDHA>E'
D@RDQ?@;B>'D>>B?>E';PP;>DAD;@>'A;'
R=<>E'HBMABC=M'?V?@A>E'H;BC>?>'
=QC;[?H;M;QIE'?@VDC;@<?@A=M'
?RBH=AD;@E'N;C?>A'<=@=Q?<?@AE'
?V?@A'4?;PM?>'#B<<DAU'
:'
3;>A'F;<;Q?@?;B>'HMB>A?C'
*FC??'R;<D@=@A'=BAF;CDAD?>'
1=>'@;'>BK[HMB>A?C'
$([C?M=A?R'=Q?@HD?>'=@R'(`,>'O;CTD@Q'ODAF'AF?'
H;@H?PA>';N'QC??@'?H;@;<I'=@R'>B>A=D@=KM?'
R?V?M;P<?@AU'
3=D@'>DA?>0',($E';NNDHD=M'-D;678E'$@?PU'
-?P;CA>';@'$('H;@N?C?@H?>'=@R'
R?K=A?>U'-?P?=A?R'A?C<>0'
=MA?C@=ADV?'?@?CQIE'HM?=@'O=A?C'
=@R'=DCE'H=CK;@'>?bB?>AC=AD;@E'KD;[
>;MBAD;@>E'QC??@'"*U'
L'
9DVDR?R'D@A;'h'>BK[HMB>A?C>'
(`,>'N;C'AF?'PC?>?CV=AD;@';N'N;C?>A>E'D@RDQ?@;B>'
<;V?<?@A>'=@R'>HD?@ADNDH'QC;BP>'OF;'=RV;H=A?'
QM;K=M'O=C<D@Q'=>'H=B>?R'KI'FB<=@>U'
3=D@'>DA?>00'-?=M'LMD<=A?E'3;@Q=K=IE'"@RDQ?@D\?E'
9=VD'#B\BTD'
#HD?@ADNDH'A?C<>E'M;@Q?C'A?XA>E'
H=<P=DQ@>'=@R'=PP?=M>'N;C'
R;@=AD;@U'
'
$,-.)('%7'Q=AF?C>'='>?CD?>';N'O?K>DA?>'KI'c89:.%&+;%.2$#&,%*2<(*(+).=U'3;>A';N'AF?'=HA;C'C?PC?>?@A?R'
=C?'K=>?R'D@':C=\DM'=@R'=C?'=HADV?'D@'AF?'PC;A?HAD;@';N'AF?'?@VDC;@<?@A'=@R';N'FB<=@'CDQFA>U'*F?'
H;@A?@A>';N'AF?'O?K>DA?>'D@HMBR?'C?P;CA>';@'AF?'VD;M?@H?'KI'AF?'=BAF;CDAD?>Z'H;@NMDHA>'ODAF'AF?'P;MDH?Z'
PC;A?>A'=Q=D@>A'AF?'H;@>ACBHAD;@';N'R=<>'=@R'D@NC=>ACBHABC?>Z'>A=A?<?@A>'D@'N=V;C';N'=QC;[?H;M;QI'=@R'
?@VDC;@<?@A=M'?RBH=AD;@U')=HF';N'AF?'NDV?'>BK[HMB>A?C>';N'HMB>A?C'%'D>'HF=C=HA?CD\?R'KI'='>P?HDNDH'DR?@ADAIU'
>-01$,-.)('%&?'D>'H;<P;>?R'KI'O?K>DA?>'D@>PDC?R'KI'AF?'AF?;CD?>';N'AF?'@&'A#.)%($21.2$#&,#.*%^?UQU'
!D='L=<P?>D@=E'3;VD<?@A;'R;>'#?<'*?CC=E'3;VD<?@A;'R;>'%AD@QDR;>'P;C':=CC=Q?@>_U''
>-01$,-.)('%&B'N?=ABC?>'=HA;C>'=HADV?'D@'>;BAF?C@'=@R'H?@AC=M'FDQFM=@R>';N':C=\DMU'"A'D>'<;C?'
F?A?C;Q?@?;B>'AF=@'=WE'DA>'<?<K?C>'R;'@;A'?XFDKDA'AF?'>=<?'<DMDA=@A'P;MDADH>'=>>;HD=A?R'ODAF'
3=CXD>A'DR?;M;QIE'KBA'='>;NA?C'V?C>D;@';N'(+<#'2+*(+)&,%C2,#)#$.E'OFDHF'R;?>'@;A'?@Q=Q?'D@'P;MDADH>'
=@R'AF?'>ACBQQM?'N;C'FB<=@'CDQFA>U'
>-01$,-.)('%&D'D>'R;<D@=A?R'KI'E#+F-%G#<2%*2<(*(+)'=@R'>F;O>'='H;@@?HAD;@'K?AO??@'M;H=M'
?@ADAD?>'D@'AF?'@;CAF'=@R'@;CAF?=>A';N':C=\DM'=@R'AC=@>@=AD;@=M'(`,>E'>BHF'=>'"@A?C@=AD;@=M'-DV?C>'
=@R'L;@>?CV=AD;@'#AC=A?QIU'*F?'PCD@HDP=M'>ACBQQM?';N'AF?'>DA?>';N'AFD>'HMB>A?C'D>'=Q=D@>A'AF?'
H;@>ACBHAD;@'N;C'R=<>'D@'2D@QB'-DV?CU'
>-01$,-.)('%&H'D>'R?RDH=A?'A;'AF?'I(2C,(J.%>-**#)K'=@'?V?@A'D@'-D;'R?'G=@?DC;';CQ=@D\?R'KI'>;HD=M'
<;V?<?@A>'D@':C=\DM'RBCD@Q'AF?';NNDHD=M'$@DA?R'(=AD;@>'-D;'678'>B<<DAE'=@R'=D<D@Q'A;'K?'='PC;A?>A'
=Q=D@>A'AF?';NNDHD=M'@?Q;AD=AD;@>U'
>-01$,-.)('%&L'D>'H?@A?C?R'=C;B@R'AF?'266#$#&,%M(0.#)(%26%)"(%N'&O#,#&+%F2<('+*(+)U'
L,-.)('%N'D>'H;<P;>?R';N'c#+)('+&)#2+&,'#+.)#)-)#2+.='C?M=A?R'A;'AF?'$(E'=@R'D@>ADABAD;@>'AF=A'O;CT'ODAF'
AF?'H;@H?PA>';N'QC??@'?H;@;<IE'>B>A=D@=KM?'R?V?M;P<?@AE'QC??@'BCK=@'PM=@@D@QU'*F?'H;@A?@A>'D@HMBR?'
C?P;CA>';@'H;@N?C?@H?>'=@R'H=<P=DQ@>'N;C'HDAD\?@'P=CADHDP=AD;@U'-?HBCCD@Q'AF?<?>'=C?'=MA?C@=ADV?'?@?CQIE'
HM?=@'O=A?CE'H=CK;@'<=CT?AE'KD;<=A?CD=M>'=@R'QC??@'"L*U'*F?'HMB>A?C':'D>'C?M=ADV?MI'F;<;Q?@?;B>'=@R'
R;?>'@;A'?XFDKDA'=@I'>BK[HMB>A?C>U'
3,-.)('%3'H;@>D>A>';N'O?K>DA?>'KI'c(+<#'2+*(+)&,%&+;%$,#*&)(%89:.=%N;C'AF?'PC?>?CV=AD;@';N'@=ABC?E'
@=ADV?'<;V?<?@A>'^H=<P=DQ@>'A;'KBI'M=@R_E'=@R'C?>?=CHF'QC;BP>'R?N?@RD@Q'AF?'=AACDKBAD;@';N'QM;K=M'
O=C<D@Q'A;'=@AFC;PDH'H=B>?>U'*F?'H;@A?@A>'D@HMBR?'>?V?C=M'>HD?@ADNDH'=CADHM?>U'*F?'VD>B=M'=PP?=C=@H?';N'
AF?'O?K>DA?'D>'>D@QBM=CE'ODAF'D<=Q?>';N'=@D<=M>E'N;C?>A>E'M=@R>H=P?>';C'@=ABC?E'KBA'ODAF;BA'AF?'PC?>?@H?'
;N'<?@U'+?'=M>;'@;A?'AF?'PC?>?@H?';N'>?V?C=M'=PP?=M>'N;C'R;@=AD;@>U'LMB>A?C'L'D>'>?P=C=A?R'D@'AFC??'>BK[
HMB>A?C>';N'RDNN?C?@A'>D\?'=@R';CD?@A=AD;@U'
>-01$,-.)('%$?'D>'H;<P;>?R';N'.$#(+)#6#$%M(0.#)(.'R?K=AD@Q'HMD<=A?'HF=@Q?U'*F?'<;>A'C?N?C?@H?R'
>DA?>'=C?'AF?'-?=M'LMD<=A?E')H;)bBDAIE'#T?PADH=M>HD?@H?E'LMD<=A?=BRDAE'=@R'#D<;@R;@@?C'"@RDQ?@D\?U'
>-01$,-.)('%$B'D>'H?@A?C?R'=C;B@R'@2+F&0&PE'=@'(`,'HF;>?'<=D@'Q;=M'D>'A;'RD>>?<D@=A?'
D@N;C<=AD;@'=@R'PDHABC?>'=K;BA'@=ABC?E'=@R'PC;A?>AD@Q'=Q=D@>A'R?>ACBHAD;@Uz'
>-01$,-.)('%$D'D>'N;C<?R';N'N;BC'O?K>DA?>'^5;C?>A>E'-=D@'5;C?>A>'4;CA=ME'LMD<=A?%CT'=@R'+=A?C'
L;@>?CV=AD;@_'RC=OD@Q'H;@A?@A>'NC;<'AF?'Q$2,2F#$&,%R+)('+()E'='>?MN[R?ND@D@Q'c@;@[PC;NDA'
;CQ=@D\=AD;@'AF=A'>P?HD=MD\?>'D@'AF?'B>?';N'AF?'"@A?C@?A'A;'=HFD?V?'H;@>?CV=AD;@';BAH;<?>dU'
"@'Q?@?C=ME'AF?'<=D@'HMB>A?C>'%E':'=@R'L'N;C<'AFC??'H;F?C?@A'?@>?<KM?>';N'O?K>DA?>U'*F;BQF'D@A?C@=M'
RDNN?C?@H?>'?XD>AE'AF?'O?K>DA?>'D@'?=HF';N'AF?'<=D@'HMB>A?C>'=C?'H;@@?HA?R'KI'FIP?CMD@T>'K?H=B>?'AF?I'
>F=C?'=@=M;Q;B>'D@A?C?>A>'=@R'='>D<DM=C'M=@QB=Q?U'*F?>?'>P?HDNDHDAD?>'=C?'=M>;'AF?'C?=>;@';N'AF?'
>?P=C=AD;@'K?AO??@'AF?'AFC??'HMB>A?C>U'*F?'(`,>'D@'%'c(`,>'=@R'#;HD=M'3;V?<?@A>d'=@R'AF?'
D@>ADABAD;@>'D@':'c"@A?C@=AD;@=M'"@>ADABAD;@>d'RDNN?C';@'?V?CI'=>P?HA0'<;V?<?@A>'^%_'!#U'?>A=KMD>F<?@A'^:_Z'
PC;A?>A'^%_'!#U'P;MDHI[<=TD@Q'^:_Z'<;KDMD\=AD;@'^%_'!#U'PM=@@D@Q'^:_U'*F?'D@>ADABAD;@>'D@':'=C?'=M>;'>AC;@QMI'
;PP;>?R'A;'AF?'(`,>'D@'L'c)@VDC;@<?@A=M'=@R'LMD<=A?'(`,>d'K?H=B>?';N'='R??P'RDNN?C?@H?'D@'AF?DC'
V=MB?>'AF=A';PP;>?>'='PC=Q<=ADH'H;@H?PAD;@';N'<;R?C@'>;HD?AD?>'^:_'A;'='C=RDH=M'bB?>AD;@D@Q';N'AF?'PM=H?'
;N'FB<=@TD@R'D@'AF?'O;CMR'^L_U'5D@=MMIE'AF?'O?K>DA?>'D@'L'=@R'%'=C?'>?P=C=A?R'KI'AF?';KY?HA'AF?I'R?N?@R0'
H;<<B@DAD?>'N;C'%'=@R'?H;>I>A?<>'N;C'LU'%'=@R'L'=M>;'?<PM;I'RDNN?C?@A'N;C<>';N'?@Q=Q?<?@A0'AF?'
C=AD;@=MDAI';N'>HD?@ADNDH'T@;OM?RQ?'=@R'RD>A=@A'<;@?I'R;@=AD;@'^L_'=Q=D@>A'AF?'?<;AD;@>';N'>;HD=M'
<;V?<?@A>'=@R'NDC>A'P?C>;@'P=CADHDP=AD;@'^%_U'*F?>?'RDNN?C?@H?>'?XPM=D@'OFI'AF?C?'=C?'N?O'MD@T>'=<;@Q'
;BC'AFC??'<=D@'HMB>A?C>U'*F?'=HA;C>'A?@R'@;A'A;'MD@T'?=HF';AF?CE'K?H=B>?';N'AF?DC'DR?;M;QDH=M'=@R'PC=HADH=M'
;PP;>DAD;@U'*F?I'=C?'<;C?'AF=@'RDNN?C?@A'AF?<=ADH'QC;BP>E'AF?I'=C?';PP;>?R'H;<<B@DAD?>';N'D@A?C?>AU'
7U'1,+'*,'-)%9'*1)'#"n)'%(9'9)(#"*/',5'L&$#*)-#'
RBJHSOF'MRSOTSM5B'
(?AO;CT'HMB>A?C>'F=V?'AO;'<=D@'PC;P?CAD?>'AF=A'O?'H=@';K>?CV?'>?P=C=A?MI0'>D\?'=@R'R?@>DAIU'3=TD@Q'
>?@>?';N'AF?>?'PC;P?CAD?>'D>'HCBHD=M'A;'B@R?C>A=@R'AF?'K=M=@H?';N'N;CH?>'D@'AF?'@?AO;CTU'*F?'>D\?';N'
HMB>A?C>'D>'R?ND@?R'KI'AF?'@B<K?C';N'@;R?>'AF?I'H;@A=D@U'*F?'KDQQ?C'HMB>A?C>'=C?E'AF?'<;C?'VD>DKM?'AF?I'
ODMM'K?';@'AF?'+?K'=@R'DA'D>'D@A?C?>AD@Q'A;'D@V?>ADQ=A?';NNMD@?'H;B@A?CP=CA>';N'>BHF';@MD@?'>DQ@DNDH=@H?U'
*F?'R?@>DAIE';@'AF?';AF?C'F=@RE'<?=>BC?>'AF?'H;F?>D;@';N'@?AO;CT>U'LMB>A?C>'=C?'ADQFA'OF?@'AF?I'
H;@A=D@'<=@I'?RQ?>'=@R'M;;>?'OF?@'N?O'?RQ?>'H;@@?HA'AF?DC'@;R?>U'"@'AF?'H=>?';N'AF?'+?KE'='FDQF'
@B<K?C';N'D@[HMB>A?C'MD@T>'<=I'R?@;A?'AF?'=HADVDAI';N'='H;<<B@DAI0'AF?'=HA;C>'T@;O'=@R'=HT@;OM?RQ?'
?=HF';AF?C'AFC;BQF'AF?DC'HDA=AD;@>U'%'M;O'R?@>DAI'D>'=M>;'D@A?C?>AD@QU'"A'<=I'R?@;A?'AF=A'AF?'@;R?>'R;'@;A'
T@;O'AF?DC'@?DQFK;C>';C'AF=A'=HADV?MI'RD>C?Q=CR'AF?<'^K?H=B>?';N'H;<P?ADAD;@';C'H;@AC;V?C>I_U''
JMM5STJQSAO'QA'RSAU9:'
*F?'AFC??'<=D@'HMB>A?C>'H;B@A'>?V?C=M'R;\?@>';N'@;R?>U'%<;@Q'AF?<E'%'D>'AF?'KDQQ?>A'=@R'L'AF?'><=MM?>AU'
%MM'AF?';AF?C'HMB>A?C>'=C?'R?ND@DA?MI'><=MM?C'ODAF'M?>>'AF=@'='R;\?@'@;R?>U'%>'N;C'AF?'R?@>DAIE':'D>'AF?';@MI'
=<;@Q'<=D@'HMB>A?C>'AF=A'D>'C?M=ADV?MI'R?@>?U'%'=@R'L'=C?'<;C?'>PC?=R';BA'=@R'HM?=CMI'>?P=C=A?R'D@'
><=MM?C'=@R'R?@>?C'>BK[HMB>A?C>'^OFDHF'=PP?=C>'A;'K?'<;C?'D@A?C?>AD@Q'AF=@'AF?I'M=CQ?C'P=C?@A>_U'LMB>A?C'
%'D>'M=CQ?MI'R?ND@?R'KI'=W'c3=CXD>A')H;[>;HD=MD><d'=@R'=7'c)@VDC;@<?@A=M'4;MDADH>dU'*F?>?'AO;'>BK[
HMB>A?C>'=C?'M=CQ?'=@R'R?@>?'=@R'H;@A=D@'<;>A';N'AF?'@;R?>';N'%U'=h'c2D@QB'!DV;'3;V?<?@AdE'=o'
c4?;PM?{>'#B<<DAd'=@R'=m'c:C=\DMD=@'`;V?C@<?@AdE';@'AF?'H;@AC=CIE'=C?'>H=CH?MI'R?@>?'=@R'=C?'
RD>AD@QBD>F?R'NC;<'=W'=@R'=7';@MI'KI'AF?DC'>?P=C=A?R'P;>DAD;@U'
LMB>A?C'L'H;@A=D@>'='M=CQ?C'>BK[HMB>A?C'HW'c#HD?@ADNDH'+?K>DA?>dE'='V?CI'>P=C>?'HMB>A?C'H7'c3;@Q=K=Id'=@R'
=@;AF?C'>P?HD=M'H=>?'Hh'c)H;M;QDH=M'"@A?C@?Ad'AF=A'=PP?=C>'A;'K?'='HMDbB?U'LMDbB?>'=C?'QC;BP>';N'@;R?>'
AF=A'=C?'=MM'H;@@?HA?R'A;'?=HF';AF?CU'"A'D>'C=C?'A;';K>?CV?'M=CQ?'HMDbB?>'D@'@=ABC=M'@?AO;CT>E'KBA'DA'D>'
P;>>DKM?'A;'ND@R'><=MM';@?>U''
SOQBRMRBQJQSAO'
LMB>A?C'%'c(`,>'=@R'#;HD=M'3;V?<?@A>d'D>'AF?'M=CQ?>A';N';BC'@?AO;CT'=@R'AFD>'D>'PC;K=KMI'RB?'A;'AF?'
N=HA'AF=A'DA'H;CC?>P;@R>'A;'=@'=HADV?'H;<<B@DAIU'*F?'c;HHBP=AD;@';N'AF?'+?Kd'D>'=@'D<P;CA=@A'D>>B?'N;C'
=HADVD>A>E'K;AF'A;'=>>BC?'AF?DC'D@A?C@=M'H;<<B@DH=AD;@'=@R'A;'OD@'AF?'>BPP;CA';N'PBKMDH';PD@D;@U'LMB>A?C'L'
c)@VDC;@<?@A=M'=@R'LMD<=A?'(`,>d'D>'=M>;'H;<P;>?R'PC?R;<D@=@AMI'KI'(`,>'=@R'=>>;HD=AD;@>E'KBA'DA>'
M?>>?C'>D\?'<=I'D@RDH=A?'M?>>'=HADV?'H;<<B@DAIU'5D@=MMIE'AF?'HMB>A?C':'c"@A?C@=AD;@=M'"@>ADABAD;@>d'D>'<=D@MI'
H;<P;>?R';N'AF?'D@>ADABAD;@>'Q=AF?C?R'=C;B@R'AF?'>DA?';N'AF?'$@DA?R'(=AD;@>'^OFDHF'?XPM=D@>'AF?'
=K>?@H?';N'>BK[HMB>A?C>_U'*F?'MD@T>'K?AO??@'D@>ADABAD;@>'=C?';NA?@'AF?'>D<PM?'<=CT';N'N;C<=M'P=CA@?C>FDPU'
*F?'>D\?'=@R'>F=P?';N'M=CQ?C'HMB>A?C>'>??<'AF?C?N;C?'A;'K?'H;@>D>A?@A'ODAF'AF?'RDNN?C?@A'AIP?>';N'>;HD=M'
;CQ=@D\=AD;@>'PC?>?@A'D@';BC'@?AO;CTU'
*F?'>=<?'H=@'K?'>=DR'N;C'AF?'>BK[HMB>A?C>E'OFDHF'H;CC?>P;@R'A;'AF?'RDVD>D;@>'=<;@Q'AF?'RDNN?C?@A'AIP?>'
;N'=>>;HD=ADV?'QC;BP>'PC?>?@A'D@'%'=@R'LU%"@'AF?'>BK[HMB>A?C'=W%c3=CXD>A')H;[>;HD=MD><dE'='M;A';N'
D@N;C<=AD;@'D>'HDCHBM=A?R'=@R'RD>HB>>?RU'*FD>'=HADVDAI'HC?=A?>'<=@I'MD@T>'=<;@Q'AF?'=HA;C>'?XPM=D@D@Q'AF?'
C?M=ADV?MI'FDQF'R?@>DAIU':M;Q>'D@'P=CADHBM=C'PM=I'='H?@AC=M'C;M?'D@'AFD>'QC;BP';N'>DA?>'^<;C?';@'AFD>'M=A?C_U'
*F?'>BK[HMB>A?C'=7'c)@VDC;@<?@A=M'4;MDADH>d'RD>PM=I>'='>D<DM=CMI'D@A?@>?'H;<<B@DA=CD=@'=HADVDAI'^OFDHF'
?XPM=D@>'AF?'FDQF'@B<K?C';N'MD@T>_E'KBA'F=>'='RDNN?C?@A'AF?<=ADH'N;HB>'=@R'D>'H;<P;>?R';N'='RDNN?C?@A'
AIP?';N'=HA;C>E'<;>AMI'(`,>U'*F?'>?P=C=AD;@'K?AO??@'=W'=@R'=7'<=I'K?'D@'P=CA'?XPM=D@?R'KI'AF?'N=HA'
AF=A'KM;Q>'A?@R'A;'HDA?';AF?C'KM;Q>'OFDM?'(`,>'PC?N?C'HDAD@Q';AF?C'(`,>U'*F;BQF'P?C<?=KM?E'AF?>?'AO;'
>PF?C?>'C?<=D@'C?M=ADV?MI'>?P=C=A?RU%
hU'1,+'*,'-)%9'L)(*)-#'%(9':-"9`)#'
RBJHSOF'MRSOTSM5B'
(;O'AF=A'O?'F=V?'DR?@ADND?R'AF?'HMB>A?C>E'O?'H=@'B>?'AF?<'=>'M=@R<=CT>'A;'=@=MI\?'AO;'C?<=CT=KM?'
P;>DAD;@>'D@'>P=AD=MD\?R'@?AO;CT>0'H?@A?C>'=@R'KCDRQ?>U'
L?@AC=MDAI'H=@'K?'QM;K=M'^C?N?CC?R'A;'AF?'OF;M?'@?AO;CT_';C'M;H=M'^C?N?CC?R'A;'='>D@QM?'HMB>A?C_U'*F?>?'AO;'
AIP?>';N'H?@AC=MDAI'=C?'RDNN?C?@AU'+FDM?'AF?'?M?<?@A>'AF=A'=C?'QM;K=MMI'H?@AC=M'=C?'RCDV?@'D@'AFD>'P;>DAD;@'
KI'AF?'N=HA';N'K?D@Q'?V?@MI'MD@T?R'A;'=MM'AF?'C?QD;@>';N'AF?'@?AO;CTE'AF?'?M?<?@A'AF=A'=C?'M;H=MMI'H?@AC=M'
A?@R'A;'K?'MD@T?R'PC?R;<D@=@AMI'ODAFD@';@?'HMB>A?CU'L?@AC=M'P;>DAD;@>'^M;H=M';C'QM;K=M_'H=@'K?';HHBPD?R'KI'
>D@QM?'@;R?>E'HMB>A?C>';C'KI'>BK[HMB>A?C>U'"@'>;<?'H=>?>E'AF?'H?@A?C';N'AF?'@?AO;CT'^;C'AF?'H?@A?C';N'='
M=CQ?'HMB>A?C'H;<P;>?R'KI'>?V?C=M'>BK[HMB>A?C_'D>'YB>A'?<PAIU'
:CDRQ?>E';@'AF?';AF?C'F=@RE'=C?'@;R?>';C'HMB>A?C>'AF=A'F=V?'H;@@?HAD;@>'ODAF'>?V?C=M'HMB>A?C>'^AO;';C'
<;C?E'KBA'@;A'=MM'AF?'HMB>A?C>';N'AF?'@?AO;CT_U':CDRQ?>'H=@'K?'M;H=A?R';BA>DR?'AF?'HMB>A?C>'AF?I'H;@@?HAE'
DN'AF?DC'H;@@?HAD;@>'=C?'?V?@MI'RD>ACDKBA?R'=<;@Q'AF?<E';C'AF?I'H=@'K?'M;H=A?R'ODAFD@';@?';N'AF?'
HMB>A?C>E'DN'AF?I'=C?'<;C?'H;@@?HA?R'A;'DA'AF=@'A;'AF?';AF?C>U'
*F?'N;MM;OD@Q'bB?>AD;@>'<=I'F?MP'A;'DR?@ADNI'>I>A?<=ADH=MMI'H?@AC=M'=@R'KCDRQD@Q'?M?<?@A>0'
+FDHF'@;R?>';C'HMB>A?C>'^DN'=@I_'=C?'M;H=A?R'D@'AF?'H?@A?C';N'AF?'@?AO;CTp'
+FDHF'@;R?>';C'>BK[HMB>A?C>'^DN'=@I_'=C?'M;H=A?R'D@'AF?'H?@A?C';N'?=HF'HMB>A?Cp'
+FDHF'@;R?>'^DN'=@I_'=C?'M;H=A?R'D@'AF?'H?@A?C';N'?=HF'>BK[HMB>A?Cp'
+FDHF'@;R?>';C'HMB>A?C>'^DN'=@I_'=C?'M;H=A?R'=<;@Q'AF?'<=D@'HMB>A?C>p'
+FDHF'@;R?>'^DN'=@I_'=C?'M;H=A?R'=<;@Q'AF?'<=D@'>BK[HMB>A?C>p'
JMM5STJQSAO'QA'RSAU9:'
#DX'@;R?>'F=V?'K??@'DR?@ADND?R'=>'H?@A?C>';N'HMB>A?C>'=@R'>BK[HMB>A?C>U'(=ABC?UH;<'D>'AF?';@MI'@;R?'
;HHBPID@Q'AF?'H?@A?C';N';BC'@?AO;CT'=@R'AF?';@MI'@;R?'H;@@?HA?R'AF?'AFC??'<=D@'HMB>A?C>U'$(U;CQ'AF?'
O?K>DA?';N'AF?'$@DA?R'(=AD;@>E'D>'=A'AF?'H?@A?C';N'AF?'HMB>A?C':U'LBPBM=9;>4;V;>U;CQUKC'D>'=A'AF?'H?@A?C';N'
AF?'>BK[HMB>A?C'=o'c4?;PM?]>'#B<<DAd'=@R'-?=MLMD<=A?U;CQ'D>'=A'AF?'H?@A?C';N'HW'c#HD?@ADNDH'+?K>DA?>dU'
5D@=MMIE'AO;'@;R?>'=C?'H?@AC=M'D@'><=MM?C'HMB>A?C>0'"$L(+;CMRL;@>?CV=AD;@L;@QC?>>U;CQ'N;C')'=@R'
9?<DMDA=CD\?U;CQ'N;C'5U'*F?'PC?>?@H?';N'<=@I'?RQ?>'=C;B@R'?=HF';N'AF?>?'@;R?>'F=>'F?MP?R'B>'A;'R?A?HA'
AF?DC'H?@AC=MDAIU'
'
'
2$%+."'8'4'O)!"#'$&'="&,.1*'-)#$,$)&'$&',G"'&",I).>').'$&',G"$.'=*+#,".'
'
*FC??'HMB>A?C>'=@R'>?V?@'@;R?>'=@R'=C?'D@'KCDRQ?'P;>DAD;@U'*F?'HMB>A?C>'=C?'AF?'?=>D?>A'A;'DR?@ADNI0')'=@R'
5'=C?'M;H=A?R'K?AO??@':'=@R'L'=@R'&'D>'M;H=A?R'K?AO??@'%'=@R':U'#?V?@'@;R?>'=C?'D@'='P;>DAD;@'A;'KCDRQ?'
K?AO??@'AO;'HMB>A?C>U'*FC??'@;R?>'=C?'>D<PMI'c>AC?AHF?Rd'K?AO??@'AO;'HMB>A?C>0'
`M;K=M!;DH?>,@MD@?UH;<'^%'=@R'L_E'(;`C??@)H;@;<IU;CQ'^%'=@R':_'=@R')NN?A>9?*?CC?UNC'^:'=@R'L_U'
L=C?7UH;<'=@R'"@RD=@L;B@ACI*;R=I3?RD=(?AO;CTUH;<',)%",G".'N;C<'='h'MD@T>[M;@Q'KCDRQ?'K?AO??@'%'
=@R'LU'5D@=MMIE':@R?>UQ;VUKC'D>'=@'cD@A?C@=Md'KCDRQ?'M;H=A?R'D@>DR?'HMB>A?C'L'=@R'H;@@?HAD@Q'DA'A;'HMB>A?C':U''
'
'
2$%+."'3:'4'O)!"#'1&!'=*+#,".#'$&'1'/.$!%$&%'-)#$,$)&'
SOQBRMRBQJQSAO'
3(+)('.%
8&)-'(S$2*'D>'AF?'>DA?';N'AF?'N=<;B>'>HD?@ADNDH'Y;BC@=MU'"A'D>'=@'=H=R?<DH'=BAF;CDAI'=@R'D>'HDA?R'KI'=MM'AF?'
<=@I'HMB>A?C>E'KBA'@;A'<BHF'^f'MD@T>'D@'A;A=M_U',N'H;BC>?E';AF?C'O?K>DA?>'?XD>A'AF=A'=C?'HDA?R'KI'AF?'@;R?>'
;N'AF?'AFC??'<=D@'HMB>A?C>'^PC;K=KMI'AF?'<=Y;C'@?O>'O?K>DA?>_E'KBA'AF?I'F=V?'@;A'K??@'D@HMBR?R'D@'AF?'
H;CPB>'K?H=B>?'AF?DC'H;@A?@A'O=>'@;A'>BNNDHD?@AMI'N;HB>?R';@'-D;'678'=@R'DA>'D>>B?>U'
T8S2'F%$(U;CQ'D>'='M=CQ?'P;CA=M'MD@T?R'A;'<;>A';N'AF?'D@>ADABAD;@>'AF=A'H;@>ADABA?'HMB>A?C':'^=@R'AFD>'
?XPM=D@>'DA>'H?@AC=M'P;>DAD;@_U'*F?'>DA?'H;@A=D@>'D@N;C<=AD;@';@'AF?'$@DA?R'(=AD;@>0'DA>'<D>>D;@E'>ACBHABC?E'
LF=CA?C';N'4CD@HDPM?>E'AF?'MD>A';N'AF?'<?<K?C'>A=A?>'=@R'<;C?U'
4(&,3,#*&)(S2'F%D>'='H;<<?@A=CI'O?K>DA?';@'HMD<=A?'>HD?@H?'CB@'KI'='QC;BP';N'C?@;O@?R'HMD<=A?'
>HD?@AD>A>'=@R'=RRC?>>?R'A;'Y;BC@=MD>A>'=@R'A;'AF?'Q?@?C=M'PBKMDHU'
3-C2,&U2.I2<2.S2'FS0''D>'AF?'H?@A?C';N'AF?'>BK[HMB>A?C'=o'c4?;PM?]>'#B<<DA]'=@R'DA>'H;@@?HAD;@>'T??P'
AFD>'QC;BP';N'@;R?>'A;Q?AF?CU'RT38!2',;32+.('<&)#2+32+F'(..S2'F%=@R'U(*#,#)&'#O(S2'F%=C?'D@'='>D<DM=C'
P;>DAD;@'D@'HMB>A?C>')'=@R'5U'
N'#;F(.%
"@A?C?>AD@QMIE'D@';BC'@?AO;CTE'AF?'C;M?';N'KCDRQ?'D>'PM=I?R'@;A';@MI'KI'@;R?>'KBA'=M>;'KI'><=MM'HMB>A?C>U'
3,-.)('.%Q'c"$L('H;@QC?>>d'D>'='KCDRQ?'K?H=B>?';N'DA>'N;HB>';@'QM;K=M'O=C<D@Q'<DADQ=AD;@U'3DADQ=AD;@'D>'='
T?I'AF?<?'D@'H;@N?C?@H?>'=@R'?V?@A>';CQ=@D\?R'K;AF'KI'AF?'D@>ADABAD;@>';N'AF?'HMB>A?C>':'=@R'AF?'(`,>'
;N'AF?'HMB>A?C'LU'%>'>BHF'DA'H;@@?HA>'AO;'RD>A=@A'C?QD;@>';N'AF?'@?AO;CT'=@R'N=HDMDA=A?>'AF?DC'D@A?C=HAD;@U''
%@;AF?C'>DA?'AF=A'PC;<;A?>'H;@@?HAD;@>'K?AO??@'HMB>A?C>':'c"@A?C@=AD;@=M'"@>ADABAD;@>d'=@R'L'
c)@VDC;@<?@A=M'=@R'LMD<=A?'(`,>d'D>'AF?'KM;Q'Q66().%;(%V(''('^=@'D@R?P?@R?@A'V?C>D;@';N'AF?'KM;Q'AF=A'
AF?'Y;BC@=MD>A'9?@D>'9?MK?Hb'<=D@A=D@?R'NC;<'788m'A;'788g'D@'AF?'5C?@HF'@?O>P=P?C'5$/[.1,$)&';@'
HMD<=A?'HF=@Q?'=@R'?@VDC;@<?@A=MD><_U'
4#2BWS+()'PC?>?@A>'AF?'PC;QC=<';N'AF?'T+-)*1'!)#'M)D)#'?V?@A'=@R'D>'HDA?R'KI'>?V?C=M'=HA;C>'D@'HMB>A?C>'
%'=@R':U'829'((+Q$2+2*PS2'F%D>'@;A'=@'D<P;CA=@A'O?K>DA?'^AF?'>DA?'>??<>'cB@R?C'H;@>ACBHAD;@d'=@R'DA'
H;@A=D@>';@MI'm'P;>A>_U'"A>'P;>DAD;@'K?AO??@'%'=@R':'D>'?XPM=D@?R'KI'AF?'N=HA'AF=A'AF?'O?K>DA?'D>'
<=D@A=D@?R'KI'='QC;BP';N'=HADVD>A>E'OF;>?'P;>DAD;@'=C?'HM;>?'A;'AF;>?';N'AF?'>;HD=M'<;V?<?@A>'D@'%'OFDM?'
HCDADHD\D@Q'PB@HAB=MMI'AF?'=PPC;=HF';N'AF?'D@>ADABAD;@>'D@':'^=@R'AF?C?KI'HDAD@Q'AF?<_U'
5;C'=MM';AF?C'H=>?>E'O?'F=V?'N;B@R'@;'H;@VD@HD@Q'D@A?CPC?A=AD;@U'+F?@'AF?'KCDRQD@Q'P;>DAD;@';N'='@;R?'
H=@@;A'K?'H;@NDC<?R'KI'AF?'bB=MDA=ADV?'=@=MI>D>E'AF?'K?>A';PAD;@'D>'>D<PMI'A;'DQ@;C?'DAU'$@MDT?'AF?'M=CQ?C'
P=AA?C@>'VD>DKM?'D@'AF?'@?AO;CT>E'>D@QM?'?RQ?>'=C?'@;A'=MO=I>'>DQ@DNDH=@AU'*F?'=D<';N'AF?'VD>B=M'=@=MI>D>'D>'
@;A'A;'?XPM=D@'AF?'P;>DAD;@';N'?=HF'=@R'?V?CI'@;R?E'KBA'A;'R?A?HA'M=CQ?'AC?@R>'=@R'@;A=KM?'@;R?>U'
:U'!"#$%&"n"(`'(,9)'#"n)#'
+?'F=V?'@;O'H;<PM?A?R'AF?'P=CA';N'AF?'=@=MI>D>'K=>?R';@'AF?'>P=AD=M'P;>DAD;@';N'@;R?>'=@R'O?'ODMM'>A=CA'
<;KDMD\D@Q'AF?'AO;';AF?C'VD>B=M'V=CD=KM?>'?<PM;I?R'D@'VD>B=M'@?AO;CT>'=@=MI>D>U'"@'P=CADHBM=CE'O?'ODMM'@;O'
VD>B=MD\?'AF?'@B<K?C';N'?RQ?>'=CCDVD@Q'A;';C'M?=VD@Q'NC;<'='@;R?'KI'HF=@QD@Q'AF?'RD=<?A?C';N'AF?'R;A'
AF=A'C?PC?>?@A>'DAU'+?'ODMM'NDC>A'HF=@Q?'AF?'>D\?';N'?=HF'@;R?'=HH;CRD@Q'A;'@B<K?C';N'D@H;<D@Q'MD@T>'^AF?'
D@R?QC??_'=@R'AF?@'=HH;CRD@Q'A;'AF?'@B<K?C';N';BAQ;D@Q'MD@T>'^AF?';BAR?QC??_U'*;'R;'>;E'O?'F=V?'B>?R'
AF?'C=@TD@Q'P=M?AA?';N'`?PFD'=@R'>?A'AF?'RD=<?A?C'A;'W'N;C'AF?'><=MM?>A'R?QC??'=@R'78'N;C'AF?'M=CQ?>AU'
"A'D>'=M>;'P;>>DKM?'^=@R'D@R??R'B>?NBM_'A;'YB>A'M;;T'=A'AF?'MD>A';N'@;R?>'>;CA?R'KI'AF?DC'D@R?QC??';C'
;BAR?QC??U'4C;Y?HAD@Q'AF?'C=@TD@Q';@'AF?'>P=AD=MD\?R'@?AO;CT>E'F;O?V?CE'D>'D@A?C?>AD@Q'=>'DA'=MM;O>'
DR?@ADNID@Q'OF?C?'<;>A'FBK>'=@R'=BAF;CDAD?>'=C?'M;H=A?R0'=C?'AF?I'H?@AC=M'D@'='HMB>A?C';C'R;'AF?I'KCDRQ?'
RDNN?C?@A'C?QD;@>p'%C?'AF?I'B@DN;C<MI'RD>ACDKBA?R';C'R;'AF?I'H;@H?@AC=A?'D@'>;<?'C?QD;@>';N'AF?'QC=PFp'
+?'H;BMR'?V?@'Q;'=>'N=C'=>'A;'R?A?HA'M;H=M'FBK>'=@R'=BAF;CDAD?>'N;C'?=HF'HMB>A?CU'
oU'1,+'*,'-)%9'*1)'1")-%-L1/',5'L,(()L*"!"*/'
RBJHSOF'MRSOTSM5B'
+?'ODMM'@;O'H;@>DR?C'AF?'FD?C=CHFI';N'AF?'<;>A'H;@@?HA?R'@;R?>U'5;MM;OD@Q'AF?'AC=RDAD;@';N'@?AO;CT'
=@=MI>D>E'O?'ODMM'H=MM'c=BAF;CDAD?>d'AF?'@;R?>'AF=A'=C?'AF?'R?>AD@=AD;@';N'<=@I'?RQ?>'=@R'cFBKd'AF?'@;R?>'
AF=A'=C?'AF?';CDQD@>';N'<=@I'?RQ?>U'%BAF;CDAD?>'=C?'O?K>DA?>'ODAF'='FDQF'VD>DKDMDAI'=@R'A;O=CR'OFDHF'
<BHF';N'AF?'AC=NNDH'D>'=RRC?>>?RU'*;'PBA'DA'>D<PMIE'=BAF;CDAD?>'=C?'HDA?R'='M;A'OFDM?'FBK>'HDA?'='M;AU'1BK>'
=C?'P;CA=M>';C'O?K>DA?>'AF=A'C?N?C?@H?'<=@I';AF?C'>DA?>'D@'AF?'@?AO;CTU':;AF'=BAF;CDAD?>'=@R'FBK>'A?@R'
A;'K?'D@NMB?@AD=M'@;R?>'D@'AF?'H;CPB>U'
4M?=>?'@;A?'AF=AE'H;B@AD@Q'D@K;B@R'=@R';BAK;B@R'MD@T>E'O?';@MI'A=T?'D@A;'H;@>DR?C=AD;@'AF?'H;@@?HAD;@>'
ODAFD@'AF?'H;CPB>'^=@R'@;A'=MM'AF?'FIP?CMD@T>'AF=A';@?'O?K>DA?'C?H?DV?>';C'>?@R>_U'(=ABC?UH;<'N;C'
D@>A=@H?E'D>'H?CA=D@MI'=@'=BAF;CDAI'D@'AF?'+?KE'KBA'DA'D>'@;A'D@';BC'@?AO;CT'^R?>PDA?'DA>'H?@AC=M'P;>DAD;@_U'
'
2$%+."'33'4'Q)-3:'1+,G).$,$"#\',G"',"&'0)#,'=$,"!'#$,"#'$&',G"'=).-+#'],)-'$&!"%.""^'
'
'
2$%+."'39'4'Q)-3:'G+/#\',G"',"&'#$,"#'=$,$&%',G"'0)#,'),G".'#$,"#'$&',G"'=).-+#'],)-')+,!"%.""^'
JMM5STJQSAO'QA'RSAU9:'
%HH;CRD@Q'A;'='P;O?C'M=O';NA?@'N;B@R'D@'AF?'+?K'^=@R'D@'Q?@?C=M'D@'@=ABC=M'@?AO;CT>'=HH;CRD@Q'A;'
:=C=K=>DE'788h_E'AF?'RD>ACDKBAD;@';N'AF?'D@R?QC??'D>'V?CI'>T?O?R'D@'AFD>'QC=PFE'ODAF'AF?'AFC??'<;>A'HDA?R'
O?K>DA?>'F=VD@Q'7u'A;'mW'D@K;B@R'MD@T>E'OFDM?'AF?'C?>A';N'AF?'A;PW8'V=CD?>'NC;<'Wu'A;'WhU'"A'D>'C?<=CT=KM?'
AF=A'=MM'AFC??'<=D@'=BAF;CDAD?>';N'AF?'QC=PF'=C?'M;H=A?R'D@'HMB>A?C':'c"@A?C@=AD;@=M'"@>ADABAD;@>dU'*F?'C?>A'
;N'AF?'A;PW8'^?XH?PA'N;C';@?'=BAF;CDAI'D@'HMB>A?C'L_'D>'M;H=A?R'D@'HMB>A?C'%'c(`,>'=@R'#;HD=M'3;V?<?@AdE'
OF;>?'FDQF'R?@>DAI';N'H;@@?HAD;@'@=ABC=MMI'PC;RBH?'M;H=M'=BAF;CDAD?>U'
%>'N;C'AF?'FBK>E'<;C?'AF=@'='F=MN';N'AF?'A;PW8'^=@R'AF?'m'KDQQ?>A'FBK>_'D>'M;H=A?R'D@'AF?'HMB>A?C'%'=@R'
=Q=D@'AF?'R?@>DAI';N'>BHF'HMB>A?C'H=@'PC;VDR?'=@'?XPM=@=AD;@U'"A'D>'D@A?C?>AD@Q'A;'C?<=CT'AF?'PC?>?@H?';N'
=@'D<P;CA=@A'FBK'c"$L('L;@QC?>>d'D@'='KCDRQD@Q'P;>DAD;@'K?AO??@':'=@R'LU'
SOQBRMRBQJQSAO'
*F?'<=D@'=BAF;CDAD?>';N'AF?'@?AO;CT'=C?'D@A?C@=AD;@=M'D@>ADABAD;@>'=@R'AFD>'>A=AB>'>??<>'A;'RCDV?'='M=CQ?'
=<;B@A';N'FIP?CMD@T>'A;'AF?<U'*F?'AFC??'M=CQ?>A'=BAF;CDAD?>'^B@H>R78W7U;CQE'B@U;CQ'=@R'B@?PU;CQ_'=C?'
M;H=A?R'D@'HMB>A?C':U'*F?'FDQF'R?@>DAI';N'AFD>'HMB>A?C'=@R'AF?'M=HT';N'>BK[HMB>A?C>'=C?'M=CQ?MI'RB?'A;'AF?'
H?@ACDP?A=M'N;CH?';N'AF?>?'AFC??'O?K>DA?>U'*F?>?'AFC??'O?K>DA?>'=C?'F;O?V?C'M;H=M'=BAF;CDAD?>0'?V?@'DN'
AF?I'C?H?DV?'MD@T>'NC;<';AF?C'HMB>A?C>E'AF?'M=CQ?>A'P=CA';N'AF?DC'@?DQFK;C>'C?<=D@>'ODAFD@'HMB>A?C':U'
&;;TD@Q'=A';BAQ;D@Q'MD@T>E'QDV?@'AF?'FDQF'RDQDA=M'<;KDMD\=AD;@'O?';K>?CV?R'D@'c(`,>'=@R'#;HD=M'
3;V?<?@A>dE'DA'D>'@;A'>BCPCD>D@Q'AF=A'<;>A'FBK>'=C?'D@'HMB>A?C'%'=@R'AF=A'AF?>?'>DA?>'H;CC?>P;@R'A;'V?CI'
=HADV?'H;<<B@DAD?>0'"(`%U;CQUKCE'-BC=M4;V?CAI4;CA=MU;CQ'=@R',)L,UH;<UKC'=C?'>AC;@QMI'?@Q=Q?R';@'
CBC=M'?H;M;QIZ'%R!DV;UH;<UKC'=@R'5;CB<:CWfhUKM;Q>P;AUNC';@'3=CXD>A'bB?>AD;@>U'
LU'!"#$%&"n"(`'(,9)'L,&,-#'
*F?'M=>A'AC=@>N;C<=AD;@'O?'O;BMR'MDT?'A;';P?C=A?';@';BC'@?AO;CT'D>'A;'H;M;C'DA>'@;R?>'=HH;CRD@Q'A;'AF?'
H=A?Q;CD?>'A;'OFDHF'AF?I'K?M;@QU'*FD>'>A=Q?E';N'H;BC>?E'D>';@MI'P;>>DKM?'DN'AF?'@;R?>'F=V?'K??@'
H=A?Q;CD\?R'K?N;C?F=@RU'*;'K?'>BC?E'AF?'>=<?'@;R?>'H=@'=@R'^OF?@'P;>>DKM?_'>F;BMR'K?'HM=>>DND?R'
=HH;CRD@Q'A;'RDNN?C?@A'>I>A?<>';N'HM=>>DNDH=AD;@U')=HF'HM=>>DNDH=AD;@'>I>A?<'D>'PC;Y?HA?R';@'AF?'@?AO;CT'=>'
='M=I?C';N'H;M;C>'=PPMD?R'A;'AF?'>=<?'K=>?[<=PU'"@';BC'H=>?E'AF?'@;R?>';N'AF?'@?AO;CT'F=R'K??@'
H=A?Q;CD\?R'=A'AF?'<;<?@A';N'AF?'F=CV?>AD@Q'=HH;CRD@Q'A;'AO;'RDNN?C?@A'>I>A?<>';N'HM=>>DNDH=AD;@0'AF?'
=PPC;=HF'A;'?H;M;QI'AF=A'D@>PDC?>'AF?<E'=@R'AF?'M=@QB=Q?'D@'OFDHF'AF?I'=C?'OCDAA?@U'9C=OD@Q';@'AF?>?'
HM=>>DNDH=AD;@>E'O?'H=@'B>?'AF?'P=CADAD;@'P=@?M'D@'`?PFD'A;'=AACDKBA?'='RDNN?C?@A'FB?'A;'?=HF'AIP?';N'@;R?>U'
"A'D>'D<P;CA=@A'A;'C?<D@R'AF=A'AF?'H;M;C'D>'='@;@[<DX=KM?'VD>B=M'V=CD=KM?U'%'@;R?'H=@'K?'C?R';C'KMB?E'N;C'
?X=<PM?E'KBA'@;A'AF?'AO;'=A'AF?'>=<?'AD<?U'+F?@'H=A?Q;CD\D@Q'@;R?>E'DA'D>'AF?C?N;C?'@?H?>>=CI'A;'
?<PM;I'"_=*+#$D"'H=A?Q;CD?>U'%'O?K>DA?E'N;C'?X=<PM?E'>F;BMR'K?'H=A?Q;CD\?R'=>'5C?@HF';C')@QMD>FE'KBA'@;A'
=>'K;AFU'"N'K;AF'M=@QB=Q?>'=C?'PC?>?@A';@'AF?'>=<?'O?K>DA?>E'C?>?=CHF?C>'H=@'=RR'=@'=RRDAD;@=M'H=A?Q;CI'
{<BMAD[MD@QB=M{'^OFDHF'D>'=M>;'?XHMB>DV?_U'
'
2$%+."'3?'4'O)!"#');',G"'&",I).>'=)*)."!'/K'1--.)1=G'617'1&!'*1&%+1%"'6/7''
'
mU'1,+'*,'-)%9'*1)'9"#*-":$*",(',5'L,&,-)9'L%*)`,-")#'
RBJHSOF'MRSOTSM5B'
1=VD@Q'H;M;C?R'AF?'@;R?>';N';BC'QC=PFE'O?'H=@'@;O'?X=<D@?'F;O'AF?'H;M;C>'=C?'RD>ACDKBA?R'D@'AF?'
RDNN?C?@A'C?QD;@>';N'AF?'@?AO;CTU'"@'P=CADHBM=CE'DA'D>'D@A?C?>AD@Q'A;';K>?CV?'DN'AF?'@;R?>';N'AF?'>=<?'H;M;C'
A?@R'A;'K?'HM;>?C'AF=@'@;R?>';N'RDNN?C?@A'H;M;C>'i'HC?=AD@Q'='H;CC?>P;@R?@H?'K?AO??@'AF?',K-)*)%K'=@R'
AF?',)-)*)%K';N'AF?'@?AO;CTU'+F?@'>BHF'H;CC?>P;@R?@H?'D>';K>?CV?R'DA'H=@'K?'B>?R'=>'='K=>D>'A;'?XPM=D@'
AF?'P=AA?C@>';K>?CV?R'D@'AF?'@?AO;CTU'
,N'H;BC>?E'AF?'H;CC?>P;@R?@H?'K?AO??@'H=A?Q;CD?>'=@R'HMB>A?C>'D>'@;A'=MO=I>'KDY?HADV?0';@?'H=A?Q;CI'
R;?>'@;A'=MO=I>'H;CC?>P;@R'A;';@?'HMB>A?CU',@?'H=A?Q;CI'<=I'H;M;@D\?'<;C?'AF=@';@?'HMB>A?C'=@R'AO;'
;C'<;C?'H=A?Q;CD?>'H=@'=>>;HD=A?'A;'N;C<'='>D@QM?'HMB>A?CU'#ADMME'DN'AF?'@;R?>';N'AF?'>=<?'H;M;C'A?@R'A;'K?'
HM;>?C'AF=@';AF?C>E'AF?C?'D>'QC;B@R'N;C'D@A?CPC?A=AD;@U'%@'D@A?C?>AD@Q'?X=<PM?';N'AFD>'>DAB=AD;@'D>'
PC;VDR?R'KI'AF?'>;[H=MM?R'cF=DCK=MM'@?AO;CT>dU'*F?>?'=C?'QC=PF>'AF=A'R;'@;'>F;O'=@I'VD>DKM?'
HMB>A?CD\=AD;@'=@R'=C?'AF?C?N;C?'RDNNDHBMA'A;'=@=MI\?'VD>B=MMIU'1;O?V?CE'OF?@'AF?DC'@;R?>'=C?'H;M;C?RE'='
P;M=CD\=AD;@'<=I'=PP?=CU')V?@'AF;BQF'AF?'R?@>DAI';N'H;@@?HAD;@'D>'F;<;Q?@?;B>'=MM';V?C'AF?'QC=PFE'
@;R?>';N'RDNN?C?@A'H=A?Q;CD?>'<=I'>ADMM'K?'VD>B=MMI'>?P=C=A?RU'
5D@=MMIE'OF?@'RDNN?C?@A'M=I?C>';N'HM=>>DNDH=AD;@'=C?'PC?>?@AE'DA'D>'D@A?C?>AD@Q'A;'H;<P=C?'AF?<'=@R';K>?CV?'
O?AF?C'AF?'RDNN?C?@A'HM=>>DNDH=AD;@>'PC;RBH?'AF?'>=<?'K;CR?C>'D@'AF?'@?AO;CTU',NA?@'AFD>'D>'@;A'AF?'H=>?'
=@R'>;<?AD<?'AFD>'?XPM=D@>'OFI'AF?'H;CC?>P;@R?@H?'K?AO??@'H=A?Q;CD?>'=@R'HMB>A?C>'D>'@;A'KDY?HADV?U'
JMM5STJQSAO'QA'RSAU9:'
*F?'<;>A'D@A?C?>AD@Q'RDNN?C?@H?>'K?AO??@'AF?'O?K>DA?>';N';BC'@?AO;CT'H;@H?C@'AF?DC'RDNN?C?@A'
=PPC;=HF?>'A;'?H;M;QIU'"@'P=CADHBM=CE'DA'D>'P;>>DKM?'A;'ND@R'D@';BC'H;CPB>'O?K>DA?>'H;CC?>P;@RD@Q'A;'AF?'
AFC??'<=D@'r>HF;;M>]'R?>HCDK?'D@'AF?'MDA?C=ABC?';@'?H;M;QIm0'
'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''
m'LNCU'D@'AFD>'V=>A'MDA?C=ABC?E'9D?QB?>E'7888Z'.;PP?>E'WeueZ'#D<;@@?AE'WegeZ'&DPD?A\E'78W7Z'&=A;BCE'788oZ'1?CK?CE'
WefoZ':C=<O?MME'WeueZ'&I@A;@E'WeueZ'&=>F')A'%ME'WeefZ'n?@H?IE'WeueZ'9=MIZ'L;KKE'WeueU'
>2$#&,%Q$2,2FP0'?XPM=D@>'?@VDC;@<?@A=M'R?QC=R=AD;@'=>'='C?>BMA';N'H=PDA=MD><'=@R'FD?C=CHFDH=M'
RDVD>D;@'D@'>;HD?AIU'"A'=RV;H=A?>'='C?ABC@'A;'PCD<DADV?'H;<<B@DA=CD=@'>I>A?<>U'
U((C%Q$2,2FP0'R??P'?H;M;QI'=CQB?>'AF=A'@=ABC?'O=>'@;A'QDV?@'A;'FB<=@>E'OF;'F=V?'@;'CDQFA'A;'
B>?';C'?XPM;DA'DAU'*F?';KY?HADV?';N'AFD>'AIP?';N'?H;M;QI'cD>'A;'PC?>?CV?'AF?'@=ABC?';N'='F;>ADM?E'
?>>?@AD=MMI'=QQC?>>DV?'FB<=@DAId'^&DPD?A\E'78W7E'PU'om_U'
8(M%($2,2FP0'?<?CQ?R'D@'AF?'f8>E'@?O'?H;M;QI'D>'RDC?HAMI';PP;>?R'A;'H;@>B<?CD><U'
%@'=RRDAD;@=M'H=A?Q;CIE'9'((+%Q$2+2*PE%F=>'K??@'=RR?R'A;'AF?>?'A;'=HH;B@A'N;C'='M=CQ?'@B<K?C';N'
O?K>DA?>'^h7|';N'AF?'H;CPB>_'AF=A'R;'@;A'A;'NDA'D@'=@I';N'AF?'PC?VD;B>'H=A?Q;CD?>'=@R'>??<'A;'K?'B@DND?R'
KI'AF?'N=HA';N'PC;P;>D@Q'='>I@?CQI'K?AO??@'?H;M;QI'=@R'<=CT?A'?H;@;<IU'5D@=MMIE'=>'=MO=I>E'AF?C?'=C?'
H=>?>'AF=@'H=@@;A'K?'PDQ?;@F;M?R'D@'=@I'H=A?Q;CI'=@R'=C?'AF?C?N;C?'HM=>>DND?R'=>'c:)"('.dU'
5DQU'Wo'>F;O>'='HM?=C'H;CC?M=AD;@'K?AO??@';BC'H=A?Q;CD\=AD;@'=@R'AF?'A;P;M;QI';N'AF?'@?AO;CT0'=>'?=HF';N'
AF?'<=D@'HMB>A?C>'F=>'='RDNN?C?@A'R;<D@=@A'H;M;CU'*F?'HMB>A?C'%'c(`,>'=@R'#;HD=M'3;V?<?@A>d'D>'
R;<D@=A?R'KI'AF?'>;HD=M'?H;M;QI'=PPC;=HFE'AF?'HMB>A?C':'c"@A?C@=AD;@=M'"@>ADABAD;@>d'D>'R;<D@=A?R'KI'AF?'
QC??@'?H;M;QI'=@R'AF?'HMB>A?C'L'c)@VDC;@<?@A=M'(`,>d'KI'R??P'?H;M;QIU'"A'D>'O;CAF'A;'C?<D@R'AF=A'AF?'
>P=AD=MD\=AD;@'=MQ;CDAF<'O?'B>?R'R;'@;A'A=T?'D@A;'H;@>DR?C=AD;@'AF?'H=A?Q;CD?>';N'AF?'@;R?>U'*F?'
H;CC?>P;@R?@H?'K?AO??@'FB?'=@R'P;>DAD;@'D>'='>DQ@';N'>AC;@Q'H;CC?M=AD;@E'>;'>AC;@Q'AF=A'O?'H=@'<=T?'
AF?'FIP;AF?>D>'AF=A'AF?'DR?;M;QDH=M'=QC??<?@A'D>'='<=Y;C'RCDV?C';N'AF?'H;@@?HADVDAI'D@';BC'@?AO;CTU'
'
2$%+."'3N'4'J**'01$&'=*+#,".#'G1D"'1'!$#,$&=,$D"'=)*).'
'
L;M;CD@Q'AF?'O?K>DA?>'=HH;CRD@Q'A;'AF?DC'M=@QB=Q?'^NDQU'WhK_E'O?';K>?CV?'=Q=D@'='>AC;@Q'H;CC?>P;@R?@H?'
K?AO??@'AIP;M;QI'=@R'A;P;M;QIU'LMB>A?C'%'D>'M=CQ?MI'H;<P;>?R'KI'4;CABQB?>?'O?K>DA?>E'HMB>A?C':'D>'
RDVDR?R'K?AO??@')@QMD>F'=@R'<BMADMD@QB=M'O?K>DA?>'=@R'HMB>A?C'L'D>'<;>AMI'D@')@QMD>FU'#D@H?'AF?'PC;XD<DAI'
D@'AF?'D<=Q?'D@RDH=A?>'AF?'^RDC?HA';C'D@RDC?HA_'H;@@?HAD;@E'O?';K>?CV?'='^@;@[>BCPCD>D@Q_'A?@R?@HI'A;'MD@T'
O?K>DA?>';N'AF?'>=<?'M=@QB=Q?U'
"A'D>'D@A?C?>AD@Q'A;';K>?CV?'AF?'MD@QBD>ADH'P;M=CD\=AD;@';N'HMB>A?C':'c"@A?C@=AD;@=M'"@>ADABAD;@>zE'ODAF')@QMD>F'
>DA?>'=A'AF?'A;P'=@R';N'<BMADMD@QB=M'>DA?>'=A'AF?'K;AA;<U'*F;BQF'HM?=C[HBAE'AF?'MD@QBD>ADH'>?P=C=AD;@'D@'AF?'
HMB>A?C'D>'@;A'>AC;@Q'?@;BQF'A;'PC;RBH?'='>ACBHABC=M'F;M?'>?P=C=AD@Q'AO;'RDNN?C?@A'>BK[HMB>A?C>U'"A'=M>;'
D@A?C?>AD@Q'A;'C?<=CT'AF=A'HMB>A?C'L'c)@VDC;@<?@A=M'(`,>d'D>'=M>;'R;<D@=A?R'KI')@QMD>F'O?K>DA?>'=@R'
I?A'DA'R;?>'@;A'<?CQ?'A;'HMB>A?C':U'"@'AFD>'H=>?E'AF?';CQ=@D\=AD;@=M'^(`,>'!#'D@A?C@=AD;@=M'D@>ADABAD;@>_'
=@R'DR?;M;QDH=M'RDNN?C?@H?>'^R??P'?H;M;QI'!#'QC??@'?H;@;<I_'>??<'>AC;@Q?C'AF=@'MD@QBD>ADH'K;B@R>U'
SOQBRMRBQJQSAO'
9C=OD@Q';@'AF?'AF?<=ADH'=@R'MD@QBD>ADH'H=A?Q;CD\=AD;@E'AF?'>?P=C=AD;@'K?AO??@'HMB>A?C'%'=@R':'=PP?=C>'
?V?@'R??P?C'AF=A'O?'D@DAD=MMI'>B>P?HA?RU'*F?'AO;'HMB>A?C>'=C?';PP;>?R'KI'AF?'AIP?';N';CQ=@D\=AD;@'AF=A'
H;<P;>?>'AF?<'^=>>;HD=AD;@'!#'D@>ADABAD;@>_E'KI'AF?DC'=PPC;=HF'A;'?H;M;QI'^>;HD=M'?H;M;QI'!#'QC??@'
?H;@;<I_'=@R'KI'AF?DC'M=@QB=Q?'^4;CABQB?>?'!#')@QMD>F'=@R'<BMADMD@QB=M_U'*FD>'MD@QBD>A'RDNN?C?@H?'>??<>'
=M>;'A;'D<PMI'='RDNN?C?@A'Q?;QC=PFDH=M'N;HB>'^M;H=M'!#'QM;K=M_U'"@'AFD>'>?@>?'DA'D>'D@A?C?>AD@Q'A;'C?<=CT'AF=A'
AF?')@QMD>F'P;M?';N'HMB>A?C':'D>'HM;>?C'A;'%'^<;C?'H;@@?HA?R_'AF=@'AF?'<BMADMD@QB=M'P;M?U'
,@'AF?';AF?C'F=@RE'AF?'>ACBHABC=M'F;M?'K?AO??@':'=@R'L'H=@@;A'K?'?XPM=D@?R'KI'M=@QB=Q?'=@R'R?CDV?>'
PC;K=KMI'NC;<'AF?'RDNN?C?@A'P;>DAD;@>'D@'AF?'R?K=A?U'+?'H=@'=M>;';K>?CV?'AF=A'OFDM?'4;CABQB?>?'
O?K>DA?>'HMB>A?C'A;Q?AF?CE')@QMD>F'O?K>DA?>'R;'@;AU'+FDM?'4;CABQB?>?'D>'AF?'M=@QB=Q?'>F=C?R'KI'='
H;<<B@DAI';N'M;H=M'=HADVD>A>E')@QMD>F'>??<>'A;'K?'='@?BAC=M'M=@QB=Q?'B>?R'A;'=RRC?>>'=@'D@A?C@=AD;@=M'
=BRD?@H?U'
L,(L&$#",(#'
"@'AFD>'P=P?C'O?'F=V?'PC?>?@A?R'K=>DH>';N'VD>B=M'D@V?>ADQ=AD;@';N'@?AO;CT>U'*FD>'A?HF@DbB?E'O?'F;P?E'ODMM'
?XA?@R'AF?'c<=CT?Ad';N'@?AO;CT'=@=MI>D>E'KI'<=TD@Q'AF?'P;O?C';N'@?AO;CT>'=V=DM=KM?'A;'>HF;M=C>'ODAF'
MD<DA?R'<=AF?<=ADH=M'T@;OM?RQ?U':I'AC=@>M=AD@Q'AF?'T?I'@;AD;@>';N'QC=PF'<=AF?<=ADH>'^HMB>A?CD@QE'
=BAF;CDAIE'KCDRQD@Ql_'D@A;'AF?'AFC??'VD>B=M'V=CD=KM?>';N'P;>DAD;@E'>D\?'=@R'FB?E'O?'F=V?'ACD?R'A;'PC;VDR?'
>HF;M=C>'ODAF'<?AF;R>'A;'=@=MI\?'<?RDB<'>D\?R'H;<PM?X'@?AO;CT>'OFDM?'>P=CD@Q'AF?<'<;>A'
<=AF?<=ADH=M'H;<PMDH=AD;@>U'
:BA'AF?C?'D>'<;C?U'4=CA';N'AF?'D@A?C?>A';N'VD>B=M'@?AO;CT'=@=MI>D>'H;<?>'NC;<'AF?'P=CADHBM=C'C?M=AD;@>FDP'
K?AO??@'R=A='=@R'?XP?CAD>?'AF=A'DA'PC;P;>?>U'!D>B=M'=@=MI>D>'?@A=DM>'='H;@AD@B;B>'DA?C=AD;@'K?AO??@'
;K>?CV=AD;@';N'R=A='=@R'D@A?CPC?A=AD;@';N'ND@RD@Q>U'*F?'H;@AD@B;B>'@=ABC?';N'AO;';N'AF?'=@=MIADH'
V=CD=KM?>'^P;>DAD;@'=@R'>D\?_'=@R'AF?'N=HA'AF?'AFDCR'^H;M;C_'R?P?@R>';@'='<=@B=M'H=A?Q;CD\=AD;@'R?<=@R'='
H;@>A=@A'?@Q=Q?<?@A'KI'AF?'C?>?=CHF?CU'+F?C?'=C?'AF?'MD<DA>';N'?=HF'HMB>A?Cp'+FDHF'@;R?>'=C?'H?@AC=M'
;C'<;C?'VD>DKM?p'+FDHF'=C?'AF?'KCDRQ?>p'#P=AD=MD\?R'=@R'C=@T?R'@?AO;CT>'<=I'>BQQ?>A'D@>DQFA>E'KBA'AF?I'
@?V?C'D<P;>?'=@>O?C>'A;'AF?>?'bB?>AD;@>U''
*FD>'F=>'=RV=@A=Q?>'=@R'RC=OK=HT>U'*F?'<=D@'RD>=RV=@A=Q?';N'VD>B=M'=@=MI>D>'D>'AF=A'DA'D>'D<P;>>DKM?'
ODAF;BA'>;<?'PC?VD;B>'T@;OM?RQ?';N'AF?'R=A='=@R'AF?'PF?@;<?@;@'AF=A'AF?I'C?N?C'A;U'+DAF;BA'AF?'F?MP'
;N'9JK;C=E'OF;'F=>'H;@>ACBHA?R'AF?'FIP?CMD@T'@?AO;CT'=@R'OF;'F=>'?XA?@>DV?MI'>ABRD?R'-D;678E'AF?C?'D>'
@;'O=I'O?'H;BMR'F=V?'H=CCD?R';BA'>BHF'=@'D@>DQFANBM'=@=MI>D>U'%>'?V?CI'D@@;V=ADV?'C?>?=CHF'A?HF@DbB?E'
VD>B=M'C?>?=CHF'=@=MI>D>'D>'AC=PP?R'D@'AF?'c?XP?CD<?@A=M'C?QC?>>d'^L;MMD@>E'Wegm_U'#D@H?'K;AF'AF?'<?AF;R'
=@R'DA>';KY?HA>'^AF?'@?AO;CT>';N'FIP?CMD@T>E'HDA=AD;@>E'O;CR>'H;[;HHBCC?@H?l_'=C?'>ADMM'M=CQ?MI'B@?XPM;C?RE'
DA'D>'F=CR'A;'ND@R'='>A=KM?'QC;B@R'A;'?>A=KMD>F'AF?DC'V=MDRDAIU'1;O'H=@'O?'T@;O'AF=A'AF?'P=AA?C@>'AF=A'O?'
QMD<P>?';@'AF?'@?AO;CT>'=C?'@;A'<?C?'=CADN=HA>';N'AF?'>P=AD=MD\=AD;@'=MQ;CDAF<';C'PC;Y?HAD;@';N';BC'
PC?VD;B>'T@;OM?RQ?p'*F?';@MI'O=I';BA';N'AF?>?'R;BKA>'D>'AFC;BQF'AF?'H;@>D>A?@HI'K?AO??@'OF=A'O?'
;K>?CV?'D@'AF?'@?AO;CT'=@R'OF=A'O?'=MC?=RI'T@;O'=K;BA'AF?'PF?@;<?@;@'DA'C?N?C>'A;U'"@';BC'H=>?E'N;C'
?X=<PM?E'O?'O?C?'H;<N;CA?R'KI'ND@RD@Q'='V=>A'>ACBHABC=M'F;M?'K?AO??@'>;HD=M'=@R'R??P'?H;M;QI'P?CN?HAMI'
H;@>D>A?@A'ODAF'AF?'M;@Q'RD>HB>>?R'RDNN?C?@H?'K?AO??@'AF?>?'AO;'=PPC;=HF?>U'"A'D>'=M>;'C?=>>BCD@Q'A;'ND@R'
AF?'O?K>DA?>';N'AF?';CQ=@D\?C>';N'AF?'?V?@A'=C;B@R'OFDHF'AF?'H;CPB>'O=>'KBDMA'^B@H>R78W7U;CQE'B@U;CQ'
=@R'B@?PU;CQ_'=>'AF?'AFC??'M=CQ?>A'=BAF;CDAD?>';N'AF?'@?AO;CT>U'
,BC'VD>B=M'=@=MI>D>E'F;O?V?CE'RDR'@;A'YB>A'H;@NDC<'OF=A'O?'=MC?=RI'T@?O'=K;BA'-D;678'^MDAAM?'D@A?C?>A'
O;BMR'DA'F=V?';AF?COD>?_U'"A'=M>;';NN?C?R'='N?O'@;A=KM?'>BCPCD>?>U'*F?'D<P;CA=@H?'=@R'>?P=C=AD;@';N'AF?'
QC??@'?H;@;<I'HMB>A?C'O=>';@?';N'AF?<E'=>'O?MM'=>'AF?'H?@AC=MDAI';N'LBPBM=9;>4;V;>U;CQUKC'=@R'AF?'
KCDRQD@Q'P;>DAD;@';N'AF?'>DA?';N'DA>'=MA?C@=ADV?'>B<<DAE'-D;78U@?AU'+?'F=V?'=MC?=RI'RD>HB>>?R'AF?>?'=@R'
;AF?C'ND@RD@Q>'D@'AF?'=CADHM?'=@R'O?'ODMM'@;A'H;<?'K=HT'A;'AF?<'D@'AF?'H;@HMB>D;@U'*F?>?'?X=<PM?>'>?CV?'
;@MI'A;'DMMB>AC=A?'AF?'<=D@'=RV=@A=Q?';N'VD>B=M'@?AO;CT'=@=MI>D>U'4C?HD>?MI'K?H=B>?'DA'PC;VDR?>'D@>DQFA>'
=@R'@;A'HM?=C[HBA'=@>O?C>E'AF?'VD>B=M'D@V?>ADQ=AD;@';N'@?AO;CT'D>'PCD<=CDMI'='<?AF;R'N;C'?XPM;C=A;CI'
=@=MI>D>'^*BT?IE'Wegg_U':I'?@H;BC=QD@Q'>HF;M=C>'A;'?@Q=Q?'ODAF'AF?DC'@?AO;CT>'^>;<?AD<?'A;'>ACBQQM?'
ODAF'AF?<_E'VD>B=M'@?AO;CT'=@=MI>D>'N;CH?>'C?>?=CHF?C>'A;'=>>B<?'=@'=HADV?'=AADABR?E'A;'HF=MM?@Q?'=@R'
>?=CHF'QC;B@R'N;C'AF?'PC?VD;B>'T@;OM?RQ?'=@R'A;';P?@'BP'A;'ND@RD@Q>'AF=A'AF?I'<=I'@;A'F=V?'AF;BQFA'
A;U'#;<?AD<?>'VD>B=M'@?AO;CT'D>'NC;O@D@QMI'H;<P=C?R'A;'cA=>>?;QC=PFId'^AF?'=CA';N'D@A?CPC?AD@Q'P=AA?C@>'
D@'A?='M?=V?>E'H;NN??'QC;B@R>E';C'OD@?'>?RD<?@A>_U'*;'='H?CA=D@'?XA?@A'AFD>'H;<P=CD>;@'D>'@;A'=<D>>0'@;A'
B@MDT?'AF?'K?>A'N;C<>';N'RDVD@=AD;@E'VD>B=M'=@=MI>D>'D>'D@R??R'<?=@A'A;'H;@NC;@A'?@bBDC?C'A;'AF?DC'R=A=E'A;'
?XPM;C?'AF?DC'@?AO;CT>E'A;'bB?>AD;@'AF?DC'DR?=>U'"@'AFD>'P=P?CE'O?'F;P?'O?'F=V?'PC;VDR?R'>;<?'QBDR?MD@?'
N;C'DAU'
-)5)-)(L)#'
:%-%:}#"E'%U'&U'&D@T?RU'1;O')V?CIAFD@Q'D>'L;@@?HA?R'A;')V?CIAFD@Q'?M>?'=@R'OF=A'DA'<?=@>'N;C':B>D@?>>E'
#HD?@H?'=@R')V?CIR=I'&DN?U'L=<KCDRQ?0'4MB<?E'788hU'
:?CAD@E'GU'^Wefg_U'([0$)*)%$"'F.1-G$`+"U'4=CD>'['&='1=I?0'3;BA;@U'
:-%3+)&&E'%@@=U'Q$2,2FP%#+%)"(%BW)"%3(+)-'P0'='FD>A;CIU'(?O'/;CT0'/=M?'$@DV?C>DAI'4C?>>E'WeueU'
L=PC=E'5U'^Weef_U'QG"'a"/');'5$;"\'J'O"I'(=$"&,$;$='b&!".#,1&!$&%');'5$D$&%'(K#,"0#U'T)*)&$1*'a1,"./$.!#'^!;MU'78E'PU'
hog_U'R;D0W8U7h8gjWm7Wgeu'
L;MMD@>E'1U'3U'^Wegm_U'*F?'#?V?@'#?X?>0'%'#ABRI'D@'AF?'#;HD;M;QI';N'='4F?@;<?@;@E';C'AF?'-?PMDH=AD;@';N'
)XP?CD<?@A>'D@'4FI>DH>U'()=$)*)%KE'eE'78mi77oU'R;D0W8UWWggj88hu8humgm88e88787'
9")`$)#E'%@A;@D;'L=CM;>'#=@A=@=U':%*#)2%*2;('+2%;&%+&)-'(O&%#+)2$&;&S%#~;'4=BM;0')RDA;C='
1BHDA?HE'7888U'
9%&/E'1?C<=@')UZ'L,::'G-UE'G;F@E':U'X2'%)"(%32**2+%922;0'C?RDC?HAD@Q'AF?')H;@;<I'A;O=CR'
H;<<B@DAIE'AF?'?@VDC;@<?@A'=@R'='>B>A=D@=KM?'NBABC?U':;>A;@0':?=H;@E'WeueU'
5C??<=@E'&U'LU'^7888_U'!D>B=MD\D@Q'#;HD=M'(?AO;CT>U'c)+.&1*');'()=$1*'(,.+=,+."E'W^W_U'
1)-:)-E'&?OD>U'Q$2,2FP%&+;%4(<2,-)#2+&'P%V"2-F")@'WefoU'9D>P;@•V?M'?<0'
€FAAP0jj?K;;TKC;O>?UH;<jQR;HUPFPpDR•hggWuoouW‚BCM•ho7=Wo7NmhuWu8H?=?m7u8=?WHh=uo=hƒU'
%H?>>;'?<0'h'YBMU'78WWU'
G=H;<IE'3UE'!?@ABCD@DE'*UE'1?I<=@@E'#UE'‚':=>AD=@E'3U'^78Wo_U'5;CH?%AM=>7E'='L;@AD@B;B>'`C=PF'&=I;BA'
%MQ;CDAF<'N;C'1=@RI'(?AO;CT'!D>B=MD\=AD;@'9?>DQ@?R'N;C'AF?'`?PFD'#;NAO=C?U'4M;#',@?E'e^f_E'?eufgeU'
R;D0W8UWhgWjY;BC@=MUP;@?U88eufge'
(?O<=@E'3U')U'GU'^788f_U'3;RBM=CDAI'=@R'H;<<B@DAI'>ACBHABC?'D@'@?AO;CT>U'4C;H??RD@Q>';N'AF?'(=AD;@=M'
%H=R?<I';N'#HD?@H?>';N'AF?'$@DA?R'#A=A?>';N'%<?CDH=E'W8h^7h_E'umggiu7U'R;D0W8UW8ghjP@=>U8f8Wf87W8h'
(;=HTE'%U'^788e_U'3;RBM=CDAI'HMB>A?CD@Q'D>'N;CH?[RDC?HA?R'M=I;BAU'4FI>DH=M'-?VD?O')E'ge^7_U'
R;D0W8UWW8hj4FI>-?V)UgeU87fW87'
.,44)#E'LU'WeueU'z)NNDHD?@HIE')bBDAIE')>AF?ADH>Z'#FDNAD@Q'*F?<?>'D@'%<?CDH=@'L;@>?CV=AD;@zU'"@0'+,-#*)-E'
9U'^?RU_U'V"(%Q+;.%26%)"(%Q&')"Y%I('.C($)#<(.%2+%@2;('+%Q+<#'2+*(+)&,%Z#.)2'PU'L=<KCDRQ?0'L=<KCDRQ?'
$@DV?C>DAI'4C?>>U'
&%*,$-E':CB@;U'I2,#)#[-(.%;(%,&%+&)-'(0'H;<<?@A'N=DC?'?@AC?'M?>'>HD?@H?>'?@'RJ<;HC=AD?U'4=CD>0'„RDAD;@>'
&='9?H;BV?CA?E'788oU'
&%#1E'#UZ'#n)-#n/(#."E':UZ'+/(()E':U'4#.5K%Q+<#'2+*(+)%\%@2;('+#)P0'*;O=CR>'='(?O')H;M;QIU'&;@R;@0'
#=Q?E'WeefU'
&"4")*nE'%M=D@U']-^(.)1$(%[-(%,^($2,F#(%C2,#)#[-(/%&='QC=@R?'AC=@>N;C<=AD;@'RB'22"'?'>D…HM?U'4=CD>0'&?>'
4?ADA>'3=AD@>E'78W7U''
&/(*,(E'.?DAF'L=MRO?MMU'R+)('+&)#2+&,%Q+<#'2+*(+)&,%I2,#$P@'9BCF=<E'(ULU0'9BT?'$@DV?C>DAI'4C?>>E'Wee8U'
3;C?@;E'GU'^Wemh_U'aG)'(G1**'(+.D$D"d'(?O'/;CT0':?=H;@'1;B>?'"@HU'
#"3,(()*E'9U'WegeU'&{?H;M;QD><?U'4=CD>0'4$5'^†B?'>=D>[Y?p_'
*BT?IE'GU'+U'^Wegg_U'B_-*).1,).K'H1,1'J&1*K#$#U'-?=RD@Q0'%RRD>;@[+?>M?IU'
n)(L)/E')CDHU'%P;H=MDP>?'@;Op')H;M;QI'=@R'AF?'P?CNDRI';N'9;;<>R=I'VD>D;@>U'T)+(%4(&;('Y'@U'hWE'PU'
e8[ehEWeueU'
'
... The second method concerned automated content analysis. For this, three visual image networks (Ricci, 2017; see also Venturini et al., 2014) were produced using large samples of the data sets (see Figure 11). Images were labeled for what was depicted in the images using Memespector to access Google's Cloud Vision API for automated image recognition. ...
Thesis
Full-text available
Liveness is a key concern in media studies, yet has been mostly theorized as a phenomenon related to broadcasting and is understudied for the Internet and social media. This study is an appeal for preserving liveness as a concept that continuously evolves as new media technologies emerge. The thesis challenges media theory’s conceptualization of liveness as mediated presence to an unfolding reality that exists in and of itself. It asserts that this is not only an outdated understanding, but one that impedes comprehending what “truly being there live” means. Empirical observations and analysis reveal the constructive role live media practices play in realizing live instances. Live instances, this study suggests, are realized when event-joiners align their physical event environment and the various mediated contexts in which they are continuously involved as users of smartphones, social media, TV, and direct messaging apps. It is through their live media practices that they constitute their sense of “being there live” as “being now here together,” in relation to distant times, places, and others. By investigating how live instances are situated in both physical and mediated contexts, this study contributes to and shows valuable directions for future academic research. It also offers tools that can be used for innovating the design of future media and cultural events.
... 8. Despite the simplicity of the associative principle (two nodes share a link or they do not), identification of the clusters also required iterative experimentation. The analysis proceeded through interplay between quantitative (Blondel et al. 2008) and qualitative visual tools (Venturini et al. 2014). 9. ...
Article
The circular economy (CE) is currently generating considerable expectations. The concept describes an aspired future but does not provide clear guidance for policy-making. As policy outcomes often rest on initiatives generated in a bottom-up fashion, our attention must be directed to the ways policies are made accessible and interesting to those who might take the initiative. We claim that on-line publicity plays a key role in this. Our findings from a hyperlink analysis focusing on a government funding call for nutrient recycling in Finland show how multiple versions of the policy topic unfold online, as emergent hyperlink clusters prioritize specific agents, material circuits, and policy visions over others. The topic becomes connected with activities and agendas to create path dependencies and to strengthen existing divisions rather than to advocate change. Thus, we argue that CE policy design must recognize the way policy is shaped through online publicity creation.
... We visualized the assemblage in a VNA using the open-source platform Gephi. Much like the notion of policy assemblage, the main aim of VNA is to visually present the relational composition of a specific phenomenon by using qualitative data and give room for an analysis of the effects such relationships might generate (Venturini et al., 2016). We manually plotted in our findings based on the coding scheme below. ...
Article
Full-text available
Increasingly, school leaders and teachers are being expected to use digital technologies to collect data to analyze, plan and organize teaching and learning. Such expectations can be traced to a number of policy initiatives over the last decade. This study is concerned with how educational policy puts forward ambitions of digital school leadership and teaching practices by deploying the concept of policy assemblage. We analyzed six policy documents from Ireland and Norway to identify the actors assembled to fulfill governmental ambitions and practices with digital technologies in schools. The unpacking of actors that may partake in such assemblages was visualized and analyzed using visual network analysis. The findings indicate digital school leadership and teaching practices in Ireland and Norway have the potential to be steered by digital actors that facilitate multiple activities at once and shed light on the diverse and multifaceted relationships that make up these governing practices.
... Consequently, it is often used in humanities and social science research. Its designers present Gephi as a tool for 'Visual Network Analysis' (Heymann, 2010;Venturini et al., 2015), thereby placing the emphasis on interfacing with and 'reading' network visualization. In this contribution we wish to sketch two reading positions with regard to network visualizations: that of the researcher engaging in exploratory data analysis (EDA), and that of an audience member to whom research results are offered via the (scientific) image of a network diagram. ...
Chapter
Full-text available
Today we are witnessing an increased use of data visualization in society. Across domains such as work, education and the news, various forms of graphs, charts and maps are used to explain, convince and tell stories. In an era in which more and more data are produced and circulated digitally, and digital tools make visualization production increasingly accessible, it is important to study the conditions under which such visual texts are generated, disseminated and thought to be of societal benefit. This book is a contribution to the multi-disciplined and multi-faceted conversation concerning the forms, uses and roles of data visualization in society. Do data visualizations do 'good' or 'bad'? Do they promote understanding and engagement, or do they do ideological work, privileging certain views of the world over others? The contributions in the book engage with these core questions from a range of disciplinary perspectives.
... Analysis of leverage professional interview transcripts allowed relational dimensions to be identified and analysed. This was explored in terms of the value of shared knowledge, and what 17 The computer program principles of visual network analysis are covered by Venturini et al. (2014), and Gephi principles are covered more specifically by Bastian et al. (2009). I refer to as the "knowing of each other", use of a common language and levels of trust. ...
Thesis
Full-text available
The aim of this study is to deploy and develop technological systems of innovation (TIS) (the dominant approach to explaining the functions of an eco-innovation system) to account for the current status of the forestry-products biorefinery innovation system in South Africa, and the role that the knowledge network and individuals within it play in expediating the uptake of biorefinery technologies in South Africa. TIS tends to not explicitly consider the role of the individual, as it predominantly refers to the actor or organisational level, a shortcoming this thesis addresses. To this end, the thesis interrogates three sets of research questions: (a) how collaborative is South Africa’s forestry-products biorefinery innovation system? (b) what are the dynamics of the knowledge network associated with South Africa’s forestry-products biorefinery innovation system? and (c) who are the key leverage professionals in the forestry-products biorefinery innovation system?
Article
Full-text available
Motivational factors have long attracted the attention of researchers and educators with their potential to shed light on what drives effective language learning. Although current research now views language learning motivation as a Complex Dynamic System (CDS), there is a dearth of empirical studies utilizing network analysis to understand how motivational systems operate. This exploratory study investigated the structure and connectivity of a second language (L2) motivational factor network, as well as its central relational links by using network analysis and graph visualizations. Findings suggest that L2 motivational factors rarely act alone and unique communities of L2 motivational factors can be identified. Furthermore, certain factors play a central role by connecting together a multitude of other factors and act as bridges between these communities. Learners' physical and emotional states, as initial conditions in the CDS, were key factors in tying communities together. The findings also indicate that motivating and demotivating factors do not only connect with factors of similar polarity (i.e., motivating or demotivating), they are also well‐connected to each other, suggesting their interaction keeps the motivational system dynamic.
Article
Full-text available
This paper examines how speed shapes internet culture. To do so, it analyses ‘memetic moments’ on Twitter, short-lived and rapidly circulated memes that quickly reach saturation. The paper examines two ‘memetic moments’ on Twitter in 2018 and 2019 to assess how they develop over time. Each case study comprises a week’s worth of relevant tweets that were analysed for temporal patterns. We analyse these ‘memetic moments’ through Lefebvre’s (2004) work on rhythmanalysis, arguing that the temporal patterns of memes on Twitter can be understood through his concepts of repetition, presence and dialogue. While seemingly trivial, memetic moments underscore the didactic relationship between social media and news media while also providing a way to approach complex social issues.
Chapter
Full-text available
Reading across the contributions of this book, this comment argues for a “Caring for big data” in critical proximity with the tools and techniques of data scientific practices. Contrary to a critically distant position, caring for big data in critical proximity is to practice it differently. It raises the question of how tools for data harvest, analysis, and visualization should be designed if the task was taken on from inside digital migration studies.
Chapter
Full-text available
This chapter comes out of two separate research projects carried out in Colombia, South America. One, finished in 2017, was called City of Data. It was an exploration of government-led, centralised Smart City projects in the cities of Bogotá and Medellín. The other, still ongoing, is called Communication Practices in the Medellín’s Gardeners Network. It is an exploration of grass-roots gardening initiatives in Cali, Bogotá and Medellín. Both projects had to do with approaches to public data: some ‘centralised’, government-led in the form of Smart City projects and others, more in the form of citizen-led initiatives. We analysed documents, conducted semi-structured interviews with dozens of officials and citizen group leaders, and carried out participatory research. Our main goal was to analyze government-led and grass-roots-led initiatives producing and managing data to empower citizens in Medellín and Bogotá. Our theoretical perspective comes from Critical Data Studies, Decoloniality and Relational Ontologies. We found very closed and centralized data production practices in the government-led, smart city initiatives studied, but discovered what could be described as promising ‘good data’ citizen-led approaches in Medellín’s Gardeners Network (RHM). We also found some issues and challenges arising from the particular, non-Western, highly unequal context of these citizen-led initiatives.
Article
Full-text available
The internet is an increasingly influential actor and arena for debating emerging sustainability controversies, but studies often overlook the role of visualisations in online spreading of information. This paper offers a way to better understand this role: what images do competing online actors use, are there differences between opponents and proponents, differences between internet regions, and are there shifts in their online visualisations over time? Adopting a controversy studies perspective and the digital methods approach, we studied the online spread of visual information. We compared the use of visualisation about shale gas on top-ranked pages in the internet regions of South Africa, Mexico and the United Kingdom in 2018 and 2019. The results indicate a connection between the actor’s standpoints in the controversy and the type of image used. In Mexico, proponents and neutrals used, most of all, photographs of people (officials). Opponents posted more data visuals. South African and British neutral actors used more data visuals, while proponents posted landscapes and opponents photographs of people (protesters). Also, we noticed that changes in the actor’s position in the controversy between 2018 and 2019 coincided with changes in the use of type and content of visualisations. Context-specifics of each country offered possible explanations for these shifts in standpoint and visualisation of the controversy. Our study indicates that visuals are highly relevant digital objects in public debate and the decision-making process.
Article
Full-text available
Gephi is a network visualization software used in various disciplines (social network analysis, biology, genomics…). One of its key features is the ability to display the spatialization process, aiming at transforming the network into a map, and ForceAtlas2 is its default layout algorithm. The latter is developed by the Gephi team as an all-around solution to Gephi users' typical networks (scale-free, 10 to 10,000 nodes). We present here for the first time its functioning and settings. ForceAtlas2 is a force-directed layout close to other algorithms used for network spatialization. We do not claim a theoretical advance but an attempt to integrate different techniques such as the Barnes Hut simulation, degree-dependent repulsive force, and local and global adaptive temperatures. It is designed for the Gephi user experience (it is a continuous algorithm), and we explain which constraints it implies. The algorithm benefits from much feedback and is developed in order to provide many possibilities through its settings. We lay out its complete functioning for the users who need a precise understanding of its behaviour, from the formulas to graphic illustration of the result. We propose a benchmark for our compromise between performance and quality. We also explain why we integrated its various features and discuss our design choices.
Article
The replication of scientific experiments is discussed stressing the problem of communication between the originator of an experiment and a scientist intending to replicate it. Models of communication are set up, with reference to established fields. A more marginal field is then investigated in the light of these models and it is concluded that scientists in the latter field should not be seen as engaged in replicating original experiment, but in negotiating the rules of replication, and hence the nature of the phenomenon under investigation.