PÁG.
1
MESSAGE FROM THE CEO
Feeding the world and people with the best there is and in an increasingly
sustainable manner. That is our aspiration at JBS.
As we present our results for 2020, it is fair to say that this year has probably been
one of the most challenging of our lives. For us, closing our door or working from
home was not an option. As a result, JBS set a priority: to ensure the health and
safety of our team members in order to fulfill our responsibility of providing food
for the world. But we went much further by also supporting the communities where
we are located.
Around the world, we invested R$ 2.8 billion during 2020, in preventive measures
for our workforce and in social responsibility initiatives. Thanks to the Fazer o Bem
faz Bem in Brazil, and Hometown Strong in the USA and Canada, we made a positive
impact on hundreds of local communities where we live and work. This work
continues in 2021.
It was only thanks to these initiatives and the dedication of our worldwide team
that we were able to achieve the strong results we are presenting today.
We achieved a net revenue of R$270 billion, EBITDA of R$29.6 billion and free cash
flow of R$17.8 billion.
With a low leverage, we channeled our strong free cash flow generation towards: 1)
making important acquisitions, like the Bunge margarine business and the caseready manufacturing units of Empire Packing; 2) organic growth, investing in
expanding our production capacity; 3) shareholder returns, by distributing dividends
and the share repurchase plan and 4) reducing our net debt in dollar terms.
Our business model of diversification in both our portfolio and geographic presence
in 13 countries, turned out to be the right strategic choice. We showed agility and flexibility in adapting to new consumer habits. A
decisive factor was our ability to innovate, the fruit of our consistent investments in research and development, where value-added
options always are a priority.
We are strengthening our position as a value-added product company with over 70 brands present in 190 countries. Our objective is
to have 10 global brands with sales over US$1 billion.
However, successful operations are not enough. The population of the world is growing, and we need to continue to produce more
food using fewer resources. At JBS, sustainability is the primary focus of our entire business strategy.
We have just announced our commitment to be Net Zero by 2040. We are going to achieve net zero greenhouse gas emissions by
reducing direct and indirect emission intensities, while offsetting residual emissions. Global warming is one humanity’s greatest
challenges, and we want to be part of the change. As a first step, we will present a science-based plan that is consistent with the
criteria established by the Science-Based Targets initiative (SBTi).
The initiative reflects our long-standing commitment to sustainability. In Brazil, for example, for more than ten years, we have
managed one of the world’s largest supplier monitoring systems. We are setting up a ground-breaking system that uses blockchain
technology to reach other links in our supply chain. We are at the final stages of testing for the system and, in the weeks ahead, we
will begin registration of the first producer participants. We now have 3 Green Offices operating, and we will open another 10 in April
to support supplier partners in complying with our strict socioenvironmental criteria.
In 2020, we also launched the JBS Fund for the Amazon, part of which includes investments that will be directed to science and
innovation projects. We want to be the driver of the bio-economy, demonstrating that protected forests produce even more wealth.
We have just approved the first projects for support.
We are investing in the circular economy by creating companies within JBS that will enable us to innovate and minimize
environmental impact. We have transformed our waste management into a profitable business that generates jobs and income. And
we have received international recognition for our efforts. Today, we are the best-placed Brazilian company in our sector in the
respected sustainability ranking of CDP. In the Coller Fairr Protein Producer Index, we are among the top 10 in the ranking.
The issue of governance continued to evolve in 2020. We undertook 190,000 training sessions for our team members around the
world. Our global Code of Ethics has been revised to ensure it continues to evolve, and we have launched our Global Anticorruption
Policy.
All these actions and initiatives have helped us make it to this moment. Of course, we could not have achieved these
accomplishments without resilience, responsibility and innovation. The horizon holds many challenges, but I remain optimistic,
convinced that we are on the right path.
Gilberto Tomazoni, CEO Global JBS
PÁG.
2
PÁG.
3
COMPANY
PROFILE
JBS S.A. is a food company with more than 60 years of
tradition and a global leader in the processing of animal
protein. With operations in more than 13 countries, the
Company serves more than 275,000 customers in
approximately 190 countries through a diversified portfolio
of products and brands.
JBS operates through five business units throughout the
world, as follows:
Headquartered in Brazil, JBS employs more than 250,000
people throughout its production platforms and sales offices
around the world. The structure includes beef, pork, lamb,
poultry and leather processing facilities, in addition to cattle
and sheep feedlots.
In addition to the food sector, the Company also operates in
segments related to the value chain, such as leather,
personal care and cleaning products, collagen, metal
packaging, casings, biodiesel, transportation, waste
management and recycling.
JBS Brazil: beef and leather production in Brazil; and
related business operations in Brazil.
Seara: poultry and pork processing and production of
prepared products in Brazil.
JBS USA Beef: beef processing and prepared foods
production in the United States, Australia and Canada.
JBS USA Pork: pork processing and prepared foods
production in the United States.
Pilgrim’s Pride: poultry and pork processing and prepared
foods production in the United States, Europe and
Mexico.
GLOBAL PRODUCTION AND
SALES PLATFORM
More than 450 production units and sales
offices in more than 20 countries
3% CANADA
7%
47%
EUROPE
17%
USA
4%
AFRICA &
MIDDLE EAST
MEXICO
ASIA
2%
15%
4%
BRAZIL
1%
SOUTH
AMERICA
AUSTRALIA AND
NEW ZEALAND
Percentage of Total Revenue¹
Note 1. Revenue by region considers domestic sales and imports.
PÁG.
4
INVESTMENTS AND
CORPORATE EVENTS
On February 18th, 2020, JBS´ indirect subsidiary JBS USA
entered into an equity purchase agreement with Empire
Packing Company, L.P. to acquire the company’s case ready
production facilities and Ledbetter branded retail products
for US$238 million. The acquisition was concluded on April
6th, 2020.
On September 14th, 2020, JBS announced the redemption, in
cash, of the outstanding balance in an aggregate principal
amount of US$450 million of the Senior Notes due in 2024
issued by JBS USA Food Company, JBS USA Lux S.A. and JBS
USA Finance, Inc. The redemption of the Senior Notes due in
2024 was concluded on October 14th, 2020.
On July 10th, 2020, JBS announced the redemption, in cash,
of US$425 million, which represented 100% of the aggregate
outstanding principal amount, of the Senior Notes due in
2023 issued by JBS Investments GmbH; and US$450 million,
which represented 50% of the aggregate outstanding
principal amount, of the Senior Notes due in 2024 issued by
JBS USA Food Company, JBS USA Lux S.A. and JBS USA
Finance, Inc. The redemption of the Senior Notes due in 2023
and in 2024 was concluded on August 10th, 2020.
On November 30th, 2020, JBS´ controlled entity Seara
Alimentos Ltda. concluded the acquisition of the margarine
and mayonnaise assets from Bunge Alimentos S.A. in Brazil.
The acquisition was previously announced on December
20th, 2019, and it is aligned with the Company’s strategy to
expand its portfolio of value-added and branded products.
INVESTMENTS IN SUBSIDIARIES AND
JOINT VENTURES
100%
JBS Asset
Management
100%
JBS Leather
International
Wholly owned
Joint Venture
100%
JBS
Investments II
100%
Enersea
100%
Brazservice
99,95%
JBS
Embalagens
Metálicas
100%
Conceria
Priante
100%
JBS Toledo
100%
100%
JBS
Mendoza
Swift Foods
50%
100%
100%
JBS
Investments
Luxembourg
JBS
Confinamento
100%
100%
JBS Global
Luxembourg
JBS Chile
99,9%
Seara
Alimentos
100%
Rigamonti
Meat Snack
Partners
PÁG.
5
CORPORATE
GOVERNANCE
With the aim to improve the governance structure and
ensure transparency in all of its relationships, JBS
continuously promotes the improvement of its corporate
practices, creating an environment of trust with its
shareholders, investors and other stakeholders.
JBS´ governance structure includes the Board of Directors,
the Global Compliance Department, a permanent Fiscal
Council and advisory committees focusing on strategic areas,
including: Socio-Environmental Responsibility; Statutory
Audit; Financial and Risk Management; Governance,
Compensation and Nomination; and Related Parties.
There are also five strategic areas, reporting directly to the
Global CEO: Food Safety and Quality; Global Sourcing; Human
Resources; Marketing; and the Center of Excellence and
Innovation.
The Board of Directors is the Company’s highest governance
body and at the end of 2020 had nine directors, five of whom
are independent members, so that the Board is of a majority
of independent members, while the percentage required by
the Novo Mercado regulation is at least 2 independent
directors or 20%, whichever is greater. The directors, elected
at an Annual General Shareholders´ Meeting for a unified
two-year term, are responsible for, among other issues,
defining business policies and guidelines as well as economic,
social and environmental commitments.
BOARD OF DIRECTORS
The positions of Chairman of the Board of Directors and the
Chief Executive Officer of the Company are not held by the
same person. Compensation of the CEO and other JBS
leaders are performance-based, encouraging sustainable
medium and long-term growth at JBS while incentivizing
efforts to reach short-term targets. Surveys are used to
periodically compare compensation packages with the
general market practices and make sure compensation is
aligned with JBS and shareholders interests.
The Company only issues common stock, granting equal
rights to all shareholders, while all shareholders enjoy tag
along rights in the event of changes in JBS´ control. In the
United States, JBS equity is also traded as Level 1 ADRs
(American Depositary Receipts) on the OTCQX over-thecounter market. The Investor Relations area is responsible
for communicating with shareholders and potential
investors; this department has a website
(https://ri.jbs.com.br/en/) and releases the Company’s
results through conference calls and events attended by
capital market agents and specialist media outlets.
EXECUTIVE OFFICERS
Gilberto Tomazoni
CEO
Jeremiah O‘Callaghan
Director
Eliseo Santiago Perez Fernandez
Administration and Control
Jeremiah O’Callaghan
Chairman
Guilherme Perboyre Cavalcanti
CFO and IRO
José Batista Sobrinho
Vice Chairman
Wesley Mendonça Batista Filho
Director
Aguinaldo G. Ramos Filho
Director
Gilberto M. Xandó Baptista*
Director
Wesley Mendonça Batista Filho
Director
José Guimarães Monforte*
Director
Alba Pettengill*
Director
Márcio Guedes Pereira Júnior*
Director
Gelson Luiz Merisio*
Director
*independent director
PÁG.
6
ETHICS AND
COMPLIANCE
For JBS, ethics and compliance are perceived as assets. Since
2017, the Company maintains a global department that leads
the subject independently, reporting directly to the Board of
Directors. The year of 2020 was an important year to confirm
top management´s commitment towards the continuous
improvement and the effectiveness of implemented
procedures.
The JBS Code of Ethics and Conduct is a global document and
consolidates all guidelines related to integrity and good
corporate governance practices. The document, which is
available in Portuguese, English, Italian, French and Spanish,
guides employees to act in accordance with the Company's
principles and values, pointing out what are the acceptable
and required behaviors by JBS. In 2020, the Code was
improved, both with the inclusion of new topics and with the
revision of the language, which became clearer and more
objective. In addition, the company also improved its Code of
Conduct for Business Partners, reinforcing issues related to
sustainability and animal welfare.
Throughout the year, the company continued to disseminate
and constantly evolve the “Always Do the Right Thing”
Compliance program in all spheres of the business.
More than 146,000 employees were trained in the Code of
Ethics and Conduct. The training is available in different
methodologies, which are developed according to each
audience: executives (including the Presidents of the
businesses units, and the members of the Board of Directors
and advisory committees), administrative positions and
operational positions. In addition, 42,000 employees were
trained in anti-corruption, antitrust and conflict of interest.
The dissemination of training is carried out through
campaigns, which include several pieces of communication,
also adapted for each audience.
In order to guide relations globally, the company also
adopted internal transversal policies that must be followed in
all regions where the Company operates. These are the
Global Conflict of Interest Policy and the Global AntiCorruption Policy, the latter approved in 2020. Additionally,
the Company carried out a review of controls for preventing
corruption, such as payment control for third parties at risk,
individuals, donations, sponsorships, among others.
An important tool in the Compliance area, the JBS Ethics Line
played an important role in complying with Covid-19's health
protocols, implemented in all offices and operational units.
The line, available since 2017, in four languages and 24 hours
a day, is the main vehicle for receiving reports related to
misconduct. In 2020, the Ethics Line totaled more than 2,900
reports, all of which were properly treated and investigated.
For cases considered relevant, disciplinary measures and
action plans were applied. The JBS Ethics Line, given its
evolution and strength, has helped in the development of
several pillars of the compliance program, such as in the
content of training, review and creation of policies, among
others.
Finally, in 2020, the Compliance area of JBS in Brazil was
audited by an independent external audit company, where
the area's procedures and activities were tested in
accordance with the best market practices and applicable
legislation. As a result, the area obtained a 97% adherence.
Also with the aim to disseminate the culture of integrity,
training was initiated for third parties, focusing on the
guidelines of the Code of Conduct for Business Partners.
These third parties participate in online training and at the
end receive a certificate of completion.
In order to continue to evolve quickly, JBS hired international
consultants to improve and update its due diligence
software. The tool is proprietary, customized to the needs of
the Company, and allows an automated and complete
reputational analysis of its partners.
For this, the Compliance area has a team with exclusive
dedication to carry out the analysis and has a specific policy
on the subject. Throughout the year, more than 5,000
reputational analysis of third parties were carried out.
PÁG.
7
HUMAN
RESOURCES
JBS is a company made of people, focused on the
development of its employees, aligned with the Company´s
mission, in the different locations in which it operates. JBS
also works constantly to promote the well-being, health and
safety of the entire team in the work environment, offering
equal opportunities to all people and continuously investing
in the development of talents and leadership. At the end of
2020, JBS had more than 250 thousand employees in more
than 20 countries.
The diversity of ethnicity, culture, religion, languages and
country of origin is a hallmark of the Company's team
members. In Europe alone, 89% of the team members are
immigrants. On top of this scenario, which is typical of a
global company, JBS is committed to hiring and promoting
the development of professionals regardless of nationality,
gender, sexual orientation, gender identity or age and to
encourage the inclusion of people with disabilities.
The Human Resources area operates regionally, respecting
local laws and regulations, with the support of the Corporate
HR. In addition to the effort to attract talents, local programs
are developed to encourage the professional growth of JBS´
team members.
In Brazil, the Valued Youth and the In-house Talent Programs,
for example, promote this commitment, as well as the JBS
without Borders Program. The management of the teams encouraging new talents, hiring and retaining employees follow standards that meet the Company's corporate culture.
In order to preserve it, the HR area carries out an annual
review of people management policies and programs, and of
the main health and safety, turnover, absenteeism and
overtime indicators, which allows monitoring and improving
processes.
Health and safety
The priority in the health and safety of employees was
reinforced with actions aimed at preventing Covid-19 in JBS´
operational units in all countries. Shortly after the first
information about the pandemic, a Crisis Committee
comprised by the top management was created to evaluate
the operation at a global level, which resulted in a global
action protocol, adapted by Regional Crisis Committees, in
accordance with laws and demands of each country. The
strict monitoring of the protocols and the global exchange of
experiences allowed adjustments and improvements,
guaranteeing the fulfillment of the requests from the
operational units and corporate and sales offices.
EMPLOYEES BY REGION
Australia
4.5%
Europe
6.2%
Mexico
4.2%
Other
1.7%
~250
thousand
United States
26.4%
employees
Brazil
57.0%
At JBS USA, the highlights are the Leadership Warehouse,
trainee and internship programs and the Tomorrow Fund Pilgrim´s Pride scholarship program.
The importance assigned to the dialogue between managers
and teams encourages interpersonal relationships, providing
support for possible improvements.
In the USA, in addition to the different initiatives
implemented for employees´ perceived value and
professional growth, JBS maintains the Open Doors Policy,
which encourages employees to present any sensitive issues
related to the general work environment to their supervisors
or to the HR area. Through this policy, it is possible to identify
issues related to compensation, benefits, working hours,
security and relationship with leaders.
PÁG.
8
SUSTAINABILITY
JBS searches for value generation in everything it does with
the social order, and in doing so, JBS' commitment goes
beyond guidelines for reducing and mitigating the effects
present in food production and commercial operations. With a
focus on long-term results, investments in policies,
innovations and programs promote positive impacts on
employees, suppliers, clients, consumers, the community and
the environment.
Among the Company's global sustainability priorities are the
following: product integrity, animal welfare, environmental
management and social responsibility.
•
Product Integrity
At JBS, product integrity means respecting the highest food
safety, quality and sustainability standards. The Company is
committed to investing in improving its operation,
manufacturing and product supply, from the implementation
of socio-environmental practices at the source to certifications
of good practices, processes and routines by independent
audits.
JBS is aware of the importance of its role in the value chain,
and therefore, it establishes a partnership relationship with its
suppliers, encouraging and developing actions aimed at
improving management and good practices.
Raw material purchase is guided by the principles of
responsible procurement, which involves not only compliance
with the regulations and legislation of each country, but also
with benchmark practices in the sector.
JBS is committed to the efforts to combat deforestation in the
Amazon and, in this sense, in 2020, JBS launched Together for
the Amazon program, which one of the initiatives is to identify
and monitor all links in the cattle supply chain by the end of
2025.
•
Social Responsibility
Aware of the role it plays in the communities of the countries
in which it operates, whether as a originator of direct and
indirect jobs, or as a relevant social investor, the Company
directs efforts to produce a positive impact on the
qualification of the labor market, in the generation of
opportunities, in social projects and sponsorships, according
to the demand of each location.
In Brazil, through the Fazer o Bem Faz Bem program, the
Company announced R$400 million in donations and left
important legacies to the communities. An example of this is
the construction of two permanent hospitals, investments in
scientific research, financing for the new factory of the
Butantan Institute for the production of vaccines, in addition
to donating tests and food, renovating medical clinics,
donating equipment and creating hospital beds in public
hospitals.
•
Environmental Management
In order to achieve continuous reductions in environmental
impact and to reaffirm its commitment to producing quality
food, JBS sets goals in its management system, in all facilities,
in relation to the reduction of water, energy and greenhouse
gas emissions.
In the CDP (global non-profit organization, which manages the
largest sustainability information platform in the world), JBS
occupies the best position among the Brazilian companies in
the Food, Beverage and Tobacco sector. The Company was
evaluated on three criteria: Climate Change; Water Security;
and Forests, the latter being subdivided into the categories
Wood, Cattle and Soy.
Among the actions reported on the platform is JBS Biodiesel,
which was the first biofuel company in Brazil to obtain a
certification for the issuance of decarbonization credits, called
CBIOs. It is also worth mentioning that, for the first time, JBS
received the Gold Seal from the Brazilian GHG Protocol
Program, recognizing the Company's commitment to
monitoring greenhouse gases.
•
Animal Welfare
The commitment to ensure animal welfare is among the
priorities of JBS‘ global agenda, and follows the demands of
clients, consumers the society and the basic condition of
valuing life. The practices adopted are in accordance with the
best references, such as the five fundamental freedoms of
animals, classified by the Farm Animal Welfare Council
(FAWC). The Company has specialized teams for each animal
breed, which adopt techniques that are constantly revised, as
well as global support and actions that incentivize the
improvement of animal treatment practiced by producers.
In 2020, due to the Covid-19 pandemic, JBS expanded and
reinforced the health and safety of its employees, as well as
the investments aimed at communities.
In relation to the communities, the actions were developed
regionally, to meet the true needs of each location, investing
in projects of long-lasting impact, going far beyond the
emergency issues related to the global epidemic.
JBS USA and Pilgrim's, through the Hometown Strong
Program, invested US$50 million in actions aimed at
education, recreation and health in cities in the United States
and Canada.
PÁG.
9
PÁG.
10
ECONOMIC
OUTLOOK
According to the World Economic Situation and Prospects 2021
report from the United Nations, published on January 25, 2021, the
world economy is still recovering from the COVID-19 pandemic,
which brought economic activities to a grinding halt during the
second quarter of 2020. Governments around the world introduced
social distancing, lockdown and quarantine measures and restricted
a wide range of economic activities to slow down the spread of the
virus. In the context of this scenario, world gross product fell by an
estimated 4.3% in 2020—the sharpest contraction of output since
the Great Depression. The pandemic clearly hit the developed
economies the hardest, with many countries in Europe and several
states of the United States of America adopting strict lockdown
measures early on during the outbreak. Looking forward, according
to the report, a recovery is expected for 2021 and 2022, with an
average world gross product growth projected at 4.7% and 3.4%,
respectively. The baseline scenario of this forecast assumes that
infection rates will slowly begin to decline during the first quarter of
2021 with growing shares of the population in developed countries
receiving a vaccination. However, it is important to note that these
projections may be significantly impacted given the pandemic has
not ended yet.
In Brazil, according to data published by IBGE (Brazilian Institute of
Geography and Statistics) on March 3, 2021, GDP fell 4.1% in 2020,
the worst result of a full year in the entire GDP historical series,
reflecting the impact of the COVID-19 pandemic. Among the main
sectors, there was an increase only in agriculture (+2.0%), while
industry (-3.5%) and services (-4.5%) decreased. On the demand
side, in 2020, household consumption fell 5.5%, government
consumption dropped 4.7%, and investments fell 0.8%.
In relation to the protein sector, according to the report published in
January 2021 by the United States Department of Agriculture
(USDA), in 2020, the beef production in Brazil decreased by 1%,
despite this the country still maintained its position as the second
largest beef producer in the world, behind only the United States.
Considering data from the Secretary of Export Trade (SECEX),
Brazilian beef exports registered a 14.1% increase in US dollar
revenues, with highlight to China, where exports registered an
increase of 51% for the period.
Beef production in the United States was stable in 2020 compared
to the previous year, while domestic consumption showed a slight
increase of 1.2%, supported by the higher demand in retail during
the pandemic. Exports, on the other hand, decreased by 3.1% for
the year, impacted by disruptions in the supply of meat during
peak periods of the pandemic, as well as volumes that were
directed to the domestic market.
In 2020, Poultry registered a 1.5% increase in both production and
domestic consumption in the United States, and a significant
increase of 4.1% in exports, mainly due to the positive impact of
the reopening of the Chinese market for American poultry.
Lastly, pork production in the United States grew by 2.4% in 2020,
a slowdown from the 5% growth in 2019, while domestic
consumption remained relatively stable. The highlight goes to
exports, with a significant increase of 15.7% in 2020, reflecting the
greater demand from China, which practically doubled its
American pork imports in relation to the previous year.
For 2021, the USDA estimates a stable beef production (+0.1%) in
the United States, with a slight reduction in domestic consumption
(-1%), while forecasting an increase of 5.3% in beef exports. It is
worth noting that the USDA estimates for 2021 considers a
scenario of a 6.5% drop in beef exports from Australia, one of the
largest exporters of this protein, in addition to the already
recorded drop of 16.3% in Australian beef exports in 2020 due to
reduced cattle availability in the country. For chicken, the USDA
projects a slight increase in production and domestic consumption
of 0.7% and 0.4%, respectively, with stable exports in relation to
2020. Finally, USDA estimates for pork indicate an increase of 1%
in the production and 0.8% in the domestic consumption, although
it expects a decrease of 1.9% in pork exports after a year of
growth, driven by China.
It is important to note that these USDA projections presented
above - both for Brazil and the United States - consider a scenario
of beginning of recovery in the Chinese pork production, with
projected growth of 14.5% for 2021, but still significantly below
production levels in years prior to African Swine Fever, a disease
that has affected the Asian hog herd since the second half of 2018.
For poultry, the Brazilian production showed a modest growth of
1.4%. In the exports of in natura poultry, Brazil maintained its
leadership and, according to SECEX data, presented a 1.3% increase
in the volume exported in 2020, despite the 13.5% drop in dollar
prices given the impact of the pandemic on the food service channel
and, as a consequence, on the global demand for chicken.
For 2021, the USDA projects a growth of 3.7% for beef production
and 5.2% in exports from Brazil. Regarding poultry, the USDA
estimates an increase of 1.7% in production and 4.3% in exports.
In the United States, JBS´ main operational platform, GDP decreased
3.5% in 2020 according to the U.S. Bureau of Economic Analysis
report.
The decrease reflects the reductions in personal consumption
expenditures, exports, non-public investments, nonresidential fixed
investments, and state and local government that were partly offset
by increases in federal government spending and home investments.
*Source: JBS, IBGE, BEA, United Nations SECEX, USDA.
PÁG.
11
4Q20 & 2020 CONSOLIDATED HIGHLIGHTS
4Q20
R$ Million
R$
3Q20
% NR
R$
∆%
4Q19
% NR 4Q20 vs 3Q20
R$
∆%
2020
% NR
4Q20 vs 4Q19
100.0%
33.1%
(47,905.6) -83.9%
34.5%
2019
R$
∆%
% NR
R$
% NR
2020 vs 2019
100.0%
204,523.6
100.0%
32.1%
(172,577.2) -84.4%
30.4%
Net Revenue
76,059.4
100.0%
70,081.1 100.0%
8.5%
Cost of Goods Sold
(64,441.7)
-84.7%
(58,282.8) -83.2%
10.6%
Gross Profit
11,617.7
15.3%
11,798.3
16.8%
-1.5%
9,220.9
16.1%
26.0%
45,218.3
16.7%
31,946.4
15.6%
41.5%
Selling Expenses
(4,039.0)
-5.3%
(3,709.5) -5.3%
8.9%
(3,099.5)
-5.4%
30.3%
(14,481.5)
-5.4%
(11,468.9)
-5.6%
26.3%
General and Adm. Expenses
(3,332.8)
-4.4%
(3,073.1) -4.4%
8.5%
(2,349.2)
-4.1%
41.9%
(10,792.3)
-4.0%
(7,313.1)
-3.6%
47.6%
Net Financial Income (expense)
1,147.7
1.5%
(1,069.7) -1.5%
-
(260.3)
-0.5%
-
(12,238.9)
-4.5%
(5,985.1)
-2.9%
104.5%
13.5
0.0%
7.3
0.0%
84.8%
53.5
0.0%
34.2
0.0%
56.5%
Equity in earnings of subsidiaries
Other Income (expense)
21.9
0.0%
-38.3%
57,126.5
270,204.2
(224,985.9) -83.3%
451.1
0.6%
9.0
0.0%
4909.8%
257.1
0.5%
75.5%
505.0
0.2%
284.4
0.1%
77.6%
Profit (loss) before taxes
5,858.3
7.7%
3,976.9
5.7%
47.3%
3,776.4
6.6%
55.1%
8,264.2
3.1%
7,497.8
3.7%
10.2%
Income and social contribution taxes
(1,835.1)
-2.4%
(804.7) -1.1%
128.1%
(1,262.9)
-2.2%
45.3%
(3,609.2)
-1.3%
(1,032.9)
-0.5%
249.4%
(3.8)
0.0%
(39.5) -0.1%
-90.3%
Net Income (Loss)
4,019.4
5.3%
3,132.7
Adjusted EBITDA
7,034.4
9.2%
7,996.1
Minority interest
Earnings per Share
1.53
1.17
(78.0)
-0.1%
-95.1%
(56.6)
0.0%
(396.5)
-0.2%
-85.7%
4.5%
28.3%
2,435.4
4.3%
65.0%
4,598.3
1.7%
6,068.4
3.0%
-24.2%
11.4%
-12.0%
5,669.9
9.9%
24.1%
29,554.6
10.9%
19,881.1
9.7%
48.7%
30.8%
0.91
68.1%
1.73
2.28
-24.1%
NET REVENUE
In 4Q20, JBS consolidated net revenue was R$76.1 billion, a 33.1% increase over 4Q19, with all businesses
growing their revenue in BRL. For the period, approximately 75% of JBS global sales came from markets in
which the Company operates and 25% came from exports.
In 2020, consolidated net revenue was R$270.2 billion, a 32.1% growth over 2019.
ADJUSTED EBITDA
Adjusted EBITDA was R$7.0 billion, a 24.1% increase over 4Q19, with PPC, Seara and JBS Brazil being the
highlights, posting EBITDA (IFRS R$) growth of 53.5%, 50.8% and 41.2%, respectively. Adjusted EBITDA
margin for the quarter was 9.2%.
In 2020, Adjusted EBITDA totaled R$29.6 billion, an increase of 48.7% in relation to 2019, with an Adjusted
EBITDA margin of 10.9% for the year.
R$ Million
Net income for the period (including minority interest)
Financial income (expense), net
Current and deferred income taxes
Depreciation and amortization
Equity in subsidiaries
(=) EBITDA
Tax payable in installments
Other income / expenses
Extemporaneous tax credits
4Q20
4,023.2
(1,147.7)
1,835.1
2,119.5
(13.5)
6,816.5
83.0
3Q20
3,172.2
1,069.7
804.7
2,028.8
(21.9)
7,053.5
14.5
∆%
∆%
26.8%
60.1%
4Q19
2,513.5
260.3
128.1% 1,262.9
4.5%
1,573.4
-38.3%
(7.3)
-3.4%
5,602.8
288.1
472.3%
(221.0)
45.3%
34.7%
84.8%
21.7%
-
2020
2019
∆%
4,654.9 6,464.9 -28.0%
12,238.9 5,985.1 104.5%
3,609.2 1,032.9 249.4%
7,837.4 6,313.1 24.1%
(53.5)
(34.2) 56.5%
28,287.0 19,761.8 43.1%
288.1
70.9
(180.6)
(421.0)
-
-
-
-
(421.0)
-
-
SEC, DoJ and antitrust Agreements
536.9
746.2
-28.0%
-
-
1,283.1
-
-
Donations - Fazer o Bem Faz Bem
18.9
181.9 -89.6%
-
-
316.1
-
-
-
11.8
18.5
-
Investigation impacts due to the leniency agreement
-
-
-
-
-
Bargain purchase gain (Tulip -USA)
-
-
-
-
-
(=) Adjusted EBITDA
7,034.4
7,996.1
-12.0%
5,669.9 24.1%
29,554.6 19,881.1
48.7%
NET FINANCIAL RESULTS
In 4Q20, net financial expenses were R$866.5 million, which in USD corresponds to US$160.6 million and
represents a reduction of US$15 million (-8.5%) over 4Q19.
In 2020, this amount was R$3.7 billion, equivalent to US$723.9 million and represents a reduction of
US$83.9 million (-10.4%) in relation to 2019.
12
4Q20 & 2020 CONSOLIDATED HIGHLIGHTS
NET FINANCIAL RESULTS (Cont.)
R$ Million
Exchange rate variation
Fair value adjustments on derivatives
Interest expense
Interest expenses from loans and financings
Interest income
Interest income from investments
Taxes, contribution, fees and others
Finance income (expense)
4Q20
3Q20
∆%
4Q19
∆%
2,105.5
203.3 935.7%
960.4 119.2%
(399.9)
(68.2) 486.0%
(73.5) 443.8%
(1,100.4) (1,212.8) -9.3% (1,163.4) -5.4%
(890.2) (987.0) -9.8%
(793.0) 12.3%
632.8
138.2 358.0%
113.9 455.8%
23.8
15.2 56.7%
70.4 -66.2%
(90.3) (130.2) -30.6%
(97.6) -7.5%
1,147.7 (1,069.7)
(260.3)
2020
(7,846.1)
(319.3)
(4,770.3)
(3,820.7)
1,004.7
94.7
(308.0)
(12,238.9)
2019
(1,393.3)
(91.3)
(4,532.1)
(3,346.6)
465.1
173.7
(433.5)
(5,985.1)
∆%
463.1%
249.8%
5.3%
14.2%
116.0%
-45.5%
-29.0%
104.5%
NET INCOME
In 4Q20, JBS recorded net income of R$4 billion, 65% higher than 4Q19 and represents an EPS of R$1.53. In
2020, net income totaled R$4.6 billion with an EPS of R$1.73.
It is important to highlight that, in 2020, JBS returned value to shareholders, posting a dividend yield¹ of 2.4%
and a dividend yield + share buybacks² of 5.5%.
CASH FLOW FROM OPERATING ACTIVITIES AND FREE CASH FLOW
In 4Q20, JBS generated R$6.8 billion in cash from operating activities, an increase of 34.5% over 4Q19. In
2020, this amount totaled R$27 billion, 57.9% more than 2019.
Free cash flow after investments and net interest was R$3.8 billion for the quarter, 18.6% higher than 4Q19
and R$17.8 billion in 2020, an increase of 87.3% when compared to 2019.
NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES
In 4Q20, total cash used in investing activities was R$3.0 billion and in 2020 was R$7.8 billion. Purchase of
Property, Plants and Equipment (CAPEX) totaled US$2.3 billion for the quarter and R$6.0 billion for the full
year.
INDEBTEDNESS
JBS ended 2020 with R$19.7 billion in cash. Additionally, JBS USA has a US$2.0 billion fully-available
unencumbered line under revolving credit facilities, equivalent to R$10.2 billion (end of the year exchange
rate), providing JBS with total liquidity of R$29.9 billion, more than six times its short-term debt.
Net debt in BRL increased from R$43 billion in 2019 to R$46.2 billion in 2020, due to the devaluation of the
Real, while leverage decreased from 2.16x to 1.56x. In US$, net debt decreased by US$1.8 billion, from
US$10.7 billion in 2019 to US$8.9 billion in 2020 and leverage decreased from 2.13x to 1.58x for the same
period.
R$ Million
US$ Million
4Q20
4Q19
Var.%
4Q20
4Q19
Var.%
24.3%
-3.6%
Gross Debt
65,906.7 53,028.0
12,682.4 13,156.0
70.2%
(+) Short Term Debt
4,562.1 2,078.9 119.4%
877.9
515.8
% of the Gross Debt
6.9%
3.9%
6.9%
3.9%
-6.6%
(+) Long Term Debt
61,344.6 50,949.1 20.4%
11,804.5 12,640.3
% of the Gross Debt
93.1%
96.1%
93.1%
96.1%
52.1%
(-) Cash and Equivalents
19,679.7 10,034.0 96.1%
3,787.0 2,489.4
7.5%
Net Debt
46,227.0 42,994.1
8,895.4 10,666.7 -16.6%
Leverage
1.56x
2.16x
1.58x
2.13x
¹Considers dividends paid in 2020 divided by the market cap, calculated through average share price in 2020 by the number of shares (ex-treasury) at the end of 2020.
²Considers the sum of dividends paid in 2020 and the amount of share buybacks in 2020 of PPC and JBS.
13
4Q20 & 2020 CONSOLIDATED HIGHLIGHTS
INDEBTEDNESS (Cont.)
Debt Maturity Schedule
(US$ Mn)¹
4,587
1,958
2,748
1,683
2,629
850
503
936
679
1,404 1,532
912
277
³
CURRENCY & COST
BREAKDOWN
SOURCE
BREAKDOWN
5.07% p.a.
USD
90.5%
Bonds
65%
BRL
9.5%
5.43% p.a.
Term Loan
18%
Banks
13%
CRA*
4%
¹ Proforma considering the redemption of 2025 Senior Notes from JBS USA totaling US$1.05 billion.
² Includes cash on hand and JBS USA fully available unencumbered line under revolving credit facilities.
³ Includes US$13 million thereafter 2030.
* Agribusiness Credit Receivables Certificates.
14
2020 ESG HIGHLIGHTS
ENVIRONMENT
JBS invests globally around R$2.0 billion each year in sustainability, one of its strategic pillars. In 2020, the
following initiatives were the highlights:
Co-developer of the Protocol for Monitoring Cattle Suppliers in partnership with the Federal
Public Ministry and Imaflora, a set of rules and technical procedures for the adoption of
socioenvironmental criteria in monitoring the cattle supply chain.
Launching of the project that uses block chain to allow the Company to extend the scope of its
monitoring system to the suppliers of its suppliers. JBS‘ unprecedented initiative will address,
until 2025, a definitive solution that will be shared will all companies and other players in the
sector.
As part of this initiative, Green Offices will provide legal, environmental and agricultural advice to
assist cattle ranchers in the promotion of environmental regularization and and in the increase of
sustainable productivity - which reduces carbon emissions and improves local biodiversity.
JBS For the Amazon Fund: its mission is to finance the sustainable development of local
communities and entities that are present in the Amazon Biome. Initiatives that promote the
bioeconomy, reforestation and technological development in the region will be the funds'
priority. The Company is committed to invest R$250 million in the first five years. Additionally, JBS
will attract partners to invest and also double what each of them invest.
In 2020, JBS joined the Tropical Forest Alliance (TFA), an initiative from the World Economic
Forum, which encourages and promotes actions aimed at ending deforestation around the world.
The Company is also a member of the Sustainable Livestock Working Table (GTPS) and the Global
Roundtable for Sustainable Beef (GRSB), initiatives that support actions to end deforestation and
contribute to improving sustainability throughout the value chain.
JBS currently is the best-positioned Brazilian company in its sector in the CDP (Carbon Disclosure
Project) index.
Coller Fairr Protein Producer Index, which assesses 60 global publicly listed companies linked to
the production of meat, fish and dairy, listed JBS among the top 10 companies in the rank and,
among Brazilian companies, JBS was the one that presented the best improvement in
performance, jumping eight positions from one year to the next.
B3 Carbon Efficient Index: JBS was once again listed in the index that encourages debate on
climate change.
In 2020, Friboi entered into a partnership with Liga do Araguaia, composed by 60 cattle ranchers
in the region of “Vale do Araguaia”, located in the state of Mato Grosso. The objective is to
promote the development of sustainable cattle farming in the region with the support of local
producers. The Company believes that monitoring plus development is what will promote an
efficient and sustainable production chain.
Additionally, Friboi developed Grade 10 Farm program, that offers training for high performance
management that allows maximizing profitability in cattle farms in Brazil and, consequently,
reducing the carbon emissions of the activity. Developed by Friboi in partnership with Inttegra
Institute, the program is aimed at cattle ranchers across the country.
Finally, the innovative Kind Leather, a JBS business model that unifies the main initiatives to
reduce the impact in environment with lower CO² emission, 35% reduction in water use, 62%
reduction in the consumption of energy and 40% reduction in chemical products use. The
complete process reduces solid waste generation by 93% in all stages.
JBS is also investing in the circular economy. Highlights being:
Renewable energy represents approximately 90% of the total consumed by JBS facilities in Brazil.
JBS Biodiesel runs two biodiesel plants with the Social Biofuel Seal, in Lins (SP), and Campo Verde
(MT), with total authorized annual capacity of around 350 million liters. In June 2020, the
Company began constructing its new nova biodiesel plant at Mafra (SC), which will more than
double its current biodiesel production capacity.
JBS Biodiesel was the first biofuel company in the country to obtain certification for the issuance
of decarbonization credits (CBIOs) through its plant in Lins (SP), and had another facility certified
in 2020, in Campo Verde (MT).
15
2020 ESG HIGHLIGHTS
ENVIRONMENT (Cont.)
50% of the waste produced by JBS operations worldwide was reused in 2020, totaling 1 million
tons.
Swift began an environmental compensation project for 100% of its packaging. Through a
partnership with the Eureciclo certifier, the company starts to recycle waste equivalent to its own,
in weight and material, in order to neutralize possible impacts of its packaging after consumption
(https://jbs.com.br/en/jbs-news-en/swift-will-offset-100-of-its-packaging-to-recycling/).
JBS is building a fertilizer facility in Guaiçara (SP) and will be the first food company in Brazil to use
organic waste generated in its operations to produce fertilizers.
JBS received the Gold Seal from the Brazilian GHG Protocol Program.
More than 3 billion litters of water were reused by JBS global operations.
JBS commitment with animal well-being is another fundamental aspect of its ESG policies. The practices
aligned with the Company's Animal Well-being Policy are adopted from the birth of the animal to slaughter.
All professionals that have contact with animals receive specific training on animal handling and humane
slaughter, whether they are JBS team members or contract growers. There were more than 19,000 training
sessions last year alone. In addition, the following stand out:
In accordance with the last report published by Business Benchmark on Farm Animal Welfare
(BBFAW), JBS was positioned among the best companies in the sector in Animal Welfare
practices, being in Tier3 of the report.
The Company acquired in Brazil a new fleet of trucks projected to ensure higher comfort to
animals during transportation from farm to processing facilities.
Another highlight is Seara´s evolution in its commitment towards use of collective gestation cages
for sows, which provide more comfort when compared to individual stalls. The company's goal is
to achieve 100% of production in this system by 2025.
In addition, Seara made solid investments in modernization and air conditioning of poultry
houses, expansion or replacement of infrastructure, completing the construction of an area of
over one million square meters for the breeding flock.
JBS USA set important welfare goals, based on a scorecard system that combines 19 indicators,
selected for their importance to the health and welfare of animals, across eight main areas of
importance, including compliance, annual audits (internal and third-party), losses, priority
indicators, investment, transportation, management and health.
SOCIAL RESPONSIBILITY
Against the covid-19 pandemic, JBS stablished one priority: ensure the health and safety of its team members
– 145,000 in Brazil and 250,000 globally – and support communities where it is present. For that, JBS invested
R$2.8 billion in 2020 in the following initiatives:
To take care of its team members: among the initiatives that are part of the protocol adopted by
JBS, defined in accordance with health authorities guidelines and third party expert advisory,
were:
Removing vulnerable populations from our facilities
Temperature testing all team members prior to entering facilities, including the use of
hands-free thermometers and thermal imaging testing technology
Increasing sanitation and disinfection efforts, including whole facility deep-cleaning every
day
Expansion of the hired fleet and reduction in the number of passengers per vehicle
New safety and protective equipment items and promotion of physical distancing by
staggering starts, shifts and breaks
New cafeterias were built to extend capacity to serve people with safe distancing among
team members
Additional healthcare and ambulatory services
16
2020 ESG HIGHLIGHTS
SOCIAL RESPONSIBILITY (Cont.)
Extension of resting areas with alternated break times and repositioning of furniture with
safe distancing, installed in areas with natural ventilation
Know
more
measures/
at
https://jbs.com.br/en/communication/covid-19-main-protective-
To support communities where JBS is present:
In Brazil, the program Fazer o Bem faz Bem – Feeding the World With Solidarity
announced R$400 million in donations, that allowed JBS to contribute with the society
with: 2 permanent hospitals in less than 40 days, in addition to donate 18 million PPEs,
365 respirators, 400 oxygen cylinders, more than 1,800 ICU beds and more than 500,000
food baskets (https://jbs.com.br/fazerobemfazbem/en/)
In the US and in Canada, Hometown
(https://hometownstrong.jbssa.com/).
Considering these two projects alone, 344 cities were positively impacted in initiatives
such as the construction of two permanent hospitals, donation of meals and investments
in scientific research focused on the fight against the pandemic, including R$5 million
donated for the construction of a new vaccines production facility of Butantan Institute in
Brazil.
Strong
invested
US$50
million
GOVERNANCE
Since 2017, JBS maintains one of the largest Compliance programs ever implemented by a private company
in Brazil. The Compliance Area leads the topic independently, reporting directly to the Board of Directors.
The Company automated the third party due diligence process with the implementation of a proprietary
software for reputational assessments. The company has a specific policy on this topic and a dedicated team
for this activity. The non-compliant third parties are automatically blocked and undergo a second check
procedure by the Compliance department.
JBS 'global Code of Ethics, launched in 2018, was revised in 2020 to continue its process of change.
In addition to these initiatives, there are eight Ethics Committees (7 in Brazil and one in the United States).
The JBS Ethics Line is available 24 hours a day, 7 days a week, in different languages.
Compliance figures for 2020:
More than 146,000 employees (including members of the Board of Directors and advisory
committees) trained in the Code of Conduct and Ethics.
More than 42,000 employees (administrative and leadership) trained in anti-corruption, conflict
of interest and antitrust.
More than 2,900 reports received by the JBS Ethics Line.
27,310 due diligence analysis (including companies and partners).
97% adherence in an audit of best compliance practices carried out by an independent company.
True to its commitment to transparency, J&F Investimentos, the parent company of JBS, announced in 2020
that it had reached an agreement with the United States Department of Justice in relation to the same facts
and conduct that are the subject of the leniency agreement entered into with the Brazilian Federal
Prosecutor in 2017.
Also in 2020, JBS and its controlling shareholders reached an agreement with the SEC related to the Conduct
for violations of United States securities laws that resulted in JBS' indirect subsidiary, Pilgrim's Pride
Corporation, failing to maintain accurate books and records and internal accounting controls.
The General Shareholders Meeting is scheduled for April 28th, 2021.
17
2020 ESG HIGHLIGHTS
DIVERSITY
Diversity is very important for the Company, given that its success is based on the collective skills and
experiences of its employees. JBS values the diversity of origins, languages and cultures, thus it promotes
diversity and inclusion in all its plants and offices in search of a reliable, pleasant and productive work
environment.
JBS employs labor from several regions, including Africa, South and Central America and the Middle East, as
well as indigenous people. For foreigners, the Company customize documents, employment contracts and
manuals in their native language, in addition to promoting their inclusion within the units. In 2020, JBS
employed more than 2,500 team members from different countries. For people with disabilities, JBS
developed a training program, contributing to their insertion both in its operations and in the labor market.
Also in 2020, JBS and other several companies in the consumer goods sector signed the Public Commitment
for Racial Equality. The purpose of the commitment is to reinforce actions to combat structural racism. Along
with organizations and experts on the subject, the companies will create an effective and transparent action
plan to promote racial equality.
JBS understands that it is important to evaluate leadership positions by category, in order to encourage
equality between gender and race. This whole process is in line with the Diversity and Inclusion Policy. The
guidelines of this policy are based on three main pillars: Diversity and Inclusion, Equal Opportunities and
Respect for Diversity. All actions aim to maintain an increasingly inclusive and welcoming space for
differences, the adoption of measures that guarantee and promote equal access, opportunities in all areas
and positions for any and all team members, as well as constant awareness of the impacts of these actions.
To assist in the development of the actions, the Company hired RM Consulting, a consultancy led by Rachel
Maia, who will act towards the instruction of the Company's top leadership on issues of racial, gender and
people with disabilities equality. On another front, JBS joined the Movimento Mulheres 360, an initiative that
brings together more than 60 large companies. The objective is to increase female participation in the
corporate environment.
18
4Q20 & 2020 BUSINESS UNITS
BUSINESS UNITS – IFRS R$
Million
Net Revenue
Seara
R$
JBS Brazil
R$
JBS USA Beef
R$
JBS USA Pork
R$
Pilgrim's Pride
R$
Others
R$
Eliminations
R$
Total
R$
Adjusted EBITDA
Seara
R$
JBS Brazil
R$
JBS USA Beef
R$
JBS USA Pork
R$
Pilgrim's Pride
R$
Others
R$
Eliminations
R$
Total
R$
Adjusted EBITDA Margin
Seara
%
JBS Brazil
%
JBS USA Beef
%
JBS USA Pork
%
Pilgrim's Pride
%
Others
%
Total
%
4Q20
3Q20
7,541.0
13,396.1
30,287.2
9,314.6
16,807.7
828.6
-2,115.8
76,059.4
6,964.5
11,430.6
28,757.6
7,689.4
16,527.2
842.9
-2,131.1
70,081.1
1,064.5
687.9
2,784.7
844.6
1,606.7
48.6
-2.7
7,034.4
1,096.1
856.9
2,772.8
1,157.8
2,095.8
19.4
-2.7
7,996.1
-2.9%
-19.7%
0.4%
-27.1%
-23.3%
150.6%
0.0%
-12.0%
706.0
487.0
2,613.1
886.7
1,046.6
-68.0
-1.7
5,669.9
50.8%
41.2%
6.6%
-4.7%
53.5%
65.1%
24.1%
4,223.9
3,082.2
12,901.6
3,388.0
5,954.9
15.0
-11.0
29,554.6
2,252.8
1,736.8
8,014.3
2,594.8
5,327.7
-36.2
-9.2
19,881.1
87.5%
77.5%
61.0%
30.6%
11.8%
19.1%
48.7%
14.1%
5.1%
9.2%
9.1%
9.6%
5.9%
9.2%
15.7%
7.5%
9.6%
15.1%
12.7%
2.3%
11.4%
-1.6 p.p.
-2.4 p.p.
-0.4 p.p.
-6.0 p.p.
-3.1 p.p.
3.6 p.p.
-2.2 p.p.
12.3%
5.1%
10.9%
14.0%
8.3%
-10.7%
9.9%
1.8 p.p.
0.1 p.p.
-1.8 p.p.
-5.0 p.p.
1.3 p.p.
16.6 p.p.
-0.7 p.p.
15.8%
7.4%
11.5%
10.5%
9.6%
0.5%
10.9%
11.1%
5.4%
9.2%
11.1%
11.8%
-1.5%
9.7%
4.7 p.p.
2.0 p.p.
2.3 p.p.
-0.5 p.p.
-2.3 p.p.
2.0 p.p.
1.2 p.p.
∆%
4Q19
∆%
8.3% 5,720.0
17.2% 9,578.0
5.3% 23,869.4
21.1% 6,316.0
1.7% 12,598.4
-1.7%
635.1
-0.7% -1,590.4
8.5% 57,126.5
31.8%
39.9%
26.9%
47.5%
33.4%
30.5%
33.0%
33.1%
2020
2019
∆%
26,730.8 20,360.9
41,707.3 31,960.1
112,120.3 87,202.6
32,171.1 23,469.0
62,227.7 45,005.9
2,899.9
2,432.2
-7,652.7 -5,907.1
270,204.2 204,523.6
31.3%
30.5%
28.6%
37.1%
38.3%
19.2%
29.6%
32.1%
BUSINESS UNITS – USGAAP US$
Million
Net Revenue
JBS USA Beef
JBS USA Pork
Pilgrim's Pride
Adjusted EBITDA
JBS USA Beef
JBS USA Pork
Pilgrim's Pride
Adjusted EBITDA Margin
JBS USA Beef
JBS USA Pork
Pilgrim's Pride
4Q20
3Q20
∆%
4Q19
∆%
2020
2019
US$
US$
US$
5,612.4
1,726.1
3,117.8
5,345.0
1,429.1
3,075.1
5.0%
20.8%
1.4%
5,797.3
1,534.0
3,063.5
US$
US$
US$
503.4
175.2
205.4
%
%
%
9.0%
10.2%
6.6%
∆%
-3.2%
12.5%
1.8%
21,698.4
6,226.5
12,091.9
22,069.4
5,940.5
11,409.2
502.9
0.1%
136.2 28.6%
305.0 -32.7%
580.3 -13.3%
208.9 -16.1%
161.6 27.1%
2,385.9
607.2
788.1
1,945.2 22.7%
561.9
8.1%
973.7 -19.1%
9.4% -0.4 p.p.
9.5% 0.6 p.p.
9.9% -3.3 p.p.
10.0% -1.0 p.p.
13.6% -3.5 p.p.
5.3% 1.3 p.p.
11.0%
9.8%
6.5%
8.8% 2.2 p.p.
9.5% 0.3 p.p.
8.5% -2.0 p.p.
-1.7%
4.8%
6.0%
19
4Q20 & 2020 BUSINESS UNITS
SEARA
IFRS - R$ Million
Net Revenue
Cost of Goods Sold
Gross Profit
Adjusted EBITDA
4Q20
R$
% NR
7,541.0
100.0%
(6,144.6)
-81.5%
1,396.4
18.5%
1,064.5
14.1%
3Q20
R$
% NR
6,964.5
100.0%
(5,502.2)
-79.0%
1,462.4
21.0%
1,096.1
15.7%
∆%
QoQ
8.3%
11.7%
-4.5%
-2.9%
4Q19
R$
% NR
5,720.0
100.0%
(4,500.6)
-78.7%
1,219.4
21.3%
706.0
12.3%
∆%
YoY
31.8%
36.5%
14.5%
50.8%
2020
R$
% NR
26,730.8
100.0%
(20,863.2) -78.0%
5,867.5
22.0%
4,223.9
15.8%
2019
R$
% NR
20,360.9
100.0%
(16,296.6) -80.0%
4,064.3
20.0%
2,252.8
11.1%
∆%
YoY
31.3%
28.0%
44.4%
87.5%
In 4Q20, Seara’s net revenue was R$7.5 billion, an increase of 31.8% in relation to 4Q19, due to a growth of
5.6% in volume sold and 24.9% in average sales prices.
Sales in the domestic market, which corresponded to 54% of Seara’s revenue, totaled R$4.1 billion, 33.2%
higher than 4Q19. Once again, prepared foods category was the highlight, recording an increase of 13.3% in
volume sold and 23.2% in average sales prices for the period. This performance is also a result of all the
innovations launched by the Company since 2019, which have increased their share in the business’ results
by three times since then. Seara’s Holiday Campaign had the best sell-out of its history, reaching an 18.3%
increase yoy in sales, mainly due to a 16.7% increase in prices.
In the export market, net revenue was R$3.5 billion, a 30.2% increase over 4Q19, due to 26.8% higher prices
as well as 2.7% higher volumes.
Adjusted EBITDA totaled R$1.1 billion in 4Q20, a 50.8% increase over 4Q19. Despite the more challenging
scenario in relation to production costs, EBITDA margin expanded from 12.3% in 4Q19 to 14.1% in 4Q20, as a
result of the focus on operational efficiency coupled with an increase in volumes and prices and a better mix
in terms of markets, channels and products. Considering the impact from the extemporaneous tax credit in
the amount of R$253.6 million, EBITDA was R$1.3 billion, with a 17.8% margin.
In 2020, Seara posted net revenue of R$26.7 billion, 31.3% higher than 2019 and an expansion of 87.5% in
EBITDA, from R$2.3 billion with a margin of 11.1% in 2019 to R$4.2 billion and a margin of 15.8% in 2020.
Results for the quarter and the year include the acquisition of Bunge’s margarine operations, concluded in
November 2020. This transaction included three facilities located in Gaspar (SC), São Paulo (SP) and Suape
(PE) and several brands, Delícia, Primor and Gradina among them, strengthening Seara’s position in the
margarine market in Brazil, in addition to optimize its production platform.
Furthermore, Seara is following its expansion plan, having already delivered two out of its 12 ongoing
projects, according to the timeline. In addition, Seara has been harvesting the results of its investments in
operational efficiency and innovation, which allowed it to launch unique products in the Brazilian market,
such as Fiesta Organic and Incrível Cod Fish, the first organic and plant-based holiday products. Seara also
launched Seara Gourmet Pizza, Hot Hit Wrap Seara and new meatless dishes in the Incrível Seara line.
The Seara brand increased its advantage in 3.4 p.p. in market share in comparison with the second brand in
frozen food category, being the leader by the second year in a row. Seara also reached the leadership in
portioned sausage meat and frozen vegetables categories and have been maintaining the growth of the
consumer preference, increasing its presence in Brazilian households. In 2020, it recorded a 7.0 p.p increase
in penetration and 5.0 p.p. in repurchase ratios, respectively.
20
4Q20 & 2020 BUSINESS UNITS
JBS BRASIL
IFRS - R$ Million
Net Revenue
Cost of Goods Sold
Gross Profit
Adjusted EBITDA
4Q20
3Q20
R$
% NR
R$
% NR
13,396.1
100.0% 11,430.6
100.0%
(11,058.1) -82.5% (9,268.7)
-81.1%
2,338.0
17.5% 2,161.9
18.9%
687.9
5.1% 856.9
7.5%
4Q19
∆%
QoQ
R$
% NR
17.2% 9,578.0
100.0%
19.3% (7,835.0)
-81.8%
8.1% 1,742.9
18.2%
-19.7% 487.0
5.1%
∆%
YoY
39.9%
41.1%
34.1%
41.2%
2020
R$
% NR
41,707.3
100.0%
(33,502.9) -80.3%
8,204.4
19.7%
3,082.2
7.4%
2019
R$
% NR
31,960.1
100.0%
(26,076.4) -81.6%
5,883.7
18.4%
1,736.8
5.4%
∆%
YoY
30.5%
28.5%
39.4%
77.5%
JBS Brazil posted in 4Q20 net revenue of R$13.4 billion, 39.9% higher than 4Q19, as a result of an increase of
38.8% in average sales prices with stable volumes, despite the reduction of 5.6% in the number of animals
processed in the period.
In the domestic market, sales represented 56% of this business net revenue and totaled R$7.6 billion, 46.3%
higher than 4Q19. This increase results mainly from the beef business, Friboi, that posted an increase both in
volume of fresh beef as well as in average sales prices, of 15% and 30%, respectively.
In the export market, revenue increased by 32.4% compared with 4Q19, reaching R$5.8 billion. Fresh beef
sales, which corresponded to 84% of the sales in the export market, grew both in volumes and prices, of
3.2% and 19.8%, respectively, with China and Hong Kong revenues increasing around 60% in the period.
Adjusted EBITDA totaled R$687.9 million, with a 5.1% margin and considering the impact from the
extemporaneous tax credit in the amount of R$167.4 million, EBITDA was R$855.3 billion, with a 6.4% margin.
Despite the increase in EBITDA for the period, EBITDA margin was impacted by an increase in production
costs, notably in cattle prices which, according to CEPEA-Esalq, increased by 42% in the period.
In 2020, net revenue was R$41.7 billion, 30.5% higher than 2019, and EBITDA was R$3.1 billion, an increase
of 77.5%, with margin growing from 5.4% to 7.4% in the period. This result was boosted by the Company’s
performance in the export market and by the strategic partnerships it has been focusing on with its key
customers in Brazil, such as Açougue Nota 10 and Açougue Gourmet 1953 Friboi – customer relationship
programs in which JBS provides tailor-made services to its customers and higher convenience to its
consumers. Additionally, the constant pursuit for operational efficiency, which includes focus on higher value
added products, also contributed to the improved performance for the year.
21
4Q20 & 2020 BUSINESS UNITS
JBS USA BEEF
IFRS - R$ Million
Net Revenue
Cost of Goods Sold
Gross Profit
Adjusted EBITDA
USGAAP¹ - US$ Million
Net Revenue
Cost of Goods Sold
Gross Profit
Adjusted EBITDA
4Q20
R$
% NR
30,287.2
100.0%
(26,128.3) -86.3%
4,158.9
13.7%
2,784.7
9.2%
4Q20
US$
% NR
5,612.4 100.0%
(5,054.9) -90.1%
557.5
9.9%
503.4
9.0%
3Q20
R$
% NR
28,757.6
100.0%
(24,869.4) -86.5%
3,888.2
13.5%
2,772.8
9.6%
∆%
QoQ
5.3%
5.1%
7.0%
0.4%
3Q20
US$
% NR
5,345.0 100.0%
(4,813.8) -90.1%
531.2
9.9%
502.9
9.4%
4Q19
∆%
QoQ
US$
% NR
5.0% 5,797.3 100.0%
5.0% (5,173.7) -89.2%
5.0% 623.6
10.8%
0.1% 580.3
10.0%
4Q19
R$
% NR
23,869.4
100.0%
(20,286.8) -85.0%
3,582.6
15.0%
2,613.1
10.9%
2020
∆%
YoY
R$
% NR
26.9% 112,120.3 100.0%
28.8% (94,412.7) -84.2%
16.1% 17,707.6
15.8%
6.6%
12,901.6
11.5%
2019
R$
% NR
87,202.6
100.0%
(75,668.1) -86.8%
11,534.5
13.2%
8,014.3
9.2%
∆%
YoY
28.6%
24.8%
53.5%
61.0%
2020
∆%
YoY
US$
% NR
-3.2% 21,698.4 100.0%
-2.3% (19,090.8) -88.0%
-10.6% 2,607.6
12.0%
-13.3% 2,385.9
11.0%
2019
US$
% NR
22,069.4 100.0%
(19,969.4) -90.5%
2,100.0
9.5%
1,945.2
8.8%
∆%
YoY
-1.7%
-4.4%
24.2%
22.7%
Considering the results in IFRS and Reais, JBS USA Beef posted in 4Q20 net revenue of R$30.3 billion, which
represents an increase of 26.9% in relation to 4Q19 and an EBITDA of R$2.8 billion, 6.6% higher than 4Q19,
with an EBITDA margin of 9.2%. These results were impacted by the 23.7% devaluation of the average
exchange rate (BRL vs USD), which went from R$4.12 to R$5.40 in the period.
In 2020, net revenue was R$112.1 billion, which corresponds to an increase of 28.6% over 2019, while
EBITDA was R$12.9 billion, with 11.5% margin. These results were impacted by the 23.5% devaluation of the
average exchange rate (BRL vs USD), which went from R$3.95 in 2019 to R$5.16 in 2020.
In USGAAP and US$, JBS USA Beef reported net revenue of US$5.6 billion in the quarter, a reduction of 3.2%
compared to 4Q19, driven by a decrease of 3.7% in the volume sold, despite the slight increase of 0.5% in
average sales prices. EBITDA in USGAAP was US$503.4 million, with EBITDA margin of 9.0% in the period.
In 2020, net revenue was US$21.7 billion, 1.7% lower than 2019, while EBITDA was US$2.4 billion with an
11% EBITDA margin.
In North America, the industry's fundamentals remained solid during the quarter and throughout 2020,
supported by the good cattle availability and beef demand. Despite the reduction in volume produced - a
consequence of the pandemic impact in the first half of the year - sales revenue surpassed the previous year
due to increased demand, both in the domestic and international markets, which boosted the price of
products sold. In addition, there was an improvement in the product mix, resulting from innovation in valueadded programs, such as, Clear River Premium, Natural Angus and new portioned products under the Swift
brand, as well as the traditional Aspen Ridge Natural Beef, Grass Run Farms and Imperial Wagyu programs
and products from the Adaptable brand. The volumes of these programs showed significant growth of 20%
in the annual comparison, an acceleration in relation to the growth of 16% in the previous year.
In line with the strategy of increasing exposure to higher value-added products, in 2020, JBS USA: (i) acquired
the Empire Packing Company, with case-ready production units in the United States and the Ledbetter
brand, placing the Company among the three largest players in the segment; (ii) repurchased the sheep
processing plant in Colorado, transforming it entirely into a CVA - Consumer Value Added plant, with a
production capacity of 2 million pounds per week; (iii) acquired, in Canada, a case-ready plant to serve one of
the largest retailers in this country; (iv) launched plant based products, under the OZO brand, which are
already being sold in more than 3,000 stores in the United States, reinforcing the diversification strategy and
meeting new trends in the consumption of high quality products.
In exports, the highlight was the volume and mix of products exported from the United States and Canada to
China, which became the 5th and 3rd largest market for the Company's beef exports, respectively, in 2020. It
is worth mentioning that, considering data released by the USDA, in 2020, JBS represented more than 50% of
the total volume of beef exported from the United States to China, and showed a significant improvement in
the sale price given the quality of the products exported.
The low availability of cattle in Australia throughout 2020 has significantly reduced beef production and,
consequently, the business margin in this region. On the other hand, Primo Foods - the prepared food and
branded products operation - maintained its consistency of performance and presented very positive results,
with an increase in sales volume as a result of the strong investment in innovation, expanding the mix of high
quality products.
¹The difference in JBS USA Beef EBITDA in IFRS and USGAAP, in addition to the FX, is attributed to the adoption of IFRS16 from 1Q19 onwards and different accounting criteria in relation to
inventories: in IFRS they are measured through the average cost while in USGAAP they are marked-to-market. Volume and price calculations exclude the impact of acquisitions.
22
4Q20 & 2020 BUSINESS UNITS
JBS USA PORK
IFRS - R$ Million
Net Revenue
Cost of Goods Sold
Gross Profit
Adjusted EBITDA
USGAAP¹ - US$ Million
Net Revenue
Cost of Goods Sold
Gross Profit
Adjusted EBITDA
4Q20
R$
% NR
9,314.6
100.0%
(7,859.3)
-84.4%
1,455.3
15.6%
844.6
9.1%
4Q20
US$
% NR
1,726.1 100.0%
(1,539.3) -89.2%
186.8
10.8%
175.2
10.2%
3Q20
R$
% NR
7,689.4
100.0%
(5,955.5)
-77.5%
1,733.9
22.5%
1,157.8
15.1%
4Q19
∆%
QoQ
R$
% NR
21.1% 6,316.0
100.0%
32.0% (5,060.6)
-80.1%
-16.1% 1,255.4
19.9%
-27.1% 886.7
14.0%
3Q20
US$
% NR
1,429.1 100.0%
(1,288.3) -90.1%
140.8
9.9%
136.2
9.5%
4Q19
∆%
QoQ
US$
% NR
20.8% 1,534.0 100.0%
19.5% (1,321.2) -86.1%
32.7% 212.8
13.9%
28.6% 208.9
13.6%
∆%
YoY
47.5%
55.3%
15.9%
-4.7%
∆%
YoY
12.5%
16.5%
-12.2%
-16.1%
2020
R$
% NR
32,171.1
100.0%
(26,514.5) -82.4%
5,656.6
17.6%
3,388.0
10.5%
2019
R$
% NR
23,469.0
100.0%
(19,582.5) -83.4%
3,886.5
16.6%
2,594.8
11.1%
∆%
YoY
37.1%
35.4%
45.5%
30.6%
2020
2019
US$
% NR
US$
% NR
6,226.5
100.0% 5,940.5
100.0%
(5,570.9) -89.5% (5,372.1) -90.4%
655.6
10.5% 568.4
9.6%
607.2
9.8% 561.9
9.5%
∆%
YoY
4.8%
3.7%
15.3%
8.1%
Considering the results in IFRS and Reais, in 4Q20 JBS USA Pork recorded net revenue of R$9.3 billion, which
represent an increase of 47.5% in relation to 4Q19 and an EBITDA of R$844.6 million, with a margin of 9.1%.
Such results were impacted by the 23.7% devaluation of the average exchange rate (BRL vs USD), which went
from R$4.12 to R$5.40 in the period.
In 2020, net revenue was R$32.2 billion, 37.1% higher than 2019, while EBITDA totaled R$3.4 billion with a
10.5% margin. These results carry the impact of the 23.5% devaluation of the average exchange rate (BRL vs
USD), which went from R$3.95 in 2019 to R$5.16 in 2020.
In US GAAP and USD, JBS USA Pork reported net revenue of US$1.7 billion, an increase of 12.5% over 4Q19,
due to increases of 9.5% in average sales price and 2.7% in volume sold for the period. EBITDA totaled
US$175.2 million in 4Q20, with EBITDA margin of 10.2%. In 2020, net revenue was US$6.2 billion, an
increase of 4.8% over 2019, while EBITDA was US$607.2 million, with a 9.8% margin.
JBS USA Pork presented solid performance in the fourth quarter and throughout the year, with a slightly
higher EBITDA margin in 2020 in comparison with 2019. Pork production also increased in the annual
comparison, thus recovering the gap caused in the first half of the year due to the impact of the pandemic.
Throughout the quarter, pork production and prices also increased, due to a certain seasonality, but mainly
due to the growing demand in the domestic and international markets. Such increase in demand has
affected the inventory level of pork cuts in the United States, which was among its lowest levels seen in
recent years.
Highlight went for exports in 2020, where volumes during the year exceeded significantly the previous year.
According to USDA data, China has become the main consumer market for American pork. At JBS USA, 32%
of the total pork export volume was directed to China. Japan, Mexico and Canada were also highlights of JBS
USA Pork exports throughout the year, as well as other smaller markets that increased their participation,
such as the Philippines and Chile.
JBS USA Pork maintains its relentless focus on operational performance, with cost control in its production
units and an outstanding ability to convert commodity items into higher value-added products, contributing
to better margins. In addition to operational performance, is the establishment and maintenance of relevant
commercial partnerships in the domestic and international markets, which have differentiated the unit's
performance.
The former Plumrose, now rebranded to SWIFT Prepared Foods, remains focused on the organic growth of
its operations, investing in the expansion of its production lines and in greenfield projects. In 2020, new
bacon production lines were added at the Ottumwa plant as well as the construction of a new pre-cooked
and cooked bacon plant in Missouri, which will start operating in mid-2021, with the capacity to process 11
thousand tons per year. Additionally, JBS USA Pork continued to make progress, on the already announced
project of a new plant for the production of Italian meats and charcuterie ready-to-eat products, with an
estimated investment of US$200 million, and which is expected to be operating by the end of 2022.
¹The difference in JBS USA Pork EBITDA in IFRS and USGAAP, in addition to the FX, is attributed to the adoption of IFRS16 from 1Q19 onwards and different accounting criteria. In IFRS, the inventories are measured through the
average cost while in USGAAP they are marked-to-market and biological assets are marked to market, while in USGAAP they are measured through the average cost. Volume and price calculations exclude the impact of acquisitions.
23
4Q20 & 2020 BUSINESS UNITS
PILGRIM’S PRIDE CORPORATION
IFRS - R$ Million
Net Revenue
Cost of Goods Sold
Gross Profit
Adjusted EBITDA
USGAAP¹ - US$ Million
Net Revenue
Cost of Goods Sold
Gross Profit
Adjusted EBITDA
4Q20
R$
% NR
16,807.7
100.0%
(14,689.7) -87.4%
2,117.9
12.6%
1,606.7
9.6%
4Q20
US$
% NR
3,117.8 100.0%
(2,890.4) -92.7%
227.4
7.3%
205.4
6.6%
3Q20
R$
% NR
16,527.2
100.0%
(14,063.9) -85.1%
2,463.3
14.9%
2,095.8
12.7%
4Q19
∆%
QoQ
R$
% NR
1.7% 12,598.4
100.0%
4.4% (11,216.0) -89.0%
-14.0% 1,382.4
11.0%
-23.3% 1,046.6
8.3%
3Q20
US$
% NR
3,075.1 100.0%
(2,761.3) -89.8%
313.8
10.2%
305.0
9.9%
4Q19
∆%
QoQ
US$
% NR
1.4% 3,063.5 100.0%
4.7% (2,862.1) -93.4%
-27.5% 201.4
6.6%
-32.7% 161.6
5.3%
∆%
YoY
33.4%
31.0%
53.2%
53.5%
∆%
YoY
1.8%
1.0%
12.9%
27.1%
2020
R$
% NR
62,227.7
100.0%
(54,799.6) -88.1%
7,428.0
11.9%
5,954.9
9.6%
2019
R$
% NR
45,005.9
100.0%
(38,674.5) -85.9%
6,331.4
14.1%
5,327.7
11.8%
∆%
YoY
38.3%
41.7%
17.3%
11.8%
2020
2019
US$
% NR
US$
% NR
12,091.9 100.0% 11,409.2 100.0%
(11,253.7) -93.1% (10,338.8) -90.6%
838.1
6.9% 1,070.4
9.4%
788.1
6.5% 973.7
8.5%
∆%
YoY
6.0%
8.8%
-21.7%
-19.1%
Considering results in IFRS and Reais, for the 4Q20 PPC posted a net revenue of R$16.8 billion, a 33.4%
growth in comparison to 4Q19 and EBITDA of R$1.6 billion, with EBITDA margin of 9.6%. These results
include a 23.7% impact of the average FX rate (BRL vs USD), which was R$4.12 in 4Q19 and R$5.40 in 4Q20.
In 2020, net revenue was R$62.2 billion, 38.3% higher than 2019, and EBITDA was R$6.0 billion with a 9.6%
margin. These results include a 23.5% impact of the average FX rate (BRL vs USD), which was R$3.95 in 2019
and R$5.16 in 2020.
In US GAAP and USD, net revenue in the quarter totaled US$3.1 billion, 1.8% higher than 4Q19, and EBITDA
was US$205.4 million with a 6.6% margin.
In 2020, PPC’s net revenue was US$12.1 billion, a 6% increase over 2019 and EBITDA totaled US$788.1
million, with a 6.5% margin.
In the US, PPC’s operating performance has continued to be resilient, driven by its partnerships with Key
Customers and the relentless focus on executing and delivering the best results possible despite the volatility
and changes in market conditions. Within its case-ready and small bird businesses, strong Key Customer
demand from QSR and retail customers, has continued to remain strong. While the commodity sector has
continued to be challenging, the Company continues to improve its operating efficiency in that business. The
U.S. Prepared Foods continues to evolve in anticipation of even stronger results in 2021, reflecting the
investments made over the last few years.
For the full year, PPC’s legacy European operations produced an EBITDA that was 6% higher than the
previous year, reflecting the strength and consistency of its business model despite the significant hit of
Covid-19. The Company’s management expects to continue to improve its results driven by increased
operational efficiencies, investments in automation, focus on higher yields, and better mitigation of input
costs.
The performance of the newly acquired European operations has continued to improve with EBITDA on a
positive momentum. It has now been profitable on an EBITDA basis for the last seven quarters in a row. The
robust performance was driven by strong pork exports and good domestic demand, as well as from the
continuing implementations of operational improvements.
In Mexico, after a very challenging first half during 2020, operations have continued to rebound strongly and
deliver great results in the second half including Q4 to end the year in-line with prior years. More normalized
economic activities, continued good supply/demand balance in the market, PPC’s increased share of noncommodity products, fewer imported chicken, and a very good operational performance, all contributed to
the strength of its results.
¹The difference in PPC’s EBITDA in IFRS and USGAAP, in addition to the FX, is attributed to the adoption of IFRS 16 from 1Q19 onwards and to different accounting criteria in relation to breeding flock amortization: in IFRS,
amortization of the breeding flock, due to its long term nature, is considered as an expense that can be adjusted in EBITDA, while in USGAAP amortization of the breeding flock is accounted as cost of goods sold and not adjustable
in EBITDA. In IFRS, the inventories are measured through the average cost while in USGAAP they are marked-to-market and biological assets are marked to market, while in USGAAP they are measured through the average cost.
24
TABLES AND GRAPHS
GRAPH 1 – JBS EXPORTS IN 2020 AND 2019
Greater
China
30.7%
Others
23.4%
2020
US$
13,618.6
million
E.U.
5.5%
Japan
11.4%
South
Korea
9.0%
USA
9.5%
Greater
China
27.3%
Others
23.4%
US$
13,698.2
Japan
12.2%
South
Korea
9.5%
USA
9.6%
2019
Note 1. Considers China and Hong Kong
million
E.U.
5.9%
Africa &
Middle East
10.5%
Africa &
Middle East
12.1%
TABLE 1- COGS BREAKDOWN
4Q20 (%)
Raw material (livestock)
Processing (including
ingredients and packaging)
Labor Cost
67.2%
JBS USA
Beef
82.2%
JBS USA
Pork
72.9%
51.2%
5.4%
20.3%
7.6%
13.2%
32.2%
4.0%
12.6%
10.2%
13.9%
16.6%
Consolidated
JBS Brazil
Seara
75.0%
90.6%
13.8%
11.2%
PPC
25
DIVIDEND
POLICY
DIVIDEND DISTRIBUTION EVOLUTION
Reference
year
Total amount
(R$ million)
Amount per
share(R$)
The declaration of annual dividends, including dividends in
excess of the minimum mandatory dividend, requires
approval at the Annual General Shareholders Meeting by a
majority vote of the shareholders of JBS and will depend on
various factors.
12/31/2019
1,441.2
0.5405951400
12/31/2018
6.0
0.0022457200
12/31/2017
126.9
0.0467762540
These factors include operational results, financial
conditions, cash requirements and future prospects of the
Company among other factors that the board of directors
and shareholders of JBS deem relevant.
12/31/2016
89.4
0.0329777380
12/31/2015
1,102.0
0.4054588810
12/31/2014
483.5
0.1673795780
12/31/2013
220.1
0.0767453370
12/31/2012
170.7
0.0595100000
12/31/2009
61.5
0.0243617747
The minimum mandatory dividend of JBS is 25% of net
income as provided for in the Corporations Act and by the
Company’s bylaws, based upon the non consolidated
financial statements.
There were no dividend payments for 2010 and 2011, since
the Company recorded losses for these periods.
The company has accrued dividends in December 31, 2020 of R$1,092.1 million to be submitted at the General Meeting of
Shareholders, calculated as follows (in R$ thousands). The Company will submit for approval to the Annual Shareholders' Meeting,
which will take place on April 28, 2021, the distribution of dividends equivalent to R$ 1.00 per share in the total amount of R$ 2.5
billion. Accordingly, the Company provisioned the mandatory 25% and highlighted the additional dividend of R$ 1.4 billion in
shareholders 'equity as can be seen in the statement of change in equity.
December 31, 2020
Net income
4,598,311
Legal reserves – (5%)
(229,916)
Adjusted base for dividend calculation
4,368,395
Mandatory dividends (25%)
1,092,099
Declared dividends
1,092,099
PÁG.
26
OTHER RELEVANT
INFORMATION
SHARE PERFORMANCE (base 100)
JBS share price ended 2020 quoted at R$23.66 in the São Paul Stock Exchange (B3). The Company’s market value totaled R$62.1
billion at the end of the year.
120
110
100
90
80
70
60
50
Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20
Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20
JBSS3
IBOV
ADHERENCE TO THE ARBITRATION CHAMBER
The Company, its shareholders, directors and members of the
Fiscal Council undertake to resolve through arbitration any
dispute or controversy that may arise between them related to
or resulting from in particular the application, validity,
effectiveness, interpretation, violation and effects of the
provisions contained in the Contract of the Novo Mercado, the
Listing Rules of the Novo Mercado, the Bylaws, the
shareholders‘ agreements filed at the
Company’s headquarters under Corporate Law, the
regulations issued by the National Monetary Council, by the
Central Bank of Brazil, by the CVM, by BOVESPA and any
other rules applicable to the operation of the capital market
in general to the market Arbitration Chamber in accordance
with Commitment Clauses and Arbitration Rules, conducted
in accordance with the Chamber Regulation.
RELATIONSHIP WITH EXTERNAL AUDIT
Grant Thornton Auditores was hired by JBS S.A. for the
provision of external audit services related to audits of
financial statements of JBS S.A., individual and consolidated.
JBS’ policy to hire eventual services not related to external
audit from the independent auditor is based on principles
that preserve the independency of the auditor, such as: (a)
the auditor should not audit its own work, (b) the auditor
should not exercise managerial functions in its client and (c)
the auditor should not promote the interests of its client.
The auditor’s payment refers to professional services related
to the audit process of consolidated financial statements,
quarterly revisions of the Company’s financial statements,
corporate audits and some temporary revisions of certain
subsidiaries, as per request by the appropriate legislation.
Payments related to the audit process refer to services of
due diligence traditionally performed by an external auditor
in acquisitions and advisory regarding accountancy standards
and transactions.
Payments not related to audit process corresponds to,
mainly, services provided of compliance with the tax
requirements to the Company’s subsidiaries outside of Brazil.
Aiming to be in compliance with CVM Instruction 381/2003,
JBS S.A. informs that Grant Thornton Auditores did not
provide any other services unrelated to the audit that
represented more than 5% of its total payment regarding
audit process during 2020.
PÁG.
27
#++
;@3@5;3>EF3F7?7@FE3@6"@67B7@67@F3G6;FADED7BADF
GC: 979A69F 5B8
"@67J
(397
#B89D9B89BH5I8=HCFGF9DCFHCBH<9=B8=J=8I5@5B87CBGC@=85H98:=B5B7=5@GH5H9A9BHG
-H5H9A9BHC::=B5B7=5@DCG=H=CB GG9HG
-H5H9A9BHC::=B5B7=5@DCG=H=CB &=56=@=H=9G5B8 EI=HM
-H5H9A9BHGC:=B7CA9:CFH<9M95FG9B898 979A69F 5B8
-H5H9A9BHC:7CADF9<9BG=J9=B7CA9H<9M95FG9B898 979A69F 5B8
-H5H9A9BHGC:7<5B;9G=B9EI=HM:CFH<9M95FG9B898 979A69F 5B8
-H5H9A9BHGC:75G<:@CKG:CFH<9M95FG9B898 979A69F 5B8
7CBCA=7J5@I958898:CFH<9M95FG9B898 979A69F 5B8
(CH9 )D9F5H=B;57H=J=H=9G
(CH9 *@9565F;5=B5;F99A9BH &9B=9B7M5;F99A9BH5B8H<9=AD57HG=BH<9:=B5B7=5@GH5H9A9BHG
(CH9 5G=GC:DF9D5F5H=CB5B8DF9G9BH5H=CBC::=B5B7=5@GH5H9A9BHG
(CH9 IG=B9GG7CA6=B5H=CB
(CH9 5G<5B875G<9EI=J5@9BHG
(CH9 .F589577CIBHGF979=J56@9
(CH9 #BJ9BHCF=9G
(CH9 =C@C;=75@5GG9HG
(CH9 ,97CJ9F56@9H5L9G
(CH9 ,9@5H98D5FHMHF5BG57H=CBG
(CH9 #B7CA9H5L9G
(CH9 #BJ9GHA9BHG=BGI6G=8=5F=9G 5GGC7=5H95B8>C=BHJ9BHIF9
(CH9 *FCD9FHM D@5BH5B89EI=DA9BH
(CH9 &95G9G
(CH9 #BH5B;=6@95GG9HG
(CH9 !CC8K=@@
(CH9 .F589577CIBHGD5M56@9
(CH9 &C5BG5B8:=B5B7=B;
(CH9 77FI98=B7CA9H5L9G5B8CH<9FH5L9G
(CH9 77FI98D5MFC@@5B8GC7=5@7<5F;9G
(CH9 =J=89B8GD5M56@9
(CH9 )H<9F:=B5B7=5@@=56=@=H=9G
(CH9 *FCJ=G=CBG
(CH9 EI=HM
(CH9 (9HF9J9BI9
(CH9 =B5B7=5@=B7CA99LD9BG9 B9H
(CH9 5FB=B;GD9FG<5F9
(CH9 )D9F5H=B;G9;A9BHG5B8;9C;F5D<=7F9DCFH=B;
(CH9 LD9BG9G6MB5HIF9
(CH9 #BGIF5B797CJ9F5;9
(CH9 ,=G?A5B5;9A9BH5B8:=B5B7=5@=BGHFIA9BHG
(CH9 DDFCJ5@C:H<9:=B5B7=5@GH5H9A9BHG
(Free translation from the original issued in Portuguese. In the event of any discrepancies, the Portuguese
language version shall prevail.)
Grant Thornton Auditores
Independentes
Av. Eng. Luís Carlos Berrini, 105 - 12o
andar Itaim Bibi, São Paulo (SP) Brasil
T +55 11 3886-5100
To the Management, Board of Directors and Shareholders of
JBS S.A.
São Paulo – SP
Opinion
We have audited the individual and consolidated financial statements of JBS S.A. (“Company”), identified
as Company and Consolidated, respectively, which comprise the balance sheet as at December 31, 2020,
and the related statement of income, comprehensive income, changes in equity and cash flows for the
year then ended, and the corresponding explanatory notes, including a summary of significant accounting
policies.
In our opinion, the financial statements present fairly, in all material respects, the individual and
consolidated financial position of JBS S.A. as of December 31, 2020, and its individual and consolidated
financial performance and respective individual and consolidated cash flows for the year then ended, in
accordance with accounting practices adopted in Brazil and the International Financial Reporting
Standards (IFRS) issued by the International Accounting Standards Board (IASB).
Basis for opinion
We conducted our audit in accordance with Brazilian and International Standards on Auditing (ISAs).
Our responsibilities under those standards are further described in the “Auditor’s responsibilities for the
audit of the individual and consolidated financial statements” section of our report. We are independent of
the Company and its subsidiaries in accordance with the relevant ethical requirements set forth in the
Code of Ethics for Professional Accountants and the professional standards issued by the Federal
Accounting Council and we have fulfilled our other ethical responsibilities in accordance with these
requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a reasonable basis for our audit opinion.
© 2021 Grant Thornton Auditores Independentes. All rights reserved
JBS S.A.
3
Key audit matters
Key audit matters are those matters that, in our judgment, were of most significance in our audit of the
financial statements in the current year. These matters were addressed in the context of our audit of the
individual and consolidated financial statements taken as a whole and in forming our opinion on such
individual and consolidated financial statements, and, therefore, we do not provide a separate opinion on
these matters.
1. Investigation Proceedings (Notes No. 2 and 23)
Why the matter was determined to be a KAM
A As described in Notes 2 and 23 to the individual and consolidated financial statements, during 2017,
certain executives and former executives of J&F Investments S.A. Group (“J&F”) entered into Plea
Bargain Agreements (“Plea Bargain”) with the Attorney General´s Office (“PGR”). Subsequently, J&F
entered into a Leniency Agreement (“Agreement”) confirmed by the Federal Public Prosecutor’s Office
(“MPF”). As a result, in order to protect itself from the financial impacts that are fully assumed by J&F, the
Company and its subsidiaries joined the “Agreement”, thus, initiating an internal investigation of prior
years’ activities, led by the Independent Oversight Committee (“Committee” or “CSI”) supported by
specialized, external, and independent professionals, in order to investigate facts involving the Company
in Brazil and abroad in relation to the plea bargain and leniency agreements and other proceedings being
conducted, including by the Brazilian Securities Commission (CVM).
In September 2020, based on the findings of the work performed by the specialized professionals on the
several documents submitted and in light of the reports made available to the MPF, the Company’s
Management considered that all the reported events have been measured and properly recognized and
disclosed in the financial statements as of December 31, 2017 and that, therefore, there are no other
events that have not already been recognized, or disclosed, or that may impact these financial statements
to date.
Accordingly, due to the risks and uncertainties involved in processes of this nature which prevent us from
obtaining any assurance that no new facts will come to light and, mainly, for taking most part of our
attention and audit efforts on the latest lawyers’ reports made available to the MPF, together with our
shadow procedures over the procedures of the external and independent experts, we again considered
this matter to be a key audit matter.
How the matter was addressed in the audit of the financial statements
Our audit procedures included, among others:
·
We reviewed our understanding of the Company’s compliance policies in order to verify, among other
aspects relating to governance, if they are operating effectively and, also, if they are in accordance
and consistent with what the Company had committed itself and agreed upon with government
agencies and oversight bodies;
·
We held meetings and assessed the Company's main investigations conducted by the independent
law firm and related forensic experts to determine whether, or not, there were other impacts and/or
risks on the procedures and results described in the latest reports submitted to the MPF;
·
We reviewed the working papers prepared by the auditors of the significant components that impact
the consolidated financial statements for the conclusions obtained on the forensic procedures that
have been applied since the external investigation process was initiated in 2017 and on the
procedures applied by them throughout the year ended December 31, 2020;
·
We obtained and read the reports issued by the auditors of the significant components on the financial
statements that support the Company's consolidated financial statements, to identify new facts and/or
processes and evidence-gathering procedures eventually not identified by Management and/or not
presented in these financial statements;
© 2021 Grant Thornton Auditores Independentes. All rights reserved
JBS S.A.
4
·
We held meetings and discussions with the Company’s internal and external legal counsel to
understand and review if there were other impacts and/or risks on the pending litigation and results
obtained so far;
·
We assessed whether the Company’s Management’s position on the accounting impacts recognized
to date, and its estimates and assumptions, remain adequate and up-to-date;
·
We obtained representations from the Company’s management and access to the representations of
its significant consolidated components regarding the inexistence of new facts about the ongoing
investigations that could result in new significant impacts compared to those already known,
recognized, and disclosed in the respective explanatory notes to the financial statements;
·
We involved our forensic specialists to assist us in assessing the scope and extent of the investigation
by critically assessing the procedures and methodologies used by the independent investigators,
including the procedures used to collect and analyze documents and/or critical information, and
assessing whether it would be necessary to perform further procedures and monitor relevant
information disclosed on the media;
·
We obtained access to J&F's Management representation letter confirming that the Agreement
remains valid and effective.
Based on the evidence obtained through the procedures described above, we consider that the
accounting impacts recognized so far, as well as the disclosures related to the proceedings and activities
involving the investigations, are consistent in the context of the individual and consolidated financial
statements taken as a whole.
2. Donations to mitigate Covid-19 impacts (Note No. 1.a)
Why the matter was determined to be a KAM
In May 2020, the company announced that its Board of Directors had unanimously approved donations as
a contribution to the efforts to tackle the social impacts of Covid-19. In Brazil this plan provided for the
donation of R$400 million (of which R$316 million donated in 2020) to public health, welfare, and science
and technology support efforts; these funds would be used to build hospitals, increase the number of
hospital beds, buy medicines, medical equipment, sanitizers and provide food and donations to nonprofit
social organizations that serve vulnerable communities in Brazil, among other uses. As a result, this
matter was considered to be a key audit matter due to its characteristic of a “significant unusual
transaction”, due to the materiality of the donations, for taking most part of our attention and audit efforts
and, primarily, in light of the historical sensitivity of the Company and its Compliance department to
matters related to donations.
How the matter was addressed in the audit of the financial statements
Our audit procedures included, among others:
·
Perform substantive auditing procedures aimed at the records and related internal documentation
prepared by Management;
·
Assess the appropriate supporting documentation, related system registrations of transactions,
requisitions and approvals, and the approval of the donations by the external Advisory Committee;
·
For the related impacts on the taxes, our approach included involving our tax specialists in the
assessment of possible impacts and the review of the related supporting documentation, donation
agreements, tax classification, and donation recipient-related documentation;
·
Assess the evidence obtained regarding said donations through services rendered, donations in kind,
or financial donations;
© 2021 Grant Thornton Auditores Independentes. All rights reserved
JBS S.A.
5
·
Involve our forensic specialists to assist us in the assessing the integrity due diligence procedures
regarding suppliers of the services, equipment, and products intended for donation, as well as
assessing and checking the integrity of the recipients, including with regards to the need to perform
additional procedures and request additional information.
Based on the evidence obtained through the procedures described above, we believe that the procedures
adopted by the Company related to the records of the donations to mitigate Covid-19 impacts are
consistent in the context of the financial statements taken as a whole.
3. Evaluation of impairment (Notes No. 13, 15 and 16)
Why the matter was determined to be a KAM
The individual and consolidated financial statements are prepared in accordance with accounting
practices adopted in Brazil and the International Financial Reporting Standards (IFRS) issued by the
International Accounting Standards Board (IASB). Accordingly, some of the significant subsidiaries in
Brazil and abroad are audited by other independent auditors, causing us to consider the risks and related
key audit matters in those locations that, in the current year, are primarily represented by Management’s
monitoring and assessment of antitrust ongoing legal proceedings, corporate restructurings and tax
regulations globally. This matter was considered to be significant for purposes of our audit due to the
materiality of these subsidiaries’ operations as a whole, their restructurings, and their related tax impacts
on the Company’s consolidated financial statements, and mainly due to the various audit procedures that
we are required to perform and our supervision work to determine whether the quality and competence of
the group auditor and the component auditor are uniform, as required by the relevant standards on
auditing.
How the matter was addressed in the audit of the financial statements
Our audit procedures included, among others:
·
Evaluation of internal or external evidence that may indicate that assets are impaired;
·
Involvement of our internal specialists to assist in the review of the impairment tests; evaluation of the
assumptions and methodologies used by the Company’s Management in conjunction with its external
specialists engaged to prepare the appraisal reports and related analyses;
·
Ongoing challenge of the assumptions used by Management in order to corroborate if there are
assumptions not consistent and/or that might be revised;
·
Analysis of the disclosures required in the individual and consolidated financial statements.
Based on the procedures performed, we considered that the assumptions and methodologies used by the
Company to evaluate the recoverable value of such assets are reasonable, and the information presented
in the individual and consolidated financial statements is appropriate in the context of the individual and
consolidated financial statements taken as a whole.
4. Audit of group financial statements (Note No. 12)
Why the matter was determined to be a KAM
The individual and consolidated financial statements are prepared in accordance with accounting
practices adopted in Brazil and the International Financial Reporting Standards (IFRS) issued by the
International Accounting Standards Board (IASB). Accordingly, some of the significant subsidiaries in
Brazil and abroad are audited by other independent auditors, causing us to consider the risks and related
key audit matters in those locations that, in the current year, are primarily represented by Management’s
monitoring and assessment of antitrust ongoing legal proceedings, corporate restructurings, and tax
regulations globally. This matter was considered to be significant for purposes of our audit due to the
materiality of these subsidiaries’ operations as a whole, their restructurings, and their related tax impacts
on the Company’s consolidated financial statements, and mainly due to the various audit procedures that
we are required to perform and our supervision work to determine whether the quality and competence of
the group auditor and the component auditor are uniform, as required by the relevant standards on
auditing.
© 2021 Grant Thornton Auditores Independentes. All rights reserved
JBS S.A.
6
How the matter was addressed in the audit of the financial statements
Our audit procedures included, among others:
·
Review the working papers and, especially, extensive communication with the component auditors of
the significant subsidiaries in order to discuss audit risks and the focus, scope, timing and extent of the
audit work performed;
·
We applied the concepts prescribed by and according to NBC TA 600 (R1)/ ISA 600 – Special
considerations – Audits of group financial statements, besides performing other procedures, we issued
audit instructions requesting the required analyses and declarations and reviewed the components’
working papers and discussed the auditing procedures performed and findings reached to conclude
whether they had been properly planned in a manner to address the risks of material misstatements
and/or required additional testing procedures;
·
We performed additional independent addressed tests on certain significant components of the
Company to cover any deficiencies that might significantly impact the financial statements referred to
above;
·
Regarding the key audit matters identified, we discussed with the components´ auditors and evaluated
any impacts on the individual and consolidated financial statements, including as to any effects on the
disclosure of the consolidated financial statements;
·
We involved international tax professionals with specialized skills and know-how to assess the
application of tax regulations on business operations, as well as the related accounting recognition of
significant transactions and restructurings.
Based on the evidence obtained by performing the procedures described above, we consider that the
accounting records relating to the accounting information of significant components and their effects on
the individual and consolidated financial statements as well as on their respective disclosures are
consistent in the context of the individual and consolidated financial statements taken as a whole .
Other matters
Statements of value added
The individual and consolidated statements of value added (DVA) for the year ended December 31, 2020,
prepared under the responsibility of the Company’s Management and presented as supplemental
information for IFRS purposes, have been subject to auditing procedures which were performed together
with the audit of the Company’s financial statements. In forming our opinion, we evaluated if these
statements are reconciled to the financial statements and accounting records, as applicable, and if their
form and content are in accordance with the criteria defined in NBC TG 09 – Statement of Value Added.
In our opinion, these statements of value added were appropriately prepared, in all material respects,
according to the criteria defined in said technical pronouncement and are consistent in relation to the
individual and consolidated financial statements taken as a whole.
Information other than the individual and consolidated financial statements and
auditor’s report thereon
The Company’s Management is responsible for this other information that is included in the Management
Report.
Our opinion on the individual and consolidated financial statements does not cover the Management
Report and we do not, and will not, express any form of assurance conclusion thereon.
In connection with our audit of the individual and consolidated financial statements, our responsibility is to
read the Management Report and, in doing so, consider whether this report is materially inconsistent with
the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially
misstated. If, based on the work we have performed, we conclude that there is a material misstatement in
Management Report, we are required to report this fact. We have nothing to report in this regard.
© 2021 Grant Thornton Auditores Independentes. All rights reserved
JBS S.A.
7
Responsibility of management and those charged with governance for the
individual and consolidated financial statements
Management is responsible for the preparation and fair presentation of the individual and consolidated
financial statements in accordance with accounting practices adopted in Brazil and the International
Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB),
and for such internal control as Management determines is necessary to enable the preparation of
financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the individual and consolidated financial statements, Management is responsible for
assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related
to going concern and using the going concern basis of accounting in preparing the financial statements,
unless Management either intends to liquidate the Company and its subsidiary or to cease operations, or
has no realistic alternative to avoid doing so.
Those charged with the Company’s and its subsidiaries’ governance are those responsible for overseeing
the financial reporting process.
Auditor’s responsibility for the audit of the individual and consolidated financial
statements
Our objectives are to obtain reasonable assurance about whether the individual and consolidated financial
statements, taken as a whole, are free from material misstatement, whether due to fraud or error, and to
issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but
is not a guarantee that an audit conducted in accordance with Brazilian and International Standards on
Auditing will always detect a material misstatement when it exists. Misstatements can arise from fraud or
error and are considered material if, individually or in the aggregate, they could reasonably be expected to
influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with Brazilian and International Standards on Auditing, we exercise
professional judgment and maintain professional skepticism throughout the audit. In addition, we:
·
Identify and assess the risks of material misstatement of the individual and consolidated financial
statements, whether due to fraud or error, design and perform audit procedures responsive to those
risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.
The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting
from error, as fraud may involve override of internal control, collusion, forgery, intentional omissions or
misrepresentations;
·
Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Company’s and its subsidiaries’ internal controls;
·
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by Management;
·
Conclude on the appropriateness of management’s use of the going concern basis of accounting and
based on the audit evidence obtained, whether a material uncertainty exists related to events or
conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If
we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report
to the related disclosures in the individual and consolidated financial statements or, if such disclosures
are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up
to the date of our auditor’s report. However, future events or conditions may cause the Company to
cease to continue as a going concern;
·
Evaluate the overall presentation, structure and content of the financial statements, including the
disclosures, and whether the individual and consolidated financial statements represent the underlying
transactions and events in a manner that achieves fair presentation;
© 2021 Grant Thornton Auditores Independentes. All rights reserved
JBS S.A.
8
·
Obtain sufficient and appropriate audit evidence regarding the financial information of the entities or
business activities within the group to express an opinion on the individual and consolidated financial
statements. We are responsible for the direction, supervision and performance of the group audit and,
consequently, for the audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned
scope and timing of the audit and significant audit findings, including any significant deficiencies in internal
control that we may have identified during our audit.
We also provide those charged with governance with a statement that we have complied with relevant
ethical requirements, including those regarding independence, and communicate to them all relationships
and other matters that may reasonably be thought to bear on our independence and, where applicable,
related safeguards.
From the matters communicated with those charged with governance, we determined those matters that
were of most significance in the audit of the financial statements for the current year and are, therefore,
the key audit matters. We describe these matters in our audit report, unless laws or regulations preclude
public disclosure of the matter or when, in extremely rare circumstances, we determine that a matter
should not be communicated in our report because the adverse consequences of doing so would
reasonably be expected to outweigh the public interest benefits of such communication.
São Paulo, March 24, 2021
Alcides Afonso Louro Neto
Assurance Partner
Grant Thornton Auditores Independentes
© 2021 Grant Thornton Auditores Independentes. All rights reserved
JBS S.A.
9
#++
+F3F7?7@FEA88;@3@5;3>BAE;F;A@
"@F:AGE3@6EA8D3L;>;3@*73;E *
A?B3@K
&AF7
757?47D
A@EA>;63F76
757?47D
757?47D
757?47D
++ ,+
-** &,++ ,+
5G<5B875G<9EI=J5@9BHG
.F589577CIBHGF979=J56@9
#BJ9BHCF=9G
=C@C;=75@5GG9HG
,97CJ9F56@9H5L9G
9F=J5H=J95GG9HG
)H<9F7IFF9BH5GG9HG
,',$ -** &,++ ,+
^
^
^
&'& -** &,++ ,+
,97CJ9F56@9H5L9G
,9@5H98D5FHMF979=J56@9G
9:9FF98=B7CA9H5L9G
)H<9FBCB 7IFF9BH5GG9HG
T
^
=C@C;=75@5GG9HG
#BJ9GHA9BHG=BGI6G=8=5F=9G 5GGC7=5H95B8>C=BHJ9BHIF9
T
^
*FCD9FHM D@5BH5B89EI=DA9BH
,=;BAE;F;A@
"@F:AGE3@6EA8D3L;>;3@*73;E *
A?B3@K
&AF7
757?47D
A@EA>;63F76
757?47D
757?47D
757?47D
$""$"," +& )-",1
-** &,$""$"," +
.F589577CIBHGD5M56@9
-IDD@M7<5=B:=B5B79
&C5BG5B8:=B5B7=B;
#B7CA9H5L9G
77FI98=B7CA9H5L9G5B8CH<9FH5L9G
^
^
77FI98D5MFC@@5B8GC7=5@7<5F;9G
&95G9@=56=@=H=9G
=J=89B8GD5M56@9
)H<9F:=B5B7=5@@=56=@=H=9G
9F=J5H=J9@=56=@=H=9G
)H<9F7IFF9BH@=56=@=H=9G
,',$ -** &,$""$"," +
&'& -** &,$""$"," +
&C5BG5B8:=B5B7=B;G
77FI98=B7CA9H5L9G5B8CH<9FH5L9G
77FI98D5MFC@@5B8GC7=5@7<5F;9G
&95G9@=56=@=H=9G
)H<9F:=B5B7=5@@=56=@=H=9G
9:9FF98=B7CA9H5L9G
*FCJ=G=CBG
,9@5H98D5FHMD5M56@9G
)H<9FBCB 7IFF9BH@=56=@=H=9G
,',$&'& -** &,$""$"," +
-<5F975D=H5@ 7CAACBG<5F9G
5D=H5@F9G9FJ9
)-",1
^
^
)H<9FF9G9FJ9G
*FC:=HF9G9FJ9G
77IAI@5H98CH<9F7CADF9<9BG=J9=B7CA9
FFD;4GF34>7FA5A?B3@KE:3D7:A>67DE
FFD;4GF34>7FA@A@ 5A@FDA>>;@9;@F7D7EF
,',$ )-",1
,',$$""$"," +& )-",1
^
^
.<9577CAD5BM=B;BCH9G5F95B=BH9;F5@D5FHC:H<9G9:=B5B7=5@GH5H9A9BHG
11
#++
+F3F7?7@FEA8;@5A?78ADF:7K73DE7@676 757?47D
3@6
"@F:AGE3@6EA8D3L;>;3@*73;E *
A?B3@K
&AF7
A@EA>;63F76
CGHC:G5@9G
& ,* . &-
*'++(*' ",
!9B9F5@5B858A=B=GHF5H=J9
-9@@=B;
)H<9F9LD9BG9
)H<9F=B7CA9
'( *,"& 0( &+ +
'( *,"& (*' ",
=B5B79=B7CA9
=B5B799LD9BG9
-<5F9C:DFC:=HC:9EI=HM 577CIBH98=BJ9GH99G B9HC:H5L
(*' ", '* ,0 +
IFF9BH=B7CA9H5L9G
9:9FF98=B7CA9H5L9G
CAD5BMG<5F9GF7673D@;@9EB7DE:3D7 5A??A@E:3D7E*
.<9577CAD5BM=B;BCH9G5F95B=BH9;F5@D5FHC:H<9G9:=B5B7=5@GH5H9A9BHG
12
#++
+F3F7?7@FEA85A?BD7:7@E;H7;@5A?78ADF:7K73DE7@676 757?47D
3@6
"@F:AGE3@6EA8D3L;>;3@*73;E *
A?B3@K
*787D7@57
&7F;@5A?7
A@EA>;63F76
"+
CF9=;B7IFF9B7MHF5BG@5H=CB58>IGHA9BHG
+ +
L7<5B;9F5H9J5F=5H=CBCBB9H=BJ9GHA9BH
+ +
!5=BG5GGC7=5H98K=H<7CBHFC@@CGGG5@98=GDCG5@C:GI6G=8=5F=9G
+ +
'F:7D5A?BD7:7@E;H7;@5A?7
"F7?EF:3F?3K47EG4E7CG7@F>KD75>3EE;8;76FABDA8;FAD>AEE
T
^
T
^
,AF3>AF:7D5A?BD7:7@E;H7;@5A?7
A?BD7:7@E;H7;@5A?7
,AF3>5A?BD7:7@E;H7;@5A?73FFD;4GF34>7FA
CAD5BMG<5F95A?BD7:7@E;H7;@5A?7
)H<9FG
^
1<=H9-HF=D98=J=89B8HCBCB 7CBHFC@@=B;=BH9F9GH
^
^
-7CHH8=J=89B8HCBCB 7CBHFC@@=B;=BH9F9GH
^
^
^
^
^
^
1<=H9-HF=D957EI=G=H=CB
** G<5F9F9DIF7<5G9
^
^
T
^
^
^
^
^
^
^
^
^
^
^
^
^
^
^
^
^
^
T
^
^
^
^
^
^
^
^
^
^
^
^
^
^
^
T
^
^
^
^
^
^
^
^
^
^
^
^
^
^
^
^
T
^
^
^
^
^
^
^
^
^
^
^
^
^
T
^
^
^
^
3B;F3>
FD3@E35F;A@
3B;F3>D7E7DH7E
^
^
^
^
^
^
^
^
^
^
^
^
^
T
^
^
^
^
^
^
^
^
^
^
^
^
^
T
^
^
^
^
+FA5=
ABF;A@E
^
^
^
^
^
^
^
^
^
^
^
^
^
^
T
^
^
^
^
^
^
^
^
^
^
^
^
^
^
T
^
^
^
^
'F:7D
D7E7DH7E
^
^
^
^
^
^
^
^
^
^
^
^
T
^
^
^
^
^
^
^
^
^
^
^
^
^
^
T
^
^
^
^
,D73EGDK
E:3D7E
^
^
^
^
^
^
^
^
^
^
^
^
^
^
T
^
^
^
^
^
^
^
^
^
^
^
^
^
^
T
^
^
^
^
$793>
^
^
^
^
^
^
^
^
^
^
^
T
^
^
^
^
^
^
^
^
^
^
^
^
^
T
^
^
^
"@H7EF?7@FE
EF3FGFADK
(DA8;FD7E7DH7E
^
^
^
^
^
^
^
^
T
^
^
^
T
^
^
^
^
^
^
^
^
^
^
^
^
T
^
^
^
T
^
T
^
^
^
^
^
^
66;F;A@3>
BDABAE76
6;H;67@6E
^
^
^
^
^
^
^
^
^
^
^
^
^
^
^
^
^
^
^
^
^
^
^
^
^
^
^
^
^
^
^
^
.
^
^
^
^
^
^
^
^
^
^
^
^
^
^
^
^
^
^
^
^
^
^
^
^
^
^
^
^
^
^
,
'F:7D5A?BD7:7@E;H7
;@5A?7
T
^
T
T
^
^
^
^
^
^
^
^
^
^
^
T
^
^
^
^
^
^
^
^
^
*7F3;@76
73D@;@9E
.<9577CAD5BM=B;BCH9G5F95B=BH9;F5@D5FHC:H<9G9:=B5B7=5@GH5H9A9BHG
^
T
T
T
T
T
T
T
T
T
^
^
^
^
^
^
^
,AF3>
,9:9FGHC7<5B;9G=BH<99EI=HMC:=BJ9GH99G5F=G=B;:FCA** GG<5F9F9DIF7<5G95B8G<5F9 65G987CAD9BG5H=CB
05@I5H=CB58>IGHA9BHGHC9EI=HM
77IAI@5H98HF5BG@5H=CB58>IGHA9BHG5B89L7<5B;9J5F=5H=CB=BGI6G=8=5F=9G
,9:9FGHCH<9=AD57HG:FCAH<9F9HFCGD97H=J958CDH=CBC:# ,# /B79FH5=BHMCJ9F=B7CA9H5LHF95HA9BHG 5G8=G7@CG98=B 979A69F :=B5B7=5@GH5H9A9BHG=BBCH9=H9A> 5G=GC:DF9D5F5H=CB
,9:9FGHCH<975D=H5@=N5H=CBC:9L7<5B;9J5F=5H=CBC:=BH9F7CAD5BM65@5B79G69HK99B$ --
5B8$ -#BJ9GHA9BHG## K<=7<K=@@697CBJ9FH98=BHC75D=H5@=B$ -#BJ9GHA9BHG##
.5A?BD7:7@E;H7;@5A?7
#&-*1
# ,# #B=H=5@58CDH=CB
^
+:3D7
53B;F3>
% *
&AF7
(D7?;G?A@
;EEG7A8
E:3D7E
#++
+F3F7?7@FEA85:3@97E;@7CG;FK8ADF:7K73DE7@676 757?47D
3@6
"@F:AGE3@6EA8D3L;>;3@*73;E *
^
^
^
^
^
^
^
^
^
^
^
^
^
^
^
^
^
^
^
&A@ 5A@FDA>>;@9
;@F7D7EF
14
T
T
T
T
T
T
^
^
^
^
,AF3>7CG;FK
#++
+F3F7?7@FEA853E:8>AIE8ADF:7K73DE7@676 757?47D
3@6
"@F:AGE3@6EA8D3L;>;3@*73;E *
A?B3@K
&AF7E
A@EA>;63F76
3E:8>AIE8DA?AB7D3F;@935F;H;F;7E
(9H=B7CA9
6IGHA9BHG
- )$5B8BH=HFIGH5;F99A9BHG
^
!5=BCB65F;5=BDIF7<5G9
^
^
^
^
^
^
^
^
^
.5L9GD5MA9BHG=B=BGH5@@A9BHG
5=FJ5@I9A5F?9HHCA5F?9HC:6=C@C;=75@5GG9HG
LH9ADCF5B9CIGH5L7F98=HG=AD57HG
#AD57HG:FCAH<9@9B=9B7M5;F99A9BH
^
^
^
:3@97E;@3EE7FE3@6>;34;>;F;7E
.F589577CIBHGF979=J56@9
#BJ9BHCF=9G
,97CJ9F56@9H5L9G
)H<9F7IFF9BH5B8BCB 7IFF9BH5GG9HG
=C@C;=75@5GG9HG
^
^
.F589577CIBHGD5M56@95B8GIDD@M7<5=B:=B5B79
.5L9GD5MA9BHG=B=BGH5@@A9BHG
)H<9F7IFF9BH5B8BCB 7IFF9BH@=56=@=H=9G
#B7CA9H5L9GD5=8
:3@97E;@AB7D3F;@93EE7FE3@6>;34;>;F;7E
3E:BDAH;6764KAB7D3F;@935F;H;F;7E
^
^
#BH9F9GHD5=8
#BH9F9GHF979=J98
&7F53E:A8;@F7D7EFBDAH;6764KAB7D3F;@935F;H;F;7E
3E:8>AI8DA?;@H7EF;@935F;H;F;7E
*IF7<5G9GC:DFCD9FHM D@5BH5B89EI=DA9BH
*IF7<5G9GC:=BH5B;=6@95GG9HG
*FC7998G:FCAG5@9C:DFCD9FHM D@5BH5B89EI=DA9BH
88=H=CB5@=BJ9GHA9BHG=B>C=BH J9BHIF9G5B8GI6G=8=5F=9G
^
7EI=G=H=CBG B9HC:75G<57EI=F98
^
^
,9@5H98D5FHMHF5BG57H=CBG
)H<9F
=J=89B8GF979=J98
^
3E:BDAH;6764KGE76;@;@H7EF;@935F;H;F;7E
3E:8>AI8DA?8;@3@5;@935F;H;F;7E
*FC7998G:FCA@C5BG5B8:=B5B7=B;G
*5MA9BHGC:@C5BG5B8:=B5B7=B;G
9F=J5H=J9G=BGHFIA9BHGF979=J98G9HH@98
=J=89B8GD5=8
=J=89B8GD5=8HCBCB 7CBHFC@@=B;=BH9F9GH
^
^
** G<5F9F9DIF7<5G9
^
^
^
*IF7<5G9C:HF95GIFMG<5F9G
*5MA9BHGC:@95G9G
)H<9FG
4
^
^
^
3E:GE76;@8;@3@5;@935F;H;F;7E
8875FA87J5:3@97D3F75:3@97EA@53E:3@653E:7CG;H3>7@FE
(9H7<5B;9=B75G<5B875G<9EI=J5@9BHG
5G<5B875G<9EI=J5@9BHG69;=BB=B;C:D9F=C8
3E:3@653E:7CG;H3>7@FE3FF:77@6A8B7D;A6
15
&A@ 53E:FD3@E35F;A@E
A?B3@K
&AF7E
A@EA>;63F76
#B7F95G9897F95G9=BG<5F975D=H5@=BGI6G=8=5F=9GHG736676F:7K73DE7@676 757?47D
3@6
"@F:AGE3@6EA8D3L;>;3@*73;E *
A?B3@K
A@EA>;63F76
*7H7@G7
-5@9GC:;CC8G5B8G9FJ=79G
)H<9F=B7CA99LD9BG9
@@CK5B79:CF8CI6H:I@577CIBHG
AA6E
CGHC:G9FJ=79G5B8;CC8GGC@8
'5H9F=5@G 9B9F;M G9FJ=79G:FCAH<=F8D5FH=9G5B8CH<9FG
DAEE36676H3>G7
7BD75;3F;A@3@6?ADF;L3F;A@
&7F36676H3>G797@7D3F76
&7F36676H3>G74KFD3@E87D
-<5F9C:DFC:=HC:9EI=HM 577CIBH98=BJ9GH99G B9HC:H5L
=B5B7=5@=B7CA9
-5@5F=9G
9B9:=HG
)H<9FG
& , .$- ,',$,' "+,*"-,"'&
"+,*"-,"'&' .$-
$34AD
!.- F5N=@=5B&56CF-C7=5@ <5F;9
,3J7E3@65A@FD;4GF;A@
989F5@
-H5H9
'IB=7=D5@
3B;F3>*7?G@7D3F;A@8DA?F:;D6B3DF;7E
#BH9F9GHG5B89L7<5B;9J5F=5H=CB
,9BHG
)H<9FG
'I@7653B;F3>D7?G@7D3F;A@
=J=89B8G
(9H=B7CA95HHF=6IH56@9HC7CAD5BMG<5F9;63F76%3;@35F;H;F;7E;@D3L;>
7E5D;BF;A@
-95F5@=A9BHCG&H85
-95F5@=A9BHCG
5F;H;F;7E
-@;FE
+F3F7
<=7?9B5B8DCF?DFC79GG=B;F5=G=B; G@5I;;63F76%3;@35F;H;F;7EAGFE;67A8D3L;>
7E5D;BF;A@
$ -/-"C@8=B;&IL
-
S
F
@
$ -/-
$ -&95H<9F#BH9FB5H=CB5@
&95H<9F#BH9FB5H=CB5@
19H6@I9 G9A= :=B=G<985B8:=B=G<98@95H<9FDFC8I7H=CB
18
#++
(CH9GHCH<9:=B5B7=5@GH5H9A9BHG:CFH<9M95FG9B898 979A69F 5B8
LDF9GG98=BHKE;EA8F:7;?B35FE8DA? AH;6 B3@67?;53@6 3L7DA7? 3L7?BDA9D3?.<9 CJ=8 D5B89A=7F9A5=BG57H=J9 5@H97HG 5B8 57H=CBG HC
GH=AI@5H9 GIGH5=B56@9 89J9@CDA9BH =B H<9A5NCB =CA9
.<9 IB8 K=@@ GIDDCFH =ADCFH5BH GIGH5=B56=@=HM DFC>97HG =B H7343D93;@39D77?7@F
$7@;7@5K39D77?7@F3@6F:7;?B35FE;@F:78;@3@5;3>EF3F7?7@FE
G=GDI6@=7?BCK@98;9 =B'5M79FH5=B9L97IH=J9G5B8:CFA9F9L97IH=J9GC:$ #BJ9GH=A9BHCG-
a$ b H<9EF3F7?7@FE
.<9 7CBGC@=85H98 :=B5B7=5@ GH5H9A9BHG K9F9 DF9D5F98 =B 577CF85B79 K=H< 577CIBH=B; DF57H=79G 58CDH98 =B F5N=@ ,!* =B 7CAD@=5B79 K=H< H<9 @5K C: >C=BH GHC7?
7CAD5B=9G &9= 85G GC7=98589G DCF 5V[9G &9=G 85G -G DFCBCIB79A9BHG =BH9FDF9H5H=CBG 5B8 CF=9BH5H=CBG =GGI98 6M H<9 F5N=@=5B 77CIBH=B; *FCBCIB79A9BHG
CAA=HH99 CA=HX 89 *FCBIB7=5A9BHCG CBHT69=G * F9EI=F9A9BHG C: H<9 F5N=@=5B -97IF=H=9G CAA=GG=CB 0' 5B8 K=H< H<9 #BH9FB5H=CB5@ =B5B7=5@ ,9DCFH=B;
-H5B85F8G# ,-=GGI986M#BH9FB5H=CB5@77CIBH=B;-H5B85F8G C5F8#-
.<9577CIBH=B;DF57H=79G58CDH98=B F5N=@F9EI=F9H<98=G7@CGIF9C:H<9 7CBCA=705@I9
8898 9ACBGHF5VUC8C05@CF8=7=CB58C 0 =B8=J=8I5@5B87CBGC@=85H98 K<=@9H<9# ,-FI@9G8CBCHF9EI=F9=HG8=G7@CGIF9
G57CBG9EI9B79 8I9HC# ,-FI@9G
0=G8=G7@CG985GGIDD@9A9BH5FM=B:CFA5H=CBK=HI8;A9BHG5B89GH=A5H9G69A589F9;5F8=B;H<99::97HGC:A5HH9FGH<5H5F9=B<9F9BH@MIB79FH5=B5B8H<5H
=AD57H H<9 75FFM=B; J5@I9 C: 5GG9HG 5B8 @=56=@=H=9G
-=;B=:=75BH 5GG9HG 5B8 @=56=@=H=9G H<5H 5F9 GI6>97H HC H<9G9 9GH=A5H9G =B7@I89 H<9 IG9:I@ @=:9 C: DFCD9FHM D@5BH 5B8
9EI=DA9BH F=;I8;A9BHH<5BCH<9FG=BH<9=F5DD@=75H=CB
7HI5@F9GI@HGA5M8=::9F:FCAHI8;A9BHG 56CIH :IHIF9 9J9BHG =B7@I8=B; H<9 J5F=56@9G 5B8 5GGIADH=CBG IB89F@M=B; H<9
9GH=A5H9G5B8H<9G9BG=H=J=HMC:HI8;A9BHGHC8=::9F9BHJ5F=56@9G5B87CB8=H=CBG 69@CK5F989ACBGHF5H98H<9ACGHG=;B=:=75BHDC@=7=9G
3
55AG@F;@98AD4GE;@7EE5A?4;@3F;A@E3@6;?B3;D?7@FA89AA6I;>>3@6;@F3@9;4>73EE7FE
77CF8=B;HC#BH9FB5H=CB5@ =B5B7=5@,9DCFH=B;-H5B85F8G# ,-a IG=B9GG CA6=B5H=CBGb H<99L79GGC:H<957EI=G=H=CBDF=79 H<95ACIBHC:5BMBCB 7CBHFC@@=B;=BH9F9GH
=BH<957EI=F99K<9B5DD@=756@95B8H<9:5=FJ5@I95HH<957EI=G=H=CB85H9C:5BMDF9J=CIG9EI=HM=BH9F9GH=BH<957EI=F99CJ9FH<9:5=FJ5@I9C:H<9B9H=89BH=:=56@95GG9H
57EI=F985HH<5H85H9=GF97C;B=N985G;CC8K=@@
.<957EI=G=H=CBDF=797CBG=GHGC:75G<D5=8 H<9:5=FJ5@I9C:9EI=HM=GGI985B8H<9:5=FJ5@I9C:7CBH=B;9BH7CBG=89F5H=CB
# ,- 8C9G BCH 5@@CK H<5H =B 5 6IG=B9GG 7CA6=B5H=CB ;CC8K=@@ 5B8 =BH5B;=6@9 5GG9HG K=H< =B89:=B=H9 IG9:I@ @=J9G 69 5ACFH=N98
"CK9J9F H<9M GI8;A9BH HC =89BH=:M H5B;=6@9 5B8 =BH5B;=6@9 5GG9HG 5B8 @=56=@=H=9G J5@I=B; GI7< 5GG9HG 5B8 @=56=@=H=9G 89H9FA=B=B; H<9=F F9A5=B=B; IG9:I@ @=J9G
.<9
J5@I5H=CBC:H<9G95GG9HG5B8@=56=@=H=9G=G65G98CB5GGIADH=CBGK<=7<=B7@I89=BGCA975G9G9GH=A5H9GC::IHIF975G<:@CKG8=G7CIBH985HH<95DDFCDF=5H9F5H9G
.<9IG9C:
8=::9F9BH5GGIADH=CBGIG98:CFJ5@I5H=CBDIFDCG9GA5MF9GI@H=B8=::9F9B79G=BH<99GH=A5H9GC:H<9J5@I9C:5GG9HG57EI=F985B8@=56=@=H=9G5GGIA98
GG9HG5B8@=56=@=H=9G5F9=B=H=5@@MF97C;B=N985HH<969GH9GH=A5H9C::5=FJ5@I9
.<=F8D5FHMJ5@I5H=CB:=FAG5F9IGI5@@M9B;5;98HC5GG=GH=BJ5@I=B;H<957EI=F985GG9HG5B8
@=56=@=H=9G
1<9BH<=F8D5FH=9G5F9=BJC@J98=B89J9@CD=B;H<9G99GH=A5H9G '5B5;9A9BH9J5@I5H9GH<95DDFCDF=5H9B9GGC:H<9G=;B=:=75BH5GGIADH=CBGIG98=BH<9J5@I5H=CB
K<=7<C:H9B=BJC@J9G5B=BH9F57H=J9DFC79GGK=H<H<95DDF5=G9FG
.<9EI5@=:=75H=CBG5B8F9DIH5H=CBC:H<95DDF5=G9FG5F95@GC9J5@I5H985B85GG9GGH<9F95GCB56@9B9GGC:
H<9 CJ9F5@@ :5=F J5@I9 A95GIF9A9BHG HIGH988IF=B;H<9A95GIF9A9BHD9F=C8K<=7<G<5@@BCH9L7998CB9M95F:FCAH<957EI=G=H=CB
85H9CF588=H=CB5@5GG9HG5B8@=56=@=H=9G5F9F97C;B=N98HCF9:@97HB9K=B:CFA5H=CBF9@5H=B;HCH<9:57HG5B87=F7IAGH5B79G9L=GH=B;5HH<957EI=G=H=CB85H9K<=7< =:?BCKB
KCI@8<5J95::97H98H<95ACIBHGF97C;B=N98CBH<5H85H9
.<9G958>IGHA9BHG5F9=B:F9EI9BH5B8<5J9<=GHCF=75@@MBCH699BA5H9F=5@
CF=AD5=FA9BHH9GH=B; 5GG9HG5F9GCFH98=BHC;FCIDC:5GG9HGK<=7<;9B9F5H9G75G<=B:@CKG:FCA7CBH=BI=B;IG95B85F9@5F;9@M=B89D9B89BHC:H<975G<=B:@CKGC:CH<9F
5GG9HG CF 75G< ;9B9F5H=B; IB=HG !/G
!CC8K=@@ 5F=G=B; :FCA 5 6IG=B9GG 7CA6=B5H=CB =G 5@@C75H98 HC !/G CF ;FCIDG C: !/G H<5H 5F9 9LD97H98 HC 69B9:=H :FCA H<9
GMB9F;=9GC:H<97CA6=B5H=CB
!/G5F9H9GH98:CF=AD5=FA9BH5BBI5@@MCFK<9B9J9F9J9BHG5B87=F7IAGH5B79G=B8=75H9H<5HH<9F97CJ9F56@95ACIBHC:H<9 !/=G@9GGH<5B=HG75FFM=B;5ACIBH
.<9
F97CJ9F56@95ACIBH=GH<9<=;<9FC::5=FJ5@I9@9GG7CGHHCG9@@CFJ5@I9=B IG9
.<9 CAD5BM:=FGH9GH=A5H9GH<9J5@I9=B IG9C:H<9 !/G5B8=:=H=G@CK9FH<5BH<975FFM=B;
5ACIBH H<9 CAD5BMK=@@9GH=A5H9H<9:5=FJ5@I9@9GG7CGHHCG9@@
IF=B;H<9M95FG9B898 979A69F 5B8 CIF9GH=A5H9GC:H<9 !/;FCIDG`J5@I9=B IG9
9L799898H<9=F75FFM=B;5ACIBHG5B8H<9F9:CF99GH=A5H9GC::5=FJ5@I9@9GG7CGHHCG9@@K9F9BCH89H9FA=B98
)IF9GH=A5H9GC:J5@I9=B IG97CBH5=BIB79FH5=BH=9G8I9HC
>I8;A9BH =B 5GGIADH=CBG =B7@I8=B; F9J9BI9 ;FCKH< 7CGHG 5B8 9LD9BG9G 75D=H5@ 9LD9B8=HIF9G KCF?=B; 75D=H5@ 5B8 8=G7CIBH F5H9G 5G 89G7F=698 =B (CH9
.<9
5GGIADH=CBG5F965G98CB'5B5;9A9BHG9GH=A5H=J9G5GK9@@5G7CAD5F56@985H5:FCAH<95J5=@56@9A5F?9H5B897CBCA=77CB8=H=CBGK<=7<;9B9F5H9H<975G<:@CKG
4
;A>A9;53>EE7FE
'5B5;9A9BH IG9G 9GH=A5H9G 5B8 >I8;A9BHG =B 89H9FA=B=B; H<9 :5=F J5@I9 C: @=J9 5GG9HG H<5H =B7@I89 A5F?9H DF=79G 5J9F5;9 @=:97M7@9 ;FCKH< 5G K9@@ 5G H<9 @5M=B; 5B8
F9DFC8I7H=CBDFC:=@9
.<9:5=FJ5@I9:FCA5GG9HG5@F958M=B7@I89G5@@@CGG9GF9@5H98HCH<96F998=B;DFC79GG
5
787DD763@6 GDD7@F"@5A?7,3J7E
.<9 CAD5BMF97C;B=N9G89:9FF98H5L9::97HGC:H5L@CGG75FFM:CFK5F8G5B87IAI@5H=J9H9ADCF5FM8=::9F9B79G69HK99BH<9:=B5B7=5@GH5H9A9BH75FFM=B;5ACIBHG5B8H<9
H5L65G=GC:CIF5GG9HG5B8@=56=@=H=9G
#B7CA9H5L9G5F99GH=A5H9865G98CBF9;I@5H=CBG=BH<9J5F=CIG>IF=G8=7H=CBGK<9F9K97CB8I7H6IG=B9GG
.<=GF9EI=F9GIGHC9GH=A5H9
CIF57HI5@7IFF9BHH5L9LDCGIF95B8HC5GG9GGH9ADCF5FM8=::9F9B79GH<5HF9GI@H:FCA8=::9F9BHHF95HA9BHC:79FH5=B=H9AG:CFH5L5B8577CIBH=B;DIFDCG9G
DCFH=CBC:H<9H5L69B9:=H7CFF9GDCB8=B;HCH<9H5L@CGG9G75FF=98:CFK5F8A5MBCH69F97C;B=N985G5B5GG9H 5G'5B5;9A9BH75BBCH89H9FA=B9K<9H<9FF95@=N5H=CB=G
DFC656@96IHA=;97H98:IHIF9H5L56@9=B7CA95B8H<99LD97H98H=A=B;C:H<9F9J9FG5@GC:9L=GH=B;
H9ADCF5FM8=::9F9B79G
.5L@CGG9G5GG9GG98=B F5N=@8CBCH9LD=F9 IF=G8=7H=CBG5F9@=A=H98
HCHCM95FG
.<989:9FF98H5L9LD9BG9GCJ9F;CC8K=@@5ACFH=N5H=CBCB@MK=@@69F97C;B=N98=:H<9F9=G;CC8K=@@H5L5ACFH=N5H=CB=BH<9H5L75@7I@5H=CB
.<975FFM=B;5ACIBHC:589:9FF98H5L5GG9H=GF9J=9K985HH<99B8C:957<F9DCFH=B;D9F=C8
.<975FFM=B;5ACIBHC:589:9FF98H5L5GG9H=GKF=HH9BC::K<9B=GBC@CB;9F
DFC656@9H<5HGI::=7=9BHH5L56@9DFC:=HK=@@695J5=@56@9HC5@@CKH<969B9:=HC:D5FHCF5@@C:H<5H89:9FF98H5L5GG9HHC69IG98
.<975FFM=B;5ACIBHK=@@69F97C;B=N98K<9B
GI::=7=9BHH5L56@9DFC:=HG5F9DFC656@9
20
#++
(CH9GHCH<9:=B5B7=5@GH5H9A9BHG:CFH<9M95FG9B898 979A69F 5B8
LDF9GG98=BHI8;A9BH:FCAH<9'5B5;9A9BH5B8H<9CIH7CA9A5M8=::9FK<9BH<9F95@=N5H=CBC77IFG
.<9 CAD5BM=GGI6>97HHC@5KGI=HG =BJ9GH=;5H=CBG5B8CH<9F7@5=AGF9@5H98HC9AD@CMA9BH 9BJ=FCBA9BH5@ DFC8I7H H5L9G5B8CH<9FA5HH9FG
'5B5;9A9BH=GF9EI=F98HC
5GG9GGH<9@=?9@=I8;A9BHGCFCIH7CA9G 5GK9@@5GH<95ACIBHC:DFC656@9@CGG9G :CFH<9G9A5HH9FG
*FCJ=G=CBG5F9F97C;B=N98K<9B@CGG9G5F97CBG=89F98HC69DFC656@95B8H<95ACIBH75B69F9@=56@MA95GIF98
(CDFCJ=G=CB=GF97C;B=N98=:H<9F=G?C:@CGG=G5GG9GG98
HC69F95GCB56@MDCGG=6@96IHBCHDFC656@9
,95GCB56@MDCGG=6@9@CGG9G5F98=G7@CG98=BH<9BCH9GHCH<9G9:=B5B7=5@GH5H9A9BHG
#:H<9F=G?C:@CGG=G5GG9GG985GF9ACH9
BCDFCJ=G=CBCF8=G7@CGIF9=GB979GG5FM
7
;@3@5;3>"@EFDG?7@FE
.<9 CAD5BM5B8=HGGI6G=8=5F=9GF97C;B=N9H<9=F:=B5B7=5@5GG9HG5B8@=56=@=H=9G5H:5=FJ5@I9=BH<9=B=H=5@F97C;B=H=CB 9L79DH:CFHF589577CIBHGF979=J56@9H<5HA95GIF9G5H
H<9HF5BG57H=CBDF=795B8GI6G9EI9BH@M5H5ACFH=N987CGHCF5H:5=FJ5@I9H3EE;8;53F;A@
.<9 CAD5BM5B8=HGGI6G=8=5F=9G7@5GG=:MH<9=F:=B5B7=5@5GG9HG577CF8=B;HCH<96IG=B9GGAC89@58CDH98:CFH<9=F:=B5B7=5@5GG9HGA5B5;9A9BH 5G5A9B8986M
* # ,- A95GIF985H:5=FJ5@I9H3EE7FE3F83;DH3>G7F:DAG9:BDA8;FAD>AEE
=B5B7=5@5GG9HG5H:5=FJ5@I9H97H HC =AD5=FA9BH
!5=BG 5B8 @CGG9G 5F9 F97C;B=N98 K<9B H<9 5GG9H =G KF=HH9B C:: AC8=:=98 CF <5G 5 F98I7H=CB =B =HG
F97CJ9F56@9 J5@I9
#B H<=G 75H9;CFM H<9 CAD5BM 7@5GG=:=9G A5=B@M .F589 577CIBHG F979=J56@9 5G< 5B8 75G< 9EI=J5@9BHG .F589 577CIBHG D5M56@9 5B8
&C5BG5B8:=B5B7=B;
=B5B7=5@5GG9HG5B8@=56=@=H=9G5F97CAD9BG5H985B8H<9B9H5ACIBH=GDF9G9BH98=BH<965@5B79G<99HK<9BH<9F9=G5@9;5@F=;3F;A@
8 G@5F;A@3>3@6D7BD7E7@F3F;A@5GDD7@5K
.<9 :IB7H=CB5@ 7IFF9B7M C: 5 7CAD5BM =G H<9 @C75@ 7IFF9B7M K=H<=B H<9 DF=A5FM 97CBCA=7 9BJ=FCBA9BH =B K<=7< =H CD9F5H9G
.<9G9 =B8=J=8I5@ 5B8 7CBGC@=85H98
:=B5B7=5@GH5H9A9BHG5F9DF9G9BH98=B F5N=@=5BF95=G, K<=7<=GH<9 CAD5BM`GDF9G9BH5H=CB5B8:IB7H=CB5@7IFF9B7M
@@:=B5B7=5@=B:CFA5H=CB=GDF9G9BH98=B
H5GDD7@5K
.<97CBGC@=85H98:=B5B7=5@GH5H9A9BHGC:H<9GI6G=8=5F=9G@C75H9856FC585F9DF9D5F98IG=B;957<GI6G=8=5FM`GF9GD97H=J9:IB7H=CB5@7IFF9B7M
.<9F9GI@HG
5B8:=B5B7=5@DCG=H=CBC:5@@9BH=H=9GK=H<5:IB7H=CB5@7IFF9B7M8=::9F9BH:FCA=HG=AA98=5H9D5F9BHG:IB7H=CB5@7IFF9B7M5B8H<9!FCID`GDF9G9BH5H=CB7IFF9B7M
,5F9HF5BG@5H98=BHCH<9D5F9BHG:IB7H=CB5@5B8!FCIDGDF9G9BH5H=CB7IFF9B7M5G:C@@CKG
=
==
===
9
5GG9HG5B8@=56=@=H=9G5F9HF5BG@5H985HH<97IFF9BHF5H95HH<985H9C:957<7@CG=B;D9F=C8
=B7CA95B89LD9BG9G5F9HF5BG@5H985HH<95J9F5;9F5H95HH<985H9C:957<7@CG=B;D9F=C85B8
5@@9L7<5B;9F5H9HF5BG@5H=CB8=::9F9B79G5F9F97C;B=N98=BCH<9F7CADF9<9BG=J9=B7CA9@CGG 5B85F9DF9G9BH98=BH<9GH5H9A9BHC:7CADF9<9BG=J9=B7CA9
@CGG5G:CF9=;B7IFF9B7MHF5BG@5H=CB58>IGHA9BHGK=H<=B9EI=HM
"@6;H;6G3>8;@3@5;3>EF3F7?7@FE
.<9=B8=J=8I5@:=B5B7=5@GH5H9A9BHGDF9G9BHGH<99J5@I5H=CBC:=BJ9GHA9BHG=B5GGC7=5H9G GI6G=8=5F=9G5B8>C=BHJ9BHIF9G6MH<99EI=HMA9HIGHA9BHG C: 577CIBH=B;
DF57H=79GIDCBH<958CDH=CBC:# ,-5B8 * G K9F98CB9CB6CH<:=B5B7=5@GH5H9A9BHG
.<975FFM=B;J5@I9C:H<9G9=BJ9GHA9BHG=B7@I89GH<96F95?8CKBC:57EI=G=H=CB
7CGHG5B8;CC8K=@@
:
A@EA>;63F768;@3@5;3>EF3F7?7@FE3@6;@H7EF?7@FE;@3EEA5;3F7E3@6CF=HM CKB98 GI6G=8=5F=9G
.<9 CAD5BM 7CBHFC@G 5B 9BH=HM K<9B =H 5GGIA9G H<9 F=G?G 5B8 69B9:=HG CF =G 9BH=H@98 HC J5F=56@9 F9HIFBG
F9GI@H=B;K=H<=HG=BJC@J9A9BHK=H<H<99BH=HM5B8<5GH<956=@=HMHC5::97HHC=BHJ9BHIF9G5F9F97C;B=N986MH<99EI=HMA9HG736;34;>;F;7E
1<9BG=;B=:=75BH 5GG9HG5B8@=56=@=H=9G5F958>IGH985HDF9G9BHJ5@I97CBG=89F=B;H<9:C@@CK=B;5GGIADH=CBG:CFH<975@7I@5H=CB=H<95ACIBHHC698=G7CIBH98==H<985H9G
C:F95@=N5H=CB5B8G9HH@9A9BH5B8===H<98=G7CIBHF5H9
<
+F3@63D6E
3?7@6?7@FE3@6;@F7DBD7F3F;A@EF:3F3D778875F;H73@6I7D736ABF764KF:7 A?B3@K
< " *+
( * GE;@7EE5A?4;@3F;A@E
G C: $5BI5FM 6975A9 9::97H=J9 7<5B;9G H<5H 9GH56@=G< B9K F9EI=F9A9BHG HC 89H9FA=B9 K<9H<9F 5 HF5BG57H=CB G;@EFDG?7@FE
GC:$5BI5FM 6975A99::97H=J97<5B;9GK<=7<HF95HH<9=B7@IG=CBC:H9ADCF5FM9L79DH=CBGHCH<97IFF9BHF9EI=F9A9BHGC:<98;9577CIBH=B;75A9=BHC
:CF79HCB9IHF5@=N9H<99::97HGC:IB79FH5=BH=9G75IG986MH<9F9:CFAC:H<969B7 +F3F7?7@FE 3@6 55AG@F;@9 (A>;5;7E
:3@97E ;@ 55AG@F;@9 EF;?3F7E 3@6
DDADE
GC:$5BI5FM H<9GH5B85F8G7<5B;98H<989:=B=H=CBC:aA5H9F=5@b 9GH56@=G<=B;H<5H5B=B:CFA5H=CB=GA5H9F=5@=:=HGCA=GG=CB 8=GHCFH=CBCFC6G7IF=HM75B
F95GCB56@M =B:@I9B79 H<9 897=G=CB A5?=B; C: H<9 IG9FG C: H<9 :=B5B7=5@ GH5H9A9BHG
.<9 A5H9F=5@=HM H>4736ABF764KF:7 A?B3@K
= "+
(
" *+
( *3@6" *+
( *787D7@57;@F7D7EFD3F7D78AD? (:3E7
GC:$5BI5FM 57<5B;9=G9LD97H98 8I9HCH<9F9:CFAC:H<9F9:9F9B79=BH9F9GHF5H9 F9@5H98HCH<9:CF975GHHC8=G7CBH=BI9H<9IG9C:H<9&CB8CB#BH9F65B?
)::9F98,5H9&# ),5G5F9:9F9B79=BH9F9GHF5H95:H9F
.<9 CAD5BM=G:C@@CK=B;H<98=G7IGG=CBG5B8GC:5F<5GBCH=89BH=:=98G=;B=:=75BH=AD57HG5G5F9GI@H
C:H<=G7<5B;9
= "+
( (DAH;E;A@E
A@F;@97@F$;34;>;F;7E3@6 A@F;@97@FEE7FE
GC:$5BI5FM 7<5B;9GGD97=:MK<5H7CGHGH<9 CAD5BMAIGH=B7@I89K<9B5GG9GG=B;K<9H<9F57CBHF57H=GCB9FCIG
.<97CGHG8=F97H@MF9@5H98HCH<9
:I@:=@@A9BH C: H<9 7CBHF57H AIGH 69 7CBG=89F98 =B H<9 75G< :@CK 5GGIADH=CBG L CGH C: @56CF A5H9F=5@G 5B8 CH<9F 9LD9BG9G F9@5H98 HC H<9 CD9F5H=CB C: H<9
7CBHF57H
.<9 CAD5BM=G:C@@CK=B;H<98=G7IGG=CBG5B8<5GGC:5FBCH=89BH=:=985BMG=;B=:=75BH=AD57HG5G5F9GI@HC:H<=G7<5B;9
.<9F95F9BCCH<9FGH5B85F8G 7<5B;9G=BGH5B85F8G5B8=BH9FDF9H5H=CBGH<5H5F9BCH=B:CF79H<5HH<9 CAD5BM9LD97HGHC<5J95A5H9F=5@=AD57H5F=G=B;:FCA=HG5DD@=75H=CB
=B=HG:=B5B7=5@GH5H9A9BHG
GE;@7EE A?4;@3F;A@
.<9 CAD5BM 5DD@=9G H<9 57EI=G=H=CB A9H97HHCKCF?=B;75D=H5@58>IGHA9BHG
.<9'5F;5F=B96IG=B9GGGHF9B;H<9BG-95F5GDCG=H=CB=BH<9A5F;5F=B9A5F?9H=B F5N=@6MCDH=A=N=B;=HG
8=GHF=6IH=CBD@5H:CFA5B8=G=B@=B9K=H<H<9GHF5H9;MC:9LD5B8=B;H<9DCFH:C@=CC:DFC8I7HGK=H<<=;<9F58898J5@I95B8K=H<6F5B8
.<9;CC8K=@@;9B9F5H98=BH<9HF5BG57H=CB
C:, =GCB@M9@=;=6@9:CFH5L898I7H=6=@=HM:CFH<9=B7CFDCF5H=CBCFG5@9C:H<95GG9HG5B8@=56=@=H=9G5GGIA98
22
#++
(CH9GHCH<9:=B5B7=5@GH5H9A9BHG:CFH<9M95FG9B898 979A69F 5B8
LDF9GG98=BH97H HC :=B5@ KCF?=B; 75D=H5@
58>IGHA9BHG
AD=F9G 57EI=G=H=CB 9LD5B8G H<9 DF9G9B79 =B H<9 75G9 F958M 5B8 6F5B898 DFC8I7H 75H9;CF=9G
.<9 ;CC8K=@@ ;9B9F5H98 :FCA H<=G 6IG=B9GG 7CA6=B5H=CB C:
/-
A=@@=CB, 5HH<9HF5BG57H=CB85H9=GD5FH=5@@M9@=;=6@9HC69898I7H98:CFH5LDIFDCG9G=BH<9/B=H98-H5H9GC:A9F=75
#B 979A69F H<9 CAD5BM`G=B8=F97HGI6G=8=5FM-95F5@=A9BHCG57EI=F98C:H<9A9A69FG<=D=BH9F9GHC: F=;CFY:=7C'5F65&H85
'5F65:CF575G<DIF7<5G9
C:, GI6>97HHC7IGHCA5FMKCF?=B;75D=H5@58>IGHA9BHG
'5F65DFC79GG9GA95H HF58=B;DFC8I7HGGI7<5GGAC?98A95H 7C@87IHG 699:>9F?M ACFH589@@5G5B8
G5IG5;9G =B F5N=@
IF=B; H<9 :=FGH EI5FH9F C: H<9 5@@C75H=CB C: H<9 57EI=G=H=CB DF=79 C: '5F65 K5G 7CAD@9H98
.<9 5@@C75H=CB C: H<9 DF=79 =G 89ACBGHF5H98 =B H<9
7<5B;9GC:H<9M95F 5B8BCH=BH<957EI=G=H=CB65@5B79G=B79H<98=::9F9B79=BH<9=B=H=5@5@@C75H=CB=G=AA5H9F=5@ K=H<5F98I7H=CB=B;CC8K=@@C:, 5B858>IGHA9BH=B
=BJ9BHCFM DFCD9FHM D@5BH5B89EI=DA9BH5B8=BH5B;=6@95GG9HG
9:9FF98H5L9G<5J9BCH699BF97C;B=N988I9HC'5F65G=B7CFDCF5H=CB5H 979A69F
#B )7HC69F H<9 CAD5BMG =B8=F97H GI6G=8=5FM *=@;F=AG *F=89 CFDCF5H=CB ** 57EI=F98 C: H<9 A9A69FG<=D =BH9F9GH C: .I@=D &H8
a.I@=Db :CF 5 75G<
DIF7<5G9 C: /- A=@@=CB , 5H H<9 HF5BG57H=CB 85H9
.I@=D 5 @958=B; DCF? 5B8 DF9D5F98 :CC8G GIDD@=9F K=H< CD9F5H=CBG =B H<9 /B=H98 %=B;8CA 5B8
9LD5B8GH<9 IFCD95BDF9D5F98:CC8GDCFH:C@=CC:** G;@C65@G5@9G
.<9HF5BG57H=CB;9B9F5H985;5=BCB65F;5=BDIF7<5G9C:/- , 5HH<9HF5BG57H=CB
85H9 K<=7<5;5=BC:/- A=@@=CB, A=@@=CB5HH<9HF5BG57H=CB85H9K5GF97C;B=N988IF=B;H<9M95FC:5@CGGC:/- A=@@=CB,
5HH<9
HF5BG57H=CB85H9K5GF97C;B=N988IF=B;H<9M95FC:
.<95GG9HG57EI=F985B8@=56=@=H=9G5GGIA98=BH<9 AD=F95B8.I@=DG6IG=B9GG7CA6=B5H=CBGK9F9A95GIF985H:5=FJ5@I95GDF9G9BH9869@CK
5CG;E;F;A@E
"*.$-
%3D93D;@73EE7FE
?B;D7
%3D43
,G>;B
5G<5B875G<9EI=J5@9BHG
.F589577CIBHGF979=J56@9
#BJ9BHCF=9G
=C@C;=75@5GG9HG
*FCD9FHM D@5BH5B89EI=DA9BH
,=;;34;>;F;7E
7EI=G=H=CBDF=79
AA6I;>>
3;@A@43D93;@BGD5:3E7
^
^
^
^
^
^
^
^
^
^
^
^
^
.<9=B8=J=8I5@B9HF9J9BI95B8B9H=B7CA9:FCAH<957EI=G=H=CB85H9HAEE
&7FD7H7@G7
&7F;@5A?7>AEE
AD=F9
^
'5F;5F=B95GG9HG
^
.I@=D
'5F65
^
^
A@EA>;63F76BDA 8AD?3;@8AD?3F;A@
(9HG5@9G5B8B9H=B7CA9:CFH<9 CAD5BM=GDF9G9BH9869@CKCB5DFC :CFA565G=G5GGIA=B;H<957EI=G=H=CBGC77IFF985HH<969;=BB=B;C:H<9M95FC:957<57EI=G=H=CB
*FC :CFA5B9HF9J9BI9
*FC :CFA5B9H=B7CA9@CGG
.<=GDFC :CFA5:=B5B7=5@=B:CFA5H=CB=GDF9G9BH98:CF=B:CFA5H=CB5@DIFDCG9GCB@M5B88C9GBCHDIFDCFHHCF9DF9G9BHK<5HH<9 CAD5BMGF9GI@HGC:CD9F5H=CBGKCI@8<5J9
699B<58=H7CAD@9H98H<957EI=G=H=CBCBH<985H95GGIA98 BCF=G=HB979GG5F=@M=B8=75H=J9C:H<9F9GI@HGH<5HA5M699LD97H98=B:IHIF9D9F=C8G
.<9BCB A5H9F=5@57EI=G=H=CBG:CFH<9M95FG9B898 979A69F 5B85F989ACBGHF5H9869@CK
23
#++
(CH9GHCH<9:=B5B7=5@GH5H9A9BHG:CFH<9M95FG9B898 979A69F 5B8
LDF9GG98=BH>
676G5F;4>78AD
F3J
AA6I;>>
(C
96FI5FM
(C
-K=:H 99: CAD5BM #B7
'5F7<
-5:F=C
-95F5@=A9BHCG&H85
'5F7<
(CFA57@5GG
-7CHH.977@FE
#B7@I89G75G<CB<5B85B85H65B?G5GK9@@5G:=B5B7=5@=BJ9GHA9BHGK=H<CF=;=B5@A5HIF=H=9GC:H97HHC5B=AA5H9F=5@F=G?C:7<5B;9G=B:5=FJ5@I9
A?B3@K
A@EA>;63F76
757?47D
757?47D
757?47D
757?47D
65B?79FH=:=75H9GC:89DCG=H5B8(5H=CB5@.F95GIFM =@@.9GCIFC-9@=7
5G<CB<5B85B85H65B?G
.<9 F5N=@=5B 65B? 79FH=:=75H9G C: 89DCG=H ] 5F9 <9@8 5H <=;< EI5@=HM :=B5B7=5@ =BGH=HIH=CBG 5B8 95FB =BH9F9GH 65G98 CB :@C5H=B; F5H9G H<5H 5DDFCL=A5H9 H<9 CJ9FB=;7
@7F
.F589 577CIBHG F979=J56@9 7CFF9GDCB8 HC 5ACIBHG CK98 6M 7IGHCA9FG =B H<9 CF8=B5FM 7CIFG9 C: 6IG=B9GG
#: H<9 F979=J56@9 =G 8I9 K=H<=B CB9 M95F CF @9GG H<9 577CIBH
F979=J56@9 =G 7@5GG=:=98 5G 5 7IFF9BH 5GG9H CH<9FK=G9 H<9 F979=J56@9 =G 7@5GG=:=98 5G 5 BCB 7IFF9BH 5GG9H
77CIBHG F979=J56@9 5F9 DF9G9BH98 5H 5ACFH=N98 7CGH @9GG 5BM
=AD5=FA9BH
77CIBHGF979=J56@989BCA=B5H98=B7IFF9B7=9GCH<9FH<5BH<99BH=H=9G`:IB7H=CB5@7IFF9B7M5F9F9A95GIF98IG=B;H<99L7<5B;9F5H9=B9::97H5HH<99B8C:H<9
F9DCFH=B;D9F=C8
.<95;9C:577CIBHGF979=J56@95@CB;K=H<H<95@@CK5B79:CF8CI6H:I@577CIBHG5B8DF9G9BHJ5@I958>IGHA9BH5F95G:C@@CKG
A?B3@K
IFF9BHF979=J56@9G
A@EA>;63F76
757?47D
757?47D
757?47D
757?47D
)J9F8I9F979=J56@9G
FCAHC85MG
FCAHC85MG
FCAHC85MG
6CJ985MG
@@CK5B79:CF8CI6H:I@577CIBHG
*F9G9BHJ5@I958>IGHA9BH
.<98=J9FG=HMC:H<9HF589577CIBHGF979=J56@9DCFH:C@=CG=;B=:=75BH@MF98I79GCIF9LDCGIF9HC7F98=HF=G?
.C:IFH<9FA=H=;5H9CIFF=G? D5F5A9H9FG<5J9699BDIH=BD@579K<9B
7F98=H=GDFCJ=898HC7IGHCA9FGGI7<5GF9EI=F=B;A=B=AIA:=B5B7=5@F5H=CG 5B5@MN=B;H<9CD9F5H=CB5@<95@H<C:7IGHCA9FG 5B8F9J=9K=B;F9:9F9B79G:FCA7F98=HACB=HCF=B;
9BH=H=9G
.<95@@CK5B79:CF8CI6H:I@577CIBHG=G9GH=A5H9865G98CB5B5B5@MG=GC:H<95;9C:H<9F979=J56@965@5B79G5B8H<97@=9BHG7IFF9BHG=HI5H=CB
B5@@CK5B79=GF97C;B=N98:CF
@CB; GH5B8=B; 5B8 CJ9F8I9 F979=J56@9G 7CBG=89F=B; H<9 DFC656=@=HM C: @CGG 65G98 CB 9LD97H98 @CGG9G 9GH=A5H=J9G
.<9 F9GI@H=B; 658 896H 9LD9BG9 =G F97C;B=N98 =B H<9
GH5H9A9BHC:=B7CA9K=H<=Ba-9@@=B; LD9BG9Gb
9@CK5F9H<97<5B;9G=BH<95@@CK5B79:CF8CI6H:I@577CIBHG
:3@97E;@3>>AI3@578AD6AG4F8G>355AG@FE
A?B3@K
757?47D
A@EA>;63F76
757?47D
"@;F;3>43>3@57
7EI=F98=B6IG=B9GG7CA6=B5H=CB
88=H=CBG
^
L7<5B;9J5F=5H=CB
1F=H9 C::G
>AE;@943>3@57
757?47D
^
757?47D
^
"@H7@FAD;7E
#BJ9BHCF=9G5F9GH5H985HH<9@CK9FC:H<95J9F5;97CGHC:57EI=G=H=CBCFDFC8I7H=CB5B8H<9B9HF95@=N56@9J5@I9
#BH<975G9C::=B=G<98DFC8I7HG5B8KCF?=BDFC;F9GG 7CGH
=B7@I89G5B5DDFCDF=5H9G<5F9C:DFC8I7H=CBCJ9F<958G65G98CBBCFA5@CD9F5H=B;75D57=HM
=C@C;=75@5GG9HG5F9HF5BG:9FF98=BHC=BJ9BHCFM5HH<9DC=BHC:G@5I;;63F76
757?47D
757?47D
757?47D
,5KA5H9F=5@G
15F9IGHA9BHG577FI5@ K<=7<=HGC::G9H=GIB89FH<975DH=CB CGHC:G5@9G 5F9DF9G9BH9869@CK
A?B3@K
757?47D
"@;F;3>43>3@57
7EI=F98=B6IG=B9GG7CA6=B5H=CB
88=H=CBG
1F=H9 C::G
L7<5B;9J5F=5H=CB
>AE;@943>3@57
^
^
A@EA>;63F76
757?47D
757?47D
757?47D
^
^
^
25
#++
(CH9GHCH<9:=B5B7=5@GH5H9A9BHG:CFH<9M95FG9B898 979A69F 5B8
LDF9GG98=BHA9;53>3EE7FE
.<9 CAD5BMG@=J95B=A5@G7CBG=GHC:75HH@9 7<=7?9BG5B87 5F96FC=@9F7<=7?9BGH<5HK=@@69G@5I;7
GDD7@F5A@EG?34>7 5F9CKB9875HH@9=B:998@CHG5B8;F5GG :9875HH@9K<=7<F9A5=BGIB89F89J9@CDA9BH:CFHC85MG
&A@ 5GDD7@F473D7D3EE7FE 5F96F9989F6I@@GH<5H5F9G9H5G=89:CF6F998=B;5B8<5J95B9GH=A5H98IG9:I@@=:9C:M95FG 85MG
.<97CGHG5GGC7=5H98HC6F9989F
6I@@G5F9577IAI@5H98IDHCH<9DFC8I7H=CBGH5;9=AA5HIF95B85ACFH=N98CJ9FH<9=FDFC8I7H=J9@=J9G65G98CB5B9GH=A5H9C:H<9=F75D57=HMHCDFC8I79B9K5GG9HG
A5HIF9
ACFH=N5H=CBC:H<9A5HIF9<9B=G=B7@I898IB89FH<975DH=CB CGHC:G5@9G=BH<9GH5H9A9BHC:=B7CA9
!A9E
GDD7@F 5A@EG?34>7 5F9 ;63F76
GDD7@F4;A>A9;53>3EE7FE5A@EG?34>7
757?47D
757?47D
)G3@F;FK
F:AGE3@6E
?AG@F
)G3@F;FK
F:AGE3@6E
?AG@F
<=7?9B5B89;;G
"C;G
5HH@9
,AF3>5GDD7@F
A@EA>;63F76
&A@ 5GDD7@F4;A>A9;53>3EE7FE473D7D3EE7FE
757?47D
757?47D
)G3@F;FK
F:AGE3@6E
?AG@F
)G3@F;FK
F:AGE3@6E
?AG@F
'5HIF97<=7?9BG6F998=B;GH5;9 B9HC:5ACFH=N5H=CB
#AA5HIF97<=7?9BG=B89J9@CDA9BH
"C;G
5HH@9
T
CF9GHG
,AF3>@A@ 5GDD7@F
,AF3>A84;A>A9;53>3EE7FE
^
57F9G5H 979A69F 57F9G5H 979A69F
26
#++
(CH9GHCH<9:=B5B7=5@GH5H9A9BHG:CFH<9M95FG9B898 979A69F 5B8
LDF9GG98=BH;63F76
:3@97E;@4;A>A9;53>3EE7FE
GDD7@F
&A@ 5GDD7@F
3>3@573F 757?47D
#B7F95G96MF9DFC8I7H=CB6CFB5B87CGHHCF957<A5HIF=HM
,98I7H=CB:CFG@5I;IGHA9BHG
<5B;9G:FCA7IFF9BHHCBCB 7IFF9BH
L7<5B;9F5H9J5F=5H=CB
ACFH=N5H=CB
3>3@573F 757?47D
^
A@EA>;63F76
:3@97E;@4;A>A9;53>3EE7FE
GDD7@F
&A@ 5GDD7@F
3>3@573F 757?47D
7EI=F98=B6IG=B9GG7CA6=B5H=CB
#B7F95G96MF9DFC8I7H=CB6CFB5B87CGHHCF957<A5HIF=HM
,98I7H=CB:CFG@5I;IGHA9BHG
^
<5B;9G:FCABCB 7IFF9BHHC7IFF9BH
L7<5B;9F5H9J5F=5H=CB
ACFH=N5H=CB
3>3@573F 757?47D
^
*75AH7D34>7F3J7E
A?B3@K
A@EA>;63F76
757?47D
757?47D
757?47D
757?47D
05@I9 58898H5LCBG5@9G5B8G9FJ=79G # '-
-C7=5@7CBHF=6IH=CBCB6=@@=B;G *#-5B8 ) #(-
1=H<G7 36676F3JA@E3>7E3@6E7DH;57E " %+,9:9FGHC9L79GG7F98=HG89F=J98:FCADIF7<5G9GC:F5KA5H9F=5@G D57?5;=B;5B8CH<9FA5H9F=5@GCJ9FH5L7<5F;9G8I9
CB 8CA9GH=7 G5@9G G=B79 9LDCFHG 5F9 BCH GI6>97H HC =H
-=B79 H<9G9 7F98=HG 8C BCH 9LD=F9 H<9 CAD5BM 9LD97HG HC F97CJ9F H<9 HCH5@ 5ACIBH C: H<9 H5L 7F98=H =B7@I8=B;
F5N=@=5B# '-7F98=HG:FCACH<9FGH5H9G65G98CBH<98=::9F9B7969HK99BH<9GH5HIHCFMF5H9C:H5L5B8H<99::97H=J9F5H9:CF# '-7C@@97H=CB=BH<9GH5H9C:CF=;=B9=H<9F
H5A@FD;4GF;A@A@4;>>;@9E ("+3@6 ' "&+,9:9FGHC F5N=@=5B:989F5@J5@I958898H5L9GBCB 7IAI@5H=J9*#-5B8 ) #(-7F98=HG5F=G=B;:FCADIF7<5G9GC:F5K
A5H9F=5@G D57?5;=B;5B8CH<9FA5H9F=5@GIG98=BDFC8I7HGGC@8=BA5F?9HGCIHG=89C: F5N=@
-I7<7F98=HG8CBCH9LD=F95B875B69C::G9H5;5=BGHCH<9F:989F5@H5L9G GI7<
5G=B7CA9H5L9G CF=B75G< 58A=B=GHF5H=J9CF>I8=7=5@
.6;@9;@5A?7F3J "**
"*(#,9:9FGA5=B@MHC=B7CA9H5LD5=8:FCA:CF9=;BGI6G=8=5F=9G F5N=@=5BK=H<IF=G8=7H=CBG K<=7<8C
BCH9LD=F9
J5;E7F3JS"(",9:9FGHCJ5@I958898H5L9G=B7IFF98IDCBH<9DFC8I7H=CBC::CF9=;B5B88CA9GH=7;CC8G=B F5N=@
.<9F5H9GA5M8=::9F577CF8=B;HCH<9HMD9C:DFC8I7H
JC@IA9CFG9@@=B;DF=79
.<9G97F98=HG8CBCH9LD=F95B875B69IG98HCD5MCH<9F:989F5@H5L9GCFF9=A6IFG98=B75G<
H 979A69F H<9 CAD5BM F97C;B=N98 , F9@5H98 HC - &# CB H<9 H5L 7F98=HG 5DDFCJ98 :FCA @5KGI=H K<=7< <5G 5@F958M 6975A9 :=B5@
.<9 ;5=B K5G
F97C;B=N98IB89F =B5B7=5@=B7CA9
*7;@F79D3F;A@A8F:7+B75;3>,3J.3>G7E *7;@F79D3,9:9FGHCH5L=B79BH=J9G:CF9LDCFHGK<=7<75B69F9=A6IFG98:I@@MCFD5FH=5@@M
.5L7F98=H5ACIBHG5F975@7I@5H986M
AI@H=D@M=B;H<9GH5HIHCFMF5H96M;FCGGF9J9BI9:FCAH<99LDCFHC:79FH5=B7CAA9F7=5@DFC8I7HG
.<9G97F98=HG8CBCH9LD=F95B875B69C::G9H5;5=BGHCH<9F:989F5@H5L9G
GI7<5G=B7CA9H5L9G CF=B75G<
*7>3F76B3DF;7EFD3@E35F;A@E
.<9A5=B65@5B79GC:5GG9HG5B8@=56=@=H=9G 5GK9@@5GH<9HF5BG57H=CBGF9GI@H=B;=B=B7CA9@CGG:CF5BMD9F=C8 H<5HF9@5H9HCHF5BG57H=CBG69HK99BF9@5H98D5FH=9GCF5FCG9
:FCAHF5BG57H=CBG5HDF=79G5B87CB8=H=CBG9GH56@=G<9869HK99BH<9F9@5H98D5FH=9G
.F5BG:9F9B79C:7CGHG=B7@I89G6CFFCK=B;7CGHG =BH9F9GH5B8A5B5;9A9BH:99 K<9B
5DD@=756@9
.<9:C@@CK=B;H56@9=B7@I89G65@5B79G5B8B9H9::97HCB=B7CA9C:=BH9F7CAD5BM:=B5B7=B;HF5BG57H=CBG69HK99BH<9 CAD5BM5B8=HGGI6G=8=5F=9G
757?47D
757?47D
,9@5H98D5FHMF979=J56@9G
,9@5H98D5FHMD5M56@9G
+F3F7?7@FA88;@3@5;3>
BAE;F;A@355AG@FE
8875FA@@7F;@5A?7
GDD7@5K
AEFEFD3@E87D
36?;@;EFD3F;H73@68G@6;@9
$ - CB:=B5A9BHC&H85
,
#
D
M
F5NG9FJ=79&H85
,
#
D
M
'%(&1
757?47D
757?47D
;D75FEG4E;6;3D;7E
$ -#BJ9GHA9BHG&IL-
S
F
@
B9FG95&H85
/-
^
,
#
D
M
,
#
D
M
$ -&95H<9F#BH9FB5H=CB5@(
0
/-
^
^
CB79F=5*F=5BH9-
D
5
/,
^
^
^
$ - A65@5;9BG'9HT@=75G&H85
$ -'9B8CN5
/-
$ -#BJ9GHA9BHG##!' "
/-
HC D
M
^
^
T
^
^
^
^
^
"@6;D75FEG4E;6;3D;7E
-95F5@=A9BHCG&H85
,
#
D
M
$ -&95H<9F*5F5;I5M-F@
!/
D
M
$ -/-"C@8=B;&IL-
S
F
@
/-
D
M
$ -0=5B89B-
S
F
@
/-
HC D
M
^
^
$ -&95H<9FG=5&=A=H98
/-
^
^
^
^
49B85@95H<9F-
89
0
/-
^
^
^
^
$ -&95H<9F/FI;I5M-
/-
^
^
^
^
!=89BM-
/-
^
^
^
^
^
^
'F:7DD7>3F76B3DF;7E
$ )?@53F76B3DF;7E A@EA>;63F76
757?47D
$ )?@5C=BHJ9BHIF9
28
#++
(CH9GHCH<9:=B5B7=5@GH5H9A9BHG:CFH<9M95FG9B898 979A69F 5B8
LDF9GG98=BHC=BHJ9BHIF9
.<98=G7@CGIF9C:G=;B=:=75BHF9@5H98D5FH=9G7CAA9F7=5@HF5BG57H=CBG=G=B577CF85B79K=H<H<97F=H9F=59GH56@=G<986MH<9'5B5;9A9BHC:DF9G9BH=B;=B8=J=8I5@@MHF5BG57H=CB
65@5B79G 9EI5@ CF <=;<9F H<5B C: H<9 HCH5@ C: H<9G9 HF5BG57H=CBG G5@9 C: DFC8I7HG DIF7<5G9G 577CIBHG F979=J56@9 5B8 577CIBHG D5M56@9
88=H=CB5@@M HF5BG57H=CBG
K<=7<5F969@CKH<989G7F=6987F=H9F=5K=@@698=G7@CG98=:F9@9J5BH
.<=G5B5@MG=G=GD9F:CFA98:CF957<F9@5H98D5FHM
#:5BMF9@5H98D5FHM<5GBCHA99HH<=G7F=H9F=5=BH<9D5GH
5B8=BH<97IFF9BHD9F=C8H<9M8C H<97CAD5F5H=J965@5B79K=@@698=G7@CG98
88=H=CB5@ =B:CFA5H=CB 5ACB; H<9 HF5BG57H=CBG 69HK99B F9@5H98 D5FH=9G 5F9 DC=BH98 GI7< 5G H<9 DIF7<5G9 C: 75HH@9 :CF G@5I;9F?M DFC8I7H=CB HC '95H -B57?G *5FHB9FG G5@9 C: 6CJ=B9 H5@@CK 5B8 =B8IGHF=5@=N5H=CB G9FJ=79G HC @CF5 5B8 G5@9 C: @95H<9F =B
G9J9F5@GH5;9GHC F5NG9FJ=79 CB79F=5*F=5BH95B8$ -&95H<9FG=5
-I7<HF5BG57H=CBG5F9A5895HF9;I@5FDF=795B8A5F?9H7CB8=H=CBG=BH<9=FF9;=CB6975IG9=HH5?9G
H<9A5F?9HDF=79G5DD@=98K=H<H<=F8D5FH=9G7@=9BHG
55AG@FED757;H34>7
757?47D
'%(&1
;D75FEG4E;6;3D;7E
(GD5:3E7E
+7DH;57E
D7@67D76
55AG@FEB3K34>7
757?47D
757?47D
757?47D
+3>7A8BDA6G5FE
+7DH;57E
BDAH;676
$ - CB:=B5A9BHC
F5NG9FJ=79
CB79F=5*F=5BH9
B9FG95
.C@98C
"@6;D75FEG4E;6;3D;7E
^
^
^
^
^
^
^
^
^
-95F5@=A9BHCG
$ -!@C65@/%
$ -J9G
19889@
^
^
^
^
-5AD7C
^
^
^
^
^
^
'95H-B57?G*5FHB9FG
^
$ -&95H<9FG=5
^
^
$ -/-
^
^
-95F5 CAWF7=C89@=A9BHCG
-K=:H CAD5BM.F589!FCID
^
^
^
^
^
^
'F:7DD7>3F76B3DF;7E
$ $;FCD97ITF=5
@CF5*FC8IHCG
@8CF58C 9@I@CG9
5B7C)F=;=B5@
T
^
^
^
^
^
^
^
'F:7D8;@3@5;3>FD3@E35F;A@E;@F:7 A?B3@K
.<9 CAD5BM5B85:9KC:=HGGI6G=8=5F=9G9BH9F98=BHC5B5;F99A9BH=BK<=7< 5B7C)F=;=B5@F9@5H98D5FHM57EI=F9GHF589577CIBHGF979=J56@9G<9@85;5=BGH79FH5=BC:
H<9 CAD5BMG7IGHCA9FG=BH<98CA9GH=75B8:CF9=;BA5F?9HG
.<95GG=;BA9BHG5F98CB95HA5F?9HJ5@I9HIF=G8=7H=CBG
#B7CA9H5L9G<5J9699B75@7I@5H985B8F97C;B=N987CBG=89F=B;H<95DD@=756@9GH5HIHCFMH5LF5H9G=B9::97H5HH<965@5B79G<99H85H9
GDD7@FF3J7E
IFF9BHH5L7CADF=G9GC:H<99LD97H98H5LD5M56@9CFF979=J56@9CBH<9H5L56@9=B7CA9CF@CGG:CFH<9M95F5B85BM58>IGHA9BHHCH<9H5LD5M56@9CFF979=J56@9=BF9GD97H
C:DF9J=CIGM95FG
.<95ACIBHC:7IFF9BHH5LD5M56@9CFF979=J56@9=GH<969GH9GH=A5H9C:H<9H5L5ACIBH9LD97H98HC69D5=8CFF979=J98H<5HF9:@97HGIB79FH5=BHMF9@5H98HC
=B7CA9H5L9G =:5BM
.<9 7IFF9BH =B7CA9 H5L 7<5F;9 =G 75@7I@5H98 CB H<9 65G=G C: 9B57H98 CF GI6GH5BH=J9@M 9B57H98 H5L @5KG 5H H<9 9B8 C: H<9 F9DCFH=B; D9F=C8 =B H<9 7CIBHF=9G K<9F9 H<9
CAD5BM`G GI6G=8=5F=9G CD9F5H9 5B8 ;9B9F5H9 H5L56@9 =B7CA9
'5B5;9A9BH D9F=C8=75@@M 9J5@I5H9G DCG=H=CBG H5?9B =B K<=7< 5DD@=756@9 H5L F9;I@5H=CB =G GI6>97H HC
=BH9FDF9H5H=CB5B8F97C;B=N9G5B577FI5@ =:B99898HC5DFC656@9H5LD5MA9BHC:=B7CA9H5L
787DD76F3J7E
9:9FF98=B7CA9H5L=GF97C;B=N98IG=B;H<95GG9H5B8@=56=@=HMA9H97H98HCH<9 CAD5BMG'5B5;9A9BH5B8=HGGI6G=8=5F=9G K<9B5DD@=756@9
9:9FF98 H5L 5GG9HG 5B8 @=56=@=H=9G 5F9 DF9G9BH98 B9H =B H<9 GH5H9A9BH C: :=B5B7=5@ DCG=H=CB K<9B H<9F9 =G 5 @9;5@@M 9B:CF7956@9 F=;;63F76
757?47D
757?47D
757?47D
9:9FF98=B7CA9H5L9G5GG9HG
9:9FF98=B7CA9H5L9G@=56=@=H=9G
3
T
T
787DD76;@5A?7F3J3@6EA5;3>5A@FD;4GF;A@
3 -@D75A9@;L76F3J47@78;F
.<9 CAD5BM`GIBF97C;B=N98H5L69B9:=HG5GC: 979A69F 5B8=BH<95ACIBHC:,
5B8, F9GD97H=J9@M
.<9G9B9HCD9F5H=B;
@CGG9G K9F9 ;9B9F5H98 DF=A5F=@M =B F5N=@ 5B8 8C BCH 9LD=F9 IB89F F5N=@=5B H5L F9;I@5H=CBG
9:9FF98 H5L 5GG9HG K=@@ 69 F97C;B=N98 HC B9H CD9F5H=B; @CGG9G =B
D9F=C8GK<9BH<95J5=@56=@=HMC::IHIF9H5L56@9DFC:=HG5F9DFC656@9HCF95@=N9H<989:9FF98H5L5GG9H
30
#++
(CH9GHCH<9:=B5B7=5@GH5H9A9BHG:CFH<9M95FG9B898 979A69F 5B8
LDF9GG98=BH5A@FD;4GF;A@
A?B3@K
"@5A?7
EF3F7?7@F
757?47D
757?47D
.5L@CGG9G5B8B9;5H=J965G=GC:GC7=5@7CBHF=6IH=CB
^
@@CK5B79:CF8CI6H:I@577CIBHG
*FCJ=G=CBG
*F9G9BHJ5@I958>IGHA9BH .F589577CIBHGF979=J56@9
-<5F9 65G98D5MA9BH
,=;IGHA9BH .F589577CIBHGD5M56@9
,95@=N5H=CBC:CH<9FF9G9FJ9G899A987CGH
)H<9FH9ADCF5FM8=::9F9B79G@=56=@=H=9G
787DD76F3J7E
@7F
A@EA>;63F76
"@5A?7
EF3F7?7@F
757?47D
'F:7D
36IGHA9BH .F589577CIBHGF979=J56@9
^
^
.5L7F98=HG CF9=;BGI6G=8=5F=9G
^
=C@C;=75@5GG9HG CF9=;BGI6G=8=5F=9G
^
&56CF577=89BHG577FI5@G CF9=;BGI6G=8=5F=9G
^
*9BG=CBD@5B CF9=;BGI6G=8=5F=9G
^
.F589577CIBHGD5M56@9577FI5@ CF9=;BGI6G=8=5F=9G
^
-<5F9 65G98D5MA9BH
^
^
(CB 898I7H=6@9=BH9F9GHG CF9=;BGI6G=8=5F=9G
^
^
^
,=;IGHA9BH .F589577CIBHGD5M56@9
IG=B9GG7CA6=B5H=CB
IGHCA9FF9HIFBG577FI5@G CF9=;BGI6G=8=5F=9G
#BJ9BHCFMJ5@I5H=CB CF9=;BGI6G=8=5F=9G
,95@=N5H=CBC:CH<9FF9G9FJ9G899A987CGH
9DF97=5H=CB5B8ACFH=N5H=CB
)H<9FH9ADCF5FM8=::9F9B79G@=56=@=H=9G
787DD76F3J7E
@7F
^
^
^
^
^
^
^
05F=5B79G =B H<9 89:9FF98 H5L9G 577CIBHG K<=7< 8C BCH =AD57H 8=F97H@M DFC:=H 5B8 @CGG 577CIBHG 5F9 89ACBGHF5H98 =B 5 GD97=:=7 7C@IAB =B H<9 :CCCHBCH9G
-I7<
J5F=5B79GF9:9FHC6IG=B9GG7CA6=B5H=CBGA5896MH<9 CAD5BM5B8=HGGI6G=8=5F=9G
A?B3@K
"@5A?7
EF3F7?7@F
757?47D
757?47D
@@CK5B79:CF8CI6H:I@577CIBHG
*FCJ=G=CBG
^
.5L@CGG9G5B8B9;5H=J965G=GC:GC7=5@7CBHF=6IH=CB
*F9G9BHJ5@I958>IGHA9BH .F589577CIBHGF979=J56@9
-<5F9 65G98D5MA9BH
,=;IGHA9BH .F589577CIBHGD5M56@9
,95@=N5H=CBC:CH<9FF9G9FJ9G899A987CGH
)H<9FH9ADCF5FM8=::9F9B79G@=56=@=H=9G
787DD76F3J7E
@7F
^
31
#++
(CH9GHCH<9:=B5B7=5@GH5H9A9BHG:CFH<9M95FG9B898 979A69F 5B8
LDF9GG98=BH;63F76
"@5A?7
EF3F7?7@F
757?47D
J5:3@97
H3D;3F;A@
'F:7D
36IGHA9BH .F589577CIBHGF979=J56@9
^
.5L7F98=HG CF9=;BGI6G=8=5F=9G
^
=C@C;=75@5GG9HG CF9=;BGI6G=8=5F=9G
^
&56CF577=89BHG577FI5@G CF9=;BGI6G=8=5F=9G
^
^
*9BG=CBD@5B CF9=;BGI6G=8=5F=9G
^
77CIBHGD5M56@9577FI5@ CF9=;BGI6G=8=5F=9G
^
-<5F9 65G98D5MA9BH
^
^
(CB 898I7H=6@9H5L9G /-H5LF9:CFA
^
^
,=;IGHA9BH .F589577CIBHGD5M56@9
IG=B9GG7CA6=B5H=CB
IGHCA9FF9HIFBG577FI5@G CF9=;BGI6G=8=5F=9G
^
#BJ9BHCFMJ5@I5H=CB CF9=;BGI6G=8=5F=9G
^
^
^
^
^
,95@=N5H=CBC:CH<9FF9G9FJ9G899A987CGH
9DF97=5H=CBACFH=N5H=CB
)H<9FH9ADCF5FM8=::9F9B79G@=56=@=H=9G
787DD76F3J7E
@7F
AH7D@?7@FEG4H7@F;A@E
.<9 CAD5BM5B8=HGGI6G=8=5F=9GF97C;B=N9G=BJ9GHA9BHG;F5BHG;=J9B6M-H5H9;CJ9FBA9BHGK<=7<5F9A5=B@MDF9GIA985B8CF;F5BH98# '-05@I9 58898H5LCBG5@9G
5B8G9FJ=79G7F98=HGK<=7<5F9;F5BH985G59B7CIF5;9A9BHHC=AD@9A9BHCF9LD5B897CBCA=79BH9FDF=G9G
#BCH<9F>IF=G8=7H=CBG H<9 CAD5BMF97C;B=N9G=BJ9GHA9BHG
;F5BHGC:9B9F;M5B8HF5=B=B;
1<9BH<9=B7CA9H5L9LD9BG9F98I79G5B8F9:@97HGH<9898I7H=6=@=HMC:H<9G9=B79BH=J9G 5@@7CB8=H=CBGF9@5H98HCH<9;CJ9FBA9BH;F5BHGK9F9
=B7CAD@=5B79=BH<9M95F9B898 979A69F
4
*75A@5;>;3F;A@A8;@5A?7F3J3@6EA5;3>5A@FD;4GF;A@7JB7@E7
A?B3@K
(DA8;F478AD7;@5A?7F3J7E(,
&A?;@3>D3F7
5FB=B;G5B8@CGG9G8I9HC9EI=HMA9H;63F76
67F3J34>7;@5A?7
^
^
^
=::9F9B79CBH5LF5H9GIB89FH5L56@9=B7CA9:FCA:CF9=;BGI6G=8=5F=9G
(9H=B7CA95F=G=B;:FCA:CF9=;BGI6G=8=5F=9G
.F5BG:9FDF=7=B;58>IGHA9BH
/BF97C;B=N98H5L69B9:=HG
(CB H5L56@9=BH9F9GH CF9=;BGI6G=8=5F=9G
.5L5H=CBC:8I5@>IF=G8=7H=CBGI6G=8=5F=9G CF9=;BGI6G=8=5F=9G
9:9FF98H5LF95@=N5H=CB5F=G=B;:FCAGIFD@IGJ5@I9
8A=B=GHF5H=J9:=B9G5B8D9B5@H=9G
5N9FC 9A 5N 9ADFC;F5A
^
^
^
T
^
T
^
T
^
^
^
^
^
975F6CB=N5H=CB7F98=HG
)H<9FD9FA5B9BH8=::9F9B79G
GDD7@F3@66787DD76;@5A?7F3J7JB7@E747@78;F
IFF9BH=B7CA9H5L
9:9FF98=B7CA9H5L
",
(,
^
^
32
#++
(CH9GHCH<9:=B5B7=5@GH5H9A9BHG:CFH<9M95FG9B898 979A69F 5B8
LDF9GG98=BH7F3J34>7;@5A?7
GDD7@F3@66787DD76;@5A?7F3J7JB7@E747@78;F
!CC8K=@@5ACFH=N5H=CB 9:9FF98
A@EA>;63F76
*F=CFM95FG@CGG75FFM:CK5F8G 89:9FF98
/BF97C;B=N98H5L69B9:=HG
9:9FF98H5L:FCADF=CFM95FG
,95@=N5H=CBC:89:9FF98H5L:FCAGIFD@IGJ5@I9 #B7CFDCF5H=CBG
8A=B=GHF5H=J9:=B9G5B8D9B5@H=9G
5N9FC 9A 5N 9ADFC;F5A
#B7CA9H5LCBF95@=N5H=CBC:CH<9FF9G9FJ9G
GDD7@F3@66787DD76;@5A?7F3J7JB7@E747@78;F #-+,
.<9=AD57HG:FCA#
^
T
^
T
^
^
^
8875F;H7;@5A?7F3JD3F7
T
^
^
,# 5F97@5GG=:=98IB89FH<975DH=CB(9H=B7CA95F=G=B;:FCA:CF9=;BGI6G=8=5F=9G
.<9 CAD5BM69@=9J9GH<5H8I9HCH<9CF=;=B5B8BCB F97IFF9B79C:GD97=:=79J9BHG79FH5=B=H9AGG7H3@F;@8AD?3F;A@8AD;@H7EF?7@FE;@F:7K73D7@676 757?47D
(3DF;5;B3F;A@
; "@EG4E;6;3D;7E
$ - A65@5;9BG'9HT@=75G
$ - CB:=B5A9BHC
CB79F=5*F=5BH9
$ -!@C65@&IL9A6CIF;
$ -&95H<9F#BH9FB5H=CB5@
F5NG9FJ=79
-95F5@=A9BHCG
,=;5ACBH=
B9FG95
$ -'9B8CN5
'=8ID*5FH=7=D5V[9G
$ -GG9H'5B5;9A9BH
$ -#BJ9GHA9BHG##
$ -#BJ9GHA9BHG&IL9A6CIF;
-K=:H CC8G
$ -.C@98C
$ - <=@9
,AF3>3EE7FE
CG;FK
AA6I;>>
+:3D753B;F3>
^
^
^
^
^
^
^
^
^
&7F;@5A?7
>AEE
&7FD7H7@G7
^
^
^
^
^
^
^
^
^
^
;; "@
757?47D
$ - A65@5;9BG'9HT@=75G
$ - CB:=B5A9BHC
CB79F=5*F=5BH9
$ -!@C65@&IL9A6CIF;
$ -&95H<9F#BH9FB5H=CB5@
F5NG9FJ=79
-95F5@=A9BHCG
'95H-B57?*5FHB9FG
,=;5ACBH=
B9FG95
$ -'9B8CN5
'=8ID*5FH=7=D5V[9G
$ -GG9H'5B5;9A9BH
$ -#BJ9GHA9BHG##!A6"
$ -#BJ9GHA9BHG&IL9A6CIF;
-K=:H CC8G
$ -.C@98C
$ - <=@9
+G4FAF3>
77FI5@:CF@CGGCB=BJ9GHA9BHG
,AF3>
:3@97E;@F:7
J5:3@97D3F7
7CG;FKA8
(DABADF;A@3F7E:3D7
H3D;3F;A@
;@H7EF77E
A8;@5A?7>AEE
^
^
^
^
^
^
^
^
^
^
^
^
^
^
^
^
^
^
^
^
^
^
^
^
^
T
T
T
T
.F5BG:9FC:H<9B9;5H=J9=BJ9GHA9BHG:CFCH<9F7IFF9BH@=56=@=H=9G
.<9 CAD5BM=B7F95G98G<5F975D=H5@=BH<98=F97HGI6G=8=5F=9G$ - A65@5;9BG'9HT@=75G $ - CB:=B5A9BHC F5NG9FJ=795B8$ -&95H<9F#BH9FB5H=CB5@H;63F76E;@H7EF?7@FE
CG;FK
757?47D
'95H-B57?*5FHB9FG
$ -)BH5F=C
,AF3>
^
;H;67@6E
6;EFD;4GF;A@
66;F;A@
:3@97E;@F:7
7CG;FKA8
;@H7EF77E
^
(DABADF;A@3F7E:3D7
A8;@5A?7
757?47D
^
T
#B'5M H<9 CAD5BMG=B8=F97HGI6G=8=5FM$ - CC8G 5B585/& 57EI=F98C:H<99EI=HMC:05BH5;9 CC8G #B7
5:H9F57EI=G=H=CBK5GB5A98a$ -
)BH5F=Cb 6MH<95ACIBHD5=8=B75G<C:5DDFCL=A5H9@M/- A=@@=CB, 5HH<9HF5BG57H=CB85H9
$ -)BH5F=CK5GF97C;B=N985G5B5GGC7=5H96975IG9=H8C9G
BCHA99HH<97CBHFC@F9EI=F9A9BHG8I9HC5BCD9F5H=B;5;F99A9BHK=H<5H<=F8D5FHMH<5HDFCJ=89GH<9H<=F8D5FHMK=H<GI6GH5BH=J9@M5@@897=G=CBA5?=B;F=;7H3@F;@8AD?3F;A@8AD;@H7EF?7@FE;@F:7K73D7@676 757?47D
34
#++
(CH9GHCH<9:=B5B7=5@GH5H9A9BHG:CFH<9M95FG9B898 979A69F 5B8
LDF9GG98=BH3EE7FE
CG;FK
AA6I;>>
+:3D753B;F3>
&7F;@5A?7
>AEE
&7FD7H7@G7
; "@EG4E;6;3D;7E
$ - A65@5;9BG'9HT@=75G
$ - CB:=B5A9BHC
CB79F=5*F=5BH9
$ -!@C65@&IL9A6CIF;
$ -&95H<9F#BH9FB5H=CB5@
F5NG9FJ=79
-95F5@=A9BHCG
,=;5ACBH=
B9FG95
$ -'9B8CN5
'=8ID*5FH=7=D5V[9G
$ -GG9H'5B5;9A9BH
$ -#BJ9GHA9BHG##
$ -#BJ9GHA9BHG&IL9A6CIF;
0=C@9H"C@8=B;G
^
^
^
^
^
^
^
;; "@
:3@97E;@F:7
7CG;FKA8
;@H7EF77E
J5:3@97D3F7
H3D;3F;A@
(DABADF;A@3F7E:3D7
A8;@5A?7>AEE
+G4FAF3>
77FI5@:CF@CGGCB=BJ9GHA9BHG
,AF3>
^
^
^
^
^
^
^
^
^
^
^
^
^
^
^
^
^
^
^
^
^
^
^
^
^
$ - A65@5;9BG'9HT@=75G
$ - CB:=B5A9BHC
CB79F=5*F=5BH9
$ -"C@8=B;!A6"
$ -!@C65@&IL9A6CIF;
$ -&95H<9F#BH9FB5H=CB5@
F5NG9FJ=79
-95F5@=A9BHCG
'95H-B57?*5FHB9FG
,=;5ACBH=
B9FG95
$ -'9B8CN5
'=8ID*5FH=7=D5V[9G
$ -'=@9GHCB9
$ -GG9H'5B5;9A9BH
$ -#BJ9GHA9BHG##!A6"
$ -#BJ9GHA9BHG&IL9A6CIF;
0=C@9H"C@8=B;G
^
^
^
^
^
^
^
^
757?47D
T
^
T
^
:3@97E;@F:7 A@EA>;63F76E;@H7EF?7@FE
CG;FK
757?47D
(DABADF;A@3F7
E:3D7A8;@5A?7
757?47D
'95H-B57?*5FHB9FG
,AF3>
;EFD;4GF;A@A8
6;H;67@6E
(DAB7DFK
B>3@F3@67CG;B?7@F
*FCD9FHM D@5BH 5B8 9EI=DA9BH 5F9 GH5H98 5H <=GHCF=75@ 7CGH @9GG 577IAI@5H98 89DF97=5H=CB 5B8 @CGG9G 8I9 HC =AD5=FA9BH
"=GHCF=75@ 7CGH =B7@I89G 9LD9B8=HIF9G H<5H 5F9
8=F97H@M5HHF=6IH56@9HCH<9DIF7<5G9DF=79C:H<9=H9AG5B8H<97CGHG5HHF=6IH56@9HC6F=B;=B;H<95GG9HHC=HGKCF?=B;7CB8=H=CB:CF=HG=BH9B898IG9
1<9BD5FHGC:5B=H9AC:
DFCD9FHM D@5BH5B89EI=DA9BH<5J98=::9F9BHIG9:I@@=J9G HIGH98 =:B99898 5HH<99B8C:957<F9DCFH=B;D9F=C8
1<9B5B5GG9H`GCF !/G 5G<!9B9F5H=B;/B=H75FFM=B;5ACIBH=GKF=HH9B8CKB=AA98=5H9@MHCH<9F97CJ9F56@95ACIBHK<9B=H=G<=;<9FH<5B=HG9GH=A5H98F97CJ9F56@9
5ACIBH
.<9F97CJ9F56@95ACIBH=GH<9<=;<9F5ACIBHC:H<99GH=A5H9C:H<95GG9HG`B9HG9@@=B;DF=795B8J5@I9=BIG9
!5=BG5B8@CGG9GCB8=GDCG5@G5F989H9FA=B986M7CAD5F=B;H<9DFC7998GK=H<H<975FFM=B;5ACIBH5B85F9F97C;B=N98K=H<=BH<9GH5H9A9BHC:=B7CA9
.<9 CAD5BM`G 7CBGHFI7H=CB =B DFC;F9GG F9@5H9G HC =BJ9GHA9BHG :CF 9LD5BG=CB AC89FB=N5H=CB 5B8 585DH5H=CB C: D@5BHG :CF H<9 DIFDCG9G C: =B7F95G=B; DFC8I7H=J=HM 5B8
C6H5=B=B;B9K79FH=:=75H=CBGF9EI=F986MH<9A5F?9H
1<9BH<9G95GG9HG5F97CAD@9H985B8D@5798=BG9FJ=79 H<9M5F9HF5BG:9FF98HCDFCD9FHM D@5BH5B89EI=DA9BH5B8
89DF97=5H=CB7CAA9B79G
&7F3?AG@F
A?B3@K
-E78G>>;87
I=@8=B;G
FAK73DE
&5B8
'57<=B9FM5B89EI=DA9BH
T
FAK73DE
55G?G>3F76
67BD75;3F;A@
AEF
757?47D
757?47D
^
FAK73DE
CADIH9F9EI=DA9BH
FAK73DE
09<=7@9G
FAK73DE
57=@=H=9G
CBGHFI7H=CB=BDFC;F9GG
)H<9FG
T
FAK73DE
^
&7F3?AG@F
A@EA>;63F76
I=@8=B;G
&5B8
'57<=B9FM5B89EI=DA9BH
-E78G>>;87
FAK73DE
T
FAK73DE
55G?G>3F76
67BD75;3F;A@
AEF
757?47D
757?47D
^
FAK73DE
CADIH9F9EI=DA9BH
FAK73DE
09<=7@9G
FAK73DE
57=@=H=9G
CBGHFI7H=CB=BDFC;F9GG
)H<9FG
T
FAK73DE
^
36
#++
(CH9GHCH<9:=B5B7=5@GH5H9A9BHG:CFH<9M95FG9B898 979A69F 5B8
LDF9GG98=BH3@F3@67CG;B?7@F
757?47D
A?B3@K
66;F;A@E@7FA8
FD3@E87D7@57E
"@5ADBAD3F;A@E
;EBAE3>E
I=@8=B;G
&5B8
'57<=B9FM5B89EI=DA9BH
757?47D
7BD75;3F;A@
^
CADIH9F9EI=DA9BH
^
09<=7@9G
^
CBGHFI7H=CB=BDFC;F9GG
^
)H<9F
^
57=@=H=9G
A@EA>;63F76
757?47D
5CG;D76;@
4GE;@7EE
5A?4;@3F;A@E
^
^
GE;@7EE
5A?4;@3F;A@
36E
^
J5:3@97D3F7
H3D;3F;A@
7BD75;3F;A@
I=@8=B;G
&5B8
'57<=B9FM5B89EI=DA9BH
57=@=H=9G
757?47D
^
CADIH9F9EI=DA9BH
09<=7@9G
CBGHFI7H=CB=BDFC;F9GG
^
^
)H<9F
^
^
.<9 CAD5BMF95GG9GG98=HG5@@C75H=CB69HK99BDFCD9FHM D@5BH5B89EI=DA9BH@=B9G 5B858>IGH98H<9=B=H=5@65@5B79C: 979A69F
88=H=CBG:CF957<75H9;CFM=B7@I89GHF5BG:9F:FCA7CBGHFI7H=CB=BDFC;F9GG8IF=B;H<9D9F=C8
.<98=F97HGI6G=8=5FM'=8IDK5G=B7CFDCF5H98=BH<9 CAD5BM
#BH<9 CAD5BM H<95ACIBHC:, F9:9FGHCH<9'9F758C8C 5FB9' HF5BG:9F:FCAH<9 CAD5BMHC-95F5
.<=GHF5BG:9F9B79K5G9@=A=B5H98=BH<9
CBGC@=85H98
,9:9FGHC '*.*@5B*FC5B8 AD=F957EI=G=H=CBG8IF=B;H<9G97CB8EI5FH9FC:5B8H<9'5F;5F=B96IG=B9GG8IF=B;H<9:CIFH<EI5FH9FC:
,9:9FGHC F=;CFY:=7C'5F65&H85
'5F65 57EI=F98=B 979A69F DF=795@@C75H=CB7CB7@IG=CB
.<9F9K5G5F98I7H=CB=B;CC8K=@@C:, 5B85B=B7F95G9=B
=BJ9BHCF=9G DFCD9FHM D@5BH5B89EI=DA9BH5B8=BH5B;=6@95GG9HG
757?47D
A?B3@K
66;F;A@E@7FA8
FD3@E87D7@57E
;EBAE3>E
757?47D
7BD75;3F;A@
I=@8=B;G
&5B8
'57<=B9FM5B89EI=DA9BH
CADIH9F9EI=DA9BH
09<=7@9G
CBGHFI7H=CB=BDFC;F9GG
^
)H<9F
J5:3@97D3F7
H3D;3F;A@
757?47D
57=@=H=9G
5CG;D76;@
4GE;@7EE
5A?4;@3F;A@E
757?47D
A@EA>;63F76
66;F;A@E@7FA8
FD3@E87D7@57E
;EBAE3>E
^
^
7BD75;3F;A@
I=@8=B;G
&5B8
'57<=B9FM5B89EI=DA9BH
^
CADIH9F9EI=DA9BH
09<=7@9G
CBGHFI7H=CB=BDFC;F9GG
)H<9F
57=@=H=9G
^
^
CF H<9 M95FG 9B898 979A69F 5B8 H<9 5ACIBH C: 75D=H5@=N98 =BH9F9GH 58898 HC 7CBGHFI7H=CB =B DFC;F9GG 5B8 =B7@I898 =B 588=H=CBG K5G , 5B8
, =BH<9 CAD5BM F9GD97H=J9@M 5B8=BH<9 CBGC@=85H98K5G, 5B8, F9GD97H=J9@M
37
#++
(CH9GHCH<9:=B5B7=5@GH5H9A9BHG:CFH<9M95FG9B898 979A69F 5B8
LDF9GG98=BHIGH98:CF79FH5=BF9A95GIF9A9BHC:@95G9@=56=@=H=9G
.<9@95G9@=56=@=HM=G=B=H=5@@MA95GIF985HH<9DF9G9BHJ5@I9C:H<9@95G9D5MA9BHGH<5HK9F9BCHD5=85HH<9GH5FH85H9 8=G7CIBH=B;H<9=BH9F9GHF5H9=AD@=98=BH<9@95G9
5;F99A9BH
1<9BH<9F5H9=GBCH=AD@=98=BH<9@95G95;F99A9BH H<95J9F5;9F5H9C:H<96CFFCK=B;GG97H98 =B:@5H=CB =B H<9 :@CKG HC 69 8=G7CIBH98 =B 577CF85B79 HC # ,-
-I7< A9H3F76
3?ADF;L3F;A@
757?47D
A?B3@K
H7D397>73E7F7D?
I=@8=B;G
HCM95FG
)D9F5H=B;D@5BHG
HCM95FG
'57<=B9FM5B89EI=DA9BH
HCM95FG
5BC
HCM95FG
EI=D5A9BHC89=B:CFATH=75
)H<9FG
AEF
757?47D
T
&7F3?AG@F
A@EA>;63F76
H7D397>73E7F7D?
55G?G>3F76
3?ADF;L3F;A@
AEF
757?47D
757?47D
!FCK=B;:57=@=H=9G
HCM95FG
I=@8=B;G
HCM95FG
09<=7@9G5B85=F7F5:H
HCM95FG
'57<=B9FM5B89EI=DA9BH
HCM95FG
)D9F5H=B;D@5BHG
HCM95FG
&5B8
HCM95FG
CADIH9F9EI=DA9BH
HCM95FG
HCM95FG
IFB=HIF95B85DD@=5B79G
38
#++
(CH9GHCH<9:=B5B7=5@GH5H9A9BHG:CFH<9M95FG9B898 979A69F 5B8
LDF9GG98=BH;63F76
5CG;D76;@
4GE;@7EE
5A?4;@3F;A@E
,7D?;@3F76
5A@FD35FE
66;F;A@E
J5:3@97D3F7
H3D;3F;A@
?ADF;L3F;A@
757?47D
!FCK=B;:57=@=H=9G
I=@8=B;G
09<=7@9G5B85=F7F5:H
'57<=B9FM5B89EI=DA9BH
^
)D9F5H=B;D@5BHG
^
&5B8
^
CADIH9F9EI=DA9BH
^
^
^
IFB=HIF95B85DD@=5B79G
^
^
88=H=CBG:CF957<75H9;CFM=B7@I89G*#-5B8 ) #(-HC69D5=8
#BH<9 CAD5BM H<95ACIBHC:, F9:9FGHCH<9' GHF5BG:9F:FCAH<9 CAD5BMHC-95F5
.<=GHF5BG:9F9B79K5G9@=A=B5H98=BH<9 CBGC@=85H98
,9:9FGHC AD=F9G57EI=G=H=CB8IF=B;H<9G97CB8EI5FH9FC:
"@;F;3>36ABF;A@
A?B3@K
,7D?;@3F76
5A@FD35FE
66;F;A@E
757?47D
?ADF;L3F;A@
I=@8=B;G
)D9F5H=B;D@5BHG
'57<=B9FM5B89EI=DA9BH
)H<9FG
"@;F;3>
36ABF;A@
A@EA>;63F76
5CG;D76;@4GE;@7EE
5A?4;@3F;A@
,7D?;@3F76
5A@FD35FE
66;F;A@E
J5:3@97
D3F7
H3D;3F;A@
?ADF;L3F;A@
757?47D
!FCK=B;:57=@=H=9G
I=@8=B;G
09<=7@9G5B85=F7F5:H
'57<=B9FM5B89EI=DA9BH
)D9F5H=B;D@5BHG
&5B8
^
CADIH9F9EI=DA9BH
^
^
^
IFB=HIF95B85DD@=5B79G
)H<9FG
^
^
^
^
^
^
^
^
T
39
#++
(CH9GHCH<9:=B5B7=5@GH5H9A9BHG:CFH<9M95FG9B898 979A69F 5B8
LDF9GG98=BH;34;>;F;7E
A?B3@K
757?47D
&95G9@=56=@=HM
*F9G9BHJ5@I958>IGHA9BH
A@EA>;63F76
757?47D
757?47D
757?47D
D73=6AI@
IFF9BH@=56=@=H=9G
(CB 7IFF9BH@=56=@=H=9G
:3@97E;@F:7>73E7>;34;>;FK
757?47D
A?B3@K
&95G9@=56=@=HM
757?47D
A@EA>;63F76
&95G9@=56=@=HM
5CG;D76;@
4GE;@7EE
5A?4;@3F;A@E
(3K?7@FE
,7D?;@3F76
5A@FD35FE
(3K?7@FE
"@F7D7EF
355DG3>
66;F;A@E
"@F7D7EF
355DG3>
66;F;A@E
757?47D
,7D?;@3F76
5A@FD35FE
J5:3@97
D3F7
H3D;3F;A@
757?47D
#BH<9 CAD5BM H<95ACIBHC:, F9:9FGHCH<9' GHF5BG:9F:FCAH<9 CAD5BMHC-95F5
.<=GHF5BG:9F9B79K5G9@=A=B5H98=BH<9 CBGC@=85H98
,9:9FGHC AD=F9G57EI=G=H=CB8IF=B;H<9G97CB8EI5FH9FC:
"@;F;3>36ABF;A@
A?B3@K
&95G9@=56=@=HM
"@;F;3>
36ABF;A@
A@EA>;63F76
&95G9@=56=@=HM
5CG;D76;@
4GE;@7EE
5A?4;@3F;A@
,7D?;@3F76
5A@FD35FE
?ADF;L3F;A@
757?47D
?ADF;L3F;A@
,7D?;@3F76
5A@FD35FE
"@F7D7EF
355DG3>
66;F;A@E
"@F7D7EF
355DG3>
66;F;A@E
J5:3@97
D3F7
H3D;3F;A@
757?47D
.<9BCB 7IFF9BHDCFH=CBC:H<9@95G9@=56=@=HMG7<98I@9=G5G:C@@CKG
757?47D
A?B3@K
A@EA>;63F76
'5HIF=H=9GH<9F95:H9F
*F9G9BHJ5@I958>IGHA9BH
"@F3@9;4>73EE7FE
#BH5B;=6@95GG9HG5F975FF=985H57EI=G=H=CB7CGH B9HC:577IAI@5H985ACFH=N5H=CB5B8=AD5=FA9BH =:5DD@=756@9
#BH5B;=6@95GG9HG5F9F97C;B=N98K<9B=H=G9LD97H98H<5H
H<9 5GG9HG K=@@ ;9B9F5H9 :IHIF9 97CBCA=7 69B9:=HG H5?=B; =BHC 7CBG=89F5H=CB H<9 =BH5B;=6@9 5GG9HG` 97CBCA=7 5B8 H9797HHC5ACFH=N5H=CB5F9H9GH98:CF=AD5=FA9BHK<9B9J9F9J9BHGCF7<5B;9G=B7=F7IAGH5B79G=B8=75H9H<5HH<975FFM=B;
5ACIBH A5M BCH 69 F97CJ9F56@9
B =AD5=FA9BH @CGG =G F97C;B=N98 K<9B H<9 5GG9H`G 75FFM=B; 5ACIBH 9L7998G =HG F97CJ9F56@9 5ACIBH
.<9 F97CJ9F56@9 5ACIBH =G H<9
<=;<9F5ACIBHC:5B5GG9H`G:5=FJ5@I9@9GG7CGHGHCG9@@5B8=HGJ5@I9=BIG9
.<975FFM=B;J5@I9C:=B89:=B=H9 @=J98=BH5B;=6@95GG9HG K<=7<F9:9FGHCHF589A5F?G5B8K5H9FF=;97HHCH97;63F76
&7F3?AG@F
757?47D
-E78G>>;87
&7F3?AG@F
757?47D
757?47D
-E78G>>;87
757?47D
.F589A5F?G
"@678;@;F7
"@678;@;F7
.F589A5F?G
-BFAK73DE
FAK73DE
-C:HK5F9
-BFAK73DE
FAK73DE
15H9FF=;73EE7FE
757?47D
A?B3@K
;EBAE3>E
66;F;A@E
757?47D
?ADF;L3F;A@
?ADF;L;@9
.F589A5F?G
-C:HK5F9
5CG;D76;@
4GE;@7EE
5A?4;@3F;A@
757?47D
A@EA>;63F76
^
GE;@7EE
5A?4;@3F;A@
36E
J5:3@97
D3F7
H3D;3F;A@
?ADF;L3F;A@
757?47D
?ADF;L;@9
.F589A5F?
^
^
-C:HK5F9
^
IGHCA9FF9@5H=CBG<=DG
^
^
-IDD@=9F7CBHF57H
^
^
^
^
)H<9FG
^
^
^
.F589A5F?G
^
^
15H9FF=;;63F76
757?47D
5CG;D76;@
4GE;@7EE
5A?4;@3F;A@
66;F;A@E
;EBAE3>
?ADF;L3F;A@
J5:3@97D3F7
H3D;3F;A@3@6
AF:7DE
757?47D
?ADF;L;@9
.F589A5F?
-IDD@=9F7CBHF57H
^
)H<9FG
^
.F589A5F?G
15H9FF=;>
#BH<9 CAD5BM ;CC8K=@@=GF97C;B=N98IB89FH<975DH=CB#BJ9GHA9BHG=BGI6G=8=5F=9G 5GGC7=5H95B8>C=BHJ9BHIF96975IG9:CFH<9=BJ9GHCF=H=GD5FHC:=HG=BJ9GHA9BH=B
H<9 GI6G=8=5FMG 57EI=G=H=CB 5B8 5G ;CC8K=@@ =B H<9 CBGC@=85H98 6975IG9 =H F9:9FG HC 9LD97H5H=CB C: :IHIF9 95FB=B;G :FCA H<9 57EI=F98 GI6G=8=5FM K<=7< 5GG9HG 5B8
@=56=@=H=9G5F97CBGC@=85H98K=H<H<9 CAD5BMG
.<9F9:CF9 =BH<9 CAD5BMH<9F9=GCB@M;CC8K=@@:FCA=B7CFDCF5H=CBG=BH<95ACIBHC:, 5B8=BH<9 CBGC@=85H98
5@@;CC8K=@@5F9F97C;B=N985G=BH5B;=6@9
!CC8K=@@=G5B=B89:=B=H9@=J985GG9H5B8=GF9EI=F98HC69H9GH98:CF=AD5=FA9BH5BBI5@@MCFK<9B9J9FH<9F9=G9J=89B79C:5897@=B9=B:5=FJ5@I9
GG9HG5B8@=56=@=H=9G5F9
;FCID98=BHC !/`G 5G<;9B9F5H=B;IB=HG:CF=AD5=FA9BHH9GH=B;DIFDCG9G
BM=AD5=FA9BH@CGG=GF97C;B=N98=AA98=5H9@M=BH<97CBGC@=85H98GH5H9A9BHC:=B7CA9@CGG
5B875BBCH69F9J9FG98
/DCBH<9G5@9C:56IG=B9GG H<9;CC8K=@@CF7CFF9GDCB8=B;DCFH=CBC:;CC8K=@@=G=B7@I898=BH<975@7I@5H=CBC:DFC:=HCF@CGGCB8=GDCG5@
-E78G>>;87
!CC8K=@@
757?47D
"@678;@;F7
757?47D
:3@97E;@9AA6I;>>
A@EA>;63F76
757?47D
"@;F;3>43>3@57
757?47D
7EI=F98=B6IG=B9GG7CA6=B5H=CB
IG=B9GG7CA6=B5H=CB58>IGHA9BHG
L7<5B;9F5H9J5F=5H=CB
>AE;@943>3@57
^
,9:9FGHC '*.*@5B*FC5B8 AD=F957EI=G=H=CBG8IF=B;H<9G97CB8EI5FH9FC:5B8H<9'5F;5F=B56IG=B9GG=BH<9:CIFH<EI5FH9FC:
,9:9FGHC'5F65 57EI=F98=B 979A69F DF=795@@C75H=CB7CB7@IG=CB
.<9F9K5G5F98I7H=CB=B;CC8K=@@C:, 5B85B=B7F95G9=B=BJ9BHCF=9G DFCD9FHM D@5BH
5B89EI=DA9BH5B8=BH5B;=6@95GG9HG5B889:9FF98H5LF97C;B=H=CB5F=G=B;:FCA7<5B;9=BH<9577CIBH=B;DC@=7=9GC::CF9=;BGI6G=8=5F=9G
"?B3;D?7@FF7EFA89AA6I;>>
H 979A69F H<9 CAD5BMH9GH98H<9F97CJ9F56=@=HMC:HG;CC8K=@@C:957< !/;FCIDIG=B;H<97CB79DHC:J5@I9=BIG9H97HG75G<:@CKG:CF5A5L=AIAD9F=C8C:M95FG:CFH<9 !/;FCIDGC: F5N=@ 99:5B8/-*CF? HC69HH9FF9:@97HH<9@CB;7M7@9C:957<;FCIDK<9B=H
F9:9FG HC H<9 IG9:I@ @=:9 C: H<9 5B=A5@G IG98 =B DFC8I7H=CB
.<9 H9FA=B5@ J5@I9 K5G 5GG=;B98 65G98 CB 5B 9LD97H98 ;FCKH< F5H9 C: D9FD9HI=HM :CF H<9 !/ ;FCIDG
.<9
K9=;
CFH<9M95FG9B898 979A69F 5B8H<9F9K9F9BC=B8=75H=CBGH<5H;CC8K=@@K=H<=B5BM !/;FCIDK5G=AD5=F98
;
D3L;>778
.<9?9M5GGIADH=CBGIG98=BH<99GH=A5H=CBC:H<9J5@I9=B IG95F9G9HCIH69@CK
.<9J5@I9G5GG=;B98HCH<9?9M5GGIADH=CBGF9DF9G9BHA5B5;9A9BH`G5GG9GGA9BHC:
:IHIF9HF9B8G=BH<9F9@9J5BH=B8IGHF=9G5B8<5J9699B65G98CB<=GHCF=75@85H5:FCA9LH9FB5@5B8=BH9FB5@GCIF79G
=G7CIBHF5H9
.9FA=B5@J5@I9;FCKH<F5H9
GH=A5H98;FCKH<F5H95J9F5;9:CFH<9B9LHM95FG
GH=A5H98;FCKH<F5H9K5GDFC>97H987CBG=89F=B;D5GH9LD9F=9B79G5B8:CF975GHG5G:C@@CKG
c
,9J9BI9C:H<=G !/;FCID=B7@I89GG5@9G:FCA699:CD9F5H=CBG=B F5N=@
,9J9BI9G;FCKH<K5GDFC>97H987CBG=89F=B;H<95J5=@56=@=HMC:@=J9GHC7? HCH5@
G@5I;97H987CBG=89F=B;H<9<=GHCF=75@D9F:CFA5B79C:H<9 !/;FCID5B8DF=79GHF9B8GC:H<9DF=A5FMF5KA5H9F=5@G 9GD97=5@@M
75HH@9
#B588=H=CB =HK5G7CBG=89F989::=7=9B7M=ADFCJ9A9BHGF9@5H98HCH<9=BH9;F5H=CBC:57EI=G=H=CBG
c
5D=H5@9LD9B8=HIF9GK9F99GH=A5H985GGIA=B;H<9A5=BH9B5B79C:9L=GH=B;=B:F5GHFI7HIF9=BCF89FHC7CBH=BI9HC69CD9F5H98:CF5B=B89:=B=H9D9F=C8
CFH<9M95FG9B898 979A69F 5B8 9GH=A5H98J5@I9=B IG99L799898H<975FFM=B;5ACIBHC:H<9 !/;FCID
;;
+73D3
.<9?9M5GGIADH=CBGIG98=BH<99GH=A5H=CBC:H<9J5@I9=B IG95F9G9HCIH69@CK
=G7CIBHF5H9
.9FA=B5@J5@I9;FCKH<F5H9
GH=A5H98;FCKH<F5H95J9F5;9:CFH<9B9LHM95FG
GH=A5H98;FCKH<F5H9K5GDFC>97H987CBG=89F=B;D5GH9LD9F=9B79G5B8:CF975GHG5G:C@@CKG
c
,9J9BI9=B7@I89GG5@9G:FCADCF? 7<=7?9B5B8CH<9FDFC8I7HG=B F5N=@
,9J9BI9;FCKH<K5GDFC>97H987CBG=89F=B;H<95J5=@56=@=HMC:@=J9GHC7? HCH5@G@5I;97H987CBG=89F=B;H<9<=GHCF=75@D9F:CFA5B79C:H<9 !/;FCID5B8DF=79GHF9B8GC:DF=A5FMF5KA5H9F=5@G
#B588=H=CB =H
K5G7CBG=89F989::=7=9B7M=ADFCJ9A9BHGF9@5H98HCH<9=BH9;F5H=CBC:57EI=G=H=CBG
c
5D=H5@9LD9B8=HIF9GK9F99GH=A5H985GGIA=B;H<9A5=BH9B5B79C:9L=GH=B;=B:F5GHFI7HIF9=BCF89FHC7CBH=BI9HC69CD9F5H98:CF5B=B89:=B=H9D9F=C8
CFH<9M95FG9B898 979A69F 5B8 9GH=A5H98J5@I9=BIG99L799898H<975FFM=B;5ACIBHC:H<9 !/;FCID
;;;
%AK(3D=
.<9?9M5GGIADH=CBGIG98=BH<99GH=A5H=CBC:H<9J5@I9=B IG95F9G9HCIH69@CK
=G7CIBHF5H9
.9FA=B5@J5@I9;FCKH<F5H9
GH=A5H98;FCKH<F5H95J9F5;9:CFH<9B9LHM95FG
GH=A5H98;FCKH<F5H9K5GDFC>97H987CBG=89F=B;D5GH9LD9F=9B79G5B8:CF975GHG5G:C@@CKG
c
,9J9BI9C:H<=G !/;FCID=B7@I89GG5@9G:FCA7<=7?9BCD9F5H=CBG=B IFCD9 K<=7<7CBG=GHGC:'CM*5F?GCD9F5H=CBG
,9J9BI9;FCKH<K5GDFC>97H98
7CBG=89F=B;H<95J5=@56=@=HMC:@=J9GHC7? HCH5@G@5I;97H987CBG=89F=B;H<9<=GHCF=75@D9F:CFA5B79C:H<9 !/;FCID5B8DF=79GHF9B8GC:DF=A5FMF5KA5H9F=5@G
#B588=H=CB =H
K5G7CBG=89F989::=7=9B7M=ADFCJ9A9BHGF9@5H98HCH<9=BH9;F5H=CBC:57EI=G=H=CBG
c
5D=H5@9LD9B8=HIF9GK9F99GH=A5H985GGIA=B;H<9A5=BH9B5B79C:9L=GH=B;=B:F5GHFI7HIF9=BCF89FHC7CBH=BI9HC69CD9F5H98:CF5B=B89:=B=H9D9F=C8
CFH<9M95FG9B898 979A69F 5B8 9GH=A5H98J5@I9=B IG99L799898H<975FFM=B;5ACIBHC:H<9 !/;FCID
;H -+(AD=
.<9?9M5GGIADH=CBGIG98=BH<99GH=A5H=CBC:H<9J5@I9=B IG95F9G9HCIH69@CK
=G7CIBHF5H9
.9FA=B5@J5@I9;FCKH<F5H9
GH=A5H98;FCKH<F5H95J9F5;9:CFH<9B9LHM95FG
GH=A5H98;FCKH<F5H9K5GDFC>97H987CBG=89F=B;D5GH9LD9F=9B79G5B8:CF975GHG5G:C@@CKG
c
,9J9BI9C:H<=G !/;FCID=B7@I89GG5@9G:FCADCF?CD9F5H=CBG=BH<9/
-
,9J9BI9;FCKH<K5GDFC>97H987CBG=89F=B;H<95J5=@56=@=HMC:@=J9GHC7? HCH5@
G@5I;97H987CBG=89F=B;H<9<=GHCF=75@D9F:CFA5B79C:H<9 !/;FCID5B8DF=79GHF9B8GC:DF=A5FMF5KA5H9F=5@G
c
5D=H5@9LD9B8=HIF9GK9F99GH=A5H985GGIA=B;H<9A5=BH9B5B79C:9L=GH=B;=B:F5GHFI7HIF9=BCF89FHC7CBH=BI9HC69CD9F5H98:CF5B=B89:=B=H9D9F=C8
CFH<9M95FG9B898 979A69F 5B8 9GH=A5H98J5@I9=B IG99L799898H<975FFM=B;5ACIBHC:H<9 !/;FCID
H GEFD3>;3%73F
.<9?9M5GGIADH=CBGIG98=BH<99GH=A5H=CBC:H<9J5@I9=B IG95F9G9HCIH69@CK
=G7CIBHF5H9
.9FA=B5@J5@I9;FCKH<F5H9
GH=A5H98;FCKH<F5H95J9F5;9:CFH<9B9LHM95FG
GH=A5H98;FCKH<F5H9K5GDFC>97H987CBG=89F=B;D5GH9LD9F=9B79G5B8:CF975GHG5G:C@@CKG
c
,9J9BI9C:H<=G !/;FCID=B7@I89GG5@9G:FCA699:CD9F5H=CBG=BIGHF5@=5
,9J9BI9;FCKH<K5GDFC>97H987CBG=89F=B;H<95J5=@56=@=HMC:@=J9GHC7? HCH5@
G@5I;97H987CBG=89F=B;H<9<=GHCF=75@D9F:CFA5B79C:H<9 !/;FCID5B8DF=79GHF9B8GC:H<9DF=A5FMF5KA5H9F=5@G
#B588=H=CB
K97CBG=89F989::=7=9B7M=ADFCJ9A9BHGF9@5H98HCH<9=BH9;F5H=CBC:H<957EI=G=H=CB
c
5D=H5@9LD9B8=HIF9GK9F99GH=A5H985GGIA=B;H<9A5=BH9B5B79C:9L=GH=B;=B:F5GHFI7HIF9=BCF89FHC7CBH=BI9CD9F5H=B;:CF5B=B89:=B=H9D9F=C8
CFH<9M95FG9B898 979A69F 5B8 9GH=A5H98J5@I9=B IG99L799898H<975FFM=B;5ACIBHC:H<9 !/;FCID
H; GEFD3>;3+?3>>9AA6E
.<9?9M5GGIADH=CBGIG98=BH<99GH=A5H=CBC:H<9J5@I9=B IG95F9G9HCIH69@CK
=G7CIBHF5H9
.9FA=B5@J5@I9;FCKH<F5H9
GH=A5H98;FCKH<F5H95J9F5;9:CFH<9B9LHM95FG
GH=A5H98;FCKH<F5H9K5GDFC>97H987CBG=89F=B;D5GH9LD9F=9B79G5B8:CF975GHG5G:C@@CKG
c
,9J9BI9C:H<=G !/;FCID=B7@I89GG5@9G:FCAH<9-A5@@;CC8GCD9F5H=CBG=BIGHF5@=5 7CBG=GH=B;C:*F=ACGCD9F5H=CBG
,9J9BI9;FCKH<K5GDFC>97H98
7CBG=89F=B;H<95J5=@56=@=HMC:@=J9GHC7? HCH5@G@5I;97H987CBG=89F=B;H<9<=GHCF=75@D9F:CFA5B79C:H<9 !/;FCID5B8DF=79GHF9B8GC:H<9DF=A5FMF5KA5H9F=5@G DF=A5F=@M
7
.F589 577CIBHG D5M56@9 7CFF9GDCB8 HC H<9 5ACIBHG CK98 HC GIDD@=9FG =B H<9 CF8=B5FM 7CIFG9 C: 6IG=B9GG
#: H<9 D5MA9BH D9F=C8 =G 9EI=J5@9BH HC CB9 M95F CF @9GG H<9
5ACIBH=G7@5GG=:=985G7IFF9BH@=56=@=H=9G CH<9FK=G9H<97CFF9GDCB8=B;5ACIBH=G7@5GG=:=985GBCB 7IFF9BH@=56=@=H=9G
77CIBHGD5M56@95F9F97C;B=N98=B=H=5@@M5HH<9=F:5=F
J5@I95B85F9GI6G9EI9BH@MA95GIF985H5ACFH=N987CGHIG=B;H<99::97H=J9=BH9F9GHA9HCFHMD9C:GIDD@=9F=G5G:C@@CKG5H 979A69F
5B8
A?B3@K
A@EA>;63F76
757?47D
757?47D
757?47D
757?47D
CAAC8=H=9G
'5H9F=5@G5B8G9FJ=79G
=B=G<98DFC8I7HG
*F9G9BHJ5@I958>IGHA9BH
+G4FAF3>
-IDD@M7<5=B:=B5B79
,AF3>
.<9 CAD5BM5B8=HG=B8=F97HGI6G=8=5FM-95F5@=A9BHCG75FFMCIHF=G?HF5BG57H=CBGK=H<:=B5B7=5@=BGH=HIH=CBGK=H<GIDD@=9FG=BH<98CA9GH=7A5F?9H
H 979A69F
5B8 H<95J9F5;98=G7CIBHF5H9GC:GIDD@M7<5=B:=B5B79HF5BG57H=CBG8=G6IFG986MCIFGIDD@=9FGHC:=B5B7=5@=BGH=HIH=CBGK9F9
D
A
5B8
D
A
=BH<9
CAD5BM5B8
D
A
5B8
D
A
=BH<9 CBGC@=85H98
)D9F5H=CB5@@M5B87CAA9F7=5@@MH<9F9K5GBC7<5B;9=BH<9DFC79GG5B8H<5HH<9F9:9FF98HF5BG57H=CB8C9G
BCH;9B9F5H97<5B;9G=BH<9DF=79G5DD@=986MGIDD@=9FG A5=BH5=B=B;H<9G5A9DF=797CADCG=H=CBDF57H=798DF=CFHCH<9F=G?CD9F5H=CB8F5KB6MH<9G9G5A9GIDD@=9FG
#B
588=H=CB H<=GCD9F5H=CB8=8BCH6F=B;5BMCH<9F7CGHHCH<9 CAD5BM5B8=HGGI6G=8=5F=9G5B85@@:=B5B7=5@7CGHGC:H<9CD9F5H=CB5F9H<9F9GDCBG=6=@=HMC:H<9GIDD@=9FG
#B=HGBCFA5@7CIFG9C:6IG=B9GG5B8=BCF89FHC;I5F5BH9975HH@9GIDD@M H<9 CAD5BM9BH9FG=BHCDIF7<5G95;F99A9BHG:CF@=J9GHC7?K=H<79FH5=BGIDD@=9FG =B7@I8=B;H<9
F9@5H98D5FHM$ $;FCD97ITF=5
.<=GCD9F5H=CB5@@CKGGIDD@=9FGHC5BH=7=D5H9H<9F979=J56@9GK=H<:=B5B7=5@=BGH=HIH=CBG=BK<=7<H<9 CAD5BM<5G5B5DDFCJ987F98=H@=A=H
5B8;I5F5BH99G75HH@9DIF7<5G9:CF5:=L98DF=79K=H
;@F7D7EFD3F7
GDD7@5K
-+
"@67JA@
H3D;34>7D3F7
>A3@E
(3K?7@F
F7D?E
@A@
5GDD7@F674F
757?47D
&A@ 5GDD7@F
757?47D
757?47D
757?47D
AD7;9@5GDD7@5K
8J5B79GCB9L7<5B;97CBHF57HG
(CH9G
$ --
5D=H5@89;=FC Z@5F
#(#'*
T
T
-+
-+ 3@6 -*
T
^
^
^
T
^
T
^
$;4AD
$;4AD3@6
GD;4AD
^
^
$A53>5GDD7@5K
F98=HBCH9 9LDCFH
*$
"
^
^
1CF?=B;75D=H5@ F5N=@=5B,95=G
*$
,#$(
^
,#$(
#('
*$
#( *
*$
=F97H7F98=HHC7CBGIA9FG
, ;F=6IG=B9GG F98=H,979=J56@9 9FH=:=75H9G
^
*$
^
*$
"3@6
"(
45
#++
(CH9GHCH<9:=B5B7=5@GH5H9A9BHG:CFH<9M95FG9B898 979A69F 5B8
LDF9GG98=BH;63F76
,KB7
H7D397
3@@G3>
;@F7D7EFD3F7
GDD7@5K
"@67J7D
(3K?7@F
F7D?E
@A@
5GDD7@F674F
GDD7@F
757?47D
&A@ 5GDD7@F
757?47D
757?47D
757?47D
AD7;9@5GDD7@5K
8J5B79GCB9L7<5B;97CBHF57HG
-+
*F9D5MA9BH
-+
(CH9G
$ --
#(#'*
-7CHH7F98=H:57=@=H=9G
1<=H9-HF=D97F98=H:57=@=HM
1CF?=B;75D=H5@ C@@5F
T
T
-+ 3@6 -*
-+
-+
-+
^
T
^
T
T
^
^
^
^
^
T
$;4AD
T
$;4AD3@6
GD;4AD
T
^
$;4AD
T
$A53>5GDD7@5K
#('
*$
#( *
*$
(CH9G
$ -&IL
T
T
,#$(
T
T
T
T
T
(CH9G
$ -&IL
-+
T
(CH9G
**
-+
T
(CH9G $ -&IL
-+
T
(CH9G
**
-+
T
(CH9G $ -&IL
-+
T
(CH9G
$ -&IL
-+
T
(CH9G
$ -&IL
-+
T
(CH9G
$ -&IL
-+
T
.9FA@C5B$ -&IL
-+
$;4AD
** H9FA@C5B
-+
$;4AD
1CF?=B;75D=H5@ F5N=@=5B,95=G
*$
,#$(
1CF?=B;75D=H5@ IFCG
-*
GD;4AD
F98=HBCH9]9LDCFH
*$
"
=F97H7F98=HHC7CBGIA9FG
*$
,IF5@ F98=HBCH9 *F9:=L98
*$
,IF5@ F98=HBCH9
*$
, ;F=6IG=B9GG F98=H,979=J56@9
9FH=:=75H9G
T
"
^
^
T
T
"3@6"(
T
-7CHH7F98=H:57=@=H=9G
*$
-+
-*3@6
-
T
95F8GHCKB*5797F98=H:57=@=HM
-+
T
^
^
$ -IGHF5@=5 998@CH;F99A9BH
-
T
^
^
)H<9F
'F:7DE
'F:7DE
5@5B79G7@5GG=:=985G7IFF9BHK<=7<<5J9H<9=FA5HIF=H=9GIDHCH<9B9LHHK9@J9ACBH;@F7D7EFD3F7,9:9FGHCH<9K9=;;63F76
'5HIF=H=9GH<9F95:H9F
+G4E7CG7@F7H7@FE
3
#B 96FI5FM H<9 CAD5BMG=B8=F97HGI6G=8=5FM$ -/-F9899A98=B75G<H<9CIHGH5B8=B;65@5B79C:
G9B=CFIBG97IF98BCH9G8I9=BH<9
HCH5@5ACIBHC:/-
6=@@=CB,
6=@@=CBG5H 979A69F
4
#B'5F7< H<9 C5F8C: =F97HCFG5DDFCJ985B9K=GGI5B79C:DF=J5H98969BHIF9G6MH<9 CAD5BMC:IDHC,
6=@@=CB =BHKCG9F=9GA5HIF=B;=B5B8
M95FG =BH9B898 :CF H<9 :CFA5H=CB C:;F=6IG=B9GG F98=H ,=;D7EFD;5F;A@E5AH7@3@FE
,KB7
+7@;AD+75GD76
D76;F 35;>;FK
#+$GJ
,7D?>A3@#+
$GJ
"EEG7D3@69G3D3@FADE
AH7@3@FE
G3D3@F77E
$ --
$ -!@C65@&IL9A6CIF;-
SF
@
$ -!@C65@'95H"C@8=B;G*HM
&=A=H98:CFA9F@M IF7<9F*HM
&=A=H98
$ -/- CC8 CAD5BM
"C@8=B;G
$ -/- CC8 CAD5BM
$ -BG9A6CIF;"C@8=B;-
SF
@
$ -&IL9A6CIF;-
SF
@
$ -/-"C@8=B;&IL
@@/-GI6G=8=5F=9GC:$ -&IL
9L79DH$ -1=G7CBG=B*FCD9FH=9G
&& 5B879FH5=BCH<9F=AA5H9F=5@
GI6G=8=5F=9G
$ -IGHF5@=5*HM&H8
$ - CC8 5B585/&
.<96CFFCK=B;G5F97C@@5H9F5@=N986M5:=FGHDF=CF=HMD9F:97H98@=9B5B8=BH9F9GH=B577CIBHG
F979=J56@9 :=B=G<98;CC8G5B8GIDD@M=BJ9BHCF=9G
.<9 :57=@=HM 7CBH5=BG 7IGHCA5FM F9DF9G9BH5H=CBG K5FF5BH=9G 5B8 5 GDF=B;=B; :=B5B7=5@
7CJ9B5BHH<5HF9EI=F9G5A=B=AIA:=L987<5F;97CJ9F5;9F5H=CC:BCH@9GGH<5B
HC
.<=GF5H=C=G5DD@=756@9=:6CFFCK=B;5J5=@56=@=HM75IG9G57CJ9B5BHHF=;;9FD9F=C8 K<=7<CB@M
C77IFGK<9B6CFFCK=B;5J5=@56=@=HM:5@@G69@CKH<9;F95H9FC:C:H<9A5L=AIA6CFFCK=B;
5ACIBH5B8/-A=@@=CBG
.<9 :57=@=HM 5@GC 7CBH5=BG B9;5H=J9 7CJ9B5BHG H<5H A5M @=A=H $ - &IL 56=@=HM 5B8 79FH5=B C:
CIFGI6G=8=5F=9G56=@=HMHC 5ACB;CH<9FH<=B;G
=B7IF79FH5=B588=H=CB5@=B896H98B9GG
7F95H979FH5=B@=9BGCBDFCD9FHM F9J9BI9CF5GG9HG
A5?979FH5=B@C5BGCF=BJ9GHA9BHG
G9@@CF8=GDCG9C:79FH5=B5GG9HG
897@5F9CFD5M5BM8=J=89B8GCFA5?95BM8=GHF=6IH=CBGF9@5H98HCG97IF=H=9G=GGI986MH<9
CAD5BM9L79DH:CF896H=BGHFIA9BHG7CBJ9FH=6@9CF9L7<5B;956@9:CFGI7<5ACIBHG =:==H
=GBCH=B89:5I@H=BF9@5H=CBHCH<9(CH9G==H<9 CAD5BM75B=B7IF5H@95GH/-
C:896H
IB89FH<9H9FAGC:H<9B9H896H #. F5H=CH9GH9GH56@=G<98=BH<9=B89BHIF9C:H<9(CH9G
5B8===H<9HCH5@J5@I9HC69D5=88C9GBCH9L79985
/-A=@@=CB6
C:H<95ACIBHC:
H<9 B9H =B7CA9 577FI98 CB 5 7IAI@5H=J9 65G=G 8IF=B; 5 79FH5=B D9F=C8 H5?9B 5G CB9
577CIBH=B; D9F=C8 5G 89:=B98 =B H<9 =B89BHIF9 CF =: H<9 5;;F9;5H9 B9H =B7CA9 =G 5 @CGG
A=BIGC:H<95ACIBHC:H<9@CGG7
C:H<9B9H75G<DFC7998GF979=J98:FCAH<9
=GGI9 CF G5@9 C: =HG 9EI=HM =BH9F9GHG CF CH<9F 75D=H5@ 7CBHF=6IH=CBG GI6G9EI9BH HC H<9 =GGI9
85H9C:H<9(CH9G8
C:H<9:5=FA5F?9HJ5@I9C:DFCD9FHMCH<9FH<5B75G<F979=J98:FCA
H<9=GGI9CFG5@9C:=HG9EI=HM=BH9F9GHGCFCH<9F75D=H5@7CBHF=6IH=CBGGI6G9EI9BHHCH<9=GGI9
85H9C:H<9(CH9G
DF9D5MCF75B79@79FH5=B=B896H98B9GG
8=GGC@J9 7CBGC@=85H9 A9F;9CF57EI=F9H<96IG=B9GGCF5GG9HGC:CH<9F9BH=H=9G
9BH9F=BHC>C=BHJ9BHIF9GCH<9FH<5B79FH5=BD9FA=HH98>C=BHJ9BHIF9GCF7F95H979FH5=BCH<9F
GI6G=8=5F=9G
9BH9F=BHCB9K@=B9GC:6IG=B9GG
9BH9F=BHC79FH5=BHF5BG57H=CBGK=H<5::=@=5H9G
5;F99HCF9GHF=7H=CBGCBH<956=@=HMC:H<9GI6G=8=5F=9GHCA5?98=J=89B8G
5;F99HC9BH9F=BHCB9;5H=J9D@98;9G=B:5JCFC:5BMCH<9F7F98=HCF5B8
9BH9F=BHC79FH5=BG5@9@95G9657?HF5BG57H=CBG
$ --
$ -!@C65@&IL9A6CIF;-
SF
@
$ - !@C65@ '95H "C@8=B;G *HM
&=A=H98 :CFA9F@M IF7<9F *.3
&=A=H98
$ - /-
CC8 CAD5BM
"C@8=B;G
$ -/-"C@8=B;&IL
$ -/- CC8 CAD5BM
$ -BG9A6CIF;"C@8=B;-
SF
@
$ -&IL9A6CIF;-
SF
@
5B8
57< C: H<9 /
-
F9GHF=7H98
GI6G=8=5F=9G H<5H ;I5F5BH99 H<9
G9B=CF G97IF98 7F98=H :57=@=HM
GI6>97HHC79FH5=B9L79DH=CBG
-97IF98 6M 5 D9F:97H98 :=FGH DF=CF=HM G97IF=HM =BH9F9GH =B 5@@ C: $ - &IL 5B8 79FH5=B C: =HG
GI6G=8=5F=9G`:=L985GG9HG
.<9 :57=@=HM 5@GC 7CBH5=BG B9;5H=J9 7CJ9B5BHG H<5H A5M @=A=H $ - &IL 56=@=HM 5B8 79FH5=B C:
CIFGI6G=8=5F=9G56=@=HMHC 5ACB;CH<9FH<=B;G
=B7IF79FH5=B588=H=CB5@=B896H98B9GG
7F95H979FH5=B@=9BGCBDFCD9FHM F9J9BI9CF5GG9HG
A5?979FH5=B@C5BGCF=BJ9GHA9BHG
G9@@CF8=GDCG9C:79FH5=B5GG9HG
897@5F9CFD5M5BM8=J=89B8GCFA5?95BM8=GHF=6IH=CBGF9@5H98HCG97IF=H=9G=GGI986MH<9
CAD5BM9L79DH:CF896H=BGHFIA9BHG7CBJ9FH=6@9CF9L7<5B;956@9:CFGI7<5ACIBHG =:==H
=GBCH=B89:5I@H=BF9@5H=CBHCH<9(CH9G==H<9 CAD5BM75B=B7IF5H@95GH/-
C:896H
IB89FH<9H9FAGC:H<9B9H896H #. F5H=CH9GH9GH56@=G<98=BH<9=B89BHIF9C:H<9(CH9G .<9 :57=@=HM 5@GC 7CBH5=BG
5B8===H<9HCH5@J5@I9HC69D5=88C9GBCH9L79985
/-A=@@=CB6
C:H<95ACIBHC: 7IGHCA5FM 9J9BHG C: 89:5I@H
H<9 B9H =B7CA9 577FI98 CB 5 7IAI@5H=J9 65G=G 8IF=B; 5 79FH5=B D9F=C8 H5?9B 5G CB9 @=GH98 IB89F H<9A9B898
577CIBH=B; D9F=C8 5G 89:=B98 =B H<9 =B89BHIF9 CF =: H<9 5;;F9;5H9 B9H =B7CA9 =G 5 @CGG 5B8 ,9GH5H98 ,9JC@J=B;
A=BIGC:H<95ACIBHC:H<9@CGG7
C:H<9B9H75G<DFC7998GF979=J98:FCAH<9 57=@=HM
=GGI9 CF G5@9 C: =HG 9EI=HM =BH9F9GHG CF CH<9F 75D=H5@ 7CBHF=6IH=CBG GI6G9EI9BH HC H<9 =GGI9
85H9C:H<9(CH9G8
C:H<9:5=FA5F?9HJ5@I9C:DFCD9FHMCH<9FH<5B75G<F979=J98:FCA
H<9=GGI9CFG5@9C:=HG9EI=HM=BH9F9GHGCFCH<9F75D=H5@7CBHF=6IH=CBGGI6G9EI9BHHCH<9=GGI9
85H9C:H<9(CH9G
DF9D5MCF75B79@79FH5=B=B896H98B9GG
8=GGC@J9 7CBGC@=85H9 A9F;9CF57EI=F9H<96IG=B9GGCF5GG9HGC:CH<9F9BH=H=9G
9BH9F=BHC>C=BHJ9BHIF9GCH<9FH<5B79FH5=BD9FA=HH98>C=BHJ9BHIF9GCF7F95H979FH5=BCH<9F
GI6G=8=5F=9G
9BH9F=BHCB9K@=B9GC:6IG=B9GG
9BH9F=BHC79FH5=BHF5BG57H=CBGK=H<5::=@=5H9G
5;F99HCF9GHF=7H=CBGCBH<956=@=HMC:H<9GI6G=8=5F=9GHCA5?98=J=89B8G
5;F99HC9BH9F=BHCB9;5H=J9D@98;9G=B:5JCFC:5BMCH<9F7F98=HCF5B8
9BH9F=BHC79FH5=BG5@9@95G9657?HF5BG57H=CBG
&AF7E #+
$GJ
&AF7E #+
$GJ
$ --
$ -#BJ9GHA9BHG##!A6"
$ -!@C65@&IL
$ -!@C65@'95H"C@8=B;G
&AF7E #+ *HM
&=A=H98:CFA9F@M IF7<9F*.3
$GJ
&=A=H98
$ -/-"C@8=B;&IL
$ -/- CC8 CAD5BM
&AF7E #+ $ -BG9A6CIF;"C@8=B;-
SF
@
$ -&IL9A6CIF;-
SF
@
5B8
$GJ
57<C:H<9/
-
F9GHF=7H98
GI6G=8=5F=9GH<5H;I5F5BH99H<9
G9B=CFG97IF987F98=H:57=@=HM
&AF7E #+ GI6>97HHC79FH5=B9L79DH=CBG
$GJ
&AF7E #+
$GJ
.<9(CH9G7CBH5=BB9;5H=J97CJ9B5BHGH<5HA5M@=A=H$ -&IL56=@=HM5B879FH5=BC:CIF
GI6G=8=5F=9G56=@=HMHC 5ACB;CH<9FH<=B;G
=B7IF79FH5=B588=H=CB5@=B896H98B9GG
7F95H979FH5=B@=9BG
G9@@CF8=GDCG9C:79FH5=B5GG9HG
897@5F9CFD5M5BM8=J=89B8GCFA5?95BM8=GHF=6IH=CBGF9@5H98HCG97IF=H=9G=GGI986MH<9
CAD5BM9L79DH:CF896H=BGHFIA9BHG7CBJ9FH=6@9CF9L7<5B;956@9:CFGI7<5ACIBHG =:==H
=GBCH=B89:5I@H=BF9@5H=CBHCH<9(CH9G==H<9 CAD5BM75B=B7IF5H@95GH/-
C:896H
IB89FH<9H9FAGC:H<9B9H896H #. F5H=CH9GH9GH56@=G<98=BH<9=B89BHIF9C:H<9(CH9G
5B8===H<9HCH5@J5@I9HC69D5=88C9GBCH9L79985
/-A=@@=CB6
C:H<95ACIBHC:
H<9B9H=B7CA9577FI98CB57IAI@5H=J965G=G8IF=B;579FH5=BD9F=C8 H5?9B5GCB9
577CIBH=B;D9F=C8 5G89:=B98=BH<9=B89BHIF9 CF=:H<95;;F9;5H9B9H=B7CA9=G5@CGG
A=BIGC:H<95ACIBHC:H<9@CGG7
C:H<9B9H75G<DFC7998GF979=J98:FCAH<9
=GGI9CFG5@9C:=HG9EI=HM=BH9F9GHGCFCH<9F75D=H5@7CBHF=6IH=CBGGI6G9EI9BHHCH<9=GGI9
85H9C:H<9(CH9G8
C:H<9:5=FA5F?9HJ5@I9C:DFCD9FHMCH<9FH<5B75G<F979=J98:FCA
H<9=GGI9CFG5@9C:=HG9EI=HM=BH9F9GHGCFCH<9F75D=H5@7CBHF=6IH=CBGGI6G9EI9BHHCH<9=GGI9
85H9C:H<9(CH9G
D9FA=HF9GHF=7H=CBGCB8=J=89B8G5B8CH<9FF9GHF=7H98D5MA9BHGHCF9GHF=7H98GI6G=8=5F=9G
DF9D5MCF75B79@79FH5=B=B896H98B9GG
9BH9F=BHC79FH5=BHF5BG57H=CBGK=H<5::=@=5H9G
9BH9F=BHC79FH5=BG5@9@95G9657?HF5BG57H=CBG5B8
IB89F;C7<5B;9GC:7CBHFC@K=H97H
HC79FH5=BD9FA=HH989L79DH=CBG IB@9GGCBH<985H9C:GI7<=B7IFF9B795B8H<95DD@=75H=CB
C:H<9DFC7998GH<9F9:FCA =HGB9H896HHC #. F5H=C=G@9GGH<5B
HC
#B588=H=CB
H<9=B89BHIF9F9GHF=7HG$ --
`G56=@=HMHCA5?9F9GHF=7H98D5MA9BHG5B8CH<9F8=GHF=6IH=CBG
H7@FEA86783G>F
757?47D
.<9 :57=@=HM 5@GC 7CBH5=BG
7IGHCA5FM9J9BHGC:89:5I@H
5B8 =H =B7@I89G :5=@IF9 C: 5BM
7C@@5H9F5@ 8C7IA9BH HC 7F95H9
CF A5=BH5=B 5 DF=CF=HM @=9B 3H3;>34;>;FKGBFA
A5HH9FG
#:5B9J9BHC:89:5I@H * 4;>>;A@E
<5DD9BG H<9 6CFFCK9FG A5M -+?;>>;A@
K=H<=B CH<9F CDH=CBG 795G9
H<9 5;F99A9BH GH5H9 H<9
9BH=F9 65@5B79 HC 69 D5=8
K=H<577FI98=BH9F9GH
.<9 =B89BHIF9 5@GC 7CBH5=BG
7IGHCA5FM 9J9BHG C: 89:5I@H
#B 75G9 5BM 9J9BH C:
89:5I@H C77IFG H<9 HFIGH99 CF
H<934;>;FKGBFA
7F95H979FH5=B@=9BG
7IGHCA5FM 9J9BHG C: 89:5I@H
*?;>>;A@
D5M79FH5=B8=J=89B8G5B8CH<9FF9GHF=7H98
(?;>>;A@
G9@@CF8=GDCG9C:79FH5=B5GG9HG
9BH9F=BHC79FH5=BHF5BG57H=CBGK=H<5::=@=5H9G5B8
7CBGC@=85H9 A9F;9CF8=GGC@J9GI6GH5BH=5@@M5@@H<95GG9HGC:'CM*5F?
*'+I5@=HM-A5@@!CC8G*HM
&H8
IGHF5@=5B CBGC@=85H98 CC8
"C@8=B;G*HM&=A=H98
IGHF5@=5B CBGC@=85H98 CC8
#BJ9GHA9BHG*HM&=A=H98
*F=AC!FCID"C@8=B;G*HM&=A=H98
*F=AC'95HG*HM
&H8
9FH5=BGI6G=8=5F=9GC:*F=AC
'95HG*HM&H8
IGHCA5FM B9;5H=J9 7CJ9B5BHG H<5H A5M @=A=H *F=AC`G 56=@=HM 5B8 H<9 56=@=HM C: 79FH5=B
GI6G=8=5F=9GHC 5ACB;CH<9FH<=B;G
G9@@CF8=GDCG9C:79FH5=B5GG9HG
7<5B;9H<9;9B9F5@B5HIF9C:H<97CF96IG=B9GGC:H<97CAD5BM
=B7IF79FH5=B588=H=CB5@=B896H98B9GG
897@5F979FH5=B8=J=89B8G G<5F9DF9A=IAG CFF9DIF7<5G9GC:9EI=HM
(( D7HA>H;@9
5D76;F835;>;FK
(D;?A&2
5D76;F835;>;FK
.<9 :57=@=HM 5@GC 7CBH5=BG
7IGHCA5FM 9J9BHG C: 89:5I@H
#B 75G9 5BM 9J9BH C:
89:5I@H C77IFG H<9 HFIGH99 CF
H<934;>;FKGBFA
7CBGC@=85H9 A9F;9CF8=GGC@J9GI6GH5BH=5@@M5@@H<95GG9HGC:**
* 4;>>;A@
CJ9B5BHG=BH<9:57=@=HM5@GCF9EI=F9** HCIG9H<9DFC7998G=HF979=J9G:FCA79FH5=B5GG9H
-+?;>>;A@
G5@9G5B8GD97=:=98896HCF9EI=HM=GGI5B79G5B8IDCBH<9C77IFF9B79C:CH<9F9J9BHGHC
F9D5MCIHGH5B8=B;6CFFCK=B;GIB89FH<9:57=@=HM
.<9** F98=H 57=@=HM5@GCDFCJ=89GH<5H
** A5MBCH=B7IF75D=H5@9LD9B8=HIF9G=B9L79GGC:/-A=@@=CB=B5BM:=G75@M95F
(( F7D?>A3@
%AK(3D=
*7HA>H;@9
D76;F 35;>;FK
.<9(CH9G7CBH5=BB9;5H=J97CJ9B5BHGH<5HA5M@=A=H** G56=@=HM5B879FH5=BC:=HG
GI6G=8=5F=9G56=@=HMHC 5ACB;CH<9FH<=B;G
=B7IF79FH5=B588=H=CB5@=B896H98B9GG
7F95H979FH5=B@=9BG
897@5F9CFD5M5BM8=J=89B8GCFA5?95BM8=GHF=6IH=CBGF9@5H98HCG97IF=H=9G=GGI986MH<9
CAD5BM9L79DH:CF896H=BGHFIA9BHG7CBJ9FH=6@9CF9L7<5B;956@9:CFGI7<5ACIBHG =:==H
=GBCH=B89:5I@H=BF9@5H=CBHCH<9(CH9G==H<9 CAD5BM75B=B7IF5H@95GH/-
C:896H
IB89FH<9H9FAGC:H<9B9H896H #. F5H=CH9GH9GH56@=G<98=BH<9=B89BHIF9C:H<9(CH9G
5B8===H<9HCH5@J5@I9HC69D5=88C9GBCH9L79985
/-A=@@=CB6
C:H<95ACIBHC:
H<9B9H=B7CA9577FI98CB57IAI@5H=J965G=G8IF=B;579FH5=BD9F=C8 H5?9B5GCB9
577CIBH=B;D9F=C8 5G89:=B98=BH<9=B89BHIF9 CF=:H<95;;F9;5H9B9H=B7CA9=G5@CGG
A=BIGC:H<95ACIBHC:H<9@CGG7
C:H<9B9H75G<DFC7998GF979=J98:FCAH<9
=GGI9CFG5@9C:=HG9EI=HM=BH9F9GHGCFCH<9F75D=H5@7CBHF=6IH=CBGGI6G9EI9BHHCH<9=GGI9
85H9C:H<9(CH9G8
C:H<9:5=FA5F?9HJ5@I9C:DFCD9FHMCH<9FH<5B75G<F979=J98:FCA
H<9=GGI9CFG5@9C:=HG9EI=HM=BH9F9GHGCFCH<9F75D=H5@7CBHF=6IH=CBGGI6G9EI9BHHCH<9=GGI9
85H9C:H<9(CH9G
G9@@CF8=GDCG9C:79FH5=B5GG9HG
9BH9F=BHC79FH5=BHF5BG57H=CBGK=H<5::=@=5H9G
7CBGC@=85H9 A9F;9CF8=GGC@J9GI6GH5BH=5@@M5@@H<95GG9HGC:**
.<9 :57=@=HM 5@GC 7CBH5=BG
7IGHCA5FM 9J9BHG C: 89:5I@H
H H<9 C77IFF9B79 C: 5B
9J9BH C: 89:5I@H H<9 @9B89FG
3H3;>34;>;FKGBFA
A5M K=H<=B CH<9F CDH=CBG
*?;>>;A@
75B79@
H<9
:57=@=HM
- ?;>>;A@
7CAA=HA9BHG 897@5F9 5@@
@C5BG 5B8 577FI98 =BH9F9GH
=AA98=5H9@M D5M56@9 CF
7<5B;9 7CB8=H=CBG CB H<9
:57=@=HM
IGHCA5FM9J9BHGC:89:5I@H=B7@I89G:5=@IF9HCD9F:CFACFC6G9FJ9H9FAG 7CJ9B5BHGCFCH<9F5;F99A9BHG=BH<9:57=@=HM 89:5I@HGCBCH<9F=B896H98B9GG=:H<99::97H=GHC
D9FA=H 5779@9F5H=CB :5=@IF9 HC A5?9 5 D5MA9BH CB CH<9F =B896H98B9GG IB@9GG K5=J98 CF 9LH9B898 K=H<=B H<9 5DD@=756@9 ;F579 D9F=C8 9BHFM C: IBG5H=G:=98 >I8;A9BHG CF
CF89FG5;5=BGHH<9=GGI9FCF=HGGI6G=8=5F=9G5B879FH5=B9J9BHGF9@5H98HC65B?FIDH7M5B8=BGC@J9B7MA5HH9FG
.<9 CAD5BMK5G=B7CAD@=5B79K=H<5@@C:=HG896H7CJ9B5BHF9GHF=7H=CBG5H 979A69F 5B8IBH=@H<985H9H<5HH<9G9:=B5B7=5@GH5H9A9BHGK9F95DDFCJ98
48
#++
(CH9GHCH<9:=B5B7=5@GH5H9A9BHG:CFH<9M95FG9B898 979A69F 5B8
LDF9GG98=BH;F;7E
$A3@E3@6
8;@3@5;@9E
E:ADF3@6>A@9
F7D?
&AF7
3>3@573F 757?47D
7D;H3F;H7
>;34;>;F;7E
$73E7BDAH;E;A@
'F:7D>;34;>;F;7E
EE7FE
CG;FK
7D;H3F;H7
3EE7FE
(DA8;FD7E7DH7
,D73EGDK
E:3D7E
T
:3@97E;@8;@3@5;@953E:8>AIE
*FC7998G:FCA@C5BG5B8:=B5B7=B;G
^
^
^
^
^
*5MA9BHGC:@C5BG5B8:=B5B7=B;G
^
^
^
^
^
^
^
^
^
^
^
^
^
^
^
*5MA9BHGC:@95G9
9F=J5H=J9G=BGHFIA9BHGF979=J98G9HH@98
=J=89B8GD5=8
*IF7<5G9C:HF95GIFMG<5F9G
^
^
^
^
^
6
^
^
^
^
^
T
^
^
^
^
^
^
^
^
^
^
^
^
^
^
^
^
,AF3>A85:3@97E;@8;@3@5;@953E:8>AIE
J5:3@97D3F7H3D;3F;A@5:3@97E
'F:7D5:3@97E
9F=J5H=J9G:5=FJ5@I958>IGHA9BH
#BH9F9GH9LD9BG9G
#BH9F9GHD5=8
^
^
<5B;9G=BCD9F5H=B;57H=J=H=9G
^
^
&A@ 53E:FD3@E35F;A@E
^
^
^
T
=J=89B8G897@5F98
,AF3>A8AF:7D>;34;>;F;7E5:3@97E
,AF3>A8AF:7D7CG;FK5:3@97E
3>3@573F 757?47D
T
^
^
T
^
T
^
^
T
T
A@EA>;63F76
$;34;>;F;7E
$A3@E3@6
8;@3@5;@9E
E:ADF3@6
>A@9F7D?
&AF7
3>3@573F 757?47D
$73E7
BDAH;E;A@
EE7FE
7D;H3F;H7E
>;34;>;F;7E
'F:7D
>;34;>;F;7E
CG;FK
(DA8;F
D7E7DH7
,D73EGDK
E:3D7E
7D;H3F;H7E
3EE7FE
&A@
5A@FDA>>;@9
;@F7D7EF
'F:7DE
T
:3@97E;@8;@3@5;@953E:8>AIE
*FC7998G:FCA@C5BG5B8:=B5B7=B;G
^
^
^
^
^
^
^
*5MA9BHGC:@C5BG5B8:=B5B7=B;G
^
^
^
^
^
^
^
^
*5MA9BHGC:@95G9
^
^
^
^
^
^
9F=J5H=J9G=BGHFIA9BHGF979=J98G9HH@98
^
^
^
^
^
^
=J=89B8GD5=8
^
^
^
^
^
^
^
=J=89B8GD5=8HCBCB 7CBHFC@@=B;=BH9F9GH
^
^
^
^
^
^
** G<5F9F9DIF7<5G9
^
^
^
^
^
^
*IF7<5G9C:HF95GIFMG<5F9G
6
^
^
^
^
^
^
^
)H<9F7<5B;9G
^
^
^
^
^
^
^
,AF3>A85:3@97E;@8;@3@5;@953E:8>AIE
J5:3@97D3F7H3D;3F;A@5:3@97E
^
T
'F:7D5:3@97E
9F=J5H=J9G:5=FJ5@I958>IGHA9BH
#BH9F9GH9LD9BG9G
#BH9F9GHD5=8
^
^
^
^
<5B;9G=BCD9F5H=B;57H=J=H=9G
^
^
(9H=B7CA95HHF=6IH56@9HCBCB 7CBHFC@@=B;=BH9F9GH
^
^
^
&A@ 53E:FD3@E35F;A@E
=J=89B8G897@5F98
,AF3>A8AF:7D>;34;>;F;7E5:3@97E
,AF3>A8AF:7D7CG;FK5:3@97E
3>3@573F 757?47D
^
^
^
^
^
^
^
^
^
^
^
^
^
^
^
T
^
^
^
^
^
^
^
^
^
^
^
^
^
^
^
^
^
^
T
^
49
#++
(CH9GHCH<9:=B5B7=5@GH5H9A9BHG:CFH<9M95FG9B898 979A69F 5B8
LDF9GG98=BH;F;7E
$A3@E3@6
8;@3@5;@9E
E:ADF3@6>A@9
F7D?
&AF7
3>3@573F 757?47D
7D;H3F;H7
>;34;>;F;7E
$73E7BDAH;E;A@
T
'F:7D>;34;>;F;7E
EE7FE
CG;FK
7D;H3F;H7
3EE7FE
(DA8;FD7E7DH7
,D73EGDK
E:3D7E
:3@97E;@8;@3@5;@953E:8>AIE
*FC7998G:FCA@C5BG5B8:=B5B7=B;G
^
^
^
^
^
*5MA9BHGC:@C5BG5B8:=B5B7=B;G
^
^
^
^
^
^
^
^
9F=J5H=J9G=BGHFIA9BHGF979=J98G9HH@98
^
^
=J=89B8GD5=8
^
^
,AF3>A85:3@97E;@8;@3@5;@953E:8>AIE
J5:3@97D3F7H3D;3F;A@5:3@97E
^
^
^
^
^
*5MA9BHGC:@95G9
^
^
^
^
T
^
^
^
'F:7D5:3@97E
9F=J5H=J9G:5=FJ5@I958>IGHA9BH
#BH9F9GH9LD9BG9G
#AH9F9GHD5=8
^
^
^
^
^
^
^
<5B;9G=BCD9F5H=B;57H=J=H=9G
&A@ 53E:FD3@E35F;A@E
=J=89B8G897@5F98
^
,AF3>A8AF:7D>;34;>;F;7E5:3@97E
,AF3>A8AF:7D7CG;FK5:3@97E
T
3>3@573F 757?47D
^
^
^
^
^
^
^
^
^
T
T
^
^
T
T
T
T
A@EA>;63F76
$;34;>;F;7E
$A3@E3@6
8;@3@5;@9E
E:ADF3@6
>A@9F7D?
&AF7
3>3@573F 757?47D
EE7FE
7D;H3F;H7E
>;34;>;F;7E
$73E7BDAH;E;A@
T
'F:7D
>;34;>;F;7E
CG;FK
(DA8;F
D7E7DH7
,D73EGDK
E:3D7E
7D;H3F;H7E
3EE7FE
&A@
5A@FDA>>;@9
;@F7D7EF
:3@97E;@8;@3@5;@953E:8>AIE
*FC7998G:FCA@C5BG5B8:=B5B7=B;G
^
^
^
^
^
^
*5MA9BHGC:@C5BG5B8:=B5B7=B;G
^
^
^
^
^
^
^
^
^
^
^
^
9F=J5H=J9G=BGHFIA9BHGF979=J98G9HH@98
^
^
^
^
^
=J=89B8GD5=8
^
^
^
^
^
^
=J=89B8GD5=8HCBCB 7CBHFC@@=B;=BH9F9GH
^
^
^
^
^
^
** G<5F9F9DIF7<5G9
^
^
^
^
^
^
)H<9F7<5B;9G
^
^
^
^
^
^
,AF3>A85:3@97E;@8;@3@5;@953E:8>AIE
^
J5:3@97D3F7H3D;3F;A@5:3@97E
^
*5MA9BHGC:@95G9
'F:7D5:3@97E
9F=J5H=J9G:5=FJ5@I958>IGHA9BH
#BH9F9GH9LD9BG9G
#BH9F9GHD5=8
^
^
^
^
^
^
^
^
^
^
^
^
^
^
^
<5B;9G=BCD9F5H=B;57H=J=H=9G
^
^
8>IGHA9BHG=BB9H=B7CA9:CF75G<:@CKG
^
^
^
^
^
^
(9H=B7CA95HHF=6IH56@9HCBCB 7CBHFC@@=B;=BH9F9GH
^
^
^
^
^
^
&A@ 53E:FD3@E35F;A@E
=J=89B8G897@5F98
,AF3>A8AF:7D>;34;>;F;7E5:3@97E
,AF3>A8AF:7D7CG;FK5:3@97E
3>3@573F 757?47D
^
^
^
^
^
^
^
^
^
^
^
^
^
^
50
#++
(CH9GHCH<9:=B5B7=5@GH5H9A9BHG:CFH<9M95FG9B898 979A69F 5B8
LDF9GG98=BH
77FI98=B7CA9H5L9G
,AF3>
D73=6AI@
IFF9BH@=56=@=H=9G
(CB 7IFF9BH@=56=@=H=9G
A@EA>;63F76
757?47D
757?47D
757?47D
757?47D
T
^
75D77
("+
' "&+ AH7D 8;@3@5;3> ;@5A?7 #B $I@M H<9 CAD5BM 5B8 =HG GI6G=8=5F=9G :=@98 5B =B>IB7H=CB HC GIGD9B8 H<9 9B:CF7956=@=HM C: *#- 5B8
) #(-896HGCJ9F:=B5B7=5@=B7CA9
.<9 97F99 F99GH56@=G<98H<9@9JMC:*#-5B8 ) #(-CB:=B5B7=5@F9J9BI9GC6H5=B986M7CAD5B=9GGI6>97HHCH<9*#-
5B8 ) #(-BCB7IAI@5H=J9F9;=A9 5HH<9F5H9GC:
GC: 979A69F 5B8 H<9 CAD5BM<5GF97C;B=N98IB89FH<975DH=CB77FI98=B7CA9H5L9G
5B8CH<9FH5L9GH<95ACIBHC:, 5B8, =BH<9 CAD5BM F9GD97H=J9@M 5B8=BH<9 CBGC@=85H98, 5B8, F9GD97H=J9@M F9;5F8=B;HC*#-
) #(-CJ9F:=B5B7=5@=B7CA9
H 979A69F H<9 CAD5BM<58GH5H9H5L=BGH5@@A9BHGF9@5H98HC# '- 8I9IDHC
55DG76B3KDA>>3@6EA5;3>5:3D97E
77FI98D5MFC@@5B8GC7=5@7<5F;9G5F97CADF=G98C:H<9:C@@CK=B;
A?B3@K
.5L9GD5M56@9=B=BGH5@@A9BHG
CBIG5B8J575H=CB5@CB;K=H<F9@5H98GC7=5@7<5F;9G
-5@5F=9G5B8F9@5H98GC7=5@7<5F;9G
)H<9FG
D73=6AI@
IFF9BH@=56=@=H=9G
(CB 7IFF9BH@=56=@=H=9G
A@EA>;63F76
757?47D
757?47D
757?47D
757?47D
H 979A69F H<9 CAD5BM<58:989F5@5B8GC7=5@G97IF=HMH5L=BGH5@@A9BHGF9@5H98HCH<9DFC;F5AG* ,.*FC;F5A5 GD97=5@89,9;I@5F=N5VUC.F=6IHTF=5
9BH9F98=B-9DH9A69F5B8*,,*FC;F5A589,9;I@5F=N5VUC,IF5@9BH9F98=B-9DH9A69F 8I9IDHC
;H;67@6EB3K34>7
.<9 CAD5BM`G6M@5KGF9EI=F9GH<9D5MA9BHC:8=J=89B8G9EI5@HC5H@95GHC:H<95BBI5@B9H=B7CA95HHF=6IH56@9HC7CAD5BMG<5F9;63F76
757?47D
757?47D
757?47D
^
97@5F988=J=89B8GCB ,9G=8I5@
97@5F988=J=89B8GCB ,9G=8I5@
97@5F988=J=89B8GCB
T
T
.<9F9G=8I5@5ACIBHC:8=J=89B8G7CFF9GDCB8GHCH<9IBD5=88=J=89B8G8I9HC5@57?C:ID85H98D5MA9BH=B:CFA5H=CB
.<=GD9B8=B;=B:CFA5H=CBF9@5H98HCGCA9A=BCF=HM
G<5F97FA5A?B3@KE:3D7:A>67DE8ADF:7K73D
&9;5@F9G9FJ9]
65G>3F;A@
'5B85HCFM8=J=89B8G
97@5F988=J=89B8G
+G4E7CG7@F7H7@F)B'5F7< H<9 CAD5BM75B79@@98 HF95GIFMG<5F9G
.<9F9:CF9 H<9F9A5=B=B;65@5B79C:7CAACBG<5F9G=G
.<9
CAD5BMK=@@GI6>97HHC5DDFCJ5@5HH<9BBI5@!9B9F5@'99H=B; K<=7<K=@@H5?9D@579CBDF=@ 58=J=89B88=GHF=6IH=CB9EI=J5@9BHHC,
D9FG<5F9=BH<9HCH5@
5ACIBHC:,
.<9 CAD5BM897@5F98H<9A5B85HCFM5B85B588=H=CB5@C:, =B9EI=HM5G89ACBGHF5H98=BH<9GH5H9A9BHGC:7<5B;9G=B9EI=HM
'F:7D8;@3@5;3>>;34;>;F;7E
)H<9F:=B5B7=5@@=56=@=H=9G=B7@I89G7CBH=B;9BH7CBG=89F5H=CBF9@5H98HCG9@@9F :=B5B798D5M56@9GCBH<9DIF7<5G9C:5GG9HG
#:H<9D5MA9BHH9FA=G9EI=J5@9BHHCCB9M95FCF
@9GG H<965@5B79G5F97@5GG=:=98=B7IFF9BH@=56=@=H=9GCH<9FK=G9 =H=G7@5GG=:=98=BBCB 7IFF9BH@=56=@=H=9G
1<9B5DD@=756@9 7<5F;9G5F958898
GDD7@F
A?B3@K
$ -
-95F5
757?47D
7E5D;BF;A@A8F:735CG;E;F;A@E
757?47D
757?47D
GG9HG5B8CH<9F=B8IGHF=5@7CAD@9L9G
CAD5BM;FCJXB9HC
GG9HG:FCAH<97CAD5BM-5:F=C
CAD5BM(CJ5;FC
^
T
GG9HG:FCAH<97CAD5BM WINI@
^
T
,AF3>
&A@ 5GDD7@F
757?47D
(DAH;E;A@E
.<9 CAD5BM5B8=HGGI6G=8=5F=9G5F9D5FHMHCG9J9F5@@5KGI=HG5F=G=B;=BH<9CF8=B5FM7CIFG9C:6IG=B9GG:CFK<=7<DFCJ=G=CBG5F9F97C;B=N9865G98CB9GH=A5H987CGHG
89H9FA=B986MA5B5;9A9BH5G:C@@CKG
A?B3@K
757?47D
A@EA>;63F76
757?47D
757?47D
757?47D
&56CF
=J=@
.5L5B8-C7=5@-97IF=HM
,AF3>
:3@97E;@BDAH;E;A@E
A?B3@K
66;F;A@E
6;EBAE3>E
3@65:3@97E;@
BDA9@AE;E
757?47D
%A@7F3DK
5ADD75F;A@
(3K?7@FE
757?47D
&56CF
=J=@
.5L5B8GC7=5@G97IF=HM
,AF3>
A@EA>;63F76
66;F;A@E
6;EBAE3>E
3@65:3@97E;@
BDA9@AE;E
757?47D
(3K?7@FE
%A@7F3DK
5ADD75F;A@
J5:3@97D3F7
H3D;3F;A@
757?47D
&56CF
=J=@
.5L5B8GC7=5@G97IF=HM
,AF3>
52
#++
(CH9GHCH<9:=B5B7=5@GH5H9A9BHG:CFH<9M95FG9B898 979A69F 5B8
LDF9GG98=BHE
3@65:3@97E;@
BDA9@AE;E
757?47D
%A@7F3DK
5ADD75F;A@
(3K?7@FE
757?47D
&56CF
=J=@
.5L5B8GC7=5@G97IF=HM
,AF3>
A@EA>;63F76
66;F;A@E
6;EBAE3>E3@6
5:3@97E;@
BDA9@AE;E
5CG;D76;@
4GE;@7EE
5A?4;@3F;A@
757?47D
(3K?7@FE
%A@7F3DK
5ADD75F;A@
J5:3@97D3F7
H3D;3F;A@
757?47D
&56CF
=J=@
^
.5L5B8GC7=5@G97IF=HM
^
,AF3>
"@F:7 A?B3@K
3
,3J3@6+A5;3>+75GD;FK(DA5776;@9E
3
" %+ .3>G76676,3J"?BAEFAEA4D7'B7D3QR7E*7>3F;H3EN ;D5G>3QPA67%7D536AD;3E7EA4D73(D7EF3QPA67+7DH;QAE67,D3@EBADF7
"@F7D7EF36G3> 7 "@F7D?G@;5;B3> 7 67 A?G@;53QPA.<9.5LIH97H5K5=HG>I8;A9BH6MH<9 989F5@-IDF9A9 CIFH.<9A9 ;9B9F5@F9D9F7IGG=CB
.<9F9=G5F9@9J5BH
9LHF5 DFC798IF5@9@9A9BH CAD@9A9BH5FM&5KB
K<=7<DFCJ=898:CFH<9DCGG=6=@=HMC:F5H=:M=B;H<97F98=HGH<5HK9F9BCH7CBG=89F98K=H<H<97CBG9EI9BH
F9A=GG=CB C: 896HG
IFF9BH@M 58A=B=GHF5H=J9 DFC798IF9G 5F9 CIHGH5B8=B; 6M H<9 -H5H9G H<5H HF5BG:9F H<9 69B9:=HG K<=7< K=@@ F9GI@H =B H<9 75B79@@5H=CB C: 896HG
'5B5;9A9BH69@=9J9G 65G98CBH<958J=79C:=HG@9;5@7CIBG9@ H<5H=HG5F;IA9BHGK=@@DF9J5=@=BH<9G9DFC798IF9G K<=7<=GH<9F95GCBKCFD5FHF9@5H98HCH<97C@@97H=CBC:DFC:=HG56FC58F9:9FGHCH<9:CFA5@F9EI=F9A9BHGF9EI=F986MH<9=BGD97H=CB:CFH<9DIFDCG9C:
7CBGC@=85H=B; H<9 F9GI@HG 56FC58 C: =HG 8=F97H CF =B8=F97H =BJ9GH99G 69=B; 79FH5=B H<5H H<9 CAD5BM 8=G5;F99G K=H< H<9 7F=H9F=5 5DD@=98 6M H<9 =BGD97H=CB .<9
CAD5BM :=@98 58A=B=GHF5H=J9 C6>97H=CBG H<5H 5F9 5K5=H=B; >I8;A9BH
'5B5;9A9BH IB89FGH5B8G H<5H 7CBG=89F=B; <=GHCF=75@ J5@I9G F9@5H98 HC H<9 85H9G C: H<9
5GG9GGA9BHG :CF, H<9F95F9F9ACH97<5B79GC:@CGG5B8:CFH<95ACIBHC:,
6=@@=CBH<9F95F9DCGG=6@97<5B79GC:@CGG
3
'F:7D F3J 3@6 EA5;3> E75GD;FK BDA576GD7E .<9 CAD5BM =G D5FH =B 588=H=CB5@ H5L 5B8 GC7=5@ G97IF=HM DFC7998=B;G DFC7998=B;G =B
979A69F K<=7<=B8=J=8I5@@M5F9BCHA5H9F=5@
19<=;<@=;7343D93;@39D77?7@F;?B35FE.<9577CIBH=B;=AD57HG:FCAH<99J9BHG89G7F=698=BH<9*@95 5F;5=B;F99A9BHK9F9F97C;B=N985H 979A69F
5B8F9J=9K98EI5FH9F@M
.<9 CAD5BMF979=J98H5L5GG9GGA9BHG65G98CBH<9=B:CFA5H=CBDFCJ=898=BH<9*@95 5F;5=B;F99A9BH5HH57(DA5776;@9E
GC: 979A69F H<9 CAD5BMK5GD5FHMHC 7=J=@DFC7998=B;G 7=J=@DFC7998=B;G5H 979A69F
#BH<9CD=B=CBC:H<9'5B5;9A9BH5B8=HG
@9;5@58J=GCFG H<99LD97H98@CGGC:, , 5H 979A69F <5G699B577FI98
5 + 9D77?7@FG5BBCIB798HCH<9A5F?9H CB)7HC69F $ -5B8=HG7CBHFC@@=B;G<5F97AGF5A?7
GC: 979A69F H<9 CAD5BM<58CH<9FCB;C=B;DFC7998=B;G=BH<95ACIBHC:,
6=@@=CBG,6=@@=CBG5H 979A69F K<=7<F9:9FA5=B@MHC7=J=@
5B8@56CFDFC7998=B;G=BH<9 CAD5BM 5B8=BH<9 CBGC@=85H98=BH<95ACIBHC:,
6=@@=CBG,
6=@@=CBG5H 979A69F KD7>3F76BDA576GD7E
.<9 CAD5BM5B8=HGGI6G=8=5F=9G5F9D5FHC:G9J9F5@DFC7998=B;GCFF9@9J5BHF9D9F7IGG=CBGF9@5H98HCH<9:57HG89G7F=698=BH<9*@9565F;5=B5;F99A9BH5G89ACBGHF5H98
69@CK
7
D;?;@3>BDA576GD7E
#B 7F=A=B5@ =BJ9GH=;5H=CBG 5B8 DFC7998=B;G @9;5@ 9BH=H=9G 8C BCH GI::9F 5BM 7F=A=B5@ D9B5@H=9G 5F=G=B; :FCA H<9 9J9BHG 7CAA=HH98 6M =HG 9L97IH=J9G 5B8CF
F9DF9G9BH5H=J9G K97H98HCH<9@5K=B7@I8=B;89DF=J5H=CBC:@=69FHM =B75G9C:5BMDFCC:C:9::97H=J9D5FH=7=D5H=CB=B=@@9;5@:57HG=BJC@J=B;H<9 CAD5BM
5B8CF=HGGI6G=8=5F=9G
.<9CD9F5H=CBG DC@=79=BEI=F=9G5B87F=A=B5@DFC7998=B; I@@=G< 5FB9 F575 *CFH9=F569FH5#5B8##5B8.9B8UC89EI=@9G5F9DFC798IF9GDFCH97H986M>I8=7=5@
G97F97M5B8H<9 CAD5BM=GBCHD5FHC:H<9G9DFC7998=B;G5B857H=CBG
$3?3E8O>F;53AB7D3F;A@BA>;57;@CG;DK#BJ9GH=;5H=CB8I9HCGIGD=7=CBGC:=ADFCD9FD5MA9BHGA589HC;9HH5L=B79BH=J9G=BH<9GH5H9C:'5HC!FCGGC8C-I@
.<9=BJ9GH=;5H=CBG=BHCH<9:57HGF9@5H98HCH<9 CAD5BM5FCG9HCHKC7F=A=B5@57H=CBGIB89FH<9 989F5@ CIFH5B8H<9 @97HCF5@ CIFH
!=J9BH<99L=GH9B79C:H<9
*@95 5F;5=B;F99A9BH BCB9C:H<99AD@CM99GK9F9F9DCFH98 <5J=B;GH5FH98HC57H5GDFCG97IH=CBK=HB9GG9G
7
>3EE35F;A@E
.<97@5GG57H=CBG@M P05F5 YJ9@:989F5@89-UC*5I@C @M P05F5 YJ9@ 989F5@89-UC*5I@C@M
P05F5 YJ9@ 989F5@89-UC*5I@C5B8@M P05F5 YJ9@ 989F5@8C =GHF=HC 989F5@<58:5JCF56@9
CIH7CA9G:CFH<9 CAD5BMH<9F9:CF9H<9MK9F97@5GG=:=985GF9ACH9@CGG
.<97@5GG57H=CB@M P05F589 =F9=HCG =:IGCG C@9H=JCG9
#B8=J=8I5=G85 CA5F7589 5ADC!F5B895K5=HG>I8;A9BH=B:=FGH89;F99
7
ADBAD3F7>3IEG;FE
.% 6?;@;EFD3F;H7 +3@5F;A@ (DA5776;@9
9H9FA=B9G H<9 DCGG=6@9 @=56=@=HM H<9 CAD5BM 5B8 =HG GI6G=8=5FM -95F5
@=A9BHCGHC5@@9;98@M69=B;569B9:=7=5FMC:DIF7<5G9GC:/-8C@@5F89F=J5H=J97CBHF57HGIG=B;IB:5=FDF57H=79G =BJ=C@5H=CBC: 0'#BGHFI7H=CB(C
## 8
.<9D5FH=9GDF9G9BH98=HG89:9BG95B8F9EI9GH98:CFH<9DFC8I7H=CBC:9J=89B79 K<=7<F9A5=BGK=H<H<9DFC79GGF5DDCFH9IF:CF7CBG=89F5H=CB
H 979A69F
H<9,5DDCFH9IF;F5BH9858958@=B9:CFH<9D5FH=9GHCDF9G9BH5@=GHC:K=HB9GG9G5B8HC6F=B;8C7IA9BH5FM9J=89B79HCH<9:=@9
D4;FD3F;A@BDA5776;@9E@M
3@6
-I7<DFC7998=B;GK9F9=B=H=5H986MH<9 CAD5BMGG<5F9;?7@FAE
3
$34AD(DA5776;@9E
GC: 979A69F -95F5@=A9BHCGGI6G=8=5F=9GK9F9D5FHMHC @56CFDFC7998=B;G @56CFDFC7998=B;G5H 979A69F @56CFDFC7998=B;G
=BJC@J=B;H<9HCH5@5ACIBHC:,
6=@@=CB,
6=@@=CB5H 979A69F
5G98CBH<9CD=B=CBC:H<9 CAD5BMG@9;5@7CIBG9@ 5B577FI5@<5G699BA589
=BH<95ACIBHC:, , 5H 979A69F :CF@CGG9G5F=G=B;:FCAGI7<DFC7998=B;G 5@F958M=B7@I8=B;D5M56@9GC7=5@7<5F;9G6MH<99AD@CM99
5B8-95F5@=A9BHCG
'CGHC:H<9G9@5KGI=HGK9F9:=@986M:CFA9F9AD@CM99GC:-95F5@=A9BHCGG99?=B;CJ9FH=A9D5MA9BHG5B8D5MA9BHGF9@5H=B;HCH<9=F9LDCGIF9HC
<95@H<<5N5F8G 7CAAIH=B;H=A9 5@@9;98KCF?577=89BHG5B8F97CJ9FMH=A9
ACB;CH<9F@56CFDFC7998=B;G H<9F95F9CB;C=B;DFC7998=B;G:=@986MH<9&56CF'=B=GHFM
'=B=GHWF=C8C.F565@BDA5776;@9E
GC: 979A69F -95F5@=A9BHCGGI6G=8=5F=9GK9F9D5FHMHC 7=J=@5B858A=B=GHF5H=J9DFC7998=B;G 7=J=@5B58A=B=GHF5H=J9DFC7998=B;G5H 979A69F
=BJC@J=B;H<9HCH5@5ACIBHC:, , 5H 979A69F
5G98CBH<9CD=B=CBC:H<9 CAD5BMG@9;5@7CIBG9@ 5B577FI5@<5G699B
A589=BH<95ACIBHC:, , 5H 979A69F :CF@CGG9G5F=G=B;:FCAGI7<DFC7998=B;G
'CGHC:H<9G9@5KGI=HG5F9F9@5H98HC=B89AB=HM:CF
7C@@97H=J9 ACF5@ 85A5;9 ACF5@ 85A5;9 :CF =ADFCD9F DFCH9GH F9D5=F=B; 85A5;9G :CF DCI@HFM D5FHB9FG<=D CF D=;G =BH9;F5H=CB 75B79@@5H=CB C: =B8IGHFM CF HF589 A5F?
7CAD@5=BHG5B87CBGIA9F7CBHF57HG DFC8I7HEI5@=HM
5
,3J(DA5776;@9E
G C: 979A69F -95F5 @=A9BHCG 5B8 =HG GI6G=8=5F=9G 5F9 D5FHM HC 5H 979A69F H5L 5B8 GC7=5@ G97IF=HM DFC7998=B;G =B K<=7< H<9
=B8=J=8I5@ 5ACIBH C: H<9 7CBH=B;9B7=9G 5F9 BCH F9@9J5BH
*FC7998=B;G K=H< 5 DFC656@9 @CGG F=G? <5J9 7CBH=B;9B7=9G =B H<9 5ACIBH C: , , 5H
979A69F
6
'F:7DBDA5776;@9EI;F:BAEE;4>7AGF5A?7
GC: 979A69F -95F5@=A9BHCG5B8=HGGI6G=8=5F=9G<58CH<9FCB;C=B;DFC7998=B;G=BH<95ACIBHC:, 6=@@=CBG,6=@@=CBG5H 979A69F
K<=7<F9:9FHC@56CF 7=J=@5B8H5L5B8GC7=5@G97IF=HMDFC7998=B;G KBDA5776;@9E
3
'#9D77?7@F#B)7HC69F H<9 CAD5BMG=B8=F97HGI6G=8=5FM** 9BH9F98=BHC5D@955;F99A9BHK=H<H<9/B=H98-H5H9G 9D5FHA9BHC:
$IGH=79BH=HFIGH =J=G=CB=BF9GD97HHC=HG=BJ9GH=;5H=CB=BHCH<9G5@9GC:6FC=@9F7<=7?9BDFC8I7HG=BH<9/B=H98-H5H9G
#BH<9D@955;F99A9BH ** 5;F998HC5:=B9
C: /- A=@@=CBG , 5H 979A69F :CF F9GHF5=BH C: 7CAD9H=H=CB H<5H 5::97H98 HIGH9BF=7-<5F975D=H5@CB 979A69F 5B8K5G, F9DF9G9BH986M 7CAACBG<5F9G <5J=B;BCBCA=B5@J5@I9
.<9
G<5F975D=H5@5ACIBH=GB9HC:, 75D=H5@=N98HF5BG57H=CB7CGHGF9@5H98HC9LD9BG9G=B7IFF98=B7CBG=GH=B;C:, F9@5H98HCH<9HF5BG57H=CB7CGHG:CFH<9
CAD5BMG#B=H=5@*I6@=7)::9F=B; 5B89LD9BG9G=BH<95ACIBHC:, F9;5F8=B;H<9=GGI5B79C:8969BHIF9G8IF=B;
.<9 CAD5BM=G5IH43>3@57
5B79@@5H=CBC:HF95GIFMG<5F9G
>AE;@943>3@57
)G3@F;FK
^
*F:AGE3@6
^
^
#B I;IGH 5B8 979A69F C: H<9 CAD5BM 5BBCIB798 H<9 75B79@@5H=CBG 5DDFCJ98 6M H<9 C5F8 C: =F97HCFG C: =HG HF95GIFM G<5F9G =B H<9 HCH5@ 5ACIBH C:
7CAACBG<5F9G=GGI986MH<9 CAD5BM K=HD7E7DH7E
4 (D7?;G?A@;EEG7A8E:3D7EF9:9FGHCH<98=::9F9B7969HK99BH<9GI6G7F=DH=CBDF=79H<5HH<9GHC7?G73EEG?BF;A@E
)G3@F;FKA8
ABF;A@E
3;DH3>G7A8
F:7ABF;A@
J7D5;E7
BD;57;@*
JB75F76
7J7D5;E7F7D?
*;E=8D77;@F7D7EF
D3F7
.A>3F;>;FK
+:3D7BD;57A@
F:79D3@F63F7
;H;67@61;7>6
'5M
, HC,
HCM95FG
HC
'5M
, HC,
HCM95FG
HC
DF
, HC,
HCM95FG
HC
'5M
, HC,
HCM95FG
HC
'5M
, HC,
HCM95FG
HC
'5M
, HC,
HCM95FG
HC
$IB
, HC,
HCM95FG
HC
$I@
, HC,
HCM95FG
HC
,AF3>
757?47D
(DA9D3?
D3@F
'BF;A@E
AGFEF3@6;@9
.7EF;@9F7D?E
*7?3;@;@95A@FD35FG3>
>;87K73DE
'5M
D9FM95FK=H<:=B5@A5HIF=HM=B$5BI5FM
$IB
D9FM95FK=H<:=B5@A5HIF=HM=B$5BI5FM
^
^
^
*;E=8D77;@F7D7EFD3F7.<9 CAD5BMIG9G5G5F=G?:F99=BH9F9GHF5H9H<9DFC>97H=CBC6H5=B98:FCA#BH9FDC@5H=CBC::=L98L:@C5H=B;=BH9F9GHF5H9GK5D `G=B89L
*F9L #
.A>3F;>;FK.<9 CAD5BM9GH=A5H98H<9JC@5H=@=HMC:=HGCKBG<5F9G6M75@7I@5H=B;<=GHCF=75@JC@5H=@=HMCJ9FH<99LD97H98H9FA
;H;67@6EK;7>6.<98=J=89B8M=9@8K5G9GH=A5H9865G98CBH<9D5MA9BH9LD97H5H=CBC:8=J=89B8GD9FG<5F9:CFH<9B9LHACBH43>3@57
L9F7=G98
5B79@@98
>AE;@943>3@57
.<99L9F7=G98G<5F9G8IF=B;H<9M95FG9B898 979A69F 5B8HCH5@98=BH<95ACIBHGC:, 5B8,
IF=B;H<9M95FG9B898 979A69F 5B8 H<99LD9BG9K=H<CDH=CBGD@5BHCH5@98, 5B8, =BH<9 CAD5BM5B8=BH<9 CBGC@=85H98=BH<9
5ACIBHC:, 5B8,
.<99LD9BG9GK9F9F97C;B=N98=BH<9B9H=B7CA9@CGGIB89FH<975DH=CB!9B9F5@5B858A=B=GHF5H=J99LD9BG9G K=H<H<9
F9GD97H=J9C::G9H=B 5D=H5@,9G9FJ9G
+G4E7CG7@F7H7@F#B$5BI5FM H<9F9A5=B=B;GHC7?CDH=CBGIB89FH<9D@5BG 5B8 K9F99L9F7=G98=BH<9HCH5@65@5B79C: H<9F9:CF9
@=EI=85H=B;5@@GHC7?CDH=CBGD@5BG
4 ,D73EGDKE:3D7E
.F95GIFMG<5F957H=J=HM8IF=B;H<9M95FG9B898 979A69F 5B8K9F95G:C@@CKG
757?47D
)G3@F;FK
757?47D
*F:AGE3@6
"@;F;3>43>3@57
*IF7<5G9C:HF95GIFMG<5F9G
.F95GIFMG<5F9GIG98=BGHC7?CDH=CBD@5B
5B79@@5H=CBC:HF95GIFMG<5F9G
>AE;@943>3@57
)G3@F;FK
*F:AGE3@6
^
^
^
^
,9:9FGHCHF95GIFMG<5F9G9L9F7=G989::97H=J9@M
+G4E7CG7@F7H7@F/BH=@H<95DDFCJ5@C:H<9G9:=B5B7=5@GH5H9A9BHG H<9 CAD5BMDIF7<5G98 HF95GIFMG<5F9G=BH<95ACIBHC:,
6=@@=CBIB89F
H<96IM657?G<5F9GDIF7<5G9DFC;F5A5DDFCJ98=B'5F7<
4 3B;F3>FD3@E35F;A@G99BCH9 =H9A< 5G=GC:DF9D5F5H=CB5B8DF9G9BH5H=CBC::=B5B7=5@GH5H9A9BHG
5
'F:7DD7E7DH7E,9:9FGHCF9J5@I5H=CBGC::=L985GG9HGDF=CFHC * # ,-58CDH=CB
)H<9FF9G9FJ9G5F9HF5BG:9FF98HCF9H5=B9895FB=B;G=BDFCDCFH=CBK=H<H<9
56
#++
(CH9GHCH<9:=B5B7=5@GH5H9A9BHG:CFH<9M95FG9B898 979A69F 5B8
LDF9GG98=BHD7E7DH7 F98=H985BBI5@@MK=H<C:H<9DFC:=HC:H<9M95F
"@H7EF?7@FEEF3FGFADK CBG=GHGC:H<9F9A5=B=B;65@5B79C:H<9B9H=B7CA9577IAI@5H98CJ9FH=A95:H9FH<97CADIH5H=CBC:H<9@9;5@F9G9FJ95B88=J=89B88=GHF=6IH=CB
.<9DIFDCG9C:H<=GF9G9FJ9=GHCDFCJ=89:IB8G:CFH<9=BJ9GHA9BH=B5GG9HG
7
'F:7D 5A?BD7:7@E;H7 ;@5A?7 >AEE CADCG98 6M J5@I5H=CB 58>IGHA9BHG HC 9EI=HM F9:@9L :FCA H<9 GI6G=8=5F=9G 5B8 577IAI@5H98 HF5BG@5H=CB 58>IGHA9BHG
F9:9FF98HC9L7<5B;9F5H9J5F=5H=CB=BH<9HF5BG@5H=CBC:H<9GI6G=8=5F=9G:=B5B7=5@GH5H9A9BHG
#BH<9:=B5B7=5@GH5H9A9BHK<=7<=B7@I89GH<9:CF9=;B9BH=HM GI7<9L7<5B;9
J5F=5H=CBGAIGH69F97C;B=N98 =B=H=5@@M =BCH<9F7CADF9<9BG=J9=B7CA9=B5GD97=:=79EI=HM577CIBH 5B8AIGH69HF5BG:9FF98:FCA9EI=HMHCH<9=B7CA9GH5H9A9BHK<9BH<9
B9H=BJ9GHA9BH=GKF=HH9BC::
8
&A@ 5A@FDA>>;@9 ;@F7D7EF'5H9F=5@ BCB 7CBHFC@@=B; =BH9F9GH 5H 979A69F 5B8 7CBG=GH98 C: H<9
5B8
F9GD97H=J9@M C: ** 7CAACB
GHC7?BCHCKB986M$ -/-
$ -/-`GJCH=B;F=;;63F76
*'++* . &-
+3>7EA8BDA6G5FE
CA9GH=7G5@9G
LDCFHG5@9G
,9HIFBG5B88=G7CIBHG
-5@9GH5L9G
+$ + - ,"'&
& ,* . &-
GEFA?7D5A@FD35F43>3@57E
.<9 CAD5BMG=B8=F97HGI6G=8=5FM $ -/- F979=J9GD5MA9BH:FCA7IGHCA9FG65G98CBH9FAG9GH56@=G<98K=H<H<97IGHCA9F
*5MA9BHG5F9HMD=75@@M8I9K=H<=BG9J9B
85MG C: 89@=J9FM :CF 8CA9GH=7 577CIBHG 5B8 85MG :CF =BH9FB5H=CB5@ 577CIBHG
IGHCA9F 7CBHF57H @=56=@=H=9G F9@5H9 HC D5MA9BHG F979=J98 =B 58J5B79 C: G5H=G:M=B; H<9
D9F:CFA5B79C6@=;5H=CBIB89FH<97CBHF57H
A@EA>;63F76
"@;F;3>43>3@57
,9J9BI9F97C;B=N988IF=B;H<9M95F
5G<F979=J98 9L7@I8=B;5ACIBHGF97C;B=N985GF9J9BI98IF=B;H<9M95F
L7<5B;9F5H9J5F=5H=CB
>AE;@943>3@57
57
#++
(CH9GHCH<9:=B5B7=5@GH5H9A9BHG:CFH<9M95FG9B898 979A69F 5B8
LDF9GG98=BHIGHA9BHG :CF 89F=J5H=J9 =BGHFIA9BHG H<5H 5F9 89G7F=698 K=H<=B BCH9 === =BH9F9GH F979=J56@9 CB :IB8G =BJ9GH98 K<=7< =G
F97C;B=N98=BDFC:=HCF@CGG5G=H577FI9GIG=B;H<99::97H=J9=BH9F9GHA9H;63F76
#BH9F9GH9LD9BG9
#BH9F9GH=B7CA9
.5L9G 7CBHF=6IH=CB :99G5B8CH<9FG
5=FJ5@I958>IGHA9BHGCB89F=J5H=J9G
=B5B79=B7CA9
=B5B799LD9BG9
CFH<9M95FG9B898 979A69F 5B8 H<95ACIBHGC:, 5B8, =BH<9 CAD5BM5B8, 5B8, =BH<9 CBGC@=85H98
F9:9FGHC=BH9F9GH9LD9BG9G:FCA@C5BG5B8:=B5B7=B;GF97C;B=N98IB89FH<975DH=CB#BH9F9GH9LD9BG9
CFH<9M95FG9B898 979A69F 5B8 H<95ACIBHGC:, 5B8, =BH<9 CAD5BM5B8, 5B8, =BH<9 CBGC@=85H98F9:9FGHC
=BH9F9GH=B7CA9:FCAG7FAE:3D7:A>67DE
19=;GF76 =@IH9895FB=B;G@CGGD9FG<5F9=G75@7I@5H986M8=J=8=B;B9H=B7CA9@CGGC:H<9D9F=C85HHF=6IH56@9HC7CAACBG<5F9IGH98:CFH<99::97HGC:5@@DCH9BH=5@7CAACBG<5F9GH<5H5F98=@IH=J95B858>IGH98:CFHF95GIFMG<5F9G<9@8
FCA'5M
H<9 CAD5BM<58CB@MCB975H9;CFMC:DCH9BH=5@7CAACBG<5F9GH<5HKCI@875IG98=@IH=CBCIHGH5B8=B;CDH=CBGHCDIF7<5G9G<5F9GG<5F9G=BH7FAE:3D7:A>67DE
19=;GF76
;>GF7673D@;@9EB7DE:3D7E *
T
H 979A69F G<5F9GF9@5H98HCCIHGH5B8=B;GHC7?CDH=CBG<5J9699B9L7@I898:FCAH<975@7I@5H=CBC:8=@IH98K9=;H<=GG9;A9BH=B7@I89G5@@H<9CD9F5H=B;57H=J=H=9G:FCA CAD5BM5B8=HGGI6G=8=5F=9G A5=B@MF9DF9G9BH986MG@5I;CF
G<5F9
.AEE
&7FD7H7@G7
7BD75;3F;A@
+79?7@FE
F5N=@
-95F5
99:/-
*CF?/-
<=7?9B/-
)H<9FG
#BH9F7CAD5BM9@=A=B5H=CB
,AF3>
757?47D
757?47D
F5N=@
-95F5
99:/-
*CF?/-
<=7?9B/-
)H<9FG
#BH9F7CAD5BM9@=A=B5H=CB
,AF3>
,AF3>3EE7FE
9@CK=GB9HF9J9BI9 CD9F5H=B;=B7CA95B889DF97=5H=CB5B85ACFH=N5H=CB65G98CB;9C;F5DAEE
&7FD7H7@G7
7BD75;3F;A@
/B=H98-H5H9GC:A9F=75
-CIH<A9F=75
)H<9FG
#BH9F7CAD5BM9@=A=B5H=CB
,AF3>
,AF3>3EE7FE4K97A9D3B:;53D73
757?47D
757?47D
,AF3>3EE7FE
/B=H98-H5H9GC:A9F=75
-CIH<A9F=75
)H<9FG
#BH9F7CAD5BM9@=A=B5H=CB
,AF3>
59
#++
(CH9GHCH<9:=B5B7=5@GH5H9A9BHG:CFH<9M95FG9B898 979A69F 5B8
LDF9GG98=BHIGHA9BHG65G=75@@M=B$ -/-G>IF=G8=7H=CBGI7<5G.I@=DG;5=BCB65F;5=BDIF7<5G9 =AD5=FA9BH9LD9BG9G =BGIF5B79F9:IB8 H<=F8D5FHM58J=GCFM
9LD9BG9GF9@5H98HCF9GHFI7HIF=B;DFC>97HG A5F?9H=B;C:GC7=5@DFC;F5AG 5ACB;CH<9FG
JB7@E7E4K@3FGD7
.<9 CAD5BM`GDC@=7M=GHCDF9G9BH9LD9BG9G6M:IB7H=CBCBH<97CBGC@=85H98GH5H9A9BHC:=B7CA9@CGG
LD9BG9G6MB5HIF95F98=G7@CG9869@CK
A?B3@K
A@EA>;63F76
AEFA8E3>7E
CGHC:=BJ9BHCF=9G F5KA5H9F=5@G5B8DFC8I7H=CB=BDIHG
-5@5F=9G5B869B9:=HG
9DF97=5H=CB5B85ACFH=N5H=CB
-5@5F=9G5B869B9:=HG
99G G9FJ=79G<9@85B8;9B9F5@9LD9BG9G
9DF97=5H=CB5B85ACFH=N5H=CB
- )$5B8BH=HFIGH5;F99A9BHG
^
DFC;F5A
^
.5LD5M56@9=B=BGH5@@A9BHG* *5B8 IBFIF5@
#AD5=FA9BH
7@7D3>3@636?;@;EFD3F;H7
T
T
T
T
^
^
F9=;>;@9
,9:9FGHCH<95;F99A9BHG9BH9F986MH<9 CAD5BM5B8=HGGI6G=8=5F=9GK=H<(CFH< A9F=75B5IH;@EFDG?7@FE
.<9 CAD5BMIG9GH<9A95GIF9A9BHDF=B7=D@9G89G7F=698=BBCH95H957<GH5H9A9BHC::=B5B7=5@DCG=H=CB85H9=B577CF85B79K=H<H<9;I=89@=B9G9GH56@=G<98IB89F# ,-
:CF957<7@5GG=:=75H=CBHMD9C::=B5B7=5@5GG9HG5B8@=56=@=H=9G
.<9 CAD5BM<5GBCH89G=;B5H985BMC:=HG89F=J5H=J9G5G<98;9G
;@3@5;3>;@EFDG?7@FE
=B5B7=5@=BGHFIA9BHG5F9F97C;B=N98=BH<97CBGC@=85H98:=B5B7=5@GH5H9A9BHG5G:C@@CKG
A?B3@K
&AF7E
A@EA>;63F76
757?47D
757?47D
757?47D
757?47D
EE7FE
3;DH3>G7F:DAG9:BDA8;FAD>AEE
=B5B7=5@=BJ9GHA9BHG
(5H=CB5@HF95GIFM6=@@G
9F=J5H=J95GG9HG
^
$A3@E3@6D757;H34>7E3F3?ADF;L765AEF
5G<5H65B?G
.F589577CIBHGF979=J56@9
,9@5H98D5FHMF979=J56@9G
,AF3>
$;34;>;F;7E
$;34;>;F;7E3F3?ADF;L765AEF
&C5BG5B8:=B5B7=B;
.F589577CIBHGD5M56@95B8GIDD@M7<5=B:=B5B79
,9@5H98D5FHMD5M56@9G
^
)H<9F:=B5B7=5@@=56=@=H=9G
^
^
3;DH3>G7F:DAG9:BDA8;FAD>AEE
9F=J5H=J9@=56=@=H=9G
,AF3>
G89G7F=698CB:CCHBCH9 #BJ9GHA9BHG=BGI6G=8=5F=9G 5GGC7=5H95B8>C=BHJ9BHIF9 H<9=BH9F7CAD5BMF979=J56@965@5B79G$ -#BJ9GHA9BHG##<5GK=H<$ --
K=@@
69 7CBJ9FH98 HC G<5F9 75D=H5@ =B $ - #BJ9GHA9BHG ##
.<9F9:CF9 CB79 H<9G9 65@5B79G 5F9 5B 9LH9BG=CB C: H<=G GI6G=8=5FMG =BJ9GHA9BH H<9M 5F9 7CBG=89F98 5G 9EI=HM
=BGHFIA9BHG
3;DH3>G7F:DAG9:BDA8;FAD>AEE= G5F9ID85H985HH<99::97H=J9F5H96IH<5J95F95@@MGG7A83EE7FE3@6>;34;>;F;7E53DD;763F3?ADF;L765AEF
.<9 :5=F J5@I9 C: H<9 (CH9G IB89F ,I@9 5B8 ,9;I@5H=CB - 5F9 9GH=A5H98 IG=B; H<9 7@CG=B; G5@9 DF=79 C: H<9G9 G97IF=H=9G =B:CFA98 6M 5 :=B5B7=5@ B9KGK=F9 CB
979A69F 5B8 7CBG=89F=B;H<9F9=G5B57H=J9A5F?9H:CFH<9G9:=B5B7=5@=BGHFIA9BHG
.<96CC?J5@I9C:H<9F9A5=B=B;:=L98 F5H9@C5BG5DDFCL=A5H9G:5=F
J5@I9G=B79H<9=BH9F9GHF5H9A5F?9H H<9 CAD5BM`G7F98=HEI5@=HM 5B8CH<9FA5F?9H:57HCFG<5J9BCHG=;B=:=75BH@M7<5B;98G=B799BH9F=B;=BHCH<9@C5BG
.<96CC?J5@I9C:
J5F=56@9 F5H9@C5BG5B8:=B5B7=B;G5DDFCL=A5H9G:5=FJ5@I9;=J9BH<9=BH9F9GHF5H9G58>IGH:CF7<5B;9G=BA5F?9H7CB8=H=CBG5B8H<9EI5@=HMC:H<9 CAD5BM`G7F98=HF5H=B;
<5GBCHGI6GH5BH=5@@M7<5B;98
CF5@@CH<9F:=B5B7=5@5GG9HG5B8@=56=@=H=9G 6CC?J5@I95DDFCL=A5H9G:5=FJ5@I98I9HCH<9G;63F76
757?47D
(D;57A8
F:7
(D;@5;B3>
(D;@5;B3>
7E5D;BF;A@
757?47D
%3D=7F
.3>G7A8F:7
(D;@5;B3>
(D;57A8
F:7
(D;@5;B3>
(D;@5;B3>
757?47D
%3D=7F
.3>G7A8F:7
(D;@5;B3>
(D;57A8
F:7
(D;@5;B3>
(D;@5;B3>
757?47D
%3D=7F.3>G7
A8F:7
(D;@5;B3>
(D;57A8
F:7
(D;@5;B3>
(D;@5;B3>
%3D=7F.3>G7
A8F:7
(D;@5;B3>
$ --
(CH9G
^
^
^
^
^
^
$ -&IL
(CH9G
^
^
^
^
^
^
^
^
^
$ -&IL
(CH9G
^
^
^
^
^
^
$ -&IL
(CH9G
^
^
^
^
^
^
$ -&IL
(CH9G
^
^
^
^
^
^
$ -&IL
(CH9G
^
^
^
^
^
^
$ -&IL
(CH9G
^
^
^
^
^
^
$ -&IL
(CH9G
^
^
^
^
^
^
**
(CH9G
^
^
^
^
^
^
**
(CH9G
^
^
^
^
^
^
^
^
4
;@3@57;@5A?77JB7@E74K53F79ADKA88;@3@5;3>;@EFDG?7@F
A?B3@K
A@EA>;63F76
ACFH=N987CGH
,AF3>
5=FJ5@I9H97H98 HC DCGG=6@9 7<5B;9G C: HC =B H<9 F9@9J5BH J5F=56@9G :CF 957< F=G?
CF 957< DFC656@9 G79B5F=C H<9 CAD5BM
IH=@=N9GH<905@I95H,=G?'9H;63F76
757?47D
757?47D
757?47D
$;34;>;F;7E3@63EE7FE7JBAEGD7FAF:7 "D3F7@7F
, ;F=6IG=B9GG F98=H,979=J56@9 9FH=:=75H9G
F98=HBCH9 9LDCFH
,IF5@ F98=HBCH9
1CF?=B;75D=H5@ F5N=@=5B,95=G
,9@5H98D5FHMHF5BG57H=CBG
# 5B?79FH=:=75H9GC:89DCG=H
(5H=CB5@HF95GIFM6=@@
+G4FAF3>
9F=J5H=J9G #
9F=J5H=J9G-K5D
,AF3>
^
^
^
^
^
T
^
^
^
^
^
$;34;>;F;7E7JBAEGD7FAF:7$"'*D3F7
*F9D5MA9BH
^
^
^
^
^
^
^
^
T
^
T
T
#(#'*
^
.9FA@C5B$ -&IL
** H9FA@C5B
1CF?=B; 5D=H5@ C@@5FG
)H<9FG
+G4FAF3>
9F=J5H=J9G-K5D
,AF3>
, ;F=6IG=B9GG F98=H,979=J56@9 9FH=:=75H9G
+G4FAF3>
9F=J5H=J9G-K5D
,AF3>
T
T
^
T
$;34;>;F;7E7JBAEGD7FAF:7"( D3F7
$;34;>;F;7E7JBAEGD7FAF:7,#$(D3F7
# 5B?79FH=:=75H9GC:89DCG=H
^
1CF?=B;75D=H5@ F5N=@=5B,95=G
,AF3>
#('
+7@E;F;H;FK3@3>KE;E
+57@3D;A".3*" 63K
A@FD35FE
7JBAEGD7
*;E=
+57@3D;A"""@F7D7EFD3F7H3D;3F;A@
8875FA@;@5A?7
GDD7@F
E57@3D;A
*3F7
A?B3@K
A@EA>;63F76
#
97F95G9
&=6CF
#B7F95G9
^
#*
#B7F95G9
.$&*
#B7F95G9
+57@3D;A""""@F7D7EFD3F7H3D;3F;A@
8875FA@;@5A?7
*3F7
A?B3@K
8875FA@;@5A?7
A@EA>;63F76
*3F7
A?B3@K
A@EA>;63F76
.<9 CAD5BM=G9LDCG98HCF5H9GGI7<5G IF=6CF5B8#,-H<5H5F9BCHG=;B=:=75BHG=B79H<9=F=AD57HCBB9H=B7CA9@CGG=B5G79B5F=CK=H<5=BH9F9GHF5H9J5F=5H=CBC:
=G@9GGH<5B,
A?B3@K
A@EA>;63F76
757?47D
"@EFDG?7@F
IHIF97CBHF57HG
*;E=835FAD
&3FGD7
#
-
757?47D
3;DH3>G7
)G3@F;FK
&AF;A@3>
3;DH3>G7
63
#++
(CH9GHCH<9:=B5B7=5@GH5H9A9BHG:CFH<9M95FG9B898 979A69F 5B8
LDF9GG98=BHG7
EE7F *
757?47D
&AF;A@3>
3;DH3>G7
$;34;>;FK *
3;DH3>G7
3;DH3>G7
$;34;>;FK
*
3;DH3>G7
EE7F *
&AF;A@3>
^
^
^
3;DH3>G7
^
^
^
^
A@EA>;63F76
757?47D
"@EFDG?7@F
+F3DF
63F7
%3FGD;FK63F7
#*
#*
#*
#
T
T
-K5D
3
3;DH3>G7
EE7F *
757?47D
*;E=
835FAD
&AF;A@3>
3;DH3>G7
$;34;>;FK *
T
3;DH3>G7
3;DH3>G7
EE7F *
&AF;A@3>
3;DH3>G7
$;34;>;FK *
3;DH3>G7
^
^
^
^
^
^
^
T
^
#
^
^
^
^
&=6CF
^
^
^
^
&=6CF
^
^
^
^
&=6CF
^
^
^
^
&=6CF
^
^
^
^
J5:3@97D3F7D;E=
L7<5B;9F5H9F=G?F9@5H9GHCDCH9BH=5@@M58J9FG9F9GI@HGH<5HH<9 CAD5BMA5M:579:FCA:@I7HI5H=CBG=B:CF9=;B7IFF9B7M9L7<5B;9F5H9G:FCA97CBCA=77F=G=G GCJ9F9=;B
ACB9H5FM DC@=7M 5@H9F5H=CBG CF A5F?9H ACJ9A9BHG
.<9 CAD5BM <5G 5GG9HG 5B8 @=56=@=H=9G 9LDCG98 HC :CF9=;B 9L7<5B;9 F5H9G
"&& "$
,9@5H98D5FH=9GHF5BG57H=CB B9H
T
&C5BG5B8:=B5B7=B;
T
^
+G4FAF3>
^
^
,AF3>7JBAEGD7
^
^
^
*".,". +
IHIF97CBHF57HG
^
IHIF97CBHF57HG #
^
,AF3>67D;H3F;H7E
& , 0('+-* "&*
(9H896H=B:CF9=;BGI6G=8=5F=9G
^
^
^
^
^
^
^
^
^
^
^
^
^
^
^
^
64
#++
(CH9GHCH<9:=B5B7=5@GH5H9A9BHG:CFH<9M95FG9B898 979A69F 5B8
LDF9GG98=BH;63F76
-+
757?47D
-*
757?47D
757?47D
(
757?47D
757?47D
%0&
757?47D
757?47D
-
757?47D
757?47D
757?47D
'( *,"&
5G<5B875G<9EI=J5@9BHG
^
.F589577CIBHGF979=J56@9
-5@9GCF89FG
T
^
.F589577CIBHGD5M56@9
#B7CA9H5LD5M56@9
*IF7<5G9CF89FG
+G4FAF3>
,9@5H98D5FHMHF5BG57H=CBG B9H
T
*FCJ=G=CBG
^
T
8J5B79GHC7IGHCA9FG
^
&C5BG5B8:=B5B7=B;
+G4FAF3>
,AF3>7JBAEGD7
T
^
T
^
T
^
T
^
T
^
T
^
T
^
^
^
T
T
^
^
T
^
T
^
T
^
^
T
^
T
^
T
^
T
^
T
^
T
^
T
T
T
"&& "$
*".,". +
IHIF97CBHF57HG
^
^
^
T
^
^
^
T
^
IHIF97CBHF57HG #
^
T
^
T
^
T
^
T
^
9@=J9F56@9 CFK5F8G RG
(CB 9@=J9F56@9 CFK5F8G( RG
-K5D
^
T
^
,AF3>67D;H3F;H7E
& , 0('+-* "&*
(9H896H=B:CF9=;BGI6G=8=5F=9G
^
T
^
T
T
^
T
^
T
T
^
T
T
^
^
^
T
^
3 +7@E;F;H;FK3@3>KE;E3@667D;H3F;H78;@3@5;3>;@EFDG?7@FE4D73=6AI@
3 -+ A>>3D3?AG@FE;@F:AGE3@6EA8*
+57@3D;A;.3*" 63K
*;E=
J5:3@97
D3F7
)D9F5H=B;
DDF97=5H=CB
=B5B7=5@
9DF97=5H=CB
9F=J5H=J9G
DDF97=5H=CB
^
JBAEGD7A8*
+57@3D;A;;"@F7D7EFD3F7H3D;3F;A@
8875FA@;@5A?7
GDD7@F
7J5:3@97
D3F7
A?B3@K
J5:3@97
D3F7
A@EA>;63F76
(9H896H=B:CF9=;BGI6G=8=5F=9G
A?B3@K
A@EA>;63F76
^
+57@3D;A;.3*" 63K
*;E=
GDD7@F
7J5:3@97
D3F7
J5:3@97
D3F7
9DF97=5H=CB
JBAEGD7A8*
8875FA@;@5A?7
8875FA@;@5A?7
+57@3D;A;;;"@F7D7EFD3F7H3D;3F;A@
8875FA@;@5A?7
J5:3@97
D3F7
A?B3@K
A@EA>;63F76
^
+57@3D;A;;"@F7D7EFD3F7H3D;3F;A@
+57@3D;A;;;"@F7D7EFD3F7H3D;3F;A@
J5:3@97
D3F7
J5:3@97
D3F7
8875FA@;@5A?7
8875FA@;@5A?7
.<9 CAD5BM=B7@I89GH<9B9H896HC::CF9=;BGI6G=8=5F=9G=BH<98=G7@CGIF9C:97CBCA=7<98;=B;9LDCGIF9
@H
*
3;DH3>G7
*;E=835FAD
&3FGD7
IHIF9 CBHF57H
A9F=75B8C@@5F
-
)G3@F;6367
*
3;DH3>G7
^ ^ ^
^
^
^
65
#++
(CH9GHCH<9:=B5B7=5@GH5H9A9BHG:CFH<9M95FG9B898 979A69F 5B8
LDF9GG98=BH;63F76
"@EFDG?7@F
757?47D
&AF;A@3>
*
3;DH3>G7
*;E=835FAD
&3FGD7
)G3@F;FK
IHIF9 CBHF57H
A9F=75B8C@@5F
-
)G3@F;6367
*
3;DH3>G7
^ ^ ^
^
^
^
A@EA>;63F76
757?47D
"@EFDG?7@F
&AF;A@3>
-+
&AF;A@3>
*
757?47D
&AF;A@3>
-+
3;DH3>G7
&AF;A@3>
*
*;E=835FAD
&3FGD7
3;DH3>G7
9@=J9F56@9 CFK5F8G
A9F=75B8C@@5F
&CB;
(CB 9@=J9F56@9 CFK5F8G
A9F=75B8C@@5F
&CB;
3 U -*'3?AG@FE;@F:AGE3@6EA8*
+57@3D;A;.3*" 63K
*;E=
GDD7@F
7J5:3@97
J5:3@97
D3F7
)D9F5H=B;
9DF97=5H=CB
=B5B7=5@
9DF97=5H=CB
9F=J5H=J9G
DDF97=5H=CB
JBAEGD7A8*
+57@3D;A;;"@F7D7EFD3F7H3D;3F;A@
8875FA@;@5A?7
A?B3@K
J5:3@97
D3F7
A@EA>;63F76
A?B3@K
^
+57@3D;A;;;"@F7D7EFD3F7H3D;3F;A@
8875FA@;@5A?7
8875FA@;@5A?7
J5:3@97
D3F7
A@EA>;63F76
A?B3@K
^
A@EA>;63F76
^
A@EA>;63F76
757?47D
"@EFDG?7@F
*;E=835FAD
&AF;A@3>
-*
&3FGD7
9@=J9F56@9 CFK5F8G
IFC
&CB;
(CB 9@=J9F56@9 CFK5F8G
IFC
-
*
T
757?47D
&AF;A@3>
-*
3;DH3>G7
^
T
&AF;A@3>
*
3;DH3>G7
^
^
3 ( D;F;E:(AG@63?AG@FE;@F:AGE3@6EA8*
+57@3D;A;.3*" 63K
*;E=
GDD7@F
7J5:3@97
J5:3@97
D3F7
)D9F5H=B;
DDF97=5H=CB
9F=J5H=J9G
9DF97=5H=CB
JBAEGD7A8*
+57@3D;A;;"@F7D7EFD3F7H3D;3F;A@
8875FA@;@5A?7
A?B3@K
J5:3@97
D3F7
A@EA>;63F76
A?B3@K
^
+57@3D;A;;;"@F7D7EFD3F7H3D;3F;A@
8875FA@;@5A?7
A@EA>;63F76
^
8875FA@;@5A?7
J5:3@97
D3F7
A?B3@K
A@EA>;63F76
^
A@EA>;63F76
"@EFDG?7@F
757?47D
&AF;A@3>
&AF;A@3>
(
*
3;DH3>G7
*;E=835FAD
&3FGD7
9@=J9F56@9 CFK5F8G
F=H=G<DCIB8
-
(
757?47D
&AF;A@3>
*
3;DH3>G7
3 %0& %7J;53@(7EA3?AG@FE;@F:AGE3@6EA8*
+57@3D;A;.3*" 63K
JBAEGD7A8*
GDD7@F
7J5:3@97
D3F7
*;E=
J5:3@97
D3F7
8875FA@;@5A?7
A@EA>;63F76
+57@3D;A;;"@F7D7EFD3F7
H3D;3F;A@
8875FA@;@5A?7
J5:3@97
D3F7
A@EA>;63F76
+57@3D;A;;;"@F7D7EFD3F7
H3D;3F;A@
J5:3@97
D3F7
8875FA@;@5A?7
A@EA>;63F76
)D9F5H=B;
DDF97=5H=CB
9F=J5H=J9G
9DF97=5H=CB
A@EA>;63F76
757?47D
"@EFDG?7@F
9@=J9F56@9 CFK5F8G
*;E=835FAD
&3FGD7
'9L=75BD9GC
-
%0&
&AF;A@3>
*
757?47D
&AF;A@3>
%0&
3;DH3>G7
&AF;A@3>
*
3;DH3>G7
66
#++
(CH9GHCH<9:=B5B7=5@GH5H9A9BHG:CFH<9M95FG9B898 979A69F 5B8
LDF9GG98=BH;3@ A>>3D3?AG@FE;@F:AGE3@6EA8*
+57@3D;A;.3*" 63K
*;E=
GDD7@F
7J5:3@97
D3F7
J5:3@97
D3F7
)D9F5H=B;
DDF97=5H=CB
=B5B7=5@
DDF97=5H=CB
9F=J5H=J9G
9DF97=5H=CB
JBAEGD7A8*
8875FA@;@5A?7
A@EA>;63F76
+57@3D;A;;"@F7D7EFD3F7
H3D;3F;A@
+57@3D;A;;;"@F7D7EFD3F7
H3D;3F;A@
8875FA@;@5A?7
J5:3@97
D3F7
J5:3@97
D3F7
A@EA>;63F76
8875FA@;@5A?7
A@EA>;63F76
A@EA>;63F76
757?47D
"@EFDG?7@F
9@=J9F56@9 CFK5F8G
*;E=835FAD
&3FGD7
IGHF5@=5B8C@@5F
-
-
&AF;A@3>
*
757?47D
&AF;A@3>
-
3;DH3>G7
&AF;A@3>
*
3;DH3>G7
4 A??A6;FKBD;57D;E=
.<9 CAD5BMCD9F5H9G;@C65@@M57FCGGH<99BH=F9@=J9GHC7?DFCH9=B7<5=B5B8F9@5H986IG=B9GG5B88IF=B;H<9F9;I@5F7CIFG9C:=HGCD9F5H=CBG6F=B;G=G9LDCG98HCDF=79
:@I7HI5H=CBG =B :9989F 75HH@9 @=J9 75HH@9 @95B 3@57;@5A??A6;F;7E53FF>75A@FD35FEA8F:7 A?B3@K
!=J9BH<9B5HIF9C:=HGCD9F5H=CBG H<9 CAD5BM=G9LDCG98HCJC@5H=@=HM=B75HH@9DF=79G K<9F9DF=79:@I7HI5H=CBG5F=G9:FCA:57HCFG69MCB8H<9 CAD5BMG7CBHFC@ GI7<5G
7@=A5H9 75HH@9GIDD@M HF5BGDCFH5H=CB7CGHG5B85;F=7I@HIF5@DC@=7=9G5ACB;CH<9FG
CFK5F8DIF7<5G9GC:75HH@975B69B9;CH=5H985H:@C5H=B;DF=79GA5F?985HH<989@=J9FM
85M7IFF9BHDF=79CF:=L98DF=79G
.<9 CAD5BMA5MIG9:IHIF97CBHF57HGHF58985HH<9 HC65@5B79H<9G99LDCGIF9G
.<9:57HCFGH<5H=B:@I9B79H<97CAAC8=HMDF=79F=G?F98I7H=CBGHF5H9;M5F9H<9H=A=B;C:H9FA7CBHF57HG:CF75HH@9DIF7<5G9G7CBG=89F=B;5BMB9;CH=5H98J5@I9G5B8H9FAG
.<9 CAD5BM`G9LDCGIF9HC75HH@9DF=79:@I7HI5H=CB5GC: 979A69F 5B85F9DF9G9BH9869@CK=B577CF85B79K=H<H<9 CAD5BM`G =B5B7=5@5B8 CAAC8=H=9G
,=G?'5B5;9A9BH*C@=7M5B85F9F9DF9G9BH5H=J9C:H<99LDCGIF95H957<D9F=C89B8
0('+-* ;@ A??A6;F;7E 3FF>7
757?47D
=FA7CBHF57HGC:75HH@9DIF7<5G9
757?47D
+G4FAF3>
*".,". +
IHIF97CBHF57HG
+G4FAF3>
& , 0('+-*
+7@E;F;H;FK3@3>KE;E
+57@3D;A;.3*" 63K
+57@3D;A;;.3D;3F;A@
8875FA@;@5A?7
+57@3D;A;;.3D;3F;A@
8875FA@;@5A?7
8875FA@;@5A?7
*;E=
GDD7@F
BD;57
(D;57
)D9F5H=B;
5HH@95FFC6589DF97=5H=CB
9F=J5H=J9G
5HH@95FFC655DDF97=5H=CB
JBAEGD7
A?B3@K
(D;57
A?B3@K
(D;57
A?B3@K
7D;H3F;H7E8;@3@5;3>;@EFDG?7@FE4D73=6AI@
A?B3@K
757?47D
"@EFDG?7@F
IHIF9 CBHF57HG
*;E=835FAD
&3FGD7
CAAC8=H=9G 5HH@9
-
757?47D
3;DH3>G7
)G3@F;FK
&AF;A@3>
3;DH3>G7
67
#++
(CH9GHCH<9:=B5B7=5@GH5H9A9BHG:CFH<9M95FG9B898 979A69F 5B8
LDF9GG98=BH3@57;@5A??A6;F;7E9D3;@67D;H3F;H7E8;@3@5;3>;@EFDG?7@FEA8+73D3>;?7@FAE
-95F5 @=A9BHCG =G 9LDCG98 HC DF=79 JC@5H=@=HM C: ;F5=B K<=7< 7<5B;9G 65G98 CB :57HCFG 69MCB8 H<9 A5B5;9A9BHG 7CBHFC@ GI7< 5G 7@=A5H9 H<9 GIDD@M JC@IA9
HF5BGDCFH5H=CB7CGHG 5;F=7I@HIF5@DC@=7=9G5B8CH<9FG
-95F5@=A9BHCG =B577CF85B79K=H<=HGDC@=7MC:=BJ9BHCFMA5B5;9A9BH GH5FH98H<9GHF5H9;MC:A5B5;=B;H<9F=G?C:;F5=BGDF=796M57H=J9@MACB=HCF=B;H<9 CAD5BMRG
;F5=BGB998G =B7@I8=B;9LD97H5H=CBGC::IHIF97CBGIADH=CB 5BH=7=D5H98DIF7<5G9G 7CA6=B98K=H<:IHIF9A5F?9HCD9F5H=CBG 6M<98;=B;K=H<;F5=B:IHIF9GCB ' 5B8
)J9FH<9 CIBH9F). H;?7@FAE
0('+-* ;@ A??A6;F;7E D3;@
757?47D
757?47D
*IF7<5G9CF89FG
+G4FAF3>
'( *,"&
*".,". +
IHIF97CBHF57HG
F5N=@ 5G<65G=G
^
+G4FAF3>
& , 0('+-*
+7@E;F;H;FK3@3>KE;E
+57@3D;A;.3*" 63K
+57@3D;A;;(D;57H3D;3F;A@
8875FA@;@5A?7
JBAEGD7
+57@3D;A;;(D;57H3D;3F;A@
8875FA@;@5A?7
+73D3>;?7@FAE
(D;57
8875FA@;@5A?7
*;E=
(D;57
+73D3>;?7@FAE
(D;57
+73D3>;?7@FAE
)D9F5H=B;
9DF97=5H=CB
9F=J5H=J9G
9DF97=5H=CB
7D;H3F;H7E8;@3@5;3>;@EFDG?7@FE4D73=6AI@
+73D3>;?7@FAE
757?47D
"@EFDG?7@F
*;E=835FAD
&3FGD7
)G3@F;FK
&AF;A@3>
757?47D
3;DH3>G7
)G3@F;FK
IHIF97CBHF57HG
CAAC8=H=9G!F5=BG
&CB;
F5N=@ 5G<65G=G
CAAC8=H=9G!F5=BG
&CB;
4
&AF;A@3>
^
3;DH3>G7
^
^
(AE;F;A@43>3@57;@5A??A6;F;7E67D;H3F;H7E8;@3@5;3>;@EFDG?7@FEA8#+-+
'5B5;9A9BH69@=9J9GH<5HEI5BH=H5H=J9:=;IF9GF9;5F8=B;H<9F=G?9LDCGIF9C:H<97CAAC8=H=9GDF=797<5B;9GC:H<9GI6G=8=5FM$ -/-5H 979A69F 5B8
5F9577IF5H9@MDF9G9BH9869@CK=B577CF85B79K=H<H<9 =B5B7=5@5B8 CAAC8=H=9G,=G?'5B5;9A9BH*C@=7M5B85F9F9DF9G9BH5H=J9C:9LDCGIF9=B7IFF988IF=B;H<9M95F
#+-+
0('+-* ;@ A??A6;F;7E
757?47D
757?47D
'( *,"'&$
=FA7CBHF57HGC:75HH@9DIF7<5G9
+G4FAF3>
*".,". +
9@=J9F56@9 CFK5F8G
+G4FAF3>
& , 0('+-*
+7@E;F;H;FK3@3>KE;E
+57@3D;A;.3*" 63K
+57@3D;A;;(D;57H3D;3F;A@
8875FA@;@5A?7
JBAEGD7
*;E=
(D;57
#+-+
+57@3D;A;;;(D;57H3D;3F;A@
8875FA@;@5A?7
(D;57
#+-+
)D9F5H=B;
9DF97=5H=CB
9F=J5H=J9G
DF97=5H=CB
8875FA@;@5A?7
(D;57
#+-+
68
#++
(CH9GHCH<9:=B5B7=5@GH5H9A9BHG:CFH<9M95FG9B898 979A69F 5B8
LDF9GG98=BH;@EFDG?7@FE4D73=6AI@
A@EA>;63F76
"@EFDG?7@F
9@=J9F56@9 CFK5F8G
*;E=835FAD
&3FGD7
CAAC8=H=9G 5HH@9
-
&AF;A@3>
-+
*
&AF;A@3>
-+
3;DH3>G7
757?47D
&AF;A@3>
*
3;DH3>G7
5 D76;FD;E=
.<9 CAD5BM5B8=HGGI6G=8=5F=9G5F9DCH9BH=5@@MGI6>97HHC7F98=HF=G?F9@5H98HC577CIBHGF979=J56@9 :=B5B7=5@=BJ9GHA9BHG5B889F=J5H=J97CBHF57HG
#:H<97CIBH9FD5FHMC:5:=B5B7=5@HF5BG57H=CB=G5:=B5B7=5@=BGH=HIH=CB:=B5B7=5@=BJ9GHA9BHG5B889F=J5H=J97CBHF57HG H<9 CAD5BM9GH56@=G<9G9LDCGIF9@=A=HGG9H6MH<9
,=G?'5B5;9A9BH CAA=HH99 65G98CBH<9F=G?F5H=B;GC:GD97=5@=N98=BH9FB5H=CB5@5;9B7=9G
ACIBHG=BJ9GH98=BDF=J5H96CB8GBCH56@M65B?79FH=:=75H9GC:89DCG=H5B8F979=J56@9GHF5BG57H=CBG7CBHF57H98K=H<65B?GAIGH7CAD@MK=H<H<9:C@@CK=B;H56@9@=A=HGGI7<
H<5HH<9HCH5@JC@IA98C9GBCH9L79985GD97=:=98D9F79BH5;9C:H<99EI=HMC:H<9:=B5B7=5@=BGH=HIH=CB EI=HM
88=H=CB5@@M H<9A5HIF=HMC:H<9:=B5B7=5@=BJ9GHA9BHG;63F76
757?47D
757?47D
757?47D
EE7FE
5G<5B875G<9EI=J5@9BHG
.F589577CIBHGF979=J56@9
,9@5H98D5FHMF979=J56@9G
6 $;CG;6;FKD;E=
&=EI=8=HMF=G?5F=G9G:FCAH<9 CAD5BMGKCF?=B;75D=H5@A5B5;9A9BH5B8:=B5B7=B;7CGHG5ACFH=N5H=CB GD97=5@@M896H=BGHFIA9BHG
.<=G=GH<9F=G?H<5HH<9 CAD5BMA=;;63F76
5G<5B875G<9EI=J5@9BHG
&C5BG5B8:=B5B7=B;G IFF9BH
+I=7?F5H=C
$7H7D397;@6;53FAD*
$7H7D397;@6;53FAD-+
757?47D
757?47D
J
L
J
L
69
#++
(CH9GHCH<9:=B5B7=5@GH5H9A9BHG:CFH<9M95FG9B898 979A69F 5B8
LDF9GG98=BH
T
T
7FI77@
3@6
K73DE
^
^
7FI77@
3@6
K73DE
^
^
%AD7F:3@
K73DE
,AF3>
^
^
^
^
^
^
^
^
CBGC@=85H98
757?47D
7FI77@
3@6
K73DE
$7EEF:3@
K73D
7FI77@
3@6
K73DE
757?47D
%AD7F:3@
K73DE
,AF3>
$7EEF:3@
K73D
7FI77@
3@6
K73DE
7FI77@
3@6
K73DE
%AD7F:3@
K73DE
,AF3>
.F589577CIBHGD5M56@9
T
T
^
^
^
&C5BG5B8:=B5B7=B;
GH=A5H98=BH9F9GHCB@C5BG5B8:=B5B7=B;
9F=J5H=J9G:=B5B7=B;@=56=@=H=9G5GG9HG
T
T
T
^
^
^
)H<9F:=B5B7=5@@=56=@=H=9G
T
T
^
T
#B7@I89G =BH9F9GH CB 5@@ @C5BG 5B8 :=B5B7=B; CIHGH5B8=B;
*5MA9BHG 5F9 9GH=A5H98 :CF J5F=56@9 F5H9 896H 65G98 CB 9::97H=J9 =BH9F9GH F5H9G 5H 979A69F 5B8
979A69F
*5MA9BHG=B:CF9=;B7IFF9B7=9G5F99GH=A5H98IG=B;H<9 979A69F 5B8 979A69F 9L7<5B;9F5H9G
.<9 CAD5BM <5G G97IF=H=9G D@98;98 5G 7C@@5H9F5@ :CF 89F=J5H=J9 HF5BG57H=CBG K=H< H<9 7CAAC8=H=9G 5B8 :IHIF9G KA8F:78;@3@5;3>EF3F7?7@FE
.<9=GGI5B79C:H<9G9:=B5B7=5@GH5H9A9BHGK5G5IH%7?47D
AG@5;>%7?47D
AG@5;>%7?47D
8F=5B&=A585"CF5
$CGW*5I@C85-=@J5 =@'88;57D
:;78 ;@3@5;3>'88;57D
'88;57D
'88;57D
55AG@F3@F
!=@69FHC.CA5NCB=
@=G9C-5BH=5;C*9F9N 9FB5B89N
!I=@<9FA9*9F6CMF9 5J5@75BH
$9F9A=5<@D
|
