Sie sind auf Seite 1von 174

68 68 68

Österreichische Forschungsstiftung
Ethnologische Museen im 21. Jahrhundert
für Internationale Entwicklung
Die 1967 gegründete ÖFSE bietet seit Oktober 2009 ihre Dienstleistungen Eine vergleichende Fallstudie des Berliner
im C3 – Centrum für Internationale Entwicklung an. Sie steht für:
Bibliothek, Information & Dokumentation Ethnologischen Museums im Humboldt-Forum
Wissenschaft & Forschung
(Politik-)Beratung und des Weltmuseums Wien in der Neuen Burg
Wissenschaftliche Publikationen
Veranstaltungen zu aktuellen Themen
Veranstaltungsräume im C3
Elisa Frei
T +43 1 3174010 F -150 E office@oefse.at
Masterarbeit
A 1090 Wien, Sensengasse 3 I www.oefse.at, www.centrum3.at
68

Ethnologische Museen im 21. Jahrhundert


Eine vergleichende Fallstudie des Berliner
Ethnologischen Museums im Humboldt-Forum
und des Weltmuseums Wien in der Neuen Burg

Elisa Frei
Masterarbeit

Juni 2019
1. Auflage 2019
© Österreichische Forschungsstiftung für Internationale Entwicklung (ÖFSE)
im C3 – Centrum für Internationale Entwicklung
A-1090 Wien, Sensengasse 3, Telefon: (+43 1) 317 40 10, Fax: (+43 1) 317 40 10 – 150
e-mail: office@oefse.at, Internet: http://www.oefse.at, http://www.centrum3.at
Für den Inhalt verantwortlich: Elisa Frei
Druck: druck.at
Südwind-Verlag
ISBN: 978-3-902906-30-4

Bibliografische Information Der Deutschen Nationalbibliothek


Die Deutsche Nationalbibliothek verzeichnet diese Publikation in der Deutschen Nationalbibliografie;
detaillierte bibliografische Daten sind im Internet über http://dnb.ddb.de abrufbar.
Vorwort
Die Masterarbeit von Elisa Frei behandelt ein Thema, das durch den im November 2018 an
den französischen Präsidenten Emmanuel Macron übergebenen Bericht der französischen
Kunsthistorikerin Bénédicte Savoy und des senegalesischen Ökonomen Felwine Sarr („The
Restitution of African Cultural Heritage. Toward a New Relational Ethics“) wieder in die Sei-
ten der aktuellen Berichterstattung gefunden hat. Diesmal mündeten die Forderungen der
Wissenschaft aber in der Rückgabe von 26 Werken aus Frankreichs Museen an den Benin
und der Bereitschaft Frankreichs, innerhalb der nächsten 5 Jahre die Bedingungen für die
endgültige oder vorübergehende Rückgabe afrikanischen Kulturgutes an Afrika zu schaffen.
Stehen wir vor einem Wendepunkt nicht nur im Diskurs über die Rückgabe des afrikanischen
Kulturerbes, sondern vor allem in der konkreten Politik? Nach internationalen Schätzungen
befinden sich 90-95 % des Kulturerbes von Subsahara Afrika in westlichen Museen.

Sowohl die Studie von Savoy and Sarr, als auch die Ankündigungen des französischen Präsi-
denten Emmanuel Macron haben daher die Diskussion über die Rückgabe von „Kolonialkunst“
neu in Gang gesetzt, zumal viele ethnologische Museen in Europa davon betroffen sind.

Die Masterarbeit von Elisa Frei, die sich zentral mit der Verflechtung von Kolonialismus,
ethnologischen Museen und der Konstruktion der „Anderen“ am Beispiel zweier ethnologi-
scher Museen (Berliner Ethnologisches Museum im Humboldt-Forum, Weltmuseum Wien)
beschäftigt, bietet daher einen überaus aktuellen Beitrag zu dieser Diskussion. Vor dem Hin-
tergrund der Umsiedlung bzw. Wiedereröffnung der beiden Museen untersucht Elisa Frei
„inwiefern Argumentationen, Zielsetzungen und Diskussionen …. in einem Zusammenhang
mit Auseinandersetzungen über die koloniale Vergangenheit Deutschlands und Österreichs
stehen“. Anhand von vier Aspekten (Museumsstandort und räumliche Nutzung, inhaltliche
Positionierung, Provenienzforschung und Umgang mit Rückgabeforderungen, postkolonia-
le Kritik) verfolgt die Autorin – basierend auf einer fundierten geschichtswissenschaftlichen
Auseinandersetzung mit den Charakteristika kolonialer und imperialer Herrschaft – ihre For-
schungsfrage. Dabei versteht sie „Geschichte“ als „Ressource“, deren Nutzung im Kontext
unterschiedlicher Ziele und Interessen vieler Akteure zu verstehen ist. Es zeigt sich bei den
vier analysierten Aspekten, dass die museale Beschäftigung mit der kolonialen Vergangen-
heit von Auslassungen und Umdeutungen geprägt ist.

Ergänzt durch zwei Interviews mit Experten bietet die Arbeit eine hervorragende Grundlage
für eine breitere kritische Auseinandersetzung mit der Frage nach der musealen Gestaltung
ehemaliger kolonialer Beziehungen. Elisa Frei sieht daher in der Rückgabe von Kulturgütern
auch Möglichkeiten der Weiterentwicklung für ethnologische Museen im Kontext einer post-
kolonialen Neuorientierung: „Ethnologische Museen im 21. Jahrhundert kommen nicht daran
vorbei, sich kritisch mit der kolonialen Vergangenheit auseinanderzusetzen, Deutungshohei-
ten abzugeben und die Institution Museum einer ständigen Evaluation zu unterziehen“.

Vor dem Hintergrund der wachsenden Bedeutung Afrikas für Europa und der neuen Allianz zwi-
schen der Europäischen Union und Afrika spielen sowohl Rückgabeforderungen afrikanischer
Kunst, als auch die museale Konstruktion der Beziehungen mit Afrika eine zunehmend wichtige
Rolle. Die Arbeit von Elisa Frei stellt einen wichtigen Beitrag für eine Neuorientierung bereit.

Dr. Michael Obrovsky


Stellvertretender Leiter der ÖFSE








         

,6(.'(4$56(4$4%(,6 ,6.(1)6+($56(4<5 +(5,5

      


               
         
  

8(4)$55681057%/,66('%9
   

$0*(564(%6(4$-$'(/,5&+(44$',02$46,$.)7.),./(061)6+(4(37,4(/(065)146+('(*4((1)
   

#,(0",(00$ 

/MN=B>GD>GGS:AEEM /MN=B>G;E:MM 


=>@K>>IKH@K:FF><H=>:LBM:II>:KLHG
MA>LMN=>GMK><HK=LA>>M
/MN=B>GKB<AMNG@EM /MN=B>G;E:MM ):LM>KLMN=BNF%GM>KG:MBHG:E>!GMPB<DENG@
=>@K>>IKH@K:FF>:LBM:II>:KLHG
MA>LMN=>GMK><HK=LA>>M
>MK>NMOHG/NI>KOBLHK K BG/:;BG>,KHDHI
 



























#>?]K=>KMOHG=>K$H<AL<A^E>K BGG>GL<A:?M:G=>K1GBO>KLBMXM3B>G 


2CDB13D
B>L>):LM>K:K;>BM;>L<AX?MB@MLB<AFBM=>K2>K?E><AMNG@OHG'HEHGB:EBLFNL >MAGHEH@BL<A>G)NL>>G
NG==>K'HGLMKNDMBHG=>KnG=>K>Gk:F>BLIB>ESP>B>K>MAGHEH@BL<A>K)NL>>G=>F>KEBG>K8,
2303+-7',)297)91BF91&30(83691NG==>F!)08197)91!-)2BG=>K)9)2 96+ 1GM>K
LN<AMPBK= BGPB>?>KGK@NF>GM:MBHG>G 6B>EL>MSNG@>GNG= BLDNLLBHG>GBF.:AF>G=>K1FLB>=
ENG@;>SB>ANG@LP>BL>3B>=>K>K]??GNG@=>K;>B=>G)NL>>GBG>BG>F6NL:FF>GA:G@FBMNL>BG:G
=>KL>MSNG@>G ^;>K =B> DHEHGB:E> 2>K@:G@>GA>BM >NML<AE:G=L NG= ULM>KK>B<AL LM>A>G  GA:G= =>L
)NL>NFLLM:G=HKM>L =>KBGA:EMEB<A>G,HLBMBHGB>KNG@ =>F6N@:G@SN,KHO>GB>GS?HKL<ANG@NG==>F
1F@:G@ FBM .^<D@:;>?HK=>KNG@>G LHPB> IHLMDHEHGB:E>K 'KBMBD PBK= =:K@>E>@M  PB> =B> DHEHGB:E>
2>K@:G@>GA>BMMA>F:MBLB>KMPBK=  >K!GMLM>ANG@LDHGM>QMOHG/:FFENG@>GNG=>MAGHEH@BL<A>G)N
L>>GGBFFM=:;>B>BG>G@KH_>G/M>EE>GP>KM>BG #>L<AB<AM>PBK=:;AXG@B@OHG=>GC>P>BEB@>GD
M>NK9BGG>GSN>BG>K.>LLHNK<> NF >NMNG@LAHA>BMNG=.><AMFX_B@D>BMOHG>LBMSSNE>@BMBFB>K>G
H=>KBG"K:@>SNLM>EE>G 

%GMABLF:LM>KMA>LBLMA>BGM>K=>I>G=>G<>;>MP>>G<HEHGB:EBLF >MAGHEH@B<:EFNL>NFL:G=MA><HG
LMKN<MBHGH?MA>jHMA>KLk:K>>Q:FBG>=HGMA>;:LBLH?MPH>MAGHEH@B<:EFNL>NFLBG>KEBGMA>8,
2303+-7',)97)91BGMA>91&30(83691:G=MA>!)08197)91!-)2BGMA>)9) 96+BG2B>GG: 
%M:G:ERL>LMHPA:M=>@K>>MA>:K@NF>GML H;C><MBO>L:G==BL<NLLBHGLBGMA><HNKL>H?MA>K>EH<:MBHG
:G=K>HI>GBG@H?MA>L>FNL>NFLK>E:M>MHMA>=>;:M>HG#>KF:G:G=NLMKB:G<HEHGB:EABLMHKR R
F>:GLH?MA>FNL>NFLkEH<:MBHG MA><HGM>GMLIHLBMBHGBG@:G=MA>:IIKH:<AMHIKHO>G:G<>K>L>:K<A
:G=<E:BFL?HKK>LMBMNMBHG:LP>EE:LIHLM<HEHGB:E<KBMB<BMBL>E:;HK:M>=AHPMA><HEHGB:EABLMHKRBL
;>BG@=>:EMPBMA 0A>?HKF:MBHG<HGM>QMH?<HEE><MBHGL:G=>MAGHEH@B<:EFNL>NFLIE:RL:GBFIHKM:GM
KHE>BGMABL>Q:FBG:MBHG $BLMHKRBLNL>=;RO:KBHNL:<MHKLMH>BMA>KE>@BMBFBS>HK<A:EE>G@><E:BFLH?
LHO>K>B@GMRH?BGM>KIK>M:MBHG:G=KB@AM?NEHPG>KLABI 













>81<DCF5BJ5938>9C


&"'"$ 

$% 
   
    &    & 

#%#
              
        
     
     
          ,+ 
 
      
     
       
          
      
          
          
 )        
       
        
          
         

$#%# 
          
#   
    
      
    !   
    
          
  
   
 :        
 "   
   =< 
              
  
    
   
   "   
      
     '   '  
    
      #  
   "   "  


   
  #   # 

"%$$(#$(%#%##
    % 
          
#   #   
  #  "   
           
           
#   #  
  #  "   
    %  "  
            
 #   #  
   #  "    
         
           
 #   #   
   #  "    

%# 

!% 
      
       




*?BG?BD
%F/HFF>K:;LHEOB>KM>B<ABG>KEBG;>BF2>K>BG )60-2378/3032-%0>BG,K:DMBDNFNG=PNK=>
=:;>B:N? BLDNLLBHG>GSNK1FLB>=ENG@=>L>KEBG>K8,2303+-7',)297)917BGL91&30(83691
:N?F>KDL:F  :K:NLK>LNEMB>K>G=;>L<AX?MB@M>B<AFB<ABGF>BG>K:<A>EHK:K;>BMFBM>BG>F+;C>DM
:NL=>F>KEBG>K8,2303+-7',)297)91 =>F0AKHG=>L']GB@*CHR:LOHG:FNF =>F%2(9
")29NG=:G:ERLB>KM>=>LL>G!KP>K;LDHGM>QM />BM=>FO>K?HE@M>B<A=>G!KKB<AMNG@LIKHS>LL=>L91
&30(836917LHPB>%GBMB:MBO>GSNK >DHEHGBLB>KNG@=>L]??>GMEB<A>G.:NFLBG>KEBGNG=;>@:GG
G:<A O>K@E>B<A;:K>G DMBOBMXM>G BG 3B>G SN LN<A>G  :L !K@>;GBL =B>L>K /N<A> P:K >KG^<AM>KG= 
3B>LH@B;M>LBG3B>GD>BG>NL>BG:G=>KL>MSNG@FBM=>KDHEHGB:E>G2>K@:G@>GA>BM%GPB>?>KGP:K
ULM>KK>B<A:F'HEHGB:EBLFNLNG=%FI>KB:EBLFNL;>M>BEB@MNG=P:KNF@B;M>LD:NFIHLMDHEHGB:E>L
!G@:@>F>GM%GSPBL<A>GL<AKBMM>G=B>2HK;>K>BMNG@>GSNK3B>=>K>K]??GNG@=>L!)08197)917!-)2
OHK:GNG=B<A>GML<AB>=FB<A :GA:G==>K;>B=>G)NL>>Gf=>F>KEBG>K8,2303+-7',)297)91
NG==>F!)08197)91!-)2f=>G1F@:G@FBM=>KDHEHGB:E>G2>K@:G@>GA>BMSNNGM>KLN<A>G +;
PHAEBG3B>GD:NFIHLMDHEHGB:E>'KBMBD@>XN_>KMPBK=BLMFBK:N?@>?:EE>G =:LLMKHMSNGM>KL<AB>=EB
<A>KNL@:G@LE:@>GV;>KL<AG>B=NG@>GBGK@NF>GM:MBHG>G  BLDNLLBHG>GNG=6B>EL>MSNG@>GOHK
A:G=>GLBG= 

9><59DE>7
B>OHKEB>@>G=>K;>BMMA>F:MBLB>KM=>G1F@:G@SP>B>K>MAGHEH@BL<A>K)NL>>G =>F>KEBG>K8,
2303+-7',)297)91NG==>F!)08197)91!-)2FBM=>KDHEHGB:E>G2>K@:G@>GA>BM 6NGX<ALMPBK=
=:L0A>F:=>KK;>BMNG==B>=:K:NL>GMPB<D>EM>"HKL<ANG@L?K:@>OHK@>LM>EEM GL<AEB>_>G=PBK==>K
"HKL<ANG@LLM:G= =:LF>MAH=BL<A>2HK@>A>G =B>MA>HK>MBL<A>2>KHKMNG@NG==>KN?;:N=>KK;>BM
>KEXNM>KM 
>K$:NIMM>BE=>KK;>BM@EB>=>KMLB<ABG=B>0A>F>GDHFIE>Q>'HEHGB:EBLFNL':IBM>ENG=>MAGH
EH@BL<A>)NL>>G':IBM>ELHPB>>BG>G>FIBKBL<A>G0>BE':IBM>E %GGE>AGNG@:GIHLMDHEHGB:E>
0A>HKB>G P>K=>G =:;>B 2>K?E><AMNG@>G SPBL<A>G =>G ;>B=>G 0A>F>GDHFIE>Q>G f 'HEHGB:EBLFNL
NG=>MAGHEH@BL<A>)NL>>Gf:N?@>S>B@MNG=:G:ERLB>KM %G>BG>F2>K@E>B<AP>K=>G#>F>BGL:FD>BM>G
NG=1GM>KL<AB>=>BG=>GK@NF>GM:MBHG>G 6B>EL>MSNG@>GNG= BLDNLLBHG>G:N?@>S>B@M =B>FBM=>K
3B>=>K>K]??GNG@;>SB>ANG@LP>BL>1FLB>=ENG@=>K)NL>>G>BGA>K@BG@>G NF=B>"K:@>SN;>:GM
PHKM>G BGPB>?>KG=B>L>BG>BG>F6NL:FF>GA:G@FBMNL>BG:G=>KL>MSNG@>G^;>K=B>DHEHGB:E>2>K
@:G@>GA>BM >NML<AE:G=L NG= ULM>KK>B<A LM>A>G  %G >BG>K :;L<AEB>_>G=>G O>K@E>B<A>G=>G G:ERL>
P>K=>G=B>!K@>;GBLL>SNL:FF>G@>?^AKM 
>S^@EB<A=>K/IK:<AO>KP>G=NG@BG=B>L>KK;>BMBLM"HE@>G=>L?>LMSNA:EM>G!BG?:<A>G?^AKNG@L
S>B<A>GP>K=>G;>GNMSM NF:N?=>G'HGLMKNDMBHGL<A:K:DM>K;>LMBFFM>K3]KM>KNG=>@KB??>ABGSN
P>BL>G "K>F=SNL<AK>B;NG@>GSND>GGS>B<AG>G H=>KNF:N?!LL>GMB:EBLB>KNG@>G:N?F>KDL:FSNF:
<A>G  1F =:K:N? ABGSNP>BL>G  =:LL +)2()6 >BG> DHGLMKNB>KM> ':M>@HKB> BLM  PBK= =>K 1GM>KLMKB<A
 
O>KP>G=>M BGXK>#>L<AE><AM>KOHKLM>EENG@>GP>K=>G=:FBMSNK^<D@>PB>L>G  >GGH<AO>KP>G=>B<A
M>BEP>BL>nFXGGEB<A>jNG=nP>B;EB<A>j/<AK>B;P>BL>G NF>BG>KL>BML=B>nFXGGEB<A>j HFBG:GSBG=>K
K>:E >QBLMB>K>G=>G I:MKB:K<A:E>G #>L>EEL<A:?M GB<AM SN O>KL<AE>B>KG NG= :G=>K>KL>BML NF nP>B;EB
<A>j/MBFF>GA>KOHKSNA>;>G 
B>F>BLM>GNMHK9BGG>GP>K=>G@>HIHEBMBL<AO>KHKM>M NF=B>nP>LMEB<A>j$>@>FHGB>;>B=>K'HG
LMKNDMBHG =>K nG=>K>Gj SN ;>K^<DLB<AMB@>G  %LM D>BG> @>HIHEBMBL<A> 2>KHKMNG@ OHKSN?BG=>G  P:K>G
D>BG>%G?HKF:MBHG>GSNF#>;NKMLHKM:N??BG=;:KH=>KLM:FFM>G:NLGB<AMSNO>KEXLLB@>G-N>EE>G 
B> @>HIHEBMBL<A> 2>KHKMNG@ LHPB> =B> nFXGGEB<A>j NG= nP>B;EB<A>j !BGHK=GNG@ =>K NMHK9BGG>G
;E>B;M>BG>"K>F=SNL<AK>B;NG@NG=BLM:ELoMA>HK>MBL<A>"BDMBHGh:LMKH2:K>E: A:P:G
SN;>MK:<AM>G =:':M>@HKB>GPB>+)2()6 )8,2-'-8= 6%') >M< SP:KDHGLMKNB>KM :;>KPBKDFX<AMB@LBG= 
B>'NKLBO NG='E>BGL<AK>B;NG@OHG3]KM>KGBG>G@EBL<A>K/IK:<A>P>BLM=:K:N?ABG =:LL>LLB<A
NF 'HGS>IM> A:G=>EM  ?^K =B> D>BG> :DDNK:M> =>NML<A> V;>KL>MSNG@ >QBLMB>KM  !B@>GG:F>G P>K=>G
>;>G?:EELDNKLBO@>L<AKB>;>GNG==B>+KB@BG:EL<AK>B;P>BL>PBK=;>B;>A:EM>G 

 (85=1E>4?BC38E>7C6B175
>K6NL:FF>GA:G@SPBL<A>G'HEHGB:EBLFNLNG=>MAGHEH@BL<A>G)NL>>G>KL<AEB>_MLB<ABGF>AK?:
<A>K$BGLB<AM!BG#KH_M>BE=>K/:FFENG@>G =B>LB<AGH<AA>NM>BG>MAGHEH@BL<A>G)NL>>G;>?BG=>G 
PNK=>GBGDHEHGB:E>F'HGM>QM>KPHK;>G 2HK:NLL>MSNG@?^K=:L/:FF>EGC>G>K+;C>DM>=NK<A>NKH
IXBL<A>.>BL>G=>NG="HKL<A>G=>P:K=B>DHEHGB:E>!KL<AEB>_NG@=>K:N_>K>NKHIXBL<A>G3>EMNG=
=B> #K^G=NG@ =>K F>BLM>G >MAGHEH@BL<A>G )NL>>G BF =>NML<ALIK:<AB@>G .:NF ?:G= SNK 6>BM =>L
>NKHIXBL<A>G$H<ABFI>KB:EBLFNL:;=>KSP>BM>G$XE?M>=>L &:AKANG=>KML;BLBGL?K^A> &:AK
ANG=>KMLM:MM 6NKL>E;>G6>BM>M:;EB>KM>LB<A:N<A=B>:D:=>FBL<A> BLSBIEBG!MAGHEH@B>"K^G=M
??   =B> n:G=>K> 'NEMNK>Gj :NL DHEHGB:E>K ,>KLI>DMBO> >K?HKL<AM> NG= o0>BE =>L DHEHGB:E>G ,KH
C>DMLh"]KLM>KP:K 
N?=B>2>K?E><AMNG@OHG BLSBIEBG )NL>NFNG=DHEHGB:E>K,K:QBL;>SB>A>GLB<ALHPHAE3BLL>G
L<A:?ME>K9BGG>G:EL:N<AIHLMDHEHGB:E>DMBOBLM9BGG>GNG=?HK=>KGo=B>DKBMBL<A>1GM>KLN<ANG@=>K
/:FFENG@L@>L<AB<AM>Gh':S>>F):KMBGS 0NK>D/M>KG?>E=>MAGHEH@BL<A>K)NL>>G NL
IHLMDHEHGB:E>K,>KLI>DMBO>PBK=>QIEBSBMDKBMBLB>KM =:LLBGOB>E>G>MAGHEH@BL<A>G)NL>>G=B>/:FF
ENG@L@>L<AB<AM>GGNKF:K@BG:EMA>F:MBLB>KMP>K=>G PH=NK<A=B>.>IKH=NDMBHG@>PBLL>KA>@>FHGB
:E>K>=>NMNG@LDHGLMKNDMBHG>G PB>!QHMBLF>GNG=.:LLBLF>G ?HKM@>L<AKB>;>GPBK=>;=  
2HK=B>L>F$BGM>K@KNG=BLM:N<A=B>'KBMBD:G=>K1FLB>=ENG@=>L>KEBG>K8,2303+-7',)297)917
BGL91&30(83691SN;>MK:<AM>G%F&NGBPNK=>BF/M:=MS>GMKNF>KEBGLFBM=>F:N=>L
91&30(836917;>@HGG>G.>MMB@ PHG>;>G=>K@>L:FM>G/:FFENG@=>L>KEBG>K8,
2303+-7',)297)917LHPB>=>L97)917*E6 7-%8-7',)9278 =B> )60-2 9778)0092+=>K(:G=>L
@>L>EEL<A:?M90896463.)/8) )60-2NG==>L8%(8197)917 )60-2NG==:L91&30(8%&36=>K91
&30(82-:)67-8A8>9 )60-2NGM>K@>;K:<AMP>K=>G )BMME>KP>BE>PNK=>BF8,2303+-7',)297)91
 
FBM=>G2HK;>K>BMNG@>G?^K=>G1FSN@;>@HGG>GNG==:L)NL>NFBLM?^K>LN<A>K9BGG>GGB<AMF>AK
SN@XG@EB<A  B>@>IE:GM>!K]??GNG@=>L91&30(836917LHEEBF&:AKLM:MM?BG=>G$NF;HE=M
"HKNFH &  
:L91&30(83691PBK=LB<ABFPB>=>K>KKB<AM>M>G>KEBG>K/<AEHLL=>K$HA>GSHEE>KG;>?BG=>G 
6BOBE@>L>EEL<A:?MEB<A>+K@:GBL:MBHG>G^G=GBLo*H$NF;HE=MhDKBMBLB>K>G=>G3B>=>K:N?;:N=>L
/M:=ML<AEHLL>LNG==:L2HKA:;>G >MAGHEH@BL<A>+;C>DM>=HKM:NLSNLM>EE>G =>GG:EL>A>F:EB@>K/BMS
':BL>K3BEA>EFL%% =>KOHG;BL=>NML<A>K':BL>KP:K PBK==:L/M:=ML<AEHLL:EL>BG+KM
DHEHGB:E>K2>K@:G@>GA>BM@>L>A>G  :KBG>MAGHEH@BL<A>#>@>GLMXG=>:NLSNLM>EE>G =B>PXAK>G==>L
=>NML<A>G'HEHGB:EBLFNL>KPHK;>GPHK=>GLBG= PBK=o:EL.>LI>DMEHLB@D>BM@>@>G^;>K=>G+I?>KG
NG=BAK>G*:<A?:AK>Gh*H$NF;HE=M@>L>A>G N<AP>K=>G=B>(>@BMBFBMXM=>L!KP>K;L
>BGB@>K#>@>GLMXG=>BG"K:@>@>LM>EEMNG=.^<D@:;>?HK=>KNG@>G=BLDNMB>KM*H$NF;HE=M: 
2BHE:']GB@ =B>;BL BK>DMHKBG=>L>KEBG>K8,2303+-7',)297)917P:K BLMLB<A=B>L>KfNG=
:G=>K>Kf'KBMBD;>PNLLMNG=;>MHGM=:L2HKA:G=>GL>BGOHG$>K:NL?HK=>KNG@>G FBM=>G>G>MAGHEH
@BL<A>)NL>>GDHG?KHGMB>KML>B>G  :SNSXAEMLB>NGM>K:G=>K>F=B>2>K?E><AMNG@OHG>MAGHEH@BL<A>G
)NL>>GNG==>K>G/:FFENG@LMXMB@D>BM>GoFBM=>FDHEHGB:E>G!K;>h']GB@ 
N<ABF!)08197)91!-)2=:LBF$>K;LMBG=>K)9)2 96+PB>=>K>K]??G>MPNK=> ;>?BG=>G
LB<A/:FFENG@>G =B>PXAK>G==>LDHEHGB:E>G6>BM:EM>KLn>KPHK;>GjPHK=>GLBG=!G@>ELF:G
G=>KE:S:G %F2>K@E>B<ASNF>KEBG>K8,2303+-7',)297)91L<A>BGM=:L!)08
197)91 !-)2  =>LL>G 1F@:G@LP>BL> FBM NG= =>K ,KXL>GM:MBHG OHG >MAGHEH@BL<A>G +;C>DM>G  =B>
PXAK>G==>K'HEHGB:ES>BMG:<A3B>G@>E:G@M>G SN>BG>F@>KBG@>K>G0>BEFBMIHLMDHEHGB:E>K'KBMBD
DHG?KHGMB>KMSNL>BG  >K6NL:FF>GA:G@SPBL<A>G!MAGHEH@B> >MAGHEH@BL<A>G)NL>>GNG='HEHGB
:EBLFNL PBK= =>GGH<A BG =>K *>NDHGS>IMBHG =>L )NL>NFL :N?@>@KB??>G  /H BLM ;>BLIB>ELP>BL> >BG
/<A:NK:NFOHKA:G=>G =>K=>G*:F>Go%F/<A:MM>G=>L'HEHGB:EBLFNLhMKX@M %F.:AF>G=B>L>L
/<A:NK:NFLPBK==B>DHEHGB:E>2>K@:G@>GA>BMBG2>K;BG=NG@FBM=>K!GMLM>ANG@>MAGHEH@BL<A>K)N
L>>G>;>GLHPB>.>IKXL>GM:MBHG>G=>Ln!B@>G>GkNG==>Ln"K>F=>GjMA>F:MBLB>KM3>EMFNL>NF3B>G
H &  
>B=>)NL>>GL>MSM>GLB<A:ELHFBM=>K@>G>K>EE>G'KBMBD:G>MAGHEH@BL<A>G)NL>>G:EL%GLMBMNMBHG>G
=>K.>IKXL>GM:MBHGn=>KG=>K>Gj:NL>BG:G=>K 3>E<A>DHGDK>M>GK@NF>GM:MBHG>G  BLDNLLBHG>G
NG=6B>EL>MSNG@>GBG>SN@:N?=B>2>K?E><AMNG@OHG>MAGHEH@BL<A>G)NL>>GNG='HEHGB:EBLFNL=>G
,KHS>LL=>K1FLB>=ENG@;>SB>ANG@LP>BL>=>K3B>=>K>K]??GNG@;>@E>BM>G LHEEBF.:AF>G=>KOHK
EB>@>G=>G):LM>K:K;>BM:G:ERLB>KMP>K=>G  B>DHGDK>M>"HKL<ANG@L?K:@>=B>L>KK;>BME:NM>M=>F
G:<APB>?HE@M

2;-)*)6278),)2(-)17-)()092+()7 )60-2)68,2303+-7',)297)917&>;(-)!-)
()6)6D**292+ ()7 !)08197)917 !-)2 92( (%1-8 )-2,)6+),)2() 6+91)28%8-32)2

 
#-)07)8>92+)292(-7/977-32)2-1#97%11)2,%2+1-8 97)-2%2()67)8>92+)2E&)6(-)
/3032-%0) )6+%2+)2,)-8)987',0%2(792(@78)66)-',7 

NL@>A>G=OHG=>K"HKL<ANG@L?K:@>NG==>KH;B@>G!KEXNM>KNG@=>L,KH;E>F;>K>B<ALP>K=>B<ABG
F>BG>K):LM>K:K;>BM=:KE>@>G PB>LB<A;>B=>)NL>>GFBM=>K2>K?E><AMNG@OHG!MAGHEH@B> >MAGHEH
@BL<A>G)NL>>GNG='HEHGB:EBLFNL:NL>BG:G=>KL>MS>G !QIEBSBMPBK=>BG>2>K;BG=NG@SNKDHEHGB:E>G
2>K@:G@>GA>BM >NML<AE:G=LNG=ULM>KK>B<AL@>SH@>GNG=:GL<AEB>_>G=LHEE>G:GA:G=>BG>KO>K@E>B
<A>G=>GG:ERL>=>KK@NF>GM:MBHG>G 6B>EL>MSNG@>GNG= BLDNLLBHG>G>O>GMN>EE>#>F>BGL:FD>B
M>GNG=1GM>KL<AB>=>=>L1F@:G@LFBM=B>L>KLI>SB?BL<A>G2>K@:G@>GA>BM=:K@>LM>EEMP>K=>G 

 ?BC38E>7CCD1>4
!LP>K=>GSP>B@KH_>0A>F>G;E]<D>;>A:G=>EM6NF>BG>GDHEHGB:E>@BM:MBHG>G >NML<AE:G=LNG=
ULM>KK>B<A NG= SNF :G=>K>G >MAGHEH@BL<A> )NL>>G  PH;>B BF /I>SB?BL<A>G LHPHAE :N? =B> #>
L<AB<AM>=>L>KEBG>K8,2303+-7',)297)917LHPB>:N?=B>=>L!)08197)917!-)2>BG@>@:G@>G
PBK= 

6NGX<ALMF]<AM>B<A=:K:N?ABGP>BL>G =:LL=>K=>NML<A>G#>L<AB<AMLPBLL>GL<A:?M;BLBGL &:AK
ANG=>KM>BG>o'HEHGB:E:FG>LB>hOHK@>PHK?>GPNK=>^K@>K !KLM=NK<A=B>2>K?E><AMNG@
=>KABLMHKBL<A>G"HKL<ANG@FBMIHLMDHEHGB:E>GGLXMS>G@>P:GG=B>DKBMBL<A>NL>BG:G=>KL>MSNG@
FBM=>K=>NML<A>G'HEHGB:E@>L<AB<AM>:G>=>NMNG@ /HSB:E@>L<AB<AMEB<A>GLXMS>E>R:E=
 $:NL>G  PNK=>G =NK<A DNEMNK@>L<AB<AMEB<A> ,>KLI>DMBO>G >K@XGSM "KB>=KB<AL
F>R>K(>GGHQ6:GMHING=G>N>"HKL<ANG@L;>K>B<A>>M:;EB>KM>GLB<A  :SNSXAE>G;>BLIB>EL
P>BL>/MN=B>G =B>LB<AFBM!KBGG>KNG@LDNEMNK$>R=>G6>EE>K$H;N_(]ED> %F:@BG:MB
HG>G'NG=KNL S>BM@>G]LLBL<A>K'HEHGB:EDKBMBD/<AP:KS 2>KLMKB<DNG@>GSPBL<A>G'H
EHGB>G NG= >NML<AE:G= 'NG=KNL : (BG=G>K   #>L<AE><AM NG= />QN:EBMXM 3BE=>GMA:E
3:E@>G;:<A B>MKB<A )XGGEB<AD>BMLDHGLMKNDMBHG>G):_BL<AH?? 
.:LLBLFNL=BLDNKL>G#>NE>G>M< :NL>BG:G=>KL>MS>G 6N=>F>GM?E:FFM>>BG> >;:MM>^;>K=>G
#>GHSB=:G*:F:NG=+O:A>K>KHLOHG BF?K^A>K>Gn >NML<A /^=P>LM:?KBD:j !LPNK=>
=BLDNMB>KM H;>LLB<A;>B=>KDKB>@>KBL<A>GNL>BG:G=>KL>MSNG@NF>BG>G2]ED>KFHK=A:G=E>NG=H;
>BG>'HGMBGNBMXMSPBL<A>G=B>L>F2]ED>KFHK=NG==>F$HEH<:NLMSNSB>A>GL>B6BFF>K>K
):=E>RfP:L>BGB@>/MN=B>G'NG=KNL)>LL>KL<AFB=M'^AG>SNK^<DP>B
L>G (BG=G>K:?? 
3XAK>G==>K=>NML<A>$BLMHKBD>K$HKLM#K^G=>K@>@>G!G=>=>L &:AKANG=>KMLGH<A=:OHG:NL
@BG@ =:LL=B>=>NML<A>'HEHGB:E@>L<AB<AM>BF#>L<AB<AML;>PNLLML>BG=>K >NML<A>G>A>KF:K@BG:E
OHKA:G=>GP:K#K^G=>K E>@MAKBLMB:G>^K@>K =B>#>L<AB<AM> ,ABEHLHIAB>NG='NGLM@>
L<AB<AM> BG $>B=>E;>K@ NG= 3B>G LMN=B>KM>  =:K  =:LL LB<A =>K 1F@:G@ FBM =>K DHEHGB:E>G
 
2>K@:G@>GA>BMBGL;>LHG=>K>BFE>MSM>G&:AKS>AGM>GML<AB>=>G@>XG=>KMA:M^K@>K /HPHAE
BFPBLL>GL<A:?MEB<A>G:EL:N<ABF:N_>K:D:=>FBL<A>G>K>B<ABLMBG=>KNL>BG:G=>KL>MSNG@FBM=>K
=>NML<A>G'HEHGB:E@>L<AB<AM>>BG3:G=>E?>LMLM>EE;:K %GL;>LHG=>K>L>BM :ELLB<A=>K#>GHSB=
BF>A>F:EB@>Gn >NML<A /^=P>LM:?KBD:jSNFANG=>KMLM>G):ECXAKM> ;HHFM>=:L@>L<AB<AMLPBLL>G
L<A:?MEB<A>%GM>K>LL>:G=>K0A>F:MBD  B>G>B@GNG@IHLMDHEHGB:E>K0A>HKB>GNG=6N@XG@>=NK<A
=B> =>NML<A> #>L<AB<AMLPBLL>GL<A:?M A:M SN=>F SN =B>L>K !GMPB<DENG@ ;>B@>MK:@>G ^K@>K 
??  
%GULM>KK>B<APNK=>XAGEB<APB>BG >NML<AE:G==B>ABLMHKBL<A>"HKL<ANG@BF>K>B<A=>LDHEHGB:E>G
!G@:@>F>GML;BLBG=B>>K&:AK>BGD>BG>F@KH_>G1F?:G@;>A:G=>EM BL=:ABG=HFBGB>KM>>A>K
=B>2>K;BG=NG@OHGLHSBH]DHGHFBL<A>G IHEBMBL<A>G DNEMNK>EE>G LIK:<AIHEBMBL<A>GNG=EBM>K:KBL<A>G
LI>DM>GFBMIHLMDHEHGB:E>GGLXMS>G=B>"HKL<ANG@SN=B>L>F0A>F>GDHFIE>Q /BFHG(HB=EF>KDM
BGL>BG>K BLL>KM:MBHGSNF0A>F:o'HEHGB:EIKHI:@:G=:NG= :DMBOBMXM>GBGULM>KK>B<A 1G@:KG
h :G  =:LL DHEHGB:E>DMBOBMXM>G  =B> OHG =>K $:;L;NK@>KFHG:K<AB> :NL@BG@>G  E:G@> 6>BM :EL
!BGS>EIAXGHF>G> BLHEB>KMOHF>NKHIXBL<A>G'HEHGB:EBLFNL;>MK:<AM>MPNK=>GNG=;>A:NIM>MPNK=> 
C>G>@BM:MBHG>GL>B>G?^K=B>)HG:K<AB>OHGD>BG>K@KH_>G>=>NMNG@@>P>L>G  B>L>,>KLI>DMBO>
A:MLB<A:EE>K=BG@LBG=>GE>MSM>G&:AKS>AGM>G@>XG=>KMNG=LHLM>EEM(HB=E?HE@>G=>L?>LMo)BMME>KP>BE>
BLM=>Ko3>@SN>BG>K'HEHGB:E@>L<AB<AM>ULM>KK>B<ALh;>K>BMLLHP>BM;>L<AKBMM>G =:LLOB>E>,AXGH
F>G>GB<AMF>AK:NL>BG>F6NL:FF>GA:G@FBM'HEHGB:EBLFNLA>K:NL@>E]LMP>K=>GD]GG>G h(HB=E
$>KO B + !K;>MHGM =:LLULM>KK>B<A 1G@:KGLHPHAEBG=>G'6%1&0)*36 *6-'% LHPB>BG
IKHMHDHEHGB:E>DMBOBMXM>GBGOHEOB>KMP:K (HB=E?? 
>S^@EB<A>MAGHEH@BL<A>K)NL>>GNG='KBMBD:GBAG>G:EL%GLMBMNMBHG>G=>L/:FF>EGL "HKL<A>GLNG=
NLLM>EE>GL>MAGH@K:IABL<A>K+;C>DM> BLM:N?>BGB@>>BMKX@>=>KE>MSM>G&:AK>ABGSNP>BL>G =B>LB<A
FBM =>F 0A>F: =>K IHLMDHEHGB:E>G )NL>HEH@B> :NL>BG:G=>KL>MS>G O@E  ':S>>F):KMBGS
0NK>D/M>KG?>E= : 'K:NL*H:<D  "K^G=M   !BGS>EG> =>K >BMKX@> ;>L<AX?MB@>G LB<A
>QIEBSBMFBM0A>F>G=>KIHLMDHEHGB:E>G)NL>HEH@B>BG$BG;EB<D:N?=B>;>B=>G)NL>>G =B>BF.:A
F>G=B>L>K):LM>K:K;>BMNGM>KLN<AMP>K=>G 
>EBG=:':S>>FA:M0A>:M>K "BEFNG=)>=B>GPBLL>GL<A:?M>GLHPB>%GM>KG:MBHG:E>!GMPB<DENG@:G
=>K2-:)67-8A8!-)2LMN=B>KMNG=BLM(>AK>G=>:G=>K /%()1-)()6&-0()2()2E278)!-)2LHPB>
)BM@EB>= BG =>K )',)6',)+6944) >96 ',;%6>)2 D78)66)-',-7',)2 )7',-',8) ':S>>F):KMBGS
0NK>D/M>KG?>E=   D:=>FB> =>K ;BE=>G=>G '^GLM> H &   %G >BG>F KMBD>E  =>K BF


4A+&% (+ +#8BC48='0<<4;146A8555PA94=4=8C80C8E4=34AIF48C4=L;5C434B 07A7D=34ACB38430A0D5
01I84;C4=5A8:0D=C4A34=4DA>?L8B274=!L27C4=0D5IDC48;4=1454D4AC3DA27384=6BC34A48=I4;=4=>;>=80;
<L27C4?>C4=C84;;48=5;DBBB?7LA4=0=0=34A4IDE4A;84A4=2:4AC  5
4A46A855\?A>C>:>;>=80;XF8A38==;47=D=60='8<>= >83;B458=8C8>=5PA94=4:C8E8CLC4=64=DCIC384\8=4=64<
,DB0<<4=70=6<8C>;>=80;8B<DBBC0=34=943>27E>=34=94F48;864=$A>C06>=8BC4==827C0;B4G?;8I8C:>;>=80;8B
C8B27146A8554=FDA34=0D27:C8>=4=38448=4F4614A48C4=34D=:C8>=5PA>;>=80;8B<DB70CC4=50;;4=D=C4A384
B4=46A855X >83; 
 
/:FF>E;:G=o :L1G;>A:@>GBF)NL>NF ,HLMDHEHGB:E>)NL>HEH@B>GhIN;EBSB>KMPNK=> PBK==B>
NLLM>EENG@o>GBGf']GB@>NG=.BMN:E> $]?BL<A>'NGLMBG*B@>KB:hMA>F:MBLB>KM =B>OHF ):B
;BLSNF />IM>F;>KBF=:F:EB@>G D0/)6/92()197)91!-)2 =:L:GEXLLEB<A=B>L>KNLLM>E
ENG@PB>=>K>K]??G>MPNK=> ;>LB<AMB@MP>K=>GDHGGM> %G':S>>FL>BMK:@PBK=:N? BLDNLLBHG>GNF
.^<D@:;>?HK=>KNG@>GBG6NL:FF>GA:G@FBM=>KNLLM>EENG@NG==>F1F@:G@=>L)NL>NFLFBM
=B>L>G>BG@>@:G@>G':S>>F?  
3>BM>KLBLM>BGKMBD>EBG>BG>F/:FF>E;:G=A>KOHKSNA>;>G =>K,KHO>GB>GS?HKL<ANG@BF=:F:EB@>G
D0/)6/92()197)91!-)2;>A:G=>EMG=>KE:S:G 
$BGLB<AMEB<A=>L>KEBG>K8,2303+-7',)297)917>QBLMB>K>G"HKL<ANG@>GSNF;>G:GGM>G0A>F>G
DHFIE>QO@E  >:G/<AHES+IHDN3>;>K !;>GLHBLM:N?S:AEK>B<A>2>K]?
?>GMEB<ANG@>G=>L)NL>NFLL>E;LM ;>SB>ANG@LP>BL>=>K8-*892+6)9F-7',)690896&)7-8>SNO>K
P>BL>G BG=>G>G=B>$>K:NL?HK=>KNG@>G:G=:L>KEBG>K8,2303+-7',)97)91:EL>BG>MAGHEH@B
L<A>L)NL>NFBF &:AKANG=>KMMA>F:MBLB>KMP>K=>GO@E /MB?MNG@,K>N_BL<A>K'NEMNK;>LBMS
$NF;HE=M(:; :AE>F !BG>O>K@E>B<A>G=>1GM>KLN<ANG@=>K;>B=>G)NL>>G^;>K=>G1F
@:G@FBM=>KDHEHGB:E>G2>K@:G@>GA>BMEB>@M;BLE:G@GB<AMOHK 

 !5D8?49C385C*?B7585>D85?B5D9C385*5B?BDE>7E>4E621E45BB259D
%F6>GMKNF=B>L>KK;>BMLM>AM=B>"K:@> BGPB>?>KG=B> BLDNLLBHG>GNF=B>3B>=>K>K]??GNG@;>
SB>ANG@LP>BL>1FLB>=ENG@=>K;>B=>G>MAGHEH@BL<A>G)NL>>GBG>KEBGNG=3B>G>BG>NL>BG:G
=>KL>MSNG@FBM=>KDHEHGB:E>G2>K@:G@>GA>BM >NML<AE:G=LNG=ULM>KK>B<AL;>BGA:EM>M 
#>L<AB<AM>PBK==:;>B:ELo.>LLHNK<>h$H<D>KML;>@KB??>G oNF=>K>G*NMSNG@>BG>LM>B
@>G=>GS:AEOHGDM>NK>GFBMNGM>KL<AB>=EB<A>G6B>E>GNG=%GM>K>LL>GBGP:<AL>G=>K"HKF>GOB>E
?:EMDHGDNKKB>KM h>;= #>L<AB<AMLO>KFBMMENG@BLMNG=P:KGB>:NLL<AEB>_EB<A3BKDNG@L;>K>B<A
OHG$BLMHKBD>K9BGG>G PBK=:;>KBG=>GE>MSM>G&:AKS>AGM>GSNG>AF>G=OHG:N_>KPBLL>GL<A:?MEB<A>G
DM>NK9BGG>G;>LMBFFM>;=  =B>=>G>K>B<A=>K!KBGG>KNG@LDNEMNKIKX@>G !KBGG>KNG@LDNEMNK
o=B>GM :EL EH<D>K>K /:FF>E;>@KB?? ?^K =B> #>L:FMA>BM =>L GB<AM LI>SB?BL<A PBLL>GL<A:?MEB<A>G #>
;K:N<AL=>K#>L<AB<AM>BG=>KU??>GMEB<AD>BM7e8h>;=   :SNSXAEM=>KIHEBMBL<A>#>;K:N<AOHG
#>L<AB<AM> 'NGLM (BM>K:MNK "BEF ">KGL>A>GNG=:N<A=B>%GLMBMNMBHG)NL>NF =B>>BG;>LMBFFM>L
BE==>K2>K@:G@>GA>BMIKX@M 

%G=>K@>L<AB<AMLPBLL>GL<A:?MEB<A>G"HKL<ANG@PBK=ABG@>@>GDKBMBL<AK>?E>DMB>KM PB>NG=NGM>KP>E
<A>G>=BG@NG@>G3BLL>GSNLM:G=>DHFFM  B>@>L<AB<AMLPBLL>GL<A:?MEB<A>"HKL<ANG@NGM>KEB>@M
F>MAH=BL<A>G /M:G=:K=L  -N>EE>GDKBMBD NG= /M:G=INGDMK>?E>QBHG >KA:EM>G BG =B>L>F 'HGM>QM >BG>
>;>GLHPB<AMB@>>=>NMNG@PB>=B>G>KD>GGNG@=>LIKHS>LLN:E>GA:K:DM>KLOHG"HKL<ANG@ $H
<D>KML?? 

 
NL@>A>G=OHG=>K1GM>KL<A>B=NG@SPBL<A>G!KBGG>KNG@LDNEMNKNG=ABLMHKBL<A>K"HKL<ANG@P>K=>G
=B>0A>F>GDHFIE>Q>'HEHGB:EBLFNLNG=%FI>KB:EBLFNLBFEE@>F>BG>G:NL@>L<AB<AMLPBLL>GL<A:?M
EB<A>K,>KLI>DMBO>>KEXNM>KM NF=:K:NL>GMLM:G=>G> BLDNKL>NG= >GDP>BL>GSN;>G>GG>G %GG
E>AGNG@:G)B<A>E"HN<:NEMo7^;>G8 BLDNKL>7e8:ELd0KX@>KcOHGC>P>BEL@^EMB@>Fd3BLL>Gc
):<AM:NLLB>LBG=L>E;LM>BG):<AM?:DMHK BG=>FLB>2>KA:EM>GNG=:G=>K> BLDNKL>BG=NSB>K>G /B>
MK:@>G=:FBMSNK/MKNDMNKB>KNG@OHG):<AMO>KAXEMGBLL>GBG>BG>K#>L>EEL<A:?M;>B h&X@>K
$>KO B + %G=>F3>KDoK<AXHEH@B>=>L3BLL>GLh;>S>B<AG>M"HN<:NEM=>G BLDNKL:ELo7e8>BG>
)>G@> OHG NLL:@>G  =B> >BG>F @E>B<A>G "HKF:MBHGLLRLM>F SN@>A]K>G h "HN<:NEM  78
 NL@>A>G=OHG=>KABLMHKBL<A>G BLDNKL:G:ERL>G:<A<ABF(:G=P>AKPBK==>K BLDNKL;>@KB??
:ELoG:ERL>BGLMKNF>GMh(:G=P>AK;>MK:<AM>M =>K

o=:SN=B>G>GLHEE ;>LMBFFM>,AXGHF>G>SN?:LL>G =B>FBMSNOHKOHKA:G=>G>G;>@KB??EB
<A>G)]@EB<AD>BM>GGB<AM:NLK>B<A>G=SN?:LL>GP:K>G 1G==>K BLDNKL;>@KB??LHEE>;>G
=:K:N? :N?F>KDL:F F:<A>G  =:LL >L SN ;>LMBFFM>G 6>BM>G NG= BG ;>LMBFFM>G #>L>EE
L<A:?M>G K><AM DE:K :;@>@K>GSM> >K>B<A> =>L ):<A;:K>G  >GD;:K>G NG= /:@;:K>G
@B;M h(:G=P>AK? 

BLDNKL>LBG==:;>BLHPHAEK>IK>LLBO BG=>F@>PBLL>NLL:@>GF:K@BG:EBLB>KMP>K=>G :EL:N<AIKH
=NDMBO  P>BE LB> 3BKDEB<AD>BM oFBML:FM =>F =:SN @>A]KB@>G 3BLL>G A>KOHK7;KBG@>G8 h (:G=P>AK
 6B>E=>KABLMHKBL<A>G BLDNKL:G:ERL>BLM>L =B>.>@>EG:N?SN=><D>G =B>3BKDEB<AD>BMHK
@:GBLB>K>G  NF =B> =:ABGM>KLM><D>G=>G BLDNKL> SN B=>GMB?BSB>K>G >;=    NL ABLMHKBL<A>K ,>K
LI>DMBO>P>K=>GLHSP>BA>@>FHGB:EPBKD>G=> BLDNKL>:N?@>=><DM >K BLDNKL=>KoSBOBEBL:MHKB
L<A>G)BLLBHGh/HG=>K>@@>KNG==>K=>LoDHEHGB:EBLMBL<A>7G8 >GD>G7L8h+LM>KA:FF>E
 
B> IHLMDHEHGB:E>G 0A>HK>MBD>K9BGG>G !=P:K= /:B=  #:R:M:KB A:DK:OHKMR /IBO:D NG= $HFB ' 
A:;A:@>A>G=:OHG:NL =:LL=>KDHEHGB:E> BLDNKL ;:LB>K>G=:N?>NKHIXBL<A>Gn3BLL>GL?HKF>Gj 
=B>O>KF>BGMEB<ABG?>KBHK>GnG=>K>GjDHGLMKNB>KMA:M PH=NK<ADHEHGB:E>$>KKL<A:?MLM:;BEBLB>KMNG=
E>@BMBFB>KMPNK=>  B>6>GMK:EBMXMBAK>KMA>HK>MBL<A>G3>KD>>K@B;MLB<A?^K=B>L>K;>BM:NL=>K0:M
L:<A> =:LL>MAGHEH@BL<A>)NL>>GBG!NKHI::G=>KDHEHGB:E>G/N;C>DMDHGLMKNDMBHG;>M>BEB@MP:K>G 
,HLMDHEHGB:E>0A>HKB>GO>K?HE@>G>BG>G>F:GSBI:MHKBL<A>GGL:MS =>K=:K:N?:;SB>EM ABLMHKBL<A@>
P:<AL>G>'HGLMKNDM>OHGnG=>KLA>BMj n"K>F=A>BMjLHPB>A>@>FHGB:E>K B??>K>GSNG==:FBM>BG
A>K@>A>G=>):<AM NG=$>KKL<A:?MLO>KAXEMGBLL>SNDKBMBLB>K>GNG=:;SNL<A:??>G(BG=G>K 
%G=B>L>KK;>BMP>K=>GBG':IBM>E GLXMS>=>KIHLMDHEHGB:E>G0A>HKB>GABGLB<AMEB<A=>K'HG
LMKNDMBHG=>KnG=>K>Gj:N?@>@KB??>GNG==:OHG:NL@>@:G@>G =:LLDHEHGB:E> >GDP>BL>G=B>#>@>G
P:KMIKX@>G  B>L>MA>HK>MBL<A>:LBLPBK==NK<AGLXMS>=>KIHLMDHEHGB:E>G)NL>HEH@B>>K@XGSMNG=

 
?>LM@>LM>EEM =:LLo7>8BGNGL<ANE=B@>L/IK><A>Gd^;>K=B>G=>K>GcBF)NL>NF7e8GB<AMF>AKF]@
EB<A7BLM8 h':S>>F):KMBGS 0NK>D/M>KG?>E=
%F/I>SB?BL<A>GPBK=:GL<AEB>_>G=:N?=B>=>NML<A>':IBM>E NG==B>]LM>KK>B<ABL<A>'HEHGB:E
@>L<AB<AM>':IBM>E  =B>!GMLM>ANG@L@>L<AB<AM>>MAGHEH@BL<A>K)NL>>G':IBM>E  =B>"NGD
MBHG>GNG=#KNG=LXMS>>MAGHEH@BL<A>K)NL>>G':IBM>E  =B>!M:;EB>KNG@=>L>KEBG>K8,2303+-
7',)297)917':IBM>E NG==B>=>L!)08197)917!-)2':IBM>E >BG@>@:G@>G  B>L>!K
EXNM>KNG@>G=B>G>G:EL:LBL?^K=>G=:K:N??HE@>G=>G>FIBKBL<A>G0>BEBG':IBM>E NFSN^;>KIK^
?>G P>E<A>LI>DM>BG=>G)NL>>Gf=B>B<A:EL0>BE=>K!KBGG>KNG@LDNEMNK;>@K>B?>f;>MHGM :NL@>
E:LL>GH=>KNF@>=>NM>MP>K=>G 
%GGE>AGNG@:G=B>JN:EBM:MBO>%GA:EML:G:ERL>G:<A=>F,LR<AHEH@>G,ABEBII):RKBG@ =B>>BG>)>
MAH=>SNKoLRLM>F:MBL<A>7G8%GM>KIK>M:MBHGOHGLIK:<AEB<A>F):M>KB:Eh):RKBG@=:KLM>EEM 
P>K=>G NL>BG:G=>KL>MSNG@>G  BLDNLLBHG>G NG= 6B>EL>MSNG@>G A>K:NL@>:K;>BM>M  =B> =>G ,KHS>LL
=>K 1FLB>=ENG@ ;>SB>ANG@LP>BL> =>K 3B>=>K>K]??GNG@ =>K ;>B=>G )NL>>G IKX@M>G  2HG =>G =K>B
>QBLMB>K>G=>Go692(*361)2()728)646)8-)6)27h>;= $>KO B + f=>K6NL:FF>G?:LLNG@ =>K
!QIEBD:MBHGNG==>K/MKNDMNKB>KNG@fPNK=>?^K=B>>:GMPHKMNG@=>K"HKL<ANG@L?K:@>>BG>)BL<A
?HKFSPBL<A>G6NL:FF>G?:LLNG@NG=/MKNDMNKB>KNG@@>PXAEM 
B>O>KP>G=>M>G):M>KB:E>GLBG=6>BMNG@L:KMBD>E:NL]LM>KK>B<ABL<A>GNG==>NML<A>G0:@>LS>BMNG@>G
OHK:EE>F)68%2(%6( -)6)77) =B> )60-2)6#)-892+NG==>K%+)774-)+)0 ,N;EBD:MBHG>G=>K
;>B=>G)NL>>G ,N;EBD:MBHG>GNG=,K>LL>FBMM>BENG@>G=>L^G=GBL391&30(8 NG=SP>B!Q
I>KM9BGG>GBGM>KOB>PL  >K>KLM>%GM>KOB>PI:KMG>KP:K/M>O>G!G@>ELF:G =>K>A>F:EB@> BK>DMHK=>L
!)08197)917!-)2 =:L:G=>K>%GM>KOB>PPNK=>FBMAKBLMB:G'HII >BG>F2>KMK>M>K=>L^G=GBL
391&30(8  @>?^AKM  B> BK>DMHKBG=>L>KEBG>K8,2303+-7',)297)917SNBGM>KOB>P>GP:K
OHK@>L>A>G :;>KGB<AMF]@EB<A %F2>K@E>B<ASN3B>G@B;M>LBG>KEBG:EE>K=BG@LK>E:MBOOB>E>,N;
EBD:MBHG>GNG=/M>EENG@G:AF>G:NL)NL>NFLI>KLI>DMBO> PH=NK<A=:L?>AE>G=>%GM>KOB>PDHFI>G
LB>KM P>K=>G DHGGM>  ,HLMDHEHGB:E> 'KBMBD :NL 3B>G BLM ABG@>@>G NGM>KK>IKXL>GMB>KM NG= LIB>@>EM
=:=NK<A=:LF:K@BG:E>SBOBE@>L>EEL<A:?MEB<A>!G@:@>F>GM:F!)08197)91!-)2PB=>K 
%G>BG>F>KLM>G/<AKBMMPNK=>>BGV;>K;EB<D^;>K=:LOHKA:G=>G>):M>KB:E@>L<A:??>G PH;>B=>NMEB<A
PNK=>  =:LL OHG />BM>G =>L !)08197)917 !-)2 P>BM:NL P>GB@>K ):M>KB:E OHKA:G=>G P:K :EL SNF
>KEBG>K8,2303+-7',)297)91  :K:NL>K@:;LB<ANGM>K:G=>K>F=B>*HMP>G=B@D>BM >BG%GM>KOB>P
FBM>BG>K,>KLHGSN?^AK>G =B>=>G,KHS>LL=>K3B>=>K>K]??GNG@:EL!QI>KM9BGFBM>KE>;M> /M>O>G
!G@>ELF:GPNK=>:N?@KNG=L>BG>KoBGLMBMNMBHG:EBLB>KM>G'HFI>M>GSSNK'HGLMKNDMBHGOHG3BKDEB<A
D>BMh $BMSE>K >M :E  78 SBM  G:<A ':BL>K   BG L>BG>K "NGDMBHG :EL BK>DMHK SNF %GM>K
OB>PI:KMG>K @>PXAEM  :SN PNK=> >BG (>BM?:=>G >K:K;>BM>M  =>K LI>DM>  0A>F>G NG= %GA:EM>


 48348=C4AE84FC4=G?4AC4=7014=34A*4AF4=3D=634B=C4AE84FCA0=B:A8?CBID64BC8<<CD=3B8=3<8C34A=0<4=C;8
274="4==D=68<&07<4=384B4A!0BC4A0A148C48=E4ABC0=34=84@D0;8C0C8E4DBF4ACD=634A=C4AE84FB8BC8=384
B4A$D1;8:0C8>=0DB$;0CI6AP=34==827C4=C70;C4=
 
;>K^<DLB<AMB@M =B>:NL=>K/B<AMNG@=>L;>K>BMLOHKA:G=>G>G):M>KB:ELBF.:AF>G>BG>KBGA:EMEB<A>G
/MKNDMNKB>KNG@A>KOHK@BG@>G):RKBG@  :L(>BM?:=>G@>LM^MSM>!QI>KM9BGG>GBGM>KOB>P
=B>GMBG=B>L>F'HGM>QM=:SN oLI>SB?BL<A>%G?HKF:MBHG>G^;>K>BGSNNGM>KLN<A>G=>L,AXGHF>GSN
@>G>KB>K>G =B>:G=>KP>BMB@GB<AMSN>KA:EM>GPXK>G h':BL>K B>L>"HKF=>L%GM>KOB>PL
PNK=>:N<A?^KAKBLMB:G'HII@>PXAEM =>K:N?@KNG=L>BG>K>M>BEB@NG@:F^G=GBL391&30(8
:EL!QI>KM>?^K=B>%GA:EM>=>L^G=GBLL>L@BEM 
B>%GM>KOB>PLPNK=>GFBM=>KSNL:FF>G?:LL>G=>G%GA:EML:G:ERL>:NL@>P>KM>M PH;>B=B>':M>@HKB
>G;BE=NG@=>=NDMBO>K?HE@M> =:MA>HK>MBL<A>2HK:GG:AF>G=B>BE=NG@=>K':M>@HKB>G;>>BG?ENLLM>G 
*:<A=>K/MKNDMNKB>KNG@=>LM>QMEB<A>G):M>KB:ELBGOB>K@KH_>0A>F>G?>E=>K )NL>NFLLM:G=HKMNG=
KXNFEB<A>1GM>K;KBG@NG@ BGA:EMEB<A>,HLBMBHGB>KNG@ ,KHO>GB>GS?HKL<ANG@NG=1F@:G@FBM.^<D
@:;>?HK=>KNG@>GLHPB>IHLMDHEHGB:E>'KBMBDfPNK=>G=B>K@NF>GM:MBHG>G 6B>EL>MSNG@>GNG= BL
DNLLBHG>GC>P>BEL?^K>KEBGNG=3B>G:NL@>:K;>BM>MNG=BG>BG>KO>K@E>B<A>G=>GG:ERL>SNL:FF>G
@>?^AKM 
%G=B>L>KK;>BMP>K=>G0A>HKB>GNG=)>MAH=>G:NLO>KL<AB>=>G>G BLSBIEBG>G:G@>P>G=>M 'NEMNK 
LHSB:E  NG= @>L<AB<AMLPBLL>GL<A:?MEB<A> GLXMS> P>K=>G >;>GLH ;>K^<DLB<AMB@M PB> IHLMDHEHGB:E>
0A>HKB>G =B>D>BG>KLI>SB?BL<A>G BLSBIEBGSN@>HK=G>MP>K=>GD]GG>G /HO>KLM>A>GLB<A,HLM<HEH
GB:E /MN=B>L :EL >BG omMK:GL=BLSBIEBGXK>7L8l 3BLL>GL<A:?MLIKH@K:FFh .>NM>K':K>GMSHL  
$>KO B +  NL@>A>G=OHF=>NML<A>G,ABEHLHIA>G&^K@>G)BMM>ELMK:_1GBO>KLBMXM'HGLM:GSH & 
;>S>B<AG>B<A0K:GL=BLSBIEBG:KBMXM:EL>BG"HKL<ANG@L NG=3BLL>GL<A:?MLIKBGSBI =NK<A=:LLB<A?:<A
EB<A>H=>K=BLSBIEBGXK>6N@XG@>O>KFBL<A>GNG=SN>BG>K*>NLMKNDMNKB>KNG@OHG"HKL<ANG@NG=3BL
L>G ?^AK>G )BMM>ELMK:_    >GGH<A F]<AM> B<A =:K:N? ABGP>BL>G  =:LL oK>BG> "HKF>G OHG
0K:GL=BLSBIEBG:KBMXM >;>GLH P>GB@ 7:N?MK>M>G8 PB> K>BG> "HKF>G OHG BLSBIEBG:KBMXM NG= ":<AEB<A
D>BM h)BMM>ELMK:_

?<?>91<9C=EC
B>L>K;>BM;>L<AX?MB@MLB<AMA>HK>MBL<ANG=BGA:EMEB<A:NLF>AK>KE>B,>KLI>DMBO>GFBM=>F>NKHIXB
L<A>G'HEHGB:EBLFNL!KLM>GLPNK=>>BG#KH_M>BE=>K=>NML<ALIK:<AB@>G>MAGHEH@BL<A>G)NL>>G :;
=>KSP>BM>G$XE?M>=>L &:AKANG=>KML@>@K^G=>M  B>L>6>BM=>L>NKHIXBL<A>G'HEHGB:EBLFNL;>
S>B<AG>M =>K 1/ :F>KBD:GBL<A> $BLMHKBD>K "K>=>KB<D HHI>K :EL ;>PNLLM BGM>KO>GMBHGBLMBL<A O@E 
"K^G=MHHI>K 6P>BM>GL;>SB>AMLB<A@>@>GPXKMB@>'KBMBD:G>MAGHEH@BL<A>G
)NL>>G :N? =>G DHEHGB:E>G !KP>K;LDHGM>QM =>K FNL>:E>G +;C>DM> O@E  ':S>>F):KMBGS
0NK>D/M>KG?>E="K^G=M*H$NF;HE=M:  KBMM>GLP>K=>GBG=B>L>KK;>BM
IHLMDHEHGB:E>0A>HKB>G>BG;>SH@>G =B>=:OHG:NL@>A>G =:LLLB<A=NK<A=>G>NKHIXBL<A>G'HEHGB:
EBLFNL AB>K:K<ABL<A> >GDP>BL>G >M:;EB>KM>G  =B> ;BL A>NM> ?HKMPBKD>G NG= =NK<A A>@>FHGB:E PBK
D>G=>>NKHIXBL<A>3BLL>GL?HKF>GK>IKH=NSB>KMP>K=>G'>KG>K N<AP>GGB<AFB<A
SNK >:GMPHKMNG@ =>K "HKL<ANG@L?K:@> :G C>G>G 0A>HKB>G HKB>GMB>K>  PBK=
 
@>L<AB<AMLPBLL>GL<A:?MEB<A>'KBMBDABGLB<AMEB<A=>KF>MAH=HEH@BL<A>G#K>GS>GIHLMDHEHGB:E>K0A>H
KB>G;>K^<DLB<AMB@M NF=>F2HKPNK? IHLMDHEHGB:E>'KBMBDL>BfE:NMHHI>KfSNF0>BEo:ABLMHKBL<Ah 
SN;>@>@G>GO@E HHI>K? 

 81B1;D5B9CD9;1;?<?>91<5BE>49=@5B91<5B5BBC3816D
:L?HE@>G=>':IBM>E;>L<AX?MB@MLB<AFBM=>K"K:@> BGPB>?>KGLB<AA:K:DM>KBLMBD:DHEHGB:E>K$>KK
L<A:?M?>LMLM>EE>GE:LL>G %F3>L>GMEB<A>G;>SB>A>B<AFB<ABGF>BG>K :KLM>EENG@:N?=B>$BLMHKBD>K
&^K@>G+LM>KA:FF>E+LM>KA:FF>ENG="K>=>KB<DHHI>KHHI>KHHI>K PH;>B
=>K>G!KEXNM>KNG@>G=NK<ANL?^AKNG@>GSNF0A>F:!NKHS>GMKBLFNLOHF?KBD: $BLMHKBD>KKGH
/HG=>K>@@>K/HG=>K>@@>K>K@XGSMP>K=>G >@BGG>G=P>K=>B<AF>BG>2>KP>G=NG@=>K>
@KB??EB<AD>BM>G'HEHGB:EBLFNLNG=%FI>KB:EBLFNL=:KE>@>G NF:GL<AEB>_>G=:N?F]@EB<A>A:K:DM>
KBLMBD:DHEHGB:E>K$>KKL<A:?M>BGSN@>A>G 

  ?<?>91<9C=ECE>4=@5B91<9C=EC
'HEHGB:EBLFNLPBK=OHF=>NML<A>G$BLMHKBD>K&^K@>G+LM>KA:FF>E:ELo/I>SB:E?:EEh+LM>KA:FF>E
OHG%FI>KB:EBLFNL;>S>B<AG>M  B>P>BM@>A>G=>+KB>GMB>KNG@:G+LM>KA:FF>EL >?BGBMBH
G>G?HE@M:NL=>K0:ML:<A> =:LLBG:G=>K>G3>KD>GSN'HEHGB:EBLFNL %FI>KB:EBLFNL;>SB>ANG@L
P>BL>,HLMDHEHGB:EBLFNL>SN@:N?L>BG>!KEXNM>KNG@>G@>GHFF>GPBK=O@E '>KG>K!<D>KM
6B:B
+LM>KA:FF>EL2>KLN<A =>G'HEHGB:EBLFNL=>K*>NS>BMH=>KfPB>>KBAG:N<AG>GGMf=>GoFH=>KG>G
'HEHGB:EBLFNLh+LM>KA:FF>ESN=>?BGB>K>GLB>AMPB>?HE@M:NL

o3032-%0-7197BLM>BG>$>KKL<A:?ML;>SB>ANG@SPBL<A>G'HEE>DMBO>G ;>BP>E<A>K=B>?NG
=:F>GM:E>G!GML<A>B=NG@>G^;>K=B>(>;>GL?^AKNG@=>K'HEHGBLB>KM>G=NK<A>BG>DNEMN
K>EE:G=>KL:KMB@>NG=D:NF:GI:LLNG@LPBEEB@>)BG=>KA>BMOHG'HEHGB:EA>KK>GNGM>KOHK
K:G@B@>K >K^<DLB<AMB@NG@ >QM>KG>K %GM>K>LL>G @>MKH??>G NG= M:MLX<AEB<A =NK<A@>L>MSM
P>K=>G  :FBMO>K;BG=>GLB<ABG=>K*>NS>BMBG=>K.>@>EL>G=NG@LB=>HEH@BL<A>.><AM
?>KMB@NG@L=HDMKBG>G =B>:N?=>KV;>KS>N@NG@=>K'HEHGB:EA>KK>GOHGBAK>K>B@>G>GDNE
MNK>EE>G$]A>KP>KMB@D>BM;>KNA>G h+LM>KA:FF>E$>KO B + 

"^K +LM>KA:FF>E LM>A>G ;>B =B>L>K >?BGBMBHG =:L !E>F>GM =>K $>KKL<A:?M  C>G>L =>K nDNEMNK>EE>G
"K>F=A>BMj LHPB>=B>V;>KS>N@NG@>BG>KO>KF>BGMEB<A>GDNEMNK>EE>G$]A>KP>KMB@D>BM=>K'HEHGBLB>
K>G=>G@>@>G^;>K=>G'HEHGBLB>KM>GSNK(>@BMBF:MBHG=>L=B<AHMHF>G$>KKL<A:?MLO>KAXEMGBLL>LBF
2HK=>K@KNG=  :LBF.:AF>G=>L'HEHGB:EBLFNLA>K@>LM>EEM>$>KKL<A:?MLO>KAXEMGBLSPBL<A>G'HEH
GBLB>K>G=>GNG='HEHGBLB>KM>GSB>EM>=:K:N?:; :EE>@>L>EEL<A:?MEB<A>GH=>K]DHGHFBL<A>G>K>B<A>
=>K 'HEHGBLB>KM>G =>G %GM>K>LL>G =>K 'HEHGB:EF:<AM NGM>KSNHK=G>G +LM>KA:FF>E  ?   /H
 
PBK==B>o@>L:FM>#>L>EEL<A:?MBAK>KABLMHKBL<A>G!B@>G>GMPB<DENG@;>K:N;M ?K>F=@>LM>N>KMNG=:N?
=B>fOHKG>AFEB<APBKML<A:?MEB<A>Gf>=^K?GBLL>NG=%GM>K>LL>G=>K'HEHGB:EA>KK>GABGNF@>IHEM
7e8 h +LM>KA:FF>E   &>G> @>L:FM@>L>EEL<A:?MEB<A> "K>F=A>KKL<A:?M DHGGM> L>EM>G SNK
#XGS>BG=>K,K:QBLNF@>L>MSMP>K=>G +LM>KA:FF>EF>KDM=:SN:G =:LL=>K3BEE>SNK!KK>B<ANG@
=>L;>L<AKB>;>G>G6B>E>L>BGA:K:DM>KBLMBDNF=>LG>NS>BMEB<A>G'HEHGB:EBLFNLL>B>;=   B>
GG:AF>=>KnDNEMNK>EE>G"K>F=A>BMj;:LB>KM>:N?=>KV;>KS>N@NG@ =:LL>LnK:LLBL<A>j$B>K:K<AB>G
@>;>GP^K=> 'HEHGBLB>K>G=>?HK=>KM>G=>FG:<ASNF@K]_M>G0>BE=B>GI:LLNG@=>K'HEHGBLB>KM>G
:G=B>'NEMNK=>K"K>F=A>KKL<A:?MNG=E>@BMBFB>KM>G=B>L>"HK=>KNG@:GA:G==>K;>A:NIM>M>G*HM
P>G=B@D>BM=>K)BLLBHGB>KNG@;>SB>ANG@LP>BL>n6BOBEBLB>KNG@j=>K'HEHGBLB>KM>G>;=  G@>
LB<AML=>K0:ML:<A> =:LLLB<A=B>?K^AG>NS>BMEB<A>>A>KKL<ANG@L?HKFOHGC>G>K=>L NG= &:AK
ANG=>KMLNGM>KL<A>B=>M ;>L<AK>B;M+LM>KA:FF>E=K>B"HKF>G=>K%GM>K>LL>GLB<A>KNG@ =B>:N?>BG>K
NG@E>B<A>G$>KKL<A:?ML;>SB>ANG@;:LB>K>G B>DHEHGB:E>$>KKL<A:?M:N<A*361%0)14-6) =B>JN:LB
DHEHGB:E>'HGMKHEE>:N<A-2*361%0)14-6)NG==>GGB<AMDHEHGB:E>G;>LMBFF>G=>G!BG?ENLL>;= 
??  
'HEHGB:EBLFNLNG=%FI>KB:EBLFNLD]GG>GGB<AMXJNBO:E>GMO>KP>G=>MP>K=>G /H;>MK:<AM>M+LM>K
A:FF>E%FI>KB:EBLFNL:EL>BG>G>@KB?? =>K:EE>@BM:MBHG>GOHG*:MBHG:ELM::M>G;>L<AK>B;M =B>:N?
=B>!KKB<AMNG@NG=!KA:EMNG@BAK>K%FI>KB>G:;SB>E>G  >K>@KB??BFIEBSB>KMSN=>F=B>NLKB<AMNG@
G:MBHG:ELM::MEB<A>K %GM>K>LL>G SN #NGLM>G =>L %FI>KBNFL  PH;>B C>G> %GM>K>LL>G OHG 2HKGA>K>BG
@E>B<A>KF:_>G:ELBFI>KB:E>;>MK:<AM>MP>K=>G+LM>KA:FF>E? 

o B> L>BM =>F E>MSM>G KBMM>E =>L   &:AKANG=>KML ;>B =>G #KH_FX<AM>G ;>EB>;M> %=>> 
'HEHGB>GDHFI>GL:MHKBL<Af=NK<A0:NL<A7e8 G>KD>GGNG@@>HIHEBMBL<A>KGLIK^<A>
=KBMM>K)X<AM> >B@>G>oG:<AAHE>G=>h'HEHGB:E?HK=>KNG@>G NLP fSNFNLM:KB>K>G=>K
BGM>KG:MBHG:E>G  OHKG>AFEB<A =>K BGG>K>NKHIXBL<A>G  ):<AM;:E:G<> >BGSNL>MS>G  BLM MR
IBL<AoBFI>KB:EBLMBL<AhNG=>BG>FoDHEHGB:EBLMBL<A>Gh >GD>G?K>F= =:L'HEHGB>G:EL
=:N>KA:?Mo>KPHK;>GhH=>Ko:GO>KMK:NMh;>MK:<AM>M h+LM>KA:FF>E$>KO B + 

>K%FI>KB:EBLFNL=>L NG= &:AKANG=>KMLBLME:NM+LM>KA:FF>EBF'HGM>QM=>K!M:;EB>KNG@
>BG>Lo3>EMLM::M>GLRLM>FLh>;= NG==>K$>K:NL;BE=NG@OHG1G@E>B<AA>BMSPBL<A>G=>GO>K
L<AB>=>G>G.>@BHG>G=>K3>EM K>LI>DMBO>BG]DHGHFBL<A>K$BGLB<AM:N?@KNG=D:IBM:EBLMBL<A>K/MKND
MNK>GSN;>MK:<AM>G ':IBM:EBLFNLBLM=>FG:<A>BG!E>F>GM=>L%FI>KB:EBLFNL !BG)BMM>ESNK3:A
KNG@=>K%GM>K>LL>GBFI>KB:E>K#KH_FX<AM>P:K=B>D:IBM:EBLMBL<A> NK<A=KBG@NG@:N_>K>NKHIXBL<A>K
#>;B>M>BG'HGDNKK>GSSN=>GK>LMEB<A>G)X<AM>G %FI>KB:EBLMBL<ABLM>L 'HEHGB>G:EL0:NL<AFBMM>E

==;47=D=60=>>?4A:0==D=C4A<?4A8D<14I847D=6BF48B4&)#+>;64=34BE4ABC0=34=F4A34=\-.?>;8C820;

D=8CC70C8B;0A644G?0=B8>=8BC>AF8C7<4<>A84B>50=4G?0=B8>=8BC?0BC0=3F7827A4?A>3D24B38554A4=C80C8>=0=3
8=4@D0;8CH0<>=6?4>?;48C8=2>A?>A0C4BY>>?4A  
 
SNGNMS>G NFLB<ABF@EH;:E>G):<AMDHFIE>Q;>SB>ANG@LP>BL>=>FLB<A>M:;EB>K>G=>G3>EMLM::M>G
LRLM>FSN;>A:NIM>G +LM>KA:FF>E? %F'HEHGB:EBLFNLP>K=>G'HEHGB>GABG@>@>G:EL
?>LM>K>LM:G=M>BE=>LC>P>BEB@>G$>KKL<A:?ML;>K>B<AL;>MK:<AM>M %FI>KB:EBLFNL@>AM?HE@EB<A^;>K'H
EHGB:EIHEBMBDABG:NLNG=BFIEBSB>KMo3>EMIHEBMBDh>;=  
&>G>BFI>KB:EBLMBL<A>GDMBOBMXM>G =B>BFH;B@>G6BM:MOHG+LM>KA:FF>E;>K>BML:G@>=>NM>MPNK=>G 
F^G=>M>GBG=>GLB>;SB@>K&:AK>G=>L &:AKANG=>KMLBG=>G'6%1&0)*36 *6-'% %F.:AF>GOHG
'HEHGB:EDHG?>K>GS>G  PB> =>K )60-2)6 32*)6)2> BF &:AK  NG= =>K 6E77)0)6 32*)6)2> OHG
 PNK=>GSNF>BG>GM>KKBMHKB:E>#K>GS>G:;@>LM><DMNG=SNF:G=>K>G=B>,?EB<AM>GDHEHGB:E>K
$>KKL<A:?M ;>L<AEHLL>G  =B> =:KBG ;>LM:G=>G oIK>O>GMBG@ ?KB<:GL ?KHF MK:=BG@ BG LE:O>L  :KFL HK
EBJNHKhHHI>K  B>OHG+LM>KA:FF>E>KPXAGM>V;>KS>N@NG@=>KO>KF>BGMEB<A>GDNE
MNK>EE>G$]A>KP>KMB@D>BM=>K!NKHIX>K9BGG>GDHFFMAB>KSNK#>EMNG@O@E +LM>KA:FF>E 
?KBD:G>K9BGG>GPNK=>G:ELAHFH@>G>#KNII>DHGLMKNB>KM =B>BGBAK>Kn!GMPB<DENG@LLMN?>jNGM>K=>G
!NKHIX>K9BGG>GLM:G= !LPNK=>:K@NF>GMB>KM =:LL)>GL<A>G:NL?KBD:GB<AMBF/BGG>PBKML<A:?M
EB<A>G"HKML<AKBMMLA:G=>EGD]GGM>G "XAB@D>BM>GPB>/>E;LMDHGMKHEE>GB<AM;>LBMS>GNG=SNK><AMLPB=
KB@>F2>KA:EM>GM>G=B>K>GP^K=>G P>LA:E;LB<A=B>!NKHIXK9BGG>GNFBAK> BLSBIEBGB>KNG@D^FF>KG
F^LLM>GHHI>K 1GM>K=>F ><DF:GM>E =B>)>GL<A>Gn?KBD:LjOHKBAK>K>B@>G>G#>
P:EML<A^MS>GSNF^LL>G PNK=>DHEHGB:E>$>KKL<A:?M:ELANF:GBMXK>L,KHC>DM@>K><AM?>KMB@M  B>]DH
GHFBL<A> NK<A=KBG@NG@PNK=>>KF]@EB<AMNG=>;>GLH:EL?^K=B>:?KBD:GBL<A>>O]ED>KNG@PHAE
MXMB@>L1GM>K?:G@>GIKHI:@B>KM  B>O>KF>BGMEB<A>!QBLM>GS>BG>KA>@>FHGB:E>G B??>K>GSSPBL<A>G
!NKHIX>K9BGG>GNG=?KBD:G>K9BGG>GE>@BMBFB>KM>DHEHGB:E>DMBOBMXM>G!<D>KM 
+;PHAE'HEHGB:EBLFNL>BG>NG@E>B<A>$>KKL<A:?ML?HKFSN#NGLM>G=>K'HEHGBLB>K>G=>GBLMNG=OHG
1GM>K=K^<DNG@NG="K>F=LM>N>KNG@@>IKX@MP:K+LM>KA:FF>E ;EB>;DHEHGB:E>$>KKL<A:?M
GB>F:ELNG:G@>?H<AM>GoHEHGBS:MBHGG>O>KP>GMNG<HGM>LM>=BMP:L<A:EE>G@>=BG:FNEMBIEB<BMRH?
B=BHFLBG!NKHI>:G=BG?KB<: MAKHN@A=B??>K>GM?HKFLH?FH;BEBS:MBHG OB:>??HKML:ML>E><MBO>:I
IKHIKB:MBHG:LP>EE:LHNMKB@AMK>LBLM:G<> hHHI>K6N=>FLHEEM>GE:NMHHI>K=B>DMB
OBMXM>GOHGDM>NK9BGG>G =B>=:LDHEHGB:E>/RLM>FBFF>KPB>=>KA>K:NL?HK=>KM>G F>AKBGL6>GMKNF
=>K"HKL<ANG@@>;K:<AMP>K=>G "HE@EB<AIEX=B>KM>K=:?^K C>G>$:G=ENG@>GSNNGM>KLN<A>G =B>=:L
DHEHGB:E>/RLM>FBG"K:@>LM>EEM>G NFSNO>KLM>A>G PB> >GDP>BL>GNG=%=>>G=NK<A=>G'HEHGB:
EBLFNL;>>BG?ENLLMPNK=>GHHI>K?  
3>L>GMEB<A?^K=B>0A>F:MBD=>KK;>BMBLM =:LLLHPHAE+LM>KA:FF>E:EL:N<AHHI>K=>G!GMPB<D
ENG@>G=>LLIXM>G &:AKANG=>KMLBG=B>L>F6NL:FF>GA:G@>BG>;>LHG=>K>.HEE>SNL<AK>B;>G =:


4A46A855\5A8:0XF8A3<8C48=50274==5P7AD=6BI48274=E4AB474=308<:>;>=80;4=>=C4GC5A8:00;B7><>64=4

8=748C:>=BCAD84ACF8A3D=34C4A>64=8CLCB>F84)=C4AB278434<0A68=0;8B84ACF4A34=4A7><>64=8B84A4=344
1A0D2734B46A8554BCAL6CIDA\38B:DAB8E4=)=B827C10A<027D=6X42:4A  E>=$;DA0;8CLC148D=38BC(48;
34A>=BCAD:C8>=[34A=34A4=Z
 
PXAK>G=C>G>K,A:L>=>L$H<ABFI>KB:EBLFNL=B>F>BLM>G>MAGHEH@BL<A>G)NL>>GBF=>NML<ALIK:<AB
@>G.:NF@>@K^G=>MPNK=>GO@E +LM>KA:FF>EHHI>K"K^G=M 

  ?<?>91<5C5>;5>
3B>;>K>BML>KPXAGM ;>S>B<AG>M+LM>KA:FF>E=>G'HEHGB:EBLFNL=>L &:AKANG=>KML:ELoMRIBL<A
BFI>KB:EBLMBL<Ah+LM>KA:FF>ENG=HHI>K;>S>B<AG>MBAG:EL;>PNLLMBGM>KO>GMBHGBLMBL<A
HHI>K $BGLB<AMEB<A=>KA:K:DM>KBLMBD:DHEHGB:E>K$>KKL<A:?MP>BLM+LM>KA:FF>E:N?
=B>OHKA:G=>G>G1GM>KL<AB>=>>BGS>EG>K'HEHGB:EBLF>GABG =:C>=>DHEHGB:E>/BMN:MBHGBAK>>B@>G>G
/I>SB?BD:A:MNG==>FG:<ADHGM>QM:;AXG@B@SN;>MK:<AM>GBLM N?@KNG==>K1GF]@EB<AD>BM C>=>L
/I>SB?BDNFSN;>K^<DLB<AMB@>G LBG==B>A:K:DM>KBLMBD: =B>GNG:N?@>SXAEMP>K=>G ;BLSN>BG>F
@>PBLL>G #K:= >BG> 2>K:EE@>F>BG>KNG@  >GGH<A D]GG>G o=K>B #KNG=>E>F>GM> DHEHGB:EBLMBL<A>G
>GD>GLhA>KOHK@>AH;>GP>K=>G+LM>KA:FF>E?   B>OHGBAF:NL@>F:<AM>G!E>F>GM>
LBG=o=B>%=>>=>KNGO>KL]AGEB<A>G"K>F=A>BM =>K#E:N;>:G=B>A]A>K>G3>BA>G=>K'HEHGBL:MBHG
NG==B>1MHIB>=>KK>BGB@>G=>G2>KP:EMNG@h>;=  
:L>KLM>@>G:GGM>!E>F>GM o=B>%=>>=>KNGO>KL]AGEB<A>G"K>F=A>BMh+LM>KA:FF>E 
;:LB>KM :N? >BG>F B??>K>GS:QBHF  =:L PB>=>KNF NGM>KL<AB>=EB<A>G >@K^G=NG@>G SN@KNG=> EB>@M 
B> @>EXN?B@LM>G !KDEXKNG@LFNLM>K LM^MS>G LB<A :N? >BG> O>KF>BGMEB<A> B??>K>GS SPBL<A>G !NKH
IX>K9BGG>GNG=C>G>G:N_>K>NKHIXBL<A>G)>GL<A>G =B>BFDHEHGB:E>G/RLM>F:EL'HEHGBLB>KM>SN
L:FF>G@>?:LLMP>K=>G >@K^G=>MPNK=> B??>K>GSoMA>HEH@BL<A:ELA>B=GBL<A>2>KPHK?>GA>BM M><A
GHEH@BL<A:EL)BG=>KDHFI>M>GSBG=>K>A>KKL<ANG@=>K*:MNK NFP>EM=>M>KFBGBLMBL<A:EL,KX@NG@
=NK<A>BG=B>F>GL<AEB<A>'HGLMBMNMBHGL<APX<A>G=>LMKHIBL<A>L$:;BM:M ;BHEH@BL<A:EL.>=NDMBHG
:N?NGO>KXG=>KEB<A>.:LL> !B@>GL<A:?M>G h>;= 
B>BF6BM:ME>MSM@>G:GGM>GG:AF> >L@X;>;BHEH@BL<A>1GM>KL<AB>=>SPBL<A>G)>GL<A>G O>K=>NM
EB<AM=B>2>K;BG=NG@SPBL<A>GDHEHGB:EBLMBL<A>FNG=K:LLBLMBL<A>F >GD>G +LM>KA:FF>EF>KDMBG
=B>L>F6NL:FF>GA:G@SP:K:G =:LL=B>H;B@>G2HKLM>EENG@>GNGM>K=>G'HEHGBLB>K>G=>GP>BM@>
A>G= :N? 6NLMBFFNG@ MK:?>G  BG =>K ,K:QBL :;>K GB<AM :NMHF:MBL<A o:@@K>LLBO> A>KK>GF>GL<AEB<A>
'HGL>JN>GS>Gh >;=   A>KOHKKB>?>G  /H L>B =B> 2HKLM>EENG@ NGM>KL<AB>=EB<A>K A:K:DM>K>B@>G
L<A:?M>GIKX@>G=>L >GDFNLM>K=>L B??>K>GS:QBHFL@>P>L>GNG=AXMM>=>GoNGO>K;E^FM>7G8;BHEH
@BL<A>7G8 >M>KFBGBLFNLh :;@>E]LM >;=    B> 2HKLM>EENG@ NGM>KL<AB>=EB<A>K A:K:DM>K>B@>G
L<A:?M>G@BG@>KG>NMFBM>BG>K$B>K:K<ABLB>KNG@>BGA>K =B>OHG=>KGG:AF>;>LMBFFMP:K =:LLLB<A
:N_>K>NKHIXBL<A>)>GL<A>G >QIEBSBMDHEHGBLB>KM>:N_>K>NKHIXBL<A>)>GL<A>G :N?>BG>KGB>=KB@>K>G
n!GMPB<DENG@LLMN?>j;>?XG=>G:EL!NKHIX>K9BGG>G+LM>KA:FF>E6B:B 6N=>F
L>B>GLB>GB<AMSNK/>E;LMK>@B>KNG@?XAB@ P:LPB>=>KNF=B>DHEHGB:E>$>KKL<A:?M NL;>NMNG@NG=

 
#>P:EME>@BMBFB>K> *>;>G=>K$>KKL<A:?MLE>@BMBFB>KNG@DHGLMKNB>KM B??>K>GSBFDHEHGB:E>G BLDNKL
;BGXK>%=>GMBMXM>G >BG>>NKHIXBL<A>NG=>BG>:N_>K>NKHIXBL<A>%=>GMBMXMo B>>NKHIXBL<A>%=>GMBMXM
:EL?HKML<AKBMMEB<A SBOBEBLB>KMNG=:N?@>DEXKM>GMLM>AM=:;>BBG=>K;@K>GSNG@OHG=>G:ELK^<DLMXG=B@ 
NGSBOBEBLB>KM NG= ;:K;:KBL<A DHGLMKNB>KM>G GB<AM>NKHIXBL<A>G 2]ED>KG ;SP  /MXFF>G h 6B:B 

HHI>KA>;MABGLB<AMEB<A=>LA:K:DM>KBLMBDNFL=>K B??>K>GSA>KOHK =:LL>LLB<A=:;>BNF>MP:L
A:G=E> =:LD>BG/I>SB?BDNFoFH=>KG>K%FI>KB>GhHHI>KV;>KL>MSNG@=>KNMHKBGL>B 
2B>EF>AK BLM =B> .>IKH=NDMBHG OHG B??>K>GS FBMM>EL %GLMBMNMBHG>G NG= BLDNKL>G 0>BE >BG>L C>=>G
%FI>KBNFL  !K E>@M :EE>K=BG@L @E>B<A>KF:_>G =:K  =:LL =B> KMBDNE:MBHG OHG B??>K>GS BG nFH=>K
G>Gj%FI>KB>GfSN=>G>GHHI>K=B>>NKHIXBL<A>G'HEHGB:EBFI>KB>G=>L 1G= &:AKANG=>KML
SXAEMf>QIEBSBM>KOHK@>GHFF>GPNK=>:ELBG:KBLMHDK:MBL<A>G>;= 

hh)H=>KGi>FIBK>LP>K>BGLHF>P:RLFHK>>QIEB<BM:;HNM<H=B?RBG@=B??>K>G<>f:G=
I:KMB<NE:KER<H=B?RBG@K:<>fMA:G:KBLMH<K:MB<>FIBK>L ?HKMA>@BOBG@P:RH?LM:MNLAB>K
:K<AB>LMHI:KMB<BI:MBHGBG:KB@AML ;>:KBG@IHEBMRK:BL>=MA>LM:D>LH?BG<ENLBHG:G=>Q<EN
LBHG &NLMPA>K>EBG>LH?>Q<ENLBHGPHNE=;>=K:PGfBGM>KFLH?M>KKBMHKR K:<> E:G@N:@> 
@>G=>KHKMA>K>LI><M:;BEBMRH?I>KLHG:EHK<HEE><MBO>;>A:OBHKfP:LGHM:@BO>GH?MA>
hFH=>KGLM:M>i ;NMK:MA>KMA>?H<NLH?>GHKFHNL:G=LAB?MBG@=>;:M>BGGBG>M>>GMA :G=
MP>GMB>MA <>GMNKR!NKHI> iHHI>K$>KO B +  

>=BG@M=NK<A=B>LB<AP:G=>EG=>G.><AMLGHKF>GfOHG>BG>K/MXG=>@>L>EEL<A:?MSN>BG>K:N?^K
@>KK><AM>G;:LB>K>G=>G#>L>EEL<A:?MfPNK=> B??>K>GSBGnFH=>KG>Gj%FI>KB>GDE:K>KNGM>KL<AB>=>G
:ELBG:KBLMHDK:MBL<A>G #K>GS>G=>K!QDENLBHGP:K>GD>BG>#>@>;>GA>BM>G=>LnFH=>KG>Gj/M::M>L 
LHG=>KGPNK=>GBF NG= &:AKANG=>KMI>KF:G>GM=>;:MMB>KM 3B>L<AHG>BGE>BM>G=>KEXNM>KM P:K
E:NMHHI>K'HEHGB:EBLFNLBFF>K>BGNFDXFI?M>L0>KK:BG =:L=NK<A$:G=ENG@>GOHGDM>NK9BGG>G
A>K:NL@>?HK=>KMPNK=>  :LL>E;>@BEM?^K=B>'HGLMKNDMBHGOHG B??>K>GSN?DEXKNG@ (B;>K:EBLFNL
NG= .>IN;EBD:GBLFNL >KF]@EB<AM>G =B> KMBDNE:MBHG OHG "HK=>KNG@>G NG= ;HM>G EM>KG:MBO>G SNK
'HHI>K:MBHGFBM=>FBFI>KB:E>G.>@BF> >B>=:K?EH<D>KM>G%FI>KB>GBAK>!QDENLBHGLIHEBMBDfP:L
;>BLIB>ELP>BL>@>L<A:A P>GG/HE=:M>G;>G]MB@MPNK=>GfH=>KO>KL<AXK?M>GLB>:EL.>:DMBHG:N?PB
=>KLMXG=B@>DMBOBMXM>GBG=>G'HEHGB>G  B>'HGLMKNDMBHGNG=KMBDNE:MBHGOHG B??>K>GSP:KGB<AML
">LM@>L<AKB>;>G>L PNK=>=>G%GM>K>LL>G=>L%FI>KBNFL:G@>I:LLMNG=PNK=>:EL>LM:G=M>BEDHEHGB
:E>K$>KKL<A:?MLM>ML:G@>?H<AM>GHHI>K? 


*84;434AI8C84AC4=DC>A/8==4=E4AF4=34=34=8B:DAB146A855>7=44=CB?A4274=3446A855B>?4A0C8>=0;8B84AD=6

AD=3BLCI;827:0==B8270;;4A38=6B0=34A458=8C8>=>A84=C84ACF4A34=3848==;47=D=60=!8274;>D20D;C8=0
?8C4;  5>A<D;84ACFDA34
 
:LOHG+LM>KA:FF>EG:<A=>Ko%=>>=>KNGO>KL]AGEB<A>G"K>F=A>BMh+LM>KA:FF>E>K
PXAGM>SP>BM>A:K:DM>KBLMBDNFDHEHGB:EBLMBL<A>G >GD>GL o=>K#E:N;>:G=B>A]A>K>G3>BA>G=>K
'HEHGBL:MBHGh>;= ;>SB>AMLB<A:N?=:L;>K>BML=:K@>E>@M> B??>K>GS:QBHF>;=   :OHG
:NL@>A>G=  =:LL 'HEHGBLB>KM> OHG *:MNK :NL o?:NE  O>KL<AE:@>G  @K:NL:F O>KLIB>EM  G:BO  LBMM>GEHL 
=HII>ES^G@B@ NG?XAB@SN:;LMK:DM>F >GD>G BFINELBO NLP h>;= L>B>G PNK=>=B>DHEHGB:E>
"^AKNG@@>I::KMFBMo/>G=NG@L@E:N;>7G8NG=2HKFNG=L<A:?MLI?EB<AMh>;= E>@BMBFB>KM 'HEH
GB:E>$>KKL<A:?MLHEEM>=>G'HEHGBLB>KM>GO>KF>BGMEB<A=B>)]@EB<AD>BM;B>M>G :G=>G!KKNG@>GL<A:?
M>GnP>LMEB<A>K6BOBEBL:MBHGjM>BESNA:;>G  NK<AGDNK;>ENG@=>K,KH=NDMBOBMXMLHEEM>G=B>:N_>K>NKH
IXBL<A>G.>@BHG>G]DHGHFBL<AGNMS;:K@>F:<AMP>K=>G  >G'HEHGBLB>KM>GPNK=> PB>;>K>BML>K
PXAGM =B>"XAB@D>BMSNK/>E;LMK>@B>KNG@:;@>LIKH<A>GNG=DHEHGB:E>$>KKL<A:?M@:EM:EL>?K>BNG@
OHG=>LIHMBL<A>G$>KKL<A:?ML?HKF>G N?@KNG==>KOHKA>KKL<A>G=>GV;>KS>N@NG@ !NKHIX>K9BGG>G
P^K=>GLB<A:N?=>KA]<ALM>G!GMPB<DENG@LLMN?>;>?BG=>G PNK=>=:LNL;>NMNG@LO>KAXEMGBL:ELo#>
L<A>GDNG=#G:=>G:DMh+LM>KA:FF>E;>MK:<AM>M NF=B>'HEHGBLB>KM>GE:G@L:F:G=B>
n>B@>G>!GMPB<DENG@LLMN?>kA>K:GSN?^AK>G>;= ?  
EL=KBMM>LA:K:DM>KBLMBDNF?^AKM+LM>KA:FF>E=B>o1MHIB>=>KK>BGB@>G=>G2>KP:EMNG@h>;= 
:G  :;>BPNK=>=:OHG:NL@>@:G@>G =:LL=B>DHEHGB:E>$>KKL<A:?M+K=GNG@BG=B>:GLHGLM>G<A:H
MBL<A>G2>KAXEMGBLL>OHK+KM;KBG@>GP^K=>  :LO>KF>BGMEB<A>A:HL;:LB>KM>>;>G?:EEL:N?GG:A
F>G =B>=>F B??>K>GS:QBHFSNSNHK=G>GLBG=  :L>G>GG>GNG='E:LLB?BSB>K>GSXAEM>SN>BG>F
PB<AMB@>G)BMM>ESNK$>KLM>EENG@=B>L>KO>KF>BGMEB<A>G+K=GNG@ !BG@KB??>BG=:L@>L>EEL<A:?MEB<A>
/RLM>FPNK=>GBG=>F/BGG>>GMIHEBMBLB>KM BG=>FLB>GB<AM=>K,HEBMBD LHG=>KG=>K2>KP:EMNG@SN
@>L<AKB>;>GPNK=>G+LM>KA:FF>E?  

  EB?J5>DB9C385C5>;5>
B>=K>BA:K:DM>KBLMBD:DHEHGB:E>G >GD>GLfo=B>%=>>=>KNGO>KL]AGEB<A>G"K>F=A>BM =>K#E:N;>
:G=B>A]A>K>G3>BA>G=>K'HEHGBL:MBHGNG==B>1MHIB>=>KK>BGB@>G=>G2>KP:EMNG@h+LM>KA:FF>E
fXAG>EG=>GS>GMK:E>GLI>DM>G>NKHS>GMKBL<A>G >GD>GL !NKHS>GMKBLFNL:EL>BG>:N?
!NKHI:S>GMKB>KM>"HKFOHG!MAGHS>GMKBLFNLDHGLMKNB>KM>BG>n3BK #KNII>jBG;@K>GSNG@SN>BG>K
H=>K:N<AF>AK>K>Kn/B> #KNII>Gj 6N=>FO>KLN<AM=B>L>L>NKHI:S>GMKB>KM> >GD>GL>BM>@BGG=>K
>NKHIXBL<A>G !QI:GLBHG BF   &:AKANG=>KM I>KF:G>GM =NK<A >MHGNG@ =>K O>KF>BGMEB<A n>B@>
G>Gj6>GMK:EBMXM =>G>NKHIXBL<A>G3BKDNG@L;>K>B<ASN>KP>BM>KG/HG=>K>@@>K? 

o>BF!NKHS>GMKBLFNLA:G=>EM>LLB<ANF>BG>$:EMNG@SNK3>EM =B>DNEMNK>EE> B??>K>G
S>GBG"HKFOHG B<AHMHFB>G=>NM>MNG=BFDHGMK:LMB>K>G=>G2>K@E>B<ABAK>!B@>GA>BM>G
;>LMXMB@M  *>;>G =:L !E>F>GM =>K 6>GMK:EBMXM MK>M>G BF ":EE =>L !NKHS>GMKBLFNL C>=H<A
GH<A P>BM>K> BAG D>GGS>B<AG>G=> LI>DM>  !L LBG= =B>L =>K #E:N;> :G =B>

 
$]A>KP>KMB@D>BM =B>>BLIB>EA:?MB@D>BMNG==B>EE@>F>BG@^EMB@D>BM=>K>B@>G>G/B<AM=>K
BG@> h/HG=>K>@@>K

1F?HKFNEB>KME:NM>G=B>D>GGS>B<AG>G=>GLI>DM>OHG!NKHS>GMKBLFNLG>;>G=>KV;>KS>N@NG@=>K
>NKHIXBL<A>G 6>GMK:EBMXM o.:LLBLFNL  )BLLBHGL>B?>K NG= 1GBO>KL:EBLFNLh /HG=>K>@@>K   
B>L>=K>BLI>DM>A:;>GFBM+LM>KA:FF>EL=K>BA:K:DM>KBLMBD:=>LDHEHGB:E>G >GD>GLfo=B>%=>>
=>KNGO>KL]AGEB<A>G"K>F=A>BM =>K#E:N;>:G=B>A]A>K>G3>BA>G=>K'HEHGBL:MBHGNG==B>1MHIB>
=>KK>BGB@>G=>G2>KP:EMNG@h+LM>KA:FF>Ef@>F>BG =:LLLB>NG>BG@>L<AKXGDM=:K:N?
;:N>G =:LL!NKHIX>K9BGG>GoBF*:F>GNG=BF%GM>K>LL>:G=>K>KLIK><A>GSND]GG>Gh/HG=>K>@@>K
  B>;>G:GGM>GGL<A:NNG@L?HKF>GLBG=o2:KB:GM>G>BG>LL>AKLI>SB?BL<A>GA>@>FHGB:E>G
BLDNKL>Lh >;=    =>G /HG=>K>@@>K :EL BLDNKL =>K oSBOBEBL:MHKBL<A>G )BLLBHGh >;=   ;>
S>B<AG>M (>@BMBFB>KMPBK==>K BLDNKL:GA:G=>BG>KNGABLMHKBL<A>G>NKHS>GMKBL<A>G#>L<AB<AML;>
MK:<AMNG@  B>!LL>GMB:EBLB>KNG@OHG>@KB??EB<AD>BM>GPB>oo6BOBEBL:MBHGh o"HKML<AKBMMh o!GMPB<D
ENG@h o)H=>KG>hNG=o#EH;:EBLB>KNG@hh>;= $>KO B + BLM>BG%GLMKNF>GM=B>L>KNGABLMHKB
L<A>G>MK:<AMNG@ 1F=>K,KH;E>F:MBDSN;>@>@G>G ;>MHGM/HG=>K>@@>K=B>*HMP>G=B@D>BM>BG>K
F>MAH=BL<A G:<AOHEESB>A;:K>G NG= @>G:N>G @>L<AB<AMLPBLL>GL<A:?MEB<A>G "HKL<ANG@ NG= O>KP>BLM
:N?HHI>K>;= ?  =>KAXN?B@OHKDHFF>G=>F>MAH=HEH@BL<A> >?BSBM>:GA:G=OHGOB>KLI>D
M>G=:KE>@MoLMHKRIEN<DBG@h oE>:I?KH@@BG@E>@:<B>Lh o=HBG@ABLMHKR;:<DP:K=hNG=oMA>>IH<A:E
?:EE:<RhHHI>KSBM G:<A/HG=>K>@@>K 
1GM>KoLMHKRIEN<DBG@h?:LLM>KC>G>6N@XG@>SNL:FF>G =B>O>K:;LXNF>G 'HEHGB:EBLFNL:ELNF
DXFI?M>L  A>M>KH@>G>L ">E= P:AKSNG>AF>G NG= ABLMHKBL<A> !K>B@GBLL>  >GDP>BL>G NG= 6NLMXG=>
SNL:FF>G?:LL>G HAG>=B>C>P>BELLI>SB?BL<A>G'HGM>QM>SN;>K^<DLB<AMB@>GHHI>K 
o(>:I?KH@@BG@E>@:<B>Lh;>S>B<AG>M=B>$>KLM>EENG@OHGD:NL:E>G6NL:FF>GAXG@>GSPBL<A>GABL
MHKBL<A>G,A:L>GNG==:LPBEED^KEB<A>NLE:LL>GOHG:G=>K>GHHI>K?  
h HBG@ABLMHKR;:<DP:K=iLHEE=B>#>?:AK>BG>K:G:<AKHGBLMBL<A>G2HK@>A>GLP>BL>ABGLB<AMEB<A=>K
2>KP>G=NG@:G:ERMBL<A>K':M>@HKB>GA>KOHKA>;>G /HD]GG>G@>@>GPXKMB@>>@KB??EB<AD>BM>GGB<AM
HAG>3>BM>K>L?^K=B>G:ERL>=>K2>K@:G@>GA>BM:G@>P:G=MP>K=>G HAG>LB<A=>KBAG>GBGAXK>GM>G
$BLMHKBSBMXM;>PNLLMSNL>BG>;= ?  
>KOB>KM>LI>DM =>GHHI>K:ELoMA>>IH<A:E?:EE:<Rh;>S>B<AG>M LBG=C>G>,>KLI>DMBO>G =B>=:OHG
:NL@>A>G =:LL#>L<AB<AM>BGLMK>G@OHG>BG:G=>K:;@K>GS;:K>!IH<A>G>BGM>BE;:KPXK> PH=NK<A=B>
">AE:GG:AF>=>K!QBLM>GSOHG>BG>K;>LM>A>G=>G'HAXK>GSNGM>KLM^MSMP>K=>GP^K=>>;= ? 
oNMMHL>>ABLMHKR:L:LN<<>LLBHGH?>IH<ALBLMH:LLNF>:<HA>K>G<>MA:M<HFIE>QBGM>K:<MBHGLK:K>ER
IKH=N<> hHHI>K
EE>OB>KLI>DM>G>AF>G>SN@:N?!LL>GMB:EBLB>KNG@>G =B>SN">AE=>NMNG@>G?^AK>GNG==B>'HF
IE>QBMXMOHG'HEHGB:EBLFNLNG=%FI>KB:EBLFNLGB<AM:NLK>B<A>G=;>K^<DLB<AMB@>G  >K2>KLN<A =B>
@>G:GGM>G ":EELMKB<D> ABLMHKBL<A>K "HKL<ANG@ SN ;>K^<DLB<AMB@>G NG= =B> >LL>GMB:EBLMBL<A> LHPB>
 
NGK>?E>DMB>KM>2>KP>G=NG@OHG>@KB??EB<AD>BM>GSNO>KF>B=>G BLM0>BE=B>L>KK;>BMO@E /HG=>K>
@@>K 

GA:G==>K;BLA>KB@>G!KEXNM>KNG@>GEXLLMLB<A?>LMA:EM>G =:LLLB<AA:K:DM>KBLMBD:DHEHGB:E>K$>KK
L<A:?M>KD>GG>GE:LL>G =B>BF.:AF>G>BG>LA>@>FHGB:E>G BLDNKL>LPBKD>G =>KE:NM/HG=>K>@@>K
:EL BLDNKL=>KoSBOBEBL:MHKBL<A>G)BLLBHGh/HG=>K>@@>KH=>K:N<ABGGE>AGNG@:G+L
M>KA:FF>E:ELoDHEHGB:EBLMBL<A>L >GD>Gh+LM>KA:FF>E;>S>B<AG>MP>K=>GD:GG :N<A
P>GG(>MSM@>G:GGM>KGB<AMFBM=>F BLDNKL >@KB??:K;>BM>M 6>GMK:E>KLI>DM;>B=>K BLDNKL>BLM=B>
'HGLMKNDMBHG>BG>KA>@>FHGB:E>G B??>K>GS =B>=:K:N?;:NM ?^KNG=^;>K=B>nG=>K>GjLIK><A>GSN
D]GG>G/HG=>K>@@>K 

 $?CD;?<?>91<9C=ECE>4495?>CDBE;D9?>45BX>45B5>V
%G=B>L>F;L<AGBMMPBK=:N?=B>"K:@>>BG@>@:G@>G BGPB>?>KG:NLIHLMDHEHGB:E>K,>KLI>DMBO>BF
.:AF>G=>LDHEHGB:E>G BLDNKL>L=B>nG=>K>GjDHGLMKNB>KMPNK=>GNG=P>K=>G 6NGX<ALMP>K=>G
:EE@>F>BG> GG:AF>G :NL =>K IHLMDHEHGB:E>G 0A>HKB> LDBSSB>KM  NF :GL<AEB>_>G= >QIEBSBM :N? =>G
!BG?ENLL=K>B>K0A>HK>MBD>K9BGG>Gf!=P:K=/:B= #:R:MKBA:DK:OHKMR/IBO:DNG=$HFB' A:;A:
f>BGSN@>A>G =>K>G,>KLI>DMBO>GIHLMDHEHGB:E>/MN=B>G>GML<A>B=>G=;>>BG?ENLLMA:;>G 

,HLMDHEHGB:E>0A>HKB>G>BGM=B>#KNG=:GG:AF> =:LLDHEHGB:E> >GDP>BL>GNG=DHEHGB:E>L$:G=>EG
(:G@S>BM>??>DM> A:;>G  =B> BG =B> #>@>GP:KM ABG>BGPBKD>G NG= GB<AM GNK >A>F:EB@> 'HEHGB>G NG=
'HEHGB:EFX<AM>;>MK>??>G LHG=>KG:N<A.>@BHG>GNG==B>=HKME>;>G=>G)>GL<A>G =B>GB<AM=BK>DM
BG=:LDHEHGB:E>/RLM>FBGOHEOB>KMLBG='>KG>K 
>K3HKMM>BEoIHLMh;>L<AK>B;M=>FG:<AGB<AM=B>;@>L<AEHLL>GA>BM=>KDHEHGB:E>G2>K@:G@>GA>BM 
LHG=>KGOB>EF>AK=>K>G"HKMPBKD>GBG=B>#>@>GP:KM  :LA>B_M =:LLPBKNGL:DMN>EEBG>BG>KIHLM
DHEHGB:E>G #>@>GP:KM ;>?BG=>G  =B> OHG DHEHGB:E>G >GDP>BL>G =NK<A=KNG@>G BLM  #>@>GPXKMB@>
,KH;E>F>LBG=?HE@EB<ABF'HGM>QM=>KDHEHGB:E>G2>K@:G@>GA>BMSN;>MK:<AM>G'>KG>K %G
:G=>K>G3HKM>Go,HLMDHEHGB:EBLFNLD:GG=:;>BGB<AM>BG?:<A:EL>MP:L@>=:<AMP>K=>G =:LLmG:<Al
=>F'HEHGB:EBLFNL>BG@>MK>M>GBLM LHG=>KGFNLL:EL>BG>3B=>KLM:G=L?HKF@>@>G=B>DHEHGB:E>$>KK
L<A:?MNG=BAK>'HGL>JN>GS>G;>MK:<AM>MP>K=>G h:LMKH2:K>E: A:P:G$>KO B + 
NL IHLMDHEHGB:E>K ,>KLI>DMBO> P>K=>G 'HEHGBLB>KNG@  =>K>G "HE@>G LHPB> >DHEHGBLB>KNG@LIKH
S>LL>:ELDHFIE>QNG=GB<AM:;@>L<AEHLL>G;>MK:<AM>M *>HDHEHGB:EBLFNLNG=.>DHEHGBLB>KNG@LM>G
=>GS>G;>LMBFF>G=B>#>@>GP:KMNG=>KF]@EB<A>G=>F@EH;:E>G*HK=>G .>LLHNK<>G=>L@EH;:E>G
/^=>GLSNGNMS>G>;=  $>@>FHGB:E>/MKNDMNK>G;>@^GLMB@>G=B>N?K><AM>KA:EMNG@LI>SB?BL<A>K
NL;>NMNG@LO>KAXEMGBLL>NG=;>>BG?ENLL>G]DHGHFBL<A> IHEBMBL<A>NG=DNEMNK>EE>>K>B<A>=>LLM::M
EB<A>GNG=@>L>EEL<A:?MEB<A>G(>;>GL ,KH;E>F>=>KIHLMDHEHGB:E>G#>@>GP:KMF^LL>G=>LA:E;BF
'HGM>QM =>K DHEHGB:E>G 2>K@:G@>GA>BM ;>MK:<AM>M P>K=>G '>KG>K     "HE@>G =>L
 
'HEHGB:EBLFNL =>G>GBG=>KIHLMDHEHGB:E>G0A>HKB>;>LHG=>K>N?F>KDL:FD>BM@>L<A>GDMP>K=>G 
;>MK>??>G=B>>K>B<A>3BKML<A:?M ,HEBMBDNG='NEMNKLHPB>=>GLI>DM=>K#>P:EM>;=  
UDHGHFBL<A>LI>DM>;>SB>A>GLB<ANGM>K:G=>K>F:N?(:G=K:N;LHPB>>BG>K:N?NL;>NMNG@;:LB>
K>G=>GPBKML<A:?MEB<A>G*NMSNG@=>K.>@BHG>GBG2>K;BG=NG@FBM/DE:O>GA:G=>ENG=6P:G@L:K;>BM 
!NKHI:IKH?B>KM>OHG=>KPBKML<A:?MEB<A>GNLL<A]I?NG@=>K'HEHGB>G BG=>FSNF>BLIB>EK;>BML
IEXMS>@>L<A:??>GNG==>F:GD NG=2>KLB<A>KNG@LP>L>GSN>BG>FN?L<APNG@O>KAHE?>GPNK=>
'>KG>K 
N?IHEBMBL<A>K!;>G>P:K>GOHK:EE>FOHG=>KDHEHGB:E>G$>KKL<A:?M:N?@>SPNG@>G>1FLMKNDMNKB>
KNG@>GNG=3:G=ENG@>GBG=>G'HEHGB>G>BGL<AG>B=>G= =B>SNF0>BENGM>K!BG;>SB>ANG@EHD:E>K
!EBM>G NF@>L>MSM PNK=>G  B> DHEHGB:E> 2>KP:EMNG@ NG==FBGBLMK:MBHG P:K OHG "K>F=A>KKL<A:?M
NG=1G@E>B<A;>A:G=ENG@BF.:AF>G>BG>LoBGLMBMNMBHG:EBLB>KM>G.:LLBLFNLh'>KG>K;>
LMBFFM NG= 'HEHGB>G =B>GM>G :EL o(:;HK:MHKB>G ?^K LIXM>K> !GMPB<DENG@>G BG !NKHI:h >;=   
;>BLIB>ELP>BL>ABGLB<AMEB<APHAGNG@L NG=LMX=M>;:NEB<A>K2HKA:;>G !BGL<AG>B=>G=P:K>G>;>G?:EEL
DHEHGB:E>#K>GSSB>ANG@>G =>K>GNLPBKDNG@>GLB<A=:KBGF:GB?>LMB>K>G =:LL>BG#KH_M>BE=:OHG;BL
A>NM>;>LM>A>G'>KG>K #K>GS>GPNK=>GHAG>.^<DLB<AM:N?ABLMHKBL<A>!GMPB<DENG@>G
@>SH@>GNG=KB>?>GOB>E?XEMB@>'HG?EBDM>A>KOHKo B>G>N>G#K>GS>GO>KM>BEM>G#KH_?:FBEB>G:N?NG
M>KL<AB>=EB<A>>NKHIXBL<A>2>KP:EMNG@L NG=/IK:<A@>;B>M> NGM>K;K:<A>G:;>K:N<A$:G=>ELKHNM>G 
=B>>O]ED>KNG@LS>GMK>GO>K;NG=>GNG==>GNLM:NL<A>MP:OHG*:AKNG@LFBMM>EGBG;>G:<A;:KM>G
]DHEH@BL<A>G6HG>G>KF]@EB<AMA:MM>G h!<D>KM0KHMS>KA>;EB<A>K"HE@>GP:K>G#K>GS>G
SND>BG>F6>BMINGDMNG^;>KPBG=;:KNG=)H;BEBMXMBG"HKFOHG$:G=>E )B@K:MBHGH=>K"EN<AMP:K>G
GB<AMGNKF]@EB<A LHG=>KG?:G=>G:N<ALM:MM>;=  
ELO>K@E>B<ALP>BL>>BGL<AG>B=>G=>K?^K=B>'HEHGBLB>KM>GP:K=:L,KBGSBI=>Ko0>KKBMHKB:EBLB>KNG@
OHG$>KKL<A:?Mh>;=   >K=>NML<A>?KBD: $BLMHKBD>KG=K>:L!<D>KM;>S>B<AG>M=B>1FL>MSNG@
=B>L>L,KBGSBIL:ELoBGG>K>#K>GSSB>ANG@h!<D>KM

o B> 'HEHGB:EA>KK>G L<AN?>G LNDS>LLBO> O]ED>KK><AMEB<A :;@>LB<A>KM> 0>KKBMHKB:ELM::M>G
FBM=>FGLIKN<A:N?>BGLM::MEB<A>L#>P:EMFHGHIHENG=DE:K>G ?>LM>G#K>GS>GBG#>
;B>M>G =B>BG=>KOHKDHEHGB:E>G6>BM=NK<ANGIKXSBL> LB<A;>LMXG=B@P:G=>EG=>#K>GS>G
NG=>BG>2B>ES:AEIHEBMBL<A>K+K=GNG@>GFBMA]<ALMNGM>KL<AB>=EB<A>G#K:=>G=>K6>GM
K:EBLB>KNG@<A:K:DM>KBLB>KMP:K>G h!<D>KM

$>KKL<A:?MPNK=>GB<AMF>AKPB>BGOHKDHEHGB:E>K6>BM:EL$>KKL<A:?M^;>K)>GL<A>G LHG=>KG:EL
$>KKL<A:?M^;>K>BG;>LMBFFM>L0>KKBMHKBNF=>?BGB>KM 
%G>SN@:N?DNEMNK>EE>2>KXG=>KNG@>GPBK=G>;>G=>K)BLLBHG=B>!KSB>ANG@BF.:AF>G=>LDHEH
GB:E>G /<ANELRLM>FL @>G:GGM '>KG>K   LHPB> =B> o'HGLMKNDMBHG OHG !MAGBSBMXMh !<D>KM
 /B>BLM:EL!K@>;GBL=>K;>L<AKB>;>G>G0>KKBMHKB:EBLB>KNG@OHG$>KKL<A:?MSN;>MK:<AM>G 
 
B>NGM>KL<AB>=EB<A>GOHKDHEHGB:E>G@>L>EEL<A:?MEB<A>G+K@:GBL:MBHGL?HKF>GPNK=>GBG!GMBMXM>Gf
LH@>G:GGM>/MXFF>f>BG@>M>BEM o=B>F:GBAK>KL>BMLG:<A=>F)NLM>K=>LA>BFBL<A>G>NKHIXBL<A>G
*:MBHG:ELM::M>L:EL/IK:<A 'NEMNK ;LM:FFNG@L NG=IHEBMBL<A>#>F>BGL<A:?MFBM:;@>@K>GSM>G
0>KKBMHKB>GBGM>KIK>MB>KM>h>;= ??   B>:EL/MXFF>;>S>B<AG>M>G!BGA>BM>GPNK=>GG:MNK:EBLB>KM 
BG=>FLB>:ELLM:MBL<ANG=NG:;XG=>KEB<A;>MK:<AM>MPNK=>G'>KG>K !MAGBSBMXMNG=;
LM:FFNG@PNK=>GBG=>KDHEHGB:E>GTK:SN=>G>BGSB@;>LMBFF>G=>G)>KDF:E>G>BG>KO>KF>BGMEB
<A>G/M:FF>LSN@>A]KB@D>BM  >G'HEHGBLB>KM>GPNK=>:;@>LIKH<A>G ^;>K>BG>n>B@>G>jOHKDHEHGB:E>
#>L<AB<AM>SNO>K?^@>G P:L!<D>KM:ELo%KHGB>=>K'HEHGB:E@>L<AB<AM>?KBD:Lh!<D>KM
;>S>B<AG>M =::N?EHD:E>K!;>G>=B>OHKDHEHGB:E>#>L<AB<AM>OHG=>G'HEHGB:EO>KP:EMNG@>G@>GNMSM
PNK=> NF=B>):<AMLM>EENG@OHG)>GL<A>G =B>=>K:?KBD:GBL<A>G!EBM>:G@>A]KM>G SNE>@BMBFB>K>G
>;=  
/M:FF>LLMKNDMNK>G;>LM>A>GBG?KBD:;BLA>NM>NG=LBG=GB<AM:EL.>LM;>LMXG=>=>KOHKDHEHGB:E>G
6>BMSN;>MK:<AM>G LHG=>KGOB>EF>AK:EL!K@>;GBL=>KDHEHGB:E>G$>KKL<A:?M 1F=B>BG:KBMXMSPB
L<A>G'HEHGBLB>K>G=>GNG='HEHGBLB>KM>GGB<AMSN>LL>GMB:EBLB>K>G BLM=:K:N?ABGSNP>BL>G =:LL:G
=>K'HGLMKNDMBHGLHPB>=>K!M:;EB>KNG@OHG/MXFF>G:?KBD:GBL<A>!EBM>G>;>GLH;>M>BEB@MP:K>GPB>
'HEHGBLB>K>G=> N<AAB>KS>B@MLB<A =:LLDHEHGB:E>$>KKL<A:?MGB>F:ELNG:G@>?H<AM>G;EB>; =::N<A
=B>'HGLMKNDMBHGOHG!MAGBSBMXM>BGI>KF:G>GM>L">E==>K BLDNLLBHGNG=1FBGM>KIK>M:MBHGP:K !
<D>KM
>KLI>DM=>K#>P:EM;>LMBFFM>=>GDHEHGB:E>GEEM:@NG=PBKDM>:N?F>AK>K>G!;>G>G #>P:EM
PNK=>:ELn=BLSBIEBGB>K>G=>Lk%GLMKNF>GM>BG@>L>MSM NF=B>K;>BMLDK:?M=>K'HEHGBLB>KM>G:NLSNGNM
S>G NF:;L<AK><D>G=SNPBKD>GNG=NF:GMBDHEHGB:E>3B=>KLM:G=LA:G=ENG@>GBGBAK>F'>BFSN
>KLMB<D>G  B>/HSB:EPBLL>GL<A:?ME>KBG%G:'>KG>K;>S>B<AG>M:N<A=B> >SBFB>KNG@=>KNKLIK^G@EB
<A>G >O]ED>KNG@LS:AE BG =>G 'HEHGB>G =NK<A >NKHIXBL<A> 'K:GDA>BM>G :EL o@>P:EML:Fh '>KG>K
 
6NFLI>DM=>K#>P:EM@>A]KM:N<A=B>>IBLM>FBL<A> BF>GLBHG=>KDHEHGB:E>G$>KKL<A:?M =B>LB<A
=:=NK<A:NL=K^<DM =:LLo7L8HPHAEL>BG>7=B>=>L'HEHGB:EBLFNL8(>@BMBF:MBHG:EL:N<AL>BG>NL@>
LM:EMNG@NG=N?K><AM>KA:EMNG@7e8=NK<ALI>SB?BL<A>>NKHIXBL<A>3BLL>GL?HKF>GNGM>KLM^MSMNG=
LMKNDMNKB>KM7PNK=>G8h'>KG>K %GGE>AGNG@:G"HN<:NEM;>S>B<AG>G!IBLM>F>>=BG@NG
@>G =B>!KD>GGMGBLNG=3BLL>G>KF]@EB<A>G NL@>A>G==:OHGNG=BG6NL:FF>GA:G@FBM=>F#>
P:EM;>@KB??;>S>B<AG>M>IBLM>FBL<A>#>P:EM=B>oSP:G@A:?M> >E>@BMBFB>KNG@ /:GDMBHGB>KNG@NG=
2>K=KXG@NG@ *>@:MBOB>KNG@ ;>LMBFFM>K !KD>GGMGBLF]@EB<AD>BM>G NG= =B> M>G=>GSB>EE> NG= O>K
LN<AM> NK<AL>MSNG@,HLBMBOB>KNG@OHG:G=>K>Gh#:K;> 
'HEHGB:E>$>KKL<A:?MNG==:FBM>BGA>K@>A>G=>NL;>NMNG@LO>KAXMGBLL> =B>BGDHEHGB:E>GLHPB>IHLM
DHEHGB:E>G/BMN:MBHG>G:GSNMK>??>GLBG= E>@BMBFB>K>GLB<A:ELHGB<AMGNK:N?oF:M>KB>EE>K ;BHIHEBMB
L<A>K H=>K LHSB:E>K !;>G>h >;=    LHG=>KG :N<A =NK<A LI>SB?BL<A> >NKHIXBL<A>3BLL>GL?HKF>G 
>GDP>BL>GNG=GG:AF>G=B>L>K3BLL>GL?HKF>GPNK=>G;>K>BMLBFOHKA>K@>A>G=>G':IBM>E 
 
>KEXNM>KMNG=;:LB>KM>G:N?=>K'HGLMKNDMBHG>BG>KA>@>FHGB:E>G B??>K>GSSPBL<A>G'HEHGBLB>KM>G
NG='HEHGBLB>K>G=>G;>SB>ANG@LP>BL>=>K'HGLMKNDMBHGn=>KG=>K>Gk/HG=>K>@@>K 
,HLMDHEHGB:E>3BLL>GL<A:?M>G>BGM=B>V;>KS>N@NG@ =:LLDHEHGB:E>$>KKL<A:?M @>LM^MSM=NK<AA>@>
FHGB:E>NG= B??>K>GS>KS>N@>G=>3BLL>GLFH=>EE>]DHGHFBL<A> IHEBMBL<A>NG=DNEMNK>EE>>K>B<A>
=>LLM::MEB<A>GNG=@>L>EEL<A:?MEB<A>G(>;>GLG:<AA:EMB@;>>BG?ENLLMA:;>G 'HEHGB:EBLFNLBLMP>=>K
:;@>L<AEHLL>GGH<ALINKEHL:G=>K3>EMOHK^;>K@>@:G@>G'>KG>K /HPHAE=B>>A>F:EB@>G
'HEHGB>G:EL:N<A!NKHI:PNK=>GOHGDHEHGB:E>K$>KKL<A:?M@>IKX@M P>LA:E;2>K?E><AMNG@>GBG=>G
"HDNL K^<D>G  =B> FBMM>EL >BG>K MK:GLG:MBHG:E :NL@>KB<AM>M>G "HKL<ANG@ NGM>KLN<AM P>K=>G :LMKH
2:K>E: A:P:G?  ,HLMDHEHGB:E>0A>HKB>GP>K=>G:ELF:<AM DKBMBL<ANG=PBLL>GL<A:?ML
IHEBMBL<A O>KLM:G=>G  =: LB> =:K:N? :;SB>E>G  o:N? @>L>EEL<A:?MEB<A> )BLLLMXG=> >BGL<AEB>_EB<A BAK>K
1KL:<A>GNG=3BKDNG@>G:N?F>KDL:FSNF:<A>GNG==:=NK<A=:SN;>BSNMK:@>G =B>L>)BLLLMXG=>
SN;>A>;>Gh'>KG>K 'HEHGB:E>/INK>G =B>NGL>K>#>@>GP:KMIKX@>G LHEE>GK>DHGLMKNB>KM 
:N?@>S>B@MNG=DKBMBLB>KMP>K=>G 
G@>LB<AML=>K0:ML:<A> =:LLLHPHAE=B>#>@>GLMXG=>IHLMDHEHGB:E>K0A>HKB>GNG=/MN=B>G>;>GLH
PB>=B>6N@XG@>>BG>@KH_>:G=;K>BM>:N?P>BL>G LM>A>GIHLMDHEHGB:E>3BLL>GL<A:?ME>K9BGG>GOHK
=>F,KH;E>F o7e8=:LL;>B6N@KNG=>E>@NG@>BG>LP>BM>G,HLMDHEHGB:EBLFNL >@KB??LL<AG>EE:EE>L
NG=GB<AMLSNKIHLMDHEHGB:E>G'HG=BMBHG>KDEXKMP>K=>GD:GGNG==:LL>L=:A>KLHK@?XEMB@>K'HGDK>
MBLB>KNG@>G;>=:K? NFGB<AM=B>NGM>KL<AB>=EB<ALM>G,AXGHF>G>NG=,KH;E>FE:@>G^;>K>BG>G':FF
SNL<A>K>G h'>KG>K,HLMDHEHGB:E>0A>HKB>G;>?BG=>GLB<AOHK=>K$>K:NL?HK=>KNG@ 2>K
:EE@>F>BG>KNG@>GSNO>KF>B=>GNG=@E>B<AS>BMB@@EH;:E>6NL:FF>GAXG@>:N?@KNG=>BG>LDHGM>QM
LI>SB?BL<A>G"HDNLGB<AM:N_>K<AMSNE:LL>G>;=  

,HLMDHEHGB:E>)NL>HEH@B>;:LB>KM PB>;>K>BML=>K*:F>>K:AG>GEXLLM :N?IHLMDHEHGB:E>G0A>HKB>G 
,HLMDHEHGB:E> 3BLL>GL<A:?ME>K9BGG>G NG= DMBOBLM9BGG>G L>MS>G LB<A BG =B>L>F "HKL<ANG@L;>K>B<A
DKBMBL<AFBM>NKHIXBL<A>GfBGL;>LHG=>K>>MAGHEH@BL<A>Gf)NL>>G 'HEHGB:EBLFNLNG==>K'HGLMKND
MBHGOHGnG=>KLA>BMj:NL>BG:G=>K':S>>F):KMBGS 0NK>D/M>KG?>E= 
>K6NL:FF>GA:G@SPBL<A>G'HEHGB:EBLFNLNG=>MAGHEH@BL<A>G)NL>>GPNK=>;>K>BMLF>AK?:<A
>KPXAGMNG=;>SB>AMLB<A:N?=>GDHEHGB:E>G'HGM>QM>BG>L#KH_M>BEL=>K/:FFENG@>GLHPB>=:K:N? 
=:LL =B> F>BLM>G >MAGHEH@BL<A>G )NL>>G SNK 6>BM =>L >NKHIXBL<A>G $H<ABFI>KB:EBLFNL @>@K^G=>M
PNK=>G  B>'HGLMKNDMBHGn=>KG=>K>Gj=NK<ALI>SB?BL<A>>NKHIXBL<A>3BLL>GL?HKF>GP:K0>BE=>L
DHEHGB:E>G,KHC>DML !MAGHEH@BL<A>)NL>>G^;>KG:AF>G=B>N?@:;> =B>L>3BLL>GL?HKF>G =B>:N?
=>KV;>KS>N@NG@>BG>KO>KF>BGMEB<A>GA>@>FHGB:E>G B??>K>GS;:LB>KM>G =NK<A=B>,KXL>GM:MBHGOHG
:N_>K>NKHIXBL<A>G+;C>DM>GSNO>K=>NMEB<A>G"K^G=M??  
G@>LB<AML=>K2>KLMKB<DNG@>G=>K0A>F>GDHFIE>Q>f)NL>NF 'HEHGB:EBLFNLNG==>K'HGLMKND
MBHGOHGnG=>KLA>BMjfo7BLM87>8BGNGL<ANE=B@>L/IK><A>Gd^;>K=B>G=>K>GcBF)NL>NF7e8GB<AM
F>AKF]@EB<A h':S>>F):KMBGS 0NK>D/M>KG?>E=
 
0A>HKB>GSNK'HGLMKNDMBHGOHGnG=>KLA>BMjLM>A>GBF"HDNL=B>L>KK;>BM =::NLIHLMDHEHGB:E>K
,>KLI>DMBO>=:OHG:NL@>@:G@>GPBK= =:LL>MAGHEH@BL<A>)NL>>GNGM>K:G=>K>F=NK<A=B>2>KL<AE>B
>KNG@=>K/:FFENG@L@>L<AB<AM>G =B>*B<AMMA>F:MBLB>KNG@=>K)NL>NFL@>L<AB<AM>GLHPB>=NK<A=B>
NLLM>EENG@LIK:QBL SNK .>IKH=NDMBHG A>@>FHGB:E>K >GDP>BL>G ;>BMK:@>G  =B> BAK>G 1KLIKNG@ BF
'HEHGB:EBLFNLA:;>G':S>>F):KMBGS 0NK>D/M>KG?>E=?  
.H;>KM&  5HNG@ =>K >D:G=>K"XDNEMXMoKML:G=$NF:GBMB>Lh:G=>K);"36/2-:)67-8= &9
,%&-BLM*>P5HKD1GBO>KLBMR;N A:;BH &  G>GGM:ELo$HER0KBGBMRhIHLMDHEHGB:E>K0A>HKB>G
!=P:K=/:B= #:R:MKBA:DK:OHKMR/IBO:DNG=$HFB' A:;A:5HNG@ /B>LBG==NK<A
BAK>F>MAH=HEH@BL<A>2HK@>A>GLP>BL>O>K;NG=>G =B>LB<A:G=>K?K:GS]LBL<A>G0A>HKB>MK:=BMBHG PB>
SNF>BLIB>E=>K)B<A>E"HN<:NEML HKB>GMB>KM :N<AP>GG=B>.>S>IMBHG:N?NGM>KL<AB>=EB<A>3>BL>
LM:MM?BG=>M:LMKH2:K>E: A:P:G 
 
  4G1B4'194
>K(BM>K:MNKPBLL>GL<A:?ME>K!=P:K=/:B=PNK=>BF&:AKBG3>LM &>KNL:E>F@>;HK>G PN<ALBG
':BKH :N? NG= :;LHEOB>KM> L>BG>G $B@AL<AHHE ;L<AENLL BG =>G 1/  PH >K :N<A L>BG>G P>BM>K>G
:D:=>FBL<A>G3>K=>@:G@=NK<AEB>? !KF]@EB<AMPNK=>BAF=B>L>(:N?;:AGNGM>K:G=>K>F P>BE>K
:N?@KNG=L>BG>L2:M>KL =>KPXAK>G==>L!KLM>G3>EMDKB>@>L:G1/ :F>KBD:GBL<A>K/>BM>@>DXFI?M
A:MM> /M::ML;^K@>K=>K1/P:K !KL>E;LM;>S>B<AG>M>LB<A:EL,:EXLMBG>GL>KNG=K:;>K LIK:<ABG
=B>L>F6NL:FF>GA:G@OHG BLDKBFBGB>KNG@L>K?:AKNG@>G =B>>KBG=>G1/>KE>;MA:;>NG=P:K
SN@E>B<A)BM@EB>==>L%0)78-2-%2%8-32%0392'-0 ):K[:=H):K:LMKH2:K>E:NG=*BDBM: A:P:G 
;>S>B<AG>G=>G/><ALM:@>DKB>@BF&:AK:EL3>G=>INGDMBG/:B=LBH@K:IAB>NG=:EL:NLL<AE:@
@>;>G=?^KL>BG>>L<AX?MB@NG@FBM=>K'HGLMKNDMBHG>BG>LLM>K>HMRI>GBE=>LOHG:K:;BL<A>G)>G
L<A>G;>SB>ANG@LP>BL>=>K:K:;BL<A>G3>EM:LMKH2:K>E: A:P:G??  
/:B= GBFFM G:<A :LMKH 2:K>E: A:P:G FBM L>BG>F >KLMF:EL  >KL<AB>G>G>F 3>KD o+KB>GM:
EBLFh>BG>;>LHG=>K>/M>EENG@BF>K>B<A=>KIHLMDHEHGB:E>G0A>HKB>G>BG =:>K:EL>KLM>,>KLHG>BG>
DHEHGB:E> BLDNKL:G:ERL>BGGE>AGNG@:G"HN<:NEM=NK<A?^AKM>/:B=:LMKH2:K>E: A:P:G
? NG==:=NK<ALDBSSB>KM> oPB>=>KDHEHGB:E> BLDNKL=B>DHEHGBLB>KM>G/N;C>DM>92('HEH
GBL:MHK>G@E>B<A>KF:_>GA>KOHK@>;K:<AMA:MNG=PB>=>K+KB>GM=NK<AL>E;LM>KG:GGM>+KB>GM>QI>KM>G 
=B>OHK@:;>G =>G+KB>GMSND>GG>G A>K@>LM>EEMNG=:GL<AEB>_>G=>LL>GMB:EBLB>KMPNK=> h:LMKH2:
K>E: A:P:G$>KO B +  


!0AN03>!0A0BCA>*0A4;03848='?0=84=641>A4=FDA348BC$L306>68=$HB27>;>68=B>F84$>;8C8:F8BB4=B2705C;4A8=

D=3;47AC0=34A%#%(&('(",".%8=4A;8=84$>;8C8:F8BB4=B2705C;4A8="8:8C070F0=3848==384=64
1>A4=FDA348BC$A>54BB>A8=0=34A()(% +'3''#/+,#-5-#''',+.$B>F848A4:C>A8=34B +'$ .+-,
+" '-+ 8+(,-(%('#%-.#,0BCA>*0A4;070F0= 
84=827C64B27;427CBB4=B81;4'?A0274F8A314FDBBC=827C<8C\-B82.X64:4==I4827=4C30'08364=34AB?4I858B274B

?4:C4E4A=027;LBB86CD=31470D?C4C30BB4BB827148<:>;>=80;4=8B:DABD<48=4=[<L==;8274=Z70=34;=FPA34
E6;0BCA>*0A4;070F0=  
 
/:B=>KEXNM>KM =:LL>L=K>B>=>NMNG@>GOHGo+KB>GM:EBLFh;>SB>ANG@LP>BL>o+KB>GM:EBLFNLh@B;M 
=B>:EE>L:FMFBM>BG:G=>KO>K?EH<AM>GLBG=  :;>B;>SB>AM>KLB<A>KLM>GL:N?:D:=>FBL<A> BLSBIEBG>G 
=>K>G"HKL<ANG@NG=(>AK>=>Gn+KB>GMj:EL/<AP>KINGDMA:;>G 6P>BM>GL:N?>BG>HGMHEH@BL<A>NG=
>IBLM>FHEH@BL<A>,K:QBL=>K1GM>KL<A>B=NG@SPBL<A>Gn+KB>GMkNG=n+DSB=>GMj/:B=? NG=
=KBMM>GL;>L<AK>B;M>Ko+KB>GM:EBLFNLh:EL

o7e8MA><HKIHK:M>BGLMBMNMBHG?HK=>:EBG@PBMAMA>+KB>GMf=>:EBG@PBMABM;RF:DBG@
LM:M>F>GML:;HNMBM :NMAHKBSBG@OB>PLH?BM =>L<KB;BG@BM ;RM>:<ABG@BM L>MMEBG@BM KNEBG@
HO>KBMBGLAHKM +KB>GM:EBLF:L:3>LM>KGLMRE>?HK=HFBG:MBG@ K>LMKN<MNKBG@ :G=A:OBG@
:NMAHKBMRHO>KMA>+KB>GM h/:B=

%F2>KE:N?L>BG>L3>KD>L>KEXNM>KM/:B= PB>=B>;>L<AKB>;>G>.>LMKNDMNKB>KNG@=>Ln+KB>GMLj LHPB>
=B> HFBG:GSNG=NMHKBMXM^;>KBAGDHGLMKNB>KMNG=:N?K><AM>KA:EM>GPNK=>G !K?:LLM+KB>GM:EBLFNL
:EL>BG>G BLDNKLBF/BGG>OHG"HN<:NEML3>KD>GoK<AXHEH@B>=>L3BLL>GLhNG=oV;>KP:
<A>GNG=/MK:?>Gh:N?NG=O>KLN<AMSNS>B@>G BGPB>?>KGP>E<A>%GM>K>LL>GBG=B>'HGLMKNDMBHG
=>Ln+KB>GMLj>BG?EB>_>G 6N=>FPBK==:K@>LM>EEM PB>LB<A>BG>o>NKHIXBL<A>'NEMNKhBG;@K>GSNG@
SNFn+KB>GMjDHGLMBMNB>KM>/:B= 
/:B=:G:ERLB>KMBG=B>L>F/BGG>0>QM> =B>>K:ELnHKB>GM:EBLMBL<Ak>BGLMN?M =B>:;>K:NLL<AEB>_EB<A:NL
?K:GS]LBL<A>K ;KBMBL<A>KH=>K1/ :F>KBD:GBL<A>KfBG/:B=L >?BGBMBHG :NLnHDSB=>GM:E>Kjf">=>K
LM:FF>G NG= ;>@K^G=>M =B>L> !BGL<AKXGDNG@ FBM =>K >BGSB@:KMB@>G ABLMHKBL<A>G 2>K;BG=NG@ SPB
L<A>GC>G>G(XG=>KGNG==>Fn+KB>GMjNL@>A>G=OHF$>@>FHGB>DHGS>IM =>LBM:EB>GBL<A>G&HNK
G:EBLM>G 0A>:M>KDKBMBD>KLNG=/HSB:EBLM>GGMHGBH#K:FL<B:K?NLL&>AE>>KEXNM>KM>K =:LL
=B>DHEE>DMBO>>NKHIXBL<A>V;>KS>N@NG@=>KDNEMNK>EE>G$]A>KP>KMB@D>BMBG;@K>GSNG@SN=>Gn:G
=>K>Gk GB<AM >NKHIXBL<A>G)>GL<A>G=:L'HGS>IM=>K>NKHIXBL<A>GDNEMNK>EE>G$>@>FHGB>LHPHAE
BG!NKHI: :EL:N<ABG=>KK>LMEB<A>G3>EM@>?>LMB@MA:;>/:B=??   B>L>V;>KS>N@NG@;>
S>B<AG>M/:B=:ELo437-8-32%0LNI>KBHKBMRh>;= $>KO B +  =B>LB<A=NK<A=B>2HKA>KKL<A:?M!N
KHI:L^;>K=>Gn+KB>GMj@>?>LMB@MA:;> =B>:;=>F6P>BM>G3>EMDKB>@OHG=>G1/^;>KGHFF>G
PNK=>>;=  
:LMKH2:K>E:NG= A:P:G?:LL>G=B>PB<AMB@LM>GK@NF>GM:MBHGLLMKXG@>BG/:B=L3>KDPB>?HE@M
SNL:FF>G



'08314I847CB8270D530B464<>=84:>=I4?C30B8=34=B>64=0==C4=45L=6=8B745C4=%D034A=834;0A24A4

A0<B28BW34AD=C4A34<50B278BC8B274=&468<4!DBB>;8=8B8<07A  E4A705C4CFDA34D=38<07A  IF48


(064E>AB48=4AE>A64I>64=4=A48;0BBD=6BC0A1W4A;LDC4ACF8A38445L=6=8B745C4B27A841A0<B288=34=07A4=
01  '84FDA34=4ABC<0;B8<07A A0<B28 0D58C0;84=8B27E>=*0;4=C8=>4AA0C0=0?D1;8I84ACFDA
34=
 
o >K=HII>EM>"HDNL=>K/MN=B>KB<AM>MLB<A:N?=>K>BG>G/>BM>:N?=B>'HGLMKNDMBHG=>L
+KB>GML=NK<A!NKHI:LHPB>=B>=:FBM>BGA>K@>A>G=>G.>IKXL>GM:MBHGLIHEBMBD>GNG=:N?
=>K:G=>K>G/>BM>:N?=B>%GLMKNF>GM:EBLB>KNG@=B>L>L3BLL>GLSNKDHEHGB:E>G$>KKL<A:?ML
LM:;BEBLB>KNG@ %GL;>LHG=>K>=B>=B>A>@>FHGB:E>G!IBLM>FHEH@B>G:EL:N<AF:M>KB>EE>G
.>:EBMXM>GLMKNDMNKB>K>G=>G BLDNKL>P>K=>GAB>KBG=>GEB<D@>GHFF>G h:LMKH2:
K>E: A:P:G

2HG=B>L>F6BM:M:NL@>A>G=;E>B;M?>LMSNA:EM>G =:LLE:NM/:B==B>.>IKXL>GM:MBHG=>KnG=>K>GjLH
PB>=B>>NKHIXBL<A>3BLL>GLIKH=NDMBHG:GLB<ABG2>K;BG=NG@FBM/MK:M>@B>GOHG):<AMNG=$>KK
L<A:?M LM>A>G  :LB>K>G= :N? >NKHS>GMKBL<A>F >GD>G PBK= LH >BG> $HFH@>GBLB>KNG@ =>L n+KB
>GMLj;>P>KDLM>EEB@M:LMKH2:K>E: A:P:G? NG==:;>Bo>BG@>;>MM>MBG>BG/M>K>HMRI>GK>
@BF> ;>B=>F=>K+KB>GM:EL?>FBGBG BKK:MBHG:ENG=IKBFBMBOBF#>@>GL:MSSNFF:LDNEBG>G K:MBHG:
E>GNG=?HKML<AKBMMEB<A>G3>LM>G>GMPHK?>GPNK=> h>;= 
/:B=LB>AM=B>FBM=>K$HFH@>GBLB>KNG@LM:MM?BG=>G=>/M>K>HMRIBLB>KNG@GB<AMFBM=>K >DHEHGBLB>
KNG@;>>G=>M O>KP>BLM:N?=>K>G"HKM?^AKNG@BG=>KoIHLMFH=>KG>Gh3>EM/:B=NG=@EB>
=>KMLB<ALHFBMBG=>G':GHGIHLMDHEHGB:E>K0A>HKB>G>BG BG=>F>K=B>;@>L<AEHLL>GA>BM=>KDHEH
GB:E>G2>K@:G@>GA>BMBG"K:@>LM>EEMO@E '>KG>K 

  1I1DB981;B1F?BDI'@9F1;
 B>(BM>K:MNKPBLL>GL<A:?ME>KBG#:R:MKBA:DK:OHKMR/IBO:DPNK=>BF&:AKBG':EDNMM:@>;HK>G
NG=PN<ALBG>BG>Ko@>;BE=>M>G)BMM>EL<AB<AML?:FBEB>h:LMKH2:K>E: A:P:G:N? *:<A
=>FLB>BAK>G:<A>EHKBG':EDNMM::G=>KA>NMB@>G6)7-()2'=2-:)67-8=3*30/%8%:;LHEOB>KM> @BG@
LB>BG=B>1/ NFSNGX<ALMBF):LM>KG@EBLMBDSNLMN=B>K>G >K>BMLBFEM>KOHG&:AK>GE>AKM>
LB>:ELLLBLM>GSIKH?>LLHKBG:G=>K2-:)67-8=3*3;%NG=P:K=B>>KLM>;31)23*'30396 =B>:G=>K
3091&-%2-:)67-8=:EL2-:)67-8=63*)7736=>GA]<ALM>G:D:=>FBL<A>G.:G@>KAB>EM>;= ?  
>K OHG =>K (BM>K:MNKPBLL>GL<A:?ME>KBG #:R:MKB A:DK:OHKMR /IBO:D LM:FF>G=> N?L:MS o:G MA>
/N;:EM>KG /I>:Dh  PBK= OHG :LMKH 2:K>E: NG= A:P:G >;>GLH PB> /:B=L o+KB>GM:
EBLFh:ELo#K^G=NG@L=HDNF>GMIHLMDHEHGB:E>K/MN=B>Gh:LMKH2:K>E: A:P:G
@>P>KM>M 
3XAK>G= LB> LB<A L>E;LM D>BG>K DHGDK>M>G MA>HK>MBL<A>G /<ANE> SNHK=G>M >;=    PBK= LB> OHG
:G=>K>GNMHK9BGG>G:ELo?>FBGBLMBL<A F:KQBLMBL<A> >DHGLMKNDMBOBLMBGh):<:;>78SBM G:<A
:LMKH2:K>E: A:P:G;>L<AKB>;>G P:L:N?BAK>>LMK>;NG@>GABGP>BLM ):KQBLFNL  >
DHGLMKNDMBOBLFNL NG= ">FBGBLFNL SNL:FF>GSN=>GD>G  >>BG?ENLLM PNK=> /IBO:D SN=>F OHG =>K
398, 7-%29&%08)6289(-)76394 BGL;>LHG=>K>BG>SN@:N?=>K>G>@KB??LHI>K:MBHG:EBLB>KNG@
OHG/N;:EM>KGBMXM:LMKH2:K>E: A:P:G 

 
"^K/IBO:DBLM=>KLN;:EM>KG>.:NFC>G>K.:NF o=>KBG>BG>FDHEHGBLB>KM>G(:G=OHG=>G)H;BEB
MXMLEBGB>G:;@>L<AGBMM>GBLMh/IBO:D78 3:L:EE>K=BG@LGB<AM;>=>NM>M =:LL/N;:E
M>KGBMXMFBM=>K >DHEHGBLB>KNG@>G=>M> 2B>EF>AK@>AMLB>=:OHG:NL =:LL'HEHGB:EBLFNLNG=%FI>
KB:EBLFNL PBKDFX<AMB@> NG= GHKF:MBO> ,AXGHF>G> LBG= :LMKH 2:K>E: A:P:G  ??   !L
@>AMBAK=:KNFoSNS>B@>G PB>>BG>!KDEXKNG@;SP >BG*:KK:MBO=>K.>:EBMXM:ELGHKF:MBO>M:;EB>KM
PNK=>h/IBO:D78 
/IBO:D@>EBG@M>L IHLMDHEHGB:E>0A>HKB>GFBM>BG>K@>L<AE><AMLL>GLB;E>G,>KLI>DMBO>SNO>K;BG=>G
NG=E>@M=B>=HII>EM>2>KE>MSEB<AD>BMfSNF>BG>G=NK<A=>G%FI>KB:EBLFNLNG=SNF:G=>K>G=NK<A
=:L,:MKB:K<A:MfLN;:EM>KG>K"K:N>G=:K =B>=NK<A=B>':M>@HKB>G'0%77 6%')NG=+)2()6;>LMBFFM
LBG=:LMKH2:K>E: A:P:G/IBO:D78 
G=>KL :EL /:B= NGM>KLN<AM /IBO:D GB<AM :NLL<AEB>_EB<A >NKHIXBL<A>  LHG=>KG :N<A IHLMDHEHGB:E>
0>QM>:LMKH2:K>E: A:P:G?? oNG=?K:@M H;=B>L>=B>IHEBMBL<A>NG=KA>MHKBL<A>):<AM
A:;>G =B>d#KH_>G!KSXAENG@>Gc+6%2(2%66%8-:)7DHEHGB:E>K0K:=BMBHGA>K:NLSN?HK=>KGh>;= 
$>KO B +  
%FN?L:MSo:GMA>/N;:EM>KG/I>:Dh>KEXNM>KM/IBO:D=B>3BKDFX<AMB@D>BMo>IBLM>FBL<A>K
#>P:EMhKNGG>KBG6NL:FF>GA:G@FBM=>K'HGLMKNDMBHG=>KnG=>K>Gj %GBAK>G!KEXN
M>KNG@>G;>SB>AMLB>LB<ABGL;>LHG=>K>:N?=B>?K:GS]LBL<A>G,ABEHLHIA>G#BEE>L >E>NS>NG=)B<A>E
"HN<:NEM =>K=>G>@KB??=>Ko>IBLM>FBL<A>G#>P:EMhNKLIK^G@EB<ABG1FE:N?;K:<AM>  :;>BO>K
=>NMEB<AMLB> =:LL >E>NS>NG=o"HN<:NEML>E;LM>IBLM>FBL<A>#>P:EMBG$BG;EB<D:N?@EH;:E>!GMG>G
GNG@>GNG=;MK>GGNG@>Gh>;= K>IKH=NSB>K>G 

o :LDE:KLM>>BLIB>E?^K>BG>LHE<A>>IBLM>FBL<A>#>P:EMBLM=:L:NL=>K BLM:GSHK<A>L
MKB>KM> P>BMEXN?B@>NG=A>M>KH@>G>,KHC>DM =:LDHEHGB:E>/N;C>DM:ELG=>K>LSNDHGLMB
MNB>K>G  B>L>L,KHC>DM;>=>NM>M:N<A=B>:LRFF>MKBL<A>NLE]L<ANG@=>K/INK>G=B>L>L
G=>K>GBGL>BG>KIK>DXK>G/N;C>DM BOBMXM;SP 1GM>KPHK?>GA>BM h/IBO:D78
"N_GHM>=>KNMHKBG

B>L>"HKF=>K.>IKH=NDMBHG>IBLM>FBL<A>K#>P:EM?^AKM/IBO:D:N?>MAGHS>GMKBL<A>;>SB>ANG@L
P>BL>>NKHS>GMKBL<A>>MK:<AMNG@LP>BL>G;>S^@EB<A=>KnP>LMEB<A>Gj/N;C>DMDHGLMBMNMBHGSNK^<DNG=
;>SB>AMLB<A=:;>B:N?"HN<:NEMLNG=:N<A >E>NS>Lo'KBMBD:FLHNO>KXG>G/N;C>DMh/IBO:D78
   3XAK>G= "HN<:NEM NG= >E>NS>L =B> >B@>G> .HEE> :EL >NKHIXBL<A> %GM>EE>DMN>EE> :EL


,8C0C0DB48=4<=C4AE84F<8C'?8E0:30B8='?8E0: 01643AD2:C8BCD=38<07A  645P7ACFDA34
?8BC4<4=027>D20D;CB8474A;LDC4AD=64=8=0?8C4;  =0270A14 
84K14AB4CI4A34A34DCB274=DB60147014=ID468==4A;LDC4AC30BB'?8E0:B'27A481F48B4=P14A=><<4=F4A34=

4A8=34BCA8278<+>AC4=CB?A827C34<=02734A#A868=0;B27A481F48B4'?8E0:B
 
MK:GLI:K>GM>KL<A>BG>GEB>_>G>;= oNG=LB<A=B>):LD>:;P>L>G=>K*B<AM .>IKXL>GMB>K>K:GE>
@>Gh/IBO:D78 P^K=>GLB>?^K=B>/N;:EM>KG>GLIK><A>G  B>>B@>G>/BMNB>KMA>BM =>K
'HGLMKNDMBHGL<A:K:DM>K=>LDHEHGB:E>G/N;C>DMLNG==:FBM>BGA>K@>A>G==B>$HFH@>GBLB>KNG@=>K
nG=>K>GjP>K=>G=:=NK<A>;>GLHO>KL<AE>B>KM PB>=B>=HII>EM>>=>NMNG@OHG.>IKXL>GM:MBHGf
:KLM>EENG@ :N? =>K >BG>G NG= 2>KMK>MNG@ :N? =>K :G=>K>G />BM> f NG;>K^<DLB<AMB@M ;E>B;M >;= 
? ? o%AG>G7=>GnG=>K>Gj8BGLN@>SNL>A>GA>B_MGB<AM LB>SNK>IKXL>GMB>K>G:)686)
8)2 LHG=>KGSNE>KG>G NGLL>E;LMSNK>IKXL>GMB>K>G(%678)00)2 h/IBO:D78$>KO 
B + 
/IBO:D;>:GMPHKM>M=B>@>LM>EEM>"K:@> H;/N;:EM>KG>LIK><A>GD]GG>G :F!G=>BAK>LN?L:MS>LFBM
>BG>FDE:K>Go*>BGh>;=  !BG>F]@EB<A>/MK:M>@B> o=B>=HFBG:GM>DHEHGB:E>NG=G:MBHG:EBL
MBL<A ;^K@>KEB<A> #>L<AB<AMLL<AK>B;NG@ >BG>K ?NG=:F>GM:E>G 'KBMBD SN NGM>KP>K?>Gh :LMKH 2:
K>E: A:P:GLB>AM/IBO:DBF6N@:G@=>K398, 7-%29&%08)6289(-)76394 =B>OHF
oLMK:M>@BL<A>G!LL>GMB:EBLFNLh>;= #>;K:N<AF:<A>G BG=>F/N;:EM>KGBMXM:ELoMA>HK>MBL<A>
"BDMBHGh>;= ;>@KB??>GPBK= PH=NK<A=B>3BKDFX<AMB@D>BMOHG/N;:EM>KGBMXM>;>GLHPB>=>K>G
"BDMBHG:EBMXM:G>KD:GGMPBK=>;=  
/IBO:DL>E;LM;B>M>MD>BG>GLMKBDMOHK@>@>;>G>G(]LNG@L:GL:MS:G NF=>GnG=>K>GjNG=BF/I>SB
?BL<A>G=>KLN;:EM>KG>G"K:N#>A]KSNO>KL<A:??>G  B>,K:QBL=>KLLBFBEB>KNG@PBK=O>KPHK?>GNG=
=B>DS>IM:GSOHG(>>K> ;>B@E>B<AS>BMB@>K>MHGNG@OHG(^<D>GnP>LMEB<A>Kj3BLL>GLIKH=NDMBHG 
K^<D>GBG=>G)BMM>EINGDM>;= 

o/IBO:DO>KP>B@>KMmI>K?>DM>lIHEBMBL<A>(]LNG@>GH=>K?>KMB@>MA>HK>MBL<A>"HKF>EG?^K
=B> !F:GSBI:MBHG =>K LN;:EM>KG>G "K:N>G  GLM:MM =B> G=>K>G SN :LLBFBEB>K>G  BG=>F
F:GLB>:G>KD>GGM IEX=B>KMLB>=:?^K =B>LN;:EM>KG>!K?:AKNG@:ELdNG>KK>B<A;:K>(>>K>c
-2%'')77-&0)&0%2/2)777e8SN>KA:EM>G P:L=>L3>BM>K>G=>G2HKM>BEAXMM> =:LL=B>L
#K>GS>G >BG>L P>LMEB<A>G 3BLL>GL LB<AM;:K F:<A>G P^K=> h :LMKH 2:K>E: A:P:G
$>KO B + 

"^K=B>0A>F:MBD=>KOHKEB>@>G=>GK;>BM;E>B;M?>LMSNA:EM>G =:LLE:NM/IBO:D>BG/IK><A>G?^KH=>K
^;>K=B>/N;:EM>KG>GD>BG>n:NMA>GMBL<A>j :KLM>EENG@=>KnG=>K>Gj;>BGA:EM>GD:GG  B>OHG'HEH
GB:EBLFNLNG=%FI>KB:EBLFNL@>IKX@M>>IBLM>FBL<A>#>P:EMK>IKH=NSB>KM=B>A>@>FHGB:E>/MKNDMNK
SPBL<A>GnNGLjNG==>GnG=>K>Gj P:L=B>>K^<DLB<AMB@NG@=>Kn>B@>G>Gj/BMNB>KMA>BMNG:;=BG@;:K
F:<AM 



4A'C4A=D=3384:DAB8E4'27A481F48B4<0A:84A4=8=34A34DCB274=K14AB4CID=6+OAC4A3848<4=6;8B274=#A868=0;

0D54DCB27E4AF4=34CFDA34='?8E0:- .  


 
  ?=981281
>K(BM>K:MNKPBLL>GL<A:?ME>K$HFB' A:;A:PNK=>BF&:AKBG)NF;:B:EL)BM@EB>==>KBG=B
L<A>G,:KL9BGG>G >BG>KPHAEA:;>G=>G P>GG:N<AIHEBMBL<AGB<AM>BG?ENLLK>B<A>G)BG=>KA>BM@>;H
K>G />BG>G:<A>EHKBG#>BLM>LPBLL>GL<A:?M>G:;LHEOB>KM>>K:G=>K=:F:EB@>G 31&%=2-:)67-8=
NG=@BG@:GL<AEB>_>G=:G=B><*36(2-:)67-8= PH>KBG>G@EBL<A>KNG=:F>KBD:GBL<A>K(BM>K:MNK
IKHFHOB>KM> )BMME>KP>BE>E>AKM>K:G=>K%6:%6(2-:)67-8=:LMKH2:K>E: A:P:G?  
>K>BMK:@A:;A:LBF>K>B<A=>KIHLMDHEHGB:E>G/MN=B>G;>SB>AMLB<ABGL;>LHG=>K>:N?=B>>MH
GNG@=>K!QBLM>GSOHGF;BO:E>GS>G =B>>BG>LM:G=M>BEDHEHGB:E>K$>KKL<A:?ML>B>G !KDKBMBLB>KM=B>
L>BG>KGLB<AMG:<AOHG/:B=>KS>N@M> B<AHMHFB>SPBL<A>G'HEHGBLB>K>G=>GNG='HEHGBLB>KM>G =:
/:B==B>%GLM:;BEBMXMNG="K:@BEBMXMOHG%=>GMBMXM>GNG;>K^<DLB<AMB@ME:LL>GP^K=> >;>GLHPB>=B>F
;BO:E>GS ABGLB<AMEB<A /M>K>HMRIBLB>KNG@>G NG= .>IKXL>GM:MBHG>G  :LMKH 2:K>E: A:P:G 
??  
:L/M>K>HMRIBLME:NMA:;A:>BGS>GMK:E>L!E>F>GM;>B=>K$>KLM>EENG@=>LDHEHGB:E>G BLDNKL>LNG=
BG=B>L>F/BGG>:ELo?HKFH?DGHPE>=@>:G=B=>GMB?B<:MBHGMA:MO:<BEE:M>L;>MP>>GPA:MBL:EP:RLaBG
IE:<>a :EK>:=RDGHPG :G=LHF>MABG@MA:MFNLM;>:GQBHNLERK>I>:M>=7e8 hA:;A:$>KO 
B + NL@>A>G==:OHG =:LL=B>BE=NG@OHG/M>K>HMRI>GOHGF;BO:E>GS>G@>IKX@MBLM L>MSM>K
LB<AFBM=>K3BKDL:FD>BMOHG/N;C>DMBOB>KNG@LIKHS>LL>GLHPHAEOHG'HEHGBLB>K>G=>G:EL:N<AOHG
'HEHGBLB>KM>G:NL>BG:G=>K BG=>F>K=:LoK>@BF>H?MKNMAh>;= =>LDHEHGB:E>G BLDNKL>L:G:ER
LB>KMNG=LH=B>.>IKXL>GM:MBHG=>KnG=>K>GjBGBAK>Ko463(9'8-:):F;BO:E>G<>h>;= $>KO B 
+ :N?S>B@M

o0A><HGLMKN<MBHGH?MA><HEHGB:ELN;C><MBG=BL<HNKL> :G=MA>>Q>K<BL>H?<HEHGB:EIHP>K
MAKHN@A =BL<HNKL>  =>F:G=L :G :KMB<NE:MBHG H? ?HKFL H? =B??>K>G<> f K:<B:E :G= L>QN:E 
/N<A:G:KMB<NE:MBHG;><HF>L<KN<B:EB?BMBLA>E=MA:MMA>;H=RBL:EP:RLLBFNEM:G>HNLER
B?<HG?EB<MN:EERBGL<KB;>=BG;HMAMA>><HGHFRH?IE>:LNK>:G==>LBK>:G=MA>><HGHFR
H?=BL<HNKL> =HFBG:MBHG:G=IHP>K iA:;A:

:L:G@>?^AKM>6BM:MLIKB<AM=B>F;BO:E>GS>G:G =B>=>KDHEHGB:E>G/N;C>DMDHGLMKNDMBHGBGG>PHA
G>G  B> KMBDNE:MBHG OHG B??>K>GS ;>LMBFFM =:;>B F:_@>;EB<A =B> DHEHGB:E> ):<AM:NL^;NG@ 
A:;A:IEX=B>KM=:?^K =:L/M>K>HMRI:EL,AXGHF>GBF/BGG>OHG"K>N=L">MBL<ABLFNLSN;>MK:<AM>G 
=>GG">MBL<ANG=/M>K>HMRIA:;>G"HE@>G=>L@>F>BG



DB64;OBC3DA2730B&40;8B84A4=E>=B4GD4;;4A8554A4=ID=334A30A0DB5>;64=34=0BCA0C8>=B0=6BCF8A348=4<#1

94:C48=414B>=34A4434DCD=6ID64B27A8414=D<384G8BC4=IE>=8554A4=IID<0B:84A4=70170   


 
o3BMABG=BL<HNKL> MA>?>MBLAK>IK>L>GMLMA>LBFNEM:G>HNLIE:R;>MP>>GF>M:IAHK:LLN;
LMBMNMBHGF:LDBG@:;L>G<>:G==B??>K>G<>:G=F>MHGRFRPAB<A<HGMB@NHNLERK>@BLM>KL
MA>I>K<>BO>=E:<D 0A>?>MBLAHKLM>K>HMRI>@BO>L:<<>LLMH:GaB=>GMBMRaPAB<ABLIK>=B
<:M>=:LFN<AHGF:LM>KR:G=IE>:LNK>:LBMBLHG:GQB>MR:G==>?>G<> ?HKBMBL:?HKFH?
FNEMBIE> :G= <HGMK:=B<MHKR ;>EB>? BG BML K><H@GBMBHG H? =B??>K>G<> :G= =BL:OHP:E H? BM i
A:;A:? $>KO B + 

B>F;BO:E>GS>G =B>BFDHEHGB:E>G BLDNKLSNF0K:@>GDHFF>G ;>P>@>GLB<A=>FG:<ASPB
L<A>G#>GNLL $>KKL<A:?M G@LMNG=;P>AK 
A:;A:L>MHGNG@=>KF;BO:E>GSNG==:FBM>BGA>K@>A>G==>K6P>B?>E:G=>K2HEEDHFF>GA>BMDH
EHGB:E>K):<AMNGM>KL<A>B=>MBAGOHG/:B= !K]??G>M.:NF?^K=B>G:ERL>OHG3B=>KLM:G= E]LM=B>
?>LM@>L<AKB>;>G> B<AHMHFB>SPBL<A>G'HEHGBLB>K>G=>GNG='HEHGBLB>KM>G:N?NG=PB=F>MLB<A=>K
$:G=ENG@LF:<AM=>K(>MSM@>G:GGM>G  >F!E>F>GMG@LMPBK=;>S^@EB<A=>KK^<AB@D>BMDHEHGB:E>K
):<AM>BG>P>L>GMEB<A>"NGDMBHGSN@>L<AKB>;>G:LMKH2:K>E: A:P:G??  
>S^@EB<A=>K.>IKXL>GM:MBHG=>KnG=>K>GjLM>EEMA:;A:BGGE>AGNG@:G"K:GMS":GHG?>LM =:LL
=B>L>BFF>K>BG>2>K>BG?:<ANG@L>B  B>>@K^G=NG@=B>L>KK@NF>GM:MBHG;:LB>KM:EE>K=BG@LGB<AM
:N?=>KGG:AF> =:LL=B>.>IKXL>GM:MBHG=>LA:E;NGSNMK>??>G=PXK> P>BELB>GB<AMn:NMA>GMBL<AjL>B 
LHG=>KG P>BE LB> =NK<A =:L /M>K>HMRI oMA> IE:R H? =B??>K>G<>h A:;A:   GB<AM :G>KD:GGM
P>K=>G D]GG>  /HPHAE A:;A: :EL :N<A ":GHG LBG= ^;>KS>N@M  =:LL P>=>K n/<AP:KSL>BGk GH<A
n3>B_L>BGk>BG>0:ML:<A>L>B  B>%G?K:@>LM>EENG@=B>L>K0:ML:<A>P^K=>:EE>K=BG@L=B>NMHKBMXM'H
EHGBLB>K>G=>K;>=KHA>GNG=>KG>NM=B>F;BO:E>GSBG=>K%=>GMBMXMLDHGLMKNDMBHGH??>G;:K>G !LPBK=
=:OHG:NL@>@:G@>G =:LL=B>DHEHGB:E>%=>GMBMXM =B>BG;AXG@B@D>BMSN=>GDHEHGBLB>KM>GnG=>
K>GjDHGLMKNB>KMPBK= =NK<A=B>$>M>KH@>GBMXMC>G>KNGM>K?HKM=:N>KG=>K>=KHANG@LM>AM:LMKH2:
K>E: A:P:G  
!KPXAG>GLP>KM LBG= SN=>F A:;A:L !KEXNM>KNG@>G ABGLB<AMEB<A =>K $R;KB=BMXM OHG n'NEMNK>Gk  =:
>MAGHEH@BL<A>)NL>>GF>BLMBFF>KGH<A:EL%GLMBMNMBHG>G;>MK:<AM>MP>K=>G BG=>G>G%G?HKF:MBHG>G
^;>K n?K>F=>j 'NEMNK>G @>PHGG>G P>K=>G D]GG>G "K^G=M    'NEMNK>G LBG= :;>K >;>GLH
DHGLMKNB>KM NG= @>IKX@M OHG F;BO:E>GS>G  PB> DHEHGB:E> %=>GMBMXM>G O@E  A:;A:   


A0=CI0=>=FDA348=34=  4A07A4=8=!0AC8=8@D4641>A4=647OAC4IDA\1;02:1>DA64>8B84X;4BB0=3A8=8 
34A=B4;D=34A784;C48=4:>;>=80;5A0=IOB8B274'27D;18;3D=6<,F48C4=+4;C:A846:L<?5C44A8=34A5A0=IOB8
B274=A<44F>4A<8C&0BB8B<DB:>=5A>=C84ACF0A+L7A4=34A8= H>=!438I8=BCD384AC4E4A50BBC44AB48=BB0H
\$40D=>8A4<0B@D4B1;0=2BX0D5=6;8B27\;02:':8=+78C4!0B:BX30B384&0BB8B<DB4A507AD=64=3844A8=
DA>?064<027C70CC4C74<0C8B84AC4"027B48=4<'CD38D<0A148C4C44A8=;64A84=8=48=4<?BH2780CA8B274=A0=
:4=70DBD=31460==B8276464=30B:>;>=80;4'HBC4<0D5ID;47=4=8=34<4AB827D=C4A0=34A4<8=34A +('-
#6+-#('-#('%4=60684AC4DAIE>AB48=4<(>3E4A50BBC44AB48=14:0==C4BC4B+4A:\ 4B0<=MB34;0
(4AA4X0D5=6;8B27\(74+A4C2743>5C740AC7X413 5'48=4K14AI4D6D=63841448=5;DBBCE>=A4E>;DC8>=LA
<0AG8BC8B274=344=F0AI84;C430A0D50148=4=\C>C0;E8>;4=C1A40:F8C72>;>=80;8B<X413 74A148ID5P7A4=D=3
1448=5;DBBC4D=C4A0=34A4<384)'0<4A8:0=8B274%$'-"+0!.'!;4BB0=3A8=8  55
 
A:;A:O>KPBK?M,>KLI>DMBO>G=>K%GM>K 'NEMNK:EBMXM =B>%GM>K:DMBHG>GSPBL<A>GO>KF>BGMEB<AnK>BG>G
'NEMNK>GjNGM>KLN<A>G:LMKH2:K>E: A:P:G %FDHEHGB:E>G BLDNKLP>K=>G'NEMNK>G
DHGLMKNB>KM NFO>KF>BGMEB<A>G:M^KEB<A>1GM>KL<AB>=>SPBL<A>GnNGLjNG=n=>GG=>K>GjLB<AM;:KSN
F:<A>GNG=DHEHGB:E>$>KKL<A:?MSNE>@BMBFB>K>Go0HL>>MA><NEMNK:EGHM:LMA>LHNK<>H?<HG?EB<Mf
=B??>K>GM<NEMNK>Lf;NM:LMA>>??><MH?=BL<KBFBG:MHKRIK:<MB<>LfMA>IKH=N<MBHGH?<NEMNK:E=B??>K>G
MB:MBHG:LLB@GLH?:NMAHKBMRf<A:G@>LBMLO:EN>:G=BMLKNE>LH?K><H@GBMBHG hA:;A: B>
2HKLM>EENG@=>K!QBLM>GSDNEMNK>EE>K B??>K>GSPBK=OHGA:;A::EL"HE@>=BLDKBFBGB>K>G=>K,K:QBL
;>MK:<AM>M 6NKN?E]LNG@=>KBG:KBMXMSPBL<A>G'HEHGBLB>KM>GNG='HEHGBLB>K>G=>H=>KnNGLjNG=
n=>G G=>K>Gj PBK= =>F oMABK= LI:<>h >BG> S>GMK:E> >=>NMNG@ SN@>L<AKB>;>G O@E  :LMKH 2:
K>E: A:P:G >BBAFA:G=>EM>LLB<ANFC>G>L'HGS>IM =:Lo=B>F;BO:E>GSSPBL<A>G
FB@K:GMBL<A>K H=>K IHLMDHEHGB:E>K 'NEMNK NG= BAK>F #>@>GLM^<D BG =>G )>MKHIHE>G G:<A7S>B<A
G>M8h>;=   B>L>K.:NFD:GGE:NMA:;A:.>BGM>KIK>M:MBHG>GOHG>=>NMNG@>GSNE:LL>GNG=
!QHMBLB>KNG@>GLHPB>AHFH@>GBLB>K>G=>.>IKXL>GM:MBHG>GO>KABG=>KGNG==:FBM=>GDHEHGB:E>G BL
DNKLA>K:NL?HK=>KG:LMKH2:K>E: A:P:GA:;A: 

6NL:FF>G?:LL>G=EXLLMLB<A?>LMLM>EE>G =:LLIHLMDHEHGB:E>0A>HKB>GOHF"HKMPBKD>G=>KDHEHGB:E>G
2>K@:G@>GA>BM BG =B> #>@>GP:KM :NL@>A>G  >K DHEHGB:E> BLDNKL A:M ;:LB>K>G= :N? >NKHIXBL<A>G
n3BLL>GL?HKF>Gj=B>O>KF>BGMEB<ABG?>KBHK>GnG=>K>GjfG:<A>NKHS>GMKBL<A>GNG=K:LLBLMBL<A>GG
G:AF>GfDHGLMKNB>KMNG==:=NK<A=B>DHEHGB:E>$>KKL<A:?MLM:;BEBLB>KMLHPB>E>@BMBFB>KM 'HEHGB:E>
$>KKL<A:?MP:K:EE>K=BG@LE:NMA:;A:SND>BG>F6>BMINGDMOHEEDHFF>G />BG>K@NF>GM:MBHG^;>K
L<AG>B=>MLB<ABG=B>L>F/BGG>FBM=>KOHGHHI>KO@E A:;A:HHI>K ,HLMDHEHGB:E>
0A>HK>MBD>K9BGG>G@>A>GOHG=>KG:<AA:EMB@>G3BKDFX<AMB@D>BMAHFH@>GBLB>K>G=>KDHEHGB:E>K*:K
K:MBO>:NLNG=?HK=>KGBGL;>LHG=>K>nP>LMEB<A>k3BLL>GL<A:?ME>K9BGG>GSNK>K^<DLB<AMB@NG@=>Kn>B
@>G>Gj/BMNB>KMA>BM:N? NLIHLMDHEHGB:E>K,>KLI>DMBO>BLM>BG/IK><A>G^;>K ;>SB>ANG@LP>BL>=B>
.>IKXL>GM:MBHGBGBAK>KSP>B?:<A>G>=>NMNG@=>KnG=>K>GjGB>nNGL<ANE=B@j 

 5EDC385B?<?>91<9C=EC
G@>LB<AML=>K0:ML:<A> =:LL=B>=>NML<A>'HEHGB:E@>L<AB<AM>E:G@>6>BMBG=>K@>L<AB<AMLPBLL>G
L<A:?MEB<A>G"HKL<ANG@O>KG:<AEXLLB@MPNK=> PBK=SNGX<ALM>BGABLMHKBH@K:IABL<A>KV;>K;EB<D^;>K
=B>>L<AX?MB@NG@FBM=>K0A>F:MBD@>@>;>G GL<AEB>_>G=PBK=:N?K@NF>GM:MBHG>G>BG@>@:G@>G 
=B>SNK(>@BMBF:MBHG=>K=>NML<A>G'HEHGB:EA>KKL<A:?MO>KP>G=>MPNK=>G NF:;L<AEB>_>G==B>O>K
@E>B<ALP>BL>DNKS>,A:L>=>NML<A>K'HEHGB:EA>KKL<A:?MSNNFK>B_>G 

3B>;>K>BML;>B=>K/DBSSB>KNG@=>L"HKL<ANG@LM:G=LBG=>K!BGE>BMNG@>KPXAGMPNK=> A:M=B>>
L<AX?MB@NG@FBM=>KDHEHGB:E>G2>K@:G@>GA>BMBGL;>LHG=>K>BFE>MSM>G&:AKS>AGMfBG6NL:FF>GA:G@
FBM=>F#>GHSB=:G+O:A>K>KHNG=*:F:BG=>K=:F:EB@>G'HEHGB>n >NML<A /^=P>LM:?KBD:jBF
 
A>NMB@>G*:FB;B:OHG;BLNG==>LL>G#>=>GD>Gf>BG>GN?L<APNG@>KE>;M  NK<A=:L
!G@:@>F>GMOHG+I?>KO>KMK>M>K9BGG>G=K:G@=B>0A>F:MBD:G=B>U??>GMEB<AD>BMNG=L>MSM>,HEBMB
D>K9BGG>GSNG>AF>G=NGM>K KN<D  >K#>GHSB=PNK=>OHG=>K=>NML<A>GNG=>LK>@B>KNG@BF&:AK
 :G>KD:GGM ^K@>K  ??   /H ;>S>B<AG>M> :F   &NEB  >BG /IK><A>K =>L =>NML<A>G
NLPXKMB@>GFM>LBG>BG>K,K>LL>DHG?>K>GS=B>=>NML<A>G'HEHGB:EO>K;K><A>GBG*:FB;B:oBGK><AM
BG?HKF>EE>KNG=P>GB@LM>GL=>FGL<A>BGG:<ASN?XEEB@>K3>BL>h']_E>K)>E;>K:EL2]E
D>KFHK= *H<ABFL>E;>G&:AK;>@:GG>G:N?.>@B>KNG@L>;>G>2>KA:G=ENG@>GSPBL<A>G >NML<AE:G=
NG=*:FB;B: =B>OHG/I:GGNG@>G@>IKX@MP:K>G =:>BG>H??BSB>EE>!GML<ANE=B@NG@G:<APB>OHK
:NLLM>AM NG= D>BG> >K>BML<A:?M SN .>I:K:MBHGLS:AENG@>G OHKEB>@M ']_E>K)>E;>K   ?  
2>KMK>M>K9BGG>GOHG*:F:NG=+O:A>K>KHA:;>GBG*>P5HKD;>B>BG>F-786-'83968>BG>
'E:@> @>@>G =B> NG=>LK>IN;EBD >BG@>K>B<AM  BG =>K>G 6>GMKNF =B> "HK=>KNG@ LM>AM  +I?>KO>KMK>
M>K9BGG>G:G=>G2>KA:G=ENG@>GSPBL<A>G=>K=>NML<A>GNG=>LK>@B>KNG@NG==>KG:FB;BL<A>G.>
@B>KNG@M>BEG>AF>GSNE:LL>G 6N=>FO>KE:G@>GLB>.>I:K:MBHGLS:AENG@>GOHG=>K=>NML<A>GNG
=>LK>@B>KNG@/M:KSF:GG 6NP>E<A>F!K@>;GBL=:L-786-'83968BG*>P5HKDDHFF>G
PBK= ;E>B;M:;SNP:KM>G 

  B59$81C5>75C38938DCG9CC5>C3816D<9385B?BC38E>7
>K$BLMHKBD>K/>;:LMB:GHGK:= =>K:G=>K6)-)22-:)67-8A8 )60-2E>AKM"K>B>1GBO>KLBMXM>KEBG
H &  E>@M=:K =:LL=K>B,A:L>GBG=>K@>L<AB<AMLPBLL>GL<A:?MEB<A>G"HKL<ANG@SNK0A>F:MBD=>L=>NM
L<A>G'HEHGB:EBLFNL?>LMLM>EE;:KLBG=o:IHEBMB<:EERK>OBLBHGBLMEBM>K:MNK>BGMA>L:<KBMB<:ELH<B:E
ABLMHKRH?<HEHGB:EBLFBGMA>L:G=:IHLM<HEHGB:EABLMHKBH@K:IARLBG<>MA>L iHGK:=
 F:<AM:;>K@E>B<AS>BMB@:N?2>KD^KSNG@>G:N?F>KDL:F =B>LHE<A>BG>':M>@HKBLB>KNG@FBMLB<A
;KBG@>GD:GG 
B>>KLM>K>OBLBHGBLMBL<A>,A:L>=>KNL>BG:G=>KL>MSNG@FBM=>F=>NML<A>G'HEHGB:EBLFNLBG=>G
>KGLM:G=@:GSNGM>K=>F6>B<A>G =B>=>NML<A>G'HEHGB:EO>K;K><A>GNG==B>BF )67%-00)6 )6
86%+;>L<AEHLL>G>V;>K@:;>=>K>A>F:EB@>G=>NML<A>G'HEHGB>G:G=B>):G=:MLFX<AM>SNK^<DSN
P>BL>G>;=  
2HK=>F$BGM>K@KNG=>BG>KP>EMP>BM>BGL>MS>G=>G >DHEHGBLB>KNG@LP>EE>NG=:N<ABG$BG;EB<D:N?
=B>BG=>G>K&:AK>GBG=>K. >GM?E:FFM>-7',)632863:)67)PNK=>=B>>L<AX?MB@NG@FBM
=>F=>NML<A>G'HEHGB:EBLFNLBG=>G>KG>KG>NM:N?@>GHFF>G  B>$BLMHKBH@K:IAB>=>K .
G:AF>BG>S>GMK:E>/M>EENG@>BGNG=;>>BG?ENLLM>=B>"HKL<ANG@>GBG=>K. 3B<AMB@>>BMKX@>


4834A8B274A>=CA>E4AB470=34;C44BB827DAB?AP=6;827D<48=40:034<8B274410CC4P14A38478BC>A8B274*4A0=C

F>ACD=64DCB27;0=3B0<ABC4=+4;C:A8460DB6474=3E>=(74B4=34B8BC>A8:4ABA8CI8B274A848==4AF8BB4=
B2705C;8274410CC4FDA343DA27384&4I4?C8>=E>=$>;8C8:D=3!4384=ID48=4A0DQ4AF8BB4=B2705C;8274=410CC4
P14A384'27D;334A4DCB274=0<ABC4=+4;C:A846A064=34A>=C8=D8CLC34A34DCB274=4B27827C48< 07A
7D=34ACB64F0==4=0=434DCD=6D=3=0C8>=0;4'4;1BC:A8C8:FDA34ID<D56014=64184CI48C64B27827C;8274A>A
B27D=6E6;0A0DB27 
 
D:F>GSN=>F:NL=>G1/NG=0:GL:GB: ,KX@>G=?^K=B>6>BMG:<AP:K>BG>LHSB:E@>L<AB<AM
EB<A>NL>BG:G=>KL>MSNG@FBM=>K0A>F:MBD =B>LMKNDMNK@>L<AB<AMEB<ALHSB:E> IHEBMBL<A>NG=]DHGH
FBL<A>LI>DM>BG=>G"HDNLK^<DM> HGK:=? 
)BM$:NIM:N@>GF>KD:N?=>G:?KBD:GBL<A>G'HGMBG>GM=>G=>NML<A>G'HEHGB:E:DMBOBMXM>GBF,:SB?BD
NG= BG ABG: PNK=> P>BM P>GB@>K N?F>KDL:FD>BM @>L<A>GDM PNK=>G OHK :EE>F "HKF>G EHD:E>K
%+)2'=  LHPB> 3B=>KLM:G=LA:G=ENG@>G NGM>KLN<AM  #E>B<AS>BM @BG@>G =B> F>BLM>G 3BLL>GL<A:?M
E>K9BGG>G=B>L>K6>BM:EE>K=BG@LOHG>BG>Fo=B??NLBHGBLMFH=>EH?MA><HEHGB:E>G<HNGM>Kh:NLHGK:=
?   B??NLBHGBLMBL<A>L >GD>G;:LB>KM:N?=>KV;>KS>N@NG@ =:LLo*>N>KNG@>GBG=>KDHEH
GB:E>G)>MKHIHE>>GMLM>A>GNG=OHG=HKMBG:G=>K>m'NEMNKDK>BL>l^;>KMK:@>GP>K=>G h^K@>K
 $>KO B +  >K B??NLBHGBLFNLBLMOHGC>G>FEBG>:K>G!GMPB<DENG@L=>GD>G@>IKX@M =:LDHEHGB
:E>F  ;>SB>ANG@LP>BL> >NKHS>GMKBL<A>F >GD>G BGAXK>GM BLM O@E  6B:B   +LM>KA:FF>E
/HG=>K>@@>K 
HGK:=;>SB>AMLB<A:N?=B>O>K;K>BM>M>2HK@>A>GLP>BL> =>G=>NML<A>G'HEHGB:EBLFNLA:NIMLX<AEB<A
:NL=>K,>KLI>DMBO>=>Kn)>MKHIHE>jSN;>MK:<AM>G:ELDM =>KOHGBGG>GIHEBMBL<A>G'HG?EBDM>G:;
E>GD>GLHEEM>  B>/BMN:MBHG=>K>K&:AK>PBK=OHGHGK:=?HE@>G=>KF:_>G;>L<AKB>;>G

o3ABE> F:GR <:L> LMN=B>L =>:EM LI><B?B<:EER PBMA MA> <HEHGB:E I>KBIA>KR  MA> @>G>K:E
?K:F>PHKDBGPAB<AMA>RP>K><HG<>BO>=P:LMA>L>:K<A?HKMA>EHG@ LM:G=BG@ LMKN<MNK:E
=>?><MLH?#>KF:GLH<B>MR 0AKHN@A<HG<>IMLLN<A:LFBEBM:KBLF BFI>KB:EBLF:G=<E:LL
BGM>K>LM ABLMHKB:GLEBGD>=MA>ABLMHKRH?<HEHGB:EBLFMH:F:LM>KG:KK:MBO>MA:MOB>P>=MA>
#>KF:GI:MABGMHFH=>KGBMR>LL>GMB:EER:L:32()6;)+ iHGK:=$>KO B + 

B>AB>K>KPXAGM>0A>L>OHFn=>NML<A>G/HG=>KP>@jP:K;BLBG=B>>K&:AK>IHINEXKNG=;:LB>KM>
:N?=>KGG:AF> =:LL >NML<AE:G=>BG>GLI>SB>EE>G3>@BG=B>n)H=>KG>j>BG@>L<AE:@>GNG=LB<A
=>LA:E;ABGLB<AMEB<A >FHDK:MBLB>KNG@NG=(B;>K:EBLB>KNG@:G=>KL>GMPB<D>EMA:;>:EL3>LM>NKHI:
'^AG>  B>/HG=>KP>@LMA>L>=B>GM>:EL!KDEXKNG@?^K >NML<AE:G=L3>@BG=>G":L<ABL
FNL GAXG@>K9BGG>G=>K0A>L>@BG@>G=:OHG:NL =:LLo/MKNDMNK>G=>L >NML<A>G.>B<A>L=B>2>K
:K;>BMNG@=>K%G=NLMKB:EBLB>KNG@L NG=/M::ML;BE=NG@LDKBL>GO>KABG=>KMNG==>LL>GOHKBG=NLMKB>EE>!EB
M>GFBMBAK>K2HKEB>;>?^K:NMHKBMXK>(]LNG@>G=>Fd.:=BD:E?:L<ABLFNLc=>K=K>B_B@>K&:AK>>GML<A>B
=>G=OHK@>:K;>BM>Mh!<D>KM? $>KO B + A:;>G 

N? =B>L> SP>BM> ,A:L> =>K NL>BG:G=>KL>MSNG@ FBM =>F =>NML<A>G 'HEHGB:EBLFNL ?HE@M>G >BGB@>
&:AK>=>K):K@BG:EBLB>KNG@=>K0A>F:MBD P:LBGL;>LHG=>K>FBM=>KO>K@E>B<ALP>BL>DNKS>G :N>K

4A!'246A855F8A30=384B4A'C4;;401B827C;827=827CP14AB4CICBC0CC34BB4=F8A30D5384E84;5L;C864=K14AB4C

ID=6B<O6;827:48C4=78=64F84B4=F84ID<48B?84;0=3;D=6BCAL64AB2705C0=3;D=6B<027C+8A:B0<:48C0=3
;D=6B?>C4=C80;DBF&>Q;4A 
 
=>K=>NML<A>G'HEHGB:E@>L<AB<AM>;>@K^G=>MPNK=> !KLMBG=>G>K&:AK>GD:F>LSN>BG>F>K
G>NM>GN?L<APNG@BF>K>B<A=>K'HEHGB:EBLFNL?HKL<ANG@ ;>>BG?ENLLM=NK<A#EH;:EBLB>KNG@ LH
@>G:GGM>G>H DHEHGB:E>G!GMPB<DENG@>GNG=>BG>K@>G>K>EE>G;D>AKOHG*:MBHG:E@>L<AB<AMLL<AK>B
;NG@ABGSN>BG>KMK:GLG:MBHG:E>G,>KLI>DMBO> 'NEMNK@>L<AB<AMEB<A>GLXMS>;BE=>M>GGNG=B>)>AK
A>BM NG= BGL;>LHG=>K> 0A>F>G PB> $R;KB=BMXM  !KBGG>KNG@ NG= .>IKXL>GM:MBHG K^<DM>G BG =>G "H
DNLHGK:=? G=B>L>K/M>EE>P>BL>B<A>KG>NM=:K:N?ABG =:LL=B>OHGHGK:==NK<A@>
?^AKM>!BGM>BENG@BG!IH<A>GFBM@>PBLL>G2>KD^KSNG@>G>BGA>K@>AMNG=ABLMHKBH@K:IABL<A>6BKDNE:
MBHGL NG=NLA:G=ENG@LIKHS>LL>=:=NK<A:NL@>DE:FF>KMP>K=>GO@E ^K@>K?  

3B>;>K>BML>KPXAGMPNK=> >GM?E:FFM>SN>@BGG=>K&:AKM:NL>G=P>G=>>BG> >;:MM>^;>K=B>)]@
EB<AD>BM>BG>K'HGMBGNBMXMSPBL<A>G=>F#>GHSB=:G*:F:NG=+O:A>K>KHNG==>F$HEH<:NLM(BG=
G>K    >K =>NML<A> $BLMHKBD>K 0AHF:L '^AG>  =>K :G =>K 0%6/ 2-:)67-8= BG 3HK<>LM>K
$HEH<:NLM $BLMHKR E>AKM  LIKB<AM BG =B>L>F 6NL:FF>GA:G@ OHG >BG>F o<HEHGB:E BFI>KB:E I:K:
=B@Fh'^AG> =:LSNF0>BEFBM>BG>K!KG>N>KNG@=>KH;>G:G@>?^AKM>G/HG=>KP>@LMA>L>
>BGA>K@>AM  #>G>K>EE NGM>KL<A>B=>M '^AG> OB>K NGM>KL<AB>=EB<A> K@NF>GM:MBHGLLMKXG@>  =B> :EE>K
=BG@L:EE>L:FM>BGM =:LL=B>#>L<AB<AM>OHG'HEHGB:EBLFNLNG=%FI>KB:EBLFNLFBMC>G>K=>L$HEH
<:NLMLBG2>K;BG=NG@@>;K:<AMPBK=>;= ?   B>/MKXG@>E:NM>G

o0A>?BKLMIK>LNF>LMA>B=>:H?:I:KMB<NE:K#>KF:G<HGMBGNBMR?KHFMA>IK> 33%@>GH
<B=>BG/HNMA3>LM?KB<:MHMA>$HEH<:NLM 0A>L><HG=K>OHEO>L:KHNG=:!NKHI>:G:K
<ABO>H?<HEHGB:EDGHPE>=@>MA:ML>KO>=MA>*:SBLMHE>@BMBFBS>HKH;?NL<:M>MA>BKHPG
IKH@K:FF>L H? LN;CN@:MBHG :G= :GGBABE:MBHG L !NKHI>:G <HEHGB:EBLF =B= GHM :EP:RL
E>:=BGMH@>GH<B=> MA>MABK=:O>GN>S>KH>LBGHGHG>H;OBHNLER@>GH<B=:EMRI> L>MME>K
<HEHGB:EBLFBG*HKMAF>KB<: 0A>?HNKMAFH=>EMK:<DL=HPG<HGMBGNBMB>LH?B=>:L:G=
IKH@K:FF>LMH<HEHGBS>:G=#>KF:GBS>!:LM!NKHI> i'^AG>

+AG>:G=B>L>K/M>EE>@>G:N>K=:K:N?>BGSN@>A>G ;E>B;>GBGL;>LHG=>K>SP>BLI>DM>ABGLB<AMEB<A=>L
DHEHGB:E>G BFI>KB:E>G ,:K:=B@F:L ?>LMSNA:EM>G 6NF >BG>G LHEEM> ;>:<AM>M P>K=>G  =:LL =B> $HEH
<:NLM?HKL<ANG@BGL;>LHG=>K>BG=>K6>BM@>L<AB<AM>>BG>GAHA>G/M>EE>GP>KM>BGGBFFM 3BK==B>#>
L<AB<AM>OHG'HEHGB:EBLFNLNG=%FI>KB:EBLFNLBG>BG>G6NL:FF>GA:G@FBM=>F$HEH<:NLM@>LM>EEM 
DHFFM>LBF.:AF>GOHGPBLL>GL<A:?ML]DHGHFBL<A>GV;>KE>@NG@>GSN>BG>KN?P>KMNG@=>L>KLM
@>G:GGM>G"HKL<ANG@L@>@>GLM:G=>L'^AG> 6NF:G=>K>G;>LM>AM=B>#>?:AK =:LL=NK<A
=B>'HGS>GMK:MBHG:N?'HGMBGNBMXM>G ;>SB>ANG@LP>BL>=>G2>K@E>B<AOHG'HEHGB:EBFNL%FI>KB:EBL
FNLNG=$HEH<:NLM#>G>K:EBLB>KNG@>GOHK@>GHFF>GP>K=>G =B>=B>/I>SB?BD:NG='HFIE>QBMXM=>K
>BGS>EG>G,AXGHF>G>^;>KL>A>GNG=LHLBFIEB?BSB>K>G=>GNLL:@>GLHPB>;EBG=>G"E><D>GBG=>K
"HKL<ANG@0^KNG=0HK]??G>G>;= ?  '^AG>LM>EEM?>LMo0A>L>:K<A?HKMA><HGMBGNBMR?KHF
 
<HEHGB:EBLFMH*:SB<HGJN>LM:G==>LMKN<MBHGE>:=LBGMH:<AB<D>G :G= >@@IKH;E>F AHP>O>K 3AB<A
<:F>?BKLMK:<BLF G:MBHG:EBLF BFI>KB:EBLF <HEHGB:EBLFfHKPA:Mi>;= 
(:NMHGK:=PBK=BF.:AF>G=>KNL>BG:G=>KL>MSNG@FBM=>K=>NML<A>G'HEHGB:E@>L<AB<AM>SNF>BLM
>BG>2HK@>L<AB<AM>OHK:G@>LM>EEM =B>LB<A:N?=B>6>BMOHK;>SB>AM %G=B>L>F'HGM>QMPBK=;>B
LIB>ELP>BL>:N?=:L2HK@>A>G=>K3>EL>KBG2>G>SN>E:BF &:AKANG=>KMH=>K=B>!KKB<AMNG@>BG>L
$:G=>ELLM^MSINGDM>LBF&:AKBFA>NMB@>G#A:G: =>K=>G*:F>Gn#KH_ "KB>=KB<AL;NK@jMKN@ 
>BG@>@:G@>G /HPBK=>BG>KM'HGMBGNBMXMBF/BGG>>BG>LB=>>G@>L<AB<AMEB<A>G6N@:G@L ;>SB>ANG@L
P>BL>ABGLB<AMEB<A=>KI>KLHG>EE>GNG=LHSB:E>G!;>G>>KS>N@MHGK:=:?  HGK:==BLM:G
SB>KM LB<A OHG =B>L>F 6N@:G@ NG= F>KDM :G o3XAK>G= =B>L> /M^MSINGDM> BF 6NL:FF>GA:G@ =>K
F>KD:GMBEBLMBL<A>G$:G=>ELIHEBMBD@>L>A>GP>K=>GF^LL>G O>KL<AH;LB<AL>BM=>G>K&:AK>G=B>
N?F>KDL:FD>BM:N?=>G!KP>K;OHG/B>=E>KDHEHGB>G h!;= !BG>=BK>DM>;E>BMNG@=B>L>K?K^
A>G,KHC>DM>ABGSNK!KKB<AMNG@>BG>L=>NML<A>G'HEHGB:EK>B<ALD:GG=>LA:E;GB<AMOHK@>GHFF>G
P>K=>G P>BE=B>P>EMIHEBMBL<A>/BMN:MBHG>BG>:G=>K>P:K>;=  
%G=B>L>F6NL:FF>GA:G@O>KP>BL>B<A>KG>NM:N?':IBM>E  BG=>FBGGE>AGNG@:G+LM>KA:FF>E
NG=HHI>K;>K>BML>KEXNM>KMPNK=> =:LL=>K'HEHGB:EBLFNL=>L:NL@>A>G=>G &:AKANG=>KMLoMR
IBL<A BFI>KB:EBLMBL<Ah +LM>KA:FF>E  ?  ;>SB>ANG@LP>BL> ;>PNLLM BGM>KO>GMBHGBLMBL<A P:K
HHI>KNG=BG6NL:FF>GA:G@FBM=>K!M:;EB>KNG@>BG>Lo3>EMLM::M>G7=78)17h+LM>K
A:FF>E$>KO B + SN;>MK:<AM>GL>B  B>L>KK@NF>GM:MBHGL<AEB>_MLB<AHGK:=:GNG=
;>L<AK>B;M=>G>@BGG=>K=>NML<A>G'HEHGB:E@>L<AB<AM>OHK=B>L>F$BGM>K@KNG=


o >K=>NML<A>'HEHGB:EBLFNLP:K>BGBGM>@K:E>K>LM:G=M>BE=>K!IH<A>=>L$H<ABFI>KB
:EBLFNL:F!G=>=>L &:AKANG=>KML!KLM:G=BF6NL:FF>GA:G@=>KP>EMPBKML<A:?MEB
<A>G'HGDNKK>GSNG==>K/N<A>G:<A.HALMH?? NG=;L:MSFXKDM>G?^K=B>CNG@>G%G
=NLMKB>G=>KP>EMIHEBMBL<A>G'HG?EBDM>SPBL<A>G=>G>NKHIXBL<A>G#KH_FX<AM>GNG==>K
%=>HEH@B>G=>L!OHENMBHGBLFNLNG=/HSB:E=:KPBGBLFNL =B>SNG>AF>G=OHG>@KB??>G=>K
cK:LLBL<A>Gd B??>K>GS^;>KE:@>KMPNK=>G hHGK:=:$>KO B + 

B> NL;K>BMNG@ D:IBM:EBLMBL<A>K /MKNDMNK>G  >BG @>G>K>EE>L 'HGDNKK>GSLMK>;>G =>K >NKHIXBL<A>G
)X<AM> LHPB> >BG ;BHEH@BLMBL<A>L B??>K>GS=>GD>G ;BE=>G =>G .:AF>G  BGG>KA:E; =>LL>G LB<A
>NML<AE:G=:EL'HEHGB:EF:<AM>M:;EB>KM> >K>BML;>OHK>BG>KMHK@:GBLB>KM>'HEHGB:E;>P>@NG@>GM
LM:G= P:K>G=>NML<A>"HKL<A>G=>:F:?KBD:GBL<A>G'HGMBG>GM:DMBONG=LHFBM:G=>KPBLL>GL<A:?M
EB<A>G NK<A=KBG@NG@=B>L>K.>@BHG>GF:_@>;EB<A;>M>BEB@M6>EE>K 


 
  579>>45B?<?>91<25G57E>75>
;)BMM>=>L &:AKANG=>KML?HKFM>GLB<ABF >NML<A>G.>B<A@>H@K:IABL<A>#>L>EEL<A:?M>GNG=
DHEHGB:E>:;=>G>K&:AK>GHGK:=:?  #>H@K:IABL<A>#>L>EEL<A:?M>G>GMLM:G=>GBF
'HGM>QMOHG!GM=><DNG@L NG="HKL<ANG@LK>BL>GBG?KBD: LB>GNG=+S>:GB>G *>;>GBAK>K"HK
L<ANG@LMXMB@D>BMPNK=>G"K:@>G=>KNLP:G=>KNG@LHPB>'HEHGBL:MBHGOHG>@BGG:GFBM@>=:<AM 
!BG> KM )BMM>ELM>EENG@ SPBL<A>G #>H@K:IABL<A>G #>L>EEL<A:?M>G NG= 'HEHGB:EO>K>BG>G G:AF =>K
)286%0:)6)-2*E6%2()07+)3+6%4,-)92(D6()692+()987',)628)6)77)2>BG =>KBF&:AKBG
>KEBG=NK<A=>G*:MBHG:E]DHGHF.H;>KM&:GG:L<A@>@K^G=>MPNK=> %F.:AF>G=>L)286%0:)6)-27
PNK=>GOHK:EE>F]DHGHFBL<A>LI>DM>=>K=>NML<A>G!QI:GLBHGA>KOHK@>AH;>GNG==B>%GM>K>LL>G
o=>K>QIHKMBGM>K>LLB>KM>GDE>BG>GNG=FBMME>K>G">KMB@P:K>GBG=NLMKB>=>L.A>BGE:G=>L /^==>NML<A
E:G=L  /:<AL>GL  0A^KBG@>GL LHPB> =>K GHK==>NML<A>G .>>=>K>B>Gh #K^G=>K   O>KMK>M>G 
>GGH<AP:KBGG>KA:E;=>L2>K>BGL=:LBE=NG@L;^K@>K9BGG>GMNFIKHIHKMBHG:ELMXKD>KO>KMK>M>G EL
>KLM>GM:MLX<AEB<ADHEHGB:E>G2>K>BG;>S>B<AG>M#K^G=>K=>G!)78()987',)2 )6)-2*E63032-7%8-32
92(<4368=>KNGM>K:G=>K>F:N?%GBMB:MBO>OHG"KB>=KB<A":;KBBF&:AK@>@K^G=>MPNK=>NG=
SNF#KH_M>BEOHG#KH_BG=NLMKB>NG=#KH_A:G=>E;>A>KKL<AMP:K !;= ? 
%G=>G=:K:N??HE@>G=>G&:AK>GPNK=>GS:AEK>B<A>P>BM>K>2>K>BG>FBMoDHEHGB:E:@BM:MHKBL<A>GNG=
DHEHGB:EIKHI:@:G=BLMBL<A>G6B>E>Gh@>@K^G=>M "^AK>G=NGM>K=B>L>G2>K>BG>GP:K=>K@>@K^G
=>M>)987',)3032-%0:)6)-2 =>KLB<ABGL>BG>G>KLM>G&:AK>GA:NIMLX<AEB<A:NL':N?E>NM>G =>F
FBMME>K>G1GM>KG>AF>K9BGG>GMNFLHPB>=>FBE=NG@L;^K@>K9BGG>GMNFSNL:FF>GL>MSM> PH;>B=>K
!BG?ENLLOHG,>KL]GEB<AD>BM>G:NL,HEBMBD $:G=>E %G=NLMKB> :GDP>L>GNG=.>>=>K>B =B>SNF#KH_
;^K@>K9BGG>GMNF@>SXAEMP>K=>G GB<AMNGM>KL<AXMSMP>K=>GLHEEM>>;= ?  

o >Ko'HEHGB:EO>K>BGhO>KLM:G=LB<ABG>KLM>K(BGB>:EL>BG,KHI:@:G=:BGLMKNF>GM?^K=B>
>E>;NG@=>LDHEHGB:E>G#>=:GD>GL P>GG>K:N<A=B>DHGDK>M>!BGKB<AMNG@OHG$:G
=>ELLM:MBHG>G:ELNL@:G@LINGDM?^K@K]_>K>1GM>KG>AFNG@>GBGLN@>?:LLM>;SP =BL
DNMB>KM> h#K^G=>K$>KO B + 

)BM>BG>K=B??>KB>K>G=>GNG=P>GB@>KIKBOBE>@B>KM>G/HSB:ELMKNDMNK=>K)BM@EB>=>KoDE>BG>#>P>K;>
MK>B;>G=> +??BSB>K> NGM>K>>:FM>NG=DE>BG>K>NG=FBMME>K>':N?E>NM>h#K^G=>KO>K
?HE@M>=B>NGM>K:G=>K>F=NK<A=>Go;>GM>NK>Kh#K^G=>K:KE,>M>KL@>@K^G=>M>
)7)007',%*8*E6()987',)3032-7%8-32*(:G=>K>6B>E> 3XAK>G==>K3032-%0:)6)-2>A>K:N?
MA>HK>MBL<A>K :LBL :@B>KM>  ;>?:LLM> LB<A =B> *( DHGDK>M FBM =>K IK:DMBL<A>G NK<A?^AKNG@ =>K
'HEHGBL:MBHG 2HK=>K@K^G=B@PNK=>=B>O>KF>BGMEB<A>*HMP>G=B@D>BM=>KNLP:G=>KNG@:ELK@N
F>GM:G@>?^AKMNG=G:MBHG:EBLMBL<A>L >QI:GLBHGBLMBL<A>L LHSB:E=:KPBGBLMBL<A>L :GMBL>FBMBL<A>LLH
PB>K:LLBLMBL<A>L >GD>GA>KKL<AM>GBGG>KA:E;=>K*(OHK 3XAK>G==>K3032-%0:)6)-2NG==B>
*( BG >BG>K :G?XG@EB<A>G oDHEHGB:E>NIAHKBL<A>Gh #K^G=>K   ,A:L> BG 'HGDNKK>GS
 
SN>BG:G=>KLM:G=>G L<AEHLL>GLB>LB<ABF&:AKSNK)987',)23032-%0+)7)007',%*8SNL:FF>G 
!;= ?
%F#>@>GL:MSSN=>G;>B=>G#KNIIB>KNG@>GP:K>G=B>A:GL>:MBL<A>G':N?E>NM>>;>GLHPB>=B>@KH
_>G:GDAXNL>KGB<AM?^K=>G?HKF>EE>G!KP>K;OHG'HEHGB>GSN@>PBGG>G LHG=>KG;>?^KPHKM>M>G
>GML<AB>=>G=>G"K>BA:G=>E  B>;AXG@B@D>BMOHF >NML<A>G.>B<APNK=>:EL!BGL<AKXGDNG@NG=
'HGMKHEE>;>MK:<AM>M :N<AP>GG=>KBG?HKF>EE>n/<ANMSjOHG#>;B>M>G=NK<A=>G/M::MIHLBMBO@>P>K
M>MPNK=> )BM=>K6>BM;>@:GG>G>BGB@>$:F;NK@>K':N?E>NM>=>G!KP>K;OHG=>NML<A>G'HEHGB>G
SN;>?^KPHKM>G =:LB>;>?^K<AM>M>G P>GG>BG>:G=>K>>NKHIXBL<A>):<AM#>;B>M>>KP>K;>GD]GGM> 
BGG>KA:E;=>K>KLB>OHKA>K@>PBKDMA:MM>G ?BG:GSB>EE>!BGL<AKXGDNG@>GSN>KE>B=>G 6N=B>L>G':N?
E>NM>GSXAEM>NGM>K:G=>K>F=HEIA3H>KF:GG >LBMS>K=>L$:G=>ELA:NL>L!3)61%22BG3>LM
:?KBD:LHPB>o@K]_M>7K8,KBO:MK>>=>K=>K3>EMh#K^G=>K G@>LB<AML=>LLB<ASNLIBMS>G=>G
'HGDNKK>GSD:FI?>L=>K>NKHIXBL<A>G)X<AM>BF!KP>K;NF'HEHGB>G@>E:G@>LBAF =B>$:F;NK@>K
$:G=>ELD:FF>KSN>BG>K;D>AKOHF"K>BA:G=>ESN;>P>@>G BG=>F>KA:NIMLX<AEB<ADHFF>KSB>EE>
LI>DM>;>MHGM> EE>K=BG@LL<AP:G==>KK@PHAG@>@>G^;>K=>FDHEHGB:E>G2HKA:;>G>KLM G:<A
=>F=:L >NML<A>.>B<ABG=>G>K&:AK>G?HKF>EE'HEHGB>G>KPHK;>GA:MM> !;= ?? 

HGK:=@EB>=>KM=B>K@NF>GM:MBHG>GSNK!KKB<AMNG@>BG>L=>NML<A>G'HEHGB:EK>B<A>LBGOB>K#KNI
I>G$:G=>ELBGM>K>LL>G )H;BEBMXM;>SB>ANG@LP>BL>=B>'HGMKHEE>OHGNLP:G=>KNG@LM>G=>GS>G LH
SB:EBFI>KB:EBLMBL<A>)HMBO>NG==B>O>KF>BGMEB<A>*HMP>G=B@D>BM=>Kn6BOBEBL:MBHGjHGK:=:
??  
:L >KLM> K@NF>GM  =B> $:G=>ELBGM>K>LL>G  PNK=> ;>K>BML F>AK?:<A >KPXAGM NG= ;>SB>AM LB<A BF
3>L>GMEB<A>G:N?=B>/N<A>G:<AG>N>G.HALMH??>GNG=;L:MSFXKDM>G 6N=>FPNK=>>KAH??M FBM
=>Fn!KP>K;jOHG'HEHGB>G V;>KIKH=NDMBHGLDKBL>GBG >NML<AE:G=:NL@E>B<A>GSND]GG>G>;= 
 
:LSP>BM>K@NF>GM =:L=>K)H;BEBMXM;>SB>ANG@LP>BL>=>KO>KF>BGMEB<AGHMP>G=B@>GNLP:G=>
KNG@ BLMOHK=>F$BGM>K@KNG=SN;>MK:<AM>G =:LL=B>=>NML<A>#>L>EEL<A:?MBF.:AF>G=>LOHK:G
L<AK>BM>G=>G%G=NLMKB:EBLB>KNG@LIKHS>LL>LfOHK:EE>FBF:NL@>A>G=>G &:AKANG=>KMfOHG>BG>F
LM:KD>G>O]ED>KNG@LP:<ALMNF@>IKX@MP:K >?^K<AMNG@>G =B>NGM>K:G=>K>F:N?=>K2>K;K>BMNG@
OHG0AHF:L.H;>KM):EMANL0A>L>G=>KoF:EMANLB:GBL<A>EIMK:NFh#K^G=>K;:LB>KM>G 
=:LL=B>(>;>GLFBMM>E@KNG=E:@>?^K=B>LM>MB@P:<AL>G=>>O]ED>KNG@GB<AMF>AKLB<A>K@>LM>EEMP>K
=>GD]GG> LHPB>=>K:NL=>F>O]ED>KNG@LP:<ALMNFK>LNEMB>K>G=> KN<D:N?=>GK;>BMLF:KDM 
O>K:GE:LLM>>BG>@KH_>6:AE:G)>GL<A>G:NLSNP:G=>KG  B>)>AKS:AE=>KNLP:G=>K>K9BGG>G>GM
L<AB>=>GLB<A?^K=B>1/ P:LOHGLM::MEB<A>K/>BM>:NL:ELoL<AP>KPB>@>G=>K2>KENLMG:MBHG:E>K
!G>K@B>G>FI?NG=>G7PNK=>8 :EL>BG=>KE:LL =>K=:L.>B<AP>KMOHEE>K/N;LM:GS;>K:N;>h>;= 
 1FC>G>!G>K@B>GGB<AM:G=>K>G)X<AM>GSN#NM>DHFF>GSNE:LL>G L<AB>G>G/B>=ENG@LDHEH
GB>G>BG>I:LL:;E>(]LNG@ /HFBMPNK=>=B>nNLP:G=>KNG@LIKH;E>F:MBDjOHG'HEHGB:E;>P>@NG@>G
 
:N?@>@KB??>G NFDHEHGB:E>2HKA:;>GSN;>@K^G=>G !;= ??  >K$BLMHKBD>K$>BGKB<AOHG0K>BM
L<AD>:K@NF>GMB>KM>BF&:AKo"^K>BG2HED =:L:G>BG>K;>LMXG=B@>GV;>KIKH=NDMBHGE>B=>M
NG=&:AK?^K&:AK:GL>BG>K'BG=>KBG=B>"K>F=>L>G=>M PBK==B>'HEHGBL:MBHGSNK :L>BGL
?K:@>7e8 h0K>BML<AD>SBM G:<AHGK:=
:L=KBMM>K@NF>GM =:LLHSB:EBFI>KB:EBLMBL<A>)HMBO>BG=>G"HDNLLM>EEM PNK=>BGL;>LHG=>K>OHF
$BLMHKBD>K$:GL 1EKB<A3>AE>K:N?@>@KB??>G =>K=>G>@KB??=>Lo/HSB:EBFI>KB:EBLFNLhIKX@M> %G
L>BG>F3>KDoBLF:K<DNG==>K%FI>KB:EBLFNLh3>AE>KPBK==B>$>KKL<A:?MLM><AGBD+MMHOHG
BLF:K<DLOHK=>F$BGM>K@KNG=?HE@>G=>K0A>L>=:K@>E>@MO@E :NF@:KM? 

o%G>BG>FL>AK:EE@>F>BG>G/BGG@>AM=B>L>K;>BMOHG=>K2HK:NLL>MSNG@:NL =:_=:L
/<AB<DL:E=>KFH=>KG>G3>EML>BM=>G.>OHENMBHG>G=>L:NL@>A>G=>G &:AKANG=>KMLBG
>BG>F?NG=:F>GM:E>G/BGG=NK<A=B>%G=NLMKB:EBLB>KNG@ C>G>MB>?LM>6XLNK=>K)>GL<A
A>BML@>L<AB<AM>L>BM=>F*>HEBMABDNF FBM;>LMBFFMPBK= h3>AE>K

3>AE>K@>AM=:OHG:NL =:LL=>K=>NML<A>%FI>KB:EBLFNL>BG>"HE@>=>K%G=NLMKB>EE>G.>OHENMBHGNG=
=>K>GNLPBKDNG@>GP:K 1FOHGPBKML<A:?MEB<A>K%GLM:;BEBMXMNG=LHSB:E>G'KBL>GNG=?HE@EB<AOHG
BGG>GIHEBMBL<A>G,KH;E>F>G:;SNE>GD>G PNK=>%FI>KB:EBLFNL;>SB>ANG@LP>BL>'HEHGB:EBLFNL;>
MKB>;>G:NF@:KM 
3XAK>G==:L=KBMM>K@NF>GM =:L=>L/HSB:EBFI>KB:EBLFNL 'HEHGB:EBLFNL:EL>BG>KM;E>GDNG@L
F:G]O>KOHGG:MBHG:E>G'HG?EBDM>G;>MK:<AM>M D:GG>LE:NMHGK:=GH<AP>BM>K@>?:LLMP>K=>GNG=
P>BLM:N?V;>KE>@NG@>GSN>BG>K@>SB>EM>GNLP>BLNG@LIHEBMBDABG !LPNK=>^;>KE>@M )>GL<A>GFBM
oK>OHENMBHGXK>F,HM>GMB:EhHGK:=:H=>K:N<A)>GL<A>G =B>LB<AGB<AMG:<A=>GLM::MEB
<A>G2HKLM>EENG@>GBGL/RLM>F>BG@EB>=>KM>G BGIHM>GMB>EE>'HEHGB>G:NLSNP>BL>G !;>GLHBG=B>L>K
G?:G@LIA:L>=>NML<A>K'HEHGB:E:@BM:MBHGBLM=>Kn):=:@:LD:K ,E:GjSNO>KHKM>G =>KLIXM>K>KG>NM
OHFG:MBHG:ELHSB:EBLMBL<A>G.>@BF>:N?@>@KB??>GPNK=>NG==>K=:?^KIEX=B>KM> C>G>)>GL<A>G =B>
OHF/RLM>F:ELC^=BL<A;>S>B<AG>MPNK=>G SP:G@LP>BL>G:<A):=:@:LD:K:NLSNP>BL>G HGK:=
:
:LOB>KM>K@NF>GM =:L:N?=>K2HKLM>EENG@=>Kn>B@>G>GkDNEMNK>EE>G$]A>KP>KMB@D>BM;:LB>KM>NG=
LHFBM'HEHGB:EBLFNL:ELnSBOBEBL:MHKBL<A>)BLLBHGjE>@BMBFB>KM> PNK=>;>K>BMLNF?:G@K>B<ABG':IBM>E
 =:K@>E>@M 3B>:N<A;>B:G=>K>G>NKHIXBL<A>G)X<AM>G D:F>GLHSB:E=:KPBGBLMBL<A>V;>KS>N
@NG@>G=>KG:M^KEB<A>GV;>KE>@>GA>BMSNFNL=KN<D  B>=>NML<A>*:MBHG;>=B>GM>LB<A=>L>@KB?
?>Ln$>KK>GOHEDj NF=B>>KA:;>G>/M>EENG@=>L >NML<A>G.>B<A>L:NLSN=K^<D>G  B>(>@BMBF:MBHG
=>K'HEHGB:EBLB>KNG@;>LM:G=BG=>KV;>KS>N@NG@=>K*HMP>G=B@D>BM=>K#>PBGGNG@OHG(>;>GL
K:NF?^K=:L=>NML<A>n$>KK>GOHEDj %G>SN@:N?=B>V;>KS>N@NG@=>LnLNKOBO:EH?MA>?BMM>LMjD:F
=B>DNEMNKFBLLBHG:KBL<A>V;>KS>N@NG@SNFNL=KN<D  :L >NML<A>.>B<AL:ALB<AL>E;LM:EL:N?
LMK>;>G=>*:MBHGNG==B>(XG=>K?KBD:L:ELGB>=>K@>A>G=>*:MBHG>G =B>HAG>=>NML<A>!BGFBL<ANG@
 
SN #KNG=> @>A>G P^K=>G #K^G=>K    >S^@EB<A =>K "K:@>  BGPB>?>KG LB<A =B> =>NML<A>G
LHSB:E=:KPBGBLMBL<A>GV;>KS>N@NG@>GOHG=>G>G:G=>K>K>NKHIXBL<A>K'HEHGB:EFX<AM>NGM>KL<AB>
=>G O>KP>BL>B<A>KG>NM:N?=B>'HGMBGNBMXML=>;:MM>GNG==>K>G'KBMBDO@E '^AG> 
!K@XGS>G=L>BGH<A:N?o7G8:MBHG:EIHEBMBL<A>h#K^G=>K;>SB>ANG@LP>BL>oG:MBHG:EILR<AH
EH@BL<A>)HMBO>h>;= ABGSNP>BL>G  B>L>G)HMBO>GE:@E:NM#K^G=>K=>K3NGL<ASN@KNG=> 
>BG>n>B@>G>jG:MBHG:E>%=>GMBMXMSN?HKF>G *:MBHG:E;>PNLLML>BGPNK=>fFBMEB<D:N?'HGDNKK>GS
FX<AM>PB>SNF>BLIB>E!G@E:G=f:EL2HK:NLL>MSNG@SNK>K?HE@K>B<A>G1FL>MSNG@OHG'HEHGB:E
IHEBMBD;>MK:<AM>M V;>K&:AK>ABGP>@A:MM>LB<A=:L >NML<A>.>B<AHAG>'HEHGB:E;>LBMSBGV;>KL>>
@>@>G^;>K=>G:G=>K>G>NKHIXBL<A>G)X<AM>GBG>BG>KFBG=>KP>KMB@>G,HLBMBHG;>?NG=>G *NG@:EM
>L =B>L>G.^<DLM:G=:N?SNAHE>GNG==>K=>NML<A>G*:MBHG>BG>@>AH;>G>/M>EENG@BG=>K3>EMIHEBMBD
SNLB<A>KG #K^G=>K? 

  9C=1B3;C?<?>91<9C=EC
B>#K^G=NG@=>L >NML<A>G.>B<ALBF&:AKLM>EEM>>BG>oF:<AMLM::MEB<A>2HK:NLL>MSNG@h6>E
E>K?^K=>G!KP>K;^;>KL>>BL<A>K'HEHGB>G=:K *:<A=>F=>NML<A ?K:GS]LBL<A>G'KB>@BG
=>G&:AK>GLM:G=>G=>FGNGSNF*:MBHG:ELM::MO>K>BGM>G.>B<A?K:GS]LBL<A>'HEHGB>G:EL
'KB>@L>GML<AX=B@NG@BGNLLB<AM  B>"HK=>KNG@G:<A'HFI>GL:MBHG;EB>;:;>KK>BGKA>MHKBL<A =:
NGM>K:G=>K>F+MMHOHGBLF:K<D =>K>KLM>.>B<ALD:GSE>K=>L >NML<A>G.>B<AL LB<A@>@>G=>G
>LBMSOHG'HEHGB>G:NLLIK:<A#K^G=>K?  BLF:K<DP:KSP:K@>@>G>BG>G=BK>DM>G?HK
F>EE>G'HEHGB:EBLFNL ;>?^KPHKM>M>NG=NGM>KLM^MSM>:;>K>BG>BG=BK>DM>NG=BG?HKF>EE>$>KKL<A:?M
^;>K:N_>K>NKHIXBL<A>#>;B>M> =B>;>K>BMLL>BM=>G>K&:AK>G>QBLMB>KM>>;=  /HF>KDM>>K
:Go%<APBEE:N<A@:KD>BG>'HEHGB>G  B>LBG=;EH_SN2>KLHK@NG@LIHLM>G@NM =B>L>'HEHGB:E
@>L<AB<AM>PXK>?^KNGL@>G:NLHPB>=>KL>B=G>6H;>EI>ESBGIHEGBL<A>G=>EL?:FBEB>G =B>D>BG>
$>F=>GA:;>G hBLF:K<D78SBM G:<A#K^G=>KNLE:LLNG@B + !KLM>EEM>=>G]DH
GHFBL<A>G*NMS>G>BG>L=>NML<A>G'HEHGB:E;>LBMS>LBG"K:@>  >KBG*:FB;B:@>;HK>G>NG=BG>KEBG
E>;>G=>$BLMHKBD>K&H:<ABF6>EE>K1GK:LM2>KE:@H & F>KDMSN=>F:G =:LLBLF:K<DSNLXMSEB<A
NL>BG:G=>KL>MSNG@>GFBM:G=>K>G'HEHGB:EFX<AM>G >QIEBSBMFBM!G@E:G= ?^K<AM>M>6>EE>K
 
%GG;>MK:<AM=>K0:ML:<A> =:LLBLF:K<D>B@>GMEB<A@>@>G=>NML<A>G'HEHGB:E;>LBMSP:K >KDEXKM>
>K BF IKBE  K>E:MBO NG>KP:KM>M f :N? #>LN<A OHG =HE? (^=>KBMS ABG f n >NML<A /^=P>LM:?
KBD:j SNF >KLM>G =>NML<A>G o/<ANMS@>;B>Mh #K^G=>K    B> >S>B<AGNG@ /<ANMS@>;B>M
LM:FFMOHGBLF:K<DL>E;LM NF=B>NGM>K.>B<ALL<ANMS@>LM>EEM>G#>;B>M>GB<AM'HEHGB>GSNG>GG>G
>;=  !KDEXKNG@L:GLXMS>?^KL>BG>G#>LBGGNG@LP:G=>E SN=>G>G;>BLIB>ELP>BL>=B>/HSB:EBFI>
KB:EBLFNLMA>L>G:<A3>AE>K@>SXAEMPBK= LBG=OB>E?XEMB@>;= ??   B>:NL?^AKEB<A>G!KEXNM>KNG
@>GP^K=>G:EE>K=BG@L=>G.:AF>G=>KK;>BMLIK>G@>G BLF:K<DL.HEE>:ELDHEHGB:E>K):<AMA:;>K
F:GB?>LMB>KMLB<ABGM>KG:MBHG:E=NK<A=B> )60-2)632*)6)2> =B>OHF *HO>F;>K;BLSNF
 
 ">;KN:K=:N>KM> EL2>K:GLM:EM>KEN=>KULM>KK>B<A 1G@:KG >E@B>G  XG>F:KD /I:GB>G 
=B>2>K>BGB@M>G/M::M>G "K:GDK>B<A #KH_;KBM:GGB>G =B>*B>=>KE:G=> %M:EB>G ,HKMN@:E .NLLE:G= =:L
/<AP>=BL<A *HKP>@BL<A>.>B<ANG==B>0^KD>BG:<A>KEBG>BG %GA:EM=>K'HG?>K>GSP:K=B>'EX
KNG@=>K$:G=>ELBGM>K>LL>GBG?KBD:NG==B>!KA:EMNG@=>L"KB>=>GL#K:N 
"HE@>G=>#>;B>M>L:FMKM=>K'HEHGB>BGGE>AGNG@:G6>EE>KSXAEM>GSNF=>NML<A>G'HEHGB:EK>B<A
B>/B>=ENG@LDHEHGB>n >NML<A /^=P>LM:?KBD:jA>NM>*:FB;B: =B>,E:GM:@>GDHEHGB>':F>KNG =B>
$:G=>ELDHEHGB>0H@H =B>$:G=>EL NG=/B>=ENG@LDHEHGB>n >NML<A +LM:?KBD:jA>NM>0:GL:GB:>Q
DENLBO>/:GLB;:K NKNG=B .N:G=:NG=>BG0>BE)HL:F;BDLLHPB>=B>/M^MSINGDMDHEHGB>'B:NML<AHN
6>EE>K?  !;>GLHSN>KPXAG>GLBG==B>$:G=>ELDHEHGB>G*>N@NBG>:NG=/:FH:HGK:=
:? ,EXG> P>BM>K>'HEHGB:E;>LBMSM^F>KSNn>KP>K;>Gj D:F>GBGL;>LHG=>K>NGM>K=>K$>KK
L<A:?MOHG3BEA>EF%% :N?NG=?^@M>GLB<ALHFBMBGL>BG>o3>EMK>B<A .>MAHKBDh6>EE>K
>BG  >GGH<AL<A>BM>KM>G=B>!QI:GLBHGLIEXG>:G=>K1FL>MSNG@>;=  

  579>>45B6?B=5<<5>?<?>91<85BBC3816D
/>;:LMB:GHGK:=LHPB>PB>3BG?KB>=/I>BMD:FI =>K>;>G?:EEL$BLMHKBD>KBLM F>KD>G:G =:LL>KLM
@>@>G!G=>=>K>K&:AK> ;>SB>ANG@LP>BL>FBMBLF:K<DL!GME:LLNG@BF&:AK OHG>BG>K
?HKF>EE>G'HEHGB:EA>KKL<A:?M@>LIKH<A>GP>K=>GD:GGHGK:=:? /I>BMD:FI 
B>!KKB<AMNG@OHGn/<ANMS@>;B>M>GjLHEEM>=:SN=B>G>G $:G=>ELMK>B;>G=>GNG=1GM>KG>AF>K9BGG>G
=>G/<ANMS=>L >NML<A>G.>B<A>LSN@>PXAKE>BLM>G  NK<An/<ANMS;KB>?>jPNK=>G=>G'HEHGB:E@>
L>EEL<A:?M>GP>BM@>A>G=>$HA>BMLK><AM>^;>K0>KKBMHKB>G>KM>BEM =B>LB>;>K>BML=NK<A 2>KMKX@>jFBM
:?KBD:GBL<A>G$>KKL<A>KG:;@>LB<A>KMA:MM>G  B>L>2HK@>A>GLP>BL>>KF]@EB<AM>>L=>F=>NML<A>G
/M::M LB<AP>BM@>A>G=OHG=>GDHEHGB:E>GDMBOBMXM>G?>KGSNA:EM>G  B>BAG>G>BG@>KXNFM>NMHGH
FB>PNK=>OHG=>NML<A>GDM>NK9BGG>GOHK+KMF>BLMSNKI>KL]GEB<A>G>K>B<A>KNG@@>GNMSMNG==>K
;L<AENLLoNG@E>B<A>K2>KMKX@>h/I>BMD:FIPNK=>SN>BG>K@XG@B@>G,K:QBL  :;>BA:G
=>EM>>LLB<AF>BLMNFo/<ANMSh NG=o':N?O>KMKX@>h>;=  =B>NGM>K KN<D NG=#>P:EM:NL
^;NG@L>BM>GL=>K'HEHGBLB>K>G=>G@>@>G^;>K=>G'HEHGBLB>KM>GNGM>KS>B<AG>MPNK=>G >Bo':N?
O>KMKX@>Gh PNK=>G *NMSNG@LK><AM> :;@>MK>M>G  >B o/<ANMSO>KMKX@>Gh @:;>G A>KKL<A>G=> :?KBD:GB
L<A>,>KLHG>G$HA>BMLK><AM>:N?NG=>KDEXKM>GLB<A=:SN;>K>BM D>BG>K:G=>K>G):<AM.><AM>:G=>F
#>;B>MSN>KM>BE>G EL#>@>GE>BLMNG@>KAB>EM>GLB>=>Gn/<ANMSj=>L >NML<A>G.>B<A>L /I>BMD:FI
?? 
:L;KNM:E>NG=K^<DLB<AMLEHL>2HK@>A>G@>@>G^;>K=>K:?KBD:GBL<A>G>O]ED>KNG@?^AKM>SN3B=>K
LM:G= BG "HKF OHG @>P:EMOHEE>G N?LMXG=>G  PB> SNF >BLIB>E =>F K:;>K:N?LM:G= BG n >NML<A
+LM:?KBD:j  B>N?LMXG=> ?BG:GSB>EE>LNG=O>KP:EMNG@LM><AGBL<A>L)BLLPBKML<A:?M>GLHPB>0>KKBMH
KB:EDHG?EBDM>FBM:G=>K>G>NKHIXBL<A>G)X<AM>GfBGL;>LHG=>K>FBM#KH_;KBM:GGB>GfO>K:GE:LLM>=:L
>NML<A>.>B<A=:SN =B>BG?HKF>EE>$>KKL<A:?ML?HKFBG>BG>?HKF>EE>'HEHGB:EA>KKL<A:?MNFSNP:G
=>EG  B>$>KKL<A:?MPNK=>;^KHDK:MBLB>KMNG==B> >B@>G>jDNEMNK>EE>V;>KE>@>GA>BM;>MHGM 6N=>F
 
PNK=>G$:G=>EL>KS>N@GBLL>:;@>L<A]I?M =>K/B>=E>KDHEHGB:EBLFNL@>?]K=>KMNG=NF?:G@K>B<A>,E:G
M:@>G:GE:@>G>KKB<AM>M  B>o!KSB>ANG@SNKK;>BMh#K^G=>K=>KBG=B@>G>G>O]ED>KNG@
PNK=>SNKH;>KLM>G,KBHKBMXMNG=?^AKM>BG'HF;BG:MBHGFBM=>KK>IK>LLBO>GNG=:NL;>NM>KBL<A>G,H
EBMBDSNP>BM>K>GN?LMXG=>G ELGMPHKM=:K:N?PNK=>GBF.:AF>G>BG>K:=FBGBLMK:MBO>G*>NHK=
GNG@BF&:AK:EE>:?KBD:GBL<A>G'HEHGB>G=>FG>N@>@K^G=>M>G)-',7/3032-%0%18NGM>KLM>EEM 
HGK:=:?? !LD:FSN>BG>KoDHEHGB:E>7G8)H=>KGBLB>KNG@hHGK:=: 

oG =B> /M>EE> =>K ;L<A]I?NG@ LHEEM> =B> !KL<AEB>_NG@ MK>M>G  :G =B> /M>EE> =>K
NL;>NMNG@=B>c*NMS;:KF:<ANG@=>LH=>GL L>BG>K/<AXMS>eNG=OHK:EE>F=>K
)>GL<A>Gd  B>L> /MK:M>@B> ;>BGA:EM>M %GO>LMBMBHG>G BG %G?K:LMKNDMNK NG=
$NF:GD:IBM:E NG= P:K AXN?B@ FBM =>K "]K=>KNG@ >BGA>BFBL<A>K
3BKML<A:?MLLMKNDMNK>GNG=>BG>K3>G=NG@@>@>G=B>,K:QBL=>K6P:G@L:K;>BM:N?=>G
,E:GM:@>GO>K;NG=>G hHGK:=:$>KO B + 

B>=:K@>LM>EEM>PBKML<A:?MEB<A>/MK:M>@B>?^AKM>BGF:G<A>K$BGLB<AMSN>BG>K2>K;>LL>KNG@=>K(>
;>GLNFLMXG=>=>KBG=B@>G>G>O]ED>KNG@NG=P:KSN@E>B<A?^K=B>'HEHGB:EF:<AMK>GM:;>EHGK:=
: 
:E=G:<A=>FNL;KN<A=>L!KLM>G3>EMDKB>@>LO>KEHK=:L >NML<A>.>B<A?:DMBL<AL>BG>'HEHGB>G 
*:<A=>K'KB>@LGB>=>KE:@>PNK=>G=B>=>NML<A>G'HEHGB>G=>GEEBB>KM>GOHF D0/)6&92(:EL):G
=:ML@>;B>M>^;>KMK:@>G )BM=>K1GM>KS>B<AGNG@=>L )67%-00)66-)()27:)686%+)7BF&:AKP:K
=B>=>NML<A>'HEHGB:EA>KKL<A:?M;>>G=>MNG==B>=>NML<A>Gn/<ANMS@>;B>M>jPNK=>GH??BSB>EE:;@>MK>
M>G#K^G=>K??  'B:NML<AHNPNK=>;>K>BMLBF*HO>F;>KSP:G@LP>BL>:G&:I:G:;
@>@>;>GHGK:=: 

;L<AEB>_>G=D:GG?>LM@>LM>EEMP>K=>G =:LL=:L >NML<A>.>B<AL:FMBLF:K<DSP:KLIXM :;>KGB<AM
FBG=>K:DMBO BG=>G'6%1&0)*36 *6-'%>BGLMB>@NG==:SN;>BMKN@ =:LL@:GS?KBD:;BL:N?(B;>KB:
NG=TMAHIB>GSN>@BGG=>L &:AKANG=>KML'HEHGB>P:K#K:N 
B>@>G:N>NL>BG:G=>KL>MSNG@FBM=>K=>NML<A>G'HEHGB:EA>KKL<A:?MNG==B>NGM>KL<AB>=EB<A>GNL
IKX@NG@L?HKF>GBG=>G>BGS>EG>G'HEHGB>GP^K=>G=>G.:AF>G=B>L>KK;>BMLIK>G@>G !L;E>B;M
?>LMSNA:EM>G

o >K=>NML<A>'HEHGB:EBLFNLD:GGfP:LBFV;KB@>G?^K=B>>NKHIXBL<A>'HEHGB:EIHEBMBD
:EE@>F>BGSNMKB??Mf:EL>BG>#>P:EM NG=3BEED^KA>KKL<A:?M;>L<AKB>;>GP>K=>G <A:K:D
M>KBLB>KM=NK<A BLSBIEBGB>KNG@ K;>BMLSP:G@;SP 6P:G@L:K;>BMNG=!GM>B@GNG@;BL
ABGSN):LL>GFHK=NG=2>KGB<AMNG@BG'HEHGB:EDKB>@>G h6>EE>K

 
/HBLMG>;>G=>F2]ED>KFHK=:G*:F:NG=+O:A>K>KHOHG :N<A:N?=>G):CB ):CB 'KB>@
OHG;BLBFL^=EB<A>Gn >NML<A +LM:?KBD:jA>NM>0:GL:GB:LHPB>=>KHQ>K:N?LM:G=BF
&:AKBGABG: =>K>;>G?:EELS:AEK>B<A>+I?>KABGM>KEB>_ ABGSNP>BL>GHGK:=:??  

6NL:FF>G?:LL>G=BLMBFE>MSM>G&:AKS>AGM>BG>O>KLMXKDM>NL>BG:G=>KL>MSNG@ABGLB<AMEB<A=>K@>
L<AB<AMLPBLL>GL<A:?MEB<A>G"HKL<ANG@;>S^@EB<A=>NML<A>K'HEHGB:E@>L<AB<AM>?>LMSNLM>EE>G  B>SN
G>AF>G=>>L<AX?MB@NG@FBM=>K0A>F:MBDPBK=BG6NL:FF>GA:G@FBM=>F#>=>GDC:AK@>
LM>EEM BG=>FLB<A=>K#>GHSB=:G*:F:NG=+O:A>K>KHSNFANG=>KMLM>G):ECXAKM> %GL;>LHG=>K>
=NK<A=:L!G@:@>F>GMOHG+I?>KO>KMK>M>K9BGG>G=K:G@=B>0A>F:MBD:G=B>U??>GMEB<AD>BMNG=L>MSM>
,HEBMBD>K9BGG>GSNG>AF>G=NGM>K KN<D #KNG=LXMSEB<AD:GG?>LM@>A:EM>GP>K=>G =:LL=>K=>NML<A>
'HEHGB:EBLFNL SNK 6>BM =>L >NKHIXBL<A>G $H<ABFI>KB:EBLFNL LM:MM?:G=  N<A P>GG =:L >NML<A>
.>B<AL:FMBLF:K<DSP:KLIXM :;>KGB<AMFBG=>K:DMBO BG=>G'6%1&0)*36 *6-'%>BGLMB>@ P:K=B>
=>NML<A>'HEHGB:EA>KKL<A:?M>;>GLHPB>=B>'HEHGB:EIHEBMBD:G=>K>K>NKHIXBL<A>K(XG=>KOHG"K>F=
;>LMBFFNG@ 1G@E>B<AA>BMLHPB>1GM>K=K^<DNG@@>IKX@MNG=F^G=>M>BGo):LL>GFHK=NG=2>KGB<A
MNG@BG'HEHGB:EDKB>@>Gh6>EE>K 

 LCD5BB59389C385B?<?>91<9C=EC
:L?HE@>G=>':IBM>EPB=F>MLB<A=>K"K:@> BGPB>?>KGOHG=>K!QBLM>GS>BG>K]LM>KK>B<ABL<A>G'H
EHGB:E@>L<AB<AM>@>LIKH<A>GP>K=>GD:GGNG=H;NG=BGP>E<A>K3>BL>LB<A=B>$:;L;NK@>KFHG:K
<AB>ULM>KK>B<A 1G@:KG  :G DHEHGB:EIHEBMBL<A>G ,KHC>DM>G ;>M>BEB@M>  B>L> "K:@>LM>EENG@ PBK= BF
3>L>GMEB<A>G:GA:G==K>B>KLI>DM>:G:ERLB>KM!KLM>GL;>S^@EB<A>BG>K >?BGBMBHGOHG'HEHGB:EBL
FNL =B>:N?=>FA:K:DM>KBLMBDNF=>KM>KKBMHKB:E>G(:G=G:AF>;:LB>KM SP>BM>GL:GA:G==>K]LM>K
K>B<A NG@:KBL<A>G>M>BEB@NG@:F,AXGHF>G=>LoDHEE>DMBO>G%FI>KB:EBLFNLh/:N>K:NG=
=KBMM>GL BF .:AF>G =>K "NGDMBHG ULM>KK>B<A 1G@:KGL ;>S^@EB<A >BG>L oBG?HKF>EE>G %FI>KB:EBL
FNLh/:N>K: "HE@>G=>L6BM:M?:LLM=B>)>KDF:E>ULM>KK>B<A 1G@:KGLIKX@G:GMSNL:F
F>G

oULM>KK>B<A 1G@:KGf>BG@KH_>K :NLF>AK>K>G(XG=>KGSNL:FF>G@>L>MSM>K2B>EO]ED>K
LM::MNGM>K=>K$:;L;NK@>K)HG:K<AB>fP:KBF &A >BG>>NKHIXBL<A>#KH_F:<AM =B>
=NK<AG:MBHG:EBLMBL<A>G KN<DOHGBGG>GNG==B>*B>=>KE:@>BF!KLM>G3>EMDKB>@SN":EE
@>;K:<AMPNK=> 6P:K@K^G=>M>G=B>$:;L;NK@>KD>BG%FI>KBNFBGV;>KL>> :;>KLB>OHEE
>G=>M>GFBM=>KGG>QBHG=>L^;>KPB>@>G=OHG)NLEBF>G;>PHAGM>G:ED:GLM::M>LHL
GB>G $>KS>@HPBG:>BG>;>:<AMEB<A>!QI:GLBHGBG!NKHI: h/:N>K

ABC8<07A D=3<8C34A,DBC8<<D=634B08B4ABIDA8=5P7AD=648=4A;814A0;4=*4A50BBD=6FDA34384!>=0A
2784JBC4AA4827)=60A=146AP=34C'0D4A  !47AID34='CAD:CDA4=34A>??4;<>=0A2784B847448<0==
 55
 

>K:G=>K1GBO>KLBMXM3B>GE>AK>G=>$BLMHKBD>K3:EM>K/:N>KE>@M=:K =:LL=B>"HKL<ANG@ABGLB<AM
EB<A=>K2>KLMKB<DNG@>G=>K$:;L;NK@>KFHG:K<AB>;>SB>ANG@LP>BL>=>K]LM>KK>B<ABL<A NG@:KBL<A>G
)HG:K<AB>FBM=>F>NKHIXBL<A>G%FI>KB:EBLFNLNG='HEHGB:EBLFNLL>BM=>F6>K?:EE=>K)HG:K<AB>
NG=>QIEBSBML>BMOHG=>Ko0A>L>OHF?K>BPBEEB@>G2>KSB<AMh/:N>K@>IKX@MP:K >K>BML
OHK=>F!KLM>G3>EMDKB>@NG==>F>G=@^EMB@>G1GM>K@:G@=>K)HG:K<AB> :;>KBGL;>LHG=>K>G:<A
=>F!G=>=>L6P>BM>G3>EMDKB>@>L LHEEM>LB<A=B> BLM:GSB>KNG@OHGDHEHGB:E>GDMBOBMXM>Go7e8
:EL G^MSEB<A>L !E>F>GM ?^K =:L G>N SN >GMPB<D>EG=> />E;LMO>KLMXG=GBL >BG>L 'E>BGLM::M>L >KP>B
L>Gh/:N>K 
/:N>KIK:G@>KMBG=B>L>F6NL:FF>GA:G@=B>>MHGNG@=>Ko!GM=><DNG@L@>L<AB<AM>h>;= :G 
=NK<A=B>>KF]@EB<AMPNK=> ]LM>KK>B<A NG@:KBL<A>DMBOBMXM>G:N_>KA:E;!NKHI:L BGL;>LHG=>K>BG
?KBD:  NG:;AXG@B@ OHF >NKHIXBL<A>G %FI>KB:EBLFNL NG= 'HEHGB:EBLFNL SN ;>MK:<AM>G  !L PNK=>
:K@NF>GMB>KM >LA:;>LB<A;>BC>G>GDMBOBMXM>G:NLL<AEB>_EB<ANFO>K>BGS>EM>PBLL>GL<A:?MEB<A>,KH
C>DM>@>A:G=>EM =B>NG:;AXG@B@OHG:N_>GIHEBMBL<A>G%GM>K>LL>G@>P>L>GL>B>G  >FG:<APBK=H?
?>GLB<AMEB<A =:LL=B>>MK:<AMNG@=>K0A>F:MBD:NL>GM=><DNG@L@>L<AB<AMEB<A>K,>KLI>DMBO>SNF>B
G>G=>K2>KL<AE>B>KNG@OHGDHEHGB:EBLMBL<A>G;LB<AM>G=B>GM>NG=SNF:G=>K>GPBLL>GL<A:?MEB<A>
"HKL<ANG@>G BG =B>L>F 'HGM>QM :EL O>KF>BGMEB<A H;C>DMBO NG= OHG IHEBMBL<A>G NG= ]DHGHFBL<A>G
%GM>K>LL>GNG;>>BG?ENLLMDHGLMKNB>KMPNK=>G !;= ? 
>S^@EB<A=>K6>BM=>LNLMKH?:L<ABLFNLEXLLMLB<A:EE>K=BG@L>BG>@>PBLL>K^<AB@D>BM=>K>GM=>
<DNG@L@>L<AB<AMEB<A>G,>KLI>DMBO>?>LMLM>EE>G  >K$BLMHKBD>K3>KG>K/NII:GS =>K:G=>K':KE "K:G
S>GL 1GBO>KLBMXMBG#K:SBF>K>B<A6>BM@>L<AB<AM>?HKL<AMNG=E>AKM':KE "K:GS>GL 1GBO>KLBMXM#K:S
H &  LM>EEMBG=B>L>F6NL:FF>GA:G@?>LM =:LL=:L/>E;LMO>KLMXG=GBL=>K:NLMKH?:L<ABLMBL<A>G):<AM
A:;>K=:OHG@>IKX@MP:K n=>G+LM>Gj DHEHGBLB>KMSNA:;>G  B>L>K@NF>GM:MBHGA:;>LH=>K(>
@BMBF:MBHG=>L:NLMKH?:L<ABLMBL<A>G/M::M>L@>=B>GM BG=>F>KLB<AL>E;LM:EL*:<A?HE@>LM::M=>K$:;L
;NK@>KFHG:K<AB> ;>MK:<AM>M> NG= =B> O>KF>BGMEB<A> V;>KE>@>GA>BM =>L o]LM>KK>B<ABL<A>G )>G
L<A>Gh/NII:GS;>MHGM> !;= ?? 

o!L7=:L/>E;LMO>KLMXG=GBL:ELABLMHKBL<A>'HEHGB:EF:<AM8>K?NAKL>BG> >NMNG@:ELP>
L>GMEB<A>L !E>F>GM =>K o]LM>KK>B<ABL<A>G )BLLBHGh  =B> =B> !QBLM>GS >BG>L LHNO>KXG>G 
<AKBLMEB<A D:MAHEBL<A =>NML<A =>?BGB>KM>G ULM>KK>B<AL K><AM?>KMB@>G LHEEM>  >K G
LIKN<A =B>o;>LL>K>G >NML<A>Gh@>@>G^;>K=>F >NML<A>G.>B<A BGL;>LHG=>K>BGL>B
G>K G:MBHG:ELHSB:EBLMBL<A>G ,KX@NG@ SN O>KD]KI>KG  ;>KNAM> BG AHA>F ):_> :N? =>F


8448=50274==5P7AD=6BI48274=F48B4=30A0D578=30BB[34A#BC4=Z48=:>=BCAD84AC4A46A8558BCD=38<0DBCA>50

B278BC8B274=>=C4GC64=DCICFDA34D<48=E4A<48=C;8274B\+4BC#BC45L;;4X'D??0=I  IDE4A34DC;8
274=
 
*:<AP>BL=>K;>LHG=>K>GABLMHKBL<A>G(>BLMNG@>G?^K=:Lo >NML<AMNFh7e8 h/NII:GS
$>KO B + 

"HE@EB<APNK=>=B>A:;L;NK@BL<A>;>SB>ANG@LP>BL>]LM>KK>B<ABL<A NG@:KBL<A>2>K@:G@>GA>BMSNK6>BM
=>LNLMKH?:L<ABLFNLSNF0>BE:EL;BGG>GDHEHGB:EBLMBL<AH=>K:N<ABGG>KDHGMBG>GM:E>K'HEHGB:EBLFNL
@>=>NM>M NF=B>>B@>G>$>KKL<A:?MSNE>@BMBFB>K>GNG==B>ABLMHKBL<A>Gn!KKNG@>GL<A:?M>Gj=>Kn]L
M>KK>B<ABL<A>G >NML<A>GjBF/BGG>BAK>KO>KF>BGMEB<A>GDNEMNKFBLLBHGB:KBL<A>G0XMB@D>BM>GA>KOHK
SNA>;>G/NII:GS O@E ,KNML<A  
B>@>L<AB<AMLPBLL>GL<A:?MEB<A>"HKL<ANG@SNF0A>F:=>LDHEHGB:E>G!G@:@>F>GMLULM>KK>B<AL
P:KXAGEB<APB>=B>>L<AX?MB@NG@FBM=>K=>NML<A>G'HEHGB:E@>L<AB<AM>;BLBG=B>>K&:AK>GNK
F:K@BG:EOHKA:G=>G BL=:ABG=HFBGB>KM>=B>2>K;BG=NG@OHGLHSBH]DHGHFBL<A>G IHEBMBL<A>G DNE
MNK>EE>G LIK:<AIHEBMBL<A>GNG=EBM>K:KBL<A>GLI>DM>GFBMIHLMDHEHGB:E>GGLXMS>G=B>"HKL<ANG@SN
=B>L>F0A>F>GDHFIE>Q /BFHG(HB=EF>KDMBGL>BG>K BLL>KM:MBHGSNF0A>F:o'HEHGB:EIKHI:@:G=:
NG= :DMBOBMXM>GBGULM>KK>B<A 1G@:KG h(HB=E:G =:LLDHEHGB:E>DMBOBMXM>G =B>
OHG=>K$:;L;NK@>KFHG:K<AB>:NL@BG@>G E:G@>6>BM:EL!BGS>EIAXGHF>G> BLHEB>KMOHF>NKHIXBL<A>G
'HEHGB:EBLFNL;>MK:<AM>MPNK=>GNG=;>A:NIM>MPNK=> C>G>@BM:MBHG>GL>B>G?^K=B>)HG:K<AB>OHG
D>BG>K@KH_>G>=>NMNG@@>P>L>G  B>L>,>KLI>DMBO>A:;>LB<A:EE>K=BG@LBG=>GE>MSM>G&:AKS>AGM>G
@>XG=>KM o)BMME>KP>BE> BLM =>K o3>@ SN >BG>K 'HEHGB:E@>L<AB<AM> ULM>KK>B<ALh ;>K>BML LH P>BM ;>
L<AKBMM>G =:LLOB>E>,AXGHF>G>GB<AMF>AK:NL>BG>F6NL:FF>GA:G@FBM'HEHGB:EBLFNLA>K:NL@>
E]LMP>K=>GD]GG>G h(HB=E$>KO BB + !KA>;MA>KOHK =:LLULM>KK>B<A 1G@:KGLHPHAEBG
=>G'6%1&0)*36 *6-'%BG=>KSP>BM>G$XE?M>=>L &:AKANG=>KML LHPB>BGIKHMHDHEHGB:E>DMBOB
MXM>GBGOHEOB>KMP:K (HB=E?? 
G@>LB<AML=>KM>KKBMHKB:E>GLHPB>IHEBMBL<A>G!GMLM>ANG@L@>L<AB<AM>=>K)HG:K<AB> =>K>GDHGMBG>G
M:E>K!QI:GLBHGNG==>K*HMP>G=B@D>BM>BG>K^G=GBLIHEBMBDSPBL<A>GA:;L;NK@BL<A>G$>KKL<A>KG 
=>G?>N=:E>G!EBM>G=>K>BGS>EG>G.>@BHG>GLHPB>=>KD:MAHEBL<A>G'BK<A>/:N>K LM>EEM
/:N>K?>LM o=:LLULM>KK>B<A 1G@:KG>BG2B>EO]ED>KLM::MFBMLM:KD>G?>N=:E>G!E>F>GM>GNG=LHFBM
OHGIHM>GSB>EEL>I:K:MBLMBL<A>K*:MNKP:Kh>;=  

  (5BB9D?B91<5 1>4>18=5
6N>@BGGP>K=>B<A=>G6NL:FF>GA:G@OHG'HEHGB:EBLFNLNG=ULM>KK>B<A 1G@:KG:GA:G==>L>KL
M>GLI>DM>L o7e8=>KM>KKBMHKB:E>G'HGMKHEE>^;>KL>>BL<A>K#>;B>M>=NK<A>NKHIXBL<A>*:MBHG:ELM::
M>Gh/:N>K:LDBSSB>K>G !BG>LMK>G@>0K>GGNG@=>K=K>BLI>DM>fG>;>G=>F=>KM>KKBMHKB
:E>G(:G=G:AF> =>K=>LDHEE>DMBO>GNG==>K=>LBG?HKF>EE>G%FI>KB:EBLFNLfBLMGB<AMF]@EB<ANG=
V;>KL<AG>B=NG@>GLM>EE>G=B>.>@>E=:K 
:L%GM>K>LL>=>K$:;L;NK@>KFHG:K<AB>fSN=B>L>F6>BMINGDMGH<AGB<AMULM>KK>B<A 1G@:KGf:G
:N_>K>NKHIXBL<A>G.>@BHG>GPN<AL>KLMG:<A=>F!G=>=>K*:IHE>HGBL<A>G'KB>@>OHG  
 
BGL;>LHG=>K>:NLPBKML<A:?MLIHEBMBL<A>K,>KLI>DMBO>>;=  #KNG=LXMSEB<A;EB>;>G=B>DMBOBMXM>G
=>K)HG:K<AB>;BL:N?LHE<A>;>L<AKXGDM =B>:ELP>@;>K>BM>G=?^K"HKF>GBG?HKF>EE>KBFI>KB
:EBLMBL<A>K$>KKL<A:?MSN;>MK:<AM>GLBG= %G=>K=:G:<A;>@BGG>G=>GG>H:;LHENMBLMBL<A>G,A:L>=>K
)HG:K<AB> =B>GM>G DHEHGB:E> 1GM>KP>K?NG@LIEXG> NGM>K :G=>K>F SNK ;E>GDNG@ OHG BGG>GIHEBMB
L<A>G,KH;E>F>G =B>BF'HGM>QM=>K*B>=>KP>K?NG@=>K.>OHENMBHGOHGSN;>MK:<AM>GLBG=
>;= ??  
B>:N_>K>NKHIXBL<A>3>EMK^<DM>;>K>BMLL>BM=>G;>@BGG>G=>G>K&:AK>G=NK<A.>BL>;>KB<AM>
NG=)BLLBHGLIKHI:@:G=:BG=>G"HDNL=>KU??>GMEB<AD>BM %GL;>LHG=>K>=>Ko/N=:GNG=TMABHIB>G
7:O:GYB>KM>G8SN,KHC>DMBHGL?EX<A>GA>BFBL<A>K#KH_F:<AMAH??GNG@>Gh/:N>K:  B>/N
=:G )BLLBHGPNK=>OHG':BL>K"K:GS&HL>IA% ?BG:GSB>EENGM>KLM^MSM 0KX@>KBGLMBMNMBHG=>K)BLLBHG
P:K=>K@>@K^G=>M>%6-)2 )6)-2>96 )*D6()692+()6/%8,30-7',)2-77-32-2)286%0 *6-/% 
>KB<AM>:NL=>F/N=:G =B>BGULM>KK>B<AOHKK:G@B@FBM=>F6B>E=>K/I>G=>G>BGG:AF>O>K]??>GM
EB<AMPNK=>GNG==B>0XMB@D>BM>G=>K)BLLBHGBG=B>L>F/BGG>:EL>K?HE@K>B<A=:KLM>EEM>G O>KL<APB>
@>G>QBLMB>K>G=>,KH;E>F>OHK+KM PB>SNF>BLIB>EEHD:EIHEBMBL<A>'HG?EBDM> =B>L<APBG=>G=>6N
L:FF>G:K;>BMOHG>NKHIXBL<A>G$:G=>ELMK>B;>G=>GFBM=>K)BLLBHG 0H=>L?XEE>BF6NL:FF>GA:G@
FBM=>GDEBF:MBL<A>G>=BG@NG@>G %G?E:MBHG @>P:EMMXMB@>NL>BG:G=>KL>MSNG@>GLHPB>=:L*B<AM>K
K>B<A>GFBLLBHG:KBL<A>K6B>E>ABGLB<AMEB<A=>K.>EB@BHG 3XAK>G=LB<A=B>)BLLBHGH??BSB>EEBF/BGG>
=>K GMB /DE:O>K>B;>P>@NG@ IHLBMBHGB>KM> NG= :G@:;  'BG=>K OHG :?KBD:GBL<A>G /DE:O>GFXKDM>G
n?K>BSND:N?>Gj A:G=>EM>>LLB<ABG=>K,K:QBLNFD>BG>Gn"K>BD:N?j/:N>K:??  

oP>BE=>G'BG=>KGC:=B>!GML<A>B=NG@ SNBAK>G":FBEB>GSNK^<DSND>AK>GH=>KBG=>K
)BLLBHGSNO>K;E>B;>G GB<AM?K>B@>LM>EEMPNK=> %GOB>E>G"XEE>GPNK=>=B>,K:QBL=>L(HL 
;SP GD:N?LLN=:G>LBL<A>K'BG=>KLDE:O>G=NK<ABAK>V;>KLM>EENG@:GDBK<AEB<A>%GLMB
MNM>BG=>G$>BF:MEXG=>KG=>K)BLLBHG:K> :ELHBG>BG>O]EEB@?K>F=>(>;>GLP>EM GH<A
O>KL<AXK?M h/:N>K:

'BG=>KLHEEM>G?HE@EB<ABF/BGG>=>K>NKHIXBL<A>G)BLLBHGNF>KSH@>GP>K=>GNG=C>G> =>G>G>L
>KE:N;MPNK=> SNBAK>G":FBEB>GSNK^<DSND>AK>G LHEEM>G:ELo)NEMBIEBD:MHK9BGG>Gh>;= BAK>
D:MAHEBL<A>n!KSB>ANG@j:G:G=>K>P>BM>K@>;>G 
EL(>@BMBF:MBHGOHG)BLLBHGB>KNG@LOHKA:;>G=B>GM>=B>V;>KS>N@NG@=>KO>KF>BGMEB<A>G>NKHIXB
L<A>GDNEMNK>EE>G$]A>KP>KMB@D>BM =B> PB>;>K>BML>KPXAGM >BG>L=>KS>GMK:E>G!E>F>GM>+LM>KA:F
F>EL'HEHGB:EBLFNL >?BGBMBHG=:KLM>EEMO@E +LM>KA:FF>E?  %<AO>KP>BL>:G=B>L>K/M>EE>
>KG>NM:N?':IBM>E NG=>QIEBSBM:N?=B>!KEXNM>KNG@>GOHG+LM>KA:FF>ESNFoDHEHGB:EBLMBL<A>G
>GD>GhLHPB>/HG=>K>@@>KL BLDNKL=>KoSBOBEBL:MHKBL<A>G)BLLBHGh 
,EXG> =B>BG.B<AMNG@=>K#K^G=NG@OHGA:;L;NK@BL<A>G'HEHGB>GBF/N=:G@>=>NM>MP>K=>GD]G
G>G  PNK=>G :EE>K=BG@L G:<A P>GB@>G &:AK>G >;>GLH PB> =B> ]LM>KK>B<ABL<A> )BLLBHG :N?@>@>;>G 
 
6NF>BG>GPN<AL=B>#>@>GP>AKBGG>KA:E;=>K>O]ED>KNG@NG=SNF:G=>K>GPNK=>=>K$:G=>EFBM
=>F /N=:G :N?@KNG= =>K O>KLMXKDM>G >LM>N>KNG@ =NK<A T@RIM>G SNG>AF>G= NGK>GM:;E>K /:N>K
: 
*>;>G=>K/N=:G )BLLBHGBLM=B>OHF):KBG>DHFF:G=:GM>G!KSA>KSH@">K=BG:G=):QBFBEB:GBGBMB
B>KM>SP>BCXAKB@>3>EMNFL>@>ENG@=>K"K>@:MM>3:%6%BF&:AKABGLB<AMEB<A=>KDHEHGB:E>GF
;BMBHG>GULM>KK>B<ALSN>KPXAG>G  >KU??>GMEB<AD>BMPNK=>=B>3>EMNFL>@>ENG@:ELOHKK:G@B@G:
MNK PBLL>GL<A:?MEB<A>L,KHC>DMBG'HHI>K:MBHGFBM=>K /%()1-)()6!-77)27',%*8)2 LHPB>BGBAK>K
]DHGHFBL<A>G "NGDMBHG SNK #>PBGGNG@ OHG $:G=>ELDHGM:DM>G IKXL>GMB>KM  N?@KNG= O>K>BGS>EM>K
HDNF>GM>  PB> SNF >BLIB>E >BG>K >GDL<AKB?M =>L *:MBHG:E]DHGHF>G (HK>GS OHG /M>BG  BG =>K
DHEHGB:E>@BM:MBHG>G=NK<A:NLBF/BGG>>BG>KM>KKBMHKB:E>G!KL<AEB>_NG@LHPB>>A>KKL<ANG@:N_>K
>NKHIXBL<A>K#>;B>M>:KMBDNEB>KMPNK=>G @>AM/:N>K=:OHG:NL =:LLDHEHGB:E>;LB<AM>GBF/BGG>
=>L>KLM>K>GLI>DM>LBGG>KA:E;=>Ko'HEHGB:EEH;;Rh/:N>K:=NK<A:NL:G@>LMK>;MPNK=>G 
B>L> ;LB<AM>G F^G=>M>G BF DHGDK>M>G 2HKA:;>G =>K DHEHGB:E>G %G;>LBMSG:AF> =>K *BDH;:K>G
>BG>SN%G=B>G@>A]K>G=>%GL>E@KNII>BF#HE?OHG>G@:E>G P:L:EE>K=BG@L:NLF>AK>K>G#K^G=>G
L<A>BM>KM>fNGM>K:G=>K>F:N?@KNG==>KFBM=>K>LB>=ENG@>BGA>K@>A>G=>GIHM>GMB>EEAHA>G?BG:G
SB>EE>G>E:LMNG@?^K=B>)HG:K<AB> !;= ?? 
3>BM>K>'HEHGB:EIEXG>">K=BG:G=):QBFBEB:GL;>LM:G=>G;>S^@EB<A=>K%GL>E/NJNMK:A>NM>=B>SNF
&>F>G@>A]KB@>%GL>E/HDHMK: =B>:G]DHGHFBL<A>KLHPB>FBEBMXKBL<A>K/<APX<A>>;>GLHL<A>BM>K
M>G PB>:GBGG>GIHEBMBL<A>G'HG?EBDM>G=>K)HG:K<AB>>;= /:N>K

o B> 1G?XAB@D>BM =>L *>H:;LHENMBLFNL  =:L EB;>K:E> ^K@>KMNF SN BGM>@KB>K>G  >GMSH@
:N<A>BG>K'HEHGB:EIHEBMBD=>GH=>G =B>H??>GLB<AMEB<ALM:KDOHG=RG:LMBL<A>G#KH_
F:<AMBGM>K>LL>G @>D>GGS>B<AG>M P:K =B> >BGSB@>G ^K@>KEB<A>G  =B> =B> ,HEBMBD NGM>K
LM^MSM>Gf=B>0KB>LM>K1GM>KG>AF>Kf D:F>G:NL=>KBM:EB>GBL<ALIK><A>G=>G2HEDL@KNII>
NG= PNK=>G L<AHG =>LA:E; OHG EB;>K:E>G =>NML<ALIK:<AB@>G :;@>E>AGM h /:N>K 
? 

!BGP>BM>K>LBG6NL:FF>GA:G@FBM=>K'KB>@LF:KBG>LM>A>G=>LDHEHGB:E>L2HKA:;>G P:K=>KBF&:AK
O>KLN<AM>n!KP>K;j=>K%GL>E#N:=:E<:G:E SN@>A]KB@SNK%GL>E@KNII>=>K/:EHFHG>G=B>]LM
EB<AOHG*>N@NBG>:BF/^= ,:SB?BDEB>@M BFN?MK:@=>K"BKF:'KNII =>K:F3B=>KLM:G==>KEHD:
E>G>O]ED>KNG@L<A>BM>KM> 
!;>GLH;>LM:G=>G@>@>G!G=>=>L NG=SN>@BGG=>L &:AKANG=>KML,EXG> 0>BE>=>K3>LML:A:K:
SNK.>LLHNK<>G@>PBGGNG@SNn>KP>K;>Gj  B>L>L2HKA:;>GPNK=>:EE>K=BG@L:N?@KNG=F:G@>EG=>G
%GM>K>LL>LOHG%G=NLMKB>NG=:GD>GPB>=>KO>KPHK?>GNG=:N<A=>K2>KLN<A /^=HLM:G:MHEB>G?^K
LB<ASN;>:GLIKN<A>G L<A>BM>KM>/:N>K: 

 
!BGn>K?HE@K>B<A>Lj'HEHGB:EOHKA:;>GULM>KK>B<ALP:K=B>>L>MSNG@>BG>LL><AL-N:=K:MDBEHF>M>K
@KH_>G#>;B>M>LBGABG: NF@>G:NSNL>BGBG0B>GMLBGOHG;BL P:L/:N>K:ELLRF;HEBL<A>
>?KB>=B@NG@=>K]LM>KK>B<ABL<A NG@:KBL<A>G'HEHGB:EIA:GM:LB>GP>KM>M/:N>K  B>$:G
=>ELLM:MBHG>GBG >E:@H :RA>NM>)HL:F;BDNG=:N?=>G*BDH;:K>G =B>BFN?MK:@=>K@78)66)-
',-7',)278-2(-7',)2314%+2-)>KKB<AM>MPNK=>G JN:EB?BSB>K>G=B>)HG:K<AB>E:NM/:N>K:EL'H
EHGB:EF:<AMBF/BGG>=>LH;B@>G2>KLMXG=GBLL>LOHG'HEHGB:EBLFNL/:N>K: 
%GM>K>LL:GMBLMSN=>F=B>]LM>KK>B<ABL<A NG@:KBL<A>+DDNI:MBHGNG=$>KKL<A:?M^;>KHLGB>G $>KS>
@HPBG:LBF&:AK  B>L>L#>;B>MPNK=> M>BELBG@>L<AB<AMLPBLL>GL<A:?MEB<A>GK;>BM>G:;>K:N<A
:NLS>BM@>G]LLBL<A>K,>KLI>DMBO>A>K:NL :EL'HEHGB>;>MK:<AM>M (HB=EF>KDM:EE>K=BG@L:G =:LL=B>L>
"K:@>BG:DMN>EE>K>G,N;EBD:MBHG>G=NK<A:NLDHGMKHO>KL=BLDNMB>KMPBK=(HB=ENG=/:N>K
;>S>B<AG>MHLGB>G $>KS>@HPBG::EL>BG>Go#K>GS?:EEh/:N>K 

  9>>5>;?<?>91<9C=EC
>OHK=B>GX<ALM>GSP>BOHG/:N>K:G@>?^AKM>GLI>DM>f=>KDHEE>DMBO>NG==>KBG?HKF>EE>'HEHGB
:EBLFNLf;>S^@EB<A=>K>M>BEB@NG@=>K$:;L;NK@>KFHG:K<AB>:F>NKHIXBL<A>G'HEHGB:EBLFNL:NL
@>?^AKMP>K=>G LDBSSB>K>B<A=B>0A>F:MBD=>LBGG>GDHEHGB:EBLFNL ;>SB>ANG@LP>BL>>BG>LBGM>K
DHGMBG>GM:E>G'HEHGB:EBLFNLNG=?K:@>FBM=>K]LM>KK>B<ABL<A>G$BLMHKBD>KBG1KLNE:,KNML<A(N=PB@
):QBFBEB:GL 1GBO>KLBMXM)^G<A>GH & o':GGF:GOHG/MKNDMNK>GBGG>K>K'HEHGBLB>KNG@BG=>K)H
G:K<AB>LIK><A>Gh,KNML<A? 'HGL>GLN:ELM>EE>G,KNML<ANG=/:N>K?>LM =:LL=B>)HG:K
<AB>D>BG>'HEHGB:EF:<AM@>P>L>GL>B,KNML<A/:N>K LHG=>KGG:<A,KNML<A
o>BG>BFI>KB:E>#KH_F:<AMHAG>'HEHGB>Gh,KNML<ANG=G:<A/:N>KoGB<AMPBKDEB<A>BG
'HEHGB:ELM::Mf7e8:;>K:N<AD>BG>:GMBDHEHGB:E>'K:?Mh/:N>K 
%F.:AF>G=>L/:FF>E;:G=>Lo$:;L;NK@IHLM<HEHGB:Eh>KEXNM>KG3BLL>GL<A:?ME>K9BGG>GfLH:N<A
,KNML<Af:NLNGM>KL<AB>=EB<A>G BLSBIEBG>G=:L/I:GGNG@L?>E=OHG$:;L;NK@>KFHG:K<AB>NG='H
EHGB:EBLFNLNG=:N<A"K:@>G^;>K=B>GP>G=;:KD>BM=>L'HGS>IML=>LBGG>GDHEHGB:EBLFNL:N?=B>
$:;L;NK@>KFHG:K<AB>,KNML<A?  ,KNML<A?:LLM=B>>BMKX@>=>L/:FF>E;:G=>LSNL:FF>G
NG=AXEM?>LM =:LLGLXMS>=>K,HLM<HEHGB:E/MN=B>LBF6NL:FF>GA:G@FBM=>F0A>F>GDHFIE>Q
o$:;L;NK@>KFHG:K<AB>NG='HEHGB:ELM::MhNGM>KL<AB>=EB<A;>P>KM>MP>K=>G

o >GGGB<AMC>=>K>@BHG:E>*:<AK:G@B@D>BM;>SB>ANG@LP>BL>;AXG@B@D>BM;>=BG@M>BG>
DHEHGB:EBLMBL<A IHLMDHEHGB:E> AR;KB=> %=>GMBMXM 7e8  F ;>LM>G D:GG =:L IHLMDHEHGB:E>
>@KB??LBGLMKNF>GM:KBNFBF'HGM>QMOHGHLGB>G$>KS>@HPBG:?KN<AM;:K@>F:<AMP>K
=>G  PH FBEBMXKBL<A> !KH;>KNG@  2>KP:EMNG@ NG= 'NEMNKIHEBMBD DHEHGB:E> 6^@> MKN@>G 


!47AIDA(74<0C8:B8474>;<E4;H= 84<18C8>=4=JBC4AA4827)=60A=B8<,48C0;C4A34B>278<?4A80;8B
<DBA0=:5DAC0<!08=+84= 0=6
 
B>HLGB>G ,HEBMBDPNK=>IK:DMBL<A:N<A:ELo;BGG>GDHEHGB:EBLMBL<A>0:MhNG='HFI>G
L:MBHG?^K?>AE>G=>V;>KL>>DHEHGB>G@>P>KM>M h,KNML<A? $>KO B + 

B>L>K K@NF>GM:MBHG ?HE@>G= D:GG :NLL<AEB>_EB<A =B> !KH;>KNG@HLGB>G $>KS>@HPBG:L :EL BG
G>GDHEHGB:EBLFNL@>P>KM>MP>K=>G N<A=B>]LM>KK>B<ABL<A>$BLMHKBD>KBG$>B=>F:KB>1AELM>EEM?>LM 
=:LL>BGIHLMDHEHGB:E>KEB<D =>K=B>$:;L;NK@>KFHG:K<AB>:ELBGG>G 'HEHGB:ELM::M?:LLM ^;>KL>
A>GP^K=> =:LLC>G>.>@BHG>G =B>OHG B??>K>GSDHGLMKNDMBHG>G;>MKH??>GLBG=fM>KKBMHKB:E;>MK:<AM>M
fGB<AM:N_>KA:E;=>L/M::ML@>;B>MLE:@>G  B>.>@BHG>GP:K>GOB>EF>AKo>LM:G=M>BE>BG>Lo2B>EO]E
D>KLM::M>Lh SN=>LL>GS>GMK:E>F,HLMNE:MfOHK:EE>FBGBLE>BMA:GB>Gf=B>LIK:<AEB<A>NG=G:MBHG:E>
#E>B<A;>K><AMB@NG@SXAEM>h1AE$>KO B +  3B>:N<A,KNML<A;>L<AX?MB@MLB<A1AEFBM
=>K"K:@>G:<ADHGLMKNB>KM>K%=>GMBMXMNG=LM>EEM?>LM =:LLBGL;>LHG=>K>=>KS>GMK:E>NKHIXBL<A>.:NF
=NK<AL>BG>IENKB>MAGBL<A>2>K?:LLMA>BMBG=B>L>K$BGLB<AMOHGDHFIE>Q>GNG=M>BEL:N<APB=>KLIK^<A
EB<A>G'HGS>IM>GOHG%=>GMBMXM 6N@>A]KB@D>BMNG=/>E;LM 6NHK=GNG@@>IKX@MP:K $BGLB<AMEB<A=>L
B??>K>GSIHLMNE:ML  =:L :N? =>F K@NF>GM O>KF>BGMEB<A>K DNEMNK>EE>K n$]A>KP>KMB@D>BMj ;:LB>KM> 
;E>B;M:EE>K=BG@LSN;>K^<DLB<AMB@>G =:LLLB<A=B>L>2HKLM>EENG@>GGB<AM:N?>BG>;>LMBFFM>>O]ED>
KNG@L@KNII>K>=NSB>K>GE:LL>G 

o7e8 7 8B> %F:@BG:MBHG>G DNEMNK>EE>K V;>KE>@>GA>BM ;>L<AKXGD>G LB<A GB<AM :N? >BG
=>NML<AG:MBHG:E;>SB>ANG@LP>BL>=>NML<A]LM>KK>B<ABL<A@>IKX@M>L*:KK:MBO LHG=>KGIKX
@>GfBGNGM>KL<AB>=EB<A>G'HGLM>EE:MBHG>G=>K6NHK=GNG@NG=;@K>GSNG@=>LC>P>BEB
@>G'HEE>DMBOLf:N<A=B>B=>GMBMXMLLMB?M>G=>G/>E;LM;>L<AK>B;NG@>G=>KGB<AM=>NML<ALIK:
<AB@>G*:MBHG:EBMXM>G h1AE? 

N<AP>GGLB<A=B>L>%F:@BG:MBHG>G;>S^@EB<A=>KC>P>BELn>B@>G>Gjn/NI>KBHKBMXMjGB<AM:NLL<AEB>_
EB<A:N?=B>=>NML<ALIK:<AB@>G#KNIIB>KNG@>G;>L<AKXGD>GE:LL>G LHEEM>=B>"K:@>=>K$>@>FHGB>
GB<AM:N_>K<AM@>E:LL>GP>K=>G  >K]LM>KK>B<ABL<A>#>L<AB<AML NG='NEMNKPBLL>GL<A:?ME>K&HA:G
G>L">B<AMBG@>KULM>KK>B<ABL<A>D:=>FB>=>K3BLL>GL<A:?M>GH & P>BLM:N?$HFH@>GBLB>KNG@L
F:_G:AF>GBG=>K$:;L;NK@>KFHG:K<AB>ABG =B>>BG=>NMB@S>B@>G =:LL=B>>BGS>EG>G2HEDL@KNII>G
H=>K*:MBHG>GGB<AM:EE>L:FM@E>B<A;>K><AMB@MP:K>G !K@>AMLH@:KLHP>BM :=FBGBLMK:MBO>):_G:A
F>G=>K)HG:K<AB> =B>=:K:N?:;SB>EM>G BO>KLBMXMSN;>L>BMB@>G :EL>BG>oG:<ABGG>G@>D>AKM>'H
EHGBLB>KNG@h">B<AMBG@>KSN;>S>B<AG>G  B> NK<AL>MSNG@OHG$HFH@>GBLB>KNG@LF:_
G:AF>G=K^<D>GE:NM">B<AMBG@>K1G@E>B<AA>BMLO>KAXEMGBLL>:NLo/HEXLLMLB<A:N<A=>KLLBFBE:MB
HGL=KN<D:ELNL=KN<DOHGNG@E>B<A>G):<AMO>KAXEMGBLL>GO>KLM>A>G P>GGF:K@BG:E>#KNII>GSN
G>AF>G==>G6P:G@O>KLI^K>G LB<ABG>BG>FDM=>K/>E;LMDHEHGBLB>KNG@=>F=HFBG:GM>GDNEMN
K>EE>G*:KK:MBOSNNGM>KP>K?>G h!;= 

 
EE>BG =>K *:F> ]LM>KK>B<ABL<A NG@:KBL<A> )HG:K<AB> P^K=> ;>K>BML H??>GE>@>G  P>E<A> >O]ED>
KNG@L@KNII>Gf=B>=>NML<A ]LM>KK>B<ABL<A>LHPB>=B>NG@:KBL<A>H=>KNF@>G:NSNL>BG =:L=>NML<A
EB;>K:E>^K@>KMNFBGULM>KK>B<ANG==B>):@R:K>GBG1G@:KGfIKBOBE>@B>KMP:K>G 2>K?:LLNG@LK><AM
EB<AP:K=B>LIK:<AEB<A>NG=G:MBHG:E>#E>B<A;>K><AMB@NG@=>KNGM>KL<AB>=EB<A>G>O]ED>KNG@>GSP:K
?>LM@>E>@M P:L:EE>K=BG@L=B>2>K>BGA>BMEB<ANG@L NG=$>@>FHGB>;>LMK>;NG@>G=>K;>B=>GE>MSM@>
G:GGM>G#KNIIB>KNG@>GGB<AMO>KABG=>KM> 1GM>K=>F ><DF:GM>E=>K6>GMK:EBLB>KNG@NG==>K!KKB<A
MNG@>BG>Ko^;>KG:MBHG:E>G)HG:K<AB>h>;= PNK=>O>KLN<AM =B>>MAGBL<A DNEMNK>EE>,ENK:EBMXMSN
HK=G>G  BG=>F >BG> KM DHEE>DMBO> %=>GMBMXM =NK<A %GDENLBHG LHPB> !QDENLBHG DHGLMKNB>KM
PNK=> ">B<AMBG@>K??  >K1F@:G@=>K$:;L;NK@>KFHG:K<AB>FBMO>KF>BGMEB<A>G B??>
K>GS>GA:G=>EMoOHG=>K!BG>;GNG@OHG2B>E?:EMLHPB>=>K'HGLMKNDMBHGOHGDNEMNK>EE>G B??>K>G
S>Gh>;=  
%G=B>L>F6NL:FF>GA:G@F]<AM>B<A>KG>NM:N?=B>!KEXNM>KNG@>GSNF0A>F: B??>K>GSBG':IBM>E
 O>KP>BL>GNG=BG!KBGG>KNG@KN?>G =:LL=B>'HGLMKNDMBHGLHPB>.>IKH=NDMBHGOHG B??>K>GS0>BE
>BG>LC>=>G%FI>KBNFLP:K :N<AP>GG=B>KMBDNE:MBHGOHG B??>K>GSBGnFH=>KG>Gj%FI>KB>G>QIEB
SBM>KOHK@>GHFF>GPNK=> /HFBMD:GG=B>'HGLMKNDMBHGOHG B??>K>GSD>BG>E>@=:?^KL>BG >MP:L
:ELDHEHGB:EBLMBL<ASN;>S>B<AG>G +;=B>$:;L;NK@>KFHG:K<AB>:ELnFH=>KG>Lj%FI>KBNFH=>K>A>K
:EL:KBLMHDK:MBL<A>L%FI>KBNFBF/BGG>OHGHHI>KSN=BLDNMB>K>GBLM P^K=>:EE>K=BG@L=>G.:AF>G
=B>L>KK;>BMLIK>G@>GO@E HHI>K 

  ?<<5;D9F5B=@5B91<9C=EC
6NK^<DDHFF>G=:N?=B>=K>B>BG@:G@L>KPXAGM>GLI>DM> :GA:G==>K>K=:L2>KAXEMGBLOHG$:;L
;NK@>KFHG:K<AB>;>SB>ANG@LP>BL>ULM>KK>B<A 1G@:KGNG='HEHGB:EBLFNLE:NM/:N>K:G:ERLB>KMP>K
=>G D:GG  PBK= GNG :N? =B> ]LM>KK>B<ABL<A NG@:KBL<A> >M>BEB@NG@ :F ,AXGHF>G =>L oDHEE>DMBO>G
%FI>KB:EBLFNLh/:N>K:>BG@>@:G@>G /:N>KO>KLM>AMoDHEE>DMBO>G'HEHGB:EBLFNLh:EL>BG>G
>@KB??o=>KGB<AMOHG=>GG:MBHG:E>G>LHG=>KA>BM>G=>K>BGS>EG>G'HEHGB:ELMK:M>@B>G:;E>GD>G LHG
=>KG=B>:EE>G>NKHIXBL<A>G)X<AM>G@>F>BGL:F>V;>KS>N@MA>BMOHG>B@>G>KV;>KE>@>GA>BMNG=>B
@>G>G):<AM:GLIK^<A>G@>@>G^;>K?KBD:SNFNL=KN<D;KBG@>GLHEEM>7e8h/:N>K; 
*:<A]DHGHFBL<A>GNG=PBKML<A:?MEB<A>G1F;K^<A>G=>K>K&:AK>>@BGG=>KIHEBMBL<A>G(B;>
K:EBLB>KNG@G:<A=>F*B>=>K@:G@=>L*>H:;LHENMBLFNL BGG>GIHEBMBL<A>'HG?EBDM> ,KH;E>F>FBM=>G
/M::ML?BG:GS>G =B>!KKB<AMNG@ULM>KK>B<A 1G@:KGLNG==>K>BGLMP>BEB@>G BLM:GSB>KNG@OHG=>K"B
G:GSB>KNG@ DHEHGB:EIHEBMBL<A>K @BM:MBHG>G  MK:M>G N_>GA:G=>ELBGM>K>LL>G @>@>G !G=> =>L &:AK
S>AGMLBG=>G2HK=>K@KNG= 3:<AL>G=>2>KLMKB<DNG@>G=>LN_>GA:G=>EL?^AKM>GE:NM/:N>KBGG>K
A:E;=>K>O]ED>KNG@SN>BG>FLM>B@>G=>G%GM>K>LL>:G:N_>K>NKHIXBL<A>G.>@BHG>G %G=B>L>F'HG
M>QMLM>AM:N<A=B>3B>G>K3>EM:NLLM>EENG@BF&:AKNG==B>=:K:N??HE@>G=>1F?HKFNG@=>K
NLLM>EENG@BG=:L6-)28%0-7',)97)91BG3B>G =:LSNF@78)66)-',-7',)2%2()07197)91
PNK=>  /:N>K ;>L<AK>B;M =B> NL>BG:G=>KL>MSNG@ FBM =>F n+KB>GMj BG =B>L>F 6NL:FF>GA:G@ BF
 
/BGG>/:B=L  B>NL>BG:G=>KL>MSNG@FBM:N_>K>NKHIXBL<A>G.>@BHG>G ;>SB>ANG@LP>BL>BF/I>SB
?BL<A>GFBM=>Fn+KB>GMjBLM@>IKX@MOHG=>KV;>KS>N@NG@=>K/NI>KBHKBMXM=>Ln+DSB=>GMLkO@E /:B=
O@E /:N>K:?? 2HK=B>L>F$BGM>K@KNG=PBK=GNG=B>>M>BEB@NG@ULM>KK>B<A 1G
@:KGL:FoDHEE>DMBO>G'HEHGB:EBLFNLh;>L<AKB>;>G 
G=>KOHF;>E@BL<A>G']GB@(>HIHE=%% >BG;>KN?>G>G32*B6)2')B3+6%4,-59)28)62%8-32%0)BF
/>IM>F;>KG:AF>G2>KMK>M>K=>K)HG:K<AB>M>BE  :K:N??HE@M>=B>#K^G=NG@>BG>K *6-/%2-
7',)2 )7)007',%*8 FBM =>F /BMS BG 3B>G  NF =B> 2HKA:;>G (>HIHE= %%  ;>S^@EB<A =>L 'HG@HL SN
IKHI:@B>K>GNG=3>K;>FBMM>ESN@>G>KB>K>G )BMI>KLHG>EE>GTG=>KNG@>GBG=>K]LM>KK>B<ABL<A NG@:
KBL<A>G.>@B>KNG@NG=>BG>K@>G>K>EE:N?DHFF>G=>G/D>ILBL@>@>G^;>K=>F2HK@>A>G(>HIHE=%% 
BF'HG@HPNK=>=B>1GM>KLM^MSNG@L>BG>K1GM>KG>AFNG@>GBF'HG@HSNG>AF>G=BG"K:@>@>LM>EEM 
/:N>K:?? 
/:N>K;>P>KM>M=B>0XMB@D>BM=>K *6-/%2-7',)2)7)007',%*8:F;BO:E>GMNG=SP:KBGLH?>KG :EL=:LL
ULM>KK>B<A 1G@:KGSP:KGB<AM=>Fo'HG@H?B>;>Kh>;= O>K?:EE>GP:K :;>KBGL;>LHG=>K>BG=>G
>KLM>G&:AK>G=>GO>KF>BGMEB<A>GoANF:GBMXK>G'K>NSSN@h>;= =>L;>E@BL<A>G']GB@LNGM>K
LM^MSM>  >FG:<AP:KULM>KK>B<A 1G@:KG:N<A;>S^@EB<A=>L'HG@HLD>BG>:GMBDHEHGB:E>):<AM =B>
=B>=HKMO>K^;M>G2>K;K><A>GOHG2HKGA>K>BGSNNGM>K;BG=>GO>KLN<AM>>;=  
N_>K=>F;>M>BEB@M>LB<A=B>)HG:K<AB>:FoDHEE>DMBO>G%FI>KB:EBLFNLh=NK<ABAK>0>BEG:AF>:G
=>G>NKHIXBL<A>G'HEHGB:EDHG?>K>GS>G BG.:AF>G=>K>K=B>N?M>BENG@?KBD:LBGM>KG:MBHG:EE>@BMB
FB>KMPNK=>  B>)HG:K<AB>@:;LB<A=>K0:ML:<A>ABG >BG>o#KH_F:<AMHAG>'HEHGB>GSNL>BGNG=
;>L<AKXGDM>BAK>>QI:GLBHGBLMBL<A>G0XMB@D>BM>G:N?=B>:ED:G .>@BHG>;= ??  %G=B>L>F/BGG>
PNK=>o=B>*B<AM>KK>B<ANG@>BG>K3>EMF:<AMIHLBMBHG:EL;>L<A>B=>G>/>E;LM;>L<AKXGDNG@NG=BGLH
?>KG;>BG:A>:ELFHK:EBL<A>V;>KE>@>GA>BM=>K$:;L;NK@>KFHG:K<AB>K:MBHG:EBLB>KMh>;=  
3B>;>K>BML>BG@:G@L>KPXAGM ^;>KL<AG>B=>GLB<A=B>=K>BLI>DM>f'HEHGB:EBLFNL:ELM>KKBMHKB:E>
$>KKL<A:?M oDHEE>DMBO>Kh/:N>K:LHPB>oBG?HKF>EE>K%FI>KB:EBLFNLh>;= f:GA:G=
=>K>K=B>2>KLMKB<DNG@=>K)HG:K<AB>FBM=>F>NKHIXBL<A>G'HEHGB:EBLFNLNGM>KLN<AMP>K=>GD:GG 
,:K:EE>ESNKH;>G;>L<AKB>;>G>G,HLBMBHG?E:FFM>@>@>G!G=>=>L &:AKANG=>KML>KG>NM>BG@>PBL
L>LDHEHGB:EIHEBMBL<A>L%GM>K>LL>:N? P:LLB<ANGM>K:G=>K>F=NK<A=B>N?K^LMNG@=>K'KB>@LF:KBG>
NG==>F;>K>BMLP>BM>KH;>G>KPXAGM>G2>KLN<A =B>%GL>E#N:=:E<:E:KSNn>KP>K;>Gj F:GB?>LMB>KM>
>;= ?  

  >6?B=5<<5B=@5B91<9C=EC
>B =>K /DBSSB>KNG@ =>K "NGDMBHG ULM>KK>B<A 1G@:KGL ;>S^@EB<A >BG>L oBG?HKF>EE>G %FI>KB:EBL
FNLh/:N>K:MK>M>GOHK:EE>F]DHGHFBL<A>LI>DM>BG=>G2HK=>K@KNG= )>BLM@BG@=>K
?HKF>EE>G 'HEHGB:EA>KKL<A:?M >BG>K .>@BHG =B> BG?HKF>EE> NK<A=KBG@NG@ :N? ]DHGHFBL<A>K :LBL
OHK:NL P:L:N<A:ELo*0%+*3003;78,)86%()h>;= $>KO B + ;>S>B<AG>MPBK= 

 
%G=>K$:;L;NK@>KFHG:K<AB>P:KD>BG>>BGA>BMEB<A>/MK:M>@B>SNK]DHGHFBL<A>G NK<A=KBG@NG@:N
_>K>NKHIXBL<A>K.>@BHG>GOHKA:G=>G 2B>EF>AKP:K=B>o?E:@?HEEHPLMA>MK:=>h 2HK@>A>GLP>BL>OHG
>BG>K$>M>KH@>GBMXM:GDM>NK9BGG>G@>IKX@M/:N>K

o0>BEP>BL>LM:G=>GLHE<A>1GM>KG>AFNG@>GNGM>KH??BSB>EE>FLM::MEB<A>G/<ANMS f;>B
LIB>ELP>BL>=B>;>K>BML>KPXAGM>]LM>KK>B<ABL<A>)BLLBHGBF/N=:G =B>OHF':BL>KL>E;LM
IKHM>@B>KMPNK=> H=>K=>K!BGL:MS]LM>KK>B<ABL<A>Ko!QI>KM>Gh:EL/M>N>K H=>K2>KP:E
MNG@L;>:FM>PXAK>G==>K/<ANE=>GDKBL>T@RIM>GL h/:N>K$>KO B + 

EE>K=BG@L:@B>KM>G:N<ALM::MEB<A>;>SB>ANG@LP>BL>LM::MLG:A>%GLMBMNMBHG>G)BEBMXK 'BK<A>GNG=
)BLLBHGLO>K>BG> )>=B>G PBLL>GL<A:?MEB<A>!BGKB<AMNG@>GH=>K'HEHGB:EHK@:GBL:MBHG>GLHPB>!BG
S>EI>KLHG>G:NL!B@>GBGM>K>LL>/:N>K !BGB@>=>K1GM>KG>AFNG@>G PB>SNF>BLIB>E
C>G>BF/N=:G =B>BG=>G>K>B<A=>LoBG?HKF>EE>G'HEHGB:EBLFNLh?:EE>G PNK=>G;>K>BMLNGM>K=>F
>KLM@>G:GGM>GLI>DM:G:ERLB>KM =>K'HEHGB:EBLFNL:ELM>KKBMHKB:E>(:G=G:AF>?:LLM #KNG=LXMSEB<A>
V;>KE>@NG@>G SNK !M:;EB>KNG@ >BG>K ?HKF>EE>G 'HEHGB:EA>KKL<A:?M P:K>G SP:K OHKA:G=>G  PNK=>G
:;>KSNF>BLMGB<AMNF@>L>MSM/:N>K: 
%G>SN@:N?=:L2>KAXEMGBLOHG?HKF>EE>K'HEHGB:EA>KKL<A:?MNG=BG?HKF>EE>G%FI>KB:EBLFNLEXLLM
LB<A?>LMA:EM>G =:LLo=B>K>E:MBOL<AF:E>0>BEG:AF>=>K$:;L;NK@>KFHG:K<AB>:F,KHS>_=>K!KKB<A
MNG@?HKF>EE>K>NKHIXBL<A>K'HEHGB:EA>KKL<A:?MGH<AE:G@>GB<AML^;>KBAK>:EE?XEEB@>.HEE>BF'HG
M>QM =>L oBG?HKF>EE>G %FI>KB:EBLFNLh :NL7L:@M8h /:N>K :  $>KO  B +   B>>MHGNG@ =>L
>BG@:G@L>KEXNM>KM>Go>GM=><DNG@L@>L<AB<AMEB<A>G,:K:=B@F:Lh>;= NG==>K=:FBM>BGA>K@>
A>G=>G$>KOHKA>;NG@=>K>=>NMNG@=>KPBLL>GL<A:?MEB<A>G NK<A=KBG@NG@:N_>K>NKHIXBL<A>K#>
;B>M>=NK<A.>BL>G=>:NL=>K)HG:K<AB> O>K=>NMEB<AM=B>>M>BEB@NG@=>K$:;L;NK@>KFHG:K<AB>:F
DHEE>DMBO>G%FI>KB:EBLFNL 2@E /:N>K:

6NL:FF>G@>?:LLM P:K =B> $:;L;NK@>KFHG:K<AB>  PB> =:K@>E>@M PNK=>  LHPHAE :F oDHE
E>DMBO>Gh/:N>K::EL:N<A:FoBG?HKF>EE>G%FI>KB:EBLFNLh>;= ;>M>BEB@M >S^@EB<A
>BG>K'HEHGB:EBLFNL >?BGBMBHG PB>LB>;>BLIB>ELP>BL>OHG+LM>KA:FF>EO>KP>G=>MPBK= A>KKL<AM
P>BM@>A>G= PBLL>GL<A:?MEB<A>K 'HGL>GL  =:LL ULM>KK>B<A 1G@:KG D>BG> 'HEHGB:EF:<AM P:K  :N<A
P>GG=B>)HG:K<AB>S>BMP>BL>^;>KL>>BL<A>0>KKBMHKB>G;>L:_ $BGLB<AMEB<A=>K:N?@>PHK?>G>G0A>
F:MBD=>LBGG>GDHEHGB:EBLFNLPBK=>BGSB@=B>!KH;>KNG@HLGB>GNG=$>KS>@HPBG:L:EL>BGo#K>GS
?:EEh/:N>K;>SB>ANG@LP>BL>>BG>o;BGG>GDHEHGB:EBLMBL<A>0:Mh,KNML<A@>P>K
M>M P:L:EE>K=BG@LGB<AM;>=>NM>M =:LLBG=>K)HG:K<AB>D>BG>1G@E>B<AA>BMLO>KAXEMGBLL>A>KKL<AM>G 
6NL:FF>G?:LL>G=EXLLMLB<AFBM/:N>K?>LMLM>EE>GoN<A:ELo#KH_F:<AMHAG>'HEHGB>Gh?^AEM>LB<A
=B>$:;L;NK@>KFHG:K<AB>=>FBFI>KB:EBLMBL<A>G#KNG=DHGL>GL=>K>NKHIXBL<A>G)X<AM>O>KI?EB<A
M>M h/:N>K:$>KO B + 
 

D8>?<?79C385!EC55>
B>L>L':IBM>E;>?:LLMLB<AFBM=>K!GMLM>ANG@L@>L<AB<AM>>MAGHEH@BL<A>K)NL>>GNGM>K>K^<DLB<A
MB@NG@=>LDHEHGB:E>G'HGM>QML GL<AEB>_>G=PBK=:N?=B>#KNG=LXMS>NG="NGDMBHG>G>MAGHEH@B
L<A>K)NL>>G>BG@>@:G@>G  B>1KLIK^G@>=>K;>B=>G>MAGHEH@BL<A>G)NL>>GBG3B>GNG=>KEBG
P>K=>GNGM>KLN<AM NFBFP>BM>K>G2>KE:N?=>KK;>BM;>NKM>BE>GSND]GG>G BGPB>?>KG>BG>NL>B
G:G=>KL>MSNG@FBM=>KDHEHGB:E>G2>K@:G@>GA>BMLM:MM?BG=>MNG=P>E<A>LI>DM>;>LHG=>KLA>KOHK
@>AH;>GH=>K:NL@>E:LL>GP>K=>G 

 95>DCD58E>7C75C38938D55D8>?<?79C385B!EC55>
%F"HE@>G=>GPBK==B>!GMLM>ANG@L@>L<AB<AM>>MAGHEH@BL<A>K)NL>>GFBM>BG>F"HDNL:N?ULM>K
K>B<ANG= >NML<AE:G=LDBSSB>KM  >L3>BM>K>GPBK==:K@>E>@M BGPB>?>KG,:K:EE>EBMXM>GSPBL<A>G=>K
!M:;EB>KNG@=>KPBLL>GL<A:?MEB<A>G BLSBIEBG!MAGHEH@B>NG==>K!GMLM>ANG@>MAGHEH@BL<A>K)NL>>G
SN>KD>GG>GLBG= /I>SB?BL<APBK=:N?=B>2>K?E><AMNG@OHG)NL>NF  BLSBIEBG 'HEHGB:EBLFNLNG=
=>K'HGLMKNDMBHGn=>KG=>K>Gj:GA:G==>K/:FFENG@L@>L<AB<AM>OHG:N_>K>NKHIXBL<A>G+;C>DM>G
>BG@>@:G@>G 

B>=>NML<A>$BLMHKBD>KBGGC:(:ND]MM>K':>E;E>'BKL<AE>@M=:K =:LL=B>NL>BG:G=>K
L>MSNG@FBMn:G=>K>G'NEMNK>Gj;>K>BMLP>BMOHK=>K!M:;EB>KNG@=>KPBLL>GL<A:?MEB<A>G BLSBIEBG=>K
2]ED>KDNG=>LM:MM?:G=NG=;BLBG=B>GMBD>SNK^<DK>B<AM >B=>K>L<AX?MB@NG@FBM=>K:N_>K>NKH
IXBL<A>G3>EM=HFBGB>KM>OHGOHKGA>K>BG=B>'HGLMKNDMBHG=B<AHMHF>K%=>GMBMXM>G %G;@K>GSNG@
SN>BG>K>NKHIXBL<A>Gn3BK %=>GMBMXMjPNK=>G=B>nG=>K>GjfPB>;>K>BML:NL?^AKEB<ABG':IBM>E 
;>L<AKB>;>G f DHGLMKNB>KM  B> !GM=><DNG@ =>K n*>N>G 3>EMj NG= =:K:N??HE@>G=> DHEHGB:EBLMBL<A>
DMBOBMXM>G ?^AKM>GSN>BG>FDHGMBGNB>KEB<AP:<AL>G=>G%GM>K>LL>:G=>K:N_>K>NKHIXBL<A>G3>EM 
.>BL>;>KB<AM> .>BL>EBM>K:MNK D^GLME>KBL<A>>BMKX@>LHPB>=B>6NKL<A:NLM>EENG@OHG:N_>K>NKHIXB
L<A>G)>GL<A>GLHEEM>G=B>L>L>=^K?GBL;>?KB>=B@>G (:ND]MM>K??  /HPNK=>=B>'HG
LMKNDMBHGn=>KG=>K>GjGH<AOHK=>K!KKB<AMNG@>MAGHEH@BL<A>K)NL>>GBG=>K>NKHIXBL<A>GU??>GM
EB<AD>BMO>K;K>BM>M >K>BMLBF&:AK?:G=>G=NK<AAKBLMHIA'HENF;NL:FLI:GBL<A>G$H?=B>
>KLM>G!QIHLBMBHG>G=>KBG=B@>G>G>O]ED>KNG@F>KBD:LLM:MM TAGEB<A>L@>L<A:A:N<ABG,HKMN@:E 
"K:GDK>B<ANG=!G@E:G=SPBL<A>G=>F NG= &:AKANG=>KM %GM>GMBHG=B>L>K"HKF=>K,KXL>GM:
MBHGP:KSNF>BG>G/MN=B>GBGM>K>LL>NG=SNF:G=>K>G1GM>KA:EMNG@ N<A;>B=>G3>EM:NLLM>EENG@>G
=>L :NL@>A>G=>G   NG= ?K^A>G   &:AKANG=>KML PNK=>G :N_>K>NKHIXBL<A> )>GL<A>G :NL@>LM>EEM
(:ND]MM>K o>B=B>L>G!QIHLBMBHG>G =B>=>F$:G=>ENG==>K0><AGHEH@B>?]K=>KEB<A
L>BGLHEEM>GNG=SN@E>B<A=>K/>E;LM=:KLM>EENG@=>LNLLM>EENG@LE:G=>L=B>GM>G PNK=>GFBM@KH_>F
!K?HE@)>GL<A>G:NL?>KG>G(XG=>KG@>S>B@M h!;=  :L>=^K?GBL=>K>NKHIXBL<A>G)>G
L<A>G =B>nG=>K>Gj;>B6NKL<A:NLM>EENG@>GH=>KLH@>G:GGM>G2]ED>KL<A:N>GSN;>MK:<AM>G LHEEM>

 
=:Lo!QHMBD >=^K?GBLh!B_>G;>K@>KSBM G:<A(:ND]MM>K=>K>LN<A>K9BGG>G;>
?KB>=B@>GNG=BAG>G>BGO>KF>BGMEB<A:NMA>GMBL<A>LBE=^;>K=B>:N_>K>NKHIXBL<A>3>EMO>KFBMM>EG 
!BG!KDEXKNG@L:GL:MS?^K=:L>=^K?GBLG:<A>BG>Kn:NMA>GMBL<A>Gj.>IKXL>GM:MBHGn=>KG=>K>GjEXLLM
LB<A=>M:BEEB>KMBG':IBM>E  ;>BA:;A:L!KEXNM>KNG@>GSNFDHEHGB:E>G BLDNKL?BG=>G'HEHGB:E>
$>KKL<A:?MP:K:;AXG@B@OHG=>KKMBDNE:MBHGOHG B??>K>GSNG==:FBM>BGA>K@>A>G=FBM=>KDHEHGB
:E>G /N;C>DMDHGLMKNDMBHG  =>K F;BO:E>GS>G BGG> PHAG>G  =B> LB<A SPBL<A>G #>GNLL  $>KKL<A:?M 
G@LMNG=;P>AK;>P>@>GA:;A:?  

  E>CDE>4+E>45B;1==5B>
$BE=>@:K=2B>K>@@ =B>BG >NML<AE:G=@>;HK>GPNK=>NG=P>EMP>BM:G1GBO>KLBMXM>GE>AKMLHPB>,KX
LB=>GMBG=>L28)62%8-32%0311-88))*3697)303+==>L28)62%8-32%0392'-03*97)
917P:K E>@M:NL@>A>G=OHGBAK>FB=>>G@>L<AB<AMEB<A>G6N@:G@=:K =:LL=B>/:FFENG
@>GOB>E>K>NKHIXBL<A>K)NL>>GBAK>G1KLIKNG@BG?^KLMEB<A>G'NGLM NG=3NG=>KD:FF>KG=>K/IXM
K>G:BLL:G<>A:;>G BG=>G>GG>;>G%896%0-% '-)28-*-'%NG= 68-*-'-%0-%:N<A<38-'%@>L:FF>EM
PNK=>G 6N=>G%896%0-%SXAE>G#>@>GLMXG=>:NL=>K*:MNK NGM>K'-)28-*-'%?:EE>G+;C>DM> =B>
=>F>K>B<A=>K3BLL>GL<A:?MSN@>HK=G>MP>K=>G  68-*-'-%0-%LBG=BG=B>L>K!BGM>BENG@'NGLM@>@>G
LMXG=>NG=:EL<38-'%P>K=>G#>@>GLMXG=>NG=+;C>DM>;>S>B<AG>M =B>GB<AM:NL!NKHI:LM:FF>G
NG==>F>GMLIK><A>G=:ELn?K>F=jH=>Kn>QHMBL<Aj@>EM>G 2B>K>@@?? 
>K$BLMHKBD>K0AHF:L*NMS(N=PB@ ):QBFBEB:GL 1GBO>KLBMXM)^G<A>GGBFFM>BG>:G=>K>
!BGM>BENG@=>K+;C>DMMRI>G:EL2B>K>@@OHKNG=NFK>B_M=K>B+;C>DMD:M>@HKB>Gfo*:MNK:EB>Gh oE
M>KMA^F>KhNG=o<NKBHLBMZLhf =>G>Go:N_>K>NKHIXBL<A>KM>?:DM>hSN@>HK=G>MPNK=>G*NMS
 !KP>BLM=:K:N?ABG =:LLf:NL@>A>G=OHG=>KG>NS>BMEB<A>GV;>KS>N@NG@ =:LLNGM>KL<AB>=EB<A>
'NEMNK  ;>SB>ANG@LP>BL> 6BOBEBL:MBHGLLMN?>G >QBLMB>K>G P^K=>G f KM>?:DM> =>K NGM>K>G /MN?>G =>K
':M>@HKB>=>Ko*:MNK:EB>GhSN@>L<AKB>;>GPNK=>GNG=LHE<A>:NL=>GA]A>K>G/MN?>G=>GoEM>KMA^
F>KGhNG=o<NKBHLBMZLh  B>6NHK=GNG@?HE@M>D>BG>G?>LM@>L<AKB>;>G>G.>@>EGNG=>LD:F>GDHG
M>QM:;AXG@B@;P>B<ANG@>GOHK  :LO>K;BG=>G=>A:K:DM>KBLMBDNF=>K>BGS>EG>G+;C>DMD:M>@HKB>G
BLM E:NM*NMS >BG>!B@>GL<A:?M =B>:EE>':M>@HKB>GBGG>A:MM>G=:L.:K> %G>SN@G:AF>:N?=B>L>
!B@>GL<A:?MP:K:N<A=B>>S>B<AGNG@o.:KBMXM>G :;BG>MhH=>Ko.:KBMXM>G ':FF>KhBF:NL@>A>G
=>G NG=;>@BGG>G=>G &:AKANG=>KM@>EXN?B@ *NMS?? 

7A8344=64B27827C;8274A,D60=610B84AC0D534===07<4=30BB384!DB4D<BF8BB4=B2705C4=0;B48=1A48C4B4;314

CA027C4CF4A34=30BE>=D=C4AB27843;8274=$4AB?4:C8E4=W0:034<8B274=?>;8C8B274=D=38344;;4=W64?AL6C8BC4A
,D60=614AP2:B827C86CID34<34=!0=64;0=$D1;8:0C8>=4=8=34AAP7?70B434A!DB4D<B4=CF82:;D=634A'?LCA4
=08BB0=24B>F8434=B?4:C30BBE84;50278=I4;?4AB>=4=34=4A482734A!DB4D<BF8BB4=B2705C4=14I847D=6B
F48B4!DB44=F46F48B4=31448=5;DBBC7014=*84A466  
"DCI;46C30A30BB\0DQ4A4DA>?L8B274AC450:C4X0;B#194:C:0C46>A848< 07A7D=34AC=827C4G8BC84AC4E4AF4=34C
3844I4827=D=6014A34==>270;B\74DA8BC8B274B"4CIIDAA;4827C4AD=634AK14AB4CID=60DB34A'?A027434A,48C
64=>BB4=X"DCI  ==;47=D=60="DCIF8A38=384B4AA148C3844I4827=D=6\0DQ4A4DA>?L8B274B#1
94:CX0;B'0<<4;146A855E4AF4=34CD=38=:;D384AC34<=02734=46A855 1(-#
 
%G=>G'NGLM NG=3NG=>KD:FF>KG=>K/IXMK>G:BLL:G<>PNK=>G:EE>;>K>BML>KPXAGM>G+;C>DMD:M>
@HKB>G@>L:FF>EMLHPB>:NL@>LM>EEMNG==:;>B:EL@E>B<AK:G@B@;>MK:<AM>M2B>K>@@o B>
!KS>N@GBLL>OHG'NGLMNG=*:MNK ^;>K=:L):M>KB:EHK@:GBL<AH=>K:GHK@:GBL<ABG=BSB>KM LM>A>G
G>;>G>BG:G=>KBG"HKF>BG>L0A>:MKNF)NG=B :EL>BG=>G):DKHDHLFHLK>IKXL>GMB>K>G=>K)BDKH
DHLFHL h*NMS
N_>K>NKHIXBL<A>G+;C>DM>G =B>:N?@KNG=BAK>Kn"K>F=:KMB@D>BMj":LSBG:MBHG:NLE]LM>G PNK=>>BG
?>LM>K,E:MSBG=>G/:FFENG@>GSN@>PB>L>GHEE>M?  NFLHo=>KLB<AK:L<AO>K@K]_>KG
=>G3>EM>BG>DHAXK>GM>+K=GNG@SNK^<DSN@>;>G7e8h>;=   :L>E>DMBO@>L:FF>EMPNK=> 
D:F>G;>LMBFFM>2HK:GG:AF>G^;>K=:Ln"K>F=>jSNFNL=KN<D PB>SNF>BLIB>ELLHSB:MBHG>G
=>KDHEHGB:EBLB>KM>G3>EMFBMMMKB;NM>GPB>n,KBFBMBOBMXMj n3BE=A>BMjH=>KnG=>KL:KMB@D>BMj  B>L>
2HKK:GG:AF>GPNK=>G=NK<A=:LNLLM>EE>GC>G>K+;C>DM>LHPB>,N;EBD:MBHG>G^;>K=B>L>K>IKH=N
SB>KM  B>'NGLM NG=3NG=>KD:FF>KGPNK=>G?^K>BG>;K>BM>K>U??>GMEB<AD>BMSN@XG@EB<A@>F:<AM
NG=XAG>EGE:NM=>F$BLMHKBD>K HFBGBDHEE>MnFH=>KG>Gj)NL>>GHEE>M? H>K N<A
A:K=M'K>BL/<AF:E> 
!;>GLHPB>2B>K>@@NG=HEE>MLM>EEM)B<A:>E$H@=B>2HK@>L<AB<AM>>MAGHEH@BL<A>K)NL>>G;>SB>
ANG@LP>BL>OHG2]ED>KDNG=>FNL>>GBG>BG>G6NL:FF>GA:G@FBM=>F1KLIKNG@BAK>K/:FFENG@>G
BG=>G'NGLM NG=3NG=>KD:FF>KG  B>L>?K^A>G/:FFENG@>G=>L NG= &:AKANG=>KML;>?:G
=>GLB<A?:LM:NLL<AEB>_EB<ABF>LBMSLHSB:ENG=]DHGHFBL<AIKBOBE>@B>KM>K)>GL<A>G$H@
??  

o>MK:<AM>MF:G=B>@>L>EEL<A:?MEB<A>/BMN:MBHG=>L NG= &A =B>GH<AMK:=B
MBHG:E LMXG=BL<A@>IKX@MP:K GBFFM>LGB<AMPNG=>K =:_LB<A=B>/:FFENG@>GBG
=>G$XG=>G=>L>LBMS;^K@>KMNFL =>K.>B<A>G =>EB@>GNG=K>@B>K>G=>G$XN
L>K;>?:G=>G7e8 h$H@$>KO B + 

B>%GM>GMBHG=B>L>K)>GL<A>G L>EM>G>+;C>DM>SN;>LBMS>G =B>LIXM>KBG=B>/:FFENG@>G>MAGHEH
@BL<A>K)NL>>G^;>K@BG@>G LB>AM$H@SNF>BG>GBFO>KF>BGMEB<A>G.>IKXL>GM:MBHGL<A:K:DM>K=>L
n"K>F=>Gj$H@NG=SNF:G=>K>GBGBAK>K"NGDMBHGSNKo>?KB>=B@NG@BAK>KPBLL>GL<A:?M
EB<A>G>@B>K=>h>;=   B>!K?HKL<ANG@:N_>K>NKHIXBL<A>Kn'NEMNK>Gj>KE:G@M>BGC>G>G&:AK
ANG=>KM>G ;>>BG?ENLLMOHG%=>>G=>KN?DEXKNG@NG==>L.:MBHG:EBLFNL :G,HINE:KBMXM 6NLXMSEB<A

 
>KAH;>GLB<A>KLM>/MBFF>GFBM=>K"HK=>KNG@G:<A=>K#K^G=NG@>MAGHEH@BL<A>K)NL>>GBG!N
KHI:>;=  
6N>@BGG=>L &:AKANG=>KMLPNK=>L<AEB>_EB<ASNG>AF>G=SPBL<A>G'NGLM NG=*:MNK:EB>G ':F
F>K=B??>K>GSB>KM !LPNK=>SPBL<A>G+;C>DM>G=>K'NGLMD:FF>KNGM>KL<AB>=>G =B>OHG)>GL<A>G
A>KOHK@>;K:<AMP:K>G NG=C>G>G=>K*:MNK =B>BG*:MNK:EB>G ':FF>KGNGM>K@>;K:<AMPNK=>G )BM
=>KN?E]LNG@=>K'NGLM NG=3NG=>KD:FF>KG;^_M>G:N_>K>NKHIXBL<A>+;C>DM>BAK>>BGLMB@>>
=>NMNG@>BG P:L:N?SP>B0>G=>GS>GSNK^<D@>?^AKMP>K=>GD:GG *NMS?? 

o768NF>BG>GO>KEB>K>G=B>>QHMBL<A>GKM>?:DM>BF6N@>=>K;P>KMNG@=>L2>K
PNG=>KEB<A>G *>N@B>K=> !KK>@>G=>G:EL0>BEOHG3BLL>GLIKH=NDMBHGLIKHS>LL>G 
7e8BAK>:G@>LM:FFM>"NGDMBHG =B>LB>BG=>G'NGLM NG=3NG=>KD:FF>KG;>L>L
L>GA:MM>GNG=@>K:M>GBG>BG2:DNNF 7e8 :L/M:NG>G^;>K=:L"K>F=>LM>AMGNG
BF:GG>=>L2NE@XK>G 6NF:G=>K>GBLM>L=B>SNG>AF>G=>/I>SB:EBLB>KNG@=>K
/:FFENG@>G  PB> LB> LB<A OHK :EE>F :F IKX@G:GM>LM>G BG =>K N?LI:EMNG@ OHG
'NGLM NG=*:MNK:EB>GD:FF>KF:GB?>LMB>KM h*NMS 

B>:N_>K>NKHIXBL<A>G+;C>DM>PNK=>G?^K>BG>GDNKS>G6>BMK:NFfOHG>@BGG;BLSNFE>MSM>G KBM
M>E =>L   &:AKANG=>KML f :;@>P>KM>M  :EL LB> BAK>G :G@>LM:FFM>G ,E:MS =NK<A =B> N?E]LNG@ =>K
'NGLM NG=3NG=>KD:FF>KGO>KEHK>G  >G+;C>DM>GPBK=BG=B>L>K,A:L>D>BG>IBLM>FBL<A>K3>KM
SN@>L<AKB>;>G*NMS?  

  ?<<53D9?>C3EB95EC5C
N_>K>NKHIXBL<A>+;C>DM>PNK=>GBG300)'8-327'96-)97)7 =>K>G6>GMKNFBG,:KBLE:@ @>L:FF>EM 
%F.:AF>G=B>L>K/:FFENG@>GPNK=>;>LMBFFM>G+;C>DM>GC>=H<A>BG>oLM:MNL@>G>KB>K>G=>"NGD
MBHGh *NMS   ?^K =B> C>P>BEB@>G >LBMS>K9BGG>G SN@>LIKH<A>G >;=  ?   /H@>G:GGM>
o@>E>AKM>/:FFENG@7>G8h>;= NGM>KL<A>B=>GLB<AOHG=>G300)'8-327'96-)97)7BG=>K$BG
LB<AM =:LLo7=8B>+;C>DM>7e8AB>KF>AK:ELK;>BMLF:M>KB:EB>G;>MK:<AM>MP>K=>G7D]GG>G8=>GG:EL
/>E;LMSP><Dh>;=   >K":DMHK=>K/M:MNL@>G>KB>KNG@DHGGM>:N<A;>Bo@>E>AKM>G/:FFENG
@>Gh>BG>.HEE>LIB>E>G =>K>G>B@>GMEB<A>L6B>E:EE>K=BG@L=B>>L<AK>B;NG@=>K+;C>DM>NG==B>:G
L<AEB>_>G=> ,N;EBD:MBHG P:K  !BG P>BM>K>K 1GM>KL<AB>= P:K SN=>F =B> :G=;K>BM> =>K


>6B?A827C0=384B4A'C4;;4E>=4C7=>6A0?78B274=!DB44=BB480=ID<4A:4=30BB4C7=>6A0?78B274!DB44=;0DC

=CF48;4A3848=C4A=0C8>=0;6L=68644I4827=D=65PA4C7=>;>68B274!DB44=8BC=CF48;4A  *>;:4A


0A<B78=6464==8<<C48=4)=C4AB27483D=6IF8B274=4C7=>;>68B274=D=34C7=>6A0?78B274=!DB44=E>AX=4A
<0=H0B8=B><4>C74A2>D=CA84BC>><DB4D<B>54C7=>;>6H-V.0A44G2;DB8E4;H>A0;<>BC4G;DB8E4;H2>=24A=43
F8C73>2D<4=C8=60=34G7818C8=6C742D;CDA4B>5=>=DA>?40=B>284C84BF74A40B4C7=>6A0?7820;<DB4D<B-V.2>=
24=CA0C4>=2>;;42C8=60=34G7818C8=6C74<0C4A80;2D;CDA4>5DA>?40=B>284C84B0=3<>A4B?4285820;;H>5C748A>F=
B>284CHY0A<B  5
 
+;C>DMD:M>@HKB>G 3XAK>G==B>300)'8-327'96-)97)7:N?-N:GMBMXMNG=%GLS>GB>KNG@=>K':M>@HKB>G
L>MSM> LM:G=;>B@>E>AKM>G/:FFENG@>G=B>/I>SB:EBLB>KNG@NG=2HEELMXG=B@D>BM>BG>LDE>BG>K>G>
K>B<ALBF2HK=>K@KNG=*NMS  B>>KPXAGM>LM:MNL@>G>KB>K>G=>"NGDMBHG:N_>K>NKHIXB
L<A>K +;C>DM> BG 300)'8-327 '96-)97)7 ;:LB>KM :N? =>F A:K:DM>K =>K />EM>GA>BM  =>K LB<A =:K:NL
>K@B;M =:LL=B>+;C>DM>:NL@>H@K:IABL<AP>BM>GM?>KGM>G#>;B>M>GLM:FFM>G  NK<A=>G:N?@KNG=
=>K BLM:GS;>L<AKXGDM>G6N@:G@ PNK=>BAG>G>BG]DHGHFBL<A>K3>KMSN@>L<AKB>;>G>;= 

o >K>LBMS=>LDG:II>G#NM>LPBK==:FBM6>B<A>G>EBMXK>K@>L>EEL<A:?MEB<A>K/M>EENG@
=:LL>EM>G>+;C>DMS>B<AG>ML>BG>G>LBMS>KL>E;LM:ELK:K:NLNG=>K?^EEM=:FBM>BG>LHSB:E
=BLMBGDMBO>"NGDMBHG />BG]DHGHFBL<A>K3>KMBLMNL=KN<DL>BG>LLHSB:E>G3>KML L>BG>K
BLMBGDMBHGL?NGDMBHG =B>=>F>LBMS>K,K>LMB@>O>KE>BAM h*NMS

%F:NL@>A>G=>G &:AKANG=>KMP:G=>EM>LB<A=>KLM:MNL@>G>KB>K>G=>3>KM:N_>K>NKHIXBL<A>K+;
C>DM>NG=BAG>GPNK=>BF &:AKANG=>KMoBF.:AF>G=>KLB<A?HKFB>K>G=>G*:MNK #>L<AB<AM>=>L
)>GL<A>Gh*NMS>KG>NM>BG>IBLM>FBL<A>K3>KMSN@>L<AKB>;>G 

  95>CD9DED9?>!EC5E=
B>%GLMBMNMBHG)NL>NFPNK=>LIXM>LM>GL:;)BMM>=>L &:AKANG=>KMLoSN>BG>FS>GMK:E>G+KMG:
MBHG:E>K %=>GMBMXML;BE=NG@  IX=:@H@BL<A>K %GM>GMBHG NG= +K@:GBL:MBHG PBLL>GL<A:?MEB<A>K "HK
L<ANG@h>;=   B>!M:;EB>KNG@>MAGHEH@BL<A>K)NL>>Gf=B>F>BLM>G>MAGHEH@BL<A>G)NL>>G
PNK=>G:;=>KSP>BM>G$XE?M>=>L ;>SB>ANG@LP>BL>BF?K^A>G &:AKANG=>KM>K]??G>Mf?XEEMBG
C>G>"K^AIA:L>=>K!GMPB<DENG@=>K%GLMBMNMBHG)NL>NFNG=;BE=>M>;>GLHPB>=B>#K^G=NG@>MAGH
EH@BL<A>KNG=:GMAKHIHEH@BL<A>K#>L>EEL<A:?M>G:;!G=>=>K>K&:AK>=B>:LBL?^K=B>%GLMBMNMB
HG:EBLB>KNG@=>K BLSBIEBG!MAGHEH@B>*NMS'K:NL 
0KHMS>BG>KOHKA:G=>G>G'HGMBGNBMXMOHG'NGLM NG=3NG=>KD:FF>KG;BLABGSN=>G>KLM>G>MAGHEH
@BL<A>G)NL>>GLBG==B>6B>EL>MSNG@>GNGM>KL<AB>=EB<A,>GGRHNKLBJNHM  B>
GMAKHIHEH@BG NG= 0K:GLE:MBHGLPBLL>GL<A:?ME>KBG ":;B>GG> HNKLBJNHM A:F;>KL >M :E   QB
;>SB>AMLB<A>QIEBSBM:N?=B>1GM>KL<AB>=>SPBL<A>Go<:;BG>MLH?<NKBHLBMB>LhNG=o>MAGH@K:IAB<FN
L>NFLhBG!NKHI:HNKLBJNHM P>GGLB>=B>>GML<A>B=>G=> B??>K>GS;>L<AK>B;M

oHEE><MHKL?KHFMA>LBQM>>GMA:G=L>O>GM>>GMA<>GMNKB>LP:GM>=MH?:MAHFMA>L>
<K>MLH?MA>K>:MBHG;R<HEE><MBG@BMLLMK:G@>LM:G=K:K>LMF:GB?>LM:MBHGL +GMA>


=384B4A'C4;;4F8A314FDBBC34A46A85534A4C7=>;>68B274=!DB44=E4AF4=34C30B827384B4A;LDC4AD=6=827C0DB

B27;84Q;8270D534=34DCB27B?A027864=&0D<14I847C4A64FL7;C446A8558BC48='0<<4;146A8555PA!DB44=384B4A
AC
 
HMA>KA:G= >MAGH@K:IAB<FNL>NFLA:=:<E>:KL<B>GMB?B<:BFMHIK>L>KO> MH<E:L
LB?R:G=MHLMN=RMA>IKH=N<MLH?F:GDBG=:G=G:MNK> hHNKLBJNHM

HNKLBJNHM;>MHGM=>GPBLL>GL<A:?MEB<A>GGLIKN<A :N?=>F>MAGHEH@BL<A>)NL>>GBF#>@>GL:MS
SN'NGLM NG=3NG=>KD:FF>KG;:LB>KM>G  :L6B>E>MAGHEH@BL<A>K)NL>>GP:KNG=BLM +;C>DM>
=>K*:MNKNG=OHG)>GL<A>GA>KOHK@>;K:<AM>+;C>DM>SN;>P:AK>G SNLHKMB>K>GNG=SN>K?HKL<A>G 
>K@>G:GGM>PBLL>GL<A:?MEB<A >FIBKBL<A>GLIKN<AHKB>GMB>KM>LB<A:GG:MNKPBLL>GL<A:?MEB<A>GN?
?:LLNG@>G G:<A=>G>G)>GL<A>G>;>GLHPB>"EHK:NG=":NG:G:<AIAXGHMRIBL<A>G#>LB<AMLINGDM>G
D:M>@HKBLB>KMP>K=>GD]GGM>G !;>GLH>KE:G@M>G>OHENMBHGLMA>HK>MBL<A>NG=L<AEB>_EB<ALHSB:E=:KPB
GBLMBL<A>V;>KS>N@NG@>G,HINE:KBMXM"K^G=MNG=o7>8MAGHEH@BL<A>G)NL>>GD:F=B>N?
@:;>SN =B>L>:G@>GHFF>G>>OHENMBHGXK>/MN?>GE>BM>K:GA:G=DE:KNFKBLL>G>K>BLIB>E@KNII>GSN
O>K=>NMEB<A>Gh"K^G=M  B>L>o>OHENMBHGXK>/MN?>GE>BM>Kh;:LB>KM>:N?=>GGG:AF>G =:LL
)>GL<A>GBGn.:LL>Gj>BG@>M>BEMP>K=>GD]GGM>GNG=SN=>FNGM>KL<AB>=EB<A>/M:=B>GF>GL<AEB<A>K
!GMPB<DENG@>QBLMB>K>G PH;>B=B>)>GL<A>G!NKHI:L:N?=>KA]<ALM>G/MN?>=>K!GMPB<DENG@LM>A>G
P^K=>G  B>L>GMA>HK>MBL<A>G">AEL<AE^LL>G?HE@>G=PNK=>=B>nG:M^KEB<A>jV;>KE>@>GA>BM>NKHIXB
L<A>K)>GL<A>GDHGLMKNB>KM P:LPB>=>KNFSNK!KS>N@NG@OHG$B>K:K<AB>G?^AKM>NG=SNK(>@BMBF:
MBHGDHEHGB:E>K$>KKL<A:?M;>BMKN@  B>!GMLM>ANG@OHG>BGB@>G>NKHIXBL<A>G*:MBHG:ELM::M>G >MA
GHEH@BL<A>G/:FFENG@>GLHPB>OHG*:MBHG:EFNL>>GLM:G=>GBGS>BMEB<A>K*XA>  :Ln!B@>G>jPNK=>
LHBG;@K>GSNG@SNFnG=>K>GjDHGLMKNB>KMNG=:GA:G==B<AHMHF>K6NL<AK>B;NG@>GBG>BGIHLBMBO>L
(B<AM=>KV;>KE>@>GA>BM@>LM>EEM

o2HK=B>L>F$BGM>K@KNG=>GMPB<D>EM>LB<A>BG>/:FFENG@LIHEBMBD =B>LB<A:N?F]@EB<ALM
oMRIBL<A>hLHPB>oNKLIK^G@EB<A>NG=NGO>K?XEL<AM>h+;C>DM>DHGS>GMKB>KM> =B>:N_>K=>F
=>K C>P>BEB@ :G@>GHFF>G>G /MN?> NG= 6NL<AK>B;NG@ >GMLIK:<A>G h "K^G=M  
$>KO B + 

B>/:FFENG@LIHEBMBDP:KG>;>G=>F!KP>K;OHG+;C>DM>G =B>=:LDHGLMKNB>KM> =B<AHMHF>BE=
=>K !NKHIX>K9BGG>G LM^MSM>G  OHG =>G K>:E>G >=BG@NG@>G OHK +KM ;>LMBFFM "K^G=M  ?  
/:FF>EG=>>NKHIXBL<A>,>KLHG>GP:K>GSNF0>BE:N?=:L!BGO>KLMXG=GBL=>KC>P>BELEHD:E>G>O]E
D>KNG@:G@>PB>L>G :;>KLB>>KP:K;>GH=>KoDE:N?M>Gh+;C>DM>:N<ANGM>KGP>G=NG@H=>KG=KH
ANG@OHG#>P:EM>;=   B>/:FFENG@LMXMB@D>BM;:LB>KM>OHK:EE>F:N?=>KGG:AF> =:LL=B>


!47A30ID8=34=0?8C4;=  \70A0:C4A8BC8:0:>;>=80;4A4AAB2705CXD=3  \$>BC:>;>=80;8B<DBD=3384>=BCAD:
C8>=[34A=34A4=ZX
4A46A85534B\;0D54=BX34AB8270DB34=+OAC4A=\:;0D4=XD=3\:0D54=XIDB0<<4=B4CIC14I4827=4C;0DCAP=3C

AF4A1B?A0:C8:4=\14834=4=464=BCL=34D=C4A+4AC4AF>A14=FDA34=>34AB827384(0DB274=34=0D56AD=3LDQ4
A4A,FL=64=827C5A484=CB274834=:>==C4=XAP=3C 
 
+;C>DM>0KX@>K>BG>Kn'NEMNKjL>B>G =B>;:E=:NLLM>K;>GP^K=> !BG>'HGM>QMN:EBLB>KNG@=>K+;C>DM>
ABGLB<AMEB<A BAK>K EHD:E>G 2>KP>G=NG@ H=>K >S>B<AGNG@ P:K D>BG 0>BE =>K /:FF>EIK:QBL >;= 
?  
B>=>NML<A>!MAGHEH@BGNG=$BLMHKBD>KBG':KHEBG>*H:<D'K:NL*H:<DP>BLM>QIEBSBM
:N?=:L2>KAXEMGBLOHG3BLL>GL<A:?MNG=)NL>NFABG  B>!GMLM>ANG@OHG2]ED>KDNG=>FNL>>GBLM
BG>BG/I:GGNG@L?>E=>BG@>;>MM>M =:LLB<A:NL=>K2>K?E><AMNG@OHG)NL>NF +;C>DM>GNG=1GBO>K
LBMXMSNL:FF>GL>MSM*H:<D /B>>KPXAGMSN=>F =:LLBG=>K"HKL<ANG@H?MF:EL>BG> B?
?>K>GSSPBL<A>G)NL>NFNG=1GBO>KLBMXMA>K:N?;>L<APHK>GPBK= =B>=>G=RG:FBL<A>G2>K?E><A
MNG@LIKHS>LL=>K;>B=>G%GLMBMNMBHG>G^;>KLB>AMNG=PBK?MBGGE>AGNG@:G2HED>K$:KFL=B>"K:@>
:N? BGPB>?>KG)NL>NFNG=1GBO>KLBMXMNL?HKFNG@>G>BG>KoF>MAH=BL<A>G6P>B@E>BLB@D>BMh>;= 
=>K!MAGHEH@B>L>BGD]GGM>G 
!BG>NF?:G@K>B<A>K>NL>BG:G=>KL>MSNG@FBM=>K2>KDG^I?NG@OHG BLSBIEBGNG=)NL>NFNG==:L
!BG@>A>G:N?K>@BHG:E>1GM>KL<AB>=>fLHPHAEABGLB<AMEB<A=>K!GMLM>ANG@>MAGHEH@BL<A>K)NL>>G 
:EL:N<ABG>SN@:N?=B>%GLMBMNMBHG:EBLB>KNG@=>K BLSBIEBG!MAGHEH@B>BLMBF.:AF>G=B>L>KK;>BM
GB<AMF]@EB<A %F"HE@>G=>GPBK=>BGDNKS>K;KBLL=>K!GMPB<DENG@BF=>NML<ALIK:<AB@>G.:NF
FBM>BG=>NMB@>F"HDNL:N? >NML<AE:G= :;>K:N<AABGLB<AMEB<AULM>KK>B<A@>EB>?>KM 

  D8>?<?7951>)>9F5BC9DMD5>
>K!MAGHEH@>':KE'K:NL'K:NL*H:<DA>;MA>KOHK =:LL=B>2>K:GD>KNG@=>K!MAGHEH
@B>:G=>G=>NML<A>G1GBO>KLBMXM>G;BLBGL &:AKANG=>KMF:G@>EA:?MP:K !K;>SB>AMLB<A:N?>BG>G
BF &:AK  >KL<AB>G>G>G N?KN? =>K )987',)2 )7)007',%*8 *E6 28,634303+-) 8,2303+-) 92(
6+)7',-',8) BG=>F;>DE:@MPBK= =:LLC>=>L=>KBF*:F>G=>K#>L>EEL<A:?M>GMA:EM>G>G"X<A>KOHG
3BLL>GL<A:?ME>K9BGG>G:G=>K>K BLSBIEBG>G=HFBGB>KML>B'K:NL H;PHAEo=B>PBKDEB<A>
>A>KKL<ANG@C>=>K>BGS>EG>G>BG>OHEE>K;>BMLDK:?M>K?HK=>KMh'KXF>K>M:E SBM G:<A'K:NL
 %G=>FN?KN?PBK=:N<AOHG>BGS>EG>G!MAGHEH@>G =:K:N?ABG@>PB>L>G =:LLD>BG>'E:K
A>BM=:K^;>KA>KKL<A> P:LNGM>K!MAGHEH@B>BF/I>SB?BL<A>GSNO>KLM>A>GL>B'KXF>K0ABE>GBNL$:
@>GSBM G:<A'K:NL )NL>>GL>B>GE:NM=>F!MAGHEH@>GN@NLMBG'KXF>K =B>;BL
=:ABGF:_@>;>G=>GPBLL>GL<A:?MEB<A>GDM>NK>BF>K>B<A=>K!MAGHEH@B>@>P>L>G'KXF>K
SBM G:<A'K:NL?  
%F":EE> >NML<AE:G=L?:G==B>!KKB<AMNG@OHGO]ED>KDNG=EB<A>G(>AKLM^AE>G:G=>G1GBO>KLBMXM>G
NG@>?XAK&:AK>G:<A=>G#K^G=NG@>G>MAGHEH@BL<A>K)NL>>GLM:MM  B>;>B=>G%GLMBMNMBHG>GP:K>G
:G?:G@L PB>;>K>BMLBGGE>AGNG@:G$H@>KPXAGM I>KLHG>EENG=?BG:GSB>EEO>K?EH<AM>GNG=>BGB@>


BF8A3784A14FDBBC0D548=464B27;427CBB4=B81;4'27A481F48B4E4AI827C4C303848273844AFL7=C4="0<4=<L==;827

;4B4
 
)NL>NFLFBM:K;>BM>K9BGG>GE>AKM>G:G=>G1GBO>KLBMXM>G  B>!MAGHEH@B>PNK=>LH@:K;BLBGL>KLM>
2B>KM>E=>L &:AKANG=>KMLOHG=>G)NL>>G=HFBGB>KM'K:NL 
%GULM>KK>B<APNK=>=>K>KLM>(>AKLMNAE?^KoGMAKHIHE@B>NG=!MAGH@K:IAB>h:G=>K2-:)67-8A8!-)2
BF&:AK>KKB<AM>MNG=FBM.N=HE?,]<A >BG>FIKHFHOB>KM>G)>=BSBG>K;>L>MSM  :L278-898*E6
D0/)6/92()PNK=>@>@K^G=>MNG=;:LB>KM>:N?=>KSNG>AF>G=>GNL=B??>K>GSB>KNG@SPBL<A>G
!MAGH@K:IAB> NG= IARLBL<A>K GMAKHIHEH@B>  %G =B>L>F 6NL:FF>GA:G@ >QBLMB>KM >BG> BGM>K>LL:GM>
2>K;BG=NG@SPBL<A>G>KEBGNG=3B>G,]<AA:MM>;>B">EBQOHG(NL<A:GLMN=B>KM #BG@KB<AH & 
NG=o7FBM8BAF;>@BGGM:N<A>BG>^;>K&:AK>PXAK>G=>;?HE@>OHGBG >NML<AE:G=LHSB:EBLB>KM>G
":<AO>KMK>M>KG:N?=B>L>K3B>G>K,KH?>LLNKh#BG@KB<AH &  
*>;>G=>K>=>NMNG@=>K)NL>>G?^K=B>!M:;EB>KNG@=>KPBLL>GL<A:?MEB<A>G BLSBIEBG!MAGHEH@B>
:G=>G1GBO>KLBMXM>GA:M=B>>SB>ANG@SPBL<A>G=>G;>B=>G%GLMBMNMBHG>G:N<AIKH;E>F:MBL<A>L
I>DM> "HKL<ANG@LK>BL>GNGM>KLM:G=>GOHKK:G@B@=>F6B>E=>K/:FFENG@OHG+;C>DM>G PHKNGM>K=B>
>B@>GMEB<A>"HKL<ANG@L:K;>BMEBMM'K:NL?  >@K^G=>MPBK==B>L>=>G3BLL>GL<A:?ML;>K>B<A
SNF0>BE>BGL<AKXGD>G=>,KBHKBMXM>GL>MSNG@PB>?HE@M

o!L F:@ L>E;LMO>KLMXG=EB<A DEBG@>G  =:LL >BG> O]ED>KDNG=EB<A> !QI>=BMBHG  GH<A
=:SN P>GGLB>OHG)NL>NFLDK>BL>GBGBMBB>KMPBK= F:M>KB>EE>'NEMNKL:FF>EM $BG
M>K=B>L>KL<A>BG;:K>G/>E;LMO>KLMXG=EB<AD>BMO>K;BK@MLB<AC>=H<AG>;>G=>FPBL
L>GL<A:?MEB<A>G %GM>K>LL> :G F:M>KB>EE>K 'NEMNK :N<A >BG :G=>K>K  GB<AM PBLL>G
L<A:?MEB<A>KLI>DM  B>;@:;>OHG/:FFENG@>GP:KH?M=B>.^<D;>S:AENG@=>K
.>BL>?BG:GSB>KNG@ :G=>K>N?@:;>GFNLLM>G=:ABGM>KSNK^<DLM>A>G h'K:NL


B>GAXN?NG@oF:M>KB>EE>K'NEMNKhLM:G==>FG:<ABF"HDNL P:LE:NM'K:NLOHK:EE>FFBM=>F
]DHGHFBL<A>G3>KM=>K+;C>DM>;>@K^G=>MP>K=>GD:GG  B>L?^AKM>=:SN =:LLoGB<AM F:M>KB>EE>
'NEMNKhO>KG:<AEXLLB@MPNK=>'K:NL 

 ?;ECF5BC38952E>75>
3XAK>G==>K3>BF:K>K.>IN;EBDNG=BG=>KG?:G@LS>BM=>LG:MBHG:ELHSB:EBLMBL<A>G.>@BF>LPNK=>
=B>;:NEB<A>!KP>BM>KNG@OHG2]ED>KDNG=>FNL>>GOHK:G@>MKB>;>G NFBGL;>LHG=>K>?^K=B>PXAK>G=
=>K'HEHGB:ES>BMn>KPHK;>G>Gj+;C>DM>.:NFSNL<A:??>G !;>GLHP:K>GPXAK>G==>K*/ 6>BMO>K
>BGS>EM>LMK>;NG@>GOHKA:G=>G n!KD>GGMGBLL>j=>K2]ED>KDNG=>?^K>MP:B@>DHEHGB:E>!KH;>KNG@>G


4;8GE>= DB270=F0A8<,48CA0D<E>=   0<30<0;864=7'#!%#"'.,.& 8+7%$+$.'W34<74D
C864=4A;8=4A -"'(%(!#,"'.,.&W14B27L5C86C"414=B48=4A(LC86:48C0;B=C7A>?>;>64A27L>;>64D=3C7
=>;>64F0A4A0D27(48;=47<4A0=I07;A48274=>AB27D=6BA48B4=D=3>:C>A34A!438I8=&D664=3>A54A'I4<4C7H
 55
 
SNGNMS>G 2]ED>KDNG=>FNL>>GO>KEHK>G:EE>K=BG@LPXAK>G==>K*/ 6>BMBAK;BLA>KB@>LGL>A>GNG=
$>BF:M 2HEDL NG=$>>K>LFNL>>GK^<DM>GBG=>G"HDNL=>L.>@BF>L$H@?  %G=>K6>BM
G:<A =>F 6P>BM>G 3>EMDKB>@ P:K>G 2]ED>KDNG=>FNL>>G FBM >BG>K HII>E;>E:LMNG@ DHG?KHGMB>KM
6NF>BG>GP:K>G>BGB@>#>;XN=>PXAK>G==>L'KB>@>LLM:KD;>L<AX=B@MPHK=>GNG=SNF:G=>K>G
P:K>GNF?:G@K>B<A>/:FFENG@LO>KENLM>SNO>KS>B<AG>G>;=  
%G=>K!MAGHEH@B>PNK=>=>K"HDNL:N?F:M>KB>EE>6>N@GBLL>;BLBG=B>SP>BM>$XE?M>=>L &:AKANG
=>KML;>B;>A:EM>G !KLM=:G:<APN<AL=:L%GM>K>LL>:GBFF:M>KB>EE>G6>N@GBLL>G PH=NK<A>=>NMNG
@>G  LHSB:E> /MKNDMNK>G NG= ,K:DMBD>G  ):<AMO>KAXEMGBLL> NLP  BG =>G )BMM>EINGDM =>K "HKL<ANG@
K^<DM>GNG=">E=LMN=B>GNG>KEXLLEB<APNK=>G N<A:G>MAGHEH@BL<A>G)NL>>G@BG@=B>L>"HDNLO>K
L<AB>;NG@GB<AMLINKEHLOHK;>B 6NG>AF>G=PNK=>GLHSB:E>NG=D^GLME>KBL<A>LI>DM>;>K^<DLB<AMB@M 
;=>G>K &:AK>G=>L &:AKANG=>KMLPN<ALSNG>AF>G==B>'KBMBD:G>MAGHEH@BL<A>G)NL>>G 
=B>LB<AOHK:EE>F:N?=B>"HKF=>K.>IKXL>GM:MBHG=>KnG=>K>Gjo=B>'KBL>=>K>MAGH@K:IABL<A>G
.>IKXL>GM:MBHGh$:AG? ;>SH@HNKLBJHNM??   B>NL>BG:G=>KL>MSNG@=>K
PBLL>GL<A:?MEB<A>G BLSBIEBGFBMIHLMDHEHGB:E>GNG=IHLMFH=>KG>G0A>HKB>G:;=>G>K&:AK>G
^;>KMKN@LB<AL<AEB>_EB<A:N?=B>%GLMBMNMBHG)NL>NF"K^G=M ,HLMDHEHGB:E>DMBOBLM9BG
G>G ?HK=>KG  o=B> DKBMBL<A> 1GM>KLN<ANG@ =>K /:FFENG@L@>L<AB<AM>Gh':S>>F):KMBGS
0NK>D/M>KG?>E=   >MAGHEH@BL<A>K )NL>>G  =: BG OB>E>G >MAGHEH@BL<A>G )NL>>G =B> /:FF
ENG@L@>L<AB<AM>GGNKF:K@BG:EMA>F:MBLB>KMP>K=>G PH=NK<A=B>.>IKH=NDMBHG@>PBLL>KA>@>FHGB
:E>K>=>NMNG@LDHGLMKNDMBHG>G PB>!QHMBLF>GNG=.:LLBLF>G ?HKM@>L<AKB>;>GP>K=>G>;=   B>
>KPXAGM> :G?XG@EB<A> 0>G=>GS =>K 2>KG:<AEXLLB@NG@ OHG +;C>DM>G oGB<AM F:M>KB>EE>7K8 'NE
MNKh'K:NLA:MLB<AFBM=>G&:AK>G@>XG=>KMNG==>K"HKL<ANG@LL<AP>KINGDMBF &:AK
ANG=>KMEB>@MGNG:N?=>Ko!K?HKL<ANG@=>K@>BLMB@>G'NEMNK =>K/HSB:ELMKNDMNKNG==>L'NEMNKP:G=>EL
7e8 h>;= ?  
!BG>P>BM>K>TG=>KNG@BG=>KNLKB<AMNG@=>KPBLL>GL<A:?MEB<A>G BLSBIEBG!MAGHEH@B>BLM=B>@>@>G
PXKMB@>"HK=>KNG@G:<A%GM>K=BLSBIEBG:KBMXM PHABG@>@>GPXAK>G==>K!GMLM>ANG@LIA:L>:G=>G1GB
O>KLBMXM>G=B>;@K>GSNG@OHG:G=>K>G BLSBIEBG>G:EL2HK:NLL>MSNG@;>MK:<AM>MPNK=>  BLDNLLBH
G>G^;>K=B>GI:LLNG@=>K)NL>NFLDHGS>IMBHG>G:G>BGGB<AM PBLL>GL<A:?MEB<A>L,N;EBDNFLHPB>
=B>"K:@> BGPB>?>KGLB<A3BLL>GL<A:?M:GIHEBMBL<A>GNG=]DHGHFBL<A>G%GM>K>LL>GHKB>GMB>K>G=:K? 
LBG= C>=H<A 0A>F: @>;EB>;>G  >;>GLH PB> I>KLHG>EE NG= ?BG:GSB>EE ;>=BG@M> ,KH;E>F> =>K *:<A
PN<AL@>PBGGNG@>;= ?  

6NL:FF>G?:LL>G=D:GG?>LM@>A:EM>GP>K=>G =:LL>BG0>BE=>K/:FFENG@>G>MAGHEH@BL<A>K)NL>>G
:NL=>G'NGLM NG=3NG=>KD:FF>KG=>K/IXMK>G:BLL:G<>LM:FF>G  B>+;C>DM> =B>BG>MAGHEH@B
L<A>G)NL>>G:NL@>LM>EEMP>K=>G LM>A>GLHFBMBG>BG>F6NL:FF>GA:G@FBM=>K>NKHIXBL<A>G'H
EHGB:E@>L<AB<AM>NG==>K'HGLMKNDMBHGn=>KG=>K>Gj NL@>A>G==:OHGPBK=:NLIHLMDHEHGB:E>K,>K
LI>DMBO> =B> DKBMBL<A> NL>BG:G=>KL>MSNG@ FBM =>K DHEHGB:E>G 2>K@:G@>GA>BM NG= =>K
 
!KP>K;L@>L<AB<AM>@>?HK=>KM ,:K:EE>EBMXM>GSPBL<A>G=>K!M:;EB>KNG@>MAGHEH@BL<A>K)NL>>GNG==>K
PBLL>GL<A:?MEB<A>G BLSBIEBG!MAGHEH@B>EB>_>GLB<A>;>GLH>KD>GG>G ,>KLHG>EE>V;>KL<AG>B=NG@>G
P:K>GBGSP>B>KE>B$BGLB<AMOHKA:G=>G&>G>SPBL<A>G)NL>NFNG=1GBO>KLBMXMNG=C>G>SPBL<A>G
>NML<AE:G=NG=ULM>KK>B<A 

 BE>4CMDJ5E>4E>;D9?>5>59>5C5D8>?<?79C385>!EC5E=C
%F?HE@>G=>G':IBM>EP>K=>GSN>KLM=B>#KNG=LXMS>NG="NGDMBHG>GOHG)NL>>G=:K@>E>@M ;>OHK
=:K:N?>BG@>@:G@>GPBK= FBMP>E<A>GLI>SB?BL<A>G$>K:NL?HK=>KNG@>G>MAGHEH@BL<A>)NL>>GDHG
?KHGMB>KMLBG= HKB>GMB>KM:F3()3*8,-'7=>L28)62%8-32%0)297)9176%87NG=:G=>F=:KBG>GM
A:EM>G>GL><ALM>G#KNG=L:MS BG=>FLI>DM>=>K.^<D@:;>NG=.^<D?^AKNG@LH@>G:GGM>Kn'NEMNK
@^M>KjMA>F:MBLB>KMP>K=>G ;L<AEB>_>G=P>K=>GBG>SN@G:AF>:N?=B>L>G#KNG=L:MSNG=BGG
E>AGNG@:GIHLMDHEHGB:E>,>KLI>DMBO>G'KBMBDINGDM>:G>MAGHEH@BL<A>G)NL>>G:NL@>?^AKM 

  ?45?6D893C
B>#KNG=LXMS> =>G>G)NL>>G?HE@>GNG==B>"NGDMBHG>G =B>LB>>K?^EE>GLHEE>G LBG=BF3()3*
8,-'7*3697)917=>L28)62%8-32%0392'-03*97)917I;>SB>ANG@LP>BL>=>L28)62%8-32%0)2
97)9176%87I:G@>?^AKM =>KBF&:AK@>@K^G=>MPNK=> EEC>G>)NL>>G =B>)BM@EB>
=>K=>LLBG=NG=>BG>GCXAKEB<A>G>BMK:@:G=>GS:AE>G >KD>GG>G=B>BF3()3*8,-'7
>GMA:EM>G>G.B<AMEBGB>G:G(>PBL %F3()3*8,-'7PBK=>BG)NL>NFPB>?HE@M=>?BGB>KM

o!BG )NL>NF BLM >BG> @>F>BGG^MSB@>  :N? :N>K :G@>E>@M>  =>K U??>GMEB<AD>BM
SN@XG@EB<A> !BGKB<AMNG@ BF B>GLM> =>K #>L>EEL<A:?M NG= BAK>K !GMPB<DENG@  =B>
SNF6P><D>=>L/MN=BNFL =>KBE=NG@NG==>L!KE>;>GLF:M>KB>EE>NG=BFF:M>KB
>EE>6>N@GBLL>OHG)>GL<A>GNG=BAK>K1FP>EM;>L<A:??M ;>P:AKM >K?HKL<AM ;>
D:GGMF:<AMNG=:NLLM>EEM h%+)

%G=B>L>K >?BGBMBHGLBG==B>OHG2B>K>@@B=>GMB?BSB>KM>G"NGDMBHG>G>BG>L)NL>NFL>GMA:EM>G/:F
F>EG "HKL<A>G >P:AK>G ,KXL>GMB>K>GNG=2>KFBMM>EG 2B>K>@@MA>F:MBLB>KMBF6NL:FF>GA:G@FBM
=>F3()3*8,-'7NG==>K)NL>NFL=>?BGBMBHGSN=>F =:LL)NL>>GGB<AM:NLL<AEB>_EB<ABGBAK>K
"NGDMBHG:EL@>F>BGG^MSB@>%GLMBMNMBHG>GSN;>MK:<AM>GL>B>G LHG=>KG=NK<A:NLDHFF>KSB>EEHKB>G
MB>KML>BGD]GG>G2B>K>@@  B>BF3()3*8,-'7>GMA:EM>G>G:<AM#KNG=LXMS>LBG=:EL
)BG=>LMLM:G=:K=L?^K)NL>>GSN;>MK:<AM>GNG=;>BGA:EM>GSNLXMSEB<Ao2>KA:EM>GLKB<AMEBGB>G=>K;>
KN?EB<A>G,K:QBLhBF)NL>NFLDHGM>QM%+)  >K3()3*8,-'7PNK=>ABGLB<AMEB<A=>K
LB<AO>KXG=>KG=>G>=BG@NG@>G?^K)NL>>GNF=B>&:AKM:NL>G=P>G=>^;>K:K;>BM>M  B>":LLNG@ :N?
=B> LB<A =B> OHKEB>@>G=> K;>BM ;>SB>AM  PNK=> BF &:AK  K>OB=B>KM A>K:NL@>@>;>G NG= BF &:AK

 
O>K:;L<AB>=>M>;=   B>TG=>KNG@>GSNKOHKA>K@>A>G=>G2>KLBHG;>SB>A>GLB<AOHK:EE>F
:N?=>GL><ALM>G#KNG=L:MS0AHF:L =>KGNGPB>?HE@ME:NM>M

o)NL>NFLL:FFENG@>G LIB>@>EG =:L DNEMNK>EE> NG= G:M^KEB<A> !K;> =>K #>F>BG
L<A:?M>GPB=>K :NL=>G>GLB>LM:FF>G /HFBMK>B<AMBAKA:K:DM>K^;>KC>G>GOHG
@>P]AGEB<A>F !B@>GMNF ABG:NL  =: >G@> BG=NG@>G :G G:MBHG:E>  K>@BHG:E>  EH
D:E> >MAGBL<A> K>EB@B]L>H=>KIHEBMBL<A>%=>GMBMXM>G;>LM>A>GD]GG>G !LBLM=:A>K
PB<AMB@ =:LL=B>)NL>NFLMXMB@D>BM=B>L>G1FLMXG=>G:N?@>L<AEHLL>G@>@>G^;>KL
M>AM h%+)

NL@>A>G=OHG>BG>FIHLMDHEHGB:E>GEB<DPBGD>EA>;M HFBGB<0AHF:L =>K:G=>K2-:)67-8=3*
%0-*362-% 37 2+)0)7 BF >K>B<A o"K>G<A :G= "K:G<HIAHG> /MN=B>L :G= %M:EB:Gh E>AKM 0AHF:L
 BG>SN@:N?=B>L>G#KNG=L:MS=B>,NGDM> NG= A>KOHK =B>SNF>BG>G=B>o.^<D@:;>
OHG'NEMNK@^M>KGhNG=SNF:G=>K>G=B>o.^<D?^AKNG@OHG'NEMNK@^M>KGh;>MK>??>G0AHF:L
%+)  B>;>B=>G,NGDM>NGM>KL<A>B=>GLB<A=:ABG@>A>G= =:LL=>K>KLM@>G:GGM>,NGDM
=B>@KNG=LXMSEB<A>>K>BML<A:?MSNK"^AKNG@>BG>L B:EH@LSPBL<A>G=>G)NL>>GNG==>G$>KDNG?ML
K>@BHG>GOHG+;C>DM>G>FI?B>AEM =>K=B>)]@EB<AD>BM=>K.^<D@:;>OHG'NEMNK@^M>KGMA>F:MBLB>KM 
>KSP>BM>,NGDM@>AMABG@>@>GDHGDK>M=:K:N?>BG =:LLBF":EE>=>K"HK=>KNG@=>K.^<D@:;>OHG
o'NEMNK@^M>KGh%+)NG=NGM>K=>K2HK:NLL>MSNG@ =:LL=B>L>"HK=>KNG@E>@BMBFBLM )N
L>>G=B>L>G"HK=>KNG@>G@>@>G^;>KDHHI>K:MBOS>B@>GLHEE>G LH?>KG>LBGBAK>G6NLMXG=B@D>BML;>
K>B<A?XEEM .^<D?^AKNG@>GLBG=BFV;KB@>G:NL@>A>G=OHG,NGDM =:GGGHMP>G=B@ P>GGG:<A
P>BL;:KBLM =:LL+;C>DM>H=>K#>@>GLMXG=>oNGM>K2>KE>MSNG@=>K,KBGSBIB>GBGM>KG:MBHG:E>KNG=G:
MBHG:E>K;DHFF>G>QIHKMB>KMH=>K:N?:G=>K>F3>@>^;>K>B@G>MPNK=>7G8NG=7e8SNFDNEMNK>EE>G
H=>KG:M^KEB<A>G!K;>=B>L>L(:G=>LH=>K2HED>L@>A]KMh>;=  !K@XGS>G=BLM:GSNF>KD>G =:LL
"K:@>G=>K.^<D@:;>SNLXMSEB<ABG=>G.B<AMEBGB>G=>K32:)28-3232830)2%2(00)+%00=
<4368)(90896%0&.)'87NG==>K%%+)632:)28-32>91',98>:3290896+98&)-&);%**2)8)2
32*0-/8)2MA>F:MBLB>KMP>K=>G2B>K>@@  

0AHF:LA>;M;>LHG=>KL=B>,NGDM> NG= A>KOHK P>BE>K=:OHG:NL@>AM =:LL=B>>NKHIXBL<A>
*:MBHG:ELM::M>G;BE=NG@NG==:FBM>BGA>K@>A>G==B>'HGLMKNDMBHG>BG>K>NKHIXBL<A>Gn%=>GMBMXMjSNK
!M:;EB>KNG@@>PBLL>K :KLM>EENG@LIK:DMBD>G@>?^AKMA:;>G =B>OHG=>KDHEHGB:E>G!QI:GLBHG!NKHI:L

 
GB<AMSNMK>GG>GLBG= )NL>>Gf0AHF:L;>SB>AMLB<ABGL>BG>FKMBD>E>QIEBSBM:N?'HEHGB:EFNL>>G 
fG>AF>GBG=B>L>F'HFIE>Q=B>"NGDMBHG=>K,KXL>GM:MBHG=>L14-6)7>BG N?@KNG==>LL>G =:LL
)NL>>GLB<AGNGBG>BG>KIHLMDHEHGB:E>GTK:;>?BG=>G LM>A>GLB>OHK=>K$>K:NL?HK=>KNG@ LB<AFBM
=>KBFI>KB:E>G2>K@:G@>GA>BMLHPB>=>K>G>P>KMNG@NG==>G"HE@>G=>K!GMDHEHGB:EBLB>KNG@:NL
>BG:G=>KSNL>MS>GNG=*>MSP>KD>;>SB>ANG@LP>BL>>SB>ANG@>GSNS>BM@>G]LLBL<A>GIHLMDHEHGB:E>G
HFFNGBMB>L:N?SN;:N>G0AHF:L 
NL@>A>G= OHG =B>L>G V;>KE>@NG@>G NG= BG GE>AGNG@ :G =>G L><ALM>G #KNG=L:MS =>L 3() 3*
8,-'7NG==B>;>B=>G:G@>?^AKM>G,NGDM>?^AKM0AHF:LOB>K/MK:M>@B>G:G =B>BG=>KIHLMDHEHGB:E>G
TK:BF1F@:G@FBM=>K'HEHGB:E@>L<AB<AM>NF@>L>MSMP>K=>G>;= 

hMA>PBEEBG@G>LLMHK>MABGDMA>HPG>KLABIH?FNL>NFAHE=BG@LPBMABGMA><HGM>QMH?
K><DHGBG@PBMA:<JNBLBMBHGIKH<>=NK>LK>LIHG=BG@MHMA>K>IHLBMBHGBG@H?FNL>HEH@
B<:E:@>G=:L?KHF:>LMA>MB<MHIHEBMB<:EHG>L N??RIKBOBE>@BG@MA>>QI>KB>GMB:E
7e8:G=G:KKHPBG@MA>K>IK>L>GM:MBHG:E@:I;>MP>>GMA>jNLk:G=MA>jMA>FkBGHK=>K
MHK><H@GBS>MA:M:N=B>G<>L:K>:ELHjIHLM<HEHGB:Ek:G=MA:MMA>I:K:F>M>KLH?MA>G:MBHG
LM:M>:K>GHEHG@>KMA>L:F> i0AHF:L

%F"HE@>G=>GP>K=>G=B>BF6BM:M@>G:GGM>GOB>K/MK:M>@B>G =B>>K>BML<A:?M=B>.><AMFX_B@D>BM
=>L>LBMS>LOHG;>LMBFFM>G+;C>DM>GABGLB<AMEB<ABAK>L!KP>K;LDHGM>QMLSN^;>K=>GD>G =:K:N?>BG
SN@>A>G =:LLFNL>HEH@BL<A>@>G=>GGB<AM:NLL<AEB>_EB<A:ELXLMA>MBL<A> LHG=>KG:N<A:ELIHEBMB
L<A>P:AK@>GHFF>GP>K=>G oIKBOBE>@BG@MA>>QI>KB>GMB:Eh0AHF:LNG==B>'EN?MSPBL<A>G
nNGLjNG==>GnG=>K>GjABGLB<AMEB<A=>K.>IKXL>GM:MBHGSNL<AEB>_>GNG==B>#>@>GP:KM:ELIHLMDH
EHGB:E:GSN>KD>GG>GfGXA>K:NL@>?^AKM 

  &5CD9DED9?>
%GL;>LHG=>K>=B>>KLM>/MK:M>@B>f=B>>K>BML<A:?M=B>.><AMFX_B@D>BM=>L>LBMS>LOHG;>LMBFFM>G
+;C>DM>GABGLB<AMEB<ABAK>L!KP>K;LDHGM>QMLSN^;>K=>GD>GfLM>AMBG6NL:FF>GA:G@FBM=>FL><AL
M>G#KNG=L:MS=>L3()3*8,-'7%+)  B>!MAGHEH@BG0:GC:>K@>K;>MHGM =:LLBF
1F@:G@FBM.^<D@:;>?HK=>KNG@>GEXG=>KLI>SB?BL<A>1GM>KL<AB>=>>QBLMB>K>G (XG=>K =B>D>BG>o:D
MBO>.HEE>BG=>K'HEHGB:EIHEBMBDBGG>AB>EM>Gh>K@>K L>B>G=>LA:E;GB<AMLHAXN?B@FBM
.^<D@:;>?HK=>KNG@>G DHG?KHGMB>KM  =: oLB> GB<AM BF @E>B<A>G ):_> PB> =B> >A>F:EB@>G


D56AD=334BB4=30BB(7><0B8=B48=4=DB5P7AD=64=0;B48B?84;5PAB>64=0==C42>;>=80;<DB4D<B0D2730B

.,6.*.#+'%20=5P7AC(7><0B  30BE>=>DAB8@D>C8<&07<4=87A4A)=C4ABD27D=64=ID4C7=>
6A0?78B274=!DB44=64=0==CF8A3E6;>DAB8@D>C 5>34AE><8A4:C>A34B%-&.,.&#'=C4AE84F
=64;B<0=0;B48B?84;5PA48=4C7=>;>68B274B!DB4D<0=645P7ACF8A3B8=3(7><0BA;LDC4AD=64=414=B>5PA34=
E>=<8A1470=34;C4=(74<4=:><?;4G0=F4=310A84E>=(7><0BE4AF4=34C446A855;827:48C34B\2>;>=80;<DB4
D<BX(7><0B 8BC;4386;82748=F48C4A4B48B?84;5PA384D=C4AB27843;8274=46A855B>?4A0C8>=0;8B84AD=64=
 
'HEHGB:EFX<AM>BG=>K/<ANE==>KIHLMDHEHGB:E>G/M::M>GLM>A>Gh>K@>K >K@>K;>SB>AM
LB<ABGBAK>G!KEXNM>KNG@>G:N?=B>/<AP>BSNG=F>KDM:G =:LLLB<A=HKMO>K@E>B<ALP>BL>P>GB@+;
C>DM>;>?BG=>GP^K=>G =B>BGDHEHGB:E>F'HGM>QMn>KPHK;>GjPNK=>G  B>$:EMNG@OHG>A>F:EB@>G
'HEHGB:EFX<AM>GPB> >NML<AE:G= "K:GDK>B<ANG=!G@E:G=;>L<AK>B;MLB>:ELo=>?>GLBO :NLG@LM 
=:LL>BG/<ANE=;>D>GGMGBL=B>!QBLM>GS=>K)NL>>GBG"K:@>LM>EE>GP^K=>h>;=  %GPB>?>KG=B>L>
o=>?>GLBO>h$:EMNG@:GAXEMH=>K>BG.B<AMNG@LP><AL>E:;L>A;:KBLM ;E>B;M:;SNP:KM>G !BGP>BM>K>K
1GM>KL<AB>=EXLLMLB<ASPBL<A>G(XG=>KGFBMBG=B@>G>K>O]ED>KNG@fPB>=>G1/NG=':G:=:f
NG=LHE<A>G PB> >NML<AE:G=NG=ULM>KK>B<A ;>B=>G>GLB<A=B>#>@>GLMXG=>G:<A>K?HE@M>K.^<D
@:;>GB<AMF>AKBF!B@>GMNF=>L*:MBHG:ELM::M>L;>?BG=>GP^K=>G >KD>GG>G>;=  >S^@EB<A
ULM>KK>B<AG>GGM':S>>F:EL#KNG=?^K=B>@>KBG@>.^<D@:;>;>K>BML<A:?M=B>;E>AGNG@ >MAGHEH@B
L<A>/:FFENG@>G;>SB>ANG@LP>BL>>MAGHEH@BL<A>)NL>>GABGLB<AMEB<A=>KBFI>KB:E>GNG=DHEHGB:
E>G2>K@:G@>GA>BMSNDHGM>QMN:EBLB>K>G':S>>F 
!BG>P>BM>K>OHG':S>>F:G@>?^AKM>!KDEXKNG@SNK;P>AKA:EMNG@F:G<A>K>NKHIXBL<A>K)NL>>G
;>S^@EB<A .^<D@:;>?HK=>KNG@>G  BLM =>K /B<A>KA>BML  ;>SB>ANG@LP>BL> 1GLB<A>KA>BML:LI>DM  !GM
L<A>B=NG@LMKX@>K9BGG>GOHG)NL>>G=>L@EH;:E>G*HK=>GL;>KN?>GLB<A=:;>B:N?=B>S>GMK:E>G"NGD
MBHG>GOHG)NL>>G >QIEBSBM:N?=B>=>L/:FF>EGLNG=>P:AK>GL /B>:K@NF>GMB>K>G =:LL>BGSB@
:F>KBD:GBL<A>NG=>NKHIXBL<A>)NL>>G=B>)]@EB<AD>BM>GAXMM>G >GMLIK><A>G=>/B<A>KA>BMLOHKD>A
KNG@>G?^K>MAGHEH@BL<A>+;C>DM>SN@>PXAKE>BLM>G 6NLXMSEB<AMK>M>G"K:@>G=>K.>LMBMNMBHGF>BLM
BG?HE@>=>K"HDNLLB>KNG@=>L@EH;:E>G*HK=>GL:N??KBD::EL'HG?EBDM?>E=fBGL;>LHG=>K>BG>SN@
G:AF> :N? =B> IHEBMBL<A> %GLM:;BEBMXM BG F:G<A>G .>@BHG>G f BG =>G $BGM>K@KNG= ':S>>F 
??   B>NMHKBGF>KDMSP:K:G =:LLo7:8N?@KNG=ABLMHKBL<A@>P:<AL>G>KNG@E>B<A>K]DHGHFBL<A>K
NL@:G@LLBMN:MBHG>Gh>;= OB>E>(XG=>KD>BG>=>G/B<A>KA>BMLLM:G=:K=L>GMLIK><A>G=>G)NL>>G
:N?;:N>GD]GGM>G =>GGH<AL>B=B>LD>BG#KNG=.^<D@:;>?HK=>KNG@>G:;SNP>AK>G ELF]@EB<A>G
(]LNG@L:GL:MSL<AEX@MLB>=B>6NL:FF>G:K;>BMOHG)NL>>GJN>K^;>K=>G#EH;NLOHKNG=?HK=>KM
>BG>?BG:GSB>EE>1GM>KLM^MSNG@ NF)NL>>G:N?SN;:N>G =B>=>GG?HK=>KNG@>G>GMLIK><A>GNG=:G
L<AEB>_>G=>B@>GLMXG=B@;>MKB>;>GP>K=>GD]GG>G>;=  

  KCD85D9C38@?<9D9C385C@5;D5
B>OHG0AHF:L:G@>?^AKM>SP>BM>/MK:M>@B>f=:K:N?>BGSN@>A>G =:LLFNL>HEH@BL<A>@>G=>GGB<AM
:NLL<AEB>_EB<A:ELXLMA>MBL<A> LHG=>KG:N<A:ELIHEBMBL<A>P:AK@>GHFF>GP>K=>G0AHF:L


4A5A0=IOB8B274$ALB834=C<<0=D4;!02A>=?;L384AC4=50=634B07A4B 305PA30BB8==4A70;134A=L27BC4=
07A4384*>A0DBB4CID=64=IDA&P2:6014E>=#194:C4=384FL7A4=334A>;>=80;I48C0DB5A8:064A0D1CFDA34=
64B270554=F4A34=B>;;4=E6;'0E>H 
0I44<0<8=B8:814I847CB8278=384B4AA6D<4=C0C8>=4G?;8I8C0D5384DBBC4;;D=6\4=8=WO=864D=3&8CD0;4

O58B274D=BC8="864A80X384E><!0818BID< '4?C4<14A 8<30<0;864=7%$+$.'&.,.&#'


30B0=;LBB;827384B4ADBBC4;;D=6F8434A4AO55=4CFDA3414B827C86CF4A34=:>==C44A(4GC10B84AC34<4=CB?A4274=3
0D548=4A0=34A4=DB60=6B;0640;BB846464=FLAC860=ID58=34=8BC0I44<  55
 
fBLMBG2>K;BG=NG@FBML>BG>K0A>L>SN;>MK:<AM>G =:LLFNL>HEH@BL<A>NG=LHSBH IHEBMBL<A>:;>K
:N<A]DHGHFBL<A>>;>GLHPB>@>HIHEBMBL<A>>E:G@>>BG:G=>K@>@>GL>BMB@=NK<A=KBG@>G  B>+;
C>DM> =B>BF.:AF>G=>L%FI>KB:EBLFNLNG==>KNLP>BMNG@=>L):KDM>LG:<A!NKHI:@>E:G@M>G 
LBG=fL>BG>KK@NF>GM:MBHG?HE@>G=fNL=KN<D@>HIHEBMBL<A>K):<AMLMKNDMNK>GNG=LHEE>G=B>L>?^K
!NKHI:nKNAFK>B<A>j2>K@:G@>GA>BMK>IKXL>GMB>K>G %G=>KIHLMDHEHGB:E>G#>@>GP:KMLBG=C>G>+;
C>DM> :;>K @E>B<A>KF:_>G 0>BE OHG LHSB:E>G ,KHS>LL>G  =B> LB<A DKBMBL<A FBM =B>L>K 2>K@:G@>GA>BM
:NL>BG:G=>KL>MS>G 0AHF:L? %G=B>L>F6NL:FF>GA:G@BLM>BGLI>DMSN;>K^<DLB<AMB@>G 
=>K NGM>K :G=>K>F OHF 0^;BG@>K !MAGHEH@>G 2HED>K $:KFL  =>K :G=>K 1GBO>KLBMXM 0^;BG@>G :F
%GLMBMNM?^K!MAGHEH@B>:K;>BM>M> :G@>LIKH<A>GPBK= !K;>L<AK>B;M =:LLLB<A>BGB@>>MAGHEH@BL<A>
)NL>>GBG >NML<AE:G=L>BM=>G>K&:AK>GFBM=>K/N<A>G:<A>BG>KG>N>G%=>GMBMXM:NL>BG:G=>K
L>MS>G !LPNK=>=>;:MMB>KM H;>MAGHEH@BL<A>)NL>>GBG)NL>>GGB<AM >NKHIXBL<A>K'NGLMNF@>
P:G=>EMP>K=>GLHEEM>G$:KFL />BM=>F!BGL>MS>G=B>L>K BLDNLLBHGPNK=>=:FBM;>@HG
G>G  oDNEMNK>EE> NL=KN<DL?HKF>G SNG>AF>G= BG >MAGHEH@BL<A>G )NL>>G :EL 'NGLM 7:NLSNLM>EE>G8
7 8h >:G /HP^K=>GE:NM%L:;>E >:G =B>:G=>K#>HK@ N@NLM 1GBO>KLBMXM#]MMBG@>G
BF>K>B<A'NEMNK:GMAKHIHEH@B>!NKHIXBL<A>!MAGHEH@B>IKHFHOB>KM DNEMNK>EE>6>N@GBLL>f>MAGH
@K:?BL<A> DNEMNKABLMHKBL<A>NG=DNGLMA:G=P>KDEB<A>+;C>DM>fSN'NGLM@>@>GLMXG=>G:N?@>P>KM>M
P>K=>G >:G#>HK@ N@NLM 1GBO>KLBMXMH &  2>KPB>L>GL>BBG=B>L>F6NL:FF>GA:G@
:N?=:LOHKA>KB@>':IBM>Efo B>!GMLM>ANG@L@>L<AB<AM>>MAGHEH@BL<A>K)NL>>GBG!NKHI:hfBG=>F
;>K>BML>KEXNM>KMPNK=> =:LL=B>6NHK=GNG@OHG+;C>DM>GBG@>PBLL>':M>@HKB>G:N<ABG=>G&:AK
ANG=>KM>GSNOHKD>BG>G?>LM>G.>@>EG?HE@M>NG==>FG:<ADHGM>QM:;AXG@B@P:K NL@>A>G==:OHG 
=:LL+;C>DM>BG>MAGHEH@BL<A>G)NL>>GP>=>K>BG=>NMB@>BG>K;>LMBFFM>G+;C>DM NG==>F>GMLIK>
<A>G=:N<AD>BG>K)NL>NFLD:M>@HKB>SN@>HK=G>MP>K=>GD]GG>G LM>EEM >:G?>LM =:LLC>G>':M>@H
KBLB>KNG@>G NG= !BGHK=GNG@>G 0>BE >BG>L /RLM>FL LBG=  =:L PB>=>KNF OHG @>L>EEL<A:?MEB<A>G NG=
PBLL>GL<A:?MEB<A>G BLDNKL>G:;AXG@B@BLM =B>OHG3>KMF:_LMX;>G=NK<A=KNG@>GLBG= >:G
?  :K;:K:'BKLA>G;E:MM #BF;E>MM =B>,KH?>LLHKBG?^K,>K?HKF:G<>/MN=B>L:G=>K);"36/2-
:)67-8=-7',',3303*8,) 687P:KNG='NK:MHKBG=>K'>KG:NLLM>EENG@=>L97)917()6)7',-',8)
()6 4302-7',)2 9()2 9>)91 -7836-- L=(C; 307/-',   BG 3:KL<A:N BLM 0%/$ H &  
F>KDMMK>??>G=:G

o!MAGH@K:IAB< :KMB?:<ML :K> H;C><ML H? >MAGH@K:IAR  0A>R :K> :KMB?:<ML <K>:M>= ;R
>MAGH@K:IA>KL /N<AH;C><ML;><HF>>MAGH@K:IAB<;ROBKMN>H?;>BG@=>?BG>= L>@
F>GM>=  =>M:<A>=  :G= <:KKB>= :P:R ;R >MAGH@K:IA>KL h 'BKLA>G;E:MM #BF;E>MM
? 

>F>GMLIK><A>G=PBK==>K'HGLMKNDMBHGLFHF>GMOHG+;C>DM>GBG>MAGHEH@BL<A>G)NL>>GA>KOHK
@>AH;>GNG=O>K=>NMEB<AM =:LLLB>oGB<AMoG>NMK:Eh oNGL<ANE=B@hH=>KoG:M^KEB<Ah7LBG=8 LHG=>KG
 
>KLMSN=>F@>F:<AMP>K=>G7F^LL>G8 P:LLB>=:KLM>EE>G7e8 h >:G$>KO B + N<A
'HGS>IM>PB>TLMA>MBDNG='NGLMF^LL>GABGLB<AMEB<ABAK>K>=>NMNG@L@>G>L>ABGM>K?K:@MP>K=>G 
=:LB>oABLMHKBL<A@>P:<AL>G>,KH=NDM>>BG>LLI>SB?BL<A>NKHIXBL<A>G'NGLM NG='NEMNKO>KLMXG=GBL
L>Lh':S>>F? L>B>G  B>'E:LLB?BD:MBHGOHG+;C>DM>G:EL'NEMNK@NMH=>K@:K:EL0>BE=>L
3>EMDNEMNK>K;>L D:GG NG= PBK= M>BEL :N<A :K@NF>GM:MBO @>@>G .^<D@:;>?HK=>KNG@>G O>KP>G=>M
P>K=>G /HD]GGM>NGM>K.^<D;>LBGGNG@:N?=B>:G?:G@L:G@>?^AKM> >?BGBMBHG>BG>L)NL>NFL =B>
=>GLI>DM=>K6N@XG@EB<AD>BMBGDEN=B>KM :K@NF>GMB>KMP>K=>G =:LL:N<ANGK><AMFX_B@>KPHK;>G>
+;C>DM>BG>NKHIXBL<A>G)NL>>G;E>B;>GF^LLM>G =:LB>:EL>LM:G=M>BE=>L3>EMDNEMNK>K;>LGB<AM
F>AK>BG>F/M::MSN@>HK=G>MP>K=>GD]GGM>GNG=?^K=B>@:GS>3>EMSN@XG@EB<AL>BGF^LLM>G  :L
K@NF>GM=>K6N@XG@EB<AD>BMBG>SN@:N?!NKHI::EL)NL>NFLLM:G=HKMPBK=OHG':S>>F:EL.><AM
?>KMB@NG@?^K=>G2>K;E>B; >LBMSNG==B>.>IKXL>GM:MBHGOHG+;C>DM>G@>P>KM>M =B>:NL:N_>K>NKH
IXBL<A>G.>@BHG>GLM:FF>G G@>LB<AML=>KLM>MB@K>LMKBDMBO>KP>K=>G=>G>NKHIXBL<A>G#K>GSIHEBMBD
PBK==B>;LNK=BMXMABGM>K=>FK@NF>GM=>K6N@XG@EB<AD>BM=>NMEB<A !;= 

  *5B=9DD<E>7
B>=KBMM>/MK:M>@B>foIKBOBE>@BG@MA>>QI>KB>GMB:Eh0AHF:L =B>0AHF:LG:<A=>K>K>BM
L<A:?M=B>.><AMFX_B@D>BM=>L>LBMS>LOHG+;C>DM>GSN^;>K=>GD>GNG==>K3:AKG>AFNG@FNL>H
EH@BL<A>K@>G=>G:ELIHEBMBL<A>:G?^AKM ;>SB>AMLB<A:N?=B>"NGDMBHG=>K2>KFBMMENG@ EL>BLIB>E
G>GGM >K =B>NLLM>EENG@ o;HEBMBHG h =>L %'/2)= 97)91 BG (HG=HG BF &:AK  0AHF:L
 6B>E=>KNLLM>EENG@P:K>L :G=>G &30-8-32 '8BF&:AKSN>KBGG>KGNG=SNMA>F:MB
LB>K>G P>E<A>G!BG?ENLL/DE:O>K>B:N?=B>BF/M:=MM>BE%'/2)=E>;>G=>G!BGPHAG>K9BGG>GA:MM> 
2HG=>GBG%'/2)=E>;>G=>G)>GL<A>G;>S>B<AG>M>GLB<ABF&:AK ,KHS>GM:ELo3ABM>
KBMBLAh  ^;>K >BG 2B>KM>E :EL oE:<D KBMBLAh H=>K o:KB;;>:Gh NG= :<AM ,KHS>GM :EL o+KMAH=HQ
&>PBLAh*HKKB=@> 6B>EIN;EBDNFP:K>G/<ANEDBG=>K =B>LB<A=NK<A:N?!K?:AKNG@;>KN
A>G=>F(>KG>GBG=:L/<AB<DL:EOHG/DE:O>GNG=/DE:OBGG>G>BG?^AE>GLHEEM>G

h0AKHN@A>QI>KB>GMB:EE>:KGBG@ OBLBMBG@@KHNILH?L<AHHE<ABE=K>GP>K>>G<HNK:@>=MHBF
:@BG>PA:MBMP:LEBD>MH;>?HK<>=HNMH?AHF>:G=L>GMHG:M>KKB?RBG@CHNKG>R %GMA>
=:KD>G>= FNL>NF LI:<>  MA> <ABE=K>G P>K> MB>= MH@>MA>K :G= E>:= :KHNG= MA> >QM>KG:E
>QAB;BMBHG <HKKB=HK EBLM>GBG@ MH LMHKB>L MHE= ;R I>K?HKF:G<> IH>ML =BL: :G= :=>G
,KBG<> i*HKKB=@>

6H>*HKKB=@> =B>/>GBHK(><MNK>KBG!G@EBLA:G=HFI:K:MBO>(BM>K:MNK>:F-2+J7300)+)32(32
BLM'BG@LHEE>@>(HG=HGH &  DKBMBLB>KM =:LL>LP>=>K=B>>BG>#>L<AB<AM>=>K/DE:O>K>B@>;> GH<A

 
=:LL =B>L> >K?:AK;:K L>B  /HPHAE /<AP:KS> :EL :N<A ;)-F) 'BG=>K LHEE>G LB<A FBM :?KBD:GBL<A>G
/DE:O9BGG>G B=>GMB?BSB>K>G  P:L *HKKB=@> :EL hj<HEHNK ;EBG=k K>F>F;>KBG@i *HKKB=@>  
$>KO  B  +  ;>S>B<AG>M  PH=NK<A =B> DHGLMKNB>KM> B??>K>GS  :N? =>K /DE:O>K>B NG= 'HEHGB:EBLFNL
;:LB>KM>G NGLB<AM;:K@>F:<AMPBK= 
!BG>@>G:N>K>!KEXNM>KNG@BGPB>?>KGoMA>>QI>KB>GMB:Eh0AHF:L:EL/MK:M>@B>?^K>MAGHEH
@BL<A>)NL>>G>BG@>L>MSMP>K=>GD:GG NFLB<ADKBMBL<AFBM=>KDHEHGB:E>G2>K@:G@>GA>BMNG==>K
'HGLMKNDMBHGn=>KG=>K>GjSN;>?:LL>G @>AM^;>K=>G.:AF>G=B>L>KK;>BMABG:NL 

 ?>CDBE;D9?>45BX>45B5>V
B>OB>KM>/MK:M>@B>;>SB>AMLB<A=:K:N? =B>'EN?MSPBL<A>GnNGLjNG==>GnG=>K>GjABGLB<AMEB<A=>K
.>IKXL>GM:MBHGSNL<AEB>_>GNG==B>#>@>GP:KM:ELIHLMDHEHGB:E:GSN>KD>GG>G0AHF:L 
%GPB>?>KG=B>L>/MK:M>@B>M:MLX<AEB<AO>K?HE@MPBK= PBK=BG=>KOHKEB>@>G=>GK;>BM0>BE=>KP>BM>K>G
G:ERL>:F>BLIB>E=>K;>B=>G)NL>>GL>BG /:K:A"K^G=MLM>EEM?>LM =:LL@>@>GPXKMB@BG>MAGHEH
@BL<A>G)NL>>G=B> :KLM>EENG@=>KnG=>K>GjF>BLMBG>SB>ANG@SN=>Fn!B@>G>Gk@>L>MSMPBK= 
>GGH<AP^K=>=>K"HDNL:N?=>K/N<A>G:<A=>FnG=>K>GjEB>@>G !BG>$:NIM?HK=>KNG@IHLMDH
EHGB:E>K)NL>HEH@B>BLM7e8=B>;P>G=NG@OHG=>KDE:LLBL<AH;C>DMBOB>K>G=>G BAK>7=B>=>K)N
L>>G8>B@>G>G(H@BD>GO>KL<AE>B>KG=>GFNL>:E>G!KSXAELMKNDMNK7e8 h"K^G=M?  B>ABL
MHKBL<A>'HGM>QMN:EBLB>KNG@;E>B;M=>FG:<A>;>GLHNG>KEXLLEB<APB>=B>%G?K:@>LM>EENG@OHG)NL>>G
:EL>BG>nH;C>DMBO>j3BLL>GLBGLMBMNMBHG"K^G=M  B>L>F':GHG?HE@>G=F>KD>GIHLMDHEH
GB:E>0A>HK>MBD>K9BGG>GNG=DMBOBLM9BGG>G=:L"HE@>G=>:G

o B>.>IKH=NDMBHG;>LM>A>G=>KA>@>FHGB:E>K*HKF>GNG=3:AKA>BML>??>DM>>BG>K
P>B_>G P>LMEB<A>G L<A>BG;:K>Gd+;C>DMBOBMXMcNG==B>=:FBM>BGA>K@>A>G=>'HG
LMKNDMBHG OHG dG=>KLA>BMc PNK=> FBM =>K G:ERL> =>K >IBLM>FBL<A>G #>P:EM
#:R:MKB/IBO:DK:=BD:EABGM>K?K:@M !QHMBLF>GNG=.:LLBLF>GMK:M>GBG=>GEB<D 
!BGNGL<ANE=B@>L/IK><A>Gd^;>K=B>G=>K>GcBF)NL>NFBLMGB<AMF>AKF]@
EB<A h':S>>F):KMBGS 0NK>D/M>KG?>E=$>KO B + 

B>'HGLMKNDMBHG=>KnG=>K>GjBF)NL>NFLM>AM:NLIHLMDHEHGB:E>K,>KLI>DMBO>BG>BG>KNGMK>GG;:
K>G2>K;BG=NG@SNK.>IKH=NDMBHG>QHMBLB>K>G=>KNG=K:LLBLMBL<A>K >GD /IK><A NG=$:G=ENG@L
P>BL>G  ,HLMDHEHGB:E> 'KBMBD :G >MAGHEH@BL<A>G )NL>>G A:M SP>B P>L>GMEB<A> BF>GLBHG>G 6NF


4A46A855\'27F0AIXF8A38=384B4<,DB0<<4=70=66A>Q64B27A8414=D=38BC\48=4'4;1BC14I4827=D=6<8C+834A

BC0=3B?>C4=I80;XD=3F8A30;B\=0;HB4146A855-14CA027C4C.34A0;;4$4>?;4>5>;>DAD<50BBC384E>=34AF48Q4=
!47A748CB64B4;;B2705C0;BU0=34ABT<0A:84ACF4A34=XA4E4  4AE8#4A46A855\F48QXF8A378=64
64=:;48=D=3:DAB8E64B27A8414=\D<384P1;8274AF48B4D=<0A:84AC4F48Q4$>B8C8>=D=330B!027CE4A7L;C=8BIF8
B274=14834=74AE>AID7414=XCC80  4AE8#
 
>BG>G=B>2>KL<AE>B>KNG@H=>K=:LNLE:LL>G=>K!KP>K;L@>L<AB<AM>NG=BG=B>L>F6NL:FF>GA:G@
=B>NL>BG:G=>KL>MSNG@NF=B>.^<D@:;>OHG+;C>DM>GSNF:G=>K>G=B>.>IKH=NDMBHGOHG!QHMBL
F>GNG=.:LLBLF>G':S>>F):KMBGS 0NK>D/M>KG?>E=?  

!L;E>B;M?>LMSNA:EM>G =:LL=B>BF3()3*8,-'7>GMA:EM>G>G#KNG=LXMS>.B<AMEBGB>GLBG= :G=>G>G
LB<A)NL>>GHKB>GMB>K>GLHEE>G /B>;:LB>K>G:N?=>G?^G?PB<AMB@LM>G"NGDMBHG>G>BG>L)NL>NFL
=>F/:FF>EG "HKL<A>G >P:AK>G ,KXL>GMB>K>GNG=2>KFBMM>EG %G6NL:FF>GA:G@FBM=>FL><AL
M>G#KNG=L:MS=>L3()3*8,-'7PBK==B>0A>F:MBD=>K.^<D@:;>NG=.^<D?^AKNG@OHGo'NEMNK@^
M>KGh%+):G@>LIKH<A>G ">LM@>LM>EEMP>K=>GDHGGM> =:LL=>K1F@:G@FBM.^<D@:;>
?HK=>KNG@>G G>;>G=>K.>IKH=NDMBHGOHG!QHMBLF>GNG=.:LLBLF>G=NK<A=B>,KXL>GM:MBHG=>KnG
=>K>Gj >BGP>L>GMEB<A>K'KBMBDINGDMIHLMDHEHGB:E>K0A>HK>MBD>K9BGG>GNG=DMBOBLM9BGG>G=:KLM>EEM 
0>BELPBK==B>L>'KBMBDNGM>K>KN?NG@:N?=B>"NGDMBHG>G>BG>L)NL>NFL:;@>L<AF>MM>KM 3>BM>K>
B=>GMB?BSB>KM>$>K:NL?HK=>KNG@>G =>G>GLB<A>QIEBSBM>MAGHEH@BL<A>)NL>>G=>L &:AKANG=>KMLM>E
E>GF^LL>GLBG==B>DKBMBL<A>.>?E>QBHGNG=>P>KMNG@=>KBFI>KB:E>G2>K@:G@>GA>BM =>K!GMLM>
ANG@LDHGM>QMOHG/:FFENG@>GNG=>MAGHEH@BL<A>G)NL>>GBG=>KDHEHGB:E>GTK:NG==:FBM>BGA>K
@>A>G==B>%G?K:@>LM>EENG@OHG)NL>>G:EL>BG>nH;C>DMBO>j3BLL>GLBGLMBMNMBHG 

 95>DCD58E>7C75C38938D545C5B<9>5BD8>?<?79C385>!EC5E=C9=E=2?<4D?BE=
:L?HE@>G=>':IBM>E;>L<AX?MB@MLB<AFBM=>K!GMLM>ANG@L@>L<AB<AM>=>L8,2303+-7',)297)917
BG >KEBG LHPB> :DMN>EE>G !GMPB<DENG@>G ;BL ABG SNK 1FLB>=ENG@=>L )NL>NFL BG =:L 91&30(8
3691 =:LBF&:AK>K]??G>GLHEE  :=:L91&30(83691>BG>P>BM@>A>G=>.>DHGLMKNDMBHG
=>L )60-2)6',0377)7BLM BG=>F>BGLM=B>9278/%11)6NGM>K@>;K:<AMP:K BLM=B>#>L<AB<AM>=>L
>KEBG>K8,2303+-7',)297)917FBM=>K=>L/<AEHLL>LO>KDG^I?M 6BOBE@>L>EEL<A:?MEB<A>+K@:GBL:
MBHG>GDKBMBLB>K>G=>G3B>=>K:N?;:N=>L )60-2)6',0377)7NG==:L2HKA:;>G >MAGHEH@BL<A>+;C>DM>
=HKM:NLSNLM>EE>G =>GG:EL>A>F:EB@>.>LB=>GS=>K$HA>GSHEE>KGNG=BGL;>LHG=>K>':BL>K3BEA>EFL
%% PBK==:L8%(87',0377:EL>BG+KMDHEHGB:E>K2>K@:G@>GA>BM;>MK:<AM>M*H$NF;HE=M
:L 2>KAXEMGBL OHG =>NML<A>F 'HEHGB:EBLFNL NG= =>F =:F:EB@>G 97)91 *E6 D0/)6/92() PBK=
>;>G?:EELMA>F:MBLB>KM 

  E>CD;1==5B
3B>:N<ABF":EE>:G=>K>K>NKHIXBL<A>K)NL>>G@>AM=>K1KLIKNG@=>K/:FFENG@>G=>L8,2303+-
7',)297)917BG>KEBG:N?'NGLM NG=3NG=>KD:FF>KGSNK^<D >:G BF/I>SB?BL<A>G
:N?=B>;K:G=>G;NK@BL<A IK>N_BL<A>9278/%11)6 
>K!MAGHEH@>,>M>KHES =>KBF8,2303+-7',)297)91 )60-2;BL=B>*HK=:F>KBD: /:FF
ENG@E>BM>M>&:GD>H &  A>;M=B>>=>NMNG@=>K;K:G=>G;NK@BL<A IK>N_BL<A>G9278/%11)6?^K=B>
!GMLM>ANG@ =>L D2-+0-',)2 97)917 *E6 D0/)6/92() BG >KEBG A>KOHK HES  ?   !BG>
 
PB<AMB@>-N>EE>SNK!GMLM>ANG@L@>L<AB<AM>=>K>KEBG>K9278/%11)6BLMo B>#>L<AB<AM>=>K']
GB@EB<A>G'NGLMD:FF>KBG>KEBGh=>LIK>N_BL<A>G+??BSB>KLNG=$BLMHKBD>KL(>HIHE=OHG(>=>;NK
(>=>;NK =>KOHG;BL BK>DMHK=>K9278/%11)6P:KHES  B>>KEBG>K
9278/%11)6PNK=>OHG'NK?^KLM&H:<ABF%% BF &:AKANG=>KM@>@K^G=>MNG=>GMAB>EM=K>B=>KOB>K
BF':IBM>E o B>!GMLM>ANG@L@>L<AB<AM>>MAGHEH@BL<A>K)NL>>GBG!NKHI:h;>K>BML>KEXNM>KM>G
+;C>DMD:M>@HKB>G 68-*-'-%0-% '-)28-*-'%NG=%896%0-%  :L">AE>G=>K+;C>DMD:M>@HKB><38-'%;>
=>NM>M GB<AM SP:G@LEXN?B@  =:LL LB<A SN =B>L>F 6>BMINGDM D>BG> :N_>K>NKHIXBL<A>G +;C>DM> BG =>K
'NGLMD:FF>K;>?:G=>G =:fPB>;>K>BML>KPXAGMPNK=>f=B>!BGM>BENG@OHG+;C>DM>GBG;>LMBFFM>
':M>@HKB>GD>BG>F?>LM@>L<AKB>;>G>G.>@>EP>KD?HE@M>NG==B>L>F]@EB<A>KP>BL>:G=>K>G+;C>DMD:
M>@HKB>GSN@>HK=G>MP:K>G$NF;HE=M 1GBO>KLBMXMH &  *:<AP>BL;:KBLM:EE>K=BG@L =:LLLIXM>LM>GL
BF &:AKANG=>KMNGM>K=>K$>KKL<A:?M=>L'NK?^KLM>G"KB>=KB<A3BEA>EFOHGK:G=>G;NK@=B>>KL
M>G:N_>K>NKHIXBL<A>G+;C>DM>=NK<A$:G=>ELK>BL>G=>K-)()60A2(-7',)278-2(-)2314%2-)G:<A
>KEBG@>E:G@M>GHES 
!BG#KH_M>BE=>L>LM:G=L=>K9278/%11)6PNK=>PXAK>G==>L K>B_B@CXAKB@>G'KB>@>LS>KLM]KM 
H;PHAE=B>#>@>GLMXG=>PXAK>G==>L'KB>@>LBG'^LMKBG>BG>'E>BGLM:=M =B>L>BM=>F6P>BM>G3>EM
DKB>@SN,HE>G@>A]KMNG==>G*:F>G'HLMKSRGG:=+=KtMKX@MSPBL<A>G@>E:@>KMPNK=>G GEXLLEB<A
=>KP>BM@>A>G=>G6>KLM]KNG@PXAK>G==>L'KB>@>LFNLLM>=B>9278/%11)6NGM>K"KB>=KB<A3BEA>EF
G>N:N?@>;:NMP>K=>G$NF;HE=M 1GBO>KLBMXMH &  !K>KG:GGM>=>GoEMA>KMANFLD>GG>Kh(>=>;NK
  $>BGKB<A OHG $>BF;:<A SNF >KLM>G G:F>GMEB<A ;>D:GGM>G 'NK:MHK =>K ,96*E6780-',)2
28-/)2927892(%896%0-)2/%11)6HES N?@KNG="KB>=KB<A3BEA>EFL%GM>K>LL>
:G:N_>K>NKHIXBL<A>G+;C>DM>G@>P:GG>G=B>L>PXAK>G=L>BG>K.>@B>KNG@LS>BM :G>
=>NMNG@o/>BG>7"KB>=KB<A3BEA>EFL82HKEB>;>GE:@>G:N?:N_>K>NKHIXBL<A>GKM>?:DM>GOHK:EE>F
:NLLB>G ?KBD:NG=K:LBEB>GLHPB>:N?)^GS>G )>=:BEE>G /DNEIMNK>G=>KGMBD>NG='NGLMP>K
D>G=>KG:<A:GMBD>G6>BM hK>=>D:FI!BLL>GA:N>K
*:<A"KB>=KB<A3BEA>EFL0H=PNK=>=B>9278/%11)6NGM>KL>BG>F*:<A?HE@>K =>F,K>N_>GD]GB@
"KB>=KB<A% =>KSNOHK:EL'NK?^KLM=>G*:F>G"KB>=KB<A%%% MKN@ BGO>GM:KBLB>KM  B>+;C>DM>P:K>G
BG:<AM':M>@HKB>G:N?@>M>BEMHESo #>=K>AM>/:<A>G  *:MNK:EB>G  "B@NK>G  
'NGLMLM^<D>NG=.:KBMXM>G  #KNG=KBLL>NG=#>FXE=>  +LMBG=BL<A>#>P>AK>  )BG>K:EB>GNG=
 )><A:GBL<A>)H=>EE>h(>=>;NK?  !BG>>B@>G>':M>@HKB>?^K:N_>K>NKHIXBL<A>+;C>DM>
>QBLMB>KM> GB<AM  N?@KNG= S:AEK>B<A>K .>LMKNDMNKB>KNG@>G =>K 9278/%11)6 NG= =>K NLE:@>KNG@
F:G<A>K+;C>DM>BG:G=>K>.XNFEB<AD>BM>G XG=>KM>LB<A=>K%GA:EM=>K9278/%11)6LM>MB@HES
   0KHMS NLE:@>KNG@>G PN<AL =B> /:FFENG@ NG= PNK=> NF  BF G>N :NL@>;:NM>G
)60-2)6',0377NGM>K@>;K:<AM PHLB>G>NG.XNF>>KAB>EMK>=>D:FI!BLL>GA:N>K 
:L /<AEHLL  =>LL>G #KNG=LM>BG  @>E>@M PNK=> NG= :EL .>LB=>GS ?^K =>G ):KD@K:?>G NG=
'NK?^KLM>GOHGK:G=>G;NK@ "KB>=KB<A%% @>=:<AMP:K PNK=>OHG&H:<ABF%% C>G>F'NK?^KLM>G 
=>K =B> 'NGLMD:FF>K BF   &:AKANG=>KM @K^G=>M>  :;@>KBLL>G NG= =NK<A >BG>G *>N;:N BF
 
.>G:BLL:G<>LMBE>KL>MSM3B>LBG@>K  %F&:AKPNK=>NGM>K=>K(>BMNG@OHGG=K>:L
/<AE^M>K =>K:ELo/<AEHLL;:N=BK>DMHKh>;= ?NG@B>KM> FBM=>F1F;:N;>@HGG>G /HPNK=>
=B>>BGLMB@>DNK?^KLMEB<A>.>LB=>GS=>K$HA>GSHEE>KGSNF']GB@LL<AEHLL"KB>=KB<A% BF:KH<DLMBE
>;=  ">KMB@@>LM>EEMPNK=>=>K:NBF&:AKNGM>K=>K$>KKL<A:?MOHG"KB>=KB<A3BEA>EF
% =>F/HAGOHG"KB>=KB<A% >;=  
*:<A=>F0H="KB>=KB<AL% PNK=>=B>9278/%11)6P>BM@>A>G=O>KG:<AEXLLB@M  B>+;C>DM>?NG
@B>KM>G:EL#>L<A>GD>H=>KPNK=>GO>KD:N?M 1GM>K=>K$>KKL<A:?MOHG"KB>=KB<A%% =>K:N<A"KB>=
KB<A=>K#KH_>@>G:GGMPNK=>OHG;BLPNK=>G0>BE>=>K/:FFENG@>KG>NMO>K@K]_>KM 6N
=>G*>N>KNG@>G =B>L<AEB>_EB<A=B>:LBL?^K=B>#K^G=NG@>BG>L>MAGHEH@BL<A>G)NL>NFL;BE=>M>G 
D:F>L:;>K>KLM:;=>F&:AKNGM>K"KB>=KB<A3BEA>EF%% NG=LIXM>KNGM>K"KB>=KB<A3BEA>EF
%%% HES 
B>2>KXG=>KNG@>GBG=>K9278/%11)6PXAK>G==>K$>KKL<A:?M"KB>=KB<A3BEA>EF%% LBG=P>GB@>K
=>F,K>N_>GD]GB@L>E;LM :EL=>Fo']GB@EB<A>GB;EBHMA>D:Kh>;= V;>KL>MSNG@= NMHKBG
&>:G$>GKRSNSNL<AK>B;>G &>:G$>GKR >BG?K:GS]LBL<A IKHM>LM:GMBL<A>K,K>=B@>K ^;>KG:AFBF&:AK
=B>"NGDMBHG=>LD2-+0-',)2 -&0-38,)/%67NG=>KAB>EM=:FBM:N<A=B>N?@:;>=>K(>BMNG@=>K
9278/%11)6 N?L>BG>%GBMB:MBO>ABGPNK=>=B>O>KLMK>NM>/:FFENG@=>K'NGLMD:FF>KPB>=>K@>
>BGMNG=BG=>G.XNFEB<AD>BM>G=>L )60-2)6',0377)7>BG>K;>LMBFFM>G+K=GNG@?HE@>G=:NL@>LM>EEM
>;=  $>GKRM>BEM>=B>/:FFENG@BG=K>B;M>BENG@>G:N?>BG>':FF>K?^K'NGLMNG=o)>KD
P^K=B@D>BM>Gh>;= V;>KL>MSNG@=>KNMHKBG >BG>':FF>K?^K+;C>DM>=>K*:MNKNG=>BG>
?^KEM>KM^F>KNG=)>=:BEE>G %G=>K>KLM@>G:GGM>G;M>BENG@;>?:G=>GLB<A=B>:N_>K>NKHIXBL<A>G
+;C>DM> @>F>BGL:F FBM 'NGLM :NL >KGLM>BG NG= !E?>G;>BG LHPB> oLHGLMB@> )>KDP^K=B@D>B
M>Gh HES   V;>KL>MSNG@ =>K NMHKBG  /H@>G:GGM> o2:M>KEXG=BL<A> )>KDP^K=B@D>B
M>Gh>;= PNK=>GBG>BG>F>B@>G>G.:NFNGM>K@>;K:<AM 
B>;@K>GSNG@=>K:N_>K>NKHIXBL<A>G+;C>DM>OHG=>G:G=>K>G#>@>GLMXG=>GBG=>K9278/%11)6
;>S>B<AG>MHES:EL2HK:NLL>MSNG@?^K=B>!GMLM>ANG@=>L97)917*E6 D0/)6/92()BG>KEBG>;= 
 
N<A=:L )60-2)6',0377 =>K+KM :G=>FLB<A=B>/:FFENG@;>?:G= P:KNGM>K"KB>=KB<A3BEA>EF
%% =>K:ELo"]K=>K>KG:MBHG:E>K'NEMNKNG='NGLMK>@B>K>GPHEEM>h'>EE>K >KG>NMSN>BG>F
S>GMK:E>G+KM@>PHK=>G =:=>K']GB@=:L/<AEHLLSNL>BG>K=:N>KA:?M>G.>LB=>GSF:<AM>>;=  
B>"K:GS]LBL<A>.>OHENMBHGBF&:AKNG==B>=:K:N??HE@>G=>G:IHE>HGBL<A>$>KKL<A:?MBG>K
EBG :;  @BG@ GB<AM HAG> 2>KENLM> ?^K =B> 9278/%11)6 >BGA>K  3B> LIXM>K :N<A PXAK>G= =>L
6P>BM>G3>EMDKB>@LD:F>LSN,E^G=>KNG@>G 6NLXMSEB<APNK=>>BG#KH_M>BE=>KO>K;EB>;>G>G+;
C>DM> =:KNGM>K:EE>:N_>K>NKHIXBL<A>G+;C>DM> G:<A,:KBL@>;K:<AM 2B>E>=>K+;C>DM>PNK=>GPXA
K>G==B>L>K&:AK>S>KLM]KMNG=>LPBK==:OHG:NL@>@:G@>G =:LLD>BG>MAGHEH@BL<A>L+;C>DM:NL=>K
6>BMOHK=>KG:IHE>HGBL<A>G$>KKL<A:?M=B>L>^;>K=:N>KMA:MHES *:IHE>HGL>E;LMLHEE

 
BG=>G&:AK>GNG=BF )60-2)6',0377K>LB=B>KMA:;>G ;BL"KB>=KB<A3BEA>EF%%% BF&:AK
G:<A>KEBGSNK^<DD>AKM>,>L<AD>G 
?B>E=B>9278/%11)6 =B>SNOHKNGM>K"KB>=KB<A3BEA>EF%% =>K /%()1-)()6!-77)27',%*8)2
NGM>KLM>EEMP:K =>FN?@:;>G;>K>B<A=>LIK>N_BL<A>G%GG>GFBGBLM>KBNFLSN =:L=B>(>BMNG@:EE>K
DNEMNK>EE>GG@>E>@>GA>BM>G^;>KG:AF $>GKR;EB>;P>BM>KABGBG=>K9278/%11)6MXMB@NG=PNK=>
BF &:AK  H??BSB>EE SNF BK>DMHK =>K 9278/%11)6 >KG:GGM  >G 2>KENLM =>K >MAGHEH@BL<A>G
/:FFENG@DHFI>GLB>KM>$>GKRP>BM@>A>G==NK<AGDXN?> LH=:LLLB>FBM=>G&:AK>G>KG>NM:G
PN<ALHES

o B>L>K0A>BE=>K'NGLMD:FF>KP:K=BG>BG>F)::_>>KP>BM>KM =:LFBM=>G"HKML<AKBMM>G
=>K'>GGMGBLL>BG=B>L>FP>BM>GNG=A]<ALMBGM>K>LL:GM>G#>;B>M>BG2>KAXEMGB_LM>AM 
*B<AM;EHL=NK<A=>GGD:N?=>K@KX?EB<A>G$H??F:GGL>@@L<A>G/:FFENG@K:LBEB:GB
L<A>K)>KDP^K=B@D>BM>GOHG3:??>GNG='E>B=NG@LLM^<D>G=>K/^=L>> %GLNE:G>K
:NL=>GHHDL<A>G/:FFENG@>G=NK<A=>G#>A>BF>G.:MA,KH? (B<AM>GLM>BGBG
(HG=HG:NL=>KNDMBHG3 NEEHDL>KLM:G=>GOHGXAGEB<A>G#>@>GLMXG=>G=>L"HKL
M>KL<A>G*:<AE:LL>L=NK<A$>KKG,KH? (>O>SHPSN$:EE>;>LHK@M?>KG>KOHG*>N
L>>EXG=BL<A>G /:FFENG@>G =>L *HK=:F>KBD:GBL<A>G /<AB?? ':IBMXGL $:=EH<D 
OHG)>QBD:GBL<A>G#>@>GLMXG=>G=>L$>KKG">K=BG:G= >II>OHG:LB:MBL<A>G
)>KDP^K=B@D>BM>G=>L$>KKG" 3 /NAKN L P LHG=>KG:N<A,KBO:MI>KLHG>G;>>B?>KM>G
LB<A =B>L>/<AXMS>=>K2]ED>KDNG=>SNO>KF>AK>G h(>=>;NK

>KDHEHGB:E>'HGM>QMOHGLH@>G:GGM>G'NGLM NG=3NG=>KD:FF>KGNG==>K=:KBG:N?;>P:AKM>G
NG=:NL@>LM>EEM>G+;C>DM>PNK=>;>K>BMLBG':IBM>E >KEXNM>KM  B>>KEBG>K9278/%11)6;BE=>M
D>BG>NLG:AF> +;C>DM>@>E:G@M>G>KLM=NK<A=B>DHEHGB:E>!KL<AEB>_NG@=>K3>EMG:<A!NKHI:NG=
P>=>K=B>,K:QBL=>L/:FF>EGLGH<A=>LNLLM>EE>GL:N_>K>NKHIXBL<A>K+;C>DM>@BG@HAG>A>@>FH
GB:E> 2HK:GG:AF>G ^;>K =:L n"K>F=>j >BGA>K O@E  >:G  ?  'BKLA>G;E:MM #BF;E>MM 
?  
$>GKRPNK=>BGL>BG>K"NGDMBHG:EL BK>DMHK=>K9278/%11)6OHG=>F;>K>BML>KPXAGM>G(>HIHE=
OHG(>=>;NK:;@>E]LM =>KBF&:AKSNFG>N>G BK>DMHK=>K9278/%11)6>KG:GGMPNK=>NG=
;BLSNL>BG>K,>GLBHGB>KNG@BF&:AKBG=B>L>FFMO>K;EB>; 3XAK>G==>K3BKDNG@LS>BMOHG
(>=>;NKD:F>LSN!GMPB<DENG@>G =B>!BG?ENLL:N?=B>9278/%11)6 BAK>>LMXG=>NG=>QIEBSBM=B>
>MAGHEH@BL<A> /:FFENG@ G:AF>G B> !K]??GNG@ =>L D2-+0-',)2 97)917  =>F A>NMB@>G 08)2
97)91 :N?=>K)NL>NFLBGL>EBF&:AK =:FBM>BGA>K@>A>G==B>NLE:@>KNG@OHG#>FXE=>G 
/DNEIMNK>GNG=DE:LLBL<A>GEM>KM^F>KGBG=:LG>N>KKB<AM>M>)NL>NFNG==B>!BGM>BENG@=>K>MAGH
EH@BL<A>G/:FFENG@BGL><AL@>H@K:IABL<A>.>@BHG>GHES?  

 
N?@KNG==>KV;>K@:;>>BGB@>K+;C>DM>=>K9278/%11)6:G=:L 08)97)91PNK=>=B>NGM>K$>GKR
>BG@>?^AKM>N?M>BENG@=>K/:FFENG@@>XG=>KM /M:MM>BG>K':FF>K?^K'NGLMNG=o)>KDP^K=B@D>B
M>GhHESV;>KL>MSNG@=>KNMHKBG >BG>K?^K+;C>DM>=>K*:MNKNG=>BG>K?^KEM>KM^F>K
NG=)>=:BEE>G@:;>LGNG=K>B;M>BENG@>G=B>o;M>BENG@?^K'NGLMh(>=>;NK =B>o;
M>BENG@?^K#>L<AB<AM>h>;= NG==B>o;M>BENG@?^K2]ED>KDNG=>h>;=  
(>MSM@>G:GGM>;M>BENG@PNK=> PB>;>K>BML>KPXAGM BGL><AL@>H@K:IABL<A>.>@BHG>GABG:NG=
&:I:G =:LK>LMEB<A>LB>G ?KBD: *HK=:F>KBD: /^=:F>KBD:NG=NLMK:EB>GFBM=>K@>L:FM>G/^=
L>> .>@BHGNG=SNLXMSEB<ABGLB>;>G#>@>GLM:G=L@KNII>Go7K8HA>/MH??> 6>N@> 'E>B=NG@LLM^<D>h 
o/<AFN<D D^GLMEB<A>K;>BM>Gh o$:NL@>KXMA 3>KDS>N@ #>L<ABKKh o/<AB??>K NG="BL<A>K #>KXMAh 
o3:??>G NG= &:@=@>KXMAh  o7F8NLBD:EBL<A> %GLMKNF>GM>h NG= o#>@>GLMXG=> =>L NEMNLh "]KLM>K
NGM>KM>BEM  B>@>H@K:IABL<A>+K=GNG@LM:G==:;>BBF2HK=>K@KNG=NG=:N?@KNG==>K
P:<AL>G=>G 6:AE OHG +;C>DM>G PNK=> =B> 1GM>KM>BENG@ BG #>@>GLM:G=L@KNII>G NG@>?XAK BG =>G
>K&:AK>G:N?@>AH;>G HES? 
B>@>H@K:IABL<A>+K@:GBL:MBHG=>K/:FFENG@;EB>;;BL:N?>BGB@>TG=>KNG@>G;BLSNK/<AEB>_NG@
=>L8,2303+-7',)297)917:N?@KNG==>K2HK;>K>BMNG@>G?^K=>G1FSN@BGL91&30(83691BF
&:GN:KBG>KEBG;>LM>A>GNG=@EB>=>KMLB<AGNGBGG>NG/:FFENG@L;>K>B<A>/^=L>>NG=NLM
K:EB>G ?KBD: *HK=:?KBD:LHPB>3>LM NG=6>GMK:E:LB>G /^=NG=/^=HLM:LB>G +LM NG=*HK=:LB>G 
*HK=:F>KBD:GBL<A> !MAGHEH@B>  /^=:F>KBD:GBL<A> !MAGHEH@B>  F>KBD:GBL<A> K<AXHEH@B> NG=
L<AEB>_EB<A)NLBD>MAGHEH@B> BL:N?=>GE>MSM@>G:GGM>G>K>B<Af=>G=>K)NLBD>MAGHEH@B>fPNK=>
=B>N?M>BENG@=>K:G=>K>G>K>B<A> PB>L<AHGNGM>K(>=>;NKL(>BMNG@ G:<A=>K@>H@K:IABL<A>G
$>KDNG?MOHG+;C>DM>GOHK@>GHFF>GO@E !MAGHEH@BL<A>L)NL>NFH &  
%F&:AKPNK=>L<AEB>_EB<AFBM=>F:N=>L)9)297)917;>@HGG>G =>LL>G;M>BENG@>G
SPBL<A>GNG=]??G>M>G  B>>BGS>EG>GNG:;AXG@B@>G/:FFENG@>G =B>=:L)9)97)91
;>A>BF:M>M>P:K>G=:L?+=48-7',)97)91 =:L97)9136(-7',)6 08)68E1)6 =B>%11092+()6
-47%&+E77) =:L94*)678-',/%&-2)88NG==:L8,23+6%4,-7',)97)91 =:LBF&:AK>K]??G>M
PNK=>HES??  %F&:AKPNK=>=B>9278/%11)6 =B>LB<A;BL=:ABGBF )60-2)6
',0377;>?:G= L<AEB>_EB<A:N?@>E]LM K>B>K?  

  "5E5C!EC5E=
B>NLLM>EENG@>MAGHEH@BL<A>K+;C>DM>BF)9)297)91P:K=B>>KLM>BG>KEBG =B>?^K=B>U?
?>GMEB<AD>BM SN@XG@EB<A @>F:<AM PNK=> NG= :N_>K=>F o7 8 HG> H? MA> FHLM <HFIK>A>GLBO> MA:M
>QBLM>=:MMA:MMBF>BG@>G>K:EhHES 3B>L<AHGBG':IBM>E o B>!GMLM>ANG@L@>
L<AB<AM>>MAGHEH@BL<A>K)NL>>Gh>KEXNM>KMPNK=> HKB>GMB>KM>GLB<A=B>>KLM>G>MAGHEH@BL<A>G)NL>>G
:G >OHENMBHGLMA>HK>MBL<A>G GG:AF>G =>K !QBLM>GS >BG>K o>OHENMBHGXK>7G8 /MN?>GE>BM>Kh "K^G=M
 PH=NK<A=:Ln!B@>G>jBG;@K>GSNG@SNFO>KF>BGMEB<ABG?>KBHK>GnG=>K>GjDHGLMKNB>KM

 
PNK=>>;= ?   B>>MAGHEH@BL<A>NLLM>EENG@BF)9)297)91P:KOHG=B>L>GN??:LLNG@>G
>;>GLH@>IKX@MPB>=B>LB<ABG=>G?HE@>G=>G&:AKS>AGM>G>M:;EB>K>G=>G>MAGHEH@BL<A>G)NL>>G

h0A> <NKBHLBMB>L :G= MK>:LNK>L <HEE><M>= BG MA> >QAB;BMBHG A:= ;>>G ;KHN@AM MH >KEBG
MAKHN@A :KBLMH<K:MB< MK:O>E>KL  G:MNK:EBLML  MK:=> K>E:MBHGL :G= :ELH f ?HK MA> ?BKLM MBF> f
MAKHN@ALI><B?B<:<JNBLBMBHGL:BF>=:M<HFIE>F>GMBG@AHE=BG@L 0A>RMK:GLFBMM>=MHIK>?
>K:;ER :<:=>FB<:EER >=N<:M>= OBLBMHKL :G BF:@> H? MA> GHG !NKHI>:G PHKE=  BG PAB<A
IKBFBMBO> L:O:@>L 7LB<8 :L P>EE :L F>KB<:G :G= LB:G <BOBEBS:MBHGL P>K> IK>L>GM>= i
HES

HES;>S>B<AG>M=>G!BGMKBMM=>LBGK>F>G@>;HK>G>G=HE?:LMB:GL:EL-6)'836-%0 77-78)28
=>K>MAGHEH@BL<A>G;M>BENG@BF)9)297)91BF&:AK:EL3>G=>INGDM?^K=B>/:FFENG@ 
:LMB:GA:;BEBMB>KM>BG>KEBGBF>K>B<A#>H@K:IAB>NG=#>L<AB<AM> P:K)BM@EB>==>K)7)007',%*8
*E66(/92() )BM;>@K^G=>K=>K)7)007',%*8*E6 28,634303+-)8,2303+-)92(6+)7',-',8) )BM
A>K:NL@>;>K=>K#)-87',6-*8*E68,2303+-)NG==>K>KLM> BK>DMHK=>LD2-+0-',)297)917*E6 D0
/)6/92()>;= ??  6N=>FP:K:LMB:GhMA>?BKLMF>F;>KH?MA>)NL>NFkLLM:??PAHA:=
MK:O>EE>=:KHNG=MA>PHKE=:G=PAHP:LDGHPE>=@>:;E>:;HNMF:GRH?MA>I>HIE>L?KHFPAHFMA>
H;C><MLBGMA>FNL>NF=>KBO>= i!;= 
!K DKBMBLB>KM> :G =>K NLLM>EENG@ =>K >MAGHEH@BL<A>G /:FFENG@ BF )9)2 97)91 SNF >BG>G =B>
o1G@>G:NB@D>BM>G=>KN?LM>EENG@h:LMB:GSBM G:<AHESLHPB>=:L">AE>GoF>MAH=BL<A
:G@>E>@M>7K8/:FFENG@>Gh:LMB:GSBM G:<AHES />BGIKBHKBMXK>L6B>EP:K:EE>K=BG@L
=B>K:L<A>2>KF>AKNG@=>L>MAGHEH@BL<A>G/:FFENG@L;>LM:G=>LHES :LMB:GLMA>HK>
MBL<A>2>KHKMNG@;BE=>M>=B>#KNG=E:@>?^K=B>L>L6B>E !BG>GS>GMK:E>G/M>EE>GP>KM?^K:LMB:GLG
G:AF>GGBFFM=:L'HGS>IM=>Ko!E>F>GM:K NG=2]ED>K@>=:GD>GhA>OKHG>BG

o:LMB:G@>AM=:OHG:NL =:LL>L>KLM=NK<A!BGPBKDNG@OHGNGM>KL<AB>=EB<A>G1FP>EM
;>=BG@NG@>G BG O>KL<AB>=>G>G #>@>G=>G =>K 3>EM SN >BG>K 2>KXG=>KNG@ =>K ^;>K:EE
@E>B<A?]KFB@OHKA:G=>G>G!E>F>GM:K@>=:GD>G=>K)>GL<AA>BMNG=SN>BG>KNL;BE=NG@
=>K2]ED>K@>=:GD>G:ELo@>H@K:IABL<ANG=ABLMHKBL<A:NL@>?HKFM>2:KB:GM>G=>K!E>F>G
M:K@>=:GD>Gh7 8DHFFM hA>OKHG$>KO B + 

:L'HGS>IM=>L!E>F>GM:K@>=:GD>G;:LB>KM=>FG:<A:N?=>KGG:AF>=>KoILR<ABL<A>G#E>B<A:K
MB@D>BMhA>OKHG:EE>K)>GL<A>GNG=O>KXG=>KMLB<ABGG;>MK:<AMNGM>KL<AB>=EB<A>K@>H
@K:IABL<A>KNG=ABLMHKBL<A>K'HGM>QM> o+;C>DM> /BMM>GNG=)RMA>Gh>;= =B>G>G:EL):GB?>L
M:MBHG>G=>K!E>F>GM:K@>=:GD>G :N<AP>GG>LLB<A=:;>BBFF>KNF>BG>"HKF=>K.>DHGLMKNDMBHG

 
A:G=>EM  =: !E>F>GM:K@>=:GD>G GNK BG BAK>F o3><AL>EO>KAXEMGBL SN =>G 2]ED>K@>=:GD>G SN L>
A>GhA>OKHGLBG= 
:LMB:G @BG@ OHG =>K oS>KLM]K>KBL<A>G 3BKDNG@ =>K 'NEMNKDHGM:DM> SPBL<A>G oSBOBEBLB>KM>Gh !NKH
IX>K9BGG>GNG=oIKBFBMBO>G*:MNKO]ED>KGhh/M>ESB@$>KO B + :NLo1FSNK>MM>GP:L
GH<A SN K>MM>G BLM  F^LL>G =B> .>EBJNB>G K:L<A @>L:FF>EM NG= BG =>G )NL>>G @>LB<A>KM P>K=>G
7 8 h:LMB:GSBM G:<A/M>ESB@ +;PHAE:LMB:GOHG=>KoILR<ABL<A>G#E>B<A:KMB@
D>BMh:EE>K)>GL<A>G:NL@BG@ O>KMK:M>K=B>)>BGNG@ =:LLNGM>KL<AB>=EB<A>DNEMNK>EE>!GMPB<DENG@L
LMN?>G >QBLMB>K>G P^K=>G  !K PB>L >MAGHEH@BL<A>G +;C>DM>G =B> "NGDMBHG SN  o>E>@LM^<D> ?^K =B>
!GMPB<DENG@L@>L<AB<AM>=>KF>GL<AEB<A>G'NEMNKh/M>ESB@SNL>BG =:LB<A=B>LH@>G:GGM>G
*:MNKO]ED>K:N?>BG>KGB>=KB@>K>G!GMPB<DENG@LLMN?>;>?BG=>GP^K=>G:EL!NKHIX>K9BGG>G  B>>
L<AX?MB@NG@FBM=>GnG=>K>GjLM:G=:ELHBF B>GLM =B>n>B@>G>jO>KF>BGMEB<A>DNEMNK>EE>!GMPB<D
ENG@>K?HKL<A>GSND]GG>GO@E ,>GGR 
2HF )60-2)6',0377DHGGM>FBMME>KP>BE>:ELD:BL>KEB<A>L/<AEHLL@>LIKH<A>GP>K=>G =:3BEA>EF
% BF&:AK=>G':BL>KMBM>E:GG:AF %F#>@>GL:MSSNL>BG>F*:<A?HE@>K3BEA>EF%% =>KOHG
;BL=>NML<A>K':BL>KNG==>KE>MSM>.>@B>K>G=>=>K$HA>GSHEE>KG RG:LMB>P:K K>LB=B>KM>
3BEA>EF% GB<AMBF/<AEHLL,>L<AD>G?   :L/<AEHLLP:K:;=>KSP>BM>G$XE?M>=>L 
&:AKANG=>KML SP:K GB<AM F>AK /BMS =>K 2>KP:EMNG@L  NG= IHEBMBL<A>G !GML<A>B=NG@LHK@:G>  =B>GM>
:;>K:EL):<AMLRF;HE=>K$HA>GSHEE>KG RG:LMB> /H@:EM>L:EL)BMM>EINGDM=>L >NML<A>G.>B<A>L 
=:L>KLMFBM=>F6NL:FF>G;KN<A=>K)HG:K<AB>BF&:AK:GIHEBMBL<A>K>=>NMNG@O>KEHK&HK
=:G 

  !EC5E=6QB*P<;5B;E>45
N?@KNG==>L,E:MSF:G@>ELBF)9)297)91K>LNEMB>K>G=:NLGDXN?>GNG=#>L<A>GD>G PNK=>
BF&:AK=>K:N=>LD2-+0-',)297)917*E6 D0/)6/92() =:LBF&:AKBG=>KD2-++6A8
>)686%F)A>NM>86)7)1%22786%F) G:A>=>F387(%1)60%8>>K]??G>MPNK=> ;>L<AEHLL>G  >K
K:L<A>6NP:<AL:G+;C>DM>G;EB>;:N<ABG=>G&:AK>GG:<A=>K!K]??GNG@=>L97)917*E6 D0/)6
/92();>LM>A>G !BG>L<AENLL=>LNG=>LK:ML:NL=>F&:AK;>@^GLMB@M>=>G/:FFENG@LSN
P:<AL =:=>Fo)NL>NF=:L!B@>GMNFLK><AM:G:EE>G/:FFENG@>G:NL=>G >NML<A>G/<ANMS@>;B>
M>GSN@>LM:G=>GPNK=> =B>BF2>KE:N?OHGFBM.>B<ALFBMM>EG?BG:GSB>KM>G!QI>=BMBHG>G>KPHK;>G
PNK=>Gh/M>ESB@ !L;>LM:G=?HE@EB<A>BG>=BK>DM>fNG=?^K=:L)NL>NFIKH?BM:;E>f2>K
;BG=NG@ SPBL<A>G =>NML<A>K 'HEHGB:E@>L<AB<AM> NG= =>F D2-+0-',)2 97)91 *E6 D0/)6/92() 
HES? /M>ESB@?? 
%F&:AKP:K=>K,E:MSF:G@>E>KG>NMLH:DNM@>PHK=>G =:LL:LMB:GLB<A?^K=B>!KKB<AMNG@>BG>L
P>BM>K>G#>;XN=>L>BGL>MSM> >B=>F#>;XN=> =:LBF&:AK?>KMB@@>LM>EEMPNK=> A:G=>EM>>L
LB<A:;>KE>=B@EB<ANF>BG>Go>A>E?L;:Nh/M>ESB@:F>KEBG>K/M:=MK:G= BG%,0)1 %F
&:AK@>G>AFB@M>=B>.>@B>KNG@=>G!GMPNK?=>LK<ABM>DM>GKNGH,:NE =>KOHF97)91*E6
 
D0/)6/92()=:FBM;>:N?MK:@MPHK=>GP:K >BG>G*>N;:N?^K=:L)NL>NFSN>GMP>K?>G F:NIE:MS
=>L>A>E?L;:NLPNK=>FBM=>K!KKB<AMNG@>BG>L#>;XN=>DHFIE>Q>L;>@HGG>G =>KOB>K$XNL>KNF
?:LL>GLHEEM> !;= ? 
)BM=>F:N=>L>KLM>G$:NL>L =:L?^K=B>:LB:MBL<A>/:FFENG@OHK@>L>A>GP:K PNK=>BF&:AK
;>@HGG>G  B>K;>BM>GPNK=>G;>K>BMLP>GB@>&:AK>LIXM>KP>@>G=>L!KLM>G3>EMDKB>@>L>BG
@>LM>EEMNG=>KLMBG=>K6PBL<A>GDKB>@LS>BMfFBM;P>B<ANG@>GOHFNKLIK^G@EB<A>G!GMPNK?f?>K
MB@@>LM>EEM !;= %G :AE>F>GMLM:G=>BG#>;XN=> =:L:NLL<AEB>_EB<A:ELN?;>P:AKNG@LHKM?^K
=B>@>L:FM>G>LMXG=>=>L97)917*E6 D0/)6/92()?NG@B>KM> PXAK>G=BF#>;XN=>BG=>KD2-+
+6A8>)686%F)BF&:AK>BG>/<A:NL:FFENG@NGM>K@>;K:<AMP:K =B>=>KU??>GMEB<AD>BMSN@XG@
EB<AP:K!MAGHEH@BL<A>L)NL>NFH & : 
+;PHAE=B>/<A:NL:FFENG@LHPB>=B>>LMXG=>=>L):@:SBGLPXAK>G==>L6P>BM>G3>EMDKB>@>L:G
NGM>KL<AB>=EB<A>G+KM>GSPBL<A>G@>E:@>KMPNK=>G D:F>LSN@KH_>G2>KENLM>G !BG0>BE?B>EBG=B>
$XG=>=>K.HM>GKF>> =B>=B>):M>KB:EB>GG:<A(>GBG@K:=^;>K?^AKM>  B>+;C>DM>PNK=>GBG=>G
LB>;SB@>K&:AK>G=>F97)91*E6 D0/)6/92()BG(>BISB@ =:LLB<ABG=>K .;>?:G= ^;>K@>;>G
NG= @>E:G@M>G >KLM G:<A =>K 3B>=>KO>K>BGB@NG@ SNK^<D G:<A >KEBG  :L )NL>NFL@>;XN=> BG =>K
D2-++6A8>)686%F)PNK=>=NK<A=>G'KB>@P>BM@>A>G=S>KLM]KMNG==>LA:E;:;@>KBLL>G 
%F&:AKPNK=>=B>8-*892+6)9F-7',)690896&)7-8>@>@K^G=>M =>K=:L!B@>GMNF?^K=B>>A>
F:EB@>GIK>N_BL<A>G/:FFENG@>Gf:ELH:N<A=B>=>L=:F:EB@>G97)917*E6 D0/)6/92()f^;>K
:GMPHKM>MPNK=> /B>;>L<AEHLL=>GNL;:N=>LOHKA:G=>G>G#>;XN=>LBG%,0)1!MAGHEH@BL<A>L
)NL>NFH & :/MB?MNG@,K>N_BL<A>K'NEMNK;>LBMSH & 

o B>NKLIK^G@EB<AOHK@>L>A>G>G=K>BP>BM>K>G)NL>NFL@>;XN=>BG :AE>FPNK=>GGB>
>KKB<AM>M =H<A>GMLM:G=BG=>G&:AK>G BG :AE>F>BG#>;XN=>DHFIE>Q;>LM>A>G=
:NL=>F:EM>G:N=>LLB:MBL<A>G)NL>NFLNG=>BG>F*>N;:N BG=>FLB<A=:L2]ED>K
DNG=>FNL>NFL>BM;>?BG=>M h/M>ESB@

:L97)91*E6 D0/)6/92()PNK=>BF&:AKBG8,2303+-7',)797)91NF;>G:GGM />BM=>F
 &:GN:KBLM>L>;>GLHPB>=:L97)91*E6 7-%8-7',)9278@>L<AEHLL>G =:=>K1FSN@BG=:L
G>N>KKB<AM>M>91&30(83691OHK;>K>BM>MPBK= 0>BE>=>K:N_>K>NKHIXBL<A>G/:FFENG@D]GG>G;BL
SNK!K]??GNG@=>L91&30(836917BF.:AF>GOHG/HG=>K:NLLM>EENG@>G;>LB<AMB@MP>K=>G!MA
GHEH@BL<A>L)NL>NFH & : %F)XKSPNK=>=>K=>NML<A>)NLBD>MAGHEH@>NG=)NLBDPBLL>G
L<A:?ME>K(:KL AKBLMB:G'H<A =>KG:<A2BHE:']GB@L,>GLBHGB>KNG@=B>DHFFBLL:KBL<A>(>BMNG@=>L
8,2303+-7',)297)917BGG>A:MM> >BGLMBFFB@OHF/MB?MNG@LK:M=>K8-*892+6)9F-7',)690896
&)7-8>SNFG>N>G BK>DMHK=>L8,2303+-7',)297)917NG==>L97)917*E6 7-%8-7',)9278@>
PXAEM!MAGHEH@BL<A>L)NL>NF 

 
  E=2?<4D?BE=
:=B>1GM>K;KBG@NG@=>L8,2303+-7',)297)917BF91&30(83691:NLF>AK>KE>B$BGLB<AMDKB
MBLB>KMPNK=>NG=LB<A=B>#>L<AB<AM>=>K;>B=>G%GLMBMNMBHG>GLIXM>LM>GLFBM=>K!K]??GNG@=>L91
&30(836917 BF &:AK  O>KDG^I?M  P>K=> B<A =B> PB<AMB@LM>G !GMPB<DENG@>G =>K E>MSM>G &:AK
S>AGM>LDBSSB>K>G 
*:<A=>F 3BEA>EF %%  BF .:AF>G =>K *HO>F;>KK>OHENMBHG  :N_>K (:G=>L @>?EHA>G P:K NG=
,ABEEBI/<A>B=>F:GG=B>.>IN;EBD:NLKB>? PNK=>=:L>KEBG>K/<AEHLLSNF/<A:NIE:MS>BG>K.>=>
':KE(B>;DG><AML BG=>K>K=B>o?K>B>LHSB:EBLMBL<A>.>IN;EBD >NML<AE:G=h(B>;DG><AM78SBM 
G:<A'E^GG>K:NLKB>? (B>;DG><AMPNK=>:N?@KNG=L>BG>K.>=>BG=>K .:EL)RMAHL
AH<ALMBEBLB>KM NF=>Go@>BLMB@>G2:M>K=>K/! :N?=>GLHSB:EBLMBL<A>G0AKHGA>;>GSND]GG>Gh$HE
?>E=>K 
GL<AEB>_>G=PNK=>=:L/<AEHLLOHG=>K.>IN;EBD:ELo'NEMNKS>GMKNFh>KG:N@>GNMSM
NG=BF&:AKPNK=>=:L9278+);)6&)197)917 =:LGNG',0377197)91@>G:GGMPNK=> BG=:L
)60-2)6',0377NF@>LB>=>EM %G=>G=:K:N??HE@>G=>G&:AK>GSH@>GP>BM>K>'NEMNK NG="HKL<ANG@L
>BGKB<AMNG@>GBG=:L/<AEHLL>BGNG==:L#>;XN=>PNK=>SN>BG>Fo0>BE=>K>KEBG>K)NL>NFLBG
L>Eh>;=  
3XAK>G==>L*/ .>@BF>LPNK=>>BG-N>K@>;XN=>=>L>KEBG>K/<AEHLL>L:EL^KH?^K=B>)-',7
/%11)6()6&-0()2()2E278) =B>BF.:AF>G=>L)-',7/90896/%11)6+)7)8>)7BF*HO>F;>K
@>@K^G=>MPNK=> @>GNMSM %F&:AK^;>KLB>=>EM>=B>.>B<ALD:FF>KNG==:L97)91()68%%87
8,)%8)6^;>KG:AF=B>.XNFEB<AD>BM>G !;>GLHPB>=:L',0377197)91FNLLM>C>G>L)NL>NFBG=>G
&:AK>GL<AEB>_>GNG=P>BM>0>BE>=>K/:FFENG@;EB>;>GO>KL<AHEE>G %G=>GE>MSM>G&:AK>G
=>L6P>BM>G3>EMDKB>@>LPNK=>=:L )60-2)6',0377L<AP>K;>L<AX=B@M %F&:AK?B>E=B>!GM
L<A>B=NG@=>K . .>@B>KNG@?^K=>GDHFIE>MM>G;KBLL=>L/<AEHLL>L'E^GG>K??  /H
O>KD^G=>M>3:EM>K1E;KB<AMBFL>E;>G&:AK;>BF ,:KM>BM:@=>K/! 

o :L6>GMKNFNGL>K>K$:NIMLM:=M =>K(NLM@:KM>GNG==:L#>;B>M=>KC>MSB@>G/<AEH_KN
BG> F^LL>GSN=>F@KH_>G >FHGLMK:MBHGLIE:MSP>K=>G :N?=>F=>K':FI?PBEE>NG=
N?;:NPBEE>NGL>K>L2HED>LNL=KN<D?BG=>GD]GG>G h1E;KB<AMSBM G:<A'E^GG>K


B>/IK>G@NG@>G =B>MKHMSBGM>KG:MBHG:E>K,KHM>LM>:NL=>F'NGLM;>K>B<ALM:MM?:G=>G ;>@:GG>G;>
K>BMLBFL>E;>G&:AKNG==B>E>MSM>G0K^FF>KPNK=>G!G=>)XKS:;@>MK:@>G  B>'HLM>G=>K
/IK>G@NG@P:K>GBFF>GLAH<ANG=>K@:;>G:NL]DHGHFBL<A>K,>KLI>DMBO>D:NF/BGG  >LA:E;PBK=
=>K;KBLL=>L )60-2)6',0377)7 =:L:EL/RF;HE=>LIK>N_BL<A>G%FI>KB:EBLFNL;>MK:<AM>MPNK=> 
:EL>BG>IHEBMBL<A>!GML<A>B=NG@;>MK:<AM>M'E^GG>K3>BSF:GG 

 
*:<A=>F=B> . .>@B>KNG@;>L<AEHLL>GA:MM> =:L/<AEHLLSNS>KLM]K>G PNK=>:N?=>KGNG>GM
LM:G=>G>G "K>B?EX<A>  =>F %6<2+)070%8>  >BG> 0KB;^G> >KKB<AM>M 3>BSF:GG    !KLM
NGM>K!KB<A$HG><D>K =>F*:<A?HE@>K1E;KB<AML PNK=>=>K:N=>L%0%787()6)49&0-/;>L<AEHL
L>GNG==B>#KNG=LM>BGE>@NG@>K?HE@M>:F *HO>F;>K ">KMB@@>LM>EEMNG=>K]??G>MPNK=>=:L
#>;XN=>BFIKBE'E^GG>K 
>K%0%78()6)49&0-/P:K:EL)>AKSP><D@>;XN=>@>IE:GMNG=?HE@M>=:FBM=>K0K:=BMBHG LH@>
G:GGM>K2HEDLAXNL>K=>L NG= &:AKANG=>KML 'NEMNK BE=NG@NG=!KAHENG@LHEEM>G BG=B>L>G
$XNL>KGO>K>BGMP>K=>G 6>BM@E>B<APNK=>BG=>K. FBM=>F:N=>L28)62%8-32%032+6)77)28
6917 ;>@HGG>G  =:L >L OHG />BM>G =>K . SN ^;>KMKNFI?>G @:EM  B> 'HGS>IMBHG =>L #>;XN=>L
PNK=>OHG>BG>FK<ABM>DMNKDHEE>DMBONGM>K=>K(>BMNG@OHG$>BGS#K:??NG=>K^;>KGHFF>G  >K
OHKPB>@>G=>*NMSNG@LSP><DG:<A=>K!K]??GNG@=>L%0%78)7()6)49&0-/E:@BG=>LL>G"NGDMBHG
:EL'NEMNK NG="K>BS>BMS>GMKNF />BG>IHEBMBL<A>"NGDMBHG:EL+KM?^KIHEBMBL<A>0:@NG@>GNG=:EL
/BMS=>K 30/7/%11)6F:<AM>>BG>G;>=>NM>G=@>KBG@>K>G0>BE=>K*NMSNG@:NL 0KHMSL>BG>KDNEMN
K>EE>GNLKB<AMNG@PNK=>=>K,:E:LM:ELIHEBMBL<A>L/RF;HE=>K .;>MK:<AM>M *:<A=>K3B>=>K
O>K>BGB@NG@ >NML<AE:G=L=NK<A=>Go2>KMK:@=>K. NG==>K .^;>K=B>$>KLM>EENG@=>K!BGA>BM
>NML<AE:G=Lh BF &:AK  PNK=> =:L #>;XN=> !B@>GMNF =>L NG=>L  >K %0%78 ()6 )49&0-/
PNK=>BF/>IM>F;>K=>LL>E;>G&:AK>L@>L<AEHLL>G >@K^G=>MPNK=>=B>/<AEB>_NG@FBM=>FAHA>G
L;>LM@>A:EM=>L#>;XN=>L &HK=:G?? 
ELBF&:AK;>L<AEHLL>GPNK=> =>G.>@B>KNG@LLBMS=>K. G:<A>KEBGSNO>KE>@>G PNK=>
=B>)7)007',%*8>91!-)()6%9*&%9()7 )60-2)68%(87',0377)7>;>GLHPB>=B>)7)007',%*8-7836-
7',)7 )60-2@>@K^G=>M %F=:K:N??HE@>G=>G&:AKPNK=>>BGP>BM>K>K2>K>BG =>KD6()6:)6)-2 )60-
2)6',0377 :N?%GBMB:MBO>3BEA>EFOHGH==B>GL@>@K^G=>M )BM=>FN?LM>EE>G>BG>K(>BGP:G=
OHK=>F%0%78()6)49&0-/ :N?=>K=:L )60-2)6',0377:;@>;BE=>MP:K PNK=>=B>U??>GMEB<AD>BM
:N?=B> >;:MM>NF=B>3B>=>K>KKB<AMNG@=>L )60-2)6',0377)7:N?F>KDL:F@>F:<AM  >L3>BM>K>G
PNK=>>K?HE@K>B<AO>KLN<AM )>=B>G ,HEBMBDNG='NEMNK?^K=B>0A>F:MBDSNL>GLB;BEBLB>K>G  :L@>
F>BGL:F>6B>E=>K=K>B;BLE:G@@>G:GGM>G2>K>BG>P:K=B>"HK=>KNG@=>K3B>=>KA>KLM>EENG@=>K;:
KH<D>G":LL:=>LHPB>=>K'N;:MNK=>L>A>F:EB@>G/<AEHLL>L.>BG;HE=*HO:D >@K^G=>M
PNK=>=:L2HKA:;>G=>K3B>=>K>KKB<AMNG@BG=>K/:MSNG@=>L"]K=>KO>K>BGLPB>?HE@M

o >K2>K>BG;>MK:<AM>M=B>P>BM@>A>G=>.>DHGLMKNDMBHG=>L/<AEHLL>L =>LL>G/IK>G@NG@
NG=;KBLLSNF/RF;HE=>KDHFFNGBLMBL<A>G BDM:MNKPNK=> SN@E>B<A:EL/RF;HE?^K
=B> PB>=>K @>PHGG>G> >NML<A> !BGA>BM NG= =B> "XAB@D>BM =>K >FHDK:MB> 


>3384=BE>;;BCL=3864A"0<48BC+8;74;<84CA827>CC70A30=B#B:0AE>=>3384=A8BC48="027:><<434B

?A4DQ8B274=34;B,D34<8BC4A0D5<0==B>F844B27L5CB5P7A4A34B 7++/+#',+%#'+"%(,,
 >H'27O=10;; OA34AE4A48=4A;8=4A'27;>BB4*>
 
DNEMNKABLMHKBL<AP>KMOHEE>#>;XN=>?^K=B>*:<AP>EMPB>=>KA>KSNLM>EE>GNG=SN^;>KEB>
?>KG h"]K=>KO>K>BG>KEBG>K/<AEHLL> 2 

%F&:AKPNK=>L<AEB>_EB<A=B>28)62%8-32%0)<4)68)2/311-77-32-7836-7',)-88) )60-2@>
@K^G=>M =B>^;>K=B>6NDNG?M=>L,:E:LM>LNG==>LL>G1F@>;NG@>GML<A>B=>GLHEEM>.>BG;HE=*HO:D
 
%F ;L<AENLL;>KB<AM =>K 'HFFBLLBHG BF &:AK  PNK=> L<AEB>_EB<A =>K ;KBLL =>L %0%787 ()6
)49&0-/;>?^KPHKM>MNG==>K:N=>L91&30(836917;>L<AEHLL>G  :LG>N>#>;XN=>LHEEM>>K
G>NMDNEMNK>EE@>GNMSMP>K=>GNG==>KU??>GMEB<AD>BMSNK2>K?^@NG@LM>A>G  B>P>BM@>A>G=>.>DHG
LMKNDMBHG=>K;:KH<D>G":LL:=>GPNK=>FBM=>FK@NF>GM=>KoLMX=M>;:NEB<A>G*HMP>G=B@D>BM =:L
ABLMHKBL<A>!GL>F;E>1GM>K=>G(BG=>G;BLABGSNF(NLM@:KM>GPB>=>KSNO>KOHEELMXG=B@>Gh$HE?>E
=>K;>@K^G=>M 
%F&:GN:K>K?HE@M>L<AEB>_EB<A=>K>L<AENLLSNF;KBLL=>L#>;XN=>LBF >NML<A>GNG=>LM:@
&HK=:G /B>;>G&:AK>LIXM>K BF&:AK ;>@:GG=>K:N=>L91&30(836917FBM=>K
#KNG=LM>BGE>@NG@NGM>K=>K:K<ABM>DMHGBL<A>G(>BMNG@"K:G<H/M>EE:L 2HK:NLLB<AMEB<APBK==:L#>
;XN=>BF&:AK?>KMB@@>LM>EEMNG=?^K=B>U??>GMEB<AD>BM>BG&:AKLIXM>KSN@XG@EB<A@>F:<AMP>K
=>G :NA>KKBGNG=!B@>GM^F>KBG=>L91&30(836917BLM=B>8-*892+ )60-2)6',0377I91&30(
8*3691 =B>BF&:AK@>@K^G=>MPNK=>.>MMB@ 
B>;;BE=NG@>GS>B@>G=:L )60-2)6',0377BG=>G>KGNG==:L91&30(83691PB>>LG:<A
">KMB@LM>EENG@:NLL>A>GPBK= 



))+!*&%(!*$&)++%( !( !*(

 

 .,%",-(#-')& ,)*-',!&&'%,)-')& ,)*-'(+%$,)* !+,!%,!

*>;>G=>F8,2303+-7',)297)91NG==>F97)91*E6 7-%8-7',)9278PBK==B> )60-2 9778)0


092+ =>K (:G=>L@>L>EEL<A:?M 90896463.)/8) )60-2 NG= =>L 8%(8197)917 )60-2 LHPB> =:L 91
&30(8%&36=>K91&30(82-:)67-8A8>9 )60-2BF91&30(83691NGM>K@>;K:<AMP>K=>G$NF
;HE=M"HKNFH &   B>#K^G=NG@LBGM>G=:GM>GP:K>G;BL&NGB=>K=>NML<A>,KXABLMHKBD>K$>K
F:GG,:KSBG@>K ,KXLB=>GM=>K8-*892+6)9F-7',)690896&)7-8> =>K'NGLMABLMHKBD>K$HKLMK>=>
D:FING==>K;KBMBL<A>'NGLMABLMHKBD>K*>BE):<#K>@HK >A>F:EB@>K BK>DMHK=>L 6-8-7,97)91 BG
(HG=HG$NF;HE=M"HKNFH &  *>N>K#>G>K:EBGM>G=:GMBLM=>K'NGLMABLMHKBD>K  >GDF:EI?E>@>KNG=
'NEMNKF:G:@>K$:KMFNM KH@>KEHA =>KSNOHK#>G>K:E=BK>DMHK=>K8-*892+6)9F-7',)',0D77)692(
A68)2 )60-2 6%2()2&96+ P:K $NF;HE=M"HKNF

B>#>L<AB<AM>=>K:N_>K>NKHIXBL<A>G/:FFENG@>GBG>KEBGNG==:FBM=B>#>L<AB<AM>=>L8,23
03+-7',)297)917BG>KEBG@>AMDNKSSNL:FF>G@>?:LLMSNK^<DBGL &:AKANG=>KMNG=;>@BGGMFBM
=>KOHG'NK?^KLM&H:<ABF%% @>@K^G=>M>G9278/%11)6 :N<AP>GG>KLMBF &:AKANG=>KMG:<A
P>BL;:K:N_>K>NKHIXBL<A>+;C>DM>G:<A>KEBG@>E:G@M>G  B>!K]??GNG@=>LD2-+0-',)297)917
*E6 D0/)6/92()NGM>K=HE?:LMB:GLBF&:AK?:G=PXAK>G==>L=>NML<A>G'HEHGB:EBLFNLLM:MM 
OHG=>F=:L)NL>NFIKH?BMB>KM> )HF>GM:GBLM=:L>KEBG>K8,2303+-7',)97)91P>@>G=>K2HK
;>K>BMNG@>G?^K=>G1FSN@BG=:L91&30(83691@>L<AEHLL>G 

 95>DCD58E>7C75C38938D545C+5<D=EC5E=C+95>9>45B"5E5>EB7
%G=B>L>F':IBM>EP>K=>G=B>!GMPB<DENG@>GG:<A@>S>B<AG>M =B>=:L!)08197)91!-)2OHKNG=L>BM
L>BG>K#K^G=NG@=NK<AEB>? 6N>KLMPBK=:N?=B>/:FFENG@L@>L<AB<AM>:N_>K>NKHIXBL<A>K+;C>DM>>BG
@>@:G@>G NF=>K>G!KP>K;LDHGM>QMSNMA>F:MBLB>K>G GL<AEB>_>G=PBK==B>!GMLM>ANG@L@>L<AB<AM>
=>L>MAGHEH@BL<A>G)NL>NFLBG3B>GOHGL>BG>K#K^G=NG@:EL D0/)6/92()97)91;BLABGSNL>BG>K
3B>=>K>K]??GNG@:EL!)08197)91!-)2=:K@>E>@M  B>FNL>:E>*NMSNG@=>K$H?;NK@PBK=>;>G?:EEL
MA>F:MBLB>KM 
 

  =2B1C5B'1==<E>7
!BG>=>K;>=>NM>G=LM>G]LM>KK>B<ABL<A>G/:FFENG@>G =B>:N_>K>NKHIXBL<A>+;C>DM>;>BGA:EM>M> =B>
SNF0>BE;BLA>NM>BF!)08197)91!-)2:N?;>P:AKMP>K=>G BLMC>G>OHG!KSA>KSH@">K=BG:G=%% 
OHG0BKHEBF',0377 1&6%7  B>/:FFENG@ =B>LB<A:;=>G>K&:AK>GBGF;K:L;>?:G= >GM
AB>EM :EE> OHG 2B>K>@@ >KPXAGM>G #>@>GLM:G=LD:M>@HKB>G f %896%0-%  '-)28-*-'%  68-*-'-%0-% NG=
<38-'% f NG= PBK= OHG BAK :EL o63838=4 *E6 (-) 9278 92( !92()6/%11)62 ()6 4A86)2%-7
7%2')h2B>K>@@$>KO B + ;>S>B<AG>M 
:L>LHG=>K>:G=>K@>G:GGM>G/:FFENG@>KL<AEB>_MLB<A:NL=>K0:ML:<A> =:LL%GO>GM:KEBLM>GNG=
BE=>K=>K'NGLMD:FF>KLHPB>=>K3:??>GL:FFENG@>KA:EM>G@>;EB>;>GLBG= =B>N?L<AENLL^;>K
=B>'HGS>IMBHG=B>L>Lo?K^A>G)NL>NFLh>;= @>;>G  B>N?S>B<AGNG@>GS>B@>G =:LLo#>
L<AB<AMLL<AK>B;NG@NG=2>KFBMMENG@h>;= FBM>BG:G=>KO>KDG^I?MP:K>GNG=">K=BG:G=%% L>BG
o0A>:MKNF)NG=Bh>;= LRLM>F:MBL<AO>K@K]_>KM> !;= ?? 
AKBLMB:G">>LM =>KBG=>K=:F:EB@>G0L<A><AHLEHP:D>B@>;HK>GPNK=>NG=2]ED>KDNG=>NG=EE@>
F>BG>/IK:<APBLL>GL<A:?M:G=>K2-:)67-8A8!-)2LMN=B>KM>NG=BG;>B=>G>K>B<A>G:N<AE>AKM> P:K
OHG  BK>DMHK=>L97)917*E6 D0/)6/92()BG3B>G"KH;>GBNL %GLMBMNMH &   >KOHGBAF
BF&:AKIN;EBSB>KM>KMBD>Eo :L)NL>NF?^K2]ED>KDNG=>hBLM>BG>=>KP>GB@>G-N>EE>G =B>
LB<A FBM =>K !GMLM>ANG@L@>L<AB<AM> =>L 3B>G>K 97)917 *E6 D0/)6/92() :NL>BG:G=>KL>MSM  3B>
L<AHG BF ':IBM>E   o B> !GMLM>ANG@L@>L<AB<AM> >MAGHEH@BL<A>K )NL>>G BG !NKHI:h =:K@>E>@M
PNK=> P:K=>K>NKHIXBL<A>'HEHGB:EBLFNL2HK:NLL>MSNG@?^K=B>!GMLM>ANG@>MAGHEH@BL<A>K)NL>>G
BG!NKHI: ">>LML<AEB>_MLB<A=B>L>KK@NF>GM:MBHG:GNG=LM>EEM=B>:N_>K>NKHIXBL<A>G/:FFENG@>G
ULM>KK>B<AL  =B> LIXM>K =>G #KNG=LMH<D =>L )NL>NFL ;BE=>M>G  OHK =B>L>F $BGM>K@KNG= =:K  /H
L<AK>B;M">>LM =:LL=B>:N_>K>NKHIXBL<A>G+;C>DM>=>KF;K:L>K/:FFENG@oM>BEL=NK<AA:;L;NK@B
L<A>":FBEB>G;>SB>ANG@>G M>BEL:N?:G=>K>F3>@G:<AULM>KK>B<A@>E:G@MP:K>Gh">>LM 
)BM:G=>K>G3>@>GF>BGM">>LM =:LL=B>+;C>DM>=NK<A"HKL<A>G=>NG=$:G=>ELK>BL>G=>G:<AUL
M>KK>B<AD:F>G !;= ? 
2>K@EB<A>GFBM/:FFENG@>G:G=>K>K>NKHIXBL<A>K/M::M>G;>?BG=>GLB<ABG=B>L>K/:FFENG@F>AK
:N_>K>NKHIXBL<A>+;C>DM>:NL=>F &:AKANG=>KMf;>SB>ANG@LP>BL>:NL=>GOHKA>K@>A>G=>G&:AK
ANG=>KM>G  o6N BAG>G SXAE>G =B> OHKLI:GBL<A>G NG= DHEHGB:ES>BMEB<A>G ">=>K:K;>BM>G NG= :G=>K>
'HLM;:KD>BM>G:NL)>QBDH ?K^A>L^=:F>KBD:GBL<A>3:??>GNG=>BLIB>E>?^K=B>:?KH IHKMN@B>LBL<A>
!E?>G;>BGDNGLM=>LP>LM:?KBD:GBL<A>G']GB@K>B<AL>GBG h">>LM%F&:AKPNK=>=B>
/:FFENG@ =B>LB<ABG=>K6>BMSPBL<A>G=>F0H=OHG">K=BG:G==>F%% NG==>F>@BGG=>L 
&:AKANG=>KML=NK<A=B>%GBMB:MBO>OHG>BGS>EG>G/M:MMA:EM>KGO>KF>AKMA:MM> G:<A3B>G@>;K:<AMNG=
BF 28)6)2 )0:)()6) :NL@>LM>EEM  B> :G=>K>G SP>B A:;L;NK@BL<A>G /:FFENG@>G  BG =>G>G LB<A
>;>G?:EEL:N_>K>NKHIXBL<A>+;C>DM>;>?:G=>Gf=B>/:FFENG@=>L!KSA>KSH@':KELOHG/M>B>KF:KD

 
NG==B>'NGLMD:FF>K.N=HE?%% BG,K:@fLBG=@KH_M>BEL^;>K=B>&:AKANG=>KM>ABGP>@O>KEHK>G@>
@:G@>G !;= ? 

  D8>?7B1@89C385'1==<E>75>9>+95>
2HG >=>NMNG@ ?^K =>G o>@BGG >BG>K K>@>EK><AM>G >MAGH@K:IABL<A>G /:FFENG@ BG 3B>Gh ">>LM
P:K>G=B>=K>B.>BL>G=>L>G@EBL<A>G/>>?:AK>KL&:F>LHHD PXAK>G==>K>K>K=>GoC:AK
ANG=>KM>:EM>G)RMAHL>BG>LKB>LB@>G ?KN<AM;:K>Go/^=E:G=>Lh =:L@E>B<AL:F>BG#>@>G@>PB<AMSN
=>GG]K=EB<A>G'HGMBG>GM>G;BE=>GLHEEM>h,KB<>78$>KO B + PB=>KE>@M> />BG>>KLM>
.>BL> OHG  ;BL  BF N?MK:@ =>K ;KBMBL<A>G 'KHG> ?^AKM> BAG OHG ,ERFHNMA :NL .B<AMNG@
K:LBEB>G^;>K0A:BMBG:<A*>NL>>E:G= 2HG=HKM=K:G@>KG:<ANLMK:EB>GOHKNG=>KDEXKM>=B>+LM
D^LM>NLMK:EB>GL *>P/HNMA3:E>L SN;KBMBL<A>F!B@>GMNF(HAF:GG?  3XAK>G=BAG
L>BG>SP>BM>.>BL>OHG;BLNGM>K:G=>K>FBG=B>GM:KDMBL?^AKM> >GM=><DM>>KPXAK>G=
L>BG>K=KBMM>GNG=E>MSM>G.>BL>OHG $:P:BBNG=>K?HKL<AM>G>;>G=>F6>GMK:E ,:SB?BD=B>
'^LM>G*HK=:F>KBD:L,KB<>78 
6N>@BGG=>L &:AKANG=>KML BF&:AK >KLM>B@>KM>(>HIHE=OHG"B<AM>E >BG]LM>KK>B<ABL<A>K
*:MNK?HKL<A>K BFN?MK:@OHG':BL>K"K:GS% :N_>K>NKHIXBL<A>+;C>DM> OHG=>G>G>BG@KH_>K
0>BEPXAK>G=HHDL.>BL>G@>L:FF>EMPHK=>GP:K %FL>E;>G&:AKPNK=>G=B> )6)-2-+8)2//%
896%0-)2%&-2)8)BG=>K3*&96+ =B>:NL=K>B;M>BENG@>Gf=>Fo)BG>K:EB>G ,?E:GS>G NG=0B>K
D:;BG>MMh">>LMf;>LM:G=>G :N?@KNG==>KG>N>KPHK;>G>GHHD /:FFENG@K>HK@:GBLB>KM
NG==NK<A=B>//)8,23+6%4,-7',)%11092+>K@XGSM  B> )6)-2-+8)2//%896%0-)2%&-2)8);>
?:G=>GLB<AL>BMBG3B>G :EL':BL>K"K:GS% /M>IA:G>BG> +;C>DM>NF?:LL>G=>/:FF
ENG@OHF*:MNK:EB>GL:FFE>K&>:G=>:BEEHN:GD:N?M> =>KSNF>KLM>G BK>DMHK=>K//%896%0-)2
%&-2)8)>KG:GGMPNK=>6>=BG@>K %F#>@>GL:MSSNK*:MNK:EB>GL:FFENG@?:G==B>LB<A
O>KF>AK>G=>//)8,23+6%4,-7',)%11092+f;BL:N?=B>#K]GE:G= /:FFENG@ =B>LB<ABF.>B<AL
D:GSE>B@>;XN=>;>?:G=f:N?@KNG==>L,E:MSF:G@>ELD>BG>o?:<A@>K><AM>N?LM>EENG@h">>LM
 P>LA:E;LB>BGL28)6) )0:)()6)^;>KLB>=>EMNG==HKMoE>=B@EB<A:ELGA:G@SNK>B@>GMEB
<A>GF;K:L>K/:FFENG@SNK/<A:N@>LM>EEMh>;= PNK=> 
%F6N@>=>K]LM>KK>B<ABL<A>GK:LBEB>G>QI>=BMBHGBF&:AK:N?;K:<A @>E:G@M>GP>BM>K>:N_>K>N
KHIXBL<A>!QIHG:M>G:<AULM>KK>B<A =B>:N?=B>/:FFENG@LMXMB@D>BM=>L6HHEH@>G&HA:GG*:MM>K>K
SNK^<D@>A>G !B@>GL?^K=B>L>/:FFENG@PNK=>=:L//&6%7-0-%2-7',)97)91BG3B>G>KKB<AM>M BG
=>F P>GB@ LIXM>K :N<A +;C>DM> :NL *HK=:F>KBD: NGM>K@>;K:<AM PNK=>G  >A> =:L )NL>NF PB>=>K
:N?@>E]LMPNK=>NG==B>+;C>DM>OHG=>G*:MNK:EB>GD:;BG>MM>G^;>KGHFF>GPNK=>G %F&:AK
PNK=>=B>K:LBEB>G /:FFENG@@>F>BGL:FFBMHHDL*HK=:F>KBD: /:FFENG@NG=:G=>K>G'HEE>D
MBHG>GBF%-7)6,%97BG=>K3B>G>K1G@:K@:LL>:NL@>LM>EEM =:L:EE>K=BG@L;>K>BMLBF&:AKPB>
=>K@>L<AEHLL>GP>K=>GFNLLM> %G=>G=:K:N??HE@>G=>G&:AK>GPNK=>G,EXG>:N?@>LM>EEM =B>@>L:F
M>G >MAGHEH@BL<A>G /:FFENG@>G :G >BG>F +KM SN O>K>BG>G  B> 1FL>MSNG@ =B>L>K ,EXG> LHEEM>
 
:EE>K=BG@L>KLM>BGB@>&:AKS>AGM>LIXM>K@>EBG@>G /H;EB>;>G=B>/:FFENG@>GSNGX<ALM^;>KO>KL<AB>
=>G> %GLMBMNMBHG>G f PB> =>G *:MNK:EB>GD:;BG>MM>G  =>F // E2> 92( 28-/)2/%&-2)88  =>F //
8)',2303+-7',)2%&-2)88=>LIHERM><AGBL<A>G%GLMBMNML =>F@78)66)-',-7',)297)91*E6927892(
2(9786-) =>F@78)66)-',-7',)297)91*E6 2+);%2(8)9278 =>F6-)28%0-7',)297)91NG=
:N<A=>F',0377-6%1%6)BG=>K*XA>OHG0KB>LMfO>KLMK>NMH=>K@:KBG'BLM>GO>KLM:NM">>LM
??  
3>@;>K>BM>G=?^K=B>2>K>BGB@NG@=>K:N_>K>NKHIXBL<A>G/:FFENG@>GP:K=>KL<APX;BL<A>#>HEH@>
">K=BG:G=OHG$H<ALM>MM>K =>K0>BEG>AF>K=>KBF':IBM>E >KPXAGM>G3>EMNFL>@>ENG@=>K"K>
@:MM>3:%6%BF&:AKP:K $H<ALM>MM>K^;>KG:AF=B>o(>BMNG@=>K>MAGH@K:IABL<A>G DNEMNK@>
L<AB<AMEB<A>G A:G=>ELIHEBMBL<A>GNG=G:MBHG:E]DHGHFBL<A>G/MN=B>G:N?/ ) / d*HO:K:ch">>LM
$>KO B + NG=L>MSM>LB<AG:<A=>K.^<DD>AK=>K"K>@:MM>=:?^K>BG =:LL=B>:N_>K>NKH
IXBL<A>G+;C>DM> =B>LB<ABGULM>KK>B<A;>?:G=>G >BG>G?>LM>G,E:MSBF%896,-7836-7',)297)91
BG3B>GfBG>BG>K>B@>GL@>L<A:??>G>G 28,634303+-7',8,23+6%4,-7',)2 &8)-092+f>KA:EM>GLHEE
M>G>;=  
$H<ALM>MM>KPNK=>FBM=>K%GM>G=:GS=>K 28,634303+-7',8,23+6%4,-7',)2;M>BENG@=>L//2%
896,-7836-7',)23*197)917BF&:AK;>:N?MK:@MNG=@EB>=>KM>=B>;M>BENG@BG=K>B>K>B<A>
:N?BG>BG>G:GMAKHIHEH@BL<A>G >BG>GIKXABLMHKBL<A>GNG=>BG>G>MAGH@K:IABL<A>G 3XAK>G=LB<A=B>
:GMAKHIHEH@BL<A> /:FFENG@ o7F8BM =>K /M>EENG@ =>L )>GL<A>G BG =>K *:MNK  BGL;>LHG=>K> SN =>K
0B>KP>EMh">>LM;>L<AX?MB@M>NG=F>GL<AEB<A>'GH<A>GNG=/<AX=>EOHG)>GL<A>G:NL
=>K@>L:FM>G3>EML:FF>EM> PB=F>M>LB<A=B>IKXABLMHKBL<A>/:FFENG@o7=8>F3>K=>G=>L)>G
L<A>GNG=L>BG>K!GMPB<DENG@BFS>BMEB<A>G2>KE:N?>h>;= :GA:G=@>HEH@BL<A I:EXHGMHEH@B
L<A>K+;C>DM> N?@:;>=>K>MAGH@K:IABL<A>G/:FFENG@P:K>L

o7e8LB<ABF/BGG>=>KGMAKHIH #>H@K:IAB>d:EE>GC>G>GLBGGEB<A>KD>GG;:K>G):GB
?>LM:MBHG>G=>LF>GL<AEB<A>G#>BLM>LBG=>G=NK<A=B>@>H@K:IABL<A DEBF:MBL<A>G2>K
AXEMGBLL>=>L3HAGHKMLA:NIMLX<AEB<A;>=BG@M>G#KNII>G P>E<A>PBK2]ED>KG>GG>GcSN
PB=F>G G:F>GMEB<A=>GdGH<A:N?GB>=KB@>KNEMNKLMN?>LM>A>G=>G2]ED>KG*:MNKO]E
D>KG  LHPB> =>G :EM>G NEMNKO]ED>KG F>KBD:L  =>L ]LMEB<A>G NG= L^=EB<A>G
LB>Gc h">>LM$>KO B + 

B>BF6BM:M>GMA:EM>G>>L<AK>B;NG@=>K>MAGH@K:IABL<A>G;M>BENG@O>K=>NMEB<AM =:LL>BG>1GM>K
L<A>B=NG@SPBL<A>Gn*:MNK jNG=n'NEMNKO]ED>KGjOHK@>GHFF>GPBK= PH;>B=>G>KLM@>G:GGM>G>Q
IEBSBM>BG>nGB>=KB@>K>'NEMNKLMN?>jSN@>L<AKB>;>GPBK= !BG>O>KF>BGMEB<A> B??>K>GS :N?=>K=B>OHG

,D34=8<,8C0CE>=44BC74AE>A647>14=4='C4;;4=681C4B:48=4=%D4;;4=E4AF48BDB6474=3E>=34AB?A027;8274=

>A<D;84AD=6647482730E>=0DB30BB4BB827D<I48C64=OBB8B274%D4;;4=70=34;C3844E4=CD4;;0DB>27BC4CC4AB
434ABC0<<4=
 
+LM>KA:FF>E>KPXAGM>o%=>>=>KNGO>KL]AGEB<A>G"K>F=A>BMh+LM>KA:FF>E;:LB>KM PBK=
AB>KNFP>EM=>M>KFBGBLMBL<A;>@K^G=>M 
;PNK=>=:FBM;>@HGG>G :N_>K>NKHIXBL<A>+;C>DM>?^K=B>>MAGHEH@BL<A>/:FFENG@BF>E
O>=>K>SNL:FF>GSNMK:@>GNG=:N?OB>KKM>GSNO>KF>AK>Go:NL#>L<A>GD>G=>K)BM@EB>=>K=>L
EE>KA]<ALM>G':BL>KA:NL>LNG=6NP>G=NG@>G:NLD:BL>KEB<A>G/:FFENG@>G :NL#>L<A>GD>GOHG
>A]K=>G %GLMBMNM>G 2>K>BG>GNG=,KBO:MI>KLHG>G :NLPBLL>GL<A:?MEB<A>G!QI>=BMBHG>GNG=.>BL>G
NG=L<AEB>_EB<A:NLGDXN?>Gh">>LM N?@KNG=F:G@>EG=>K?BG:GSB>EE>K)BMM>EPNK=>=B>
/:FFENG@BGL;>LHG=>K>PXAK>G==>K:NC:AK>=>L//2%896,-7836-7',)23*197)917=NK<A/<A>G
DNG@>GO>K@K]_>KM 6N=>FPNK=>G+;C>DM>FBM:G=>K>G>MAGHEH@BL<A>G)NL>>G@>M:NL<AM>;=  
6N=>GPB<AMB@LM>GDJNBLBMBHG>G@>A]K>GC>G>+;C>DM> =B>=NK<A%GO>LMBMBHG>G=>Lo;]AFBL<A>G
%G=NLMKB>EE>Gh>;= #>HK@$::L@>D:N?MP>K=>GDHGGM>G  :SNSXAE>GSNF>BLIB>EOHG+L<:K
:NF:GG>KPHK;>G>+;C>DM>:NLHLM:?KBD:GBL<A>G.>@BHG>GLHPB>+;C>DM>:NL=>FP>LM:?KBD:GB
L<A>G']GB@K>B<A>GBG !;>GLH>KPXAG>GLP>KMLBG==B>!KP>K;NG@>G=NK<An"HKL<ANG@LK>BL>Gj=>K
]LM>KK>B<ABL<A>G'KB>@LF:KBG>BG=>G&:AK>GSPBL<A>GNG= BG=>K>G.:AF>G:G=B>
:N_>K>NKHIXBL<A>+;C>DM>G:<AULM>KK>B<A@>E:G@M>G %G>SN@:N?=B>2>K?E><AMNG@OHG'HEHGB:EBL
FNL "HKL<ANG@ )NL>NFNG==>K'HGLMKNDMBHG=>KnG=>K>GjPNK=>BF':IBM>E oULM>KK>B<AB
L<A>K'HEHGB:EBLFNLh=:K@>E>@M =:LL=>K6NL:FF>GA:G@OHGULM>KK>B<ANG='HEHGB:EBLFNLE:G@>
6>BM:N?>BG>>GM=><DNG@L@>L<AB<AMEB<A>,>KLI>DMBO>K>=NSB>KMPNK=> PH=NK<A"HKL<ANG@:ELO>K
F>BGMEB<AH;C>DMBONG=OHGIHEBMBL<A>GNG=]DHGHFBL<A>G%GM>K>LL>GNG;>>BG?ENLLMDHGLMKNB>KMPNK=>
/:N>K  B>.>BL>G=>K'KB>@LF:KBG>NGM>KLM:G=>G:;>K PB>;>K>BML>K]KM>KM GB<AMGNK"HK
L<ANG@LBGM>K>LL>G LHG=>KGLHEEM>GSNK#>PBGGNG@OHG$:G=>ELDHGM:DM>GNG=:N<ADHEHGB:E>K%G;>
LBMSG:AF>;>BMK:@>G/:N>K: 
>G!KP>K;:N_>K>NKHIXBL<A>K+;C>DM>=NK<A=B>.>BL>G=>K'KB>@LF:KBG>NG:;AXG@B@OHF'HGM>QM
=>L >NKHIXBL<A>G 'HEHGB:EBLFNL NG= %FI>KB:EBLFNL SN ;>MK:<AM>G  P^K=> =>F o>GM=><DNG@L@>
L<AB<AMEB<A>G,:K:=B@F:h/:N>K:?HE@>GNG=BLM=>FG:<ANGSNK>B<A>G= 6N=>FP:K"HK
L<ANG@^;>K=B>nG=>K>GjSND>BG>F6>BMINGDMnH;C>DMBOjNG=LM>MLOHGDHEHGB:E>FNG=>NKHS>GMKB
L<A>F >GD>G@>IKX@M !KLM=NK<A=B>DHEHGB:E>!QI:GLBHGPNK=>G=B>.:AF>G;>=BG@NG@?^K>MAGH
EH@BL<A>"HKL<ANG@@>L<A:??>GNG=:N_>K>NKHIXBL<A>+;C>DM>G:<A!NKHI:MK:GLIHKMB>KM PHLB>:;
=>KSP>BM>G$XE?M>=>L &:AKANG=>KMLBG>MAGHEH@BL<A>G)NL>>G@>L:FF>EM ;>P:AKMNG=IKXL>G
MB>KMPNK=>GO@E "K^G=M??  
*:<A=>F0H=$H<ALM>MM>KLBF&:AK^;>KG:AFL>BG?K^A>K>KLLBLM>GMNG=/<A^E>K"K:GS$>@>K
=B> (>BMNG@ =>K @>L:FM>G 28,634303+-7',8,23+6%4,-7',)2 &8)-092+ NG= GH<A BF L>E;>G &:AK
PNK=>FBM=>KN?LM>EENG@=>K/:FFENG@>G;>@HGG>G )BM=>K>MAGH@K:IABL<A>G/:FFENG@P:K>G
O>K@E>B<ALP>BL>F>AK?:<ADNG=B@>,>KLHG>G;>MK:NM :ELFBM=>G;>B=>G:G=>K>G/:FFENG@>G N<A
KXNFEB<A;>MK:<AM>MPNK=>BAKF>AK,E:MS>BG@>KXNFM:EL=>K:GMAKHIHEH@BL<A>G/:FFENG@ ">>LM
? 
 

  !EC5E=6QB*?<;C;E>45E>4!EC5E=6QB*P<;5B;E>45
/<AHG;>B=>K!K]??GNG@=>L//2%896,-7836-7',)23*197)917BF&:AKDXFI?M>=B>>MAGH@K:
IABL<A>/:FFENG@FBM,E:MSF:G@>E /B>>KAB>EMSNLXMSEB<ASNL><ALOHGBGL@>L:FM/<A:NLXE>GOB>K
P>BM>K>*>;>GKXNF>NG=P:K=:FBMG:<A=>KSHHEH@BL<A>G/:FFENG@=B>@K]_M>/<A:NL:FFENG@BF
G>N>K]??G>M>G )NL>NF  *>;>G ):G@>E :G NLLM>EENG@L?EX<A> ?^K =B> >MAGH@K:IABL<A> /:FFENG@
P:K$>@>KFBM>BG>FP>BM>K>G,KH;E>FDHG?KHGMB>KM =>K;@K>GSNG@OHG>NKHIXBL<A>KNG=:N_>K>N
KHIXBL<A>K!MAGH@K:IAB>">>LM? o >F=>K>B@>G>G%=>GMBMXML?BG=NG@@>PB=F>M>G @>BL
M>LPBLL>GL<A:?MEB<A>G ,:KMBDNE:KBLFNL =>K KHF:GMBL<A>G 2HEDLDNG=> LM:G= =>K 1GBO>KL:EBLFNL =>K
2]ED>KDNG=>@>@>G^;>K =>K=:F:ELLM:KDG:MNKPBLL>GL<A:?MEB<AHKB>GMB>KMP:K h">>LM
#>@>G!G=>=>L &:AKANG=>KMLPNK=>GB<AMSPBL<A>G>NKHIXBL<A>KNG=:N_>K>NKHIXBL<A>K!MAGH
@K:IAB>NGM>KL<AB>=>G :N<AP>GGLB<ABF&:AKBG=>K>MAGH@K:IABL<A>G/:FFENG@o?:LM:NL
L<AEB>_EB<Ah">>LM:N_>K>NKHIXBL<A>+;C>DM>;>?:G=>G $>@>K =>KLB<A?^K=B>o!BG;>SB>
ANG@ =>K O:M>KEXG=BL<A>G !MAGH@K:IAB>  :ELH =>K N?L:FFENG@ =>K ?^K =B> O>KL<AB>=>G>G 2HEDL
LMXFF>=>K)HG:K<AB>NKLIK^G@EB<A>B@>GMA^FEB<A>G#>@>GLMXG=>h$>@>K78SBM G:<A">>LM
? >BGL>MSM> ;>:N?MK:@M>=>G+KB>GM:EBLM>GNG=/IK:<APBLL>GL<A:?ME>K3BEA>EF$>BGFBM=>K
/:FFENG@LMXMB@D>BMOHG+;C>DM>G>NKHIXBL<A>K,KHO>GB>GS  :=B>+;C>DM>:N?@KNG==>L,E:MSF:G
@>ELGB<AMBF//2%896,-7836-7',)23*197)91NGM>K@>;K:<AMP>K=>GDHGGM>G PNK=>=>F,KH;E>F
FBM =>K #K^G=NG@ =>L97)917 *E6 30/7/92() BG =>K 3B>G>K ]KL> BF &:AK  ;>@>@G>M  B>
)NL>NFL@K^G=NG@>K?HE@M>=NK<A=B>%GBMB:MBO>=>L )6)-27*E6D78)66)-',-7',) 30/7/92() =>KBF
&:AKOHG$>BGNG=)B<A:>E$:;>KE:G=M >BG>F,ABEHEH@>G =>K:G=>K2-:)67-8A8!-)2LMN=B>KM> 
@>@K^G=>MPHK=>GP:K">>LM?  
B>#K^G=NG@=>L97)917*E6 30/7/92()NG==B>BF&:AKOHEESH@>G>;LI:EMNG@OHF3*
197)91 FNLL E:NM ">>LM OHK =>F $BGM>K@KNG= ;>MK:<AM>M P>K=>G  =:LL SN =B>L>F 6>BMINGDM GH<A
D>BG> =BLSBIEBGXK>G 0K>GGEBGB>G SPBL<A>G IARLBL<A>K GMAKHIHEH@B>  1K@>L<AB<AM> NG= !MAGHEH@B>
>QBLMB>KM>G @>L<AP>B@>=>GG:N?NGBO>KLBMXK>K!;>G>:G>KD:GGMP:K>G )NL>>GP:K>G=B>>KLM>G%G
LMBMNMBHG>GBG!NKHI: BGG>KA:E;=>K>KLB<A0A>HKB> )>MAH=>NG=,K:QBL=>KLB<A>M:;EB>K>G=>G BL
SBIEBG>GA>K:NL;BE=>M>G  :L@BEM:N<A?^KULM>KK>B<Ao B>#>L<AB<AM>=>K:GMAKHIHEH@BL<A >MAGH@K:
IABL<A>G;M>BENG@=>L*:MNKABLMHKBL<A>G)NL>NFLLIB>@>EM=>G6>K?:EE=B>L>K!BGA>BMPB=>K PB>>K
BF^;KB@>G!NKHI:GB<AM:G=>KL>K?HE@M> h">>LM/HPNK=>BF&:AK=B>?HKF>EE>0K>G
GNG@=>KIKXABLMHKBL<A>G =>K:GMAKHIHEH@BL<A>GNG=>MAGH@K:IABL<A>G/:FFENG@BF%896,-7836-
7',)297)91NG=BF&:AK=B>1FLB>=ENG@=>K>MAGH@K:IABL<A>G/:FFENG@BG=>G3647()
03+-7 0K:DM=>K)9)2 96+;>L<AEHLL>G 
NLL<AE:@@>;>G= ?^K =B> 1FLB>=ENG@ =>K >MAGH@K:IABL<A>G /:FFENG@ P:K =>K ;>K>BML >KPXAGM>
,E:MSF:G@>E =>KLB<A=NK<A=B>V;>KG:AF>=>K3>EMK>BL>L:FFENG@OHG"K:GS">K=BG:G=ULM>KK>B<A
!LM>:NL=>G&:AK>GNG=GH<AO>K@K]_>KM> !LPNK=>>BG'HFBM>> NGM>K:G=>K>F;>LM>A>G=
 
:NL=>F?K^A>K>GNG==>F=:F:EL:DMN>EE>G(>BM>K=>K>MAGH@K:IABL<A>G/:FFENG@ =>F]LM>KK>B
<ABL<A>G/>FBMBLM>GNG=+KB>GM:EBLM>G2BDMHKAKBLMB:GLHPB>=>F]LM>KK>B<ABL<A>G+KB>GM:EBLM>G"KBMS
.]<DSNL:FF>G@>LM>EEM =:LFBM=>KV;>KLB>=ENG@=>K/:FFENG@;>:N?MK:@MPNK=> %F):B
PNK=>=:L97)91*E6 D0/)6/92()NGM>K=>K(>BMNG@OHG"KBMS.]<D>K]??G>MNG=;EB>;SNGX<ALM
=>F%896,-7836-7',)297)91NGM>KLM>EEM !;= ?? 
B> .><AMLABLMHKBD>KBG ':FBE: /M:N=B@E B><AHPB<S  =B> :G =>K 2-:)67-8A8 !-)2 IKHFHOB>KM>
0:L<AP>K LM>EEM">>LML :KLM>EENG@SNK!GMLM>ANG@L@>L<AB<AM>=>L97)917*E6 D0/)6/92()
>BG>:EM>KG:MBO>2>KLBHG>GM@>@>G %GBAK>K BLL>KM:MBHG^;>Ko :L B>GLM $:;BEBM:MBHGL NG= BLSBI
EBG:KK><AM=>K1GBO>KLBMXM3B>GfhE>@MLB>=:K =:LL=B>0K>GGNG@=>KIKXABLMHKBL<A>G :GMA
KHIHEH@BL<A>GNG=>MAGH@K:IABL<A>G/:FFENG@LHPB>=B>;LI:EMNG@=>K>MAGH@K:IABL<A>G/:FF
ENG@OHF//2%896,-7836-7',)23*197)91=NK<A=B>#K^G=NG@=>L97)917*E6 D0/)6/92()>BG>
IHEBMBL<AFHMBOB>KM>!GML<A>B=NG@P:KELBF&NGB=B>0K>GGNG@=>K;M>BENG@>GOHF1GM>K
KB<AMLFBGBLM>KBNF;>L<AEHLL>GPNK=> K>B<AM>=>KK<AXHEH@>&HL>?:R>K =>K&HL>?/SHF;:MARBF
&:AKFBM=>K(>BMNG@=>K 28,634303+-7',8,23+6%4,-7',)2 &8)-092+BF3*197)91:;E]LM> 
>BG> >L<AP>K=> @>@>G =>G >L<AENLL ;>BF 2>KP:EMNG@L@>KB<AM >BG  B> >L<AP>K=> NG= =:K:N?
?HE@>G==B>0A>F:MBLB>KNG@=>K >;:MM>BG6>BMNG@>GLHPB>>BG>I>KL]GEB<A>/M>EENG@G:AF>:R>KL
?^AKM>GSN>BG>K BLSBIEBG:K:GS>B@>@>@>GBAG/M:N=B@E B><AHPB<S BG=>K>K;>L<ANE=B@M
PNK=>odL<AP>K>GL<ANE=B@NG@>G@>@>G=B>!AK>=>K1GM>KS>B<AG>M>G:EL$H<AL<ANEE>AK>KNG=#>
E>AKM> >KAH;>G NG= LH =B> ,ABEHLHIABL<A> ":DNEMXM  C: =B> @:GS> 1GBO>KLBMXM BG =>K +>??>GMEB<AD>BM
;EHLSNLM>EE>G@>LN<AMcSNA:;>G h/M:N=B@E B><AHPB<S$>KO B + 
%GA:EM=>K >;:MM>P:K =:LL:R>K;>A:NIM>M> =B>0K>GGNG@=>K;M>BENG@>GLHPB>=B>#K^G=NG@
=>L97)917*E6 D0/)6/92()NGM>K=>K(>BMNG@.]<DL;:LB>K>:N?=>K!GML<A>B=NG@OHG1GBO>KLB
MXMLIKH?>LLHK>G =B>=>Ko >NML<A>G#>L>EEL<A:?Mh*>N> >NML<A>,K>LL>:G@>A]KM>GNG=
:GMBL>FBMBL<A>BG@>LM>EEML>B>G )BM=>K0K>GGNG@=>K;M>BENG@>G

o7A:G=E>8>LLB<ANF>BG>OHG>BG>KBAF7:R>K8?>BG=EB<A>G/>BM>:NL@>A>G=>GDMBHG
7e8 =B>>KGB<AMHAG>3B=>KLM:G=ABGSNG>AF>G@>G>B@ML>B /<AHGL>BMEXG@>K>K6>BM;>
LM>A>GSPBL<A>G@>PBLL>G'K>BL>G=>K1GBO>KLBMXMNG=,KH?>LLHK:R>K B??>K>GS>G =B>
LB<ALHPHAE:N?=:LPBLL>GL<A:?MEB<A>:EL:N<A:N?=:LIHEBMBL<A>#>;B>M>KLMK><D>G !L
PNK=>BG=B>L>G'K>BL>GNGEB>;L:F;>F>KDM =:_,KH?>LLHK:R>K?^K>BG>NG;>=BG@M?K>B>


>B45'I><10C7HBCD384AC44>;>684$0;L>=C>;>684D=3=0C><840=34A)=8E4AB8CLC+84=D=3P14A=07<8<07A

 384 48CD=634A'-"+()(%(!#," -"'(!+)"#,"'-#%.'!48=A827  ,D34<;48C4C44A384DB


6A01D=64=8=+8;;4=3>A50=34=4=0D27>B450H4AC48;=07<'C0D386;8427>F82I  
'C0D386;8427>F82IE4A<DC4C30BB<8C34A4DCB274=4B4;;B2705C34A .-,"%.>34A384 .-," &#'
," -64<48=CF0A\4834F0A4="4CIF4A:4384?>;8C8B27D=3A0BB8B27D=;841B0<4$4AB>=4=E>=;48C4=34=$>BC4=
D=C4A0=34A4<0=)=8E4AB8CLC4=54A=70;C4=F>;;C4=X'C0D386;8427>F82I  
 
.B<AMNG@=>K3BLL>GL<A:?MHAG>>K^<DLB<AMB@NG@=>KI:KM>BIHEBMBL<A>G#>@>GLXMS>>BG
@>MK>M>GBLM h*>N> >NML<A>,K>LL>

>K:D:=>FBL<A>/>G:MLIK:<A:R>K?^KL<ANE=B@NG=>KD:GGM>BAFL>BG>(>AK;>?N@GBL:; 2HG=>G
,>KLHG>G =B>=>G/>G:M;BE=>M>G oLM:G=>GFBG=>LM>GL?^G?=>F >NML<A>G'EN;G:A>h/M:N=B@E
B><AHPB<S :R>K>KAH;;>BF1GM>KKB<AMLFBGBLM>KBNF!BGLIKN<A@>@>G=:L1KM>BENG=
DHGGM> ;BL SNK !GML<A>B=NG@ ^;>K =B> >KN?NG@  =B> >KLM BF N@NLM  >K?HE@M>  E>AK>G  :R>KL
/<ANE=PNK=>;>LMXMB@M :;>K=B>/MK:?>:;@>L<APX<AM BG=>F:R>K?^K=K>B&:AK>=B>(>AK;>?N@GBL
>GMSH@>GPNK=> /M:N=B@E B><AHPB<SL<AEB>_MFBM=>F$BGP>BL:N?>BG,KHMHDHEE=>K)987',)2)
1)-27',%*8:NL=>F&:AK =:L;>P>BLM =:LL:N?@KNG=:R>KLIHEBMBL<A>K!BGLM>EENG@@>@>GBAG
OHK@>@:G@>GPNK=>>;= ? 

odS>KF:D;>:GMK:@M!BG@K>B?>GP>@>G BK>DMHKL HS :R>K =>KP>@>GNG>KA]KM>KG
@KB??>:N?=B>1GBO>KLBMXMN ,KH?>LLHK>G=>KO>GB:E>@>G=B>GMDE>B=>MPNK=> :;>KK>DNK
KB>KM> N  =:A>K GH<A EB>LM  A:K:DM>K :R>KL L<AE><AM  IHEBMBL<A>K 1MBEBM:KB>K  NG@>K:=
?K>NG=EB<A C>MSMLM:KDKHM L>AK@>?XAKEB<A P>GG>K BK>DMHK=>LG>N>G)NL>NFLBG=>K
$H?;NK@PBK= )BGBLM>KBNFLHEE/>G:ML;>L<AEN_;>LMXMB@>GEE>?^K>G>K@BL<A>>MK>B
;NG@  NK<A&NGD>K;>B)BGBLM>K #E>BLI:<A;>B/>G:M f'HKK>LIHG=>GSG?K:@>BG=>K
,K>LL>ch/B>@>KMSBM G:<A/M:N=B@E B><AHPB<S$>KO B + 

NL@>A>G=OHG/M:N=B@E B><AHPB<S1GM>KLN<ANG@P:K=B>#K^G=NG@=>L97)917*E6 D0/)6/92()


D>BG>K>BGIK:DMBD:;E>(]LNG@ NFFBM=>FGP:<AL>G=>K/:FFENG@NFSN@>A>G LHG=>KG=>K>K
?HE@K>B<A>2>KLN<AIHEBMBL<A:G=>KL=>GD>,>KLHG>GLRLM>F:MBL<A:NLPBLL>GL<A:?MEB<A>G%GLMBMNMBHG>G
SNO>K=KXG@>G 

%G':IBM>E o B>!GMLM>ANG@L@>L<AB<AM>>MAGHEH@BL<A>K)NL>>GBG!NKHI:hPNK=>;>K>BML=:K@>
E>@M =:LL=>K>KLM>(>AKLMNAE?^KGMAKHIHE@B>NG=!MAGH@K:IAB>:G=>K2-:)67-8A8!-)2BF&:AK
 >KKB<AM>M PNK=> NG= =B> SP>B BLSBIEBG>G :N? NGBO>KLBMXK>K !;>G> BG ULM>KK>B<A >MP:L EXG@>K
O>K>BGM;EB>;>G:ELBF)NL>NFL;>K>B<A ;BL>;>G?:EELBF&:AK=:L278-898*E6 D0/)6/92()@>
@K^G=>MPNK=>#BG@KB<AH &  BLG:<A=>F6P>BM>G3>EMDKB>@;EB>;=:L%GLMBMNMKXNFEB<AFBM=>F
)NL>NFO>K;NG=>GNG=;>?:G=LB<A>;>G?:EELBG=>K3*&96+">>LM 
B>/:FFENG@=>LG>N@>@K^G=>M>G)NL>NFLP:K@>H@K:IABL<ALHKMB>KMNG=>L>QBLMB>KM>Go;M>B
ENG@>G?^K?KBD: =>G2HK=>K>G+KB>GM /^= NG=/^=HLM:LB>G %G=HG>LB>G LHPB>*HK= NG=)BMM>E
:F>KBD:h>;=  =B>=>G>LN<A>K9BGG>GSN@XG@EB<AP:K>G 1F=B>>D:GGMA>BM=>L)NL>NFL
P>BM>K SN >KA]A>G PNK=>G :N? .]<DL %GBMB:MBO> /HG=>K:NLLM>EENG@>G DHGSBIB>KM  oPH;>B G>;>G =>K

 
,KXL>GM:MBHG G>N>K /:FFENG@>G >KLMF:EL :N<A MA>F:MBL<A> N?LM>EENG@>G PB> d'BG=>KLIB>ES>N@
?K>F=>K2]ED>KcO>KLN<AMPNK=>G h">>LM$>KO B +  :LPBLL>GL<A:?MEB<A>,>KLHG:E
O>KF>AKM>LB<ANG=/MN=B>K>G=>=>KLB<A>M:;EB>K>G=>G BLSBIEBG=>K!MAGHEH@B>P:K>G:N??K>BPBEEB@>K
:LBLBF)NL>NF;>L<AX?MB@M BLSNF6P>BM>G3>EMDKB>@>K?HE@M>SP:KD>BG>2>KF>AKNG@=>K>
LMXG=>BG@KH_>F):_> =>GGH<APNK=>=B>/:FFENG@LM^<DP>BL>O>K@K]_>KM !;= ? 

o B>!KP>BM>KNG@=>L/:FFENG@L;>LM:G=LP:KP>@>G=>K@>KBG@>G HMB>KNG@=>LG
D:N?L;N=@>MLP>BMP>GB@>KK:L:GM 6N=>FF:<AM>LB<A=:L">AE>G=>L?K^A>K>G)XS>G:
M>GMNFLLI^K;:K;>F>KD;:K G=>K>KL>BML?^AKM>=>KN?LMB>@=>K2]ED>KDNG=>SNK:D:
=>FBL<A>G BLSBIEBGSN>BG>FG@>;HMOHG/:FFENG@>G =B>OHG!MAGHEH@>GBF.:A
F>GLRLM>F:MBL<A>K">E=?HKL<ANG@:G@>E>@MPNK=>G h">>LM

3XAK>G==>L6P>BM>G3>EMDKB>@LPNK=>G>BG#KH_M>BE=>K+;C>DM>=>L97)917*E6 D0/)6/92()
:N_>KA:E;OHG3B>GBG/B<A>KA>BM@>;K:<AMNG=;BLE>=B@EB<Ao/HG=>KL<A:N>Gh">>LM
=NK<A@>?^AKM *:<APNK=>=:L)NL>NF:EL(:S:K>MMNG=+KMAHIX=BL<A>L'K:GD>GA:NL@>GNMSM
$:KM>K 
N<A P>GG D>BG> @KH_>G 2>KENLM> =>K /:FFENG@ SN O>KS>B<AG>G P:K>G  LM:G= =:L )NL>NF G:<A
!G=>=>L'KB>@>LOHK=>K$>K:NL?HK=>KNG@ =B>:EM>G>LMXG=>SNBGO>GM:KBLB>K>G P:LBG=>K6>BM=>L
)NL>NFL:N?;:NLLHPB>PXAK>G==>L'KB>@>LO>KG:<AEXLLB@MPHK=>GP:K "^K=B>*>N:N?LM>EENG@=>L
)NL>NFLP:K=>KG>N> BK>DMHK =>K]LM>KK>B<ABL<A>+KB>GM:EBLM.H;>KME>B<ALM>BG>KO>K:GMPHKMEB<A 
=>K=:L)NL>NF;BLE>BM>M>NG=oL>BG>G*:<A?HE@>KG>BG>G>MP:L^;>K=>F2HKDKB>@LGBO>:N
GHKF:EBLB>KM>G)NL>NFL;>MKB>;^;>KE:LL>Gh">>LMDHGGM> %AF?HE@M>=B>]LM>KK>B<ABL<A>
!MAGHEH@BG!MM:><D>K HGG>K =B>=:L)NL>NFSNo>BG>F>??BSB>GM>G"HKL<ANG@L NG=BE=NG@L
BGLMBMNMh>;= F:<AM> BG=>FG>N>%G?K:LMKNDMNK;>K>BM@>LM>EEMNG==:LPBLL>GL<A:?MEB<A>,>KLHG:E
:N?@>LMH<DMPNK=>  B>NLLM>EENG@LMXMB@D>BMG:AFNGM>KBAK>K(>BMNG@F:LLBOSNNG=>LPNK=>GN
_>GLM>EE>G=>L)NL>NFLBF',0377%8>)2 BG%68%97)%1-2+NG=LIXM>K:N<ABF',0377',%62
78)-2>KKB<AM>M G@>LB<AML=>KFBMME>KP>BE>:D:=>FBL<A>M:;EB>KM>G BLSBIEBG=>K2]ED>KDNG=> P:K>G
:N<A=B>)BM:K;>BM>K9BGG>G=>L)NL>NFLSNG>AF>G=:NL@>;BE=>M>!MAGHEH@9BGG>G =B>L>E;LM">E=
?HKL<ANG@;>MKB>;>GNG=LH=B>/:FFENG@L;>LMXG=>>KP>BM>KM>G !;= ?? 
%G=>GG>NGSB@>K&:AK>G=>L &:AKANG=>KMLFNLLM>G=B>.XNFEB<AD>BM>G=>L97)917*E6 D0/)6
/92()L:GB>KMP>K=>GNG=0>BE>=>K/<A:NL:FFENG@P:K>G?^K>LN<A>K9BGG>GGB<AMF>AKSN@XG@
EB<A %F&:AKPNK=>=:L)NL>NF=>F)NL>NFLO>K;:G=9278,-7836-7',)797)911-897)91
*E6 D0/)6/92()92(@78)66)-',-7',)7,)%8)6197)91SN@>HK=G>M3>EMFNL>NF3B>GH & :  :L
>BGLM=>F%896,-7836-7',)297)91:G@>@EB>=>KM>97)91*E6 D0/)6/92()P:KGNG=>F9278,-7
836-7',)2 97)91 NGM>KLM>EEM  B>L> LB<A XG=>KG=>G >SB>ANG@>G SPBL<A>G =>G )NL>>G LBG= ABG
LB<AMEB<A =>K BF ':IBM>E   ;>L<AKB>;>G>G !GMPB<DENG@>G BGM>K>LL:GM  BF .:AF>G =>K>K +;C>DM>
 
>MAGHEH@BL<A>K )NL>>G SN 'NGLM@>@>GLMXG=>G n:N?@>P>KM>Mj PNK=>G  ;>SB>ANG@LP>BL> :G@>LB<AML
=>K >;:MM>  H; >MAGHEH@BL<A> )NL>>G BG )NL>>G GB<AM >NKHIXBL<A>K 'NGLM NF@>P:G=>EM P>K=>G
LHEEM>GO@E $:KFL 3>BM>K@>A>G=>!KEXNM>KNG@>G BGPB>?>KG=B>G@EB>=>KNG@=>L97)
917*E6 D0/)6/92()=:LLMK:M>@BL<A>6B>EO>K?HE@M> =B>/:FFENG@LH;C>DM>NFSNPB=F>G H=>KH;
]DHGHFBL<A IHEBMBL<A>*HMP>G=B@D>BM>GBF2HK=>K@KNG=LM:G=>G BLMBF.:AF>G=B>L>KK;>BMGB<AM
P>BM>K:NL?^AK;:K 

  ?62EB7
G@>LB<AML=>K BLDNLLBHG>GBG>KEBG^;>K=B>1FLB>=ENG@=>K>MAGHEH@BL<A>G/:FFENG@>GBG=:L
91&30(83691NG==>F2HKPNK? =:LL>LLB<A;>B=B>L>FNGM>K:G=>K>F:N?@KNG==>KP>BM@>A>G
=>G.>DHGLMKNDMBHG=>L )60-2)6',0377)7NF>BG>G+KM=>KDHEHGB:E>G2>K@:G@>GA>BMA:G=>EM BLM
SN;>K^<DLB<AMB@>G =:LL=B>3*&96+o.>@B>KNG@LLBMS=>K$>KS]@>NG=!KSA>KS]@>OHGULM>KK>B<A 
=>KK]FBL<A =>NML<A>G']GB@>NG=':BL>KLHPB>=>K':BL>KOHGULM>KK>B<AhULM>KK>B<ABL<A>D:=>
FB>=>K3BLL>GL<A:?M>GH & :P:K G=K>:L*B>KA:NL =>K#>L<AB<AM>NG='NGLM@>L<AB<AM>:G=>K
2-:)67-8A8!-)2LMN=B>KM>3>ESB@/MNAEI?:KK>K ;>MK:<AM>M=B>*NMSNG@=>L3647()03
+-7BG=>K)9)2 96+BF'HGM>QM=>K)NL>:EBLB>KNG@=>K!-)2)63*&96+

o B>)NL>:EBLB>KNG@=>K3B>G>K$H?;NK@fNG==:LBLM;>S>B<AG>G=?^K=>GIKH;E>F:MB
L<A>GNG=IK>DXK>G/M:MNLOB>E>K>NKHIXBL<A>K RG:LMB>GBFd;^K@>KEB<A>Gc &:AKANG
=>KMfL>MSM>C>=H<AL<AHGOB>E>&:AK>OHK=>F!G=>=>K)HG:K<AB>>BG:ELP>L>GMEB<A>L
!E>F>GMH??>GLBO>K$BLMHKBLB>KNG@NG=FHGNF>GM:E>K(>@BMBFB>KNG@=RG:LMBL<A>K$>KK
L<A:?M h*B>KA:NL

B>FNL>:E>*NMSNG@OHG0>BE>G=>K$H?;NK@=B>GM>=>K(>@BMBF:MBHG=>L@KH_:G@>E>@M>G.>LB=>GS
;:NL  >K:N=>L3647()03+-7P:K0>BE>BG>LoGNK?K:@F>GM:KBL<AK>:EBLB>KM>G,:E:LM NG=)NL>
NFLDHFIE>Q>Lh>;= =>Fo':BL>K?HKNFh>;=  NL=>F"K:GS]LBL<A>G^;>KL>MSM;>=>NM>M
3647()03+-7o3HAGMK:DM :N<AP>GG?^K=>G:NM>BELIXM>LM>GL:;,EXG>SNKFNL>:E>G*NM
SNG@OHKE:@>G =B>:;NGM>K=>GK<ABM>DM>G"KB>=KB<A+AF:GGNG=(N=PB@:NF:GGDHGDK>
MBLB>KMPNK=>G !;= ?? 
:L2HKA:;>G=>K!KKB<AMNG@>BG>L%-7)6*36917G:<A=>G,EXG>G=>KK<ABM>DM>G#HMM?KB>=/>FI>K
NG=:KE$:L>G:N>KPNK=>GB>?>KMB@@>LM>EEM/MNAEI?:KK>K  :L%-7)6*3691:EL:K<ABM>DMH
GBL<A>,KXL>GM:MBHGNG= >FHGLMK:MBHGOHG$>KKL<A:?MLM>AMBG=>K0K:=BMBHG:GMBD>K':BL>K?HK>GNG=
BLMGB<AMLLI>SB?BL<A]LM>KK>B<ABL<A>L#HMM?KB>= TAGEB<A>,KHC>DM>@:;>L:N<ABG:G=>K>G
.>LB=>GSLMXMM>GPB>SNF>BLIB>EBG,:KBL .HFNG=>KEBGO@E >;=   B>,EXG>?^K=:L3B>G>K
%-7)6*3691L:A>G

 
o>BG@>L<AEHLL>G>L:K<ABM>DMHGBL<A>L!GL>F;E>OHK =:LOHG=>K:EM>G$H?;NK@ NGM>K!BG
;>SB>ANG@=>L'NGLM NG=*:MNKABLMHKBL<A>G)NL>NFLNG==>L?>KMB@@>LM>EEM>G):
KB: 0A>K>LB: >GDF:EL ;BLSN=>G$H?LM:EENG@>G=>FA>NMB@>G)>LL>@>EXG=>7=>F)N
L>NFLJN:KMB>K8K>B<A>GAXMM>LHEE>G PH;>B=B>.BG@LMK:_>=NK<ASP>BFHGNF>GM:E>0KB
NFIA;]@>G^;>KLI:GGMP>K=>GLHEEM> h/M:<A>E

B>;;BE=NG@:NL=>F&:AKS>B@M=:L@>IE:GM>,KHC>DM%-7)6*3691:NL=>K,>KLI>DMBO>
=>LA>NMB@>G2HKIE:MS>L=>L)NL>NFLJN:KMB>KL 



 &, +%+!*")*-'


B>>G=@^EMB@>)NL>:EBLB>KNG@=>L3647()03+-7PBK="K:GS">K=BG:G=ULM>KK>B<A!LM>SN@>L<AKB>
;>G =>K=B>:NE>BMNG@^;>KG:AFNG==B>*NMSNG@=>L3647()03+-7SNo)NL>NFLSP>
<D>Gh"K:GS">K=BG:G=SBM *B>KA:NL?>LME>@M> *>;>G=>K!LM>GBL<A>G/:FFENG@
NG= =>K "B=>BDHFBLL;B;EBHMA>D PNK=> "K:GS ">K=BG:G=L 3>EMK>BL>L:FFENG@ BG =B>L>F 0K:DM =>K
)9)2 96+NGM>K@>;K:<AM *:<A=>F0H==>L0AKHG?HE@>KL@BG@>G=B>2>KP:EMNG@=>L3647()
03+-7 NG= =:L !B@>GMNF L>BG>K /:FFENG@>G :G =>G /M::M ^;>K  B> >MAGHEH@BL<A> /:FFENG@ =>K
3>EMK>BL>L:FFENG@PNK=> PB>;>K>BML>KPXAGM OHF97)91*E6 D0/)6/92()^;>KGHFF>G *B>K
A:NL?? 

 
*H<A;>OHK=B>$H?;NK@G:<A=>F!KLM>G3>EMDKB>@LBAK>"NGDMBHG:ELD:BL>KEB<A>.>LB=>GSO>KEHK>G
A:MM> LM:G=?>LM =:LL=B>%=>>=>L':BL>K?HKNFL =>GNKLIK^G@EB<A>G,EXG>G?HE@>G= GB<AMNFL>MS;:K
P:K :NF:GG =>KG:<A+AF:GG=B>N?@:;>:ELNK@;:N:K<ABM>DM^;>KG:AF PHEEM>=:L,KHC>DMBG
=K>B/<AKBMM>G?>KMB@LM>EE>G PH;>B=>KE>MSM>/<AKBMM=B>"BG:EBLB>KNG@=>L"HKNFLP:K G@>LB<AML=>L
'KB>@>LNG==>LL>G"HE@>GFNLLM>G=B>K;>BM>G:G=>K$H?;NK@>BG@>LM>EEMP>K=>G %G=>G&:AK>G
=>K*:<ADKB>@LS>BMPNK=>G>BGB@>.XNFEB<AD>BM>G=>K$H?;NK@:G3HAEMXMB@D>BMLHK@:GBL:MBHG>GO>K
FB>M>M :G=>K>OHGLM::MEB<A>GLHPB>GB<AM LM::MEB<A>G':GSE>B>GNG="BKF>G:EL^KHL@>GNMSM 6P>B
*NMSNG@LDHGS>IM>PNK=>G;BLSNF>@BGG=>LNLMKH?:L<ABLFNL=BLDNMB>KM6NF>BG>G:NF:GGL
%=>> =>K )NL>:EBLB>KNG@ NG= SNF :G=>K>G =:L 2HKA:;>G =>L K<ABM>DM>G ):K<>E ':FF>K>KL  =B>
$H?;NK@SN>BG>Fo2>K@G^@NG@L>M:;EBLL>F>GMh/MNAEI?:KK>KFBM:?ZL .>LM:NK:GMLNG=
>BG>F'BGHNFSN@>LM:EM>G )BM=>K1GM>K;KBG@NG@=>L97)917*E6 D0/)6/92()L>MSM>LB<AL<AEB>_
EB<A=:LFNL>:E>*NMSNG@LDHGS>IM=NK<A !;= ?? 
3XAK>G==>LNLMKH?:L<ABLFNLLM:G=OHK:EE>F=B>!KKB<AMNG@OHG >GDFXE>KGBFK>:E=>K3*
&96+BF6>GMKNF=>K BLDNLLBHG>GNG=:N<A=B>">KMB@LM>EENG@=>L%-7)6*36917PNK=>>KG>NM=>
;:MMB>KM 3B>L<AHGPXAK>G==>LNLMKH?:L<ABLFNL;EB>;=:L3*&96+ K>:EPXAK>G==>L*:MBHG:E
LHSB:EBLFNL>BGS>GMK:E>K+KM=>K):<AM=>FHGLMK:MBHGNG==B>GM>=>KoIHEBMBL<A>G(>@BMBF:MBHG NF
LB<ABG=>K0K:=BMBHG=>L$>BEB@>G.]FBL<A>G.>B<A>L >NML<A>K*:MBHGSNO>KLM>A>Gh>;=  
/MX=M>;:NEB<A>2HKA:;>GSNK1F@>LM:EMNG@=>L)0()240%8>)7NG=SNK">KMB@LM>EENG@=>L%-7)6*3
6917MK:M>G>KG>NMBG=>G2HK=>K@KNG= PNK=>G:EE>K=BG@LGB<AMNF@>L>MSM /MNAEI?:KK>K?? 
*:<A=>F6P>BM>G3>EMDKB>@PNK=>=B>3*&96+OB>E?XEMB@@>GNMSM 1GM>K:G=>K>F;>?:G=LB<A=HKM
=>K /BMS =>K /HPC>MDHFF:G=:MNK  >BG KNLLBL<A>L +??BSB>KLD:LBGH  >BG HKMAHIX=BL<A>L 'K:GD>GA:NL
NG=:;=B>,KXLB=>GML<A:?MLD:GSE>B>;=  BLBG=B>>K&:AK>;EB>;=:L3*&96+ K>:E
P>BM@>A>G= NG:G@>M:LM>M NG= ;BL :N? =>G NL;:N =>K @78)66)-',-7',)2 %8-32%0&-&0-38,)/ BG =>G
>K&:AK>GD:F>LSND>BG>G*>N>KNG@>G  B>"HKNFLB=>>PNK=>SNGX<ALMGB<AMPB>=>K:N?@>
@KB??>G P:L:N?SP>BLI>DM>SNK^<DSN?^AK>GBLM6NF>BG>GP:KLB>=NK<A=B>2>K>BGG:AFNG@=NK<A
=:L*/ .>@BF>OHK;>E:LM>M SNF:G=>K>GM>BE>GLB<A=>KNG=NG==B>/M:=M3B>G=B>6NLMXG=B@D>BM>G
?^K=:L#>;B>M ;=>G>K &:AK>G@:;>L2>KLN<A> =B>"HKNFLB=>>S>BM@>FX_NFSN=>NM>GNG=
>BG>G>BGA>BMEB<A>G'HFIE>QOHF97)91759%68-)6;BLABGSNF%GG>K>GNK@MHKSNL<A:??>G %GPB>
?>KG=B>L>,EXG>>BG>1F=>NMNG@=>K"HKNFLB=>>P:K>G ;E>B;MSNABGM>K?K:@>G 0KHMS=BO>KL>K,EXG>
SNK!KKB<AMNG@>BG>L"HKNFLD:F>LL>BM=>K!K]??GNG@=>L)NL>NFLJN:KMB>KL>A>KSN>BG>K;@K>G
SNG@SN=>G;>G:<A;:KM>G%GLMBMNMBHG>G )BMME>KP>BE>PBK=BF'HGM>QM=>K!K]??GNG@=>L%97)7()6
)7',-',8)>KG>NM^;>K>BG>LM:=MKXNFEB<A>2>K;BG=NG@SPBL<A>G97)91759%68-)6NG=3*&96+=BL
DNMB>KM 3>ESB@?? 


 
 +5<D=EC5E=+95>
%G=>G&:AK>GSPBL<A>GNG=;EB>;=:L)NL>NF:N?@KNG==>K1F;:N:K;>BM>G@>L<AEHLL>G
NG==:G:<AGNK?^K/HG=>K:NLLM>EENG@>G PB>=B>;>K>BML>KPXAGM>GNLLM>EENG@ )2-2ID2-+)92(
-89%0) ?^K>LN<A>K9BGG>G@>]??G>M *:<A=>F=B>#>G>K:E=BK>DMHKBG=>L)NL>NFLO>K;:G=L9278
,-7836-7',)7 97)91 1-8 97)91 *E6 D0/)6/92() 92( @78)66)-',-7',)7 ,)%8)6197)91  /:;BG>
$::@ BF&:AK=>GGB>=>KEXG=BL<A>G):MA>F:MBD>KNG=3BLL>GL<A:?MLABLMHKBD>K/M>O>G!G@>EL
F:GSNFG>N>G BK>DMHK=>L)NL>NFL>KG:GGM> PNK=>=:L)NL>NF>BG&:AKLIXM>KNF;>G:GGMNG=
>KAB>EM=>G*:F>G!)08197)91!-)2  :FBM>BGA>K@BG@=B>*>NDHGS>IMBHG=>K :N>K:NLLM>EENG@ 
%F+DMH;>KPNK=>=:L!)08197)91!-)2PB>=>K>K]??G>MNG=FBM&:AK>LP><AL>E^;>KG:AFHAG>
]??>GMEB<A>NLL<AK>B;NG@=>K/M>EE>=>K2BS>=BK>DMHKNG=!MAGHEH@>AKBLMB:G/<AB<DE@KN;>K=B>(>B
MNG@3>EMFNL>NF3B>GH & : N?=>K$HF>I:@>=>L)NL>NFLPBK==B>G>N>)NL>NFLDHGS>IMBHG
?HE@>G=>KF:_>G;>PHK;>G

o :L$>KSLM^<D=>LG>N>G)NL>NFLBLM=B>OHG#KNG=:N?G>NDHGSBIB>KM>/<A:NL:FF
ENG@ %G/XE>G =B>LB<APB>>BG>,>KE>GD>MM>OHG#>L<AB<AM>G:G>BG:G=>KK>BA>G P>K
=>G=B>S>GMK:E>G>LMXG=>@>S>B@MNG=:NLS>BM@>FX_>K/B<AMBGM>KIK>MB>KM 3BKF]<AM>G
%AG>G =B> #>E>@>GA>BM @>;>G  =B>L> /XE> SN >GM=><D>G NG= L<AHG C>MSM >BG>G 2HK@>
L<AF:<D:N?=:LG>N>3>EMFNL>NF3B>GSN;>DHFF>G h3>EMFNL>NF3B>GH & 

B>/XE>LBG=M>BEL@>H@K:IABL<A M>BELMA>F:MBL<ALMKNDMNKB>KMNG=MK:@>G?HE@>G=>*:F>Go>GBGNG=
TMABHIB>G'NGLM ):<AM 3B=>KLM:G=h o'NEMNKD:FI?BG3B>Gh o!BG]LM>KK>B<ABL<A>L)HL:BDK:
LBEB>GLh o%F/<A:MM>G=>L'HEHGB:EBLFNLh o B>G>N>3:AKG>AFNG@f >KEB<D:N?ABG:h o
f&:I:GDHFFMG:<A!NKHI:h o/:FFE>KP:AG %<AE>B=>:G)NL>HF:GB>h o/^=L>>>@>@GNG@>G
FBM=>FO>KEHK>G>G,:K:=B>Lh o":LSBGB>KMOHG%G=HG>LB>Gh o3>EMBG>P>@NG@h o >K+KB>GMOHK
=>K$:NLM^K>h o#>L<AB<AM>G:NL)>LH:F>KBD:hNG=o!BG HK?BG=>G>K@>Gh3>EMFNL>NF3B>G
H&

6NL:FF>G?:LL>G=;E>B;M?>LMSNA:EM>G =:LL>BG0>BE=>L/:FFENG@L;>LM:G=L=>L!)08197)917!-)2
:NL=>G'NGLM NG=3NG=>KD:FF>KG=>K/IXMK>G:BLL:G<>LM:FFMNG=:N<A:G=>K>0>BE>=>K/:FF
ENG@PXAK>G==>K6>BM=>L>NKHIXBL<A>G%FI>KB:EBLFNLNG='HEHGB:EBLFNLG:<AULM>KK>B<A@>E:G@M>G 
!KLM=>KDHEHGB:E>'HGM>QM>KF]@EB<AM>=>Gn!KP>K;jOHG+;C>DM>G:N_>K>NKHIXBL<A>K,KHO>GB>GS 
:L97)91*E6 D0/)6/92()PNK=>BF&:AKBF3647()03+-7BG=>K=>K)9)2 96+>K]??G>M 
*:<A=>F=:L)NL>NF:;=>G>K&:AK>G@>G>K:EL:GB>KMPNK=>NG=>BGB@>&:AK>SNFBG=>LMM>BE
P>BL>@>L<AEHLL>GP:K PNK=>>BG>G>N>'HGS>IMBHG=>L)NL>NFL>K:K;>BM>M =B>NGM>K:G=>K>FSNK
1F;>G>GGNG@BG!)08197)91!-)2?^AKM> %F$>K;LMPNK=>=:L)NL>NFNGM>K=>K BK>DMBHG

 
OHG/M>O>G!G@>ELF:GPB>=>K>K]??G>M =>KFBM&:AK>LP><AL>E=B>(>BMNG@=>L)NL>NFL:GAKBLMB:G
/<AB<DE@KN;>K:;@:; 

B7E=5>D1D9?>5>-95<C5DJE>75>9C;ECC9?>5>
%G=B>L>F':IBM>EP>K=>G=:L>KEBG>K8,2303+-7',)97)91NG==:L!)08197)91!-)2ABGLB<AM
EB<A=>KNGM>KL<AB>=EB<A>GK@NF>GM:MBHG>G 6B>EL>MSNG@>GNG= BLDNLLBHG>GNGM>KLN<AM NF=B>"HK
L<ANG@L?K:@>SN;>:GMPHKM>G BGPB>?>KG=B>1FLB>=ENG@;>SB>ANG@LP>BL>=B>3B>=>K>K]??GNG@=>K
;>B=>G )NL>>G BG 6NL:FF>GA:G@ FBM NL>BG:G=>KL>MSNG@>G ^;>K =B> DHEHGB:E> 2>K@:G@>GA>BM
>NML<AE:G=LNG=ULM>KK>B<ALLM>A>G  >K"HDNL=>KG:ERL>EB>@MBG >NML<AE:G=:N?=>F6>BMK:NF
SPBL<A>G=>K#KNG=LM>BGE>@NG@=>L91&30(836917NG==>K#K^G=NG@=>L^G=GBLL>L391
&30(8 BF&:AK  >K3><AL>E=>K#K^G=NG@LBGM>G=:GS=>L91&30(836917BF/HFF>K
OHG,:KSBG@>K ):<#K>@HKNG=K>=>D:FISNK#>G>K:EBGM>G=:GSNGM>K HK@>KEHA;>>G=>MF>B
G>G 1GM>KLN<ANG@LS>BMK:NF  B> 1FLB>=ENG@ =>L 8,2303+-7',)2 97)91L BGL 91&30(83691
NG==B>=:K:NLK>LNEMB>K>G=>'HFI>M>GSO>KE:@>KNG@>K?HK=>KM=B>>K^<DLB<AMB@NG@;>B=>K%GLMBMNMB
HG>G BG =>K G:ERL>  PH;>B >BG> DE:K> 0K>GGNG@ SPBL<A>G 91&30(83691 NG= 8,2303+-7',)1
97)91GB<AMBFF>KF]@EB<ABLM %G3B>GEB>@M=>KS>BMEB<A>.:AF>GSPBL<A>G=>FGMKBMM!G@>EL
F:GL:ELG>N>F BK>DMHKf=>K=B>N?@:;>=>K*>N:NLKB<AMNG@=>L=:F:EB@>G97)917*E6 D0/)6
/92()BF&:AK^;>KG:AFfNG==>K3B>=>K>K]??GNG@=>L)NL>NFL:EL!)08197)91!-)2BF
+DMH;>K 
2>KP>G=>M> ):M>KB:EB>G LBG= )NL>NFLIN;EBD:MBHG>G  ,K>LL>FBMM>BENG@>G  6>BMNG@L:KMBD>E LHPB>
SP>B!QI>KM>GBGM>KOB>PLFBM/M>O>G!G@>ELF:G =>F>A>F:EB@>G BK>DMHK=>L!)08197)917!-)2
NG=FBMAKBLMB:G'HII:EL2>KMK>M>K=>L2>K>BGL )60-2378/3032-%0)  =>K0>BE=>L^G=GBLL>L
391&30(8 BLM 

 !EC5E=CCD1>4?BDE>4BME=<9385)>D5B2B9>7E>7
3XAK>G==:L!)08197)91!-)2L>BML>BG>K#K^G=NG@BF&:AKBF3647()03+-7BG=>K)9)2
96+NGM>K@>K;:<AMP:K P><AL>EM>=:L>KEBG>K8,2303+-7',)97)91F>AK?:<AL>BG>G/M:G=HKM 
B>1KLIK^G@>=>K/:FFENG@>G=>L>KEBG>K)NL>NFL@>A>GSP:K:N?=B>9278/%11)6BF )60-2)6
',0377SNK^<D =:L)NL>NFL>E;LM;>?:G=LB<A:;>K;BLSNKV;>KLB>=ENG@BGL91&30(83691BF
 &:AKANG=>KMBFF>K:N_>KA:E;=>K$HA>GSHEE>KGK>LB=>GS %G=B>L>F':IBM>EPBK=NGM>KLN<AM P>E
<A> >;:MM>G^;>K=>G)NL>NFLLM:G=HKMLHPB>=B>KXNFEB<A>1GM>K;KBG@NG@=>L>KEBG>K8,2303+-
7',)297)917BF91&30(83691NG==>L!)08197)917!-)2BG=>K)9)2 96+@>?^AKMPNK=>G 
GL<AEB>_>G= PBK= :G:ERLB>KM  BGPB>?>KG LB<A K@NF>GM:MBHG>G  BLDNLLBHG>G NG= 'KBMBDINGDM> BG
>KEBGNG=3B>GBG>SN@:N?/M:G=HKMNG=KXNFEB<A>1GM>K;KBG@NG@NGM>KL<A>B=>GNG==B>DHEHGB:E>
2>K@:G@>GA>BM >NML<AE:G=LNG=ULM>KK>B<AL;>K^<DLB<AMB@>G 

 
  1C5B<9>5BD8>?<?79C385!EC5E=9=E=2?<4D?BE=
B> BLDNLLBHG>G =B>FBM=>K1FLB>=ENG@=>L>KEBG>K8,2303+-7',)297)917OHG )60-2%,0)1
BGL 91&30(83691 >BGA>K@>A>G  ;>SB>A>G LB<A BF 6NL:FF>GA:G@ FBM =>K KXNFEB<A>G *NMSNG@
P>BM@>A>G=:N?=B>!KKB<AMNG@=>L91&30(836917NG==:FBM=B>0>BEK>DHGLMKNDMBHG=>L )60-2)6
',0377)7 %F6>GMKNF=B>L>K >;:MM>LM>A>G=B>NGM>KL<AB>=EB<A>G >NMNG@>G=:K^;>K P:L=:L91
&30(83691LRF;HEBLB>KMNG=LRF;HEBLB>K>GLHEE 

>K>BMLSN>@BGG=>L &:AKANG=>KMLPNK=>^;>K=B>V;>KLB>=ENG@=>L )60-2)68,2303+-7',)2
97)917BGL91&30(83691=BLDNMB>KM 'HGDK>MBLB>KMPNK=>G=B>,EXG>BF&:AK  B>>KLM>G
'HGS>IMIEXG>?^K=B>1FLB>=ENG@PNK=>GOHG2BHE:']GB@ =>K=:F:EB@>G BK>DMHKBG=>L)NL>NFL
>KLM>EEM']GB@SBM G:<A'HKMA:L>  :L91&30(83691 =:L:;L<AKBMMP>BL>>K]??G>M
P>K=>GLHEE>KEBG>K6>BMNG@ ;>BGA:EM>MG>;>G=>K@>L:FM>G/:FFENG@=>L>KEBG>K8,23
03+-7',)297)917LHPB>=>L97)917*E6 7-%8-7',)9278=B> )60-2 9778)0092+=>K(:G=>L@>
L>EEL<A:?M90896463.)/8) )60-2NG==>L8%(8197)917 )60-2LHPB>=:L91&30(8%&36=>K91
&30(82-:)67-8A8>9 )60-2$NF;HE=M"HKNFH &   :L8,2303+-7',)97)91BLM>;>GLHPB>=:L
97)91*E6 7-%8-7',)9278L>BM=>F &:GN:K@>L<AEHLL>G NFFBM=>G1FSN@L:K;>BM>G;>
@BGG>GSND]GG>G!MAGHEH@BL<A>L)NL>NFH & : %G%,0)1PBK=>BG367',92+7'%1497>KKB<AM>M 
=>KB;EBHMA>D>G  >IHML K<ABO>NG="HKL<ANG@L>BGKB<AMNG@>G=>K;>B=>G^;>KLB>=>EM>G)NL>>G
LHPB>%G?K:LMKNDMNK=>LBG :AE>FO>K;EB>;>G>G97)917*E69634A-7',)90896)2SNL:FF>G?^@>G
LHEE,:KSBG@>K 

>K:N=>L91&30(836917BLMBF'HGM>QM=>K!KKB<AMNG@=>K97)917-27)0BG>KEBGSN;>MK:<A
M>G 6B>EP:K=B>/<A:??NG@>BG>Lo'NEMNKJN:KMB>KLh3>ESB@: =:L=NK<A=B>'HGLMKNDMBHG
=>L91&30(836917OHEE>G=>MP>K=>GLHEEM>>;= ?  %F':IBM>E PNK=>G=B>!GMLM>ANG@L
@>L<AB<AM> =>L 91&30(836917 NG= 0>BE> =>K >;:MM>  =B> FBM =>F :N =>L #>;XN=>L NG= =>K
1FLB>=ENG@=>K>MAGHEH@BL<A>G/:FFENG@>G>BGA>K@>A>G LDBSSB>KM )BM=>K/IK>G@NG@=>L )60-2)6
',0377)7=NK<A=B> . .>@B>KNG@BF&:AKLHEEM>>BG6>B<A>G=>LIK>N_BL<A>G%FI>KB:EBLFNL
S>KLM]KMP>K=>G'E^GG>K3>BSF:GG  B>>BGLMFHG:K<ABL<A>/MXMM>PNK=>?^K
=B>>O]ED>KNG@@>]??G>MNG=:ELo'NEMNK NG="K>BS>BMS>GMKNFh&HK=:G@>GNMSM EL=>K
NG=G:<A=>K3B>=>KO>K>BGB@NG@!B@>GM^F>K=>L#>;XN=>LPNK=> ?B>E=B>!GML<A>B=NG@ =:L#>
;XN=>SNL<AEB>_>G %F&:AKPNK=>=>K;KBLL=>L%0%787()6)49&0-/NG==B>!KKB<AMNG@=>L
91&30(836917;>L<AEHLL>G>;= ?  
%G=>K,A:L>SPBL<A>G=>K/<AEB>_NG@NG==>F;KBLL;>L<AENLL@:;>L>BG>IHE:KBLB>K>G=>NL>BG:G
=>KL>MSNG@ =B>>BG>Fo#E:N;>GLDKB>@BF#>BLM>=>L':EM>G'KB>@>L7@E>B<AM8/<AEHLL >?^KPHKM>K
@>@>G,:E:LM !KA:EM>K h)BLL>EPBMS+;KBLM+LP:E= B> >;:MM>;>L<AKXGDM>LB<ABF3>
L>GMEB<A>G:N?=B>":LL:=>G@>LM:EMNG@NG==:LTN_>K>=>L#>;XN=>L>;=  *:<A=>K!GMD>KGNG@
 
=>L%0%787()6)49&0-/PNK=>=B>%GBMB:MBO>o6PBL<A>G,:E:LM*NMSNG@h3>ESB@:OHG
K<ABM>DM9BGG>GNG='NEMNKL<A:??>G=>GBGL(>;>G@>KN?>G 3B>=>K*:F>;>K>BML>K:AG>GEXLLM LHEEM>
=>K%GG>GK:NF=>L#>;XN=>L;BLSNL>BG>F;KBLLSPBL<A>G@>GNMSMP>K=>G NF>BG>]??>GMEB<A> >
;:MM>SNK6NDNG?M=>L#>;XN=>LSN>KF]@EB<A>Go!BG>I:KMBSBI:MBO>NG=S>BM@>G]LLBL<A>DNEMNK>EE>
*NMSNG@=B>L>L+KM>Lf>O>GMN>EENGM>K!KA:EM=>K>;>GFBMOB>E#>E=OHGL;>LM;>?K>BM>GDHGLMKND
MBO>G/MKNDMNK=>L,:E:LM>LfL<AB>G>BG>+IMBHG h3>ESB@: B>DKBMBL<A>G/MBFF>GXG
=>KM>G GB<AML :G =>K !GML<A>B=NG@  =>G ,:E:LM :;SNK>B_>G NG= =:L 91&30(83691 SN >KKB<AM>G
3>ESB@:? o B>:K<ABM>DMHGBL<A>GNG=BGA:EMEB<A>G3>B<A>GLM>EENG@>GBF6>GMKNF=>K
/M:=MP>K=>GOHF^;>KPB>@>G=>G0>BE=>K'NEMNKL<A:??>G=>GBG>KEBGGB<AMFBM@>MK:@>Gh3>ESB@
:  B>)]@EB<AD>BMSN:NMHGHF>F$:G=>EG>KAXEM=B>8-*892+6)9F-7',)690896&)7-8>
=:=NK<A =:LL=B>8%%80-',)297))2:EL>A]K=>@>?^AKMP>K=>G  :=NK<AP>K=>GLB>OHKLM::MEB
<A>G!BG@KB??>G@>L<A^MSM D]GG>G:;>K@E>B<A>KF:_>G]??>GMEB<A>'KBMBDP>BM@>A>G=B@GHKB>K>G>K
G:N?  %GL;>LHG=>K>L>BM*>BE):<#K>@HKLGMKBMM:EL#K^G=NG@LBGM>G=:GM PBK==B>"K:@>
G:<A=>KSND^G?MB@>G'HFI>M>GSO>KM>BENG@SPBL<A>G=>GNGM>KL<AB>=EB<A>GDM>NK9BGG>G/M::MEB<A>
)NL>>G 1GBO>KLBMXMNG=(:G=>KEBG=>L91&30(836917:N?@>PHK?>GO@E >KG:NO@E 
'NAG 
>K>BMLBF&:AK F>AK:ELS>AG&:AK>OHK=>FNG=>LM:@L;>L<AENLLSNK!KKB<AMNG@=>L91
&30(836917 L>MSM>LB<A=>KD6()6:)6)-2 )60-2)6',0377?^K=B>":LL:=>GK>DHGLMKNDMBHG>BG =B>
FBMM>ELIKBO:M>K/I>G=>G?BG:GSB>KMP>K=>GLHEEM>3>ESB@: %GL@>L:FMP>K=>G=:?^K
)BEEBHG>G!NKH;>G]MB@M OHG=>G>GBF+DMH;>K;>K>BML)BEEBHG>G:N?@>;K:<AMPNK=>G"]K
=>KO>K>BG>KEBG>K/<AEHLL> 2 H & : /I>G=>K9BGG>GD]GG>G:;!NKH>BG>G:NLM>BG >BG":LL:
=>GM>BEH=>K>BG/<AFN<D>E>F>GMPXAE>GNG=LB<ALH?BG:GSB>EE:G=>K":LL:=>GK>DHGLMKNDMBHG;>M>B
EB@>G"]K=>KO>K>BG>KEBG>K/<AEHLL> 2   B>#>L:FMDHLM>G?^K=B>!KKB<AMNG@=>L91
&30(836917;>MK:@>GE:NM 92()7%18*E6 %9;)7)292(%9136(292+)BEEBHG>G!NKH?^K=B>
 -N:=K:MF>M>K*NMS?EX<A>NG=>L:FM?^K:NP>L>GNG=.:NFHK=GNG@H &  
2HG=>G -N:=K:MF>M>KGBFSP>BM>GNG==KBMM>G+;>K@>L<AHLL=>L#>;XN=>L =B>OHG=>K8-*
892+6)9F-7',)690896&)7-8>;>:GLIKN<AMP>K=>G LM>A>G=>F8,2303+-7',)297)91>MP: 
SNK2>K?^@NG@ 2HF97)91*E6 7-%8-7',)9278P>K=>GNG@>?XAK-N:=K:MF>M>K@>GNMSM  B>
91&30(82-:)67-8A8 >KAXEM  -N:=K:MF>M>K NLLM>EENG@L?EX<A> NG= =:L (:G= >KEBG FBM =>F
8%(8197)91/MB?MNG@,K>N_BL<A>K'NEMNK;>LBMS 1KLIK^G@EB<AP:K>G=B>-N:=K:M
F>M>K=>L8%(8197)917?^K=B>#)286%092(%2()7&-&0-38,)/ )60-2# K>L>KOB>KM =B>=HKM=B>
NLLM>EENG@ o3>EM =>K /IK:<A>Gh S>B@>G LHEEM>  B> TG=>KNG@ PNK=> OHF />G:M ;>L<AEHLL>G NG=
OHF>KEBG>K^K@>KF>BLM>K)B<A:>E)^EE>KBF)XKSO>KD^G=>M 3>=>K=B>8-*892+ )60-2)6
',0377GH<A=B># PNK=>GBG=B>!GML<A>B=NG@L?BG=NG@FBM>BG@>;NG=>G6:P:MD: #>KE:<A 
3XAK>G= =:L BGA:EMEB<A> 'HGS>IM ;BL BGL &:AK  NGDE:K ;EB>; NG= P>BM>KABG :EL NFLMKBMM>G @BEM 
LM:G==B>XN_>K>"HKF=>L91&30(836917;>K>BML?>LM :EL=>KK<ABM>DM"K:G<H/M>EE:=>G
 
.>:EBLB>KNG@LP>MM;>P>K;@>P:GG3>ESB@:  K>B=>KN_>G?:LL:=>GLBG=>BG>.>DHG
LMKNDMBHG =>L )60-2)6 ',0377)7 G:<A /<AE^M>KL :KH<D;:N  B> +36%  =>K ',0E8)6,3* NG= =:L
',0377*3691 P>K=>G SN =K>B ]??>GMEB<A SN@XG@EB<A>G o/M:=MIEXMS>7G8 BGG>KA:E; =>L $NF;HE=M "H
KNFLh/M>EE:  >K',0E8)6,3*BLMOHG=>G":LL:=>GLH@>LM:EM>MPB>=B>N_>G?:LL:=>=K>B
/>BM>G>GMLIK><A>G=>F2HK;BE=/<AE^M>KLNG=>BG>BLM>BG*>N;:N  NK<A@XG@>O>K;BG=>GBAGFBM
=>F]??>GMEB<A>G.:NF  B> +36%BLM:ELNLLM>EENG@L NG=2>K:GLM:EMNG@LHKM@>=:<AM :G=>FLB<A
:N<A)NL>NFLLAHILNG=:?ZL;>?BG=>GP>K=>G  :L',0377*3691oBLM@E>B<AS>BMB@>BG$H?BG=>K
)BMM>=>L#>;XN=>LNG=>BG]??>GMEB<A>K,E:MSBG=>K)BMM>=>K/M:=Mh>;= NG=LM>EEM>BG>2>K
;BG=NG@SPBL<A>G=>F',037740%8>NG==>F978+%68)2NG=28)6()2-2()2A>K /M>EE:
?? 
N?=>K$HF>I:@>=>L91&30(836917PBK==>LL>GLMX=M>;:NEB<A>"NGDMBHG=NK<A=B>2>K;BG=NG@
OHG',037740%8>NG=97)917-27)0;>MHGM PH=NK<Ao=B>'NGLM NG='NEMNKL<AXMS>:N?=>K)NL>
NFLBGL>EFBM=>G:N_>K>NKHIXBL<A>G/:FFENG@>GBF$NF;HE=M"HKNF =>F)NL>NF=>L+KM>L =>F
$NF;HE=M(:;HKNG==>K>KEBGNLLM>EENG@B=>:ESN>BG>FP>EMNFLI:GG>G=>G'NEMNK NG= B:EH@HKM
>K@XGSM h$NF;HE=M "HKNFH & ;
B>=>NML<A>!MAGHEH@BG2BHE:']GB@ =B>;>K>BMLBF&:AK>BG'HGS>IM?^K=B>NLLM>EENG@=>L
>KEBG>K8,2303+-7',)297)917BF91&30(83691>GMPB<D>EM> A>;MBG>SN@:N?=B>1FLB>=
ENG@=>G/M:G=HKMOHKM>BE=>L91&30(836917A>KOHK'HKMA:L>  B>1GM>K;KBG@NG@=>K>MA
GHEH@BL<A>G/:FFENG@>GABGM>K=>G":LL:=>G=>K$HA>GSHEE>KGK>LB=>GS;>MK:<AM>MLB>GB<AM:ELIKH;
E>F:MBL<A LHE:G@>=>K%GA:EM=:LTN_>K>GB<AMPB=>KLIB>@>EM  B>#K>GS>GSPBL<A>G;:KH<D>K":LL:=>
NG=>BG>F%GA:EM =>K=B> B<AHMHFB>OHGn!B@>G>FjNG=n"K>F=>FjGB<AMK>IKH=NSB>KM L<A>BG>G
:;>KSNO>KL<APBFF>G  >K!BG?ENLL=>K/<AEHLL;>?^KPHKM>K9BGG>GBF%GG>K>G=>L)NL>NFLGBFFM
SNNG=/<AEHLL>E>F>GM>LHEE>GBG=B>NLLM>EENG@FBM>BG;>SH@>GP>K=>G ']GB@IKH;E>F:MBLB>KM=B>
L>L2HKA:;>Go738>GGB<A=:LDHFIE>Q>3>EM;BE==>K>PHAG>K=>LF:SHG:L@>;B>M>LS>B@>GPBEE 
NG==>K>LN<A>K;>@>@G>M=HKM=>K;>LMB<DM>G.HDHDH 0AKHGK^<DP:G==>K']GB@BG!EBL:;>MAAKBL
MBG>fPB>LHEEF:G=:LO>KFBMM>EGh']GB@SBM G:<A>KG:N B>?>AE>G=>%GDENLBHG=>L9
7)9179634A-7',)690896)2 =:LBF#>@>GL:MSSNF8,2303+-7',)297)91NG==>F97)91*E6
7-%8-7',)9278BG%,0)1;E>B;M BLM>BG]??>GMEB<A=BLDNMB>KM>K'KBMBDINGDM:F91&30(83691 
=>FLB<A']GB@:GL<AEB>_M>KG:NO@E #KHL<APBMS??  
B>'NGLMABLMHKBD>KBG):KB:3>ESB@3>ESB@/MNAEI?:KK>KLB>AMBG=>KV;>KLB>=ENG@=>K
:N_>K>NKHIXBL<A>G/:FFENG@>G-2791&30(83691>BG>"HKML<AK>B;NG@=>K0K>GGNG@SPBL<A>G
n!B@>G>FjNG=n"K>F=>Gj /B>;>MK:<AM>M=B>#>L<AB<AM>=>L',037740%8>)7BF NG= &:AKANG
=>KM 3>ESB@ : ?   :EL oPB>=>KD>AK>G=>7G8 IHEBMBL<A>7G8 3NGL<A 7e8  FBMM>EL >BG>L :N
P>KDLH=>K=>LL>G;KBLL=>G#>L<AB<AMLO>KE:N?NFSNBGM>KIK>MB>K>Gh>;=   BF&:AK=>K
#KNG=LM>BGE>@NG@ PNK=>=B>!KKB<AMNG@=>L91&30(836917OHF/M::MLFBGBLM>K?^K'NEMNKNG=
)>=B>G >KG=*>NF:GG :EL6>B<A>G=>K >FHDK:MB>@>=>NM>M
 

o >K3B>=>K:N?;:N=>L>KEBG>K/<AEHLL>LPBK=NGL>K>K$:NIMLM:=MBAK>ABLMHKBL<A>)BMM>
SNK^<D@>;>G %AF@BG@>BGC:AK>E:G@>K,KHS>LL=>K)>BGNG@L;BE=NG@NG==>L;PX@>GL
OHK:NL =>KL<AEB>_EB<ASN>BG>FNG=>LM:@L;>L<AENLLFBM;K>BM>K ?K:DMBHG>G^;>K
@K>B?>G=>K 6NLMBFFNG@ ?^K =:L /<AEHLL ?^AKM>  *:<A =>F =NK<A =B> /! ):<AMA:;>K
@>LIK>G@M>G$HA>GSHEE>KGL<AEHLLNG==>F:N?L>BG>G0K^FF>KG>KKB<AM>M>G,:E:LM=>K
.>IN;EBDPBK=GNGSNF>KLM>G):EBG=>KOB>KANG=>KMCXAKB@>G#>L<AB<AM>>KEBGL>BG=>
FHDK:MBL<AE>@BMBFB>KM>K:NBG=>KABLMHKBL<A>G)BMM>>GMLM>A>G h*>NF:GG

:L91&30(83691=B>GMBG=B>L>K"HKFNEB>KNG@=>Ko/M::MLK>IKXL>GM:MBHGh3>ESB@: 
B>LM::MEB<A>/>E;LMO>K@>PBLL>KNG@PBK==NK<A=B>!KKB<AMNG@>BG>L >GDF:ELSNK=>NML<A>G3B>
=>KO>K>BGB@NG@:F',037740%8>:;@>KNG=>M 1G>KPXAGM;E>B;>GAB>K,KHM>LM>@>@>G=>G3B>=>K:N?
;:N=>L/<AEHLL>L +;PHAE=:LPB>=>KO>K>BGB@M> >NML<AE:G=>BG>GS>GMK:E>G>SN@LINGDM=:KLM>EEM 
PBK=:N<A=B>;K:G=>G;NK@BL<A IK>N_BL<A>2>K@:G@>GA>BMA>KOHK@>AH;>G P:L:N?@KNG==>K":LL:
=>GK>DHGLMKNDMBHGD:NFSNO>KF>B=>GBLM  >KK<ABM>DMNK NG=)NL>NFLABLMHKBD>K*BDHE:NL>KG:N
3>ESB@/MNAEI?:KK>KLB>AMBG=>K":LL:=>GK>DHGLMKNDMBHG=>L )60-2)6',0377)7=>G2>K
LN<A >BG,K>N_>G BE=SNDK>B>K>G ;>B=>F=>KLI>DM=>K'NEMNKBF2HK=>K@KNG=LM>AM $>KF:GG
,:KSBG@>K  ,KXLB=>GM =>K 8-*892+ 6)9F-7',)6 90896&)7-8> NG= G>;>G K>=>D:FI NG= ):<#K>@HK
>BG>K=>K#K^G=NG@LBGM>G=:GM>G=>L91&30(836917 A>;MLHPHAE=B>"NGDMBHG=>K/M::MLK>IKX
L>GM:MBHG:EL:N<A=B>=>K!KBGG>KNG@:G,K>N_>G:EL'NEMNKLM::MA>KOHK

o B>@E^<DEB<A>3B>=>KO>K>BGB@NG@>KEBGLG:<AC:AKS>AGM>E:G@>K0>BENG@;BK@M=B>@KH_>
A:G<> =B>ABLMHKBL<A>)BMM>=>K=>NML<A>G$:NIMLM:=MBGGDG^I?NG@:G=B>DNEMNK>EE>G
!KKNG@>GL<A:?M>G,K>N_>GLG>NSN@>LM:EM>GNG==B>L>)BMM>=:;>BPB>L<AHGBF &:AK
ANG=>KMOHG=>K'NEMNKA>KSN=>GD>G h,:KSBG@>K

%G=>K>KL<AB>G>G>G,N;EBD:MBHG=>K8-*892+6)9F-7',)690896&)7-8> BG=>K=:L=:F:EL@>
IE:GM>:K<ABM>DMHGBL<A>LHPB>BGA:EMEB<A>'HGS>IM=>L91&30(836917OHK@>LM>EEMPNK=> A>;M,:K
SBG@>Ko=:L>LM>OHG,K>N_>Gh>;= A>KOHK NF=:LG:MBHG:E>/>E;LMO>KLMXG=GBL:ELo3BLL>G
L<A:?ML NG='NEMNKG:MBHGh>;= SNLMXKD>G NL@>E:LL>GPBK=AB>KLHPB>BG:G=>K>GK@NF>G
M:MBHG>G=B>0:ML:<A> =:LL,K>N_>G>BGo)BEBMXK NG=):<ALM::Mh>KG:NP:K 0>BE>=>L
/<AEHLL>L =B>SNK$>KKL<A:?ML=>FHGLMK:MBHG=B>GM>G P>K=>G;>B=>K.>DHGLMKNDMBHGGB<AM;>K^<D
LB<AMB@M  B>>M>BEB@NG@=>K$HA>GSHEE>KG:F=>NML<A>G'HEHGB:EBLFNLNG=>NKHIXBL<A>G%FI>KB:
EBLFNL;E>B;M>;>GLHNG>KPXAGMO@E ,:KSBG@>K 
!K;>MK:<AM>M=B>V;>KLB>=ENG@=>K:N_>K>NKHIXBL<A>G/:FFENG@>G:ELABLMHKBL<A>'HGMBGNBMXM BG
=>F >K LB<A :N? =>G 1KLIKNG@ >BGB@>K +;C>DM> BG =>K ;K:G=>G;NK@BL<A IK>N_BL<A>G 9278/%11)6
 
;>SB>AM 'HGS>IMN>EELHEE>L:EE>K=BG@L>BG>DE:K>1GM>KL<A>B=NG@SPBL<A>G9278/%11)6NG=91
&30(83691@>;>G ,:KSBG@>KGBFFMOHKP>@ =:LL:N?>BG>NLLM>EENG@L NG=,KXL>GM:MBHGL?HKF@>
L>MSMPBK= =B>D>BG>$B>K:K<ABLB>KNG@SPBL<A>G=>Fn!B@>G>GjNG==>Fn"K>F=>GjA>KLM>EEM,:KSBG
@>K?  +;=B>L>F2HKA:;>G>GMLIKH<A>GP>K=>GD:GG PBK=LB<ABF.:AF>G=>K!K]??GNG@
=>L91&30(836917BF&:AKS>B@>G 
:L^G=GBL391&30(8 PNK=>:GEXLLEB<A=>K#KNG=LM>BGE>@NG@=>L91&30(836917@>
@K^G=>M%GM>KOB>P'HIING=BLM>BG6NL:FF>GL<AENLLF>AK>K>KSBOBE@>L>EEL<A:?MEB<A>K+K@:GBL:MB
HG>G 'NKSOHK=>K#KNG=LM>BGE>@NG@O>K]??>GMEB<AM>=:L^G=GBL>BG>.>LHENMBHGSNFo)HK:MHKBNF
?^K=:L$NF;HE=M "HKNFBF>KEBG>K/<AEHLLh*H$NF;HE=M:  B>+K@:GBL:MBHG>G?HK
=>KM>G=>G:NLMHII =:LB>=B>1GM>K;KBG@NG@=>K:N_>K>NKHIXBL<A>G/:FFENG@>GABGM>K=>G":L
L:=>G=>KBFI>KB:E>G.>LB=>GS=>K$HA>GSHEE>KG:EL.>A:;BEBMB>KNG@=>NML<A>K'HEHGB:E@>L<AB<AM>
*H $NF;HE=M  : NG= o:EL .>LI>DMEHLB@D>BM @>@>G^;>K =>G +I?>KG NG= BAK>G *:<A?:A
K>Gh*H$NF;HE=M;>MK:<AM>G 
 :L^G=GBLDKBMBLB>KM=:L">AE>G>BG>K@>L>EEL<A:?MEB<A>G >;:MM>OHK:N;>@BGGNG==B>F:G@>E
A:?M> B:EH@;>K>BML<A:?M=>K8-*892+6)9F-7',)690896&)7-8> =B>:;@>AH;>GNG=NGG:A;:KL>B  :L
^G=GBL =B>',;%6>)31192-8=NG==B>7396')'31192-8-)7L>B>GBG=>G,KHS>LLSNK!KKB<A
MNG@=>L91&30(836917GB<AMFBM>BG;>SH@>GPHK=>G )BM=>K"HK=>KNG@ =>G:N=>L91&30(8
36917SNLMHII>G LHEEM>>BG>]??>GMEB<A> >;:MM>BG#:G@@>L>MSMP>K=>G =B>;>K>BMLOHK=>K1F
L>MSNG@=>L,KHC>DMLAXMM>LM:MM?BG=>GLHEE>G AKBLMB:G'HIIOHF2>K>BG )60-2378/3032-%0) 
PBK?M>BG =:LL=B>1FLB>=ENG@=>K>MAGHEH@BL<A>G/:FFENG@>GBGL91&30(83691 =>K2>KLN<A
=>K8-*892+6)9F-7',)690896&)7-8>L>B =:LDHGL>KO:MBOPBKD>G=>,KHC>DM=>K.>DHGLMKNDMBHG=>L
)60-2)6',0377)7=NK<A>BG>oS>BM@>FX_>*NMSNG@hNFSN=>NM>G %GM>KOB>P'HII
'HIIBLMLB<A:EE>K=BG@LLB<A>K =:LL=B> >;:MM>NF=:L91&30(83691NGM>K:G=>K>F:N?@KNG=
=>KS>GMK:E>G(:@>:N<AG:<A=>K!K]??GNG@P>BM>K@>?^AKMP>K=> .>LMBMNMBHG>GD]GGM>GAB>KBG>BG>F
o@KH_>GLRF;HEBL<A>GDMh=NK<A@>?^AKMP>K=>G PH=NK<A=B>oDHEHGB:E>HML<A:?Mh=>L+KM>L@>
;KH<A>GP>K=>GD]GG> .>LMBMNMBHGL>BBG=B>L>F'HGM>QM>BG)BMM>ESNK1F=>NMNG@=>L91&30(8
36917NG=?^K=:L8,2303+-7',)97)91>BGI:LL>G=>K/M:G=HKM NF=>G#>P:EMDHGM>QM =NK<A
=>GOB>E>+;C>DM>G:<A >NML<AE:G=@>E:G@M>G ]??>GMEB<ASNO>KA:G=>EG %GM>KOB>P'HII


84%$ (&&.'#-24A;8=B14I847D=6BF48B4'27F0AI4><<D=8C84BP14A70D?C14BC474=0DB'27F0AI4=!4=
B274=05A8:0=8B274A4A:D=5C3848=384B4<0;;8=4A;8=;414=\'27F0AIX384=C784A148=827C0;B4I4827=D=634A
0DC50A14B>=34A=8BC8=B48=4A?>;8C8B274=8<4=B8>=0;B864=14I4827=D=634A"0+3' (&&.'#-2ID14CA027
C4=#1F>7;384"0+3 (&&.'#-2:48=47><>64=4AD??84AD=68BCE4A5>;64=B8430B64<48=B0<4,84;34A$0A
C8I8?0C8>=A<L27C86D=6D=3OA34AD=6'27F0AI4A!4=B274=8=4DCB27;0=3'84B8=30=C8A0BB8BC8B270DB64A827C4C
D=3BC4;;4=B8276464=78BC>A8B2764F027B4=4!027CE4A7L;C=8BB4D=3DB6A4=ID=64;;0  55
\'>DA242><<D=8CHX8BC48='0<<4;146A8555PA!4=B274=0DB34=4A:D=5CB;L=34A=34A64B0<<4;C4=4C7=>;>68B274=

#194:C4D=334A4="027:><<4=4A46A855F8A3:A8C8B2714CA027C4C\304A8<<4A48=4BB4=C80;8B84AD=6E>=D;
CDA4=148=70;C4CX0<4;  
+%#'(,-$(%('#%8BC(48;34BP=3=8BB4B(.&(%-

 

6NL:FF>G?:LL>G=P>K=>G=B> >;:MM>GSNK1FLB>=ENG@=>L8,2303+-7',)297)917BGL91&30(8
3691OHG=>K":LL:=>GK>DHGLMKNDMBHGG:<A=>F2HK;BE==>L )60-2)6',0377)7;>LMBFFM  B>!GM
L<A>B=NG@ SNK !KKB<AMNG@ =>L 91&30(836917 :EL 0>BEK>DHGLMKNDMBHG =>K $HA>GSHEE>KGK>LB=>GS
PNK=>OHFNG=>LM:@BF&:AK@>MKH??>G  B>8-*892+6)9F-7',)690896&)7-8>;>MHGM=B>LMX=
M>;:NEB<A>"NGDMBHG=>L#>;XN=>L=NK<A=B>2>K;BG=NG@SNK97)917-27)0 #E>B<AS>BMB@PBK==:L
91&30(83691SN>BG>F)BMM>E NF=:LG:MBHG:E>/>E;LMO>KLMXG=GBL:ELo3BLL>GL<A:?ML NG='NE
MNKG:MBHGh,:KSBG@>KSNLMXKD>G BG=>F:N?,K>N_>GK>DNKKB>KMPBK=  B>>M>BEB@NG@=>K
$HA>GSHEE>KG:F=>NML<A>G'HEHGB:EBLFNLNG=>NKHIXBL<A>G%FI>KB:EBLFNLPBK=P>BM@>A>G=:NL@>
E:LL>G P:LOHGSBOBE@>L>EEL<A:?MEB<A>G+K@:GBL:MBHG>GDKBMBLB>KMPBK= =B>=:L91&30(83691:EL
DHEHGB:E>G+KM;>MK:<AM>G 

  1C+5<D=EC5E=+95>9>45B"5E5>EB7
B>GB<AMOHEESH@>G>6NL:FF>GE>@NG@=>L!)08197)917!-)2FBM=>F 30/7/92()197)91NG==B>
.>=BF>GLBHGB>KNG@=>L!)08197)917!-)2LBG=SP>B0A>F>GDHFIE>Q> ^;>K=B>BF.:AF>G=>K
/<AEB>_NG@NG=3B>=>K>K]??GNG@=>L!)08197)917!-)2=BLDNMB>KMPNK=> 

3B>:NL=>F':IBM>E o B>!GMLM>ANG@L@>L<AB<AM>=>L!)08197)917!-)2BG=>K)9)2 96+h>K
LB<AMEB<APBK= BLM=>K)NL>NFLLM:G=HKM=>L!)08197)917!-)2L>BM=>KL>E;>@>;EB>;>G 0>BE
P>BL>;>?:G=>GLB<A>MAGHEH@BL<A>+;C>DM>;>K>BMLOHK=>F:N=>L3647()03+-7;>SB>ANG@LP>BL>
OHK=>K#K^G=NG@=>L97)917*E6 D0/)6/92()BG=>K3*&96+ 
*:<A=>K/<AEB>_NG@=>L97)917*E6 D0/)6/92():N?@KNG=OHG1F;:N:K;>BM>GSPBL<A>GNG=
PNK=>=:L)NL>NFG:<AGNK?^K/HG=>K:NLLM>EENG@>G@>]??G>MNG=BF&:AKBG!)08
197)91!-)2NF;>G:GGM3>EMFNL>NF3B>GH & : *>;>G/HG=>KO>K:GLM:EMNG@>G?:G=>GBF)N
L>NF BF L>E;>G &:AK GH<A 3HKDLAHIL  2HKMKX@>  0:GSI>K?HKF:G<>L NG= /I>SB:E?^AKNG@>G LM:MM
,EH>;LM ;>OHK=:L)NL>NF:F *HO>F;>KG:<A=>K">B>K=>L [:=>EHL)N>KMHL;BL
SNL>BG>K3B>=>K>K]??GNG@@>L<AEHLL>GPNK=> %GGE>AGNG@:G=B>F>QBD:GBL<A>">LMBOBMXM;>S>B<A
G>M /M>O>G !G@>ELF:G =>G 0:@ :EL o [: =>E )NL>H )N>KMHh !G@>ELF:G    >K o0:@ =>L
oO>KLMHK;>G>Gh)NL>NFLh>;= $>KO B + O>KS>B<AG>M=>G>@BGG=>K1F;:N:K;>BM>G =B>OHG
BLDNLLBHG>G^;>K BF>GLBHGNG=+K@:GBL:MBHG;>@E>BM>MPNK=>G  B>BFI>KB:E>2>K@:G@>GA>BM=>L
#>;XN=>LPBK=BF#>@>GL:MSSN>KEBGGB<AMMA>F:MBLB>KM!G@>ELF:G 

>OHK!G@>ELF:GBF&:AKSNFG>N>G BK>DMHK=>L=:F:EB@>G97)917*E6 D0/)6/92()>KG:GGM
PNK=> A:MM>/:;BG>$::@fO>KMK>M>G=NK<A:K;:K:,E:GD>GLM>BG>K =B>BG3B>G'NEMNK NG=/HSB:E
:GMAKHIHEH@B>LHPB>,ABEHLHIAB>LMN=B>KM>,HAE>f=B>BGM>KBFBLMBL<A>(>BMNG@=>L)NL>NFL
BGG>$::@ *:<A=>K;@:;>=>K(>BMNG@L?NGDMBHG>KDEXKM>LB> =:LL!G@>ELF:Go=>G
 
DE:K>GN?MK:@7A:;>8 =:L)NL>NFG>NSNIHLBMBHGB>K>G LMXKD>KBG3B>GSNO>K:GD>KGNG=KXNFEB<A
:NLSN;:N>G h$::@SBM G:<A >K/M:G=:K=  B>NKLIK^G@EB<A>G,EXG>SNF1F;:N=>L)NL>
NFLLM:G=>G;>K>BMLBFL>E;>G&:AK?>LMNG==>KNG=LMBFFM>=>K"BG:GSB>KNG@SN PNK=>=:OHG
:NL@>@:G@>G =:LL=B>">KMB@LM>EENG@BF&:AK>K?HE@>GP^K=>  B>=:F:EB@>.:NFDHGS>IMBHG
L:A:N?=>GSNK2>K?^@NG@LM>A>G=>G -N:=K:MF>M>KGBGL@>L:FM/XE>OHK OHG=>G>G=B>
/<A:NL:FFENG@;>A>K;>K@>GLHEEM>G  B>#>L:FMDHLM>GLHEEM>G )BEEBHG>G!NKH;>MK:@>G *H<A
BFL>E;>G&:AKPNK=>=B>:G@>=:<AM>6NL:FF>GE>@NG@FBM=>F 30/7/92()197)91!-)2O>KPHK?>G 
O>KD^G=>M>=>K=:F:EB@>LHSB:E=>FHDK:MBL<A>'NEMNKFBGBLM>KL&HL>?+LM>KF:R>K =:LL>BG>.>
=BF>GLBHGB>KNG@=>L!)08197)917!-)2GHMP>G=B@L>B NFSP>BG>N>,KHC>DM>f=:L$:NL=>K#>
L<AB<AM>NG=>BG>G0B>?LI>B<A>K?^K=B>ULM>KK>B<ABL<A>*:MBHG:E;B;EBHMA>Df?BG:GSB>K>GSND]GG>G
$:KM>K 
%G>BG>K>KL<AB>G>G>G,N;EBD:MBHG=>L!)08197)917!-)2 =B>=>G*:F>GoEE>LPBK=@:GS
:G=>KLhMKX@M P>K=>G=B>,EXG>?^K=>G1F;:N=>L)NL>NFLOHK@>LM>EEM %F2HKPHKM?:LLM!G@>EL
F:G=B>!GMPB<DENG@>GOHG=>K/<AEB>_NG@=>L)NL>NFL;BLSNK2>K]??>GMEB<ANG@=>KK>=BF>GLBH
GB>KM>G,EXG>SNL:FF>G

o6NKL>E;>G6>BM7BF*HO>F;>K8@:;:;>KNG=>LFBGBLM>K K +LM>KF:R>K;>D:GGM 
=:LL>BG>.>=BF>GLBHGB>KNG@=>K,E:GNG@>GSNF3>EMFNL>NF3B>G:G@>=:<AMP>K=>G
F^LL>>K?HK=>KM>>BG>MP:LDE>BG>K>LNG==:FBMBGL>BG>G%GO>LMBMBHG>GNG=E:N?>G=>G
>MKB>;LDHLM>GIK>BL@^GLMB@>K>L)NL>NF %GSPBL<A>GA:MNGL>KK<ABM>DM>GM>:F$HLDBGL
K<ABM><ML#E:L@HP>KEBGNG=.:EIAII>E;:NFLLH<B:M>L*>P5HKD>KEBGFBML>AK
@NM>G,EXG>G:EE>!GML<A>B=NG@LMKX@>K^;>KS>N@MNG==>K'$) )NL>NFLO>K;:G=PNK=>
BFIKBEOHFNG=>LD:GSE>K:FMH??BSB>EEFBM=>K1FL>MSNG@;>:N?MK:@M h!G@>EL
F:G

6P>B0A>F>G ^;>K=B>BF,KHS>LL=>L1F;:NLNG==>K3B>=>K>K]??GNG@=>L!)08197)917!-)2
O>KF>AKM=BLDNMB>KMPNK=> LBG==B>GB<AMOHEESH@>G>6NL:FF>GE>@NG@=>L!)08197)917!-)2FBM
=>F 30/7/92()197)91NG==B>2>KDE>BG>KNG@=>K"EX<A>=>L!)08197)917!-)2 
B> BLDNLLBHG^;>K>BG>"NLBHGOHG2]ED>KDNG=> NG=2HEDLDNG=>FNL>NFSH@LB<A^;>K>BGB@>
&:AK>ABGP>@ 3BE?KB>=/>BI>E =>K'E:LLBL<A>,ABEHEH@B> EM>#>L<AB<AM> %G=H@>KF:GBLMBD LLRKB
HEH@B> +KB>GM:EBLMBDNG=T@RIMHEH@B>LMN=B>KM>,P:KOHK$::@#>G>K:E=BK>DMHK=>L
97)917:)6&%2(7 />BI>E;>?^KPHKM>M>=B>6NL:FF>GE>@NG@=>K;>B=>G)NL>>Go B>"NLBHGOHG
2HEDL NG=2]ED>KDNG=>ABG@>@>GF:<AM=NK<A:NL/BGG  >GGP:LBLM]LM>KK>B<ABL<A>2HEDLDNG=>
:G=>K>L LH/>BIELG:<AOHEESB>A;:K>K@NF>GM:MBHG :EL>BG0>BE=>K2]ED>KDNG=> h/>BIESBM G:<A
>K /M:G=:K=  )BM >BG>K "NLBHG P^K=> >MP:L K^<D@XG@B@ @>F:<AM P>K=>G  =:LL E:NM ">>LM

 
:NLL<AE:@@>;>G=?^K=B>#K^G=NG@=>L97)917*E6 D0/)6/92()P:K B>;@K>GSNG@OHG>NKHIX
BL<A>KNG=:N_>K>NKHIXBL<A>K!MAGHEH@B>">>LM 
:L'HGS>IMo)NL>NF*>Nh,E]<DBG@>K 3:E>GM:P:K>BG=NK<A=:L 92()71-2-78)6-91
*E628)66-',8927892(90896 @>LM^MSM>L,KHC>DM =:L:N?=B>6NL:FF>GE>@NG@=>K;>B
=>G )NL>>G :;SB>EM>  B> =:F:EB@> BK>DMHKBG =>L 30/7/92()197)91  =B> ]LM>KK>B<ABL<A> 2HEDL
DNG=E>KBG):K@HM/<ABG=E>K NGM>KLM^MSM>=B>%=>>>;>GLHPB>AKBLMB:G">>LM =>KGH<A;BL B
K>DMHK=>L97)917*E6 D0/)6/92()P:K  B>,E:GNG@L:K;>BM>G;>@:GG>GBF&:AKNG=:;
PNK=>BG>BG>KK;>BML@KNII> =>K=:L@78)66)-',-7',)97)91*E6 30/792() =:L9278,-7836-7',)
97)91  =:L 97)91 *E6 D0/)6/92() NG= =:L  :G@>A]KM>G  >BG 'HGS>IM >K:K;>BM>M  =:L
o;K>BM>?:<AEB<A>PB>F>=B:E>6NLMBFFNG@?:G= h/<ABG=E>K
B>oOB>K$:NIMIKH@K:FF?>E=>Kh,E]<DBG@>K 3:E>GM:=>L'HGS>IML;>BGA:EM>M>G

od3>EM>GL<AXMS>  $B@AEB@AML NG= )>BLM>KP>KD>c  d6>BM>G;BE=>K #>L<AB<AM> NG= #>
L<AB<AM>Gc d(>;>GLP>EM>G'NEMNKNG='NEMNK>GcLHPB>d BG@P>EM>G6:N;>K=>K#>
@>GLMXG=>c =B>BGP>BM>K>/>@F>GM>NGM>KM>BEMP>K=>GLHEE>G :ELH>BG)H=NELRLM>FFBM
d>KG>N>K;:K>Gc0>BE;>K>B<A>LHEE>GMLM>A>G =:LLB<AGB<AMF>AK:GK>@BHG:E>K LHG=>KG
MA>F:MBL<A>K  O>K@E>B<A>G=>K !BG;BG=NG@ HKB>GMB>KM h ,E]<DBG@>K 3:E>GM:  
$>KO B + 


*:<A OHEE;K:<AM>K 6NL:FF>GE>@NG@ LHEEM> =:L   :EL o'NEMNK>GFNL>NFh /<ABG=E>K
n"K>F=>LjNG=n2>KMK:NM>LjSNL:FF>G?^AK>G N<AP>GG/<ABG=E>K:ELK@NF>GM?^K=B>
"NLBHG=>K;>B=>G)NL>>G=B>0K>GGNG@SPBL<A>Gn!B@>G>FjNG=n"K>F=>GjBGL>BG>K$BLMHKBSBMXM
>K?:LLMNG==B>L>L >GDFNLM>K:;E>AGM PXK>=B>1FL>MSNG@=B>L>L6N@:G@L:;SNP:KM>G@>P>L>G 
!BG>DE:K> BLM:GSB>KNG@SN=>G(>BMB=>>G :G=>G>GLB<A=B>>KLM>G>MAGHEH@BL<A>G)NL>>GHKB>GMB>K
M>G ?BG=>M=>GGH<ALM:MM BG=>F=:Ln!B@>G>jGB<AMF>AKBG;@K>GSNG@SNFO>KF>BGMEB<ABG?>KBHK>G
nG=>K>GjDHGLMKNB>KMPBK=O@E ,E]<DBG@>K 3:E>GM:? "K^G=M?  
3XAK>G==B>'NEMNKLIK><A>KBG=>K@  /BEOB:"NAKF:GGNG==>K'NEMNKLIK><A>K=>K6E2)2 3HE?
 
@:G@6BG@@E =:L,KHC>DM ;>?^KPHKM>M>G0K>GDE>K A:@>EM>>LOHG/>BM>G=>K@
'KBMBD  B>'NEMNKLIK><A>KBG$>B=>F:KB>1GM>KK>BG>KXN_>KM>=B>n>?^K<AMNG@jo=:LL=B>@>G=>G
=>K2HEDLDNG=>NGM>K=>F)NEMB 'NEMB )HMMH=>LG>N>G)NL>NFLBGL$BGM>KMK>??>G@>K:M>Gh1GM>K
K>BG>KSBM G:<A B>,K>LL>D]GGM>GNG=NGM>KLM>EEM>o=>G(BGD>G=B>)BLL:<AMNG@NGL>K>L'NE
MNK>K;>Lh>;=  /M:MM=>LL>GLM>EEM>LB>=B>"HK=>KNG@:N? ;>B=>)NL>>GSN>B@>GLMXG=B@>GNG=>L
FNL>>GNFSNLMKNDMNKB>K>G>;=  
%KHGBL<A>KP>BL> L<A>BM>KM> =B> "NLBHG =>K )NL>>G E>MSMEB<A =:K:G  =:LL >BG>K '>KG?HK=>KNG@ GB<AM
G:<A@>DHFF>G PNK=> >K $>K:NLE]LNG@ =>L 97)917 *E6 D0/)6/92() :NL =>F 
 
97)917:)6&%2( NG= =>K 6NLMBFFNG@  =:L  SN >BG>K NG:;AXG@B@>G %GLMBMNMBHG SN
 
>KDEXK>G  :L NG==>K97)917:)6&%2(LM>EEM>GLB<A@>@>G=B>L>"HK=>KNG@ =B>>BG>
TG=>KNG@=>L 92()7197)917+)7)8>)7OHK:NL@>L>MSMAXMM>/<ABG=E>K? 

B>.>=BF>GLBHGB>KNG@=>L!)08197)917!-)2BLMBF6NL:FF>GA:G@FBM=>K3B>=>K>K]??GNG@>BG>K
=>K$:NIMDKBMBDINGDM>NG=LM>AMBG6NL:FF>GA:G@FBM=>KKXNFEB<A>G*NMSNG@=>K3*&96+ 0KHMS
"BG:GSB>KNG@LSNL:@>=>LNG=>LBF&:AK/BFHG PNK=>GBF=:K:N??HE@>G=>G&:AK=B>
,EXG>O>KPHK?>G )]@EB<A>#K^G=>?^K=B>OHG+LM>KF:R>K:G@>HK=G>M>.>=BF>GLBHGB>KNG@=>L)N
L>NFL;>MK>??>G=B>"BG:GSB>KNG@NG==:L2HKA:;>G:G=>K>,KHC>DM>BG=>K)9)2 96+SNK>:EBLB>K>G 
B>1FL>MSNG@=>L:G?XG@EB<A>G'HGS>IMLAXMM>>BG>!KA]ANG@=>K:LBL:;@>EMNG@GHMP>G=B@@>
F:<AM =B>OHG,:NE"K>R =>FD:N?FXGGBL<A>G BK>DMHK=>L :N?NG@>?XAKSP>B)BEEBHG>G!NKH
@>L<AXMSMPNK=> >B=>G:G=>K>G,KHC>DM>G =>K>G.>:EBLB>KNG@=BLDNMB>KMPNK=> A:G=>EM>>LLB<A
NF=:L%97()6)7',-',8)NG==>G0B>?LI>B<A>K=>K%8-32%0&-&0-38,)/ >K/M:G=:K= 
*H<A;>OHK:;L<AEB>_>G=?>LMLM:G= P>E<A>'HGL>JN>GS>G=B>.>=BF>GLBHGB>KNG@A:;>GP^K=>f=B>
.>=NDMBHG=>K"EX<A>OHG :N? -N:=K:MF>M>K$:KM>KfPNK=>'KBMBD@>XN_>KM 
6BG@@E ;>NKM>BEM> =B> .>=BF>GLBHGB>KNG@ =>L )NL>NFL DKBMBL<A NG= LM>EEM> G>;>G =>K 2>KFNMNG@ 
o7=8:L2]ED>KDNG=>FNL>NFLHEEBGLNL@>=BG@>@>L<AB<DMP>K=>Gh6BG@@ESBM G:<A >K/M:G=:K=
 =B>>?^K<AMNG@:N? =:LL=B>)]@EB<AD>BM=>K/<AEB>_NG@=>L)NL>NFL;>LM^G=>  >K'NEMNK 
NG=/HSB:E:GMAKHIHEH@>0AHF:L"BEEBMS;>S>B<AG>M>=B>!GML<A>B=NG@=>L)BGBLM>KBNFL:ELNL=KN<D
>BG>KF:GB?>LMB>KM>Go2BLBHGLEHLB@D>BMhNG=o/D:G=:Eh"BEEBMSSBM G:<A >K/M:G=:K=  >K B
K>DMHK=>L!)08197)917!-)2S>B@M>LB<AABG@>@>GOHK>KLMHIMBFBLMBL<ANG=@:;:G >KA:;>oGB<AM
@>LI^KM =:LL=:L2HKA:;>G:GLB<ABG?K:@>@>LM>EEMPHK=>GPXK>h!G@>ELF:GSBM G:<A >K/M:G=:K=
 
*:<A=>F:F &:GN:K=B>!GML<A>B=NG@?^K=B>!KKB<AMNG@=>L%97)7()6)7',-',8)@78)6
6)-',@?B>EFNLLM>LB<A=:L!)08197)91!-)2:G=B>@>XG=>KM>G.:AF>G;>=BG@NG@>G:GI:L
L>G  N?@KNG= =>K "EX<A>GK>=NDMBHG DHGGM> o=>K 'HGS>IMK:NF o'NGLM@>L<AB<AM>Gh  =:L 6++) 
'BG=>KFNL>NFBF3>EMFNL>NF3B>G =:L)NL>NFLK>LM:NK:GMLHPB>=>K:EL/<A:N=>IHM@>=:<AM>
;NK@@:KM>GL>BMB@>o'HKKB=HK=>L/M:NG>GLhh$:KM>K$>KO B + GB<AMK>:EBLB>KMP>K=>G  B>
NKLIK^G@EB<A@>IE:GM>G/XE>PNK=>G:N?K>=NSB>KM OHG=>G>G0A>F>GLXE>NG==K>B!BGLMBF
FNG@LKXNF> LBG= ,E:GD>GLM>BG>K    BL :N? @>KBG@?^@B@> TG=>KNG@>G ;EB>;>G =B> 
IN;EBSB>KM>G*NMSNG@LIEXG>=>K.XNFEB<AD>BM>G;BLSNK!K]??GNG@;>LM>A>G 

$::@O>KLB<A>KM> =:LLLB<AMKHMS'HFIKBFB>KNG@=>K%GA:EM>:F#KNG=DHGS>IM=>L)NL>NFLGB<AML
@>XG=>KMA:;> /M:MM=>KNKLIK^G@EB<A>G )BEEBHG>GLHEEM>=B>1FL>MSNG@=>KK>=BF>GLBHGB>KM>G
,EXG> )BEEBHG>G!NKH;>MK:@>G PH=NK<A>BG>!KA]ANG@=>K:LBL:;@>EMNG@E:NM)BGBLM>KBNF
GB<AMF>AKGHMP>G=B@P:K  :L?K>B@>PHK=>G>N=@>MLHEEM>?^K=B>!KKB<AMNG@=>L%97)7()6)
7',-',8) @78)66)-', @>GNMSM P>K=>G  >K /M:G=:K=   *>;>G =>K "BG:GSB>KNG@ :NL =>F NG=
 
O>KI?EB<AM>M>LB<A=:L!)08197)91!-)2 SP>B)BEEBHG>G!NKH:NL>B@>G>G)BMM>EGSN>KPBKML<A:?M>G 
:SNPNK=>=:L/IHGLHKBG@ 'HGS>IMi2>KR%FIHKM:GM,:MKHGL2 % ,Lh$::@>GMPB<D>EM 
;>B=>FLH@>G:GGM>o'NEMNKI:M>GL<A:?M>Gh>;= ?^K;>LMBFFM>+;C>DM>=>L)NL>NFL^;>KGHF
F>GP>K=>GDHGGM>G>;=  
F0:@=>K2>KD^G=NG@=>L*NMSNG@LDHGS>IML=>K)9)2 96+@K>B?M+LM>KF:R>K=>G>@KB??=>L
'NEMNK>GFNL>NFL:N?  :FBM;>SB>AM>KLB<A:EE>K=BG@LGB<AM:N?=B>OHKF:EL@>IE:GM>"NLBHGOHG
2HEDL NG=2]ED>KDNG=>FNL>NF

o%<A=:GD>=>K#>L<AX?ML?^AKNG@=>L'NGLMABLMHKBL<A>G)NL>NFLNG==>F BK>DMHK=>L
3>EMFNL>NFL  =B> FBM BAK>F ^;>K:K;>BM>M>G 'HGS>IM =>G 3>@ SNK .>:EBLB>KNG@ >BG>L
ABLMHKBL<ANG=?BG:GSB>EEO>K:GMPHKMNG@L;>PNLLM>G,KHC>DMLBG=>K*>N>GNK@>K]??G>M
A:;>G  :FBMD]GG>GPBK@>F>BGL:F>BGFH=>KG>L S>BM@>FX_>L3>EMFNL>NF:EL$:NL
=>K'NEMNK>GNFL>MS>G h+LM>KF:R>KSBM G:<A >K/M:G=:K=

+;+LM>KF:R>K=:L!)08197)91!-)2o:EL$:NL=>K'NEMNK>Gh:N?@KNG=L>BG>KKXNFEB<A>G*XA>SNF
@;>S>B<AG>MNG=LB<A=:FBM:N?=B>2>K;BG=NG@SPBL<A>Gn!B@>G>FjNG=n"K>F=>Gj;>KN?M 
;E>B;M=>K%GM>KIK>M:MBHG^;>KE:LL>G %G>BG>F%GM>KOB>PFBM=>K.>DMHKBG=>K /%()1-)()6&-0()2()2
E278) =>K]LM>KK>B<ABL<A>G$BLMHKBD>KBG!O:EBFEBG@>K BG=>K0:@>LS>BMNG@)68%2(%6( PBK=
=B>>@KB??EB<AD>BM=>Lo$:NL=>K'NEMNK>Gh+LM>KF:R>KSBM !@R>=):RKOHG+LM>KF:R>K>K
G>NM:N?@>@KB??>GNG=>KO>KP>G=>MLB>LRGHGRFSNF!)08197)91!-)2 EBFEBG@>KABG@>@>GO>K
P>BLM=:K:N? =:LL=:L!)08197)91!-)2GNK=:GG>BG'NEMNK>GFNL>NFP>K=>GD]GG> P>GG=:L
@BG=:L)NL>NFBGM>@KB>KMP>K=>GP^K=>  B>>=>NMNG@ =B>+LM>KF:R>K=>K3*&96+SN
L<AK>B;MNG==B>BGA:EMEB<A>NLKB<AMNG@=>L@LM>A>GOB>EF>AKBF'HGM>QM>BG>K*:MBHG:E@>
L<AB<AMLL<AK>B;NG@ /B>DKBMBLB>KM =:LL=NK<A=B>.>:EBLB>KNG@>BG>L)NL>NFL =:L=B>n>B@>G>jG:MB
HG:E>#>L<AB<AM>IKXL>GMB>KM )NL>>GPB>SNF>BLIB>E=:L!)08197)91!-)2P>GB@>K"BG:GSB>KNG@
>KA:EM>GEBFEBG@>KSBM G:<A!@R>=):RK 
!G@>ELF:GXN_>KM>LB<ASNF@IHLBMBONG=;>MHGM>=:LSND^G?MB@>,HM>GSB:E=>K;>B=>G)NL>>G 
=>G)0()240%8>SN>BG>FoSP>BM>G)NL>NFLJN:KMB>Kh!G@>ELF:GSBM G:<A3>BLL:N?SNP>K
M>G %F':IBM>E o B>!GMLM>ANG@L@>L<AB<AM>=>L!)08197)917!-)2BG=>K)9)2 96+hPNK=>G
>;:MM>GSNK)NL>:EBLB>KNG@=>L3*&96+ K>:ELBF6NL:FF>GA:G@FBM=>K"HKNFL %=>>LDBSSB>KM 
!G@>ELF:GLNLL:@>BLMOHK=>F$BGM>K@KNG=SN;>MK:<AM>G =:LLBFE>MSM>G&:AKS>AGMo=B>*>N;>
:<AMNG@=NK<A=:LLM:KD>F>=B:E>NG=DNEMNKIHEBMBL<A>%GM>K>LL>BF6N@>=>K BLDNLLBHG>G^;>K>BG
$:NL=>K#>L<AB<AM>:N?=>F$>E=>GIE:MS7;>?>N>KM8h3>ESB@PNK=> 


;8<;8=64ACA0C=34D=8 0DB34<F8BB4=B2705C;8274=48A0C34B 40DB30B8414<L=64;C430BB4B:48=
48=748C;8274B4B0<C:>=I4?C6L14;8<;8=64AI8C=02784$A4BB4 
 
0KHMS!G@>ELF:GL6NK^<DA:EMNG@NG=,K:@F:MBLFNLABGLB<AMEB<A=>K.>=BF>GLBHGB>KNG@=>L!)08
197)917 !-)2  ;>S>B<AG>M >K =B> 'KBMBD :G =>K "EX<A>GK>=NDMBHG :EL ;>K><AMB@M  !K O>K@E>B<AM =:L
!)08197)91!-)2FBM=>F97)B(959%- 6%20=BG,:KBLNG=;>FXG@>EM=>G?>AE>G=>GoIHEBMBL<A>G
3BEE>Gh =>KBF#>@>GL:MSSNULM>KK>B<ABG"K:GDK>B<AOHKA:G=>GL>Bo):GAXMM>EH<D>K>BG)NL>NF
F:<A>GD]GG>G =:L=HII>EMLH@KH_BLM 7e8PBKDEB<A>BG@KH_>L2]ED>KDNG=>FNL>NFH=>K3>EM
FNL>NFF:<A>GD]GG>G  :?BG=>B<A =:LLULM>KK>B<A>L>BG;BLL<A>GDE>BG@>F:<AMA:M h%GM>KOB>P
!G@>ELF:G
F ">;KN:KE>BM>M=>KLRF;HEBL<A>/I:M>GLMB<AOHG+LM>KF:R>K=>G>@BGG=>K1F;:N:K;>B
M>G>BGNG==:L!)08197)91!-)2PNK=>GB<AMGNK?^K>LN<A>K9BGG>G LHG=>KG:N<A?^K)NL>NFL
FBM:K;>BM>K9BGG>GSNK#XGS>@>LI>KKM$::@  :L!)08197)91!-)2>K]??G>M>L<AEB>_EB<A
IE:G@>FX_:F +DMH;>KFBM>BG>KOHGG=KZ$>EE>KDNK:MB>KM>G^AG>GLAHP!G@>ELF:G
 

!L;E>B;M?>LMSNA:EM>G =:LL=B> BLDNLLBHGNF=B>"NLBHGOHG 30/7 NG= D0/)6/92()197)91:EL
o'NEMNK>GFNL>NFhBF&:AKO>KPHK?>GPNK=> P:LNGM>K:G=>K>FOHF'NEMNKLIK><A>K=>K6E
2)2 DKBMBLB>KM PNK=>  >GGH<A ;EB>; =>K >@KB?? o'NEMNK>GFNL>NFh H=>K o$:NL =>K 'NEMNK>Gh BF
.:NFNG=PNK=>BF'HGM>QM=>KKXNFEB<A>G*XA>OHG%97()6)7',-',8)@78)66)-',NG=!)08
197)91!-)2O>KP>G=>M NF=B>2>KDE>BG>KNG@=>K"EX<A>=>L!)08197)917!-)2SNE>@BMBFB>K>G 
B>.>=BF>GLBHGB>KNG@LIEXG>PNK=>GOHG+LM>KF:R>K;>L<AEHLL>G $::@NG=!G@>ELF:G;>@>@G>
M>G=>K!GML<A>B=NG@P>BM@>A>G=IK:@F:MBL<A PXAK>G=:NL,HEBMBDNG=3BLL>GL<A:?MO>K>BGS>EM'KB
MBDD:F  B>BFI>KB:E>2>K@:G@>GA>BM=>K$H?;NK@PBK=GB<AMMA>F:MBLB>KMNG=SBOBE@>L>EEL<A:?MEB<A>
'KBMBDL<A>BGMG:A>SNBG>QBLM>GM 

  5B<9>E>4+95>9=*5B7<5938
B>"EX<A> =B>=>F8,2303+-7',)297)91BF91&30(83691SNLM>A>GPBK= BLMF>AK:EL=HI
I>EMLH@KH_PB>=B>=>L!)08197)917!-)2BG=>K)9)2 96+  :L91&30(83691PNK=>G:<A
=>F;KBLL=>L%0%787()6)49&0-/G>N>KKB<AM>M PXAK>G=BG=>K3*&96+SNK3B>=>K>K]??GNG@=>L
!)08197)917!-)2:NLL<AEB>_EB<A!KG>N>KNG@L:K;>BM>GGHMP>G=B@P:K>G .>E:MBHG:E=:SNO>KA:EM>G
LB<A=B>'HLM>G >B=>%GLMBMNMBHG>G;>GNMS>G"NG=K:BLBG@:EL)BMM>ESNK'HLM>G=><DNG@ 3XAK>G=
3B>G:N?+;C>DMI:M9BGG>GL<A:?M>GL>MSM ;:NM>KEBG:N?/M>BGI:M9BGG>GL<A:?M>G 0KHMSNGM>KL<AB>=
EB<A>KNL@:G@LLBMN:MBHG>GBLM>BG>TAGEB<AD>BMA>KOHKSNA>;>G>B=>#>;XN=> 3*&96+NG=91
&30(83691 A:;>G>BG>BFI>KB:E>2>K@:G@>GA>BMH=>K;>KN?>GLB<A:N?LI>DM>=B>L>K!IH<A> 

B> >;:MM>GNF=>G/M:G=HKMNG==B>KXNFEB<A>1GM>K;KBG@NG@=>L )60-2)68,2303+-7',)297)
917NG==>L!)08197)917!-)2P>BL>G>BGB@>1GM>KL<AB>=>:N? ^;>KL<AG>B=>GLB<A:EE>K=BG@LBG

 
>BG>FLI>DM >K"K:@>=:G:<A PB>LH=B>0K>GGNG@SPBL<A>G:N_>K>NKHIXBL<A>GNG=>NKHIXBL<A>G
+;C>DM>G?HKM@>L<AKB>;>GPBK= 
3XAK>G=BG>KEBG=:L97)91*E69634A-7',)90896)2BG%,0)1;E>B;M P>K=>G=B>;>B=>G:G=>
K>G8%%80-',)297))2f=:L8,2303+-7',)97)91NG==:L97)91*E6 7-%8-7',)90896)2BF
91&30(83691O>K>BGM 6P:KLHEE>G!BGKB<AMNG@>G=>K=K>B)NL>>G:N?=>F"HKL<ANG@L<:FINLBG
%,0)1 SNL:FF>G@>?^@M P>K=>G  NLLM>EENG@L?EX<A>G =>K ;>B=>G )NL>>G FBM :N_>K>NKHIXBL<A>G
/:FFENG@>GSB>A>G:;>KG:<A )60-2-88)  >K2>K;E>B;=>L97)917*E69634A-7',)90896)2BG
%,0)1L<AK>B;M=B>0K>GGNG@SPBL<A>GnNGLjNG==>GnG=>K>Gj?HKM#KHL<APBMS?  
%G3B>G;:LB>KM>=B>"NLBHG=>L=:F:EB@>G97)917*E6 D0/)6/92()NG==>L 30/7/92()197)917
:N?=>K%=>> =:LL>BG>BGLMBMNMBHG>EE>NG=KXNFEB<A>6NL:FF>G?^AKNG@=>K;>B=>G)NL>>G=B>IKH;
E>F:MBL<A>0K>GGNG@SPBL<A>Gn!B@>G>FjNG=n"K>F=>Fj=>DHGLMKNB>K>GD]GGM>/<ABG=E>K
 'KBMBLB>KMPNK=>=B>%=>>A:NIMLX<AEB<AOHG/>BM>G=>K@ =B>BF,KHC>DM>BG>o)BLL:<AMNG@
NGL>K>L'NEMNK>K;>Lh1GM>KK>BG>KSBM G:<A B>,K>LL>L:A  >K/M:G=INGDM=>K@BLM>NKH
S>GMKBL<ANG=>BG>"HKML<AK>B;NG@DHEHGB:E>G >GD>GL  B>n>?^K<AMNG@j >BG>O>KF>BGMEB<A>]LM>K
K>B<ABL<A>%=>GMBMXMP^K=>=NK<A=B>"NLBHG=>K;>B=>G)NL>>GBGL$BGM>KMK>??>G@>K:M>G S>B@M=:L
>=^K?GBL=>K'HGLMKNDMBHG>BG>Kn3BK #KNII>jBG;@K>GSNG@SN>BG>KH=>KF>AK>K>Kn/B> #KNI
I>Gj P:L>BGA:K:DM>KBLMBDNF>NKHS>GMKBL<A>GNG=DHEHGB:E>G >GD>GLBLMO@E /HG=>K>@@>K
+LM>KA:FF>E  B>:G=>K>GIHEBMBL<A>GDM>NK9BGG>G =>K BK>DMHK=>L97)917*E6
D0/)6/92() =B> BK>DMHKBG=>L 30/7/92()197)91NG==>K97)917:)6&%2(;>?^KPHKM>M>G
=B>%=>>NG=>BG>K;>BML@KNII>SPBL<A>G=>G2>K:GMPHKMEB<A>G=>K)NL>>GNG==>F PNK=>
@>@K^G=>M  :L2HKA:;>GL<A>BM>KM>:;>K=:K:G =:LL>BG>K$>K:NLE]LNG@=>L2]ED>KDNG=>FNL>NFL
:NL=>F97)917:)6&%2(GB<AMSN@>LMBFFMPNK=>,E]<DBG@>K 3:E>GM:/<ABG=E>K
?  
/HPHAE BG >KEBG :EL :N<A BG 3B>G ;E>B;M =B> 0K>GGNG@ OHG >NKHIXBL<A>G NG= :N_>K>NKHIXBL<A>G
/:FFENG@>GP>BM>K;>LM>A>G 
2HK:EE>FBGSP>BLI>DM>Gf=B>SNF0>BEBG>BG:G=>K@K>B?>GfNGM>KL<A>B=>GLB<A=B> BLDNLLBHG>G
BG3B>GNG=>KEBGBG>SN@:N?KXNFEB<A>1GM>K;KBG@NG@NG=)NL>NFLLM:G=HKM >K0A>F:MBLB>
KNG@NG=,KH;E>F:MBLB>KNG@ =:LL:N_>K>NKHIXBL<A>/:FFENG@>GBG>BG>K>A>F:ELBFI>KB:E>G.>LB
=>GSNGM>K@>;K:<AMP>K=>GNG==>FNLF:_=>LSBOBE@>L>EEL<A:?MEB<A>G!G@:@>F>GML 
$H?;NK@NG=>KEBG>K/<AEHLLP:K>G;>B=>BFI>KB:E>.>LB=>GS>G *B<AMGNKBG >NML<AE:G=NG=UL
M>KK>B<A LHG=>KG;>BLIB>ELP>BL>:N<ABG"K:GDK>B<AH=>K.NLLE:G=oLIB>EM>GLB>7=B>.>LB=>GS>G8:F
V;>K@:G@OHG=>K)HG:K<AB>SNK.>IN;EBD>BG>LRF;HEBL<A;>=>NML:F>.HEE>h3>ESB@: 
/B>PNK=>GIHEBMBL<ASN>BG>F6>B<A>G=>K >FHDK:MB>NF@>=>NM>M %G >NML<AE:G=PBK=LB<A=:;>B
:N?(B>;DG><AML.>=>BF )60-2)6',0377NG=BGULM>KK>B<A:N?=B>!KKB<AMNG@=>K,KXLB=>GML<A:?ML
D:GSE>BBG=>K3*&96+;>KN?>G>;=  

 
%G=>GE>MSM>GSP>B&:AKS>AGM>G=>L &:AKANG=>KMLPNK=>G=B>>A>F:EB@>G.>LB=>GS>GNG=BAK>
1F@>;NG@OHG/M:=M NG='NEMNK>GMPB<DENG@PB>=>K>GM=><DM /B>P>K=>GSNF/RF;HE=>K/M::MLK>
IKXL>GM:MBHGNG=G>AF>G>BG>PB<AMB@>.HEE>BG=>K2>KF:KDMNG@=>K/M:=M>BG3>ESB@: 
%G>KEBGPBK=FBM=>K!KKB<AMNG@=>L91&30(836917NG==>LL>G2>K;BG=NG@SNK97)917-27)0
=>K 2>KLN<A NF@>L>MSM  >BG SNL:FF>GAXG@>G=>L -N:KMB>K SN L<A:??>G 3>ESB@ :   :L
91&30(83691K>IKXL>GMB>KME:NM/MB?MNG@,K>N_BL<A>K'NEMNK;>LBMS=:LG:MBHG:E>/>E;LMO>KLMXG=GBL
>NML<AE:G=L:ELo3BLL>GL<A:?ML NG='NEMNKG:MBHGh,:KSBG@>KNG=LM>EEM>S^@>SN,K>N
_>GA>K  B>NLE:LLNG@>G =B>FBM=B>L>KK@NF>GM:MBHG>BGA>K@>A>Gf=B>>M>BEB@NG@=>K$HA>G
SHEE>KG:F=>NML<A>G'HEHGB:EBLFNLNG=>NKHIXBL<A>G%FI>KB:EBLFNLfP>K=>GOHGSBOBE@>L>EEL<A:?M
EB<A>G+K@:GBL:MBHG>GDKBMBLB>KM 
%G3B>GL<A>BGM>LABG@>@>GD:NFSBOBE@>L>EEL<A:?MEB<A>L!G@:@>F>GMSN@>;>G =:L=B>BFI>KB:E>
2>K@:G@>GA>BM=>K$H?;NK@MA>F:MBLB>KMo B>K>@>@>L>EEL<A:?MEB<A>GM>BEG:AF>NG==B>DMBHGL
DNEMNKKNG=NF=>G/<AEHLLIE:MSBG>KEBGJN>K=NK<A:EE>/<AB<AM>GLM>AMBF#>@>GL:MSSNK@>KBG@>G
^K@>K;>M>BEB@NG@BG3B>G;>BK>S>GM>G"K:@>G=>K*>NGNMSNG@=>L$>E=>GIE:MS>LNG==>K*>N>G
NK@ h3>ESB@: 
B>E:G@>6>BMGNKF:K@BG:E>@>L<AB<AMLPBLL>GL<A:?MEB<A>NL>BG:G=>KL>MSNG@FBM=>K>M>BEB@NG@
ULM>KK>B<AL;>SB>ANG@LP>BL>ULM>KK>B<A 1G@:KGL:F>NKHIXBL<A>G%FI>KB:EBLFNLO@E /:N>K
D]GGM>:EL!KDEXKNG@L:GL:MS=:?^KA>K:G@>SH@>GP>K=>G P>LA:E;=B>BFI>KB:E>2>K@:G@>GA>BM=>K
3*&96+NG==B>1GM>K;KBG@NG@:N_>K>NKHIXBL<A>K+;C>DM>BGD>BG>F@K]_>K>G.:AF>G=BLDNMB>KM
PBK= N<AP>GGULM>KK>B<AD>BG>'HEHGB:EF:<AMG:<A+LM>KA:FF>EL'HEHGB:EBLFNL=>?BGBMBHGP:K
O@E +LM>KA:FF>E ;>M>BEB@M>LB<AULM>KK>B<A:FoDHEE>DMBO>Gh/:N>K:NG=oBG
?HKF>EE>G%FI>KB:EBLFNLh>;=  !BGB@>+;C>DM>=>L!)08197)917!-)2@>E:G@M>G=NK<ADHEHGB
:E>'HGM>QM>G:<A3B>G  B>0A>F:MBLB>KNG@=>K2>K?E><AMNG@OHG)NL>NF 'HEHGB:EBLFNLNG=UL
M>KK>B<A;E>B;MNG>KEXLLEB<A 

B> >;:MM>GNF=>G/M:G=HKMNG==B>KXNFEB<A>1GM>K;KBG@NG@=>K;>B=>G>MAGHEH@BL<A>G)NL>>G
^;>KL<AG>B=>GLB<ASNL:FF>G?:LL>G=ABGLB<AMEB<A=>K"K:@>NF=B>6NL:FF>GE>@NG@OHG>NKHIXB
L<A>GNG=:N_>K>NKHIXBL<A>G/:FFENG@>G /HPHAEBG3B>G:EL:N<ABG>KEBGPBK==B>0K>GGNG@
?HKM@>L<AKB>;>G %G>KEBGPBK==B>BFI>KB:E>2>K@:G@>GA>BM=>L )60-2)6',0377)7OHGSBOBE@>L>EE
L<A:?MEB<A>G+K@:GBL:MBHG>GMA>F:MBLB>KMNG=BG6NL:FF>GA:G@FBM=>K1GM>K;KBG@NG@=>K:N_>K>N
KHIXBL<A>G /:FFENG@>G DKBMBLB>KM  %G 3B>G ;E>B;M =B> BFI>KB:E> 2>K@:G@>GA>BM BG =B>L>F 'HGM>QM
P>BM@>A>G=NG>KPXAGMNG=SBOBE@>L>EEL<A:?MEB<A>L!G@:@>F>GMBLMF:K@BG:E 

 >81<D<9385$?C9D9?>95BE>7
%G=B>L>F':IBM>EP>K=>G=B>1GM>KL<AB>=>NG=#>F>BGL:FD>BM>G=>K;>B=>G)NL>>G;>S^@EB<ABAK>K
BGA:EMEB<A>G,HLBMBHGB>KNG@NG=BAK>L]??>GMEB<A>GN?MK>M>GLNGM>KLN<AM GA:EMLINGDM>;BE=>G=B>
 
*:F>GL@>;NG@;>SB>ANG@LP>BL>=B>1F;>G>GGNG@ >;>GLH/<AE:@PHKM>NG==B>6B>EL>MSNG@>G=>K
BGA:EMEB<A>G'HGS>IM> %G>SN@:N?>KEBGPBK=GB<AM=B>1F;>G>GGNG@BG8,2303+-7',)797)91
BF"HDNLLM>A>G LHG=>KG=B>*:F>GL@>;NG@=>L91&30(836917 =:LB<A=B>L>L^;>K=B>:N_>K
>NKHIXBL<A>G/:FFENG@>G=>?BGB>KMNG=SNFoPB<AMB@LM>G'NEMNKIKHC>DMBG >NML<AE:G=h,:KSBG@>K
>KDEXKMPNK=> %GPB>?>KG=B>DHEHGB:E>2>K@:G@>GA>BM >NML<AE:G=LNG=ULM>KK>B<AL0>BE=B>L>K
NL>BG:G=>KL>MSNG@BLM LM>AMBF"HDNL=>K>MK:<AMNG@ 

  1C5B<9>5BD8>?<?79C385!EC5E=9=E=2?<4D?BE=
>BGXA>K>K>MK:<AMNG@=>K BLDNLLBHG>GNF=B>BGA:EMEB<A>,HLBMBHGB>KNG@=>L>KEBG>K8,2303+-
7',)2 97)917 PBK= >KLB<AMEB<A  =:LL =B> /BMNB>KMA>BM =>K *:F>GL@>;>K =>L91&30(836917 BF
2HK=>K@KNG=LM>AM 3H?^K=>K*:F>o$NF;HE=MhLM>AMBLM0>BE=>K >;:MM>NG=PBK=OHG=>GO>K
L<AB>=>G>GDM>NK9BGG>GNGM>KL<AB>=EB<A;>P>KM>M G:ERLB>KMPBK=SN=>F=:L/<AE:@PHKMo)NEMB
I>KLI>DMBOBMXMh =:LBF"HDNL=>K'HGS>IMOHKLM>EENG@LM>AM 

:L>KEBG>K97)91*E6 D0/)6/92()PNK=>BF&:AKBG8,2303+-7',)797)91NF;>G:GGM
!MAGHEH@BL<A>L )NL>NF H & :   2BHE: ']GB@ ;>S>B<AG>M> =>G G>N>G *:F>G :EL >;>GLH o:GMB
JNB>KMh']GB@PB>=>G:EM>GNG=AXMM>LB<A>BG>;K>BM>K> BLDNLLBHGBF2HK?>E=@>P^GL<AM 
!BG> *:F>GLXG=>KNG@ L>B GNK =:GG LBGGOHEE  P>GG >K ?^K >BG> G>N> NLKB<AMNG@ H=>K >BG> oG>N>
36436%8)()28-8=h>;= $>KO B + LM>A>GP^K=> P:LBF":EE>>KEBGLGB<AM=>K":EEL>B >B
BAK>FFML:GMKBMM:EL BK>DMHKBGIEX=B>KM>LB>=:?^K =B>1F;>G>GGNG@SNABGM>K?K:@>Go%<AAXG@>
GB<AM:G=>Kn2]ED>KDNG=>j :;>K=>K:EM>*:F>P:K?^K=:LBG"HE@>=>K3B>=>KO>K>BGB@NG@:G=>G
/M:=MK:G==>K)>MKHIHE>@>K^<DM>)NL>NFP>GB@LM>GLOHG>BG>F3B>=>K NG=!KBGG>KNG@L>??>DM 
=>GPBKA>NM>=KBG@>G=>K=>GGC>;>G]MB@>G h>;= GP:LLB<APB>=>K >KBGG>KMP>K=>GLHEENG=
P>LA:E;=B>*HMP>G=B@D>BMSNK3B>=>K !KBGG>KNG@SN>@BGG=>L &:AKANG=>KML=KBG@EB<A>KP:K
:ELSNOHK PBK=OHGBAKGB<AMP>BM>K:NL@>?^AKM ']GB@:? 
B>*:F>GL@>;>K=>L91&30(836917LBG==B>#>;K^=>K3BEA>EFNG=E>Q:G=>KOHG$NF;HE=M 
=B>:ELo(>BM?B@NK>Gh,:KSBG@>K?^K=B>BGA:EMEB<A>NLKB<AMNG@=>LG>N>G)NL>NFL@>EM>G 
>Ko,ABEHLHIANG=TLMA>Mh$NF;HE=M 1GBO>KLBMXMH & :3BEA>EFOHG$NF;HE=MP:KSN>@BGG=>L
 &:AKANG=>KML:EL/>DMBHGL<A>??^K9089792(28)66-',8BF%GG>GFBGBLM>KBNF,K>N_>GLBG>KEBG
MXMB@  3XAK>G= L>BG>K FMLS>BM PNK=> >BG BE=NG@LLRLM>F NF@>L>MSM  =:L o:EE>G /<AB<AM>G F>AK
A:G<>G=>LBE=NG@L>KP>K;Lh>;= LB<A>KGLHEEM> />BGKN=>KE>Q:G=>K P:K>;>G?:EELBF/M::ML
=B>GLMMXMB@ O>KEB>_=B>L>G:;>K NFLB<AL>BG>GG:MNKPBLL>GL<A:?MEB<A>G/MN=B>GSNPB=F>GNG=SN
K>BL>G  *:<A L>BG>K .^<DD>AK >BG>K ?^G? CXAKB@>G .>BL> =NK<A (:M>BG:F>KBD: PBK= >K )BM@EB>= =>K
/%()1-)()6!-77)27',%*8)2BG,K>N_>G E>AKM:G=>K>KEBG>K1GBO>KLBMXMNG=NGM>KGBFFMP>BM>K>
.>BL>GBF B>GLM>=>K BIEHF:MB>NG="HKL<ANG@$NF;HE=M 1GBO>KLBMXMH & ;  B>*:F>GL@>;>K
P>K=>GOHG,:KSBG@>KAH<ALMBEBLB>KMNG=SN?K^A>G2>KMK>M>KG>BG>KoDHLFHIHEBMBL<A>7G83>EMLB<AM 
 
=B>:N?=>K#E>B<A;>K><AMB@NG@=>K3>EMDNEMNK>G;:LB>KM /B>LM>A>G?^KN?DEXKNG@NG=?^K=B>*>N
@B>K:N?=:LG=>K>NG==:L"K>F=>BG=>K3>EM h,:KSBG@>K,:KSBG@>KLK@NF>GM:MBHG
>GMAXEM =NK<A =B> 2>KP>G=NG@ OHG >@KB??EB<AD>BM>G PB> o3>EMDNEMNK>Gh  oN?DEXKNG@h H=>K =:L
oG=>K>hNG==:Lo"K>F=>h!LL>GMB:EBLB>KNG@>G %F':IBM>E PNK=>=:K@>E>@M =:LL!LL>GMB:EBLB>
KNG@>GSN">AE=>NMNG@>G?^AK>GNG==B>'HFIE>QBMXMOHG'HEHGB:EBLFNLNG=%FI>KB:EBLFNLGB<AM
:NLK>B<A>G=;>K^<DLB<AMB@>GO@E /HG=>K>@@>K +;;>PNLLMH=>KGB<AMPBK=BG=>F6BM:M
>BG> B??>K>GSSPBL<A>GnNGLjNG==>GnG=>K>GjK>IKH=NSB>KM 
>K'NK:MHKNG='NEMNK:GMAKHIHEH@>$>EFNM#KHL<APBMS'K:NL*H:<DLB>AMBG=>K>
G>GGNG@=>L)NL>NFLG:<A=>GK^=>KG$NF;HE=M>BG>>NKHS>GMKBL<A>HML<A:?Mo"^K=:L$NF
;HE=M "HKNFPNK=>G:EL*:F>GLI:MKHG>=B>K^=>KE>Q:G=>KNG=3BEA>EFOHG$NF;HE=M@>PXAEM 
P:LBG=>KNLKB<AMNG@>BG>DE:K>EB<DKB<AMNG@OHG!NKHI: K>LI>DMBO>>KEBGBG=B>3>EMBFIEB
SB>KM h#KHL<APBMS
>K BG 2B>MG:F @>;HK>G> NG= :G =>K 2-:)67-8A8 6)1)2 IKHFBOB>KM> 'NEMNK  NG= ,HEBMBDPBLL>G
L<A:?ME>K'B>G*@AB$:*>MSP>KD)B@K:MBHGBG!NKHI:H & ;>MK:<AM>M=B>*:F>GL@>;NG@=>L$NF
;HE=M "HKNFL:EL'HGMBGNBMXMBG >NML<AE:G=NG=;>S>B<AG>M=>G*:F>Go$NF;HE=Mh:ELG:MBHG:E>L
o(:;>Eh$: P:LLB<ABF/M:=M;BE=>KEBGLPB=>KLIB>@>EM *>;>G=>FG>N>KKB<AM>M>G)N
L>NF@B;M>L:G=>K>%GLMBMNMBHG>G #>;XN=>H=>K#K^G?EX<A>G =B>G:<A=>G$NF;HE=M K^=>KG;>
G:GGMPNK=>G $:;>MK:<AM>M=>Go$NF;HE=M 'NEMh>;= BF/BGG>>BG>KG:MBHG:E>G%GLS>GB>KNG@ 
3B>:N<A;>B=>K":LL:=>GK>DHGLMKNDMBHG=>L )60-2)6',0377)7PBK=>BG,K>N_>G BE=DK>B>KM ;>B
=>F=>KLI>DMo'NEMNKhBF2HK=>K@KNG=LM>AM !;= 
:L^G=GBL391&30(8 DKBMBLB>KM=B>*:F>GL@>;NG@OHK:EE>FBG>SN@:N?E>Q:G=>KOHG
$NF;HE=MNG=;>SB>AMLB<A=:;>BBGL;>LHG=>K>:N?L>BG>"NGDMBHG:EL"HKL<ANG@LK>BL>G=>GBG>BG>F
DHEHGB:E>G/RLM>F />BG>>SB>ANG@>GSNKLI:GBL<A>G'KHG>NG==B>=:K:NLK>LNEMB>K>G=>G,KBOBE>
@B>G >KF]@EB<AM>G L>BG> .>BL>G  !K IKH?BMB>KM> OHF DHEHGB:E>G /RLM>F NG= LM>EEM> =B>L>L GB<AM BG
"K:@> $NF;HE=ML"HKL<ANG@LK>BL>GP>K=>GBG,:KSBG@>KLK@NF>GM:MBHG:NL>GM=><DNG@L@>L<AB<AM
EB<A>K,>KLI>DMBO>=:K@>LM>EEM>;= ?  3B>;>B=>KPBLL>GL<A:?MEB<A>GNL>BG:G=>KL>MSNG@BG>
SN@:N?=B>DHEHGB:E>GNG=BFI>KB:E>G2>KLMKB<DNG@>G=>K$:;L;NK@>KFHG:K<AB> =B>GM=B> :KLM>E
ENG@$NF;HE=ML"HKL<ANG@LK>BL>G:NL>GM=><DNG@L@>L<AB<AMEB<A>K,>KLI>DMBO>=:SN "HKL<ANG@:EL
O>KF>BGMEB<AH;C>DMBONG=OHGIHEBMBL<A>GNG=]DHGHFBL<A>G%GM>K>LL>GNG;>>BG?ENLLMSNDHGLMKNB>
K>GO@E /:N>K?  
*>;>GNLL:@>G =B>o$NF;HE=M:EL2>KMK>M>K>BG>L:N? B:EH@NG=DS>IM:GSL>MS>G=>G1F@:G@L
FBMDHEHGBLB>KM>G)>GL<A>GNG=:N_>K>NKHIXBL<A>G'NEMNK>G:NLP>BL>Gh$: ?BG=>GLB<A
BG L>BG>G N?S>B<AGNG@>G oTN_>KNG@>G NG= ,HLBMBHG>G  =B> BAG H??>G :EL 2>K?><AM>K >BG>K >NKH
S>GMKB>KM>G'NEMNK NG=6BOBEBL:MBHGLB=>>=:KLM>EE>Gh>;=  >B>BG>K.>BL>BGLA>NMB@>2>G>SN>E:

 
LM:AE>K@>@>G=>G3BEE>G=>KG@>A]KB@>G$NF:G.>F:BGL=>KBG=B@>G>GMNK>LNG=L<A>GDM>
>BG>G/<AX=>E&HA:GG"KB>=KB<AENF>G;:<A >BG>FGMAKHIHEH@>G =>K=B>)>GL<AA>BMBG?^G?n.:L
L>Gj:N?M>BEM>>;= ?  3BLL>GL<A:?MP:KSND>BG>F6>BMINGDMH;C>DMBONG=BFDHEHGB:E>G'HGM>QM
>BG%GLMKNF>GMSNK$>KKL<A:?MLE>@BMBF:MBHGNG=.>IKH=NDMBHGOHG B??>K>GS'>KG>K/HG
=>K>@@>K 
B>!KEXNM>KNG@=>K'KBMBDABGLB<AMEB<A=>K*:F>GL@>;NG@;>SH@LB<A;BLC>MSMA:NIMLX<AEB<A:N?=>G
DHEHGB:E>G'HGM>QM BG=>FE>Q:G=>KOHG$NF;HE=MPBKDM> AKBLMB:G'HII>K@XGSM=B>'KBMBD BG
=>F>K>KDEXKM =:LL=B>*:F>GL@>;NG@BG3B=>KLIKN<ASN>BG>F'HGS>IMLM^G=> =:L3>EMH??>GA>BM
NG=3>EM@>K><AMB@D>BMLRF;HEBLB>K>GLHEE *>;>G$NF;HE=MLDHEHGB:E>F'HGM>QMA>;M>K=>LL>G@>
L>EEL<A:?MEB<A>,HLBMBHG:ELK>B<A>K;)-F)6D:=>FBD>KA>KOHK 'HIILM>EEM=B>2>KFNMNG@:N? =:LL
=>K*:F>@>PXAEMPNK=> oP>BE=B>(>NM> =B>=:K^;>K>GML<A>B=>G P>B_>)XGG>K D:=>FBD>KLBG= 
=B>LB<A=:C::N<ALM:KDFBM$NF;HE=MB=>GMB?BSB>K>Gh%GM>KOB>P'HII 

>KN?;:N=>L8,2303+-7',)297)917BG>KEBGLHEEP>BM>KABG@>H@K:IABL<ALMKNDMNKB>KML>BG :N<A
P>GGK^<A>FBM=B>L>K+K=GNG@=NK<A^;>K@K>B?>G=>o#KH_>0A>F>Gh']GB@:N?@>S>B@M
P>K=>GLHEE>G !BG>GS>GMK:E>G0A>F>GDHFIE>Q;BE=>ME:NM']GB@=B>/:FFENG@L@>L<AB<AM>>MAGH
EH@BL<A>K+;C>DM>BG2>K;BG=NG@FBM=>FDHEHGB:E>G'HGM>QM']GB@?  
6B>EIN;EBDNFLBG=o=B>OB>E>G0:NL>G=0HNKBLM>G:NL:EE>K3>EMNG==B>>KEBG>K =B>=:L$:NLOB>E
E>B<AMF>AK?:<A;>LN<A>G h3:E?>OHG$H? >K?K>B>!BGMKBMMBGL91&30(83691 =>K=B>
6N@XG@EB<AD>BMSN=>G/:FFENG@>G>BG>K;K>BM>K>G>O]ED>KNG@LL<AB<AM>KF]@EB<A>GP^K=> PBK=
GH<AO>KA:G=>EM$NF;HE=M "HKNFH & < 
3B>;>K>BMLBG':IBM>E  ;>S^@EB<A=>L)NL>NFLLM:G=HKM>LNG==>KKXNFEB<A>G*NMSNG@>KEXNM>KM
PNK=> O>KMKBMM2BHE:']GB@=B>)>BGNG@ =:LL=B>1GM>K;KBG@NG@=>K>MAGHEH@BL<A>G/:FFENG@>G
ABGM>K=>G":LL:=>G=>K$HA>GSHEE>KGK>LB=>GSGB<AMIKH;E>F:MBL<AL>B LHE:G@>=>K%GA:EM=:LTN_>K>
GB<AMPB=>KLIB>@E> %G>BG>K,K>LL>FBMM>BENG@=>L)987',)2908966%8)7:NL=>F&:AKP>BLMLB>
:N?=>G3B=>KLIKN<ASPBL<A>G*NMSNG@L NG=#>LM:EMNG@LDHGS>IMABGo >K3B=>KLIKN<APNK=>ABG
@>GHFF>G L>BG>(]LNG@GB<AM:ELN?MK:@?^K=:L$NF;HE=M"HKNF?HKFNEB>KM h']GB@%F
&:AK@BG@=B>2>K:GMPHKMNG@?^K=:LBGA:EMEB<A>'HGS>IMOHG):KMBG$>EE>KSN*>BE):<#K>@HK
^;>K =>K:ELE>BM>G=>K#K^G=NG@LBGM>G=:GMO>KF>BGMEB<A>$NF;HE=M 0A>F>GBG=>G)BMM>EINGDM=>L
'HGS>IMLLM>EEM

o >KE>BM>G=>#K^G=NG@LBGM>G=:GM*>BE):<#K>@HKF]<AM>=B>NLLM>EENG@>G=>L$NF
;HE=M "HKNFL oBG >BG>K G>N>G $>K:G@>A>GLP>BL> ?^K >IH<A>G  DNEMNK  NG=


 0DC=6014=34B4DCB274=!DB4D<B1D=34BB8=3D<0=&4<08=B>34A<4=B27;8274K14AA4BC4\0;;4:OA?4A;8274=
K14AA4BC438434A18>;>68B274=AC(&(,)#',IDIDA427=4=B8=3X4DCB274A!DB4D<B1D=3 4AE8
# 
 
?X<A>K^;>K@K>B?>G=> n$NF;HE=Mj 0A>F>G ]??G>G  >LHG=>K> /<AP>KINGDM> ;BE=>G =B>
2>K?E><AMNG@>G OHG *:MNK  NG= 6BOBEBL:MBHGL@>L<AB<AM> LHPB> =B> 0A>F>G #EH;:EBLB>
KNG@ )B@K:MBHG .>EB@BHGNG='HEHGB:EBLFNL h B>L>/<AE:@PHKM>LI>SB?BSB>K>G=B>o@KH
_>G)>GL<AA>BMLMA>F>Gh =B>:EE>IHEBMBL<A2>K:GMPHKMEB<A>GBG=>GO>K@:G@>G>G&:AK>G
>BG?HK=>KM>G h']GB@$>KO B + 

']GB@=BLM:GSB>KMLB<AOHG=>K>NKHS>GMKBL<A>G6B>EL>MSNG@):<#K>@HKL =B>=:K:N?;:LB>KM =:LnG
=>K>j:NL>NKHIXBL<A>K,>KLI>DMBO>=:KSNLM>EE>GoEL!MAGHEH@>GL>A>GPBKNGL>K>N?@:;>GB<AM
=:KBG  >LN<A>KG =:L ANF;HE=ML<A> 3>EM;BE= G:A>SN;KBG@>G  LHG=>KG OB>EF>AK NGM>KL<AB>=EB<A>
o3>EMO>KLMXG=GBLL>hSN>GML<AE^LL>EGNG=SN^;>KL>MS>G h']GB@$>KO B + 
*>;>G $NF;HE=M 6BM:M>G  =B> BG 'HGS>IMI:IB>K>G =>K 8-*892+ 6)9F-7',)6 90896&)7-8> O>KF>AKM
:N?M:N<A>G,:KSBG@>K/MB?MNG@,K>N_BL<A>K'NEMNK;>LBMS PBK=)NEMBI>KLI>DMBOBMXMoOHG
=>G2>K:GMPHKMEB<A>G=>L$NF;HE=M "HKNFLH?MO>KP>G=>M7e8 P>GG>LNF>BG>;@K>GSNG@@>
@>G^;>KDE:LLBL<A>G>MAGHEH@BL<A>G)NL>>G@>AM h5HNLL>?BN<A']GB@;>MHGM=>GG
L:MS=>K)NEMBI>KLI>DMBOBMXMNG=O>KLM>AM=:KNGM>KGB<AMGNK=B>%GDENLBHGOHG7396')'31192-8-)7 
LHG=>KG :N<A =B> >K^<DLB<AMB@NG@ OHG #>L<AE><AM>KO>KAXEMGBLL>G o B> /:FFENG@>G BG >NKHIXB
L<A>G)NL>>GPNK=>GF>AKA>BMEB<A:NL=>KFXGGEB<A>G,>KLI>DMBO>:G@>E>@M "K:N>GP:K>GNGM>K
=>G/:FFE>KGBG=>K)BG=>KA>BM h']GB@ ']GB@L!KPXAGNG@=>K':M>@HKB>+)2()6BLM
GB<AMK>IKXL>GM:MBO?^K:G=>K>)NL>NFLIN;EBD:MBHG>G 
3XAK>G==B>"K:@>G:<A=>KSND^G?MB@>G!GML<A>B=NG@LAHA>BM^;>KNLLM>EENG@LDHGS>IM>NGM>K:G
=>K>FOHG']GB@IKH;E>F:MBLB>KMPBK=O@E >KG:NO@E 'NAG']GB@ ;>A:NIM>M
):<#K>@HK =:LL:EE>;>M>BEB@M>GDM>NK9BGG>GBG!GML<A>B=NG@>GSNF%GA:EM=>L91&30(836917
FBM>BG;>SH@>GP>K=>GP^K=>G *>;>G=>K6NL:FF>G:K;>BMFBM=>G8%%80-',)297))2 =>F8%(8
197)91 NG= =>K 91&30(82-:)67-8A8 LHEE>G BGM>KG:MBHG:E> 'HHI>K:MBHGLI:KMG>K9BGG>G LHPB>
7396')'31192-8-)7:ELDM>NK9BGG>GBG=B>BGA:EMEB<A>'HGS>IMBHGFBM>BG;>SH@>GP>K=>G  B>2B>E
L<AB<AMB@D>BM =>K DM>NK9BGG>G LHEE =B> OHG ']GB@ @>?HK=>KM> )NEMBI>KLI>DMBOBMXM  =B> ):<#K>@HK
oIHERIAHG> !KSXAENG@h ):<#K>@HK   G>GGM  LB<A>KLM>EE>G  'HHI>K:MBHG LHEE GB<AM GNK FBM
NGBO>KLBMXK>F NG= FNL>:E>F ":<AI>KLHG:E LM:MM?BG=>G  LHG=>KG :N<A FBM /<ANE>G NG= *B<AMK>@B>
KNG@LHK@:GBL:MBHG>G NFo>BG>GL>AKOB>E>G@>K>GNLM:NL<AFBM=>GHFFNGBMB>LNG=BAK>G>E:G
@>Gh>;= @>PXAKE>BLM>GSND]GG>G /H@>G:GGM>o<HFFNGBMR<NK:MHKLh>;= LHEEM>GL>BG>K
GLB<AMG:<ABGL91&30(83691BGM>@KB>KMP>K=>G ):<#K>@HK?? 
B> 'NEMNK  NG= ,HEBMBDPBLL>GL<A:?ME>KBG (BEB: 5HNLL>?B P>BLM =:K:N? ABG  =:LL =B> >L>MSNG@ >GM
L<A>B=>G=>K,HLBMBHG>GBF91&30(83691:EL)]@EB<AD>BMSNK%GDENLBHGOHG7396')'31192-8-)7
GB<AMP:AK@>GHFF>GPNK=>oN?=>K(>BMNG@L>;>G>H=>K:ELPBLL>GL<A:?MEB<A>)BM:K;>BM>K BGG>G
LBG=C>=H<A:NLL<AEB>_EB<AP>B_>!NKHIX>K BGG>G:F,KHC>DM;>M>BEB@M h5HNLL>?B :LL>E;>
@BEM ?^K =B> #K^G=NG@LBGM>G=:GS  ;>LM>A>G= :NL ):<#K>@HK  ,:KSBG@>K NG= K>=>D:FI 
 
'HHI>K:MBHG>G FBM BGM>KG:MBHG:E>G !QI>KM BGG>G  '^GLME>K BGG>G NG= K<ABM>DM BGG>G ;>LM>A>G
SP:K :;>Ko=B>>K>BML<A:?M >NMNG@LAHA>BM:;SN@>;>G 7;E>B;M8>BG@>L<AKXGDMh>;=  
391&30(8 O>KMKBMM>;>G?:EEL=B>)>BGNG@ =:LL=B>%GOHEOB>KNG@=>K7396')'31192-8-)7>BG>
PB<AMB@>6B>EL>MSNG@L>B 3B>L<AHGBG>SN@:N?=B>!KKB<AMNG@=>L91&30(836917NG==B>V;>K
LB>=ENG@=>K:N_>K>NKHIXBL<A>G/:FFENG@>GOHG%,0)1G:<A )60-2-88) PBK==B>F:G@>EA:?M>
)BM>BG;>SB>ANG@=>K',;%6>)231192-8-=NG==>K7396')'31192-8-)7DKBMBLB>KM >S>B<AG>G==:
?^KLM>A>G2>K:GLM:EMNG@>GPB>SNF>BLIB>E=:L.B<AM?>LM=>L$NF;HE=M "HKNFLBF&:AK H=>K
>BG>OHG=>K/MB?MNG@,K>N_BL<A>K'NEMNK;>LBMSBGBMBB>KM> BLDNLLBHGLO>K:GLM:EMNG@%GM>KOB>P'HII 
)BM =>F o*%$0?>LM ?^K =:L $NF;HE=M "HKNFh ?KB<O>GBK %GM>KG:MBHG:E > 2    NGM>K
=>F)HMMHo/%!?>B>KGBG3>B_ 3%.MK:N>KGBG/<AP:KSh?KB<O>GBK%GM>KG:MBHG:E> 2 
IKHM>LMB>KM> =:L ^G=GBL BGDENLBO> =>K ',;%6>)2 31192-8= OHK =>F 91&30(83691  NF 1G
@E>B<AA>BMLO>KAXEMGBLL>:N?SNS>B@>GNG=>BG>@E>B<A;>K><AMB@M>)BMLIK:<A>>BGSN?HK=>KG >B=>K>K
PXAGM>G BLDNLLBHGLO>K:GLM:EMNG@;BE=>M>G:NLL<AEB>_EB<A;)-F))>GL<A>G=:L,:G>E 'HII@>AM=:
OHG:NL =:LL>BG B:EH@FBM=>F^G=GBL=>K',;%6>)231192-8=NG=7396')'31192-8-)7:NL
G@LMOHK.^<D@:;>?HK=>KNG@>GNG=)BMLIK:<AK><AM>G@>FB>=>GPBK= %GM>KOB>P'HII
%G':IBM>E PNK=>=:K@>E>@M =:LL>BG/IK><A>G?^KH=>K^;>K=B>nG=>K>Gj>BG>'HGLMKNDMBHG=>K
n>B@>G>Gj%=>GMBMXMBLM/IBO:D78 !IBLM>FBL<A>#>P:EMBFDHEHGB:E>G'HGM>QM;E>B;M
PBKDFX<AMB@>;=   >LA:E;F^LL>GnP>LMEB<A>j3BLL>GL<A:?ME>K9BGG>GBAK>/BMNB>KMA>BM;>K^<D
LB<AMB@>GNG=:G>KD>GG>G =:LLo7>8BGNGL<ANE=B@>L/IK><A>Gd^;>K=B>G=>K>GcBF)NL>NF7e8
GB<AMF>AKF]@EB<ABLM h':S>>F):KMBGS 0NK>D/M>KG?>E=%GPB>?>KGBF91&30(83691
=>KGLIKN<A=>K%GOHEOB>KNG@OHG7396')'31192-8-)7SND^G?MB@NF@>L>MSMP>K=>GPBK= PBK=LB<A
>KLMA>K:NLLM>EE>G %F,KHS>LLOHK=>K!K]??GNG@DHGGM>=:L91&30(83691=B>L>FGLIKN<AE:NM
'KBMBD>K9BGG>GGB<AM@>K><AMP>K=>G EL>@K^G=NG@?^K=B>F:G@>EA:?M>>K>BML<A:?M=>K8-*892+
6)9F-7',)6 90896&)7-8> >NMNG@LAHA>BM :;SN@>;>G  PBK= =>K LI>DM =>K G@LM :G@>LIKH<A>G 
G@LM GBFFM E:NM $HFB '  A:;A: >BG> PB<AMB@> "NGDMBHG ;>S^@EB<A =>K K^<AB@D>BM DHEHGB:E>K
):<AM >BG NG= LIB>@>EM =B> F;BO:E>GS>G =>L DHEHGB:E>G BLDNKL>L PB=>K  %F DHEHGB:E>G BLDNKL
;>?^K<AM>G=B>$>KKL<A>G=>G):<AMO>KENLM P:L=>G>A>KKL<AM>G>KF]@EB<AM LB>:GSN?><AM>G:L
MKH 2:K>E: A:P:G    +AG> =B> DHEHGB:E> /BMN:MBHG FBM =>K /BMN:MBHG >NML<AE:G=L BF
 &:AKANG=>KM@E>B<ASNL>MS>G D:GGNGM>KGP>G=NG@A:;A:LMA>HK>MBL<A>G#>K^LML=B>GG:AF>
@>MKH??>GP>K=>G =:LL=B>2>K:GMPHKMEB<A>G=>L91&30(836917):<AMO>KENLM?^K<AM>GNG='KB
MBD>K9BGG>G=B>)]@EB<AD>BMP:AKG>AF>G =B>L>):<AM:GSN?><AM>G 

3XAK>G==B>8-*892+6)9F-7',)690896&)7-8>=B>K^=>K$NF;HE=M:EL2HKK>BM>K>BG>KoDHLFHIH
EBMBL<A>7G83>EMLB<AMIKXL>GMB>KM,:KSBG@>K P>BL>G'KBMBD>K9BGG>G:N?=>K>G/BMNB>KMA>BMBG
>BG>FDHEHGB:E>G/RLM>FABG  B>*:F>GL@>;NG@LM>AME:NM#KHL<APBMSLRF;HEA:?M=:?^K =:LL=B>
:N_>K>NKHIXBL<A>3>EM:NL>NKHIXBL<A>K,>KLI>DMBO>IKXL>GMB>KMPBK=  :LBGA:EMEB<A>'HGS>IM?HE@M
 
=B>L>K.B<AMNG@ :N<AP>GG)NEMBI>KLI>DMBOBMXM:EL/<AE:@PHKM;>GNMSMPBK=  B>$:G=ENG@>GNG=
=B> /MKNDMNK =>K 2>K:GMPHKMEB<A>G =>L 91&30(836917 P>K=>G =>F L>E;LM>KG:GGM>G GLIKN<A
GB<AM@>K><AM 

  1C+5<D=EC5E=+95>9>45B"5E5>EB7
B> 1F;>G>GGNG@ =>L >A>F:EB@>G 97)917 *E6 D0/)6/92() BG !)08197)91 !-)2 P:K 0>BE =>K
*>N:NLKB<AMNG@=>L)NL>NFLNGM>K=>K(>BMNG@OHG!G@>ELF:G  >K*:F>LHEE>BG'HGS>IMPB=>K
LIB>@>EG =:L=>FGLIKN<A=>K3>EMH??>GA>BM>GMLIKB<AMNG=>;>GLHPB>BG>KEBG?XEEM=:L/<AE:@
PHKM=>K)NEMBI>KLI>DMBOBMXM 

:L 3B>G>K 97)91 *E6 D0/)6/92() PNK=> BF &:AK  BG !)08197)91 !-)2 NF;>G:GGM  >K
,KHS>LL =>K *:F>GLXG=>KNG@ P:K ;>K>BML BG #:G@ @>L>MSM PHK=>G  ;>OHK !G@>ELF:G G:<A 3B>G
D:F%GM>KOB>P!G@>ELF:G NF:G>BG>K*>N:NLKB<AMNG@=>L=:F:EB@>G97)917*E6 D0/)6/92()
SN:K;>BM>G3>EMFNL>NF3B>GH & :  B>@>GMNK =B>=:FBM;>:N?MK:@MPHK=>GP:K>BG>G*:F>G
?^K=:L)NL>NFSN?BG=>G L<AEN@SN>KLMo!MAGHLhOHK  B>L>K2HKL<AE:@PNK=>:;@>E>AGM =:=>K
>@KB??o!MAGHLhGB<AMBG=B>.B<AMNG@@>A> =B>LB<A!G@>ELF:GNG==B>:G=>K>G2>K:GMPHKMEB<A>G
OHKLM>EEM>G !A>KPHEE>F:GLB<A:F>@KB??=>Ko3>EMDNEMNK>GhHKB>GMB>K>G =:=B>L>K=B>/MXKD>=>L
)NL>NFLK>?E>DMB>K>GP^K=> @NM>>SB>ANG@>GSNK@:GS>G3>EMSNA:;>G 6NF>BG>GL>B=B>=NK<A
=:L!)08197)91!-)2@>PXAKE>BLM>M>2>KMK>MNG@=>K3>EM?^K=>G):KDMPB<AMB@ SNF:G=>K>G@X;>
>LBG=HII>EM>K$BGLB<AM>BG>>SB>ANG@SPBL<A>G3B>GNG==>K3>EM/HPHAE=B>/:FFENG@:EL
:N<A=B>>O]ED>KNG@3B>GLL>B>GBGM>KG:MBHG:E /<AEB>_EB<APNK=>@>@>G>BG>G*:F>G>GML<AB>=>G 
=>K=>G>@KB??=>Ko'NEMNK>Gh;>BGA:EM>  B>3:AE?B>E:N?o3>EMFNL>NFh :N<AP>GG=B>L>K*:F>
GB<AM>BG=>NMB@PB=>KLIB>@E> PHKNF>LBFBGA:EMEB<A>G'HGS>IM@BG@> :KNF )>GL<A>GBGL6>GM
KNFSNLM>EE>GNG=>BG0K>??INGDM?^K)>GL<A>GNG='NEMNK>GSNL>BG =B>LB<A?^KDNEMNK>EE>2B>E?:EM
;>@>BLM>KGD]GG>GNG==B>L>L<AXMS>G %GM>KOB>P!G@>ELF:G
*>;>G=>FG>N>G*:F>GPNK=>:N<A>BGG>N>L(H@HDK>B>KM =:LoOB>E>DE>BG>,NGDM>SNGX<ALMKBG@ 
=:GG LMK:AE>G?]KFB@ KNG= NF >BG>G 'K>BL 7S>B@M8  o)>GL<A>G BG >P>@NG@h  >KDEXKM !G@>E
F:GG7LB<8 h/BFHG$>KO B + 
!G@>ELF:G =BLM:GSB>KM LB<A SP:K OHF >@KB?? =>K o'NEMNK>Gh ABGLB<AMEB<A =>K *:F>GL@>;NG@ =>L
)NL>NFL O>KP>G=>M=>G'NEMNK>G;>@KB??:EE>K=BG@LBG:G=>K>G'HGM>QM>GG:A>SNBG?E:MBHGXK7e8
oNGL>K6B>EIN;EBDNFLBG=:N<A=B>HFFNGBMB>LOHG)>GL<A>G:G=>K>K'NEMNK>GBG3B>GNG=BGL
;>LHG=>K>G:M^KEB<A=>K'NEMNK>G =B>;>BNGLBG=>G/:FFENG@>GO>KMK>M>GLBG= LH=:LLPBK=B>L>
>SB>ANG@>GA>KLM>EE>GD]GG>G h%GM>KOB>P!G@>ELF:G
>K>@KB??o'NEMNK>GhBLM>BG>!LL>GMB:EBLB>KNG@ =B>=>DHGLMKNB>KMP>K=>GF^LL> P:L'HII:ELN?
@:;> >MAGHEH@BL<A>K )NL>>G ;>MK:<AM>M  !K ;>MHGM =B> 1GL<AXK?> =>L o'NEMNK>G;>@KB??Lh NG= @>AM

 
=:OHG:NL =:LL=>LL>G2>KP>G=NG@=>K2>KLN<AL>B L>BG>G'HGLMKNDMBHGL<A:K:DM>KSNO>K;>K@>G
o2HK  &:AK>G AXMM> F:G .:LL> @>L:@M  C>MSM K>=>M F:G OHG O>KL<AB>=>G>G 'NEMNK>G h %GM>KOB>P
'HII
)BM=>K*>N:NLKB<AMNG@:ELo3>EMFNL>NFh?HE@M3B>G=>F0K>G=:G=>K>K>NKHIXBL<A>K)NL>>G =B>
FBMo(>@BMBF:MBHGLIKH;E>F>7G8OHKIHLMDHEHGB:E>F$BGM>K@KNG=h#KHL<APBMS? DHG?KHG
MB>KMLBG=  B>1F;>G>GGNG@LHEE=B>o;D>AKOHF)NL>NF:EL+KM=>K)NL>:EBLB>KNG@m=>KG=>
K>GlNG==>Lm"K>F=>Glh>;= $>KO B + LRF;HEBLB>K>G oPH;>BFBM=>GG>N>G*:F>G:;>K
H?M GNK O>KL<AE>B>KM PBK=  =:LL !NKHI: G:<A PB> OHK :NL =>G ;>MK:<AM>M>G #>;B>M>G :NL@>GHFF>G
PBK= h>;= 3B>;>K>BMLBF':IBM>E  >KEXNM>KMPNK=> P:K=B>6NL:FF>GE>@NG@OHG2HEDL 
NG= 2]ED>KDNG=> NGM>K =>F *:F>G o'NEMNK>GFNL>NFh SP:K @>IE:GM  D:F :;>K GB<AM SNLM:G=> 
*:<A=>F=B>!GML<A>B=NG@?>LMLM:G= =:LL=:L@BG=>K)9)2 96+>K]??G>MNG==>F!)0819
7)91!-)2=:=NK<AP>GB@>K"EX<A>SNK2>K?^@NG@LM>A>GP^K=> PNK=>=>K>@KB??=>Lo'NEMNK>G
FNL>NFLhH=>Ko$:NL=>K'NEMNK>Gh>KG>NM:N?@>@KB??>G  B>KXNFEB<A>*XA>>BG>L)NL>NFL =:L
LB<AFBM=>K]LM>KK>B<ABL<A>G#>L<AB<AM>NG==>F!)08197)91!-)2 =:LLB<AFBM=>K3>EMf!NKHI:
:NL@>L<AEHLL>G f ;>?:LLM  >K@B;M :;>K GB<AM :NMHF:MBL<A =B> N?E]LNG@ >BG>K 0K>GGNG@ SPBL<A>G
nNGLjNG==>GnG=>K>Gj 
3XAK>G= 6BG@@E OHG =>G 6E2)2 =>G *:F>G o3>EMFNL>NFh :EL oNG@E^<DEB<A @>PXAEMh 6BG@@E
 ;>S>B<AG>M NG= O>KFNMEB<A PB> +LM>KF:R>K o$:NL =>K 'NEMNK>Gh ;>OHKSN@>G P^K=> 3>BLL
 ?B>E=B>'KBMBDOHG/>BM>G=>K@L<AXK?>K:NL $>B=>F:KB>1GM>KK>BG>KoO>KFNM>MiB=>HEH@B
L<A>#K^G=>h?^K=B>0:M =:i@>PBLL>G'K>BL>G:EE>L P:L=:L3HKM 2HEDj;>BGA:EM>M OHGOHKGA>K>BG
LNLI>DMhL>B h0K>GDE>K$>KO B + 

*:<A=>F?>LMLM:G= PB>OB>E"EX<A>=>F!)08197)91!-)2SND^G?MB@SNLM>A>GP^K=> IKXL>GMB>KM>
=:L)NL>NFBG>BG>K,N;EBD:MBHG:NL=>F&:AKL>BGBGA:EMEB<A>L'HGS>IM  B>;D>AKOHG>BG>K
@>H@K:IABL<A>GSN>BG>KMA>F:MBL<A>G/MKNDMNKB>KNG@=>KNLLM>EENG@P:K=:L>KDEXKM>6B>E  B>@>
H@K:IABL<A>+K=GNG@PNK=>SP:KGB<AMDHFIE>MM:N?@>@>;>G =>GGH<A=NK<A;K><A>G0A>F>GLXE>=B>
:EM>+K=GNG@,E:GD>GLM>BG>K  :L)NL>NFO>KLM>AMLB<Ao:ELE>;>G=B@>LK<ABO BG=>F
=:LK>B<AA:EMB@>F:M>KB>EE>2>KFX<AMGBL=>K>@>@GNG@>GULM>KK>B<ALFBM=>K3>EM=>KO>K@:G@>G>G
&:AKANG=>KM>O>KP:AKM >K?HKL<AMNG=]??>GMEB<ASN@XG@EB<A@>F:<AMPBK= h>;= %F6>GMKNF=>K
'HGS>IM>GMPB<DENG@LM:G=>GE:NM,E:GD>GLM>BG>KSP>B"K:@>G

o3>E<A> NGL>K>K /:FFENG@>G NG= +;C>DM> LIB>@>EG :N? ;>LHG=>K> 3>BL> ULM>KK>B<AL
>SB>ANG@>G SNK 3>EM PB=>K NG= LBG= BGM>KG:MBHG:E >BGSB@:KMB@ 3>E<A> 0A>F>G  =B>
LHGLMBG=>K]LM>KK>B<ABL<A>G)NL>NFLE:G=L<A:?MGB<AMO>KMK>M>GLBG= L>A>GPBKBF3>EM
FNL>NF3B>G:ELPB<AMB@?^KNGL>K>GBE=NG@L:N?MK:@:Gh,E:GD>GLM>BG>K

 
:K:NLK>LNEMB>KM>GSNF>BG>GO>KF>BGMEB<AnIHLBMBO>j0A>F>GDHFIE>Q>PB>=B>o!KDNG=NG@>G=>K
3>EMh =B>o3>KML<AXMSNG@hNG==:Lo%GM>K>LL>?^K:N_>K>NKHIXBL<A>KM>?:DM>NG=DNEMNK>EE>!KKNG
@>GL<A:?M>GhNG=o"HKL<ANG@>GhLHPB>o%GM>KIK>M:MBHG>Gh:NL=>F>K>B<A=>KGMAKHIHEH@B>,E:G
D>GLM>BG>K 6NF:G=>K>GP>K=>GnG>@:MBOjDHGGHMB>KM>0A>F>G@>G:GGM SN=>G>Go/>E;LM 
NG="K>F=K>IKXL>GM:MBHG :;>K:N<A'HEHGB:EBLFNL .:LLBLFNL G>B@GNG@>G 'HG?EBDMNG=NL;>N
MNG@h>;= SXAE>G 6NNGM>KLN<A>GBGPB>?>KG=:LGHMP>G=B@>6NL:FF>G=>GD>GnIHLBMBO>KjNG=
nG>@:MBO>Kj0A>F>GDHFIE>Q>BF!)08197)91!-)2=NK<A@>?^AKMPBK= BLMGB<AM0>BE=B>L>KK;>BM 
%G>BG>F%GM>KOB>PBF/HFF>K DNKSOHK=>K3B>=>K>K]??GNG@=>L!)08197)917!-)2 =>?BGB>KM
!G@>ELF:G=:L%F:@>=>L)NL>NFLNG=LM>EEM=>LL>G"NGDMBHG>G=:K  :L!)08197)91!-)2;>
MK:<AM>M>K:EL,K>LMB@>H;C>DM3B>GL 3B>GA:;>:EL /M:G=HKMNG=:EL/M:=M BG=>KOB>E>)>G
L<A>GFBM)B@K:MBHGL>K?:AKNG@E>;>G >BG>2>KI?EB<AMNG@=:SN >BG)NL>NFSNA:;>G =:LL=B>>
SB>ANG@OHGULM>KK>B<ASNKK>LMEB<A>G3>EMMA>F:MBLB>K>NG==B>OHKA:G=>G>Go/<AXMS>hS>B@>%GM>K
OB>P !G@>ELF:G  !G@>ELF:G ;>S>B<AG>M =B> /:FFENG@ NG= %=>GMBMXM =>L !)08197)917 !-)2 :EL
o>BGSB@:KMB@h  =: >L 'NGLM@>P>K;>  >LB@G NG= /:FFENG@>G :NL =>K @:GS>G 3>EM ;>A>K;>K@>G
P^K=>o7!8L7=:L)NL>NF8BLMSB>FEB<ALB<A>K>BGSB@:KMB@OHGL>BG>K/:FFENG@NG=%=>GMBMXMA>K 
>BGSB@:KMB@ =B>@:GS>3>EM;>BNGLSNA:NL> A:MLH>BG>^;>KE:II>G=>0A>F:MBD  >LB@GNG='NGLM
@>P>K;>:NL=>K@:GS>G3>EM NGL>K>/:FFENG@>GLBG=:N<A:NL=>K@:GS>G3>EM M>BEP>BL>^;>KE:I
I>GLB>LB<A h%GM>KOB>P!G@>ELF:G %GPB>?>KGLB<A=:L!)08197)91!-)2BG=>K#EH;:EBMXML>BG>K
/:FFENG@>GOHG:G=>K>G>MAGHEH@BL<A>G)NL>>GNGM>KL<A>B=>M ;E>B;MNG;>:GMPHKM>M >;>GLHPB>
=B> 0:ML:<A>  =:LL BF )NL>NF A:NIMLX<AEB<A :N_>K>NKHIXBL<A> +;C>DM> :NL@>LM>EEM P>K=>G  o B>
@:GS> 3>EM ;>B NGL SNA:NL>h D]GGM> =>FG:<A BG o=B> @:GS> :N_>K>NKHIXBL<A> 3>EM ;>B NGL SN
A:NL>hNF?HKFNEB>KMP>K=>G 
%G':IBM>E  o#KNG=LXMS>NG="NGDMBHG>G>BG>L>MAGHEH@BL<A>G)NL>NFLhPNK=>;>K>BML=:K:N?
ABG@>PB>L>G =:LLLB<ABG >NML<AE:G=BG=>G>K&:AK>G=>L &:AKANG=>KML>BGB@>)NL>>GFBM=>K
/N<A>G:<A>BG>KG>N>G%=>GMBMXM:NL>BG:G=>KL>MSM>G  >;:MMB>KMPNK=> H;>MAGHEH@BL<A>)NL>>GBG
)NL>>G:N_>K>NKHIXBL<A>K'NGLMNF@>P:G=>EMP>K=>GLHEEM>G$:KFL  NK<A=B>1F=>N
MNG@DNEMNK>EE>K6>N@GBLL>SN'NGLMLHEEM>G>MAGHEH@BL<A>+;C>DM>:N?@>P>KM>MP>K=>G !G@>ELF:GL
>MHGNG@=>L2HKA:G=>GL>BGLOHG'NGLM@>P>K;>NG= >LB@GD:GGOHK=>F$BGM>K@KNG==B>L>K BL
DNLLBHG;>MK:<AM>MP>K=>GNG=S>N@M=:OHG =:LL':M>@HKBLB>KNG@>G0>BEOHGPBLL>GL<A:?MEB<A>GNG=
@>L>EEL<A:?MEB<A>G BLDNKL>GLBG=O@E  >:G?  
6N=>G"NGDMBHG>G=>L)NL>NFLSXAE>=B>2>KFBMMENG@OHG3>EMH??>GA>BM NF4>GHIAH;B>OHKSN
;>N@>G 6NLXMSEB<ALHEE>=>F,N;EBDNF=>KDHEHGB:E>'HGM>QM=>L)NL>NFLNG=L>BG>K+;C>DM>LHPB>
=B>HML<A:?M =:LLo)B@K:MBHGSNF)>GL<A>G@>A]KMPB>/HGG>NG=.>@>GSNF3>MM>KhGXA>K@>
;K:<AMP>K=>G !LLHEE>=B>#>L<AB<AM>ULM>KK>B<ALNG==>K3>EM@>S>B@MNG=2>KLMXG=GBLLHPB>3>KM
L<AXMSNG@?^K=B>2B>E?:EMOHG)>GL<A>GNG='NEMNK>GO>KFBMM>EMP>K=>G %GM>KOB>P!G@>ELF:G

 
!G@>ELF:GA:M>BG>@>G:N>2HKLM>EENG@=>L6B>EIN;EBDNFL SN=>FC>SN>BG>F KBMM>E/<ANEDBG=>K 
BE=NG@L;^K@>K9BGG>GNG=0HNKBLM9BGG>GSXAE>G GLIXM>K>K/M>EE>=>L%GM>KOB>PLG>GGM>KGH<A>BG>
P>BM>K>6B>E@KNII>o7N8GL>K6B>EIN;EBDNFLBG=:N<A=B>HFFNGBMB>LOHG)>GL<A>G:G=>K>K'NE
MNK>GBG3B>GNG=BGL;>LHG=>K>G:M^KEB<A=>K'NEMNK>G =B>;>BNGLBG=>G/:FFENG@>GO>KMK>M>GLBG= 
LH=:LLPBK=B>L>>SB>ANG@>GA>KLM>EE>GD]GG>Gh>;=  ELPB<AMB@>L6B>EIN;EBDNFG>GGM>K=B>
F>QBD:GBL<A>HFFNGBMR3B>GLNG=A>;M@E>B<AS>BMB@=B>>=>NMNG@=>L)NL>NFL?^K=B>L>HF
FNGBMRA>KOHK  :L)NL>NFL>B?^K=B>F>QBD:GBL<A>HFFNGBMR=>LA:E;LHPB<AMB@ P>BELB<ABF
!)08197)91!-)2=>K)2%',3()3'8)>91% >BG">=>KL<AFN<D ;>?BG=>NG==B>KXNFEB<A>*XA>
SN =B>L>F =>K HFFNGBMR PB<AMB@ L>B %GM>KOB>P !G@>ELF:G  1G>KPXAGM EXLLM !G@>ELF:G  =:LL
.^<D@:;>?HK=>KNG@>GOHGF>QBD:GBL<A>K/>BM>@>XN_>KMPNK=>G =B>NGM>K>KN?NG@:N?=B>"NGDMBHG
=>K'HGL>KOB>KNG@:;@>E>AGMPNK=>G >K/M:G=:K=HKHG:  >K!BGMKBMMLIK>BL?^K!K
P:<AL>G>OHG!NKHPBK=F>QBD:GBL<A>G/M::ML;^K@>K9BGG>G>KE:LL>G3>EMFNL>NF3B>GH & ; 
3B> L<AHG ;>BF 91&30(83691 PBK= )NMBI>KLI>DMBOBMXM  2B>ELMBFFB@D>BM NG= ,:KMBSBI:MBHG :EL
GLIKN<A=>L)NL>NFL?HKFNEB>KM  B>1FL>MSNG@=B>L>LGLIKN<ALLHEE^;>K=B>2>KFBMMENG@NG=
=B@BM:E>)>=B>GNF@>L>MSMP>K=>GNG=SN7396')'31192-8-)7oL<AE:@>GPBKG>N>K^<D>Gh,E:G
D>GLM>BG>K ,E:GD>GLM>BG>KO>KLM>AMNGM>K)NEMBI>KLI>DMBOBMXM=B>%GM>KIK>M:MBHGOHG+;C>D
M>Go:NLA>NMB@>K@EH;:E>K/B<AMBGBAK>FLHSBHDNEMNK>EE>G6NL:FF>GA:G@FBM=>K#>L<AB<AM>BAK>L
0K:GL?>KLNG==>G3BLL>GLMK:=BMBHG>GBAK>K$>KDNG?M h>;=  B>>B@>G>/BMNB>KMA>BMPBK=P>=>K
:G@>LIKH<A>G GH<A IKH;E>F:MBLB>KM  ,E:GD>GLM>BG>K O>KP>G=>M ;>B =>K >L<AK>B;NG@ =>L 'HGS>IML
AXN?B@=>G>@KB??oPBKhHAG>SN>KEXNM>KG P>KoPBKhLBG=NG=BGPB>?>KG7396')'31192-8-)7=:SN
SXAE>G ,E:GD>GLM>BG>K
B>DHEHGB:E>2>K@:G@>GA>BMNG==>K=:K:NLK>LNEMB>K>G=>;>OHKFNG=>G=>1F@:G@>MAGHEH@BL<A>K
)NL>>GFBM=>GnG=>K>GjBLM!G@>ELF:G;>D:GGMNG=>KBLMLB<A=>LL>G;>PNLLM =:LL1G@E>B<AA>BM>G
SPBL<A>GnNGLjNG==>GnG=>K>GjBFF>KGH<AK>IKH=NSB>KMP>K=>G !K;>SB>AMLB<A=:;>B:EE>K=BG@L
GB<AMBF/I>SB?BL<A>G:N?=:L!)08197)91!-)2NG==>LL>G2>K@:G@>GA>BM LHG=>KGDKBMBLB>KM>MAGH
EH@BL<A>)NL>>GBFEE@>F>BG>G %GM>KOB>P!G@>ELF:G
)NEMBI>KLI>DMBOBMXMPNK=>BFOHKA>K@>A>G=>G':IBM>EOHG*>BE):<#K>@HK=NK<A=B>6NL:FF>G:K
;>BMFBMBGM>KG:MBHG:E>G,:KMG>K9BGG>GNG=7396')'31192-8-)7=>?BGB>KM /HNK<><HFFNGBMB>LPNK=>G
;>K>BML:EL0>BE=>L6B>EIN;EBDNFL;>S>B<AG>M !BG>K6NL:FF>G:K;>BMLM>AM!G@>ELF:G>;>GLHIHLBMBO
@>@>G^;>K P>BLM:;>K=:K:N?ABG =:LL=B>L>OB>E6>BM;>:GLIKN<A>GP^K=> EL>BLIB>EG>GGM>K=B>
!GMPB<DENG@=>K>GBG=B:EH@>BF.:AF>G=>K>GBG NLLM>EENG@BF=:F:EB@>G)NL>NF?^K2]E
D>KDNG=>BF&:AK NL=>G B:EH@>GL>B>BG>6NL:FF>G:K;>BMSPBL<A>G>NKHIXBL<A>G>MAGHEH
@BL<A>G)NL>>GFBM+;C>DM>G:NL>GBGNG=2>KMK>M>K9BGG>G:NL*B@>KB:>GMLM:G=>G !KP>KM>M=B>
6NL:FF>G:K;>BMFBM>GBG:ELI>KL]GEB<A>G!K?HE@,E:GD>GLM>BG>KL%GM>KOB>P!G@>ELF:G %F?HE
@>G=>G':IBM>EP>K=>B<AGH<A:NL?^AKEB<A>K:N?=B> )2-2-%03+9)7>BG@>A>GNG=MA>F:MBLB>K>G 

 
=:LLBF.:AF>G=>KNLLM>EENG@o>GBGf']GB@>NG=.BMN:E> $]?BL<A>'NGLMBG*B@>KB:hBG3B>G
.^<D@:;>?HK=>KNG@>G@>XN_>KMPNK=>G':S>>F?  
2HG!G@>ELF:G>;>G?:EELA>KOHK@>AH;>GP>K=>G=B>>SB>ANG@>G=>L!)08197)917!-)2SN:LB:MB
L<A>G)NL>>GBF.:AF>G=>L 7-%9634)97)91)8;36/ )8;36/ =NK<A=:L>BGB@>
,KHC>DM>>GMLM:G=>GL>B>G =B>o@KH_:KMB@h?NGDMBHGB>K>GP^K=>G EL>BLIB>E?^K=B>@NM?NGDMBHGB>
K>G=>6NL:FF>G:K;>BMG>GGM>K=:L,KHC>DMi1G>:KMABG@,ABEBIIBG>LkI:LMBG!NKHI>:GHEE><MBHGLh 
;>B=>F=:L1G@E>B<A@>PB<AM=>K2>KM>BENG@IABEBIIBGBL<A>K/:FFENG@>GMA>F:MBLB>KMPNK=> 'NK:
MHK9BGG>G:NL=>G,ABEBIIBG>GPNK=>GG:<A!NKHI:>BG@>E:=>G =:=B>>NKHIXBL<A>G'NK:MHK9BGG>G
GNK^;>KF:G@>EA:?M>!QI>KMBL>O>K?^@M>G GLHGLM>GPBK=GH<A=B>6NL:FF>G:K;>BMFBMBGM>KG:MBH
G:E>GNG=>NKHIXBL<A>G+K@:GBL:MBHG>G;>SB>ANG@LP>BL>%GLMBMNMBHG>G>KPXAGM %GM>KOB>P!G@>EL
F:G
396')'31192-8-)7P>K=>G:EL6B>EIN;EBDNF@>G:GGMNG==B>6NL:FF>G:K;>BMFBMBAG>GPBK=IHLB
MBO;>P>KM>M !LPNK=>G>QIEBSBMSP>B>BLIB>E>=>K6NL:FF>G:K;>BM:G@>?^AKM B> )2-2-%03+9)7
NG==:L )8;36/ %GPB>?>KG:N_>K>NKHIXBL<A>!QI>KM9BGG>GNG=7396')'31192-8-)7BG=B>
NLLM>EENG@LIKXL>GM:MBHGNG==:L)NL>NFLDHGS>IMFBM>BG@>;NG=>GPNK=>G BLMGB<AMDE:K>KLB<AM
EB<A 

6NL:FF>G?:LL>G=PNK=>;>B=>K*:F>GL@>;NG@=>L!)08197)917!-)2;>PNLLM=>Ko'NEMNK>G;>
@KB??hO>KFB>=>G N??:EE>G=BLM =:LL;>B=>KBGA:EMEB<A>G,HLBMBHGB>KNG@:N?=>G>@KB??=>GGH<A
GB<AMO>KSB<AM>MP>K=>GD:GG 6N=>FO>KL<AE>B>KM=>K*:F> =:LLBF!)08197)91!-)2A:NIMLX<A
EB<A:N_>K>NKHIXBL<A>+;C>DM>IKXL>GMB>KMP>K=>G  B>BGA:EMEB<A>,HLBMBHGB>KNG@O>K=>NMEB<AM =:LL
>LNF=B>>SB>ANG@>GULM>KK>B<ALSNK3>EM@>AM PH;>B@EH;:E>,>KLI>DMBO>GFBM>BG;>SH@>GP>K=>G
LHEE>G %GPB>?>KG=B>!BG;>SB>ANG@OHG7396')'31192-8-)7NG=BGM>KG:MBHG:E>K<4)68$-22)2^;>K
!BGS>E?XEE>ABG:NL@>AM ;E>B;M?K:@EB<A 

  5B<9>E>4+95>9=*5B7<5938
>B=>KBGA:EMEB<A>G,HLBMBHGB>KNG@=>K;>B=>G)NL>>GPNK=>=B>1F;>G>GGNG@=>L!)08197)917
!-)2>;>GLH:G:ERLB>KMPB>=B>*:F>GL@>;NG@=>L91&30(836917  B>'HGS>IM>;>B=>K)NL>>G
PNK=>G>;>G?:EEL;>MK:<AM>MNG=>LE:LL>GLB<AXAGEB<A>6B>EL>MSNG@>G>KD>GG>G 

3B>;>K>BML>KPXAGMPNK=> BLM=B>1F;>G>GGNG@>A>F:EB@>K2]ED>KDNG=>FNL>>GD>BG,AXGHF>G 
=:LLB<A:N?>KEBGNG=3B>GH=>K@:K=>G=>NML<ALIK:<AB@>G.:NF;>L<AKXGDM !MAGHEH@BL<A>)N
L>>GLBG=LB<ABAK>KDHEHGB:E>G3NKS>EG;>PNLLMNG=LM>A>GSNG>AF>G=OHK=>K$>K:NL?HK=>KNG@ 
LB<A@>@>G^;>KIHLMDHEHGB:E>K'KBMBDSNK><AM?>KMB@>G#KHL<APBMS?  N<AP>GG=>K"HDNL
=>KG:ERL>BG>KEBG:N?=>K*:F>GL@>;NG@=>L91&30(836917EB>@M PNK=>=B>1F;>G>GGNG@
=>L>KEBG>K97)917*E6 D0/)6/92()BG8,2303+-7',)797)91MA>F:MBLB>KMNG=>KPXAGM =:LL=B>
 
=:F:EB@> BK>DMHKBG6P>B?>E:G=>K/BGGA:?MB@D>BM=>K*:F>GLXG=>KNG@XN_>KM> %AK>KGLB<AMG:<A
LHEE>>BG>*:F>GLXG=>KNG@=B>GHMP>G=B@>'HGL>JN>GS>BG>K*>N:NLKB<AMNG@L>BG =B>SN=B>L>F
6>BMINGDMGB<AM@>@>;>G@>P>L>GL>B']GB@?  
>BF!)08197)91!-)2@BG@=B>1F;>G>GGNG@FBM>BG>K*>N:NLKB<AMNG@=>L)NL>NFLNGM>K=>K
(>BMNG@OHG!G@>ELF:G>BGA>K %GPB>?>KGLB<A=B>'HGS>IM>M:MLX<AEB<AOHG=>G>G=>L:EM>G97)917
*E6 D0/)6/92()NGM>KL<A>B=>G BLML<AP>KSN;>NKM>BE>G =:=B>L>L^;>K&:AK>ABGP>@GNKF>AKM>BE
P>BL>@>]??G>MP:K !BG>!KG>N>KNG@ =B>:EE>K=BG@L=:?^KLIKB<AM =:LLLB<A=:L'HGS>IM@>XG=>KM
A:M BLM=B>%GDENLBHGOHG0A>F>GLXE>GNG==:FBMfSNFBG=>LMM>BEP>BL>f>BG>;D>AKOHG=>KBG
>MAGHEH@BL<A>G)NL>>GOHKA>KKL<A>G=>G@>H@K:IABL<A>G+K=GNG@,E:GD>GLM>BG>KN<A
BG>KEBGLHEE>GK>@BHG>G^;>K@K>B?>G=>0A>F>G>BG>GKN<AFBM=>K:EM>G/MKNDMNKA>K;>B?^AK>G']
GB@ 
'KBMBD:G=>K1F;>G>GGNG@=>L)NL>NFLBG3B>GD:FOHG/>BM>G=>K@ =B>=:OHG:NL@BG@ =:LL
>BGG>N>K*:F>@>PXAEMPNK=> NF=:L3HKMo2HEDhSNLMK>B<A>G0K>GDE>K +LM>KF:R>KNG=
6BG@@EIKX?>KB>KM>GABG@>@>G=B>%GDENLBHG=>Lo'NEMNK>G;>@KB??Lh6BG@@E3>BLL P:L
=>FNLM:NL<A>BG>K!LL>GMB:EBLB>KNG@=NK<A>BG>:G=>K>@E>B<ADXF> %G>KEBGPBK==B>*:F>GL@>
;NG@=>L91&30(836917:NLIHLMDHEHGB:E>K,>KLI>DMBO>DKBMBLB>KMNG=:N?=>GDHEHGB:E>G'HGM>QM
BGL;>LHG=>K>E>Q:G=>KOHG$NF;HE=ML:N?F>KDL:F@>F:<AM  :L91&30(83691K>BAMLB<A=:FBM
BG>BG>Go$NF;HE=M 'NEMh$:>BG =>K=:L/M:=M;BE=>KEBGL;>LMBFFMNG==B>!KBGG>KNG@
:G,K>N_>G:EL'NEMNKG:MBHG?>LMB@M 

'B>G*@AB$:;>MK:<AM>M=B>*:F>GL@>;NG@=>L91&30(836917:EL'HGMBGNBMXMBG >NML<AE:G=
NG=;>S>B<AG>M=>G*:F>Go$NF;HE=Mh:ELG:MBHG:E>Lo(:;>Eh$: P:LLB<ABF/M:=M;BE=
>KEBGLPB=>KLIB>@>EM *>;>G=>FG>N>KKB<AM>M>G)NL>NF@B;M>L:G=>K>%GLMBMNMBHG>G #>;XN=>H=>K
#K^G?EX<A>G  =B> G:<A =>G $NF;HE=M K^=>KG ;>G:GGM PNK=>G  $: ;>MK:<AM>M =>G o$NF;HE=M
'NEMh>;= BF/BGG>>BG>KG:MBHG:E>G%GLS>GB>KNG@ 3B>:N<A;>B=>K":LL:=>GK>DHGLMKNDMBHG
PBK=>BG,K>N_>G BE=DK>B>KM ;>B=>F=>KLI>DMo'NEMNKhBF2HK=>K@KNG=LM>AM !;= 
>B=> )NL>>G P>K?>G :NL >NKHIXBL<A>K ,>KLI>DMBO> >BG>G EB<D :N? =B> 3>EM  :N<A P>GG LB> =>G
>@KB??=>K)NEMBI>KLI>DMBOBMXMA>KOHKA>;>G 3XAK>G=BG>KEBG:EE>BG=>K*:F>=B>>NKHIXBL<A>,>K
LI>DMBO>PB=>KLIB>@>EM#KHL<APBMS O>K=>NMEB<AMLB<A=B>L>NLKB<AMNG@BG3B>G>KLMBG
=>G/M>EENG@G:AF>GSNKBGA:EMEB<A>G,HLBMBHGB>KNG@;>SB>ANG@LP>BL>'HGS>IMBHGB>KNG@ 6B>EBLM>L 
=B>o>@>@GNG@>GULM>KK>B<ALFBM=>K3>EMh,E:GD>GLM>BG>KSNO>KP:AK>G SN>K?HKL<A>G
NG=SNO>KFBMM>EG  B>6NL:FF>G:K;>BMFBMBGM>KG:MBHG:E>G,:KMG>K9BGG>GNG=7396')'31192-8-)7
PBK=SP:K:G@>LIKH<A>G LM>AM:;>KGB<AMBF)BMM>EINGDM=>K,KXL>GM:MBHG  >NMNG@LAHA>BM:;SN@>
;>G BLMP>=>KBG>KEBGGH<A3B>G=:L>KDEXKM>6B>E +AG>=B>SNFBG=>LM@E>B<A;>K><AMB@M>!BG;>SB>
ANG@OHG7396')'31192-8-)7PBK=>IBLM>FBL<A>#>P:EMK>IKH=NSB>KM =>GGnPBKjD]GG>GGB<AMnH;
C>DMBOj?^KH=>K^;>K=B>nG=>K>GjLIK><A>GO@E ':S>>F):KMBGS 0NK>D/M>KG?>E= 3BK=
 
/IBO:DL'KBMBD:G"HN<:NEMNG= >E>NS>L:N?>MAGHEH@BL<A>)NL>>GBG!NKHI:NG==>K>G!GML<A>B
=NG@LMKX@>K9BGG>G:G@>P:G=M D:GG?>LM@>LM>EEMP>K=>G =:LL:N<ALB>LB<Ao=B>):LD>:;P>L>G=>K
*B<AM .>IKXL>GMB>K>K:GE>@>Gh/IBO:D78  :;>BPBK==B>>B@>G>/BMNB>KMA>BM =>K'HG
LMKNDMBHGL<A:K:DM>K=>LDHEHGB:E>G/N;C>DMLLHPB>=B>$HFH@>GBLB>KNG@=>KnG=>K>GjO>KL<AE>B>KM 

3XAK>G= BG 3B>G =B> 1F;>G>GGNG@ =>L )NL>NFL OHG >BGS>EG>G ,HEBMD>K9BGG>G DKBMBLB>KM PBK= 
DHFFMBG>KEBG'KBMBD:NLIHLMDHEHGB:E>K,>KLI>DMBO> 6NK6>BM=>K!M:;EB>KNG@>MAGHEH@BL<A>K)N
L>>G BG !NKHI:  HKB>GMB>KM>G LB<A =B> )NL>>G :G >OHENMBHGLMA>HK>MBL<A>G GG:AF>G  PH=NK<A =:L
n!B@>G>j BG ;@K>GSNG@ SNF O>KF>BGMEB<A BG?>KBHK>G nG=>K>Gj DHGLMKNB>KM PNK=> "K^G=M 
?   B>nG=>K>GjP>K=>GBF &:AKANG=>KMSP:KGB<AMF>AKH??>G:ELBG?>KBHK;>S>B<AG>M  >N
MNG@LAHA>BM ^;>K BAK> #>L<AB<AM> PBK= BAG>G :EE>K=BG@L GB<AM SN@>LM:G=>G  >B=> )NL>>G >BGM =B>
(^<D>SPBL<A>GGLIKN<ANG=1FL>MSNG@BG>SN@:N?)NEMBI>KLI>DMBOBMXM 

 $B?F5>95>J6?BC38E>7E>4)=71>7=9D&Q3;71256?B45BE>75>
%F':IBM>E PNK=>G=B>#KNG=LXMS>NG="NGDMBHG>GOHG)NL>>GBFEE@>F>BG>GNG=>MAGHEH@B
L<A>K)NL>>GBF/I>SB?BL<A>G=:K@>E>@M /:FF>EG "HKL<A>G >P:AK>G ,KXL>GMB>K>GNG=2>KFBM
M>EG;BE=>G=B>S>GMK:E>GN?@:;>G>BG>L)NL>NFL2B>K>@@  :KLM>EENG@LIK:DMBD>GNG=
=B>'HGLMKNDMBHGOHG%=>GMBMXM>GBG)NL>>GLBG=NGMK>GG;:KFBM=>KDHEHGB:E>G!QI:GLBHG!NKHI:L
O>K;NG=>G =>LA:E;F^LL>GLB<A>MAGHEH@BL<A>)NL>>GBG=>KIHLMDHEHGB:E>GTK:FBM=>KDHEHGB:E>G
NG=BFI>KB:E>G2>K@:G@>GA>BM =>K>G>P>KMNG@NG==>G"HE@>G=>K >DHEHGBLB>KNG@:NL>BG:G=>K
L>MS>G0AHF:L %FOHKA>KB@>G':IBM>EPNK=>;>K>BML=:L/<AE:@PHKM=>K)NEMBI>KLI>DMBOBMXM
=:K@>E>@M NF=B>6NL:FF>G:K;>BMFBM7396')'31192-8-)7SN;>L<AK>B;>G %G=B>L>F':IBM>EPBK=
>KG>NM:N?=B>>SB>ANG@SPBL<A>GnNGLjNG==>GnG=>K>GjBF)NL>NFL;>MKB>;>BG@>@:G@>GNG=
=B>"K:@>G:<A=>FK><AMFX_B@>G>LBMS>MAGHEH@BL<A>K+;C>DM>@>LM>EEM 1GM>KLN<AMPBK==>K6N@:G@
=>L>KEBG>K8,2303+-7',)297)917LHPB>=>L91&30(836917NG==>L!)08197)917!-)2SN
,KHO>GB>GS?HKL<ANG@NG=.>LMBMNMBHG GA:G==>K )2-2 632>)2 =B>LB<ABG;>B=>G)NL>>G;>?BG
=>G PBK==>K1F@:G@FBM>MAGHEH@BL<A>G+;C>DM>GBG>SN@:N?=>GL><ALM>G#KNG=L:MS=>L3()
3* 8,-'7 NGM>KLN<AM  =>K =B> LI>DM> =>K o.^<D@:;>h NG= =>K o.^<D?^AKNG@ OHG 'NEMNK@^
M>KGh%+);>BGA:EM>M 

  1C5B<9>5BD8>?<?79C385!EC5E=9=E=2?<4D?BE=
>K?HE@>G=>;L<AGBMM;>L<AX?MB@MLB<AFBM=>F6N@:G@=>L )60-2)68,2303+-7',)297)917NG=
=>L91&30(836917SN,KHO>GB>GS?HKL<ANG@NG=.^<D@:;>?HK=>KNG@>G F>BLIB>E=>K )2-2
632>)2 PBK= =>K 1F@:G@ =>L >KEBG>K8,2303+-7',)2 97)917FBM .^<D@:;>?HK=>KNG@>G LDBS
SB>KM 

 
N?=>K$HF>I:@>=>K8%%80-',)297))2SN>KEBGBLM,KHO>GB>GS?HKL<ANG@:EL'>KG:N?@:;>?HK
FNEB>KM  :;>BEB>@M=>K"HDNL:N?*/ .:N;@NMNG=+;C>DM>G =B>)>GL<A>G@>A]KM>G =B>NGM>K=>F
G:MBHG:ELHSB:EBLMBL<A>G.>@BF>:ELC^=BL<A@:EM>G />BM@B;M>L>BG>PBLL>GL<A:?MEB<A>/M>EE>?^K
,KHO>GB>GS?HKL<ANG@:G=>G/M::MEB<A>G)NL>>G oNF=B>L>AKLI>SB>EE>GNG==B??BSBE>GABLMHKBL<A>G
.><A>K<A>GSN:DMN>EE>G.>LMBMNMBHGL;>@>AK>G?^K/:FFENG@L@>@>GLMXG=>=>K/M::MEB<A>G)NL>>G
:G>BG>K/M>EE>SN;^G=>EGh/M::MEB<A>)NL>>GSN>KEBGH &   >K"HKL<ANG@L?HDNLEB>@MSP:K:N?
=>K6>BM=>L*:MBHG:ELHSB:EBLFNL L<AEB>_M:;>K:G=>K>1GK><AMLDHGM>QM>GB<AM:NL  B>!KP>K;L@>
L<AB<AM>>MAGHEH@BL<A>K+;C>DM>BG>BG>FDHEHGB:E>G'HGM>QM;BE=>M>BG>G0>BE=>K,KHO>GB>GS?HK
L<ANG@ PH;>B=B>NL>BG:G=>KL>MSNG@NF=>G1F@:G@FBM,91%26)1%-27A>KOHK@>AH;>GPBK=
o B>/M::MEB<A>G)NL>>GF:<A>G>LLB<ASNKN?@:;> =B>$>KDNG?M:EE>KF>GL<AEB<A>GV;>KK>LM>BG
BAK>GDNEMNKABLMHKBL<A>G/:FFENG@>GLNDS>LLBO>:N?SNDEXK>G NFO>K:GMPHKMNG@LOHEE^;>K=>GP>B
M>K>G1F@:G@=:FBM>GML<A>B=>GSND]GG>G h>;= "K:@>GG:<A=>FK><AMFX_B@>G>LBMSP>K=>G
@>LM>EEM NG= >L PBK= O>KLN<AM SN K>DHGLMKNB>K>G  PB> +;C>DM> BG =B> C>P>BEB@>G )NL>>G @>E:G@M>G 
/M::MEB<A>)NL>>GSN>KEBGH & 
3B> ;>K>BML BF OHKA>KB@>G ':IBM>E >KPXAGM PNK=>  LHEE>G o/:FFENG@L@>L<AB<AM> NG= /MK:M>@B>G 
=:KNGM>KIKH;E>F:MBL<A>G>B@GNG@L?HKF>GBG=>K'HEHGB:ES>BMh']GB@S>GMK:E>0A>F>G
=>L8,2303+-7',)297)917BF91&30(83691L>BG  B>L>6B>EL>MSNG@;>BGA:EM>M=B>,KXL>GM:
MBHGNG=2>KFBMMENG@=>K!K@>;GBLL>OHG,KHO>GB>GS?HKL<ANG@ %F3()3*8,-'7PBK=,KHO>GB>GS
?HKL<ANG@:ELoOHEELMXG=B@> HDNF>GM:MBHG>BG>L#>@>GLM:G=>LNG=L>BG>K>LBMSO>KAXEMGBLL>OHF
6>BMINGDML>BG>K!GM=><DNG@H=>K/<A]I?NG@;BLBG=B>#>@>GP:KMh%+)O>KLM:G=>G 
oPH=NK<A !<AMA>BM NG= !B@>GMNFL:GLIK^<A> ?>LM@>LM>EEM P>K=>G h >;=   B> "K:@> G:<A =>F
K><AMFX_B@>G>LBMSOHG+;C>DM>GLM>AM=:;>BBF"HDNL 
*H<AOHK=>K#KNG=LM>BGE>@NG@=>L91&30(836917LM>EEM>$>KF:GG,:KSBG@>K =>K,KXLB=>GM=>K
8-*892+6)9F-7',)690896&)7-8>?>LM =:LL=B>8%%80-',)297))2SN>KEBG=B>oK><AMFX_B@>G>
LBMS>KBAK>K>LMXG=>h,:KSBG@>KLBG=

6P:K ?^AKM> =B> !KKB<AMNG@ =>NML<A>K 'HEHGB>G BG ?KBD: NG= BG =>K /^=L>> SN >BG>F
LM>MB@>G6NLMKHFOHG+;C>DM>G:NL=B>L>G3>EM@>@>G=>G =H<A=B>NL@>PH@>GA>BMNG=
2HEELMXG=B@D>BM=>K>KEBG>K>LMXG=>@>AM:N?>BG>BGF:EB@>LNG=P>EMP>BMO>KSP>B@M>L
*>MSOHG/:FFE>KGNG=GDXN?>KGSNK^<D =:L:LMB:G:N?@>;:NMA:MM>  :F:EL>GMLM:G=
=:LPBLL>GL<A:?MEB<A>"NG=:F>GM=>L!MAGHEH@BL<A>G)NL>NFLBG>KEBG NG=>L>GMLM:G=
:N?E>@:E>3>BL>  B>>KEBG>K)NL>>GLBG==>LA:E;K><AMFX_B@>>LBMS>KBAK>K>LMXG=> 
,:KSBG@>K

,:KSBG@>KLK@NF>GM:MBHGEXLLM>BGB@>LI>DM>:NL =B>BG=B>L>KK;>BM;>K>BML>KEXNM>KMPNK=>GLB>A>
BGL;>LHG=>K> ':IBM>E   NG=   +;C>DM>G PNK=> >BG >IBLM>FBL<A>K 3>KM SN@>L<AKB>;>G NG=
 
o7>8MAGHEH@BL<A>G)NL>>GD:F=B>N?@:;>SN =B>L>:G@>GHFF>G>>OHENMBHGXK>/MN?>GE>BM>K:G
A:G=DE:KNFKBLL>G>K>BLIB>E@KNII>GSNO>K=>NMEB<A>Gh"K^G=M +;C>DM>LHEEM>G=B>nG
=>K>Gj:NL>NKHIXBL<A>K,>KLI>DMBO>=:KLM>EE>G >BF!KP>K;OHG+;C>DM>GP:K>G!NKHIX>K9BGG>G
SNF 0>BE :N? =B> EHD:E> >O]ED>KNG@ :G@>PB>L>G  :;>K !KP>K; NG= nGD:N?k @>L<A:A :N<A NGM>K
GP>G=NG@NG=G=KHANG@OHG#>P:EM>;=  =HE?:LMB:G =>K>KLM> BK>DMHK 
=>LD2-+0-',)297)917*E6 D0/)6/92()BG>KEBG @BG@SP:KOHG=>KoILR<ABL<A>G#E>B<A:KMB@
D>BMhA>OKHG:EE>K)>GL<A>G:NLO>KMK:M:;>K=B>O>K;K>BM>M>V;>KS>N@NG@=>K!QBLM>GS
NGM>KL<AB>=EB<A>KDNEMNK>EE>K!GMPB<DENG@LLMN?>GNG=;>MK:<AM>M>>MAGHEH@BL<A>+;C>DM>:ELo>E>@
LM^<D>?^K=B>!GMPB<DENG@L@>L<AB<AM>=>KF>GL<AEB<A>G'NEMNKh/M>ESB@ !K@BG@OHG=>K
oS>KLM]K>KBL<A>G3BKDNG@=>K'NEMNKDHGM:DM>SPBL<A>GoSBOBEBLB>KM>Gh!NKHIX>K9BGG>GNG=oIKBFBMB
O>G*:MNKO]ED>KGhh/M>ESB@$>KO B + :NLNG=>KAH;=:Lo.>MM>Gh:LMB:G78SBM 
G:<A/M>ESB@OHG+;C>DM>GSNFIKBHKBMXK>G6B>E>NKHIXBL<A>K/:FFE>K9BGG>G 
1G>KPXAGM;E>B;M>;>GLH=>K>L<AENLL=>LNG=>LK:M>L:NL=>F&:AK =NK<A=>G>L>BG>=BK>DM>
NG=?^K=:L)NL>NFLIKH?BM:;E>2>K;BG=NG@SPBL<A>G=>NML<A>K'HEHGB:E@>L<AB<AM>NG==>F>MAGH
EH@BL<A>G)NL>NF@:; >Fo)NL>NF7PNK=>8=:L!B@>GMNFLK><AM:G:EE>G/:FFENG@>G:NL=>G
>NML<A>G/<ANMS@>;B>M>GSN@>LM:G=>G7e8 =B>BF2>KE:N?OHGFBM.>B<ALFBMM>EG?BG:GSB>KM>G!Q
I>=BMBHG>G>KPHK;>GPNK=>Gh/M>ESB@ 
,:KSBG@>KLNLL:@>E>@MG:A> =:LL=B>/:FFENG@LMXMB@D>BM=>L8,2303+-7',)297)917NGM>K:L
MB:GBGD>BG>FDHEHGB:E>G'HGM>QMLM^G=> 0KHMS>BG>LDHEHGB:E>G'HGM>QMLL>B>BG>0K>GGNG@SPB
L<A>G=>K/:FFENG@LMXMB@D>BMNG=DHEHGB:E>K#>P:EMSNSB>A>G AKBLMB:G'HIIOHF )6)-2 )60-2
378/3032-%0) LB>AMBG=B>L>K$:EMNG@=B>3>B@>KNG@=>K/MB?MNG@ 'HEHGB:EBLFNL:EL1GK><AML
DHGM>QM:GSN>KD>GG>G  :L^G=GBL391&30(8 @>AM=:OHG:NL =:LL>LD>BG>G?:BK>G!KP>K;
PXAK>G==>K'HEHGB:ES>BM@>@>;>GA:;> P>LA:E;=>K#>P:EMDHGM>QM:EL2HK:NLL>MSNG@?^K=>G!K
P>K;:N_>K>NKHIXBL<A>K+;C>DM>SN;>MK:<AM>GL>B %GM>KOB>P'HII
>K6N@:G@SN,KHO>GB>GS?HKL<ANG@PNK=>NGM>K:G=>K>FOHG=>K?K:GS]LBL<A>G'NGLMABLMHKBD>KBG
ZGZ=B<M>/:OHRDKBMBLB>KM =B>BF&:AK:NL=>FBGM>KG:MBHG:E>G!QI>KM9BGG>G;>BK:M=>L91
&30(836917:NLMK:M %G>BG>F%GM>KOB>PFBM=>K/^==>NML<A>G6>BMNG@>KDEXKMLB> =:LL=B>'EXKNG@
OHG,KHO>GB>GS>GBF)BMM>EINGDMLM>A>GLHEE>

o,KHO>GB>GS?HKL<ANG@F^LLM>(%7 BG@L>BG 6P>BM>GLF^LL>G=B>L>,KHO>GB>GS>GBGO>K
LMXG=EB<A>K"HKF=:K@>LM>EEMP>K=>G  :LL:G)NL>NFLPXG=>GGB<AML=:K^;>KLM>AM PH
A>K =B> 3>KD> DHFF>G  @>AM GB<AM F>AK  3>GG F:G GB<AML ?BG=>M  L<AK>B;M F:G 3BK
A:;>G@>M:G P:LPBKDHGGM>G PBKA:;>G:EE> HDNF>GM>=B@BM:EBLB>KM ?^KC>=>GSN@XG@
EB<A =:LBLM=>K/M:G=OHG !LBLM:N<A>BG>"K:@>=>L.>LI>DML=>G(>NM>G@>@>G
^;>K =>G>GF:G=B>L>+;C>DM>P>@@>GHFF>GA:M h/:OHR$>KO B + 

 
%F#>@>GL:MSSN,:KSBG@>KO>KLM>AM/:OHRPB>=:L^G=GBL391&30(8 'HEHGB:EBLFNL:EL1G
K><AMLDHGM>QM /:OHRLIKB<AMOHG,KHO>GB>GS?HKL<ANG@BF91&30(83691BF'HGCNGDMBONG=DE:@M
=:FBM=>G*:<AAHE;>=:K?BG=B>L>K.B<AMNG@:G /B>O>K@E>B<AM=:L91&30(83691FBM0L<A>KGH
;RE =:;>B=>LOHG>BG>KoE>B=><D>h/:OHRNF@>;>GL>B o=:FBM;EH_D>BG>/MK:AENG@G:<A
:N_>G=KBG@Mh>;=  'HIIO>KFNM>M =:LL/:OHRLNLLMB>@:NL=>F>BK:M=B>@>L>EEL<A:?MEB<A>
>;:MM>SN'HEHGB:EBLFNLLMBFNEB>KMA:;> %GM>KOB>P'HII
!BG>@KB?? =>KBF6NL:FF>GA:G@FBM"K:@>GG:<A=>FK><AMFX_B@>G>LBMSAXN?B@?XEEM BLMo7,%6)(
,)6-8%+)h5HNLL>?B$>KO B + ,:KSBG@>K;>S>B<AG>M=:L91&30(83691:ELo!IBS>GM
KNF=>L/A:K>=$>KBM:@>h,:KSBG@>K  B>8-*892+6)9F-7',)690896&)7-8>LB>AM>K:EL2>K
P:EM>KBG=>Ko'NEMNK@^M>K=>K)>GL<AA>BMh>;=  =>K>GN?@:;>=:KBG;>LM^G=> 7396')'31192-8-)7
=>G6N@:G@SN=B>L>Fn@>M>BEM>G!K;>jSN>KF]@EB<A>G o0>BEA:;> )BMPBKDNG@NG=)BMO>K:GMPHK
MNG@h>;= LHEE>@>PXAKE>BLM>MP>K=>G BG=>F=NK<A=B> B@BM:EBLB>KNG@OHG :M>G;:GD>GNG='HF
FNGBD:MBHG^;>K=:L%GM>KG>M)>GL<A>G:NL=>G7396')'31192-8-)76N@:G@SN+;C>DM>G>KA:EM>G
LHEE>G 5HNLL>?BF>KDMBG=B>L>F'HGM>QM:G =:LL?:DMBL<AGNK"HKL<A>K9BGG>G:NL=>G7396')'31
192-8-)7o>KE>B<AM>KM>G6N@:G@SN=>G/:FFENG@>GBGNLLB<AMh5HNLL>?BA:;>GNG=>K
=>K;K>BM>G>O]ED>KNG@P>BM>KABGO>KP>AKM;EB>;> %AK>K)>BGNG@G:<ABLM=B>2>KP>G=NG@=>L>
@KB??L7,%6)(,)6-8%+)=>K2>KLN<A o=NK<A=B>>MHGNG@=>L@>F>BGL:F>G!K;>LDKBMBL<A>"K:@>G
G:<A!B@>GMNFNG=):<AMO>KAXEMGBLL>Gh>;= SNO>KL<AE>B>KG 5HNLL>?B? 
%F':IBM>E SN=>G#KNG=LXMS>GNG="NGDMBHG>G>MAGHEH@BL<A>K)NL>>GPNK=>=:K@>E>@M =:LL=B>
'E:LLB?BD:MBHGOHG+;C>DM>G:EL'NEMNK@NMH=>K3>EMDNEMNK>K;>H?MF:EL=:SN=B>GM .^<D@:;>?HK=>
KNG@>G:;SNP>BL>G K@NF>GMB>KMPBK= =:LL=B>L>+;C>DM>>LM:G=M>BE=>L3>EMDNEMNK>K;>LLBG=NG=
=>LA:E;D>BG>F*:MBHG:ELM::MSN@>HK=G>MP>K=>GD]GG>G 1F=>K>G6N@XG@EB<AD>BMSN@:K:GMB>K>G 
LHEEM>GLB>BG>NKHIXBL<A>G)NL>>G;E>B;>G NF?^K=B>@:GS>3>EMSNK2>K?^@NG@SNLM>A>G  >K
LI>DM=>L6N@:G@L >;>GLHPB>=>K=>K/B<A>KA>BM PBK=LHSN>BG>F%GLMKNF>GM NF2>K;E>B; >LBMS
NG=.>IKXL>GM:MBHGOHG+;C>DM>GSNE>@BMBFB>K>G':S>>F?   B>>KN?NG@:N?=>G7,%6)(
,)6-8%+) >@KB??;>DHFFMBG=B>L>F'HGM>QM=B>"NGDMBHG =B>8%%80-',)297))2NG==:FBM=:L
91&30(83691:ELK><AMFX_B@>>LBMS>K9BGG>G=>K:N_>K>NKHIXBL<A>G/:FFENG@>GSN=>DE:KB>
K>G 
:L^G=GBL391&30(8 NGM>KLM>EEM=>K8-*892+6)9F-7',)690896&)7-8> >BG>NG>BG=>NMB@>
!BGLM>EENG@SN,KHO>GB>GS?HKL<ANG@SNO>KMK>M>G 3XAK>G==>K6N@:G@=>K/MB?MNG@OHK>BGB@>G&:A
K>GGH<A=>K@>P>L>GL>B :NLL<AEB>_EB<A+;C>DM>FBM@>DEXKM>K,KHO>GB>GSBF91&30(83691NG
M>KSN;KBG@>G K^<DM>=B>/MB?MNG@=:OHGPB>=>K:; =:LHGLM:N?>BGB@>+;C>DM>AXMM>O>KSB<AM>MP>K=>G
F^LL>G PB>SNF>BLIB>E=B> )2-2 632>)2  :;>BP^K=>=:L^G=GBL=>G2>KSB<AM+;C>DM>:NL
SNLM>EE>G =B>BG>BG>FDHEHGB:E>G'HGM>QM:G@>>B@G>MPNK=>G :ELDHGL>JN>GM;>MK:<AM>GNG=>LPBK=
=B>"K:@>:N?@>PHK?>G H;>L^;>KA:NIM+;C>DM>@X;> =B>BFDHEHGB:E>G'HGM>QMG:<A >NML<AE:G=
D:F>G NG= D>BG>G #>P:EMDHGM>QM :N?P>BL>G  *B<AM =B> )NL>NFLF:<A>K9BGG>G AXMM>G =:L .><AM
 
=:K^;>KSN>GML<A>B=>G :GP>E<A>F+KM :N?P>E<A>3>BL>NG=P>E<A>+;C>DM>:NL@>LM>EEMP>K=>G 
LHG=>KG=B>7396')'31192-8-)7 /B>L>B>G=B>K><AMFX_B@>G>LBMS>K9BGG>G=>K/:FFENG@>GNG=
AXMM>G=>LA:E;!GML<A>B=NG@LAHA>BM %GM>KOB>P'HII
'HIIL<AEX@MOHK ,KHO>GB>GS?HKL<ANG@;>B+;C>DM>GSN;>@BGG>G ;>B=>G>G=>K2>K=:<AM;>LM^G=> 
=:LL LB> BG >BG>F 1GK><AMLDHGM>QM G:<A >NML<AE:G= @>;K:<AM PHK=>G L>B>G  B> "HKL<ANG@ LHEE>
GB<AM=>K(>@BMBF:MBHG=>L>LBMS>L>NKHIXBL<A>K)NL>>G=B>G>G%GM>KOB>P'HII

o7%8<AA:;>=>G2>K=:<AM =:LL>L)NL>NFLE>BMNG@>G@B;M =B>L:@>G C:E:LLMNGL=H<A
>KLMF:EG:<A=>G>GLN<A>G =B>L:N;>KBGG?^AKNG@LS>B<A>GLBG= PHPBKPBLL>G =B>
LBG= @>L<A>GDM PHK=>G  H=>K AB>K A:;>G PBK >BG>G ':N?O>KMK:@ H=>K LH  =:L D:GG F:G
G:M^KEB<A:N<AF:<A>GNG==:GGD:GGF:G:N<A=B>GX<ALM>G&:AK>GH<A=:FBMO>K
;KBG@>GSN;>P>BL>G ^;>K,KHO>GB>GSK><A>K<A> =:LL>B@>GMEB<A:EE>LBG+K=GNG@BLM :ELH
=:BLM=B>"K:@>PHG:<AF:GLN<AM h%GM>KOB>P'HII

>S^@EB<A=>L6N@:G@L=>L91&30(836917SN,KHO>GB>GS?HKL<ANG@>GMLM^G=>=>K!BG=KN<D =:LL
=B> )NL>NFLF:<A>K9BGG>G ;>?^K<AM>G  +;C>DM> SNK^<D@>;>G SN F^LL>G  G@LM OHK >BG>F ,KXS>
=>GS?:EE A:;>G NG= BAK> A]<ALM> ,KBHKBMXM =:KBG L>A>G  +;C>DM> BG >NML<AE:G= SN ;>P:AK>G  :L
^G=GBLIHLBMBHGB>KMLB<ADE:K@>@>G=B>L>;P>AKA:EMNG@NG=O>KMKBMM=B>GLB<AM =:LL.^<D@:;>G
LHPHAE;>B@>DEXKM>K:EL:N<A;>BNG@>DEXKM>K,KHO>GB>GS=NK<A@>?^AKMP>K=>GD]GGM>G P>GG=:OHG
:NL@>@:G@>GPBK= =:LL>BG1GK><AMLDHGM>QMG:A>EB>@> .^<D@:;>GD]GGM>G:;>K:N<AHAG>>BG>G
LI>SB?BL<A>G2>K=:<AM=NK<A@>?^AKMP>K=>G %GM>KOB>P'HII
3XAK>G==>K6N@:G@SN,KHO>GB>GS?HKL<ANG@=>K8-*892+6)9F-7',)690896&)7-8>DNKSSNL:FF>G
@>?:LLMOHG=>KV;>KS>N@NG@@>IKX@MBLM =:LL>BGDHEHGB:E>K1GK><AMLDHGM>QM;>BF!KP>K;OHG>MA
GHEH@BL<A>G+;C>DM>G>KLMG:<A@>PB>L>GP>K=>GFNLL O>KMK>M>G=:L^G=GBL391&30(8 NG=
/:OHR=B>)>BGNG@ =:LL'HEHGB:EBLFNLI>KL>>BG1GK><AMLDHGM>QMBLMNG=?:BK>K!KP>K;GB<AMF]@
EB<AP:K 

F >BLIB>E =>K )2-2 632>)2 PBK= =>K 1F@:G@ FBM .^<D@:;>?HK=>KNG@>G G:<A@>S>B<AG>M  NF
>O>GMN>EE>#>F>BGL:FD>BM>GNG=1GM>KL<AB>=>BG=>G2HK@>A>GLP>BL>G=>K;>B=>G)NL>>GSNB=>G
MB?BSB>K>G %F&:AKPNK=>OHG">;KN:K;BL):B=B>NLLM>EENG@o>GBG &:AK>A]?BL<A>'NGLM
:NL*B@>KB:hBF>KEBG>K8,2303+-7',)297)91@>S>B@MNG=BG6NL:FF>G:K;>BM=>K8%%80-',)2
97))2>9 )60-2FBM=>F97)91*E6 D0/)6/92()-2!-)2 =>K%8-32%0311-77-32*3697)917
%2(3291)287BG*B@>KB: =>F197B)(959%- 6%20=BG,:KBLNG==>F 68278-898)3*
,-'%+3NF@>L>MSM  B>NLLM>EENG@PNK=>BG3B>G ,:KBL >KEBGNG=AB<:@H@>S>B@M, 
:;>KGB<AMBG*B@>KB: (:NM>L<AK>B;NG@=>L8,2303+-7',)297)917PNK=>G^;>K!QIHG:M>
:NL >GBG :NL@>LM>EEM  =B> oBG?HE@> =>K 'HEHGB:E>KH;>KNG@ P>EMP>BM S>KLMK>NM
 
PNK=>Gh!MAGHEH@BL<A>L)NL>NFH & ; ;AXG@B@D>BM>GSPBL<A>G!NKHI:NG=?KBD:LHEEM>GMA>
F:MBLB>KMNG==B>o:DMBO>.HEE>>GBGL:N?=>K^AG>>BG>K@EH;:E>G#>L<AB<AM>h>;= O>K=>NMEB<AM
P>K=>G  B>NLLM>EENG@L;>L<AK>B;NG@EXLLM:NL =:LL;>B=>K!K]??GNG@L?>B>K>BG>.^<D@:;>?HK=>
KNG@OHF)BGBLM>K,KBG<>=>MHDNF;H':RH=>@>LM>EEMPNK=>

o%<A:II>EEB>K>FBM=>Fn>KEBG>KII>EESNK.^<D@:;>OHG*B@>KB:L'NEMNKH;C>DM>Gj:G
=:L#>PBLL>G:EE>K FBM=>K$H??GNG@ =:LL=B>,>KLHG>G =B>=:LK^<DLB<AMLEHL>$:G=>EG
=>K'HEHGBLB>KNG@;>K^AKM OHGLB<A:NL:EE>H=>K0>BE>BAK>K+;C>DML:FFENG@>G:G*B
@>KB:H=>K?KBD:SNK^<D@>;>G PXAK>G=*B@>KB: NG=OB>EE>B<AM:N<A?KBD: >BG>H??BSB
>EE>N??HK=>KNG@SNK.^<D@:;>=>K@>LMHAE>G>GKM>?:DM>OHK;>K>BM>M  B>LLHEEM>GB<AM
:ELP>BM>K>'KB>@L>KDEXKNG@O>KLM:G=>GP>K=>G LHG=>KG:ELBMM> h':RH=>78SBM 
G:<A+IHDN

>B=>G+;C>DM>GA:G=>EM>LLB<ANF>BGB@>OHGM:NL>G=>G =B>BF&:AKPXAK>G=>BG>KLH@>
G:GGM>G>LMK:?NG@L>QI>=BMBHG=>K!G@EXG=>K@>@>G=:L']GB@K>B<A>GBG BFA>NMB@>G*B@>KB: @>
K:N;MPNK=>G 6N=>G )2-2 632>)2SXAE>G!E?>G;>BG KHGS>IE:MM>GNG= D]I?> :;>K:N<A+;C>DM>
:NL):M>KB:E>GPB>$HES 'HK:EE>NG=!BL>G =B>>;>GLH0>BE=>L.:N;@NMLP:K>G  B> )2-2 632>)2
LBG=?HE@EB<A>BG/:FF>E;>@KB???^K=:L.:N;@NM:NL=>K;>L:@M>G>LMK:?NG@L>QI>=BMBHG %FN?MK:@
OHG">EBQOHG(NL<A:GPNK=>GBF&:AK0>BE>=>L>GBG .:N;@NML?^K=:LD2-+0-',)97)91
*E6 D0/)6/92()>KPHK;>G =B>=HKM:N?;>P:AKMNG=IKXL>GMB>KMPNK=>G $:;>KF:L??  
B>>=>NMNG@=>K )2-2 632>)2?^K=B>)>GL<A>GBG>GBG>K@B;MLB<A=:K:NL =:LL=:L']GB@K>B<A
>GBG;BLBGL &:AKANG=>KM=NK<Ao>BG>A]?BL<A>'NEMNKh$:;>KF:L@>IKX@MP:K )BM
=>F+;::G=>K/IBMS>=>L/RLM>FLPNK=>=>GKHGS>G>BG>PB<AMB@>.HEE>SN@>L<AKB>;>G

o/M:MM:EL'NGLMH;C>DM>=B>GM>GLB>:EL!KBGG>KNG@LLM^<D> =B>:N<AO>K>AKMPNK=>G  B>L>
:N?EM:K>G:N?@>LM>EEM>GKHGS>D]I?>P:K>G@E>B<AL:F)H=>EE>?^K>BG@NM>L(>;>GNG=
=B>GM>G=:SN=B>#>F>BGL<A:?M=>L']GB@K>B<A>LSNLMXKD>GfLB>P:K>G0>BE=>K>GBG>K
!KBGG>KNG@LDNEMNK !L@:;NG@>?XAK0:NL>G=LHE<A>KKHGS>D]I?> KHGS>IE:MM>G 0B>K
;KHGS>GNG=!E?>G;>BGL<AGBMS>K>B>G =B>=NK<A=B>EHD:E>$:G=P>KDL>EBM>A>K@>LM>EEMPNK
=>G h$:;>KF:L

>K1F@:G@FBM=>G )2-2 632>)2PBK=:EL>BLIB>EA>K:G@>SH@>G =:>LLB<A;>B=>KG>B@GNG@
>BG=>NMB@NF>BG>@>P:EMOHEE>DHEHGB:E>/BMN:MBHGA:G=>EM> %F>KEBG>K8,2303+-7',)297)91NG=
:N<ABF=:F:EB@>G97)91*E6 D0/)6/92()BG3B>GPNK=>>BG=>NMB@:N?=>Go@>P:EMA:?M>G/:F
F>EDHGM>QMh$:;>KF:LO>KPB>L>G %G:G=>K>G>NKHIXBL<A>G)NL>>GPBK==>KDHEHGB:E>
'HGM>QMSP:KGB<AMO>KL<APB>@>G :;>KoK><AMSNK^<DA:EM>G=NFL<AKB>;>Gh>;=  
 
>K>BMLOHK=>KNLLM>EENG@>K]??GNG@BF&:AKPNK=>GBF&:AK.^<D@:;>?HK=>KNG@>GOHG
GB@>KB:GBL<A>K/>BM>@>LM>EEM  >K'NGLMABLMHKBD>K!DIH!RHP:G=M>LB<A:G=>G28)62%8-32%0392'-0
3*97)917NG=KB>?)NL>>GFBM@KH_>G>LMXG=>GOHG )2-2 632>)2SNGX<ALMSN(>BA@:
;>GNG=/I>G=>G:N? NFBG>GBG>BG>NLLM>EENG@BF@>IE:GM>G*:MBHG:EFNL>NFSNKo.HEE>>GBGL
BG=>K'NGLM@>L<AB<AM>=>K3>EMh!RH78SBM G:<A+IHDNSN>KF]@EB<A>G %G>GBG
L>E;LM;>?:G=>GLB<ASN=B>L>F6>BMINGDM:NLL<AEB>_EB<AoNG;>=>NM>G=>h>;= +;C>DM>  B>
.>LHENMBHGPNK=>GH<AF:ELLHNF?HKFNEB>KM o=:LLLB>F>AKG:<A>BG>F:EE@>F>BG>GN?KN?SNK.>
LMBMNMBHGNG=.^<D@:;>DE:G@h>;= NG=:GHML<A:?M>GNG=$H<ADHFFBLL:K>=>K(XG=>KFBM
@KH_>G>LMXG=>GOHG )2-2 632>)2:NL@>L>G=>M  B>.>LHG:GS;EB>;P>BM@>A>G=:NL !;= 
>KoNG:;AXG@B@>3BLL>GL<A:?ME>KhNG=&NKBLM+IHDN'P:F>+IHDN;>KB<AM>MOHGP>B
M>K>G.^<D@:;>?HK=>KNG@>GOHGGB@>KB:GBL<A>K/>BM> /HPNK=>BF&:AK>BGGMK:@:N?.^<D
?^AKNG@=>K>GBG +;C>DM>:G=B>;KBMBL<A>.>@B>KNG@NG=BF&:AK=B>"HK=>KNG@=>K.^<D@:;>
OHG+;C>DM>G:GEXLLEB<A=>KNLLM>EENG@>K]??GNG@o>GBGf']GB@>NG=.BMN:E> $]?BL<A>'NGLMBG
*B@>KB:hBG3B>G@>LM>EEM =B>:Go:EE>P>LMEB<A>G)NL>>G@>KB<AM>MP:K =B>KHGS>G:NL>GBG;>
LBMS>Gh+IHDN L<AEHLLLB<A5NLN?;=:EE:A1LF:G =>K#>G>K:E=BK>DMHK=>KGB@>
KB:GBL<A>G =>G.^<D@:;>?HK=>KNG@>G:G +IHDN?? 
%F&:AKLM>EEM>E:K:$>KKF:GG >BG>;@>HK=G>M>=>K6E2)2BG >NML<AE:G= >BG>o7D8E>BG>
G?K:@> =>K #K^G>G>KEBG SNK IHLMDHEHGB:E>G NL>BG:G=>KL>MSNG@ FBM =>F $NF;HE=M "H
KNFh$>KKF:GGSBM G:<A/<AFBMS:G=:L &+)36(2)8)2,%97 )60-2 !BG>=>K>GMA:EM>G>G"K:
@>G;>MK:?=>G1F@:G@FBM=>GOHGGB@>KB:GBL<A>K/>BM>@>XN_>KM>G.^<D@:;>?HK=>KNG@>G :N?=B>
=B>.>@B>KNG@PB>?HE@M:GMPHKM>M>

o >K^;>KPB>@>G=>0>BE=>KA>NM>+;C>DM>NF?:LL>G=>G>GBG /:FFENG@=>L!MA
GHEH@BL<A>G)NL>NFLPNK=>SPBL<A>GNG=:N?=>F'NGLMF:KDMBG(HG=HG 
M>BEP>BL>:N<ABG(:@HL>KPHK;>G  >K/>G:MNG==B>/MB?MNG@,K>N_BL<A>K'NEMNK;>LBMS
LBG==>KN??:LLNG@ =:LL=B>+;C>DM>K><AMFX_B@>KPHK;>GPNK=>GNG=>L?^K>BG>.>
LMBMNMBHG=B>L>K/:FFENG@D>BG>O]ED>KK><AMEB<A>#KNG=E:@>@B;M .^<D@:;>?HK=>KNG@>G
=>L>A>F:EB@>G']GB@K>B<AL>GBG;SP =>L*:<A?HE@>LM::M>L*B@>KB:LBG=;BLE:G@P>=>K
:NL=K^<DEB<AGH<ABG=BK>DM:G=B>NG=>LK>@B>KNG@NG==B>/MB?MNG@,K>N_BL<A>K'NEMNK
;>LBMSA>K:G@>MK:@>GPHK=>G h/<AFBMS

$>KKF:GGLG?K:@>:G=B> )60-2)6)2%87/%2>0)-PNK=>OHF=:F:EB@>G'NEMNKLM::MLL>DK>MXKG=KZ
/<AFBMS;>:GMPHKM>MNG=;>KN?MLB<A:N?=>GK><AMEB<A>G#KNG=L:MS =:LL>BG>.^<D@:;>?HK=>KNG@
>KLM=:GGOHKA:G=>GL>B P>GGo>BG>G:M^KEB<A>H=>KCNKBLMBL<A>,>KLHG =B>!B@>GMNFO>KEHK>GA:M BAK
GEB>@>G=>F>LBMS>K=>L!B@>GMNFLOHKE>@>GF^LL>h+IHDN P:L;BLE:G@BG=>K"HKF

 
GB<AM@>L<A:A  B>>MHGNG@ =:LL=:L8,2303+-7',)97)91K><AMFX_B@>K>LBMS>K=>K+;C>DM>L>B 
O>K=>NMEB<AM =:LL=B>DHEHGB:E>/BMN:MBHGGB<AM:EL1GK><AMLDHGM>QMP:AK@>GHFF>GPBK= 
GL<AEB>_>G=PBK=OHF/>G:MGH<A=B>6NL:FF>G:K;>BMFBM2>KMK>M>K9BGG>G=>L']GB@LOHG>GBG 
=>F*))NG=>NKHIXBL<A>K)NL>>G;>MHGM =B>=:L@>F>BGL:F>6B>EAXMM>G =B>NLLM>EENG@OHG
>GBG +;C>DM>GBG*B@>KB:SN>KF]@EB<A>G/<AFBMS >B=>G2>KA:G=ENG@>GPNK=>=>Ko>
GBG DMBHGLIE:GSNK.>LMBMNMBHGh:NL@>:K;>BM>M ;>B=>F.>LMBMNMBHG=>GGH<AGB<AMBF"HDNLLM:G=
+IHDN
NL@>A>G=OHFL><ALM>G#KNG=L:MS=>L3()3*8,-'7 =>K=B>LI>DM>=>Ko.^<D@:;>hNG==>K
o.^<D?^AKNG@OHG'NEMNK@^M>KGh%+);>BGA:EM>MLB>A>':IBM>E  LM>A>G>NKHIXBL<A>
)NL>>GBG=>K2>K:GMPHKMNG@ :N? B:EH@>>BGSN@>A>G =B>OHG7396')'31192-8-)7@>?HK=>KMP>K=>G
NG=LB<A;>S^@EB<A=>Ko.^<D?^AKNG@OHG'NEMNK@^M>KGh%+)DHHI>K:MBOSNS>B@>G  B>
0:ML:<A> =:LL=B>L>G#KNG=LXMS>GOHF )60-2)68,2303+-7',)297)91NG==>F91&30(83691
GB<AM "HE@> @>E>BLM>M PBK= O>K=>NMEB<AM  =:LL )NL>NFLF:<A>K9BGG>G  BG =B>L>F ":EE =B> 8-*892+
6)9F-7',)690896&)7-8> =:L>P:AK>G=>K+;C>DM>BG >NML<AE:G=:ELBAK>A]<ALM>,KBHKBMXM>K:<A
M>G%GM>KOB>P'HII 

!LD:GG?>LM@>A:EM>GP>K=>G =:LL=>K"HDNLOHG,KHO>GB>GS?HKL<ANG@=>K8%%80-',)297))2>9
)60-2SP:K*/ .:N;@NM;>MKB??M =B>,KHO>GB>GS>MAGHEH@BL<A>K+;C>DM>PBK==B>L>FN?@:;>G@>
;B>M:;>K>;>G?:EELSN@>HK=G>M  B>8-*892+6)9F-7',)690896&)7-8>;>MHGMBF6NL:FF>GA:G@FBM
BAK>G:N_>K>NKHIXBL<A>G/:FFENG@>G =:LL=B>)NL>>G=B>K><AMFX_B@>G>LBMS>KBAK>K>LMXG=>
L>B>GNG=>KD>GG>G'HEHGB:EBLFNLGB<AMI>KL>:EL1GK><AMLDHGM>QM:G  :L>P:AK>G=>K+;C>DM>
PBK=:ELA]<ALM>,KBHKBMXMP:AK@>GHFF>GNG=SN(>@BMBF:MBHGLSP><D>GOHG7,%6)(,)6-8%+)@>LIKH
<A>G F>BLIB>E=>K )2-2 632>)2PBK==>NMEB<A =:LL=B> #KNG=LXMS>E>=B@EB<A.B<AMEBGB>G
LBG= =>G>GGB<AM@>?HE@MP>K=>GFNLL 

  1C+5<D=EC5E=+95>9>45B"5E5>EB7
B>NL>BG:G=>KL>MSNG@FBM=>K/:FFENG@L NG=)NL>NFL@>L<AB<AM>LM>AMBF6>GMKNF=>KBGA:EM
EB<A>G,HLBMBHGB>KNG@=>L!)08197)917!-)2 %GPB>?>KG>LLB<A=B>L>K0A>F:MBD=NK<A,KHO>GB>GS
?HKL<ANG@GXA>KM BLM0>BE=B>L>L':IBM>EL 3B>L<AHGBFOHKA>KB@>G':IBM>EPBK==>K6N@:G@SN.^<D
@:;>?HK=>KNG@>GBG3B>G:F>BLIB>E=>K )2-2 632>)2=:K@>E>@M 

6NK,KHO>GB>GS?HKL<ANG@=>L!)08197)917!-)2?BG=>LMLB<A:N?=>K$HF>I:@>>BG>DNKS>!KEXNM>
KNG@^;>K=B>>L<AX?MB@NG@FBM=>K0A>F:MBD  :;>BPBK=LB<A:N?=:L'NGLMK^<D@:;>@>L>MS:NL=>F
&:AK;>KN?>G %FL>E;>G&:AKPNK=>FBM,KHO>GB>GS?HKL<ANG@BF=:F:EB@>G97)91*E6 D0
/)6/92() ;>@HGG>G  NL@>A>G= OHG =>G !KEXNM>KNG@>G =>K $HF>I:@> PBK= NGM>K ,KHO>GB>GS?HK
L<ANG@ :NLL<AEB>_EB<A =B> oLRLM>F:MBL<A> V;>KIK^?NG@ =>K >LMXG=>  =B> :;  BGL $:NL
 
@>E:G@M>Gh3>EMFNL>NF3B>GH & <O>KLM:G=>G 6NLXMSEB<AP>K=>G%GO>GM:KGNFF>KGNGM>KLN<AM 
NF:GL<AEB>_>G=SNo:EE>G;>=>GDEB<A>G!KP>K;NG@>Gh>;=  HLLB>KLSN>KLM>EE>G =B>:G=:L 92
()7()2/1%0%18P>BM>K@>E>BM>MNG==HKM=>F92786E'/+%&)&)-6%8=>L 92()71-2-78)6-917*E628)6
6-',8927892(90896 OHK@>E>@MP>K=>G  >K>BK:M;>KXM=>G9=B>SNLMXG=B@>9G)BGBL
M>K9BGBF":EE>>BG>K>MP:B@>G.^<D@:;>  B>.><A>K<A>G =B>BG6NL:FF>G:K;>BMFBM=>K'HFFBL
LBHG?^K,KHO>GB>GS?HKL<ANG@=NK<A@>?^AKMP>K=>G ?BG=>GLHPHAEBFK<ABO=>L!)08197)91!-)2
:EL:N<ABG:G=>K>GK<ABO>GBGNG=:N<A:N_>KA:E;ULM>KK>B<ALLM:MM F!)08197)91!-)2BLM#:;
KB>E>G=>KEo,KHO>GB>GS?HKL<A>KBGBFN?MK:@=>K'HFFBLLBHG?^K,KHO>GB>GS?HKL<ANG@h3>EMFN
L>NF3B>GH & < 
B>%G?HKF:MBHG>G:N?=>K$HF>I:@>=>L!)08197)917!-)2LBG=:EE>K=BG@LO>K:EM>MNG=A:;>G=>G
.>@B>KNG@LP><AL>E NG= =B> =:FBM >BGA>K@>A>G=>G BGLMBMNMBHG>EE>G TG=>KNG@>G ^;>KL>A>G  >K
92786E'/+%&)&)-6%8BLM:DMN>EEBF 92()7/%2>0)6%18:G@>LB>=>EMNG==:LSNLMXG=B@>)BGBL
M>KBNFBLM=:L 92()71-2-78)6-91*E692789089692()(-)2NGM>K=>K(>BMNG@=>L)BGBLM>KL
#>KGHME^F>E@ NG=>LD:GSE>K:FMH &  

B> ,KHO>GB>GS?HKL<A>KBG #:;KB>E> G=>KE NG= =B> $BLMHKBD>KBG %E=BD\ :S:G G=>KE >M :E  
?  =B>;>B=>:F!)08197)91!-)2MXMB@LBG= O>K]??>GMEB<AM>GBF.:AF>G>BG>K/<AKB?M>GK>BA>
=>K311-77-32*E663:)2-)2>*367',92+>BG>GKMBD>ESNF=:F:EB@>G97)91*E6 D0/)6/92() /B>
E>@>G=:K =:LL=>K,KHO>GB>GSOHG>MAGHEH@BL<A>G+;C>DM>G;BLSNK)BMM>=>L &:AKANG=>KMLBF
D0/)6/92()197)91D:NFN?F>KDL:FD>BM@>L<A>GDMPNK=>  >K"HKL<ANG@LL<AP>KINGDM;>B:N
_>K>NKHIXBL<A>G+;C>DM>GE:@:N?=>K6>BMOHK=>F!KP>K; !L?BG=>GLB<ABG=>GOHKA:G=>G+;C>DM
;>L<AK>B;NG@>GSP:K%G?HKF:MBHG>GSN=>G.>BL>GNG=!QI>=BMBHG>G BF.:AF>G=>K>K=B>+;C>DM>
G:<A!NKHI:@>E:G@M>G =>K!KP>K;LDHGM>QMBLM:;>KGNKBGL>EM>G>G"XEE>G0A>F: /B>F>KD>G:G 
=:LL >KLM BG =>G E>MSM>G &:AKS>AGM>G =B> ,KHO>GB>GS >MAGHEH@BL<A>K +;C>DM> LMXKD>K ;>K^<DLB<AMB@M
PBK= P:LoOHK:EE>F:N<AFBM>BG>KDKBMBL<A>G.>?E>QBHG=>K>B@>G>G#>L<AB<AM>=NK<A=B>2]ED>K
DNG=>:ELABLMHKBL<A>3BLL>GL<A:?MSNMNGhG=>KE:S:GA:M !;= ? 
%F;L<AGBMM   BG=>F>LNF=B>BGA:EMEB<A>,HLBMBHGB>KNG@=>L!)08197)917!-)2@BG@ PNK=>
;>K>BML>KPXAGM =:LLo/>E;LM NG="K>F=K>IKXL>GM:MBHG :;>K:N<A'HEHGB:EBLFNL .:LLBLFNL G>B@
GNG@>G 'HG?EBDMNG=NL;>NMNG@h,E:GD>GLM>BG>K0A>F>G=>K/<A:NL:FFENG@L>BGP>K
=>G  >K>A>F:EB@> BK>DMHK=>L!)08197)917!-)2 /M>O>G!G@>ELF:G ;>S>B<AG>M>=B>2>KFBMM
ENG@=>LDHEHGB:E>G'HGM>QM>L=>L)NL>NFLNG=L>BG>K+;C>DM>:EL>BG>"NGDMBHG=>L)NL>NFL

o7"8^KNGLBLM>LPB<AMB@ =:LLPBKNGL=>GDHEHGB:E>G3NKS>EGNG==>KDHEHGB:E>G#>
L<AB<AM>NGL>K>L$:NL>LLM>EE>GNG=PBKA:;>G=:?^K>B@>GL>BG>G'HEHGB:EBLFNL /::E PH
=:L@:GS>MA>F:MBLB>KMPBK= :GA:G=OHG"K:@>G P:LA:MULM>KK>B<AFBM'HEHGB:EBLFNL
SNMNG LBG==B>L>+;C>DM>@>K:N;M @>LMHAE>G @>M:NL<AM PB>LBG=LB>>KPHK;>G7PHK=>G8 
 
LBG=PBK=B>K><AMFX_B@>G!B@>GM^F>K7e8 PB>L:FF>EMF:GA>NM> PB>@>AMF:GFBM
L>GLBMBO>G+;C>DM>GNF7 8h%GM>KOB>P!G@>ELF:G

>KDHEHGB:E>!GMLM>ANG@LDHGM>QM>MAGHEH@BL<A>K)NL>>GNG=BAK>K/:FFENG@>GPBK=:G>KD:GGMNG=
BF!)08197)91!-)2BG>SN@:N?=B>>B@>G>%GLMBMNMBHGMA>F:MBLB>KM GMPHKM>G:N?=B>H;>G@>
LM>EEM>GGMPHKM>G@B;M!G@>ELF:GBF%GM>KOB>PGNKM>BEP>BL> >B+;C>DM>GFBMoLI>SB>EE>7G8>=BG
@NG@>Gh LM>A> =B> "K:@> G:<A =>F DHEHGB:E>G 'HGM>QM BF 2HK=>K@KNG=  NF 2HK:NLL>MSNG@>G ?^K
>BG>G B:EH@FBM=>G7396')'31192-8-)7SNL<A:??>G 6NLXMSEB<AA:;>=:L)NL>NF>BG>G.><AM?>K
MB@NG@L=KN<D=NK<A)NL>NFL;>LN<A>K9BGG>G =B>"K:@>GG:<A=>FK><AMFX_B@>G>LBMSNG=!KP>K;
OHG+;C>DM>GLM>EE>GP^K=>G  >K>@KB??=>K,KHO>GB>GS?HKL<ANG@PBK=OHG!G@>ELF:GL>E;LMSN
GX<ALMGB<AMO>KP>G=>M ELBF%GM>KOB>P=B>"K:@>G:<A=>F2>KAXEMGBLOHG,KHO>GB>GS?HKL<ANG@
NG=.>LMBMNMBHG@>LM>EEMPNK=> ;>SB>AMLB<A!G@>ELF:GSNGX<ALM:N?,KHO>GB>GS?HKL<ANG@SNF*:MB
HG:ELHSB:EBLFNLNG=AXEM?>LM =:LL=B>L>P>BM@>A>G=:;@>L<AEHLL>GL>B  :FBMNGM>KLMK>B<AM>K =:LL
=>K"HDNLOHG,KHO>GB>GS?HKL<ANG@BF!)08197)91!-)2PB>:N<ABF>KEBG>K!MAGHEH@BL<A>G)N
L>NF:N?=>K6>BM=>L*:MBHG:ELHSB:EBLFNLEB>@M %GM>KOB>P!G@>ELF:G
#>@>G^;>K>MAGHEH@BL<A>K,KHO>GB>GS?HKL<ANG@S>B@MLB<A!G@>ELF:GOHKLB<AMB@NG=O>KMKBMM=B>G
LB<AM LB>LHEE>BF;>LM>G":EE:GEXLLEB<A>BG>KG?K:@>OHG7396')'31192-8-)7=NK<A@>?^AKMP>K=>G 
P:L:;>KGB<AMH?MOHKDHFF> *>;>G=>G )2-2-%03+9)7f:N?=B>P>BM>KNGM>G>BG@>@:G@>GPBK=
fP>K=>G:ELIHLBMBO>>BLIB>E>?^K=>G1F@:G@FBM.^<D@:;>?HK=>KNG@>G=B>;>K>BML>KPXAGM>6N
L:FF>G:K;>BMFBMIABEBIIBGBL<A>G)NL>>GNG==B>.^<D@:;>>BG>L0HBFHDH >BG>LMXMHPB>KM>G0H
M>GDHI?L=>K):HKB :G=:L97)913*);#)%0%2()%4%32+%6);%;>MHGM  B>!GML<A>B=NG@
SNK.^<D@:;>=>L0HBFHDHPNK=>OHF=:F:EB@>GLHSB:E=>FHDK:MBL<A>G'NEMNKFBGBLM>K&HL>?+L
M>KF:R>K@>?XEEM =>K=B>L>GBF.:AF>G>BG>K6>K>FHGB>BF!)08197)91!-)2=>F)%4%)NL>NF
^;>KK>B<AM>  !G@>ELF:G ;>L<AK>B;M =B> .^<D@:;> :EL L<A]G>G ,KHS>LL  =>K @>LM:KM>M PNK=>  =: =B>
):HKBHFFNGBMR=>G0HM>GDHI?BAK>K2HK?:AK>GSNK^<D?HK=>KM>G NF=B>L>GP^K=>OHEESN;>LM:MM>G
NG=SNO>KABG=>KG =:LL>KBG3B>GBF)NL>NFBG>BG>K2BMKBG>:NL@>LM>EEMP>K=>GP^K=> N_>K=>F
L>B>BG>@NM>NG=K>LI>DMOHEE>>SB>ANG@SN=>G):HKBPB<AMB@ .>LMBMNMBHGPBK=:EL%GLMKNF>GMSNK
>SB>ANG@LI?E>@>FBM7396')'31192-8-)7;>MK:<AM>M >B=>G:G=>K>G@>G:GGM>G>BLIB>E>Gf>GBG
NG==>G,ABEBIIBG>GfPNK=>GD>BG>.^<D@:;>G LHG=>KG(>BA@:;>GOHG+;C>DM>G=NK<A@>?^AKM >
SN@G>AF>G=:N?=:L,ABEBIIBG>G ,KHC>DM;>MHGM!G@>ELF:G =:LL >GM@>@>GLD>IMBL<A>K/MBFF>G =B>
;>A:NIM>M>G  =:LL =NK<A =B> (>BA@:;> +;C>DM> GB<AM F>AK G:<A !NKHI: SNK^<DD>AK>G P^K=>G  =B>
6NL:FF>G:K;>BMFBM=>G,ABEBIIBG>G@NM?NGDMBHGB>KMA:;>NG=LB<A=B>@>EB>A>G>G+;C>DM>PB>=>K
BG=>G>NKHIXBL<A>G)NL>>G;>?XG=>G %GM>KOB>P!G@>ELF:G
>K;>P:AK>G=>G"NGDMBHG>BG>L>MAGHEH@BL<A>G)NL>NFLPBK=BG3B>G>;>GLH>BG>AHA>>=>N
MNG@;>B@>F>LL>GPB>BG>KEBG !G@>ELF:GO>KMKBMMBG=B>L>F'HGM>QM=B>GLB<AM =:LLMKHMS=>K
DHEHGB:E>G #>L<AB<AM> =>L )NL>NFL NG= >BGS>EG>K ,>KLHG>G  =B> NG:G@>G>AF> 'HEHGB:EA>KK>G
 
P:K>G =B>/:FFENG@GB<AM:N?@>E]LMP>K=>G=^K?>NG=F^LL>  >GGH<AL>B>LPB<AMB@ "K:@>GSN
LM>EE>GNG=>BGF]@EB<A>L1GK><AM:EL>BGLHE<A>L:GSN>KD>GG>GNG=:N?SN:K;>BM>G =:=B>L>2HK@>
A>GLP>BL>@KNG=E>@>G=?^K=B>>SB>ANG@SN7396')'31192-8-)7L>B NLA>NMB@>K,>KLI>DMBO>L>B
>LP>L>GMEB<A:GSN>KD>GG>G =:LL">AE>KBG=>K2>K@:G@>GA>BM;>@:G@>GPNK=>G =B>GB<AMPB>=>KAHEM
P>K=>GLHEEM>G /B<A?^K=B>2>K@:G@>GA>BM=>K2HK?:AK>GSN>GML<ANE=B@>GL>BP>GB@>KPB<AMB@ %G
M>KOB>P!G@>ELF:G

%F':IBM>ESNF1F@:G@=>L>KEBG>K8,2303+-7',)297)917NG==>L91&30(836917FBM.^<D
@:;>?HK=>KNG@>G':IBM>E  PNK=>;>K>BML>KPXAGM =:LLBF97)91*E6 D0/)6/92()BG3B>G
>;>G?:EEL>BG=>NMB@:N?=>Go@>P:EMA:?M>G/:FF>EDHGM>QMh$:;>KF:L=>K )2-2 632>)2
O>KPB>L>GPNK=>  B>3B>G>K>GBG NLLM>EENG@OHG):B;BL/>IM>F;>KMKN@=>G*:F>Go>
GBGf']GB@>NG=.BMN:E> $]?BL<A>'NGLMBG*B@>KB:hNG=P:K0>BE=>K;>K>BML>KPXAGM>G'HHI>K:MBHG
SPBL<A>G=>G8%%80-',)297))2>9 )60-2 =>K%8-32%0311-77-32*3697)917%2(3291)287
BG*B@>KB: =>F197B)(959%- 6%20=BG,:KBLNG==>F 68278-898)3*,-'%+3 :NL=>K
:N<A=B>>KEBG>K>GBG NLLM>EENG@A>KOHK@BG@$:;>KF:L 
>EBG=:':S>>F =B>(>AK>G=>:G=>K /%()1-)()6&-0()2()2E278)!-)2LHPB>)BM@EB>=BG=>K
)',)6',)+6944) >96 ',;%6>)2 D78)66)-',-7',)2 )7',-',8) BLM  MA>F:MBLB>KM BG >BG>K ,N;EBD:MBHG
:NL=>F&:AK=B> BLDNLLBHG>GNF.^<D@:;>?HK=>KNG@>GBG6NL:FF>GA:G@FBM=>KNLLM>E
ENG@NG==>G1F@:G@=>L=:F:EB@>G)NL>NFL?^K2]ED>KDNG=>BG3B>G %F.:AF>G=>K!K]??GNG@
PNK=>G.^<D@:;>?HK=>KNG@>GOHG/>BM>G=>L']GB@LA:NL>L>GBG@>LM>EEM  :;>BA:G=>EM>>LLB<A
NFNLL:@>G;>B=>K!K]??GNG@NG=/M>EENG@G:AF>GBF':M:EH@M>QM':S>>F

o3BK?K>N>GNGL :G=B>L>KNLLM>EENG@M>BESNG>AF>G /B>O>K;BG=>MNGL:N?GHLM:E@BL<A>
3>BL>FBMNGL>K>K2>K@:G@>GA>BM 3>GG/B>A>NM>=B>L>2>K@:G@>GA>BMSNK/<A:NLM>EE>G 
;>M>GPBK =:LL=:L2HEDNG==B>.>@B>KNG@OHGULM>KK>B<A)>GL<AEB<AD>BMNG=#KH_FNM
:G=>G0:@E>@>GNG=NGL>BGB@>#>@>GLMXG=>K^<D>KLM:MM>GP>K=>G =B>>BG>G3>@BG%AK
(:G=@>?NG=>GA:;>G h!K>=B:NP:

:L6BM:M=>L=:F:ELK>@B>K>G=>G+;:LOHG>GBG +FH*k+;:!K>=B:NP:". LM:FFM:NL=>F
#>E>BMPHKM=>L!K]??GNG@LD:M:EH@LSNKNLLM>EENG@ %F':M:EH@PBK=GNKBG=BK>DM:N?=B>.^<D@:;>
?HK=>KNG@=>L+;:L>BG@>@:G@>G %F2HKPHKM =:LOHG=>G=:F:EB@>G BK>DMHK9BGG>G=>K>NKHIXB
L<A>G )NL>>G f AKBLMB:G ">>LM 97)91 *E6 D0/)6/92() BG 3B>G  2BHE: ']GB@ 8,2303+-7',)
97)91BG>KEBG &:F>LNGH 68278-898)3*,-'%+3NG=&>:G ,B>KK>)HA>G197B)59%- 6%20=
BG,:KBL@>LM:EM>MBLMfPBK==B>;KBMBL<A>/MK:?>QI>=BMBHGSP:K:ELNG@>K><AM?>KMB@M;>S>B<AG>M :;>K
A>KOHK@>A>;>G  =:LL o>KLM =NK<A LB> =B> 'NGLMP>KD> P>EMP>BM> N?F>KDL:FD>BM

 
@>?NG=>Gh">>LM)HA>G']GB@NGHA:;>G N_>K=>FL>B=B>o2>K@:G@>GA>BMf@E>B<A
H;MK:@BL<AH=>KKNAFOHEE7e8NGPB>=>K;KBG@EB<Ah>;=  
%GP>BM>K>K"HE@>>GMLM:G=>BG> BLDNLLBHG^;>K.^<D@:;>?HK=>KNG@>G =B>OHG=>G)>=B>G *6-/%2)8
NG==>F%08)6:N?@>@KB??>GPNK=> $:NIM:DM>NK>P:K>G=>K=:F:EB@> BK>DMHK=>L3B>G>K D0/)6
/92()197)917">>LMNG==>K>A>F:EB@> .><AML;>K:M>KNG=&NKBLM'P:F>+IHDN  B>'NK:MHKBG
=>KNLLM>EENG@  :K;:K: ,E:GD>GLM>BG>K  D:F GB<AM SN3HKM NG=OHG .>@B>KNG@LL>BM> @:; >L D>BG
/M:M>F>GM':S>>F  :LK@NF>GM=>KGB<AMOHKA:G=>G>G.^<D@:;>?HK=>KNG@PBK=XAG
EB<APB>BG>KEBG=:FBMNGM>KF:N>KM o=:LL>LD>BG>H??BSB>EE>fOHG=>G2>KMK>M>K%GG>G=>L2]ED>K
DNG=>FNL>NF3B>GO>KLM:G=>G:ELL<AKB?MEB<A>LGLN<A>G;>B=>K]LM>KK>B<ABL<A>G.>@B>KNG@.^<D
@:;>?HK=>KNG@@:;h':S>>F 
#>@>G=B>.^<D@:;>?HK=>KNG@>G:K@NF>GMB>KM>">>LM =:LL>BGSB@>MAGHEH@BL<A>)NL>>GBG!NKHI:
=B>3B<AMB@D>BM=>L/:FF>EGLNG='HGL>KOB>K>GL>KD>GG>GNG==B>L>GN?@:;>G:N<AG:<ADHFF>G
D]GGM>G  B>#>@>GLMXG=>P>K=>G:ELo3>EMDNEMNK>K;>h>;= =:K@>LM>EEMNG==>KLI>DM=>K6N
@XG@EB<AD>BMSNKH;>KLM>G,KXFBLL>>KDEXKM  :LL!NKHI::ELNLLM>EENG@LHKM:KKB>K>G?^KOB>E>)>G
L<A>G;>BGA:EM>M PBK=GB<AMMA>F:MBLB>KM o'NEMNK@>@>GLMXG=>h>;= P>K=>GG:<A>NKHIXBL<A>G
):_LMX;>GABGLB<AMEB<A'NGLMNG=TLMA>MBD;>MK:<AM>M "^K>GBGLBG==B>KHGS>GABLMHKBL<A> HDN
F>GM> !KBGG>KNG@L NG=#>L<AB<AMLMKX@>K 2HG>NKHIXBL<A>K/>BM>PBK=DKBMBLB>KM =:LL>GBGD>BG>
L<AKB?MEB<A>G>E>@>?^K=>GABLMHKBL<A>GA:K:DM>K=>K+;C>DM>OHKP>BL>GD:GG  :=NK<APBK==>K
@>KBG@>K>/M>EE>GP>KMLB<AM;:K =>GF^G=EB<A>@>@>G^;>KL<AKB?MEB<A>GV;>KEB>?>KNG@>GA:;>G':
S>>F??  

!G@>ELF:G;>S>B<AG>M=B>>GBG NLLM>EENG@BG3B>G:EL%GBMB:ES^G=NG@?^K=>G>@BGG=>K )2-2
-%03+9)6394%GM>KOB>P!G@>ELF:G  B> B:EH@@KNII>PNK=>BF&:AKOHG=>KGB@>KB:GB
L<A>GNG==>F!)08197)91!-)2BGL(>;>G@>KN?>G,E:GD>GLM>BG>KSBM G:<AK:G=LM>MM>K
 6B>E=>K B:EH@>

oP:K>L7e8@>F>BGL:FG:<A>BG>K?^K;>B=>/>BM>GO>KMK>M;:K>G(]LNG@?^K=B>L>L>GM
SP>B>G=>NG=L<APB>KB@>@>M>BEM>!K;>SNLN<A>GNFBGM>K>LLB>KM>G)>GL<A>GBG*B@>KB:
NG=OHK:EE>F=>G!=H=>G6N@:G@SN=B>L>G'NEMNKL<AXMS>GSN>KF]@EB<A>G h,E:G
D>GLM>BG>KSBM G:<AK:G=LM>MM>K"N_GHM>=>KNMHKBG

3B>,:KSBG@>KO>KP>G=>M,E:GD>GLM>BG>K=>G>@KB??=>L7,%6)(,)6-8%+) /B>;>S>B<AG>M=B> )2-2
632>)2:ELLHE<A>NG=E>@BMBFB>KM=:=NK<AfH;;>PNLLMH=>KGB<AMf=B>.><AMFX_B@D>BM=>L>LBM
S>L  >K>KLM>3HKDLAHI =>KBF >S>F;>KBG3B>GLM:MM?:G= MKN@=>G0BM>Eh*>PNEMNK>LH?


3>B8=38=F>7=4A/8==4=34A3>$A>E8=I8=34A4=8=8CH;846C$;0=:4=BC48=4A  5
 
HEE:;HK:MBHG /A:KBG@H?HEE><MBHGL:G=-N>LML?HK.>LMBMNMBHGMA>>GBG:L>i !BG@>E:=>GP:K>G
2>KMK>M>K9BGG>G>NKHIXBL<A>K)NL>>GFBM@KH_>G>GBG >LMXG=>G =>KGB@>KB:GBL<A>G*)) ,>K
LHG>G:NL=>F']GB@LA:NL>GBGNG=.><AML>QI>KM9BGG>G:NLULM>KK>B<ANG=>GBG 6N=>GM>BEG>A
F>G=>G)NL>>GSXAEM>GG>;>G=>F!)08197)91!-)2=:L>KEBG>K8,2303+-7',)97)91 =:L 6-
8-7,97)91BG(HG=HGNG==:L97)913*8,23+6%4,=BG/MH<DAHEF %F+DMH;>KEN==:L
>KEBG>K 8,2303+-7',) 97)91 SNK "HKML>MSNG@LO>K:GLM:EMNG@ h*>P NEMNK>L H? HEE:;HK:MBHG f
/A:KBG@H?HEE><MBHGLh>BG :G=>KSNLXMSEB<A=B>8%%80-',)28,23+6%4,-7',)2%11092+)2%',
7)2NG==:L-./7197)91:336 30/)2/92()BG(>B=>G =>G*B>=>KE:G=>G M>BEG:AF>G >B=B>L>F
0K>??>G PNK=> O>K>BG;:KM  :EE>G ;>M>BEB@M>G )NL>>G =B> /:FFENG@ HGEBG> SN@XG@EB<A SN F:<A>G
3>EMFNL>NFH & = 
%F&:AK?:G=BG>GBGBMR=>K3HKDLAHIh)>>MBG@H?*B@>KB:G+??B<B:EL:G=!NKHI>:G.>IK>
L>GM:MBO>LHO>K>GBGKHGS>LBG!NKHI>:G)NL>NFLiLM:MM !K@>;GBL=>L3HKDLAHILP:K=>K )2-2
0%23* '8-323>EMFNL>NF3B>GH & = %G:G=>K>G,N;EBD:MBHG>GPBK==>K,E:G:N<A )2-20%2
3* '8-32 *36 )78-898-32 ;>SB>ANG@LP>BL> )2-2 /8-32740%2 >96 )78-898-32 @>G:GGM  :N<A P>GG
=B>L>>S>B<AGNG@BKK>?^AK>G=BLM =:.>LMBMNMBHGBF,E:GGB<AM>KPXAGMPBK=+IHDN 
@:;>L>BGP>BM>K>L0K>??>GBG:F;KB=@> #KH_;KBM:GGB>G =:LE:NM!G@>ELF:G>BGo.B>L>G
L<AKBMMh@>P>L>GL>B !BG(>BA@:;>SRDENL=>K )2-2 632>)2L>BO>K>BG;:KMPHK=>G =:FBM=B>+;C>DM>
:N<ABG>GBG:NL@>LM>EEMP>K=>GD]GG>G P:L>BG@KH_>L>=^K?GBL=>K*B@>KB:G>K9BGG>G@>P>L>G
L>B%GM>KOB>P!G@>ELF:G >B>BG>FP>BM>K>G0K>??>GBF+DMH;>KBG(>B=>GPNK=>>BG/M:M>
F>GM ,:IB>K>KLM>EEM BG=>F?>LM@>A:EM>GPNK=> =:LL.^<D@:;>NG=.>LMBMNMBHGD>BG0A>F:=>K )2-2
-%03+9)7LBG=

h0ABL >O>GM H<<NKL PBMABG : PB=>K <HGM>QM :G= =H>L GHM BFIER *B@>KB:G ,:KMG>KL A:O>
P:BO>=<E:BFL?HKMA>>O>GMN:EK>MNKGH?PHKDLH?:KMK>FHO>=?KHFMA>.HR:EHNKMH?
>GBG GHKA:O>MA>!NKHI>:GFNL>NFL>Q<EN=>=MA>IHLLB;BEBMRH?LN<AK>MNKGL $HP>O>K
MABLBLGHMI:KMH?MA>;NLBG>LLH?MA>>GBG B:EH@N>#KHNI -N>LMBHGLH?K>MNKG:K>;B
E:M>K:EBLLN>L:G=:K>;>LM:==K>LL>=PBMABG=BOB=N:EFNL>NFLPBMABGMA>BKG:MBHG:ELRL
M>FLH?@HO>KG:G<> i>GBG B:EH@N>#KHNI? 

.^<D@:;>?HK=>KNG@>GLBG=E:NM=B>L>L/M:M>F>GML=B>;BE:M>K:E>G@>E>@>GA>BMSP>B>K)NL>>GBGG>K
A:E;=>LC>P>BEB@>GG:MBHG:ELM::MEB<A>G'HGM>QML %G>GBGBMRBLM=>K:N>BG>L)NL>NFL =>F )
2-23=%097)91 @>IE:GM =:LBG'HHI>K:MBHGFBM>NKHIXBL<A>G,:KMG>K9BGG>G>KKB<AM>MP>K=>GLHEE 
$B>KLHEE>GBG>BG>F(>BA@:;>SRDENLFBM=>G>NKHIXBL<A>G)NL>>G )2-2 632>)2:NL@>LM>EEMP>K
=>G>GBG B:EH@N>#KHNI 
(:NM!)08197)91!-)2@B;M>L:N<ABF&:AKD>BG>H??BSB>EE>G.^<D@:;>?HK=>KNG@>GOHGGB@>
KB:GBL<A>K/>BM>$:NF;>K@>KSBM G:<A3>BLL  >KH;>G>KPXAGM>>BMK:@!K>=B:NP:
 
:NL=>FNLLM>EENG@D:M:EH@PBK=GB<AM:ELLHE<A>@>P>KM>M .>LNEM:M=>K.^<D@:;>?HK=>KNG@>GP:K
=B>!M:;EB>KNG@>BG>K B:EH@@KNII> BF.:AF>G=>K>K=:L2HKA:;>G>K:K;>BM>MPNK=> =:LL )2-2
632>)2SND^G?MB@:N<ABG>GBG:NL@>LM>EEMP>K=>GD]GG>GfSNFBG=>LM:N?6>BM 

6NL:FF>G?:LL>G= ;E>B;M ?>LMSNA:EM>G  =:LL ,KHO>GB>GS?HKL<ANG@ SNK $>KDNG?M >MAGHEH@BL<A>K +;
C>DM>>KLMBG=>GE>MSM>G=K>B&:AKS>AGM>GO>KLMXKDMMA>F:MBLB>KMPNK=> N?=>K$HF>I:@>=>L!)08
197)917 !-)2 >GMLM>AM =>K !BG=KN<D  =:LL ,KHO>GB>GS?HKL<ANG@ :NLL<AEB>_EB<A G:MBHG:ELHSB:EBLMB
L<A>L.:N;@NM;>MKB??M :N<AP>GG>MAGHEH@BL<A>+;C>DM>FBMME>KP>BE>0>BE=>LN?@:;>G@>;B>M>LLBG=
NG=:GE:LL;>SH@>G>"HKL<ANG@;>OHKSN@MPBK=  B>.><AMFX_B@D>BM=>L>B@>G>G>LBMS>LLM>AMD:NF
SNK BLDNLLBHG %F1F@:G@FBM=>G )2-2 632>)2PBK==B>!M:;EB>KNG@=>K )2-2-%03+9)6394
;>MHGM =B>KHGS>GP>K=>G:EL7,%6)(,)6-8%+);>S>B<AG>M #>XN_>KM>.^<D@:;>?HK=>KNG@>GP>K=>G
PB>:N<ABG>KEBGGB<AM:ELLHE<A>:G>KD:GGM 

  5B<9>E>4+95>9=*5B7<5938
,KHO>GB>GS?HKL<ANG@NG=.^<D@:;>?HK=>KNG@>GLBG=0A>F>G FBM=>G>G>MAGHEH@BL<A>)NL>>GBF
 &:AKANG=>KMDHG?KHGMB>KMLBG=  B>K@NF>GM:MBHG>G^;>KL<AG>B=>GLB<ABG3B>GNG=>KEBGBG
>BGB@>G,NGDM>G 1GM>KL<AB>=EB<ABLM=:LNLF:_=>K:G=B>)NL>>GA>K:G@>MK:@>G>G'KBMBD 

%G>KEBG@B;M>L>BG>/M>EE>?^K,KHO>GB>GS?HKL<ANG@=>K8%%80-',)297))2 =>K>G$:NIM?HDNL=B>
6>BM=>L*:MBHG:ELHSB:EBLFNL=:KLM>EEM  B>!K?HKL<ANG@:G=>K>K1GK><AMLDHGM>QM>@>A]KM:;>K>;>G
?:EELSNFN?@:;>G@>;B>M PHSN=B>!KP>K;L NG=/:FFENG@L@>L<AB<AM>>MAGHEH@BL<A>K+;C>DM>@>
SXAEMPBK= %G3B>G@B;M>L>BG>,KHO>GB>GS?HKL<A>KBG #:;KB>E>G=>KE =B>?^K=:L!)08197)91!-)2
SNLMXG=B@BLM N?=>K$HF>I:@>PBK=:NLL<AEB>_EB<A:N?=B>"HKL<ANG@SN*/ .:N;@NM>BG@>@:G@>G 
/HPHAEBG>KEBG:EL:N<ABG3B>GPBK=;>MHGM =:LL/:FFENG@L NG=!KP>K;L@>L<AB<AM>OHG+;C>D
M>GBFDHEHGB:E>G6NL:FF>GA:G@BG=>GC>P>BEB@>GNLLM>EENG@>GMA>F:MBLB>KMP>K=>GLHEE>G "K:
@>GG:<A=>K.><AMFX_B@D>BM=>L>LBMS>LMK>M>G;>BGXA>K>KNL>BG:G=>KL>MSNG@FBM=>K0A>F:MBD
BG=>G2HK=>K@KNG=  >K,KXLB=>GM=>K8-*892+6)9F-7',)690896&)7-8>NG=0>BE=>K#K^G=NG@LBG
M>G=:GS=>L91&30(836917 $>KF:GG,:KSBG@>K ;>S>B<AG>M>(-)8%%80-',)297))2>9 )60-2
BF&:AK:ELoK><AMFX_B@>>LBMS>KBAK>K>LMXG=>h,:KSBG@>K BG=>F>K=:L=:F:EB@>
D2-+0-',)97)91*E6 D0/)6/92()BG>KEBGNG==HE?:LMB:GLH=:KLM>EEM :ELPXK>GLB>:N_>KA:E;
=>LDHEHGB:E>G BLDNKL>L@>LM:G=>G !K^;>KLB>AM=:;>BPB<AMB@>LI>DM> PB>SNF>BLIB>E=B>2>K
?E><AMNG@OHG>MAGHEH@BL<A>G)NL>>GNG='HEHGB:EBLFNL  B>/:FFENG@LMXMB@D>BMPXAK>G==>K'H
EHGB:ES>BM@>MK>GGMOHGDHEHGB:E>K#>P:EMSN;>MK:<AM>GBLM>BG>NLE:LLNG@ =B>=:K:N?:;SB>EM =>G
>B@>G>G>LBMSSNE>@BMBFB>K>G 
>K>A>F:EB@> BK>DMHK=>L!)08197)917!-)2 /M>O>G!G@>ELF:G ?HKFNEB>KM:ELN?@:;>=>L3B>
G>K)NL>NFL LB<A=>GoDHEHGB:E>G3NKS>EGNG==>KDHEHGB:E>G#>L<AB<AM>h=>L)NL>NFLLM>EE>GSN
 
F^LL>G  >K!KP>K;LDHGM>QMOHG+;C>DM>GLHEEMA>F:MBLB>KMNG="K:@>GG:<A=>FK><AMFX_B@>G>
LBMSLHEE>G:N?@>PHK?>GP>K=>G GMPHKM>GSN=B>L>G"K:@>G@B;M>L:;>KD>BG> !MAGHEH@BL<A>,KH
O>GB>GS?HKL<ANG@L>BE:NM!G@>ELF:GFBM2HKLB<AMSN@>GB>_>GNG=LHEE>;>LL>K:GEXLLEB<A>BG>KDHG
DK>M>GG?K:@>=NK<A@>?^AKMP>K=>G  :;>B;>MHGM>K =:LL>LL>EM>GSNLHE<A>GG?K:@>GDHFF> 
/>E;LM P>GG >BGS>EG> +;C>DM> >BG>G DHEHGB:E>G G>B@GNG@LDHGM>QM :N?P>BL>G P^K=>G  LHEE> NG=
=^K?> LB<A =:L )NL>NF OHG L>BG>K /:FFENG@ GB<AM oO>K:;L<AB>=>Gh %GM>KOB>P !G@>ELF:G  B>
.><AMFX_B@D>BM =>L >LBMS>L PBK= GB<AM SNK >;:MM> @>LM>EEM NG= =>K ;>P:AK>G=>G "NGDMBHG >BG>L
)NL>NFLPBK=>BGAHA>K/M>EE>GP>KMSN@>L<AKB>;>G 
%G>KEBGPBK==>KLI>DM=>L>P:AK>GLG>;>G=>K>MHGNG@=>K.><AMFX_B@D>BM=>L>LBMS>L=NK<A
=B>>@KB??EB<AD>BM=>L7,%6)(,)6-8%+)E>@BMBFB>KM  B>N?@:;>=>L91&30(836917;>LM^G=>=:
KBG 7396')'31192-8-)7=>G6N@:G@SN+;C>DM>GSN>KF]@EB<A>GfSNF>BLM^;>K=B@BM:E> :M>G;:G
D>G ":DMBL<APBK==>K6N@:G@GNK"HKL<A>K9BGG>G=>L@EH;:E>G/^=>GL>KF]@EB<AM :;>KGB<AM=>K
;K>BM>G>O]ED>KNG@ =B>>KLM:KKB>K>GSNF>MK>M>G=>K)7892+9634%^;>KPBG=>GF^LL>  B>
2>KP>G=NG@=>L>@KB??L7,%6)(,)6-8%+)O>KL<AE>B>KM):<AMO>KAXEMGBLL>NG=LHEE=NK<A=B>>MH
GNG@ =>L n@>M>BEM>G !K;>Lj "K:@>G G:<A =>F K><AMFX_B@>G >LBMS ?^K BKK>E>O:GM >KDEXK>GO@E 5
HNLL>?B?  

>K1F@:G@FBM=>G.^<D@:;>?HK=>KNG@>G=>K )2-2 632>)2NGM>KL<A>B=>MLB<ABG3B>GNG=>KEBG
D:NF %F.:AF>G;>B=>KNLLM>EENG@L>K]??GNG@>GPNK=>G.^<D@:;>?HK=>KNG@>G@>XN_>KM =B>:;>K
GB<AM:ELH??BSB>EE:G>KD:GGM@>EM>G %F2HKPHKM=>LNLLM>EENG@LD:M:EH@L=>K3B>G>K>GBG NLLM>E
ENG@ =:LOHG=>G BK>DMHK9BGG>G=>K;>M>BEB@M>G>NKHIXBL<A>G)NL>>G =:KNGM>K">>LMNG=']GB@ 
NGM>KL<AKB>;>GPNK=> PBK=;>MHGM BG=B>6NDNG?M;EB<D>GSNF^LL>G  :L#>E>BMPHKM=>L+FH*k
+;:!K>=B:NP:". BG=>F>KSNK.^<D@:;>OHG+;C>DM>G:N?KN?M PBK=B@GHKB>KM">>LM)HA>G']
GB@NGH !K@>;GBL=>KL>BMLM:MM?BG=>G=>G )2-2-%03+9)6394BLMGNG=B>!KKB<A
MNG@>BG>L)NL>NFLBG>GBGBMR =:LFBM$BE?>=>L'GHPAHPL>NKHIXBL<A>K)NL>>G>GMLM>A>GLHEE 
*:<A">KMB@LM>EENG@=>L)NL>NFLLHEE>G=HKMBG>BG>F(>BA@:;>SRDENL+;C>DM>:NL>GBG:NL@>LM>EEM
P>K=>G (>BA@:;>G>KL>MSM>G=:;>B.^<D@:;>GNG=>LPBK=>QIEBSBM;>MHGM =:LL.>LMBMNMBHGD>BG0>BE
=>LN?@:;>G@>;B>M>L=>K#KNII>BLM>GBG B:EH@N>#KHNI?   >K1F@:G@FBM=>GnBGH?
?BSB>EE>Gj.^<D@:;>?HK=>KNG@>G;>B=>K)NL>>GO>K=>NMEB<AM =:LL>LLB<A;>B=>G#KNG=LXMS>G
GNKNF.B<AMEBGB>GA:G=>EM 
!BG>BG=>NMB@>K1GM>KL<AB>=SPBL<A>G3B>GNG=>KEBGBLMfPB>L<AHGBG>SN@:N?/M:G=HKMNG=
KXNFEB<A>1GM>K;KBG@NG@LHPB>ABGLB<AMEB<A=>KBGA:EMEB<A>G,HLBMBHGB>KNG@?>LM@>LM>EEMf=:LNLF:_
=>K 'KBMBD  3XAK>G= =:L 8,2303+-7',) 97)91 BF 91&30(83691 ABGLB<AMEB<A ,KHO>GB>GS?HK
L<ANG@NG==>F1F@:G@FBM.^<D@:;>?HK=>KNG@>GOHF E2(2-7391&30(8 H=>K/:OHR]?
?>GMEB<ADKBMBLB>KMPBK= BLM'KBMBDBG3B>GD:NFP:AKG>AF;:K 

 
6NL:FF>G?:LL>G=E:LL>GLB<ABG3B>GNG=>KEBGSP>BK@NF>GM>@>@>G.>LMBMNMBHG>KD>GG>G6NF
>BG>GP>K=>G+;C>DM>:EL7,%6)(,)6-8%+);>S>B<AG>M NF>LBMS:GLIK^<A>SNE>@BMBFB>K>GNG=SNF
:G=>K>GPBK=;>A:NIM>M GNK>NKHIXBL<A>)NL>>GD]GGM>G=>GLI>DM=>K6N@XG@EB<AD>BM@>PXAK
E>BLM>G "K:@>GG:<A=>FK><AMFX_B@>G>LBMSP>K=>GSN>BG>FS>GMK:E>G0A>F:NG==B>)NL>>G
;>A:KK>G:N?>BG>K=>K"NGDMBHG>G>BG>L)NL>NFL >F>P:AK>G 

 $?CD;?<?>91<5B9D9;
%G=>KNL>BG:G=>KL>MSNG@FBM=>GK@NF>GM:MBHG>G 6B>EL>MSNG@>GNG= BLDNLLBHG>GSNK1FLB>=
ENG@NG=3B>=>K>K]??GNG@=>K;>B=>G:G:ERLB>KM>G)NL>>G;>@E>BM>M>IHLMDHEHGB:E>'KBMBD=B>OHKA>
KB@>GNL?^AKNG@>G %F?HE@>G=>G':IBM>EP>K=>G=B>"NGDMBHGNG==>K/M>EE>GP>KMIHLMDHEHGB:E>K
'KBMBD BG =B>L>F 'HGM>QM  GXA>K :G:ERLB>KM  />E;LM P>GG BG 3B>G IHLMDHEHGB:E>K DMBOBLFNL D:NF
OHKA:G=>GBLM D:GG=>GGH<AGB<AMOHG>BG>KDHFIE>MM>G;P>L>GA>BMIHLMDHEHGB:E>KNL>BG:G=>K
L>MSNG@>G@>LIKH<A>GP>K=>G 

  1C5B<9>5BD8>?<?79C385!EC5E=9=E=2?<4D?BE=
,HLMDHEHGB:E>'KBMBDBG>SN@:N?=B>1GM>K;KBG@NG@=>K:N_>K>NKHIXBL<A>G/:FFENG@>GBF91
&30(83691NG==B>0>BEK>DHGLMKNDMBHG=>L )60-2)6',0377)7;>@E>BM>M=>G,KHS>LL=>K1FLB>=ENG@
=>L>KEBG>K8,2303+-7',)297)917 %G=B>L>F;L<AGBMMPBK=MA>F:MBLB>KMPB>=B>2>K:GMPHKMEB
<A>G=>L91&30(836917FBM=B>L>K'KBMBDNF@>A>GNG=P>E<A>"NGDMBHGLB>>K?^EEM 

,HLMDHEHGB:E>>P>@NG@>G;BE=>M>GLB<ABG >NML<AE:G=BG=>G>K&:AK>G=>L &:AKANG=>KML /B>
:@B>KM>GNG=:@B>K>GF>BLM:N?EHD:E>K!;>G>NG=MA>F:MBLB>K>G=B>DHEHGB:E>2>K@:G@>GA>BM >NML<A
E:G=L>;>GLHPB>=B>'HEHGB:EBMXM=>K#>@>GP:KM']_E>K)>E;>K  :L^G=GBL391
&30(8  =:LLB<A@>@>G=B>!KKB<AMNG@=>L91&30(836917NG==B>1GM>K;KBG@NG@=>K:N_>K>N
KHIXBL<A>G /:FFENG@>G ABGM>K =>G ":LL:=>G =>L >A>F:EB@>G $HA>GSHEE>KG /<AEHLL>L >BGL>MSM>G 
PNK=> f PB> ;>K>BML >KPXAGM f :GEXLLEB<A =>K #KNG=LM>BGE>@NG@ =>L 91&30(836917 @>@K^G=>M 
NL):G@>E:G':I:SBMXM>GPNK=>=B>!QBLM>GSOHGNG==>K1F@:G@FBM@>P:EML:F:G@>>B@G>M>G
>MAGHEH@BL<A>G+;C>DM>GBG >NML<AE:G=SNGX<ALMGB<AM]??>GMEB<AMA>F:MBLB>KM EL=B>1FLB>=ENG@
=>K:N_>K>NKHIXBL<A>G/:FFENG@>GBGL91&30(83691;>D:GGMPNK=> >K@:;LB<A?^K=B>;>M>BEB@
M>GDM>NK9BGG>G>BG>$:G=ENG@LGHMP>G=B@D>BM  B>1FLB>=ENG@=>K+;C>DM>OHF/M:=MK:G=%,
0)17BGL6>GMKNF>KEBGLoNG=>B@>GMEB<ABGL6>GMKNF=>K.>IN;EBDhL>BPB>:N<A=>K:N=>L91
&30(836917>BG/M:M>F>GM )>AK>K>SBOBE@>L>EEL<A:?MEB<A>+K@:GBL:MBHG>GA:;>GLB<ASNL:FF>G@>
L<AEHLL>G >BG>.>LHENMBHGO>K?:LLM =B>':FI:@G>@>LM:KM>M #>E=>K;>:GMK:@MNG=L>BM=>FPBK=INGD
MN>EE=:SN@>:K;>BM>M%GM>KOB>P'HII 
B>.>LHENMBHGSNF)HK:MHKBNF=>L91&30(836917;:LB>KM:N??^G?>@K^G=NG@>Go B>/M::M
EB<A>G )NL>>G >KEBGL LBG= GB<AM =B> oK><AMFX_B@>G >LBMS>K BAK>K >LMXG=>hh *H $NF;HE=M 
 
: $>KO  B  +   o7=8>K OHG >KEBG :NL@>A>G=> 'HEHGB:EBLFNL PBK= K>A:;BEBMB>KMh >;=   o7=8B>
'NEMNK>G=>K3>EMP>K=>G:ELo?K>F=hNG=o:G=>KLh=BLDKBFBGB>KMh>;= $>KO B +  7=8B>o!K?HK
L<ANG@:N_>K>NKHIXBL<A>K'NEMNK>GhPBK=GB<AMIKH;E>F:MBLB>KMh>;= $>KO B + NG=o7=8B>DNEMN
K>EE>G/<AXMS>=>K3>EM;E>B;>G=>G,KBOBE>@B>KM>GBF*HK=>GOHK;>A:EM>G h>;= 
6>GMK:EBLM=>KLI>DM=>K>IBLM>FBL<A>G#>P:EM =>KSP:KGB<AM>QIEBSBM;>G:GGMPBK= :;>K=NK<A=B>
'KBMBD:G=>K'HGLMKNDMBHG=>KnG=>K>GjNG==>KO>KF>BGMEB<A>G+;C>DMBOBMXM=>K"HKL<ANG@SNF
NL=KN<DDHFFM 'HIIOHF2>K>BG )60-2378/3032-%0) SP>B?>EM:G=>K1FL>MSNG@=>LIKHI:
@B>KM>G'HGS>IMLBF91&30(83691!LP>K=>SP:KO>KLIKH<A>G =:LLIKH;E>F:MBL<A>+;C>DM> =B>
:NL@>LM>EEMNG=GB<AMK>LMBMNB>KMP>K=>GL>E;LMDKBMBL<ADHGS>IMN:EBLB>KMP^K=>G%GM>KOB>P'HII P:L
:;>KO>KFNMEB<A:G=>K1FL>MSNG@L<A>BM>KGP>K=>o7 8:P>K=>GC:PB>=>KOHK:NLLB<AMEB<AP>B_>
)NL>NFLF:<A>K9BGG>G0>QM>L<AK>B;>G =B>BK@>G=PB>O>KLN<A>G >BG>>B@>G>#>L<AB<AM>SN>KSXA
E>G =B>>B@>G>#>L<AB<AM>=B>L>K+;C>DM> BAK>/B<AM=:K:N?NG=P:KNFLB>BF&H;BK@>G=PB>AB>KA>K
@>A]K>Gh %GM>KOB>P 'HII  B> F:G@>EA:?M> NL>BG:G=>KL>MSNG@ FBM =>K =>NML<A>G 'HEHGB:E@>
L<AB<AM>BLM>;>GLH0>BE=>K'KBMBD PB>=:LNLE:LL>G@>PBLL>KABLMHKBL<A>KLI>DM> PB>=B>>M>BEB
@NG@=>K$HA>GSHEE>KG:F>NKHIXBL<A>G%FI>KB:EBLFNLNG==>NML<A>G'HEHGB:EBLFNL 
:L "HKMPBKD>G DHEHGB:E>K 1G@E>B<AA>BMLO>KAXEMGBLL> S>B@M 'HII :GA:G= =>L 1F@:G@L FBM 7396')
'31192-8-)7NG==>F6N@:G@=>K2>K:GMPHKMEB<A>G=>L91&30(836917SN.^<D@:;>?HK=>KNG@>G
NG=,KHO>GB>GS?HKL<ANG@:N? %G>BG>F#>=:GD>GLIB>EL<AEX@M>K=>GNLM:NL<AOHG+;C>DM>GSPB
L<A>G>NKHIXBL<A>GNG=:N_>K>NKHIXBL<A>G)NL>>GOHKo7e8:;>KOB>EE>B<AMPHEE>G=B>$>KDNG?ML
@>L>EEL<A:?M>G=:GG>BG>G,B<:LLHFBMG>AF>G :N<ABG+K=GNG@ >BGNLM:NL<AE:<A>G= =:LF^LLM>
F:G>BGF:EO>KA:G=>EGh%GM>KOB>P'HII 
%G':IBM>E PNK=>;>K>BML>KPXAGM =:LLOB>E>>NKHIXBL<A>)NL>>G.^<D@:;>?HK=>KNG@>G:;P>A
K>G BG=>FLB>LB<A:N?=>G/B<A>KA>BML ;>SB>ANG@LP>BL>1GLB<A>KA>BML:LI>DM;>KN?>G !LPBK==:OHG
:NL@>@:G@>G =:LL>BGSB@)NL>>G=>L@EH;:E>G*HK=>GL=:SNBG=>K(:@>PXK>G +;C>DM>LB<A>KSN
L:FF>EGNG=SN;>P:AK>G )BM=B>L>KK@NF>GM:MBHGP>K=>G:N_>K>NKHIXBL<A>.>@BHG>G BGL;>LHG
=>K>?KBD: :EL'HG?EBDM?>E=DHGLMKNB>KM PH=NK<A=>K'HGMBG>GMAHFH@>GBLB>KMPBK=  :LLOB>E>(XG
=>K o7:8N?@KNG= ABLMHKBL<A @>P:<AL>G>K NG@E>B<A>K ]DHGHFBL<A>K NL@:G@LLBMN:MBHG>Gh ':S>>F
D>BG>=>G/B<A>KA>BMLLM:G=:K=L>GMLIK><A>G=>G)NL>>G:N?;:N>GD]GG>G PBK=GB<AMIKH;
E>F:MBLB>KM !;= ?? 
!BG>!KKNG@>GL<A:?M=>L^G=GBLL>LLB>AM'HII=:KBG =:LL=B>'KBMBD:F91&30(83691>BG>@>
L>EEL<A:?MEB<A> >;:MM>SN'HEHGB:EBLFNLBG >NML<AE:G=LMBFNEB>KMA:;> !BG>GN?L<APNG@BG=>K
]??>GMEB<A>GNL>BG:G=>KL>MSNG@FBM=>NML<A>K'HEHGB:E@>L<AB<AM>@:;>LSN=>F=NK<A=>GNLMKBMM
=>K?K:GS]LBL<A>G'NGLMABLMHKBD>KBG/:OHR:NL=>F>BK:M=>L91&30(836917 =B> >;:MM>NF
=>G#>GHSB=:G*:F:NG=+O:A>K>KHOHG BF>A>F:EB@>Gn >NML<A /^=P>LM:?KBD:j >BG>
LB<AO>KXG=>KG=>#>L>EEL<A:?MLSNL:FF>GL>MSNG@NG=DMBOBMXM>GSNK >DHEHGBLB>KNG@=>L]??>GMEB
<A>G .:NFL  'HII @>AM OHF =:N>KA:?M>G A:K:DM>K =>K SNG>AF>G=>G >L<AX?MB@NG@ FBM =>K
 
DHEHGB:E>G2>K@:G@>GA>BM:NL :N<ANG:;AXG@B@OHF91&30(83691NG=GB<AMGNKBG >NML<AE:G= 
LHG=>KG>NKHI:P>BM =:=B>7396')'31192-8-)7LB<AO>K@K]_>KGP^K=>G %GM>KOB>P'HII
'HIIL<AEX@M>BG>1F=>NMNG@=>L*NMSNG@LDHGS>IML=>L91&30(836917OHKNG=;>MHGM=B>1K
LIK^G@>=>K/:FFENG@>G=>L>KEBG>K8,2303+-7',)297)917BG=>K9278/%11)6=>L )60-2)6
',0377)7  :L91&30(83691:EL=>K+KM :G=>FLB<A>BGB@>:N_>K>NKHIXBL<A>+;C>DM>>BGLM;>
?NG=>GA:;>G D]GG>>BG@>>B@G>M>K+KML>BG NFBG>BG>F@KH_>GNLF:_.>LMBMNMBHG>G=NK<ASN?^A
K>G  /M:MM >MAGHEH@BL<A> +;C>DM> BF 6>GMKNF >KEBGL :NLSNLM>EE>G  LHEEM> =:L 91&30(83691 SN
>BG>K%GLMBMNMBHGP>K=>G =>K>GS>GMK:E>N?@:;>=B>.>LMBMNMBHGOHG+;C>DM>GL>B %GM>KOB>P'HII
/:OHRL 'KBMBD :F 91&30(83691 ;>MK:? G>;>G =>F 2HKPNK? =>K F:G@>EA:?M>G ,KHO>GB>GS?HK
L<ANG@=B>":LL:=>GK>DHGLMKNDMBHG =B>LRF;HEBLB>K>GP^K=> =:LL=B>2>K@:G@>GA>BMK^<D@XG@B@@>
F:<AMP>K=>GD]GG>/:OHRLHPB>=B>NGSNK>B<A>G==NK<A@>?^AKM>o2>KS:AGNG@OHG3BL
L>GL<A:?MNG=)NL>>Gh>;=  /:OHRLNLMKBMM:NL=>F>BK:MNG==B>OHGBAK@>XN_>KM>G2HKP^K?>
@>@>G=:L91&30(83691P>K=>GBF0:@>LLIB>@>E:ELo2HK;>;>Gh'NAG;>S>B<AG>M G
@>LIB>EMPBK==:FBM:N?=:L2HKA:;>G=>L?K:GS]LBL<A>G,KXLB=>GM>G!FF:GN>E):<KHG+;C>DM> =B>
PXAK>G==>K'HEHGB:ES>BM:NL?KBD:@>K:N;MPNK=>G SNK^<DSN@>;>G'NAG *H<ABF >
S>F;>KPNK=>>BGH??>G>KKB>?OHGSBOBE@>L>EEL<A:?MEB<A>G+K@:GBL:MBHG>GO>K?:LLM =>K:G=B>
=>NML<A>NG=>LD:GSE>KBGG@>E:)>KD>E@>KB<AM>MP:KNG==B>o.>LMBMNMBHGOHG'NEMNKL<AXMS>GNG=
F>GL<AEB<A>G#>;>BG>G:NL?KBD:h>KEBG,HLMDHEHGB:E?HK=>KM> 3>E<A>G!BG?ENLL=B> >
;:MM>BG"K:GDK>B<A:N? >NML<AE:G=NG==:L91&30(83691A:;>GPBK= ;E>B;MSNGX<ALM:;SNP:K
M>G  >GGH<ALM>A>G=B>2>K:GMPHKMEB<A>G=>L91&30(836917OHK=>K$>K:NL?HK=>KNG@ :N?=B>
SNG>AF>G=>'KBMBD>BGSN@>A>G :N<AP>GG=>K8-*892+6)9F-7',)690896&)7-8>OHF^G=GBL3
91&30(8 NGM>KLM>EEMPBK= D>BG> B:EH@;>K>BML<A:?MSNS>B@>G%GM>KOB>P'HII 
>S^@EB<A=>K!GMPB<DENG@>GBG"K:GDK>B<A;>F>KDM,:KSBG@>KOHG=>K8-*892+6)9F-7',)690896
&)7-8> =:LLF:GGB<AMLHMNGLHEE> :ELPXK>:EE>LoSNL:FF>G@>DE:NMh,:KSBG@>KSBM G:<A'NAG
NG=o?HK=>KMOHFNG=F>AK#>E=?^K.><A>K<A>G ?^K@>F>BGL:F>"HKL<ANG@LIKHC>DM>FBM=>G$>K
DNG?MLEXG=>KGh'NAG !BG>PNLLML>BG^;>K=>GDHEHGB:E>G1GK><AMLDHGM>QMABGLB<AMEB<A=>K
/:FFENG@L NG=!KP>K;L@>L<AB<AM>OHG+;C>DM>G;>LM>AM %F1FD>AKL<AENLLPBK==>K"HDNLOHG
,:KSBG@>K:;>K:N?=B>nK><AMFX_B@j>KPHK;>G>G+;C>DM>@>E>@M 
B> >A>F:EB@> BK>DMHKBG =>L >KEBG>K 8,2303+-7',)2 97)917 BLM LB<A IHLMDHEHGB:E>K 'KBMBD ;>
PNLLM ;>S>B<AG>M>=B>L>:;>K:EL>BGL>BMB@NG=P>BLMLB>SNK^<D

o%F$NF;HE=M "HKNFPBK==B>0K>GGNG@OHG!NKHI:NG=dN_>K !NKHI:c:N?@>AH;>G 
B>,>KLI>DMBO>=>KNLLM>EENG@>G@>AMGB<AMOHG>KEBGBG>QHMBL<A?K>F=>3>EM>G LHG
=>KG;>SB>AM!NKHI:FBM>BG !L@BEM >BGL>BMB@>IHLMDHEHGB:E>2HKLM>EENG@>GSN^;>KPBG
=>G =B>=B>>NKHIXBL<A>G)NL>>GBG=>K*:<A?HE@>=>L'HEHGB:EBLFNL:GLB>=>EGNG==B>

 
GB<AM >NKHIXBL<A>3>EM:EL+I?>K=>L'HEHGB:EBLFNLDHGLMKNB>K>GNG=LH=B>DHEHGB:E>
"K:@F>GMB>KNG@=>K3>EMK>IKH=NSB>K>G h']GB@$>KO B + 

:L6BM:MLM:FFM:NL=>F&:AKNG=0>BE>=:OHGPNK=>GOHG']GB@=NK<A:DMN>EE>K>,HLBMBHGB>
KNG@>G K>E:MBOB>KM  >F 'HGS>IM =>L 91&30(836917 LM>AM LB>  PB> ;>K>BML BG ':IBM>E    SNK
BGA:EMEB<A>G,HLBMBHGB>KNG@>KPXAGMPNK=> DKBMBL<A@>@>G^;>K )BMME>KP>BE>LIKB<AM']GB@OHG=>K
3B=>KLIK^<AEB<AD>BMSPBL<A>G*NMSNG@L NG=#>LM:EMNG@LDHGS>IMNG==BLM:GSB>KMLB<AOHG):<#K>
@HKL >NKHS>GMKBL<A>K 6B>EL>MSNG@  B> O>KLIKH<A>G> 6NL:FF>G?^AKNG@ !NKHI:L FBM =>K K>LMEB<A>G
3>EMBF91&30(83691L<A>BGMGB<AMF>AK@>@>;>GSNL>BG']GB@??  
%FSP>BM>G0>BE=>L6BM:MLP>K=>G2HKP^K?>@>@>G^;>KIHLMDHEHGB:E>K0A>HKB>:N?@>@KB??>G =B>;>
K>BML>KPXAGMPNK=>G %G':IBM>E PNK=>GOB>KLI>DM>AXN?B@OHKDHFF>G=>KF>MAH=HEH@BL<A>K
>?BSBM> BG =>K @>L<AB<AMLPBLL>GL<A:?MEB<A>G "HKL<ANG@ >KPXAGM oLMHKR IEN<DBG@h  oE>:I ?KH@@BG@
E>@:<B>Lh o=HBG@ABLMHKR;:<DP:K=hNG=oMA>>IH<A:E?:EE:<RhHHI>K78SBM G:<A/HG=>K>@@>K
 EE>LI>DM>;>BGA:EM>G!LL>GMB:EBLB>KNG@>G =B>=>K'HFIE>QBMXMNG=F;BO:E>GSDHEH
GB:E>KLHPB>BFI>KB:E>K$>KKL<A:?MGB<AM@>K><AMP>K=>GHHI>K??  
B> 2>KF>B=NG@ =B>L>K F>MAH=HEH@BL<A>G >?BSBM> P:K ;>K>BML 0A>F: ;>B =>K :KE>@NG@ =>K =K>B
IHLMDHEHGB:E>G0A>HK>MBD>K9BGG>GBG':IBM>E ABGLB<AMEB<A=>K'HGLMKNDMBHG=>KnG=>K>Gj A:;A:
DKBMBLB>KM:G/:B= =:LL>KF;BO:E>GS>GBG=>K%=>GMBMXMLDHGLMKNDMBHG^;>KLB>AMNG=LH>BG> B<AHMH
FB>SPBL<A>G'HEHGBLB>KM>GNG='HEHGBLB>K>G=>G?HKML<AK>B;M %F#>@>GL:MSSN/:B=SP>B?>EM>K:G
=>K 2HEEDHFF>GA>BM DHEHGB:E>K ):<AM  PH=NK<A LB<A $:G=ENG@LF:<AM ?^K =B> nG=>K>Gj >K]??G>M
:LMKH 2:K>E: A:P:G  ??   >K G>KD>GGNG@ =>K F;BO:E>GS C>@EB<A>K %=>GMBMXMLDHG
LMKNDMBHG>GPBK=LH>BGPB<AMB@>K/M>EE>GP>KM;>B@>F>LL>G NF=B>.>IKH=NDMBHG=B<AHMHF>K'HG
LMKNDMBHG>GSNO>KF>B=>G >S^@EB<A=>K,KH;E>F:MBD=>K!LL>GMB:EBLB>KNG@>G =B>>BG>KL>BMLBFDHEH
GB:E>G BLDNKLA>K@>LM>EEMPNK=>GNG=:G=>K>KL>BML:NLIHLMDHEHGB:E>K,>KLI>DMBO>=>DHGLMKNB>KMP>K
=>GLHEE>G ;B>M>M/IBO:DLoLMK:M>@BL<A>7K8!LL>GLMB:EBLFNLh>;= >BG>G6N@:G@:G =>K>KE:N;M 
/N;:EM>KGBMXM:ELoMA>HK>MBL<A>"BDMBHGh>;= SN;>@K>B?>G PH=NK<A=B>3BKDFX<AMB@D>BMOHG
/N;:EM>KGBMXM>;>GLHPB>=>K>G"BDMBHG:EBMXM:G>KD:GGMPBK=>;=  
3>K=>GA:;A:L!KEXNM>KNG@>GSNKF;BO:E>GSDHEHGB:E>K$>KKL<A:?MNG=/IBO:DLLMK:M>@BL<A>K!L
L>GMB:EBLFNL;>K^<DLB<AMB@M D:GG']GB@L'KBMBD:GIHLMDHEHGB:E>K0A>HKB>;>@>@G>MP>K=>G  B>:;
P>BL>G=>$:EMNG@@>@>G^;>K=>K2HKLM>EENG@ =:LLo=B>>NKHIXBL<A>G)NL>>GBG=>K*:<A?HE@>=>L
'HEHGB:EBLFNLh']GB@:G@>LB>=>EMP>K=>GD]GG>G BLMABLMHKBL<A;>MK:<AM>M>BG>NLE:L
LNG@PHFBM=>KDHEHGB:E>'HGM>QMO>KL<AE>B>KMPBK= 

!L;E>B;M?>LMSNA:EM>G =:LLLB<ALHPHAE=B>8-*892+6)9F-7',)690896&)7-8>:EL:N<A=B>>A>F:EB@>
BK>DMHKBG =>L 8,2303+-7',)2 97)917 IHLMDHEHGB:E>K 'KBMBD ;>PNLLM LBG=  >K B:EH@ FBM =>F
^G=GBL391&30(8 PBK=OHK:EE>FOHG=>K/MB?MNG@P>BM@>A>G=O>KFB>=>G ']GB@P>BLM=B>
 
'KBMBDFBM=>K>@K^G=NG@SNK^<D LB>P^K=> B<AHMHFB>GK>IKH=NSB>K>G NL=>K,>KLI>DMBO>=>L
^G=GBLL>LA:;>G=B>IHLMDHEHGB:E>G BLDNLLBHG>GNG=NL>BG:G=>KL>MSNG@>GNF=:L91&30(8
3691SN>BG>K/MBFNEB>KNG@=>K]??>GMEB<A>G >;:MM>SN'HEHGB:EBLFNL@>?^AKM =B>>BG>G=:N>KA:?
M>GA:K:DM>K:N?P>BLMNG=^;>K=B>#K>GS>G=>KNG=>LK>IN;EBDABG:NL@>AM 

  1C+5<D=EC5E=+95>9>45B"5E5>EB7
:LSBOBE@>L>EEL<A:?MEB<A>!G@:@>F>GMBG3B>GSNK3B>=>K>K]??GNG@=>L!)08197)917!-)2BG=>K
*>N>GNK@BLMF:K@BG:E  >GGH<ABLM'KBMBD:NLIHLMDHEHGB:E>K,>KLI>DMBO>0>BE=>KNL>BG:G=>KL>M
SNG@ %GPB>?>KG:N?=B>L>OHG/>BM>G=>L)NL>NFL>BG@>@:G@>GPBK= BLM0A>F:=B>L>L':IBM>EL 

%G':IBM>E ;>S^@EB<A=>L)NL>NFLLM:G=HKM>LNG==>KKXNFEB<A>G1GM>K;KBG@NG@PNK=>;>K>BML
?>LM@>LM>EEM =:LL=:LF:K@BG:E>SBOBE@>L>EEL<A:?MEB<A>!G@:@>F>GMSNK*>N@>LM:EMNG@=>L$>E=>GIE:M
S>LNG==>K*NMSNG@=>K$H?;NK@>BG>G1GM>KL<AB>=BG=>G BLDNLLBHG>GNF=B>3B>=>K>K]??GNG@
;>SB>ANG@LP>BL>1FLB>=ENG@=>K;>B=>G>MAGHEH@BL<A>G)NL>>G=:KLM>EEM3>ESB@: ,HLM
DHEHGB:E>'KBMBDBLM=>GGH<AGB<AMBG>QBLM>GM 
!G@>ELF:GK>=NSB>KM=B>IHLMDHEHGB:E>'KBMBDBG3B>G:N?>BG>#KNII>o!L@B;M>BG>SB>FEB<AFBEB
M:GM>#KNII>OHGIHLMDHEHGB:EBLMBL<A>G0A>HK>MBD>KGAB>KFBM=>F7e8,KH?>LLHK'K:P:EE7e8 h%G
M>KOB>P!G@>ELF:G#>F>BGMBLMFBMo,KH?>LLHK'K:P:EEh=>K'NGLMABLMHKBD>KAKBLMB:G'K:O:@G: 
=>K:G=>K:G=>K /%()1-)()6 -0()2()2E278)BG3B>GBF>K>B<A=>K,HLM<HEHGB:E/MN=B>LE>AKM
D:=>FB>=>K;BE=>G=>G'^GLM>H & : 'K:O:@G:DKBMBLB>KMG>;>G=>F1F@:G@>MAGHEH@BL<A>K)N
L>>GFBM.^<D@:;>?HK=>KNG@>G=B>0K>GGNG@SPBL<A>G>MAGHEH@BL<A>GNG=DNGLMABLMHKBL<A>G/:FF
ENG@>GNG=;>MK:<AM>M=B>L>:ELoD^GLMEB<ANG=DHEHGB:EBLMBL<Ah'K:O:@G:SBM G:<A">LLE>K 
!G@>ELF:GL 1F@:G@ FBM IHLMDHEHGB:E>K 'KBMBD BLM OHG ;P>KMNG@ @>IKX@M  B> BLDNLLBHG>G =>K
#KNII>IHLMDHEHGB:E>K0A>HK>MBD>K9BGG>GSB>E>=:K:N?:; 'HEHGB:EBLFNLNG==B>>M>BEB@NG@=>L)N
L>NFL:G=B>L>F:ELo/<AP>BG>K>BhSN;>S>B<AG>G 6N=>FP^K=>GLB>=B>/:FFENG@>G?^K=:L1G
K><AM=>K2>K@:G@>GA>BMO>K:GMPHKMEB<AF:<A>G !K;>S>B<AG>M=B>NL>BG:G=>KL>MSNG@:ELNG:G@>
G>AFNG=;>MHGM=>K>G/BGGEHLB@D>BM #E>B<AS>BMB@P>BLM!G@>ELF:GIHLMDHEHGB:E>'KBMBDGB<AMDHF
IE>MMOHGLB<A LHG=>KG;>MHGM=B>/HG=>K:NLLM>EENG@=>K]LM>KK>B<ABL<A>G'^GLME>KBG(BLE,HG@>KBF
!)08197)91!-)2 =B>>BG>6P>B@LM>EE>SNF97)91*E6*6)1()92(:)686%98)90896)2;BE=>NG=
:NLIHLMDHEHGB:E>K,>KLI>DMBO>!MAGHEH@B>NG=>MAGHEH@BL<A>)NL>>GABGM>K?K:@> !LL>BKB<AMB@ IHLM
DHEHGB:E>,HLBMBHG>GSNSNE:LL>GNG=>LN<A>K9BGG>GSNS>B@>G =:LL=:L)NL>NF=:SN;>K>BML>B 
LB<A FBM L>E;LM DKBMBL<A>G "K:@>LM>EENG@>G :NL>BG:G=>KSNL>MS>G %GM>KOB>P !G@>ELF:G  /HE:G@>
IHLMDHEHGB:E>'KBMBD=B>%GLMBMNMBHG)NL>NF:ELK><AMFX_B@>>LBMS>KBGBAK>K>LMXG=>GB<AMBG"K:@>
LM>EEMH=>K$:G=ENG@L;>=:K??HK=>KM PBK=LB>OHG!G@>ELF:G?HE@EB<A:DS>IMB>KM 
%G GE>AGNG@ :G ,>KLI>DMBO>G :NL =>K IHLMDHEHGB:E>G )NL>HEH@B> >K@>;>G LB<A ?^K >MAGHEH@BL<A>
)NL>>G$:G=ENG@LGHMP>G=B@D>BM>GSNK >DHGLMKNDMBHG=>KnG=>K>Gj *>;>G=>K0A>F:MBLB>KNG@
 
=>K /:FFENG@L  NG= !KP>K;L@>L<AB<AM> OHG >MAGHEH@BL<A>G +;C>DM>G  BLM =B> o!BG?^AKNG@ >BG>K
>KGLMA:?M>G NL>BG:G=>KL>MSNG@ FBM .^<D@:;>?HK=>KNG@>G BF )NL>NF NGO>KSB<AM;:Kh ':
S>>F):KMBGS 0NK>D/M>KG?>E= ':S>>FA:M=B>>K>BML<A:?M=:SNBF.:AF>G=>K>GBG
NLLM>EENG@BG3B>GBF&:AKNGM>KLN<AMNG=;>S>B<AG>M>=B>L>:ELNGSNK>B<A>G=':S>>F
 %G':IBM>E SNK,KHO>GB>GS?HKL<ANG@NG==>F1F@:G@FBM.^<D@:;>?HK=>KNG@>GPNK=>=>NM
EB<A =:LLSP:K:DMN>EE B:EH@>@>?^AKM >QBLMB>K>G=>.^<D@:;>?HK=>KNG@>G:;>KP>BM>KABGGB<AM;>
K^<DLB<AMB@M P>K=>G  ':S>>F ;>MK:<AM>M =B> BLDNLLBHG>G NG= =B> F>=B:E> >L<AX?MB@NG@ FBM =>K
NLLM>EENG@:EL>BG>G>E>@=:?^K oPB>ULM>KK>B<Af>BG(:G= =:LBG=>K]??>GMEB<A>G)>BGNG@GB<AML
FBM'HEHGB:EBLFNLNG=L>BG>GS:AEK>B<A>GNLPBKDNG@>GSNMNGA:MfBG>BG>>NKHIXBL<A>#>L<AB<AM>
=>L%FI>KB:EBLFNLNG='HEHGB:EBLFNL7O>KPH;>G8BLM h>;=  
%F':IBM>E SNF]LM>KK>B<ABL<A>G'HEHGB:EBLFNLPNK=>;>K>BML=:K@>E>@M =:LLGB<AMGNK=B>]?
?>GMEB<A> LHG=>KG:N<A=B>PBLL>GL<A:?MEB<A>NL>BG:G=>KL>MSNG@FBM=>K0A>F:MBDOHG=>KGLB<AM
=HFBGB>KMP:K =:LL>LLB<A;>B]LM>KK>B<A NG@:KBL<A>GDMBOBMXM>G:N_>KA:E;!NKHI:LNFO>K>BGS>EM>
PBLL>GL<A:?MEB<A>DMBOBMXM>G@>A:G=>EMA:;> =B>D>BG>:N_>GIHEBMBL<A>G%GM>K>LL>GO>K?HE@M>G !GM
=><DNG@L@>L<AB<AMEB<A>LI>DM>PNK=>GBG=>G2HK=>K@KNG=@>K^<DM NFDHEHGB:EBLMBL<A>;LB<AM>G
SNO>KL<AE>B>KGNG=PBLL>GL<A:?MEB<A>"HKL<ANG@BFDHEHGB:E>G'HGM>QM:ELO>KF>BGMEB<AH;C>DMBOSN
DHGLMKNB>K>G/:N>K?  ;=>G>K&:AK>G=>L &:AKANG=>KMLG:AF=B>PBLL>GL<A:?MEB<A>
>L<AX?MB@NG@FBM=>K.HEE>ULM>KK>B<ALBF>NKHIXBL<A>G'HEHGB:EBLFNLNG=%FI>KB:EBLFNLSN(HB=E
   )BMME>KP>BE> A>KKL<AM PBLL>GL<A:?MEB<A>K 'HGL>GL =:K^;>K  =:LL ULM>KK>B<A :F oDHE
E>DMBO>Gh/:N>K:NG=oBG?HKF>EE>G%FI>KB:EBLFNLh>;= ;>M>BEB@MP:KNG=LB<A=>F
oBFI>KB:EBLMBL<A>G#KNG=DHGL>GL=>K>NKHIXBL<A>G)X<AM>O>KI?EB<AM>M7?^AEM>8h>;= $>KO B 
+  !BG>'HEHGB:EF:<AMG:<A+LM>KA:FF>EL >?BGBMBHGP:KULM>KK>B<A 1G@:KG:EE>K=BG@LGB<AM 
!G@>ELF:GNGM>KLMK>B<AM=B>*HMP>G=B@D>BM=>K#>L<AB<AML:N?:K;>BMNG@BGULM>KK>B<A %F2>K@E>B<A
SN >NML<AE:G=A:;>ULM>KK>B<A*:<AAHE;>=:K?oULM>KK>B<ABLMBG=>KN?:K;>BMNG@L>BG>K2>K@:G
@>GA>BM^;>KA:NIMGB<AMLH@:GS>K?:AK>G F:GL<AP>B@MEB>;>K=:K^;>K :EL=:LLF:GPBKDEB<A:N?:K
;>BM>M =>K1F@:G@FBM=>F6P>BM>G3>EMDKB>@BLMBGULM>KK>B<ALHNG@E:N;EB<A:G=>KL:ELBG >NML<A
E:G= h%GM>KOB>P!G@>ELF:G%GPB>?>KGULM>KK>B<A*:<AAHE;>=:K?BG=>KN?:K;>BMNG@=>KDHEHGB:E>G
2>K@:G@>GA>BMA:M PBK=OHGBAFGB<AM:NL@>?^AKM !G@>ELF:G;>MHGM:;>K =:LLULM>KK>B<A>L@>G:NLH
GHMP>G=B@PB> >NML<AE:G=A:;> LB<AFBM=>KDHEHGB:E>G2>K@:G@>GA>BM:NL>BG:G=>KSNL>MS>G 6N
=>FL>B=B>NL>BG:G=>KL>MSNG@FBM'HEHGB:E@>L<AB<AM>BF)NL>NFD>BG>:N?HDMKHRB>KM>2HK@:;>
=>L9278,-7836-7',)297)917H=>K=>L)BGBLM>KBNFL@>P>L>G LHG=>KG=:LBGMKBGLBL<A>%GM>K>LL>
=>K'NK:MHK9BGG>G=>L!)08197)917!-)2%GM>KOB>P!G@>ELF:G ULM>KK>B<APBK=BG=>GK@NF>G
M:MBHG>G!G@>ELF:GL:EL0>BE=>KDHEHGB:E>G3>EM;>K^<DLB<AMB@M  B>/:FFENG@L@>L<AB<AM>PBK=MA>
F:MBLB>KM HAG>=:K:NL:EE>K=BG@L$:G=ENG@LGHMP>G=B@D>BM>G:;SNE>BM>G =B>BG.B<AMNG@.>LMBMNMBHG
?^AK>GD]GGM>G 

 
6NL:FF>G?:LL>G=PBK=ULM>KK>B<AL.HEE>BF>NKHIXBL<A>G%FI>KB:EBLFNLNG='HEHGB:EBLFNLMA>F:
MBLB>KMNG=!G@>ELF:G;>MHGM =:LL>BG>NL>BG:G=>KL>MSNG@FBM=B>L>F0>BE=>K2>K@:G@>GA>BMGHM
P>G=B@L>B ,HLMDHEHGB:E>,>KLI>DMBO>GP>K=>GBG3B>GGB<AMOHGOHKGA>K>BG:ELNG;>K><AMB@M;>
S>B<AG>M LH;:E==B>L>L:EE>K=BG@L=B>.><AMFX_B@D>BM=>L>LBMS>L=>K/:FFENG@>G=>L)NL>NFLBG
"K:@>LM>EE>G P>K=>GLB>:ELLBGGEHL;>S>B<AG>MNG=:;@>P>KM>M 

  5B<9>E>4+95>9=*5B7<5938
>K>GML<A>B=>G=>1GM>KL<AB>=ABGLB<AMEB<AIHLMDHEHGB:E>K'KBMBDBG>KEBGNG=3B>GBLM=:LNL
F:_=>LSBOBE@>L>EEL<A:?MEB<A>G!G@:@>F>GML =:LBG3B>GGNKF:K@BG:EOHKA:G=>GBLM  >GGH<A
LBG==B>.>:DMBHG>G=>K)NL>NFLO>K:GMPHKMEB<A>GBG;>B=>G/MX=M>GXAGEB<A 

B>@>L<AB<AMLPBLL>GL<A:?MEB<A>"HKL<ANG@SNF=>NML<A>G'HEHGB:EBLFNL>KAB>EMBG >NML<AE:G=BG
=>G>K&:AK>G=>L &:AKANG=>KML ;>>BG?ENLLM=NK<A#EH;:EBLB>KNG@ G>H DHEHGB:E>!GMPB<DENG@>G
NG= =B> >K^<DLB<AMB@NG@ MK:GLG:MBHG:E>K ,>KLI>DMBO>G BG =>K $BLMHKBH@K:IAB>  >BG>G N?L<APNG@ 
'NEMNK@>L<AB<AMEB<A>GLXMS>NG=0A>F>GPB>$R;KB=BMXM !KBGG>KNG@NG=.>IKXL>GM:MBHGPNK=>G
LMXKD>K;>K^<DLB<AMB@MHGK:=?  ,:K:EE>E=:SN;BE=>M>GLB<AIHLMDHEHGB:E>>P>@NG@>G 
=B>LB<AFBM=>KDHEHGB:E>G2>K@:G@>GA>BM >NML<AE:G=LNG==>K'HEHGB:EBMXM=>K#>@>GP:KM;>?:LL
M>G NF>BG>]??>GMEB<A>NL>BG:G=>KL>MSNG@FBM=B>L>G0A>F>GSN;>PBKD>G']_E>K)>E;>K
 %GULM>KK>B<ALBG=XAGEB<A>!GMPB<DENG@>GBF@>L<AB<AMLPBLL>GL<A:?MEB<A>G>K>B<A?>LMSNLM>E
E>G 'HEHGB:E>DMBOMXM>G=>K$:;L;NK@>KFHG:K<AB>PNK=>GGB<AMF>AK:EL!BGS>EIAXGHF>G>NG=:NL
>GM=><DNG@L@>L<AB<AMEB<A>K,>KLI>DMBO>;>MK:<AM>M LHG=>KGBG>BG>GDHEHGB:E BFI>KB:E>G'HGM>QM@>
LM>EEM (HB=E  ??   )BMME>KP>BE> A>KKL<AM PBLL>GL<A:?MEB<A>K 'HGL>GL =:K^;>K  =:LL ULM>KK>B<A
SP:KD>BG>'HEHGB:EF:<AMG:<A+LM>KA:FF>EL >?BGBMBHGOHG'HEHGB:EBLFNLP:K :;>K>;>GLHD>BG>
o:GMBDHEHGB:E>'K:?Mh/:N>KNG=:FoDHEE>DMBO>Gh/:N>K:LHPB>oBG?HKF>EE>G
%FI>KB:EBLFNLh/:N>K:M>BEG:AF 2>K@E>B<A;:K>SBOBE@>L>EEL<A:?MEB<A>>P>@NG@>GPB>BG
>KEBGLBG=BG3B>G:;>KGB<AMOHKA:G=>G 
/HPHAE=B>8-*892+6)9F-7',)690896&)7-8>:EL:N<A=B>>A>F:EB@> BK>DMHKBG=>L>KEBG>K8,23
03+-7',)297)917LBG=LB<A=>KIHLMDHEHGB:E>G'KBMBD;>PNLLM 3XAK>G==B>/MB?MNG@=>G B:EH@
FBM =>F ^G=GBL P>BM@>A>G= O>KF>B=>M  P>BLM ']GB@ =B> 'KBMBD FBM =>K >@K^G=NG@ SNK^<D  LB>
P^K=> B<AHMHFB>GK>IKH=NSB>K>G %AK2HKPNK?=><DMLB<AP>BM@>A>G=FBMAXN?B@OHKDHFF>G=>G
F>MAH=HEH@BL<A>G >?BSBM>GBG=>K@>L<AB<AMLPBLL>GL<A:?MEB<A>G"HKL<ANG@  >FG:<AP^K=>GIHLM
DHEHGB:E>K@NF>GM:MBHG>G=B>F;BO:E>GS>GDHEHGB:E>K$>KKL<A:?MGB<AM;>K^<DLB<AMB@>GNG=!L
L>GMB:EBLB>KNG@>G?HKML<AK>B;>G )]@EB<A>/MK:M>@B>G NF']GB@L'KBMBDSN;>@>@G>G ?BG=>GLB<AOHK
:EE>FBG=>G3>KD>GOHG/IBO:DNG=A:;A:  B>G>KD>GGNG@=>KK^<AB@D>BMDHEHGB:E>K$>KK
L<A:?M NG= /N;C>DMDHGLMKNDMBHG NG= =>K 6N@:G@ =>L oLMK:M>@BL<A>G !LL>GLMB:EBLFNLh :LMKH

 
2:K>E: A:P:GG:<A/IBO:D;BE=>G)]@EB<AD>BM>G =>K.>IKH=NDMBHGDHEHGB:E>K B<AH
MHFB>GSN>GMDHFF>G 
%GULM>KK>B<APBK=IHLMDHEHGB:E>'KBMBD =B>=:K:N?:;SB>EM.^<D@:;>?HK=>KNG@>G>KGLMSNG>AF>GNG=
=B>.><AMFX_B@D>BM=>L>LBMS>L>NKHIXBL<A>K)NL>>G:GSNSP>B?>EG :ELLBGGEHL;>S>B<AG>MNG=:EL
!BGS>EIAXGHF>G=:K@>LM>EEM ,HLMDHEHGB:E>,>KLI>DMBO>GP^K=>G:;>K=>GGH<ABG=B>)NL>NFLDHG
S>IMBHG>BG?EB>_>G  B>'HGM>QMN:EBLB>KNG@OHG+;C>DM>GPBK=;>?^KPHKM>M LHE:G@>LB<A=:K:NLD>BG>
$:G=ENG@LGHMP>G=B@D>BMBG>SN@:N?.>LMBMNMBHG?^K=:L)NL>NF>K@B;M 
AKBLMB:G'HII@>AM=:OHG:NL =:LL=B>NL>BG:G=>KL>MSNG@>GNF=:L91&30(83691>BG>@>
L>EEL<A:?MEB<A> >;:MM>SNF0A>F:'HEHGB:EBLFNLLMBFNEB>KMA:;>  :SN;>B@>MK:@>GA:;>SN=>F=>K
NLMKBMM=>K?K:GS]LBL<A>G'NGLMABLMHKBD>KBGZGZ=B<M>/:OHR:NL=>F>BK:M =B>:;=>K&:AKM:NL>G=
P>G=>:N??E:FF>G=> >;:MM>NF=>G#>GHSB=:G*:F:NG=+O:A>K>KHBG=>G&:AK>GOHG
 >BG>LB<AO>KXG=>KG=>#>L>EEL<A:?MLSNL:FF>GL>MSNG@LHPB>DMBOBMXM>GSNK >DHEHGBLB>KNG@
=>L]??>GMEB<A>G.:NFL 'HIILIKB<AMOHF=:N>KA:?M>GA:K:DM>K=>KSNG>AF>G=>G>L<AX?MB@NG@
FBM=>KDHEHGB:E>G2>K@:G@>GA>BM :N<ANG:;AXG@B@OHF91&30(83691GB<AMGNKBG >NML<AE:G= 
LHG=>KG>NKHI:P>BM =:=B>7396')'31192-8-)7LB<AO>K@K]_>KGP^K=>G %GULM>KK>B<ABLM=B>]??>GM
EB<A>NL>BG:G=>KL>MSNG@FBM'HEHGB:EBLFNLGB<AMLHIKXL>GMPB>BG >NML<AE:G= :;>K=>GGH<AOHK
A:G=>GNG=PBK=LB<A'HIISN?HE@>P>BM>KO>K@K]_>KG 

!LD:GG?>LM@>A:EM>GP>K=>G =:LLBG>KEBGNG=3B>G=B>)NL>NFLO>K:GMPHKMEB<A>GIHLMDHEHGB:E>
'KBMBDSNK^<DP>BL>G  B>8-*892+6)9F-7',)690896&)7-8>O>KF>B=>M=>G B:EH@NG=']GB@PBK?M
=>F^G=GBL391&30(8 OHK  B<AHMHFB>GSNK>IKH=NSB>K>G %G3B>GPBK=IHLMDHEHGB:E>'KB
MBD:;@>P>KM>M LH;:E=.^<D@:;>?HK=>KNG@>GSNF0A>F:P>K=>G 

?>3<EC9?
B>:G?:G@L@>LM>EEM>"HKL<ANG@L?K:@>o%GPB>?>KGLM>A>G=B>1FLB>=>ENG@=>L>KEBG>K8,2303+-
7',)297)917;SP =B>3B>=>K>K]??GNG@=>L!)08197)917!-)2NG==:FBM>BGA>K@>A>G=>K@N
F>GM:MBHG>G  6B>EL>MSNG@>G NG= BLDNLLBHG>G BF 6NL:FF>GA:G@ FBM NL>BG:G=>KL>MSNG@>G ^;>K
=B>DHEHGB:E>2>K@:G@>GA>BM >NML<AE:G=LNG=ULM>KK>B<ALhPNK=>:GA:G=OHGOB>KLI>DM>G:G:
ERLB>KM=>F)NL>NFLLM:G=HKMNG==>KKXNFEB<A>G*NMSNG@ =>KBGA:EMEB<A>G,HLBMBHGB>KNG@ ,KHO>
GB>GS?HKL<ANG@ NG= 1F@:G@ FBM .^<D@:;>?HK=>KNG@>G LHPB> IHLMDHEHGB:E>K 'KBMBD  >B :EE>G @>
G:GGM>GLI>DM>GBLM=B>DHEHGB:E>2>K@:G@>GA>BM0A>F: PH;>BSNF0>BENLE:LLNG@>GNG=1F
=>NMNG@>G?>LMLM>EE;:KLBG= 
B> !KKB<AMNG@ =>L 91&30(836917 :EL 0>BEK>DHGLMKNDMBHG =>L )60-2)6 ',0377)7 PBK= OHG =>K
8-*892+6)9F-7',)690896&)7-8>:EL)BMM>E;>MK:<AM>M =:LG:MBHG:E>/>E;LMO>KLMXG=GBL:ELo3BLL>G
L<A:?ML NG='NEMNKG:MBHGh,:KSBG@>KSNLMXKD>G NL@>E:LL>GPBK=BG=B>L>KK@NF>GM:
MBHGSNF>BG>G =:LL,K>N_>G>BGo)BEBMXK NG=):<AMLM::Mh>KG:NP:KNG=SNF:G=>K>G
 
=B>>M>BEB@NG@=>K$HA>GSHEE>KG=RG:LMB>:F=>NML<A>G'HEHGB:EBLFNLNG=>NKHIXBL<A>G%FI>KB:EBL
FNL 6BOBE@>L>EEL<A:?MEB<A>+K@:GBL:MBHG>G;>MK:<AM>G=>G:N=>L91&30(836917NG==B>1GM>K
;KBG@NG@ =>K :N_>K>NKHIXBL<A>G /:FFENG@>G ABG@>@>G :EL .>A:;BEBMB>KNG@ =>NML<A>K 'HEHGB:E@>
L<AB<AM>*H$NF;HE=M:NG=o:EL.>LI>DMEHLB@D>BM@>@>G^;>K=>G+I?>KGNG=BAK>G*:<A
?:AK>Gh*H$NF;HE=M %G3B>GBLM=B>BFI>KB:E>2>K@:G@>GA>BM=>K3*&96+:EL.>LB=>GS
=>K$:;L;NK@>KD>BG0A>F: !BG>V;>KL<AG>B=NG@=>K >;:MM>GBG>SN@:N?)NL>NFLLM:G=HKMNG=
KXNFEB<A>1GM>K;KBG@NG@BLM=B>BG;>B=>G/MX=M>GOHKA:G=>G> BLDNLLBHG^;>K=B>6NL:FF>GE>@NG@
OHG>NKHIXBL<A>GNG=:N_>K>NKHIXBL<A>G/:FFENG@>G /HPHAEBG3B>G:EL:N<ABG>KEBGPBK==B>
0K>GGNG@?HKM@>L<AKB>;>G :N<AP>GG'KBMBD>K9BGG>GBG=B>L>K,K:QBL=B>.>IKH=NDMBHGDHEHGB:EA>K
@>LM>EEM>K B<AHMHFB>GL>A>G 
B>*:F>GL@>;NG@=>K;>B=>G)NL>>G;>MK:<AM>B<A:EL0>BE=>KBGA:EMEB<A>G,HLBMBHGB>KNG@ 2HF
,KXLB=>GM>G=>K8-*892+6)9F-7',)690896&)7-8>$>KF:GG,:KSBG@>KP>K=>G=B>*:F>GL@>;>K=>L
91&30(836917AH<ALMBEBLB>KMNG=SN?K^A>G2>KMK>M>KG>BG>KoDHLFHIHEBMBL<A>7G83>EMLB<AM =B>
:N?=>K#E>B<A;>K><AMB@NG@=>K3>EMDNEMNK>G;:LB>KM /B>LM>A>G?^KN?DEXKNG@NG=?^K=B>*>N@B>K
:N?=:LG=>K>NG==:L"K>F=>BG=>K3>EM h,:KSBG@>K!KG>NMPBK=,K>N_>G:EL3BLL>G
L<A:?ML NG='NEMNKG:MBHGIKXL>GMB>KM 3BLL>GL<A:?MPBK=:ELO>KF>BGMEB<AH;C>DMBO;>G:GGMNG=E>
Q:G=>KOHG$NF;HE=ML2>KLMKB<DNG@>GBG=:LDHEHGB:E>/RLM>FP>K=>GGB<AM>KPXAGM %G3B>G@BG@
=B>1F;>G>GGNG@=>L)NL>NFLFBM>BG>KBGA:EMEB<A>G*>N:NLKB<AMNG@>BGA>K  >K'NEMNK>G;>@KB??
PNK=>;>B=>K*:F>GL@>;NG@O>KFB>=>G P:LOHG>BGS>EG>G,HEBMD>K9BGG>GSP:KDKBMBLB>KMPNK=> 
:;>KOHG>BG>F>PNLLML>BG=>K!GML<A>B=NG@MKX@>K9BGG>GS>N@M =:LL>LLB<A=:;>BNF>BG>!LL>G
MB:EBLB>KNG@A:G=>EM >B=>)NL>>G;>MHG>G=>GGLIKN<A=>K)NEMBI>KLI>DMBOBMXMBF1F@:G@FBM
=>GnG=>K>Gj  >NMNG@LAHA>BM^;>KBAK>#>L<AB<AM>>KA:EM>G=B>L>:;>KGB<AM 
,KHO>GB>GS?HKL<ANG@@>A]KMSNFN?@:;>G@>;B>M;>B=>K)NL>>G :N<AP>GG=>K"HDNL:N?=>K!K
?HKL<ANG@OHG*/ .:N;@NMEB>@M %G>KEBGPBK=>QIEBSBM=:K:N?ABG@>PB>L>G =:LL>MAGHEH@BL<A>+;
C>DM>0>BE=>K1GM>KLN<ANG@LBG= PXAK>G=BG3B>G:NLL<AEB>_EB<A:N?=>G*/ 'HGM>QMO>KPB>L>G
PBK= !G@>ELF:GLM>AM>MAGHEH@BL<A>K,KHO>GB>GS?HKL<ANG@OHKLB<AMB@@>@>G^;>KNG=;>OHKSN@M>BG>
:GE:LL;>SH@>G>2HK@>A>GLP>BL>@>@>G^;>K>BG>KIKH:DMBO>G %G=>GNLLM>EENG@>G=>L!)08197)917
!-)2NG==>L>KEBG>K8,2303+-7',)297)917LHEE>G=B>!KP>K;L NG=/:FFENG@L@>L<AB<AM>BG
>BG>FDHEHGB:E>G'HGM>QMMA>F:MBLB>KMP>K=>G 1F.^<D@:;>?HK=>KNG@>GSNO>KF>B=>G P>K=>G+;
C>DM>BG3B>GNG=>KEBG:EL7,%6)(,)6-8%+);>S>B<AG>M NFSN:K@NF>GMB>K>G =:LLLB>=>K@:GS>G
3>EM@>A]K>GP^K=>GNG=>BGSB@)NL>>G=>L@EH;:E>G*HK=>GL=>GLI>DM=>K6N@XG@EB<AD>BM@>
PXAKE>BLM>GD]GGM>G  B>>QBLMB>K>G=>G.^<D@:;>?HK=>KNG@>GP>K=>GGB<AM:ELH??BSB>EE:G>KD:GGM 
,HLMDHEHGB:E>'KBMBDBLMBG;>B=>G/MX=M>GOHKA:G=>G BG3B>G:EE>K=BG@LGNKF:K@BG:E >B=>)NL>>G
P>BL>GIHLMDHEHGB:E>'KBMBDSNK^<DNG=>LPBK==>K!BG=KN<DO>KFBMM>EM =:LL=B>G@LM +;C>DM>SN
O>KEB>K>G =>G1F@:G@FBM=>K'KBMBD;>LMBFFM 

 
/HPHAE=>K>A>F:EB@> BK>DMHK=>L!)08197)917!-)2/M>O>G!G@>ELF:G:EL:N<AAKBLMB:G'HII
OHF2>K>BG )60-2378/3032-%0) L>A>GSND^G?MB@=:L>B;>A:EM>GOHG.>E>O:GS:EL$>K:NL?HK=>
KNG@?^K>MAGHEH@BL<A>)NL>>G "^K!G@>ELF:G;>=>NM>M=B>>B;>A:EMNG@OHG.>E>O:GS>BG@KH_>L
,N;EBDNF:GSNSB>A>GNG=@E>B<AS>BMB@BGA:EMEB<A>MP:LSNO>KFBMM>EG%GM>KOB>P!G@>ELF:G 'HII
ABG@>@>GO>KMKBMM=>G/M:G=INGDM =:LL>MAGHEH@BL<A>)NL>>GOHK>BG>F1F;KN<ALM^G=>GNG=GNK
=:GG>BG>A:G<>AXMM>G P>BM>KK>E>O:GMSN;E>B;>G P>GGLB>:EL,E:MM?HKF?^KMK:GLDNEMNK>EE>G B:EH@
?NG@B>K>GP^K=>G =>KLB<AOHGG:MBHG:E>FNG=DNEMNK:EBLMBL<A>F >GD>G=BLM:GSB>K> 3>GG>MAGH
EH@BL<A>)NL>>G=B>GX<ALM>G&:AK>+;C>DM>SNK^<D@>;>GNG= >E>@:MBHG>G>BGE:=>GP^K=>G 
D]GGM>GLB>LB<ASN=>G;>LM;>LN<AM>G)NL>>G>GMPB<D>EG%GM>KOB>P'HII 
!MAGHEH@BL<A>)NL>>GBF &:AKANG=>KMDHFF>GGB<AM=:K:GOHK;>B LB<ADKBMBL<AFBM=>KDHEHGB:
E>G2>K@:G@>GA>BM:NL>BG:G=>KSNL>MS>G  >NMNG@LAHA>BM:;SN@>;>GNG==B>%GLMBMNMBHG)NL>NF>B
G>KLMXG=B@>G!O:EN:MBHGSNNGM>KSB>A>G 
























 
%E5<<5>
  9D5B1DEBF5BJ5938>9C
;145=9545B29<45>45>Q>CD5?AMMILPPP :D;BE= :< :M,HKM:EHK@:GBL:MBHGFBM:K;>BM>
KBGG>G:D;BE=9@KHNI    =BL
IE:R:K= % ;<:;:?<;?>><>:;=?;:<DNKEAMMILPPP :D;BE= :< :M,HKM:EHK
@:GBL:MBHGFBM:K;>BM>KBGG>G:D;BE=9@KHNI    EBLM(>MM>KE>MM>K'7  8 

;145=9545B29<45>45>Q>CD5?1AMMILPPP :D;BE= :< :M,HKM:EBGLMBMNM>DNGLM NG= DNE
MNKPBLL>GL<A:?M>GE>AK>G=>:D;BE=9@KHNI    =BL
IE:R:K= % =<=<>>:>=;:<DNKEAMMILPPP :D;BE= :< :M,HKM:EB
GLMBMNM>DNGLM NG= DNEMNKPBLL>GL<A:?M>GE>AK>G=>:D;BE=9@KHNI    @KHNI9=BL
IE:R7  8 

<5CC1>4B9>9>D8?>I %GMKH=N<MBHG ":GHGLMN=B>L <NEMNK:ELMN=B>L <NEMNK:EIHEBMB<L 
%GE>LL:G=KBGB GMAHGR >= "K:GMS":GHG KBMB<:E,>KLI><MBO>L (HG=HG*>P5HKD.HNM
E>=@>   

>45B<12B95<51J9<8B9CD?@8<9=<9>75BF1Q8C385<=#<9F5B!1I5B!?>9;1
'D5<J<1<<91>>9D1+5949>75B 5?>81B4 709>>5>eP>L>GMEB<AF>AK"XEE>:EL:G
@>GHFF>G &:AK>'HFFBLLBHG?^K,KHO>GB>GS?HKL<ANG@ 3B>G']EG3>BF:K]AE:N 

>45B<12B95<51J1><49;?  :L)NL>NF?^K2]ED>KDNG=>BG3B>G %GG=>KE #:;
KB>E>:SBE AKBLMHIAEBFEBG@>K !O:'^AL<A>EF +EBO>K):R>K )HGBD:/M>ESE #:EEB:G GBM:
3>B=BG@>K (>HGA:K=$@ 9BGG>GeP>L>GMEB<AF>AK"XEE>:EL:G@>GHFF>G &:AK>'HFFBL
LBHG?^K,KHO>GB>GS?HKL<ANG@ 3B>G']EG3>BF:K]AE:N   

>DG59<5B8B9CD?@8 3>E<A>!MAGHEH@B>?^K=:L)NL>NFf3>E<A>L)NL>NF?^K=B>
!MAGHEH@B> %G'K:NL )B<A:>E*H:<D ':KHEBG>$@ 9BGG>G-NHO:=BL 2]ED>KDNG=>FNL>NF
DMN>EE> >;:MM>GSN>MAGHEH@BL<A>G/:FFENG@>GBG)NL>>GNG=1GBO>KLBMXM>G B>E>?>E=
MK:GL<KBIM   

$UECDB91>$B5CC75>3I >GBG NLLM>EENG@BFPB>=>K>K]??G>M>G)NL>NF?^K2]E
D>KDNG=>?:G=>GHKF>GGDE:G@;>BF,N;EBDNF %GAMMILPPP HML :MIK>LL>:NLL>G
=NG@+0/99+0/;>GBG :NLLM>EENG@ BF PB>=>K>KH>??G>M>G FNL>NF ?N>K
OH>ED>KDNG=> ?:G= >GHKF>G :GDE:G@ ;>BF IN;EBDNF ;BE=7  8 

 
$UECDB91>$B5CC75>3I  :L'NGLMABLMHKBL<A>)NL>NF@K:MNEB>KML>BG>FE:G@CXAKB
@>G#>G>K:E=BK>DMHK3BE?KB>=/>BI>ESNF #>;NKMLM:@ %GAMMILPPP HML :MIK>LL>:NLL>G
=NG@+0/99+0/=:L DNGLMABLMHKBL<A> FNL>NF @K:MNEB>KM L>BG>F E:G@C:>AKB@>G
@>G>K:E=BK>DMHK PBE?KB>= L>BI>E SNF  @>;NKMLM:@7  8 

DD91=1> .:LLBLFNLMA>HK>MBL<A>,>KLI>DMBO>G:N?LHSB:EIX=:@H@BL<A>":EE:K;>BM %G)B
<A>E /<AP:KMS> KB@BMM:$@ 9BG >K6N@:G@SNF":EE >H;:<AMNG@>G  >NMNG@>G %GM>KO>GMB
HGL:GLXMS> 3B>L;:=>G/IKBG@>K":<AF>=B>G   

1<45D<56   >NML<A +LM:?KBD:  !BG>/MN=B>^;>K2>KP:EMNG@ %GM>K>LL>G@KNI
I>GNG=PBKML<A:?MEB<A>!KL<AEB>_NG@ )^G<A>G3>EM?HKNF 

1E=71BD+9>6B954  !BG>G>N>%FI>KB:EBLFNLMA>HKB>>F>KDNG@>GSN=>FN<A>OHG
$:GL 1EKB<A3>AE>K^;>KBLF:K<DL%FI>KB:EBLFNL %G)BEBMXK@>L<AB<AMEB<A>)BMM>BENG@>G  
 

53;5B'EC1>>5 /IK><A@>;HM> 3B>=:L/IK><A>G^;>K/IK:<A>LHSB:E>1G@E>B<AA>BM>G
K>IKH=NSB>KM 3B>L;:=>G/IKBG@>K":<AF>=B>G 

5>9>91<?7E5B?E@ /M:M>F>GM?KHFMA>>GBG B:EH@N>#KHNI %GAMMILPPP P>EM
FNL>NFPB>G :M?BE>:=FBGBGA:EM>PFP/M:M>F>GM9?KHF9MA>9>GBG9 B:EH@N>99+<
MH;>K99  I=?7  8 

5B75B(1>:1 .XN;>K .>MM>KNG=#>E>AKM>  B> >;:MM>NF=B>.^<D@:;>@>K:N;M>K'NE
MNK@^M>K %GBSP    

5B<9>5B-59DE>7 /<AKBMMP>BL>U??GNG@  >K":AKIE:G?^K=:L$NF;HE=M %G"HKNFAM
MILPPP ;>KEBG>K S>BMNG@ =>DNEMNKL<AKBMMP>BL> H>??GNG@ =>K ?:AKIE:G ?N>K =:L ANF;HE=M ?HKNF
7  8 

5B>1E"9;?<1EC ":LL:=>OHK"NGDMBHG  :L>KEBG>K/<AEHLLNG==:L$NF;HE=M "HKNF
!BG@>IE:GM>L >L:LM>K %G3>ESB@ ):KB:/MNAEI?:KK>K GG:$@ 9BGG>G'NEMNKJN:KMB>K>BG>A>
F:EB@>G.>LB=>GS>G 6PBL<A>GBFI>KB:E>K'NEBLL>NG=NK;:G>K*>N;>L>MSNG@  :L3B>G>Kd$H?
;NK@ )NL>NFL -N:KMB>KcNG=BGM>KG:MBHG:E>!GMPB<DENG@>G 3B>G']EG3>BF:K]AE:N 
 

 
5B>1E"9;?<1EC 2BHE:']GB@SNF$NF;HE=M "HKNF B>)NL>>GLBG=A>NM>GNKGH<A
BMMLM>EE>K %GAMMILPPP ;>KEBG>K S>BMNG@ =>DNEMNKOBHE: DH>GB@ SNF ANF;HE=M ?HKNF =B> FN
L>>G LBG= A>NM> GNK GH<A ;BMMLM>EE>K 7  8 

81281?=9  0A>(H<:MBHGH?NEMNK> (HG=HG*>P5HKD.HNME>=@> 

9C38?66F1 ':GGB;:E> 3>K=>G !BG>IHLMDHEHGB:E>#>L<AB<AM>=>NML<A>K)XGGEB<AD>BM
NF B>E>?>E=MK:GL<KBIM 

<5I5<=ED 'HEHGB:EA>KKL<A:?MNG=/HSB:ELMKNDMNKBG >NML<A /^=P>LM:?KBD:  
$:F;NK@(>B;GBS 

?5B$9=45>E3881B4D59>JB59C5?B7'38=1<5+?<671>7 NMHK>GO>KS>B<A
GBL %GH>K ,BF=>G N<AA:K=M $>BGS'K>BL #>HK@/<AF:E> 3HE?@:G@$@ !NKHIXBL<A>
!KBGG>KNG@LHKM> !NKHI:NG==B>3>EM )^G<A>G+E=>G;HNK@   

?<J$5D5B "KHF!MAGH@K:IAB<NKBHLBMB>LMHMA>.HR:E)NL>NFH?!MAGHEH@R !:KER!MA
GHEH@B<:EHEE><MBHGLBG>KEBG %G"BL<A>K ):GN>E:HES ,>M>K':F>E /NL:G>=L =HE?:L
MB:G:G=$BL1GBO>KL:EK<ABO>H?$NF:GBMR 0A>+KB@BGLH?#>KF:GGMAKHIHEH@R $BE=>LA>BF
6^KB<A*>P5HKD#>HK@+EFL   

?=2?C38B545B9; :NFXG@>E:F/<AEHLL  >K6>BMIE:G?^K=B>!K]??GNG@@>KXMBGL
3:GD>G %GAMMILPPP ;>KEBG>K S>BMNG@ =>;>KEBG;:NF:>G@>E :F L<AEHLL =>K S>BMIE:G ?N>K =B>
>KH>??GNG@ @>K:>M BGL P:GD>G 7  8 

?EBC9A?ED1295>>5 !MAGH@K:IAB<)NL>NFL "KHFHEHGB:E!QIHLBMBHGMH%GM>K<NEMNK:E
B:EH@N> %GA:F;>KL %:G >G@>EBL E>LL:G=K:%:GGB<B>EEH >E>LM>+K:;HG: ):KB:G@>E:
-N:=K:KH )B<A:>E:>=L 0A>,HLM<HEHGB:E)NL>NF 0A>KMLH?)>FHKR:G=MA>,K>LLNK>LH?
$BLMHKR (HG=HG*>P5HKD.HNME>=@>   

B1>4CD5DD5B>>1!1B91 ,KHO>GB>GSNG@>DEXKMfNG=P:L=:GG!BG?^AKNG@ %G"]KL
M>K (:KBLL:!=>GA>BL>K %KBL"K^G=M /:K:A$:KMF:GG $>BD>$@ 9BGG>G,KHO>GB>GS?HKL<ANG@SN
>MAGH@K:IABL<A>G/:FFENG@>G=>K'HEHGB:ES>BM ,HLBMBHG>GBG=>K:DMN>EE>G >;:MM> >KEBGK
;>BML@KNII>)NL>NF=>K >NML<A>G#>L>EEL<A:?M?^K/HSB:E NG='NEMNK:GMAKHIHEH@B>   


 
B545;1=@?BCD9CC5>81E5B!93815< '>BFS>EE>'NGLMD:FF>K %G/MB?MNG@,K>N_B
L<A>K'NEMNK;>LBMS$@ BG :L$NF;HE=M "HKNF ,E:GNG@>G ,KHS>LL> ,>KLI>DMBO>GBF>KEBG>K
/<AEHLL )^G<A>G/MB?MNG@,K>N_BL<A>K'NEMNK;>LBMS   

BE>>5B<1E491 3BLL>GLH;C>DM/>E;LMFHK=:MM>GM:M !IBLM>FBL<A>#>P:EMNG=HDSB=>GM:
EBLMBL<A>/>E;LMO>K@>PBLL>KNG@BG=>K0>KKHKBLFNL?HKL<ANG@ 3B>L;:=>G2/2>KE:@?^K/HSB:EPBL
L>GL<A:?M>G 

E>45C1=D6QB1EG5C5>E>4&1E=?B4>E>7?>KEBG>K/<AEHLLf$NF;HE=M"HKNF *>N
;:N?^KDNEMNK>EE>NG=PBLL>GL<A:?MEB<A>6P><D> %G
AMMILPPP ;;K ;NG= =>. !:NIKHC>DM>>KEBG'NEMNK$1"AN? AMFE7  8 

E>45C;1>J<5B1=D?'NGLMK^<D@:;>BGULM>KK>B<A .>LMBMNMBHGG:<A=>F'NGLMK^<D@:;>@>
L>MS %GAMMILPPP DNGLMDNEMNK ;D: @O :MDNGLMKN<D@:;>7  8 

QB75B8B9CD91>5  >NML<A>'HEHGB:E@>L<AB<AM>G  >K#>GHSB=BG*:FB;B:NG==B>#>
L<AB<AMLL<AK>B;NG@=>K .NG=. B>E>?>E=MK:GL<KBIM 

1CDB?*1B5<1!1BO14?!1B81G1>"9;9D1 ,HLMDHEHGB:E>0A>HKB> !BG>DKBMBL<A>
!BG?^AKNG@ B>E>?>E=MK:GL<KBIM 

81=25BC1>5>75<9C<5CC1>4B11>>9395<<?5<5CD5#B12?>1!1B91>75<1%E14
B1B?!93815<154C 0A>,HLM<HEHGB:E)NL>NF 0A>KMLH?)>FHKR:G=MA>,K>LLNK>LH?
$BLMHKR (HG=HG*>P5HKD.HNME>=@> 

85FB?>!1B95B1>35 GI:LLNG@NG=!GMPB<DENG@BG!OHENMBHGNG='NEMNKP:G=>E !K
D>GGMGBLL>:NL=>K3BLL>GL<A:?ML@>L<AB<AM>?^K=B>"HKL<ANG@=>K#>@>GP:KMNG=>BG>!KBGG>KNG@
:G=:L3>KD :LMB:GL 3B>G(%0 

?<<5D?=9>9; 'NGLM NG=3NG=>KD:FF>KG %GH>K ,BF=>G N<AA:K=M $>BGS
'K>BL #>HK@/<AF:E> 3HE?@:G@$@ !NKHIXBL<A>!KBGG>KNG@LHKM> !NKHI:NG==B>3>EM 
)^G<A>G+E=>G;HNK@   

?>B14'521CD91> $BLMHKBH@K:IAR %G,H==:K ,K>F,:MD> / .:C>>O&>GL>G (:KL>=L 
$BLMHKB<:EHFI:GBHGMH,HLM<HEHGB:E(BM>K:MNK>L HGMBG>GM:E!NKHI>:G=BML!FIBK>L !=BG
;NK@A1GBO>KLBMR,K>LL   
 

?>B14'521CD91> 1 >NML<A>'HEHGB:E@>L<AB<AM> )^G<A>G $ ><D 

??@5BB545B93; %GMKH=N<MBHG HEHGB:E-N>LMBHGL $BLMHKB<:E0K:C><MHKB>L %GHHI>K 
"K>=>KB<D>= HEHGB:EBLFBG-N>LMBHG 0A>HKR 'GHPE>=@> $BLMHKR (HG=HG1GBO>KLBMRH?:EB
?HKGB:,K>LL   

??@5BB545B93; HEHGB:EBLF:G=%FI>KB:EBLF %G)B==E>MHG &HAG)BEE>K &HL>IA 
>= *>P!G<R<EHI>=B:H??KB<: =  *>P5HKDA:KE>L/<KB;G>KL:G=/HGL   

?B?>1'?>91 !E?KW@BEI>G:<AH=>)H<M>SNF: %GAMMIL>EI:BL <HF<NE
MNK::<MN:EB=:=9 AMFE7  8 

51>C125<  B>)NL>:EBLB>KNG@=>LG=>K>G /M>K>HMRI>BG=>KNLLM>EENG@ o'NGLM:NL
".%'h 0^;BG@>G0^;BG@>K2>K>BG?^K2HEDLDNG=> 

5<<1(189B !BG>/<AP:KS> >NML<A>#>L<AB<AM>NG=PB>LB>3BKDEB<AD>BMPNK=> %G+I
IHG@ ):KOBG$@  )B@K:GM>GBG=>K=>NML<A>G,HEBMBD 3B>L;:=>G2/2>KE:@?^K/HSB:EPBLL>G
L<A:?M>G   

5B'D1>41B4 3B>G>K)NL>NFLE:G=L<A:?M2>KP>@>G>0KXNF>OHG"NLBHGH=>K"BE>MB>
KNG@ %GAMMIL=>KLM:G=:K= :M3B>G>K )NL>NFLE:G=L<A:?M 2>KP>@>G> 0K:>NF> OHG "N
LBHG H=>K "BE>MB>KNG@7  8 

5B'D1>41B4  BK>DMHK=>L2]ED>KDNG=>FNL>NFL)HGM>SNF:L">=>KDKHG>LHEEBG3B>G
;E>B;>G %GAMMIL=>KLM:G=:K= :M BK>DMHK =>L 2H>ED>KDNG=>FNL>NFL )HGM>SNF:L ">
=>KDKHG> LHEE BG 3B>G ;E>B;>G7  8 

5B'D1>41B4 *>N>K BK>DMHKIKXL>GMB>KMDMBHGLIE:G;BL$>K;LM %GAMMIL=>KLM:G
=:K= :M2H>ED>KDNG=>FNL>NF *>N>K BK>DMHK IK:>L>GMB>KM DMBHGLIE:G ;BL $>K;LM
7  8 

5B'D1>41B4 *>N@>LM:EMNG@=>L3>EMFNL>NFLFNLLK>=BF>GLBHGB>KMP>K=>G %G
AMMIL=>KLM:G=:K= :M*>N@>LM:EMNG@ =>L 3>EMFNL>NFL FNLL K>=BF>GLBHGB>KM P>K
=>G7  8 

 
5B'D1>41B4 $:NL=>K#>L<AB<AM>DHFFM 3>EMFNL>NFPBK=O>KDE>BG>KM %GAMMIL=>K
LM:G=:K= :M3>EMFNL>NF 3B>G PBK= O>KDE>BG>KM7  8 

5EDC385B!EC5E=C2E>4 !FI?>AENG@>GSNF1F@:G@FBMF>GL<AEB<A>GV;>KK>LM>GBG
)NL>>GNG=/:FFENG@>G %GAMMILPPP FNL>NFL;NG= =>PI <HGM>GMNIEH:=L
>FI?>AENG@>G SNF NF@:G@ FBM F>GL<AE N>;>KK>LM>G I=?7  8 

95$B5CC5 ",U@>@>G"NLBHGOHG2HEDL NG=2]ED>KDNG=>FNL>NF %GAMMIL=B>
IK>LL> <HFAHF>BGG>GIHEBMBD",+> @>@>G "NLBHG OHG 2HEDL NG= 2H>ED>KDNG=>FNL>NF
7  8 

95$B5CC5 $:NL=>K#>L<AB<AM> EBFEBG@>KNG=:NF@:KMG>KO>KEB>_>G>BK:M %G
AMMIL=B>IK>LL> <HFAHF>DNEMNKDNGLM$:NL =>K #>L<AB<AM>9EBFEBG@>K NG= :NF
@:KMG>K O>KEB>LL>G >BK:M7  8 

95DB938>5DD5 3>B_>3>B;EB<AD>BM>G 'HGLMKNDMBHG>GOHGi.:LL>NG=#>L<AE><AMBF
=>NML<A>G'HEHGB:EBLFNL B>E>?>E=MK:GL<KBIM 

B595BB1>J4B91>   B>'NGLMD:FF>KBF &:AKANG=>KM %G$BE=>;K:G= &HL>IABG>
0A>N>KD:N?? AKBLMB:G$@ 9BGG>G B>K:G=>G;NK@BL<A ,K>N_BL<A>'NGLMD:FF>K !BG>NLP:AE
:NL=>G:EM>G>LMXG=>G >KEBGH 2   

3;5BD>4B51C *:FB;B:f>BG=>NML<A>K/HG=>KP>@BG?KBD:GF>KDNG@>GSNKBGM>K
G:MBHG:E>G BLDNLLBHG %G6BFF>K>K &^K@>K6>EE>K &H:<ABF$@ 2]ED>KFHK=BG >NML<A /^=
P>LM:?KBD:  >K'HEHGB:EDKB>@ BG*:FB;B:NG=L>BG>"HE@>G >KEBGAKBLMHIA(BGDL 
  

3;5BD>4B51C 'HEHGB:EBLFNL "K:GD?NKM:F):BG"BL<A>K0:L<A>G;N<A 

7I54!1B95(85B5C!1IB$5D5B +LM>KF:R>K$:;>GB<AMOHK )NL>NFL=BK>DMHKSN
P>K=>G %GAMMIL=>KLM:G=:K= :M+LM>KF:R>K %<A A:;> GB<AM OHK )NL>NFL=BK>D
MHK SN P>K=>G7  8 

>75<C=1>'D5F5> 2HKPHKM %F$>K;LM;>DHFFM=B>3>EMLM:=M3B>G=:LG>N>3>EM
FNL>NF3B>G %G3>EMFNL>NF3B>G$@ EE>LPBK=@:GS:G=>KL 3B>G'$)
)NL>NFLO>K;:G=  
 

>75<C=1>'D5F5> 2HKPHKM %G'$) )NL>NFLO>K;:G=$@ &:AK>L;>KB<AM 3B>G
'$))NL>NFLO>K;:G=   

B5491EG1&#=?"W#21 #>E>BMPHKM%G,E:GD>GLM>BG>K :K;:K:$@ 9BG>GBG
']GB@>NG=.BMN:E> $H?DNGLM:NL*B@>KB: #>GM/GH><D,N;EBLA>KL   

D8>?<?79C385C!EC5E=?V;>K=B>/:FFENG@  B>/:FFENG@L;>K>B<A>=>L!MAGHEH@BL<A>G
)NL>NFLNG=BAK>#>L<AB<AM> %GAMMILPPP LF; FNL>NFFNL>>G NG= >BGKB<AMNG@>G>MAGHEH@B
L<A>L FNL>NFL:FF>EG ?HKL<A>GL:FFENG@ AMFE7  8 

D8>?<?79C385C!EC5E=?1,KH?BE #>L<AB<AM>=>L!MAGHEH@BL<A>G)NL>NFL %G
AMMILPPP LF; FNL>NFFNL>>G NG= >BGKB<AMNG@>G>MAGHEH@BL<A>L FNL>NFN>;>K NGLIKH
?BE AMFE7  8 

D8>?<?79C385C!EC5E= (:KL AKBLMB:G'H<APBK= BK>DMHK?^K=B>/:FFENG@>G=>K
/M::MEB<A>G)NL>>GSN>KEBGBF$NF;HE=M"HKNF %GAMMILPPP LF; FNL>NFFNL>>G NG= >BG
KB<AMNG@>G>MAGHEH@BL<A>L FNL>NFN>;>K NGLG:<AKB<AM>G=>M:BEE:KL <AKBLMB:G DH<A PBK= =BK>DMHK
?N>K =B> L:FFENG@>G =>K LM::MEB<A>G FNL>>G SN ;>KEBG BF ANF;HE=M ?H AMFE7  8 

55CD8B9CD91>!?85>51>$95BB5P>97*9?<1E>?1=5C 2HKPHKM %G,E:G
D>GLM>BG>K :K;:K:$@ 9BG>GBG']GB@>NG=.BMN:E> $H?DNGLM:NL*B@>KB: #>GM/GH><D,N;EB
LA>KL   

5938D9>75B?81>>5C $:;L;NK@IHLM <HEHGB:E GF>KDNG@>GSNKBGG>K>G'HEHGBLB>KNG@
BG6>GMK:E>KNHI: %G">B<AMBG@>K &HA:GG>L,KNML<A 1KLNE:LWDR )HKBMS$@ 9BGG>G$:;L;NK@
IHLM<HEHGB:E ):<AMLMKNDMNK>GNG=DHEE>DMBO>L#>=X<AMGBL 3B>G%GGL;KN<D/MN=B>GO>KE:@   
5CC<5B>>51DB9> 3>KBLML<AG>EE>K3>MME:N?NF'NEMNK@^M>K .^<D@:;> %G
AMMIL=>KLM:G=:K= :M3>K BLM L<AG>EE>K3>MME:N? NF 'NEMNK@N>M>K .N><D@:;>
7  8 

PB45BF5B59>5B<9>5B'38<?CC5*?'HGM:DM=:M>G 2HKLM:G= /I>G=>GDHGM>G %G
AMMIL;>KEBG>K L<AEHLL =>=>K O>K>BGBG?HL SNF O>K>BGO>K>BGLOHKLM:G= :GL<AKB?M LI>G=>GDHGM>G
7  8 


 
PB45BF5B59>5B<9>5B'38<?CC5*?1/I>G=>GLM:G=NG=)BMM>EO>KP>G=NG@ %GAMMIL;>KEB
G>K L<AEHLL =>LI>G=>G LRLM>FLI>G=>GLM:G=7  8 

PB45BF5B59>5B<9>5B'38<?CC5* /:MSNG@ /M:G= &NGB %GAMMIL;>KEBG>K
L<AEHLL =>PI <HGM>GMNIEH:=L?H>K=>KO>K>BG L:MSNG@  I=?7  8 

PB45BF5B59>5B<9>5B'38<?CC5* 3B>=>K:N?;:N=>L>KEBG>K/<AEHLL>L:EL$NF;HE=M
"HKNF    ':M:EH@=>K":LL:=>G NG=/<AFN<D>E>F>GM>AMMILBLLNN <HF;>KEBG>K
L<AEHLL=H<LL<AEHLL D:M:EH@ 9EHP??>7  8 

PBCD5BB954B938   :L>MAGH@K:IABL<A>:;BG>M %G(>=>;NK (>HIHE=OHG$@ (>BM?:
=>G?^K=B>']GB@EB<A>'NGLMD:FF>KNG==:L!MAGH@K:IABL<A>:;BG>MSN>KEBG >KEBGH 2 
 

PBCD5B 1B9CC1 ,KH;E>F:MBL<A>,KHO>GB>GS>G )NL>:E>NG=NGBO>KLBMXK>/:FFENG@>G:NL
IHLMDHEHGB:E>K,>KLI>DMBO> %G/MB?MNG@ >NML<A>L$BLMHKBL<A>L)NL>NF$@ BG >NML<A>K'HEHGB
:EBLFNL "K:@F>GM>L>BG>K#>L<AB<AM>NG=#>@>GP:KM >KEBG/MB?MNG@ >NML<A>L$BLMHKBL<A>L)N
L>NF   

?E31E<D!9385< . /K<AXHEH@B>=>L3BLL>GL :NL=>F"K:GS]LBL<A>G^;>KL>MSMOHG
1EKB<A']II>G "K:GD?NKM:F):BG/NAKD:FI7+KB@ (:K<AZHEH@B>=NL:OHBK ,:KBL#:EEBF:K=8 

?E31E<D!9385< . /V;>KP:<A>GNG=/MK:?>G  B>#>;NKM=>L#>?XG@GBLL>L  N?
E:@> :NL=>F"K:GS]LBL<A>G^;>KL>MSMOHG3:EM>K/>BMM>K "K:GD?NKM:F):BG/NAKD:FI 7+KB@ 
/NKO>BEE>K>MINGBK (:G:BLL:G<>=>E:IKBLHG ,:KBL#:EEBF:K=8 

B595)>9F5BC9DMD5B<9>?AMMIPPP @>L<ADNEM ?N ;>KEBG =>>?FBBGLMBMNMFBM@EB>=>K,KH?>L
LHKBGG>G9NG=9,KH?>LLHK>G<HGK:= AMFE7  8 

B954B938C=5I5B'1B1 5>>?H'1B1-1>D?@'EC1>>5709>>5> 0A>%FI>KB:EBLM
%F:@BG:MBHG#>KF:GHEHGB:EBLF:G=BML(>@:<R GGK;HK1GBO>KLBMRH?)B<AB@:G,K>LL 

B?25>9EC>CD9DED?,KH?  K AKBLMB:G">>LM %GAMMILPPP ?KH;>GBNL BGLMBMNM =>=:L BGLMB
MNMM>:F:LLHSBB>KM> PBLL>GL<A:?ME>K <AKBLMB:G ?>>LM7  8 


 
BQ>4D'1B18 3>K/IKB<AM!MAGHEH@BL<A>)NL>>GNG=IHLMDHEHGB:E>$>K:NL?HK=>KNG@>G 
%G$HBGL ':MA:KBG:):EEBG<DKH=M ">EB<BM:LOHG$@ 9BGG>G):<AM 3BLL>G 0>BEA:;> 
/:FFENG@LBGLMBMNMBHG>GBF &:AKANG=>KM  K>L=G>K/<AKB?M>GSN'NEMNKNG=3BLL>G :G= 
B>E>?>E=MK:GL<KBIM   

1B25'521CD91>  >DHEHGBLB>KNG@=>L3BLL>GL 6NK'KBMBD=>K>IBLM>FBL<A>G#>P:EMBG
=>K'NEMNK NG=/HSB:E:GMAKHIHEH@B> %GAMMIPPP NGBOB> :< :M:ENFGB DL:PI <HGM>GMNIEH
:=LM>QM =H<NF>GML//// &HNKG:E   >LDHEHGBLB>KNG@ >L3BLL>GL I=?7  8 

5?B7E7ECD)>9F5BC9DMD?AMMILPPP NGB @H>MMBG@>G =>=>BL:;>E =>:G AMFE
7  8 

5E<5>8B9CD91> 3:AEO>KP:G=M> .:LL>G=BLDNKLNG=*:MBHG:EBLFNLBFLIXM>G &:AK
ANG=>KM $:F;NK@$:F;NK@>K!=BMBHG 

9>7B938>4B5? B>#>L<AB<AM>=>L%GLMBMNMLL>BM !BGV;>K;EB<D %GAMMILDL: NGB
OB> :< :MBGLMBMNM@>L<AB<AM>7  8 

?DD6B954!1B71B5D  :L3B>G>K':BL>K?HKNF 1MHIB>GSPBL<A>G$H?;NK@NG=)NL>NFL
-N:KMB>K 3B>G']EG3>BF:K]AE:N 

B1=C39>D?>9? -N:=>KGB=>E:K<>K> !=BSBHG>KBMB<::<NK:=B2:E>GMBGH#>KK:M:G: 
XG=> 0NKBG!BG:N=B 

B1E>752?B7 /<K:F;E>?HK?KB<: DHEHGB:E>):<AM>K@K>B?NG@NG=3:G=>E@>L>EEL<A:?M
EB<A>K.HEE>GBF'HEHGB:EBLFNL %G!G@E>KM BK@BM#K:N %G@>;HK@'HFEHLR G=K>:$@ 9BGG>G
*HK= /^= >SB>ANG@>G 'HEHGB:EBLF>GNG=GLXMS>SNBAK>KV;>KPBG=NG@ 3B>G):G=>E;:NF 
  

B5F5>>1 ":K;>f):<AMf']KI>K 'KBMBL<A>3>B_L>BGL?HKL<ANG@BG=>K>NKHIXBL<A>G
'NGLM@>L<AB<AM> ':KELKNA>'%0/<B>GMB?B<,N;EBLABG@ 

B?C38G9DJ5<=ED 1G=P:LBLMFBM!NKHI:6NKV;>KPBG=NG@=>K#K>GS>GSPB
L<A>Gm!NKHI:lNG=mN_>K !NKHI:lBG=>G>MAGHEH@BL<A>G/:FFENG@>G>KEBGL %G'K:NL )B
<A:>E*H:<D ':KHEBG>$@ 9BGG>G-NHO:=BL 2]ED>KDNG=>FNL>NFDMN>EE> >;:MM>GSN
>MAGHEH@BL<A>G/:FFENG@>GBG)NL>>GNG=1GBO>KLBMXM>G B>E>?>E=MK:GL<KBIM 
 
  

BQ>45B?BCD #>L<AB<AM>=>K=>NML<A>G'HEHGB>G  N?E:@> ,:=>K;HKG">K=BG:G=
/<A]GBG@A 

BQ>45B?BCD #>L<AB<AM>=>K=>NML<A>G'HEHGB>G  N?E:@> ,:=>K;HKG">K=BG:G=
/<A]GBG@A 

159>"789 %FI>K?><M/M>:E $NF;HE=ML!K;>GBGIHLMDHEHGB:E>K(BJNB=:MBHGLDKBL>%G
?KB<O>GBK%GM>KG:MBHG:E> 2 $@ *H$NF;HE=M >DHEHGB:E>!BGPXG=>@>@>G=:L$NF
;HE=M "HKNF >KEBG?KB<O>GBK%GM>KG:MBHG:E> 2   

117'129>5709> &:AK>L;>KB<AM 'NGLMABLMHKBL<A>L)NL>NFFBM)NL>NF?^K
2]ED>KDNG=>NG=ULM>KK>B<ABL<A>F0A>:M>KFNL>NF 3B>G'$) )NL>NFLO>K;:G= 

117'129>5709> &:AK>L;>KB<AM 3>EMFNL>NF3B>G 3B>G'$)
)NL>NFLO>K;:G= 

125B=1C&525;;1 >GBGKHGS>GBF':BL>KK>B<AfH=>KP:KNFDHEHGB:E>+;C>DM>LH
OB>ETK@>KF:<A>G %G$BLMHKBL<A>GMAKHIHEH@B>    

18>1>C$5D5B !MAGHEH@B> !BG>!BG?^AKNG@ >KEBG/NAKD:FI 

1B=C*?<;5B 3BEE)NL>NFLH?!MAGHEH@R$:O>:"NMNK> %GGMKHIHEH@B:,HKMN@N>L: 
   

1BD5B'?>:1  B>#>L<AB<AM>=>L3>EMFNL>NFL3B>GBFV;>K;EB<D %GAMMILPPP P>EM
FNL>NFPB>G :M?BE>:=FBGNL>K9NIEH:=,09AKHGHEH@B>93)39=M I=?7  8 

1EC5>1B9>  >NML<A>'HEHGB:EA>KKL<A:?MBG?KBD: 3BKML<A:?MLBGM>K>LL>GNG='HEHGB:E
O>KP:EMNG@BG':F>KNGOHK 6^KB<A"K>B;NK@BFK>BL@:NME:GMBL 

59=1>>59>J95D5B  B>$:;L;NK@>K  RG:LMB>NG=':BL>KK>B<A> )^G<A>G $ 
><D 


 
59>B938>75<9;1 /:FFENG@LE>BM>KNG= BK>DMHK>G 2HG=>KGMAKHIHEH@BL<A> >MAGH@K:
IABL<A>G;MA>BENG@SNK,KXABLMHKBL<A>G;M>BENG@=>L*:MNKABLMHKBL<A>G)NL>NFL3B>G
 %G)BMM>BENG@>G=>KGMAKHIHEH@BL<A>G#>L>EEL<A:?MBG3B>G :G=   

5I45>)<B938F1>45B-5<<5B?1389=7 'HEHGB:EBLFNLAB>KSNE:G=> !BG>/INK>G
LN<A>BG >NML<AE:G= !K?NKM/NMMHG 

?2ER'D5669 P<;5)<B938709>>5> !KBGG>KGO>KA:G=>EG 'HEHGB:EBLFNLBFDHE
E>DMBO>G#>=X<AMGBL?KBD:LNG=!NKHI:L )^GLM>K3>LM?XEBL<A>L :FI?;HHM 

?3;5BDC1>CQ>D85B 6N@XG@>SNK6>BM@>L<AB<AM> ,KBFXK>K?:AKNG@ !KBGG>KNG@LDNE
MNK #>L<AB<AMLPBLL>GL<A:?M %GNL,HEBMBDNG=6>BM@>L<AB<AM> :G=   

?<65<45B!?B9DJ ,:E:LM=>K.>IN;EBD N?LMB>@NG=":EE>BG>LLRF;HEBL<A>G#>;XN=>L 
>KEBGAKBLMHIA(BGDL 

?7!93815<  6B>E>NG='HGS>IMBHG>G=>K2]ED>KDNG=>FNL>>GBGBAK>KABLMHKBL<A>G!GM
PB<DENG@ "K:GD?NKM:F):BG.BM:# "BL<A>K 

E=2?<4D?BE=?3:LBLM=:L$NF;HE=M"HKNF%GAMMILPPP ANF;HE=M?H
KNF <HF=>BGA:EM>ANF;HE=M ?HKNF7  8 

E=2?<4D?BE=?1 B>#K^G=NG@LBGM>G=:GS %GAMMILPPP ANF;HE=M?HKNF <HF=>BG
A:EM>=B> @KN>G=NG@LBGM>G=:GS7  8 

E=2?<4D?BE=?2!BG/<AEHLL?^K:EE> %GAMMILANF;HE=M?HKNF <HF=>BGA:EM>G>N>L
L<AEHLL7  8 

E=2?<4D?BE= ,K>LL>FBMM>BENG@ >KEBG  ):B $:KMFNM HK@>KEHASNF#>G>
K:EBGM>G=:GM>G=>L$NF;HE=M"HKNFL;>KN?>G %GAMMIL:LL>ML <M?:L
L>ML G>MI=Q=ILDNM=%=)31NR:+B
:/#==;<=::=>>?=;9$"9$:KMFNM HK@>KEHA9>KN?NG@#>G>K:EB
GM>G=:GS I=?7  8 

E=2?<4D 1218<5=7 ,KBGSBI(:;HK )NL>NFL>QI>KBF>GM>BF$NF;HE=M(:;
:AE>F >KEBG*B<HE:B 
 

E=2?<4D)>9F5BC9DMD?3BLL>GL<A:?MEB<A>/:FFENG@>G:G=>K$NF;HE=M 1GBO>KLBMXMSN
>KEBG ']GB@EB<A>'NGLMD:FF>K %GAMMIPPP L:FFENG@>G AN ;>KEBG =>=HDNF>GM>
7  8 

E=2?<4D)>9F5BC9DMD?13BEA>EFOHG$NF;HE=M %GAMMILPPP AN ;>KEBG =>=>N>;>K
;EB<D@>L<AB<AM>PBEA9AMFE7  8 

E=2?<4D)>9F5BC9DMD?2E>Q:G=>KOHG$NF;HE=M %GAMMILPPP AN ;>KEBG =>=>N>;>K
;EB<D@>L<AB<AM>:E>Q9AMFE7  8 

E>4+E<6 .:LLBLFNL B>E>?>E=MK:GL<KBIM 

#!U>D5B>1D9?>1<5B!EC5E=CB1D !MABL<A>.B<AMEBGB>G?^K)NL>>GOHG%+) %G
AMMILB<HF FNL>NFPI <HGM>GMNIEH:=L<H=>9#>KF:G I=?7  8 

F1>?F$1?<1 ?KB<:GKMBGMA>!MAGHEH@BL<A>L)NL>NFBG>KEBG %G?KB<:GKML 2HE 
 *K    

M75B'9576B954 'KBMBL<A> BLDNKL:G:ERL> )^GLM>K1*./0 

1>;51>9>1?3BLL>G!KSXAE>G,KHC>DM;>L<AK>B;NG@ 6NC>=>F+;C>DM>BG>#>L<AB<AM> 
%GAMMIPPP ANF;HE=M E:; =>IKHC>DM:K<ABOIKH;>;N>AG> PBLL>G >KS:>AE>GIKHC>DM;>L<AK>B
;NG@BG=>Q AMFE7  8 

1B1EC38?>B14  >KG:MBHG:E>0:;N;KN<A 3BLL>GL<A:?M U??>GMEB<AD>BMNG=,HEBMBDBG
=>K"BL<A>K 'HGMKHO>KL> %G/:;KHP ):KMBG&>LL>G .:EIA#KH_>'K:<AM 'E:NL$@ 6>BM@>
L<AB<AM>:EL/MK>BM@>L<AB<AM> #KH_>'HGMKHO>KL>GG:<A )^G<A>G $ ><D   

?B41>1DB9> 2HF$HA>GSHEE>KG/<AEHLLSNF2HEDLI:E:LM %GE>Q:G=>K/<AN@$@ 
,:E:LM=>K.>IN;EBD ,HEBMBL<A>K BLDNKLNG=IKBO:M>!KBGG>KNG@ >KEBG>KEBG>K3BLL>GL<A:?ML
2>KE:@   

15<2<51BD=ED9BC38!1BD9>7 />E;LMO>KLMXG=GBLNG=#>L>EEL<A:?M=>K!NKHIX>K 
LI>DM>=>KLHSB:E>GNG=DNEMNK>EE>G!NKHIXBLB>KNG@BFLIXM>G NG= &:AKANG=>KM "K:GD?NKM
:F):BG,>M>K(:G@ 
 

19C5B&?25BD -N:EBM:MBO>!QI>KM>GBGM>KOB>PL'HGS>IMBHG>EE>#KNG=E:@>GNG=IK:DMBL<A>
NK<A?^AKNG@ 3B>L;:=>G/IKBG@>K":<AF>=B>G 

1=5<'EC1> $HP<<>LL%MBG@)NL>>G:EL'NEMNKO>KFBMME>KBGG>GH=>K$HKM>=>L3BL
L>GL %G)]KL<A :KF>G/:<AL G@>EB/B>;>K 0AHF:L$@ 9BGG>GNLLM>EE>GNG=2>KFBMM>EG
BF)NL>NF=>K#>@>GP:KM B>E>?>E=MK:GL<KBIM   

1B<B1>J5>C)>9F5BC9DMDB1J?AMMILHGEBG> NGB @K:S :MD?N9HGEBG>OBLBM>G
D:KM> LAHP9O<:K=I,>KLHG>G%="I,>KLHG>G#KNII>7  8 

1J55=5<9>41  B>6NDNG?M=>K>LBMS>G=>G +=>K?HKMPXAK>G=>2>KLMKB<DNG@>GBGG>H
DHEHGB:E>K@NF>GM:MBHGLFNLM>K %G':S>>F >EBG=:):KMBGS 0NK>D A:KEHMM>/M>KG?>E= *HK:
$@ 9BGG>G :L1G;>A:@>GBF)NL>NF ,HLDHEHGB:E>)NL>HEH@B>G NLLM>EENG@LMA>HKB>,K:
QBL :G= 3B>G0NKB: ':GM   

1J55=5<9>41!1BD9>J(EB5;81B<?DD5'D5B>65<4"?B1 2HKPHKM %G':S>>F 
>EBG=:):KMBGS 0NK>D A:KEHMM>/M>KG?>E= *HK:$@ 9BGG>G :L1G;>A:@>GBF)NL>NF 
,HLDHEHGB:E>)NL>HEH@B>G NLLM>EENG@LMA>HKB>,K:QBL :G= 3B>G0NKB: ':GM   

1J55=5<9>41!1BD9>J(EB5;81B<?DD5'D5B>65<4"?B1709>>5> 1 :L1G;>
A:@>GBF)NL>NF ,HLDHEHGB:E>)NL>HEH@B>G NLLM>EENG@LMA>HKB>,K:QBL :G= 3B>G0NKB:
':GM 

5<<5BB9DJE75>   B>']GB@LD:FF>KG"KB>=KB<A3BEA>EFL%% NG==B>3HAGNG@']GB
@BG"KB>=>KBD>L %G,>L<AD>G #H>K='E^GG>K $:GL 3>KG>K'>EE>K "KBMS !N@>G!@@>EBG@ 0ABEH
$@   :L>KEBG>K/<AEH_  :LDE:LLBL<A>>KEBG "K:GD?NKM:F):BG3B>G>KEBG,KHIAREX>G 
  

5B>5B>1 ,HLMDHEHGB:E>0A>HKB>GSNK!BG?^AKNG@ $:F;NK@&NGBNL 

9>7WC?<<575 ?>4?>? K6H>*HKKB=@> %GAMMILPPP D<E :< ND:KMLANFL=>IML>G@
EBLAI>HIE>:<:=>FB<GHKKB=@> :LIQ7  8 

9BC85>2<1DD9=2<5DD1B21B1  >LMBG:MBHGNEMNK> 0HNKBLF )NL>NFL:G=$>KBM:@> 
(HLG@>E>L1GBO>KLBMRH?:EB?HKGB:,K>LL 
 

<Q>>5B1>C+5B>5B   :L/<AEH_OHG=>K*HO>F;>KK>OHENMBHG;BLSNK6>KLM]KNG@ %G
,>L<AD>G #H>K='E^GG>K $:GL 3>KG>K'>EE>K "KBMS !N@>G!@@>EBG@ 0ABEH$@   :L>KEBG>K
/<AEH_  :LDE:LLBL<A>>KEBG "K:GD?NKM:F):BG3B>G>KEBG,KHIAREX>G   

PR<5B&59>81BD!5<25B5>>9>7 2]ED>KFHK=fNG=P:L=:GG B>,HEBMBD=>NML<A G:
FB;BL<A>K2>K@:G@>GA>BML;>:K;>BMNG@ "K:GD?NKM:F):BGK:G=>LIL>E 

P>97*9?<1 3>KLBG=PBK3:LF:<A>GPBK3B>A>B_>GPBK6NK"K:@>=>K1F;>G>G
GNG@OHG2]ED>KDNG=>FNL>>Gf>BG> >;:MM> %G:>LLE>K K<ABO :G=   

P>97*9?<1 3>EM>GBG>P>@NG@  :L!MAGHEH@BL<A>)NL>NFBF$NF;HE=M "HKNF %G
/MB?MNG@,K>N_BL<A>K'NEMNK;>LBMS$@ BG :L$NF;HE=M "HKNF ,E:GNG@>G ,KHS>LL> ,>KLI>DMB
O>GBF>KEBG>K/<AEHLL )^G<A>G/MB?MNG@,K>N_BL<A>K'NEMNK;>LBMS$BKF>K   

P>97*9?<1 *NK>BG/<A:N?>GLM>KBG>BG>F;:KH<D>G/<AEHLL :L!MAGHEH@BL<A>)N
L>NFBF$NF;HE=M"HKNF %GAMMILPPP DNEMNKK:M =>MA>F>G>KBGG>KNG@LDNEMNKANF;HE=M ?H
KNFL<A:N?>GLM>K9;:KH<D>G9L<AEHLLIKBGMI=?7  8 

?BD81C51B?<9>5 h%FF>KBG>P>@NG@;E>B;>Gi2BHE:']GB@NG==:L!MAGHEH@BL<A>
)NL>NF %GAMMIL;EH@ LF; FNL>NFBFF>K BG ;>P>@NG@ ;E>B;>G OBHE: DH>GB@ NG= =:L >MAGHEH
@BL<A> FNL>NF7  8 

B1EC!93815< V;>K=:L)NL>NF:G=B>1GBO>KLBMXM !M:;EB>KNG@LIKH;E>F>>BG>LCNG@>G
":<A>L :N?@>S>B@M:GA:G==>K/<AKB?MP><AL>EOHG0A>H=HK'H<A #K^G;>K@ %G'K:NL )B<A:>E
)^GS>E ):KD$@ 6NK>SB>ANG@SPBL<A>G1GBO>KLBMXMNG=)NL>NFBG=>K!MAGHEH@B> ):K
;NK@NKNIBK:"]K=>KO>K>BG2]ED>KDNG=>BG):K;NK@> 2   

B1EC!93815<"?13;1B?<9>5709>>5> -NHO:=BL 2]ED>KDNG=>FNL>NFDMN
>EE> >;:MM>GSN>MAGHEH@BL<A>G/:FFENG@>GBG)NL>>GNG=1GBO>KLBMXM>G B>E>?>E=MK:GL<KBIM 

E8>"93?<1 2BHE:']GB@O>KEXLLM=:L!MAGHEH@BL<A>)NL>NF %GAMMILPPP M:@>LLIB>
@>E =>DNEMNKANF;HE=M ?HKNF OBHE: DH>GB@ O>KE:>LLM =:L >MAGHEH@BL<A> FNL>NF AMFE
7  8 


 
Q8>5(8?=1C HEHGB:EBLF:G=MA>$HEH<:NLM HGMBGNBMB>L :NL:MBHGL :G=HFIE>QB
MB>L %G&HNKG:EH?#>GH<B=>.>L>:K<A    

E>4BEC9BD85709> ,A:GM:LB>K>B<A> 6NK'NEMNK@>L<AB<AM>=>L=>NML<A>G'HEHGB:
EBLFNL "K:GD?NKM:F):BG*>P5HKD:FINL 

E>4BEC9BD85 1)H=>KG>%FI>KB:EBLM>G  :L':BL>KK>B<ABF/IB>@>EL>BG>K'HEHGB>G 
']EG3>BF:K3B>G]AE:N 

E>4BEC9BD85 'HGMBGNBMXM>G ,:K:EE>E>G .>S>IMBHG>G V;>KE>@NG@>GSNKo'HEHGB:EBLB>
KNG@h=>L*:MBHG:ELHSB:EBLFNL %G3>KDLM:MM#>L<AB<AM>   

1>4G58B389= $BLMHKBL<A> BLDNKL:G:ERL> "K:GD?NKM:F):BG:FINL 

1E;PDD5B>:1 2]ED>KDNG=>FNL>>GNG=>NKHIXBL<A>L/>E;LMO>KLMXG=GBLSN>@BGG=>L
 &:AKANG=>KML %G':>E;E> $:KMFNM'BKL<A ):KMBG$@ />E;LMO>KLMXG=GBLNG=#>L>EEL<A:?M
=>K!NKHIX>K LI>DM>=>KLHSB:E>GNG=DNEMNK>EE>G!NKHIXBLB>KNG@BFLIXM>G NG= &:AKANG
=>KM "K:GD?NKM:F):BG,>M>K(:G@   

5452EB 5?@?<4F?>  #>L<AB<AM>=>K']GB@EB<A>G'NGLMD:FF>KBG>KEBG %G(>=>;NK 
(>HIHE=OHG$@ EE@>F>BG>LK<ABO?^K=B>#>L<AB<AMLDNG=>=>L,K>N_BL<A>G/M::M>L >KEBG
! / )BMME>K   

5G9C5?66B5I !BG?^AKNG@ %G%+)f%GM>KG:MBHG:E>K)NL>NFLK:M$@ !MABL<A>
.B<AMEBGB>G?^K)NL>>GOHG%+) %GAMMIB<HF FNL>NF?BE>:=FBGNL>K9NI
EH:=I=?H=>L%+)9!MABL<A>.B<AMEBGB>G I=?7  8 

9>4>5B)<B9;5 'HEHGB:E>>@>@GNG@>G  >NML<AE:G=NG=#KH_;KBM:GGB>G:EL%FI>KB:E
FX<AM>BG?KBD:  "K:GD?NKM*>P5HKD:FINL 

9>4>5B)<B9;5 1*>N>K>'HEHGB:E@>L<AB<AM>NG=,HLM<HEHGB:E/MN=B>L %G
AMMILPPP =H<NI>=B: =>S@*>N>K>9'HEHGB:E@>L<AB<AM>9NG=9,HLM<HEHGB:E9/MN=B>L7  8 

?94<'9=?> 'HEHGB:EIKHI:@:G=:NG= :DMBOBMXM>GBGULM>KK>B<A 1G@:KG   BL
L>KM:MBHG 1GBO>KLBMXM3B>G 

 
?8=1>>95D5B 0>KK:NLMK:EBL%G<H@GBM: N?=>K/N<A>G:<A=>F/^=DHGMBG>GM %G
(HAF:GG  B>M>K,H=;K>@:K *:=C:$@ 9BGG>G%F"HDNL !GM=><D>K  B>!KDNG=NG@=>K3>EM 
>KEBG$>B=>E;>K@/IKBG@>K/I>DMKNF   

?I(8?=1C'38P>21<<&1<6  B>)>GL<A>GABGM>K=>F/<AEHLL 3BEA>EFOHGH==B>Gf
=>K/<AEHLLP>K;>K %GAMMILPPP M:@>LLIB>@>E =>;>KEBG;>KEBG>K LM:=ML<AEHLL PBEA>EF OHG ;H=
=B>G =>K L<AEHLLP>K;>K  AMFE7  8 

E4G97!1H9=9<91>C)>9F5BC9DMD!Q>385>?AMMIPPP IKH:FABLM :F>KBD:GBLMBD NGB
FN>G<A>G =>I>KLHG>GI>KLHG>G9<HGM:BG>KIKNML<ABG=>Q AMFE7  8 

E4G97!1H9=9<91>C)>9F5BC9DMD!Q>385> AMMILPPP B:LEHGEBG> EFN =>BG
=>Q IAIOHK@:G@9B=7  8 

!13125?<9> d"HK>PHK=c %G#:R:MKBA:DK:OHKMR/IBO:D$@ 9BG%G+MA>K3HKE=L 
!LL:RLBGNEMNK:E,HEBMB<L *>P5HKD(HG=HG.HNME>=@> BQ QBQ 

!13B57?B"59< !GM@K>GSNG@NG=0>BEA:;> %GAMMILPPP DNEMNKK:M =>MA>F>G>KBG
G>KNG@LDNEMNKANF;HE=M ?HKNF>GM@K>GSNG@ NG= M>BEA:;>7  8 

!14<5I5>:1=9> "KHF?KB<:MHNL<APBMS $HP#>KF:G/HNMA3>LM?KB<:%G<EN=>=
%=>:L:G=)>MAH=L=HIM>=:G= >O>EHI>=;RMA>*:SBLBG!:LM>KG!NKHI> %G!NKHI>:G$BLMHKR
-N:KM>KER   

!1BH8B9CD?@8 #>L<AB<AM>?KBD:L 2HG;BLSNK#>@>GP:KM ,:=>K;HKG)^G<A>G
3B>G6^KB<A/<A]GBG@A 

!1R'1>4B1 3>B_>$>E=>G L<AP:KS>'KB>@>K 6NK#>L<AB<AM>DHEHGB:E>K)XGGEB<AD>BMBG
>NML<AE:G=  ']EG3>BF:K3B>G]AE:N 

!1IB9>7$89<9@@.  / -N:EBM:MBO>%GA:EML:G:ERL> #KNG=E:@>GNG=0><AGBD>G  N?
E:@> 3>BGA>BF:L>E>EMS 

!5385B9<$1E< )B@K:MBHGLIX=:@H@BDf>BG,KHC>DM %G)><A>KBE ,:NE$@ $:G=;N<A
)B@K:MBHGLIX=:@H@BD 3>BGA>BF:L>E>EMS   

 
!5CC5BC38=94DCDB94 ,HLMDHEHGB:E>!KBGG>KNG@LIKHS>LL>BG>BG>KIHLMG:MBHG:ELHSB:EBLMB
L<A>G#>L>EEL<A:?M 2HF1F@:G@FBM.:LLBLFNLNG=GMBL>FBMBLFNL %G,!.%,$!.%! 
f 

!9DD5<CDB1RQB75> )>MAH=BL<A>0K:GL=BLSBIEBG:KBMXM )BM=>GGF>KDNG@>G>BG>L*:MNK
PBLL>GL<A:?ME>KLAMMIPPP E>B;GBS BGLMBMNM =>:K<ABOFBMM>ELMK:LL999 I=?76N@KB??
  8 
 
"5DJG5B;!97B1D9?>9>EB?@1?AMMIPPP G>MPHKD FB@K:MBHG HK@>QI>KM>G=:M>G
;:GD IAI@NB=&"KB=7  8 

"5E5B595$B5CC5  !BG'HG?EBDMBF*:MNKABLMHKBL<A>G)NL>NF 6>KE>@NG@=>K:GMAKHIHEH
@BL<A >MAGH@K:IABL<A>G;M>BENG@ %G*>N>"K>B>,K>LL> ;>G=;E:MM  &NEB  

"5E=1>>5B>4 #KN_PHKM> %G/MB?MNG@,K>N_BL<A>K'NEMNK;>LBMS$@ BG :L$NF
;HE=M "HKNF ,E:GNG@>G ,KHS>LL> ,>KLI>DMBO>GBF>KEBG>K/<AEHLL )^G<A>G/MB?MNG@,K>N_B
L<A>K'NEMNK;>LBMS$BKF>K  

"5G,?B;)>9F5BC9DI2E8129?.H;>KM&  5HNG@ %GAMMILGRN:= GRN >=N>G:<:=>
FB<L=BOBLBHGL:KML :G= ANF:GBMB>L?:<NEMRKH;>KM C < RHNG@ AMFE7  8 

"95B81EC>4B51C )NL>NFBF,:E:LM  :LHKIL=>EH@BL=>K*>N>GNK@NF %G
3>ESB@ ):KB:/MNAEI?:KK>K GG:$@ 9BGG>G'NEMNKJN:KMB>K>BG>A>F:EB@>G.>LB=>GS>G 6PB
L<A>GBFI>KB:E>K'NEBLL>NG=NK;:G>K*>N;>L>MSNG@  :L3B>G>Kd$H?;NK@ )NL>NFL -N:KMB>Kc
NG=BGM>KG:MBHG:E>!GMPB<DENG@>G 3B>G']EG3>BF:K]AE:N   

"?E=2?<4D  ':FI:@G>?HK=>KM)HK:MHKBNF?^K=:L$NF;HE=M "HKNFBF>KEBG>K
/<AEHLL %G,K>LL>FBMM>BENG@  &NGB AMMIPPP GH ANF;HE=M =>PI <HGM>GMNIEH
:=L  9IF9D:FI:@G> GH ANF;HE=M  I=?7  8 

"?E=2?<4D  1)HK:MHKBNF?^K=:L$NF;HE=M "HKNFBF>KEBG>K/<AEHLL %G
AMMIPPP GH ANF;HE=M =>K>LHENMBHG7  8 

"?13;1B?<9>5 )NL>NFNG=1GBO>KLBMXM%GLMBMNMBHG>G=>K!MAGHEH@B>NG=NMA>GMBSBMXM
=>K+;C>DM> .^<D;EB<D> @>@>GPXKMB@>0>G=>GS>GNG=SND^G?MB@>)]@EB<AD>BM>G %G'K:NL 

 
)B<A:>E*H:<D ':KHEBG>$@ 9BGG>G-NHO:=BL 2]ED>KDNG=>FNL>NFDMN>EE> >;:MM>GSN
>MAGHEH@BL<A>G/:FFENG@>GBG)NL>>GNG=1GBO>KLBMXM>G B>E>?>E=MK:GL<KBIM   

"?BB9475-?5 "BG=BG@:AHF>BG$:<DG>R.>BF:@BGBG@G:KK:MBO>LH?LE:O>KRMAKHN@A:
FNEMB<NEMNK:E<HFFNGBMRFNL>NFLI:<> %G?KB<:G:G=E:<D B:LIHK:G
%GM>KG:MBHG:E&HNKG:E    

"EDJ(8?=1C 2:KB>MXM>G=>L)>GL<A>G@>L<AE><AML  B>3BLL>GL<A:?M>GOHF)>GL<A>GBG
=>G6>BM>G=>KN?DEXKNG@ ']EG3>BF:K3B>G]AE:N 

LCD5BB59389C385;145=9545B+9CC5>C3816D5>?AMMILPPP H>:P :< :MBDMM>:FCHA:GG>L
?>B<AMBG@>K7  8 

LCD5BB59389C385;145=9545B+9CC5>C3816D5>?1AMMILPPP H>:P :< :MBDF?HK
L<ANG@A:;L;NK@BL<A> K>IK:>L>GM:MBHG=B> PB>G>K AH?;NK@7  8 

#@?;EG1=5 $:;>G=B> >NML<A>GGH<AGB> P>=>K:NL=K^<DEB<AGH<ABG=BK>DM OHG*B
@>KB:L"HK=>KNG@>GG:<A.^<D@:;>=>K@>K:N;M>GKM>?:DM>@>A]KM%G?KB<O>GBK%GM>KG:MBHG:E
> 2 $@ *H$NF;HE=M >DHEHGB:E>!BGPXG=>@>@>G=:L$NF;HE=M "HKNF >KEBG?KB
<O>GBK%GM>KG:MBHG:E> 2   

#CD5B81==5<QB75> 'HEHGB:EBLFNL #>L<AB<AM>f"HKF>Gf"HE@>G )^G<A>G $ 
><D 

$1BJ9>75B5B=1>>  :L$NF;HE=M "HKNF o/HOB>E3>EMFBMLB<AO>K;BG=>G:ELF]@
EB<Ah N?@:;>NG=>=>NMNG@=>LPB<AMB@LM>G'NEMNKIKHC>DMLBG >NML<AE:G=SN>@BGG=>L 
&:AKANG=>KML >KEBG/MB?MNG@>KEBG>K/<AEHLL 

$1BJ9>75B5B=1>>  :L$NF;HE=M "HKNFBF>KEBG>K/<AEHLL GLIKN<ANG=A:G<> 
%G/MB?MNG@,K>N_BL<A>K'NEMNK;>LBMS$@ BG :L$NF;HE=M "HKNF ,E:GNG@>G ,KHS>LL> ,>KLI>D
MBO>GBF>KEBG>K/<AEHLL )^G<A>G/MB?MNG@,K>N_BL<A>K'NEMNK;>LBMS$BKF>K   

$1BJ9>75B5B=1>> #>F>BGL:F@>>K;M :L$NF;HE=M"HKNF:EL!IBS>GMKNF=>L/A:K>=
$>KBM:@> %GAMMILPPP IK>NLLBL<A>K DNEMNK;>LBMS =>G>PLKHHF=HLLB>KL NG= G:<AKB<AM>G=HL
LB>KL=HLLB>K ANF;HE=M ?HKNFLA:K>= A>KBM:@> AMFE7  8 

 
$1BJ9>75B5B=1>>  >K)NL>NFLDHFIE>QLHEESNF"HKL<ANG@L<:FINLP>K=>G %G
AMMILPPP M:@>LLIB>@>E =>DNEMNKA>KF:GG I:KSBG@>K SN =:AE>F =>K FNL>NFLDHFIE>Q LHEE SNF
?HKL<ANG@L<:FINL P>K=>G AMFE7  8 

$5>>I<5>> +;C><MLH?NEMNK> !MAGHEH@R:G=!MAGH@K:IAB<)NL>NFLBG%FI>KB:E
#>KF:GR A:I>E$BEE(HG=HG0A>1GBO>KLBMRH?*HKMA:KHEBG:,K>LL 

$5>>I<5>> :LMB:GL)NL>NF +GMA>(BFBMLH?!FIBKB<BLF:G=MA>0K:G?HKF:MBHG
H?#>KF:G!MAGHEH@R %G,>GGR $ #E>GGNGSE ):MMB>=L 3HKE=ER,KHOBG<B:EBLF #>KF:G
GMAKHIHEH@RBGMA>@>H?!FIBK> GGK;HK1GBO>KLBMRH?)B<AB@:G,K>LL   

$5C38;5>?5B4  2HF']GB@LL<AEH_SNF/<AEH_=>L':BL>KL %G,>L<AD>G #H>K=
'E^GG>K $:GL 3>KG>K'>EE>K "KBMS !N@>G!@@>EBG@ 0ABEH$@  :L>KEBG>K/<AEH_  :LDE:L
LBL<A>>KEBG "K:GD?NKM:F):BG3B>G>KEBG,KHIAREX>G   

$<1>;5>CD59>5B1B21B1 !BGE>BMNG@ %G,E:GD>GLM>BG>K :K;:K:$@ 9BG>GBG']GB@>
NG=.BMN:E> $H?DNGLM:NL*B@>KB: #>GM/GH><D,N;EBLA>KL   

$<1>;5>CD59>5B1B21B1  B>G>N>/<A:NL:FFENG@ %G3>EMFNL>NF3B>G$@ EE>L
PBK=@:GS:G=>KL 3B>G'$) )NL>NFLO>K;:G=   

$<P3;9>75B+1<5>D1*5B?>9;1 d)NL>>GL<A:??>G%=>GMBMXM>Gcg0:@NG@L;>KB<AMSNF
 ULM>KK>B<ABL<A>G)NL>NFLM:@ %GULM>KK>B<ABL<A>6>BML<AKB?M?^K2HEDLDNG=> :G= 
  

$<?52CD5<=ED )NL>NFM:GSM:LB:MBL<A %GAMMIL=>KLM:G=:K= :M)N
L>NF M:GSM :LB:MBL<A7  8 

$?8<5E<91 o%<A@E:N;> AB>KLBG=OB>E>/<AXMS>GH<AGB<AM@>AH;>Gh %G
AMMILPPP P>EM =>K>@BHG:E>LA:F;NK@:KMB<E>%<A @E:N;> AB>K LBG= OB>E> /<A:>MS>
GH<A GB<AM @>AH;>G AMFE7  8 

$B935B38921<4B5>65<<7 . /!GM=><DNG@L?:AKM>GBF,:SB?BD  B>(H@;^<A>K=>K
.>BL>G  :NL=>F!G@EBL<A>G^;>KL>MSMOHG.>BGA:K=3:@G>KNG=>KGA:K=3BEEFL 
3B>L;:=>G!=BMBHG!K=F:GG 7+KB@BG:E,KB<> K<AB;:E=#K>G?>EE>= 0A>!QIEHK:MBHGLH?

 
:IM:BG&:F>LHHDBGMA>,:<B?B< LMHE=;R/>E><MBHGLH?ABLHPGCHNKG:EL   *>P
5HKD$>KBM:@>,K>LL 8

$BEDC38)BCE<1 $:;L;NK@IHLM<HEHGB:E %G">B<AMBG@>K &HA:GG>L,KNML<A 1KLNE:LWDR 
)HKBMS$@ 9BGG>G$:;L;NK@IHLM<HEHGB:E ):<AMLMKNDMNK>GNG=DHEE>DMBO>L#>=X<AMGBL 3B>G%G
GL;KN<D/MN=B>GO>KE:@   

&59>2?<41291>"?F1;!9B:1= (>B=>GL<A:?MEB<A>'XFI?>K  B>;KBLL=>;:MM>NG=
BAK>DM>NK> %GE>Q:G=>K/<AN@$@ ,:E:LM=>K.>IN;EBD ,HEBMBL<A>K BLDNKLNG=IKBO:M>
!KBGG>KNG@ >KEBG>KEBG>K3BLL>GL<A:?ML 2>KE:@   

&5DD97!1>6B54  B>2HK@>L<AB<AM> 2HF,:E:LM=>K.>IN;EBDSNF>KEBG>K/<AEHLLf
$NF;HE=M "HKNF %G/MB?MNG@,K>N_BL<A>K'NEMNK;>LBMS$@ BG :L$NF;HE=M "HKNF ,E:GNG@>G 
,KHS>LL> ,>KLI>DMBO>GBF>KEBG>K/<AEHLL )^G<A>G/MB?MNG@,K>N_BL<A>K'NEMNK;>LBMS$BKF>K 
  

&5ED5BE<911B5>DJ?C<5H1>4B1 2HKPHKM %G.>NM>K &NEB:':K>GMSHL E>Q:G=K:
$@ 9BGG>G/<AE^LL>EP>KD>=>K,HLM<HEHGB:E/MN=B>L 3B>L;:=>G/IKBG@>K   

&?R<5BECD1F  >KGM>BE=>K BG@>:G=>K#>L>EEL<A:?M /HSB:EBMXMf'H@GBMBHGf
*>MSP>KD> B>E>?>E=MK:GL<KBIM 

&E775>4?B65B$5D5B'J5=5D8IE25BD ">EBQOHG(NL<A:G  (>;>GNG=3BK
D>G>BG>L1GBO>KL:E@>E>AKM>G 3B>G']EG3>BF:K]AE:N 

'1944G1B4 +KB>GM:EBLF *>P5HKD,:GMA>HG 

'1E5B+1<D5B &>GL>BML=>Ko!GM=><DNG@L@>L<AB<AM>h "HKL<ANG@L>K@>;GBLL>NG=,>KLI>DMB
O>G %G/:N>K 3:EM>K$@ D N D DHEHGB:E $:;L;NK@>KFHG:K<AB>NG=>NKHIXBL<A>$>KKL<A:?MBG
?KBD: 3B>G']EG3>BF:K]AE:N   

'1E5B+1<D5B 1/<AP:KS #>E;BG?KBD: $:;L;NK@>KFHG:K<AB>NG=DHEHGB:E>"K:@> %G
/:N>K 3:EM>K$@ D N D DHEHGB:E $:;L;NK@>KFHG:K<AB>NG=>NKHIXBL<A>$>KKL<A:?MBG?KBD: 
3B>G']EG3>BF:K]AE:N   


 
'1E5B+1<D5B 2GF>KDNG@>G /<AP:KS #>E;BG?KBD: $:;L;NK@>KFHG:K<AB>NG=DHEHGB
:E>"K:@> %G/:N>K 3:EM>K$@ D N D DHEHGB:E $:;L;NK@>KFHG:K<AB>NG=>NKHIXBL<A>$>KK
L<A:?MBG?KBD: 3B>G']EG3>BF:K]AE:N   

'1E5B+1<D5B . /ULM>KK>B<A 1G@:KGf=B>!KL<A:??NG@)BMM>E>NKHI:L %GE=KB<A .H
;>KM$@ !BG,E:MS:G=>K/HGG>  B>#>L<AB<AM>=>K'HEHGB:EK>B<A> :NL=>F!G@EBL<A>G^;>K
L>MSMOHG*BQ> N>EE ,?:?? $HKLM) (:G@>K  BKD+>MSF:GG /MNMM@:KM'HGK:=0A>BLL   
7+KB@BG:E/:N>K 3:EM>KNLMKB: $NG@:KR 0A>):DBG@H?>GMK:E!NKHI> %G.H;>KM E=KB<A
>= 0A>@>H?!FIBK>L (HG=HG0A:F>L$N=LHG f 8

'1F?IN>N493D5 ZGZ=B<M>/:OHR^;>K=:L$NF;HE=M "HKNF ):GD]GGM>=HKM>BG">N
>KP>KD=>K%GM>EEB@>GSS^G=>G %GAMMILPPP LN>==>NML<A> =>DNEMNK;>G>=B<M> L:OHR N>;>K =:L
ANF;HE=M ?HKNF =:L ANF;HE=M ?HKNF BLM PB> ML<A>KGH;RE   7  8 

'1F?IN>N493D5 1F@:G@FBM:?KBD:GBL<A>F!K;>  B>6NDNG?M=>L'NEMNK;>LBMS>L %G
AMMIPPP ?:S G>M:DMN>EE?>NBEE>MHGDNGLMF:<KHG ?HK=>KM >G=@N>EMB@> K>LMBMNMBHG>G =>L :?KBD:GB
L<A>L >K;>L :G :?KBD:  AMFE7  8 

'389>4<5B!1B7?D &:AK>L;>KB<AM=>L2>K>BGLNG==>LULM>KK>B<ABL<A>G)NL>NFL?^K
2HEDLDNG=> %GULM>KK>B<ABL<A>6>BML<AKB?M?^K2HEDLDNG=> :G=   

'389>4<5B!1B7?D &:AK>L;>KB<AM=>L2>K>BGLNG==>LULM>KK>B<ABL<A>G)NL>NFL?^K
2HEDLDNG=> %GULM>KK>B<ABL<A>6>BML<AKB?M?^K2HEDLDNG=> :G=   

'38=9DJ>4BN 'E>BG>G?K:@>=>K#K^G>G>KEBGSNKIHLMDHEHGB:E>GNL>BG:G=>KL>MSNG@
FBM=>F$NF;HE=M"HKNF %GAMMIBL=HGEBG> =>DE>BG> :G?K:@> =>K @KNG>G;>KEBG SNK IHLMDHEHGB
:E> :NL>BG:G=>KL>MSNG@ FBM =>F ANF;HE=M ?HKNF7  8 

'38?<J>4B51  :L$NF;HE=M (:; :AE>F !QI>KBF>GM>EE>"K>BKXNF>:N?=>F3>@SNF
$NF;HE=M "HKNF %G'K:NL )B<A:>E*H:<D ':KHEBG>$@ 9BGG>G-NHO:=BL 2]ED>KDNG=>FN
L>NFDMN>EE> >;:MM>GSN>MAGHEH@BL<A>G/:FFENG@>GBG)NL>>GNG=1GBO>KLBMXM>G B>E>?>E=
MK:GL<KBIM   

'38G1BJ!1B91(85B5C91 &>P>GB@>K?KBD: =>LMH;>LL>K  B>=>NML<A>'HEHGB:EDKBMBD:F
!G=>=>L &:AKANG=>KML !BG>1GM>KLN<ANG@SNKDHEHGB:E>G$:EMNG@OHG(BGDLEB;>K:EBLFNLNG=
/HSB:E=>FHDK:MB> "K:GD?NKM:F):BG3B>G>KEBG>KGK^LL>E*>P5HKD,>M>K(:G@ 
 

'9=?>>>51D85B9>5 AMMIL=B>IK>LL> <HFAHF>DNEMNKDNGLM2H>ED>KDNG=>
FNL>NF93>EMFNL>NF FBM 3B>G>K *?KHFLN<A> BGM>KG IHKM:E7  8 

'?>45B5775BB>? #>L<AB<AM>NG=#>=>GD>GBF:GG>=>L!NKHS>GMKBLFNL %G#HF>L 
>:/<AB<AH 3:EM>K/HG=>K>@@>K KGH$@ 9BGG>G.:LLBLFNL >BMKX@>SN>BG>FOB>E@>LB<AMB
@>G,AXGHF>G 3B>G):G=>E;:NF   

'@59D;1=@+9>6B954  >NML<A>'HEHGB:E@>L<AB<AM> /MNMM@:KM.><E:F 

'@9F1;1I1DB981;B1F?BDI . /:GMA>/N;:EM>KG/I>:D,HLMDHEHGB:E>NG=LN;:E
M>KG>KMBDNE:MBHG :NL=>F!G@EBL<A>G^;>KL>MSMOHGE>Q:G=>K&HLDHPB<S /M>?:G*HPHMGR 3B>G
0NKB: ':GM 7+KB@BG:E/IBO:D #:R:MKBA:DK:OHKMR:GMA>/N;:EM>KG/I>:D%G:KR*>ELHG
(:PK>G<>#KHLL;>K@>=L ):KQBLF:G=MA>%GM>KIK>M:MBHGH?NEMNK> AB<:@H1GBO>KLBMRH?%E
EBGHBL,K>LL   8

'D11D<9385!EC55>JE5B<9>?,KHO>GB>GS?HKL<ANG@:G=>G/M::MEB<A>G)NL>>GSN>KEBG 
%GAMMILPPP LF; FNL>NF?HKL<ANG@IKHO>GB>GS?HKL<ANG@ AMFE7  8 

'D1385<$5D5B  >K$>E=>GIE:MS 6NK/>FBHMBD>BG>L]LM>KK>B<ABL<A>G#>=X<AMGBL +KM>L %G
.B>L>G?>EEG>K /M>?:G$@ /M>BG>KG>L>PN_ML>BG%  B>]??>GMEB<A>.>IKXL>GM:MBHGLM::MEB<A>KNG=
G:MBHG:E>K%=>GMBMXMULM>KK>B<ALBGL>BG>G >GDFXE>KG 3B>G']EG3>BF:K]AE:N   

'D1BJ=1>>$1E< $>K>KHO>KDE:@>G=B>NG=>LK>@B>KNG@ %GAMMILPPP M:@>LLIB>
@>E =>IHEBMBD@>GHSB=IKHS>LL BG G>P RHKD A>K>KH O>KDE:@>G =B> ;NG=>LK>@B>KNG@ AMFE
7  8 

'D1E497<9538?G93J1=9<1!1B91  :L B>GLM $:;BEBM:MBHGL NG= BLSBIEBG:KK><AM=>K
1GBO>KLBMXM3B>Gf !BG>K><AMLABLMHKBL<A>1GM>KLN<ANG@SNK/M>EENG@=>LPBLL>GL<A:?MEB
<A>G1GBO>KLBMXMLI>KLHG:EL  BLL>KM:MBHG 1GBO>KLBMXM3B>G 

'D5<<1B1>3?  :LG>N>>KEBG>K/<AEHLL  B>K<ABM>DMNK %G/MB?MNG@,K>N_BL<A>K'NEMNK
;>LBMS$@ BG :L$NF;HE=M "HKNF ,E:GNG@>G ,KHS>LL> ,>KLI>DMBO>GBF>KEBG>K/<AEHLL )^G
<A>G/MB?MNG@,K>N_BL<A>K'NEMNK;>LBMS$BKF>K   


 
'D5<J978B9CD9>5 ?KBD::F)NL>NF?^K2]ED>KDNG=>SN>KEBG  G>B@GNG@ 
:KLM>EENG@NG='HGLMKNDMBHG>BG>L'HGMBG>GML $>K;HESA>BF>GM:NKNL 

'D96DE>7$B5ER9C385BE<DEB25C9DJ?#>L<AB<AM>=>K/MB?MNG@IK>N_BL<A>K'NEMNK;>LBMS %G
AMMIPPP IK>NLLBL<A>K DNEMNK;>LBMS =>N>;>K NGLIKH?BE =>K LID@>L<AB<AM> AMFE7  8 

'D96DE>7$B5ER9C385BE<DEB25C9DJ79>  :L$NF;HE=M "HKNF ,E:GNG@>G ,KHS>LL> 
,>KLI>DMBO>GBF>KEBG>K/<AEHLL )^G<A>G/MB?MNG@,K>N_BL<A>K'NEMNK;>LBMS 

'D96DE>7$B5ER9C385BE<DEB25C9DJ N?>BG>GEB<D  :L$NF;HE=M"HKNF %G
AMMILPPP IK>NLLBL<A>K DNEMNK;>LBMS =>G>PLKHHF=HLLB>KL NG= G:<AKB<AM>G=HLLB>KL=HLLB>K
ANF;HE=M ?HKNF:N? >BG>G ;EB<D =:L ANF;HE=M ?HKNF AMFE7  8 

'DE8<@61BB5B>>1 .>LB=>GSBF3:G=>E  B>$H?;NK@G:<Af,KHC>DM>NG=,E:GNG
@>G %G3>ESB@ ):KB:/MNAEI?:KK>K GG:$@ 9BGG>G'NEMNKJN:KMB>K>BG>A>F:EB@>G.>LB=>GS>G 
6PBL<A>GBFI>KB:E>K'NEBLL>NG=NK;:G>K*>N;>L>MSNG@  :L3B>G>Kd$H?;NK@ )NL>NFL -N:K
MB>KcNG==>KBGM>KG:MBHG:E>'HGM>QM 3B>G']EG3>BF:K]AE:N   

'DE8<@61BB5B>>1  B>NGOHEE>G=>M>.>LB=>GS  B>*>N>NK@BG=>K!KLM>G.>IN;EBDf
N?=>K/N<A>G:<A>BG>KG>N>G6P><D;>LMBFFNG@ %G3>ESB@ ):KB:$@ 9BG B>3B>G>K$H?
;NK@L>BM 2HG=>K.>LB=>GSSNF)NL>NFLJN:KMB>K :G= 3B>GULM>KK>B<ABL<A>D:=>FB>
=>K3BLL>GL<A:?M>G   

'E@@1>J+5B>5B  B>^K=>=>Lo]LM>KK>B<ABL<A>G)>GL<A>Gh  >KIHLM DHEHGB:E>EB<D
=>L:NMHKBMXK>Go/M:G=>LM::M>Lh:N?=B>S>GMK:E>NKHIXBL<A>#>L<AB<AM> %G">B<AMBG@>K &HA:GG>L
,KNML<A 1KLNE:LWDR )HKBMS$@ 9BGG>G$:;L;NK@IHLM<HEHGB:E ):<AMLMKNDMNK>GNG=DHEE>DMB
O>L#>=X<AMGBL 3B>G%GGL;KN<D/MN=B>GO>KE:@   

(1C38G5B<1EC $>Q>GC:@=@>@>G=>G)BM>GM=><D>K=>K2>GNLOHG3BEE>G=HK? %G
AMMIL=>KLM:G=:K= :M$>Q>GC:@= @>@>G =>G )BM>GM=><D>K =>K 2>GNL OHG 3BEE>G
=HK?7  8 

(8?=1C?=9>93 )NL>NFLBG,HLM<HEHGB:E!NKHI> G%GMKH=N<MBHG %G0AHF:L  HFB
GB<>= )NL>NFLBG,HLM<HEHGB:E!NKHI> (HG=HG*>P5HKD.HNME>=@>   


 
('?:K;:K:'BKLA>G;E:MM #BF;E>MM %GAMMILMBL<A GRN >=N:;HNM=BK><MHKRI>K?HK
F:G<> LMN=B>L7  8 

(B5>;<5B(8?=1C #EH;:EBLB>KM>L2HEDLDNG=>FNL>NF %GAMMIL=>KLM:G
=:K= :M"NLBHG #EH;:EBLB>KM>L 2HEDLDNG=>FNL>NF7  8 

(B5>;<5B(8?=1C /M>O>G!G@>ELF:GL!??>DM>3HP A:NG=)FA %G
AMMIL=>KLM:G=:K= :M/M>O>G !G@>ELF:GL !??>DM> 3HP A: NG= )FA
7  8 

(BE=1>1BBI'  %G:N@NK:E=K>LL  &:GN:K %GAMMIPPP IK>LB
=>G<R N<L; >=NPLBG=>Q IAIIB=7  8 

)8<5945=1B95 6PBL<A>Go$:;L;NK@BL<A>F)RMAHLhNG=,HLM 'HEHGB:EBLFNL 6>GM
K:E>NKHI::EL,:K:=B@F:?^K%=>GMBMXMLDHGLMKNDMBHG>G %G">B<AMBG@>K &HA:GG>L,KNML<A 1KLNE:
LWDR )HKBMS$@ 9BGG>G$:;L;NK@IHLM<HEHGB:E ):<AMLMKNDMNK>GNG=DHEE>DMBO>L#>=X<AMGBL 
3B>G%GGL;KN<D/MN=B>GO>KE:@   

)>9F5BC9DMD1CC5<?AMMILPPP NGB D:LL>E =>?;?:<A@KNII>GIHEBMBDPBLL>GL<A:?M>GM
PB<DENG@LIHEBMBD NG= IHLMDHEHGB:E> LMN=B>GIKH? =K :K:F SB:BSNK I>KLHG AMFE7  8 

)>9F5BC9DMD?>CD1>J?&^K@>G)BMM>ELMK:LL NKKB<NENF2BM:> %GAMMILPPP IABEHLH
IAB> NGB DHGLM:GS =>CN>K@>G FBMM>ELMK:LL<NKKB<NENF OBM:>7  8 

)>9F5BC9DI?6?G1?$ #E>GG,>GGR %GAMMIL<E:L NBHP: >=NABLMHKRI>HIE>A @E>GG I>GGR
7  8 

)>B1CD*5B<17?&H:<ABF6>EE>K %GAMMILPPP NGK:LM O>KE:@ =>:NMHK9BGG>GCH:<ABFS>EE>K
7  8 

*95B5779<4571B41D81B9>1 )NL>NFLPBLL>GL<A:?M>G !BG>!BG?^AKNG@ ,:=>K;HKG
3BEA>EF"BGD 

+1<4512B95<1F?>?6<9C1 /HLB>AM=>K):LM>KIE:G?^KL$NF;HE=M "HKNF:NL %G
AMMILPPP FHK@>GIHLM =>;>KEBG:KMB<E>/H LB>AM =>K ):LM>KIE:G ?N>KL $NF;HE=M "H
KNF :NL AMFE7  8 
 

+1<75>21381D81B9>1 o B>P>B_>"K:N:EL0KX@>KBG=>NML<A>K'NEMNKh 'HEHGB:E> BL
DNKL>^;>K#>L<AE><AM o.:LL>hNG='E:LL>BF':BL>KK>B<A "K:GD?NKM:F):BG*>P5HKD:F
INL 

+525BB9CD9> +;C>DM>:EL/IB>@>EDHEHGB:E>K>SB>ANG@>Gf :L/:FF>EGOHG!MAGH@K:
IAB<:SNK6>BM=>K=>NML<A>GDHEHGB:E>G!QI:GLBHGBG+LM:?KBD:  %GPPP GH ANF
;HE=M =>>:LM :?KB<:7  8 

+58<5B1>C)<B938 BLF:K<DNG==>K%FI>KB:EBLFNL ']EG>KEBG'B>I>GA>N>K
3BML<A 

+59CC'D561> /M>O>G!G@>ELF:G!BG*B>=>KEXG=>KSPBL<A>G3B>GNG==>K3>EM %G
AMMIL=>KLM:G=:K= :M/M>O>G !G@>ELF:G !BG *B>=>KE:>G=>K SPBL<A>G 3B>G NG=
=>K 3>EM7  8 

+59CC'D561> 3>EMFNL>NF 'NK:MHKBGSN'HEHGB:EBLFNL!L@B;M@:GS@KH_>(^<D>G %G
AMMIL=>KLM:G=:K= :M3>EMFNL>NF 'NK:MHKBG SN 'HEHGB:EBLFNL !L @B;M @:GS
@KHLL> (N><D>G7  8 

+59J=1>>5C ,:E:LM=>K.>IN;EBD,:E:<>H?MA>.>IN;EB<  >LB@G>=;R$>BGS#K:?
?NG=>K >KEBG #>KF:GR   %G&HNKG:EH?K<ABM><MNK:E!=N<:MBHG    

+5<D=EC5E=+95>?/<A:NL:FFENG@ !KE>;>G/B>>BG>,>KE>GD>MM>OHG#>L<AB<AM>G %G
AMMILPPP P>EMFNL>NFPB >G :MBG=>Q IAIB=7  8 

+5<D=EC5E=+95>?1V;>KNGL N?@:;>#>L<AB<AM> %GAMMILPPP P>EMFNL>NF
PB>G :MN>;>K NGL7  8 

+5<D=EC5E=+95>?2%G?HKF:MBHG>GSN=>G0B<D>ML %GAMMILPPP P>EMFNL>NFPB>G :MBG
?HKF:MBHGBG?HKF:MBHG>G SN =>G MB<D>ML7  8 

+5<D=EC5E=+95>?33BLL>GL<A:?MNG="HKL<ANG@BF3>EMFNL>NF3B>G %G
AMMILPPP P>EMFNL>NFPB>G :MPBLL>GL<A:?M ?HKL<ANG@7  8 


 
+5<J97!1B91'DE8<@61BB5B>>1 BH@K:?B>G %G3>ESB@ ):KB:/MNAEI?:KK>K GG:
$@ 9BGG>G'NEMNKJN:KMB>K>BG>A>F:EB@>G.>LB=>GS>G 6PBL<A>GBFI>KB:E>K'NEBLL>NG=NK;:G>K
*>N;>L>MSNG@  :L3B>G>Kd$H?;NK@ )NL>NFL -N:KMB>KcNG=BGM>KG:MBHG:E>!GMPB<DENG@>G 
3B>G']EG3>BF:K]AE:N   

+5<J97!1B91 3>BM>K;:NL>BM=>F,:K:=B@F>GP><AL>E=>K>K &:AK> %G3>ESB@ ):
KB:$@ 9BG B>3B>G>K$H?;NK@L>BM 2HG=>K.>LB=>GSSNF)NL>NFLJN:KMB>K :G= 
3B>GULM>KK>B<ABL<A>D:=>FB>=>K3BLL>GL<A:?M>G   

+5<J97!1B91 1!A>F:EB@>.>LB=>GS;>SBKD>:EL'NEMNKJN:KMB>K> 6PBL<A>G%FI>KB:E>K'N
EBLL>NG=NK;:G>K*>N;>L>MSNG@ %G3>ESB@ ):KB:$@ 9BG B>3B>G>K$H?;NK@L>BM 2HG
=>K.>LB=>GSSNF)NL>NFLJN:KMB>K :G= 3B>GULM>KK>B<ABL<A>D:=>FB>=>K3BLL>GL<A:?M>G 
  

+95C9>75B 95C5<?DD5  :L>KEBG>K/<AEHLL 2HG=>KDNK?^KLMEB<A>G.>LB=>GSSNF']GB@L
L<AEH_  :KFLM:=M3BLL>GL<A:?MEB<A>N<A@>L>EEL<A:?M 

+9<45>D81< ?B1 #>KF:G3HF>G?HK!FIBK>   NKA:F(HG=HG ND>1GB
O>KLBMR,K>LL 

,?E>7&?25BD HEHGB:E >LBK> $R;KB=BMRBG0A>HKR NEMNK>:G=.:<> (HG=HG*>P
5HKD.HNME>=@> 

,?ECC569 9<91 6PBL<A>G!KBGG>KNG@NG=!GMBGG>KNG@ 6NK2>KA:G=ENG@OHG'HEHGB:EBL
FNLBF$NF;HE=M "HKNF %G?KB<O>GBK%GM>KG:MBHG:E> 2 $@ *H$NF;HE=M >DHEHGB:E>
!BGPXG=>@>@>G=:L$NF;HE=M "HKNF >KEBG?KB<O>GBK%GM>KG:MBHG:E> 2   

-1G1D;15B<138)<B938 /<AEHLL /MB?MNG@P:KGMOHKG>N>F!. %GAMMILPPP M:@>L
LIB>@>E =>;>KEBGN>;>KK:L<A>G=> IE:>G> ?N>KL LM:=ML<AEHLL L<AEHLL LMB?MNG@ P:KGM OHK G>N>F
;>K AMFE7  8 

-549>75B&5>1D5 "K:GS/M>IA:GOHG(HMAKBG@>G  )HG:K<A):G:@>K)XS>G 
3B>G']EG3>BF:K]AE:N 

-5<<5B?1389= . / :L >NML<A>.>B<Af=>K*:<AS^@E>K %GE=KB<A .H;>KM$@ 
!BG,E:MS:G=>K/HGG>  B>#>L<AB<AM>=>K'HEHGB:EK>B<A> :NL=>F!G@EBL<A>G^;>KL>MSMOHG*BQ>
 
N>EE ,?:?? $HKLM) (:G@>K  BKD+>MSF:GG /MNMM@:KM'HGK:=0A>BLL   7+KB@BG:E6>EE>K 
&H:<ABF#>KF:GR 0A>(:M><HF>K %G.H;>KM E=KB<A>= 0A>@>H?!FIBK>L (HG=HG
0A:F>L$N=LHG   8

-919B1= .:LLBLFNLNG=!GMPB<DENG@LSNL:FF>G:K;>BM %G#HF>L >:/<AB<AH 3:E
M>K/HG=>K>@@>K KGH$@ 9BGG>G.:LLBFNL >BMKX@>SN>BG>FOB>E@>LB<AMB@>G,AXGHF>G 3B>G
):G=>E;:NF   

-9==5B5BQB75> 'HEHGB:E>K#>GHSB=2HF*NMS>GNG=*:<AM>BE>BG>KABLMHKBL<A>G':
M>@HKB> %G/<A:EE>K  HFBGBD$@ !GM>B@G>Mf2>KMKB>;>Gf!KFHK=>M >BMKX@>SNK#>GHSB=?HK
L<ANG@ 6^KB<AAKHGHL   

-9>77<+?<671>7 G?K:@>=>K;@>HK=G>M>G3HE?@:G@6BG@@E "K>NG=BGG>GNG="K>NG=>
:GNG=>LFBGBLM>K?^K'NGLMNG='NEMNK 2>K?:LLNG@NG=)>=B>G;>MK>??>G=.>=BF>GLBHGB>KNG@
=>L3>EMFNL>NFL %GAMMILPPP I:KE:
F>GM @O :M,'02$#442&&9BF?G:F>9 I=?7  8 

 229<4E>7CF5BJ5938>9C
  +AG>2>K?:LL>KH & >KEBG>K/M:=ML<AEHLL>K ,HLMD:KM> s,BQ>E %G
AMMILNIEH:= PBDBF>=B: HK@PBDBI>=B:<HFFHGL:>KEBG9/M:=ML<AEHLL9>K CI@
7  8 

  `/MB?MNG@$NF;HE=M"HKNF/M>EE: "K:G<HFBM"/$1",#H & GLB<AMOHG=>K*HK=


3>LM />BM> .>G=>KBG@ s,BQ>E $HF>I:@>$NF;HE=M"HKNFBF>KEBG>K
/<AEHLL %GAMMILPPP ANF;HE=M?HKNF <HF=>BGA:EM>:K<ABM>DMNK7  8 

  EM "K:GS >KG>N>NK@I:E:LMBG3B>GFBM=>F,KHC>DM=>L':BL>K?HKNFL JN:


K>EE s,BQ>E E;>KMBG:3B>G %GAMMILNIEH:= PBDBF>=B: HK@PBDBI>=B:<HF
FHGL<"K:GS9EM9 CI@7  8 







 

Das könnte Ihnen auch gefallen